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finanquI
The
ijamide
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
'Bank Sc Quotation Section
Railway Earnings Section
Wive Thronicit.
Clearings at
Week ending AprU 17.
I
1909.
PUBLISHED WEEKLY.
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New York.
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Published every Saturday morning by WILLIAM B. DANA COMPANY
William B. Dana,President; Jacob Seibert jr., Vice-Pres. and See.; ArLo1.1
Dana,Treas. Addresses ot all,Office of the Cotupany.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, Sze., indicates
that the total bank clearings of all clearing houses of the U. S.
for week end. April 24 have been $3,189,191,071, against $3,.220,969,012 last week and $2,091,491,495 the week last year.
Cleartngs-Returns by Telegraph Apr. 24
1908.
1909.
%
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,670,962,479
126,318,747
114,157,711
20,622,828
220,776,205
54,607,598
13,722,938
$938,229,742
89,588,713
95,300,805
17,623,166
190,609,610
46,490,907
12,040,548
+78.1
+41.0
+19.8
+17.0
+15.8
+17,5
+13.9
Seven cities, 5 days
Other cities, 5 days
$2,221,168,506
922,946,287
$1,389,889,497
333,107,612
+59.9
+27.0
Total all cities, 5 days
All cities, 1 day
$2,644,114,793
545,076,278
$1,722,997,109
368,494,386
+53.5
+47.9
$3,189,191,071
$2,091,491,495
+52.5
Total all cities for week
The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon, April 17, for four years.
Week ending April 17.
Clearings at
1909.
1908.
Inc. or
Dec.
1907.
1908.
$
New York
1,053232,251) 1,169)01,079 -117.0 1,725159,665 2,126,247.271
Philadelphia _
152,353,164 105,777,326 +44.0 151,297,927 158,485,561
53,610,956
53,231,550
36,861,896 +41.0
Pittsburgh
51,969,651
27,933,045
27,345,120
20,602,372 1-50.4
Baltimore
30,993,661
7,191,028
9,031,956
7,582,705 +9.4
Buffalo
8,292,392
5,293,539
7,601,104
+7.9
4,995,603
Albany
5,391,915
5,471,394
5,930,804
5,385,403 +21.2
Washington _ _
6,528,797
3,755,229
3,172,028
3,483,816 -3.6
Rochester
3,356,254
2,193,461
2,145,390
1,842,874 +41.8
Scranton
2,613,991
1,583,936
1,824,165
+37.9
1,570,968
2,166,140
Syracuse
1,451,191
1,395,345
1.365,723 +37.7
Reading
1,880,385
1,315,402
1,284,532
1,212,248 +16.5
Wilmington
1,412,754
1,021,768
1,256,384
1,146,170 -7.5
Wilkes-Barre _
1,060,308
1,074.353
1,139,817
1,503,036 +13.4
1,704,208
Wheeling
1,603,281
976,415 +52.4
1,487,670
Harrisburg
822,530 +35.4
1,113,981
York
711,252
657,371
819,138
577,682 +41.9
Erie
627,700
612,600
431,700
550,500 -21.6
Binghamton ___
486,000
401,767
425,000
428,066 -0.7
Greensburg
484,252
529,735
486,969
399,714 +21.8
Chester
468,576
431,383 +8.Altoona
368,466
247,929
245,407
+7.4
228,521
Franklin
1,937,983 Not Included In total
Trenton
Total Middle.. 2,228,834,410 1,367,446,030 +63.0 1,996,706,584 2,397,967,690
Total New Eng
+32.4 156,333,821 161,263,938
0,133,400
8,209,600
+24.6
3,894,511
3,802,607
+43.0
2.478,170
2,548,698
+35.1
1,812,569
+16.7
2,037,600
1,491,641
1,635,728
+6.3
-71
1,753,521
1,476,798
980,035
1,008,567
+27.7
578,204
725,520
+6.3
399,477
486,304
+18.4
412,442
432,392
+35.2
194,248,482
8,416,000
4,380,960
3,023,148
2,240,286
1,781,075
1,598,739
1,115,349
969,030
615,554
503,336
146,671,280
6,753,600
3,063.644
2,237,800
1,919,355
1,676,444
1,732,991
873,069
911,316
520,045
372,446
218,891,959
166,731,990 +31.3
NO. 2287.
SATURDAY, APRIL 24 1909.
VOL. 88.
Boston
Providence
Hartford
New Haven
Springfield
Worcester
Portland
Fall River
New Bedford
Lowell
Holyoke
Electric Railway Section
State and City Section
178,697,635
183,197,908
$
Chicago
269,207,819
27,022,900
Cincinnati
18,333.147
Cleveland
14,450,000
Detroit
11,501,942
Milwaukee
7,835,475
Indianapolis ___.
7,295,500
Columbus
3,841,350
Toledo
2,920,758
Peoria
2,404,421
Grand Rapids_ _.
1,994,398
Dayton
2,294,748
Evansville
1,232,950
Kalamazoo
875,000
Springfield, Ill
953,226
Fort Wayne
904,062
Canton
1,067,133
Youngstown
676,690
Lexington
752,696
Rockford
685,000
Akron
600,000
Quincy
481,551
Ohio
Springfield,
548,902
South Bend
508,658
Bloomington_._.
407.634
Decatur
469,939
Mansfield
360,000
Jackson
295,290
Jacksonville, Ill_
171,525
Ann Arbor
29,064
Adrian
366,305
Danville
Tot. Mid.West.
380,438,083
San Francisco_ _ _
Los Angeles
Seattle
Portland
Salt Lake City_ _.
Snokane
Tacoma
Oakland
Helena
Sacramento
Fargo
Sioux Falls
San Jose
Stockton
Fresno
San Diego
North Yakima
Billings
40,117,928
14.285,616
10,209.310
8,434,604
7,056,773
7,822,760
4,353,548
2,198,346
1,183,864
993,000
760,136
630,000
454,202
483,978
476,151
1,067,000
430,899
201,068
Total Pacific_ _
101,159,183
Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Lineoln
Davennort
Toncka
Cedar Rapids_
s
Colorado SpringPueblo
Fremont
47,241,356
18,903,296
14,490,532
8,839,879
8,567,019
6,047,383
4.034,925
2,285,428
2.583.892
1,500,000
1,050,139
1,288.774
1,031,131
777,968
609,141
261,409
Total oth.West
119,512,272
65,932,421
18,069,644
12,274,807
16.056,279
6,841,000
6,490.096
5,533.335
5,925,935
3,971,061
3,882,377
6,923,456
2,578.388
1,929,244
1,628,854
1,975,124
2,097,317
1,739,437
1,533,999
1,229,577
1,106,164
1,663,809
692,152
612,519
907,347
281,763
Rt. Louts
New Orleans_ _
Louisville
Houston
Galveston
Richmond?
Atlanta
Memphis
Savannah
Nashville
Fort Worth
Norfolk
Birmingham
Chattanoga
Augusta
Jacksonville ._
Little Rock
Knoxville
Charleston
Mobile
Oklahoma
Macon
Beaumont
Austin
Vicksburg
172,083,105
Total Southern
Total all
1908.
Inc. or
Dec.
1907.
1906.
$
234,311,689
28,905.100
17,961.728
13.622.587
10,362,029
7,625.258
5,661,400
4,481,755
2,646,719
2,431,994
2,156,952
1,866,428
957,570
777,844
748,970
710,515
688,502
649,393
684,332
915,000
472,980
450,444
484,037
426,362
394.152
414,431
333,333
210,832
126,116
26,000
$
208,932,236
25,170,650
15,506,424
13,628,938
8,589,308
6,458,907
5,130,900
3,706,234
2,624,040
2.051,688
2,129,330
1,863,596
976,276
774,088
653,795
553,129
579,131
735,227
557,987
679,200
419,072
340,527
428,762
470,062
291,630
328,903
312,150
212,452
111,869
329,237.047 +15.6
341,524,432
304,666,511
+7.6
+35.7
+21.5
+23.3
+53.7
+28.0
+8.0
+51.2
+89.9
+14.8
+25.8
+16.7
-9.4
+20.8
+4.6
+33.4
+43.6
+6.8
47,976,521
13,280,565
9,201,151
7,441.105
5,821,816
5,123,769
4,573,512
3,036,204
937,793
17.045,871
11,901,592
10,040,392
3,893,395
4,808.458
3,633,239
3,928,110
490,014
472,950
433,110
406,527
322,559
83,704,859 +20.9
98,790,510
56,885.722
31,190,539
+26.5
20,057,612
+15.5
10,812,769
+23.4
8,901,531
+15.0
7,778,117
+4.5
5,925,374
+14.4
3,136,393
+43.0
2,364,066
+12.0
1,443,134
+101.8
+37.51,288,511
1,199,760
0.0
1,091,108
+27.6
707,239
+18.1
629,688
4-4.9
617,893
+4.6
218,549
+2.4
24,658,878
18,004,437
8,993,347
7.697,081
6,545,307
5,297,384
2,679,384
1,877,456
1,143,300
1,086,132
1,094,539
909.752
469,522
612.258
504,835
188,065
$
232,033,465
24,391,450
14,756,152
13,949,774
10,576,822
7.158.967
4,776,600
3,792,094
2,355,740
2,072,804
1,593,838
1,880,989
1,030,280
842,023
887,625
650,000
793,017
593,517
711,707
696,000
485,009
419,292
430,818
443.433
399,190
390.222
370,010
255,621
137,055
25,092
338,441
+1.0
+10.8
+24.2
+3.6
+8.7
+9.5
+52.7
+1.3
+24.0
+16.0
+25.2
+22.0
+19.7
4-3.9
+7.4
+39.1
+34.6
+14.0
+5.8
-1.6
+23.7
+14.8
+27.4
+14.7
+1.9
+20.4
-2.7
+15.5
+25.1
+15.8
+8.2
37,279,751
10,525,642
8,404,944
6,027,920
4,591,747
6,109,226
4,032,269
1,453,917
623,828
865,000
604,246
540,000
501,308
400,660
455,210
800,000
300,000
189,191
37,323,500
16,30,940
11,735,399
7,689,156
8,197,713
5,286.357
2,821,613
2,040,780
1,280,336
1,090,987
1,050,113
1,009,229
873.071
741,387
582,551
255.153
915,579
98,348,285 +21.5
97,362,274
81,761,677
+4.7
+45.7
+15.9
+53.8
+14.4
+14.6
+26.8
+41.9
+52.9
+55.5
+86.1
+30.1
+19.1
+10.2
+47.8
+50.4
+26.3
+29.7
+11.2
+25.2
+90.0
-2.0
+7.0
+45.2
-6.2
61,598,424
17,306,129
12,995,647
11,208,015
6,290,500
6,465,841
4,975,726
4.840,572
3,190,887
4,004,044
3,215,091
2,694,395
2,281.052
1,517,368
1,323,115
1,680,808
1,271,166
1,488,060
1,258,002
1,912,606
995,779
615,761
400.000
57.306,244
19,815,874
13,006,777
8,740.195
4,970,000
5,062,367
4,283,886
4,978,538
3,644,202
5,719,295
2,235,759
2,304,706
2,016,160
1,438,397
1,628,379
1.500,000
1,362,895
1,634,125
1,178,391
1,428,950
750,000
469,862
334,484
141,004,047 +22.0
153,528,988
145,811,506
62,963,310
12,405,661
10,587,285
10,441,379
5,982.500
5,664,100
4,363,870
4,175,688
2,597,860
2,496,015
3,720,709
1,982,432
1,619,185
1,477.631
1,336,048
1,394,508
1,377,462
1,182,584
1,105,892
1,043,395
875,517
711,100
572,413
625,000
302,503
3,220,969,012 2,186,472,258 +47.4 2,866,610,423 3,172,286,014
--I-24.6 1,140,750.758 1.04-9,043,743
N.
1,267,336,753 1,016,771,179 si-(i,;-N.Y.
OITtCanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Total Canada.
22,705,000
26,271,469
10,570,000
3,798,000
2,657,821
1,537,000
1,355,000
1,589,566
1,079,440
1,245,426
1,230,570
1,175,000
775,000
28,655,152
18.369,631
9,531,964
3,176,145
3,389,054
1,920,514
1,602,382
1,198,763
1.302,109
963,178
912,164
1,124,324
652,117
-20.1
+43.0
+10.9
+19.6
-21.6
-19.9
-15.4
+32.6
-17.1
+29.3
+34.9
+4.5
+18.8
27,931,862
23,154,782
10,156,689
3.473,487
3,063,278
1,857,144
1,541,640
1,742.531
1,156,032
1,477,100
1,297,877
997,494
1,000,000
20,625,436
21,130,742
7,243,302
1,820,675
2,155,851
1,255,752
1,260,000
1,407,481
874,138
1,067,107
75,989,292
72,797,497
+4.4
78,846,896
59,191,171
350,/77
1028
THE CHRONICLE
"RAILWAY AND INDUSTRIAL SECTION."
A new number of our "Railway and Industrial"
Section, revised to date, is sent to our subscribers
to-day. In the editorial columns of the same will
be found an article dealing with "New Methods in
Railway Organization and Operation."
[VOL. Lxxxvin.
Mont., must be reduced to $1 07, and reparation be
made on that basis. In still another case the Commission decides that the charge of 223/
2e. per 100 lbs. on
laths in carloads from Beecher Lake, Wis., to Chicago,
Ill., is unreasonable to the extent that it exceeds 10c.
per 100 lbs. (the rate from Pembine, Wis., a farther
distant point, to Chicago, Ill.), and reparation is
awarded on that basis.
As already stated, we draw these illustrations from
the records of two days' proceedings only, and they
do i ot by any means cover all the cases for even these
two days. We do not enter into the merits of any of
the actions, and in fact we cannot claim that we are
informed in that respect. Our purpose is simply to
show that these rate reductions are steadily going on
and that they cannot fail to have an important influence upon the revenue results of the roads. The
fact is further emphasized when we bear in mind that
many of the State commissions are engaged in the
same kind of work and are co-operating with the InterState Board in the process of leveling rates downward.
Current returns of earnings by the railroads, while registering increases as compared with the very low figures reached at the time of the period of extreme depression in 1908, are not comparing as favorably with
the year before as had been expected. The general
assumption is that this is due to tariff legislation and
to the fact that business is not as active now as it was
in 1907. No doubt these influences are playing their
part in the outcome, but in view of the illustrations
given above, and many others of the same kind noted
by us in the past, must we not conclude that lower
rates are likewise contributing to keep earnings down?
THE FINANCIAL SITUATION
In an article on a subsequent page we discuss the
action of the Inter-State Commerce Commission in
ordering a reduction in through freight rates between
Indianapolis and Missouri River points, and show how
far-reaching is likely to be the effect of the rule applied
in that case if sustained by the courts. We treat that
case separately because of the importance of the
principles involved. It seems desirable to note here
that the Indianapolis decision is only one instance of
the multifarious activity of the Commission in cutting
rates. The reductions are becoming so numerous that
they cannot fail to have the effect of curtailing the
revenues of the roads in a material degree. In illustration of what is going on, we will take only two days'
bulletins of the work of the Commission. The cases
relate to rates in all parts of the country. In a complaint against the Milwaukee & St. Paul and other carriers,the through-class rate of 33IA c.per 100lbs. applied
on carload shipments of non-edible grease from Austin,
Minn., to Dayton, 0., is held unreasonable, and reparation awarded on the basis of a through commodity
rate of 25c. In a complaint against the Chicago &
North Western and other roads, the rates for the transportation of cheese from various stations in the State
of Wisconsin to Chicago, Ill., are held unreasonable,
and new and lower rates prescribed for the future. In
Former Governor Cummins, who until recently was
an action against the St. Paul & Omaha, the class "B" prominent as leader and exponent of "the Iowa idea,"
rate of 20c. per 100 lbs. on a carload shipment of clam- which was supposed, perhaps erroneously, to be that
shells from Mendota, Minn., to La Crosse, Wis., is of genuine tariff revision downward, seems to have
held to be excessive, and a rate of only 8c. per 100 lbs. recanted that view or to have laid it on the shelf now
ordered, with reparation to the complainant. On a that he is a Senator from his State. He has intropetition against the St. Louis Southwestern Ry., the duced an income-tax amendment to the pending bill
rates on fertilizer from Shreveport, La., to certain which is distinctive in laying a graduated tax and exArkansas destinations are declared unreasonable, empting corporate incomes. He would treat corporaand lower maximum rates prescribed for the future, tions "as mere instrumentalities for individual profit,"
with reparation to the plaintiff.
and his reason for exempting them is that a flat rate
In a case against the Atlantic Coast Line RR., it is levied on them would really hit stockholders, and
ordered that the 48c. rate on lettuce in half barrel when any of them had dutiable incomes under $5,000,
packages from St. Andrews, S. C.,to New York,should the exemption up to that amount would be nullified
also be applied on baskets of lettuce instead of the ex- as respects them. Therefore, "when the graduated
isting charge of 63c. Reparation is awarded for the tax is employed it is obvious that the individual indifference. In a case against the Chicago & Eastern come alone can be considered; otherwise, the man
Illinois, it is held that the rate on cedar poles from with the lowest dutiable income would, in so far as it
Chicago, Ill., to Brady, Tex., should not exceed the is derived from a corporation, oftentimes bear the maxirate on lumber. Reparation was awarded on that mum rate levied upon the highest income."
basis. In another case, the rate of 139c. per 100 lbs•
There is some force in this reasoning, but the fact
formerly applied on carload shipments of malt from that an income tax which does not exempt corporations
Chilton, Wis., to Kansas City, Mo., was found un- would in many individual cases be a duplicate tax is
reasonable, and reparation awarded on the basis of entirely overlooked. The Cummins amendment would
the present rate of 10c. In a case against the Nor- further require corporations to report gross and net
folk & Western, the rate of $2 30 per ton on shipments earnings and interest and dividend payments, also all
of bituminous coal from the Pocahontas (Va.) district salaries in excess of $5,000, this being for information,
to Winston-Salem, N. C., is reduced to $2 10 and and being subject to the "inquisitorial" objection
the rate to Durham, N. C., from $2 30 to $2 20. In which lies against all income taxation. Some questhis instance, however, reparation is denied. In a tions as to how the tax would be collected from foreign
case against the Burlington & Quincy, the Commission shareholders who reside abroad, and a question relatdeclares that the charge of $1 40 per 100 lbs. on rice ing to a very imaginary corporation earning $100,000
in carload lots from New Orleans, La., to Billings, net and owned by fifty stockholders, seemed to puzzle
APR. 24
1909.1
THE CHRONICLE
1029
the proposer of the amendment; yet an income tax carried between the Bronx and the Bridge, says the
upon a corporation has at least readiness of collection company, costs an average of seven cents, but pays
in its favor, since the tax is taken at the source and five; on any of the lines the long-haul morning and
summarily avoids any difficulties about readjustments evening crowds must be carried at a loss, and this
afterwards. It discovers an income, seizes a share must be more true of Brooklyn through traffic. ,
This is true of all traffic over long lines at a single
thereof, and leaves the owners to get on as they may.
fixed
an
rate—as true as that the post-office in this city
paying
But if dividends from stocks of corporations
has never received a business-like treatment
(which
individof
income tax may be deducted from incomes
from
Congress)
carries the burden of many smaller
uals, nothing is gained by troubling corporations.
and
offices
that
for
the postal business generally involves
reason
In a general income tax there is sound
loss
by
averaging
overmuch, although the loss is laid
to
up
case
an exemption to a moderate amount, in this
general
the
on
treasury
instead of upon a single
that
than
$5,000, for the person in receipt of less
The
of long-haul traffic
corporation.
in
burdensomeness
difficulty
find
even
may have no overplus and may
forgotten;
and
known,
generally
is
quite
as
generally
$5,000
from
2%
living. The first rate proposed is
who
keep up
by,
by
those
passed
perhaps,
purposely
cent
per
one-half
of
to $10,000, then advancing by steps
deeming
Island,
Coney
rate
one-fare
to
a
for
demand
amounts
all
on
6%
to
and
to 5% on $80,000 to $100,000
higher. The reason offered for this progressive in- no fact of any consequence except that they want it.
The Interborough does not complain of this burden,
crease in rate is the striking thing, notwithstanding it
the
company says. It expects the lean with the fat.
approperly
as
suggested
indeed,
is not new and was,
The
short-haul traffic, which alone can equalize, it is
object
tax.
"The
chief
inheritance
plicable to an
to leave to supply itself; it asks "more
willing
put
law
to
is
(we
are
told)
tax
of a graduated income
to handle long hauls with less crowding,
opportunity
best
are
upon
who
government
those
the burden of
So it renews its request to be allowed
without
a
delay."
put
to
it
so
is
do
necessary
to
and
able to bear it,
to
more, asking the city for nothing,.
50
millions
put
ones."
small
than
large
upon
incomes
upon
rate
higher
Incidentally, we may point out that this is directly into two more subways north and south from 42d
contrary to practice in tariff and revenue taxes, Street, to be two-track now and four-track later, and
which bear most heavily upon commodities that are all to revert to the city with the present subway. It
necessary and are consumed in proportion to the size states now what was flung out in attempted rejoinder
of families. Concede the very doubtful proposition before, that certain laws must be modified which now
that men receive advantage from government in direct stand in the way.
The benevolence of intentions in the Public Service
proportion to the amount of their property; that the
millionaire with a palace overlooking the park receives Commission is as plain as the confusion of mind which
more protection than does the Italian grocer on the clamors for more power as an alleged equipment for
East Side, who is pursued by Black Handers; concede getting good out of what has already been granted.
this, and the plea that the large income should pay a Its head is quite correct in saying that the notion that
higher rate could not stand a moment before an un- private capital hangs back from subway building is
prejudiced tribunal of ordinary common sense. The incorrect; that, on the contrary, capital is very
defect in it is that a large income necessarily pays willing. So it is willing, but only upon some businessproportionately more than a smaller one; thus the like conditions. It is willing to act upon what we
burden comes heaviest "upon those who are able to have called in effect a ground lease; but it insists upon
bear it," and in order to secure this it is not necessary a term long enough to give some chance of an equivalto multiply the difference by an increase in rate upon ent for the interest it must expend annually and the
principal investment it must finally abandon; it does
the larger amounts.
The real reason, which is never or rarely honest not feel moved, even by an outcry that the city is
enough and bold enough to announce itself in plain making too easy bargains, to build or equip subways
language, is the desire, so attractive to the mass of and virtually make a donation of them to public uses.
These advertised offers are useful, as we have said,
people, of penalizing wealth. This country has always
been the possible Eldorado of every man. Its most in throwing into strong light (if in no other Way) the
prominent and most boasted idea is, or used to be, that difference between the private capital which seeks to
every man shall be secure in holding the utmost he is push really business enterprises that have a warrant
able honestly to get. So every man desires wealth, of profit and the other (hidden) private interests
expects and hopes for it, or dreams about it; unless which are pushing hard to saddle on the city subways
he has joined the attacking forces. How a thing for private profit. No private capital asks leave to
which everybody may properly seek becomes criminal build the much-talked-of subway in Brooklyn; the
as soon as anybody gets it is an economic puzzle which city must build that, taking the cost and risk, while
can be explained psychologically by jealousy. The real estate interests get the benefit, all for an alleged
general advantage. Here is the contrast. It cannot
wrong people always have the property, that is all.
This pestilent anger at the prosperity of others is be too distinctly shown and be too long kept in mind;
at the bottom of all our "regulative" disturbances. the people should not be allowed to forget it.
Unconsciously, Chairman Willcox brings a touch
Nothing so much as this hinders general prosperity.
It is a virus foreign to genuine American blood, and of humor into the situation by a phrase of his own,
"acceleration." He protests, at Albany, against an
the sooner we can get it out the better.
assumed sudden pressure brought against the grant
interesting
of additional powers which he is trying to secure, as
The Interborough Company continues its
lobbying were not as fair on one side as on
though
broad-measure advertisements. The most suggestive
What will be done about the debt-limit
other.
of these is the one a few days ago which begins "it the
what may be done with his plea for more
or
passenger
question,
costs seven cents, you pay five." Every
1030
THE CHRONICLE
powers, in the ten days which, perhaps, remain in
the session, we do not attempt to guess; but there is
one point upon which most thougthful persons are
possibly inconsistent without knowing it. For it is
so natural and so rational to object to the grant of
more powers that one finds himself irresistibly feeling
in that way; yet it is quite open to argument whether
resistance to such a grant is not in the long run unwise.
For an ordinary does of some poisons kills or disables;
a large one provokes the system to a reaction which expels it and thus averts the effects. So long as ruling by
•commissions is confined to worrying the corporations,
public feeling will not be aroused and the thing is
therefore liable to continue; once make it so drastic
as to be unworkable and intolerable, and it will cure
itself by natural reaction.
wcxxviii.
on account of the labor problem connected therewith.
When the project of getting rid of the Chinese working
in Rand mines was followed by actual repatriation it
was feared that for a time at least the mine force
would be crippled. But, far from that being the case,
there has been a quite steady increase in the working
force, native labor taking the place of the Chinese,
and at the close of March it was the largest on record172,040, of which only 9,997 Chinese. On the same
date in 1908 the number of miners was 156,364, including 26,504 Chinese, and in 1907 the force totaled
144,466, of which 53,625 Chinese. This indicates how
ably a situation that threatened to be a cause for
anxiety has been handled by the Native Labor Association of Johannesburg.
Australasian gold fields without exception show a
diminishing yield this year, indicating, as we have
.Gold production returns for the first quarter of 1909 heretofore stated, that the lower the level the poorer
from a number of the important fields of the world the ore. Westralia's product for the first three months
indicate that in no direction has there been any con- of 1909 was only 382,397 fine ounces, against 410,641
spicuous development in mining thus far this year. fine ounces in 1908 and 426,157 fine ounces in 1907;
In fact, as in former recent years, Africa is the only and for Victoria the comparison is between 120,000
•country from which actual statistics are obtainable fine ounces, 151,900 and 159,000. Even New Zealand,
month by month that is showing an increase in yield which last year exhibited a moderate gain over 1907,
over last year. And even there the gain in the first makes a return lower than in any year since 1901,
quarter of 1909 over the similar period of 1908 is less and a very small output in March is responsible for a
than was shown in 1908 over 1907. In Australasia quarterly return from New South Wales well below
the same gradually decreasing output that was the the yield for the like period of 1908. Queensland's
feature in 1906, 1907 and 1908 is denoted in the re- production, while but little lower than for the
turns now at hand; and in India the product for the three months of last year, lwas nevertheless
first quarter of 1909 was apparently a little less than smaller than for many years. It is therefore not
for the like interval of 1908. No countries other than surprising that the aggregate gold production
those mentioned above furnish any actual returns of Australasia (not including the small fields of
• Month by month or for other periods less than a year, South Australia and Tasmania, for which we
but some information available leads to the conclusion have no returns) for the first quarter of 1909 reached
that the mines of the United States, Mexico and Can- only 744,559 fine ounces, against 831,700 fine ounces
ada will do rather better this year than in 1908. Yet, in the three months of 1908 and 870,097 fine ounces
all things considered, the present promise is for only in 1907. The leading East India mines (the Colar
a very moderate gain in yield from the mines of the field), as intimated above, have done less well than in
world in 1909.
1908 or 1907. Combining the totals for Africa,
• As regards Africa, it is to be noted that the mines Australasia and India—countries that in 1908 furnished
in the Witwatersrand district produced in March 1909 60% of the gold produced in the world—we have a
an aggregate of 592,415 fine ounces, a total noticeably total for the first quarter of 1909 of 2,880,000 fine
exceeded by the output of December 1908 and slightly ounces, against 2,858,610 fine ounces in 1908 and
less than for October of the same year, but greater 2,753,494 fine ounces in 1907. The increase in 1909
by 38,975 fine ounces than the yield of March 1908. over 1908 here indicated is, of course, very small—
And, as indicating the noteworthy progress made in less than 1%—and contrasts with a gain of nearly
gold mining on the Rand, there has been no period 4% in 1908 over 1907 and of 8% in 1907 over 1906.
(monthly, quarterly or longer) since the close of the
Other sources of gold supply, as already stated, do
Boer War that the product has not been greater than not furnish during the course of the year any extensive
for the corresponding period in the previous year. statistical data from which conclusions can be drawn.
For the quarter ending March 31 1909 the Rand yield It is to be noted, however, that from the Goldfield
reached 1,735,036 fine ounces, comparing with 1,614,- and other important districts of Nevada more gold is
611 fine ounces in the three months of 1908 and 1,516,- apparently being secured than in 1908, and develop037 fine ounces in 1907. The remainder of Africa, ment in!other States seems to promise for this country
which comprises the outside districts of the Transvaal, an aggregate yield moderately greater than that of
Rhodesia, West Africa, &c., has seemingly done less 1908, and consequently a new record. As we premised
well thus far this year than in 1908, its contribution at this time a year ago, 1908 proved the turning point
to the world's new supply of gold having been approxi- in the retrograde move in mining in Canada, a fair
mately 279,000 fine ounces, as against 290,000 fine measure of increase in yield over 1907 being recorded.
ounces for the first quarter last year and 244,000 fine The indications now are that a further gain will be
ounces in 1907. But the yield for the whole of Africa recorded in 1909. There is also reason to believe
for the three months of the current year has been 2,014,- that Mexico will do rather better this year than last.
000 fine ounces, which compares with 1,904,000 fine Altogether, then, it would appear from the data we
ounces in 1908 and 1,760,000 fine ounces two years ago. have obtained for the first quarter that the world's
- The development of gold mining in Africa the last total production of gold in 1909 will be in excess of
two or three years has attracted particular attention that for 1908, but only moderately so. Yet should
APR. 24 1909.j
THE CHRONICLE
later developments foreshadow a larger addition to
the supply than now seems probable, it would be easily
assimilated, for no matter what the product the world's
commercial and financial needs can make room for
more. Leading banks and treasuries of the world are
constantly adding to their stock of the metal, and in
one comparatively new direction—the Argentine conversion fund—no less than $33,000,000 has been absorbed within the last year, that fund now standing at
$183,000,000, against $150,000,000 a year ago.
One interesting incident of the week, which was in
other respects unimportant, was the shipment to
Amsterdam of $250,000 gold by one of the New York
City banks having animportantforeign exchange department. Inasmuch as the Amsterdam bank,coincidently
with the shipment hence of the gold, raised its private
rate of discount to 2317
0, while such rate at all other
foreign centres was reduced, it is inferred that discount
conditions at the Dutch capital were abnormal,
requiring the metal to be attracted from all available
sources, even those such as New York, where comparatively small credit balances existed. It is suggested that Dutch holders of American securities have
been realizing upon their holdings, in common with
investors elsewhemin Europe,since the recent speculative advance in Americans began to be important, and
that the resulting credits are now being withdrawn
for more profitable employment at home.
Exports of gold from New York this week, other
than those to Amsterdam as above noted, were one
million to Brazil to pay for imported coffee and one
million to Argentina, on London account. The latter
is a resumption of the movement which was suspended
last month while 14 millions gold coin was being shipped
to London to reinforce the reserves of the private banks
at that centre.
The movement of Turkish military forces who were
in sympathy with the policy of the "Committee of
Union and Progress" in the maintenance of the Constitution has been observed this week by all the
Powers of Europe, not only without protest but without creating the least political or financial disturbance in any of the chief centres. The Sultan calmly
awaited the presentation and the possible enforcement
of the demand for his deposition, and there were no
indications of his intended resistance. Therefore
there was no reason for apprehensions of other than a
peaceful result of the demonstration, such as that
which followed the revolution in July of last year,
when the Young Turk party achieved their political
independence and wrested from the Sultan the grant
of a Constitution.
The constitutional army reached the city of Constantinople on Wednesday, and then followed conferences between the "Committee of Union and
Progress" and the Ministry. It appears by a Constantinople cable to the New York "Sun" that there
are more or less serious difficulties attending such
deposition of the Sultan as the world at large would
approve. According to the Moslem law, there cannot be two Sultans or two Caliphs existing at the
same time. Neither can the reigning Sultan abdicate
of his own free will. In order to change the occupancy
of the throne during the lifetime of the holder, a religious "fetwa" is necessary declaring that the occu-
1031
pant is either insane or is guilty of high treason.
In the present case the "istifah," on which the "fetwa"
would be given, would ask if the Sultan—Abdul
Hamid—had been faithful to the Constitution;
if the reply were in the negative, it would suffice to
deprive him of all the prerogatives of a Sultan or
Caliph. Murad V., the present Sultan's brother and
predecessor, was declared to be temporarily insane,
and Hamid reigned during his lifetime as Vekeel,
instead of full Sultan, until his brother's death. It is
said to be a question whether the troops would assent
to the deposition of the Sultan; the Sheik al Islam
might be unwilling to sign a decree declaring Hamid
guilty of high treason. It was reported on Friday, in
a cable from Constantinople, that the Turkish Parliament, sitting at San Stefano, had voted in favor of
the dethronement of the Sultan.
It is interesting to note that Austro-Hungary's
competition for gold in the London bullion market
is probably at an end, for the accumulations of this
bank have, it is reported, already amounted to about
5 million dollars. If, as is stated, the gold was required to enable Austria to effect settlements with
Turkey incident to the indemnity for the loss of Bosnia
and Herzegovina, there remains to be paid on this
account only about 6 million dollars. Should there
be no withholding of this indemnity by reason of the
existing political disturbances, it will most likely be
promptly paid; and any deficiency in Austria's supplies will probably be advanced by England or France.
If the Turkish demonstration against the Sultan should
fail to accomplish its purpose, the whole of the indemnity might be withheld and the contract be repudiated.
There has recently been a marked advance in the
London market for silver, which is attributed to
buying of the metal by China coincident with trade
improvement in that country. Such improvement is
already reflected in the textile industry in the United
States, while Manchester has been favorably influenced
by a revival in India.
The Comptroller of the Currency has carried into
effect a suggestion that was recently made in the interests of more conservative banking. A National Bank
Examiner has been appointed for Philadelphia whose
duties will be to co-operate with the Clearing-House
Association, upon request by such association, in the
examination of banks of that city. Whenever requests shall be made by other associations of this
character for the delegation of examiners, the detail
will be effected. The object which is sought to .be
attained by this innovation in the conduct of bank
examinations is chiefly to relieve clearing-house cornmittees of the labor of conducting examinations of
institutions that are under suspicion during tense
situations; the official examiner will conduct such inquiries and report results not only to the Comptroller
but to the clearing house to which he is detailed.
The market for money was not only sentimentally
but actually firmer this week. This was the result of
speculation in wheat, which continues to absorb large
amounts of funds; and also of comparatively low bank
reserves and prospects for their further reduction.
Money on call recorded unusual fractional changes this
week, such as 231 and 1%%; this is said to reflect
1032
[VOL. Lxxxvm.
THE CHRONICLE
competition between banks and trust companies. The
offerings of time loans for periods of maturity in the
later months of the year, when there is customarily a
good demand incident to crop distribution, were more
generally accepted this week than heretofore, resulting
in a comparatively large volume of business. One
feature of the time-loan branch of the market was
the increase in transactions in contracts on industrial
collateral; the more substantial grades thereof were
preferred to railroad stocks, chiefly, it was said,
because of inflated prices of some of the latter. Moreover, the recent requirement by bank lenders for the
substitution of more stable collateral seems to have
contributed to the change in the class of securities for
time loans. The business in commercial paper continues good, with the demand well distributed among
domestic institutions, and there are fewer instances
reported of the negotiation of such paper abroad,
probably because offerings of very choice mercantile
notes are small.
Money on call loaned at the Stock Exchange during
4%, averaging about
the week at 2% and at 13
23.4%; the minimum quoted by the lending institutions
4%. Time loans on good mixed and other
was 13
acceptable Stock Exchange collateral were 23@23/
/0
2%
for sixty and 23/2% for ninety days, 23/2@234% for
four to five, 2%@3% for six, 3(033'l% for seven and
eight and 332% for nine months. Some business was
reported for seven months at 3% but no eight months
loans are offered below 314%. Commercial paper is
not discountable at less than 33/2% even for choice
grades, and the bulk of the business is done at 4%.
Quotations for sixty to ninety-day endorsed bills
receivable are 314@3%%, for prime four to six
months' single names 33'@4% and for good paper of
this maturity 4@43'2%.
The Bank of England rate of discount remains
0. The cable reports discounts of
unchanged at 27
sixty to ninety-day bank bills in London 1 5-16%.
The open market rate at Paris is 13/2% and at Berlin
and Frankfort it is 2%. According to our special
cable from England, the Bank of England gained
£446,823 bullion during the week and held £39,427,793
at the close of the week. Our correspondent further
advises us that the gain was due wholly to receipts
from the interior of Great Britain, exports having
largely exceeded imports. The details of the movement into and out of the Bank were as follows: Imports, £14,000, from miscellaneous sources; exports,
£200,000, wholly to South America, and receipts of
£633,000 net from the interior of Great Britain.
as is often the case when market conditions are such
as to indicate the need for exports of gold in lieu of
exchange for the settlement of international balances,
remitters awaiting the relief to the market resulting
from such exports until the situation shall become
more favorable. There seemed to be, a disposition
among dealers to anticipate a sharp fall in rates,
which would naturally follow the collapse of the
wheat corner, the market. in that event being at least
sentimentally affected by expectations of a freer export movement of that staple. Then, too, there was
the probability that the peaceful solution of the
Turkish situation would cause a revival of speculative
and investment operations abroad, thus favorably
affecting exchange. On Thursday the market was
easy because of good offerings, largely from Canada,
where bills had accumulated.
Compared with Friday of last week rates for exchange on Saturday fell 10 points for long to 4 8630@
4 8635, while those for short rose 5 points to 4 8770@
4 8775 and for cables 5 points to 4 8790(0)4 8795. On
Monday long was 5 points higher at 4 8635@4 8640,
short was 5 points lower at 4 8765@4 8770 and cables
5 points at 4 8785@4 8790. On Tuesday short rose
5 points to 4 8765(04 8775 and cables fell 5 points to
4 8780(04 8785; long was unchanged. On Wednesday long was 5 points lower at 4 8630(04 8635, short
10 points at 4 8760@4 8765 and cables 5 points at
4 8675(04 8780. On Thursday long rose 10 points
to 4 8640(04 8650, short fell 10 points to 4 8750@
4 8760 and cables 10 points to 4 8765(04 8775. On
Friday the market was 10 points lower for long and
for short and 5 points for cables.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.
Fri., Mon., Tues., Wed., Thurs., Frt.,
Apr. 16 Apr. 19 Apr. 20 Apr. 21 Apr. 22 Apr. 23
Brown
Brothers & Co
Kidder &
Company
Bank British
North America
Bank of
Montreal
Canadian Bank
of Commerce
Ileidelbach, Ickelheimer & Co
Lazard
Freres
Merchants' Bank
of Canada
560 days 4 86%
1Sight__ 4 88%
160 days 4 86%
1Sight.. 4 88%
560 days 4 86
1Sight__ 4 881-4
560 days 4 86
1Sight__ 4 883.4
560 days 4 86
1Sight__ 4 8834
560 days 4 8634
1Sight__ 4 8834
560 days 4 8634
1Sight__ 4 8834
160 days 4 86
Sight - 4 8834
87
88%
87
883
87
885.4
87
885.4
87
8834
87
8834
87
8834
87
8834
87
88%
87
88%
87
885.4
87
883.4
87
8834
87
883.4
87
8834
87
883-4
87
883.
87
881-4
87
8834
87
883.4
87
883.4
87
8834
87
8834
87
8834
87
88%
87
881-4
87
8834
87
883.4
87
883.4
87
8834
87
8834
87
8834
87
88%
87
881-,
87
883'5
87
883.4
87
883.4
87
8834
87
8834
87
8834
Rates for exchange on Friday were 4 8630(0,4 8640
for long, 4 87400,4 8750 for short and 4 8760(04 8770
for cables. Commercial on banks 4 85%@4 86 and
documents for payment 4 8534@4 86. Cotton for
payment 4 85%(04 85 8, cotton for acceptance 4 85%
(04 86 and grain for payment 4 85%(04 86.
The following gives the week's movement of money
and from the interior by the New York banks.
to
The foreign exchange market was dull and barely
Net Interior
Shipped by
Received by
steady this week, and quite narrow. The absence of
Movement.
N. F. Banks. N. 1'. Banks.
Week ending April 23 1909.
offerings of commodity bills, due to the limitations of currency
$3,872,000 Gain $4,355,000
38,227,000
217,000
967,000 Gain
1,184,000
exports, caused by the speculation in wheat,continues Gold
Clain $4,572,000
$4,839,000
legal
and
tenders
gold
$9,411,000
Total
to be an important factor in the exchange situation.
The selling in London of American securities, which
With the Sub-Treasury operations and gold exports
resulted from the new developments at Constanti- the result is as follows.
nople early in the week, was promptly followed by reNet Change in
Out of
Into
Bank Holdings.
buying, so that the flurry at the principal European
Banks.
Week ending April 23 1909.
Banks.
84,839,000 Gain $4,572,000
$9,411,000
movement, as above_
centres was not reflected in the exchange market. Banks'interior
35,500,000 Loss 2,400,000
33,100,000
Sub-Treas, operations and gold exp'ts
rs---The incident of the resumption of exports of gold to Total gold and legaltende
-5 $40,339,000 Gain $2,172,000
342,511,00
Argentina and the prospect of the continuance of this
The following table indicates the amount of bullion
movement, and also of shipments to Brazil, had no
influence. The demand for remittance was small, in the principal European banks.
APII. 24 1909.)
THE CHRONICLE
April 22 1909.
April 23 1908.
Bantu of
Gold.
£
England__ 39,427,79
France ..*.. 143,937,921
Germany _ 39,667,80
Russia _ _ 122,879.00$
Aug.-Hun 53,383,i i t
Spain __ _. 15,896,001
Italy _ .
. 38,132,001
Netherl'd: 9,579,6 i i
Nat.Belg.
4,209,33 .
Sweden __ 4,342,001
Sw ltzerl'
4,821,201
Norway _. 1,627,01
Silver.
Total.
Gold.
£
£
£
39,427,793 36,970,999
35,548,640 179,486,560 112,824,813
13,026,850 52,694,650 33,644,000
7,879,000 130,758,000 112,880,000
12,647,000 66,030,000 46,545,000
32,431,000 48,327,000 15,534,000
4,700,000 42,832,000 36,325,000
3,897,000 13,476,600 7,696,900
2,104,667 6,314,000 4,061,333
4,342,000 3,898,000
4,821,200 3,360,000
1,627,000 1,458,000
Silver.
Total,
£
£
36,970,999
36,168,718 148,993,531
12,130,000 45,774,000
7,130,000 120,010,000
13,351,000 59,896,000
26,231,000 41,765,000
4,400,000 40,725,000
4,303,800 12,000,700
2,030,667 6,092,000
3,898,000
3,360,000
1,458,000
Total wee 477,902,64: 112,234,157 590,136,803 415,198,045 105,745,185 520,943,230
Prev.wee • 474,065,747 112,400,353586,466,100 414,301,535 105,283,416 519,584,951
THE NEW TURKEY AND THE SULTAN.
The extraordinary episode in Turkish politics during the past two weeks goes far to confirm the feeling,
n which most people shared at the time of the unexpected revolution of a year ago,that the Western world
must re-cast its impressions of the Ottoman character
if it wishes to gain any clear comprehension of what
is going on. The constitutional revolution of July 24
1908 itself came with a shock of surprise and almost
incredulity to the outside world. A demonstration
based on high aspirations for parliamentary government, popular rule, and orderly governmental procedure, was perhaps the last that would have been expected from an Oriental people who had lived through
their past in apparent acquiescence to absolute despotism. But what has happened during the past few
days casts an even more striking light on the popular
misconception of the Turkish character.
We cannot, perhaps, state the paradoxical nature
of the incident better than to say that the incident in
Constantinople, and the manner in which the Sultan's
effort to break away from his concessions has been
met by the Constitutional party, finds a close historical parallel in the uprising of the English Constitutionalists in 1640 against Charles the First, and the
similar constitutional revolution of 1688. Now, no
two nationalities, and no two combinations of surrounding circumstances, would seem to be farther
apart from one another than the England of two centuries ago, with its long record of contests with the
crown and its long experience in parliamentary government, and the Turkey of the present day. Yet not
only did the quick response to the constitutional appeal by the people in general, and by the men of weight
in the community, closely resemble what happened
in the England of Hampden, but the self-restraint
with which the Constitutional party has exercised its
power shows up most favorably in contrast with other
episodes of tile sort, even in modern European history. There is, for instance, not the slightest resemblance in character to the French revolution of
1789. The movement by which the Young Turk party
has this week checkmated the Sultan's crafty efforts
at upsetting the constitutional program, and has reduced both him and his palace :cabal to submission,
has been accomplished by no mob uprising, by no
outbreak of murder and pillage, such as marked the
futile efforts of the Russian people toward a similar
achievement, but has been effected with a dignity
usually expected from a great party in a State, possessed of the necessary experience and necessary popular confidence to assume direction of affairs when the
titular heads of the government have proved unworthy.
Let us see what has happened during the fortnight
past. On Tuesday of last week, the news came suddenly of a revolutionary outbreak in Constantinople.
1033
The troops quartered in the city had marched out at
dawn, surrounded the parliamentary buildings, and
demanded dismissal of the Grand Vizier, the President
of the Chamber of Deputies and the Minister of War—
all of whom were representatives and,in substance, the
appointees of the Constitutional party. So far, this
part of the episode had a certain resemblance to the
procedure by which the Czar of Russia in 1906 posted
a regiment of soldiers outside the Tauride Palace,
where the new Parliament was accustomed to assemble,
and prohibited that body from again convening.
And, in fact, as events in Constantinople last week
proceeded a little further, it became rather .evident
that the Sultan, if not the actual instigator of a reactionary movement, was at any rate in full sympathy
with it. Simultaneously with the news of the demonstration by the troops came the Sultan's quick granting of full pardon for their insubordination and his
willing concession of all their demands, including those
for the dismissal of the Young Turk officers and the
banishment from the city of certain editors and deputies who were obnoxious to the palace clique. For a
day or two,the news certainly suggested that the adroit
old sovereign had repeated his own exploits of previous
similar occasions, and had put a quietus on the promising movement for constitutional reform.
Such inferences were premature. The very next
(lay the news dispatches, instead of reporting progress
by the Reactionaries in re-establishing old-fashioned
absolute government, were given up wholly to the
news that the Turkish army outside Constantinople
had been promptly mobilized and was marching on
the city under the command of its regular officers,
with the avowed purpose of putting down the revolt
against the Parliament and punishing its instigators.
Since then each successive day has gone to show the
strength of this demonstration. It is evident that the
so-called Committee of Union and Progress, representing tile Constitutional party, has been all along in
full command of the situation, has probably been expecting precisely such a demonstration by the Sultan,
and has at any rate been prepared to deal promptly
with such an effort at reaction.
Where the Russian troops, on a not wholly dissimilar occasion, simply indulged in sullen mutiny against
the orders of their commanders, the Turkish troops
organized into an army of the Parliament which certainly seems to us to deserve that title quite as much
as did the soldiers of Fairfax and Cromwell. Moving
on the city, the advance guard of this formidable
army found the Constantinople demonstration already
broken down. The soldiers whose demands had
forced a change in the Ministry returned to their barracks with apology and contrition; the Sultan himself
at once opened negotiations with the officers of the
advancing army, bending his own endeavors solely
to retaining his life and throne—both of which for a
day or two seemed very likely to have been forfeited
in the eyes of the Constitutionalists.
Such is the situation as it stands. At the moment
the lately prevalent rumors of the enforced abdication
by the Sultan do not appear to be confirmed. Apparently religious obstacles have been encountered;
possibly diplomatic difficulties may have been suggested by the representatives of other governments,
and the riots in certain outlying districts indicate that
a popular feeling in behalf of the Sultan as their ruler
1034
THE CHRONICLE
is still widespread. What is quite certain is that the
sovereign of Turkey has now found himself absolutely
powerless in the face of the wishes of his people, and
that, whatever the theoretical position which he holds
hereafter in the State, he will no longer be able, even
indirectly, to dictate policies.
The incident is one of the most notable which has
occurred in recent European history—certainly not
less so when its nature and results have differed so
completely from every other similar demonstration
of the sort in the past two decades. Incidents such
as those in Russia during 1905 and 1906 had confirmed
the belief, in perhaps the majority of minds, that the
head of State was secure in possession of the army,
and that all that a revolutionary movement could
accomplish would be to excite disorder and mutiny,
which in due time could be put down by the strong
army of the sovereign. Here, however, is a case where
the whole military machinery—supplies, transportation, organization and discipline—is so far under the
control of the Constitutional party as to move with
exact precision and with an absolute minimum of
delay.
One is impelled to ask, Who is the guiding spirit
in this extraordinary achievement? That an army
demonstration of so orderly and effective a character
should occur without the inspiring influence of some
one conspicuous and experienced officer it is difficult
to believe. Whether the credit for the remarkable
achievement belongs to Izzet Pasha, chief of the general staff and a conspicuous member of the Committee
of Union and Progress, remains to be seen. It is also
left for events to show what part a successful military
leader of the sort will play individually in subsequent
events. If we are now to have before our eyes statesmen and generals capable of an achievement of this
sort, yet willing, after having served their country
in so conspicuous a fashion, to sink back to the position
occupied by them before, then we shall certainly have
for consideration something rather new, and certainly
very fine, as a type of character in modern politics.
REVOLUTIONIZING THE SYSTEM OF
RATE-MAKING.
The Inter-State Commerce Commission has just
handed down another one of its momentous decisions
which recently have been becoming quite frequent—
decisions of wide application,involving highly important principles and which, if sustained by the courts,
threaten to revolutionize the system of rate-making
in this country. As usually happens, the Commission
concludes that rates should be lowered, meaning of
course a reduction in the revenues of the roads. But
it should be distinctly understood that the controversy
really goes beyond the matter of rates and involves a
question of markets.
The Indianapolis Freight Bureau complained of the
rates charged from Indianapolis to Missouri River points,
contending that these rates were less favorable than
those granted on shipments from Chicago,and alleged
that as a consequence Indianapolis jobbers were placed
at a great disadvantage as compared with Chicago
jobbers. The Commission does not deny that Chicago,by
reason of its position, is entitled to better rates than
Indianapolis; but it holds that Indianapolis rates to
Missouri River points are too high. Thus, while
Lxxxviii.
theoretically conceding that Chicago possesses certain
advantages, the benefits of which should accrue to it,
it makes a ruling the actual effect of which is to deprive
Chicago of some of these advantages.
Including the present, there have been three cases
lately in which the Commission has adopted precisely
this attitude. One was the Spokane ruling to which
we referred in our issue of April 3. In that case the
merchants of Spokane complained that rates from
Eastern destinations to Spokane were higher than those
to Seattle, a more distant point. The complaint was
founded on the fact that Spokane, being an interior
point, was not granted the same rates by the railroads as Pacific Coast cities. The Commission in its.
opinion and report pointed out that rates to, Pacific
Coast terminals are controlled by water competition;
that such competition absolutely limits those rates
from New York and points within a few hundred miles
of New York, and that consequently higher rates to
interior points like Spokane are not necessarily unlawful. But after expressly conceding that Seattle is,
entitled to the advantages which its location gives it,
class rates from St. Paul to Spokane were reduced
16 2-3%, while as respects commodity rates it was held
that the charge made from St. Paul to Spokane should
not be higher than the charge from St. Paul to Seattle
in the case of 27 out of 32 articles of freight; as to the
remaining 5 articles, slightly higher rates were permitted. The Commission rested its action entirely
on the ground that the earnings of the Northern
Pacific and the Great Northern over a series of
years had been so large as to be excessive, therefore warranting a reduction in rates. It was expressly admitted by the Commission that with
Spokane placed on a basis of equality with
Seattle the whole system of rate-making would
have to be changed, and that similar concessions
would have to be granted to other interior points,
but the Commission argued that the resulting loss
would not be so severe that the carriers could not bear it.
Still another decision of the same kind was that referred to in our article on the Financial Situation in
our issue of Nov.14 last. There the controversy also
nominally concerned a matter of rates but actually
involved a question of markets. The complainants
in that case were individuals, partnerships and corporations engaged in the jobbing trade at Kansas
City and St. Joseph, Mo., and Omaha, Neb., to which
points they shipped large quantities of goods from the
Atlantic seaboard. In the sale and distribution of
their goods they come in competition with jobbers
located at the twin cities, Minneapolis and St. Paul.
They charged unjust and unreasonable discrimination
in favor of the twin cities and undue prejudice against
Kansas City, St. Joseph and Omaha,known as Missouri
River points. In the words of the Commission, they
made "a strong attack upon the long-established
system of rate-making under which rates to points
west of the Mississippi River are made upon the basis
of the rates to the Mississippi River crossings." The
practice in the framing of through rates to Missouri
River points has always been to take the rates in
effect on the Eastern trunk lines to the Mississippi
River and to add thereto the prevailing rates between
the Mississippi and the Missouri rivers. St. Paul and
Minneapolis, on the other hand, have had the benefit
of somewhat better rates.
APR. 24 1909.]
THE CHRONICLE
It appeared very plain from the testimony in that
case that extraneous circumstances were responsible
for the lower rates to the twin cities, and the Commission admitted the force of the contention in that
respect, saying: "We cannot agree with the argument
that the rates from the Atlantic seaboard or from
Chicago to the Missouri River cities should be the same
as, or lower than, rates from same points to the twin
cities. As has been seen, the rates to the twin cities
cannot escape the influence of the water and Canadian
competition." But the Commission proceeded to
find other grounds for reducing the through charge
to Missouri River points. It gave it as its opinion
that the rates between Mississippi River crossings
and the Missouri River cities are too high, and that
hence the through rates to the Missouri River were
too high; so it ordered a sweeping reduction in the
river-to-river rates, cutting the first-class tariff from
60c. per 100 lbs. to 51c., the second-class from 45 to
38c.; the third-class from 35 to 30c.; the fourthclass from 27c. to 23c., and the fifth-class
from 22c. to 19c. On the petition of the roads, the
United States Circuit Court of Appeals at Chicago last
November granted an interlocutory injunction restraining the Commission from enforcing its order reducing the rates, and the case has been up for trial
this very week. The title of the action, it is proper
to say, is Burnham, Hanna, Munger Drygoods Company et al vs. Chicago Rock Island & Pacific Ry. Co.
et al.
The Indianapolis case in which the Commission has
now made a ruling also involves rates between the
Mississippi and Missouri River points. The complaint,
as already stated, has reference to the relative rates
from Indianapolis and from Chicago. The Commission reaches the conclusion that the Indianapolis
rates should be placed on a more favorable basis than
heretofore—that is, should be reduced. As in the
other cases, too, it plainly sees the consequences that
must flow from its action, but it is not disturbed thereby. In effect, it says, there is no help for it. The
case was brought by the Indianapolis Freight Bureau
against the Cleveland Cincinnati Chicago & St. Louis
Ry. and nineteen other carriers. It was alleged that
the roads exacted unjust and unreasonable class rates
on traffic from Indianapolis to Kansas City and St.
Joseph, Mo., Leavenworth and Atchison, Kan., and
Omaha, Neb., in and of themselves and as compared
with the rates on similar traffic from Chicago to the
same destinations. The reasonableness of the rates on
chairs and furniture in carload lots from Indianapolis
to Missouri River points was also questioned.
The Commission, after pointing out that the rates
from Indianapolis to Missouri River points are constructed by adding the local rates from Indianapolis
to East St. Louis to the local rates beyond and that
shipments from Indianapolis to the Missouri River
points are carried through to destination by the connecting lines upon bills of lading issued at Indianapolis,
and without intervention of the shipper at any junction point—after making these explanations, the Commission holds that the present rates on through traffic
from Indianapolis to Missouri River points subject
Indianapolis to unreasonable prejudice and give to
Chicago undue preference. A relative adjustment as
between Indianapolis and Chicago is prescribed, and
also maximum rates to be applied in the future to the
1035
transportation of class-rate traffic and chairs and furniture from Indianapolis to Missouri River points.
In place of the present rate on chairs and furniture
of 32c. per 100 lbs. on a minimum carload weight
of 10,000 lbs., the carriers are ordered to establish
by June 1 rates not exceeding 21c. per 100 lbs. on a
minimum carload weight of 20,000 lbs. and 27c. per
100 lbs. on a minimum carload weight of not more than
12,000 lbs. The order as to class rates, however, is
withheld. The Commission states that the portions
of the through class rates which are found to be unreasonable in this case are the same rates as were found
to be unreasonable in the Burnham, Hanna, Munger
case (involving rates to the Twin Cities), and takes
cognizance of the fact that that case is now before the
United States Circuit Court of Appeals, as noted above.
Accordingly, the present case is to be held open for the
later entry of such order as the decision of the Court of
Appeals in the other case may make necessary.
The text of the Commission's opinion in this latest
case is not yet available. It will be eagerly sought
when ready. The synopsis furnished shows that the
Commission concedes that competitive conditions are
responsible for the present rates applying from Chicago.
It contends, however, that the disparities between the
total charges from Chicago and Indianapolis respectively are greater than are justified by the recognized
dissimilarity of conditions. As already stated, the
Commission is not oblivious of the far-reaching
effect of its ruling. It says it has not ignored the
contention that an order reducing the Indianapolis
rates must result in a general readjustment of the rates
from other points in Central Freight Association territory, and a consequent diminution of their revenues.
That consideration, it is stated, has been constantly
borne in mind in reaching a determination of the questions involved. But it is naively argued that however
much weight may be attached to that and to other
considerations,"the Commission cannot, under the law,
deny relief to such point for the sole reason that.other
points in like situation may be able to show that they
are entitled to a similar order." This is an ingenious
way of putting the matter, but obviously it would lose
all its force if the courts should fail to sustain the action
of the Commission.
On the whole, it is gratifying that this important
controversy is to be settled judicially—that is, in a
judicial manner—by the courts. In granting the interlocutory injunction last November, Judge Grosscup,
speaking for the United States Circuit Court of Appeals,
laid stress on the fact that the commerce of the country had grown up on the basis of the old rates, and said
that was a fact which the Court could not overlook.
The same argument and reasoning applies in the matter
of the relative rates as between Indianapolis and Chicago. Such considerations are more likely to receive
due weight in a court of equity than at the hands of
the Commission. In reading the Commission's opinions and arguments, one cannot get rid of a feeling
that it is all the time casting about to find some plausible reasons for ordering a cut in rates, rather than being animated by a desire to render even and exact
justice. If the courts should unfortunately take the
same view bf the matter as the Commission, the roads
of course would have to accept the situation and make
the best of it. In such an event, however, it is hard
to see how, with the rule laid down in the three cases
1036
THE CHRONICLE
here reviewed applied all over the country, a considerable diminution in revenue could be averted. And that
is a circumstance that could hardly tend to accelerate
the revival in trade for which we are all so anxiously
looking.
THE INTERNATIONAL HARVESTER COMPANY
REPORT.
Among industrial corporations the International
Harvester Co., whose annual report has been issued
this week, occupies in many respects a unique position.
It was created without any bonded debt, and it is a
company every dollar of whose share capital represents
either a dollar of actual cash paid in or a dollar of
property acquired at a low basis of valuation and
without any allowance for good-will or patents. The
company is a consolidation of several concerns manufacturing agricultural machinery, among others the
McCormick Harvesting Machine Co. and the Deering
Harvester Co. The capital stock is $120,000,000,
and of this $60,000,000 was paid for in cash at par
and the remaining $60,000,000 was issued for the real
estate, plants and physical inventories acquired at the
organization, and which were valued by independent
appraisers in excess of that amount, excluding, as
already said, any allowance for good-will or patents.
Indeed, on the basis of the appraisements, a surplus
of $7,076,229 existed at the time of organization on
Oct. 1 1902 by reason of the excess of the appraised
value of the physical properties acquired (including
inventories) over the $60,000,000 par value of capital
stock issued therefor. But the whole of this surplus
has since been charged off.
Besides these distinctive features, the report now
at hand covering the calendar year 1908 makes it
evident that the company's experience in that year
was also unique among industrial corporations. At a
time of unparalleled business depression the gross
amount of its sales (compared with the calendar year
preceding) was reduced only a trifle over 7%, while
net earnings and net profits, owing to efficiency in
management, were actually increased. One reason for
this exceptional experience is found, of course, in the
continued prosperity of agricultural interests in this
country, farm operations not having been materially
interrupted notwithstanding the intense prostration
of industrial interests following the panic; and another
reason is found in the world-wide market for the
company's products and the great variety of goods
which it has to sell. To this might be added a third
cause, namely the excellence of its administration,
the management consisting of men having an intimate
knowledge of the company's business down to the
smallest details.
Aggregate sales are of large magnitude, as is evident
from the fact that the total for the season of 1908
reached $72,541,771. This compares with $78,206,890
for 1907 and with $67,589,056 for 1906. In 1905 the
sales amounted to only $55,687,978, indicating
marked growth in the interval since then. As was
pointed out by us a year ago, in reviewing the company's previous report covering the whole of the
period since its organization in 1902, the company is
steadily enlarging its foreign trade, despite the heavy
import duties imposed on American agricultural
machinery by some of the foreign governments. Maps
given in the report show that the company has dis-
Lxxxvm:
tributing agencies in practically all the civilized portions of the globe. In 1908 the foreign sales were
larger than in any former year in the history of the
industry, exceeding by $300,000 those of 1907, the
previous high mark. The growth of both the foreign
and the domestic business is also due to the fact that
in addition to the manufacture of harvesting machinery, tillage implements and binder twine, the
company has gone into new and allied lines, such as
the manufacture of wagons, manure spreaders, gasoline engines, cream separators, auto-buggies and
tractors. The sale of these latter lines of goods in
1908 exceeded all previous years and played an important part in keeping up the total sales. They were
$13,163,634 in 1908, against $12,789,218 in 1907 and
only $8,585,345 in 1906.
The company's net earnings in 1908,after deducting
the cost of manufacturing and distributing and administrative and general expenses, were $12,930,377,
against $11,228,317 in 1907 and $10,007,987 in 1906.
These improved results, we are told, were brought
about through careful economies in manufacture
and distribution, without any reduction in the wages
of the employees. In fact, the average of wages was
larger in 1908 than in 1907. The average number
of hands employed under the decrease in business was
of course smaller, but even after the reduction the
number was 25,679.
Like the United States Steel Corporation, on which
the affairs of the Harvester Company are to a large
extent modeled, the J. P. Morgan interests being
prominent in both, a distinguishing feature of the
yearly income accounts is the large appropriations
made out of net earnings each year to provide reserves
for depreciation, for losses, for extinguishment, for
renewals and for improvements. The deductions in
this way in 1908 were in excess of those of any previous
year. Including $250,000 set aside for the fire insurance fund and $250,000 contributed to the company's
pension fund established in 1908, the aggregate appropriations in 1908 for the purposes mentioned reached
$3,169,022, against $2,007,821 in 1907 and $1,400,000
in 1906. Notwithstanding the increase in these contributions, the final net profits for 1908 (after allowing
for interest on purchase money obligations and current loans) amounted to $8,885,682, against $8,080,457
for 1907 and $7,846,947 for 1906. The 1908 amount
equals more than 7% on the entire capital of $120,000,000. Dividends, however, are paid on only the
$60,000,000 of preferred stock, calling for $4,200,000,
and hence there remained undivided profits of no less
than $4,685,682. Adding this to the undivided profits
at the close of the previous year, the total of accumulated profits is brought up to $16,691,989. The whole
of this amount has been accumulated out of the net
earnings of the business during the short period of
the company's existence, the surplus remaining at
the time of the organization of the company having,
as already stated, been charged off.
We have referred above to the fact that in capitalizing the company no stock was issued or cash paid
for the patents, trade-marks, shop-rights, &c., which
the company received through the purchase of plants
and properties at the time of organization. The report tells us that these patents, trade-marks, &c.,
were purchased, originated or established at great
cost by the former owners during long and successful
A.PIt. 24 1909.1
THE CHRONICLE
1037
terms of business and are a valuable asset of the com- previous public sale, which was made in January. A sale
pany. The cost of all patents purchased since organi- of 10 shares of First National Bank stock was made at 800,
compared with 7803.g in February.
zation has been charged to profit and loss, and all as
Shares BANKS—New York.
Low. High. Close. Last previous sale.
current patent expenses have been included in operat- •2 Commerce, Nat. Bank of__..189 189 189 Aprli 1909— 190%
340
340
340
Nov. 1908— 327
ing expenses as they were incurred. It is also stated '105 Corn Exchange Bank
First National Bank
800
800
800
Feb. 1909— 780
that the company,in pursuance of its established policy,
TRUST COMPANIES—New York.
35 Carnegie Trust Co
175
175
175
Feb. 1909— 185
maintains a skilled force of inventors and designers 29
Mutual Trust Co. of Wes. Co. 121
121
121
Mch. 1909— 1253i
14
Title
Guar.
& Trust Co
for the purpose of producing new devices and patents
510
510
510
Jan. 1909— 435
TRUST COMPANY—Brooklyn.
for improvements in type, design or construction of 25 Long Island Loan & Tr. Co_ 300 300 300 Jan. 1909—
297
its products. All experimental and development • Sold at the Stock Exchange.
expenses, including money spent in developing new
—Muskogee, Okla., was designated a reserve city on April
lines not yet profitably marketed, have been charged 16 under the Act of March 3 1903.
—The Senate on the 19th inst. confirmed the nomination
to cost of operation. For 1908 the experimental,
of
Charles D. Hines as Assistant Secretary of the U. S. Treaspatent and development expenditures amounted to
ury. The nomination of Charles D. Norton as an Assistant
no less than $743,557.
Secretary of the Treasury was confirmed on the 5th inst.
An exceptionally strong point in the company's
—Vivian M. Lewis was named to succeed David
Wataffairs is its financial management. The finance com- kins as Commissioner of Banking & Insurance of the0.
State of
mittee is composed of George W. Perkins, George F. New Jersey by Gov. Fort on the 16th inst., the Legislature
Baker, Charles Deering, Elbert H. Gary, Cyrus H. confirming the nomination just before its adjournment on
McCormick and Norman B. Ream. The report points that day. Mr. Lewis retires as Clerk in Chancery.
—A bill signed by Governor Hushes at Albany on the
out that the character of the company's business re22d inst. amends the law respecting the capital required on
quires that large stocks of harvesting machinery and
the part of institutions which may act as depositories for the
farm implements be carried at convenient locations reserves of State banks. The amendment
permits such
throughout the world in order to meet the urgent local serve to be held by banks and trust companies havingre—
a.
requirements of varying crop conditions. Further- capital of $150,000 and a surplus of $150,000. Under the:
more, the production of harvesting machinery is in existing law the reserve is required to be deposited with an
process of manufacture for many months ahead of the institution having a capital of at least $200,000.
—Means for bringing the Comptroller's office and the.
selling seasons, which are limited to the time immediately preceding the harvests, and are necessarily clearing-house associations of the country into closer
relationship have been made known
short. Thus it happens that a large portion of the Comptroller Murray has announcedthis week. To this end
that when such an
working capital is invested at the close of the fiscal organization desires, in the interest of more conservative
year in manufactured products scattered over a wide banking, the co-operation of the national bank examiner
territory. The company also makes it a practice to in which the clearing house is located, and will send a written
extend credit to the farming community on certain request to him to this effect, he will direct the examiner to
act accordingly. The only condition imposed is that the
lines of its goods,so as to enable the farmers to buy request from the clearing house be signed
by all the banks in
machinery for prompt use that otherwise they might the association, or at least the co-operation be requested by
a properly authorized committee. It is also desired, it is
not be in position to purchase.
At the time of organization, $60,000,000 of cash said, that the extent of the co-operation sought be stated in
was actually paid in, as already stated, so as to supply detail. This movement is said to have resulted after long
and careful consideration, and is understood to be favorably
the company with the needed working capital in these regarded by the bankers generally.
It is Mr. Murray's
particulars. This was in addition to $15,805,495 of purpose also, it is said, to keep clearing-house organizations
net current assets acquired, making the net working advised, when requested, as to any conduct of a prejudicial
and trading assets at organization $75,805,495. A nature of individual banks in these associations which may
statement is given in the report showing that not- be disclosed by his examiners,thus tending to repress recklesa
banking methods.
withstanding the company has expended nearly $19,—The provision of the Kansas deposit guaranty law,.
000,000 for new property and construction during the which stipulates that banks organized after the
passage of
six years of its existence,it has nevertheless maintained the law will be allowed to participate therein only after they
,the original amount of working capital. In fact, it have been actively engaged in business for one year, is the
has increased the amount by $3,465,793, the net subject of a decision of the State Attorney-General. The
question
working and trading assets for Dec. 31 1908 being period involved was as to whether the one-year probation
applied to new banks in cities and
given as $79,271,288. During 1908 all the purchase with banks. The Attorney-General saystowns not supplied
it does. He also
money obligations and real estate purchase notes
however, that it does not apply in the case of new
which still remained outstanding at the close of the banks in cities and towns already supplied with banks, but
previous year were paid off and the total of current which have refused or neglected to avail themselves of the .
liabilities reduced from $19,509,412 to $14,066,052. privileges of the law. In the latter instance the new bank,it
seems, will be permitted immediately
At the same time the aggregate of current assets was guaranty system irrespective of the timetoit participate in the
has been in active
actually slightly increased, and on Dec. 31 1908 stood operation. The Attorney-General's decision is set out in
at the large figure of $93,337,341. Moreover, of this the following letter addressed to Bank Commissioner Dolley:
"Hon. J. N. Dolley, Bank Commissioner, State House.
latter $9,339,054 consisted of actual cash, as against "My
Dear Sir.—Replying to yours of Aprll 14, permit me to say that the
provisions of the bank depositors' guaranty law provide that
only $3,573,893 of cash at the close of 1907.
"'Any bank which may, after the passage
ITEMS ABOUT BANKS, BANKERS AND TRUST OO'S.
—The public sales of bank stocks this week were limited
to 17 shares, of which 12 shares were sold at the Stock Exchange and 5 shares at auction. The transactions in trust
company stocks reach a total of 103 shares. Fou rteen shares
of stock of the Title Guarantee & Trust Co. were sold at 510
—an advance of 75 points over the price paid at the last
of this Act, be authorized to
do business in this State, and which shall have been actively engaged in
the business of banking for at least one year, and having such surplus fund.
is hereby authorized and empowered to participate in the assessments
and benefits of the Act.'
"I am of the opinion that this refers to new banks in towns where no
banks had existed prior to the passage of the law and the chartering of a
new bank as well as to other banks, and that no bank can be allowed to
participate in the benefits of this law unless it is organized in a town where
some State bank has refused or neglected to become a member of the bank
guaranty plan. Very truly yours,
"F. S. JACKSON. Attorney-Genera.'
1038
THE CHRONICLE
—Under a new code of rules adopted by the Columbus
(Ohio) Clearing-House Association on the 25th ult., the
maintenance of a 25% reserve by its members and a 20%
reserve by non-members will be required after OcAt the meeting a reorganization of
tober 1 next.
the association was effected and the following officers
were elected: President, W. F. Hoffman, President of the
Commercial National Bank, and Vice-President, Frank L.
'Shinn, Vice-President and Cashier of the Citizens' Savings
Bank. John Field continues as Manager. The newly
adopted rules, which became operative, except as to the
reserve requirement, on April 1, also establish uniform banking hours for clearing-house institutions, the time for the
transaction of business being fixedlat from 9 a. m. to 2 p. m.,
except on Saturdays, when the hours will be from 9 a. m.
until noon, and on Saturday evenings from 6:30 to 8:30.
—The Philadelphia Clearing-HouseAssociation has elected
William M. Hardt as Special Bank Examiner to supervise the
banks of the Association, under the new system of examination to be inaugurated by it. For the:past eighteen years
Mr. Hardt has been a National Bank.Examiner. He will
take up his new duties on May 1.
—Alden Anderson was on the-6th inst. appointed Super.State of California—a post created
intendent of Banks of the
under the Bank Act passed at the recent session of the Legislature, which is to go into effect on July 1. Mr. Anderson,
who is at present a Vice-President of the Anglo and LondonParis National Bank of San Francisco, has had a wide
banking experience. His capabilities for the post to which
he has just been assigned have also been broadened through
association with Governor Gillett on the Good Roads and
Good Government committees of the Legislature, as well as
through his services as Representative of Solano County in
the Legislature, as Speaker of the Assembly and as Lieutenant-Governor and President of the Senate during the administration of Governor Pardee.
—D.S. Mills has resigned as Trust Officer of the Columbia
Trust Co. of this city to become identified with a proposed
national bank which is to locate in the Washington Heights
section of the city. Mr. Mills is slated for the presidency
of the embryo institution, which will probably be designated
the Manhattan National. It is to have $200,000 capital,
and its stock will be disposed of at $130 per share—$50,000
of the $60,000 premium creating a surplus fund, and the
remainder going toward the fitting up of the offices. George
Earle Warren has been chosen to take Mr. Mills's place as
Trust Officer of the company.
—The National Safe Deposit Co. and the United'States Safe
Deposit Co. are to be consolidated, and meetings of the
stockholders of the respective institutions will be held on the
30th inst to ratify the proposition, which has already been
approved by the Banking Department. The United States
Safe Deposit Co. is the name under which the United States
Mortgage & Trust Co. has operated the safe deposit departments of its branches at 73d Street and 125th Street. Several months ago the trust company purchased control of the
National Safe Deposit Co. from the Mutual Life Insurance
Co.; these vaults are located in the building occupied by the
trust company. In the forthcoming consolidation the company will unite its safe deposit interests under the head of
the United States Safe Deposit Co., with the main office at
32 Liberty Street. The capital will be $200,000, the surplus
$100,000 and undivided profits $71,000. It is rumored that
j. Lynch Pendergast will be President, John W. Platten
and Carl G. Rasmus Vice-Presidents, Joseph Adams Secretary and Ferdinand J. Claussen Treasurer. The National
Safe Deposit Co. was organized 14 years ago by Mr. Pendergast, and since Feb. 1 1900 has paid out $186,000 in dividends to stockholders. It has a capital of $200,000. On
Dec. 31 1908 a 50% dividend was distributed to the stockholders. The amount which they received for their holdings
was $133 50 per share, making a total of $183 50 paid to
them.
—Sigmund Neustadt, since 1904 a special partner in the
banking firm of Hallgarten & Co., of this city, died on the
19th inst at Cannes, France. Mr. Neustadt had been a
member of the New York Stock Exchange since 1879.
—The Farmers' Loan & Trust Company has opened the
addition to its banking rooms extending from Exchange
[VOL. LxxXVIi1.
Place to Beaver St., in the new extension which has recently
been added to its building. Some months ago the D. L. &
W. RR. Bldg.,corner of William Street and Exchange Place,
was acquired, And now,after the completion of alterations,all
the various departments of the trust company are conveniently located on the street floor of these three connecting
buildings fronting on William Street, Exchange Place and
Beaver Street, and occupying two-thirds of the entire
square. The interior appointments and decorations are
similar in general design to those of the original banking
room. The enlarged offices are about three times the size
of the former floor space.
With deposits of $122,341,566 March. 24, the company
leads all the trust companies of this city, and in this respect
is the premier trust company organization in the country.
This unprecedented growth has been continuous since the
banking disturbances in the latter part of 1907, and can be
fully appreciated when it is considered that the present deposits are $61,035,287 more than Dec. 311907, $48,607,436
more than March 25 1908, $23,330,085 more than June 17,
$10,001,044 more than Aug. 31 and $5,169,706 more than
Nov. 27—all periods when the Banking Department called
on the trust companies for official reports. On March 24 last
the assets were as follows: $21,843,442 bonds and stocks;
$2,781,734 real estate; $2,453,360 bonds and mortgages;
$57,595,237 loans; $45,481,113 cash, and $678,185 accrued
interest.
—The National Reserve Bank of this city (formerly known
as the Consolidated National Bank) will locate in its new
quarters in the City Investing Building, at 165 Broadway,
on Monday next, the 26th inst.
—The Franklin Trust Co. of New York and Brooklyn,
Arthur King Wood, President, is steadily adding new deposits to its business. At the recent State bank call March 24,
the company's deposits reached $11,368,756, contrasting
with $7,075,122 on March 25 1908. Total resources are now
$14,488,728 98.
—Unusual interest attaches to the last official statement,
for March 24, of the Knickerbocker Trust Co. of this city, in
view of its latest announcement anticipating the final payment of deposits under the resumption plan, the details of
which are quite familiar to readers of these columns. As
noted in this department March 27th, the thirteenth installment , due ;depositors June 26 1910; and the fourteenth, or final, installment, due depositors Aug. 26 1910,
were credited on April 22to the drawing accounts. In barely
more than one yearfrom the date of its reopening (March 26
1908) the company thus pays off the entire amount of certificates of deposit, representing 70% of the depositors'
accounts, although it had two years and four months under
the plan of rehabilitation to meet these payments. The
remainder of the deposits, 30%, is represented by surplus
certificates "Series A," bearing 4% interest, the principal
of which is payable only out of net earnings and surplus,
the agreement stipulating that the surplus cannot be reduced below $8,000,000 by reason of such payment. Under
the operation of the resumption plan, the interests of both
depositors and stockholders have been united for the future
permanence of the company's business. On the 24th ult.,
when the trust companies were required to report officially
to the State Banking Department, the depositors of the
Knickerbocker Trust Co. had to their credit $35,240,837
deposits subject to order, in addition to surplus certificates
of $12,763,300, while there was $1,242,088 undivided profits
and $1,200,000 capital, or total aggregate resources of $50,893,659. Much credit for the success of the resumption plan
and the company's present good standing is due to the personal efforts of its President, Charles H. Keep, aided by an
active Finance Committee and a directorate which has supported all the restrictive measures adopted by the officers
and Finance Committee for safeguarding the interests of the
depositors and stockholders. On May 1 the company will
move its down-town headquarters from 66 Broadway to its
new bank building on the northeast corner of Broadway and
Exchange Place.
—An involuntary petition in bankruptcy was filed on
Monday against the bond house of E. D. Shepard & Co. of
this city by L. Laflin Kellogg, Secretary of the Yankee
Fuel Company. Allen W. Evarts was named as receiver
APR. 24 1909.]
THE CHRONICLE
by -Judge Holt but with Mr. Evart's declination to serve,
John S. Sheppard Jr. was appointed. The affairs of the firm
have been given more or less prominence in the'papers since
early last month, when an attachment of its funds (subsequently lifted), in a suit brought by the Seven Oaks Company was followed by an announcement of the proposed
reorganization of the properties in which the firm is interested. The bankruptey proceedings are said to have grown
out of the alleged refusal of the firm to turn over to the protective committee all the securities demanded. In the petition filed by Mr. Kellogg it is claimed that the Fuel Company sold to the firm $1,500,000 of its bonds, for which
Shepard & Co. agreed to pay the full price; only $434,928,
however, is alleged to have been paid, leaving a balance due
of $1,065,072. The various projects which the firm has
been promoting include the Raton Water Works Company
of New York, the Raton Water Works Company of New
Mexico, the Yankee Fuel Company, the Santa Fe Raton &
Eastern RR., the Santa Fe Liberal & Englewood RR., the
Canadian River RR. and the Santa Fe Raton & Des Moines
RR. The firm consists of Edward D. Shepard and Henry
A. Ensign, with Augustus T. Post as special partner. It is
stated that in September 1907 the management of its affairs
was placed in the hands of A. M. Lincoln, who retired as
trustee early this month.
—The Home Trust Company of Brooklyn Borough opened
in its new quarters at 198 Montague Street on Monday last,
the 19th inst. The new location, formerly used as banking
premises, are thoroughly equipped for the company's requirements, a feature of the offices being the safe deposit
facilities.
1039
Willcox; Wilbur A. Brothwell has been chosen to fill the
office of Vice-President. Mr. Brooks has had over nineteen
years' experience in the banking business, having entered
the Deep River National Bank as a clerk in 1890. He is
also associated with the managemerit of 'the Deep River
Savings Bank, of which he has been Secretary and Treasurer
for about eight years.
—According to the Boston "Transcript," the deposits of
the National Shawmut Bank reached a new high-water mark
on the 16th inst., when the amount stood at $102,825,000.
Another distinction which the record figure serves to establish lies in the fact that it is the first time the deposits of any
Boston institution have crossed the one-hundred-million
dollar mark.
—Frederick H. Payne has been elected President of the
Mechanics' Trust Company of Boston to take the place of
the late C. 0. L. Dillaway. Mr. Payne had lately resigned
as State Bank Examiner to become Cashier of the First National Bank of Greenfield, Mass. Another examiner in the
State Banking Department, John C. Heyer, has been chosen
as Actuary of the Mechanics' Trust Company.
—John P. Reynolds Jr..has been appointed trustee in bankruptcy for the firm of E. H. Gay & Co. of Boston. Mr.
Reynolds had been the receiver of the firm since its suspension in October.
—The stockholders of the Finance Company of Philadelphia at a meeting on TuesdAy approved a proposition to reduce the capital to the extent of $493,200, or from $3,493,200
to $3,000,000. The present capital consists of $1,707,100 of
first preferred stock and $1,786,100 of second preferred stock.
The manner of making the reduction and the time when it is
—An address in favor of the registration of commercial
to be made will be determined by the directors.
paper purchased or discounted by the banks, in order to per—The First Mortgage Guarantee & Trust Company of
mit the interchange of informationIon the subject, was, made
at the meeting of the New Jersey State Bankers' Association Philadelphia began active operations on the 15th inst. The
at Atlantic City yesterday afternoon by Charles A. Conant. institution was started in March 1907, making a feature of
the handling'of first mortgages on guaranty. Last SeptemMr. Conant said:
What banker is there here present who, when he buys a piece of com- ber Leslie M. Shaw, formerly Secretary of the United States
mercial paper, would not like to know how much additional paper the maker Treasury, was elected President of the company, but his acof It has afloat? Has not the experience of the very recent past, In connecceptance of the office was subject to •the requirement that
tion with some great houses supposed to be unassailable in their solvency
and integrity, indicated that some such safeguard is required to pre- the entire capital of $1,000,000 and surplus of $500,000 be
vent the abuse of American banking facilities?
underwritten. Mr. Shaw now states that there has been
Many of our existing means of ascertaining credits are more or less subscribed from $1,100,000 to $1,200,000 of the entire
capital
expert guess work. Reports are obtained from commercial agencies and
distributed
in
sixteen
surplus,
which
is
States.
With
and
other sources, showing the general reputation and resources of borrowers,
but they rarely show the whole Of the balance sheet of the borrower, or reference to the company's formal re-entry in the field last
even enough of it to disclose to a certainty the extent of his commitments.
week, Mr. Shaw is quoted in the Philadelphia "Ledger"
What I have to lay before you in regard to banking credits is the application to them of methods which have been found pre-eminently success- as follows: "I should not say that we open for business
ful in dealing with mercantile credits. The details must necessarily differ
to-day; we do not consider that we ever closed. The
somewhat, but the principle is the same. The proposition is that each bank
two years ago was somewhat premature for the
start
making loans to houses which have more than a strictly local credit,and buythat was in hand, and the company has refused to
capital
ing their commercial paper, shall report such loans promptly and regularly
to a central agency. At that agency will necessarily be registered a photo- accept business that may have offered." It was announced
graph of the banking liability of these houses. Proofs from this photosome months ago that the company had decided to abandon
graph can be furnished at an instant's notice to any bank to which such a
house makes application for a loan, or to which its commercial paper comes the banking feature of its business, but it is now stated that
for purchase or discount. The information given, however, need give the company will make a feature of "banking by mail,"
only the borrower's side. It need not name the banks at which he has other
paying 4% interest on savings deposits. William L. Folds,
loans, but only the amount and the maturities of such loans.
The work imposed upon banks In furnishing the required information a former National Bank Examiner, is Vice-President, and
to the central bureau would not be excessive. It would only be necessary Charles Lafferty is Treasurer.
to forward a sheet each day of loans and purchases of paper. It would
not be necessary to include in such a list Stock Exchange loans or other
loans fully protected by the deposit of securities. On receipt of these
sheets each day at the central agency, this information would be distributed
to the cards giving the credit record of each house important enough to
figure in the affairs of the agency. The record would thus always be upto-date and ready to be transcribed and transmitted to any subscriber
desiring the information.
The necessity for action has already commanded so seriously the attention of the banking community that a special committee on the subject
was appointed at the last annual convention of the American Bankers'
Association. And when I recall to you that all the members of that committee are men of such standing as Joseph T. Talbert, the Vice-President
of the Commercial National Bank of Chicago, and one of the ablest members
of the Currency Commission of the Association, and Thomas P. Beal,
President of the Second National, Bank and one of the leaders of the banking communitY of Boston, I shall at least convince you that present methods
are not satisfactory to this great representative body of American bankers,
and that they are eager to consider measures of reform.
—George C. Thomas, formerly head of the Philadelphia
banking house of Drexel & Co., died on Wednesday as the
result of an acute attack of indigestion which he suffered
on Sunday. Mr. Thomas was born in Philadelphia in 1839.
His activities were not confined to the banking field, but
were extended to business interests generally, and he was
especially prominent as a philanthropist. At an early age
he entered the employ of Jay Cooke & Co., being soon after
admitted as a partner in that firm. With its failure he
assisted in straightening out its affairs, and later established
the firm of Thomas & Shoemaker. He subsequently became
identified as a partner with Drexel & Co., and until his
retirement in 1905 was affiliated with all the prominent
undertakings of the Drexel and Morgan firms. He had
—Alfred H. Hudson has been appointed Deputy under continued until his death as a director of the Farmers' &
State Superintendent Clark Williams to liquidate the affairs Mechanics' National Bank of Philadelphia, the Pennsylvania
of the Binghamton Trust Co. of Binghamton, N. Y., which Co. for Insurances on Lives, the Phoenix Iron Co.,and as a
manager of the Philadelphia Savings Fund Society.
closed its doors on the 9th inst.
—Harvey J. Brooks was elected President of the Deep
—The Girard National Bank of Philadelphia has added
River National Bank, of Deep River, Conn., at a meeting $500,000 to its surplus fund, raising it to $3,500,000. The
of the directors on the 5th inst. Mr. Brooks, who was usual semi-annual dividend of 6% has been declared by
heretofore Vice-President, succeeds the late Washington F. the institution.
1040
THE CHRONICLE
[voL. Lxxxvni.
—Walter K. Hardt has been elected an Assistant Cashier as Vice-President. L. M. Render, Secretary, has been made
Secretary and Treasurer. J. D. Winston continues as Asof the Fourth Street National Bank of Philadelphia. He is sistant Treasurer and M. Wirgman as Assistant Secretary.
been
has
named
just
as
who
Hardt,
M.
William
a son of
Mr. Cox, who had formerly been Collector of Internal Revenue at Louisville under President Cleveland, became Presispecial examiner of the Philadelphia Clearing House.
the Mechanics' Savings Bank & Trust Co. of that
—The Lititz Nations11 Bank of Lititz, Pa., closed its do-ors dent of 1889,
and with the merger of the latter into the
city in
C.
Bell
George
of
as
charge
receiver.
in
is
and
inst.
19th
the
on
Columbia Finance & Trust in 1891 he was retained in the
in
of
its
$105,000
capital
for
statement
presidency of the enlarged institution. In 1906 the comThe bank reported a
Feb. 19, when its deposits were given as $234,000. Its pany changed its name to the Columbia Trust Co..
officers, it is said, were largely interested in the Wellington
DEBT STATEMENT MARCH 31 1909.
Starch Co., and the bank is alleged to have heldla large
statements of the public debt and Treasury
following
The
is
It
paper.
company's
stated
that
!while
amount of the
cash holdings of the United States are made up from official
none of the enterprises in which the bankEwas identified figures issued March 31 1909. For statement of Feb. 27 1909,
are in difficulties, it was unable to realize,quickly on the see issue of March 27 1909, page 802; that of March 31 1908,
see April 18 1908, page 958.
securities it held for loans.
INTEREST-BEARING DEBT MARCH 31 1009.
Amount
Amount Outstanding
—Thomas W.Smith has succeeded the late J. E.Herren as
Issued.
Registered. Coupon.
Interest
Total.
$
President of the National Capital Bank of Washington, Title of Loan—
$
$
$
Payable.
Q.-J. 646,250,150 641,136,250 5,113,900 646,250,150
of 1930
Consols
25,
Q.-F. 198,792,660 41,044,440 22,901,020 63,945,460
D. C. Albert Carry, previously Second Vice-President, 3s, Loan of 1908-18
Q.-F. 162,315,400 97,369,300 21,120,600 118,489,900
4s, Loan of 1925
replaces Mr. Smith as First tiVice-President.
31,500 54,631,980
2s, Pan. Canal Loan 1906..Q.-N. 54,631,980 54,600,480
651,180 30,000,000
29,348,820
—A. B. Crouch has resigned as President of the Third 2s, Pan. Canal Loan 1908_Q.-F. 30,000,000
Aggregate int.-bearing debt__1,091,990,190 863,499,290 49,818,200 913,317,490
National Bank of Baltimore, Md., on account of impaired
Note.—Denominations of bonds are
Of $20, loan of 1908, coupon and registered.
health. He is said to have suffered a nervous breakdown
Of $50, all issues except 3s of 1908; of $100, all Issues.
Of $500, all issues; of $1,000, all issues.
since the contest for control at the annual meeting in JanuOf $5,000, all registered 2s, 3s and 4s; of $10,000, all registered bonds.
ary, which resulted in his re-election to the presidency.
Of $50,000, registered 2s of 1930.
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
Mr. Crouch had been with the bank for fifteen years. He
March 31.
February 27.
loan of 1891, continued at 2%, called May 18
chosen
was
1908
Jan.
Second
in
Funded
1907,
in
Cashier
became
$32,000 00
00
$32,000
18
ceased
Aug.
interest
1900
1900
23,750 00
23,750 00
loan of 1891, matured Sept. 2 1891
Vice-President, and the following month was elected to Funded
68,950 00
68,050 00
1904, matured Feb. 2 1904
Loan
of
2,286,300 00 2,240,400 00
succeed Capt. R. M. Spedden as President.111.M 1,21
Funded loan of 1907, matured July 2 1907
17,860 00
17,880 00
Refunding certificates, matured July 1 1907
,—The Union National I'Bank of Cleveland, Ohio, an- Old debt matured at various dates prior to Jan. 1 1861
3
other items of debt matured at various dates
and
First
Vice-President, subsequent to Jan. 1 1861
909,395 26
nounces the death on the 20th inst of its
909,605 26
Lee McBride. Mr. McBride was seventy-one years of age.
Aggregate debt on which Interest has ceased since
maturity
$3,338,485 26 $3,292,355 26
—A 20% dividend was distributed this week to the
DEBT BEARING NO INTEREST.
notes
States
$346,681,016 00
United
depositors of the Reserve Trust Co. of Cleveland. The insti- Old demand notes
53,282 50
bank
notes—Redemption
account
Superior
36,505,089 50
National
the
last
of
year,
&
May
Savings
in
assigned
tution
6,861,357 28
Fractional currency, less $8,375,934 estimated as lost or destroyed
Trust Co. being appointed assignee. A dividend of 25%
Aggregate debt bearing no interest
$390,100,745 82
was paid in November, making altogether thus far-45%.
RECAPITULATION.
Increase (+) or
Classification-Feb. 27 1909.
March 311909.
Decrease (—).
—Robert T. Lincoln has been elected Chairman of the Interest-bearing debt
$913,317,490 00 $913,317,490 00
ceased
3,292,355 26
3,338,485 26
—$46,130 00
board of directors of the Commercial National Bank of Chi- Debt Interest
394,295,783 28 —4,195,038 00
390,100,745 28
Debt bearing no interest
cago, to succeed Franklin MacVeigh,who resigned to become
$1,306,710,590 54 $1,310,951,758 54 —$4,241,168 00
Total gross debt
Secretary of the Treasury. Mr. Lincoln, who is President Cash
291.263,812 52 —7,329,741 58
balance in Treasury_ __ _ 283,934,070 94
of the Pullman Co.,has been a member of the bank's board
$1,022,776,519 60 $1,019,687,946 02 +$3,088,573 58
Total net debt
place
as
director
MacVeagh's
has
Mr.
past.
time
for some
*including $150,000,000 reserve fund.
The foregoing figures show a gross debt on March 31 of
been taken by his son, Eames MacVeagh.
$1,306,710,590 54 and a net debt (gross debt less net cash
—Ernest C. Brown, an Assistant Cashier of the First in the Treasury) of $1,022,776,519 60.
National Bank of Minneapolis, died on the 14th inst. Mr.
TREASURY CASH AND DEMAND LIABILITIES.—
Brown was born in New York City in 1858. He had for- The cash holdings of the Government as the items stood
National
Bank
of
Nicollet
the
of
MinneapCashier
merly been
March 31 are set out in the following:
olis, which consolidated with the First National in 1901,since
LIABILITIES.
ASSETS.
$
Trust Fund Liabilities—
Trust Fund Holdings—
$
which time he had been an Assistant Cashier of the latter. Gold
844,617,869 00
844,617,869 00 Gold certificates
coin
483,365,000 00
Mr. Brown had also served as Secretary of the Minnesota Silver dollars
483,365 000 00 Silver certificates
4,398,000 00
4,398,000 00 Treasury notes of 1890
Silver dollars of 1890
Bankers' Association.
Total trust liabilities_1,332,380,869 00
fund
trust
00
Total
1,332,380,869
—Control of the National Bank of Commerce of Kansas
Gen. Fund Liabilities—
General Fund Holdings—
42,511,527 92 National bank 5% fund_ 23,967,086 61
coin and bullion
City, Mo., this week passed to J. Wilson Perry of St. Louis, Gold
checks and
Outstanding
00
47,661,660
Gold certificates
11,017,767 86
drafts
6,607,037 00
who on Tuesday was elected President of the institution, Silver certificates
Disbursing officers' bal00
dollars
8,814,297
Silver
succeeding David T. Beals. Mr. Perry takes over the hold- Silver bullion
69,575,002 48
ances
4,430,566 57
7,552,169 00 Post Office Department
United States notes_.ings of Dr. W.S. Woods, Chairman of the board of directors, Treasury
2,978,316 79
account
11,193 00
notes of 1890
2,055,088 83
22,816,033 00 Miscellaneous items__
whose interest, it is reported, amounted to $1,400,000. Mr. National bank notes__
03
coin
25,957,101
silver
Fractional
Beals is said to retain his interest in the bank, and it is Fractional currency_ __ _
Total gen'i liabilities_ 110,193,262 57
35 23
2,802,818 63
understood will continue to be identified with the manage- Minor colninterest
18,087 11
paid_
Bonds and
ment. William T. Kemper has retired as Vice-President
49
169,182,525
In
Tot.
Sub-Treasles..
L.
new
The
President,
William
Buechle.
and is replaced by
In Nat. Bank Depositaries—
Treasurer of U.S. 58,152,737 28
Mr. Perry, relinquishes the office of Vice-President of the Credit
Credit U.S. dis. officers. 12,363,733 15
National Bank of Commerce of St. Louis, and will at once
70,516,470 43
Total in banks
give
to
new
his
entire
to
City
attention
Kansas
to
remove
In Treas. of Philippine Isl.—
Cash Balance and Reserve—
interests. The National/Bank of Commerce of Kansas City Credit Treasurer of U.S. 2,122,521 24 Total
cash and reserve__ 283,934,070 94
2,305,816 35
Credit U.S. dis. officers_
Made up of—
is the institution with which ex-Comptroller of the CurTotal In Philippines__
4,428.337 59 Available _ - 133,934,070 94
rency William B. Ridgely was formerly associated. He
and
Reserve Fund—
Reserve Fund Holdings—
was made President a year ago at the time of its reorganizaGold coin and bullion__ 150,000,000 00 Gold&bull _150,000,000 00
months,
but
the
four
from
retired
of
tion after a suspension
Grand total
1,726,508,202 51
1,726,508,202 51
Grand total
management in November, with the acquisition of control
by Dr. Woods, who had been its President when it closed
ntonetattiTomirterciaig,nglisit4enTs
its doors in December 1907.
Dr. Woods has also retired as President of the Commerce
London, Saturday, April 17 1909.
Trust Co. of Kansas City, although he announces that he
The stock markets all over Western Europe received somewill continue to retain his holdings in that institution. His thing of a shock at the news from Turkey. Business was
successor in the presidency is W. T. Kemper, heretofore resumed after the holidays with buoyancy and a disposition
Vice-President of the company.
to put up prices that must necessarily have led to a check
after a little while.
