Full text of Commercial and Financial Chronicle : July 3, 1909, Vol. 89, No. 2297

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VOL. 89.

JU LY 3, 1909.

NO 2297.

Published every Saturday by WILLIAM B. DANA COMPANY, Front, Pine and
ueneyster Sts., N. Y. C. William B. Dana Prest.; Jacob Seibert Jr., Vlce-Prest.
ami Sec.; Arnold G. Dana, Treas. Addresses of all, Office of the Company. I

,

GLEAR IN 08—FOR JUNE SINGE JANUARY 1 AND FOR W EEK ENDING JUNE 26$
Clearings at —

J u n e.

S ix M onths.
In c. or
D ec.

W e e k en d in g J u n e
I n c . or
D ec.

26.

1 I n c .o r
D ec.

1909.
1908.
1909.
1908.
1909.
1908.
1907.
1906.
$
S
S
%
$
;
S
S
S
$
9,111,703,30 5,653,859,91' + 01,
New York........ .......
49,0S1,525,21
34,958,014,18 ) + i o . A 1,939.345.71 1 1.164,260,27
+ 60. 6 1,485,389,47 1 1,812,509,969
Philadelphia_______
673,932,021
482,850,841 + 184
3,283,083,00;
2,880,370,09
+ 13 .!
118.999,72 1 104,056,52 3 +14. •1 146,510,15 6 154,304,734
Pittsburgh..................
199,433,621
169,529,79. + 17.1
+ 0.0
1,090,100,90'
1,030,706.81
47,047,36 5
36,896,19
6
+27.
5
58,558,41
6
53,495,403
Baltimore ..................
119,359,39;
102,212,11! + 10.1
+ 17.7
090,559,72
591,772,03
26,534,88 5
19,606,77 J +35. 3
29,003,24 7
26,834,993
38,779,32"
Buffalo........................
33,385,67! + 10.;
198,267,31! + 11.1 !
220,744,83!
8,878,92 5
0.933.5S
+ 28. 0
7,807,82 2
0,904,940
Washington..............
28,774,85­
24,525,79
+ 17.;
138,407,37 » +18.: !
103,704,30
5,439,25
4.280,79
+ 20. J
5,468,661
5,239,18 0
Albany........................
20,590,85;
24,009,72( + 10."
+4.(
132,210,35
137,485,49!
0,700,57
5,224,57!
+
29.
5
5,259,077
5
7,224,27
Rochester__________
19.274.08C
87,001,01
+ 10.9 ;
14,377,12; + 41.
96,573,58
3,202,30
2,718,97; + 17. 3
3,100,04
3,343,428
Scranton..................
10,709,031
55,797,331 + 12.3
9,747,431 + 10.,
02,050,18!
2,289,90
2,131,79"
+ 7.
1,907,557
2,219,99
Syracuse.......... .........
9,330,38!
7,030,52­ + 2 2 .;
+ 0.fl
52,455,14!
49,244,57'
1,764,75 )
1,710,17"
+ 2.
1,273,030
1,904,18
Reading......................
0,322,781
31,771,10! + 10.1
5,310,89! + 19.
30,883,17­
1,364,38
1,122,6'JC
+21.
1,494,84
1,434,552
Wilmington.......... ..
0,302,08:
+ 9.3
31,114,07!
5,713,55: + 11.5
34,012,54­
1,361,39.
1,275,861
+6.(
1,495,2K
1,213,920
Wilkes-Barre ............
5,774,911
+ 5.9 |
4,916,42! + 17..
29,142,31!
30,809,80!
1,219,01;
1.019,99­ + 19.(
1,090,40"
1,029,821
Wheeling .......... .......
7,558,403
+14.5
0,200,12. + 21.!
34,212,90
1,406,54'
39,107,03!
1,354,626
+ 8.:
1,110,04,
888,273
Harrisburg................
5,225,001
25,540,21! + 19.2 !
30,441,41!
4,939,90!
+5.1
1,164,65!
1,041,56! + 11.!
983,02,
924,314
Trenton* ..................
7,414,64;
........
5,207,44
38.402.9-1
11,255,23!
+42.-,
2,417,28
1.282,045 + 88.1
Y o r k ..........................
3,921,221
+8.8
754,41!
19,880,42"
3,409,09. + 13.(
21,624,011
746,24!)
+ 1.1
E rie............................
3,115,047
2,072,235 + 10.1
16.918,207 14.901,77; + 13.3
652,53!
554,915 + 17.7
700,50;
580,475
Greensburg................
+ 3.2
3,110,371
2,359,07
+ 31.1
13,003,42!
13,413,50.
1,007,97!
529,121 + 90.-1
432,521
489,023
Chester .................. .
2,348,91!
+ 4.0
1,937,811 + 21.;
576,291
12,145,10!
11,681,88!
420,318
+35A
537,40!
552,252
Binghamton ..............
— 3.4
1,705,301
11,546,30!
11,953,90!
1,921,50!
— 8.1
334,50! .
302,000 — 7.;
431,70!
394,000
Altoona......................
1,822,02!
—
4.3
9,704,221
+ 5.C
10,203,10!
1,721,70!
401,58!
364,217 + io .;
Franklin............ .......
— 3.9
1,170,025
1,197,621
— ().!
0,753,63!
0,492,871
262,207
270,000 — 2.!
285,153
289,393
Frederick..............
6,532.34!
5,573,19!- + 17.0
917,117 + 19.7
Total Middle.......... 10,187,540,793 6,565,418,07; + 55 .; 55,100,855,778 40.374,250.977 +36.6 2,173,253,84^ 1,358,182,4o8 + 60.! 1,755,590,92a .2,079,278,421
Boston ................ .....
4,173,007,04
563,726,44! + 17.<
059,987,405
3,486,014,44^ + 19.7
152,378,507 115,279,873 + 3 2 .;
143,227,250 158,331,122
Providence . .
185,762,500
30,375.70!
26,719,00! + 13.7
100,392,90C + 15.8
5,795,10!
5,303,400
+8.1
7,383,70!)
6,946,100
Hartford....................
15,510,307
92,557,095
13,108,231 + 17.1
82,447,98!) + 12.3
2,895,252
2,453,534 + 18.1)
3.202,184
3,137,509
New Haven..............
9,711,011 + 27.1
09,084,025
12,400.87!
59,100,93! + 17.7
2,394,578
1,953,001 + 22.3
2,195,589
2,082,061
Springfield.................
+
15.1
53,179,447
9,122,232
7,581,03; +20.:
40,187,15!
1,995,00!
1,057,073 + 20.4
1,921,568
1,643,501
Portland.................. ..
7,029,01;
— 2.1
0,900,482
41.550,977
— 1.7
42.458,02!)
1,615,035
1,500,127
+ 7.7
1,829,585
1.610,851
Worcester.............. .
7,407,394
41,007,505
0,229,811 + 19.!
30,301,283 + 14.4
1,543,334
1,466,414
+ 5.3
1,745,875
1,385,290
Fall lt lv c r .............. ..
4,701,000
29,580,455
4,313.503
+9.(
23.935.037 +23.6
989,160
+ 8.3
913,749
885,909
852,867
New B edford_______
4,090,003
3,051,71! +34.2
22,540,753
18.392.038 . +22.6 1
949,640
501,307 +89.4
623,823
561,254
Lowell........................
+ 0.4
2,051,70!
+ 4.7
2.147,893
12,011,047
11,966,145
414,412
424.097 — 2.4
453,OSS
427,426
Holyoke.............. .......
2,300,80!
1,800,891 + 24.0
12,500,581
11.000,907 + 13.7
514,97?
374.353 +37.7
434 875
480.897
Total New England
755,023.484
045.442.903 + 17.0 4,734,653,829 3,978,910,841 + 19.0
171,48j ,ojo 131 ,S85,£-iO +30.0 163,955,043 157,038,938
Chicago...................... 1,180,719,823
6,778,818,494
952.873.903 + 24.!
5,744,050,014 + 18.0
253,226.03C 204,171,357 + 14.0 240,931,322 200,079,941
Cincinnati____ _____
115,048,85!
073,361,200
98.602,05! + 10.0
007.104.500 + 10.9
24,825,250
22,073.150 + 12.5
28.198,750
23,340,800
Cleveland.............. .
71,8,87,119
399,983,346
302,078,300 + 10.5
59,820,975 + 20.2
15,429,840
13,184,845 + 17.0
16,038.353
16,324,950
Detroit.................... .
02,873,947
351,979,951
+ 5.0
333,102,082
56,870,453 + 12.5
13,205,378
11,260,230 + 17.2
13,474,570
11,840,389
Milwaukee.................
48,704,810
+
0.8
288,543,577
+
17.2
45,607,878
259,427,135
10,135,512
11.290,491 — 10.2
8,453,867
10,484,408
Indianapolis............ ..
+ 4.0
35,005,089
33,658,127
201,022,257
179,077,521 +12.6
7,479,618
7,440.155
+ 0.4
7,541,106
6,642,122
Columbus..................
25,087,000
145,130,000
22,602,200 + 11.0
121.403.500 + 19.5
5,540,900
5,070,200
+ 9.3
5,303,600
4,997,10!)
T oledo................ .......
16,844,421
14,115,430 + 19.3
100,023,023
91,059,503 + 10.5
4,565,046
3,001,990 +35.8
4,127,132
4,436,402
P e oria ..................... .
11,009,197
04,937,171 + 11.4
9,661,300 + 14.0
72,242,488
2.102,400 + 11.1
2,335,775
2,259,147
2,097,539
Grand Rapids______
10,001,902
8,783,459 + 20.7
59.283.797
52,908,797 + 12.1
2,150,102
1,789,475 + 20.2
2,345,390
1,964,302
Evansville ..............
7,800,378
+ 9.6
7,171,308
49,803,541
44,729,747 + 11.3
1,070,914
1,413,901 + 18.6
1,709,421
1,408.340
D a y ton ___________
9,131,850
7,027,470 + 29.9
48.139.797
38,043,718 +24.0
1,880,318
1,428,313 +31.6
1,750,623
1,858,138
K a la m a z o o .............. ..
5,309.340
1,371,378 + 21.5
30,051,502
24,082,014 +24.8
1,187,360
935,710 + 20.9
1,010,694
7S8.503
3,52
1.vis
Springfield, 111_____
4,229,708
+ 20.0
25,330,290
20,906,858 + 21.1
870,120
080,822 + 27.0
774.924
659,200
Fort W ayne..............
4,014,138
3,961,905
+ 1.3
23,059,084
20,003,080 + 11.9
902,115
721,097 + 25.1
739,874
820,749
A k ron ........................
3,010,000
3,077,149 — 1.0
17,930,690
14,458,071 + 24.1
735.000
+
22.5
000,000
800,000
511,419
Youngstown________,
4,198,84!)
2,915,304 + 44.0
21,535,038
15.859.095 +35.7
817,743
750,862
612,907
639,689 +27.9
Rockford ............ .....
3,080,813
17,483,178
2.523,000 +22.1
15,130,653 + 15.5
727,877
622,774
600.325 +21.2
748,814
Lexington ..................
3,094,859
+0.4
10,991,843
2,288,278 +35.3
10,924,033
’ 664,754
464,745 + 43.0
532,369
488,309
Bloomington............ ..
+
2.0
2,046,447
2.000.
977
+ 0.9
13,919,130
13,020,828
398,978
—
1.4
404,718
404,411
336,564
South Bend........ .......
2,340,002
+047
17.0
11,555,711
2.000.
10.105.095 + 14.3
404,037
392,516 + 18.3
340,119
490,965
Decatur ....................
10,070,186
1,940,410
+3.9
10,271,170
1,908.505 — 1.1
453,936
389,546 + 10.4
334,052
284,288
Quincy........................
14,000,910
2,209,050
1.824,414 + 24.4
12,540,073 + 10.4
445.000
368.570 + 20.8
293,786
335,418
Canton........................
19,188,237
3,142,808
1,764,969 +78.0
10,931,597 +75.5
636,430
390,000 +63.2
5S0.803
477,745
Springfield, O h io___
1,080,015 + 21.0
12,098,801
10,236,008 + 24.11
2,033,779
425,458
302.571 + 40.7
293,176
385,713
Mansfield............ .......
9,022,137
1,580,167
+ 8.8
1,452,839
7,816,340 + 15.4
357,583
283,122 + 26.3
400,740
336,421
Jackson ......................
7,975,970 + 10.0
8,820,551
1,012,145
1,401,468 + 15.0
340,600
309,448 + 10.1
252,000
210,000
Danville......................
1,525,592
+ 0.1
1,438,736
9,379,073
8,373,379 + 12.0
286,531
329,769 — 13.0
Jacksonville, 111........
1,088,745
927,978 + 17.4
7,451,378
0,515,083 + 14.4
210.357
+ 8.2
194.326
*185*511
229*697
Ann Arbor.......... .......
813,737
3,738,451 + 15.1
4,303,320
077,833 + 20.1
150,599
104,543 + 44.1
128,081
108,948
Adrian ......................
110,661
+ 2.8
110,080 + 27.8
098,501
079,852
25.081
16.07S + 53.7
18 n-V)
Total Middle West. 1,648,343,445 1,355,774,034 + 21.0 9,444,235,829
8,128,890,710 + 10.1
352,558,484 292,732, /'jo + 20.4 343,648,481 289,875,642
Details of Pacific on page 18.
Total Pacific_____
415,297,413
328.418,821 + 26.4 2,317,234,173
1,887,095,635 + 22.8
89,429,296
69,978,218 + 27.8
69,569.876
84,825,373
Kansas C ity ..............
180,980,337
830,540,912 +34.2
121,692,681 + 48.7
1,122,758,038
37,561,825
26,693,333 + 40.7
27,244,114
20,570,058
Minneapolis................
75,075,111
+ 4.0
72,225,548
11,445,541
477,485,045 — 11.0
425,093,529
14,577,174 — 21.5
10,823,325
21,734.703
Omaha.... ...................
62,140,927
48,448,814 +28.3
294,034,059 +22.0
361.218,109
12,420,438
10,398,512 + 19.4
10,290,944
9,611,442
St. Paul......................
40,447,790
+ 5.4
38,379,990
228,107,799
229,921,510 —0.8
9,136,521
8,037,441 + 15.7
8,695,860
7,904,359
Denver.......................
40,129,930
34,523,161 + 10.2
220,427,888
9,122,015
190,412,808 + 18.9
+
24.2
7,343,779
5,924.917
7,302,545
St. Joseph..................
23,291,935
+
1.7
22,920,460
150,058,962
131,708,070 + 18.5
5,000,000
— 0.5
4,546,411
5,345,773
5,035,063
Dcs Moines................
14.800.045
12,433,981 + 19.0
91.785.803
74,313,314 + 23.5
3,300,000
2,554,971 +29.2
2,520,000
2,350,913
Sioux City..................
12,470,172
8,724,115 + 42.9
07,627,485 • 54,392.223 + 24.3
2,360,144
+
28.5
1,841,591
1,097,259
2,150,477
W ichita______ _____
9.700.000
0,483,553 + 49.5
55,383,833
34,913,374 + 58.0
2,229,619
1,329,336
1,141,112
1,842,415 + 50.4
Lincoln ......................
5,902,396
+ 7.0
5,516,381
37,520,927
30.813,475 + 21.8
1,096,279
887,840 + 23.5
994,219
1,094,302
Topeka ......................
5,272,205
4,390,440 + 20.1
33.493.804
25,572,001 +31.0
1,265,392
865,333
955,324
898,308 + 40.9
Da enport..................
5,101,271
3.920,571 +31.7
32,947,099
27,790,193 + 18.0
1,120,713
754,823
904,938 + 10.2
674,297
Cedar Rapids_______
4,604,230
2,948,032 + 56.2
27,040,315
20,491,723 + 32.01
888,250
+35.4
656,201
450,416
605,123
Colorado Springs___
2,920,717
+ 8.5
2.698,549
17,586,413
15,791,991 + 11.4
594,208
700,090 — 15.1
750,000
675,000
Pueblo ......................
2,342,751
1,917,240 + 22.2
13,810,289
+8.5
12,730,901
380,000
—3.8
394,995
364,085
582,315
Frem ont___________
1,491,610
1,139,810 +30.9
9,200,591
303.461
7,859,130 + 17.1
203,287 + 49.2
256,852
250,193
2.944 4.«-> Not Included a to'al
Total other W est..
480.750,027
388,370,220 + 22.7
2,906,120.904
2,405,378,595 + 17.9
98.231 o jo
82,979.008 + 18.4
75,179.822
91,651,164
St. L ou is..................
268,719,016
240,615,382 + 11.7
1,040,274,227
1,472,949,149 + 11.4
57,839,938
51,227,419 + 12.9
48,097.577
58,389,187
New Orleans............
62,803,320
54,133,269 + 15.8
415,530,147
390,140,174
+ 4.9
15,820,090
12,870,977 + 23.0
14,501,393
15,008,818
Louisville..................
51,371,727
40.201,530 +11.2
.332.523,764
284,803,103 + 10.8
9,934,688
10,040,788 — l .l
10,804,585
11,553,237
H ouston.............. .....
44,535,969
32,883,317 + 35.4
332,509,324
232,382,904 + 43.1
10,791,132
8,289,813 +30.2
7,828,350
10,820,633
G alveston__________
22.343.500
+ 2.4
2l.S22.500
100,103,000
150,908,500
+ 2.1
5.555.000
5.500.000
+ 1.0
5.164.000
5,156,000
Richmond .............. .
28.677.045
23,873,700 + 20.1
170,007,332
143,710,417 + 18.3
5,712,060
5,113,730 + 11.7
6,000,065
5,442.758
Memphis.............. .....
18,119,740
19,503,621 — 7.1
132,365,156
+
6.1
3.434,880
124,810,710
3.487,685
—
1.5
3,285,833
2,272,597
Fort W orth...............
22,783,919
19.104,811 + 19.3
+
40.2
159,100,891
108,893,305
5.209.000
4,143,368 +25.5
2,004,422
3,367,910
A tlanta____________
27,497,754
15,605,090 + 75.5
140,295,093
5,636,950
109,535,429 +33.4
3,057,949 + 84.3
3,858.430
3,177,178
Savannah ..................
11.903.501
12,132,506 — 1.9
89,721,754
80,410,492 + 11.0
2,470,846
2,937,128 — 15.7
2,880,500
3,400,683
N ashville..................
15,521,315
11,431,210 +35.8
+ 12.1
95,541.078
3,484,070
85,221,722
2.083.000
+
29.8
2,812,441
3,501,297
N orfolk____________
11,301,856
8,437,107 +3-1.7
00,010,701
50,441,183 + 32.1
2,389,544
1,772,170 +34.8
2,326,244
3,121.551
Birmingham.............. .
7,705,559
0,758,070 + 14.0
50,358,010
46.611,400 + 10.4
1,852,088
1,489,090 + 24.4
2,437,841
1.618.392
Jacksonville________
7,234,551
5,824,700 + 24.2
45,038,318
30,319,175 + 24.0
1,554,044
1,175,812 +32.2
1,422,403
1,133,606
Knoxville .................. .
0,131,092
5.397.100 + 13.0
+ 8.7
38,004,122
1,498,725
35,513,521
1,108,911
+28.2
1,288,235
1,362,414
Chattanooga ............
5,900,743
5,370,328 + 11.1
37,6.33,370
+
8.0
34,009,660
1,287,281
1,068,984 + 20.5
1,280,730
1,078,837
Little Rock................
6,236,079
4,777,908 +30.5
+ 20.9 i
40,480,700
33,491,938
1,226,356
1,043,009
+
18.1
1,075,755
1,009,612
Mobile____________ _
5,070,305
+ 7.2
4.750.100
+o.8:
33,707,210
1.109,429
31.044.624
1,039,953
+6.7
1,292.252
1,920,981
A ugu sta..................
5,504,653
4,470,837 + 21.0
+ 14.1
1,343,232
43,113.796
37,777,129
1,000,223
+34.2
984.426
1.004,858
Charleston ................
4,050,871
4,211,083 + 10.0
+8.2
34,372,944
1,009,885
31.770,985
992,884
+ 1.7
1.125.000
1.006.393
7.800.000
Oklahoma..................
3,968,227 +90.0
1.470.000
39,156,094
22,417,328 +74.7
+
103.2
723,523
921,939
750,000
M acon_____________
2,701,800
2,153,115 + 25.5
560,128
19,685,591
15,717,580 + 25.2
482,580 + 16.1
600,000
337,545
2.450.000
Beaumont ................
2.036,071 + 20.3
+6.5
426,069
15,020,245
14,105,510
+
17.1
303,098
2gl,836
427,085
2,438,884
A ustin.............. .........
1,942,410 + 25.5
17,201,780
+35.9;
505,081
+
42.4
12,058,798
354,726
1,221,203
Columbus, Ga_______
1,440,165 — 15.2
8,737,712
8,784,289 — 0.5,
1,512,685
Wilmington, N. C___
1.028.304 + 47.1
9,129,828
0,708,828 +34.9
Vicksburg..................
913,153
1,274.309 — 28.2
8,092,403
*177,783
9,150,517 — 11.0
*2*27*,880 —2*2*6
Columbia....................
2,053.681
2,220.098 + 19.2
18,231 413
14,425,386 +24.6!
Guthrie ......................
1,171,200
937,197 + 25.0
7,411,639
5,040.431 +30.0.
425,000
Valdosta....................
401.928
+ 5.7
3,393,779
3,073.228 + 10.4
Total Southern___
657,492,771
564,779.463 + 10.4 4,210,224,851
3,046,705,048 + 15.5j 142,301,299 122,guo,j84 +10.4 139»Uo-4,-i&0 120,320,009
Total all.............. . 14,150,453.933 9,848,204,180 m :> ;> 78.773.311.304 60,480.207.800 4-30.21 3,027,258.524 2,058,017 314 + 47 1 2,578.7^0 W 2.791,908.708
Outside New York. 5,038,750,020 4,194^344,263 1-20.2 29,091,786,152 25,521,083,020 + 16.3| 1,087,912.813 893,75/,04U| +21.7 1.093,340, s/9o| 978,458,739
tS F "

Table Clearings by Telegraph and Canadian Clearings on Page n .




*

Not Included In total for month and six months’ comparison Incomplete.

2

THE CHRONICLE
THE FINANCIAL SITUATION.

The proposed tax on the net income of corporations
has continued the all-absorbing topic, not alone in the
Senate, but in business circles. As the purport of the
measure is becoming understood, opposition is growing
in magnitude and intensity. And it is well that it
should. The situation is obviously getting serious,
for the Senate last evening adopted the proposal by
a vote of 45 to 31. The only chance of defeating the
measure now is in the conference committees of the two
Houses. No such far-reaching attempt to inject Gov­
ernment as a factor in the ordinary business activity
of the citizen has ever previously been made in this
country. Never before has it been seriously proposed
to establish a Government inquisition over the
entire corporate business activities of the country
through the medium of an income tax dressed up as an
excise. If any one deems these statements extreme,
let him turn to the text of the measure, as printed by
us on a subsequent page, and let him also read the
summary and review of the proposal which we give in
a separate article on pages 9 to 11. Let the reader
remember likewise that the proposed Constitutional
Amendment empowering Congress to levy a general
income tax is a twin part of the scheme, and that this
has, the present week, been introduced in the Senate in
accordance with previous arrangements.
The contemplated Constitutional Amendment is very
simple. It is embodied in very few words. It merely
provides “ That Congress shall have power to lay and
collect taxes on incomes from whatever source derived
without apportionment among the several States and
without regard to any Census enumeration.” This is
very simple and also very significant. What could be
broader or more qualified than the statement that
Congress shall have power to lay and collect taxes
on incomes from whatever source derived. This is the
proposition of President Taft (a year ago it was simply
the proposition of Mr. Bryan and the Populists) and it
shows that the corporation tax is merely the first step.
With the Constitution amended, the private individual
and business partnerships are also to feel the heavy
hand of the Federal Government, and then every one
will be in position to understand the nature of an income
tax with the Government surveillance and inquisition
which is inseparable from the same.
This makes it especially important that every one
should scrutinize most carefully the corporation tax
proposition, for in that we have an inkling of the
Government regulation and supervision and taxation
that are later on to be extended to all forms of business,
whether conducted in a corporate capacity or as private
partnerships or by the citizen as an individual. We
shall not traverse here the ground covered by our
article on subsequent pages. We deem it desirable,
however, to enlarge upon one feature of the bill,
namely the publicity provisions. Some of the daily
papers have made the mistake of assuming that the
annual returns required of corporations for the purpose
of levying the tax are not to be made public except
upon the special direction of the President. There is
no such limitation. The sixth sub-division of the
measure expressly provides that “ When the assessment
shall be made, as provided in this section, the returns,
together with any corrections thereof which may have
been made by the Commissioner, shall be filed in the




[VOL. L X X X IZ.

office of the Commissioner of Internal Revenue and shall
constitute 'public records arid be open to inspection as
such.” Consider this provision in its bearing upon
the tens of thousands of small business corporations
throughout the land. We speak of the small corpora­
tions because the larger ones have shown abundant
ability to take care of themselves.' These smaller
corporations are mostly family affairs and the details
of their business have heretofore been carefully guarded
from the public. Now they are to be spread broadcast
and everyone who cares to examine the public records,
or to buy a publication reprinting the same, can learn
such vital facts as the gross income of the corporation,
the amount of its “ ordinary and necessary expenses” ,
the amount of the losses which it has sustained
during the year, the allowance for depreciation of
property, with the amount of its bonded and other
indebtedness and the interest paid on such indebted­
ness, besides several other items of larger or smaller
importance.
Consider what a powerful weapon is thus placed in
the hands of business rivals, especially where private
partnerships engaged in the same business are for the
time being exempt from the operation of the law. At
best these small corporations lead a precarious exist­
ence as against their more powerful rivals. Their
capital is meagre; their credit may be good, but,
necessarily, it is limited. If in any year any such
small corporation should refuse to accept an order for
any considerable size which it had previously held,
deeming the profit insufficient, the next annual return
of the corporation would be likely to show a falling
off in the total of its gross income and rivals would not
be slow to notice that fact and to make good use of it.
Intimations would be conveyed to those from whom it
had been obtaining its-accommodations that inasmuch
as its business appeared to be falling off it might be
well to withhold further credit. The facts regarding
expenditures, and still more those regarding losses, we
may be sure would also be used in the same covert
way to the damage and detriment of the struggling
concern. It seems no exaggeration to say that through
the adverse use of these annual returns many a small
concern might be absolutely ruined.
The injunction against divulging information is con­
tained in the seventh sub-division of the measure and
relates to knowledge acquired by any collector, deputycollector, agent, clerk or other officer or employee of the
United States in any special investigation or examina­
tion made for the purpose of verifying the accuracy
of the annual returns,- or to acquire facts on which to
levy the tax where a corporation has failed to file its
return. No knowledge thus obtained may be divulged
under penalty of fine or imprisonment, or both, except
upon the special direction of the President. We do
not think even the President of the United States
should have authority to make public knowledge of
this character thus obtained. But the fine and im­
prisonment provision is not likely to be a deterrent
against the use of corporate secrets, which would be
very valuable to a rival. Such secrets would consist
of customers’ lists, cost sheets, selling prices, purchase
prices, &c., &c., a great many of which a clever
examiner could carry in his head. lie might avail
of the knowledge thus obtained without “ divulging”
the information at all in the ordinary sense. He
might simply go to the rival concern and say: “ I am

J u ly 3 1909

THE CHRONICLE

looking for a better job than the one I now have and
which pays me $1,500 a year” ; then to show how well
qualified he was for the task, he might refer to a few of
the special investigations he had been engaged in,
enumerating in a bland and innocent way the names
of one or two rival concerns in which the person
addressed might be presumed to take an especial
interest. The applicant would probably get the job.
In the meantime those engaged in business as indi­
viduals or private partnerships would be entirely free
from similar dangers.
Our Congressmen affect to feel great solicitude for
the small producer or manufacturer, but no scheme
has ever been devised better calculated to play into
the hands of the larger concerns in their desire to cripple
and to crush the weaker concerns. This is only one
among numerous objections against the proposed cor­
poration tax measure. While sentiment against the
measure is rapidly crystallizing, our business men
should not rely upon sentiment alone to kill the propo­
sition. They should organize and thus make their
influence felt. There is no Foraker in the Senate
now to voice determined and fearless opposition to the
twin schemes of the Administration— a corporation
tax first to hit the corporations and then a general
income tax to hit everybody else.
That the need for action is urgent is evident from
the adoption of the measure yesterday in the Senate
by a decisive vota and from the course of the leading
Senator from this State, Elihu Root. One would
have supposed that here was a man that could be relied
upon to champion the business interests of the country.
Instead, we find that he actually had a hand in
drafting the corporation tax measure and this week he
also declared himself in favor of the theory of a
general income tax. Business interests must hence
fight their own battle and the sooner and quicker they
get to work the better. The resolutions of merchants’
associations and boards of trade in various parts of
the country against the proposition are a step in the
right direction; but these alone, as we see, are not
sufficient. It will be the part of wisdom to follow
them up by still more vigorous action. In this in­
stance the business men of the country cannot afford
to take any chances.
The grain-crop outlook in the United States, as we
gather from official and other reliable sources of in­
formation, has appreciably improved during June,
encouraging anticipations of a much larger yield of
the various cereals than earlier reports seemed to
promise. The situation at this time, moreover, is
much more satisfactory than it was a year ago in June,
when deterioration in condition to a greater extent
than expected was the feature of the reports, both
official and private. Particular interest attaches to
the wheat promise, as in that very important crop there
is a shortage of supply, as is well known. It is there­
fore pleasing to record that the concensus of advices
is that June has apparently witnessed a decided im­
provement in condition.
In some sections where winter-wheat harvesting
is already under way, the returns are ahead of expec­
tations, and predictions of most excellent results, when
cutting becomes general early in July, are fairly
numerous from localities where rather poor or only
moderate crops were looked for. In Kansas, the ban­




3

ner winter-wheat State, the promise is now considered
very encouraging, and where a month or so ago a yield
smaller than in 1907 (65*^ millions of bushels) was
predicted, it is at present believed the crop will be
noticeably greater than ever before raised. Leading
States of the Middle West, such as Ohio, Indiana and
Illinois, likewise report much improvement in condi­
tion the last two or three weeks, and from some points
in the last-named State very good crops are expected
from area that had previously been marked for aban­
donment.
The spring-wheat situation is also considered highly
favorable, the good condition indicated by the Gov­
ernment report for June 1 having been well maintained.
This being true, the outlook for spring wheat at this
date is distinctly more favorable than it was at this
time in 1908, as in June of that year a quite marked
deterioration occurred. Spring wheat has of course
some months to grow before harvest time, and much
can happen in the interim, but on the present showing
the yield of both varieties of the cereals bids fair not
only to exceed the crops of 1908 and 1907, but also to
measure up close to or surpass the record out-turn of
1901. Of only secondary importance to the wheat
situation in the United States is the prospect in Canada,
and according to all recent advices it is excellent.
Area has been largely increased in Manitoba, Alberta
and Saskatchewan, and reports as to condition are of
a character to indicate a yield greatly in excess of any
crop raised in the Dominion. With no untoward
happening in the later season, therefore, a bountiful
supply of the most important food crop seems to be
assured on this side of the water.
As regards corn, all advices at the moment indicate
that planting has likewise been upon a liberal scale,
the area devoted to the crop being larger than ever
before. Since planting was completed, an excess of
moisture has been complained of in some sections,
giving weeds a chance to grow. The crop generally,
however, continues to make good progress, and in
many districts cultivation is well advanced. The
outlook for oats is at the date of writing very encourag­
ing, since, according to the generality of advices, the
condition as reported for June 1 this year has been
well maintained, whereas in 1908, as with other cereal
crops, a marked decline in condition occurred in June.
It is therefore reasonable to assume that with normal
conditions hereafter, last year’s yield of 807 millions
of bushels will be largely exceeded, and, considering
the increased area, it is a possibility that the large
crops of 1906, 1905 and 1902 will be about equaled.
Cotton, according to the monthly report of the
Department of Agriculture issued at noon yesterday,
is out of line with the grain crops of the country in
that a rather important deterioration in condition
is reported. The report, which covered the condition
of the crop on June 25, indicated a deterioration
of 6.5 points since May 25, the average percentage
for the belt being given as 74.6, against 81.1 a month
earlier, 81.2 on June 25 1907 and a ten-year average
of 80.8. It is furthermore to be noted that the
lowering of condition has been quite general, and in
this particular the report is at variance with private
advices from Texas and Oklahoma, which denote
a moderate improvement. The Dep artment of course
confines itself to merely giving the percentages of

4

THE CHRONICLE

condition, but State reports as well as those compiled
by private parties ascribe the lowering of the outlook
to continuous or excessive rains, which have inter­
fered with proper cultivation and therefore hindered
satisfactory growth. But too much weight should
not be given to these reported adverse conditions at
this time. Temperatures of late have been very
favorable to growth and there has been recently little
complaint on the score of rainfall. The announce­
ment of the report was followed by an important ad­
vance in prices in the leading markets of the world, the
rise on the local Exchange being more than $2 per bale.
The passage of the law in Massachusetts creating
a “ holding” company, for the express and acknowl­
edged purpose of effecting a practical consolidation of
the New Haven and the Boston & Maine roads, fol­
lowed by the abandonment, by the Federal Govern­
ment, of the suit begun, about a year ago, for bringing
about the defeat of that merger, Should not pass
from mind without a brief comment. Aside from the
plain fact that these two roads are in no sense com­
petitors, but each is the natural complement and
continuation of the other, the first comment suggested
is that the Government drops its suit, substantially,
because a single State which is the chiefly interested
party has now authorized, and is satisfied with, the
situation that the suit opposed. Here, then, is a
recognition, at least in the moral and practical sense,
of the doctrine of State sovereignty with respect to a
State’s own affairs.
A virtual acknowledgment is thus made that the
control o corporations within a State is that State’s
own affair. Massachusetts declines to prevent the
merger and smoothes a way for it and Connecticut
had previously conferred the necessary power.
Is not the withdrawal of the suit, therefore, a tacit
admission that each State may be left to regulate
its own internal affairs? Coming just at this time,
there appears a significance in the act of withdrawal;
for why should the Government dally with any
scheme whose intent is to lay a controlling hand
upon corporations, created by States and responsible
to States, as well as already pretty closely regulated
by the States which created them?
The retreat in one instance is not consistent with
the proposed general long step forward. The dropping
of this suit is right; but does it not seem that the
suit should not have been brought at all? Granting
that the enforcement of any penal statute must in
some measure be left to the discretion of prosecuting
officers (for instance, in deciding whether an apparent
cause for action exists and whether one could be
maintained successfully if brought), have we not
come to this position: that certain statutes exist,
which may lie dormant or may be enforced, or may
be invoked against some offenders and not against
others, according to the zeal, or the whim, or the
bias, of the person who is prosecuting officer for
the time? Have we not some laws which themselves
create, by declaration, the offense they profess to
prevent; laws which are both unequal and impracticable
of enforcement; laws which, therefore, involve in­
consistencies and ought to be repealed.

[V o L . LXXXIX.

Reichstag his resignation would immediately follow.
It happened, however, that even though the former
event occurred, his resignation is delayed for the time
being and will not be formally accepted until the
pending finance reform has been disposed of in one
way or another. The question of the probable suc­
cessor of Von Buelow has aroused considerable interest
in German political circles. A likely choice seems to be
Dr. Von Bethmann-Hollweg, present Imperial Secre­
tary of State for the Interior and Vice-Chancellor,
who as President of the Province of Brandenburg and
Imperial Secretary has been in close contact with the
Emperor for ten years. A New York journal, in dis­
cussing the German situation, suggests that as Von
Buelow will not resign immediately, and as he will not
probably advise the Emperor to dissolve the Reichstag,
he may adopt the natural third course, and, acting in
accord with the Federal Council, endeavor to meet the
Federal deficit by the passage of a taxation measure
which shall exclude duties on stock transfers and other
means of revenue, as demanded by the ConservativeClerical party.

In response to the call made by Secretary MacVeagh on Wednesday the national depository banks
will return to the Treasury some $25,000,000 of Gov­
ernment funds. The major portion of this sum will
be paid over by New York City banks, although during
the past week they have held less than $3,000,000 ol
public deposits. The payments will be made lor the
account of interior depositories. It is not anticipated
that this return of Government funds nor the recent
exportations of gold to Holland and Argentina will
produce any effect upon the money market. The
general feeling on both sides of the Atlantic is one of
general encouragement, due to the satisfactory way
in which the semi-annual financial settlements have
been met in London.
Of the $25,000,000 Government deposits called, the
Secretary of the Treasury requires the surrender, on
or before July 15, of $9,000,000, these being public funds
in temporary or special depositories. On or before
Aug. 15 he requires the surrender of $16,000,000 of
such funds as are held in permanent or regular deposi­
tories, leaving in the latter only about $1,000,000,
or $1,000 in each of those smaller banks which desire
to retain their designation as national bank deposi­
tories. The deposits which are outstanding to the
credit of the Treasurer of the United States amount
to $63,000,000; therefore when surrenders under the
calls now made shall be effected, there will remain in
the depositary banks oidy $38,000,000, against the
maximum on record of 260 millions Dec. 27 1907. As
already stated, in the process of surrender the majority
of the interior depositories will effect the return to the
Treasury of their deposits through their New York
correspondents, making requisition upon the reserves
with such correspondents and directing that these
banks shall pay into the New York Sub-Treasury the
amount due the Government on depository account.
A requirement of the Treasury Department desig­
nating the order which shall be observed in the with­
drawal of securities that are pledged for the Govern­
ment deposits may have some influence upon the
market for such securities when they are sold. The
Secretary
directs that the first class of pledges to be
Early in June it was prophesied that if Chancellor
Von Buelow’s financial policy were defeated in the surrendered must be State, city and railroad securities;




J uly 3 1909.

THE CHRONICLE

next in order are Philippine railway; then follows
Philippine and Porto Rico loans, District of Colum­
bia and Territory of Hawaii bonds. The last class
includes all Government bonds and the Panamas of
1936 and 1938. The amount of State, municipal and
railroad bonds held in the Treasury to secure public
deposits is $20,909,571.
A London oable states that the deposed Sultan,
Abdul Hamid, has paid to the Turkish Government
5 million dollars in addition to other large sums which
he has been compelled to surrender out of his plunder.
The money has been devoted to the needs of the
Second and Third Army Corps.

5

I few instead of many; get a more just notion of what
can be accomplished by statutes— when this comes
uniformity will naturally come also. Both will be
slow, but neither need be despaired of.
Yet we see no objection to a national conference as
proposed for next January, except the danger of
swamping it by making it also a “ movement.” There
is a story that a good Englishman, desiring to reform
the supposed over-indulgence in public dinners in that
country, started a crusade about it. Being asked how
he proposed to begin, he blurted out that he planned
to introduce the reform at a public dinner called for
the purpose. Similarly, there is a danger that this
reform may be swamped in talk. The Bar Association
has been talking of' uniformity these several years
past, and may have done some good in preparing the
way; but it is not encouraging to read of getting
together a great assembly in Washington. One com­
mittee will get to work on unification of divorce laws;
another will unify the railroad laws; a third, the pure
food laws, &c. So the tale reads. We are tempted
to wonder whether the good reformers ever attempted
some simple thing, such as making six exactly similar
clocks beat in unison.
Something can be done; but it cannot be done with
whoop and rush. Least of all, can it be done by talk
of further centralization as alternative.

It may be quite true, as the President is reported to
have lately said to a committee representing the
National Civic Federation, that securing uniform legis­
lation on different problems by the several States is
one of the most important movements to be under­
taken. The wastes and harassing disturbance of
having to keep watch of and obey so many diverse
.statutes and requirements can hardly be over-stated.
Insurance companies in particular find it so, and the
whole effort towards a Federal supervision of that
great interest is rooted in the legitimate desire to sub­
stitute a single jurisdiction, if possible ,for the present
forty or more. Marriage and divorce, labor problems,
bankruptcy and collections, are among the many upon
About the close of March the Assembly passed a
which the States differ, so that the boundary line, resolution calling for a statement of gains or losses
imaginary as respects the physical senses, becomes in in life insurance in force during the last three years
legal aspects a line of transfer to “ foreign” ways.
in each of ten companies, of which only three are of
But when the utmost has been said on the desira­ this State. The resolution was not taken up by the
bility of uniformity, the idea that it can be quickly Senate, but the Department has now published a
secured in “ all” or even in many States must be statement from which it' appears that insurance in
deemed visionary. That getting it can be properly force in the 13 New York companies declined nearly
elevated into “ a movement” is still more doubtfid. 126)4 millions in 1906, 79% millions in 1907 and a
How readily a bad example is followed we have had little over 2 millions in 1908; but that the 21 outside
shown us of late years; we have seen the two-cent- companies operating here gained 274% millions in
railroad fare (itself a “ movement” and deemed by 1906, nearly 214% millions in 1907 and 250% millions
some persons to be highly reformatory and moral) run in 1908. In the three years together the home com­
across the country like a fire in dry grass, with no panies thus lost $208,028,854 from their total outstand­
attempt to reason upon the case and with no apparent ing, while the outsiders added $769,380,267 to theirs.
occasion except that one State had begun and several
Only the bare'figures were asked for. Yet the con­
others had taken it up. We have also seen a bad trast as above is so striking that we cannot wonder the
example of insurance legislation, set by this State, Department feels moved to defend the new laws, in­
caught up elsewhere and already carried to lengths cluding even the order to dispose of stock investments.
which have not been seriously attempted here, where He who excuses himself accuses himself, says a pro­
the “ movement” began.
verb. In this instance, statistical information was
We trust the President has been inaccurately re­ asked for, not explanation; the answer occupies a page
ported by an over-zealous listener and did not say or two, and the explanation and defease occupy more
that “ either some plan for attaining such uniform than twenty.
legislation must be put into effect or we will have to
The argument is that the decline in the New York
have more centralization of power here in Washing­ companies is reasonably assigned to “ the unfavorable
ton.” The latter has been said before, and it should reputation gained by such companies” during the in­
not be said again. As for the alternative named, no vestigation; that the abolition of deferred-dividend
“ plan,” in any precise sense of the word, seems pos­ insurance aided this falling off; that the outside com­
sible, and it might better be understood that State panies have only had a normal increase; that the New
sovereignty cannot be assumed a forgotten doctrine York companies “ are now fast recovering from the
merely because eagerness to get certain objects accom­ effects of the investigation’ ’ ; and that the new laws
plished has caused it to lie dormant. Our own belief, are really conservative and useful on the whole, &c.
to speak frankly, is that uniformity will be something This is obviously an ex parte opinion to which every
approximate and very slow, and that it can only be advocate is entitled, and we need not traverse it in
had together with a realization of the folly and mis­ detail. But, allowing that the accusations made in
chiefs of having such an enormous flood of statutes. 1905 were chiefly against the New York companies,
Lessen their number; increase the deliberation and we must also remember that on them were laid the
care given to framing them; make it the aim to have shackles of limitation as to new business, while the




6

THE CHRONICLE

[VOL. LX X X IX .

99,136,372 shares in 1909 and 84,649,438 shares in
1908. Bond dealings continue of notable volume,
quite largely exceeding those for any former year. At
the Boston Stock Exchange the month's sales were
also larger than a year ago, the comparison being be­
tween 1,500,000 shares and 621,132 shares, and the
six months’ result in 1909 was 7,500,000 shares,
against 5,196,563 shares for the like period of 1908.
The clearings exhibit .for June 1909 is of much the
same general character as that for May, except that
the average increase for the whole country is much
larger. Of the 127 cities included in our compilation,
only 9 record declines from the previous year, and with
one or two exceptions they are merely nominal. For
the whole country the increase in June as contrasted
with 1908 reached 45.5% and for the six months is
30.2%. Compared with two years ago the gains
are 27.1% and 1.5% respectively. Outside of New
York the gain in the June aggregate is 20.2% and for
the six months reaches 16.3% as compared with 1908,
with the increase 7.1% contrasted with June 1907 and
a nominal decrease from the six months of that year.
Glancing at the results for the various divisions, we
see that the Middle Section (including New York)
shows an improvement for the month of 55.2% over
1908 and for the period since Jan. 1 the gain reaches
36.6% . For the New England group, the increases
are 17% and 19% respectively, and for the Middle West
21.6% and 16.1%. The total for the cities on the
Pacific Slope for June exceeds that for 1908 by 26.4% ,
with the six months’ result a gain of 22.8%. The
“ Other Western” section records an increase in June
of 22.7% and in the six months of 17.9%, as con­
trasted with 1908, and for the South the percentages
of excess are 16.4% and 15.5% respectively.
In the Dominion of Canada also the clearings con­
tinue to make a very satisfactory exhibit, the gain in
the aggregate for June having been 34.0%, as compared
with the month of 1908, and 22.0% as contrasted with
1907. It is to be noted, moreover, that older cities,
like Montreal and Toronto, are well in line with newer
sections in the percentages of gain recorded. For
the
half-year the increase over 1908 in the whole of
Progress toward a normal industrial situation con­
Canada
is 24.4%, and compared with 1907 there is
tinues to be indicated by current reports of bank'cleara
gain
of
11.2%.
ings, while compilations of failures, though showing
liabilities rather above the average of years prior to
The Pennsylvania R R . return of earnings for the
1908, also furnish evidence of a clarifying of the mer­
cantile atmosphere. The latest monthly bank clear­ month of May has been made public this week, and,
ings returns— those for June— which we present in de­ like the statements of other leading railroad systems, it
tail on the first page of this issue, make a very encour­ shows very considerable recovery from the extreme
aging exhibit. At many points not only are there depression of twelve months ago, and yet not enough
large gains over the previous year, but important in­ recovery to bring the earnings back to what they
creases also compared with 1907 and 1906. This is par­ were before the advent of the panic in the autumn of
ticularly true in the Western country. It is, however, 1907. The Pennsylvania RR. is admittedly a typical
also noted in some of the important Eastern cities. system and may well be used for purposes of illustra­
New York, for example, exhibits a conspicuously large tion. Stated in brief, the present return shows an
percentage of increase over 1908, and its total, further­ increase as compared with the figures for May last
more, is a record for June. A considerable augmenta­ year of 81,221,900 in gross earnings and of $433,800 in
tion in the volume of stock dealings of course ac­ net earnings on the lines directly operated east of
counts for an important part of the gain in this city, Pittsburgh and Erie, and an increase of $1,188,500 in
but after making due allowance therefor there still gross and of $465,000 in net on the lines directly oper­
remains a very satisfactory gain as representing the ated west of Pittsburgh and Erie. For the combined
larger mercantile business this year than last. For lines, therefore, the gain amounts to $2,410,400 in
the month of 1909 the transactions in shares at the gross and $898,800 in the net. These are obviously
New York Stock Exchange aggregated 20,322,230 large figures, but as indicating how far short they fall
shares, against only 9,652,437 shares in June of 1908, of meeting last year’s losses, it is only necessary to
and for the six months the comparison is between say that in May 1908 the return showed no less than

outsiders were left free. The' New York Life, for
example, lost something of insurance in force in 1908,
but wrote only 140 millions; but in 1905, while
unhampered, it wrote 29634 millions and gained about
133 millions in amount in force. It has for a year and
more been slowing its agency machinery, having in
this present year alone dropped several thousand
agents; yet before the month of June was ended.it had
written a little more than one-half the annual qUota
now allowed it . While no one can say how much that
company (or.any other) would have written if it had
been left free, this does not look as if the company had
been hindered by public distrust.
Further, another large company in this city gained
on insurance in force in each of the three years, and to
the 46J4 millions gain in 1908 by five companies this
one alone contributed nearly 40 millions. But this
company is not “under any statutory limitation upon
the business it may do annually; on the other hand,
it was among those accused in the newspapers, and
several groundless indictments (never brought .to trial
and now abandoned) were found against its President.
If the attempted explanation fits at all to one of these
two companies, it fails as to the other; and to assert
that the decline in the New York companies has come
by loss of confinence, while the law also shackled them,
is certainly inconclusive.
The reference in the report to the deferred-dividend
as a cause of decline is unfortunate. For if the New
York companies have declined in new business because
no longer allowed to write this form, it would seem
that the public want this form. Without arguing
again upon its merits or demerits (and the form pos­
sesses both), we are brought back to what we said when
the law was passed: that if this form of policy is really
good, it ought not to be prohibited, and if it is bad it
will die out of itself, through public dissatisfaction
with its results, which results, indeed, are now de­
clared in this very report to be one explanation of the
decline of the New York companies as compared with
those outside.




July 3 1909. f

THE CHRONICLE

$6,313,000 decrease in gross and $1,265,900 decrease
in net. In the following we furnish a comparison for
the last six years of the earnings of the Eastern lines,
being the only portion of the system for which we have
the data for such a comparison.
L in es E a st o f
Pittsburgh.

1009.

1908.

1907.

1906.

1905.

1904.

$
S
S
S
S
*
Gross.............. 12.032.133 10,810.233 14,532,233 11,859,033 11,422,133 10,106,138
E xpenses___ 8,271.964 7,483.864 10,431,964 8,318,764 7,812,464 6,789,974
M ay.

N e t ............

3,760.169 3,326,369 4,100,269 3,540,269 3,609,669 3,316,164

1 to M a y 31.
Gross.............. 57,562,262 52,707,562 65,106,162 57,466,162 50,566,762 46,918,117
E xpenses----- 43.253.620 40,136,620 49,536,420 41,899,720 38,500,520 35,802,259
Jan.

N e t _______ 14.308,642 12,570,942 15,569,742 15,566,442 12,066,242 11,115,858

The bank statement of last week again disclosed
remarkably interesting conditions; loans were liqui­
dated, deposits materially decreased and cash and
reserves were augmented. Average loans were re­
duced by more than 32 millions while the actual re­
duction was $12,063,800. Average cash increased
nearly 7 millions; according to the statement of actual
conditions, the gain was $8,693,600. Average de­
posits fell off a little less than 27 millions, while the
actual decrease in this item was $4,329,700. The
average reserve increased $13,677,850; according to
the statement of actual conditions, the reserve gained
$9,776,025 to $38,207,250; as computed upon the basis
of deposits less those of $2,272,500 public funds, the
surplus was $38,765,375.
Considering the fact that last week’s bank statement
reflected the steady flow hither from, the interior of
funds to meet the July disbursements for interest and
dividends, and that foreign capital was largely placed
in our market in anticipation of its active employ­
ment during the crop-distributing season, it is not
surprising that money rates were easy, and this, too,
notwithstanding the adverse influences of a Treasury
call for deposits, a movement of gold to Europe and
to South America and the prospect of a continued ex­
port of the metal. There were liberal offerings of
fixed-date funds; a prominent trust company loaned
a round amount of one million, and two million more
was placed by large banks, contributing to lower the
rate on the end-of and over-the-year maturities by
i/i of 1%. One interesting incident was the sale of
New England mill paper maturing in January at 33^%.
The Stock Exchange will be closed from Friday until
Tuesday of next week; the half-yearly settlements'
were in progress on the last business days of this week,
but they had no effect upon call money, as is usually
the case at such periods, when there is active borrowing
to tide over the interval.
Day-to-day money, representing bank and trust
company balances, loaned at the Stock Exchange dur­
ing the week at 2% and at l*k£%> averaging about
1J4%>
lending institutions quoted 1% % as the
minimum. Time loans were easy, owing to the press­
ure of offerings; the placing of the proceeds of foreign
loan bills contributed to a decline in sixty-day money
to 2 @ 234% , while loans for ninety days were 234@
234%• The rate for four to five months was 2%
@ 3 % , for six months 334@334% ancl f ° r over the
year 334 @3M%> nine months’ funds were placed at
334%» which rate was later bid. Commercial paper
was in somewhat urgent demand, especially by New
York banks and trust companies, while the supply was




7

moderate. Rates are 3@334% for sixty to ninety
day endorsed bills receivable, 334 @4% for prime and
4@434% for good four to six months’single names.
The Bank of England rate of discount remains un­
changed at 234%* The cable reports discounts of
sixty to ninety day bank bills in London 1^4@134%*
The open market rate at Paris is 134 @ 1 /^ % and at
Berlin and Frankfort it is 2 % % . According to our spe­
cial cable from London, the Bank of England gained
£214,148 bullion during the week and held £41,073,202
at the close of the week. Our correspondent further
advises us that the gain was due to purchases in the
open market, but they were largely offset by shipments
to the interior of Great Britain. The details of the
movement into and out of the Bank were as follows:
Imports, £772,000 (of which £155,000 from Egypt,
£71,000 from miscellaneous sources and £546,000bought in the open market); exports, nil, and shipments
of £558,000 net to the interior of Great Britain.
‘ Though there was an easier tone for foreign exchange
on Saturday, which was in part due to the sale of bills
that were drawn as reimbursement for the $2,000,000
gold which was engaged for shipment to Amsterdam,
the market was a shade firmer on Monday, and later
until Wednesday, with cables in good request to effect
final settlements for the half-year in London and Paris.
There was also a demand for “ window dressing” at
the British capital, a requirement usual with foreign
banks because of a desire to make a good exhibit of
condition at the half-yearly periods. The fact that
the semi-annual adjustments abroad were effected
with a minimum of derangement in the money and
discount markets contributed to the ease in exchange
rates after Wednesday; cables were no longer in urgent
request and sight fell off sympathetically. With the
ending of suspense regarding the result of the semi­
annual adjustments, discounts, which had been pre­
viously maintained at firm rates, declined fractionally,
and, though irregular, the security markets generally
showed improvement. Part of the inquiry for cables
during the week was traceable to remittances of interest
on the New York City bonds that were recently sold in
Europe. The termination of the settlements abroad
seemed to give opportunity for short selling of ex­
change; but such operations were not generally under­
taken as they involved too much risk. Cotton futures
were freely offered, as also were loan and other finance
bills; and the firmness in long sterling, which was due
to expectations of easier London discounts, encour­
aged the drawing of all the ordinary forms of loan
bills. At the close of the week sterling at Paris on
London fell off, and there were some indications of
further exports of gold to Amsterdam and to Argentina.
Compared with Friday of last week, rates on Satur­
day were 10 points lower at 4 8650@4 8660 for long
and unchanged at 4 88@ 4 8810and 4 8845@4 8850
for short and cables respectively. On Monday long
fell 5 points to 4 8650@4 8655; short rose 5 points
to 4 8805@4 8810; cables were unchanged. On
Tuesday short was 5 points higher at 4 8810 @
4 8815 and cables 10 points at 4 8855@4 8860; long
was unchanged. On Wednesday long rose 15 points
to 4 8665 @ 4 8670, short fell 5 points to 4 8805 @
4 8810 and cables 20 points to 4 8835@4 8840. On
Thursday long was 5 points lower at 4 8660@4 8670,

THE CHRONICLE

[VOL. L XXXIX.

administration has on the whole met with the most
disappointing results, and it is in the field of domestic
politics pure and simple that he has achieved, up to the
present time, the most positive results. For instance,
it has been almost altogether during Von Buelow’s
Premiership that Germany has lapsed into the position
T h u rs., F r l .,
T u es ., 1 W ed .,
j e n ..
M o n ..
1 J u ly 2 sometimes described as diplomatic isolation in Europe,
J u n e 25 J u n e 28 J u n e 29 J u n e 30 J u ly
87
87
87
87
87
and this was, at least in part, a result of some very illJ 00 days 4 87
88 y 2
88)4
88)4
88)4
88)4
Brothers ---------- --\Sight-- 4 88 y2
87
87
87
87
87
j 0 0 days 4 87
bidder,
judged
policies pursued by the Minister. We may
88)4
8834
88)4
88)4
88)4
& Co___________ ..-(Sight-. 4 W 'A
87
87
87
87
87
160 days 4 87
Bank British
cite
notably
the irritating attitude of Germany toward
88H
88)4
88)4
88)4
8854
North America . - --(Sight . 4 8814
87
87
87
87
87
160 days 4 87
France
in
the
Morocco dispute in 1905, and the several
4 8 8 )2
88)4
88)4
88)4
88)4
88)4
Montreal..............
87
87
87
87
87
J 60 days 4 87
Canadian Bank
unfortunate moves which were made with relation both
8 8 )4
88)4
8854
88)4
88)4
of Commerce----- . .\Slght-- 4 885-2
87
87
87
87
87
10 0 days 4 87
Heldelbach, tekel88)4
to Japan and Russia, and which resulted not only in
88)4
88)4
8854
88)4
h e lm e r& C o... . . -isig h t-. 4 88 y .
87
87
87
87
87
! 0 0 days 1 87
8 8 )4
88)4
88)4
--IS igh t.- 4 8854;
88)4
8854
losing the possible prestige of Japanese friendship, but
87
87
87
87
87
J60 days 4 87
Merchants’ Bank
8854
8854
8854
8854
88)4
of Canada.......... ...S ig h t-- 4 8 8 H
in letting slip, through the Morocco affair, even the
Rates for exchange on Friday were 4 8665@4 8675 close Russian entente that had apparently been hoped
for long, 4 8805 @ 4 8810 for short and 4 8835 @ 4 8840 for.
Probably some of these political disappointments or
for cables. Commercial on banks 4 8640@4 8650,
mishaps
cannot be laid at the door of Von Buelow
and documents for payment 4 8 5 % @ 4 86%, cotton
personally;
yet, since the chief Minister of State is
for payment 4 85 % @ 4 85% , cotton for acceptance
ordinarily
held
responsible for such results by his
4 8640@4 8650 and grain for payment 4 86%(5),4 86%^
Sovereign, if not by the people,it would not have4been
The following gives the week’s movement of money surprising, under easily-imagined circumstances, if
Von Buelow had retired as a consequence of them.
to and from the interior by the New York banks.
While Germany’s foreign relations were moving on the
Sh ipped by
N et Interior
R eceived by
lines described, the Chancellor was achieving note­
M ovem en t.
N . Y . B a nks. N . Y . B anks.
W eek ending J u ly 2 1909.
$5,110,000 Gain $7,033,000 worthy successes in the management of the Reichstag.
$12,143,000
Currency ........................ - ...................
709,000 Gain 1,538,000
2,247,000
Gold ........................ - .........................
He displayed from the first a skill, unparalleled by any
$5,819,000 Gain $8,571,000
'TY
find
tii
XUitn.l
lill ffnld ill
ill IitpcH
.nI tenders
iijuui - — - - - $14,390,000
previous Chancellor since the day of Bismarck, in
With the Sub-Treasury operations and gold exports combining political factions in the Parliament on such
lines as to ensure the success of important Govern­
the result is as follows. •
ment measures. Yet it is on the ultimate failure,
N
et
Change
.
In
O
ut
of
Into
B a n k s.
B a n k H oldings.
W eek ending J u ly 2 1909.
B a nks.
in a crucial case, of these plans of parliamentary com­
$5,819,000 Gain $8,571,000
Banks’ Interior movement, as above- $14,390,000
terminated.
40,979,000 Loss
6,819,000 bination that his career appears to be
Sub-Treas. oper. and gold exports.40,160,000
This
is
one
of
the
instances
in
which
fortune
seems to
$52,798,000
Gain $1,752,000
Total gold and legal tenders--------- '■ 354,550,000
i
sport with public men.
The following table indicates the amount of bullion
The closing of Von Buelow’s career as Chancellor
in the principal European banks.________________
completes one more chapter in a rather curious bit of
'
J u ly 2 1908
recent European history. Although the present Kai­
J u ly 1 1909.
Banks o j j
S ilver.
i T otal.
| Gold.
G old.
I S ilver. | T otal.
ser has occupied the throne during the twenty-one past
£
£
£
1
£
£
I
£
.............. 38,607,393 years, only four Chancellors have served him in that
England-. 41,073,2021 .............. 41,073,202) 38,607,393]
France. . - 147,957,4001 35,988,440 183,945,840125,728.505 36,706,005162,434,510 time.
This is less strange than might be imagined by
Germany.. 38,233,851* 13,200,750 51,434,600) 38,692,000 12.898.000 51,590,000
Russia - . 124,897,0001 8,925,00t 133,822,00(1111,722,000 7,688,000119,410,000 any one familiar with only English and French par­
69.686.0001
46,884,001
13,393,000.
00,277,000
Aus.-Hun 56.660.0001 13,020,001
Spain----- 15.970.0001 32,435,001 48,405,001* 15,615,000 26.984.000 42,599,000
As a matter of fact, the Ger­
36,225,000 4,300,000' 40,525,000 liamentary practices.
Italy . - - 38.519.000 4,725.000 43.235.0001
Netherl’ds 10.115.000 3,574,100 13,689,1001 7,703,500 4,274,0001 11,978,100
2,075,333
6,226,000
6,489,001*
4,150.607
man
theory
of
imperial
absolutism, although shaken
4,320,000)
2,163,000
Nat. Belg.
________1 3,886,000
4,379,001* 3,886,000
4,379,00(1 ..............
Sweden . .
4,734.900 3,034,000
------------j 3,634,000
in
some
directions
by
the
progress of events, has held
Swltzerl’d. 4,734,900] ............ 1,633,001* 1,453,000
.............. | 1,453,000
Norway . - l,633,000j ..............
firm
in
the
matter
of
ministerial
appointments. Re­
434.301,065 108.318,938 542,620,003
Total week 488,495.353114,031,290 602,526,642
Prev. week1494, .55,021 114,927,933 609.3i>2.954j438,074,790 109,854,620 547, 23,116 version to the English plan of ministries, which rise
i
!
or fall according to friendly or hostile votes on their
policies
in the Reichstag, was never even discussed
THE CHANGE IN THE GE M AN MINISTRY.
with
any
great seriousness in Germany until the be­
The announcement by Prince von Buelow, at the
ginning
of
the present taxation dispute last autumn,
opening of the present week, that he had decided posi­
and
the
heated
discussion which took place during a
tively to resign his post— retaining it, at the Em­
fortnight
at
that
time has ended apparently in noth­
peror’s request, only until some sort of revenue bill
ing.
Von
Buelow
himself is careful, in his formal
should be passed— opens possibly a new and interest­
statement,
to
set
forth
that he is retiring because of
ing chapter in German political history. We referred
ill-health,
and
not,
therefore,
because of the failure
last week to the difficulties which had beset this ex­
of
his
budget
program
in
the
Legislature.
perienced parliamentarian in the matter of the Gov­
The first of the present Emperor’s Chancellors was
ernment’s very unpopular proposals for taxation. In
Prince
Bismarck, who held over from the reign of the
a certain sense, it is the irony of fortune that Von
Buelow should have gone, down in connection with Kaiser’s father and grandfather. In 1890, two years
after William’s accession, Bismarck was virtually forced
this particular issue.
Appointed to the Chancellorship in 1900, Prince out of office, the plain assumption in political and dip­
von Buelow’s reputation was chiefly that of a diplo­ lomatic circles being that the Emperor was unwilling
mat; he had been Minister for Foreign Affairs prior to to divide authority, as he foresaw he would be foreed
his elevation to the Premiership. Yet, curiously to do so long as Bismarck was retained. General
enough, it is in the field of foreign politics that his Caprivi, who followed Bismarck, vraa in the main a

■short 5 points at 4 88 @ 4 8805 and cables 5 points at
4 8830@4 8845. On Friday long, short and cables
were 5 points higher.
The following shows daily posted rates for sterling
■exchange by some of the leading drawers.




J u l y 3 1909.]

THE CHRONICLE

9

harmonizer of conflicting political elements; he was of an Imperial policy proposed to the German Reichs­
undoubtedly in many respects the most satisfactory tag. In schemes of taxation, taken by themselves,
to the Emperor of all his Chancellors. Yet the Caprivi it is scarcely to be supposed that the German Emperor
administration, too, went on the rocks in an unex­ is deeply interested. But in the naval and military
pected place. Having surmounted numerous threat­ policy, which cannot readily be perfected save through
ening difficulties in the Reichstag, a somewhat im- such levies on the people as the recent budget of tax­
pulisve proposal for prosecuting extreme Socialists, ation proposed, the Emperor’s interest is intimate
brought forward as a result of the strong feelings and vital. This fact of itself promises interesting
aroused by the assassination of the French President results in German political history during the next
Carnot, embroiled the Ministry at once and so seriously few months; for the revolt against the tax proposals
with the Agrarian Party and the old Bismarckian has perhaps come as near to a direct and irreconcilable
group that Caprivi’s usefulness in office had obviously clash between the Imperial Government and the people
come to an end.
as has any political incident of the present reign, and
The successor whom the Emperor selected was as the sequel is not altogether easy to foresee.
different from Caprivi as Caprivi was from Bismarck.
Prince Hohenlohe, a diplomat of the old school, a W H AT THE CORPORATION T A X MEASURE
Bavarian aristocrat, so ething between a member
CONTAINS.
of the elder French nobility and an English country
The Corporation Tax Amendment to the Tariff Bill,
gentleman, assumed office reluctantly, and was occu­ embodying a tax of 2% upon the net income of cor­
pied during most of his six-year term from 1894 to 1900 porations, which the Senate adopted last night, was
with efforts to patch up peace and good feeling between under consideration in that body through the week,
the Emperor and his Parliament. The course of and the discussions have not tended to im­
events was not favorable to Hohenlohe. Peace and prove general opinion of the measure.
Nor does
quiet, both at home and in foreign relations, would study of its details serve to bring out any merits
undoubtedly have been his choice; yet it was during other than that it must prove a large revenue producer,
his regime that the clash with England came in 1895 but one of a peculiarly offensive type to the business
over the Jameson raid and the Kaiser’s impulsive cable man who conducts his business in a corporate form.
to President Kruger. It was during his term of office The amendment was reported to the Senate by Mr.
that the unfortunate misunderstanding of 1898 arose Aldrich, the Chairman of the Senate Finance Com­
between the German Navy and our own, in connection mittee, on Friday of last week, and is said to be in
with Admiral Dewey’s campaign in Manila Bay. The the precise form as drafted by Attorney-General YVickDreyfus affair, which quite needlessly embittered ersham and Senator Root. The newspaper accounts
France against the German Govermpent because of also tell us that it was adopted unanimously and with­
the constant feeling that the Berlin Foreign Office out change by the Republican members of the Finance
was a factor in stirring up the trouble, arose to vex Committee. This is important as showing that this
Prince Hohenlohe at the very start of his administra­ corporation tax is an Administration measure out and
tion, and it was almost at its close that the extremely out, and that it is of the precise character desired by
delicate situation consequent on the Transvaal’s the Administration.
declaration of war against England in 1899 appeared.
The bill is open to all the objections urged against
Thus the succession of German Chancellors since the proposition when it was first broached by the
Bismarck’s time has comprised successively a soldier, President in his special message sent to Congress on
a provincial aristocrat and a trained diplomat. Each June 16. No distinction is made between corporations
of them has achieved a measure of success; each has engaged in inter-State trade and those operating ex­
been seriously handicapped as a result of two facts clusively within State boundaries. It applies to one
in the situation— first, that in no case was the Ministry and all. Nor is there any distinction as to the char­
responsible to Parliament and with Parliament neces­ acter of the business or the extent of the operations
sarily behind it; second, that the Emperor’s own atti­ of a corporation. In the language of the amendment,
tude constantly complicated matters through his it applies to “ every corporation, joint-stock company
assertion of absolute power, only delegated by choice or association, organized for profit and having a capi­
to his Prime Minister. As the years have gone by, tal stock represented by shares, and every insurance
however, there can be no doubt that as regards at company now or hereafter organized under the laws
least the second of these obstructing influences matters of the United States or of any State or Territory of the
have much improved. The German Emperor, who is United States, or under the Acts of Congress applica­
at bottom a practical and sensible man of affairs, has ble to Alaska or the District of Columbia, or organized
recognized the futility of attempting to carry through under the laws of any foreign country and engaged in
his policies by the assertion of that divine right of business in any State or Territory of the United States
kings which, however it may be recognized in form by or in Alaska or in the District of Columbia.” Thus,
German statesmen, is recognized at heart by nobody it is even broader in application than Mr. Taft had
in Germany or elsewhere. With this better recog­ demanded. In his message, the President had sug­
nition of the needs of the situation, the Emperor’s gested that national banks and building and loan as­
policies have in the main been progressively more sociations be excepted from the operation of the law,
successful with his Parliament.
but the measure as drafted contains no such excep­
To what the frequently unfortunate results of the tions, and in the debates this week it has been ad-,
Ministry’s foreign policies are to be ascribed is as yet mitted that banks and building and loan associations
more or less of a political mystery. The point of great­ will not be exempt from the tax.
est interest is that Von Buelow’s retirement marks
The tax is 2% “ upon the entire net income over and
almost the first complete and overwhelming collapse above $5,000 received by it (the corporation) from all




10

THE CHRONICLE

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

It is expressly provided that these returns, together
with any corrections thereof which may have been
made by the Commissioner of Internal Revenue,
“ shall constitute public records and be open to in­
spection as such.” Thus every corporation in the
land, no matter how small, would have all these
leading items of information regarding its business
and affairs made public records. But that is not all.
Whenever the Commissioner of Internal Revenue
has reason to believe that the return made by any
corporation is incorrect or whenever any collector
shall report to the Commissioner that any corporation
has failed to make a return as required by law, the
Commissioner is authorized to examine any books
and papers bearing upon the matters required to be
included in the return and to compel the attendance
of any officer or employee of such corporation and to
take his testimony, with power to administer oaths,
&c. Upon the information so acquired the Com­
missioner “ may amend any return or make a return
where none has been made.” It is provided that all
proceedings taken by the Commissioner under the
provisions of the section shall be subject to the ap­
proval of the Secretary of the Treasury, but we do
not see that there is any appeal from the assessment
fixed by the Commissioner.
It is made unlawful for any collector, deputy
collector, agent, clerk or other officer or employee
of the United States to divulge or make known in
any manner whatever, not provided by law, to any
person any information obtained by him in the dis­
charge of his official duty, or to divulge or make
known in any manner not provided by law any
document received, evidence taken or report made,
except upon the special direction of the President.
Thus even information acquired in the course of an
examination or inspection by Government officials
may be made public on the special order of the Presi­
dent.
The exception might acquire great significance
etc.
if
we
should
ever have a scheming or vindictive
In making its report, a corporation is required to state
President
in
the
White House, or one who should
(1) its paid-up capital, (2) the total amount of its
allow
himself
to
be
controlled by scheming or vindictive
bonded and other indebtedness, (3) the gross amount
Cabinet
officers.
' of its income, (4) the amount received in dividends
But even without the disclosure of special informa­
upon the stock of other corporations subject to the
tion
acquired during the course of an examination
tax, (5) the total amount of all the ordinary and
by
Government
officials, the publication of the annual
necessary expenses actually paid out of earnings in
returns
will
serve
to lay bare all the essential details
the maintenance and operation of the business and
of
a
corporation’s
business.
We all know how anxious
properties of the corporation. In the sixth item we
the
managers
of
corporations
are to know what a
see the determination not to tolerate excessive allow­
rival
concern
may
be
doing.
What
would they not
ances for depreciation nor any toleration of expendi­
give
for
an
authentic
statement
showing
its gross
tures for additions in the enlargement or extension
income,
its
expenses
(with
the
outlays
for
depreciation
of a corporation’s plant. According to this sixth
item, a corporation is required to state “ the total specially itemized), its payments for interest, the
amount of all losses actually sustained during the amount of its bonded or other indebtedness, the
year and not compensated by insurance or otherwise” “ losses actually sustained during the year and not
and it must report “ separately any amounts allowed compensated by insurance or otherwise” ? Yet all
for depreciation of property.” Under the other this information and all these facts will, under the
heads only gross amounts or totals are required. In proposed law, be made matters of public record open
this case the amounts charged up for depreciation to the gaze of all. That the facts thus made public
must be stated separately, it will be seen. The other will often be used to the detriment and injury of
items required in the report are (7) the amount of rival concerns there can be no reasonable doubt.
interest actually paid within the year on the bonded This publicity feature would work to the special
or other indebtedness to an amount of such bonded or harm of the small corporation with limited capital
other indebtedness not exceeding the paid-up capital and restricted credit, and it is quite possible that
stock of the corporation, (8) the amount of the taxes the publication of the facts required in the return,
paid within the year and (9) the net income of the together with the perverted use that might be made
of them, would serve to ruin many a concern. We
corporation after making the permitted deductions.
sources during such year, exclusive of amounts re­
ceived by it as dividends upon stock of other corpora­
tions, joint-stock companies,” &c., subject to the tax.
In the ascertainment of the income, the only deduc­
tions allowed are (1) all the ordinary and necessary
expenses paid within the year out of income in the
maintenance and operation of the business and prop­
erties of the corporation, and (2) all losses actually
sustained within the year and not compensated by
insurance or otherwise, including a reasonable alloivance for depreciation of property, if any, and in the
case of insurance companies the sums required by
law to be carried to the premium reserve fund. It
will be observed that there is here no reference to ex­
penditures for additions and improvements, such as
every prudent business man makes in his business
from year to year, and thus the very case would come
up mentioned by us in our comments of last week,
where a small butcher who perchance might put in an
extra meat block, or the small baker who might put
in an additional showcase, charging the cost to ex­
penses, would come in conflict with the law. If they
made the expenditures and reported the fact, the tax
would be assessed on such outlays, and if they prac­
ticed concealment they would be liable to all the pen­
alties imposed by the provisions of the law, which
penalties are very stringent and severe.
Three other deductions are allowed in the compu­
tation of the net income for the purpose of ascertain­
ing the amount of the tax. A corporation may deduct
the interest actually paid within the year on its bonded
or other indebtedness, but only to an amount of such
bonded and other indebtedness not exceeding the paidup capital stock outstanding at the close of the year.
It is also allowed to deduct (4) all sums paid by it
within the year for taxes and (5) all amounts received
by it within the year as dividends upon stock
of
other corporations,
joint-stock
companies;




J u l y 3 1909. |

THE CHRONICLE

11

have discussed this point quite at length in our article of office-holders would in itself constitute a menace,
on the “ Financial Situation” on a preceding page.
for their votes might be sufficient to defeat or thwart
The penalties imposed for returns made with false the public will when seeking to. get a repeal of the
or fraudulent intent are severe and drastic. In the measure after it went into operation and its vexatious
case of the corporation itself a fine of 100% is levied and dangerous character became apparent to every one.
in such an event— that is, the corporation must pay
Another thing is to be remembered. The Corpora­
a tax of 4% instead of 2% . In the event of refusal tion Tax is only one step in a much wider scheme.
or neglect to make a return or to verify the same on For the present, partnerships and private individuals
the order of the Commissioner of Internal Revenue, are not made subject to the tax, because the U. S.
50% is to be added to the amount of the tax, so that the Supreme Court in 1895 declared a general income tax
corporation will have to pay 3% instead of the regular unconstitutional. But the President is urging a
2% . Assessments are due on or before the 30th day Constitutional Amendment giving Congress express
of June, and for any sum or sums unpaid afterjthat day authority to levy a general income tax, and
and for ten days after notice and demand by the col­ such an Amendment has been introduced in the
lector there is to be added the sum of 5% on the Senate the present week. If we conceive it possible
amount of tax unpaid, and interest is to accumulate that this Amendment shall secure the approval of the
at the rate of 1% per month from the time the tax requisite number of States, then the Administration
becomes due.
will be able to carry out a broad and all-embracing
But there are still other fines and penalties. It is income-tax scheme, from the operation of which no
provided by the eighth sub-division of the amendment concern and no individual will be exempt. Therefore,
that if any corporation shall refuse or neglect to make let not the citizen who is at present conducting busi­
a return or shall render a false or fraudulent return, ness under a partnership arrangement or in his ca­
such corporation shall be liable to a penalty of not less pacity as an individual imagine that the proposed
than SI,000 and not exceeding $10,000. Further­ Corporation Tax is a matter of no concern to him.
more, any person authorized by law to make, render, If the present Administration can have ijts way, it will
sign or verify any return who makes any false or fraud­ be only a matter of a short time before he too will
ulent return or statement with intent to defeat or find himself within the same embrace. The only safe
evade the assessment is to be deemed guilty of a mis­ course for every one is to see that the proposed Cor­
demeanor and is to be fined not exceeding $1,000, or be poration Tax amendment is never allowed to become
imprisoned not exceeding one year, or both, at the a law. That done, the other train of evils can never
discretion of the Court, with the costs of prosecution. follow.
It is obvious that every corporation official, zealous
to guard the interests confided to his care, will strive
TRUSTS AND ENGLISH STATESMANSHIP.
to have the tax on his particular corporation reduced
A valuable example of sane methods in dealing with
to the minimum. Whether this would be construed alleged “ trusts” has recently been afforded to us by
as an “ intent to defeat or evade the assessment” English statesmen.
Complaints were made that
we do not know; but the official who is engaged in the English trade was suffering from trusts and combina­
attempt will run the risk, we see, of being sent to jail tions in the steamship business. Had these complaints
for a year. It is conceivable that he might be entirely been made here upon the evidence offered in Great
innocent of any attempt to defraud or evade, and yet Britain, we should have had, first, popular clamor,
his acts might be construed as intent of the forbidden and, second, ill-considered legislation, passed without
kind, and he would accordingly be liable to a sentence any idea that it should be clear or have meaning, but
of a year in prison.
only to satisfy the political need of the moment. We
Such is in brief an outline of this most obnoxious may learn much by comparison with what the Eng­
and reprehensible measure, and one which could not lish statesmen have actually done. Of course, for
fail to prove extremely pernicious in working and in Great Britain the steamship business has the same
practice. We notice that in the course of the debate character and importance which the railroad business
on Tuesday Senator Aldrich expressed the opinion has for this country. The two are the greatest ex­
that the tax would be of limited duration; that “ at amples in the world of the development of transporta­
the end of two years it should either be reduced to a tion under the influence of free and unrestricted trade.
nominal amount or repealed.” We have no doubt Both pre-eminently deserve the application of the
that Mr. Aldrich was perfectly sincere in this State­ metaphor which describes transportation facilities as
ment; but experience teaches that laws of that kind the arteries of any country and as furnishing its life­
are never readily taken off the statute books. The blood.
enforcement of the measure would require a large
Now, the English procedure upon the complaints
addition to the force of office-holders, and we all know was as follows. A Royal Commission was appointed,
how loath the politicians are to reduce the number of chosen both with the desire that it should be repre­
office-holders. If the measure should be enacted and sentative of the people interested in the subject, and
rigidly executed as against every corporation in the especially with the desire, so often lacking here, that
land, as is the evident purpose, it ought to yield a it should be an efficient body for the elucidation of
prodigious amount of revenue; though, on the other the truth. Its Chairman, Sir Arthur Cohen, is well
hand, the expense of carrying out the law would also be known as a man of high ability and judicial standing at
heavy. If a large surplus should remain, the effect the Bar, and its other members include statesmen,
would be to encourage renewed extravagance, and the students of economics and business men capable of
excess would be quickly consumed in extra appro­ efficient service together.
priations, which would mean still further additions
The problem before them was and is a great and
to the number of Government employees. This army vital one, which we here would not find it easy to con-




12

THE CHRONICLE

[VOL. IjX X X IX .

does not make combinations in restraint of trade
justifiable.
This device is what is known as the deferred rebate.
Each merchant or shipper who ships by the steam­
ships of a Ring pays 110% of the final freight upon his
consignment. At the- end of each six months an ac­
count is taken and 10% placed to his credit. I hen,
if he remains loyal to the steamship lines continuously
to the end of the following six months, be becomes
entitled to this sum in cash. The result is the constant
withholding of a substantial sum of money, called a
deposit on account of freight, but in substance de­
posited as a security that the shipper will remain loya
to the steamships of the Conference. This much done,
the Conference is substantially secure in its position
and secure of the undivided custom of the shippers,
unless it raises the rates on freight or diminishes the
quality of service to a point which would justify the
forfeiture of these deferred rebates and the introduc­
tion at the request of shippers of an independent line
of steamship companies.
The shipper is thus subject to and often chafes
under a qualified monopoly. On the other hand the
steamship companies, secure in his custom, return
to him a considerably greater efficiency of service.
They arrange regular and prompt sailings independent
of the cargo available at particular dates. Ihey
agree to bind themselves by a principle substantially
factors
like
that of the so-called Commodities statute here,
Without or before such combinations, the large
or
as
they say “ not to carry goods on ship’s account,
shippers could and did drive bargains for preferential
and
they
classify the articles of freight and determine
treatment. Ship owners often carried their own goods
the
rates
upon them so as to create in their own
and “ goods for ship’s account” became an English
interest
the
maximum possible traffic throughout
phrase which denoted the kind of evil our “ commodi­
the
year.
Outside
of certain trades for bulk cargo
ties clause” was intended to prevent. The absence of
and
the
North
Atlantic
trade this system is now
stability and regularity was an evil increasing rapidly,
in
force
throughout
the
world.
and one which it was desirable to check in the interest
We need not say what would be the action of the
of both shipper and ship owner. Proper classification
average
State Legislature or of a Roosevelt administra­
of articles of freight such as we know in this country
tion
upon
such a subject. The qualified monopoly,
was also impossible. For instance, after insurance
however
beneficial,
the chafing of the shipper and the
had been provided for, gold would be as good a bal­
imaginary
grievance
of the public at large would lead
last and cargo as pig iron, and apart from the ques­
to
an
interference
with
trade undertaken without
tions of insurance, the tramp or casual steamship would
counting
the
cost
and
without
foresight for the future.
carry either at the same price. The result might be
This
might
be
introduced
like
the proposed tax upon
that some valuable bulky product which could not
corporation
net
earnings
without
any pievious study
stand a cost of transportation determined by its bulk
at
all,
or
it
might
be
the
result
ot
a succession of illwould remain untransported altogether. Such, until
considered
statutes
copied
in
one
jurisdiction
fiom the
recently, was the case with South Africa with regard
next, each time with added severity and without
to Indian corn.
The above is enough to describe the state of affairs anv calculation of the cost of the addition.
The English practice differs in a most gratifying
before combination began, or rather the point from
manner.
The desire of Australia and of South Afiica
which combination has developed. Progress has been
to
behave
somewhat after the American manner was
such that now the entire over-sea trade between Great
restrained
by diplomatic methods. I he efficient
ritain and South Africa is in the hands of what the
Commission above described was appointed and this
nolish call a “ Ring” or “ Conference” of steamship
companies, organized under very much the same sys­ Commission has just brought in a very valuable
tem as the Addystone Pipe Combination, well remem­ report. Apart from the report itself, the investi­
bered by American lawyers. This Ring deliberately gation has been of value and has resulted in positive
restrains competition and would undoubtedly be illegal progress. The Commission dealt with witnesses
and with representatives of intciest in such an efficient
under the Sherman Anti-Trust Law. Were it, how­
ever, a single steamship company, as is the case in the and friendly spirit that many of the points under
entirely similar West African trade, the corporation discussion were materially advanced by the mere
would be as legal as the Central Leather Co. or the consideration of the testimony itself by the parties
.Chewing Gum Co. This Ring is made possible and in interest. At the end the Commission brings in its
recommendations. Strange as it may seem, they weie
efficient by a device not unknown in this country,
one which has been declared by the Federal courts not impressed with the Sherman Anti-1rust Act, and
to be legal in the case of the Continental Tobacco Co. did not recommend that it should be copied in Great
To be exact, the device is legal, but its employment Britain either generally or for the particular industry.

sider without some description of it. In the United
States we are principally familiar with the cross-At­
lantic trade, which is dominated by the passenger
traffic, so that its cargo space is a by-product. But
in the rest of the world’s shipping the contrary is the
case, and the efficient organization of a permanent
and regular service for the transport of cargo is incom­
parably important, both to the particular lines of
shipping and to the countries served by it. Of course
coal, grain, cotton, cement and other bulky products
can be shipped by tramp steamships. These obviously
bear the same relation to the regular liners which water
competition bears to the railroads of this country.
In each case the vital problem is with the organization
of the “ Line.” Such organization has resulted from
•the natural flow of economic forces in the English
shipping world in the past 30 years. I he best exam­
ple is perhaps the service to South Africa, a country
which imports over sea nearly all that if consumes,
and to which, therefore, the service of importation is
vital. There and elsewhere it has proved to be a
natural law that until and unless some organization
or combination was effected, freights to and from such
a country were necessarily subject to violent and detri­
mental fluctuations, depending upon the supply of
tonnage, the" cost of coal, the possibility of
return cargoes, and a multitude of other disturbing




J uly

3 1 9 0 9 .Q

THE CHRONICLE

The recommendations which they did adopt would
seeem to our average politician somewhat inconclusive
and perhaps not self enforcing. They are likely to
create the less disturbance and to do the greater
good on this account. Their first and only important
recommendation is that the shippers of freight in
particular trades should be organized into bodies of
representative character capable of efficient service
so that the lines could deal with them with safety
and so that the shipper would possess the power of
qualified bargaining desirable in dealing with a com­
bination on the other side. This is in effect a recom­
mendation that combination should be met by com­
bination rather than by statutory condemnation
meted out haphazard to everything which seemed
like a ring or trust. The recent experience of the
Burley Tobacco Growers’ Association in this country;
one of the most flagrant violations of the Sherman
Anti-Trust Act which has been allowed to pass un­
restrained by Federal authority, shows that even in
the case of a great combination like the American
Tobacco Company, the best defense is a counter­
stroke and not the prohibition of the enterprise.
This conclusion the English have been able to reach
by the exercise of a little sanity without our costly
experiments. The Commission also makes one minor
recommendation, namely the publication of all tariffs,
classifications and rates of freight.
On the whole, they have dealt with a question of
vital importance to Great Britain and have offered us
a lesson which we are likely not to learn. The future
development of the shipping trade under such con­
ditions, and its future relations to the English Govern­
ment, may furnish us even more important lessons if
we will only avail ourselves of them. In shipping, as
in railroads, combinations must grow. America is
likely to furnish the greatest example of railroad
and industrial combinations. Great Britain on the
other hand, should furnish a constant comparison
with great cases of combinations of steamships and
of trust or conference control over great lines of water
transportation. We may trust the English to learn
from us. We should not be neglectful of our own
opportunity.
CHANGES IN THE FORM OF THE TREASURY STATE­
MENT AND IN TREASURY PRACTICE.
The following announcement, noting changes affecting the
daily Treasury statement, which became operative on the
1st inst., was made this week by Secretary of the Treasury
MacVeagh:
Im portant changes In the dally casli statement of the Treasury Depart­
ment have been decided upon. It has been found that the published records
of receipts and disbursements Issued b y the bookkeeping and warrants
division have never balanced with the dally cash statement of the Treasury.
As a result, In any given day the cash might show an Increase of $ 1,000,000
or m ore, despite the fact that disbursements might show $500,000 In excess
of receipts. The discrepancy was due to the fact that the bookkeeping
and warrants office recorded on the dally statement transactions not yet
com pleted, while the Treasurer’s office considered only transactions which
were actually com pleted b y payments In cash. This discrepancy has been
corrected. The data will hereafter com e from one source and the dally
statement of cash In the Treasury will exactly tally with the cash receipts
and cash disbursements.
Another Important change In the dally statement of the Treasury Is the
division of receipts and disbursements Into three classes— one, ordinary;
tw o, Panama Canal; three, public debt.
During the fiscal year just ending the excess of ordinary disbursements
over ordinary receipts will approxim ate $60,000,000. The expenditures
on account of Panama Canal, about $31,000,000, will approxim ately equal
the proceeds from sales of bonds. The paym ent of public debt has been a
heavy drain. Fifteen million dollars of bonds were retired and disburse­
ments by the Treasury on account of bank-note retirements exceeded re­
ceipts by $44,000,000. As a result, the total disbursements on all accounts
for the year Just ending exceed the total revenues by about $119,000,000.
The new dally cash statement will be Issued July 1, b y which date the
bureaus concerned will have changed their m ethods to meet the new
conditions.




13

Secretary MacVeagh hasJalso| issued a circular bearing
on the use by U. S. disbursing officers of the ordinary
typewriter in filling in checks, which4s hereafter to be pror
hibited. We quote the circular herewith as follows:
•
I t Is reported to the Department that there is a unanimous sentim ent
am ong the leading banks In the large cities, and In Sub-Treasury offices,
against the use of the ordinary typewriter b y U nited States disbursing
officers In filling up checks; that experim ents have proved that alterations
m ay be easily and successfully made In such checks. As assistant treas­
urers and national bank depositaries are responsible for the proper paym ent
of disbursing officers’ checks, It Is deem ed proper to defer to their Judgment
as to the manner In which the checks are prepared.
'
Departm ent Circular No. 18, dated April 12 1909, authorizing the useoi
a rubber stamp or typewriter to 1111 up checks is, therefore, hereby modified
so as to require that the amounts o f the checks and the names of the payees
be filled In either with pen and ink or with the needle-point typewriter,
which perforates the paper. The use o f the ordinary typewriter for the
purpose Is hereby prohibited.

TEXT OF THE PROPOSED CORPORATION TAX L A W

,

The following is the full text of the Corporation Tax
amendment to the Tariff Bill as reported by Mr. Aldrich
to the Senate on Friday night of last week and passed by the
Senate just before adjournment last evening by a vote of
45 to 31. It is stated to have been drawn by Attorney^
General Wickersham and Senator Root, and, according to
the Washington correspondent of the “ Tribune” of this city,
it was unanimously adopted without change by the Repub­
lican members of the Senate Finance Committee. It is
known as Section 4 of the Tariff Bill.
.

Section 4.— That every corporation, join t stock com pany or association
organized for profit and having a capital stock represented by shares, and
every insurance com pany now or hereafter organized under the laws of
the United States or of any State or Territory of the United
States, or under the Acts of Congress applicable to Alaska or the
District of Columbia, or organized under the laws of any forelgnr
country and engaged in business In any State or Territory o f
the United States or Alaska or In the District of Columbia, shall be
subject to pay annually a special excise tax with respect to the carrying on.
or doing business by such corporation, joint stock com pany or association
or Insurance com pany equivalent to 2 % upon the entire net Income over
and above $5,000 received by It from all sources during such year, exclusive
of amounts received by It as dividends upon stock of other corporations,
join t stock companies or associations, or Insurance companies subject to
the tax hereby Imposed, or If organized under the laws of any foreign
country, upon the amount of net income over and above $5,000 received
by It from business transacted and capital Invested within the United
States and its Territories, Alaska and the District o f Columbia during such
year, exclusive of amounts so received b y It as dividends upon stock of.
other corporations, joint stock companies or associations, or insurance
companies subject to the tax hereby imposed.
N ET INCOME— H O W TO BE A S C E R T A IN E D .
S e c o n d .— Such net Income shall be ascertained by deducting from the
gross am ount of the Income of such corporation, join t stock com pany or.
association or insurance com pany from all sources:
(1) All the ordinary and necessary expenses actually paid within the year
out of Income In the maintenance and operation of Its business and prop­
erties;
.
,
(2) All losses actually sustained within the year and not compensated b y
Insurance or otherwise. Including a reasonable allowance for depreciation
of property, If any, and In the case of Insurance companies the sums re­
quired by law to be carried to premium reserve fund;
(3) Interest actually paid within, the year on Its bonded or other Indebt­
edness to an amount of such bonded and other indebtedness not exceeding
the paid-up capital stock o f such corporation, joint stock com pany or
association or Insurance com pany outstanding at the close of the year;
(4) All sums paid b y it within the year for taxes Imposed under the au­
thority o f the United States or any State or Territory thereof;
(5) All amounts received b y it within the year as dividends upon stock
of other corporations. Joint stock companies or associations or Insurance
companies subject to the tax hereby Imposed.
^
E X E M P T IO N S FO R F O R E IG N COM PAN IES.
P r o v id e d that in the case o f a corporation, joint stock com pany or asso­
ciation or Insurance com pany organized under the laws of a foreign country
such net Income shall be ascertained by deducting from the gross amount
of Its income from business transacted and capital invested within the
United States and any of Its Territories, Alaska and the District o f Columbia:
(1) All the ordinary ami necessary expenses actually paid within the year
out of earnings In the maintenance and operation of Its business and prop­
erty within the United States and Its Territories, Alaska and the District
of Columbia:
- (2) All losses actually sustained within the year In business conducted
by It within the United States or Its Territories, Alaska or the District o f
Columbia not compensated b y Insurance or otherwise. Including a reason­
able allowance for depreciation o f property, If any, and in the case o f Insur­
ance companies the sums required by lawr to be carried to premium reserve
fund;
(3) Interest annually paid within the year on Its bonded or other Indebt­
edness to an amount of such bonded and other Indebtedness not exceeding
the proportion o f Its paid-up capital stock outstanding at the close o f the
year, which the gross amount of its Income for the year from business trans­
acted and capital invested within the United States and any of Its T erri­
tories, Alaska and the District o f Columbia, bears to the gross am ount o f Its
Income derived from all sources .within and w ithout the United States;
(4) The sums paid b y it within the year for taxes Imposed under the au­
thority of the United States or any State or Territory thereof;
(5) All amounts received b y It within the year as dividends upon stock
of other corporations, joint stock companies or associations and Insurance
companies subject to the tax hereby Imposed.
T H E R E T U R N S W H ICH C O R P O R A T IO N S A R E R E Q U IR E D
TO M A K E .
T h i r d .— That there shall be deducted from the amount o f the net Income
o f each of such corporations, joint stock companies or associations or in­
surance companies, ascertained as provided in the foregoing paragraphs
of this section, the sum of $5,000, and said tax shall be com puted upon the
remainder of said net Income of such corporation, joint stock com pany o r
association or Insurance com pany for the year ending December 31 1909
and for each year thereafter; and on or before the llrst day o f March 1910,
and the first day of March In each year thereafter, a true and accurate
return under oath or affirmation of Its President, Vice-President or other
principal officers, and o f Its Treasurer or Assistant Treasurer, shall be made
b y each of the corporations, joint stock companies or associations and Insur­
ance companies subject to the tax imposed by this section to the Collector of
Internal Revenue for the district in which such corporation, joint stock
com pany or association or Insurance com pany has Its principal place of
business, or In the case of a corporation. Joint stock com pany or association
or Insurance com pany organized under the law s o f a foreign country In the
place where Its principal business Is carried on within the United States.
In such form as the Commissioner o f Internal Revenue, with the approval
of the Secretary of the Treasury, shall prescribe, setting forth:
(1) The total am ount of the paid up capital stock o f such corporation,
joint stock com pany or association or Insurance com pany outstanding at
the close of the year;

THE CHRONICLE
( 2 ) The total am ount o f the bonded a n d 'oth er indebtedness o f such cor­
poration, joint stock com pany or association or insurance com pany at the
cliJSe o f the year:
, .
,
,
.
^ ,
(.1) The gross am ount of the Income of such corporation, joint stock
com pany or association orVinsurance com pany received during such year
from all sources, and if organized under the laws of a foreign country the
cross am ount of Its Income from business transacted and capital Invested
vylthln the United States and any o f its Territories, Alaska and the District
o f Columbia;
. .
,
,
(U The am ount received b y such corporation, joint stock com pany or
association or insurance com pany within the year by w ay of dividends
upon stock or other corporation, joint stock com pany or association or
insurance com pany subject to the tax Imposed b y this section;
( 5 ) The total am ount o f all the ordinary and necessary expenses actually
paid out o f earnings in the maintenance and operation of the business
and properties o f such corporation, joint stock com pany or association or
Insurance com pany within tho year, and if organized under the laws of a
foreign country tho am ount so paid in the maintenance and operation of its
tmslness within the United States and Its Territories, Alaska and the
•District of Columbia;
(f>) The total am ount o f all losses actually sustained during the year and
but com pensated b y insurance or otherwise, stating separately any amounts
Allowed for depreciation o f property, and in the case of Insurance companies
the sums required by law to be carried to premium reserve fund, and in the
case of a corporation, join t stock com pany or association or insurance com ­
pany organized under th e laws of a foreign country, all losses actually
sustained b y It during the year in business conducted b y It within the
United States or Its Territories, Alaska and the District o f Columbia not
com pensated b y Insurance or otherwise, stating separately any amounts
allow ed for depreciation o f property and in the case of insurance companies
tho sums required by law to be carried to'prem lum reserve fund;
(7) The amount o f interest actually paid within the year on its bonded
dr other indebtedness to an amount of such bonded and other Indebtedness
not exceeding the paid-up capital stock of such corporation, joint stock
com pany or association or insurance com pany outstanding at the close of
the,year; or In case of a corporation, joint stock com pany or association or
Insurance com pany organized under the laws o f a foreign country, interest
ho, m id on Its bonds or other Indebtedness to an amount of such bonded
ana other Indebtedness not exceeding the proportion of Its paid-up capital
stock outstanding at tho close o f the year which the gross amount of Its
Income for the year from business transacted and capital invested within
the United States and any of Its Territories, Alaska and the District o f
Columbia, bears to the gross amount o f its Income derived from all sources
withiu'and without the United States;
<8) The amount paid by It within the year for taxes Imposed under the
•futhority of the United States or any State or Territory thereof;
(0) The net incom e o f such corporation, join t stock com pany or associa­
tion or Insurance com pany after making the deductions in this section
authorized. AH such returns shall as received be transmitted forthwith by
the Collector to the Commissioner of Internal Revenue.
COM M ISSIONER OF IN T E R N A L R E V E N U E M A Y E X A M IN E
HOOKS AND P A P E R S .
•38F o u r t h .—•Whenever evidence shall he produced before the Commissioner
o f Internal Revenue which in the opinion o f the Commissioner Justifies the
belief that the return m ade by any corporation, Joint stock com pany or
association or Insurance,com pany Is Incorrect, or whenever any collector
shall report to the Commissioner o f Internal Revenue that any corporation,
joint stock com pany or association or insurance com pany has failed to
make a return as required by law, the Commissioner of Internal Revenue
m \y require from the corporation, joint stock com pany or association or
Insurance com pany making such retain such further Information with referc n v- to its capital. Income, losses and expenditures, as lie may deem expedient.
Ana the Commissioner o f Internal Revenue for the purpose of ascertaining
the.correctness of such return, o r /o r ttie purpose of making a return where
none has been made, Is hereby authorized by any regularly appointed reve­
nue agent specially designated by him for that purpose to examine any
hooks and papers bearing upon the matters required to be included in the
return of such corporation, joint stock com pany or association or insurance
com pany, and to require the attendance of any officer or em ployee of such
corporation, joint stock com pany or association or insurance com pany,
and to take his testimony with reference to the matter required b y law
to be included In such return, with power to administer oaths to such per­
son or per o s, and the Commissioner of Internal Revenue may also invoke
the aid of any court of the United States to require the attendance of such
officers or employees and the production of such books and papers. Upon
the inform ation so acquired the Commissioner of Internal Revenue may
amend any return or make a return where none has been made. All pro­
ceedings taken by the Commissioner of internal Revenue under the provi­
sions,of this section shall be subject to tlie approval of the Secretary of the
Treasury.

[VO L. L X X X IX .

O F F IC E R S M A Y BE F IN E D O R IM PR ISO N E D O R BOTH .
That any person authorized b y law to make, render, sign or verify any
return who makes any false or fraudulent return or statement with Intent
to defeat or evade the assessment required by tills section to be made,
shall be guilty o f a misdemeanor and shall be lined not exceeding $1,000,
or be Imprisoned not exceeding one year, or both, at the discretion of the
court, with the costs of prosecution.
IN T E R N A L R E V E N U E L A W S TO A P P L Y .
That all laws relating to the collection, remission and refund of Internal
revenue taxes so far as applicable and not Inconsistent with the provisions
of this section are hereby extended and made applicable to the tax imposed
b y this section.
U. S. COURTS TO H A V E JU R IS D IC T IO N .
Jurisdiction is hereby conferred upon the Circuit and District Court of
the United States for the district within which any person summoned under
this section to appear to testify or to produce books as aforesaid shall
reside, to com pel such attendance, production of books and testim ony by
appropriate process.

ITEMS ABOUT BANKS, BANKERS AND TRUST CO S.
— The public sales of bank stocks this week aggregate
43 shares, of which 38 shares were sold at tlie Stock Exchange
and 5 shares at auction. The transactions in trust company
stocks, all auction sales, reach a total of 81 shares. One
share of Chemical National bank stock was sold at 520, an
advance of 93 points over the price paid at the last previous
public sale, which was made in January at 427. A sale of
13 shares of Guardian Trust Co. stock was made at 1G5,
which is 23 points higher than the sale price two weeks ago.
The table below, given in our usual form, shows the actual
sales of New York City bank stocks made during the week at
auction and at the Stock Exchange. Extensive tables show­
ing the bid and asked quotations, deposits, surplus, &c., of
banks and trust companies in all important cities of the
United States are published monthly in the “ Bank and Quo­
tation Section,” the July issue of which accompanies to-day’s
“ Chronicle.” Bid and asked quotations for all New York
City bank and trust company stocks arc also published
weekly in another department of tlie paper, and will be
found to-day on pages 24 and 25.
B A N K S— N ew Y o rk .
H ig h .
LOW.
t Chemical National B ank........ 520
520
*39 Mechanics’ National B ank__ 254
261
163
1 Merchants’ National Bank___ 163
331
2 New Y ork, N. B. A ., Bank ot.. 331
T R U S T COM PAN IES — N e w Y o r k .
400
400
1 Fulton Trust C o_____________ . 2 87 14 2 8 7 ) 4
13 Guardian Trust C o........... .... . 165
165
5 Italian-Am erican Trust C o__
62
62
10 Lawyers’ Title Ins. & Tr. C o. 248
248
2 New York Lite Ins. & T r. Co..1120 1120

S h a res.

C lo s e .

J.ast

p r e v io u s

520
261
163
331

Jan.
J unc
June
April

1909—
1909—
1909—
1909—

s a le .

400
287 Yi
165
62
248
1120

June
N ov.
June
April

1909— 142
1908— 100
1909— 250 Vi
1009— 1115

427
252
163
330

• Of this am ount 38 shares were sold at the Stock Exchange.

—’An injunction temporarily restraining tlie State Banking
Board of Nebraska from putting into operation the depositguaranty law, which was to have become effective this week,
was granted on the 30th ult. by Judges Vandeventer and
Monger at Lincoln. The action is the outgrowth of the
petition filed two weeks ago by John L. Webster and ex­
Senator W . V. Allen, who on behalf of certain bankers of tlie
State are contesting the validity of the law.
— Tlie organization of tlie Bankers’ Deposit Guaranty &
Surety Co. of Kansas, which is intended primarily to serve as
a medium for insuring deposits of national banks of the
State, was perfected at a meeting on June 24. The officers
are: President, E. E. Ames, Cashier of the Central Na­
tional Bank of Topeka; Vice-President, ex-Governor W. J.
Bailey, of tlie Exchange National Bank of Atchison; Secre­
tary, John P. Morrisey of Topeka, and Treasurer, George
P. Murphy of Manhattan, Kan. The following were named
as an executive committee: W. II. Burks, Wellington;
C. Q. Chandler, Wichita; C. M. Sawyer, Norton; F. S. LaraR E T U R N S TO BE MADE PUBLIC.
bee, Stafford; J. T. Pringle, Burlingame; W. F. March, Law­
S i x t h .— W hen the assessment shall be made as provided in tills section
the returns, together with any corrections thereof which may have been rence; ex-Governor W. J. Bailey and George F. Murphy of
made b y tlie Commissioner, shall bo filed in the office of the Commissioner
of Internal Revenue, anil •shall constitute public records and be open to Manhattan.
While the organization of the company was
Inspection as suoh.
undertaken as a result of the decision barring national banks
O T H E R IN F O R M A T IO N A C Q U IR E D M A Y O N L Y B E D IV U L G E D B Y
from participation in the guaranty law, its business is not
SPEC IAL D IR E C T IO N OF T H E P R E S ID E N T .
S e v e n th .— It shall be unlawful for any collector, deputy collector, agent,
to be confined solely to institutions of that character; it
clerk or other officer or em ployee of the United States to divulge or make
known in any manner whatever not pi'ovlded b y law to any person any will also insure deposits of State banks which prefer to
Information obtained b y him in the discharge of his official d uty, or to
divulge or make known in any manner not provided by law any document adopt that method of protection rather than the guaranty
received, evidence taken or report made under this section except upon the
The
special direction of ttie President; and any offence against tlie foregoing law. besides transacting a general surety business.
provision shall be a misdemeanor and lie punished by a line not exceeding company is owned and controlled by Kansas bankers and
$1,000 or b y imprisonment not exceeding one year, or both , at the discre
tlou o f the court.
has been formed witli 8500,000 capital. In the case of every
bank which desires to become a member of the Deposit Com­
P E N A L T Y U PON C O R P O R A T IO N IN CASE OF FALSE R E T U R N S
OR F A IL U R E TO R E P O R T .
pany, the stockholders of the bank must subscribe for an
T lighth .— That if any of the corporations, joint stock companies or asso­
ciations or insurance companies aforesaid shall refuse or neglect to make amount of the capital of the company equal to 2 ^ % of the
a return, as above specified, on or before Marcli 1 in each successive year,
or shall render a false.or fraudulent return, such corporation, joint stock bank’s capital and surplus.
No bank, it is stated, will be
com pany or association or Insurance com pany shall be liable to a penalty
i admitted to membership unless it passes a rigid examination
of not less than $1,000 and not exceeding $10,000.
T A X TO BE IN CR E ASE 11 IN CASE OF FALSE R E TU R N S OR IF
T H E R E IS D E L A Y .
F i f t h . -All returns shall lie retained b y tiro Commissioner of Internal
Revenue, who shall make assessments thereon, and in case of any return
m ule with false or fraudulent intent lie shall add 100% of such tax, and in
case of a refusal or neglect to make a return or to verify the same as aforcsU d, he shall add 50% of such tax. In case of neglect occasioned b y the
sickness o r absence of an officer of such corporation, joint stock com p.iny or association or Insurance com pany required to make said return,
the collector may allow such further time for making and delivering such
return as he may deem necessary, not exceeding thirty days. The amount
so added to the tax shall be collected at the same time and in the same
manner as the tax originally assessed, unless the refusal, neglect or falsity
Is discovered after the date for payment, of said taxes, in which case the
amount so added shall be paid b y the delinquent corporation. Joint stock
com pany or association or insurance com pany immediately upon notice
given by ttie collector. All assessments shall be made and the several corpo­
rations, joint stock companies or associations or insurance companies shall he
notified o f the amount for which they arc respectively liable on or before the
llr.it day of June of eacli successive year, and said assessments shall be paid
o n .o r before the 30th day o f June, except in case of refusal or neglect to
ru ike such return and in cases of false or fraudulent returns, in which eases
the Commissioner of Internal Revenue shall upon the discovery thereof
at any time within three years after said return is due make a return upon
information obtained as above provided for and the assessment made b y
the Commissioner of Internal Revenue thereon shall he paid by such co r­
poration. joint stock com pany or association or insurance com pany imm e­
diately upon notification ot the amount of such assessment; and to any
sum or sums due and unpaid after June 30 in any year and for ten days
after notice and demand thereof by the collector there shall he added the
sum of 5% on the amount o f tax unpaid and interest at the rate of t% per
month upon said tax from the tim e the same becomes due as a penalty.




J u l y 3 1909. |

THE CHRONICLE

nnd is found to be in first-class condition. The firm of Arthur
Young & Co., certified public accountants, has been em­
ployed to conduct the examinations. Both the Kansas
guaranty law and the deposit insurance plan went into
operation on the 1st inst.
— A stand against the postal savings bank proposition is
taken by the Colorado Bankers’ Association, which at its
annual meeting, held at Denver on the 21st and 22d ult.,
adopted a resolution expressing “ its disapproval of Federal
interference in matters of finance and business as contem­
plated by the establishment of a postal savings bank.”
In an address on the subject E. R. Gurney of Fremont,
Neb., declared that the postal savings bank law has the
least merit and slimmest opposition of any measure before
Congress. The only result of its passage, he adds, could be
the shifting of large sums of money from small towns and
places where they are needed, to large centers where a ple­
thoric condition already exists. He further argued that it is
not the banks of America but the public that is most in
danger from this law. Ex-Governor Adams of Pueblo,
according to the “ Denver Republican,” announced at the
convention his intention of introducing next year a resolu­
tion favoring the entire separation by law of commercial and
savings banks in Colorado. In other words, our contem­
porary says, Mr. Adams proposes resolutions which will
cause the enactment of a law specifically stating that com­
mercial banks shall not enter the business of savings banks,
and that the savings banks in turn shall not infringe upon the
work of the commercial institutions.

15

groupings comprising the State Bankers’ Association, It
is intended to have an examiner responsible for each district,
except the central one, which will be looked after by the
Superintendent’s office. The examiners are not, however,
it is said, to be continuously employed in their own districts.
— John Crosby Brown, who, as senior partner of the repre­
sentative banking establishment of Brown Brothers & C o. of
New York, Philadelphia and Boston, and Brown, Shipley &
Co. of London, was a potent factor in affairs of finance, died
on Friday, June 25, at his summer home in Orange, N . J. Mr.
Brown was born in this city on May 22 1838 and was a son of
James Brown, who founded the New York house of Brown
Bros. & Co. in 1825. Alexander Brown, the head of the
family in this country, was an Irish linen merchant, who
came to America in 1798, and started a linen store in Balti­
more, later establishing the bank of Alexander Brown &
Sons. John Crosby Brown, soon after his graduation from
Columbia College in 1859, entered his father’s firm, his early
knowledge of business being obtained in the office of Brown,
Shipley & Co., then located at Liverpool. Aside from his
interest in his own banking houses, Mr. Brown had other
important business connections, having been at the time of
his death Vice-President and a trustee of the United States
Trust Company of this city, a director of the Bank of New
York, N. B. A.; Vice-President of the New York Chamber of
Commerce and a trustee of the following : The Bank for
Savings, the Liverpool & London & Globe Insurance Co.,
the United States Lloyds, the Ocean Accident & Guarantee
Corporation, the London Guarantee & Accident Coi’poration,
Ltd., &c., &c.
Mr. Brown was also conspicuous in philanthropic, religious
and educational pursuits. He was for many years an elder
in the Madison Square Presbyterian Church, and his name
had long been associated with the Union Theological Semi­
nary, one of the objects of his beneficence; he became a di­
rector of the Seminary in 1866, in 1883 was made Vice-Presi­
dent and in 1897 was chosen to fill the presidency, made
vacant through the death of Charles Butler. Mr. Brown was
also a trustee of the Metropolitan Museum of Art, a trustee of
Columbia College, and a member of the Century Association,
the Metropolitan Club, the Downtown Association and the
Midday Club. The degree of LL. D. was conferred on him
by Williams College in 1907. Two of Mr. Brown’s sons are
partners in the firm of Brown Brothers— Thatcher Magoun
Brown, resident in New York, and James Crosby Brown,
resident in Philadelphia. Mr. Brown possessed a genial
personality and was held in universal esteem. Resolutions
attesting appreciation of his worth were adopted on the 29th
ult. by the directors of the Bank of New York, of which he
had been a director for fourteen years.

— The Blue Mountain House at Blue Mountain, Md., was
the scene of the annual gathering of the Maryland Bankers’
Association on the 23d and 24th ult. Samuel M. Hann,
National Bank Examiner for Maryland, was one of the
speakers at the meeting and his remarks concerned the efforts
of the Comptroller in securing more efficient dircctoral con­
trol of the national banks. Mr. Hann stated that the
Comptroller has no desire to regulate any of the investments
of a bank, and he declared that he would not seek any addi­
tional power or discretion; on the contrary, the Act as it
stands is satisfactory to the Comptroller and he is of the
opinion that he can bring about needed reforms with the law
as it is. Mr. Hann also stated that the Comptroller feels
that the directors of a bank know, or ought to know, the
affairs of their bank much better than the examiners can,
and that the directors ought to be held responsible where a
neglect of the duties required by law has resulted in loss to
depositors and stockholders. He also declared that the
Comptroller, having put into effect administrative improve­
ment affecting examinations, was justified in asking the
directors if they did their duty at the same time he was
demanding that the examiners do theirs. Mr. Hann con­
— It is announced that the New York State Bankers’ Associa­
tended that Mr. Murray’s justification was proven by the tion has decided to hold its annual convention at the United
sense of public opinion; by decisions of the courts; the actions States Hotel, Saratoga Springs, owing to the destruction by
of the bankers themselves in providing clearing-house fire of the Fort William Henry Hotel, at Lake George, which
examinations and by the reports of his examiners and the was originally selected as the meeting place. The dates of
records of his office.
the convention are July 15 and 16.
— At the tri-State convention of the Washington, Oregon
— The Carnegie Trust Company of this city this week post­
and Idaho bankers’ associations at Seattle on the 24th, poned until next Tuesday the annual election of officers,
25th and 26th ult., a resolution was adopted indorsing the which was originally to have occurred on the 1st ult. It is
action of the American Bankers’ Association at its meeting understood that there is to be a postponement from week to
last year in expressing its opposition to any arbitrary plan week pending the completion of the plans for the taking over
for the guaranty of deposits, either by State or nation. The of the Van Norden Trust Co., the Nineteenth Ward Bank
legislatures of the three States, namely, Washington, Ore­ and the Twelfth Ward Bank.
gon and Idaho, were also commended for failing to enact
— Arthur P. Heinze, brother of F. A. Ileinze, was found
guaranty-deposit laws. The principal speakers at the joint
meeting were Col. F. E. Farnsworth, Secretary of the Ameri­ guilty in the U. S. Circuit Court on the 25th ult. of obstruct­
can Bankers’ Association; Robert J. Lowry, President of the ing the administration of justice in blocking the service of
Lowry National Bank of Atlanta, and George E. Allen of a subpoena on an employee concerned in the disappearance
New York. R. W . Schmeer of the First National Bank of of books of the United Copper Co. Mr. Heinze furnished
Portland has been elected President of the Oregon bankers’ bail for $2,500 for his appearance at the October term of the
organization; Boyd Hamilton of Coeur d’Alene has become Court, Judge Ray having suspended sentence until that time
head of the Idaho association, and Arthur F. Albertson, to give him an opportunity to assist the Federal authorities
Vice-President of the National Bank of Commerce, heads in getting possession of the missing books. In the case, of
the Washington association. P. G. Kauffman of the Fidelity Sanford Robinson, formerly counsel for F. A. Heinze, who
Trust Co. of Tacoma has been re-elected Secretary of the was found guilty of a similar offense on the 24th ult., a fine
of $250 was imposed on the 25th ult.
last-named association.
— It is reported that State Bank Superintendent Seymour
of Ohio has divided the State, for the purposes of examina­
tion, into nine districts, the divisions following closely the



— Albert It. Plant has become Cashier of the Blackstone
Canal National Bank of Providence, succeeding Oren Westcott.

16

THE CHRONICLE

— The Brooklyn “ Eagle” reports plans in process of forma­
tion for the establishment of an institution to be known as
the First National Bank of Coney Island. S. E. Jackman,
a business man of that locality, is said to have purchased the
building formerly occupied by the Lafayette Trust Co. on
Surf Ave., in which the proposed bank, it is expected, will
make its home. The institution is to have $100,000 capital
and $50,000 surplus.
An application to organize another Coney Island bank,
the Seaside National, was approved in March; but apparently
nothing has yet been done toward perfecting its organization.
— The committee representing the depositors of the Ridge­
wood Branch of the defunct Lafayette Trust Co. of Brook­
lyn Borough has decided to disband. While it is said that
the poor attendance at a meeting of the depositors called for
on June 21 induced the committee to dissolve, the Brooklyn
“ Eagle” states that the real cause is the fact that the deposi­
tors have been selling their claims to Robert J. McGusty,
who for the past few months has been buying up accounts at
75 cents on the dollar. There has been but one dividend dis­
tribution (10%) to the depositors since the institution closed
its doors on Nov. 30.
— A. P. Stone has succeeded Charles W. Jones in the
presidency of the New England National Bank of Boston.
Controlling interest in the bank and in the Commonwealth
Trust Co. was recently acquired by George S. Mumford and
his associates.
— James D. Colt, who was appointed Master to investigate
the condition of the Boston Banking Co. of Boston, Mass.,
against which a temporary injunction was obtained on
May 3 by Savings Bank Commissioner Chapin, on the ground
that the capital was impaired, finds, according to a report
made to the Supreme Court, that the capital of the company
is not impaired. The Master further reports, it is said,
that the condition of the institution is not such as to make
its continuance in business hazardous to the public.
— Alexander Dunbar has been elected Cashier of the Ex­
change National Bank of Pittsburgh to succeed Andrew
Long, who recently resigned. In assuming his new office,
Mr. Dunbar retires as Secretary and Treasurer of the Guar­
antee Title & Trust Co. of Pittsburgh.
— The stockholders of the defunct Iron City Trust Co.
of Pittsburgh have been notified by Receiver W. L. Abbott
that a payment of $35 per share will bo made upon the pre­
sentation of their certificates. A distribution of $52 per
share was made April 10. The institution suspended Oct. 23
1907 and the final dividend to depositors was paid July 10
1908.
— James Clark, President of the Drovers’ & Mechanics’
National Bank of Baltimore, died on the 2Gth ult. Mr.
Clark, who was sixty-nine years of age, had been President
of the bank since 1892.
— The stockholders of the First National Bank of Fred­
erick, Md., decided on the 29th ult. to place their institu­
tion in voluntary liquidation. The business of the bank
is to be consolidated with that of the Central National Bank
of Frederick, interests i n which are said to have secured
control of the First National some months ago. The liqui­
dation of the latter will go into effect Aug. 2.
— The Superior Savings & Trust Co. of Cleveland, Ohio,
has increased its dividend rate from 8% to 10% per annum,
with the declaration of a quarterly disbursement of 2j^% ,
payable July 1. The institution has a capital of $500,000;
it began business on Sept. 18 1905.
— The Commerce & Deposit Bank of Cincinnati, organized
with a capital of $25,000, recently began business under the
presidency of J. W. Haley.
— Another merger of two prominent Chicago banks seems
imminent, viz., the Commercial National and the Bankers’
National. Although the negotiations to date are merely
tentative (and nothing may come of them), yet the rumor
is not groundless, and many well-posted local financiers
seem to think the consolidation will be made. It is largely
a question of adequate remuneration to the selling party.
We quote from the Chicago “ Tribune” of 30th ult.:
As the ileal was reported. It Involved the Increase of the capital stock of
both the Commercial and Bankers’ . The present capital of the Commercial
Is $3,000,000 and its surplus $3,000,000, while undivided profits June 23
were $1,344,640. It was proposed to Issue $1,500,000 of new Commercial




[VOL. LXXXI X.

capital out of the surplus as a stock dividend, thus making the capital stand
at $4,500,000 and the surplus as $2,800,000. The Bankers’ , according to
report, proposes to Issue $500,000 new capital at $160 a share. This would
make Its capital $2,500,000 and add $300,000 to the surplus and undivided
profits, making the latter item $1,600,000. The capital, surplus, profits
and deposits of such a com bined Institution would stand as follows: Caplal, $7,000,000: surplus and prollts, $4,400,000, and deposits, $72,000,000.
W ith the exception of the First National Bank, the Commercial Is th e oldest
national bank In Chicago. It was founded in 1864, one year after the
founding of the First National. The Bankers’ National was founded b y
Edward S. Lacey In 1892, shortly after he retired from the position o f
Comptroller o f the Currency.

— The Stock Yards Savings Bank, Chicago, of which S. R.
Flynn is President, and which has deposits of considerably
over $2,000,000, will soon remove to commodious new
quarters, now being fitted up on the corner of Halsted St.
and Exchange Ave., just at the main entrance to the Union
Stock Yards.
— The Illinois Trust & Savings Bank, Chicago, has been
made the clearing agent at that point for the “ travelers”
cheques” of the American Bankers’ Association.
— J. II. Reed has been appointed Manager of the savings
department of the Colonial Trust & Savings Bank of Chi­
cago. The position is a new one.
— The statement issued by the First National Bank of
Milwaukee under the Comptroller’s call of June 23 shows
aggregate resources of nearly $20,000,000— in exact figures,
$19,959,085. Deposits are reported at $15,411,037, while
surplus and undivided profits are $812,738. This institu­
tion, of which Fred Vogel Jr. is President, has a capital of
$2,000,000. He is assisted in the management by Wm.
Bigelow and Fred. T. Goll, Vice-Presidents; Henry Kloes,
Cashier; Oscar Kasten, A. W. Bogk and E. J. Hughes,
Assistant Cashiers; W. C. Haas, Mgr. Foreign Exchange and
Savings Department.
— The Des Moines National Bank of Dcs Moines, Iowa,
recently moved to its new building at 6th and Walnut streets,
the general opening being preceded by a reception to the
friends and patrons of the institution. The building is
occupied exclusively by the bank. The exterior is of white
terra cotta, while the interior is finished in marble and
bronze. A feature of the building is the steel-lined safedeposit vault, which affords accommodations for 4,000
boxes. The entrance door weighs 30,000 pounds and the
vestibule 25,000 pounds, while the rest of the vault is con­
structed on equally massive proportions. Under the new
call of June 23 the bank reports deposits of $4,724,788 and
total assets of $5,394,077. The management is made up of
Arthur Reynolds, President; John II. Blair, Vice-President;
C. A. Barr, Cashier, and A. J. Zwart, Assistant Cashier.
— Arrangements have been made for the consolidation of
the banking business of J. L. Brandcis & Sons of Omaha
with that of the United States National Bank of that city.
The Brandcis interests, it is said, will get representation
in the United States National through the purchase of
stock; and A. D. Brandeis will be elected to the board of the
bank. The Brandeis bank was established about seven
years ago, and its resources are reported as over $1,250,000.
With the taking over of its banking features, efforts will
be directed towards the extenison of its commercial interests
and real estate business. Vice-President Kennedy in a state­
ment relative to the matter says:
The consolidation was a natural result of existing conditions. The
Brandcis Bank has grown so fast of late that It has taken more of Mr.
Brandcis’ time than he could consistently give It, while other Important
Brandeis Interests require the attention of the other officers of the hank.
Then the new guaranty law, however excellent It m ay he from the d e ­
positors’ standpoint, Introduces elements of uncertainty Into the banking
business. The attack made upon the law In the courts creates confusion;
because, pending the litigation, bankers are in doubt under which law to
proceed. Facing these conditions, and the necessity for furnishing in­
creased banking facilities, the officers of the bank began to look around for
some way to take care of their depositors with the least possible Incon­
venience to them , and selected the United States National Bank because of
its location and evident ability to take care of the business.

— Allen R. White has resigned as Cashier of the Union
National Bank of Louisville, K y., after having officiated
in that capacity for more than half of his twenty years’
connection with the bank. J. H. Mershon, Assistant
Cashier, has been chosen to serve temporarily as Acting
Cashier. The new office of Assistant to the President has
been created and J. D. Stewart has been appointed to the
post. Following his resignation from the cashiership of the
Union, Mr. White was this week elected President of the
Southern National Bank of Louisville, succeeding W. J.

THE CHRONICLE

J u l y 3 1909.1

17

Thomas, the latter remaining with the Southern as First
Vice-President and Chairman of the board of directors.
— The new Hermitage National Bank of Nashville, Tenn.,
*s to be under the management of the following officers
elected on the 23d ult.: Frank Dibrell, President; W. J.
Cude and W . Z. Dozier, Vice-Presidents; N. F. Cheairs,
Cashier; E. S. Brugh and Allen Cummings, Assistant Cashiers.
W. A. Roberts has been chosen Chairman of the board of
directors. The bank expects to begin business about
Aug. 15.
— The Merchants’ Bank of Raleigh, N. C., which began
business on March 29, is preparing to enter the national
system. Its application for conversion was sanctioned on
June 23 by the Comptroller of the Currency. The capital
will continue at-$100,000.
— Owing to ill health, W. M. Lewis resigned on the 22d
ult. as President of the Fourth National Bank of Macon, Ga.
Mr. Lewis was one of the founders of the bank and had
been its President since its organization in 1900. J. F.
Heard, President of the Macon Chamber of Commerce, has
been chosen as the new head of the bank. C. B. Lewis,
brother ol the retiring President, and who has also been
aftiliated with the institution from the start, continues as
Cashier.
Plans are under way to establish the Fourth National
Bank of Jacksonville, Fla., with a capital of $400,000.
ih e application to organize the proposed bank was approved
by the Comptroller of the Currency on June 24.
An insurance department has been made a part of the
functions of the Inter-State Trust & Banking Co. of New
Orleans. In the new department the company, it is said,
will write insurance in all its branches, making a specialty
of fire, accident and liability classes.
— William Adler, former President of the State National
Bank of New Orleans, who was recently convicted on charges
alleging the misapplication of the funds of the bank and
sentenced to six years’ imprisonment, was released on the
24th ult. under bonds of .$40,000 pending an appeal.
— A. H. Chalk, formerly Assistant Cashier of the First
National Bank of Shreveport, La., has replaced W. J.
Bayersdorller as Cashier.
— S. F. Zombro has become President of the Central
National Bank of Los Angeles, Cal., succeeding the late
George Mason.
Ihe Crown trust Co. of Montreal, Canada, began busi­
ness on June 7 at 86 Notre Dame St. West. The company was
incorporated by special Act of the Province of Quebec, and
its charter, assented to on May 29, contains all the powers
granted to any trust company in Canada. The authorized
capital of the company is $500,000, but it is the intention to
operate under a paid-up capital of $100,000 for the first year,
the par value is $100 per share, and the original issue of
stock was subscribed for at a premium of 10%, thereby
creating a surplus. Robert Redford is President of the
institution, W. I. Gear is Vice-President and Lieut.-Col.
John Carson is Managing Director.

W eek ending J u n e

1909.

Clearings

J u n e.

at —

Canada—
Montreal_____
Toronto ........
Winnipeg........
Vancouver___
O ttaw a..........
Quebec............
Halifax ........
Hamilton........
St. John..........
London ..........
Calgary - .........
Victoria ........
Kdmonton___

S ix M onths.

1908.

1908.

I n c . or
D ec.

$
169,031,230
122,961,523
49,452,797
22,073,266
11,469,862
10,561,793
7,967,234
7,205,713
5,735,582
5,386.457
8,113,535
6,452,175
4,443,481

$
121,327,879
88,888,843
39,154,282
14,725,316
13,529,506
9,541,347
8,045,131
5,801,055
5,527.970
4,569,235
4,902,895
4,500,812
2,955,202

+39.3
+38.3
+ 26.3
+ 49.9
+ 6.9
+ 10.7
— 1.0
+ 24.2
+3.8
+ 17.9
+65.5
+43.4
+ 50.4

%

1909.
3
834,981,524
678,818,157
302,414,200
116,820,265
83.963,654
53,845,510
43,057,769
37,802,431
32,952,662
30,101,270
39,460,801
30,886,765
23,255,224

1908.
$
669,492,988
520,635,652
252,098,645
82,468,601
72,775,766
51,395,440
43,892,276
34,397,924
29,934,139
28,067,093
26,291,775
26,785,118
17,320,543

In c. or
D ec.

%
+ 24.7
+ 30.4
+ 20.0
+ 41.7
+ 15.4
+ 4.8
— 0.5
+ 9.9
+ 10.1
+ 7.2
+ 50.1
+ 15.3
+34.3

Total Canada 433,854,468 323,469,473 + 34.0 2,308,990,238 1,855,555,960 +24.4

1908.

Canada—
S
S
%
.
Montreal ____
34.970.000 27,864,870 + 25.5
Toronto..................
25.900.000 18,368,710 + 41.0
W innipeg______
11.295.000 8,398,637 +34.5
Vancouver................................ 5.055.000 3,325,623 + 52.0
Ottawa ............
2,803,465 3,467,408 — 19.2
Quebec*...... .........
2.300.000 2,007,956 + 14.5
H alifax_____________________ 1.875.000 1,803,604 + 4.0
H amilton.................. .............. 1,410,767 1,308,053 + 7.8
St. John___________________
1,310,099 1,342,470 — 2.4
London _........
1,158,591
907,328 + 27.7
Calgary ___________
2,204,214 1,164,690 +89.3
Victoria_____
1.745.000 1,024,104 +70.4
Kdmonton . .
653,865 + 57.5
1.030.000

26.

1907.

1906.

S
29,272,923
18,540,000
10,548,825
3,666,399
2,607,825
1,896,575
1,555,841
1,597,590
1,251,890
1,131,514
1,280,149
1,209,839
808,278

S
27,637,170
18,000,000
8,640,602
2,147,490
2,126,856
1,786,258
1,433,018
1,349,369
1,032,181
889,285
941.161
746.161

Total Canada........................ 93,057,136 71,637,318 +29.9 75,367,702 66,730,311

Pacific Clearings brought forward from first page.
W eek ending J u n e

Clearings at —

1909.
San Fr.anclsco__
Los Angeles____
Seattle ..............
Portland _..........
Salt Lake City . .
Spokane________
Tacom a..............
Oakland.... .........
Helena ________
Sacramento____
Fargo .1........ .....
Sioux Falls........
San Jose..............
Stockton _______
San Diego..........
Fresno............ . .
North Yakima
Billings.......... .
Total Pacific. .

I n c . or
D ec.

1908.

1 , 100,000

880,031
746,787
545.000
387,941
|545,749
843.000
416,980
317,704
152,196

89,428,290

1906.

8

S

28,387,774 + 20.4
8,738,473 + 44.3
8,160,296 + 23.8
5,319,469
+ 5.9
4,827.364 + 51.6
5,682,955 + 13.1
3,421,535 + 66.0
1,193,456 + 28.7
736,870 + 49.3
681,677 + 29.1
348,442 + 114.4
360,803 + 51.1
355,897
+ 9.0
299,497 + 82.2
700,000 + 20.4
365,739 + 11.3
255,917 + 24.1
142,054
+7.1

38,163,128
9,987,751
9,336,837
7,032,872
5,468,762
5,544,787
5,219,431
2,177,164
614,697

31,782,173
9,163,481
7,660,272
4,524,335
4,822,498
3,361,404
3,540,555
3,057,284
6S2.699

474,944
425.000
440.000

366,894
282,020
326,201

69,978,218

84,825,373

69,569,876

+ 27.8

J u n e.

S ix M on th s.
I n c . or
D ec.

1908.

1909.

26.
1907.

$

S
34,191.292
12,606,134
10,104,136
5,631,421
7,319,561
6,424,716
5,679,480
1,536,168

$
S
%
San Francisco. 159,677,993 137,195,869 + 16.4
Los Angeles__ 57,877,950 41,939,967 + 38.0
Seattle _____ 47,964,188 35,713,630 + 34.3
Portland____ 30,043,843 23,778,624 + 26.2
Salt Lake City. 30,230,069 22,904,330 +32.0
Spokane.......... 31,223,230 25,702.309 +21.5
Tacoma .......... 25,981,256 17,093,709 + 52.0
5,980,599 +37.9
8,248,002
Oakland_____
4,521,681 3,234,206 + 39.8
Helena ______
Sacramento.
4,581,109 3,173.939 + 44.4
Fargo ______
2,959,225 2,086,943 + 41.8
Sioux Falls . . .
2,627,735 2,158,779 +21.7
1,719,053 + 14.3
1,964,333
San Jose..........
1,963,214 +21.7
Stockton ____
2,390,739
4,247,072 3,032,993 + 40.0
San D iego___
1,969,553
1,0S1,898 +56.6
North Yakima*
1,693,431
758,928
Billings........ ..
740,657 + 2.5

1909.

