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jittanttal
ijrutude
umIThrcizt1$w
INCLUDING
Bank and Quotation Section (Monthly)
Railway and Industrial Section(Quarterly)
State and City Section(Semi-Annually)
Electric Railway Section(Thwelres)
SATURDAY, DECEMBER 19 1908.
VOL. 87.
The Throuirle.
1908., 1907.
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G. Dana,Treas. Addresses of all,Office of the Company.
Tot. Mid.West.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates
that the total bank clearings of all clearing houses of the U.S
for week end.Dec. 19 have been $3,312,139,909, against $3,177,345,672 last week and $2,206,407,986 the week last year.
1908.
1907.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,775,710,709
135,439,159
115,233,978
23,407,255
222,757,470
61,244,939
17,821,502
$1,020,001,175
101,589,685
98,402,985
21,661,768
168,206,030
51,559,050
19,630,535
+74.1
+33.3
+17.1
+8.1
+32.4
+18.8
- 9.2
Seven cities, 5 days
Other cities, 5 days
$2,351,815,010
425,263,481
$1,481,051,228
360,085,971
+58.8
+18.1
Total all cities, 5 days
Al! dtles, 1 day
$2,776,878,491
535,261,418
$1,841,137,199 + 50.8
365,270,787 +46.5
$3,312,139,909
$2,206,407,986
Total all cities for week
Week ending December 12.
-Clearings at
PUBLISHED WEEKLY.
Clearings-Returns by Telegraph Dec. 19.
NO. 2269.
%
+60.1
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, Dec. 12, for four years.
.
tan Francisco_ _
Los Angeles
3eattle
3pokane
Portland
Tacoma
3alt Lake City-Dakland..
Helena
Fargo
3loux Falls
San Jose
Sacramento
Stockton
San Diego
Fresno
North Yakima
Billings
.... 0,
Dec.
1906.
1905.
$
$
$
%
1•
257,433,228 187,842,146 +37.0 231,365,446 223,807,977
20,669,900 +31.0
27,089,300
25,355,300
25,054.350
14,865,267 -3.7
17,357,412
14,317,325
16,594,360
13,799,372 -2.8
14,618,785
13,408,422
13,251.657
10,643,813 +17.6
10.702,613
12,514,886
10,459,196
6.198,829 +46.3
8,568,880
8,549,425
9,070,032
5,617,800
4,620,700 +12.7
6,094,100
5,209,900
3,473,535 -10.2
4,321,756
4.602,089
3,117,247
3,869,301
2,254,385 +57.8
4,006,918
3,557,692
2,054,715 +1.9
2,438,105
2,420,728
2,093,726
1,969,678
1,451,441 +35.2
1,822,228
L962,515
1,786,489
1,989,973 -4.2
1,613,806
1,905,478
1,201,792
958,788
939,432 +16.5
1,094,324
859,292
+13.3
808,271
869,328
985,066
802.133
721,667
626,669 +26.8
794,368
798,875
567,000
465,000 +21.5
565,000
792,259
787.712
628,739 +36.8
860,287
757.568
706,179
690.422 -12.9
601,660
650.970
714,067
505.413 +43.2
723,985
453,738
528,298
488,701 +35.9
664,510
444,619
464,548
420,728
340,197 +23.7
512,730
453,503
393.336 +25.2
492,552
365,331
442,466
374,312 + 10.1
412,207
382,676
439,418
536,603
396,648 +35.3
433,450 , 407,837
478,900
339,448 +41.1
422.798
367,724
340,652
226.063 +50.7
284,810
339,742
325,000
271,635 +19.6
523,680
324,300
286,500
264,965 +8.1
128,745
176,345
147.443
147,896 +19.2 II
15,316
14,986 +2.2
326,471
314,522 +3.8
361,760,225
278,161,688 +30.1 337,835,143
Pa
37,147,617
29,966,479 +24.0
47,439,480
11.656,370
7,281,386 +60.1
13,215.221
9,325,696 ' 8,315,112 +12.2
10,109,879
7,576,343
5,817,745 +30.2
5,663,544
6,990,095
4,946,031 +41.3
7,308,173
5,089.938
4,922,922 +3.4
4,889,005
7,187,072
2,712,419 +165.0
8.656,920
1,518,985
1,457,531 +4.2
3,551,438
918,071
800.972 +14.6
1,289.913
840.967
766,295 +9.8
726,269
765,000
560,000 +36.6
450,082
502.480
350,000 +43.6
262,467
980,000
725,000 +35.2
546,032
329,731 +65.6
Not included In total
617,963 Not included in total
Not Included in total
Not included in total
327,204,385
41,415,865
10,929,914
6,647,459
4,271,640
5,283,856
4,125,357
6,508.195
1,016,277
1.128,359
362,925
Total Pacific__
91,044,666
68,951,623 4.32.0
103,562,391
81,689,847
Kansas City ---Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
8louxCit y
L ncoln
Wichita
Topeka
Davenport
r..`olorado Springs
7,'edar Rapids _
Pueblo
Fremont
40,321,601
23,062,026
13,421,768
9,828,869
9,847,822
5,826,613
3.017,008
2,813,201
1,275,520
1,688,663
1,127,116
1,001,280
781,252
906.571
549.851
412,465
30,601,840
25,067,448
10,719,931
11,413,149
7,670,801
3,948,876
2,565.233
2,089,358
1,268,494
1,260,889
1,068,901
865,222
700,852
788,967
540,041
328.242
+31.8
-8.0
+25.2
-13.9
+28.4
+47.6
+17.6
+34.7
+0.6
+33.9
+5.4
+15.7
+11.5
+14.9
+1.8
+25.7
31,910,905
24.116,232
11,127,789
9,299,913
8,218,121
5,602,570
2,675,500
2,114,992
• 1,308,846
1,291,180
968,275
855,209
828,673
689.431
608,652
321,263
26,472,444
21.985,636
10,638,380
8,008,062
7,545,378
5,028,840
2,677,538
2,059,751
Tot. oth.West_
115,881,626
100,898.244 +14.9
101,937,051
89,431,803
1,142,758
818,237
910,959
704,284
583,163
548,263
308,110
61,890.645
66,223,217
59,189.714 +20.5
71,322,854
St. Louis
28,595,512
28,263.786
21,697,763 -7.0
20,181,300
New Orleans.. _ _ 13,129,874
13.622,052
8,781.434 +66.7
Louisville
14,641,707
9,654,226
14,544,890
15,598,285
Houston
10.293,064 +51.5
ending December 12.
73
8,117,000
8,950,500
6,441,500 +27.7
Galveston
8,226,500
Clearings at
6,932,080
5,897,736
6,764,295 +4.2
Richmond
7,047.497
Inc. on
As 1905.191u, Memphis
8,494,295
6,916,573
7,419,411 -11.3
6,582,127
1907.
Dec.
1908.
1906.
5,584,002
5.844,867
6,057.940 -19.1
Savannah
4,899,185
5,176,201
5.955.529
5,420,913 +12.0
Atlanta
6,070,917
$
$
S
3,885,820
3,800,757
4,116,795 -33.8
Nashville
2,722,861
2,004,408,464 1,305,346,842 +13.6 2,269,155,721 2,293128.625 Fort Worth
New York
3,424,110
4,236,301
6.600.000 • 4,200,000 +57.1
121,531,404 110,402,211 +10.1 153,427.721 138,818,899 Norfolk
Philadelphia
2,677,508
3,486,217
2,973.478 +0.8
2,996,141
52,100,352
46,555,279 -14.5
52,472,748
39,798.705
Pittsburgh
2,031,880
2,177.291
1.908.194 4-23.3
2,352,886
28,214,085 Birmingham _.