—In accordance with his request that ho be relieved of even in the most favorable circumstances
The course of
will doubtless be mainly influenced by
some of the duties of the management of the Columbia Trust the continued values
in
the state of the money
ease or otherwise
Co. of Louisville, President Attilla Cox was chosen Chair- market, and this, in turn, will depend upon the outcome of
man of the board of directors of the institution at a meet- the political situation. South African gold was taken again
ing on the 15th inst. L. W. Botts, heretofore Vice-Presi- this week for Austria, and Paris has taken a very small
dent, was elected President of the company, and Arthur Y. amount of gold which otherwise would have gone to the Bank
Ford, formerly Treasurer, was chosen to succeed Mr. Botts of England. Assuming that matters right themselves in
APR. 24 1909.]
THE CHRONICLE
Turkey, the impression is that very little more gold will be
taken by the Continent, and in that case money will rapidly
accumulate here. As stated below, there is some slight increase in the demand for money on trade account in this
country, but it is as yet very slight. Consequently, the demand for investment securities must continue, and as speculative stocks are for the most part still at a very modest level,
there seems room for some advance. Things being favorable,
this will undoubtedly be stimulated by the various interests
concerned, as during the long depression it has been exceedingly difficult to raise money for industrial and mining concerns. And the opportunity which appears to be about to
present itself will doubtless be taken advantage of in more
than one direction.
In sympathy with the stock markets, the money markets
this week also received a shock. Nevertheless,money continues
exceedingly cheap and plentiful. It has been difficult to
employ short loan money even at 13%, and the rate of
discount here has been as low as 130
0 and rarely better than
1/
38%. The Stock Exchange got their fortnightly loans
from the banks at under Bank rate. In these markets,
however, the dominating factor is the outlook. A week ago,
when the political horizon seemed clear, everyone was looking for a state of things when money would be virtually unlendable. With the change in sentiment at the beginning of
the week it was asked, Is it worth lending at present rates?
The answer will depend very largely on what occurs between
now and the time this letter is in print. If the political outlook is quiet, money should certainly be very cheap and plentiful all through the coming summer, and in fact until the
northern harvests are being gathered in. For the moment
the actual supply of loanable capital in London is not very
large. The Bank return shows that none of the vast amount
of money that went out at the end of the financial year and
in connection with the Easter holidays has returned to London. This is estimated at about 5 millions sterling. Consequently, the reserve at just under 28 millions sterling shows
hardly any increase over last week, although, of course, it
is more than a million and three-quarters better than a year
ago. The coin and bullion item at just under 39 millions
sterling shows an actual decrease of nearly half a million,
being, however, well over 2 millions sterling better than a
year ago. This is partly owing to the somewhat extravagant
figures of the public deposits, which are nearly four millions
greater than they were a year ago.
The India Council offered for tender on Wednesday 80
lacs of its bills, and the applications amounted to nearly 675
lacs, at prices ranging from is. 3 29-32d. to is. 3 15-16d. per
rupee. Applicants for bills at is. 3 29-32d. and for telegraphic transfers at is. 3 15-16d. per rupee were allotted
about 11% of the amounts applied for.
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending April 23.
Sal.
Tues, Wed.
Mon.
Thurs. Frt.
Silver, per ea
d 23%
23 9-16 23 11-16 23%
23%
24
Consols, new,2% per cents._ 84 13-16 85 1-16 85
85%
85
85
For account
84%
85%
85 3-16 85 1-16 85
85
French Rentes (in Paris).fr_ 97.52% 97.57% 97.40
97.42% 97.52% 97.50
Amalgamated Copper Co.- 76%
77%
78%
78%
78%
78%
b Anaconda Mining Co
9
93
foi
9%
93.
94
Atchison Topeka & Santa Fe 108
109%
1093
110%
110%
110%
Preferred
106
1063
106%
106%
1063's
1063's
Baltimore & Ohio
114
115%
116
117%
117%
1173
(
,
Preferred
98
98%
98%
98%
98%
98%
178
Canadian Pacific
180%
180%
180%
1793
180%
Chesapeake & Ohio
79
77%
78
78h
78%,
78%
Chicago Great Western
5%
5%
5%
5j
5%
53(
Chicago Milw. & St Paul_..151
152
153
153
153%
153%
Denver & Rio Grande
523
51%
53
54%
54%
54
Preferred
90
90%
90
91
91
91
Erie
31%
31%
30
31%
31%
32%
First preferred
47%
46%
48
48%
48%
4834
Second preferred
38
38
39
39
3934
3934
Illinois Central
148
14934
150
14934
14834
15034
Louisville & Nashville
1413
140
14134
14234
14134
14134
Mexican Central
24
24
24
24
24
24
3
Missouri Kansas & Texas
4334
4234
4434
44%
4434
4334
Preferred
77
753(
7634
75
7534
7634
National RR. of Mexico
49
4734
49
49
4734
4734
N. Y. Central & Ilud. River_13234
134
134
133
1333
13334
N. Y. Ontario & Western
5134
49
51
5034
503
494
Norfolk & Western
9434
9434
94
9234
95
95%
Preferred
89
89
89
89
89
8934
Northern Pacific
14834
148
146
150
1483(
14734
a Pennsylvania
6934
6934
69
683
6994
6994
a Reading Company
743(
75
7434
7334
7094
7534
a First preferred
47
4794
4734
4734
4794
4734
a Second preferred
50
49
50
50
49
4934
Rock Island
2634
29
27
2994
2834
2894
Southern Pacific
12134
12294
122
12434
12394
12394
Southern Railway
2894
2934
29
29
2994
2994
Preferred
68
6834
69
69
6834
6834
Union Pacific
19234
19234
19234
18874
19074
19394
Preferred
98
9734
98
9734
98
98
U.S. Steel Corporation
5334
503-h
55
533-i
5234
5394
Preferred
1163
11794
117
11734
%
11794
11734
18
Wabash
19
19
18%
19
19
4734
4894
Peferred
4934
49
49
49
7494
Extended 4s
7594
7534
75
7594
7534
a Price per share. b £ sterling.
Mvmmerctni eciitt
istetiantons avs
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our New
York Custom House. The first statement covers the total
imports and exports of merchandise and the Customs receipts for the nine months of the last two seasons:
1041
Merchandise Movement to New York.
Month.
Imports.
1908-09.
July
August_
September
October
November
December.
January _
February..
March .._ _
Total
$
49,729,151
59,445,780
58,374.355
58,614,465
59,748,096
68,634,114
61,789,335
73,074,545
80,729,503
Customs Receipts
at New York.
Exports.
1907-08.
1908-09.
1907-08.
1908-09.
1907-08.
75,554.451
70,293,096
58,833.023
62,252,933
63,599,163
53,019,862
47.489,941
50,359,343
52,625,828
$
47,489,381
45,107,352
49,671.985
52,462,041
46,064,843
59,150.532
50.812,004
45,319,475
58,684,184
$
58,503,816
56,833,707
54,712,748
62,739,894
64,981,87
66,420,931
62,531,69
59,999,726
58,116,795
$
14,417,03
14,517,
17,115,158
15,329,45
15,134,28
16,129,492
15,795,70
17,775,72
19,064,331
19,368,063
19,205,736
17,002,293
18,859,693
14,287,871
14,964,689
14,640,446
15,241,056
14,086,404
570,139,344 534,027,640445,761,797 544,841,185 145,278,682 147,656,261
The imports and exports of gold and silver for the nine
months have been as follows:
Gold Movement at New York.
Month.
Imports.
1908-09.
July
August
September
October
November
December
January
February _ _ _ _
March
Total
Silver-New York.
Exports.
1907-108.
1908-09.
1907-108.
Imports.
Exports.
1908-09
1908-09.
569,791
970,776 1,059,656 5,085,668
731,113 4,612,646
1,100,130
522,870
8,400 2,905,033
442,858 3,927,677
1,353,973
720,327
506,125
207,075
356,605 3.198.213
1,044,600
751,381
50.125 2,322,958
629,152 3,731,013
851,299 57,550,403
794.980
693,410 3.307,556
1,343,259 36,576,900 6,445,585
31,830 1,258,200 3,859,432
714,693 7,585,759 7,843,125
66,925
641,580 3,937.649
819,731 1,300,840 8,818,220
636,087
612,183 3.904.913
2,728,363 1,925,862 21,173,385
135,985
606,421 3,767.344
10,525,839 107905118 46,699,601 11,391,561 5,971,522 34,219,443
GOVERNMENT REVENUE AND EXPENDITURES.
Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for the month of
March. From previous returns we obtain the figures for
previous months, and in that manner complete the statement for the nine months of the fiscal years 1907-08 and
1908-09. For statement of March 1908, see issue of April 25
1908, page 1022.
RECEIPTS AND DISBURSEMENTS (000o omitted).
t,
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30300
IMMIGRATION INTO THE UNITED STATES.-The
subjoined statement, compiled from the monthly statements
issued by the Bureau of Immigration and Naturalization of
the Department of Commerce and Labor, shows the number
of immigrant aliens admitted into the United States during
February and the eight months of the fiscal year 1908-09,
and for purposes of comparison corresponding figures for
1907-08 and 1906-07 are appended:
MonthsJudy
August
September
October
November
December
January
Februhry
From
AustriaRussia & United
Other
Hungary. /tolv. Finland.Kingdom. Europe.
4,088
6.198
3,374
2.451
5,147
6,194
4,699
2,468
3,896
5.312
7,727
5,625
6,177
4,236
7,501
4,536
7.483
5,241
7,009
8,759
6,088
8,290
4,138
4,581
5,252
2,980
7,679
13,623
9,124
4,775
7,424
16,364
7,738
2,124
3,743
20,294
8,857
22,907
2,930
5,767
8 mos. 1908-09 81,088 56,133 53,703
February 1908._ 3,760
3,592
4,587
8 mos. 1907-08_ _152,035 106,933 135,212
February 1907_ _ 23,181
12,903 12,429
8 mos. 1906-07_ _168,Q21 128,587 150,812
February 1906._ 23,T56
13,410
14,451
mos. 1905-06..138,647 115,891 102,946
34.599 46,258
3,311
3,661
65,834 115,629
3,982
6,730
59,057 99,749
3,831
6,749
54,233 83,262
AU
Other.
6,332
6.213
6.972
7,966
8,727
7,822
6,475
6,399
66,906
4,470
65,172
6,316
54,229
6.499
53,532
Total.
27.570
27.782
38,238
40,994
37,076
46,003
43,868
67,154
328,685
23,381
640,815
65,541
661,355
68,698
548,511
[VoL. Lxxxviii.
THE CHRONICLE
1042
TREASURY CURRENCY HOLDINGS.-The following
Auction Sales.-Among other securities, the following, not
regularly dealt in at the Board, were recently sold at auction. compilation, based on official Government statements, inBy Messrs. Adrian H. Muller & Son:
dicates the currency holdings of the Treasury on the first of
Stocks
Stocks.
25 Long Isl. L. & Tr. Co__ _300
29 Mutual Trust Co. of WestJanuary, February, March and April 1909. Statements of
121
chester County
Bonds.
corresponding dates in previous year will be found in our issue
20 Dubois Elec. & Trac. Co.
$7 per sh. $16,000 J. B. Watkins Land
temp. ctfs
Mtge. Co. ctfs. of dep. of deof April 18 1908, page 958.
300 Greene Gold Silver Co.,
$26 lot
$10 each
50 Underwood Typewriter
$44 per sh.
Co. common
1,400 Ecuadorian Assoc., Ltd.,
5c. per sh.
14 Title Guar. .Se Tr. Co.. _ _ _ 510
1 Bklyn. Acad. of Music.. .$63
g
1,100 Un. Cop. Co., com_ _13U-13
700 Un. Cop. Co., pref _ _ _ _38-38 X,
100 Amer. Sight-Seeing Car
& Coach Co., $10 each..$51 lot
340
5 Corn Exch. Bank
175
35 Carnegie Trust Co
1 Free right N. Y. Soc. Lib_ _684
benture bonds
$1,065
$15,000 Newburgh El. Ry. Co.
1st M. 5s1944. M. & N.62 16 &int.
$2,500 Newburgh & Or. Lake
RR. 1st 5s 1944. J. & J. 80 & int.
$25,000 Cuban-Amer. Sugar Co.
coll. tr. 6s 1918. A. & 0_ _90 & int.
$5,000 N. Y. & East Riv. Gas
Co. 1st 5s 1944.J. & J_ _105 16 &int.
$1,800 Securities Co. of .N Y.
cons. 45, Ser. C
65 1I,
$8,000
Majestic
Apartment
House Co., Phila., gen. 5s $500 lot
It
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
1 Holders of rec. April 30
216 June
Atchison Topeka & Santa Fe, common__
216 May 10 April 29 to May 1
Atlantic Coast Line RR
May
1 Holders of rec. April 21
2
Central Railroad of New Jersey (guar.).
1 Holders of rec. May20a
June
Cripple Creek Central, pre/.(guar.)(No.14) 1
236 May 15 May 9 to May 16
Georgia Southern & Florida, first pref.
216 May 15 May 9 to May 16
Second Preferred
116 April 26 April 17 to April 26
Grand Rapids & Indiana
6 Melt. 20 to April 21
2
May
Grand Trunk Ry Guaranteed stock
6 Mch. 20 to
May
Apr 21
5
First preferred
6 Mch. 20 to April 21
216 May
Second preferred
1 Holders of rec. April 10
1% May
Great Northern (quarterly)
1
may
1 Holders of rec. April 23
Keokuk & Des Moines, preferred
Mexican Railway, first preferred
3 3-16 May 15 April 19 to May 1
2
may 10 April 21 to May 9
Missouri Kansas & Texas, preferred __ _
June 18 Holders of rec. May 29
2
Norfolk & Western, common
1 Holders of rec. April 12
May
Northern Pacific (guar.)
May 10 Holders of rec. April 22
2
Reading Company, 2d preferred
1 Holders of rec. April2la
May
St. Louis & San Fran., first pref. (guar.) 1
Street and Electric Railways.
1 Holders of rec. April 15
53 May
Cape Breton Electric, Ltd.. pref.(No 6)
1 Holders of rec. April 15
11(1, May
Columbus Ry., pref. (guar.) (No. 38).
May 15 May 1 to May 16
ConnecticutRy. & Ltg., corn. & pref. (qu.) 1
1 Holders of rec. April 15
East St. Louis & Sub., pref. (guar.)._- 114 May
1 Holders of rec. April 15
Grand Rapids Ky., pref. (guar.)(No. 34) 1y, May
May 15
May 15 April 26 to
Havana Electric, common (guar.)(No. 2) 1
13. May 15 April 26 to May 15
Preferred (guar.) (No. 13)
1
may
1 Holders of rec. April2la
Helena Light & Ry., common
1 Holders of rec. April2la
134 May
Preferred (guar.)
1 April 25 to May 1
116 May
Mexico Tramways (guar.)
Milw. Elec. Ry. & Lt., ptagua(No. 38). 116 April 30 Holders of rec. April 20
1 Holders of rec. Apr1110
216 May
Montreal Street Hy. (guar.)
1 Holders of rec. June 19
July
Nashville Railway & Light, corn. (No. 1.) 1
1 April 25 to April 30
1X May
Ohio Traction, preferred (guar.)
1 Holders of rec. April 1
116 May
Philadelphia Company, corn. (guar.).
1 April 19 to April 30
316 May
Quebec Railway, Light & Power, pref.__
11i May 15 Holders of rec. April 21
Twin City Rapid Transit, corn. (guar.)._
1 April 24 to May 2
West Penn Rys., pref. (guar.)(No. 14)... 114 May
Banks.
1 April 23 to April 30
5
May
City, National
May
1 Holders of rec. April 24
4
Corn Exchange (guar.)
1 April 30 to May 1
3
May
Fidelity,
May
1 Holders of rec. April 22
10
German.a
May
1 Holders of rec. April 22
2
Lincoln National (guar.)
1 April 21
2;6 May
to
Mt. Morris (guar.)(No. 37)
1 April 21 to April 30
2
May
Pacific (guar.)
Trust Companies.
1 April 25 to April 30
10
May
Farmers' Loan & Trust (guar.)
234 May
1 April 25 to April 30
Hamilton, Brooklyn (guar.)
336 May
1 April 25 to May 1
Kings County, Brooklyn (guar.)
May
1 April 28 to May 2
2
Nassau, Brooklyn (guar.)
Miscellaneous.
Amalgamated Copper (guar.)
34 May 31 Holders of rec. April 22
May 15 Holders of rec. May 1
1
N Y
American District Teleg.
1 April 20 to May 2
American Gas & Elec., pref. (guar (aro.9) 116 May
1 April 21 to April 30
May
American Light & Traction, corn. (guar.) 2
1 April 21 to April 30
134 May
Preferred (guar.)
1 April 16 to May 2
$1.56 May
American Malting, preferred
3 Holders of rec. April 15
216 May
American Malt Corporation, preferred_ _
1 April 18 to May 2
$4 May
Bergner & Engel Brewing, preferred_ _ _ _
May 15 Holders of rec. May s
3
Bond & Mortgage Guarantee ((mar.)
1 April 28 to April 30
Brill (J. G.), preferred (guar.)
13( May
British-Canadian Asbestos, Ltd. (guar.). 116 April 27 Holders of rec. April 20
2
April 30 April 24 to April 30
Central Dist. & Print. Tel. ((mar.)
1 April 23 to May 2
134 May
Claflin (H. B.) first preferred (guar.)__ _ _
116 May
1 April 23 to May 2
Second preferred (guar.)
116 May
1 April 21 to
April 30
Commonwealth Edison (guar.)
116 April 30 April 25 to Apell 30
Consolidation Coal (guar.)
16 April 30 Holders of rec. AprillOa
Distillers' Secur. Corp. (quay.) (No. 26).
1016 May 10 Holders of rec. April 26
Dominion Iron & Steel, Ltd., preferred _
du Pont(E.I.)de Nemours Powd.,pfagu.; 114 April 26 Holders of rec. April 15
1 Holders of rec. April 15
Edison Elec. Ill., Boston (guar.)(No. 80) 216 May
2A May
1 Holders of rec. April 26
Electrical Securities, preferred
1 April 17 to May 2
134 May
Electric Bond & Share, pref. (guar.). _
134 May 3 Holders of rec. April 30
Federal Sugar Refining, pref. (quar.)_ _ _ _
236 May 10 May 9 to May 10
Gorham Manufacturing, cont. (guar.)._
Homestake Mining (monthly) (No. 416). 50c. April 25 April 21 to
116 May
1 April 11 to May 2
International Nickel, pref.(ouaro-1 April 21 to May 11
Internat. Steam Pump, pf. (qu.)(No. 40) 116 May
1 Holders of rec. June 15
July
1
Lansing Fuel & Gas
May
1 April 26 to
2
May 1
Lord & Taylor, common (guar.)
1 April 24 to
336 May
April 30
Mexican Light & Power, Ltd., peel...
1 May 16 to June 1
Michigan State Telephone, corn. (quar.).. 116 June
1 April 18 to May 2
116 May
Preferred (guar.)
134 Aug. 2 July 18 to
Aug. 2
Preferred (guar.)
Montreal Lt. Heat & Pow.(guar.)(No. 32) 116 May 15 Holders of rec. April 30
1N; May 15 May 5 to
National Carbon, preferred (guar.).
1 April 28 to May 2
May
2
New Central Coal
1 April 27' to AprIl 30
116 May
Neu!England Cotton Yarn, pref. (gua)'.). _
1 April 18 to May 2
May
1
Pacific Coast Co., common (guar.)
1 April 18 to
May 2
First preferred (guar.)
134 May
1 April 18 to . May 2
May
Second preferred (guar.)
1
1
April 18
336 May
Pennsylvania Steel, preferred
People's Gas Light & Coke (guar.)
134 May 25 Holders of rec. May 1
May 15 May 1 to May 15
Pullman Co. (quar.) (No. 169)
2
May 15 Holders of rec. May 1
Sears. Roebuck & Co., common (guar.).1
May 15 May 8 to May 15
Silversmiths Company (guar.)
1
36 April 26 April 11 to April 27
Street's West. Stable-Car Line, corn.(qu.)
May 15 Holders of rec. May 10
Thompson-Starrett, preferred
4
1 April 27 to April 30
May
1
United Cigar Mfrs., corn. (guar.)(No. 2)_
1 Holders of rec. April 22
$3.50 May
United Electric Securities, preferred
May 15 May 1 to May 15
2
United States Express (No. 151)
1
United States Printing of Ohio (guar.)..._ 1 5-16 July
1 Holders of rec. April 21
May
1
U.S. Realty & Improvement (guar.). _ _ _
April 30 Holders of roe. Apr. 15a
U. S. Rubber, first pref. (guar.)
116 April 30 Holders of rec. Anrill5a
Second preferred (guar.)
1 Aril 21 to May 2
Worthington (H. R.), Inc.. preferred.... 336 May
a Transfer books not closed.
TREASURY,NET HOLDINGS.
Jan. 1 '09. 'Feb. 1 '09, Melt. 1 '09.
$.
$
Holdings in Sub-Treasuries232,703,457 204,776,864 234,094,571
Net coin and gold bullion
24,706,864 34,281,781 24,515,171
Net silver coin and bullion
6,811
15,276
15,336
Net United States Treasury notes
10,258,047
8,661,996 10,922,510
Net legal-tender notes
25,287,727 37,762,721 30,686,733
Net national bank notes
18,162,747 22,899,998 24,855,000
Net fractional silver
2,050,073
2,383,808
2,440,107
Minor coin, &e
April 1 '09240,173,188
19,851,900
11,193
7,552,169
22,816,033
25,957,101
2,820,941
Total cash In Sub-Treasuries._313,175,726 310,782,444 327,538,428d319,182,525
150,000,000 150,000,000 150,000,000 150,000,000
Less gold reserve fund
Cash bal. in Sub-Treasuries...163,175,726 160,782,444 177,538,428 169,182,525
123,928,436 100,511,200 72,343,825 70,516,470
Cash in national banks
4,323,011
5,009,728
3,472,902
4,428,333
Cash in Philippine Islands
Net Cash in banks, Sub-Treas_292,113,890 265,616,655 253,355,155 244,127,333
122,612,473 115,915,070 112,091,343 110,193,262
Deduct current liabilities_a
169,501,417 149,701,585 141,263,812 133,934,07/
Available cash balance
a "Chiefly disbursing officers' balances." d Includes $4,430,567 silver bullion
and $2,820,941 minor coin, &c., not included in statement Stock of Money."
Imports and Exports for the Week.-The following are
the imports at New York for the week ending April 17; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For week.
$2,893,598
13,184,783
83,206,872
14,237,470
$2,080,675
10,845,107
$16,770 760 $12,925,782 $17,444,342 $16,078,38/
Total
Since January 1.
Dry Goods
General Merchandise
Total 15 weeks
1906.
1907.
1908.
1909.
$2,649,883
14,120,877
Dry Goods
General Merchandise
$54,478,343 $40,814,336 $66,186,170 $52,786,073
203,340,312 140,134,152 216,351,829 174,882,110
$257,818,655 $180,948,488 $276,537,999 $227,668,183
The following is a statement of tile exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending April 17 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1908.
1909.
For the week
Previously reported
Total 15 weeks
1
1907.
1906.
$9,869720 $12,334,591 $12,957,725 $12,678,883
175,120,141 198,918,285' 185,215,258 173,965,955
$184,989,861 $211,252,876 $198,172,983 $186,644,838
The following table shows the exports and imports of
specie at the Port of New York for the week ending April 17
and since Jan. 1 1909, and for the corresponding periods
in 1908 and 1907:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Imports.
Exports.
Gold.
Week.
Great Britain
Franee
Germany
West Indies
Mexico
South America
All other countries
Week.
SinCeJan.1.
$13,941,020
5,420,000
$2,584
1,902,715
2,000
525,000 17,650,000
20,095
11,500
21,227
60,719
85,063
$25,100
$550,100 $38,935,830
1,005,529 1,894,429
3,000 1,744,336
Total 1909
Total 1908
Total 1907
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
981
26,181
$856,016 $13,919,007
845,030 12,368,804
691,660 12,679,728
Total 1909
Total 1908
Total 1907
$83,877
2,112,008.
350,
194,307
155,856
920,682
815,450,
$181,093 $4,282,530
226,041 9,016,552
147,062 5,126,575
$649,780 $12,248,973
205,000 1,621,350
5,015
16,507
996
240
SinceJan.1.
$5,045
8,464
6,405
4,033
$84,941
2,895
5,764
25,385
624,678.
354,526
250,244
$23,947 $1,348,433.
8,339
991,496
64,371
7,907
Of the above imports for the week in 1909, $11,500 were
American gold coin and $ _____ American silver coin. Of
the exports during the same time, $550.100 were American gold coin and $240 were American silver coin.
Boston and Philadelphia Banks.-Below is a summary of
the weekly totals of the Clearing-House banks of Boston and
Philadelphia.
We omit two ciphers (00) in all these limes.
Banks.
Boston.
Mob.27_
April 3__
Apr. 10_
Apr. 17..
Ph ila
Mob. 27__
April 3_
Apr. 10._
Apr. 17..
Capital
and
Surplus.
Loans.
Specie.
Legais. Deposits. a Cirazu
lotion.
41,790,0
41,790,0
41,790,0
41,790,0
$
205,517,0
207,761,0
205,730,0
208,407,0
23,757,0
22,937,0
23,063,0
26,604,0
3,328,0
3,293,0
3,595,0
4,090,0
54,390,0
54,390,0
54,390,0
54,390,0
258,437,0
259,734,0
259,136,0
257,508,0
72,859,0
73,466,0
75,474,0
79,984,0
Clearings.
255,616,0
264,941,0
267,942,0
283,759,0
7,604,0
7,651,0
7,692,0
7,683,0
145,436,5
177,560,5
161,483,8.
194,248 5
300,507,0
304,803,0
307,262,0
314,347,0
15,705,0
15,723,0
15,676,0
15,673,0
107,817,7
133,467,6
110,780,g
152,343,2
a Including Government deposits and the item "due to other banks." At Boston.
Government deposits amounted to $713,000 on April 17, against $735,000 on April 10'
Statement of New York City Clearing-House Banks.-The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending April 17.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
Capital. Surplus.
Loans.
Average.
Specie. Legals. Deposits. ReAverage. Average. Average. s've.
Bank of N. Y- 2,000,0 3,305,6 20,380,0 3,419,0 1,427,0
Manhattan Co_ 2,050,0 3,489,3 37,800,0 8,836,0 1,613,0
Merchants' _ _ _ _
2,000,0 1,588,2 22,664,0 4,318,0 1,948,0
Mechanics'
3,000,0 3,715,8 32,065,0 7,253,0 1,436,0
America
1,500,0 5,114,5 29,924,6 5,185,0 2,939,2
Phenix
1,000,0
633,1
8,007,0 1,732,0
312,0
City
25,000,0 26,218,2 187,602,7 41,089,9 7,386,0
Chemical
3,000,0 5,887,0 29,280,6 5,194,1 2,243,4
Merchants' Ex _
600,0
523,1
7,705,1 1,231,3
833,6
_____
1,000,0 2,429,3
9,672,3 1,282,5
763,8
Butch.& -Drov_
300,0
146,1
2,310,1
423,2
173,8
Greenwich _ _
500,0
750,0
7.601,9 2,176,5
200,0
American Exch.
- 5,000,0 5,163,1 30,233,1 4,476,9 1,985,6
Commerce
25,000,0 15,394,4 167,066,0 27,248,9 10,938,0
Mercantile _
3,000,0 2,483,3 13,335,0 1,307,2 1,203,0
Pacific
500,0
854,4
500,1
292,1
3,864,6
Chatham
450,0 1,002,2
7,480,4 1,083,3 1,136,9
People's
200,0
464,4
498,2
101,7
2,033,5
Hanover
3,000,0 10,384,0 72,403,2 15,819,5 6,672,3
Citizens' Cent_ _
321,8
2,550,0 1,416,6 23,251,6 6,112,0
Nassau
$21,2
812,5
500,0
423,7
5,577,3
Market & Fult_
1,000,0 1,607,3
8,036,5 1,365,6 1,243,2
Metropolitan _ _
158,9
2,000,0 1,312,7 11,528,9 2,694,6
Corn Exchange. 3,000,0 5,275,5 44,056,0 8,159,0 5,448,0
Imp. & Traders' 1,500,0 7,345,8 27,360,0 4,555,0 1,843,0
Park
3,000,0 9,568,9 90,737,2 25,943,6 1,276,5
East River__ _.
156,7
100,1
1,311,2
317,1
250,0
Fourth
3,000,0 3,319,9 26,444,0 4,577,0 2,683,0
320,0
Second
1,080,0 1,747,0 11,455,0 2,788,0
First
10,000,0 18,368,6 114,687,2 28,255,2 1,981,4
Irving Exch._
2,000,0 1,409,5 20,690,5 4,361,4 1,380,5
745,0
77,0
3,209,3
787,1
250,0
Bowery
719,5
7,860,7 1,439,0
500,0 1,285,6
N. Y. County_
779,6
215,5
4,073,6
648,9
German-Amer 750,0
Chase
5,000,0 5,931,0 85,547,0 19,126,0 4,679,0
908,3
Fifth Avenue..
100,0 2,165,6 13,478,8 3,129,4
555,2
3,493,1
872,3
365,7
200,0
GermanE,xch_ _
498,4
4,777,8
930,5
200,0 1,001,3
Germania
1,000,0 1,309,5 15,133,6 3,109,6 1,030,3
Lincoln
7,550.9 1,701,6
366,1
1,000,0 1,135,1
Garfield
473,0
462,0
3,196,5
355,4
250,0
Fifth
821,6 2,144,7
1,000,0 2,023,2 11,578,1
Metropolis __
4,566,0 1,093,0
250,0
West Side
200,0 1,051,6
1,000,0 1,682,2 20,348,0 4,222,0 2,136,0
Seaboard
1,000,0 2,505,2 17,611,7 3,792,6
Liberty
831,9
7,690,2 2,216,3
696,6
N. Y. Prod. Ex. 1,000,0
393,8
1,000,0
786,5 11,632,0 3,675,0
State
262,0
1,000,0
315,8
14th Street_ _ _
5,039,6 1,058,0
492,7
Copper
2,000,0 2,596,3 24,391,7 5,454,5
746,0
18,620,0 26.0
44,100,0 23.9
24,897,0 25.1
34,268,0 25.3
32,569,7 24.9
7,610,0 27.7
185,628,2 26.1
28,584,8 26.2
8,275,9 25.0
7.843,8 26.1
2,216,2 26.9
8,887,1 26.7
23,878,8 27.3
151,608,1 25.2
9,729,8 25.3
3,452,9 22.9
8,238,7 26.9
2,211,9 27.1
86,745,0 26.0
23,860,5 27.1
6,225,9 26.2
8,619,9 30.3
11,550,8 24.7
52,448,0 25.9
25,488,0 25.0
104,888,3 25.9
1,572,2 30.1
28,220,0 25,7
12,108,0 25.6
111,507,5 27.1
22,181,6 -5.8
3,390,0 24.2
8,464,7 26.2
3,924,9 25.3
95,678,0 24.8
15,232,0 26.5
3,862,3 23.8
5,547,5 25.7
16,314,8 25.3
7,638,6 27.1
3,333,9 24.9
11,647,8 25.4
5,128,0 26.1
24,301,0 26.2
17,680,8 26.2
9,437,9 27.6
14,846,0 28.5
5,824,0 26.6
25,099,8 24.7
Totals, Average 126,350,0 168,697,4 1327,793,3 276,948,7 78,100,7 1375,388,8 25.8
Actual figures April 17
1336,060,1 277,906,4 77,193,4 1383,329,1 25.7
Onfthe basis of averages, circulation amounted to $49,118,400 and United States
deposits (included in deposits) to $2,355,500; actual figures April 17, circulation
$49,190,300; United States deposits, $2,360,300.
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.
Week ended Aprtl 17.
Trust Cos.
Trust Cos.
State Banks
State Banks
outside of
outside of
in
in
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
Loan,s and Investments- Change from last week_
"N
Specie
Change from last week.
Legal-tend's & bk. notes_
Change from last week_
ns,
Deposits
Change from last week_
1
Reserve on deposits_.. _ _
Change from last week_
P. C. reserve to deposits
Percentage last week_
$
s
300,627,900 996,889,400
+1,325,900 +12,071,700
49,412,200
-832,900
118,358,600
-1,223,600
26,664,000
+461,300
12,325,700
+229,300
352,094,800 1,112,316,800
+965,100 +3,992,500
97,904,100
-600,400
139,184,200
-1,661,100
28.4%
28.6%
17.7%
18.0%
$
$
82,037,800
+148,500
126,171,600
+710,400
87,238,700
+264,300
136,114,400
-124,500
18,780.100- 21,526,700
-119,200
-685,600
22.1%
22.4%
16.3%
16.8%
+Increase over last week. -Decrease from last week.
Note.-"Reserve on deposits" includes, for both trust companies and State banks,
not only cash items but amounts due from reserve agents. Trust companies In New
York State are required by law to keep a reserve proportionate to their deposits,
the ratio varying according to location as shown below. The percentage of reserve required is computed on the aggregate of deposits, exclusive of moneys held
in trust and not payable within thirty days, and also exclusive of time deposits not
payable within 30 days, represented 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 varying 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.
-State Banks-Trust Co'sReserve Required for Trust Companies
and State Banks.
Total
Of
Total.
Reserve which
Reserve which
Required. In Cash.Requtred. in Cash
Location15%
15%
25%
15%
Manhattan Borough
10%
20%
10%
Brooklyn Borough (without branches in Manhat.)15%
Other Boroughs(without branches in Manhattan) 15%
10%
16%
7 %
Any Borough with branches in Manhattan
15%
15%
25%
15%
10%
5%
'Elsewhere In State
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 not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the ClearingHouse banks. In addition, we have combined each corresponding item in the two statements, thus affording an aggregate for the whole of the banks and trust companies in the
Greater New York.
1048
THE CHRONICLE
APR. 24 1909.]
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.-House State Banks & Total of alt
Trust Cos. not Banks& Trust
Banks.
Banks.
Average. in C.-H. Aver. Cos. Average.
ActualFigures
Week ended Apr-ill?.
$
$
•
$
$
LORDS & investments__ 1,336,060,100 1,327,793,300 1,085,595,700 2,413,389,000
+6,847,700 +12,877,500 +19,725,200
Change from last week +11,241,400
Deposits
1,383.329,100 1,375,388,800 a1,034,611,800 2,410,000,600
Change from last week +13,103,600 +10,672,900 +11,280,500 +21,953,400
Specie
Change from last week
277,906,400
+3,368,100
276,948,700
+2,870,100
124,429,800
-979,000
401,378,500
+1,891,100
Legal-tenders
Change from last week
77,193,400
-718,200
78,100,700
+962,300
b21,237,800
+398,800
99,338,500
+1,361,100
Aggr'te money holdings
Change from last week
Money on deposit with
other bks. & trust cos
Change from last wk.
355,099,800
+2,649,900
355,049,400
+3,832,400
c145,667,600
-580,200
500,717,000
+3,252,200
26,087,200
-1,153,700
26,087,200
-1,153,700
Total reserve
Change from last wk.
Percentage to deposits
requiring reserve_
Percentage last week_
355,099,800
+2,649,900
355,049,400
+3,832,400
171,754,800
-1,733,900
526,804,200
+2,098,500
25.70%
25.75%
25.85%
25.77%
19.20%
19.50%
9,267,525
11,202,200
Surplus reserve
± Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve nepositortes and other banks and trust companies in New York City;" with this item
included deposits amounted to $1,222,831,900, an Increase of $4,896,600 over
last week. In the ease of the Clearing-House banks, the deposits are "net" both
for the average and the actual figures. b Includes bank notes. c Of this amount
State banks held $17,587,300 and trust companies $8,499,900.
The averages of the New York Clearing-House banks
combined with those for the State banks and trust companies
in Greater New York outside of the Clearing House compare
as follows for a series of weeks past: •
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Week
Ended.
Loans and
Investments.
Mch. 27__
Apr. 3___
Apr. 10._
Apr. 17__
3
2,374,574,4
2,390,556,0
2,393,663,8
2,413,389,0
Deposits.
Specie.
Legal&
$
$
$
2,376,562,8 398,513,0 102,165,3
98,420,2
2,392,819,3 402,309,3
97,977,4
2,388,047,2 399,487,4
99,338,5
2,410,000,6 401,378,5
Tot. Money Entire Res.
Holdings. on Deposits
$
500,678,3
500,729,5
497.464,8
500,717,0
$
524,943.1
525,774,0
524.705,7
526,804,2
Reports of Non-Member Banks.-The following is the
statement of condition of the non-member banks for the
week ending April 17, based on average daily results.
We omittwo ciphers (00)in all these figures.
Banks.
Capt.
Surplus.
tat.
N. Y. City.
Boroughs of
$
Man.& Brx.
Wash. Ins 100,0
Century _-- 200,0
400,0
Colonial ___
Columbia - 300,0
Fidelity _- 200,0
Jefferson_
500,0
Mt. Morris_
250,0
Mutual ____
200,0
19th Ward_
300,0
Plaza
100,0
23d Ward__
200,0
Union Ex.N 1,000,0
Yorkville .. 100,0
Coal & I. N. 500,0
New Neth'd
200,0
13at.Pk.Nat. 200,0
Aetna Nat_
300,0
Borough of
Brooklyn.
200,0
Broadway _
Mfrs.' Nat_
252,0
Mechanics'_ 1,000,0
Nassau Nat. 750,0
Nat. City_ 300,0
North Side_ 200,0
Jersey City.
400,0
First Nat__
Hud.Co.Nat 250,0
Third Nat__
200,0
Hoboken.
220,0
First Nat__
Second Nat. 125,0
Loans,
Dtsets
and
Investmerits.
$
225,3
157,6
245,2
427,7
180,4
677,5
283,0
325,6
461,0
401,3
88,1
950,0
444,8
725,8
238,3
145,8
309,8
$
1,136,0
1,600,8
4,439,4
5,855,0
962,5
3,253,9
2,418,2
4,298,0
3,985,6
3,742,0
1,614,2
7,150,4
3,755,6
4,584,0
1,894,0
1,077,6
1,872,5
515,4
777,6
902,1
919,9
568,7
138,1
3,135,8
5,550,3
10,686,3
6,822,0
4,478,0
1,590,3
Specie.
Legal
Deposit withTender
ClearOther
Net
and
Bank
tng
Banks, Deposits.
&c.
Notes. Agent.
$
$
157,0
63,0
28,7 272,9
610,3 324,8
597,0 559,0
76,2
73,2
8,1 482,3
462,7
60,3
31,1
729,0
71,8 688,9
257,0 363,0
52,8
178,3
845,3 1,000,0
51,8 729,8
905,0 253,0
213,0
70,0
193,4
40,0
383,8
32,8
$
$
$
408,0
1,223,0
81,0 245,4 2,046,0
444,5 962,1 6,220,4
6,928,0
470,0
119,6
967,3
351,7 259,2 3,651,2
81,3 3,288,6
471,5
5,1 5,185,3
585,6
733,2 1,188,9 6,242,0
536,0
4,399,0
1,970,4
291,2
7,065,1
348,5
243,3 150,0 4,795,9
624,0 200,0 5,080,0
270,0
17,0 2,090,0
930,2
1,2
1,647,2
107,7
232,2
27,2 445,0
672,1
135,8
986,5
213.7 1,891,6 1,169,9
330,0 881,0 1,252,0
95,0 754,0
768,0
79,8
286,9
136,1
1,210,8 3,964,8
721,1 2,587,2
374,0 1,729,3
272,6
173,8
65,6
612,5 2,834,3
220,5 2,163,3
128,9
73,0
234,4 3,735,3
197,9 6,446,0
178,2 13,940,9
7,275,0
127,0 5,842,0
220,0 2,061,i
353,8 2,1306,2 2,561,0 7,638,3
268,4 414,0 2,695,2
35,1
95,9 2,646,1
728,4
136,8
28,2
71,4
168,4
167,6
322,7 2,704,8
262,8 2,685.0
Tot. Apr. 17 8,947,0 13,247,9 99,181,3 7,261,5 10408,2 14,721,5 7,722,9 121399,2
Tot. Apr. 10 8,647,0 12,938,1 95,762,3 6,596,0 10094,3 16.000,0 7,707,1 119320,7
2 5 547 A 12 025 1 Ok crift A ft IAR II 0 itAh 11 17 c111 11 7 040 4 110427.0
Tn. A,,'
!milting awlftvandal.
We shall be pleased to furnish to institutions and investors copies
of our special circular describing
43 RAILROAD BONDS
Listed upon the New York Stock Exchange
Spencer Trask & Co.
WILLIAM AND PINE STS..
NEW YORK
Branch offices: Chicago. III.. and Albany. N. Y.
MOFFAT & WHITE
Members New York Stock Exchange
5 NASSAU STREET.
HANOVER BANK BUILDING
DEALERS IN INVESTMENT SECURITIES.
Commission Orders Executed for Cash Only.
1044
THE CHRONICLE
Vaulters'
antte.
Wall Street, Friday Night, April 23 1909.
The Money Market and Financial Situation.-The security
markets show a decidedly broadening tendency. The demand for stocks of all classes has continued without interruption, notwithstanding a further advance in prices. Increasing interest in the bond market is, however, the conspicuous development of the week, not only at the Stock
Exchange but over the counter, and several new issues are
finding a ready sale at satisfactory prices
As further evidence of a better feeling, it is reported that
the demand for pig iron is increasing, and that some orders
of considerable size for steel rails have been placed. The
Clearing-House returns for the week are unmistakable evidence of a larger general business. They show an increase
of over 50% for the country as a whole and of over 70%
for New York City when compared with the corresponding
week last year.
Another break in the grain market and the departure
from Chicago of the principal wheat operator there seems to
make it certain that the now famous "Patten corner" is
passing, or has passed, into history.
The money market has ruled a little firmer, with a maximum call loan rate of 23/2%, and an increased demand for
time loans, due, no doubt, to the expanding general business
referred to above. Gold shipments for the week amount to
$2,250,000-$2,000,000 to South America and $250,000 to
Amsterdam.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 13
4% to 23/270. To-day's rates on call were 1N,(4)
23/2%. Commercial paper quoted at 3%(4)3Ya for 60 to 90
day endorsements, 332 ®4% for prime and 4 to 6 months'
single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £446,823 and the percentage
of reserve to liabilities was 49.73, against 48.66 last week.
The rate of discount remains unchanged at 2%%, as fixed
April 1. The Bank of France shows an increase of 17,175,000
francs gold and 7,050,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1909.
Averages for
week ending
April 17.
Differences
from
previous week.
1908.
Averages for
week ending
April 18.
1907.
Averages for
week ending
April 20.
$
$
$
Capital
126,350,000
124,350,000 128,100,000
168,697,400
Surplus
159,984,000 159,990,500
Loans and discounts... 1,327,793,300 Inc. 6,847,700 1,195,728,900 1,125,004,900
Circulation
49,118,400 Inc.
163,800
59,499,300
50,106,800
1,375,388,800 Inc. 10,672,900 1,245,609,900 1,108,163,500
Net deposits
2,355,600 Dec.
U. S. dep.(incl. above)
7,300
43,571,800
31,612,300
Specie
276,948,700 Inc. 2,870,100 296,076,700 215,129,400
Legal tenders
78,100,700 Inc.
962,300
64,699,200
73,616,300
Reserve held
355,049,400 Inc. 3,832,400 361,375,900 288,745,700
25% of deposits
313,847,200 Inc. 2,668,225 311,402,475 277,040,875
Surplus reserve
11,202 200 Inc. 1,104,175
49,973,425
11,704,825
Surplus excl. U. S. dep.
11,791,075 Inc.
1,162,350
60,866,375
19,607,900
Note.-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 House, appear on the preceding page.
Foreign Exchange.-The foreign exchange market was
dull and barely steady this week and fluctuations were within
a 'Arrow range. Gold exports, $1,000,000 each to Brazil
and Argentina and $250,000 to Amsterdam.
To-day's (Friday's) nominal rates for sterling exchange
were 4 87 for sixty-day and 4 883/b for sight. To-day's
(Friday's) actual rates for sterling exchange were 4 863010
4 8640 for long, 4 8740@4 8750 for short and 4 8760@4 8770
for cables. Commercial on banks 4 85%®4 86 and documents for payment 4 85%
4 ®4 86.. Cotton for payment
4 859@4 858, cotton for acceptance 4 85%®4 86 and
grain for payment 4 85%®4 86.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 183®5 173 for long and 5 15%a®5 155
%d for
short. Germany bankers' marks were 94%®94 15-16 for
long and 95 5-16d®95 5-16 for short Amsterdam bankers'
guilders were 4037@4039 for short.
Exchange at Paris on London, 25f. 153-ic.; week's range,
25f. 16c. high and 25f. 153'c. low.
The week's range for exchange rates follows:
--shortCables
Sterling. ActualHigh
4 8640
04 4 8775 14 8790
04 4 805014 8770
4 8630 ' 04 4 863514 8740
04 4 8750 14 8760
Partsliankers'Frana.-High
5i734
0 5 16%15 15%
04 515d I
0 5 17%15 15%a
Low
0 5 15%di
5183-i
Germany Bankers' MarksHigh
0 95 7-161
95 1-16
0
9534195%
Low
9434
0 04 15-16195 5-16a 0 855-16
Amsterdam Bankers' GuildersHigh
" 40042
I
Low
40 37040 39
IAMV
04
0
4 8795
4 8770
Less: a 1-16 of 1%. d 1-32 of 1%. h 3-32 of 1%.
Plus: k 1-16 of 1%. x 1-32 ,of 1%. y3-32 01 1%.
The following were the rates for .domestic exchange on
New York at the under-mentioned 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, 20c. per $1,000 premium.
Lxxxvm.
St. Louis, 45c. per $1,000 premium. San Francisco, 30c•
per $1,000 premium.
State and Railroad Bonds.-Sales of State bonds at the
Board:are limited to $1,000 New York State 4s at 112U.
As noted above, the bond market has broadened and increased in relative importance. The transactions on Thursday amounted to over $10,000,000, par value, due to enormous transactions in two or three issues, including Am. Tel.
& Tel. 4s, Union and Southern Pacifies and International
Merchants' Marine.
United States Bonds.-Sales of Government bonds at the
Board are limited to $2,000 3s, coup., 1908-18, at 1023
and $200 do (small bonds), at 1013/
2. The following are
the daily closing quotations; for yearly range see third page
following.
Interest April April April
Periods
17
19
20
registered Q-Jan
28, 1930
coupon Q-Jan
2s, 1930
registered Q-Feb
3s, 1908-18
coupon Q-Feb
as, 1908-18
3s, 1908-18._ _ _small coupon Q-Feb
registered Q-Feb
4s, 1925
coupon Q-Feb
4s, 1925
2s, 1936.Panama Canal regis Q-Feb
2s, 1938_Panama Canal regis Q-Nov
April
21
April
22
Ar;
*101% *101% *101% *101% *101% *101%
*101% *101% *101% *101% *101% *101%
*101% *101% *101% *101% *101% *101%
*101% *101% *101% *101% 102% *102
*100 *100 *100 *100 *100 *100
*119 *119 *119 *119 *119 *119
*120% *120% *120% *120% *120% *120%
*101. *101 *101 *101 *101 *101
*101 *101 *101 *101 *101 *101
* This is the price bid at the morning board; no sale was made
Railroad and Miscellaneous Stocks.---The stock market
has again been active, the transactions averaging over 900,000 shares per day. Although more or less irregular, the
market has been generally strong throughout the week, and
of a list of 20 prominently active railway issues, 8 have
reached the highest quotations of the year.
The anthracite coal shares have again been the conspicuous features. Central of New Jersey added 21 points to the
19-point advance noted last week, and Reading sold over
4 points above its previous high record. Besides the above
mentioned, Pennsylvania, Delaware & Hudson, Baltimore
& Ohio and New York Ontario & Western are on the list of
issues which sold. above previous high record prices. 'Reading has been by far the most active stock on the list, and
when at its highest (1483/
2)was nearly 10 points above last
week's closing price.
Telephone
American
& Telegraph has been exceptionally
active on a demand which carried the price up nearly 6 points.
Hocking
Coal
& Iron continued the advance
Columbus &
noted last week, until it reached 60. National Lead made a
and
the
United States Steel issues are
new record at 903,
both substantially higher.
For daily volume of business see page 1054.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending April 23.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
37 226 Apr 20226 Apr 20 226
Albany de Susquehanna
200 $2 Apr 17 $2 Apr 19 $2
Alice Mining
300 3 Apr 22 4 Apr 21 3
Chic Term Transfer
100 95 Apr 22 95 Apr 22 87%
Detroit & Mack, lpref___
100 101% Apr 19 101% Apr 19 98%
General Chemical, pref._
700 101 Apr 22 104 Apr 20 101
Hocking Val J P M rcts_
400 91 Apr 20 92 Apr 23 90
Hocking Valley, pref.._
350 91 Apr 21 94% Apr 20 87
Homestake Mining
600 $1.60Apr 17 $1.60Apr 17 70c.
Horn Silver Mining
M St P &SSM rights__ _ 4,320 7 Apr 17 7% Apr 19 7
160 78 Apr. 22 78 Apr 22 75
New York Dock, pref.__
10 175 Apr 21 175 Apr 21 1733
Pitts Ft W & Chic
St L & S F-C & E Ills
7,038 623 Apr 19 70 Apr 23 62%
new stock trust ctfs
% Apr 17
7,413
% Apr 19
%
Southern Pacific rights
400 104 Apr 21 104% Apr 22 99
United Cigar Mfrs, pref.
215 7% Apr 21 8 Apr 22 6
Vulcan Detinning
100 88 Apr 21 88 Apr 21 69%
Wisconsin Central, pref.
Highest.
Apr226
Apr
Feb $23
Jan
Apr 4% Jan
Itch 95
Apr
Jan 102
Feb
Apr 106
Jan
Feb 93
Jan
Jan 944 Apr
Feb $1.60 Apr
Apr 8% Apr
Jan 80
Mch
Mch 175
Apr
Apr 70
Apr
%
Jan 104%
Feb 8%
Jan 89%
Apr
Apr
Apr
Jan
Mch
Outside Market.-"Curb" trading this week was irregular,
weather conditions at times interfering with business. Price
changes have been without feature and insignificant, even
in the usually active issues. Boston Consolidated Copper
dropped from 12 to 1134, but improved finally to 123i•
British Columbia opened the week at 63, rose to 63
% and
fell back to 6. Butte Coalition fluctuated between 24%
the
low
at
closing
to-day
figure.
and 233A,
Cumberland-Ely
advanced from 73/i to 7%. Greene-Cananea sold up from
10,
with
to
down
the
then
final
10% to 10%,
quotation to-day
% to 15 and back
at 103t. Miami Copper moved up from 145
14%.
at
Nevada
closing
to-day
Consolidated registo 149',
tered a gain of over a point, from 193 to 20%,. and ends
United
Copper
20%.
common
moved irreguthe week at
larly from 12% to 123 and down to 113, recovering' most
to-day
being
close
at
12%.
the
loss,
The preferred
of the
registered a gain of 23/ points to 333/2. Goldfield Consoli5-16
and
between
8
8
7-16.
ranged
Nipissing moved
dated
up from 10 to 103'j. More interest was taken in bonds.
The Atlantic Gulf & W. I. 5s advanced sharply from 593
to 633. and to-day to 65U. Consolidated SS. 5s, receipts,
at the same time sold up from 17 to 183. Argentine 54
rose from 983
4 to 993/i and sold finally at 993(. Western
Pacific 5s were active, going from 963/i to 98% and closing
to-day at 983's. Jones & Laughlin 5s were also freely traded
in, down from 99U, to 99%. There was little to the industrial department. International Smelting & Refining, after
an early decline from 12634 to 125, jumped to 1293
4, but
reacted subsequently to 1273i. Standard Oil from 670
moved to 675, dropping a point to-day to 674.
Outside quotations will be found on page 1054.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TVITO PAGEs
SlOCKs--1110HEST AND LOWEST SALE PRICES
Saturday
April 17
Monday
April 19
Tuesdall
April 20
Wednesday
April 21
Thursday
April 22
Friday
Apra 23
Sales of
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1 1909
On basis of 100-share lots
Lowest
Highest
Range for Previous
Year (1908)
Lowest
Highest
Railroads
10638 10634 10634 10734 10713 10778 107 10712 10758 108
37.150 A tchgopperkel & SantaFe 9778 Jan 13 108% hfch31
10334 10334 *10358 104
66 Feb 10114 Dec
10312 10378 104 104 *10312 10412 *1
103
07154
600 13.
8 108
434
10014 Jan 20 1043 Mel.31
8333 Feb 104 Dec
123 126
127 127 *126 127 *125 ___ 126 12814 126 12712
5,200
Coast Line RR
10712 Jan 14 12814 Apr 22
5912 Mch 11112 Dec
11112 11214 1123 11318 1127 11434 11334 11434 11418 1141 11314 114% 96,650 Atlantic
I.Zaltimore
2
do
Ohio
*9514 06
10312 Feb 23 31934 Apr 20
7612 Feb )11% Dec
*9514 9612 *9512 9612 *9534 9612 *9534 9612
*9512 0612
I
,
Do pref
92 Feb :, 06 Apr 12
94 Dec
80
Jan
7558 7612 767 7714 7612 7718 76
7658 7653 7814 77,2 7814 48,510 Brooklyn Rapid Transit_ 67 Jan 9 7814 Apr 22
6934 Deo
3714 Feb
*---- 65 *---- 65 *____ 65 *____ 65 *_ _ 65
66
*65
Buffalo &
pref__ 62 Apr IL (63 Meh 16 55934 Oct
6431 Mch
173 174
17434 17112 17512 17714 17534 17634 175 17612 176 17678 20,440 flanadianSusque,
Pacific
x165 Men 3 17814 Jan 4 140 Feb 18018 Nov
6612 6612 *6612 70
*66
67
*66 ____ *65
*65
200 Vianada Southern
66
66
6014 Jan 11 6612 Apr 7
54 /dell 68 Nov
26434 278
280 280
27973 282 *270 280
2,770 Central of New Jersey
27712 27712 *270 278
215 Feb 22 28' Apr 10 160 Feb 229 Dec
7534 77
7638 7714 757 7653 7534 7614 76
7718 75% 7612 62,580 Chesapeake & Ohio
5553 Jan (3 7734 Apr 12
5933 Dec
2512 Feb
69
70
70
7134 7012 7112 7112 7112 71
71
7014 7114 4,100 Chicago & Alton ER
5778 Feb 24
7434 Apr 1
6873 Dec
lu Feb
*--- 75 *---- 75
*72
75 *-_ 78
_
Do pref
71 Feb 24
7812 Me1127
79 Dec
47
Mch
1
1
518 538
8
518 512
5
'
518
)55
3,5
hIcago Great Western
518 51
54
518 5 4
58
414
Mchlt,
1112
Jan
2
1433 Nov
313
Feb
*55
65
*55
65
*55
65
65
65
*55
*55
Do 4% debenture60 Jan 22 62 Apr 1
6814 Aug
*27
3312 Meli
29
*25
29
*2612 2912 :2
*26
29
29
*26
56
5
Do 5% pref "A"
69
2512
25 :an 13 37 Jan 4
758 734
Dec
3512
Feb
/3
712 778 *712 8
733 73,
714
712
2,300
Do 4% pref "B"
612 Mch19 1413 Jan 2
1713 Nov
b Feb
14678 148
14858 15014 14918 15018 149 14934 14933 15012 1:
:
9
7
432 150
74
53 60,235 Chicago 1.111w & St Paul_ 141 Feb 23 15178 Apr 6 10312
Jan 1521. Dec
*16512 16612 16614 16612 16534 16612 *16512 16614 166 166
1,061
166 166
Do pref
15812 Me111.5 167 Jan
138 Jan 16434 Dec
*178 180
180 180
180 180
180 180
181 181
180 180% 1,852 Chicago & North Western 17313 Feb 24 185 Jan 25
2 33512 Jan 18512 Dec
*210 225 *212 221 *215 221 *215 221 *210 217
220 220
100
Do pref
2208 M ch15 .1,25 Jan 5 5185 Jan 224 Dec
*147 153 *147 159 *147 152 *147 152
148 150
150 150
1,020 Chic St P Minn & Omaha 148 Apr 22 1.56 Jan 5
114 Feb 160 Dec
*165 175 *165 175 *165 175 *165 175 *165 175 *166 175
Do pref
1661.2 Jail 30 17018 Apr 15 14012Jan 174 Dee
434 5
*4
512
453 5
*43.1 6
800 Chic Un Trac ctfs stmpd
*424 5,8
458 Apr 20
7 Jan 4
718 Dec
58 Apr
1334 1434 15
*1418 1534 15
15
15
15
15
1473 1478 1,000
Do pref ctfs stmpd
1334 Apr 17 1814 Jan 27
4 Apr
18 Dec
*7312 7412 73
*7314 75
*7312 75
*7314 74
75
74% 74% 1,330 Cleve Cln Chic & St L
.,aii
18
2:
2912
Feb
It
Dec
J'fie
4712
7012
*100 100 *100 110 *100 110 *100 110 *100 110 *100 105
Do pref
100 Jan 4 105 Me1122
5978 Dec
8518 Feb
6612 6512 6612 64
*6212 63
*6212 6312 64
6512 6334 6412 10,715 Colorado & Southern
Jan
57%
5
6814
Jan
8
50
Dec
Feb
21
*8012 81
8112 82
80
8018 7934 82
82
8234 82
2,315
82
7012 Jan 2 8512 Jan 8
Do 1st preferred
6033 Jan
79 Dec
7612 7634 *7612 7712 77
8114 8018 80% 8,130
80
7933 7934 80
Do 2d preferred
7314 Jan 2 8412 Jan 7
76 Deo
3934 Feb
18112 18234 18234 185
18234 18334 183 18334 182 183
18312 185
15,800 nelaware & Hudson
185
Feb
24
4
1673
Apr
10
181331Dec
14112
Feb
*645 670
675 675 *660 680
665 065
680 680 *655 660
400
elaware Lack & West_ 535 Feb i 680 Apr 22 420 Jan 175 Nov
5153• 5238 5112 54
50
51
5212 54
5253 5312 52
90,530 Denver de Rio Grande- 3758 Jan 6 54 Apr 20
53
4012 Dec
1414 Feb
*87
88
8733 87133 8734 8834 8812 8873 8812 8812 88
8812 2,000
Do pref
7915 Jan 6 00 Feb 10
3914 Mel) 8314 Dec
6014 *57
*57
6014 *57
6014 *57
6014 *57
6014
6014 *57
Detroit United
56 Jan 730 6212 Feb 20
56 Nov
3212 Apr
1712 1818 *1712 1814 *17
1814 1814
*1612 1712 18
18
171, 1,250 Duluth So Shore de Atian 1514 Jan is 21 Jan 15
6 Feb
11c4 Nov
*3112 3214 3114 3212 :33
33
43214 33
980
3214
32
Do pref
3214 '132
28 Feb 23 3612 Jan 15
1134 Feb
3334 Nov
2912 3014 303 3113 3013 3073 3031 3112 3053 31
00
0101
0:6
3078 3138 87
22% 3:Leh li
3434 Jan 2
12 Mel] 36 Nov
46
4618 4612 4712 47
47
4634 4734 4653 4738 4634 4714
ErieDo 1st pref
3612 Mehl: 5112Jan 2
2438 Mch
5133 Dec
*37
3812 38
38
38
38
3812 3914 3812 3812 *38
3873 1,800
Do 2d pref
2812 Mch 11 4012 Jar. 4
41 Dec
16 Mch
142 14334 14373 14434 144 14512 14:334 14434 14418 14514 14418 14518 29,820 Great Northern
pref
136.58 Feb 24 14814 Jan 4 11334 Feb 14814 Dec
6834 6834 6912 012 6912 6934 6733 6812 6833 69'
6814 6812 3,300
Iron Ore properties_ _ _ 6518 Melt 12 74 Jan 27
Nov
75%
Jan
4812
*1412 15 *14 __ *14
15
*14
15
*14
1
11 Green Bay & W.deb Mr 13 14 Feb 26 17 Jan 4
1712 Dec
8 Jan
S.._ 5034 49 .49
4834 4834 4812 49
*49
*4
1814
5
50
600 1....1 avana Electric
5
10
5
30 Feb 1 51 Apr 14
40 Dec
20 Mei
90 *85
90
*85
87
*85
87
*85
*85
90
00
I I Do pref
83118 Feb 5 8618 Apr 8 170 Jan
84 Dec
14478 14334 14518 1468 14514 14512 145 146
L14334 145
14514 14614 8,400 I llinols Central
137 Feb 2:: 149 Jan 4 12212 Feb 141134 Nov
15
1517 1513 158 1518 153
15
1514
1514 16
22,820 I nterboro-Metropolitan_
115 Mch23 19 Jan 5
20 Dec
634 Jan
4314 44
4414 4514 4418 4414 4312 4412 4412 4531 4
15
4513
2 4
15
634 45,025
Do pref
3634 Mch 23 493 Jan
4912 Dec
3312 343.1 35
358 338 3478 34
3434 3414 3412
8,405 Iowa Central
27 Feb 24 36 Ayr 15
3212 Deo
674
10 Feb
6012 01
61
6112 61
6138 6058 6053 6012 6012 5
38
3112
34114
2 5
9 2 3.195
Do pref5412 Jan 4 62 Apr 15
57 Dec
2712
Feb
*75
77
7658 768 *75
78
*75
78
*75
78
300 ITC Ft S & M tr cfs. pref 7434 Feb 2 7713 Apr 23
77
7712
7512 Dec
67 Aug
45
457
46
4633 4512 46
4512 46
4534 457
11,600 manses City Southern
4518 46
37 Feb 23 4712 Apr 1
4238 Dec
ls Feb
7273 7278 7212 7278 721 7253 7212 7212 725
13
4,040Do pref
7234 73
73
6778 Feb 24 748 Mtr,30
46 Feb
72% Dec
*21
25 *23
25
*22
25
*22
25
*22
23
2233 2234
600 I ake Erie & Western
1912 Feb 25 24 Jan 2
*51
26 Dec
12 Jan
54
5112 5112 *51
53 *5112 53
*51
33
5234 53
500 IA Do pref
48 ,an 23 51 Apr 8
:34 May 58 Dec
*64
68
*65
66
6633 8634 *6612 67
66
66
*63
400 Long Island
67
59 Jan 4 6712 Mch29
5638 Dec
30 Feb
13634 13734 13814 13814 13833 13812 13734 13814
138 13912 139 13912 6,600 Louisville & Nashville
s121 Jan 29 1397 Apr 15
8714 Feb 12514 Dec
*14312 145 *143 145
14314 14314 14958 14458 144 14434 *144 146
980 It/I anhattan Elevated
142 Meh25 15312Jan 4 120 Jan 15434 Dec
*20
27
2212 2212 *21
25
*21
5
25
1,890 1 1 etropolitan Street
2314 2634 2612 27
21 Mch 25 42 Jan 5
4412 Dec
15 Feb
*2318 2312 *2312 2358 *2314 2334 *24
2413 *2334 2378 *24
2414
Mex Cent Trust certfs_ _ _
1912 Feb 23 2514 J-11 4
2412 Dec
1412 MaN
5714 5734 5814 5834 5812 6034 60
6112 6014 6114 5834 60
7,285 Minneapolis & St Louis__ 62 !deli 6 65 Jan 8
5612 Dec
20 Mch
*86
89
*86
89
*85
89
*87
88
*87
89
*87
89
Do pref
81 Mch10 90 Jan 8
90 Dee
61 Feb
13314 13314 136 137
136 13714 137 13712 136 137
136 13612 2,805 Minn St P & S S Marie- 13212 Jan 2 3491 Jan 8
7914 Jan 135 Nov
147 147 *147 150
14818 14914 149 14912 *148
1,010
Do pref
147 Apr 13 159 Jan 7 12312 Feb 16112 Dec
4112 4218 4214 4253 4238 4314 4273 4:334 4314 14912 *14712 149
4:334 4258 44,8 98,500 Mo Kansas & Texas
3512 Feb 23 4475 Jan 22
4312 Dec
1712 Nieb
743 7458 75
7514 27314 7312 73
7313 7314 7314 73
7334 5,350
Do pref
7512 Dec
71 Feb 23 7514 Jan 21
46 Feb
7212 7353 7414 7434 7418 7434 7312 7414 74
7434 7312 7412 15,500 Missouri Pacific
6712 Dec
65 Feb 24 7512 Apr 14
2812 Feb
*130 135 *129 135 *129 133 *129 135
*129 133 *129 135
!Mash
Chatt
St
&
Louis_
12212
Jan
135
Apr
5
122
14
Nov
Jan
973
*46
4
49
*47
48
48
48
*47
49
*46
4973 *47
100 Iv at Rys of Mex 1st pref 4412 Apr 5 48 Apr 2(
5034
.... ..
2318 2312 2338 2378 2312 2334 2312 243
2353 24
2334 2458 24,410
Do 2d prof
2313 Apr 17
2453 Apr 1'1
129 130
130 13114 12978 131
12834 13014 12912 13114 12912 131 44,610 N Y Central & Hudson_ 12012 Feb 24 13234 Jan 4
0013 Jan 120 Dec
50
50
*50
51
50
50
50
51
51
54
5412 5612 4,800 N Y Chic & St Louis.... 4812 Me1115 57 Jan 4
5712 Dec
2412 Jan
*06 105
*96 105
*96 105
*96 105
*96 105
*96 105
Do 1s1 pref
100
Feb
20
100
Feb
20
90
Jan 105 Nov
*75
70
*75
70
*75
79
*75
79
*75
78
*77
Do 2d pref
82
7614 Apr 8 87 Feb 4
86 Dec
60 Feb
16734 16734 168 168 *16734 170
170 170
170 17012 170 317012 1,250 N Y N H & Hartford
15718 Feb 24 17012 Apr 22 12833 Jan 161 Nov
478 4833 4878 508 4038 5014 49
50
49
498 49
4978 6,900 N Y Ontario & Western_
4214 Feb 24 5058 Apr 19
47% Dec
2913 Feb
91
9112 9112 9212 92
9258 92
9234 93
9312 40,350 Norfolk & Western
9413 92
8414 Jan 6 9418 Apr 22
8614 Nov
58 Feb
*85
88 *85
88
*85
88
____
87
87
*85
100
adjustment pref
88
Do
851 Mch26 88 Jan 20
Deo
as
74
Mcb
142 14312 14334 14473 14412 1453 14334 1443-- 4 14433 14512 14373 14538 64,700 Northern Pacific
13314 Feb 24 14778 Apr 8 1167 Jan 15734 Nov
94
*90
*90
95
*90
95
*00 03
*90
95
*88
93
pacific Coast Co
76 Mch 3 9934 Apr 1
9312 Jan
65 Sep
*98 105 *98 105
*98 105 *98 105
*98 105
*98 105
L
Do 1st pref
100 Mch3U 100 Mch30
90 May
90 May
*90
99
*92 100
*90 100
*90 100
*90 100
*90 100
Do 2d prof
8,3 Mch 27 100 Meh 31
97 .Tan
79 Mch
13314 13413 13412 1351,1 134% 13612 13538 13612 13553 13612 13518 13633 115,630 Pennsylvani
a
12613 Feb '33 13612 Apr 20 10834 Jan 13214 Dec
0212 9212 *9153 9212 0134 9214 92
92
92
92
*9158 92
1,100 Pittsb Chi Chic & St L.- 8612 Jan 5 99 Feb 4
8812 Deo
59 Jan
*111 120 *111 120 *111 120 *111 120 *111 120 *111 120
pref
1(14 Feb 10 110 Me1125
811* Mch 10834 Nov
138 14158 1.1218 14473 144 14812 14573 14758 14578 147% 144 14658 10752.50 I)Do
ceding
118 Feb 23 1482 Apr 20
9218 Feb 14314 Dec
92
92
92
93
*91
93
*90
03
*91
03
92
1,8
1,250 1-k. 3
92
1
1st 2089 Mch21 93 Jim 5
78 Jan
92 Dec
*9512 9612 97
98
97
98
9614 98
x96
96
*9412 9612
profprof
19
18
034 Feb 1 100 Apr 15
59 Dec
76 Jan
257 2612 2634 28
278 2814 273 283
2833 2834 2833 28% 198,900 Rock Island Company... 207 Feb 24 2878 Apr 23
2514 Dec
Feb
1012
67
6778 6813 6918 6814 693
68
69
6812 69
6884 6978 84,540
Do pref
57% Feb 24 657 Apr 23
6253 Deo
2034 Feb
*66
70
69
70
*67
70
71
71
*67
71
*69
9
80
70
50
0 St L & San Fr, lst pref_
6514 Mch29 71 Apr 2t;
69 Deo
42 J'ne
3912 3973 40
4173 4012 4153 41
4112 4112 42
4114 4134 7,850
Do 2d pref
36 Feb 23 42 :an 2
4214 Dec
1914 Feb
*2312 2412 243 2433 *23
2414 *22
24
2312 2334 5714
23
2
53
712 1.100 St Louis Southwestern
2012 Feb 25 244 Apr 1
10 Mel: 24 Dec
57
57
5712 578 5714 578 5634 573
57
5712
:1,800
Do pre
4712 Jaa 6 58 Mch 31
2412 Feb
5578 Dec
11812 11978 120 12034 11934 12053 11878 12014 11912 121
11934 12114 126,830 Southern Pacific Co
11453 Feb 24 12378 Mch31
(3614 Feb 12212 Dec
12234 12234 123 123
12312 12312 12234 123
12234 12312 12334 124
1.800
Do pref
Feb 24 12534 Apr 1 1063 Jan 12512 May
1 2734 2814 2812 2873 28
2834 2753 2814 28
2858 28
2812 32,150 Southern v tr cfs stmpd_
22 Feb 24 2912 Apr 15
913 Jan
2714 Dec
66
67
67
68
6634 6712 6612 6714 6714 6734 67
6734 8,800
Do prof
do
60 Jan 5 68 Apr 15
2512 Meh
6312 Dec
33
3318 3312 3334 33
:34
3334 3334 34
7,700
Texas
333
&
343
4
4
3414
Pacific
30
Feb
24
3734
Feb
b
123
4 Feb
2912 2912 3012 3114 3013 3012 29
3714 Deo
31
3114 33
32
16,725
33
bird
Avenue
I
Y)
(N
2514
Meh31
4212 Jan 18
47 Aug
1512 Mch
1238 1233 *1134 13
1314
125 1234 1214 1214 *12
600 Toledo Railways & Light 11 Jan 14
1218 1214
1512 Dec
1533 Jan 2
612 Oct
5112 52;14 5214 5434 54
54
5234 5314 53
5314 6,720 Toledo St L & Western
5314 52
43 Feb 213 5434 Apr 19
50 Dec
12 Feb
70
7014 6934 7078 *70
7034 70
7014 6912 6012 69
2.925
Do
6934
pref
6434 Feb 24 7414 Jan 4
7312 Dec
33 Feb
*103 10414 10412 10412 310312 104 *10112 104
103 103
103 103
443 Twin City Rapid Transit 97 Jan 2 107 Feb lh
9633 Dec
7814 Feb
18438 18638 18634 18814 18634 188
18534 18714 18714 18914 18714 18913 624,750 I I Won Pacific
17217 Feb 24 189% Apr 12 11012 Melt 184% Nov
50534 0534 59534 9534 9512 9512 9512 05
9512 9512 *9512 9534
5(32 v-) Do pref
z94 Mch 1 97 Jan 8
7914 Apr
98 Nov
*30
38
38
38
*35
38
*37
*37
38
38
200 Unit Rys Inv't of San Fr 30 Feb 25 38 Apr 14
40 Dec
2
15
m
04 Jan
55
55
55
55
5514 5678 55
5612 56
5612 *3
57
412 37
Do pref
571.2 1,400
6014 Feb 25 57 Apr 14
5912 Dec
27l Jan
1734 1818 18
1812 18
1833 183 1812 1838 1812 1833 1812 7,300‘
‘7
- abash
2058 Dec
15 Feb 23 1934 Jan
47
453.1 47
483.1 475 4878 4712 48
5
47
4813 4758 4812 28,750 55
Do
pre
523
4 Dec
41
Feb
/dell
13
23
Jan
8
62
2134 2278 2234 2338 2214 23
2218 2253 2214 2234 2214 2258 15,800 Western Maryland
24 Dec
5 Mch
1933 bleb 16 258 Feb 5
*9
1012 *9
1017 *934 1014 *034 1014 *912 1014
100 Wheeling & Lake Erie
014 9,4
812 Feb 6 1273 Jan 4
412 Mch
13 Dec
2212 *2112 23
*21
2212 2212 *21 26
*21
2212 *21
100
23
Do 1st pref
1215 Apr
20 Feb 21
2614 Dec
258 Jan 5
12 *1112 12
*11
*1112 12
*1112 12
*11
12
1112 1112
100
Do 2d pref
1013 Feb 2t
151 Jan 8
41 Feb
1534 Nov
5614 5712 6712 5812 5814 638 6012 6238 61
31,000 Wisconsin Central
6178 5834 61
Jan
3573
5834
63
20
Apr
6
Feb
1312
73
Dec
*3711 8734 871'4 88
8712 8814 8714 8712 8711 88
88
8814 5,650
Do prof Trust Co ctfs Fon, ,
"*81 883. Apr 6
BANKS AND TRUST COMPANIES-BROKERS'. QUOTATIONS
Banks
disk
1111)
Banks
Ch-lsealix 1 190
Chemical
42212
Citizens' Cti 158
City
350
Coal & Iron 245
Colonial 11.. 8300
Columbia 11_ 375
Commerce - f189
Copper
233
Corn Ex IL. 1340
East River. 125
Fidelity 11.. 165
Ask
Bid
BankAsk
Ask
Banks
Ask
1161 AS%
Banks
Bank s
200 Fifth Avd_ 4000
Erving N _Ex 180
310
625
Mutual
- 290
Plaza
-- tile
New Yor.:
430 Fifth
300 iEci" Jefferson 11 - 180
205
Nassau
165
11-Prod
Exch
170
1
169
Aetna
165
163 First
1800
Liberty-- 625
550
New Neth'd 200
210 Reserve_ __ 140
585
America 11- - 575
355 14th St11
180 Lincoln _
155
420
435
New YorkCo 750
Seaboard.. 3(15
Amer Exch. 254 :458
250 Fourth
218 225
Nianhattan1 335
390
New York
35.)
Second
Ballet,/ Pk 130
Gallatin
365
i
Mark't de Ful 233 26' N'ht &Davi 204)
Sherman
331)
Bowery V
105
425 Garfield _ .15
290
275
Mechanics'. 251
255 19th Ward 1 465
4/5 State
24) 2(10
Bronx Ilorol 300
Germ Am 1: 140
Mercantile, _ 175
18t
Northern
105
_.
125
12th
. 185
Ward
1
Bryant Pk ¶ 155
185
239 Germ'n F:x11 450
ITO
Merch Exch 160
Pacific '11- - - 230 :45 23d Ward 1 100
Butch & 1)r 140
150
Germania 11. 550
Merchants'. 160
1134 Park
• 465
475
Exe
_
Onion
1811
2 195
ntury 11._ 170
175
1:16- Greenwich 11 265
Metropolis I. 375
People's IL. 28,1
Wash 13't.,
295
265
kase
300
175
Hanover - 540
Metroporn1. 185 ii6- Phenix
175
185
West '.6tie 1 509
k A th,m
3
0215
Imp
&Tri1
645
Mt NT orri _ 250
555
V'nrlrv"iP Mi. 425
Bid and asked prices. no sales were made on th s day. 8 Ex-rights
§ Less than 100 shares. lj State banks. a Ex-dividend and rights. 0 New stock.
• Sale at Stock Lxchange or at auction this week. ii First installment paid. a Sold at private sale a"; this
price.
1113
New York Stook lieooro.----conciuded--Page 2
1046
Sl'OCK--HIGHEET AND LOWEST SALE'PRICES
Saturday
April 1;
Monday
April 19
Tuesday
April 20
Wednesday
April 21
Thursday
April 22
Friday
April 23
ol
the
Week
Share::
STOCKS
NEW YORK STOCK
EXCHANGE
[VOL.
irany• Sina Jan 1 1009
On /m413 or 100-share NU
Lowest
tiLynest
Lxxxvin.
Rence
Previous
Year (190S)
Lowest
iltphesa
Industrial&Miscellaneo us
190 Jan 20 195 Apr 17 164 Jan (200 Aug
150 A dams Express
195 195 3192 192 *191 200 *191 200 *191 200 *195 200
1234 Feb 24 1614 Apr 29
16
1613 16
1614 16
5 Mch
1633 Dec
14,100 Em-Ills-Chalmers
1614 16
1513 1513 1513 1618 16
38 Feb.24 6134 Apr 20
14 Mch
5133 4914 5012 4958 5012 50
5078 31,375
5234 Dec
50
Do pref
50
48
*4734 48
37514
65
Feb 26
_
Copper__
76
7718
8
767
8838 Nov
8
5
105.820
7578
76
Amalgamated
4518 Feb
7612
7512
7373 7514 753s 7634
5
Jan
'
30
4
3813
4
3
8
7
:
3313
78
4
0
p,12 2216:32
a
JAm
j
2
:
*3758 3818
600 Amer Agricultural Chem_
35 Nov
13 Jan
3814 3814 3313 3313 3813
38
*3734 38
38
9512 Jan 13
*9514 97
97
*9514 97
90 Nov
*96
*9514 97
Do pref
7812 Jan
97
*95
97
*96
Apr 22
2014 Jan 13
2473 Apr
912 Feb
3458 3478 3553 3473 3614 3573 3634 3634 3778 3534 3753 110,000 American Beet sugar_ _
34
Jan
12
7 93 Mch 29
*90
8134 Dec
9212 *90 9238 9214 9212 9233 9234
700
Do pref
65 Jan
91
91
92
*90
111, 11
23
Feb
713
12
1014
1018
23
912
12
Apr
1014 Nov
4
Can
55,200
Feb
American
104
8
3
9
8
3
9
913
913 918
7112 Feb 23 1033 Apr 23
8038 30.900
7073 Nov
44 Jan
Do pref
7612 7613 7634 7633 7913 7813 7913 7873 8014 79
76
5034 Dec
5012 8,825 American Car & Foundry 4414 Feb 24 5112 Feb 15
4912 5034 4978 5014 4973 5014 50
2513 Feb
4914 4933 4934 50
18 Mehi'0
134
10
10712 Feb 23 16
2
11112 11112 *11114 112 *11114 112 *11114 112
8414 Mcb 109 Dec
100
Do pref
*111 112
*111
4218 Jan 5
Apr
2434 Feb
4434 Nov
5734 5834 5814 5934 15,400 American Cotton Oii_ _
58 -5312 5834 5914 5814 5873 5734 59
08 Jan 7 10313 Feb 19 180 Jan
10233 10212
97 Nov
*99 102 *100 10214 101 101
300
Do pref
*99 102 *99 102
3205 Feb 5 210 Jan 8 417(1 Feb 1224 May
215 *206 215 *205 215 *205 215
American Express
*205 215 *205 215 *205
714 738
718 714 1,425 American Hide & Leather
614 Feb 25
812 Dec
81s Jan 21
738
718
234 Feb
7
71s 714 *7
734
*7
34 Feb 24 4253Jan 23
40
4012 3,500
3913 3978 40
1213 Mob
3734 Dec
Do pref
3812 3812 3934 4012 4012 4078 40
18 A
pr1
5
13
Apr
1878 Jan 8 4214
1212 Feb
3173 Aug
38313 3834 3934 3834 3938 3734 3812 3814 3934 3912 4078 31,495 American Ice Securities_ _
37
12 Feb 25
1512 1612 1,800 American Linseed
6 Mch
1712 Dec
1612 1634 1673 1678 1634 1713 1612 1634 1534 16
37
29 Jan 12 40 Apr 15
37
3512 3612 *36
17 Mcb
39
3614 Dec
33 *37
39
700
Do pref
3773 3778 33
49 Feb 23
5412 5434 5558 17,880 American Locomotive- _
3133 Feb
5953 Aug
5212 5414 5412 5434 5412 5618 5378 5434 54
7
Aapnr 23
4j
8414
55
10914 Feb 24 11
11514 11514
8512 Jan 113 Dec
:'2(‘
Do pref
*11312 11412 114 114 *114 115 §115 115 *114 115
712 712
018 Feb 3
Mob
7 Jan 7
853 Sep
712 734
813 818 *712 81 1
American Malt Corp.._ _ _
734 734
8,4
*3
5118 Sep
•:.2 Jan 7 54 Mch12
21 Jan
48
48
4812 4914 48
48
*48
49
49
49
Do pre/
50
*49
*86
8413 Aug
70 Jan
87
500 Amer Smelters Sec pref 13 10 Jan 4 87 Apr 22
*8534 8613 *8512 8612 8614 8612 8612 8612 8653 87
5513 Feb 107 Aug
8712 8858 8853 8934 88
89
9018 99.600 Amer Smelting& Refining 7734 Feb 24 0012 Apr 12
8652 8718 8813 8914 38
87:14 Feb 110321 Aug
101 Jan 2 10612 Apr 13
10434 105
10533 10533 10514 10533 105 10538 10153 105
Do pref
2,480
105 105
225 Mch 9 1255 Apr 37 130 Aug 200 Apr
*230 -___ *230 ____ *230 250 *230
50 American Snuff
4255 255
80 Mcb
1 100 Apr 15
9713 Sep
95
*99 104
100 100
9812 *99 101 *100 101
*98
Do pref
100
*99 107 *23041 Nov
3473 Feb 24
39 Jan 4
28 Sep
38
*37
3712 3712
38
38
33
33
*37
325 Amer Steel Found (new)
3712 3712 *37
9834 Jan 13734 Aug
133 13433 6,600 American Sugar Refining 12633 Feb 24 136 Apr 8
134 13478 13312 13433 134 135
134 134
13218 133
x128 Mch 1 331 Apr 8 105 Feb 131 Nov
Do pref
*129 131 *129 132 *129 132 *128 131 *128 131 *128 131
12 101 Jan 13258 Nov
27348 A pr 2
43
13638 13714 13714 13712 13714 13734 13734 14113 14113 14234 14012 14218 129,600 American Teleph & Teleg 125 Feb 1 13
9712 J'ly
7212 Jan
9612 9612 9612 9634 9634 9634 9633 9634 9638 9653 9658 9658 2,300 American Tobac (new).Pf 9012 Feb 6 3634 Apr 8
3233 Dec
1512 Feb
3212 3212 *3212 3312 1,100 American Woolen
26 Feb 4
3314 3212 33
*3234 3334 3314 3312 *33
Nov
97
25
Mch
Feb
933.
10014
4
7814
Jan
*99
fl
100
pref
9912
Do
9953
9912
9912
1,100
9912
4
9934 993
9912
9934 9934
4453 4514 45
4534 10,200 dAnacondaCopper Par$25 3734 Feb 26 55O3 Jan 8 $2713 Feb 5631. Nov
9413 4438 4438 4514 45
4514 4434 45
105 Apr 2 1.0634 Mch :3
610512 10512 106 106
130 Assoc 5Ierch 1st pref_
*10412 -- *10412 ---- *10412 _ _ *10412
10178 103
10112 Feb 17 10413 Feb 19
§102 102
Do 2d pref
*102 ___ _ 104 104 *102
500
*102
Is Men
4
1212 Jan
4
373 4
413
1,600 dBatopilas Mining Par520 $273 Jan 29 5453 Apr 2
433 43
4
373 -114
414
4
2714 Nov
12 Jan
23
2314 2333 2334 1,300 Dethlehem Steel
1834 Itch 9 2614 Jan 25
23
22
24
*22
2213 23
*2253 24
57
Nov
4
8
Apr
5113
b
n
35
e
a
F
J
*50
50
24
13
3
pre
Feb
4
1
3
Do
50
51
4812
47
50 *___ 60
210
34813
*
118 Jan 28 135 Mch31 r85 Feb 15214 Nov
100 Brooklyn Union tlas_
*130 136
13312 13317 *133 136 *133 135 *133 135 *133 135
17 Nov
6 Jan
14
1413 1418 *1312 15
14
400 Brunswick Dock & C Imp 13 Jan 13 1633 Jan 2
15
1418 1413 *14
*1312 15
32
3278 *3112 33
32
110 Feb 325 Jan
*31
2:173 Jan 2
32
1,280 Butterick Co
3113 3134 32
32
*31
33 Dec
1512 Feb
entral Leather
2513 Mch 2 33 Jan 4
2873 2912 2953 2978 2914 2934 *2914 2912 2933 2953 2938 2912 3,700
7534 Jan 102 Dec
Do pref
993,4 Apr 5 104 Mch 1
780
10112 10112 10178 10173 10113 10112 10114 10114 *101 102
*101 102
Dec
42
_
3934
Iron___
&
29
Fuel
7
Feb
Feb
1553
2:3 4613Jan
3834 33
3814 3912 18,700 Colorado
3314 3378 38
39
3673 3712 38
2712 Dec
2133 Feb 23 61 Apr 23
1434 Mch
5914 6978 5914 5958 5938 61
13,830 Col & Hock Coal & Iron_
5973 5612 60
5753 5812 59
44c Apr
20e Mch
dComstock Tunnel _Par$2 21c Apr 12 30e Jan 81
138 1371.,13833 13713 13712 al:666 Consolidated Gas (N Y)_ 11413 Feb 4 16514 Jan 4 1)6 Jan 167 Deo
156- 137 15814 1165-3 1.56- fir 13714
21)12 Aug
2
13
2412 A pr 3
1613 Feb 24 8
1034 Feb
2234 2231 2358 30,900 Corn Products'Refining_ _
2231 217 2213 22
2158 2173 2258 22
21
80 Aug
8333 8412 7.765
7314 Feb 24
8238 8213 83
8113
Do pref
56 Jan
8213
4
8214 813
7912 7912 81
51
4514 Oct
53
50
45 Jan 5 5214 Apr 22
4712 Oct
5214 50
53 *47
2,300 Crex Carpet
*47
50
446
50 *46
1834 Dec
3812 38
'414 Feb
3911 13,350 Distillers' Securities Corp 3212 Feb 23 4038 Jan 21
3938 3813 3873 3753 3814 38
3814 3914 39
1)4 Aug
2
Mch
80
55
*70
2
6
1
1
r
n
p
Smelt'g
a
A
J
4
6
7
1
80
*70
&
*70
Mining
Nov
Federal
7212
741
80
1
*70
86
80 *70
*70
89 Nov
83
*80
84
80 Feb 29
84
*82
59 Feb
Do pref
8314 *80
83 *80
8314 *80
*80
6812 Jab
55 J'ly
...... Federal Sugar Ref of N Y 345 Mch20 345 Mch2O
731,Feb 100 J'ly
§90 Jan 25
390 Jan
Do pref
15013 Feb 23 161 Apr 12 111 Jan 18234 Dec
General Electric
Hi- ail; ia;15813 15834 1597s ILA 1667;
156 156 15612 15912 *94
91 Mch12 110 Jan 4
§95
98
*92
*92
99
7834 Jan 10912 J'ly
99
95
20 Granby Cons M S & P
99 *92 100
*91
6753 Nov
8212 8212 82
52 J'ne
83
6,240 fat Harvester stk tr ctfs 62 Jan 30 8414 Apr 19
8214 8312 8314 3414 8212 8314 8214 83
99 Joe 11014 Nov
11934 11934 119 119 *11814 119
2,055 I, Do pref stk tr ctfs__ _ 10914 Jan 16 32013 Apr 12
*11714 11712 11914 11912 11912 120
Feb 25
Jan
9
9 May
et's
7
tr
8
6
8
811
Oct
stk
Int
Marine
Mer
3
75
7.550
4
3
7
4
73
8
7
7
4
3
7
818
4
73
75s 734
2
12 JAapnr 8
1:353
27
2673 Dec
21 Feb '21
2412 2538 2434 25
16 Feb
Do pref
23,510
2373 2512 2433 2558 2473 2533 2414 25
912 Mob 13
8 Apr
1314 Nov
1173 1218 1112 1212 *12
12
12
1234 1,100 International Paper
13
13. *12
*12
4734 Mch18 58 Apr 16
05 Jan
47 Oct
57
5612 5758 5612 5612 1,900
Do pref
*5612 5712 *56
58
57 ' *57
57
3078 Dec
iapri lot
212,A
47
3312 Feb 25 8
13 Jan
3914 3934 3814 3914 3812 3914 3813 3914 9,350 Internet Steam Pump_ _ _
*3734 3812 3812 40
8414 Dec
8212 Jan 30
65 Jan
Do pref
8533 8434 8514 8473 8558 8514 8538 8,600
x85
87
86
86
86
52 Feb
78 Nov
70 Jan 21 7912 Apr 22
7912 7813 7914 7,700 Mackay Companies
7714 7613 7612 7612 7714 77
*76
*7514 77
7
12
514 .AT br 2
34
7134 Nov
5973 Feb
Do pref
69'2 Jan 9 7
7314 7314 7334 7378 7334 7334 1,400
*7212 73 *7234 7334 *7258 74
97 Dec
10833 Jan 16
63 Jan
9612 Jan
410 Mattonal Biscuit
10512 10534 *104 10534 *10413 10512 *10413 10513 310413 10418
104 104
19
Apr
Dec
125
12013
Jan
10'2
11
Jan
11812
pref
Do
LI
*12214
125
125
124
*12112
*12112
500
12.5
125
125
125
125
*124
712 Feb
1514 Dee
an
1412 1412 1412 1412 2,800 Nat Enamel'g & Stamp'g 1253 Feb 24
15
1414- 1478 1473 1514 1473 1473 *14
an 21 ,
.,70 Feb 38214 Dec
62 Jan 5 85
*84
86
*84
100 Do pret
86
86
*83
*83
86
*83 --86
85
85
92 Aug
86 Feb
7114 Feb 2.; 9014 Apr 19
8753 8858 8714 8878 8712 8913 93.909 National Lead
8634 8834 8873 0014 8838 90
8712 Jan 10614 Nov
10234 Apr 21 10014 Feb k
10412 10412 3.540
Do pref
104 10434 10234 10312 103 104
10534 10531 10512 106
$978 Jan
$433 Oct
273 3
6,000 Newhouse M & S_Par $10 $234 Apr 15 $13 Jan :
273 3
27,3 3
273 3
3
3
273 3
98 Nov
50 Jan
86
280 New York Air Brake_ __ - 80 Feb 23 849214 n
8434 8434 *80
85
85
89
*82
85
*83
87
*83
90 Feb 122 Nov
125 Apr 22
125 125
300 N Y &NJ Telephone__ _ 3113 Jan
125 125
123 123 *122 123 *123 125
*122 123
78 Nov
Jan 27
4213 Mch
15,295 North American Co. new 72 Jan 13
3313 3212 83
8413 3212 8312 83
. 33
8212 83
8212 831
4014 Dec
24 Apr
14 ;'an 14
2913 Feb 24 13
163
1,010 Pacific Mail
30
30
3014 2913 30
3112 30
3014 :3014 *30
*28i2 31
Dec
10612
2
8
Apr12
13
Jan
80
Jan
10112
(Chic)
11534 11614 116 11634 11013 11613 11,717 & sople's G L & C
115 11614 11612 11713 116 117
812 Mch
1458 Dec
17312 Jan 11
10 Apr 21 4
3012 1034 1112 1112 1134 3,550 Pittsburgh Coal Co
10
1012 1012 1012 101: 1014 1014
3512 Fel) 50 Dec
25
Feb
40
pref
Do
200
3
43
4
46
4334
*42
*4112 44
*4113 44
42
42
*4112 44
45 Dec
3714 Feb
:3012 Feb 23 4314 Jan 22
3,077 Pressed Steel Car
3712 3734 3712 3712 3734 38
37
37
3712 3712 3734 38
69 Jan 10214 Dec
06 Feb 26 103 Feb 2
Do pref
500
*9912 10012 *9913 10013
100 101
*9912 100
9912 9912 100 100
Nov
174
36
r
b
p
a
A
J
34
3
0
4
Jan
)9
147
30
Jan
169
Company
Pullman
2,384
185
135
18434 187
186 18712 185 185
18814 189
*187 190
12 Apr
4535 Apr 14
134 Dec
158Jan 4
300 Quicksilver Mining
*312 4
*334 414
418 *312 412 *312, 4
4
4
4
312 Dec
112 Jan
614 Jan 16
Mch 29
3
pref
Do
250
*453
514
5
5
514
*5
5
531 *5
5
*5
514
4914 Dec
2334 Feb
3212 Mch 8
1,000 D allway Steel Spring.. _
39
40
39
*3014 4012 *3914 4012 3934 40
3914 3914 39
75 Jan 103 Dec
9778 Feb 24 103 Jan t
z-v Do pref
*9912 101 *100 101
*99 10014 *99 10014 *09 10014 *99 101
29 Nov
1434 Feb
23 '2912 j411
Feb
3
5
16
Steel
&
Iron
3,900
Republic
2313
2358
23
2278
2213
2213
2273
2234 2212 2212
*2214 2234
8912 Nov
63 J'ne
6718 Feb 24 8814 Jan 22
Do pref
7613 7713 3,890
76
7458 7414 75
74
75
7418 7413 7453 75
36 Jan
8134 Nov
500 Qloss-Sheffield Steel & Jr 68 Feb 2:3 8113 Feb 9
76
*75
7614 76
75
76
76
75
75
*7412 7512 *75
Apr 22
Jan
Dec
8712
11212
11014
20
Feb
10733
pref
Do
Li
200
11212
11212
11212
11212
115
*107 115 *107
Nov
$2513
21;
Feb
Feb
4
5343
$2214
407 41
"4614 74O171 4012 4114 4114 4214 3,810 dTennesseeCopper Par$25
41
41
41
40
Aapnr I4
913 j
19
8
45 Feb
8413 Dec
400 Texas Pacific Land Trust 8012 Feb Ii .
*86 89 8812 8914 *87 3912 *8813 8912
89
*87
87
87
05, Nov
Apr 15
4
'21
1213
Feb
Feb
914
Paper_
&
Bag
Union
1,600
1114
1114
1112
1112
1173
1112
111.
1173
1112
1112 1113 117,3
9473 Jan
6634 Nov
60 Jan 8 71 Apr 23
1,230 &) Do pref
71
70
*66
7018 *69
70
70
70
70
*68
72
*68
1712 Feb
3078 Dec
2,490 U S Cast I Pipe & Foundr 2438 Feb 24 33 Apr 12
32
32
32
3173 33
3134 32
32
*31
31
32
31
'2 77 Jan 8
5658
7873 Aug
Mch
Jan
70
pref
Do
2.185
*75
75
75
7534
7914 7534 7573
76
7414 74.2 7534
74
70 Feb
60 Jan
United States Express_ _ 82 Feb 10 LI8 Apr 16
94
94
*90
94
*89
*90
94
94
*90
*89
94
489
64 Nov
3014 Feb
5,650 U S Realty & Improvem't 64 Feb 23
82 38034 81
8012 81
8214 81
81
8034 81
8014 32
4 Feb
1514 Aug
100
S Reduction & Refln'g 10 Mch 12 1338 Jan 7
12
12
13 *10
*11
12
12
*10
*10
1034 1034 *10
16 Feb
30 Aug
24 Feb 24 32 Jan 19
Do pref
*2712 31
*2712 31
31
*27
*2712 31
*2712 30
31
*28
Feb 24 35 Apr 20
1734 Feb
3712 Aug
3414 3312 34
2'/
Rubber
6,875
States
United
35
3414
33
34
3314
3253
33
*32
33%
76 Feb 108 Dec
98 Jan 29 107 Jan 11
Do 1st pref
10414 10414 *10312 10412 3,353
104 10478 104 104
10214 10214 10312 104
2
,Jan 25
11
663
6712 Feb 25 73
42 Feb
7612 Nov
160
*69
70
Do 2d pref
*6812 72
*6712 70
6814 6814 *6912 70
68
368
Feb 23
6834 Nov
4114
2534 Jan
Steel
States
404,182
5114
United
52
5253
533
5212
5114
5178
4
5314
5178
5214
4934 51
23
Feb
Nov
3712
107
11458
Jan
14,570
pref
11414
11412 11412 115
Do
11453 11473
11378 11414 11414 11434 11412 11434
2 ,20 Jan $5234 Nov
5
JAair 23
3j
18
87
8
15
4
14
4312 46
4818 17,150 dUtah Copper___Par $10 83918 Feb 2ii $
46
4318 4314 4313 4378 4312 4334 *4314 44
Feb 24
Dec
16
4534
4073
Feb
_
_
Chem
7.800
46
Virginia-Carolina
4'712
3
7
4713
4658
47
47
12
4
473
4712
4634 4718 4714 48
114 Jan 19 x118 Mch:31 /87 Jan 115, Nov
100
Do pref
*114 117 *115 118 *114 118 *114 118 *116 11712 115 115
68 Nov
43 Jan
100 Virginia Iron Coal & Coke 57 Feb 23 64 Jan 0
6112 *59
61
61
*53
*58
65
*61
61
61
*61
68
Jail 5 1315 Apr 19 1260 Feb 325 Nov
300
Co
&
*315
10
Fargo
335
ells
335
335
*315
*315
335
*315 335 1315 315 *315
7112
29
Apr
14
Feb
64
41
_
7134 Nov
Feb
TV
Teleg_
7034
3,350
astern Union
6934 7018 6938 70
6973
70
6914 6978 70
7014 70
74 Feb 24 8013 Jan
38 Mcb
94 Nov
82
31
81
8312 8213 8212 8173 8178 815g 8314 8273 8314 4,700 Westingh'se El&Mfg asscn 110 Mch :3 120 Jan 4
Nov
58
125
WI)
11912
119
600
120
11912
119
prof
1st
Do
120
119
*110 120
120 120
119
C
BANKS AND TRUST COMPANIES-BANKERS! QUOTATIONS.
lila
Banks
Brooklyn
Borough 11. ____
Broadway 1 0350
-_
Brooklyn$_
245
First
' 110
1-1111sidell
Home Bk 11.. 105
Homestead! 100
Manufae'rS 410
Mechanics'!. 235
140
Montauk
Nassau
240
290
Nit City
Ask
Banks
Brooklyn
North Side!