1908.

$
919.197,649
324,407,995
254,541,886
179,058,535
156,322,200
178,603,338
127,329,355
46,119.879
22,537,450
23,715,358
10,643,655
15,692,935
11,004,872
11,784,227
25,838,132

S
817,2S4,168
243,633,768
190,077,501
143,388,903
111,854,285
138,090,865
100,824,136
36,025,S92
10,298,333
20,813,031
12,825,929
12,844,188
10,593,032
10,512,469
17,812,846
5,869,572
2,760,982
4,210,229

9,121,415
4,456,647

I n c . err
D ec .
%

+ 12.5
+ 33.2
+ 33.9
+ 24.9
+ 39.8
+29.6
+ 26.3
+ 28.0
+38.1
+ 13.9
+ 29.8
+ 22.2
+ 4.0
+ 12.1
+ 45.1
+ 5.9

Total Pacific 415,297,413 328,418,821 + 26.4 2,317,234,173 1,887,095,635 + 22.8

Clearings by Telegraph— Sales of Stocks, Bonds, &c.—
The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
of the length of the other tables is crowded out once a month.
The figures are received by telegraph from other leading cities.
It will be observed that, as compared with the corresponding
week of 1908, there is an increase in the aggregate of 42.2%,
partly due to the holiday in the week last year. So far as
the individual cities are concerned, New York exhibits a gain
of 35.9%; Philadelphia, 6.4%; Chicago, 0.9% ; and New
Orleans, 18.3%. Boston records a loss of 0.5% ; Baltimore,
30.7%; and St. Louis, 0.1% .
1909.

1908.

New Orleans........ ..................................

$1,843,846,556
141,266,521
114,374,707
19,602,278
240,141,569
53,830,502
12,021,016

$1,356,536,245
141,930,047
107,460,804
28,280,512
238,047,868
53,885,108
10 161,567

+35.9
— 0.5
+ 6.4
— 30.7
+0 9
— 0.1
+ 18.3

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

$2,455,083,209
458,970,849

SI,936,302,751
400,559,433

+ 26.8
+ 16.4

Total all cities, 5 days...................... .

S2,914,060,058
407,611,261

$2,336,862,164

+ 24.7

Total all cities for week........ _ .........

$3,321,671,319

$2,336,862,184

+ 42.2

Clearings — Returns by Telegraph J id y

3.

Philadelphia............ ................. .............

Canadian Bank Clearings.— The clearings of the Canadian
banks for the month of June 1909 show an increase over the
same month of 1908of 34.0% , and for the six months the gain
reaches 24.4%.

I n c . or
D ec.

%

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the five months of 1909 and 1908 are given below:
S ix M onths
D escrip ­
tion .

P a r V alue
or Q uantity.

:

1909.

A ctu a l
Va lue.

S ix M onths
A v er.
jPrice.

P a r V a lue
or Q uantity.

i
{

1908.

A ctu a l
V a lu e.

A v er ,
P rice.

99,136,372
84,649,438!
Stock\Sh’s
JVal. $9,071,796,425 $8,682,125,853 95.7 $7,354,874,425$5,665,541,946 77.0
BIl. bonds $703,766,400 $674,447,669 95.8 $386,248,100, $322,516,479 83.5
$200,700
$205,987 103.0
$369,320
S408,197|110.5
Gov’t bds.
$21,597,200
$21,663,784 100.3
$57,898,500,
$59,985,450103.6
State b d s..
$132,000
S250,963 190.0
$16,900
$36,451215.7
Bank stks.
T otal__ $9,797,377,625 $9,378,479,744, 95.7 $7,799,522,345$6,048,703,035; 77.6
.
:
1
!
I

The clearings for the week ending June 26 make a very
satisfactory comparison with the same week of 1908, the in­
crease in the aggregate having been 29.9% .




The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1909
and 1908 is indicated in the following:

18

THE CHRONICLE

SALES OF STOCK AT THE NEW YO RK STOCK EXCHANGE.
1909.

APlh.

(tottw cvcm l aiul IXI ts c ellan c o its Jlenrs

1908.
N um ber
of
Shares.

Values.

N um ber
ol
Shares.

A ctu a l.

P a r.

Values.
P a r.

A ctu a l.

$
S
$
$
Jan . 17,275,500 1,609,551,575 1,550,409,801 16,594,805 1.396,403.800 1,015,764,111
F e b . 12,337,199 1,142,192,700 1,032,075.181 9,839,706 833,139,900 609,986,41.8
1,240,583,900
13,650,595
1,175,460,766
Mch.
15,939,255 1,387,712,725 1,014,698,437
lstqr
April
May
June

43,203,294 3,992,328,175 3,807,954,748 42,373,856 3,617,316,425 2,640,448.966
10.055,6181,719,193,800 1,647,043,217 11,648.123 1.024.180.450 782.948,479
16,495,2301,478,017.000 1,410,748,914 20,975,022 1,855,881,050 1,470.479.816
20,322,2301,882,256,850 1,815,478,974 9,652,437 857.496,500 771,664.685

2d qr 55.873,0785.079,468,250 4,874,171,105 42,275,582 3,737,558,000 3,025,092.980
6 m’s 99,136,372 9,071,796,425 8,082,125,853 84,649,438 7,354,874,425 5,665,541,046

The following compilation covers the clearings by months
since Jan. 1:
MONTHLY CLEARINGS.
C learings, Total A ll.
M onth.

1909.

Clearings Outside N ew Y ork .

1908.

1909.

%

1908,

%

$
s
$
S
Jan . . 14,049,198,325 11.384,873,175 + 11.4 5,164,898,630 4,634,598,218 + 11.4
Feb . . ll,257,250,2S9 8,777,501.643 + 28.2 4,369,544,065 3,881,470,815 + 12.6
Mch . 12,622,397,179 9,799,060,321 + 28.7 5,135,549,050 4,298,919,982 + 19.3
1st qr.
April .
May. .
June .

37,928.835 793
13,689.720,597
13,004,301,041
14,150.453,933

29,962,335,139
9,788,013,522
10,880,844,965
9,848,204,180

+ 27.2
+39.8
+ 19.5
+ 45.5

14,669,992,654
5,074,991.920
4,908,050,940
5,038,751,629

12,814,989,015
4,301,339.214
4,211,011,134
4,194,344,263

+ 14.4
+ 15.4
+ 16.5
+20.2

2d qr. 40,844,475,571 30,517,062,667 +33.8 15,021,793,498 12,706.694.611 + 18.2
mo

78,773,311,364 60,480,297,806 +30.2 20,691,786,152 25,521,683,626 + 16.3

The course of bank clearings at leading cities of the country
for the month of June and since January in each of the
last four years is shown in the subjoined statement.
BANK
(000,000s
om itted.)

New York.......... . .
Chicago ............... .
Boston ............ .. .
Philadelphia...........
St. Louis________ .
Pittsburgh______ .
San Francisco____ .
Cincinnati.......... ...
Baltimore .......... ..
Kansas City_____ .
Cleveland_______ .
New Orleans_____ .
Minneapolis_____ .
Louisville.............. .
D etroit.............. . .
Milwaukee .............
Providence ...........
Omaha ...................
B uffalo................ ..
St. Paul........ ....... .
Indianapolis .........
D enver............ . .
Richmond...............
Memphis ...............
Seattle............. . .
Hartford _______ .
Salt Lake City___ .

CLEARINGS AT LEADING CITIES.
J u n e- — :---------------------- J a n . 1 to J u n e 30
1909. 1908 1907. 1906. 1909.
1908.
1907.
1906.
$
$
$
S
$
$
S
$
9,112 5,654 6.369 7,816 49,082 34,959 47,903 53,092
953 1,030 | 907
1,187
6,779
5,744
6,312
5,433
660
564
643
4,174
3,487
651
4,381
4,184
574
483
3,283
2,886
663
3,734
607
3,875
1,473
269
241
1,640
258
238
1,597
1,482
1,031
199
170
239
226
1,096
1,423
1,349
160
919
169
133
817
137
1,155
833
673
99
108
115
115
607
715
658
592
102
124
120
119
697
747
722
1,123
122
08
837
792
181
126
619
362
401
72
60
76
444
71
400
63
416
395
53
68
493
67
490
72
425
105
74
477
75
526
441
334
54
285
51
46
53
343
336
352
333
63
61
55
56
350
325
289
259
49
45
40
46
277
238
186
160
31
31
30
202
27
200
43
361
295
62
48
48
283
248
321
198
39
35
31
33
218
190
228
230
38
33
40
38
223
188
202
179
34
31
35
35
208
174
226
190
40
33
27
35
197
165
144
25
170
29
24
25
160
151
133
15
125
18
20
16
123
128
255
190
43
39
48
36
240
230
93
82
14
16
16
13
97
90
112
22
156
23
26
30
151
138

Total ........ ........13,336 9,189 10,433 11,633 73,914
702
616
4,859
659
Other cities_____ . 1,814

56,449
4,031

73,194
4,419

76,379
3,844

78,773
29,601

60,480
25.521

77,613
29.710

80,223
27,131

Total all______ .14,150
Outside New York . 5,038

9,848 11,135 12,249
4,194 4,766 4,433

pXouctartjj Com m cxxial^tigUslxgjjtettrs
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,
W eek ending J u ly

Sal.
2.
Silver, peroz____________ d. . 24
Consols, new, 2}$ percents... 84 3-16
For account...... .................. 84 3-16
French Rentes (In Paris).fr. 97.17}$
Amalgamated Copper Co___ 83}$
b Anaconda Mining Co..........
m
Atchison Topeka A Santa Fe 118}$
Preferred__________ _____ 108}$
Baltimore A Ohio____ _____ H9}$
Preferred_______________ 97
Canadian Pacific............ ....... 185}$
Chesapeake A Ohio.............. 78}$
Chicago Great Western____
2}$
Chicago Milw. A St. P a u l... 156
Denver A Rio Grande_____ 49 H
Preferred............................ . 88
E rie..................................... 36}$
First preferred.................. . 54
Second preferred.............. . 44
Illinois Central...................... 151}$
Louisville A Nashville_____ 144}$
Missouri Kansas A Texas__ 42
P r e fe r r e d ......... ............. 74}$
Nat. RR. of Mexico, 1st pref. 53
Second preferred________ 25
N. Y. Central A Hudson Rlv.136
N. Y. Ontario & Western__ 54
Norfolk & Western________ 92}$
Preferred___
89}$
Northern Pacific .
154}$
a Pennsylvania .
69}$
a Reading Comnany .
79
a First preferred___
47
a Second preferred
50
Rock Island______
32
Southern Pacific_____
131H
Southern Railway_______
32
Preferred.......... ..........
71
Union Pacific_____________ 197}$
Preferred...... ..................... 107
U. S. Steel Corporation........ 68}$
Preferred............................ 126}$
Wabash ........ ............. ......... . 22}$
Preferred............................ 57}$
Extended 4 s ...................... 80

a Price per share.

6 £ sterling.




M on.

T u es.

W ed .

T hurs.

24 1-16 23 15-16 23 15-16 23}$
84 1-16 84 3-16 84}$
84 3-16
84 1-16 84 5-16 84}$
84 5-16
97.12}$ 97.22}$ 97.40
97.52}$
82}$
83}$
84}$
83}$
10
9}$
9}$
9}$
118}$
118
118}$
118)$
109
109
109
106}$
120}$
121
120}$
120 )$
97
97}$
97
97}$
186}$
186 %
186}$
186 '4
78}$
79}$
79}$
78}$
2}$
2
2}$
2)$
156}$
156
157}$
157 'A
49}$
49}$
49}$
49}$
88}$
88
88
88}$
36}$
35}$
37
37}$
54
53}$
53}$
53M
44
44}$
43}$
43}$
152
151}$
152
151}$
144}$
144
144 M
144
42
421$
41}$
41}$
74}$
74)$
74}$
74}$
52}$
53}$
53
53
24)$
24}$
25
24}$
136
135}$
136}$
137
53}$
54
53}$
54}$
92
92
92
92}$
89}$
89}$
89}$
89}$
154
155}$
155
155 'A
09}$
69}$
09 }$
60)$
79}$
79
80}$
79 }$
47}$
47
47}$
47}$
51
50
5l}$
51
33)$
32
33 4$
31}$
134}$
132}$
132}$
134}$
32
31}$
31}$
31}$
70*$
71 1 71
71
198)$
198
197}$
198}$
105 }$
105
105}$
105
09}$
70}$
67}$
69
128
129}$
126}$
127}$
22}$
22 H
22
22
58}$
58}$
58}$
57}$
80
80
80
80

[VOL. LXXXIX

F r i.

23}$
84}$
84)$
97.02}$
85
10
118}$
107}$
121
97}$
180}$
78}$
2
158)$
49}$
88
38}$
56
4«)$
153
144
42}$
75
24}$
136}$
53}$
92
89)$
156
70
80}$
47}$
51
34
135}$
32
70}$
199}$
106
71)$
129)$
22)$
58}$
79}$

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

TO

C O N V E R T IN T O
APPROVED.

N A T IO N A L

BANKS

The Merchants’ Bank of Raleigh, N . C ., Into "T h e Merchants' National
Bank of R aleigh.” Capital, $100,000.
N A T IO N A L B A N K S O R G A N IZ E D .
J u n e 17 to J u n e 23.
0,451— The Platteville National Bank, Platteville, Colo. Capital, $25,000.
.1. M. K u tch, Pres.; W . D . Egner, VIce-Pres.; W . A. Sutphln,
Cashier.
0,452— The McGill National Bank, McGill, N ev. Capital, $25,000. W . N.
McGill, Pres.; Eugene Giles, VIce-Pres.; P . C. Cripps, Cashier.
0,453— The First National Bank of Shlnnston, W . V a. Capital. $45,000.
John A . Fleming, Pres.; Hugh M .,M artin, V ice-Pres.; W . I. Booth,
Cashier.
9,454— The Farmers’ National Bank of Sterling, Colo. Capital, $50,000.
A. G. Sherwln, Pres.; J. P. Dillon, W . C. Propst and R . J. Patter­
son, Vice-Presidents; D. A. Bartholovv, Cashier; J. H . King, As­
sistant Cashier.
0,455— The First National Bank of Crewe, Va. Capital, $25,000. T . J.
Sowers, Pres.- W . D. Shufflebarger, V ice-Pres.; James C. Pettit,
Cashier. Conversion of the Citizens' Bank of Crewe.
0,456— The United States National Bank of Owensboro, K y . Capital,
$250,000. E. T . Franks, Pres.; C. E. Birk, J. W . McCulloch and
James J. Sweeney, Vice-Presidents; C. W . H udson, Acting Cashier;
Marvin May and W . F. H urt, Assistant Cashiers.
0,457— The Farmers’ National Bank of Hendricks, Minn. Capital, $25,000.
Anton Anderson, Pres.; T . B . Olson and C. G. Peterson, Vice
Presidents; G. L. Peterson, Cashier.
0,458— The First National Bank of Murphy, N . C. Capital, $25,000
W . H . Griffiths, Pres.; A. B. D ickey, V ice-Pres.; F . D . D ickey,
Cashier.
0,450— The First National Bank of Banning, Cal. Capital, $25,000.
J. M. W estcrfield, Pres.; C. O. Barker, V ice-Pres.; S. S. CutlerAssistant Cashier. Conversion of the Banning State Bank.
8 ,3 1 6

V O L U N T A R Y L IQ U ID A T IO N .
— The First National Bank of Olustee, Okla. June 20 1000.

IN SO L V E N T .
3,971— The First National Bank of Ironw ood, M ich., was placed in charge
of a receiver June 21.

Auction Sales.— Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian II. Muller & Son:
Stocks.
5 Itallan-Amer. Tr. Co. of N. Y_ 62
112 General Gas Appliance Co., $20
e a ch ..................................$32 lot53 N. Y . Steam C o ...................... )
$12 N. Y. Steam Co. stock scrip.. [$61
$206 N. Y . Steam Co. cert, of Ind. J lot.
74 Lanyon Zinc Co......................\ $9
115 Lanyon Zinc Co., preferred../ lot.
5 Tammany Pub. Co., $10 each.$2 lot.
180 Depew Improvement Co----- $56 lot.
1 Chemical National Bank......... 520
2 N. Y . Life Ins. & Trust C o...1120
1 Fulton Trust Co.......................287}$
2 Bank of New York, N. B. A ..331
1 Mechanics National Bank....... 261
1 Merchants National Bank....... 163
1 Atlanta & Charlotte A. L. RR.193)$

2 Alleghany A Western R lt........ 148
1 United N. J. R R. A Canal C o ..256
2 Mahoning Investment Co........ 65
50 Fifth Avenue Trust Co............400
20 Amphlon Academy (Broadway
Trust Co. receipt)........ .$35 lot.
500 N. Y . Transportation C o.$4% persh.
675 PatcntTltleA Guar. Co.of Del. $15
933 20th Century Mfg. Co........$150 lot.
10 Lawyers Title Insurance Co__ 248
13 Guardian Trust Co. of N. Y ...1 6 5
B on ds.

35 Garden Cty Co., p ref-.l
150 Garden City Co., C om .. |
$10,000 U. 8. Tunnel Min.,Mill., )$13,000
Drain. A Transp. Co. 6s j

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are ■printed in italics.

N a m e 0/ C om pa ny.

Railroads (Steam).
Atch. Topeka A Santa Fe, pret. (No. 22).
Atlantic Coast Line R R ., common..........
Canada Southern.......................................
Central RR. of New Jersey (quar.)_____
Chattahoochee A G u lf ..................................
Chic. A Alton, pf. A prior lien A partlclp.
Cleve. Cln. Chic. A St. L., pref. (quar.)..
Cuba Railroad, preferred.....................
Delaware Lackawanna A Western...........
Sp ecial .......... ........................................
Stock D iv id en d ............ .............. ..........
Denver A Rio Grande, p ref...
_____
D etroit H illsd ale A Southw estern ..............
East Pennsylvania.....................................
Great N orthern (q u a r .) ___________ _____ _
Hocking Valley, common and preferred..
Joliet A Chicago, guar, (quar.)................
Kansas City Southern, pref. (quar.)........
Lake Shore A Michigan Southern............
Guaranteed stk. (Mich. Sou. A N.Ind.)
Lehigh Valley, common...........................
Common (extra).................................
Preferred ...............................................
Little Schuylkill Nav., RR. A Coal___
Louisville A Nashville...............................
Michigan Central...... ................................
Mine m u A Schuylkill Haven..................
Minneapolis A St. Louis, preferred..........
N. Y. Central A Hudson River (quar.)..
N eto Y ork O ntario A W estern ...... .........
Norfolk A Western, preferred..................
Northern Central (No. 89)____ ________
N orthern P acl/lc (q u a r .) ..............................
N orw ich A W orcester, preferred (qua r .)_._
Pittsb.Cln.Chlc. A St. Louis, common..
Preferred ...............................................

P er
C ent.

W h en
Payable.

Aug.
July
Aug.
Aug.
July
July
July
Aug.
July
July
Aug.
July
July
July
Aug.
July
luly
Inly
July
Aug.
July
July
luly
July
Aug.
July
July
July
July
Aug.
2
Aug.
2
July
4
1)$ Aug.
2
July
2
Aug.
2}$ July

2V$
3
D$
2
2)$
2
U$
1H
2!$
50
15
2}$
2
3
1 J$
2
D$
1
6
6
2
l
5
2)$
3
3
3
21$
U$

B ooks Closed.
D a y s In clu sive.

2 Holders of rec. June 30a
1(1 June 23 to July 11
2 Holders of rcc , June 30
1 Holders of rec . July 19
1 June 26 to July 4
15 Holders of rec .June 30a
20 Holders of rcc June 28
2 Holders of rec . June 30
20 Holders of rec July 1
20 1 folders of rcc July 1
2 Holders of rcc July 15
15 June 27 to July 5
6
20 Holders of rec. July 10
2 Holders of rcc. July 9
19 Holders of rec. June 30
to July 0
6 Juno 26
6
15 Holders of rec. July
29 Holders of rcc. Juno 30
2 Holders of rec. Juno 30
1 0 Holders of rec. June 26
1 0 Holders of rcc. June 20
1 0 Holders of rec. Juno 26
July 14
15 June 23 to
10 Inly 21 to Aug. 10
29 Holders of rec. June 30
15 June 22 to July 14
15 Holders ol rec. Juno 30
15 Holders of rec. Juno 21
9 July 31 to Aug. 9
18 Holders of rcc. Aug. 4
15 Holders of rec. Juno 30
2 Holders of rcc. July 7 a
1 June 20 to June 30
16 Holders of rcc. Aug. 5
15 Holders of rec. July 6

THE CHRONICLE

J u l y 3 19 0 9 .]

N a m e o f C om pa n y.

|M

P er
C ent.

W h en
P a ya b le

Railroads (Steam)— Concluded.

P llts. F t. W a yn e A C h ic., sp ec. guar. (g u .)
R egular guaranteed (g u a r .) ....................
Reading Company, common.............. .....
First preferred.____ ________ _______

l 34

1%
2 '
2
1
2
3^
2'A

S t. L ou is A S a n F r a n ., first p ref. (g u a r.) . .

St. Louis Southwestern, prof. (No. 1)___
Southern Pacific, preferred (No. 1 0 )___
Southwestern lilt . (Georgia)___________
Texas Central, preferred............................
W iscon sin Central, preferred (g u a r .) _____

2K
1

Street & Electric Railways.
Auburn & Syracuse El. HR., pref. (qu)
A u ro ra E lgin A Chicago, com m on (g u a r .).
P referred ( g u a r .) . ....................................

Boston Suburban Elec. Co., pref. (quar.)

P oston A N orthern Street R y ., p referred __
B rooklyn C ity R R . (g u a r .) ------- --------------Cedar R aplds-Iotva C ity R y . A Light, p ref.
C ln . N a e p o r t A C ov. LI. A T ra c., com . (gu)
Preferred (g u a r .) .......... .................... —
Citizens E lec. St. R y ., N ew huryporl, M a s s .

Consolidated Traction of New Jersey-----

D ulu th-S u perior Traction, p ref. (gu a r.) —

El Paso Electric Co., pref. (No. 14)........
Johnstown Passenger Ry. (quar.)----M anchester T raction, L ight A P ow er (guar)
N ew England Invest. & S ecu r., p r e f —
N ew Orleans C ity R R ., com m on ..........
P r e fe r r e d _____________ __________
Old C olony Street R y ., preferred ................
P a c ific Coast Pow er (N o . 3 ) . ....................
Philadelphia CUy P a ssenger R y ................

Philadelphia Company, common (quar.).
Si. Charles Street R R ............ ....................

Scioto V alley T ru e., 1st p ref. A pref. stocks

Seattle Electric Co., common (No. 3 ) ..

T w in C ity R a p id T ra n ., M in n ., com . (g u .)

Preferred (quar.)........................ ..........
United Itys. of St. I.ouls, pref. (quar.)..
United Traction, Pittsburgh, preferred..
U n ion Traction of In d ia n a , com m on ___
Wheeling Traction....................................
Hanks.
B road w ay (B ro o k ly n ) ................................
F ifth N ational (gu a r.) (N o . 136)............
P rosp ect P a rk (B rook lyn ) (g u a r .) ---------Trust Compinlcs.
V a n N ord en (m onthly) (No. 26).......... ..
W in dsor ...................................................
Miscellaneous.
American Cement (No. 20)____________
American Chicle, common (monthly)___
Common (extra)-------------------------------A m erica n Glue, p r e fe r r e d ._______ _______
e A m erica n Iron A Steel M fg ., com m on __
c Preferred ...................... .............. .......
American Locomotive, preferred (quar.).
American Shipbuilding, pref. (quar.)___
Amer. Smelt. A ltef., com. (qu.)(N o.23)
Amer. Telephone & Telegraph (quar.)__
Amer. Type Founders, com. (quar.)___
Preferred (quar.)....................................
American Woolen pref. (quar.)J (No." 41)
A n a con d a C op p er M in in g (g u a r.) (N o . 35)
Associated Merchants, first pref. (quar.)
First preferred (extra)..........................
Second preferred (q u a r .).....................
Second preferred (extra)____ _____ I__
Bell Telephone of Canada (quar.)............
Bell Telephone of Pennsylvania (quar.)..
Central Coal & Coke, common (quar.)__
Preferred (quar.)....................................
Central Dlst. A Printing Teleg. (quar.)..
Central & South American Teleg. (quar.)
C la flin ( I I . B . ) , com m on (g u a r .) ............ ..
Corn Products Refining, pref. (quar.)__
Detroit Edison (quar.) (No. 1)..................
Dlstlllers'Sccurltes Corp. (qu.) (No. 27).
Distilling Co. of America, pref. (quar.)__
du Pont dc Nem. Powd., pref. (quar.)..
General Electric (quar.)_______________
I n t. Button H ole S ew . M a ch , (g u .) (N o . 47)
International Nickel, common (No. 1).
Preferred (quar.).................... ..........
International Paper, preferred (quar.)__
La Rose Consolidated Mines (quar.)........
Extra ................................................. .
Massachusetts Gas Companies, common
Massachusetts Lighting Cos. (quar.)____
Extra.......................................................
Mexican Lght & Power, Ltd., ordinary..
Mexican Telegraph (quar.)........................
Michigan State Telephone, pref. (quar.).
National Biscuit, com. (quar.) (No. 4 3 )..
N ationa l Licorice, com m on (N o . 15)____
N ew England Telcp. A Teleg. (g u a r .) ___
New York Mutual Gas Light....................
N. Y. A N J. Telephone (quar.)________
Nlplsslng Mines (quar.)---------- -------------Extra .....................................................
Oklahom a Gas A E lec., p ref. (g u a r .) ____
Osceola Consolidated M in in g .............. .......
Otis Elevator, preferred (quar.)-----------Procter A Gamble, preferred (quar.)----Quaker Oats, common (quar.)--------------Common (extra)____________________
Q u in cy Gas, Electric A H ealing (N o . 2 ) . . .
Realty Associates (No. 13)........................
R eece Button H ole M ach, (gu a r.) (N o . 93).
Rhode Island Perkins Horseshoe, pf.(qu.)
S a n D iego C ons. Gas A E le c ., p ref. (guar.)

Securities Company___________________
Shawlnlgan Water A Power (quar.)........
Standard U nderground Cable (g u a r .) ____

Stetson (J. B.), common.... .................—
Preferred....................... .......................
Street’s West.Stable Car Line, com. (qu.)
Swift A Co. (quar.)...................................
Union Bag A Paper, pref. (quar.) (No.41)
U nion Switch A Signal, com . and p f . (qu.)
United Fruit (quar.) (No. 40).... .............
U ntied Gas A Electric o f N ew J ersey, p r e f.

United Gas Improvement (quar.)............
United Shoe Machinery, common (quar.)
Preferred (quar.).................. .................
U . S . Rubber, fir s t preferred (g u a r .) ..........
Second preferred (g u a r .) ..........................
U. S. Smelt, Ref. A Min., com. (quar.)..
ITcferrcd (quar.)........ ...........................
Utah Consolidated Mining (quar.)______
Va.-Caro. Chetn., pref. (quar.) (No. 55)-V u lcan D etinning, preferred ( g u a r .) _____
Wells, Fargo A Co.......... .............. ..........
West. Union Teleg. (quar.) (No. 101)-.
Westlnghouso Air Brako (quar.)..............

IK
H
1 14

75c.
3
2K
2K
1
IK
2K
2
1
3
H

2
2
SI
S2K
3
2
S3.75
IK
S3
l 'A
*3
1K
1K
ik
2K

July
Aug.
Sept.
Aug.
July
July
July
July
July

B ook s Closed.
D a y s In clu sive.

1
6

Holders of rec.
1C Holders of rec.
2 Holders of rec.
15 Julv 7 to
15 Holders of rec.
a June 16 to
15 July 3 to
15 Holders of rec.
2

July 15
Aug. 24
Julyl7a
July 15
June30a
July 4
July 15
July la

July 15 Holders of rec. June 30
July 1C
July 10
July 15 Holders of rec. June 30
1 Holders of rec. July 17
Aug.
[July 15 July 2 to July 15
June 3C Holders of rec. June 30
July 15 July 1 to July 15
July 15 July 1 to Jiily 15
June 2^ Holders of rec. June28a
July 15 July 1 to July 14
July
1 June 26 to Juno 30
July 12 Holders of rec. July 2
July 31 Holder* of roc, July 31
July 15 Holders of rec. July l
July
1 Holders of rec. June26a
July 10 July 1 to July 9
July 10 July 1 to July 9
Aug.
1 Holders of rec. July 17
July 16 Holders of rcc. July 6
July 10 June 29 to July 11
Aug.
2 Holders of rec. July 1

1

July
July
Aug.
July
July
July
July
July

7
3
IK

July
July
July

1 June 25 to ■Ju ne 30
1 Holders of rec. June 30
1 June 29 to July 1

1
3

June
June

30 Holders of rec. June 29
30 Holders of rec. June29a

3
1

July
July
July
Aug.
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Julv
July
July
Sept.
Aug.
July
July
July

K

1

34
K
K

IK

IK
1
2
1
IK
IK
50c.
IK
K
IK
K
2
IK
IK
IK
2
IK
2
1
1
K

1

IK
*2
1
1
IK
K
3

1

16

1 Holders of rcc.
15 Holders of rcc.
16 Holders of rcc.
1 Holders of rec.
10 June 26 to
20 Holders of rec.
10 July 4 to
15 July 2 to

24 July 11
20

to

Junc25a
July 6
July 21
June 15
July 11
July 10
July 11
July 15

July 25

20
2
1
1
21

Holders of rcc. July 19
Hold, of rcc. Mch. 23 ’07
Hold, of rec. Mch. 23 '07
July 7
to July 21
15 July 2 to July 15
16 June 26 to June 30
15 Holders of rec. June 30
15 Holders of rec. July 10
15 Holders of rec. July 10
15 June 26 to July 16
14 Holders of rcc. July 2
15 July 7 to July 15
15 July 7 to July 15
15 July 7 to July 15
15 July 7 to July 15
15 Holders of rec. June 25
15 July 7 to July 15
15 July l
to July 15
15 July 1 to July 15
31 July 25 to
Aug. 1
9 Holders of rec. June 30
15 Jiily 4 to July 15
10 Holders of rec. June30a
16 Holders of rec. July la
31 Holders of rec. JulylOa
30 Holders of rec. July 10
26 Holders of rec. July 15
15 Holders of rec. June 3
15 Holders of rec. July 3
1 Aug. 11 to Sept. 1
2 July 11 to Aug. 2
15 Holders of rcc. July la
20 July 2 to July 20
20 July 2 to
July 20
15
15
15 July 9 to
15 Holders of rec.
2 luly 18 to
15 Holders of rcc.
8 July 3 to
15 Holders of rec.
10 Holders of rec.
15 Holders of rec.
20 July 1 to
20 July 1 to
15 July 6 to
29 Holders of rec.
15 Holders of rec.
15 Holders of rcc.
15 Holders of rec.
15 Holders of rec.
20 Holders of rec.
15 Holders of rec.
15 Holders of rec.
15 Holders of rec.
15 July 6 to
15 July 1 to
20 Holders of rec.
10 Holders of rcc.

July 15
June.lOa
Aug. 2
June28a
July 8
June 30
June 28
July 6
July 14
July 14
July 15
July 3
June 30
June30a
July 3a
Julv 3a
July 1
July 5
July 3
July 1
July 15
Julv 15
July 7
July 5

July
July
Lily
Lily
Inly
July
2
luly
2
luty
IK luly
2
July
IK July
1
Lily
IK July
50c. July
2
July
IK July
5
July
M July
2K July

15
26 July 16 to
5 Holders of rec.
15 Holders of rcc.
10 ruly 1 to
15 Holders of rec.
15 ruly 2 to
15 Holders of rec.
3 Holders of rec.
3 Iolders of rec.
31 Holders of rec.
31 Holders of rec.
15 Holders of rec.
15 Holders of rec.
15 June 24 to
15 July 1 to
20 Holders of rec.
15 July 4 to
15 Holders of rec.
lOjJuly 1 to

July 26
June 12
Juno 30
July 1 0
June 26
July 14
June 30
Juno 12
June 12
July 15a
JulylSa
.June 30
June 30
July 1
July 21
July 9a
July 15
June 19
July 10

1

H

2K
IK
IK
IK
3
IK
3
2
IK
*4
IK
2
IK
K
1
3
2
1
IK
2K
1
3
10
4
1
IK
1
3
2
214

W e om it ttco ciphers
B a nks.
00s om itted.

(00) in all cases.

C a pital.

$

Bank of N. Y . .
2,000,0
Manhattan Co
2.050.0
Merchants’ ___
2 ,000,0
Mechanics’ ___
3.000.
America .
1.500.0
P h e n lx _______
1 .000 .0
City ................ 25.000.
C hem ical____
3.000.
Merchants' E x.
600,0
Gailatln_______
1 . 000 .
Butch. A IJrov.
300.0
Greenwlch .
500.0
Amer. Exch__
5.000.
Commerce........ 25.000.
Mercantile
3.000.
Pacific ______
500.0
Chatham______
450.0
People’s ____
200.0
Hanover____
3.000.
Citizens' Cent’l.
2.550.0
Nassau_______
500.0
Market AFult’n 1.000. 0
Metropolitan . .
2 ,000,0
Com Exchange .
3.000.
Imp. A Traders’
1.500.0
Park .......... .....
3.000.
East River___
250.0
F o u rth ............
3.000.
Second ............
1.000. 0
First ................ 10,000,0
Irving Exch__
2 ,000,0
Bowery ______
250.0
N .Y . County..
500.0
Gcrman-Amcr .
750.0
Chase_________
5.000.
Fifth Avenue. .
100.0
German E xch ..
200,0
Germania........
200,0
Lincoln ............
1.000.0
Garfield_______
1 ,000,0
Fifth ................
250.0
M etrop ols___
1 , 000,0
West Side____
200.0
Seaboard..........
1,000,0
Liberty _______
1,000,0
N. Y. Prod. Ex.
1,000,0
State.......... .....
1,000,0
14th Street___
1 .000,0
Copper _..........
2 ,000,0

0
0
0
0

0
0
0

0

0
0
0

0

Totals, average
Actual figures
On the basis of averages, circulation amounted to 149,163,200 and United State,5
deposits (Included in deposits) to 12,442,800: actual figures Juno 26, circulation,
*49,327,800; United States deposits, *2,272,500.

The State Banking Department also now 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:
STATE BANKS AND TRUST COMPANIES.

W eek

ended J u n e

26.

State B anks
T rust Cos.
Slate B a nks
T rust Cos.
in
outside o f
outside o f
Greater N . Y . Greater N . Y. Greater N . Y . Greater N . Y .

25,976,000

. $
59,675,000

S
*8,563,000

37,306.000

173.921,500

*10,086,923

9,786,676

302,500v900 1,062,860,00(1
+64,300 + 5,875,200

84,090,600
+ 408,900

128,672.200
+385,200

%

Capital as of April 28___

aTransfer books not closed,
b Declared 3% for coming year, of which this Is
tho first Installment, c This Is balance of dividend declared In 1907, payment of
part of which had been withheld.




Statement of New York City Clearing-House Banks.— The
detailed statement below shows the condition of the Now
York Clearing-House banks for the week ending June 26.
The figures for the separate banks are the averages of the
daily results. In the case of the totals, the actual figures
at the end of the week are also given.

1

July
July
July
Aug.
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Inly

114 July

19

Surplus as of April 28___
Loans and investments..
Change from last week.
Specie ________________
Change from last week.

53,324.000
+ 606,900

122,012,700
+ 27.300

Legal-tenders A bk notes
Change from last week.

26,781.600
+ 237,500

13,710,501
— 29,100

$
7,725,000

Deposits .............. ...........
Change from last week.

301,842,200 1,231,770,100
+411,000
— 852,000

87,333,000
— 676,800

137,304,200
— 482,200

Reserve on deposits____
Change from last week.

108,222,100
+ 1,461,300

143,151.800
— 837,000

17,862,600
— 631,900

20,347,000
— 599,000

P. C. reserve to deposits..
Percentage last week___

30.4%
30.1%

17.1%
17.2%

21.1%
21.6%

15.3%
15.7%

+ Increase over last week.

— Decrease from last week

,*As of March 24.

N ote. — “ Surplus”

Includes all undivided profits. "Reserve on deposits’* In­
cludes. for both trust companies and State banks, not only cash Items but amounts
due from reserve agents. Trust companies In New York State are required by
law to keep a reserve proportionate to their deposits, the ratio varying according
to location as shown below. The percentage of reserve required Is computed on
1 the aggregate of deposits, exclusive of moneys held In trust and not payable within
thrty days, and also exclusive of time deposits not payable within 30 days, repre
sented by certificates, and also exclusive of deposits secured by bonds of the State
of New York. The State Banks are likewise required to keep a reserve vary ng
according to location, but In this case the reserve Is computed on the whole amount,
of deposits, exclusive of deposits secured by bonds of the State of New York
R eserve Required for Trust Com panies
— T rust C o s .—•
— Stale B a nks —
and State B anks.
Location —

Total
Total
Of
Of
R eserve.
which
R eserve •which
Required. in Cash .R equired. in Cash.

Manhattan Borough— .................................
Brooklyn Borough (without branches In Manhat.)l5%
Other Boroughs (without branches In Manhattan).15%
Any Borough with branches In Manhattan
Elsewhere In State________________________

15%
10%
10 %

15%
5%

25%
20%
15%
25%
15%

15%
10%
7K%
15%
6%

The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in the Greater New York n ot in the C learin g

THE CHRONICLE

20

These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing­
House banks. In addition, we have combined each corre­
sponding item in the two statements, thus affording an aggre­
gate for the whole of the banks and trust companies in the
Greater New York.

W e om it two ciphers

H ou se.

NEW YORK CITY BANKS AND TRUST COMPANIES.

W eek ended J u n e

C lear.-H ou se
B a nks.
ActualF tgures

26.

Total of all
C lea r.-H ou se Stale B a n ks <fc
T rusl C os. not Banks& T rust
B a n k s.
,n C .- H . A v er. Cos. Average.
A v erage.

Capital as ot April 28.

$
s
•
I2Q,350.000 ; 126.350,000

Surplus as ot April 28.

173,318,900

172,318,900

$
196,050,000

182,845,100

355,164,000

1,152,298,500 2,492,260,600
+ 6,043,303 — 26,379,500

Loans and Investments 1,331,508.900 1,339,962,100
Change from last week — 12,063,800 — 32,422,800
Change from last week

S
69,700.000

1,411,153,400 d ,416,197,800 a l. 122.801,300 2,538,999,100
+4,041,500 — 22,806,700
— 4,329,700 , — 26,848,200

S p e c ie ............ —
Change from ast week

311,707,500
+9,060,800

307,706,900
+ 6,467,800

128,396,700
— 89,900

436,103,60)
+ 6,377.900

Change from last week

79,288,100
—367,200

79,289.100
+ 498,000

622,970,900
— 24,900

102,260.000
+ 473,100

Aggr’ te money holdings
Change from last Week
Money on deposit with
other bits. & trustcos.
Change from last week

390,995,600
+8,693',600

386,996,000
+6,965,800

Cl5l,367,G00
— 114,800

538,363,600
+ 6,851,000

29^373,700
— 66,000

29,373,700
—66,000

Total reserve.............
Change from last week
Percentage to deposits
requiring reserve___
Percentage last week.

390,995,600
+$,693,600

386.996,000
+ 6,905,800

180,741,300
— 180,800

567,737,300
+ 6,785,000

' 27.36%
26,38%

19.10%
19.10%

27.75%
27.05%

_ ..

'

....... . .

32,916,^50
3^,207,250
i
'
+ Increase over last week. — Decrease from last week.
a.These are tho deposits alter eliminating Wie, Item ‘‘ Due from reserve deposi­
tories and other b^nks and trust companies In New York City; with this Item
Included, deposits .amounted to $1,3.47,040,300,. a doorcase of S i,010,500 from
last week. In the case of hhe Clearing-House banks, the deposits are net both
for the average and the actual figures: b Includes bank notes, c Of this amount
State banks held $15,644,41)0 and triist companies $135,'723,200.

The averages of the New York Clearing-House banks
cotiibined with those for the State banks and trust companies
i n -Greater New York outside of the;Glearing House compare
as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
•
GREATER NEW YORK.
'

[VO L. L X X X IX .

B a n k s.

Boston.
June 5 ..
June 12..
June 19..
June 26-Ptilla.
June 5 ..
June 12..
June 19..
June 2 6 ..

Capital
and
S u rp lus.

(00) in all these figu res.

L egals.

S p ecie.

L oa n s.

D ep osits,

a C ircu ­

$
41.790.0
41.790.0
41.790.0
41.790.0

$
210.700.0
211.857.0
212.959.0
215.938.0

54.390.0
54.390.0
54.390.0
54.390.0

265.806.0
268.434.0
269.401.0
270.037.0

$
4.148.0
4.456.0
4.574.0
4.827.0

S
26.854.0
27.584.0
27.600.0
26.417.0

85,3£ 7.0
85,1 55.0
82,7()2,0
80,0C9.0

$
271.904.0
276.691.0
278.946.0
273.308.0

$
7.582.0
7.597.0
7.594.0
7.588.0

$
138.837.0
155.885.1
145,324,6
152.378.5

328.246.0
330.278.0
329.700.0
324.780.0

15.390.0
15.337.0
15.529.0
15.714.0

135.154.6
132,466,9
132,007,
118.999.7

a Including (jOvcrnment uepuaiw* auu mo ircm uuo ^
~---Government deposits amounted to $2,234,000 on June 20, against $2,233,000 on
June 19.

Imports and Exports for the Week.— The following are
the imports at New York for the week ending June 26; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
1907.

1906.

$2,954,839
14,569,973

$2,544,226
10,727,211

1908

F o r W eek .

1909.

General Merchandise----------

$3,155,438
10,583.535

$1,532,570
10,294,750

$13,738,973 $11,827,326 $17,524,812 $13,271,437
$82,904,277 $56,815,428 $91,079,562 $77,473,189
336,933.301 241,322,131 351,131,092 289,497,858

S in ce J a n u a ry 1.
Dry Goods..............................
General Merchandise............

$419,837,378 $298,137,559,$442,210,654 $366,971,047

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending June 26 and from Jan. 1 to date:
1906.
1907.
1908.
1909.
$12,067,335 $12,238,081 $11,976,558 $11,498,461
292,071,808 317,789,201 297,070,513 283,817,262
$304,139,143 $330,027,282 $309,047,071 $295,315,723

j
For the week........ ................
Previously reported..............
Total 25 weeks..................

specie at the Port of New York for the week ending June 26
and since Jan. 1 1909, and for the corresponding periods
in 1908 and 1907:
EXPORTS AND IMPORTS OF SPECIE AT NEW YO RK . ________

W e om it two ciphers in all these figu res.
Im ports.

E xp orts.
W eek
E n ded.

May. , 8 ..
May 15.May 2 2 ..
May 2 9 ..
June 5 ..
Juno 12..
June 19..
June 2 6 ..

C learings.

la tion .

L oa ns and
Investm ents.

D ep osits.

$
2,471,511,9
2.464.649.6
2.459.307.3
2.461.472.7
2.479.185.3
2,500,556,2
2,518,640,1
2,492,260,.6

T o t. M o n ey Entire R es.
H oldings. on D ep osits

L eg a ls.

S p ecie.

■
$ $
2.473.377.8 404.340.1
2.475.791.3 409.301,0
2.478.555.7 415,344,4
2.489.605.9 420,779,9
2,505,071,5 419.507.2
2.533.592.3 422.827.3
2.561.805.8 429,725,7
2,538,999,1 436,103,6

$
98.159.9
99.970.9
99,860.2
100.163.4
9S,605,0
101.540.4
101.786.9
102,260,0

$
502,500,0
509,271,9
515.210.6
520,943,3
518,172,2
524.367.7
531.512.6
538.363.6

$
531.154.4
536,680,0
542,708,9
548.326,7
547.852.4
553.712.2
560.952.3
507.737.3

Reports of Non-Member Banks.— The following is the
statement of condition of the non-member banks for the
week ending June 26, based on average daily results.
W e om it two ciphers

B a n k s.

C a p i­
tal.

Sur­
p lu s.

L oa n s,
•Disc’ts
, and
Invest■m e M s.

(00) W a l l these figu res.
\

Legal
Tender
and
S p ecie.
B ank
\Hotcs.

D ep osit with —
Clear­
ing
A g en t.

Other
N et
B anks, D ep osits.
& c.

N. Y. City.
B oroughs o
M a n .A B rx.

$,
loo.o
200,0
Century —
400,0
Colonial__
300,0
Columbia . .
200,0
Fidelity . .
500,0
Jefferson —
2 5 0 ,0
Mt. Morris.
200,0
Mutual___
100.0
Plaza _____
200,0
23d W ard..
Un.Ex.Nat. 1,000,0
100,0
Yorkvlllc . .
Coal it: 1 .Nat 500,0
200,0
New N oth..
200,0
Bat.Pk.Nat.
300,0
Aetna Nat.
Borough of
B rook lyn .

Broadway .
200,0
Mfrs.’ Nat.
252,0
Mechanics’ . 1,000,0
Nassau Nat. 750,0
Nat. C ity..
300,0
200,b
North Side.
Jerse** Clfy.
400,0
First N at..
Hud.Co.Nat 250,0
Third Nat. .
200,0
Hoboken.
First Nat.. •220,0
Second Nat.
125,0

$
l,i66,0
1,485,4
4,715,3
5,906,0
988,1
3,241,3
2,736,9
4,038,5
3,849,0
1,881,3
8,241,9
3,887,9
5,050,0
1,966,0
1,145,8
2,004,9

S
$
69,0
164,0
265,9
27,0
395,5
658,2
678,0 633,0
66,1
87,1
12,3 494,2
32,0
535,0
34,6 729,3
309,0 424,0
52,9
165,8
987.4 1,275,0
56,9 832,8
908,0 371,0
216,0
70,0
195,4
42,9
481,2
31,8

S
439,0
104,9
445,7
862,0
116,4
258,6
«363,U
498,3
608,0
237,6
331,9
530,9
601,0
204,0
39,8
227,4

$
1,257,0
1,997,2
6,508,5
_______
7,492,0
989,8
228,6 3,584,0
79,5 3,550,3
5,1 4,833,5
____ 4,668,0
—
2,163,6
8,529,5
150,6 5,302,0
70,0 5,452,0
25.0 2,069,0
—
1,022,6
40,2 1,860,6

524,3 3,191,1
780,5 6,087,0
933,9 10,811,6
927,4 6,847,0
587,2 4,356,0
141,8 1,657,2

25.4 454,0
753,3
137,5
277,5 1,817,0
303,0 002,0
110,0 676,0
138,9
49,7

288,6
959,0
1,260,6
1,011,0
560,0
340,7

341,0 3,934,7
272,4 7,114.0
258,6 14,189,7
____
0,921,0
145,0 5,422.0
220,5 2,146,2

$
228,2
149.6
249,4
439,7
182,7
684,2
284,2
318,7
402,2
•93,8
942,6
439,9
736,5
241,5
146,6
308,5

$

247,1
830,2

1,221,3
718,2
375,8

4,580,6
2,916,1
1,767,4

256,1
158,8
46,4

445,3
28,9
145,6

1,082,9
218,5
515,4

656,0
435,6
56,6

6,204,1
2,969,5
2,262.9

611,4
237,1

2,946,0
2,293,0

124,0
76,3

36,7
78,1

148,9
77,0

64,4
309,1

2.482.7
2,717,9

Tot. June 26 8,647,0 12,907,2 99,757,3 7,786,2 10256,2 13,237,1 4,436,7 11764',3
Tot. June 19 8,647,0 12,907,2 99,585,8 7,756,3 9,983,8 14,943,1 4,798,0 119432,6
Tot. June 12 8,647,0 12,907,2 98,967,8 7,721,4 9,984,3 14,418,0 4,822,1 118456,2

Boston and Pailadelphia Banks.— Below is a summary of
the weekly totals of the Clearing-House banks of Boston and
Philadelphia.




W eek .

S ince J a n . 1

$13,958,120
12,904,232

Great Britain--------France ....................
Germany -------------West Indies..............
Mexico ----------------South America........
All other countries..

2,022,815
5,000
1 , 010,000 20,532,440
2,030,195
$10,500

$1,020,500 $57,452,802
$79,810 45,768,401
7.483,159 20,468,517

Total 1909..............
Total 1908..............
Total 1907..............
Stiver.
Great Britain............
France ......................
Germany --------------West Indies................
Mexico ---------- -------South America..........
All other countries. . .

S742,000 $20,308,754
52,000 2,132,750
9,647
92,652
11,735
1,171
28,029

Total 1909................................
Total 1908...... ...............................
Total 1907................................

$806,335 $22,633,003
990,054 20,284,735
1,034,384 21,175,088

W eek .

S in ce J a n

$5,448
6,750
19,799
6,532
11,988
50,444

1

$115,709
2,134,732
7,669
324,591
320,518
1,330,134
1,249,683

$100,961 $5,483,090
135,483 11,250,690
05,848 5,910,274
$40
11,445
8,607
32.179
4,822
51,269

$133,125
4,655
35,344
76,809
1,234,471
555,565
529,523

$108,362 $2,569,492
1,552,672
13,752
35,782
1,032,061

Of the above imports for the week in 1909, $20,255
were American gold coin and $8,67.! American silver coin.
Of the exports during the same time, $1,020,500 were Ameri­
can gold coin and $10,000 were American silver coin.

ganMtxrj and fin a n cia l*
W c shall be pleased to furnish to Institutions and investors copies
of our special circular describing
43 R A IL R O A D BONDS
Listed upon the New York Stock Exchange

Spencer Trask & Co,
W IL L IA M AND PINE STS..
NEW YO R K
Branch offices: Chicago, III., and A lbany, N. Y.

M

O F F A T

Sc

W H

I T E

bankers

Members New York Stock Exchange
5 NASSAU S T R E E T .
THE ROOK ERY
N EW Y O R K
CH ICAGO
Banking
and Exchange
of every
..........
......................
description
In connection
with

International

IMPORTS AND EXPORTS

Banking

Corporation

NO. 60 W A L L STREET. NEW YORK
Capital & Surplus. $6,500,000
Special facilities for Traveler*
Branches at Home and A broad.
in all parts of the W orld.

J u ly 3 1900.1

21

THE CHRONICLE

ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER APRIL 28 1909.
A p r il

N o.

28 1909.

D ep osits.
Individual.

Banks

Rhode Island___________________
Connecticut..___________________

384
3*
3
5
182
730
34
26
27
84
18
i
10

New Jersey_____________________
Philadelphia............ ....................
Pittsburgh____________________
Maryland_______________________
District of Columbia-------------------Eastern States________________
North Carolina__________________
Georgia.............................................
Savannah___ ________________
Mississippi______________________
Louisiana______________________
Texas ______________________ __
D allas____ ___________________
Fort Worth............ ............ .........
Galveston____________________
Houston___________ ___________
San Antonio__________________
W aco_____________________
Arkansas____________________ . .
Kentucky______________ _____ I . .
Louisville______________________
Tennessee______________________
Southern States_______________
Ohio ............ ...
Cincinnati____________________
Cleveland____________________
Columbus_____
Indiana............ .....
Indianapolis__________________
Illinois____ ______
Chicago........ .......... . . .
Michigan__________
Detroit____________________ __
Wisconsin______________________
Milwaukee_________ ___________
Minnesota ______ ________________
Minneapolis____________ _______
St. Paul______________________
Des Moines_________________ _
Missouri________________________

Middle Western States_________
South Dakota___________________
Lincoln___________ . . . . . . . . . . .
Omaha________________ _______
Kansas City . . . . . __
T opeka________________ ______
Wichita..................
Montana___________
_
W yom ing______________________
Colorado
...
_
...
_
Denver . ____
Pueblo____ __________________
Oklahoma__ ___________________
Muskogee................ ........... .........

43,189,178
114,000,000
2,100,000
1,802,000
20.502.000
64,168,515
22.905.000
26.700.000
2,348,985
5,086,700
12,590,700
252.000
5,300,000

1,193,34f:
457.36C
441,63?
2,448,277
5,116,541
383.204
1,745,74'

S
450,83(
199,40C
113.07C
1.283.86C
13.414,20C
267,701
717,74C

118^201
157.74'
95,241
712.69C
555,39?
103,77?
303,08?

328,567
300,18?
137.954
1,936,317
9,378,60"
363,141
932,23?

468.232
383,107
308 608
3,242,814
4,997,567
664,639
1,427,632

16.446.86C

54,381,804

436.909.570

3,480.074

449.597.78C

11,786.121

2,046,19£

13.377,011

11,492,599

26.365,406
114,318,518
2,200,000
2,150,000
18,834,315
68,405,800
33.410.000
26.900.000
1,934,700
3,401,203
7,372,500
252,000

258,714,087
772,796,185
14,048,131
17,321,551
143,261,183
355,348,105
166,383,074
113,425,821
9,011,850
28,801,928
41,704,121
1,044,987
22,834,771

2,074.656
3,978.464
290,000
518,533
911,564
1,812,133
1,115,555
1,380,000
56,912
474,900
1,342,785
50,000
1,986,921

207,837,03?
923,13.3,-S1
19,382.178
15,213,081
109,791,570
281,812,318
206.885,621
121,584,082

6,289.217
4,316,400 I T I 6T747
58,132,14b 141,643,021
1,515,756

3,450,13S

5,973.994

$

21,950,808
53,365,718
852,232

St

S

1,944,742

2,31i:i80

621,600

3,749,116
7,778,632

7,335,231

626,59;
752.121

2.647,491
3,909,482

6,253,787

3,401,060

5,489,139

484,389

431,050
3,275,870
80,200

129,633

376:?41

6,830

38,018

695,137
849,580
18,130

15,482

1,542 320,945,078 299,576,786 1,944,695,800 15.992,423 17990,115,902 96.012,467 181,057,500 6,571,683 66,227.200 90.118,861
114 13,080,480 7,972,935
61,217,125 2,712,404
67,703,754
1.209,787
858,200
399,595
605,617
1,961,079
94 8.301.000 4,259,716
746,973
34,835,535
33.79S.387
1.043,801
580,890
221,455
434,764
694,096
730,769
70 6.910.000 2,275,608
22.248.734
28,728,056
495,846
232,500
248,597
168.025
627,195
32 4.510.000
427,635
14,016,887
105,540
217,086
213,060
476,268
100 10,651,500 5,700;819
33,189,049
792,276
41,739:131
443.079
385.760
487,164
434,168
1,361,071
2
304,854
750,000
1,228,829
450,000
2,577,211
23,272
70,500
_27,910
33,665
24,000
383,w4
599,466
75 8.372.000
521,563
25,853,861
767,840
559,955 # 400:.S07
578,990
200,000
31 3.460.000
11,357.140
10!242;<>l2
174,853
321,370
215.931
98,398
294,774
13 282 282
70,000
30 •>070 000
355,410
5
957,456
910,265
493 30i663!300
95:628:.895
98,235,006
1.730,113
2,545,407
817,871
6 2,950,000 1,303.000
223,563
14,005,139
14,580,517
601,305
519,250
228,551
103,731
1,005.600
7
20,000
2Uj.o 14
896,830
7S.380
85^00
8 3.150.000
12,734,200
1 2 :9 4 7 / 10 2
4 3 3 :4 1 0
1.10)7! 500
993.420
222,502
230.779
62S.227
393,415
6 2.100.000
8,951.252
7.4S2.725
3 7 3 ,5 9 7
735.000
560.420
168,530
167,103
370,055
5
179,580
43 4,080,000
109,461
335,113
14.535,095
1,469,650
13,206,033
285,810
206,907
170,579
365,614
138 11,433,500 3,813,740
37,300.932
939,463
35.269,998 1,343,548
587,480
280,714
304,720
744.998
10 5,645,000 2,470,000 r 18,217,489 1,821,650
23,339,116
1,362,720
1,146,870
99,367
226,403
1.145,877
88 10,282.270 4,295,650
46.767.417
1,094,751
45,599.430 1,163,027
1,323,890
458,036
651,610 1,468,742
1,399 143,564.050 64,181.690 514,214.754 12,908,887 549,470,785 13,259;i64 12,926,860 6,924,441
6,697,053 16,459,602
345 34.309.100 15,094.750 159.444.088 1.504.939 147.034.644 4.744,890 2,618,450
915,762
1.198,208 TJpsTooI
9
302! 126
2,996,865
9 :3 5 6 :6 0 0
2,454.480
243
2,051,763
7
398 2 8 :476:6 66
4,949,760
993.746
14 27,650,000
163,221,853
906,499
93
74,917,779
5.150.000
697,782
22,115,547
469,242
72,719,909
123 10.225.000 3,772,006
56,056,865 2,143,998
1,494:900
374,312
417,329
805,608
i; 5.750.000 2,660,000
33,256,306
32,986,825 2,126,334
682.200
103,152
826,142
390,000
’ 256 11.791.000 5,036,773
73,872,500
66,691,936 2,730,664
4
343,880
32.945,761
46.056.509
944,108
99 264 003
6
94.154,350 1,013,204
94,584,874 2,720,790
309 17.760,000 6,168,021
a
60,000
300.000
2,539,706
5,957,376
400.000
135,553
276,600
183,006
28,315
-| 1,800.000
386,283
370.000
5,654,885
11,614,117
363,132
210,120
109,625
65,279
600.000
62,343
2,044,690
2,363.620
130.000
135,519
45,000
205,000
104 6,297.500
2.164,744
26,209,919
23.653,431
805,490
329,240
240.135
197.636
770:176
865,202
8 5.100.000 2.023,500
48,431,295 2,615,312 3,009,760
32,793,325
349,354
1,745,286
1,342,855
4 1.100.000
170,906
8,018,933
12,192,937
603,560
500,000
428,690
9 20,600,000 11,950,000
75,638,696 1,181,500 124,960,278 3,141,040 17,819.220
1,969 248,846,700 118,662,316 1,266,003,000 20,563,823 1.402,836,193 51.998,835 72.855,960 7.112,992 33.936,850 69,591,602
133 4.710.000 1,373,275
357,152
26,646,446
23,718.887
563,543
93 3.630.000
726,580
752,907
26.447,466
21,129,804
706,983
684,970
185,093
242,312
417,712
206 9.890.000 3,419,161
249,4SS
52,635,427
1,685,456
1.006,080
50,282,651
355,338
4
950,000
69,980
221.000
4,335,998
444,247
5,772,383
156,090
5 2.800.000
22,090,004 1,226,445
1.93i;718
202 10,492,500
55,671,689
933,082
1,122,107
10,000
3
3
160,000
2,486,419
300:000
30,000
5,002.805
400,000
S ,929,2(\ 7
894,074
28,415,200
43
11,492,765
459.235
29 1.585.000
913,500
480,127
10,181.009
236,570
287,341
37,508,116
104 5.845.000
2,368.478
1,773,492
24,103.503
264,408
207,488
6 2.860.000
41,022,028 1,178.395
1,945,000
22,529:234 4.275.705 2.104,160
142,341
346,816 1.357’,242
3
500.000 . 380,000
5,085,727
99,955
403,620
2,792,537
420,160
43,158
43,302
41 2,020,000
392,660
11,394,027
409,346
9,513,551
234
8,990,000
043,381
31,144,359
27,797,440
2,534,010
748,940
726,638
524,371
338,529
571,968
3
550.000
157,944
3,523.737
36,855
135.000
2.669,677
149,210
32,244
67.597
66,650
5
409,101
600.000
95.440
80,050
180.000
4,326.097
3,163.490
77.457
44,566
214.460
1,120 61,267.800

Washington_____________________

59
4
4
2

8,311,140

3,493,175
1.950.000
2.800.000

1,514,724

65 3 ,4 5 7 :0 0 6
4
1.500,000
129
10 5.650,000
10 17.850,000
42 2,260,000
16
980,000
4 1,200,000
11 1,807,000
13
780 000

Los Angeles......................... .— .
San Francisco___ . . . . . . . . . ____

Arizona________________________
Alaska (Feb. 5 1909) ......................
Pnciflo States__ - ______ _______

$
30,818,01?
15.676.67?
15.3S8.941
119,648,11?
183.729,085
26,869,791
57,466,55?

S
382,358
503,50“
238,711
783,38b
757,939
275,974
538,203

483 101,863.800

New England States___________

L egal

N otes i

32,894,683
16,032.098
15,237,471
118,784,087
172.699,968
24,468,831
56,792,433

71

Vermont________________ _______

Stiver
Treasury
Certificates

D iscounts.

$
$3,393,582
2,448,751
1,760,297
15,700,125
17,250,001
3,680,501
10,136,550

8
S9.051.00C
5.435.00C
57
5.460,001
5f
17C 31.917.50C
2C 23,050,001
22
6,700,250
81 20,260,050

Maine_____________ _____________

Gold and
. Gold
G oldC l'g-H
T riasurp
Certificates Certificates.

L oans
Other.

24.628,527

1.615,000
2 :4 1 3 :3 0 0
8,921,000

33,623,117
45,885,056

3 3 3 :7 0 0

17,064.129

1.334,530

12,449.988

390,188
952.368

31.028,162
01,825,031

790,000

8,399[.353

268,002

569^000

6,231 .'81)4
017.846

259J)81
199.509

10 0 .6 0 0

7 5 .0 0 0

10.549,690

468,337
1,821,953
184,139

1,653,045
3,661.067
1.677,155

6,800,008
8,743,000

213,490
72,050
340,580

202.843

46,916

1371723

115,300

nl\780

149,287
100.009

148,330
2,110,240

265.693
329.163

114,720

32,455
135.581
65,484
31,415

002,589
20P»,349

45,197
101,906

40§;955

200:306

4,260

69 817
15,326

35,348
15,035
2.7 127
7.065

13 :6 7 2

97.985

i:818

25,000

1.251

2,030

6,300

4,290,293

375 56.782,475 27,058,920

Ilawaila (Feb. 5 1909)
________
Porto Rico______________________

1

100.000

15,000

261,158

5

Totals tor
Reserve C ities , A c .
M o tio n s .

*
J

/Loans, disc.,&c.
1u. S. bonds__
! Stocks, bds.,&c.
« I ileal estate, &c.
0 1Duo from banks
5 { Nat. bank notes
0 G o ld ................
0 Silver_________
74 I Legal tenders..
j Other resource

l

$
184
5
6
1
03
1
19
10
5
40

.2
a

■2
£
l
S 7
1)23 10
61 2l
170 8
311 .1
5!) 16
200 “2
41
60 *2
237 1

l Totals________ 334 1,783
114
147
50
685
777
10

/Capital______ ~23
20
. 1Untilv'd protlts
8
0 1Circulation___
l Duo to banks.. 103
173
a 1 Duo depositors
1
« I Other liabilities

6,893 933,979,903 587,132,286 4,826,000,384 70,401,819 4.963,110,870 228,337,530 298.696,980 28,275,203 124,348,526 193,898,^.0

1
1
a; £
3 $
15 207
2 19
4 37
_- 7
4 83
1
*1 25
1 8
1 4
2 17

§
•O
5

•C3

0

s'
’’l

s0i*
|
O

**

£
|

1

1
sS
$
16
4
1
1
8

1
1
S s $ $ 8 S
$ S
122
19 3 20 24
11 23
19 10 6 1 1 4
3 6
31 8 6
2
1 4
19 3 3
1 "I
1 1
33 16 7
7 12
4 8
2 1
1
14 3 *2 -- '2 2 '•2 ' i 1
4 3 1
*; 1 ~2 ’ i 1
5 1
1 'i
5 4 2 -- 'I 2
-- 1

l

51 30 408 257 U)2 46 4 38 48 33 23 47
~2 7
3 3
2 1
30
14 18

39
16
159
167
4

~27 ~13 ~5 1 ?> 5 1 *3 ~6
32 '.i 4
3 ■1 •> 0 3

16 8 5 ’ i 3 3 •) •> 5
65 27
1 10 13 10 3 13
115 45 25 1 16 23 15 13 20

5

43
| a >;
}•

3

a
5
i t
I •
O
1 S ■3
<§t
a
SO
*
|
2 k. S

I

•S
fi ■s 3
S3
!
£
£
■3
•w
a
i O •y k.
1
1
e |
g
I § 1 1
1
$ 3
$ $ s $ $ S $ $ s $ $
125 6 28 10 0 25 6 36 12 31 62
6 2 6 17
19 1 3 1 1 4
1 14 1 4 2 4 7
9
1 1 1 2
I
35 *0 ill '4 ■ 4 22 '3 12 6 11 24
J
1
1
7 *4 *7 ’ l l
'1 ’ i 7
21 ’ i
1
1
0
V
1
"i
6
4 : : I *2 ' i 2 I" ’ 2 *1 2 " 5

i
O § 1 § CO
G 3
s s S
$ $ $ $ S $ $ s
12 48 12
51 17 23 252 25 33 46 26
7 3 6 17 2 0 4 4 i 2 4 1
4 3 5 23 5 5 1 3 1 1
1
1 1 1 5
1 1 1
15 4 8 60 ■§ 8 13 8 2 2l 26 5
1 1
1
1
5 ‘ 2 3 33 *2 ■3 ’ 5 '3 ’ ’ I ' i 6 "i
1
16 1 1
...
2
‘ i 1 'I
2 ’ i ’ i 32 2 2 ’ i ' i
1 2 13 1
2 1' 2
3 1
104 89 32 50 452 47
47 15 19 98 21 228 To[51 j ISi n 77 12 69 29 63 I 2 8
« j 73
i "2
" h " 9 ~4 6 ~28 ~5 0 *5 1
! ~21
~3 ~i 1 ~~3"1 ~i ~2 ~6 ~18
:i 26 •> 4 0 3
10 0
1
1 17
1 1 3
4 2 5 12
8 6 3 5 13 1 5 3 2 1
3 1 17 ‘ i 2 1 1 3 "T 4 1 5 14
29 31 5 13 219 15 10 26 14 7 10 53 10 95 4120 11 4 20 1 10 6 13 37
38 33 18 20 161 23 34 33 23 5 0. 33 8
j23 f 4 7 47 8 45 18 34 47
3 2 1
1
11
5 4
7? 1 4
1 1 1
o
8
56
10
10
4
14
1
3
2
3
1

fi

3 / Totals.............. 334 1,783 51 30 408 257 102 46 4 38 48 33 23 47 104 89 32 50 452 47 59 73 47 15 19 98 21 228 io




t51

&
G £3
q
I

18

Total
Other Cities.

United States___ ;_____________

§
h

CO
S'?

<•
S
$
7 2,606 2,382 4’,1188
2 282 4X1 763
1 403 403 80{ >
99 117 216
■3 635 608 1.233
18
27
45
’ 2 405 122 527
105
48 153
140
59 199
333
46j 379
16 5.02G 4,34319,369
1 ~ 384 ~ 550) _ 934
1 394 401! 795
1 225 411i 636
4 1,802 23512,037
9 2,187 2,709 4,896
34
71

18 14 77 12 69 29 63 128 16 57026 4 ,3 4 3 j9,369

22

THE CHRONICLE

[V O L. L X X X IX

ABSTRACT FROM REPORTS OF THE NATIONAL BANKS MADE TO THE COMPTROLLER FEB. 5, 1909.
5 1909.

Capital.

D ep osits.

Surplus.

Gold and
G oldC Vg-H .
Certificates.

S
552,892
32,374.806
853,637
15,989,765
541,923
15,203,147
111,878,333 1,850,626
160,318,868 1,081,076
381.731
24,327,785
846.899
56,362,993

Maine______________________ . ___
New Hampshire_________________
Verm ont________________________
Massachusetts
Boston ________________
Rhode Island___________________
Connecticut_____________________ ,
New England States.

'184j,10a, 1109,309 51.625.155

New York
_ ____
New York City_______________ .
Albany.........................................
Brooklyn _______________ __ .*
New Jersey_________________ I __
Penasylvania.......... ...........
Philadelphia___________I ” . . "I
Blttshurgh............ _......... .............
Delaware
Maryland
Baltimore _ _
District of Columbia
Washington City
1

L oans
and
D iscounts.

410.455,697

re

6,108,784

446,791.598 13.678,434 12,393,320 1,998,501

3,531,767
4,348.003
342,059
573,975
1,185,065
4,838,958
1,933,933
2.021.000
87,090
1,003.648
1,546,221
81,000
1,392.400

202.845,418
5,110,540 3,947,860
921,167.610 52,431,122 136.708,290
19,861,252
394,096
1,582,470
15,122,985
883,530
163,977
107,683,968
1,889,764 2,290,900
279,060,127
9,214,910 5,435,590
202,673,955 14,205,386 12,169,160
120,726,565 6,127,383 5,546,030
8,845,410
131,557
98,780
21,680,362
434,730
473,259
51.431.03S
667,248 3,756,420
900,878
14,630
85,700
88,000
2,059,020
18,733,197

Hawah (Nov. 27 1908).
Porto itico.
Island possessions

5

United States.

(Loans, disc.,Ac.
U. S. bonds__
Stocks, bds.,&c.
Ileal estate, &c.
Duo from banks
if Clear. H. excii.
s Nat. bank notes
C o ld _______
Silver................
Legal tenders..
Other resources

6,505,824 64,231,975 89,551,982
421,254
234,043
257,511
249,941
506,208
40,348
368,166
590,179
238,373
254,042
79,550
1,792,257
206,442
167,498
72,679
221,466
149,976
170,481
197,018
289,338
123,782
427,913
7,058,498

S S
203 121
20 10
36 31
7 13
SO 3 0
14

%

15
2
5
4

1

2 1
1

__

2
1 1

]
1co i

53 29

1

26 1 2
6 3
3 0
2 3
1 00

Totals ________ 323 1,732
Capital ___. . . ~24 113
Surplus______
18 113
Undlv’d prollts.
9
30
Circulation ____ 10
50
Due to banks.. 99 684
!o Due depositors 161 732
Other liabilities
2
10

s
20
2
7
1
18

217,597
195,767
371,785
66,239
320,264
588,208
56,402
28,316
36,615
195,465
99,208
280,396
159,092
59,348
87,983
053,343

173,519
214.124
322,584
33,375
390,843
532,219
50,634
23,298
57.700
107.124
63,167
238,462
319,411
38,824
95,919
510,339

3,416,088

3,171.542

462,449
373,247
7-10,981
218,951
1,737,072
1,082,728
18,062
88,765
65,000
631,597
137,807
782,785
1,381,828
57.305
238,325
780.361
8,797,263

220,857
162,583
170,613
66,691
181,993
145,185
532,018
224,977
524,255
121,847
52,500
166, I Hi
37,328
58,815
11.415

42.691
30,000
165,652
409
27,931
9,495
116,416
131,597
36,950
82,686
10.692
43,668
10,670
27,906
180

102,798
123.212
68,520
8,330
63,090
22,482
171,674
778,861
77,853
120,909
8,702
180,250
29,755
116,007
14,785

2,677,553

737,009

1.SS/.228

100,000

142,251
15,000

941,947
264,364

367.910

985,600
151,250

307,540
2,446

1,000

25,000

41,233
1,464

233
0,056

120
3.-100

710,000

157,251

1,206,312

367.910

1,136,850

309,986

26,090

42,697

6.289

3,520

8
51
10
8
3
17
4
3
1
3




__
..
- - - -- __ __ __

247 I 0 2 44

1 3 3 6
_ _ ____
_ __
1 1 2
_- ____
_1
1
2 0
11
1

2
4
13
-5‘ 20 23
2

4
15
20
1

49

32
6
6
l
13
3
1
2

'

* S
46 26
4 4
*> 3
l 1
13 8

s
0 10 2 43 12 115 6 25
1
1 4 1 20 1
9
1 1
4
10
1
0 4 1 31 7 48 •> 1 1
“
"
‘
“
■■ " ' ** 1
1
5 3
1
1 20 1 2
9
1
6
2 1
1 1
1
6
1

2

K a n City, K .

Omaha.

Lincoln.

St. Joseph.

St. L ou is.

s

K an sas City.

c

Dcs M oin es.

§g

St. P aul.

30

Cedar Rapids.

Detroit.

M ilw aukee.

Indianapolis.

Chicago.

Columbus.

s
8 8 •S <
55 50 16 23 250 23
10 7 3 0 17 3
10 4 4 5 28 4
5 ] l 1
14 17 5 10 71 9
1
11
1 1 ** l
1
2 2 4
2 3 34 2
1 2 1
1 10 1
1 1 4 3 1 1 30 2
1
3 1
4 41 47 5 26 23 49 loti 91 32 52 463 45

-.

8 8
11 23
•J
7
4
1
O id
1

Cleveland.

1
1

1 Cincinnati.

3
0
■3
C
S S s s s 8
19 2 20 22 3 13
7 1 4 4
2
2
3
1 i
1
7 1 0 14 1 V
1
1 1
1
2
5 1 I I
1
1 1
1
2
1

2 22 27 13 5 1 6 5
3 3
2 33 27 7 4
0 5 2
1
1
8 b 1 3 3
1 16 15
158 03 28 4 1 11 15
27
17 18 161 108 43 24 1 18 20
2 1 1 2 -- -2 -Totals _______ j 323 1,732 53 29 393 247 10 2 44 4 41 47
0
2
1
2

«0

I W aco& S .A n t.

£

IGalveston.

l Washington.
1Savannah.
IN ew Orleans.

|Pittsburgh.

8
921
03
159
31
• 59
193
2
189
44
60
11

£

38,78-1

254,592
346,898
103,345
177,057
967,771
935,514
164,401
60,847
114,978
267,222
178,186
49,135
169,628
293,759
223,645
527,447
6,751.800

1.921.707
671,209
603,050
390.330
1,168,006
44,500
554,904
616,761
303,354
172,846
254,865
2,875,405
1,365,217
732.500
117,010
608,750
478.330
206,146
303,120
669,380
1,050,600
1.290.707
16,398,697

610,000

j Baltimore.

s
183
12
15
5
58
16
1
17
10
4
2

1

1A lban y.
IBrooklyn.

£

42
a

615,814
456,533
176,519
215,847
413,878

1,221,951
1,122,897
4,211.949
1,536,110 3,635,238
159,017
909,690
2,694,627
231,022
450,458
1,038,988
193,858
799.778
1,072,670 2.220,977
378,967
909,100
146,213
1,408,407
3,359,693
1.114,527
540.734 15.455,119 29,891,517
501,667
1,860,707
446,997
164.479
225,009 2,009,618
404,687
398,718
985,531
141,716
780,071
1,601,712
533,642
506,393
804,902
62,610
218,826
1,594,805
166,916
178,285
715.428
810,345 1,742,083
688.923
116,500
35,417
103,698
107,179
50,451
616,955
17,139
37,019
107,336
263,464
221,884
790,119
364,354
1.630,650
1,440,572
132,108
190,950
693,140
204,817
5,490,269
5,718,686
8,141,980 33,684,728 68,796,183

6,887 927^72lT568|583,130,36414^699,682,942 99,670.386 !,'■ IO.740. i « 224,843,570 288,2117430

|Boston.

Totals for
Reserve C ities, & c.
I n M illion s.

j

2,121,736

3,689,833
5,019,800
3,022,389
243,009
403,109
2,589.605
27,884
658,960

Eastern States.

1.531 318.879,633 2<T7.567,021 1,869,968.079 22,885.109 1,970,712,764 90,911,872 174,998,480
Virginia.........
12,877,550
66,609,642
1,279,612
West Virginia
8,161,000
33,217,624
1,009,645
North Carolina
6.790.000
27,160,266
472,933
South Carolina____
_
4.485.000
15.515.117
145,672
Georgia___________ ____________
10,671,725
39,231,792
429,929
Savannah_____________ . . . . .
750.000
2,380,752
5,820
Florida____________________ _____
4.780.000
272,503
19.694,911
AlsDama_____ | [________ _*_____
8.362.000
584,178
24,684,785
Mississippi_______________________
3,155,110
161,959
9,763,355
Louisiana_______________________
3.020.000
13,286,939
151.013
New Orleans__________________
5.525.000
363,899
19,422,776
Texas _______________________ . .
30,318.300
2,445,314
92,958,481
Dallas............ ........... .............
2.600.000
505,560
12,538,511
Fort Worth____ _______________
1.975.000
243,485
9,135,368
Oalveston _____________________
625.000
117,385
2,662.427
I Houston..
__________________
3.050.000
12,333,080
408,315
San AntonTo..._______________
2.100.000
484.013
6,701,708
W aco_________________________
1,000.000
3,396,756
96,812
Arkansas___________
4.055.000
277,976
14,105,977
Kentucky.......... .......
H,i!23,400
36.172.117
884,226
Louisville__________
5.645.000
23,125,502
1,493,790
Tennessee__________
10.270.950
1,096,441
44,782,623
(■ Southern States..........................- 1,394 141.840,035 63.915,898 514.792,477 20.027,215 5 2 8 , 8 8 0 ,4 8 9 1 2 ,9 3 0 ,4 8 0 1 3 ,7 0 3 ,8 2 0
Ohio . .
15,086.738 165.941,380 3,133,375
2,616,800
Cincinnati___________
7.100.000
40,585,901 1,403,970
3.558.490
I Cleveland ..................
4.050.000
468,502
83,477,088
2,380,000
Columbus___________
1,144,904
306,401
18.286,582
995,270
Indiana .......... ................
7.209.189
92,919,078 3,420,450
1,892,290
Indianapolis................
2.255.000
795,158
20,079,482
2,103,200
Illinois________________
13,919,953
6,012,976
161,308,788
3,212,700
Chicago...................... .
18,610.000 161,015,426 1,393.619
27,097,840
Michigan______________
4,416,750
73,204,588 1,433,613
1,029,170
Detroit________________________
1.750.000
716,133
21,372,304
221.990
Wisconsin_______________________
3,876,856
71,980,781 1.034,790
1,407,390
Milwaukee.................. .................
2.660.000
998,156
37,909,363
682.500
Minnesota_______________________
4,102,392
960.000
65,557,138
1,108,440
Minneapolis........ ...........................
5.102,083
424.761
33,958,213
1,814,540
St. Paid..
2,750,000
22.748,137 1,107.292
905,320
Iown_________
6,102,435
90,655,576 2,322,933
1,734,050
Cedar Itaplds
300.000
100,843
2,272,219
287.500
Dcs Moines
345.000
406.505
4,990,092
165,550
Dubuque
130.000
66,368
45,000
2,202,882
Missouri_____
2,140,694
685.000
26,221,832
286,150
Kansas City
1,922,500'
983,526
32,411,151
2.258.490
; St. Joseph__________
500.000
205,108
8.787,862
446.990
K St. Louis....................
11.950.000
76,050,297 1,432,263
17,199,740
. Middle Western States,
1,966 247,757,500 117,424.494 1,263,936,160 29,812.432 1,354,815.631 51,430.025 73,449.410
fNorth Dakota
4.685.000
1,351,975
24,829,21
544,982
South Dakota
3.610.000
784,080
23,779,468
722,129
Nebraska___
9.790.000 3,349,171
48,315,694
1,648,558
Lincoln
950.000
218,000
4,332,591
382.315
Omaha________________________
2.800.000
1.550.000
1,572,986
21,003.316
Kansas_________________________ 10.452.500 3.632,752
1,660,680
55,194,113
Kansas C ity ------- -------------------- 1
900.000
700.000
82,385
3,811,159
T op eka_______________________
300.000
72,100
2,540,617
124,180
Wichita
400.000
330.000
59,770
4,309,421
Montana_________
3.775.000
1,801,738
28,069,397
1,584,868
W yom ing________
1.585.000
863,500
11,248,708
444,263
Colorado .
5.845.000 2,351.729
1,699,519
36.410,552
Denver.
2,850,000' 1.945.000
4,324,134
41,785,824
Pueblo
500.000
380.000
455,475
5,762,732
New Mexico____
2.013,300
656,150
11,021,873
400,587
Oklahoma_______
10.987.500 3,091,923
39,716,167
865,576
Western States.............................. 1.142 61.443.300 23,078.118 362.160,847 11,082,301 305,523,756 16,572,407 10.062,500
Washington______ _________________
3.265.000
505,040
1,557,714
222,940
1,691,115
22,627,989
15,966,290
Seattle__________________________ 1
1.950.000
1.650.000
60,000
20,746,963 1,774,570
16,560,857 4,264,480
Spokane.......................................
2.300.000
650.000
317,800
215,433
1,834,484
14,308,208
11,834,702
Tacoma_______________________
500.000
392,000
650.000
31,630
1,004,425
6.405,24!)
4,171,913
Oregon........... ......... ......... ............ .
3.218.500
125,150
535,032
2,025,176
1.258,850
18,732,471
13,230,112
Portland______________________
1.500.000
11,160
1.612,500
16,368,778 1,278.379
11,686,539 4,421.585
California........................ .......... .....
17.316,800 4,891,810
403,290
60,994,895 1,118,399
47,395,025 5,523,349
Los Angeles............ ............... .......
5.650.000 2,413,300
471,903
290,810
5,700,837
33,078,093
29,316,492
San Francisco_________________
16,350.000 8.470.000
1,468,772
9,227,048 1.375,560
40,645,745
53,214,080
Idaho _______________ __________
1.995.000
542,211
981,803
OS1,065
203,530
12,997,419
10,131,534
Utah .................................................
980.000
333,200
79,622
8,290
504,315
5,934,418
4,583,836
Salt, Lake C i t y . . ............. ...............
1.200.000
790.000
196,298
1,124,237
293,360
7,619,243
6,240,802
N ev a d a ___________________________
1.779.500
459,750
411,710
371,501
33,910
4,228,581
4,399,699
Arizona_________________________
780.000
568,500
237.841
154,600
329,210
5,807.550
3.821,549
Alaska (Nov. 27 1908)....................
100.000
75,000
199,831
42,780
267,330
667,767
352,070
Pacific States.
364 53,884,800 26,362.427 271,163.370 9,386,632 232.905.500 39,010,368 3,574,810

396,763
383,984
321,87J
2.624,661
4,137,464
673,666
1,357,363
13.103,743 10,098,789
3,065,394
42,371,220
218,073
800,963

8
0
1
1

““
1

14 ~9 ~4 G~2S
7 4 1 7 19
2 2
1
7
7 0 3
13
30 33 5 15 232
42 ;i 19 21 162
4 3 -106 91 32 52 403 45 65 74 47 10 19 3 90 23 231 10

47

<3
•O
I a
0 C
a
| K 2
Q V2 £
*s 8 8 8
0 26 33 12
1 4 0 3
1 13 -1 2
1 1
4 22 11 5
1
1
1 7 7 5
1 1
1
i 1 1

s 2*
•3 3
<0 3 .
rV
0
►
4

|

si
§
<0

13 S 03
1 ti
0
S 8
s
s
53 6 1,542 2,328 4,870
17 2 28/ 491 778
8 1 388 451 839
2
95 115 210
20 3 007 615 1.282
264
10 274
16
24
40
6 io *> 393 120 513
1
105
47 152
1
140
50 196
2 2 1
32
35
07
13 78 65 27 60 U4 15 *.929 4,292 9.221
■S
29
0
4
1
10

1

s

__

1

05 74 17 10 19 5 98 23 231 10
0 ~5 4 ~ i 9 1
i 21
2 3 5 3
1 12
1
1
1 5 3 2
1 1
1 17 1
13 i" 25 14 20 10 1
n 98 1
72 38 34 23 2 5
33 9 77 4
2 -1 -1 1 1 .. 1

II. LII 121.687T0S6 195,533,056
|L os Angeles.

F ebrua ry

17

~3 ~\ T 3 5 1 6
2 3 2 2
1
1 1
3
1
7 1 i 3 3 1 5
17 10 4 19 9 5 11
22 4 7 48 43 17 3 3
- - -- -- - 1 1 -47 17 13 78 05 27 60

‘ id
8
2
14
31
42
1

i

379 549 928
300 283 583
85 104 189
1
219 396 615
4 ,802
233 6.036
8 ;, ids 2,691 1.799
36
36
1

114 15 1,929 4,292 9,221

J u l y 3 1 9 0 9 .J

33

THE CHRONICLE

State and Railroad Bonds.— No sales of State bonds have
been reported at the Exchange this week.
^
The transactions in railway and industrial bonds have
Wall Street, Friday Night, July 2 1909.
steadily diminished until they are less than one-third their
The Money Market and Financial Situation.— Business in recent average. The limited amount of business includes
Wall Street this week has been characteristic of the season, a long list of issues, however. Prices have generally been steady
diminishing in volume and interest as the holiday period ap­ to firm, so that there are few exceptional features to note.
proached. The tone of the markets has been firm, however,
Liberal offerings of Interboro-Metropolitan 4% sgave them
and the movement of prices, although narrow, has generally some prominence on Tuesday, but they have fully recovered
been towards a higher level. Perhaps other influences than the 1 point they then lost, and close fractionally higher than
the national holiday have a tendency to restrict operations last week. Third Avenue con. 4s have declined in sympathy.
in Wall Street and elsewhere. No doubt when the tariff
United States Bonds.— Sales of Government bonds at the
matter has been disposed of, and its best and worst features Board are limited to $1,000 4s coup. 1925 at 121 and $1,000
become known, a sense of relief will be experienced. In the 3s reg. 1908-18 at 102. The following are the daily closing
meantime, interests of greater or less importance in various quotations; for yearly range see third page following.
quarters are awaiting developments.
Other factors in the general situation are of a favorable
J tirt
I n te n t
June
June
June
J u ly
J u ly
P eriods
25
26
28
29
1
30
character. Crop prospects, especially in the West, are in­
creasingly hopeful, and railway managers are preparing to 2s, 1930 ___
Q—Jan *101>6
*10146 *10146 *10146
2s,
1930........
Q—Jan
*10146
*10146 *10146 *10146
handle the additional traffic which is expected.
3s. 1908-18 .
Q—Feb *10146
*10146 *10146 102
No disturbance was caused by the half-yearly settlements 3s, 1908-18 . .
Q— Feb *10146
*10146 *10146 *10146
3s,
1908-18..
..small
coupon
Q— Feb
or by notice of the proposed withdrawal of $25,000,000 4 8 ,
1925 ...........— registered Q— Feb *118
*118
*118
*118
*118 *118
Government deposits from the depository banks, and the 4s, 1925-------------------coupon
Q—Feb *12046 *12046 *12046 *12046 121
*120
2s,
money markets remain unchanged in general features. The 2s. 1936.Panama Canal regls Q— Feb *101 *101 *101 *101 *10046 *10046
1938 .Panama Canal regls Q— Nov *101 . *101
*101
*101
*10046 *10046
foreign exchange market has hardened somewhat, and $2,­
* This Is the price bid at the morning board; no sale was made.
000,000 gold has been shipped to Amsterdam and $1,500,000
Railroad and Miscellaneous Stocks.— The volume of busi­
to Argentina, with prospect of further shipments next week.
The open market rates for call loans at the Stock Exchange ness in stocks, as in other departments of the Exchange, has
during the week on stock and bond collaterals have ranged been limited throughout the week. There has been almost
from 1% to 2% . To-day’s rates on call were 1 % @ 2 % . no change in the character of the market from day to day,
Commercial paper quoted at 3 @ 3 % % for GO to 90 day en­ and fluctuations have generally been within a narrow range.
Among the few exceptional features are the Harriman
dorsements, 3 % @ 4 % for prime and 4 to 6 months’ single
stocks Union Pacific and Southern Pacific. The latter
names.
The Bank of England weekly statement on Thursday sold ex-dividend on Thursday, yet closes with a net gain of
showed an increase in bullion of £214,148 and the percentage over a point. St. Paul moved up over 2 points on the ex­
cellent crop prospects, and Canadian Pacific, Northern Pa­
of reserve to liabilities was 41.40, against 51.30 last week.
The rate of discount remains unchanged at 2 % % , as fixed cific, Erie, Delaware & Hudson and Reading have been
April 1. The Bank of France shows a decrease of 8,525,000 strong. On the other hand, Chesapeake & Ohio and Western
Maryland have not maintained their recent advance, and
francs gold and 125,000 francs silver.
Third Avenue shares are 4 points lower, making a loss of
NEW YORK CITY CLEARING-HOUSE BANKS.
over 12 points within a month.
1909.
1908.
1907.
The United States Steel issues have been in demand at
A verages for
A v erages for
A v erages for
D ifferen ces
higher prices, and show an advance of between 2 and 3
week ending
w eek ending
w eek ending
from
J u n e 26.
points within the week. General Electric is also 2% points
J u n e 29.
;previous w eek.
J u n e 27.
liigher, and all the copper stocks have been strong"on im­
s
S
$
$
126,350,000 129,100,000 proving trade conditions.
126.350.000
165.169.100 161,720,600
172,318,900
For daily volume of business see page 31.
Doans and discounts__ 1,339,962,100 Dec. 32,422,800 1,231,220,800 1,126,539,100
The following sales have occurred this week of shares not
49,163,200 Dec.
50,107,300
56,809,200
25,300
Net deposits.................. 1,416,197,800 Dec 26,848,200 1,320,176,400 1,092,031,700 represented in our detailed list on the pages which follow:
31,275,200
U. S. dep. (lncl. above)
19.039.700
2,442,800 Dec.
85,700

(S a m ite .

oooo

6,407,800
498,000

316,670,200
79.472.700

200,792,500
74,724,700

25% o deposits..........

386.996.000 Tnc. 6,905,800
354,049,450 Dec. 6,712,050

396,142,900
330.044.100

275,517,200
273,007,925

iiTsurplus reserve.. . .

32,940,550 Inc. 13,677,850

66,098,800

2,509,275

Surplus cxcl. U. S. dep

33,557,250 Inc. 13,650,425

70,858,725

10,328,075

Legal tenders..........
ssg

307 706,900 Inc.
79,289,100 Inc.

fX N o te . —The Clearing House now Issues a statement weekly showing the total
of the actual figures on Saturday morning. These figures, together with the returns
of separate banks, also the summary Issued by the State Banking Department
showing the condition of State banks and trust companies not reporting to the
Clearing IIouso, appear on the fourth page preceding.

Foreign Exchange.— The market was generally firm until
after Wednesday, when it fell off, influenced by the ending
of the semi-annual settlements abroad; there was a recovery
by the close. Gold exports, $2,000,000 to Amsterdam and
$1,500,000 to Argentina.
To-day’s (Friday’s) nominal rates for sterling exchange
wore 4 87 for sixty day and 4 88% for sight. To-day’s (Fri­
day’s) actual rates for sterling exchange were 4 8665 @
4 8675 for long, 4 8805@4 8810 for short and 4 8835 @ 4 8840
for cables. Commercial on banks 4 8640@4 8 6 and docu­
ments for payment 4 S5% @ 4 86% . Cotton for payment
4 8 5% @ 4 85%, cotton for acceptance 4 8640@4 86% and
grain for payment 4 86% @ 4 86% .
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 16% a@ 5 16% for long and 5 15% a@ 5 15%<2 for
short. Germany bankers’ marks were 95 3-16@ 95% for
long and 95% @ 95 9-16 for short. Amsterdam bankers’
guilders were 40 41^ 40 43 for short.
Exchange at Paris on London 25 fr. 19c. Week’s range,
25 fr. 19%c. high and 25 fr. 18%c. low.
The week’s range for exchange rates follows:
------------- L o n g Sterling, A ctual —
4 867514 8810
High..........4 86(55
<a>
4 8655 4 88
L o w _____ 4 8650
@
P a ris H ankers’ F ra n cs —
5 16% I5 15% a
<3
High......... 5 16Ho
5 17>3|5 15%/!
Low .......... 5 1746a
©
G erm any Hankers’ M a rk s —
High..........95 3-16
@
9546(9546
D ow ..........94 15-16
@
9546|0546d
Am sterdam Bankers' G uilders —
40.42
High
D ow .............................................. I 10-40
Dess:
Plus:

a
k

1-16 of 1%.
1-16 Of l.%

d
x

1-32 of 1%.
1-32 of 1%.

Short-

a,

-C a b le s -

4 88151 4 8855
4 8805|4 8830

<3
(3

4 8860
4 8845

<3 5 1556 |
@ 5 1556a|
<3
@

95 9-16|
95%
I

<?d

40.441
40.421

©

A 3-32 of 1%.
1/3-32 of 1%.

The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah,
buying, 50c. per $1,000 discount; selling, 75c. per $1,000
premium. Charleston selling, $1 per $1,000 premium. New
Orleans bank, 75c. per $1,000 discount; commercial, $1 per
$1,000 discount. Chicago, par. St. Louis, 40c. per $1,000
premium. San Francisco, 25c. per $1,000 premium.




STOCKS.
W eek ending J u ly

2.

Alice Mining__________
Buff Itoch & Pitts, pref.
Buffalo & Susq, pref___
Colo Fuel * Iron, p ref..
Comstock Tunnel..........
Detroit E dison..............
Homestake Mining____
Manhattan Beach..........
M St P & S S M sub rects
second instal paid__
Pref sub rects 2d paid.
Deased line certificates
North Ohio Trac <fc Dlght
Ontario Silver Mining..
Rome W'atertown * Ogd
Vulcan Detlnnlng______
Preferred ............ .......

Sales I
for i
W eek .

♦* * *
cooo

itk u ik c r s '

R ange for W eek .
L ow est.

jl R an ge sin ce J a n . 1.

H ighest.

100 $2% July 2! $2% July 2
100130 June 29130 June 29
28 62 June 26 62 June 26
100 78 July 1, 78 July 1
900 26c. June 26 28c. June 30
115 76 June 26 76 June 26
715 91 July 1 91%June 28
900, 4 June 28 5%June 29
100135 June
240 147%July
300 91 June
400 27 June
100 3% June
10;125%July
460' 18% July
340 68 June

L ow est,

j H ighest.

S2
130
62
67
21c.
75
87
2%

Feb] $2%
June 130
Apil 63
Mch 78
April 30c.
June 76
Jan 94%
Jan 5%

May
June
Mch
July
Jan
June
April
June

135 June 30 130
148% July 1 147%
91%June 26 90%
27 June 30 23%
3% June 29 3%
125%July 1 125
19 June28
6
69% July 2, 45

May 135
July 148%
June 91%
April 27
April 5%
Mch 126
Feb 20
Jan 73%

June
July
June
May
Jan
Jan
June
June

Outside Market.— The dulness in “ curb” securities has
been more pronounced this week than for some time, even
business in some of the usually active mining issues dwindling
to insignificant proportions. There were few price changes
worthy of note. Boston Consolidated opened at 14%, rose to
15% and closed to-day at 14%. Butte Coalition eased off
from 25% to 25% and finished to-day at 25% . La Rose
Consolidated was active, advancing from 8 1-16 to 8% and
weakening to 8 3-16 ex-dividend. Nevada-Utah advanced
from 1 13-16 to 2 1-16, closing to-day at 2. Ohio Copper,
after advancing from 4% to 4% , jumped to 5% and ends the
week at 5 5-16. United Copper sold up from 10% to 10%,
then dropped td 10 and recovered to 10% finally. Goldfield
Consolidated sank from 7 11-16 to 7. Nipissing weakened
from 10% to 10. Among the specialties, Atlantic Gulf &
West Indies issues were strong and in demand, the common
advancing from 9 % to 11% and the preferred from 24 to
28% . Standard Oil gained 2 points to 690, sold off to 686
and rallied finally to 687%. American Light & Traction
common continued its upward movement, gaining 7 points
to 235. Chicago Great Western common, “ w. i.,” sold up
from 20 to 20% and weakened to 20% . The preferred,
“ w. i.,” advanced from 53 to 54%. Chicago Subway moved
up from 22 to 23% but suffered a relapse to 20%, recovering
finally to 21% . Third Avenue R R. new stock, “ w. i.,”
opened at 37, sold down to 30% and up finally to 32. The
bond department was also quiet. Chicago Milw. & St. Paul
deb. 4s, “ w. i.,” sold from 94 11-16 to 94% and back to
94 11-16. Kansas City Southern 5s were traded in between
100% and 100% and then transferred to the unlisted depart­
ment of the Stock Exchange, where sales were made from
100% to 101. Western Pacific 5s were off from 97% to
97% but recovered to 97%.
Outside quotations will be found on page 31.

New York Stock Exchange—Stock Hecord, Daily, Weekly and Yearly
O C C U PY IN G
S T O C K S — H IG H E S T A N D L O W E S T
Saturday
J u n e 26

M on d a y
J u n e 28

Tuesday
J u n e 29

Wednesday
J u n e 30

A L E P R IC E S .
Thursday
J u ly 1

F rid a y
J u ly 2

Sales o/
the
W eek
Shares

115 1153® 115 115% 115% 11C
115% 115% 115*8 115*4 115S,s 118
45,710
1047s 104% 4,360
106 106% 106% 10 6 1 ® 106% 10634 1 104 1043,s 104% 105
12834 12831
1281,4 128% 128*4 1283. *128% 129 *128 1 2 0
*127% 130
400
11734
118%
117% 117% 117% 118% 117*4 118%
117% 118% 19,350
117 117
95
95
*94
95
95
95
95
*94
96
*94
95
95
516
79% 79-% 79% 80
78% 79% 78*4 79*4 79% 7934 14,200
79% 80
1823s 182% 182% 1823,s $182 182
182% 18334 7,920
131% 181% 182 182
67% *G334 67%
67
*6634 68 % *64
*65
67% 08
671® *65
20 0
288 290
288 288
290 290 *285 295 *285 293
285 285
800
76% 77% 34,000
76% 77% 76% 77% 77% 773, 7G34 77% 76*s 77
*t)7a4
*68
69
69*.| *67% 69*4 69
69
300
69% 69% *67
76 *----*73
76 *___
76 *___
75
76 *_
75
*73
2
2 1g
23®
2
2
2%
1%
2 % 2 1 ,2 0 0
2%
2%
2%
2%
$60
60
60
60
60
60
*55
68
*55
56
*55
64
310
2434
*23% 25% 25% 25% 24% 24% *24
700
24% 24% *23% 24
412 4^4
4% 434
4% 43, 5,650
4
4% 4*4
4*8
41.4 4%
153 154
15438 1543., 34,450
ISIS* 1 5 2 % 152% 153
1533s 154% 158*2 155
*16834 1691® 169 169% 169% 169% 169 169% lbO^s
169% 1693., 1,439
18234 183 183% 182*2 182*2 18234 182% 1,490
18 2
1,82% jM2 % *182 185
225 * 2 2 2 225 * 2 2 2 225 *222 225 * 2 2 2 224. *224 225
*222
*158 ___ ♦158 ib5 *158 165
*158 165 *158 165
171 173 *168 175 *170 175
*165 175 *165 175
233
♦4
5*2 *4
*4lo
5
5
*4
5
51® *4% 5 % *4
14% 1334 13%
*13
1434 *13
15
*13
15
*13% 151® *13
10 0
76
*74
751®
*73
*73
76
*73
75% *73
75
*73
75
___ * 1 0 2
.. “
♦10 2
___ * 1 0 2
*103 10 0 * 1 0 2 106 * 1 0 1 1 ®
♦56*2
56«*4
563.,
5
7
56*4 56*| *56^3 5634
57
57%
800
*56
57
82% 82% 82% 82%
813.4 SI'*4 82
82 * 81% 83
S2
*81
675
*801, 803., 803g 80% 80% 80-%
SOI.4 80% *80% 81
*80% 81
505
103*2
104*2
194 1911® 6,570
1917s 1917s 192 194% 194 195
194% 194*s
650 650 *650 680 *650 680 £649 640 *595 680
*630 680
770
477s 48% 5,150
48% 4734 48
48
481® 4S
48% 48% 4.8% 48
85*2
35*2
*85
86
86
* 8 0 % 86% SO
86
85% 86% $86
1.010
*61
61*2 *00
61%
*60
62
62
*60
*60
62
*00
02
16
*10
17
16% 16
500
*16
17% 16
17% *15% 17% *16
31
31*4 *303., 3 2
32
32
32
*303.4 32
*30% 32
*31
500
36% 37
37% 373, 68,900
35
35*4 36% 35% 36% o2*
35% 3538 36
2 6«i3j
54
543., 8,100
5278 527,
52% 5234 52
52% 52% 53
44
443.1 1,500
*42
431® 43% 43% *42% 431® 42% 43
149 149% 149% 1495s 14CK>3 14034 149,% 150% 16,950
148% 14.334 148% 149
75*2 76*3 75% 761.i 7,550
75% 76
76
75
75
75% 7534 76
20
*14
15% 157,
16% 15% 15% *15% 16% 15*8 15*8 59% 60
♦59*2__
*58% 59%
800
597s 5S% 59
591.4 59% *
♦88*4 90
90
88
88
100
90 *___
*86
90 *
90 * __
♦100
115
*10O 115
*101% 115 *100 114 *110 115 *100 115
*90% 94
*883., 9-1
*9034 94
*91% 94
*91% 94
148% 148*4 148% 148% 148*3 148*2 148% 149-% 2,300
*148 148% 148 148
17% 16% 17% 16% 16% 16*3 1634 1 5 .3 16% 31,000
17
17% 17
48% 493, 78.682
51% 51% 52% 50% 51% 50% 511,
293, 29% 293, 293.|
29% 29% 2,150
291® 297s 293.4 30
56
563.4 1,500
57% 56% 5678 56% 56%
561.4 563.1 57
78% *77
78%
78% *7 1
167
76% 76% *76
*77% 70
*77% 79
45*4
46
453., 463s 1 ) ^ 0
46*4 453.1 46
45% 45
46% 46
45
7210 72
72*4 72% 72% $72% 72% 72% 72% 723s 72'% 8*«.S0
71
2633 26**3 *26
27l*> *26
27%
27
100
27l*> *26
27% *20
*26
♦58
63
*59
63
*58
63
63
63% *5S
*60
♦60
63
70
70*4 *70% 70% 4,100
09% 69% 70
67
*65% 69
*65% 09
140% 141 ♦140 140% 140% 140% 1,400
*141 141% 141 141% 140*4 111
*1421® 147 ♦143 147 *143 147 ♦143 147 *143 147
20
22
28
*23
27
18
18
*23
610
27
2578 2578 *23
55^4 6534 1,300
56*4 56% 56% 5534 5534
56
56
*55
66
*86
*84
871®
200
*8G
91
89% *87% 87*4
*86
91
140 140% 13934 1393j 3,137
1381s 138% 138*4 138*4 139 139*4 140 140% 151
15l% *150 152
550
149*4 149*4 *149 151 *149 152
*148% 151
41% 41% 41*4 41% 41a, 4134 42% 8,700
40*s 407s 41
40% 41
73
*72
73%
73
73% 73%
400
*72
73
*72
73
72% 72% 73% 733a 3,100
73
72% 73% 73
73
73
73
73
*130 138 *130 138 ♦130 138 *130 138
*130 138
53
53%
700
*50% 521® 51% 51% 52% 52% *51% 53
24*4 24% 26% 9,250
24% 24% 2334 23*4 233j 2334 24
13234 1«J3% 1327S 13338 34,925
132% 133
132*8 -323, 132*4 133% 13234 1333., ♦55
57
♦55
57
*54
57
*55
57
*55
57
*53
57
*100 110 *100 110 *100 110 * 1 0 0 n o * 1 0 0 n o * 1 0 0 1 1 0
♦80
85
*80
85
*30
85
85
*80
*80
85
*80
85
*171 172% *170 172% *171 172% *170 172% *170 172 *171 172
521, 531, 52*2 5234 52% 527x 4,850
53
52% 53% 53
52
52
1,600
89% 89% 89% 89% 89% 89% 89% 90
90
90
*89% 90
*85% 88
88
88
88
*85
88
100
*85
*85% 83
*85
88
14934 150% 150% 151% 151% 152% 151*4 152*8 151% 1523s 152 152% 26,775
*97% 99
*97% 102
100
98
*97% 100
98
*95
98
*95
98
*100 105 ♦100 105 *100 105 *100 105 *100 105 *100 105
*95 100
*95 100
*95 100
*95 100
*95 100
. *95 10 a
1361.4 136% 136% 130% 1363s 136% 136% 136*.; 136% 13C34 136% 1373s 18,390
♦92
93
*92
93
*02
93
24
92
93
$92
*91
93
*91
*110 120 *110 120 *110 120 *110 120 ♦ n o 12 0 *110 120
15534 157
157 158% 303.400
1535® 155
154% 1503.1 156% 1573s 155% 157
1,140
92% 92% 923;
92% 92% 92*4 92*4 923., 9234 923., 93
*92
101 101
1.300
*99 101% *98% 101
100 101
97
97
97% 101
33% 108,425
3073 31*8 31*4 32% 32% 33% 32*8 33*4 33
30-% 31
71
71%
70,% 7134 13,000
70% 701® 0978 703; 71
7U® 70*4 71*4
*66
69
68
691®
69
725
09
*66
*66
69
*66
60
*66
461® 5,050
43% 44% 45% 45% 46% 46
*421,4 43% *42% 43% 43
27%
27%
800
27% 27% 273s 27% 27% 275s 27% 27% *271, 27%
♦ 6834 69
6834 69
1,800
68*4 69
681® 68% 68% 683.1 68% 69
131% 13238 132% 133% Xl31% 1313., 131% 132% 213,550
1297s 130% 130*8 131
13,005
132 132% 132% 13234 133% 134% x 130*4 131% 131% 13134 131% 132
31% 11,100
31
307S 31% 30% 31
31% 3034' 31% 303., 31% 31
68% 69%
940
69% 69% §00% G9% 09% 69% 08% 69% 68->s 69
900
343| *34
35
34% 3434 341, 34% *34% 3434 34% 34%
*34
20
22
16
20
20% 213,
39.995
23% 241® 21% 231® 21% 23
*8
9
*83,s 9
*8
♦3
9%
9
100
9% *S
48% 2,500
47'% 47% 48
47% 483s 48
*4G% 47% 46% 48% 47
68
68% 68% 68% 2,600
68% 68% 68'>s
69
68
67%
435
*103 106 *103 104*4 103% 103% 104% 1043s +101 104% 104% 1011®
1917s 193% 19234 1933s 193% 194% 193% 1941® 193 191% 194% 194% 223,050
102 102% 102% 102% 102% 103% 10334 1041., 16,525
102% 103
100% 104
*30
39
39
♦37
39
56
55
55
55
55
*54
55
600
*55
56
55
213., 2134 21
2134 5,275
21% 211® 21% 217s 2 1 % 22% 21*4 22
56
5634 24,300
56*4 57*4 5638 57
55% 56% 56*4 57% 5 7 % 58
127S 131;S 12% 13%
8% 11% 52,810
11% 12%
133| 1278 14
12
10
10
11
*9% 101®
*10
*9% 11
12
11
*10
*10
200
*21
23
*21% 23
2234 23
*21% 22
22
*21
23
22
300
*11
13
*10
12
13
*10
12
*11
*10
12% *10
12
*55
57
5634 1,200
55
*55
663, *55
553,4 54% 55
55
55
893.1
893.1
*893,,
897,
89% 89%
90
90
*90
89% 89%
400
91

_

__
__

TW O

1'AfiK!
R ange since J an . 1 1009.
On basis o/ lUO-share lots.

STOCKS
N EW Y O R K STOCK
E XC H AN G E

R ange 1or P revious
Tear (1908).

Highest

Railroads
& SantaFe
A tchDTopeka
o prof___________
Atlantic Coast Line R R . .
B a ltim o re & Ohio-----* •> Do pref__________
Brooklyn Rapid Transit
Pacific_____
( 'lanacllan
Canada Southern_____
Central of New Jersey___
Chesapeake & O hio_____
Chicago & Alton R R ____
Do pref_____________
lilcago Great Western .
Do 4 % debenture;____
D o 5% pref " A ” -----D o 4% pref " B ” -----Chicago Mllw & St Paul
Do pref_____________
Chicago & North Western
D o pref_______________
Chic St P Minn & Omaha
Do pref---------------------Chic Un T rac ctfs stmpd
Do pref ctfs stm pd___
Cleve Cin Chic & St L ---D o pref_______________
Colorado & Southern____
Do 1st preferred______
Do 2d preferred______
elaware & H udson___
D elaware
Lack & W est.
Dcnver & Rio Grande—
Do pref______________
Detroit United__________
Duluth So Shore & Atlan
Do pref______________
I j'r l e -----------------------------t-J Do 1st pref_________
D o 2d pref_________
Great Northern pref_____
Iron Ore properties___
Green Bay & W . deb ett B
Electric______
H avana
Do pref___________
Hock Val J P & M Co rets
Hocking V alley p ref____
llinois Central_________
I nterboro-M
etropolltnn.
Do pref_____________
Iowa Central____________
Do pref______________
Ft S & M tr cfs, prel
KC
ansas City S ou th ern ..
Do pref___________
& W estern_
L akeDoErie
pref____________
Long Island_____________
Louisville 4b Nashville__
\ I anhattan Elevated___
i* l etropolltan S tr e e t___
Minneapolis <fc St Louis_
Do pref______________
Minn St P & S S M a rie..
Do pref---------------------Mo Kansas & Texas_____
Do pref---------------------Missouri P a cific_________
Chatt & St Louts.
N ash
at Rys of Mex 1st pref
D o 2d pref— _________
N Y Central & H udson.
N Y Chic & St Louis____
Do 1st pref___________
Do 2d prof___________
N Y N H & H artford____
N Y Ontario & Western.
Norfolk & W estern_____
D o adjustment pref—
Northern Pacific------------Coast Co_______
P acific
Do 1st pref_________
Do 2d pref------------P enn sylvania----------------Plttsb Cln Chic & St L ._
Do pref_______________
O e a d l n g ..-------- -----------LU 1st pref------------------2d pref____________
Rock Island C om pany—
Do pref____________ _
San Fr, 1st pref.
S t LDo& 2d
pref_________St Louis S outhw estern..
Do pref_______________
Southern Pacllk: C o-------Do pref____________ _
Southern v tr cfs stm pd.
Do pref
do
'P e x a s & Pacific_______
1. hlrd Avenue (N Y )---Toledo Railways <Jc Light
Toledo St L & W estern ..
Do pref— ..__________ Twin City Rapid Transit
P acific__________
U nion
Do pref___________
Unit Rys In v’t of San Fr
Do pref_____________
a s h _____________
W a b Do
pref................
Western Maryland_____
Wheeling & Lake Erie—
Do 1st p r e f .._________
Do 2d pref___________
Wisconsin Central______
Do pref Trust Co ctfs

97% Jan 1.
JOOU Jan 20
107% Jan 14
103% Feb 23
92 Feb i
07 Jan 9
rl05 Mch 3
OOli Jan 11
215 Feb 2 3
555s Jan 0
577« Feb 24
71 Feb 24
Us J ’ly 2
55U J ’n e ll
23 J ’nelO
4 J ’ne2s
141 Feb 23
158% Mch 15
1731s Feb 24
x208 Mch 15
148 Apr 22
ISO's Jail 30
412 J ’ne 18
133.4 A pr 17
08 Jan 20
100 Jan 4
56 J ’nel4
7612 Jan 2
73i4Jan 2
16734 Feb 24
535 Feb 6
3703 Jan 0
79% Jan 0
56 Jan 30
15 14 Jan 0
28 Feb 23
225s M ch ll
36L M eh l;
2812 M chll
136% Feb 24
05 % Mch 12
14 Feb 20
39 Feb 1
83's Feb 6
97 May 3
8 8 A pr 27
13/ Feb 22
H 58 Mch 23
30% M ch23
27 Feb 24
5 H2 Jan 4
74*4 Feb 2
37 Feb 23
6778 Feb 21
10l2 Feb 25
48 Jan 23
69 Jan 4
x l 2 l Jan 20
142 •Mch 25
18 J'ty 2
52
Mch 0
81 Mch 10
132l2Jan 2
147 Apr 13
351® Feb 23
71 Feb 23
05 Feb 24
122l2 Jan 5
441® Apr 5
23 J'n e2i
120i2 Feb 24
4812 Mch 15
100 Feb 20
76% Apr 6
1571g Feb 24
4214 Feb 24
84% Jan 0
85is Mch2o
13 3 14 Feb 24
70 Mch 3
100 Mch 30
88 Mch 27
1201s Feb 83
861® Jan 5
104 Feb 10
118 Feb 23
89 Mch22
90 Feb 1
207s Feb 24
5758 Feb 24
65i4 Mch29
36 Feb 23
201® Feb 25
47% Jan 6
1143s Feb 24
118% Feb 24
22 Feb 24
60 Jan 6
30 Feb 24
10

J’ly 2

7 Mayl2
._ Feb 26
43
04% Feb 24
97 Jan 2
172% Feb 24
z94 Mcli 1
30 Feb 25
50>4 Feb 25
16 Feb 23
41 Feb 23
87s J ’ly 2
8i® Feb 0
20 Feb 21
10% Feb 20
357® Jan 0
SOU 'Tch31

Highest

11/

J 'n c ll
60 Feb 101% Dec;
J ’ne2y
833s Feb 104 Dec,
J’ne 8
691® Mch 111% Dec
J ’nelO
7012 Feb ill7 s Deci
Apr 12
94 Deo,
80 Jan
J ’ne 7
693., D e c
3714 Feb
140 Feb ISO's N ov
J ’ne 4
68
May2S
54 Mel
68 N OV,
2981® May 12 160 Feb 129 Dec
8 OI4 May20
2512 Feb
6y% Dec
7434 Apr 1
687s Dec
10 Feb
79 Dec
781® Mch2?
47 Mch
lit® Jan 2
145,3 N ov
3% Feb
681.; Allg
64
Mayl7
33% Mch
r'i ' Dec,
37 Jan 4
151® Feb
lfisJ a n 2
6 Feb
1718 N ov
157is J ’no '
152% Dec
103'® Jan
104% Dec
17 0 3 4 J ’ne
138 Jan
186i2J’ne 3 135i2 Jan
185% Dec
$z25 Jan 5 $185 Jan 224 Dec
16U® J ’nc 8 114 Feb 160 Dec
174 Dec
174 J ’ne 14 1401® Jan
7% Dec
% Apr
7 Jan 4
18 Dec
4 Apr
18% Jail 27
4 7 1 ®J ’ne
70% Dec
7912 Feb 16
19% Dec
105 Meh22
85% Feb
69 Dec
21 Feb
68*4 Jan 8
79 Dee
50% Jan
86
May 1
70 Dec
3934 Feb
«4i2 Jan 7
141% Feb 181%’, Dec
200 MayH
575 N ov
680 Apr 22 420 Jan
401® Deo
64 A pr 20
14% Feb
83% Dec,
39% Mch
90 Feb 10
60 NoV
621® Feb 20
32L Apr
18*4 N ov
6 “ Feb
21 Jan 16
3334 N ov
lis.i Feb
301® Jan 15
30 N ov
39 J ’ne 7
12 Mob
613S Dec
243s Mch
55is J ’ne 5
41 Dec
4534 J ’ne 5
10 Mch
148% Dee,
15I7S J ’ nelO 1133i Feb
76% N ov
7 i% J no 16
48% Jail
17% Dec
8 Jan
17 Jan 4
40 Dec
00 J ’ne 15
20 Mch
84 Dec 1
89 J ’ne 12 $70 Jan
104% Dec
118 J ’nelO
02 Feb
93 Deo
941® J ’n e li
69 Mch
151^4 J’ne 7 122% Feb 14934 N ov
20 Dec
63,i Jan
19 Jan 6
49% Deo
5233 J’n e28
17% Feb
321® Dec
10
Feb
30
Apr 15
67 “ Dec
02 Apr 15
27% Feb
75% Dec ,
67 Aug
7 9 i2 May 13
423s Dec
483s Mayl4
18 Feb
72% Dec
747s Mch30
46 Feb
20 Dec
28 J ’no 8
12 Jan
58 Deci
047s J ’nel4
34 May
60% D e c,
30 Feb
711s May24
1451® J ’no 8
87'4 Feb 12 534 D e c
15134 D e c :
12 0 Jan
1 5 3 1 ®Jan 4
44% Dec,
42 Jan 5
15 Feb
66% Dec,
20 Mch
65 Jan 8
90 D e c
61 Feb
90 Jan S
79% Jan 1 135 Nov.
149i2 Jan 8
159 Jan 7 123% Feb 151% D ec1
43% Dec
17% Mch
4473 Jail 22
75% Dec:
46 Feb
75U Jan 21
67% Dec
77*4 J ’nc 4
28% Feb
122 N ov
1)734 Jan
138 J'ne 8
54U May25
2o>s May22
135 J’no 4
126 Dec
90% Jan
59 J ’nc 7
57% Dec
24% Jan
100 Feb 20
105 N ov
90 Jan
87 Feb 4
85 Dec
60 Feb
1743.4 j'n e 14 1283.3 Jan 1 6 1 Nov
55i>s J ’ne 12
47% Dec
29% Feb
9418 Apr 22
86% Nov
58 Feb
88 Jan 20
88 1)09
74 Mch
164% j ’n e ll
157% N ov
1167s Jan
0934 Am- 1
93% Jan
66 Sep
100% J ’nc23
90 May
90 May
100 Meh31
79 Mch
97 Jan
1393s May 4 10834 Jan
132% Dec
94 Feb 4
88% Dec
59 Jan
110
Mch 26
81% Mch 10834 N ov
1693.1 May 20
92% Feb 143% Dec
93 Jan 5
92 Dec
78 Jan
1043., Mayl3
70 Jan
99 Dec
34i® J ’ne 8
25% Dec
10% Feb
72% Mayl3
625s Dec
2034 Feb
71 Apr 20
42 J ’ne
69 Deo
4714 May 13
42% Dec
19% Feb
2812 J ’ne 2
10 Mch
24 Dec
7U2 J ’no 2
6678 Dec
2 4 1 2 Feb
135 J ’ne 8
66% Feb 122% Dec
137 J ’ne 8 1063.3 Jan 126% May
326s J ’nc 6
9% Jan
27% Dec
25% Mch
71l2 J’no 7
63% Dec
1234 Feb
373.1 Feb 6
37% Dec
15% Mch
42'® Jan 18
47 Aug
1 6 % Jan 2
0% Oct
15% Dec
64»4 Apr 19
12 Feb
60 Dec
74i4 Jan 4
33 Feb
73% Dec
107 Feb 15
781,4 Feb
96% Deo
195 J ’ne 10 110% Mch 1847s N ov
110 J ’ne 24
79% Apr
98 N ov
391® J ’n c 21
15 Jan
40 Dec
69 Apr 29
27% Jan
59% Dec
243s J ’nelS
684 Mch
205„ Dec
Ol'i.i J ’ne 15
13 Mch
5234 Deo
5 Mch
28% May 7
24 Deo
127s Jan
4% Mch
13 Dec
25's Jan 8
12ls Apr
26% Dec
15% Jan 8
0 Feb
1534 Nov
0378 Apr 20
13% Feb
38% Dec
917.® May 10
10024

135
120
96
82%
1853s

BANKS AND TRUST COMPANIES— BROKERS’ QUOTATIONS
Bid
A sk
Bid
Bid
Ask
Bank;
Banks
Banks
Fifth _____ 300
350
ChHseaEx 1 200
180
F irst______ 800
N ew Y o r e
630
825
Chemical -- f520
155
159
14th St 11 - . 165
180
A e tn a _____ 175
420
350
345
F o u rth ------ 220
Am :rlca 1!. - 575
585
335
___ G a lla tin ---- 340
Amor Exoh. 250
255 Coal & Iron 260
360
2571®
___
300
G a rfield __ 270
Batteiy P'.c 13)
1254
285
425 Germ Ain 1 140
375
Bowery II . . 376
180
BronxBorol 300
Commerce . 1821® 187% Germ’n ExH 450
VIerch Exch 160
___
Bryant P k 1 155
160
245
Germania 11 650
1163
Greenwich H 265
280
150 Corn Ex"f . - 335
Butch <fc Dr 140
Metropolis 11 375
135
176
Hanover . . 545
Century 11-- 170
East R iver. 126
187%
175
Imp & Trad 535
390
165
545
295
805
Irving N Ex 187% 192% Mutual H— 290
'Chatham
Fifth Aveil 4000
T Bid and ashed prices; no sales were made on this day. i Ex-rlgnts. $ Less tnan 100 shares.
“ Sale at Stock Exchange or at auction this week. h First Installment paid, n Sold at private

Banks

Bid

Ask

__

__




__

A sk

__

560
435
345
262%
261
195
170
__
195

Banks
Nassau 11—
New N eth’d
New YorlcCo
New York .
N’ ht &Day1
19th W ard .
Northern . .
Pacific 1U-P a rk ............
People's
PhenLx------

B id

205
200
750
t331
221)
450
110
230
467%
280
175
610

A sk

Banks
Prod Exch U
Reserve____
S ealioard_
S e co n d ____
S h e rm a n _
State H____
12th W ard.
240
23d W ard 11
472% Union Exc .
vVash H’ ts 11
295
185
West Side 11
625
YorlcvlUe H

__

210
___
—
260
475

__

Bid.