25,850,887 +5.0
30,717,722
27,136,017
Baltimore
1,324,422
1,931,896
1,516,541 --8.3
1,390,048
7,708,096 Mobile
7,763,230 +2.2
8,733,648
7,932.760
Buffalo
1,714,531
1,929,419
2,464,648 -15.5
2,083,370
Augusta
5,336,283
7,178,131
4,979,204 +34.6
Albany
6,704,440
1,559,594
1,900,550
1,476,312 +19.6
1,765,567
5,893,088 Little Rock
6,381,175
6,252.611
__
Washington
5,155,659 +21.3
1,604.776
1,696,729
1,540,018 -3.6
1,485,015
0,557,182 Charleston
3,851,774
Rochester!
3,395,516 +0.6
3,416,738
1,265,635
1,636,758
1,367,483 +14.5
1,565,267
1,753,373 Knoxville
Scranton
1,964.972
2,384.463 +7.0
2,552,917
1,213,717
1,526,377
1,298.087 +23.8
1,607,007
1,513,800 Chattanooga
Syracuse
1,616.561
1,923,641
1,882,753
1,321,488
1,459,403
1,437,424 +16.3
1,671,227
1,171,063 Jacksonville
Wilmington
1.408,656
1,261,407 -3.1
1,222,729
1,187,075
757,464 +73.4
1,313,238
1,297,269 Oklahoma
Reading
1,284,134
1,359,735 +0.6
1,368,043
718,861
855,183
694,783 +39.0
965,673
1,043,229 Macon
Wilkes-Barre _ _ _
1,134,091
1,090,147 +14.4
1,247.410
506.054
400,000
390,000 +67.5
653,173
851,226 Beaumont
Wheeling
1,171,122
1,212,960 +14.2
1,384,631
581,771 +22.3
711.463
Austin
Harrisburg
959,230
1,050,000
945.658 +11.0
570,000
472,467 -14.9
402,081
Wilmington,N.0
York
796,719
736,697 +8.1
606,475 +5.0
636,935
627,931 Vicksburg
739,032
Erie
685,979
684,095 -2.6
547,335
Chester
600,257
485,516
808,885 -9.6
Total Southern 185,492,324 159,867,514 +16.0 186,047.451 169.823,887
444,942
540,663
Greensburg
494,348
491,118 +0.7
456,100
489.600
Binghamton _ _ _
502,400
477,600 +5.2
3.467,901.698 3,424.729,332
:1,177,345,672 2,275.658,274
Total all
234,244
256,709
Franklin
297,396
251,624 +18.2
Altoona
403,920
428,014
Outside N. Y. 1,172,937,208 970.311.432 +20.9 1,198,745.977 1,130,800,707
Trenton
1.617,900 Not Included In total
Canada
Total Middle 2,231,524.900 1,523,204,872 +46.5 2,544,083,667 2,548,507,122
33.280.180
27,522.122
32,363,586 -7.2
30,015,450
Montreal
26,537,876
24,496,265
23,948,913 +16.9
28,000,000
170,323,031 124,352,663 +37.0 169,855,828 184,603,543 Toronto
Boston
13.419.271
10,176,684
14,164.632 +35.2
19,143,826
9,417,000 Winnipeg
9,800,000
7,216.900
Providence
7,213,000 +0.05
3,478,275
1,995,618
3,571,881 +9.6
3,915,211
3,229,975 Vancouver
3,609,547
3,450,086
Hartford
3,097,564 +11.4
3,083.246
2,336,489
3,356,744 -12.5
2,936,054
2,350,006 Ottawa
2,457,240
2,353,156
Haven
2,235,222 +5.3
New
1,823,987
1,948,016 +2.2
1,937,308
1,990,943
2,111.898 Halifax
2,216.276
1,835.107
1,775,000 +3.4
Springfield
1,836,567
2,264,411 +5.6
1,732.115
2,392,082
1,820,214 Quebec
1,603,002
• 1,713.282
2.9
1,765,178
Portland
1.908,554
1,596.229 -4.0
1,509,018
1,532,111
1,694,324 Hamilton
1,588.387
1,618,758
1,385,800 +16.8
Worcester
1.559,342
1,292,746 +38.9
1,794,944
1,116,923 Calgary
1,336,133
1,388,697
1,001,324 +33.7
River
Fall
1,047,604
1,291,978
1,289,782 +29 5
1,643,569
758.903 St. John
930,714
885,124
.730,508 +21.2
New Bedford _ _ _
1,145,160
1.228,870
1:234.976 +5.3
1,300.000
826,211 London
545,575
572,765
456,705
20.3
Lowell
755,442
1,113,144
1,081,834 +2.9
1,113,461
443.291 Victoria
493,293
• 445,339
10.0
440.995
Holyoke
,849,635
971,559
: 761,911±27.5
Edmonton
191,435,995 208,072,288
191.631,931 144,574,333 +32.5
Total New Eng
74,653,825
91,410,945
88,855,660 4-8.9
96,749,210
Total Canada
9
+3-.6
1566
THE CHRONICLE
[VOL. Lxxxvii.
the Secretary of War,determines, upon due notice and
inquiry, whether the impediment constitutes an unreasonable obstruction to navigation, and if he finds
it such, he orders its alteration or removal, and obedience to his order is then enforced. The Sherman
Law has been held constitutional by the Supreme
Court after full consideration. Can we not entrust
administrative officers, under p roper safeguards, with
the like duties and powers regarding contracts or
combinations in restraint of trade, or interfering with
the free action of the law by mon opolies? If we can,
there is no change in the law which would make it
serve better the cause of Federal justice.
This has a very plausible sound, but is really
specious reasoning, and the embodiment pf sophistry.
Mr. Beck had no difficulty in demolishing Mr. Bonaparte's argument, and he did it in a most adroit and
effective way. He first pointed out that the Sherman
Anti-Trust Law has been ineffective to prevent cornbinations. While it has been on the statute books
for seventeen years, it has not only not stopped the
growth of industrial combinations, but as a matter of
fact all but three of the great industrial combinations
of the country, Mr. Beck said, have come into existence
and have grown and operated since the enact ment of
It would seem that the Board of Trade has joined that measure. Then, adopting the same metaphor
the movement against longer antagonizing railroads, employed by Mr. Bonaparte with reference to obstrucimpairing their earning power and thereby making it tions to navigation, Mr. Beck goes on to argue with
impossible for the roads to maintain normal operations much force that law which is incapable of enforceand facilities. A more liberal policy is no doubt ment impartially against all classes is a derelict and
the prevailing and growing sentiment of mercantile a dangerous menace to the navigation of the ship of
classes to-day. The period when it was good politics State. In the case of the anti-trust laws, State and
and popular material for after-dinner speeches to strike Federal, one of three things must happen, Mr. Beck
at every sort of organized capital that had become shows: Either the law must be suspended absolutely.
more or less fixed, and so not able to run when hit— against all classes, and that would be Executive
that time has passed. The public, having found it usurpation; or it must be enforced impartially against
cannot have both, is getting more eager to have the all classes, and that would cause a cataclysm of disfacilities, even if it has to pay for them a few extra aster to which the panic of last year would be a sumpence.
mer zephyr; or the law must be enforced against
At the same time, in face of this growing conserva- some and not enforced against others,and that, in a
tive sentiment, it is unfortunate that our President- republican form of government,ought to be intolerable.
elect, Mr. Taft, should use the occasion of an annual
We have never seen the case against the Anti-Trust
dinner of the National Civic Federation, said to be a Law stated more strongly than in these words
kind of love feast between capital and labor, to declare of Mr. Beck's. He argues, further, that the
that he favors the continued existence on our statute suggestion of Mr. Bonaparte that the law should
books of the Sherman Anti-Trust Law. It was not be amended by vesting in an administrative
needful for him to say it. To be sure, Mr. Ingalls, tribunal the power to determine when men may
Chairman of the board of the Big Four Railroad, early combine is so hostile to the whole conception of
in the evening had declared that the Sherman Law industrial liberty that the American people would not
enacted twenty years ago should be repealed. No tolerate it for a moment. We entirely agree with Mr.
idea, he said, existed when the statute was passed as Beck when he says that the suggestion that any New
to what the conditions to-day would be, and the en- York, Philadelphia or Chicago business man must
actment was so far a matter of politics that the idea crawl down to Washington and get some minor official
of its enforcement was not carefully considered.
in an administrative bureau to give him permission
Some highly interesting suggestions bearing upon to engage in a business contract affecting inter-State
the same matter were made in a discussion in which commerce is a proposition which the American people
Attorney-General Bonaparte and Mr. James M. Beck would signally repudiate.
participated. The discussion took place at the dinMr. Beck also upsets the Attorney-General's plea
ner of the Pennsylvania Society last Saturday even- by quoting President Roosevelt's indictment of the
ing. Attorney-General Bonaparte, speaking on the Anti-Trust Law, to the effect that the law as construed
desirability of amending the Sherman Anti-Trust Law, by the Supreme Court is such that the business of the
asserted that these statutes seek to prevent what may country cannot be conducted without violating it.
be called moral obstructions to the freedom of inter- Could a more damning indictment he preferred against
State and foreign trade. Why not deal with them as any law Mr. Beck asks? The vital need of the hour
we deal with physical obstructions to such freedom? is to square legislation with the natural tendencies of
When the free use of navigable waters is impeded by a business. For if the traditions and the fixed politica
bridge or other structure, an administrative officer, habits of the Anglo-Saxon people count for anything
THE FINANCIAL SITUATION.