Peop13.Prosp'otPla
Terminal li
Unwell__
Bid
110
--155
910
150
145
____
260
100
130
120
125
Trust Co's
--N Y CUY
Astor _____ 300
250
145
Bankers' Tr 650
B'way Tr.__ 135
270
3/0
4 Bid and asked prices; no sales on this day
1 Sale at Stock =change or at auction this
Ask
160
-160
125
110
310
690
143)
Trust Co's Bid
N Y City
Carnegie _- 1175
Central Tr_ 2100
Columbia... 237
Commerclai 145
Com'wealtb .......
Empire __
240
Equit'bie Ti 450
Farm Lo&I 1275
paelity _ _ . 200
Fifth Av Tr 325
Fulton --__ 270
Aot
-..___
245
148
155
_
___
210
--_
----
Trust Co's Bid
Guar'ty 'Fr.. 650
Guardian Tr 160
_ 150
Hudson
KnIckerb'kr 320
Law T 1 &Tr 230
Lincoln Tr_ 5140
Manhattan_ 370
Mercantile - 725
Metroportn 540
Morton Tr. 450
Mutual --- - 1121
Mut All'nce 120
Ask
___
175
......
330
--150
390
-_-_ .....
130
Ask
Trust Co's Bid
NY Llte&Tr 1100 1120
N Y Trust.. 560 570
__
Standard Tr :125
51213
TitieGu& Tr 1510
___
Tr Co of Am 310
Onion Trust 1225 1275
US Ditg &Tr 43212 440
Unit States.. 1150 1180
265
VanN'd'nTr 25.5
Washington 400
........
165
Westchester 145
135
Windsor _ _ 130
Ernst Co's
Brookyln
Brooklyn Ti
Citizens' Flatbush __
Franklin __
Hamilton _
!tome _____
Kings Co __
1, 1st L & Tr
Nassau -___
People's ___
Wittlamsb g
Bid
Ask
400
125
200
200
265
102
965
295
160
230
80
415
135
_--275
-.
lir
170
-100
Less than 100 shares. t Ex-rights. b New stock. c Ex div. and rights. d Now quoted dollars per share.
week. 3 Trust co. certificates. If Banks marked with a paragraph (11) arc State banks.
New York Stock Exchange-Bond Record, Friday, Weekly and. Yearly
Jan. 1 1909, the E'zchange method of quoting bonds was changed, and prices are now aa-"and interest"-eacept for income and defaulted bonds.'
BON Ds
N. Y. STOCK EXCHANGE
Wkitit ENDING APRIL 23
,5.52
75:tr,
Week's
Range or
Last Sale
krtcs
Pridav
April 23
Range
Since
•4:c. January .7
BOND:,
N. Y. STOCK EXCHANGE
Wzmt ENDING APRIL 23
Price
Friday
April 23
Week's
Range or
Last Sale
i
Range
Since'
January fi
„486
Bin
1011
/
2102¼
10134
101 12 102;4
102
Btu
Rigli
tow Ilion,
Asl. Low
Lou,
High No Low _High Cent of Ga 1111-(Con)
3d pret income g os....p1911 Oct * 651
101.1 10275
654
66
/
2 67
10 53
66
1011
/
2 Feb'011
3d pref income g 58 stampel.
1024 103
65
1 51
661
/
4 65
65
10214 Apr'O•
Chatt
Div pur mon g 48.1931 J -1,
103116 10338
89% Feb'06
1036 Jan 01,
Mac d1 Nor Div 1st g 58.1949 J -J 105¼
100% 102 18
10478 J'ne'08
1021
/
4 1024
Mid Ga & AU Div 58. .194109% 113 Nov'03
107 J'ne'02
. J -J
Q•F
Mobile Div 1st g Is
103 bec'07 .•Q-1 100
1.049 J -J 110
100¼ Nov'08
Cleo RR & Bof Go col g Os 1937 81.N 1.041
10014 Apr'09 •._ • 104 106
/
2
Q.F 119 119% 12008 Nov'08
Cent et N J gen'i gold 58.1987 J -J 128,16
128% Apr'09 -• 1.27 129
/
2
122 Nov'08
Q- F 1201
Registered
128
lin
127/
1
2Apt'09 -• 126 12734,
51987
/
4 101 Mar'00
Q.1,
1 101 1011
Am Dock & Imp gu 58..1921 -J 1101
/
4Sale 11018 1101
/
4
109 1101
/
2•
Le & Hull R gen gu g 5s 1920 Foreign Government
Leh & Wllks B Coal 56..1912 M-N IOU
100 Apt'09
Imperial Japanese Governin't
9034 100
Con ext guar 41
/
28
g1010 Q-M 100%100% 10038 Apr'09
93% 63 9038 94
991
/
4 1001
/
2
9338 Sale 931
Sterling loan 41
/
4
/
28
1925 F -A
N Y & Long Br gen g 4s 1941 11-S
92% Ltit 8914 937e
2/1. series 41
1
4
1925 J • J t 92% Sale
92/
/
28
864 88 80.4 861
/
2 Cent Pacific See So Pacific Co
Sterling loan 4s
1931 J -J # 86 Sale 86
CentVermont 1st gu .946 e1920 Q-F
4 Apr'09
20,
/
2 103k 18 10104 104
Repub of Cuba 58 exten debt.. 51.S t10318 Sale 1021
804 83
Chas & Say See AU Coast Line
25 11921
/
2 93
93
1 944
San Paulo(Brazihtistrrects'10 J -.1
all/11 5-0 1011/2
/
2 Ches & Ohio gold 6s
9878 111./ '981
1031
/
4103,
8
U s oi Mexico s t g Is 01 1899 Q-J
/
2 981
/
2 1 9734 1011
lst consol g 58
1939 M-N
/
4 94
23 11418 117
931
/
2Sale 931
/
2 ri 921
Gold 48 of 1904
/
2 931
1054 J -D
Registered
1939 M-N •
1131
/
211412
Ii hese are pi ices on the saltiS of *5 to S.
10
11
1
:
Gen funding & impt 58 1928 J -J 1
4"
State and City Securities
Sale 10
111 °:
11453
151
/
4
18 l
F:b
l
i0
b1:2
5°°229° 187O 10,18103',
tienerid gold 41
1992 ./(1-S 10514 10578 105¼ 106(4 21 104 106%
/
2s
/
2
110 Nov'08
Dist of Columbia 3-65s
1924 F-A 1081
1992 M-S 1031
/
2
Registered
105 Apr'09
1051
/
2Dec'04
105 105
Louisiana new consol 48 1914
1044 J-D
Big sandy 1st 4s
001
/
4 891
/
2 83 4 10 831
/
2 01
New York CityCraig Valley 1st g 58- 1940 J -J 109
/
4 41., 10134 1021
109 Feb'09
/
4
/
2Salo 10238 1021
1071
/
2110'4
48 temporary recta Nov 1958
S 1021
901
/
2
90
j
-J
Potts
1949
5,
Jan
Creek
1st
48
102%
102%
103
'09
Br
/
2
101 42
90
00
4% Corporate stock
INS M.N 102 1021
1191
/
21001
/
4 IOU
& A Div 1st con g 48 1989 J -J
100
10104 Dee'08
3 991810(118
4% assessment bonds 1918 31•N
9614 Sale
964
9614 6 964 964
1989 J-J
2/1 consol g 4s
/
2 184 111 161121.2
1957 m-N 11214 112% 1124 1121
New 4/
1
4s
103
8
1131
4
Feb
'05
1941
Warm
1041
Apr'01)
Spr Val 1st g 58
4
104 14
104 10434
......
1017 11-N
New 4/
1
28
95 Sep'08
1
2 45 [1118112½
Greenbrier Ry 1st gu g Is'40 M-N
1957 M-N 11214 112%. 112% 112/
19.% Corporate Stock
7718
78(4
1 7814 80
784
/
2 Chic & Alt RR ref g 38 1949 A-0
104 1041
1917 N1-N 1044 Sale 1044 1044
41
/
2% assessrat bonds
76.4
102
11
Sale
761
/
2
7675
/
4
41 '731
1
4
Railway 1st lien 342s-195U J •J
1024 1021
1011
/
2 103/
/
2 '7978
1957 M-N
40/8 Corporate Stock
'74
73 Feb'09 ...• 73
1 11214 11234
1950 J-J
Registered
73
N Y State-Highway 48 1958 M.S 112% Sale 11204 11234 .•
100%
1024 Jan'09 •
102'4 1024 Clue Burl& Q-Denv D48 1022 F-A 10U¼10018 100
100 10//34
1933 J -J 101
So Carolina 41
/
2s 20-40
053
4
1
4 Sale 100% 1007,333 99%101
po% Feb'OP
General 48
9512 9534
1958 M-S 100/
Tenn new settlement 3s 1913 J -J
Illinois Div 3128
9114 94
93
1940 J -J
91
03 Jan '09 .... 113
93
Virginia fund dent 2.3s 1991 J• J
85
De
1c
0
'
2
08
itegisteree
38
38
38 Mar'09
48
J..1
66 deferred Brown Bros °Us.
99P
4 bit 10
Ills biv 48
102
992
113'-4j
1940
91
'
.
2 39 101.4 103%
J 10
Railroad
arr
'
,0
09
v ..•. 1051
Iowa Div sink limit 58 1919 A-0 1113%
1.
10
05
13
,8
4m
Ap
/
41013
Sinkuig fund 18
1919 A-0 100
9938 1001
/
4
A lemma Cent See So Ey
/
4 10
°0
134 AP
Nebraska Extension 48 1927 M-N 10241021
I.0139
4 1 101'4 102
..n.laba Midi See At Coast Line
Registered
1927 M-N
101.81011s
Albany & Suse See Del& Hun
RE
Penn
8
997
8
1197
See
Southwestern Div 46
1921 M-S
149
9918
Allegheny Valley
Joint bonds See Great North
&lleg & West Bee Butt B. & P
110
86% 871
/
2 871
000
0
2L1/24
51995 Q-J
/
2Apr'09 .• 84
102% 102%
Debenture 58
8734
4 102 103,4
1913 M-N 1
Ann Arbor 1st g 48
1008
103%
241.
Sale
1011
/
4
Apr'09
Hau
&
103%
St Jos consol 68 1911 M.S
1001
/
4
/
2
1001
/
4 1011
1031
/
4 103%
Atch T& S Fe-Gen g 48.1995 A-0
87
1905 A-0 9934
/
4 Chic& E Ill rot & imp g 4s1955 J-J
100 Apr'09
2 85
87¼
99 1001
00 ,
Rogistered
138 I3
S0
7 4 Aiar'
931
/
2 941
/
2 931
51995 Nov
70
.
9
4 ...• 129% 130,
let consol g 68
Adjustment g 48
/
2
93% lb 92
051
/
2
1934 A-0 130
92
115
024
Feb
4
,03
/
1
21,4
'01.,
,
18 jai
lu115
51995 Nov
4 1141.2115,s
11111144
538,
General consol late's. 1931 M-N
Registered
024 924
93% Sale 93
94
51995 1I-N
Registered
/
2
921
/
2 951
1937 M-N
Stamped
1144 1144
/
4 sale 10538 107 326 1021
Chic & Ind (I Ity 1st 58 1939 J-J 111% S
1956 J-1) 11161
1L
42
Couvg4s
/
2 108
114 115
:
Chicago & Erie See Erie
1917 J.1) 10878 Sale l07% 109 164 105% 109
10-year cony g Is
9,31
/
4
/
2128% 129 Feb'00
Chic In & Louisv ref 6s 1941 J.J 1281
127 129
Debentures 4s SeriesH 1910 F-A 100
91.104
/
2 Nov'04
1141
/
4 Apr'00
Refunding gold 58
1911 F-A
981
1947 J-J 109
Series I
113 114/
1
4
94
bouisv N A & Oh 1st 68 1910 J-J 19218 102% 1024 Mar'00
94 Nov'09
Series K
1913 F-A
102141024
3 97
Chic Mil & St P term g 5s 1914 .1-2 1044 105 10418 Apr'09
97
9704 97
97
99
East Okla Div 1st g 48 1928 M•S
104%1054
[15. 242 941
95½ Sale 9514
10318
101
104
General
g
48
1958 J -J
30
104(4
series
A..e1980
Short Line lot 48 g
J•J
/
2 964
102¼ 104
101
Registered
1031
/
2Oct'08
e1989
AU Knox & N See L .N
971
/
2Sale 971
/
2 28 011
911
General g 3/
1
28 series 13 e11180 -J 109 „, 91% 911
/
2
/
2
971
/
2 26 941
Atlantic Coast 1st g 48.51952 Ni- S
/
4 9734
/
2 0234
1311
/
2
'05
1154
Oct
Chic
&
L
Su
Div
g
5s....1921
J-J
Charles & Say 1st g 78 1939 .1-J
......
ll24 1131
/
4 1121
/
4 Mar'01,
Chic & Mo Bav Div 58...11.126
123% J'ne'08
/1278 1121
Say 1'& W 1st gold 68 1934 A-0 126
/
4
Chic di Pao Div 68
1910 J -J
i01¼101'
1st gold 5s
1934 A-0 112% 115 11208Jan'04
13
/
1
44 1
4/1167e 1°
10
1/
1 AP
11
r0
'°L' 3 1091
Chic & P W 1st g 5s
1921 J -J 1:10
/
2110%
1st gu gold 58 -11128 11.-N 1 1/114111 11438 Not-'05
Ala
00:
8
6
02 107 10578 Mal'01
004 Mar'06
96
Dak & Gt So g 58
191s •J 10
1051
/
21051
Bruns& W 1st gu g 4s 1938 J -J
/
4
/
2
/
2
901
412 'Iv 'lit,
137J
901
/
2Sale 90
Far & Sou Assn g 68
1924 J -J 1221
86
9018
L&
oli/52 SI-N
coll g 48
11 97
1021
/
2Mani/3 .... i02½102-',
flast& D Div 1st 7s
96
OS
97
97
07
1910 J -J
Sil Sp Oca & G gu g 4s ..1918 J -J
101 Alar'09 .... 101 VA
1stIs
1910 J -J
Atlantic,& Danv See South Ry
109,
2 Nov'08
LaCrosse & 1) 1st 58
1910 J-J
&Austin & N W See Sou Pacific
101% 101% 1 1011e 101.4
25 93
Mineral Point Div 58
11110 T-J
94
931
/
2 944 94
941
/
2
Dalt 84 Ohio prior 1g3426.1926 J-J
101.4 1021
So Alinn Div 1st 68
/
4 6 10118102
92% 93
93
1910 J -J 110°113842
1.3 Registered
92
51925 Q-J
92% Apr'01 •
100% 100% 85 100%10034
/
2
/
4 51 1001
Southwest Div 1st 68.. 1909 .1-J 1004.1
/
4 1011
/
4 /011
/
4 1011
Gold 48
51948 A-0 101 1011
/
4
110 Jan'09 ...• 109.4 110
991
/
2
Wis & Minn Div g 58. 1921 .1-2 1101
99 Mar'01
90 10034
51948 Q•J
Registered
1054 Nov'08
Mil .ift, No 1st Di L 68. 11110 J-D
120 Oet '01
Pitt-sJunc 1st gold 6s...1922 J J 106
11)21/2
107% Apr'011 ..., 10718107¼
89
1st consol 68
891
/
2 891
/
2
1913 J-D 1°7
891
/
2Jan 1011
N
PJun .51 Ai Div 1st g 31,281925
1154
94 Sale 94
116 12 Apr'09 .... 115%1161
Chic& Northw cons 76...J915
941
/
4 1./ 931
/
2
/
2 90
PLR& W Va Sys ref 481941 1.1•N
101
91
911
/
2 01
21 9034 9178
91
101 101
Extension 48
1886-1926
Southw Div 181 g 312s...1025 J
101
01 hi
Mar
ar:r9
/
210
°3
1/
1
21
9934 101
Registered
91
91 Ape°, • • 91
1886-1926 F-A 1001
Registered
51925
91
9234 93i, 031
/
4
104
931
/
4 t/ 9218 9434 ,
General gold 3/
1051
/
4 Feb'U'i
1
2s
1987 1I-N
Illouon Div 1st gu g 58..1919
1.1
19
1, psi, 1.)34,Apr'09 .... 93 Is 93.6
/
2
Registered
109 A pr'06
221987 Q-F 110
Oen Ohio It 1st eg412s..11.189 M•S 1021
111 L2 Msy'Ob
Sinking fund 68. .1870-1929 A-0
113 Feb '011
1101
/
4 113
Cl Lor & W con 1st g 5s 1033 A-0 11316
113,
2
109% lieb'00
1091
/
4 1004
Registered
1879.1920 A-0
1131
/
2 Fch'09
/
2
1131
/
21131
Ohio River RR 1st g 56 1039 J
10812 Feb'09
Sinking fund 58. 1879-1929 5-0 109
111.1
/
4,Feb'00
108 1081,,
General gold Is
1937 A-0
1081
/
2112
11004 Jan'00
1104 1104
Registered
1879.1929 5-0 10338
1101
/
2 Mar'04
Pitt8()Lev 418'1'011st g 68 1922 A-0 LIM%
101
1 10(114101
/
2 101
9134
98 Apr'09
Debenture 5s
1009 11-N IAA 1011
98
Pitts & West lat g 4s 14/17 J -J
08
101 Dee'08
Registered
1009 S1-N
100 Nov'04
Static/1 Ity 1st gug41213 1043 J
Debenture 53
1921 A-0 10818109½ 10114 Ap-'09
108 1094
Beech Creek fieeNYeda H
103 3 oe'u7
Registered
1921 A-0
Bellev & Car See Illinois Cent
/
4
11312 Mar'01,
111781131
Sinking fund deb 58
1933 M-N 1131
/
2
Bklyn & Montauk See Lorg I
11/9 J'1y'Os
Registered
1938 11/1-N
Bruns & West Bee Atl Coast L
10
1111
22:
0
13
22:4‘
:101/
1
4 101 Apr'(19
101 101,
North Illinois 1st 58
1910 M-5 1
8
Buffalo N Y d. Erie See Erie
Mar'09
120
Apr'09
1193
4
1201
/
4
1104211s1
/
4
Mil L & West 1st g 68 1921 M.S
11736
1161
/
2 11738
Bullalo It & P gen g 58 1937 M-S
116 Jan'0
Ext & imp sfund g 58 1929 F -A 114
113'a 115
110 Mar'Oli
109 110
195i M.N
Consol 412s
1421
/
21'0.002
Ashland Div 1st g 68 1923 M-S
100 100
LOU Jan '01,
All d. West 1st g 46 gu 1098 A-0
123,
8 123/
1
4 5 12204 1231
Mich Div lat gilt;
j.j
103 J'ly'08
1924 J -J
1st gu
/
2
Cl &
/
2 109 Sep '08
Incomes
118% 119
110 Mar'1/9
1911 M-N 102 1031
Rooli & Pitts 1st g 68 1921 F-A
114
Chit)
/
2
1141
/
4
Rock
1211
12 11334 1141
1143
,
2
111
4
131.1b
121¼
118.4
Pac
tis
1214
J
-J
121
J-D
/
2'
1017
,
4
g
68
192'2
Cousol 1st
112 4., J'iv'08
Registered
1917 -4
Builalo & Southwest See Erie
10034 Sal, 100.4 100°4
General gold 4s
871
/
2 90
V978 101'2
/
4 Mar'09
891
/
4 871
1988 J
Bull & Susg 1st ref g 48.11051 J -J
/
4
/
2 1 99% 10016
Registered
10018 1001
1988 J -J 1001
Bur C & N /Nee CRI&P
Refunding g 4s
I 1061
921
/
2 175 00% 94
/
2107
1934 A-0 9218 Sale 1124
/
2 106%
Wm So lst ext 6s
1913 J-J 106% Sale 1061
U8½,,.., 97 J'ly'04
Coll trust Series!' 48 1910 M-N
......
/
4 1', 102 103
/
4 1024 1021
be
1913 M-18 1024 1021
96%
J 4s
11212 Nov106
1912 M-N
•
Registered
10004 May'07
1913 M-5
Di 48
9
001tit,
i
91
L,33,b
12
2 99134 ,
11$2r
iribbri0
9412 941
1915 M-N
Oath Ce Shawn See 111 Cent
/
2
N 48
1916 M-N
93% 93%
Carolina Cent See Seab Air L
0 48
95
1917 1,11.5
Carlliage& Ad See .N YO&It
95
921
/
2 96(4 84 Aug'07
P48
1918 M-N
Ceti Ia & N Bee
Rai
801
/
2Salt 80
Chic 11 I & Pac Bit 48 2002 M-N
81(4 101 75's 8119
Cen Branen Ry See Alo Pao
Registered
2002 MN
65 Aug'08
11518116½
. 1161
Cent of Ga RR 1st g 68...p1945 F-A 115¼
/
2 Feb'09
92 197 8718 93 4.
Coll trust gold Is
1913 liI-S
91.4 Sale 014
Consol gold Is
4
1945 11-04 10934 1101
/
4 15 108% 111
/
2 1004 1101
Registered
Bur Cod it & Northern1945 51.11
113 Apr'06
57 115 117
115
Con lat & col tr g 56 1934 A-0 115 Sale 115
1st profincome g 58....p1945 Oct
80
71) Apr'09
79
80
83
Registered
Stamped
12012 Mar'03 ... ......
1934 A-0
80
80
80 hlar'Ou
111 Nov'03 ..,
CRIF &NW lstgu 58 1921 A-0 10778
7U° 7a 63
701
/
4
lb pret income g 5s....p1945 Oct * 6712
694
& St L 1st gu g 7s 1927 J-1)
68
68
5 60
2d poet income if 58 stamped
6818
71
U. S. Goverut
U S 2s consul registered41930
U S 2s consol coupon...41930
U S 3s registered
k191
U S 38 coupon
k191r,
U S 36 reg small bonds k1918
U S 3s con small bonds_ k1918
U 8 45 registered
1025
U S 4s coupon
1925
US Pan Can 10-30 yr 28./c11139
C1-.1
Q-J
......
MISCELLANEOUS BONDS-Continued on Next PageStreet Railway
1946 5.0
Brooklyn Rap Tr g 6s
2002 J-J
• 1st refund cony g 4s
13kOity let con 58.1916 1941 j-J
Bk Q,Co& S con gu g 56 1941 M.N
J3klyn Un El 1st g 4-58 1950 F-A
Stamped guar 4.58.-1050 F-A
19411 F-A
Kings Co El 1st g 48
11149 F-A
Stamped guar 45
1051 J -J
Nassau Elec gu g 48
Conn Ity& List& ref g 4168'51 2-3
1951 J•J
Stamped guar 4¼s
A-0
Den Con Tr Co 1st g
Dot United 1st con g 4128.1932 2-2
Havana Elec consol g 68.1952 F.A
1039 A-0
Inter-Met coil 4128
Inter Rap T 3.yr cony 68.1911 MN
Internal Trac coil tr 48 19411 J -J
Manila Elec 1st & colt 58 1953 M.S
Street Hallway
861
/
2 8634 6
86 mar
106 10534 106
6,
6
09 ..I.2. 811
/
2 88
1
21i/64 nilawet St Ry gen col tr g 58.1997 F-A
6 102/
• 8514 Sale 841
lstcg58 1
2
,
00
43
2J
A:D
O 66
/
4
56
63341
85% 505 811
/
2 85%
Betag
1021
/
210
y&
487t11 AT
104 104 Mar'09 .... 103 105'.j
10% 1034 Mar'011
1021
/
2105
100 100
92
Col& 9th Av 1st gu g 56.10113 14-S *
991
/
2 Mar'00
100
1 100 1021.'
091
/
2 991
/
2
1011
/
4 1011
1024 1021
Lex Av& P If littgu g 58 1993 M-S
/
2 Mar'09 .... 100 101/
/
4 24 100% 103
1
2'
67
/
2
102¼ Apr'09
Third Ave RR con gu 46 2000 .1-J *
67
651
/
2 71
67
1021
/
21021
67% le 664
87 Apr'09
Cent Tr Co certfs stmpd... Sa
87
63'4 1111
87
684 41
86
87% 88
871
/
2 87% 23 85
Third Ave Ry 1st g 58..1937 1-.1 *108 111 110 Apr'09., 109 1115,2
87%
/
2 82
8142 Sale 811
931
/
2J '.4)/ '0/3 ....
Met WS El(Clue)letg 413.1938 F-A
/
2 82
10 781
10178 10238 102% Feb'09
19,,
, 9012 Sep'09
102%1023
, N Orl Ry & Lt gen 4,
28 -1935 J.J '77
..
1011
/
4102 10118 Mend..
08 Nov'08
..
St Jos Ry Lt H d. P lst g 58'37 1/-N 101
101181013
96 J'ne'00 •
110,
2 Nov'Oti
St Paul City Cab eon g 56.1937 J -J
Hal, 84
83
84
Underground ot Lou 5s.„.1920 M-N
119
98 Apr'09 -- .i3y,
6 8118 85
804 00 89 Mar'09
83 Salo 82%
/
4 3
1933 J -J
31
83
47
89
80
41
/
28
7811
/
4 Sal, 781
/
2
7918 911 76
1948
35 Sc 334
35 .
.
1.
11. 22
35 4
813
, Income 68
1031
/
4 San. 10338 10378 87 103 104
84 Oct '08
...
Union El(Chic) 1st g 58..1045 Al-6
7212
721
/
2 Mann, -• 721
•United
Rlts San Fr8f 48.1927 A-0 7638 San. 7618
/
2 721
7618 40 '72
771
/
21
/
2
98 may'06
85
841
/
2 1 84(4 86 ;
United Rys St L 1st g 43.1034 J -J
86
841
/
2
*No price Friday; latest tins week. %Flat. aDue Jan a Due Alir e Dix* litay g Due J'ae /Wu. 4'V
.. -ij-c:
ki)ue Aug °Due Out
.i
p Due Nov .7/Option osae
..
1048
New
York Bond .ktecord-Continued---Page 2
:.
N. Y.STOCKEXCHANGE
WRIER ENDING Apnrt, 23
3,2.,
4
1
41-..
.1-rtee
Friday
April 23
Weeic's
Bangs or
. Lag sale
.
a--,
Range
S7;
Since
:1.):. Januory 1
sia
,salf Low
High No bow Nigh
Chia Rock 1 fge Pao--(Con)
102 Ang'08 .... ._
, Choc Ok & G gen g 58.o1919 J -J 1024
1952 M-N 111 112 111 Apr'09 .... 11-1 111 •
.
Consol gold 58
105 Mar'09 ... 103 105
' Kook & Dee Id 1st 5s., 19213 A.-0 1054
Ohio St L& N 0 See III Cent
Ohio St L & Pitts See Penn Co
/
4 1304 1" 1291
1 130 130% 1301
/
41304
Chic St PM & 0 con (38-193( J-1.
93 Dec'03.
Cons 68 reduced to 346.1931) J-D 934
12978 Apr'09
/
4
L2941294
''•Ch St P 33 Minn 1stg 6s 1918 M-N 1291
1291
/
4 Mar'04 .
• • Nor Wisconsin let 6a 1930 J -J 12134
2 117 119
117
St P & S City 1st g 68-1919 A-0 117 Salt 117
1121
/
4 Apr'09 .... 112 112¼
/
4
Chic& WestInd gen g 6s 91932 Q-11 1121
9634 964
1 96
1952 J. J
913¼
98
Consol60-year 48
Chic 8a W Mich See Pere Mare
ChooO&GnIf See CRI&P
.
.
Oct
'00
113
193`;
J
-J
99
4¼s
gold
Oin if & D 2d
103 Mar'09 .... 95 103
/
4
, Cin I)& I 1st gn g 5s 1941 M-3: 1051
78
--- ......
C Find 8o Ft W kat gu 4s g.'2:3 M.N
70 Ang'08 ....
8212
On I & W 1st gn g 48.1953 J -J
961
/
4Jan'09 •-• 91312 - 96-1
' • Ind Deo & W 1st g 5s 1935 J-J 10212
/
4
1074 Dec'02
1935 J -J 1021
1st guar gold 58.
/
4
CIStL&O See ObC&StL
ClinS&C BeeCCOStL
Clearfield & Mali See li 11 .fs P
/
4 9734
98
13 97/
Clev Oin C 8a St L gen g 4131993 1.1) 974 981
1
4 9878
96 Mar'09 ...- 954 96
96
Cairo Div 1st gold 48-.1939 J-J
94 Apr'09 .... 94
93¼
Cin W& M Div lat g 48.1991 J -J
94
961
/
4
963
8
96
4
NI-N
Apr4.19
....
48-1990
954
Div
1st
col
tr
g
97/
1
4
St L
91 Oct '07 ...
1990 31.N
911
/
4
' Registered
92 Feli'08 ...
r& Col Div 1st g 4e 1940 11-9 96
....
.
98
Sep
'06
923
4
g4s.1940
IJ
Div
let
V W Val
106
1 106 108
C I St L & C consol 63 1920 M-N 106 Sale 106
1
4 99% 984 Mar'09 .... 984 9878
98/
k1936 3-F
let gold 4s
97 oct '08
Registered
k1936 -F 97%
1091
/
4 Mar'09 .... 109'4 1091
Om S & Cl con 1st g 53-1928 -J 109
/
4
11434 Sep 'US
1914 J -D 106
'00 C & I oonsol7s
•
Consol sink fund 78
1914 J.D
. ISO Nov'08 .... ......
General consol gold 65 1934 J.J 126
1934 J -.I
Registered
94 rly'08 ... ......
Ind Bl & W 1st prof 44 1940 A-0 95 101
• 0 Ind & W 1st pf 58-611938 Q.J
951
/
4 95 Apr'011
_. 03
9538
Peo & East 1st con 48-1940 A-0 95
47
47
.-2 10
47
Income 4s
1990 Ant
56
y & Marietta See Penn Hit
ev & Pitts See Penn Co
/
4 8634
87¼147 80
371
86
1947 11
1001 Midland 1st g 4s
87¼
41 974 99
98
98 bale 9778
IColoradJ & Sou 1st g 48 1929 F -A
998 167 9634 10018
/
4
9958 Sale 991
1935 M-N
Refund & ext 44s.
tun & Greenv See So Hy
11 & Hock Val See Hook Viii
!Col & Tol See Hock Vol
1001 Conn & Term See N & W
!Conn & Pas Rive 1st g 48.11)43 A •0
95 Jan'09 ....
5
95
I952 J -J
91
Cuba RR 1st 50-yr 5
g..& St P
!II lak & Gt So See CM
I./atlas A Waco lite Al K & '1
10e1 Lack & Western1141
/
4 Feb'09 ....114¼ 11458
/
4
, Morris& Essex 1st76-1914 M-N 1141
/
4
2 1163811738
1915 J-1) 11834 Sale 11634 1161
1st oonsol guar 1a
. 127 J'ne'05
Registered
1915 J-1) 1164
/
4 Mai'09 -.• 9338 961
9634 961
/
4
1st ref gu g 34s
2009 J -D
95
/
4 121
/
4 Sale 119% 1194 3 1191
IN Y Lack &W 1st 68-1921 J -J 1191
.... 112 11235
' Construction 58
rr3 .... 99410075
or
A.P
1910271
/
4
s A.
Term & improve 48.- 1923 M
1.0
'
2le 11238 1
F- N
A 10
102 Feb'03 .... .....
.
94
Warren 1st ref ga g 3445 2000 F-A
8.8 1211
/
4122 121% Apr'09 .... 121%121%
(
Del At Mud 1st Pa Div 75 1917 ,
149 Aug'01
1917 M-S 11915
Registered
/
4 10 101 1024
1021
1
4 102
/
4 102/
1943 M-N 1021
lot &ref 4s
1031
/
4 79 100 104
1916 J.D 1034 Slue 103
' 10.yr cony deb 45
. 1st hen equip g 44a
1922 J -1 103 1034 1034 Mar'09 .... lt)318 10314
1021
/
4 35 97 1024
1946 A-0 1014 103 102
,•' A.lb & Sus cony 34s
129 Nov'08 .... ......
' Rens A Saratoga 1st 78 1921 M-N 1284
RE
Pa
Riv
RR
b'ee
Bridge
Del
45 96
97
9658 Sale 964
984
Denv & it Or 1st con g 44.1936 J -J
/
4 Feb'09 .... 1031
/
4106
1936 J -J 193 106 1031
. Consol gold 412s
10238
....
Apr'01)
1031
/
4
10138103¼
1024
J.1)
54-1928
Improvement gold
941
/
4
Sale
05 42; 9238 9538
9478
1935 F-A
.1st & refunding Is
98 Feb'09
• ktio Ur Juni° 1st gu g 60 1939 J -D 106 107
80
80
5 80
80
.• Rio gr So let gold 48- 1940 J • J
85
3far'08 .... .-,..
1940 J -J
Guaranteed
07
964 Apr'09 •-• 98 1001
1930 J.J
/
4
Rio Gr Weet let g 4s
86 Apr'09.... 83
87
Mge and col trust 4sA 1940 A-0 k 8534
97 Jan'02 .... ......
U tali Cent 1st gu g 48 al91.7 A-0
1
Des Mtn A Ft 1) See 1‘1 .Yo St L
Des Moi Un Ity 1st g 58 1017 .11-N 1054107 11(1 Sep '04
95 Jan'09 .... 9-5
95
Det,d, Mack 1st lien g 48 1995 1-1) 92
90 Apr'09 .... 88
90
90
1996 1-1) 88
Gold 48
'Detroit Southern82 Mar'09 .... 80
804 82
82
Ohio Son Div lst g 48 1941 M-13
,Dul .3b Iron Range lot58 1937 A.() 112 113 113 Apr'09 .... 113 116
1064 blar'ub .... ..193'7 A-0
, Registered
1916 1-1
•- ......
2d Lis
Dal Short Line See Nor Pao
1,104 Feb'09 .... 1104 110/
1
4
'Dal So Shore & Atl g 68_1937 1 -j 11.1
aet of Minn b'ee StP AI& Al
ast Ten Vs & Cia See So By
1121
1124 1121
/
4 Feb'09
/
4
'Elgin Jol & East 1st g 58 1941 1A-N 114
,Elm eon & No See Leh& N I
9944 Ni ay'08 .... .-..
194' M-Is 100
Erie Dit ext old 4s
1061
105;
1 1961
/
4 Apr'09
/
4
1919 -9-3 1061
/
4
2L1 ext golt bs
1923 .vi-S 1041
104,4 1044
1044 Feb'Oit
/
4
3d ext gold 448
1951
/
4 Nov'08
1920 A-O 10538
4th eat gold 58
97 Jan -09 .... 97
97
/
4
951
192s J -D
5th eat gold 45
1211
/
4 1211
/
4 5 122%1244
1020 NI-S 122
let consol gold 7s
1921131-S •'
let consol g fund is
124 191 Oct 'Ob
904
ta 14 a.1,,,
btP4
871
/
4 69 85
Erie 1st con g 4s prior-199U J -J
79 Jan'08
Registered
19116 J -J
/
4
741
/
4 123 694 77 4
74 4 sale 731
1st oonsol gen lien g 48_191)6 1 -J
85 4 Feb'07
Registered
Mb J •J
751
/
4 851
/
4
82 Apr'09
Penn con tr g 45
1961 F-A
344
59 63
771
/
4
', 5
30-year cony 4s A
7114 7434 73¼
1953 A.0
6678 201 574 69
/
4 Stab 65',
Series B 1953 A-0 661
do
118 Mar'u9 .... 115 115
Butt N Y & Erie lot 78-1916 1-11 115
11558 117
1164 Apr'09
Chic & Itrie lat gold 5s-1982 Vl-N 116
121 Deo'08
Cley A hialion Val g 58.1936 1-1 110
/
4
1284 Apr'09 ..... 127 1281
Long Dock consol g 6s 1935 A.0 1284 •
120 120
Coal & RR lat cur gu 68 1922 M-N
120 biar'09
Dock A Imp let our 68_191;3 .7 -4 107
110 Apr'09 ..... 106 110
N 7 A Green L gu a 58.1946 M N 103
108 Mar'09 .... 108 108
• 1Z
Ir
:
F
BON 1):,
r..,..a.
4 A;
N. Y. STOCK EXCHANGIC ,
-r,3•4
WEEK ENDING APRIL 23
[VoL. raxxxvIxi.
Pries
Aida,/
April 93
Weelc's
Range or
Last Sale
--
Nano
i ,-1! January 1
Ask Low
litgA No Low Eton
108 107¼ Feb'09 .... 101 1074
1001
/
4 Deo'06 ......
.
.... ..9034 Mar'09..,. 9034 92
1141
/
4 Dec'08
Rid
Erie-(Con)
Stu'& W 181t61 58 1937 J-J 104
1937 F-A
2d gold 4¼s
1940 F-A
General gold 58
Terminal 1st gold 58-1943 M-N 114
Regis 85,000 eaoh 1943 M-N
102 Apr'09 .... 1011
Mid RR of N J 1st g68 1910 A-0 10134
/
4 102%
102 Jan '09 .... 101 102
Wilk & Ea let gn g 50 1942 J -1) 103
1124 Feb'OU ..... 10941121
d:vd2 Ind 1st con gri g 68-1926 .1.1 112
/
4
Erie & Pitte Bee Penn Co
113% Mar'09 .... 1135.113%
Evans & T H 1st C0118 68.1921 J - J 114
1024.7'1y'08
-1942 A-0 103
1st general gold 58
114 Apr'05
Mt Vernon 1st gold 68_1923 A-0 108
95 J'ne'06
Sall Co Branch 1st g 58.1930 A-0 9634
Wargo & So b'ee Ch M do Itrt P
t lint& Pore M See Pere Mar
Fla C& Penin See Sea,Air Line
105 Mar'98 ..
Fort St U D Co 1st g 448.1941 J -J
Ft W & Den 0 1st g 68.-1921 J-13 115% Sal* 11534 11534
874
871
/
4 1 85
Ft W & Rio Gr 1st g 48...1928 '
871
/
4
1. 1
88
i lal Mar & S A See So Pac Co
_
99
3 99
99
99
100
1 Tali'& H 011882 1st 58.1913 A-0
Georgia & Ala See Sea A Lint
•
Ga ear & Nor See Sea A Line
Georgia Pacific See So Ry
Gila V li- & Nor See So Pao Co
G oily & Os wegat See N Y Cent
Grand Rap & Ind Hee Penn ER
Gray's PL Term See St L IS W
987s 110 971
/
4 991
/
4
9834 Sale 9818
Gt Nor-C B& Q coiltr 45 1921 .1 • J
98 Apr 09 .... 971
/
4 99
Registered.h
1921 Q•1
Greenbrier By See Cheo & 0
95 Oct '1)., .... ...... ......_
100
Gall &6I 1st ref A t gs
U b1652 .1-1
Li an & St Jo See C 13 & Q
'
I iousatonio SeeNYNH&H
106
2 104 109
Hook Val 1stconsol g444.1999 J -J 106 Sale 106
10114 Sep 99'
Registered
1999 J •1
981
/
4 Feb'09 .... 98¼ 984
Col & H. V 1st ext g 48_1948 A-0 981/4
991
/
4 b'eu'ull .... 97
1194
Col ee Tol let ex 4s
1955 F•A
9934
Roust E & W Tex See So Pac
Houst& Tex Con See So Pile Co
104
3 103%104
Illinois Central let g 48..1951 J-J 103 104 104
I Registered
10738 Aln•'07
1951 1•J 1011
/
4
1st ref 4s(when iss)
1955 3f-N 1001
/
4 101 10038 100% 26 9"10112
9338 Deo'Oti
1st gold 348
93
1951 1-1
.....
Registered
9134 Aug'08
1951 1-1
91
4 9438
94/
1
4 Jail'DU .... 1)4,
Extended 151 g3¼8
1981 A-0
70 uct '04
1st gold 38 sterling
1951 M-8
1
4 100%
Coil Trust gold 48
10075 1004 2 100/
/
4
1952 A-0 1001
98 bitty'th
Registered
1952 A-0
/
4 Apr'09 .... 9J 10138
1011
L N 0& Tex gold 4s
1953 M-N 100
92 .sy'07
Registered.
1953 31-N
994 Mar'96 .... 994 99%
Cairo Bridge gold 48....1950 j.0 99%100
OU/
1
4 Mar09 .... 90
LoutsvDiv&Term g348.1963 J• J
92
894 92
12$ ,L ay.1.A..
Middle Div reg 55
1921 F•A 105
Omaha Div 1st g 3s
79
79 Apeut).... 79
1981 F-A
781
/
4 79
ISt Louis Div&term g 38 1951 '-J
80/
1
4 794 Dec'ub .... ........--79
Registered
77
Mil 1•1
Gela 3to
1951 J-J 891
/
4 93
904 Deo 919
191,4 Oct '119 .... ...... ..._
Registered
88
1951 J - 1
100 Nov'uu
Spring Div 1st g 348. 1951 1•J
891
/
4
10018Jan'09 .... 10018 1004
Western Lines let g 45_1951 F-A 190
121 Feb'09 ..... 121 121
Bailey & Car 1st titi
1923 J-D 119
98
98 Mateo:3 .... 98
Carb & Shaw 1st g 48-1932 M'S 98%
/
4 2 1181
11111
/
4 11.1)1
Chnio
egi
St
stL
er&
e,IN 0 g 58-1951 1-D 118%
/
4 119%
119 Feb'09 ... 119 119
1951 1 43 117
110 Feo'uls .... 90
90
02
Gold. 348
1951 J-D 90
IOU Mar'Ob
Memph Div 1stg 48.1951 J'D
St L Sou let gu g 4e. 1931 11-8
9934 98 J'ly'ue
9d
Ind B1& West See C00(IS St L
98
98 Apr'09 ... 96
Ind Ill & Ia lat g 4s
1950 J„-...1
97
98
1114 ill 4 6 110 112
Int & Great Nor lat g tit:L 1919 Ji-ri 1101
/
4
1909 M.S
/
4 Mar'09 .... 85
861
90
87
28 gold 5s
.
60 Oct'0, ....
34 gold 48
40
1921 A'S I'
7.
1-6;iein%
Lo-wa Central 1st gold 6e 1935 1-D *108% 110 10934 10934
5
82
1961
M-S
81
121
81
Bale
75
82
48
Gold
J()hereon RR See Erie
f(a1A&Gli See 146.4.11S
I-1-an & Mich See Tot & 0 C
KOFtS&M. SeeStLA SIP
K C& M It& B See St L& S If
Kau C & Pacific) See M K & '1'
751
/
4 lb 7234 751
/
4
Kan City Sou lst gold 35-195U A-0 754 Sale 75%
63 out 't)t) ... .
Registered
1950 A-0
Kentucky Cent see L &.11
Keok & Des Mo See 0 ki I&P
Knoxville & Ohio See So By
/
4
/
4 3 112381141
1141
/
4 1141
1 ako Erie & W 1st g 55-1937 1-J 113
1
4 Apr'99 .... 107 109%
109/
1._i 28 gold 53
/
4
1941 J-J 1091
Mar'09
....
/
1
4
L1.24
113
1141
/
4
North Oluo lot gu g 58 1945 A-0 113 1141
/
4
L Sho & Mich S See X Y Cent
/
4 1 10612108
1074 1071
Leh Val N Y lat gu g 4128 1940 J -1 107%
108 Oct'08 .... .....
J
Registered
1940 -J
97¼
97¼
--7
1 9
Lehigh Val(Pa)eons g 48 2003 V1-N
u7's Sale 117¼
/
4
I 1161
/
4 1183*
1181
/
4 1181
Lou V 'ler By lot gu g 58 1941 A-0 118
1091
/
4 Oct '99
•
Registered
1941 A.-0
107 4PlY 9.1
Leh V Coal Co 1st gu g 58 11)33 J -J 10838.
66
', 96
964
Leh & N Y lat guar g 4s 1945 SI-S 964 974 96
Registered
1945 31-5
•
11378 Jan'00 .... ,
El C & N let pf 68
1914 A-0 1024
1o514 J an '06
GOIG guar Os
1914 A-0 1011/4
Lett A Lind It See Cent of br J
Leh & Wilkesb b'es Cent of NJ
Leroy & Caney Val See Mo P
Long Dock See Erie
Long Ial'il-lat con g 55.41931 ti-J 111 112/
1
4 111 Jan'09 .... 110 111
Ist consol gold4e
•
---h1931 44
9734
96,
, 1 96
961
/
4
9638
General go it 48
193 J-D
961/4
101)4Apr'0., .... 10041004
Ferry gold 44s
1922 M-8 100
'06..
Oct
991
/
4
Gold. 4s
1932 1 -D 90
...944 Deo'08 ....
98
Unified gold 4s
1949 M-S
......
1044 Deo'Ob .. ..
Debenture old 58
11)34 4-1) 1071
/
4
gold
'
, 1714 99
48.
9344 .1
.
Uttar ref
/
4
984 9838 981
1949 91-S
Bklyn & Mont let g tfe 1911 14-9 1024
--10158 Deo'lle.
191181-S 101
1st5s
11041sov'06 .... .
......
N )( II& X II 1stcon g 501935 A-0 1051/4
N Y & It 13 1st g 58
105 Apr'07 ....
1027 M-S 100
-NorSh13 lateen ggnoso1932 Q-1 107 109 109 Nov'06 ....
98
93 Apr'09 .... 98
Louisiana & Ark 1st g 68.1927 K-S
96 100
81184.)ELLASEI)US R0ND6-Contin0ed on Next. Pit,ire.
this and Electric Light
Atlanta G L Co let g 5s 1947 J-D
kskLyn U Gas 1st con g 58 1945 M.N
Cony deben 68
1999 M-S
Buffalo Gas 1st g Os
1947 A-0
Consol Gascony deb 68
1909 J -1
Detroit City Gas g58
1923 J -J
Dot Gail Co con 1st g 58 191b F -A
EqEILki Y let con g 58_1932 91-S
Gas& Bloc Berg Co c g 58.1949 J.1)
/
45 1942 F.A
()ten Electric tieb g 31
10.yr g deb 5s
1917 J •D
Ur Rap 61- .L Co 1st g 58-1915 F-A
lindson Co Gas let g 58 1949 M-N
„Kan City(31o)Gas 1st g 581922 A-0
.1"..Ings Co El L & P g 5s 1937 A-0
Purchase money Ss
1997 A-0
,
1 Ed 311.1113kn lstcon g 4s 11)39 -.7
IMAlwankee Gas L 1st 48 1927
Gan and Electric Light
/
4
10234 105
Lac Gas Lot
letg 58.81919
/
4 1041
104 104% 1041
10041011
/
4
Ref and ext lot g 08
1934 A.0
101 101 Apr'09
1021
/
4
1001
/
4 1021
8
N
g 65-1948 J -D 1021
1015
/
4.
G EL Hd2
/
4 Sale
8675
831
/
4 89
Purchase money g 48 1949 F-A
851
/
4 8534 864
100 100%
Ed El Ill 1st cony g 58 1910 M.9 10078 Sale 10078 100',,
111 111
111 Apr'01
1st consol gold Os
1995 J-J ill
97
078.
NYAQ.E1LAP 1stcon g 581930 F-A 96
9738A.pr'00
N Y A Rich Gas let g 55.1921 M-N
......
100 100 Deo'Oz.•
Pat ft Paoli& 11.1 con g 58.1949 M•
10134 Nov'05
119.. 121
Peo Gas 8a C let con g 68 1943 A.0 1201
/
4 123 120'4 Mar'09
102410334
Refunding gold Ss
1947 M.S 1031
/
4 1031
/
4 1034Apr'09
103 104
Ch G-L& Cke lstgag 55 1937 J.J 103% 1114¼ 1031
/
4 Apr'09
Ind Nat Gas& 01130.yr 5s'36
Con U Cool Cl,1st gn g 68.'36 J -D 102 193 103 Mar'09 ••. 101% 103
Mu Fuel Gas 1st gu g50.1947 .8.N 10114
101 Nov'08 • --• ......•.100 100
100 Jan'09
1161
/
4
Syracuse Lighting 1st g
J-D
97
88 Sep'08
90
Trenton GA El 1st g 58 1949 M.
110 blay'05
92
92 Apr'09
11215 Westchester Light'sr e 58.1950 J-D 103
92
93
1024 Mar'09 •- 102 1,102;
L-4
.
1),...
10price Friday; latest but and aegeti this week. Due Jan 3 Due ,•of.) a Due ...Dr spin)..Lat it One ,•ly ,4 Dad iug o 0110 uoy 4 Due ..)oe 4 °Litton 55.1*
1011
/
4
1071
/
4 110
1074 4 103 10738
107
119 124
122 Feb'06
60
634,
631
/
4 Mar'09
65
165 Dec108
/
4 Apr'09
1011
10138
......
9558 Sep 'Ob
100
......
96 Mar'tib
10335
81¼ Oct '01
6 80
84
81
81
81
82
14034 60 136 1411
1404 init. 140
/
4
......
101 10734 Deo'00
102 J'Iy'08
101
99 Dec'06
96
98
New York Bond Reoord-Continudd-Page 8
APR. 21 1909 ,
BOND!.
N.Y.STOCK EXCHANGE
WEEK BRIAN° APRIL 23
1049
BON UN
Price
Week's
Range
Ii -z
.
401
.
3
N. Y. STOCK EXCHANGE 1.., t
loriiiaio
Range or &lit
.1Ince
WEEK ENDING APRIL 23
Last Sale • zil Joutran!1
-Zik April )13
Rid
483 tow
Mort No Low Rich N Y Cent & 11 It-(Continued i
AM Low
Rid
Rigli No Low NigA
Louisv & Nashv gen g 60 1930 J-D 115 1161
/
2 1161
/
2 Apr 09
/
2 Gouv& Oswe Iat gu g 5s 1942
11612 1171
Gold 5s
1937 M-N 116 110% 116 4 Mar'09
110 11634
Moli & Mal 1st Ku g 46..1991
98 Mar'08 .... ......
8934
Unified gold 4s
1040 J.J 101 Sale 101
10112 39 10041021
/
4
NJ June P. gu 1st 4s...1986
941$
105 Oct'02
Registered
1940 J.J 10014 1001
/
2 1014 J'ly '013
N Y & Harlem g 3126...2000
964 Oct'Or .
9214
Sink fund gold Os
1910 A-0 1011
/
2
105 J'ne'08
NY & North 1st g 56...1927
110 1171
/
2Aug'08
/
2 1971
Coll trust gold 5s
1931 M-N 110
/
2 Mar'09
1101
108% 110,,
N Y & Pit lstcon gu g4s 1993
100 Sep 08.
95
E H & Nash 1st g 68.-1919 J -D 11114
111 Jan'09
Nor & Mont lat gn g 56.1916
111 111
• 10734 Feb'09
L Ciii & Lex gold 41
/
2s 1931 N1-N 107%
107% 107%
Pine Creek reg guar 66.1932
130/
1
2 13112 Jan'09
121 12 13112
N 0 & M 1st gold 6s
125
193( J
124% Mar'09
R Web 0con letext5s.h1922
12434 1'24%
110.4 112 11034 Feb'09
1103411034
N 0 dd M 2d gold 6s
1930 J.J 119
120 Jan'09
Oswe & It 2d gu g 53_81915
120 120
100
. 105 Jan 08
Pensacola Div geld 03 1920 M-8
1071
/
4 Aug'06
RWdbOTR1stgrig 50.1918
10634 111
St L Div 1st gold 6s
1921 M-8 11414117 117 May'07 090
Etutland 1st con g 410..1941
.103 Sep'Oa.
2d gold 3s
75
1980 M-8 68
1
2Aug'07
02/
Og&LCham 1st gu 4s gl948
91
93
93 Deo'08.
Atl Knox & Cin div 43 1055 M-N 90% Sale 96%
95
961
/
2
90%
Rut-Canad let gu g 40.1949
904 Jan '09
9034 9034
A.ti Knox & Nor 1st g501946 J -0 113%116 116 Ply'00
St LAW & Adir 1st g 56 1996
115 115
115 Feb'09
Sender Bdge letsf g 66.1931 M-8
110 Jan '09
2,1 twhi as
1.10 11()
125 Feb'08 .
1990
Kentucky Cent gold 40 1987
981
/
2 99
98%
/
2 Mar'Oil •... 96
981
Utica & Blk lily ga g411 1922
1031
/
4 Dee'08.
10134
L&N&M&Mlstg415111945 M-8 1041
103 Dec'08
/
2
Lake Shore gold 3¼s
951
/
2 115
1997
95
1 9485 9534
L& N-South M
3 88
91:1
89
89
/
4
91
48.1962 .
Registered
9312 9312 Mar'09
1997
931
/
2 941
/
2
N Fla & 1st gu g 50_1937 F.A
/
2
11314 1154 Mar'09
/
2 1151
9534 Sale 9534
1151
Debenture g 45
82 05
96
97
1928
N&C Bdge gen gu g 41
/
201945 J.J 105141011½
25-year g 4s
95's Sale 951
/
4 90 169 95
,1931
116%
Pens & Ati let gu g 60 1921 F- A 108%
109 Jan '09
109
Ka A & G R let gn o 56.1938
1.09
11014
& N Ala con gu g 5s 1936 F-A 11415 115 1151
/
2 Feb'09
1131
/
2
Mahon 0'1 RR 1st 50..1934
109 Oct'07
11212 115"
)
94'. 1. 94 941
13412
L & Jell Bdge Co gut g 40 1945 M.E3 94'2
/
2
102
l'Itts & L Erie 2d g 5s.a192/3
100 Mar08.
L N A & Oh See I & L
1261
/
2
Pitts McK & Y 1st gu 60.1932
1301
/
2Jim '09
1301
/
21301
/
2
M ahon Coal Sea LS& MS
1261/2
2d guar 6.0
1934
9985
99% 16 08 100
1T-Lanhattan Ry consol40 1990 A-0 99
1101/2
MoKees& 13V latg 6s 1918
Apr'05
104
10034
Registered
1990 A-0 97
Mich Cent let consol 66 1909
101 Feb'09
101 101
1001
/
2
99%100,
,
1151
/
2
Stmpd tax exempt. 1990 A-0 100 Sate 100
58
11434 Oct'08
1931
Idoll'pt 68 13 V See N Y Cent
112
119 J'ne'il6 ...
Registered
1931
Apr'09
881
/
2
91
Mex Cent cons g 4s trust recta
89
9934 103 10014 Apr'011
82 881%
46
1001
/
41001
/
4
1940
251
/
2 251
/
2
231
/
2 25
1st cons Inc g 3s trust recta
2112'
284
10612 Nov'00 .
Registered
1940
2334 Apr'09
25
23
2d cons'no g 35 trust rects..
2084 241
90 J'ne'08
/
2 ..7 L& S lat g 31
/
2
1951
s
s
905
J'iy'01
Mex Internet 1st con g 40.1977
921
1st g 312s
/
2 9285 Mar'09
•
911
/
4 9234
1952
80 Feb'08
Stamped guaranteed....1977 M
Bat C & Star Lit gu g 36 1989
105 May'00
Mex North 1st gold 6s
1911
1910 J -0 101
/
2102%1011
.:1 YChio& St L 1st g 4s 1937
/
4 1011
/
4 1 1001
/
210214
Mich Cent See N V Cent
100 Sep'08
Registered
1937
931
Mid of N J See Erie
/
2Salo 931
/
2 9384 25 91% 94
Debentures 48
1931
Mil 148 & W Bee Ohio & N W
1031
/
2Sale 1031
/
2 1031
West Shore list 4s gu 2361
/
2 7 103 1041
/
2
MU & North Bee Ch AI J5 St P
101% Sale l011
/
2 1021
/
4 25 1011
Registered
/
21081
/
2
2361
1331
/
2 Feb'09
/
2
Minn & St 1. 1st gold 70 1927 J-D 1321
13312133½ N Y & Greenw Lake See Erie
100
101
Deo'08
1009 J-D
Iowa Ex 1st gold 78
N Y & liar See N Y 0& Had
118 Jan '07
Pacific Ex 1st gold Os 1921 A-0 107
N Y Lack & W See D L& W
1031
/
4 Apr'09
1
2 N Y L E & W Bee Erie
South West Ex 1st g 76 1910 -0 102
1031
/
2103/
/
2 11034 Mar'09
1934 M-61 109%1111
let consol gold Os
109 1111
/
2 N Y& Long Br See Centof NJ
/
2 Salt 851
/
4 8512 •31 841
1st and refund gold 40 1941( M-13 851
1351
/
4 Sae 1351
/
2 13534 105 1334 13512
/
2 871
/
2 N Y N H & H-Cony 60 1948
97 Apr'06
Des M .51: Ft 1.) Ist gu 40-'35 j.3 90
Cony deben 31
107% Sale 105
108 217 971
/
2108
/
2s
1956
44inn & St L gu See 13011&N
/
2Deo'Ob .
„Housatonic
1181
118
R
con
g
5s 1937
99
M5tP&SE3Mcong4intgu.38 •J
99 Apr'09
99 100
N H & Derby eon oy 6&1918
107
MISSM&Alstg4 intgu 1926
99 Mar'09
N r & North See N Y C & li
99
99
Minn Un See St P M &M
N Y 0& W ref let g 4s..91992
981
/
2 9814 9814 I 98% SO 98 99%
Mo Kan & Tex 1st g 4s 1990 J-1) 9984 Sale 99
100
/
2
Regis.5,000 only
4 98%1001
101/
1
2Pne'llts: .......
91992
F-A
871
/
2 88
91990
8712 88
2d gold 40
6 86% 88,
4 N Y & Put b'e6.N Y 0& H
109 109
1944 M-N
1st ext gold 5s
109
1
x1 10414 10912 N Y & R B Sae Long Island
2004 51.8 86.5 87
1st & refund 4s
8634
87
83% 87% N Y 8 & W See Erie
1930 .3 9124 Ult. 911
Gen s f 41
/
2s
/
2 92
03 1)014 937 N Y Tex & M See So Paz Co
881
/
2 881
2001 A-0 88
St L Div 1st ref g 4s
/
2 814 1 881
/
2 891
/
2 Nor & South 1st g 5a
101
991
/
2rne'Ob
...
..
1941
110 109/
Dal & Wa 1st gu g 6s 1940 M-N
1
2 Mar'09
Noll & West gen g 6s
1271
10914 110
/
2127% 1271
/
2 Mar'09 ,
12-7,5 128
1931
Kan 0& Pao 1st g 40 1990 F-A 93
03 Apr'09
03 93
Improvem't & ext g 6s 1934
127
129 Mar'09
129 189
/
2 1141
hie K & let gu g 50-11)42 A•O 11412115 1141
/
2 New River 1st g 6s
/
2 1 113 1141
1271412814 128121reb'09... 1281
1932
/
21281
/
4
/
2i11% 1111
1942 M-N 1111
bi K & Ok 1st gu 5s
1
4 4 108 119
/
2 111 /
.N & W Ey let oon g 40 1996
1181
/
21.115 98%
991
/
2
981$ 5-1 98
hi K & TorTlstgug6s 1942 M-8 10712108 109 Apr'Oil ..•• 106 110
1
97/
Registered
1
2 91 Sep'0,
' 1990
SherSli& bo 1st gu g 50 1943 3.0 110 11014 110.4 1101
/
4
7
Div'l Ifni& gen g 4s 1944
93
3-4 93 95
937 Sale 9334
11014 11014
110
Okla
lstgug5s 1943 51.5
Tex &
1111
/
2 Feb'09 •.• 108 111%
10-25 year cony 4s
99 Sale I/71
/
2 8912813 1)31, 991
/
2
1932
Mo Pacific let con g Os
1920
N 114% 115% 114% 11434
11312110
Pooah C & C Joint 48 1941
92% Sale 9142 02% 56 8985 92%
Trust gold Os litamped.a1917 M.8 1021
/
4 Sale 1021
/
2 1021
/
2 11 11)0 1,102%
1091
/
2lrelP015
CC& T 1st gu g 5s
1041
/
2
1922
Registered
1041
a1917 M-S
/
2 Feb'07 •
Selo V & N E lat
98 Apr'09 .... 901
901
/
2 98
/
2 981
g 40 1989
/
2
/
4 103% Apr'09 .••• 101 10384 North Illinots b'eegu
1st coil gold 58
1920 PA 103 1031
,
Chi & N W
40-year gold loan 4s
8312 bale 831
1945
/
2 84
4 78% 85's North Ohio See L Erie & W
8d Is exW at 4%
1938 M-N
95 Mar'08 •
Nor Pao-Prior lien g 4s 1997
,Sale 1021
, 103
1027
54 102%104
Cent Br Ey 1st gu g 46 1919 I.-A 921
/
2 93
95 Feb'09
95
Registered
89
102 102
102
5 101 108
1987
Oen Branch U P lat g 48 1948 ./
89 Mar'09
91
General lien gold 3s....a2047
89
7434 Sale 743
40 73 7
75
_5
Leroy& C VA Llstg5s 1926 J.J
110 litar'05
Registered
7434 Mar'09 .... 7284 74%
73%
a2047
1001
/
2
/
4 Mar'01
Pao R of Mo 1st ex g 46.1938 F-A 1001
99% 1001
997
St Paul-Dul Div g 4s....19110
Mar'09 .... 913
/
4
97%
2d extended gold 5s 1938 J.J 113
1.181
/
4 1131
Dui Short L 1st gu 50..1916
/
2 4 11214 11812
St Lir M& Sgen con g 561931 A-0 111 1111
/
2 1111
/
2 11184
ill 112
0 B& Qcolltr 4s See Gt Nor
1111
Gen con stamp gtd g 5s 1931 A-0
/
2 1118 Apr'09
St P & N P gen g 6s....1923
WA 111%
121 Mar'01. ... 1201
/
2 121
12034
90 90% 901
Unified & ref gold 40 1929 J.J
/
2 901
/
2
9012
Registered certillo's..1923
86
12012120%
12014 121 120 %Feb'01
Rim & G Div 1st g 40 1933 M-N 91 Bale 91
91
4 881
/
2 91
lit Paul & Dul lst 6a....1931
1171
/
2 Ply'07
1121
/
2
M.
1071
/
2Apr'06
Verdi V I & W 1st g 60 1926
2d 5s
1041
/
104 Feb V., .... IAA 104
4
1917
60 06
98 Dec'06
MobJ & K OlstconsgOs 1953 .1-J
1st consol gold 45
119 Feb'09
99
98
99
1908
Mob & Ohio new gold 0s 1927 .7-1)
124 Mar'09 •
/
2125
Wash Cent lst g 46
1191
1121
/
2 Jan'Ull .... 921
941
/
2 98
/
2 921
/
4
1948
let extension gold Os..h1927 QJ 117% 118 1174 Mar'09 .... 117 118
Nor Pao Ter Co 1st g 68 1933
1102 Mar'911 .... 11534 116 14
11114
91
91
General. gold 40
91
2 801
.1938
Nor Ry Cal See So Pao
/
2 91
Montgoin Div 1st g 50..1947 F-A 112
1121
/
2Feb'09
1121
/
2 1121
/
2 Nor Will See 0St P M & 0
84
76 May'08
St L & Cairo coil g 4s..e1930
Nor & Mont kiss N Y Cent
.....
96 191 Nov'04
96
Guaranteed g 4s
1931
i Ilnd&W SeeCOC&StL
11 & 0 coil 4s See Southern
V/hio Riv RR, See Salt& U
Mohawk & Mal deeiN Y0&
Ore & Cal See So PAO Co
Monongahela Rix Bee B & 0
Ore Short Line Be. Un Pao
Mont Cent See St P hi ob hi
Oswego & Rome See N y O
Morgan's La & V See S P (30
()CLIP& StP b'ecO&NW
Morris & Essex See Del L& W
as) Coast Co 1st g 50.-1946
110 11012 HAP,Apr'01).... ..0912 110
112
1,U ash Chat & St List 70.1913 J•J
112 Mar'09
ac of Missouri See Mo Pao
/
4
112 1121
1.1 1st ammo' gold Os
/
2
1928 A-0 1131
1181
/
2 1131
/
2 '2 11314 118 21, Penn RR 1st real eel g40 1923
/
2Sale 1031
1031
/
2 1031
: 1 103 105
Jasper Brain% 1st g(is 1023 J.3
11612 May'07
Consol gold Os
1.091
1919
/
2Jan'Ut, . .. 1091
1091
/
2
/
21091
/
2
Mob& hi W & Al 1st Os 1017
1171
/
2 Mar'05
Consol gold 48 '
/
2
1943
104 2.1a009 . 10334 1041
T & P Branch 1st 60
1917 J -J
113 J'iy'04
Consol gold 4s
1051
/
1948
2 ...
105 Sale 105
53 1041
/
210584
Nash Flor & Shot Bee L & N
Convertible g 31
/
2
0
1912
Sale
11
4
326
9)
998
9fr:8
4
4
9
9714
934
Nato( Mex prior lien 4156 1926 J.J 10212 Sale 1021
/
2 1021
/
4 1 102 103
Convertible g 31
/
2s
96% Sale 961
1915
/
4
9834 /31i NA 9034
1st consol 4s
1951 A.0 84 85
84
84
Allog Val gen gu g 4s 1942
4 80
84
99 J'ne'07 .... ......
100
94r,Sale 941
Nat Rya of Mex pr 141
/
25 1057 •J
/
2 94% 18'. 927 95
D R RR & 13golat gu 4a g.'3()
95
Guar gen 4s
1977 A-0
8812 881
/
2 16 86
PhilaBal& W lat g 48 1943
lus ia 111ar'01) .... 10312 1031
89
1031
/
2
/
2
New H & D Bee N Y.N 11,11,11
8od Bay & So let g 56 1924
102 Jan'03
97
N J Juno Hit See N Y Cent
U N J RR & Can gen 40 1044
Mar'09 .. 104 104,
1043
104
4
N Y Bkin ..11: Man Bolt See L I
Penn Co-Guar 1st g 41
/
2
8 1921
105 108 105% 10534 13 104 1012
N Y Cent& 11 Ely g 31
/
20 1997 J•J
931
/
4 Sale 93
931
/
4 67 9284 9412
Registered
1921
103% J'Iy'07
•
Registered
1907 J.J
92% Apr'01)
9214 9384
Guar 3/
1
2s colt trust reg 1937
901
/
2
90/
1
2J'ne'lh,
Deben g 40
1934 M-N 951
/
2 Sale 951
/
4
95% 203 93% 116.14
Guar
312s coil tr ser B 11141
90
1.101
/
4 Mar'05 .... 904 9014
Lake Shore coil g 3/
1
20_1998 F-A 841
/
4 84% 41 84
/
2 841
/
4 841
85%
Tr Co certif's gu g 31
/
26 1910
97% 97% 9714 Mar'09 .... 964 971
/
2
Registered
1998 F-A 82% 83
83
834 12 82
Gu 315s tr ctfs CD
841
/
2
1942
/
2 Feb'Ot, .... 891
911
/
2
b111
/
2 904
Mich Cent coil g /
11198 F-A
1
2s
83%
83%
83
Gu 315s tr ctfs D
844
1944
1.10 12
110 12 Mar'ul, .... 901
931
/
2
/
4
Registered
1998 F-A
821
/
2Apr'09
82
Guar 15-25 year g 4s
8212
1931
fle Sale 99
25 9885 1/9
99
Beech Creek let gu g 43 1936 J.J 10034
10034 Apr'09
Cl di, Mar 1st gu g 4126 1935
10034 10084
10034
110 Jan'05
Registered
1930 J.J 1001
102 Mar'04
/
2
Cl & P gen gu g 4128ser A '4'2
Jan
'09
110%
4
....
1103
11034 1l04
Os
2d gu gold
1930 J.J 10$
Series B
1942
110%
Beech Cr Est 1st g 31
/
2061951 A-0
Series 0 3128
981
1.348
/
2Dec'9i,
9312
Oart & Ad 1st go g 4s 1981 J -0
SlAripst 1)3 kroa
l/ilI
011 1.
971
/
2
MI M av'llp.
.Prios
Friday
April 23
Week's
Range or
Last Sate
Rangs
Since
January 1
I
I
?.9991:Fr,'779799"-r°'77("4"4"9"A"r"
-.:41L2444,
1.04'
,-.
,
.
,
4.2-.
-.Aion44.0.0i4044iiiosi,,
•..•
1
••••
ft,ZA
ww
A.01000-$0.!Z
•
••••
•..•
•
4
p
AC9AZ/21Z7Y277W1c090A10Z1
dlISCELL 4.111K0U18 BONDS-Continued on Next Page
Coal and iron
Telegraph and Telephone
Col F & 1 Co gen s g 56-1943 F-A
95% 95 Man)))
94 1001
/
2 Am Telep & Tel coil tr 4s 1029 J-J
95% Sale 951
/
4 95% 50 91% 96
Convertible deb g 5s....1911 F-A 8$
87% 87',Feb'09
Convertible 4s
871
/
2 87%
1936 M.8 104% Sale 101% 106
921
/
4106
• Gr Riv Coal & 0 1st g 661919 A-0
10234 Apr'06
Mich. State Telep. 1st 5s 1924 F-A 971
/
2 99 100 Feb'ui,
1l9/
1
2100
Olearf Bit Coal lets t4s.1940 J-J
95 Apr'02
Pao Tel/fp Tel 1st 56J P M rec
1.171
/
2Sale 97
J
/
2 1181
98 297 961
/
4
.001Indu lot& colt 5s gu..1934 1P-A 78% 74', 721
/
2 73% 6 71
West Union col tr cur 56.1938 J -J 101 Sale 100
77
/
2102
101
13 981
Qontln'talOistsf gu 58 g.1952 F-A
10734 Dec'04
Pd and real eat g 41
.....
/
2s 1950 M.N 9412 9512 9434
41 93% 964
954
lett Clear & I 18t g 56.1926 J -1)
107 May'97
Cony 4s, Series A
1936 11,1-N 8734 Sale 874 8734 57 84
87%
Kan& 110 40 01st s tg 50.1951 J-J 1001
/
2
1051
/
2Dee'06
Mut Un Tel s fund 6s. 1911 M./4 100
101) Mar'011 ••.. 95 100
Pleas Val Coal let g f 65.1028 J-J
106 Oct '00
Hanoi:touring J. industrial
..
Peoah Con Collier lste I 56.'57 J -J
86
88
Allis-elialmers let 156
26 86
88
834 Sale 8234
1930 J.J
831
/
4 172 80 83%
Sunday Orem( Co g 55-.1944 J -J
72
78 Feb'07
Am Ag chem 1st o Is
1,
)2 A-0 100 Sale 100
/
4
1001
/
4 2 96 1001
Tenn Coal gen 5s
1951 3-J 102%1023d 10234 103
9 1011
/
2103/
1
2 Ain uot On ext 4128
97
1915
971
/
4 974
971
/
2
971
/
2 24 98
Tenn Div 1st g 05
a1917 A.0 10884
1061
/
2Feb'09
1001
/
21011; Am Hide & L lat s I g 6s 1919 1981
/
2
ill)
.8
2
9634 100
9812
981
/
2
Dim Div let consol 6E1..1917 J -J 108
108 Apr'09
10614101
Amer Ice Scour deb g 60-1926 A-0
77
10 67
771
76%
/
4
77
, Oah 0 M Co 1st gu g 6s.1922 J-D 105
110 Jan'09
Am Spirits Mfg 1st g001915 td-11 951
110 110
/
2 971
/
2 951
05141013
/
4 97
De Bar & I Co gu g 60.1910 F.A 101
103 Nov'08
Am Tobacco 40-yr g Os
1944 A-0 110% Sal 1101
/
4 1101
/
2 40 104 12 1101
/
2
iVaIron Coal &Colst g 50 1949 M-8 95% Sale 9514
96
4a
8 95
901
/
2
1951 F-A
791
/
2Sale 78%
7912
791
/
2 102 74
Victor Fuel 1st s I 5s
1953 J -J
931
/
87
2Feb'07
Am Thread 16t col tr 46 1919 J.J
91
911
/
4 Apr'UN ...• 90% 911
/
4
• *.blo prize Friday; latest bul and asked. aDno Jan b Duo d'oto 'Due Aar 41. Due
4Due
kDue Aug o Dee tiet p Line ov g DoeDeo Option'Wm
••••
1050
New York Bond Record-concluded -Page 4
BONDS
.!'71
N. Y. STOCK EXCHANGE
EN0LNo APRIL 23
Price
Friday
April
Penn Co-(Corittuuea.)
Erie & Pitts gu g 31os B 1940 3
1940 J.J
Series C
Gr R84 I ex lat frn g 4414 1941 3- J
Pitta Ft W & C 1st 76 1912 J-J
1912
2d7s
/41912 A-0
$d 78
Pitts Y& Ash lat con 513.1927 11-N
PCC&StLgu 442A...1940 A-0
1942 A-0
Series B guar
1942 MM
Serles C guar
1945 M-N
Series D 48 guar
1949 F-A
1
2guar g
Series E 3/
195$ J.D
Series F 48 guar
C St L & P 1st con g 5a 1932 A-0
Pensacola & AtI See L& Nash
Peo & East S'ee 0 C 84 St L
Peo & Pelt Un 1st g 63-.1921 Q.F
51921 .11-3
2d gold 448
Pere Marq-Cli& W AI 5s 1921 J -D
Flint& P g Os... .....1920 A-0
consol gold 58
1939 M-.3
Pt Huron Div 1st g 56 1939 A-0
Sag Pus& It lat gn g 48 1931 F-A
B 84 W Sea Penn RR
Phila & Reading cons 78.1911 .1-D
Philippine By 1st 30-yr 6148'37 J -J
Pitts(.in & St L. See Penn Co
Pitts Cleve & Tot See B 850
Pitts Ft W & Ch See Penn Co
Pitta MoKeea 84 Y See NY Can
Pills Sit & L E 1st g 5s 1940 A-0
1943 J -J
1st consol gold 55
Pitts & West See B 8:00
11 ending Co geu g 4.13
1997 J -J
Registered
1997 J •
Jersey Cent coil g 4s 1951 AC
Rensselaer & Sar See ldis H
Rich & Dan S'ee South By
Rich if Meck See Southern
Rio Or West See Den & Rio Gr
Rook & Pitta See 13 R 65 P
Rome Wat& Og See N Y Cent
Rutland Bee N Y Cent
St5:1-131
nra:
e.
11127 -3
St L& Cairo See Mob 4e Ohio
'St L & Iron Mount SeeMP
811..K.C8aN See Wabash
St L M Br See'2 RR A of St L
St Louis & S F-Ueng 66 1931 J- J
General gold Ss
1931
J
Gen 15-20 yr Os tr rec 1927 M-N
St 1,& S a RR cons g 414-196 J -J
Southw Div 1st g 56-1947 A-0
Refunding g 4s
1951 J-J
/ALM &So Eastgu 44g1909 J-D
MC Ft 84 hi con g 6s 1928 M.N
• K 03%880M Ry ref g 4a 19313
KC& M R& Blestgu5s.19211 A-0
Oz'rk& Oh 01st gu 5a g.1913 A-0
St Louis So See Illinois Cent
St L8 W 1st g 4a bd otfa.1989 Al-N
2d g 48 inc bond otfa...p1989 J-J
1932 I -D
Consol gold 4s
Gray's PtTer 1st gug5a 1947 J -D
St Paul &s Dal See Nor Pacille
St Paul M 84 Man 2d 6s 1909 A-0
1933 J-J
1st consol gold Us
Registered
1933
Reduced to gold 446-1933 J.J
Registered...
J-J
.
1910 51-N
Dakota ext gold Os
1937 J-D
Mont eat 1st gold 46
1937 J-D
Registered
E Minn Nor Div 1st g 481948 A-0
1922 J -J
Minn Union 1st g 6a
1937 -I
&font C let ga g 6a
1937 J -J
Registered
1937 J -J
lat guar gold 5s
Will& S IP 1st gold 56 1938 J
St P & Nor Pao See Nor Pao
City Nee StP M
StP&
SA& A Passlatgug48 1943 J.J
/3 Fe Pres ob Ph lat g 58 1942
8 if & N P 1st sink I g 58 19111 J J
SavF & Weat See Atl Coaat L
Soioto Val & N B 'See Nor 85 W
Seaboard Air Line g 48 -.1950 A-0
Coll tr refund g 55
1911 M-N
Atl-Birm 30-yrlat g 4a.01933 31-S
Car Cent 1st con g 4s 1949 J -J
Fla Cen & Pen 1st g 56 1918 J -J
1st land gr ext g 5s 1930 J -J
Conaol gold 5s
1043 1-3
Ga & Ala By 1st con 5801945 J•J
Ga Car & No lstgu g 58 1929 J- J
1920 J -J
Saab Oh Boa 1st 513
Sher Shr & So Bee Al
Sil Sp Ooa & G See Atl Coast L
So Car & Ga Iles Southern
Southern Pacatlo CoGold 45(CentPao coll) k1949 J -D
Registered
k1949 -D
Cony 4s (full paid).41929 M.S
Cent Pao 1st rei gu g its 11149 F-A
Registered
1949 F-A
Mort guar gold 312.4..k1929 J-D
Through St L 1st gu 45'14 A-0
Gal Har & S A lat g 66-1910 F-A
.1931 M-N
Mem & Pea lat g
g 58.1924 M-N
Gila VG& N lstgu5a...
Boos B & W T 1st g 58 1933 M-N
1933 M-N
1st guar 5s red
& T C lat g 5s int gu-1937 J -J
Congo! g (36 Int guar 1912 A-0
Gen gold 48 hit guar 1921 A-0
Waco& N W div letg 68'30 11/1-N
1941 3-I
A. & N W lst gu g 5s
Week's
Range or
_Last Sale
'i3cE
lita
Ash Low
Rioh Ifo
921
/
4
92 Apr'07
92/
1
4
98/
1
4 Apr'04
1071
10634 Dec'08
/
2
1271
/
4Oct'02
10918Jan '09
107 Oct'08
113
110 Feb'09
19912 Sale 1091
/
2 109,
- 1
109
109 Apr'09
10834
112/
1
2.1.neo5
/
4
1001
102 Feb'09
944 Sale 944
941
/
2 2
101 101%
1161
/
2
1164 Nov'08
Range
Since
January 1
BONDS
N. Y. STOCK EXCHANGE
WEEK ENDING APRIL 23
Lxixviitit.
Price
44‘,'
April 23
Week's
Range or
Last Sale
Range
Since
January 1
Bid
Low _High Southern Pao Co--(Continued)
As,.. Low
Big No Low iftgii.
Morgan's La & T 1st 76 1918 A 0
122% Aug'0
1920 J.J 115
1st gold Os
116 Nov'0
/
2
1938 A-0 1131
No of Cal guar g 5a
112 Feb's)
Ore & Cal 1st guar g 53 1927 3-1 103 104 104 Mar'09
104 101
So Pac of Ariz 1st gu it 6s.e10 J-3 1014
1011
/
2Jan'09
/
2
1011
/
21011
So Pao of Cal-6s E & F.1912 A.o 104 1051
/
2 10412J'ne'08
110 110
1912 A.()
lst gold 6.4
1144 Dec'04
1091
/
21091
/
2
1st con guar g 5a
1937 M-N 113
116 May10
109 109
S Paoof.N Mex 1st g 68 1911 1-3
104 Apr'Ob
......
•
So Pao Coast 1st gu4a g 1937 3-I 89
90
881
/
2 881
/
2
8814 881
Tex&NOSabDiylat g68 1912 M-S
10018102
10612 1071
/
2Iceb'0
......
971
/
2
94
95
1943 J-J
Con gold 56
981
/
2 Apr'O
7
J.3
941
/
4
ref
48
RR
1st
1955
Sale 94/
&4•Pac
1
4
94 168 941
/
4 964
Southern-lat con g 5s
1994 j"-J 112 ;tale 112
11214 21 106 113
1191
/
2 114 Nov'0
1994 3-J
Registered
803
8
Sale 7978
Develop & gen 4s Ser A 195ti A-0
8038 336 76
80/
1
4
109
12318Jan'03
Mob & Ohio coil tr g 4s 1938 M-S 8816
88%
89
16 854 891
/
2
1001
/
4 Dec'05
113
Mem Div 1st g 414-5s..1996 J -J 113
113
1 113 113
103
109 Apr'112
893
4
1951 J.J
Sale 891
/
4
St Louis div 1st g 4s
90 • 22 8758 91
1144 Sale 114
114/
1
2 21 1124115
/
2
108 Sep'08.
1918 J-J 1111
Ala Cen R 1st g ids
1071
/
21091
/
2 10914 Feb'09
10434 1091
91 Deo'08
1948 J -J
Atl & Danv let g 4s
/
2
106 Nov'08
107%
92 J'ne'013.
851
/
2 86
1948 J.J
2d 4s
Atl & Yad lat g guar 48 1949 A-0 81
111 13'olPu7
1910 J-3 10914
Col 85 Greenv 1st68
105
1151
/
2 Mar'06
110
1091
/
4 Alat'u
E T Va & Ga Div g 5a 1930 J-J
14)9 4 10914
931
93
/
2 Mar'09
113 Mar'09
Con 1st gold 58
105'Al-N 1134
93's 95
112 1134
/
2 107 105 Feb'09
E Ten reor lion g 5s
1938 PA-8 1061
165 108
63
64
64
1946 A.0
Gs Midland 1st Os
1 64 604
Ga Pac By lat g
1922 J -J 116 117 11512 Feb'09
114% 116
118 Dec'0
Knox & Ohio 1st g
1925 J• J 118
1'11338
114 Oct '08
1151
/
4Apr'06
&Lob& Bir prior lien6a.'
g 5s 1946 J- J 101
937
115
J'ly'97
82 Nov10"
Mortgage gold 43
1945 J - J
Bich & Dan eon g 6s
1084 111
1915 J -J 110 111 111 Apr'09
9978 Sale 9934 109 102 9934 1001
92 J'ne'08
Deb 54stamped
1927 A-0 10214
/
4
98
99
981
/
2 981
75 Oct '08
/
2 1 981
Rich & Meek 1st g 4s 1948 Al-N
/
2 99
97 Salo 97
Feb'01
103
07
1031
8
1011
So Car & Ga let g 5s
/
2103
961
1919 M-N
/
2 981
/
2
112 Oct'06
109
Virginia Mid ser C 1ia 1916 M/
2Dec'06
1081
series D 4-5s
1921 ftfl-S 106
'05
Deo
113
Series E58
1920 M-S 1074
1081
/
2Mar'09
General 56
107 1081
/
2
1936 M-N 1094
1091
Guar stamped
10714 1094
/
2Mae()
1936 M•N 109
964Jan '07
8134
W 0& W 1st cy gu 48 1924 F-A
/
4
10914 1091
1
2
West N C 1st con g 66 1914 3-I 108/
10914 109½
S & N Ala See L N
96
90% 97
97
Spok Falls & Nor 1st g 6s.1939 J J
92
117 •Ply'00
97
riler A of St
lst g 4128_1939 A-0
109 109
1081
/
4 109 Mar'09
1.1st con gold 53.-1804-1944 10- A 1154
115 Apr'09
115 116
Gen refund s g 48
97% Apr'09
1953 J -J
96
97/
1
4
SILM Bge Ter gu g 5s 1.03u A-0 1104
111 Dec'013
1231
/
2125 12358 Apr'09 ••.. 12214124¼ Tex & N 0 See So Pace°
11034 Sale 110
1.1034 a 110 111
Tex& Pao 1st gold 58
2000 1 -I) 11614 Sale 1164 1161
/
2
11614 118's
891
/
2Sale 8878
8912 360 881
2d gold inc 56
/
2 89%
70
70 Mar'09
02000 Mar 65
75
68
91
05 Apr'Ou •
La Div B L lat g 5s
91
1931 J • J 103 105 105 Jan'09
105' 105
961
/
2
100
101 Feb'09
W Min W84 N W lstgn 58'JO F-A 100 105 1061
101. 101
/
2 Nov'04
88 Sale 863s
88½ (113 84% 89
Tol &0 C lst g 5s
111 Apr'09
1935 J - J 11178
111 1124
991
/
4 1004 9934 Apr'09
Western Div 1st g 58-1935 A-0 112 116 111 may'94
99/
1
4. 9934
1191
/
4120 1194 1191
/
2
General gold 5s..
1935 J-D 105
105 Apr'09
105
11081202
105
8434 Sale 844
84/
1
4 109 8234 86
Kan & M lat gu 46
1990 A-0 93
941
/
2 9412Apr'OU
1
4 115
92/
100
90
Tol P & W lat gold 46_19173-I
94 Mar'09
94
8614 94
9738 Apr'09
974 98
914 90 Mar'09
973a 1.1738 Tol StL& W pr lien g 348.1925 J-J
90
912s
1950 A-0 8414 85
50-year gold 4s
841
/
4 84% 32 &Ps 881
/
2
944 Sale 9334
944 45 921
Tor Ham & But/1st g 48./41946 J -D 91/
911
/
4 Apr'09
/
2 941
1
4
/
2
80 Apr'09
11 lister& Del lat con g 5s 1028 J -D
79
92
109/
/
2 Mar'09
1
2 1081
/
21081
/
4
1081
38 78 80%
711 Sale 79
79
1st refund g 4s
81 Nov'08
1952 A-0 85
1021
1014 Apr'07
/
2
/
4 103 134 102 104
Un Pao RR & 1 gr g 4a 1947 J -J 10234 Sale 1021
Registered
102
1947 J•I 10134 102 102
10 10(134 103
102
2 102 104
102
102
1st & ref 48
/
2 1,934 333 96% 99/
/2008 hi- S 994 Sale 991
1
4
132'e
13218
132%1324
/
2Sale 1061
/
2 1084 2493 102 108%
20-yr cony 4s
131 132/
11127 J-J 1071
1
4
131
134 Deo'015
99
Ore By & Nay con g 46 1946 J -D 99 Sale 1.4334
15 981
/
4 99'a
1091
/
4
109½ Apr'09
1
4 Sale 116/
1
4 119
Ore Short Lino lstg 6s 1922 F-A 118/
109 111
18 1184121/4.
1081
1164 Apr'01
/
4
/
2 1161
1161
/
4 1161
latconsol g os
/
2 3 115 118
1946 JJ
102%
199% 102% 4 1028103's
96 Sale 954
Guar refund 48
964 248 '94
1929 J
964
10014 10014 1 994 101
94
JD
Jan
'99
Registered
1929
94
94
1004 Oct'06
1071
/
2sop'08
1
4
Utah & Nor gold 5s 1926 J •J 106/
1011
/
2
UniNJ RIt&CCo See PaRli
124 blay'05
Utah Central See Rio Gr Was
1315a 13314 130 Apr'08
Utah & North Bee Un Pacific
13614 may'00
Utica & Black R See N Y Cent
110121161
/
2 1164 Mar'09
98 Nov'08
andalia consol g 48
115/
1
4117
1955 F-A
116
116 4 Feb'09
1.18 Sep'06
era Cruz &Platgu 4101934 J-J
116% 1161
/
4
Ver Val Ind & W Bee Alo P
Virginia Mid See South Ry
90 Sale 89%
904 116 89
921
/
4 Va & Southw't 1st ga 58.2003 J -J 108 115 11712Jan '09 .... 1171411714
11158
991
/
4 991
1124 1121
/
4 20 9814 9958
/
2 1 112 113
1st cons 50-year Ess
1968 A•0 99.
110 Oot '05
1
2 11218 1121
1
4 112/
/
2 52 112 114',
abash 1st gold 5s
1931/ m-N 111/
104% 1041
/
2 1041
/
4 11 10214105
20 gold Os
1939 F-A
1004 Jan'Ou
Debenture series A
1939 •1
[0014100¼
86 Mar'013
711
/
2 71
7158 39 63/
86
90
Series 13
1931) 1-4
1
2 721
/
2
10212Apr'09
974 984 97
97
2 95% 97
1021
/
21021
/
2
1st hen equip a Id g 5s..1921 M-8 10212
80
93
hiar'UtS
88 Jan'07
1-1
1st hen 50 yr g term 46.1954
7
90
7378 lia.1e 72
74 913i 71% 78/
85 J'ly'08
1
4
lat ref and ext g 48 ....19513 J.J
/
4 Apr 'isif
100
1
4 1091
/
2110/
1074 Aug'06
108 11114
Det & Ch Ext 1st g 58-1941 J -J 1091
97 .Nov'01
81158
Des Moin Div 1st g 4s..1939 J -J
80 Mar'09
80
1091
/
2Mar'05
1941 A-0 77
80
Om Div 1st g 314s
80
105
85
Ill's 91 Deo'08
1024 Feb'09
1024 1021
/
4 '2ol& Ch Div lat g 4s. 1941 M-6
/
2 494 Apr'09
10434
/
2 491
105½ Marin
48 554
Wab Pitts Term 1st g 48 1954 J -D 481
105 106
495e
47% 4834 4912
1071
/
4
106% Feb'09
Trust Co certfs
4534 5334
10654 10634
6/
1
4
84 Apr'Ou
20 gold 4s
1954 I-i.)
8
1412
Warren See Del Lao & West
Wash Cent See N or Pao
Wash 031 %V See Southern
93
93% Feh'09
/
4 911
91
9134 911
/
4 22 90 92
Wash Terml 1st gu /
1
2s 1943 F-A
934 9334
8378 Sale 8356
911
/
2 85 Feb'09
86
83% 91 82/
West Maryland 1st g4s_ 11/52
85 85
1
4 86
67
68 Apr'09
98/
1
4 Sale 9738
1952 A-0 62
99 0.12 974 99
Gen & cony g 4s
61
724
105 Dee,08
971
/
4Sale 971
1
4 981.
/
4 alb 97/
1/71
WVa Cent & P 1st g 6s 1911 .1-I 1024
/
2
1-1
1101
/
4
11614
97/
1
4 Mar'09
Mar'09
19137
g
N
58
Y
&
Pa
West
1st
116 117
9734 9734
A-0
93 Apr'09
90 Sale 9(1
110
11143
11 891
(ien gold 4s
/
2 934
u538
93
34 .b'eb'07
94 Mar'09
94
41943 Nov
Income 5s
9314 94
1014 Feb'09
101
101%1014 West No Car See South By
105 Feb'09
111%112 112 Apr'09
WheePg 84 L E 1st g 5a...1926 A-0
110 112
107 109
95 J'ly'08
104 Afar'09
1041
/
2
Wheel Div 1st gold 56..1928 J-J
194 104
10258
101 Jan'08
10512 Deo'08
Exton & Imp gold 5s. .1930 F-A
IL-S 8714 Sale 8714
10312
104 Aug'06
RR 1st consol
1
4 90
8714 14 83/
110 Apr'09
110
99 Deo'08
1922 J-3
10934 110
20-year equip a 1 58
1071
1081
/
4 Nov'07
/
2
Wilkes & East See Erie
9414Deo'08
95
Wil 85 Sioux if Bee StP M & ht
110 118 116 Deo'06
Sale
Wis Cent 50-yr 1st gen 48 11149
/
2 96
190 891
1084
10714Jan 09
/
4 tile 9314
1071
/
21074
Sup& Duidivdo term 1st48'3 M-N 941
1
4 951
957 433 93/
/
4
1011ti, nips
......
-•
.
•
:
-•
•
t••
...... ••••••
•
W
•
.
•
.
• .
•
ao
9514 94
MISCELLANEOUS BONDS-Concluded.
Manufacturing & industrial
Akiscellaneous
Beth Steel 1st ext a f 58..1926 J
8234 Sale 82
S
8314 52 77
1948
851
/
2 Adams Ex col tr g 48
1
4 9812 99
Cent Leather 20-year g 58.1925 A-0 9814 98/
77 964 99
B'kl'n FerryCo lateens g5s'48 F-A
79 Sale 79
COII801'2obacoo 50-yr g 46.1951 F-A
79
1 75
19.'s2 A-0
Bush Terminal 1st 48
79
DistilSee Cor cony 1st g 56.'27 A-0 76 Sale 76
77
41 731
/
2 7878
1935 1-3
Conaol 58
Int Paper Co 1st oon g 6s 1918 F-A 105%
1041
/
2 1041
/
2 1 101 1064 Chic J o &.1 Yard col g 58 1915 J -J
Consol cony s I g 58
88
87', 88
10 85
83
1935 J -J
Doti& & Mldgr incomes 1911 A-0
881
/
2
Int St Pump 10-yr cony.136'13 -3 10214Sale 1024 1021
/
2 '26 100 1021
/
2 Institution for Irrig Wks
Lackaw Steel 1st g 5s
94
1923 A-0 93 Sale 93
2 93 98
& Devel of Agrioul 8 1
N Y Air Brake 1st cony Os'28 M-N 108's-Sale 108 18 110
21 108 1131
1943 M-N
/
2
448(Ws)
Repub 1318 1st& coltr 56.1934 A-0 99 100
9834 Apr'01) .... 98 10078 Int Moreau Marine 4128 192'2 A-0
US Leath Co a fdeb g t3s 1913 M-N 105 100 1051
/
2 105 ,, 5 10414106', Int Navigation 1st f 53 1920 F-A
Realty
&
I
cony
US
deb g 53'24 J-J
90% Sale 90
901
/
2 90 841
/
4 901
/
2 Newp .Ne Ship & D D 5s 41990 J
U S Rubber 10-yr coll. tr 6s.'.18 J-D 194% 8ale 103% 1044 89 10214104'. N Y Dock 50-yr 1st g 43_1051 le- A
13 S Steel Corp-j coup .41963 hf-N 10418 Sale 103% 104 4 447 l02'.1041
, Providence See deb 4s
1957 M-N
81 10-60 yr 5s.1 reg ..4196:4 M-N 1021
10438 10438 1 10158 1041
/
4
/
4 Provident Loan Soo 448 1921 11-S
Va-Car Chem col tr 513 g 1912 A-0
1051
/
2Nov'08
St Joseph Stk Yds 1st 4128 1930 J -J
1st 15-year 58
1
2 9634 116 93/
192$ J -D 96 Sale 96/
1
4 974
Yuba Wat Co con g 63-1923 3-I
Westinahouse E & Ms t 5s '31 J -J
1
4
93½ 144 904 95
92/
1
4 Sale 92/
US Red & Ref lst a f g 68.1931
*No pries Friday; latest bid and asked tkia week. a Dias Jan
b Das Feb tt Due Ape a Das May /Da* rue
904 Sale
91
93
25
93%
9354
934 loll 92
41 Oot'06
I/134 9118
911
931
/
4 6 91
/
4
9214 Mar'09
..91 4 93
100 Jan'98
35
47 Apr'08
93
/
4
92
931
93 Apr'09
77
734 Sale 72
74 Fei 71
86% 88
36/
1
4 884
864
801
/
2
'35
96 Ang'08
934
9312
91
931
/
2 Apr'09
90
90
864
90 Jan'09
92 100
...... ••
Deo'08
100 1001
/
2Sep'05
112 J'ly'04
90 Sale 90
9014
Option
&Due J're• p Doe Nov
••••
•
-0•
a
.....
••••••
zr• -Vihale
CHICAGO STOOK EXCHANGE::--StoGli Record--D'ailir,-Weekly. and Yearly
STOCKS-HIGHEST AND LOWEST SALE wRICES.