A sk

165
142
360
375
135
290
175
100
187%
266
600
425

170
__ m
375
__ _
__
200
196-

310
E x-dlvidond and rights, b New stock!
11 State battas.
sale at this price.

JNew lorfc StocK Eecovd (Concluded-

J u l y 3 li)0 9 ]

S T O C K S — H IG H E S T A N D L O W E S T S A L E P R IC E S
Saturday

June 26

Monday
June 28

Tuesday
June 29

Wednesday | Thursday
J V 7c fi" I
July 1

Friday
July 2

Sal's o.
the
\V:ek
Shares

,
STOCKS
N EW YO K K STOCK
E XC H AN G E

25

-Page %
Range since Jan. I 1909
Or boas is 10<)-share lot;

Range 1oi Previous
Year (1908)
Highest

Industrials At Iscellaneou
♦ 2 1 r»
(■215 ___ ♦215
♦215
*215
A dams Express_______
190 Jan 20 §19934 May 6
164 Jan §200 Auq
*151* 16
15% 151
700
*15% 16
llLs-Chalmfirs
1 5 % 15 1
15% 151 *15% 16
Uls-Chalmers
12% Feb 24
163a Decl
5 Mch
iei 2 Mayl7
900
53
51% 511
51% 513 *52
51% 521.
51% 515 *51% 53
5434 J ’ne 14
Do pref___________
5234 Dec
38 Feb 24
1» Mch
823* S27 64,550 Amalgamated Copper___
815* 823
80% 8U.
813.1 823
80% 813
81
83
883* N ov
65 Feb 26
1 8 1 * j ’ne '
4518 Feb
44
461.
3,000 Amcr Agricultural Chem
43% 431.
437* 44%
43% 431
44% 441 *43% 441.
46 I4 J ’ly
35 Nov
13 Jan
3 3 12 Jan
100
►100 102
101 101 •••100
___ *100 ----- *100 ___ *100
Do pret_____________
96 Nov
95% Jan is 101 J n e ls
78% Jan
4.334 44
19,200 American Beet Sugar___
4334 44
43% 431;
43% 433
435* 441
43% 441
44l2 J ’ne2.
247* Apr
20% Jan 1 3
9i2 Feb
150
96%
*94
97
96% *94
96% *94
961; *94
95% 951 *94
Do pref_________
97i* .rue 11
82 Jan '
81% Dec
65 Jan
111 1113,800 American Can__________
11% l i t
*11
11%
11% 117s 11% 113
11% ID
14i* May21
7D Feb 23
4 Feb
10i4 Nov
803.1 803.
82
821.
2,710
82
Sl% 813
813.i 82182** 82% 82
Do pref______________
86 .1 ’ne 4
767* Nov
71*2 Feb 23
44 Jan
57% 57% 7,400 American Car & Foundry
56% 563
56
56% 56** 57% 57% 571.
56% 56%
5812 j ’ne
5034 Dec
4414 Feb 24
V5i2 Feb
600
117% 1171 *117 118
117 117
117 117
117 117 *117 118
Do pref....................
107% Feb 23 1 1 7 1 2 J’ne 9
84 >4 Mch J09 Dec
8,250 American Cotton Oil____
74% 74% 74
741.1 75** 733.1 74% 741 751
74% 75574%
4434 Nov
2434 Feb
421* Jan 5 7634 J ne 12
*102 105 *102 105 *102 107 *102 107 *101 107 *102 1051,
Do pref_______
97 Nov
§80 Jan
98 Jan 7 IO6 I4 May H
*223 230 *223 230 *223 230 *223 230 *22.3 230 *223 230
American Express.
§230
Mayl
$205 Feb 5
170 Feb §224 Maj
8%
8%
1,100
*8% S3.,
*8*3
85*
8%
81.
8% 8%
8% 85,
American Hide & Leather
91 * J ’ne26
0% Feb 25
81*> Dec
234
Feb
43
*41
42L
411 413
1,000
42% 421. *41
43
42% 42% *41
Do pref
3734 Dec
43i2 J ’ne '
84 Feb 24
12l2 Mch
40
900
39
39% 38% 38%
39% 39% 39% 39% 39% 39L *39
187* Jan
42% Apr 13
317* Aug
1212 Feb
173*
*17
17%
2,300
17%
1734
16%
17%
*17
17
17
*16% 17%
20 J ’ne 14
12 Feb 25
)7i2 Dec
0 Mcb
44^4 451g *44
45% 44% 45145
2,500
46
43% 43% 44
44
Do p ref.
4734 J ’ne 14
29 Jan 12
36i4 Dec
17 Mcl
GO 61% 60% 601* 60% 60% 5,2001 merican I.
*5834 59% 59% 591.
59% 60
595 * Aug
49 Feb 23 62i2 J ’ne ~
313* Feb
118
118
soo
118 118
118% 1181.
►
117 117% 117% 1173 117% 117%
Do p ref.
IO9 I4 Feb 24 H 8 V1 J ’ly
85i2 Jan 113 Dec
934 10%
93.1 10% *9% 97*
95* 95* 1,8001
9% 9%
*9
9%
l l i 2 J ’ne
7 Jan 7
8% Sep
1 Mch
55% 54% 551., 54% 54L *54
51
51
55 , 3,600- Do pref.
52% 53% 54
42 Jan 7 58l-> J ’ne 3
6 1 * Sep
21 Jan
88
*87
87% *87% 873,
88
88
87% 88
*871.1 88% *87
897* May20
80 Jan 4
84%
Aug
70
Jan
895* 90% 90%s 90% 90% 923* 915* 923* 913* 92% 9234 93
7734 Feb 24
97i2 J ’ne 7
55i2 Feb 107 Aug
1107* 1107*
111 111
1 1 0 % 1 1 0 1 . 110% 1107* 110% 1107* 110*4 111
Do pref.
101 Jan 2 1 1 4 1 * J ’nc 3
1103* Aug
87-%
Feb
*250
300
*250
300
*250 300 *250 300
►250 ___ *250 300
merican Si
225 Mch 9 §255 A pr 17 180 Aug 200 Apr
_
*101 106 *101 106 *101 106 *101 106 *102 100 *101 106 L_
Do pref.
95 Mrh 1 105 iMayU2
97% Sep
80 Mch
49
4834 49
879
*48
49% §4734 473 *48
49% 49%
49
49
347* Feb 24
51 J ’ne 3
41 N ov
28 Sep
1247*
128
124
1247*
126% 127% 125% 127% 120 127% 10,050
124 124
12 1
J ’ne 17 136 A pr 8
13734 Aug
9834
Jan
1223.1 124% 124% 1245* 124% 125 *124 125
121 121
*120 122
1,040
Do pref.
120 J ’ne 16 131 Apr 8 105 Feb 131 N ov
1413,( 142% 1413, 142% 112% 1427* 140% 141% 140% 1407* 1405s 1407* 16,695
1427*
J
'n
e
ll
125 Feb 1
132% N ov
101 Jan
1007* 1007* 1005* 101
1007* 101
*100 101
1007* 1007* 1003.1 KM).)* 1,490
9012 Feb 6 104 MaylO
9712 J ’ly
72i2 Jan
34
34
34% 341.1 33*4 347* 33% 3334 3334 3113.t
*33% 35
1,000
26 Feb 4 37l2 J ’ne 7
32% Dec
15% Feb
1023.1 1023., 103 103 *1023* 104
103 103
*102 105
800
10734
J
’ne
14
1031* 103%
Do pref.
9334 Jan 6
78%
Feb
97 N ov
47% 48% 48
47% 48
49% 487* 49% 48% 49% g4S% 48% 9,050
83734 Feb 26 $52 May 8 ¥271- Feb
531■> N ov
112 112
112 112 *109 114 *109 114 *109 114
*112 113
200
105 Apr 2 114 J ’ne25
*109 ----- *109 ___ *109 ___ *109 ___ *109 . . *109
Do 2d pref.
10U2 Feb 17 10412 Feb 1
4%
5
43* 4%
478 5%
5
51o
5
5 900
5% 5%
5
$5i2 J ’ne30
$27* Jan 29
45 Mch
$2% Jan
30% 31% 31
29% 29% 29% 30
31% 3034 313* 30% 303.i 4,500 O ethlehem Steel_______
18% Mch 9 3 33 * J ’ne 5
2 7U Nov
12 Jan
*61
623* 01
61
00% 02
61
61
420 * > Do pref____________
§61% 61% *61
64
64i-> J ’ne
47 Feb 24
35
57
N ov
Apr
140 140 *139% 141 *139% 141 *139% 141
*137% 140 *137% 140
100
118 Jan 28 141 J ’n e ll
385 Feb 15 2 14 N ov
*18% 19% *183., 19 ’ *18% 191" *18% 19
§19
19
*18
50
19
2034 J ’nc 12
13 Jan 1 3
17 N ov
6 Jan
33
31
31
*30
34
*30
32
*30
32
§30% 30%
150
347* Mayl7
237* Jan 2
§10 Feb §25 Jan
307* 81%
303.[ 30% 307* 3 1
313* 313* 31
2,700
31% 307* 31
33 Jan
33 Dec
25i2 Mch “
151* Feb
1043* 1043* *1037* 104% 104% 104% 1047* 1017* *101 105 *104 105
490 ’
9934 Apr
1»5% J ’ne
102 Dec
7534 Jan
427* 4 3 % 427* 433* 43% 44%
433”, 447* 4.33* 445* 441.1 445* 14,100 (
45i
2 Jan
29
Feb
23
42
Dec
15%
Feb
63*4 63% 64% 63^2 64
62'8 0318 63
1,600 < & Hock Coal & Iron.
64% 64% 603.4 633,
213* Feb 23 6714 J ’ne 10
27% Dec
1434 Mch
1393( 140
140 140
140 141% 140% 1405* 13934 140
140 140
5,800 (
11412 Feb
165U Jan
167 Dec
96
Jan
223.1 23% 22% 227* 23% 23% 23
23% 23
3,800 (
23% 23
23
2 6 i2 J ’ne 2
20% Aug
16i2 Feb 2
1034 Feb
87% 873.1 873.1 88
SS
887* 2(875* 875S 87% 87% 87
87% 2,474
Do pref.
93% J ’ne 1
80 “ Aug
7314 Feb 24
56 Jan
♦57
01
__ _
*57
61
61
*57
01
*57
........... c
61 Mas 25
4514 Oct
45 Jan
47i2 Oct
*38% 39
*38% 39% 39% 401* 393* 40
*39
40% *39
40% 4,700 T
4112
Jan
25
3 2 % Feb 23
-8% Dec
2
7
1
4
Feb
*70
90 *----88
*70
88
*70
88
______
*70
88
*70
88
94 Aug
55 Mch 2 9512 May 11
72% Nov
*871.1 90
*87% 89
*8734 90
S734 8734 *87% 90
100
*87% 90
93 MaylO
Do pref.
89 N ov
50 Feb 24
59 Feb
65% 9 ’ne
$45 Mch20 §45 Mch 20
55 J ’ly
*91 100
*91 100
*91 100
*91 100
*91 100
*91 100
Do pref______________
0 U2 May 11
$90 Jan
731* Feb 100 " J ’ly
161% 161% *101 162
161 1623., 1G034 161% 162% 16.33* 164 164% 6,200 (
16234 Dec
1501* Feb 23 164i2 J ’ne 12
i
l
l
Jan
*99 103
*99 103
101 101
*99 102
100 (
*99 102
*99 102
91 Mch 12 110 Jan
109% J 'ly
7S34 Jan
*84
85% *84
851-> 85
85
*84% 85
400 i nt Harvester stk tr ctfs
84% 84% *84% 85
86 l2 J ’ne 14
62 Jan 30
J’ne
67=s N ov
121^4 1213.J *121 1213., *121 122 *121 1217* 121% 121% *121% 122
400 ■ Do pxef stk tr ctfs__ IO9 I4 Jan lu 123 J ’ne 3
110>4 N ov
J
’ne
7%
/%
75* 75*
7% 75*
7% 734
7
7% * 7 % 75* 3,100 1nt Mer Marine stk tr ctfs
9 Jan 2
7 Feb 25
9 May
Oct
241* 213* 241* 243* 21% 24% 23% 23% 2.3
235* 23% 2334 2,925
Do pref______________
275* J an 2
21
Feb
23
267s Dec
Feb
16% 1634 16% 161o *153., 10
*151 ■ 161- *15% 16% 16
IOI4 2,425 1
1634 J ’ne 8
912 Mch 13
13% Nov
Apr
627* 627* 62% 62% 6234 63
62% 63
2,000
64
26.3
6.3
63
Do p ref.
0414 J ’ne 8
4734 Mch 18
65 Jan
Oct
*39% 3934 *39
393i
39% 391* 39% 397* .3934 40
39% 3934 2,012 I Jternat St<
33% Feb 26
4234 M ayl
3978 Dec
Jan
♦80*^4
87% 87% 875* 875* 8734 883* 88% 89
8S34 89% 2,425
Do pref.
89% May 13
82% Jan 30
84
% Dec
Jan
81
81
*79% 81
S0% 80% *79% 80% *79% 80
*79% 80
450 V
827* J ’ne 5
70 Jan 21
78 N ov
Feb
*73% 747* *733.i 747* *73% 747* *73
747g *73% 747* 7.334 7334
100
Do pref____________
75*8 J ’ne 10
69i2 Jan 9
7134 N ov
6978 Feb
*105 10634 *105 105 *104 107 *104 107 *105 106 *105 106
23 |Jatlonal Biscuit____
1085* Jan 16
9612 Jan
97 Dec
68 Jan
*122 125% *122 125% *122 125% *122 125% *123% 125% *123% 125% _____ 1 *
Do pref________
118i2 Jail 11 126 May 7 102 Jan
120% Dec
16
16
16% 1634 17
17
*16% 17% lf>34 163*
163* 103* 1,100 h at Enamel’g & Stami
18% J ne 8
125* Feb 24
15% Dec 1
71* Feb
*87
90
89
89
*88
92
*S8
92
*87
91
115
§89
S9
Do pref____________
82 Jan 5 92 J ’ne 12 •70 Feb 48214 Dec
*85
85% 853., 86
853* 863* 86% 865* 86% 863* 86
4,850 I\
86
90i4 Apr 19
92 Aug
71>4 Feb 25
36 Feb
*107 108% 1071.1 107% *107 108% *107 108% *107 108% *108 109
100
Do p ref.
10234 Apr 21 111*2 May27
IO6 I4 N ov
871* Jan
1% 1%
1%
134
1% 1%
15* 2
15* 15* 10,150 IS
1*4 2
$6 Jan 2
$li2 J ’ne24
$9?s Jan
$4% Oct
87
87
87
87
88
88
*87
S9
700 IS
*80
SS
87% 87%
80 Feb 23 92 Jan 8
98 N ov
50 Jan
♦132 ___ *130 137 *130 137 *1.32 135 +132 135 *132 135
........ . IS
§113 Jan ; 137 J ’n e25
122 N ov
90
Feb
82
82
8153 825* 81% 823.,
82% 82% *81% 83% 83
83
3,200 IS
72 Jan 13 87i2 J ’ne 14
7h N ov
42i* Mch
327* 3134 32
33
33% 32
31% 31% 31
31% 31
2,800 ]
31
40V) Dec
291*. Feb 24 36% ,'an 14
24 Apr
*113 114
113% 113% 114 1147* 114 1147* 114% 1141- *114% 115
2,600
101% Jan 13 11812 Apr 12
10 6 % Dec
80
Jan
11
11
*11
12
*11
12
*11
12
*11
12
*11
12
300 £
13% May24
10 Apr 21
143s Dec
81* Mch
*47
50
*46
49
*40
49
*46
49
*45
49
50
*45
Do pref.
40 Feb 25 50 J ’ne 8
50
Deo
361* Feb
42% 4234 4234 4234 42*4 43% 4.3% 44% 43% 433.1 43% 44
3,420 I ressed Ste
4638 J ’ne 2
30i2 Feb 23
45 Dec
17U
Feb
*102 103
102 102
102% 103% 103% 10334 *103 104
104% 104% 1.093
Do pref.
96 Feb 26 105 May $
102% Dec
69 Jan
*187 190 *187 190
18S 1SS §1S9 1S9 *187 190 *187 190
125 1
169 Jan 30 19U2 May21
174 N ov
147 Jan
6% 0%
6% 7%
6% 7%
65* 7
6^2
7% 9% 11,010 Q
15* Jan 4
914 J ’ly 2
1 % Dec
1 * Apr
7
7
7
8
6% 6%
6% 6%
734 83, 2,000
7
7
Do p ref.
3 Mch 29
10 M ayl 3
3 % Dec
U* Jan
*43
44% *43
44% 43% 43% 43% 44% 437* 4.37* 443* 443* 2,000 1
3212 Mch 8 4 S34 Jan 2
49% Dec
2334 Feb
*100 105 *100 104% 104% 101% *103% 105 *103% 105
105 105
300 1U Do pref.
977* Feb 24 1 0 8 J ’ne 4
103 Dec
75 Jan
*30*4 31% 30% 31
31% 31
30*4 31% 31
.313* 313* 311- 0,340 I lepubllc Iron
165* Feb 23 346i J ’ne 7
29 N ov
1434 Feb
104% 1041.) 104 101% 1045* 1043* 10434 1043., 1043* 105
1041.1 105
3,940
Do pref____
671* Feb 24 108U J ’ne 7
63 J ’ne
89% N ov
83L 83% 833* *83
*8Ui 82% *81% 82% 8134 825jj 83
84
940 C
87i2 J ’ne 10
68 Feb 23
8 1 % N ov
36
Jan
§115% 115% ____ 115 3 4
11534 1153., *114 115 ‘ 113 11534
125 C
Do p ref.
1073* Feb 20 117 J ’ne 5
1 1 0 i4 Dec
8712 Jan
37% 3S% 38% 38% 38*4 3834 38
38% *37% 393,
38
38% 1,020 d
$3434 Feb 26 $49 Jan 4 $25% Feb $52% N ov
*89
90
89% 90
*89
do
*89
90
*91
90% 91
92
1,400 ’I
80i2 Feb 23 92 MaylO
84% Dec
45 Feb
15
15
15
15
*145* 15U *1453 15% *145* 15% 1.700 [
*14% 15
16% J ’ n e 18
y5* N ov
914 Feb 24
4 Feb
80
811*} 81
81% *78
81U *78
*78
80
81
81
81
1,800 '
Do p ref.
66 Jan 8 81% J ’ne29
4478 Jan
66% N ov
*110% 11034 1 1 0 % no% 110% 110% 110% 1105.* 1105* 1105* ►
1103* 1105*
875 U
IIOI
4 J ’ne2l Ills* J'ne 12
*32
34
*325* 3334 *31
33
*32
.33
*31
33
*31
33
---------L
307 * Dec"
35% J ’ne 5 ~17% Feb"
24*8 Feb 24
85
85
§82% 823., *8234 83% *821.1 8334 *82% 83%
85
85
364
Do pref.
70 Mch 2 87% J ’ne 15
565* j an
787s Aug
87
87
*85
90
*85
8S
*85
90
*85
90
*85
90
200 L
§99
Apr
30
82
Feb
lo
90 Jan
70
Feb
81% .81% *81
*81.
81% *80% 81% *80% .81
81% 81% 81%
200 U
64 Feb 2 3
8512 Mavl7
64 N ov
36i4 Feb
17
*15
163,| 14% 14% *14
*11
16% *14
16% *14% 16%
100 L
10
Mchl2
17% J ’ncl7
15% Aug
4 Feb
*34
38% *35
38
38% *34
*36
38% *35
38% *35
38%
Do pref______________
2J Feb 24 38?* J ’ne 17
16 Feb
39
Aug
39
§38
38
*38% 3S% 38*4 38*4 *38
38% ,38% 3S3.i 38%
500 l
27 Feb 24
17*4 Feb
37% Aug
42*2 J ’ne 4
11534 1157g 115% 11534 *115% 116
1153.1 11534 *115 116
116 116%
750
Do 1st p ref.
98 Jan 29 118 J ’ne 7
76 Feb 108 Deo
*82
85
*82% 85
*82
85
82
82% *81
84
82
82%
500
Do 2d p ref.
67i2 Feb 25 85 J ’ne 4
42 Feb
75% N o*
667* 69% 68% 693* 681* 69% 687* 69% 112,450 U
653,i 66% 6 6 % 66*4
4 1 14 Feb 2 3
6978 J'ne 14
2534 Jan
58*4 N ov
123% 1237* 1233, 1243* 1243* 126*4 125% 1203* 125 1263* 1253.1 1261,1 26,407
Do pref.
107 Feb 23 1283* J'ne 3
871* Jan
114% N ov
487* 493 * 485* 49
§487* 487* 48% 49
*48
49
487* 49% 3,950 d
$3918 Feb 26 $53 May 7 ^20 Jan $5234 N ov
54** 55%
545g 55*8 54^3 55
54J8 643,1 535* 54% 54% 547* 9,300 V
407* Feb 24 56i4 J'ne 14
4534 Dec
16 Feb
*120 123
123 123 ►122 123 ‘ 120 123 >120 121
•120 121
150
Do pref.
114 Jan 19 123 J ’ne2s x87 Jan 115 N ov
___ ___ *61
*62
05
63
63
65
*62
65
*62
65
200 V
57 Feb 23 66 J ’ne 3
43 Jan
68 N ov
*315 ___ *315 ___ ►315 ----- 315 . . .
‘315 ___ ►310
_____ \ rclls Fargo & C o_____ 300 Jan 5 330 May28 §250 Feb 325 N ov
721- 7234
72% 72% §72
*72
73
72
72
72% 713., 72% 1,522
estern Union T eleg..
64
Feb
24
41
Feb
78i2
May
7
7134 N ov
84 <* 85
85
85
85
85
*84
85
843.i 85% 85% 85% 2,300 V\
74 Feb 24 87i-> J ’ne 14
38 Mch
94 N ov
*121 124% ►
121 124% 121% 121% 120 1221- ►
121 122% ►
121 122%.
50
Do ifrt pref.
110 Mch 3 123 J ’ne 7
58 Mch 125 N ov

__

__ __

BANKS AND TRUST COMPANIES— BANKERS* QUOTATIONS.
Banks

Hid

Ask

Banks

Hid

Ask

B r o o k ly n

B r o o k ly n

Borough 11. 90
105 North Sldel 150
410
Broadway 1 5350
Peopl s----- 155
Jirodklyn 1,.
145
Prosp’ctPkll 150
245
260
First _____
Terminal 11
130
90
,'llllsldcT,___ 110
Union 1]____
110
125
Home Bk 1i
100
125
1tomcat eadl
Trust Co’s
420
400
Manulac’rs
,v y c i t y
250
Mechanics’1 240
Astor _____ 315
140
145
Montauk
Bankers’ Tr 730
270
N assau------ 240
B'way T r . . 140
310
flat C ity__ 290
* Bid and asked nrices: no sales on this day.
t Sale at Stock Exchange or at auction this

__




Trust Co’ s
N Y C it y

_____
____

160
130
100

325
145”

week,

Carnegie
Central T r.
Columbia _.
Commercial
Com’wealth
E m p ir e __
Uault’ blo Tr
Farm Lo AT
Fidelity . . .
Fifth Av Tr
F u lto n ____
s

Hid

A sk

185

195

2G<
145

148
155
300
275
495
475
1310
208
204
1400
t‘287% —

Trust Co’ s
Guar’ty T r.
Guardian Tr
H u d s o n ___
Knlckerb’kr
Law T I &Tr
Lincoln T r.
Manhattan
Mercantile
Metropol’ tn
Morton T r.
M utual____
Mut AH’ net

Hid

A sk

690
1165
170
320
1218
165
370
725
550
600
120
120

710

170
390
750
127
130

Trust Co’ s
NY Llfe&Tr
N Y Trust.
Standard Tr
TltleGu & Tr
Tr Co o f Am
Union Trust
US Mtg &Tr
Unit State*.
Van Norden
Washington
Westchester
Windsor

Hid

A sk

tll2 0
575
350
S0J
370
390
1275 1300
450
465
1200 1215
250
275
410
375
145
150
135
145

_
__

Trust Co’ s

b id

B r o o k y ln

Brooklyn Tr
Citizens' . .
Flatbush - .
Franklin . .
H am ilton__

415
132
200
200
265
108
Kings Co . . 490
1. Isl L & Tr 300
Nassau____ 150
People’s ___ 285
A1tlfiamsb g
80

Trust co. certificates. II Banks marked with a paragraph flh arc State banks.

430
140
275
510"
315
170
fob"'

New York Stock Exchange—Bond Record,'Friday, Weekly and Yearly
and interest"— " Z f p i tor income and defaulted bonds.
BONDS
N. Y . STOCK E X C H A N G E
W e e k e n d in g J u l y 2

Efi

Price
Friday
Ju ly 2

Wettts
Range or
Last bale

Ih lN lld
Range
bince
i N. Y . STOCK E X C H A N G E
W eek E nding J uly 2
q-C January 1

Price
Friday
July 2

Weetc's
Range or
Last bale

R ange
S in c e

January 2*

H ig h
ASH L ou
L ow t u g h
Hia
Low
High No Low M igh C
80
53
80
77
79 4
80
du pret income g 5s---- p l94 f )ot
l01=s J’ne’09 ... 1014 102 4
80
80
51
80
80
77
3d pret Income g 6s stam pe".
l02 4 May’09 . . . . L024 103
90=8........ 89=8Feb’05
1 102 103=8 ; Chatt Div purmon g 4 s .l9 o l j-i's
[02
102
104*8 J’ ue 08
1024 J’ne’09 . . . . LOO>4 102 4 ! Mac As N or D iv l s t g os.1940 J-J 105 4 ........ 116 N ov’06
Mid Ga As A tl Div 58----- 1947 J-J 105 109s,
104 n o 4
1 1 0 4 ........ 110 4 May’09
Mobile
Div
1st
g
6s........1940
J-J
1 1 9 4 M o y ’0i
1194 U 9 4 1
04 100
4 105 104 4 May'09
121
121
1 121 121
0Jen RR As B of Ga col g 6s 1937 VI-N 104
129
128
n t o f N J gen’lgold 6 s . 1987
J 127 4 Sale 127
101 Mar’09 . . . 101 1 0 1 4
127 4 May’09
127=4
........ 1*8
Registered.................. A1987
109 4 J’neOO
1104
110
........
A
m
Dock
A
s
Imp
gu
5
s
..1921
F oreign Governm ent
Le As Hud R g e n g n g 5 s 1920 j - j
Imperial Japanese Governin'!
99=4 101
101 J ’n e ’OO
100*8
.
Leh
A
s
W
ilks
B
Coal
5
s
.
.
1912
1
93*8
Sale
81
M-N
93
h
94
90*8 9 4 4
Sterling loan 4 4 * .............1925 F-A
1003s 1003fc 17 99*8 100 4
Con ext guar 4 4 s ___ j/1910 y-M 1 0 0 4 .
93
93 4 16 8 9 4 94
2d series 4 4 s ..................1925 J-J t 93 Sale
‘J 80=, 88*.
N Y As Long Br gen g 4s 1941 M-S lo o ,
87
Sterling loan 4 s .............. 1931 J-J : 86=4 87 4 87
Dacilio
bee
So
Paclllo
Co
:
102
Sale
4
.02
4
1
9
2
4
101=4 1 0 4 4 C
Repubot Cuba r>s cxten debt.. M-S
894
8 9 4 15 8 0 4 89=4
8 9 4 91
41 |]924 95
Q-F
95
C
San Paulo (Brazil) 5s tr rects’ 19 J-J [193 4 Sale ,93 4
I 97=4 1 0 1 4 C
98 4
U S ol .Mexico » l g 6s ot 1899 W-J ......... 98*« 98 4
1014 1034
1 0 1 = ,........ 102 J’ne’09
1
A
-0
9
3
4
9
34
9
3
4
94
9 2 4 95
C
Gold 4s ot 1904..................1954 J -0
U 4=8 117
1st consol g 5s................... 1939 M-N 114=4 sale 1 1 4 4 115
%T hese are pr ices 0 n the b xsis 0 / $5 to £ .
114 4 F eb’09
13 4 1 1 4 4
Registered....................... 1939 VI-N
S ta te and City S ecu rities
100=4 103 4
1
0
1
4
1
0
1
4
ioi=a
Sale
Gen
funding
As
n
n
p
t5
s
.l9
2
9
110
Jfov’OS
J -J
1 0 8 4 .........
Dist ot Columbia 3 '65s------1924
104 I 00=8
104=|*
General gold 4 4 s ..............1992 m - s 104 -j Sait 104 4
95 ......... 105 4 D e c ’04
Louisiana new consol 4 s ..1911 J-J
105
105
105
A
p
r
’09
Registered....................... 1992 M-S 103 . . . .
New York C i t y 89*8 J ’ne’09
8 o 4 91
Big Sandy 1st 4 s .............. 1944 J-D .......... 88=8
101 Sale 100*e 101 355 1 0 0 4 1 0 1
4s when ana as issued. 19o9
i
i
o
May’Oc
107
4
110*4
109
113
Craig Valley 1st g 5s___ 1940 J-J
1014 27 10l 103
101 102 4 101
4% Corporate stock — 1958
90
90
J a n ’09
Potts Creek B r 1st 4 s . . 1940 J -J .......... 9 0 4 90
L01=4 D ec’08
4 % assessment bonds ..191 8
9
9
4
J
’ne’09
994
.1
00 4
..........100
R As A DlV ls tc o n g 4 s ..l 9 8 9 J-J
i 11*4 -Bale 111=8 in '*. 95 1 1 1 4 1 1 2 4
N ew 4 4 s ............................ 1957
9
0
4
A
p
r’09
06*4
904
2d consol g 4 s..................1989 J-J ......... 90 4 1134 l<eb’05
104 104=4
..................... 1044 May'09
New 4 4 s ........... . . . ...1 9 1 7
Warm Spr Val 1st g 5 s ..1941 M-S 107=8...
111=8 111=4 in = b n l 4 i s i 111=6 1 1 2 4
4 4 % Corporate Stock ..1 0 o 7
95
sep
’
08
..........
95
4
Greenbrier B y l s t g u g 4s ’40 M-N
1 0 4 4 1 0 4 4 104 4 J’no’09 . .. . 104 1 0 4 4
4 4 % assessmt bonds___ 1917
78
30
77 »6 J ’no’o
101
1 101 103*4 CJliic As A lt HR ref g 3 s ...1 9 4 9 A-O ......... 78
101 ......... 101
4% Corporate Stook___1957
76 4 J ’ne’09
7 3 4 77
Railway 1st lien 3 4 s . . .1950 J-J .......... 7 5 4 73 F e b ’ 09
1 1 2 4 ......... L13=8 J’ ne’09 . . . . 112=4 113=8
N Y State— Highway 4 s ..1968
73
73
Registered....................... 1950 J-J
101 ......... 102 4 Jan ’09 - .. 102 4 1 0 2 4
99=4 100=4
do Carolina 4 4 s 20-40........ 1933 J994
993® 1 0 0 4 9 9 4
9 5 4 ......... 95=4 F eb’09
95 4 95=4 6Jl<ic Burl As Q— Denv D 4s 1922 F-A loo
Tenn new settlem en t*s.. 1913 J98 101
904,
100
Sale
9
1
4
May’
09
General
4a...........................
1958
90
94
fM-S
9 1 4 93
Virginia t n n d d e b t 2 -3 s ...l9 9 i J ­
90
93
01 4 J ’ne’OO
90
91
45 J'ne’09
40
45
Illinois D iv 3 4 s ................1949 J-J
3 7 4 48
Os delerred Brown Bros ctfs.
9 1 4 L e o ’Ub
Registered.......................1949 J-J
100=4
ib*3*s
101
1014
1
0
0
4
l
u
i
4
Ills Div 4 s ..........................1949 J-J
R a ilro a d
106=8100
100*4 A p r’09
Iowa Div sink fund 5 s ..1919 A-O 1 0 5 4 ......... 9934 J’ne’oo
- i Utoaina Cent bee So By
90=4 I0l»4
99=8 99*8
Sinking fund 4s.............. 1919 A-O
A la ba M idi bee A t Coast Line
100 4
100
1004102*4
1
0
0
4
101
Nebraska Extension 4s. 1927 M-N
Albany & Susa bee Del So Huo
101 4 Mar’Oo
1
0141U 14
Registered.......................1927 M-N
Allegheny Valley bee Penn Kit
1004 May’ 09
99 100=8
99 4
Southwestern D iv 4 s ___ 1921 M-S
A Hog & W est bee Bull 11 & P
Joint bonds Nee Great North
......... 8 6 4 8 5 4 j ’na’09
84
87=4
Ann Arbor i s t g 4 s..........A1996 Q-J
102 1 0 3 4
102
102
101% Sale 100\
1014 2*61 1 0 0 4 101=4
Debenture 5s.................... 1913 M-N 102 Sale l034*T’ne’09
Atoh X So 8 Fe— Geu g 4s. 1995
1034 103=4
Han As St Jos consol 6a. .1911 M-S 103 103=
9 9 * 8 ......... 100*6 J’no’06
99 100*6
Registered...........................1995
85
90
38
4
88
88
88
93=4 28 92
93 4 ......... 93
9 5 4 9Jliio As E 1U ref As Imp g 4s 1955 J -J 129 131
Adjustment g 4 s........... A199o
1394137
137 May’09
..................... 9 2 4 Feb’09
1st consol g 6s........... .. ..1 9 3 4 A-O
924 924
R egistered................... )tl995
114
LU
116=4
114
114
116
4
43
93 4 94
General consol I s t 0 s ....l 9 3 7 il-N
93 4
94
924 954
Stamped........................./ilOOO
114 114 4
114 May’ 09
114=8 Sale 113=4 114=6 260 1124 U 4 34
Registered....................... 1937 ■U-N
Sub rects (full paid) conv 4s
114 115
114 J’ ue’Oc
115=8 Sale 114=8 U 5 4 616 102 4 110 4
Chic As Ind C ity 1st 58.1930 J-J 1 1 3 4 1 1 6
Couv g 4 s ............................1955
116=8
Sale
i92
115
1164
105=4 U 6 4 CJiiicago As Erie bee Erie
10-year conv g o s ......... 19 ir
127 129
128
128
99 ......... 9 6 4 Mai’Oo
Jliic In As Louisv ret O s...
J - J 128 129
Debentures 4s SeriesH .1910
1124114*8
98 4 N'ov’ 04
Refunding gold 5 s........... 1947 J-J 113 1 1 3 4 112 4 May’09
Series 1 ............................ 1911
1014102 4
1
0
1
4
1014
.........102
Louisv N A As Ch 1st Os.1910
t
9 8 4 ......... 9 8 4 l ’ ue’09 . ... 98 4 9 8 4
104=8 10 u 4
Series K ...........................1913
104=8 May 09
97
9 7 4 97 4 J’ ne’09
J 104*8 1 0 6 4 104
97
99
1JhicMU As St P term g&s 1914
East Okla Div l s t g 4 s . . 1928
102 *-j 104=8
104 4
.........106
General
g
4
s
series
A
..e
l0
8
9
04*6
J’neOo
9
4
4
95
.
.
.
.
J-J
944 964
Short Line 1st 4s g ........-1958
103 4 Oct 'Oa
Registered.....................el989
Atl Knox <&N 8 'e e L * N
92=4
3t 90
90
«0
90 . .
G
eneralg
3
4
s
series
B.elOSO
5
95
9
6
4
7
95
4
96
9
4
4
06
Atlantic Coast 1st g 4 s ./t l9 o 2
10U=4 109=4
U /0 4 May’09
1 3 2 4 ......... . . .
Ohio As L S u D iv e 5 s . . ..192 1 j - j 100 . .
Charles So Sav 1st g 7 s . . 1930
112=8
1
134
1124s
J’ue‘09
112
4
1
1
3
4
Ohio As Mo R iv D iv 5 s ; . . 1920 j - j
j 1 2 6 4 ......... 127 J’no’09
127 127
SavF«& W 1st gold O s..1934
1014 iO i'g
Chic As Pao D iv 6s........... 1910 j - j 101 101:V 1 0 1 4 J’ue’ in*
0 1 1 2 4 ......... 114 May’09
114 114
1st gold 5s....................... 1934
1
0
9
4
1
1
04
1
0
9
4
1
0
9
4
1
0
9
4
Sale
M
110
.........
Ohio
As
P
W
1st
g
5s........1921
110*6
May’09
. . . . UO*a i l 0 * 8
j -j
Ala Mid 1st gu gold 6s ..1 0 2 8
106 4 105*8
[
96 ......... 9 6 4 J’ne’09
Dak As G t So g 5s..............1910 j - j 1 0 5 4 1 0 5 4 106’ s M a i’09
964 064
Brans As W l s t g u g 4 s ..1 9 3 8
121 .... 1 3 7 4 J 'l y ’ 9l-'
g
90
Sale
89
90
33
Ear
As
Son
assu
g
Os........1924
j
j
86
93
4
L As N coil g 4 s ...............ol952
102 4 May’ 09
1*02*4 i 0*2=4
H a s t * D D iv 1 s t 7s........1910 j - j 10138___
97 ......... 9 7 4 J’ne’09 . . . . 97
974
811 Sp Oca As G gu g 4s . . 1918
101 101
101 Mar’ 09
1st 5s..................................1910 j - j 1 0 0 4 101
Atlantic As Danv bee South Uy
109 4 -Nov 08
1084 . .. .
1919
LaOrosseAs
D
1st
6
s___
j
j
Austin As N W Nee Sou Pacific
ioi*4 ioi=4
101=8 May’09
Mineral P oln tD lv 5 s ....1 9 1 0 j - j 100=4 101
93*8 9 4 4 94
9 4 4 41 93
944
alt & Ohio prior 1g 3 48.1 9 2 5
101 4 102
101
So Minn D iv 1st Os..........1910 j - j 10 L 1 0 1 4 101 4
I
9c 4 ......... 93 May’09
92
93
Registered..................A1925
100=8 100=4
1 0 0 4 May’09
Southwest
D
iv
1st
Os___
1909
66
;
100*8
sale
J-J
1
0
0
4
100*8
9 9 4 101 “s
Gold 4 s .............................. /tl948
109-4 110
W ls As Minn D iv g 5s___ 1921 J-J 109=4........ 110 .iiay’ 09
2 99 100=4
[ ......... 9 9 4 9 9 4
99 4
Registered...................A1948
101=4 101*8
MU As N o 1st M L O s....1 9 1 0 J-D 101=4........ 101=, J’ne’09
108 ......... 120 Oct '01 ....
Pitts J nno 1st gold (3s... 1922
1 0 0 4 ........ 107 4
107=8
107=4
1974
le
t
consol
Os...................
1913
88=8
J’ne’09
J-D
V
.........
89
88
894
PJunAs 51 Div 1st g 3 4 s l9 2 5
1144 1 1 0 4
1144
Milo As Northw cons 7 s ___ 1910 Q-F 114 4 Sale 114 4
M 9 3 4 Sale
934
93*4 16 93
96
P L E A s W V a S ysrer 4sl911
101 102
Extension 4 s..........1886-1920 F-A 100=4........ 102 J’ue'b9
90=4 39 90
......... 90*6 90=6
91*8
Southw Div 1st g 3 4 s . . .1920 _
99=4 lUi
Registered........... 1880-1020 E-A 100 *a......... loo 4 J’ne’09
......... 9 0 4 91 A p r’09 ___ 91
91
R egistered................. .A 1025 u-<
92 Sale
90 4
92
63 9o*a 94=4
General gout 8 4 s ..............1987 M-N
Slonou R iv l8 t g u g 0 8 ..1 9 1 9 F-. \ 100 ......... 105*8 Feb’07
9 3 4 Apr ’09
93 4 93=8
y-E * ......... 91
Registered.........
—.
.
.»1987
103
J’
ne’09
103
103
S
1
0
2
4
.........
Cen Ohio R 1st o g 4 4 s . . 1930
111 4 May’ OO
Sinking fund Os...1679-1929 A-O 112
D 113 113=, 113=4 May’o; . . . . 110 4 1134
Cl Lor As W con 1st g 6s 1933
109=4 109=4
Registered........... 1879-1929 A-O 1 1 0 4 ......... 100=4 Eels ’09
11341134
D 113 ......... 113 *a F e b ’09
Ohio River KK 1st g 6s.l93(5
108 109
Sinking fund 6 s . . .1879-1929 A-O 1 0 8 4 lOO 4 108 4 J’ne’09
U ......... 110 4 1 1 0 4 110 4 To 1 0 8 4 1 1 2
General gold 6 s..............1937
110 4 J a n ’09
110=4 1 1 0 4
Registered........... 1879-1929 A-O
0 110=4......... 1 19 4 Mar’IK
Pitta Clev AsTol 1st g Os 1922
1 0 0 4 J’ue’oo
1004101
Debenture os..................... 1393 M-N io o 4 10034 100=8
98
J
9 8 4 ......... 98 A p r’09 . . . . 98
Pitts As W est 1st g 4 s . .. 1917
May’09
100=8 1 0 0 4
Registered.......................1999 M-N 100 4 .........
100 N ov’O*
Stat ls l K y 1st g u g 4 4 » 1943
1 0 7 4 J ’ne’uO
107
1U0»8
10741094
A-O
Debenture os..................... 1931
Beecli Greek bee N V C As 11
103 J’ue’07
Registered........... . ......... l ‘J21 A-O
Bellov As Oar bee IlUnolaOent
113 J’ue’09
111*81134
M-N 112 4 1 1 3
Sinking
fund
deb
5
s........1033
Bklyu As Montank bee Long 1
109 J ’ly ’Oe
113
Registered.......... .........1933 .Vl-N
Bruns As W est bee A tl Coast L
101 1 0 1 4
M-S 100 4 . .. 101 A p r ’09
North
IlUuois
1st
6
s----1910
Buttalo N Y As Erie bee Erie
119
16 119 119=4
MU L S As W est 1st g Os 1921 M-S 1 13 4 119 4 119
S 116 116*6 117 May’09
1164 117=8
Buffalo RAs P g en g 5 s . . .1937
_
Jan '09
1134115
E x t As Imp s fund g 5s 1929 F-A 1 1 3 4 114 115
S 1 1 0 4 ......... 1 1 0 4 n o * f
i 109 1 1 0 4
Consol 4 4 s ........................ 1957
142 4 F e b ’02
M-S 122 . . . .
Ashland
Div
1st
g
6
8
-1
9
2
5
L
O
O
J
a
u
’O
i
100
100
.........
O
1
0
0
4
Ail As W est l s t g 4s g u ..1998
123 J8 A p r’09
122=4 123*4
1
2
1
4
123=8
J-J
Mich
Div
l
s
t
g
Os..........1924
_____
J 115 4 ------ 103 J’l y ’Oe ___
Cl So .Mali 1st gu g os----- 1943
1 0 3 4 ila y’09
103 4 103 4
In co m e s...........................1911 M-N 101 103*
A 118 118=4 118 4 J’ne’ Ol ... 1 1 8 4 1 1 0
Rooh As Pitts 1st g O s...1921
113 4 ........ 1 1 3 4 113 4
113*4 1 1 4 4
D ......... 1214 1 2 1 4 J’ne’09 . .. . 118=4 1 2 1 4 Chlo Rock Isl As Pao O s ...1917 J-J 112 4 1 1 4
Consol 1st g Os.............. 1922
112 4 J’l y ’oa
J-J
Registered.......................1917
Buttalo As South west bee Erie
100
General gold 4 s..................1988 J-J lOU-j sale 100 4 A p r’09 64 99*8 i ‘o*{*4
J ......... 8 84 89=4 May’09 . . . . 8 7 4 00
Butt As Susq 1st ret g 4s.dl951
1004
09=4 1 0 0 4
99=4
Registered___ _ ___. . —1988 J
Bur C It As N bee C R I As P
92
91=8
U0=s 94
9 1 4 sale
Refunding g 4 s ................ 1934 A-O
J 1064 106«( 1 0 6 4 10 6 t 14 1 0 6 4 1 9 7
lan So 1st ext O s ..............1913
97 J’ly ’04
iM-N 99
CoU
trust
S
e
rie
s!!
4s
.
.
191o
102
4
J’ne’09
102
103
.
.
.
.
S
.........
102
>
*
'2d 5s....................................1913
97 J’ne’OO
97
97
97
M-N
J
4
s
...................................
1912
100=4
May’
O
'"
s ...................
...
Registered.......................1913
9 4 4 Mar’ou
944 944
94=8
M 4 s ................................... 1915 M-N
CarbAs Sliawn bee i l l Cent
93=4 Feb’ 09
93=4 93=4
954
M-N
N
48.......
1910
Carolina Cent NeeSeab A ir L
95
95
9 3 4 *96 4 95 F eb’09
O 4 s.................................... 1917 M-N
Carthage So A d bee N Y U «S> H
92=8 9 6 4 84 Aug’07
P 4 s ................................... 1918 M-N
CeU it la E As N bee B O R As N
80=» 396 75 4 8 2 4
80
80 4 Sale
M-N
Ohio
R
I
A
s
Pao
R
R
4
s
„
2
0
0
2
Cen Brancn ity bee M o Pao
65 Aug’Oa
Registered...................... 2002 M-N
A 115=4........ 116 4 F eb’O* . . . 1 1 5 4 1 1 6 4
Cent of Ga ltlt 1st g 6 a ..p l9 4 5
93
92=4
874 944
92=4 93
CoU trust gold 5 s ..........1913 M-S
U 108=8 111=8
N 1104111
1104
111
Consol gold os........ . .. .. .1 9 4 5
Bur
Ced
R
A
s
Northern—
113
A
pr’O
n
...................
.
.
.
Registered.......................1945
May’09
115
115 117
116
114
A-O
Cou 1st As col tr g 5 s . . . 1934
874
90*
t .......... 91
79
90*8
1st pret income g 5 s. ...p l 9 4 5
L2041
Mar’l>3
Registered................... 1934 A-O
90
90
......... 91
80
90
Stamped ...................................
111 N ov’05
C H IP As N W 1st gu 68.1921 A-O i*0*8*
82
84
2v 63
t
80
83
84
3u pret income g 6 s ....p l 9 4 5
M As St L 1st gu g 78—1927 J
i'. 60
83 4
84
80
83
84
2d m ef income v 5s stamped ___

Rta
ask
l). is. Governm ent
J 1014102
U S 2s consol registered.dl93o
J 1 0 1 4 102 4
U S 2s consol c o u p o n ....d l93u
U S 3s registered........... ,fc l9 l8 <4-1 102 Sale
1 0 1 4 102 4
0 8 8s coupon................... fcl918
U S 3s cou small bonds../el018
118 119
U 8 4s registered................. 1926
120 1 2 1 4
U 8 4s coupon.......................192o
U S Pan Can 10-30 yr 2s.fcl936 Q-N 1 0 0 4 1 0 1 4

3:

t :1

_

ti

B

.....

C

.....

illlS O E IJ.A N K O IJn
S tree t H allw ay
Brooklyn Rap Tr g 5 s........1945 A-O
1st refund conv g 4 s ___ 2002 J-J
BkCity 1st cou 5 s .1910.1941 J-J
B k y Co<& S c o n g u g 5 s .1941 M-N
Bklyu Uu E l 1st g -1-5S.1950 F-A
Stamped guar 4-5s___ 1950 F-A
Kings Co El l s t g 4 s___ 1949 E-A
stamped gnar 4 » ..........1940 E-A
Nassau Elec gu g 4 s ___ 1951 j - j
Conn Ry«& L i s t * r e t g 4 4 s ’51 J.J
Stamped guar 4 4 s ......... 1951 J-J
Den Con T r Co 1st g 6 s ...1 9 3 3 A-O
Det United 1st con g 44s-1 9 3 2 J-J
Havana Elec consol g 53.1952 F-A
Inter-Met coll 4 4 » ..............1906 A-O
Inter Rap T 3-yr couv 6s. 1911 M-N
InternatTrac coll tr 4 s . . 1949 J-J
UIUI Elec
DilDL iOUlV
UII 5
oo.toou
'--O
Manila
lst<& G
coll
s .1953 M-S

......... 107
8 6 4 Sale
103 103=8
90
99 4
103 104
1 0 3 4 .........
87 4 .........
8 7 4 .........
81
83

101*8 102=8
102

.....

No price Friday: latest this week. j|Elat. aD ue.ian




1024108
8 1 4 894
1024105
994 994
1004 106
1024103
86
874
85
88
7 8 4 84
102=8 102=6
101=8 102

- * - - **8*2*4
89
92
80 Sale
104=8 Sale
............

B O N U S—Continued on N ext P ago.

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

s tr e e t R a ilw a y
Met St Uy gen col tr g 58.1997
Ref g 4 s ............................... 2002
Bway<& 7 t h A v l s t o g 6 s 1943
Col<fc 9 U lA v ls t g u g 68.1993
Lex A v * P E 1st gu g 5s 1993
Third A v e R R cou gu 4s 2000
Cent T r Co oertfs stinpd...
Third A v e Ry 1st g 5 s .. 193/
Met W S El (Clue) 1st g 4 s . 1938
N Orl Uy So Lt gen 4 4 s - 1 0 3 5
S t Jos Ry Lt H & P l s t g 5s 37
St Paul City Cab con g 68.1937
Underground of Lon 6 s . .. 1920
4 4 s ................................... 1933
Income 6a.......................... 1948
Union El (Ohio) 1st g 6 s ..l9 4 o
United RRs San F r s f 4 s .1927
United
Kys
St—L lo t fg 48.1934
^ -------- --J ------ -

a Due -vur . « Due .hay p D n o .i’ ne A D u e j ’ly

81=4
82=8 10 81=4
67 4 May’09 . . . . 66
103 J’ue’OO
103
100 J’ ne’OO
100
100 4 J’ne’OO . . . . 100
72 4
72 4 ' 6 65 4
J-J
69 4
72=4 167 6 3 4
110 J’ne’OO . . . . 109
J-J
93 4 J’l y ’ 06
......
F-A
85
3 83 4
. . . 80's 85
J -J
98 N ov’08
M-N 101
110 4 Nov’OU
J-J
98 A p r’09
98
M-N
994
844
844 * 1 7 3 4
J-J
8 4 4 85
37 4 10 22
37
374 374
84 Oct ’08
A-O
75
764
8 72
7 6 4 sale
A-O
J-J ......... 85=6 85 J’ ne’OO . . . . 8 4 4
«D u e Aug; uDuo Oct p Due Nov < Option
E-A
A-O
J-D
M-S
M-S

81=4 84
...
1*03** io s
105
100
......
'*7*6** sale
107 100

......

_

88
03*»
1054
102 4
102 4
72 4
72=4
1164

.....

864
98
86
374
79*,
86
Sale

.Ju l y 3 1909.1
BOiS l »
N . Y. STOCK E X C H A N G E

W kkk Ending J uly 2

New York Bond Kecord
Price
Friday
July y

WeeU s
Range or
Last Sale

Range
Since

January 1

H id
A sk L ou
H ig h
Chio Bock 1 & Pac— (Con)
102 Aug’of*
Glioo Ok <fe G gen g 5s .01919 J-J 104*4
. 111*2 111 A p r’09
Couaol gold 5s......... ...1 9 5 2 M-N
105 Mar’OSi
Keok <fc U e s ll 1 s t 5 8 ....1 9 2 3 A-O
Ohio S t L iS iN O See 111 Cent
Ohio St E & Pitts See Penn Co
Ohio St P M & O con 0 s . . . 1930 J-D 128*4 130 12834 J ’ne’09
93 Dec '03
9 2 * 8 ....
, Cons 6s reduced to 3*as.l93i J-D
1293s May’09
‘ C h S t P * Mmn 1st g 0s 1918 M-N 128 . . . .
Nor Wisconsin 1st 6 s ...1 9 3 0 J-J 127 ____ 1295a May’09
S t P & S O lty 1st g 6 s .. .1919 A-O 115*4 117 H534 May’09
112*2 A p r ’09
Chic<& w est Ind gen g 6s 91932 Q-M 1 1 0 * 2 ....
95*i
Consol 50-year 4 s .............1952 J . J ......... 9 4 7s 95*4
Chic & \V .Mich see Pore Marq
Choc O & Gulf See C B I & P
99
113 Oct >00
Oin H «fc 0 2d gold 4> os...l9 37 J-J
107*4 107*,
Cln D <& 1 1st gu g 5 s ...1941 M-N 108
80
C F i n d * Ft W l s t g u 4 s g .’ 23 M-N
92
70 Aug’08
Cln 1 & W 1st gu g 4 s . 1953 J-J
96*a Jan M9
Ind Deo & W 1st g 5 s ... 1930 J-J 108
107 *a D eo’02
1st guar gold 5s............ 1935 J-J
O IS t£ *C
See O O C cfo St L
Oln S A C See C O O S t 1.
Clearfield & Mall See B B A P
97
97«fe 97*2
97*2
Olev Cm C & St li gen g 4s 1993 J-D
95 .
97 May’09
Cairo D1y 1st gold 4 s ....1 9 3 9 J-J
93 .
94 >2 May 09
Cln W <fc M Div 1st g 48.1991 J-J
907s J ’ne’OP
957g .
St L DIt 1st col tr g 4 s ..!9 9 0 M-N
91 Get ’07
Registered......................1990 M-N
92 F e b ’08
Spr A Col IMv 1st g 4 s .. 1940 M-S " 90“ ;
95 ,
98 Hep ’06
W W Val Dlv I s t g 4 s . .. l 9 4 0 J-J
106 A p r’09
C 1 St Li A C consol 6 s .. 1920 M-N 105*8.
98 »g .
9 8 7b J ’ne’OO
1st gold 4 s...................../cl930
98 .
97 *let ’08
Registered................&1936
109 >4 .
Cm S & Cl con 1st g 5s. .1928
109 *s May’09
.
C O C A 1 consol 7s........11914 J-D I l l
114*4 Sep ’03
Consolsink fun d7s___ 1914 J-D<
G eneral consol gold 0s. 1934 J -J 1 129 129 *2 130 N ov’08
Registered....................1934 J-J
95 l o l
Ind Bl A W 1st pref 4s. 1940 A-O'
94 J ’l y ’Ob
O Ind A W 1st pt 5 s ...i f 1938 Q-J
Peo A East 1st con 4 s ...1 9 4 0 A-O
94*4 96 J’ne’09
Income 4s.........................1990 Apr
60 J’ne’09
Clev A Marietta See Penn it it
Olev A Pitta See Penn Co
Col Midland 1st g 4 s..........1947 J J
82 *2 Sale
82
82*2
Colorado A Sou 1st g 4 s . . . 1929 F-A
98 *s sale
97 7»
93>s
Refund A ext 4*28.......... 1935 M-N
99 Sale
98^,
99*2
Colum A Greeny See So By
Col A Hock Val See Hock Val
Dol A To! See Hock Val
Col Conn A Term See N A W
Conn A Pas Rivs 1st g 48.1943 A-O
97*2
Cuba R R 1st 60-yr 5 g ___ 1952 J -J
05 Jan ’09
ak A Gt So see C M A St P
alias A Waco See M K A 'i
Del Hack A Western—
Morris A Essex 1st 7 s . . .1914 M-N 1133s 115
113*8 113*8
1st consol guar 78.........1915 J-D 116*8 116*4 110*2 J ’ n c ’OS127 J’ne’06
Registered................... 1915 J-D 110*4 ...
94
U034 96*4 Alai'09
1st rot gu g 3 tjs........... 200u
D
N Y Lack A W 1st 0 s . . .1921 J-J 119 120S, 119*8 J ’n e ’Oo
Construction 6 s........... 1923 F-A 110*4 110n8 110*3 J’no’09
Term A Improve 4s___ 1923 M-N 100*4 10034 10034 May’09
93 ...
102 b’ob’03
Warren 1st ref gu g 3 *28.2000 F-A
120 *8 May’09
Del A Hud 1st Pa Div 7s. 1917 Al-S 120*2 ..
149 Aug’01
Registered....................... 1917 M-S
le t Aref 4 s ................_ ^ ..1 9 4 3 M-N 101 *a 102 *2 10134 lt)2
10-yr conv deb 4s............1916 J-D 106 Sale 105*2 100
1st lien equip g 4*28____1922 J-J * ......... 104*2 101*3 J’ne’09
105 *i
Alb A Hus conv 3 *28.........1946 A-O 104*3 105*2 104
129 N ov'08
Bens A Saratoga 1st 7s. 1921 M-N 128*4 ...
Del B lv B R Bridge See Pa Bit
973s 98
97*2
97*2
Denv A B Gr 1st con g 48.1936 J-J
104 J’ne’09
Consol gold 4*28................1936 J-J ......... 105
103
Improvement gold 5 s ...1 9 2 8
I) 102 >2103 103
95 Sale
94
95
1st A refunding 5 s ......... 1955 F-A
98 F o b’ 08
Rio Gr J uno 1st gu g 58.1939
D 108*2.......
78 J ’no’09
Rio gr So 1st gold 4 s ....1 9 4 0
J ........ 77
85 Mar’08
Guaranteed..................... 1940
J
90*.
Rio Gr W est 1st g 4 s ___ 1939 J-J,
9 5 * 2 ....... . 96*4
85 Safe
85
M ge and col trust 4SA.1949 A-O
85 *b
97 Jan '02
U tall Cent ls t g u g 4s «1917, A-O,
D e s M o i A F t D See M A St i.
110 Sep ’04
Des Moi Uu B y 1st g o s ..1917 M-N 106
93
96
93 J ’ne’OO
Det A .Mack 1st lion g 4 s .1995 J-D
92
90
90 J’ne’09
Gold 4s..................................1095
D
Detroit southern—
81
838s 81 May’Oo
Ohio Sou Div 1st g 4 s ...1 9 4 1 M-S
Dul A Iron Range l s t b s .. 1937 A-O 111*2113*2 111*2 111*2
106*3 Mar’Os
Registered................... . ...1 9 3 7 A-O
2d 6s..................................... 1916 J-J ♦103 106
Dul Short Lane See N or Pac
110*2 F eb’09
Dul So Shore A A tl g 5s. .1937 J-J 111
ast of Minn See St P M A 51
ast Ton Va A Ga See So By
115 ......... 115 J ’no’09
Elgin Jol A East 1st g 5 s. 1941
Elm Cort A N o See Leh A N \
Erie 1st ext gold 4 s..............194',' M-N 101 ......... 99*3 May’ 08
2d ext gold 6s..................... 1919 M-S 106*4 . . .. .. 106*8 J’ne’09
3d ext gold 4 *28.................. 1923 Al-S 103 ......... 104 *3 A p r’00
4tli ext gold 5s.................... 1920 A-O 1 00 *8 ......... 107
i0 7
5tli ext gold 4s.................... 1928 J-D
9034 ......... 97 J a n '09
1st consol gold7s...............1920 M-S 124*4 126
124*4 J'ne’09
1st consol g tund7s..........1920 M-S 121 *2 124
122 J’no’09
Erie 1st con g 4s prior.. 1090 J - J
00
91
90*3
90 \
Registered........................ 1990 J-J ........ 89*4 86 *-. May’uO
1st consol gen Hen g 4 s .. 1996 J-J
79 *4 Sale
77*2
VO1*
Registered........................ 1990 J-J
85 Si F eb ’ 07
Penn coll tr g 4 s................1051 F-A
89
8934 89
90
60-year conv 4 ■>A ............1953 A -o
37 Sale
85
87
do
Series 15...1953 A-O
70 *a Sale
15
76'*4
Bun X Y A Erie 1 st7 s . . 1916 J-D U 0 * 4 ........ 115 Mar*o9
Clue A Erio 1st gold 5 s ..1982 M-N 116*2...... 117*2 J’ uo’09
........ 121 D eo’08
Clev A Mahon Val g 6 s .1938 J-J n o
Long Dock consol g 6 s ..1935 A-O 1 2 0 *2 .........
’ J’uo’OU
Coal A RR 1st cur gu 6s. 1922 M-N 114*3.........
c J’ne’o9
Dock A Imp 1st cur 0S..1913 J-J ......... 106 *2
» Apr ’09
N Y A Green L gu g 6 s .1946 M N 105 . . .
i Mar’OU

Low High

111

118
88
1.01
100
92

May’09
Sep ’OS
J’no'09
J’no’09
J’ne’00

F.y
1 F-A
M-N
M-N
A-O
J 1
J-J

129*4 1297i

129*8 129*g
115*4 119
112 112*3
95*4 98

95

Erie A Pitta

See Penn Co
J-J
A-O
A-O
A-O

107*4

J-J
J-D
|J * J

96*2 96Hi

A-O

97*4
95*2
94
95*2

987b
97
95
9734

106 106
98*2 9 8 7e
109 *b 109*2

96*3

56

80
87*2,
97*4 99
96*4 100*8

I13»»n4*6
116* 117*8
93*8 96*4
119*8 121
L10*31 1 2 * 6
99 *81007b
120*8 122
101 103
100 107*8
101*3 103*2
97 107
96
103
101*4
92*8

98*2
106
103*2
95»»

78

80

96

100*8

83

87

95
90
80
82
111*3 116

110*3 110*2
112*4115
106*3 100*8
104*8 104*a
106 107
07
97
122*8 1247e
122 122
85
91
86*2 80*2
09 >3 80
76*4 ' ‘JO*'
03
87
57*3 76*4
115 116
115*8 117*2
126 i ’J8 *2
112*3 120
100 110
108 108

2 7
WeeK's
Range or
Last Sale

Range
Since
/anuaru 1

Hiyt Ao IaOto
Hia
ASH 1m w
1047» ....... 105 *4 M ayo;
105*4 107
100*4 Dec'll,
90 May’Oi
90
92
114 ........ 114*2 D ec’Of
100 ....... 101 *2 May’Ot
104*2 106*4 105 J'ue’ot . . .
112 ......... 114 J ’ne’Oi
114 ......... 114
103*8.........
108 .........
95

101 >2 1.02 *2
♦01 lytbKt
109*2 115

114
J ’iie’Oc

lint A PereM

Ga Car A Nor See Sea A Lme
Georgia Pacitio See So By
Gtla v G A Nor See So P a c __
*?oav A Oswegat see N Y Com
Grand Rap A Ind 8’eePenu RR
Gray’s Pt Term See St L S W
G t X o r —C B A Q c o U tr4s 1921 j j
Registered, h..................... 1*121 ip j
Greenbrier B y See Cbes A O
Gulf A S I l s t r e f A t g S s 61052 j - j
[ I an A St Jo See C B A Q
' 1 onsatonic See N Y N H A H
Hock Vailstoonfcolg4*2S.1999 j . j
Kegistered.................
1999 j - j
£ ° j * £ V i s t e x t g 4 s ." l0 4 8 A-O
Col A Tol 1st ex 4 s ........1955 F-A
Houst E A W T ex See So Pac
Houst A T ex Cen See So Pac Co
I lunoia Central 1st g 4 s . . 1951 J-J
*- Registered....................... 1051 J-J
1st ref 4 s ............................logs M-N
1st golu 3 *28....................... 1951 J-J
Registered...............
1951 J-J
Extended 1st g 3 * 2 8 ....'l9 5 1 A-O
- 1st gold 3s sterling..........1951 M-S
Coll Trust gold 4 s........... 1962 A-O
r 1i e£ 19*t6/ ? a ....................... 1952 A-O
L N O A Pex gold 4s ...1 9 5 3 M-N
Registered...................... 1959 M-N
Cairo Bridge gold 4 s___ I960 J-D
^ hf'avH lvA T erm g3 *28.1053 J - J
Aliddle D iv r e g S s .. . . 1921 F-A
Omaha D lv 1st g 3s........1961 F-A
Hi Louis DivAterin g 3 s .l9 5 1 J-J
Registered....................... 1951 J-J
Gold 3*28.......................... 1951 J-J
Registered...................1951 J - J
Soring Div lat g 3*28...1951 J-J
Western Lines 1st g 4 s . . 1951 F-A
Believ A Car 1st 0s........1923 J-D
Carb A Shaw 1st g 4 a ...1932 M-S
Chio S t L A N O g 5 a ...1951 J-D
Regia tered.......................1951 J-D
Gold 3*28...........................1951 J-D
Meinpli D iv 1st g 4 s . . .1951 J -D
St L Sou 1st gu g 4 s___ 1931 M-S
Ind B 1A W est .S e s C O C A S tL
Ind 111 A la 1st g 4 s ......... 1950 J-J
Int A Great N or 1st g 6 s .. 1919 M-N
2d gold 5s............................ 1909 M-S
3d gold 4 s ............................ 1921 M-S
Iowa Central 1st gold 6 s ..1938 J-D
Gold 4 s ..................................195J M-S
1 / al A A G R See L S cfa Ai s
LVan A Mich See Tol A O C
K C F t S A M See S I L A S F
K C A M R A B A'e« St L A S F
Kan C A Pacilio See M K A T
Kan City Sou la t gold 3 s .. 1950 A-O
Registered...........................1950 A-O
Kentuoky Cent see L A N
Keok A Des Mo See C R IA P
Knoxville A Ohio See So Ry
ake Erie A W 1st g 5 s .. 1937 j - j
2d gold 5 s ........................ 1941 j - j
North Ohio 1st gu g 6 s ..1946 A-O
L Sho A Mich S See H Y Cent
Leh V a iN Y ls tg u g 4 * 2 S .1 9 4 0 J-J
Registered..........................1940 J-J
Lehigh Val (Pa) cons g 48.2003 M-N
Leh V Ter Ry 1st gu g 5s. 1941 A-O
Registered..........................1941 A-O
Leh V Coal "Co 1st gu g 6s. 1-933 J-J
Leh A N 1’ 1st guar g 4 s ..1945 M-S
Registered...........................1945 M-S
El C A N 1st pf 0 s ........1914 A-O
Gold guar 5a................... 1914 A-O
Leh A Hud R See Cent of X J
Eoh A Wilkeab iNeeOentofXJ
Leroy A Caaey Val See Mo P
Lung Dock see Erie
Long Island—
1st con g 5 s ..................... A1931 i j.j
1st consol gold 4 s......... A1931 W-J
General gold’48................. 1938 J-D
Ferry gold4*as................. 1922 M-S
Gold Is ..................................1932 J -D
Uuilied gold 4 s ................. 1949 M-S
Debenture gold 5 s........... 1934 J-D
Guar ref gold 4 s . . . ..........1949 M-S
Bklyn A Jlont 1st g O s..1911 M-S
l s t 6 s ..................................1911 M-S
.N Y B A M B 1st eon g 5s 1935 A-O
N Y A R B 1st g 5s........1927 M-S
N orSliB 1st con ggu os ol932 <PJ
Louisiana A Ark 1st g 6s. 1927 M-S

L

8 4 * 2 ......... 105 Mar*9b
.........115
115*2 J’ ne’OU
.......... 88
87*4 May’uO
97

Sale

i ’l5*4 117*4
So
S8

97

97

98*4 Sale

98*4
98

9S«s 51 )
98
46

95

95

100

1

97

99

97*2 99*4
97*4 99

Oct ’Or

106

106*« 105*8 106
104 109
100*2 ^ l * ’00
98*2 99*2 98*4 May’o9
98*a 98*4
99*4 9 9->4 99*4 FeO’09 . . . . 97
99*4

104*2......... 104 Apr 09
107*b A u r’07
ioo ” loo
9 3 7* J ’neOO
01*4 Aug os
93 >2May'oe
70 del ’04
..........101 *2 100*4 100*2
99 J’ne’09
100*8 100*8 100*8 100*b

L03<^104

ioo Sale
♦......... 92
......... 94

6

93*2 94*4
S 100*4 102
99
99
4 99 lol**,

..........ioo»8 100 A p r ’09
......... 89 J4 69 *, J’ne’00
105 ......... 123 Mtty'U'j
.......... 79*2 79 A p r'09
79*4 D ec’OS
.........

90

99*4 i o i
119 .........
................
119*4 Sale
117
.......
90
92

99*8 lo l *2
93 78 94*2

99*2 100
89*4 92
79

79

96 *2 D ec’Ob
lOI ^ Oct
100*4 May’09
121 Feb ’09
98 Mar’09
119*4 t lb-*
118*4 J’ue’09
90 F e b ’ob
100 M ar’Ob
98 J ’l y ’OS

100 *8 100»4
121 121
08
98
i 118*4 119*4
118*4 119
90
90

98 ......... 98 *a J’ne’09
108*2 111
109
109
—.................. Lo2*2Ji’no’oy
......... 47*2 48 J’ne’o9
......... 108*4 109 J’ ue’ 09
.......... 78
78*2 J’ne’Ou

96
98*2
it 109 112
85 103 It
48
60
1O078 111*4
78*2 82

74*2 75

74*2

74*6

3-

71*4

76*4

114*8115
114*4 114»«
112*8 114*4
107 ......... ,07 J’ ne’09
107 109*2
......... 113*4 113*4 A p r ’00 . . . . 112*2114*4

_,T

107^4......... 109*8 108 >b
10.
108
1O8 Oct ’OS
9 7*8......... 97*2 May 00
L17 May’oy
115*2118
LOO*2 Oct ’90
109 ......... 107*2 J’l y ’ot
* 90*2......... 00*2 J’nt’OL

1 106*2108*4
97
98
116*4 118*4
96

97

102*2......... 1137a J a n ’06
101**.........

111*4......... LI 1*4 J’ne’09
110
07*4.........
97 *4 J’ne’09
07*4 98
96
00*2 A p r’0.
,00*2
......... 97
99*4 Oct ’06
......... 98
97 J’ ue’O.
96
105*4......... 04 *2 Dec ’OS
......... 08 *2 97 *2 J’ne’Os
97*4
103 .........
101 101*2 01°8 D ec’Os
105*4.........
100 ......... 05 A p r ’Oi
100*4 107 *2 09 Nov’Ob
......... 97
97 J’ne’09 . . . 97

111*4
97*4
100*2
97
99*8

99

B O N D S— Continued on N ext P age.

611.1 and Electric Light
N Y G E L H A P g 5 s . . .1948
Purchase money g 4 s ...1 9 4 9
Ed El 111 1st conv g 6 s .. 1910
1st consol gold os......... 1995
N Y A Q K 1 L A P 1st con g o s l9 3 0
N Y <fc Rich Gas 1st g os. 1921
Pat A PasG A E con g os. 1949
Peo Gas A O 1st eon g 08.1943
80
84
136 160
Refunding gold 5s........... 1947
C h G -L A C k o ls t g u g 5 s 1937
Ind N at Gas A Oil 30-yr 5s ’36
Too io o
Con G Co of Ck le tg u g o s .’36
Mu Fuel Gas l s t g u g os. 1947
110 i l 8
Syraeuso Lighting 1st g 5 s .’51
Trenton G A El 1st g 6 s ..1949
::::
i ’o’2*4 i 0 6 " Union Elec L A P I s t g 5 s .l9 3 2
loo 101*4 Utica E l L A P I s t s f g 5 s ,1 9 5 0
92
92*8 Westchester Diglit’ g a 5 s.l9 5o

101*4 . . . .
107*2 108
108 J’no’09 . . . .
......... 75
73 J'ne’09
101 102*4 101*2 J ’ne’OO
100 102
05*8 Sep ’ 08
96 Mar’Ob
61 >2 Oct ’01
"82*8 *85*' 82**8 J’no’ 09
150 Sale 1407g 150
32
107*4 D ec’00
104^ ..
90 ......... 100 May’09 ....
117 .........
......... 89
103 104
100 100 *2
9 1 * 8 .........

j -j

128*4 1307b

2
Jhnce
Friday
July 2

Erie— ( Con )

103 s105

M lb O K IiL V N K O lls
G um and Electric Light
Atlanta G L Co 1st g 5 s . . .1947 Jliklyu U Gas 1st con g 5s. 1940 MUultuio Gas lat g Os........... 1947 A-'
Detroit City Gas g 5s..........1923 JD etG as Co oou 1st g 5 S ...1 9 1 8 FK qG L N Y 1st con g 6 s . . 1932 MGas A Elec Berg Co e g 6s. 1949 JGon Electric deb g 3 *28. 1942 F10-yr g dob 5 s .................... 1917 JG r R a p G L C o 1st g o s ...1 0 1 5 FHudson Co Gas 1st g o s .. 1049 MKau City (Mo) Gas l s t g 6s 1922 AKlligs Co El L A P g 6 s ...1 9 3 7 A-'
Purcliaso money 0 8 . .. . .. t 9 9 7 A-'
Ed Ki l l Bku ls t c o u g 4 s 1939 JLac Gas Lot St L l s t g 5s.a l919 <p
Ref and ext 1st g 5 s........1934 AMllwaukee Gas L 1st 4 s .. 1927 M-

BONDS
N . Y. STOCK E X C H A N G E
W kkk E nding J u ly 2

111

D

E

P age

108 108
00
74
100*2 102*4

J-D
F-A
M-S
J-J
F-A
M-N
M-S
A-O
M-S
J-J
M-N
J -D
M-N
J-D
M-S
MS
J-J
J-D

103 Sale
84*4 Salt
100*b 100*4
111 112
......... 98*2
......... 100

103
103*4 32 100*»103*2
84*4
84*4
8 83*4 86
100*2 J’ne’09
100*a 1007*
111 J’ne’09
110 111
9S*aMay’0‘J
97
98*2
100 D eo’Oe
104*4 Nov’05
120 121
120*2 J’ne’09
119 121
103*2 Male 103*2 103 *i 10 102*8 103*4
104
104 Sale 104
4 103 104**
94 J’ne’Oo
......... 94
86*4 94*8
102 May’09
102*« 103
101*8 103
101*4........ 101*s 101 \
3 101*8 101*2
9 9*2......... 99*2 J’ ne’09
99*2 99*a
110 May’05
100 102*2 96 Jati ’ 08
102 .........
103*8......... 102 *2 Mar’09 . . .... 102*2 102**

♦Ho price Friday; latest Old ar.d asked this week, a D u o ja u 0 Due if eh if Duo a p r 0 Due May h. Due j ’ly a Due Aug a Due o c t « Duo u e c s Option Sale




2$

[V O L. LXXX 1X .

C7ew Y o rk B o n d R ecord- ' Continued— P age 3

bond*
N. y . STOCK EXCH A NGE
W eek Bnmnu J uly 2

jhrlce
Friday
Ju ly 2

w

H ange
S in c e
Jan u ary 1

BONDS

N. Y. STOCK E X C H A N G E
W eek E ndlng J u ly 2

P r ic e
f Y id a u
J u ly 3

Ask Low

Uign

116*4 110*2 116*a J’no’09
116 ........ 117 May’09
1 0 0 *2 Salv 100
100*»4
99*2........ 100 May’09
105 J n e ’Ob
102
110*2
J
’ne’09
1 10 *2 .........
111*4........ 111 J a n ’09
107 ......... 107*4 J ’ne'09
125*4........ 1253a 1253?
119 ......... 120 J a n ’09
107*4 Aug’06
114*4......... 117 May’07
71 May’09
........ 76
......... 95*? 96 J ’ ne’O'J
110 J ’ly 06
........ 116
110 Jan ’09
97
97 *j 98 J’ no’09
105 *s........ 103 Deo ’08
S9*?
89
90
89*a
112®? J’ne’09
........ 114

....

L ow

H ig a

115*2 117*2
110 117
9934 1021,
100 100H

H ange
S in c e
J a n u a ry 1

W eeic’ s
H an ge or
L a st S a le

B id
A s k L 010
Hiu'<
N Y Cent A H R— ( C o n tin u e d >
100 May’<)9
Moh A Mai 1st gu g 4 s ..1991 M-S 100
105 Get ’02
94*8
N J June R gu 1st 4 s...1986 F - A
96*4 Oct ’091
N Y A Harlem g 3HJS...2000 M-N
N Y * North 1st g 5 s ...1927 A-O 110 117*« 107*2 Aug’08
100 Sep *08
X Y A l*tt 1st con g u g 4s 1993 A-O
N or A Mont 1st gu g 5 s.1916 A-0
ib*8»4 i i o ‘*2
Pine Creek reg guar 6 s. 1932 J-D 1 20‘a 130 H 131 Hi Tan ’«*»
111 111
R W A O c o n ls t e x t 5 s . A1922 A -0 n o * , n o * ? 1 1 0 * 2 J ’ne’Ob
107*4 107a4
12434 1253b
Oswe A R 2d gu g 5 s ...<31915 F-A 1023b ........ 105 JaD ’O120 120
R Wife O T R 1st gu «* 5 s.1918 M-N 10634 111
i o S " Sep ’b\
Rutland 1st con g 4 *3 3 ..1941 J-J
93*2
93 H
93Hi.
OgifcLCham ls t g u 4 s gl949 J-J
92 J ’ne’Ob
71
But-Canad 1st gu g 4s. 1949 J-J
115
F
e
b ’09
i'lOa4
]
J-J
8
t
Law
ifc
Adlr
l
s
t
g
5s.
1996
96*2
125 F e b ’ 0 8
2d gold 6 s...................... 1996 A-O
no no
Utica A Blk R lv g u g 4s. 1922 J-J 10 1:*fe........ 103*4 D e c’08
93*4
93*4
1)3*4 94
96
9834
Lake Shore gold 3 * 2 8 ___ 1997 J-I)
Registered................. 1997 J-D ......... 02*2 93 MMay’09
95*2
94*8 1)0*2 9 4 34
88
91*4
Debenture g 4s............ 1928 M-S
943.1
95 *?
Sale
25-year g 4 s ..................1931 M-N i 95
112*^ 115*4
l l 3, .......
Ka A A G R 1st g u c 6 s. 1938 J-J
109*8 vlay’09
109 109*8
110*2
Mahon C’ l R R 1st 5 s..1934 J-J 113*2 118*2 109** Get ’0*7
........ 114*2 115*2 F eb ’09
Pitts <fc L Erie 2d g 5s.al928 A-0 102 ........ 100 MayOb
112*2115*2
9 5 *2 May’09
94
95 *2
Pitts M cK A Y 1st gu 6 s. 1932 J-J 126Hj ........ 130*2 Jan ’09
2d guar 6 s ...................... 1934 J-J 126*2........
M c K e e s * B V l s t g 6 s 1918 J-J 110*4........ 101 F e b ‘09
393e
99
99 H 99*8
92*2 100
Mich Cent 1 s t con soI6s.l909 M-S 100*2........ 114a
Get 08
104 A p r'05
5s..................................... 1931 M-S 113*8 115*2 119 4 J
u o ’ 06
IU0*4
100 100*4 100
993? 100*4
Registered.................1931 *j-M 112 .. .
100*4 A p r’ 09
4s..................................... 1940 J-J 100*2 ...
lOOHl^ov’OO
88 May’09
82
89
Registered................. 1940 J-J
9334 J’ne’09
28*4 May’09
27
25
21*2 28*2
20-yr deb 4s J P M reo.1929 A O ......... 94
92 Muy U9
25*2 A p r ’09
26
24
2 0 a4 25 *2
J L * S 1st g 3 Has.......... 1951 M-S
*91*2 92 May’09
90»8 J 'i y ’Ol
1st g 3Hi8..........................1952 M-N
J-D
80 Feb’08
Bat e A Star 1 stg u g 3 s .1989
ii/iH
100*% May’09
100=8 101
N Y C h ic * St L 1st g4 s 1937 A-O ib b 3, ioiT* 1* 0 1
Registered.....................1937 A-O ......... 100*2 100*2 100 8
Debentures 4s.............. 1931 M-N ......... 92*2 9 3 HaMay’09
10W est Shore 1st 4s g u ...2361 J-J 102 Hi Bale 102
Registered.....................2361 J-J 100*2........ lOO^g 100°B
132*2 132*2
131 .
132*2 133*2 N Y * Green w Lake s e e Erie
118 Jan ’ o'.
108*2
N Y * Har S ee N Y C * Hud
1 0 1 34 May’09
10134 103*8 N Y Lack & W S ee D L * W
109*? 1093? 109 J ’lie-09
109 111*2 N Y L E A W S ee Erie
85
86
So *2 Sale
13 84*4 87*4 N Y * Long Br S ee Cent ot N J
138 »b
97 A p r’06
90
95
N Y N H A H —Conv 6 s .. 1948 J- , 138Hj Bale 13SHi 108*2
108 Hi Sale 108*4
Conv deben 3Hi8........... 1956
10 0
100 Sale 1 0 0
Housatonio R con g 5 s..1937 M-N 117 ....... LlbHa D e o ’Oi
99 100
99 Mar’09
99
99
N i l * Derby con cy 5s. 1918 M-N
N Y A Nortli S ee N Y C & H
98Ha
08*6
9334 Sale
100 >2 Sale 180*4 10034 6*. 98=8 100a4 N Y O A W ref l s t g 4s..j/1992 M-S
101 HaJ’ue’Ou
873
4
8734
87*2 87*?
8634 8834
Regie $5,000 o n ly ........gl992 M-S
........ 10 ? 3? 197 *2 May’09
104*4 109*2 N Y A Put S ee N Y C A H
36*2
86
86*v 36*4
83 3g 87’ e N Y A R B S e e Long Island
90*4
91
91 Sale
90*4 93*6 N Y S A W S ee Erie
88
A p r’09
88
89*2 N Y Tex A M S e e So Pac Co
.........108*2 109 *2 Mar’09
109 Hj 110
Nor A South 1st g 5 s .........1941 M-N 103 ......... 104 J ’ne’OO
93
A p r’Oa
93
93
Norf A W e stg e n g O s .......1931 M-N 126 127 127 J ’ne’oo
U S ' * 1*14 114 J ’ne’09
113 114*2
Im provem ’t A e x tg 6 s.,1 9 3 4 F-A 126 ........ 129 Mar’ui)
111
J ’ne’O'J
10 9
no
108 112
N ew R iver l s t g 6 s .......1932 A-0 128 129 12b Ha J'JS1**
90J
98 99*4 99
.........107 *2 107 *2 J’no’09
106 110
N A W R y 1st con g 4s. 1996 A-O
1 1 0 * 4 A p r ’u*.
R egistered.....................1996 A-O ........ 97 *, 9 1 Sep ’0
110*4 110*4
109 May’OO
1U8 I lia ?
i o i T io’ j
D iv’ l 1 st 1A gen g 4 s ...1944 J-J ........ 93 *v 93*2 J ’ne’09
113 J’ne’09
9aa4 Sale
93*4
113 m
113 110
1(1-25 year conv 4s___1932 J-D
1013s,........ 101*4 *01*4
P ocah C A O Joint 4 s.. 1941 J-D ......... 92*2 02°8 J ’ne’09
100 Ha 102=8
100 Ha » e b ’05
104 *2 F eb*07
C O A T 1st g u g 5s........ 1922 J-J 100
97
J ’ne’09
90 98
ib'2*i 103* 10 2 * 2 10 2 * 2
Sclo V A N E 1st gu g 4s 1989 M-N
i ’o 'l " ib '334
82
82 34 94 7834 85*6 North Illinois S ee Chi A N W
g a Sale
North
Ohio
S
ee
L
Erie
A
W
95 * 2 ........ OOtjJ’ne’OO
96*8 96*2
93
93*4 9334 93
89
95
Nor Pac—Prior lien g 4 s .. 1997 Q J 102*8 Bale 102*2 103
103
89 Mar’O'J
Registered.................... 1 9 9 7 (J-J 103 Sait 103
89
91
74*4
74®b
1 10
Mar’ 06
74 >s Sale
General lien gold 3s___«2047 <4-F
733.J J’ ue’O.)
R egistered ................. u2047
99*4 i b o 3^
1 0 0 % ........ LOO3? J’ne’Ob
97Ha J’ne’09
97*2 a8
St Paul-Dul Div g 4s___1996 J -D
112*2 ......... L13 May’09
.12*2 113*2
.........111*4 1 1 1 J ’ne'09
Dul Short L Is tg n 5 s.. 1916 M-S
.11 112
........ 1 n *4 1 1 0 34 May’09
C B A G coll tr 4s S ee Gt Noi „
.10*4 l l l « b
80
89
8834 89
S t P A N P gen g 6 s ....1923 F-A 119 120Hi 120<*8 May’ 09
86
00**
89*2
89*6
89*2 90*?
Registered certiiic’s ..l9 2 3 Q-F 119 120 Lift May’09
88*8 91
107*2 A p r’Oe
St Paul A Dul 1st 6 &___ 1931 l '- A 112*4....... 117*4 J'ly ’**<
May’09
98 D ee’ 06
2d 5 s .............................. 1917 A-O 104 Hi....... L043,,
97*2May’Oi
97Hi 99
122*2 122 \ 1 2 2 * 2 1 2 2 * 2
119*2 I 2 6
1st consol gold 4 s........ 1968 J '1*
02 *2 Jan ’09
94 Hi 96
11734 ........ 11734 J’ne’09
Wash Cent 1st g 4 s _____1948 Hi-M
117 118
115 °8 Sale 115s6 1 i 6®b
88*2 . . . . . . 88*4 J ’ue’ob
Nor Pao Ter Co 1st g 6 3 .. 1933
8 6 *2 91
1123, H2*» 1 1 2 34 J ’ne’OO
112*2 112*4 N or R y Cal S ee So Pao
75 May’08
82
35
Nor W13 S ee O S t P M A O
.. 90 101 N ov’ 04
Nor A Mont S ee N Y Cent
J V Ind & W S ee C C C & St L
W h i o R i v I t U S ee Balt A G
Ore A Cal S ee So Pao Co
Ore Short Line S ee Un Pao
Oswego A Rpme S ee N Y C
O C F A St P S ee C A N W
H I J’ ne’09
111
11078 112*4 P ao Coast Co 1st g 5s__ 1946 J
110*8 111 110*8 110>
113*4
ac of Missouri S ee Mo Pac
,
„ 113*2 113
113 113s?
113
104*4 May’09
1
1
6
*
2
May’
Oi
Penn RR 1st real esc g 4 s . 1923 ™-N
,...121*8
Consol gold 5s..................1919 M-S 109*2....... . 109 Hi Jan ’Ou
117 '4 M ar’05
Consol gold 4s.................. 1943 M-N 100 ........ 102 *2 May’Oi
113 J’l y ’ 01
Consol gold 4 s ................1948 M -N 104H. Sale 104*4 l**J‘-"
100*8 1 01‘b
Convertible g 3Hzs........... 1912 M-N 100*2 lu l
102 103
1 0 2 * 2 J ’ne’09
0 0 a4 dale
96°8
„
80
85
C onvertibleg 3 * 2 8 .......... 1916 J-D
84 Salt
83*8
84
99 J’ ne’07
1
0
0
°s.......
A lleg Val gen gu g 4 s ... 1942 M-S
9 4 >2
94'J,
92’,8 96
9 4 "a Sale
96 .......
D R R R A Bge 1st gu 4 s g .’36 F-A
86
89
87 *s Sale 87
37 *8
P h lla B a lA W 1st g 4 s..1943 M-N 103*4....... 1i0b2l JJ ’ane’Ob
n ’03
97 .......
So« Bay * So 1st g 6 s ...1924 J -J
104 Mar’09
U N J RR A Can g e n 43.1944 M-S 105 .......
105*4
l
° 5 l«
.........
100
93
9234 94*4 Penu Co—Guar l s t g 4*23.1921 J-J
92*a 93*2 9234
104'a May 09
103*2 .
9 3 J ’ne’09
Registered....................1921 J-J
92*4 93*4
Opi., J ’ no’Ob
90*8.
Guar 3 *2 8 coll trust reg.1937 M-S
' 9 5 ol Sale
93<^ 96*2
9538
95*?
90a4 J ’ne’Oii
j 034 .
•
833a Sale
G uar 3 *2 3 Colltr ser B ...1941 F-A
83
83 *2
83*8 8 o-*4
97*4 . ....... 9 7 * 8 J’ne’OU
8 2-"*8J’no’09
T r Co certirs gu g 3 *2 8 . 1 9 1 6 M-N
84 Hi
bOHa ......... 89 '-4 F eb’O.
8434
*3 3 " sale
Gu 3H)8 tr ctfs C ............. 1912 J-D
83
83a4
9 0 a4 May’09
00
Gu 3 *28 tr Ctfs D............. 1944 J-D
8 2 * 2 J ’ne’09
82 H,
99-*8 May 02
98*2 99 110
Guar 16-25 year g 4 s___1931 A O
10 0 *4 J ’ne'09
100*4 10034
100*8.jaii'Oo
I
0
0
a
4
IO0H1
Cl
A
Mar
1st
gu
g
4*2S..193o
M-N
102
M
ai’04
100 l
i o a4 J a n ’09
10934
........
d A P gen g u g 4 H2Sser A.*42 J-J
107 Series B .......................... 1942 A -0 10934 ........
84*a94 Ha........ 98 Ha Gee ’00
Series C 3Has.................. 1948 M-N
97*2 A p r’ 09
97*2 97*2
94*2......... 90 May’Od
series D 3His.................. 1950 F-A

Bia

Loulsv A N asliv gen g 6s.l9 3 o J-D
Gold 5a...............................1937 M-N
Unified gold 4a................1940 J- J
Regiatered.....................1940 J-J
Sink fund gold 6a............1910 A-0
Coll trust gold 5a............ 1931 M-N
E H A Nasli lat g 6s---- 1919 J -D
L C in A Lex gold4Ha8...1931 M-N
N O & M 1st gold 6 s ....1930 J-J
N O A M 2d gold 6a....... 1930 J-J
Pensacola D lv g o ld 6 a ...1920 M-S
St L D iv la t gold 6a....... 1921 M- S
2d gold 3a...................... 1980 M-S
A tl Knox & Cm dlv 4 s.. 1955 M-N
a tl Knox A N or Ia tg 5 a l9 4 t: J -D
Hender B dgelsta tgO a .1 9 3 1 M-S
Kentucky Cent gold 4 s..1987 J-J
L A N A M A M l s t g 4 Has 1945 M-S
L A N -S ou th M Joint4a.1952 J-J
N Pla & S la t gu g 5 s ...1937 F-A
N A C B d g e gen g a g 4 Vs 1945 J-J
P e n s * A tl 1st g a g 6a.-192.1 F-A
8 & N A la con gu g 5a.. 1930 1 - A
L A Jell B d g e C o g u g 4 a ..l9 4 5 M-S
L N A A Ch S e e C 1 A L
Coal S ee L B 4 H S
M ahon
anhattan Ry consol 48.1990 A-0
Regiatered.................1990 A-0
Stmpd tax exem pt.. 1990 A -0
M cK’ pt A B V S ee N Y Cent
Mex Cent cons g 4 a trust recta
lat cons ino g 3a trust recta
2d eona inc g 3a trust recta..
M exlnternat lat con g 4a. 1977 M-S
Stamped guaranteed... .1977 M-S
Mex North la t gold 6s-----1910 J-D
Mich Cent S e e N Y Cent
Mid of N J S e e Erie
Mil L B A W S e c Chic A N W
Mil A North S ee Ch M A St P
Minn A St L la t gold 7a.. 1927 J-D
Paciilc Ex la t gold 6a.. .1921 A-0
D
South W est E x la t g 78.1910
la t consol gold 5a.............1934 M-N
lat and refund gold 4 s ..1949 M-S
Lea M A Ft D la t gu 4a... ’35 J-J
Minn A St L gu S ee B O R A N
M StP A S 8 M e c u g 4 1 n tg u ’ 38 J-J
M S S M A A 1st g 4 iut gu 1926 J-J
M luu U u S ee S t P M AM
Mo Kan A T ox la ^ g 4a...1990 J-D
2d gold 4s......................... 1990 F-A
lat ext gold 5s................. 1944 M-N
lat A relnnd 4a................2004 M S
Gon a 1 4 * 0 8 ............ ....1 9 3 6 J-J
St L Div 1st ref g 4a— 2001 A -0
Dal A Wa 1st gu g 5 a ...1940 M-N
Kdn 0 A Pao lat g 4 a. ..1990 F-A
Mo K A E 1st gu g 5a...1942 A O
M K A Ok la t gu 5s.......1942 M-N
M K A T o t T l a t g u g 58.1942 M-S
Slier Sh A bo lat g u g 5a. 1943 J -D
T ex A O k l a l s t g u g o s ...194.4 M-S
Mo Pacific lat con g 6a ...1 92 0 M-N
T rust gold 5a stamped.al917 M-S
R egistered ................. «1917 M-S
1st coll gold 5a................. 1920 F-A
40-year gold loan 4s.......1945 M-S
3d 7s extd at 4%.............. 1938 M-N
Cent Br Ry la t gu g 4s. 1919 I*-A
Cen Branch U P 1 st g 4s. 1948 J-D
Leroy A C V A L la t g 5a 1920 J-J
Pao R of Mo 1st ex g 4a. 1938 F-A
2d extended gold o s ... 1938 J-J
St L Ir M A Sgen con g 5sl931 A-O
Gen con stamp g td g 5s 1931 A-0
Unified A ref gold 4 s.. 1929 J-J
RlV A G D iv 1st g 4a..1933 M-N
Verdi V 1 A W lat g 5s. 1926 M-S
Mob J A K C 1st cons g 5a. 1953 J-J
Mob A Ohio new gold 6a..1927 J-D
1st extension gold 6 s../il9 2 7 Q-J
General gold 4s...............1938 M-S
Montgom D lv la t g 5a..1947 F-A
St L A Cairo coll g 4s..el93u
Guaranteed g 4s.......... 1931
M A G coll 4a S ee Southern
Mohawk A Mai S e e i i Y C A 11
Monongahela R lv S ee B A G
Mont Cent S e e St P M A M
Morgan’ s La A T S ee S P Go
Morris A Essex S ee Del L A W
\ [ aah Chat A St L 1st 7a.1913 J-J
la la t consol gold 5a.........1928 A-0
Jasper Branch 1st g 6a..1923 J-J
McM M W A A i la t 6 a ..1917 J-J
1 T A P Brancli lat 6a....1917 J-J
Nash Flor A Shell t y e L A N
Nat of Mex prior lien 4Has. 1920 J-J
lat consol 4s.....................19;>1 A O
Nat Rya of M e x p r 14H.3 1957 I -J
Guar gon 4a......................1977 A O
New H A D S ee N Y N 11 A 11
N J June R R S ee N Y Cent
N Y Bkln A Mau Boh S ee L 1
N Y Cent A 11 R lv 8 3*28.199 J-J
Registered.................... 199 J-J
Dehen g 4 a ............
..1934 M-N
Lake Shore coll g 3*28...1998 F-A
Regiatered.....................1998 F-A
Mich Cent ooll g 3 Has___1998 F-A
Regiatered.....................1998 F-A
Beech Creek la t gu g 4 s.1936 J-J
Regiatered.....................1936 J
2d gu gold 5 s . . . . ......... 1936 J-J
BeechCr E xt ls t g 3 * 2 8 51951 A-O
Cant A Ad 1st gu g 4a ...1981 J
Gouv A Oswe la t gu g 5s 1942 J-D

WeelcS
hange or
Last Sale

Low

100

H ig h

100

131*2 131Ha
l 10*2 1 *1

91
93*2
9034 92
115 115
93H, 053b
92*2 94Ha
'.*434 97
94
97*4

130Hil30Ha
io i* * i*o*£**
100*8 100*4
05*4

9*334

91*8 * 9*2
. 00**2 ib*2 *4
lOOHi lOOHa
913b 94
101 104*2
ioo ^ io o ^

13334 1387#
97Ha 1003.1

98

9934

104
127
129
127
98

104
128
129
128Ha
09a4

93
05
93*8 99*4
89 °8 03

_

9*6 *2 * 08**2
102*4 104
101 103
73
76
7234 74*4
96
97*8
120
115

121
120*8

ib’ i ” i ’0 434
97Ha 99
92*2 U2Ha
I i 5 jb 116 Hi

l09Ha 112
103 105
109*2 109*2
102 Ha 104H,
L04 *6 10534
97 Ha 101»4
9434 100
103*2 104
104 104
i04 106H>
l04Ha 104Ha
0 6 *4

90*4
89*4
90*2
08Ha

**9*W
97*2
89*4
9034
99®b

U034 11034

,H lSC E L I. kNEOUfii U D N U S— Continued on Next l’ n « e

l'c le g ra p li and T elep hone
C oal and Iron
95
5 91*8 96
05
95 Sale
. . .. 95*2 J’ ne’ 09 .. .. 94 100V, Am Telep A Tel coll tr 4s 1929 J -J
96
Sol F A I Co gen s 1 g 5 s.. 1943 F-A
106
con vertible 4s.................1936 M-S 105*g Sale 104*2 105*4 953 92*8 100
87 *8 F eb ’09 .. .. 87H 87*s
85 * 87
Convertible deb g 5s___1911 F-A
J ’ne’Ob
b8*4
98 *4 •
97
9b
M
ich.
State
Telep.
1st
5
s
.19^4
F-A
102*8
A
p
r’06
—
Gr R iv Coal A O 1st g 6sl919 A -0
98*s
...................
97
*1
3
7
*
90
H
>
90*8
97
Sale
Pac T el A Tel 1st 5s J P M recj J -J
95 A p r’ 02
Oleart Bit Coal ls t s 14s...1940 u1.*O1
98Ha 102
Bale 100 >2 100*4
65 71
West Union col tr cur 5s.193b J-J
78
79
78 JSale 7 7 k
Col In d u ls tA coll 5s g u ..l9 3 4 F-A
95 H
< 7 93*4 96*8
96*2
95Ha
90
H
i
M-N
Fd
and
real
est
g
4
Has...
1950
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
CoutliYtalC l s t s f g u 5sg,1 95 2 F-A . . . . . . ........ 107*8 Deo’ 04
92 Ha
8 7 ’ ? 105 84
87*4
S734 Sale
Conv 4s, Series A .......... 1930 M-N
•
......
.. ........ 1 0 7 May’ 97
Jell A Clear C A 1 1st g 5 s.1926 J-D
95 100
Mut Un T el 8 fund 6 s ...1911 M-N 100 ......... 100 Mar’ 09
Kan A H C A C 1st s f g 58.1951 J -J 100^8 ........ 105Ha D eo’ 06 — ...................
105
Oct
’00
lln
n
u
in
ciu
n
n
a
A*
Industrial
Pleas Val Coal 1st g s f 5 s.1928 J -J
38*4
85*4
86*2 84 80
8 6 *2
Allis-Chalmers 1st 5s....... 1936 J -J
10 8 «
88
89
89
Pocali Con Collier ls t s f 5s.’ 57 J-J
b9 Sals
101*4 10 96 101Ha
— . . . . . . . . . Am A g Cliein 1st c 68........1928 A-O 101 10 L*4 101*4
78 F o b ’07
bunday Cree* Co g 6s___1944 J-J
72
4 96
08
96
H
96Ha
96*2
07
Q-l<
...........1916
Tenn Coal gen 5s............. 1951 J-J 103*4 ib*3*2 103*4 103Ha i' 101*2 103 Hi Ain Cot OU ext 4 * 2 8
kb 96*4 101*4
101
101
lo l
1 0 8 °b J’ue’09
106*4 lOb8^ Am Hide A L 1st s t g 6 s.. 1919 M-S
Te'nn D iv 1st g 6s....... al917 A O 108*2
5 67
80
80
77
7034 80
Amur Ice Seour deb g 6 s..1925 A-0
106*6 10-s
B irm D iv 1st consol 6 s..1917 J-J
108 108 Mnv’ OO
May’09
95*2 100
95*4
06Ha
9
1
M-S
Am
Spirits
Mtg
1st
g
6
s
..1915
110 J a n ’09
110 110
Cali C M Co 1st gu g 08.1922 J-D ib*5**
U
IV
S
a
le
47
111*8
111*4
104*2
112
Ha
Am Tobacco 40-yr g 6s___1944 A-O
L03 X o v ’08
De Bar C A 1 Co gu g 6s. 1910 F-A
80 k. 115 74
80 78
80*8
80*» bale
98
4s........................................ 1951 F-A
13 95
98
V a lron Coal A C o ls t g 5 s .1949 M-S 1 *96**4 **00*2 97*2
J
’no’09
90*%
92
'4
Jl*i
96*2
97
J-J
Am Thread 1st col tr 4 s ..1919
93 Hi Feb ’07
87
Victor Fuel 1st s t 5s........ 1953 J-J
N o price Friday; latest bid auu asked. aD ueJan o D u e e ’eb c D u e u a r iiD u ea .y r A Due j ’ly /cDuo .v.ug o D u e o c c o Due N or q D u o./oo iu n u u u a a w




100*2

100

4

Ju ly

Sew York Bond Record—Concluded

=

I n t 's t
P e r io d

p*

3 1909

BOM »
| JK Y . STOCK E X C H A N G E
"W e ek e n d in g J u l y 2

P rice
F rid a y
J u ly 2
B id

Penn Co—( C o n t i n u e d )

2d 7 a ....

*0

J J, J
J-J
,|-J
J-J
A-O

Series 1) 4s guar—
Series E 3 *2 guar g.

W eeV s
R an ge or
L a s t S a le

A sh L o w

92*2........
92 h ........
107
107
107

.........
........
........
1 1 0 * 8 ........
A-O 107»4........
A-O 1083s........
M-N 108 ........
yo®s........
M-N
94*2 96
F-A
J -D
99*2........
A-O ........ 1 1 0 °s

92

-0

H ig h

AprMW

106*4 D e c'08
1278a Get ’ 0 1
110 May'09
107 Oct ’01
110
F e b ’01
109*2 A p r’09
10 8 *4 J ’no’Ot

No

..

R ange
S in c e
J an u ary 1
L ow

H ig h

109's HO
109*2 109*2
108*4 109

102 F eb ’ 09
tO oV 102
94*2 A p r ’01
94
95
....
116*a Moy’09 .. .. 116 *2 116*

Peo & East tiee O C C & St L

CO

0

Q-F 109 ........ 123*8 J a n ’06
10 0 * 4 D ec’05
M-N
J -D 105 ........ 105 J ’ ne’09
A-O ........ 113'-. 113 May’Ol
. 109*2 J ’ne’ Ot
M-N ........
A-O ........ 108 *b 108*2 J’no’Ol*
S a g 'I'us* 11 ls t g u g 43.1931 E-A
Phil 11 & W S ee Pena HU
Pliila <fc R eadm e cou s7 s.l91 1 J-P 1 0 1 * 2 ........ 115*2 Mar’OO
93 5iay’09
Philippine Ry 1st 30-yr s 14s’3 J -J ......... 93
Pitts Uin * St E See Pouu C
Pitts Clevo & Tol S ee H & O
Pitts Et W & Cli S ee Penn C
Pitts McKees * V S ee N Y Cen
A-O
116*8 J’no’09
J-J
93 »8 J’ly ’97
Pitts & W est S ee B * O
|) oadmg Co gen g 4s___ 1997 J-J
1 1 ) 0*4 Sale 1 0 0
10 1
75
JlV Registered....................1997 J-J
100 May’ 09
a a v io o
Jersey Cent coll g 4 s ...1961 A 0
9 7*4 sale
97*4
97*4
9
Rensselaer * Sur S ee D * U
Rloli * Pan S ee South Ry
Rich * Meek s e e Southern
Rio Gr West See Pen & Rio Gr
Rocli * Pitts S ee H it * P
Rome Wat & Og S ee N Y Cent
Rutland S ee N Y cen t
Tus * H S ee Pere Mnro
S ag
t Jo * Gr isl 1st g 4 s ...1947 J-J
90
06*i 96 7s May’Ol1
St L & Cairo S ee Mob & Ohio
8t L & Iron Mount S ee M P
St L K C * El S e e Wabash
8t L M Hr S ee T HR A of 8t 1.
8 t L o u i s * S E— ie n g 6s. 1931 J-J 123^ 124*4 1236a 122*h 1
General gold 6 s . . . ___ .1931 J-J 110*4 110*2 1 1 0 * 4 J’ne'oii
Gou 16-2<J yr 6 s ..............192< M-N
90 *4 Sale
89*2
90*2 338
8t L * S E HR cons g 4 s .. ’ 96 J - J ......... 96
96 A p r ’Ou
Southw P ig 1st g 68..1947 A-O ........ 10 0 * 2 101 F ob ’09
Refunding g 4s............1951 J -J
8 6 >2 sale
35*s
80*-. 1 2 1
St L M & So East gu 4 *2gl909 J-P ..............
99*4 A p r’09
K C Et 8 * M con g Os.. 1928 M-N 1 1 9 *2 1 2 1 * 4 119*2 A p r ’09
K C EtS * M Ry ref g 4s 1936 A-O
83
84
837a
81
li
K .C * M lt& 1 1 ls t g u 5 s . 1929 A-O lo o ........
Oz’r k * Oh C 1st gu 5s g.1913 A-O
97*2 98
9 7 * 2 J’no’09 ....
3t Louis So S ee Illinois Cent
8t L 8 W 1st g 4s bd ctfs.1989 M-N
93*2 04*4 01
94
9
85 J’ne’oO
2d g 4s me bond o tis ...p l9 8 9 J -J
Consol gold 4s..................1932 J-P
79
70S 73
7 9 *2 Sale
101'« A p r’07
Gray’ s I’ tT’er 1st gtig6 s 1947 J -D
St Paul * P o l S ee Nor Pacific
1007s J ’ne'09
8t Paul M * Man 2<1 Os...1909 A-O
13 1*4 J ’ne’09
1st consol gold Os........... 1933 J -J
Registered.....................1933 J-J .........132 “s 132 A p r’09
Reduced to gold 4*28..1933 J -J 198*2 109 109 J ’ne'OO
108*4 J ’ne'OO
J-J
M-N 102*4 102 J4 102*8 J ’ne’oO
Mont ext 1st gold 4s___1937 J-P 1 0 0 1 U0 \ 10 0 * 4 10 0 * 4 lo
10 0 * 4 Oct ’06
Registered.................... 1937 J-D
A-O
........ 124 May'OS
j - j • io i
j -j
130*4 132*4 13 0 * 4 J’ne’Oa
Registered.....................1937 j - j
136*4 .d a /0 6
1st guar gold 5s....... ..1937 j - j 114 ........ 114*4 J ’ne’09
W i l l * S E lat goliifis.. 1938; j -p 115 ........ L16 J ’no'oo . . . .
d t P * N o r P a o S ee N or Pac
8t P * S’x City S e e C S t P M * o
89*4
8 A * A Pass 1st g u g 4 s ...1943 j . j
89*2 80 7g 89*4
1
8 Ee Pres * Pit 1st g 6 s...1942 M-S .........l l l 7g i l l *s J ’ne ’ 0 9
110
O c t '05 . . . .
8 E * N P 1st sink t g 68.1919 J J
Say E * W est S ee A t! Coast L
Scioto Val * N E S ee N o r * W
88
89
87*4
8 8 *2 36
Seaboard A ir Lino g 4s ...1 96 0 A O
99*4
99*4 10
, Coll tr refund g 6 s ........ 1911 M-N
99*4 Sale
85 ........ 88 Jan '0 <
Atl-llirui 30-yrlst g 4s.el933 M-S
90
J
*
J
86
J
’ly
*08
Car Cent 1st con g 4 s ... 1949
ElaCen * Pen 1st g 5 s .1918 J -J 1 0 0 ........ 107 *4 Aug’OO ~
1st lanu gr e x t g o s . ..1930 J-J
Consol gold os.............. 19*3 J-J
10 9 * 2 5lar'06
G a * A la lt y ls t c o u 5 s o l9 4 5 J -J ........
106*2 J ’ne’09
Ga Car * N o 1st g u g 5s 1929 J-J . . . . . . ..
105*2 Alar’OH
8eab * Uoo 1st 5s.......... 1926 J-J 1 0 0 ....... 107*4 J ’ne’09 —
Slier Shr * So S ee M K * T
SU Sp Oca * G s e e A tl Coast L
8o Car * Ga S ee Southern
Southern Pacific Co—
Gold 4s (Cent Pac coll), fcl’__ J -P
03 ........ 92*4
93
23
R egistered ................. fcl949 J -P
80
90
85 F ob '09
Conv 4s (full paid) ..^1929 M-S 104 -Sale 102*2 104 3316
E-A
Cent Pao 1st rei gu g 4s 1949
97*4 Hale
9/
97*4 2UU
Registered.....................1949 E-A
95*4 96*8 97*4 Mar’09
M ort guar g o ld 3 *23.. £1920 .1 -P
89*4 89*4 89*4
89*4
7
Through St L 1st gu 4s *54 A-O
94*8 Hale
04*8
94 ‘2 19
' Gal Har * S A I s t g 6 s ..l9 1 6 F-A
101*4 Apr 09
M e x * P a c I s t g S s ....1931 M-N ........ 112
111*2 A p r ’09
i GUa V G * N I s tg u g 5 s .l9 2 4 M-N 104*2........ 104 M ar’09
. Hous E * W T 1st g 5 s .1933 M-N l04 100 105 *4 51ay’00
M-N
1933
1st guar 5s red..........
104 7a ........ 103 *2 A p r’Ol!
H * T O 1st g 5 s in t gu.,1937 J - J 110*4......... 1 1 0 * 4 J’ne’09
Consol g Os int gu ar...1912 A-O 109 ........
Gen gold 4s int guar.. 1921 A-O
95 .
96 May’09
W aco& N VV m v 1st g 6s ’30 V.-N 110 118 1 1 6 Jieo’UO
A * N W 1st gu ■•6s ' 1941 J-J 107*«........ 107*2 Jan 09 —

. r_

105 106
112*4 l i d
104*4 109*2
IO8 8 1 108*

93

95

110's HO*.,
99*4 1 0 1
98 *2 100
0 0 Hi 0 b H

92

97

122 >a 124*4
110
88

111

10 1

10 1

91

91*4
06 *2

84 7a 89
99*4 99*1
U 6 *b 130*a
82*4 8 b
97*8 98
92*2 04*2
79
85
78
81 *4
1 0 0 78 104

131 132®„
132 132
108*8 1 1 1
108*4 108*4
102 *8 103 *<j
99*4 101

130*4 lo*2*a
114*4 117
116 116*4
89
92*8
111*2113

95L 100
..................
io o *2
105 106
106*4 107*4

1 0 2 ‘4

90
93
85
85
97*2 101
t)07e
07*4 9 V*4
89*4 93*4
93*4 95
101*8 101*4
110 U2
104 104
103 105 *4
103*2 163*2
109*4 110*4
96

96

107*2 107*2

BONDN . * . STOCK E X C H A N G E
W eek E nding J uly 2
southern Pac Co—( C o n t i n u e d )
M organ’s La * T 1st 7 s .1918 A O
Is* gold Os.................... 1920 J -J
No of Cai guar g 5 s .........1938 A-O
Ore & Cal 1st guar g 5s. 1927 J -J
So Pac of A riz 1st gu g 6s.o’ 10 J-.J
•5o Pac of Cal—6 s E & E ...1912 A-O
1st gold 6 s .................... 1912 A-O
1st con guar g 5s.........1937 M-N
8 Pac of N Mex 1st g 6 s .. 1911 J-J
So Pao Coast l s t g u l s g.1937 J -J
T ex& N O S a bP ivlst g6s.l912 M-S
Con gold 5s..................1943 J-J
0 Pac HR 1st ref 4s.........1955 J-J
Southern—1 st con g 5s___1994 J-J
Registered.................... 1994 J-J
Develop & gen 4s Ser A . 1956 A-O
Mob * Ohio coll tr g 4 s.. 1938 .M-S
Mem P iv 1st g 4 V 5 s ... 1996 J-J
St ixiuis div 1st g 4s___1951 J-J
Ala Cen It 1st g Os........1918 J-J
A tl & P anv 1st g 4s....... 1948 J-J
2d 4 s ...............................1948 J-J
A t l * Yad 1st g guar 4 s. 1949 A-O
Col * Greeny 1st Os....... 1910 J-J
D T V a * G a Dry g o s .. 1930 J-J
Con 1st gold 5s.............1950 M-N
E Ten reor lien g 5s....... 1938 •VI- S
Ga Midland 1st 3s.......... 1940 A-O
Ga Pac Ry 1st g Os.........1922 J-J
Knox * Ohio 1st g O s...1925 J-J
n o b * Sir prior lion g5 s 1945 J-J
M on gage gold 4s........ 1946 J-J
Ricli & Pan con g Os___1915 J-J
P eb 5s stamped.............1927 A-O
Rich * Meek 1st g 4 s ...1948 Al-N
So Car * Ga 1st g 5s___1919 M-N
Virginia MW ser C 6 s. ..1916 M -S
Series P 4-5s................ 1921 M-S
Series E 5s.....................1926 M-S
General 5s.....................19361 M-N
Guar stamped.......... 1936 M-N
W O * W 1st cy gu 4 s ..1924 F-A
W est N C 1st con g 6 s..1914 J-J
S & N Ala S ee L & N
Spok Ealls * N or 1st g 6 s.1939 J J
1'er A of St L 1st g 4 >2 8 ..1939 A-O
1 1st con gold 5s___1894-1044 E-A
Gen refund s I g as........ 1953 J-J
St L 51 lige Ter gu g 5s. 1930 A-O
i’ex * N O S ee So Piic Co
i 'e x * Pac 1st gold 5s....... 2000 J-P
2d gold iuc 5s................. g2000 Mai
La P iv B L 1st g 5s....... 1931 J -J
W 51 In W * N W ls t g u 5s ’30 E-A
l o f * O C 1st g 5s.............. 1935 J-J
Western P iv 1st g 5 s...1935 A-O
General gold 5s................1935 J-P
Kan * 51 1st gu g 4s___1990 A-O
J
Tol P * W 1st gold 4 s ....1917
Tol St L * W pr lien g 3 *2 8 . 1 9 2 6 J-J
50-year gold 4«................ 1950 A-O
Tor 11am * Hull 1st g 4s.Zt.1940 J-P
t e r * P el 1st con g 5s 1928 J-P
U ls 1st
refund g 4s.......... 1952 A-O
Uu P ac UR * 1 gr g 4s ...1947 J-J
Registered.....................1947 I - J
1 s t * ref 4s.....................</2008 M-S
20-yr conv 4 s ................... 1927 J-J
Ore Ry * Nav con g 48.1946 J-P
Ore Short Line I s t g 6 s ..l9 2 2 F-A
1 st consol g 5s.............. 1946 J-J
Guar reiund 4 s_______1929 J-D
R egistered..................4 9 2 9 J-D
U ta h * N or gold 5 s ..1926 J-J
Uni N J R R & CGo S ee Pa RR
Utah Central S ee R io Gr Wes
Utah * North S ee Un Pacific
Utica * Black It S ee N Y Cent
consol g 4 s ___1955 F-A
V audalia
era C ru z * P l8 tg u 4 * 2 sl9 3 4 J -J
Ver Val Ind * W S ee M o P
Virginia 5Iul S ee South By
Va * Southw’t 1st gu 5 s .2003 J-J
1st cons 50-year 5s........ 1958 A-O
1st gold 5s....... 1939 A-N
W abash
2d gold 5s..................1939 F-A
J
Debenture series A ....... 1939
J
Series B ..........................1939
1st lien equip s td g 5 s ..1921 M-S
J
1st lien 50 yr g term 4 s .1954
1st ref and ext g 4s ___ 1956 J -J
P et & CU E xt 1st g 5 s .. 1941 J-J
P es M om P iv 1st g 4 s ..1939 J-J
Om P iv 1st g 3 * 2 8 ........... 1941 A-O
Tol * Ch P iv 1st g 4 s ... 1941 M-S
Wab Pitts Term 1st g 4s. 1954 J-P
Trust Co certfs.......................
2d gold 4s..........................1951 J-P
Warren s e e Pel l^ac & West
Wash Gent S e e N or Pac
Wash O * W S ee Southern
Wash Term ! 1st gu 3 *2 8 .. 1945 F A
West Maryland l s t g 4 s . . .19*52 A-O
Gen * conv g 4 s .............1952 A-O
W Va ce n t * p 1st g 6s 1911 J-J
West N V * Pa 1st g os. .1937 J-J
Gen gold 4s...................... 1943 A-O
Incom e 5s...................... <11943 Nov
West No Car ,"See South Ry
Wlieel’ g * L E 1st g 5 s ...1926 A-O
J
Wheel P iv 1st gold 6 s.. 1928
Exton & Imp gold 5 s ...1930 F-A
R R ls tco u so l 4s..............1949 M-S
20-year equip s f 5s ...1 92 2 J-J
Wilkes * East See Erie
VVil & Sioux E S ee St P 51 * 51
W isC enl OU-yr 1st gen 4s 1949 J-J
S u p * D u ld iv * term ls t 4 s ’ 30 M-N

2 9

4
P rice
J Y id a y
J u ly 2
B id

A si

W ee V s
R an ge or
L a st S'dle
Low

H ign

........ 121*4 122*8 Aug’OS
115 117*4 116 N'ov’ Ou
112 Eeb’o7
104 Mar'09
101 *2 Jan ’01
112

Ao L ow

_

104

10 1* 2 10 1* 2

8 8 * 2 9-2
10 2 * 2 1 0 2 * 2

94*2 96*8
7 106 113
111* 2
May’OlHH 1 1 0 * 2
82 7a
83 2 / - 76
S3*;!
? 8 5 ^ 90
88*4
88*4
113 A p r ’ 01
113 113
2 87*8 91
90*4
90*4
108 Sep '08
111
110

109 J ’ne’O
1 1 0 * 2 111 J ’ne ’ 0 9
114*8115
11 4 *8 i u * g
105*2........ 107 Apr ’0:
05 ........ 04 A p r’ot
1 1 7 Apr ’01
117 118 118*4 May’ Ol
105 .........

Sale

104
l

02 May’ll!
102 *2 J’ue’OS
98 s Apr ’Of
35
94*2 '9 5

110

1 1 0 * 8 ........
104 ........
..............
103*4.......
106*4 1 1 2
106 .........
1 0 : *a........

H ig h ,

____ _

114*2 P e c ’04
........ 110 May’ 07

90 .......
........ 105
lo o ........
Sale
111 Sale
109 ........
82 7a Sale
89
90
.........1 1 2
........ 90
1 1 1 * 2 ........
92 .......
87*2........
81*8........
109‘s ........

109

Ra nge
s in c e
J an u ary 1

_
_

109 110*4
109*4 1 U
114*8
105 107
64
6 6 *4
114*4 117
118*4 118*4

1 110 * 2

1 lOH, J ’ne’09
108*4 H I
...... ............
92 J’ne’os
75 Get ’Os
103*4 May’U9 ___ 101*2 103*4
108*2 P e c ’On
113 D e c’O.
1 1 0 * 2 J’ne’09
10 9 * 2 Mar'09

i07 110*2
107*4 199*3

109

109

109

109*4

117 J ’ l y ’ 0 0
107 7s 108*4 107 *2 J ’ne’u9
107 *2 1.09
115*2 116 i 15 ^ 116 *2
1 115
117
......... 97*8 97 *2 J ’ne ’ 09
06
97*4
109*4........ 1 1 0 * 4 J ’ne'do . . . . 110*4 119*«
114
70

Sale 113*2 114
8
........ 65 J’ne'00
1U5 Jan ’09
10 0
........
.........114 *-.
.........114
112 J ’ue’09
103 *2 104*4 103 *2 May 09
........ 95
94*2 A p r’0: ___
90 ........ 92 J ’ne’O!89*2 91*t 91*8
I
91 *e
......... 84 *2 83*4 J ’ne'oo
......... 91*4 91*4 A p r’09 __
107
107 Sale 107
1
81 Nov'09
104-. sale 103*2 104*v TJo
1 0 2 * 2 ......... 102 *2 J’ne'oo
996„ Sale
99*4
99*4 .64
111 *4 Sale 110*4 111*6 1107
00 ^ Sale
Oil
119*8 120 *e 119*8 i i y s
1
1 L0 l4 JL15*9 114*4 J ne’ o'o ...
lA
95 salb
9 4 -B 06
94 J a n ’09
100*4........ 100*2 J ’ne ’ 09

108 115 117*2 J a n ’09
9 9 *2 Sale
6
99*2
99*2
\
112°8 Sale U2<8 113
104 104*4 104*2 J ’ne’00
too *8 Jan ’ 00
.........1 0 1
10 0
J ’ne’Uu
........ 103
109*2 May’09
87 May’Uo
77 *2 Sale
77**8
78 s Oil
no
no** i l o >4 J’ue ’ 09
bt3 ........ 91 *2 J ’ne’Oo
......... b4
78
78
5
91*8May’09
85
92
50
oO
6
49*4 50
46
48
5f<
46 Sale
9 J ’ne’ Oo

........

92*..

8 6 *2 Sale
02
........
........ 1 0 2 •

111

113

92*2 J’no’ 09
84 *2
8 6 *4 364
70 J ’ne’09
110
87*2

34

J ’ne’uo
A pr oil
E eb’07

.13*2 119
6 5 *2 75
103*2 lUa
111
112

112 * 2
112

1.03*2 195
02*4 95
8 6 *4 91
90
91*8
8 0 *8 bb
91*4 91*4
107 1U8 *4
1U2 104*2
100*4 163
941*4 100
10 2

111* 8
99 >8

98

l ’JOSl
114*4 118
94
96*4
94
94
10 0 * 2 1 0 0 *a

118 * 2

117*2 117*2
98*« 100
l l l - g 114*2
10 2 * 2 105
lOOS 10 0 * 8
86
10 0 * 2
10 2 * 2 1 0 2 * 2

87
87*2
71*4 80*8
108 1U*4
86
is

***

90
4:8

80
91*2
56

40^4
a

14 *2

92*2 93*4
82*b 8 8
U1
7 3 *2
110

87

117
95*8

107 109
108*4........ 105 F eb’ 09
........ ......... 95 J ’ly *08
...............
.................. 105*2 P e c ’Os ... ...................
83*4 00
1
87 *2 8 8
8S
88
00

......... 95*4
93 Sale

U5

9 .;

9 5 14

15

9 3*4

20

89*2 9C7|
93
95

J llS C E l.i.A N E O U si B O M » —C oncluded.
fUnntt!nctiirlll& iLz ludu.iirm .
Armour<&Co ls t ie a le s t lk .s ’J'j
Beth Steel rst ext « t 5 8 ..1 o.6
Cent Leather 20-year g On. 1925
Uistil Sec Cor conv 1st g 5 » .’27
Int Taper Co 1st con g 6».1918
Consol conv s f g 5s.......1935
In t St Tump 10-yr conv. 6s ’ 13
Lackaw Steel 1st g as— 1923
N Y A ir Brake 1st cou v 6s ’ 2 8
Repub 1 & S 1 s t coltros . 1934
U nion B a g * T 1st si 5 s..I9 3o
U s laiath Co s ld o b gUs..l*J13
U S R e a lty * 1 c o n v d e b g 5 s ’24
U S Rubber 10-yrcoll t r b s .’ is
U s steel co r p — J coup .a l9 63
SI 10-60 yr 08. ( reg ..(41963
Va-C’ar Chom 1st 15->T6s 1923
W estinghouso E * M a t5 s ’31

95 *4 Sale
05 *i
95 *4 323 90
96*2
89 Sale
89
89*2 76 77
90
98*2 Sait98*4
98»s 48 06*2 99
76 K* brtits 76
767b 28 73*2 767s
104 >2 105 105
105
4 101 100*4
....... 87*2 88 J ’ne’09
8 8 Hi
103 *2 Sale 103 *2 103 *v 4 .tib 103*4
97*2 08
P /-•«
98
93
99
115*2 Sale Ub*4 115
116
7 10 8
101 101*8 101
10 L
101*4
7\ 08
97
97 *v 97 J ’no’ 09
91*4 91*2
10 6
Sale 106
106
10 IU4 *2 100*2
90 *2 Hide
9078 12 84*4 01*4
'’0*8
105 Sale 104*8 105 *, 83 102*4 100*4
1057g Hale 105*4 10678 351 102*8 1 0 6 '4
105 *2 Sale 1 0 5
105 S 2^ 101*8 100
[)r* ^2 2 0 03*4 100
98 *2 salt
98*2
94
94*2 94
9 4 \ 36 90*4 00 *v
* No price Friday,-latest bid aud aslred this week. a Duo an
oDuo




J-P
tf-J
A-O
A-O
F-A
J-J
J-J
A O
M-N
A-O
j-j
.Jt-N
J-J
J -D
M-N
M-N
1 -O
J-J

.1

.M iscellaneous
Adams E x c o lt r g 4 s .........1948 M-S
92 *2 Sale
B’ kl’ n K e r ry C o Istco n sg o s ’48 E-A
Bush Terminal 1st 4s.......195/ A-O ........ 90
Consol 5s.......................... 1955 J .J
04*2.......
C h io.J o* t Yard c o lg 5 s .lu l5 J-J
Pot M * M Id gr incomes. .1911 A-O
institution for Irrig Was
& P. vel of A gn eu l s i
4*vs (c lfs ).........................194- M-N
Int Moreau .Marine 4*2 8 ..1922 A O
int Navigation 1st a 158.1929 F A
Newp No S h ip * P P 5 s d l9 9 o J-J
X V P ock 50-yr 1st g 4 s..1951 E-A
L’rovnlenoo Sec dob 4 s.. .1957 M-N
86*4 88
Provident Loan Soe 4 *2 S. 1921 M-S
St J osepli Stk Yds 1st 4 *2 -s. 1930 J-J
........ 100
S Yuba Wat Co con g 6 s ..192.. J -J
U S Red * Ref 1st a t g 6s. 1931 J-J
00*2 01
uue Apr ePueMay p iiu o jn e /i D u e jiy

.-00 d

92*2
93
41 O c t ’06
90 J ’ne’ui'
47

r,

92

94

90
93*1
91*2 9 5

A p r’ U8

91 *2 May ’09
71*2
73*2 106

90 Jan ’09
95*2 P e c ’08
100*2 >ep ’05
112 J ’ l y ’04
01 J ’uo ’ 0 9
puao.Nov

92
30 34 7 7
bb
88*1
91

00

94

._ 00

80
iuuiumaiue

CHICAGO STOCK EXCHANGE—Stock Record—Daily, Weekly and Yearly
S T O C K S — H IG H E S T A N D L O W E S T S A L E P R IC E S
Saturday
J u n e 26

*180
*3 1 ,
4
*12
14
109 *10712
371s 37<2
*26
28
10
*9
24
*2313
*48
49
8612 *83
10 12 *1512
50
*49
22
*20
*20
691 *67
*67
55
56
50
4834 4978 49
*102 IO6 I2 *102
*180
*3la
*12
*10713
37
*26
*9
*23’ 3
*1813
*85
*1513
*49

190

113S 113g
81
81
*204 210
*126 128
*60
6 OI4

16
54
5518
*1
*2
23
*131

T uesday
J u n e 29

M onday
J u n e 28

1138
*8 0 13

*204
*126
*60
*108

16
54*2
5512
Us
3
23
13214 +13U2

190

*180

4

* 3 13

10

914

*12
14
109 *10712
3734 3734
28
*26
*231,
*48 “
*83
1 0 1 2 *1512
50
*49
24
49
85

*2 0

22

0912 *67
55
56
4934 4912
10612 *102

1634 16
5434 53
55
*5212
1*8 *1
*2
3
*2 2
23
13212 *13H2

120

*13312 136 *135
11912 11912 11934

127
48
*43

127
49
45

12634 127>2 128*2
47
48l8 49
*43
*43
45

*2 l ' 2T
106 *10312 105
12312 *123 124
92
92
♦Oils 92
*117 118 *117 118
*11314 11334 114 114
106

* 12 2 12

*93
94
94
94
113 113
113 113
107*4 10734 1073j 108

*133

135

* 10 2

10 2 12

15
*17

*133
10 2

*103*2
*123
*91*2
*117
114

185
4

*175
*2
*10

105
124

*103
*12212
92
*91*2
118
118
11434 +114*2

* 1 1 2 1 2 113

107*2 108

1134 ♦HU 1V>8
8212 82
82

210

106
124
92
118
115

Last Sale

104* 104
Last Sale

92
92
*117*2 119
*11312 114*2
Last Sale

92*4 93
92U 92*4
113 113
113 113
108 108*2 108*4 108*2
Last Sale

135

*1434

15

* 14 8 4

*17

20

*17

0/ the
Week
Shares

R an ee since
Jan . 1 1909

1434 16
+18
20

104* 104*
183 June’09
90
90
*117*2 1 2 0
+113*2 114*2
11-16 Mch’09
92
92
+11212 113*2
108*s 1083*
7
Feb’09
*135
140

10 2 12
Last Sale 1*2
Last Sale 3
Last Sale 734

10 2 12

Apr’09
Apr’09
Apr’09
*14l2 15
15
15
Last Sale 22
June’09

Inter.
est
Period

P r ic e
F rid a y
J u ly 2
Rid

Amer Straw b’d 1st 6 3 . 1 9 1 1 J - 1 ___
Armour & Co 4 )4 3 . . .1939 J - D . . . .
A - O
Cal & So Chic Ry Co
1st M 5s.................... 1927 F - A 110U2
Cass A v & F O (St L) 5s’ 12 J - J . . . .
Chlo Board o f Trade 4sl927 J - D __ ,
Chicago City Ry 5s__ 1927 F - A 103*4
Chic Consol Br&Mlt 6 s ____ J - J - - - Chic Consol Trac 4 Hs.1939 J - I) . . .
Ohio A udltorlum lst 5sl929 F A
Ohio Dock Co 1st 4 s ..1929 A - O . _.
Chlo JC R R 1st M g 5S_ 19 4 5 M - S . . . .
Chic N oShore Elec 6 s .1912 A - O __ _
Ohio Pne Tool 1st 5s_al82l J - J 7478
Chic Ry 5s....... ...........1927 F • A 1 0 U8
Chic Rys 4-6s scries " A ” A - O
96 *2
Chic Rys 4-5s series ” B” J - I) 873*
8912
Chlo Rys 4-5s series ” C’ F - A
Chic Rys coll 6s __ 1913 F - A 1013,
Chic R y: Fund 6 s ____ 1913 F - A t — .
Chlo R ys Tern Ctt 3 1st 3s - - - . t-----Chlo R I * P R R 4s . . 2 0 0 2 M - N ___
Collat Trust g 5 s ...1 9 1 3 M - S ___
Chic Telephone 5s___ 1923 J - D 1103*4
Commonw-Edlson 5 .1943 M - S 10278
Chic Edison debflslOlu, J - J 995*
1st g 5 s ____July 1926 A - O lUOSg
Debenture 5 s . . . . 1926 M - S 1 U1*8
Commonw Elect 5S61943 M - S 10278
Illinois Tunnel 5s____ 1928 J - D ___
Kan City R y & Light
Co 5s...........................1913 M - N . . . .
Knlck’ b ’ ker Ice 1st 5 s .1928 A - O . . . »
Lake St El— 1st 5 s___1928 J - J ____
....
Income 5s____ . . . — 1925 Feb
Mctr W Side El—
1st 4s
______ 1938 F - A 8312
J t ----Extension g 4 s _ .___1938 J
North West El 1st 4 s . . 1911 M - S 9334
No W G-L & Coke Co Os’28 Q - M __ _
- N 97
Ogden Gas 5s_________1945
Pearsons-Taft 5s-------- 1916 J - D 10 0
96*4
98
4.60s Scries E __________ M - N
99
•4.80s Series F__________ M - N
Peo Gas L&C 1st 6 s ..1943 A - O . . . .
Refunding g 5s____ 1947 M - 8 163*8
Chic Gas L&C 1st 5s 1937 J - J 104
Consum Gas 1st 5 s .1936 J - 1) 102*4
Mut’ l Fuel Gas Ist5sl947 M - N . . . .
South Side Elev 4 M s .1924 J - .1 95
Swift & Co 1st g 5s___1914 J - J . . . .
Union El (Loop) 5s___1945 A - 0 . . . .
Union Pacific conv 43.1911 M -N ___
_
80
United Box Board c o l 6 s ’26
General mtg 0s________ j - J 79
Western Stone Co 5 s . . 1909 A - O —

__

W eekls
Range or
Last Sale

A s k Low

....
....

High

R'ds
Sold
N o.

102 J’ne’09
1 0 1 *4 Feb ’ 09
100 Mayo7
10334 1033.,
104
103 Apt’04
60 Apr’ 0.1
9634 Jan’06
....
.... ....
....
....
87 Feb’00
747s
7478
Sale
Sale 101*8 101*4
Sale
95»4
96*4
86*4
8/3*
Sale
39*4 J’ne’09
91
Sale 10 1* 2 IOD4
10134 102i8Meh’09
19218 lOlUMay’09
. 00i2 Atig’O8
60*2 J'lv'03
Sale 103*4 103*4
Sale 102*2 10278
10 0 June'0 »
IOD4 1 0 1 J'ne’09
10 1* 2 10 1*4 J'ne’69
Sale 10278 i 0278
__ __
80 Dec'08

....
___
....

9834 J’ne’09
96 Mch’09
90*sJ’nc’09
16 May'05

___
....
___
....

....
90
___
Sale
£*>2

9-1*4
....
9712
....
___
___
___
10 3 12

104*4
10238
....
95*2
....
____
....
Sale
Sale
—

(1908)

Highest

ISO Mch 8 190 Feb 3
212 J ’ly 1
4 Jan 22
Jan 21
15 Jan 22
J ’ne I 11634 Jan 6
J ’ne23
4534 Jan 2
May 2 1
30 Jan 29
May 3
13*2 Jan 2
J’ly 2 29*4 Jan 2
51 Apr 3 0
Feb 24
Jnn 8 86*2 Mayl8
J ’ne24
19 Mch 8
64 J ’ne 3
Jan 14
Jan 6 25 May 6
Jan 6 73 May 7
61
„ „ Jan 25
— May 7
29*4 Apr 13 5134 J ’ne 19
07 Feb 15 107*2 J ’ne 1 8

160 Jan
138 Feb
61-Dwi
84**4 J ’lib
38 Oct
20 Nov
934 Sep
16 Feb
30 Oct
68 Sep
I 2 I4 Nov
42 Jan
13 34 Aug
46 Aug
42 Aug
2612 Apr
85 Apr

186 Deo
3*s Aug
10 Aug
119 N ov
47 J ’ne
28 Deo
13l2 Dec
30*2 Deo
4734 H ov
86*2 NOv
19 Jan
64 May
22 Deo
62*2 Dec
71 " Jan ’
34 N ov
10j J’no

V n Jan 30
7134 Jan 6
200 Jan H
120 Jan 21
54*s Apr 21
101 Feb 24
i8 J ’nclO
*4 May22
10 Ma\ 24
48 J ’ne 16
61*4 Jan 8
1
Apr 27
2*8 Apr 27
20 Alch24
127 Jan 4

4 F*t>
4112 Jau
125 Jan
116 Apr
37 Mch
91 Jan
78 Dec
3 Dec

7678 Dec
Deo
128*4 N ov
03 N ov
104 N ov
30 J a n ’
190 May

14*8 May20
86 J ’ne 4
203 May 3
129 Apr 17
OOI2 Mayl7
110 J ’nel2
1 Jnn 2
5 Jan 6
1634 J ’ne28
57 J ’nc 8
58 Apr 16
1 Apr 27
2l8 Apr 27
27*8 Jan 4
134 Mch24

117 Jan 18 133 J ’ne 17
107 Jan 21 1 2 H2 J ’ly 1
24*4 J ’nol5
17*8 Feb 25
8812 Mayl9
7 OI4 Mch 26
117 Jan 9 130 J ’ly 1
38 Jan 26 49 J ’ne26
45 Feb S
43 Jan 5
J ’n c 28
20» 2 Apr 27
Jan 16
97*8 Jan 2
Apr 20
118*4 Feb 15
J’ ne 8
82 Jan 14
A pr 1
110 Jan 15
Apr 8
102 Jnn 6
Mch 20
*2 Feb 25
May 6
65 Jan 6
J ’nel4
101 Jan 6
100l2 Jaa 9 11178 J ’n elo
6 Feb 5 20 Jan 18
119 Jan fi 136 J ’ly 1
98*2 Jan 2 103 Mayl7
158 Mch 26
»8 Feb 19
3*8 Mch 2
2*4 Feb 26
334 Mch 10
9i»Jan 4
10l2 Mch u 1635 J ’no 5
16 Feb 10
25 Mch 15

1038 N ov

200

40
1
2
20
106

Feb
Oct
Nov
Dec
Jan
34 Feb
100 Jan
80 Jau

67*4 Dec-i
1*8 Aug
4 Apr
30l2 Aug
163 Sep
234 F e b .
116 Deo
110 O c t )

113 Jan
30 Jan
38 J ’ne

137 Aug
42*2 Dec
46 J ’ly

19 J’ne
70 Jan
10134 Jan
61 Mch
91 Mch
80*2 Jan

20 J ’ly
97 Deo
120 Aug
87 Deo
115 Nov
100 Deo

24 Jan
72 Jan
88*2 Jan

102 Deo
105*4 Sep

11434 Jan
87 Jan
*4 J ’ly

134 Jan
100 J'ly
1*4 Jan

J ’ly

12 Jan

1*2

66

1134 Oct

17

Leo

Apr

Chicago Banks and Trust Comnanies

100 Meh’07 . . . .
95*4 J’ne’09 ___

10 2

Range lor Previous Yeai

Highest

Miscellaneous
1,126 American Can________ 100
1,085
Do pref___________ 100
American R a d ia to r.. 100
Do pref___________ 100
Amer Shipbuilding___100
Do pref___________ 100
Booth (A) & Co..........100
Do pref_________ ..1 0 0
1,010 Booth Fisheries c o m ____
754
Do pref______________
17 Cal & Chic Canal & D .100
200 Chic Brew'g & Malt’g ___
Do pref______________
*210 Chic Pneumatlo T ool-100
28 Chicago Telephone___100
Do rights____________
Chic Title & Trust___100
1,393 Comm onw’th-E dison. 100
Corn Prod Ref Co Com ___
Do
D o Pref___
551 Diamond M atch_____ 100
887 Illinois Brick_________ 100
Masonic Tem ple_________
MIlw & Chic Brewing____
10
Do pret______________
50 National Biscuit-------- 100
Do pref___________ 100
**35 National Carbon-------- 100
10
Do pref___________ 100
677 People sGasL&Coke_100
Do rights------------------1*355 Sears-Roebuck c o m .. 100
325
Do pref________
100
1.662 Swift & Co..................... 1 0 0
Do rights____________
" ’ 16 The QualM." Oats C o . . 100
131
Do pref___________ 100
Unit Box Bd & P Co-100
Do Full paid-----Do pref___________ 100
Do Full p a .d ____
1,695
Western Stone______ 100

Chicago Bond Record
BONDS
CHICAGO STOCK
E XC H AN G E
W eek endinij J u ly 2

STOCKS
CHICAGO STOCK
E XCH AN G E

Last Sale

*133 135
135 135
102*2 10»2 10212 1 0 2 1 2 10 2*2

135 *133
10214 102

Sales
F rid a y
J u ly 2

11* 2
1 1 *'
82
8214
203 May’09
128 *126 128 *126
128
60
*59
60*2 *59
60
110
Last Sale 110 June’09
Last Sale i
June’09
Last Sale 1
June'09
16
1612 16
16
16io
15U 16
54
5214 54
52
5234 52
53 "
54
56
+55
*54
56
*53
55
1*8 *1
1*8 *1 Us 1
1
*2
3
3
Last Sale 2*8
Apr’09
2434 *24
23
23
25
*24
25
132 132
13212 *131 132
132l2 132l2
Last Sale 2i4
Mch’08
140 *136 140
Last Sale 1321s June’09
120
120 121
121 121l2 121
12138
Last Sale 2412 June’09
Last Sale 88*2 May’09
129*2 130
130
130
1289a 128*2 129
47
48*2
47*2 4634 47
+46
47
50
45
Last Sale 44
*45
June’Ol
Last Sale 2 ig June’07

94

*93

T hursday
J u ly 1

Railroads
180 Apr’09
Chicago City R y _____ 100
2*2 2*2 *2
3
20 Chicago & Oak I?arlc.l00
12
10
10
*10
12
V
Do pref___________ 100
*107*2 109 *107 110
111)
112*
24 Chic Rys part ctf " 1 ” —
38*4 38*i 39
38
3912 40*2 2,028 Chic Rys part ctl " 2 " _
*26
*27
29
29
27
27
10 Chic Rys part ctt ’ ’3 ” . .
10
*9
*9
10
10
10
13 Chic Rys part ctt ‘ ‘ 4’ ’ —
24
*23
*23
24
22
22
100 Chicago Subway_____ 100
*48
49
49
50
5012 50*'
1 2 0 ; Kans City Ry & Lt-.lO O
85
*83
*83
85
85
85 "
Do pret_____ ..____ 100
5
*15
16*2
17*2 June’09
Metropol W S K iev. _ 100
*48
50
*48
50
48
49
Do pref___________ 100
"loo
22
*20
23
Last Sale 25
May'09
Northwestern Elev— 100
*67*3 69
09
Last Sale 69*2 June'09
Do pref___________ 100
55
*55
56
+54
56
*54
56
471 South Side E leva ted ..100
50l8 4934 5 OI4 49*2 4978 4938 49”>8 2,3c0 Streets VV Stable C L .100
*100
10212 Last Sale 107*2 June’09
10612
Do p r e f .._________ 100
190
4
14
109
38
28
9 I4
24
49
85
I 6 I2
50

1138 1H2 1134 1U2
821S 8212 82ls
8 U2
210 *204 210 *202
127 127 *126
128
60
60
6 OI4
60
109 *10612 107<2 *10712

120

*13313 136

Wednesday
J u n e 30

2

....
___
____
....
___
....
5
15
21

48
____
13
....
....
___
....
4
24
....
----....
5
___

8
8312
833,
8.37fl j ’ne’09 ___
9
94
94*2
____ _ _
....
5
97
97
1003sMch’09 ___
97 Mch'09
98 J’ne’ 09 ___
100 Mch'09 ___
I2 D4 May'09 . . . .
4
1031a 103*2
104*4 1043ft
7
102*4 J'no'09 ___
102 Apr’ 09 ___
6
U512
95’
101«8 J’ ne’09
95 J’ ne’09 . . . .
114 Nov'04 . . . .
77
80
14
6/
77
80
85*2 J’ly'OS —

Range
Krr
Year 1909

NAME.