There seems to be a disturbing state of affairs, or
the appearance of what may turn out to be, in Washington. The inclination of the Senate and House to
resent the so-called offensive paragraph in the President's Message relating to the Secret Service, may
prove to be of that nature. It is believed "that both
sides of the Chamber are united in a stern resolve to
resent what they regard as a gratuitous offense against
the highest legislative body in the United States." An
investigation begun in that spirit would indicate a
very disquieting encounter if carried through to the
bitter end; but as the President is to be soon out of office, it would appear to be a more suitable case for a
committee to manage, bearing the olive branch as its
emblem, rather than the gruesome sword. We think,
too, judging from years of experience, that President
Roosevelt would yield more readily under the gentler
method—explaining away the charge rather than turning on the lights. To humiliate him by driving him
to a withdrawal of what is called the misstatement,
both Houses of Congress, using their united force,
would not be equal to the undertaking.
Dna. 19 1908.j
THE CHRONICLE
you cannot altogether fetter that spirit of "get together" which we call combination. You might just
as well, he declares, try to "crib, cabin and confine"
the onward flow of the Mississippi as to try to confine
the tendency toward co-operation of the American
people. This is the literal truth, and it is gratifying
to have it so forcibly and so incontrovertibly expressed.
While there has undoubtedly been some slowing
up in business activity, we are confident that the only
possible thing which can kevent steady progress in
business recovery is interference by legislation and
Government action with railroads and other industrial
interests. For this reason it islgratifying to find that
our highest Court is condemning one after another the
most serious of the measures and acts which have
served to disturb confidence and to inspire distrust
in recent years. This week the United States Supreme
Court has given judgment in the cases involving the
attempt of the Inter-State Commerce Commission to
compel Mr. Harriman and others to testify regarding
transactions in which they were engaged, all more or
less private in their nature, though indirectly and remotely these transactions had some connection with
the Union Pacific and other Harriman roads, whose
affairs the Commission was ostensibly engaged in investigating. The ordinary business man may think
he has no concern with the refusal of Mr. Harriman
and Otto H. Kahn, of the banking house of Kuhn,
Loeb & Co., to answer the questions put to them,
but there were grave principles involved and it is to
the advantage of every citizen that these have been
settled, and settled rightly.
Was there no limit to the authority and power of the
Commission? Could it of its own motion enter upon
any kind of an investigation? And were bankers and
others that might be put on the stand bound to violate the confidence existing between them and their
clients and which is respected in all civilized communities? If so there could be no privacy in business
interests. The investigation of the Harriman roads
is supposed to have been undertaken at the direction
of President Roosevelt, but at all events it was a fishing excursion, pure and simple. It was a rummaging
over of old matters, with a view to seeing if some evidence of wrongdoing or some violation of the law
could not be found. Testimony was drawn out in the
most sensational fashion and spread broadcast so as
to damage all those prominently connected with the
building up of the Union Pacific combination of roads.
Messrs. Harriman and Kahn ran some risk of having
their motives questioned when they refused to give
answers to the questions pat, but they have rendered
a service to the community in having stood:upon their
rights so as to get a decision from the country's highest
Courtsaying that there is indeed a limit to the inquisitorial powers of the Commission.
It is to be noted that the Supreme Court has gone
even further than the lower Court in upholding the recusant witnesses and in putting a curb upon the arbitrary exercise of power on the part of the Commission.
Judge Hough in the U. S. Circuit Court last January
had held that Mr. Harriman could not be made to
answer questions regarding purchases for himself,
but that both Mr. Harriman and. Mr. Kahn must answer certain questions touching the purchases of stocks
of other roads by the Union Pacific. The Supreme
1567
Court now holds that none of the questions were within
the power of the Commission to ask. In speaking of
the investigation made by the Commission, the Court
does not call it a fishing excursion as we have done
above. It does characterize the authority assumed by
the Commission to compel Mr. Harriman and others
to testify as autocratic and unparalleled in its vague
extent. We have not seen the full text of the opinion
in the case, but according to the daily papers the decision does not curtail the power of the Commission
to compel the attendance and testimony of witnesses
in cases where formal complaint of violation of law is
concerned. In the absence, however, of such complaint, the institution of proceedings by the Commission, and the calling of witnesses, is held by the
Court to he without authority of law.
The opinion was by Justice Holmes, and he pointed
out that the powers conferred in the Inter-State Commerce Law exceed any which have ever been delegated by an executive body of lawmakers. He lays
down the rule that privacy must be properly regarded
in proceedings begun by the Commission for its own
purposes. The Commission had contended that it
might make any investigation it deemed proper, not
merely to discover any facts tending to defeat the purposes of the Inter-State Commerce Act, but to aid it
in recommending any additional legislation relating to
the regulation of commerce that it might conceive to
be within the power of Congress to enact; that in such
an investigation it had power, with the aid of the
courts, to require any witness to answer any question
that might have a bearing upon any part of the inquiry they had determined upon. This contention
the Court holds to be wholly untenable, saying: "We
are of opinion that the purposes of the Act for which
the Commission may exact evidence embrace only
complaints for violation of the Act and investigation
by the Commission upon matters that might have
been made the subject of complaint."
It remains to state that only one of the members
of the Court, namely Justice Harlan, went so far as
to say that the Commission should have received responses to all of its questions. Mr. Harlan's view is
perhaps natural, seeing that his son is a member of
the Commission. Two of the other members of the
Court, Justice McKenna and Justice Day, took the
position that the questions of the Commission so far
as they had been sustained by Judge Hough should
have been held proper.
The improvement in our foreign export trade noted
in October and which, by those given to drawing
hasty conclusions, was interpreted as one indication
of the passing of the period of depression, is not
reflected in the returns for November now officially
promulgated. On the contrary, the value of merchandise moving outward during November 1908 was
moderately less than in October, and compared with
the month of 1907 exhibits a quite important decline.
Coincidently, imports show a small gain over the
preceding month and only a moderate decrease
from November 1907. Consequently, our net export
balance for the month is much below that for the
same period of last year and in fact less than for the
like interval in any year since 1902.
The aggregate outflow of merchandise in November
1908 was $161,272,063, against $204,464,217 in 1907.
1568
THE CHRONICLE
[VOL. Lxxxvii.