Saturday
Apr1117
Monday
Aprtl 19
Tuesday
April 20
Wednesday
April 21
Thursday
April 22
Sates
01 Ute
Week
&hare:
Friday
April 23
Range gin=
Jan. 1 1909
STOCKS
CHICAGO STOCK
EXCHANGE
Range Ior Previous Yew
(1908)
Highest
Lowest
Highest
Lowes.
Pailroads
*1so 190, *180 190 *180 190 *180 190
Last Sale 180 Apr09 ..--- Chicago City Ry
100 180 Mch
190 Feb 3 16) Jan
185 Dec
*4
412 *4
Mch'09
412 *4
412 *4
Last Sale 4
Chicago de Oak Park_100
313 Aug
412
3 Jan 15
4 Jan 22
133Feb
*10
*10
11
11
*10
11
Last Sale 1012 Apr'09
Do pref
*10
11
100
6I2Dec
9 Jan 21 15 Jan 22
10 Aug
*108 110 *108 110 *108 110 *110 112
Last Sale 110 Apr'09
Chic Rys part et: "1"_ _ _ 110 Meh 19 11534 Jan 6
8434 J'ne 129 Nov
*351
*39
40
40
-aib'
3914 40
3914 3933 3912 3912 3933 3933
Chic Rys part ett "2"___ 3838 Apr 16 4534 Jan 2
47 J'ne
38 Oct
*27
Apr'00
2812 *27
2812 *27
2812
Chic Rys part ctf
Last Sale 28
2812 *27
28 Dec
27 Apr 13 30 Jan 29
20 Nov
*10
1112 *10
12
1; Chic Rys part ctf "4"..__ 10 Mch l7 1312Jan '2
1112 *10
1112 10
11 *10
10 *10
1312 Dec
Sep
92
4
*26
2512 251:
26
27
360 Chicago Subway
26
26
2612 26
2538 26
26
100 25 Feb 2o 2914 Jan 2
3053 Dec
15 Feb
4433 4438 44
46
235 Kans City Ry & Lt ..100 35 Feb 24 45 Apr 20
44
45
46 *45
45
45
45 *45
4734 Nov
30 Oct
*82
82
83
123
8234 83
Do pref
8212 8234 *82
8134 8212 82
83
100 79 Jan 8 83 Apr 19
68 Sep
8612 Nov
*17
18 *17
100 Metropol W S Elev_100 17 Jan 4 19 Mch 8
18
18
*17
18
18 *1712 19 *1712 19
19 Jan.
1214 Nov
*50
52 *50
52
154
52
Do prei
51
50
51
*50
52
100 47 Jan 14 5375 Mchlr 42 Jan
5012 *50
54 MaY
*22
20
23 *22
2112
2112
*21
*21
23 *22
Northwestern Elev
100 21 Jan ti 23 Jan 21
22
23
22
22 Dec
Aug
1334
012
*6612
Mch'09
Do pref
*6612 6812 *6612 6812 *68
100 63 Zan o 6912 Mch18
Last Sale 69
6812
40 Aug
6212 Dec
*55
56
Jc South Side Elevated 100 50 Jan 25 60 Mai10
56
56
56
56
56 *55
56 *55
56 *55
42 Aug
71 Jan
30
3014 *2934 3013 30
8
323
2,700 Streets W Stable C L._100 2014 Apr 13 3238 Apr 13
3012 30/
1
4 3033 3078 3134 32
2612 Apr
34 Nov
*9912 1001.2 *98 100 *98 100 *9912 10012
Last Sate 100 Apr'09
Do pref
100 97 Feb 15 100 Apr 10
85 Apr 103 Inc
918 918
912 1018 1018 1133 1118 1131
914 914
914 934
76
7914 8013 7912 8014
7638 7612 7653 7034 79
7814 79
*202 210 *202 210 *200 210 *202 210
Last Sale 202 Mch'09
129 129 *12812 129 *12812 129 *12812 129 *125 130
12878 128'
5413 5418 5412 5412
*55
56 *55
55
56
55
, 10412 10412 *102 105 *102 105 *104 106 *104 103 *ioi- 108
,Inly'08
Last Sale 10
*14
Mch'09
Last Sale 34
12
*14
12
*14
13 */
1
4
12
34
f's
78
1
1
1
34
84
34
1
34
34
58 *5612 5712 *5612 5712
58 *57
58
*57
5833 58
58
Last Sale 147 May'08
Dec 08
118 *1
Last Sale 1
its
118 *1
113 *1
*1
*3
4
Dec'08
*3
4
Last Sale 2
*3
4
4
*3
2318 2234 23
2318 *23
2318 *23
2234 2234
*22
23
23
133 13312 133 13312 133 13314 133 13314 13312 13312
*133 134
Mch'08
Last Sale 214
125
124
*124 1-2-6-- 12412 1E- 126 1E- 125 1E- 125 125
113 11412 21312 11312 11312 11312 11312 114
11334 113.8.1 11334 114
23 *2112 22
Last Sale 2212 Apr'09
*21
2112 *2112 22 *22
82
79 *8012 8112 *82 83 *80
79
8
*12112 12214 122 12212 *122 12212 122 12253 122- 1-2-2-1; Hits 1221*40
41
*40
41
41
4012 4012 *40
41
41 *40
*40
45 *43
45
45 *43
Last Sale 4314 Mch'09
45 *4,3
*43
Last Sale 212 June'07
Last Sale 20
July'08
105 iii6- 105- 1-01- 16472 111112 *104 105 *104
105
1(34 104
1.2Ast2 12514 125 126 12412 12412 124 124 124 124
124 125
*82 84
*82 84
*82 84
82
*82 84
83
*11812 11912 *11812 11912 *11812 11912 120 120 *118 120
116 116
11614 117
11614 117
116 11634 11012 116)5
11534 116
Last Sale 11-16 Mch'09
84 ;g2- .84" -85- 13-12 84
84
-gi- 833 *82
85
84
11012 11012 *10912 11012 11038 11012 *110 11012 111
*110 112
112
10358 10378 10334 1037 10334 10378 10334 104
10312 104
10334 10412
Last Sale 7
Feb'09
- - *i55- 132 *130 131 132 132 *130 132 132 132
156- 1-36
10034 10034 10034 101 101 101 101 101 101 10114 10112 10112
_
Last Sale 112
Apr'09
8
3
*278 -11*278 31g -;ii8 31
318
3
*37s 313 *273
Apr'09
Last Sale 734
1412 1438 -1.
8 1438 1438 1414 1438
472 -1-4-3:1 1458 1434 -i4f2 14-5*22
24
24
25
*2312 2412 *2312 2412
25
22
24
iscc
elala
nneous
11,61 American
100
4,825
Do pref
100
-_:16 American Radiator 100
Do pref
100
250 Amer Shipbuliding_100
10
Do prer
100
-__ Amer Straw Board
Booth (A) & Co
100
875
Do pref
100
160 Cal 63 Chic Canal ec D_100
---- Central Trust Bank 100
--- Chic Brew'g 46 Malt'g
Do prat
--5; Chic Pneumatic Tool-100
676 Chicago Telephone___100
Do. rights
-5517 Chic Title & Trust_100
715 Commonw'th-Edison_100
Corn Prod Ref Co Corn......
15
Do
Do Pref..
266 Diamond Match
100
-100 Illinois Brick
100
_--- Masonic Temple
Milw & Chic Brewing_
- Do pref
97 National Biscuit
100
977
Do pref
100
105 National Carbon
100
1
Do pref
100
1.339 People'sGasL&Coke 100
Do rights
801 Sears-Roebuck corn.. _100
100 Do pref
100
1,403 Swift & Co
100
Do rights
126 The Quaker Oats Co.._ 100
531
Do pref
100
-i6o Unit Box Bd & P Co_100
Do Full paid
-- Do pref
100
- 30
1,o
Do Full paid_
100
310 Western Stone
Chicago Bond Record
,
•
BONDS
CHICAGO STOCK
EXCHANGE
Week crating April 23.
, Pr1ca
Dun
ea
prio;a4
Periaa April 23
Week's
Range or
Last Sale
778 Jan 30 1134 Apr 23
7134 Jan 0 8014 Apr 13
200 Jan 14 202 Feb 4
128 Jan 20 123 Apr is
5418 Apr 21 59 Jan 6
101 Feb 24 106 Mch I
38 Mch 12
58 Apr 21
514 Jan 8
1 Jan 2
5 Jan 5
58 Apr 16
20 Ileh24 2733Jan 4
134 Ilch24
127 Jan
117 Jan 18 125 Apr 19
107 Jan 21 11412 Apr 20
1718 Feb 25 2334 Apr 12
7014 Mch25 81 Apr 16
117 Jan 9 12414 Feb 10
38 Jan 26 42 Mob 2
43 Jan 5 45 Feb 8
97'7 Jan 2
11814 Feb 15
82 Jan 14
110 Jan 15
102 Jan 5
12 Feb 25
55 Jan 5
101 Jan 5
10019 1;4 9
Feb 5
119 Jan 5
9812 Jan 2
58Feb 19
-214 Feb 26
334 Mehl()
1012 Meh 9
15 Feb 16
101 Jan 16
125 Apr 20
87 Feb 27
120 Apr 1
118 Apr 8
1 Mch 20
8512 Apr 14
112 Feb 1,
10412 Apr 8
20 Jar 18
13212 Apr 3
10134 Feb 10
158 Mch26
318 Mch 2
ot. Jan 4
15374 Mch26
25 Meta lt
4 Feb
411 Jan
125 Jan
116 Apr
37 Moil
91 Jan
10 J'ly
.78 Dec
8 Dec
40 Feb
147 May
1 Oct
2 Nov
20 Dec
106 Jan
34 Feb
100 Jan
80 Jan
103s Nov
7675 Dec
200 Dec
12814 Nov
ti3 N av
104 Nov
42 Jan,
80 Jan
100 Mal
5714 Dec
147 7.13N
11s Aug
4 Apr
301. Aug
153 Sep,
234 Feb
116 Dec
110 Oct
113 Jan
30 Jan
38 J'ne
137 Aug
4212 Dec
411 J'ly
19 J'ne 20 J'ly
97 Dec'
70 Jan
10134 Jan 120 Aug
87 Dec
51 Mch
91 Mch 115 Nov
501'. Jan 106 Deo
24 Jan
72 .Tan
8812 Jan
66 Dec
102 Dec
1053.3 Sep •
11434 Jan
87 Jan
14 J'ly
134 Jan
leo J'iy
j34 Jan
112
i134 Oct
12 Jan
17
Apr
Chicago Banks and Trust Companies
B'ds
Sold
Range
for
Year 1900
Biel
AX Low
High No. Low
Illal
----100 Mete67
Amer Strawb'd 1st (51011 J - I ---- -Aurora Elgin & Chle 5s 1041 A - 0 - --__ .._ ____ ____ ____ __:::
Cal & So Chic Ry Co
102123an'09 ._ 10212 1021.,
1927 F - A 910113 102
1st M 158
10114Feb'09 -- 101 1011i
Cass Av is F G (St L) 53'12 J - J --- --- 100 Iday'07
Ohio Board of Trade 431927 J - D -------Chicago Ctty By 58......1927 F - A 10438 Sale 10414 1041: 42 lair, fcuApr'04 ____
'Chic Consol Brdafit Ss__ J - DJ -----103
50 Sale
50
50
5 -i(3- lc
Chic Congo'Trac 410-1939 J --------96
3
4
Jan'06 ....„ _ ____
F
A.
5s1929
lat
Auditorium
Chic
_______Ohio Dock Co 1st 4s_1920 A. - 0 .- ....._
Chit, Juno RR 1st M
_ ___ _ _ _.- -__
1945 M - S -___ ____ ____
e 53
Chic No Shore Elea 6s-1912 A - 0 --------87 Feb'06
41,
•j
-; 7
5_a102
7312 7912
74
74
J - J
Ohio Pea 'Pool 1st 53.
1927 F - A 102 10212 10218 10214 13 10112 1023.
Chic By 53
11.178
9312 9533
12
95
Chia Rys 4-53 series "A" A- 0 9478 Sale 8814 18
8434 8912
Chic Rys 4-5s series "B" J - D 88 Sale 88
9012 9012Apr'OJ __
89
01
• Chic Rys 4-58 series "C" F - A 90
102
1 10118 10333
Chic Rys coil 0_1913 F.A 102 10212 102
Ohio Ry; Fund 6s___1013 F - A --- ...- 1021811ch'09 -. 10218 10233
#19218
Sale
10218 10218
5 10134 10212
Chic Rys Tern Ctts 1st 5s.
Chic la I & P RR 4s-_2002 M- N ---- ---- 0612Aur08
Collat Trust g 5s.......1913 t- S ---- ---- 6612J'Iv'08 ____ 101 10134
Sale
210314
10314 10314
5 103 10334
Ohio Telephone 5s.... _1923 J - D
8 101 10314
Commonw-Edlson 51.1943 M - S 210318 103)2 10314Apr'09
___ ._ _
Ohio Edison deb 6s1912 .1 - J 10033__ _ 10,1 2 une'us
210118
1
01
-38 10138AprO9 .._ 101 10134
1st c 5s
_July 1926 A - 0
10112AprO9 __ 101 10215
Debenture -5s-__1026 Al - S 10112 102
Commouw Elect 5s619.13 5J - $ 10314 Sale 10318 103(4 ____ 10234 10338
80 Dee'08
Illinois Tunnel 5s.. _1928 J - D ---- ---Kan City Ry 63 Lliht
98 98
Co 58
1913 B- N -------- 98 Apr'09 -06
Knick'b'ker Ice 1st 53..1928 A - 0 -------96 meh'09 -- 95
90
84
84
2 '73
90
Lake St El-lst 53_1928 J - J 83
Inoome 55
1925 Feb ---- ---- 16 MaY'05 ---- _--- ---_
Mete W Side El/8612
83
1938 F - A 8512 Sale 8514 85)2 21
1st 4s
5414 8418 84/
1
4
1938 J
J 84
1
Extension g 45
8213 8414
1
4 Sale 0614 9612 25
9214 9612
North West El 1st 4s.._1911 M - S 96/
_
No W G-L do Coke Co 5s'28 Q - M „ ---- 9518Nov'08 ____ __
93 -97-1;
1995 Al - N 0733 sale 9733 9738
1
Ogden Gas 55
100381Jch'09 ____ 10014 1001.,
1016 J - D 9912
Pearsons-Taft 5s
97 Mch'09 __
9634 98 M.. S 961. -98
4.40s
M.. N 99 ____
0912me11'09 -__
9912 9013
4.60s Series IS
m - N 9912
. 100 Mch'09 _ __ 100 10013
4.80s Series I.'
122
122
-i
3 120 122
Poo Gas L&C 1st 6s....1943 A - 0 L.-- 1225 103 104
Refunding a 5s,__1947 M - S, 104 Sale 10312 104
104
1 104 10438
Chic Gas L&C 1st Os 1937 J - j 2104 Sale 104
3 102 10212
Consum Gas 1st 53_1036 J - D 102 10212 • 10212 10212
102 Apr'09 ____ 10112 102
Hut') Fuel Gas 1st5s1947 If - N __
9412 0634
South Side Eley 4 %s_1924 J - J 9638 Sale 9638 9634 22
Swift & Co 1st g 5s___1914 J - J ...... -- 10134Mch'09 -__ 10012 102
96 ApV09 ..__
02
96
Union El (Loop) 5s___1945 A - 0
_
Union Pacific cony 4s..1011 1111 - N -------- 114 Noy'04
-'70- -7-0.
70 Jan'09 -80'
United Box Board col Gs'26
Western Stone Co 5s-1900 A - 0 ---- ....- 8512 Jiy'OS -_ .- - __
.......Mn
Note.-Accrued interest must beadded to all Chicago bon d prices
NAME.
Otos:and!nil
kloct
i
Surplus
and
Profits
1
Dividend Record
In
1907
in
1908
Per- Last Paid
tod
%
Rankers National
8
8 Q-M Meh '011; 2
82,000,000 $1,265,235
Jalumet Natlonal
100.000
34.125
6
An. Dec '08; 6
6
Jhleago City
500,000
10
J.1 Dec '08;5
177,183 10
3ommerelal National.... 3,000,000 4,266,567 12
12
Q-J Apr '0073
lontInental National_ 4,000,000 3,710,931
8
8 Q.1 Apr 09,2
50,000
4,833
6
look Co State Savings
6 Q-M Mch '09; 112
Joan Exchange National 3,000,000 5,068,466 12
12
Q-J Apr '09, 3
6
200,000
53.703
6
Q-.1 Jan '09, 115
rDrexel State
609.000
914 Q-.1 Apr '09; 213
Drovers Dep Natlonal
392,913
8
200,000
6
Englewood State
31,160
6
Q.1 Apr '09; 112
12 Q-M Mali 31'09:4
First National
8,000,000 8,053,837 12
150,000
168,320 10
10 Q -hl Sieh '
First Nat Englewood _ __ _
09. 212
Far ate Ba nk
515,761
Foreman Bros B'k'g Co.. 1,000,000
8 Q.1 -A-pr 709,
8
Fort Dearborn National.. 1.000,000
447,712
--2-5
.1-.1 Jan '091 212
Hamilton National
158,216
5
500,000
8
8
846,632
Q.) Anr '09, 2
Hibernian B'k'g Assn_
1,500,000
.1.1 Jan '09; 5
10
200,000
Kaspar State Bank
106,340 10
Live Stock Exchange Nat 1,250,000
408,038 -- 10+2 Q-Al mell'
09: 212
4
300,000
4
Q-1'Feb
,
Monroe National
61,578
'09. 1
8
8
Q.I Apr '09, 2
Nat Bank of Republic- _ 2,000,000 1,124,106
3
Q.1 Apr '09: 112
National City
1,500,000
491,825 ___
National Produce
250,000
62;753 Began busln,ss
Aug 26 1907
65,891 ___
North Avenue State
200,000
21,
3 Q-3 Apr '09: 114
50,000
North Side State Savings
10,570
8
Q-3 Apr log; 112
6
100,000
6
:Oakland National___ _
6
Q-J Jan '09, 112
(2)
950,000
68,859
,_
?rairie National
500,000
40,752
8
8 Q-11 M'h31'09.1119
,rairie State
260,000
4
Railway Exchange
7,548
2 ___. Jan '08:2
300,000
131.978 Organ !zed
Oct 12 1906
Security
200,000
78,005
6
6
South Chicago SavingsQ-4 Apr '09: 112
State Bank of Chicago- 1,000,000 1,364,095 9+1
11
Q-4 Apr '09, 3
7
J-D Dec '0574
250,000
6
Stock Yards Savings
168,016
200,000
6
6 ti-N Nov '08; 3
41,783
Onion Bank of Chicago _
200,000
6
60,863
Union Stock Yards Stale
6
Q-3 Ape '09; 112
8
Q-.1 me..b. '09; 2
8
ktnerIcan Trust do Savas- 3,000,000 2.475,463
840,468
7
7
Q-J Apr '09; 134
;Central Trust Co of Ill_ 2,000,000
n500,000
105,751 -___
lhletyro Say Bk & Tr_
13 Q-3 Apr '09: 112
_ 6,000,000 41.208;619
6
ihicago Title do
6
Q-3 Apr '09; 112
Savings
50,000
4 A -S.) Apr '09. 2
14,336
3
Ditizens Trust &Trust_600,000
485,685 10
8+2 Q-J Apr '09. 212
lolonial Trust & Savings
200,000
92,969
6
N Q-.1 Aar rog; 2
Drovers Trust do Savings
177,368 Organ ized
Apr 13 1907
1,500,000
Farwell Trust Co
2,000,000 2,330,44C -..- _ Q-Al Itch 31'09, 4
First Trust & Savings
200,000
1.092 inco:o orated 1908 Y. 87,p.1138
3uarantee Trust & Say_
808,803.
6
Q-.1 Apr '09 212
Harris Trust & Savings_ 1,250,000
Illinois Trust & Sayings_ 5,000,000 8,258,064 14-4 16+4
a Apr '094
200,000
6
Q-I gaiir '09 lla
44.064
6
Ifenwood Trust ec Savgs
2
41.9 Q-J Apr '09 1/
200,000
31,619
1
4
Lake View Trust & Saves
12
Merchants' Loan & Tr Co 3,000,000 4,867,652 12
Q-I Apr Tog; 3
750,000
kletropoil4n Trust &Sav
250,615
0
6
Q-J Men '09; 112
1,500,000 2,015,679
8
8
Q-J Apr '09; 2
Northern Trust Co
200,000
North-Western Tr h Say
48,036
6
0 .14 Jan '09; 3
6
88,993
200,000
6
J4 Jan '0014
'People's Trust & Savings
8
Q-J Apr '0012
?uliman Trust & Savings 1100,000
163,004 k8
500,000
8
8
Q-F Feb 519; 2
362,422
:Royal Trust Co
itockmen's Trust & Say5
J.1 Jan '001.2/
1
4
21,002
5
200,000
1.000,000 1,132.907 ......
Onion Trust Co
8 Q-M Meh '109,.2
6
Q-J Apr '09,112
213,968
6
Western Trust & Sayings 1,000,000
200,000
Sept 5 1908
50,872 Began busine ss
West Side Tr de Say Bank
200,000
31.978
u
ti
Q-J Apr '09. 118
Woodiawn Tr&Say Bank
• Bid and asked prices: no sales were made on this day. t Feb. 5 (close or O,Asiness) for national banks and fah. 6 (open ng of business) for State institutions. 9 No price Friday: latest price this week. a Due Dec. 31. I) Dire June. k Capital increased from 5300.000: a stock dividend of 33 1-3% being
eciared In part payment therefor. a Capital and warping to be increased. q Dividends are paid Q-J, with extra payments Q-F. r M of date Dec. 31:
003. z Drexel State and Oakland National banks consolidated in February 1009 under name of Drexel State Bank. z Royal Trust Co. purchased bi't
nd. merged in tha Central Trust Co. V. 88, p. 341.
i
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly- and YearlySHARE PRICES-NOT PER CENTU
Saturday
Apr14 17
Monday
Aprtl 19
10558 106
*10312 10412
236 236
131 131
232 232
*14312 144
*15 -11
*7012 72
*12_
*55 -5612
118
170
118
170
134
1-14-1,-1
5312
;1512
12
1;
72
168
_
*71
168
16412 17691-2
3712 3712
9612
*98
812
8
19
18
*133 13312
12914 130
13634,13738
*3212 33
9914 9912
434
*4
*12912 130
*____ 34
*934 10
258 258
157 15712
6412 6458
9414 9414
*206 20758
*234 3
69
69
*100 102
13334 13334
7912 7912
18814 189
1014
*10
103 104
22
*20
25
25
*112 2
13418 135
5412 5512
29
2938
5078
50
11334 11434
9
*8
80
*78
PATRIOTS DAY
- 91-*-_-_93
98
18438 18478
*9514 9614
175 175
9712 98
11012 111
Tuesday
Apr41 20
Wednesday
Apt* 21
Thursday
Apr1122
Friday
A irrtl 23
..Yatst
"1 the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
itangc 6471-c Jan 1
1.900
Lowest
a Fe _ 100
roaandts
Is
!
5
pa
R
98 Jan 13
233 Atch To
10734 10734 10734 10734
*10714 10712 10634 107
100 10034 Jan 15
18
10314 10312 *10312 10412 *10312 10412 *10312 10412
Do pref
234
233 234
235
295 Boston & Albany--- _100 225 Jan 4
23412 23412 233 234
100 12414 Jan 7
132
1,344 Boston Elevated
131 13114 131 13114 131 13218 132
100 224 Jan 12
__ 232
232
42 Boston dc Lowell
230 230 *232 ___
100 13212.-an 2
146
14212 146
8 Boston & Maine
14612 _5_5.
14314 14312 143 143 *232100 151 Feb 26
Last Sale 158 Apr '09
Do pref
No- 166- *298__ 299 299
*Ni60 Boston dc Providence_100 298 Apr 1
467
Cos_
1134 Jan 2
El
1512
1512
15
1512
1512
15
15 -1'6
65 Boston Suburban
6012 Jan 5
72
704 7018
*70
*70
72
72
72
Do pret
*12 ___ _ *12_ _ _ *12
13
1012 Jan 8
100 Boston.% Wor Elec Cos
13
52 Jai. 5
877
5812 *57 -58
5818 58
56
Do pref
i85- 150
148 148
143 148
125 Chle June By & USY_100 143 :an 25
14712 148
100 116 Mch19
118
_
119
118 118
177
118 113
Do pref
170 Jan 26
17114 17114
5 Con et Mont, Class 4100
Last Sale 142 Apr'09
Conn do Pass Riv pref _100 139 Jan 2
274 114--86 Connecticut River__ _ 100 267 Jan 15
-263
132 Jan 2
15512 1-:341; 13312 13312 15572 1-:331-2 15512 hi-2
Fitchburg. pref
82
83
84
84
*82
83
*82
*82
35 Ga By & Electric_ _ _ _100 75 Jan 6
100
79 Jan 14
Last Sale 85
Meh'09 ---Do pref
100 ]9514J&*. 13
Last Sale 19514 Jan'09 -,-,,, Maine Central
100 1114 Jan 12
. -14- 1414 1414 1412 1412 1414 1414
-N
1 Mass Electric Cos.._ _ _1
72
33
5813 Jan 15
71
7134 72
71
7212 7212
7114 71
Do pref
170
168 16914 16912 171
171
16712 168
1,507 N Y N H 4 Hartford_100 157 Jan 21
100 146 Feb 4
Last Sale 147 Mch'09 -- Northern N H
00 200 Apr 13
10
Last Sale 200 Apr'09
dcyWor pref _1
lep
Nlodrwc
O
icoh
194 Jan 5
19912 1661-2 200 166- 19912 19912 *-__- 199 --:15
100 2634 Mch25
Last Sale 2934 Apr'09 2_,..
_6
59
- Rutland pref
*9012 91
100 1014 Mch '2
9012 9012
47 Seattle Electric
0014 91 *:::: 91
100 9712 Apr 6
26
98
98
9734 9734 9712 971.,
prefeme
100 z17278 Feb 26
18712 189
18618 187
18778 189
18718 188
UnDioon
9614
9312 Mch 2
*9514
13100
9538
9518
9514 9514
Do prat
*8514 9614
_
_.; Vermont dc Mass_ _ _ _100 165 Jan 20
50 88 Jan 2
98
9818
-5'712 fig- -9734 98
-15g- 98
373 West End St
50 10614 Jan 9
11034 11034 11034 11034
111 111 *--- Ill
Do prat
Last Sale 144 Meh'09
ai Roch_ -100 144 Mch12
iecit
sh
ise
a
Agr
N
r ivi
Amec
354 Wor
m_
Miscellaneous
.100 3314 Jan
3818 3712 3818 3734 3734
331.1 38
38
100 94 Jan 18
96
9612 96
423
9612 96
9614 9612 96
Do pref
50
553 Jan 26
8
818
8
8
8
00
3,3
712
858
8
6 AmerAP
10
prneefu Service
50 1:3 Jan 13
18
1734 1734
1812 1812 1812 1812 18
13414
134 13412 13312 13412 13378 13434 133
902 Amer Sugar Refln-100 12618 Feb 24
127 Jan
129 12912 129 12912 129
12912 365100
129 130
Do pref
141 14212 14034 14218 41,681 Amer Telep & Teleg 100 12514 Feb 1
13714 13778 13734 141
33
*3212 3312 3314 3314 *32
2 American Woolen._ -100 2712 Feb 4
50
60
100 9313 Jan 15
9934 9912 -661-2
9914 9934 9938 9934 99
Do pref
10
Last Sale 412
Apr'09 --- Boston Land
434
434 *4
334 Apr 1
*4
13212
*130 13212 *130 13212 130 130 *130
5 Cumb Telep & Teleg-100 125 Jan 25
1812 Jan 11
34
*3312 3414
100 Dominion Iron & Steel__
34
*33
*33
34
34
7 Jan 4
978 978
978 1,190 East Boston Land
10
10
934
914 978
258
.7
1_7
1:5
1_ Edison Elee Illum___100 245 Jan 2
258
258 258
258 258
258 259
100
15038
Feb 24
15912
15934
15958
Electric
157
373
158
158
General
15912 15912
651. 1,505 MassachusettsGasCos 100 59 Jan 5
641. 6434 6434 6434 6512 65
64
100 89 Jan 5
99
99
94
9312 94
94
Do pref
94
91
20758
115 Mergenthaler Lino-100 20212 Mch 12
*206 20753 20758 20758 206 2075 *206
0
10
_ 10
2 Jan 5
Apr'09
rp
ahon__eep
Last So e 234
oca
ti
tnely
, Ien
A
N
nrteeT
cetp
*234 3
*234 3
69 Apr 17
70
61
70
69
70
69
70
70
Jan
100
93
*101
101
101
102
10034 101 *100
-12614 Jan C.
83
2 N E Telephone..
27
13212
133 13334 13334 13412 h132
133 133
Feb 6
100
75
Power80
Pacific
80
cCoast
*78
*7812100 168 Jan 30
186
58
25
184
7
185 185
an Co
8
18634 1-£W12 186 1-8
1$31 4
934 Jan 11
15 Reece Button-Hole.... 10
1014 *10
1014 *10
10,4 1014 *10
100 100 Jan 9
960 Swift & Co
10334 104
10358 104
10334 101
10378 104
100 Torrington, Class A.._ 25 2113 Alch31
22
2112 2112 *2012 22
*20
22
*20
25 241;Jan 29
25
25
69 Do pref
25
*24
25
25
25
*24
8
5 Union
...e.
Aprl'09 .
1 Jan 26
ir'd de M'g.. 25
L
Last Sale 2
un
*112 2
*112 2
100 I'612 Jan 13
135
135
13412 135
Fruit
13434 13512 134 135
25 r54 Mch I's
1:8
63
26
3u
Un Shoe Mach Corp
5412 545
5434 5134 5412 5478 12
55
55
25 2812 Jan 11
Corp
!
2918 2918 2914 2914 - 901
29
so pref
D
29
2914 29
loo 4134 Feb 2'
5318 5234 5312
52
5238 5114 52
52
100 107 Feb 23
115
29
6
4
70
o pp::
po
ro
31414 11458 11414 11478 115
11414 115
64 Jan 11
1038 3,948 West Telep de Teleg 100
101. 10
10
10
8
9
*8
100 76 ...eh 3
8312
83 *83
80
80
78
30
*78
112ghest
161 l'retiouz leer
Lowest
Highesi
10814 Apr 6
6754 Feb 10114 DCO
10334 Mch26
8312 Mch 10414 Dec
23914 Apr 8 181(3 Jan 230 Dec
13218 Apr 22 '11211. Dec 140 Jan
235 Mch19 20014.Feb 228 Deo
14612 Apr 1 114 Oct 140 Jan
160 Apr 3 136 Feb 156 Jan
301 Jan
284 Jan 301 Nov
22 Feb 3
13 .\l eh
9 Alch
58 Nov
75 Feb 3
45 Jan
812 Nov
17 Jan
1412 Mch 12
6012 Jan
4712 Dec
5512 Apr 21
150 Feb 19 126 Jan
15114 Dec
120 Jar. 5 102 Jan 12012 Deo
17) Mch 5 163 Dec 165 Mch
14212 Mch 25 13314 Sep 138 Apr
275 Alch 10 244 Jan 263 Dec
133 Nov
136 Feb 5 117 Jan
HS Dec
5412 Feb 2
67 Apr
85 Dec
91 Oct
85 Feb 18
19514 Jan 13 193 Nov 193 Nov
814 Jan
15 Feb 16
1334 Nov
64 Nov
7314 Mch 27
40 Jan
,71 Apr 22 128 Jan 161 Nov
145 Apr
147 Meta() 140 Jne
209 Mch 13 200 Apr ::05 Feb
20018 Jan '8 175 Jan 19614 Dec
:14 Deo
25 Jan
30 Jan 4
95 Dec
70 Feb
9212 Jan 11
10112 Jan 5
8838Jan 101 Dec
38958 Apr 12 11012 Mch 18558 Nov
11782 Nov
7834 Apr
9614 Apr 1
161 Nov
)75 Apt 17 150 Jan
9112 Sep
76 Jan
9818 Apr 23
96 Jan )10 Dec
111 Apr 14
145 lich12 138 J'ly 190 Men
13 Jan
4034 Jan 23
77 Mcli
100 Feb 16
4 Feb
978 Feb 23
912 Feb
2034 Mch 13
9914 Jan
136 Apr 8
111 Apr 13 106 Feb
99 Jan
14212 Apr 22
16 Jan
:1412 Apr 2
7734 Feb
100 Mch24
3 Jan
5 Feb 25
9612.180
130 Apr 8
1434 Jan
3812 Feb 17
414 Mel)
1034 Apr 5
260 Apr 7 '201 Melt
161 Apr 12 III Jan
49 Ai cr
6712 Apr 12
77 Jan
97 Apr 22
220 Feb 17 192 Apr
3 Mch 29
1 Alch
40 Mch
76 Feb is
75 Alch
101 Apr 12
105 Jan
135 Mch 1 i
5112 J'ne
80 Mch26
190 Apr 16 147 Jan
9 Apr
1034 Jan 2
8813 Jan
10478 Apr 13
20 Jan
3312 Jan 4
•?:1 May
2534 Mch 5
114 111cli
2 Apr 2
13634 Mch27 11912 Jan
6614 Jan 19
3812 Jan
2978 Jan
3034 Mch 6
26 Jan
5478 .an 15
F712 Jan
11518 Apr 12
4 Feb
1012Apr 22
Si) Jan
83 Apr 22
35 Nov
96 Nov
12 Dec
23 Dec
13758 NOV
132 Nov
13212 Nov
3238 Dec
9612.sov
412 Dec
128 Nov
214 Dec
844 AO
263 Nov
182 Dec
60 Dec
90 Nov
215 Nov
3 Oct
78 Nov
93 Dec
128 Nov
79 Dec
17412 Nov
1012 Nov
10812 J'ly
24 Oct
2612 Dec
2(3 Jan
148 J'iy
6238 Nov
Nov•
5834 Nov
119 Nov
91. Nov
8014 Dec
or Feb
1214 Aug
1014 ?an 7
712 Feb 1
25
3
65
28
5 Ad
ng
in
no
814
e iC
turftl
iiv
nz
ee
ou
818 814 *8
812
*8
4112 Nov
24 Apr
25 34 Jan 29 45 Feb 16
39
38
38
38
38
38
8318 Nov
45
Feb
7558 7638 x7514 7612 7618 7718 20,253 Amalgamated Copper 100 65 Feb 26 843 Jan 2
30 Joe
2034 Jan
25
5 A
10
25 *24
Lead & Sm....25 '23 7.; iin27 271'. Feb 9
2514 2514 *24
da
A gee
nc
Zin
Nov
28 Feb
25 3818 Feb 26 4878. Jan 6
4512 4512
Jan
3 Dec
578 111,./1
21. Jan 30
25
418
414 41.j
662 Arcadian
434 --4f2
-91i4 --. 8
434 43
4052 Dec
14 Jan
2, 4458 Apr 8
Feb'
25
30
421,,
Commercial
4112
1,773
42
A
42
4134
n
r
4134
da
ln
o
p
z
I
4212
42
411.
.110 Aug
.40 Feb
41
1 Feb17
25 45 Feb 17
Apr'09
Last Sale .75
*.75 .90 *.75 .90
*,75 .00
1912 Nov
8 Apr
18 .an 2
25 10 Apr 19
1112 1114 1114 1-,i;i Atlantic
1012 1012 1014 1034 11
1012 1012
.25 Oct .75 Nov
Melt
11
.80
16
10
Feb
......
.45
Co)
50
.45
*
(Day
.45
.45
.55
.45
*
.55
Bonanza
1818
Apr
Nov
*•45 .55
1014
Jan
2
171
15
Mch
1034
1114 1158 1134 1131 -12- -lilt 1,520 BostonCon CdcG (rcts) 1.1
1112 1174
*1134 121 1
'25 Nov
1114 Apr
5 1738 Feb 26 2258Jan 2
600 Bos&CorbCop dcSUMg
2058 2054 2012 2012 2014 2014 2058 2058
30 Aug
1958 2014
1512 Jan
2
Jan
24
8
273
Feb
15
2138
24
Coalition
1,539
24
24
Butte
2414 2412 2412 2412 24
24
24
1:3 Feb 130 Aug
10 97 Feb 1 11D Jan
9912 100
361 Calumet & Arizona
100 100
10012 10112 9912 101
100 100
25 585 Feb 26 680 Jan 4 c565 Nich 700 Jan
610
Ilecia
5
1573
606
605 608
605 610 *605 615
Feb
3634 Nov
600 600
'21
16
Feb
1
3434
Feb
25
29
30
30
31
Centennial
3012 3012 31
*__
Joe
Mch
*__ 31
.25
1,300 Cons Mercur Gold_ _ _ _ 1 .25 Apr 23 .35 .an 15 .25
.25
.28 .23 *.25 .30 *.25 .28
.30 .30
8378 Nov
65141 Feb
Jan '2
8214
26
Feb
100
Co
0812
Con
1,4
3
5
5
0
1
Range
7712
7714
77
778
14
77
77
78
78
1178
7712 7712
Nov
Jan
7
19
Mch
12
26
Feb
20
912
10
10
10
10
10
1038 1034 10
*10
10 Dec
1038
1653 Apr 20
854 Dec
712 Feb 1
East
t Cop Min_ _ 10
Wr ie
y-eB
t
1614 1412 1518 1412 1434 37,462 CDT?p
16
1633 15
234 Nov
99 Meli
1514 163.
212 Jan 15
17
Apr
12
112
2
*112
5
Elm
2
River
*112
2
*112
*112 2
112
112
1912 Nov
.5 la Feb 25 17 Apr 5
612 Apr
530 Franklin
1558 16
15
1514 15
*15
16
16
*1514 1531
80 *Jan 110 J'iy
263 Granby Consolidated-100 00 Feb 26 110 Jan 4
951,
95
95
961., 97
05
97
96
• _ 96
1314 Aug
678 Jan
2
Jail
1234
26
Feb
20
9
4,451
Cananea
1014
10
Greene
1014
1014 1034 104 1014 10
ION 1012
IN J'iy
11. Apr 16
27s Jan
112 Apr 18
Apr'09
Guanajuato Consol_ _ _ 5
Last Sale 112
1734 Feb
2614 Jan
Feb 15
-iii5 Isle Royale (Copper)_ 25 23 Apr 23 331i
23
/3-1-2 2334 2334 23
-2534 24
*2334 14.17/
2414 Deo
10 Sep
Jan 4
2312
30
25
Jan
18
Copper
3,119
Lake
2034
2014
2034
. 2078 2014
204
21
20
1214 Jan
1812 1812
1714 Jan
25 13 Jan 30 1634 Feb 16
890 La Salle Copper
14
14
14
1412 1412 14
14
14
14
14
214 Mch
912 Apr 16
838 Aug
25
912 5,855 Mass Consol
414 Mch 13
878 91g
918
873
9
911
9
.75 J'ly
878 9
.25 Jan
Alch
.65
17
25
Feb
.50
60
Apr'09
Sale
Last
Mayflower
275
31,
* .60 .75
$
Jan
Dec
Jan
5
16
10
Apr
4
-i68 Mexico Cons M & S.._ 5 312
*334
378 3,8 *358 4
378 4
:353 331
1512 Dec
34 Sep
1234 Feb 26 1538Jan '2
6.
,
4,724 Miami Copper
1434 15
1458 1478 *1453 1434 1434 15
1412 1412
4
1512
Nov
Jan
Feb
13
19
Itch
8
97
‘.4
25
170
1214
Michigan
1212 12
*12
12
12
12
12
121.
*12
7:3 Nov
45 Feb
7018 Jan s
25 59 Feb 1
425 Mohawk
61
6012 6012 61
6012 601 *6012 61
61
61
23 Dec
138Jan
C & C 10 19 Feb 11 .40 Apr 6
Consol
50
.25
.25
.30
Montana
.25
*
.30
.25
*
.30
.25
*
*.30 .35
2034 Nov
838Jan
2012 2058 1,095 Nevada Consolidated.. 5 1612 Feb 26 2072 Apr 12
20
2014 2018 2014 20
20
43 Oct
1912 .1912
8 May
6 Jan 4
278 Apr 15
110 Newhouse Mines & S. 10
278
278 3
273
*234 318 *234 318
8934 Nov
*234 3
4034 Feb
22 9514 Ja:: 2
Apr
15
0018
6412
62
6412
Butte
34,573
North
6018
67
6512
.1
3
68
67
6674 68
1 J'ly.
13
.50
Jan
CO
20
Jan
25
Apr
.48
100 Old Colony
.48. .48 *-- .60 *____ .60 *_--- .60
6012 Deo
*___ .60
28 Jan
25 4714 Feb 24 1814 Jan 2
5134
0
4445
3
amlnIon
5112 5112
5212 *5114 52
52
5112 5112
77 Feb 13512 Dec
138 Feb 19
21
25
Feb
122
1291
----129
Osceola
129
129
129
129 129
*128 130
3118 Deo
1012 Jan
3412 Apr 1
3314 3273 3278 1,144 Parrott (Silver & Cop) 10 26 Feb 1
33
33
33
3334 34
114 Jan
3312 3312
12 Aich
1 Jan 14
Jan 14
Last Sale 1
Jan'09
Phoenix Consolidated 25
1
77 Feb 100 Aug
Jan 4
99
25
1
90
Feb
*38
85
90
-55
1.
Quincy
*88
8812
63
8812 8812 88
8 Nov'
5
2
Jan
514
Meh
30
25
Jan
418
Feb'09
Last Sale 5
Rhode Island
-338 Nov
s
1N Apr
278 Ja
2 Feb 25
2
Santa Fe (Gold & Cop)
2
2
2
8
2 -71.2- -112
1914 Nov
4
Jan
Feb
934
3
7
17
10
26
Feb
8
0
1
1312
14
7
14
14
Shannon
14
14
1418 14
14
14
14
3612 Nov
14 Apr
25 34 Jan 5 4614 Mch
305 Superior
4073 4058 4058
40
40
40
4034 41
*4038 4012
15
941 Superior &Boston Min 10 14 Mch24 1712 Feb 16
1514 1538 1512 1533 1512 15
15
15
1514
'2
204
Jan
1418
1778
Nov
Oct
16
Apr
10
Copp..
13
1314
1,302
1318 1314
SuperiordcPitts
1318 1318 1314 1314 1318
1318 1318
56 Mch 83 Nov
25 70 Apr 13 90 Feb 25
70
60 Tamarack
70
70
70
70
*68
70
70
70
70
26 Aug,
Jan 23
1218 Feb
1758
25
19
Feb
12
14
1,205
1334
1334
1414
Trinity
13
8
7
1414
14
14
1414
14
1614 Jan s
1612 Nov.
454 Mch
100 1138 Feb 2.
Last Sale 1278 Apr'09
United Copper
*1218 1212 *___ 12
1214
*12
36 Nov'
Nov'08
"334 Apr
100
Last Sale 36
pref
33 Apr
3134 Nov
Mch
12
Jan
3134
2,684
25
3114
United
28
&Olt
8
StatesCoal
317
3112
3113
4
32
321
-5278
-55- 32
28 Mch
4678 Nov
4634 4514 4638 4533 4618 32.970 U S Smelt Ref & Min_ 50 39 Feb 25 9678 Apr 20
45
4678 45
4578
44
37 Feb
47 Nov:
4614 47 11,017
50 44 Jan 8 47 Alm 20
Do pre(
4678 47
46
47
4634 47
4534 4531
Jan 26
Sep
512 1,145 Utah-Apex Mining_ 5
7 Nov'
438
7
512
634
Apr
514 538
514
514
512
514
514
*514 512
61) Aug;
29!, Jan
4012 4014 4012 2,219 Utah Consolidated
5 3714 Feb 24 4034 Jan 2
4018 4012 4014 4038 40
4()
40
2878 May 53 Nov
10 3034 Feb 26 4758 Apr 23
715 Utah Copper Co
43
4332 *4314 4312 4412 4412 4614 4754
*43
4312
538 Feb 15
212 Apr
5 Nov •
354 Jan 6
85 Victoria
25
*412 5
5
*413
*412 478 *412 . 5
412 45
61 Jan 2
4!, Jan
1774 Novi
478 Apr 14
20 Winona
25
5
5
8
*434
*434 5
*434 5
*478 514
.5 139 Mchls 152 Jan 2 11612 Jan 155 Novl
146
25 Wolverine
143 143 *143 145 *143 145 *143
143 144
13. Oct '
4 Jan 16
50 M.,'
'5
'214 Apr 2:1
470 Wyandot
212
*212 234
214
213 212 *212 234
*212 234
C Before pay't of assess'ts called in 1909. • Bid and asked prices. 4 New stock. e Ass't paid. S Si stock dlv. h Ex-rights. a Ex-div. and rights. ,
814 814
*3834 39
7378 751j
*2412 2512
814 812
3811
38
7578 7678
25
*24
-9-5
AP R. 24 1909.]
Boston Bond Record
BONI Ds
BOSTON STOCK EXCH'GE
WERK ENDING APRIL 23
Pridau
April 23
Am Teton & Tel coil tr 46.1929 J -J
Convertible 4s
.....1936 M-13
Am Writ Patter 1st s t 3/4 a 1919 J J
Ariz Corn Cop 1st cony (is 1918
S
&ton Ton & S Fe gen g 4s..1995 A-0
Adjustment g 4a.....Ply 1995 Nov
Stamped
Ply 1995 M-N
50-year cony 4s
1055 J -D
10-year cony 5s
1917 J-D
Atl Gulf & W 188 Lines 5s.'39 J -J
Boston Elect L consot 38 1924
Boston & Lowell 4s
1916 J -J
Boston ob Maine 412s
1944 J -J
Boston Terminal 1st 348 1047 F -A
Bur & Mo Ray ex 6.3
1)18 J - J
Non-exempt (is
1918 J
Sinking fund 48
1910 J
Butte &Boston 1st 644
1917 A-0
Cedar Rap & Molt let 7s 1916 M-N
20 7s
1009 J-0
Cent Vermt 1st g4s..May11320 Q-11
o B & i4 Iowa Div 1st 3s 1919 A-0
Iowa DIT Dat 4s
1919 A•0
Debenture 5s
1913 M-N
Denver Erten 444
1922 F-A
Nebraska Erten 48
1927 M-N
B&SW/4148
1921 M•
Illinois Div 34n
11(49 J -J
Joint bonns See Gt Northern
Jhie.o fly & SLIC Ycla 5s.1915 J • J
Coll trust refunding g481940 A •0
-Oh Mil & St P Dub 1) 643_1920 J -J
Oh M & St P Wls V div 64319211 J J
Chic ab No Mien 1st gn 511.1931
Chia & W Mioli gen 58.-1921 .1-0
Concord & Mont cons 48.1920 J -1)
Conn & Pass R 1st g 4s 1943 A •0
Current River Sat 58
1927 A-0
Det Gr hap & W 1st 4s 1946 A-0
Dominion Coal 1st a F 58_1940 M-N
1915 M-S
Fitcnburg 4s
S
192'i
444.
Irremt Elk & Alo V 1st 6s 1933 A-0
1933 A-0
Unstampea 1st
61t Nor C 13 & („) coil tr 48 1921 J -J
1921 0-1
Reinsteren 4s
Range
Since
January I
Week's
Range or
Last Sale
Ask Low
Bid
High A
95% Sale 94%
95% 119
1051
/
2Sale 101% 106 83 i
83 Mar'09
175 Apr'09
1004 101 1'4 l0034 Apr 09
931
/
2 95
94% Mar'09 •-•
931
/
2 95
9378 Mar'09
10834 10834
1094 1094 1081
/
2
/
2 1081
55
65 Sale 60
65
110 Feb'04
1004 Mar'09
1044 Oct '08
1124 Jan '03
104 Oct '07
102 Sop '05
9914 Jan '09
100 J'ne'01
117 J'ne'08
111 Ply'05
831, 13
83
83 Sale
10.03 Oct '0'2
10078.Mar'09
IOU Apeo8
993 Mar'01,
1911
/
2 Mar'09
98% Feb'09
914 Mar'09
/
4
1023s 102% 1024 1021
92llApr'09
1184 Feb'09
126 Feb'03
101 341024 1024 Apr'09
2
104% Sale 104% 104391 Dee'07
1124 Jan'0:3
96 Feb'09
911
/
2 Mar'09
91 Nov'08
10314 Apt'05
96 Apr'Or
133 Mar'09
140 Apr'05
99 Sale 98
99
4
977,, Apr'09
981
/
2
Low Birth
91% 9614
924 106
83
83
130 185
100 1014
9238 94%
I
9378 94,
1024 108%
1074104 18
59
65
10014 10034
99,, 991
/
2
81
86
1001810078
99%100
101 4101 39
13858 9,58
911
/
2 92
102 10334
91
94
11814 11834
101
102
10214
105
96
87
96
911
/
2
133
133
1053
1311N DS
BOSTON STOCK EXCIVGE
WMRIS ENDING APRIL 23
l'rtes
Friday
April 23
Illinois Steel deb0n 5s
1910 J -1
Non-convert deben 6/4_1913 A-0
In Falls &Sioux 01st 78 1917 A-0
Kan C Olin it Spr let 5s 19'25 A-0
Kan C Ft S& Gulf ext 5s 1911 J-D
Kan C Ft Scott & M 6s
1928 M-N
KanCM&Bgen4s
1934 M-S
Assented income Os
1934 M-S
Kan C & M Ry & Br 1st 581929 A-C
Maine Cent cons 1st 79 1912 A-0
Cons 1st 49.
1912 A-0
Mar() Hough & Out 1st 66 1925 A:
0
Mass Gas 448 (recta)
1929 . .
Mexican Central cons 49 1911
1st eons nic 3s
Jan 1939 J'ly
26 cons inc .3a
Jan 1939
Mich Teleplst 5s
1917
Minne Gen Elec con g 5s 1929 J
New Rug Cot Yarn (is. 1929 F-A
Now Bug Telepli 5s
1915 A-0
543
1916 A-0
New England cons g 5s...1945
J
Boston Term let 4s
1939 A-0
NYNH& H con deb 31
/
281956 J -J
Cony deb (is (ars)
1948 J -J
Old Colony gold 4a
1924 F-A
Oreg Sty & Nay con g 45 1946 J.D
Oreg Sh Line 1st g 68
1922 F-A
Repub Valley 1st s F 6s 1919 J-J
Rutland 1st con gen 4443 1941 .I.J
Rutland-Canadian 1st 4s1949 J -J
Savannah Elec 1st cons 50 1952 J 4
Seattle Elec 1st g 5s
1930 F-A
Terre Haute Elec g 5s
1929 j
Torrington 1st g 5s
1918 If-S
Union Pae RR &I gr g 4s 1947 J -J
20-year cony 444
1927 J -J
Untten Fruit gen s 1 41
/
243 1923 J-J
U S Coal & Oil 1st s 69 1938 M-N
U 13 Steel Corp 10-130 yr 58 1963 11-N
West End Street Ity 4s. 1916 F- A
Gold 414a
1914 M-S
Gola deoenture 48
1916 M-N
Gold 4s
1917 F-A
Western Teleph & Tel 59 1932, J -J
Wisconsin Cent 1st wen 4s19491J-J
/
2 99
971
97% 98
lute/
accrued
eat
1,1 addition to the purchase price for all Boston Bonds.
Noric-Buyer ,,ays
Week's
Range or
Last Sale
-
Ask Low
nigh .10
10074 Mar'09.
/
2
1014 1011
117 Apr'04
94 Ape°.
1001
/
2 Jan'09
/
2 Yi
119%120 11958 1191
93
93
95
93
891
/
2 16
t-9
8914 Sale
/
2 1031, 15
1031
1031
/
4
11314 Nov'00
1014 Sep '05
115 J'ne'Or
993, 11,
1,9% Sale 993.
86 Mar'09
1,116 Apr'Or
111514 Apr'0-
Lisa
100
101
Aimee
Since
Januar-if X
Low ti epti,
10014 10034
00'8101'a
9534
94
1001
/
2101
11614 120
90
93
861, 90
1031
/
210334
984 99%
84% 86
102% Ang'04
10418 Sak 1043,9 10434 27 1024 10434
.
...... 102 Feb'04
102 102
100's Sep '08
......
105 Apr'09
975
; 9934
135 Mar'09
134 13514
101 Apr'09
101 101
li964 J'1Y'Ob
1187 Mar'09
118%1194
103',
105 Dec'08
1071
/
2 No*'05
102 Mat'02
981
/
2May'06
106
106
1 105 106,19
97 Apr'07
994 Nov'06
10214 Apr'09
10214 1031
/
2
104 Mar'09
102%104
97 Sale 96%
97
37 95% 97
134
134
7 120 134
10379, 10378 6 1024 1044
964 Feb'08
1021
/
2 Feb.09
1021410214
9914 Dec'Ob
10()5
10014
1 loot; Laos
974 Sale 961
/
2
971
/
2 44 96
991
/
2
•....• ...... 1)5',,
95% 11) 93% 934
No price Friday lat.eat :Jid and asked.
Fiat pries.
Philadelphia and Baltimore Stock Exchanges --Stock Record, Daily, Weekly, Yearly
Share Pricea--Not ['or Centuni Price.
6'aturda44
April 1'7
82
82
106 100
15
lb
....... 30
12
- 12
M ono,au
April 29
Tuesday
April 29
Wednesday
April 21
7'hursdaq
April 22
Pridav
April 73
Sates
Atm YE STocKs
cd the
Week (For Bonds and Inactive
Stocks see oelow)
Shares
_Range Since
Jan 1 1909
Lowest
Highest
Aange /or Preview
Year(1908)
Loicest
Baltimore
314 311
/
2
20 Con. Ga.s EL L. & Pow 100 30 Mar
35 Jan 23 20
821
/
2 85
1110
82
82
Do pre!
100 76 Marlt3 85 Jan 6 65
*100
.1.06
1063410634 1061
/
21061
12 Northern Central
/
2
50 100 Jsn 4 111 Jan 16 40
*lb
151
15 •
/
2 15
15
141
837 Seaboard(new)...
/
2 14
144 144
101.4 11% Feb 25 16 Apr 13
4
"2834 21)4 *
29
103
29
/
2 "28
281
/
2 281
'29
Do 28 pref....._100 2234 Feb 24 30 Apr13 10
'29
1'2
1,200 United By & Electric 50
1'24 .114 12
.114 12
.114 12
"114 12
UN Feb 3 124 Apr 111 10
Philndelphia
*451
/
2 46
300 A.nierican Railwaya.... 50 45 Jan 4
.454 46
"434 48
454 454
951
/
2 46
434 45
1,54,0 Cambria Steel
.3314 3558 3519 3534
3558 30
13534 36
354 3578 3578 39
/
4 eau23
30 321
.
/
2 124 12
939 leloctrie Co of America 10;319% Jan 20
124 124
124 124
124 134
1255 1214 124 121
.23
231
/
2 23
23
23
23
23
24
100 Lb-8Jan
231
/
2 254
2434 6,118 Gen Asphalt tr etis
'23',
64
(14', 64
64
(14', 641
106 53 Jau 5
64
, 64', 64', 0614 65 18 61514 3,754
Do pref tr ctfs
2534 26% 26% 2714 2655 28
271
27
/
2 284
27% 16,029 Lake Superior Corp.. 10U 14.41an 5
2655 9755
.105 106
107 107
109 1091
/
2 2,190 Lehigh C & Nay tr ctia 50 96 Jan
104355198½ 107 108
10714109
753
7778 78%
, 7758
775 781
/
2 77% 78% 774 7814 24,997 Lehigh Valley
50 61 Feb23
7778 78
100 1/3,8Jan 19
Marsden Co
6754 68198 4,795 Pennsylvania RR
50 631
/
2 Feb23
6714 6714 6714 &80ie 6704 6811e 671318 (3814
6655 67
42
42
42
42
42
42
42
634 Philadelp'aCo(Pittsb) 50 404 Feb24
/
4 '4114 421
/
4
42
•41% 421
1174 111
, 11w. 12
11. 12
3,270 Philadelphia Eleetrict 25 11 34 Fob23
1178 III
1178 1'2
1114 12
34
3534
35
34.4 3534
3410 345
3S
33% 3454 52,146 Phil. Rapid Transit
50 2475 Jan 5
3355 337s
73 73990
73 731198 7'2198 7359 36,625 Reading
50 59', Feb23
71" 714 7214 72 7499
60
40
•
Do 1st pref
50 44 Mar 3
48198 481,6 .4732 4814
Do 2d met
49
330
50 45198 Mar 2
"47½ 4814 48 49198 •48
/
4
5614 574 5655 6814
50 51 Jan 5
6814 5634
5612 6e3.9 5678 571
5814 5678 8,733 Union Traction
9834 89,4
88% 8914 88 4 89
88
.83
0,894 United Gas 'rapt
/
2Apr 16
881
88
50 871
871
/
2 88
*29
.294 30
Welsbach Co .....
100 28 Alar26
"2914
PHILADELPHIA
Bid
Ask
Inactive :•5toclils
Allegheny Val pret....50
50
American Cement
100
Amer Pipe Mfg
Bell Telephone (Pa).101) 103
Canibria lion
Central Coal & Coke.100
Consol Trao of N J...100 764
Diamond State Steel..10
Preferred
10
/Gaston Con Electric 5.50
4534
Sloe Storage Batt....100 45
Preferred
100
'Ft Wayne & W V
100
125
50
Germantown Pass
Indianapolis St
100
Indiana Union Tr....100
Inaurance Co of N A..10
211
/
4 22
Inter Sm Pow & Chein.50
Keystone Telephone _50 14
1134
Preferred
50 37'.,
KeystoneWatchUatte.100
Brothers
10
151
/
2 1134
Lit
50
Little Schuylkill
illnehill & Schuyl /1-50 63
Stee1.5
&
Iron
Haven
N
54) 106
Northern Central
North Pennsylvania..50
50
Pennsylvania Salt
Pennsylvania Sleet..100
105
100
Preferred
Phila Co(Pitts) pref...50 4134 42 4
Phil German& Norris.50
94
50 93
Phila Traction
814
Railways General
10
8
Suesquen Iron & Steel..5
10
Tidewater Steel
Preterred
14
---i.14
Tonopah Alining of Nevl
100
Union Tr of Ind
United N J lilt & C..101 253
Unit Tract Pitta pref..50
Warwick Iron& Steo1.10
West Jersey & Sea Sh.5
Westmoreland CoaL...50
Wilkes Gat; 0.., Elee..101)
11111LADELPIIIA
Ask
PRILADELPIIIA
Ph & Read 26 &a '33.A.0
Prices are all "and
Con M 78 1911
J-11
interest."
Ex Imp M 4s g'47 A-0
B
Al Val ext 78 1910 A-0 10218
Terminal 5s, g1941.4..)-F
Alt 85LVIillee 4%8'33.1-A
97 18 P W& 13 col tr 48'21.J-1
Am Rye cony 58 1911.J-1)
Portland By let 58 11030.
Atl City 1st 54 g'19.31-N
Roth By& Leon Os'541-.1
Berg& Ellrw Sat68'21 J-.1
Spanish-Am Ir 68'27 J-J
103
1343thie Steel (is
1184 U Trite Ind gen 59'19.14
(4-It
Choc& Me 1st5/4 1949 J
Un Rya Tr otfa 4s'49J&J
11334
United Rya Inv 1st coil tr
Ch Ok & G gen 58'19 J-J 10514 100
I 5s 1926
Col St By list con 58 1932
M.N
Con Trao of N J 1st 6s.'33 106',
U Trac Pit gen Os '97 J4
E& A let M 58 1920 M-N
WeLsbach s f (i6 1930.J-1)
Elec & Pee Tr atk tr etfs 93% 94
WIlcs-BG&Econ5s'53J4
Eq 11 Gaa-L 1st g 5s 192r 10634
BAL'i'IIlIOIIE
Indianapolis By 42,1933 85
86
Inactive Stocks
Interstate 48 1943 ..F.A
52
60
Ala Cons Coal& Iron.100
Lehigh Nay 44s '14.(44
Pret
103
lik)
RRa 4s g
1914.Q-F
Atlanta & Charlotte 100
Gen M 432/9g-1924.44-F
Atkin Coast L (Conn)100
Leh V C 1st 53 g '33. J-J 110,3, 111
Canton Co
100
Leh V ext 4a let 194.8.J -D
Cone Cot Duck Corp. 50
M-S
Preferred
2d 78 1910
50
,121
J-D 1
1V13'9
Consol Os 1923
Georgia Son .:43 Fla...100
J-1) 148 1484
Annuity 6s
100
let prof
97 14 117"a
Gen cons 45 '24103.at-N
100
2d prof
654 60
G-13-S Brewing
',eh V Trail con 49'35J-D
100
New Con Gas 63 1948.1.1)
Bonds
Newark Pass con 6s1930
Prices are all "end
Interest."
NYPh& No1444/3'39 J-J 100
Anacostia do Pot 58
Income 4s 1939 16-N
NoOlnoTrac con5/4'113.14
AtI& Oh ext 44a '10,44
Var
Penn gen Os 1910
Atlau CIL R1t4819526143
Var 109
Consol 543 1919
Atl Coast L(0t)ctla 551-D
Penn al, Md Steel con Os.
Otte of indebt 444. .J4
Pa & NY Can 55 '139.A-0 116
5-20 yr 4s 1923
J4
A-0 100
Con 4s 1939
Balt CPass 14459'11 11-1•1
Penn Steel let5s'17 51-.N 1401
13alt Fundg 38.1914351-N
'43
Exchange 332a 1930 J-J
People's Tr 1,r certs 48
98
P Co 1st& col tr 53'49 51-8
103
A-0
Balt& P lat 6s
Con& col tr 58 1951M-N
Balt Trae let 5s..'29 ALN
97 12 'J8
Phil Elec gold trust ctfa. 1024 1023
No Balt Div 1)81942 J-D
,
Trust certila 4s
74% 7478 Cent'l Ity con5a1932 M-N
P & E gen M 6 g '24).A.0
Ext& Imp (i9.1932 51-8
Gen M 48 g 1920..A&O
Chaa Citylty 1st 53'2314
Bid
Ask
10655
/
2
10014 1001
99
1024 1024
74%
824 83
79% 81)
104)
60
270 285
1/0
1321
/
2
7
6
214 231
/
2
23
30
95
97
72
75
2', 2%
103% 104
100
971
/
2 9739
107 108
83
85
83
83
10155 101%
107 107
10014 104134
1031
/
2
111 112
115 116
112
110
10314 11144
Jan
Mar
Jan
b'eb
Feb
Jan
30 Dee
8118 Dee
102 Dec
lb Deo
26 Dee
12 Nov
4634 Feb18 4234 Mai 464 Nov
3934 Jan '2 26% Feb 4018 1)00
1234 Mar30
84 Jan 114 Deo
25% Feb Lb
31
/
2 Jan 19% Dec
6638 Feb11- 19,,Jan 59'la Dee
29% Apr16
358 Feb 17 Dee
1094 Apr23 781
/
4 Jan 9758 Dec
7834 Apr 2U 52% Feb 7034 Deo
218Jan 12 ,610 Jan
278 Apr
68598 Apr20 54498 Jan 66116 Dec
43%Jau 2 344 Mal 44% Dec
124 Apr 1'3
51
/
2 Feb 12% Nov
35% Apr 19 (11218.1'ne 254 Dec
74598 Apr 20 48" Feb 711398 Deo
46 Jan 2 39 Jan 4a',Dec
49198 Apr19 371
/
2Jan 4342 Dee
57.9, Apr16 444 J'ne 56"4 Apr
941
/
2 Feb 6. 731
/
2Jan 9434 Deo
30 Mar244 25 J'n 28 Nov
BALTIMORE
Chars Ey & El ba'99 M-8
Charl Cc% A eV,5s.'09 J-J
26 Is
1910 A-0
City & Sub 1st 5s..'22 J.1)
City & Sub(Waa)lst5s'48
Coal & lily let 58'201o'-A
Col &Grnv 1/A68.1916J-I
Goksol Gas 6s 1910 J-D
5s
1939 J-D
Ga& Ala 1stcon 58'4514
(.1a Car & N 1st Sag'29 J-J
Georgia P
GaSo & Fla 1st 6819451-J
U-B-S Brew 3-48 195151-8
2d income 56 1951 31-13
Knoxy Trac let 58'28A-0
LakeR El 1st gu5s'4261-8
MaconRy&Ltist53.53J4
Memphis St 18t 58'45 J-J
SletSt(Wash)lst59'253'A
Mt Ver Cot Duck let oft.
Npt N&O P 1st/1/3'38 M-N
General 5s
1941 51.8
Norfokk St let 541'44..14
North Cent412,31923 A-0
Series A 58 1926....J -J
Series B 5s 1926....J4
Pitt Un Trac 5s 1997.1-J
Pete Val 1st 58 1911..J-J
Say Lela &West513'34 A-0
Seaboa.rd A L48 1950 A-0
Seal)& Roan Sc 1926..1,1
South Bound 1st 545..A.0
U El L&P 1st 448'29 M-N
Un lty & El 1st 4s'49 M-S
Income 4a 1949
J-D
Funding 59 1936 J.D
Vi Slid 20 ser 0)3 '11 M.8
3d series 69 1916.14-13
4111 ser 3-4-5131921.M-8
5th series 5s 1926.61-8
Vs(State) 3s new'32.14
Fund debt2-38 1991.J.J
Weat N C con 091914 14
WeaVaC&P let tig'11.14
Wil & Weld 5a..1935.14
litd
Ask
91
924
111
102
104% 108'74
105 1054
1014 103
10918 11014
1011
/
4 10134
111 11114
104 1044
1051
/
2 106
115% 1164
1091
/
2 109%
431
/
4 43.4
14 ,
3 15 ti
105
112
1)4
97 ..
9
.
7
109
79
......
105 108
10634 108
113
113
•
4.41
100
......
711
/
4 •'firs
104 109
106 108
941
/
2 95
8778 884
154 55211
8014 sc)34
......
108 109
901
/
2 911
/
4
91
92
107 110.;
1024 103 ;
114 116 1
/
4 pant. t $13/
Itid and asked; no sales on this day. 4 itx-rigata. 1147.34) paid. t .3121
1
2 paid.t .$35 paid.a itooe.19 ie. a $23 pate. c$39 Pad d. 44'42 is pad.
4
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stock'.
1Veek ending
April 23 1909.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
Ncw Y ork Stoic
Exchange.
[VOL. Lxxxvui.
THE CHRONICLE
1051
Shares.
Par value.
Railroad
Bonds.
State
Bonds.
Electric Companies
Chicago Edison Co See Cl•
e Kings Co El L&PCo lot'
Narragan(Prov) El Co_50
N Y.&Q El L &PowCo_1()/
100
Preferred
United Elee of N
J-D
1st g 45 1940
Bid
lcag
120
*90
30
CO
fel
75
U.S.
Bonds.
Ask
Ilst
123
92
3.5
70
76.
Ferry Companies
95
90
B & N Y 1st Gs 1011...1-J
St
NY &ER Ferry stk 10:1 30
60
60
MN
1922
Is
181
96
N Y Is Hob 53 May.40 .1-1) 94
Hob Fy 1st Is 1946,11-N 10() 10714
$2,000
200 NY &NJ 5s 1946 __J..) 93 95
40
10th Is 23d Sts Ferry_100 30
ts5
4,973,913 8436,850,300 339,614,500
1st mtge Is 1919 J-I) 65
22,200
$647,500
24
eUnlon Ferry stock_ 100 22
09
elst 53 1920
NI-N 96
Week ending April 23.
Jan.1 to April 23.
456,302 $40,525,200
946,495 83,096,000
965,029 79,279,400
812,987 71,333,700
952,256 86,916,600
840,844 75,609,400
$2,592,000
5,957,000
5,369,000
7,780,500
10,240,500
7,666,500
$69,000
185,500
94,500
82,500
159,500
56,500
Industrial and Bisect
liza Ask
Consol Rubber Tlre_106
5
20
2/LI
Preferred _____
De ben ture 4s 1951A &O 1 38
42
Cons Steamship Lines 100
_Coll tr 4s 1957 rctsJ &I ;18 - 19
Corn Prod Ref See Stock Esc
eCrucible Steel
7
714
100
ePreferred
100 6038 61
Ctznberland Ely Copper.5 *79ie 711,,
eDlamond Match Co_10u 122 12212
Dominion Copper
10
Douglas Copper
4
5 *212 11
tecon'y Lt Is P (Joliet, 111)
1st
s f g 58 1956-0-1) 9312 98
Electric Boat
25
100 20
Preferred
75
101 60
Electne Vehicle
101
Preferred
100
2
Empire Steel
10
100
Preferred
100 41) 52
efeederal Sugar 0tH 1See Stir E x list
eGeneral Chemical...100 06
75
ePreferred
100 10112 105
Goldfield Consol Mines_it) *814 838
Gold Hill Copper
1
*14
313
Greene Cananea
*1015 1038
Guggenhelm Explor'n 100 176 180
eHackensack Water Co
Ref g 45 '52 op 12....J-.1 89 91
Hall Signal Co
10i; 30
34
Havana Tobacco Co_lou
8
10
Preferred
10u 15
20
1st P; Is June 1 '22...1-1)
69
Hecker-Jones-Jewell AtIll
1st 6.1 11)22
NI-S
Her'g-Hall-Mar, new _100 87" 45"
Hoboken Land Is Imp100
e5s 1910
100
Houston 011
106
712 812
Preferred
100 135
45
Hudson Realty------10)) 11)0 110 .
elngersoll-Rand corn 100 60
ePreferred
100 03
Internee( liank'g Co 10J 05 ftii"
Esc list
ineni Mer Mar See Stir
luternat'l Nickel-100 100 100
100 84
Preferred
87
1st g Os 103'
A440 8412 16
15
International Salt.-106 13
1st g 5s, 1951
A-0 / 52 58
7
Internee! Silver
10
100
100 70
Preferred
7212
1st Os 1948
0-i) 10914 111
Internal Smelt & Ilefg 100 127 129
Lackawanna Steel__ _10o 32 13
Lanston Monotype_-21/ *1358 1378
Lawyers' NI tgo Co__.100 loo 296
eLch & Wilkes-B Coal 50 uo 10$
Lord Is Taylor
100 100 105
Preferred
100 97
eLortllard (I'). pref_100 e125
Madison So Garden 100 '25
35
2d Os 1919
..53-5 80 'Co
eltanhat Beach Co....100
3
10
Manhattan Trans't.. _2() * 134 214
Mitchell Mining
18
11
Monongahela It Coal....50 1. 4
Preferred
50 2514 2534
Mortgage Bond Co__ 100 109 112
Nat Bank of Cuba__100 100 105
Nat'l Surety (new)__ IOU 175 180
Nevada Cons')) Copper_5 *201. 2034
Nev-Utah Min Is Sm -10 *234 278
eNew Central Coal____20 4, 53
N Y Alr We're 6, See Stcli Sic list
N Y Biscuit 6s 1911...A1-1- 110U
eNew York Docic___100 114 IS"
ePreferred
100
80
N Y Mtge Is Secur, ty_10u 771z 20212
N Y TransportatIon__20
4
SlIeS-Bent-POIld COW -10U 98 105
Nipissing Mines
5 *1014 1012
Silver
eOntarlo
100
312 4
Out Trans 1st Is '43 61-N
0612
Otis Elevator com _lot. 96
60
Preferred
101 00
05 ;
Pittsburgh 13rewIng__50 *2134 24
Preferred
' 30 *42
4212
Pittsburgh Coal_See Stir Esc list
Pope Mfg Co eom(new)100 20
23
Preferred (new)__.._100 64
68
Pratt Is Whitn pref__100 115 10.)
Realty Assoc (Bklyn) 100
151
Royal Bak Pow))corn 100 150 160
Preferred _
10,) 100 107
Safety Car Heat Is Lt.lop 123 125
Seneca Minim,
23
81)
Singer Mfg Co
100 VO 480
Standard Cordage.._100
34
1st 53 g 5s '11 red_ A-0 ; 2014 2112
Adjust NI 5s Apr 1 1911
312
3
Standard Coupler com100 / 25
35
Preferred
100
110
Standard Milling Co-100 100
17
19
Preferred
10U 51
53
1st 53 1930
88
Standard 011 of N J__100 84 072
Swift Is Co-See Bost Sth 670
1st 53 1910-1914__J-,) Esc list
eTexas& Pacific Coal-100
Title Ins Co of N Y _10t) 85
Touopah Min (Nevada)_b 150
si
Trenton Potteries comlOr
Preferred, new
_ 10,
Trow Directory
10,
UniJia Typewriter combo 26
70
1st preferred
100 1
2d preferred
100 114 110
United 131r Note Corp_50 *55
(30
Preferred
50
55
United Cigar Mfrs_ _100 453
57 60
ePreterred _____
105
11/4
United Copper
100 1218 1212
Preferred
100 31
S Casualty
100 210 215
U S Envelope com__100 40 60
Preferred
100 101 103
11 S Finishing__
85 95
Preferred
11./9 97 102
U S Steel CorporationCol tr s f Is '51 opt '11 11334 115
Col tr s f 5s '51 not opt 11334 115
10 S
Gu Is Indem..100
70
°Utah Copper Co-See Stk Hits list
Waterbury Co, com_100
Preferred
100
Westchester Is Bronx TR
Is Mtge Guar
100 150
Western lee
100
Westiogia Air Brake___50 *109 fir
West El Is Mfg 15s-See St Esc not
White Knob Alin
16
Preferred
.10
Worthing Purstla pref-191) 107 112
1909.
1908.
Short-Term Notes
1909.
1908.
scr A 4$ '11.._111-S 9814 9875
4,973,913
Stocks-No. shares___
2,477,740
58,533,701
50,102,314 An1
9714 9734
Ser B 45 Mch 15 12,11
8436,850,300 $221,290,950 $5,473,052,425 $4,301,139,375
Par value
Is Tr Gs-See Gas Sac
Amer
Light
$200
Bank shares, par
$4,200
$10,600
$46,900 Am Tel Is Tel g 55 '10 .1-.1 10118 10138
Bonds
Coast L Is '11),./11-S 101 10114
Government bonds_
$2,200
$186,70Q
$305,820 Atlan&()hlo 6s
J1v1 '10J-.1 10238 10278
647,500 $2,532,000
State bonds
14,969,100
41,047,000 Ches
Is
Alton 58 101n_J-J 100 10012
Chic
39,614,500 17,151,500
RR.and misc. bonds
426,420,000
230,472,600 (An HameeD4 3is '08 111-S / 70 80
C C Is St L 55, June '11 10114 10158
340,264,200 219,683,500
Total bonds
$441,575,800
$271,825,420 C
Erie Os, Apr 8 1911__A-0
Interb Ft T g 611911 61-N f631-2
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
Is Mch 1910
81-S 10112 10154
EXCHANGES.
9912
K C Ry &Light 6s'12 M-S 99
Kan C So g 5s Apr '12...1-.1 10038 11.0078
98
Lack
Steel
9714
Is
g
1910_M
-S
Boston.
Philade2phia.
New 1-yr Is Alch 1 '10 99
9012
Week ending
Lake Sh Is So 5s'10 F A 10113 10138
Listed Unlisted
Aprie 23 1909.
Bond
Listed
Unlisted
Bond
Lou Is Nash g 5s '10-111-S 10114 10112
shares. shares.
sales.
shares.
shares.
sales.
Mex Cent Is July 1 1911 10012 101
Saturday
11,074
32,649 $113,000
20,148
4,619 $125,900 Mich Cent Is 1910___F-A 1011$ 10188
Is St L re Is 'll_F-A
99 8 106
--HOLI DAY----Monday
46,870
5,847
177,900 MinnCent
tis 1910__F-A 10118 10138
26,276
42,682
257,500
45,026
Tuesday
4,350
89,600 N Y C Lines
Eqp
3s
N
Y
94.311
'10-27
14,155
15,896
368,500
Wednereay
26,060
312%
10,126
109,300 N Y N
Is 11 Is '10-')e 101 10212
33,301
Thursday
16,214
48,585
677,100
21,806
110,700 Nor!
Is West 58 191051-N 10114 10134
32,400
129,220
Friday
17,306
15,799
12,015
57,700 Pa RR 5s
Mch 15 '10 el-S 10114 10112
154,231 131,404 $1,545,320 190,800
Total
58,963 8740,100 Public Serv:ce Corp 5s- Sea Sc. Ity8
StLAIS'east 4 365
100 10014
StL &SanFrg5s'll_J&J 9914 1/912
4 3i%g notes'12 opF &A 95 97
South By 5s 1910_1,-A 9912 0978
Southern By 65 1011.51-N 10012 101
All bond prices are now "and interest" except where marked "I."
Tidewater 63, 1913, guar 10278 1031,1
Wabash 58. May 10 1909 100 10014
Street Railways
Street Railways
Bid Ask
ItId Ask Westingh El&M 62 1910 10012 1.01.
Pub S4311/ Corp N J (Corn
New Y ore ity
Railroad
J C Hob & Paterson25
Bleeck St & Ful F stk_100 15
4s g 1941)
70
N 75 76 Chic Peo Is St L pref-ne
e 1st mtge 4s 1950-J-J I 60
So J Gas El& Trac_100 120
e B'y & 7th Ave stk__100 14) 1(10
3
Deposited stock
Gu g 58 1953
M-S 98
S 2d mtge 55 1914__J-J y100 101
1)9
3
Undeposited
_ __
No Hud Co Ryes'14 J-J 106
Con 5s1943 See Stock Esc list
/ 8) 95
stockI'rlor lien g4 3030
ni&S
114
102
5s
1028
1924
106
J-.1
B'way Surf 1st 5s gu
55
Con mtg g 5$ 1930_J&J / 48
Ext 5s 1924____M-N 100
e Cenel Crosst'n stk__100 100 160
512
Income Is, July
Pat City con Gs '31 _J-D 118 ---e 1st mtge es 1022_M-N / 90 100
19302714
105 26
Chic Subway
2d
60
6.5_1014
10
opt
100
A-0 100
e Cen Pk N & E R stir
9712
100
Ft
std
W
Is
Den
Cy
1i0 So Side El (Chic) See Ch leago list
e Cheer lk 10th St stk 100 70
Nat Rys of Mexico-Sees tie Ex list
Col & 9111 Ave 5s See Stec:: Exo list Syracuse II T 58'46..M &S 103 100
North'n Securities Stubs_ 31 0 10014
Trent P & ki 5s 1043J-1) 110 102
DryDEB&BPitts
Bess & L E
50 *35
37
United Rys of St Le 1st gold 5s 1932__J4) /05 90
Prefe red
50
r *00
Corn vot tr etfs
100 2134 22
55
e Scrip 5s 1914.___F-A /45
Securities
eRaliroad
Co
e
250
30,1
100
preferred
Eighth Avenue stock 100
6514 6534
92
111 stir tr cfs ser A '52
Gen 4s 1934_See Stock Exc list
e Scrip 6s 1914____F-A /95 100
Seaboard Companye 42d Is Or St F'y tk_100 225 275. UnitRys SanFran See Stir Exe list
61
100
1St
preferred
Wash
Ry
100
& El Co
4212 9312
42d St NI Is St N Ave_100
Corn Is 2d peel-Sec Bait Exc list
100 0014 9012
Preferred
e 1st mtge'63 1910_51-S
Air Line43 1951
bu 75
J-I) / 87 8814 Seaboard
2d Income 6s 1915_J-J
Coll
Is est May '11 lf-F 9815 9312
inter-Met--See Stir Each wage list
Union Pacific 95 See SO, Exch list
Gas Securities
list
Lex Av &PavF 5s See Stk Exc
New York
Metropol St Ry-See Stir gee list
Industrial and Miscel
Ninth Avenue stook_101) 150 170 Cent UnGas Is g '27_J&J 10012 10112
32 Con Gas (14 Y)-See Stir Esc list
Second Avenue stock_100 20
Adams Exp IT 45 1047J-L 0334 94
100
95
100
e
Mutual
Gas
1009_H-N
126
e 1st mtge 55
"5 155 s 160
Ahmeek Mining
19
New Amsterdam GasConsol 59 1948____F-A /74
Realty
110 115
1st consol Is 1948 J-J 10012 1011. Alliance
re Sixth Avenue stock_100 112 122
Allis-Chalmers Co 1st m
1(111
12
00
15
55'44
J-J
1st
NY&ERGas
1945-J-J
103 3105Sou Manley 55
Stock
1936-See
s
I
Os
05
J-J 95 100
Consol Is 1945
So Fer 1st 59 1919.--A-0 15
100 E1X4c
American Book
5h 11:5
5
1 5t
N Y Is Richmond Gas 100 30
Third Avenue-See Stock Eme list
50 American Brass
100
Nor Un 1st Is 1927-M-N 95 1110
Tarry W 1' & M 5s 1928 /50 89
Chiclecom.100 19
5.
1
_05
1
1.z.3
2
American
71
3
1
0
3
1
0
YkersStRR5s 1946 A-0 80 90 e Standard Gas com_100 50 80
100
Preferred
40
100 n 60 90 Am
e Preferred
28th & 29th Sts 1St 5s 116 25
com100
Graphophone
259
350
100
M-N 10312 10912
let 58 1930
e Twenty-Third St stir
..101
Preferred
9.)
Other Cities
Union By 1st 5s1942 F- A 94
100 123 128
Amer Hardware
Si) Am Gas Is Eleo, com_50 *3134 33 AmMaiting
Westchest 1st 5s 43 J-J 00
-J-1)
1914
6s
50 *43
Preferred
Brooklyn
45 Amer Press Assoe'n_100 9212 10
°0
°
Amer Light Is Tract-100 x183 189
Atlan Ave 5s 1909___A-0 100 101
Am Soda Fount com_100 _-14
100 104 105
A-() 97 1.02
Preferred
Con Ss g 1911
100
15
1st
preferred
Col tr g 6% notes-A-0 18J
1933A-0 95 WO
BB & WE
2
100
2d preferred
50
Bay State Gas
Brooklyn City stock _1l) 188 193
1
,
b-2
Am St Found new-See
5tic -r list
BIngh'en (N Y) Gas Wks
Con 55-8ee Stir Exch Esc list
114
3s51023
D
Ose0
A &O 97 100
1st g Os 1938____A&O 94
114 -97
Bins Hgts 1st Is 1941 A-0 95 100
1-3
1!
P &A
Brooklyn Union Gas del)
Bibs () Co Is Sub See Sti, Esc list
50 26
1i
5
4814
American Surety
3i:
05:42 2420
1415 1909 See Stir Exch list
Bklyn flap'I'ran-See Stir Exo list
American Thread prof-5
6
8 Am Tobacco Co com-100 385 393
C Coney 181 Is 13klyn_100 80 i(e) Buffalo City Gas stock100
78 85
1st Is 1947-See Stock Exc list
1st cons g 9s
Am
pere
rfT
ert
ypeedfders corn _1 00
97
Brie C & N Is 1939...1-J 95 100 Con Gas of N J Is '36_J-J 93
0
13
5 100
9
Consumers' L 11 Is PowGept&LorSt 1st 6s-M &N
10(01
Amer Writing Paper_1
100
5s 1938
Kings C El 4s-See Stock. 1U-e- list
100
Preferred
100
Denver Gas Is Elec _100 119 121
Nassau Elec pref
1st s f g 5s 19 op'01)...1.-.1 83
80
- 11;1 A-0
Gen g 58 1949 op_61-N 91
94
Is 1944
At1Gf &Wind SS Lines 100
O
7
Elizabeth Gas Lt Co 100 275
_
1st 9s 1931-See Stock Bee list
_ _ 100 1812 20
97
Essex Is Hudson Gas_100 125 117
N W'be&Flat 1st ex 4 314-s 92
Preferred_-J
Col tr g 5s19
Steinway 1st 6s 10224-Q 106 112 Gas .34 El Bergen Co_109 65
Barney Is Smith Car-100
e Gr Rap 0 1st 5s 15_F-A 09 fljr
Other Cities
10u
Preferred
100 120 122 Bethlin Steel Corp - -,See
Hudson Co Gas
Buffalo Street lly6851t
.:)c
- 1618
1c6-13
Indiana Lighting Co- 100 16
14
let consol 5s 1931_F-A 106 109
Bliss Company com_ 50 109 112
108
1015
45
1958
op
F-\ 6112 63
A-0
Deb fis 1017
50 120 125
Preferred
50 25 35 Bond Is litgeGua.r__100
Columbus (0) St Ry_100 96 39814 Indianapolis Gas
460 470
1st g 55 1052
109 104 100 .
A-0 75 00 Bop
Preferred
212
rd
34
31 2
reefneneci
's Cond Milk-100 2;
9
Jackson Gas 58 g '37_ A-0 91 021.
ColumRy con 5s-SeePh. in Its:,
612
100
10634
*8 108
100 9()
Crosst'svn 1st Is '33 J-D id) 104 e Laclede Gas
5
British Col Copper
8))
o Preferred
100 85 100 Butte Coalition Alining 15
eConn By & Ltgcom_100 75
ePreferred
IOU 8212 8712 Madison Gas Os 1926_A-() 102 106 Casein Co of Am com_100 6()
II., 75
3
Newark Gas Os 1944 Q-J 130 132
Grand Rapids Ry
100 58 st35
Preferred
100 60' 75
88
Newark Consol Gas_109 96 98 Casualty Co of Anaer-100
ii)u x78
Preferred
e Con g 58 1048
e Loulsv St Is 1930__J&J 10878 10914
J-1) 106 107 Celluloid CO
1
1
,14
2?
(
1519:.)
.72.41153.4.. 11070
100 .
5
3
175035188
0
1,12
No Hudson L ft Is PowLynn & Bos 1st 5s '24J-l)
Cent Fireworks com_100
58 1933
2 15
A-() 100
e New On Rys Is Lgt_10() -1-4-1Preferred
100
Pat Is Pas Gas& Eiec-100 85 90 Central Foundry
*Preferred
41
100
100
Gen NI g 4 1is '35 Sle S tk Ex list.
M S 103 104
e Con g 53 1949
100
Preferred
North Chic Street See Ch Mae° list
St Joseph Gas Is 1937-J-J 05 100
Bob 6s 1919 op '01 51-N
75
70
Pub Serv Corp of N J..10J 100 105
Telezr Is Telephone
Chesebrough Mfg Co_10U 540 375
Tr ctfs 2% t,o 6 %perper 80
82 eAmer Teleg Is Cable _100 74 76 City Investing Co..
100
Amer_100
So
Coll 5s g notes '00_M-N 10018 10012 :Central Is
112 117 eClaflin
07312
B). com_100 10
02
0 10
North Jersey St fly 100 40
Comm'l Un Tel (NY)_23 110 116
elst preferred
-7;19 Emp Is Bay State Tel 100 00 70
1st 4s 1948
M-N n
ad preferred
_100
1°°
J-100
100 40
Cons Tract of N
Franklin
77
78
59 Col Is Hock Coal&I p1100
1st 5s 1933_,__J-1) 1(012 1e71.: eGold Is Stock Teleg _100 105 115
1st g Is 1917
New'IcPasEly 5s '30 J-1 103 110
NY &NJ Teleph-See St k Esc list
Col tr 63 Oct 19513--- -1 9
79
., 10
8°
11122
Rapid Trait St Ry_100 245
eNurthwestern Teleg_ _50 108 112 COUS01 Car Heating .10u
__ 20
1st Is 1921
A-0 103
25 65
Pacific Is Atlantic
75 Cons By Letd:Refrti_100
Southern Is Atlantic_ 23 90 05
Per share. a Ex-rights. 15 Basis. a Sells on Stk. Ex., but not very active / Flat prloe. n Nom. 3 Sale price- xEx-d1 v.
Outside Securities
1
e0- _ _
:
121
(16
y Ex-Vghts.
1055
TIIE CHRONICLE
Ar R. 24 1909.1
Pmestment and Wailroati itztelaigtnte.
RAILROAD GROSS EARNINGS.
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
columns 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. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
$
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Y-ar.
July 1 to Latest Date.
Curen.
Year.
Previous
Year.
S
g;
s
s $
*
S
N Y C & Mud River February _ 6,143,362 5,691,711 60,941,765 63,309,202
Ma N 0 & Tex Pac.
Lake Shore & MS February _ 2,985,516 2,847,588 27.926,884 29,061,965
NO & N East_r.1st wk Apr
43,000 2,411,511 2,338,711
54,000
Lake Erie & West February .. 328,035 305,844 3,156,384 3,276,732
Ala & Vicksburg r 1st wk Apr
25,000 1,231,629 1,224,824
24,000
Chic Ind & South February _ 230,890 220,440 2,002,595 1,961,027
VicksShrev&Pacr 1st wk Apr
22,000 1,096,871 1,198.570
20,000
Michigan Central. February _ 1,891,207 1,727,230 16,982,073 18,301,825
31,612
.43,000
3,979
Ala Tenn 63 North_ February _
5,376
Cleve C C & St L_ February _ 1,884,704 1,753,740 17,515,347 17,547,891
I Atoll Ton & S Fe_ February _ 7,215,792 6.752,551 61,834,210 62,808,854
Peoria do Eastern. February - 210,279 210,672 1,912,730 2,029,270
24,270 1,645,300 1,285,108
Atlanta Birm & All 2d wk Apr
39,880
Cincinnati North. February _
631,189
74,309
735,293
48,973
Atlantic Coast Line. Pebruary _ 2,391,265 2,231,525 16,883.189 17,441,191
Pitts do Lake Erie February _
783,783 645,380 7,923,107 9,093,120
Baltimore & Ohio__ March ____ 5,854,441 5,310,640 53,138,448 58,055,251
February _
Rutland
186,004 168,344 1,898,032 2,027,748
Bangor & Aroostook February _ 249,795 212,383 1.890,133 1,746.530
N Y Chic & St L_ February _ 644,580 786,974 6,225,962 6,791.609
46,867
4,098
52,425
5,111
Bellefonte Central__ March
February _ 15362669 14406896 147174468 153981573
Total all lines
Boston & Maine___r February- _ 2.810,433 2,491,615 26,202,187 27,270,576
36,935 N Y Oct & Western February _ 557.812 515,485 5,489,325 5,415,698
2,869
33,622
3,377
Bridgeton & Saco II February _
Buff Roch & Pitts_ 24 wk Apr 125,970 105,569 5,551,834 6,262,152 N I' N H lc Hart__r February _ 3,826.499 3.359.707 35,533,185 36,536,010
February - 281,392 236,382 2,129,058 2.253,909
Buffalo & Susq____ February - 183,133 131,092 1,542,796 1,458.539 N Y Susq sc West
Canadian Northern_ 2d wk Apr 177,800 165,200 7,760,900 7,329,800 Norfolk & South__r February _ 196.009 152,276 1,532,417 1,414.089
Canadian Pacific__ 2d wk Apr 1,490,000 1,305,000 59,925,725 57,508,097 Norfolk & Western_ February _ 2,167,477 1,818.320 19.178,752 20.749,361
February _ 788,979 785,479 7,603,669 8,664,869
Central of Georgia_ 2d wk Apr 174,500 177.700 9.198,024 9,485,801 Northern Central
February _ 4,309,819 3,944,097 46,102.385 48,945,817
Central of New Ser_ February _ 1,762,351 1,800,737 16,874,155 18,580,519 Northern Pacific
February _ 445,096 411,910 4,213,547 5,186,624
Central Vermont__r February _ 237,508 206,979 2,317,446 2,352,160 Pacific Coast Co
80,988 Pennsylvania Co__r February _ 2,671,608 2,475,478 27,236,327 31,418,128
59,914
1,441
1,448
Chattanooga South_ 2d wk Mch
Chesapeake do Ohio. 2d wk Apr 508,896 397,120 20,564,943 21,177,605 d Penn-East P & E February _ 10314160 9,814,960 93,811,413 106049713
/nc.347 .500
Dec.6,24 5,400
d West ot P do E_ February _
50,767
43,214
8,136
7,099
Chesterfield & Lane March ____
Chicago & Alton Ry 2d wk Apr 246,771 213,738 10,056,733 9,866,010 Pere Marquette__r February _ 1,010,563 830,568 9,333,519 9,191,152
Chic Burl & Quincyr February - 5,719,427 5,205,865 53,130,012 54,495,044 Mitt Balt & Wash_ February _ 1.232,416 1,107,116 10,959,694 11,469,194
chlea,z0 Great West 24 wk Apr 140,684 140,834 6,534,042 6,510,818 Pitts Cin Chic & SO, March ____ 2.377,131 2,158,353 20,544,286 22,361,902
12,668
7,496
62,279
88,243
92,814 4,140,425 4,128,267 Raleigh & Southp't February _
Chic ind & Louisv_ 2d wk Apr 105,516
Reading Company_ February _ 2,906,739 2,626,041 26,434,932 29,086,887
Chic Ind & Southern -See New York Ceu tral.
2,497,772
2,659,581
22,803,426
26,804,081
Coal
&
39,411,975
Iron
Co
February
_
February
40,748,316
3,931,519
3,937,988
Paul
St
SC
Chic Milw
Total both cos
February _ 5,404,511 5,285,623 49,238,357 55,890,965
Chic tqc Nor West__r February - 4,691,857 4,078,222 44,681.725 44,608,790
Chic St Paul Iti & 0 February - 923,157 894,542 9,149,716 9,055.676 Rich Fred & Pot__r February _ 169,620 148,575 1,221,934 1.276,710
64,516
51,250
516,836
528,238
759,453
Rio
__
Grande
January
Junc
February
724,126
TermTrausRR
74,079
77,600
Chic
463,141
483,880
9,992
9,900
Cln Ham & Dayt-r February - 524,0871 509,801 5,353,169 5,735,344 Rio Grande South_ 2d wk Apr
Rock Island System February _ 4,574,736 4,266,011 41,268.075 41,045.892
Lao/ Cln Chic & St L -See New York Cen tral.
e St L & San Fran February _ 3,731.861 3,487,061 32,501,477 33,389,957
Colorado Midland-r February - 154,756 128,897 1,581,704 1,584,334
1 Evansv & Ter H February _ 149.255 157,474 1,443.017 1,540,470
230,447 215,084 12,179,666 11,708,187
ft Colorado & South 2d wk Apr
198,455
Total of all lines_ February _ 8,455,853 7,910,546 75,212,568 75,976,319
191,263
23,714
Col Newb & Laur_ February25.772
556,150 St Jos & Grand Isl. February _ 122,929 108,051 1,109,332 1,105,093
February 47,436
508,014
54,016
Copper Range
97,760 St Louis Southwest. 1st wk Apr 184,306 157.770 8,221,690 7,723,306
February 61,824
Cornwall
13,129
3,609
222,491 San Pad LA & S L_r February _ 555,331 491,564 4,637,357 5,166,195
Cornwall & Leb___r February 220,156
18,832
31,269
February _ 223,089 222,088 1,288,957 1,275,212 Seaboard Air Line_ February _ 1,464.539 1,289,293 10,675,180 10,564,335
Cuba Railroad
611,074
628.564
72,455
58,537
Atlanta & Birm_ February _
I Delaware do Mud. February - 1,272,717 1,327,426 12,254,410 13,532,464
79,764
93,954
14,054
20,191
Florida West Sh_ February _
Del Lack So West ..r February _ 2,219,043 2,288,919 22,055,222 22,945,532
82.118 140.076
781,951 1,153,739
Deny & Rio Grande 2d wk Apr 383,500 330,100 16,260,408 16,521,952 Soutuern Indiana__ February _
24,735
22,600 1,223,082 1,346.190 c Southern Pac Co_ February _ 6.560,998 8,474,744 80.144,758 86,191,523
Det Tol & 'rent SY82d wk Apr
2d wk Apr
32,336
Ann Arbor
31,308 1,384,513 1,531,262 Southern Railway__ 2d wk Apr 951,979 890,700 41,71,1,726 42,258,844
940.194
Mobile & Ohio__ 2d wk Apr 182,739 164,209 7,694,521 7,875,493
905,559
20,879
22,305
Detrolt & Mackinac 2d wk Apr
Cin N 0 & Tex P. Zd wk Apr 140,537 137,712 6,088,773 6,364,163
Dul & Iron Range_r February . 85,232
89,216 4,837,975 5,290,062
59,194
53,863 2,809,984 2,881,350
Ala Great South_ 2d wk Apr
Dul Sou Shore & Atl 2d wIc Apr
48,474
49,022 2,092,091 2,433,170
35,97.9
31,958 1,579,471 1,616,875
Georgia Sou & Fla 2d wk Apr
El Paso & So West.r February _ 618.294
4,634,383
894,319
17,462
13.742
963,573
1st wk Apr
Erie
February 3.748.370 3,223.264 3:1.542,059 34,411,224 Texas Central
Texas & Pacific..... 2d wk Apr 233,580 208,990 11,830,484 12,109,852
Evansville & Terre Haute-See Rock Is land Syst em.