Bankers N a tio n a l---------Calumet N a t i o n a l - ..- . .
9678 Chicago C i t y - . ------ -—
Commercial National— .
Continental National—
10 2
1 0 2 *- Cook Co Stato S avings..
10 1
10 1*4 Corn Exchange National
Drcxel S t a t e ---------- —
Drovers Dep N a tio n a l...
103*2 105
Englewood S t a t e . . . . . . .
First N a t io n a l...— . . . .
60
50
First Nat E n g le w o o d ....
___ ____ Foreman Bros B k g C o.
Fort Dearborn NatlonalHamllton National-------72
/ 47* Hibernian B’k’ g Assn—
1007s 1023j Kaspar State B a n k - . . . .
93l2 96*4 L ivestock Exchange Nat
843.J 89*» Monroe National-----------Nat Bank of R epublic—
89
91
101*3 1023,; National C ity----------------102*8 1023s National P r o d u c e ...—
10 1* 4 1 0 2 1 2 North Avenue State-----North Side State Savings
101 1013.1 North W est State---------103 IO33.1 Prairie National------------101 103*. Prairie State____________
Railway Exchange-------ioo3a ioi3j S e cu rity ________________
10 1
1 0 2 1 * South Chicago S avings..
102*4 1035lS State Bank of Chicago—
____
Stock Yards Savings-----Union Bank of C h ica go..
98
983j Union Stock Yards State
95
96
American Trust & Bavgs73
91
jCentrnl Trust Co of 111Chicago Sav Bk & IT -----Chicago Title & Trust—
83
861- Cltlzeua Trust & Savings
82*2 8414 Colonial Trust & Savings
9214 901, Drovers Trust & Savings
Farwell Trust Co_____ - First Trust & Savings—
93
98"
100*4 10 0 *j Guarantee Trust & SavHarris Trust & Savings.
98
997* Illinois Trust & Savlngs.
10 0
10 0 ** Kenwood Trust & Savgs
12 0
12 2
Lake View Truot & Saves
103 104
Merchants’ Loan & T r C o
101 1013* Metropolitan Trust & Sav
102 1021. Northern Trust C o______
161*2 102 ‘ North-W estern T r & Sav
94*2 903, People's Trust & Savings
1601, 102
Pullman Trust & Savings
92
90
Stockmen's Trust & SavUnion Trust Co________
70
80"
Western Trust & Savings
701., 80
West Side T r & Sav Bank
Woodlawn Tr& Sav Bank

95*4

Outstand- \ Surplus
ing
and
Stock
Profits

t

D ividend Record
In

in

1907

1908

S2.000.000 71,284,770
8
100.000
J35.7111 0
600,000 (185,585
10
3.000.
000 640
4,344
12
4.000.
000
3,952.819
8
50.000
(6,186
6
3.000.
000
5.189.U6S
12
200,000
37,245
6
600,000
413.275
8
200,000
0
(30,170
8.000.
000
8,227,364
12
150.000 *166,750
10
1,000,000
555,098
i’rtv
1,000,000
8
436,965
600.000
5
160,567
1.500.000
806,041
8
200,000
118,250
10
1.250.000
390.830
300.000
63,178 ‘ T
2,000,000 1,101,839
8
1.500.000
520,474 . . . .
250.000
60,685 . . . . .
200.000
(60,246 . . . .
60.000
6
(13,017
200,000
(7,072 —
250.000
72,601
600.000
45,546
8
260,000
6,141
4
300.000
146,102 . . . .
200.000
(78,103
6
y 1 ,0 0 0 ,0 0 0 1 414,754 9 + 1
250.000
6
179,358
200.000
6
(18,660
200,000
6
65,624
3.000.
000
2,709,594
8
2.000.000
794,826
7
n500,000
80,508 . . . .
5,000,000 r 1,298,619
6
60,000
3
(0,349
600,000
10
100,471
200,000
0
98,370
1.500.000
(189,651 . . . .
2 , 000.000 2,665,234 . . . .
200,000
(4,476 Incorp
1.250.000 1,051,962 . . . .
6,000.000 8,386,842 10 + 4
200.000
0
(10,094
2
200,000
(31,797
12
3.000.
000
4,983,232
750.000
(J
239,335
1.500.000 2,138,833
8
200.000
51,656
0
200,000
6
98,577
*500,000
(156,154
18
200,000
(23,892
6
1. 000 . 000 1,188,614 _
1, 000,000
204,973
0
200,000
59,139 Began
200,000
(32,905
6

_

8
6
10
12
8
6
12
6
8M
6
12
10
ate Bn
8
6
8
10
10J2

P e r ­ Last P a id
iod
%

Q-M
An.
.1-1
O-J
o -l
Q-M
O-l
A-O
O-l
O-l
Q-M
Q-M
nk
O-l
J-J
o -l
l-l
Q-M
Q-F
O-l
O-l

June 09J 2
Dec ’08} 6 f,
July '09,’ 5
July 091 3
July 09,’ 2
July '091 1*2
July ’09,’ 3
Anr '6 9 ; (7)
July ‘09; 2*e
July ‘09; 11j
July '09; 4
J’ne30 00 21*

July '091 2
July 09J 2*|
July 09,’ 2
July ’09,’ 5
J'o 30 ’09,2*1
May 1 09, 1
8
July '09; 2
3
July ’09, lit
____ July ’09. 1
2M Q-J July ‘09; l*i
0
Q-J July 09; Hi
— July '09, l*i
—
8
2
....

0
11
7
6
0
8
7
6

4
8+2

7M

....
....

orated
6

16+4
6

4M

12
0
8
0
6
8

5

8
0

buslne
0

Q-M June ’09, ID
. . . . Jan ‘08, 2
____ July ’09, 112
O-l July 09, llj
O-l July ‘09; 3
J-D Juno 3u'09;2
M-N May ‘09, 3
Q-J July 09.’ Hi
Q-J July 09; 2
O-J July ’09J IJ4
O-l July ’09; lit
Q-J July ‘09; 11*
A-O Apr 09.' 2
Q-J July
2ij
Q-J July ‘09J 2
Q-J July '09, Hi
Q-M July '09, 4
.908 V 87,p.ll3S
Q-l July ’09,’ 21j
7 June SOW 4
Q-J July 1)9,1 1*4
Q-J July ’09.’ 1*4
O-i July V 9 : 3
Q-J J’ne MO.’ Hi
O-l July ’09J 2
.1-1 July M0J 3
O-l July ‘091 a
Q-J July ’09,’ 2 i
J-J July '091 2*1
Q-M June30 ’09 2
Q-J July ‘09,’ Hi
sa
Sept 6 1908
Q -J July '09; ll|

Accrued Interest must be added to all Chicago bon d prices
• Bid and asked prices. :io sales were made on this day.
t Juno 23 (close of business) for national banks and Juno 24 (opening of business) for State
Institutions
t No price Friday: latest price this week, a Due Dec. 31.
b Duo June,
fc Capital Increased from 8300,000; a stock dividend of 33 1-3% .
being declared In part payment therefor, n Capital and surplus to be Increased. <7 Dividends aro paid Q-J. with extra payments Q -F. r As of date
Dec. 31 1908, * As of dato April 28. i As of date April 29. v Capital Increased to $1,500,000. V . 8 8 , p. 1477.
N o te . —




J u l y 3 1909. |

THE CHRONICLE

3L

in d u stm and Aliscel
AS
ti IU
list
onsol Rubber T ir e ..101
5
135
26
23
Preferred _________ 1 0
93
38
Debenture 4s 1 9 5 1 A it / 34
TRANSACTIONS AT TIIE NEW YORK STOCK EXCHANGE
___
40
ons Steamship Lines 10'
DAILY, WEEKLY AND YEARLY.
7:
2*3”
Coll tr 4s 1957 rets J Ac- / 22
75
'ora FTod Ref See Stock 1 .XIT list
9
Stock-.
R ailroad,
7514 “Crucible Steel______ lo
914
Stale
U . S.
W eek ending
A c .,
3
7D:
ePreferred_________ 1 0
B on di.
Bonds.
*77g 8
J u ly 2 1909.
Shares.
Bar value.
Bonds.
Ir.mberiand Ely Copper
Perry Companies
13J
131
-D ia m o n d Match C o-ltli
$6,000
92
Saturday __________
255,254 $23,233,400 $1,906,000
88
3 St N Y 1st 0s 1911.J-J
Dominion Copper______1
190,000
4,358,000
40
Monday ___________
330,042 23,129,200
♦2 I8 "&S
32
N Y Sc FI R Ferry s
DouRlas Copper_______ '
224,000
5,163,000
G5
Tuesday____________
60,088,000
642,980
55
1st 5s 1922____
Econ’y Lt & P (Joliet, JU)
250,000
4,224,500
41,553,300
93
Wednesday ________
441,288
951- 90
98
1st M s 1 r 5s 1956.J-l
$ l 65o
75,000
3,452,000
377,740 35,707,750
1061- 1071- Electric B oat_______ 1 0 '
10
Thursday___________
4,529,500
200,500
1,0 0 0
Friday_____________
Preferred
. lot
60
95
75
396,428 35,525,800
40
1
34
E lectro Vehicle_____ 1 0 $2 ,0 0 0
5945,500
Preferred .
..
, !()■70
T o ta l...................... 2,443,732 5219,240,450 $23,633,000
65
30
Empire Steel. _ .
lot
10
1
28
98
Preferred
10 1
571­ 65
. 94
J a n . 1 to J u ly 2.
W eek ending J u ly 2.
Hales at
Federal Sucrar of N Y S e 6 . K 1­ x list
N ew Y ork Stock
741­ 77
'General Chemical___ 1 0 0
Shorf-Tcrm Notes
1908
Exchange.
1009.
ePreferred_________iou 103
993v Goldfield Consol Mines-lb
99
♦71# ’ V t
985,524
84,984,745
99,910,540
2,442,732
Stocks— No. shares__
981S 983^ Gold Hill Copper______ 1
♦3g
sa
Par value_________ $219,240,450 $87,355,150 $9,143,030,083 $7,584,524,125
1()07S
10
0
-V
*
1
0
Greene
Cananea______
2
b
10i4
$114,000
816,900
53.800
Bank shares, par____
10U7S io n
GuRRenhe'm Fixplor’ n 1 0 ' 193
Bonds.
70
/ 67
rllackensack Water Co
-7 -5 V/O J
32,500
$371,820 “ ■
$202,700
32,000
Government bonds__
Col tr R 4S 1 9 1 3 ...
90
95
<S9
R ef r 4s ’52 op 1 2 ..J 21,872,700
1,297,500
58,685,500
045,500
State bonds_________
1 0 1 1 - 1013j Hall Slemal Co________lot
50
10,786,500
395,018,100 C C C & St L 5s. June
711,745,900
23,633,000
RR. and mlsc. bonds.
10 0
lOOL Havana T obacco C0 .. I O 1
11
10
4
.>
k
10414
Preferred__________
lot
23
$12,086,500
$24,530,500
S733.821.300
$454,075,420
Total bonds_______
10 114 1 0 H1st r 5s June 1 2 2 . J-l
67
loo IOUI4 Hecker-Jones-Jewell Mil
K C R y & LlRht 6s ’
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
1st 6 s 1022_____ _M-8
99->S 10 0
105
EXCHANGES.
1003. 1U07S Her'R-Hall-Mar, n ew . 1 0
45
r. u A 1,a:su r os ru.m-E IOII4 101-3), Hoboken Land & ImplOO
___ M-N
e5s 1910____
Mex Cent 5s July 1 19 L 1 0 1 b, 101S,V
99l8
B oston.
P hiladelphia.
1007#
UHNij
Houston Oil_________ iou
8
W eek ending
991- 10 0
P r e fe r r e d ____
10 0
38
U sled
U nlisted
Bond
B ond
J u ly 2 1900.
Listed
Unlisted
10034 10 b7# Hudson R e a lt y ..
lOo 10 0
shares.
shares.
sales
sales.
shares.
shares.
6114% 3% '■IntrersoU-Rand c o m .lo o
65
e P r e fe r r e d ___
.10 0
90
5,337
4,820
$82,000
4,840
$43,000 N Y N H & H* 5s ’lO-’ il 1 0 0 1 2 10 2 1 3,911
Saturday----------------1013# Intemat'I Bank's: Co 10) 140
6,636
11,632
50,500
12,711
56,000 Norf Ac West 5S moAt-A 1 0 1
3,010
Monday-----------------Int’nl Mer Mar S e e Stk
Exc
i R R S s Mch 15 TO Al-i 10034 1 0 1
19,907
147,500
11,305
26,500
17.259
Tuesday___________ 23,378
10,963
124,000
7,852
40,000 Public Service Corp 5 s - -Sees. tiyc Intem at’I Nickel____ lo o 105
Wednesday-------------- 14,054
7,293
Preferred
.10 0
993 ,s
88
99
13,882
54,800
9,170
11,156
95,700
Thursday--------------- 10,050
1st R 5s 1932____ AAcO
86
96'2
11,652
96
14,564
57,000
8,269
3,868
49,000
F r id a y ....--------- —
12
1003, lUtPf, International Salt___ 1 0
1st r 5s. 1951..........A--. / 54
75,768 $521,800
54,147
46,497 rJio.200 Southern Ry o 1 ill.A l-N 63>4% 3%
Total...................... 72,007
8
Tidewater 6s. in 1 3 , Ruar 10278 103's lntemat'1 Silver_____ 1 0 j
___
... 1 0 0
Preferred
83
Westlnph ElAcM 6s 191C 10 0 's 1 U1 1 8
1st 6 s 1948_______ J D 109
Railroad
internet Smelt & RefR IOO 125
Jones AtLaURhlln Steel Co
Atch T op St Santa Fe—
All bond prices arc now “ and interest” except where m arked “ f.
1 st s i g 5s 1 9 3 9 ..M -N
IOOJ4
Conv 4s (w 1)— see Stk Exch list
Lackawanna Steel___lOo
48
Chic Milw & St Paul—
51
94">g 9434 Lanston M onotype . . . 2 0 *141- 16>2
Deb 4s (vrlwa Issu ed )..
Street Railways
Hid
A sk
Street Railways
n id
Ask
Lawyers’ M tgeC o____ 10e Z2 2 0 1
Chic Peo Ac St L p r e i.l >0
N ew Y o rk C ity
Pub Serv Corp N J (Con)
eLeb At Wilkes-B Coal 00 10 0
3
1
Deposited s to c k .. . . . .
15
30
Blceck St St Ful F stk.100
Rapid Tran St R y.1 0 0 245
Lord St T a y lo r .. . . . . 10U IOJ
Undeposl ted stock____
3
1
75
65
e 1st mtge 4s 1950-J-J
1st 5s 1921.,____ A-O 105 109_
Preferred ._
. lou
98
Prior Itett r4 1*s ’30M<ScS / 83
93
140 160
c B’ y St 7th Ave stk__100
J C H ob 8s Paterson—
Con
mtR
g
5
8
1930.J&J
eLortllard
(P) pref__1 0 0 130
65
7
48
101
e 2d mtge 5s 1014._J-J /loo
77
79
4s R 1949_______M-N
Income 5s. July 1 93 0 ..
25
6 t2 Madison Sq G a rd e n ..lo u
35
Con 5s 1043 See Stock Exc list
SoJ Gas El<& T rac-100 125 127 Chic
2d 6 s 1919________M-N
Subway_________ 100
2 0 12 23
80
O0
B*way SurT 1st 5s gu 1024 102 104
9S12 9912 Ft W St Den Cy std._100
Gu r 5s 1953...A I-S
Manhattan Transit____ 20
97l
2 -—
2'S
eC ont’l Crosst’ n stk__100
No Hud Co Ry6s’ 14 J-J 106 108 | Kansas City Sou 5s A pr 1
Mitchell M inlnR.. . . . l o * * 17<i
e 1st mtge 6s 1922.M-N 1 ------ 95
5s 1928__________ J-J 105
Monongabela R Coal__50
1950 (when issued)___ 100-34
-5
*6 *
30
70
100
e Ccn Pk N 4 I! R stk 100
Ext 5s 1924____ Al-N
Preferred
.
_ 50 *25
Nat Rys of Mexico — S e e s tk Ex list
26
80
90
e Chr’t’r & lo th St stk 1 0 0
Pat City con 6s ’3 1 .J-D 118
MorteaRe Bond Co___lOo 117
North’n Securities Stubs. 125 135
Col <Ss 9th A ve 5s S e e Stock- Exc list
2d 6 s . . 1914 opt A-O 100
Nat Bank of Cuba__ 1 0 o 1 0 2
Pitts Bess St L E_______50 ♦35
37
Icago
Dry D E B 4 B—
So Side El (Chic) S e e Ch
uTT
Nat’l Surety (n cw )._ll)u 185
Preferred __________ 5 0 *70
76
95 100
Syracuse R T 5s ’ 4 6 .At &S 103L 106
e 1st gold 5s 193 2 ..J -R
Nevada Cons’d Copper . 0 *23
«Railroad Securities Co—
233,
65
Trent P Ac II 5s 1943. J-D 100 102
e Scrip 5s 1914____ F- a / 45
Nev-Utah Min Ac S rn -.lu
92
1
1
1
C
stk
tr
cfs
ser
A
'52
90
2
30)
United Rys o f St L—
Eighth Avenue s to c k .100 250
eNew Central Coal____ 2 u
Seaboard Company—
25
53
n*4 23
100
Com vot tr ctfs____ Ito
e Scrip 6s 1914____F-A / 95
N
Y
Air
Brake
6
s
S
e
e
Stck
* 7-41?
1st preferred______ 1 0 0
e P re fe rre d ________100
e 42d Sc Gr St F‘ y stk.100 200 260
6712 07«4
N Y Biscuit 6 s 1911.A1-S / 10 0
Com St 2d pret-AJee Balt Exc list
Gen 4s 1 03 4 ..s e e Stock Exc list
42d St M & St N A v e . 100
eiNew York D ock____ 100
Seaboard Air Line—
41
46
9/ 100
UnltHvs San Fran S e e Stk Exc list
e 1st intpe 6s 1910.51-8
ePreferred
10 0
Coll 5s ext May ’l l M-S
99
99180
8212
75
42i4 42SS Onion
Wash Ry & El C o____ 100
2d Income 6s 1915. J-.J / 50
Paclilc 4s S e e Stk Exch list N Y Mtge Ac Security.lO o 195
9012 9078 West Pac 1st 5s '3 3 .M-S
P r e fe r r e d _________100
Inter-Met — S e e Stk Exch ange list
9734 977S N Y 'lYansportatlon___ 2 o
*4
4s 1951................... .J -D / SfSj 875Lex Av AcPavF 5s S e e Stk Exc list
Niles-Bem-Pond com .lO o
95 ]
Mctropol St R y — S e e Stk Exc list
Nlplssiug Mines________0 ♦10L 10U
Industrial and Aliscel
(ias Securities
Ninth Avenue s to c k ..100 150 170
(•Ontario Silver_____ .l o o
3 14U
30
20
N ew Y o r k
Second Avenue s to c k .100
M a m s Exp r 4s 1947 J-l
90
Otis Elevator co m ._ .1 0 u
93
55
60
96 10.
Cent Hu Gas 5s r ’27.J cV$ 1011- 1021 Abmeek MinlnR_______ 25 170 175
e 1st mtge 5s 1909.M-N
P r e fe r r e d ____ __lOu
97
99
82
Con Gas IN Y ) — S e e Stk Exc list
Consol 5s 1948____ F-A / 7s
Alliance Itealty______ 100 113 118
P’.ttsburRti Brewing___50 *22^ 23
e Sixth Avenue stock-100 115 130 e Mutual G a s . . . _____ 100 144 —
AUl8-Chalmers Co 1st mtR
Preferred
5u *4119 42
60
to
New Amsterdam Gas—
Sou Boulev 5s 1945— l-J
Pittsburgh C o a l-ice Stk
s 1 5s 1936— S e e Stock
list
Jt
90
05
1st consol 5s 1948..J-J 101 10212 American B ook___.. .1 0 0 Kxcli
So Fer 1st 5s 1919___A-O
Pope .\ifRUoooin(new)loo
153 155
25
27
NYAcERGas 1st 5s'44 j - j i04'r 106
Third Avenue — S e e Stool; Exc list
Preferred ( n a v i . __lOu
American Brass_____ 100 114 116
73
78
/
50
80
Consol
5s
1
9
4
5
.
.
.
.
.J-J
96 100
'Parry W P f t M 5s 1928
Pratt Ac Whitn pref._10u
American C..lcle com.UK) 205 210
.5 1
8a
95
N Y Ac Richmond Gas luo
32
40
YkersStRRos 1946 A-O
Realty Assoc (Bklyn) 10j 138 1
Preferred _________ 100 102 105
29
Nor Un 1st Os 1927— M-N
99
97
28tll St 29th Sts 1st 5s '96 / 22
Royal Bak Powd com I uj 100 \
Am Graphophoue com 100
1.)
200
250
e
Standard
Gas
com
__lou
£0
80
e Twenty-Third St stk 100
Preferred__________lo..
Preferred ________ 10 0
3(Hs
30
106 1
e P referred ________100 n 00
91 102
90
Union Ily 1st 5s 1942 F-A
-safety Oar Heat & Lt-lOU 127 1
Amer Hardware_____ luo 124 128
60
75
1st 5s 1930________1Y1-N 100 105
Westchcst 1st 5s 43 .J-J
Seneca Mining________ 2 o * 69
AmMaltlng 6s 1 9 1 4 .-J-D 101 104
O
th
er
C
it
ie
s
B r o o k ly n
Singer Mfg Co_______ 10j 450 4
Amer Press Assoc’u _100
j5
105
im Gas & Elec. c o m .50 ♦33
35
Atlan Ave 5s 1909---- A-O 100 101
Am Soda Fount c o m .100
>4 Standard C o rd a g e ..-lo u
97 102
Preferred___________ -.0 *411- 451Con 5s ft 1931_____ A-O
1st preferred______ lou
1st .\1 g 5s ‘31 red.A -O , 27
9
95 10.)
Arner LlRht 3: Tract-lOa 234 236
B B & W E 58 1933..A -O
Adjust A1 5s Apr 1 1931 ; 3
2 U preferred______ 10 0
7
Preferred _________ 100 109 111
Brooklyn City s to c k ...1 0 192 190
Am St Found new — S e e S tk Ex list Standard Coupler com 100
26
Bay State Gas_________50
Con 5s— S e e Stk Exch Exc list
34
6s 1935___________ A i l i IOU- 104
Preferred
--io u 100 1
97 100
BlnRli’ t'n (N Y) Gas Wks
Rkn Htrts 1st 5s 1941 A-O
Deb 4s 1-123_____ i -'&a
Standard Milling Co__10U
7u
72
1611st r 5s 1038____ A&O
05
98
Bkln queens Co ft Sub—American Suretv_____ 50 214 217
Preferred _________ lOu
53
97
Brooklyn Un Gas— S e e St U Exc list American Thread p r e f ..5 *41
e l s t R 5s ’41 o p ’ 1 6 -J-J
1st 5s 1930______ M-N
514
84
7
9
Con guar 5s— S e e Stock Exch list Buffalo City Gas stoeklOu
Am Tobacco Co c o m . 100 430 140
Standard Oil of N J ..1 0 0
1st 5s 1947— See Stoc.; Exc list
BUlyn Hap Tran— See Stk Exc list
Amer
Typefders
com
.1
00
Swift
A
c
C
o
S
e
e
Boat
SU
41
4)
80
05
93
Con Gas of N J 5s 3 6 .J-J
98
i Coney Isl fc BUlyn..100
Preferred _________ iou
1st 5s 1910-1014.. . J - j 1o078 1
95 100
81
78
Consumers’ L 11 Ac Pow —
1st cons g 4s 1948..J-J
Amer Writing Paper-100
eTcxasJc Pact tic Coal-100
3
95 1
95 100
5s 1938___________ J-D no
Uric O & N 5s 1039.J-J
Preferred _________ 10 0
Title Ins Co o f N Y . . . l o u 150 1
1912 20
135
Denver Gas & E lcc-_1 00
140
Gr’pt&LorSt 1st Gs.Al&N
1st s f g 5s 19 o p ’OO.J-J
Tonopah Min (N e v a d a ).1
83
86
C®8
92
Gen r 58 1919 op-Al-N
94
Kings C El 4s— S ee Stock Exc list
AtlGf AcW ind SS Lines K)0
Iren ion Potteries com 100
101- IF
7
Elizabeth Gas L t C o ..100 275
Nassau Elec pref____ 10 0
Preferred__________ 100 27
Preferred, new____ 100
29
50
GO
5s 1944..................... A-O 103* 108~ Essex f t Hudson G a s .100 130 132
Col
tr
r 5s 1959 ___J-J / 71
Trow
Directory______
106
25
35
Gas & El Bergen Co._J.0 b 70
1st 4s 1951— S e e Stock Exc list
75
Barney
A
c
Smith
C
a
r
.100
Uni
'u
Typewriter
comlUO
30
41
70
75
90 loo
e Gr Rap G 1st 0 s 15-F-A / 99 102
N W 'bg& Flat 1st ex 4H s
Preferred__________ iou
1st preferred______ 10 6
96 1!0
116 1
Hudson Co Gas___, ,1U| 125 127
Steinway 1st 6s 1922-J-J 105 1 1 0
Bethl m Steel C orp- -S e c S vk Ex list
2d preterred_______ 1 0 o 1 1 0
1
Indiana Lighting O o. 10C
191- 201- Bliss Company c o m .. 50 113 110
O th er C itie s
United Bk Note C o r p ..5o *53
55
033.1 05
is 1958 o p _______ F-A
Buffalo Street Ry—
Preferred . . . . . . . . . 5 0
Preferred __________ 50 123 128
•5'5
55
lstcon sol 5s 1931..F -A 108 1091- Indianapolis G a s.___.5 0
25
40
United Cigar M frs.. .109
Bond Sc Mtffe Guar___109
295
70
71
Del) 6s 1917............ A-O 107 10711st g 5s 1052_______A-O
78
85
ePreferred_________
lot.
Borden’
s
Cond
M
ilk
..100
132 135
It ,7 1 08
Columbus (O) St U y .100 (}2 s97'4 Jackson Gas 5s r 3 7 .A-O
88
92D
United Copper___
1 1 1 ,.
Preferred _________ 100 105 106
10 v * 101­
Preferred _________ loo 10 7 n o
c Laclede Gas______ . 1 0 0
101
British Col Copper_____ 5
Preferred _________luo
*7L
7331
37
Coin m lty con 5s— See Pit la lis:
e Preferred ............ . 1 0 0
99
07
... - l o . 210 2125
Butte Coalition MinlnR 15 ♦2534 2 OI4 U S Casualty
Crosst wn 1st 5s '33 J-D 10212 404
Madison Gas 6s 1 0 2 6 - A-O 106 110 Casein Co o f Ant co m .100
U S Envelope co m ___l()u
Jo
4
52
78
73
Newark Gas Gs 194 4 .-Q-J 131 133
eConn R y & L tg co m .to o
Preferred _________ 1 0 0
P
r
e
f
e
r
r
e
d
i
u
„
60
70
85
80
ePreferred-------------- 100
Newark Consol G a s.-lO o
99 101
U S F im sh ln : . . . .
l.jj
Casualty Co of A m e r -lo o 135 145
list
Exc
e Con g 5s 1048____ J-D 1071- I0a12 Celluloid Co__________ luo 132 134
1st & ref
— See Stk
Preterred__________ ioj 10 0 1
77L sS2
Grand Rapids R y ____ 1 0 0
No Hudson L II & Pow —
Cent Fireworks com -.lO O
7
U S Steel Corporation —
88
84
5s 1938..................... A-O no
Preferred _________ 100
Preferred _________ iou
00
70
Col tr s t 5s ’51 opt T 1 1141108
c Loulsv St 5s 1930..J& J 10 714
Pat & Pas GasAc E le c -100
05
92
Central F oundry_____ 100
21- 23j
Col tr s f 5s '51 not opt 1111''
Lynn Ac Bos 1st 5s 24 J-1 nl05 107
eC on r 5s 194 9 ...M S 102«j 105
iG
Preferred _________ 1 0 b
18
U S T it Gu Ac Indem -lbu
50 " 60
o Now Orl Itys St Lgt-lu;i
1734 St Joseph Gas 5s 1937 .J-J
95 100
Deb 6s 1919 op ’01 Al-.N
72
68
cUtah Copper Co-Nee Stk Exc
46-kj
a P referred ________10O
1clear & Telephone
CUesebrouRh MfR C o .100 52i) 570
Waterbury Co. c o m _ . 1 0 j
Gen M g 4 s '35 S e e S tk Ex IIS' <’Amer TeleR & Cable. 100 76
8-1 City Investtnff Co____ 10b
65
70
Preterred
.
.
.
_____
luo
Pub Serv Corn of N J .100 106 109
■Central St .So A m e r -.lu o 115 125
eClaflln (H B ), c o m ..100 100 105
Westchester & Bronx lit
80
Tr ctfs 2 % to 6 %perpet
Conun*1 Un Tel ( N Y ) .25 no 120
87
cist p referred _____ loo
91
95
Ac Mtge Guar______ lou 155
Coll 5s r notes '09. M-N KKUg 101'5S Emp St Bay State Tel 100
05
75
e2d p referred .. ....1 0 U
92
9JI- Western Ice__________ 10 6
65
45
North .Jersey St Ry 10o
F ranklin___________ ,io u
40
Col Ac flo ck Coal& 1 pi 10b
80
Westlngh
Air Brake___50 ♦ ___
80
78
1st 4s 1943_____ M•N
-Gold Ac Stock TeleR .100 100 115
1st r 5s 1917............ J-J
90
95
West El Sc Mfg as- s e e St Exc list
78
7812 V Y Ac N J Teleph— See St k Exc list
Cons Tract of N J ..1 0 0
Col tr 6s Oct 195 6 ..J-J 10112 !U2l* White FCnob M in .. . . . 1 0 ♦ ___ ^
1st 5s 1933......... J-D IDOL
^Northwestern TeleR_50 1U7 112
Consol Car HeaUnR..10u
25
30
Preferred __________ 10 ♦ ___
New’ kPasRy 5s '30 J-J 108 —
Pacific St A antic_____ 25
65
75
Cons R y LgtAcRefrlg-lOb —
—
Worthlna Pump pref-100 110
Southern St A tla n tic..25
90
95
* Per share. cE x-rtghts.
HasiSous on Stk. E x., but not very active- JFlat price. :: Nom, 9 Sate
z E x -d :v.
y E x-rg ots.
2 New stock?

Volume of Business at Stock Exchanges

F.'ecfric Oompanie-:
Hid
ChicaRO Edison Co S e e C icaco
Kings Co El L&PCo lOi ■ 132
NarraRan (Prov) El C o .5' *z91
30
N Y ScQ El T. AcPowCo.10
Preferred . . .
. 1 0 ' ; 05
United Elec o f N J ___lo. - 70
1st g 4s 1949____ .J -I
74G

e

__

Outside Securities




__

BOSTON STOCK EXCHAN&E—Stock Record. Daily, Weekly and Yearly
Sales

S H A R E P R IC E S — N O T P E R C E N T U M1 P R IC E S
Saturday
J u n e 20

M on d a y
J u n e 28

Tuesday
J u n e 29

W ednesday
J u n e 30

Thursday
J u ly 1

0/ the
F rid a y
J u ly 2

W eek
Shares

STOCKS
BOSTON STOCK
EXCHANGE

R ange since Jan.

1909.

1

Range lor P -eclo u s Y en

(190S)

Railroads
1 0 1 % Dec
07% Feb
98 Jan 13 116% J ’n e ll
Atch T op A Santa Fc.100
83% Mch 104% Dec
Do prel____________11)9 )0034 JRA 15 100 J ’ne 7
230
Dec
239%
Apr
8
181%
Jan
225
Jan
1
Boston A Albany------- 100
140 Jan
1 2 1 1 " Dec
Boston Elevated--------- 100 124% Jar. 7 132% Apr 22
Boston & Lowell______100 224 Jan 12 235 Mch 19 200%“ Feb 228 Dec
140 Jan
Boston A Maine---------100 132D ..'an 2 160 J ’n e15 111 Oct
160 Jan
Apr 3 130 Feb
Do pref____________100 151 “ Feb 20 160 Jan 9 284
N ov
.Jau m
297 Apr 26 301
Boston
&
P
ro
v
id
en
ce.100
298 300
298 298
Feb 3
tcii
22
13 Mch
9
113 4 Jan 2
Boston Suburban El Cos.
15
16
*15
*15
16
*15
16
tie No*
45 Jan
75 Feb 3
Do
pref_____
*70
71
71
*70
71
17 Jan
141" Mch 12
8% Nov
__
10 M aylo
*10
10
*10
...
*10 . . .
60% J in
47% Dec
52 Jar 5 58 % Apr 21
D o prel___________
54
54
*52
*52
56
*52
56
161% Dec
10 2
J ’ne 23
120 “ Jan
.
an
2o
143
l66
Chic
June
R
y
&
U
SY.
160 160
. . I 6 OI2
(20% Dec
102 J a n
Do pref___________ 100 116 Mch 19 120 Jar. j 103
East Sale 118% June’09
*120
Dec 166 Mch
100 170 J ar 20 173 Mch 6
May’09
Last Sale 171
138 A nr
100 139 Jan 2 142% Mch25 133% Sep
Last Sale 139% Jun'eDO
263 Dec
244 Jan
____ Connecticut Rtver. 100 207 Jan 15 1 7 5 Mchlu
East Sale 270 June-09
133 N ov
Jan
100 130 M ayll 480 Feb 5
130
130
*130 131
99 Fltchburg. pref-----130
*130l4 131
*130
131
8t» Dec
9434 J ’ne lo
Apr
Jan
0
100
75
927s
93
1
1
2
93
93
*92%
93
*92
93
93 *
85 Dec
8
8
J
’ne21
Oct
Jan
14
100
70
Do p r e f..
Last Sale 88
June’09
*87
*87
8712 *87 . . . . *87
193
Nov
Nov
495
%
Jau
i
100 195% Ja . 13
East Sale 1951.) Jan’09
13“. Nov
8% Jan
15 Feb lo
1
1
%
Jan
12
100
*13%
1334
13%
13%
650
y 3v2
* 12 *
13
13
12% 13% '131'" 1334
64
Nov
78%
<;M
27
40
Jan
Jan
13
681"
100
Do p rel.
70% 71
71
71
382
71
71
70
71
67% 70
68 % 68*2
161 Nov
128 Jan
100 157 Jar 21 i7478 J ’nel i
ioei
171 171
171 171
171 171% 171 171% 171 171% 171% 171%
145 Apr
140 Jne
100 140 Feb 4 147 Men 20
East Sale 117
Mch'09 ____ '
Feb
:05
200
209
Mch
13
A
l»r
200
Apr
13
100
East Sale 200 Apr '09
j96% Dec
175 .Ian
Jan 5 2 0 0 1 s Jan >
194
100
Old
C
olony________
*200
201
200
200
7
5
200
200
*197 200 *198 200
197% 200
34 Dec
40
J'ne
5
•5
Jan
26
Apr
27
100
Rutland
pref_____
.
Last Sale 39
June’09
15 Dec
70 Feb
90% Mch 2 113% J ’ne
Seattle Electric_____ too
East Sale 109 June'09
*105 112 *105 112 *105 112 *105 112
1 0 2 Dec
8838 J an
97% Apr 5 103 “ J ’ne 9
D o pref__________ 100
140
10 0 12 10 0 1 *100% 102
102 103 *102% 103 *102% 103 *102% 103
1S55s Nov
ii)5
,
1 ’nelo
110%
Met!
.tl72Y«
Feb
26
100
103-%
194
Union
Pncilie______
194% 1047s 1,122
193% 194
192% 1931; 193% 193% 193% 194
97% Nov
7834 Apr
93% Mcll 2 10934 J ’ne24
Do pref__________ 100
104
200
102 102 *102% 103% *102% 103% *102% 103% *1021" 103% 104
16 1
Nov
Jan
100 165 Jan 20 i75 -a.pl 17
._ ___ 172
172
42
172% 172% 172 172
91% S-'P
Jan
9
8
%
Apr
23
Jan
2
88
92
92*4
93
93
58
92
92
*!W
93
92% 921
92
92
j
10
Deo
1
12
Apr
2
,
Jan
50 103 J ’noIS
104 105
Do pref__________
106
106
70
104 104
104 104
103 103 *103 104
J’ly 140 Mon
11 Wore Nash A R och. 100 144 Mch 12 140 May 19
145 145
Miscellaneous
N ov
46%
J’ly
2
13
Jan
33% Jan 2
43% 43% 44
46% 5,984 mcr Agrlcul Chem. too
44
41
44% 44
*43
44
43% 44
Nov
77 Mch
Do o re !__________ 100 94 Jail is 1 0 1 % J ’ne 9
100% 101
100% 100% 100 100
169
100% 101
Dec
* 10 0 % 1 0 1
101 101
9/3
Fob
23
4
Feb
{As
Jan
20
50
773 8%
8
8
1.758
8
8
8
8%
Dec
*8 14
9
8%
8%
2
2
o'lie
14
9%
Feb
Jan 1:
50
18
18% 18
18
764
*18% 19
18% 19
*18% 20
18% 19
137% N ov
09% Jan
13b A p r
1
2
1
%
,T’ne
22
126
1263.1
Amer
Sugar
Retln___100
126
1263]
12634
1273.
2,292
*123% 1241. 12378 124% 124% 128
Nov
Do nref___________ 100 120 J ’ ne20 131 Apr 13 100 Feb 132
1241" 125
123% 125
1,486
120 121
121 121% 121% 124% 124% 125
132% N ov
90 Jan
140% 1407s 14034 14078 7,830 Amer Telep & Tele ; - .100 125% Feb 1 143 J '11029
140% 141
141% 142% 141% 142-2 142 143
323s Dec
10 Jan
37%
May
3
27%
Feb
1
*33
34
American
W
oolen____100
*33%
34%
101
*33%
34
343j
*33% 34% 33% 33% *31
90% Nov
7734 Feb
93% Jan 15 108 “ J ’n e ll
Do pref___________ 100
103 103
103
103
10234 103
465
102% 102% 102% 102% 102t» 103
4l2 Dec
7 % .J’ne 14
3 Jan
334 Apr 1
*0S4 7% *034
7%
10 Boston Land__________ 10
*7 ----7
7
*61" 7
*6% 7
128 Nov
90% Jan
i38
-day
17
125
Jan
25
Last
Salt
Cumb
Telep
&
Teleg.100
133%
June’O
S
*133
135
*132% 134 *133 133% *133 135
2 1 % Dec
1434
Jan
40
%
J
’nel
1S% •an H
*431" 441" *44“% 4473
23§ Dominion Iron & S t e e '..
45
*42% 43
43% 43% 43% 43% *44
8% NOV
4% .\lcb
13% J 'no 9
113] H3.
7 -Ian -1
lWi
11S4
850 East Boston Land______
11% 11% *1153 12% *1178 12% 1134 117;
201 Met] 253 • OV
248 248
250
250
3 Edison Elec Ilium ___100 245 -Ian 2 200 Apr ,
*248 250 *248 250 *248 250 *248 250
Dec
111
Jan
1
04%
J
’ne
12
104
164
822 General E lectric_____ 100 15 0 -I3 Feb 24
161% 162% 101 101% 161% 163
*161% 1021 161 161
Dec
o /i" -ipr 12
49 ..1 eh
59 Jau
63% 6334
033.J 633 *03^4 633
395 MassachusettsGasCos 100
63% 63% 631.1 031
*63% 64
N ov
Jan
97
“
Api
2s
77
89
Jau
5
90%
90%
_______100
Do
p
r
e
f
_
_
_
901.1
90%
901.1
901.
297
91
90% 90% 91
*90% 91
NOV
Apr
220
Feb
17
192
210
28 MergcnthaTeP 1 A1 1 0 — 100 202% Mchl2
209'% 209% 210 210 *208 210 .*208 210 *209
*208% 210
u et
iVlch29
1 Mch
2
Jan
*21
Mexican
T
e
le
p
h
o
n
e
..
10
*2
D
3
100
2l
Ol8
215
ib
*2%
3
*21>
3
*2% 3
N ov
J
’n
e
li
Mch
98
40
68
Apr
24
*92
94
92
92
N
E
Cotton
Y
arn____
100
94
94
87
*90% 94
90% 91
*90
95
Dec
110 J ’ne 10
75 Mch
108 108
Do pref___________ 100 93 Jan
106 106
108
108
38
106 100 *106 108
*106 10S
NOV
136 Mch 1
105 Jan
134 134% 13334 134%
224 N E Telephone_______100 120% Jan
133 133% 1333j 135 a:134 134
133 133
Dec
oil"
J’ne
May
27
100
75
Feb
6
East
Sale
102
Pacific
Coast
P
o
w
e
r
..
100
100
May-09
* ___ 100 * _____ 100 * _____ 102
174
%
NOV
May22
147
Jan
192
188 188
188
189
188 183
’ 215 Pullman C o__________ 100 108 Jan 30
188 188 *1871" 188
188 188
]Ul" N ov
_ .J’n e ll
0 Apr
'J34
Jan
11
l
l
1
*11
Reece
B
u
tto
n
-Ilo
le
..
10
11
%
*11
11%
11
101
*11
.
.
.
*11
11
11
10 8% J ' l y
11078
j
’ne
/
88%
Jan
100
Jan
9
108%
10878
SwUt
&
Co.......
.............
100
107%
108%
1083g
108%
370
107% 108% 108 108%
107% 108
24 Oct
20 Jan
East Sale 2334 June’09
Torrlngton, Class A ._ 25 20% May21 2334 J ’n e24
*23
24
*21% 23
*21% 23
*21% 23
26% Dec
27 J ’n e ll
23 May
East Sale 27
Do pref____________ 25 24% Jan 29
*25
27
June’09
*24
27
*24
27
*24
27
2% Jan
2 Apr .
1% Mch
1 Jan 26
Last Sale 1% June’09
Union Cop L ’d & M‘g_ 25
148
J ’ly
141
J
’ne
29
]
14%
Jan
140 140
1403i 141
140
140
429 United Fruit_________ 100 126% Jan 13
140 141
*138 140
*138
6233 Nov
00 % Jan 14
38%
Jan
x
o
i
Mch
1!)
G
1
01%
Un
Shoo
Mach
Corp__
25
60%
60%
6
U
4
62
60%
00%
1.576
00%
61
60% 601"
30
N'ov
3034
Mch
0
24/3
Jan
28
%
Jan
U
29%
29%
293.t
2978
Do
pref_____________25
29% 29%
488
29% 2934 29% 2934 2934 29%
5834 Nov
26 Jau
68% 09% 69
0838 09
69% 16.934 U S Steel Corp_______ 100 4134 Feb 21 6934 J ’ne 14
69
6534 66-% 06% 66's 07
) 14 Nov
12
8
J
’ne
3
87%
Jan
107
Feb
23
124%
126
Do
pref___________
100
125%
120
126
124%
1263s
126
6,949
122 123% 124% 124%
91" N'ov
1234 May 5
4 Feb
6% Jan 11
*934 1034 *934
10
19 West Telep & Teleg._100
9% 9% 10% 10% *934 1034 *934 1084
80% Dec
69 Jau
76 Mch 3 88% Mayl4
*86
87
Do pref___________ 100
86
86
85
87
87
87
91
86
86
87
*80
Mining
12% Aug
Feb
634 J ’ly 2 10% May28
7
7
71
634
034 1,898 Adventure Con------------ 25
71" 71;
*71" 8
7% 734
41% Nov
4i% J ’n e l l
Apr
42% 421.1 *42
42
42
42
155 Allouez------------------------- 25 34 Jan 29
43
42
*42 " 43% *41 “ 42
88%
Nov
88%
J
’ne
5
65
Feb
2-6
Feb
Amalgamated
Copper
100
8234
823;
81%
825
8
8134
82%
83
17,405
80% 81% 803., 81% 81
J’ne3o
20 J 'no
2034 Jan
3034 29% 30
29% 29% 8.121 Am /Cine Lead & S in .. 25 23 Mch 27 303)
28% 29% 2933 30% 30
27~$ 28%
615s J'ne 4
63 N ov
28 Feb
A n a co n d a ____________ 25 38% Feb 26
I.ast Sale 50% June’09
2 % Jan 30
0
Maylo
0 Jan
3 Deo
4
4
'l3 0 A rcadian______________25
40% May 8
Feb 26
40% Dec
14 Jan
3934 3934 3934 *39% 40
466 Arizona C om m ercial.. 25 30
39
40
*391.1 3934 *39
1
Feb 1/
.90 Aug
45 Feb 17
.40 Feb
A
rn
o
ld
-------------------------25
Last
Sale
1
*
.75
l
1
*
75
1
*
.75
* .75
9 J'ne 3
18 oan 2
19% Nov
Apr
9% 9%
9% ’ 16 6 A t l a n t i c -------- . . . ------- 25 .45
0% 9%
*91" 10
9% 91" *9% 9%
.75 Nov
Feb lo .80 May 7 .25 Oct
10.50 .60
.60
.50
200 Bonanza (Dev C o )—
.50 .50 *.50
* .50 .00 * .50 .05
]()3j Mch 15
1 8 % Nov
17% May 8
10% Apr
BostonCon
C&G
(rets)
£1
1434
15%
15%
785
143,
14%
HI
4
*14%
14%
*14% 15
22 % Jan 2
26 Nov
11% Apr
5 1738 Feb 26
181
18% *18
250 Bos&CorbCop&SliMg
18
18
18
*17% 18
*17% 18
30 Aug
2138 Feb 24 28 May 8
16% Jan
2514 25% 251" 251.1 25*2 25% 25% 25% 251; 2,860 Butte Coalition----------15
25*4 25
03 Feb 130 Aug
9u% May 3 119 Jan 4
104 104% 104% 106
.04
290 Calumet & A rizo n a .. 10 585
104
103 104
104 101% 101 103
Feb 2o 080 Jan 4 r505 - Ich 700 Jan
050
650
24 Calumet & H ecla------ 25
051 >55
050 S50 *650 655
655 655
303.j Nov
8 6 I4 J ’n e ll
21 Feb
29 Feb
*32
33
*32
33
32
80 Centennial----------------- “ 5 .10
32
33
33
33
*31% 32% *32
25 Mch .45 J ’ne
J'ne 26 .86 «-a'n 15
___ * . 1 1
1
1.230 Cons Mercur G old-----.10 .10
.10 .10 * .11 ___ . 1 1
.10 .10
84!
>
J
’ne
10
83‘8 Nov
55%
Feb
08%
Feb
20
Copper
Range
Con
Co
100
813)
8 D3 82
81%
82
2.530
S078 82% 82
80% 80% 80% 81
1
Ian
12 * Mch 19
117s Nov
7% May28
8
8
8
8
375 D aly-W est------------------- 20
8%
8
8% 8% z8
8
8% 8%
8.34 Dec
10 Deo
71" Feb 1 10 % Apr 2o
East
Iiuttc
Cop
M
in
..
10
1
2
%
1
2
%
1
2
%
1
2
%
12%
1.247
12%
12%
12%
12%
12%
12"3 12%
2 % Jan 16
23) N ov
99
Mch
1
%
Apr
17
13
4
Elm
River_____________I
f
145
178
17S * 1 %
*1% 2
*1% 2
1% *1% 2
1%
0
%
Apr
18%
J
’ne
1
1
19%
Nov
13
Feb
25
18
1.707 F ra n k lin ----------------- - 25
1734 17% 17% 17% 17*4 17% 17% 17% 17% 17
17
7 .I3 .J’n elo
8% May 8
Giroux
Consolidated.
0
73
4
7%
734
2,315
7%
73,
77S
7%
7%
7"s
*71" 734
7%
80
1
10
J ’ly
Jan
110
Jan
1
90
Feb
20
Granby
Consolidated.
100
1
0
0
%
10
0
10 1
10 2
95
10 1
10 1
10 0 % 10078
*98 10 2
*99 1 0 1
13% Aug
0% Jan
1234 Jan 2
9 Feb 20
10
10
10%
10% 4,890 Greene Cananea-------- 20
10
10 %
10
10
10 %
10
10
10
12% J ’ne 10
9% J’ne29
Hancock
Consolidated
25
10
%
*9%
.
.
.
10
%
*9l
2
1
0
%
35
*
1
0
10
9%
9%
*0 % 1 0
1734 Feb
26% Jan
Apr 27 33% Feb Is
25% 25
25%
595 Isle Royale (C opper). 25 22%
25% 25% 25
25% 25% 25% 20
*253.1 26
8i- Mayl2
71" Apr 30
734
£
8
560 Kerr L ake___________
753 7%
77S v% *733 8
7%
778 773 *703
24'.] Dec
10
Sep
10 Jan 30
i b i 4 J 'n o
22
%
Lake
Copper---------2o
21
%
223.]
22
22
1,430
2
2
%
2
2
%
2
2
22
22
22
12% Jan
17% Jau
p>% J ’ly 2 lC3i Feb 10
13
13
12% 13
13
13
585 La Salle Copper-------- 25
13
13
13
131" 13
*13
18% May28
8*8 Aug
’- % Mch
4% Mch Is
*S34 9% *S34 9% * 8%
9
150 Mass Consol___________ 2o
9
9
8%
9
9
8%
.25 Jan
.75 J ’ly
.30
Apr
29
.10
J
’
l
y
2
.60
M
ayllow
er____________
25
.60
*
.50
.70
.70
185
* .60 .70 * .60 .70 * .55 .70
3
%
Dec
8 .Jau
f,%
MaylO
3%
Apr
16
478
735 Mexico Cons M & S _ . 10
4% 4% *433 4"3
4% 4%
433
*433
4%
4% 4%
134 Sep
15% Dec
1078 J ’ne 15
123, Feb 20
1£34 1534 1,305 Miami Copper------------ 5
*1533 10
1573 16
1578 10
16
16
16
16
7% Feb
15%
Nov
13%
Mch
4
934
May20
M
ichigan______________2o
10%
10%
10
*
1
0
1
0
%
10
103S 1 0 %
165
10 %
10 % 10 % * 10
7 0 % Jan S
46 Feb
73 Nov
GO
05
05
67
65
275 Mohawk_____________- 2o 59 Feb 1 40
65% 06% *65
66
*04
60
*65
.2
Dec
l'% Jan
Apr li
19 Feb 11
Montana
Consol
C
&
C
10
*.20
.30
.20
.30
*
.2
0
.25
.30
150
*
.2
0
.30
* .2 0
.30’ * .2 0
2l)34 N ov
83$ Jan
2 4 % J ’n e 21
1 0 % Feb 20
*
23*8 *23% 23*3 2.230 Nevada Consolidated
23
23
23
233$ 23% 233.S 23% 2338 23%
438 Oct
i Jau 4
8 May
1 % J ’ne2o
*15s
134
2
504 Newhouse Mines & S - 10
1 J2
134
1%
1%
1%
1%
1%
1*2
4034 Feb
8934 Nov
62% Apr 27 85% Jar 2
5634
56%
56
5634
North
Butte_____—
15
5?
i
8
3,765
5S%
56*2
56%
SOTi
57
57%
57
]0i.i
May
12
4%
Mch’
.
2
North
L
ake(J8
p
a
id
).
25
9
9
9
9
%
9
9
1,149
87S 9
9
«%
9
9%
.60 Jan
i J ’ly
Old C olony___________ 25 .40 J ’ne 2 1 .65 May 4
Last Sale .40 June’09
* .60
* .00
♦ .60
* .60
78 % Jan 2
60% Dec
28 Jan
47% Feb 24
53% 54
53% 53% *630 Old D om inion_________ 25
53% 51% 5334 53*4
63"
53
*52 • "si"'
44 1 J ’ne 8
135%
Dec
77
Feb
122
Feb
20
*132%
*136
136%
O
s
ce
o
la
_______________
25
110
136%
130 136
*135 136 *135 136
3 0 % J ’ne 10
31% Dec
10% Jan
30% 3114 3034 "3634 3034 3034 1,725 Parrott (Silver & Cop) 10 20 Feb 1
30
30% 30% 30% 303S 31
7 / Feb 100 Aug
99 Jan 85
Feb
1
*88
89
89%
91
Q
uincy_______________
25
*90
81
89%
90
00
88
87
*83
87
338 Nov
1% Apr
2% Ja
2 Feb 25
* 2%
21
* 2%
20 Santa Fe (Gold & Cop) 10
2%
*2 % 2 1"
* 2 t.i 2 %
2%
2%
934 Feb
10% Nov
17% Jan
13% Feb 20
15% 15% 15%
797 S h a n n o n ______________ 19
15% 15% 15% 15% 15% 16% 15% 15% 15% 42%
11 Apr
36% Nov
40% Mch 1
41
34
Jan
6
42%
Superior----------------------25
411.)
41
41
427
413
4
42%
42
41
41%
*41
181" Maj 28
14 Mch 24
15% 15% 15
15% 15% 15% 15% 1534 151.1 15% 15% 151 1,505 Superlor&Boston Mill 10
20% Nov
14% Oct
17% Jar. 2
127s Apr 27
14% 14% 14% 14% M%> 14% 1478 14% 15% 15% 163 10,504 SuperiorAPltts C o p p . 10
14
r-8 Nov
56 Mch
71 *___
T a m a ra ck _____________25 00 Apr 27 90 Feb 25
71
70 *
70
70 *__
70
* ___
70 *__
2o Aug
n58
Jan
23
12%
Feb
10%
J
’ne21
113.1
1134
11
113
4
121
*1 1 % 12 % 1 1 %
1 T rin ity ............................ 25
1 1 % 12
11% 111"
16% Nov
<•% Mch
40% .fan 3
8% J ’n e 22
10 % 10%
103S * 1 0
10 % * 10
10 United Copper______ 100
1 0 % * 1 0 % 103,
* 10
3i.34 N ov
9 Mch
3 4 I" J ’ neli
3234
28
Jan
12
’
3
3
“
33
*323,
United
StatesCoal&Oll
25
33
323
32%
33
708
33
32%
33%
33
4678
N ov
28
Mch
5
o
78
MayM
4933
49%
39
Feb
25
49
493, 3.943 U S Smelt Ref & M in. 50
4933 50
49% 403
z4U% 4934
49% 40".
3/ Feb
47 N ov
44 Jan 8 00 May24
49% 491 8.410
Do p r e f ..__________ 50
49% 50
X49
49% 49% 491
49->s 4934 49% 493
433 Sep
Nov
o34 J an 20
4
1
J
’ne28
5
5
47
8
4
9-16
434
473
Utah-Apex
Mining---5
1,158
4% 43.
*-13,1 5
4% 4*2
Aug
29% Jan
4034 Jan 2
42
42
41% 411
" 37% Feb 24
42
42
42% 42
67 U ta h Consolidated---41% 42
42
42
28<8 May
Nov
3931 Feb 20 03 May 8
49
49% *4834 49% 49% 49% 49
50 Utah Copper C o-------- 10
48D *4834 49% 49
*48
2%
Apr
N ov
5%
May
0
43,
3»s
Jan
0
43
4
iMSt
Salt
43)
*4%
*4%
V
ictoria
_______________25
4
%
June’09
*4%
*41"
4% Jan
oDJan 2
c734Nov
;3.| Apr 30
53,|
634 '■5
*5
*5% 6
5
5% *150 W in o n a _______________ 25
6
*5%
*51" 6
115%
Jan
155 N ov
2
150 150 *149
152
150 152 +149 150
27 W olverine_____________25 139 Mch 18 )521 Jan
*147 152 *148 152
S3,, Oct
50 Ms
Jan lo
2% Apr 23
2 7s
*234 3
*23.,
3
*23,
25
31
23,
675 W yandot ______
23.1 23)
234
2%
c Before pay’ t of assess’ts called in 1900. *~Bld and asked prices, a New stock, e Ass’ t paid, b Ex-stock dlv. 7j Ex-rlghts. a E x-dlv. and rights.

115%
*100*3
229
129
*226
147

115*8 1151.1 115%
107*» 1061.1 1071.1
229 •*29 230
129 *127 129
- - ­ *220
147 147
147

__

115% 115% 115% 115%
*106% 1071.1 J-104% 104%
230 231
229 230
129 129
129 129
228 228
228 228
146% 146% *147 ___

_

115%’ 115% +115V 1157s
*10138 10533 *1041" 1051"
231
231
231 231
129
129
129 129
* ___
228
150
*147 150 *147
East Sale 159 May’09
300
*295 ___ *298
June’09
Last Sale 15
*70
71
*70
71
___
*10 ------ *10
*52
56
*52
56

__

__

__




__

430
10
07
161
163
66
___
10
___
25
1
1
5

Ju ly 3

BOSTON STOCK E X C H ’Gh
W eek ending J uly 2

•2

tr ic e
R rld a u
J u ly 2

i~

W eek? s
R a n ge or
L a st S a le

§5

A S S l/O-iv
H ig h A26
94*« Sale
94%
95
68
105 106Q 104% 105
83 Mar’ll*1
190 May’OO
6
1 0 1 *2 Sale 10 0 * 8
1 0 1 >-.
93
95
92*8 J’ne’Ol*
93
95
93*8 Mar’Ol*
114*4 J ’ne’09 . . .
114 * 2 ........ 1 1 1 *8 May’09
73 Sale
69*4
73 13 6
110
Feb’04
10 0 * 4 Mar’09
101 >-t Oct ’Ot

Util

Am Telop A Tel coll tr 4s. 1929 j - j
Convertible 4s................ 193* M-S
Am Writ Taper 1st s l Os ir 1910 J-J
Ariz Com Cop 1st conv 6 s 1918 .M-S
Aten Top A S Fe gen g 4 s .. 1995 A-O
Adjustment g 4s...... J’ ly 1996 Nov
Stamped ............... J ’ly 1990 M-N
50-year con v 4s............ 1935 J-I)
10-yoar conv 5s ........... 1917 J-l)
A tl Quit A W 1SS Lines o s .’ 60 J-J
rfoston Elect E oousoi o s .1924 M-S
Boston A Lowell 4s...........1916 j - j
Boston •» Maine 4% s_____ 1944 j - j
Boston Terminal 1st 3% s.1947 F-A
Bur A M o liiv ex 0s...........1918 j - j
Non-exempt 6 s ................1918 j - j
Sinking Hind 4 s .............. 1910 j - j
Butte A Boston 1st 6 s ....1917 A-O
Cedar Bap & Mo it 1st 7s. 1916 M-N
2 d 7 8 . . . .............................1909 J-D
Cent Vermt 1st g 4 s..M ay 1920 Q-F
C B A Q Iowa Div 1st 5 s.1919 A-O
Iowa D iv 1st 4 s .............. 1919 A-O
Debenture 5s................... 191b M-N
Denver E xten 4s............ 1922 F-A
Nebraska Exten 4 s .......1927 M-N
B A S W s t 4s................. 1921 M-S
Illinois Div 3%s.............. 1949 J-J
Joint bonus S ee Gt Northern
Jhlo J o Ky A Stic Yds 5s .1915 J -J
Coll trust refunding g is l9 4 u A-O
OH Mil A St P Dub D 6 s..1920 J-J
CU M A St 1* Wis V div 681920 J-J
Chltds No Mien 1st gn 5 s.l9 3 i M-N
Ohio A W M idi gen 6 s ....1921 .1 -D
Concord A Mont cons 48.. 1920 J-D
Conn A Pass It 1st g 4 s ... 194 A-O
Current Elver 1st 5s.........ii>2i A-O
D e t G r lla p A W 1st 4 s . . . 1946 A-O
Dominion Coal 1st s I 5 s ..1910 M-N
Fitonbnrg 4 s .......................1916 M-S
4 s .......................................1927 M-S
Frem tElk A Mo V 1st 6 s..1933 A-C
Unstamped 1st 6 s .......... 1933 A-O
Gt N or C B A <4 coll tr 4s 1921 J-J
Registered 4 s ................... 1921 Q-J
N ote

Bond Record

Boston

1900. i

R ange
S in c e
fa n u a r y
L ow

91*4
92*4
83
130

H ig h

96*4
1(H3
83
190
10 0
10 m
92*8 94*8
93*8 94*2
102*2 109%
107’ e IM Q
59
73
100*4 100*4

___

..........

_

98*a Sale
98 ........

tr ic e
tr id a y
J u ly 2

BOSTON STOCK E X C H ’GE
<

104 Oct ’07
102 Sep ’05
99 *2 .7an ’in*
9 9 * 2 99 *2
100 J’ ue’Ol
117 J’ ne’08
111*8 J ’ly ’05
89*2 90
90
90*4 58 81
90*4
||103 O c t ’07
100’ s Mar’ Oo
10 0 * 8 1 0 0 %
100 A p r’08
................... 99*2
i 99*2 1 0 0
99 V)
102 May’09
10 1* 2 10 2
98% F ob’09
98% 9 -)»8
91% T’no’08
91*8 92
<
/
102*2 103 10 2 * 2 1 0 2 *..
102 103*4
92 ........ 92
92
3 91
94
118*4 F o b ’09
118*4 118*4
126 F e o ’05
10 2
.
101*4 A p r’09
10 1
10 2 * 2
10 1
........ 10 0 * 4 May’09
10 2
106
91 Dec *07
1 1 2 * 4 Jan ’03
96 F o b ’09
96
96
87
92 *2
91 Not’08
.. ... . ...

33

B l»> I »

133 Mar’ 09
(33 133
140 A p r’05
98*6
98*6 70 97*2 99
97% J ’ne’ oo
97% 98*2

W kkk E ndino J u l y 2

Illinois Steel deben 5s___191o J.J
N on-convertdeben 6 s ... 1913 A-0
la Tails A S ioux C is t 7 s.. 1917 A-C
Kan C Clin A Sur 1st o s ... 1925 A-O
Kan C Ft S A Gulf ext 5 s ..1911 J-D
Kan C Ft Scott A M 6 s ___1928 M-N
Kan O M A B gen 4s.......... 1934 .VI-S
Assented income 5s___ 1934 Wl-S
Kan O A M Ky A Br 1st 5sl929 A-O
Maine Cent cons 1st 7 s ...1912 A-O
Cons 1st 4 s .......................1912 A-O
Maro Hough A Ont 1 st 6 s. 1925 A-O
Mass Gas 4 %s (rectsi.......1929
.Mexican Central cons 4 s ..191] j- J
1st cons in c3 s.......... Jan i939 J ’ly
2d cons m e 3s.......... Jan 1939
M ich T elep lst 5 s................1917
Minne Gen Elec con g 5s 1929 J.J
New E ng Cot Yarn 5s___1929 F-A
New Eng.Telepli 6 s .......... 1915 A-O
5s........................................ 1916 A-O
N ew England cons g 5s... 1945 J -J
Boston Term 1st 4s.......1930 A-O
N Y .\ H A II con deb 3 %sl95ii J-J
Conv deb 6 s ( c t f s ) ........ 1948 J-J
Old Colony gold 4 s .............1924 F-A
Oreg By A Nav con g 4 s.. 1946 J-D
Oreg Sh Line 1st g 6 s ....... 1922 F-A
Repub Valley 1st s f 6 s ... 1919 J-J
Rutland 1st con gen 4% s.l941 J-J
Rutland-Canadian Ist4 sl9 4 9 J-J
Savannah Elec 1st cons as. 1952 J-J
Seattle Eleo 1st g 5s........ 1930 F-A
Terre Hante Elec g o s ___1929 J-J
Torrington le t g 5s.......... 1918 M-S
Union Pac B B A 1 gr g 4 s .l9 4 7 J-J
20-ycar con v 4s................1927 J-J
United Fruit gen s f 4% s.l923 J .J
U S Coal A Oil 1st s f 6 s .. 1938 M-N
U S Steel Corp 10-60 yr 5s. 1963 M-N
West End Street R v 4 s ___1915 F-A
Gold 4%s........................... 1914 M-S
Gold debenture 4s.......... 1916 M-N
Gold 4s...............................1917 F-A
Western Teleph A Tel 58.1932 J-J
W isconsin Cent 1st gen 481949 J-J

Buyer pays accrued interest in audition to tile purchase price lor ail Boston Bonds.

Hui

W eek 's
R a n ge or
h a s t S a le

A eh I/OIV
1 00*4
101

100% . . . .

100*8 10 .

R ange
S in c e
Jan u ary l
So a

lily ■

Mar’Ol'

m ad

IU0‘4 100*4
0 0 '8 101 's

10 1

117 A p r’o 96% May’ Oi
lOOt; Jan ’01
119'-; 120 119*4 J’ne’O*
93 . . . .
93 J ne’OU
89*4........ s0*4 J ’ ne’Ol
104 J ’no 09
104 ...
113*8 N ov’OC
1 0 1 % Sep 'DC
115 J ’n e ’ Os
9 9*4 Sale
9J
99*8
86 Mar’Ub
tjlO A p r’O1 15 ^ A pr’o
......... 120

104

94
:6%
1 0 0 ‘s 1 0 1
116 '4 120%

90
93
8 6 % 90
103*2 104

98 *4 100
84 v 8 6

102Hi Antr’OI
104% 1041s 104S.
103 F eb ’U1
lo o tj sep ’Or

96*8 Bale

107 % M a yor
13s J ’ne'Oo
10 i A p r ’09
1J96% J ’lj-’Or
' 8 7s .vlar’09
103 U ec’Oe
107 <2 Nov’05
102 Mai’02
98%M ay’00
106
106
97 A p r’ 07
99*s Nov’OS
102=8 A p r’09
110% 110 %
96
96*8
140 J’ne 09
Uio%J’ne’09
100% A p r’09
101*4 J ’ne’09
lo o % A p r’09
100*8 A p r’oO
9914 99*2
95 % A p r’Ol

' No price Friday; latest bid and asked.

102

*04*«

102

102

97=8 107*8
3 4 138
101 101
I187e i l 9 %

105 *8 106*4
A03%
102*8 110*2
95*8 97
120 141
102*4 106
100*2 100*2
100*4 102*2
100*2 100*2
100*8 100*»
96
99*a
93 *8 93*8
10 2 * 4

1| Flat price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
8sliii.ro
S a tu r d a y
J u n e 26

*17
38
♦ 11

19
38
H*4

A lo n a a y
J u n e 23

88
36
106*2106*4
*18*2 19*2
*......... 39*-.
* 11

*45*2 46
40*2
*40*4 41
* 12 * 8 1 2 *.. * 1 2 *u
30*s * 2 0
*20
62
*62*2 63
23
23*2 23 *2
10 3 E 103 k
80
80
80
*42
U *8
28
76**10
*45*2
*48*2
62

B8 *i0
42*2
a v
28 *-.
77*8
46
49
62%

8 8 *2

88*2

6 8 *10

Trices— Not Per Centum Prices

68

41*2
11*4
28
77*i0
46
49*4
52
88%

11* 2

40%
13*2
2 0 *,
62
23*i
80*2
68Q

42
U *8
28*4

78%
46
49*4
62*8
88*4

i u es u a u
June 29

W eunesuay
June 30

107 107 •104
19%
*18*2 19*2
'3 7 Vi 89 ♦.........
12 *4
11*4 12*4
45%
41*4
12 %
20*4
02%
23

45%
41*4
12 %

45%
41 >4
12 %
20*4 *2 0 %!
62*8 •62%
23*4
21*4
103 *4
80% 80%
70*4

0 8 ‘g
42*6
11*4
28 *4
78*16
•46 >

68%

88*4

88*4

08%
43*2 •42%
11*4
1 1*4
28% *28%
77*8
78%
46% •46
60
6 0 *2 50*2
52%
62*4 62%
xHX

-41

T h u rsa a y
J u ly 1

♦30
36
*87
W8
105*4 105% +105 105%
19
19
10 %
19
19
40
40
*27
♦37 % 39
1 2 % *1 1 % 12
♦11*4 1 2 *4

106

45%
41%
12 %
21

63
23

80*4
68%

43

11* 8

28%
78«i„
46-2
60
52%
88*4

P liilndcliiliin
40 Americau Railways___ 50
45% *45
45 %
41 *4 41*4 41% 1,721 Cambria-Steel............... 50
248
% 12*4
E lectric Co of Am erica 10
383 Geu Asphalt tr c t l s ___100
20%
no
* 62 Vi 63
62*4
Do pref tr c t f s ___ 1 0 0
10,870
21
24
33%
23
Lake Superior Corp___100
103 Ki
76 Lehigh C A Nav tr ctfs. 50
80*4
80
80% 3,224 Lehigh V alley............... 50
80
Marsdon Co.....................100
878 Pennsylvania R R ......... 50
68%
Gw
08*4 08%
273 Tluladolp’a C o(T ittsb ). 50
•41*4 42*-.
41*4 41*4
11* 8 1 1 %
1 1 % 1 1 % 1,226 Philadelphia E lectric). 26
28 *s 28*4
28% 28*4 4,465 Thlhi Rapid T ra n s it. . . 50
18,810 R ead in g......................... 50
78%
77**10 785io
46 V*
•40
170
Dp 1st pref............ 50
♦49% 50%
220
Do 2d pi of.............. 50
62*a 63%
2,029 Union T ra ctio n ............ 50
52*4 63
88
88
88
8 8 % 2,127 United Gas Im pt.......... 50
42
42
*41
42
100 Weis bach C o ..................100

P H I L A D E L P H IA
B onds

52*4

52*4
"125*"

21*4

"l*3'4

13*4
16*2

67*2

111

42*2

6*2

6*4

282 V
"'8*e

67*2

68

•Bid and asked; no sales on this day.




H id

B rices a re a ll “ a n d
in t e r e s t

76E

A1 Val E ext 7s 1910 A-O
Alt. A L V E lec 4 »28’33.F-A
A n iliy seon v os 1911.J-D
Atl City 1st 5s g ’ 19.M-N
B ergA E B rw ls t 6 s ’21 J-J
Betlilo Steel 6s 1998.Q-F
Clioc A Mo 1st 6s 1949 J-J
Ch Ok A G gen 5s T 9 J-J
Col St Ry 1st con 5s 1932
C onT racof N J 1st 5 s.’33
E A A 1st M 5s 1920 M-N
Hlec A Poo Tr stk tr ctfs
Eq II Gas-L 1st g 5s 1928
Indianapolis R y 4s. 1933
Interstate 4s 1943 ..F -A
Lehigh Nav 4*28 T4.Q-J
R Rs 4s g .......1914.Q-F
Gen M 4*2S g,1924.G -F
Loll V C 1st 5s g ’3 3 ..J-J
Loll V ext 4s 1st 1948. J-l)
2d 7s 1910............... M-S
Consol 6s 1923.......J-D
Annuity 6s..............J-D
Gen cons 4s 200 3 .M-N
Leh V Tran con 4s ’35J-D
N ew C onG as 6s 1948 J-D
Newark Pass con os 1930
N Y I’ ll A No 1st 4s ’39 J-J
Incom e 4s 1939...M -N
NoOhioTrac cony s’ FJ.J-J
Penn gen 6s 1910 ...V a r
Consol 5s 1919.......Vat
l’ onn A Md Steel con 6s.
Pa A N Y Can5s ’39.A-O
Con 4s 1939............A-O
Penn Steel 1st 5s T7 M-N
People’s Tr tr certs 4s ’43
P Co IstA col tr 5s’49 M-S
OonA col tr 5s 1961M-N
Phil Elec gold trust ctfs.
Trust certifs 4s
P A E gen M 6 g ’ 20. A-O
Gen M 4s g 1920.. A AO
H Ex-rights.

112
100

525

||$7.50-paid,

A sk

103
97%

117 118
112%
106% 106

93

93*4
'51*4

105%

iio "'
107
103*4 103*4
149
97
68
100%
102%
109%

103%
102
76

97*6
69

P H I L A D E L P H IA

Mar 8
M ario
Jan
Feb 25
F e b 24
Feb 3

42 *2 May I .
89 May 18
111 Jan 16
21*8 J ’nel4
41 Mayl?
12®» J’ne30

45 Jan 4 46*4 Feb 18
32*8 F eb23 43*4 J’ne 3
*10*8 Jan 2 0 12 * 4 Mar30
16 *2 Jan 5 2 5 *4 Feb i9
63 Jan 5 66*8 Feu 19
14*4 Jan 6 33 *s May 8
96 Jan 6 112 *2 Apr 30
67 Feb 23 81 *2 J ’ne24
1*2 May 6
2 *8 Jan 1 2
63*8 Feb24 tfflttio May 4
40*2 Feb 24 43*2 May 4
11 >4 F e b 23 12% May 1­
24*6 Jan i 36 *2 Apt 28
59 *2 Fob23 79i=la May 2 0
44 Mar 3 46 Jan 2
45*16 31ar 2 52 MaylJ
6 0 ‘8Jan 5 68*8 May 4
84*8 May 13 94*2 Feb 6
28 Maivo 42 J ’ly 1

S id

Ph A Read 2d 6s ’33. A-O
Con M 7s 1911....... J-D
E x Imp M 4s g ’47. A-O 1 0 2
Terminal 5s g 1941.Q-F
P W A B col tr 4s ’ 21. J J
99%
Portland R y 1st 5s lo30.
Koch RyA Leon 6s ’54J-J
Spanish-Am Ir 6s ’27 J-J 1 0 2
U Trac Ind gen 5sT9.J-J
Uu Rys T r ctfs 4s’ 49JAJ
United Rys I n v is t c o lltr
s f 6s 1926................M-N
80%
U Trao Pit gen 6s ’97 J-J
Wolsbach s f 5s 1930.J-D
83%
Wlks-B G A E con6s’55J-J 1 0 1
B A L T IM O R E
In a ctive Mtockn
Ala Cons CoalA iron. 100
P r a (........................... 1 0 0
69
Atlanta A Charlotte.. 100
Allan C oastL (Conn)lOO 285
Canton Co................... 100
90
Cons Cot Duck C orp...50
7
P referred...................50
23
Georgia Sou A F la ...100
33
1st p ref.....................100
94
76
2d p rof................_ . 1 0 0
G-B-S B row ing.......... 100
1*4
Bonds
Prices are all “ and
interest.”

R ange to r t r e v io u s
V ea r (1 9 0 8 )

U ig h e s t

B a ltim ore
Con. Gas EL L. A Pow .100 30
Do pr e l.................1 0 0 76
Northern C entral......... 60 100
Seaboard (n ew ).............. 1 0 0 1 1*4
Do 2d prel.............100 22 *4
United Ry A E lectric.. 60
9*4

1 2 % 1 2 % *1 2
2 0 % 2 0 % *20

In a ctive S to ck s
Allegheny Val p re f....5 0
American Cement.......60
Amor Pipe M fg........ 100
Bell Telephone (Pa). 100
Cambria Iro n ................60
Central Coal A Coko.100
Consol Trao of N J ...1 0 0
Diamond State S teel.. 10
P re ferred ................... 10
Easton Con Kloctric 6.60
Eleo Storage U a «....1 0 0
P referred................. 100
Ft Wayne A W V .......100
Germantown Pass.......50
Indianapolis S t.......... 100
Indiana Union T r ___100
Insurance Co of N A .. 10
Inter Sm Pow A Cbem.oO
Keystone Telephone ..50
P referred ................... 6 0
KeystonoWatehCaso . 1 0 0
Lit B rothers..................1 0
Llttio Schuylkill.......... 6 0
Minohill A Sclinyl H . . 6 0
N Haven Iron A Steel.0
Northern Central........ 5 0
North Pennsylvania . . 60
Pennsylvania Salt.......50
Pennsylvania s te e l.. 100
P referred................. 100
Phlla Co (Pitts) p ro f...50
Phil German A N orris.50
Pliila Traction.............. 60
Railways General.......10
Susquen Iron A S teel..6
Tidewater Steel.......... 10
P re icrre d ................... 10
Tonopah M ining of N ovi
Utilou Tr ot In d .........100
United N J R R A C ..1 0 0
Unit Xrac Pitts p ref..50
W arwick I ron A Steel. 10
W est Jersey A SoaSh.50
Weatmoroland Coal....50
Wilkes Gas A EI0 0 ..IOO

ix a "

20

349

Range Since
Jan 1 I9u9

A C T IV E S T O C K S
( i U r B o n d s a n d I n a c t iv e
S t o c k s see b e l o w )

45
41

P i l l LA HE LP 111A

40*4

S a le s
or ttu
W eek
S h a res

tr id a y
J u ly 2

A sk

H ig h e s t

20
65
80
4
10
10

Jan 30 Dec
Mat 81K Dec
Jan 102 Dec
FeO 15 Deo
Feb 26 Deo
Jan 12 N ot

42*4 Mai

26*8 F eb

Jan
Jan
19*8 Jan
3*8 Feb
78*4 Jan
62*8 Feb
15ie Jan
54**i 6 Jan
34 *2 Mai
5 * 2 Feb
d l 2 *a J’ ue
46*10 Feb
39 o an
3 7 * 2 Jan
e44% J ’ne
73*8 Jan
20 J ’ne
8 *2
3*2

B A L T LUO If E
Chas By G A El 6 s ’99 M-b

46*2 N ot
40 >2 Deo
11 *4 Dec
19*8 Deo
69*2 Dec
17 Deo
97*8 Dec
76*4 Deo
2*8 Apr
66*10 Deo
44*4 Deo
12*8 N ot
25 *2 Deo
71**16 Deo
45 Hi Dec
48*2 Deo
06*4 Apr
94*4 Deo
28 N ot

S id

91%

A sk

92%

2d 7s............... 1910 A-O
C ityA S u b ls t 0 s ..’22 J-D 1 0 8 109
12 0
1 0 0 *, C it y * S u b (W a s)lst5s’48 104% 105
C oalA 1 Ry 1st 5s ’20F-A 1 0 0
10 2 *
98*, Col A G rn v 'lst 6 3 . 1 9 1 6 J-J 109 i n
1 0 2 % Consol Gas Os...1910 J-D 101*4 1 0 1 %
5s......................1939 J-D 1 1 1 % 1 1 1 » 4
79
Ga A Ala 1st cou 5s ’45J-J 106 106%
GaCar A N 1st 5s g ’29 J-J 1 0 6
106%
Georgia P 1st 6 s . . . ’22 J-J 1 1 2
81
114

80
‘35
8

24%
40
96
80
2%

A nacostiaA Pot 5s.......... 103% 104
Atl A Ch qxt 4*2S TO.J-J 1 0 0
95*4 96*4
Atlau O L RR4s 1952M-S
Atl Coast L(Ct)ctfs 6s J-D 107 109
Ctfs of Indebt 4 s....J -J
84
85
89
5-20 yr 4s 1925........ J-J
90
BaltOPass 1st 5 s ’ l l M-N 1 0 1 % 101*4
Balt Fundg 5 s .1916 M-N 106% 107%
99% 10 0
Exchange 3 * 2 8 1930 J-J
97%
104
BaltA P 1st 6s in IT 1 A-O 1 0 2 %
97
Balt Trac 1st 6 s ..’29 M-N 109 1 1 1
1 02 %
No Balt Div 6s 1942 J-D 114 115%
76% Cent’ l l«yconusl932 M-N 1 1 0
112
Ext A Imp 5 e.l932 M-S
........ Gluts C ltyRy 1st 6s ’23 J-J .......... ........

G-B-S Brew 3-4s 1951M-S
2 d income 5s 1951 M-N
Knoxv Trac 1st 5s ’28A-G
LakeK El 1st gu5s’42M-S
M aconRyALtlst5»'53J-J
Memphis s t 1st 5s’ 45 J-J
.\1etSt( \Vash)l8t6s’25 F A
Mt Ver Cot Duck 1st 6 s.
N ptN A U P ls t 5 s ’38M-N
General 5s___1941 M-S
N orfolk St 1st 5 s ’4 4 ..J-J
North Cent 4 %s 1925 A-O
Series A 5s 1926___J-J
Series B 5s 1926___J-J
Pitt Un Trac 5s 1997. J J
Poto Val 1st 5s 1941..J-J
Sav Fla A W est 5s ’34 A-O
Seaboard A L 4s 1950 A-O
Scab A Roan 5s 1926. J-J
South Bound 1st os..A -O
U El L & P lst4 % s ’29M .N
Uu R y A El 1st 4 s ’49 M-S
Income 4s 1949.......J-D
Funding os 1930...J-D
VaM id 2d ser 6 s ’ ll.M -S
3d senes 6 s 1916..M-S
4th ser 3-4-58 1921. M-S
Va (State) 3s new ’32.J-J
Fund debt 2-3s 1991. J-J
West N C con 6 s 1914 J-J
Wes Va CA P 1st 6 g’ l 1 J-J
Wil A Weld 5s-.1935.J-J

1 0 0 l4 1 1 0 * 4
42 ' 1 2 %
11
15

106
113

116

98%
80*4
105
105
112
112
10 8

105

81
110

___iT•
112

8 8 %:
103%
108
92
93%
86*4 87%
57% 57%
82
82%
103*, 103%
107
106
88

108

10 6

91
91
105

92
92%
110
1 0 2 3!*

k
113 113%
t $12% paid. ) $13% paid. 3 $35 paid. a Receipt ,, b $2* paid. c$30pald. d $12 >2 paid

........

10 2

THE CHRONICLE

34

| m re s tra e ttl a n d R a i l r o a d
RAILROAD

GROSS

[VOL. LXXXIX

I w t c I I ic ic n c e .

EARNINGS.

■as The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
olumns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. T h e retu rn s o f the street ra ilw a y s are brou ght together sep a ra tely on a su bsequen t p a g e.
L a test G ro s s E a r n in g s .
W eek or
M o n th .

Current
Y ea r.

P rev io u s
Y ear.

Current
Y ear.

Y ear.

Ala N O A Tex Pac
47.000
44.000 2,905,755 2,753,674
N O A N E a s t-.r 1st wk Jun
22.000 1,475,091 1,448,214
23.000
Ala A V lcksb___r 1st wk Jun
21.000
21,000 1,316,315 1,386,943
Vicks Shr A Pac.r 1st wkJune
3,377
4,339
57,668
Ala Tenn A N orth. M a v -----42,112
k Atch Top A S F e. M a y ____ 8,050,274 6,715,415 86,163,215 84.287,178
31,399 2,016,554 1,543,436
35,528
Atlanta Birm & At! 3d wk June
2,152,584 1,950,338 24,111,047 24,100,086
Atlantic Coast Line May
5,931,066 5,092,494 64,831,438 68,172,530
Baltimore & O h io .. May
252,180 232,577 2,453,972 2,233,350
Bangor A Aroostook A p ril_____
4,370
61,351
4,218
55,767
B ellefon teC entral.. M a y _____
Boston & Maine__ r M a y _____ 3,339,937 2,905,374 36,070,825 35,875,962
2,965
40,265
3,069
Bridgeton & Saco R A p r il_____
43,223
120,006 6,906,507 7,284,920
Bull R och A PIttsb. 3d wk June 172,516
149.300 2,094,398 1,925,618
185,938
Butlalo A Susq____May
151,200 9,408,300 8,793,700
Canadian N orthern. 3d wk June 184.500
Canadian Pacltlc___3d wk June 1,481,000 1,287,000 74,146,167 69,509,334
163.500 200,400 10,916,977 11,128 412
Central of Georgia. 3d wk June
Central of New Jers M a y _____ 2,000,890 2,280,166 23,415,038 24,922,887
254,546 2,908,509 2,852,432
292,707
Central V erm on t..r A p ril_____
1,701
1,298
77,019
101,990
Chattanggoa South. 2d wk June
Chesapeake A Ohio. 3d wk June 540,582 444,636 25,820,650 25,253,750
4,964
4,616
47,830
55,041
Chesterlleld & Lane April
247,223 12,288,192 11,807,230
Chicago A Atlon B y 3cf wk June 260,345
Chic Burl & Qulncyr A p ril_____ 6,054,590 5,686,077 66,046,113 60,437,216
140,944 7,928,434 7,859,167
Chicago Great W est 3d wk June 152,592
104,918 5,168,593 5,031,792
Chic ln d A L ou lsv. 3d wk June 113,823
Chic lnd & Southern —see New York Ceu tral.
Chic MIlw A St Paul A p ril_____ 4,533,295 4,224,629 50,340,59 48,414,222
Chic & Nor W e s t -.r M a y ------- 5,274,382 4,459,130 60,306,934 58,409,825
900,939 12,380,912 11,933,419
Chic St P M A 0 _ . r M a y -------- 1,011,254
00,802
77,925
902,947
931,913
Chic Term TransR R A p ril_____
520.98S 0,602,905 0,809,670
606,842
Cln Ham & D a y t.r A p ril------Clev Cln Ohio A St L —See New York Ceil tral.
164,432
194,091
2,123,740
2,035,798
Colorado M idland.r May ------248,660 14,722,468 13,940,650
256,123
ft Colorado & South 3d w kJune
20,37
22,49-1
244,415
250,204
Oolum Ncwb & Lau A p r il-----62,080
56,666
570,094
612,816
Copper R ange_____ March —
9,539
4,985
95,045
112,956
C o rn w a ll__________ M a y ---------21,108
26,831
273,418
266,688
Cornwall & L eban.r April —
173,515
193,540
1,060,161 1,893,901
Cuba R ailroad--------May - .
I Delaware & H u d . M a y ......... 1,721,789 1,464,28-1 17.252,845 18,037,239
955,361 30,670,483 30,920,360
2,819,060
'Del Lack & W e st.r May
Denv A R io G r a n d e s t wk June 430,100 354,700 20,235,352 19,809,543
27,054 1,475,415 1,587,483
28,181
D et Tol A Iront Sys 3d wk June
35,086 1,079,234 1,837,190
37,240
3d wk June
Ann A rb or.
23,190 1,116,929 1.153,339
24,222
Detroit & Mackinac 3d wk June
91.842 5,075,012 5,487,430
136,885
Bui & Iron R an ge.r A p r il_____
67,009
49,523 2,637,658 2,801,632
'D ul Son Sh A A tl._ ■3(1 wk June
632,252 496,674 6,645,602 7,034,666
El Paso A So W es.r M a y _____
E r i e ............— .......... May _____ 4,299,728 3,851,252 46,243,297 45,670,370
Evansville A Terre Haute— See R ock Is land Syst cm,
1,524
1,642
18,877
17,696
Fairchild A N E — M a y _____
71,396
61,326
704,134
F onda Johns A Glov M a y _____
713,853
159,623
195,755 2,571,853 2,732,087
Georgia Railroad . . M a y _____
Georgia South A Fla —See Sout hern Rail way.
Grand Trunk S y s t .. 3d wk June 826 865 816,671 37,902,010 40,270,828
115,837
78,132 5,286,708 S,635,728
Gr Trunk W e s t .. 2d wk June
42,465
20,977 1,585,371 1,625,671
Det Gr Hav A Mil 2d wk June
37,803
44,923 1,706,821 1,854,362
Canada Atlantic 2d wk June
Great Northern Syst M a y _____ 4,128,042 3,642,214 48,759,200 50,735,358
143,087 1,582,280 1,816.490
153,326
Gulf A Ship Island A p ril.........
306,278
303,606 5,409,390 5,393,142
H ocking V alley------ May _____
M a y -------- 4,665,394 4,050,015 52,626,824 53,635,795
Illinois Central—
124,000 7,888,953 6,749,045
130,000
Internat A Gt N or. 3d wk June
133,211 0,500,360 7,516,030
158,032
a Interoceanlc M cx. 3d wk June
56,538
53,776 2,93 5,626 2,938,231
Iowa Central-------- 3d wk June
175,835 125,314 1,971,720 1,845,498
Kanawha A M ich. May _____
506,276 8,140,513 8,281,807
770,137
Kansas City South. M a y _____
12,224 1,301,727
27,400
854,889
K C Mcx A Orient. . 3d wk June
l.akc i:.rie a West'n —See New York Cen trai.
Lake S h o r t A M Sou —See New York Cen tral
Lehigh V alley------ M a v _____ 2,830,346 2,982,167 30,211 292 32.443,535
339,033
34 ,44)0
42,417
110,187
Lexington A E a s t.. A p ril.........
Dec. 12 2,080
Dec.20 ,325
Long Island------------ M a y _____
095,409
97,482
104,031
954,058
Louisiana A Ark — A p ril_____
854,317
75,055
84,201
845,436
Loulsv Hend A St I. A p r il_____
Louisville A N ashv. 3d wk June 814,170 800,715 44,371,443 -13,550,930
0,330
125,682
0,74-1
138,598
Macon A Blrming’m May -------013,017 0,892,516 7,188,394
647,825
Maine Central------ r A p ril.........
4,462
42,834
3,382
54,416
Manlstique------------- M a y _____
31,417
348,217
33,733
353,627
Maryland A Penn. M a y _____
100,240 6.770,570 8,101,570
137,924
a Mexican Internat- 3d wk June
140,400
0,769,700
145,600
2d
w
kJune
7,713,800
a Mexican Railway
24(312 1,233,962 1,214,330
22,456
a Mexican Southern 2d wk .Tunc
Michigan Central — See New Y ork Centr al.
16,734
804,300
14,912
788,936
Mineral R an ge_____ 3d wk June
71,254 4,050,000 3,743,257
80,698
Mlnnean A St Louis 3d wk June
192,670 12,159,002 11,198,213
Minn St P A S S M. 3d wk June 238,145
1,790,523
1,485,356 23,410,044 21,553,556
Mlssourl Kan A Tex May 082,000 43,432,195 41,510,691
Mo Pac A Iron M t .. 3d wk June 801,000
21,000 1,620,000 1.457,000
28,000
Central B ra n ch .. 3d wk June
703,000 45,052,105 42,073,091
Total system ____ 3d wk June 829,000
25,045
20,623 1,477,127 1,415,158
hMoblle Jack A K C W k Jun 19
911,995 804,19 1 10,224,879 10,022,722
Nashv Chatt A St L M a y _____
986,877
8 00,<178 29,228,903 29,459,861
a Nat R ys of Mexico 3d wk June
0,740
394,264
10,511
330,162
Nevada-Cal-Oregon. 3d wk June
5,888
61,873
6,707
63,625
Nevada Central____ 'A p r i l ---------

N Y C A H ud River
Lake Shore A M S
Lake Erie A West
Chic lnd A South
Michigan Central.
Cleve C C A St L .
Peoria A Eastern.
Cincinnati North.
Pitts A Lake Erie
Rutland _______
N Y Chic A St L .
Total all lines___
N Y Ont A Western
N Y N H A I la r t.-r
N Yr Susq A W e s t ..
Norfolk A S o u th ..r
Norfolk A Western
Northern Central.
Northern Paclllc. _
Paclilc Coast C o___
Pennsylvania C o .. r
d Penn— E of P A E
d W est of P A E .
Pere Marquette___
Phlla Balt A W ash.
Pltts Cln Chic AStL
Raleigh A Southp’ t
Reading Com pany.
Coal A Iron C o ..
Total both co s___
Rich Fred A P o t - .r
R io Grande J u n e ..
R io Grande S o u th ._
R ock Island System
St L A San F ran.
Chicago A E 111..
/■ Evansv A T e r ..
Total of all llnes.
St Jos A Grand Isl.
St Louis Southwest
San Ped LA A SI,__
Seaboard Air Line.
Southern Indiana.
c Southern Pac C o.

Ala Great South
Texas A Paclllc___

T oledo St L
Vandalla_________
Virginia. A Sou Wes
W a b a sh ..................

Wisconsin Central..

P r e v io u s
Y a r.

C u rr e n .
Y ear.

W e ek or
M on th .

Previous

S

Juiy 1 to L a test D a te .
J

L a test C r o s s E a r n in g s .

July 1 to L a test D a te .

M a y _____ 7,417,309 6.494,124
M a y _____ 3,472.216 2,894,301
372,549 307,947
M a y _____
186,354
234,221
M a y -------M a y _____ 2,164,070 1,850,392
M a y _____ 2,130,102 1,762,020
179,604
219,097
M a y _____
72,155
78,560
M a y _____
645,810
M a y _____ 1,088,687
219,479
261,291
M a y _____
814,105 717,345
M a y _____
M a y _____ 18253113 15329531
692,772
641,556
M a y _____
M a y _____ 1,761,766 1,132,563
201,322
261,679
M a y _____
193,780
210,705
M a y _____
M a y _____ 2,521,669 2,008,198
982,065 960,665
M a y _____
May _____ 5,451,908 5.103,092
503,660
566,582
A p r il.........
M a y _____ 3,748 945 2,931,697
M a y _____ 12032133 10810233
M a y _____ I n c . 1,18 8,500
A p r il_____ 1,187,117 1,039,846
M a y _____ 1,547,158 1,370,358
May _____ 2,335,634 2,034,992
9,212
11,409
May _____
M a y _____ 3,235,708 3,294,932
M a y _____ 2,545,783 3,075,765
M a y _____ 5,781,491 6,370,697
198,870
201,923
A p r il_____
52,505
73,740
M arch____
12,067
0,849
3d wk June
M a y _____ 4,740,911 4,055,365
M a y _____ 2,089,684 2,374,989
642,699
787,822
M a y _____
154,083
150,892
M a y _____
M a y _____ 8,675,309 7,227,130
121,181
A p ril_____
110,911
167,270
183,461
3d wk June
021,401
721,510
A p ril.........
M a y _____ 1,398,458 1,190,365
61,293
A p r il_____
81,450
11,439
12,730
A p r il.........
92,841
102,776
M a y _____
May _____ 9,072,593 J,228,258
004,380
3d wk June 931,866
171,233
3d wk June 166,805
130,765
3d wk June 144,885
61,244
3d wk June
65,154
31,917
3d wk June
35,640
13,703
3d wk June
14,570
199,135
3d wk June 222,400
6,194
M a y _____
6,678
M a y _____
309,790 331,230
3d wk June
29,443
16,403
tadwk June
70,278
72,304
May _____
7,112
4,722
May _____ 6,517,785 5,846,593
May -------708,285 615,000
74,718
82,930
M a y -------3d wk June 540,283
505,796
440,876
471,396
A p r il.........
419,750
449,250
May _____
484,70 1 303,946
May _____
1,206
1,007
end Junel2
591,390
661,678
M arch____
16,025
14,909
May -------083,618
305,307
M a y _____

Bellefonte Central--------------------1Delaware A H udson.............
M anlstique_________________
a Mexican R ailw ay------------------a Mexican Southern - - - - - - - —
New York Central A Hud River
Lake Shore A MIcIl Southern.
Lake Erie A W e s t e r n ..-----Cldcago Indiana A Southern.
Michigan Central----------------Clove Cln Chic A St L o u is ..
Peoria A Eastern----------------Cincinnati N orthern------------Pittsburgh A Lake E ric-------R u t la n d ____________________
New York Chicago A St Louis
T otal all lines________________
Northern Central______________
d Penn— Eastof Pitts A E r i e ...
d W est of Pittsburgh A Erie.
Phlla Baltimore A W ashington.
Pitts Cln Chicago A St L o u i s ...
R io Grande J u n c tio n --------------Texas A Paclllc________________
W est Jersey A Seashore-----------

Jan
Jan
Jan
Tan
ran
ran
Jan
Jan
lan
Jan
JTan
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
Jan
Jan
Dec
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

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

May
iay
May
June
June
May
May
May
May
May
May
May
May
Hay
May
May
May
May
May
May
May
May
Mch
June
May

1 P rev io u s
Y ear.

4,276.881
2,715.007
2,601,257
1,026.441
2,625,657
8,758.753
7,570.841
3,026,080
2,198,339

129838703
Dee.3,41

128,738

1,604,991
646,164
562,885
9,451,490
1937,315
101827048
1,349,681
10,093,372
5,997,25;
15,161.167
796,544
128,787
1,090,568
110124420
50,943,807
9,450,268
7,601,295
3.455,256
1,942,613
1,146,362
14,206,820
68,481
3,777,869
1,059,825
3,333,213
75,151
71,886,284
8,064,739
1,033,831
25,105,180
4,959,890
4,927,534
5,124,281
C,62lf,783
248,148
9,371,847
C u rr e n .
Y ea r.

P e r io d

V a r io u s F i s c a l Y e a r s .

C m ren .
Y ear.

31
31
31
14
14
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
ul
21
31

$24,192
522,472
7,078,935 7,310,587
16,788
21,010
3,362,500 3,652,200
623,009
583,480
34,877,801 3 1,366,655
10,596,519 14,822,200
1,782,760 1,615,737
1,208,905 1.077,970
10,413,317 0.407,485
10,335,087 8,893,779
1,107,568 1,047,915
422,506
315,179
4,502,735 3,253,023
1,109,464
998,580
3,030,125 3,876,905
86,300,975 70,076,337
4,701,292 4,401,992
57,562,262 52,707,562
I n c . 3,82 9,400
6,044,301 6,309,894
11,213,44 1 10,019,170
262,503
225,531
6,287,064 5,741,724
1,861.328 1,773,228

AGGREGATES OP GROSS EARNINGS— Weekly and Monthly.
W e e k ly S u m m a r ie s .

C u r'lit

Y ear P r e t ’s

Y ear

In c. or D ec.

%

M o n t h l y S u m m a r ie s .

C u r ’ nt Y e a r P r e v ’ s Y e a r

S
$
Month Aug 1908 (794 roads). 200,254,003 240,601,078 — 34,347,075 14.28
9.81
Month Sept 1908 (793 roads). 218,399,160 233,735,070 — 15,336,816 6.56
11.63
Month Oct 1908 (796 roa d s). 231,015,129 249,032,145 — 18,317.016 7.45
14.78
Month N ov 1908 (804 roa d s). 210,971.123 218,907,731 — 7,996.608 3.65
11.96
Month Dec 1908 (798 roa d s). 205,216,481 193,791,645 + 11,424,836 5.90
13.85
Month Jan 1909 (750 road s). 182,347,842 172,275,946 + 10,071,806 5.84
11.95
Month Feb 1009 (792 roa d s). 173,867,200 159,982,896 + 13,884,310 8.68
17.89
Month Mch 1909 (715 roads). 202,167,425 180,889,195 + 21,278,330 11.78
10.74
Month April 1909 (770 roads)- 189,632,691 108,033,033 + 20,909,658 12.45
9.89
Month May 1909 ( 50 roads) . 40,188.578 42,807.707 + 6,320,871 14.79
9.27
a Mexican currency,
o Includes earn'ngs of Gu'.f A Chicago Division, c Includes the Houston A Texas Central and its subsidiary lines In both years.
id Covers Ones directly operated, r Includes Evansville A Indiana R R . ft Includes earnings of Colorado A Southern, Fort VVorth A Denver City and
all affiliated lines, excepting Trinity A Brazos Valley R R . k Includes In both years earnings of Denver Enid A Gulf R R ., Pecos Valley System and
Santa Fe Prescott A Phoenix R y. I These figures do not Include receipts from sale of coal, o Figures here are on the old basis of accounting— not the
new or Inter-State Commerce Commission method, r These Ugures are on the new basis prescribed by the Inter-State Commerce Commission.
2d
3d
4th
1st
2d
3d
4 th
1st
2d
3d

week
week
week
week
week
week
week
week
week
week

April
April
Aprl’
May
May
May
May
June
June
Juno

(42 roads)____
(41 roads)____
(49 roads)____
(46 roads)____
(43 road s)____
(43 roads)____
(44 roads)____
(44 roads)____
(44 roads)____
(44 roads)____




10,040,820
10,109,928
14,051,625
10,132,666
10,150,119
10,200,047
14,524,784
10,295,336
10,509,500
10,668,619

S
9.144.139
9,056.824
12.232,959
0,019,675
8,919,700
9,110,933
12,320,505
9,297,152
9.618,010
9,763,404

S
+ 896.687
+ 1,053,104
+ 1.813.666
-t- 1,082,991
+ 1,236,419
+ 1,089,114
+ 2,201.279
+ 998,184
+ 051,556
+ 905.215

Ju l y

3 1909.]

THE CHRONICLE

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the third week
of June. The table covers 44 roads and shows 9.27% in­
crease in the aggregate over the same week last year.

Alabama Great Southern.
Canadian N orthern----------------Canadian Pacific--------------------Central of Georgia------------------Chesapeake & O hio----------------Chicago & A lton -------------------Chicago Great W estern----------Chicago Indianapolis & Loulsv
Cln New Orleans & Texas P a c_.
Colorado & Southern------------Denver & R io Grande------------Detroit & Mackinac--------------Detroit Toledo & Ironton-------Ann A r b o r _________________
Duluth South Shore & Atlantic
Georgia Southern & Florida-----Grand Trunk of Canada----------'
Grand Trunk W estern :____
Detroit Grand Haven & MU
Canada A tla n t ic .---------------International & Great Northern
Interoceanlc of M exico_________
Iowa C en tra l---------------------------Kansas City Mexico & Orient. .
Louisville & Nashville_________
Mexican In ternational________
Mineral R an ge-------------------------Minneapolis <Sc St Louis_______
Minneapolis St Paul & S S M__
Missouri Pacific & Iron M tn____
Central R r a n c h ____
Mobile & O hio. ___________H I
National Railways of M exico__
Nevada-Callfornia-Oregon .
R io Grande Southern__________
St Louis Southwestern
Southern R a ilw a y ..
'
Texas Central _.
Texas & Pacific________________
T oledo Peoria & W estern__ ___
T oledo St Louis & Western
W abash________
Total (44 road s)___
Net Increase (9 .2 7 % ).

1908.

In crea se.

$
65,154
3 5 1528
172,516
184,500
1,481,000
163,500
540,582
260,345
152,592
113,823
144,885
256,123
430,100
24,222
28,181
37,240
67,000
35,040

$
61,244
31,399
129,006
151,200
1,287,000
200,400
444,636
247,223
140,944
104,818
130,765
248,660
354,700
23,190
27,054
35,086
49,523
31,917

$
3,910
4,129
43,510
33,300
194,000

826,865

816,671

10,194

130,000
158,632
56,538
27,400
814,170
137,924
14,912
80,698
238,145
801,000
28,000
166,805
986,877
10,511
9,849
183,461
931,866
14,570
222,406
10,463
72,304
546,283

124,000
133,211
53,776
12,224
800,715
160,240
16,734
71,254
192,670
682,000
21,000
171,233
899,478
6,749
12,667
167,276
904,386
13,703
199,135
29,443
70,278
505,790

6,000
25,421
2,762
15,176
13,455

10,668,619

9,763,404

95,946
13,122
11,648
9,005
14,120
7,463
75,400
1,032
1,127
2,154
17,486
3,723

9,444
45,475
119,000
7,000
87,399
3,762
16,185
27,480
867
23,271

36,000

22,316
1,822

4,428
2,818

12,980

2,026
40,487
986,479
905,215

Net Earnings Monthly to Latest Dates.—The table fol­
lowing shows the gross and not earnings of STEAM railroads
and of industrial companies reported this week:
----- G ro s s E a r n in g s ----C u rren t
Y ear.

R oad s.

P r e v io u s
Y ear.

-------N e t E a r n in g s ------C u rren t
Y ear.

P rev io u s
Y ear.

_

?
$
5
$
Alabama Tenn & N or— May
4,339
4,377
2,008
1,625
July 1 to May 31............
20,879
57,668
42,112
31,231
448,634
Atlantic Coast L ln e .a .-M a y 2,152,584 1,950,338
558,900
July 1 to May 31----------24,111,047 24,100,086
7,593,603 5,523,885
2,905,374
Boston & M a ln c.b ......... May 3,339,937
821,978
1,129,619
July 1 to May 31---------- 36,079,825 35,875,902 10,406,143 9,103,263
Bull R och & P lt ts b .b .-M a y
644,357
464,166
305,395
85,958
July 1 to May 3 1 ---------- 0,449,475 6,897,901 2,088,420 2,060,616
Canadian N orthern...........May
720.100
654,900 182,900
131,800
July 1 to May 3 1 ---------- 8,863,000 8,338,000 2,502,900 2.272,200
Canadian P a cific.a ......... May 6.420.640 5,392,570
1 , 9 2 6 ,8 6 0
_________
1,681,495
July 1 to May 31---------- 60,763,167 65,828,334 21,067,148 20,116,870
Central of G e o r g ia .a .-.M a y
780,809
719,042
145,225
79,516
July 1 to May 3 1 ---------- 10.405,577 10,571,212 2,654,149 2,264,307
Central of New J c r -b -.-M a y 2,000,890 2 ,2 8 0 , 1 6 6
711,129 1 ,0 3 3 , 8 5 2
July 1 to May 3 1 ---------- 23,415,038 24,922,887 9,957,095 10,679,075
Chesapeake & O h io------ May 2,393,630
1,817,629
939,257
636,737
July 1 to May 31............ 24,213,125 23,919,848 9,307,614 8,090,811
x Chic & Nor W e s t .b -.-M a y 5,274,382
4,459,136 1,577,820 1,405,955
July 1 to May 31.......... .60,306,934 58,409,825 21,119,369 10,660,681
* Chic St P M & O . b . - .M a y 1,011,254
900,939
275,420
283,571
July 1 to May 31-----------12,380,912 11,933,419 4,3 71,776 4,025,735
Colorado & S o u t h .b ------May 1,144,591
966,969
306,707
217,977
July 1 to May 3 1 .......... -13,941,145 13,207,832 4,541,624 4,404,271
Colorado Midland . a -------May
104,091
27,276
27,358
164,432
July 1 to May 31............ 2,123,740 2,035,798
366,517
382,955
C ornw all-b -------------------- May
9,539
3,162
297
4,085
July 1 to May 31............
95,645
32,742
112,956
44,459
Cuba R R ............................ May
193,540
88,865
60,877
173,515
July 1 to May 31............ 1,960,461
858,442
1,893,901
668,384
Delaware & H u d s o n .b ..M a y 1,721,789 1,464,284
r728,002
r503,r.71
Jan 1 to May 31---------- 7,678,935 7,319,587 r2,8 15.853 r2,583.376
x Del Lack & W e s t .b -.-M a y 2,819,060
2,955,361 1,212,042 1,249,864
July 1 to May 3 1 .......... 30,670,483 30,920,360 13,807,484 12,852,897
Demcrara Elect C o_____ May
11,047
9,892
5,126
4,070
Jan 1 to May 3 1 ............
54,311
40,757
25,331
20,967
Detroit & M a ck in a c.a --M ay
02,117
91,738
18,378
25,783
July 1 to May 3 1 ........... 1,051,769
1,086,488
245,207
267,968
B rie.a .
.
-----------May 4,299,728 3,851,252 1,268,238
1,088,246
July l to May 31
.46,243,297 45,670,370 12,288,216 8,336,924
Fairchild & Nor E .b - .- M a y
1,642
1,524
def 657
653
July P to May 3 1 ______
18,577
17,696
425
967
Georgia R R . b ................. May
159,623
195.755
def2,620
664
2,732 087
475,507
July 1 to May 3 1 2,571,853
385,458
Greenville (Car) Power CoMay . 4,702
4 ,5 7 1
...........
H ocking Valley b
..M a y 396,278
303,606
128,754
33,888
July 1 to May 31______ 5,409,396
5,393,142 1,747,580 1,557,670
Illinois Central . a — _.___May 4,665,304 4,050,015 1,261,874
906,159
July 1 to May 3 1 ------ .52,626,824 53,635.795 12,094,580 11,687,268
g Interoceanlc of M ex__ May
672,373
604,976
246,580
198,243
July 1 to M ay 3 1 ..
6,114,671
7,108.150 2,065,647 2,121,134
Iowa Central .a
— . . Ma y
227,301
201,589
h def224
h7,860
July 1 to May 31.
2,771,831
2,780,880
/(838,389 ft780,69l
Kanawha & Michigan a-M ay
175,835
125,314
6,612
21,437
July 1 to May 31
1,971,720
1,845,498
308,335
175,832
Long Island................. ..M a y
Dee 20,325
Dec 17,252
Jan 1 to May 3 1 ...........
Inc 286,442
Inc 241,298
Louisville & N ash v _b — M ay 3,647,894
3,259,673 1,182,654
784,534
July 1 to May 31..4 1 ,8 9 8 ,1 8 4
41,194,630 14,517,724 9,897,874
Maryland & P cnna.a - -M ay
33,733
.31,417
10,748
9,289
July 1 to May 31348,217
353,627
103,611
108,980
g Mexican Internat______ May
6 12 ,6 0 8
620,162
297,933
2 7 6 ,1 7 5
July 1 to May 3 1 - 6,356,239
7,599,980 2,613,112 2,641,078
Mlnncap & StL ou is.a
- May 306,571
258,916
fr22,570 ftdef27,015
July 1 to May 3 1 ---------- 3,819,221 3,538,249 fcl.029,405
*914,881




------- G ro s s E a r n in g s ---------------- N e t E a r n in g s
C u rren t
Y ear.
R oa d s.

P rev io u s
Y ear.

C u rren t

P rev ii

$$
1,485.356
21,553,556
804,194
10,222,722
4,052,315
16,658,273
26,527
310,901
6,494 124
31,366,655
2,894,301

Missouri Kan & T e x .b . .M a y 1,790,523
July 1 to May 3 1 ______ 23,410,044
Nashv Chatt & St L .b - .M a y
911,995
July 1 to May 3 1 ........... 10,224,879
g National R ys of M e x ..M a y 4,441,996
Feb 1 to May 3 1 ........... 17,520,426
N cvada-C allf-O rc. b ------ May
41,828
363,382
July 1 to May 31______
N Y Cent & Hud R lv .b .M a y 7,417,309
Jan I to May 31---------- 34,877,861
Lake Shore & M S .b .M a y 3,47 2,216
Jan 1 to May 31_______ 16,596,549
Lake Erie & W e s t .b .M a y
372,549
Jan 1 to May 3 1 ........... 1,782,760
Chic Ind & S o u th .b .M a y
234,221
Jan 1 to May 3 1 ______ 1,208,905
Michigan C en tra l_b ..M a y 2,164,970
Jan 1 to May
31_1 0,413,317
C C C & St L . b ______ May 2,130,102
Jan 1 to May 3 1 . ......... 10,335,097
Peoria & E a s te rn .b .-M a y
219,097
Jan 1 to May 3 1 ______ 1,107,568
Cincinnati N orth’n .b .M a y
78,566
Jan 1 to May 3 1 ______
442,596
Plttsb & Lake E rle .b .M a y 1 088,687
Jan 1 to May 3 1 ______ 4,502,735
R utland , b ___________ May
261,291
Jan 1 to May
3 1 1,109,464
N Y Chic & St L . b . . . M a y
814,105
Jan 1 to May
31_ 3,930,125
T otal all lines, b _____ May 18,253,113 15,329,531
Jan 1 to May 3 1 ---------- 86,306,975 76,676,337
x N Y N H & H a rtford .b May 4,761,766
4,132,563
July 1 to May 31............ 40,520,363 48,692,881
N Y Ont & W e ste rn .a -.M a y
641.556
692,772
July 1 to May 31---------- 7,570,841 7,381,230
N Y Susq & W e s t .a ____May
261,679
261,322
July 1 to May 31______ 3,026,080 3,038.755
Norfolk & W e ste rn .b __ May 2.521,669
_2,008,198
July 1 to May 31............ 26,581,651 26,810.'981
Northern C e n tra l.b ___ May
982,065
960,665
Jan 1 to May 31---------- 4,701,292 4,461,092
Northern P a cltlc.b _____ May 5,451,968
5,103,092
July 1 to May 31.......... .62,313,051 63,970,979
2,931,697
gPcnna Company . b ___ May 3 748 945
July 1 to May 3 1 ______ 37,465,559 39,851,228
Pennsylvania — Lines directly operated—
East of Pitts & E rle.b M a y l2 ,032,133 10,810,233
Jan 1 to May 31_______57,562,262 52,707,562
W est of Pitts & E r ie ..M a y
Inc 1,188,500
In c 3,829,400
Jan 1 to May 3 1 ______
Phlla Balto & W a s h .b -.M a y 1,547,158 1,370,358
Jan 1 to May 3 1 ______ 6,944,394 6,309,894
Raleigh & S o u th p 't.a .-M a y
11,409
9,212
July 1 to May 3 1 ______
128,738
111,708
Reading C om pany—
Phlla & R e a d in g .b ...M a y 3,235,708 3,294,932
38,720,430
Coal & Iron C o .b ____May 2,545,783
3,075,765
July 1 to May 3 1 . ......... 32,838,555 35,937,336
Total both c o s .b _____ May 5,781,491
6,370,697
July 1 to May 31______ 69,716,350 74,657,762
Reading C om pany___May _________
_

1909.

T h ir d W e e k o f J u n e .

35

_________
24,691,122
1,756,642
16,014,481
181,796
2,209,069
75,976
986,818
991,989
10,476,’326
213,307
753,969
1,987,984
27,942,853
1,473,914
13,082,075

_____ ____
18,522,388
842,990
13,748,684
256,612
2,262,459
97,621
749,766
776,579
9,340,414
259,007
771,869
_2,194,138
.
..
27,967,521
1,088,267
12,207,907

3,760,169 3,326,369
14,308,642 12.570,942
Inc 465,000
In c 961,700
463,887
345,987
1,530,725 1,172,425
3,764
1,022
47,162
24,299

1,216,660 1,198,953
14,817,660 14,226.693
173,797
def42,863
1,639,934 2,434,491
1,173,797 1,372,750
16,457,595 16,661,184
137,407
136,417
1,413,302 1,413,461
Total all com p a n ies.-M a y _________
1,310,214 1,510,157
17,870,897 18,074,645
R ock Isla n d .a __________May £.740,911
839,497
4,055,365 1,356,418
July 1 to May 31______ 55,741,416 54,286,918 14,619,847 13,235,752
St Louis & San Fr a .-M a y 2,989,684 2,374,989 1 ,014,609
532,928
33,382,939 10,316,073 9,076,481
642,699
Chic & East I I I .a ___ May
787,822
137,859
250,851
July 1 to May 3 1 ______ 9,451,490 9,974,992 2,743,664 2,642,619
Evansv & Terre H .a .M a y
156,892
154,083
50,975
48,459
July 1 to May 31______ 1,937,315 2,042,025
615,622
621,102
7,227,136 2,672.852 1,558,743
T otal all lin e s.a _____ May 8,675,309
09,686,876 28,295,206 25,575,955
636,906
189,433
St Louis S o u t h w . a ___May
757,885
def6,003
July 1 to May 3 1 ______ 9,546,379 8,860,101 2,054,181
1,649,873
Southern P a c lllc - a - ___ May 9,972,593
9,228,258 3,316,120 2,877,421
July 1 to May 31______ 110,124,420 114008,827 37,555,938 31,624,546
Southern R ailw ay b ___May 4,033,899
3,501,751
1,226,517 1,061,378
July 1 to May 3 1 .. . . . .48,135,520 47,740,394 15,388,922 11,859,227
255,071
Mobile & O h io .b _____ May
756,804
160,682
700,521
July 1 to May 3 1 ______ 8,941,996 8,910,984 2,826,102 2,580,584
Cine New Orl & T P .b May 668,317
194,969
590,484
257,023
July 1 to May 3 1 ............. 7,153,313 7,294,939 2 ,495,‘J j 1 1,657,987
Ala Great S o u t h .b .--M a y
294,402
253,306
106,749
63,152
July 1 to May 31---------- 3,266,910 3,279,783 1,018,406
594,126
Georgia Sou & F la .b .M a y
165,314
135,213
39,336
15,947
July 1 to May 31............ 1,834,787
1,825,950
518,627
296,462
Tidewater & W e s t .b — May
' 6,678
676
6,191
1,057
July 1 to May 31---------68,481
81,769
5,604
5,889
Toledo & Ohio C en t.a . -M ay
309,796
8 l ,784
231,236
39,689
July 1 to May 3 1 ........... 3,777,869 3,836,290 1,089,711
1,065,695
Toinbigbee Valley------------- May
7,112
' 4,722
2,865
1,302
July l to May 3 1 ---------75,151
55,569
25,632
13,617
Union P a lcflc.a ---------------May 6,517,785 5,846,593 2,841,631
2,768,803
July 1 to May 3 1 ........... 71,886,284 69,908,043 34,733,525 28,940,593
aW andalla.b __________ May
708,285
615,060
146,490
125,927
July 1 to May 3 1 . .......... 8,064,739 8,478,331 1,981,936 2,003,183
W est Jersey & Sea S h .b May
119,250
419,750
111,917
81,119
Jan 1 to May 31______ 1,861,328
1,773,228
153,777
10,477
W rlghtsvllle & Tenn . b -.M a y
14,969
16,025
£167
234 5
July 1 to May 3 1 ______
248,148
257,129
£68,423
£66,834
Y azoo & Miss V alley-a -M a y
705,387
683,618
45,042 def.37,758
July 1 to May 3 1 ______ 9,371,847 9,478,433 1,041.208 1,033,863
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
g These results are In Mexican currency.
h For May 1009 additional Income is given as showing a deficit of $7,923,
against $6,800 deficit In 1908, and for period from July 1 to May 31 there
was a deficit of $67,065, against a credit of $6,790 last year.
k For May 1909 additional incom e was $12,496, against $21,432 in
1908, and for period from July l to May 31 was $133,236 In 1909, against
$200,581 last year.
r For May 1909 net from Coal Department was $116,216, against $47,233
last year, and from Jan. 1 to May 31 was $445,986 In 1909, against $416,780
last year.
x These figures are on the basis of accounting required b y the Inter­
State Commerce Commission.
s Includes $121 other income for May 1909, against $65 In 1908: and for
period from July 1 to May 31 includes $1,182 in 1909, against $963 last year;
the earnings of the Dublin & Southwestern R R . are Included In both years.

THE CHRONICLE

36

[V O L . L X X X I X .
------- G r o s s E a r n in g s -----

Interest Charges and Surplus.
— X n t., R e n ta ls , & c .—
C u rren t
Y ear.

— B a l. o f N e t E ’ n g s .—

P rev io u s
Y ear.

C u rren t
Y ea r.

C u rren t
Y ear.

R oads.

P rev io u s
Y ear.

$
664,506
2,940,573
81,533
369,455
111,702
532.673
350,157
1,713,020
89,535
378,851
151,599
759,016

P rev io u s
Y ea r.

-------N e t E a r n in g s -----C u rren t
Y ear.

5
599,643
2,649,635
71,695
335,828
107,190
505,166
319,592
1,589,246
81,474
362,372
152,175
711,092

$

P r e v io u s
Y ear.

$

233,768
275 328
Detroit United R y .a - .M ay
923,519
1,113,041
Jan 1 to May 3 1 . .........
27,186
34,202
Central ot New J ersey .-M a y
530,222
753,375
174,007 280,477
Duluth Street R y . b ------May
117,478
135,941
July 1 to May 3 1 ______ . 5,750,368 6,055,245 4,200,727 4,623,830
Jan 1 to May 31---------43,853
44,812
Colorado & S o u th e r n ...M a y
252,873
256,890
c84,762 Cdef39,138
Ft W ayne & Wat) V a l-.M a y
212,526
210,014
July 1 to May 31_____
2,810,244
2,630,903 c2 ,009,549 cl.950,001
Jan 1 to May 3 1 ---------126,900
137,230
Colorado Midland . . . May
31,350
31.350 cdefl2,835 cdefl0,926
Illinois Traction C o .a — May
038,911
689,818
July 1 to May 31 . . . . .
344.850
341,330 cd ef32,155
cdetl93
Jan 1 to May 31---------33,370
42,424
Cuba R R _______________May
34,579
31,892
54,286
28,985 Lake Shore Elect R y .a -M a y
134,567
149,260
July 1 to M ay 3 1 _____
364,517
333,510
493,925
334,874
Jan 1 to May 3 1 ............
61,913
58,939
Georgia R R
May
60,445
58,915 *def53,551 *dcf56,860
N orf & Portsmouth T r._ M a y
262,180
308,795
667,251
634,539 *def00,726*def235,074
July 1 to M ay 31~_____ _
Jan 1 to May 3 1 ---------H ocking V alley__________ May
115,069
107,461
*48,707 *def63,177
Portland (Ore) R y Light &
177,452
221,669
355,774
July 1 to May 31______ 1,290,552
1,204,759 *1,303,043 *1,251,191
399,589
P ow er, b---------------------May
828,826
964,303
Jan 1 to May 31---------- 1,842,035 1,706,532
Kanawa & M ich ig a n ...M a y
24,751
23,266 *d efl2,388
*1,738
Jan 1 to May 3 1 ______
256,659
245,891
*144,690
*97,492
R io dc Janeiro Tram Light
213,729
254,382
585,752
646,118
Missouri Kansas & T e x .M a y 488,934
508,399
*84,082*def244,159
& Power . a -------------- May
1,137,137 1,000,058
July 1 to May 3 1 ______ . 6,418,009 5,895,216
*738,276 *1,028,714
Jan 1 to May 3 1 ............ 3,010,086 2,764,012
Maryland & Penna______ May
3,959
3,973
6,789
5,316 Sao Paulo Tram Light &
117,644
114,707
187,860
190,277
July 1 to M ay 31______
43,711
43,711
59,900
65,269
Power C o____________ May
624,890
645,109
961,802
Jan 1 to May 31---------- 1,003,392
Nashv Chatt & St L _____ May
151,663
149,562
83,974
74,701
89,529
86,224
198,973
212,835
July 1 to May 31______ . 1,663,615 1,673,281
591,956
571,172 Toledo R ys & Lt Co .b . May
453.677
404,223
Jan 1 to May 31---------- 1,085,332 1,028.007
N evada-C allf-O re_______ May
3,754
3,868
*23,870
*8,821
272,816
308,247
527,393
569,217
July 1 to May 31_____
43,213
44,024
*173,791 *127,410 Twin City R T C o .b ------ May
1,295,364 1,163,778
Jan 1 to May 31---------- 2,656,965 2,429,349
N Y Ont & W estern_____May
85,001
94,204
96,795
162,408
278,727
284,900
661,914
634,169
July 1 to May 31______ 1,027,035
926,535 1,182,034 1,235,924
United R R s of San F r.b .M a y
928,180
1,230,887
Jan 1 to May 31............ 2,971,421 2,790,260
N orfolk & W estern ______ May
462,427
439,727
529,562
336,852
July 1 to May 31______ 4,910,893
4,809,087 5,565,433 4,531,327
a Net earnings here given are after deducting taxes,
Reading C om pany______ May
868,625
870,742
441,589
639,415
b Net earnings here given are before deducting taxes.
July 1 to May 31______ . 9,554,875 9,578,163 8,316,022 8,496,482
St Louis Southw
May
170,700
172,044
*59,219*defl40,153
Interest Charges and Surplus.
July 1 tO M a y " 3 1 _____
1,855,961
1,838,741
*629,996
*508,290
— I n t ., R e n ta ls , & c .—• — B a l. o f N c t E ' n g s . —
P r e v io u s
T oledo & Ohio Cent_____May
39,001
39,108
*42,062
,*0.803
C u rren t
P rev io u s
C u rren t
Y ear.
U J u ly 1 to May 31______
439,379
445,O08
*700,2 ol
*801,022
Y ear.
Y ear.
Y ear.
R oad s.
$
$
c After allowing for miscellaneous charges and credits to Income,
$
$
*102,571
ft Fixed charges Include taxes am ounting to S4.>,071 for May 1909,
*133,065
135,661
154,932
Detroit United R y -------- May
*271,669
against $66,494 In 1908. and additions and betterments of $233 this year,
*402,610
675,794
769,337
Jan 1 to Alay 3 1 ............
against $7,055; from July 1 to May 31 taxes were $967,040 in 1909, against
8,769
15,785
18,417
18,417
$622,570; additions and betterments were $428,738 for the same period, Duluth Street R y ............ May
25,395
43,858
92,083
92,083
Jan
1
to
May
31............
against $529,049 the previous year. Prior to July 1907 It was the practice
2,182
7,842
31,188
34,582
to Include these Items in the expenses.
Lake Shore Elect R y .- .M a y
155,300 def22,912 dcf20,733
172,172
* After alowlng for other Income received.
Jan l to May 3 1 ..........
64,015
96,043
113,437
125,020
Portland (Ore) R yL t & P .M ay
247,277
STREET RAILW AY AND TRACTION COMPANIES.
33 5,143
581,549
609,160
Jan 1 to May 31............
*17,891
*15,673
71,719
70,871
Toledo R ys & Lt C o-------May
*108,077
*110,480
348,374
354,651
J a n . 1 to la test d a te.
Jan 1 to May 31---------L a te s t G ro s s E a r n in g s .
145,844
167,996
126,972
140,251
N am e of
Twin
City
R
T
C
o............
May
542,600
C u rr e n t
607,857
P rev io u s
C u rr e n t P r e v i o u s
621,178
687,507
W eek or
Jan 1 to May 31---------R oads.

$

R oad.

M o n th .

$

Y ear.

Y ear.

$

Y ear.

$

Y ear.

24,705
91,617
144,219
71,695
159,882
41,536
29,273

$
1,111,199
402,356
100,880
551,615
30,491
67,196
290,850
303,010
3,799,851
105,658
415,326
3,395,640
369,455
792,328
188,980
114,919

101,894
353,415
3,064,717
335,828
811,267
175,842
107,231

111,702
93,721
77,625
37,960

107,190
83,447
68,826
38,231

532,673
363,319
302,801
994,850

505,166
322,316
271,355
939,760

Oakland Traction Co. M a rch ____
Oklahoma City R y .- A p r il_____
A p r il-------A p r il-------May .........
Porto R ico R ys C o. A p r il.........

33,405
25,727
350,157
40,307
542,376
26,835
47,131
89,535
45,508
56,589
133.151
342,829
70,830
86,57 5
142,888
188,749
97.837
151,599
173,657
233,992
3 1,653
18,352
18,559
399,589
31,870

29,243
128,269
119,822
20,679
96,614
76,466
319,592 1,713,026 1,589,246
35,880
156,083
137 ,083
492,472 2,130,778 1,941,652
25,953
101,968
96,005
46,522
139,215
128,017
81,474
378,851
362,372
165,232
44,801
165,756
171,030
56,552
163,509
379,712
128,857
360,264
323,442 1,669,715 1,536,570
303,012
66,730
280,732
74,766 1,776,496 1,685,103
135,119
775,738
663,300
158,410
378,448
79,352
316,515
759,016
7 11,004
152,175
864,872
776,621
162,751
653,675
668,170
232,494
109.907
73,099
19,614
72,848
75,825
19,150
76,437
62,663
9,924
355,774 1,842,035 1,706,532
128,967
117,493
28,807

M a y .........

646,118

585,752

3,010,086

2,764,012

Heat & Power C o .
San Fr Oak & San J(
Sao Paulo Tr Lt & P May _____
A p r il_____

3d wk June

77,187
75,166
190,277
47,488
422,128
180,673
13,770
76.006
46,432
212,835
79.70E
140,841

72,447
74,598
187,86C
46,091
356,080
184,935
13,763
67,665
44,501
198,97::
70,308
129,600

377,824
213,949
1,003.392
190,143
1,625,046
866,831
62,302
340,349
199,046
1,085,332
1,725,863
3,056,421

340,713
213,031
961,802
184,291
1,422,794
871,513
59,404
310,515
181,483
1.028,607
1,588,825
2,804,216

t A p r il_____

£13,100
£10,951
£6,8 5(
975,54']
634, 169
31,552

£11,860
£9,401
£7,41:
920,765
661,9 U
29,495

£312,565
£237,294
£138,217
4,427,546
2,971,421
127,817

£280,995
£214,536
£149,637
4,248,217
2,790,260
118,163

$
247,039
97,934
22,730
177,003
8,1.55
18,074
60,549
63,695

M a y ___A p r il_____
A p r il_____

$
254,475
106,412
24,972
181,818
9,096
16,511
66,350
63,971
997,348
28,039
100,964
160,808
81,533
171,073
46,493
31,296

May
- -A p r il_____
A b r il_____
W k June27

A p r il_____
A p r il_____
Illinois Traction C o. May _____
Jacksonville Elec C o.

American R ys C o-----cAur Elgin & C hlcR y.
Binghamton St R y . .
Blrm R y Lt & Power
B rock ton * Ply St Ry
Cape Breton Elec C o.
Central Penn T r a c . ..
Charlest Con R y G&E
Chicago Railways C o.
Cleve Painesv & East
Dallas Electric Corp
Detroit United R y .
Duluth Street R y . .
East St Louis & Sub
El Paso E lectric-----Fair & Clarksb T r Co
Ft W avnc & Wabash
Valley Traction Co
Galv-Hous Elec C o._
Grand Rapids R y C o.
H avana Electric R y .
Honolulu Rapid Tran
& Land C o._

Knoxville R y & Lt Co
Lake Shore Elec R y .
Memphis Street R y .
Montreal Street R y .
North Ohio T r & L t ..
North Texas Elec Co.

A p r il_____
M a y -------May _____
3d wk June

A p r il_____
M a rch ____
May _____
A p r i l _____
M a rch ____
M arch____
May _____
May _____
Wk June 26
May _____
May -------A p r il-------May --------

A p r il_____
May
Toronto R ailw ay.
of London—
Three tube lin e s.United Rys of St L .

c

____

$
1,070,555
373,244
88,868
522,091
28,337
74,415
270,318
306,040

ANNUAL REPORTS,
Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies winch
have been published during the preceding month will be
given on the last Saturday of each month. This index will
n o t include reports in the issue of the “ Chronicle
m which
it is published. The latest index will be found in the issue ot
June 26. The next will appear in that of July 31.
International Mercantile Marine Company.
Y e a r e n d in g D e c . 31 1908.)
The report, signed by President J. Bruce Ismay and
Chairman C. A. Griscom, under date of June 30 1909, says
in substance:
(R ep ort for F is c a l

i n s u r a n c e __The Insurance department for 1908 shows a profit ot $ 1.062 ,3 l i as com pared with $441.660 In 1907. Owing to the heavy loss ncurred
h i t b e disaster to the steamship Republic Jan. 24 1909, It was decided not
to credit any part of the profit ot the fum l for 1908 to the profit and loss
, . . cnL
but to retain the entire amount In the reserve fund.
acc° A __The sinking fund purchased and retired during 1908.o u t of the
the American and Red Star lines for the year 1907 , $278,000 1st
M rV
bonds with $250,000 cash. The debenture bonds of constituent

____

These figures are for consolidated com pany.