Here appears to be a decline of 43 millions of dollars part with the Lehigh Valley shares, a syndicate of
from last year. This decline is quite generally shared bankers endeavored to purchase the stock in a block,
in by all the export items, but the greater part of it is but their proposition was rejected. By selling the
to be found in the shipments of leading articles stock in the open market the Lake Shore directors
(breadstuffs, provisions, cattle and hogs, cotton and have avoided even a suspicion of wrong-doing. The
mineral oils), for which advance figures are issued sale was well managed as it was accomplished upon a
by the Bureau. The combined value of those exports :rising market. Had the stock been sold at private
for November 1908 was only $97,653,155, against .sale and the market price afterwards advanced, the
$122,781,001 in 1907, or a falling off of over 25 millions accusation might be made that the directors did not
millions is in cotton use due diligence in finding a buyer; but all this is
of dollars. Of that loss 12
and is due entirely to the lower price of the staple now avoided. As a direct result of the sale, Mr. H.
this year, the quantity sent out having been greater. McK.Twombly, who represented the Lake Shore,
In breadstuffs the decrease was 8% millions, resulting resigned from the Lehigh Valley board, and in his
from smaller shipments of corn, wheat and flour; in place was elected Mr. P. A. B. Widener of Philaprovisions the loss comes from declines in almost delphia. This is the first close affiliation that Mr.
every item under that head, and the falling off in Widener has had with the management of a railroad.
mineral oils from a marked drop in quantity. For He is reputed to have bought ten thousand shares of
the eleven months of the calendar year 1908 the Lehigh Valley, which makes him the largest individual
total exports of merchandise were $1,564,023,950, holder of shares of that company. As a director of
against $1,716,306,209 in the like period of 1907, or the United States Steel Corporation, Mr. Widener has
a decrease of 152 millions. It seems needless to say been thrown in close contact with Mr. J. P. Morgan,
that practically all commodities participate in the whose firm is represented on the Lehigh Valley board
decrease from 1907, with iron and steel and manu- by Mr. Steele and Mr. Stotesbury, and it is understood
factures, cotton, provisions, cattle and hogs, wood that it was largely through their influence that Mr.
and manufactures, and breadstuffs, conspicuous for Widener was elected. Mr. Widener is now over
losses shown.
seventy years of age. The late William T. Elkins,
Imporf§ of merchandise in November reached a who was Mr. Widener's closest business associate,
value of $103,936,544, which, while nearly 2 millions was long a director of the Pennsylvania Railroad.
greater than in October, was 7 millions smaller than
in November 1907. For the eleven months since
The most recent public mention of the Belmont or
January 1 1908 the inflow of commodities, however, Steinway tunnel is interesting in several respects,
covered a value of only $1,004,474,822, or a decline and also quite timely just now. This tunnel, conof 3263/ millions from the previous year's record necting Long Island with this borough at 42d Street,
aggregate. As in the case of exports, the loss in is finished, but not in use, and therefore of no service
imports extends quite generally throughout the list to anybody. Mr. Belmont has offered the tubes
of commodities, but is due in considerable measure to the city on what he considers very fair terms,
to a falling off in prices; on the other hand the decline being under cost; but the same notion which has
in total value of shipments arises largely through the hindered further subway construction—that the city
smaller quantity of mechandise sent out, and not to has made or is in danger of making too favorable
lower prices. This matter of price as a potent influence a bargain towards private capital—has interfered
is especially noticeable in raw materials used by with closing the transaction. Meanwhile, propertymanufacturers. Imports of India rubber, for ex- owners who are interested in the prospective improveample, show a decline in quantity of only about 1%, ment of the section which this tunnel might serve
but a shrinkage in value of nearly 30%. Fibre are becoming much exercised in having the ownership
(flax, hemp, &c.) imports cover a loss in quantity of and use of the tubes disposed of. About ten days
less than 532%, against a drop in value of 30%. ago, a delegation from them called upon the Public
In hides and skins the comparison is between a loss in Service Commission to demand some action. Their
quantity of less than 10% and a falling off in value of spokesman urged that the city either accept the
33%; in pig copper 25% and 48%;in pig tin 14 2% Belmont terms for sale of the tunnel or else offer
and 37%, and so on through the schedule.
the inducement of a perpetual franchise. He said its
The export balance of merchandise for the month operation could not be profitable at the outset and
was $57,335,519, against $93,521,301 in November that no private company would undertake it without
1907,and for the eleven months reached $559,549,128, a perpetual franchise.
This line of argument is not new, but the interesting
which compares with $385,378,373 in 1907. The
record balance was in 1900—$571,603,735—and with feature is the added suggestion that if the city is
that exception the current one is the largest for the unable to buy it might regard the tunnel as legally
eleven months in the history of our foreign trade.
a public improvement, which would allow assessing
its price upon the property to be directly benefited.
- Liquidation by the Lake Shore & Michigan Southern The legal feasibility of this need not be discussed
Railroad of the balance of its holdings of 114,000 shares now; the point is that a light as to the more subways
of Lehigh Valley Railroad stock culminated this week and other improvements which are loudly demanded
in the Philadelphia market, which is the only market is shown when property is willing to itself bear the
for this stock. The liquidating company obtained cost. The bearing upon such a scheme as the Fourth
a good profit on its investment in the coal-carrying Avenue subway in Brooklyn is evident. Mr. Metz
,
,road. It chose for some reason to dispose of these has withdrawn his opposition to that so far as relates
large holdings in the general market. When it be- to the section connecting the unfinished Manhattan
came known some time ago that it was proposed to bridge with the junction of the present subway and
DEC. 19 1908.1
THE CHRONICLE
surface lines at Fulton Street and Flatbush Avenue.
Without this, he says justly, the Manhattan bridge
will be, like the other two, without definite land
connections, and not a link in a through traffic; and
this connection through a built-up section is clearly
another thing from the other part which would have
to create its own traffic. Persons interested in the.
development of a certain section naturally hanker
for a bargain by which they will get most or much
of the advantage, while the public treasury bears the
cost; when they are ready to pay for the work themselves they really mean business and give the final
proof of faith.
As soon and as fast as private capital reaches
this attitude, we can have more subways and tunnels
and bridges. Associations in Queens County want
the Belmont tunnel put to use. They want it so
much that they are, at last, willing to pay for it if
the city will not. The attitude is hopefully suggestive. There is another instance in the same
direction just now. A few months ago disturbance
and complaint arose because the Long Island road
proposed to abandon the Annex boat which had been
plying between Wall Street and Long Island City.
It was very convenient to some commuters, but the
railroad discontinued it because it was losing money.
Then the commuters, when they had to do something,
made a contract with a boat for themselves, and this
boat has been running since October 15. In order
to keep it going through the winter, they have now
agreed to assess themselves a dollar each per month,
in addition to paying the regular fare; and the treasurer of this volunteer association is the very gentleman
who made the loudest protest, and advanced the
shallowest plea,in the attempt to have the Commission
compel the Long Island road to keep up the unprofitable service.
There is an old fable of a lark and her young, whose
nest in the grain was liable to be disturbed by the
harvesting. The young birds told how they had
overheard the farmer say that he would get the
neighbors to help cut the grain. Do not worry, said
the old lark. After a few days, the young birds said
they had heard the farmer tell his sons that, as the
neighbors had failed them, they would get up early
the next morning and do the work. Ah, said the
mother bird, now we will move, for when men get
ready to help themselves instead of depending on
others something will be done.
The moral seems to be clear, and the example of the
Long Island commuters might give a hint to persons
who need East River ferries.
It is interesting to note the sensitiveness of the London discount market to the fluctuations in exchange
at Paris on the British capital; especially now when
such exchange is near the gold import point from London to Paris, or when events occur which indicate a
temporary cessation of the movement of the metal
from the British capital to Paris. The shipments of
gold from New York to France last week seemed to
allay apprehensions which were felt in London of
dearer money at that centre, and discounts in London
were easier. The rate for exchange at Paris on the
British capital in that week rose one centime above
.
the gold import rate from London, and this Week there
was a further advance of an equal amount and con-
1569
tinued ease in discounts encouraged expectations of
the establishment of a rate for French exchange at
which it would be less profitable to ship gold to Paris
than to remit with drafts. It may be noted that the
par of exchange at Paris on London is 25 francs 223'
centimes; from the British capital, the import point
for such exchange is 25 francs 123' centimes, and the
export point to London is 25 francs 323 centimes.