62,119
47,743
5,597
6.174
Fairchild do North 5 February _
13,203
1,890
1,309
12,890 Tidewater & West_r February _
585,527 Toledo & Ohio Cent February - 233.376 281,754 2,969,005 3,078.739
Fonda Johns & Cloy March __
60,085
562,453
49,756
987,506
19,672
869,717
17,896
Apr
wk
West
2d
&
2.060,173
Toledo
Peor
Georgia Railroad _ FebrUary-- 233.636 229.674 1,946.807
70,563
65,585, 2,694,034 3,165,735
Toledo St L & West 2d wk Apr
Georgia South & Fla -See Sout hem Rail way.
4,090
53,561
40.030
8,138
February _
Grand Trunk Sy-st_ 2d wk, Apr 744,283 685,281 30,731,727 33,353,666 Tombigbee Valley
Gr Trunk West__ 1st wk Apr 123,672 112,630 4,235,391 4,770,180 Union Pacific Syst_ February _ 4.984,304 4.640.115 52,968.128 52,749,332
r February _ 643,836 648,810 5,905,056 6,503,655
33,389
23,247 1,268,228 1,382,414 Vanden,
Det Gr Hay & Mil 1st wk Apr
748,128
815,443
66,087
77,071
28,274 1,370,028 1,555,431 Virginia & Sou West February _
29,466
Canada Atlantic_ 1st wk Apr
24 wk Apr 469,551 414,869 20,359,608 20,770,526
Great Northern Syst March ____ 3,994,086 3,218,370 40,741,779 43,609,739 Wabash
471.300 417.114 3.565,566 3,617,264
Gulf & Ship Island- February _ 156,839 151.414 1,265,337 1.505,334 Western Maryland.r January _
4,002,060
Hocking Valley__ February _ 351,929 348,912 4,209,621 4,396,460 West jersey& Seash February . 302,944 277,344 3,661,360
382,208 311,919 3,766,195 3,905,019
Illinois Central __-- March ____ 4,961,734 4,667,455 43,583,090 45,590,061 Wheeling & I. E_ _r February _
792
1,325
- end Mch 27
Internat & Gt Nor_ 2d wk Apr 140,000 119,000 6,527,910 5,639,992 White Riv(Vt)2wks
197.000 131;000 5,593,65u 5,675.454
a Interoceanic Mex. 2d wk Apr 115,050 146.586 5,038,805 6.130,480 Wisconsin Central _ 4th wk Mch
198,422
186,248
25,684
21,102
2d wk Apr
55,942
52,967 2,405,880 2,467,577 Wrightsville & Tenn February _
Iowa Central
February _ 128,262 120,505 1,476.165 1,449,306 Yazoo do Miss Vail_ March ____ 830,561 011,995 7,928,355 8,044,739
Kanawha & Mich
7.053,257
_
746,166 708,804 6,601.055
Kansas City South_ March
Apr
26,023
16,278
K C Mex. & Orient_ 2d wk __Previous
Curren.
Lake Erle dc West'n -See New York Can trai.
Year.
Year.
Period.
Various Fiscca Years.
Lake Shore S3 51 Sou -See New York Cen tral.
March _ __ 2,808,919 2.315,894 24,513,966 26,557,849
Lehigh Vlley
$13,571
Mch
31
$15,267
1
to
Jan
Central
27,653
Bellefonte
33,110
254,931
343,787
_
February
dolast_.
Lexington
Jan 1 to Feb 28 2.643,834 2;780.679
1 Delaware & Hudson
Inc.80, 278
Dec.24 1,221
February
Long Island
10,689
10,274
Jan 1 to Mch 31
75.705
785,898
763,884 Manistlnue
Louisiana & Arktan_ February _ 101,316
2,217,500
Jan 1 to April 7 1,922,20
67,219
79,150
687,161
692,696 a Mexican Railway
Loulav Mend & St Lr February _
381.051
348.786
Jan 1 to April 7
Louisville & Nashv. 24 wk Apr 821,995 759,315 36,220,701 35,218,336 a Mexican Southern
13,243
106,068
13,355
119,938 New York Central & Mud River Jan 1 to Feb 28 12,755,00 11,871,038
Macon & Birming'm Starch ____
Lake Shore & Mich Southern_ Jan 1 to Feb 28 6,302,241 5,698,028
Maine Central ____r February _ 588,447 578,934 5,516,019 5,904,783
662,263
642,332
Jan 1 to Feb 28
Lake Erie & Western
3,292
43,495
3,004
36,320
March
Manistique
456,045
496,493
Chicago Indiana & Southern. Jan 1 to Feb 28
258,61%
21,514
24,360
244,931
Mary...and & Penn_ February _
3,588,598
3,798,868
28
Feb
Michigan
Jan
1
to
Central
6,671,792
130,374
122,979
5,348,103
a Mexican Internat_ 2(1 wk Apr
Cleve Cin Chic lc St Louis
Jan 1 to Feb 28 3,909,669 3,539,859
a Mexican Railway_ 1st wk Apr 160,200 154,300 5,355,400 6,279,300
460.844
419,011
Jan 1 to Feb 28
Peoria & Eastern
29,454
979,638
30,929
989,303
a Mexican Southern 1st wk Apr
105.794
151,448
Cincinnati
Jan 1 to Feb 28
Northern
al.
Centr
Michigan Central-See New Y ork
Jan 1 to Feb 28 1,621,012 1,230.764
Pittsburgh & Lake Erie
631,158
14,635
13,866
643,587
Mineral Range
9(1 wk Apr
356,159
381,839
Rutland
Jan 1 to Feb 28
66,177 3.331.659 8,146,156
67,728
Minneap & St Louis 2d wk Apr
New York Chicago & St Louis Jan 1 to Feb 28 1.396,434 1,546.961
Minn St P & SS M. 2d wk Apr 220,190 217,729 9,960.508 9,603,634
Jan 1 to Feb 28 31,894,313 29,495,522
Total all lines
Missouri Kan & Te February _ 1,859,992 1,668,915 17.657,579 16,761,763
Jan 1 to Feb 28 1,656,11' 1,659.915
Mo Pac & Iron Mt.. 24 wk Apr 799,000 664,000 35,483,244 34,884,227 Northern Central
Jan
1 to Feb 28 21,534.972 20.378.272
Erie
Penn-East
of
Pitts
&
d
1,224,000
23.000
1,354,000
29,000
Central Branch_o 2d wk Apr
/nc.04 7,900
d West of Pittsburgh do F:rie_ Jan 1 to Feb 28
Total system__o 2(.1 wk Apr 828,000 687,000 36,837,244 36,108,227
26,323 1,227,818 1,107',680 Phila. Baltimore & Washington_ Jan 1 to Feb 28 2,495,556 2,314,056
28,777
()Mobile Jack & R. C Wk Apr 10
Mch
31
1
to
8,599,492
6,095,860
Jan
Chicago
&
St
Louis
Cin
831,414
7,427,482
Pitts
7,486,794
Nashv Chatt & St L February _ 923,256
131,634
133,236
Dec 1 to Jan 31
a Nat Rys of Mexico 2d wk Apr 945,046 959,160 19,3,13,640 20,534,151 Rio Grande Junction
3.910,729
Tan
1
to
April
14
3,831.927
Pacific
&
6,861
301,603
270,387
Texas
2d
wk
Apr
9,423
-Cal-Oregon.
Nevada
560,654
595,154
to
FeD
28
Jan
1
Seashore
Jersey
&
4.323
50.290
52.903 West
4,220
Nevada Central.... February _
AGGREGATES OP GROSS EARNINGS-Weekly and Monthly.
•
Weekly Summaries.
1st week Feb (43 roads).id week Feb (44 roads).-..
1(1 week Feb (45 roads) __ .
tth week Feb (45 roads)..._
1st week Mch (44 roads).El week Mch (45 roads)._
Id week Mch (43 roads).4th vigek Mel) (47 roads).....
1st week April (49 roads)....
,I weekweek arnai (A,roftdo ___
Cur'n1 Year Prev's Year Inc. or Dec.
$
$
8,495,377
9,730,224
2,523,070
8,733.905
10,064,852
9,183,562
10,890,804 10,940,295
9,534.627
10,422,328
10,570.149
9,808,011
10,562,507
9,895,930
16,017.203 14,194,326
9,563,2.09
10.782,884
10.040.826 9.144.139
%
$
+1,233,847 14.52
+789,165 0.04
+831.290 9.60
+249.691 2.28
+887,701 9.31
+764,138 7.79
+756,577 7.61
+1,822,877 12.84
+1,199,675 12.54
+896.687 0.81
Monthly Summaries.
Month June
Month July
Month Aug
Month Sept
Month Oct
Month Nov
Month Dec
Month .Ian
Month Feb
Month Mel
Curing Year Prev's Year Inc. or Dec.
$
$
$
1008 (113 roads). 146,270,130 179,397,094 -33,128,064
1908( 07 roads). 156,103.883 133,365,0,3 -27.262,110
1908 (105 roads).. 179.781.772 209,690,782 -29,909,010
1908 (11.4 roads). 210,014.059 223,964.945 -13,950.880
1908 (119 roads). 22.3,931,291 2.0,652,757 -16,721,466
1908 (118 roads). 205.963.343 213,913,543 -7.,950.305
1908 (234 roads) _ 215,251,439 204.476,660 +10.774,770
1909 (712 roads). 181.027,699 171,740,858 +9,286.841
1909 (689 roads). 168,336.557 156,156,486 +12,180,071
1009 ( 48 roads).. 51.321.597 46,239.241 +5,082,355
18 47
14,87
16 64
6.23
95
71
5.27
5.41
7.80
10.99
lines in both
a Mexican currency. I) Includes earnings of Gulf do Chicago Division. c Includes the Houston & Texas Central and its subsidiary
RR. Is Includes
d Cover: lines directly operated. e Includes the Chicago & Eastern Illinois in both years. I Includes Evansville & Indiana
both years
Includes
in
Brazos
RR.
k
Valley
Trinity
&
excepting
lines,
rulngs of Colorado &Southern, Fort Worth & Denver City and all affiliated
include receipts from sale
[earnings of Denver Enid dz. Gulf RR., Pecos Valley Systein and Santa Fe Prescott & Phoenix fly. I These figures do not
the new
on
These
figures
are
method.
r
Commission
Commerce
or
old
basis
of
Inter-State
on
the
accounting-not
are
the
new
here
of coal. o Figures
baal4 prescribed by the Inter-State Commerce Commission.
•
1056
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which follows we sum up separately the earnings for the second week
of April. The table covers 42 roads and shows 9.81%
increase in the aggregate over the same week last year.
Second Week of April.
1909.
1908.
59,194
53,863
Alabama Great Southern
39,880
Atlanta Birmingham & Atlantic
24,270
125,970
105,569
Buffalo Rochester & Pittsburgh
177,800
165,200
Canadian Northern
1,490,000 1,305,000
Canadian Pacific
174,500
177,700
Central of Georgia
508,896
Chesapeake & Ohio
397,120
246,771
213,738
Chicago & Alton
140,684
Chicago Great Western
140,834
105,516
92,814
Chicago Ind & Louisville
140,537
137,712
Cinc New On & Texas Pacific_ _
230,447
Colorado & Southern
215,084
383,500
Denver & Rio Grande
330,100
20,879
Detroit ec Mackinac
22,305
Detroit Toledo & Ironton
24,735
22,600
32,336
Ann Arbor
31,308
48,474
Duluth South Shore & Atlantic_
49,022
35,979
Georgia Southern & Florida___
31,958
Grand Trunk of Canada
744,283
Grand Trunk Western
685,281
Det Grand Haven & Milw
Canada Atlantic
Internat'l & Great Northern _
140,000
119,000
Interoceanic of Mexico
115,050
146,586
55,942
Iowa Central
52,967
26,023
Kansas City Mexico & Orient_ _
16,276
Louisville & Nashville
821,995
759,315
130,374
Mexican International
122,979
Mineral Range
13,866
14,635
Minneapolis & St Louis
67,728
66,177
Minneapolis St Paul & S S M
220,190
217,729
799,000
Missouri Pacific & Iron Mtn
664,000
Central Branch
29,000
23,000
Mobile & Ohio
182,739
164,209
945,646
National Rys of Mexico
959,169
Nevada-California-Oregon
9,423
__
8,861
9,900
Rio Grande Southern
9,992
951,979
Southern Railway
890,700
Texas & Pacific
233,580
208,940
Toledo Peoria do Western
17,896
19,672
Toledo St Louis & Western_ _ _ _
70,563
65,585
Wabash
414,869
469,551
Total (42 roads)
Net increase (9.81%)
10,040,826 9,144,139
Increase. Decrease.
5,331
15,610
20,401
12,600
185,000
111,776
33,033
12,702
2,825
15,363
53,400
2,135
1,028
4,021
3,200
150
1,426
548
59,002
21,000
2,975
9,747
62,680
7,395
1,551
2,461
135,000
6,000
18,530
2,562
61,279
24,640
4,978
54,682
949,707
896,687
31,536
769
13,523
92
1,776
53,020
For the first week of April our final statement covers
49 roads and shows 12.54% increase in the aggregate over
the same week last year.
Increase. Decrease.
1908.
1909.
First Week of April.
Previously reported (40 roads)- 10,351,271 9,198,195 1,226,485
Ala New On do Texas Pac43,000
54,000
11,000
New Orleans & Northeastern
25,000
24,000
Alabama & Vicksburg
22,000
20,000
Vicks Shreve & Pacific
24,270
48,790
24,520
Atlanta Birmingham & Atlantic
24,067
22,972
1,095
Detroit Toledo & Ironton
32,165
30,276
Ann Arbor
1,889
160,200
154,300
Mexican Railway
5,900
30,929
29,454
Mexican Southern
1,475
17,462
13,742
Texas Central
3,720
73,409
10,762,884 9,563,209 1,276,084
1,199,675
76,409
Total (49 roads)
Net increase (12.54%)
1,000
2,000
[VOL.
STREET RAILWAY AND TRACTION COMPANIES.
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
$
214,155
94,335
25,554
181,818
6,730
11,337
15,891
57,136
60,394
981,692
20,345
94,588
137,194
73,942
148,833
45,373
28,534
American Rys Co _ _ darch
__
C Aur Elgin & Chic By ,
ebruary
_- _
Bingham'n St Ry_
darch ____
__
Birm By Lt & Power larch
Brockton&Ply St By ?ebruary
_- _
Camaguey Co
'anuary __
'ebruary _
Cape Breton Elec Co_ ,
Central Penn Trac__ _ larch ____
Charlest Con RyG&E larch ____
Chicago Railways Co_ larch ____
Cleve Painesv & East larch _ __
- _
Dallas Electric Corp_ ebruary
Detroit United Ry__ _ :d wk Apr
Duluth Street Ry__ _ larch _ __
ebruary
- East St Louis & Sub_ ,
,ebruary _
El Paso Electric
Fair & Clarksb Tr Co ,ebruary _
Ft Wayne & Wabash
Valley Traction• Co ,ebruary . 99,235
,ebruary _
Galv-Hous Elec Co
82,552
76,137
Grand Rapids Rys Co larch ____
Havana Electric By. Vk Apr 18 37,345
Honolulu Rapid Tran
,ebruary _
30,323
do Land Co
Houghton Co Trac Co 'ebruary _
21,869
Illinois Traction Co... ,ebruary _ 321,847
Jacksonville Elec Co_ "ebruary _
36,793
Kansas City By & Lt ,ebruary _ 505,813
23,939
Kansas City-Western 'ebruary _
Knoxville Ry & Lt Co larch _ __
47,131
60,471
- _
Lake Shore Elec By. 'ebruary
Lex & Inter Rys Co.. 'ebruary _
38,265
Little Rk By & El Co larch ____
56,589
Memphis Street By.. larch
__ 133,151
Milw Elec By & Lt Co 'ebruary
_- _ 315,565
Milw Lt Ht & Trac Co 'ebruary _
55,100
Montreal Street By.. Nk Apr17
69,558
Nashville By & Light anuary __ 138.969
N J & HR By & FyCo )ecember
38,518
North Ohio Tr & Lt.. larch
_ 150 684
North Texas Elm Co_ 'ebruary_
_-82,661
Norf & Portsm Tr Co_ 'ebruary . 154,725
Northwestern F:lev
larch
_ 180,038
Oakland Traction Co_ 'ebruary_
_-205,100
Oklahbma City By.. larch
__
28,552
Paducah Tr & Lt Co_ 'ebruary
_- _
17,807
Pensacola Electric Co 'ebruary _
19,081
Portland By L&P Co larch ____ 370,729
Porto Rico Rys Co
anuary __
33,925
Rio de Janeiro Tram
Light & Power_ _ _ _ 'ebruary _ 575,902
Joseph
Ry
Lt
(Mo)
St
Heat & Power CO... larch ____
75,510
San Fr Oak & San Jo 'ebruary _
68,590
Sao Paulo Tr Lt & P_ 'ebruary _ 200,405
Savannah Electric Co 'ebruary _
45,855
Seattle Electric Co... 'ebruary _ 379,692
South Side Elevated_ (arch.... 179,245
Sou Wisconsin By Co (arch.... 12,638
__
Springf (Ill) R & L Co larch
84,414
Tampa Electric Co... 'ebruary
53,460
._- _
Toledo Rys & Light_ larch ____ 213,766
Toronto Railway..... Vk Apr 10 69,789
Twin City Rap Tran_ d wk Apr 126,393
Underground El Ry
of LondonThree tube lines.... Vk Apr 10 £11,755
Metropolitan Dist. Vk Apr 10 18,934
£7,033
United Tramways _ Vk Apr 10
United Rys of St L_ _ larch ____ 903,151
United RRs of San Fr anuary __ 566,373
30,745
Whatcom Co By & Lt 'ebruary _
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
207,617
634,648
609,561
85,552
193,972
179.537
22,339
75,908
66,138
177,003
551,615
522,091
6,341
13,816
12,928
7,556
11,337
7,556
18,024
34,223
38,909
52,704
167,332
156,152
61,497
179,063
181,297
857,732 2,795,382 2,429,948
20,709
55,813
56,355
84,185
211,695
173,801
118,658 1,897,600 1,698,275
67,792
212,500
195,186
157,722
302,372
330.788
43,863
96,885
90,665
27,161
60,067
58,164
97,455
74,715
69,058
35,924
208,909
173.987
225,177
602,912
200,475
155,330
202,530
583,112
29.910
62,749
59,916
17,336
45,430
36,014
304,538
674,803
632,448
31,378
74,729
64,238
464,118 1,040,341
960,439
21,777
48,307
45,094
46,522
131,215
128,017
63,675
134,062
134,553
78,788
36,290
76,970
58,552
171,030
163,509
128,857
379,712
360,264
657,044
293,874
602,066
113,215
49,662
104,016
62,279 1,043,352
993,998
138,969
124,878
124,878
537,768
33,236
482.051
375,085
435,083
129,659
171,598
145,512
71,311
276,660
312,164
131,799
458,516
514,854
159,852
435,676
419,683
210,591
53,485
78,254
19,556
38,371
36,855
18,455
33,534
15,378
38,865
336,152 1,064,957 1,009,264
30,818
33,925
30.818
522,315 1,155,191
1,067.420
66,594
228,195
203,569
68,407
138,433
138,783
186,689
406.656
378,420
43,718
90,039
95,841
347,616
782,502
711.818
178,081
511,851
509,750
11,366
36,118
33,816
75,931
242,849
264,342
48,568
104,438
93.861
201,129
653,075
625,968
62,123
963,974
888,936
110,873 1,797,103 1,627,040
£11,465 £182,745 £162,940
£8,655 £136,177 £125,294
15,579
£71,558
174,892
858,908 2,540,348 2,461,761
499,770
566,373
499.770
27,569
64.093
60,107
c These figures are for consolidated company.
Street Railway Net Earnings.-The following table gives
Net Earnings Monthly to Latest Dates.-The table folreturns of STREET railway gross and net earnings
the
lowing shows the gross and net earnings of STEAM railroads
reported this week. A full detailed statement, including all
reported this week:
-Gross Earnings- -Net Earnings-- roads from which monthly returns can be obtained, is given
Previous
Current
Current
Previous
once a month in these columns, and the latest statement of
Year.
Year.
Year.
Year.
Roads.
$
$
$
$
this kind will be found in the issue of April 3 1909. The
Baltimore & Ohio_
__Mch 5,854,441 5,310,640 1,834,344 1,150,251
July 1 to Mch b_31
53,138,448 58,055,251 17,856,329 15,725,507 next will appear in the issue of May.1 1909.
Boston Rev Bch & Lynn-bJan 1 to Mch 31
152,860
July 1 to Mch 31
619,146
Chesterfield & Lane_ b_ _Mch
8,136
July 1 to Mch 31
43,214
Cumb Tel .S3 Tel Co_ b__ _Mch
528,737
Jan 1 to Mch 31
1,587,008
Cuyahoga Teleph Co.._ _Mch
71,854
60,085
Fonda Johnst do Glovers_Mch
562,453
July 1 to Mch 31
Kansas City Southern _ b _ Mch 746,166
6,601,055
July 1 to Mch 31
Lehigh Valley- b
Mch 2,808,914
24,513,966
July 1 to Mch 31
61,961
Mass. Lighting Cos
Mch
Pitts Cin Chic & St L_a_Mch 2,377,131
6,599,492
Jan 1 to Mch 31
169,620
Richm'd Freds & Pot_ b_Feb
1,221,934
July 1 to Feb 28
135,920
586,406
7,099
50,767
506,301
1,537,880
69,037
49,756
585,527
708,804
7,053,257
2,315,894
26,557,849
53,454
2,158,353
6,095,860
148,575
1,276,710
5,087
5,903
78,619
75,323
4,642
2,286
17,797
14,377
228,221
209,695
669,420
669,214
38,345
35,447
28,179
20.831
299,553
294,337
293,558
251,960
2,561,481 2,385,798
1,116,074
727,663
8,814,599 8,995,240
567,422
1,400,448
69,074
395,721
622,811
1,415,154
43,747
313,812
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
These figures are on the basis of accounting required by the Inter-State
Commerce Commission.
Interest Charges and Surplus.
-Int., Rentals, ecc.- -Bat. of Net E'ngs.Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Roads.
Boston Rev Bch & LynnJan 1 to Mch 31
July 1 to Mch 31
Cumb Tel d: Tel Co
Mch
Jan 1 to Mch 31
Cuyahoga Telephone Co_Mch
14,625
61,293
43,176
130,550
23,472
17,579
53,381
36,530
112,958
20,936
z After allowing for other income received.
xdef5,135
x43,781
185,045
538,870
14,873
xdef7,646
x38,756
173,165
556,256
14,511
-Gross Earnings- -NetEarnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Roads.
25,554
22,339
Mch
Binghamton St By
10,369
8,976
66,138
75,908
33,088
Jan 1 to Mch 31
24,214
181,818
177,003
Birm By, Lt & P Co_a__Mch
67,614
64,317
551,615
522,001
Jan 1 to Mch 31
209,328
173,753
Charleston Consol By Gas
60,394
61,497
Mch
& El _a
20,758
20,833
945,856
813,274
Chicago Railways Co_a_ _Jan
396,162
179,394
11,037,071 10,560,571 3,311,121 3,168,171
Feb 1 to Jan 31
20,345
20,709
Cleve Painesv & East_a_Mch
9,616
9,563
55,813
56,355
Jan 1 to Mch 31
23,974
24,398
73,942
67,792
Duluth Street By.b___Mch
26,100
23,236
212,500
195,186
Jan 1 to Mch 31
73,573
64.025
47,131
46,522
Knoxv By & Light Co_a Mch
23,270
22,972
139,215
128,017
Jan 1 to Mch 31
67,787
54,672
60,471
63,675
Lake Shore Elect Co_a__Feb
16,452
23,042
134,062
134,553
Jan 1 to Feb 28
44,469
47,130
56,589
56,552
Lit Rock Ry dc El Co_a_Mch
28,326
29,040
171,030
163,509
Jan 1 to Mch 31
82,070
88,842
133,151
Memphis Street Ry_ a __ _Mch
128,857
48,639
45,152
379,712
Jan 1 to Mch 31
360,264
122,799
133,382
208,728
Mch
Montreal Street Ry
288,674
91,896
86,284
1,813,343
Oct 1 to Mch 31
1,747,137
646,959
601,271
150,684
__Mch
Nor Ohio Trac &
129,659
63,964
48,380
435,083
Jan 1 to MchLt_375,085
31
183,112
133,454
28,552
Oklahoma City By
Mch
19,556
7,653
5,784
78,254
Jan 1 to Mch 31
53,485
23,698
13,239
370,729
Portland By, Lt & Pow_Mch
336,152
195,009
162,788
1,064,957 1,009,284
Jan 1 to Mch 31
535,984
487,552
84,414
Springf'd(Ill)Ry&Lt Co _Mch
75,931
39,762
44,017
264,342
Jan 1 to Mch 31
242,849
129,036
138,702
Toledo Rys & Light Co_ bMch 213.766
201,129
86,249
95,051
653,075
Jan 1 to Mch 31
625,968
269,698
286,411
903,151
United Rys of St Louls_aMch
299,773
858,908
316,047
Jan 1 to Mch 31
2,540,348 2,461,761
828,727
876,713
•
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
APR. 24 1909.1
THE CHRONICLE
Interest Charges and Surplus.
-Int., Rentals, ctc.- -Bal. of Net E'ngs.Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
$
$
$
$
Binghamton Street Ry__Mch
689
1,182
9,187
8,287
Jan 1 to Mch 31
def638
5,586
27,502
24,852
Birin Ry, Lt & Pow__ __Mch
21,454
44,787
22,827
42,863
Jan 1 to Mch 31
43,586
74,972
134,356
130,168
Charleston Consol fly Gas
8c El
7,016
6,841
Mch
13,917
13,817
Chicago Railways Co____Jan
44,151
235,772
160,390
135,243
Feb 1 to Jan 31
1,739,684 1,566,158 1,571,436 1,602,012
Cleve Painesv & East__Mch
1,617
1,305
8,311
7,946
Jan 1 to Mch 31
544
def583
24.557
23,854
Duluth Street fly
4,819
7,683
Mch
18,417
18,417
Jan 1 to Mch 31
8,775
18,323
55,250
55,250
Knoxv Ity & Lt Co
11,647
11,488
Mch
11,483
11,623
Jan 1 to Mch 31
20,203
33,337
34,450
34,469
Lake Shore,Elect Co_ _ _ _Feb
def7,968
34,520
31,009 def18,068
Jan 1 to Feb 28
68,912
61,874 def24,443 def14,744
Lit Rk fly & El Co
20,136
18,017
8,190
Mch
11,023
Jan 1 to Mch 31
54.570
56,058
32,784
27,500
Memphis Street By
10,316
34,836
15,150
Mch
35,489
Jan 1 to Mch 31
19,013
103,786
27,042
106,340
Montreal Street By
48,165
38,119
55,995
35,901
itch
Oct 1 to Mch 31
415,018
465,716
186,253
181,243
Nor Ohio Trac & Lt____Mch
43,953
20,161
4,433
43,803
Jan 1 to Mch 31
1,859
131,595
51,626
131,486
Toledo Rys & Light Co_ _Mch
x18,408
68,899
x32,665
63,457
205,953
Jan 1 to Mch 31
x66,401
205,381
x82,292
United Rys of St Louis_ _Mch
233,290
66,483
235,504
80,543
705,990
700,163
128.564
Jan 1 to Mch 31
170,723
x After allowing for other income received.
ANNUAL REPORTS.
Annual Reports.-The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since March 27.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
RailroadsPage.
Chicago Indiana & SOuthern RR. 944
Delaware & Hudson Co
938
Green Bay & Western RR
879
Lake Erie & Western RR
879
Long Island RR
997
N. Y. Cent. & H. R. RR.(combined results of allied lines) _ _ 818
Pitts. Cin. Chic. & St. L. Ry.996,1006
Texas & Pacific fly
818
Vandalia Railroad
939
Electric RailwaysChicago City Railway
819
Chicago Railways (prel. state't) 819
Honolulu Rapid Transit&L'cl Co 1002
Indiana Union Traction Co
879
Interborough-Metropolitan Co
997
Internat. Traction Co., Buffalo_ 879
New York City By
940
United Rys. & Elec. Co., Bait_ _1003
Washington(D.C.)Ry.&Elec.Co. 997
Washington Wat. Pow.Co.,Spo_ 998
IndustrialsAmerican Caramel Co
880
Amer. Dist. Tel. Co. of N. J
943
Amer. Dist. Tel. Co. of N. Y
943
American Sugar Relining Co
943
Amer. (Bell) Tale. & Tel. Co.819,826
Bell Telephone Co. of Buffalo_ 885
Bethlehem Steel Corporation__ _ 041
Bush Terminal Co
941
Canadian Westinghouse Co.,Ltd 885
Central Foundry Co., N. Y
820
Central & So. American Tel. Co_ 942
Chicago Railway Equip. Co___ _1000
Page.
Industrials (con.)
Commercial Cable Co. (Balance
Sheet Dec. 311008)
099
Consolidation Coal Co (Md.).-. 999
Dominion Coal Co
819, 830
Eastman Kodak Co. of N. J.,
Rochester, N. Y
880
Fairmont Coal Co
1000
General Railway Signal Co
1000
Ingersoll-Rand Co
942
J. G. Brill Co., Philadelphia.... 999
Lackawanna Steel Co
820
Mexican Telegraph Co
943
Mexican Tel. & Telegraph Co
886
Mich. Lake Sup. Power Co. (report Bondholders' Committee) 999
Montreal Steel Works, Ltd __ _ _1001
National Candy Co
1005
National Fire Proofing Co
879
New England (Bell) Tel. &Tel.Co 886
820
New York Air Brake Co
Niagara Falls Power Co
880
909
North American Co
998
Philadelphia Electric Co
Rubber Goods Alf. Co
942
Schwarzschild & Sulzberger Co.
(meat packers), New York_ _ _ 880
Shredded Wheat Co. (N. Falls) 881
Sloss-Sher. Steel & Iron Co_940, 947
Somerset Coal Co
1000
Spring Valley Water Co.,San Fr. 821
Standard Chain Co
943
Union Bag & Paper Co., N. Y
881
United Bank Note Corporation.1001
United States Gypsum Co., Chi.1005
Utah Consolidated Mining Co
948
Grand Trunk Railway Co. of Canada.
(Report for hall-Year ending Dec. 31 1908 and Cal. Year 1908.)
EARNINGS FOR HALF-YEAR ENDING DECEMBER 31.
1907.
1908.
1908.
1907.
Gross receipts _3,382,841 3,763,246 Bal. for half-yr. 441,452
Operating exp__2,422,413 2,710,934 Brought in
1,626
527,175
14,640
Net receipts... 960,428 1,052,312
Chges.,less cred_ 478,737 470,557
541,815
Balance
D.G.H.& M.sur_
Can. Atl. deficit_
481,691
3,139
43,378
Divisible bal._ 443,078
Guar. div. (2%) 196,800
171,493
581,755 1st pref. div_ _ x170,842 x85,420
5,785 2d pf.div.(2 M%) 63,210
63,210
60,365 3d pf. div. (3%)
x214,939
Bal. for half-yr 441,452
Bal. forward_
527,175
12,226
6,753
"xThe dividends of 5% on the first preference and 2 A% on the second preference stocks In 1908 and 3% on the third preference stock in 1907,
although paid out of the earnings of the second half oft hose years, were
the only dividends on those shares for the calendar years named, no distribution having been made for the first half of the year.
OPERATIONS AND FISCAL RESULTS FOR 12 MONTHS ENDING
DECEMBER 31.
Operations1907.
1908.
1906.
1905.
Passengers carried
10,817,596 11,227,412 10,663,027 10,059,436
Tons freight carried
15,309,716 17,391,921 15,916,859 14,143,210
do ono mile
2734562713 3336576521 3041024466 2648614891
Earnings£
£
E
£
Passengers
2,051,874
1,913,911
1,050,198
1,765,461
Mall and express
316,806
305,886
306,459
289,538
Freight and live stock
4,619,130
3,900,775
4,194,744
3,808,860
Miscellaneous
156,696
181,461
155,127
154,142
Total earnings
7,144,506
6;302,033
6,606,528
6,018,001
ExpensesMaintenance of way, &c.
814,970
871,128
801,345
893,724
Maint. of equipment
1,192,253
801,970
1,258,953
902,508
Conduct. transportation 2,655.773
2,832,756
2,387,046
2,254,642
General expenses
173,408
196,196
149,385
145,080
113,580
Taxes
105,145
149,588
73,199
Total
Net earnings
Other income
4,559,701
1,742,332
257,652
5,197,478
1,997,028
273,159
4,746,317
1,860,211
240,782
4,269,153
1,748,848
202,384
1,999,984
Total
2,220,187
Deduct155,206
Rental of leased lines
155,206
1,067,127
Int. on bonds and deb
1,069,136
155,704
Advances, &o
153,350
Div. on guar. stock.... (4)382,422 (4)336,772
"
1st pref. stock_ (5)170,841 (5)170,841
"
2d pref. stock_(2 )63,210 (5)126,420
3d pref. stock_
"
,(3)214,939
2,100,993
1,951,232
155,206
1,070,924
41,536
(4)312,412
(5)170,841
(5)126,420
(3)214,939
155,206
1,071,143
11,070
(4)275,359
(5)170,841
(5)126,420
(2)143,292
2,092,278
sur.8,715
1,953,332
def.2,100
Total
Balance
-V. 88, p. 822, 584.
1,994,510
ur.5,474
2.226,664
dcf.6,477
1057
New York Chicago & St. Louis Railroad.
(Report for Fiscal Year ending Dec. 31 1908.)
President W.H.Canniff says in substance:
Bonds.-The funded debt has been increased during the year 1908 by
the delivery of the remainder of the $10,000,000 authorized Issue of debenture bonds of 1906, amounting to $7,000,000 (V. 86. p. 1344, 1590; V. 88,
p. 565). It was decreased by sinking fund purchases $43,000.
General Resulis.-The gross earnings decreased $1,030,114, or 9.84%;
as compared with the previous year. Freight earnings decreased $706,579,
or 8.17%; passenger earnings $254,852, or 15.76%, and earnings from
express traffic and the transportation of malls $73,192, or 38.32%. The
expenses of operation increased $148,283. The net earnings show a decrease of $284,813; other income an increase of $36,121. First charges
Increased $121,069, due to increase in taxes and in interest on debenture
bonds. The profit from operation after payment of 5% dividend on the
preferredgstocks was $187,909.
Improvements.-Moneys set aside during 1908 increased the Improvement funds from $1,661,077 to $1,890,474. The deductions (reducing the
balance available to $986,580) were:
Bridge renewals ($61,913)ecc.$62,286 Chgd. to equip. repl't funds-$175,238
New equipment___411,883 Chgd. to spec. Imp't fund_ 254,487
In addition, $598,622 has been expended (including advance of $597,095
to City of Cleveland) as prepayments on account of elimination of street
crossing grades and change of line at Cleveland, Ohio. in connection with
the Cleveland Short Line fly., and held in suspense account.
Expenditures charged to cost of road and equipment $36,904.
The expenditures on account of new equipment include 20 locomotives.
$234,425; 1,500 freight cars, $466,910. The balance unpaid on above
freight cars is $676,562. This balance is payable in monthly installments
of $13,531, the final payment being due Feb. 1913.
I
OPERATIONS AND FISCAL RESULTS.
1908.
1907.
1906.
1905.
Miles operated
523
523
523
523
Operations1,010,643
Passengers carried
778,978
788,546
764,856
Pass. carried one mile
82,504,067 99,969,357 87,151,577 91,086,568
1.56 eta.
Rate per pass. per mile_
1.58 cts.
1.60 cts.
1.63 cts.
Earn, per pass. train m_
$1 28
$1 27
$1 48
$1 25
5,800,484
7,164,166
Revenue freight (tons). _ 6,106,232
7,079,580
Rev. freight (tons) 1 m_1448383257 1667752045 1585208309 1451118925
0.513 cts.
Rate per ton per mile
0.520 cts.
0.511 cts.
0.526 cts.
Earnings$
$
$
$
1,437,616
Passengers
1,388,000
1,617,058
1,362,206
7,534,856
Freight
8,350,148
8,645,617
7,939,037
136,258
Mall, express, &c
164,061
134,314
202,996
Total earnings
ExpensesMaintenance of way, 8:c.
Maint. of equipment
Conducting transport'n_
General
New construction
New equipment
9,435,557
10,465,671
9,902,209
9,108,730
872,064
1,072,236
4,903,791
168,508
882,063
1,220,000
4,604,630
161,623
471,742
421,842
1,176,269
1,044,540
4,574,215
151,784
308,301
324,588
822,272
1,197,262
4,328,013
135,462
448,081
89,260
Total expenses
Per cent exp. to earns
Net earnings
Other income
7,016,599
(74.36)
2,418,958
55,335
7,761,900
(74.16)
2,703,772
19,213
7,579,698
(76.55)
2,322,511
47,807
7,020,350
(77.07)
2,088,380
30,716
2,119,096
2,370,318
Total
2,474,293 , 2,722,985
Payments777,000
Interest on bonds
776,720
974,115
868,467
170,057
Equipment payments
166,106
94,874
117,034
250,000
250,000
5% oily. on 1st pref. stk.
250,000
250,000
Div. on 2d pref. stock_(5%)550.000(5%)550,000(4%)440,000(3%)330,000
270,598
280.773
343,368
Taxes
304,911
28,000
Sinking fund 1st M. bds.
43,000
99,640
31,078
31,017
31,027
Miscellaneous
31,903
Total
Balance, surplus
2,286,384
187,909
2,221,955
501,030
1,972,616
397,702
1,828,733
290,363
GENERAL BALANCE SHEET DEC. 31.
1907.1
1908.
1907.
1908.
AssetsLlabiliitesCost of road
47,318,320 47,253,093 Stock (see "fly. &
Cost of equipment 6,871,335 6,872,658
Ind." Section)..30,000.000 30,000,000
Stock in treasury.
Funded debt__ _29,246,000 22,289,000
12,663
883,066
Materials and fuel_ 530,117
539,074 Unpaid vouchers__ 592,571
350,007
Equipment trust
Unpaid pay-rails.. 335,840
138,396
216,000 Traffic bal. pay'le. 204,086
828,562
contracts
914,178
Special impt. fund 659,689
Cash charged treas216,000
urer and to pay
Equip. tr. contracts 828,562
10,280
13,160
649,886 Int, due-not paid
Interest
1,880,677
212,890
4,451,650
251,650 Int. tweed,not due 259,390
Bills receivable
21,600
28,033
2,111,334 2,342,850 Equipment acc't.Miscell. acels
804,139
804,139
19,441 Dividends
Items in suspense_ 598,622
232,417
acets pay_ 101,421
Sundry.
669,537
Sinkng fund acc't 712,537
766,342
Items in suspense_ 326,891
636,802
Income account_ - *490.961
Total
64,603,280 58,194,652
Total
64,603,280 58,144,652
• After crediting sundry adjustments amounting to $16,249 and deducting $350,000 for discount on debenture bonds delivered during 1908.-.
V. 88, p. 565, 506.
Grand Rapids & Indiana Railway Co.
(Report for Fiscal Year ending Dec. 31 1908.)
President Joseph Wood, Feb. 25 1909, wrote in substance:
General Results.-The depression in business continued throughout the
year and It was only by extraordinary efforts that the company's operating
expenses could be brought within reasonable relation to the reduced gross
revenue. The general income account shows a decrease of $708,324 in
the gross earnings of all lines operated, a decrease of $687.924 in operating
expenses and a decrease of $20,399 in net earnings from operation. While
there were large reductions In the expenditures for maintenance and
operation, there was an increase of $19,475. or 8.5%, in taxes. The cost
of operation is further affected by the expense attendant upon compliance
with Federal and State legislation restricting the hours of labor of operators
and trainmen, prescribing the number of men in train crews, and by
requirements of State and Inter-State commissions.
The number of passengers carried increased 155,339, or 6.64%; the
passenger mileage increased 2.740,589 miles. or 3.58%; but the total
passenger earnings decreased $96,003, or 6.14%, confirming the experience
of the previous year that the increase In number of passengers carried
would not compensate for the reduced fares. Passenger train earnings
were also reduced by changes in basis for payment for transportation of
malls. Had the passenger fares and basis of mail pay been the Baffle In
1908 as in the year 1906, there would have been an increase in earnings
from these two sources of about $170,000.
New Capital.-Under the new constitution adopted in Michigan during
the past year, it will be incumbent upon the Legislature to remodel much
of the existing legislation, and It Is hoped that in so doing an effort will be
made by It to correct past enactments relative to taxation and regulation
of common carriers in such a way that the carriers may not be prevented
from earning sufficient income to enable them not only to pay a reasonable
return to their shareholders, but also to give them the necessary credit to
provide new capital; which new capital Is likely to be needed not only for
facilities which increase the earning power of the property, but, in the very
near future for the separation of grades in large cities-a work involving
large expenditures without any increase in earning power or any decrease
inumi
in the cost of operation.
Traverse City Leelanau & Manistique Railroad Co.-A new corporation
has been formed by the former bondholders to take over the property.
Pending final determination as to the disposition to be made of the property,
It Is still operated In the name of the receiver.
masithikeilla
Lumber.-The increased consumption of lumber is rapidly depleting the
forests of Northern Michigan, and it is estimated that the timber will be
practically exhausted in from 25 to 30 years, and a large yearly tonnage
lost to the railroads. They are therefore interested in seeing a comprehensive plan for the re-forestation of exhausted timber lands-of which
the State is a large owner through non-payment of taxes-both by private
and State enterprise. [In 1908 forest products aggregated 31.48% of the
total freight traffic of the system.-Ed.]
OPERATIONS OF ENTIRE SYSTEM.
-Gross Earnings- -Net Earnings
1908,
1907.
1908.
1907.
All Lines OperatedGrand Rapids .6c Indiana_ _ _ _$3,498,148 $4,149,694 $699,077 $778,338
657,913
613,703
114,999
75,147
Cln. Rich. & Ft. Wayne_ ___
171,267
166,789
51,389
36,391
Musk. Grand Rapids & Ind__
72,227
89,272
7,406
3,389
Traverse City RR
$4,355,345
$5,063,669
$872,866
28,674
$893,266
22,961
$901,540
DeductRentals paid roads operated on basis of net earnings_ _$173,789
412,675
Bond Interest of Grand Rapids & Indiana Ry
127,985
Other deductions
$916,227
Total deductions
Balance
Dividends (3%)
$714,449
$187,091
173,730
$681,533
$239,694
173,730
Balance, surplus
$13,361
$60,964
Total
Other income-rents, Re
EARNINGS. &C.. OF GRAND
$114,928
411,275
155,330
RAPIDS ec. INDIANA RY. ONLY.
1908.
437
$
1,222,895
2,072,955
202,298
1907.
426
$
1,314,305
2,635,569
199,820
1906.
423
$
1,255,075
2,441,657
203,873
1905:
422
$
1,153,537
2,258,998
193,114
Total
3,498,148
ExpensesMaintenance of equipment__ _ 530,940
395,136
Maintenance of way, Re
96,433
Traffic
Transportation
1,491,231
335,330
General and taxes
4,149,694
3,900,605
3,605,649
755,997
586,087
102,297
1,606,170
320,805
690,909
557,385
98,287
1,478,754
309,299
602,538
473,731
78,607
1,471,138
284,980
2,799,071
(80.01)
699,077
28.674
3,371,356
(81.24)
778,338
22,961
3,134,634
(80.35)
765,970
16,124
2,910,994
(80.73)
694,655
4,184
Miles operated
EarntngsPassenger
Freight
Mall, express and raise
Total
Per cent oper. exp. to earns
Net earnings
Add other income
Total
DeductInterest on bonds
Additions and betterments
Other charges, Re
727,751
801,299
782,094
698,839
412,675
52,390
75,595
411,275
65,222
90,108
406,461
51,700
37,771
394,022
Total
Balance
Dividends(3%)
540,660
187,091
173,730
566,603
234.694
173,730
495,932
286,162
173,731
440,251
258,588
173,730
13,361
60,964
112,932
84.858
Balance, surplus
[VOL. LXXXVIII.
THE CHRONICLE
1058
46,229
BALANCE SHEET OF GRAND RAPIDS ct; INDIANA RY. DEC. 31.
1907.
1908.
1907.
1908.
s
$
Liabilities$
Assets5,791,700 5,791,700
Road, equip., &c_15,628,695 15,594,300 Stock
"Ry.&
(see
Bonds
in
Investments
Industrial" Sec.) 9,875,000 9,875,000
130,223
other companies 130,222
150,000
150,000
222,034 Real estate mtge
Other cos. & indiv. 174,922
Car trust principal
Agents and concharged out in
314,936
208,570
ductors
135,299
132,791
advance
805,116
710,885
Cash
165,845
165,033
325,795 Interest
Supplies on hand_ 226,329
318,933
23,593 Other cos. & indiv. 283,457
23,174
Bills receivable
400,142
payable_
Accounts
57.1,306
163,539
240,303
Miscellaneous
58,858
87,704
Miscellaneous
*482,800
Profit and loss_
487,070
1908.
1907.
1906.
1905.
DeductInterest on bonds
Dividend on preferred
106,190
(3 3)70,000
Total
Balance, surplus
Add balance Jan. 1
Charged profit and loss
176,190
def.27,668
301,348
a70,321
246,190
71,870
506,282
b276,804
256,190
56,115
449,009
Cr.1,158
216,190
136,963
355,717
c43,671
203,359
301,348
506,282
449,009
Profit & loss sur. Dec. 31
106,190
106,190
106,190
(7)140,000(7%)150,000(5%)110,000
a The charge to profit and loss, $70,321 in 1908, represents amount
credited to construction account for improvements made and depreciation
of rolling stock. b Represents $276,804 credited to construction account
for improvements, replacing old alignment. c Represents $27,750 depreciation in stock owned and $16,021 credit to construction account.
BALANCE SHEET DEC.31.
1907.
1908.
1908.
1907.
AssetsStock iSee Ry. and 3,371,750 3,371,750
Construction and
5,934,414 5,944,957 BondsfIndus."Sec_.2,280,500 2,280,500
equipment
55,197
45,988 Scrip cony. into stk_
197
197
Current accounts
Bills payable
160,000
70,000
Materials and sup81,201 Int. and div. unpaid_
57,397
6,312
5,949
plies
59,222 Pay-rolls
29,164
21,730
23,404
Cash
Vouchers
32,324
78,220
Profit and loss
203,359 301,348
6,076,172 6,131,368
Total
88, p. 504, 451.
Total
6,076,172 6,131,368
International Harvester Company.
(Report for Year ending Dec. 31 1908.)
The remarks of President Cyrus H. McCormick, together
with the balance sheet of Dec. 31 1908, and the combined
sales and income accounts of the company and its subsidiary
and affiliated corporations, for three years, will be found at
length on subsequent pages. Below we give condensed corn parative balance sheets for two years.
The pamphlet report is a handsome document containing,
in addition to the aforesaid text and tables, a series of illustrations of the several plants and properties, with maps, and
a brief description of each.
COMBINED BALANCE SHEET DEC. 31.
1908.
1908.
1907.
$
$
LiabilitiesAssetsCommon stock_ _60,000,000
Plant, property,
63,680,776 62,844,136 Preferred stock__60,000,000
&c
Purch, money obi
Advance paym'ts
Bills payable_ _ _ _ 8,286,605
for mine royal189,68.3
285,288 Aud. vouchers,
ties
ace. int., txs.,&c 4,729,387
Insurance fund
400,832
Pref. div. (payassets
able-March)___ 1,050,000
Materials & sup's.47,687,056 50,287,626
Deprec'n & exNotes & accts. re36,311,230 39,291,510
tinguish res've_ 5,009,844
ceivable
9,339,055 3,573,894 Speel main.res've 469,653
Cash
Res. collee. exp.
on receivables_ 700,000
Insurance fund__ 071,093
16,691,990
Surplus
Total
157,608,632 156,282,454
Total
1907.
60,000,000
60,000,000
3,450,195
10,465,775
4,543,443
1,050,000
3,841,502
600,000
325,232
12,000,307
157,608,632 150,282,454
For detailed balance sheet of Dec. 31 1908, see a subsequent page.-V. 88, p. 1004, 234.
Crow's Nest Pass Coal Co., Limited.
(Report for Fiscal Year ending Dec. 31 1908.)
President G. G. S. Lindsey, Toronto, March 12 1909,
wrote in substance.
The balance at the credit of profit and loss Dec. 31 1907 amounted to
$381,400. There has been transferred from reserve fund $2,124,420 and
17,343,101 17,579,536 from premium on stock account $16,830, making in all $2.522,650, from
Total
17,343,101 17,579,536
Total
which there was paid on July 15 1908 a bonus dividend at the rate of
-V.86,p. 975 66 2-3% on the paid-up capital stock; each and every shareholder subscribed
old
sundry
accounts.
of
settlement
paid
in
* After deducting $17,631
for shares equal in amount to the dividend, thus increasing the paid-up
capital stock to $6,212,667. This left a credit to profit and loss account
being added.
Huntington 86 Broad Top Mountain Railroad & Coal Co. of $37,583, to which the net profits of the year, $240,226,
brought the total up to $277,809. From this amount a half-yearly dividend
upon the basis of 6% per annum was paid on the paid-up capital stock as
(Report for Fiscal Year ending Dec. 31 1908.)
of Aug. 1 1908, amounting to $185,825, and there was appropriated for the
Fernie fire relief fund $5,000 for fire losses arising out of the great conflagraPresident Samuel Bancroft Jr. says in substance:
tion, $45,239, and for loss on plant disposed of during the year $30,799,
$10,996.
The gross earnings show a decrease in all the greater sources of revenue. leaving to credit of profit and 1.3s9 account the
loss occasioned by the great
The directors deemed it prudent to meet
This is accounted for by the general business depression. In the shipment
It occurred, although that
which
in
half-year
the
fire
the
the
of
and
of
1907;
less
of
in
out
earnings
than
41.51%
was
696,312
total
of bituminous coal the
half-yearly dividend. The
second
the
tons decrease, 385,342 tons was from your own region and 310,970 tons course necessitated their passing
to its subsidiary companies,
from the Southern regions. The reduction in the maintenance of way and net direct loss from the fire to this company and
amounted to $106,713.
structures and the conducting transportation expense Items evidences the the stock of which is held by this company,
The coal mined amounted to 981,645 tons, as against 981,939 tons in
economy practiced this past year. The revenue from the furnaces along
231,368 tons. Following the
against
tons,
1907;
coke
262,558
produced,
the
at
materially
reduced
year,
furnace
the
during
was
road
the line of the
Aug. 1, which greatly InterEverett being idle for over nine months and the one at Saxton closing down depression in trade came the disastrous fire of
fered with our operations, and directly and indirectly occasioned considerearly in December. These are now in full blast again.
into the mountains, the
deeper
reach
workings
mine
the
As
loss.
able
the
After
show
a
decrease.
naturally
heavy
The earnings over expenses
systems of mining, which in two
payment of interest on funded debt and the installments due on car trusts, weight above necessitates changes in the considerably for the greater part
the remainder was applied to the completion of new work and for repairs of the larger mines cut clown the output
of the year. The British Columbia Government increased on Feb. 11 1908
Incidental to a washout which occurred in the freshet of July.
the tax on coal 5 cents per ton and on coke 6 cents per ton; there was paid
A dividend of 3% on the preferred stock was paid in January.
for
coal tax and royalty $44,143 and for coke tax $28,866 during the year.
to
in
miles
Station
Brumbaugh
length,
from
1.59
A branch was built,
On July 1 a fund was established to meet depreciation on plant and equipthe ore mines of the Colonial Iron Co.. which embraces a large acreage of
to offset the depletion of mines.
native iron ore. There was also built a branch on the switchbacks of about ment, and on Sept. 1 a fund,was started
one mile in length, to reach the new mine openings of the Carbon Coal & both from earnings per ton of coal mined. on Improvements
by the coal
spent
been
During the year there has
Coke Co. Three sets of new steel girder bridges were placed in the main
company, $530,007; by the Crow's Nest Pass Electric Light & Power Co..
line, two at Saxton and one at Hopewell.
Ry.
Michel
Co.,
&
in all.
Fernie
$46,750;
by
and
the
Morrissey
$18,749;
highest
standard.
kept
the
to
been
up
has
The condition of the property
42,393 cross-ties were placed in the track and the necessary steel rails were $595,506 on improvement account.
Supplementary letters patent increasing the capital stock to $10,000,000
laid during the year.
were ga.zetted on May 8 1908.
39YEARS.3690:290 90. 51
:
81.
RESULTS FOR CALENDAR
RESULTS FOR CALENDAR YEARS.
1907.
1905.
1908.
1906.
1907.
1905.
1908.
Freight traffic (tans)981,645
Coal
mined
(tons)
1,677,408
1,938,257
1,803,737 Coke produced (tons) __ _
981,096
231,368
Coal
262,558
69,126
126,501
110,492
49,404
Ooke
$382,986
29
049
729
1,8
7
357
289
$4
$240,226
$351,791
136,243
211,826
200,903 Net profits
Ore and limestone
168,560
324,420
35,400
16,830
120,970
160,318
111,782 Premium on new stock_
Pig and other iron
115,738
565.471
563,285
972,243
490,980
Miscellaneous
$707,406
$533,299
$351,791
$257,056
Total
it*
(10)3350,000(10)$349,918
(3)$185,825(10)$355.179
2,830,067
2,699,157 Dividends paid
2,739,338
1,805,778
Total
324,420
35,400
To reserve fund
$
$
AIIReceipts$
$
929,572
412,040
421,053
Coal and coke freights_ _
244,212
$27,807
$148,481
$1,791
Balance$71,231
294.775
336,131
279,937
Other freights
262,122
94,612
83,241
103,240
Passenger receipts
BALANCE SHEET DEC. 31.
100,712
22,391
24,264
22,248
Mail, express, Re
1907.
1908.
25,886
1907.
1908.
Liabilities$
$
Assets$
$
841,350
884.687
Stock paid up_ _6,212,667 3,716,280
797,467 Mines, real est.,
earnings_ _. ____
632,932
Bills payable_ _ _1,006,658
ffrOperattng, tree.. expenses_
476,714
plant, develop108,529
76,417
Maintenance of way_ _ _ _
135,338
74.681
ment, Re_ _6,394,753 5,977,012 Accts. payable__ 266,995 335,181
60,991
64,643 Securities owned 691,397 691,297 Divs. accrued_
91,069
Maint. of equipment_ _ _
112,175
80,506
77,737
38,761 Cash in banks_
27,308
_.
20
40
1:4
24
18
85,248
1,328 Reserve fund_
2,3
Loss on car-trust cars__
a
48,226
c
13,977
15,530 Ac ts. receivable 362,940 455,427 Profit and Loss__ a10,9911
Depreciation
13,791
12,413
207,478
215,274
187,292
162,153
-Conducting transport'n.
60,332
61,671
62,791
Total
69,409
7,497,316 7,125,064
General expenses
7,497,316 7,125,064
Total
a See text above.
529,094
444,314
566,627
484,410
Total expenses
'
Note.-The Northern Securities Co. on Dee. 31 1908 owned $2,755,200
312,305
353,153 of the capital stock (V. 88, p. 154).-V. 88. p. 378. 161.
318.060
Net earnings
148,522
Total
APR. 24 1909.1
Great Northern Iron Ore Properties.
(Report for Fiscal Year ending Dec. 6 1908.)
The trustees, Louis W. Hill, James N. Hill, Walter J. Hill
and Edward T. Nichols, under date of April 15, says in
substance:
whose
General Results.-During the year the business of the companies of
the
stocks are held by the trustees has not been free from the effects
from
existing general depression, and in consequence the shipments of oremuch
fell
1908
of
season
the
these
of
companies
during
properties
the
tons
below the shipments during the season of 1907, aggregating 1,468,925
for 1908 as compared with 3,281,001 tons during the previous year.vigor
with
prosecuted
been
to
has
it
Exploration of the properties leased
A
by the Great Western Mining Co. with continued satisfactory results.
monthly average of 77 drills has been maintained, as against the 40 required
about
on
completed
been
by the terms of the lease. Exploration work has
3,600 acres of the leased lands.
None of the properties covered by the lease to the Great Western Mining
work,
Co. was put on a shipping basis during the year. Development
5,500,000
consisting of surface stripping to the extent of approximately conducted
been
has
ece.,
tracks,
cubic yards and the construction of yards,
these
on several properties at large expense and in a manner to prepare
properties for mining and shipping large amounts of ore.
the
that
state
to
Co.
Mining
We are permitted by the Great Western
leased
expenditures for exploration and for development work on the
property have aggregated more than $3,000,000.
New Fiscal Year.-In future the fiscal year will end Dec. 31.information
Status.-To give present holders of certificates the benefit of at length.
contained in last year's report, that report (V. 86, P. 855) is cited
S.
STATEMENT OF RECEIPTS AND DISBURSEMENT
1907.
1908.
held
and
apbe
to
Moneys received by the trustees
$1,650,000
plied upon the terms of the trust agreement_ __ _•$1,749,214
67,750
75,390
Expenses of administering trust
1,500,000
1,500,000
Distribution to certificate holders, $1 per share
$82,250
$173,824
Balance, undistributed income for year
82,250
82,250
Undistributed income Dec. 6 1907
.
1059
THE CHRONICLE
Annual Value of Products.
Annual value of the products of our smelters is approximately_ _$70,000,000
Annual product of our refineries: Gold, 1,250,000 oz.; sliver.
66,000,000 oz.: copper, 66,000 tons; lead, 225,000 tons.
Total value of refined metals sold annually, approximately__ 97,000,000
Mines Directly Operated, Supplying Ores-Annual Output.
33,000 tons
At Sierra Mojada, State of Chihuahua, Mexico, 5 mines
60,000 tons
At Santa Eulalia, Chihuahua, Mexico,4 operating mines
72,000 tons
At Aslentos, Aguascalientes, Mexico, 1 mine
Of the Sierra Mojada mines, 4 are owned and 2 are leased. Of the 5
Santa Eulaila mines, the American Smelting & Refining Co. owns 2 absolutely, has a two-thirds ownership in 2 and a one-third ownership in 1.
The Asientos mine is owned entirely by the Amer. Smelting & Refining Co.
The Investment account ($2,858,617 Oct. 31 1908) Is made up very
largely of 13,889 shares of preferred stock of the American Smelters'
Securities Co., Series B, as well as 1,600 shares of the preferred and 4,500
shares of the common stock of the United States Zinc Co.
The company owns 177,510 shares of the common stock of the American
Smelters' Securities Co., par value $100 each, but as yet the value of this
stock has not been included in the investments of the company.-V. 88.
P. 453, 449.
Guanajuato Power & Electric Co,
(Report for Fiscal Year ending Dec. 311908.)
The report, signed by Henry Hine, President, and Leonard.
E. Curtis, Treasurer, says in brief:
Power.-There was connected Dec. 31 9,431 h.-p., a gain for the year of
245 h.-p. There was delivered during the month of Dec. 1908 2,575,938
k. w. h., showing a gain over Dec. 1907 of 343,054 k. w. h.
Charges.-The increase in fixed charges is due to charging to operation
the greater part of the interest on the outstanding bonds of the Michoacan
Power Co. upon putting the Brunel plata into operation.
Additions Charged to Earnings.-The sum of $80,000 has been paid out
of earnings, mainly during the past year, as a contribution to the cost of
the Brunel development. Under the agreement covering the construction
of the Noriega plant, it will be necessary to contribute about $80,000 from
earnings; the greater part will be payable during the current year.
Dividends.-The company has commenced the payment of dividends
on the preferred stock. 13,6% having been paid Nov. 1 1908 for the preceding
quarter. It is expected to continue this rate, and perhaps Increase it
the latter part of the year so as to reduce the accumulated dividends on the
$256,074
Undistributed income Dec. 6 1908
preferred stock.
Brunel Plant.-The Brunel plant of the Michoacan Power Co. has been
• Includes dividends, $1,745,000; int. and misc. receipts, $4,214.
and is in operation. Present Indications are that the final cost
completed
minimum
Note.-The Great Western Mining Co. paid in Jan. 1909 the acting as of the plant will not vary materially from the preliminary estimate of
royalty for 1908. The payment was received by the trustees,
The transmission line connecting the plant with the main
$780,000.
by
held
are
stocks
has been completed, and a duplicate transagents for the lessor companies (the companies whose
propor- transmission line at Penjamo Guanajuato
is nearly completed. The power
the trustees) for distribution to those companies as their respective
line
from Penjamo to
course, mission
tions thereof are determined. The lessor companies will, in due
capacity of about 2,500 h. p. delivered on the
has
continuous
a
developed
the
under
from these receipts make their dividends, and the trustees
the large terminal reservoir is capable of
but
switchboard,
llower-house
agreement of Dec. 7 1906 will receive dividends from those companies, supplying double this amount for a considerable time, and 5.000 h. p. In
which will then become part of the regular income of the trust.-V. 87, generating capacity has been installed, giving a large peak-carrying capacity.
p. 938.
Guaranteed Bonds.-Negotiations are in progress for the sale of $800,000
bonds of the Michoacan Power Co. for the purpose of developing the Noriega
water power. This plant will have a continuous ca.nacity of about 7,500
American Ice Securities Co.
h. p. As soon as the sale is closed, It is propostql to proceed with the
construction of the plant and to complete It within about 18 months.
(Balance Sheet Dec. 311908.)
This company owns all of the stock of the Michoacan Power Co. and has
1907.
1908.
1908.
1907.
guaranteed its entire bond issue of $2,000,000. (Compare V. 85, p. 796.)
$
$
$
Liabilities$
Assetseffect of the recent financial panic, which has been severely
Out
19,038,900 19,037,700 felt in Mexico during the past year, and the large drop in the price of silver
Pfd. stock Am.Ice14,340,000 14,339,000 Stock Issued
3,000,000
3,000,000
Debentures
4,698,860
stk.
Am.lee.
4,898,680
Corn.
have greatly retarded new developments. The fact that this condition has
4,872
40 Ace'ts payable
40
Scrip
not resulted in any net loss of earnings, but, on the contrary, In a consider886,646 able
1,546,757
26,919
Bonds in treas'y_
102,919 Surplus
net gain, Is very encouraging. The large projects for new mining
Accen pref. diva of
developments at Guanajuato, we believe, have been merely postponed.
Amer. Ice Co
4,517,100 3,656,445
Good crops during the past year and improved financial conditions during
2,762
Knick. Tr.certfs_
the latter part of the year have resulted in a very noticeable improvement
4,847
127,282
Cash and notes. _ _
In our business in the districts outside of Guanajuato. We may expect.
with considerable confidence, about the same rate of increase of earnings
23,590,529 22,924,348 during the current yea; as during the past year. and a much more rapid
Total.
Total
23,590,529 22,924,348
Note.-It Is understood that the preferred stock of the American Ice Co. Is taken increase during the following year.
at par and the common stock at $20 per share.-V. 88. v. 824, 887.
INCOME ACCOUNT FOR CALENDAR YEARS.
1904.
1905.
1906.
1907.
1908.
American Smelting & Refining Company.
$463.974 $394,189 $262,996 $195,300 $109,805
Gross earnings
58,297
62,890
78,684
88,758
110,761
Operating expenses
Feb. 1 1909.)
(Official Statement dated
The statement made on Feb. 1 1909 to the New York
Stock Exchange, upon the placing of the stock, both common
and preferred, on the regular list, gave the following data:
$353,214
Net earnings
Bond int. & sink. fund 114,428
$305,431
101,848
$184,312
72,000
$132,410
71,987
$51,508
67,705
$60,423 df.$16,197
$238,786 $203,582 $112,312
Surplus
BALANCE SHEET DEC. 31 1908.
Incorporated under laws of New Jersey April 4 1899; articles amended
$
April 8 1901. Authorized capital, $50,000,000 7% cumulative preferred
LiabilitiesAssets3,500,006
stock and $50,000,000 common stock, all issued and outstanding, fully Plant, franchises, &c
4.652,059 Capital stock
1,470,000
paid. The preferred stock is "entitled in preference to the common stock
Bonds
of MichoaStock
half.
quarterly,
payable
yearly,
7%
rate
at
of
the
78,818
to cumulative dividends
Current liabilities
can Power Co_$1,000,000
yearly or yearly-1 e., dividends may be paid upon the common stock Less res. & guar.
Maintenance and contin32,482
only when the preferred stock shall have received dividends at said rate
gent fund
440,000 560,000
796)
p
85,
(V.
a
have
also
shall
stock
The
preferred
564,894
from the time of issue thereof.
103,359 Surplus
Cash
preference over the common stock in any distribution of the assets of the Bills and accounts receiv
231,269
corporation other than profits until the full par value thereof and 7% Miscellaneous
99,307
distrior
by
dividends
thereon from the time of issue shall have been paid
5,645,994
bution. The preferred stock shall not be entitled to any dividends in
Total
5,645,994
Total
excess of 7% per annum, nor to any share in distribution of assets in excess -V. 87, p. 1013.
of said par value and the amount then unpaid of said cumulative dividends,
but only the common stock shall be entitled to any further dividends or
American Iron & Steel Manufacturing Co., Lebanon, Pa.
any further share in distribution."
(Report for Fiscal Year ending Dec. 31 1908.)
Smelters-Annual Smelting Capacity.
No. Ann.Capac.
Arthur Brock, Lebanon, Feb. 10 1909, wrote:
Tons.
Chairman
Furnaces.
Acres.
Owned in Fee-Operated Directly322,000
7
150
Denver, Col.-Globe plant
The year was one of very considerable depression in the Iron and steel
120 Not operated.
Grant plant
your company had to bear its share of the curtailment of
328,000 Industries, and
7
100
Pueblo, Col.-Pueblo plant
and shrinkage in prices. It was, however, deemed wise to
295,000 Production
6
80
Ellen plant
improvements to plants and equipment, and $158,593
to
make
continue
146,000
4
200
Durango, Cot
for these purposes. The allowance for depreciation of plants
509,000 was expended
10
200
Leadville, Col.-Arkansas Valley plant
now amounts to $764,000, which sum has been deducted
machinery
and
423,000 from the value of real estate, plants and equipments.
8
60
Salt Lake City-Murray pliant
235,000
4
250
Helena, Mont.-East Helena plant
460,000
10
300
BALANCE SHEET DECEMBER 31.
Monterey, Mexico
720,000
10
300
Aguascalientes, Mexico
1907.
1908.
1907.
1908.
153,000
3
200
Chihuahua, Mexico
Liabilitiess-$
Asset
60,000
2
6
Chicago-Natiohal plant
3.000,000
0
5%
cum.stk_3,000,00
Pf.
4,602,686
9
&equip_4,728,27
140,000 'Plant
3
40
Maurer, N. J.-Perth Amboy plant
Supplies
1,560,005 1,441,592 Common stock_ _2,550.000 2,550,000
Other Smelters (see text below)23,499
1,489,352 1,278,707 Curr. liabilities _ 345,727
492,000 Cash
10
El Paso, Tex., Consol. K. C. Smelt. & Ref. Co_ _1,500
profits _2,480,856 2,477,299
82,000 Accts. receivable 591,009 727.813 Undiv.
2
Omaha, Neb.-Am. S. & R. Co.(on leasehold) _ _ Text
.4
6,938
Uncap. Insur..&c
4,365,000
86
Total (supplied; not In official copy-Ed,).._3,506
8,376,583 8,050,798
Total
8,376,583 8,050,798
Total
Refineries-Capacity Refined Metal.
'After deducting reserve for depreciation, $764,000 in 1908. against
Lead. Silver &Gold Copper
vow
Ounces.
Tons. $734,000 in 1907.
Tons.
Owned in Fee-Operated Directlyof 2% quarterly on the common and 1 h,% on the preferred
[Dividends
16,400,000
84,000
Chicago-"National plant"
both
on
2%
of
1907.
Dividends
Jan.
to
1905
paid
from
April
were
66,000 36,000,000 66,000 stock
Maurer, N. J.-"Perth Amboy plant"
classes of stock were declared payable April 1 1907, of which 1 h% was
Other Refineriesto
the
as
whether
decision
court
pending
being
held
remainder
the
paid,
12,000
36,000,000
158,000
Omaha, Neb. (on leasehold)
preferred stock is entitled to share equally with the common above 5%
quarterly dividends of 134 °I, have been paid
Regular
694).
p.
84,
V.
(see
78,000
88,400,000
copy-Ed.)
official
_306,000
in
not
Total (supplied;
-V. 87. p. 417.
The Consolidated Kansas City Smelting & Refining Company owns since on both classes of stock.-Ed.]
and directly operates itself the smelting plant near El Paso. Texas-1,500
of
every
share
Inc., Philadelphia.
annual
Co.,
tons
capacity;
smelting
&
Harrison Bros.
acres. 10 furnaces, 492,000
the capital stock of said company is owned by American Smelting &
(Report for Fiscal Year ending Oct. 31 1908.)
Refining Co. The American Smelting & Refining Co. operates at Omaha,
Neb., upon a leasehold running for 18 years from the present time a smelting
President and General Manager Robert S. Perry, Jan.I31
plant of 2 furnaces, with 82,000 tons annual smelting capacity, a relining
plant with a capacity of 156,000 tons of refined lead and 36,000,000 ounces 1909, wrote in substance:
of refined silver and gold, and a copper-converting plant, capacity 12,000
Immediately following the panic of October 1907 our sales fell off,heavily,.
tons of bilker copper annually. The Omaha and Grant plants are subject
for the first three months of the fiscal year a drop of about 50%
to a mortgage issued by the Omaha & Grant Smelting Co.; bonds still showing
with the same period of the previous year. By February thecompared
unredeemed, $349,000; these are being redeemed yearly, and will be all
of sales began to improve, and at the end of the fiscal year.we.find
redeemed In 1911. There are no mortgages other than the above on any volume
only 20% from the sales for the previous year.
of
decrease
a
its
of
or
constituent
companies.
company,
of the plants or mines of the
1060
THE CHRONICLE
[VOL. Lxxxvm.
Owing to the large expenditures upon the plant in recent years, we were entrance building; and the
completion of 20 two-family houses on 51st
able to reduce expenditures to a minimum, and this, with curtailment of St., west of 12th Ave.,
back under foreclosure. The company is
Current expenses, resulted in a surplus profit of $37,785 for the year, after now erecting 20 two-storytaken
one-fa
mily houses on Sterling St., cast of Rogers
payment of $65,000 interest on mortgage bonds. The plant has been
fully maintained, 593.888 having been expended for maintenance and re- Avenue.
company has invested $87,929 in mortgages; the mortgage investThe
additions
and
betterments and charged off In expense account. ments are now $408,235.
pairs and for
The company also holds purchase
The company has further strengthened its financial condition, reducing mortgages
$710,444. The guaranteed mortgage obligations havemoney
been
bills payable from $280,000 on Oct. 31 1907 to $150,000 on Oct. 31 1908. reduced from $1.481,260
Oct.
31 1907 to $1,086,750 now outstanding.
and outstanding accounts payable from $177,786 to $78,771.
Interest and ihstallments now in arrears on investment mortgages amount
to $2,434,on purchase money mortgages $4,623 and on guaranteed mortRESULTS FOR FISCAL YEAR.
gages $581. Foreclosures of mortgages now pending amount to $84,570.
1907-08.
1906-07.
1905-06.
1904-05.
The net Income for the fiscal year after settlement with the profit sharers
Gross incomenot
not
$458,094
$408,698 amounts to $412,915, out of which $319,992 has been paid in dividends
sai'les,adv.,}
reported
xGen. exp,
reported
and $92,923 added to undivided profits.
taxes, bad debts, &c.
357,235
The improved property is now 93% rented, a recovery
284,684
5% over the
rental condition in July, when a maximum of vacanciesofwas
recorded.
Net earnings
$102,785
$130,107
$100,859
$124,014 No real estate is carried at more than cost, nor is interest on the investment
Denuct-Int. on bonds_
$65,000
$65,000
$65,000
of
cost
vacant
the
$65,000 added to
property;36 parcels, costing. $900,618.are held
do imp'ts, &c
30,655
free and clear.
STATEMENT FOR YEARS ENDING OCT. 31.
Balance, surplus
$37,785
$34,452
$35,859
$59,014
1907-08.
1906-07.
1905-06.
1904-05.
x Operating expenses include In 1907-08 $93,888 and In 1906-07 557,280
$
$
$
expended for maintenance and repairs.
Receipts from rents___ _
470,221
450,553
532,422
487,930
y The item $19,168 was for expenditures on branches.
Int. on bonds Fe mtges_
75,132
98,471
90,706
55,826
229,837
Profits on sales of real est.
452,282
538,002
463,429
BALANCE SHEET OCTOBER 31.
Divs., commissions, &c.
79,280
54,684
22,459
49,078
1908.
1907. 1
1908.
1907.
Assets$
Total receipts
854,470
1,055,990
$
1 Liabilities$
1,183,589
$
1,056,263
Real estate, plant,&c2,492,829 2,492,8291Preferred stock
Deduct1,500,000
1,500,000
Patents,trade-marks,
'Common stock
1,000,000 1,000,000 Real est. exp., less ch'gd
&c
530,146 530,1461First mtge. bonds__ _1,300,000 1,300,000
197,715
to capital for better'ts
188,891
224,409
211,987
Stk. In other cos., &c 141,535 141,535113111s payable
150,000 280,000 Int. on bonds & mtges
Bills receivable
payable
1 381,878f
137,485
7,892 Accounts payable__.. 78,771 177,786
131,870
130,785
106,035
Accounts receivable.'
expenses
General
60,020
1 445,1111Accrued wages
62,230
60,809
11,047
12,599
52,221
Cash
6,000
89,798
70,647 Accrued interest_ __ _ 32,500
39,500 Deprec'n or real estate_
Inventory
(8)319,992 (8)319,989 (8)319,973 (6)222,328
Divs. (see note below)
608,227 758,434 Profit and loss, surUnexpins..taxes,&c.
profit-sharers
res.for
40,334
6,331
82,662
3,933
plus Oct. 31
113,931
178,426 140,642 Amt.
103,925
1
Total
Total deductions_ _
761,547
4,250,744 4,450,5271 Total
785,642
849,907
4,250,744 4,450,527
698,495
-V. 88, p 161.
surplus
year__
for
92,923
Bal.,
270,348
333,682
359,767
Note.-The dividends for the years 1907-08, 1906 07 and 1905-06 include
Marconi Wireless Telegraph Co. of America.
semi-annual
distributions of 3% each and an extra 2% paid Oct. 15
two
next succeeding fiscal year.
(Report for Fiscal Year ending Jan. 31 1909.)
Secretary J. Bottomley says:
The year 1908 has been one of considerable depression, not only In
business circles generally but especially in shipping business and travel.
As
compared with 1907, the year shows a falling off in Atlantic travel
into the port of New York of 10,558 first cabin passengers, 39,209 coming
second
cabin passengers, 726,207 steerage passengers and 133 trips of the various
steamships. The fact that this company shows but little improvement
over 1907 Is, therefore, not to be wondered at.
Receipts for short-distance, i. e., shore to ship within a radius of 300
miles, shows an increase of about $5,000 In gross receipts in 1908 as compared with 1907; but, on the other hand, receipts for long-distance transmission have fallen off considerably, partly because some of the steamship
lines could not, under the depressing circumstances, afford the luxury of
daily news for their passengers, and partly because our long-distance receipts depend to a great extent on the traveling public. The company has
effected this past year a further saving of about $7,000 in general and administration expenses.
IIIIBusiness conditions are improving, and already your directors see improvement and prospects of a very much increased income In 1909. There
was a large increase during the year in the number of vessels equipped with
the Marconi system. Since the loss of the Republic, the passengers on
which were saved by means of the prompt assistance called by the Marconi
system, orders for new equipments and inquiries for other work have been
coming In, valuable contracts with several departments of the United
States Government have been secured and our shops are now working
overtime.
Trans-Atlantic communication across the Atlarttic Ocean has worked
during the past year uninterruptedly and with perfect success. Several
new and very valuable patents for working wireless telegraphy have been
added to the company's assets at a very moderate cost.
BALANCE SHEET JAN. 31.
1909.
1908.
1909.
1908.
AssetsLiabilities$
$
$
$
Pat. rights, good
Capital stock, iswill & contract5,494.269 5,491,886
sued
6,190,000 6,190,000
Cost stations and
Less treasury
experim. work,
stock
145,200
145,200
126,969
less for depr'n 117,308
17,679
Appar. on hand_
16,853
6,044,800 6,044,800
Unexpired insur.
588
551 Loans and notes
payable
9,771
Accts. receivable
17,947
10,600
9,600
Cash
610
1,757 Accts. payable__
13,928
8,764
Puns. & fixtures
992
1.060 M. W. Tel. Co.,
Organization exLtd., London.
legal exp. acct. 20,692
pen.& def.acct. 448,803 422,422
16,281
Total
6,090.020 6,079,445
-17. 87, p. 412.
Total
6,090,020 6,079,445
United Wireless Telegraph Co.
(Balance Sheet of January 1 1909.)
AssetsJan. 1 '09. Nov. 30'07
Pat. & pat. rights_ 5,005,100
500,000
Treas. stk., pref.
and corn. (par). 5,310,410 6,659,110
Stock & bonds of
oth.cos.(bk. val)14,128,610 12,459,263
Fact'y mat'l on h'd
9,2861
Factories & equip_
25,9971. 253,393
215,4421
Land sta.&real est
287,5004
Boat stations
Fum. & fixtures.4,085
3,975
109,4011
Cash
176,4981 241,612
Bills & accts. me
LiabilitiesJan. 1 '09. Nov. 30 '0
Common stock_ _ _10,000,000 10,000,000
Pref. stock, 7%
and participat'g10,000,000 10,000,000
131115 payable
1 15,556 4 2,53
Accounts payable.'
1114,929
Surplus
5,256,663
BALANCE SHEET OCT. 31.
1908.
1907.
1908.
1907.
AssetsLiabilities58,120
Cash
73,360 Capital stock
4,000,000 4,000,000
7,454,612 7,163,297 Mortgages payable. 3,344,085 3,434,210
Real estate
Mortgages
1,118,679 1,372,732 Notes
60,000
Stocks, bonds, &c
244,590 227.196 Accrued exp. (est.). 62,632
68,452
Real estate contracts 65,917 100,285 Sundry accounts_
26,443
23,712
3,250
Due from tenants
9,092 Reserved for profit
31,728
Int. due & accrued
42,767
sharers
40,334
82,662
Taxes, &c., paid In
Res. on mtge. owned 97,803 137,296
advance
14,640
13,338 Undivided prolits
388,396 295,473
Sundry accounts_
28,157
39,778 Surplus
1,000.000 1,000,001
Total assets
9,019,693 9,041,845
Total liabillties___9,019,693 9,041,845
289.
-V. 86, p.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Allegheny Valley RP.,-Report.-For calendar years:
Calendar
Gross
Net (After
Other
Fixed
Balance;
Year- Earnings.
Income.
Taxes).
Charges.
Surplus.
1908 --$5,618,128
$1,249,183
$1,228,579
$20,604
_ 7,060,420
$4,662
1907
1,854.101
1,124,492
734271
In 1908 $122,968 was deducted for extraordinary expenditures aga'inst
$475,133 In 1907 and $12,231 on account of principal of car trusts, against
$37,556, leaving a deficit of $114,595 in 1908. against a surplus of $221,582
In 1907.-V. 82, p. 159.
Baltimore & Ohio RR.-Purchase Referred to Committee.The following was given out after the meeting of the directors
yesterday:
The directors met to consider a proposition for the acquisition of the
Cincinnati Hamilton & Dayton Fly. The matter was referred back to the
President and the special committee of the board which has heretofore had
the matter in charge.-V.88, p. 685, 563.
Boston & Albany RR.-Bonds for Improvements, &c.-The
Massachusetts Railroad Commission has been requested to
give its approval to an issue of $4,500,000 4% 25-year bonds
on account of extensions and improvements at the East
Boston terminals and for general construction work already
financed by the New York Central & Hudson River RR.
The "Boston News Bureau" says:
The Boston & Albany has replaced its East Boston grain elevator and
docks, destroyed by fire last year, by new piers and a giant elevator, the
total cash expenditure at East Boston aggregating in excess of $3,000,000,
of which $1,000,000 was received In insurance, while at least $2,000,000 is
new cash investment. It is understood that, after approval by the Railroad Commissioners, the new bonds will be offered for sale by a KidderPeabody syndicate.-V. 88, p. 99.
Canadian Northern Ontario Ry.-Listing of New Debenture
Stock Issued in Exchange.-The London Stock Exchange
has listed £739,311 3% guaranteed debenture stock
(maturing 1938) in lieu of the same amount of 33% guaranteed debenture stock (maturing 1936) heretofore quoted.25,272,219 20,117,463
Total
Total
25,272,219 20,117,463 V. 88, p. 230.
"The item of patents and patent rights Includes patents on and patent rights in
Central New England Ry.-Income Bonds.-The New
wireless telegraphy, wireless telephony and the fog phone. The item of stocks
and bonds Includes stock that gives the company control of the International Tele- York committee for income bondholders having found it
graph Construction Co. and its factory, patents, &c.(better known as the Shoemake- impossible to obtain any adjustment with the New Haven
Co., with Harry Shoemaker In charge). The item of factory material on hand includes raw material and completed apparatus. The item of factories and equip- interests for unpaid interest since 1893, notifies the depositors
ments includes the factories at Jersey City and Seattle."-V.87, p. 410.
that they can withdraw, their securities from the Empire
Trust Co. of New York. Compare V. 88, p. 1001.
Realty Associates, Brooklyn, N. Y.
Chicago Burlington & Quincy RR.-Refunding Plan.-The
(Report for Fiscal Year viding Oct. 31 1908.)
company has issued a circular under date of April 20 offerThis company, of which Frank Bailey is President and ing the privilege to holders of the following divisional
Clifford Kelsey Vice-President, reports, under date of Nov.23 to exchange for its general mortgage 4% bonds of bonds
1908,
1908, in substance:
running without compulsory retirement feature to 1958:
The
company has bought properties costing $492,339, consisting of a
tract of land at Brighton Beach, Coney Island, leased for a term of years
at an 8% net rental, 11 small dwellings, 3 store and flat properties and
a
plot of 8 lots; together with 9 two-familydwellings, 20 unfinished two-family
dwellings and a plot of 45 lots, all taken back under foreclosure. Sates have
aggregated $862,240, namely 54 dwellings, 3 flat properties and 371 building lots.
The holdings now consist of 343 dwellings, 111 flat properties, 98 store
and flat properties. 47 store properties, 7 stables and 34 parcels of lots.
The company has expended in its own building operations during the
year $315,000, the enterprises including two five-story double flats in the
down-town section; a 3-story business building on Fulton St. near Flatbush
Ave., containing 5 stores; the successful moving and re-fitting of the old
Montauk Theatre, together with the construction of a new four-story
Bonds Offered an Exchange, for $ for General 4s.
Premium Offered.
Iowa Division mortgage sinking fund 4s, mature Oct. 1 1919
None
Southwestern Division sinking fund 4s, mature Sept. 1 1921
None
Denver Extension sinking fund 4s, mature Feb. 1 1922
None
Plain bonds, 5%. mature May 1 1913
-- - - _- - $20
Nebraska Extension sinking fund 4s, mature May
-- 11927
None
Burlington & Missouri River RR.Co. in Nebraska 6s, mature July 1 '18 $20
Republican Valley RR. Co. sink. fund Os, mature July 1 1919
$20
Hannibal & St. Joseph RR. Co. 6s, mature March 1 1911
$30
Most of the above bonds are subject to compulsory retirement at par through the operation of sinking funds. The
exchange will be made dollar for dollar, with adjustment of
APR. 24 1909.]
THE CHRONICLE
1061
interest to date of exchange and the allowance in several in- Ry., submitted under date of April 6 by President C. Rivers
stances of a premium, as shown in the foregoing table. The Wilson, has the following statement regarding the Grand
interest on drawn bonds will be adjusted to the date on Trunk Pacific Ry.:
The erection of the important bridges at Battle River and Clover Bar.
which interest ceases under the drawing. Premiums offered:
The 5% bonds maturing 1913 will, as shown in the table, be given a
premium of $20 on each $1,000 bond.
The B. & M. R. Os of 1918 and the,Republican Valley Os of 1919 will also
be allowed a premium of $20 for each $1,000 bond, except on drawn bonds.
The Hannibal & St. Joseph Os of 1911 will be allowed a premium of $30
for each $1,000 bond.
Bonds may be deposited for exchange at the Boston office
of the company, or at its fiscal agency, No. 32 Nassau St.,
New York. The company expressly reserves the right to
withdraw the privileges herein offered, or to alter the terms
of exchange offered at any time without notice.
The following issues are not included in the offer of exchange for obvious reasons, but no doubt terms might be
made with holders desiring to make the exchange:
Illinois Division 33,
5s and 4s.
Iowa Division 5s.
Lincoln & N. W. 7s, 1910.
ITarklo Valley 7s.
Nodaway Valley Is.
While the company would make a saving of some $400,000
annual interest, it is thought the proposition will appeal
also to the bondholders in securing them a bond with a
broader market, covering the entire system, and running
without redemption feature 30 to 40 years longer than their
present holdings. To registered bondholders there will be
an advantage in getting coupon bonds worth on the market
$5 more.—V. 88, p. 504, 293.
Cincinnati Hamilton & Dayton Ry.—Proposed Purchase
by Baltimore & Ohio.—See that company above.—V. 88,
p. 882, 504.
Conneaut & Erie Traction Co.—Foreclosure Sale.—The
road is advertised to be sold at foreclosure sale at Erie, Pa.,
on May 12 by order of the United States Circuit Court for
the Western District of Pennsylvania under the first mortgage
of 1902, of which the Fidelity Trust Co. of Philadelphia is
trustee. Upset price, $200,000.—V. 85, p. 921.
Denver Northwestern & Pacific Ry.—Construction Company Notes Called for Payment.—The Colorado-Utah Construction Co. 6% 1-year collateral trust notes issued under
collateral trust agreement dated Feb. 6 1909 (V. 88, p. 623)
have been called for payment on May 1 at 101 and interest,
at the office of the Bankers' Trust Co., trustee, 7 Wall St.,
New York. D. H. Moffat is President of the Construction
Company as well as of the railway. The calling of these
notes is understood to mean that arrangements have been.
completed for the floating of a block of bonds of the railway company. These bonds will probably be offered to
the public at an early day through Hallgarten & Co.
President Moffat is quoted as saying: "I have perfected
my plans for financing the road from Steamboat Springs to
Salt Lake City (364 miles)."—V. 88, p. 623.
Erie RR.—Collateral Trust Indenture Approved—Modification of Commission's Order.—The Public Service Commission, Second District, on April 20 approved the form of
collateral trust indenture covering the proposed new $30,000,000 collateral trust bond issue and also modified in the
following particulars their previous order:
near Edmonton, having been completed, the laying of the remainder of the
track between Winnipeg and Edmonton Is being proceeded with, and will
be finished during the present season. The company has been informed by
the Dominion Government that it is expected the line between Winnipeg
and Lake Superior Junction will be completed during the summer, in which
case—the Lake Superior branch being already completed—there will be a
continuous line from Fort William, on Lake Superior, to Edmonton, of
about 1,250 miles, available for the movement of this year's harvest.
Owing to the unprecedented increase in the cost of labor and materials
which took place during the years 1906 and 1907, the expenditure on the
Prairie Section has exceeded the estimates by about $10,000,000, and the
Canadian Government, recognizing the causes of such increase as having
been beyond the power of the company to control, and upon the report of
their engineer, have agreed to ask Parliament to authorize them to advance
the above sum to the Grand Trunk Pacific Co. at 4% per annum for ten
years, on the security of bonds of the Grand Trunk Pacific Ry. guaranteed
by the Grand Trunk Co. Compare V. 88, p. 822.
Great Northern Ry.—Reduction of Bond Premiums.—The
premiums now offered on exchanges of underlying bonds of
the St. Paul Minneapolis & Manitoba Railway Co. for consolidated mortgage 4s of the Great Northern will be discontinued on May 1 on the second mortgage bonds and will be
reduced from $13 to $10 on the Dakota extension bonds.
Compare V. 87, p. 1533; V. 88, p. 1002, 748.
Green Bay & Western RR.—Correction.—The Class B debentures, as reported in the "Chronicle" at the time, received
their first interest payment, M of 1%, on Feb. 1 1908, and
their second, M of 1%,in February last. The "Railway and
Industrial" Section issued to-day states the interest payments properly in the table at the top of the page, but incorrectly in the text as regards Class B, owing to faulty adjustment of the special dividend table there given. Compare V. 88, p. 295, 879.
Havana Electric Ry.—Common Stock on 4% Basis.—The
directors on Jan. 13 declared an initial dividend of 1% on
the $7,500,000 common stock, payable Feb. 15. Dividend
No. 2, also 1%, has now been declared, payable May 15,
placing the issue on a 4% basis. Compare V. 88, p. 744.
Helena (Mont.) Light & Railway Co.—Dividends Resumed
on Common Stock.—The company has declared a dividend
of 1% on its $561,000 common stock, payable May 1 to
holders of record April 21. The last disbursement on this
issue was 1% on Nov. 1 1907. The regular quarterly dividend of 1X% on the $374,000 preferred is also payable May 1.
83, p. 1037.
Illinois Central RR.—Bonds Ready.—Interim certificates
may now be exchanged for refunding mortgage 4% gold
bonds at the company's office, 115 Broadway, New York.—
V. 88, p. 295, 231.
Kansas City Fort Scott & Memphis Ry.—Called Bonds.—
Frank H. Damon, trustee under the mortgage of the Ozark
Equipment Co., will piy at 50 State St., Boston, on May 1
bonds called for payment at par (ex-coupon due May 11909)
as follows: First series, due May 1 1910, $41,000; second
series, due Nov. 1 1910, S60,000.—V. 87, p. 414.
Laramie Hahn's Peak & Pacific Ry.—Notes Offered.—
Lawrence Barnum & Co., New York, &c., are offering at
973/ and interest the unsold portion of an issue of $250,000
6% 2-year gold coupon notes dated Dec. 15 1908 and due
Dec. 15 1910, but redeemable on 30 days' notice after June
15 1909. Interest payable June 15 and Dec. 15 at the.
office of the firm, New York. Par, $500 and $1,000 (c*).
A circular says:
Required Percentage of Assents Reduced from 90% to 75%.
"The order provided for the refunding of $11,380,000 of the coupons
accruing during the next live years of the company's "general lien" and
"convertible bonds" and not less than 90% thereof. This percentage
limitation has been reduced to 78%.
Price at Which Bonds Reserved to Retire $15,000,000 Notes May Be Issued.
"The order provided for the exchange of the proposed bonds for notes
authorized by the Commission March 31 1909, such issue amounting to
These notes are I-sued In anticipation of first refunding mortgage 6%
$15,000,000, but in such exchange the order provided that the bonds bonds
dated 1907, which, in accordance with the terms of the mortgage
should be exchanged for the notes only on the basis of par value. This securing
them, can be Issued and certified by the Guaranty Trust Co. of
provision is now modified by the Commission to make the exchange of New York
as trustee only on completion of the railway In sections of five
bonds
to
net
the company
bonds for a like amount in par value of notes, the
each.
The railway company has assigned to Lawrence Barnum &
miles
In Its treasury riot less than 8734% of the par value. Such modification
of Its first refunding mortgage bonds when issued sufficient
Is granted upon the showing that the notes already Issued, amounting to Co. an amount
and has authorized Lawrence Barnum & Co. to apply
these
notes,
pay
to
$10,000,000, were sold by the company at or nearly their face value and the proceeds to the retirement
of these notes when due or called for payment.
that since such sale their market value has been practically par.
The
this
note issue will be applied to the completion of the
proceeds
of
bonds
not
issued
for
refunding
that
the
provided
order
"While this
line
terminus
at Hebron. Col., a total distance of 108 miles;
of
railway
to
the
purposes may be sold in the market at not less than 873i% of par value
and in opand the proceeds used for improvements and additions to the property, 40 miles from Laramie to Albany, Wyo., are now completed
eration.
the
bonds
for
notes
on
a
par
exchange
of
the provision in the order for
by the
followed
and
are
bonds
The
are
secured
by
the
notes
assignment
of
basis without deduction was based upon a general statement, made on
common and preferred stock, the present market price of which makes an
behalf of the company, which apparently Indle,ated that it was the intention equity
of
over
$1,500,000
junior
to
this
note
issue.
on
a
par
basis.
This
statement
of the company to make the exchange
appears to have been erroneous in that it did not take Into account the
Bond Offering.—About half of the issue of $1,800,000 first
market value discount In the sale of the bonds." Compare terms, plan,
refunding mortfage 6.9 having been sold, Lawrence Barnum
&c., In V. 88. p. 882.
Everett (Wash.) Railway, Light & Water Co.—Status-'New Mortgage—Lease.--See Seattle Electric Co. below.—V.
80, p. 2219.
Geneva Corning & Southern RR.—Lease.—We understand
that under the terms of the lease to the N6w York Central,
approved by the stockholders of the latter on April 21, the
New York Central will guarantee the ,payment of the full
4% dividends on the preferred (cumulative) stock and also
a return on the common stock at the rate at first of 31y%,
A of 1% each. The
payable in quarterly installments of 7
common stock dividends are'subject to change, the details,
however, not yet being available, since the lease has not
been fully prepared. Compare V. 88, p. 1002, 822, and
New York Central item, p. 823.
Georgia Railway & Electric Co.—New Bonds.—The company has filed its new mortgage to the American Trust Co.
of Boston, as trustee, to secure an authorized issue of $20,000,000 of 40-year 5% bonds dated Jan. 1 1909.
& Co. are offering the remainder (less $240,000 reserved to
retire 1st M. 6s) at par and interest. The issue is limited to
$18,000 p.m. See letterof J. G. White & Co., V.85,p. 1646.
President E. R. Miller of the Northern Colorado Coal Co.. owning mines
in Latimer County, Col.. writes from Williamsport, Pa., on March 11 saying:
"Our company owns in fee simple over 4,000 acres of land which has been
proven to contain approximately 400,000,000 tons of coal; our superintendent estimates 240,000,000 tons can be mined. We have no bond
Issue and no I idebtedness. and are awaiting the transportation facilities of
the Laramie Hahn's Peak & Pacific Ry. with great interest.—V. 85.
p. 1646.
Las Vegas(N. M.)Railway & Power Co.—Foreclosure Sale
Affirmed.—District Judge McFie at Santa Fe, N. M., on
April 13 affirmed the recent foreclosure sale of the property
of the company, which operated 5 miles of track and a light
and power plant, to J. M. Cunningham, President of the
San Miguel National Bank of Las Vegas, for $65,000.
The purchaser. It is said, represented Denver capitalists. There were
$300,000 first mortgage 5% bonds outstanding. Trust Co. of St. Louis
County, Clayton, Mo., being mortgage trustee. Certain dissatisfied bondholders have taken an appeal from the order confirming the sale.
Michigan Central RR.—Price of Remainder of Bonds.—
The syndicate headed by J. P. Morgan & Co., which last week
offered $10,000,000 20-year 4% debenture bonds at 95 and
Grand Trunk Pacific Ry.—Construction—Proposed Gov- interest, announced this week that the price of the unsold
ernment Loan.—The semi-annual report of the Grand Trunk remainder would be 963i.—V. 88, p. 1002, 945.
Of the bonds, $1,800,000, it is stated, are to be issued at present, about
$10,000,000 will be reserved to retire the outstanding underlying bonds,
and the remainder for issue from time to time for Improvements.—V. 88,
p. 560, 505.
1062
[VoL. Lxxxvm.
THE CHRONICLE
Municipal Traction Co., Cleveland.—Payments by Receivers—Earnings.—Judge Tayler in the Federal Court on
April 10 authorized the receivers out of the $740,000 cash on
hand to make payments aggregating $556,000, constituting
nearly half of the company's indebtedness.
The $556,000 includes $151,000, or 50% of the preferred claims found to
be due by Special Master Belford; $150,000 on account of the rental due the
Cleveland Ry.; $182,0 00 of Cleveland By. notes used by the Municipal company to pay for mate dais and supplies; $40,000 interest on Cleveland Ry.
floating debt and $ 33,000 for debts of the Cleveland By. incurred prior
to April 27, the date of the last settlement.