Street Railway Net Earnings.— The following table gives
the returns of STREET 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 26 1909. The
next will appear in the issue of July 31 1909.



* After allowing for other Income received.

i

l

s

s

s

i

l

l

that AUeaestl25% °of ^thefvalue of the new property acquired (being the excess
that at least
«
*.
debentures issued) will be added to the security
!mderl*yIngCyotur com pany’s 4 >4% bonds without Increasing the outstand­
ing amount of such bonds.
m nany'S steamships, as well as Its other
C om pa n u s F le e t.
All t e f®™,1
and the cost thereof, together with
property, have been fully ma
steamships, charged to operating
depreciation on all property^ o tn eru tUned ln ttie report for 1906 Is now
rapUU^approachVng cmnpletlorL and ilurlng the ^ s t three months the fol­
lowing-named new steamships were placed in service.
S te a m s h ip . T o n n a g e .

S te a m s h ip . T o n n a g e .

1 ra d e.

T ra d e.
L a p la n d ____18,694 N .Y .-D o v -A n t. M e g a n tlc___14,878 M on’l-L lv’ pool.
N .Y .-L ondon
Laurentlc ..1 4 ,8 9 2 Mon’l-LIv pool. , Mlnnewaska.14,220
Tatnul_____ 9,957 L ond on -N .Z’l ’d.
* Jointly owned with Shaw, S a v l l l'&
-----Albion C o., Ltd.

»n,l FlnHdIan have b?en sold. The sailing ship Mersey was purchased for
use in t r a l X g boys for service as officers in the com pany s steamers, and
1S ow?ngyto thet add 4tlona{acost and com plications of operating the steam­
out™ Fmiand lCroor lan and Samland under the American Hag, w thout
a n v SeonH)ensatlng°advantages, as com pared with their sister ships In the
Antwerp service operating under a foreign llag, these steamers have been
trSOwhige to'the^rapld*develop^ment8^ th e ^ C a n a d la n Northwest, and the
consequent Increase in the demand for transportation facilities between
the m d ted Kingdom and Montreal and Quebec, your directors considered
If
to strengthen the service, and the two new steamships Laurentlc
anH MeiranUo have beeri added to this schedule. The service will be op ­
erated Jointly by the W hite Star and Dominion lines, the new steamers
^ V e^ S ^ ^ m sftlD S 6— Onf a c r o t in ^ o f^ ^ ^ n t ls fa c t o r y results of the New
Vork S <)uthanuno 1 i service tw o steamers, to be the largest In the world,
arid to havea^fltross rccdstcr of about 45,000 tons each, to be named Olympic
an Titanic h ? v fb e e n ordered and are now under construction. We are
satisfied that steamers of this type will greatly appeal to the traveling public.
A new steamer ot 6,300 tons, to be named Mcjtonlan, is under construc­
tion for the Leyland Line, and Is expected to be placed ln service early
ln September.

T o ta l V e s s e ls B u il t a n d O r d e r e d — The number of vessels now In service, In­
cluding the subsidiary lines, is 127, representing a gross tonnage of 1,058.o04
tons to which which will be added, when the steamers arranged for and
building are com pleted, 96,300 tons gross, making In all a total tonnage
o f your own and subsidiary companies of 1,154,804 gross tons, v iz.:
Vn
G ro s s T o n s .
N o.
G ro ss i o n s . ^
iV0—
_ _15,000 to 20,000
97
_
____under
5,000
_____________ 2 0 ,000 to 30,000
«2
"
5,000 to 10,000
2
___________________
about
45.000
a i l I I I I I I I I _______ 1 0 , 0 0 0 to i 5 , o o o ____
G en era l R e s u l t s .— The widespread depression during the last half of 1907,
affecting both Europe and America, Immediately caused a marked reduction
in the demand for European goods in this country and also a great decrease
b y European countries In the demand for American products, the result
being that the westbound freight m ovem ent during the first half of 1908
showed a very material reduction. The same remarks apply in a lesser
degree to the eastbound m ovem ent, so that It became necessary to lay up a
number of steamers, especially those carrying freight only. Some of thess
found em ploym ent later In the year, but It was Irregular, and the resulte
were unsatisfactory. The lack of confidence in the business situation after
the financial disturbance above referred to was quickly shown in cancella­
tions o f previously engaged passenger accom m odations. 1' urthermore.
the shutting down of mills and factories resulted in a temporary Increase
in the third-class eastbound business and a m ost serious reduction in the

WCTlre°passenger'^rafVlc showed a decrease as com pared with the previous
vear amounting In all classes, both east and westbound, to 950,788 souls.
The decrease in the number o f third-class passengers landed in this country,
in which traffic your companies are greatly Interested, amounted to 964 ,­
438, whereas the increase eastbound of the third class amounted to only
100 021, making a decrease in tills branch alone o f 864,417, a large share
o f which loss fell upon your companies and seriously alfected the earnings.
The general trade between Great Britain, Australia and New Zealand has
suffered in conjunction with all other trades. Owing to the reduced price of
coal, particularly In England, and a slight reduction in the cost of some
other consumable articles, the expenses of operating, we are pleased to say,
show a slight decrease.
.
, ,
,
,
,
O u tlo o k .— The actual results so far this year indicate that the trade con­
ditions during 1909 will be better than those which existed during 19U8.
and the management is hopeful that the result for the present year win
show some im provem ent on that for 1908; but until com m ercial conditions
in the United States becom e normal and improve in other countries, satis­
factory earnings cannot be expected. H owever, with the additions to your
fleets, under anything like fair conditions you can confidently look for a
material im provem ent in results.
L o s s o f S te a m s h ip R e p u b l ic .— It Is with great regret that we report tne
loss on Jan. 24 1909. off N antucket Lightship, o f the steamship Republic,
after having been run into b y the steamship Florida. The crews of the
R epublic and Baltic were twice called upon to transfer at sea, the second
time at night, all the passengers of the R epublic and Florida, and they
performed that perilous task without the loss o f a life.
E A R N I N G S , E X P E N S E S , C H A R G E S , &C.

1908.
S

Gross voyage earnings... 29,981,044
Miscel. earns., d lv ., & c.
548,704

1907.
*

38,253,588
1,013,000

1906.
$

35,931,412
1,227,801

1905.
s .

32,435,512
927,406

Total receipts. _____ 30,529,748 39,266,588 37,159,213 33,362,918
Gross oper. A gen. e x p . 29,653,891 *32,242,543 *29,155,178 *27,456,174
Net earnings_________

D ed u ct—

Interest on b on d s______
Int. on loans, A c ______
English incom e ta x -----Int. on ad v. for construct­
ing new steam sh ips..

875,857

7,024,045

8,004,035

5,906,744

3,452,484
109,015
89,631

3,398,713
36,339
53,945

3,420,099
315,596
60,141

3,349,495
482,167
48,393

44,373

3,695,503
3,488,097
3,795,836
3,880,055
B a la n ce ____________ def2,819,646 sur3,535,048 sur4,208,199 sur2,026,689
Add surp. ins. accou nt. 1,062,344
441,661
701,959
864,159
Prof, purch. bds. for s.f.
27,319
57,021
28,597
Riilnnrc for the vear
defl.729,983 sur4,033,731 sur5,028,754 sur2,890,848
DeprecTi on steamships - - - - - - 4.000,000
5,000,000
2.000.000
N o te — The earnings for 1005 were charged with the paym ent of 5236,­
643 on account of trade agreement for 1904. Transferring this item from
1905 to 1904, the surplus for 1905 becomes $3,127,401.
„
* Includes $1,247,934 for “ overhauls, lay-up expenses and betterments
in 1908, against $1,208,681 In 1907, $1,043,012 in 1906 and $1,040,645 In
1905.
C O N S O L I D A T E D B A L A N C E S H E E T D E C . 31 — C O M P R I S I N G A M E R I ­
C A N , R E D S T A R , W H IT E S T A R , D O M IN IO N A N D
A T L A N T IC T R A N S P O R T L IN E S .

1908.
1907.
A ssets —
$
$
Cost of property. 177.751,817 173,011,332
Investments—
F. Lcyland A C o .
(1900), Ltd........ 11,935,177 11,965,177
Nat. SS. Co., Ltd. 4.12,123
420,283
Sundry ship A al­
lied co.'s, excli.
memberships A,
Gov’t deps____
591,738
626,598
Cash deposits with
25,461
trustees of mtge.
25,974
892,196
Inventories--------902,127
Accts. receivable. 1,494,973 2,556,153
Bills rec’le A loans 166,300 1,208,537
9,367
12,906
Int. rec. A accrued
Advances to Ley425,505
land Line_______
231,382
155,525
Agency balances..
Market, stocks and
............
bonds .........
620,311
599,811
Cash In banks and
557,623
on hand________ 4,063,816
Open voyage accts.,
charges and unex„
plrecl insurance-. 1,151,486 1,424,243
Improvements,bet318,109
torments, A c----224 •*;>?
272,440
Discount on bonds 527,021
D eficit.................. 2,179,690

1908.
1907.
L iabilities—
$
S
Preferred stock__ 51,730,971 51,730,971
Common stock__ 49,931,735 49,931,735
5% 1st M. bonds. 18,966,000 19,244,000
4 'A c/c M. and coll.
trust bonds____ 52,744,000 52,744,000
Deb. bonds con­
stituent co's held
by public........... 6,380,132
696,130
Loans on mtges..
690,988
707,671
Loans, bills pay­
able, A c_______ 2,604,108
539,256
Accounts payable- 4,175,496 3,449,581
Agency balances-.
111,936
211,315
Interest accrued.. 1,002,625 1,006,072
Leyland Line ad­
vances, A c--------28,373
--------National Line ad­
42,856
54,036
vances, Ac______
Reserves—
For llab. for reha­
bilitation and re­
pairs, for Insur.
claims A for out­
standing Domin­
357,852
395,053
ion Line shares .
Deficit credited to
profit and lo ss ... 1,519,429 2,095,454
Insurance fu n d ... 2,062,344 1,000,000
Deprcc’n fund___ 10,287.618 10,352,291
Miscellaneous___
1,698
1,698
Surplus........ ........................ 312,637

..............
Total
202,638.160 194,471,900
— V . 88, p. 55.

Total________202,638,160 194.471,900

The William Cramp & Sons Ship & Engine Building Co.
(,Report for the Fiscal Year ending April 30 1909.)
President Henry S. Grove, Philadelphia, June24 1909, says:
In subm itting this statement it may be proper to recall the policy stated
in our annual report of 1904 of estimating earnings on contracts in process
conservatively, and, while congratulating you upon the Increase of the
surplus, to state that a number of contracts were entirely com pleted
during the past year, the profits from which could be accurately determined
and properly put In the earnings. The work of construction extended
over previous years, but the actual profit on these contracts could not be
ascertained; hence, although wc have done in the year 1908-09 a smaller
volum e of business, our surplus, we trust. Is satisfactory. There are no
unpaid bills except those In process of auditing. Since the present m anage­
m ent have been in charge tne property has been maintained at Its highest
efficiency, the expense thereof being charged to current earnings; and
they have paid out in cash In redem ption of bonds and liquidation of
mortgages $1,168,400, and expended on Improved machinery and property
$428,065 80.
. ,
|t«Thc prospects for all departments are more promising than at the time
of the lastlannual reportjand thcfactual aggregate of orders on your books




37

THE CHRONICLE

J u l y 3 19 0 9 . |

at the close o f business April 30 exceeded the amount on the same date
last year. At present there are m any inquiries fo r vessels fo r special
purposes, and the outlook Is greatly im proved.
Our subsidiary companies and departments other than shipbuilding
have continued their successful developm ent, and their resources and
possibilities are more prom ising for the current year.
E A R N I N G S F O R F I S C A L Y E A R E N D I N G A P R I L 30.
1908-09. 1907-08. 1906-07. 1905-06
Net earnings of all departments of the
com pany and Its subsidiaries, viz.;
I. P. Morris Co. and Kensington
Shipyard C o., including miscel­
laneous incom e, and after deduction
o f insurance and taxes, but before
deduction of bond interest or
„
___
miscellaneous Interest_____________$747,950 $555,735 $328,328 $704,<24
Int. on 20-.year 5% serial n o te s___ 208,833
217,333
225,333 233,33.3
Int. on 1st mtge. 5% gold b o n d s .. 62,917
64,167
65,417
66,667
Ground rents & int. on real estate
______
m ortgages________________________
30,047
31.508
34,170
33,7o2

N et surplus_______________________$446,153 $242,727
$3,408" $370,972
The com pany has made the follow ing paym ents and expendtures:
In reduction of capital debt, $215,000;
190 20-year 5 % serial notes redeem ed, as per terms of Issue..S 190,000
25 1st m tge. 5<a) gold bonds redeem ed ,as per terms deed of trust. 2a,000
E xpended In the purchase of real estate, new tools, m achinery,
and for Improvements, & c ___________________________________
13,071
B A L A N C E SH E E T A P R IL

30.

1909.
L iab ilities —
$
$
Capital stock____ 6,098,000
Real estate, ma­
chinery, A c___ 12,890,812 12,877,742 Bonds and mort­
gages ___________5,919,912
Bills A accts rec’le. 293,922
748,133
268,265
Mat'Is A supplies.
343,582
472,246 Merchandise accts.
740,883 Wages due M ay.. .
34.393
C ash____________ 1,592,956
Accrued Interest..
98,832
Def’d assets (accts.
713,484 Profit and loss___ 3,431,955
in proc. of adjust.) 730,085
1909.

1908.

^ A s s e ts —

(■ T o t a l_________15,851,357 15,552,487
-V. 88. p. 1623.

1908.
$

6,098,000
6,134,912
196,387
35,142
102,244
2,985,802

Total .......... .. . .15,851,357 15,552,487

Fore River Shipbuilding Co., Quincy, Mass.
(Report for Fiscal Year ending Dec. 31 1908.)
President Francis T. Bowles, Quincy, Feb. 9 1909, wrote:
Additions to plant and m achinery were m ade during the year to the
amount of $70,000, including an extension to the marine railway; extension
to the sewerage system; a new railway locom otive; a reservoir and supply
system for industrial water; some small buildings for storage facilities: an
extension to sprinkler equipment; additional cranes and miscellaneous new
m achinery.
.
.
.
.
.
All Items of repair and maintenance have been charged to expense and
$120,000 has been charged ofl for depreciation and the surplus has Incresaed
by $91,982.
_
.
There are no notes payable and the present accounts payable are only
current bills in process of accounting. The cash receipts for the year
amounted to $6,077,793.
,
_
The following vessels were under construction on Dee. 31 1908: Battle­
ship North Dakota; 7 submarine boats; 8 arm y tugs; 3 steel carfloats; one
harbor transfer tug; 2 torpedo boat destroyers.
. . . .
.
During the year there have been com pleted and delivered: Scout cruiser
Birmingham, scout cruiser Salem, steel collier Melrose, steel freight steamer
Altam ana, 4 steel light vessels, one steel harbor tug and 4 steel carfloats.
The average number o f em ployees for the year was 3,180. The force at
present is 3,300.
,
W e have continued to make reduction in the cost o f our product and are
prepared to meet the com petition of other ship yards, which, owing to the
scare ty of w rk, is at the present tim e m ost keen.
The com pany has secured an exclusive license for the United States for
the Curtis marine turbine, which has shown excellent results in the perform ­
ance o f the scout cruiser Salem.
The miscellaneous products and marine repairs of the com pany have
shown an Increase during the year, for which we are seeklng^further e x ­
tension.
B A L A N C E S H E E T D E C E M B E R 31.
1908.
1907.
1908.
1907. 1
1 L iabilities —
$
S
A ssets —
■Capital stock, p rof.. 2,400,000 2,400,000
Real est., bldgs.,Ac.
Capital stock, co m .. 2,400,000 2,400,000
Mach., equip., Ac_.
! Accounts payable,re90,000
Investments............
24,960
65,121
i
serve......................
3.750
. Unearned rentals__
6,750
16,043
i Accrued taxes_____
Less depreciation__ 120,000
[ Uncompleted con3,555,646 3,525,752 j tracts, reserve----- 225,193
132,585
143.957 j Accounts payable__ 225,519
Reserve accts. rec. . 168,507
|Surplus...................... 118,199
26,217
Uneamed Insurance . ^ 12,331
8,222
Unearned taxes___
1 oo
8,171
Accrued Interest-. .
206,938 430,716 ]
Work In process.. .
267,012 306,895
Material on hand..
Accounts receivable 338,866 307,874
864,164 281,262 j
Cash on hand------Total_______
— V. 87, p. 35.

5,413,664 5,030,673 | Total................ ...5,413,664 5,030,673

Greene Cananea Copper Company.

(Report for the Fiscal Year ending Dec. 31 1908.)
President T. F. Cole, Duluth, March 16 1909, writes:
T his com pany was Incorporated with an authorized capital stock o f $60,­
000,000 in shares of $20 each. Of this stock, $2,500,000 full paid and non­
assessable shares of the par value of $50,000,000 were authorized to be
Issued for the purpose of acquiring the outstanding capital stock of the
Greene Consolidated Copper Co. and the Cananea Central Copper Co. upon
an exchange basis of 1 A shares of this corporation’s stock for each 1 share
of the Greene Consolidated Copper C o.’s Issued stock and 1 2-3 shares of
this corporation's stock for each 1 share of the Cananea Central Copper
C o.’s Issued stock. (The remaining $10,000,000 stock of the Greene
Canattea Copper Co. Is held In reserve In the treasury, Ed.)
To date this com pany has acquired b y such exchange and now owns
934,744 shares of the Issued capital stock (1,000,000 shares, par $20) of the
Greene Cons. Copper Co. and 552,868 shares of the Issued capital stock
(600,000shares, par $10) of theCananca Central C opperCo. The exchange
of stocks Is still being made, and It Is hoped that the entire capital stock
of both companies will eventually be acquired.
As this Is a holding corporation. Its assets consist entirely o f the stock
of the Greene Consolidated Copper Co. and the Cananea Central Copper
Co.; and dividends on Its capital stock depend entirely upon the earning
capacity of these subsidiary com panies. No dividend disbursements
were made b y either of these subsidiary companies to this com pany during
the past year. In order to pay the current expenses of the com pany during
the current year, $25,000 was borrowed from the Cananea Central Copper
Co., which, with balance Jan. 1 1908, $11,328, made available $36,328.
Salaries and other expenses consumed $26,460, leaving on hand D ec. 31
1908 $9,867.
Mining operations were resumed b y the Greene Consolidated Copper Co.
and the Cananea Central Copper Co. In July of this year; and the report of
these companies are herewith submitted. See those companies below, E d.
— V. 87, i). 1535.

Greene Consolidated Copper Company.

(Report for Fiscal Year ending Dec. 31 1908.)
This company owns the entire capital stock of the Cananea
Consolidated Copper Co., with mine at Cananea. Mexico.

THE CHRONICLE

38

President W. D. Thornton, New York, March 9 1909
wrote in substance:
Copper production b y the com pany for the year was 15;670,687 pounds
of which 8,265,171 pounds were sold during the year at an average price
of 15.8136 cents and 7,414,516 pounds were carried over at an Inventory
price of 13 Vi cents.
A n n u a l M e e t i n g . — As It Is Impossible to show correctly the earnings
o f the Cananea com pany for the previous year at the time the annual
m eeting of this com pany Is held, It Is deemed necessary to change the
date o f said meeting from the second Tuesday In March to the second
Tuesday In June.
L u m b e r C o m p a n y .— The Cananea Consolidated Copper Co. Is still holdllng
7 5 % of the capital stock of the Sierra Madre Land & Lumber Co. as col­
lateral for the sale of Its 51% (for $2,000,000 on deferred payments on
which default was made In 1907— E d .— See V. 8 6 , p. 671). Previous
to the suspension of operations b y the Lum ber Company, the Cananea
Com pany loaned to the Sierra Madre & Pacific R R . the sum of $400,000
and took as security a first mortgage upon all the property of the railroad
com pany. It was hoped that this loan would enable the Lumber Company
to continue operating, but as conditions got worse they were compelled to
close dow n. [Both railroad and lum ber companies were Anally sold In
April last to the Mexico Northwestern R y . see V . 8 8 , p. 749 and Sierra
Madre Land & Lum ber Co. In V . 8 8 , p. 1065.— Ed.]

General Manager L. D. Richetts under date Feb. 15 1909
makes a long report from which extracts follow:
The figures of production are for the period beginning July 11 1908, when
c peratlons were resumed, to the close of the calendar year. [We Insert
rom the report for the 17 months ending Dec. 31 1907 the production
statistics for the 15 m onths ending N ov. 4 1907 “ when the closing down of
the mines and works was consum m ated.” — Ed.]
5 2-3 M o s . to
15 M os. to
O p e r a tin g S ta tis tic s —
D e c . 31 1908.
N o v . 4 1907.
W et tons dom estic ore treated.....................
295,554
1,305,281
W et tons custom ore treated---------------------------72,088
41,773
Returnable fine copper In dom estic bullion, - 15,679,685 lbs.] 58,180,856
Returnable tine copper In bullion from
Jcustom ore__________________________________ 2,939,924 lbs.J
Silver In dom estic bullton-------------------------------272,651 ozs.l
766,422
Silver In bullion from custom o r e - - .....................
175 012 ozs.f
Gold In dom estic bullion---------------------------------1,700 ozs.l
6,100
1,178 ozs.J
Gold In bullion from custom o r e ..........................
D e v e lo p m e n t W ork. Y e a r 1908 a n d 17 M o n t h s e n d in g D e c . 31 1907.
1908
1906-07
Y ear.
17 M o s .
S h a fts ...... ..........................................................................
412.5 ft.
2,719.5 ft.
13,592.0 ft.
W inzes and raises--------------------------------------------------- 3,550.5 ft.
Tunnels, drifts and crosscu ts_____________________ 9,388.0 ft.
48,519.5 ft.
T otal.................................................................................13,351.0 ft.

[VO L. L X X X I X .

o f 20 years from April last, exem pting us from the paym ent of export tax
on copper bullion produced from our mines.
G E N E R A L A U D I T O R ’ S R E P O R T ( C O M P A R E V . 83, p . 1095.)
Y ea r en d .
17 M o s . e n d .
D e c . 31 ’08. D e c . 31 ’07.
T otal earnings on copper, gold and silver and net
earnings on miscellaneous revenues______________ $2,427,336 $11,360,387
Profit from sale of 200,000 shares of Cananea
Central Copper Co. stock _____ __________________
______
2,000,000
Profit from sale of 76,500 shares of Sierra Madre
Land & Lum ber Co. stock (see text a b o v e )--------------1,350,000
Interest on deposits, & c-----------------------------------------------28,516
$2,427,336 $14,738,903
Total expenditures on account of copper, gold and
s il v e r ___________________________________________
Sundry expenditures Including Are loss, shut-down
cost (In 1908), &C______________________________

P u e rto clto s ____________________________ 18,465.4
E lisa -.............................................................. 40,581.4
C a p o t e _______________________________ 15,923.1
Oversight
_____________________142,824.8
Veta Graridel............................... ............... 91,901.3

T o ta l C o s t.

$41,549.68
71,580.00
82,088.64
272,766 63
191,992.54

$2,250
1.764
5.155
1.910
2.089

T otal
- ........................................ -.3 0 9 ,6 9 6 .0
659,9?7.49
2.131
At Puertocltos the output has been a little over 3,000 tons per month
and has averaged 3.16% copper, 3.86 ounces of silver and 0.028 ounce-;
of gold- we expect to Increase the tonnage during the coming year. At
Elisa, owing to the very desirable nature of the ore and the greatly de­
creased costs of mining and smelting, we have lowered the grade of ore
and largely Increased the tonnage; upon the whole, the development has
been satisfactory and there Is every promise of an equal or Increased
tonnage
At Capote we succeeded In putting out the lire which has been
burning for several years, but almost the entire output was made In the last
two months of the year; the cost of mining Includes the large amount of
dead work
For December the mining cost at Capote was $2.11 per ton.
At Oversight we have spent a great deal of m oney In opening up the old
upper w orkings.w hich In the com ing year will produce a notable output,
chlelly of smelting ore. W e have In the proven ground opened up fully
as much ore as we have extracted; we have also opened up new ore In no
great quantity but of very satisfactory grade. The V e ta G ra n d e Is main­
taining Its normal output of ore both In tonnage and grade. The K i r k mine Is
now being opened up and resumption of shipments was begun In January.
Our policy has been to be exceedingly severe In charging the mines
with every expense attributable to them, and the mining costs Include
every expense Incurred b y the mines, even construction work as well, of
course, as developm ent and extraction.
_
During the past year Mr. S. F. Emm ons, of the United States Geological
Survey, com pleted a very valuable geological survey of the camp and
has given us many valuable data. W e have attacked four new outcrops
that we deemed promising. Mr. Emmons thinks the territory beyond
the Elisa Mine promising, as we all do.
W e have started the “ com bination tunnel on the level of the Capote
ore-bins, which will pass for 3,000 feet through the property of the IndlanaSonora Copper & Mining Co. and thence through the Elisa Mine, tapping
the ore 40 feet below the deepest level. This will give a new and cheaper
outlet to the Elisa, drain the mine, and ultimately will extend back to
prospect the ground beyond. The Indlana-Sonora Company pays onehalf of the total cost for the 3,000 feet through their ground.
C o s t o f M i n i n g . — 'T he cost of mining for the total tonnage mined was
$2.13 per wet ton. For the llfteen months ending Oct. 31 1907 It was
$3.28 and for the year 1905-06 It was $3.85. The reasons for the decreased
osts are tw ofold: ( 1 ) the slicing and caving system has beer, thoroughly
applied: ( 2 ) the average pay per em ployee has been decreased b y re­
adjustm ent very nearly 2 0 % . The output per man has been increased
from 1.2 to 1.6 tons. We should maintain and Improve upon these costs
In spite of the Increased amount of developm ent work we propose to do.
R e d u c tio n D i v i s i o n — L a s t S i x M o n t h s o f 1908 a n d 1907.
O res a n d C o n c ts . N e t N e w M a t e r i a l .

F i n e C o p p e r (lb s .)

1908.
1907.
1908.
1907.
1908.
1907.
Tons treated or
produced............164,361 220,446 217,177 209,020 9,295,769 11,103,288
T otal costs per
dry ton - - - - - - - $3.86 $6.82
$2.93
$5.02
$68.47
$135.47
C o p p e r C o s ts f o r S i x M o n t h s o f O p e r a tio n .

Gross costs, F. O. B . Cananea--------------------------------------- -----------$0.0992751
Freight to New Y ork, export tax, rellnlng, marketing, lnt., & c. 0.0168642
T otal cost - _ _ ______________ ____ - --- ------------------------------------- $0.1161393
Credit for value of precious m etals...........................
Miscellaneous revenues at Cananea------------------------- 0.007o206 0.0180652
Total cost of Ane copper sold -------------------------------------------------- S ' ™ ™ ? ' 1 1
Construction not charged to operation--------------------------------------- 0.0Q70o83
Cost Including every exp en d itu re____________________________ $0.1051324
P e r io d —

T o ta l C o s t U n til th e R e fin e d P r o d u c t s w e r e S o ld .
C o st
Tons
P e r T o n .B e n e f i c i a t e d

Fiscal year 1905-1906__________________________________ $10.21
947,977
August 1 1906 to October 31 1907____________ _________
7-625 1,305,291
July 11 to December 31 1908___________________________ 5.976
295,554
The yield of copper per ton of- ore beneAclated was atiected during
July 1908 b y the fact that we smelted a considerable tonnage of cleanings
found In tearing out old ore bins and other structures.
I he actual net
yield of the ore beneAclated was 51.25 lbs. per ton as against 4 b . 08 lbs.
for the Afteen months ending O ct. 31 1907.
„
, , ,
F u e l O il . — A contract was let with the Texas Company for fuel oil
covering our entire needs for tw o years up to 35,000 barrels a m onth,
which Is more than sufficient for our consum ption during the next two
years. W e And three barrels of this oil equivalent to one ton of coal.
C o n c e s s i o n s .— The Federal Government has granted us the privilege o
Im porting crude oil exclusively for fuel purposes Into Cananea, under*
inspection, as long as the Government believes that the native product
cannot be furnished to us under com petitive conditions.
The State Government has canceled our original concession for twenty
years dating from Dec. 4 1899 and given us a new concession for a period




478,236

1N E A C O N S O L I D A T E D
31.
1908.
1907.
. $1,090,545 $1,904,981
.
59,557
31 ,404
2,372,212
. 1,693,-137
2,164,059
. 2,335,088
485,061
433,568
124,826
.
117,184
400,000

A s sets-

Flux, Hue dust, & c----------------------------------Supplies, fuel, lumber, & c_______________
Notes receivable----------------------------------------Accounts receivable_____ _________________
Net assets Banco de Cananea____________
Mortgage on Sierra Madre & Pacific R R .

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

L i a b i l it i e s —

Notes and accounts payable_____________

. $6,729,079

$7,082,543

. $1,425,500

$1,121,484

. $5,304,179

$5,961,059

:e
A s sets—
Cash . - ------------------Items In suspense —
Accounts receivable .
Due on subscription .

C O PP E R CO. D E C .

n e

31.

Total ............................................................................ . .
L i a b i l it i e s —
Unlalmed dividends and In 1907 accounts payable
($1,333) ........................................................................ .

c o n s o l id a t e d

1908.
$151,289
5,000
40,625
1,372

1907.
$254,855
5,000
2,833
1,372

$198,286

$264,060

.
.
.
.

64,831.0 ft.
C ost P e r
W et T on .

820,446

t.$214,140 sur.$3,220,247

769

2,113

$197,517

$261,946

L IA B IL IT IE S .

T o n n a g e s a n d C o s ts o f M i n i n g at the V a r i o u s M i n e s .
W et ton s.

1,821,030 $11,040,419

Cananea Consolidated Copper C o., S. A _________

1908.
$197,517
5,304,179

T o ta l assets In excess of liabilities.........................$5,501,696

1907.
$261,947
5,961,059

$6,223,005

Compare Greene-Cananea Copper Co. above.—*V. 86, p- 671.
Quincy Mining Company, New York
(Report for Fiscal Year ending Dec. 31 1908.)
President William R. Todd, under date of New York
February 18 1909, wrote:,
A dividend of one dollar per share, or $110,000, fortliree m onths ending
Dec. 31 last, has been declared, payable March 22d next, making total
am ount of dividends from earnings of past year $440,000.
We have recently purchased from tho Franklin Mining Co. their old
mine and form er mill location for the sum of $170,000, of which $50,000
has been paid In cash, leaving a balance of $120,000 to be paid during
the next six months.

General Manager Charles L. Lawton, Hancock, Mich.,
January 5 1909, wrote in part:
The operations of the Quincy for the year just closed, like those of the
preceding year, have been strenuous and successful. Much of the develop ­
m ent, construction and reconstruction work, as then planned, has been
carried on and com pleted with satisfactory results. The opening work
of nearly 6 lineal miles has developed copper ground that Is of about the
usual quality; and, although the output of the mine, both In copper rock
and Ingot copper, has been the largest In the m ine’s history, the reserves,
nevertheless, have been Increased.
Sinking has been going on In all of the shafts, and all have proven up
average copper-bearing ground.
The 2 4 -Inch stampheads have proven a success, and tho recrushlng
rolls have given encouraging results. There Is much work of recon­
struction needed at No. I stamp mill to Increase Its capacity and efficiency.
No 1 2 4 -lnch stamp-head has continued in satisfactory operation. A
second head was Installed, and the third head Is nearly com pleted and
will soon be In operation, leaving two more heads to be Installed during
the year. One set of crush rolls has been Installed at No. 5 head, No. 1
stamp m ill. It Is expected that four more will be In use during the com ing
year. T o run these, the large 14” x36” Allls-Corbss engine from N o. 2
rock-house will be Installed.
The purchase of the old Franklin mine b y the Quincy Is an Important
acquisition, since the 320 acres of this property, lying com pletely within
the lines of the Quincy workings, surface and underground, will bo an
mportant advantage to future mining operations. The copper-rock
still lying In the depths of the Franklin mine Is available from the workings
of the Qulncv shafts. The ownership of the two half- mile squares of
surface at the mine also embraces m any buildings and rem oves the contro
by any but the Quincy from this Important territory. The 60 or more
acres which front on Portage Lake, and which for nearly three-quarters
of a mile adjoin the smelter property, also acquired In the purchase, will
be of much value as a dumping ground and for dwellings for smolter em ­
ployees.
PRODU CT,

E A R N IN G S ,

EXPE N SES, AC.

1908.
Mineral produced, lb s............................. 32,754,745
ReAned copper, lbs................................. 20,600,361
Gross Incom e............................................ $2,796,230
Mining expenses...................................... 1,980,867
Smelting, transportation, & c..............
175,081
Taxes paid In Michigan.........................
47,910

1907.
31,339,170
19,796,058
$3,717,501
2,012,085
164,289
55,276

1906.
26,366,101
16,194,838
$3,159,011
1,662.520
114,569
47,788

T otal expenses...................................... $2,203,858
Net profit............................... - .................
$592,372
Other I n c o m e ................................
16,393

$2,231,650
$ l,4 8 5 ,8 o l
21,521

$1,824,877
$1,334,134
27,411

$1,507,372

$1,361,545

T otal net Incom e.................................

Construction, cost.......................

D ividends. . ................................. ..
B alance..

$608,765

$104,605

$210,700

$138,560

(16% )440,000(42) 1,155,000(48) 1,245,000

.................._sur.$64,160 sur.$141,672 dcf.$22,015

O F R E C E IP T S
FROM
SUM M ARY
T O D E C . 31 1908 A N D 1907.
to 1908.
R eceipts from —
E xp en ditures for — to 1909.

GENERAL

O R G A N IZ A T IO N

to 1909.
to 1908.
$
Stock($2,750,000)
$
$
Real estate and
$
and scrip......... 2,150,000 2,150,000
permanent lmpts 6,300,535 6,145,931
Miscellaneous----108,593
108,598 Copper and silver.162,159,878 59,363,648
383,185
371,635
Opcr. expenses— 39,185,795 36,981,936 Interest................
338,386
Dividends---------- 18,450,000 17,955,000 Sale real estate, &c 343,229
Net current assets.
991,364 1,032,204

T o t a l................ 65,036,292 62,223.669

T o t a l.................65,036,292 62,223,069

^Represents sales of 412,874,400 lbs. of copper.

N o t e . — On Jan. 1 1909 the current assets, Including cash, copper, supplies
and Investments amounted to $1,353,739: accounts, & c., payable $362,375
balance net current assets as above, $991,364.— V. 88, p. 568.

THE CHRONICLE

J u l y 3 19 0 9 .

Calumet & Arizona Mining Company.
31 1908.)
This company, with offices at Calumet, Mich., and Bisbee,
Ariz., was incorporated March 1901 under the laws of Ari­
zona. Authorized capital stock $2,500,000, of which $2,­
000,000 outstanding; par $10.
President Charles Briggs, Calumet, Mich., March 20,
1909, wrote in substance:
(R ep o rt fo r F is c a l Y e a r en d in g D e c .

G en er a l R e s u l t s . — We produced for the year 1908 14,024 tons refined
copper (contrasting with 15,344 tons In 1907) and 18,735 tons in 1906— Ed.
Our product In gold and sll\ 0 ;- was In value $234,3 5 8 , averaging per ton
of relined copper $10 72. The average price received for refined copper
____
delivered In 1908 was 12.948 cents.
. ,,
The following dividends were paid during 1908: No. 18, April 2o, $200,000;
N o. 19, June 29, $200,000; No. 20, Sept., 21, $200,000; No. 21, Dec. 21,
$200,000; total $800,000 (contrasting with $3,300,000 In 1907 and $2,­
600,000 In 1906— Ed.)
,
.
Average number of men em ployed for the year was 1,051, viz.: o67 at
the mine and 484 at the smelter.
,
,
.
L o w e r G ra d e o f O r e .— Our policy has been to treat as low a grade of ore
as can be handled at a reasonable profit, In order that all values should te
recovered and saved to the stock Holders. Dlls has resulted In a lower
production for the year, but at a very satisfactory cost. The market
conditions have not been such as to Justify any attem pt to increase pro-

dUOp/°<ons.— During the year we com pleted payment upon the main croup
of claims at Copper Giant in the Mammoth District. W e still hold an
option on some adjacent claims which m ay be exercised during 10"8
Our total openings on this property amount to 9,543 feet and have shown
quite extensive bodies of a good concentrating ore.
W e call attention to Mr. Powell’s report upon the claims In the Courtland
D istrict, payments on which are spread over the com ing year. Thes.
properties arc only 32 miles from our smelter at Dougles and already we
have blocked out quite a large tonnage of ore. It Is expected that during
the present summer the railroad will be com pleted to Douglas and regular
shipments made as soon as the railroad Is ready to receive them . Your
directors feel that In the properties at Courtland they have a very valuable
Prv^estlil hold options upon claims amounting In all to $530,600, payments
of which are spread over the next twelve m onths. Demand loans will be
called In to meet these payments.
.
,
The amount expended In developing lands under option In 1908 was
$274,721 and for paym ents on options $99,900, a total of $374,621.

Third Vice-President L. W. Powell says:
The construction o f the sixth stack and rebuilding of the old one has
Increased our furnace capacity, according to the rating of the stacks, 700
tons per day. Our stacks now consist of: 2 rated at 500, 1,000 tons;
4 rated at 300, 1,200 tons; total capacity, 2,200 tons per day. According
to results obtained from the new stacks we can count on 100 tons m ore,
or a total of 2,300 tons per day.
I N C O M E A C C O U N T Y E A R E N D I N G D E C . 31 1908.
Sales of bullion ($3,682,092) and smelting outside ores ($177,761) $3,859,854
Interest ($79,798) and miscellaneous ($ 74 0 )___________________
80,53 8

Total Incom e----------------------------------------------------------------------------

$3,940,392

D e d u c t—

Operating expense at mines and sm elter________ ______________ $2,089,159
158,197
Construction expense at mines and sm elter.....................................
Ore purchases-----------------------------------------------------------------------------22,964
Salaries, traveling office and general expenses............. ...............
32,011
Freights, refining and marketing expenses______________________
368,529
800,000
Dividends paid (4 0 % )________________ ___________ _____________
Total deductions as a b ov e __________ _____ ___________________ $3,470,860
$469,532
•Balance, surplus for y e a r _____________________________________
The foregoing surplus, $869,532, added to the cash on hand Jan. 1 1908,
$264,216, and a net decrease In accounts receivable and supplies of $252,882,
makes a total of $986,630, which Is accounted for as follows: exploration
of bonded properties, $274,721; payments on options, $99,900: stock In
other com panies, $62,250; loans to other com panies, $439,309; sundry
construction at W arren, $37,211; cash on hand Dec. 31 1908, $73,260.
C U R R E N T A S S E T S A N D L I A B I L I T I E S D E C . 31
A ssets—
1908.
1907.
Cash and copper on hand at 12
cents per pou n d. $1,230,783 $1,240,470
Ore In stock at mine and smelter at $10 per t o n ..
87,310
46,060
Supplies on hand at mine and sm elter................
470,989
694,562
Accounts receivable______________________________
336,914
380,140
Notes receivable (d e m a n d )..------------------------------1,382,055
917,248
Stock In other com p a n ies.......... ..................
167,500
105,25Q
.

$3,675,549

$3,383,732

$252,280

$277,909

L i a b i l it i e s —

Accounts payable______________
Assets In excess o f liabilities________
— V . 86. p. 1045.

$3,423,269

$3,105,82

North Butte Mining Company.
31 1908.)
This company was incorporated under the general laws of
Minnesota April 5 1905. Its authorized capital stock con­
sists of 000,000 shares of $15 each, or $9,000,000; issued,
400,000 shares, $15 each, $6,000,000.
President James Hoatson, Duluth, April 19 1909, says in
substance:
(R ep o rt fo r F is c a l Y e a r en d in g D e c .

P e r i o d o f O p e r a tio n .— A s the W ashoe Smelter was closed down until
March 1, the statements subm itted herewith are substantially the results
of the mining operations for a period of ten months from March 1 1908 to
Dec. 31 1908.
P r o p e r t ie s . — During the year no additions were made to the properties

also large Interests In the following mining claims: W est Gem, Croesus,
Snowball, Emily and Millvlcw, all situated near B utte, In Silver Bow
County, Montana.
. ,
, ,
Developm ent work has been carried on well In advance o f the extraction,
which Insures large ore reserves.
P r o d u c t i o n . — There are now em ployed at the mines about 950 m en, and
the output of ore Is now from 1,300 to 1,500 wet tons per day
During the year there were 422,878 wet tons of ore mined; and there were
413,582 dry tons of ore treated at the smelter, of which 146,520 dry tons
were first class and 207,062 dry tons were second class, or 3 5.4 % first class
ore and 64.6% second class ore. From this ore there were recovered 30,­
929,028 lbs. of fine copper, 1,283,761.32 o z s .o f silver and 1,593.459 o z s .o f
gold. An average o f 89.29 lbs. of fine copper per dry ton of ore treated.
The average prices received for the metals produced were: Copper, 13.3306
cents per lb.; silver, 51.707 cents per oz., and gold, $20 per oz.
D iv i d e n d s . — There were paid during the year the following dividends:
N o. 10. June 1908, $400,000; N o. 11, Sept. 1908, $400,000; N o. 12, Dec.
1908, $400,000; total, $1,200,000.
,
G e n e r a l. — Except the current m onth’s labor and supply accounts, the
com pany has no Indebtedness.
Notwithstanding the chaotic and depressed condition of the mteal m ar­
ket, the results obtained during the year have been very satisfactory, and
it lias been proven that the com pany can do a profitable business, even on
the low price of copper which prevailed during the year.
P R O D U C T IO N

OF C O M PA N Y.

P erio d —
C o p p e r P r o d u c e d . P r i c e p e r lb . S i l v e r , o s . G o ld , o z .
Calendar year 1 9 0 8 ...3 6 ,9 2 9 ,0 2 8 lbs. 13.3306 cts. 1,283,761 1,593.459
------------------9 mos. end. Dec.31'07.16,520.062 lbs. 16.6 cts.
12 m os.end.M ch.31’07 32,865,907 lbs. 20.37 cts.
-------------------




39

R E S U L T S F O R Y E A R E N D I N G D E C . 31 1908.
R e c e ip ts —
E xp en ses—
Sale of co p ., silver & gold_$4,696,105 Operating expenses_______$2,794,556
Interest.................................
5,648 Gen. e x p ., taxes, & c________________ 23,977
Freight refu nd___________
76 Construction______________
19,696
Dividends ( 2 0 % ) ............... 1,200,000

Total expenses.................$4,038,229
T o t a l ----------------------------- $4,701,829 B al., surplus for yea r_____ $663,600
The gross value at the smelter of all ores produced for the nine months
ending Dec. 31 1907, including $338,692 gold and silver, was $2,703,971;
the total expenditures, Including mining and construction expenses, sm elt­
ing charges, freight, exploration work, taxes and general expenses were
$1,846,090, leaving net value of metals $857,881; the total dividends paid
during the nine months of 1907 were $1,600,000 (26 2 -3 % ).
BALANCE

SHEET

DEC.

31.

1908.
1907.
$
$
Mining property 7,211,277 7,211,277
Furniture & fix’s
1,669
1,487
C a s h ___________ 582,467
174,774
A cc'ts receivable
307,438
10,628
Supplies at mine
50,726 29,284

1908.
1907.
L ia b ilitie s —
$
$
Capital s to ck ___6,000,000 6,000,000
DIvs. unclaim ed
159
151
A cc’ts p a y a b le .. 136,931
74,413
Surplus_________ 2,016,487 1,352,886

T o ta l_________8,153,577 7,427,450
— V . 86, p. 1304, 1146.

T o ta l................ 8,153,577 7,427,450

A ssets—

Superior & Pittsburgh Copper Company.
(.R ep ort fo r F is c a l Y e a r en d in g Dec. 31 1908.)
This company was incorporated June 1906 under the laws
of Minnesota and it is successor to Calumet & Pittsburgh
Mining Co., Lake Superior & Pittsburgh Mining Co., Pitts­
burgh & Duluth Mining Co. and Junction Mining Co. The
authorized capital stock is $20,000,000, of which $15,000,000
is outstanding; par of shares $10.
Pres. Charles Briggs, Calumet, Mich., March20 1909,wrote:
W e produced during the year 1908 10,962 tons of refined copper (co n ­
trasting with 4,845 tons In 1907 and 4,522 tons In 1906— Ed.)
The product In gold and silver was In value 8121,296, averaging per ton
of refined copper $11.06. The average price for refined copper delivered
In 1908 was 12.948 cents.
The average number of men em ployed for the year was 691.
The developm ents on your property during the past year have been
very satisfactory. The water level has been perm anently lowered and
extensive bodies of characteristic ore opened up. Insuring a fair margin
of profit on operations hereafter.
Our production during the last quarter of the year was 6,439,049 pounds
blister copper.
It Is expected that this production will be Increased during the ensuing
year. All surplus earnings will be applied upon Its Indebtedness, which
should be materially reduced before the end o f the year. (Vice-President
Powell says "th e Increase In production during 1098 was due to both an
Increase In amount of ore treated and to a better grade o f o r e .” — Ed.)
S ta tistic s o f P r o d u c t i o n —
1908.
1907.
1906.
Tons ore m ined, d r y __________
215,232
110,456
zN ot
Tons ore shipped, dry __________
215,232
111,710
Stated.
Tons ore smelted, dry _ _________
214,847
111,710
95,779
Pounds copper recovered per ton
102.05
85.95
94.435
Per cent copper recovered_____
5.10
4.29
4.72
Blister copper produced, l b s . . .22,088,090
9,683,629
N ot stated.
Fine copper produced, lb s_____ 21,924,359
9,602,553
9,044,875
.rln 1906 the number o f tons of wet o re m ln e d was 110,700, contrasting
with 128,454 In 1907, and with 250,712 In 1908.
I N C O M E A C C O U N T F O R Y E A R E N D I N G D E C . 31 1908.
Sales of bullion ($2,548,454) and advances on bullion ($429,309) $2,977,763
D ed u ct—
Operating expense at mines and smelter_______________________ $2,490,858
Construction expense at mines and smelter-------------------------------30,939
Salaries, traveling, office and general expenses-------------------------36,648
Freights, refining and marketing expenses_____________________
264,869
84,719
In te r e s t------------------------ -------------------------------------------------------------

Total above deductions______________________________________ $2,908,033
Balance, surplus, for year---------------------------------------------------------$69,730
The foregoing surplus, $69,730, added to the cash on hand Jan. 1 1908,
$7,853, and the net decrease In accounts receivable and supplies, $567,
makes a total of $78,150, which Is accounted for as follows: stock In other
companies, $62,250 and cash on hand D ec. 3 1908, $15,900.
CURRENT

ASSETS

AND

L IA B IL IT IE S

Assets.
Cash and copper on hand at 12 H cents per pound .
Ore In stock at mine and smelter at $10 per ton —
Supplies on hand at m in e s .......... - ----------------------Accounts and bills receivable — -------- -----------------Stock In other com panies............. — .........................

DEC.

1908.
$874,159
10,500
155,236
31,298
145,000

Total assets____________________________________ $1,216,193
Current accounts payable ($269,220) and notes
payable (lncl. advances on bullion) $1,426,555. 1,695,775
Liabilities In excess of assets___________________
— V. 83, p. 1540.

$479,582

31.

1907.
$473,677
7,000
161,825
33,898
82,750
$759,150

1,275,087
$515,937

Kings County Lighting Co., Brooklyn, N. Y.
(.B a la n ce S h eet o f D e c . 31 1908.)
The following balance sheet was filed with the Public
Service Commission in connection with the company’s recent
application to issue bonds (V, 88, p. 1502):
1908.
1907. I
1908.
1907.
Assets —
$
$
Liabilities —
$
$
Plant, franchises,
'S t o c k ---------------- 2,000,000 2 , 000,000
&e
. ____4,939,367 4,730,846 Funded d e b t -. .2,603,000 2 ,603,000
Mat. & supplies.
29,194
36,717 |Current llab. due
109,324
C a s h .................... 107,500
44,921!
and u n p a id .. . 120,790
Other current as1Current liabilities
30.831
sets
____ 156,328
385,327
u n m a tu red --36,869
47,300 1Corporate
sur46,850
Special deposits .
518,755
502,099
142 !‘ Pl«u s ............
175
Prepaym ents - Total
____ 5,279,414 5.245.2541
T otal-------------- 5,279,414 5,245,254
“ Plant, franchises, & c.,’ ’ Include cost of land and gas and electric plant
and capital em ployed In outside operations. Current liabilities due and
unpaid consist of $4,080 for taxes; $46,850 interest on funded debt, and
$69,860 custom ers’ deposits. The unmatured liabilities consist o f taxes
accrued, $599; interest on funded debt accrued, $9,375, and accounts pay­
able, $26,995.— V . 88, p. 1502.

Ohio Fuel Supply Company.
30 1909.)
Secretary H. C. Reeser is quoted as saying in part:
{R e p o r t fo r F is c a l Y e a r en d in g A p r i l

Our customers have increased 5,761— from 71,221 to 76,982. The
situation In the K nox-L lcking field remains about the same, but In order to
provide an adequate supply of gas for Cincinnati In accordance with the
contract of the Union Gas & Electric Co. the directors o f this com pany
decided some months ago to build an 18-lnch line from our pum p station
at Sugar G rove, O ., to the Roane C ounty field In W est Virginia, and the
line Is now being constructed. T o provide funds for the paym ent of this
work the directors, in accordance with the resolution adopted b y the
stockholders on Sept. 5 1905 will authorize the sale of $1,000,000 of
treasury stock, payable July 20 to stockholders o f record July 1, due notice

THE CHRONICLE

40

of which will be mailed to each stockholder. The property of the United
Fuel (las Co , all of the stock of which Is owned by the Ohio Fuel Supply
C o., has been developed and proved to be very valuable, as will be ex­
plained In the report of the form er com pany.
R E S U L T S F O R Y E A R E N D I N G A P R I L 30.
1908
D ed u ct —
G ross E a rn ing s —
1909.
1909.
1908
8655,918 8673,814
Sale of gas........ - - $2,377,728 82,277,639 Producing e x p ...
37,715 Distributing exp.
62,248
169,179
Sale of oil________
166,710
50,5-16
68,757 General expenses
Drlllng tools------116,955
115,534
3,935 OH expenses___
Int. on dally b al..
3,340
6,745
12,297
68,809
Gas purchased..Sale of oil leases,.
329,832
281,586
10,604 Bad d ebts_____
3,382
6,297
Miscellaneous----1,647
Tot. gross earns.$2,568,968 82,398,650
Net earnings------Dividends, 10% . .

T ot. deductions.$1,283,359 81,250,240
$1,285,609 $1,148,410
700,000
700,000

Balance, surplus

§585,609
B A L A N C E SH EE T A P R IL

1909.
A ssets —
S
Investments____ 9,418,740
Material in stock ..
133,059
C ash.......... ...........
219,336
526,722
Accts. receivable..
Treasury stock -,- 1,000,000

1908.
$
8,969,806
156,524
118,613
581,975
1,000,000

S448.410

30.

1909.
1908.
L iabilities—
$
S
.
Capital stock___ 8,000,000 8,000,000
Security deposits.
39,337
1
Interest on same.
2,015
Pay-roll & vouch • 1,001,516
79,124
Bills payable___
896,922
Sundry accounts.
336,108
Invent, adjus. acct
22,464
35,145
Profit and loss__ 2,273,877 1,438,268

T o ta l........ ....... 11,297,857 10,826,918
Total__________ 11,297,857 10,826,918
See stock offering- on a follow ing page.— V. 88, p. 1502, 1200.

G EN ER AL I N V E S T M E N T N E W S ,
RAILROADS INCLUDING ELECTRIC ROADS.
Argentine Central Ry., Colorado.— New Holding Company.
— A s f o r e s h a d o w e d in t h e “ C h r o n i c l e ” o f J u n e 1 2 , t h e C r a y 's
P e a k S c e n ic D e v e l o p m e n t C o . h a s b e e n i n c o r p o r a t e d w it h
$ 3 0 0 , 0 0 0 c a p i t a l s t o c k in s h a r e s o f $ 1 e a c h , a n d o n J u n e 17
t o o k o v e r th e m a n a g e m e n t o f th is p r o p e r t y , h a v in g a c q u ir e d
$ 3 0 0 , 0 0 0 o f it s $ 5 0 0 , 0 0 0 c a p i t a l s t o c k ; a l s o all c o n c e s s io n s
a n d h o t e l a t s u m m i t o f G r a y 's P e a k , a l t i t u d e 1 4 ,4 4 1 f e e t .
T h e $ 2 0 0 , 0 0 0 b o n d s o f t h e A r g e n t i n e C e n t r a l R y . r e m a in
o u t.
D . W . B r o w n is P r e s i d e n t ; W . W . B o o t h , T r e a s u r e r ,
a n d A . J . W o o d r u f f , S e c r e t a r y .— V . 8 8 , p . 1 4 9 7 , 1 3 1 2 .

Atchison Topeka & Santa Fe Ry.— Report of Acquisition In­

correct.—

R e fe r r in g to th e n e w s p a p e r r e p o r t t h a t th e c o m p a n y
has p u r ch a se d th e R o s c o c S n y d e r
P a c ific l i l t . , e x t e n d i n g
f r o m l t o s c o e t o S n y d e r , T e x . , 3 0 m i l e s , a n d w ill u s e it a s a
lin k in it s 3 5 0 - m i l e c u t - o f f w h ic h it is b u i l d i n g a c r o s s w e s t e r n
T e x a s t o c o n n e c t it s t r a n s - c o n t i n e n t a l a n d G u l f s y s t e m s ,
V i c e - P r e s i d e n t J a n s e n a d v i s e s u s t h a t t h e s t a t e m e n t is
“ w h o l l y i n c o r r e c t .” — V . 8 8 , p . 1 5 5 9 , 1 4 9 7 .
& Atlantic RR.— Receivers’ Certifi­
I n o r d e r t o e n a b l e t h e r e c e iv e r s t o c o m p l e t e t h e r o a d
i n t o B i r m i n g h a m a n d c o n n e c t t h e M u l g a c o a l m in e s w i t h t h e
m a i n lin e a t B e s s e m e r , J u d g e D o n A . P a r d e e , s i t t i n g in t h e

Atlanta Birmingham

cates.—

U n i t e d S t a t e s C i r c u it C o u r t a t A t l a n t a , o n J u n e 2 6 a u t h o r i z e d
a n is s u e o f $ 3 , 2 5 0 , 0 0 0 2 - y e a r r e c e i v e r s ' c e r t if i c a t e s d a t e d
J u ly 1 , to b e a r n o t e x c e e d in g 6 % in te r e s t, p a y a b le a t th e
F arm ers’ L oan
& T ru st
Co.
of
N e w Y o rk C ity .
The
“ M o n t g o m e r y A d v e r t is e r ” o f J u n e 2 6 sa id :

The Issuance of receivers’ certificates for an amount sufficient to com ­
plete the work will vastly benellt the road as well as save something like
$84,000 or $85,000 trackage rental paid annually to the Louisville & Nash­
ville U R . for the operation of trains into tills c it y .— V . 88. p. 1559. U 97.

Coupons.— I I . M . A t k i n s o n , o n e o f
fr o m A t la n t a o n J u n e 2 6 , sa id :

th e

r e c e i v e r s , w r it i n g

The coupons on series " A ” eciulpmcnt bonds, due May 1 1909, have not
been paid but will be paid shortly, as provision is now being made for them.
The coupons on equipment trust bonds series “ 15,” due July 1, will lie paid
at m aturity.
Of the $300,000 stock of the Fitzgerald Ocilla & Broxton H R . (V. 88,
p. 1190: V . 85, p. 468), $225,000 belongs to the Atlanta Birmingham &
Coast Company; the entire issue of $150,000 o f bonds of the F. O. & [5. R R .
belongs to the Atlanta Birmingham & Cobst Co. [The last-named com
pany was organized under the laws of Maine and some months ago pur­
chased the assets of the A tlanta & Birmingham Construction Co., the con­
struction com pany which built the road, and assumed its liabilities.— Ed.]
— V. 88, p. 1559, 1497.

Belt RR, & Stock Yards Co.— Bonds Sold.— T h e c o m p a n y
h a s s o l d t o E s t a b r o o l c & C o . o f B o s t o n , a t a p r ic e r e p o r t e d
a s a b o u t p a r , $ 1 , 0 0 0 , 0 0 0 o f 4 % 3 0 - y e a r g o l d b o n d s , t o r e t ir e
th e b o n d s m a tu r in g A p r il 30 1 9 1 1 .— V . 8 1 , p . 1 0 9 9 .
Boston Railroad Holding Co.—Steps to Acquire Billard

Holdings in B. & M .—

T h e i n c o r p o r a t o r s n a m e d in t h e b ill
c r e a t in g t h e c o m p a n y o n J u n e 2 9 v o t e d to a d m it a s a ss o c ia te
m e m b e r s o f t h e c o m p a n y T h e o d o r e N . V a i l, P r e s id e n t o f th e
A m e r i c a n T e l e p h o n e & T e l e g r a p h C o . a n d P h i lip D e x t e r ,
P r e s i d e n t o f t h e B o s t o n & P r o v i d e n c e R R . , a n d t o e n t e r in t o
n e g o t ia t io n s a t o n c e fo r t h e a c q u is itio n o f th e $ 1 0 ,9 9 4 ,8 0 0
o r m o r e B o s t o n & M a in e s t o c k h e ld b y J o h n L . B illa r d o f
M e r id e n , C o n n .
Officers.— T h e f o l l o w i n g o f f i c e r s w e r e e l e c t e d : P r e s i d e n t ,
F r e d e r ic
C.
D u m a in e ,
C on cord ,
M a s s .;
V ic e -P r e s id e n t ,
W a lt e r C . B a y lie s , B o s to n ; S e c r e ta r y , R o b e r t M . B u r n e tt,
S o u t h b o r o ; C l e r k , C h a r le s
F . C h o a t e J r . , S o u t h b o r o .—

[VO L. L X X X IX .

The above-m entioned debenture stock Is to be perpetual and Irredeemable.
The Canadian Northern Railway system comprises (l) the Canadian
Northern R y ., extending from Port Arthur on Lake Superior to Edm onton
at the foot of the R ock y Mountains, with a network of branches through
the Unest wheat-growing area of the world, altogether 3,094 miles; (2) the
Canadian Northern Quebec R y ., extending from Quebec, where it has
valuable terminal and dock facilities for handling the large Atlantic steam­
ships. to Hawkesbury, with connections to Montreal; (3) the Canadian
Northern Ontario R y ., extending from Hawkesbury to Ottawa, and from
T oron to, through Parry Sound and K ey Inlet, two (lrst-class harbors on
Georgian Bay, and Sudbury to Sellwood, the centre of an Important ironore district, and within shore distance of the Gowganda silver district.
The net proceeds of the present Issue will be applied towards the con ­
struction of a line of railway from an international bridge on the Niagara
R iver over which an entry will be secured into Buffalo, the great United
States railway centre, through the Important cities of Niagara Falls, Hamil­
ton, T oron to, Oshawa, P ort H ope, Cobourg, Trenton, Belleville and
Sm ith’s Falls to Ottawa, where It will join the existing line to .Montreal
and Quebec via Hawkesbury. Will traverse a district densely populated
and will provide the system with a very advantageous route between live of
Canada’s greatest cities and the points on the Niagara R iver, over which
passes the greater part of the com m erce between the United States and
The debenture stock will be secured b y a first mortgage on the abovementioned line already constructed from Hawkesbury to Ottawa, and on
the new line to be constructed from Ottawa to Buffalo. It will also be
secured by a fixed mortgage upon all other lines of railway of the Canadian
Northern Ontario Railway C o., present and future, ranking after any
mortgages thereon now existing or hereafter to be created foi the put pose
of securing either bonds or other securities of the com pany guaranteed by
the Dominion or Provincial governm ents, and by a floating charge upon the
whole of the residue of the com pany’s undertaking and property (other than
land and m oney subsidies).
.
,
, ,
, _ , . , ,
The com pany reserves the right to Issue further stock or bonds tanking
pari passu with the stock now offered, provided that the principal amount
of all the stock and bonds at any time outstanding shall not exceed: (a) an
am o nit equal to $30,000 per mile of line for the time being constructed or
muter contract to be constructed after deducting the am ount for the tune
being outstanding of any such Governm ent guaranteed securities as aloresald secured on such line in priority to the stock and bonds, and (b) an
am ount equal to the amount by which any such Governm ent guaranteed
securities exceed $30,000 per ntlle of the line on which they are secured as
a first charge, and (c) an amount equal to the cost price to the com pany
of all rights-of-way or land purchased or to be purchased for terminals
or any other purposes in connection with the construction, operation and
maintenance of Its lines of railway, and (d) an am ount equal to the cost
price to the com pany of any bonds, stocks, shares or securities of other
companies deposited hereafter with the trustees as security for the stock.
— V. 88, p. 1060. 230.
C a n a d ia n N o r th e r n
N o rth e rn

O n ta r io

R y

.—Line to Buffalo.—

S e e C a n a d ia n

R y . above.

Offering of Debenture Stock.— L a z a r d B r o t h e r s ct C o .
o f f e r e d f o r s u b s c r i p t i o n r e c e n t l y in L o n d o n £ 6 0 0 , 0 0 0 4 %
S a s k a t c h e w a n g u a r a n t e e d fir s t m o r t g a g e d e b e n t u r e s t o c k ,
t h e p r i n c ip a l a n d i n t e r e s t o f w h ic h is u n c o n d i t i o n a l l y g u a r ­
a n te e d b y th e G o v e r n m e n t o f th e P r o v in c e o f S a s k a t c h e w a n ,
a n d £ 6 0 0 , 0 0 0 4 % A l b e r t a g u a r a n t e e d first m o r t g a g e d e b e n ­
t u r e s t o c k , t h e p r i n c ip a l a n d i n t e r e s t o f w h ic h is u n c o n ­
d it io n a lly g u a r a n te e d b y th e G o v e r n m e n t o f th e P r o v in c e
o f A lb e r ta .
T h e s to c k s w e re o ffe r e d a t 9 7 ^ % , p a y a b le a s
fo llo w s : 1 0 % o n a p p lic a t io n , 1 7 j ^ % o n a llo t m e n t , 3 5 % o n
A u g . 12 a n d 3 5 % o n O c t . 12 1 9 0 9 .
P a y m e n t in f u ll m a y b e
m a d e on a llo tm e n t or on th e d u e d a te o f a n y in s ta llm e n t,
u n d e r d is c o u n t a t 2 j ^ % .

The debenture stock will be secured in each case under a separate trust
deed by a first mortgage on the lines of railway therein mentioned, and on
the equipment, property, rights ami franchises appurtenant thereto re­
spectively. The amounts now Issued represent a bonded debt at the rate
of $13,000 per mile of the lines of railway referred to; but power is reserved
under the trust deeds, subject to special sanction by the legislatures of the
Provinces, to Increase the amount up to $15,000 per mile, all ranking pari
passu. The debenture stock will also rank pari passu with similar stocks
or bonds to be issued for the construction of certain other railways specified
in the trust deeds, at a rate not exceeding $15,000 a mile, and with any
similar stocks or bonds which may be issued for the construction of any
additional lines of railway in the said Provinces, which the Canadian N orth­
ern R y . Co. may hereafter be authorized to construct, and In respect of
which the governments of the said Provinces m ay be authorized by their
legislatures to give their guaranty. The stocks will be repayable at par
In London in sterling in the year 1939. Interest will be payable In London
on June 1 anti Dec. 1, the first payment (being a full half-year’s Interest)
to be made on Dec. 1 1909. The net proceeds of the present Issue will be
applied to the construction anti equipment of lines of railway specified in
the trust deeds.
^
,
On June 10 there was deposited with Hie Secretary or State for Canada
a trust indenture from the Canadian Northern R.v. Co. to National Trust
C o., Ltd., and the British Empire Trust C o., L td ., and Ills Majesty the
King, representing the Province of Alberta, securing 30-year 1% guaranteed
debenture stock or bonds on certain lines of the said the Canadian Northern
R y . Co. In the Province of Alberta, dated June 10 1909.— V. 88, p. 1618,1497.
C e n t r a l R R . o f H a i t i .—Sale of Bonds.— S p e y e r & C o . a n d
th e N a tio n a l C ity B a n k h a v e c o n tr a c te d to p u r ch a se $ 8 0 0 ,0 0 0
te n -y e a r 6 %
c o l l a t e r a l t r u s t g o ld b o n d s o f t h i s h o ld i n g
c o m p a n y , i n c o r p o r a t e d o n M a r c h 1 9 1 9 0 9 u n d e r t h e la w s o f
N e w Y o r k S t a t e , w ith $ 1 ,2 5 0 ,0 0 0 o f a u th o r iz e d c a p ita l s t o c k ,
a n d c o n t r o l l i n g ( l ) t h o P la i n e d o C u l d u S a c R R . C o . , w h ic h
c o n n e c ts P o r t-a u -P r in c e w ith n e ig h b o r in g se c tio n s a n d (2 )
t h e c o n s t r u c t i o n o f a m o d e r n s t e e l w h a r f in t h e h a r b o r o f t h e
c a p ita l.
T h e b o n d s a r e s e c u r e d b y fir s t h e n s o n a l l t h e
p r o p e r t ie s o f t h e s u b s i d i a r y c o m p a n i e s , a n d a r e f u r t h e r
p r o t e c t e d b y a n n u a l s u b s i d i e s s e c u r e d b y p le d g e o f i m p o r t a n t
p u b li c r e v e n u e s o f t h e H a i t i a n G o v e r n m e n t ,
t h e d ir e c t o r s
a t i n c o r p o r a t i o n in c l u d e d A r e n d B e h r e n s , H e n r y R . l i p p e n h a u e r a n d P a u l C . S c h n itz le r o f N e w Y o r k .

Chesapeake & Ohio Ry.— New Vice-Presidents.— The fol­
lowing have been appointed Vice-Presidents in charge of the
respective departments, with which they have been connected
for many years, effective July 1:
Henry T. W ickham , Vice-President and General Counsel: Charles E.
Doyle, Vice-President and General Manager; and l1. M. W hitaker, Vice­
President and T raffic Manager.— V. 88, p. 1619, 1372.
^

Chesterfield & Lancaster RR.— Control Sold.—-The re­
Debenture Stock ceivers of the Seaboard Air Line have acquired from A. II.
Offered to Extend Canadian Northern Ry. to Buffalo.— T h e r e and A. G. Page a majority of the $500,000 stock of the
V .

88,

p.

1618,

1497.

Canadian Northern Ontario Ry .—

£ 8 0 0 ,0 0 0

w a s o f f e r e d f o r s u b s c r i p t i o n in L o n d o n a t 9 2 % f r o m J u n e 2 1
to 2 3 a b lo c k o f £ 8 0 0 ,0 0 0 4 % p e r p e tu a l c o n s o lid a te d d e b e n ­
t u r e s t o c k , p a r t o f a n is s u e l i m i t e d a s b e l o w m e n t i o n e d .
I n t e r e s t p a y a b l e A p r i l 2 a n d O c t . 2 , a f u ll h a l f - y e a r ’ s i n t e r e s t
to b e p a id o n A p ril 2 1 9 1 0 .
S u b s c r ip tio n s p a y a b le £ 5 on
a p p lic a tio n , £ 1 0 on a llo tm e n t, £ 3 7 S e p t. 6 1 9 0 9 a n d £ 4 0
J a n , 6 1 9 1 0 ; t o t a l £ 9 2 % , o r in fu ll o n a l l o t m e n t , o r o n a n y
M o n d a y b e fo r e J a n . 6 1 9 1 0 u n d e r d is c o u n t a t th e r a te o f
4 % per an n u m .
A n a d v e r t i s e m e n t s a y s in s u b s t a n c e :




road, extending from Cheraw, S. C., to Pageland, 38 miles.
— V. 81, p. 1790.
Chicago Burlington & Quincy RR.— Exchange Premium on
Bonds Reduced.— The company gives notice that the premium
of $30 offered on exchange of Hannibal & St. Joseph 6s for
the company’s general mortgage 4% bonds will, on Aug. 16,
be reduced to $27 50 per bond.— V. 88, p. 1619, 1559.
Chicago Cincinnati & Louisville RR.— Agreement Affect­
ing Underlying Bonds, of Which 75% Deposited.—The

.J u l y 3 1909. i

THE CHRONICLE

41

E x t r a D iv i d e n d s .— It was the judgm ent of the board that the earnings
of the com pany have been such as to fairly entitle the stockholders to the
Increased cash dividend, and that there was no necessity at the present
time of adding such earnings to the surplus of the com pany. It was also
thought that funds should be available to the stockholders to enable them,
If they so desired, to subscribe to the stock of a coal com pany which, it
was expected, would be organized and would take over the business of the
coal sales department of the railroad com pany. JRallroad stockholders of
record July l will be permitted to subscribe. Subscriptions must be paid
in mil on July 20.— Ed.]
The increase in stock resulted from the merger of two corporations into
the Delaware Lackawanna & Western R R . C o., namely the Bangor & P ort­
land R R and the H anover & N ewport R R ., the capital stock of which
was held by 1). L. & W . R R . Co. Also, because of recent paym ents by the
com pany of outstanding bonds, used in construction of the railroad, which,
in the opinion of the board, ought fairly to be represented in the capital
stock of the com pany.
C o n tr a c t w ith D e la w a r e L a c k a w a n n a & W e s te r n C o a l C o .— The decision of
C h i c a g o L a k e S h o r e & E a s t e r n R y . — N ew Stock.— T h i s
the board to sell all the coal of the railroad com pany within the State of
Pennsylvania to another com pany conform s to the decree of the Supreme
c o m p a n y , c o n t r o l l e d b y t h e I l lin o is S t e e l C o . a n d s o b y t h e
Court In the so-called com m odities case, which necessitated such action.
U n i t e d S t a t e s S t e e l C o r p o r a t i o n , file d o n J u n e 2 5 n o t i c e o f
p Pr° P ° 8ed contract for sale provides that the buyer will purchase all
of the coal of the railroad com pany in transit and stored at various points
in c r e a s e o f c a p i t a l s t o c k f r o m $ 2 , 7 6 0 , 0 0 0 t o $ 9 , 0 0 0 , 0 0 0 .
The
at its actual market value and the future entire output of coal of the rail­
sa le o f $ 9 ,0 0 0 ,0 0 0 g u a r a n te e d b o n d s to W illia m A . R e a d &
road com pany on the basis of the 65% contract. Under the terms of such
forms of contract, the railroad com pany sells its coal at the mines for 65%
C o . w a s n o t e d in o u r is s u e o f M a y 2 9 , p a g e 1 3 7 2 .
of the market value of such coal at the time of sale, as determined by the
C h i c a g o P e o r ia & S t . L o u i s R a i l w a y . — Call for Deposits. — • New York tidewater price. The buyer, in addition to paying such price
for tlie coal, assumes all transportation charges from the mines.
T h e c o n s o lid a te d m o r tg a g e c o u p o n s d u e J a n . 1 1 9 0 9 n o t
Certain Individual stockholders of the raliroad com pany have organized
h a v i n g b e e n p a i d , a n d in v i e w o f t h e f a c t t h a t t h e e a r n in g s
'l . c? a com pany, which was yesterday incorporated under the laws of the
Mate of Aew Jersey, under the name of the Delaware Lackawanna & W est­
a r e n o w a d m itte d b y th e c o m p a n y
to
be
in e v ita b ly in ­
ern Coal Co. , It Is capitalized at $6,800,000, and all the stockholders of
s u f f i c i e n t to p r o v i d e f o r t h e p a y m e n t o f t h e s e c o u p o n s
the lailroail com pany will be Invited to subscribe to the stock of the coal
sales com pany on the basis of one share o f stock of the coal sales com pany
and
th e cou p o n s due
J u ly 1 1 9 0 9 , a s e c u r ity h o ld e r s ’
for each four shares of stock held b y them respectively in the railroad com ­
c o m m i t t e e , c o n s i s t i n g o f G e o r g e F . B a k e r J r . , C h a r le s H .
pany. It Is expected that a large m ajority of the stockholders will so sub­
scribe. 1 he directors of the coal sales com pany are George F. Baker J r.,
W a r r e n a n d A lfr e d S h e p h e r d , w ith W . W . S te v e n s o n as
P «r,cy R ; IV ne 2d James A. Stillman, Edward E. Loom is. William H.
S e c r e t a r y 3 4 N a s s a u S t . , i n v i t e s h o ld e r s o f c o n s o l i d a t e d
Truesdale, George H Gardiner and Henry R . T aylor. The President is
Edward E . Loom is; Vice-President, Daniel E. Russell, and Secretary and
m o r t g a g e b o n d s , i n c o m e m o r t g a g e b o n d s (o r c e r t if i c a t e s
Treasurer, J. J. A. Owens.— V . 88, p. 1610, 9 4 4 .

c o m m i t t e e , S e t h M . C a r t e r , C h a ir m a n , r e p r e s e n tin g th e
fir s t m o r t g a g e b o n d h o ld e r s o f th e C in c in n a t i R ic h m o n d &
M u n c ie R R . , C h ic a g o & C in c in n a ti R R . a n d
C in c in n a ti
& I n d i a n a W e s t e r n R R . , a n n o u n c e b y a d v e r t i s e m e n t in
th e d a ily p a p e r s t h a t “ it h a s m a d e a n a r r a n g e m e n t
w ith
H .
B . H o l l i n s & C o . , N e w Y o r k , t h a t w ill p r o e c t a n d
g r e a t l y b e n e fit t h e d e p o s it in g b o n d h o ld e r s .
T h r e e -q u a r ­
t e r s in a m o u n t o f e a c h is s u e o f t h e f ir s t m o r t g a g e b o n d s
a b o v e m e n t io n e d a r e d e p o s it e d u n d e r t h e a r r a n g e m e n t .”
F u r t h e r d e p o s i t s w ill b e r e c e i v e d b y t h e O ld C o l o n y T r u s t
C o ., B o s t o n , u n t il 3 p . m . J u ly 2 0 , b u t a ft e r t h a t d a t e
o n l y in e x c e p t i o n a l c a s e s . — - V . 8 8 , p . 1 4 3 G .

o f d e p o s i t ) , p r e f e r r e d s t o c k a n d c o m m o n s t o c k o f t h e C h ic a g o
P e o r ia A: S t . L o u i s R y . C o . o f I l l i n o i s t o d e p o s i t t h e i r h o ld in g s
w ith B a n k e r s’ T r u s t C o ., N . Y . , fo r m u t u a l p r o te c tio n .
A f t e r p r e s e n t a t i o n o f a p la n o f r e o r g a n i z a t i o n h o ld e r s o f
n o n - a s s e n t i n g s e c u r i t i e s , if t h e y s o d e s i r e , w ill be p e r m i t t e d
to
w ith d r a w
sam e
w it h o u t e x p e n s e w ith in t h i r t y d a y s
a f t e r p la n is p r e s e n t e d .

Receivers A p p o in t e d . — J u d g e H u m p h r e y in t h e U n i t e d
S t a t e s C i r c u it C o u r t a t S p r i n g f i e l d , I I I ., o n .July 1 a p p o i n t e d
J o h n P . R a m s e y , P r e s id e n t o f th e c o m p a n y , a n d H e n r y M .
M e r r i a m , C a s h ie r o f t h e I l li n o i s N a t . B a n k o f S p r i n g f i e l d ,
r e c e iv e r s o f t h e c o m p a n y o n a p p l i c a t i o n b y t h e T r u s t C o m ­
p a n y ot A m e r i c a o f N e w Y o r k , t r u s t e e u n d e r t h e s e c o n d
m o r t g a g e , i n t e r e s t o n w h ic h is in d e f a u l t .
The directors attribute the com pany's embarrassment to the reduction
of 20% in freight rates made b y the Illinois State Railroad and Warehouse
Commission, which v ent Into eireet July 1 100H: the reduction of the passen­
ger rates of the State from 3 to 2 cents per mile b y the State Legislature;
and the had condition of the coal business, which Is 40% of the entire busi­
ness of the roa d .— V. 88, p. 100.
C l e v e l a n d E l e c t r i c R y . — Financing.— P r e s i d e n t A n d r e w s
announced
on
June
2 9 t h a t th e
$ 2 ,0 2 6 ,0 0 0
C le v e la n d
C i t y C a b l e R y . C o . fir s t m o r t g a g e 5 % g o ld b o n d s , d a t e d
J u l y 1 1 8 8 9 , w h ic h m a t u r e d J u l y l 1 9 0 9 , a n d t h e a c c o m ­
p a n y in g c o u p o n s d u e J u ly 1, w o u ld , o n a n d a fte r J u ly 1 1 9 0 9 ,
b e t a k e n u p b y N . W . H a r r i s & C o . , P in e S t . , c o r n e r W i l l i a m
S t ., N ew Y o rk C ity .
T h e c o m p a n y h a s s o ld t o N . W .

H a r r is & C o . $ 2 ,1 2 8 ,0 0 0

o f a n a u t h o r i z e d is s u e o f $ 3 , 1 7 9 , 0 0 0 5 % g o ld b o n d s d a t e d
J u l y 1 1 9 0 9 a n d d u e J a n . 1 1 9 1 2 , b u t s u b j e c t t o c a ll a t
p a r a n d a c c r u e d in te r e s t o n a n d a fte r M a r c h 1 1 9 1 0 o n 6 0
d a y s ’ n o tic e .
T h e n e w b o n d s w ill b e s e c u r e d b y d e p o s i t o f
t h e b o n d s r e t i r e d a n d a ls o b y a g o n e r a l lie n o n t h e e n t ir e
p r o p e r ty o f th e C le v e la n d R y . , s u b je c t to th e o u ts ta n d in g
b o n d s , a n d o n p a y m e n t o f th e $ 1 ,0 0 0 ,0 0 0 E a s t C le v e la n d R R .
b o n d s ( f o r w h ic h t h e e s c r o w b o n d s u n d e r t h e n e w 2 ^ - y e a r
m o r t g a g e a r e r e s e r v e d ) , in M a r c h 1 9 1 0 , t h e y w ill b e f u r t h e r
s e c u r e d b y a c o l l a t e r a l lie n o n t h e p o r t i o n o f t h e p r o p e r t y
n o w c o v e r e d b y t h a t m o r t g a g e .— V . 8 8 , p . 1 5 6 0 , 3 7 4 .
D a lla s
(T e x a s )
E le c t r i c
C o r p o r a t i o n .— Decision.— T h e
S u p r e m e C o u r t o f T e x a s o n J u n e 2 4 , in t h e c a s e o f t h e D a l l a s
C o n s o l i d a t e d E le c t r i c S t r e e t R y . a g a i n s t t h e S t a t e , a f f i r m e d
t h e d e c is io n o f t h e lo w e r c o u r t s h o ld i n g t h a t t h e A c t o f
M a y 16 1 9 0 7 l e v y i n g a n o c c u p a t i o n t a x c o n s i s t i n g o f a
p e r c e n t a g e o f t h e g r o s s e a r n in g s o f c o m p a n i e s d o e s n o t
r e p e a l t h a t p a r t o f t h e A c t o f 1 8 9 7 w h ic h i m p o s e s a n o c c u p a ­
tio n t a x o n s t r e e t r a ilw a y s o f $ 2 p e r m ile o f r o a d .

It is held that the later A ct contains such expressions as to make It clear
that the occupation tax was Intended as an additional tax and not as a
substitution for that previously charged. Owing to the necessity of
additional revenues for the support of the State governm ent and to meet
a deftclt, a policy has been entered upon of taxing corporations and busi­
nesses on the basis of gross receipts, not to supplement the existing revenue
measure but as an additional charge.— V . 84, p. 158.
D e la w a r e L a c k a w a n n a &
W e s t e r n R R . — Special Cash
Dividend of 5 0 % , — Stock Dividend of 1 5 % — Right to Sub­
scribe for Stock of Coal Sales Company.— -T h e b o a r d o f
d ir e c t o r s o n T h u r s d a y a d o p t e d r e s o l u t i o n s ( 1 ) d e c l a r i n g a
s p e c i a l c a s h d i v i d e n d o f 5 0 % , p a y a b l e J u l y 2 0 t o h o ld e r s o f
r e c o r d J u l y 1 , c a ll in g f o r $ 1 3 , 1 0 0 , 0 0 0 ; ( 2 ) d e c la r in g a s t o c k
d i v i d e n d o f 1 6 % , p a y a b l e A u g . 2 t o h o ld e r s o f r e c o r d J u l y 1 5
a n d ( 3 ) a u t h o r i z i n g t h e o f f ic e r s t o e n t e r in t o a c o n t r a c t
f o r t h e s a le o f a ll c o a l o f t h e c o m p a n y a t it s m i n e s w i t h i n
th e S ta te o f P e n n s y lv a n ia .
T h e s h a r e h o ld e r s o f t h e R a i l r o a d
C o m p a n y w ill b e p e r m i t t e d t o u s e h a lf o f t h e i r s p e c i a l c a s h
d i v i d e n d in s u b s c r i b i n g f o r t h e $ 6 , 8 0 0 , 0 0 0 s t o c k o f a n e w
c o a l s a l e s c o m p a n y ( D e l a w a r e L a c k a w a n n a <k W e s t e r n C o a l
C o . ) a t p a r , to a n a m o u n t e q u a l t o 2 5 % o f t h e i r r e s p e c t i v e
h o ld in g s .
A m e e t i n g h a s b e e n c a ll e d f o r J u l y 2 0 t o a u t h o r i z e
a n in c r e a s e in t h e s t o c k o f t h e r a ilr o a d c o m p a n y f r o m $ 2 6 , ­
2 0 0 ,0 0 0
t o $ 3 0 , 2 7 7 , 0 0 0 , b e i n g a n in c r e a s e o f $ 4 , 0 7 7 , 0 0 0 ,
d u e to th e c o n s o lid a tio n b e lo w m e n t io n e d , o f w h ic h th e
f o r e g o i n g s t o c k d i v i d e n d w ill t a k e $ 3 , 9 3 0 , 0 0 0 .
A n o f f ic ia l
sta te m e n t say s:




Denver Boulder & Western RR.— Details o f Mortgage —
The company’s new mortgage for $800,000 is made to the
People’s Trust Co. of Brooklyn, N. Y ., as trustee, to secure
an issue of income first mortgage 30-year 5 % gold b o n d s
due July 1 1939, but subject to call on any interest day
at par.
Of tlie issue, $700,000 is to be put out at once and the remaining $100 000
to be reserved in the treasury for extensions, im provem ents, &c.
Denomi­
nations $100 and $1,000 each. Interest is payable at the office of the
trustee as earned up to 5% on Sept. 1 1910 and Sept. 1 yearly thereafter
S lock authorized and issued, $300,000; par $100.
President arid Treasurer,
W . B. Hayes; Secretary, C. M. Williams. Office, Boulder, Colo — V
88, p. 1560.

Elgin Joliet & Eastern Ry.— New Stock.— T h i s c o m p a n y ,
w h o s e e n t i r e s t o c k is o w n e d b y t h e F e d e r a l S t e e l C o . a n d s o
b y t li e U n i t e d S t a t e s S t e e l C o r p o r a t i o n , file d o n J u n e 2 5
n o t i c e o f in c r e a s e o f c a p it a l s t o c k f r o m $ 6 , 0 0 0 , 0 0 0 t o $ 1 0 , 000,000.— V . 88, p. 1372, 1252.
Erie RR.— New Directors.— E . H . G a r y , C h a i r m a n o f t h e
U n ite d S t a t e s S te e l C o r p o r a t io n , G e o r g e \V. P e r k in s o f J . P .
M o r g a n & C o . , R . S . L o v e t t , V i c e - P r e s i d e n t a n d General
C o u n s e l o f t h e U n i o n P a c i fi c a n d L . F . L o r e e , P r e s i d e n t o f
th e D e la w a r e & H u d s o n C o ., w e re o n W e d n e s d a y e le c t e d
d ir e c t o r s t o s u c c e e d A l e x a n d e r E . O r r , L o u i s L . S t a n t o n
a n d W illia m C . L a n e , w h o re s ig n e d , a n d to
O n e o f t h e d i r e c t o r s is q u o t e d a s s a y i n g :

fill a

vacancy.

There will be absolutely no changes In the executive staff, and President
Underwood will remain at the head o f the com p a n y.— V. 88, p. 1620. 1560.

Fitzgerald Ocilla & Broxton RR.— Control.—
B ir m in g h a m

& A tla n tic

R R . a b o v e .— V . 8 8 , p .

S e e A tla n ta
1196.

Hocking Valley Rj . —Separate Operation of Toledo & Ohio

Central Lines.—

S e e t h a t c o m p a n y b e l o w .— V . 8 8 , p . 1 2 5 3 .

Interborough Rapid Transit Co., New York.— Sale of

Bonds to Retire Notes.— T h e c o m p a n y
g a n & C o . th e $ 1 0 ,0 0 0 ,0 0 0 5 % b o n d s

h a s so ld to J . P . M o r­

d a te d 1 9 0 7 w h ic h w e re
reserv ed fo r th e r e tir e m e n t o f a n e q u a l a m o u n t o f 3 -y e a r 5 %
n o t e s w h ic h f a ll d u e o n M a r c h 1 n e x t , b u t w h ic h a r e s u b j e c t
t o c a ll a t 1 0 1 .

Proposition to Build Extensions.—

A s a s u b s titu te

fo r th e

p r o p o s i t i o n m a d e la s t w e e k b y t h e B r a d l e y - G a l T n e y - S t c e r s
C o . f o r a “ T r i b o r o u g h R a i l r o a d ” ( s e e “ R a p i d T r a n s i t in
N e w Y o r k ,” p a g e 1 6 2 1 ), th e In te r b o ro u g h R a p id T r a n s it
C o . o n J u n e 3 0 s u b m it t e d to th e P u b lic S e r v ic e C o m m is s io n
p la n s f o r t h e c o n s t r u c t i o n , a t t h e e x p e n s e o f t h e c o m p a n y ,
o f 4 4 m ile s o f n e w u n d e r g r o u n d t r a c k a n d 2 4 y2 m ile s o f n e w
e l e v a t e d t r a c k , t h e a g g r e g a t e c o s t o f w h i c h , i t is u n o f f i c i a l l y
e s t im a t e d , w o u ld b e a b o u t $ 1 0 0 ,0 0 0 ,0 0 0 .
T h e c a r r y in g o u t
o f t h e s e p la n s w o u l d e n a b l e p a s s e n g e r s t o t r a v e l f r o m t h e
P e n n s y lv a n ia R R . t e r m in a l o n 7 t h A v e . to th e E a s t S id e
B r o n x , to th e W e s t S id e , B r o n x , to B r o o k ly n
or Q ueens
b o r o u g h fo r a fiv e -c e n t fa r e .
S u r p lu s e a r n i n g s a f t e r f ix e d
c h a r g e s w o u l d b e d i v i d e d o n a c e r t a i n b a s is w i t h c i t y , e n a b l ­
i n g t h e l a t t e r in t h e e n d t o a c q u ir e c o m p l e t e o w n e r s h i p .
The
c i t y w o u ld a ls o h a v e t h e r i g h t t o t a k e o v e r t h e s u b w a y s a t
th e e n d o f 10 y e a r s b y p a y in g fo r th e e q u ip m e n t a n d th e c o s t
o f c o n s t r u c t i o n p lu s 1 5 % .

On the cast side ot Manhattan there would be a four-track subway under
Lexington Ave. from the present subway at 36th St. and 4th A ve. to 46th
S t., thence dividing the two local-service tracks to run under Lexington
Ave. to 129th St. and the two express tracks under Third A ve. to 149th St
and a connection with the present subway. From Times Square a fourtrack subway would run under 7th Ave. to Canal, thence two tracks (a )
via West Broadway and Greenwich St. to the Battery and (6) via Canal
St. to and over the Manhattan Bridge to a connection with the present sub­
way at Nevlns S t.. Brooklyn. Also a two-track subway from Park Ave
and 42d St. via the Steinway tunnel to Long Island City. The city would
have the right to purchase the Steinway tunnel at cost. Franchises for
the subway lines are to he for 65 years and for the elevated lines perpetual
The elevated tracks would Include an extension from 8th Ave and 149tli
St. out Jerome Ave. to the reservoir, near Fordham R oad, an extension
of the 2d Ave. line to Brooklyn Bridge, new express tracks on 2nd \ve
to Harlem R iver, new track orl 3d Ave. from Chatham Square to 42d St
and on 9th Ave. from Cortlandt St. to 14th St. (greatly facilitating express
Service), & c.— V . 88, p. 1560, 564.

Interstate Railways, Philadelphia.— Plan.— T h e d ir e c t o r s
o n J u n e 3 0 v o t e d t o a p p r o v e t h e p la n o f M r . Earle f o r
d e p o s i t i n g t h e c o m p a n y ’ s $ 1 0 , 7 7 6 , 6 0 0 4 % b o n d s in a trust,

42

THE CHRONIC!,E

u s i n g t h e i n c o m e f o r b e t t e r m e n t s , a n d if t h e r e is a n y m o n e y
l e f t , t o p a y t h e i n t e r e s t s o f a r a s p o s s i b le a n d m a k e u p w h a t
is l a c k i n g b y t h e is s u in g o f 6 % s c r i p . A n y b o n d h o l d e r s w h o
d o n o t c a r e t o a c c e p t t h e s c r ip w ill b e g i v e n c a s h . T h e R e a l
E s t a t e T i t l e I n s u r a n c e & T r u s t C o . o f P h i l a d e l p h i a is t o b e
t h e tr u s te e u n d e r t h e p la n . T h e “ P h ila d e lp h ia P r e ss” s a y s :

President R ise Issues an estimate of earnings for the next live years, be­
ginning with 1910. He starts with $1,141,000 and figures out that profits
will Increase an even $100,000 annually. He also shows that, taking these
figures as a fact, and deducting $500,000 In each of the next three years
for betterm ents, there would be a deficit in 1910 o f $150,000 and a deficit
o f $50,000 In 1911, with a surplus of $50,000 In 1912. Fixed charges are
$791,000 a year. learnings In the first five months o f 1909 were $80,000
greater than In 1907, the best previous year.
Mr. Earle s plan assumes, therefore, that It is essential to spend $500,000
.annually for the next three years In improvem ents.
Should the net earnings of the com pany for any. o f the Interest periods
during a term not to exceed five years not be sufficient to make the necessary
betterments and pay the Interest on the bonds, the trustee shall Issue a 6%
scrip to an am ount exactly equal to the difference between the amount of
interest due and the fund available for Its paym ent at that period, but not
to exceed the amount of Interest due at such period.
The com pany will pay quarterly to the trustee the Interest on the scrip.
T o secure this scrip, the trustee will hold all deposited bonds with coupons
.attached.— V . 88, p. 1499, 1197.

Kansas City Southern Ry .— Bonds Authorized— T h e s h a r e ­
h o ld e r s o n J u n e 2 9 r a t if ie d t h e is s u e o f $ 2 1 , 0 0 0 , 0 0 0 “ r e f u n d ­
in g a n d i m p r o v e m e n t ” b o n d s a n d t h e s a l e o f $ 1 0 , 0 0 0 , 0 0 0
th e r e o f t o L a d e n b u r g , T h a lm a n n & C o .
C om pare V . 8 8 ,
p. 1 4 3 7 , 1 2 5 3 , 1 1 2 8 .
Long Island Electric Ry.— Reductioii of Stock.— T h e
c o m p a n y o n J u n e 2 9 a p p lie d to t h e P u b lic S e r v ic e C o m m is
s io n F i r s t D i s t r i c t f o r p e r m i s s i o n t o r e d u c e t h e s t o c k f r o m
$ 2 , 1 0 0 , 0 0 0 t o $ 6 0 0 , 0 0 0 , a s v o t e d b y t h e d ir e c t o r s o n J u n e 1 6
1 9 0 8 a n d s i n c e c o n s e n t e d t o b y a l l t h e h o ld e r s o f t h e o u t ­
s ta n d in g s to c k .
The $1,500,000 stock was authorized to be Issued In exchange for the
$1,500,000 stock of the New York & North Shore R y ., but the consoli­
dation of the New York & North Shore R y . with the Long Island Electric
R y . was dissolved In 1901, and the New York & North Shore R v .t after fore­
closure, was acquired b y the New Y ork & Queens County R y . See Item
under caption of the last-named com pany, V. 74, p. 1197.—-V. 88, p. 101.

& Atlantic RR.— Sold.— S e e
R R . b e l o w .— V . 8 5 , p . 1 2 1 0 .

Louisville
N a s h v ille

L o u is v ille

&

Louisville & Nashville RR.— •Acquisition.— T h e c o m p a n y
h a s a c q u ir e d a ll o f t h e s e c u r itie s o f th e L o u is v ille & A t la n t ic
R R . , e x t e n d in g fr o m V e r s a ille s , K y . , to B e a t t y v ille J e t .,
1 0 1 m ile s , a n d c o a l b r a n c h , 6 m i l e s , c o n s is tin g o f $ 1 ,­
0 0 0 ,0 0 0 e a c h o f s t o c k a n d b o n d s a n d $ 5 5 0 ,0 0 0 s h o r t -t e r m
n o te s
F o r m a l p o s s e s s i o n w a s t a k e n o n J u l y 1-.— 'V . 8 8 ,
p.

1560,

1373.

M a n h a tta n
Ry.— Payment of Three Years' Franchise
Taxes.— - T h e I n t e r b o r o u g h R a p i d T r a n s i t C o . o n T h u r s d a y
p a i d t o C o m p t r o l l e r M e t z $ 1 , 5 8 2 , 0 3 8 in s e t t l e m e n t o f t h e
s p e c ia l f r a n c h i s e t a x e s f o r t h e y e a r s 1 9 0 6 t o 1 9 0 8 , i n c l u s i v e ,
in M a n h a t t a n B o r o u g h a n d $ 1 2 4 , 3 6 5 f o r t h e B r o n x .
In
J a n . 1 9 0 7 p a y m e n t w a s m a d e fo r th e y e a rs 1 9 0 0 to 1 9 0 5 .
C o m p a re V . 8 4 , p . 2 7 1 .— V . 8 7 , p . 1 3 0 1 .

Meadville & Cambridge Springs Street Ry.— Correction.—
S e e M e a d v ille & C o n n e a u t T r a c tio n C o . b e lo w .

Meadville & Conneaut Traction Co.— Correction.— T h e
s t a t e m e n t t h a t th is c o m p a n y c o n tr o ls th e M e a d v ille & C a m ­
b r i d g e S p r i n g s S t r e e t R y . , w e a r e i n f o r m e d , is a n e r r o r , a s
t h e r e is n o c o n n e c t i o n w h a t e v e r b e t w e e n t h e c o m p a n i e s .—
V . 88, p . 1253.

Missouri Kansas & Texas Ry .—Tax on Intangible Assets

Reduced.—

T h e S u p r e m e C o u r t o f T e x a s o n J u n e 2 6 a ffir m e d
t h e d e c i s i o n o f t h e lo w e r c o u r t h o l d i n g t h a t r a ilr o a d s c a n n o t
b e t a x e d o n a f u l l v a l u a t i o n o f t h e i r in t a n g i b l e a s s e t s w h e r e
o t h e r p r o p e r t y in t h e s a m e c o u n t y is t a x e d in a le s s e r p r o ­
p o r tio n .
T h e t a x f o r 1 9 0 7 o n t h e i n t a n g i b l e p r o p e r t y is
o r d e r e d t o b e r e d u c e d so a s to m a k e t h e b a s is o f v a lu a tio n
o f t h e t w o c la s s e s o f p r o p e r t y u n i f o r m .
C o m p a re V . 8 6 ,
p. 421.

The assessed va lu a tion : of other classes of property In m ost counties of
the State do not exceed two-thirds of the full value and In some Instances
are only 50% or less, so that the effect of the decision will be to reduce
the valuation of intangible assets b y at least one-third, am ounting to con­
siderably over $50,000,000.— V . 88, p. 295, 101.

Mount Carbon & Port Carbon RR.— New Lease.— T h e
s t o c k h o l d e r s o n J u n e 3 0 v o t e d t o le a s e t h e r o a d t o t h e R e a d ­
in g C o . f o r 9 9 9 y e a r s f r o m M a r c h 5 1 9 1 0 a t a n a n n u a l r e n t a l
o f 5 % o n t h e c a p it a l s t o c k .
T h e R e a d i n g C o . is a t p r e s e n t
o p e r a t i n g t h e r o a d u n d e r a 5 0 - y e a r le a s e e x p i r i n g M a r c h 5
1 9 1 0 a t a n a n n u a l re n ta l o f $ 3 6 ,2 5 0 , o r 1 2 %

o n th e s t o c k .—

V . 88, p . 1500.

New Orleans Railway & Light Co.— New Mortgage Author­

ized.—

T h e s h a r e h o ld e r s o n J u n e 2 8 , b y a v o t e o f 1 8 2 , 4 9 0 t o
1 8 , 0 3 4 , a u t h o r i z e d t h e n e w $ 5 0 , 0 0 0 , 0 0 0 b o n d is s u e .

T o June 29 Bertron, Grlscom & Jenks had received tenders of only a por
•tlon of the 20,000 shares of the preferred stock and *>0,000 shares of com ­
mon stock which It was stipulated the shareholders should turn over to
them at 40 and 15 respectively.
_
A
#
t
The “ New Orleans Dem ocrat” of June 24 contains In full the opin­
ion of Attorney-General W alter Gulon upholding the legality o f the
proposition to Issue additional bonds for Improvements and additions
(after the com pletion of the sam e), provided the bonds are sold at par and
not at a discount.— V . 88, p. 1621, 1561.

Northampton (Mass.) Street Ry.— No July Dividend. —
The

d ir e c t o r s h a v e d e c i d e d n o t t o p a y a d i v i d e n d in J u ly
$ 4 0 0 ,0 0 0 s t o c k .
In J a n . l a s t 2 ) ^ % w a s p a i d , in 1 9 0 8
s e m i - a n n u a l l y a n d 3 % in J u l y a n d 4 % i n J a n . 1 9 0 7 .

on t h e
3%

Dividend, Record (.Per C ent).
1901 1902 1903 1904 1905 ----------------- 1906------------------ 1007 1908 1909
8
8
8
6
0 7 (3 H % paid Dec. 27 1905) 7
0 Jan2>S
— V. 88, p. 1500, 625.

Oregon Short Line RR.—New Subsidiary.— T h e L e m b i &
S a l m o n R i v e r V a l l e y R R . w a s i n c o r p o r a t e d in I d a h o o n
June 2 2 with $ 5 , 0 0 0 , 0 0 0 a u t h o r i z e d s t o c k , o f w h i c h $ 5 5 7 , 5 0 0




[V o l .

l x x x ix

h a s b e e n su b s c r ib e d , as a s u b s id ia r y o f th e c o m p a n y , to
t h e fo llo w in g lin e s :

.

b u ild

From a point near Cerro Grande, on the Mackay branch o f the Oregon
Short Line, north toward Salmon, Idaho, 148 miles; thence along the
courses o£ Salmon and Snake rivers, 280 miles, to Lewiston, Idaho; also a
branch from Salmon to Challls, 52 miles, and a line between Market Lake
and Camas. 35 miles; total, about 535 miles.
T h e in c o rp o r a to r s o f th e n e w c o m p a n y a r e :

W . H . B ancroft, Vice-President and General' Manager of the Oregon
Short Line, and .1. M. Davis, W illiam Ashton, Parley L. Williams and
W . R . Armstrong, who are connected with the Oregon Short Line in various
capacities.— V . 88, p. 1002.

Pacific Gas & Electric Co.— Bonds Called.— T w e n t y fir s t
m o r tg a g e 5 % b o n d s o f th e S a c r a m e n to E le c tr ic G a s & R y .
C o . h a v e b e e n c a ll e d f o r r e d e m p t i o n o n A u g . 1 a t 1 0 3 a n d
in t e r e s t a t t h e o f f i c e o f t h e M e r c a n t i le T r u s t C o . , S a n F r a n ­
c i s c o .— V . 8 8 , p .

1621,

1197.

Pacific Traction Co., Tacoma.— New Bonds.—

T h e new
$ 5 , 0 0 0 , 0 0 0 m o r t g a g e is m a d e , i t is s t a t e d , t o t h e C i t y T r u s t
C o . o f B o s t o n , a s tr u s t e e , a n d p r o v id e s fo r th e r e tir e m e n t a t
o r b e f o r e m a t u r i t y o f $ 5 0 0 , 0 0 0 p r i o r b o n d s a n d f o r t h e issu e
o f 5 % b o n d s fo r e x t e n s io n s in b o t h T a c o m a a n d O ly m p i a .—
V.

88, p.

Peoria

1438.

Railway.— Guaranteed Bonds

Offered..— N.

W.

H a l s e y & C o . , N e w Y o r k , C h i c a g o , & c . , a r e o f f e r in g a t 9 8
a n d i n t e r e s t , b y a d v e r t i s e m e n t o n a n o t h e r p a g e , t h e u n s o ld
p o r t i o n ( le s s t h a n $ 5 0 0 , 0 0 0 ) o f a b l o c k o f $ 1 , 5 0 0 , 0 0 0 “ f ir s t
a n d r e fu n d in g ” 5 % g o ld b o n d s , d a t e d J u n e 2 0 1 9 0 6 , d u e
s e r i a l l y F e b r u a r y 1 1 9 1 0 - 2 0 , a n d s u b j e c t t o c a ll a t 1 0 5 o n
a n y in te r e s t d a t e .
U n c o n d itio n a lly g u a r a n te e d b y e n d o r se ­
m e n t , b o t h a s t o p r i n c ip a l a n d i n t e r e s t , b y t h e I l li n o i s
T r a c t i o n C o . , w h ic h o w n s a n d o p e r a t e s p r a c t i c a l l y a ll t h e
s t r e e t a n d in te r u r b a n s y s t e m s o f th e e n tir e c e n tr a l p o r tio n
o f th e S ta te o f Illin o is .
A m a p o f t h e P e o r ia R a i l w a y w ill
be fo u n d
o n p a g e 8 6 o f th e “ E le c tr ic R a ilw a y S e c tio n ”
is s u e d l a s t w e e k a n d a d e s c r i p t i o n o f t h e p r o p e r t y o n p a g e 8 5 .
T h e bankers sa y :

The Peoria Railway Co. owns and operates w ithout com petition the street
railway system In Peoria, 111., and Its suburbs, serving a population of
82,000. The “ first and refunding bonds” are secured by a first mortgage
on all the properties and franchises now owned or hereafter acquired, subject
only to the $570,000 underlying bonds o f the Central Railway Co. The
outstanding bonded debt Is being rapidly reduced b y serial m aturity of the
bonds— $1,500,000, or more than 4 0 % , of the entire authorized Issue will
be retired before 1926 In accordance with requirements o f trust deed. As a
result o f these large serial paym ents, the debt Is rapidly decreased and the
equity Increased. A depreciation fund is provided by a supplemental trust
deed that should aggregate by 1926 about $1,865,000, not only keeping the
property In splendid physical condition, but providing funds for additions
and Improvements. Net earnings during the year ending Dec. 31 1908,
available for payment of Interest on the “ first and refunding” 5s were more
_____
than double the required amount.
F i r s t a n d R e fu n d in g M o r tg a g e 5s— T o ta l A u th o r iz e d I s s u e , $3,600,000.
Outstanding ____________________________________ ; ------------------------$2,819,000

Already matured and retired-----------------------------------------------

Reserved to retire bonds of Central R y . Co. maturing Apr. 1 1915

Reserved for additions and Improvements at 75% of cost ------------

570,000
706,000

— V. 87, p. 39.

Philadelphia & Chester Ry —Foreclosure Sale.— T h e p r o p ­
e r t y o f t h e c o m p a n y is a d v e r t i s e d t o b e s o l d u n d e r f o r e c lo s u r e
o n J u ly 3 0 a t th e o ffic e o f S a m u e l T . F r e e m a n & C o ., a u c ­
t i o n e e r s , 1 5 1 9 - 1 5 2 1 C h e s t n u t S t . , P h i l a d e l p h i a .— V . 8 8 , p .
1314.
Pittsburgh Railways Co.— Strike.— -T h e s t r i k e o f t h e c a r ­
m e n w a s e n d e d a t 5 a . m . o n T u e s d a y , t h r o u g h ' t h e e f fo r t s
o f M a y o r W m . A . M a g e e , h a v in g la s t e d a b o u t 4 8 h o u r s .
P r a c t i c a l l y a l l o f t h e m e n ’ s d e m a n d s w e r e c o n c e d e d .— V . 8 7 ,
p . 1238.
Pontiac Oxford & Northern RR.— Sale Deferred.— T h e
r e c e i v e r ’s s a le h a s b e e n d e f e r r e d t o d a t e t o b e a g r e e d u p o n .
I n t h e m e a n t i m e t h e s h a r e h o ld e r s e x p e c t t o u n i t e u p o n a
p la n f o r o p e r a t i n g t h e r o a d .— V . 8 8 , p . 1 0 6 2 .
Quebec Railway, Light & Power Co .— New Officers.—

Consolidation Plan— O n

J u n e 2 5 P r e sid e n t G e o rg e I I . T h o m p ­
s o n a n d d ir e c t o r s J o h n S h a r p i e s , W m . S h a w a n d W m . H a n ­
s o n re sig n e d a n d th e b o a r d w a s r e -c o n s t it u t e d a s fo llo w s :

President, W . G. Ross o f the Montreal Street R y . Co.; Vice-President
Frank Ross, Quebec.
. . . . .
_ ,
...
„ .
Directors: L. C. M arcoux, Quebec; N. Belleau, Quebec; W m . Price,
M. P ., Quebec: Frank Ross J r., Quebec; H on. Robert Mackay, Montreal,
j . N. Greenshlelds, Montreal, and R odolphe Forget, M. 1 ., Monrteal.
T h e “ M o n tre a l G a z e t t e ” o f J u n e 2 5 sa id :

The reorganization of the com pany means that steps will be taken for the
consolidation of all the electric and power com panies of the city and district,
and that Important extensions will be made to the com pany s system , the
Intention being to continue the Quebec & Charlevoix road, which forms
part of the system, to Murray Hay. The new com pany will, it Is under­
stood, be capitalized at $8,000,000. The successful reorganization has
been largely due to R odolphe Forget, M. P .— V. 88, p. u ~ 9 , 376.

Reading Co.—Favorable Rate Decision.— T h e C o u r t o f
C o m m o n P le a s N o . 4 o n J u n e 2 6 g r a n t e d a n in j u n c t i o n
a g a in s t th e C o u n t y o f P h ila d e lp h ia r e s tr a in in g th e e n fo r c e ­
m e n t o f t h e 2 - c e n t p a s s e n g e r r a t e la w p a s s e d b y t h e L e g i s ­
la t u r e in 1 9 0 7 o n t h e g r o u n d t h a t t h e r a t e is u n r e m u n e r a t i v e
a n d t h e p e n a l t i e s c a ll e d f o r b y t h e A c t “ r e v o l t i n g t o o n e ’s
s e n s e o f j u s t i c e a n d p r o p r i e t y .”
T h e 2 ^ - c e n t s i n g le -f a r e
r a t e in e f f e c t p r io r t o O c t . 1 9 0 7 w a s r e s u m e d o n J u l y 1 .
J u d g e W i l l s o n in a l e n g t h y o p i n i o n s a y s :
It Is true that, so far as actual results arc concerned, b y means o f the
shifting of rates and attem pts to avoid loss, the com pany docs not appear
actually to have suffered any diminution In net receipts.
I his, however,
has been effected at very considerable loss to those who have been accus­
tomed to travel at lower rates than those which have been Imposed since
the Act of 1907 was enacted, and It Is by no means certain that the policy
thus adopted will prove In the long run to be remunerative. It Is also true
that the actual amount of loss, which, upon the basis of the present passen­
ger business, has resulted from obedience to the requirements of the A ct,
has not been more than about $200,000 for the year taken as a test. This
we do not regard as decisive. In any event, It seems to be beyond ques­
tion that the amount of loss has been, and will be, substantial, and, In the
developm ent and growth of the plaintiff’s business, It Is reasonably certain
that In the future the loss will be very great. W e consider that the case
Is to be looked at, not merely w ith reference to present conditions or re­
sults, but to the probabilities of the future and the actual rights of the

J u l y 3 1309. |

THE CHRONICLE

com pany to derive a prollt from the transaction of Its business.— V. 87.
p. 1001.

Rhode Island Company.— Called Bonds.—

T h is c o m p a n y ,
a s s u c c e s s o r o f t h e W o o n s o c k e t S t r e e t R a i l w a y C o . , h a s c a ll e d
f o r p a y m e n t o n J u ly 1 , a t 1 0 5 , a t t h e . o f f i c e o f t h e R h o d e
I s l a n d H o s p i t a l T r u s t C o . , P r o v i d e n c e , R . I . , a ll t h e o u t ­
s t a n d i n g fir s t m o r t g a g e 5 s ( $ 1 6 0 , 0 0 0 ) o f t h e W o o n s o c k e t
S tr e e t R y . , d a te d 1 8 9 3 a n d d u e J u ly 1 1 9 1 3 .— V . 8 7 , p . 1 0 1 2 .

Seaboard Air Line Ry.— Adjustment Plan Dated July 1
1 9 0 9 .— T h e g e n e r a l r e o r g a n iz a tio n c o m m it t e e r e p r e s e n tin g
e v e r y c la s s o f t h e s e c u r i t y h o ld e r s a n d c o n s i s t i n g o f —

C. Sidney Shepard, Chairman, James A . Blair, Harry Bronner, Russell
G. Fessenden, Thomas .1. H ayw ard, Hennen Jennings, Henry Cleveland
Perkins, John B. R am say, Norman 15. Ream , William A . R ead, Thos F
R yan, Ernst Thalmann, George W . W atts, John Skelton Williams, with
D. C. l’ orteus as Secretary, 24 Broad S t., New York, N. Y ., and Byrne &
Cutcheon and Samuel Untermyer, New Y ork, and Munford, Hunton,
Williams & Anderson, R ichm ond, V a., as Counsel.
Depositaries: Morton Trust C o., New Y ork, N. Y .; The Continental
Trust C o., Baltimore, Md.; American Trust C o., Boston, Mass : Bank of
R ichm ond, R ichm ond, Va.
a n n o u n c e s b y a d v e r t is e m e n t o n a n o th e r p a g e th e fo llo w in g
p la n o f a d j u s t m e n t t o t h e h o ld e r s o f fir s t m o r t g a g e 4 %
b o n d s , g e n e ra l m o rtg a g e 5 %
b o n d s , p re fe r r e d s to c k a n d
c o m m o n s to c k .
P r e a m b le .
'1 he only securities that arc to be surrendered for new ones
are the general mortgage 5% bonds of 1907, for which adjustm ent bonds
are to be given In exchange. The llrst mortgage 4% bonds are to remain
undisturbed; all that Is asked of their holders is to consent that their bonds
may be stam ped in such a way as to becom e redeem able or purchasable
at par and accrued Interest on any Interest paym ent date upon proper
notice b y publication. If the bondholders consent to have their bonds
so stam ped, the com m ittee feels certain that the proposed plan can be
carried out and that it will not be necessary to foreclose the mortgage
se?,y,llntr sa, ^ bonds or to scale them , either principal or Interest.
I he receivers have paid the Interest maturing on all underlying divisional
bonds, upon the 10-year and ."5-year collateral trust bonds and upon the
bonds of the subsidiary lines endorsed or guaranteed b y the railway to the
extent that those lines themselves failed to make such paym ent. Conscqucntly the only bonds Interest on which Is In default are: $12,775,000
« Bom n $0,345,000 general m ortgage 5% bonds. Inter­
est on $700,000 6% collateral gold notes, secured by deposit of general
m ortgage <> /0 bonds, Is also In default. The receivers have also paid the
interest upon a large portion of the floating debt.
Under the plan It Is Intended that—
(1) The following securities shall be paid in full with Interest: $7,510,000
receivers certilicatcs and $700,000 (1% gold notes.
(2) The following securities shall remain undisturbed:
$30,400,000 underlying divis’l bonds. I $12,775,000 llrst m tge. 4 % bonds.
10,000,ooo lo y r . 5% coll, trust bds. 23,894,100 preferred stock, and
4,651,000 3-yr. 5% coll, trust bds.| 37,019,400 com m on stock.
(3) The Seaboard A ir Line R y . shall continue liable for all Its just debts
and obligations, including Its guaranties of the bonds of Florida West Shore
R y ., Macon Dublin A Savannah R lt. and the Savannah & Statesboro R y.
(4) The $6,345,000 gen. mtge. 5% bonds shall be exchanged, dollar for
dollar, for adjustm ent mtge. 5% cumulative income bonds, part of a total
Issue to be authorized of $25,000,000. For interest on the general mortgage
5% bonds matured and to mature up to and Including A ug. 1 1909 adjust­
ment bonds shall be Issued, dollar for dollar.
(5) The llrst mortgage 4 % bondholders shall receive all matured and
unpaid Interest In cash and shall agree that their bonds may be redeemed
o r purchased by the Seaboard Air Line R y . or Its successor at par and Inter­
est on any Interest paym ent date.
(6) The necessary new m oney for the paym ent of receivers’ certificates
and other liabilities, the Immediate discharge of which the plan contem ­
plates, shall be obtained from the sale of $18,000,000 of adjustm ent bonds
at 70% of their par value, the sale of which has been underwritten at a
com m ission of 6 % . Stockholders of record, at a elate to be hereafter llxed,
shall be entitled to purchase at 70% of their par value adjustment bonds to
the am ount of 30% of the par value of the stock registered In their names.
(7) The future developm ent of the property and the refunding of existing
bonds shall be provided for by a refunding mortgage securing an authorized
issue of $125,000,000 of 4% bonds.
(8) It Is Intended to vest In the Seaboard Air Line R y . by sale, merger
consolidation or otherwise the properties of the
Atlanta & BIrm. Air Line R y.
|PlantjCIty Arcadia & Gulf R y.
Atlantic buwance River & Gulf R y . I Roanoke & Tar R iver R R .
Catawba Valley R y.
Seaboard & Roanoke R R .
H o n d a W est Shore R y .
(Tallahassee Perry & SoutheasternRy
and of all other railways substantially the entire capital stock of which Is
owned: except such as after careful Investigation It appears more ad van
tageous to operate under their separate organizations.
From the figures below furnished by the receivers and the officers of
the railway, It appears that for the llscal year ended June 30 1909 (one
month estimated) the am ount of earnings of the Seaboard A ir Line R y
(Including the Atlanta & Birmingham Air Line R y ., Florida W est Shore
R y. and three small subsidiary lines), having a total mileage of 2,990 miles,
and of the Baltimore Steam Packet Co. (the figures for this com pany for ten
months being actual and for two months estim ated ), remaining after pay­
ment of rentals, taxes, & c., and applicable to the p ig m en t of Interest,
w e r e ------------------------ -----------------------------------------$4,750 775
that the fixed Interest charges were at the rate of $4,261,550' ’
’
and that the fixed Interest charges under the proposed plan, before
any of the refunding bonds are Issued, will be
3 ’ 88 710

fW S u r p lu s ......................... ............................................................ ........ $1,462,065
w'I t Is expected that the adjustm ent can be speedily carried out by the
existing Seaboard Air Line R y ., saving all the delay and expense of a
foreclosure sale and the organization of a new com pany. In the opinion
of counsel the merger of subsidiary com panies can be made by a sale of
their properties to the Seaboard A ir Line R y . without going through the
form of a consolidation, but If consolidation Is necessary, the consolidated
com pany would be for all practical purposes the same as the Seaboard Air
Line R y . Itself.
The com m ittee has fixed A ug. 15 1909 as the date on or before which
the deposit should be made of first mortgage 4%, bonds and general
mortgage 6% bonds, with all unmatured coupons and all coupons that have
matured since Jan. 1 1908; but It Is hoped that holders of those securities
w 1 deposit them at once. Overdue coupons of first mortgage 4 % b o n d s
will be cashed at par by the depositaries at the time the bonds arc deposited
R e v e n u e o f the S e a b o a r d S y s t e m f o r th e Y e a r e n d in g J u n e 30 1909.
’
(One m onth estim ated, except for Baltimore Steam Packet Co.,
two months estim ated ).
M il e a g e
O p e ra te d .

Seaboard A .L .R y.2 ,6 03 .1 8
A tl.& B irm .A .L .R y 237.29
Flor.W .Shore R y 70.35
PlantC.Arc.& G.Ry
17.83
T a ll.l’erry&S. K R y
38.83
Catawba Vail. R y.
22.48
T o t a ls --------------2,989.96
B alt.St.PacketC o. ______

G ross
I tc v c iiu c .

N e t , a f t e r A p p li c a b l e t o

In te re s t

'la x e s .
In terest.
l^ a v a b lr *
$16,483,613 $4,442,968 $1,406,178 $3 995 300
982,188
326 0 5 3
- - - -180,123
230,400
154,723
31,829
12,600
35,850
49,270
20,916
13,188
8,271
def.484
def .965
28,527
10,580
4,386

$17,706,592 $4,832^762 $4,624,510 $T,20L550
708,417
126,265
126,265
......

T o t a ls ------------- 2,989.96<I$18,41 5,009a$4,959,027 $4,750,775 $ 4 261 550
Mac.Dub & SavRR
92.89
338,470
70,795
57,611
6L 300
* The Interest on securities owned b y the Seaboard A ir Line R y in sub­
sidiary lines Is not Included.
a Including $120,308, Income from rentals and other sources.
There are no bonds on the property of the Plant City Arcadia & Gulf R y
All of the bonds, and practically all of the stock, of the Catawba Valley R v ’
the Atlantic Suwanee River & Gulf. R y . Co. and the Tallahassee Perry &
Southeastern R y . are ow ned. Out of a total outstanding capital stock of




43

shares of the Macon Dublin & Savannah R R ,, the Seaboard owns
9,393, and has an option to acquire 11,000 shares. Practically all the
st9£i£
Florida W est Shore R y. s owne i and ts bon Is g aranteed.
in e fixed annual Interest charges under the plan before any of the refund­
ing bonds are issued will aggregate $3,288,710, as follows:
Underlying dlvis. bonds. _$1,504,4001Equipm ent bonds__________$274,510
H rst mortgage 4s------------511,000lAtl. & Blrm. first 4s______ 230,400
10-year coll, trust 5s_____
500,0001Florida W est Shore R y .
3-year coll, trust 5s______
232,550]
first 5s___________________
35,850
(Of the new bonds there will be Issuable at the outset only $24.J/u.oOO adjustm ent bonds, the interest on which prior to maturity is payilD*e only in case earned and declared. The refunding bonds are available
ror future requirements: for additions, equipments, & c., they can be Issued
only at a rate not exceeding $2,750,000 In each year.— Ed.]
New Securities to Be Authorized by The Seaboard Air Line R ailw ay.
1. F o u r P e r c e n t R e f u n d in g B o n d s L im it e d to a T o ta l I s s u e o f $125,000,000
[ l o be dated Jan. 1 1910, or such other date earlier or later as m ay be
determ ined, to be payable 50 years after date, to be redeem able at 105
ana interest on any.lnterest paym ent date and to be secured b y a m ort­
gage upon the entire property or such part thereof as m ay be deem ed
advisable subject to prior liens.]
(a) Am ounts to be set set aside, aggregating $75,000,000, viz.:
l o retire underlying divisional bonds ($30,400,000); first
mortgage 4s ($12,775,000); 3-year 5s and 10-year 5s ($14,­
651,000), and equlp’t trust ob llgat’ns (about $6,000,000) $63,826 000
l-oi double-tracking, reducing grades, revising lines and the

*lKe -------------------------------- -------- -- _

4 ooo ooo

T o aid In retiring Seaboard collateral trust and first mortgage
bonds; and, so far as not needed for that purpose, for bet­
terments, im provem ents, & c.. but Issuable only upon re„ dhest of board of directors, by three-fourths’ v o t e ...............
2,750,000
r o r betterments and Improvements, or, In case the directors
shall so provide in the m ortgage, for general corporate pur­
poses: to be issued only upon request of the board, by
three-fourths’ v o te ___________ _______ ___________ _________ _ 4,424,000
0>) To be issued under restrictions in m ortgage, $50,000,000, viz.:
f?.r tlle developm ent o f the property, the acquisition of
additional lines, equipment and other property, for Improvements,
?i„
Ior-,
acquisition or retirement of bonds of subsidiary
lines, and to take up any of the $5,500,000 additional Hrst mortgage
4 /o bonds which m ay be Issued; but to be certified and delivered
only at an average rate not exceeding In the aggregate $2,750,000 In
each year.
h o le ,
the com pany Is to pledge under the refunding m ortgage, as addi­
tional security, all of the $21,500,000 first mortgage 4s now held as security
for the collateral trust 5s upon paym ent o f the latter at or before maturity
In May 1911, and Is also to pledge all of the $5,500,000 first mortgage 4s
which arc now in the treasury or pledged for floating debt. It is Intended
that the $5,500,000 additional first mortgage Is which the com pany is
entitled to receive from the trustee up to and including the year 1913 shall
also be ultimately pledged under the refunding m ortgage. The refunding
mortgage will forbid the issue of any first mortgage 4s aside from this
$5,500,000.
The following bonds, which will be released b y paym ent of floating debt
or of bonds to secure which they arc held, are to be pledged under the
refunding mortgage, or canceled In case of merger with Seaboard: Atlanta
& Birmingham Air Line R y. second 5s, $2,000,000; Catawba Valley R y.
first 5s, $250,000; Tallahassee Perry & Southeastern R y. first 5s, $315,000;
Atlantic Suwanee R iver & Gulf R y. first 5s, $448,000. The following bonds
when released are to be held In the treasury for general purposes: Atlanta

Steamship Co. when released shall be deposited as additional security under
the refunding mortgage on terms enabling the railway to exchange or other­
wise dispose of them, provided that the proceeds shall be deposited with the
trustee, or used to redeem outstanding first mortgage 4s or refunding bonds.
2. A d ju s tm e n t M o r tg a g e 5 % B o n d lim ite d to a T o ta l I s s u e o f $25,OOO.OOo!
[To be cumulative Interest bonds, dated N ov. 1 1909, or such other date
as may be determ ined, to be payable 40 years after date, to be redeemable
at par and all unpaid cumulative Interest at the option of the com pany
on any Interest date, and to be secured by a m ortgage covering the
property mortgaged to secure the 4% refunding bonds, and Immediately
subsequent In lien thereto. No dividends shall be paid on stock until
arrearages of Interest on the bonds are paid in full.
1 o be issued In exchange, dollar for dollar, for a like principal
amount of the existing general mortgage 5s__________________ $6,345,000
l o be Issued In paym ent, dollar for dollar, of the overdue Interest
634,500
on the general mortgage 5s to A ug. 1 1909__________________
ro be offered for sale at 70% of their par value to preferred and
com m on stockholders of Seaboard Air Line R y. of record as
of some date to be fixed b y the com m ittee, each stockholder to
be entitled to buy bonds to the am ount of 30% of the par value
of the stock registered In his nam e____________________________18,000,000
Balance unappropriated_________________________________________
20,500
E n d o r se m e n t to B e P la c e d on F ir s t M o r tg a g e 4% B o n d s .
“ This bond m ay be redeemed or purchased by the Seaboard Air Line R y.
or Its successor, on any Interest-payment date, at par and accrued interest,
upon notice, the first publication of which shall be at least three months
before such date, In accordance with the terms of an agreement between
the trustee of the mortgage securing this bond and said railway, dated
_____ _________ , 1909.”
[In case the plan Is not carried out, the first mortgage bonds will be
returned unstamped. The first mortgage bonds will not be liable for any
expenses or charges of the com m ittee or the depositaries.[
1
U n d e r w r itin g S y n d ic a te F o n n e d to P u r c h a s e $18,000,000 A d ju s t m e n t B o n d s ,
In order to raise the m oney which the com m ittee deems necessary there
lias been form ed an underwriting syndicate of which members of the com ­
m ittee, stockholders and directors arc members, which for a commission
(Including the com pensation of the syndicate managers and their associates)
of 5% on the face of the $18,000,000 adjustm ent bonds to be sold has
guaranteed to purchase and pay for at 70% of the face value thereof any
portion thereof which m ay not be subscribed and paid for b y the stock­
holders.
The proceeds from sale of $18,000,000 adjustment bonds
(after deductl g underwriting commission, $11,700 000) w 11 be applied s follows :
Receivers certificates------$7,5l0,000|Three cou pon son 1st M. 4s $766,000
763,000 Floating debt. Interest, ex1wo-year notes & int____
„
,
I pe ses of com m ittee,& c. 2,661,000
The floating debt. Including certain notes for real estate (but not Including
ordinary current Indebtedness) amounts to about $2,500,000. It Is esti­
mated that the cash in the hands of the receivers on July 2 1909 will be
about $2,165,600,
I

New Bonds Twice Subscribed for.— S u b s c r i p t i o n s t o t h e
u n d e r w r itin g o f th e 8 1 8 ,0 0 0 ,0 0 0 5 %
a d ju s tm e n t "in c o m e
b o n d s , i t is a n n o u n c e d , h a v e a m o u n t e d t o 8 3 6 , 0 0 0 , 0 0 0 , so
t h a t s u b s c r ib e r s w ill b e a l l o t t e d 5 0 % o f t h e a m o u n t t h e y
a p p lie d f o r .
'
lb*]
Purchase of Chesterfield ife Lancaster
a b o v e .— V . 8 8 , p . 1 6 2 1 , 1 5 0 1 .

RR.—

See th a t c o m p a n y
H

Seaboard Company.— Option to Shareholders.—- R e f e r r i n g
t o t h e f o r e g o i n g 'r e a d j u s t m e n t p l a n o f t h e S e a b o a r d A i r
L in e R y . , T h o s . A c h e n b a c h , P r e s id e n t o f t h e S e a b o a r d
C o m p a n y, announces
th a t u n d er a rra n g e m e n ts
w h ic h
w ill b e a n n o u n c e d la t e r , th e S e a b o a r d C o m p a n y in t e n d s
to o ffe r to its s t o c k h o ld e r s th e r ig h t t o b u y t h e ir p r o p o r ­
tio n a te sh a re o f th e a d j u s t m e n t b o n d s w h ic h th e S e a b o a r d
C o m p a n y , a s a s t o c k h o l d e r o f t h e r a i l w a y , w ill b e e n t i t l e d
to t a k e , e a c h s t o c k h o ld e r o f th e S e a b o a r d C o m p a n y th u s
o b t a in in g t h e o p p o r t u n i t y to b u y a d j u s t m e n t b o n d s to th e
e x t e n t o f 3 0 % o f t h e p a r v a l u e o f t h e s t o c k r e g i s t e r e d in
h i s n a m e a t a d a t e t o b e h e r e a f t e r f i x e d . — V . 8 3 , p . 1 5 6 , 39.

THE CHRONICLE

44

A u g u sta
&
N o rth e rn
R R . — Receivership oj
V ic e -C h a n c e llo r H o w e ll a t N e w a r k , N . J .,
o n J u ly 1 , o n a p p l i c a t i o n o f H i p p o l y t e L . H a r d y , w h o is
f i n a n c i a l l y i n t e r e s t e d in t h e A t l a n t i c E n g i n e e r i n g & C o n ­
s t r u c t i o n C o . , w h ic h h a d t h e c o n t r a c t f o r c o n s t r u c t i o n o f
t h e r o a d , a p p o i n t e d P ie r r e F . C o o k o f J e r s e y C i t y r e c e i v e r .
Savannah

Construction Co.—

The construction com pany was, It Is reported, to receive $10,000,000
bonds of the railroad for construction. While the construction com pany
Is alleged to have defaulted, the railroad com pany has not canceled the
contract, which is the construction com pany’s only asset. About $500,000
of stock has been issued by the latter, and there are liabilities aggregating
m ore than $250,000.— V. 88, p. 1501, 1501.
S e w e ll V a l le y R R . — S e e M e a d o w

Iliv e r L u m b e r C o . u n d e r

[VOL. L X X X I X .

W a s h i n g t o n ( D . C . ) T e r m i n a l C o .—Bonds Offered. — T h e
fir s t m o r t g a g e 4 % g o l d b o n d s d u e 1 9 4 5 a r e o f f e r e d b y a d ­
v e r t is e m e n t o n a n o th e r p a g e b y H a r v e y F is k & S on s a n d
B row n B r o s. & C o . a t 1 0 2 a n d in te r e s t.
T h e b o n d s o ffe r e d
a r c t h e u n s o l d p o r t i o n o f t h e $ 2 , 0 0 0 , 0 0 0 a u t h o r i z e d 4 s w h ic h
c o n s t i t u t e , w i t h t h e $ 1 0 , 0 0 0 , 0 0 0 o f 3 j /£ s , t h e e n t i r e a m o u n t
o f b o n d s is s u a b le u n d e r t h e m o r t g a g e c o v e r i n g t h e U n i o n
P a s s e n g e r S t a t i o n in W a s h i n g t o n , 1). C . , t h e c o n s t r u c t i o n o f
w h ic h t o d a t e h a s c o s t $ 1 5 , 9 1 2 , 0 0 0 .
T h e b on d s are g u a ra n ­
t e e d , p r in c ip a l a n d in t e r e s t , b y e n d o r s e m e n t jo in t l y a n d s e v ­
e r a l l y b y t h e B a l t i m o r e & O h i o a n d t h e P h i la d e lp h i a B a l t i ­
m o r e & W a s h i n g t o n R R . c o m p a n i e s , w h ic h o w n t h e e n t i r e

“ I n d u s t r i a l s ” b e l o w .— V . 8 8 , p . 1 3 1 4 .

c a p it a l s t o c k .— V . 8 5 , p . 1 4 0 3 .

S o u t h e r n P a c i f i c C o m p a n y .— Sale of Bonds Held by Union
Pacific RR.— 'S e e t h a t c o m p a n y b e l o w . — - V . 8 8 , p . 1 5 0 1 , 1 4 3 8 .

W e s t E n d S t r e e t R y . , B o s t o n . — Circular. — T h e s h a r e ­
h o l d e r s ’ p r o t e c t i v e c o m m i t t e e h a s s e n t o u t a c ir c u la r l e t t e r
s t a t in g t h a t , a t th e r e q u e s t o f t h e B o s to n E le v a t e d R y . C o .,
th e w h o le m a t t e r o f c o n s o lid a tio n h a s b e e n re fe r r e d b y th e
L e g is la tu r e to a c o m m is s io n c o m p o s e d o f th e R a ilr o a d C o m ­
m is s io n e r s a n d t h e B o s t o n T r a n s i t C o m m i s s i o n , w h o w ill
h e a r th e p a r tie s in t e r e s t e d a n d r e p o r t to th e n e x t L e g is la tu r e
w h e th e r o r n o t th e ch a n g es a d v o c a te d b y " th e c o m m itte e
( a n d o u t l i n e d in V . 8 8 , p . 1 0 0 3 , 9 4 6 ) a r e j u d i c i o u s a n d c o n ­
s i s t e n t w i t h t h e p u b li c i n t e r e s t .— - V . 8 8 , p . 1 0 0 3 , 9 4 6 .