Therefore, a rise above the import point, such as occurred this week, was indicative of at least a temporary
suspension of the gold movement to Paris; if the advance had continued, or had closely approached the
export point from Paris to London, there would be
strong probabilities of an early ending of the drain
of gold from London to Paris. The rate did not rise,
however, but it fell one centime; this, though, was
probably due to the fact that bar gold declined
of a
penny per ounce, reflecting an absence of demand after
Paris had secured the $3,000,000 gold that was offered
on Monday.
It is suggested that one reason why the Bank of
France has been accumulating gold, without apparent
cause, is that the amount of this metal which it formerly held was insufficient fully to cover its note issues. In 1898 the Bank recognized silver as a partial
basis for such issues; now, it is asserted, silver is no
longer usable for that purpose, and, as recently stated,
the legal-tender coins are being converted into subsidiary or token pieces or sent to the colonies. If the
Bank is substituting gold for any considerable portion
of its legal-tender silver, reserving only enough to
meet current requirements, the Bank will not soon
cease to import gold, for it now reports 35% millions
sterling sliver in its cash.
One result of the rise in rates for money in our market this week was the offering of round amounts of
the proceeds of franc and sterling bills for sixty to
ninety days on stock collateral; the low open market
g
discount rates of 23/% in Paris and 2% in London
made such operation profitable. Unofficial discounts
in London were so near parity compared with those
at Paris that French funds could not be advantageously employed; such funds seem to have been withdrawn from the British capital, thus accounting in
part for the fall in exchange at Paris, as above noted.
The Brazilian loan-10 million dollars of which was
offered in our market and 65 millions abroad—was
largely oversubscribed here and in Europe; efforts
to increase the American allotment are reported to
have been unsuccessful.
The cable reports that for the first time in history
the Sultan of Turkey, on Thursday, opened a Turkish
Parliament, with elaborate ceremonies. The New
Turks, since their bloodless revolution, have made
good progress toward the establishment of a stable
government, and they have gained the confidence of
the greater Powers of Europe.
A sudden and unexpected reversal of foreign exchange conditions in our market this week—from
strength (almost giving assurance of continued exports of gold) to so great weakness as to prohibit such
a movement—indicates the uncertainties which surround these international transfers of the metal.
,Preparations for gold exports by the mid-week steam•
ers were on the eve of completion; rates for exchange
had advanced to a point which Would make shipments
of gold coin profitable to the exporter; a fast steamer
1570
TIIE CHRONICLE
was available, and all the factors favorable for the
movement existed. With such conditions prevailing,
and none apparently developing to derange calculations, exports were not only made impracticable,
but impossible, at the moment, by an unsettling fall
in exchange—due to dear money, speculative selling
of bills and offerings of exchange against the negotiation of securities that had been placed abroad—and
retnitters who had despaired of procuring bills therefor
obtained an ample supply for their needs.
Last week's bank statement showed, as the most
notable feature, a reduction of $4,601,675 in reserve,
.according to the report of actual conditions, to $14,929,050; computed upon the basis of deposits, less
those of $9,185,400 public funds, the surplus is $17,225,400. The actual cash loss was $7,221,300, of
which $1,460,300 represented withdrawals of money
by trust companies to increase their cash reserves.
Average loans decreased $7,597.,900; non-reporting
State banks and trust companies in Greater New
York, however, increased loans by $19,097,200.
Average deposits decreased $15,534,600; the actual
decrease in this item was $10,478,500. This week's
statement is expected to disclose a large decrease in
reserve as the result of Treasury operations, including
payments for Panama Canal bonds, which were
effected this week.
Expectations of an unfavorable bank statement
this week contributed to activity and strength in the
market for money and a higher rate for call and time
loans than has been quoted during the year was
recorded on Tuesday. The apparently urgent demand
and indications of possibly higher rates before the
close of the month attracted funds from near-by
interior cities, and consequently the tone of the call
loan branch of the market was easier on the following
day and thereafter. Time loan rates were sympathetically affected by the rise in those on call and,
as elsewhere noted, foreign bankers employed the
proceeds of sterling and franc bills, which they drew
upon London and Paris, in our time loan market
to a moderate extent. Possibly there may be opportunity for the placing of contracts of this character
that will mature in sixty days, for immediately after
the beginning of the year money is expected to be firm as the result of the periodical
settlements and also of remittances to Europe,
perhaps with gold.
Money on call, representing bank and trust company
balances, loaned on the Stock Exchange this week
at 43'% and at 2%, averaging about 3 2%; all
institutions quoted 2% as the minimum and trust
companies took advantage of such minimum rate to
loan freely. Time loans on good mixed Stock Exchange collateral were not liberally, offered and rates
therefor were firm at 31
4% for thirty to sixty and
31 4@3w-i for ninety days, 31 @39% for four
/
70
A
and 33 % for five to six months; there was a good
4
inquiry for loans on all industrial collaterals for the
longer periods at 4%. Commercial paper was not
influenced by the firm tone for fixed-date collateral
loans and the demand continued urgent for choice
names; where these were not procurable, those
classed as "good" were accepted. Rates were 39@
4% for sixty to ninety day endorsed bills receivable,
[VOL. Lxxxvn.
4@4% for prime and 4M@,5% for good four to
six months' single names.
The Bank of England rate of discount remains
unchanged at 27 The cable reports discounts of
0.
4%. The
sixty to ninety day bank bills in London 21
open market rate at Paris is 23% and at Berlin and
Frankfort it is 3%@33%. According to our special
cable from England, the Bank of England lost £933,054 bullion during the week and held ,E33,017,486
at the close of the week. Our correspondent further
advises us that the loss was due largely to shipments
to the interior of Great Britain, although exports
to Buenos Ayres total £270,000. The details of the
movement into and out of the Bank were as follows:
Imports, nil, exports, £270,000 (wholly to Buenos
Ayres), and shipments of £663,000 net to the interior
of Great Britain.
The foreign exchange market was unsettled and lower
this week after opening strong. The subsequent fall
was influenced in part by dearer money and to some
extent by drawing of bills against the proceeds of a
block of railroad bonds that had been placed in Europe.
The decline in exchange rates to figures below, the goldexport point not only prevented further engagements
of the metal for shipment but it induced speculative
selling of exchange, which, together with a rise in
money rates, contributed to a further fall in sterling.
The "Lusitania," which sailed on Wednesday,carried
a large amount of remittances that were most urgently
required for next week's settlements, and the demand
for bills for the French steamer sailing on Thursday
was small. Cables were most freely sold, whereas last
weeli they were in greatest demand compared with
sight bills, and this gave color to rumors that negotiations were pending or had been completed for the
placing of additional amounts of our securities abroad.
It was observed that the heaviest selling of cables
was by an international banking house which had
been conspicuous in recent exchange transactions, and
this fact seemed to confirm the report of new bond
negotiations. Selling of sterling and franc finance
bills had some influence in accelerating the decline in
the market,. but the chief cause for the irregulair
movements during the remainder of the week was
speculative manipulation and re-buying of oversold
bills.
Last week's exports of gold exhausted the stock
of commercial gold bars in the Assay Office and made
necessary either the awaiting of further manufactures
of this form of the metal, should exports continue, or
the procurement of gold coin. Shipments of the latter
would require that the exchange rate should be advanced to a new gold-export point in order that the
operation might be conducted at a profit. While intending exporters were confidently looking for such
advance, the market fell under circumstances which
precluded all expectations of an immediate recovery;
remitters who had contemplated gold exports in lieu
of exchange were therefore enabled to obtain the
latter in sufficient volume to meet their requirements,
at least for the present.
Compared with Friday of last week, exchange on
Saturday was 15 points lower for long at 4 8475@
4 8480, short 20 points higher at 4 87(1)4 8710 and
cables 5 points at 4 8730@4 8735. On Monday long
DEC. 19 1908.j
THE CHRONICLE
rose 30 points to 4 8505@4 8515, short 15 points to
4 8710@4 8725 and cables 35 points to 4 8745@4 8770.
On Tuesday long declined 25 points to 4 8475@4 8485,
short 35 points to 4 8665@4 8685 and cables 50 points
to 4 8715@4 8720. On Wednesday long fell 5 points
to 4 8470@4 8480, short 10 points to 4 8660@4 8675
and cables 10 points to 4 8705@4 8710. On Thursday
long rose 5 points to 4 8475@4 8485, short 25 points
to 4 8685@4 87 and cables 20 points to 4 8720@4 8730.