The earnings for the month of March amounted to $130,000 above all charges, this being, we are informed, the only
month thus far showing such favorable results.—V.88, p.375.
Nashville (Tenn.) Railway & Light Co.—First Dividend
on Common Stock.—The directors have declared a first dividend, 1%, on the ($3,979,800) common stock, payable
July 1 1909 to holders of record June 19. The preferred
stock (now $2,468,900) has been receiving 5% per annum
since Jan. 1 1905.—V. 87, p. 227, 38.
Natchez & Eastern Ry.—Bonds Culled.—The entire issue
of $1,540,000 first mortgage 6% 3-year gold bonds dated 1907
has been called for redemption at par and interest on June 1
at the Trust Co. of America, N. Y. City. This transaction,
it is understood, is preparatory to the merger of the road
into the Mississippi Central (controlled by the same interests) and the making of a new first mortgage covering the
consolidated properties.—V. 86, p. 1101.
National Railways of Mexico.—Application to List.—The
New York Stock Exchange has been requested to list $89,017,400 prior lien 43% bonds, $52,633,400 guaranteed general mortgage 4% bonds, $28,795,000 first preferred stock
and.$123,835,600 second preferred stock.—V.88, p.945,823.
New York Chicago & St. Louis RR.—Bonds Offered.—
Lee, Higginson & Co., N. W. Harris & Co., Clark, Dodge &
Co. and Moffat & White, all of New York, having sold the
larger part, offer at 943/ and interest, yielding about 4.40%,
the remainder of a block of $4,000,000 25-year 4(7
0 gold
bonds, dated March 28 1906 and due May 11931. Authorized and outstanding, $10,000,000. Tax free in Pennsylvania. It is provided that no new mortgage may be
placed on the property without securing these bonds
equally under such mortgage.—V. 88, p. 565, 506.
Norfolk & Western Ry.—Large Interest in Stock Repurchased by Pennsylvania Interests.—The Pennsylvania
Railroad Co. or its subsidiaries have re-purchased from
Kuhn, Loeb & Co. the block of stock of the Norfolk &
Western, amounting at face value to between $15,000,000
and $16,000,000, which in September 1906 was sold by the
company and its controlled properties on account of the
allegation that the Pennsylvania was,seeking to control the
tidewater bituminous coal traffic (compare V. 83, p. 562.)
This purchase brings the Pennsylvania's total holdings up
to about 37% of the entire capital stock.—V.83,p. 453,231.
Ogden (Utah) Rapid Transit Co.—Bond Issue.—The "Salt
Lake City Herald" of April 14 says:
The Ogden Rapid Transit Co. has just authorized the Issue of $1,000,000
bonds secured by the property of the company, including all franchises and
all lines constructed and proposed, the branch through the canyon to
Huntsville and the line under construction from Five Points to Huntsville.
The purpose of this issue is to take up $200,000 outstanding bonds and
to meet the cost of extensive improvements now under way or proposed for
the immediate future. Among the more important improvements are
the construction and equipment of the line to Huntsville and beyond, the
line to Plain City, the Wall Ave. line, the line to the Amalgamated Sugar
Co. factory and the extension of the 25th St. line. In addition, new cars
and other equipment are to be purchased.
The bonds will be disposed of just as fast as money Is needed for improvements, and they are in such demand locally that there will be no trouble in placing them. The Ogden Savings Bank Is trustee for the bonds.
[The company was incorporated in May 1900 with $100,000 capital stock
as a reorganization of the Ogden Electric By.(V. 70, p. 792), and in June
last It owned 12 miles of electric railway. Pres., David Eccles; Sec.,
Geo. H. Matson; Treas., C. H. Kircher.—Ed. "Chronicle.")
Pennsylvania RR.—Re-purchases Interest in Norfolk &
Western.—See that company above.—V. 88, p. 945, 824.
Pontiac Oxford & Northern RR.—Sale Adjourned.—The
sale of the road has been again adjourned, this thne from
April 8 to June 17; upset price still $400,000.—V. 87, p. 813.
Porto Rico Railways, Ltd.—Listed in Toronto.—The
Toronto Stock Exchange has listed the $3,000,000 capital
stock. Par $100. Compare V. 85, p. 161.
Puget Sound International Railway & Power Co.—Lease.
—See Seattle Electric Co. below.—V. 87, p. 936.
St. Louis & San Francisco RR.—Additional General Lien
Bonds Sold.—The syndicate formed late last year to take
$30,000,000 general lien 5% bonds having been liquidated,
as announced last week, a new international syndicate
formed by Speyer & Co. has purchased $18,000,000 additional
bonds of the issue.
Co. first consolidated 5% gold bonds due 1932, to retire ail
equal amount of Scranton Suburban Ry. first 6s maturing
May 1 1909, offer holders of the latter, by advertisement on
another page, the option to exchange the old for the new
bonds at par, with adjustment of interest as of May 1. Bondholders desiring to avail themselves.of the offer are requested
to notify the bankers on or before April 30. The maturing
bonds will be paid off at the offices of the brokers in Philadelphia and this city.—V. 84, p. 1368.
Seattle (Wash.) Electric Co.—New Bonds Sold.—Lee, Higginson & Co., Boston, New York and Chicago, offered early
in the week at 98 and interest, yielding about 5.10%, and
have wholly placed,the unsold portion of the present issue of
$1,600,000 'Seattle-Everett" first mortgage 5% gold bonds,
dated March 1 1909 and due March 1 1939, but callable as a
whole or for sinking fund at 105 and accrued interest on Mar.1
1914 or any interest date thereafter. Trustee, City Trust
Co. Boston. Par, $1,000, &c. (c*&r*). Interest payable
M. & S. in Boston. Authorized, $5,000,000.
Abstract of Letter of Stone Cc Webster Management Association, General
Managers, April-12 1909.
These bonds will be secured as follows:
(1) A first mortgage upon the interurban electric railway about 30 miles
in length, between Seattle and Everett, Wash., and all other properties
and franchises of the Seattle-Everett Traction Co. (controlled by The Seattle
Electric Co.) whether now owned or hereafter acquired; about half of this
interurban line Is now in operation and constrtEltion is actively progressing.
(2) BY pledge of $200,000 (entire issue) stock of the Puget Sound International Railway ea Power Co., which has no bonded debt and which leases
the Everett Railway, Light & Water Co.'s system for 999 years, thus
controlling the Everett terminal; and (3) The pledge of at least $400,000
consolidated mortgage 5% bonds of the Everett Railway, Light & Water Co.
The entire proceeds of these $1,600,000 bonds and $508,000 additional
cash furnished by the company will be deposited with the trustee to cover
the cash cost of construction and acquisition of the above-named properties
and securities, reserving a working capital of about $130,000.
The authorized issue is $5,000,000. None of the remaining $3,400,000
can be Issued unless, for the preceding year, the combined net earnings of
the Seattle Electric Co. and the Seattle-Everett Traction Co. after
deducting expenses of operation, taxes, insurance and reasonable charges
for maintenance and renewals) shall have been at least 1 9 times the
interest charges on the entire outstanding funded debt of those two companies (including all of these bonds then sought to be issued, but not including any future new issues which are subject to the lien of these bonds),
and then only to the amount of (1) 80% of the actual cash cost of further
additions or improvements to the physical property of the Seattle-Everett
Traction Co., or (2) 80% of the par value of additional consolidated mortgage 5% bonds of Everett Railway, Light & Water Co. pledged with the
trustee. The issue of bonds thus pledged cannot exceed the actual cash
cost of future additions, construction, equipment or improvements of the
Everett Railway, Light & Water Co. Of the $3,400,000 reserved bonds.
at least $2,400,000 must be set aside for future extensions, equipment
double tracking or improvements of properties on which these bonds must
be a direct first mortgage.
A cumulative cash sinking fund of 1% per annum on the amount of
bonds from time to time outstanding begins March 1 1914 and will be
invested in bonds of this issue at not exceeding 105% and interest, or by
drawing bonds at that price, if not so purchasable.
Gross Earnings of System, Last Six Years.
1908.
1905.
1907.
1906.
1903.
1004.
$4,520,488 $4,104,793 $3,239,074 $2,683,223 $2,348,634 $2,096,725
Population of Seattle, about 265,000. Company owns 97% of the
street railways of Seattle. DOC3 larger part of the electric light and power
business. Population of Everett, about 350,00.
Seattle-Everett Traction Company (Interurban Line).
About 15 miles from Seattle north are already in operation. The remaining 15 miles should be opened within six months, giving a short interurban line connecting at Seattle with the tracks of The Seattle Electric Co.
and at Everett with those of the Everett Railway, Light & Water Co. The
line will open up a heavily timbered district, so that, in addition to passenger
service, it will do a considerable business In hauling logs to tide-water.
We estimate that this interurban line will earn more than its Interest
charges. The Seattle Electric Co. will own all the capital stock.
Everett Railway, Light & Water Company.
Owns 13.74 miles of track In Everett and Lowell, and also operates by
lease from the Northern Pacific By. Co. 6.19 Miles of interurban road to
Snohomish, a total of 19.9 miles of track operated, together with an electric
lighting and power system, comprising the entire electric railway and the
greater part of the electric lighting and power business of Everett and
vicinity. The company's water plant supplies Everett and Lowell, and
includes a 6,000,000 gallon reservoir and over 60 miles of water main. The
gross earnings have increased steadily from $118,619 in 1901 to $361,041 in
1908; net earnings from $50,363 in 1901 to $182,344 In 1908. The company
has outstanding $2,000,000 5% bonds (closed mortgages), maturing in
1921 and 1925, prior to the consolidated mortgage 5% bonds to be pledged
under this mortgage, making the total funded debt not over $2,500,000.
The consolidated mortgage 5% bonds are to be part of an authorized
issue of not exceeding $4,000,000, dated Feb. 1 1909, maturing Feb. 1
1941, secured by mortgage upon all properties and franchises now owned
or hereafter acquired, of which $2,000,000 are reserved to retire the prior
mortgage bonds. The initial issue of between $400,000 and $500,000 are
all to be pledged under the mortgage securing the bonds now sold to you.
The remainder, not exceeding $1,600,000, can be issued to an amount no
greater than actual cash expenditures for future additions, construction.
equipment or Improvements.
The lease to Puget Sound International Railway & Power Co. (V. 85.
p. 723; V. 87, p. 936) requires the payment of all fixed charges of the
Everett Railway, Light & Water Co.. and in addition 3% dividends on
the $2,000,000 capital stock In 1909, 4% in 1010 and 5% thereafter. The
property is now substantially earning the required dividend over and
above fixed charges. After 1911, when the maximum rate of dividend
(5%) is reached, we expect that the continued growth of Everett will
afford a direct profit from this lease, aside from its value for terminals of
the interurban line.
Franchises.
The principal railway franchises of The Seattle Electric Co. expire In
1934 and the lighting franchise In 1952. The railway and lighting franchises of the Everett Railway, Light & Water Co. expire in 1944 and 1950
and the water franchise In 1945. The interurban line is chiefly on private
right of way. acqpired or to be acquired either by purchase or by right
of eminent domain. None of its franchises expire before 1950. These
franchises, in our opinion, impose no onerous restrictions.—V. 88, p. 565.
Seattle-Everett Traction Co.—See Seattle Electric Co.
above.—V. 87, p. 814.
Southern Pacific Co.—Bonds Subscribcd.—It is understood
that the stockholders subscribed for practically the entire
$44,500,000 convertible 4% bonds offered to the stockholders
and underwritten by Kuhn, Loeb & Co. (V. 88, p. 507).—
New Bonds Ready.—The permanent engraved general lien V. 88, p. 946, 507.
coupon bonds in denomination of $1,000 are ready for deSouthern Ry.-0fier.—J. P. Morgan & Co., the First Nalivery, and can be exchanged for temporary certificates on
presentation at the Bankers' Trust Co., 7 Wall St., trus- tional Bank and the National City Bank offer to holders
of 6% convertible gold notes which have been called for
tee of the mortgage.—V. 88, p. 1002, 456.
redemption on May 1 1909 to purchase the same at 1003I
Scranton Ry.—Bonds Sold—Option of Exchange.—Bioren and accrued interest to May 1 1909 in exchange for develop& Co. and Newburger, Henderson & Loeb, having purchased ment and general mortgage 4% bonds at 80 and interest.—
from the American Railways Co. $200,000 Scranton Railway V. 88, p. 1003, 884.
The New York participants in the syndicate Include the First National
Bank, the National City Bank, the Chase National Bank and a number of
trust companie3 and leading bond houses. Included among the other members are a number of Western financial institutions, the Royal Bank of
Canada, Speyer Bros. & Co. of London, the Deutsche Bank and the
liner Han0elsge3elischaft, the Banque de Paris et des Pays Bas and Berthe
Banque de l'Union Parisienne of Paris and other banking concerns of
London, Paris and Berlin.
•
1063
THE CHRONICLE
APR. 24 1909.
Southern Street Ry., Chicago.-New Mortgage.-The company has made its new first mortgage to the First Trust &
Savings Bank of Chicago as trustee. The amount of the
issue, as in the case of the Chicago Railways and Chicago
City Ry. first mortgages, is limited only by the company's
requirements under city ordinance for retiring the old bonds
($800,000, all discharged) and for financing improvements
:and additions, present and future. A Chicago paper under:stands that the rehabilitation of the property will require
the issue of about $1,500,000 of the bonds within the next
twelve months. See officially revised statement in V. 88,
a). 1003.
Tennessee Central RR.-Suit.-A press dispatch states
.that the Standard Trust Co. of New York on April 21 filed
.a bill against the railroad company to collect $431,210 advanced to the Tennessee Construction Co. to pay obligations
Incurred up to July 1 1905.
The despatch states that the advances are secured by a large amount of
Tennessee Central bonds, the amount being apparently wrongly stated In
the despatch.-V. 87, p. 39.
Third Avenue ER., New York.-Increase in Earnings.Receiver Whitridge is quoted as stating that the earnings
of the system during the year ended April 1 increased
$500,000 over the previous year, the increased number of
fares having been approximately 10,000,000. The increase
he attributes to better times, improved service and the payas-you-enter cars in use during the last four months of the
year, which not only prevent mishppropriation of fares by
conductors but, what he considers a greater item, the deliberate stealing of rides by dishonest passengers.-V.87, p. 1012.
.Tremont & Gulf Ry.-New President and Secretary.-H.W.
.Seaman has been elected President to succeed the late Wm.
T. Joyce, and James Stanley Secretary in place of J. M.
Jenks, who resigned.
The road extends from Tremont to Winnfield, La., 50 miles, with branches
to Jonesboro, 20 miles, and to Pyburn, 29 miles. Stock authorized at last
accounts, $1,000,000; outstanding, $240,000; no bonds.
United Railways Investment 0o.-Plan Operative.-See
.Stanislaus Electric Power Co. under "Industrials" below.V. 88, p. 569, 507.
Wabash RR.-New Bonds.-The New York Stock Exehange has been requested to list $1,765,000 additional first
refunding and extension .4s of 1956.-V. 88, p. 824, 453.
Washington (D. C.) Spa Spring & Gretta RR.-Bonds.This company has filed a mortgage to secure an issue of $500,000 5% bonds to construct,it is stated,its proposed electric
railway from 15th and H streets, N. E., to Berwyn Heights
:and Laurel, Md., about 18 miles.
Bonds dated Jan. 1909, Interest J. & J. at United States Trust Co.,
trustee, Washington, D. C. Par, $1,000. Subject to call at 105. Incorporated in Washington, D. C., and Maryland 1907-09. Stock authorized,
$500,000. Pres., S. S. Yoder; Sec., W. W.Poultney,• Tress , W.C. Brown
Room 419, National Metropolitan Bank Building, Washington, D. C.
Western New York & Pennsylvania ER.-Report.-For
:year ending Dec. 31:
American Can 0o.-Plan.-The "New York Evening
Post" of yesterday said:
A plan for paying back dlv dends has been submitted to holders of the
preferred stock. If the scheme .s carried out, the stock of a new company
wdl be exchanged for the stock of the old company, share for share. An
Issue of $12,600,000 5% collateral trust bonds, secured by deposit of the
stock of the old company, will be created, and offered to the holders of the
old preferred stock n 1.eu of back dividends.
In practically every deta.1 the plan Is s m ler to that adopted In forming
the Central Leather Co. to pay back div.dends on the preferred stock of
the old Un,ted States Leather Co.-V.88, P. 376,373.
American Locomotive Works.-Called Bonds.-Twentyfive first mortgage bonds of the Rogers Locomotive Works
have been drawn for redemption on May 14 at par and
interest at the office of the Trust Co. of America, New York,
trustee.-V. 88, p. 102.
American Railway Straw Products 0o.-Stockholders'
Agreement.-An advertisement says:
Whereas, certain conflicting statements have been made by certain
parties regarding the assets and condition of the American Railway Straw
Products Co. and the Consolidated Paper & Milling Co. (V. 85, p. 348; V.
84, p. 273,627), and
Whereas, legal progeedings have been instituted against some of the parties by the Consolidated Railway Industrial Straw Paper Co. [The "Philadelphia Ledger" in August last said: "A majority of the stock of the Consolidated Paper & Milling Co. has been purchased by the Consolidated
Railway Industrial Straw Paper Co."-Ed, "Chronicle."1,
Now, therefore, we, the undersigned committee, representing stockholders of the American Railway Straw Products Co. and the Consolidated
Paper & Milling Co., request the stockholders of said companies who wish
to participate under the agreement of this committee of March 31 1909 to
inspect copies of the same at the office of the Chairman, 141 Broadway.
[Signed: De Ruyter M. Hollins, Chairman; Col. Robert B. Baker, VicePresident Sterling Coal Co., 29 Broadway; William S. MacClymont, Secretary, 206 Centre St., N. Y.; James A. Cortright, New York.]
Batopilas Mining Co.-Report.-For calendar years:
Net Inc. Net Inc. Deduc's & Divi- Balance.
Gross.
Fiscal
Year(Mex.cur.) (Mex.cur.) (U.S.cur.) Charges. dends.• Surplus.
$32,148
1908
$926,632 $114,890 $57,445 $25,297
38,033
49,208 $55,870
1907
286,222 143,111
1,070,242
Bullion shipments amounted to 939,865 ounces of silver, against 931,536
In 1007.
•123 cents per share.-V. 87, D. 1535.
(A.) Booth & Co.-Plan Adopted-Sale May 20.-The
creditors having almost unanimously accepted the Valentine
reorganization plan (V. 88, p. 885, 946), the creditors' committee has accepted the plan and Judge Kohlsaat in the
United States Circuit Court at Chicago has ordered the
receiver to sell the property at auction at the Cook County
court house on May 20.
The successor company will be known as the Booth Fisheries Co. and
will begin business on or about June 1. Its authorized capitalization will
be $5,000,000 common stock and $2,000,000 non-cumulative preferred
stock (described below); par of all shares, $100; also $1,500,000 5%
debenture bonds dated July 1 1909, interest a fixed charge payable Jan. 1
and July 1.
The principal of $750.000 of the debentures is payable on or before eight
years from date, remainder on or before 15 years, by cumulative sinking
funds of $75,000 yearly. "No other bonds are to be issued unless the
same arc subordinate to said bonds and no liabilities to be incurred by the
new corporation except such as are necessary to carry on its business, until
said bonds are paid in full." The net quick assets (after deducting current
liabilities exclusive of bonds) are not to fall below $750,000 net value so
long as the outstanding bonds exceed $750,000, and thereafter must at
least equal the amount of bonds out until the bonds are paid in full.
Option to Subscribe.-Shareholders of record April 20 1909
are offered by P. A. Valentine and F. C. Letts, as reorganizers, through circular dated April 20, the privilege of subscribing at the Central Trust Co. of Illinois on or before
May 15 for $1,000,000 preferred and $1,250,000 common
syndicate
-The
Dissolved.
Western Pacific Ry.-Syndicate
stock of the new corporation "upon the same basis as those
has
bonds
mortgage
first
which underwrote the $50,000,000
who are furnishing the cash with which to purchase the said
been dissolved, the bonds having mostly passed into the assets, good will and business." That is to say:
offered
20
April
hands of investors. E. H. Rollins & Sons on
-And Receive
Pay
.in Chicago $1,500,000 of the issue on a basis to yield over 5%.
New Coin. New Pref.
Cash.
Surrender Old Stock$200
$250
$100
one
share
Preferred,
have
($100)
Of the $25,000,000 second mortgage bonds, $17,130,000
200
250
100
Common, three shares ($300)
been issued and are owned by the Denver & Rio Grande RR.
Subscriptions are payable either in full May 15 or in four equal installSept.installand
Aug.
July,
the
1
1;
Aug.
Sept.
and
1,
July
ments,
15,
May
Compare V. 87, p. 741; V. 88, p. 102, 565.
ments to bear interest at 5% per annum from May 20.
Wheeling & Lake Erie RR.-Receiver's Certificates Author
If the subscriptions for the new stock exceed the amounts set aside for
purpose, the same will be prorated among the subscribers.
ized.-Judge Tayler in the United States Circuit Court on that
Dividends on the preferred stock up to 3% annually may be paid out of
Saturday last authorized Receiver Worthington to make a, net earnings in excess of sinking fund requirements and interest on the
bonds until the outstanding bond issue has been reduced to $1 ,000,000;
,new issue of $1,429,976 receiver's certificates for improve- then
4% annually until the amount of bonds has been decreased to $750,000;
ments. Compare V. 88, p. 750. The sale of the certificates and thereafter 6% yearly. No dividends can be paid on the common stock
until all of the bonds have been retired. Until $750,000 of the bonds
has been arranged to Kuhn, Loeb & Co. and Blair & Co. of are
paid a majority of the board is to be named by the creditors' comthis city. They will probably be 2-year 6s.
mittee, which consists of Ernest A. Hamill, Frank 0. Wetmore, Alex.
.Calendar
Gross
YearEarnings.
1908
$7,240,234
1907
9,287,414
-V. 86, p. 1525.
Net (after
Taxes).
$310,129
1,414,530
Balance,
Extraord.
Fixed
Charges. Expendit's. Deficit.
$1,689,831 $174,689 $1,554,391
392,244
222,883
1,583,891
Of the proceeds, $750,000 will be used to build new locomotive shops
at Brewster, Ohio, to take the place of the Norwalk shops which were burned
up last year; $92,000 for ballasting; $54,500 for new freight house and terminals at Cleveland, remainder to replace old bridges, build new freight
stations, new interlocking devices and other iroprovements.-V. 88. p.
750. 626.
New President.-Edwin Gould has been elected President
to succeed F. A. Delano.
It is reported that Mr. Gould will retain the position only until the
reorganization .is perfected in order to assist in the making of necessary
financial arrangements.-V. 88, p. 750, 626.
INDUSTRIAL GAS AND MISCELLANEOUS.
American Beet Sugar 0o.-Certificates of Indebtednesl
Called for Payment.-The $3,000,000 of 6% certificates of
,indebtedness dated March 1 1905, have been called for payment at par and interest on June 1 at the company's office
.in this city, part of the funds necessary for their retirement
having been raised by the recent sale of $910,000 preferred
stock (V. 88, p. 1004). See advertisement on another page.
The earnings for the fiscal year ending March 31 last are said to show
a.surplus over the 6% dividends on the preferred stock equal to 7% on the
outstanding $15,000,000 common stock.-V. 88, p. 1004.
American & British Manufacturing 0o.-Report.-For
,calendar years:
•Calendar
Year1908
1907
-V. 87. D. 1665.
Net
Int. on
Improv.
Gross
Earnings. Earnings. Mtges.,dec eo Add.
$1,506,637 $373,505 $23,899 $114,048
182,685
61,236
22,828
1,143,113
Balance,
Surplus
$235,558
98,621
Robertson, Ralph Van Vechten, H. B. Lusch, John C. McKeon, Neal
Rantoul and Harold FitzGeraid.-V. 88, p. 946, 885.
Boston Towboat 0o.-Report.-For years ending March 31:
Fiscal
Year1908-09
1907-08
Dividends
Depr'n
Gross
Net
Paid.
Earnings. Earns. Charged off.
$460,267 $8,028 $12,317
3,700 (3%)$37,500
1.366
666.713
Bal.
Der
$4,289
39,834
Directors.-Silas Peirce and B. L. M. Tower have been
elected directors to succeed Alfred Winsor Jr. and G. H.
Allen and Robert Winsor to fill a vacancy.-V.86, p. 796.
Cincinnati Gas Transportation Co.-Bonds Sold.-The
eompany has sold to A. B. Leach & Co. of New York
$3,000,000 5% bonds, guaranteed,principal and interest,by
the Columbia Gas & Electric Co. thus financing the construction of the pipe line now building from West Virginia
to Cincinnati. See particulars in V. 86, p. 1532.
'Citizens' Light, Heat & Power Co., Johnstown, Pa.-The
"Johnstown Democrat" of April 14 says:
The capital stock of the proposed merger of the lighting and heating
Interests will be $3,200,000. Of this amount $1,200,000 will be in 6% preferred stock and $2,000,000 will be In common. The bond issue will be
$3,000,000 (Interest rate 5%).
These figures were given out last evening by one who is financially interested in the merger, including the Citizens' Light, Heat & Power Co.,
capitalized at $1,000,000; the Consumers' Gas Co., capitalized at $600,000;
the Johnstown Fuel Supply Co.. with a capitalization of $400,000, and the
Johnstown Electric Light Co., with a nominal capitalization of $1,000.
Compare V. 88, p. 1004.
Cleveland Cliffs Iron 0o.-Report.-For the fiscal year
ending Nov. 30:
1064
Fiscal
Year1907-08
1906-07
-V. 84, p. 393.
THE CHRONICLE
Net
Profits.
51,803,726
4,789.712
Deprec.e0 Dividends
Balance,.
Improvts. (20%). Surp. or Def
$974,911 $982,000 def. $153,185
1,210,946
982,000 sur.2,596,766
Columbus & Hocking Coal & Iron Co.-New Oil Subsidiary.
-The Columbus & Hocking Oil & Gas Co. was incorporated
in New York on April 15, with $100,000 authorized stock,
by officers of the company, to drill for oil and gas on the
company's lands. The incorporators are:
• N. L. C. KachelmaCher. President of the Columbus & Hocking Coal &
Iron Co.; Berthold Levy, H. D. Morrison, Herbert Scoville and H. S. Leverich.-V. 88, p. 508.
Consolidated Gas Co. of New York.-Earnings.-The
Public Service Commission, First District, has issued preliminary abstracts of the reports of the various companies
included in the system for the half-year ended Dec. 31 1907
(not 1908) showing:
RESULTS FOR SIX MONTHS ENDING DEC. 31 1907.
Gross.
Net: Other Inc. Interest. Dividends. Balance.
Gas Cos.$
$
$
$
$
Consol. Gas Co
5,860,439 241,205 2,498,806 *861,179 1,600,020 sur.278,812
New Am. Gas Co__ _1,220,032 239,209
77,321 *520,445
def.203,915
N. Y. But. Gas Co
52,447
760,633
22,406
103,098 def. 28,245
Standard Gas L. Co.. 790,081
43,737
23,352 *32,125 128,871 def. 93,907
Cent. Union Gas Co_ 744,891 143,803
3,287
87,500
sur. 59,590
229,854
Nor. Union Gas Co
42,557
2,980 *43,654
sur. 1,883
Ast. Lt. H. & P. Co_1,225,785 369,033
603 *294,949
sur. 74,687
Tot. gas eares___10,831,715 1,131,991 2,628,755 1,839,852 1,831,989 sur. 88,905
Electric Cos.
N. Y. Edison Co__ __7,231,603 2,586,695 126,095*a1521052 1,351,530 deL159,792
Un. El. Lt. & P. Co_ 898,082 5133,355
2,674 *181,929
del. 45,400
Tot. elec. earns___8,129,685 2,720,050 128,769 1,702,481 1,351,530 def.205,192
* Includes interest on floating debt.
, a Includes $23,828 rents accrued and $35,243 amortization chargeable to'income.
S Operating expenses include $108,113 "amortization, contingent expense."
-V. 88, p. 824, 689.
Lxxxviii.
Abstract of Claim for Damages.
Excess cost of coal
$3,019,864
Interest paid on same
227,000,
Damages due to increased cost of production and to non-production of materials, arising from non-delivery of coal
583,438
Miscellaneous damages and interest
120,791
Total
Paid on account March 30 1909
$3,951,092
2,750,000
Balance
$1,201,093
The last dividend paid on the 7% cumulative preference stock of the
company was that for April 1 1903. A dividend of 10% has now been
declared, payable May 10 next, which will leave 43i years still in arrears,
amounting in all to 31 M%. Your directors propose that the balance
of
the accumulated dividends shall be paid as rapidly as the income of the
company will permit, and they intend, in addition, to devote to that
object all moneys hereafter received on the claim against the Coal Co.
It is also the intention of your directors that the regular payment of the
half-yearly dividends on the preferred stock shall be resumed, beginning
with the dividend payable on Oct. 1 1909.
The larger portion of the $2,750,000 received from the Coal Co. has been
used to pay off the company's floating liabilities, and, apart from its bonds
and from current pay-rolls, &c., the company is now free from debt and
has a cash balance on hand.
At the annual meeting of shareholders on June 25 last an issue of consolidated mortgage bonds was authorized to provide for the company's financial
requirements, and a portion of these bonds was issued and used as security
for advances. These advances having been paid off, the bonds have been
withdrawn and none of that issue is now outstanding. Your directors
have, however, certain enlargements and improvements of the plant at
Sydney under consideration, in connection with which a portion of the
bonds, not exceeding $2,000,000, will now be made use of. The necessary
financial arrangements for this have already been made. The balance of
the authorized issue will remain available for the future requirements of
the company.-V. 88. P• 885. 626.
Duluth (Minn.) Edison Electric Co.-Report.-For year
ending Feb. 28 1909:
Gross earnings
$359,579 Sundry interest
$2.341
Net (after taxes)
170,157 Other charges
3,505
DeductPref. divs., 6%
62,304
Bond interest
$47,106
54,900 Balance, surplus
Dividends of $47,000 on the $500 000 common stock were paid out of
accumulated surplus. For year ending Dec. 31 1907, gross earnings were
reported as $327,081 and net earnings as 5163,804.-V. 86, p• 1533.
Consolidated Paper & Milling Co.-See American Railway
Edison Electric Illuminating Co. of Boston.-Acquisitions.
Straw Products Co.above.-V. 85, p. 348.
-The shareholders will vote April 29 on:
Corn Products Refining Co.-Sale of Bonds.-Speyer & Co.
Authorizing the
of the locations and property of the following
have purchased $5,000,000 of the new first mortgage 25-year corporations used inpurchase
their business of generating and furnishing electricity
light and power, viz.: Chelsea Gas Light Co., Boston Consolidated Gas
5% sinking fund gold bonds, being part of a total issue lim- for
Co. Newton de Watertown Gas Light Co. Waltham Gas Light Co. and
ited to $10,000,000. Of the remaining $5,000,000 bonds, Lexington
Gas de Electric Co. Compare V. 88, p. 454.
$2,000,000 can belssued only in exchange for a like amount
Edison Phonograph Co.-Settlement of Litigation.-See
of outstanding debentures of the company, and the balance New York Phonograph Co. below.-V.85, p. 1404.
for new construction or new acquisitions. An authoritative
Electrical Development Co., Niagara Falls.-Company
statement says:
Profits by Ice Jam.-The company's plant, "situated on the
4 These bonds are to be secured by a first mortgage on all the property,
plants, patents, trade-marks. &c., of the company and Its subsidiary com- shore _ ___ feet above the cataract," has not only escaped
panies, now owned or hereafter acquired (except certain real estate in Chi- all damage and inconvenience from the extraordinary concago no longer needed by the company), subject only to the existing mortgages of $1,726,720 on the Edgewater plant and $300,000 on the Granite ditions occasioned by the ice jam that began April 7, but is
City plant.
profiting from the sale of power to the Ontario Power Co.
The mortgage securing the bonds will provide for an annual sinking fund
of 2% of the total amount of bonds, which may have at any time been is- while the latter's generators are drying out. Reports say:
sued. Bonds for the sinking fund are to be either purchased at or below 105
and interest, or drawn at 105 and interest. The entire issue may, at the
option of the company, be redeemed at 105 & int.-See V. 88, p. 1004,885.
Income Account, March 1 1906 to Feb. 1 1909.
(Including C. P. R. Co.. C. P. Co. and N. Y. G. C.from Jan. 1 1906.)
2 Yrs. end. 11 Mos.end. Total 2 Yrs.
Feb. 28 '08. Feb. 11909. and 11/tfos.
$9,299,089 $2,323,336 $11,622,425
Net profits
Less new construction (old plants)
charged off
1,756,156
x357,022
2,113,179
Net profits
Dividends paid
Rate of dividend
$7,542,932
3,421.764
(12%)
$1,966,314 $9,509,246
900,000
4,321,764
(3%)
(15%)
Balance, surplus
Proceeds sale of property. &c
Loan account
$4,121,168
$1,066,314
$5,187,482
361,261
1,425,000
Total net income for 2 years and 11 mos end. Feb. 1 1909_ $6,973,743
:c Includes: New construction (old plants), $472,173; less net credit
wrecking Chicago plant, $115,151; balance, $357,022.-V. 88, p. 1004, 885.
Cuyahoga Telephone Co., Cleveland.-Notes Offered.-A
large amount of the issue of $475,000 "convertible collateral
trust 6% coupon notes", dated May 1 1909, denominations
$1,000, $500, $100, having been sold, Otis & Hough, Columbus, offered on April 18 $150,000 at par and interest. An
advertisement says:
Interest payable Nov. 1 and May 1 at Guardian Savings & Trust Co.,
Cleveland, or Columbia Trust Co., New York, at option of holder. Principal payable at Guardian Savings & Trust Co., Cleveland, trustee. These
notes may be converted into first mortgage 5% bonds of the company at
any time prior to 60 days before their maturity, in amount and at the rates
mentioned below: $118,800 May 1 1911, convertible at 91.25; $118,800
May 1 1912, convertible at 92.25; $118,800 May 1 1913. convertible at
93.25; $118,800 May 1 1914, convertible at 94.25. These notes are
secured by $792,000 first mortgage bonds of the company held by the trustee. Capitalization: Common stock, outstanding, $1,500 000; preferred
stock, outstanding, $1,437,350; bonded debt, including bonds securing
these notes, $3,500,000. When these notes shall have been issued, the
company will have no floating debt and will have provided $300,000 for
extensions and improvements. Compare V. 88, p. 628, 946.
' Dominion Coal Co.-Contract Again in Force.-See Dominion Iron & Steel Co. below.-V. 88, p. 885, 830.
Dominion Iron & Steel Co.-Dividends, &c.-The direc9% of the arrears on
tors on April 16 announced(1)that 103/
preferred dividends would be paid on May 10 to stockholders
of record April 24; (2) that the regular half-yearly dividends
on the preferred stock would be resumed on Oct. 1 1909;
(3) that it is the intention to pay off the accumulated dividends on the preferred stock as rapidly as the income will
permit; and (4) that the funds required for extensions to the
plant will be provided by use of not exceeding $2,000,000
of the consolidated bond issue already authorized.
Abstract of Official Circular to the Shareholders.
A satisfactory agreement has been reached with the Dominion Coal Co.
looking to a settlement of the pending litigation. The coal contract of
Oct. 20 1903 has been resumed, and is now in full force as if there had been
no breach. The sum of $2,750,000 has been paid by the Cbal Co. on
account of the claim for damages
Full details of this claim are to be submitted to the Coal Co., and after
they have satisfied themselves as far as possible as to the correctness of the
same; it has been agreed to make an effort to effect a settlement without
further litigation.
The company has four units, having a capacity of 12,500 h. p. each.
One unit is rented by the Canadian Niagara Power Co. and is kept as a
reserve. Two units are sufficient for the ordinary requirements of the
Electrical Development Co. itself. The fourth unit, held as a reserve,
is now supplying the Ontario Power Co. It is valuable testimony to the
efficiency of the Electrical Development Co.'s plant that in two years it
has not been out of operation for over three hours.-V.87, p. 289.
Federal Mining & Smelting Co.-No Dividend on Common
Stock.-No action has been taken on the declaration of a dividend this month on the $6,000,000 common stock, and it is
understood that further declarations await improvement in
metal conditions. On Jan. 15 last 1 IA% was paid, being the
first distribution since Dec. 1907. Compare V. 87, p. 1607.
-V. 88, p 628.
Federal Signal Co., Colonie, N. Y.-New Stock., &c.-The
shareholders will vote May 6 (1) on increasing the capital
stock from $2,000,000, consisting of $1,400,000 common and
$600,000 13referred, to $2,300,000, and (2) on re-classifying
the stock by making the present preferred stock second preferred and issuing the $300,000 new stock as first preferred,
entitled to cumulative dividends at the rate of 80 per annum
for the first three years, 9% for the next three years and 10%
yearly thereafter.
The first preferred will be subject to call at 11234 plus accumulated dividends at any time at company's option; and the holders at their option may
require the company to pay off 12% of the par value of their respective
holdings yearly, beginning three years from date of issue, at par, with accumulated dividends. The first preferred has preference also as to assets.
and no mtge. can be placed on the property without the unanimous consent
of all the holders thereof. Par of all shares, $100. At the en I of ten
years the company must redeem at 112 3,4 and accumulated dividends
all 1st preferred shares then o itstanding. A. H. Renshaw is President
and Frederic Prayn, Secretary.-V. 86, p. 1470.
General Asphalt Co.-Changes.-Since April 22, the
Fidelity Trust Co. of Philadelphia has been acting as agent
for the voting trustees under terms of the stock trust agreement of May 19, in place of the Guaranty Trust Co. of
New York. The Commercial Trust Co. of Philadelphia is
now the sole transfer agent, and the Equitable Trust Co. of
Philadelphia the sole registrar of stock trust certificates.
-V. 88, p. 628, 509.
Gottlieb-Bauernschmidt-Straus Brewing Co., Baltimore.-New Voting Trustee.-Frank F. Peard has been elected a
voting trustee to succeed the late Frank S. Hambleton.V. 87, p. 1090.
Houston (Tex.) Oil Co.-End of Receivership.-Judge
Burns in the Federal Court at Houston, Tex. on April 16
discharged Charles Dillingham as receiver and ordered him
to turn over the property to the company on Monday last.
It is expected that the receiver of the Kirby Lumber Co.
will be discharged at an early day. The officers and directors of the Houston Oil Co. are:
President, S. W. Fordyce. St. Louis; Vice-President,
S. Bache, New
York: General Manager, Harry A. Black, Houston; Secretary and Auditor,
Adolph H. Stille of Houston; acting Treasurer, L. S. Zimmerman, Baltimore. Executive Committee, Edwards Whitaker, Chairman; Murray
Carleton and Henry J. Bowdoln.
APR. 24 1909.1
THE CHRONICLE
Directors: J. S. Bache, Henry J. Bowdoin, Patrick Calhoun, Murray
Carleton, S. W. Fordyce, Jay 0. Moss, D. S. H. Smith, Edwards Whitaker
and L. S. Zimmerman. Compare Plan V. 87. P. 418.
Payment of Timber Certificates.--An advertisement on.
another page announces that the principal of timber certificates Series K, $450,000, due Feb. 1 1909, will be paid
April 28 with 6% interest from Feb. 1 to April 28.-V. 87,
p. 418.
Kings County Electric Light & Power Co.-Earnings.For the 3 months ending March 31:
•
1909.
3
Gross earnings
938,492
Oper. exp.,Incl. gen.,
technical production & distrib. exp432,464
1908.
3
(?)
1909. 1908.
3
$
398,849 424,473
Balance
11,630
Int. on invest., &c
1065
Capital stock, $2,500,000; par, $25. Refined copper produced, 10.295.881 lbs. In 1908, against 10,107,266 lbs. In 1907.-V. 86, P. 1470.
New York Phonograph 0o.-Settlement of Litigation.-An
agreement was reached on April 10 for the settlement of the
suit brought in 1901 against the Edison Phonograph Co.,
Thomas A. Edison and others, to recover, it is stated, $450,000 on account of violation of the contract of 1896 granting
the company an exclusive license to sell phonographs,
records and supplies in New York State.
In addition counsel, it is stated, have signed agreements of settlemetn
of approximately 700 suits against dealers in this State, the amount claimed
In all the various suits being reported at about $2,000,000. Compare
V. 84, p. 897; V. 82, p. 632: V. 80, p. 1858, 166.
Pennsylvania Sugar Refining Co.-Protective Committee.A committee has been formed to protect the bonds of the
company under an agreement dated Dec. 22 1908, and the
holders are urged to deposit their bonds with the Columbia
351,640
84,463 Trust Co. New York City, or the Trust Co. of North America, Phila:delphia, prior to May 17 1909. Committee:
Lake Superior Corpration.-Offering of Bonds of 1904
Charles M. Warner, Chairman; Willard V. King, Howard E. Mitchell,
Issue.-Subscriptions were received by the Bank of Montreal James F.Sullivan, James
S.Swartz, Thomas W.Synnott. Robert
with, as counsel, Davies, Stone & Auerbach of New York andWetherill.
in Montreal and London from April 14 to 19 for $5,000,000 Hampton
Hon. M.
Todd of Philadelphia.
first mortgage collateral trust 40-year 5% bonds, part of the
The bondholders' agreement of Dec. 22 1908 authorizes the committee.
issue of $10,000,000 dated 1904, of which about $9,000,000 In order to provide the receiver with $20,000 needed to protect the interest
the bondholders, to obtain the sale of receivers' certificates ranking on a
have long been outstanding, but largely held by the Canadian of
parity with those previously issued, and as security therefor to pledge the
Improvement Co. These bonds are a first charge upon deposited bonds or a majority thereof. If a plan is not promulgated on
before July 1 1910 the depositing bondholder may withdraw on paycertain landed property of the corporation and, directly or or
ment of committee expenses, &c., not to exceed $5 per bond and his pro
indirectly, on all of the stock and bonds (excepting only rata share of the purchase price of said receiver's certificates. Any plan
issued will become operative unless a majority of the total bonds Issued
$931,000 of bonds) of the following subsidiary companies:
dissent in writing within 30 days.-V. 87, p. 1608.
Algoma Central & Hudson BayRy.Co Lake Superior Power Co.
Sault Ste. Marie Pulp & Paper Co.
Ralston Steel Oar Co., Columbus, O.-Preferred Stock
Manitoulin & North Shore Ry. Co.
Tagona
Water
&
Light
Co.
Algoma Steel Co., Ltd.
Offered.-The company has been receiving subscriptions for
International Transit Co.
Algoma Commercial Co., Ltd.
an issue of $150,000 6% preferred stock, being part of the
Extracts from Letter of President C. D. Warren, April 15 1909.
As the current fiscal year is one of reduced business, I estimate the net authorized issue of $400,000 of preferred stock, of which
revenue for the fiscal year ending June 30 1909 at about $900,000, or, after $225,000 is now outstanding. "Ohio State Journal" says:
payment of fixed charges, a surplus of $400,000 to $450,000.
(?)
398,849
151,640
Fixed charges
Net earnings
506,028 490,993 Dividend (2%)
200,000
Replacement and depreciation
107,179 66,520
Total deductions_351,640
Balance, surplus__ _ 47.209
-V. 88, p. 561. 379.
436,103
151,640
200,000
Combined Earnings of the Corporation and Its Subsidiary Companies for
Years ending June 30.
1907-08.
1905-06.
1906-07.
$8,752,049
revenue
$7,995,060
Gross
$8,702,913
1,083,482
864,578
1,087,035
Net revenue
Amount required to pay interest on $10,000,000 first mortgage bonds.
$500,000. The net earnings for the last year include chiefly: Algoma
Central & Hudson Bay Ry., $176,415; Algoma Steel (including bounties).
$600,397; Lake Superior Power Co., including Helen mine, $294,108;
Sault Ste. Marie Pulp dc Paper Co., $46,117; Tagona Water & Light Co.,
$35,343. These profits are, of course, largely interdependent.
The sole product of the steel plant at present is rails of the highest
quality, which are supplied to the leading Canadian railways. The
increased demand, at higher prices, for the pulp product will increase the
earnings from this source. I do not estimate much change in the earnings
of our railways or the Lake Superior Power Co. until the same have been
extended.
The reconstruction in 1904 left this corporation with an uncompleted
steel plant and without funds to complete it. The sale of $1,024,000, part
of the $10,000,000 first mortgage collateral trust bonds, and the advances
to the Lake Superior Iron & Steel Co., one of the subsidiary companies, of
some $2,000,000, which we are arranging, will suffice to carry out these
works. At present we make nothing but rails, not even spikes, bolts or
fishplates for the rails, and when rail orders are short the mill must be shut
down-during the past year we were so shut down for three months. Our
furnace capacity is only half that of our rolling mill; consequently we have
been obliged to buy pig iron for a large part of our product at much higher
prices than we make it.
With the comparatively small expenditures above referred to. we can
rectify these conditions. We will erect a finishing mill to manufacture the
many different forms of steel for which there is a constantly increasing
demand, and which are at present mainly imported, and erect coke
ovens, from which a very large saving in cost must ensue. With the
Completion of the plant the profits will greatly exceed those of the past.
Digest of Letter from Robert Fleming, London, April 13 1909.
As desired, I mention the circumstances through which these bonds are
now offered for sale.
A company, known as the Canadian Improvement Co., was formed to
finance the reconstruction of the Consolidated Lake Superior Co. in 1904.
Of the $10,000,000 bond Issue of the Lake Superior Corporation, $1,389,000
were issued to the public and $7,242,000 were issued to the Canadian
Improvement Co. and carried by it until in the enforced liquidation succeeding the panic It was unable to meet the demands of certain banks. It was
at this time that the business was brought to my attention, with the result
that on Jan. 2 1909 the Lake Superior Investment Co., formed for the
purpose, bought these bonds of the Lake Superior Corporation.
The statement of the President of the company, confirmed by Dr. F. S.
Pearson, indicates that by an expenditure of $2,500,000 to $3,000,000,
mainly on the steel plant, the profits can be greatly increased.
The new money required for this purpose is being found by the sale of
$1,024,000 first mortgage collateral trust 5% bonds, and by the advance
of about $2,000,000 by the Lake Superior Investment Co.
The common stock of the Lake Superior Corporation is quoted and
regularly dealt In on the Philadelphia Stock Exchange. The "Financial
Chronicle" gives the transactions weekly. For this year, from Jan. 2 to
Feb. 27, $8,144,900 of capital stock has been dealt in. The present price
is about 19. The original cost was, I understand, nearer 90 than 19.
Compare V. 88, P. 1004.
The preferred stock has paid 154% quarterly dividends since it was authorized and the earnings show a good margin above dividends on the preferred Issue. The proceeds of the new issue will be used for working capital.
-V.84, p. 1252.
[The company's shares, both preferred and common, the latter aggregating $600,000, were listed on the Columbus Stock Exchange last January.
The only bonds, it is stated, are $235,000 bonds of the Rang Engineering
Co. This enterprise should not be confounded with the Ralston Car
Works, recently organized to establish a plant at Ralston, Neb., 6 miles
from Omaha.-Ed. "Chronicle."]-V. 84, p. 1252.
Reading Hosiery Co.-Notice to Bondholders.-Special
Master John M. Dettra notifies all holders of bonds and
coupons to present the same to the Trust Co. of America,
37-43 Wall St., New York City, on or after April 24 1909
and receive the amounts found to be due thereon.
San Francisco & San Joaquin Coal Co.-Foreclosure Suit.
-The Mercantile Trust Co. of San Francisco, successor of
the California Safe Deposit & Trust Co., as trustee for the
$500,000 mortgage made in 1897, has brought suit to foreclose, alleging that no payments of principal or interest have
been made since August 1907. The company was involved
in the operations of James Treadwell and J. Dalzell Brown.
Shamokin & Coal Township Light, Heat & Power Co.,
Shamokin, Pa.-New Stock.-This Pennsylvania corporation
has filed a certificate of increase of authorized stock from
$600,000 (consisting of $330,000 common, $145,000 first
preferred 6% cumulative and $125,000 second preferred 6%
cumulative) to $700,000, through the issue:of $100,000 third
preferred (6% cumulative) stock. Par of all shares, $100.
No bonded debt. Pres., E. M. Leader; Sec. and Treas.,
F. P. Lewellyn.
The company was organized in 1907 and purchased the plant of the
Shamokin Light. Heat & Power Co. (V. 69, p. 1106), the $125,000 second
preferred and $150,000 of the common stock being issued to represent the
purchase price. The property of the gas and other companies was also
acquired by merger. The issue of a third preferred stock of $100,000 is
made to take up a floating debt representing additions and improvements
to the amount of $140,000. All bond issues have been retired.-V. 86.
p. 1046.
Sierra Madre Land & Lumber Co.-Sale.-The Mexico
North Western Ry. Co., recently organized (see V. 88, p.
749), has completed, we are informed, its purchase of the
control of this property and also of the Chihuahua & Pacific
RR. and the Sierra Madre & Pacific RR.-V.87, p. 1163.
Sioux City, (Ia.) Service 0o.-Stock Increase.-This
company, incorporated under the laws of New Jersey, on
Jan. 7 1905 filed on March 22 an amendment to its certificate
of incorporation increasing the capital stock from $250,000
to $2,000,000.
Lanyon Zinc 0o.-Receivership.-The District Court of
Kansas on April 17, on application of Alton B. Parker,
Counsel for the Trust Co. of America, mortgage trustee,
appointed President J. 0. Rodgers as receiver. There are
McRoberts, President of the Sioux City Traction Co., is President
$1,783,000 6% bonds outstanding, the last coupon paid of Samuel
the company and its business has been the sale of electricity furnished
being, it is said, of March 1906.-V. 84, p. 511.
by the Traction Company.
Massachusetts Gas Companies, Boston.-Earnings of ConSouth Baltimore Steel Car & Foundry Co.-Plan
trolled Companies.-Net earnings of the subsidiary compa- tive.-The reorganization committee having decidedOperathat
nies for March and the nine months ending March 31:
a sufficient number of the creditors have assented thereto,
9 mos. end. MM.31- has declared the agreement operative. Further assents
March
will
1908-09.
1909.
1908.
1907-08.
Boston Consolidated Gas
$113,756 $113,990 $888,099
$827,220 be received until and including May 15 1909, but thereafter
New England Gas & Coke
377,762
54,825
52,403
460,521 only on special authority. See plan V. 88, p. 382.
Chelsea Gas
1,862
25,273
3,608
48,053
East Boston Gas
4,487
39,098
Southern Steel Company.-Sale Confirmed.-Special Ref-.
2,319
31,972
Mass. Steamship Co
65,481 ' 21,968 eree in Bankruptcy Sterling A. Wood
10,868 *11,420
on April 20 confirmed
def. 1,069 def. 765 def. 1,906 def. 5,987
Citizens' Coot Quincy
the sale of the company's properties on April 12 to the reTotal
$184,729 $182,977 $1,393,807 $1,383,747 organization committee. An appeal
is pending by certain
Increase in Gas Output of the Boston Consolidated Gas Cos.
bondholders, who have not consented to the reorganization
1908. 1
1909.
1909.
1908.
this,
plan;
but
it is understood, will not interfere with the
March
8.71% 8.98%19 mos. end. Mch. 31_4.14% 10.25%
new company taking possession at an early date. Compare
• After allowing '7% interest on $1,500,000 invested in three colliers.
p.
V. 88,
1005, 751, 568.
-V. 88. p. 161, 104.
Standard Sanitary Mfg. Co., Pittsburgh, Pa.-Acquisition
Mohawk Mining Co.-Report.-For calendar years:
Fiscal
Mining Constr. Surp. Previous Dividends Surplus, -Canadian Branch.-This company has purchased for cash
Gross
year. earnings, profit. expenses.for year. surplus.
paid.
Dec. 31. the property and stock of the Sommerville Co., Ltd., of
$
$
$
$
a
$
$
1908_1,384,165 298,575 21,796 276,779
557,821 (10)250,000 584,600 Toronto (price said to be $250,000); also the business and
1907...1,585,784 501,758 103,353 398,405 1,059,417 (36)900,000 557,822 stock of the Lavatt Mfg. Co. and the General Brass Works,
1066
THE CHRONICLE
Ltd., also of Toronto. The new subsidiary company which
will take over the foregoing will be known as the Standard
Sanitary Mfg. Co. of Canada, and will have $500,000 of
capital stock.—V. 84, p. 275.
Stanislaus Electric Power Co.—Plan Operative.—The
bondholders' protective committee, acting under agreement
dated May 6 1908, S. Z. Mitchell, Chairman, has declared
operative the plan adopted by them, dated Jan. 14 1909
(see V. 88, p. 235, 569), This action, it is stated, was taken
with the approval of the board of directors of the United
Railways Investment Co., and the plan has been approved
by the holders of over 98% of the first mortgage bonds of
the Stanislaus Electric Power Co.
The time within which bonds and shares of stock or voting trust certificates therefor of the issues above mentioned may be deposited with the
Knickerbocker Trust Co., depositary, has been extended to May 1 1909,
after which no deposits will be received except upon such terms as may be
fixed by the committee. Compare V. 88, D. 1005.
[VoL. Lxxxvin.
On Dec. 31 1909 there were outstanding $3,100,000 common stock.
$929,500 pref. stock, $2,156,000 bonds and $278,147 current liabilities.
The increase in the preferred stock,it is understood, was for the purpose of
acquiring securities of subsidiary companies which were formerly owned
by the Federal Telephone Co. (Compare V. 82, p. 1500d 1442, 1271.)
Directors.—The interests represented by President James
S. Brailey Jr. of Toledo, it is said, recently obtained control
through the purchase of the holdings of F. R. Huntington of
Columbus, and are working harmoniously with the large
minority interest held in Cleveland. The board of directors
now includes:
E. G. Tillotson (Chairman), C. A. Otis, E. W. Moore, A. H. Bauer,
H. C. Stifel, James S. Bralley Jr. (President), Claude Ashbrook, Clarence
Brown (Vice-Pres.), H. B. Taylor (Treas.), W. L. Carey Jr. (Sec.), J. C.
Boush (Gen. Man.). Compare Cuyahoga Telephone Co., V. 88, p. 946.
—V. 87, p. 410.
Wells, Fargo & Co. (Express).—Contract with Mexican
Roads.—The company has entered into a contract with the
National Railways of Mexico to handle the express business
over the company's lines for a period of ten years.
The company's operations now cover all the railroads of Mexico exceptTacoma (Wash.) Gas Light Co.—Bonds.—Among the
the Mexican (Vera Cruz) RY., and negotiations are pending for taking
creditors of the bankrupt firm of E. H. Gay & Co. appear ing
over the express business on that line. A number of restrictions are contained in the contract, the company being prohibited from raising its rates
the Tacoma (Wash.) Gas Light Co. (V. 84, p. 343) to the except
on authority of the Government. and its charges being fixed by the
extent of $367,200, on account of "securities borrowed on latter.—V.
88, p. 383.
$459,000 Tacoma Gas Light bonds to open an account."
—Moody's "Analyses of Railroad Investments," by John
The $367,200 is equal to 80% on the $459,000 bonds. The
legality of the issue of this block of bonds, it is understood, Moody, is an entirely new publication which has just come
is disputed.—V. 84, p. 343.
to hand. The book is original and unique and supplies a
want not covered heretofore by financial publications. The
Tamarack Mining Co.—Report.—For calendar years:
design is to show quickly the true value of securities as based
Bal., Sur.
Divs. on New
Gross
Total
Calendar
Total
or Def.
on Stock Constr.
Profit.
Year—
Receipts. Expenses.
on the average results in earning power shown for a period of
A large part of the volume is devoted to an in1.716,974 1,870,191 def.153,217•82,389 def.235,606 ten years.
$.908
1,835,970 1,751,835 sur. 84,135a240,000 93,410 def.249,277 teresting and comprehensive discussion of the proper meth1907
sur.113,630
90,518
0300,000
1906
1,917,232 1,413,084 sur.504,148
ods for ascertaining railroad security values. All the important railroads of the country are analyzed on the princi• Includes $49,538 for cliff explorations a 16%. b 20%.
Fine copper produced, 12,806,127 lbs. in 1908 (of which 11,091,254 lbs. ples laid down, and the strength and weakness of all the seIn
1907
lbs.
and
9,832,644
In
lbs.
sold during 1908). against 11,078,604
curity issues are brought into view. The book should prove
1906; average price received, 13.39 cents in 1908, against 18.38 cents in
valuable to those interested in railroad investments, either
1907 and 18.85 cents in 1906.—V. 88, p. 1105.
Union Bag & Paper Co., New York.—Capacity of Plants.— as dealers or investors, or to any others who are general
The following data furnished the New York Stock Exchange students of the subject. The contents are given in some deDec. 17 1908 supplements the statement made in the recent tail in the advertisement on another page. The price of
annual report (V. 88, p. 881) as to the company's property: the book, which is a large volume, 550 pages 9 by 12 inches
Daily Capacity. in size, is $12 per copy net, or $12 50 delivered. It is
Ground wood.rnilis at Sandy Hill and Hadley, N. Y., and Kaupublished by the Analyses Publishing Co., 35 Nassau St.,
100 tons
kauna, Wis
sc
rk.
New York.
175 "
Sulphite mills at Sandy Hill and Ballston, N. Y
Paper mills at Sandy Hill, Ballston and Hadley, N. Y.; Watertown,
herzer Rolling Lift Bridge Co., Chicago, have
"
225
Wis
Kaukauna.
and
Mass..
Paper bag factories at Sandy Hill and Ballston, N. Y., Watertown, Mass., issued a handsome illustrated book descriptive of the rolling
and Kaukauna, Wis., containing machines sufficient to convert the entire lift bridge and the great advantages it possesses over swing
Output of paper into paper bags, and valuable water power in Canada bridges Railroad and municipal officials will find this
and at Sandy Hill, Ballston and Hadley, N. Y.
interesting, as it contains many illustrations of bridges
New Director.—Alexander MacLaurin has been elected a book
which the company has constructed in this country and
director to succeed L. B. Walkley, whose term has expired. abroad.
Attention is called to the page advertisement
•
—V. 88, p. 881.
the Sche zer Co. which appears in our 'Railway Suppleof
.—A
his
Co
malgamation.—T
United States Light&Heating
ment," issued to-day.
company was incorporated Dec. 4 1908 under the laws of
—A. E. Fitkin & Co., dealers in investment securities,
being
$17,500,000,
constock
Maine, its authorized capital
Broad St., New York, will move from their Boston offices
25
and
preferred
$15,000,cumulative
sisting of $2,500,000 7%
14
Kilby St. to larger quarters in the Braiser Bldg., on
at
taken
has
over
and
the
$10),
000 common (par of shares
J. W. Turner represents the firm in the Boston
St.
State
of
Co.
Lighting
Car
Milwaukee,
control of the Bliss Electric
A circular of investments yielding 3.70% to 57%
field.
and
the
Buffalo
of
Co.
United
Battery
the National (storage)
will be sent to applicants. Most of the securities in this list
States Light & Heating Co. of New Jersey, which has a plant are legal investments for New York, Massachusetts, Maine
City.
Negotiations
York
are
New
at 22 Thames St.,
and New Hampshire savings banks.
pending for acquiring other plants.
—J. de T. Lentilhon has opened a branch under his man$4,500,000
and
common,
will
preferred
Of the stock, $1,000,000
proposes to manufacture electric agement at 38 Fulton St., corner Pearl St., for Hetherington
remain in the treasury. The company
the generating power is taken
of the New York Stock Exchange. This
lighting and heating apparatus in which
be $267,000. The company & Co., members
from the axles. Its working capital will
of its own; in the mean- office, located on the second floor of 38 Fulton St., is in the
expects during the summer to establish a plant
operated.
time the plants of the sub-companies are being
building where the Second Avenue and Third Avenue eleDirectors—Edwin Hawley, President and director of a number of railrespectively Chairman vated lines have their station. The branch is also convenient
roads; Julius E. French and William H. Sliverthorn,
P. Shouts. Presiwho are situated in the tobacco and drug disand President of the Railway Steel Spring Co.; Theodore
Erb, Charles A. Star- for customers
dent of the Interborough-Metropolitan Co.; Newman Walter
S. Crandell of tricts and the Fulton Market.
buck, President of New York Air Brake Co., and
•
Hawley & Davis.
—The 1900 edition of "Washington Securities" has been
Officers—W. H. Sliverthorn, President; Julius E. French, First Vicea compilation of useful information
President; Edwin Hawley, Second Vice-President; C. A. Starbuck, Third issued. The book is
Vice-President, and W. S. Crandall, Secretary and Treasurer.—V. 87, p. regarding the securities dealt in on the Washington (D. C.)
1538, 1483.
Stock Exchange, and contains a record since Jan. 1 1903, by
United States Steel Corporation.—Annual Meeting.— months, of sales and price ranges. The book is compiled by
Chairman E. H. Gary at the annual meeting on April 9, Eugene E. Thompson and is from the press of Gibson Bros.
speaking of the gradual improvement in the steel trade
—Shafer Bros., 35 Wall St., an old tune New York Stock
during the last few weeks, said in substance:
Exchange house, have moved into a suite of offices in the
Last
year
improving.
steadily
but
is
gradually
business
In a general way
National City Bank Bldg., 55 Wall St. The firm was estabbusiness betterment ran on into the fall. But in December ourofcompetithis for lished in 1860 and has been located for many years in the
We took no notice
tors began to cut prices and get our trade. change
the
policy
of
the
price
to
then
decided
but
from 30 to 60 days,
Mills Building. Their new accommodations are large and
corporation.
brought attractive.
The price reductions which followed resulted in business being
getting
of
the
in
oil
expectation
held
almost to a standstill, as consumers
—James H. Oliphant & Co. of 20 Broad St. have brought
prices bestill lower quotations. Within about GO days, however, when
and we are now do- out the 1909 edition of "Ile Earning Power of Railroads."
gan to get closó to the bottom, there was more buyingWe
well
are
satisfied
since December.
compiled by Floyd W. Mundy, deals
ing the largest volume of business
as bright. Some of the corpora- This volume, which is
with the conditions and regard prospectssteel
at or possibly under the cost with the fundamental principles of investment, vital statistion's competitors may have been selling
and
does
of production, but the United States Steel Corporation has not
tics of railroads and information as to their financial condinot intend to do so.
was organized, it controlled tion
A valuable feature is the per mile statistics. Price $2
When the United States Steel Corporation
At the time of tile purchase of the
about 60% of the steel Industry. had
Wade Gard'ner announces that on and after Wednes—Mr.
The
to
about
56%.
fallen
acquisithis
Co.
RR.
&
Iron
Coal,
Tennessee
to the Steel Corporation's percentage day April 21, his office for conducting the business of the
tion of this concern added about 2 31%
as wise, and expect that the
of the total trade. We regard the purchase
New York agency of the Hongkong & Shanghai Banking
United States Steel Corporation will make big money out of it eventually.
88, Corporation will be located at 36 Wall St., New York City.
I am also confident that the transaction was in all respects legal.—V.
p. 744, 569.
Telephones 1980-1981 John.
United States Telephone Co.—Report.—For year 1908:
—Du Val, Greer SE Co., 74 Broadway, have opened a
Div. on Div. on Balance.
Bond
Other
Gross
Net
Calendar
Transit Bldg., 5 and 7 East 42d St., unEarns. Income. Interest. Pref.Stk.Com.Stk. Surplus branch office in the
Earns.
Year—
$101.000 der the management of Frank J. Wolfe, former Assistant
$444,849 $232,972 $27,683 $107,800 $51,855
1908
69,750
51,150
107,800
48,066
34,965
435,013 241,801
1907
Co.
58,518 General Passenger Agent of the New York Central RR.
402,052 229,097 18,102 107,800 27,631 53,250
1906
Railway
is
marketing
the
Southern
which
—The
certificate
was
a
syndicate
27
filed
Feb.
about
or
Stock.—On
New
have made large sales during the last few
Increasing the authorized issue of capital stock from $5,000,- general 4% bonds
that about three-quarters of the
understood
$5,is
to
pref.,
It
days.
cumulative
6%
was
$1,000,000
which
of
000,
purchased
have already been sold.
originally
and
$21,000,000
$1,500,000
common
.
pref
$4,000,000
of
consisting
500,000,
THE CHRONICLE
Ann. 24 1909.j
ittrwarts nut
1067
Dormixentso
INTERNATIONAL HARVESTER COMPANY.
REPORT TO THE STOCKHOLDERS FOR THE FISCAL YEAR ENDING DEC. 31 1908.
To the Stockholders:
The Board of Directors submits the following report of
the business of the International Harvester Company and
affiliated and subsidiary companies for the fiscal year ending
December 31 1908, together with a statement of the financial
condition at that date:
INCOME ACCOUNT FOR 1908.
Total Earnings after deducting expenditures for ordinary repairs and maintenance ($1,839,844 40),and current experimental, development, and patent expenses ($743,557 71)_$i2.930,377 68
Deduct: Appropriation for Fire Insurance Fund $250,000 00
Appropriation for Renewals and Minor Im447,819 47
provements
250,000 00
Reserve for Pension Fund
Reserves for Plant Depreciation and Ore
1,471,203 49
Extinguishment
Reserves for Contingent Losses and Collection
750,000 00
Expenses on Receivables
3,169,022 96
$9,761,354 72
Deduct: Interest Paid on Purchase Money Obligations and
Current Loans
875,672 59
$8,885.682 13
Net Profit
SURPLUS AT DECEMBER 31 1908.
$12,006,307 48
Balance at December 31 1907
$8,885,682 13
Add: Net Profit for Season 1908
Less: Preferred Stock Dividends for Season 1908:
No. 5, 1 %%,paid June 1 1908 $1,050,000 00
No.6, 1 %%,paid Sept. 1 1908 1,050,000 00
No. 7, 1 %, paid Dec. 1 1908 1,050,000 00
No.8,14%,payable March 1
1,050,000 00
1909
4,200,000 00
Undivided Profits for Season of 1908 carried to Surplus_
_
4,685,682 13
$16,691,989 61
Surplus at December 31 1908
The above surplus is composed solely of the balance of
net earnings of the business, after deducting dividend payments, the Board of Directors having charged off the surplus
of $7,076,229 65 existing at organization October 1 1902,
by reason of the excess of the appraised value of the physical
properties (including inventories) then acquired ($67,076,229 65) over the par value of the capital stock issued therefor
($60,000,000 00).
PROVISIONAL AND CONTINGENT RESERVES.
Reserves for Plant Depreciation and Extinguishment:
The annual appropriations from earnings for depreciation
and extinguishment reserves constitute the necessary provision for the impairment and consumption of the plant
assets utilized in the output of the product and should prove
sufficient to reproduce the properties as their replacement
becomes necessary. Depreciation on plant property is
based on rates established by recognized authorities. Amortization of ore is calculated at rates which will provide sinking funds sufficient to retire the whole of the Company's
capital invested in mining properties before the extinguishment of the ore bodies. Timber depletion is figured at the
market values of stumpage for the various kinds of timber
cut. This stumpage provision will equal the original cost
of the timber properties when the present standing timber is
exhausted, after allowing a fair residual value for the lands
either for reforestry or for agricultural purposes.
Balance of Reserves for Plant Depreciation and Extinguish$3,841,502 11
ment at December 31 1907
1,471,203 49
Add: Depreciation provision for 1908
$5,312,705 60
302,861 60
Deduct: Charges for Special Renewals, &c
Balance at December 31 1908
$5,009,844 00
Repairs. Renewals an'd Maintenance.
In accordance with the Company's policy, liberal expenditures were again made for repairs and renewals in order to
maintain the properties at their maximum of efficiency.
All such expenditures are charged to operating expenses,
and have been included in the cost of production. A, comparison of these expenses for the last three seasons is:
Season 1906.
Harvester Works and Twine
$1,190,939 73
Mills
240,840 70
Furnaces and Steel Mills_ _ _ _
102,829 83
Miscellaneous Properties.. _
Season 1907.
$1,599,116 13
231,873 99
142,687 87
$1,445,445 68
251,842 32
142,556 40
$1,534,61026
$1,973,677 99
$1,839,844 40
Balance of Insurance Fund Reserves at December 31 1907__
Credit for 1908 from regular charges to operations
Income from Insurance Fund Assets
Special Appropriation from 1908 Earnings
$325,231 64
159,328 08
16,519 11
250,000 00
Deduct: Losses by Fire during 1908
$751,078 83
79,985 60
Balance at December 31 1908
$671,093 23
At December 31 1908 $400,832 20 of the Insurance Reserves had been invested in income-bearing securities, and
at the date of this report the remainder of the reserves had
been so invested.
Contingent Losses on Receivables:
The annual deductions from earnings to provide for losses
which may ultimately be sustained in the realization of Bills
and Accounts Receivable taken on each seasons's sales are
based on long experience in this business and are considered
sufficient to cover such contingencies. Two-thirds of the
receivables outstanding at December 31 1908 are in the form.
of farmers' notes or agents' acceptances, which have proved
to be excellent credits. Furthermore, a systematic and careful investigation into the financial responsibility of prospective customers insures to the Company a high grade of
notes and accounts. A recent compilation of bad debts incurred on the business of the seasons 1903 to 1906 inclusive,
taking all accounts and notes already charged off in the books,.
together with an estimate of the realization loss on balances.
still outstanding, the value of which can now be closely
ascertained, proves that the reserves for contingent losses
provided out of earnings in those seasons are ample for all:
such contingencies.
The receivables are stated on the balance sheet as $38,536,059 92. This amount is arrived at after deducting
$567,917 09, which is the provision for bad debts in thebooks of the subsidiary companies; and also after deducting
$750,000, which is the estimated amount of profits on forward sales (included in the receivables) which may be deferred beyond the fiscal year. These deductions do not,
therefore, form any part of the reserve for contingent losses
shown on the balance sheet.
Balance of Reserve for Contingent Losses on Receivables at
December 31 1907, after charging off all notes and accounts
reported worthless up to that date
$1,802,878 06
Add: Provision for 1908
650,000 00
Deduct: Bad Debts charged off during 1908
Balance at December 31 1908
$2,452,878 06
228,048 15
$2,224,829 91
Season 1908.
There was also charged directly against Income Account
for the seasons 1907 and 1908 special renewals and minor
improvements amounting to $307,821 08 and $447,819 47
respectively. Such expenditures were principally for rehabilitation of plant properties to provide facilities for the
manufacture of new lines.
Special Maintenance:
These reserves provide for relining of blast furnaces,
maintenance of docks and harbors and similar renewal work
which is of a current nature, but which occurs at irregular
intervals. To provide for the renewal when it becomes
necessary the future cost of the work is apportioned over
current operations. A reserve is also being created to provide for the elevation of certain railroad tracks in the City
of Chicago, and an initial installment of $200,000 00 was
set aside for this purpose in 1908. The aggregate of Special
Maintenance reserves at December 31 1908 was $469,653 14.
Insurance Fund:
•
In 1905 season the Company inaugurated the policy of
carrying a portion of its own fire insurance risk on warehouse
property and inventories not exceeding a valuation of $50,000 00 at any one location. In 1906 this limitation was
increased to $100,000 00, and in the seasons 1907 and 1908
it was increased to valuations not exceeding $150,000 00 at
any one location.
In order that this policy may be more rapidly extended to
cover larger •risks, a special appropriation of $250,000 00
was made to the Insurance Fund out of 1908 earnings, in
addition to the regular credits through monthly insurance
charges to operations.
Collection Expenses on Receivables:
In most lines of business the time which elapses between
the date of a sale and the collection of the proceeds in cash
is comparatively short, and the need of a reserve to meet
the future cost of collecting receivables outstanding at the
date of the Balance Sheet would arise only in the event of
liquidation. In the harvester business, where credits in
some lines are extended to the farming community, conservative management has adopted the principle of providing_
currently for such a reserve, which will be gradually bu
up to a reasonable amount.
1068
THE CHRONICLE
Balance of Reserve for Collection Expenses on Receivables at
$600,000 00
December 31 1907
100,000 00
Add: Provision for 1908
Balance at December 31 1908
$700,000 00
CAPITAL STOCK.
The authorized Capital Stock of the International Harvester Company, all of which was issued and outstanding at
December 31 1908, is:
Preferred Stoak. 7% Cumulative: 600,000 shares of $100 00
$60,000,000 00
each, par value
Common Stock: 600,000 shares of $100 00 each, par value_ 60,000,000 00
VOL.
Lxxxvni.
388,631 85
Deduct: Miscellaneous Property Sales, &c
162,941,304 49
Add: Expenditures for stripping and development at ore
mines in advance of ore extraction
730,471 57
Balance at December 31 1908
163,680,778 06
The iorincipal Capital Expenditures for new property
acquired or constructed and for additional equipment purchased during the fiscal year 1908.were as follows:
International Harvester Company.—Akron Works, Akron, Ohio: Installation of additional machinery and tooling equipment for manufacture of
auto-buggies and tractors. Champion Works, Springfield, Ohio: Equip$120,000,000 00
ment for manufacturing manure spreaders. Deering Works, Chicago,
III.: Construction and equipment of new forge shop; cold-drawn
equipment. Keystone Works, Sterling, Ill.: Investment in
shafting
00
as
Capital
Stock,
$120,000,000
originally issued,
The
power plant at Government Dam on Rock River, Ill. McCormick
consisted entirely of Common Stock and was all fully paid
Works, Chicago, Ill.: Completion of new warehouse for intermediate
storage; completion of new dock, fronting 700 feet on Drainage Canal.
for when issued; $60,000,000 00 was paid for in cash at par
Milwaukee Works, Milwaukee, Wis.: Additional plant and equipment for
and the remaining $60,000,000 00 was issued for the Real
manufacturing gasoline engines and cream separators. Newark Valley
Works, Newark Valley, N. Y.: Additional equipment for manufacturing
Estate, Plants and Physical Inventories acquired at organimanure spreaders. Osborne Works, Auburn, N. Y.: Completion of conzation, which were valued by independent appraisers in
struction and equipment of new tillage implement plant; additional
excess of that amount, excluding any allowance for Goodbinder-twine equipment. Plano Works, West Pullman, III.• Additional
lumber storage sheds; completion of dry-kiln equipment. Vieber Works,
will or Patents. It is believed the appraisals were conAuburn Park, Ill.: Construction of new warehouse for intermediate
servative.
wagon storage; additional equipment for wagon manufacture.
By amendment of the Company's charter on January 8 International Harvester Company of Canada, Lintited.—Hamilton Works,
Hamilton, Ont.: Completion of warehouse at dock on Lake Ontario;
1907 the plan of capitalization was changed (without inequipment for manufacturing manure spreaders.
creasing the total amount) by making one-half of the stock International Flax Twine Company.—St. Paul Works, St. Paul, Minn.: New
equipment for cleaning flax straw.
seven per cent cumulative Preferred Stock, and leaving the
Steel Company.—Completed construction of now furnace; oreother half Common Stock. Stockholders received one share Wisconsin
handling apparatus; new merchant mill; central power station; pattern
storage house; ladle repair house; additional mine equipment and dwellof Preferred Stock and one share of Common Stock in exing houses.
change for every two shares of the original stock. The
Wisconsin Lumber Company.—Purchase of 1,280 acres of timber land in
Preferred Stock of the Company is preferred as to assets
Missouri; construction of additional Saw Mill at Deering. Missouri;
excavation of Elk Chute Drainage Ditch.
and dividends. The dividends are payable quarterly
pump installed.
(March, June, September and December), and are cumu- Illinois Iron Mining Company.—New Prescott
Railroad Companies.—Sundry track extensions; new switch ermine; 30
lative from February 15 1907.
box cars.
The Company has no bonded or other funded indebtedness, International Harvester Company of America.—Completion of construction
of new warehouses at Grand Forks, N. D.; Grand Rapids, Mich.; Regina.
and its properties are free and unincumbered. The Amended
Sask.; and Winnipeg, Man. Purchase of real estate for warehouse sites
Certificate of Incorporation provides that "The Corporation
at Calgary, Alta.; Detroit, Mich.; Lincoln, Neb.; and Saskatoon, Sask.
shall not create any mortgage or other lien upon its real es- Aktiebolaget International Harvester Company (Sweden).—Installation of
electric power and gas plants; additional mower and rake equipment at
tate, plants, tools or machinery without the consent in writNorrkoping Works.
ing, or by a vote at a special meeting of the stockholders Cornpagnie Internationale des Machines Agricoles (France).—Purehase of site
at Lille. France, to establish plant for manufacturing Preach requirecalled for the purpose, of the holders of at least two-thirds
ments of harvesting machinery and tillage Implements.
of the entire capital stock of the Corporation at the time Internationale Erntemaschinen C. m. b. H. (Germany).—Purchase of site at
Neuss. Germany, to establish plant for manufacture of German requireoutstanding, and, if there be more than one class of stock,
ments of harvesting machinery and tillage implements.
without the consent of the holders of at least two-thirds of Total amount of 1908 Capital Expenditures
$1.021,340 37
each class of stock outstanding; but this restriction shall not Deduct: Miscellaneous property sales and adjustments, laeluding balance of patents purchased since organization,
be construed to apply to any purchase money mortgage or
373,880 00
written off
lien."
Net Capital Additions during 1908 Fiscal Year_ _ _ ______ $647,460 37
CURRENT LIABILITIES.
Dec. 31 1907.
Purchase Money Obligations—
Obligations issued in part payment for new
$3,450,194 6$
Properties acquired still outstanding
Bats Payable—
$7,000,000 00
Loans maturing from 1910 to 1913
Loans maturing In January and February
2,272,615 36
(since paid) _
Fiber drafts discounted at Manila, P. I. (since
778,560 00
paid)
414,600 00
Real Estate Purchase Notes
Dec. 31 1908.
Note.—VIews of important construction work completed la 190$ are presented later In this r(port.
$6,000,000 00
No capital stock was issued or cash paid for the patents,
trade-marks, shop rights, etc., which this Company received
through the purchase of plants and properties at the time
of organization. Those patents, trade-marks, etc., were
purchased, originated or established at great cost by the
former owners during long and successful terms of business,
and are a valuable asset of the Company. The cost of all
patents purchased since organization has been oharged to
Profit and Loss and all current patent expenses have been
included in operating expenses as they were incurred.
The Company, in pursuance of its established policy,
maintains a skilled force of inventors and designers for the
purpose of producing new devices and patents for improvements in type, design or construction of its products. All
experimental and development expenses, including money
spent in developing new lines not yet profitably marketed,
have been charged to cost of operation.
The experimental, patent and development expenditures
for the season 1908 amounted to $743,557 71.
PATENTS AND EXPERIMENTAL WORK,
680,884 95
1,605,780 00
310,485,775 36
$8,286,664 95
Accounts Payable—
Audited Vouchers, &c., consisting almost
entirely of current obligations of the Company for which vouchers were drawn in
$4,543,442 94
December and paid in January
Preferred Stock Dividend for the quarter endfiscal
succeeding
the
in
15th
February
ing
1,050,000 00
year
$4.729,387 58
$5.593,442 94
$5,779,387 58
1,050,000 00
$19,509,412 93 $14,066,052 53
Total Current Liabilities
wigs ...ws
All the Purchase Money Obligations and the Real Estate
Purchase Notes outstanding at December 31 1907 were discharged during the past year, so that at December 31 1908
the Company owed only current liabilities.
PROPERTY ACCOUNT.
A summary of the net value of the real estate and plant
property acquired at organization, and the expenditures
for capital additions and improvements from that date to
December 31 1908, which are chargeable to Property Account, is:
Net Appraisal Value of Real Estate and Plant Property at
$44,194.504 47
organization
Add: Expenditures for capital additions and improvements
to
1902
1
October
from
properties
new
of
purchase
and
December 31 1908:
For Raw Material Facilities:
Equipment of iron ore mines, construction of new furnaces and steel mills at South Chicago_ _$5,485,615 07
Purchase of additional timber properties in
Mississippi and Missouri; construction of
514,579 10
new saw mills, doe
6,000,194 17
For Manufacturing Facilities:
In United States:
Outlay for additional Real Estate, Buildings, Machinery and Equipment for the manufacture of the
increased requirements of harvesting machines and
tillage implements. and for the production of the
Company's allied lines of wagons, manure spreaders, gasoline engines, cream separators,auto-buggies,
tractors, American flax twine, &c_ _.$9,254,706 66
In Foreign Countries:
Outlay for Real Estate, Buildings, Machinery and Equipment for the manufacture of harvesting machines and
tillage implements in Canada,Sweden,
2,663,651 97
France and Germany
11,918,358 63
Properties:
Warehouse
and
Transfer
For Agency
Construction of new warehouses and additional storage
867,692 40
and transfer facilities on the territory
For Railroads:
349,18067
Track extension and additional rolling stock
$83,329,936 34
INVENTORIES.
The raw materials, work in process of manufacture and
finished products on hand at the close of the season have been
valued either at original producing cost or actual purchase
price, or at the market values prevailing at December 31
1908, which ever was the lowest. Proper deductions have
been made for damaged or depreciated materials or products
on hand and in the valuation of repair parts not applicable
to machines of current manufacture.
The character of the business of the International Harvester Company of America requires that large stocks of
harvesting machinery and farm hnplements be carried at
convenient locations throughout the world in order to meet
the urgent local requirements of varying crop conditions.
Therefore a large portion of the working capital is invested
at the close of the fiscal year in manufactured products
scattered over a wide territory. By this investment of
capital and world-wide distribution of manufactured products
the Company aims to meet the varying demands of a trade
which is frequently unable to forecast its needs until the
crops are assured and the harvest is at hand.
The inventories of finished products on the territory are
taken at the close of the harvest season. The Works' inventories are taken as of September 1st, when the manufacturing season for the current year's requirements ends;
and from that date material deliveries and manufacturing
activities are devoted to the production for the succeeding
fiscal year. This subdivision of inventories by periods and
seasons has been preserved in the comparative inventory
statement presented herewith.
1069
THE CHRONICLE
APR. 24 1909.1
COMPARATIVE SUMMARY OF INVENTORIES.
The principal classifications in the inventories at Dec. 31
1907 and 1908 are:
Season 1908.
Season 1907.
At Harvester Works, Wagon Works, '['wine
Mills, &c., at close of manufacturing
season, Sept. 1:
Raw Material and Supplies:
$313,028 66
$529,007 43
Pig Iron and Scrap
1,075,901 71
2,040,752 33
Steel
5,567,011 39
6,383,788 81
Lumber
139,394 78
213,837 49
Cotton Duck
2,312,571 12
1,857,089 21
Fiber and Flax Straw
Pipe and Tubing, Belting, Chain, Paint.
1,167,060 70
and Varnish, Nuts, Bolts, Rivets, &c. 1,591,892 90
Work in Process of Manufacture
Finished Machines_
Repair Parts
Twine
$12,616,225 97 $10,574,968 38
5,175,514 98
6,387,030 93
2,266,263 84
1,984,156 85
827,193 78
853,183 55
548,135 80
389,428 93
$22,230,026 23 $19,391,076 76
Deduct:
Manufacturing cost of shipments from
Works after inventory-taking Sept.
1, and prior to the close of the fiscal
year. Dec. 31, which were included in
3,103,337 64
3,108,802 73
the season's sales
$19,081,223 50 $16,287,739 12
At Agency Warehouses, Transfer Points and
on the Territory:
Finished Machines, Repair Parts, Twine,
&c., on hand at the close of the selling
season:
$7,982,969 91 $9,278,820 52
United States
8,057,237 44
6,222,418 66
Foreign Countries
$14,185,388 57 $15,330,057 98
At Ore Mines, Furnaces and Steel Mills at
Dec. $1:
Iron Ores
Pig Iron, Steel Billets. Bars, Scrap, &c_ _ _
Rolls, Moulds, Stools. &c
Coal and Coke
Stores and Supplies
At Saw Mi at Dec. 31:
MilLum er.fLogs, Stores and Supplies
Ailvertising Supplies for the succeeding Sea.
son
Stationery Stores, Paper Stock and Miscell
$578.433 57
307,25388
184,53026
66,82882
119,304 75
$1,023,451 16
251,82720
148,896 10
57,81539
124,048 36
$1,354,351 28
$1,806,038 21
$125,784 85
$109596 10
$239,932 33
$173,755 16
$230,616 87
$284,784 62
$35,140,415 69 $33,854,932 88
Material purchases and manufacture at
Works subsequent to inventory-taking,
Sept. 1, and prior to the close of the fiscal
year, Dec. 31, on account of production
for the succeeding season's consumption
and bale
15,147,21008 13,832,123 38
$50,287,825 77 $47,687,056 26
SALES.
Although the Company has expended nearly $19,000,000
in capital outlay for new property and construction during
the six years of its existence, it has more than maintained
the original amount of working capital provided at organization, as shown by the above comparison. As evidenced by
these figures, the working capital requirements of the Company are large; first on account of the magnitude of the
inventories, the Company's production of harvesting
machinery being in process of manufacture for many months
ahead of the selling seasons, which are limited to the time
immediately preceding the harvests and are necessarily
short; second, because of the credit extended to the farming
community on certain lines, thus enabling them to buy
machinery for prompt use that otherwise they might not
be in position to purchase.
PENSION FUND.
The board of directors, after careful consideration of the
subject and a thorough examination of the various pension
systems now in operation, adopted during the year 1908 a
pension plan as an evidence of their appreciation of the
fidelity, efficiency and loyalty of employees who,by long and
faithful service, have earned an honorable retirement. Following is a summary of the conditions governing the granting
of pensions. (See pamphlet report.)
The pension system was put in operation Sept. 1 1908.
At that date 54 employees were eligible for pensions, of
whom 32 are now on the pension roll. These pensioners
have averaged 31 years of service; their average age is 70
years; and the average pension is $19 per month.
EMPLOYEES' BENEFIT ASSOCIATION.
An employees' benefit association was organized Sept. 1
1908 and met with immediate success-76% of the works'
employees having voluntarily joined the Association within
90 days. It embraces the following features. (See pamphlet report.)
Results of Six Months' Operation.
TotallEmployees now in Association
Percentage of Works' Employees in Association (over)
Number of Deaths:
Due to Sickness
Due to Accident off Duty
Due to Accident on Duty
Death Benefits Paid (Average $622 54)
Sick Benefits Paid
Accident Benefits Paid
19,893
76%
34
39
31
2
$24,278 92
14.526 49
16.659 63
$55,465 04
Total Benefits Paid
WELFARE WORK.
The welfare work of the Company—intended to improve
the working conditions of its employees and afford recreation
and instruction in practical subjects during leisure hours—
has been extended along reasonable lines. Careful study
has been given to this important subject and many permanent improvements in working conditions have been made
during the last year. The expenditures for welfare work
were large and were made with the object of benefiting
jointly employees and stockholders.
Many improvements have been made in sanitation and
ventilation. Modern wash-rooms and toilet facilities are
being installed, which, together with improved ventilation,
will materially assist in promoting the general health of the
employees. Machinery is being constantly safeguarded to
prevent accidents.
The service known as "First Aid to the Injured" is well
Season 1908.
Season 1906. 'Season 1907.
Harvesting Machinery, Tilorganized and is improving in efficiency each year. New
lage Implements & Twine:
$34,516,847 70 $35,415,774 98 $30,919,177 16 hospital rooms have been built and equipped during the
United States
17,974,447 26 21,338,003 86 21,225,716 72 year and the standard of the older ones maintained. At the
Foreign Countries
$52,491,294 96 $50,753,778 84 $52,144,893 88 Deering and McCormick works a physician is contently in
attendance. These plants also have a visiting nurse attached
Wagons. Manure Spreaders,
to each hospital staff. These nurses visit the homes of the
Gasoline Engines, Cream
Separators. Auto-Buggies,
employees, giving care and advice to them and their families.
Tractors:
A matron is on duty at each of the twine mills and foundry
$7,371,107 25 $10,772,071 24 $10,518,818 87
United States
2,544,817 81 core rooms, where women are principally employed; and
1,214,238 33
2,017,147 00
Foreign Countries
convenience and comfort.ffl
$8,585,345 58 $12,789,218 24 $13,163,634 88 rest rooms are provided for their
Opportunities for betterment are given to the workmen in
80
14
90
$1,320,282
$1,338,132
$1,140,379
Miscellaneous Goods
the shape of shop classes in practical mathematics, evening
$62,217,020 44 $70,881,129 22 $86,828,791 36 classes in mechanical drawing and 'other useful technical
5,912,979 80 subjects. The Company is always ready to join in practical
7,325,781 14
Steel Products. Fiber Sales,&c.5,372,035 83
Total Sales.
$57,589,058 27 $78,208,890 36 $72,541,771 16 plans for the improvement of factory neighborhood conditions and co-operates with many local settlements.
EMPLOYEES AND PAYROLLS.
The club-house at McCormick Works continues to be a
The average number of employees of all companies during
the past three seasons and the total sum of wages and popular meeting-place for employees, and its use for social
meetings by the people of the neighborhood is increasing.
salaries paid during those seasons are as follows:
During 1909 suitable club-rooms will be completed and furSeason 1908.
Season 1907.
Season 1906.
28,680
number of Employees
25,679
26,500
nished for the use of the men at Deering Works and it is
't'ov&rli Wagesand Salaries_ _ _319,855123 7 $21,783,070 95 $19,884494 17 hoped in time to extend this feature of welfare work to other
COMPARISON OF WORKING CAPITAL AT ORGANIZATION AND
plants.
AT DEC. 31 1908.
The Company expended $73,750 during the year 1908 on
The Company commenced business with the following
the various features of welfare work. This amount does not
working capital:
include the Company's contribution to the Employees'
Cash Stock Subscription:
$60,000,000 00 Benefit Association or any amount set aside for the pension
800,000 shares of $100 each, sold for cash at par
Net Current Assets acquired at organization, consisting of
fund.
trading inventories of raw materials, work in progress and
Views of typical welfare facilities are shown on pages 37
finished product, and sundry receivables, less liabilities and
53
15,805,495
obligations assumed
and 38. (See pamphlet report.)
It will be gratifying to the stockholders to know that in a
$75,805,495 53
Net Working and Trading Assets at Organization
The Working Capital Condition at the close of the last
year of general business depression the Company has nearly
fiscal year, as reflected in the Combined Balance Sheet at
maintained its volume of sales and that its financial position
Dec. 31 1908. was:
$93,337,341 17
Current Assets
is stronger than at any time since its organization.
14,066,052 53
Less--Ourrent Liabilities
The present prosperity of rural communities is reflected in
'79,271,288 64 the large payments received on farmers' and agents' paper.
Net Working and Trading Assets at Dec. 31 1908
which this paper has been paid indicates
Net Increase in Working Capital since Organization...-. $3,485,793 11 The promptness with
The following summary shows that the volume of sales
for the season 1908 was not influenced by the prevailing
business depression to the extent experienced in some other
lines of trade. This is attributable partly to the world-wide
market for the Company's products and to the great variety
of goods sold, and also to the fact that farm operations were
not materially interrupted.
The volume of foreign sales was somewhat larger than any
former year in the history of the industry, aggregating
$300,000 more than the year 1907, which was the previous
high mark. The sales of the Company's new and allied
lines of wagons, manure spreaders, gasoline engines, cream
separators, auto-buggies and tractors also exceeded any
previous year's business, demonstrating the wisdom of
recent expansion in this direction.
1070
not only the good judgment shown by our organization in
extending credits, but also reflects the very strong financial
condition of the farmers and dealers throughout the agricultural districts.
The capital expenditures in 1908 have not been as large
as in preceding years, but many important improvements
and additions have been completed; and the large expenditures made during the first five years in rounding out the
manufacturing facilities of the Company seem to be justified
by the results of the 1908 business. Great care and .attention has been given to repairs, renewals and maintenance of
all buildings and equipment.
The domestic and foreign sales organization of the America
Company is better equipped to meet the demands of the
trade than at any prior time. New warehouses have been
built during 1908 and others will be erected in 1909. These
will secure the wider and more economical distribution a
machines and twine.
There seems to be a growing change in sentiment upon
the "trust question" in favor of dealing with the large corporations according to their conduct and methods rather
than by attempting to destroy them indiscri ninately because of their size. The Company has at all times invited
the fullest examination of its business methods and its treatment of competitors, agents and customers. In the litigation in Kansas and Missouri and in the investigation by the
Bureau of Corporations, a full and frank disclosure has been
made of all the facts connected with its organization and
business, and all its records have been open for inspection.
It is believed that full publicity in corporate affairs, fairness
toward competitors and agents, and the selling of its goods
absolutely upon their merits and at reasonable prices, constitute the wisest and most successful business policy; and
this is the policy that has been and is enforced upon every
officer and agent in every branch of the business.
A bonus distribution was again made in 1908 to meritorious employees, in which 883 participated. The plan of
interesting employees as stockholders continues to meet
with success and 747 employees are now stockholders.
The continuance of the efficiency, co-operation and
loyalty throughout the organization is a source of great
satisfaction to the board.
By order of the Board of Directors.
CYRUS H. McCORMICK,
President.
Chicago, April 12 1909.
New York, April 7 1909.
The Board of Directors,
International Harvester Company,
Chicago, Illinois.
We have made an audit of the books, accounts and records
of the International Harvester Company and of affiliated
and subsidiary companies for the year ended Dec. 31 1908.
We have examined the charges to capital accounts, have
verified the Cash and other Current Assets at Dec. 311908,
including the inventories of Raw Materials and Supplies,
Work in Progress and Finished Product, and have verified
the Income and Profit and Loss accounts.
We find that Raw Materials and Supplies in store-rooms
and in process of manufacture were priced at cost, except
where market values at Dec. 31 1908 were less than cost,
in which cases the inventories were reduced to market
values; that Finished Machines and Attachments were inventoried at cost, Repair Parts at proper percentages of list
prices and Twine at a slight reduction from cost to meet
market conditions.
The company has pursued a conservative policy in relation
to charges to capital accounts. Adequate reserves have
been provided for depreciation of fixed assets and for possible
losses, and full provision has been made for all known liabilities.
We hereby certify that, in our opinion, the Statement of
Combined Assets and Liabilities submitted herewith reflects
the true financial condition at Dec. 31 1908 and that the
accompanying Statement of Profits is correct.
HASKINS & SELLS,
Certified Public Accountants.
—Frederick H. Hatch & Co., 30 Broad St., New York,
is advertising a full page of stocks and bonds which the firm
will purchase. The list appears in to-day's issue on the advertising page opposite our "Clearing House Returns."
Frederic M. Hatch & Co. have been well known dealers in.
unlisted and inactive securities of railroads and other corporations in the United States and elsewhere since 1888.
The firm makes a specialty of high-grade railroad, industrial
securities, guaranteed stocks, bank and trust company stocks,
and always has markets in securities of this class.
—We have received a copy of "Copper Statistics for 1908"
from Messrs. L. Vogelstein & Co., 42 Broadway, the agents
of Aron Hirsch & Sohn, Halberstadt, Germany, the compilers of the statistics. The world's copper production in
1908 is given as 734,545 tons, of which 408,930 tons were
produced in the United States. Germany was the largest
consumer of the metal, taking 192,095 tons. The total
European consumption was 516,864 tons.
[VOL. Lxxxvni.
THE CHRONICLE
COMBINED BALANCE SHEET DEC. 31 1903.
ASSETS.
Property Account:
Real Estate and Plant Property, Ore Mines,
Coal and Timber Lands at Dec. 311907.. _ $62,293,844 12
Net Capital Additions during 1908
647,460 37
*62,941,304 49
Expenditures for Stripping and Development at Ore Mines
739,471 57
$63,680,776 06.
Deferred Charges to Operations:
Advanced Payments for Mine Royalties, &c
189,683 08
Insurance Fund Assets
400,832 20
Current Assets:
Inventories:
Finished Products, Raw Materials, &c..
$33,854,932 8$
at close of 1908 Season
Subsequent Material Purchases and Man13,832,123 33
ufacture for 1909 Season
$47,687,056 26
Receivables:
Farmers' & Agents' Notes $25,471,132 81
Accounts Receivable_ _ _ _ 13,064,927 11
$38,536,059 92
Deduct:
Accumulated Reserves
for Contingent Losses
2,224,829 91
(see page 7)
Cash
36,311,230 01
9,339,054 90
93,337,341 17"
$157,608,632 51
LIABILITIES.