S p r i n g f i e l d (111.) & J a c k s o n v i l l e E l e c t r i c R y . — Mortgage.—
T h e c o m p a n y h a s file d a m o r t g a g e t o t h e W e s t e r n T r u s t &
S a v i n g s B a n k , C h i c a g o , 111., t r u s t e e , t o s e c u r e a n is s u e o f
n o t e x c e e d in g $ 8 0 0 ,0 0 0 6 % b o n d s , d a t e d N o v . 2 1 9 0 8 a n d
d u e N o v . 1 1 9 1 8 , b u t s u b j e c t t o c a ll a f t e r t h r e e y e a r s o n 9 0
d a y s ’ n o tic e a t 1 0 5 .
Is s u a b le a t r a t e o f $ 2 4 ,0 0 0 p e r m ile .
In tere st A . & O .
P a r $ 1 ,0 0 0 , $ 5 0 0 a n d $ 2 5 0 .

The com pany expected to begin work during .June on Its projected elec­
tric railway between Springfield and .Jacksonville. The greater portion of
the right of way, it is stated, has been secured, and negotiations are in
progress for tile remainder. The grading contract has been awarded to the
Franklin Construction Co. of St. Louis, Mo.
Tlie com pany was incorporated in Illinois in October 1908. Its au­
thorized capital stock is $500,000 com m on and $300,000 (5% preferred
(redeemable after 5 years at 105), par $100. Officers: President, O. .J.
Lucas; S''crer->>-v, I). H. Sims; Treasurer. O. II. Sims. S. H. Cummins Is
Interested. Office, 501, 502 Myers Building, Springfield, 111.
T o l e d o & O h i o C e n t r a l R R . — New President.— I n o r d e r
to c o m p ly a s fa r a s p o s s ib le a t p r e s e n t w ith th e o r d e r o f th e
C i r c u it C o u r t o f F r a n k l i n C o u n t y d i r e c t i n g a c o m p l e t e s e p a r a ­
tio n o f th e H o c k in g V a lle y , th e T o le d o A O h io C e n t r a l, th e
Z a n e s v i l l e & W e s t e r n a n d t h e K a n a w h a & M i c h ig a n r a i l w a y s ,
t h e b o a r d s o f d ir e c t o r s o f t h e s e p r o p e r t i e s h a v e e f f e c t e d p r a c ­
tic a lly a c o m p le te r e o r g a n iz a tio n o f th e e x e c u t iv e , o p e r a tin g
a n d tr a ffic d e p a r t m e n t s o f th e s e r o a d s , a n d h e r e a fte r th e
H o c k i n g V a l l e y a n d t h e T o l e d o & O h i o C e n t r a l w ill b e o p e r ­
a t e d a s e n t i r e ly in d e p e n d e n t lin e s a n d p r o p e r t i e s .
C h a r le s
T . L e w i s o f t h e la w fir m o f D o y l e A L e w i s h a s b e e n e le c t e d
P r e s id e n t o f th e T o le d o & O h io C e n tr a l a n d th e Z a n e s v ille
& W e s te r n r a ilr o a d s , to s u c c e e d N ic h o la s M o n s a r r a t, w h o
w ill c o n t i n u e a s P r e s i d e n t o f t h e H o c k i n g V a l l e y a n d t h e
K a n a w h a & M ic h ig a n .
C h a r le s G . H i c k o x o f C l e v e l a n d , a
d ir e c to r fo r m a n y y e a r s , b e c o m e s V ic e -P r e s id e n t .

The T oledo & Ohio Central and Zanesville & Western will be operated as
one system , with headquarters In Toledo, while the Hocking Valley and
tile Kanawha & Michigan will be operated under a separate tiead, with
headquarters in Columbus. No official connected with the Hocking Valley
will be concerned in any way with the Toledo & Oiiio Central nor of the
latter road with the form er. As there has been no question raised as to the
right of tlie Toledo & Ohio Central to operate the Zanesville & Western,
that road will be under jurisdiction of the form er, and as a decision in the
suit for a separation of tlie Hocking Valley and Kanawha & Michigan Is
pending on a rehearing, they will continue to be join tly operated for the
present.— V . 87, p. 937.
U n i o n P a c i f i c R R . — Southern Pacific Bonds Sold.— T h e
U n i o n P a c i f i c , it is u n d e r s t o o d , lia s d i s p o s e d o f it s h o ld i n g s
o f S o u t h e r n P a c ific C o m p a n y c o n v e r t i b l e 4 %
b o n d s , to
w h ic h i t s u b s c r i b e d a s a s t o c k h o l d e r o f S o u t h e r n P a c i f i c .
I n M a r c h o f t h i s y e a r t h e S o u t h e r n P a c ific s t o c k h o l d e r s w e r e
o ffe r e d $ 8 2 ,0 0 0 ,0 0 0 o f th e b o n d s a t 9 0 , a n d u n d e r th is o ffe r
t li e U n i o n P a c ific w a s e n t i t l e d t o s u b s c r ib e f o r a b o u t $ 3 7 , ­
5 0 0 ,0 0 0 o f th e b o n d s .
T h e b o n d s a r e n o w s e lli n g a t 1 0 3 . —
V . 88, p . 1439. 1374.
U n i t e d R a i l w a y s & E l e c t r i c C o . o f B a l t i m o r e .— Favorable
T h e C o u rt o f A p p e a ls o f M a r y la n d on J u n e 2 9 ,
r e v e r s i n g t h e l o w e r c o u r t s , h e ld t h a t t h e p a r k t a x o f 9 % o n
g r o s s r e c e ip t s o f lin e s w i t h i n t h e o l d c i t y l i m i t s i m p o s e d b y
t h e A c t o f 1 8 8 2 w a s i n t e n d e d b y t h e L e g i s l a t u r e t o b e in
fu ll p a y m e n t o f a n d in lie u o f a ll o t h e r t a x e s o n e a s e m e n t s
in t h e c i t y s t r e e t s , a n d t h a t n o f u r t h e r t a x o n t h e i n t a n g i b l e
p r o p e r t y c a n b e le v ie d .

Tax Decision.—

The valuation of the intangible property was fixetl on June 20 1908 by
the Appeal Tax Court at $11,214,150, but, upon appeal to the City Court,
was reduced to $2,811,926. The valuation for 1908 was placed at $2,904,
092. The Court holds that no further tax on Intangible property o n lie
levied without express legislative authority. The easements in the 14
miles of turnpikes In the annexed districts are, however, held to be taxable,
and the case was remanded In order that their value m ay be properly
ascertained.— V. 88. p. 1123, 1003.
V i r g i n i a P a s s e n g e r & P o w e r C o . — Successor Company.—
S e e V i r g in ia R a i l w a y & P o w e r C o . b e l o w . — V . 8 8 , p . 1 3 1 4 ,
1199.
V ir g in ia

R a ilw a y

&

P ow er

C o .,

R ic h m o n d ,

V a .—

Re­

organized C o m p a n y f h i s

com pany,
p roposed
su ccessor
o f t h e V ir g in ia P a s s e n g e r & P o w e r C o . , r e c e n t l y s o l d , p e r
p la n in V . 8 7 , p . 3 4 7 ., a p p l i e d t o t h e V i r g i n i a C o r p o r a t io n
C o m m is s io n on J u n e 2 8 fo r a c h a r te r , its c a p it a l s t o c k b e in g
$ 1 2 , 5 0 0 , 0 0 0 , o f w h ic h $ 5 , 0 0 0 , 0 0 0 is t o b e p r e f e r r e d .
A
“ fir s t a n d r e f u n d i n g ”
m o r t g a g e f o r $ 1 5 , 0 0 0 , 0 0 0 w ill b e
a u th o r iz e d .
T h e d ir e c t o r s ( a n d o f f i c e r s ) a r e :

Chairman of tlie Board, Frank.Jay Gould, Tarry town, N. Y .; President
W llllam 'N orthrop, Richm ond; Vice-President, Fritz Sltterdlng, Richmond;
Vice-President and General Counsel, Henry W . Anderson, Richmond;
Secretary and Treasurer, Guy Phillips, New York; Clias. S. YVhelen, Phila­
delphia; Edwin Gould. New York: Percy M. Chandler, Philadelphia; R.
Lancaster Williams, R ichm ond.— V . 88, p. 1314, 1199.
W a b a s h R R . — Notes Paid Off.— T h e $ 4 8 5 , 0 0 0 B u f f a l o
T e r m in a l A s s o c ia tio n g u a r a n te e d n o te s (th e r e m a in d e r o f an
o r ig i n a l issu e o f $ 8 3 5 , 0 0 0 ) , w h ic h w e r e e x t e n d e d fo r o n e y e a r
in 1 9 0 7 a n d a g a in a t 0 G j % in 1 9 0 8 t o J u n e 2 9 1 9 0 9 , a r e b e in g
p a id a t p r e s e n ta tio n b y th e C ity T r u s t C o . o f B o s t o n .
Com ­
p a r e V . 8 7 , p . 6 1 0 ; V . 8 5 , p . 4 2 ; V . 8 3 , p . 1 5 7 .— V . 8 8 ,
p. 1 0 2 2 , 1 5 6 1 .




W i s c o n s i n C e n t r a l R y .—New Bonds to Be Issued.— T h e
d ir e c t o r s o n J u n e 2 9 a u t h o r i z e d t h e is s u e o f $ 2 , 5 0 0 , 0 0 0 o f t h e
n e w 5 0 - y e a r 4 % fir s t a n d r e f u n d i n g g o l d b o n d s o n a c c o u n t o f
c o n s t r u c t i o n o f t e r m i n a l s in D u l u t h . — V . 8 8 , p . 6 8 7 , 8 2 4 , 8 8 4 .

INDUSTRIAL, GAS AND MISCELLANEOUS.
Albemarle & Chesapeake Canal Co.—Default— Committee.
— T h e J a n u a r y a n d J u l y 1 9 0 9 c o u p o n s o n t h e $ 5 0 0 , 0 0 0 fir s t
m o r t g a g e b o n d s n o t h a v in g b e e n p a i d , a b o n d h o ld e r s ’ c o m ­
m i t t e e h a s b e e n f o r m e d , c o n s i s t i n g o f J a m e s M . E d w a r d s of
R . T . W ils o n & C o ., b a n k e r s , C h a ir m a n ; H e n r y T . C u t t e r ,
c a p ita lis t, a n d R o b e r t L . H a r r iso n o f H a r r is o n , E llio tt &
B y r d , N e w Y o r k , l a w y e r s , w it h a v i e w t o t h e f o r e c lo s u r e
o f t h e first m o r t g a g e a n d s u b s e q u e n t r e o r g a n i z a t i o n .
The
p la n o f r e o r g a n i z a t i o n h a s n o t y e t b e e n p r e p a r e d , a n d i t c a n ­
n o t n o w b e s t a t e d w h e t h e r o r n o t a n y p r o v i s i o n w ill b e m a d e
in s u c h a p l a n f o r t h e d e b e n t u r e b o n d s . — V . 8 7 , p . 1 6 8 .

American Iron & Steel Manufacturing Co.— Remainder of
Dividend Declared in March 1 9 0 7 Paid.— T h e c o m p a n y p a i d
o n J u ly 1 t h e r e m a i n i n g % o f 1 % o f t h e 2 % d e c la r e d o n
M a r c h 12 1 9 0 7 o n b o t h c o m m o n a n d p r e f e r r e d s t o c k t o
h o ld e r s o f r e c o r d M a r c h 2 3 1 9 0 7 , p a y i n e p t o f w h ic h w a s
w it h h e ld p e n d i n g t h e o u t c o m e o f t h e li t i g a t i o n o v e r t h e
r i g h t o f t h e p r e f e r r e d s t o c k t o p a r t i c i p a t e e q u a l l y in d i v i ­
d e n d s a f t e r e a c h c la s s o f s t o c k h a s r e c e iv e d d i v i d e n d s a t 5 %
per an n u m .

C om pare

V. 88, p.

American Naval Stores Co.,

1623.

Savannah, Ga.— Verdict

Against Officers.—
U n ite d

S ta tes

A j u r y b e f o r e J u d g e S h e p p a r d in t h e
D is t r ic t C o u r t f o r t h e S o u t h e r n D i s t r i c t o f

G e o r g ia a t S a v a n n a h o n M a y 10 b r o u g h t in a v e r d i c t o f
g u ilt y o f v io la tio n o f th e S h e r m a n A n t i -T r u s t L a w a g a in s t
t h e f o u r l e a d i n g o f f ic e r s o f t h e c o m p a n y a n d t h e c o m p a n y ’ s
M a n a g e r a t J a c k s o n v ille , F la .
A n a p p ea l has been ta k en .

The defendants were fined from $2,000 to $5,000 each anil two of them
sentenced to three m onths’ Imprisonment In addition. 'L’ lie violations, It is
claimed, are merely technical, the meaning of the penal provisions of the
law being very uncertain. No verdict was found against tlie com pany or
the National Transportation & Terminal C o., as requested.
Tlie com pany was Incorporated In West Virginia In 1900 and took over
the S. I'. Shotter Co. and the Paterson-Downing C o., dealers In turpentine
and rosin. Capital stock, $2,200,000. Chairman of Board, Spencer i*.
Shotter; President, E. S. Nash, and Vice-President, J. F. Cooper Meyers,
all of Savannah. Ga.; Treasurer, Geo. M. Boardman, New York: Secretary,
C. J. De Loach.

American Pneumatic Service Co.— Patent Upheld.—

The

C o m m is s io n e r o f P a t e n t s a t W a s h i n g t o n o n F o b . 5 h a n d e d
d o w n a d e c is i o n in f a v o r o f t h e L a m s o n C o n s o l i d a t e d S t o r e
S e r v i c e C o . in a c a s e b e t w e e n t h a t c o m p a n y a n d t h e U n i v e r s a l
P n e u m a t i c T r a n s m i s s i o n C o . o f C h i c a g o , i n v o l v i n g , it is
s t a t e d , b r o a d l y a n in v e n t i o n k n o w n a s t h e B e l l m o u t h p o w e r
s a v in g a p p a r a tu s .

This is reported to lie the third decision in tlie case, all in favor of the
I.anuon Company. As power saving control Is practically essential for
all pneumatic tube apparatus, tlie decision is deem ed highly Important to
the com pany.— V. 88, p. 1562, 824.

American Strawboard Co.— Injunction Dissolved.— J u d g e
H o n o r e a t C h ic a g o o n J u l y 2 d i s s o l v e d t h e t e m p o r a r y in ­
ju n c tio n o b ta in e d b y s o m e o f th e m in o r it y s to c k h o ld e r s
a g a i n s t t h e v o t i n g o f t h e s t o c k h e ld b y t h e U n i t e d B o x B o a r d
A P aper C o.
T h e p o s t p o n e d a n n u a l m e e t i n g f o r t h e e le c ­
tio n o f d ir e c to r s c a n n o w b e h e ld .
C o m p a re V . 8 8 , p . 6 2 7 .—
V . 88, p . 1315, 627.

American Sugar Refining Co.— Indictment.— A j u r y
b e f o r e J u d g e H a n d in t h e U n i t e d S t a t e s D i s t r i c t C o u r t in
th is c it y o n T h u r s d a y r e tu r n e d a n in d ic t m e n t c o n ta in in g
14 c o u n t s a g a i n s t t h e c o m p a n y a n d e i g h t o f it s o f f ic e r s ,
in c lu d in g th e P r e s id e n t a n d c o u n s e l.
The olTcnse charged Is that of a conspiracy In restraint of trade and
com m erce by the elimination of the Pennsylvania Sugar Refining Co. as a
com petitor through the making of the $1,250,000 loan to Adolph Segal.
The m aximum penalty, on con viction, under the Sherman A ct, Is a fine of
$5,000 .and Imprisonment for one year on each cou n t.— V .8 8 , p. 1502, 1130.

(B. F.) Avery & Sons, Louisville, Ky.— Bonds Offered.—
P eabody,

H o u g h t e l i n g .& C o . ,

C h i c a g o , a r e o f f e r i n g ,a t

par

a n d i n t e r e s t , t h e u n s o l d p o r t io n o f t h e c o m p a n y ’ s t o t a l is s u e
o f $ 5 0 0 , 0 0 0 fir s t m o r t g a g e 5 % s e r ia l g o l d b o n d s d a t e d A p r i l l
1 9 0 9 a n d d u e in a n n u a l i n s t a l l m e n t s o n A p r i l l f r o m 1 9 1 0 t o
1 9 2 4 , i n c l u s i v e , v i z . : $ 2 5 , 0 0 0 y e a r l y in 1 9 1 0 a n d 1 9 1 1 ; $ 3 0 , ­
0 0 0 y e a r ly 1 9 1 2 to 1 9 1 8 ; $ 4 0 ,0 0 0 y e a r ly 1 9 1 9 to 1 9 2 4 , b u t
r e d e e m a b l e in t h e r e v e r s e o f n u m e r i c a l o r d e r o n A p r i l 1 1 9 1 2

J u l y ,3 '9 0 9 .

THE CHRONICLE

o r o n in te r e s t d a te s th e r e a fte r , a t 1 0 2 ^ a n d in te r e s t.
Par
$ 1 ,0 0 0 a n d $ 5 0 0 ( c * ) .
P r in c ip a l a n d s e m i-a n n u a l in te r e s t
p a y a b le a t th e F id e lit y T r u s t C o ., L o u is v ille , I v y .
T ru ste e s,
s a id tr u s t c o m p a n y a n d A u g u s tu s S . P e a b o d y o f C h ic a g o .

A bstract of Letter from Pres. George C. A very, Louisville, K y ., Apr. 1 09.
The com pany manufactures plows, planters, cultivators and other agri­
cultural Implements. The business was founded b y Benjamin P. Avery
at Clarksville, V a., In 1825. In 1847 Mr. Avery m oved to Louisville, where
he opened a plow factory. In 1877 the business was Incorporated under
the laws of Kentucky, with a charter expiring In 1953. Since Its Inception
the business has been continuously under the personal management of
II. F. A very or one of his sons. Branch warehouses and sales offices are
maintained at Atlanta, Memphis, New Orleans, Shreveport, Dallas and
Oklahoma City; also an office In New York City for export business.
The Avery products have always been popular In the Southern and South­
western States, where the concern has a leading position In the trade. About
50% of Its products Is distributed In the Southern States east of the Mis­
sissippi R iver, about 25% In the Southern States west of the Mississippi
River and about 25% In the Ohio Valley States and In foreign countries.
The com pany em ploys an average of about 800 men. Its factory Is run
practically all the time at full capacity, and during the recent panic Its
operations were not reduced more than about 2 5 % .
The com pany’s llnanclal condition Is excellent. While It has paid 6% d iv­
idends on both preferred and com m on stock for m any years, It has steadily
built up a working capital In excess o f $1,300,000, and a substantial surplus.
The com pany ow n s'ab ou t four acres of land In the heart of Louisville,
and has leased all available surrounding property (some four acres) to in­
crease Its plant. A congested city district now hedges In Its works on all
sides,and there Is Imperative need of a new plant with enlarged facilities.
Last year the com pany purchased and paid for 31 Yi acres of ground on
the southern limits of Louisville, Immediately adjoining the Southern R ail­
w ay and within easy switching distance of the Illinois Central and Louis­
ville & Nashville railroads. This tract of ground cost the com pany In
cash $50,040, and the com pany proposes Immediately to erect, at an esti­
m ated cost of $536,000, a thoroughly up-to-date plant, Into which It will
move all o f the available machinery and equipment of its present factory.
The purpose In issuing these bonds Is to provide funds for the com pletion
of this new plant, without Impairing working capital. Careful estimates
show that the saving to the com pany In rentals, operating expenses and in­
creased facilities resulting from this new plant will amount to not less than
$50,000 per year.
Digest o f A uditor's Report April 1 1909.
Tne net annual profits of the business before charging Interest for years
ending May 31 were:
1904 ------------------------------------$191,93611907 _______________________ $224,856
1905 ------------------------------------ 370.253 1908 (panic yea r)..............
128,573
1906 ------------------------------------ 318,7321Average per annum _______ 246,870
B a la n c e S h ee t o f M a n 31 1908 o n B a s i s o f P r e s e n t F i n a n c i n g .
(1. « ., after Incorporating therein (1) the proceeds of the $500,000 first
mortgage bonds and (2) the cost of the new plant at an estimated amount
of $536,000; that Is to say, dealing with these two transactions as if they
had been com pleted at May 31 1908, the following statement would repre­
sent the condition of the com pany, subject to Its endorsement of customers
notes receivable, to the am ount of $340,772, discounted at Its banks.]
■
A s s e t s ($2,456,800).
L i a b i l it i e s ($2,456,800).
Real estate, bldgs. & plant$l,013,794 Preferred s tock ___________ $600,000
Common s t o c k ................
464,000
Merchandise, materials &
500,000
supplies________________
959,558 First mtge. 5 % bonds____
24,935
C a sh .a cc’ ts & bills rec’le. 433,522 Accounts payable_______
867,865
Other assets___________ _
49,926 S u rp lu s__________
— V . 76, p. 1250.
B e r g e r M f g . C o . , C a n t o n , O h i o .—Increase of Capital Stock.
— T h e s h a r e h o ld e r s h a v e a u t h o r i z e d a n in c r e a s e in t h e c a p i t a l
s t o c k fr o m $ 2 ,0 0 0 ,0 0 0 to $ 5 ,0 0 0 ,0 0 0 , th e p ro c e e d s to b e
u s e d fo r im p r o v e m e n t s a n d th e e n la r g e m e n t o f th e p la n t .—
V . 86, p. 231.
B o s t o n ( M a s s . ) W o v e n H o s e & R u b b e r C o .—New Stock.—
T h e c o m p a n y r e c e n tly s o ld to th e C it y T r u s t C o . o f B o s t o n
$ 3 0 0 ,0 0 0 n e w c o m m o n s t o c k w ith th e p r o v is o t h a t c o m m o n
s to c k h o ld e r s o f th e r u b b e r c o m p a n y s h o u ld h a v e th e p r iv ile g e
o f s u b s c r i b i n g t h e r e f o r u n t il J u n e 2 9 a t $ 1 5 0 a s h a r e ( p a r
$ 1 0 0 ) to th e e x t e n t o f t w o n e w s h a r e s fo r e a c h th r e e o f o ld
c o m m o n h e ld b y t h e m r e s p e c t i v e l y .
S u b s c r ip tio n s w ere
p a y a b le a t th e C ity T r u s t C o . 1 0 % J u n e 2 9 a n d 9 0 % J u ly 1 4 .
W i t h t h i s i s s u e t h e r e w ill b e o u t s t a n d i n g $ 7 5 0 , 0 0 0 c o m m o n
a n d $ 7 5 0 ,0 0 0 p r e fe r r e d .

A bstract of Statement made by Boston W oven Hose & Rubber Co.
June 10 1909
Executive offices, Cambr dge, Mass., I '.O . B ox 5077, B oston. Factories'
Cambridge and Plym outh, Mass. W arehouses, New Y ork, Chicago,
Cleveland, Pittsburgh. Offices; Boston, Philadelphia, Bullalo, Detroit,
St. Louis, Milwaukee, San Francisco.’
Organized In 1899, the com pany acquired the substantial part of the old
com pany’s assets, together with Its business and good will, and In return
therefor Issued $750,000 pref. stock and $450,000 com m on. The preferred
stock Is entitled to 6% cum ulative dividends and has a first lien on net
assets In liquidation. The management has remained substantially
unchanged.
In ten years our annual business has quadrupled In volum e and in 1906
had grown to such an extent that It was Impossible to produce the goods
sold, either prom ptly or with the best econom ies. Great progress mean­
while had been made in the use of reclaimed rubber for com bination with
the costly crude rubber, especially In some lines,and the Colonial R ubber
Co. of Plym outh, Mass., with Its valuable water privileges, was purchased
from surplus earnings.
A t the close of the fiscal year 1906 the com pany had earned net since
organization $1,228,274, had paid regularly 6% per annum on the pref.
stock, and on the com m on stock 3 % In 1905; (since 1906 It has paid 8%
per annum regularly on the com m on ). Its entire capital stock was then
represented by quick assets, with a surplus for the com m on stock; and It
had cash on hand of about $200,000, with no debts.
The growth of the business made It Imperative that proper facilities
should be provided, and land was purchased and In 1907 three large con­
crete buildings of the best factory typ e and a large m odel brass foundry
were constructed and equipped with Improved m achinery, at a total cost
o f nearly $1,000,000. All were paid for In cash, necessarily creating a
large floating debt; and, while this Is at present easily carried at a low rate
o f Interest, the directors have deemed It wise that such Indebtedness should
be represented. In part at least, by an Increased capitalization.
Brfelly stated, this com pany has In ten years earned over $1,500,000;
has paid dividends of over $500,000, and has charged off for depreciation,
patents, & c., over $500,000, besides which there has been charged off for
expense from m onth to month for repairs and alterations on the equipm ent
(which Items do not appear In the depreciation mentioned) m ore than
$200,000; and to-d ay the com m on stock has a book value In excess of $200
per share. After applying In reduction of the floating debt the cash
to be received for the 3,000 shares of additional com m on stock this day
purchased by you (City Trust Co.) the com pany will be upon a thoroughly
satisfactory financial.basis.— V. 87, p. 1239.
( P . ) B u r n s & C o . , L t d . , C a l g a r y , A l b e r t a .—Bonds Offered.
— T h e D o m i n i o n S e c u r i t ie s C o r p o r a t i o n , L t d . , M o n t r e a l ,
T o r o n t o , W i n n i p e g a n d L o n d o n , is o f f e r i n g , a t p a r a n d in t e r ­
e s t , t h e u n s o l d p o r t i o n o f t h e t o t a l is s u e o f $ 1 , 0 0 0 , 0 0 0 0 %
fir s t m o r t g a g e 1 5 - y e a r s i n k i n g f u n d b o n d s d a t e d
A p ril 1
1 9 0 9 a n d d u e A p r i l 1 1 9 2 4 , b u t r e d e e m a b l e a s a w h o le a t
1 0 5 a n d in te r e s t o n a n y in te r e s t d a t e o n a n d a ft e r A p r il 1
1 9 1 4 o n 6 0 d a y s ’ n o tic e , o r a n n u a lly fo r s in k in g f u n d d r a w ­
in g s b e g i n n i n g O c t . 1 1 9 1 0 .
D e n o m in a tio n s $ 1 0 0 , $ 5 0 0 a n d




45

$ 1 ,0 0 0 .
In t e r e s t A . & O . a t Im p e r ia l B a n k o f C a n a d a ,
M o n t r e a l a n d T o r o n t o , a n d a t L l o y d ’s B a n k ,
London,
t r u s t e e , N a t io n a l T r u s t C o ., L t d .

Digest o f Report of Price, W aterhouse & C o ., June 17 1909.
The net profits, after providing for maintenance and depreciation and
for all Interest charges other than Interest on the loans to be discharged out
of the proceeds of the proposed bond Issue of $1,000,000 were; For the year
ending Sept. 30 1907, $279,380; for the year ending Sept. 30 1908. $317,861;
and for the six months ending March 31 1909, $159,212.
The total surplus o f assets over liabilities available as security for th®
proposed $1,000,000 bonds, as of March 31 1909, was $3,032,129, viz.:
Real estate and buildings owned (excluding buildings included in
p lan ts), valued a t ____________ _________________________________ $1,386,709
Plants, Including buildings at Calgary, Vancouver, Strathcona and
511,786
W etaskiwin, appraised a t _____________________________________
Branch stores, general equipm ent, and other capital assets
M arch31 1909_______
200,762
Current assets (inventories of cattle, packing-house products,
stores and supplies, accounts and bills receivable and cash In
excess o f liabilities other than the loans to be discharged b y
the proposed bond Issue______ ______
932,872
E x t r a c t s f r o m L e tte r o f P r e s id e n t P . B u r n s , C a lg a r y , M a y 27 1909.
The present issue o f bonds, put out to pay floating debt, is absolutely a
first charge on all the properties now owned or hereafter acqulried, com pris­
ing valuable real estate in Calgary, Edm onton, W etaskiwin, Lethbridge,
Kam loops, Revelstoke, Nelson and V ancouver, In connection with which
are abattoirs, packing houses and yards; 62 stores In the more im portant
cities and towns In Alberta and British Columbia, and 18,185 acres of farm
lands In Alberta used as pasturage and feeding cam ps. At Calgary the
head office, the abattoir and packing house, with adjacent corrals, t e c . ,
cover about 18 acres. At Vancouver the a b a tto ir and packing house
occupy a site of 9 acres on the water front; the construction of a wharf
for ocean-going steamers will enable these to be loaded with live stock
from the yard, or with dressed meat from our abatolr. Our main market
In Vancouver has a com plete cold storage equipment and a six-story build-,
lng Is nearing com pletion which will accom m odate another m arket, with
a cold-storage plant and suites of offices.
Our 62 retail markets are established at every point of Importance between
Calgary and Victoria on the main line of the C. P. R .; In Alberta, from E d­
m onton in the north to Lethbridge In the south; also through East K ootenay,
on the Crow’s Nest Pass, W est K ootenay and the B oundary District. In
addition to live stock and dressed meats, the com pany deals In hides,
tallow, hoofs, casings, bones, oil and fertilizer. Through our Alberta stores,
large quantities of b e tte r, eggs and poultry are purchased for our British
Columbia markets. From British Columbia we receive and distribute
fresh, frozen and smoked flsh of all kinds. This business was founded b y
me in the year 1890 at Calgary, Alberta.— V . 88, p . 1375.

Citizens’ Light Heat & Power Co. of Eagle Grove, la.—■
Injunction.— T h e c o m p a n y h a s o b t a i n e d f r o m t h e D i s t r i c t
C o u r t a te m p o r a r y in ju n c tio n r e s tr a in in g th e e n fo r c e m e n t
o f t h e o r d i n a n c e p a s s e d b y t h e C i t y C o u n c il r e d u c i n g t h e
p r ic e o f g a s fr o m $ 1 5 0 to $ 1 2 5 , p e n d in g a n in v e s t ig a t io n ,
on

th e

ground

th a t

th e

new

ra te

is

n o n -c o m p e n s a t o r y .

Columbus & Hocking Coal & Iron Co.—Bonds Offered.—
L a t h r o p , H a s k i n s & C o . , N e w Y o r k C i t y , a r e o ffe rin g ^ at
102
a n d in te r e s t, y ie ld in g a b o u t 5 . 8 5 % , th e u n s o ld p o r tio n
o f a b lo c k o f $ 3 0 0 ,0 0 0 s in k in g fu n d m o r t g a g e 6 % b o n d s ,
d a te d O c t. 1 1 9 0 6 an d d u e O c t. 1 1 9 5 6 ; to ta l a m o u n t a u th o r­
iz e d a n d is s u e d ( c l o s e d m o r t g a g e ) , $ 1 , 0 0 0 , 0 0 0 .
“ S in k in g
f u n d in s u r e s r e t i r e m e n t o f t h e is s u e a t m a t u r i t y , u n l e s s p r e ­
v i o u s l y r e d e e m e d a t 1 1 0 a n d i n t e r e s t .”

Extracts from Letter of President N. L. C. Kachelmacher, Colum bus, O ..
June 10 1909.
W e have com pleted one of the largest and most efficient brick manu­
facturing plants In the country, at a cost of over $700,000, having an output
of over 40,000,000 bricks a year. Our coal properties, com pletely rehabili­
tated during the past five years, are now able to turn out about 4,000 tons
a day. Our bricks com m and a high price. W e have uncovered five seams
of different kinds of clay In practically inexhaustible quantities. Opera­
tions are being conducted to determine the extent to which oil and gas
m ay exist on our properties
The 6% bonds are secured, through the deposit o f securities, b y a first
lien on the entire property of the Columbus & H ocking Clay & Brick Mfg.
C o., Including the new plant costing over $700,000; they are also a first lien,
subject to only $691,000 first mortgage 5s, which arc being rapidly retired,
on the entire property of the Columbus & H ocking Coal & Iron Co. The
net earnings of the coal properties alone averaged for the 3 years ended
March 31 1909 over $30,000 a year In excess of all fixed charges, including
for nearly the entire period Interest on the outstanding 6% bonds Issued
to construct the brick plant, which has only recently com m enced to yield
returns. The brick plant Is rapidly Increasing Its output, and there should
be no difficulty In earning, with our present equipm ent, more than three
times the entire fixed charges. The later enlargement of our brick plant,
at a very small outlay, will greatly Increase net earnings.— V . 88, p. 1064.

Columbia Motor Car Co.— Reorganized Company.— T h i s
c o m p a n y h a s b e e n i n c o r p o r a t e d u n d e r t h e la w s o f C o n n e c t i ­
c u t w i t h $ 3 , 0 0 0 , 0 0 0 s t o c k in $ 1 0 0 s h a r e s ( $ 2 , 0 0 0 , 0 0 0 6 %
n o n -c u m u la t iv e p r e fe r r e d ), a s s u c c e s s o r o f t h e E le c tr ic V e ­
h ic le C o . , p e r p la n in V . 8 8 , p . 1 5 6 2 .
Coshocton (O.) Light & Heating Co .— Offering of Preferred
S t a n t o n & C o ., C in c in n a ti, r e c e n tly o ffe re d

Stock.— S h o r t ,

$ 1 0 0 ,0 0 0 6 % c u m u la tiv e p re fe rre d s to c k a t 1 0 2 ^ (a n d a s a
b o n u s w i t h t h e fir s t $ 5 0 , 0 0 0 2 5 % f u l l - p a i d c o m m o n s t o c k . )
T h i s s t o c k ( t a x e x e m p t in O h i o ) is is s u e d in s h a r e s o f $ 1 0 0
e a c h a n d is r e d e e m a b l e a t o p t i o n o f c o m p a n y a t 1 0 5 a n d
a c c r u e d d iv id e n d s o n a n y d iv id e n d d a y a ft e r J u ly 1 1 9 1 2 .
D iv id e n d s p a y a b le J a n . 1 5 a n d J u ly 1 5 .
A c ir c u l a r s a y s :

Organized In 1899, and furnishes electric light, power and heating facilities
In and near Coshocton, a thriving manufacturing city of about 14,000 In;
habitants. Capitalization [Including present offering, as outstanding]1st m tge. 6% bonds, auth., $100,000, Issued $95,000: pref. stock, a u th .,
$250,000; issued $200,000: com m on stock auth., $300,000; Issued, $112,500.
The com pany proposes to use the proceeds o f this preferred stock In
building a hydro-electric plant at the foot o f the W alhonding Canal, 6,400
feet from the present steam plant, and also in installing new and larger
electrical machinery In the present steam plant. The brick buildings,
m achinery, heating mains, light and power wiring and water rights at
present owned represent a total valuation o f $750,000, and, with the
extensions and Improvements contem plated, will have a total value o f
approxim ately $875,000. The com pany has acquired all real estate
available for hydraulic developm ent, extending for H of a mile along the
canal and river, and the Improvements will perm it a connected load o f
3,000 h .p ., or nearly treble Its present capacity. The com pany has already
contracted to sell 60% of the total capacity of the new plant.
*
The com pany owns a perpetual electric light franchise granted J a n /1 0
1902, a 25-year heat:ng franchise, and a 10-year contract with the city
for lighting entered Into April 27 1909. The com pany has a 50-year
lease from the State of Ohio, made In June 1906 (with provision for renewal)
for the exclusive use of the waterpower rights of the W alhonding Canal.
Under this lease the com pany pays only $2,400 per annum for the first 25
years and $3,000 per annum for the second 25 years, which means th a tlt
Is securing an Investment equivalent to $450,000 at $2,400 and $3,000
per annum, and is relieved of maintenance charges. The lease Is estimated
to be worth at least $300,000.
For the last four years the net earnings have averaged In excess of
$21,000 and the com pany has paid 6% on Its bonds, 6 % on $100,000
pref. stock and 8 % on $100,000 com m on stock. W ith the installation

4(5

i!IE CHRONICLE

off the new plant ancl machinery, the earning power for the first yea
should be: gross, 5100,000: net, $00,000; Interest on bonds, $">,700; interes
on pref. stock, $12,000; balance, surplus, $42,300. The dividends on th
com m on stock will be suspended during the period of Installing the hydro
electric power house and machinery In order to pay the dividends on the
additional pref. stock now being offered. Dividends on the com m on stock
will be resumed as soon as practicable.
Drectors— YV. A . Himebaugh (President), Pres. Hoard of Trade and
director of Coshocton National Bank: J. C. Bowen (V Ice-P rcst.), Prest.
of Coshocton Brick Co.: J. S. Keverns (S ecy.-T rea s.), E x-county Treasurer;
N ewton Speekman, ex-C ounty Auditor; H . H . Pickens, East Orange, N. .1.

Davison Chemical Co. (Manufacturers of Sulphuric Acid),
Baltimore.— B o n d s S o ld . — J. S. Wilson Jr. & Co., Baltimore,
Md., recently placed $300,000 first mortgage 6% gold bonds.
A circular said:
These bonds are dated May 1 1909, maturing annually on May 1 from
1913 to 1920, viz.: $30,000 yearly 1913 to 1910, $10,000 each 1917 and 1918
and $50,000 yearly in 1919 and 1920, but subject to call at any Interest
period as a whole or In com plete series at 105 and interest upon 60 days’
notice. Authorized issue, $400,000, the remaining $100,000 to be Issued
only for additional construction at 85% of cost. Denomination $1,000,
coupon.^ Safe Deposit & Trust Co. of Baltimore, trustee.
As “ G. 11. & C. T . D avison,” and since 1902 under Its present name, has
been In successful operation for 30 years. These bonds have been Issued
for the purpose of consolidating the present plants at Canton (leasehold
property— Ed.) and Hawkins Point, by building at Curtis Bay a modern
sulphuric acid plant (with an annual output capacity stated as 100,000
tons— Ed.t Book value of c i m p in y ’s assets (not Including good will,
patent processes, &c.) Is $790,Ouu, but the replacement value Is consider­
ably higher. The net earnings above all llxed charges since 1902 have
been sufficient to pay the fixed charges on these bonds several times over
and the econom y and Increased capacity of the new plant should substan­
tially Increase the earning power.

Dayton (O.) Lighting Co.— B o n d s O ffered — S ta tu s .—
Baker, Ayling & Co. and Rudolph Kleybolte Co. Inc.,
recently ofFered at 95 and interest $400,000 “ first and
refunding mortgage ” 5% bonds dated March 1 1907 and
due March 1 1937, but redeemable after March 1 1912
at 107 3^2 and interest. Interest M. & S. Par $1,000.
Trust Co. of America, N. Y. City, trustee,.. A circular says:
SSSOrganized in 1904 through consolidation of the various electric lighting
companies In the city. Controls practically all of Lie clectrl;- light and
po.\cr business In Dayton (population about 135,000) and, through vari­
ous contracts, has tue privilege of accom m odatl lg at least 2 0 0 ,0 0 0 people
outside of the city. Franchise perpetual (present law limits new franchises
to 25 years). Has wires underground In congested district: also owns
approxim ately 400 miles of pole lines. Meters co . o cta l, 3,700 In 1908,
a ; 1 st 4..0 In 1904.
E a r n in g s —
1905.
1900.
1907.
1908.*
I909(esl)
Gross ________ ______$157,521
$200,000 $235,783 $317,239 $455,000
* ln 1908,gross, $317,239; net, $125,185: bond interest, $ 100,000; balance,
surplus, $25,185.
Directors— H on. E. P. Matthews (Pres.), F. M. Talt (Vlce-Pres. and Gen.
M gr.), H. E. Talbott (Treas.), A. J. Conover, Chirles YVulchet, William
Stroop, John P. Breen, F. T . HufTman, J. C. Reber and H . C. Klefaber,
all of D ayton, and M. J. Warner, New York City.
The authorized Issue of “ first and refunding" 5s Is $3,500,000, of which
$2,080,000 Is outstanding: $495,000 are reserved to retire the $400,000
Dayton Electric Co. 1st gold 5s due 1921, but subject to call at 107 'A and
Interest (compare V. 79, p. 2045), and $925,000 are held In treasury for
extensions and Improvements. Common stock authorized $3,000,000
Issued $1,875,000.
Preferred 5% stock authorized and Issued (paid In at
p a r), $500,000. The stock control Is owned b y the present board of
directors. A. N. Brady and A. M. Young (of New York City, & c.).—
V . 85, p. 163.

Delaware Lackawanna & Western Coal Co.—
Lack.

&

W e ste rn

R R .

under

“ R a ilr o a d s ”

S e e D e la w a r e
above.

Denver (Col.) Gas & Electric Co.— B o n d s C a l le d .— T h e
c o m p a n y h a s c a lle d f o r r e d e m p t i o n a t p a r a n d in t e r e s t a t
th e B a n k e r s ' T r u s t C o ., t r u s t e e , N e w Y o r k , on O c t . 1 , th e
e n t i r e r e m a i n d e r ( $ 4 5 8 , 0 0 0 ) o f o u t s t a n d i n g p r io r lien 6 %
5 -1 5 -y e a r g o ld b o n d s d a te d 1 9 0 3 .
C om pare V . 8 8 , p . 162 4 ,
1440.

Electric Vehicle Co.—S u c c e s s o r .—

See

C o lu m b ia

M o to r

C a r C o . a b o v e .— V . 8 8 , p . 1 5 6 2 .

Equitable Life Assurance Co., New York.— D e c i s i o n o n
M u t u a l i z a t i o n P l a n .— T h e C o u r t o f A p p e a l s a t A l b a n y o n
F e b . 9 , in a u n a n i m o u s d e c i s i o n , r e v e r s e d t h e A p p e l l a t e
D i v i s i o n , S e c o n d D e p a r t m e n t , in t h e a c t i o n b r o u g h t b y t h e
e x e c u t o r s o f F r a n k l i n B . L o r d , a s h o ld e r o f 3 6 s h a r e s of
stock, t o e n j o i n t h e m u t u a l i z a t i o n p l a n o f 1 9 0 5 .
W hile the demurrer of the com pany Is overruled, the case being returned
to the lower Court for trial on the merits, the decision of the highest Court Is
Important In that It In etrect upholds the validity of section 53 of the
Armstrong Insurance Law, which permits policy-holders to be given the
right to vote.
Judge Vann, who writes the opinion, says that by limiting the right of
the stockholders to vote for 24 of the 52 directors, they are deprived of a
property right. The Court says: "T h e Legislature authorized the en­
franchisement of policy-holders and did not authorize the disfranchisement
of stockholders, yet the action taken deprived the latter of the right to
vote for all of the d irectors." The Court further says: " I t may be that the
right to vote for all the directors would enable the stockholders to elect all In
case of lack of Interest on the part of policy-holders, which Is said to be
not unusual. They had a right to the chance to elect a ll.” Compare
V . 86, D. 172.

[VOL. L X X X IX .

The bonds are secured (1) by pledge of mortgage contracts made b y the
settler, being first Hens upon the lands and all water rights and at all times
to exceed b y 25% the bonds outstanding; (2) by direct first mortgage on
all of the com pany’s water rights, reservoir, irrigation system , &c. By
direction of the State Band Board, and under the Carey A ct, the land Is
sold to settlers at $35 50 per acre; $35 for perpetual water rights, and 50
cents to the State for the land. About 10% of the purchase price Is paid
In cash and the balance In nine annual Installments. The cost of the com ­
pany’s undertaking Is estimated largely In excess of the proceeds of the
bonds; this excess is partly represented b y an Issue of $300,000 preferred
stock, the balance by cash received on sale of water rights. Before paying
dividends on com m on stock, the com pany must create, from surplus re­
ceipts, a reserve fund of not less than $200,000, the same to be maintained
In the cu stody of the trustee until all bonds have been retired. All engineer­
ing and construction work Is being performed by J. G. W hite & C o., N. Y.
[The capital stock Is as follows: Comm on, authorized, $2,500,000,
Issued $1,324,500; preferred 6% cumulative authorized and Issued $300,000.
Par of all shares $100. The pref. stock has voting power, also preference
as to principal, and Is subject to call for redemption.
Officers: Pres., L. N. Farnum, New York City; Vice-Presidents, C. B.
Hurtt, Boise, Idaho, E. M. Blake, R ichfield, Idaho, and G. W . Bunnell,
New York City; Secretary, H. S. Collette, and Treasurer, T. A. H ow ell,
New York City. Executive offices. 45 Exchange Place, N. Y . C ity .— E d .

Indianapolis Gas Co.— S u it to R estra in R n fo rccm en t o f 60­
company on June 20 brought suit in the
United States Court to restrain the enforcement of the 60­
cent gas law, passed by the last Indiana Legislature, on the
ground that it is confiscatory.
C ent G as L a w . — The

The cost of manufacturing and distributing gas Is claimed to have been
57.77 cents a thousand cubic feet during the year ending Feb. I 1909 and.
the amount of Its Investment Iff gas works and other property $4,016,235.
This cost, which Included, It Is stated, a reasonable sum set aside for general
depreciation, will be Increased to over 60 cents tills year, “ Inasmuch as the
amount of gas will not exceed 900,000,000 cu. ft. per annum b y reason of
com petition" (by the Citizens’ Gas C o.— E d .). It Is contended that the
com pany has the right to earn sufficient to "m aintain in efficient condition
and repair the plant and property used In the business” and to pay d iv i­
dends to shareholders equal to at least 0% of the value of the property.

R ates R edu ced to L a rg e C o n su m ers. — The company has
reduced its rates from 90 cents per 1,000, as fixed by the 10year contract with the city expiring July 5 as follows, be­
ginning July 1: First 1,000 cubic feet, 90 cents; second
1,000 cu. ft., 75 cents; all over 2,000 cu. ft., 60 cents.—
V. 86, p. 423.

Indianapolis Telephone Co.— D e c is io n H old in g L e a se V a lid ,
(fee.— Judge Paw in the Boone Circuit Court at Lebanon, Ind.,
on Jan. 4 overruled the demurrer of the company and its
lessee, the New Telephone Co., in two suits filed by Prose­
cuting Attorney Ilooton last summer on the relation of
the State to cancel the charters of the two companies and
throw them into the hands of receivers, on the ground, among
others, that the two companies had exceeded their charter
rights in the making of the lease.
It was held that under the telephone A ct of 1881 one telephone com pany
could lease Its property to another, and that therefore the lease was valid.
The Court declined to restrain the two companies from entering Into a new
franchise with the city, holding that If such an Injunction was granted It
would Indirectly prevent the Comm on Council and Board of W orks from
entering into the d scussion and passage of ordinances, and Interfere with
the legislative and discretionary powers of the Council.— V. 88, p. 689.

Iowa City (Iow a),Gas & Elec. Co.— C o n s o lid a tio n .— B on d s
investment department of the Chicago Sav­
ings Bank & Trust Co.,Chicago,is offering by advertisement
onanother page, at a price to net about 5 % % , $250,000 first
mortgage 6% serial gold bonds dated May l 1909 and
due serially on May I from 1910 to 1928, viz.: 1910 to 1912,
$4,000 yearly; 1913 to 1915, $5,000 yearly; 1916 to 1920,
$6,000 yearly; 1921 to 1925, $8,000 yearly; 1926 and 1927,
$9,000 yearly, and 1928, $135,000; but subject to call at
105 and interest on any interest date after May 1 1919.
Interest M. & N. in Chicago and New York. Denominations
1928 maturity, $100 or $500; all other maturities, $500 (c*).
Chicago Savings Bank & Trust Co. and Leverett Thompson,
trustees. A circular says in substance:
O ffere d . — The

I n c o m e A c c o u n t f o r Y e a r e n d in g D e c . 31 1908.
Gross earnings_____ _____ .$ 9 1,8 4 0 1Interest on present issue____$15,000
Net earns, (after ta x e s)—
$.35,939] Surplus-------- -----------------------$20,939
The com pany was organized May 1 1909 as a consolidation of the Iowa
City Electric Light Co. and the Iowa City Gas Light C o., which had been
In operation for 23 and 50 years, respectively. The new com pany Is owned
and operated by the same parties who owned and operated the two constitu­
ent companies.

Abstract of Letter front Pres. (ieo. S. C arson. Iowa C ity, la ., June 1 1909.
C a p it a l i z a ti o n .

Capital stock (authorized $100,000) outstanding.................... - - - 3400,000
First mortgage bonds (authorized $400,000) outstan d in g-- ........ 250,000
Remaining bonds ($150,000) can be Issued only for 80% of the actual
cost o f extensions and permanent im provem ents, provided the net earnings
for 12 out of the preceding 1,3 months equal or exceed 2 'A times the Interest
charges on all bonds outstanding. Including those proposed to be Issued.
A consolidation o f the Iowa c it y Electric Light Co. and the Iowa City
Gas Light Co. [ctrectcd May 1 1909 under the laws of West Virgin a; Pres.,
George S. Carson; S ec., Frank C. Carson; Treas., R . N. Carson; office, Iowa
Ed.].
t
Idaho Irrigation Co., Ltd.— B o n d s O f f e r e d .— T h e F a r w e ll C ity.—
The net earnings of the com bined companies for the year 1908, as shown
T r u s t C o . , t h e C o lo n i a l T r u s t & S a v i n g s B a n k a n d N . W .
by the report of public accountants, were $35,939; the total Interest charges
on the first mortgage bond Issue amount to $15,000 per annum. The gross
H a l s e y & C o . , a ll o f C h i c a g o , a n d t h e W i l l i a m R . C o m p t o n
earnings from the sale of gas and electricity for the first four months of
B o n d & M o r t g a g e C o . , S t . L o u i s , r e c e n t ly ofF ered a t p a r
the current year show an Increase of 12.3% over the corresponding period
In the year 1908. In 1900 the gross earnings of the Gas Co. were $19,464;
a n d i n t e r e s t p a r t o f a n is s u e o f $ 2 , 0 0 0 , 0 0 0 “ C a r e y A c t ” 6 %
for 1908, $42,105. In 1900 the gross earnings of the Electric Light Co.
g o l d b o n d s d a t e d J u l y 1 1 9 0 8 a n d d u e in a n n u a l i n s t a l l m e n t s
were $15,622 and for the year 1908 were $36,429.
The Iowa City Gas Light Co. received Its first franchise in 1858, and the
(o n J u ly 1) a s fo llo w s :
1 9 1 2 , $ 1 0 0 ,0 0 0 ; 1 9 1 3 , $ 2 0 0 ,0 0 0 ;
Iowa City Electric Light Co. In t880. New franchises for 25 years, free
1 9 1 4 , $ 3 0 0 ,0 0 0 ; 1 9 1 5 to 1 9 2 1 , $ 2 0 0 ,0 0 0 y e a r ly .
R e d e e m a b le
from objectionable restrictions, were granted by the city at a special elec­
tion held on Feb. 14 t909, and have both been assigned to the consolidated
o n a n y in te r e st d a te a t 1 0 5 a n d in te r e s t.
D e n o m in a tio n s
com pany, which also has a 25-year franchise for electrical purposes In
$ 1 ,0 0 0 , $ 5 0 0 a n d $ 1 0 0 ( c * ) , in te r c h a n g e a b le .
In te r e st p a y ­
Coralvllle, two miles from Iowa City, where the electric plant Is located,
and a 20-year franchise granted In 1909 by Johnson County for use of the
a b le J a n . 1 a n d J u ly 1 a t C o lo n ia l T r u s t & S a v in g s B a n k ,
public highways within a radius o f live miles o f Iowa City tor poles and
C h i c a g o , 111., t r u s t e e .
A c ir c u l a r s a y s :
wires. Also has a 10-year contract, com m encing June l 1909, (1) for fur­
The com pany Is Incorporated under the laws of Idaho to reclaim and de­ nishing 135 or more magnatite arc lights (at present 148) for street-lighting
purposes at $56 per year per light, and (2) for lighting the City Park with
velop, under the Carey A ct, 150,000 acres of land located In Lincoln and
Blaine counties, Idaho, adjoining the Twin Falls country and Including the Incandescent lights. Our rates are fair and equitable and our standing
towns of Gooding—-population 1,000— and Shoshone— population 2,000. with the citizens Is of the idghcst.
Average location about 6 miles from railroad. The lands arc generally
The gas plant consists of modern coal gas works constructed In 1903 In
rolling, with average altitude of about 4,000 feet. Yield per acre of wheat, brick buildings, with normal capacity of 2 0 0 ,0 0 0 cubic feet per day; two
70 bushels; oats, 100 bushels; sugar beets, 20 tons; potatoes, 500 bushels gas storage holders, one of 50,000 feet and one o f 150,000 feet, and about
arc not unusual. The water supply Is obtained from the Big W ood and 20 miles of street mains.
Little W ood rivers under grant from the State of ample and perpetual
The electric light plant, of brick and steel construction, Is located on a
water rights. The com pany’s storage reservoir will have a capacity of water power (available head about 12 feet) In the town of Coralvllle, and
170.000 acre feet; a dam 135 feet nlgn, 000 feet across and 700 feet up anil Is equipped with two water wheels furnishing 400 li. p ., <a Buckeye engine
down stream Is being constructed. The water will be distributed over the of 500 h. p. and an Ideal engine, 300 h. p ., and two dynam os, one 200 K. YV.
land entirely b y gravity, the land sloping about 12 feet to the mile.
and one 500 K . YV.




J

u l y

3

THE CHRONICLE

19U9.

Iowa City lias a population of 10,000, not Including students of tne
State University of Iowa, w'hlch has 27 buildings, 102 Instructors and 2,500
students. The city has grown steadily for the last ten years. It Is sur­
rounded b y a splendid agricultural com m unity and contains over 50 manu­
facturing concerns.

Keokee Consolidated Coke Co.— B o n d s O f f e r e d . — Geo. A.
Fernald & Co., Boston and New York, are offering, at 87 3^
and interest, by advertisement on another page, 8320,000
“ first and refunding mortgage” gold 5% bonds, covering
“ a very valuable coal and coke property located in Virginia,
which has reached a high state of development.”
Keystone Telephone Co. of Philadelphia.— B o n d s O f fe r e d .
— Newburger, Henderson & Locb, New York and Philadel­
phia, and Fisk & Robinson, New York, Boston and Chicago,
are offering at 92^2 and interest, yielding about 5.55%, the
unsold portion of a block of 81,000,000 first mortgage 5%
gold bonds dated July 1905 and maturing July 1935.
These bonds are secured by direct first lien on the entire
property, “ estimated to be worth, exclusive of its valuable
charters and franchises, approximately 812,000,000, against
which property there is outstanding $5,485,000 bonds, in­
cluding this issue.”
E xtracts from Letter of Genera! Manager C. E. W ilson, Pliila., June 7 1909.
The com pany owns six telephone exchange buildings In Philadelphia,
an underground conduit system located In 335 miles of streets and consist­
ing of 12,500,000 feet of vitrified tile ducts containing 2,500,000 feet of
cable; also, through ownership and control of other companies, It operates
In 21 suburban towns and a large number of villages, w ith conduits In over
15 miles of their streets, In which are Installed 100,000 feet o f underground
cable.
S ta te m en t o f E a r n in g s f o r 11 M o n t h s e n d in g M a g 31.
[N ot Including rental from portion of conduit system available for lease.]
N e t (a fte r
T a x es ).

In te re s t
C h a rges.

1908-09 ____5980,41 l
$491,055
1907-08 ____ 963,371
464,647
Compare V. 88, p. 1625, 454.

5286,156
286,426

E le v e n
M o n th s—

G ro s s
E a rn s.

E q u ip m e n t
I le s c r r e .

591,667
91,667

B a la n c e ,
S u r p lu s .

$116,232
86,554

Kings Hill Irrigation & Power Co.— B o n d s , & c .— F u r t h e r
the $300,000 first mortgage 6% gold bonds
offered by the Farwell Trust Co. of Chicago, at par and in­
terest, a circular says in substance;

F a d s .— Touching

Issued under Carey A ct and secured by 5450,000 first mortgages on irrl
gated farms (owned by settlers) and upon the com pany’s entire Irrigation
system and works. Authorized Issue 5500,000. Balance to be Issued as
additional mortgages are deposited at the same ratio. Bonds now offered
are dated N ov. 2 1908 and due each May 1 1911 to 1917, viz.: 1911, $36,000,
1912, $38,000; 1913 to 1916, $42,000 yearly; 1937, $60,000. Par, $1,000,
$500 and $100 (c*). Interest M. & N. at American Trust & Savings Bank,
trustee, Chicago.
The Kings Hill Irrigation District Is located at the junction of Lincoln,
Cassia and Owyhee counties, In the heart of the Irrigated district of souther i
Idaho and Immediately west and north of the widely known South Side
Twin Palls District. The Oregon Short Line HR afiords excellent shipping
facilities. The com pany’s segregation aggregates abou t 18,000 acres,
altitude 2,550 to 2,700 feet. The com pany has an absolute first right to
300 cubic feet per second flow of the Malad R iver, sufficient to Irrigate fully
24,000 acres, an unfailing water supply. The com pany expended over
$450,000 In the com pletion of the principal portion of this enterprise before
these bonds were Issued.
Owing to the exceptional fertility of the land, the Idaho .State Board of
Land Commissioners permitted the com pany to sell Its water rights at a
price of $65 per acre, and at the opening of the first section, Oct. 12 1908,
the entire acreage olfercd was filed upon and the water rights therefor sold
the llrst day. One-tenth of the amount was paid In cash and the balance
accrues In nine equal annual paym ents, bearing 6% Interest. In addition
to this, the State of Idaho receives 50 cents per acre.— V . 88, p. 1200.

Lake Superior Investment Co., New York.— C a l le d .—
This company, which was organized by Robert Fleming
and associates and on Jan. 2 1909 bought from the Canadian
Improvement Co. its holdings of bonds of the Lake Superior
Corporation (as stated in V. 88, p. 1065), has called for pay­
ment at the office of the Standard Trust Co. of New York,
trustee, on July 1 $1,655,000 of the 6% 3-year collateral
gold notes issued under trust deed datea Jan. 2 1909, viz.:
146 notes of $5,000 each; Nos. 29 to 121 incl., Nos. 201 to
214 incl., No. 261, Nos. 263 to 300 incl.; and 37 notes of
$25,000 each, Nos. 322 to 324 incl., Nos. 357 to 376 incl.
and Nos. 407 to 420 incl. Jos. S. Dale is Secretary, 52 Wil­
liam gt., N. Y.
Lake View Irrigation Co., Cody, Wyo. (on the Shoshone
River, Big Horn Basin).— B o n d s O f f e r e d . — E. F. Parr & Co.,
115 Adams St., Chicago, 111., are offering for sale the unsold
portion of a block of $150,000 first mortgage 6% bonds,
Chicago Title & Trust Co., trustee, dated July l 1909 and
due in annual installments on July 1 from 1912 to 1921 in­
clusive, viz.: $10,000 yearly 1912 to 1918, $15,000 yearly in
1919 and 1920 and $50,000 in 1921, but redeemable at option
of company after 3 years at 103 and interest. A circular
says in substance:

47

The only change Is In the last word. It being “ co rp ora tion " instead o f
“ com p a n y.”
As soon as the papers of Incorporation are granted, we shall
take over the stock of the Los Angeles Gas & Electric Co. (capital stock
authorized, $5,000,000; Issued, $4,000,000, all owned by Pacific Lighting
Corporation, V. 86, p. 1288; bonds authorized, $4,000,000; outstanding.
$3,815,000, V. 83, p. 1527— E d .), and shall make an oiler for the Pasadena
Consolidated Gas & Electric C o., and hope to take It over within 90 days.
B o n d s C a l l e d .— The Pasadena Consolidated Gas Co. (stock
issued, $998,500; bonds, $247,000— V. 85, p. 867— Ed.),
as “ successor of the Pasadena Gas & Electric Light Co.,”
called for redemption at par and interest on July 1 at the First
National Bank of Pasadena, and thereafter at the office of
the Security Loan & Trust Co., trustee, Los Angeles, all of
the outstanding 1st mtge. bonds of the Gas & Electric Light
Co. dated 1888.— V. 83, p. 1527.
Louisville Home Telephone Co . — F a v o r a b le D e c i s i o n .— The
Court of Appeals of Kentucky on Nov. 20 last, in an opinion
delivered by Special Judge D. W. Lindsey, reversed the
judgment of the Jefferson Circuit Court in the case against
the City of Louisville, which dismissed the application for a
mandamus to compel the Board of Public Works to put up
lor sale at auction the franchise created by the ordinance
passed by the General Council on May 26 known as the
Home Telephone ordinance.

The higher court overrules the demurrer Interposed to the p etition, thus
allowing the Issues to be tried. The Court says: “ The appellants are
proper relators In behalf of the public to apply for the writ of mandamus
sought In this case. The enactm ent of the ordinance of the character of
the one presented was clearly within the province and pow er of the General
Council of the c it y .” It Is thought possible a com prom ise m ay be reached
and a new ordinance passed. Compare V . 86, p. 1592.

Massachusetts Gas Companies.— D i v i d e n d s .—-The trustees
have voted to set aside $750,000 (3% ) for common stock
dividends during the year ending June 30 1910, the same
as for several years past, the first payment of l% t o be made
August 1 to holders of record July 17.
In c rea sed
D iv id e n d s
fro m
C o n tr o lle d
C o m p a n i e s .—'The
Boston Consolidated Gas Co., of whose $15,124,600 capi
stock the Massachusetts Gas Companies owns $15,110,600,
has declared a quarterly dividend of 2 % % and an extra
dividend of % of 1% , increasing the regular rate from an
8% to a 9% yearly basis.
The New England Gas & Coke Co. has declared a 3% dividend for the
fiscal year ending June 30, com paring with 3 % for the fiscal years ending
June 30 1908 and 1907 and 1 L>% in 1906. The East Boston Gas Co. has
also declared an extra distribution of 2% on Its $220,000 stock. Compare
V . 86, p. 1534.
E a r n i n g s o f C o n tr o lle d C o m p a n i e s .— Net earnings of the
subsidiary companies for May and the eleven months ending
May 31:

---------- M a g ----------- -11 M o s . e n d . M a g 31­
1909.------- 1908.-------- 1908-09.
1907-08.
Boston Consolidated Gas______ $91,291
$69,971 $1,104,780
$984,993
New England Gas & C oke_____ 43,676
48,844
466,406
567,033
Chelsea Gas___________________
1,215
*4,626
29,695
40,931
East Boston Gas______________
2,466
1,993
43,956
36,678
Mass. Steamship C o___________
13,537
7,212
89,637
29,371
Citizens’ Co. of Q u in cy_______
*1,005
*833
*3,308
*7,374
T o t a l . - ......................................5151,180 $122,561
* D eficit.— V . 88, p. 1133, 1065.

$1,731,166 $1,651,632

Meadow Lands Coal Co., Pittsburgh, Pa.— B o n d s O f f e r e d .
— The Guarantee Title & Trust Co. of Pittsburgh, the mort­
gage trustee, and Darr & Moore, Pittsburgh, New York and
Boston, some time ago offered, at prices to yield 5 % % ,
$350,000 6% first mortgage sinking fund gold bonds (closed
mortgage) dated Jan. 1 1909 and due in annual installments
on Jan. 1, $20,000 yearly 1912 to 1916, $25,000 yearly 1917
to 1920 and $30,000 yearly 1921 to 1925, but redeemable
at 105 and interest at any interest period on 60 days’ notice.
Denomination $1,000. Principal and interest (payable
Jan. and July) at office of trustee. A circular says:
F i n a n c i a l S ta te m e n t. — Capital stock, fully paid In cash, $600,000; bonded
debt, present Issue, $350,000. Earnings, three years, March 1 1905 to
March 1 1908, gross, 51,369,889; operating expenses, $1,043,699: general
expenses, $66,682; net, $259,508
During this time (three years) the total
am ount of coal mined amounted to 1,541,568 tons, “ run of m ine.” (Pok­
ing fund for retirement of bonds, 6 cents per ton, “ run of m ine,” which,
based upon a minimum of 11,550,000 tons, or about 6,000 tons per acre on
1,925 acres owned and under lease, It Is believed, will yield a sum nearly
twice the am ount of the bond Issue.
The com pany, Incorporated under the laws of Pennsylvania, Is a merger
of (1) the Meadow Lands Coal C o., having near Canonsburg, P a., about 26
miles from Pittsburgh on the P. C. C. & St. L. H R ., a perpetual lease, with­
out any restrictions, on 800 acres of coal at the unusually low royalty o f
eight cents per ton of coal mined; and (2) the Pittsburgh & W ashington
Coal C o., owning In fee In W ashington C ounty, P a., 28 miles from Pitts­
burgh on the W abash R R ., 1,125 acres of coal and 125 acres of surface.
Actual cost of these properties, as given by Vice-President W . L. D ixon:
Cost of Pittsburgh & Washington Coal C o., $264,375; Improvements,
$165,798; cost of Pittsburgh & Meadow Lands Coal C o.’s lease, $170,000:
Improvements, $353,125; total, $953,298.

The com pany Is the owner of the Ilam m ltt Canal, which takes Its water
from the south branch of the Shoshone River In Big Horn C ounty, W yo.
Meadow River Lumber Co., West Virginia.— B o n d I s s u e —
some 20 miles southwest of the city of C ody, and ft has entered Into an
agreement with the State of W yom ing for the segregation of over 6,000 N eiv R a i l r o a d .— This company has authorized a bond issue
acres of land In Big Horn County, the main b od y being only 8 miles from
the elty of Cody; none of It wa< open to settlement before 1909 except of $500,090, the proceeds of which will be used to reimburse
under escrow agreement. In addition, there are about 2,000 acres of pri­ the treasury for purchases of stock and bonds of the Sewell
vately owned lands, the owners of which are anxious to make contracts
Valley RIt. (about $250,000), for a large saw-mill, town for
for water. It Is estimated that something like 8,000 acres will be watered
at the rate of $40 per acre, or $3 2 0 ,0 0 0 .
workmen, &c. (about $150,000), and to provide about $100,­
The lands lie practically In one.bod y , and arc bounded on the north by
These bonds are being sold as fast
the beautiful Shoshone Lake, or reservoir, some 10 miles long, 8 miles wide 000 of working capital.
and averaging 70 feet In depth, which the United States Governm ent has as necessary for the purposes of the company, without the
created through the reclamation service as part of a system costing $6,­
intervention
of
any
banking
house, about $200,000 having
700,000 for the developm ent of 150,000 acres of arid land. By having two
rights ahead of the Government at points higher up, the com pany’s canal been sold to banks and individuals, at par and interest,
Is enabled to supply the fertile tract of over 8,000 acres bordering on the between May 1 and June 17.
These bonds are 6% bonds,
great reservoir. In Its agreement with the State of W yom ing, tills com ­
pany Is allowed to charge $40 per acre for all water rights Issued b y them. dated Dec. 1 1908, maturing serially, the shortest being four
In addition to an annual maintenance fee; also Interest on all deferred years and the longest 15)^ years.
Deposits must be made
payments.

Los Angeles Gas & Electric Corporation.— A m a lg a m a tio n .
— This company filed articles of incorporation in California
on June 21 with $30,000,000 of authorized capital stock,
the incorporators being W. B. Cline, C. S. Vance, C. A.
Luckcnbach, T. P. McCrea, W. E. Houghton, A. R. Austin
and C. P. Houghton. Mr. Cline, who has been President of
the Los Angeles Gas & Electric Co., is quoted as saying:




with the trustee as the timber is cut which will serve to re­
tire the entire issue before half the timber is cut.
Vice-President Charles E. Andrews, New Bethlehem, Pa.,
on June 17 1909 wrote:

The Meadow River Lumber Co. Is a W est Virginia corporation, capital­
ized at $8 0 0 ,0 0 0 , all of which stock Is outstanding. It owns the tim ber on
about 30,000 acres, estimated to cut 300,000,000 feet of poplar, oak, chest­
nut and other hardwoods. This com pany also owns all the capital stock
of the Sewell Valley (steam) R R . (V . 88, p. 1314), capitalized at $100 000,

48

THE CHRONICLE

[VO L. LXXX1X

with an authorized bond5IssueWotjr$;(00,000 first m ortgage 5% 30-year
ment Co., the Folsom Development!Co. and the Folsom
bonds dated N ov. 15 1908 and subject to call at 100
The Meadow R iver
Lum ber Co. has contracted to purchase as m any of these bonds as are Rock C o., has mortgaged its gold properties in Sacramento,
necessary to com plete the railroad from Meadow Creek, on the C. & O. to
Butte and El Dorado counties, California, to the Mercantile
the m outh of Big Sewell Creek, on the Meadow R iver (about 22 m iles).
Under this arrangement It Is expected that the lumber com pany will be Trust Co. of San Francisco., as trustee, to secure an issue of
called on to take abou t $150,000 of the railroad bonds, thus providing, with $25,000,000 bonds, bearing, it is said, 5% and 0% interest.
the $100,000 o f railroad stock, the $250,000 to build the railroad. This
Among those interested are F. J. Carolan, W . P. Hammond,
will leave some bonds unissued b y the railroad com pany. For the present,
therefore, all the railroad bonds will be taken b y the lum ber com pany,
E. J. de Sabla, Leon Sloss, Joseph D. Grant, William H.
and deposited with the trustee as additional security for its own bonds, Crocker and John C. Coleman.
which are the only bonds outstanding In the hands o f the public
The Meadow R iver Lum ber Co. also owns stock o f the Meadow R iver
New York & Queens Electric Light & Power Co.— B o n d s
Coal & Land Co. to the amount of $600,000. This com pany Is capitalized
N o t A u t h o r i z e d . — The issue of $25,000,000 bonds proposed
at $1,600,000, with no indebtedness of any sort, and it owns thecoalunder
32,000 acres of land, estimated as 217,000,000 tons of New Rlver-Poca- in April 1909 was not authorized by the shareholders, and
hontas smokeless coal. Of the $1,600,000 stock, $600,000 is owned in
Scranton, Pa., by Edward S. Jones, Cyrus D . Jones and others; $600,000 Is all reference to the same is stricken by the company from
In the treasury of the Meadow R iver Lum ber C o., and $400,000 Is owned by
the proof of the statement regarding the property which
Interests in accord with the lumber com pany, which therefore holds control.
appears in our “ Railway & Industrial Section.” — Y. 8S. p. 948.
M e a d o w R iv e r L u m b e r C o . B a la n c e S h ee t ( a ft e r S a le o f B o n d s ) .
Ohio Fuel Supply Co., Pittsburgh, Pa., and Mt. Vernon, O.
A s s e t s (T o ta l, $1,700,000; C a sh C o s t, $1,300,000).
—Report.—See “ Annual Reports” on a preceding page.
Standing timber, 300,000,000 feet, (cost in. 1907, $560,000),
estimated as worth not less than $3 per 1.000 feet_____________
$900,000
N e w S t o c k . — All stockholders of record June 30 have the
Stock of the Meadow Rivet Coal & Land C o., par value $600,000;
privilege of subscribing on or before July 20 at par ($25 a
representing the ownership of 75,000,000 tons of PocaliontasNew R iver Coal. Cost, $240,000; appraised b y experts______
300.000 share) for the $1,000,000 new stock authorized June 8,
Saw-mill and tow n, com plete; double band-m ill with capacity
to the extent of 1-7 of the amount of stock owned by them
of 100,000 feet In 10 hours; planing mill, houses for workmen,
water supply, sewerage system , & c____________________________
Subscriptions are payable on or before July 20,
150.000 respectively.
Sew-ell Valley R R . C o., entire capital stock owned by Meadow
R iver Lum ber Co.; estimated cost____________________________
250.000 but stock cannot be issued until after that date.— V. 88,
W orking capital_____
. . . ____________________________
100.000 p. 1502, 1200.
L i a b i l it i e s ($1,700,000).
Pacific Lighting Corporation, San Francisco, Cal.— See
Bonds (first m ortgage 6",',)_____________________________________
$500,000
Stock ($800,000) and surplus ($400,000)_____ ________ __________ 1,200,000 Los Angeles Gas & Electric Corporation above.— V. 86,
D ir e c to r s (a n d O ff ic e r s ).
p. 1288.
President, T . W . Ralne, E venw ood, W . V a., Pres, of First Nat. Bank of
Hendricks, W . V a.; Trcas. and Gen. Mgr. of Ralne-Andrews Lum berC o.,
Pasadena (Cal.) Consolidated Gas Co.— B o n d s C a lle d —
Pres, and Gen. Mgr. of Glady & Alpena R R . C o., E venw ood, W . Va.
A m a l g a m a t i o n . — See Los Angeles Gas & Electric Corpora­
Vice-President, Charles E . Andrews J r., New Bethlehem, P a., VIce-Pres.
of First N at. Bank and C. E. Andrews Lum ber C o., New Bethlehem.
tion above.— V. 85, p. 867.
Treasurer, John Ralne, Academ y, W . V a., Pres, of John Ralne & Co
People's Water Co., Oakland.— N e w P r e s i d e n t . — Frank
(hardwood m anufacturers), Mill Point, W . V a.; Vlce-Pres. of the RalneAndrews Lum ber C o., E venw ood, VV. V a.
Leach Sr. has announced that he will accept the presidency
Secretary, Thom as M. Arnold, Clarion, P a ., Pres, of Citizens’ Trust Co.
and general managership of the company, and will resign his
K . '/. Ralne, E venw ood, W . V a.; Mrs. T . W . Ralne.
F. L. Andrews, New Bethlehem, P a ., Pres, of First- Nat. Bank, New Beth­ position as director of United States Mints.
Compare
lehem, Pa ; Pres, and Gen. Mgr. o f C. E. Andrews Lumber Co.; Pres, of
V. 88, p. 1441.
Ralne Andrews Lum ber Co.
L. C. Dyer. H am bleton, W . V a., Pres, of Ham bleton Leather C o., HamProducers’ Transportation Co., Bakersfield, Cal.— G u a r ­
bleton, W . Va.; VIce-Pres. of First N at. Bank, Hendricks, W . Va.
B. E. Carrier, Kane, P a., VIce-Pres. of Kane Lumber Co. and also of a n te e d
B o n d s . — This
company, incorporated California
Northwest Lum ber C o., both of Pacific Coast.
J. M. Ralne, Meadow Creek, W . V a ., Chief Engineer of Sewell Valley R R . on*.June 10 1909, with $7,000,000 capital stock, to build the

Morris & Co., Packers, Chicago.— B o n d s O f f e r e d .— -T h e
F ir s t N a tio n a l B a n k , a n d F ir s t T r u s t
& S a v in g s
Bank,
C h ic a g o , a n d
P o t t e r , C h o a te & P r e n t ic e , N e w Y o r k are
o ffe r in g a t 9 5 a n d in t e r e s t , b y a d v e r t is e m e n t o n a n o th e r
p a g e , $ 1 2 ,5 0 0 ,0 0 0 fir s t m o r t g a g e s in k in g f u n d 4 j ^ % g o ld
b o n d s , d a te d J u ly 1 1 9 0 9 a n d d u e J u ly 1 1 9 3 9 , b u t s u b je c t
to c a ll a t 1 0 3 a n d in t e r e s t u p o n a n y in te r e s t d a t e .
In ter­
e s t p a y a b l e J . & J . in C h i c a g o o r N e w Y o r k .
D e n o m in a ­
tio n $ 1 ,0 0 0 , e ith e r c o u p o n o r r e g is te r e d .
F ir s t T r u s t &
S a v in g s
B a n k , C h ic a g o , tr u s t e e .
A p p lic a tio n
w ill b e
m a d e to lis t th e s e b o n d s o n th e N e w Y o r k a n d C h ic a g o
S to c k E x c h a n g e s .
S u b s c r i p t i o n s w i l l c lo s e a t 3 p . m .
J u ly 8 1 9 0 9 o r e a r lie r .
A ll s u b s c r ip t io n s s h o u ld b e m a d e
o n th e f o r m fu r n is h e d b y th e b a n k e r s a n d s h o u ld b e a c ­
c o m p a n ie d
b y d e p o sit o f
$50
per
$ 1 ,0 0 0 b o n d .
The
t o t a l s u b s c r i p t i o n s r e c e i v e d t o J u l y 1 , i t is s t a t e d , a g g r e ­
g a te d o v e r $ 9 ,0 0 0 ,0 0 0 .
Letter from President Edward Morris. C hicago, June 28 1909.
The $12,500,000 of first m ortgage 4 H % gold bonds sold you are part of
an authorized Issue of $25,000,000; the remainder of the bonds, however,
can only b e Issued to an amount equal to 75% of the cost of new Improve­
ments or additional property com ing under this m ortgage, and in case
such additional bonds are issued, the sinking fund, hereinafter referred to,
will be proportionately Increased.
The bonds are to be secured b y a first m ortgage on the real estate, plants
and fixed property o f the com pany at Chicago, East St. Louis, St. Joseph
and Kansas City, and the com pany covenants that In addition to the prop­
erty m ortgaged It will not encum ber by way of any lien during the life of
these bonds Its distributing stations, consisting of real estate and buildings
at over 100 points, and Its railroad care, the cost of which Is approxi­
m ately $2,000,000.
Under the terms of the trust deed a yearly sinking fund ’.s provided suffi­
cient to retire $200,000 of the bonds in each and every year, and In case of
additional bonds being Issued under the m ortgage the sinking fund shall be
proportionately increased. The com pany also obligates itself that its net
quick assets will always be equal to or In excess of the am ount of Its out­
standing bonds and the com pany covenants It will pay dividends only from
the earnings of the present and succeeding fiscal year.
This business has been In successful operation for 30 years, and dividends
have been regularly paid to Its owners or shareholders. The property of
the com pany Is carried on Its books at $41,280,845, which on account of Its
policy o f returning to the property yeariy large sums for additions and
betterm ents and not Increasing the value of Its real estate, some of which
was bought m any years ago, represents a very conservative and Inadequate
measure of Its value to-day.
The average yearly earnings for the last eight years have been In excess
of 4 ^ times the interest on these bonds and for the last four years have
averaged over five times such interest.
The proceeds of the present Issue of bonds will be used to retire out­
standing debts.
The quick assets as of May 29 1909, consisting of packing-house products,
supplies, accounts receivable and cash, after deducting current accounts
payable, arc $21,835,570, against which the present Issue of $12,500,000
would be the only d eb t.— V . 87, p. 1608.

proposed pipe line from the San Joaquin Valley fields to
Port Harford, has authorized an issue of $3,500,000 of 5%
12-year bonds, which, it is stated, are guaranteed by the
Union Oil Co. (V. 88, p. 948). A press dispatch to the San
Francisco “ Chronicle” on June 24 said:

The Union Oil Co. joins the agencies, putting Its Southern California
properties Into the Kern County agency and Its coast properties Into the
Coalinga agency. The Kern County agency/ appoints the Union Oil Co.
Its sole marketing agency for a period of ten years, beginning Feb. 1 1910.
The Union agrees to market all the agency oil, which, under tnc agreement,
will Include the U nion’s own production, make all collections, and suirerall
losses through bad accounts for 10% of the net prlco of the oil at the well.
For each $1,000 worth of bonds the purchaser will be given $1,000 worth
of stock In the Transportation Company. The com bined production of
the Kern County and Coalinga agencies was about 25,000 barrels per day
and the production of the Union Is as much or a little more, making a grand
total of between 50,000 and 60,000 barrels per day.

Rockingham Power Co., North Carolina.—F o r e c l o s u r e

S a le

14.— The property is advertised to be sold under fore­
closure at Wadesboro, N. C., on July 14 under order filed
May 8 by the Circuit Court of the United States for the
Eastern District of North Carolina.— V. 88, p. 1322, 507.
Scranton Electric Co.— E a r n i n g s . — F. S. Butterworth &
Co., New Haven, Conn., are offering, at a price to net over
6% , a part of the company's $500,000 6% cumulative pre­
ferred stock. Dividends payable quarterly, Jan., April,
July & Oct. 1. Redeemable at 120%. The firm reports:

J u ly

C a p it a liz a tio n .

Preferred stock ($500,000) and com m on stock ($2,500,000)____$3,000,000
Bonds-—"F irst and refunding’’ 5s_______________________________ 1,500,000
D a r n in g s .— For fiscal year ending April 30:
I n te r e s t
P r e f. D iv .
Aret
C ross
F is c a l
B a la n c e ,
on B on d s.
(0% )
In com e.
Y ea r—
In com e.
S u r p lu s .
$30,000
$77,600
$240,143
$138,543
1908-09 ____ ..$501,081
75,000
184,814
1907-08 ____ . . 421,559
30,000
79,814
— V . 85. p. 226.

Standard Oil Co.— M i s s i s s i p p i S u i t . — District-Attorney
Lamb at Jackson, Miss., on June 30 applied to the Chancery
Court of Clay County for a perpetual injunction restraining
the company from operating in the State of Mississippi.
In the suit penalties are asked aggregating $11,000,000 for
alleged violation of the State anti-trust law.
Under the Mississippi code, as amended In 1906, the Stato may recover
a penalty of $5,000 a day for each violation of the anti-trust laws, and the
penalties sought to be recovered in the case cover 3 years. The hearing,
It Is expected, will take place at W est P oint, In the N ovem ber term of the
Chancery Court.— V . 88, p. 1626, 825.

Sunday Creek Co!— C a lle d B o n d s . — Forty ($40,000) 5%
sinking fund gold bonds due July 1 1944 were called for re­
demption on July 1 and were paid off at par and interest at
National Enameling & Stamping Co.— B o n d s A u t h o r i z e d .— the office of the Central Trust Co., N e w York.— V. 88,
T h e s h a r e h o ld e r s o n J u n e 2 9 d u l y a u t h o r i z e d t h e p r o p o s e d
the office of the Central Trust Co., N. Y .— V. 88, p. 1135.
is s u e o f $ 3 , 5 0 9 , 0 0 0 r e f u n d i n g firs t m o r t g a g e re a l e s t a t e
Terminal Warehouse Co., New York.— C h a n g e i n P l a n —
s in k in g fu n d 2 0 -y e a r b o n d s .
C om p are V . 8 8 , p . 1502.
S t o c k D i v i d e n d . — By resolution of the board of trustees
National Light, Heat & Power Co.— C o lla t e r a l T r u s t a dividend of 25% on the outstanding $800,000 capital stock
B o n d s S o l d . — -T h e c o m p a n y i s s u e d $ 6 0 0 , 0 0 0 s e r i e s “ A ”
was paid in capital stock on July 1 1909 to stockholders'^
c o lla te r a l t r u s t b o n d s , N o v . 1 1 9 0 8 , o f w h ic h $ 1 5 0 ,0 0 0
record June 26 1909. The original plan was to give 50%
b o n d s are h o w o u t s t a n d in g , a n d o n J u ly 1 1 9 0 9 a u th o r iz e d
to the stockholders; but this was changed to 25%. The
a n d s o ld $ 5 0 0 ,0 0 0 se r ie s “ B ” c o lla t e r a l t r u s t b o n d s .
shareholders voted to increase the authorized issue of stock
These Issues are secured b y bonds of subsidiary com panies of an aggregate to $1,200,000, but what disposition, if any, will be made
par value of 20% In excess of the Issues deposited with leading trust com ­
of the remaining $200,000 is not stated. The proposition
panies of New York and Philadelphia.
The com pany’s ninth quarterly dividend of 1 M % on the preferred stock
to make an issue of $2,000,000 bonds, we are informed,fis
was paid July 1. Earnings, It Is stated, am ount to m ore than three times still under consideration.
Compare V. 88, p. 1135.
the dividend requirements on the preferred stock for the past year, leaving
over 5% applicable to the com m on stock .— V. 88, p. 751.
Union Oil Co., California.— G u a r a n te e d B o n d s . — See Pro­
Natomas Consolidated Mining Companies of California.— ducers’ Transportation Co. above.— V. 88, p. 1434.
M o r t g a g e .—-This company, a consolidation on Nov. 25 1908
United States Express Co.— D e c i s i o n . — Justice Guy in the
of the Feather River Development Co., the Natoma Develop­ Supreme Court on Alonday denied the application of John




J u l y 3 19 09 .]

THE CHRONICLE

L. Dudley, the holder of 100 shares of|stock, for the ap­
pointment of a temporary receiver, and also for permission
to examine the company's books.
••The receiver was asked for on the ground that both the com pany’s charter
and the State and federal laws had been violated and that the situation
was unconscionable and Intolerable and that the assets o f the com pany
were being wasted.
The Court says that If Federal laws have been violated, application should
be made to the Federal courts, and that while violations o f the law In this
State might in certain cases furnish ground for criminal proceedings, they
d o not constitute grounds for the appointm ent o f a receiver: also that he
has beon unable to lind any credible evidence o f fraudulent mismanagement
or waste of the assets.
Justice Guy says: “ The proof submitted shows that starting with a
nominal capital of $ 1 0 ,0 0 0 ,0 0 0 and a very small am ount of actual assets,
the com pany under the management of Its present officers has accumulated
a surplus of about $ 1 0 ,0 0 0 ,0 0 0 , so that instead o f nominal assets It now
has actual assets to an amount representing the capitalization of the com ­
pany, which assets represent the net earnings of the com pany over and
above the dividends paid; and It further appears that about 50% of such
accumulated net earnings have accrued during the last eight years, as to
which period the plalntllT complains of the management o f the com pany.”
It Is held that while the election of officers of the American and Adams
express companies as directors was a flagrant violation o f the articles of
association, which provide that no director shall be Interested in a business
detrimental to the com pany, the stockholders, including the plalntltl,
acquiesced in the election for eight years and expressed no disapproval until
the beginning o f the present action, and that no evidence can be found to
show that the com pany sulfered any Injury through their election, even if
there were ground for attacking the validity of the election.
It Is also held that while tnere has been no stockholders’ meeting for
45 years, during which the present officers, m any o f whom are relatives
of the President, have continued In office at salaries “ which are apparently
generous but not exorbita n t,” there Is no evidence that the President or
other officers have been derelict in their duty: that the Inability to bring
about a stockholders' meeting or to obtain detailed Information about the
com pany's affairs Is grievous, but that the rem edy Is In legislation, as tills
condition Is permitted under the articles of association of which the plaintiff
and other stockholders are presumed to have known about when they
purchased stock. The defendant, it Is stated, is a joint-stock association,
deriving its existence from the contracts of individuals, and the rights of
the parties cannot be enforced b y a writ o f mandam us.— V. 8 8 , p. 382.

United States Steel Corporation.— S t r i k e at T i n P la te M i l l s .
—This company’s subsidiary, the American Sheet & Tin
Plate Co., following the example, it is said, of all the other
manufacturing companies of the corporation, made effective
on July 1 the “ open shop’ ’ at all its plants, resulting in a de­
crease of from 2 to 2 j^ % in wages to “ equalize” with the
open scale. On July 1 a strike resulted, closing some 15
plants, and involving, it is said, some 7,000 men.— V. 88,
p. 1443, 1377.
Watertown (N. Y.) Light & Power Co .— B o n d s O f f e r e d .—
Potter, Choate & Prentice and Spencer Trask & Co., both
of New York, are offering at 99 and interest, yielding over
5% , the unsold portion of the present issue of 81,157,500
first mortgage 5% gold bonds; total authorized, $2,000,000;
dated Jan. 1 1909 and due Jan. 1 1959, but redeemable by
lot at 105 and interest for sinking fund. Par $500 and
$1,000 (c*). Empire Trust Co., New York, trustee. In­
terest J. & J. Tax-exempt in New York State. See ad­
vertisement on another page. A circular says in substance:
A first mortgage upon the entire property now owned or hereafter ac­
quired, the physical value of which, Irrespective o f franchises, Is considera­
bly In excess of this amount of bonds. The balance o f the authorized issue
Is limited to 75% o f the cost of permanent extensions and Improvements,
but only when net earnings for the preceding year am ount to at least 150%
o f the Interest on all bonds outstanding and to be Issued; except with the
consent of 75% of all bondholders.
The com pany does all o f the gas, electric lighting and power business of
W atertown, N. Y ., and owns a perpetual franchise for central-station heat­
ing. All of Its electricity Is developed b y water power, for which purpose
It owns valuable rights upon the Black River; at a reasonable cost can de­
velop 1 0 0 % more water power to meet the growing needs of the city.
One of Its water power plants Is situated In the city, the other about 5H
nilles out o f tow n, electricity being transmitted over private right-of-w ay
to the distributing station lh the heart o f the city. A steam generating
plant of moderate capacity Is held In reserve In case of emergency. The
entire power plant lias been reconstructed upon modern lines within the.
past three years. The gas plant was constructed In 1906, and Is equipped
to manufacture both coal and water gas at moderate prices. It has a
capacity o f considerably more than the present output. Its mains caver
the principal streets of the city.
The management Is in the hands of experienced men and Is afforded at
all times the beneflt of expert advice.
C o n s o lid a te d S ta te m en t o f E a r n in g s f o r th e V a s t F o u r Y e a r s .

1908.
1907.
1900.
1905.
Gross earnings--------------- $342,676
$316,447
$183,695
$158,478
Net earns.(after o p .exp.) $137,304
5115,705
$77,211
550,364
Present interest charges, $57,875; balance, surplus, on basis o f earnings
for 1908, $79,429.
From 1890 to 1900 the population o f W atertown doubled and a conserva­
tive estimate places It at present at 30,000. The water powers of the Black
R iver have given the city Increasing importance as a m anufacturing com ­
m unity, in addition to which It Is the centre of great agricultural and
dairy sections. Compare V . 8 8 , p. 1140.

Western United Gas & Electric Co., Aurora, &c., 111.—
of the $293,000 first mortgage ten-forty
5% gold bonds of the Joliet Gas Light Co., dated Oct. 1
1898, have been called for payment at 105 and interest
on Oct. 1 at the American Trust & Savings Bank, Chicago.
— V. 80, p. 873.
Wilmington (Del.) Gas & Electric Co.— S a l e . — C. H.
Geist of Philadelphia has purchased from Lawrence Mc­
Cormick and K . L. Ames, who were associated with him
in the purchase of the company several weeks ago, from
the Dobsons, the interest of his associates in the property,
and now owns all of the common and preferred stock and
bonds of the company. The transfer involved about
$2,500,000.
B o n d s C a l l e d .— All

The property will be taken over some time between now and A ug. 1,
and changes will then be m ade In the board and management. Mr. Gelst
will operate the plant along the same lines on which the many other similar
companies which he controls are operated. It Is believed the business of
the com pany can be Tloubled In the next three years b y the use of modern
m ethods. A. new m llllon-foot holding tank will be erected and other
changes made to enlarge the present plant.— V. 83, p. 912.

— Trowbridge & Niver Co. of Chicago and Boston, promi­
nent and progressive dealers in municipal, corporation
and irrigation 1 onds, opened’ a branch office July 1 in
Pittsburgh, at Room 1008 Union Bank Building. The
office Manager is A. D. Sallee, who was for several years




49

manager of the credit department of the Mellon National
Bank of Pittsburgh. A party of about 150 leading bankers
and investors, gathered from Eastern and Western cities,
have just returned from a 6,000-mile trip through Colorado,
Utah, Idaho and Oregon— the entire party being the guests
of the Trowbridge & Niver Co. for eight days, from Chicago
back to Chicago again, and its object the visiting and
inspection of various irrigation, land, light and power
projects which this compony has financed. Among these
were the Bijou District at Fort Morgan, Colo.; the Denver
Reservoir & Irrigation Co.; the Marshall Lake & Standly
Lake reservoirs; the Denver-Greeley and Palisade (Colo.)
fruit districts; the great Ox Bow Bend of Snake River, the
water-power site of the Idaho-Oregon Light & Power Co.
and other points of equal interest— including the Canyon
Canal District, which was the first irrigation district in the
United States under the Carey Act. This party of cap­
italists was much impressed with the wonderful development
along these lines which they saw throughout the trip.
J.
K. Rice, Jr. & Co., specialists in miscellaneous securi­
ties, 33 Wall St., are advertising in this issue 128 different
securities suitable for the July investment demand, and will
be pleased to furnish quotations upon application. The
firm invites inquiries regarding the market for all unlisted
and inactive bonds and stocks. Cable*address, “ Ricenor,”
and telephones “ 7460-1-2-3-4-5-6, Hanover.” The members
of the firm are James K. Rice Jr., Raymond J Chatry and
Irving M. Day.
— The July circular of N. W . Halsey & Co. will repay
the a tent.ion of the investor, being very suggestive in the
assortment of high-grade bonds that are mentioned.
Special attention is directed to the Pacific Gas & Electric
debenture 6% 30-year bonds, which the bankers recom­
mend as a safe investment, yielding a full 6 % . Copies of
the circular will be mailed on request from the concern’ s
offices, New Y ork, Chicago, Philadelphia andSanFrancisco.
—'The bond house of H. P. Taylor & Co. of Pittsburgh
announces the opening of a New York office in the Singer
Building, under the management of Henri C. Morand,
formerly manager of the bond department of E. D. Shephard
& Co. II. P. Taylor & Co. have been located in Pittsburgh
for over seven years, during which time they have financed a
number of important bond propositions. Their growing
business necessitated the opening of the New York office
and an office will later be opened in Chicago, it is stated.
— Stone & Webster have recently appointed as
their representatives in the Chicago branch office, in the
First National Bank Building, George Higginson Jr. (who
for twelve years was an active official of the Chicago
Metropolitan West Side Elevated R y .— Secretary, Treas­
urer or Vice-President) and Joseph Husband, a "Harvard
graduate, and formerly connected with the Chicago Edison
Electric Co.
— Messrs. Plympton, Gardiner & Co., bankers, of 27
William St., have just issued an attractive July circular,
showing their offerings of investment securities. Special
attention is called to a $300,000 issue of Missouri Kansas
& Texas R y. Co. gen. mtge. gold s. f. 43^s due 1936 and
$250,000 St. Louis Southwestern R y. Co. 1st con. mtge.
gold 4s due 1932. There is also listed a number of taxexempt guaranteed stocks. The circular will be mailed
upon request.
— Attention is called to the advertisement on another page
of Chas. H. Jones & Co., offering Pittsburgh Shawmut A
Northern R .R . five per cent receiver’s certificates dated June 1
1909. These certificates are a prior lien on about 25,000
acres of coal lands and 188 miles of railroad, and take prece­
dence over some $14,000,000 of bonds outstanding. See par­
ticulars in advertisement.
— Shoemaker, Bates & Co. have removed their Chicago
office from the fourth floor of the Home Insurance Building to
the ground floor of the new Corn Exchange National Bank
Building, thus securing one of the most eligible and advan­
tageous locations on La Salle Street. Alanson Follansbee,
who has had charge of their Chicago office since its opening
continues as manager.
— Fisk & Robinson, in the July issue of their monthly
“ Bulletin of Investments,” give in tabular form com ­
parative statistics for 1890, 1900, 1908, and a forecast for
1920, showing population, banking power, the world’s
wealth, staple productions, imports and exports, railroad
mileage, &c. From these huge figures some interesting
coinnlents are made.
—The opening of a San Francisco branch of the bond
house of James H . Adams & Co. of Los Angeles, is announced.
The new office will be under the management of Frank M.
Brown.
—'The firm name of Burnham, Butler & Co., Chicago,
bank stock brokers, has been changed to John Burnham
& Co. The partners are John Burnham, Richard R . Lake
and Paul J. Chace.
— Redmond & Co.’s July investment list will be found a
length in our advertising pages. It includes a large
number of choice securities.
— Pouch it Co. of 1 Nassau Street, announce the admission
to partnership in their firm of Montaigu M. Sterling, formerly
of Becker & Sterling.

THE CHRONICLE

50

'Ji'hx

G lm n m c r c ia l

COTTON.

.

COMMERCIAL EPITOME.
F r i d a y N i g h t , J u l y 2 1909.
The trend is towards greater activity, and with crops in
the main promising, the outlook is still very generally
regarded as promising.

1
1909.

J u ly
S to c k s o f M e r c h a n d is e .

1
1909.

June

[VOL. LXXXIX.

1
1908.

F r i d a y N i g h t , J u l y 2 1909.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
27,503 bales, against 34,420 bales last week and 33,383
bales the previous week, making the total receipts since
the 1st of September 1908 9,702,533 bales, against 8,111,­
585 bales for the same period of 1907-08, showing an increase
since Sept. 1 1908 of 1,590,948 bales.

J u ly

80,923
21,651
C ocoa______ ______________
65.000
Oodee, B r a z i l __________
3.114,480 3,332,035 3,114,480
39,376
45,696
18,200
Collee, Java. _____ . . . . . .
392,579
235,000
Coffee, o t h e r ............ ..
..
406,528
46,797
27,230
53,328
S u g a r------------------- -----------21,150
6 ,0 0 0
13,200
H i d e s ..................................... ....... ............ ..N o .
181,405
77,499
170,286
Cotton .................... ...........
None
1,500
S altpetre. ________ ______
None
5,212
15,755
Manila h e m p ..________
5,431
None
697
Sisal hem p________ _______
443
30,100
33,500
55,100
F l o u r ______ ______________ barrels and sacks

R e c e ip t s a t —

M on.

S a t.

1,620
Port A rthur____
C orp.Chrlstl.&c..
New Orleans____
Mobile

G e o rg e to w n -----W ilm in g to n ____

—

722
487
3,230

—

F ri.

T h u rs.

W ed .

3,866

T o ta l.

808

2,098

10,609

' 624

365
930

"852
7,719

—

616

1,522

791

27

354

33

__

__

183

—

—

‘ 338

12 1

l ’, 2 2 2

"on

__

671

—
—

"697

3,960

.

Jacksonville, &c.

T u es.

1,495

9

50

“ II

5
107

07

13

61

14

"I
265

" is o
32

’ " 2

677

—

134

‘ 26I
877
824

" " 2

307
25
141
LARD on the spot has been in moderate demand for small
824
Newport N ., & c.
1
lots. Some export business has been done of late. Prices New
■ ‘ “ 'I
II"
Y o rk ---------"~33
1,410
88
" io o
1,157
"3 2
have ruled steady. Prime Western 12. L2 Me., Middle West
233
233
—
Baltim ore---------11.95@12c., prime City steam 11 Me. Refined lard has Philadelphia-----6
3
—
" " .3
been quiet and generally steady. Continent 12.55c., South
5,511 27,503
2,702
5,729
3,919
3,686
5,956
Totals
this
w
eek.
America 13.25c. and Brazil in kegs 14.25c. The speculation
in lard futures at the West has been active. Prices have
shown irregularity at times, as there has been much realizing.
On the whole, however, the undertone of the market has been since Sept. 1 1908, and the stocks to-night, compared with
firm, owing to the strong position of live hogs. Commission last year:
houses have been good buyers on all weak spots and promin­
S to ck .
1907-08.
1908-09.
ent packers have made purchases.
R e c e ip ts to
D A IL Y CLOSING P R IC E S OF L A R D FU T U R E S IN CHICAGO.
S a t.

July delivery......... ........ 11.65
September d e liv e r y __ 11.72}$
October delivery______11.65

M on.

T u es.

W e il.

T h u rs.

11.60
11.70
11.70
11.72}$ 11.77}$
11.671$ 11.75
11.75
11.75
11.82}$
11.621$ 11.671$ 11.671$ 11.65
11.75

PORK on the spot has been dull and firm. Offerings light.
Mess $21 @$21 50, clear $20 50@ $23 and family $21 @ $21 50.
Beef has ruled firm with an increased demand, mainly for
small lots. Mess $ l l @ $ l i 50, packet $12 50@$13, family
$13 75@$14 50 and extra India mess $20 50@$21. Cut
meats have been moderately active and generally firm;
pickled hams, regular, 12 to 20 lbs., llM to 12 Me.; pickled
bellies, clear 8 to 12 lbs., 12j^@ 13c.; pickled ribs, 8 to 12
lbs., 1 2 )^ @ 1 2 ^ c. Tallow dull and steady; City 5 9-16 @
5^gc. Stearines dull and firm; oleo 13 Me.; lard 13Mc.
Butter quiet and firmer; creamery extras, 25M @25M c.
Cheese quiet and steady; State, f . c., small, colored or white,
fancy, 13Mc.; large colored 13J^c. Eggs quiet and firm;
Western firsts 21M @ 22M COIL.—Linseed has been steady. New business has been
quiet, but there has been fairly liberal withdrawals on old
contracts. City, raw, American seed, 61 @ 62c., boiled
62@ 63c., Calcutta, raw, 75c. Cottonseed dull and easy;
winter 5.85@6.14c.; summer white 5.87@6.05c. Olive
dull and steady at $1 25@$1 50. Lard firmer but dull;
buyers using other oils where possible; prime 89@92c.;
No. 1 extra 57@58c. Cocoanut quiet and firm; Cochin
7J^@ 7% c.; Ceylon 7 M @ 7 % c. Palm quiet and firmer;
Lagos 5% @ 5^ §c. Peanut dull; yellow 65@70c. Cod
quiet and steady; domestic 38c.; Newfoundland 40c.
COFFEE on the spot has been dull and easy; Rio No. 7
7Mc-; Santos No. 4 9@9J^c. West India growths have
been quiet and steady; fair to good Cucuta 9M @10M c.
Speculation in future contracts has been more active at a
decline in prices. The closing prices were as follows:
July _______ ...6 .3 0 c .
A u g u s t ----------------5.60c.
S e p te m b e r------ .5 .5 5 c.
O c t o b e r _________ 5.40c.

N ovem ber__ _____ 5.40c.
December ____ .5 .4 0 c.
January . ______5.40c.
F e b r u a r y ________ 5.40c.

J u ly

2.

1 'h is
W eek .

F r i.

M a rc h ....... ............. 5.45c.
A p r il------------------- 5.45c.
May ....................... 5.50c.
J u n e --------------------5.50c.

G alveston----------Port A rthur-------Corpus C hrlstl.& c
New O rlea n s------

1 1908.

10,609 3,575,456
152,759
152,203
852
7,719 2,063,824
677

Mobile — — - Pensacola----------Jacksonville, & c.
Savannah----------B ru n sw ick --------C harleston------ .
Georgetown -----W ilm ington -----N o r f o l k ......... —
Newport News,&c
New Y o r k ----------

3,960
134
201

877
824
1
1,410
233

P h ila d elp h ia -----T o ta l---------------

S in ce S ep

8

2 0 ,2 2 1

376,435
155,149
29,730
1,488,816
319,847
209,609
2,584
409,087
586,394
17,435
19,101
18,449
99,379
6,055

27,503 9,702,533

T h is
W eek .

S in ce S ep

1909.

1908.

25,223 2,4 50,097
108,500
37,825
10,545 1,963,082

25,918
—
______
108,158

38,772
—
—

325,750
166,838
8,434
1,500,763
197,903
200,370
722
498.137
539,779
7,275
■1,188
14,417
77,922
9,583

8,132
______
___ ___
24,012
423
3,840

0,066
—

85
8,800

4,428

1701212
4,328
6,582
2,259

—
77,365
5,924
6,124
1,440

03,544 8,111,585

362,755

256,189

1 1907.

_

1,368
5,800
4,158
169
1,118
3,420
463
530
300
375
75

_

28,737
6,801

In order that comparison may be made with other years,

_ .! . .

4 .. 4 - I . ..4- L\,%/-l i /w v\/-v L
-1 f a i* oi v c?dno n IIc?•

L /il / , nf 1L

R e c e ip t s a t —

Galveston —
Pt A rthur,& c
New OrleansSavannah —
Brunswick—
Charleston, &c
W ilm in g to n ..
N o r fo lk -------N ’port N ., &c
All others-----Total this w k .

1909.

1908.

1906.

1907.

10,609
852
7,719
677
3,960

25,223

4,488

10,545
1,368
4,158

3,121

134
877
824
1,650

169
1,118
3,420
463
7,080

1,230
1,259
1,490

27,503

53,544

14,273

201

12 2

2,257
286
20

1904.

1905.

12 2

21,786
1,294
11,297
844
12,299
1,068
l ,024
l ,556
8,684
398
1,902

25,068

62,152

6,601
28
5,875
680
7,097
25
232
2,658
1,750

1,338
4,033
162
1,603
98
16
794
398
2,041
10,483

7,064,470
Slnce Sept. 1 - 9,702,533 8,111,585 9,612,858 7,603,312 9,489,406

m e e x p o r t s iu i tu c w tu n v,x*v****&

~ ....... o

,

-Z •

of 36,155 bales, of which 5,634 were to Great Britain,
2,900 to France and 23,121 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1908:

SUGAR.— Raw has been quiet and steady. Centrifugal,
Erom S ept. 1 1908 to J u ly 2 1909.
W eek ending J u ly 2 1909.
E xp orted to—
96-degrees test, 3.92c.; muscovado, 89-degrees test, 3.42c.;
E xp orted to —■
Exports
molasses, 89-degrees test, 3.17c. Refined has been more
C onti­
Great
C on ti­
Great
from —
nent.
T otal.
active and steady; granulated 4.75 to 4.85c. Spices have
B ritain . F ra n ce
Britain. F en ce] nent.
been in good demand and generally firm. Teas have been
8,274 8,274 1,470,070 121,188 1,213,233 3.104.491
Galveston----....
firm with increased sales. Wool firm though less active.
86,502, 152,759
06,257
__
Port A rthur...
27,748
27,718
PETROLEUM.— Refined has been less active and easier; Corp.ChrlstlA
10,708 911,688 244,448 719,589 1,875,725
7,808
2,900
New
Orleans
barrels 8.40c., bulk 4.95c., cases 10.80c. Gasoline has been Mobile---------- 2,850
79,737 286,704
93,078 I 13,949
2,850
52,877 158,953
43,020 63,056
in good demand and steady; 86-degrees, in 100-gallon drums, Pensacola----4,132 10,089
2 0 ,2 2 1
18Me.; drums $8 50 extra. Naphtha has been fairly active SGvulfport........
91,227
657,130
167,073
4,472
4,472
a n n a h ----__ 89,370 915,430
193,604
282,974
and steady; 73 to 76-degrees 1GMC- Spirits of turpentine Brunswick----__ 77,244 82,969
5,725
has been active and firm at 46@ 46M C- Rosin has been Char cston----112,854 8,731 281,024 403,209
3,129
36,073
quiet at $3 for common to good strained.
__ __ __ __ 32,944 —
—
TOBACCO.— Transactions in the market lor domestic
3,302 152,067 45,587 190,767 388,421
2 ,6 6 6
1 302
New York.
__ 11,357 101,242
92,885
leaf have been limited, as a rule, to small lots for immediate Boston —
491
188
51,593 7,529
63,472 122,594
880
use. The output of cigars has been fully as large as the
50,719
__ 12,689 69,408
408
117
291
796
790
normal, and it is believed by many that manufacturers must
.... 204 "204
82,298
82,298
soon increase their purchases of leaf. A combination has
— 68,246 08,246
58
58
—
Seattle
—
1
mi
been formed to-control the output of hurley tobacco, accord­ Tacoma . -.
10,756
10,756
301
300
ing to reports from Kentucky. Sumatra has been active.
10 0
10 C
Pembina
.
.
.
COPPER has been dull and easier, with the changes in
4,374
4,374
....
....
—
— —
..........
quotations largely nominal. Lake 13 M @ I'I/^ C-! electro­
5,634 2,900 23.121 31,655 3,458,879 1011804 3,728,168 8,198,851
T o ta l..........
lytic 12.90@l3.10c.; casting l2 M @ 1 2 % c. Lead quiet
apd steady at 4.37M @ 4 .45c. Spelter quiet and steady at
19,840 6,589 9,052 35,481 2,870,073 853,002 3,491,168 7.214,990
5.40@ 5.45c. Iron has been active and firm. Large sales
In addition to above exports, our telegrams to-night also
have been made of late by Northern and Southern furnaces
to pipe manufacturers. It is expected that further large give us the following amounts of cotton on shipboard, not
contracts will be placed in the near future. No. 1 Northern cleared, at the ports named. We add similar figures for
New York.
$16 50@$17; No. 2 Southern $15 75@$16 25.




THE

J u l y 3 1909,
O n S h ip b o a r d , N o t C le a r e d t o r —
J u ly

G rea t
B r ita in . F r a n c e

2 a t—

New O rleans..
Galveston ___
Savannah _
Charleston____
M o b ile ..............
N orfolk _______
New Y o r k ___
Other p orts__
Total 1 9 0 9 ..
Total 1908.
Total 1 9 0 7 ..

7,031
11,509

10,346
2,447

G er­
m any.

28,566
834

700

4,000

2,800

1,000
300

400

500
200

20,540
11,967
5,058

17,193
3,236
1,471

32,900
16,677
8,744

C o a s t­
w is e .

O th er
F o reig n

T o ta l.

7,913
413

57
1,200

_

_- 30
7,686

__
__

1,300
—

—

8,973
14,595
14,234

9,626
9,445
15,696

L e a v in g
S to c k .

53,913
16,403
____
.....
7,530
7,686
3,200
500
89,232
55,920
45,203

54,245
9,515
24,012
3,486
602
1,114
167,012
13,177
273,523
200,269
284,552

Speculation in cotton for future delivery has been moder­
ately active at a sharp advance in the price. Very unfavor­
able crop reports have been published by a prominent paper
during the week and they have had considerable to do with
the advance, as they strengthened the belief among very
many that the Bureau report of to-day would make a very
bullish exhibit. In addition there have been many private
reports received from various States east of the Mississippi,
and three local statisticians put forth reports during the week
showing declines in the condition ranging from, roughly, 1%
to 4 } 4 % . Moreover, the weather in the eastern belt has
of late been rainy and the work of clearing the fields in that
section, according to not a few of the private reports, has
been checked. Texas advices to various houses here as well
as many of the reports published in Texas newspapers have
as a rule shown that the weevils are increasing and as the
crop is admittedly late, there is a fear the damage from that
pest will be more extensive than last year. Of late, too,
maximum temperatures of 100 to 104 degrees have been
reported at a number of places in Texas. The monthly
report of the newspaper already referred to made the condi­
tion only 76.8% , which was lower than had been expected.It compared with 82.1% last month and 81.4% last year.
The consumption of cotton, as revealed in the spinners’
takings, is large,and the advocates of a further rise in prices
contend that from present appearances the yield this season
is likely to fall below the world’s requirements. Textile
reports have in the main been favorable. Spot markets at
the South have been firm or higher. The stock here has
latterly decreased and it is reported that large shipments
will be made to Europe out of the local supply in the near
future. Large interests in the trade have been active buyers
of futures. New Orleans and other parts of the South have
sent buying orders and Wall Street firms and houses with
Western connections have made liberal purchases. At
times temporary declines have occurred, owing to heavy
liquidation before the Government report. There has also
been much realizing on the eve of the triple holiday, the
Exchange being closed from to-night till Tuesday next.
Some, too, have contended that the situation in the eastern
belt has been exaggerated, while in Texas the outlook is
generally considered favorable. The short interest has been
eliminated. To-day the Bureau report was announced at
12 o ’clock. It stated the condition at 74.6% , against 81.1
last month, 81.2 last year, 72 in 1907 and a ten-year average
of 80.8% . This was followed by a violent rise in prices.
The speculation was active and excited. Some contend that
the Government figures point to a crop of not more than
12,000,000 bales and some name considerably lower figures.
Buying was general. Heavy rains were reported in the
eastern belt. Spot cotton has been quiet. Middling up­
lands closed at 12.60c., an advance for the week of 80 points.
The rates on and off middling, as established Nov. 18 1908
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
F a ir .................... c . 1.50 on
Strict mid. fair____ 1.30 on
Middling fair........... 1.10 on
Strict good mid— 0.60 on
Good middling____ 0.44 on
Strict mlddl ng------ 0.22 on

Middling ..............c_ Basis
Strict low. mid____0.30 off
I,ow middling......... 1.00 off
Strict good ord____1.50 oft
Good ordinary_____2.50 off
Strict g’d mld.tgd_0.35 on

Good mid. ting'd.c.Even
Strict mid. Ungcd._0.20 oft
Middling tin ged...0,30 off
Strict low mid. ting. 1.00 oft
Low mid. tinged..2.25 oft
Middling stained..1.00 off

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
J u n e 20 to J u l y 2—
Sat.
Middling uplands_____________ 11.80

Mon.
12.00

Tues.
12.00

W ed . Thurs.
12.00
12.10

Fri.
12.00

NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
July 2 for each of the past 32 years have been as follows:
1909.C.
1908 . . . ____11.40
1907... . ____13.50
1906 . . . ____10.80
1 9 0 5 ... ____10.00
1 9 0 4 ... ____10.85
1903..... ____13.00
1 9 0 2 ... ____ 9.25

8.88
1900_______ . 9.88
1899_______ . 6.12
1898_______ . 6.25
1897_______ . 7.88
1896_______ . 7.44
1895.......... - . 7 . 1 9
11894............ . 7.25

1893.C._ . . . 8.00
1 8 9 2 . . . . . 7.38
1891____ . . . 8.38
1890____ ...1 2 . 0 0
1889____ ---- 11.12
1888____ ...1 0 .1 9
1887____ . . 11.06
1886____ . . . 9.44

1885.C____
1884______
1883______
1882______
1881______
1 8 8 0 ..
..
t87 9 ..........
1878______

.1 0 .5 0
.11.12
.10.31
.12.62
.11.06
.11.81
.12.44
.11.44

MARKET AND SALES AT NEW YORK.
S pot M arket
C lo s e d .

S a tu rd a y .. Quiet, 10 pts. a d v ..
M on day__ Quiet, 20 pts. a d v ..
Tuesday . . Q u ie t ....... ...............
W ednesday Quiet ........................
Thursday . Steady, 10 pts. adv.
F riday____ SSteady, 50 pts. adv.
T o t a l . ..

F u tu r e s
M a rket
C lo sed .

Firm & active
F i r m _______
S tea d y...........
S teady_____ F ir m ________

....................................!— .......... —




S a le s o f S p o t a n d C o n tr a c t.
C onS p o t. s n m ’ n .

100
351
290
2,296 i
435
3 -4? 2

C on­
tr a c t.

51

HRONICLE

T o ta l.

100
'351
"200
490
: : : : 48,100 50,396
435
18,500 51,772

FUTURES.— The highest, lowest and closing prices at
New York the past week have been as follows:

e

K K

oja-T oja if gsa? o » ? q » § . q jar o s 's Q ja ?oja §
g S i s S T s S r s B 1 S S l a s * s g I g g ? p : g |g g l g g I g g I

^

S3 ES’ES S3 5$ ra raj la r a il s £3

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*UCO £aC*5 £*Co COCS9 CO>-* £*
cnCl -vl 00 Cl 0» coco
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THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,as well as the afloat, are this week's returns, and conse­
quently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the United
States, including in it the exports of Friday only.
July 2—
1909.
Stock at L iverpool_________bales.1.089 ,000
Stock at L o n d o n _______________
9,000
Stock at M anchester____________
78,000

1908.
1907.
566,000 1,092,000
7,000
11,000
68,000
79,000

1906.
704.000
13.000
61.000

Total Great Britain s to c k _____ 1,176,000
Stock at H am burg______________
12,000
Stock at B re m e n _______________ 329,000
Stock at H a vre----- ---------------------- 260,000
Stock at Marseilles------- ---------—
3,000
Stock at B a r ce lo n a ...................... 32,000
Stock at Genoa---------------------------36,000
Stock at T rie ste -------------------------6,000

641,000 1,182,000

778.000
13.000
196.000
116.000
4.000
14.000
50.000
7.000

638,000

400.000

Total Continental stocks______

678,000

591,000

Total European stocks . ____ 1,854,000 1,279,000 1,773,000 1,182,000
India cotton alloat for E u r o p e ...
73,000
84,000
210,000
126,000
Amer. cotton alloat for E u r o p e .. 193,625
134,643
117,409
132,498
E gypt,Brazil,& c.,allt.for E urope.
15.000
23,000
32,000
24,000
Stock In Alexandria,E gy p t______ 114,000
118.000
74,000
66,000
Stock In B om bay. India________
397 000
488.000
747,000
863,000
Stock tn U. S. p o r t s ___ _______
362.755
256,189
329,755 273,937
Stock In U. S. Interior to w n s___
172,625
170.453
152,593 186,428
U. S. exports to -d a y ___________
6,406
337
3,869
18,405
Total visible s u p p ly ., ________3,188,411 2,553,622 3,439,626 2,808,268
Of the above, totals o f American and other descriptions are as follows:
A m erica n —
599,000
951,000
452,000
L iverpool sto ck -------------------bales.. 989,000
53,000
67,000
Manchester s to ck _________
62,000
.
56,000
339,000
504,000
Continental stock ____
621,000
542,000
132,498
134,643
117,409
American afloat for E urope_____. 193,625
329,755
273,937
256,189
U. S. port stock s______________. 362,755
170,453
152,593
186,428
U. S. interior stocks . . . ________. 172,625
172 ,625
337
3,869
18,405
6,406
U. S. exports to -d a y ------T otal A m e rica n _______________.2,407,411
2,407,411 1,611,622 I1,125,626 1l ,602,268
E a s t I n d i a n , B r a z i l , & c .—114,000
141,000
105,000
Liverpool stock __________________ 100,000
100.000
11,000
7,000
13,000
9,000
London s to ck _____________
12,000
12,000
8,000
16,000
Manchester s to c k --------------96,000
87,000
57,000
61,000
Continental s to ck ---------------73,000
84,000
210,000
126,000
India afloat for Europe-----23,000
32,000
24,000
15,000
E gypt, Brazil, & c., a f lo a t .---------.
118,000
66.000
74,000
Stock In Alexandria, E g y p t--------. 114,000
488,000
863,000
747,000
Stock In B om bay, In d ia ----------- - 397,000
Total East India, & c---------------

942,000 1,314,000 1,266,000
781,000
2,407,411 1,611,622 :1,125,626 ' 1,602,268

.3,188,411 2,553,622 13,439,626 ;2 ,868,268
6.33d.
6.27d.
6.08d.
Middling Upland, L iverpool--------.
7.31d.
13.50c.
10.80c.
Middling Upland, New Y o rk ------. 12.60c.
11.40c.
0 !^ d.
l i d.
8 H d . 11 3-16d.
E gypt, Good Brown, L iv e r p o o l..
9.15d.
11.25d.
8.65d.
Peruvian, Rough Good, Liverpool1 8.15d.
5 fd.
6 t f d . i> 1 l-16 d .
5 9-16d.
Broach, Fine, L iverpool------------- ,
5^d.
5 3-16d.
5H d.
Tlnnevclly, Good, L iverpool------ .
am.

Continental imports for the past week have been 40,000
bales.
The above figures for 1909 show a decrease from last week
of 138,629 bales, and a gain of 634,789 bales over 1908,
a decrease of 251,215 bales from]1907 Jand afgaimpf 239,143
bales over 1906.

THE CHRONICLE

53

AT THE INTERIORijTOW NS’{thermovement— 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 forpthe previous year— is set out
in detail below.
_______

[V O L . LX XXIX.

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.
C lo s in g Q u o ta tio n s f o r M id d li n g C o tto n o n -

OOHTTO ^ iq cmJO0_ cc O t-h

y-4

W e e k e n d in g —
J u lU 2.

o

lO cvi NMOOMOlHH HHflMHMOOO OOC5 r-l

G a lv e s to n -------New Orleans—
M o b ile _________
Savannah -------Charleston_____
W ilm ington____
N o r fo lk _______
Boston _______
B a ltim o re _____
P hiladelph ia___
A ugusta_______
M em p h is______
St. Louis______
H o u s t o n ______
Little R o ck ____

iHiHvC;:i: -OM'tONOOOhCOOrJOM'l'^ONOCOOO
Oih-HOOoOOOJb-OOaOMO^’-'OQCOiOJOOOrtOcCOb*
NHrtM O CMO O
lx 00i0OC4r5t0C'3e'3C5«Mt"*O

:: r11- rt t it n h*OCl iOt fi f]
OO
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o co
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-TC
H
r-t^OOOC'l^Td'COCOCOaC'^’-t^H t-"* O JOCO >0GOC©05rHi.OOCOCO

OC5iOOOMb*inrtOiOOOMC5rl'OiOOOrtO«OC'1M^COTflN«HTHp.
M0 050t>iC'lOO,t T1,'0',f 3CC0r>*Q0CC^000Ol-0»—
ICVIC^ICO
CM rHC©O
r-t
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o
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co^ o cm<o »o CO00
CO00 CMCMCMO

S a t’d a y .

M onday.

T u e s d a y . W e d ’ d a y . T h u r s d ’ y.

11 %

ll

UH

11 5-16
11 %

11 7-16

11%

11 5-16
11%
10%
U H

11.70
UH

12.05
11 9-16
UH
U H

11
11

H
U H

U H

11%

n"~

11 H
11.80
U'A

12.25
11 11-16
Ills

ILLS
UH

11

.00

%

.25

11%

11 %

11 %
11%

11 %
11 %

ll""

11 %

ll”
11 %

11%
12.25
11 %
11%
11 H

11 %

12.00

UH
UH

11%

12.00

12.Si5

11 H
11%
11%

MOOOOOoOfOOHiOOHOiOHOOWOO:
9_iOO ’
-<^ocooi».ocvj^co^>oooo^oc^oo»ft«or>"Ooacoc'JOM»H«o>f5cooooo«o
M 5 0 H 05 ocjn rroooio 05i0h*HOi0!0!0OHOHr

11%

11%

ibOO itlbH
10500 IC'J lO

D*
: : : § J l

aJ

£

•o*-»

CO
CO

13
o
E
h
The above totals show that the interior stocks have i n ­
c r e a s e d during the week 21,195 bales and are to-night 2,172
bales more than at the same time last year. The receipts
at all the towns have been 20,483 bales less than the same
week last year.
OVERLAND MOVEMENT FOR THE W EEK AND
SINCE SEPT. 1.— We give below a statement showing
the overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night. The results
for the week and since Sept. 1 in the last two years are as
follows:
---------1 908-09------

J u l y 2—
S h ip p e d —

Via
Via
Via
Via
Via
Via
Via

W eek .

S t. Louis....... .......................... . .
C a iro -------- ----------------------- _ R ock Island_______________
L ou isv ille-------------------------Cincinnati____
- ......... — . .
Virginia points-------->........... . .
other routes, & c--------------- . .

6,7.64
766
1,768
205
1,383
2,067

-------1907 -0 8 ------ -

S in ce
S e p t . 1.

W eek .

S in c e
S e p t . 1.

652,704
302,474
30,524
83,317
48,510
183,019
274,323

11,303
5,170
916
1,182
1,220
428
405

447,647
221,775
34,767
54,867
50,037
92,055
212,103

Total gross overland— ---------- -.1 2 ,9 5 3 1,574,871

D e d u c t s h ip m e n ts —

20 624 1 113,251
1,280
111
4,882

106,110
6.3.841
70,153

239.074

6,273

240,104

Leaving total net overland * -------- -.1 0 ,3 1 5 1,335,797

14,351

873,147

Overland to N. V ., Boston, & c. . 1,650
549
Between Interior tow ns......... . . .
439
Inland, & c., from S outh---------- - -

142,984
46,246
49,844

Total to be d educted------------ . . 2,638

•* Including m ovem ent b y rail to Canada.

The foregoing shows the week’s net overland movement
has been 10,315 bales, against 14,351 bales for the week
last year, and that for the season to date the aggregate net
overland exhibits an increase over ayear ago of 462,650 bales.
--------1908-09------—
W eek .

S in ce
S e p t . 1.

R eceipts at ports to July 2 ______ 27.503
Net overland to July 2 _____ ______ 10,315
Southern consum ption to July 2 - . 50,000

9 702 533
1,335,797
2,050,000

I n S ig h t a n d S p in n e r s '
T a k in g s .

--------1907-08--------S in ce

W eek .

53,544
14,351
35,000

S e p t . 1.
8,111,585
873,147
1,050,000

T otal m arketed________________ 87,818 13,088,330
Interior stocks In excess_________*21,195
58,619

102,895 10,931,732
*12,829
89,870

Came Into sight during w eek ___ 66,623
--------- Total In sight July 2 ___________________ 13,146,949

90,066
--------- ----------- 11,024,602

North, sp nners’ takings to July 2 . 42,140 2,669,482
36,041 1,794,444
a These figures a r e n ot th e ta k in g s b y Southern mills, but are estimates
of consum ption based on Information received from time to time during
the season and revised, if necessary, when com plete returns are received
at season’s close. Reports from various sections of the South Indicate
that takings b y mills have thus far this season been appreciably heavier
than during the corresponding period a year ago, but actual or approxim ate
data-are not obtainable. * Decrease during week.

Movement into sight in previous years:
W eek —
B a le s . 1 S i n c e S e p t . 1—■
B a le s .
19071— J u ly 5 ........................ 52,139 1906-07— Inly 5 ................... 13,089.340
1906— July 6
__________ 61,639! 1905-06— July 6 ____
10,639,178
1905— July 7 " .....................100,994)1904-05— July 7................... 12,741,035




F r id a y ,
J u l y 2.

— @ —
Range ---------- — @ — — ® — — @ —
C losing--------- 11.44 * 11.64 * 11.50 * --- --- --- --- --- ---- ~—
11.46-.57 11.52-82 11.61-.79 1 l .58-.62 11.64-.71 11.71-.12
Closing---------- 11.57-.59 11.78-.79 ll.6 4 -.6 5 11.58-.59 11.68-.70 12.18-.20
A u g u st—
— @ — — @ — — @ .74 11.65-.09 — @ .78 11.80-.30
Closing---------- 11.67-.69 1 1.85-.87 1 1.71-.73 11.65-.67 11.77 — 12.30 —
S e p te m b e r —
11.60 — 11.68-.85 11.67-.85 11.68-.74 1 1.79-.82 11.84-.25
Closing---------- 11.65-.67 11.85.86 1 1.67-.68 11.66-.68 11.76-.78 12.25-.27
O ctob er —
11.36-.53 11.50-.69 1 t .50-.64 11.46-.57 11.59-.67 lT.61-.16
C losing--------- 11.51 — 11.65-.66 11.50-.51 ll.4 9 -.5 0 11.59.60 12.12.13
N o v em b er—
Range ---------- — @ — — @ — — @ .65 — @ — — @ — — @ —
C losing--------- 11.51". 52 11.65-.66 11.50-.52 11.49-.51 11.59-.61 12.11-----D ecem b er—
R a n g e ---------- 11.36.54 11.51-.70 11.50-.65 I t . 47-. 56 11.60-.67 11.62-.18
Closing....... .. 11.52-.53 11.66-.67 tl.5 1-.52 ll.5 0 -.5 t ll.6 0 -.6 l 12.14-.15
Jan uary—
R a n g e ---------- I t . 37-.56 11.52-.71 ll.5 7 -.6 4 l l . 48-. 58 ll.6 1 -.6 8 11.63-.20
Closing--------- ll.5 3 -.5 4 ll.6 7 -.6 8 11.51-.53 11.51-.52 11.61-.62 12.15-. 16
Range - - - - 11.46-.60 11.59-.75 11.58-.60 11.55-.62 I t .67-.74 ll.6 9 -.2 3
Closing--------- I t . 63-.64 ll.7 5 -.7 6 I t . 57-.59 11.57-. 50 ll.6 7 -.6 8 12.21-.22
T on e—
Firm.
Steady.
Quiet.
Steady.
Firm.
Firm.
O p tio n s -------- Steady. Steady. Steady. Steady. Steady. Very st y
J u ly —

• 1 • ' '
! i ;a i i

_

Georgia

Arkansi

CO
*4

11 %

11 %
11 %

Ju n e—

0,1 V)

!!!«'!!

11 %
12.10
11 %
12.85

11 7-16

S a t ’ d a y . M o n d a y . T u e s d a y . W e d ’ d a y , T h u r s d ’ y,
J u n e 26. J u n e 28. J u n e 29. J u n e 30. J u l y 1.

. . . I l l

12

NEW ORLEANS OPTION M ARKET.— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:

COCMb-HiO 1 0 0 0 0 0 ^ 0 0
1C5QCH io MCOONlOlO
© CM©© iCOOOC'JiOO CO iCOOOiOf

I10XI005HOC5
00
i'd, 'Tl4O*i<03»r3rl«t-4

F rid a y

U H
U H
U H
11 H

* Nominal.

W EATHER REPORTS BY TELEGRAPH .— Advices to
us by telegraph from the South this evening indicate that the
weather has been favorable, on the whole, during the week.
There has been rain in most districts, but generally the pre­
cipitation has been light or moderate. From Texas the
reports are to the effect that the crop is improving, but it is
claimed that boll-weevils arc becoming more numerous and
are scattered over a larger territory. From Alabama, also,
the advices are rather better.
G a l v e s t o n , T e x a s .—The general condition of cotton is
improving in Texas, but boll-weevils are reported becoming
more numerous and scattered over a larger territory. Rain
has fallen on two days during the week, the rainfall reaching
twenty-two hundredths of an inch. The thermometer has
averaged 83, ranging from 76 to 90.
A b i l e n e , T e x a s .— There has been rain on two days during
the week, the precipitation being fifty-four hundredths of an
inch. Thermometer has ranged from 70 to 94, averaging 82.
B r e n h a m , T e x a s .— We have had rain on two days during
the past week, to the extent of twenty-seven hundredths of
an inch. Average thermometer 82, highest 93, lowest t 1.
C o r p u s C h r i s t i , T e x a s .— We have had rain on two days
during the week, the rainfall being eighty-six hundredths of
an inch. The thermometer has averaged 84, the highest
being 94 and the lowest 74.
C u e r o , T e x a s .—There has been rain on two days of the
past week, the rainfall reaching thirty-nine hundredths of
an inch. The thermometer has averaged 85, ranging from
68 to 101.
,
, .
D a l l a s , T e x a s .—Rain has fallen on two days during the
week, the precipitation being ninety-six hundredths of an
inch. The thermometer has ranged from 71 to 100, aver­
aging 86.
F o r t W o r t h , T e x a s .— We have had rain on two .days during
the past week, to the extent of five hundredths of an inch.
Average thermometer 85, highest 94, lowest 74.
H e n r i e t t a , T e x a s .— There has been no rain during the past
week. The thermometer has averaged 81,the highest being
90 and the lowest 71.
H u n t s v i l l e , T e x a s .— Rain has fallen on one day of the
week, the precipitation reaching thirty-five hundredths of
an inch. The thermometer has averaged 84, ranging from
73 to 94.
. A1
t
,
L a m p a s a s , T e x a s .—We have had no rain the past week.
Average thermometer 85, highest 101, lowest 69.
L o n g v i e w , T e x a s — Rain has fallen on three days of the
week, to the extent of ninety-seven hundredths of an inch.
The thermometer has averaged 86, the highest being 99 and
the lowest 73.