On Friday long was 15 points and short 5 points higher;
cables were unchanged.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.
Frt.,
Mon., Tues., Wed., Thurs., Frt.
Dec. 11. Dec. 14. Dec. 15. Dec. 16.Dec. 17. Dec.'
18.
Brown
Brothers
Kidder. Peabody & Co
Bank British
North America
Banked
Montreal
Canadian Bank
of Commerce
Heidelbach, Ickelheimer & Co
Lazard
Freres
Merchants' Bank
of Canada
160 days 4 86
1Sight_ 4 88
160 days 4 86
1Sight__ 4 88
160 days 4 86
1Sight__ 4 88
160 days 4 86
1Sight__ 4 88
160 days 4 86
1Sight_ 4 88
160 days 4 86
1SIght.... 4 88
160 days 4 86
Wight__ 4 88
160 days 4 86
1Sight.... 4 88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
80
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
853i
87%
85%
873.
86
88
86
88
86
88
853i5
873
85%
87%
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
855
87%
853
87%
86
88
86
88
86
88
85%
87%
855
87%
86
88
Rates for exchange on Friday were 4 8490()4 85 for
long, 4 8690@4 87 for short and 4 8720@4 8730 for
cables. Commercial on banks 4 8455@4 8465 and
documents for payment 4 84@4 85 5. .Cotton for
payment 4 84@4 84k, cotton for acceptance 4 8455
@4 8465 and grain for payment 4 85@4 85%.
The following gives the week's movement of money
to and from the interior by the New York banks.
Week ending Dec. 18 1908.
Received by
Shipped by
N. Y. Banks. N. Y. Banks.
Currency
Gold
Net Interior
Movement.
$7,004,000
1,607,000
$8,611,000
Total gold and legal tenders
$3,343,000 Gain $3,661,000
620,000
987,000 Gain
$4,330,000 Gain $4,281,000
With the Sub-Treasury operations the result is as
follows.
Into
Banks.
Total gold and legal tenders
$4,330,000 Gain $4,281,000
04,000,000 Loss 20,000,000
$46,611,000
Banks' interior movement, as above_
Sub-Treasury operations
Out of
Banks.
$8,611,000
38,000,000
. Week ending Dec. 18 1908.
$68,330,000 Loss $21719,000
Net Change in
Bank Holdings.
The following table indicates the amount of bullion
in the principal European banks.
December 17 1908.
Banks of
Gold.
England_ _ 33,017,486
France __ 137,985,923
Germany 38,431,000
Russia.. _ 121,361,000
Aus.-Hun. 48,972,000
Spain __— 15,793,000
Italy
37,400,000
Neth lands 8,386,600
Nat.Belg._ 4,120,667
Sweden ..- 4,243,000
Switzerl'd. 4,699,000
Norway __ 1,640,000
Silver.
Total.
December 19 1907.
Gold.
33,017,486 33,076,729
35,668,169 173,654,092107,756,710
15,927,000 54,358,000 24,766,000
6,727,000 128,088,000 121,425,000
12,311,000 61,283,000 45,759,000
32,533,000 48,326,000 15,642,000
4,500,000 41,900,000 38,604,000
4,071,600 12,458,200 7,647,900
2,060,333 0,181,000 3,522,000
4,243,000 4,065,000
4,699,000 2,747,000
1,640,000 1,651,00
Total.
z
33,076,729
37,081,722 144,838,432
10,262,000 35,028,000
5,231,000 126,656,000
11,675,000 57,434,000
25,712,000 41,354,000
4,773,800 43,437,800
4,923,900 12,571,800
1,761,000 5,283,000
4,065,000
2,747,000
1,651,000
Tot. week 456,049,676 113,798,102569,847,778406,721,339 101,420,422508,142,761
Prey.week 455,895,708 113,095,542568,991,250408,257,136 100,960,704509,217,840
.vo
VENEZUELA AND HOLLAND.
The so-called war between Holland and Venezuela,
to which a good part of the foreign dispatches of the
newspapers have been given up this past week, has
in it more elements of opera bouffe than has often
been the case even in South American politics—which
is saying a great deal. The difficulty in taking the
present episode seriously arises, not least, from the
fact that the two chief participants are themselves
apparently unable to do so. The remarkable fact
1571
that peaceable Holland should have been the nation
to draw the sword against this curious SpanishAmerican Republic adds to the oddity of the situation;
but when the Dutch diplomatic authorities formally,
declared that "the capture by warships of coastguard vessels or warships is not to be considered an
unfriendly act against the Venezuelan people," but
"is merely a reprisal against Castro's Government,
which has refused to give satisfaction for his acts
of unfriendliness against Holland;" and when, in
addition, the most earnest student finds it impossible
to discover just what these acts of unfriendliness
and their merits were, some considerable perplexity
of mind is pardonable. . The most that can be made
of the situation is that an irritating trade dispute
has been raised by Venezuela; that the Dutch diplomatic representative at Caracas was dismissed with
scanty ceremony, and that Holland is taking this
means of showing her disapproval.
If such a method of expressing displeasure were.
adopted in the case of a first-rate modern Power, we
should assuredly hear from it in a formidable way,
and the foreign ministries of every government would
be instantly on their guard. But here again the fact
that nobody seems able just now to take Venezuela
seriously, affects the situation. The three or four
vessels seized by the Dutch cruisers on the coast.of
Venezuela are small transports, and Venezuela
practically has nothing that could be called a navy—
this may possibly have some bearing on the situation;
but it is not of a nature to increase the seriousness
of view. On the other hand,the facts that the President of Venezuela has chosen this occasion to visit
Europe, and that both Europe and Venezuela are
engaged in wondering whether he has really gone
abroad for his health or whether he has decamped
outright with such wealth as he has been able to
accumulate, fairly complete the picture.
We have no judgment to pass on the vexed question,
whether there is any basis for the German allegations
that Castro has carried away a princely fortune to
invest in Europe. The estimate of $40,000,000 to
$50,000,000 given out by these interesting dispatches
strikes us as slightly improbable, mostly so for the
reason that remittance of such funds by drafts on
London, or its conveyance in the form of gold, would
have convulsed the money market. Guzman Blanco,
one of Castro's celebrated predecessors in the presidency of Venezuela, spent his declining years at
Paris, in the enjoyment of great wealth, popularly
alleged to have been accumulated and transferred
in some such way. It may be that Castro has imitated
that earlier statesman, or it may be that the stories
about Blanco have merely stimulated conjecture
and inference as to the present case. The simple facts
which are of record appear to be that with this singular
war, which is not officially a war, now going on,
with half the people in Caracas meeting to denounce
Holland and the other half smashing Castro memorials,
with the President of Venezuela at a Berlin sanitarium
and with the acting President decreeing that "the
nation is in a state of defense against Holland",
nobody in the outside world seems to be in the least
stirred up about the incident.
We suppose that this indifference can be best
explained from the fact that relations of other governments to Venezuela have now been carefully cir-
1572
THE CHRONICLE
cumscribed by the action of the United States in
1902, and the subsequent adoption of our government's principles by other nations. Neither Holland
nor any other European power is likely to attempt
the seizure of Venezuelan territory. None of them
is likely to insist through force of arms on payment
of a debt owing by Venezuela to the citizens of other
States. Even that recourse was abandoned six years
ago by Germany, Italy and England, after the
demonstration of the fleets before Caracas had
been discountenanced by the American Government.
But this leaves it more than ever a matter of doubt
and conjecture as to what the Dutch procedure
really expects to accomplish. Financial indemnity
Holland can scarcely look for; the customs receipts
of Venezuela, which are the country's principal
reliance, are already pledged in the hands of international administrators for satisfaction of interest
charges due to foreign bondholders. This was the
eminently proper decision of the Hague Tribunal, to
which the matter was referred in 1902. Perhaps,
after all, the one really interesting question in the
existing situation is whether Venezuela itself will not
seize the present action to displace the crafty and
unscrupulous dictator who has so long managed to
discredit the country in the eyes of the outside world.