Capital Stock;
Preferred
Common
$60,000,000 00
60,000,000 00
$120,000,000 Oa
Current Liabilities:
$8,286,664 95
Bills Payable
Accounts Payable:
Audited Vouchers, Accr'd
Int. and Taxes, 8cc____$4,729,387 58
Preferred Stock Dividend
(payable Mch. 1 1909)_ 1,050,000 00
5,779,387 58
Provisional and Contingent Reserves:
Plant Depreciation and Extinguishment_- $5,009,844 00
469,653 14
Special Maintenance
700,000 00
Collection Expenses on Receivables
671,093 23
Insurance Fund
Surplus
14,066,052 53,
6,850,590 37
16,691,989 61
$157,608,632 51
COMPARATIVE COMBINED STATEMENT OF PROFITS
Season 1908.
Season 1907.
Season 1906.
Sales of Harvesting Machinery, Tillage Implements,
Engines, Cream Separators, Wagons, Manure
Spreaders, Auto-Buggies,
Twine, Steel Products, &c$67,589,056 27 $78,206,890 36 $72,541,771 16.
Deduct:
'Cost of Manufacturing
57,731,804 80 66,874,279 51 59,615,222 27
and Distributing
39,857,251 47 *11,332,610 85 $12,926,548 89
Add:
Miscellaneous Earnings &
Charges (Net)
717,179 50
425,455 92
524,598 20
$10,574,430 97 $11,758,066 77 $13,451,147 09.
Deduct:
Administrative and General Expenses
520,769 41
529,748 90
566,443 13
$10,007,987 84 $11,228,317 87 $12,930,377 68.
Deduct:
Appropriation for Fire Insurance Fund
Appropriation for Renewals
and Minor Improv'ts_
Reserve for Pension Fund
Reserves for Plant Depreciation & Ore Extin1,000,000 00
guishment
Reserves for Contingent
Losses and Collection
400,000 00
Expenses on Receivles
250,000 00
307,821 03
1,000,000 00
447,819 47
250,000 00
1,471,203 49
700,000 00
750,000 00
$1,400,000 00
$2,007,821 08
$3,169,022 96
38,607,987 84
Deduct:
Interest on Purchase Money
Obligations and Current
761,040 52
Loans
$9,220,496 79
$9,761,354 72
1,140,039 28
875,672 59
$7,8.46,947 32
$8,080,457 51
$8,885,682 13
Net Profit
Distributing includes
• Note.—The item of Cost of Manufacturing and
of depreciation on plant
the cost of manufacturing the products (exclusive
duty
and
charges paid, and
freight
the
property and ore extinguishment),
all selling expenses incurred by the America Company in marketing the
products.
—The Mercantile National Bank of St. Louis is making a
specialty of collecting items drawn on points in Arkansas,
Southern Illinois, Missouri, Kansas and Oklahoma. Their
par-list in that territory is most extensive, 90% of which is
presented direct. Their service for collections is unexcelled.
Correspondence is invited.
—"Omaha Securities," a booklet containing financial figures regarding securities dealt in locally in the Omaha market, has been issued by,and copies may be obtained from,
Samuel Burns Jr., dealer in investment securities, N. Y.
Life Bldg., Omaha, Neb.
—Hayden, Miller & Co., Citizens' Bldg., Cleveland, have
presented us with a copy of "Cleveland Investments," a
vest pocket manual of financial information of the principal
Cleveland-owned corporations.
—Ferris & White announce their removal to the fifth
floor of the Trust Co. of America Building, 37-43 Wall St.,
New York.
APR. 24 1909.1
THE CHRONICLE
Tounnertial
COMMERCIAL EPITOME.
Friday Night, April 23 1909.
Transactions are gradually mounting upward, a fact
which the bank clearings reveal from week to week. In the
iron and steel trade there is sharp competition, and large
sales were reported at relatively low prices. The drift of
things in this branch of business would seem to be towards
a gradual improvement. A violent decline in wheat has
been one of the features of the week. In its broad outlines,
American trade may be called moderately active, with a
very general conviction that when the tariff question is out
of the way there will be an increase in transactions.
LARD has been firm and fairly active, with a good demand
for investment and speculative account. Hence the market
readily absorbed the offerings, which were mainly in the
nature of profit-taking. The firmness was due largely to
the strength in the live hog market on account of the small
receipts and poor grading. Prime Western 10.77c., refined
Continent 11.10c. city 10.55c., South American 11.60c.,
Brazil, in kegs, 12:60c.
DAILY CLOSING PRICES
Sat.
May del. in elevator_cts.10.40
July del. in elevator_ _ _10.52 M
Sept. del. in elevator- _10.65
OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Tues.
Mon.
10.37;i 10.35
10.37H 10.35
10.32 4
i0.475 10.50
10.50
1O.473 10.42
10.60
10.57 Yj
10.62 5 10.60
10.65
1071
COTTON.
Friday Night, Apra 23 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
137,077 bales, against 121,795 bales last week and 86,666
bales the previous week, making the total receipts since
the 1st of September 1908 8,947,302 bales, against 7,556,768
bales for the same period of 1907-08, showing an increase
since Sept. 1 1908 of 1,390,534 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
3,656 9,161 10,512 4,725 5,659 6.636 40,349
Port Arthur_ _ _
Corp. Christi, &c.
--------------------3,847
-' 3,847
New Orleans_ _ _ _
1,7766 5-,iii
2,666 6,447 29.192
5-,iio 6..eiti
Gulfport
565 5,126
Mobile
1,462
1.556
-iii
-554
"iii
Pensacola
313
Jacksonville, dec.
-_- - -titii
-..--- -15i
------ 4-. i'lii 24.772
Savannah
3,666 4,537 5,iii. 4,04'7
2,055
_
Brunswick
_
iii
3.148
"
Charleston
166 - iii
-7
67
Georgetown ----------------- 1,405
_ --87
18,436
Wilmington
3.,-166 4,i 2,930 3,162,668
1,450 10.187
Norfolk
1.73
,
2.52 1,49 1,9
96
496
Newp't News,dce -----------------80
_ ---181
--New York
i
____
60
____
-_-_
140
140
____
____
Boston
____
____
____
749
749
lialtimore
74
25
24
Philadelphia_
25
----- ----------Totals this wk. 15,428 28,436 28,378 21.567 16,641 26,627 137,077
The following shows the week s total receipts, the total
PORK has been steady, there being a fair speculative since Sept. 1 1908, and the stocks to-night, compared with
and investment demand. Mess $18 50©$19, clear $19 25© last year:
$21 50, family $18 50©$19 50. Beef has been in fair de190$-09.
1907-08.
mand, with higher prices in some cases; mess $12©$13 50,
Stock.
Receipts to
packet $13 50©$14; family was lower at $14 25©$14 75;
April 23.
This Since Sep This Since Sep
extra India mess $21 75©$22 50. Cut meats were firmly
Week. 1 1908. Week. 1 1907.
1909.
1908.
held, With fair demand; pickled hams, 10 to 16 lbs., 9%@ Galveston
40,349 3,351.484 16,470 2,265,737
80,259
84.833
10c.; pickled bellies 8 to 12 lbs., 10@10c. Tallow, city Port Arthur
140,578
107,676
CorpusChristl,&c.
136,813
3,847
____
37,612
sales
of
100
hhds.
Butter, creamery extras New Orleans
5Y1c• with
29,192 1.849,777 26,543 1,793,347 202,457 163,742
27©27Mc., firsts 25©26c. Cheese, fancy, full cream, Gulfport
20,221
Mobile
5,126 344,345
20,205
1.874 303,180
31,380
Eggs,
1c.
Western
firsts 21 @22c. Wool has been
153
Pensacola
130,990
154,020
quiet, but some kinds show a very strong tone.
Jacksonville. dee_
313
7,821
28,787
75
24,772 1,380,223 7,890 1,428,297
67,107
77.056
OIL.-Linseed has been quiet and heavy, the weather re- Savannah
____ 309,373
Brunswick
____ 197,656
372
803
3,148 196,978
stricting the demand from grinders; city, raw, American Charleston
343 191,482
14,109
15,639
67
2.369
387
____
seed, 56©57c. Cottonseed has been strong on short cover- Georgetown
Wilmington ___ 18,436 390,708
1,162 471,470
12,523
29,108
ing prompted by the strength in crude; winter 5.95©6.20c., Norfolk
10,187 524.081
3,106 498,536
23,326
26,245
15,391
News, dec_
496
____
6,095
summer, white, 5.96©6.10c. Olive has worked down to N'port
14,772
181
258
New York
97,905
3,438 115,732
225
15,025
140
$1 35®$1 40. Lard oil has been strong because of the scar- Boston
11,838
4,899
7,367
876
90,345
749
Baltimore
69,794
8,292
9.368
city of lard,; prime 80©82c.,extra No 1 57©58c. Cocoanut Philadelphia
133
5,042
74
8.382
6,500
3,994
has advanced, soapmakers buying early; Cochin 7@7ic.,
137,077 8,947,302 58,955 7,556,768 603,589 499,632
Total
Ceylon 6Y1@)6%c., Palm, Lagos, 5%©5%c.
COFFEE has been stagnant at times in a speculative way
In order that comparison may be made with other years,
because of lack of outside interest. There has been a slow
drift .toward lower levels, although the spot situation has we give below the totals at leading ports for six seasons:
been comparatively steady. Warehouse deliveries have Receipts at- 1909.
1908.
1904.
1905.
1907.
1906.
been fairly large, but consumers have not been buying
Galveston,&c.
40,349
8,771
31,760
25,999
16,470
24,655
valorization coffee. Rio on the spot was quiet and steady at Pt.Arthur,&c.
6,824
3.847
13.746
241
297
26,543
29,192
22,713
24,125
16,866
34,90
8/@8 4c. for No. 7. No. 4 Santos 9©9Mc. Mild coffee New Orleans_
5,126
Mobile
647
1.874
4,496
1,031
5,357
has been easier, with fair jobbing sales of small lots; fair to Savannah
7,890
24,772
6,479
8,367
42,154
15,091
good Cucuta 91
Brunswick
927
3i(410Xc.
3,792
1,561
Charleston,&c
328
3,215
343
474
78
640
The closing prices were as follows:
Wilmington
1.162
18,436
485
4.402
2,299
4
April
May
June
July
c. 6.60Q6.65
6.60Q 6.65
6.40c6.45
6.30®6.35
August.. _c.6.05 6.10
September
5.95 6.00
October
5.80®5.85
November _ _5.80Q 5.85
December c.5.80@5._
January _ _ _5.80 _ 5.85
February _ -..5.80® 5.85
March
5.85® 5.90
SUGAR.-Raw has been weaker and quiet. Prices are
firm for future shipment. Centrifugal, 96-degrees test,
3.88c.; Muscovado, 89-degrees test, 3.38c.; molasses sugar,
89-degrees test, 3.13c. Refined has been fairly active at
previous figures; granulated 4.85c. Spirits of turpentine
42c. Strained rosin $3 35. Tea has been nominally unchanged with small business. Crude rubber was firm with
lack of selling pressure. Large buyers hold off, but there
has been scattered routing buying by smaller interests.
Spices have been fiat and irregular,with both inquiry and
offerings light.
PETROLEUM.-Trade has been fairly active at unchanged prices; refined in barrels, 8.50c.; bulk, Sc.; cases,
10.90c. Gasoline, 89-degrees test, in 100-gallon drums,
19c.; drums, $7 50 extra. Naphtha, 73 to 76-degrees test,
in 100-gallon drums, 16c.; drums, $7 50 extra.
TOBACCO.-The unprecedented dulness in Middle Western markets has influenced the local market. Uncertainty
regarding the prohibition movement in the interior has kept
buyers away. Demand has also been quiet for Sumatra.
There are no new developments regarding Cuban and other
varieties.
COPPER has been featureless and without important
price change. Lake 12%©13c., electrolytic 12.50©12%c.,
casting 12%©123c. Tin has been weaker on a slow consumptive and speculative demand. Spot here 29.35©29.65c.
Spelter has advanced to 5.02M©5.07Mc. on the spot.
Lead less active but firm at 4.20©4.25c. Pig iron has been
more active. Lower prices for the finished product and for
Northern pig iron have resulted from keen competition.
Southern iron has sold well to various manufacturers.
Lower grades are notably scarce in the South. It is reported
that 6,000 tons of Southern foundry were sold for export to
Genoa. No. 1 Northern is quoted at $15 75©$16 25 de-
livered.
Norfolk
N'port N., &c
All others_ _ ..
10.187
496
1.457
3,106
1,567
4,269
1,062
3,191
7,440
398
3,041
16,137
2,154
10,368
3,224
381
3.672
Total this wk_
137,077
58,955
76,608
84,862
163,326
40,766
Since Sept. 1_ 8,947,302 7,556,768 9.190,155 7,042,248 8,377,808 6.867,341
The exports for the week ending this evening reach a total
of 123,042 bales, of which 66,368 were to Great Britain,
to France and 56,674 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1908:
Exports
fromGalveston ____
Port Arthur_
Corp.Chris.,&c.
New Orleans__
Mobile
Pensacola __
Gulfport
Savannah __
Brunswick_
Charleston_
Wilmington_
Norfolk
New York__
Boston
Baltimore
Philadelpha __
Portland, Me...
San Francisco.
Seattle
Tacoma
Portland, Ore.
Pembina
Detroit
Week ending April 23 1909. From Sept. 1 1908 to April 23 1909
Exported toExported toGreat
ContiGreat
ritain.Fr'nce. neat. Total. Britain. France
43,015
17,726
1,047
301
892
1,286
2,101
CoalI'nen:.
Total.
22,808 65,823 1,397,920411,998 1,101,6642,911.582
74,321 140,578
66,257
2,672 2,672
14,497
14,497
8,581 26,307 790,811 210,985 592,3791,694.175
1,047 80,912 95,295 68,007 244,214
49,497 132,998
32,287 51,214
4,132 16,089
20,221
12,382 12,382 148,793 87,872 585,671 822,336
186,871
89,37 276,241
5,725
74,494 80,219
88,207 8,731 261,879 358,817
29,301
2,188 31,489
301
2,563 3,455 129,459 38,046 160,370 327,875
1,286 85,422
10,649 96,071
1,400 1,400 38,021 7,041
54,652 99,714
44,281
500 2,601
9,847 54,128
796
796
2,992 2,9921
73,116 73,116
1,130 1,1301
66,187 66,187
10,556
1,646 1,646'
10,556
3
300
100
100
2,103
2,103
66,368
56,674 123,042 .131,298927,271 3,299,744 7,358,313
Total 1907-08_ 144,775
150 31,743 76,668 .659,205788,3593,166,9086,614,472
Total
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared at the ports named. We add similar figures for
New York,
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
Ni 21 41 21 41 41 21 Ni 21 21 11 41
o
o
@I
@I
"
F1
6
4
00..
.01
.
a 1.50 on
Fair
Strict mid. fair____1.30 on
1.10 on
Middling fah*
0.66 on
Strict good mid
0.44 on
Good middling
Strict middling__ 0.22 on
a
Middling
Basis Good mid. ting'd_e_ Even
0.30 off Strict mid,tinged...0.20 on
Strict low mid
1 00 off Middling tinged... 0.30 off
Low middling
Strict good ord_ _1.50 off Strict low mid. ting.1.00 off
Good ordinary.......2.50 off Low mid. tinged___2.25 off
Strict g'd mid.tgd_0.35 on 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:
April 17 to April 23Middling uplands
Sat.
10.75
Mon. Tues.
10.65 10.85
Fri.
Wed. Thurs.
10.80 10.65 10.45
NEW YORK QUOTATIONS FOR 32 YEARS. •
The quotations on middling upland at New York on
April 23 for each of the past 32 years have been as follows:
10.45
10.05
11.15
11.05
7.80
14.00
10.40
9.50
1901_c
1900
1899
1898.
1897
1896
1895
1894
8.44
9.81
6.25
6.44
7.44
8.06
6.94
7.50
1893_c
1892
1891
1890
1889
1888
1887
1886
7.81
7.38
8.88
11.81
10.94
9.75
10.62
9.25
1885_c
1884
1883
1882
1881
1880
1879
1878
10.88
11.88
_10.25
12.25
10.75
11.75
11.62
10.69
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Futures
Market
Closed.
Saturday_ _ Quiet 15 pts. adv__ Steady
Monday__ Wet 10 pts. dee _ _ Steady
Tuesday _ _ Ida 20 pts. adv. _ Steady
Wednesday uiet 5 pts. dec._ Barely steady
Thursday - Wet 15 pts. dec.. Steady
'let 20 pts. dee__ Steady
Friday- Total
Sales of Spot and Contract.
Con- I ConSpot. stim'n.! tract.
Total.
72
72
124
100
100
124
100
100
396
396
Tuesday,
April 20.
Wednesday,
April 21.
a
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.. 00
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.
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Monday,
April 19.
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12 42 14 24 44 22 2'4 12 22 28 11 28
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12
Saturday,
April 17.
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12
Speculation in cotton futures has reached large proportions at higher prices. One of the principal factors in the
advance has been complaint of a lack of rain in most parts
of Texas. Rains have undoubtedly fallen in various sections of that State, and in some localities the drought appears
to have been pretty effectually broken; but,taking the State
as a whole, the gist of the reports is that further rains are
needed. Some experienced people believe that if there are
generous rains in Texas within a couple of weeks the entire
crop outlook will be changed. But the fact remains that
copious rains, especially in the western and southern portions
of the State, are said to be needed now. Speculation has
noticeably broadened. Large Chicago grain operators
have recently purchased cotton as something which seemed
to them relatively cheap. Recently the advance has
amounted to something over $5 per bale. The rise was
fostered not only by the idea that the price is low and the
outlook in Texas more or less threatening, but also by large
spinners' takings and a revival of demand at the South for
the actual cotton. Then, too, trade reports from some parts
of the country have been more favorable. The heavy export
business with China has been a gratifying feature, and it
would seem that the outlook in the yarn industry has some-.
what improved. Also, reports from England and the Continent have latterly been more hopeful. At one time a rise
in wheat affected cotton prices favorably; so did the strength
of the stock market. Of late, however, there has been a
reaction, partly because of a violent fall in wheat, partly
because of reports of good rains in some parts of Texas, and,
finally, in part for the reason that a reaction was believed to
be due after so sharp an advance as that which has recently
taken place. Chicago, Wall Street, the South and Liverpool, which at one time bought, have of late sold. The crop
outlook outside of Texas is considered very generally favorable. To-day prices broke 20 points in sympathy with
stocks, and also because of heavy Western selling. Furthermore, the "into sight" figures were unexpectedly large.
The reaction was considered natural. Spot cotton advanced 25 points, then reacted 40 points, closing with
middling uplands 10.45c., a net decline for the week of 15
points, with light sales.
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:
21
12 41
o
0
o
@I
11
Friday,
April 23.
On Shipboard, Not Cleared for- 1
Leaving
Other CoastGerGreat
Stock.
April 23 at- Britain. France many. Foreign wise. Total.
-----•
5,726 16.713
____ 38,837 163,620
9,634
6,764
New Orleans__
43,020
Galveston ____ 22,073 2,080 7,810 6,845 3,005 41,813
500
____
500
____
76,556
_ ___
____
_
Savannah
200
200
15,439
Charleston_ _ __
1,200 19,867
.500 9,167
11,513
2,000
Mobile
--------16,071 17,121
----9,124
450
Norfolk
_ __
3,100 112,632
,600
-)1
500
New York_ __ ..
1,500
9,000
____
20,500
29,747
Other ports__ _ 10,000
----Total 1909_ 41,787 19,414 32,503 26,658 21,576 141,938 461,651
Total 1908_ 24,126 20,785 33,347 17,185 18,149 113,592 386,040
Total 1907._ 36,727 23,881 40,016 25,929 26,227 152,780 478,548
1909_o
1908
1907
1906
1905
1904
1903
1902
Lxxxvni.
THE CHRONICLE
1072
22
12
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*1 tr:s1
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12 22 12 22 22 12 22 22 22 22
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il
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csici cue
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22 22 22 22 22 22 22 II 22
v bs „bo .b.c.b.c tog c b
c.g ..4 .,1.,
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g.1blIu5J ..-2102 .. bd. 1A0 1.242
wip4p1p..214.1.2.
4:71%pigs
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22
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1CJ
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 consequently 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.
April 23Stock at Liverpool
Stock at London
Stock at Manchester
1909.
bales.1,288.000
8,000
81,000
1908.
1007,
1906.
938,000 1,256,000 1,058,000
8,000
9,000
11,000
93,000
72,000
79,000
1,141,000
Total Great Britain stock_ ._ _ _1,377,000 1,025,000 1,358,000
14,000
10,000
19,000
11,000
Stock at Hamburg
• 214,000
427,000
448,000
464,000
at
Bremen
Stock
265,000
173,000
241.000
331,000
Stock at Havre
.1.000
3,000
4,000
4,000
Stock at Marseilles
8,000
16,000
43,000
42,000
Stock at Barcelona
78,000
43,000
27,000
44,000
Stock at Genoa
19,000
7,000
22,000
2,000
Stock at Trieste
898,000 804,000 822,000 459,000
Total Continental stocks
2,180,000 1,600,000
Total European stocks__ .___ _2,275,000 1,829,000
151,000
115,000 207,000
India cotton afloat for Europe__ _ 157,000 303,741
485,974 340,912
Amer. cotton afloat for Europe__ 312.255
34,000
27,000
38,000
33,000
Egypt,Iirazil,&c.,alit. for Europe
174,000
138,000
219,000
244,000
Stock in Alexandria, Egypt
618,000
818,000
1,065,000
463.000
India
Stock in Bombay,
603,589 499,632 613,328 603,826
Stock in U. S. ports
397,563 395,293
Stock in U. S. Interior towns ___ 516,966 417,549
2,276
13,230
21,855
19,612
U. S. exports to-day_
4,624,402 4,031,198 4,927,085 4,349,886
Total visible supply
Of the above, totals of American and other descriptions aro as follows:
A mericanbales.1,179,000 804,000 1,132,000 029,000
Liverpool stock
66,000
75,000
61,000
65,000
Manchester stock
855,000 726,000 767,000 409.000
Continental stock
303,741
485,974
340,912
312,235
Et
for
rope
afloat
American
603,589 499,632 613,:128 003,826
U. S. port stocks
417,549
397,553 395,203
516,066
U. S. Interior stocks
2,270
13,320
21,856
19.012
U. S. exports to-day
Total American
East Indian, Brasil, &C.
Liverpool stock
r
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock In Bombay. India
Total East India, &c
Total American
3,551,402 2,819,198 3,484,085 2,760.886
109,000
8,000
16,000
43,000
157,000
33,000
244,000
463,000
134,000
8,000
13,000
78,000
115,000
27,000
219,000
618,000
129.000
124,000
11,000
9,000
11,000
18,000
50.000
55,000
151,000
207,000
34,000
38,000
138,000
174,000
818,000 1,065,000
1,073,000 1,212,000 1,443,000 1,589,000
3,551,402 2.819,198 3.484.0852.760,886
4,624,402 4,031,108 4,927,085 4,349.886
Total visible supply
Middling Upland, Liverpool
0cl..
'
11
.3
0.
15
MOO:
15
1M:
5dc..
49
.4
0.
Middling Upland, New York...... 15
4d.
8,
11%d.
115d.
Egypt. Good Brown, Liverpool_ 8 11-16d.
9.70d.
10.75d.
7.75d.
8.75d.
Peruvian. Rough Good, Liverpool
5 hd.
5%d. 5 11-16d.
Broach, Fine, Liverpool
4'M.
534d.
d..
;:d
530.
Tinnevelly, Good, Liverpool_ _ _ 5 5i1
Continental imports for the past week have been 88,000
bales.
The above figures for 1909 show decrease from last
week of 79,437 bales, a gain of 593,204 bales over 1908,
a decrease of 302,683 bales from 1907, and a gain of 274,516
bales over 1906.
APR. 24 1909.1
THE CHRONICLE
1073
AT THE INTERIOR TOWNS the movement-that is,
QUOTATIONS FOR MIDDLING COTTON AT OTHER
the receipts for the week and since Sept. 1, the shipments MARKETS.-Below are the closing quotations of middling
for the week and the stocks to-night, and the same items for cotton at Southern and other principal cotton markets•for
the corresponding period for the previous year-is set out each day of the week.
in detail below.
Closing Quotations for Middling Cotton onroz=lowzgoc4:11.-.:
c4,51.9gImilgo>rgTg
m
Week ending
„,....g S205..'..05.,,,..c_o,,_,.oE.
f,,,tri.04 g
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o .e.5'x4s0• (1...4..D.t-sox*0- a= 5-080-4 00,=001:.',.10
Aprii za.
;'E,"crpe,!1:gonoogitgels F,5,1,p09,„0000 p,,,a
0.
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•
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.
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.
.
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=0
00 0•
1
0 co go ''
0,,
.,,,,...-1
Galveston
New Orleans
Mobile
Savannah
Charleston
Wilmington_ _ _ _
Norfolk
Boston
Baltimore
Philadelphia
Augusta
Memphis ____
St. Louis
Houston
Little Rock_
§?
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,
t,r'
cm .-• - .5
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,mrday Monday. Tuesday. weaway. Thursav. lertaay.
10 5-16
10 5-16
10 H
10 1-16
10
10
10%
10.60
10%
11.00
103-16
10%
10%
10%
9%
10 5-16 10 7-16
10 5-16 10 5-16
10%
10%
10 1-16 10 1-16
10
10
10
10
10%
103
10.75
10.65
10%
10%
10.90
11.10
103-16-14 10%
lox
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1031
10%
9%
10%
10%
9'%
____
10%
10 5-16 103i
10%
10%
10 1-16
9 15-16
10 1-16 10
10
10
10%
103I
10.85
10.80
10%
10%
11.05
10.90
10 3-16-14 10 3-16
log
103-16
10%
10%
10%
10%
9%
9%
10%
10 3-16
10%
9 15-16
9 15-16
9%
1034
10.65
10%
10.70
103-16
10%
10%
10%
9%
•
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Movement to April 24 1908.
c...,
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Movement to Apr. 23 1909.
Ship- IStocks I
ments. April
Week. I Season. I Week.
23.
Ca
N
Cs
tn,
0.0
. .1,..N, 0 ..
.
•-•
tv we.en"oe ob .e.t.
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0,
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to .1,..00IN
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.
.
„,
-71.
-w.. N ..
..
0.0
The above totals show that the interior stocks have decreased during the week 62,290 bales and are to-night 99,417
bales more than at the same time last year. The receipts
at all the towns has been 30,594 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK 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:
April 23Shipped-Via St. ItOlds
Via Cairo
Via Rook Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
-1908-09Since
Week. Sept. 1.
10,049
567,971
2,349 287,511
106
29,500
1,011
70,163
836
41,020
3,389
161,160
2,978
244,285
----1907-08---Since
Week. Sept. 1.
6,732 368,813
2.705
175,902
29,720
296
456
44,769
1,630
43,302
878
83,209
1,231
205,039
Total gross overland
20,718 1,401,610
Deduct shipmentsOverland to N. V., Boston, &c_.. 1,144
125,184
468
42,428
Between Interior towns
35,757
1,180
Inland &s., from South
950,754
1,492
289
602
93,452
60,878
52,042
203,369
2,383
206,372
17.926 1,198,241
11,545
744,382
2,792
Total to be deducted
LeavIngtotal net overland •
13,928
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 17,926 bales, against 11,545 bales for the week
last year, and that for the season to date the aggregate
net overland exhibits an excess over a year ago of 453,859
bales.
-1908-09
in Sight and Spinners'
Since
Takings.
Week.
Sept. 1.
Receipts at ports to April 23_ ___137,077 8,947,302
Net overland to April 23
17,926 1,198,241
Southern consumption to April 23050,000 1,550,000
Total marketed
Interior stocks In excess
1907-08
Since
Week.
Sept. 1.
58,955 7,556,768
11,545
744,382
40,000 1,577,000
205,003 11,695,543
*62,290
402,951
110,500
•17,613
Came into sight during week.. _ _142,713
Total in sight April 23
12,098,494
92,887
9,878,150
536,966
16,11-5-,116
North. spinners' takings to Apr. 23 27.199 2.349,824
19,829 1,467,208
a These figures are not the takings by Southern mills, but are estimates
of consumption based on Information received from time to time during
the season and revised, It necessary, when complete returns are received
at season's close. Reports from various sections of the South indicate
that takings by the mills have thus far this season been appreciably
heavier than during the corresponding period a year ago, but actual or
approximate data is not obtainable.
• Decrease during week.
Movement into sight in previous years:
Week1907-April
1906-April
1905-April
1904-April
26
27
28
29
Bales.
113,335
124.816
197,009
71,906
Since Sept. 11906-07--April 26
1905-06-April 27
1904-05-April 28
1903-04-April 29
Bales.
12,343,611
9,736,757
11,306,418
9,376,051
NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sarday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
April 17. April 19. April 20. April 21. April 22. April 23.
April-Range
Closing
MayRange
Closing
JuneRange
Closing__
JulyRange
Closing
AugustRange
Closing
SeptemberRange
Closing
OctoberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
Tone-
Spot
Options
@
-@ 10.29 - 10-.15 • 10.37 • 10-.29-.31 10.21 • 0.08 •
10.28-.41 10.23-.44 10.25-.50 11.35-.42 10.27-.47 0.11-.31
10.39-.40 10.25-.26 10.47-.48 10.39-.40 10.30-.31 10.18-.19
- @ -- ®
-@ -6 010.43-.45 10.29-.31 10.49-.51 10-.43-.45 10.34--36 0.21-.23
10.47-.60 10.40-.57 10.42-.71 10.52-.60 10.46-.66 10.28-.50
10.58-.59 10.43-.44 10.64-.65 10.58 ---- 10.49-.50 10.35-.36
10.42 -- @ .39 - @ -- 01- 10.41-.53
@10.45-.47 10.33-.35 10.54-.56 10.47-48 10.38-.40 0.25-.27
- @ --- @ .30- @ -- ®
-0.15-21
10.36-.38 10.26-.28 10.45-.47 10.38-.40 10.29-.31 0.19-.21
10.15-.25 10.06-.22 10.07-.32 10.12-.22 10.04-.24 9.90-.11
10.24-.25 10.09-.10 10.25-.26 10.16-.17 10.07-.08 9.96-.97
10.13-.22 10.03-.19 10.06-.28 10.10-.18 10.01-.21 9.88-.08
10.21-.22 10.07-.08 10.22-.23 10.13-.14 10.04-.05 9.93-.94
10.13-.21 10.03-.12 10.15-.26 10.10-.17 '9.911-92
10.21-.22 10.07-.08 10.22-.23 10.13-.15 10.04-.05 9.93-.94
Very sty. Steady. Quiet. Steady. Quiet.
Quiet.
Steady. Steady. Steady. Steady. Steady. Steady.
• Nominal.
WEATHER REPORTS BY TELEGRAPH.-Our telegraphic advices from the South this evening indicate that
rain has been quite general during the week, but the precipitation has been light as a rule and in some districts of Texas
dry weather has prevailed. Cotton planting has made good
progress and is nearing completion in a number of districts.
Some correspondents report the seed as germinating well,
with chopping-out under way in some localities.
Galveston, Texas.-Rain has fallen on one day of the week
to an inappreciable extent. Average thermometer 72,
highest 78, lowest 66.
Abilene, Texas.-Rain has fallen on one day of the past
week to the extent of thirty-four hundredths of an inch.
The thermometer has averaged 68, the highest being 90 and
the lowest 46.
Corpus Christi, Texas.-It has been dry all the week. The
thermometer has averaged 72, ranging from 62 to 82.
Fort Worth, Texas.-It has rained on two days of the week,
the precipitation reaching sixty-six hundredths of an inch.
The thermometer has ranged from 42 to 86, averaging 64.
Palestine, Texas -Rain has fallen on one day of the week
to the extent of thirty-four hundredths of an inch. Average
thermometer 66, highest 82, lowest 50.
San Antonio, Texas.-Ram has fallen on three days of
the past week to an inappreciable extent. The thermometer
has averaged 72, the highest being 94 and the lowest 50.
Taylor, Texas.-There has been rain on one day during
the week, the rainfall reaching forty-four hundredths of an
inch. The thermometer has averaged 66, ranging from
46 to 86.
New Orleans, Louisiana.-There has been rain on one day
during the week, the rainfall reaching thirty hundredths of
an inch. Thermometer has averaged 73.
Vicksburg, Mississippi.-Rain has fallen on two days of
the week, the precipitation being thirty-one hundredths of
an inch. The thermometer has averaged 71, the highest
being 82 and the lowest 56.
Helena, Arkansas.-We have had rain on three days of the
week, the rainfall reaching seventy-five hundredths of an
inch. Rather cool to-day. The thermometer has averaged 64.7, ranging from 50 to 83.
Little Rock, Arkansas.-There has been rain on three days
during the week, the rainfall reaching one inch and ninety
hundredths. Thermometer has rangod from 48 to 82,
averaging 65.
Memphis, Tennessee.-Cotton planting is actively in progress. It has rained on one day during the week,the rainfall
being six hundredths of an inch. Average thermometer
68.3, highest 83.2, lowest 57.
[VOL. Lxxxvni.
THE CHRONICLE
1074
1909.
1908.
Nashville, Tennessee.-It has rained during the week, the
precipitation reaching one inch and seventeen hundredths.
ibs. Shirt- C'ot'n
83-i lbs. Shirt- Cot'n
tags, common Mid.
32.1 Cop
lags, common Mid.
32s Cop
The thermometer has ranged from 47 to 84, averaging 65.
Upl's
Upl's
to finest.
Twist.
So finest.
Turtst.
interior
and
the
cotton
Mobile, Alabama.-Fine weather in
s. d. d. d.
s. d. d.
d. s. d.
d. s. d.
d.
planting is nearing completion. Seed is germinating well in Itch
6.00
10 5 4 08 7
12 7V, 0 8 4 6 @7 634 5.08 8%
many sections and chopping out is in progress in some dis- 19
4.97 8%
5.86
@ 9% 5 3 @t8 6
7 3-16 0 8 4 6 07 7
tricts. We have had rain on one day of the week,the rainfall 26 7% 0 8 4 6 07 6% 4.04 834 @ 9% 5 1%08 4% 5.68
reaching two hundredths of an inch. The thermometer has Apr.
5.13 8t1
5.73
5 1 @8 4
2 7 3-16 0 8% 4 6%0)7 7
5.27 8%
5.66
0 9% 5 0 08 3
averaged 71, ranging from 54 to 82.
9 736 0 8ii 4 7%07 8
03-1, 5 0 CS8 1
15-160
7
4
1
5.54
7%(
9%
5.57
07
8
4
8%
16
exception
of
a
Alabama.
-With
the
heavy
Montgomery,
4 8 07 934 5.49 7 13-16@
411
8 80 5.31
23 7% 0
rain
no
during
been
has
there
week.
the
shower early to-day,
Thermometer has ranged from 50 to 87, averaging 72.
SHIPPING NEWS.-As shown on a previous page, the
Selma, Alabama.-There has been a trace of rain on one
day of the week. The thermometer has averaged 73,5, exports of cotton from the United States the past week have
reached 123,042 bales. The shipments in detail, as made
ranging from 54 to 87.
Augusta, Georgia.-The week's rainfall has been four hun- up from mail and telegraphic returns, are as follows:
dredths of an inch, on one day. The thermometer has
Total bales.
averaged 71, ranging from 60 to 82.
NEW YORK-To Liverpool-April 19-Georgic, 113 upland, 13
116
fore gn
Savannah, Georgia.-There has been rain on one day
726
To Manchester-April 17-Rossetti, 726
50
during the week, to the extent of ten hundredths of an inch.
To London-April 17-M nnehaha, 50
64
To Bremen-April 21-Gnelw.nau, 64
The thermometer has ranged from 55 to 84, averaging 71.
300
To Barcelona-April 17-Mars, 300
Madison, Florida.-There has been no rain the past week.
250
To Genoa-April 16-Prinzess Irene, 250
300
To Naples-April 16-Prinzess Irene, 300
Average thermometer 74, highest 87 and lowest 57.
200
To Venice-April 20-Laura, 200
Charlotte, North Carolina.-It has rained on one day of
300
To Trieste-April 20-Laura, 300
300
To F ume-April 20-Laura. 300
the week, the precipitation reaching twenty-two hundredths
849
To Japan-April 19-Matoppo,849
of an inch. The thermometer has ranged from 55 to 82, GALVESTON-To
Liverpool-April 19-Wanderer. 7.626_ _ _ _
30,706
April 20-Dominic, 6,809_ __ _April 21-Iowa, 16,271
averaging 71.
12,309
To Manchester-April 22-Mercedes de Larrinaga, 12,300
Charleston, South Carolina.-It has been dry all the week.
11,974
To Bremen-April 17-Koln, 11,974
423
To Nerve-April 19-Bray Head, 423
Average thermometer 70, highest 80, lowest 58.
1,525
1,525
Baltea.
To Barcelona-April 16-Dora
Greenwood, South Carolina.-There has been no rain during
8.723
To Genoa-April 16-Dora Baltea, 8,723
2,672
the week. The thermometer has averaged 70, the highest TEXAS CITY-To Mexico-April 14-Nordboen, 2,67215,714......- 15,714
NEW ORLEANS-To Liverpool-April 17-Wayfarer,
being 83 and the lowest 57.
212
To Manchester-April 23-Albanian, 212
1,800
To London-April 23-Kingstonlan, 1,800
2,760
WORLD'S SUPPLY AND TAKINGS OF COTTON.
To Antwerp-April 22-Susquehanna, 2,760
1908-09.
Cotton Takings.
Week and Season.
1907-08.
Season.
Week.
Week.
Season.
4.703,839
4,128,028
Visible supply April 16
1,714,982
2.201.844
Visible supply Sept. 1
92,887 10,215,116
142,713 12,098,494
American in sight to April 23
1,690,000
43,000 1,786,000
55,000
Bombay receipts to April 22_ _ _
215,000
9,000
3,000
171,000
Other India ship'ts to April 22_
871,000
5,000
3,000
919,000
Alexandria receipts to April Si..
157,000
1,000
196,000
Other supply to April 21 •
4,913,552 18,746,476 4,272,915 15,378,960
Total supply
DeductVisible supply April 23
4,624.402 4.624,402 4,031,198 4,031,198
289,150 12.122.074
238,150 9,524,074
51,000 2,598.000
Total takings to April 23
Of which American
Of which other
241,717 1,347,762
212,717 8,731,762
29,000
618,000
To Barcelona-April 17-Eugenia, 1,179
To Fl me-April 17-Eugenia, 700
To Trieste-April 17-Eugenia, 2,342
To Venice-April 17-Eugenia, 1,500
To Mexico-Apr.1 16-Norhelm, 100
MOBILE-To Liverpool-April 17-LouNanian, 1,047
SAVANNAH-To Bremen-April 21-Den of Mains, 9,007
To Hamburg-April 21-Den of Mains, 300
To Barcelona-April 17-Teresa, 1,775
To Trieste-April 17-Teresa, 800
To Venice-April 17-Teresa, 500
NORFOLK-To Liverpool-April 17-Wengleydale, 301
BOSTON-To Liverpool-April 17-Michigan, 134; Sexonla, 87
April 20-Bohemian, 1.065
BALTIMORE-To Bremen-April 18-Hannover, 1,400
PHILADELPHIA-To Liverpool-April 18-Haverford, 700
To Manchester-April 16-Manchester Merchant, 1,401
To Genoa-April 7-Verona, 500
SAN FRANCISCO-To Japan-April 16-Chlyo, 2.992
SEATTLE-To Japan-April 23-Kaga Meru, 1,130
TACOMA-To Japan-April 20-0anfa, 1.646
INDIA COTTON MOVEMENT FROM ALL PORTS.
1907-08.
1908-09.
April 22.
Since
Week. Sept. 1.
- 55,000 1.690,000 43,000 1,586,000 86,000 2,293,000
Receipts at-
Week.
Bombay
Great ContiBritain. nent.
1.000
---7.000
1,000 7,000
1,000 2,000
1,000 5,000
- ---
ri'otal all1908-09
1907-08
1906-07
Total.
1,000
-8.000
8,000
3,000
6,000
1,000 19.000 20,000
.000 9,000 10.000
4,000 15,000 19,000
ALEXANDRIA RECEIPTS
Alexandria, Egypt,
April 21.
'
Great
Britain.
_...... 11.000 11,000
7,000 7,000
_
2,000 3.000 5.000
---1,000
Receipts (cantars)This week
Since Sept. 1
Exports (bales)___
I
Since September 1.
For the Week.
Exports from-
Bombay1908-09
1907-08
1906-07
Galcutta1908-09
1907-08
1906-07
Madras1908-09
1907-08
1908-07
All others1908-09
1907-08
1906-07
1906-07.
Since
Week. Sept. 1.
Since
Sept. 1.
19,000
18,000
42,000
Continent.
Total.
-
467,000
445,000
781,000
486,000
463,000
823,000
4,000
3,000
5,000
29,000, 33,000
16,000
19,000
95,000 100,000
3,000
5,000
3,000
16,000
25,000
19,000
19,000
30,000
22,000
15,000 148,000 163,000
11,000 111,000 122,000
8,000 102,000 110,000
------------41,000
37,000
58,000
660,000 701,000
597,000 634,000
997.000 1,055,000
AND SHIPMENTS.
1908-09.
1907-08.
1906-07.
23,000
6,535,363
45.000
6,895,973
3,000
6,825,355
This Since
Week. Sept. 1.
This Since
Week. Sept. 1.
This Since
Week. Sept. 1.
1,286
1,400
700
1,401
500
2,992
1,130
1,646
123,042
Total
• Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
1,179
700
2,342
1,500
100
1,047
9,007
300
1,775
800
500
301
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
April 2.
54,000
Sales of the week
4,000
Of which speculators took
1,000
Of which exporters took
49,000
Sales, American
9,000
Actual export
70,000
Forwarded
1,382,000
Total stock-Estimated
Of which American-Est-1,257,000
48,000
Total Imports of the week__
29,000
Of which American
118,000
Amount afloat
96,000
Of which American
April?. April 16. April 23.
39,000
58,000
50,000
3,000
4,000
2,000
1,000
1,000
1,000
35,000
51,000
43,000
12,000
5,000
6,000
62,000
41,000
82,000
1,353,000 1,331,000 1 ,288,000
1,239,000 1,219.000 1,179,000
65,000
25,000
23,000
43,000
15.000
22,000
93,000
137,000
117,000
111,000
62,000
92.000
The tone of the LiverpoolTmarket for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday.
Wed'day. Thursday.
Friday.
Market, 1
12:15 }
P. M. J
Quiet.
Good
demand.
Good
demand,
Good
demand.
Fair
business
doing.
Good
demand.
Mid.Upl'ds
5.52
5.55
5.48
5.52
5.52
5.49
Sales
Spec.&exp.
6,000
500
10,000
1,000
10,000
1,000
10,000
1,000
10,000
1,000
8,000
500
Futures. Steady at
Market
1 point
f advance,
opened
1
Steady at
204 pts.
advance.
Market, 1 Y'y st'y at Steady at
} 43-405
4
23411433-4
pts. adv. pts. dec.
P. M.
3
Steady at Steady at
203 pts. 203 pts.
advance.
decline,
Steady
Steady,
unch. to 1
tinchanged. pt. adv.
Easy at
103 pts.
decline.
Weak at Quiet,unch.
105 pts. to 1 point
advance.
decline
Steady at
103 pts.
advance.
The prices of futures at L iverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
April
to
17
Sat.
Mon.
Tues.
Thus: 5 40 means 5 40-100d.
Wed.
Thurs.
Fri.
123-i 12;4 123-( 4 123-i 4 123-i 4 123.(I 4 123-i 4
April 23. P.m. P.m. p.m. p.m. p.m. PAIL P.m p.m. p.m. p.m. P.m. P.m.
To Liverpool
2,000 159,727 4,750 196,757 2,500 182,781
168,471
164,399
To Manchester
176,862
d.
a.
d.
d.
a.
d.
d.
d.
d.
d.
a.
d.
To Continent
7,000 275,880 7.750 288,336 4,000 293,984 April _ _ _ _
5 40 43 37 36% 40 40 3734 40 .36 36% 363-4
700 99,776
64,138 1.000 54,646
To America
5 40 43 37 38 40 39% 37 39% 36 363i 36
Apr.-May.
-- May-June
5 40 43 37 36 40 393-4 37 39% 36 3634 36
• Total exports
9.000 664,144 13.500 708,210 7,200 753,403 June-July
43 139 39% 39
5 44 48;4 40;4 39% 43;5 433-4 41
5 47 50 43% 423-4 46% 46;4 44 46 142 4234 42
July-Aug..
5 43;4 47 40;4 3934 43 43 41 42% 38% 39 3834
Aug.-Sep..
5 41 % 45 39 37 40 40% 39 39%135 35;5 35%
MANCHESTER MARKET.-Our report received by Sept.-Oct.
33 33
-Nov_
5 39% 433-4 37 35 38 38 363-4 37 132
cable to-night from Manchester states that the market Oct.
31
5 38 42 35 33% 36 % 36% 343-4 35 30 31
Nov.-Dec.
5 37% 41% 34% 33 36 36 34 3434 293i 30% 30%
continues quiet for both yarns and shirtings. Merchants Dec.-Jan.
30 30
129
34
35%
5
35%
37
333.4
32%
-Feb.
$4
41
Jan.
give
the prices for
are not willing to pay present prices. We
5 37% 41% 34;4 33 36 36 34 3434,29% 30% 30;4
Feb.-Mch.
5 383-4 42 35% $4 36% 36% 35 35 130 31 31
to-day below and leave those for previous weeks of this and Moh.-Apr.
last year for comparison.
APR, 24 1909.1
THE CHRONICLE
BREADSTUFFS.
Friday Night, April 23 1909.
Flour has weakened in sympathy with wheat, but only to
a slight extent. Spring-wheat grades have been offered
more freely, but most mill agents were not inclined to make
concessions of over 5c. a bbl. This was not enough to stimulate buying appreciably, as nearly all buyers were bidding
10c. less than a week ago. Winter-wheat flour has been
well sustained, owing to the limited supply available. Because of the high cost of soft winter wheat, millers have
been unwilling to offer flour for forward shipment unless at
prohibitive prices. Consequently little was accomplished.
Jobbers have preferred to reduce stocks materially before
buying noteworthy lots.
Wheat has latterly fallen 10 to 12c. under the pressure of
very heavy liquidation. This selling may be ascribed to
several causes; among them, more favorable crop news from
the West and also from Europe, especially from Russia, and
denials that wheat is as scarce at the West as some reports
have asserted; some decrease in the cash demand, and
finally the greater or less degree of public obloquy into which
the bull speculation has fallen, coupled with a growing demand that the duty on Canadian wheat shall be temporarily
removed, to the end that schemes to force up prices further
may be frustrated. Good rains have fallen in parts of Texas,
Missouri and Kansas. This, with some favorable crop news
from various sections, and statements that the rumors of
damage had been grossly exaggerated, has had a depressing
effect on prices. Russia expects to make liberal exports
during the next four weeks. Also the Argentina and Australian shipments have latterly increased. Reports that the
bull leader (James A. Patten) was ill, and later that he had
temporarily retired to a ranch in Colorado, to recuperate
his health, have no doubt had much to do with the enormous
liquidation, partly on stop-loss orders. They have given
rise to the idea that the bull deal is over, or practically so.
On Thursday prices broke over 4c. Good rains in the Southwest and the fact that the bull leader was known to have left
Chicago started the selling on that day. Covering of shorts
and buying for a turn, and also against "puts," have at times
interposed a temporary barrier to the decline. Many weak
holdings have been eliminated. Selling on stop-loss orders
has played a large part in the decline. The fall of prices
has been so severe, however,that even the advocates of lower
prices are inclined to be more cautious. The bull leader
from his remote retirement still insists that wheat is worth
more than it is now selling for on the basis of supply and demand, although he is quoted as admitting that he has sold
out his personal holdings and is determined to take a muchneeded rest. Meantime, the chances and uncertainties of
the season are before us, and the usual "crop scares" from
time to time. To-day prices were irregular, closing slightly
higher.
DAILY CLOSING PRICES OF WHEAT FUTURES IN
NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red winter, f. o. b
cts. 141
141
140
140
140
140
May delivery in elevator
132
131
129% 130
127
1273
July delivery in elevator
1233 122% 120% 121% 1173 117%
Sept. delivery in elevator
114% 114
112% 1121 109
109%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts. 128% 127
124
125
121
1225
July delivery in elevator
118% 116% 112% 113% 109% 110%
Sept. delivery in elevator
108% 107
105
105% 1025 102%
1075
strong because of light contract stocks and vague talk of
possible manipulation in Chicago. Aside from this, most
shrewd traders consider prices high, and hence they hold aloof;but available stocks were to small to warrant free selling.
Dealers were in a hesitating mood and inclined to wait for
developments, more especially as to new-crop deliveries.
There was a small decline in the late trading under moderately large offerings, prompted by more favorable weather
in the West. Copious rains have fallen over a wide area,.
followed by higher temperature. It was therefore expected
that a larger acreage would be sown in view of the current
high prices. With continued fine weather receipts are expected to increase. These features gave bear traders more
confidence and they hammered the market rather aggressively. Still there was a rally of Yi to Me. at the close today.
Wheat, per bush.Cents. Corn, per bush.Cents-.
N. Duluth, No. 1
1294
No. 2 mixed
elev. 80
N. Duluth, No. 2
No. 2 yellow
1273
f.o.b. 78
Red winter, No.2
Lob. 140
No. 3
7834
Hard
130% Rye, per bush.Oats, per bush.No. 2 Western
f.o.b. 90
Nat white, 26 to 28 lbs.58% 60%
State and Jersey
Nominal
No. 2 white
61
61% Barley-Malting
75@78
White clipped
583®63
Feeding, c. I. 1. N. Y. 74@76
JUTE BUTTS, BAGGING, ETC.-The market for jute
bagging has continued quiet the past week. Prices remain
nominally unchanged at 63/i cents per yard for 2-lb. domestic
bagging and 6 cents per yard for re-woven and inferior foreign.
Jute butts dull at 2@3 cents per lb. for bagging quality.
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
fieceipts atChicago __ _
Milwaukee__
Duluth
Minneapolis
Toledo
Detroit
Cleveland
St. Louls
Peoria
Kansas City.
Tot.wk.'09
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush.32 lbs. bush.481bs. bu.56 lbs.
148,526
181,500
633,000 1,323,400
250,500
25,000
45,325
49,500
73,700
159,000
83,200
26,000
38,150
259,527
3,720
14,622
64,356
489
659,860
26,640
159,130
168,280
18,150
23,000
30,300
26,300
1,000
2,500
1,000
13,500
36,000
49,500
1,214
7,501
60,281
54,304
17,115
42,220
131,187
240,970
225,500
41,600
3,000
27,800
6,000
178,985
156,000
76,000
292,950
157,300
117,000
304,235
1,624,525
1,440,896
2,284,776
702,051
75,139
Corn first advanced sharply and afterwards declined Same wk.'08 310,486 1,607,118 2,003,544 3,165,074
558,577
40,240
rapidly. The initial buoyancy was ascribed to strong specu- Same wk.'07 368,417 4,603,988 3,222,975 4,299,033 1,159,517 119,662
lative support,prompted by light receipts at primary points Since Aug. 1
1908-09___ 15,157,375 193,660,658 112,963,013 128,075,093 71.630,899 5,620,260
and the large decrease in the visible supply, which has be- 1907-08___
13,450,393 180,788,874 141,755,218 147,495,031 54,806,388 5,837,184
come small compared with ordinary seasons. Nevertheless
1906-07_, 15,593,443 191,225,376 157,960,241 155,728,118 58,922,377 6,476,018
disinterested dealers were inclined to consider that the comparatively small supply had been discounted in the seemingly
Total receipts of flour and grain at the seaboard ports for
high figures current and particularly as the market was with- the week ended April 17 1909 follow:
•
out leadership. This suggested that when the inevitable
Flour,
Wheat,
Corn,
Oats, Barley,
Rye,
Receipts atbbls,
liquidation began there must be a startling break. That
bush.
bush.
bush.
bush.
bush.
New York
77,298
50,400
231,750
773,730
17,850
1,150
assumption served to keep many would-be buyers away. Boston
26,097
121,980
8,490
50,036
835
Late in the week prices declined in a sensational manner Portland, Me
714
16,120
Philadelphia
39,211
9,000
73,840
70,043
1,000
and more especially in Chicago, where May contracts were Baltimore
29,607
13,143
124,614
56,888
2,131
2,898
greatly depressed, fallin over 3 cents a bushel in a few Richmond
3,200
20,706
18,721
48,934
952
New Orleans *___ _
14,394
5,000
104,500
55,000
minutes. The spasmodic and violent changes and the Newport
News_ _ __
2,87534,285
astonishingly big break convinced many that large pro- Galveston
--4;0615
3,000
Nfoblle
1,250
5,500
fessional operators had raided the market. Apparently it Montreal
3,458
21,162
3,437
35,910
7,936
was their intention to shake the small holders out. It was St. John
46,362
328,406
16,812
-assumed that numerous important lines had been thrown
Total week
244,466
671.517
608,040 1,090,541
46,864
5,000
over. This, it was argued, would leave the market in a Week 1908
244,813
630,460
170,757
626,242 52,605
3,381
more healthy shape. To-day the market closed with more Since Jan. 1 1909_ _4,453,517 18,821,256 22,782,549 14,234,628 3182,655
182,655 266,123
steadiness and at a slight recovery, prices having rallied Since Jan.1 i908.5,196,150 16,861,047 21,827,317 11,880,551 1673,218 1063,474
*Receipts do not include grain passing through New Orleans for foreign ports
1% to 13 c., the latter on May, there having been too much
on through bills of lading.
confidence on the part of the bear element.
The exports from the several seaboard ports for the week
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW
YORK. ending April 17 1909 are shown in the annexed statement:
Sat. Mon. Tues. Wed. Thurs. Frt.
Cash corn
cts. 80
80
80
80} 803
803
May delivery in elevator
78% 79% 80
80% 80
79
July delivery In elevator
76
76g 77
76%
77'% 765
September delivery in elevator_ _ _ _ 75% 76
76
78% 75% 75 %
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts. 69% 70% 70% 71 % 70% 69%
July delivery In elevator
68 g 68% 68% 69% 68 % 67%
September delivery in elevator_
67% 68
68
68% 67% 66%
Oats have moved irregularly and chiefly within narrow
limits, which was attributable to the lack of speculative
interest. Near-by or old crop contracts held comparatively
Wheat,
Exports frombush.
New York
87,908
Portland, Me..
16,120
Boston
47,931
Philadelphia ____ 102,560
Baltimore
New Orleans ___ 32,000
Newport News_
Galveston
11,676
Mobile
Port Arthur
81,600
St. John, N. B.- 328,406
Total week.-- 708,201
Week 1908 ' 90,288
Corn, Flour,
bush.
bbls.
189,981 49,970
714
161,666 12,313
29,571 15,247
273,064 2,724
106,060 4,321
34,285 2,875
71,879 7,073
5,500 1,250
Oats,
bush,
18,467
2,544
Rye, Barley,
bush.
bush.
Peas,
bush.
297
8.00 .
18,393
40
444
r
46,362
16,812
872,906 142,849
267,808 157,002
21,495 ___- 35,205
11,348 35,132 34,442
8,297
666
[VOL.
THE CHRONICLE
1076
f
come forward more freely, and
The destination of these exports for the week and since or domestic cottons have
reports indicate that retailers are enjoying a better trade
July 1 1908 is as below:
-Corn
Wheat
Flour
than for some time past. Jobbers themselves, as a whole,
Since
Since
Since
in the way of stocking up on fall
July 1. have done little as yet
Week
July 1
Week
July 1
Week
1908 lines; however, leading Western and Southern jobbers are
1908. Apr. 17.
1908. Apr. 17.
Exports For week and Apr.17.
bush.
bush.
bush.
bush.
bbls.
bbls.
since July 1 tomore interest, and some houses here have begun
14,796,116 showing
United Kingdom_ __ 42,746 4,479,241 428,247 50,373,912 369,687
fact,
28,037 1,952,918 268,278 44,953,831 471,773 12,513,813 to cover their prospective needs conservatively. In
Continent
1,596
39,818 not a few jobbers are beginning to question the wisdom of
430,598
11,000
14,687 540,238
So. & Cont. Amer
29,850
980,958
16,333
676
22,680 1,179,964
West Indies.
8,912 holding off longer, owing to the continued strength of raw
65,737
525
Brit. No. Am. Cols_
20,936 material, cotton yarns and gray goods. The subject of
59,485
33,274 292,140
Other Countries
is being widely discussed and considerable
142,849 8,510,238 708.201 95,834,159 872,906 28,360,553 tariff revision
Total
157,902 9.746,493 958,268 96,841,062 267,808 43,965,040 difference of opinion has developed regarding the possible
Total 1907-08
The world's shipments of wheat and corn for the week effect of the proposed changes in textile schedules now
ending April 17 1909 and since July 1 in 1908-09 and 1907-08 pending in Congress; the matter is receiving increased
attention from domestic interests and numerous petitions
are shown in the following:
setting forth the different views are being forwarded to
Corn.
Washington. Export trade both with China and with
Wheat.
miscellaneous ports has been very quiet, about the only
1908-09.
1907-08.
1907-08.
1908-09.
Exports.
business done being a moderate quantity of prints for Manila.
Since
Since
Week
Since
Since
Week
The dress goods market generally has continued inactive,
July 1. April 17. July 1.
July 1.
April 17.1 July 1.
although a few duplicate orders for fall goods have been
Bushels. Bushels. Bushels.
Bushels.
Bushels.) Bushels.
received. In men's wear repeat orders on heavy-weight
28,082,400
758,000
154,686,000
146,313,700
39,365,000
North Amer. 1,318,000
forward in a manner that is encouraging to
1,728,000 55,024,000 55,582,000 799,000 16,431,500 20,252,000 lines are coming
Russian _
Danubian _- 184,000 29,984,000 23,384,000 765,000 22,005,500 39,020,000 sellers; a number of mills advanced their prices about Sc.
518,000
44,383,500
83,264,000
37,563,000
Argentina __ 2,624,000 92,404.000
a yard during the week and in some instances more than
Australian__ 206,000 28,696,000 10,260,000
that. Much interest is being taken in the meeting of manu0th. countr's 176,000 14,782,000 21,982,000
facturers of men's wear and women's dress fabrics which is
Total ____ 6,326,000,367,203,700 351,158,000 2,840,000 110,902,900 130,200,000
to be held next Wednesday at the Waldorf-Astoria in this
as previously stated, the purpose of the meeting is to
The quantity of wheat and corn afloat for Europe on dates city;
discuss various trade evils and abuses and to devise plans, if
mentioned was as follows:
possible, to eliminate same. Reports that plans are under
way for a large new combination of woolen and worsted
Corn.
Wheat.
interests are also attracting a great deal of attention.
United
United
DOMESTIC COTTON GOODS.-The exports of cotton
Kingdom. Continent.! Total.
Kingdom. emtinent. Total.
from this port for the week ending April 17 were 2,350
goods
Bushels. j Bushels.
Bushels. Bushels. Bushels. Bushels.
packages, valued at $147,192, their destination being to the
April 17 1909 26,400,000 16,480,000 42,880,000 2,550,000 3,910,000 6,460,000
April 10 1909_ _ 29,200,000 18,800,000 48,000,000 2,805,000 3,740,000 6,545,000 points specified in the table below.
April 18 1908_ 30,080,000 21,680,000 51,760,000 2,720,000 3,315,000 6,035,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports April 17 1909 was as follows:
New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Burial°
Toledo
Detroit
Chicago
afloat
'
Milwaukee
Duluth
"
afloat
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
On Lakes
AMERICAN GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush.
bush.
bush.
645,000
265,000
596,000
28.000
165,000
220,000
73,000
68,000
56,000
202,000
186,000
114,000
157,000
359,000
261,000
12,000
182,000
892,000
1,670,004
105,000
113,000
281,000
78,000
145,000
352,000
1,588,000
1,009,000
4,157,000
93,000
103,000
109,000
495,000
229,000
1,430,000
349,000
9,907,000
357,000
1,836,000
198,000
12,303,000
570,000
378,000
545,000
202,000
900,000
1,158,000
933,000
7,000
68,000
309,000
137,000
-
April 17 1909_ _32,628,000
2 Total
Total April 10 1909_ _34,863,000
American
Canadian
Wheat,
bush,
32,628,000
9,050,000
Barley,
bush.
208,000
3,000
8.3,000
2,000
16,000
10,000
15,000
217,000
28,000
Total
2,000
776,000
1,000
82,000
21,000 1,015,000
138,000
70,000
648,000
14,000
169,000
31,000
4,000
111,000
5,051,000
6,311,000
8,916,000
9,403,000
* Last week's figures; this week's not reported
CANADIAN GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush.
bush.
bush.
145,000
30,000
38,000
Montreal
3,766,000
Fort William
678,000
"
afloat
3,905,000
Port Arthur
663,000
Other Canadian
Total April 17 1909__ 9,050,000
Total April 10 1909_ _ 8,747,000
Rye,
bush.
36,000
8,000
522,000 3,176,000
602,000 3,143,000
Rye,
bush.
Barley,
bush.
101,000
145,000
161,000
101,000
97,000
SUMMARY.
Oats,
Corn,
bush.
bush.
5,051,000 8,916,000
145,000
. 30,000
Barley,
Rye,
bush.
bush.
522,000 3,176,000
101,000
30.000
29,000
522,000
9,061.000
5,081,000
Total April 19 1909._41,678,000
602,000
9,564,000
Total April 10 1909.-43,610,000 6.340,000
456,000
5,822,000 10,880,000
Total April 18 1908..36,732,000
9,946,000 1,236,000
Total April 20 1907..51,987,000 10,367,000
7,079,000 18,190,000 1,896,000
Total April 21 1006.._43,943,000
Total April 22 1905_ _30,417.000 11,002,000 14,671,000 1,180,000
3,287,000
3,240.000
3,025,000
2,670,000
2,822,000
1,983,00_
THE DRY GOODS TRADE.
New York, Friday Night, April 23 1909.
Although trading generally has been rather quiet, warmer
and more seasonable weather, especially during the early
part of the week, served to quicken demand for various
lines, notably cotton goods for spring and summer, such as
wash fabrics, &c., a feature of the orders again being requests
for prompt shipment. In most divisions prices have given
no indications of a downward tendency. Gray cottons,
linens, men's wear, certain lines of dress goods and hosiery,
and other merchandise, have continued strong, and in not
a few instances prices, which were irregular for some time,
have apparently become more settled and are approaching
a more staple basis. The primary cotton goods market has
ruled firm but only moderately active, the unwillingness of
mills to book long contracts at current levels restricting
business. Trade with jobbing houses has been of fair proportions, but orders received have been principally for
seasonable goods and of a filling-in nature; duplicate orders
New York to April 17.
Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
-----1008---------1909----Since
Since
Week. Jan. 1.
Week. Jan. 1.
164
20
349
44
226
31
02
461
___
8,980
49,080
3,031
___
5,486
6
10,9257,065
-ii
1,396
3,634
52
246
6,653
1,410
12.597
86
408
16
4,561
99
381
4,2:1
488
12,296
14.755
525
512
5,502
136
5,062
2,350
107,818
1,782
49.714
The value of these New York exports since Jan. 1 has been
$5,772,365 in 1909, against $3,351,533 in 1908.
Bleached goods have ruled firm but rather quiet; wheetings
have been in good request and advances have been made
on some lines, notably fruit-of-the-loom wide shootings,
which have been marked up 1 Mc. a yard on 7-4 to 10-4
goods and.lc. a yard on 42-inch 6-4 goods; other lines of
cotton goods display an upward tendency and there is more
or less talk of advances in the near future. Fall lines of
percales were opened during the week at last season's prices,
which are considered satisfactory in view of the strength in
the primary market and in the staple; fair ordors have
already been booked on the new lines. Increased attention
is being given to wash fabrics and other cotton goods for
spring and summer use, the orders invariably being accompanied by requests for quick delivery. Prints, both staples
and fancies, have been taken more freely, and much interest
is being shown in the probable prices to be named for staple
fall ginghams. Cotton and mohair linings for prompt shipment are in active demand from clothiers. There has been
no abatement in the call for colored cottons, shirtings, &c.
The print cloth market has continued moderately active and
firm, the business done being mostly for spot and near-by
deliveries; regulars remain unchanged at 3 7-16c. nominal
and standard wide goods at 4%c.
WOOLEN GOODS.-In men's wear duplicate orders on
heavy-weight lines for fall have been received in good number
and volume and the outlook for satisfactory bookings is
considered promising; the deinaud so far has been largely
for worsted suitings and especially unfinished worsteds.
Woolen goods have not been taken very freely, or at least
to the same extent, but it is expected that the call for such
fabrics will increase as the season 1)r9gresses. During the
week several mills advanced their prices on an average of
about 5c. a yard. In dress goods, also, early repeat orders
on fall lines have been received by some mills from the
cutting trade, but in the aggregate such orders have not
reached large proportions: Some producers have completed
the delivery of sample pieces ordered for fall, while others
are still engaged in that work. Stock orders have continued
to come forward and demand from retailers for domestic
fabrics for the autumn season has been well maintained, the
call for serges for prompt shipment being particularly brisk.
FOREIGN DRY GOODS.-Imported woolen and worsted
goods have shown little, if any, improvement. Linens have
continued strong and in good request; the cancellations
reported last week now appear to have been made largely
with a view to forcing importers and jobbers to make better
delivery, but it has been found that every possible effort is
being made in that direction and that available supplies are
smaller than many interests had believed. In burlaps business has been fair with prices unchanged.
APR. 24 1909.1
THE CHRONICLE
STATE Alla CITY
DEfitinlITENT,
News Items.
Connecticut.-Death of Governor.-Governor George Leavens Lilley died at the Executive Mansion at 7:26 p. in. on
April 21. Prior to his election last November Governor
Lilley was a member of Congress.
New York State.-Bill Decreasing Tax Levied for Barge
Canal Sinking Fund Signed by Governor.-Gov. Hughes on
April 22 signed Senator Allds' bill (Chapter 241, Laws of
1909) decreasing the amount of annual rate of tax levied
to pay interest and sinking fund charges on 3% barge canal
bonds. The Governor's message urging a reduction in this
tax was given in full in V. 88, p. 1016.
Manila, Philippine Islands.-Bond Offering.-Subscriptions will be received until 2 p. m. May 10 by the Bureau of
Insular Affairs, War Department, Washington, for $1,000,000 4% gold registered sewer and water-works construction
bonds. These bonds are part of an authorized issue of
$4,000,000, of which $1,000,000 dated June 1 1905 and
$2,000,000 dated Jan. 2 1907 have already been disposed of.
Denominations $1,000 and $10,000, as desired. Date Jan. 2 1908.
Interest from April 1 1909, payable quarterly. Maturity thirty years, subject to call after ten years. Securities are exempt from all taxation, Federal, State or local, either in the United States or in the Philippine Islands.
The Secretary of the Treasury authorizes the statement that these sewer
and water-works-construction bonds of the city of Manila will be accepted
by the Treasury Department as security for deposits of public money of the
United States in national banks whenever further deposits may be made,
and may be substituted for United States bonds now held as security for
deposits on condition that the United States bonds thus released be used as
security for additional circulation when, in the judgment of the Secretary
of the Treasury, it is desirable to stimulate an increase in national bank
circulation.
The legality of this issue has been passed upon by the Attorney-General
of the United States. Certified check for 2% of the actual amount of bid is
required. Bonded debt of the city of Manila at present is $3,000,000.
Assessed valuation for 1908 $64,070,611, of which $40,971,847 is subject to
taxation and $23,098,764 is exempt. Value of real estate and improvements
owned by city, $3,401,117.
Bond Calls and Redemptions.
\‘:
Cape Girardeau, Mo.-Bond Call.-On May 1 this city will
redeem the 4147
0 Normal School funding bonds issued
Jan. 1 1904 and numbered from 2 to 10 inclusive. Denomination $500-. Interest semi-annual.
New Mexico (Territory of).-Bond Call.-This territory
has given notice that on May 1 it will redeem the following
bonds at the National Bank of Commerce in New York:
$78,000 6% (being all outstanding) Provisional Indebtedness bonds. Date
May 11889. Maturity May 11919,subject to call May 11909.
The above bonds are numbered 1 to 5, 7 to 13, 19 to 21, 23,
26 to 70, 72, 74 and 75, 78, 83 to 85, 91 to 100 (inclusive in
each case) and are in denomination of $1,000 each.
36,000 6% Territorial Institution bonds. Date July 1 1895. Maturity
July 1 1025, subject to call July 1 1905. Bonds are numbered from 1 to 35 inclusive. Denomination $1,000.
18,000 6% Military Institute bonds. Date July 1 1895. Maturity July 1
1925, subject to call July 1 1905. Bonds are numbered from
1 to 15 inclusive. Denomination $1,000.
The above bonds will cease to draw interest after May 1 '09.
The official notice of this bond call will be found among the
adnertisements elsewhere in this Department.
•
Bond Proposals and Nedotiations this week
have been as follows:
Abbeville School District (P. 0. Abbeville), So. Caro.Bond Sale.-According to reports, $20,000 5% high-schoolbuilding bonds have been disposed of at 103.25 to Robt. S.
Link of Abbeville, representing the Robinson-Humphrey
Co. of Atlanta. Authority, vote of 112 to 2 at election held
April 6. Denomination $1,000. Date July 1 1909. Bonds
are exempt from all taxation.
Aberdeen School District No.5(P.0. Aberdeen), Wash.Bond Election.-An election will be held April 24 to vote on
the question of issuing $70,000 funding and $80,000 highschool bonds.
Albuquerque, Bernalillo County, N. Mex.-Bonds Offered
by Bankcrs.-In an advertisement on a preceding page
Woodin, McNoar & Moore of Chicago are offering to investors $125,000 ,Oi% 20-year sewer bonds dated March 1
1909. Interest semi-annually in Chicago or New York.
Alfred, Allegany County, N. Y.-Bond Sale.-Geo. M.
Hahn of New York was awarded on April 19 the $28,000
coupon (with privilege of registration) water refunding
bonds, described in V. 88, p. 1017, at 100.50 for 44.
Maturity July 1 1914.
Alliance, Stark County, Ohio.-Bond Sale.-The following bids were received on April 19 for the five issues of coupon bonds described in V. 88, p. 1017:
$24,000
$2,500
$21,500
$2,000
$15,500
4% Bonds. 5% Bonds. 414% Bds. 5% Bds. 4% Bonds.
Alliance Bkg. Co„ Allianee_$24,190 00 $22,102 00 $2.583 00 32,045 00 $15,886 00
seem% S. B. & Tr. Co., Tel_ 24,312 00 22,005 00 2,535 00
15,787 50
Union S. B. & Tr. Co., Ctn. 24,308 00
15,770 00
Western-German Bank, Ctn. 24,301 00 22,038 00 2,566 00 2,038 00 15,772 00
City S. B.& Tr. Co., Milan. 24,295 00 22,045 00 2,55000 2,01500 15,650 00
24,261
00
Barto, Scott & CO., Comm.
21,937 25
15,755 90
Otis & Hough, Cleveland._ _ 24,250 00 22,003 00 2,556 00 2,000 00 15,741 00
R.ICleybolte Co., Inc.,Cin _ 24,247 20
15,715 45
24,242 50 21,983 75 2,500 00 2,020 00 15,692 20
Breed & Harrison, Cin
New First Nat. 13k., Colum. 24,205 00 22,000 00 2,540 00 2,005 00 15,600 00
24,163 10 21,770 75
Well, Roth & CO.. On
15,036 15
Hayden, Miller & Co., Ciev. 24,130 00 21,957 00 2,56300 2,021 00 15,695 00
Seasongood & Mayer, Cin_. 24,127 20 21,893 45 2,541 50 2,006 10 15,622 14
21,952 50
Hoehler & Cummings,Tel
Fifth-Third Nat. Bank,Ctn.
21,909 00
15,671 00
S. Kuhn & Sons.Cincinnati.
15.693 75
1077
Alma, Mich.-Bonds Defeated.-An election held April 5
resulted in the defeat of a proposition to issue bonds.
Almeda Drainage District No. 2 (P. 0. Almeda), Harris
County, Tex.-Bonds to Be Offered Shortly.-We are informed
that the $200,000 5% registered drainage bonds mentioned
in V. 88, p. 778, will be placed on the market some time in
April. Denomination $1,000. Interest payable in New
York City. Maturity $40,000 in 10, 15, 20, 25 and 30 years.
This district has no debt at present. Assessed valuation
$1,350,000.
Alva School District(P.0. Alva), Woods County, Okla.Bond Election Postponed.-The election which has to have
been held April 6 to vote on the proposition to issue $25,000
school-building bonds (V. 88, p. 698) has been postponed
to April 27.
Anderson School City (P. 0. Anderson), Madison County,
Ind.-Bond Offering.-Proposals will be received until 12 m.
April 30 by James B. Pearcy, Superintendent, for $125,000
4% bonds for the erection of school buildings and a heating
plant.
Date July 15 1909. Interest semi-annual. Maturity $10,000 yearly on
July 15 from 1911 to 1918 inclusive and $45,000 on July 15 1919. Certified
check for $2,500, payable to the School City Treasurer, is required.
Ashland, Ohio.-Bond Offering.-Proposals wil! be received until 12 m. April 26 by Edgar Koehl, Village Clerk,
for $10,000 4% coupon refunding bonds. Authority Section 2701, Revised Statutes. Denomination $1,000. Date
March 20 1909. Interest annually at the First National
Bank of Ashland. Maturity $1,000 yearly on March 20
from 1910 to 1919 inclusive. Bonds are tax-free. Certified
check for $500, payable to Elmer Shoemaker, Village Treasurer, is required.
Ashtabula County (P. 0. Jefferson), Ohio.-Bond Sale.Reports state that the $12,000 Colebrook Township and the
$30,000 New Lyme Township 43o% road-improvement
bonds described in V. 88, p. 956, were awarded to Barto,
Scott & Co. of Columbus. The first mentioned issue was
awarded at 102.958-a basis of about 3.90%-and the second
issue at 102.91-a basis of about 3.91%.
Auburn, Nemaha County, Neb.-Bond Sale.-According
to reports,the $54,000 water-works and $21,000 sewer bonds
offered on April 12 and described in V. 88, p. 957, were
awarded to the State of Nebraska at par.
Badger School District (P. 0. Cando), Towner County,
No. Dak.-Bond Election.-An election will be held in this
district on April 27 to vote upon the question of issuing
$17,000 school-building bonds.
Beach,Billings County,No.Dak.-Bond Sale.-The $3,000
10-year coupon refunding bonds described in V. 88, p. 894,
were awarded on April 5 to the Security Trust Co. of St.
Paul at par for 534s. Coffin & Crawford of Chicago offered
par for 6s. Bids were also received from W. J. Hayes &
Sons of Cleveland and the First National Bank of Barnesville.
Belmont, Middlesex County, Mass.-Bond Offering
Proposals will be received until 5 p. in. April 26 by Royal
T. Brodrick, Town Treasurer, for $10,000 4% coupon water
bonds. Denomination $1,000. Date April 1 1909. Interest semi-annually at the Beacon Trust Co. of Boston. Maturity April 1 1939. Bonds are exempt from taxation.
Bonds will be ready for delivery April 28 1909. Bonds will
be certified as to their genuineness by the City Trust Co. of
Boston, who will further certify that the legality of the issue
has been approved by Ropes, Gray & Gorham of Boston, a
copy of whose opinion will be delivered to the purchaser.
Berlin School District No.6(P.0.Berlin), Ottawa County,
Mich.-Bond Offering.-Proposals will be received until
5 p. in. April 26 by John Malloy, Secretary Board of Education, for $8,600 5% coupon school-building bonds. Authority Section 9717 of Compiled Laws, as amended by Act 256
of Laws of 1907. Maturity part yearly for 15 years. Certified check for $500, payable to Michael Hines, Treasurer,
is required. The district has no debt at present. Assessed
valuation $322,740.
Boston, Mass.-Loan Authorized by Council.-The Common Council of this city on April 15 authorized a loan order
calling for $989,500. This order now goes before the Board
of Aldermen for their approval.
Breckenridge School District (P. 0. Breckenridge), Caldwell County, Mo.-Bond Sale.-The Wm. R. Compton
Bond & Mortgage Co. of St. Louis, Mo., was awarded on
March 26 an issue of $20,000 5% school-house bonds at
104.38. Denomination $500. Date May 1 1909. Interest
semi-annual.
Bridgeport Independent School District (P. 0. Bridgeport), Harrison County, W. Va.-Bond Election.-An election will be held to-day (April 24) to vote on the question of
issuing $12,000 5% gold coupon school-building bonds. Denomination $500. Date June 1 1909. Interest annually at
the Bridgeport Bank in Bridgeport. Maturity June 1 1929,
subject to call after June 1 1914.
Bridgeville, Allegheny County, Pa.-Bond Offering.Proposals will be received until 6 p. m. April 26 by J. E.
Franks, Borough Clerk,for the $23,000 4
street-improvement bonds voted on March 16. Denomination $500. Date
May 1 1909. Interest semi-annually at the First National
Bank of Bridgeville. Certified check for $500, payable to
the Borough Treasurer, is required. Bonded debt, including
this issue, $43,000. Assessed valuation $1,150,000.
1078
THE CHRONICLE
Lxxxvm.
Chattanooga, Tenn.-Bond Sale Not Consummated.-The
Mayor writes us that up to April 19 the Western-German
Bank of Cincinnati had not yet taken the $125,000 43%
30-year coupon refunding sewer bonds awarded to that
institution (V. 88, p. 895) on March 31. He also states
that the bonds will be re-advertised for sale.
186,756 00
Amer. Tr. & Sav.Bk.,Chi 187,887
Chattanooga, Hamilton County, Tenn.-Bond Offering.First Tr. & Say. Bk., Chi 187,704 00 Farwell Trust Co., Chi__ 186,700 00
N. W. Halsey & Co., Chi 187,486 20 Joint bid by local banks_ 185,297 50 Proposals will be received until 12 m. to-day (April 24) by
Joseph),
Mo.-Bond
St.
Sale
Buchanan County (P. 0.
W. R. Crabtree, Mayor, for $371 04 District No. 50 and
The Fidelity Trust Co. of Kansas City, Mo., was the success- $7,835 77 District No. 59 6% paving bonds.
10-year
4%
Denomination to suit purchaser. Matur ty part yearly from one to five
registered
ful bidder on April 20 for the $100,000
years from date. Certified check for 5% of b.d, payable to the City
Jail bonds described in last week's "Chronicle." The price Treasurer,
is required.
paid by them was 101.077 and accrued interest. The bidders
Clarendon, Donley County, Texas.-Bond Offering.were:
Proposals will be received until 3 D. m. April 30 by A. L.
Fidelity Tr Co., Kan.Cy.,Mo_101.077 Wm. R. Compton Bond &
Mortgage Co., St. Louis_ _100.356 Journeay, Mayor, for $25,000 5% sanitary sewer bonds.
N. W. Halsey & Co., Chic_ _ _100.537
Miss. Vail. Tr. Co., St. Louls.100.504 Francis Bros. & Co., St. L_ _100.400 Authority, vote of 115 "for" to 94 "against" at election held
100.050
Mercantile Trust Co., St. L _100.452 S. A. Kean, Chicago
7 1908 and Article No. 486, Revised Statutes. DeBuffalo, N. Y.-Bond Issues.-The issuance of the follow- Dec.
$1,000. Date May 1 1909. Interest annually
nomination
$15,000
A
authorized:
bond
been
has
due
ing 4% bonds
Hanover National Bank of New York City. Maturity
the
at
July
1919,
1
due
and
bond
$22,000
a
$27,000
July 1 1910;
years, subject to call after twenty years. Certified
bonds due July 1 1910. Under the terms of the ordinances forty
on a national bank for 3% of bid, payable to the
check
the
by
City
par
at
taken
be
to
are
bonds
Comptroller
the
is required.
Mayor,
Crossing
Bond
Grade
Railroad
Erie
the
for
Sinking
trust
in
Ohio.-Bond Sale.-On April 19 the $76,000
Cleveland,
and
Principal
interest
1909.
1
are
payMay
.12ate
Fund.
and the $288,000 5% coupon street-improvement bonds deable at the City Comptroller's office in Buffalo.
Bond Offering.-Proposals will be received until 12 m. scribed in V. 88, p. 779, were sold, the former issue to C. E.
April 26 by Geo. M. Zimmermann, City Comptroller, for Denison & Co. of Cleveland at 101.63 and the latter issue to
$331,500 4% registered Buffalo River improvement bonds. Hayden, Miller & Co. of Cleveland at 102,531. Purchasers
Authority, Chapter 527 of Laws of 1906. Date May 1 1909. to pay accrued interest. The following bids were received:
$288,000
$76,000
Interest semi-annually at the City Comptroller's office or
Bonds.
Bonds.
at the Gallatin National Bank in New York City,to suit pur- C. E. Denison & Co., Cleveland
;77,239 00 $295,030 00
295,290 00
77,237 00
Co., Cleveland
chaser. Maturity May 1 1939. Bonds are exempt from Hayden, Miller &Bank.
77,205 00
& Trust Co., Toledo
Savings
taxation. An unconditional certified check for 2% of bonds Security
266:01477,185 60
Cleveland Trust Co., Cleveland
294,480 00
77,140 00
first Trust & Savings Bank
bid for, payable to the City Comptroller, is required.
294,433 33
33
77,113
for Savings, Cleveland
Bond Sale.-On April 14 the $500,000 50-year water and Society
294,364 00
77,088 00
First National Bank, Cleveland
295,067 50
77,047 50
the $300,000 20-year grade-crossing 4% registered bonds Otis & Hough and others, Cleveland
issue
described in V. 88, p. 957, were sold, the former issue to
$76,000
The bonds are dated May 1 1909 and the
N. W. Halsey & Co. and Lee, Higginson & Co., both of New matures $38,000 on Nov. 1 in each of the years 1910 and 1911,
York City, at their joint bid of 106.589-a basis of about while the $288,000 issue matures $72,000 yearly on Nov. 1
3.71%, and the latter issue to R. L. Day & Co. and Esta- from 1910 to 1913 inclusive
brook & Co., both of New York City, at their joint bid of
Bonds Voted and Defeated.-At the election held in this
103.683-a basis of about 3.737%. Following are the bids: city on April 19 (V. 88, p. 958) the following propositions
$500,000 $300,000
Bonds.
Bonds.
were voted upon:
Brown County (P. 0. Green Bay), Wis.-Bond Sale.On April 8 the Harris Trust & Savings Bank of Chicago was
awarded the $180,000 4M% 1-20-year (serial) court-house
bonds described in V. 88, p. 895, at 104.412-a basis of
about 3.999%. The following bids were received:
Harris Tr. & Sav.13k.,Chl$187,942 00 A. B. Leach & Co., Chl_4187,290 00
00 McCoy & Co., Chicago__
N. W. Halsey & Co. and Lee, Higginson & Co., N. Y_ _106.589
R. L. Day & Co. and Estabrook & Co., New York_ _ _ _106.193
106.349
William Salomon & Co., New York
105.8125
Brown Bros. & Co., New York
104.778
A. B. Leach & Co., New York
103
Columbia National Bank, Buffalo
100.532
Farson, Son & Co., New York
103.319
103.683
102.894
102.8125
102.931
102
100.532
Superior viaduct repair bonds. Vote 17,992 "far" to 20,898 "against."
Central viaduct repair bonds. Vote 18,391 "for" to 19,995"against."
Vote 21,910 "for" to 17,084 "against."
Tuberculosis hospital bonds
Grade-crossing bonds. Vote 17,024 "for" to 19,419 "against."
Cocke County (P. 0. Newport), Tenn.-Bond Sale.-No
award was made on April 17 of the $200,000 5% coupon
Burlington County (P. 0. Mount Holly), N. J.-Bonds road bonds described in V. 88, p. 958. They were subseNot to Be Issued.-According to advices received,the resolu- quently disposed of at private sale, however, to E. H.
tion authorizing the issuance by this county of $150,000 road Rollins & Sons of Chicago.
bonds was defeated at the last meeting of the Board of
Denomination $1,000. Date May 1 1909. Interest semi-annually in
Freeholders.
New York City. Maturity an average of twenty-two years.
Concord, Mass.-Bond Offering.-Proposals will be reBurlington Independent SchoolDistrict(P O. Burlington),
Des Moines County,Iowa.-Bids.-In reporting the sale last ceived until 6 p. m. to-day (April 24) by George G. Morrell,
week of the $9,100 5-10-year (serial) and the $41,000 10-year Town Treasurer, for $65,000 3y% coupon water bonds.
Authority Acts 1872, Chapter 188, and amendments; Acts 1884, Chapter
4% school bonds awarded on April 10 to Geo. M. Bechtel &
and Acts of 1904, Chapter 133. Denomination $1,000. Date April 15
Trust Co. of Boston. Maturity
Co. of Davenport at 100.499 and accrued interest, we 201;
1909. Interest semi-annually at the City
as
They
were
sale.
the
at
15 1929. Bonds are exempt from taxation. Bonds will be certified
received
April
bids
follows:
omitted the
Co. of Boston, who will further
Trust
City
the
Geo.M.Bechtel&Co., Dav_$50,350 00
N. W. Halsey & Co., Chic_ 50,280 40
Wm. R. Compton Bond &
Mtge. Co., St. Louis__ 50,261 00
Farwell Trust Co., Chic_ _$50,130 00
Farson, Son & Co., Chic_ 50,124 55
A. B. Leach & Co., Chic... 50,110 00
Harris TrokSay.Bk.,Chic. 49,953 00
Calexico, Imperial County, Cal.-Bond Sale.-This city
on April 16 awarded the $20,000 6% municipal improvement
bonds mentioned in V. 88, p. 1018, to the Wm. R. Staats
Co. of Los Angeles for $22,200 and accrued interest-the
price thus being 111. This was the only bid received.
Cambria School District No. 3 (P. 0. Cambria), Wyo.-Bonds Not Yet Sold.-Up to April 4 no award had yet been
made of the $2,500 6% coupon school-building bonds offered
without success on Oct. 1 1907. See V. 85, p. 1658.
Cambridge, Guernsey County, Ohio.-Bond Offering.Proposals will be received until 12 m. April 30 by S. R.
Heade, City Auditor, for $47,239 street-paving and $13,522
43'% sewer assessment bonds. Interest annually at the
City Treasurer's office. Maturity one-tenth yearly on
April 1 from 1909 to 1918 inclusive. Bonds are tax-free.
Certified check for $500, payable to the City Auditor, is
required with bids for each lot of bonds. Purchaser to pay
accrued interest. The amount of bonds to be issued may
be reduced by the amount of assessments paid in cash prior
to the date of sale.
Capitol Hill, Oklahoma County, Okla.-Bond Election.According to reports, propositions to issue $35,000 waterworks and $15,000 sewer bonds will be submitted to a vote
of the people on April 27.
Catasauqua, Lehigh County, Pa.-Bond Sale.-The $80,000 4% coupon water-works bonds described in V. 88, p.
957, were sold on April 19 to the National Bank of Catasauqua at 102.037. The following offers were received:
as to their genuineness by
by Ropes, Gray & Gorham of
certify that their legality has been approved
Boston, a copy of whose opinion will be delivered to purchaser. Bonds
will be ready for delivery prior to May 1 1909.
Conde Independent School District No. 32 (P. 0. Conde),
Spink County, So. Dak.-Bond Sale.-The $10,000 20-year
school-building bonds offered on April 17 (V. 88 p. 958) were
disposed of at 100.27 for 5s to the Union Investment Co. of
Minneapolis. Following are the bids:
Union Investment Co., Min$10,027
neapolis (for 5s)
5s._ 10,018
John Nuveen & Co.,
for 5;0. 10,200
Chicago
for 6s _ 10,501
F. E. Magraw, St.(for 5s.._ 10,000
534s. 10,275
for
Paul
for Os __ 10,800
Security Trust Co., St. Paul
(for 53,0)
$10,000
ifig
Citizens' Nat. Bank, Watertown (tor 5 Ms)
10,000
Cutter, Waller & May, Chicago (for 6s)
10,210
Globe Insurance Co., Huron
(for 8s)
10,000
Denomination $1,000. Date May 1 1909.
Connecticut.-Bond Offering.-Further details are at hand
relative to the offering on April 30 of the $1,000,000 33%
coupon or registered State bonds described in last week's
issue. Proposals will be received until 12 m. on that day
by Freeman F. Patten, State Treasurer, at Hartford. These
securities are part of an issue of $7,000,000 authorized by
an Act of the Legislature approved April 14 1909.
Coupon bonds will be issued in denominations of $1,000, while registered
bonds will be in denominations of $1,000, $10,000 and $50,000. Date
April 11909. Interest semi-annually at the Treasury Department in Hartford or checks will be mailed when written order is filed with the said Treasury Department. Maturity April 11934, subject to call after April 11924.
Bonds are exempt from taxation. Bid to be made on form furnished by
the State and be accompanied by a certified check for 2% of bonds bid for.
made payable to the State Treasurer.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Cove School District, Lassen County, Cal.-Bond Sale.Nat. Bank of Catasauqua_$8 .630 10 Balite, Heyl & Harrison_'180,544 00
Montgomery, Clothier &
Lehigh Valley Trust &
On April 10 $1,000 7% 1-10-year (serial) school-house bonds
*80,258
00
Tyler
Deposit
Co., AllenSafe
to the Bank of Lassen County in
town
.81.325 00 Lehigh N. B., Catasauqua.030,082 50 were disposed of at 102
Susanville. Denomination $100. Date April 10 1909.
• For "all or none." a For $30,000 bonds.
We are informed that there were also a number of small Interest annual.
Cresson, Cambria County, Pa.-Bonds Authorized.-It is
bidders who bid for from $1,000 to $3,000 bonds at 102.
Maturity every Ave years from May 1, 1914, to May 1, 1939, stated that the Borough Council has passed an ordinance
providing for the issuance of $10,000 paving bonds.
APR. 24 1909.1
THE CHRONICLE
1079
Fayetteville School District (P. 0. Fayetteville), Lincoln
Cuyahoga County (P. 0. Cleveland), Ohio.-Bond Sale.The following 4% coupon improvement bonds, proposals County, Tenn.-Bond Election.-An election will take place
for which were asked until April 21, were awarded to the to-day (April 24) to vote on the question of issuing $20,000
high-school bonds.
Cleveland Trust Co. of Cleveland.
121,412 Dunham Road assessment bonds. Denomination $1,000, except
Franklin County (P. 0. Columbus), Ohio.-Bond Offering.
one bond of $412. Maturity $412 on April 1 1910, $1,000 each
April 30 by the
six months from Oct. 1 1910 to Oct. 1 1918 inclusive, $2,000 on -Proposals will be received until 12 m.
April 1 1919 and $2,000 on Oct. 1 1919.
of County Commissioners, John Scott, Clerk, for the
Board
115,759 Dunham Road (county's portion) bonds. Denomination $1.000, following 4% bonds:
except one bond of $759. Maturity $4,759 on April 11910. $5,000
each six months from Oct. 1 1910 to Oct. 1 1911 inclusive and
$6,000 each six months from April 1 1912 to Oct. 1 1919 inclusive.
8,381 Center Road No. 2 (assessment) bonds. Denomination $500, except one bond of $381. Maturity $381 on Oct. 1 1910, $500 on
Oct. 1 in each of the years 1911 and 1912 and $1,000 yearly on
Oct. 1 from 1913 to 1919 inclusive.
43,187 Center Road No. 2 (county's portion) bonds. Denomination
$1,000, except one bond of $187. Maturity $1,187 on April 11910,
$2,000 each six months from Oct. 1 1910 to Oct. 1 1917 inclusive
and $3,000 each six months from April 1 1918 to Oct. 1 1919 inclusive. •
10,000 Barrett Road bridge bonds. Denomination $1,000. Maturity
$1.000 yearly on Oct. 1 from 1910 to 1919 inclusive.
Authority, Section 22b and 4637-39 of the Revised Statutes. Date May 1 1909. Interest April 1 and Oct. 1 at the
County Treasurer's office in Cleveland. Certified check for
1% of bonds bid for, payable to the County Treasurer, is
required. Purchaser to pay accrued interest.
Dallas, Tex.-Bonds Voted.-The $500,000 water-works
improvement and $200,000 public-school-improvement 4%
bonds (V. 88, p. 839) were authorized at the election held in
this city on April 6. The vote for the former proposition
was 2,905 "for" and 386 "against," while for the latter it
was 2,849 "for" and 406 "against."
Dark Hollow Drainage District No. 1 (P. 0. Little Rock),
Pulaski County, Ark.-Price Paid for Bonds.-We are advised that the price paid for the $88,500 6% drainage bonds
.disposed of on March 25 to Farson, Son & Co. of New York
City (V. 88, p. 839) was par. Denomination $500. Date
Feb. 15 1909. Interest annual. Maturity part yearly on
Feb. 15 froin 1919 to 1939 inclusive.
Davidson County (P.0. Nashville), Tenn.-Bonds Authorized.-This county, it is stated, has authorized the issuance
of $250,000 5% bonds for the purpose of completing the two
new Cumberland River bridges.
rtiBond Issue.-It is also reported that a resolution has been
adopted providing for the issuance of $100,000 4% 20-year
bonds for the Peabody Educational fund. The county
•officials, it is reported, are authorized to turn over the
bonds to the college authorities.
Deal School District, Imperial County, Oal.-Bond Offering.-Proposals will be received until 8 p. m. to-day. (April
24) by Paul Boman, County Treasurer (P. 0. El Centro),
for .$5,000 6% bonds. Denomination $1,000. Interest
semi-annual. Maturity $1,000 yearly on March 15 from
1912 to 1916 inclusive. Certified check for 5% of bonds,
payable to the County Treasurer, is required.
Decatur School District (P. 0. Decatur), 111.-Price Paid
,for Bonds.-We are informed that the price paid for the $160,000 4% 20-year high-school-building bonds awarded on
April 6 to the Farwell Trust Co. of Chicago (V. 88, p. 958)
was 101.90. This is on an interest basis of about 3.863%.
Following is a list of the bidders:
Farwell Tr. Co., Chicago__ _$163,040
First Nat. Tr. Co., Chic_ ___ 162,832
N. W. Halsey & Co., Chic__ 162,623
Thos. J. Bolger Co., Chicago 162,517
Mercantile Tr. Co., St. Louis 162,512
Wm. R. Compton Bond &
162,128
Mtge. Co., St. Louts
Lee, Higginson & Co., Chic_$161,964
A. B. Leach & Co., Chicago_ 161,680
160,960
McCoy & Co., Chicago
Coffin & Crawford, Chicago_ 160,525
Millikin Nat. Bank, Decatur 160,000
All bidders offered accrued interest in addition to their bids.
Decatur, Adams County, Ind.-Bond Offering -Proposals
will be received until 7 p. m. April 27 by Oswald B. Wernhoff, City Clerk, for $12,000 432% coupon city-hall bonds.
Denomination $1,000. Date day of sale. Interest Jan. and July at any
bank. Maturity $1,000 yearly on Jan. 1 from 1911 to 1922 inclusive.
Bonds are exempt from taxation. Certified check for $500,'sayable to the
"City of Decatur," is required. Bonded debt, Including this issue, $75,000.
Assessed valuation for 1909, $1,800,000.
Des Moines, Polk County, Iowa.-Bond Offering.-Local
.papers state that this city will receive proposals until May 17
for the $350,000 4% city-hall bonds mentioned in V. 88,
p. 322. Denomination $1,000.
Durham County (P.O. Durham), No, Caro.-Bond Sale.On April 19 the $150,000 4% 12-year coupon funding
bonds described in V. 88, p. 1018, were bought by E. H.
Rollins & Sons of Boston at 102.383-a basis of about
4.245%. A list of the bids received follows:
E.H.Rollins&Sons, Bost.$153,575 00
Fisk & Robinson, Chic__ 153,525 00
Field, Longstreth h Co.,
Cincinnati
153,405 00
Western-German Bank.
Cincinnati
153,380 00
Trowbridge&Niver, Chic. 153,060 00
Security Trust Co., Spar153,050 00
tanburg
fileasongood &Mayer,Cin. 153,045 00
Southern National Bank,
$153,015 00
Wilmington
Hambleton & Co., Bait_ 151,929 00
John Nuveen & Co., Chic. 151,826 00
151,575 00
S. A. Kean, Chicago
Robinson-Humphrey Co.,
151,507 50
Atlanta
Sparger, Webb & Co.,
150,420 00
Durham
Farson, Son & Co., Chic_ 150,010 00
El Paso County (P. 0. El Paso), Tex.-Bond Offering.Proposals will be received until 11 a. m. May 1 by the
County Commissioners' Court for $275,000 road and bridge
bonds. Denomination $1,000. Interest semi-annually at
the Chemical National Bank in New York City or the Fort
Dearborn National Bank of Chicago. Maturity forty years,
subject to call after ten years. Certified check for $3,000 is
required. Albert S. Eylar is County Judge.