THE CHRONICLE

J U L Y 3 1909.J

L u t i n g , T e x a s . —There has been rain on two days of the
past week, the rainfall reaching nine hundredths of an inch.
The thermometer has averaged 86, ranging from 72 to 100.
N a c o g d o c h e s , T e x a s . — Dry all the week.
The thermometer
has ranged from 71 to 94, averaging 83.
P a l e s t i n e , T e x a s . — We have had heavy rain on one day
of the week, the rainfall being two inches. Average ther­
mometer 83, highest 94, lowest 72.
P a r i s , T e x a s . —There has been no rain during the past
week. The thermometer has averaged 85, the highest being
98 and the lowest 71.
S a n A n t o n i o , T e x a s . —There has been rain on one day the
past week, the rainfall reaching twenty-six hundredths of
an inch. The thermometer has averaged 86, ranging from
72 to 100.
T a y l o r , T e x a s . — We have had no rain during the week.
The thermometer has ranged from 70 to 96, averaging 83.
W e a t h e r f o r d , T e x a s . —There has been rain on two days
during the week, to the extent of thirty-six hundredths of an
inch. Lowest temperature 72, highest 100, average 86.
N e w O r l e a n s , L o u i s i a n a . — We have had rain on three days
during the week, the precipitation being one inch and
eighteen hundredths. The thermometer has averged 83.
S h r e v e p o r t , L o u i s i a n a . — Rain has fallen on one day of the
week, the precipitation being thirty-eight hundredths of an
inch. The thermometer has averaged 85, ranging from
74 to 96.
V i c k s b u r g , M i s s i s s i p p i . — We have had rain on five days
during the week, the precipitation reaching forty-two hun­
dredths of an inch. The thermometer has ranged from
70 to 95, averging 83.
H e l e n a , A r k a n s a s . — Crops are grassy.
It has rained lightly
on three days of the week, the rainfall being forty hundredths
of an inch; but there has been more rain in the vicinity.
Average thermometer 83.6, highest 91 and lowest 70.
Month’s rainfall 4.61 inches.
L i t t l e R o c k , A r k a n s a s . — Rainfall for the week forty hun­
dredths of an inch, on two days. Average thermometer
88.5, highest 93 and lowest 74.
M e m p h i s , T e n n e s s e e . — Weather fine for cultivation and
growth, blooms being reported in various sections. We
have had rain on two days during the week, to the extent of
sixty-three hundredths of an inch. The thermometer has
averaged 82.2, ranging from 72.5 to 92. June rainfall 1.78
inches.
M o b i l e , A l a b a m a . — The weather has been more favorable
and crop reports are improving, but the condition is generally
poor. There has been rain on five days of the past week, the
rainfall being two inches and thirty-one hundredths. Average
thermometer 83, highest 94, lowest 72.
M o n t g o m e r y , A l a b a m a . — Crops are steadily improving;
prospects are better. We have had no rain the past week.
The thermometer has averaged 83, the highest being 94
and the lowest 73. June rainfall 7.21 inches.
A u g u s t a , G e o r g i a . — We have had rain on two days the past
week, the precipitation being thirty hundredths of an inch.
Average thermometer 82, highest 92, lowest 72.
S a v a n n a h , G e o r g i a . — There has been rain on four days of
the week, the rainfall being twenty-eight hundredths of an
inch. The thermometer has averaged 81, the highest being
88 and the lowest 74.
.
M a d i s o n , F l o r i d a . — It has rained on five days of the week,
the precipitation reaching nine inches and sixty-five hun­
dredths. The thermometer has ranged from 74 to 95,
averaging 81.
C h a r le s t o n , S o u t h C a r o l i n a . — We have had rain on two
days during the wdek, to the extent of nine hundredths of
an inch. The thermometer has averaged 82, ranging from
76 to 88.
C h a r lo tte , N o r t h C a r o l i n a . — Conditions much improved.
Rain has fallen during the week, the rainfall reaching ninetyone hundredths of an inch. The thermometer has ranged
from 68 to 94, averaging 80.
The following statement we have also received by tele­
graph, showing the height of rivers at the points named at
8 a. m. of the dates given:
J u ly

New Orleans___________A bove
Memphis
__________ A bove
N ash v ille________
A bove
Shreveport_____________ A bove
V ic k s b u r g ______ _____ A bove

zero
zero
zero
zero
zero

of
of
of
of
of

gauge.
gauge.
gauge.
gauge.
gauge.

2 1909.
F eet.
15 .5

20.7
15.2
5 .5

40.1

J u ly

3 1908.
F eet.

19.5
28.0
7.5
29.4

THE; AGRICULTURAL DEPARTMENT’ S JULY RE­
PORT.—The following statement, showing the condition of
cotton on June 25, was issued by the Department of Agricul­
ture July 1:
T*lc
R eporting Board of the Bureau of Statistics of the United
States Departm ent o f Agriculture finds, from the reports of the corre­
spondents and agents of the Bureau, that the average condition of the cotton
crop ° ? . „ ne 25 was 74.6% o f a normal, as com pared with 81.1 on May 25
1909, 81.2 on June 25 1908, 72 on June 25 1907 and 80.8, the average of
the June condition for the past ten years.
Condition of cotton on June 25 1909, with com parisons, b y StatesJ u n e 25
M a y 25 J u n e 25 J u n e 25 J u n e 25 10- Y e a r
1909.
1909.
1908.
1907.
1906. A v e r a g e .
North Carolina . . .
Vft
83
89
72
84
80
South Carolina . _ _ 77
83
84
79
81
77
79
Georgia___________
84
83
78
81
82
64
83
82
68
80
84
61
78
84
67
88
80
62
Louisiana ----------74
80
66
81
87
79
78
80
72
80
82
84
84
64
74
82
90
80
Tennessee............. 85
89
69
84
84
76
84
85
67
81
86
United S t a t e s .... 74.6
81.1
81.2
72
83^3
80.8




53

W ORLD’S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
W eek and Season.

1908-09.
W eek .

1907-08.

S ea son .

}

W eek .

i S eason .

Visible supply June 25_________ 3,327,040
2,712,702
Visible supply Sept. 1..................
1,714",982
'• 2,291,844
American in sight to July 2 ____
" 66",623 13,146,949 "Vo ",0 6 6 11,024,602
B om bay receipts to July 1_____
14.000 2,051,000
40.000 1,956,00
Other India shlp’ ts to July 1 __
20.000
358.000
10.000
313.Q00
Alexandria receipts to June 3 0. _
600
889.000
2,000
952.000
Other supply to June 3 0 . a _____
4,000
184.000
8,000
238.000
T otal sup p ly_________________ '

18,343,931 2,862,768 16,775,446

D ed u ct—

Visible supply July 2 __________ 3,188,411
Total takings to July 2 _________
Of which Am erican__
Of which o th e r .. _________ .
a

3,188,411 2,553,622;i 2,553,622

243,852 15.155.520
175,252 11.716.520
68,600 3,439,000

309.146 ^14,221,824
216.146 10,749,824
93.000 3,472,000

Embraces receipts In Europe from Brazil, Smyrna, W est Ind es, &c.

COTTON CONSUMPTION AND OVERLAND MOVE­
MENT TO JULY 1.— Below we present a synopsis of the
crop movement for the month of June and the ten months
ended June 30 for three years:
1908-09.

1907-08.

Gross overland fo r June_____
. . bales.
64,129
Gross overland for 10 m onths________
1,571,829
Net overland for J une_____
_
53,319
Net overland for 10 months
1,333,662
P ort receipts In J une___
_
181,716
Port receipts In 10 m onths. . .
9,694,320
Exports in J une______
. _
268,587
Exports In 10 m onths___
8,182,562
P ort stocks on June 3 0 _____
_
376,394
Northern spinners' takings to July I
2,663,656
Southern consum ption to July 1
2,038,000
Overland to Canada for 10 m onths ("in­
cluded In net overlan d)______
117,598
Burnt North and South in 10 m onths.
Stock at N orth, interior markets July i_
16,634
Came In sight during J une____________
337,035
Amount of crop in sight July 1_______ II 13,127,98 2
Came in sight balance of season_________
Total crop ________ _____ ________________
Average g r o s s weight of b a le s___________
513.49
Average net weight of bales_____________
490.49

1906-07.

79,061
,104,360
65,104
867,577
242,157
,086,498
263,714
,201,152
262,660
,770,515
,960,000
103,469

III 003
366,261;
,009,075
572,754
,581,829
509.10
486.10

EGYPTIAN COTTON CROP.— Mr. Fr. Jac. Andres of
Boston has advices, date of Alexandria, Juno 4, as follows:
Reports o f the growing crop continue very favorable, and If the present
high temperature continues, a very large yield Is In vtew .”

The resume of answers received by the Alexandria General
Produce Association during May 1909 is as follows:
W ith the exception o f a few days which were rather cool, the tem perature
in .May has been generally very favorable to the crop and the plant has
largely benellted b y It. Even In the localities where re-sowing has been
necessary, the llelds have a satisfactory appearance. Everywhere the plant
looks sound and vigorous and Is considered abou t ten days earlier than In
1908. Some appearances of worms have been noticed In Isolated localities,
but so far they have no Im portance. A nyhow , the Government has taken
serious steps to flght them , as they did tw o years ago. Inform ations from
Upper E gypt are as satisfactory as those received from Lower E gypt.

INDIA COTTON MOVEMENT FROM ALL* PORTS.
J u ly

1.

1908-09.

R e c e ip t s a t —

i W eek .
B om bay__________ .

,

1907-08.

14,000 2,051,000

S in c e
W e e k . ' S e p t . 1.

W eek .

40,000 1.956,000

46.000 2,915,000

F o r th e W e e k .
G reat
B r ita in .

Bom bay—
1908-09__________
1907-08__________ 1
1906-07................
Calcutta—
1908-09......... ........
1907-08__________
1906-07__________i
Madras—
1908-09__________
1907-08__________
1 9 0 6 -0 7 ...............;
All others—
1 9 0 8 -0 9 ................!
1907-08..................1
1 9 0 6 -0 7 ................!
Total all—
1908-09..'........... . j
1 9 0 7 -0 8 ........... . J
1 9 0 6 -0 7 ...............!

ALEXAND RIA

C o n ti­
nent .

1906-07.

i

S in ce
S e p t . 1.

S i n c e S e p te m b e r

T o ta l.

G rea t
B r i t a in .

C o n tin e n t.

S in ce
S e p t . 1.

1.
T o ta l.

8,000
l",666 21,000
27,000

8,000
22,000
27,000

l'.OOO

l'.OOO
6,000

1,666
7,000

5,000
4,000
8,000

39,000
25,000
123,000

44,000
29,000
131,000

____
____

1,000
1,000
____

1,000
1,000

4,000
5,000
5,000

21,000
27,000
23,000

25,000
32,000
28,000

1,000
2,000
—

18,000
6,000
5,000

19,000
8,000
5,000

19,000
20,000
11,000

270,000
232,000
211,000

289,000
252.000
222,000

1,000
3,000
1,000

27,000
29,000
38,000

28,000
32,000
39,000

51,000 886,000
937,000
57,000 885,000 942,000
87,000 1,436 000 1,523,000

RECEIPTS

23,000 556,000 579,000
28,000 601,000 629,000
63,000 1.079.000 1,142,000

AND

SHIPMENTS.

A tlx a n d r ia , E g y p t,
J u n e 30.

1908-09.

1907-08.

(cantars) —
This w e e k ____________
Since Sept. 1__________

3,000
6,666,450

12,000
7,136,338

1006-07.

R e c e ip ts

E xp ort

To
To
To
To

(bales)—

Liverpool____________
M anchester--------------C on tin en t..................
America....... .................

B

2,000
6,857,879

T h is
S in c e 1| T h is
S in c e
W e e k . S e p t . 1. ! W e e k .'S e p t . 1.

T h is
S in ce
W e e k . S e p t. 1.

1,750
4.250
2,500
2.250

1.750
3.750
4.750
1 .000

186,1831 2,000 222,160
207,3211 i ____;202,179
336,778 4,250 342,585
86.304 ; l.OOOj 70,165

209,847
201,715
338,199
111,732

Total e x p o r ts ............ .. 10.750 816,586 i 7,250^837,089 11,250 861,493
1
1
N o t e .— A cantar Is 99 lbs.
Egyptian bales weigh abou t 750 lbs.

The statement shows that the receipts for the week were
3,000 can tars and the foreign shipments 10,750 bales.

[VOL. L X X X I X .

THE CHRONICLE

54

FIRST BALE OF NEW COTTON.—The first bale of
MANCHESTER M A R K E T — Our report received by
cotton of the new crop was received at Mercedes, Texas, on
cable to-night from Manchester states that the market is June 25 from San Diego, Texas. Last year a bale of new
firm for yarns and steady for shirtings. The demand for cotton reached Houston on June 19. In 1907 the first ar­
India is improving. We give the prices for to-day below rival was on June 20, and the earliest new bale prior to that
and leave those for previous weeks of this and last year for was in 1901, on June 22. The new bale from Mercedes was
shipped to Houston, arriving there on June 27.
comparison.
EXPORTS OF BREADSTUFFS, PROVISIONS, COT­
TON AND PETROLEUM. The exports of these articles
1908.
1909.
during the month of May, and the eleven months, for the
8 X lbs. Shirt­
ings, com m on
to fin est.

32* Cop
T w ist.

May
21

28
Jum
4

d. S. d.

<1.
©
@

1%

8

84
8M

h

2

m

©

9A 4 10

8X
8A

9

4
4
4
4

@9

0

lbs. Shirt­
ings, com m on
to fin est.

Cop
T w ist.

8X
8 9-16

9 @ 8 10 A 5.83 8 A
9 <3.8 101* 5.83 8 %
5.96 8 X
9 @ 8 11
6.06 8 H
9 © 8 11

8X

854

32s

d. s. d.

d.

d.

5.85
4 8 }* @ 8 10
4 9 @ 8 10>* 5.88

@
@
©
@

11 8

18
25
Jul]

s x

a. d.

C o l’n
M id .
CJpl’s

6.33

8Vs

@
©

95* 5
95* 5

@
©
©
©

954
954
954
954

©

954 5

0
1

8.

C o t’ n
M id .
U p l’s

d.

d.

6.35
15* 6.52

@8
@8

0

5 U* @ 8
5 15* © 8
5 15* © 8
5 15* © 8

3
3
3
3

6.51
6.58
6.70
6 55

3

6.27

1

@8

DOMESTIC EXPORTS OF COTTON MANUFAC­
TURES.— We give below a statement showing the exports
of domestic cotton manufactures for May and for the eleven
months ended May 31 1909, and, for purposes of comparison,
like figures for the corresponding periods of the previous
year are also presented:
M o n t h e n d in g M a y

Q u a n titie s o f M a n u fa c t u r e s o f
C o lto n ( co lo r e d a n d u n c o lo r e d )
E x p o r t e d to —

United Kingdom--.................yards
Germany -------------------------------Turkey In Europe..........................
Other Europe.................................
British North America----Central American States and British
Honduras------ ---------------------Mexico ----------------------------------Other West Indies and Bermuda. Argentina.................. ..............
Brazil______________________
Chile..........................................
Colombia --------------------------Ecuador....................................
Venezuela - .------- -----------------Other South America...............
A den------ -------- -----------------Chinese Empire--------- -------- British East Indies......... ........
Hongkong --------------- ---------Japan........................... ............
British Australasia....................
Philippine Islands.---.............
Other Asia and Oceania.................
British Africa...........................
All other Africa........................

of

O th er

M a n u fa c t u r e s

M o s . e n d in g M a y

31.

1909.

1908.

1908-09.

1907-08.

182,955
9,308
32,339
18,306
838,038

137,572

2,293,078
28,327
2.134.630
583,083
6,937,864

2,107,513
62,515

249,924
334,201

1,644,921
5,076,976

2,292,063 2,428,259 28,933,979 20,501,364
99,969 1,560,130 1,657,735
198,580
826,287 18,862,649 15,536,093
1,998,816
2,988,913 2,932,901 39,938,120 21,982,938
89,839 1,382,881
798,798
105,121
105,208 2,307,152 3,374,611
206,482
69,995 7,566,417 7,797,414
598,802
897,569 14,398,910 8,957,143
1,455,666
2.171.631
163.545
435,938 5,513,428 3,686,384
511,190
587,287 7,208,589 6,168,733
953,322
25,126,750
1,888,250
14,363,533 10,699,661 114,480,270 41,296,762
330,000 11,396,663 3,442,794
929,606
656,881
21,282
600,000
37,512
78,878
131,200
188,109
670,407 7,652,875 6,142,703
830,325
781,640 9,303,485 9,314,907
466,984
193,324 2,141,469 2,564,374 17,836,284
260,190 6,904,038 1,488,154
746,062
847,634
36,825 1.932,638
111,752
32,120,794 24,267,623 321,917,720 180,410,485
$1,918,422 $1,515,039 $18,855,092 $12,666,133
$.0586
$.0702
$.0597
$.0624

Total yards of above. .
Total values of aboveValue per yard...........
V a lu e

31 11

of

C o tto n E x p o r te d to —
United Kingdom........................
Belgium...............- ............... ......
Germany ........ — .....................
Other Europe............................
British North America.--- - - - - Central American States and British
Honduras.............................
Mexico -------- --------------------Other West Indies and Bermuda.South America.........................
Chinese Empire.......................
Japan........... - - - ......................
British Australasia....................
British Africa..........................
Other countries.........................

Waste, cotton...........................
Y arn ............................. ..........
All other........................................
Total manufactures of...............

$38,988
480
861
3,949
143,569

$51,975

45,601
23,746
35,360
12,396
4,758
909

66,666

41,190
14,673
47,430
$129,928
37,289
357,861

202
11,221

1,186
68,460
19,044
18,927
11,847
4,534
10,304
4,722
25,390
14,128
7,318

$614,499
1,992
121,298
59,302
982,919
435,7201
229,332
301,428
139,809
75,276
32,326
11,146
298,117
123,604
293,724

$910,667
8,113
80,826
57,379
848,069
512,334
388,202
298,593
152,376
106,876
218,873
26,231
295,597
162,818
251,676

$145,728 $1,948,998 $2,466,731
505,545
372,153
25,229
226,004 2,941,836 2,945.296

E x p o rts
fr o m
U n ite d S ta tes.

M ay.

b a le s .

^

-Z**
m. *,nChester—.Tune 26— Calderon, 575 -------------------------------To Bremen—June M -G e o r g e Washington 1,599. — ............... 1,599
GAIWESTO^— l^ A nU ve^^J^ne^S^S klp^on Castled 1,868-11III 1,868
To Barcelona— July l— Soperga. 1.000-------------------- -------------- 1.000
To Genoa— July 1— Soperga, ,5,406
- -- ----------------- o.uuo
NEW ORLEANS— To Havre— July 1— St. Laurent, 2.900................. 2,900
To Hamburg—June 2 6 — SpreewaUL S O l-------------------------------304
To Gothenburg— June 2o— Texan. 200 --------------------------------00
To Barcelona— June 29— Argentina, 62 5.....................................
020
To Genoa—June 25— Monglnevro, 4,829------- ------------------------- l.S.O
To Oporto—.Tune 29— Argentina, L 8 5 0 - - - - v - - - - - ................. x,»oo
MOBILE— To Liverpool—June 2 5 — Louisianian* 2,8 0 O - - ............2,850
SAVANNAH— 'To Bremen— June 30— Castleventry. .L <>96-^^----- 3,69 ,
To Hamburg—June 26— Holmeskle, 724-.-Jun e
^

M on th s.

1906-07.
11

M ay.

M on th s.

M on th s.

6,025,119 71,098,905
Wheat ..bush 2,308,313' 64,793.248 5.113.1S4 95,373,545
883,081 12,935,955 1,492,440 14,026,946
525,845; 10.008,553
Flour___ bbis
12,741,099 134,220,162
Wheat a bush 4,674,615 109,831,736 9,087,048 153,585,342 7,268,501 76,908,621
Com . . . bush 1,073,073 34,577,085 1,118,806 51,013,356
20,009,400 211,128,783
Total bush 5,747.68S 144,408,821 10,205,854 204,598,698
$
$
$
$
V a lu e s.
11,187,920 111,315,422
154,555,341
9,113,925
Wheat & flour 5,634,269 114,054,998
905,498 34,837.00C 4,387,350 42,590,842
915,493i 25,478.041
Corn & meal
117,028 2,536,486
102,968 1,216,666
34,842 1,252,478
Oats & meal
212,700 4,252,791
118,631 2,896,123
23,954 4,512,560
421,344
265,405
111,711 2,144,972
8
1,041,424
Itye .............
161,116,885
16,170,403
195,650,102
Breadstuffs 6,608,566 146,339,501 10,352,733
165,349,213
Provisions — 10,739,960 133,883,953 10,816,032 159,099,206 15,240,584
3,344,686 31,156,423
Cattle & hogs 1,323,1111 16,777,586 1,442,423 27,617,537 19,811,442
468,988,051
Cotton......... 24,956,680402,367,132 15,743,013 421,754,301 5,670,784 71,750,344
Petroleum,&c 7,9,81,280. 93,231,066 9,629,879 91,064,922
898,360,916
Total value 51,609,597792,599,238 47,984,080 895,786,00$ 50,237,899
a Including flour reduced to bushels.
M o t e . _All the above figures are based on the monthly preliminary returns issueu
by the Bureau of Statistics, and cover about 96% of the total exports.

LIVERPOOL.— By cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, &c., at that port:
v
4«
T
4n
J u n e 18.
J u n e 11.
39.000
48.000
Sales of the week-------------2,0
00
2,000
Of which speculators took
1 ,0 0 0
1,000
Of which exporters took.
42.000
34.000
Sales. American..............
5,000
6,000
Actual export------------------72.000
66.000
Forwarded - - ---------- ~ Total stock— Estimated. — 1,163,000. 1.149.000
Of which American— Est .1,061,000 1.046.000
62.000
Total Imports of the w eek.. .
80,000
44 000
69,000
Of which American...........
94.000
Amount a llo a t----------------- . 101,000
64.000
75,000
—
Of which American_______

T..Mn 25.
OR

June

45.000
1,000

1,000

40.000
6,000

60.000
1.114.000
1.016.000
31.000
29 000
96.000
63.000
-

2.2.
37.000
400
1,300
30.000
5,000
58.000
1,089,000
989,000
38.000
.7J1u
till
ly

20.000

69.000
18.000

The tone of the Liverpool market for spots_ and futures
each day of the past week and the daily closing prices ot
spot cotton have been as followsS p o t.

Market,
12:15
P. M.

1
5
J

S a tu r d a y .

M onday.

T u esd a y.

W ed n e s d a y .

T h u rsd ay.

F r id a y .

Quiet.

Moderate
demand.

Small
Inquiry.

Quiet.

Quiet.

Moderate
demand.

Mid. Upl’ds

6.14

6.20

6.26

6.24

6.28

6.33

Sales-----Spcc.&exp.

10,000

7,000
300

7,000
300

7,000
300

6,0 0 0
200

9,000
500

F u tu re s.

Market
opened
Market
4
P. M.

500

Quiet at
1 7 points
/ advance.
1 Steady at
1 8 points
1 advance.

Steady at
7©8 pts.
advance.

Quiet at
4©5 pts.
advance.

Steady at
L@ 2 pts.
decline.

Steady, B’rely st’dy
aJ 1 point
un­
decline.
changed.

Firm at
Firm at
Firm at
Easy at
1©U* P t s . 2 © 3 A P t s - 5}*©8 pts. 20©23 pts.
advance.
advance.
advance.
’
decline.
pts. adv.

Steady at
8 A © 0A

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good or ordinary
clause, unless otherwise stated.
T h e p r ic e s a r e g iv e n in p e n c e a n d

June 26
to
July 2.

Sat.
12M 1 2 A
p.m. p.m.
d.

SHIPPING NEWS.— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 31,655 bales. The shipments in detail, as made
un from mail and telegraphic returns, are as follows:

11

1907-08.
11

M ay.

Q u a n t itie s .

$2,857,410 $2,227,924 $27,972,013 $22,768,943

“
T o ta l
NEW YORK— To Liverpool—June 25— Arabic. 700 upland, h

1908-09.

J u n e ----Junc-July
July-Aug.
Aug.-Scpt.
Sept.-Oct.
Oct.-Nov.
Nov.-Dec.
Dec.-Jan.
Jan.-Feb.
Feb.-Mch.
Mch.-Apr.
Apr.-May.
May-June.

98
98
6 00

5
5
5
5
5
5
5
5
5
5

Mon.

100</is.
Tues.

T h u s,

5 98

W ed .

m ea n s o

.)8-100d.
Fri.

I Thurs.

4 i12 M 4 12 X 4
4 12 X
4 12 X
p.m. p.m.
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
12 X
d.

d.

03 A 07 A
03 A 07 A
05
08 a
03 06

97 A
04 A
95 01
93 H 99 021*
92 97 A , 01 A
92 0 7 A 01 H
93 98 A 02
94 99 0 2 A
94 H 99 A 03
03 A
94H 0 0
03 A
95 0 0

a.

10
to
li

08 A
07
05
04
04
04 X
05
05 X
05 A
06

d.

06 'A
06 X
07 X
05
03 A
07 A
00
00

00 A
01

07 A
02
02

d.

d.

| d.

05 A
06 A 1 6 " 12
06 A 10

04 07 H
02 A 06
04
00
99 0 2
99 02
99 A 02 A
03
00
03 A
00
04
01
04
01

A

A

12

09 A
07 'A
05 'A
03 A
03 'A
04
04 A
05
OH A
05 A

a.

d.

d.

i s " 16 A 4 1 "

18

16 A 41

10 A
08 A
08 A
08 A

07
05
05

36
12
15
12 A 09 A 34 A

09

19
09 A

09 A

05

0H A
OH A
on A
OH A

31
28 A
28 A
28 A
29
29
29
29 A

B R EAD STU F FS.

F r i d a y , J u l y 2 1909.
Prices for wheat flour have- shown few changes during the
week and such fluctuations as have occurred have been
mainly nominal, as the trading has been extremely dull.
Increased estimates of the wheat yield have apparently
made buyers of flour more than ever determined to pursue
BOSTON—To Liverpool-^June 25— Cymric, 267— June 26 Sa^
a hand-to-mouth policy in making purchases. Export trade
chem, 3 . -June'29— Ivernla, 4 1 --7- - ;S5- .........- .....................
here has also been at a standstill. At some of the large
To St. Johns—June 28— Calvin Austin, 1 8 8 - - - - - - - - ................
r a t 'riviORK— To Liverpool—June 25— Veda more, 880_— - ------880
Northwestern and Southwestern milling centres, however,
PHILADELPHIA— To Manchester— June 24— Manchester Corpo­
ration, 2 9 1 .................... ..............- .................................................
7,1 trade has latterly improved.
The business done thcie.has
To Hamburg—June 7— Phaetla, 117--------- - - - - - - --n—
11 ‘
SAN FRANCISCO— To Japan—June 25— Manchuria, 90-_.Junc 29
been transacted very quietly, and has been very slow m
— Chlyo Maru, 11 4------- ---------------- ------- ------------ - ................
*2 coming out.
Rye flour has been quiet and steady. Con
SEATTLE— To Japan— June 29— Ceylon Maru, 0 8 .................- ..........
58
.31,655 meal has been dull and easier.

Total




J u l y 3 1909. i

THE CHRONICLE

W h e a t h a s p u r s u e d a n ir r e g u l a r c o u r s e b u t d u r i n g m u c h o f
th e tim e th e to n e h a s b e e n fir m , d e s p ite im p r o v e d w e a th e r
o f l a t e a n d a t e n d e n c y t o in c r e a s e c r o p e s t i m a t e s .
S e n ti­
m e n t h e re w a s r e c e n tly p r o n o u n c e d ly b e a r is h , b u t o f la te
t h e f e e li n g h a s b e c o m e m o r e f r i e n d l y t o t h e " l o n g ” s i d e .
T h i s c h a n g e is t r a c e a b l e in la r g e m e a s u r e t o p e r s i s t e n t u n ­
f a v o r a b l e r e p o r t s r e g a r d i n g t h e c r o p s i t u a t i o n in A r g e n t i n a
a n d in i m p o r t a n t p r o d u c i n g s e c t i o n s o f E u r o p e .
In A rg en ­
t i n a d r o u g h t c o n t i n u e s a n d m u c h a p p r e h e n s i o n is f e l t in
E u r o p e , it is s t a t e d , r e g a r d i n g t h e o u t l o o k .
T h e acreage
h a s a l r e a d y b e e n m a t e r i a l l y a f f e c t e d , a n d it is c o n c e d e d t h a t
t h e a r e a w ill b e m u c h u n d e r t h e a v e r a g e . W h e a t a l r e a d y p l a n t e d
in A r g e n t i n a h a s s u f f e r e d m u c h a n d r a in is b a d l y n e e d e d .
M o r e o v e i , t h e c r o p in t h a t c o u n t r y , a c c o r d i n g t o s o m e r c p o i t s , w ill b e c o n s i d e r a b l y la t e r t h a n t h e a v e r a g e in r e a c h i n g
th e E u r o p e a n m a r k e ts .
V e ry u n fa v o r a b le rep o rts h a v e b een
r e c e iv e d f r o m t r a n c e a n d G e r m a n y a s w e ll a s f r o m
Ilu n gary;
I t is s t a t e d t h a t in G e r m a n y s t o c k s a r e p r a c t i c a l l y
n o t h i n g , a n d i t is p r e d i c t e d t h a t t h a t c o u n t r y w ill s o o n b e ­
c o m e a lib e r a l b u y e r o f f o r e i g n w h e a t .
V i s i b l e s u p p l i e s in
t h e w o r l d h a v e c o n t i n u e d t o d e c r e a s e a t a r a p id r a t e .
R e­
c e ip t s in t h i s c o u n t i y h a v e b e e n s m a l l .
T here has been a
l a r g e d e m a n d f o r e x p o r t of l a t e , a n d s o m e in c r e a s e in t h e
s a l e s o f flo u r h a v e b e e n r e p o r t e d a t t h e N o r t h w e s t a n d t h e
b o u th w e st.
O n th e o th e r h a n d , th e r e p o r ts r e g a r d in g th e
c r o p in t h i s c o u n t r y h a v e b e e n s o f a v o r a b l e t h a t o n a ll a d ­
v a n c e s th e r e h a s b e e n h e a v y s e llin g .
T h e o f f e r in g s o f n e w
w h e a t a r e s t e a d i l y i n c r e a s i n g , a n d it is e x p e c t e d t h a t t h e
n g l price's w ill in s u r e r a p id m a r k e t i n g .
T h ere has been con ­
s i d e r a b le h e d g e se l m g in t h e W e s t e r n m a r k e t s .
C a n a d ia n
c ro p r e p o rts h a v e b e e n fa v o r a b le , a n d so h a v e th o se fr o m
R u s s ia .
E s t i m a t e s o f t h e y i e l d in K a n s a s h a v e b e e n in ­
creased .
A c c o r d in g to o n e c r o p e x p e r t th e c o n d itio n o f th e
w h o e w in t e r -w h e a t c r o p h a s im p r o v e d 2 . 8 % w ith in a m o n t h .
o - d a y p r ic e s d e c lin e d o n f a v o r a b l e w e a t h e r a n d c r o p r e p o i t s , lib e r a l s h i p m e n t s f r o m I n d ia a n d A r g e n t i n a , i n c r e a s in g
o f f e r in g s o f n e w w h e a t , b e a r i s h p r e s s u r e a n d l i q u i d a t i o n .

DAILY CLOSING PRICES OF W HEAT FUTURES IN NEW YO RK .
Arn n
, .
.
,
S a t.
M o n . T u es.
W ed . T h u rs. F r i.
ydh 1 i?ed winter, f. o. b_.cts.147
147
147 147
145
1 45
1 20
126 R
12 t%
J u l y d e l i v e r y In e l e v a t o r .........^___124% 124 % 1 28
September delivery In elevator----- 1 1 8 % 117% 1 1 8 % n o
|i8% U 7 %
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 ----- 1 1 6 % 115% 1 17
117% 116% 1 1 5 %
DAILY CLOSING PRICES OF W HEAT FUTURES IN CHICAGO.
Tlt,„ ,
.
S a t■ M o n . T u es.
W ed . T h u rs. F r i.
115
116 115% 1 1 5 % 1 1 4 %
July delivery In elevator----- c t s .llo
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 ------ 1 1 1 %
110%
111% i l l % H 0 %
10 9 %
109% 109% 108% 1 0 8 %
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 ----- 109% 108%
I n d ia n c o rn fu tu r e s h a v e d e c lin e d , o w in g m a in ly to e x c e l­
le n t c ro p r e p o r ts .
F r o m a fe w s e c tio n s th e re h a v e b e e n
c o m p l a i n t s o f e x c e s s i v e r a in s w h ic h h a v e i n t e r f e r e d w it h
c u ltiv a tio n .
T h e a d v ic e s fr o m m o s t S t a t e s , h o w e v e r , h a v e
b e e n so f a v o r a b l e t h a t t h e b e lie f o f m a n y in t h e t r a d e is
th a t th e p r o s p e c ts a re fa v o r a b le
fo r
a
r e c o r d -b r e a k in g
y ie ld .
I n O k l a h o m a , a c c o r d i n g t o t h e o f f ic ia l S t a t e r e p o r t ,
th e c o n d itio n h a s im p r o v e d 6 % w ith in a m o n t h .
A crop
e x p e r t h a s s t a t e d t h e c o n d i t i o n f o r t h e w h o le c r o p a t 8 9 . 1 % ) ,
a g a in s t 8 3 . 2 %
la s t y e a r , w i t h t h e a r e a 5 , 0 0 0 , 0 0 0 a c r e s
la r g e r th a n th e n .
I he ca sh tra d e h a s b e e n q u ie t a t w e a k e r
pu ces.
I h e c o u n t r y h a s s o ld fr e e ly o f la t e .
T o - d a y p r ic e s
d e c lin e d o n b e a r i s h c r o p a c c o u n t s , la r g e r c o u n t r y s a le s a n d
liq u id a tio n a n d h a m m e r in g .

GRAIN.
Wheat, per bush.—
Cents. Corn, per bush.—
Cents.
N. Duluth, No. 1
136%
No. 2 mixed........ ....... elev. 79%
N. Duluth, No. 2
133%
No. 2 yellow-------f.o.b. Nominal
Red winter. No. 2 . . . f.O.b. 145
No. 2 w h ite ........ f.o.b. Nominal
Hard ’ •
••
133% Rye.
per bush.—
Oats, per bush.—
No. 2 Western_______ f.o.b. 96%
Nat white. 26 to 28 lb s ...5 7 ® 59
State and Jersey........ .. Nominal
{jo. 2 mixed. 26 to 82 lbs.
@58
Barley— M alting________ Nominal
Wh. cllp’d 34 t 3 6 lbs. ..58(a) 60
Feeding, c. 1. f. N Y ._ 78 @ 80
. ? .h e s t a t e m e n t s o f t h e m o v e m e n t o f b r e a d s t u f f s t o m a r k e t
i n d i c a t e d b e l o w a r e p r e p a r e d b y u s f r o m f ig u r e s c o ll e c t e d b y
th e N e w Y o r k I ro d u ce E x c h a n g e .
T h e r e c e ip ts a t W e s te r n
d 11V<er1 ? o r t s f o r t h e w e e k e n d i n S l a s t S a t u r d a y a n d
s n e e A u g u s t 1 fo r e a c h o f th e la s t th r e e y e a r s h a v e b e e n :
R eceip ts a t—

Chicago___
Milwaukee..
Duluth____
Minneapolis.
Toledo____
Detroit........
Cleveland ..
St. Louis__
I’eorla........
Kansas City.
Tot.wk.’OO
Same wk. ’08
Same wk. ’07

.cts . 80%
----- 79%
----- 76%
----- 68%

M on.

T u es.

80% 81 %
79
79
75% 75%
68
68
S OF CORN FUTURES
S a t.

.cts. 70%
Scptembcr delivery In elevator ----- 68 %
December delivery In elevator ------b8 %

M on.

70%
67%
58

W ed . T h u rs.

80%
79%
75%
68

79%
79
74%
67%

79
78%
73 %
67%

IN CHICAGO.

T u es.

70 %
67%
58%

F r i.

71 %
67%
58%

70%
67
57%

F r i.
69 V

.65 %
57%

O a t s f o r f u t u r e d e l i v e r y in t h e W e s t e r n m a r k e t h a v e
s h o w n ir r e g u l a r i t y , b u t in t h e m a i n t h e t r e n d o f p r ic e s h a s
b e e n d o w n w a r d , o w in g t o f a v o r a b le w e a th e r a n d
crop
re p o rts.
Som e
c o m p la in ts
of
dam age
fro m
e x c e s s iv e
m o i s t u r e a n d f r o m in s e c t s h a v e b e e n r e c e iv e d f r o m s c a t t e r e d
s e c t i o n s , b u t o n t h e w h o le t h e r e p o r t s h a v e
in d i c a t e d
fa v o r a b le p ro g re ss o f th e p la n t .
O n e s t a t i s t i c i a n h a s is s u e d
a r e p o r t g i v i n g t h e c o n d i t i o n a t 8 9 % , a g a i n s t 8 0 . 7 % la s t
year.
T h is w a s ta k e n a s in d ic a tin g a c ro p o f 1 ,1 0 0 ,0 0 0 ,0 0 0
b u s h e ls .
E l e v a t o r in t e r e s t s h a v e b e e n c o n s p i c u o u s in t h e
s e llin g .
T o - d a y p r ic e s w e r e w e a k e r w it h w h e a t .
W e a th e r
a n d c r o p r e p o r t s w e r e f a v o r a b l e , t h e c a s h m a r k e t w a s d u ll
a n d w e a k a n d s e lli n g w a s g e n e r a l .

DAILY CLOSING PRICES OF OATS IN NEW YO RK .
N o .2 w h !t c

SUt'

M ° n-

TUeS'

lVe<L

Thurs-

F r i-

W 'h 'l tCe ° 2' 68
° 2' 62H
62' 62H
62' 62H
02-62%
59-60
clipped,
32 to 34
lbs.cts.60 % - 6 2 % 60% -62% 60%-62% 60%-62% 6 0 % - 6 2 %
58-60
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
T , , „
.
,
„
S a t.
M o n . T u es.
W ed . T h u rs
F ri
July delivery In elevator_____cts 50% 4 9 % 4 9 % 49%
----- n48%
u r s . i ri.
47%
September delivery In elevator..
44 '
43 % 43 %
43%
43
41 %
December delivery In elevator___ 4 4 %
43 %
43 % 44
43% 42%
T h e f o llo w i n g a r c c lo s i n g q u o t a t i o n s :

Winter, low grades___ S4 50 @ $ 4
Winter patents________ 6 8 u .0 7 2 5
Winter straights______ 6 50® 6 75
Winter clear__________ ' 5 3 5 (3) 5 95
Spring patent............... 6 35@ 6 75
Spring straights_______ 5 50® 57 5
Spring clears................. 5 40@ 560




Kansas straights...........5 5 90@*o 23
Kansas clears............... 5 0 0 ® 6 60
City patents.................. 7 00@ 7 30
Rye (lour, bbls............... 4 75 @ 4 90
Graham (lour.......... ......4 in® 4 4 0
Corn meal, kiln dried__ 3 80@__

|

F lo u r .

W h ea t.

O a ts .

60 lb s.
21,600
91,300
71,836
1,279.300
18,000
12,631
1,699
37,536

56 lb s.
1,683,500

b b ls.W G lb s. b u sh .

125,116
54,075
107,000

365,844
318,005;
344,643

b u sh .

8,000
86 , 100,

1,628,002
1,809,582
.3,201,300

2,963 730
.3,4.37.322
5,498,050

B a r le y .

R ye.

32 lb s.
1,438,200
208,500
24,948
209,740
28.500
45,729
133,747
197,600

b v s h . m b s . b u . 56 lb s .

120 , 000 :

13,000

b u sh .

212,000

104,810
233,500
47,500
19,529
97,281
197,110
245,300
123,200

3,929
729
33,345
41,650:

454,500

52,979
405,720

1,000

6.250J
2,000

34 ’,666'

91.500

2,498,464
2,628,108
2,388,027;

15,000
-----------19,000
820
24,540

100,100

1,053,549 75,360
394,664 74,192
422,342 70,883

Since Aug. 1
1908-09... 18,717,049 208,975,624 139,727 476 154,952,266 79,140,006 6,165,783
1907-08... 16,853,541 201,900,305 112,190,743 174,937.264 60,384.255 6,403,356
1906-07---- 19,357,852(226,992,317 204,538,482 188,650,634 65,395.594 663,333
T o t a l r e c e ip t s o f flo u r a n d g r a i n a t t h e s e a b o a r d p o r t s f o r
th e w e e k e n d e d J u n e 2 6 1 9 0 9 fo llo w :
*
F lo u r ,
b b ls.

W h ea t,
b u sh .

C orn ,
b u sh .

118,694
27,654
36,445
22,824
2,2.35
lo 643
2,760
50,928

305,700
77,063

344,625
50,952
95,013
51,540
4,226
18,000

675.552

81,000
58,866
17,508
65,785
49,248
67,000
15,400
14,800

78,722

54,799

w T!tta,ln ^ ek........ 272,183

1,090,426

369,607

643,078

99,549

5 300

S.^V an 08l-i969::7,f36 7:o?l 3 2 $ f f i 26 393'999 22 388'454 40M f
SlnceJan. 1 1908..8,230:522 SO.’o M
24.957,621 19,531.699 25 Cl',423

33^
1079:787

R e c e i p t s a t—
New York...........
Boston......... .......
Philadelphia........
Baltimore_______
Richmond ...........
New Orleans*___
Mobile...............
Montreal...............

On^rm.gTbWs o n ^ n g ^
_ i-llG eTX p o r^
e n d iur »Tiino

1000

1,000

6,961
21,750
2,400

B a r le y ,
b u sh .

R ye.
b u sh .

42,750

2,300
3,000

2,000

PaSSlng throUKh Ncw ° rlcans for ^ l g n ports

^

E x p o r t s fr o m —
New York......... . 42,600
. 66,522
Philadelphia___
: 20",908
New Orleans___
Galveston...........
Mobile____ _____
: 648:244
Total week___ 778,274
1,417,996

J u ly

O a ts ,
b u sh .

t k e s,ev er£d . s e a b o a r d p o r t s f o r t h e w e e k
n m aiiAum
----------- 1 . < i
.

W h e a l,
b u sh .

C orn,
b u sh .

F lo u r ,
b bls.

O a ts ,
b u sh .

8,278 39,652
6,674
1,100 23,711
2,700 5,902
35,687 7,257
1,265
15,400 2,760
69,110

R ye,
b ltsh .

4,226

3,266

34,020

63,165 156,331
54,489 1.33,982

38,766
44,205

B a r le y ,
b u sh .

P ea s,
b u sh .

362

}

80
440

"175

.....

.....
43,641
3,266 43,641
18,333 59,724

537
1,467

1 1 9 0 8 is a s b e l o w :
-F lo u r -

DAILY CLOSING PRICES OF NO. 2 M IXED CORN IN NEW YO RK .
S a t.

55

E x p o rts fo r w eek a n d
s i n c e J u l y l to —

l V 6CJc
J u n e 26.

-W h ea tS in c e
J u ly 1

1908.

--C o rn S in c e
J u ly 1

W eek
J u n e 19.
b u sh .

W eek
1908. J u n e 2 G .
b u sh .
b u sh .

S ln c e
J u ly 1

1908
b b ls.
bu sh .
United Kingdom___ 87,343 5,128,104 576,904
33,195
Continent............... 12,861 2,185,063 198,958 59,510,313
46,985.881
So. * Cent. Amor__ 7,63.3
658,276
2,412
478,889 2,492
82,299
West Indies________ 26,103 1,409,318
17,710 25,478 1,216,028
Brit. No. Am. Cols..
100
75,974
15,590
Other Countries........______
22,291_______________________________
370,956
75,30371,878
2 ,0 0 0
Total..--------------156.331 9,827,691 778,274 107.068 096 6.3 163 31 mo 1-14
Total 1907-08----- 133,982 11,408,520 1,417,996 112,724,639 54,489 45,1)78:166
bbls.

T h e w o r l d ’s s h i p m e n t s o f w h e a t a n d c o r n f o r t h e w e e k
e n d i n g J u n e 2 6 1 9 0 9 a n d s in c e J u l y 1 in 1 9 0 8 - 0 9 a n d 1 9 0 7 - 0 8
a r e s h o w n in t h e f o l l o w i n g :
W h ea t.
E x p o rts .

W eek
J u n e 26.

North Amer.
Russian___
Danublan . .
Argentine ..
Australian..
Oth.countr’s

C orn.

1908-09.
S in c e
J u l y 1.

B u s h els .

1.656.000
2.960.000
112,000
1.808.000
160,000
2,424,000

1907-08.

B u s h e ls .

163,647,700
86.240.000
34.256.000
112,160,000
3.3.048.000
28.870.000

1908-09.

S in c e
J u l y 1.

W eek
J u n e 26.

B u s h e ls .

B u s h e ls .

180.984.000
91,000
64.454.000 416,000
27.136.000 1.249.000
111.856.000 4.573.000
11.396.000
25.758.000

1907-08.

S in c e
J u l y 1.

,
!

B u s h e ls .

'

30,637,400
19.806.500
31.765.500
77.749.500

S in c e
J u l y 1.
B u s h e ls .

41,608,000
25.315,000
46,430,000
61,800,000

9.120,000 458,521,700 421,584,000,6,329,000 159,958,900 175.153,000
T h e q u a n t it iy o f w h e a t a n d corn a flo a t fo r E u r o p e on d a te s
m e n tio n e d w a s a s fo llo w s :
W h ea t.
U n ite d
K in g d o m .
B u sh d s.

I
[ C o n t in e n t .
\ B u s h e ls .

C orn.

T o t a l.

U n ite d
K in g d o m .

B u s h e ls .

B u s h e ls .

C o n t in e n t .

T o ta l.

B u s h e ls .
Juno 26 1909.. 22,000,000 15,520,000 37.520.000 8,169,000 B u s h e ls .
June 19 1909.. 25.600.000 14,480,000 40.080.000 8,415,000 12.410.000 20.570,000
June 27 1908.. 18.880.000 11,520,000 30.400.000 4,930,000 11.220.000 19,6.35,000
8,755,000 13,685,000

I h e v i s i b l e s u p p l y o f g r a i n , c o m p r i s i n g t h e s t o c k s in
g r a n a r y a t p r i n c ip a l p o i n t s o f a c c u m u l a t i o n a t l a k e a n d
se a b o a r d p o r ts J u n e 2 6 1 9 0 9 w a s a s fo llo w s :

AMERICAN GRAIN STOCKS.
58,000
87.000
2,000
215,000
150,000
4,000
240,000
70,000
99,000
860,000
54,000
80,000
41,000
109,000
296,000
44,000
106,000
698,000
161,000

336,000
28,000

Philadelphia-----------

2,000
182,000

New Orleans____ _
Galveston— ........... Buffalo.................... - . 395,000
_ 120,000
Detroit .................. . 197,000
. 924,000
64,000
Milwaukee-------------. 2,731,000
. 4,969,000
12,000
53,000
Kansas city---------6,000
14,000
. 960,000
On Canal and River.. _ 287,000

583.000
5,000
72.000
160.000
90.000
617,000
51.000
57.000
2,975,000
127.000
203.000
662.000
99.000
95.000

B a r le y ,
b u sh .

R ue,
b u sh .

O a ts ,
b u sh .

C orn ,
b u sh .

W h ea t,
b u sh .

.

132,000
1,000

48,000

i"66o

6,000

84.000

9.000

1,000
2,000

1.000

32,000
5.000

215.000
4,000
34.000
132.000
16.000

" 41,000
3.000

65.000

.11,280,000 3,374,000 6.287.000
Total June 19 1909. .12,944,000 3,201,000 6.704.000
CANADIAN GRAIN STOCKS.

170.000
175.000

697.000
752.000

O a ts ,
b u sh .

R ye,
h u sh .

10.000

C orn,
b u sh .

20,000

561,000

116,000

Total June 26 1909.. 2,716,000
Total June 19 1909- 3,137,000

20,000

561.000
480.000

116,000
90,000

W h ea t,
h u sh .

C orn ,
b u sh .

R ye,
h u sh .

O a ts ,
hush.

q u i t e l i b e r a l l y , a n d s o m e lin e s h a v e b e e n a d v a n c e d '4c. a
yard .
C o t t o n li n in g s h a v e a ls o b e e n a c t i v e a n d a p p e a r t o b e
t e n d in g u p w a r d in s y m p a t h y w ith th e h ig h e r c o s t o f g r a y
good s.
A t t h e j o b b e r s ' s e m i - a n n u a l c le a r a n c e s a l e s a f a i r l y
g o o d q u a n t i t y o f w a s h f a b r i c s a n d s e a s o n a b l e li n e s o f p r i n t e d
g o o d s w a s d is p o s e d o f .
T h e r e h a s b e e n a s t e a d y d e m a n d for
b o t h n a r r o w a n d w i d e p r i n t c l o t h s , b u t o f f e r in g s a t c u r r e n t
p r i c e s h a v e b e e n l i m i t e d ; b o t h r e g u l a r s a n d s t a n d a r d w id e
g o o d s r e m a i n u n c h a n g e d in p r ic e f r o m a w e e k a g o .

B a r le y ,
b u sh .

W h ea t,
b u sh .

Montreal__ _ - - ...........
753,000
Fort William________
306,000
Port Arthur................ 1,101,000
Other Canadian______
556,000

15.000
SUMMARY.

b l e f o r w a r d b u s i n e s s h a s b e e n d e c li n e d b e c a u s e p r ic e s o f f e r e d
w e r e n o t in li n e w i t h m a n u f a c t u r e r s ’ v i e w s .
D e m a n d fo r
d r i lls a n d s h e e t i n g s h a s a ls o i m p r o v e d , a n d p ric e s a r e v e r y
f i r m ly h e l d , w i t h in d i c a t i o n s o f a n u p w a r d t e n d e n c y .
S ta p le
p r i n t s h a v e c o n t i n u e d in s t e a d y r e q u e s t , e s p e c ia lly f r o m j o b ­
b e r s , w h o h a v e ord e re d a d d itio n a l q u a n t it ie s .
B le a c h e d
c o tto n s s h o w n o a p p r e c ia b le c h a n g e , c o n tin u in g v e r y fir m .
O n fin e a n d f a n c y c o t t o n s f o r n e x t s p r i n g a s a t i s f a c t o r y
a m o u n t o f b u s i n e s s is c o m i n g f o r w a r d , a n d t h e o u t l o o k is
re p o rte d as g o o d
C o a r s e ,c o l o r e d c o t t o n s h a v e b e e n t a k e n

21.000

52,000
152.000
266.000

7,000
17,000

B a r le y ,
b u sh .

A m erica n ........... .........11,280,000
Canadian......... ____ 2,716,000

3.374.000

170,000

20.000

6.287.000
561,000

697.000
116.000

Total June 26 1909-13,996,000
Total June 19 1909-16,081,000
Total June 27 1908-15,369,000
•Total June 29 1907-46,540,000
Total June 30 1006—25,892,000
Total July l 1905-14,228,000
Total July 2 1904 -14,055,000

3.394.000
3.216.000
3.259.000
8.694.000
6.059.000
3.570.000
6.277.000

6.848.000
7.184.000
3.671.000
7.230.000
6.466.000
7.257.000
4.346.000

170.000
175.000
194.000
731.000
1,437,000
808.000
816,000

813.000
842.000
1,088,000
702.000

848.000
870.000

1,223,000

T H E DRY GOODS TR AD E .
New York, Friday Night, July

2 1909.

T h e p r i m a r y c o t t o n g o o d s m a r k e t h a s d i s p l a y e d in c r e a s e d
f i r m n e s s a n d d e m a n d lia s b r o a d e n e d in m a n y l i n e s , e s p e c i a l ly
h e a v y fa b r ic s
M ills h a v e r e c e i v e d m o r e n u m e r o u s o r d e r s
fo r s ta p le s fo r d e liv e r y b e y o n d S e p te m b e r a t c u rr en t p r ic e s ,
b u t h a v e b e e n e v e n le s s d i s p o s e d t o a c c e p t lo n g c o n t r a c t s ,
e x c e p t a t p r ic e s t h a t w i l l p r o t e c t t h o r n a g a i n s t t h e h i g h e r
c o s t o f ra w m a te r ia l.
F u r th e r a d v a n c e s o n fu tu re g o o d s
h a v e b e e n m a d e , w it h a t e n d e n c y to s till h ig h e r le v e ls . B u y ­
e r s h a v e b e e n p u r c h a s i n g q u i t e f r e e l y d u r in g t h e p a s t w e e k ,
a n d a p p a r e n t l y a r e c o m i n g t o r e a liz e m o r e f u l l y t h a t c u r r e n t
p r ic e s as a r u le are a t t r a c t i v e , c o n s id e r in g th e a d v a n c e a n d
s u s t a i n e d s t r e n g t h o f t h e s t a p l e ; t h e y h a v e a ls o b e e n i m ­
p r e s s e d , e v i d e n t ly , w it h t h e a d v a n c e s a lr e a d y n a m e d fo r
f o r w a r d d e l i v e r y a n d w i s h t o p la c e o r d e r s b e f o r e a d d i t i o n a l
a d v a n c e s are n a m e d .
C o n v e r t e r s a n d p r in t e r s h a v e b e e n
i n q u i r i n g s t e a d i l y f o r p r i n t c l o t h s , w h ic h a r c , if a n y t h i n g ,
fir m e r in t o n e ; o w i n g t o t h e c o u r s e o f t h e c o t t o n m a r k e t ,
m ills a r e le s s w i l l i n g t o a c c e p t o r d e r s w h ic h c a n n o t b e fille d
f r o m c o t t o n o n h a n d o r d u e b e fo r e th e n e w c r o p .
S p o t tra d e
w i t l i fir s t h a n d s h a s c o n t i n u e d q u i e t , b u t n u m e r o u s r e q u e s t s
h a v e b e e n r e c e iv e d f r o m jo b b e r s fo r p r o m p t s h ip m e n ts o f
g o o d s d u e in t h e c u r r e n t m o n t h .
T h e s e m i - a n n u a l c le a r ­
a n c e s a l e s h e ld in l e a d i n g j o b b i n g h o u s e s h e r e w e r e w e ll
a t t e n d e d , la r g e ly b y o u t -o f -t o w n m e r c h a n ts ; w a s h g o o d s a n d
o t h e r s e a s o n a b l e m e r c h a n d i s e w e r e o f f e r e d a t c o n c e s s io n s ,
a n d a fa ir v o l u m e o f b u s i n e s s w a s r e p o r t e d d o n e .
T rade
w i t h lo c a l j o b b e r s h a s b e e n f a ir d u r i n g t h e h a l f - y e a r j u s t
e n d e d ; it d id n o t f u lly m e e t e x p e c t a t i o n s , b u t t h e o u t lo o k fo r
t h e s e c o n d h a lf is c o n s i d e r e d e n c o u r a g i n g .
K n it go o d s an d
h o s ie r y h a v e I c o n m o r e a c t i v e , r e fle c tin g p a r t ly th e p re se n c e
in t h i s m a r k e t o f m a n y la r g o b u y e r s f r o m t h e W e s t a n d e l s e ­
w h e r e , w h o h a v e o p e r a te d q u ite fr e e ly o n s ta p le s .
A d d i­
t i o n a l li n e s o f m e n ’ s w e a r f o r s p r i n g , 1 9 1 0 , h a v e b e e n o p e n e d
b y t h e l e a d i n g i n t e r e s t s , a n d i t is s t a t e d t h a t in it i a l b u s in e s s
a l r e a d y b o o k e d o n s u c h g o o d s is u n u s u a l l y l a r g e .
T h e p rin ­
c ip a l p r o d u c e r s o f d r e s s g o o d s a r c e x p e c t e d to s h o w t h e i r
s p r i n g li n e s n e x t w e e k ; h i g h p r ic e s a r e g e n e r a l l y a n t i c i p a t e d ,
o w i n g t o t h e in c r e a s e d c o s t o f r a w m a t e r i a l .
E x p o r t tr a d e
w i t h C h i n a a n d m i s c e lla n e o u s p o r t s h a s r e m a i n e d q u i e t ;
b e c a u s e o f t h e s h a r p r is e in c o t t o n , m ills h a v e a d v a n c e d p r ic e s
f r o m %c. t o J 4 c . a y a r d o n g o o d s t h a t w ill h a v e t o b e m a d e
f r o m t h e h ig h e r -p r ic e d s t a p le .
D O M E S T I C C O T T O N G O O D S .— T h e e x p o r ts of c o tto n
g o o d s f o r m th is p o r t fo r th e w e e k e n d in g J u n e 2 6 w e re 1 6 ,9 4 4
n a c k a g e s v a lu e d a t $ 8 0 6 ,9 6 4 , th e ir d e s tin a tio n b e in g to th e

*°

[Voiv. IjX X X IX .

THE CHRONICLE

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F O R E I G N D R Y G O O D S . — A n i m p r o v e d d e m a n d is r e ­
p o r te d fo r im p o r te d w o o le n a n d w o r s t e d fa b r ic s fo r n e x t
s p r i n g , w h i c h , it is u n d e r s t o o d , a r e b e i n g o f f e r e d a t a t t r a c ­
tiv e p ric e s.
L in e n s h a v e c o n tin u e d a c t i v e , s u b s ta n tia l r e ­
o r d e r s o n d r e s s a n d h o u s e h o ld lin e n s h a v in g b e e n r e c e iv e d ,
w i t h u r g e n t r e q u e s t s f o r i m m e d i a t e s h i p m e n t , w h il e m a n y
d u p l i c a t e s o n f a l l lin e s h a v e c o m e f o r w a r d ; p r ic e s h a v e c o n ­
tin u e d s tr o n g w ith an u p w a r d t e n d e n c y .
A fa ir a m o u n t o f
b u s i n e s s h a s b e e n d o n e in b u r l a p s ; p r ic e s w e r e f ir m in t h e
e a r ly p a r t o f th e w e e k , b u t la te r lo s t th e im p r o v e m e n t an d
c lo s e d u n c h a n g e d .

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W O OLEN

v a n c e s , b u s i n e s s b o o k e d o n s p r i n g lin e s o f m e n ’ s w e a r r e ­
c e n t ly o p e n e d h a s e x c e e d e d e x p e c t a t i o n s , a n d le a d in g f a c ­
t o r s h a n d l i n g s t a p l e s a r c r e p o r t e d w e ll e n g a g e d f o r n e x t
s p r i n g ; i t is s t a t e d t h a t o n e m ill p r o d u c i n g p la i n t w i l l f a b r i c s
h a s b e e n o v e r s o l d , a n d h a s c a n c e l e d a p o r t i o n o f it s o r d e r s ,
w h i l e i t is p r e d i c t e d t h a t if o r d e r s c o n t i n u e t o p o u r in a s
t h e y h a v e u p t o t h e p r e s e n t , s t a p l e li n e s p r o d u c e d b y s o m e
o t h e r m ills w i l l s h o r t l y b e s o l d u p a n d w i t h d r a w n .
D u r in g
t h e w e e k a n o t h e r p r o m i n e n t lin o o f s e r g e s w a s o p e n e d a t a n
a d v a n c e o f 2 0 t o 2 5 c . p e r y a r d o n s o m e n u m b e r s o v e r la s t
s p r i n g ’ s o p e n i n g ; t h e c a ll f o r s e r g e s h a s b e e n e x c e p t i o n a l l y
heavy.
L o w - p r i c e d w o r s t e d s a n d s e m i - f a n c y lin e s a r e e x ­
p e c t e d to b e o f f e r e d s h o r t l y .
T h e p r i m a r y m a r k e t fo r d r e s s
g o o d s lia s b e e n m o r e a c t i v e , a n i n c r e a s e d d e m a n d f o r h e a v y
w e ig h t g o o d s fo r f a ll a n d r e q u e s ts fo r p r o m p t d e liv e r y o f
g o o d s u n d e r o rd e r b e in g n o t e d .
T h e ch a ra cte r o f th e de
m a u d h a s s h o w n l i t t l e , if a n y , c h a n g e , b e i n g
c o n f in e d
la r g e ly to u n fin is h e d w o r s t e d s .
I n s o m e q u a r t e r s a n im
p r o v e m e n t in t h e c a ll f o r h o m e s p u n s is r e p o r t e d , a n d c e r t a i n
s t a p l e w o o l e n g o o d s h a v e b e e n in b e t t e r r e q u e s t in t h e w a y
o f d u p lic a te o r d e r s .
D u r i n g t h e c o m i n g w e e k le a d i n g li n e s
o f c o t t o n -w a r p lu s t r e fa b r ic s a n d lo w -p r ic e d w o o le n g o o d s

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J u l y 3 1901).)

THE CHRONICLE
f o l l o w i n g li s t
d e m p tio n :

P U B L IS H E D W E E K L Y .

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Terms of Advertising—Per Inch Space
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W I L L I A M B . D A N A C O M P A N Y , P ub lishers,
P. O. B ox 9 58 .
F r o n t . P in o a n d D e p e y s t e r 's t s .,
N ew Y o r k .

News Items.
B a l t i m o r e , Md,— Conduit Loan Declared Valid by Court of
Appeals.— O n J u n e 3 0 t h e C o u r t o f A p p e a l s a f f i r m e d t h e
C i r c u i t C o u r t ’s r u l i n g o f J u n e 1 7 h o l d i n g v a l i d t h e § 1 , 0 0 0 , 0 0 0
c o n d u i t lo a n a u t h o r i z e d b y t h e v o t e r s l a s t N o v e m b e r .
As
s t a t e d in V . 8 8 , p . 1 5 7 0 , t h e s u i t w a s b r o u g h t o n b e h a lf o f
J . S . B a c h e & C o . a n d L a w r e n c e B a r n u m & C o ., w h o p u r ­
c h a s e d $ 2 5 0 ,0 0 0 o f th e s t o c k .
T h e a t t o r n e y s f o r t h e fir m s
m e n t i o n e d w o u l d n o t a p p r o v e t h e is s u e b e c a u s e o f a n a l le g e d
i r r e g u l a r i t y in t h e p a s s a g e o f t h e o r d i n a n c e .
H i d a l g o C o u n t y D r a i n a g e D i s t r i c t N o . 1 , Tex.—Applica­
T h e S ta te S u prem e
C o u r t o n J u n e 2 3 r e fu s e d th e a p p lic a tio n fo r a w r it o f m a n ­
d a m u s to c o m p e l th e A t t o r n e y -G e n e r a l to a p p r o v e th e
$ 1 7 0 ,0 0 0 b o n d s o f th is d is t r ic t.
See V . 8 8 , p . 1 4 5 1 .

tion for Writ of Mandamus Refused.—

K a n s a s . — Constitutional Amendment.— A n a m e n d m e n t t o
S e c tio n 3 o f A r tic le 2 o f th e S t a t e C o n s titu tio n h a s b e e n
p r o v i d e d f o r b y t h e 1 9 0 9 L e g i s l a t u r e a n d t h e s a m e w ill b e
s u b m i t t e d t o t h e v o t e r s a t t h e g e n e r a l e le c t i o n in N o v . 1 9 1 0 .
T h i s p r o p o s e d a m e n d m e n t r e la t e s t o t h e c o m p e n s a t i o n o f
m e m b e r s o f t h e L e g i s l a t u r e a n d , if a d o p t e d , w ill r e a d a s
fo llo w s :

Section 3. The members ol the Legislature shall receive as compensation
for tlielr services the sum of 3500 for each regular session of not less than
sixty days, and $100 for each special session, and three cents for each mile
traveled by the usual route In going to and returning from the place of
meeting.
B e lo w

w e g iv e

S e c tio n

3 as

it n o w

sta n d s:

Section 3. The members of the Legislature shall receive as compensation
for their services the sum of S3 for each day's actual service at any regular
or special session, and fifteen cents for each mile traveled by the usual route
hi going to and returning from the place of meeting: but such compensation
shall not In the aggregate exceed the sum of 5210 for each member as per
diem allowance for the llrst session held under this Constitution, nor more
than SI50 for each session thereafter, nor more than 590 for any special
session.
L o g a n s p o r t , I n d . — Sewer Act Declared Unconstitutional.—
A c c o r d i n g t o t h e I n d i a n a p o l i s “ N e w s , ” a d e c is i o n w a s r e n ­
d e r e d o n J u n e 2 5 in t h e C a s s C i r c u it C o u r t b y J u d g e V i n t o n
o f t h e T i p p e c a n o e C i r c u it C o u r t d e c la r i n g i n v a l i d t h e L o g a n s ­
p o r t s e w e r A c t p a s s e d b y t h e L e g i s l a t u r e in 1 9 0 7 . T h e A cjt
p r o v i d e s t h a t w h e r e a s e w e r o r d r a in h a s b e e n c o n s t r u c t e d in
a c it y t h a t h a s e x c e e d e d its d e b t lim it , a n d th e c it y h a s b e e n
e n j o i n e d f r o m p a y i n g it s s h a r e o f t h e c o s t o f t h e i m p r o v e ­
m e n t , t h e t i t l e o f t h e s e w e r s h a ll r e m a in in t h e n a m e o f t h e
b u i l d e r a n d t h e c i t y is e m p o w e r e d t o e n t e r i n t o a le a s e w i t h
t h e b u il d e r f o r t h e u s e o f t h e s e w e r .
T h e A c t fu r th e r p r o ­
v i d e s t h a t t h e c i t y is t o m a k e a n n u a l p a y m e n t s , a n d w h e n t h e
t o t a l p a y m e n t s e q u a l t h e c i t y ’s s h a r e o f t h e c o s t o f t h e i m ­
p r o v e m e n t , t h e n t h e t i t l e is t o p a s s t o t h e c i t y .
T h is A c t
w a s p a s s e d a fte r th e c it y h a d b e e n e n jo in e d fr o m p a y in g
a b o u t $ 6 0 ,0 0 0
w h ic h w a s e s t i m a t e d t o b e t h e c i t y ’ s s h a r e
o f t h e c o s t o f t h e w e s t s id e s e w e r in L o g a n s p o r t .
T h e d e c i­
s io n j u s t r e n d e r e d is t h e r e s u l t o f a s u i t b r o u g h t t o e n j o i n t h e
c i t y f r o m p a y i n g t h e r e n t a l m o n e y u n d e r t h e le a s e e n t e r e d
in to a fte r th e le g is la tiv e A c t w a s p a s s e d .
J u d g e V i n t o n h o ld s t h a t t h e A c t is s i m p l y a n a t t e m p t t o
g e t a r o u n d th e c o n s titu tio n a n d s a y s t h a t th e L e g is la tu r e
h a d n o r i g h t t o p a s s a la w w h ic h w o u l d p r o v i d e a w a y i n
w h ic h t h e c o n s t i t u t i o n a l in h i b i t i o n c o u l d b e e v a d e d .
N o r th
C a r o l i n a .— Litigation.— T h e
G overnor announces
t h a t it h a s b e e n d e c id e d t o a p p e a l t o t h e c o u r t s t o t e s t t h e
v a lid it y o f th e $ 5 0 0 ,0 0 0 4 %
4 0 -y e a r c o u p o n a s y lu m a n d
S t a t e in s t i t u t i o n b o n d s a w a r d e d o n J u n e 1 7 , a s s t a t e d in
V . 8 8 , p . 1 6 3 9 , to th e R a le ig h S a v in g s B a n k o f R a le ig h a t
103.
I t is s a i d t h a t t h e q u e s t i o n o f v a l i d i t y a r o s e o v e r a n
a m e n d m e n t t o t h e A c t p r o v i d i n g f o r t h e is s u e o f b o n d s w h ic h
w a s i n t r o d u c e d in t h e L e g i s l a t u r e o n t h e t h i r d r e a d i n g o f t h e
b ill in t h e H o u s e .
T h e c l a i m is m a d e t h a t t h i s a m e n d m e n t
s h o u ld h a v e h a d th r e e r e a d in g s .

Bond Calls and Redemptions.
M i s s o u r i .— Bond Calls.— T h e m o n t h l y q u o t a t i o n p a m p h l e t
is s u e d J u n e 1 5 b y W h i t a k e r & C o . o f S t . L o u i s c o n t a i n s t h e




57
of

m u n ic ip a l

bonds

r e c e n tly

c a lle d '■ 'f o r

re­

muuii:
unumg uonas .\os. is ,
ana zu,
Will be paid July 1.
, o 00 HHeld-—$7,5 ° ° 5% sewer bonds Nos. I to 15 Inclusive, dated July 1
1899. Will be paid July 1 .
i«? .UtleL£?,u£ ty s Fh° o1 ^ strict No. 3— 5200 6% bond No. 5, dated May 25
1894. Will be paid July 2.
da?eridJuly
Ti,u?'ini
t» ^ $47d.m,0v4%
,Lef"
n,clln^
dated
1 1899.
Will be paid
July
1. bond3 Nos. 1 to 47 Inclusive,
, \HI.C ? cT
h<!01 District— 53,50° 4% bonds Nos. 26 and 33 to 38 In­
clusive. dated July 1 1899. Will be paid July 1.
c°vrt-housc bonds Nos. 96 to 100 Inclusive,
dated June 30 1900. Will be paid June 30.
called*011 County Sch° o1 District No. 6— 5250 6% bond No. 2 has been
T„k%ISiannfc!IC)
n11
,1n be
01 paid
District—
5% bonds Nos. 2 and 3. dated
July
2 1900. W
July $2,000
2.
fla
w
S
0
0
1
4°A
bonds Nos. 1 to 33 Inclusive,
aatea July 1 1899. Will oe paid July 1.
1008!1OOWHll8beCpa^d'ju,ly '1°“ ° County~ $10° G"3 bond No. 1. dated July 1
be^pald'Tidy0? 5
water-works bond No. 8. dated Dec. 31 1897. Will
pafd July” lC° Unty Sch° 01 DIstrIct

K o-

3— 3300

5%

bond No. 3 will be

Jufy1V'l*C)0l.d ~W 1U’bc°pa 1cl Ju1yCI'.6r b° nCiS N° S’ 31 t0 40 lllcIuslvc’ datcd
O h io C o u n t y ( P . O . W h e e l i n g ) , W . V a .—Bond Call.—
C a ll w a s m a d e f o r p a y m e n t J u ly 1 a t t h e G e r m a n B a n k in
W h e e l i n g o f t h e f o l l o w i n g i}4 % 5 - 3 0 - y e a r b o n d s :
INOS. 276, 340, 120, 162. 292, 177, 297, 104, 201, 339, 293, 108 35’

113. 239, 330, 154, 198. 280, 112, 129, 246, 140, 362, 115, 323 346 234
341 and 358. Denomination $500.

R e a d i n g , P a . — Bond Call.— I n t e r e s t c e a s e d o n J u l y 1 o n
“ R e f u n d i n g W a t e r B o n d s , S e r ie s B , ” o f t h e R e f u n d i n g
L oan of Jan. 1 1889.
T h e s e c u r i t ie s a r e n u m b e r e d f r o m
1 t o 5 0 in c l u s i v e a n d a r e p a y a b l e a t t h e o f f ic e o f t h e C i t y
T reasu rer.
S t . F r a n c i s L e v e e D i s t r i c t , A r k . — Bond Call.— A ll b o n d s
is s u e d u n d e r t h e a u t h o r i t y o f t h e A c t o f t h e G e n e r a l A s s e m ­
b ly
a p p ro v e d M arch 13 1899
w ill b e r e d e e m e d o n J a n . 1
1 9 1 0 a t t h e F i r s t N a t i o n a l B a n k in N e w Y o r k C i t y .
The
is s u e a m o u n t s t o $ 7 5 0 , 0 0 0 a n d w e a r e in f o r m e d t h a t i t is
t h e i n t e n t i o n o f t h e d i s t r i c t t o is s u e t h a t a m o u n t o f r e f u n d i n g
bon d s.
&
W h e e lin g ,
W .
V a . — Bond
w e r e c a ll e d f o r p a y m e n t J u l y

Call.-

-T h e

fo llo w in g

bonds

1:

Main Street bridge bonds— No. 123 for 5500 and No. 210 for 51,000.
Bonds of 1885— Nos. 12 17, 22, 64, 99 and 105 of 5500 each and Nos. 114,
158, 101, 202, 219, 241, 2 o 7 and 291 of $1,000 each
,„
.P‘W.ment of these bonds will be made at the Bank of the Ohio Valley In
Yvneellng.

Bond Proposals and Negotiations this week
V ave b een a s fo llo w s :
A i t k i n C o u n t y ( P . O . A i t k i n ) , M i n n .- — Bond Offering.—
P r o p o s a l s w ill b e r e c e iv e d u n t il 1 2 m . J u l y 1 2 b y J
B
L e m ir e , C o u n ty A u d it o r , fo r $ 7 5 ,0 0 0 5 %
in g b o n d s .

g o ld c o u p o n fu n d ­

Authority Chapter 245, Laws of 1909. Denomination $500. Date dev
of Issuance. Interest annual. Maturity $500 yearly from 1910 t o ’l924
inclusive, bonds are exempt from taxation. Certified check for 10"'
payable to the County Auditor. Is required. Total debt, including this
Issue, $110,000. Assessed valuation, $6,640,000.
^
A l b a n y , S t e a r n s C o u n t y ,- M i n n .— Bond Offering.— P r o p o s ­
a ls w ill b e r e c e iv e d u n t il 8 p . m . J u l y 1 2 b y t h e V i l l a g e
C o u n c il f o r $ 7 , 0 0 0 5 % l i g h t i n g - s y s t e m b o n d s .

Authority, election held May 18 1909. Denominations $500 and 51 000
Interest annual. Maturity 15 years. Thos. Tomasek Is the Vlllae-e
Recorder.
6
A lt o n S c h o o l D is tr ic t N o . 1 5 (P . O . A lt o n ) , O sb o rn e
C o u n t y , K a n 3 . — Bonds Authorized.— T h i s d is t r ic t h a s a u t h o r ­
iz e d t h e i s s u a n c e o f $ 7 , 5 0 0 5 % c o u p o n s c h o o l - b u i l d i n g b o n d s

Denomination $500. Date. July 1 1909. Interest scmt-annuallv in
$500 yearly on July 1. Assessed valuation for 1908

17,947.fdatui'lty

A n n a S c h o o l D i s t r i c t ( P . O . A n n a ) , U n i o n C o u n t y , 111.—
A p r o p o s i t i o n t o is s u e $ 1 0 , 0 0 0 b u i l d i n g
b o n d s w a s d e f e a t e d a t a n e le c t io n h e ld J u n e 2 2 b v a v o t e o f
7 7 “ f o r ” to 1 3 5 “ a g a in s t .”

Bonds Defeated.—

A n o k a , A n o k a C o u n t y , M i n n . — Bonds Voted.— A n e le c t io n
h e ld J u n e 2 6 r e s u l t e d in f a v o r o f a p r o p o s i t i o n t o is s u e
$ 6 0 ,0 0 0 4 % b o n d s to p u r c h a se a n d im p r o v e th e w a te r a n d
li g h t p l a n t .
T h e v o te w a s 2 8 1 “ f o r ” to 7 7 “ a g a in s t .”
M a­
t u r i t y in 1 9 2 9 .
I t is e x p e c t e d t h a t t h e is s u e w ill b e t a k e n
b y th e S t a t e o f M in n e s o ta .
A n s o n , J o n e s C o u n t y , T e x a s . — Bond Offering.— A l d e r m a n
A . W . J o h n s o n h a s b e e n a p p o i n t e d t o o f f e r a t p r i v a t e s a le
t h e $ 2 8 , 0 0 0 6 % c o u p o n w a t e r -w o r k s b o n d s v o t e d o n M a r c h 3 0
( V . 8 8 , p . 1 1 4 7 ).

Authority, Article 486, Revised Statutes 1895. Denomination S5 0 (l
Date, June 15 1909. Interest annually at the State Comptroller’s n f f L in
Austin. Maturity 40 years, $14,000 being subject to call after 10 v c w
This town has no debt at present. Assessed valuation 1909, $1,010 315
A r n e t t S c h o o l D is t r ic t ( P . O . A r n e t t ) , E llis C o u n t y , O k la .
T h e $ 1 2 ,0 0 0 h ig h -s c h o o l-b u ild in g b o n d s v o te d
in M a y ( V . 8 8 , p . 1 2 6 7 ) h a v e b e e n d is p o s e d o f .

—Bond Sale.—

A s h t a b u l a C o u n t y ( P . O . J e f f e r s o n ) , O h i o .— Bond Offering
— P r o p o s a l s w ill b e r e c e iv e d u n t il 1 p. m . J u ly 6 b v t h e
B o a r d o f C o u n t y C o m m i s s i o n e r s f o r $ 1 9 , 0 0 0 414 % c o u p o n
L a k e R o a d im p r o v e m e n t (S a y b r o o k T o w n s h ip ) b o n d s . 1

Authority, Section 4670-19, Revised Statutes. Denomination 51 nnn
Date. July 1 1909. Interest semi-annually at the CountyTrc'as u r'sn fflr!'
Maturity $1,000 on July 1 1910 and $2,000 yearly on July l from 1
'
1919 inclusive. Certified check for $500, payable to B . E. Thayer, County
Treasurer, Is required. Purchaser to pay accrued Interest.
y
A s t o r i a S c h o o l D i s t r i c t ( P . O . A s t o r i a ) , Ore.— Bond Elec­
t o r e p o r t s , a $ 7 5 , 0 0 0 h i g h -s c h o o l -b u i l d i m r
b o n d e l e c t i o n w ill b e h e ld J u l y 1 5 .

tion.— A c c o r d i n g

THE CHRONICLE

58

Atlantic City, N. J.— Bond Offering— P r o p o s a l s
r e c e i v e d u n t il

12 m . J u ly 2 4 b y

tr o lle r , fo r $ 3 1 3 ,0 0 0 4 3 ^ %

w ill

Bridgeville, Sussex County, Del.— Bond Offering.—

be

A . M . H e s to n , C ity C o m p ­

a n d $ 6 6 ,0 0 0 4 %

[VOL. LXXXIX.

p o s a ls

w ill

be

r e c e iv e d

by

R ob ert

T o w n C o m m is s io n e r s , fo r $ 2 5 ,0 0 0 4 %

bon d s.

R .

L a y to n ,

P ro­

S e c re ta ry

w a te r a n d sew er b o n d s.

Denomination $1,000. Interest is payable in New York City. Bidmust be unconditional, made lor “ all or none,” and be on a blank form
furnished by A. M. Heston, City Comptroller. Certified check (or cash)
for $7 000 made payable to the City Comptroller, required. Official
advertisement states there is no litigation affecting the bonds. The Colum­
bia Trust Co. of New York City will certify as to the genuineness of the
bonds and the legality of the same will be approved by Dillon & Hubbard
of New York City, a copy of whose opinion will be delivered to the pur­
chaser. Delivery of bonds or on about Aug. 1 1909. Successful bidder
to pay accrued Interest.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Bristol County (P. O. Taunton), Mass.— Note Sale.— O n

The official notice of this bond offering will appear next week
among the advertisements in this Department.
Audubon, Montgomery County, Pa.— Bonds Defeated. —

American Banking Co., B os.103.279 Adams & Co., Boston — 102.lo
Merrill, Oldham & Co., B os.. 102.53 Blodget, Merritt & Co., B os.102.145
New Bedford Inst, for Sav­
ings, New Bedford_______ 102.46

A c c o r d in g to r e p o r ts , th is b o r o u g h o n J u n e
p r o p o s i t i o n t o is s u e $ 1 5 , 0 0 0 s t r e e t b o n d s .

8

d e fe a te d

a

J u n e 2 9 t h e $ 4 0 , 0 0 0 4 % 7 - y e a r n o t e s d e s c r ib e d in Y . 8 8 ,
p . 1 6 3 4 , w e r e p u r c h a s e d b y th e A m e r ic a n B a n k in g C o . o f
B o s t o n a t 1 0 3 .2 7 9 — a b a s is o f a b o u t 3 . 4 6 9 % .
A lis t o f t h e
b id d e r s fo llo w s :

„

„

Brooklyn Heights (P. O. Cleveland), Cuyahoga County,
Ohio.— Bond Offering.— 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 . J u ly 6 b y

H . F.

C h e ste r , V illa g e C le r k , fo r $ 1 8 ,0 0 0

w a t e r -w o r k s -c o n s t r u c t io n b o n d s .
Aztec School District No. 2 (P. Q. Aztec), San Juan 4
Authority, Sections 2S35, 2835b, 2836 and 2837, Revised Statutes.
County, New Mex.— Bond Offering.— P r o p o s a l s w ill b e re ­ Denomination
$1,000. Date July 15 1909. Interest semi-annual. Matur­
c e iv e d
6%

b y W a lt e r B . W a g n e r , C o u n t y T r e a s u r e r , fo r $ 4 ,5 0 0

c o u p o n s c h o o l-b u ild in g b o n d s .

Authority, Sections 1541-2 compiled Laws of 1897. Denomination
S500
Date July 1 1909. Interest semi-annually at Kountze Brothers in
New York City. Maturity July 1 1939, subject to call after ten years.
Bonds arc exempt from all taxes. Bonded debt, not Including this issue,
$2,400. No floating debt. Assessed valuation 1909, $300,000.

ity $1,000 yearly on July 15 from 1919 to 1938 Inclusive. Certified check
for 10% of bonds bkl for, payable to the Village Treasurer, Is required.
Purchaser to pay accrued Interest.

Buffalo, N. Y . — Bond Sales for Jane.—
fo llo w in g 4 %
of to

D u rin g J u n e th e
b o n d s , a g g r e g a tin g $ 5 7 ,6 6 3 3 2 , w e re d is p o s e d

th e v a r io u s s in k in g fu n d s a t p a r :

Bainbridge, Ga.— Bonds Defeated.—

T h e $ 5 0 ,0 0 0 s c h o o lh o u s e , $ 5 0 ,0 0 0 s t r e e t-im p r o v e m e n t a n d $ 1 5 ,0 0 0 c ity -h a ll
5%
b o n d s m e n t i o n e d in V . 8 8 , p . 1 2 6 7 , w e r e d e f e a t e d a t
an

e le c t io n h e ld

June 8 .

Baird Independent School District (P. O. Baird), Callahan
County, Texas.— Bonds Registered.— O n J u n e 2 6 t h e S t a t e
C o m p tr o lle r

r e g is te r e d

s c h o o l-h o u s e

bon d s.

$ 2 0 ,0 0 0

5%

1 0 -4 0 -y e a r

(o p tio n a l)

B u ffa lo H ig h S c h o o l D is t r ic t ( P . O . B u ff a lo ), J o h n s o n
C o u n t y , W yo.—Bond Sale.— O n J u n e 2 1 t h e $ 2 5 , 0 0 0 5)4%
2 0 - y e a r c o u p o n b u i l d i n g b o n d s , d e s c r i b e d in V . 8 8 , p . 1 5 7 1 ,
w e re a w a r d e d t o M c C o y & C o . o f C h ic a g o a t 1 0 7 a n d a c c r u e d
in te r e s t.
A l i s t o f t h e b id s r e c e iv e d f o l l o w s :

McCoy & Co., Chicago---------$26,750 Parson, Son & Co., Chicago.$25,252

H. Causey & Co., Dcnv. 26,255 State of Wyoming--------------- 2 5 , 2 ^ 0
Bakersfield School District, Kern County, Cal.— Bond Of­ Jas.
Wm. E. Sweet & Co., Denv. 25,775 F . L. Puller & Co., Cleve----- 25,100

fering-Proposals

w i l l b e r e c e i v e d u n t i l 1 0 a . m . J u ly
b y I . L . M i l l e r , C l e r k o f t h e B o a r d o f S u p e r v is o r s ( P .
B a k e r s fie ld ), fo r $ 5 5 ,0 0 0 5 % c o u p o n s c h o o l b o n d s .

15
O.

Authority Sections 1880 and 1888 of the Political Code, also vote of 70
to 3 at election held May 22 1909. Denomination $1,000. Interest an­
nually on June 30 at the County Treasury. Maturity $9,000 yearly from
191 l to 1918 Inclusive, and $10,000 In 1919. Certified check for 10% of
the amount bid, payable to H. A. Jastro, Chairman of the Board of Super­
visors, Is required.

Balsam, Itasca County, Minn.— Bond Offering.—

P ro p o sa ls

w ill b e r e c e iv e d u n t il 3 p . m . J u l y 2 4 b y H e r m a n B r a n d o n ,
T o w n C le r k , a t R e le a s e , fo r $ 1 0 ,0 0 0 c o u p o n b o n d s a t n o t
e x c e e d i n g 6%> i n t e r e s t .
M a t u r i t y $ 3 , 0 0 0 in o y e a r s , $ 3 , 0 0 0
in 1 0 y e a r s a n d $ 4 , 0 0 0 in 1 5 y e a r s .

Baraga School District (P. O. Baraga), Baraga County,
Mich.— Bond Offering.— P r o p o s a l s w ill b e r e c e iv e d u n t il
8 p . m . J u ly 1 7 b y J a m e s M c M a h o n ,
E d u c a t io n , fo r th e $ 2 8 ,0 0 0 re g is te r e d
v o te d

( V .’ S8,

p.

1634)

on

June

S e c re ta ry B o a rd o f
s c h o o l-h o u s e b o n d s

15.

Denomination $500. Interest (rate not to exceed 4%) payable Jan. 1 in
Baraga
Maturity $2,000 yearly on Jan. 1 from 1911 to 1924 inclusive.
rwtiiW l check for $1,000, payable to the Secretary Board of education, Is
remiired
The bonds are deliverable Aug. 1 1909. This district has no
debt at present. Assessed valuation for 1909, $1,100,000. Real valuation
(estimated), $2,500,000.
B arn esboro

S c h o o l D is tr ic t

( P . O . B a r n e s b o r o ), C a m b r ia

C o u n t y , P a . — Bond Sale.— T h e W a s h i n g t o n I n v e s t m e n t C o .
o f P i t t s b u r g h h a s p u r c h a s e d t h e $ 1 6 , 0 0 0 4 y2% 1 0 - 3 0 - y e a r
(o p t io n a l) g o ld c o u p o n s c h o o l-b u ild in g b o n d s o ffe re d o n
J u n e 1 a n d d e s c r i b e d in V . 8 8 , p . 1 3 8 4 .

Basin, Wyo.— Bond Sale.—
$ 2 0 ,0 0 0
K id d e r

have

been

d is p o s e d

Bonds
to
th e
am ount
of
o f a t p r i v a t e s a le t o C h a s . S .

& C o . o f C h ic a g o .

Bay City, Tex.— Bond Election.—

A n e le c t i o n w ill b e h e ld

J u l y 1 0 t o v o t e o n p r o p o s i t i o n s t o is s u e
im p r o v e m e n t a n d $ 3 ,0 0 0 w a te r -w o r k s 5 %

$ 1 2 ,0 0 0 str e e t1 0 -4 0 -y e a r (o p ­

Bell County (P. O. Belton), Texas.— Bonds Registered and
T h e S t a t e C o m p tr o lle r r e g is te r e d $ 3 9 ,0 0 0 4 %

1 0 -4 0 -

y e a r (o p tio n a l) c o u r t -h o u s e r e fu n d in g b o n d s o n J u n e 2 3 .
R e p o r ts s ta te th a t th e se b o n d s h a v e b e e n so ld to th e H a rris
T r u s t & S a v in g s B a n k o f C h ic a g o .

Belmont, Lafayette County, Wis.— Bond Sale.— A n

is s u e
o f $ 4 ,0 0 0 6 % w a t e r -w o r k s , ja il, e n g in e -h o u s e a n d r e fu n d in g
b o n d s w a s r e c e n t ly a w a r d e d t o t h e S t a t e B a n k o f P l a t t e v i l l e .

Bethlehem School District No. 9 (P. O. Slingerlands),
Albany County, N. Y . — Bond Sale.— O n J u n e 2 8 a n is s u e o f
$ 9 ,0 0 0 5 %

s c h o o l-b u ild in g b o n d s w a s a w a r d e d to J . J . H a r t

of

at

A lb a n y

1 0 3 .2 1 .

Denomination $500.

.

Date, July 1 1009.

Interest annual.

Biloxi, Miss.— Commission Form of Government Defeated.—
P apers sta te th a t an
d e fe a t o f a m ea su re

e l e c t i o n h e l d J u n e 2 4 l e s u l t c d in t h e
p r o v id in g fo r a c o m m is s io n fo r m o f

g o v e rn m e n t.

Boston, Mass.— Bond Sale.— D u r i n g
$ 2 ,1 0 0

3H %

tru st fu n d s.

A. Kean & Co., Chicago.. 25,775

B u r lin g to n , V t . —

Bids.—

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 J u n e 2 5 fo r th e $ 3 6 ,0 0 0 4 % c o u p o n s c h o o l-b u ild in g b o n d s
a w a r d e d o n t h a t d a y , a s s t a t e d in V . 8 8 , p . 1 6 3 4 , t o N . W .
H a r r is & C o . o f B o s t o n a t 1 0 3 .5 7 9 a n d a c c r u e d in te r e s t:

N. W . Harris & Co., B oston.103.5791E. H. Rollins & Sons, Bos— 101.215
Merrill, Oldham & Co., B os..102.579 Blodget, Merritt & Co., B os.101.076
National Life Insurance C o ..102.21 [ A. B. Leach & Co., B oston..100.2o
C a m d e n S c h o o l D i s t r i c t ( P . O . C a m d e n ) , A r k . — Bond Sale.
— T h is d is tr ic t h a s s o ld $ 3 0 ,0 0 0 b u ild in g b o n d s to th e W m . R .
C o m p to n B o n d & M o rtg a g e C o . o f S t . L o u is.
C a n y o n C o u n t y ( P . O . C a l d w e l l ) , I d a h o . — Bond Offering.
— 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 . J u ly 2 0 ( n o t J u l y 2 2 ,
a s a t first r e p o r t e d ) b y t h e B o a r d o f C o u n t y C o m m i s s i o n e r s ,
O . V . B a d lc y , C le r k , fo r $ 1 0 0 ,0 0 0 c o u p o n fu n d in g b o n d s a t
n o t e x c e e d in g 6 %

in te r e st.

Denomination $1,000. Date, day of Issue. Interest Jan. 1 and July 1
at the County Treasurer’s office or the Chase National Hank in New York
City. Maturity $10,000 yearly from 10 years to 19 years inclusive from
date, all beinp subject to call, however, after 10 years. Certified check for
2 % of bid, payable to the Clerk Hoard of County Commissioners, Is required.
C a r th a g e T o w n s h ip ( P . O . C a r th a g e ), M o o r e C o u n ty , N o .
C a r o .— Bond Offering.— F u r t h e r d e t a i l s a r c a t h a n d r e l a t i v e
t o t h e o f f e r in g o n J u l y 5 o f t h e $ 8 , 0 0 0 5 %
coupon roadi m p r o v e m e n t b o n d s m e n t i o n e d in V . 8 8 , p . 1 4 5 3 .
P ro p o sa ls
f o r t h e s e b o n d s w ill b e r e c e iv e d u n t il 2 p . m . o n t h a t d a y b y
N . A . M c K e it h e n , C h a ir m a n o f B o a r d o f C o m m is s io n e r s .

Authority Chapter 10. Section t. Laws of 1909. Denomination $500.
Date July 1 1909. Interest semi-annually at the office of the County
Treasurer In Carthage. Maturity 81,000 yearly on Jan. 1 from 1911 to
1 9 1 8 Inclusive, all the bonds being subject to call, however, after one year.
Honds <arc exempt from county and municipal taxes. Certmed check for
$400, payable to Chairman of Board of Commissioners, Is required. The
township has no debt at present. Assessed valuation 1908, $912,879.
C h a r l e s t o n , S o . C a r o .— Bonds Voted.— O f a t o t a l o f 1 , 2 9 5
v o t e s c a s t a t a n e l e c t i o n h e ld J u n e 2 9 ( n o t J u n e 2 6 , a s first
r e p o r t e d ), o n ly 5 8 w e re a g a in s t th e is s u a n c e o f $ 4 0 0 ,0 0 0 4 %
2 0 - y e a r s e w e r a g e - s y s t e m - e x t e n s i o n b o n d s m e n t i o n e d in V . 8 8 ,
p . 1511.

tio n a l) b o n d s .

Sold,—

S.

b o n d s d a te d J u n e 9
M a tu r ity

Jan u ary

th e m o n th of J u n e
1 9 0 9 w e re s o ld a t p a r to

1949.

Bradley County (P. O. Cleveland), Tenn.— Bonds Voted.—
A p r o p o s i t i o n t o is s u e $ 1 0 0 , 0 0 0 b o n d s w a s f a v o r a b l y v o t e d
u p o n a t a r e c e n t e le c tio n .
T h e b o n d s w e re v o t e d w ith th e
e x p e c t a t i o n t h a t t h e S t a t e B o a r d o f E d u c a t i o n w ill l o c a t e
t h e S t a t e N o r m a l C o lle g e f o r E a s t T e n n e s s e e in t h i s c o u n t y .
I f t h e S t a t e d e c id e s o n a n o t h e r s i t e f o r t h e c o ll e g e n o f u r t h e r
a c t i o n w ill b e t a k e n in r e g a r d t o t h e b o n d s .




C h a t t a n o o g a , T e n n . — Bonds Voted.— T h e e le c t io n h e ld
J u n e 2 4 r e s u l t e d in f a v o r o f t h e $ 1 5 0 , 0 0 0 s c h o o l b o n d s a n d
$ 1 2 5 ,0 0 0 se w e r b o n d s ( V . 8 8 , p . 1 5 1 1 ).
T h e v o t e is r e p o r t e d
a s 3 2 6 t o 1 8 1 o n t h e f o r m e r is s u e a n d 3 5 8 t o 1 7 7 o n t h e l a t t e r .
C h e s t e r , C h e s t e r C o u n t y , S o . C a r o .— Bond Sale.
On
J u n e 2 5 t h e N a t i o n a l E x c h a n g e B a n k of C h e s t e r w a s a w a r d e d
t h e $ 2 6 , 0 0 0 4 y2% 20 - 40 - y e a r ( o p t i o n a l ) c o u p o n w a t e r - p l a n t e x t e n s i o n a n d s t r e e t - i m p r o v e m e n t b o n d s d e s c r ib e d in V . 8 8 ,
p. 1 4 5 4 , a t 1 0 1 . 2 5 a n d a c c u r e d i n t e r e s t — a b a s is o f a b o u t
4 . 4 0 6 % t o t h e o p t i o n a l d a t e a n d a b o u t 4 . 4 3 4 % t o f u ll m a ­
tu r ity .

F o llo w in g

are

th e

b id s :

Nat. Exch. Bank, Chester__ $2 6 ,3 2 5 ) Robinson, Humphrey Co.,
White Rros., Chester_______ 26,156 ( Atlanta--------------------------- $26,000
C h i c a g o , 111.— L i n c o l n P a r k D i s t r i c t . — Bond Offering—
P r o p o s a l s w ill b e r e c e i v e d u n t i l 1 2 m . J u l y 7 b y A r t h u r S .
L e w is , A s s is t a n t S e c r e t a r y , fo r $ 2 5 0 ,0 0 0 4 % T o w n o f L a k e
V ie w S m a ll P a r k b o n d s .

Denomination $1,000. Date July 1 l^OO. Interest semi-annual. Ma­
turity $25,000 yearly on July 1 from 1910 to 1919, inclusive. Certified
check for 5% of bid Is required.
C h o c t a w C o u n t y ( P . O . H u g o ) , O k l a — Bonds Defeated.—
A p r o p o s i t i o n t o is s u e $ 1 2 5 , 0 0 0 c o u r t - h o u s e a n d ja il b o n d s
w a s d e fe a te d on J u n e 2 2 .
T h e v o te w as 657
fo r
to 5 5 3
“ a g a i n s t .”
A t w o -th ir d s m a jo r it y w a s n e c e ssa r y to a u th o r ­
iz e .
C l o q u e t S c h o o l D i s t r i c t ( P . O . C l o q u e t ) , C a r lt o n C o u n t y ,
M i n n . — Bond Sale.— T h e
$ 3 0 ,0 0 0
s c h o o l-b u ild in g
bonds
r e c e n tly v o t e d

( V . 8 8 , p . 1 3 3 0 ) , w e re s o ld o n J u n e 7 to th e

Ju

ly

THE CHRONICLE

3 1 9 0 9 .]

F ir s t N a tio n a l B a n k o f C lo q u e t fo r a p r e m iu m
to $ 1 ,0 0 0 .”

“ e q u iv a le n t

Coburg, Lane County, Ore.— Bonds Voted.—
bond

is s u e

fo r

s c h o o ls

w as

r e c e n tly

v o te d ,

A $ 1 0 ,0 0 0
a c c o r d in g to

lo c a l p a p e r s .

Columbia Township (P. O. Columbia Station), Lorain
County, Ohio.— Bond Offering.— P r o p o s a l s w ill b e r e c e iv e d
u n til 1 2 m . J u ly 1 7 b y H . i t . P in c k n e y , T o w n
$ 1 5 ,0 0 0 4 ^ %
c o u p o n r o a d -im p r o v e m e n t b o n d s .

C le r k , fo r

Authority, Act of General Assembly, passed April 22 1904; also election
held on March 27 1909. Denomination $500. Date, .March 1 1909. Inter­
est semi-annually at the office of the Township Treasurer. Maturity 5500
yearly on March 1 from 1911 to 1940 Inclusive. Certified check for $300,
payable to the Township Treasurer, Is required. Ronds are exempt from
taxes. Bonded debt, including this issue, $23,500. No floating debt.
Assessed valuation 1908, $624,880.

Coshocton, Coshocton County, Ohio.— Bond Sale.— T h e
$ 1 5 ,0 0 0 4 %
1 - 1 0 - y e a r ( s e r ia l) s t r e e t - i m p r o v e m e n t b o n d s ,
p r o p o s a l s f o r w h ic h w e r e a s k e d u n t il M a y 1 8 , h a v e b e e n
b o u g h t b y th e P e o p le ’s B a n k in g & T r u s t C o . o f C o sh o c to n
fo r $ 1 5 ,2 6 9 4 2 — th e p ric e th u s b e in g 1 0 1 .7 9 6 .
See V . 8 8 ,
p. 1 1 5 0 , f o r a d e s c r ip t io n o f t h e s e s e c u r i t i e s .
Crawford County Tov/nship School District No. 7, 111.—

Bond Sale.—

O n J u n e 2 9 S . A . K e a n & C o . o f C h ic a g o p u r ­
c h a s e d t h e $ 3 0 , 0 0 0 5 % 2 - 6 - y e a r ( s e r ia l) b o n d s d e s c r ib e d in
V . 8 8 , p . 1 6 3 5 , a t 1 0 2 .1 0 — a b a s is o f a b o u t 4 . 4 2 2 % .
The
b id s r e c e iv e d w e re a s fo llo w s :

S. A. Kean & Co., Chicago..$30,630 Wm. R . Compton Bond &
Mortgage Co., St. L ouis..$30,301
A. G. Edwards & Sons, St. L. 30,422 First Nat. Bank, Cleveland. 30,242
Coffin & Crawford, Chicago. 30,375 A. B. Leach & Co., Chicago. 30,165
Harris Trust & Savings Bank,
Woodln.McNear&Moorc, Chi. 30,035
Chicago--------------------------- 30,355 Farson, Son & Co., Chicago. 30,000

John Nuveen & Co., Chicago. 30,478

59

E

h o s S t a t e B a n k o f D e lp h o s a t p a r .
T h e re w ere n o o th e r
id d e r s.
D e n o m in a tio n $ 5 0 0 .
D a t e J u ly 1 1 9 0 9 .
In tere st
s e m i-a n n u a l.
M a t u r i t y J u l y 1 1 9 2 9 , s u b j e c t t o c a ll a t a n y
in te r e s t-p a y in g p e r io d .

Des Moines, Polk County, Iowa.— Price Paid for Bonds.—
W e a r e in fo r m e d t h a t G e o . M . B e c h te l & C o . o f D a v e n p o r t
p a id p a r fo r th e $ 3 5 0 ,0 0 0 4 % c ity -h a ll b o n d s a w a r d e d th e m
(V . 8 8 , p . 1635) on June 16.
Diller, Jefferson County, Neb.— Bonds Defeated.— T h e
e le c t i o n h e ld J u n e 2 2 ( V . 8 8 , p . 1 5 7 2 ) r e s u l t e d in t h e d e f e a t
o f t h e p r o p o s itio n to issu e th e $ 1 3 ,0 0 0 w a te r b o n d s .
Doland, Spink County, So. Dak.— Bonds Voted.— T h i s
p l a c e , i t is s t a t e d , h a s v o t e d b o n d s t o t h e a m o u n t o f $ 7 , 0 0 0
fo r th e e x te n s io n o f t h e m u n ic ip a l w a te r -w o r k s s y s t e m .
Douglas School District No. 27 (P. O. Douglas), Cochise
County, A r i z . — Bond Offering.— P r o p o s a l s w ill b e r e c e i v e d
u n t il 1 p . m . J u l y 1 5 b y O . O . H a m m i l l , C le r k o f t h e B o a r d
o f T r u s te e s , fo r $ 6 0 ,0 0 0 5 % s c h o o l b o n d s .

Denomination $1,000. Maturity $3,000 yearly from 1910 to 1929 in­
clusive. Certified check for 10% of bid must be deposited with the County
Treasurer at Tombstone.

Dundee, Kane County, 111.— R o n d Sale.— T h i s

c ity

has

s o ld $ 1 0 ,2 5 0 b o n d s .

El Cajon School District (P. O. El Cajon), San Diego
County, Cal.— Bonds Defeated.— 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 , 0 0 0 b o n d s , m e n t i o n o f w h i c h w a s m a d e in V . 8 8 , p . 1 4 5 4 ,
m e t w i t h d e f e a t , i t is s t a t e d , a t a n e le c t io n h e l d r e c e n t l y !
T h e b o n d s w e r e c a r r ie d b y a s t r o n g m a j o r i t y a t a n e l e c t i o n
h e ld s o m e t i m e a g o .
T h e fir s t v o t e w a s a n n u l l e d , h o w e v e r ,
o w i n g t o t e c h n i c a l e r r o r s in t h e w o r d i n g o f t h e p a p e r s c o n ­
n e c te d w ith th e m a t t e r .

Elkhorn, Douglas County, Neb.— Bonds Voted.— T h e vot­
e r s o f t h i s c i t y h a v e a u t h o r i z e d t h e is s u a n c e o f $ 1 0 , 0 0 0 5 %
re g iste r e d w a te r -w o r k s b o n d s .

s c h o o l-e r e c tio n b o n d s .

Authority, Article 22, Section 8, of the School Laws. Denomination
$1,000. Date, July 1 1900. Interest semi-annually In New York, Chicago
or St. Louis. Maturity, July 1 1929. Certified check for $1,500, payable
to Geo. McMillan, Treasurer, Is required. Bonded debt. Including this
Issue, $80,000.

Cuyahoga County (P. O. Cleveland), Ohio.— Bond Sale.—
O n J u n e 2 6 th e $ 5 0 0 ,0 0 0 4 %
c o u p o n c o u r t-h o u s e b o n d s
d e s c r ib e d in V . 8 8 , p . 1 6 3 5 , w e r e a w a r d e d t o H a y d e n , M ille r
& Co. a n d C . E . D e n is o n & C o . , b o t h o f C l e v e l a n d , a t t h e i r
jo in t b id o f 1 0 0 .1 5 6 2 .
A b i d o f $ 5 0 0 , 7 4 7 w a s a l s o r e c e iv e d
fr o m O tis & H o u g h o f C le v e la n d .
M a tu r ity $ 2 5 ,0 0 0 y e a r ly
o n O c t . 1 f r o m 1 9 0 9 t o 1 9 2 8 in c l u s i v e .
Bond Offering.— P r o p o s a l s w ill b e r e c e i v e d u n t i l 11 a . m .
t o - d a y ( J u ly 3 ) b y t h e B o a r d o f C o u n t y C o m m i s s i o n e r s ,
W i ll i a m F . B la c k , C le r k , fo r th e fo llo w in g 4 % % c o u p o n
I n d e p e n d e n c e a n d P a r m a T o w n L in e R o a d N o . 2 i m p r o v e ­
m en t b on d s:

$18,270 assessment bonds. Denomination $500, except one bond for $276.
Maturity $276 on April 1 1910, $500 on Oct. 1 1910, $500 on April 1
1911 and $1,000 each six months from Oct. 1 1911 to Oct. 1 1919
Inclusive.
65,250 (county’s portion) bonds. Denomination $1,000, except one
bond for $250. Maturity $2,250 on April 1 1910, $3,000 each six
months from Oct. 1 1910 to Oct. 1 1916 Inclusive and $4,000 each
six months from April 1 1917 to Oct. 1 1919 Inclusive.
Authority, Sections 22b and 4637-9, Revised Statutes. Date May 1
1909.
Interest April 1 and Oct. 1 at the office of the County Treasurer.
An unconditional certified check for 1% of the bonds bid for, payable to
the County Treasurer, Is required. Delivery within ten days from time of
award. Purchaser to pay accrued Interest.

Denomination $200. Date July 1 1909. Interest annually at the fiscal
agency in New York City. Maturity July 1 1929, subject to call after
July l 1914. Total debt, this Issue. Assessed valuation, $6 4 ,5 5 1

Ellis County (P. O. Grand), Okla.— Bonds Defeated.— T h e
e le c t io n h e ld J u n e 8 r e s u l t e d in t h e d e f e a t o f t h e p r o p o s i t i o n
t o is s u e t h e $ 3 5 , 0 0 0 6 % 2 5 - y e a r c o u r t - h o u s e b o n d s m e n t i o n e d
in V . 8 8 , p . 1 2 6 8 .
T h e v o t e w a s 9 1 6 t o 7 0 3 , a t h r e e -f i f t h s
m a jo r it y b e in g re q u ire d .
Elmer, Salem County, N. J .—Bonds Defeated.— T h e p r o p o ­
s it io n t o is s u e t h e $ 3 0 , 0 0 0 4 3 ^ % 3 0 - y e a r w a t e r b o n d s w a s
d e f e a t e d a t t h e e le c t i o n h e l d J u n e 3 0 ( V . 8 8 , p . 1 2 6 9 ) b v a
v o t e o f 8 4 “ f o r ” to 8 5 “ a g a i n s t .”
El Paso County Common School District, Tex.— Bonds

Registered.— O n

J u n e 2 4 , $ 8 ,0 0 0 5 %
1 5 -y e a r s c h o o l-h o u s e
b o n d s w e re re g iste r e d b y th e S t a t e C o m p tr o lle r .

Elsinore Union High School District, Riverside County,
Cal.— Bond Election.— I t h a s b e e n d e c i d e d t o c a ll a n e le c t io n
fo r J u ly 2 1 to v o t e o n a p r o p o s itio n to issu e $ 1 0 ,0 0 0 b u ild in g
b on d s.

Eminence, Henry County, Ky.— Bond Offering.— P r o ­
p o s a ls w ill b e r e c e iv e d u n t i l 7 : 3 0 p . m . J u l y 6 b y E . S . M o o d y ,
C le r k o f t h e B o a r d o f C o u n c i l , f o r $ 1 5 , 0 0 0 5 % s t r e e t - i m p r o v e ­
m en t b on d s.
T h i s is s u e w a s r e c e n t l y d e c la r e d v a l i d b y t h e
C o u rt o f A p p e a ls o f K e n t u c k y .

e le c t r ic -lig h t -w o r k s -

Denomination $500. Date July 1 1909. Interest semi-annually at the
Farmers’ <Sc Drovers’ Bank in Eminence. Maturity $4,000 on July 1 in
each of the years 1914, 1919 and 1924 and $3,000 on July 1 1929
Bonds
are exempt from local taxation. Bonded debt, this Issue. Assessed valua­
tion $510,000.

Denomination $500. Date July 1 1909. Interest semi-annual. Matur
lty $500 yearly on July 1 from 1910 to 1917 Inclusive. Certified check on
a bank doing business In Summit County for 10% of bid, made payable
to the Village Clerk, Is required. Purchaser to pay accured Interest.

Ennis, Ellis County, Tex.—Bond Sale.— T h i s c i t y h a s
a w a r d e d , a c c o r d i n g t o r e p o r t s , a n is s u e o f $ 1 3 , 0 0 0 6% 1 0 - 4 0 y e a r ( o p t io n a l) w a te r -w o r k s b o n d s to th e K n ig h t s o f P y th ia s
o f T e x a s a t 1 0 6 a n d a c c ru e d in te r e s t.

Cuyahoga Falls, Summit County, Ohio.— Bond Offering.—
P ro p o sa ls

w ill

be

r e c e iv e d

C r u m b , V illa g e C le r k ,
im p r o v e m e n t b o n d s .

fo r

u n t il

12

$ 4 ,0 0 0

m.

5%

J u ly

10

by

C.

D.

Dallas, Tex.— Bond Sale.— 'O n J u n e 2 5 t h e $ 2 0 0 , 0 0 0 p u b ­
li c -s c h o o l-im p r o v e m e n t a n d th e $ 5 0 0 ,0 0 0 w a t e r -w o r k s -p e r ­
m a n e n t - i m p r o v e m e n t 4 % g o l d c o u p o n b o n d s d e s c r ib e d in
V . 8 8 , p . 1 5 1 1 , w e re d is p o s e d o f .
T h e f o r m e r is s u e w a s s o ld
t o C . E . D e n i s o n & C o . o f C l e v e l a n d a t 9 6 . 5 7 , w h il e t h e l a t t e r
is s u e w a s a w a r d e d a s f o l l o w s : $ 2 5 , 0 0 0 t o G e o . W . R i d d l e a t
p a r a n d $ 4 7 5 ,0 0 0 to th e T r in it y N a t io n a l B a n k o f D a lla s a t
9 6 .5 6 .
P u rch a sers to p a y a ccru ed in te r e s t.
A li s t o f t h e
b id d e r s fo llo w s :
$500,000

$200,000

w a ter b o n d s, sch ool b o n d s.

C. E. Denison & Co., Cleveland----------------------------- --------$193,140
Trinity National Bank, Dallas-----------------------------$482,800
193,120
Geo. W. Riddle (for $25,000 water bonds)--------------25,000
______
McC_oy_& Co., Chicago------------------------------ --------__----------$658,200
E. H. Rollins & Sons, Chicago------------------------------- 476,875
190,750
Dallas Trust & Savlgns Bank, Dallas; A. B. Leach)
W
v w . , Chicago: XV
VV . iHalsey
ia w c j
iv
u . ,, vChicago,
y iu u
& Co.,
N.. W._
& vCo;
j 468,100
187,200
and Wm. R. Compton Bond & Mtge. Co., St
Joe C. Thompson Co_________________________ . . . I . 466,250
186,500
$50,000 water bonds______ 46,250
50.000 water bonds______ 46,500
50.000 water 'bonds........
I
.. 45,625
50.000 water bonds______ 46,705
Goodwin & Strickland 50.000 water bon ds......... 46,755
25.000 water bonds--------- 25,352 50
50.000 water bonds.......... 47,000
25.000 water bonds______
_____
______ 50
25,562
. 50,000 school bonds______ ______
46,875
Woodln, McNcar & Moore, Chicago______________
______
191,300
M a t u r i t y p a r t o f e a c h is s u e y e a r l y o n M a y 1 f r o m
1 9 4 9 , in c lu s iv e .
D e f i a n c e , O h i o .—Bond

Sale.—

1 9 1 0 to

O n J u n e 2 8 t h e t h r e e is s u e s

of
5%
s tr e e t-im p r o v e m e n t
bonds
a g g r e g a tin g
$ 6 6 ,0 0 0 ,
d e s c r ib e d in V . 8 8 , p . 1 6 3 5 , w e r e a w a r d e d , it is s t a t e d , t o t h e
O h io S a v in g s B a n k & T r u s t C o . o f T o le d o a t 1 0 4 .5 5 .
D e l p h o s , Kans.—Bond Sale.— A n is s u e o f $ 3 9 , 0 0 0 4 J ^ %
w a te r a n d lig h t b o n d s w a s d is p o s e d o f o n J u n e 5 to th e D e l-




Essex County (P. O. Elizabethtown), N. Y .— Bond Offer­

ing.—

P r o p o s a l s w ill b e r e c e i v e d u n t il 1 2 m . A u g . 2 b y S . W .

B a r n a r d , C o u n ty T r e a s u r e r , fo r $ 9 0 ,0 0 0 4 %

g o ld r e g is te r e d

b o n d s t o p u r c h a s e a s i t e in P o r t H e n r y a n d t o e r e c t t h e r e o n
a

c o u r t-h o u s e

and

o th e r

cou n ty

b u ild in g s .

Date, July 1 1909. Interest semi-annually at the Chase National Bank
of New York City. Maturity $3,000 yearly on July 1 from 1910 to 1939
Inclusive.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Estelline Independent School District (P. O. Estelline),
Hall County, Tex.— Bond Offering.— P r o p o s a l s w ill b e re ­
c e iv e d u n t il 3 p . m . J u l y 1 5 b y W . T . H o l l a n d , P r e s i d e n t of
th e B o a r d o f T r u s te e s , fo r $ 8 ,0 0 0 5 %

sch ool b o n d s.

Denomination $1 ,0 0 0 . Date June 1 1909. Interest annual. Maturity
forty years, subject to call after twenty years. Certified check for $200
is required.

Evangeline Township School District No. 1 (P. O. Boyne
City), Charlevoix County, Mich.— Bond Offering.— P r o p o s a l s
w ill b e r e c e iv e d u n t i l 1 2 m . J u l y 1 5 b y J . M . H a r r i s , S e c r e t a r y
fo r $ 2 0 ,0 0 0 5 % c o u p o n s c h o o l-b u ild in g b o n d s .

Aum om y, section 4 / 1 /, uompnea Laws or 1897. Denomination $1 000
Date, Aug. 1 1909. Interest annually at the First National Bank of Boyne
City. Maturity $2,000 yearly on March 1 from 1911 to 1920 inclusive
Certified check for $200, payable to P. F. Mclntlre, Treasurer, is required
Bonded debt, including this Issue, $33,000. Assessed valuation, $1,200,000.

Fayette, Fulton County, O h i o .— Bonds Voted.— I t is r e ­
p o r t e d t h a t a n e le c t io n h e ld J u n e 2 8 r e s u l t e d in f a v o r o f a
p r o p o s it i o n t o is s u e e l e c t r i c - l i g h t p l a n t b o n d s .
Floyd County (P. O. Rome), Ga.—Bond Election.— An
e le c t io n w ill b p h e ld A u g u s t 5 t o v o t e o n a p r o p o s i t i o n t o
is s u e $ 2 0 0 , 0 0 0 5 % r o a d - c o n s t r u c t i o n - b o n d s m a t u r i n g $ 5 , 0 0 0

60

THE CHRONICLE

in e a c h o f t h e y e a r s 1 9 2 0 a n d 1 9 2 1 a n d § 1 0 , 0 0 0 y e a r l y f r o m
1 9 2 2 to 1 9 4 0 in c lu s iv e .

Forsyth County (P. Q. Winston-Salem), No. Caro.—•No

Bond Election at Present.—

W c a r e a d v i s e d t h a t n o b o n d e le c ­
t i o n w ill b e h e ld in t h i s c o u n t y a t p r e s e n t .
See V . 8 8 , p .
1572.
It w a s r u m o r e d th a t a v o t e w o u ld b e ta k e n A u g . 3
o n t h e q u e s t i o n j o f is s u i n g 8 3 0 0 , 0 0 0 r o a d b o n d s .

Fort Gibson, Muskogee County, Okla.— Bond Election.—
A

p r o p o s itio n

t o is s u e § 3 5 , 0 0 0 6 % w a t e r - w o r k s b o n d s w ill
to a v o t e o f th e p e o p le o n J u ly 0 .
I f th e b o n d s
a r e v o t e d t h e y w ill b e t a k e n b y O . C . R o o t f o r § 3 0 , 0 0 0 — t h e
p ric e th u s b e in g 1 0 2 .8 5 7 .
D a t e J u ly 1 1 9 0 9 .
In te r e s t s e m i­
annual .

be s u b m i t t e d

Franklinton Township (P. O. Franklinton), Franklin
County, No. Caro.— Bond Offering.— A d d i t i o n a l d e t a i ls a r e
a t h a n d r e l a t i v e t o t h e o f f e r in g o n J u l y 6 o f t h e $ 1 0 , 0 0 0 5 %
r o a d b o n d s , m e n t i o n o f w h ic h w a s m a d e i n la s t w e e k ’s i s s u e .
T h e y a r e p a r t o f t h e is s u e o f $ 4 0 , 0 0 0 b o n d s a u t h o r i z e d b y
a v o t e o f 2 1 5 to 9 4 a t a r e c e n t e le c tio n ; a ls o b y a n A c t o f th e
G en era l A s s e m b ly o f 1 9 0 9 .
P r o p o s a l s f o r t h e s e b o n d s w ill
b e r e c e iv e d u n t il 1 2 m . o n t h a t d a y b y B . T . G r e e n , S e c r e t a r y
T o w n s h ip R o a d T r u s te e s .

Denomination to suit purchaser. Date, July 1 1909. Interest semi­
annually at the Hanover National Rank In New York City. Maturity
July 1 1939. This township has no debt at present. Asssesed valuation
for 1908, 51,536,000. Actual value (estimated). $2,000,000. Official
circular states there Is no controversy or litigation pending or threatened
allectlng In any way the legality of the bonds.

Frederic, Polk County, Wis.— Bonds Defeated.—

A n e le c ­
t i o n h e ld J u n e I I r e s u l t e d in t h e d e f e a t o f a p r o p o s i t i o n t o
is s u e $ 2 , 0 0 0 b o n d s .

Glens Falls, N. Y .— Bond Offering.— P r o p o s a l s w ill b e re ­
c e i v e d u n t il 7 p . m . J u l y 1 4 b y A . S . I t u g g e , C i t y C l e r k , f o r
t h e $ 5 0 , 0 0 0 4 % c o u p o n ( w i t h p r i v i l e g e o f r e g i s t r a t io n as t o
p r i n c ip a l ) w a t e r b o n d s v o t e d ( V . 8 8 , p . 1 G 3 6 ) o n J u n e 1 4 .
Denomination 51,000. Interest Jan. 1 and July 1 at the City Chamber­
lain’s office. Maturity $ 1 0 ,0 0 0 yearly on July 1 from 1910 to 1920 Inclusive.
Bid to be made on a printed form furnished by the city and be accompanied
by a certllled check for 2% of bid, drawn on a national bank. State bank or
trust company, and made payable to the City Chamberlain. The genuine­
ness of the bonds will be certllled to by the United States Mortgage & Trust
Co. of New York City. ,

Goldsboro, Wayne County, No. Caro.— Bond Offering.—
F u r t h e r d e t a i l s a r e a t h a n d r e l a t i v e t o t h e o f f e r in g o n J u l y 1 5
of

th e

$ 1 5 0 ,0 0 0

coupon

stre e t

and

b o n d s d e s c r i b e d in V . 8 8 , p . 1 6 3 6 .

s id e w a lk -im p r o v e m e n t

P r o p o s a ls fo r th e s e b o n d s

w ill b e r e c e i v e d u n t il 1 2 m . o n t h a t d a y b y D . J . B r o a d h u r s t ,
C ity C lerk .

B id s are re q u e ste d fo r 4 %

and 4 i^ %

o f a b o u t 4 5 0 v o t e s a t t h e e le c t i o n h e ld J u n e 2 5 .

M a tu r ity

30 years.

Hamlin School District (P. O. Hamlin), Tex.— Bonds

Voted.—

A n e le c t i o n h e ld J u n e 2 2 r e s u l t e d , i t is s t a t e d , in
f a v o r o f a p r o p o s i t i o n t o is s u e $ 2 5 , 0 0 0 s c h o o l - b u i l d i n g b o n d s .
H a m p t o n , G a .—Bond Offering Postponed.— T h e o f f e r in g
o f $ 2 0 ,0 0 0 5 %
l l - 3 0 - y c a r ( s e r ia l) g o l d c o u p o n w a t e r - w o r k s
a n d e l e c t r i c - l i g h t b o n d s w h ic h w a s t o h a v e t a k e n p la c e
J u n e 2 6 w a s p o s tp o n e d fo r te n d a y s .

•'Denomination $1,000. Date, July 1 1909. Interest semi-anually at
the Bank of Commerce in New York City. Bonds are free from taxation.
Total debt, this Issue. Assessed valuation for 1909, $350,000.

Hancock School District (P. O. Hancock), Houghton
County, Mich.— Bond Offering.— P r o p o s a l s w ill b e r e c e iv e d
u n t il 9 p . in . J u l y 12 f o r $ 2 0 , 0 0 0 4 %

s c h o o l-b u ild in g b o n d s .

Authority, vote of 47 “ for” to 0 ‘ ‘against’ ’ at an election held June 8.
Maturity July 1 1929.

Haverhill, Essex County, Mass.—Bond Sale.—

T h e $ 7 2 ,0 0 0
1 0 -y e a r c o u p o n b o n d s , a d e s c r ip t io n o f w h ic h w a s g iv e n
in V . 8 8 , p . 1 6 3 6 , w e r e b o u g h t o n J u n e 2 9 b y M e r r i ll, O l d h a m
& C o . o f B o s to n a t 1 0 0 .4 4 .
A li s t o f t h e b id s r e c e iv e d
fo llo w s :

Merrill. Oldham & Co.. Bos-.100.44 IBlake Bros.
Perry, Coffin & Burr, Boston.100.34 |

&

Co., Boston— 100.09

Hawley, Clay County, Minn.— Bond Offering.— P r o p o s a l s
w ill b e r e c e iv e d u n t il 8 p . i n . J u l y 1 2 b y J . E . J o h n s o n ,
V illa g e R e c o r d e r , fo r $ 8 ,0 0 0 e le c t r ic -lig h t -p la n t a n d $ 8 ,0 0 0
w a te r -w o r k s 5 % c o u p o n b o n d s
Authority, Revised Laws of 1905, Chapter 10: also special election held
May 20 1909. Denomination $500. Datj, July 1 1909. Interest annually
at place to be named by purchaser. Maturity $1,000 yearly on July l from
1913 to 1928 inclusive. Certllle 1 check for $500, payable to the Village
Treasurer, Is required. The village has no bonded debt at present. Float­
ing debt. $900. Assessed valuation, $165,370.

Hereford School District (P. O. Hereford), Deaf Smith
County, Tex.— Bonds Voted.— A r e c e n t e l e c t i o n r e s u l t e d in
a v o t e o f 111 “ f o r ” to 3 3 “ a g a in s t ”
s c h o o l-h o u s e b o n d s .

th e issu a n c e o f $ 2 5 ,0 0 0

Hornell, Steuben County, N. Y . — Bond Sale.— A n is s u e o f
$ 2 5 ,0 0 0 6 % p a v in g b o n d s w a s a w a r d e d o n J u n e 2 8 to J o h n J .
H a r t o f A lb a n y a t 1 0 4 .6 6 .
T h e b id s w e re a s fo llo w s :
John J. Hart, Albany----- $26,165 001 Douglas&FcnwIck, N. Y . $25,760 00
Bank of Steuben, Hornell. 26,062 50 Charles Oliver, Cohocton. 25,700 00
Isaac W. Sherrill, Poughk. 25,812 50 |First Nat. Bank, C lov e... 25,442 50
Denomination $500. Date, July 1 1909. Interest semi-annual. Ma­
turity part each year from 1910 to 1914 inclusive.

lola Independent School District (P. O. Iola), Grimes
County, Tex.— Bonds Registered.— T h e S t a t e C o m p t r o l l e r
re g is te r e d
$ 7 ,0 0 9
5%
bon d s on June 2 5 .

b on d s.

Authority, Chapter 229, Private Laws of 1907. Denomination $1,000.
Interest semi-annually in New York City. Maturity 10 years. Bonds are
exempt from city taxes. Certified check for 3% , payable to the "City of
Goldsboro,” is required. Total debt at present, $207,403. Assessed
valuation, $4,000,000. Actual value (estimated), $6,000,000.

[V O L. LXXXIX.

5 -4 0 -y e a r

(o p tio n a l)

s c h o o l-h o u s e

Ironton, Lawrence County, Ohio.—Bond Sale. —
000

4%

2 0 -y e a r

coupon

T h e $ 3 5 ,­
s to r m -w a te r -s e w e r -c o n s t r u c tio n

b o n d s d e s c r i b e d in V . | 8 8 , p . 1 6 3 7 ,
to
th e
F ir s t
N a tio n a l
Bank
of
a b a s is o f a b o u t 3 . 9 1 % .

w ere so ld
Iro n to n

on
at

June 29
1 0 1 .2 5 — •

The official notice of this bond offering will be found among
Itasca County Common School District No. 1, Minn.—
the advertisements elsewhere in this Department.
Bond Offering.— P r o p o s a l s w ill b e r e c e iv e d u n t il 8 p . m .
Grafton, Taylor County, W . Va.— Bonds Defeated.— R e ­ J u l y 1 5 b y t h e S c h o o l B o a r d f o r $ 9 0 , 0 0 0 f u n d i n g b o n d s a t
p o r t s s t a t e t h a t t h e q u e s t i o n o f is s u in g $ 7 5 , 0 0 0 f u n d i n g a n d
w a t e r - i m p r o v e m e n t b o n d s w a s d e f e a t e d a t a n e le c t i o n h e ld

June 1 5 .
Graham County School District No. 20, Ariz.— Bond

Offering.—

P r o p o s a l s w ill b e r e c e i v e d u n t il 1 0 a . m . J u ly 5
b y L . F . V a u g h n , C le r k o f t h e B o a r d o f S u p e r v i s o r s ( P . O .
S o lo m o n v ille ), fo r $ 2 ,4 0 0 7 % g o ld sc h o o l b o n d s .

Interest annually at the County Treasurer’s office. Maturity, 20 years
subject to call after 10 years. Certllled check for $100 Is required.

Grand Island, Hall County, Neb.— Bond Offering— P r o ­
p o s a l s w ill b e r e c e iv e d u n t i l 5 p . m . J u l y 7 b y I I . E . C l if f o r d ,
C i t y C l e r k , f o r t h e $ 1 7 , 0 0 0 in t e r s e c t i o n p a v i n g b o n d s v o t e d
on J u n e 15 ( V . 8 8 , p . 1 6 3 6 ).
S e p a r a te b id s a r e r e q u e s te d
fo r 4

Y2%

and

5%

bon d s.

Denomination $1,000. Date, July 1 1909. Interest semi-annually at
the State Uscal agency In New York. Maturity 20 years, subject to call
after 5 years. Certllled check for $500 Is required. Purchaser to furnish
blank bonds.

Granite, Okla.— Bonds Voted.—

A n e le c t io n h e ld J u n e 1 2
r e s u l t e d in f a v o r o f p r o p o s i t i o n s t o is s u e $ 3 0 , 0 0 0 w a t e r - w o r k s
a n d $ 1 5 ,0 0 0 e le c tr ic -lig h t 5 % 2 0 -y e a r d e b e n tu r e s .

^Greenesville County (P. O. Emporia), Va.— No Action

Yet Taken.— U p t o J u n e 3 0 n o a c t i o n h a d y e t b e e n t a k e n
l o o k i n g t o w a r d s t h e is s u a n c e o f t h e $ 8 0 , 0 0 0 h i g h w a y - i m ­
p ro v e m e n t b on d s v o te d ( V . 8 8 , p . 1 3 8 6 ) on M a y 2 0 .

tiffGustine Independent School District (P. O. Gustine),
Comanche County, Tex.— Bond Offering.— P r o p o s a l s w ill b e
r e c e iv e d u n til 2 p . m . J u lv 1 5 b y P . I I . H u t s o n , P re sid e n t o f
th e B o a r d o f E d u c a t i o n /f o r $ 8 ,0 0 0 5 % c o u p o n b o n d s .

Denomination $500. Date, July 15 1909. Interest annually at Farm­
ers’ & Merchants’ State Bank In Gustine. Maturity 40 years, subject to
call after 10 years. Certified check for $500, payable to the President of the
Board, Is required. The district lias no debtat pre ent. Asses;ed valua­
tion 1909, $265,000.

Guttonberg, Hudson County, N. J.— Bonds Authorized.—
A n J 'o r d in a n c e h a s b e e n p a s s e d p r o v i d i n g f o r t h e i s s u a n c e o f
5 % 't c o u p o n f u n d i n g b o n d s .
T h e a m o u n t o f b o n d s is t o b e
s u c h t h a t t h e p r o c e e d s r e a l iz e d f r o m t h e s a l e s h a ll b e s u f f i ­
c ie n t to r e d e e m 9 6 2 - 3 % o f c e r ta in o u t s t a n d in g o b lig a tio n s
a g g r e g a tin g $ 1 5 7 ,2 2 2 0 1 .

Denomination $1,000. Date July 1 1909. Interest semi-annually at
thelPeople’s Safe Deposit & Trust Co. In Union. Maturity $5,000 on July 1
In each of the years 1914, 1919 and 1924 and the balance on July 1 1939.

^Hamblen County

Voted.—
bonds

(P.

O. Morristown), Tenn.— Bonds

T h e p r o p o s i t i o n t o is s u e t h e $ 2 0 0 , 0 0 0 5 % t u r n p i k e
m e n t i o n e d in V . 8 8 , p . 1 5 7 3 , c a r r ie d b y a m a j o r i t y




n o t e x c e e d in g 5 %

in t e r e s t .

Authority, election held June 19 1909. Denomination $1,000. Interest
semi-annual. Maturity $2,000 in 1913 and $8,000 yearly from 1914 to
1924 Inclusive. Certllled check for $900, payable to the district, Is re­
quired. Frederick 13. Reusswlg (P. O. Grand Rapids) Is Chairman of the
School Board.

Itasca County Common School District No.

2 , Minn.—
P r o p o s a l s w ill b e r e c e iv e d u n t il 3 p . m .
J u ly 10 b y th e T r u s te e s fo r $ 3 5 ,0 0 0 b o n d s a t n o t e x c e e d in g
6 % in t e r e s t f o r t h e e r e c t io n o f a s c h o o l - b u i l d i n g in t h e v i lla g e

Bond Offering.—

of

M a r b le .

Authority, election held May 22.
Denoml at'on $1,000. Interest
semi-annual. Maturity, 15 years. Certified check for $500, payable to the
district, is required. H. C. Dudley (P. O. Coleraine) Is Chairman of the
School Board.

Jackson, A l a .—Bond Offering.— P r o p o s a l s w ill b e r e c e iv e d
b y J . B . W illia m s , M a y o r , fo r $ 1 0 ,0 0 0 5 % c o u p o n m u n ic ip a l
sch o o l b o n d s .
In te r e s t s e m i-a n n u a l.
M a tu r ity 3 0 y e a r s .
T h e s e b o n d s are free fr o m ta x e s .