There have been Venezuelan executives who have
made a better record for themselves. Even of Blanco
it was the verdict of observant foreign critics, after
his retirement in 1889, that he had brought Venezuela
from the position of a perpetual nuisance to its neighbors to one of something like dignity in international
affairs. Ifthe present occasion were to be utilized byithe
Venezuelan people for displacing the present titular
executive and creating a serious and respectable
government—a possibility which Castro must have
anticipated in his voluntary retreat to Europe—
something like a menance will have been removed
from the diplomatic world.
GOVERNOR HUGHES' STOCK EXCHANGE
INVESTIGATING COMMITTEE.
The Stock Exchange authorities are taking the
proper course in seeking to facilitate in every way
possible the work of the committee which Governor
Hughes has this week appointed for the purpose
of making an investigation into the subject of speculation in securities and commodities. One may
doubt the advisability of undertaking an inquiry
of that kind, but the machinery having once been
set in motion, it is manifestly the duty of the
Stock and the mercantile exchanges (which latter
are included within the scope of the inquiry) to
assist the Commission in its work, give it every opportunity for studying the methods of conducting business,
and assist it in reaching correct conclusions. There
is the additional impelling reason that the personnel
of the committee is such as to entitle it to great
weight and consideration. There are very eminent
names on it. Its recommendations, whatever they
may be, will, we may be sure, excite active discussion
and attract wide attention. As business on the
exchanges is and always has been conducted in a
straightforward manner, and the membership of
these organizations is of a kind that would not counte
LxxxvIi.
nance anything improper or dishonorable, it is Well
that the Commission which is to pass judgment upon
the same should be put in the way of getting all the
facts.
Whether any good will result from the investigation
is not so certain. As we conceive the matter, the
scope of usefulness of such a body is at best very
limited, and there is at least a possibility of mischief
if countenance is given to the idea that what is wanted
is a further stirring up of things—that a fishing
expedition should be adopted with the view to seeing
if something sensational and startling can not be
discovered. Unfortunately, evil has not yet been
eradicated from the world, and if we dig long enough
and deep enough, we can always find some of it,
which, however, proves nothing except that we have
not yet attained perfection, nor done away with sin
in any walk of life. During the last few years we
have made unending attempts to disturb man's
faith in man. We have been engaged in a constant
endeavor to find evidence of wrongdoing, and when
discovered have treated it as if it were the normal,
instead of the abnormal, condition. We have investigated everything and everybody, and sought
in every way to discredit existing methods and existing
institutions, and a sensational press has taken great
delight in blackening, or seeking to blacken, men's
characters. The country is now emerging from the
worst panic in its own and in the world's history,
precipitated by the loss of confidence which these
causes engendered, and though the politicians seem
still to be in ignorance of the fact, the people want to
get away from this situation. They are determined
that wrongdoing and violations of the law shall be
punished, hut they are tired of having such acts
constantly paraded before their eyes and held up
as if they represented ordinary instead of exceptional
occurrences. The whole country is resolved that
transgressions against the law shall be reserved
hereafter for the criminal courts, where they belong,
and which are fully competent to deal with them.
We observe that Governor Hughes in his letter
to the members of the Commission states that he
has in mind "such an expert inquiry as was made into
banking conditions (last year) the result of which
was the passage of highly beneficial measures."
There can be no doubt that the Governor did a praiseworthy thing at the time of the panic last year in
naming the Banking Commission referred to and
that the recommendations of that Commission were
wise and timely and the legislation which grew out
of the same beneficial. But the comparison which
Mr. Hughes seeks to draw between that occasion and
the present seems to us very inapt. In reality there is
no analogy whatever between the two.
When the Governor appointed his Banking Commission with such good judgment, the country was in
the throes of a great crisis, the most prominent feature
of which was a complete dislocation of banking
conditions. It was a matter of deep and vital concern
to determine what could be done to rectify the dislocation and prevent a repetition of it. The Governor
accordingly appointed a body eminently fitted to
undertake the task; he selected—and this fact should
not be forgotten—men drawn entirely from banking
and financial institutions. In other words, he chose
men in daily contact with banking affairs and who
DEC. 19 1908.j
THE CHRONICLE
would be sure to know, if any one could know, what
the ailment was and what corrective to apply. In
brief, the Banking Commission was composed of
experts in the true sense of the word, and Mr. Hughes
naturally and inevitably got expert advice. Bank
men were appointed to pass upon banking conditions.
To make a parallel with the present Exchange investigation, exchange men would have to be appointed
to pass upon the methods, the dealings and the needs
of the exchanges.
Of course the latter course would involve an
absurdity since it would be asking for suggestions of legislation when it is to be presumed
that if the Exchange authorities thought new legislation of any kind needed they would long ere this have
applied to the Legislature for it. In the matter of
the proper conduct of their business, the exchanges
have shown that they are alive to the requirements
and able and competent to cope with the situation.
Indeed, it may be said with truth that the exchanges
are all the time at work instituting internal reforms
and eradicating abuses. An excellent illustration in
the case of the New York Stock Exchange was furnished at the time of the A. 0. Brown & Co. failure
the past summer. This house all of a sudden engaged
in reckless and indefensible practices. The moment
this became apparent, the Stock Exchange authorities,
on their own motion and initiative, without outside
promptingof any kind—in fact, before even there was
time for outside prompting—entered upon a rigid and
exhaustive examination, the result of which
was the expulsion of the offenders and the holding of them and their acts up to the severest
condemnation.
There is still another particular in which there is
dissimilarity with the Banking Commission of last
year. That Commission was called upon to deal with
admitted defects, as to whose existence there was no
question, and the recommendations made naturally
concerned these defects. Press and public alike, therefore, concurred in the recommendations. Larger cash
reserves, not only on the part of the trust companies,
but also on the part of the State banks, were an obvious
requirement. It was likewise too plain for argument
that receivership fees were excessive, and that the
whole system of the State administration of failed
banking institutions should be simplified and rendered
less expensive. And the same may be said with reference to most of the other banking bills constituting the
work of the 1908 Legislature, for it must not be forgotten that altogether some twenty-one of these bills
became laws.
In the case of the investigation, however, now to be
undertaken of exchange methods, the situation is entirely different. Here we are dealing, not with admitted facts, but with controverted facts. The truth
is, the controversy is between opposing camps, one
contending that Stock and mercantile exchanges
are gambling institutions pure and simple, and should
be eradicated, and the other insisting that they are
indispensable markets for the purchase and sale of
securities and commodities. The former view rests on
ignorance, error and prejudice, and Mr. Hughes's Commission cannot but express views to that effect. But
will this serve to convert those who rail against the
exchanges? Obviously not. Those decrying the exchanges are so confirmed in their prejudices—their
1573
hate, we might say—that all the testimony
in the world and the most formidable array of
eminent names will not serve to convince them
to the contrary and induce them to change their
views.
The Governor in his letter says that the inquiry is to
be made "with a view of ascertaining the manner in
which illegitimate transactions might be prevented
and legitimate business safeguarded." To our mind,
this embodies a misconception. "Illegitimate" business
on the exchanges would not for a moment be tolerated.
All sales on the exchanges are genuine sales. For instance, when a sale is made on the Stock Exchange,
it must be followed by 2:15 o'clock the next day by the
actual delivery of the shares sold, and the purchaser
must take and pay for the same. In other words,
there is an actual passing of the thing sold from seller
to buyer. The rules of the Exchange do not permit
any other kind of a transaction. A. 0. Brown & Co.
violated this rule, could not make delivery,failed,and
were expelled. There are places where pretended sales
are made, but not on our exchanges. That kind of
business is conducted at the so-called bucket shops,
where when an order is given, either to buy or to sell,
it is never executed. The Stock Exchange has long
been warring against the bucket shops. The 1908
Legislature, too, passed an anti-bucket shop law,
which went into effect on Sept. 1. In that particular,
therefore, the Legislature has forestalled the Governor.