Etna Mills, Siskiyou County, Cal.-Bond Election.-According to reports, an election will be held May 1 to vote on
;the question of issuing $12,000 bonds for building purposes.
$16,000 Schrock Road improvement bonds. Denominations: 15 bonds of
$1,000 each and 5 bonds of $200 each. Maturity $3,200 yearly on
April 1 from 1910 to 1914 inclusive.
15,000 Linwood Road improvement bonds. Denomination $1,000.
Maturity $3.000 yearly on April 1 from 1910 to 1914 inclusive.
7.000 Granville or Jewett Road improvement bonds. Denominations:
5 bonds of $1,000 each and 5 bonds of $400 each. Maturity $1,400
yearly on April 1 from 1910 to 1914 inclusive.
Authority, Sectio i 4670-19, Revised Statutes. Date
April 1 1909. Interest semi-annually at the County Treasurer's office in Colu bus. Certified check on a national
bank or trust company in Franklin County for 1% of the
bonds, payable to James T. Lindsay, Co nty Treasurer, is
required.
Bond Sale.-On April 14 the New First National Bank of
Columbus purchased $9,500 5% road-improvement bonds
for $9,652 50-the price thus being 101.605. Denomination
$500. Date May 1 1909. Interest semi-annual. Maturity
part yearly on May 1 from 1910 to 1914 inclusive.
Fulton, N. Y.-Bond Offering.-Proposals will be received
until 8 p. m. April 30 by O. S. Bogardus, City Chamberlain,
for $34,000 4% registered street-improvement bonds. Denomination $1,000. Date May 1 1909. Interest semiannually at the City Chamberlain's office. Maturity $2,000
yearly on May 1 from 1919 to 1935 inclusive. Bid to be
made on printed form furnished by the city and accompanied
by a certified check for $1,000, drawn on an incorporated
State or national bank of New York State and made payable
to the City Chamberlain. Delivery of bonds May 1 1909.
Accrued interest to be paid by purchaser. W. A. Harrison
is City Clerk.
Gaffney, Cherokee County, S. 0.-Bond Offering.-Proposals will be received until 12 m. May 1 by A. N. Wood,
Chairman of Board of Public Works, for $125,000 waterworks, sewerage and electric-light bonds, to bear 4%,“i%
or 5% interest. Authority, vote of 363 to 6 cast at election
held March 31. Denomination $1,000. Date May 1 1909.
Interest semi-annually in the City of New York and in
Gaffney. Maturity May 11949, subject to call after May 1
1929. Bonds are exempt from all taxation. Certified check
for 5% of bid is required.
Galveston, Tex.-Bond Offering.-Proposals will be received until 12 m. May 4 (to be opened at the first regular or
special meeting of the Board of Commissioners held thereafter) by the Board of Commissioners at the City Secretary's
office for the following bonds.
$25,000 5% "Galveston Public School Bonds." Denomination,1.000.
100,000 5% "Galveston Grade Raising Bonds of 1909. "Denomination
$500.
125,000 434% "Galveston Grading. Filling and Drainage Bonds." Denomination $500.
Interest semi-annual. Maturity forty years, subject to
call after twenty years. Bid must be made for the three issues of bonds as a whole, aggregating $250,000. Certified
check for $5,000, payable to the City Treasurer, is required.
I. H. Kempner is Commissioner of Finance and Revenue.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Galveston County Drainage District No.1(P.0. Arcadia),
Tex.-Bonds Proposed.-This district purposes to issue
$116,000 5% 20-40-year (optional) bonds.
Gardner, Worcester County, Mass.-Sewer Scrip Offering.
-Proposals will be received until 6 p. m. April 26 by John
D. Edgell, Town Treasurer, for $15,000 3% coupon sewer
scrip. Denomination $500. Date Dec. 1 1908. Interest
semi-annually at the National Shawmut Bank in Boston.
Maturity $500 yearly on Dec. 1 from 1909 to 1938 inclusive.
The scrip is exempt from taxation. Scrip ready for delivery
May 1 1909.
Glenwood School District (P. 0. Glenwood), Upshur
County, Tex.-No Bond Election.-We are informed that
there was no truth in the reports stating that an election would
be held April 10 to vote on the q estio.i of issuing $23,000
school-building ends.
Grand Forks, No. Dak.-Warrant Sale.-Willis A. Joy of
Grand Forks was the successful bidder on April 12 for the
$65,000 7% Sewer District No. 10 assessment warrants described in V. 88, p. 959. The following bids were received:
Willis A. Joy, Grand Forks-$46,800 for the $45,000 warrants due $3.000
yearly on June 1 from 1914 to 1928 inclusive; $15,000 dating from April 1.
$15,000 dating from May 1 and $15,000 dating from July 1. He also
offered 101 for the $20,000 payable-on-demand warrants, not less than
$5,000 to be taken at one time; or $31,250 for $30,000 of the serial warrants.
S. A. Kean. Chicago-$67,600 for $65,000 warrants dating from April 12
1909.
Kane & Co., Minneapolis-$20,200 for the $20,000 payable-on-demand
warrants and $45,306 25 for the $45,000 serial warrants. None to be
taken later than June 1 1909.
Wells & Dickey Co. of Minneapolis-$46,384 for the $45,000 serial warrants.
Grafton Township (P. 0. R. F. D. 3, Grafton), Lorain
County, Ohio.-Bond Offering.-Proposals will be received
until 2 p. m. May 1 by J. B. Kroesen, Township Clerk, for
$20,000 5% coupon ston.1 road bonds. Denomination
$1,000. Date May 1 1909. Interest semi-annually at the
1080
THE CHRONICLE
[VOL.
Lxxxvm.
Clerk's office in Belden. Maturity $1,000 each six months
from May 1 1910 to Nov. 1 1919 inclusive. Bonds are taxexempt. Certified check, payable to the Township Clerk,
is required. Total debt, this issue. Assessed valuation
for 1908, $543,000.
Grand Junction, Mesa County, Colo.-Bonds Voted.-The
$65,000 .5% refunding water bonds mentioned in V. 88, p.
959, were authorized at the election held April 5. The vote
was 388 "for" to 67 "against." Maturity fifteen years.
Grand Rapids, Mich.-Bonds Voted.-The following 43/2%
20-year bonds mentioned in V. 88, p. 896, were authorized
at the election held April 5: $50,000 to extend the water
mains, $100,000 to enlarge the pumping station so as to
include municipal electric-lighting machinery and $50,000
for a new pumping engine and raising the old standpipe.
Bonds Defeated.-On the same day (April 5) the voters
defeated the issuance of the $250,000 auditorium bonds,
also mentioned in V. 88, p. 896.
Bond Offering.-Proposals will be received until 3 p. m.
April 29 by John L. Boer, City Clerk, for $80,000 4%
coupon water-works refunding bonds. Denomination $1,000. Date May 11909. Interest semi-annually at the City
Treasurer's office with New York exchange. Maturity May 1
1929. An unconditional certified check for 3% of bonds bid
for, made payable to the City Treasurer, is required.
Grand Rapids School District (P.0. Grand Rapids), Mich.
-Bond Offering.-Local papers state that $200,000 school
bonds will be offered for sale on July 1.
Granville County (P. 0. Oxford), No. Caro.-Bond Sale.On April 20 E. H. Rollins & Sons of Boston purchased the
$100,000 30-year coupon bonds described in V. 88, p. 1018,
at 103.555 and accrued interest for 43/2s-a basis of about
4.289%. Bids were also received from the Trowbridge &
Niver Co. of Chicago, the National Bank of Commerce, the
, Provident Savings Bank & Trust Co. of Cincinnati, John
Nuveen & Co. of Chicago, Woodin, McNear & Moore of
Chicago, the Southern National Bank of Wilmington, the
First National Bank of Oxford, McCoy & Co. of Chicago and
Otis & Hough of Cleveland.
Greenfield, Adair County,Iowa.-Bond Election.-An election will be held in the near future, according to reports, to
vote on the question of issuing $25,000 water-works-construction bonds.
Greenfield, Franklin County, Mass.-Note 0ffering.Proposals will be received until 3 p. m. May 1 by William
Blake Allen, Town Treasurer,for $10,000 free-public-librarybuilding and $4,000 Conway Street schoolhouse refunding
notes at not exceeding 4% interest.
until March 31 (V. 88, p. 840), were disposed of at 102.70 as
follows: $1,000 to Jno. B. Speidre and $1,000 to Jno. F.
Sp eidre. This is on an interest basis of about 4.036%. The
bonds are dated April 1 1909,
Harnett County (P. 0. Lillington), No. Caro.-Bond Offering.-Proposals will be received until 12 m. April 27 by
R. G. Taylor, Chairman (P. 0. Dunn), or Allen M. Shaw,
Clerk (P. 0. Lillington), for $38,000 coupon bridge-building
bonds.
$25,000 street-improvement bonds. Maturity on June 1 as follows
*1,000 yearly from 1925 to 1930, Inclusive; $2.000 yearly from 1931
to 1938, inclusive, and $3,000 in 1939.
30,000 city-hall and site-purchase bonds. Maturity on June 1 as follows;
$1,000 yearly from 1925 to 1930, Inclusive; $2,000 in each of the
years 1931, 1932 and 1933, and $3,000 yearly from 1934 to 1939,
Inclusive.
30,000 school-building and site-purchase bonds. Maturity on June 1 as
follows: $1,000 yearly from 1925 to 1930, Inclusive; $2,000 In each
of the years 1931, 1932 and 1933, and $3,000 yearly from 1934 to
1939, Inclusive.
approved by Delafield & Longfellow of New York City.
800,000 CoUrt-House-construction bonds. Authority an Act of the
Legislature approved March 19 1901 and the Acts amendatory
and supplemental thereto. Maturity May 1 1949.
The a hove bonds are dated May 1 1909. Interest semi-annual. A
certified check on some national bank or trust company for 1% of bid,
made payable to Stephen M. Egan, County Collector, is required.
Denomination $500 or $1,000, at the Option of the purchaser. Date Jan.
1 1909. Interest (either 5% or 6%) semi-annually In New York City at a
bank to be designated in the bonds. Maturity Jan. 11930, subject to call
after Jan. 1 1919. Certified check (or cash) for $500, payable to B. J.
Taylor, Chairman, Is required. Official circular states that the county
has never made any default in the payment of any of its bonded Indebtedness or interest thereon.
Hartshorne, Pittsburgh County, Okla.-Bond Sale.-On
April 12 the $80,000 water and $25,000 sewer 5% bonds
mentioned in V. 88, p. 462, were disposed of to S. A. Kean
of Chicago at 104.05-a basis of about 4.723%. Bids at
par were also received from A. M. Hoyse & Sons and O'Neil
& Co. Authority Sections 10, 26 and 27, Article 10, Oklahoma Constitution, and Sections 374, Revised Statutes of
1903. Denomination $1,000. Date Feb. 1 1909. Interest
semi-annually in New York or any other city designated be
bidder. Mtaurity Feb. 1 1934. Bonded debt, this issue.
Assessed valuation, $599,711.
Hettinger County (P. 0. Mott), No. Dak.-Bond Sale.An issue of $14,000 532% 20-year funding bonds has been
sold. Denomination $1,000. Date March 15 1909. Interest semi-annual.
Hobart School District (P. 0. Hobart), Kiowa County,
Okla.-Bond Election.-A proposition to issue $70,000 bonds
will be submitted to a vote of the people on April 27. These
bonds have already been sold, with the condition, however,
that they be authorized by the voters.
Hollywood High School District, Los Angeles County,
Cal.-Bond Election.-This district will hold an election on
May 1 to vote upon a proposition to issue $22,000 bonds.
Honey Grove, Fannin County, Texas.--Bond Oftering.Proposals will be received until May 1 by L. C. La Master,
Agent, for $7,000 5% street-improvement bonds. Authority
Chapter 149 of the Laws of 1899 and vote of 143 to 28 at
election held Feb. 29. Denomination $1,000. Date May 1.
1909. Interest semi-annually at the National Park Bank
in New York City. Maturity May 1 1949, subject to call
after May 1 1929.
Hudson County (P. 0. Jersey City), N. J.-Bond Offering.
-Proposals will be received until 4 p. in. May 6 by the
Denomination $1,000. Interest semi-annually at the First National Board of Chosen Freeholders, Walter O'Mara, Clerk, for the
Bank of Greenfield. Maturity Oct. 15 1916.
following 4% gold coupon (with privilege of registration)
Griffin, Spalding County, Ga.-Bond Election.-An elec- bonds:
tion will be held April 27 to allow the voters to determine $1,000,000 Hudson County Park bonds. Authority an Act of the Legislature approved May 6 1902. Maturity May 1 1059, The Fenuwhether or not the following 432% gold coupon bonds
ineness of these bonds has been certified to by the United States
shall be issued:
Mortgage & Trust Co. of New York City and their legality
These ho nds were offered but not sold on April 21.
Idaho.-Bond Offering-Proposals will be received until
10 a. m. April 26 by C. A. Hastings, State Treasurer, at
Boise, for $430,250 4% bonds as follows: $52,000 for the
University of Idaho; $60,000 for the Capitol Building;
$36,000 for Academy of Idaho; $55,000 for Industrial
Training School; $25,000 for Deaf, Dumb and Blind Asylum;
$35,000 for Northern Idaho Insane Asylum; $20,000 for
penitentiary; $18,500 for Soldiers' Home; $18,000 for
Bonners Ferry Bridge; $52,750 for Lewiston Normal School;
$36,000 for Albion State Normal School; $9,000 for SaltnOn
River Bridge; $3,000 for Paris-Franklin Road and $10,000
for Snake River Bridge. Interest semi-annual. Maturity
twenty years, subject to call after ten years. Certified
check for 5% of bid is required.
Jefferson County (P. 0. Birmingham), Ala.-Bonds
Proposed.-The question of issuing $500,000 court-house and
jail and $1,000,000 road-iinprovement bonds is being agitated.
Up to March 31, however, no official action had yet been
taken.
Johnstown, Cambria County, Pa.-No Action Yet Taken.
-Up to March 5 no steps had yet been taken in regard to
issuing the $15,000 bonds to defray the expenses of a special
city solicitor and an engineer, who are to plan for the improving of the rivers, bridges and streets. See V. 88, p. 323.
Kansas.-Bonds Purchased by State.-Topeka'papers state
that the following bonds were purchased on April 16 by the
State School Fund Commissioners:
Denomination $1,000. Date June 11909. Interest semiannually in New York City.
Hackensack, Bergen County, N. J.-Bond Election.-An
election will be held April 28 to vote on the question of
issuing $60,000 43% highway-improvement bonds. Maturity $5,000 yearly beginning five years from date.
Hamilton, Ohio.-Bond Offering.-Proposals will be received until 12 m. April 26 by H. A. Grimmer, City Auditor,
for the following 43% assessment bonds: $7,539 80 for Main
Street resurfacing, $2,471 20 for Franklin Street sanitary
sewers, $1,940 f. r Millville Avenue sanitary sewers, $1,671 20
for Washington Street sanitary sewers, $1,287 80 for North
Tenth Street sanitary sewers and $494 80 for Millville Avenue sanitary sewers. Date Feb. 1 1909. Interest semiannually at the City Treasurer's office. Maturity one-tenth
of each issue yearly on Feb. 1 from 1910 to 1919 inclusive.
Certified check for 5% of bid, payable to the City Treasurer,
is required. Bonds to be delivered within ten days from
time of award. Accrued interest to be paid by purchaser.
Bond Sale.-The two issues of 4% 10-year coupon bonds,
aggregating $15,000, described in V. 88, p. 700, were
purchased on March 19 by the Hamilton Clearing House of
Hamilton at 101.65-a basis of about 3.80%.
Hamilton County (P. 0. Chattanooga), Tenn.-Bond Sale
Canceled.-We are informed that the $100,000 5% coupon
funding bonds, which were awarded on March 2 to the ChattaPittsburgh improvement bonds, $16,900; school district No. 7, Marlon
nooga Savings Bank of Chattanooga (V.88, p. 700), were not County, $7,500; school district No. 31, Sheridan County, *800; school
dis$3,500; Banner Township, Rush County,
issued, as it was discovered that the bonds to be funded did trict No. 1, Shawnee County,
$1.400: I3onner Springs, $15,976.
not mature until Oct. 1909.
Kossuth County (P. 0. Algona), Iowa.-Bond Sale.Bond 0llering.-Proposals will be received until 12 m.
as follows three issues of 6%
May 4 by S. M. Walker, County Judge, for $150,000 43% This county on April 8 awarded
$449,000:
20-year coupon school bonds. Denomination $1,000. Date drainage bonds, aggregating
$325,000 at 104.446
April 1 1909. Interest semi-annually at the National City
15,000 at 105.166
10,000 at 104.50
Bank in New York City. Certified check for $500 is required. McCoy & Co., Chicago, Ili
5,000 at 104.30
Hanover, Ohio.-Bond Sale.-The $2,000 5% 1-5-year
2,000 at 100
of Amer. Yeomen, Des Moines, Ia
80,000 at 105.525
(serial) coupon road bonds, proposals for which were asked Brotherhood
Citizens' National Bank, Hampton, Ia
12,000 at 104.291
APR. 24 1909.]
THE CHRONICLE
Denomination •$500. Date May 1 1909. Interest semiannual. Maturity one-tenth each year for fifteen years beginning after the fifth year.
Laporte County (P. 0. Laporte), Ind.-Bond Offering.Proposals will be received until 10 a. m. April 28 by Chas. H.
Miller, County Auditor, for $25,000 5% coupon court-house
completion bonds. Denomination $500. Date June 1 1909.
Interest semi-annual. Maturity on June 1 as follows: $1,000
in even years and $1,500 in odd years from 1910 to 1929 inclusive. Bid to be made on form furnished by the Board of
County Commissioners. Bidders must make an affidavit as
to non-collusion.
Larchwood Independent School District (P. 0. Larchwood), Lyon County, Iowa.-Bond Sale.-The Wells &
Dickey Co. of Minneapolis has purchased $12,000 coupon
building bonds as 43s. Date June 1 1909. Interest payable
at the Savings Bank of Larchwood. Maturity June 11919,
subject to call after June 1 1914. This district has no debt
at present. Assessed valuation for 1908, $484,984.
Laurens County (P. 0. Laurens), So. Caro.-Bond Offering.-Proposals will be received until 11 a. m. April 28 by the
County Commissioners (H. B. Humbert, County Supervisor) for $50,000 5% coupon bridge bonds. Interest semiannual. Maturity ten or twenty years. Certified check
for $1,000 is required.
Le Roy Union Free School District No. 1 (P. 0. Le Roy),
Genesee County, N. Y.-Bond Offering.-Proposals will be
received until 12 m. May 10 by the Board of Education, H. H.
Falkner, Clerk, for the following 4% bonds:
$80,000 school-building bonds. Denomination $1,000. Maturity five,
nine and twenty years.
17,500 site-pucrhase bonds. Denomination $500. Maturity three to
eight years inclusive.
Interest annually at the Importers' & Traders' National
Bank in New York City. Certified check or draft for 2%
of bonds is required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Lewis County School District No.3,Wash.-Bond Offering.
-Proposals will be received until 1 p. ui. to-day (April 24)by
P. Summersett, County Treasurer (P. 0. Chehalis), for
$40,000 high-school building bonds at not exceeding 5%
interest. Authority vote of 238 "for" to 145 "against" at
an election held Feb. 20. Denomination $1,000. Date
May 1 1909. Interest semi-annually at the office of the
County Treasurer. MaturityiMay 1 1929, subject to call
after May 1 1919. Bonds are tax-exempt. Certified check
for $300, payable to the County Treasurer, is required. Bids
are requested for bonds to be delivered as follows: First, the
entire issue deliverable May 1 1909; Second, deliverable in
blocks of $10,000 each on May 1 1909, July 11909, Sept. 1
1909 and Nov. 11909. Successful bidder must furnish form
of bonds free and pay accrued interest.
Lexington School District (P. 0. Lexington), Ky.-Bond
Sale.-This district on ApriI20 awarded the $20,000 4% gold
coupon bonds (V. 88, p. 1019) to Seasongood & Mayer of
Cincinnati at 100.625 and accrued interest-a basis of about
3.965%.
The following bids were received:
Seasongood &Mayer, Chi_ •$20,125 00 Mercantile Tr. Co., St. L •520,103 00
Union Savings Bank &
Albert Kleybolte & Co.,
Trust Co., Cincinnati_ *20,026 25
20,200 00
Cincinnati
S. A. Kean, Chicago_ _ _ _ 19,600 00
Western-German Bank,
00
*20,103
Cincinnati
• And accrued Interest.
Linden Heights, Franklin County, Ohio.-Bond Offering.
-Proposals will be received until 12 in. April 26 by F. O.
Howell, Village Clerk, for the following 6% bonds:
$500 street-improvement bonds. Denomination $250. Maturity May 1
1912.
1,000 drain-construction bonds. Denomination $500. Maturity May 1
1914.
Authority Section 2835, Revised Statutes. Date May 1
1909. Interest semi-annual. Purchaser to pay accrued
interest.
Linn County School District No. 5, Ore.-Bond Offering.Proposals will be received until 10 a. m. April 26 by W. W.
Francis, County Treasurer (P. 0. Albany), for $50,000 43-%
gold coupon high-school-building bonds. Authority vote of
309 "for" to 32 “against" at election held Feb. 26. Denomination $1,000. Date July 1 1909. Interest semiannually at the County Treasurer's office or any bank in
New York City, at the option of the purchaser. Maturity
July 11929, subject to call after July 11919. Bonded debt
at present $20,000. Assessed valuation for 1908 $3,010,655.
Logansport School City (P. 0. Logansport), Cass County,
Ind.-Bids.-The following bids were received on April 20
for the $40,000 4% coupon refunding bonds described in
V. 88, p. 1019:
J. T. Elliott & Sons, Ind_ _540,560 001 Breed & Harrison, Cincin_$40,300 00
40,240 00
Hillis & Bradfield, L'port_ 40,551 00 S. A. Kean, Chicago
J. F Wild & Co., Indlanap 40,501 00 Chas. C. Wedding Sc Co..
40,100 00
Indianapolis
Marion Tr. Co., Indianap_ 40,385 50
1081
Treasurer's office in Elyria. Maturity on March 1 as follows: $5,000 yearly from 1914 to 1917 inclusive and $10,000
yearly from 1918 to 1925 inclusive. Bid to be made on a
blank form furnished by the Secretary Road Commissioners
and be accompanied by a certified check on a national bank
for $1,000, made payable to the County Treasurer. Purchaser to pay accrued interest.
Loudonville, Ashland County, Ohio.-Bond Offering.Proposals will be received until 12 m. April 27 by Bernhard
Strauss, Village Clerk, for $24,000 5% coupon building
bonds. Authority Section 2885 of Revised Statutes of Ohio.
Date May 1 1909. Interest semi-annually at the office of
the Village Treasurer. Maturity $500 each six months
from March 1 1918 to Sept. 1 1927 inclusive and $700 each
six months from March 1 1928 to Sept. 1 1937. Certified
check for 10% of bonds bid for, payable to the Village Treasurer, is required. Purchaser to pay accrued interest.
Madisonville Hamilton County, Ohio.-Bond Offering.be received until 12 m. April 28 by J. A.
Proposals will'
Conant, Village Clerk, for $7,000 4% coupon water-worksextension bonds. Authority Sections 2835, 2835b, 2836 and
2837 of Revised Statutes of Ohio. Denomination $500.
Date Dec. 311907. Interest semi-annually at the Cincinnati
Trust Co. in Cincinnati. Maturity Dec. 31 1932. Certified
check for $100, payable to the Village Treasurer, is required.
Purchaser to pay accrued interest.
McKees Rocks, Allegheny County, Pa.-Bond Sale.-The
$65,000 4% coupon funding bonds, the sale of which was
to have taken place April 5 (V. 88, p. 897), were recently
awarded, according to reports, to the Bank of Pittsburgh,
N. A.
Madison County (P. 0. London), Ohio.-Bond Sale.Despatches state that this county on April 20 awarded four
issues of 5% coupon road-improvement bonds aggregating
$25,000 to the Madison National Bank of London at 101.547.
Denomination $1,250, $500, $430 and $320. Date May 1
1909. Interest semi-antual. Maturity one bond of each
issue every six months from March 1 1910 to Sept. 11914.
Manor School District (P. 0. Manor), Westmoreland
County, Pa.-Bond Sale.-On April 15 the Manor National
Bank of Manor purchased $10,000 5% 10-20-year (optional)
coupon school-building -addition bonds at 103.56 and accrued interest-a basis of about 4.554 7 to the optional
date and about 4.723% to full maturity. The following bids
were received:
Manor Nat. Bank, Manor__ 410,356
Hayden. Miller & Co., Clev__ 10,261
First Nat. Bank, Cleveland__ 10,201
al0,200
S. A. Kean, Chicago
a Also furnish blank bonds.
Barr, Lyons & Co., Pitts..$10,200 00
Wash. Inv. Co., Pittsb. 10,158 95
Otis & Hough, Cleveland_ 10,107 50
L. A. Libling, Greensburg 10,030 00
All bidders offered accrued interest in addition to their bids.
Denomination $500. Date April 1 1909. Interest semiannually at the Manor National Bank of Manor. Bonds are
free from taxation. Bonded debt, including this issue,
$16,000.
Marcellus, Onondaga County, N. Y.-Bond Offering.Proposals will be received until 7:30 p. m. April 27 by Chas.
E. Jones, Village Clerk, for $25,000 registered water-systemconstruction bonds at not exceeding 5% interest.
Denomination 51,000. Date May 1 1909. Interest semi-annually In
New York exchange at the National Bank of Skaneatelest Skaneateles, N. Y.
Maturity $1,000 on May 1 1914 and 2,1,000 8.'3z:wally there .fter. Certified
check for 5500, payable to the Village Treasurer. is required. Bonded
debt, this issue. Assessed valuation 1908 5397,050 Bonds are tax exempt.
Massena School District (P. 0. Massena), St. Lawrence
County, N. Y.-Bond Sale.-This district on April 15 disposed of $10,000 4% bonds to the Watertown Savings Bank
of Watertown at par and accrued interest. Denomination
$500.- Interest Dec. 1. Maturity part yearly from 1917 to
1926 inclusive.
Mayesville School District No. 18 (P. 0. Mayesville),
Sumter County, So. Caro.-Bond Offering.-Proposals will
be received until 12 m. May 1 by J. R. Mayes, S. M. McCall
and C. E. King, Trustees, for $7,000 5% 20-year coupon
school-building bonds. Denomination to suit purchaser.
Interest semi-annual. Bonds are exempt from taxation.
Certified check for $300 is required. This district has no
debt at present. Assessed valuation $224,000.
Meridian, Lauderdale County, Miss.-Bond Offering.Proposals will be received until 7:30 p. m. April 29 by C. W.
O'Leary, City Clerk, for the $250,000 43.% water-works
bonds mentioned in V. 88, p. 898. Authority Section 3444,
State Code of 1906. Denomination $1,000. Date July 1
1909. Interest semi-annually at the Seaboard National
Bank in New York City. Maturity on July 1 as follows:
$10,000 in each of the years 1919 and 1920, $10,000 yearly
from 1922 to 1929 inclusive, and $15,000 yearly from 1930
to 1939 inclusive. Certified check for 4% of bid, payable
to C. W. O'Leary, City Clerk, is required.
Michigan City School City (P.0. Michigan City), La Porte
County, Ind.-Bond Sale.-On April 16 the First National
Bank of Michigan City was awarded the $95,000 4% bonds
described in V. 88, p. 1019, at 100.578. The bids received
were as follows:
Maturity May 1 1929, subject to call after May 1 1919.
Lorain County Road District No. 1, Ohio.-Bond Offering. First Nat. Bank, Michig. C'y_$95.551J. F. Elliott Sc Sons, Indian$95,000
apolis
95,501
J. F. Wild Sc Co., Indianan
-Proposals will be received until 11 a. m. to-day (April 24) Coughlan
94.000
Sc Crawford, Chic__ 95,275 McCoy Sc Co., Chicago
by the Road Commissioners, Frank R. Fauver, Secretary
MaChicago.
S.
of
A.
from
Kean
was also received
bid
A
Authority
bonds.
coupon
(P. 0, Elyria), for $100,000 43%
part yearly on Aug. 1 from 1910 to 1919 inclusive.
turity
also
1898;
26
April
passed
an Act of the General Assembly
Modesto, Cal.-Bond Sale.--We see it stated that the
election held Nov. 5 1907. Denomination $1,000. Date
March 1 1909. Interest semi-annually at the County State Board of Examiners ha purchased 365,000-bonds.
1082
THE CHRONICLE
Montgomery Township (P. 0. Ashland), Ashland County,
tlhio.-Bond Offering.-Proposals will be received until
1 p. m. April 26 by C. D. Livingston, Township Clerk, for
$22,000 5% coupon road-improvement bonds. Authority
Section 4686-17 Revised Statutes. Denomination $500.
Date April 15 1909. Interest semi-annually at the office
of the Township Clerk in Ashland. Maturity as follows:
$1,000 Apr. 15'11 52,000 Oct. 15'13 51,000 Apr. 13'17
500 Apr. 15'14 1,000 Oct. 15'17
1.000 Oct. 15'11
500 Oct. 15 '14 2,000 Apr. 15'18
1,000 Apr. 15'12
1,000 Oct. 15'12 1,000 Apr. 15'16 2,000 Oct. 15 '18
500 Apr. 15'19
2,000 Apr. 15'13 1,000 Oct. 1.3 16
5500 Oct. 15 '19
1,000 Apr. 15'21
1,000 Oct. 15 '21
1,000 Apr. 15'23
1,000 Oct. 15'23
Bonds are exempt from taxation. Purchaser to pay accrued
interest.
Mt. Kisco, Westchester County, N. Y.-Bond Sale.-We
are advised by the Village Clerk that on Feb. 24 an issue of
$59,800 4% sewer-construction bonds was awarded to A.
B. Leach & Co. of New York at 101.03. Denomination
$2,300. Date March 1 1909. Interest semi-annual. Maturity $2,300 yearly on March 1 from 1914 to 1939 inclusive.
Mt. Pleasant Union Free School District No. 7, Westchester County, N. Y.-Bond Ofiering.-Proposals will be
received until 4:30 p. m. to-day (April 24) by the Trustees at
Hawthorne for $12,000 5% school-building bonds. Denomination $500. Date May 1 1909. Interest annually at
the Tarrytown National Bank of Tarrytown in New York
'exchange. Maturity $1,000 yearly on May 1 from 1917 to
1928 inclusive. A certified check or bank draft for 10%
of bonds bid for, payable to the Collector of the School District, is required. Blank forms for bids will be furnished by
the district. Bonds will be certified as to their genuineness
by the United States Mortgage & Trust Co. of New York
City. Purchaser to pay accrued interest.
Myrtle Point, Coos County, Ore.-Bond Ofiering.-Proposals will be received until 7:30 p. m. April 28 (not April 25
as first reported) by I. E. Rose, City Recorder, for $22,000
5% gold coupon water-works bonds, series "B." Denomination $1,000. Date May -1 1909. Interest semiannual. Maturity thirty years, subject to call after twenty
years. Bonds are exempt from taxation. Certified check
for/$500, payable to I. E. Rose, City Recorder, is required.
Bonded debt at present, $20,000. Assessed valuation
3310,243.
Nashville, Tenn.-Bond Sale.-On April 16 the $125,000
4%% 30-year Suburban Street bonds dated July 1 1905 and
described in V.88, p.841, were awarded to A. B. Leach & Co.
of Chicago at 106.59 and accrued interest. Following is a
list of the bidders:
[VoL. Lxxxvm.
Ohio (V. 88, p. 1020) carry 5% and 6% interest and mature
in five years.
New Orleans La.-Bond Offering.-Proposals will be received until 12 m. May 21 by the Board of Liquidation of
the City Debt, T. Wolfe Jr., Secretary, for $2,000,000 4%
coupon public-improvement bonds, these being part of the
$4,000,000 bonds mentioned in V. 88,.p. 960.
Denomination $1,000. Interest Jan. 1 and July 1. Maturity Jan. 1
1942, subject to call after Jan. 1 1928. Bonds are exempt from all taxes
and will be delivered $1,000,000 within thirty days and $1,000,000 within
sixty days. Certified check for 3% of bid Is required.
Newport, Ky.-Bond Offering.-Proposals will be received
until 8 p. m. April 30 by the Sinking Fund Commissioners
for $2,800 5% coupon sewer bonds.
Denomination $500 and $100. Date Jan. 1 1909. Interest sem annually at the City Treasurer's office or at the Bank of American New
York City. Maturity 21 years, subject to call as follows: $1,200 after 10
years, $100 after 14 years, $600 after 15 years, $200 after 18 years, $500
after 20 years and $200 after 21 years. Certified check for 5% of the
bonds bid for, payable to the C ty Treasurer, Is requ red.
The above bonds were awarded on April 12 to the German
National Bank of Newport. Owing to some misunderstanding as to the maturity of the issue, however, the first
sale was not consummated.
Bond Sale.-On April 12 the $85,000 4% 30-year coupon
water-works bonds described in V. 88, p. 960, were awarded
to the Newport National Bank of Newport at 104.70-a
basis of about 3.739%.
Newton, Middlesex County, Mass.-Certificate Sale.-On
April 20 Adams & Co. of Boston purchased $32,000 3%
technical-high-school certificates at 100.63. The other
bidders were:
R. L. Day & Co., Boston_ __ _100.567lEstabrook & Co., Boston_ _100.41
Bost_100.399
E. H. Rollins & Sons, Boston 100.444 Merrill. Oldham &
Biodget, Merritt & Co., Bost _100.41 Blake Bros. & Co., Bos
Co.'ton__ _100.15
Denomination $1,000. Date April 1 1909. Interest semiannual. Maturity part yearly on April 1 until 1919 inclusive.
Oakley (P. 0. Cincinnati), Hamilton County, Ohio.Bond Ofiering.-Proposals will be received until 12 m.
to-day (April 24) by Oscar Kosche, Clerk, for $6,861 94 5%
coupon Williams Avenue improvement assessment bonds.
Authority Section 95 of Municipal Code of 1902. Denomination $686 20. Date March 15 1909. Interest
annually in Oakley. Maturity $686 20 yearly on March 15
from 1910 to 1919 inclusive. Bonds are tax-exempt.
Certified check for 5% of bonds bid for, payable to Village
is required. Purchaser to pay accrued interest.
Oelwein Fayette County, Iowa.-Bond Offering.-Proposals will'
be received until 8 p. m. April 26 by C. D. Shippy,
City Clerk, for $18,500 5% city-hall bonds. Authority
vote of 765 "for" to 174 "against" at election held March 29.
A. B. Leach & Co., Ch1c4133,238 00 Well. Roth & Co., Cin_$130,987 50
Denomination $500. Date about May 1 1909. Interest
E.H.Rollins & Sons,Chle. 132,837 50 Goulding Marr____1Nash
0.E.Denison & Co., Clev. 132,712 50 First S.B.& Tr.Co.jville 130,913 75 semi-annual. Maturity $1,000 yearly from 1911 to 1918
Seasongood & Mayer,Cin. 132,707 50 Cleveland Tr. Co., Cleve_l
WAN.Coler & Co., N. Y_ 132,700 00 Western GermanBk.,Cin.j130,662 50 inclusive and $1,500 yearly from 1919 to 1925 inclusive.
N. W.Halsey & Co.,Chic. 132,698 75 FrancisBros.&Co.,St. L. 129,997 50 Bonded debt, including this issue, $32,500. Floating debt
Prov. S. B. & Tr.Co.,Cin. 129,225 00
Wm.R. Compton Bond &
Mortgage Co., St. Louis 131,912 50 Biodget, Merritt& Co.,Bos 129,100 00 $25,243. Assessed valuation for 1908 $523,063.
Trowbridge& NiverCo.,Ch 131,076 00 Williamson Bros., Mem_ 128,968 75
Oil City School District (P. 0. 011 City), Pa.-Bond Sale.
Thos.Plater&Co.,Nashv. 128,901 00
Fisk & Robinson, N. Y_
Fifth-Third Nat. Bk.,Cinf 131,580 00 Farson, Son & Co., Chic_ 128,777 00 -Reports state that the Citizens' Banking Co. of Oil City
Field,Longstreth&Co.,Cin 131,045 00 Harris Tr. & S. Bk., Chic 127,607 50 was the successful bidder for $40,000 4% 11-18-year (serial)
All bidders offered accrued interest in addition to their building bonds, proposals for which were asked until April 21.
bids.
Oklahoma County (P. 0. Oklahoma City), Okla.-No
Newark, Licking County, Ohio.-Bond Sale.-The follow- Bond Election.-The election which was to have taken place
ing bids were received on April 15 for three issues of coupon April 6 to vote on the question of issuing the $35,000 25-year
coupon funding bonds mentioned in V. 88, p. 702, was
bonds offered on that day:
$100,000
510,500
$840
called off.
bonds,
bonds.
bonds.
Orchard Mesa Irrigation District, Mesa County, Colo.5104,921 00 $10,793 00 $870 00
Seasongood & Mayer, Cincinnati
a105,000 00 al0,760 00
Albert Kleybolte ec Co., Cincinnati
Bond Offering.-Proposals will be received until 2 p. m. May 1
104,843 00
N. W.jHarris ec Co., New York
by Geo. Smith, Secretary of Board of Directors (r. o. Grand
104,811 50
Western German Bank, Cincinnati
104,770 00
10,803 50
New First National Bank, Columbus
Junction), for $60,000 6% improvement bonds. DenominaColumbus
104,675
00
10,775
00
Barto, Scott & Co.,
tion $500. Interest June 1 and Oct. 1. Certified check for
Fifth-third National Bank, Cincinnati__ 104,511 00
104,510 00
10,743 10
Well, Roth & Co., Cincinnati
$1,000, payable to the Treasurer of Mesa County, is re10,847
55
Cincinnati
104,315
00
Central Trust & Safe Deposit,
10,721 00
104,167 00
868 00 quired.
Hayden, Miller & Co., Cleveland
10,719 00
103,997 00
First National Bank, Cleveland
Ossining, Westchester County, N. Y.-Bond Sale.-On
50
a103,762 50 a10,712
Farson, Son & Co., Chicago
April 22 the $50,000 30-year registered water bonds described
103.420 00
McCoy & Co., Chicago
10,767 50
Security Savings Bank & Tr. Co., Toledo
in V. 88, p. 1020, were awarded to the Hudson City Savings
a10,715 00
First National Bank, Newark
Institution of Hudson at par and accrued interest for 3.95s.
10,707 35
Home Building Association, Newark_
10,655 00
869 00 The other bidders were:
Franklin National Bank, Newark
878 10
A. F. Maurath, Newark
a Bid said to be irregular.
The securities answer the following description:
$100.000 4% water-works bonds. Denomination $1,000. Date Jan. 1
1909. Maturity on Jan. 1 as follows: $5,000 in each of the
years 1911 and 1912, 56,000 in 1913. 54,000 in 1914, $5,000
in each of the years 1915, 1916 and 1917, $8,000 in 1918,
$10,000 in 1919, $9,000 in each of the years 1920, 1921 and
1922, 58,000 in 1923, 57,000 in 1924 and $5,000 in 1925.
funding bonds. Denomination $500. Date March 11909.
10,500 4
Maturity $1,000 yearly on March 1 from 1910 to 1919 inclusive and $500 on March 1 1920.
840 5%
Street improvement assessment bonds. Date May 1 1909.
Maturity May 1 1914.
Authority Sections 2703, 2706, 2707, 2835 and 2837 of
he Revised Statutes. Interest semi-annually at the office
of the Sinking Fund Trustees in Newark. Bonds to be delivered within ten days from the time of award.
New Mexico (Territory of).-Bonds Offered by Bankers.The Harris Trust & Savings Bank of Chicago, Ill., is offering
for/sale $75,000 of the $128,000 (not $121,000 as was first
reported by us in last week's "Chronicle") 4% refunding
bonds recently awarded them. Denomination $1,000. Date
May 1 1909. Maturity May 1 1939, subject to call May 1
1929. Interest semi-annually at New York.
Description of Certificates.-The $95,000 certificates of
indebtedness recently awarded Otis & Hough of Cleveland,
Parkinson & Burr, Bos. (4E)_100,678
Wm.Salomon &Co.,N.Y.(4s)-100,384
O'Connor & Kehler, N.Y.(4s)100,277
Edm. Seymour&Co..N.Y.(4s)100.23
J. D. Ever it '60 Co.,N.Y.(4s).100.135
W. N. Coler & Co., N.Y.(4s).100.11
Wadsworth &Wright,N.Y.(4s)100.10
Geo. M. Hahn N. Y. (4s)_100.074
N.W.Harris & Co., (4.10s) 100.162
Farson,Son&Co.,N.Y.(4.10s).100.05
H. K. Stokes, N. Y. (4.158)100.282
First N. Bk., Cleveland(4 3,
19)100.05
Patton Public School District (P. 0. Patton), Cambria
County, Pa.-Bond Offering.-Proposals will be received
until 8 p. m. May 7 by Roy E. Decker, Secretary, for $12,000
43'% 10-30-year school bonds.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Percy School District (P. 0. Percy), Randolph County,
Ill.-Bond Voted.-This district on April 17 voted to issue
bonds for the purpose of enlarging the present school building.
Perquimans County (P. 0. Hertford), No. Can-Bond Offering.-Proposals will be received until April 30 by C. W.
Morgan, Chairman, for $5,000 6% coupon bonds. Denomination $1,000. Date May 1 1909. Interest annual. Maturity $1,000 yearly on May 1 from 1910 to 1914 inclusive.
Certified check for $250 is required.
Pulaski, Pulaski County, Va.-Bond Sale.-On April 15
the $40,000 5% 30-year coupon gravity-water-system bonds
described in V 88, p. 783, were awarded to Woodin, McNe,ar
APR. 24 1909]
THE CHRONICLE
& Moore of Chicago at 101.25-a basis of about 4.92%. Denomination $500. Date May 1 1909. Interest Jan. 1 and
July 1 at the Town Treasurer's office in Pulaski or in New
York City at the option of the bidder. Bonds are:exempt
from city taxation.
Punxsutawney School District (P. 0. Punxsutawney),
Jefferson County, Pa.-Bond Election.-Owing to the discovery of an error in an election held recently, which resulted
in favor of issuing $26,000 building bonds, it will be necessary
tolhold another election to again submit the proposition to
alvote of the people.
Putnam County (P. 0. Cookeville), Tenn.-Bond Sale.On April 19 the $150,000 43% 30-year road bonds voted on
March 27 were purchased by Fisk & Robinion of New York
City at 102.15. Purchasers to pay accrued interest and
furnish blank bonds. The other bidders were:
Bank of Cookeville
102.03
Woodin, McNear & Moore,
Chicago
101.83
A. J. Hood & Co., Detrolt
101.67
Coffin & Crawford, Chicago_ _101.33
S. A. Kean, Chicago
101.33
Seasongood & Mayer, Cinc__ _101.01
E. H. Rollins & Sons, Chicago 100.70
Otis & Hough, Cleveland...__100.66
The GouldingMarrCo.,Nashva
First Savings Bank, Nashvillef 100.63
Thos. J. Bolger Co., Chicago...100.60
100.48
Bank of Monterey
Farson, Son & Co., Chicago_ _100.07
Harris Trust & Savings Bank,
99.11
Chicago
Putnam County (P. 0. Ottawa), Ohio.-Bond Sale.-On
April 15 six issues of 5% coupon road-improvement bonds
aggregating $81,500 were sold to Otis & Hough of Cleveland
and Seasongood & Mayer of Cincinnati at their joint bid of
106.37 and accrued interest. Following are the bids:
West. German Bk., Cm.._$86,284 00
Otis & Hough, Clevelandl
Seasongood &Mayer, Cin_f$86,692 00 First Nat. Bank, Cleve__ _ 86,076 00
00 R.Kleybolte Co.Inc., Cin_ 85,861 60
C. E. Denison & Co., Cleve 86,662 30I
Hoehler & Cummings, Tot 85,640 00
Barto, Scott & Co., Colum 86,618
Breed & Harrison, Cin___ 86,555 00 McCoy & Co., Chicago__ 84,760 00
The securities-answer the following discription:
11,000 Andrew Rockey stone road (Monroe Township) improvement
bonds. Maturity $1,000 in 1914 and $2.000 yearly from 1915 to
1919 inclusive.
6,500 S. D. Hensel stone road (Monroe Township) improvement bonds.
Maturity $1,500 in 1914 and $1,000 yearly from 1915 to 1919
inclusive.
14,000 K. C. Pierce stone road improvement (Monroe Township) bonds.
Maturity $2,000 yearly from 1913 to 1919 inclusive.
7,000 J. W. Newell stone road improvement (Van Buren Township)
bonds. Maturity $1,000 yearly from 1914 to 1919 inclusive.
29,000 John Hoffman stone road improvement (Palmer Township) bonds.
Maturity $1,000 in 1912 and $4,000 yearly from 1913 to 1919
Inclusive.
14,000 Duncan Dewer stone road improvement (Palmer Township) bonds.
Maturity 82,000 yearly from 1913 to 1919 inclusive.
Authority, Section 4670-19 of the Revised Statutes of
Ohio. Denomination $1,000, except one bond of $500.
Date June 1 1909. Interest semi-annually at the office of
the County Treasurer in Ottawa. Bonds are free from all
taxes. These bonds were offered on March20, but, owing to a
defect in the advertisement, no award was made on that day.
See V. 88, p. 899.
Quincy, Mass.-Note Sale.-According to dispatches,
$50,000 9-months' notes were awarded on April 22 to Loring,
Tolman & Tupper of Boston at 3.22% discount.
Ravenna, Ohio.-Bids.-The following proposals were
received on April 5 for the $27,200 43% 1-10-year (serial)
coupon refunding bonds disposed of on that day (V. 88, p.
960):
1083
Salem, Mass.-Temporary Loan.-On April 20 this city
borrowed $200,000 from Blake Bros. & Co. of Boston until
Oct. 1611909 at,.2.90%Idiscountlandla $125'premium. •41
Sandstone School District No. 51I(P. 0. Sandstone), Pine
County, Minn.-Bond Offering.-Proposals will be received
until 8 p. m. April 30 by Alex Kelly, District Clerk, for
$25,000 school bonds at not exceeding 434% interest. Interest annual. Maturity $1,000 on July 15 1916 and $2,000
yearly on July 15 from 1917 to 1928 inclusive. Certified
check for $500 is required. Bonded debt, including this
issue, $39,000. Assessed valuation $556,916.
Sandusky, Erie County, Ohio.-Bond Sale.-On April 19
the $56,000 Monroe and East and West Park Street and the
$13,000 Washington Street 4% paving- bonds described in
V. 88, p. 1021, were awarded to the Third National Exchange
Bank of Sandusky at 100.716 and 100.782 respectively.
Purchaser to pay accrued interest. The bids received were
as follows:
Third National Exchange Bank, Sandusky
Western-German Bank, Cincinnati
Toledo Fire & Marine Insurance Co., Sandusky_
Citizens' Banking Co.. Sandusky
Rudolph Kleybo te Co. Inc., Cincinnati
New First National Bank, Columbus
Breed & Harrison, Cincinnati
Albert Kleybolte & Co., Cincinnati
Well, Roth & Co., Cincinnati
Fifth-Third National Bank, Cincinnati
Otis & Hough, Cleveland
American Banking & Trust Co., Sandusky
Hayden, Miller & Co.. Cleveland
$56,000
bonds.
$56,401 50
56,285 00
56,269 65
56,195 00
56,128 80
56,084 75
56,084 00
56,056 00
56,033 60
56,025 00
56,000 00
$13,000
bonds.
$13,101 75
13,056 00
13,058 50
13,050 00
13,035 10
13,005 50
13,019750
13,013 00
13,006'50
13,01700
13,000 00
13,030 00
-------69,321 oo
All bidders offered accrued interest in addition to their
bids. The $56,000 bonds mature on March 1 as follows:
$12,500 yearly from 1910 to 1913 inclusive and $6,000 in
1914, while the $13,000 bonds become due $1,500 yearly on
March 1 from 1910 to 1917 inclusive and $1,000 on March 1
1918.
San Miguel County (P. 0. Las Vegas), N. Mex.-Bonds
Wanted.-On a subsequent page in this Department Robert
L. M. Ross is advertising, saying he wants to puichase general refunding bonds of this county-issues of 1902and 1904.
Santa Cruz, Santa Cruz County, Cal.-Bonds Not Sold.No bids were received for $41,819 7% local-improvement
bonds proposals for which were advertised until April 5.
Sapulpa, Okla.-Bond Sale.-Reports state that $82,000
6% 20-year funding bonds were recently awarded to the
Davies-Bertram Co. of Cincinnati.
Seymour, Jackson County, Ind.-Bond Sale.-The Jackson County Loan & Trust Co. of Seymour bought $4,000 5%
land-purchase bonds on April 12 at par. Denomination
$500. Date March 25 1909. Interest Jan. and July. Maturity $2,000 on Jan. 1 in each of the years 1911 and 1912.
Sheboygan, Wis.-Bids.-The following bids were received
on April 19 for $120,000 4% refunding bonds offered on that
day:
First Trust & Savings Bank_$120,684 I McCoy & Co
S. A. Kean
120,480 Farson, Son & Co
$120,360
120,333
The above bidders are all of Chicago.
Sheridan, Yamhill County, Ore.-Bonds Offered by Bankers.-Morris Bros. of Portland are offering for sale $25,000
6% water bonds. Denomination $500. Date April 1 1909.
Sherman Township, Huron County, Ohio.-Bond Offering.
-Proposals will be received until 12 m. May 1 by Jos. J.
Elmlinger, Township Clerk (P. 0. Monroeville), for $5,000
Redlands School District (P. 0. Redlands), San Ber- 5% improvement bonds.
nardino County, Cal.-No Bond Election.-We are advised
Authority pages 63 to 67 of Session Laws No. 98. Denomination 250.
that the election held April 2 was not to vote on the issuance Date May 10 1909. Interest Jan. 1 and July 1. Maturity $250 each 811
months from Jan. 1 1910 to July 1 1919 inclusive. Certified check for 3%
783)
but
on
the
p.
levying
a
bonds
(V.
88,
question
of
of
of bonds bid for is required.
special school tax.
Somerville, Mass.-Temporary Loan.-A loan of $100,000
Rensselaer, N. Y.-Bond Sale.-On April 19 W. N. Coler has been negotiated with Bond & Goodwin of Boston at
& Co. of New York City bought the $17,945 60 434% regis- 3.24% discount and $7 premium.
tered paving (city's portion) bonds described in V. 88, p.
South Carolina.-Temporary Loan.
were
1021, at 103.176. Following is a list of the bidders and the made on April 20 to borrow $500,000,-Arrangements
if so much be necespremiums offered by the same:
sary, at any time this year. The money will be furnished
W. N. Coler & Co.. N. Y..__ _$570 13 I Megargle & Co., New York_.$348 14
Isaac W.Sherrill, Poughkeep. 568 88 Farson, Son & Co., N.
279 95 by the Palmetto National Bank of Columbia at 3% interest.
First Nat. Bank. Cleveland__ 439 67 .0
Ora The other bids received for the loan were as follows:
Maturity on April 30 as follows: $945 60 in 1910 and $1,000 Merchants'& Farmers' Bank, Spartanburg
33% interest
National Loan & Exchange Bank. Colum la
35i% discount
yearly from 1911 to 1927 inclusive.
National Union Bank, Rock Hill
3M% interest
Spartanburg
4% interest
Roanoke County (P. 0. Salem), Va.-Bond Sale.-On Central National Bank,
National Bank, Spartanburg
4% interest
April 19 the First National Bank of Cleveland bought $50,- First
papers
state
that
it
be
Local
will
necessary
for the State
000 5% court-house-building bonds at 103.994 and accrued
interest. Denominations $500 and $1,000. Date April 1 to borrow about $200,000 at once on account of the pension
payments.
1909. Interest semi-annual. Maturity $3,000 yearly.
South Sharon, Mercer County, Pa.-Description of Bonds.
Rome, Oneida County, N. Y.-Bond Sale.-N. W. Halsey
$60,000 434% 30-year improvement bonds awarded
& Co. of New York were the successful bidders on April 21 -The
for the $50,000 4% 20-year registered additional water- on April 2 to Lawrence Barnum & Co. of Philadelphia at
supply bonds described in last week's "Chronicle" at 102.387 103.333 (V. 88, p. 960) are in denomination of $1,000 and
and accrued interest-a basis of about 3.83%. Following are dated May 1 1909. Interest semi-annual. Maturity
May 11939.
are the bids received:
Stamford, Jones County, Texas.-Bonds Voted-Bond
N. W. Halsey & Co., N. Y__102.387 Ferris & White, New York__100.421
A. B. Leach & Co., N. Y___101.77 I. W. Sherrill, Poughk'psie__100.385 Offering.-The $20,000 5% 10-40-year (optional) streetY_101.68
Wright,
N.
Farson,
Co.,
N.
Wadsworth &
Son &
Y...100.33
Kountze Bros., New York...101.42 C E. Denison & Co., Boston_100.277 improvement bonds mentioned in V. 88, p. 643, were
W. N. Coler & Co., N. Y___101.289 O'Connor & Kahler, N. Y....100.131 authorized by a vote of 201 "for" to 25 "against" at the
Y....101.07
J. D'Everitt & Co., N.
election held March 26. Proposals for these bonds will be
Saginaw, Mich.-No Bond Election.-An election which received until May 1. LauralMoody is City Secretary.
was to have taken place April 5 to vote on the question of
Stevens County (P.0. Colville), Wash.-Bond Offering.issuing $500,000 filtration-plant bonds has been called off.
We are advised thatino other action will be taken this year Proposals will be received until 3 p. m. May 14 by the Board
looking towards the:Issuance.:of these bonds.
of County Commissioners, L. E. Jesseph, Auditor and Clerk,
Second Nat.Bk.,Ravenna427,907 68
Scour. S. B. & Tr. Co..Tol. 27,882 00
R. Kleybolte Co.Inc.,Cin. 27,877 30
Alb. Kleybolte & Co., Cin. 27,877 28
Ravenna N. B., Ravenna_ 27,874 90
Cleveland Trust Co., Cleve 27,871 84
Field, Longstreth&Co.,Cin 27,815 00
Well, Roth & Co., Chi__ 27,812 00
Breed & Harrison, Cin___ 27,811 00
Barto, Scott & Co., Colum$27,800 00
Otis & Hough, Cleveland_ 27,793 00
C. E. Denison & Co.,Cleve 27,763 10
Seasongood & Mayer, Cin_ 27,750 25
New 1st Nat. Bank,Colum 27,745 00
First Nat. Bank, Cleve_ _ _ 27,721 00
Prov. S. B. 40 Tr. Co., Cin. 27,719 52
W.R.Todd Ss Co., Cin_ _ _ 27,607 00
W.J. Hayes & Sons, Cleve 27,605 28
1084
THE CHRONICLE
[voL. Lxxxvm.
at the County Treasurer's office, for $219,500 coupon funding
Tripp, Hutchinson County, S. D.-Bond Election.-An
election will be held April 29 to vote on the question of issuing
bonds.
Authority, election held Nov. 3 1908. Denomination $500. Interest $10,000 5% 20-year water bonds.
rate to be named in bid. Maturity twenty years, subject to call after ten
Tupper Lake, Franklin County, N. Y.-Bond Sale.-An
years. 'Bidders are required to name the price at which they will furnish
said bonds and furnish the lithographed blank bonds and pay the expense issue of $10,000 4M% 1-10-year (serial) macadam-road
Certified
therefor."
check
for
exchange
81,000 is required.
of the
bonds were disposed of on April 15 to Isaac W. Sherrill of
The official notice of this bond offering will be found among Poughkeepsie at 100.10. A bid of 100.10 was also received
the advertisements elsewhere in this Department.
from Farson Son & Co. of New York City. Denomination
Switzerland County (P.0. Vevay),Ind.-Bond Sale.-On $1,000. Date Aug. 1 1909. Interest annual.
Valleytown Township, No. Caro.-Bond Offering.-ProApril 17 $8,950 4M% coupon bonds were bought by E. M.
Campbell dr Sons Co. of Indianapolis at par. An offer was posals will be received until 4 p. m. May 1 by the Highway
also received from J. F. Wild & Co. of Indianapolis. De- Commission (P. 0. Andrews) for $25,000 21-30-year (serial)
nomination $447 50. Date April 5 1909. Interest payable coupon road-improvement bonds. Bids are asked for 5%
in May and November at the First National Bank in Vevay. bonds and for 6% bonds. Interest semi-annually in New
Maturity $447 50 each six months from May 15 1910 to York City. Certified check for $500 required. Assessed
valuation 1908, $1,160,000
Nov. 15 1919 inclusive.
Warren County (P. 0. McMinnville), Tenn.-Purchasers
Tacoma, Wash.-Bids.-In reporting last week the bids
received on April 5 for the $300,000 20-year "Tacoma of Bonds.-The purchasers of the $150,000 4%, 43% and
Electric Light & Power system" bonds awarded on that day 5% pike-building bonds sold on April 10 (V. 88, p. 1022)
(V. 88, p. 960) to N. W. Halsey& Co. of Chicago, the list were Woodin, McNear & Moore of Chicago. They paid par.
was inadvertently inserted under an item relating to Toledo, Denomination $1,000. Date April 15 1909.
Warren County (P. 0. Vicksburg), Miss.-Bond Sale.Ohio. We reprint the bids in order that they may have their
On April 5 $7,000 coupon Park Avenue and $14,500 road
proper place in the records.
and bridge 5% bonds were disposed of, the former issue to
N W. Halsey & Co., Chicago (for 43.5s)
•8315,450 00
Woodin, McNear &lfor 48
297,500 00 the Vicksburg Savings Bank of Vicksburg at 102.90 and the
Moore, Chicago_ ffor 4 As
*303,375
latter issue to the City Savings & Trust Cio. of Vicksburg at
Seasongood & Mayer and Union S. B. & Tr. Co., Cin.(for 44s) 303,150 00
00
W. N. Coler & Co., New York (for 4 Us)
*301,501 25 104.73. Following are the bids:
A. B. Leach & Co., Chicago (for 43i8)
316,650 00
Edmund Seymour & Co. New York (for 431s)
306,402 00
E. H. Rollins & Sons and Harris Tr. & S. B., Chicago (for 4 Ms)•313290 00
• And accrued interest.
The bonds are dated Jan. 1 1909.
Temple, Texas.-Bond Offering.-Proposals will be received until April 26 by M. 0. Woodward, City Secretary,
for the $50,000 5% coupon street-paving bonds voted
(V. 88, p. 784) on March 1. Denomination $1,000. Date
April 1 1909. Interest semi-annually at the Fourth National
Bank in New York City. Maturity April 1 1949, subject to
call after April 1 1929. Bonds are exempt from all taxation.
Bonds Registered.-On April 15 the State Comptorller
registered $44,000 5% 20-40-year (optional) water-works
bonds.
Vicksburg Savings Bank, Vicksburg
City Savings & Trust Co., Vicksburg
First National Bank, Cleveland
Merchants' National Bank, Vicksburg
]E 01.41 1ST1EW
$15,185 87
7,124 00
7,070 00
14,650 00
NEW LOANS.
()MK
CANAL IMPROVEMENT GOLD BONDS
EXEMPT FROM TAXATION
Dated January 1, 1909
814,500
bonds.
The $7,000 bonds mature April 5 1929, but are subject
to call after April 5 1914 and are described in V.88, p. 899.
Waterbury, Vt.-Bond Sale.-Reports state that $25,000
10-year sewer bonds have been disposed of to Lee,
4
igginson & Co. of Boston at 102.631-a basis of about
3.684%.
Watertown, Mass.-Temporary Loam.-E. M. Farnsworth & Co. of Boston were awarded on April 22 notes
amounting to $50,000 at 2.87% discount. Loan matures
Oct. 1 1909.
NEW LOANS.
!Sal A
$7,000
bonds.
$7,203 0411
Due January 1, 1959
$ 0,000,000
In Coupon or Registered Form
Will be Sold Thursday, April 29, 1909,
AT 12 O'CLOCK NOON
New Mexico Bonds-Holders Notice
Provisional Indebtedness Bonds
Dated May 1. 1889
Military Institute Bonds
Dated July 1, 1895
Territorial Institution Bonds
Dated July 1, 1895
Notice is hereby given to the holders of the
following described bonds that all of the same
have been and are hereby called for redemption
on May 1, 1909, and will be cashed and redeemed
0rk
l Bank
t e1atl
)O
nnEcts
on presentation thereof
City, such bonds
New
ofcbeing
Provisional
878,000 6% (being all outstanding)
Indebtedness Bonds, dated May 1.
1889, due May 1, 1919, optional May
1. 1909, same being numbers 1 to 5.
7 to 13, 19 to 21, 23, 26 to 70, 72, 74
and 75, 78, 83 to 85, 91 to 100 (inclusive in each case), of $1,000 each;
$35,000 5% Territorial Institution Bonds, dated
July 1, 1895, due July 1, 1925, optional July 1, 1905; numbered 1 to 35
Inclusive, of $1,000 each;
$15,000 5% Military Institute Bonds, dated
July 1, 1895, due July 1, 1925, optional July 1, 1905, numbered 1 to 15
Inclusive, of $1,000 each.
All such bonds cease to draw interest from and
after May 1, 1909.
Dated at Santa Fe, New Mexico, April 19, 1909
M. A. OTERO
Treasurer of the Territory
of 1441W Mexico.
Approved
GEORGE CURRY
Governor of the Territory id New Mexico.
At the State Comptroller's Office, Albany,N.Y.
Blodget, Merritt & Co.
These bonds bear interest at the rate of three per cent per annum, payable
BANKERS
semi-annually, and by operation of special laws will practically net four per cent
interest when owned by insurance companies, trust companies and savings banks
STATE, CITY
in the State of New York.
AND
No bids will be accepted for less than the par value of the bonds nor unless
accompanied by a deposit of money or by a certified check or bank draft upon a
RAILROAD BONDS
solvent bank or trust company of the cities of Albany or New York, payable
to the order of the Comptroller of the State of New York, for at least two per cent
6o State Street, - Boston
of the par value of the bonds bid for.
All proposals, together with the security deposits, must be sealed and endorsed
30 Pine Street, - New York
"Loan for Canal Improvement," and enclosed in a sealed envelope directed to
the "Comptroller of the State of New York, Albany."
Established MO.
All bids will include accrued interest.
to
reject
right
any or all bids.
The Comptroller reserves the
For further particulars address CHARLES H. GAUS, State Comptroller,
First Nat. Bank Building,Chicago
Albany, N. Y.
CITY COUNTY
Dated Albany, April 6, 1909.
AND TOWNSHIP
El. C. Speer 8c Sons Co.
BONDS.
APR. 24 1909.1
THE CHRONICLE
Wellsboro, Tioga County, Pa.—Bonds Voted.—An issue
of street-paving bonds was favorably voted by this town
at a recent special election.
Wells Township School District (P. 0. Brilliant), Jefferson County, Ohio.—Bond Offering.—Proposals will be
received until 12 m. May 1 by the Board of Education,
Herbert Cox, Clerk, for $10,000 5% school bonds. Authority, Section 3994, Revised Statutes. Denomination $1,000.
Date May 1 1909. Interest Sept. 1 at the office of the
Treasurer of the Board of Education in Brilliant. Maturity $1,000 yearly on Sept. 1 from 1910 to 1919 inclusive.
Certified check for 5% of bonds bid for, made payable to the
Board of Education, is required. Delivery May 1 1909.
Wilmington, Del.—Bond Offering.—Further details are at
hand relative to the offering on April 28 of the $100,000 4%
gold water-works bonds, mentioned in V. 88, p. 962. Proposals for these bonds will be received until 12 m. on that
day by Wm.P. White, Chairman Finance Committee. Denomination $1,000. Interest semi-annually at the Union
National Bank of Wilmington. Maturity on May 1 as follows: $25,000 in 1921, $60,000 in 1922 and $15,000 in 1923.
Bonds will be certified as to genuineness by the United
States Mortgage & Trust Co. of New York City. Bid to be
made on form furnished by the city and accompanied by a
certified check on a bank or trust company for 2% of the
bonds bid for, payable to Howard D. Ross, City Treasurer.
Bonds will be ready for delivery May 5 1909. Purchaser to
pay accrued interest. The validity of the bonds will be approved by Delqfield & Longfellow of New York City, a copy
of whose opinion will be delivered to the purchaser.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Bond Sale.—On April 21 the $250,000 street and sewerimprovement and the $25,000 park-system-extension and
improvement 4% Sinking Fund Loan bonds described in
V. 88, p. 962, were awarded to the Equitable Guarantee &
NEW LOANS.
$250,000
City of Galveston, Texas
BONDS
1085
Trust Co. of Wilmington at 102.11 and accrued interest.
Following are the bids:
Equit. Guar. & Tr. Co., Wilm102.11 1 A. B. Leach A Co., Phila.__ _101.35
Wiim. Say. Fd. Soc., WiIm__101.89 Blodget, Merritt & Co. N.Y.101.080
N. W. Halsey & Co., Phila__101.86 J. T. Melds, WilmingtOn____100.985
Rhoades & Co., New York.._101.633 Union Nat. Bk., Willis
100.75
Maturity $60,200 on Oct. 1 1931; $94,750 on April 1 1932;
$97,600 on Oct. 1 1932, and $22,450 on April 11933.
Wilmington School District (P. 0. Wilmington), Del.—
Bond Offering.—Proposals will be received until 8 p. m.
April 26 by Harry J. Guthrie, Secretary Board of Education,
for $20,000 434% coupon school-building and equipment
bonds. Authority Chapter 126, Volume 24, State Laws.
Denomination $1,000. Date May 1 1909. Interest semiannually at the Union National Bank in Wilmington.
Maturity May 1 1919. Bonds are exempt from taxation.
Worcester, Mass.—Temporary Loan.—A loan of $100,000
has been negotiated with the Merchants' National Bank of
Worcester at 2.90% discount. Maturity Oct. 13 1909.
Wynnewood School District (P. 0. Wynnewood), Woodward County, Okla.—Price Paid for Bonds.—R. J. Edwards
of Oklahoma City paid par for the $15,000 ”i% 20-year
school bonds awarded him (V. 88, p. 842) on March 19.
Denomination $1,000. Date March 10 1909. Interest
semi-annual.
Yazoo (Miss.) Delta Levee District.—Bids Rejected.—Th
following bids, all of which were rejected, were received e
on
April 20 for the $325,000 43.% 40-year coupon refunding
bonds described in V. 88, p. 1023:
First Trust & Savings Bank,
Planters' Bank. Clarksdale_ _101.59
Chicago
102.79 Bank of Commerce & Trust
Seasongood & Mayer, Cinc__ _101.58
Co.. Memphis
par,
Yellowstone County School District N.17, Mont.—Bond
Offering.—Proposals will be received until 10 a. m. April 27
by E. H. Rathbone, Chairman of the Board of Trustees,
at the office of J. H. Kifer, District Clerk, at Hardin, for
$7,000 coupon school bonds at not exceeding 6% interest.
Denomination $500. Date May 1 1909. Interest April 1
and Oct. 1 at the County Treasurer's office or in New York
City. Maturity twenty years, subject to call after ten years.
Certified check for 5% of the bonds offered, payable to the
Chairman of the Board of Trustees, is required. This districtlhas no debt at present. Assessed valuation, $239,288.
NEW LOANS.
NEW LOANS.
$219,500
$1,000,000
STEVENS COUNTY, WASH. State of Connecticut
COUPON FUNDING BONDS
Sealedyblds will be received by the Board of
Whereas, at a general election in the County
Commissioners of the City of Galveston, at the of Stevens, State of Washington, held on the 3rd
office of the City Secretary, Galveston, Texas, day of November, 1908, there had been submitted
until 12 O'CLOCK M., MAY 4TH, 1909, and to the voters of said county the proposition of
opened at the first regular or special meeting of validating the current expense indebtedness and
said Board thereafter, for the purchase of the fol- Issuing funding bonds therefor, and against valilowing bond issues of said city:
dating the current expense indebtedness and is1. Twenty-five (25) of the bonds of said City suing funding bonds therefor, and said proposition
of Galveston of the denomination of one thousand having been voted upon; and It appearing from
dollars ($1,000 00) each, styled "Galveston the vote cast upon said proposition that It had
Public School Bonds," bearing 5 per cent interest been carried by more than three-fifths vote of all
annually, payable semi-annually, due forty years persons voting upon said proposition, and the
and redeemable twenty (20) years after their county commissioners having made an order
issuance.
herein directing the issuance of notice for receiv2. Two hundred (200) bonds of the said City ing of bids in the sum of $219,500 00 to take up
of Galveston of the denomination of five hundred and fund said outstanding county current exdollars ($500 00) each, styled "Galveston Grade pense fund warrants, by exchanging said county
Raising Bonds of 1909," bearing 5 per cent interest current expense fund warrants for coupon fundannually, payable semi-annually, due forty years ing bonds;
and redeemable twenty years after their date.
Now, therefore, notice is hereby given, that
3. Two hundred and fifty (250) of the bonds sealed bids will be received by the Board of County
of said City of Galveston of the denomination of Commissioners of Stevens County, Washington.
five hundred dollars ($500 00) each, styled for the purchase of coupon funding bonds, the
"Galveston Grading, Filling and Drainage said coupon funding bonds to be exchanged for
Bonds," bearing interest at 4 3. per cent annually, the said outstanding county current expense fund
payable semi-annually and running for a period warrants issued for the purpose of paying off the
of forty years; the City reserving the right to running expenses of said County of Stevens, State
select by lot and redeem with the sinking fund of Washington, said coupon funding bonds to be
of the bonds any of them twenty years after their in the total sum of $219,500 00 in one series and
date.
of the denomination of $500 00 each, running for
Bids should be made for all of said bond issues the period of twenty years with an option of payas a whole, aggregating two hundred and fifty ing the same or any part thereof in ten years from
thousand dollars ($250,000 00)•
date, and that bids will be opened and considered
Bidders are required to inclose in their bids May 14th, 1909, at the hour of 3 o'clock p.
certified check in the sum of five thousand dollars at the office of the County Treasurer in the court
($5,000 00), payable to the order of the City Treas- house at Colville. Washington. Bidders are
reurer, to be forfeited to the City of Galveston in quired to name the price and rate of interest at
the event any bidder whose bid is accepted shall which they
will furnish said bonds, and furnish
fall to comply therewith. No bid will be con- the lithographed
blank bonds and pay expense of
sidered unless accompanied by such check. No exchange therefor,
bids to be accompanied
bidder will be permitted to withdraw his bid after by certified check said
in the sum of $1,000 00.
the same has been submitted. The Board of County reserves the right
to reject any or all bids.
Commissioners reserves the right to reject any
order of the Board of County Commissioners
and all bids, or to accept the proposal deemed by of By
Stevens County, Washington.
them to be for the best interestof the City.
(Seal)
L. F.. JESSEPH,
I. H. KEMPNER,
County Auditor and Clerk of said Board.
Commissioner Finance and Revenue.
Dated, Colville, Wash., April 15tb. 1909.
BLACKSTAFF 86 CO. P. J. GOODHART & CO.,
3)4% BONDS
TREASURY DEPARTMENT
Hartford, April 14, 1909.
Sealed proposals will be received by the Treasurer at the Treasury Department in the Capitol
at Hartford, until 12 M., April 30, 1909, for the
purchase of the whole or any part of One Million
Dollars ($1,000,000) of State Bonds to
issued
under date of April 1, 1909, and maturingbeApril
1,
1934, with an option by the Treasurer on said
bonds at any interest date on or after April
1.
1924, with interest at three and one-half
(33%)
per centum per annum, payable semi-annually
In each year on the first days of April
and October
the
at
Treasury Department in Hartford. WM
These bonds are authorized by the General
Assembly by an Act approved April 14, 1909.
,4
These bonds will be issued as coupon bonds or
registered bonds at the option of the purchaser,
.4
AU proposals for these bonds must be accompanied by a certified check to the order ofithe
Treasurer of Connecticut for two per centum
of the par value of the bonds bid for.
payment must be made by certified checks onFull
the
award of the bonds.
Certified cehcks of unsuccessful bidders will
be returned.
In case the bonds are not ready for
when the award is made, temporary delivery
receipts
will be given, and the bonds, when ready,
will
be exchanged for such receipts.
Bids should be endorsed "Proposals for State
Bonds."
FREEMAN P. PATTEN, Treasurer.
Charles M. Smith Sc Co.
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BUILDING
CEICAGO
MUNICiPAL AND RAILROAD
BONDS.
INVESTMENTS
Bunkers
LISP ON APPLIOATION
1332 Walnut Street
PHILADELPHIA
37 BROADWAY
NEW YORK
Telephone 2240 Rector
316 Walnut int.. liincinnati
SEASONGOOD & MAYER,
Mercantile
LIST OF SPECIALTIES ON REQUEST
Bank and Trust Co. Stocks
CEO B. EDWARDS
CHELTEN TRUST COMPANY
BROKER AND COMMERCIAL AGENT
Negotiations, Investigations, Reports,
United States, Canada, or Foreign
5614 Germantown Avenue,
Philadelphia, Pa.
Solicits the business of Corporations and Mu Oct
Tribune Building. 154 Nassau Street
palities desiring the services of a Registrar.Trustee
Telephone 4218 Beekman
NEW YORK. N. Y. or Financial Agent.
Library Building
CINCINNATI
JOHN H. WATKINS
MUNICIPAL
AND
RAILROAD BONDS
No. 2 WALL STREET
NEW YORK
[VOL. tocxxvnt
THE CHRONICLE
1086
tions for which were closed in London on April 21,
ix Youngstown, Ohio.-Bond Sale.-The following bids were subscrip
cribed. The debentures, it is stated, were
received on April 19 for the four issues of 5% bonds described were oversubs
issued at 103.50.
in V.88, p. 1023:
$420
$470
$7,500
$20,000
Debentures to be Offered Shortly.-This city will offer some
bonds,
bonds. bonds.
bonds,
time in May $226,000 Electric Street Railway and $144,000
00
00a$7,688
_a$20,695
n_
Youngstow
Bk.,
Nat.
Mahoning
Youngst'n 20,484 00 7,631 50 a481 37 a430 16 electric power-house 43% debentures. Authority, vote of
M. D. Kleinzahler & Co.,
00
Western German Bank,Cinci nnatl__ 20,651
378 "for" to 60 "against" at an election held April 2.
20,602 20
Cincinnati
Co.,
&
Roth
Well,
50 7,640 00
Maturity 1939.
20,593
Otis & Hough, Cleveland
25
20,582 00 7,643
Cleveland_
C. E. Denison & Co.,Columbus
75
424
00
00
475
00
7,632
20,561
Chapleau, Ont.-Debenture Election.-Propositions to
Bk.,
Nat.
New First
20,556 00 7,587 50
Cincln
Fifth-Third National Bank,
issue $31,000 water works and $10,000 sewerage 5% 30-year
20,537 50
Hoehler & Cummings, Toledo
20,536 25 7,620 25
debentures will be submitted to a vote of the people, it is
Seasongood & Mayer, Cinclnnati
20,520 00
Breed &'Harrison, Cincinnati
stated, on May 3.
00 7,597 50
Provident Say. Bk. & Tr. Co., Ctn.._ 20,486 00
7,560 00 470_00 420 00
Drummondville East, Que.-Debenture Sale.-This city
Hayden, Miller & Co., Cleveland___ 20,311
bk a Successful bidders.
disposed of $5,000 5% debentures to the Improved
has
interest.
accrued
L All bids include
Match Co. as part of a bonus of $15,000. Denomination
$1,000. Date Feb. 5 1909. Interest semi-annual. MaCanada,its Provinces and Municipalities. turity 1934.
Engleheart, B. 0.-Debenture Sale.-School debentures
Athens, Ont.-Debenture Sale.-The $8,574 82 5% debentures offered on April 16 (V. 88, p. 963) were bought by amounting to $5,000 and bearing 5% interest have been
R. N. Dowsby of Athens for $9,000 (104.958) and accrued awarded to Geo. A. Stimson & Co. of Toronto, Ont.
Interest.
Essex, Ont.-Debenture Offering.-Proposals will be reBoissevain, Man.-Debenture Sale.-The $7,000 5% elec- ceived up to April 27 for $1,746 22 5% local improvement
tric-light-works debentures offered on March 20 (V. 88, p. debentures. Interest annual. Maturity part yearly on
785) were sold to the Canada Life Assurance Co. at 102 2-3 Nov. 1 from 1909 to 1924 inclusive. W. D. Beaman is
g are the bids:
Town Treasurer.
and accrued interest. Followin
Tor_ -$6,871 00
Canada Life Assurance Co_$7,186 00 Wood, Gundy & Co..
Estevan, Sask.-Debenture Offering.-Proposals will be
Co.,
00
Tor.
Securities
Ontario
00
6.857
7,065
Tor.
Co.,
&
Dunlop
Steiner,
National Trust Co., Tor__ _ 7,037 80
received until 12 m. April 26 by D. R. Davies, Chairman
Maturity part yearly for thirty years.
Finance Committee, for $50,000 5% coupon water-works,
Boultonville (P. 0. Miami), Man.-Debenture Election.-.A sewerage and town-hall debentures voted on March 12(V.88,
161,500 6% school-debenture election will be held May 10, p. 843). Maturity part yearly for 30 years.
It is reported.
Ferrodale School District No. 1902 (P. 0. Manton) AlBrantford, Ont.-Debentures Voted.-A by-law has been berta.-Debenture Sale.-On April 6 the Manufacturers' Life
passed by the rate payers, it is stated, providing for the Insurance Co. purchased $2,000 5% 20-year school-building
,issuance of $13,531 local-improvement debentures.
bonds at 100.10. Date June 11909. Interest annual.
Brookland School District No. 1440, Man.-Debenture
Galt, Ont.-Debenture Election.-According to reports,
to
15
vote on the
Election.-An election will be held May
ions to issue $15,000 school and $20,000 hospital
proposit
e
question of issuing $5,000 school-hous -extension de- 4M% 20-year debentures will be voted upon May 1.
bentures.
Granum, Alta.-Debenture Offering.-Proposals will be
Calgary, Alberta.-Loan Oversubscribed.-Reports state
up to May 15 by C.E.Cameron,Secretary-Treasurer,
that the £124,800 ($606,528 at 4.86) 43% debentures, received
NEW LOANS.
NEW LOANS.
NEW LOANS.
BONDS FOR SALE
PATTON, PA.
480,000 of 4% School District Bonds
and
District Bonds
School
4%
of
:$17,500
$100,000
WILMINGTON, DEL.
FOR SALE.-$12,000, 10-30, 434% Bonds of
Patton Public School District, Patton, Pa.
Bids close Friday, May 7th, at 8 p. m. Address
ROY E. DECKER, Secretary, Patton, Pa.
SCHOOL BONDS
LE ROY, N. Y.
Union Free
The Board of Education ofLethe
Roy. Genesee
of
School District No. OneYork,
bids
receive
will
County. State of New
ON MONDAY, MAY
until 12 O'CLOCK NOON
its
of
$97,500
of
purchase
the
for
10TH, 1909,
Bonds. Interest pay4 per cent School District
& Traders'
able annually at the Importers'
National Bank of the City of New York.
of the deLot No. One. Eighty (80) Bonds
($1,000)
nomination of One Thousand Dollars
construction
• each, payable 5-9-20 years, for the
building.
school
of a new
deLot No. 2. Thirty-five (35) Bonds of the
each,
nomination of Five Hundred Dollarsof($500)
a new Site.
payable 3-8 years, for the purchase
bids is reserved.
The right to reject any and all
for Two per cent
A Certified Check or DraftBonds
must accomsuch
(2%) of the amount of
• pany the bid.
FALKNER,
H.
Address for full information H. of Education
.
Le Roy, N. Y., Clerk of the Board
1909.
14th,
April
Y.,
Dated Le Roy. N.
WANTED
WANTED-San Miguel County, New Mex.,
General County Refunding Bonds of issues
of 1902 and 1904. Address, Robert L. M
Ross, Las Vegas, New Mexico
4% BONDS
$100,000 Wilmington, Delaware, Water Works
four per cent Gold Bonds, maturing $25,000
May 1 1921, $60,000 May 1 1922 and $15,000
12 o'clock noon.
May 1 1923, will be sold at
April 28th, 1909, at office of Clerk of Council.
Wilmington, Delaware. Bids must be on forms
n to United States
which can be had on applicatio
Mortgage & Trust Company of New York or to
d.
undersigne
WILLIAM P. WHITE
Chairman, Finance Committee.
Wilmington, Delaware.
HUNT, SALTONSTAII & CO., Albert Kleybolte & Co.,
.•
Members New York Stock Exchange
409 Walnut Street,
Investment Securities
CINCINNATI, 0.
10 STATE STREET
BOSTON
MUNICIPAL BONDS
TORONTO, CANADA
Correspondence Solicited
Perry, Coffin & Burr,
NATIONAL LICHT,
INVESTMENT BONDS HEAT & POWER CO.
60 State Street,
WEBB & CO.,
INVESTMENT
City of Reading, Pennsylvania
4 per cent Refunding Bonds
Legal for Massachusetts, New York and PennMaturing April 1. 1914, 1919. 1924.
sylvania.
-1929, 1934.
IEUEUEST Zir CC).
..sai CHESTNUT ST.
PHILADELPHIA. PA
GUARANTEED
BONDS
BOSTON.
notnarriza.
74 BROADWAY, NEW YORK
Municipal,
County, State,
and High-Grade Public Service
Securities
CANADIAN
-W. A. MACKENZIE & CO.,
approved
The validity of the above bonds will,beAttorneys,
by Messrs...1Delafleld & Longfellow
opinion will be
of New York, wh.:se favorable
furnished to the purchaser.
Cuban Securities
A SPECIALTY
All Issues
A. H. Bickmore & Co.,
BANKERS
New York
30 Pine Street,
FRANCKE, THOMPSON & ROBE McCOY & COMPANY
Members N. Y. Stock Exchange
Formerly MacDonald, McCoy & Co.
43 Exchange Place
Municipal and
Corporation Bonds
181 La Salle Street, - Chicago
Telephone 6444 Hanover
BRANCH OFFICE
Bristol Building, 5th Ave. and 4'2d St.
Telephone 1558 Bryant.
THE CHRONICLE
APR. 24 1909.1
for $2,000 6% debentures. Date July 1 1909. Interest
annual. Maturity part yearly for ten years.
Green Briar School District No. 2168 (P. 0. Tullisville),
Sask.-Debenture Sale.-On March 1 Peverett & Hutchinson
of Regina 'purchased $1,200 6% 10-year school-house bonds
at 103. Date March 1 1909. Interest annual.
4%
Guelph, Ont.-Debenture Sale.-An issue of $8,984 41
20-year water-works debentures has been awarded to Brouse,
Mitchell & Co. of Toronto.
Inverness, B. C.-Debenture Sale.-Geo. A. Stimson &
Co. of Toronto, Ont., have been awarded $15,000 432%
water-works debentures. Maturity 1953.
Kamloops, B.0.-Debenture Election.-Reports state that
an election will be held to vote on the issuance of $15,000
park debentures.
Killarney, Man.-Debenture Offering.-Proposals will be
received until May 1 by George B. Monteith, SecretaryTreasurer, for $2,000 7% debentures. Interest annual.
Mautrity part yearly for ten years.
Kinley SchooliDistrict (P. 0. Kinley), Sask.-Debenture
Sale.-An issue of $1,600 54% school-building and sitepurchase debentures was sold on March 24 to Tracksell,
Anderson & Co. of Regina for $1,606 30-the price thus
being 100.393. Date March 27 1909. Interest April.
Maturity April 11919.
LacombelRoman Catholic School District No. 1 (P. 0.
Calgary), Alberta.-Debenture Sale.-On Feb. 1 $65,000
432(70 30-year school-building debentures were awarded to
W. A. MacKenzie & Co. of Toronto at par. Denomination
$2,000. Date March 1 1909. Interest annual.
Lintlaw School District No. 2117 (P. 0. Bond), Sask.Debenture Sale.-An issue .of $1,200 6% school-building debentures was disposed ,(of xi March 4 to the Canada Life
Assurance Co. for e$1,226=the price thus being 102.166.
Date March 414,1909.Interest'December. Maturity part
yearly for iterilyears.
LuckylSchool District No. 1981 (P. 0. Dupuis), Sask.Debenture Sale.-This district has awarded $1,200 54%
debentures to/J,fAddison ;Reid /of Regina at 100.50.
1087
Montreal, Que.-Bonds Offered by Bankers.-In an advertisement on a preceding page, E.& C. Randolph of New
York city are offering to investors $500,000 4% 40-year
school bo nds, guaranteed unconditionally by the Government
of the Province of Quebec.
Denomination $1,000. Interest Jan. and July at the Bank of Montreal
in New York, Montreal or London. Maturity Jan. 1949. The bonds are
acceptable by the Dom.nlon Government for depository purposes.
Notre Dame de Graces, Que.-Debenture Offering.-Proposals will be received until 12 m. to-day (April 24) by
Leon Descarries, Secretary-Treasurer, for $33,000 4M7
0.
40-year water-works debentures. Date Nov. 1 1908. Interest semi-annual.
Oak Bay, B. 0.-Debenture Sale.-This municipality
recently awarded an issue of $50,000 5% 30-year waterworks and $20,000 local-improvement debentures to Geo. A.
Stimson & Co. of Toronto, Ont.
Patience Lake School District No. 2185 (P. 0. Nutana),.
Sask.-Debenture Sale.-On April 2 Hawkey, Somerville frt,
Co. purchased $1,400 6% school-building debentures for
$1,425-the price thus being 101.785. Date April 5 1909.
Interest annual. Maturity part yearly for fifteen years.
Pembroke, Ont.-Debentures Voted.-We see it stated
that an election held recently resulted in favor of a by-law
providing for the issuance of $14,475 local-improvement
debentures.
Rainey River, Ont.-Debenture Sale.-Wm. C. Brent of
Toronto has been awarded an issue of $33,000 43% 30-year
water-works debentures.
St. Mary's, Ont.-Debenture Election.-An election will
be held April 30, it is stated, to allow the voters to determine
whether or not $40,000 6% 5-year debentures shall be issued
as a loan to establish a cement company in the town.
Smiths Falls, Ont.-Debenture Sale.-During the month
of March Geo. A. Stimson & Co. of Toronto bought $6,247 67
5% water-works debentures for $6,347 67 (101.60) and
accrued interest. Purchasers to pay all expenses. Interest
Dec. 31. Maturity part yearly.
Woodworth, Man.-Debenture Sale.-Nay & James of
Regina, Sask., have been awarded $15,000 debentures of
this municipality.
TRUST COMPANIES.
MISCELLANEOUS.
OFFICE OF THE
Manhattan
Trust
ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 21st, 1909.
The Trustees. in conformity with the Charter of the Company, submit the following statetnentof its affaira
on the 31st of December, 1908.
Premiums on Marine Risks from 1st January, 1908, to 31st December, 1908
$3,307,807 24
Premiums on Policies not marked off 1st January, 1908
743,389 01
Total Marine Premiums
$4,051,196 25
Premiums marked off from 1st January, 1908, to 31st December, 1908
Company
Interest received during the year
Rent less Taxes and Expenses
$307,823 39
142,032 22
$3.333.483 55.
$449,855 61
Losses paid during the year which were estimated in 1907
and previous years
$420,655 46
Losses occurred, estimated and paid in 1908
1,274,822 22 11,695,477 68
Less Salvages
Re-insurances
20 Wall Street
$279,988 33
199,555 37
479,543 70
$1,215.933 98
Corner Nassau
Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationery.
newspapers, advertisements, etc
NEW YORK
UNITED STATES
MORTGAGE & TRUST
COMPANY
NEW YORE
CAPITAL,
$2,000,000.00
SURPLUS,
$4,000,000.00
OFFICERS
CORNELIUS C. CUYLER
President
Vice-President
JOHN W. PLATTEN
Vice
U
L
L
UR
NB
T
-President
ARTHUR
CALVERT BREWER
Secretary
CARL G. RASMUS
Treasurer
Asst. Treasurer
JOSEPH ADAMS
Asst. Secretary
FRANK J. PARSONS
Asst. Treasurer
HENRY L. SERVOSS
T. W.B. MIDDLETON-- Asst. Secretary
55 Cedar St.
73rd St.& B'way
25th St, & 8th Ave
$51,930 45
$344,266 85
ASSETS.
United States & State of New York
Stock, City, Bank and other Securities
15,442,792 00
Special deposits in Banks &TrustCos. 800.000 00
Real Estate cor. Wall & WIlliamSts..
& Exchange Place_34,299,426 04
Other Real Estate &
claims due the company
75,000 00 4,374,426 04
LIABILITIES.
Estimated Losses and Losses Unsettled
*2,310,433 00
Premiums on Unterminated Risks..
717,712170
Certificates of Profits and Interest
Unpaid
260,822 35
Return Premiums Unpaid
121,473 65
Certificates of Profits Ordered Redeemed. Withheld for Unpaid
Premiums
22,339 35
Certificates of Profits OutstandPremium notes and Bills Receivable 1,377,905 06
ing
7,363,410 00
Cash in the hands of European
Real Estate Reserve Fund____
270,000 00
Bankers to pay losses under poli,
cies payable in foreign countries_
399,031 95
Cash in Bank
429,950 18
Aggregating
$12,824,105 23
Aggregating
*11,066.191 05
A dividend of interest of Six per cent on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the second of February next.
The outstanding certificates of the issue of 1903 will be redeemed and paid to the holders thereof,
or their legal representatives, on and after Tuesday the second of February next,from which date all
Interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the net earned premiums of the Company for the year
ending 31st December, 1908, for which, upon application, certificates will be issued on and after
Tuesday the fourth of May next.
BY order of the Board.
(I. STANTON FLOYD-JONES. Secretary. .
TRUSTEES.
GUSTAV AMSINCK,
HERBERT L. GRIGGS,
NICHOLAS F. PALMER.
FRANCIS M. BACON,
CLEMENT A. GRISCOM.
HENRY PARISH
JOHN N. BEACH,
DALLAS B. PRATT,
ANSON W. HARD.
WILLIAM B. BOULTON,
LEWIS CASS LEDYARD.
GEORGE W. QUINTARD.
VERNON H. BROWN,
A. A. RAVEN,
FRANCIS H. LEGGETT,
WALDRON P. BRON,
W
CHARLES D. LEVERICH.
JOHN L. RIKER,
JOHN CLAFLIN,
LEANDER N. LOVELL.
DOUGLAS ROBINSON.
GEORGE C. CLARK
GEORGE H. MACY,
GUSTAV H. SCHWAB.
CLEVELAND H. DODGE,
CHARLES H. MARSHALL, WILLIAM SLOANE,
CORNELIUS ELDERT,
W. H. H. MOORE,
1.17AAC STERN,
RIOHARD H. EWART,
WiLLIAM A._STREET,
A. A. RAVEN, President,
CORNELIUS ELDERT, Vice-President.
SANFORD E. COBB. 2d Vice-President.
CHARLES E. FAY, 3d VW-President.
JOHN H JONES STEWART, Oh Irfce-forn141011
[VOL.
THE CHRONICLE
1088
gnging.ers.
Wanda'.
llllIIcil Stabs TrustOompano of low DI
H.M.Byllesby & Co.
Incorporated
Chartered
45 and 47 Wall Street.
OD
CAPITAL,
SURPLUS AND UNDIVIDED PROFITS,
•
-
$2,000,000.00
$13,412,564.2 I
This Company acts as Executor, Administrator, Guardian. Trustee. Court Depositary and In
other recognized trust capacities.
/t allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or personal, for estates,
corporations and individuals.
ENGINEERS
DESIGN,CONSTRUCT AND OPERATE RAILWAY, LIGHT, POWER,
HYDRAULIC AND GAS PLANTS.
EXAMINATIONS and REPORTS
EDWARD W. SHELDON, President, JOHN CROSBY BROWN, Vice-Pres.
HENRY E. AHERN, Secretary.
WILLIAM M. KINGSLEY, 2d V.-P.
WILFRED J. WORCESTER, Asst. Sec. CHARLES A.EDWARDS,2d Asst.Sec. American Trust Building, CHICAGO.
TRUSTEES.
JOHN A. STEWART, Chairman or the Board.
William H. Macy, Jr..
John Clailln.
William D. Sloane,
John J. Phelps.
Gustav H. Schwab.
John S. Kennedy,
Frank Lyman,
D. 0. Mills,
George F. Vietor,
Lewis Cass Ledyard,
James Stillman,
Lyman J. Gage.
John Crosby Brown:
W. Bayard Cutting.
Obarles S. Smith,
William Rockefeller.
Alexander E. Orr,
itinoisTrast&Saminge
Payne Whitney.
Edward W. Sheldon
Chauncey Keep.
George L. Rives,
Arthur C. James.
sBank
CHICAGO
Oklahoma City, Oklahoma,
Mobile, Ala.,
San Diego, Cal.
J. G. WHITE & CO•,
Engineers, Contractors,
43-49 Exchange Place, NEW YORK
Investigations and Reports on Electric
Railway,Gas,Electric Light and Power
Transmission Properties for Financial
Institutions and Investors.
Capital and Surplus
S1 3.,,200,000
Electric Railways, Electric Light and Electric
Power Plants Financed, Designed
and Built.
Pays Interest on Time Deposits, Current and Reserve Accounts
Deals in Investment Securities and Foreign Exchange
Transacts a General Trust Business.
London Correspondent:
J. G. wourE & CO., Limited,
g Cloak Lane, Cannon St., E C.
Canadian Correspondents:
CANADIAN WHITE CO., Limited.,
Montreal.
Principal Philippine II Mee, Manila, 1'. I.
CORRESPONDENCE INVITED,
The
Trust Company of America
37-43 WALL STREET, NEW YORK.
COLONIAL BRANCH:
LONDON OFFICE:
222 Broadway, New York.
A. L. Drum & Company
Consulting and Constructing Engineers
Electrical - Civil - Mechanical
Physical and Financial Reports
American Trust Building
SCOFIELD ENGINEERING CO.
95 Gresham St., London, E. C.
CAPITAL AND SURPLUS $8,000,000
CHICAGO
Consulting Engineers.
Power Stations.
Electric Railways.
Hydraulic Developments.
Material Handling.
PHILADELPHIA.
Issues interest-bearing certificates of deposit.
Receives deposits subject to check.
Established 1889.
REGISTER & CO.,
A. L.
Successors to Pepper e‘:,- Register,
ENGINEERS & GENERAL CONTRACTORS,
112 North Broad Street, Philadelphia.
MELLON NATIONAL BANK
OF PITTSBURGH
gyUning
givintevs.
H. M. CHANCE,
Consulting Mining Engineer and Geologist
Thoroughly competent by reason of experience and resources to care for reserve accounts of banks, bankers and trust companies
COAL AND MINERAL PROPERTIES
Examined, Developed, Managed.
837 Drexel Bldg
PHILADELPHIA, PA.
Adrian H. Muller & Son,
A. W. MELLON,Prest. W. S. MITCHELL, Cashier
AUCTIONEERS.
CAPITAL AND SURPLUS SIX AND A HALF MILLIONS
Regular Weekly Sales
STOCKS and BONDS
EVERY WEDNESDAY.
Wilkinson, Reckitt, Williams & Co.
CERTIFIED PUBLIC ACCOUNTANTS
Office, No. 55 WILLIAM STREET,
Corner Pine Street.
DU PONT POWDER CO. SECURITIES
INTERNAT'L NICKEL CO. SECURITIES
BANK AND TRUST COMPANIES'STOOKS
4.nd all Unlisted and Inactive Stocks and Bonds.
S. H. P. PELL & CO.
NEW YORK
CHICAGO
PHILADELPHIA
52 Broadway
Marquette Bldw.
Mutual2Life Bide'.
LONDON, ENGLAND
Leadenhall Bldws.
Members New York Stott Exchaaill
48 EXCti AMIE PLACE. NEW YORK
WM. WHEATLI3Y, Mar. INVESTMENT DEPT.
OTTO JULIUS MERKEL
44 AND
It It0 K E it
WALL STREET, NEW YORK
INVESTMENT SECURITIES.
cor.iespotAlenco Invited.
@FedFRASER