Jefferson County (P. O. Steubenville), Ohio.— Bonds Not

Sold.—

A c c o r d i n g t o d i s p a t c h e s n o b id s w e r e r e c e i v e d o n
J u n e 2 6 fo r th e $ 3 0 ,0 0 0 4 % c o u p o n P o r t la n d & D illo n v a le
F r e e T u r n p i k e b o n d s d e s c r i b e d in V . 8 8 , p . 1 6 3 7 .
I t is f u r ­
t h e r r e p o r t e d t h a t t h e y w ill b e r e -o f f e r e d a s 4 j ^ s .

Joplin, Mo.— No Bonds Voted and Sold.— T h e C i t y C le r k
w r it e s u s t h a t t h e r e is n o t r u t h in t h e r e p o r t s t h a t t h i s c i t y
h a s v o te d a n d so ld $ 4 0 ,0 0 0 5 % b o n d s .
See V . 8 8 , p . 1637.
Kaufman, Kaufman County, Texas.— Bonds Registered.—
T h e $ 6 ,0 0 0 5 %
1 0 -4 0 -y e a r (o p t io n a l) w a te r -w o r k s b o n d s
v o t e d o n M a r c h 6 ( V . 8 8 , p . 7 8 0 ,) w e re re g iste re d b y th e
S t a t e C o m p tr o lle r o n J u n e 2 2 .
Kearny (P. O. Independent Station, Jersey City), Hud­
son County, N. J.—Bond Sale.— •John D. E v e r i t t & C o . o f
N e w Y o r k w e r e , it is s t a t e d , t h e s u c c e s s f u l b i d d e r s o n J u n e 2 4
f o r t h e $ 9 0 , 0 0 0 t o w n - h a l l a n d t h e $ 3 5 ,0 0 0 ^ w a t e r 4 ) ^ % 2 5 y e a r b o n d s d e s c r i b e d in V . 8 8 , p . 1 5 3 .
T h e p r ic e p a i d b y
t h e m f o r b o t h is s u e s w a s 1 0 2 . 7 7 .

Kern County (P. O. Bakersfield), Cal.— Bond Election Pro­

posed.—

L o c a l p a p e r s s t a t e t h a t th e B o a r d o f S u p e r v is o r s h a s
d e c i d e d t o c a ll a n e le c t io n f o r s o m e t i m e in J u l y t o v o t e o n
a p r o p o s i t i o n t o is s u e $ 4 0 0 , 0 0 0 b o n d s fo.’ t h e p u r c h a s e o f a
s it e f o r a n e w

c o u r t -h o u s e .

Lakewood, Ohio.—Bonds Defeated.—
2 2 r e s u l t e d in a v o t e o f
s it io n

t o is s u e $ 1 4 , 5 5 0

A n e le c t i o n h e ld J u n e
171 “ f o r ” to 4 3 4 “ a g a in s t ” a p r o p o ­

v illa g e -h a ll b o n d s .

L a u r e l S c h o o l D i s t r i c t ( P . Q . L a u r e l ) , D e l . — Bond, Sale. —
O n J u n e 2 5 S 3 ,0 0 0 5 %
s c h o o l-im p r o v e m e n t b o n d s w ere
a w a r d e d to J n o . R . W ils o n .
D e n o m in a tio n $ 1 0 0 .
D a te
J u ly
1 1909.
In t e r e s t s e m i-a n n u a l.
M a t u r i t y in
1924,
s u b j e c t t o c a ll a f t e r f o u r y e a r s .
L a w r e n c e , K a n . — Bond Sale.— A n is s u e o f $ 2 0 , 0 0 0 O a k
H i ll C e m e t e r y b o n d s h a s b e e n d is p o s e d o f a s f o l l o w s : $ 1 8 , 0 0 0
to th e M e r c h a n ts ’ N a tio n a l B a n k o f L a w r e n c e a n d $ 2 ,0 0 0 to
th e O a k H ill C e m e te r y F u n d .
L e m h i C o u n t y ( P . O . S a l m o n ) , I d a . — Bond Sale.— A . B .
L e a c h & C o . o f C h i c a g o , o f f e r in g 1 0 1 . 5 2 a n d a c c r u e d i n t e r e s t ,
w e r e t h e s u c c e s s fu l b i d d e r s o n J u n e 2 1 f o r t h e $ 4 0 , 0 0 0 c o u p o n
c o u r t - h o u s e - a n d - j a i l b o n d s d e s c r i b e d in V . 8 8 , p . 1 5 7 4 .
The
fo llo w in g p r o p o s a ls w ere r e c e iv e d :

A. I!. Lead) A Co., Chicago.$40,6081S. A. Kean, C h icag o___ ..$40,040
First Nat. Batik. .Salmon----- 40,435 John Nuveen & Co., Chicago. 39,150
C. H. Coffin, Chicago------ . 40,401 |
.Maturity, 20 years, to be redeemed as follows: cither the en' b'e amount in
10 years or 10% at that date and 10% annually thereafter. The bonds are
exempt from all taxes.
L e o n , D e c a t u r C o u n t y , I o w a . — Bonds Defeated.— T h e $ 3 5 , ­
0 0 0 w a t e r - w o r k s - c o n s t r u c t i o n b o n d s m e n t i o n e d in V . 8 8 ,
p . 1 4 5 5 , w e r e d e f e a t e d a t t h e e le c t io n h e ld J u n e 8 .
L i n c o l n , N e b . — Bond Offering.— P r o p o s a l s w ill b e r e c e iv e d
u n t il 1 p . m . J u l y 1 7 b y R o s c o e C . O z m a n , C i t y C l e r k , f o r
a s s e s s m e n t b o n d s o f th e fo llo w in g d is t r ic ts :
$ 0 ,8 1 0 2 7 o f
P a v in g D is tr ic t N o . 1 0 0 ; $ 0 ,9 5 4 3 6 o f P a v in g D is t r ic t N o .
0 2 ; $ 5 ,0 2 3 2 5 o f P a v in g D is tr ic t N o . 9 5 ; $ 2 ,3 9 4 2 0 o f P a v in g
D is tr ic t N o . 3 7 ; $ 7 ,7 7 8 5 7 o f P a v in g D is tr ic t N o . 8 2 , a n d
$ 5 4 7 3 9 o f A lle y P a v in g D is tr ic t N o . 3 9 .

Date, Aug. 12 1909. Interest (rate not to exceed 5%) payable annually
at the Nebraska liscal agency In New York City or at the City Treasurer’s
?
v!,c? 11; Maturity-one-tenth of each Issue yearly on Aug. 12 from
1910 to 1919 Inclusive. Certilled check for 3% of bonds bid for Is required.
L o d i , B e r g e n C o u n t y , N . J . — Bond Offering.— P r o p o s a l s
w ill b e r e c e i v e d u n t il 8 p . m . J u l y 1 2 f o r t h e $ 8 0 , 0 0 0 4 %
coupon
w a te r -p la n t-p u r c h a s e
b o n d s v o te d
on
June
15.
V . 88, p . 1574.

Inatlon $1,000. Date, Aug. 1 1909. Interest semi-annually at
tne Borough Collector’s office. Maturity 30 years. Bonds are exempt
from all taxes. Certilled check for 10%, payable to the “ Borough of Lodi,’ ’
L o g a n S c h o o l D i s t r i c t , O h i o .— Bonds Defeated.— T h i s d i s ­
t r i c t o n J u n e 7 d e f e a t e d a p r o p o s i t i o n , i t is r e p o r t e d , t o is s u e
$ 4 0 ,0 0 0 b o n d s fo r a s c h o o l-b u ild in g .
T h e v o t e p o l le d w a s
3 4 5 to 9 2 .
Long
B each,
C a l .— Bond Election.— T h e
C ity
C ounci
h a s p a s s e d a n o r d i n a n c e p r o v i d i n g f o r a n e le c t i o n t o b e h e ld
J u l y 1 5 t o v o t e o n t h e q u e s t i o n o f is s u in g $ 2 4 5 , 0 0 0 4 }A.%
b o n d s fo r th e p u r c h a s e o f m u n ic ip a l w a te r f r o n t a g e .
L o u d o n T o w n s h ip ( P . O . F o s t o r ia ) , S e n e c a C o u n t y , O h io .
—Bond Sale.— T h e $ 1 4 , 0 0 0 i A % c o u p o n r o a d - i m p r o v e m e n t
b o n d s d e s c r ib e d in V . 8 8 , p . 1 5 7 4 , w e r e p u r c h a s e d o n J u n e 2 4
b y H o c h le r & C u m m in g s o f T o le d o a t 1 0 1 .0 5 3 a n d a c c r u e d
in t o e s t .

F o llo w in g

are

th e b id d e r s :

Hoj.Uer & Cummings,Tol.$14,147 501 Barto, Scott & Co.. CoL .$14,088 50
OrK & Hough, Cleveland. 14,145 001First Nat. Bank. Cleve.. . 14,087 00
The bonds are dated June 24 1909 and mature part e ich six months from
Sept. 1 1910 to Sept. 1 1917 Inclusive.
L u c a s C o u n t y (P. O. T o l e d o ) , O h i o .— Bond Offerings.—
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 . J u ly 6 b y D . T .
D a v ie s , C o u n t y A u d it o r , fo r th e fo llo w in g b o n d s :
$36,000 4 'A % bridge-improvement bonds. Authority Sections 871 and

2825, Revised Statutes. Denomination $500. Maturity
$3,000 yearly on July 16 from 1910 to 1921 Inclusive.
20,709 30 5% stone and gravel-road-bulldlng bonds. Authority Section
4070-14 et scq., Revised Statutes. Denomination $500,
except one bond of $209 80. Maturity $3,209 80 on July 16
1910, $3,000 on July 16 1911, $3,000 Julv 16 1912 and
$2,500 yearly on July 16 from 1913 to 1919 Inclusive.
The above bonds arc dated July 16 1909. Interest semi-annually at the
office of the County Treasurer In Toledo. Certilled check (or cash) on a
bank In Toledo for $500 Is required with bids for each Issue., Purchaser to
p iy accrued Interest. Bonds will be delivered July 16 1909.
I n a d d i t i o n t o t h e a b o v e , p r o p o s a l s w ill a l s o b e r e c e iv e d
u n t il 1 0 a . m . J u l y 19 b y D a v i d T . D a v i e s J r ., C o u n t y A u d i ­
t o r , f o r $ 1 5 , 0 0 0 4 y2% b o n d s t o e r e c t a d i n i n g - r o o m a n d
d o r m i t o r y b u i l d i n g o n t h e s it e n o w o c c u p i e d b y t h e L u c a s
C o u n t y C h i ld r e n ’ s H o m e .

Authority Section 871, Revised Statutes. Denomination $500. Date
day of delivery. Interest semi-annually at the County Treasurer’s office.
Maturity $5,000 In each of the years 1914, 1915 and 1916. Certilled check
(or cash) for $500 on a bank doing a regular banking business In Toledo
Is required. The bonds will be delivered on July 29 1909. Official ad­
vertisement states there has never been any default in the payment of
principal and Interest.
L u c a s v ille
S ch o o l D is tr ic t
(P .
O . L u c a s v i lle ) , S c io t o
C o u n t y , O h i o .— Bonds Voted—Bond Offering.— A n e le c t io n
h e ld J u n e 12 r e s u l t e d in f a v o r o f t h e is s u a n c e o f $ 4 , 0 0 0 4 %
s c h o o l-b u ild in g
b on d s.
The
v o te
w as
74
“ fo r ”
to
15
“ a g a i n s t .”
M a t u r i t y p a r t in e a c h o f t h e y e a r s 1 9 1 2 , 1 9 1 3 ,
1914 an d 1 915.
B i d s f o r t h e b o n d s w ill b e r e c e iv e d u n t il
J u ly 2 0 .
M c A r t h u r , V i n t o n C o u n t y , O h i o .— R o a d Election Post­
A n e le c t io n w h ic h w a s t o h a v e b e e n h e ld J u n e 7
t o v o t e o n t h e is s u a n c e o f $ 2 8 , 0 0 0 s t r e e t b o n d s w a s p o s t ­
p o n e d in d e f i n i t e l y .

poned.—

M c M i n n C o u n t y ( P . O . A t h e n s ) , T e n n . — Bonds Defeated.—
T h e e le c t io n h e ld J u n e 5 r e s u l t e d in t h e d e f e a t 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 r o a d - i m p r o v e m e n t b o n d s m e n ­
t i o n e d in V . 8 8 , p . 1 3 8 7 .
M a c o n , G a . — Bonds Defeated.— P r o p o s i t i o n s t o is s u e t h e
$ 1 0 0 , 0 0 0 p a v i n g a n d $ 1 0 0 , 0 0 0 s e w e r 4 % g o ld c o u p o n b o n d s
s u b m it t e d to th e v o te r s o f th is c it y o n J u n e 2 6 ( V . 8 8 , p .
1 3 3 ) , fa ile d to m e e t w ith th e ir a p p r o v a l.
M a l i s o n C o u n t y ( P . O . H u n t s v i l l e ) , A l a .—Bond Sale.— O n
J u n e 2 8 t h e $ 5 0 , 0 0 0 4 ] < j % 2 0 - 3 0 - y e a r ( o p t i o n a l ) g o ld c o u p o n
r e f u n d i n g b o n d s d e s c r ib e d in V . 8 8 , p . 1 5 7 4 , w e r e a w a r d e d




61

THE CHRONICLE

.Ju l y 3 1909

t ° S . K u h n & S o n s o f C i n c i n n a t i a t 1 0 1 . 0 7 a n d a c c r u e d in t e r ­
e st.
T h e b id s w e r e a s f o l l o w s :

S. Kuhn & Son, Cincinnati------------------------- $50,535 and accrued Interest
w . R . Rlson Banking Co., Huntsville______$50,300
C. H. Coffin, Chicago_____ _____
S50.167 and blank bonds
A. J. Hood & Co., Detroit--------------------------- $50,025 less $600
McCoy & Co.. Chicago--------------------------------- $50,000 less SI,900
b. A. Kean & Co.. Chicago..............
$50,000 less $2,200
M a l t a , M o r g a n C o u n t y , O h i o .— Bond Sale.— O n J u n e 2 8
t h e $ 2 , 0 0 0 5 % M a i n S t r e e t i m p r o v e m e n t b o n d s d e s c r i b e d in
V . 8 8 , p^. 1 6 3 8 , w e r e a w a r d e d t o S . A . F i n l e y o f M a l t a a t
1 1 3 .5 1 2 5 a n d a c c r u e d in t e r e s t .
M a t u r it y $ 5 0 0 y e a r ly o n
S e p t . 1 fr o m 1 9 2 7 to 1 9 3 0 in c lu s iv e .
F o llo w in g a r e th e
o th e r b id s :

iviaua ;\ai. isanic, .Malta..$2,232 00 i . w .w n o r u , .Mcvonncusvme
W. R. Todd & Co., CIn___ 2,175 00
($1,000)----------------------- $1,047 00
New First Nat. Bk., Colum. 2 120 001C.C.Cheadle.Wat'f d($l ,000) 1,045 00
|F.E.Harris,McCon. ($500).
525 50
M a n c h e s t e r , N . H . — Temporary Loan.— D i s p a t c h e s s t a t e
t h a t th e T r e a s u r e r h a s a w a r d e d a t e m p o r a r y lo a n o f $ 5 0 ,0 0 0 ,
d u e D e c . 7 , t o M m . A . R e a d & C o . o f B o s t o n a t 3 . 1 7 % d is ­
co u n t.
M a n sto n , J uneau C o u n ty ,
W i s . — Bonds
Proposed.— A
m e e t i n g o f t h e C o m m o n C o u n c i l w ill b e h e ld J u l v 6 t o a c t
u p o n o r d i n a n c e s p r o v i d i n g f o r t h e is s u a n c e o f t h e f o l l o w i n g
4 ^ % c o u p o n (c ity ’s p o r tio n ) b o n d s :

$7,000 “ Sewer Bonds, Scries A .” Denomination $1,000. Maturity
$1,000 yearly from 1923 to 1929, inclusive.
8,800 “ Street Improvement Bonds. Series B.” Denomination $1,000,
except one bond of $800. Maturity $1,000 yearly from 1921 to
1928 Inclusive and $800 In 1929.
Date as soon as possible after Aug. 4 1909 and not later than Oct. 5 1909.
Interest semi-annually at the City Treasurer’s office.
M a r b le F a lls I n d e p e n d e n t S c h o o l D is t r ic t ( P . O . M a r b le
F a l l s ) , B u r n e t C o u n t y , T e x . — Bond Offering.— P r o p o s a l s w ill
b e r e c e iv e d b y L . W . H o o p e r , S e c r e t a r y , f o r $ 8 , 0 9 0 5 % 2 0 y e a r s c h o o l-h o u s e b o n d s .
M a r i c o p a C o u n t y ( P . O . P h o e n i x ) , A r i z . — Bond Sale.— O n
J u n e 21 E . J . B e n n it t , P re sid e n t V a lle y B a n k o f P h o e n ix ,
w a s a w a r d e d t h e $ 3 0 , 0 0 0 0 % 1 1 - 2 0 - y c a r ( s e r ia l) g o ld c o u p o n
S p e c ia l R o a d D i s t r i c t N o . 1 b o u l e v a r d - b u i l d i n g b o n d s d e ­
s c r ib e d in V . 8 8 , p . 1 5 7 4 , a t 1 0 6 . 3 3 3 a n d a c c r u e d i n t e r e s t —
a b a s is o f a b o u t 5 . 3 9 3 % .
A li s t o f t h e b i d d e r s f o l l o w s :

E. ,T. Bennitt. President Valley Bank of Phoenix___ _____ ______ .$31,900
S. A. Kean & Co., Chicago_________
. . .
_
__
31,140
Old Dominion Commercial Co., Globe (for $10,000 bon ds)........... 10,355
B o n d s w ill b e d e li v e r e d O c t .

1 1909.

M a r y l a n d .— Bids Rejected.— T h e f o l l o w i n g b i d s s u b m i t t e d
on J u n e 2 9 fo r th e $ 1 ,0 6 0 ,0 0 0 3 j ^ % ro a d b o n d s ( t w o is s u e s ),
d e s c r ib e d in V . 8 8 , p . 1 3 8 7 , w e r e r e j e c t e d :

W. A. Read & Co., N. Y ---------98.75|Ely &Co., Boston (for $200,000
Estabrook & Co., Boston’____ 95.41 i worth)
_____ _____________98.53
M e d f o r d , M a s s . — Temporary Loan.— A lo a n o f $ 2 5 , 0 0 0 ,
d u e in 7 m o n t h s , h a s b e e n n e g o t i a t e d , it is s t a t e d , w it h
B la k e B r o s . & C o . o f B o sto n a t 3 .3 6 % d is c o u n t.
M e l r o s e , M a s s . — Bond Offering.— P r o p o s a l s w ill b e re­
c e iv e d u n t il 1 2 m . J u ly 8 b y W . R .- L a v e n d e r , C i t y T r e a s u r e r ,
fo r th e fo llo w in g 3 jd * % c o u p o n b o n d s:

$45,000 water bonds. Authority, Chapter 150, Acts of 1909. Maturity
$2,000 yearly on June 1 from 1910 to 1931 inclusive and $1,000
In 1932.
10,000 sewer bonds. Authority, Chapter 174, Acts of 1905. Maturity
June 1939.
Denomination $1,000. Date June 1 1909. Interest semi-annually at
the Second National Bank, Boston. Bonds are tax-free. The legality
of both issues has been passed upon by Roper, Gray & Gorham of Boston.
M e m p h i s S c h o o l D i s t r i c t ( P . O . M e m p h i s ) , T e n n . — Bids
L o c a l p a p e r s s t a t e t h a t t h e r e w e r e o n l y t w o b id s
( b o t h o f w h ic h w e r e r e j e c t e d ) s u b m i t t e d o n J u n e 2 6 f o r t h e
$ 5 0 0 , 0 0 0 4 \i% c o u p o n b o n d s d e s c r ib e d in V . 8 8 , p . 1 3 8 7 .
I t is f u r t h e r s t a t e d t h a t t h e b o n d s w ill b e r e - a d v e r t i s e d .

Rejected.—

Mesa County (Grand Junction), Col.— Bond Election Pro­
P a p e r s s t a t e t h a t t h e C o u n t y C o m m is s i o n e r s will

posed.—

c a ll a s p e c ia l e le c t io n t o v o t e
$ 1 5 0 , 0 0 0 c o u r t -h o u s e b o n d s .

on

th e

q u e s t io n

of

is s u in g

Mexia, Limestone County, Texas.— Bond Election.—
N o t i c e h a s b e e n g i v e n t h a t a n e le c t io n w ill b e h e ld J u ly 9
t o v o t e o n t h e q u e s t io n o f is s u in g $ 2 0 , 0 0 0 s t r e e t b o n d s a n d
$ 9 , 2 5 0 s c h o o l-b u i ld i n g b o n d s .
Milton, Mass.— Temporary Loan.— T h i s p la c e , it i s s t a t e d ,
h a s b o rr o w e d $ 3 0 ,0 0 0 fr o m th e B o s to n S a fe D e p o s it & T r u s t
C o . a t 3 % d is c o u n t.
L o a n is d u e in D e c e m b e r .
M i l w a u k e e , W i s .— Bids Rejected.— A c c o r d i n g t o d is p a t c h e s ,
a ll b id s r e c e iv e d o n J u ly 1 f o r t h e s e v e n is s u e s o f 4 % 1 - 2 0 y e a r (s e r ia l) c o u p o n b o n d s a g g r e g a t i n g $ 6 5 5 , 0 0 0 , d e s c r ib e d
in V . 8 8 , p . 1 6 3 8 , w e re r e je c t e d .

Minneapolis, Minn.— Bond Sale.— O n J u ly 1 t h e t h r e e
is s u e s o f 4 %
3 0 -y e a r c o u p o n b o n d s a g g r e g a tin g $ 7 6 0 ,0 0 0 ,
d e s c r ib e d in V . 8 8 , p . 1 5 7 4 , w e r e a w a r d e d t o W i n . A . R e a d
& C o . a t 1 0 1 . 8 1 9 — a b a s is o f a b o u t 3 . 8 9 7 % .
Mission Ridge Taxing District (P. O. Chattanooga), Tenn.

—Bond Offering.—

P r o p o s a ls w ill b e r e c e iv e d u n t il J u ly 17
b y R . P . W o o d a r d fo r $ 2 5 , 0 0 0 6 % c o u p o n w a t e r -w o r k s b o n d s .

Denomination $100 to $500. Date Aug. 1 1909. Interest Is navable
In Chattanooga. Maturity 20 years. Assessed valuation 190$, $100,000.
J. H. Allison Is Secretary.

Mitchell School District No. 31 (P. O. Mitchell), Scotts
Bluff County, Neb.— Bonds Voted.— An e le c t io n h e ld J u n e 2 6
r e s u lt e d in f a v o r o f a p r o p o s it i o n t o is s u e $ 1 1 , 5 0 3 6 % 2 0 - y e a r
s c h o o l-h o u s e b o n d s .
T h e v o t e w a s 9 9 “ f o r ” t o 2 “against.”

Monroe, Union County, No. Caro.— Bond Offering.— P r o ­
p o s a ls w ill b e r e c e iv e d u n t i l 1 2 m . J u l y 1 5 b y H . B . A d a m s
J r . , C le r k t o B o a r d o f A l d e r m e n , f o r $ 2 5 , 0 0 0 6 %
coupon
f u n d i n g a n d w a t e r a n d li g h t b o n d s .

63

THE CHRONICLE

Authority election held May 29 1909, pursuant to Section 34, Chapter
352, Private Laws of 1899. Denomination to suit purchaser. Date, day
ot Issue. Interest annually at place to be agreed upon. Maturity 25 years,
subject to call $1,000 yearly on Aug. 1. Ccrtilled check for $500 required.

& C o . o f L o s A n g e le s a t 1 0 3 .0 1 3 a n d a c c r u e d in t e r e s t ,
b id s

Maturity

v o te d .

M u s k i n g u m C o u n t y ( P . O . Z a n e s v i l l e ) , O h i o . —Bond Sale.
— O n J u n e 2 8 th e $ 3 0 ,0 0 0 4 % 5 -y e a r c o u p o n c h ild r c n ’s -h o m e
b o n d s , a d e s c r i p t i o n o f w h ic h w a s g i v e n in V . 8 8 , p . 1 6 3 8 , 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 O l d C i t i z e n s ’ N a t i o n a l B a n k o f
Z a n e s v ille fo r $ 3 0 ,1 9 0 , th e p ric e th u s b e in g 1 0 0 .6 3 3 .
N a r r a g a n s e t t ( P . O . N a r r a g a n s e t t P i e r ) , R . I . — Bond Of­
P r o p o s a l s w ill b e r e c e iv e d u n t il J u l y 1 0 b y t h e W a k e ­
fie ld T r u s t C o . o f W a k e f i e l d , a c t i n g a s a g e n t f o r t h i s t o w n ,
f o r t h e $ 3 0 , 0 0 0 s e w e r a g e b o n d s m e n t i o n e d in V . 8 8 , p . 8 4 1 .

fering.—

N a t i c k , M a s s . — Temporary Loan.— T h i s
p la c e ,
re p o rts
s t a t e , h a s b o r r o w e d $ 1 3 0 ,0 0 0 fo r s ix m o n th s fr o m B o n d &
d is c o u n t.

N eoga,
C u m b e r la n d
C o u n ty ,
111.— Bonds
Voted.— T h e
e le c t o r s o f t h i s t o w n s h i p o n J u n e 2 6 a u t h o r i z e d t h e i s s u a n c e
o f $ 2 0 ,0 0 0 h ig h -s c h o o l-b u ild in g b o n d s .
N e w b e r r y , S . C . — Bond Sale.— O n J u n e 2 9 t h e $ 4 0 , 0 0 0
4 0 -y e a r c o u p o n w a te r a n d s e w e r -s y s te m -e x te n s io n
b o n d s d e s c r ib e d in V . 8 8 , p . 1 5 7 5 , w e r e a w a r d e d t o t h e
S e c u rity T r u s t C o . o f S p a r ta n b u r g a t 9 8 a n d a c c ru e d in te r e s t.

4 Y>°/o

N e w B r i t a i n , H a r t f o r d C o u n t y , C o n n .— Bond Sale.— T h e
$ 6 7 , 5 0 0 4 % 1 - 5 - y e a r ( s e r ia l) s c h o o l - e n l a r g e m e n t b o n d s , d e ­
s c r i b e d in V . 8 8 , p . 1 3 8 8 , w e r e s o l d r e c e n t l y a t p r i v a t e s a l e .
N e w b u r g h , N . Y . — Bond Sale.— A n is s u e o f $ 1 6 , 0 0 0 5 %
b u ild in g b o n d s w a s d is p o s e d o f o n J u n e 3 0 to E d w a r d J .
C o lli n s a t 1 0 5 — a b a s is o f a b o u t 3 . 8 9 % .
A li s t o f t h e p r o ­
fo llo w s :

IFarson, Son & Co., N. Y ------ 102.70
Edward J. Collins ____ _____ 105
Isaac W. Sherrill, Poughk'sle 103.571 Adams & Co., N. Y --------------100.351
Denomination $2,000. Date July 1 1909. Interest semi-annually at
the Columbus Trust Co. In Newburgh. Maturity $2,000 yearly on Jan. 1
from 1911 to 1918 Inclusive. Bonds arc free from taxation.
W i s .—

Bonds Authorized.—

The

is s u a n c e

o f $ 6 ,0 0 0 b o n d s w a s r e c e n tly a u t h o r iz e d .
W e a r e in fo r m e d
t h a t t h e lo a n w ill b e t a k e n b y t h e S t a t e T r u s t F u n d s .
N e w R o c h e l l e , N . Y . — Bond Offering.— P r o p o s a l s w ill b e
r e c e iv e d u n t i l 8 p . m . J u ly 6 b y W i l l i a m G . R a i n s f o r d , C i t y
C l e r k , f o r $ 5 3 , 0 0 0 5 % r e g i s t e r e d S e r ie s “ C ” R e l i e f b o n d s .

Denomination $1,000. Date Aug. 1 1909. Interest May 1 and Nov. 1
at City Treasurer’s office and. at the option of the purchaser, will be paid
In New York exchange. Maturity $0,000 yearly on May 1 from 1911 to
1918, inclusive, and $5,000 on May 1 1919. Certified cneck on a bank or
trust company of New York State for 5% of the bonds bid for. payable to
the City Treasurer, Is required. The legality of these bonds will be ap­
proved by Delalleld and Longfellow of New York City, whose opinion will
be furnished to the purchaser. Bids must be made on blank forms fur­
nished by the city. Bonds to be delivered Aug. 1 unless a subsequent date
shall be mutually agreed upon. Accrued Interest, i£ any, to be paid by
purchaser.
N e w t o w n , H a m i l t o n C o u n t y , O h i o .— R o n d Election.— N o ­
t i c e h a s b e e n g i v e n t h a t a n e l e c t i o n w ill b e h e ld J u ly 2 6 t o
v o t e o n p r o p o s i t i o n s t o is s u e $ 4 , 0 0 0 s t r e e t - r e p a i r a n d $ 1 , 0 0 0
li g h t b o n d s .
N e w Y o r k C i t y . — Bond Sales.— I n a d d i t i o n t o t h e $ 4 0 , ­
0 0 0 ,0 0 0 4 % g o ld re g is te r e d o r c o u p o n s to c k o r b o n d s s o ld
b y t h i s c i t y o n J u n e 8 (.V . 8 8 , p . 1 5 1 4 ) , t h e s i n k i n g f u n d
p u r c h a s e d d u r in g t h a t m o n t h t h e f o l l o w i n g b o n d s a t p a r :
P u rp ose—
R
Various municipal purposes ...........

a te o fln t.

T h e f o llo w i n g r e v e n u e b o n d s

3

M a tu r ity .

A m o u n t.

1958

$215,000

( t e m p o r a r y s e c u r i t ie s )

w ere

a l s o is s u e d d u r in g J u ile :
In terest.

Revenue bonds, special.......... ........................................— 3J4
Revenue bonds, speclai_______________________________ 3 Ys

A m o u n t.

$111,000
200,000

Total _____________ ________________________________________ $311,000

Nez Pprce Independent School District No. 1 (P. O. Lewis­
ton), Nez Perce County, Idaho.—Bond Sale.— T h e $ 5 5 , 0 0 0
5%

1 0 -2 0 -y e a r

(o p tio n a l)

im p r o v e m e n t b o n d s

d e s c r ib e d

in

V . 8 8 , p . 1 4 5 6 , w ere a w a r d e d on J u n e 2 4 to J a m e s H . A d a m s




& B u rr of B o sto n ( V . 8 8 , p . 1 6 3 9 ):

Estabrook & Co., Boston----- 103.37
Blodget, Merritt & Co., Bos.103.28
Blake Bros. & Co., Boston...103.28
N. W. Harris & Co., Boston.103.079

Norwood School District (P. O. Norwood), Hamilton
County, Ohio.—Bond Offering.— P r o p o s a l s w ill b e r e c e iv e d
on M a y 11.

Denomination $500. Date July 1 1909. Interest semi-annually In
New York City. Maturity July 1 1939. This district has no debt at pres­
ent. Assessed valuation for 1908, $1,000,000.

R ic h m o n d ,

in s o n

Parkinson & Burr, Boston__ 104.02
Merrill, Oldham & Co., B os..103.675
Geo. A. Fernald & Co., Bos. 103.625
E. M. Farnsworth, B oston.. 103.55
American Banking Co., Bos.103.539

u n t il 12 m . J u l y 2 0 b y W . S . G w y n n , C le r k o f t h e B o a r d o f
E d u c a t i o n , fo r th e $ 1 2 5 ,0 0 0 4 % s c h o o l-b u ild in g b o n d s v o t e d

M u r p h y S c h o o l D is tr ic t N o . 1 ( P . O . M u r p h y ), C h erok ee
C o u n t y , N o . C a r .— Bond Offering.— A . A . F a i r e , S e c r e t a r y
a n d T r e a s u r e r B o a r d o f E d u c a t i o n , is o f f e r i n g a t p r i v a t e s a l e
th e $ 1 0 ,0 0 0 5 % a n d $ 1 0 ,0 0 0 6 % c o u p o n sc h o o l b o n d s re­

N ew

V . 88, p. 782.

North Andover, Mass.— Bids.— 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 J u n e 2 4 fo r th e $ 3 5 ,0 0 0 4 % c o u p o n s e w e r b o n d s
a w a r d e d o n t h a t d a y , a s s t a t e d in V . 8 8 , p . 1 6 3 9 , t o P a r k ­

M o u n t V e r n o n In d e p e n d e n t S ch o o l D is tr ic t (P . O . M o u n t
V e r n o n ) , F r a n k lin
C o u n t y , T e x . — Bonds Registered.— O n
J u n e 2 5 th e S t a t e C o m p tr o lle r r e g is te r e d $ 1 5 ,0 0 0 5 % 3 - 4 0 y e a r (o p tio n a l) s c h o o l-h o u s e b o n d s .

r e c e iv e d

Seasongood & Mayer, CIn.$55,84l 50
E. II. Rollins & Sons, D en .55,750 00
S. A. Kean & Co., Chicago 55,660 00
C. II. Coffin & Co., Chicago 55,501 00

50
00
00
00

Authority Chapter 145, Laws of 1908, and Chapter 491, Laws of 1909.
Denomination $1,000. Date July 1 1909. Interest semi-annually at the
Hanover National Bank In New York City In New York exchange. Ma­
turity $75,000 on Jan. 1 1919 and $15,000 yearly on Jan. 1 from 1920 to
1934 inclusive. Ccrtilled check for $6,000, payable to the City Clerk, Is
required. Purchaser to pay accrued interest. Bonds arc exempt from
all taxes.

M o u n t V e r n o n , D a v i s o n C o u n t y , S o . D a k . —Bond Offer­
P r o p o s a l s w ill b e r e c e iv e d u n t il 8 p . m . J u l y 5 b y G . H .
H e lg e r s o n ,
C ity
A u d ito r ,
fo r
$ 6 ,0 0 0
s e w e r -c o n s tr u c tio n
b o n d s a t n o t e x c e e d in g 5 % in te r e s t.

p o s a ls

The

fo llo w s :

su p p ly b o n d s v o te d on M arch 1 0 .

ing.—

G o o d w in o f B o s to n a t 3 . 3 1 %

as

Niagara Fall3 , N . Y .—Bond Offering.— P r o p o s a l s w ill b e
r e c e i v e d u n t il 4 p . m . J u l y 1 5 b y W a l t e r P . H o r n e , C i t y
C l e r k , f o r t h e $ 3 0 0 , 0 0 0 4 % g o l d r e g i s t e r e d S c r ie s “ A ” w a t e r -

M t . O l i v e r , A l l e g h e n y C o u n t y , P a . — Bond Election.— W e
a r e a d v i s e d t h a t a n e le c t i o n w ill b e h e ld in t h i s b o r o u g h o n
J u ly 2 2 fo r th e p u r p o se o f s u b m it t in g to th e v o te r s a p r o p o ­
s i t i o n t o is s u e $ 7 5 , 0 0 0 s e w e r b o n d s .

c e n tly

w ere

J. H. Adams & Co.,Los An $56,657
A. B. Leach & Co., Chicago 56,392
J. H. Causey & Co., D e n ..56,310
McCoy & Co., Chicago__ 56,100

M o r g a n to w n S c h o o l D is tr ic t (P . O . M o r g a n to w n ), W . V a .
— Bond Sale.— T h e $ 1 0 0 , 0 0 0 5 % a d d i t i o n a l s c h o o l - b u i l d i n g
b o n d s o ffe re d o n J u n e 2 2 w e re p u r c h a s e d b y W o o d i n , M c N e a r
& M o o r e o f C h i c a g o , w h o a r e n o w o f f e r in g t h e is s u e t o in ­
v e s t o r s a t a p r i c e t o y i e l d 4% % .
M a t u r i t y o n J u ly 1 a s
fo llo w s :
$ 3 ,0 0 0 y e a r ly fr o m 1 9 1 9 to 1 9 2 2 in c lu s iv e , $ 5 ,0 0 0
y e a r ly fr o m 1 9 2 3 to 1 9 2 9 in c lu s iv e , $ 6 ,0 0 0 y e a r ly fr o m 1 9 3 0
t o 1 9 3 3 i n c l u s i v e , $ 7 , 0 0 0 y e a r l y f r o m 1 9 3 4 t o 1 9 3 6 in c l u s iv e
a n d $ 8 , 0 0 0 in 1 9 3 7 . S e e V . 8 8 , p . 1 3 8 7 , f o r d e s c r ip t io n o f
th e s e se c u r itie s .

Authority, election held April 20. Interest semi-annual.
twenty years, subject to call after ten years.

[VOL. LXXXI X.

V . 88, p. 1271.

,

Authority Sections 3991, 3992 and 3993, Revised Statutes. Denomina­
tion $500. Date July 20 1909. Maturity on July 20 as follows:
' •"
----- *&------$4,000 In cachofthcycarsl919
1920 $4,000 In each of years 1934 and 193o
4.500 ltl 1936
,
4.500 In 1921
4.000 In each of years 1922 and 1923 4.000 In each of years 1937 and 1938
4.500 ltl 1939
„ ,
4.500 in 1924
4.000 In each of years 1925 and 1926 4.000 In each of years 1940 and 1941
4.500 In 1942
.
,
4.500 In 1927
4.000 In each of years 1928 and 1929 4.000 In each of years 1943 and 1944
4.500 In 1945
,
4.500 In 1930
4.000 In each of years 1931 and 1932 4.000 in each of years 1946 and 1947
4.500 In 1948
,
4.500 In 1933
there
Is
no
controversy
threatened
or
Official advertisement states that ____ . . . . _____________ _ ______
pending and that the district has never defaulted In the payment of prin­
cipal or Interest.
O sk a lo o s a S ch o o l D is tr ic t ( P . O . O s k a lo o s a ), M a h a s k a
C o u n t y , I o w a . — Bonds Offered by Brokers.— W o o d i n , M c ­
N e a r & M o o r e o f C h ic a g o a r e o f f e r in g t o in v e s t o r s a t 1 0 2 ) 4
a n d in te re st $ 3 5 ,0 0 0 4 ) 4 %
5 - 1 0 -y e a r (o p tio n a l) b o n d s o f
th is d is t r ic t .
D e n o m in a tio n $ 1 ,0 0 0 .
D a te J u ly 1 1 9 0 9 .
I n t e r e s t s e m i-a n n u a l.
O a k H a r b o r , O t t a w a C o u n t y , O h i o .— Bonds Defeated.— A
p r o p o s i t i o n t o is s u e $ 2 9 , 0 0 0 w a t e r - w o r k s b o n d s w a s d e f e a t e d
a t a n e le c t io n h e ld J u n e 8 .
O r a n g e , O r a n g e C o u n t y , V a . — Bond Election.— A n e le c t i o n
w ill b e h e ld in t h i s t o w n o n J u ly 1 0 t o v o t e o n t h e q u e s t i o n
o f i s s u in g $ 2 0 , 0 0 0 w a t e r - w o r k s - s y s t e m b o n d s .
O r a n g e C o u n t y (P. O . O r a n g e ) , V a . — Bond Election.—
A c c o r d i n g t o r e p o r t s , t h e q u e s t i o n o f is s u i n g $ 2 5 , 0 0 0 b o n d s
f o r m a c a d a m i z i n g r o a d s in t h e M a d i s o n d i s t r i c t w ill b e s u b ­
m i t t e d t o a v o t e o n J u ly 9 .
P a lm e r ,
H am pden
C o u n ty ,
M a s s . — Bond
Sale.—-O n
J u n e 2 8 t h e $ 1 8 , 0 0 0 4 % 1 - 1 8 - y e a r ( s e r ia l) c o u p o n h i g h - s c h o o l l o a n b o n d s , d e s c r ib e d in V . 8 8 , p . 1 6 3 9 , w e r e a w a r d e d t o t h e
A m e r ic a n B a n k in g C o . o f B o s t o n a t 1 0 3 .6 6 6 — a b a s is o f
a b o u t 3 .5 4 2 % .

Paterson, N. J.— Bond Sale.— O n J u l y 1 t h e $ 1 9 5 , 0 0 0 4 %
2 5 -y e a r sc h o o l b o n d s a n d th e $ 8 5 ,0 0 0 4 % 1 0 -y e a r p e r m a n e n t
s t J e e t - i m p r o v e m e n t b o n d s d e s c r ib e d in V . 8 8 , p . 1 6 3 9 , w e r e
a w a r d e d t o W . N . C o lo r & C o . o f N e w Y o r k C i t y f o r $ 1 9 6 , 0 0 0
( 1 0 0 .5 1 2 ) a n d $ 8 5 ,1 8 5 ( 1 0 0 .2 1 7 ) a n d a c c r u e d in te r e s t.
A
b id

w a s a lso

P e e k s k ill,
c e iv e d

u n t il

r e c e iv e d

N. Y .—

fro m

Bond

R hoades

&

Co.

Offering.— P r o p o s a l s

1 2 m . J u ly 8 b y

L a n n in g G .

w ill

be

re­

R o a k c , S u p e rin ­

t e n d e n t o f t h e W a t e r W o r k s a n d C le r k o f t h e B o a r d o f W a t e r
C o m m is s io n e r s , fo r $ 8 0 ,0 0 0 b o n d s , to e x t e n d th e p ip in g s y s ­
te m

o f t h e w a t e r w o r k s , c o m p l e t e t h e f i lt r a t i o n p l a n t , c o n ­

stru ct a new

dam

a t 't h e

h i g h -p r e s s u r e s y s t e m

p u m p in g s ta tio n

in c o n n e c t i o n

w ith

and

to

in s t a ll a

th e p re se n t w a te r­

w orks sy ste m .

Authority Chapter 118. Laws of 1909. Denomination $1,000. Date
Aug. 1 1909. Interest (rate not to exceed 5%) payablei scml-annuallj,.
Maturity Aug. 1 1939. Certified check for $500, drawnCm nm isHoners
national bank and made payable to the Board of Water Lomnusbioncis,
is required. Bonds will be delivered July 13 iooj .

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
P e l l a , I o w a . — Bonds Voted.—- W a t e r a n d l i g h t b o n d s t o t h e
a m o u n t o f $ 9 0 , 0 0 0 w e r e a u t h o r i z e d a t a n e le c t i o n h e ld J u n e
22.
T h e v o t e w a s 7 4 2 to 2 5 1 o n th e w a te r p r o p o s itio n a n d
7 3 8 to 2 6 3 o n th e lig h t p r o p o s itio n .
P e t a l u m a , S o n o m a C o u n t y , C a l .— Bonds Defeated.— B o n d s
t o t h e a m o u n t o f $ 5 4 , 0 0 0 w e r e d e f e a t e d a t a n e l e c t i o n h e ld
June

17.

Petersburg,

Va

.— Bond Offering— P r o p o s a l s

w ill

be

re­

c e i v e d u n t il 4 p . m . J u ly 12 b y G . B . G i l l , C i t y A u d i t o r , f o r
$ 7 0 ,0 0 0
s t r e e t -p a v in g , se w e r a n d w a te r m a in a n d $ 8 0 ,0 0 0
s c h o o l - b u i l d i n g 4 % g o l d c o u p o n ( w i t h p r i v i l e g e ot r e g i s t r a ­
tio n )

bon d s.

Denominations: 100 bonds of $1,000 each and 100 bonds of $500 each.
Date May 1 1909. Interest semi-annually at the City treasurer s office.
Maturity forty years. Bids must be made on blank form furnished by the
city. Certified check for 2% of amount bid for, payable to the City Treas­
urer. is required. The bonds \\111 be certified as to their genuineness by the
U. ,s. Mortgage (r. Trust Co. of New York City, and their validity passed
upon by George Mason, City Attorney. Purchaser to pay accrued Interest.

63

THE CHRONICLE

J u l y 3 1909.]

Phillips County (P. 0 . Holyoke), Colo.— Bonds Defeated.—
T h e e le c t o r s o f t h i s c o u n t y r e c e n t l y v o t e d d o w n a p r o p o s i t i o n
t o is s u e $ 1 0 , 0 0 0 b o n d s .

Phoenix, Maricopa County, Ariz.— Bids.— A li s t o f t h e
b i d s r e c e iv e d f o r t h e $ 1 5 5 , 0 0 0 5 %
2 5 -y e a r fu n d in g b o n d s
a w a r d e d o n J u n e 1 8 t o t h e T h o s . .1. B o l g e r C o . a n d F a r s o n ,
S o n & C o ., b o th o f C h ic a g o , a n d th e C ity L o a n & T r u s t C o .
o f G a i n e s v i lle a t t h e i r j o i n t b id o f 1 0 8 . 6 9 5 — a b a s i s o f a b o u t
4 . 4 2 2 % a n d a c c r u e d in te r e s t ( V . 8 8 , p . 1 6 3 9 ) fo llo w s :
Thos. J. Bolger Co.,Cliici
Farson, Son <Sc Co.,Chic. )$188,477
City Loan & Trust Co.,|
Gainesville
J
Lee, Higglnson & Co.,
Chicago ____________ 107,842
Union Savings Bank &
Trust Co., Cincinnati-- 167,285
Provident Savings Bank
& Trust Co., Cincinnati 166 071
C.’ E. Denison &Co.,Ciev. 166,455
Well, Both & Co., Cine . _ 166,315
Jamesi II. Causey & Co.,
D e n ver_____ _______ 165.476

J. R. Thorpe, Denver
§165,464
25 James H. Adams & Co.,
Los Angeles_______ _ 165,152
Fifth-Third Nat. Bank,
Cincinnati _________
164,750
68 Commercial Trust Co.,
Kansas City, Mo____ 164,535
00 A. B. Leach & Co.. Chic. 16 1.378
S. A. Kean & Co;, Cldc.. 162,781
50 Otis & Hough, Cleveland 161,980
00 McCoy & Co., Chicago-- 161,975
00 Bert Clark & Co., C hic.. 157,405
John Nuveen & Co.,
00
Chicago .................
157.331

00
50
B
80
00
00
00
00
00
51
00

B e r t C la r k & C o . o f C h i c a g o , 111., a d v i s e u s t h a t t h e i r
o ffe r ( 1 0 1 .5 5 ) fo r th e a b o v e b o n d s w a s fo r 4 L (s .
T h i s w o u ld
m a k e t h e ir b id t h e b e s t o f t h e l o t .

Piedmont School District (P. O. Piedmont), Canadian
County, Okla.— Bonds Defeated.— - A c c o r d i n g t o r e p o r t s , a
p r o p o s i t i o n t o is s u o $ 3 , 0 0 0 s c h o o l - b u i l d i n g - a d d i t i o n b o n d s
w as d e fe a te d a t a re c e n t e le c tio n .
T h e v o t e is r e p o r t e d a s
b e i n g 6 6 “ f o r ” t o 1 9 “ a g a i n s t ,” a t h r e e - f o u r t h s m a j o r i t y b e ­
in g r e q u i r e d .

Pittsburgh County (P. O. McAlester), Okla.—-Bond Elec­

tion.—

I t is s t a t e d t h a t a n e le c t i o n w ill b e h e ld A u g . 3 1 t o
a l lo w t h e v o t e r s t o d e t e r m i n e w h e t h e r o r n o t b o n d s s h a ll b e
is s u e d f o r t h e f o l l o w i n g p u r p o s e s : $ 1 2 5 , 0 0 0 f o r a c o u r t h o u s e
a n d .$ 3 0 ,0 0 0 f o r a j a i l .
P la in s S c h o o l D is t r ic t N o . 1 ( P . O . P la in s ) , S a n d e r s
C o u n t y , M o n t . — Bond Offering.— P r o p o s a l s w ill b e r e c e iv e d
u n t il 1 0 a . m . J u l y 3 1 b y E . L . J o h n s o n , D i s t r i c t C l e r k , f o r
th e $ 1 0 ,0 0 0 c o u p o n sc h o o l b o n d s v o te d on M a rc h 13 ( V . 8 8 ,
p . 1 1 5 7 ).

Denomination $1,000. Interest (rate not to exceed 6%) Jan. 1 and
July 1. Maturity 10 years, subject to call after 5 years. Certified check
for $500 Is required.
P l e a s a n t o n S c h o o l D i s t r i c t , A l a m e d a C o u n t y , C a l .— Bond
P r o p o s a l s w ill b o r e c e iv e d u n t il 10 a . m . J u l y 6
b y J o h n I 5. C o o k , C o u n t y C le r k ( P . O . O a k l a n d ) , f o r t h e
$ 2 0 ,0 0 0 5 % g o ld s c h o o l-b u ild in g b o n d s v o t e d o n M a y 2 4 .
Y . 88, p. 1456.

Offering.—

Authority election held May 24 1909. Denomination $1,000. Interest
Feb. 1 and Aug. 1. Maturity $1.000 yearly from 1910 to 1929, inclusive.
Certiilcd check or cash for 2% of bid, payable to the Chairman of the Board
of Supervisors, is required.
P le a s a n t o n S c h o o l D is t r ic t ( P . O . P le a s a n t o n ), A t a s c o s a
C o u n t y , T e x . — Bonds Voted.— A n e le c t i o n h e ld J u n e 1 2 r e ­
s u l t e d in f a v o r o f a p r o p o s i t i o n t o is s u o $ 1 2 , 0 0 0 5 % b u i l d i n g
b o n d s m a tu rin g tw e n ty y e a rs fr o m d a te .
T h e v o te w as
8 4 to 4 0 .
P ly m o u t h T o w n s h ip ( P . O . P ly m o u t h ) , R ic h la n d C o u n t y ,
O h i o .— Bond Offering.— 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 . J u ly 6 b y A lb e r t K ir k p a t r ic k , T o w n C le r k , fo r $ 1 5 ,0 0 0
5 % c o u p o n r o a d -im p r o v e m e n t b o n d s .

p r o p o s i t i o n t o is s u e $ 4 , 5 0 0 5 % b u i l d i n g b o n d s c a r r ie d b y a
v o t e o f 2 4 “ f o r ” t o 8 “ a g a i n s t .”
D e n o m in a tio n $ 5 0 0 .
M a­
tu r ity fr o m 2 to 10 y e a r s .

Richford, Franklin County, Vt.— Bond Sale.— T h i s v i l l a g e ,
it is s t a t e d h a s a w a r d e d $ 8 , 0 0 0 4 J ^ % 1 3 - y e a r f u n d i n g b o n d s
to th e N a t io n a l L ife In s u r a n c e C o . o f M o n tp e lie r a t p a r .
Ringgold School District (P. O. Ringgold); Montague
County, Tex.— New Bond Election.— T h e S e c r e t a r y S c h o o l
B o a r d j n f o r m s u s t h a t th e $ 1 2 ,0 0 0 sc h o o l b o n d s v o te d on
M a y 15 ( V . 8 8 , p . 1 3 3 4 ) w ere “ n o t a p p r o v e d b y th e A t t o r n e y G e n e ra l o n a c c o u n t o f th e C o m m is s io n e r s ’ C o u r t d iv id in g th e
d i s t r i c t a f t e r t h e e l e c t i o n w a s o r d e r e d .”
T h e is s u e w ill h a v e
to b e a g a in s u b m it t e d to th e v o t e r s .

Roberta, Ga.— Bond Election.— W e a r e i n f o r m e d t h a t if
t h e $ 3 , 5 0 0 s c h o o l b o n d s a r e a u t h o r i z e d a t t h e e le c t i o n t o b e
h e ld J u l y 1 2 ( V . 8 8 , p . 1 6 3 9 ) t h e y w ill c a r r y 5 % in t e r e s t a n d
m a t u r e in t w e n t y y e a r s .
Rochester, N. Y .— Note Sale.— O n

June

25

$ 2 0 0 ,0 0 0

8 -m o n t h s w a te r -w o r k s -im p r o v e m e n t n o te s w ere a w a r d e d to
F a r s o n , S o n Sc C o . o f N e w Y o r k C i t y a t 3 . 6 0 %
in te re st
a n d $ 4 1 p r e m iu m .
T h e o th e r b id d e r s w e re :

Security Trust Co., Rochester, 3.70% interest.
Goldman, Sachs & Co., New York, 3.75% interest and $5 premium.
R. W. Pressprlch & Co., New York. 3.94% interest.
Bond & Goodwin, New York, 3.95% interest.
R. W. Kalbfleisch, Rochester, 4% Interest and $10 premium.
Alliance Bank, Rochester, 4% Interest.
T h is c it y h a s a lso s o ld $ 2 0 0 ,0 0 0 lo c a l-im p r o v e m e n t n o t e s
t o B o n d & G o o d w i n o f N e w Y o r k C i t y a t 3 . 6 0 % in t e r e s t a n d
$51 p r e m iu m .
T h e o th e r b id d e r s w e r e :

Farson, Son & Co., New York— 3.75% interest.
Alliance Bank, Rochester— 4% interest.
G o ld fn a n , S a c h s & C o . o f N e w Y o r k C ity w ere th e su c c e s s ­
fu l b id d e r s f o r $ 2 0 0 , 0 0 0 l o c a l - i m p r o v e m e n t a n d $ 1 0 0 , 0 0 0
w a te r n o te s .
A li s t o f t h e b id s r e c e i v e d f o l l o w s :

Goldman, Sachs & Co., New York— $100,000 at 3.60% Interest and
$200,000 at 3.60% interest and $50 premium.
Bond & Goodwin, New York— 5100,009 at 3.63% interest, $100,000 at
3.67% Interest and 5100,000 at 3.71% Interest.
Farson, Son & Co., New York— $300,000 at 3.75% Interest and $10 prem.
R. N. KalbOelsch— $300,000 at 4% interest.
Alliance Bank, Rochester—-$300,000 at 4% Interest.
Security Trust Co. of Rochester— $100,000 at 3.70% interest.

.

R o c k f o r d P a r k D i s t r i c t ( P . O . R o c k f o r d ) , 111 —Bond Sale.
— A r r a n g e m e n ts h a v e b e e n m a d e w ith D e v i t t , T r e m b le &
C o . o f C h ic a g o f o r t h e d is p o s a l o f $ 6 0 , 0 0 0 b o n d s .
R o c k p o r t ( P . O . W e s t P a r k ) , C u y a h o g a C o u n t y , O h i o .—
N o s a t i s f a c t o r y b i d s w e r e r e c e iv e d o n
J u n e 2 6 fo r th e $ 4 ,0 0 0 c e m e te r y a n d th e $ 6 ,0 0 0 w a te r -m a in e x t e n s i o n 4 % c o u p o n b o n d s d e s c r i b e d in V . 8 8 , p . 1 4 5 7 .

Bonds Not Sold.—

R o s s , M a r i n C o u n t y , C a l . — Bond Sale.— T h e $ 6 0 , 0 0 0 i m ­
p ro v em en t b on d s v o te d on M a y 15 (V . 8 8 , p . 1 3 8 9 ) h a v e b een
a w a r d e d , it is s t a t e d , t o W a k e f i e l d , G a r t h w a i t e & C o . f o r
$ 6 2 , 2 4 5 , t h e p r ic e t h u s b e i n g 1 0 3 . 7 4 1 .
S a g in a w

C o u n t y ( P . O . S a g in a w W e s t S i d e ) , M i c h .—
T h e C o u n t y C le r k w r it e s u s t h a t t h e T h o s .
J . B o l g e r C o . o f C h ic a g o h a s r e f u s e d t o a c c e p t t h e $ 1 6 , 0 0 0
1 - 1 0 - y e a r ( s e r ia l) p o o r - h o u s e -a d d i t i o n b o n d s a w a r d e d t h e m

Bonds Refused.—

o n F e b . 1 5 a t 1 0 0 .0 0 6 fo r 4 s ( V . 8 8 , p . 5 8 3 ) .
T h e C h ic a g o
fir m c l a i m e d t h a t t h i r t y d a y s ’ n o t i c e w a s n o t g i v e n b e f o r e
th e e le c tio n .

Authority Act of General Assembly passed April 22 1904. Denomination
$500. Date July 6 1909. Interest semi-annually on March 1 and Sept. 1.
Maturity on Sept. 1 as follows: $500 in 1931, $2,000 in each of the years
1932 and 1933, $2,500 in 1934. $2,000 In 1935 $2,500 In 1936, $3,000 in
1937 and $500 in 1938. Certiilcd check (or cash) for S200 must be deposited
with the People's National Bank of Plymouth. Purchaser to furnish blank
bonds and pay accrued Interest.

S t . F r a n c i s Levee D i s t r i c t ( P . O . S t . F r a n c i s ) , C l a y C o u n t y ,
A r k . — Bids Rejected.— 'T h e b i d s r e c e i v e d o n J u n e 1 7 f o r t h e
$ 3 2 5 , 0 0 0 2 0 - 4 0 - y e a r r e p a ir a n d $ 4 0 , 0 0 0 3 0 - 4 0 - y e a r r e f u n d i n g
5 % c o u p o n b o n d s d e s c r i b e d in V . 8 8 , p . 1 4 5 8 , w e r e r e j e c t e d .

P o c a te llo I n d e p e n d e n t S c h o o l D is t r ic t N o . 1 ( P . O . P o c a ­
t e l l o ) , B a n n o c k C o u n t y , I d a h o . — Bond Offering.— P r o p o s a l s
w ill b e r e c e iv e d u n t il 8 p . m . J u l y 1 9 b y O . B . S t e e l y , C le r k
o f th e B o a r d o f T r u s t e e s , fo r $ 2 5 ,0 0 0 c o u p o n s c h o o l-b u ild in g
b o n d s , a t n o t e x c e e d in g 5 % in te r e s t.
B id s are r e q u e ste d
fo r 4 i ^ % a n d 5 % b o n d s .

feated.—

Denomination to suit purchaser. Interest semi-annually on May 20
and Nov. 29, at the First National Bank of New York City or at tile office of
the County Treasurer. Maturity twenty years, subject to cal! after ten
years. Bach bidder Is required to deposit a certiilcd check for $2,500 with
the Bannock National Bank of Pocatello.
P o p p l e G r o v e , M a h n o m e n C o u n t y , M i n n . — Bond Sale.—
T h e $ 1 , 0 0 0 5 - y e a r a n d t h e $ 2 , 0 0 0 1 0 - y e a r 6 % b o n d s d e s c r ib e d
in V . 8 8 , p . 1 5 1 5 , w e r e s o l d o n J u n e 1 9 t o t h e S e c u r i t y T r u s t
C o . o f S t. Paul a t p ar.
B i d s w e r e a l s o r e c e iv e d f r o m t h e
C o m m e r c ia l I n v e s t m e n t C o . o f D u lu t h , th e S t a t e B a n k o f
M o r g a n a n d th e T w in C ity B a n k o f S t . P a u l.
P o r t l a n d , O r e .— Bond Offering.— P r o p o s a l s w ill b e re ­
c e iv e d u n til 2 p . m . J u ly 2 6 b y A . L . B a r b u r , C it y A u d it o r ,
f o r t h e f o l l o w i n g 4 % g o ld b o n d s : $ 5 0 0 , 0 0 0 f o r p a r k s a n d
b o u l e v a r d s a n d $ 2 7 5 , 0 0 0 t o c o n s t r u c t a fire b o a t a n d l a y
w a te r m a in s .

Authority, an amendment to the City Charter adopted June 3 1907.
Denomination $1,000. Date July 1 1909. Interest semi-annually at the
City Treasurer's office. Maturity July 1 1934. Bid must be uncondi­
tional and be made for each issue separately. Certiilcd check on some
bank of Portland for 5% of bonds bid for, made payable to the Mayor,
Is required.
P r a t t C i t y , J e f f e r s o n C o u n t y , A l a . — Bond Election.— A n
e l e c t i o n w ill b e h e ld in t h i s c i t y t h e l a t t e r p a r t o f J u l y f o r
t h e p u r p o s e o f s u b m i t t i n g t o t h e v o t e r s a p r o p o s i t i o n t o is s u e
$ 1 5 ,0 0 0 w a t e r -w o r k s , $ 2 5 ,0 0 0 c it y -h a ll , $ 1 5 ,0 0 0 fir e -d e p a r t ­
m e n t , $ 7 5 ,0 0 0 s e w e r a g e a n d $ 3 0 ,0 0 0 s c h o o l-b u ild in g b o n d s .
Q u i n c y , M a s s . — Temporary Loan.— R e p o r t s s t a t e t h a t a
7 - m o n t h s lo a n o f $ 2 0 , 0 0 0 w a s n e g o t i a t e d o n J u n e 2 9 w i t h t h e
E lio t N a tio n a l B a n k o f B o s to n a t 3 . 2 9 % d is c o u n t.
R aym ond

School

C o u n t y , C a l .—

D is tr ic t

Bonds Voted.—




(P .

O.

R a y m o n d ),

M ad era

A t a n e le c t i o n h e ld J u n e 11 a

L u c i e C o u n t y ( P . O . F o r t P i e r c e ) , F i a . —Bonds De­
T h e $ 1 5 0 , 0 0 0 5 % r o a d b o n d s , m e n t i o n e d in V . 8 8 ,
p . 7 8 3 , w e r e d e f e a t e d a t t h e e le c t i o n h e ld A p r i l 2 0 .
Bond Election.— W e a r e a d v i s e d t h a t a n o t h e r e le c t i o n w ill
b e h e ld in D e c e m b e r t o v o t e o n t h e q u e s t i o n o f is s u in g
S t.

$ 2 0 0 ,0 0 0 b o n d s .
S a n F r a n c i s c o , 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 $ 6 0 0 , 0 0 0 P o l y t e c h n i c H i g h S c h o o l b o n d s m e n ­
t i o n e d in V . 8 8 , p . 1 5 7 6 , c a r r ie d b y a v o t e o f 1 7 , 8 9 3 t o 5 , 2 1 5
a t t h e e le c t i o n h e ld J u n e 2 2 .
Bonds Defeated.— T h e p r o p o s i t i o n t o is s u e t h e f o l l o w i n g
b o n d s w e re d e fe a te d , th e to ta l v o t e c a s t b e in g 2 4 ,0 2 8 a n d
1 6 ,0 1 9 ( t w o -t h ir d s m a jo r it y w a s n e c e s s a r y to c a r r y a n y
p r o p o s itio n ):

12,801 “ for" to 10,504 “ against” $8,480,000 city-hall and civic centre bonds.
14,962 “ lor" to 8,256 “ against” $160,000 Juvenile Detention Home bonds.
14,366 “ for" to 8,791 “ against” $250,000 Telegraph Hill Parle bonds.
14,250 "for” to 8,948 "against" $400,000 Potrcro Park bonds.
14,468 “ for" to 8,755 “ against” 5500,000 Aquatic Park bonds.
14,220 "fo r" to 8,810 “ against” 525,000 Bay View District Parle bonds.
14,880 “ for” to 8,258 "against” $500,000 bonds for public playgrounds in
Mission.
13,455 "for” to 9.560 “ against” $90,000 Glen Park District bonds.

Bonds Defeated.— T h e e l e c t i o n h e ld J u n e 2 4 r e s u l t e d in t h e
d e f e a t o f t h e p r o p o s i t i o n t o is s u e t h e $ 1 , 9 5 0 , 0 0 0 b o n d s f o r
th e c o n s tr u c tio n o f a m u n ic ip a l r a ilr o a d .
See V . 8 8 , p . 1 5 7 6 .
S a v a n n a h , G a . — Bonds Defeated.— A t t h e e le c t i o n h e ld
J u n e 2 9 t h e v o t e r s d e f e a t e d t h e p r o p o s i t i o n t o is s u e t h e
$ 3 5 0 , 0 0 0 4 % d r a in a g e b o n d s m e n t i o n e d in V . 8 8 , p . 1 5 1 5 .
S c h u lt z
So.

C a r .—

T o w n s h ip

H ig h

Bond Offering.—

School

D is tr ic t,

P ro p o sa ls

w ill b e

A ik e n

C o u n ty ,

re c e v icd

u n t il

12 m . J u ly 2 4 b y J . L . B a r k s d a l e , S e c r e t a r y ( P . O . A u g u s t a ,
G a .) , fo r $ 1 0 ,0 0 0

5>£%

coupon bon d s.

Denomination $500. Interest semi-annually at the Bank of Aiken.
Maturity $500 yearly from 4 years to 19 years Inclusive and $2,000 In 20
years. "Certified check made payable to the County Treasurer is required.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.

64

THE CHRONICLE

S c i t u a t e , M a s s . — Temporary Loan.— A c c o r d i n g t o r e p o r t s ,
t h i s p la c e h a s b o r r o w e d 3 1 5 , 0 0 0 f r o m t h e B o s t o n S a f e D e p o s i t
& T r u s t C o . a t 3 % d is c o u n t.
L o a n is d u e in N o v e m b e r .
S c o t l a n d C o u n t y ( P . O . L a u r i n b u r g ) , N . C . — Bond Sale.—
O n J u n e 2 8 a n i s s u e o f 8 8 0 , 0 0 0 6 % p u b li c r o a d b o n d s w a s
a w a r d e d to M c C o y & C o . o f C h ic a g o a t 1 0 8 .2 5 .

Denomination $1,000. Date July 1 1909.
Maturity 30 years, subject to call after 10 years.

Interest

semi-annual.

S e n e c a F a l l s , S e n e c a C o u n t y , N . Y .—Bonds Voted.— A n
e l e c t i o n h e ld J u n e 2 2 r e s u l t e d in f a v o r o f a p r o p o s i t i o n t o
is s u e 8 2 4 0 , 0 0 0 w a t e r - w o r k s b o n d s .
T h e v o t e w a s 2G 9 “ f o r ’ '
t o 2 0 4 “ a g a i n s t .”
In te r e st n o t to e x c e e d 5 % a n d b o n d s to
b e p a i d in t h i r t y y e a r s .
S h a m o k i n , N o r t h u m b e r l a n d C o u n t y , P a . — Bond Sale.—
O n J u n e 2 5 th e 8 2 4 ,0 0 0 4 %
1 0 -3 0 -y e a r (o p tio n a l) c o u p o n
r e f u n d i n g b o n d s d e s c r i b e d in V . 88 , p . 1 6 4 0 , w e r e s o l d t o
C . E. D e n i s o n & C o . o f B o s t o n a t 1 0 0 .0 7 a n d a c c r u e d i n t e r e s t .
S h e l b y C o u n t y ( P . O . S i d n e y ) , O h i o .— Bond Offering.—
P r o p o s a l s w ill b e r e c e iv e d u n t il 1 2 m . t o - d a y ( J u l y 3 ) b y
J . C . R o s s e r , C o u n t y A u d it o r , fo r 8 4 ,8 0 0 4 ) k j % d it c h -im ­
p r o v e m e n t b o n d s a s f o l l o w s : 8 4 0 0 f o r R u s s e ll D i t c h , 8 7 0 0
D e b r o sse D itc h , 8 2 ,2 0 0 B o d e n m ille r D it c h , 3 4 5 0 G u d o rf
D it c h , 8 2 0 0 W a lk u p D itc h a n d 8 8 5 0 F e y D it c h .

Authority Section's 4479 to 4 182 Inclusive, Revised Statutes. Dcnominattons: 3 bonds of $400 each, 9 bonds of $200 each, 9 bonds of $100 each
and 2 bonds of $50 each. Date July 1 1909. Interest semi-annually at the
County Treasurer's office. Maturity as follows: $300 on Jan. 1 1910, $750
on July 1 1910, $700 on Jan. 1 1911, $1,100 on July 1 19 1 1 , $400 on Jan. 1
1912, $900 on July 1 1912, S400 on July 1 1913 and $200 on July 1 1914.
A cash deposit of $200 must be made with the Auditor.
S h e lb y S c h o o l D is t r ic t ( P . O . S h e lb y ) , P o lk C o u n t y , N e b .
— Bond Offering.— P r o p o s a l s w ill b e r e c e iv e d u n t il A u g . 2 f o r
t h e 8 8 , 0 0 0 s c h o o l - b u i l d i n g b o n d s v o t e d ( V . 88 , p . 2 5 0 ) o n
D e c . 19 1 9 0 8 .
C h a s . K r u m b a c h is S e c r e t a r y .
S h e p h e r d , I s a b e l l a C o u n t y , M i c h i g a n .— Bond Offering.—
P r o p o s a l s w ill b e r e c e iv e d u n t i l 7 : 3 0 p . m . J u ly 1 9 b y C l a u d e
H . E s t e r , V il la g e C l e r k , f o r t h e f o l l o w i n g 5 % c o u p o n b o n d s :

$1,000 water-works bonds. Maturity $500 on A ug. 1 In each of the years
1913 and 1914.
6.000 power-house and clcctric-llght-plant bonds. Maturity $500 yearly
on Aug. 1 from 1915 to 1926 Inclusive.
Denomination $500. Date Aug. 1 1909. Interest scml-anrmally at
the People’s State Bank of Detroit. Certltled check for $500, payable to the
“ Village of Shepherd," Is required. Bidders are requested to make sepa­
rate olfers, one to Include printing and lithographing of bonds and the other
not including this Item.
S o u t h B e n d S c h o o l C i t y , I n d . — Bond Sale.— R e p o r t s s t a t e
B r e e d & H a r r is o n o f C in c in n a ti p u r c h a s e d 8 1 0 0 ,0 0 0 b o n d s
o ffe re d o n J u n e 2 6 .
T h e p ric e p a id w a s 1 0 0 .6 6 6 .
S o u t h N o r w a l k , F a i r f i e l d C o u n t y , C o n n .— Bids Rejected.—
T h e b id s r e c e iv e d o n J u n e 1 6 f o r t h e 8 5 2 , 0 0 0
3 0 -y e a r r e fu n d in g , 8 9 ,0 0 0 3 1 -y e a r re fu n d in g a n d 8 1 0 9 ,0 0 0
3 0 - y e a r f u n d i n g 4 % c o u p o n w a t e r b o n d s d e s c r ib e d in V . 88 ,
p.
1389,
w ere r e je c te d .
The
b o n d s w e re s u b s e q u e n tly
a w a r d e d , it is s t a t e d , t o t h e S o u t h N o r w a l k T r u s t C o . a t 1 0 1 .

Bond Sale.—

S o u t h S h a r o n , M e r c e r C o u n t y , P a . — Bonds Voted.— T h i s
o b r o u g h , it is s t a t e d , r e c e n t l y v o t e d t o is s u e 8 6 0 , 0 0 0 i m p r o v e ­
m en t b on d s.
S to k e s, R o sea u C o u n ty ,
a l s w ill b e r e c e iv e d u n t il 2
S u p e r v i s o r s , O le M a t h i s o n ,
8 9 ,5 0 0 r o a d -b u ild in g b o n d s

M i n n . — Bond Offering.— P r o p o s ­
p . m . J u ly 1 0 b y th e B o a r d o f
T o w n C le r k ( P . O . B a d g e r ) , f o r
a t n o t e x c e e d i n g 6 % in t e r e s t .

A uthority, election held May 22 1909; also Chapter 64, General Laws
of 1905. Date Oct. 4 1909. Interest annual. Maturity 20 years. Cer­
tified check for $300, payable to the "T ow n of Stokes,” Is required.
S t o r y C i t y , I o w a . — Bond Sale.— A n is s u e o f 8 1 0 , 0 0 0 li g h t
b o n d s r e c e n tly a u th o r iz e d h a s b e e n d is p o s e d o f .

[V o l .

l x x x ix

.

T o p e k a , Kan.— B o n d E l e c t i o n P r o p o s e d .— A n o r d i n a n c e
p r o v i d i n g f o r a n e l e c t i o n t o v o t e o n t h e q u e s t i o n o f is s u in g
b o n d s t o e x t e n d t h e M e la n A r c h c o n c r e t e b r id g e w i l l b e
a c t e d u p o n a t t h e r e g u la r m e e t i n g o f t h e C o u n c i l t o b e h e ld
J u ly

5.

T r e n t o n , N . J .—Bonds A uthorized.— 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 i d i n g f o r t h e is s u a n c e o f 8 1 3 0 , 5 0 0 c o u p o n o r
re g iste re d s t r e e t -p a v in g b o n d s a t n o t e x c e e d in g 4 % in te r e s t.
D e n o m in a t io n 3 1 0 0 o r m u ltip le s
th e r e o f.
In t e r e s t s e m i­
a n n u a l l y a t t h e C i t y T r e a s u r e r ’s o f f i c e .
M a t u r it y te n y e a r s .
T r o y , N . Y .— Certificate Sale.— O n J u n e 2 8 t h e M a n u f a c ­
tu r e r s’ N a tio n a l B a n k o f T r o y p u r c h a se d 8 1 0 0 ,0 0 0 4 % cer­
tific a te s o f in d e b te d n e s s a t 1 0 0 .2 3 .
M a tu r ity O c t. 19 1 9 0 9 .

Tuscaloosa, Ala.—Bond Election.— A n e le c t i o n w ill b e h e ld
J u l y 1 2 t o v o t e o n t h e q u e s t i o n o f i s s u in g 8 3 0 , 0 0 0 5 %
s c h o o l-b u ild in g b o n d s .
If th e b o n d s are a u th o r iz e d , 8 2 0 ,0 0 0
w ill b e in d e n o m i n a t i o n o f 8 5 0 0 a n d m a t u r e in t w e n t y y e a r s ,
w h ile 8 1 0 , 0 0 0 w ill b e in d e n o m i n a t i o n o f 8 1 0 0 a n d m a t u r e
in t e n y e a r s .

Tymochtee Township, Wyandot County, Ohio.— B o n d
O f f e r i n g .— P r o p o s a l s w ill b e r e c e i v e d u n t i l J u l y 2 9 b y W . I I .
H o f f m a n , T o w n s h i p C le r k ( P . O . M c C u t c h e n v i l l e ) , f o r 8 8 , 5 0 0
5 % r o a d -im p r o v e m e n t b o n d s d u e J u n e 1 1 9 1 1 , 1 9 1 2 a n d 1 9 1 4 .
Union School District (P. O. Union), Union County, So.
Car.— B o n d S a l e .— T h e S e c u r i t y T r u s t C o . o f S p a r t a n b u r g
h a s p u rch a se d th e 8 2 0 ,0 0 0 4 ) 4 %
t i o n e d in V . 88 , p . 1 5 7 7 .

2 0 -y e a r sch o o l b o n d s m e n ­

Urbana, Champaign County, Ohio.— Bond Sale. — T h e
8 5 . 0 0 0 4 % 7 - y e a r c o u p o n r e f u n d i n g b o n d s d e s c r i b e d in V . 88 ,
p . 1 6 4 0 , w e re s o ld o n J u n e 2 8 to C o r e y & F r o m m e o f U r b a n a
a t 1 0 0 .7 0 a n d a c c r u e d in te r e s t.
A n o ffe r o f 8 5 , 0 2 6 w a s r e ­
c e i v e d f r o m E d w i n C a r lo , w h ile t h e N e w F i r s t N a t i o n a l B a n k
o f C o lu m b u s b id 8 5 ,0 0 5 .
S e v e r a l p r o p o s a l s w e r e a l s o re ­
c e iv e d a t p a r a n d a c c r u e d in te r e s t.
Valdosta, Lowndes County, Ga.— B o n d O f f e r i n 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 3 p . m . J u l y 7 a t t h e o f f i c e
o f t h e C le r k o f t h e C o u n c il f o r 8 5 9 , 0 0 9 5 %
g o ld c o u p o n
b o n d s v o t e d o n A p ril 1 4 .
( V . 88 , p . 1 1 5 8 .)

Denomination $500. Date July 1 1909. Interest semi-annual. Matur­
ity o.n July 1 as follows: $1,000 yearly from 10 1o to l o i 1 , Inclusive: 51,500
vcarly from 1915 to 1924, Inclusive, in 1 $2,000 yearly from 1025 to 1039,
inclusive. Ccrtliled check for $1,000 lj required. John T . R oberts Is
Mayor.

Valley Township School District, Scioto County, O h i o .—
B o n d O f f e r i n g .— -P r o p o s a ls w ill b e r e c e i v e d u n t il J u l y 2 9 b y
G . L . B r i c k c r , C le r k o f t h e B o a r d o f E d u c a t i o n , f o r 8 4 , 0 0 0
4% b on d s.
Interest semi-annual. Maturity $500 each six months from April 1 1012
to O ct. 1 1910 inclusive.

Van Wert, Van Wert County, Ohio.— B o n d O f f e r i n 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 1 2 i n . J u l y 1 5 b y I I . C . R e d r u p , A u d it o r , fo r 8 3 0 ,0 0 0 4 ) ^ % c o u p o n N o r t h W a s h in g t o n
S tr e e t im p r o v e m e n t a sse ssm e n t b o n d s .
A uthority Section 95, Ohio Municipal Code (Section 1 536-281, Revised
Statutes).
Denomination S3,000. Date July 15 1909. Interest .semi­
annual. Maturity $3,000 yearly on July 15 from 1911 to 1920, inclusive.
Certlhed check for $200, payable to the City Treasurer, is required. Pur­
chaser to pay accrued interest.

Wallingford, New Haven County, Conn.— B i d s R e j e c t e d . —
B o n d S a l e .— -A ll b id s r e c e iv e d f o r t h e 8 4 5 , 0 0 0 4 %
3 0 -y e a r
c o u p o n f u n d i n g b o n d s o f f e r e d o n J u n e 2 8 ( V . 88 , p . 1 6 4 0 )
w ere r e je c te d .
T h e y w e re s u b s e q u e n t ly d is p o s e d o f, h o w ­
e v e r , a t p r i v a t e s a le a t 1 0 0 . 3 0 .
Walterboro, Colleton County, So. Caro.— B o n d

E l e c t i o n .—

O n J u l y 2 3 t h e q u e s t i o n o f i s s u in g 8 2 0 , 0 0 0 5 % s c h o o l b o n d s ,
m a t u r i n g in 10 y e a r s , w ill b e s u b m i t t e d t o t h e v o t e r s .

t a g u e C o u n t y , T e x . — Bonds Voted.— D i s p a t c h e s s t a t e t h a t
t h i s d i s t r i c t o n J u n e 2 1 v o t e d t o is s u e 8 7 , 0 0 0 s c h o o l - b u i l d i n g
b on d s.

Wapato, Yakima County, Wash.— B o n d S a l e .— O n J u n e 2 2
t h e S t a t e o f W a s h i n g t o n p u r c h a s e d t h e 8 1 2 , 0 0 0 5 % 20 - y c a r
g e n e r a l m u n ic i p a l b o n d s d e s c r ib e d in V . 88 , p . 1 5 7 7 , a t p a r .
A b i d a t p a r le s s 8 7 7 1 w a s a l s o r e c e iv e d f r o m S . A . K e a n &
C o . o f C h ic a g o .

T a r b o r o , E d g e c o m b e C o u n t y , N. C . — Bond Offering.—
P r o p o s a l s w ill b e r e c e iv e d u n t il 6 p . m . J u l y 12 ( d a t e c h a n g e d
f r o m J u ly 5 ) b y J o h n A . W e d d e l l , T o w n C l e r k , f o r 8 2 0 , 0 0 0 5 %
w a t e r a n d li g h t b o n d s .

p o s a ls w ill b e r e c e iv e d u n t il 12 m . t o - d a y ( J u l y 3 ) b y C h a r le s
B . S e l b y , C le r k o f S i n k i n g F u n d T r u s t e e s , f o r 8 5 , 0 0 0 5 %
f i r e -s t a t i o n r e f u n d i n g b o n d s .

S u n s e t In d e p e n d e n t S c h o o l D is tr ic t (P . O . S u n s e t), M o n ­

Denomination $1,000 or $500, to suit purchaser. Date July I 1909.
Interest semi-annually at the Bank of iNew Y ork, i\. Y . Maturity 30
years. Certltled check for $200 Is required.
T e m p l e , T e x a s . — Bonds Voted.— T h e e le c t io n h e ld J u n e 2 2
( V . 88 , p . 1 3 9 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 t o is s u e
th e 8 1 0 0 ,0 0 0 w a te r -s y s te m e x te n s io n b o n d s .
T e x a s T o w n s h ip ( P . O . P la n k t o n ) , C r a w fo r d C o u n t y , O h io .

—Bids Rejected.—

T h e T o w n s h i p T r u s t e e s r e je c t e d a ll b id s
r e c e iv e d o n J u n e 2 5 f o r t h e 8 1 0 , 0 0 0 4 % c o u p o n r o a d - i m p r o v c m e n t b o n d s d e s c r ib e d in V . 88 , p . 1 5 7 6 .
T h e s e c u r i t ie s w ill
b e p la c e d o n t h e m a r k e t a g a in in a b o u t t h i r t y - f i v e d a y s .
T i f f i n , S e n e c a C o u n t y , O h i o .— Bond Sale.— O n J u n e 2 5 t h e
fo llo w in g 4 %
b o n d s w ere a w a r d e d to th e T iffin N a tio n a l
B a n k o f T iffin fo r 8 2 1 ,6 6 0 ( 1 0 0 .2 7 7 ) a n d a c c r u e d in te r e s t:

$1,600 Douglas Street and cross-lots sewer-construction bonds. Author­
ity Sections 91 et seq. of Municipal Code. Denomination $400.
Maturity $400 yearly on March 1 from 1910 to 1913, inclusive.
4.000 W est Perry Street paving bonds. A uthority Sections 95, 96 and
97 of new Code. Denomination $500. M aturity $500 yearly on
March l from 1910 to 1917, inclusive.
6.000 Clay Street paving .bonds. A uthority Sections 95, 96 and 97 of
new Code. Denomination $500. Maturity $500 on March 1 l o i o .
$1,000 yearly on March 1 from 1911 to 1915 Inclusive, and $500
on March 1 1916.
10,000 Miami Street paving bonds. A uthority Sections 95, 90 and 97 of
new Code. Denomination $500. Maturity $1,000 on March 1
1910 and $1,500 yearly on March 1 from 1911 to 1916, Inclusive.
Date March 1 1909. Interest semi-annually at the office o f the Sinking
Fund Trustees.
T h e T i f f i n S a v i n g s B a n k a l s o b id 8 2 1 , 6 2 2 .




Warren, Trumbull County, Ohio.—

B ond

O ffe r in g — P r o ­

Denomination $500. Date Jan. 1 1908. Interest March
Maturity $500 each six months from March l 1014 to Sept.
sive. Certified check for 5% o f bonds bid for, payable to
Trustees, Is required. Purchaser to pay accrued Interest.
new bonds, but are part of a $10,000 Issue purchased by the
which now oITcrs them for sale to meet debts com ing due In

1 and Sent. 1.
I 1018, Inclu­
Sinking r und
1hese are not
Sinking ru n d ,
July.

Warren Township Special School District No. 1 (P. 0.
Warrenton), Jefferson County, Ohio.— B o n d O f f e r i n 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 12 m . J u l y 1 5 ( d a t e c h a n g e d f r o m
J u ly 1) b y th e B o a r d o f E d u c a t i o n , W ill ia m R is d e n , C le r k ,
f o r .$ 2 ,5 0 9 4 j / £ % s c h o o l - b u i l d i n g b o n d s .

Denomination $500. Date. July 1 1909. Interest annual y at the o f­
fice of the District Treasurer. Maturity 8 years, subject to call alter 5 years.
Certlllcd check for 5% of am ount bid for, payable to the Board of Educa­
tion, Is required.

Watertown, Mass.— N o t e S a l e .— N o t e s t o t h e a m o u n t o f
8 2 5 .0 0 0 w ere a w a r d e d to L o r in g , T o lm a n & T a p p e r o f B o s to n
on J u n e 2 9 a t 3 . 1 0 % d is c o u n t.
M a tu r ity N o v . 1 1 0 0 9 .
Waycross, Ware County, Ga.— B o n d s D e f e a t e d .— T h e e l e c ­
t i o n h e l d J u n e 1 9 ( V . 88 , p . 1 4 5 9 ) r e s u l t e d in t h e d e f e a t o f th e
p r o p o s i t i o n t o is s u e t h e 8 3 5 , 0 0 0 5 % g o l d b o n d s f o r t h e p u r ­
p o s e o f in s ta llin g a n e le c t r ic -lig h t a n d p o w e r p la n t .
Weatherford School District (P. O. Weatherford), Parker
County, Texas.— B o n d S a l e .— T h e 8 1 2 , 0 0 0 5 % 1 5 - 4 0 - y e a r
(o p tio n a l) s c h o o l-b u ild in g b o n d s r e g is te r e d o n J u n e 4 b y th e
S t a t e C o m p t r o l l e r ( V . 88 , p . 1 5 7 7 ) , h a v e b e e n s o l d .

West Hazleton (P. O. Hazleton), Luzerne County, Pa.—
B o n d O f f e r i n 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 7 p . m . J u ly

J uly

3 19 00 .]

THE CHRONICLE

2 0 b y J oh n R ie s , S e c r e ta r y o f B o r o u g h C o u n c il, fo r $ 1 5 ,0 0 0
5 % sew er b o n d s.

Denomination $500. Interest from July 1, payable semi-annually.
Maturity "eight years, or redeem able In eighteen years at option o f the
borough.” Bonds are exem pt from State tax.

Whiting, Lake County, Ind.—Bond Offering.— P r o p o s a l s
w ill b e r e c e i v e d u n t i l 8 p . m . J u l y 1 0 b y W a l t e r E . S c h r a g e ,
S e c r e ta r y o f th e S c h o o l B o a r d , fo r $ 6 0 ,0 0 0 5 % g o ld c o u p o n
s c h o o l-h o u s e b o n d s .
A uthority Chapter 41 o f the Acts of 1009. Denomination $500. Date
Aug. 1 1000. Interest semi-annual. Maturity $5,000 each six months
from Feb. 1 1911 to Aug. 1 1916, Inclusive. Certified check for $1,000 Is
required.

Wichita Falls School District (P. O. Wichita Falls),
Wichita County, Tex.—Bonds Registered.— T h e $ 6 0 , 0 0 0 5 %
3 0 -4 0 -y e a r (o p t io n a l) s c h o o l-h o u s e b o n d s r e c e n t ly s o ld ( V .
p . 1 5 1 6 ) w e re re g iste re d b y th e S t a t e C o m p tr o lle r o n
June 2 5 .

88 ,

Wilber, Lincoln County, Wash.—Bonds Voted.— A p r o p o ­
s i t i o n t o is s u e $ 4 , 1 0 0 w a t e r - m a i n b o n d s w a s f a v o r a b l y v o t e d
upon on June 14.
T h e v o t e w a s 2 8 “ f o r ” to 1 8 “ a g a i n s t .”
I n t e r e s t s u b je c t to b id .
M a t u r i t y 2 0 y e a r s , s u b j e c t t o c a ll
at a n y i n t e r e s t - p a y i n g d a t e .
Wilkes-Barre, Luzerne County, Pa .—Bond Sale.—It. L.
D ay & C o. of
B o sto n
w e re s u c c e s s fu l
b id d e r s o n
June
3 0 fo r th e
$ 2 3 0 ,0 0 0 4 j ^ %
coupon
im p r o v e m e n t b o n d s
d e s c r i b e d in
V . 88 , p . 1 5 1 7 .
T h e p ric e p a id w a s 1 0 5 .­
555
and
accru ed
in t e r e s t .
T h e m a tu r ity o f th e b o n d s
w a s c h a n g e d f r o m t h i r t y y e a r s to $ 1 5 ,0 0 0 J u n e 1 1 9 1 3 ,
$ 9 , 0 0 0 y e a r l y o n J u n e 1 f r o m 1 9 1 4 t o 1 9 2 8 in c l u s i v e a n d
$ 8,000 y e a r l y o n J u n e 1 f r o m 1 9 2 9 t o 1 9 3 8 , i n c l u s i v e .

Denomination $1,000.
Date June 1 1909. Interest semi-annually at
the City Treasurer’s office. The bonds will be delivered as follows- $40 000
July 15 1909; $50,000 Aug. 10 1909; $50,000 Sept. 15 1909- $ 2 5 000 Oct 15
1909; $20,000 April 1 1910; $20,000 May 2 1910, and $25,000 June 1 1010.
T h e b o n d s w ill b e i s s u e d f o r t h e f o l l o w i n g p u r p o s e s :

<,

sevyers- $31,000 to repair and repave asphalt streets,
% c„ct
re^ ■
.$ 1 5 ,0 00 to erect a police-station house,
$8,000 for the river bank, $7,000 for cleaning or changing the course of
S olom on s Creek, $40,000 to construct a storm sewer, $4,000 to repave
« r non *ni erf eCl lons’n 58,000 t0 rcpavc streets, $20,500 to open streets,
$8,000 to purchase Ore apparatus and $1,700 to erect a retaining wall.

Williamsport, Pa.—No Bond Election.— T h e F i n a n c e C o m ­
m i t t e e d id n o t a p p r o v e t h e o r d i n a n c e p r o v i d i n g f o r t h e
$ 5 0 , 0 0 0 b o n d e le c t i o n m e n t i o n e d in V . 88 , p . 1 4 6 0 .

W in d s o r , W in d s o r C o u n t y , V t .— B o n d S a l e .— O n J u n e 2 5
th e $ 2 0 , 0 0 0 w a te r a n d se w e r a n d t h e $ 2 5 ,0 0 0 w a t e r -s u p p ly
4 % c o u p o n r e fu n d in g b o n d s d e s c r ib e d in V . 8 8 , p . 16 4 1 ,
w e r e b o u g h t b y N . W . H a rr is & C o . o f B o s t o n .
M a tu r ity
p a r t o f e a c h issu e y e a r ly o n J u ly 1 fr o m 1910 to 1 9 2 9 , in c lu ­
s iv e .
■
W in t h r o p , M a s s . — T e m p o r a r y L o a n .— A lo a n o f $ 2 0 ,0 0 0
d u e D e c . 2 1 h a s b e e n n e g o t ia t e d , it is s t a t e d , w ith th e F irs t
vva r d N a tio n a l B a n k a t 3 .1 2 % d is c o u n t .
W o o s t e r , O h io .— R o n d S a l e s .— O n J u n e 2 8 $ 9 , 0 0 0 4 ^ %
(se r ia l) W e s t N o r th S tr e e t p a v in g a ss essm en t
b o n d s a n d th e $ 1 6 ,0 0 0 4 % 2 0 -y e a r r e fu n d in g b o n d s d e s c r ib e d
in V . 8 8 , p . 1 6 4 1 , w ere a w a r d e d t o A . D . S e lb y o f W o o s t e r
a t 1 0 1 .7 5 a n d 1 0 1 .4 0 r e s p e c t iv e ly .
T h e b id s w ere a s fo llo w s :
$9,000
$10,000
A. D. Selby, Wooster
_______
«g 157 jq
$ 10<^U? 0 0 0
Citizens* National Bank. W o o s t e r . . . . : : : : : : : " . 9,140 60
1 0 140 60
Well, Roth & Co., Cincinnati___________________ 9 13s no
10 000 00
9 137 50
10 026 00
Barto, Scott & Co., Columbus_______ .
New First National Bank, Columbus. 1........... 9 137 50
0,028 00
Dayton Savings & Trust Co., D ay ton ___
* 9’ l35 00
10.140 00
Security Savings Bank & Trust Co., Toledo.........I 9 ,102 50
W . R. Todd & Co., Cincinnati_______________
9,095 00
10.012 50
Otis & Hough, Cleveland________ _____ __________9,091 00
1 0 .0 13 00
First National Bank, Cleveland________________ 9,024 00
10,000*66
Seasongood & Mayer, Cincinnati.............
W o r c e s t e r , M a s s .— R o n d S a l e — O n J u n e 30 $ 1 2 5 ,0 0 0 3 } 4 %
2 0 -y e a r r e g is te r e d I n d u s tr ia l S c h o o l b o n d s a n d $ 1 4 0 ,0 0 0
1 0 -y e a r r e g is te r e d s t r e e t , se w e r a n d w a t e r b o n d s w ere
a w a rd e d t o M errill, O ld h a m & C o . o f B o s t o n a t 1 0 1 .8 7 3 .
T h e b id s w e r e as fo llo w s :
gj
1 - 1 0 -y e a r

Merrill, Oldham & Co., Boston (for bothllssues)
------ — 101 873——l——
Perry, Coffin & Burr, Boston....................................... 101 46
100 86
N. W . Harris & Co., Boston (for both Issues)
_
_______ 100 678—— ——
Blake Bros. & Co., Boston (for both issues)
_______ 100 635 ______
Estabrook & Co., Boston (for both issues)___ ______________100i41-_______
D a te A p r il 1 1 9 0 9 .
I n t e r e s t s e m i-a n n u a l.
W o r t h in g t o n I n d e p e n d e n t S c h o o l D is t r ic t N o . 5 ( P . O .
W o r t h in g t o n ) , N o b le s C o u n t y , M in n .— B o n d S a l e .— P r o p o s ­
als w ere a sk e d fo r u n til J u n e 2 8 fo r $ 3 3 ,0 0 0 4 % 1 5 -y e a r
r e fu n d in g b o n d s .
W e a r e in fo r m e d t h a t th ese b o n d s w e r e
s o ld s o m e tim e a g o , a n d a r e b e in g r e -a d v e r t is e d f o r sa le in
o r d e r t o c o r r e c t a n e r ro r in th e fo r m e r p r o c e e d i n g s .^ S e e
V . 8 8 , p . 9 6 3 , fo r a d e s c r ip t io n o f th ese s e c u r itie s .

NEW LOANS.
8 9 0 ,0 0 0
County of Essex, New York
Four Per-Cent Gold Bonds
The Board of Supervisors of Essex County,
New York, having authorized the Issue of Ninety
Thousand Dollars ($90,000 00) of bonds of said
County o f Essex, to provide a fund for the purchase
o f a site In the Village of Port Henry, N. Y ., and
for the erection thereon o f a County Court House
and other County buildings, notice Is hereby given
that sealed proposals for the purchase of said
Ninety Thousand Dollars ($90,000 00) of bonds,
or any part thereof, will be received by the under­
signed up to AUGUST 2, 1909, AT T W E L V E
O'CLOCK NOON, at his office In Elizabeth­
town, N. Y ., at which time and place such pro­
posals will be opened; the right to reject any and
all bids not deemed b y the undersigned for the
best Interests of the County being reserved.
The bonds so offered for sale will be registered
In form , pursuant to the General Municipal Law,
will bear date of July 1,1909, will mature inannual
Installments of Three Thousand Dollars ($ 3,­
000 00) each, com m encing July 1, 1910, and will
bear Interest at the rate of Four per cent per
annum, and payable on the llrst days of January
and July In each year until the paym ent of the
principal amounts of said bonds respectively, the
principal and Interest being payable In gold coin
at the office of the Chase National Bank, In the
City of New York.
The sealed proposals are to be addressed to the
undersigned County Treasurer, and delivered to
him at Elizabethtown, N . Y ., on or before the
date above mentioned.
Dated, Elizabethtown, N. Y ., June 28, 1909.
S. W . B A R N A R D ,
County Treasurer o f Essex County.

8 I 0 ,0 0 0
AIKEN COUNTY, SO. CAROLINA,

65

NEW LOANS.

$

80,000

V ILLA G E OF P E E K SK IL L
WATER BONDS
Notice Is hereby given that, pursuant to
the authority of Chapter 118 of the Laws of
1909, the Board of W ater Commissioners of
the village of Peeksklll, New York, has resolved
to Issue bonds to extend the piping system of
its water works and com plete Its nitration plant
and construct a new dam at the pumping station
and to Install a high pressure system In connection
with its present water works system.
Notice Is further given that there will be issued
eighty bonds each of the denomination of One
Thousand dollars; that they will bear date on the
1st day of August, 1909, and that the Interest
thereon will be paid thereafter semi-annually on
the 1st day of February and the 1st day of August,
respectively. That said bonds will run for the
term of thirty years and be payable on the 1st
day of August, 1939, at the Peeksklll National
Bank, Peeksklll, New Y ork.
The bidder or bidders to whom the bonds shall
be awarded will be required to take the bonds and
pay the m oney for the same at the Peeksklll
National Bank, Peeksklll, New York.
The bids for said bonds will be for the lowest
rate of interest at which the said m oney will be
furnished.
.
Scaled bids must be filed with the Superinten­
dent of the W ater W orks and Clerk of the Board of
W ater Commissioners at the Municipal Building,
Peeksklll, New Y ork, on or before 12 O ’CLOCK
NOON ON TH E E IG H TH DAY OF J U L Y , 1909.
Each bid must be accom panied by a certllled check
on some State or National Bank for the sum of
Five Hundred dollars, payable to the order of the
Board of W ater Commissioners of the village of
Peeksklll, as an evidence of good faith and as
liquidated damages, and not as penalty, that the
bidder or bidders will within live days after the
award of the Issuance of said bonds accept In
writing the award so made to It, him or them;

and further as liquidated damages, and not as
penalty, In case said bidder or bidders whose bid
or bids shall be so accepted shall fall to fulfill the
terms of said bid or bids on the 13th day of July,
1909, at eleven o'clock In the forenoon of that
day at the office of said Board.
Notice Is further given that the Board of W ater
Commissioners of the village of Peeksklll will meet
at the Municipal Building, Peeksklll, New York,
on the 8TH D A Y OF J U L Y , 1909, AT 7:30P . M ..
and will then and there proceed publicly to open
said bids and award the furnishing o f said m oney
for said bonds to the bidder or bidders offering to
take the same at the lowest rate of interest (not to
exceed five per cent, however) and furnish the
m oney as hereinbefore set forth.
Bidders will be required to state whether their
bid Is for the w’hole amount or for a portion of the
same, and If for a portion what amount will be
taken at the rate of Interest bid; and further. If
the bid shall be for the whole am ount of the Issue,
whether the bidder will accept a portion of the
bonds only at the same rate of interest.
The Board of W ater Commissioners reserves
the right to reject any and all bids.
Dated Peeksklll, N. Y ., the 22nd day o f June.
1909.
M E L V IN R . H O R T O N ,
P rp sld p n t-

SILA S W . W A S H B U R N , '
Secretary.
CALEB E. P IE R C E ,
Treasurer.
F R A N lt S O U T H A R D ,
ALLAN L. SU TTO N '
W ater Commissioners o f the
village o f Peeksklll.
L A N N IN G G. R O A K E ,
Superintendent.

Schultz Township High School District
BONDS

Charles M. Smith & Co.

W B B B & C O ,,

Sealed, lilds will be received by the undersigned
up to 12 O CLOCK NOON, JU L Y 24T H , 1909,
for an issue of ten thousand ($10,000) dollars
INVESTMENT SECURITIES.
bonds of Schultz Township High School District,
Aiken County, South Carolina (opposite Augusta,
G a .). In denominations of live hundred ($500)
74 BROADWAY. NEW YORK
dollars each, bearing Interest at the rate o f 5U
per cent per annum, payable semi-annually, inter­
est coupons attached to said bonds, bonds and
Interest coupons being made payable at the Bank
of Aiken, Allten, S. C. Beginning with the fourth
year one bond ($500) to be paid and likewise each
year thereafter. Balance paid up In the 20th
year from date o f Issue. No bid under par and
Bankers
accrued Interest will be considered. Certified
check to the order of the Treasurer of Aiken 3 7 B R O A D W A Y
NEW Y O R K
County must accom pany bid, as evidence o f good
faith. Further Information furnished on request.
Tolepliono 2240 R ector
R ight reserved to reject any and all bids.
3 2 H W a l n u t Mt., C i n c i n n a t i
B y order of the Board.
J. L. B A R K S D A L E , S ect.,
Augusta, Ga.




P. J. G00DHART &

CORPORATION AN D
M UNICIPAL BONDS
FIRST. NATIONAL BANK BUILDING
OHIOAGO

CO., M cCOY & COM PANY

Bank and Trust Co. Stocks

Formerly MacDonald. McCoy & Co.

Municipal and
Corporation Bonds

181 La Salle Street, - Chicago

Oanora School District, Sask.— Debenture Sale— An

Youngstown School District (P. O. Youngstown), Ohio.—

o f $ 1 5 ,0 0 0

Bond Sale.— O n

J u n e 21 th e $ 5 6 ,0 0 0 4 K % c o u p o n s c h o o li m p r o v e m e n t b o n d s o f f e r e d o n M a y 3 ( V . 88 , p . 1 1 5 9 ) , w e r e
a w a r d e d , i t is s t a t e d , t o A l b e r t K l e y b o l t e & C o . o f C i n c in n a t i
a t 1 0 8 .7 5 .
A t t h e t i m e t h e b o n d s w e r e o f f e r e d t h e s a le w a s
s t o p p e d b y i n j u n c t i o n p r o c e e d i n g s , w h ic h h a v e s in c e b e e n
d is m is s e d .
M a t u r i t y o n S e p t . 1 a s f o l l o w s ; $ 1 6 , 0 0 0 in 1 9 2 8

C le r k ,
$ 1 ,2 0 0

fo r
4%

$ 3 ,6 0 0
4%
c o n s o lid a te d
a r t e s i a n -w e l l d e b e n t u r e s .

Carman, Man.— Debenture Offering.—
s e w e r -e x te n s io n b o n d s v o t e d

Date Mav 1 1909.

y e a r ly fo r

Buchanan School District, Sask.

Debenture Sale,

1 5 -y e a r

d e b e n tu re s.

p r i c e is s a i d

to h a v e b een 9 8 } ^ .

Dauphin School District No. 905 (P. O. Da^Ph“?)»'Man; “ T

Bids.—

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 f o r t h e ^ ( L O O O O / 0
s c h o o l d e b e n tu r e s d is p o s e d o f o n M a y 2 7 ( V . 8 8 , p . 1 4 6 0 ) :

G. A. Stimson & C o.. T o r - - - . $61.6321 W . A. M acK enzlc& Co., T or.$60.496
Ontario Sccur. C o., T oron to- 61,217 Nay & James, I t e g l n a - o ' 10*1
w in . C. Brent. T oron to......... 60,9261A. E. Ames & C o., T o r o n to -- <>0.103

Esterhazy School District, Ont.— Debenture Sale.— This

Co.

lh e
6%

la t t e r p a r t o f th e w e e k , a c c o r d in g t o r e p o r t s ,

£ 6 ,5 0 0 ,0 0 0
d u r in g t n e
l h e o t t e r in g

d i s t r i c t , i t is s t a t e d , h a s d i s p o s e d o f $ 1 , 5 0 0 ^ 5}4% 15 - y e a r
d e b e n tu r e s to th e O n ta r io S e c u r itie s C o . o f T o r o n t o .

o f T o r o n t o a r e r e p o r t e d a s b e i n g t h e s u c c e s s f u l b id d e r s f o r
$ 3 ,7 0 0 d e b e n tu re s
d u e p a r t y e a r ly f r o m 1 9 1 0 to 1 9 1 7 in -

O n t a r i o S e c u r i t ie s C o . o f T o r o n t o h a s p u r c h a s e d $ 5 , 0 0 0

years.

Dominion of Canada.— Loan Announced.— A
314 % G o v e r n m e n t lo a n w a s f lo a t e d in L o n d o n

fo r

&

30

15 years.

Blandford Township, Ont.— Debenture Sale.— T h i s t o w n ­
s h i p h a s d is p o s e d o f $ 4 , 0 0 0 4 }£% d e b e n t u r e s , it is s t a t e d ,
to G . A . S tim so n & C o . o f T o r o n to .
M a tu r ity p a r t y e a r ly
S tim s o n

P ro p o sa ls

D y m e n t , C a s s e ls & C o .
o f T o r o n t o a r e r e p o r t e d a s t h e p u r c h a s e r s o f $ 3 5 , 3 8 8 o o o/0
lo c a l-im p r o v e m e n t d e b e n tu r e s m a tu r in g
p a r t y e a r ly
or

631 “ for” to 299 "against” $30,000 4
drain and sewer-system deben
tures. Maturity part-yearly for thirty years.
„ ,,
584 “ for” to 332 “ against” 3,000 4 34% debentures to extend the Bayfield
Street sewer and to Improve the Sophia Street Storm Drain. Maturity
part yearly for twenty years.
, .
.
649 " f o r ” to 286 “ against” $10,000 4 H % cement-sidewalk debentures.
M aturity part yearly for twenty years.
. . . . . .
Denomination not less than $100. Interest annually at the Bank of
T oron to in Barrie. Date of sale not yet definitely decided. It is thought
that they will be placed on the market about July 20.

A.

(V . 8 8 , p . 1460) on M ay 2 1 .

Chatham, Ont .—Debenture Sale.—

1578:

G.

be

Interest annually at the Bank of Hamilton In Car-

Chapleau Township, Ont.— Debenture Offering .—

c a s t a t t h e e le c t i o n h e ld J u n e 2 1 ( n o t J u n e 2 2 a s a t fir s t
r e p o r t e d ) o n t h e t h r e e is s u e s o f d e b e n t u r e s m e n t i o n e d in

10 y e a r s .
Bradford, Ont.— Debenture Sale.—

w ill

w ill b e r e c e iv e d u n t il 8 p . m . J u l y 1 9 b y W . I I . F a r r e l l ,
C le r k , fo r th e $ 3 1 ,0 0 0 5 %
w a t e r -w o r k s d e b e n tu r e s m e n ­
t i o n e d in V . 8 8 , p . 1 6 4 2 .
In te r e s t a n n u a l.
M a tu r ity p a r t-

20 y e a r s .
Aylmer, Ont.— Debenture Election.— T h e q u e s t i o n o f is s u in g
$ 4,000 5 % 20 - y e a r b r id g e d e b e n t u r e s w ill b e d e c i d e d b y t h e
v o te r s o n J u ly 8 .
Barrie, Ont.— Debentures Voted.— T h e f o l l o w i n g v o t e w a s
p.

P ro p o sa ls

sessed valuation 1909, $668,258.

P r o p o s a l s w ill b e r e ­
S . H . L u n d y, Tow n
d e b t d e b e n tu re s a n d
M a tu r ity p a r t y e a r ly

fo r

88 ,

is s u e
1 5 -y e a r d e b e n tu r e s w a s a w a r d e d r e c e n tly

r e c e iv e d u n t il 1 2 m . J u ly 8 b y A . M a lc O lm s o n , S e c r e t a r y T r e a s u r e r , fo r th e $ 2 5 ,0 0 0 5 %
c o u p o n w a t e r -w o r k s a n d

Canada, its Provinces and Municipalities.
Aurora, Ont.— Debenture Offering.—
c e iv e d u n t il 7 p . m . t o -d a y (J u ly 3 ) b y

by2%

to t h e O n ta r io S e c u r itie s C o . o f T o r o n t o .

a n d $ 2 0 , 0 0 0 in e a c h o f t h e y e a r s 1 9 2 9 a n d 1 9 3 0 .

Y .

[VOL. LXXXIX.

THE CHRONICLE

66

Fort William, Ont.— Debenture Election.— I t is s t a t e d t h a t
b v - l a w s t o is s u e t h e f o l l o w i n g d e b e n t u r e s w ill b e s u b iB it 4 e d
a t t h e e le c tio n to b e h e ld J u ly 1 4 : $ 7 ,5 0 0 fo r r o a d s , $ 3 2 ,0 0 0
t e le p h o n e s , $ 4 ,0 0 0 fir e -h a ll, $ 6 6 ,0 0 0 w a t e r -w o r k s , $ 1 7 ,0 0 0
c it v -h a ll a u d it o r iu m , $ 1 8 ,3 0 0 fo r p u r c h a s in g p u b lic -lib r a r y
site ,

$ 2 5 ,3 0 0

fo r lib r a r y s it e , $ 2 0 ,3 0 0

fo r c ity -h a ll g r o u n d s

a n d $ 1 ,7 5 0 fo r c it y -h a ll im p r o v e m e n t s .

NEW LOANS.

NEW LOANS.

NEW LOANS.

8 6 0 0 ,0 0 0

8 4 5 .0 0 0
BOROUGH OF SCOTTDALE,

$ 1 5 0 ,0 0 0

G O L D S B O R O , N. C.,

Westmoreland County, Pennsylvania
School District

STREET AND SIDEWALK
IMPROVEMENT BONDS

4 ^ % BONDS

On T H U R S D A Y , J U L Y 15T H , 1009. the
Board of Aldermen o f the C ity of Goldsboro,
N. C., will receive sealed proposals for purchase
of bonds In the sum of $150,000 00.
Said bonds to run for a period of forty years,
with Interest payable semi-annually in New York.
All bids must be accom panied by a certified check
of 3 % , payable to the City of G oldsboro. Bidders
requested to submit two separate bids, one on
basis of 4% Interest and the other on the basis of
4 J^% interest.
x\'o bids will be considered fo r

TOWN OF GREENWICH,
Fairfield County, Connecticut

4 % SERIAL GOLD BONDS
Sealed bids will be received at the Tow n Treas­
urer’s office, Greenwich, C onn., ^ L 1 ?n n ii I v
tttt.v 20TH 1909, for the purchase of $600,000 4 /0
serial gold bonds, in denominations of $1,000 each,
coupons attached, with privilege o r e g is t r a tio n
dated August 1st, 1909, numbered from 1 to 600
?nclusive.S60S of s ild bonds ‘ " ^ d e r as numbered
being uavablc on August 1st, 1914, anu 14 o i
said bonds in order as numbered being
on August 1st in each of the years 1915 to 1959

T A X FREE IN PE NN S YL V A N IA

Sealed bids will be received b y the undersigned
at Scottdale, Pennsylvania, until 7 o clock p. m .,
M O N D AY , JU L Y 1 9 th, 1909, for all or any part
of $45,000 School District of the Borough of Scott­
dale, Westmoreland County, Pennsylvania, 4 H %
bonds, dated June 1st, 1900, Interest payable
semi-annually at the First National Bank, Scott­
dale,
Pennsylvania. Each bid must be accom ­ *CS'I'he City reserves the right to reject any and
‘ “ principal and Interest payable at the A stor
Trust Com pany, New York City.
„
. panied b y a certified check on a National Bank
A ll bids must be accom panied b y a certified to the order of A. C. Overholt, Chairman Finance allBldsSmust be died with the City Clerk on
Committee, In the sum of $1,000, as evidence of before 12 o ’clock M „ Thursday, July 15th. 1909
check for two per cent of anJount bid.
^ I}R O A D H U RST, City Cicrk.
good faith. The checks of unsuccessful bidders Deiore 14
The right is reserved to reject any or all bias.
will
bo returned prom ptly after an award Is made.
N. A . K N A P P .
1
The
check
of
the
successful
bidder
will
be
held
'
M. J. Q U IN N ,
} Committee.
until the bonds are paid for.
E . N . C H A P M A N ,J
No bids of less than par and accrued Interest
will be considered. The Finance Committee re­
serves the right to reject any or all bids. Further
particulars m ay be obtained from the Chairman.
A. C. O V E R H O L T ,
Chairman Finance Committee,
Scottdale, Penn’a.

CANADIAN

MUNICIPAL BONDS

8 3 4 0 ,0 0 0

Town of Middletown, Conn.,
N 0 N -TA X A B LE BONDS

W . A. MACKENZIE & CO.,
TO R O N TO , CANADA

8 2 5 ,0 0 0

Sealed proposals for $340,000 non-taxable
1
Bonds of the town of M iddletown, Conn..
1 ated A ug. 2. 1909, to mature A ug. 2, 1949,
will be received until noon of July 19, 1909. The
-lght to reject any or all bids Is reserved.
Address Stephen B . Davis. Tow n Treasurer.
Middletown, Conn.
___________

4%
Water and Sewer Bonds
OF

B L A C K S T A F F & CO.

IN V E S T M E N T S

BRIDGEVILLE, DELAWARE

Perry, Coffin

Sc

Burr,

INVESTM ENT BONDS
60 State Street,
BOSTON.
W E O W N AND

'

OFFER

MUNICIPAL BONDS
T a x Exem pt Anywhere in the United States
W rite for Particulars

HLEN, SUTHERLIN & 00
617 First Nat. Bank Bldg, CHICAGO, IL L .




Sealed bids will be received fo r same.
Fo
full particulars, address
____
RO B ER T R . LAYTON,
Secretary Town Commissioners,
Brldgevllle, Delaware.

1332

W a ln u t

S tre e t

•

PHILADELPHIA

LIST OFSPECIALTIES ON REQUEST
CHELTEN TRUST COMPANY

Adrian H. Muller & Son,
AU CTIO NEER S.

R egular W eekly Sales
OF

S T O C K S and B O N D S

5 6 1 4 Germantown Avenue,
Philadelphia, Pa.
Sellclts’thc business of Corporations and Munlelpa 11ties desiring the services of a Registrar, Trustee
or Financial Agent._______ ______________________ _— ,

H. C.

Speer 6c Sons Co.

EVERY WEDNESDAY.

OFFER
OKLAHOMA S C H O O L BONDS

O ffic e , N o . 5 5 W H .I .I A I T I S T R E E T ,
C o r n e r P i n e S tr e e t .

First National Bank Bldg., Chicago

to net 5 %

to 6 M %

J uly

THE CHRONICLE

3 1 9 0 9 .j

Nanton, Alberta.—Debenture Election.—

Fredericton School District (P. O. Fredericton), N. B.—

Debenture Sale.—

O n J u n e 2 4 H a v e lo c k C o y o f F r e d e r ic to n
w a s a w a r d e d th e $ 1 2 ,0 0 0 4 % 2 5 -y e a r re fu n d in g d e b e n tu re s
d e s c r i b e d in V . 88 , p . 1 5 7 8 , a t 9 7 .
A li s t o f t h e b id d e r s

N i a g a r a Falls, Ont.—Debenture
W m . C . B re n t o f T o ro n to has
d e b e n tu re s:

I G. A. Stlmson & C o., T o r o n to .92.54
H avelock Coy, Fredericton___97
Brouse, Mltcnell & C o., T o r .-.9 5 .6 3 5 Aemlllus Jarvis & C o., T or------ 91.63
W m . C. Brent, T oron to______92.7411
m , C . B rent
d r a in a g e d e b e n tu r e s

P r o p o s a l s w ill b e r e c e i v e d u n t i l 2 p . m . J u l y 9
b y B . M a llo r y , C o u n t y T r e a s u r e r , f o r $ 3 0 ,0 0 0 5 % d e b e n t u r e s .
M a t u r it y p a r t y e a r ly fo r 2 0 y e a r s .
P u rch a ser to
pay

Peterborough County (P. O. Peterboro), Ont.—Debenture
Sale.— A c c o r d i n g t o r e p o r t s , $ 4 , 0 0 0 4
debent ures d u e

a c c ru e d in te r e s t.

p a r t y e a r ly fo r t w e n t y y e a r s h a v e
S tim p so n & C o . o f T o r o n to .

Huron County (P. O. Goderich), Ont.— Debenture Sale.—
T h is c o u n t y , a c c o r d in g to r e p o r t s , h a s so ld $ 2 0 ,0 0 0
y e a r d e b e n tu r e s to H . O ’ H a r a & C o . o f T o r o n t o .

4%

20-

T h e q u e s tio n
o f is s u in g t h e $ 2 5 , 0 0 0 r o a d a n d b r i d g e d e b e n t u r e s m e n t i o n e d
in Y . 88 , p . 1 3 3 7 , w a s v o t e d d o w n a t a r e c e n t e l e c t i o n .
Lachine, Que.— Bond Offering.— P r o p o s a l s w ill b e r e c e i v e d
u n t il 6 p . m . J u l y 1 2 b y I I . R o b e r t , S e c r e t a r y - T r e a s u r e r , f o r
$ 1 1 5 , 0 0 0 i}4 % b o n d s .

Interest semi-annual.

Prince Edward County (P. O. Picton), Ont.—Debenture
Offering.— F u r t h e r d e t a i ls a r e a t h a n d r e l a t i v e t o t h e o f f e r ­
in g o n J u ly 1 4 o f th e $ 3 5 ,0 0 0 4 J ^ % g o o d -r o a d -c o n s t r u c t io n
d e b e n t u r e s m e n t i o n e d in V . 88 , p . 1 6 4 3 .
P r o p o s a l s w ill b e
r e c e iv e d u n t i l 1 0 a . m . o n t h a t d a y b y D . L . B o n g a r d ,
C o u n ty T rea su rer.

Maturity 40 years.

London Township, Ont.— Debenture Sale.—
t u r e s a m o u n t i n g t o $ 2,000 a n d b e a r i n g 5 %

School d eben ­
in te r e s t h a v e
b e e n a w a r d e d , i t is r e p o r t e d , t o D y m e n t , C a s s e ls & C o . o f
T o ro n to .
M a tu r ity p a r t y e a r ly fo r 1 5 y e a r s .

Medicine Hat, Alberta.— Debenture Sale.— O n J u n e 2 5
t h e $ 5 5 , 0 0 0 4 0 - y e a r s e w e r s a n d t h e $ 1 6 , 0 0 0 20 - y e a r c e m e n t s i d e w a l k 5 % d e b e n t u r e s d e s c r ib e d in V . 88 , p . 1 5 7 8 , w e r e
a w a r d e d to H . O ’ H a r a & C o . o f
l i s t o f t h e b i d s r e c e i v e d f o llo w s

T o ro n to

at

1 0 4 .0 8 4 .

A

H . O ’ Hara <fc C o., T o r o n to ..$73,900 McMahon & Helllwell, C alg--$71,157
Steiner, Dunlop & C o., T o r . . 72,404 W m . C. Brent, T oron to_____ 71,029
G. A . Stlmson & C o., T o r_72,150
British-American SecurltyCo.
Aemlllus Jarvis & C o., T o r . . 71,923
T o r o n t o __________________ 71,000
J. Addison R eid, T oron to___71,282 W ood , Gundy & C o., T o r___70,716

Date June 11 1909. Interest annually at the Bank of Montreal In P icton .
Maturity part yearly on June 11 from 1910 to 1929, Inclusive. T otal debt,
including this Issue, $98,295 14. Assessed valuation. $7,304,469.

Red Deer, Alberta.—Debentures Voted—Debenture Offer­
ing.—The p r o p o s i t i o n s t o is s u e t h e f o l l o w i n g 5 % d e b e n t u r e s ,
m e n t i o n o f w h i c h w a s m a d e in V .
v o te d u p o n June 2 4 :

$1,500 sidewalk debentures.
years.
3,000 Ure-hall debentures.
years.

N A T IO N A L L IG H T ,
H E A T & P O W E R CO.
. ..

MISCELLANEOUS.*

4 0 9 W a ln u t Street,

BANKERS

M u n ic ip a l,
C o u n ty ,
S ta te ,

STATE, C IT Y

BANKERS
30 Pine Street,
New York

AND

30 Pine Street,

Members New York Stock Exchange

-

Correspondence Solicited

Boston

New York

OTTO JULIUS MERKEL

If It O K E It
44 AND 40 W ALL STREET. NEW YORK

L. F. DOMMEHICH & GO.
Correspondence Invited.

OO S T A T E S T R E E T
BOSTON

NEW

a t k in s

AND

YORK

General Offices, 5 7 Greene S treet

MUNICIPAL

SOLICIT ACCOUNTS TO FINANCE

RAILROAD BONDS
No. 2 WALL STREET

and High-Grade Public Service
Securities

IN VESTM EN T SECURITIES,

Investment Securities

H. W

CINCIN NATI, O.

RAILROAD BONDS
6o State Street,

ohn

Maturity part yearly for 5
,
M aturity part yearly for?20

Blodget, Merritt & Co.

A . H . Bickmore & C o .,

J

V ote, 44 to 8.

p . 1 5 7 9 , w ere fa v o r a b ly

Albert Kleybolte & C o .,

B O ND S

HUNT, SALTONSTALl £ CO.,

88 ,

V ote, 46 to 6.

MISCELLANEOUS.

MISCELLANEOUS.

G U A R A N TEED

The
d e b e n tu re s to H . O ’ H a r a & C o . o f T o ­
M a tu r ity p a r t y e a r ly fo r 10 y e a r s .

Point Gray, B. C.—Debenture Offering.— P r o p o s a l s w ill b e
r e c e iv e d u n til 1 2 m . J u ly 1 0 fo r $ 2 8 ,0 0 0 s c h o o l a n d $ 2 8 0 ,0 0 0
ro a d 5 % 5 0 -y e a r d e b e n tu re s.
A u th o r ity , v o te o f 1 4 8 to 19
o n th e fo r m e r p r o p o s itio n a n d 1 5 5 to 1 8 o n th e la t t e r p r o p o ­
s i t i o n a t e l e c t i o n h e ld J u n e 1 2 .

Indian Head, Sask.— Debentures Defeated.—

$1,000,

been p u rch a sed b y G . A .

Phoenix School District, Sask.— Debenture Sale.—
sa le o f $ 1 ,0 0 0 5 ^ %
r o n t o is r e p o r t e d .

Iberville, Que.— Debenture Sale.— A c c o r d i n g t o r e p o r t s ,
a n is s u e o f $ 8 0 , 0 0 0 5 % 4 0 - y e a r d e b e n t u r e s h a s b e e n a w a r d e d
t o S t . C y r , G o n t h ie r & F r ig o n o f M o n t r e a l.

Denomination

R e p o rts sta te th a t
p u r c h a s e d t h e fo llo w in g

Orr School District, Man.—Debenture Sale.— A c c o r d i n g t o
r e p o r t s , $ 1 ,5 0 0 6 % d e b e n t u r e s , p a y a b le p a r t y e a r ly f o r 1 0
y e a rs, h a v e b een b ou g h t b y H . O ’ H a ra & C o . of T o ro n to .
(

(P. O. Belleville), Ont.—■Debenture

Hastings County

Offering.—

Sale.—

$14,600 5% 20-year and 30-year local-im provem ent debentures.
21,678 5% 20-year and 30-year water-works debentures.
10,000 5% 20-year and 30-year electric-light debentures.
1,800 5% 20-year and 30-year sewer debentures.

Grey Township, Ont.—Debenture Sale.— ' W
5%

A p r o p o s itio n t o
d e b e n tu r e s w ill b e s u b ­

is s u e $ 5 , 0 0 0 5 % 1 0 - y e a r s i d e w a l k
m it t e d to a v o t e o n J u ly 9 .

fo llo w s :

o f T o r o n t o h a s p u r c h a s e d $ 1 1 ,7 4 1
d u e p a r t y e a r ly fo r 1 5 y e a r s .

67

DISCOUNT AND GUARANTEE SALES

NEW YORE

CARRY NO GOODS FOR OWN ACCOUNT
F

O

R

R

E

S T

&

C O

.

bankers

Municipal Bonds
421 CHESTNUT ST..

M E L L O N N A T IO N A L B A N K
PITTSBURGH

P H I L A D E L P H I A . PA.

Thoroughly competent by reason of experi­
ence and resources to care for reserve ac­
counts of banks, bankers and trust companies

M UNICIPAL AND RA ILR O AD

BONDS.
LIST ON APPLICATION

SEASON GOOD & MATER,
Mercantile Library Building
CINCINNATI




A.

W .

M E LLO N , Prest.

W .

S. M ITC H ELL, Cashier

CAPITAL AN D SURPLUS SIX AND A HALF M ILLIONS

THE CHRONICLE

68

[VOL. L X X X I X .

In te r e st a n n u a l.
P r o p o s a l s f o r t h e a b o v e d e b e n t u r e s w ill
b e r e c e iv e d u n til A u g . 2 .
A . T . S t e p h e n s o n is S e c r e t a r y -

Tavistock, Ont.— Debentures
v o t e d t o is s u e d e b e n t u r e s .

T reasu rer.

Tilbury, Ont.— Price Paid for Debentures.— W e a r e a d ­
v is e d t h a t t h e p ric e p a id b y W m . C . B r e n t o f T o r o n t o fo r th e
$ 4 ,5 0 0 5 %
p u b lic -s c h o o l d e b e n tu r e s a w a r d e d to h im o n
J u n e 10 w a s $ 4 , 6 1 9 ( 1 0 2 . 6 4 4 ) a n d a c c r u e d i n t e r e s t .
D a te
M ay 20 1 9 0 9 .
I n t e r e s t a n n u a l.
M a tu r ity p a r t y e a r ly fo r

Regina, Sask.— Debenture Offering.—

P r o p o s a l s w ill b e re ­
c e i v e d u n t il 5 p . m . J u l y 1 9 b y J . K e l s o H u n t e r , C i t y C l e r k ,
fo r th e fo llo w in g 4 ) ^ %
coupon
d e b e n tu r e s a g g r e g a tin g
$ 3 1 3 ,6 0 0 , v o te d o n J u n e 8 ( V . 8 8 , p . 1 6 4 3 ):

$33,000
33.000
34 000
15.000
6,000
45.000
25.000
90.000

30-year electric-light debentures.
30-year water-works debentures.
3 0 -year sewerage debentures.
15-year pavem ent debentures.
20-year sidewalk debentures.
30-year electric-light debentures.
30-year water-works debentures.
30-year water-works debentures
2 5 . 0 0 0 30-year sewerage debentures.
6 400 15-year pavem ent debentures.
1,200 2 0 -year sidewalk debentures.
T The above debentures are dated July 1 1909. Interest semi-annually
atjthe Bank of Montreal In London, E ng., New Y ork, Montreal, Toronto or
R egina ..i

Revelstoke, B. C.— Debentures Defeated.— P r o p o s i t i o n s t o
is s u e $ 9 , 0 0 0 s t r e e t a n d $ 4 0 , 0 0 0 s c h o o l d e b e n t u r e s m e t w i t h
d e fe a t a t a r e c e n t e le c tio n .

years.

O n J u n e 2 5 th e $ 1 1 3 ,0 2 5
4 % 3 0 - y e a r s e w e r a n d w a t e r d e b e n t u r e s m e n t i o n e d in V . 88 ,
p . 1 5 7 9 , w e re a w a r d e d to F . B . M c C u rd y & C o . o f H a lifa x
a t 9 5 7 8 a n d a c c ru e d in t e r e s t .
T h e b id s w e re a s fo llo w s :

J C M ackintosh & C o., H a lif--9 5
IW . A. Mackenzie & C o., T o r . . .90.58
Wm'. C. Brent, T o r o n t o ............91.86 |Aemllius Jarvis & C o., T o ro n to .89.51

Whitby, Ont.— Debenture Sale.—

O n J u n e 1 9 th e $ 1 6 ,0 0 0
3 0 -y e a r w a t e r -w o r k s a n d e le c t r ic -lig h t -e x t e n s io n d e b e n ­
tu r e s d e s c r ib e d in V . 8 8 , p . 1 5 1 9 , w e re a w a r d e d to H a n s o n
B r o s , o f M o n tr e a l a t 1 0 5 .7 6 .
T h e fo llo w in g w e re a m o n g

5%

b id s

I t is
r e p o r te d t h a t $ 2 ,0 0 0 7 % 1 5 -y e a r d e b e n tu r e s h a v e b e e n so ld
t o t h e O n t a r io S e c u r i t i e s C o . o f T o r o n t o .
Stratford, Ont.— Debenture Election.— O n J u l y 9 t h e r a t e ­

p a y e r s w ill v o t e o n a b y - l a w t o is s u e $ 1 5 , 0 0 0 4 ) ^ % 2 0 - y e a r
h o s p ita l d e b e n tu r e s .
Strathcona, Alberta.— Debenture Election.— B y - l a w s t o
is s u e t h e f o l l o w i n g d e b e n t u r e s w i l l b e s u b m i t t e d t o t h e r a t e ­

Sudbury, Ont.—Debenture Election.— A n e l e c t i o n h a s b e e n
c a l l e d f o r J u ly 1 0 t o v o t e o n a b y - l a w t o is s u e A$ 5 , 0 0 0 j . 5 %
1 5 -y e a r ro a d d e b e n tu r e s .

^

e le c tio n

w ill

6%

d e b e n tu re s.

Wilkie School District, Sask.— Debenture Sale.—

1 Semans School District, Sask.— Debenture Sale.—

.

r e c e iv e d :

Whitewood, Sask.— Debenture Election.—-A n
20 - y e a r

4 )4 % 30-year local-im provem ent debentures.
4 )4 % 20-year sidewalk debentures.
4 H % 30-year city-hall debentures.
4 )4 % 30-year tire-hall debentures
4 )4 % 20-year dellclt debentures.
4 )4 % 20-year pavem ent debentures.
4 )4 % 40-year sewer debentures. _

r e c e n tly

b e h e ld J u l y 5 t o v o t e o n t h e q u e s t i o n o f i s s u in g $ 4 , 0 0 0

June 2 8 .

$2,000
7,719
12,000
3,910
5,399
11,018
59,261

p la c e

W m C Brent T oron to $ 1 6 , 7 2 9 0 0 Steiner, D u n lap & C o.,T or.$16,400 00
A E Ames & C o., T or I ! 16,682 00 II. O’ Hara & C o., T oron to 16,280 60
Ontario Sec. C orp .,L td .,T o 16,557 60 |w . A. Mackenzie & C o.,T or. 16,270 00

b y -la w p r o ­
v id in g fo r t h e issu a n c e o f th e $ 4 0 ,0 0 0 s c h o o l d e b e n tu r e s
m e n t i o n e d in V . 8 8 , p . 1 5 1 9 , w a s d e f e a t e d a t t h e e l e c t i o n

p a y e r s o n J u ly 7 :

T h is

Truro, N. S.—Debenture Sale.—

th e

p St. Mary’ s, Ont.—Debentures Defeated.— T h e
h e ld

20

Voted.—

P apers

r e p o r t t h e s a l e o f $ 3,000 5 M % d e b e n t u r e s t o H . O ’ H a r a
& C o . of T o ro n to .
M a tu r ity p a r t y e a r ly fo r 10 y e a r s .
Wingham, Ont.— Debenture Election.— T h e q u e s t i o n o f
i s s u in g $ 6,000 4 y2% 20 - y e a r w a t e r - w o r k s d e b e n t u r e s w ill
b e d e c id e d b y t h e t a x p a y e r s o n J u ly 2 6 .
Winnipeg, Man.— Debentures Voted.— T h e e l e c t i o n h e ld
J u n e 2 4 ( V . 88 , p . 1 4 6 1 ) r e s u l t e d in f a v o r o f t h e t h r e e is s u e s
o f d e b e n tu r e s a g g r e g a tin g $ 6 0 0 ,0 0 0 .
T h e p ro ce e d s o f th e
is s u e s w ill b e u s e d a s f o l l o w s :
$ 4 0 0 ,0 0 0 to c o n s tr u c t a n
o v e r h e a d v i a d u c t o v e r t h e C a n a d i a n P a c i fi c R y . p r o p e r t y
a n d t o r e c o n s t r u c t t h e s u p e r s t r u c t u r e s o f t h e M a in S t r e e t
B r id g e a n d t h e L o u i s e B r i d g e , $ 5 0 , 0 0 0 t o e r e c t a f ir e -h a ll a n d
i n s t a l l a f i r e -a l a r m s y s t e m a n d $ 1 5 0 , 0 0 0 f o r p a r k s .
Woodstock, N. B.—Debenture Offering.— P r o p o s a l s w ill
b e r e c e iv e d u n t il J u ly 6 fo r $ 2 6 ,0 0 0 d e b e n t u r e s .
J. C.
H a r t l e y is S e c r e t a r y - T r e a s u r e r .

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4 3 K I N G S T „ VV.. T O R O N T O . C A N A A

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S t a t e m e n t sh o w in g th e

and

in d u s t r i a l

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P h ila d e lp h ia ,

B a ltim o r e ,

& c .— t o g e th e r

w ith

a

record

of

th e

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in c o m e ,
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