As far as the inquiry is intended to prevent speculation, it is an attempt to reform man and to reconstitute society, and for that reason is bound to
fail. In the broad sense some degree of speculation is
almost inseparable from the conduct of every-day
business affairs. The manufacturer who makes a
contract for the future delivery of cotton goods,
relying upon his ability to buy the cotton needed in
the manufacture of the goods at a certain price, is
taking risks which have a speculative element in
them. For if his judgment has been good, he will
make satisfactory profits, whereas if his judgment
has been faulty he will make only small profits, or
possibly net a loss. But we may assume that it is
not this class of speculation which Mr. Hughes has in
mind when he asks the new Commission to recommend
"what changes, if any, are advisable in the laws of the
State bearing upon speculation in securities and
commodities, or relating to the protection of investors."
Undoubtedly, it is speculation per se to which the
Governor has reference. Such speculation is even
more harmful to the morals than it is to the economic
body, and unquestionably deserves the severest
condemnation. But how to eradicate the evil is
another thing. There must be recognized markets,
such as the exchanges indisputably are, for the purchase and sale of securities and commodities. It
would certainly be very drastic action to undertake
to dispense with these useful appliances simply
because certain persons make wrong use of them.
Besides, the attempt would be sure to fail, since
necessity knows no laws, for markets of some kind
would be found somehow, and somewhere. The old
evils would reappear, only in a greatly aggravated
form, since the operation would be carried on furtively
and surreptitiously, where now it is carried on openly.
1574
THE CHRONICLE
The attempt to curb speculative proclivities has been
going on through the ages and has never succeeded in
any age or in any country. It is impossible to reform
mankind by statute and no plan has ever been suggested for curbing speculation which was not freighted
with greater potency for harm than for good.
If Governor Hughes' Commission should succeed
in devising a scheme for eliminating speculative
transactions from our stock and mercantile exchanges, without at the same time crippling the
non-speculative business, they could lay claim to
having accomplished what has never been done before by any body of men anywhere since the dawn of
civilization.
But it will be noticed that Mr. Hughes also asks
as to the changes that may be necessary for "the
protection of investors." Investors are not calling
for protection. The speculator who has had holes
burnt in his pockets may be crying for the kind of
protection which he has no right to ask, for no one
should enter the speculative arena if he is not prepared
to accept the consequences. The genuine investor,
however, is not joining in the cry. The simple
truth is, so-called "protection" has been thrust upon
him in so many different ways that he is getting
decidedly suspicious, and is praying to be let alone.
In the matter of Stock Exchange speculation,especially,
the investor has good reason for feeling suspicious.
If we prod our memories a little we shall find that
the proposal to regulate the exchanges had its inception
in the exingencies of politics. It had its origin in
the fertile brain of President Roosevelt. In the
extraordinary special message which he sent to
Congress on the 31st of last January he denounced in
unmeasured terms margin dealings in stocks and in
commodities, and suggested denial of the use of the
mails and telegraph and telephones to those engaged
in speculative dealings. Mr. Hughes took his cue
from the President and at once urged State inquiry
into the subject.
It is difficult to see what "protection" there would
be for the investor in taking away from him the
market for his securities. The solicitude for the
investor is becoming so all-embracing that it is startling. If we are to credit the statements of our various
Government officials, all the legislation of recent
years has been in the investor's interest. The Hepburn
Rate Law has been in his interest, the Public Service
Commission law of this State has been in his interest,
and so have been the new enactments in the various
other States. These have all had for their primary
object larger Government supervision and larger
Government regulation, and does not that mean
protection against the scheming insider and the
unscrupulous speculator? In the meantime the much
protected investor has seen the earnings of the properties in which he is interested shrivel up and the market
value of his investments dwindle away and he now
asks only to be let alone. He wants rest from further
agitation and regulation, and so do the business
interests of the whole country. We have apparently
entered upon a new era of prosperity and it will not
go well with the politicians if they throw any further
impediments of the old sort in the way. Governor
Hughes' Commission will have served a useful purpose
if in some way it can manage to put a quietus on
the movement.
[VOL. LXXXVII.
THE PROBLEM OF THE FERRIES.
An apparent crisis in one branch of intramural
transportation was precipitated by the sudden stopping of the five ferries between Manhattan Island and
Williamsburg on Monday last. As this has been a
continuing and perplexing subject during six months
past, we glance over our files for that term to rapidly
note the progressive steps in its development.
Following repeated intimations that there might
be a discontinuance of the old Union ferries, which,
down to 1883, were the sole method of communication
between.this borough and Brooklyn proper, the company which owned these other lines gave notice that it
would not renew the leases, which expired May 1.
The Union company had just raised its tariff on both
persons and vehicles, and within the last fortnight it
has made another advance to three cents at all hours.
The Corporation Counsel pondered, and suggested as
alternative courses, last May, that the city might
undertake to maintain and operate the five lines; or
it might lease the more profitable ones to private
parties on terms which would induce those parties
to "carry" the unprofitable yet indispensable ones.
Some other propositions were suggested to the Board
of Estimate by a special committee, and next the entire
property was sold at auction to parties representing
the bondholders for the nominal sum of $25,000, and
it was given out that all but the two lines which ran
to Greenpoint and were paying a little above operating
expenses would probably be closed.
In July notice was actually posted in the ferryhouses informing the employees that their services
would not be required after that month; yet the
matter dragged along, the boats continuing to run
somehow, and nobody really believed they would
stop, the general impression being that the whole
situation was a shrewdly-devised game of "bluff'
,
whereby to force the city into some action which
would enable the new owners to make a good turn for
their venture.
A tangle of injunctions asked or granted has arisen
and is not yet quite straightened out. It is not worth
while to follow this out at length, for the present situation is that, after the last boat had gone out on
Sunday last, a notice was posted up that the lines
would be "permanently discontinued" at 5 a. m. on
the following morning. The boats did stop as announced, although there has since been a small partial
resumption temporarily, and the trouble and illtemper produced by the jam of vehicles and passengers before the situation was realized can be left to
the imagination of persons who know what any stoppage in a crowded city involves.
The present holding parties allege that they ,did not
take over any leases from the bankrupt company and
that if any lease had not expired at the date of purchase it subsequently lapsed, so that they are under
no sort of obligation to anybody to operate the
ferries. They claim that they bought physical properties, and that they promply gave public notice of
intention to abandon the ferry business as unprofitable
and go into the towing and warehouse business instead.
They offered to sell to the city at a price which the
city could not wisely pay, and did decline; there are
some grounds for suspecting that the diversion into
another line of business and the sudden stoppage
DEC. 191908.]
THE CHRONICLE
1575
itself are parts of a scheme to force the city, but it is
THE COUNTRY'S LARGE MINERAL
not necessary to the case in hand to determine this.
PRODUCTION.
It is alleged, on part of the city, that the nominal
The United States Geological Survey recently isdefendants in a pending action, namely two assignees
of the holding parties, are legally successors and sued its customary elaborate annual tabular statement
assignees of the old company, and, as such, are bound showing the mineral production of the United States
by an operating contract for ten years, which does in detail for the calendar year 1907, in comparison
not expire until the close of 1911.
with corresponding figures for the years preceding.
This is a question of technical legality, although The figures tell a marvelous story of activity and of
on the face of things it seems unlikely that any person growth and development in that field of human enor corporation can be compelled to operate a certain deavor. Being for a past year, they do not, of course,
business at a loss merely because public necessity reflect the situation in 1908, which was one of intense
seems to require operating by somebody. There was business depression and nowhere more so than in the
a Court order which virtually declared that the city country's mineral and manufacturing industries.
must operate these ferries itself if private parties
The panic in 1907 did not come until towards the
would not, and a motion to continue a temporary in- close of the year, and hence had little effect to diminjunction upon the present stoppage came up on ish the results for the twelve months. Accordingly,
Wednesday. The action of Justice Thomas on that in the figures for that period we are dealing with pretty
day was to dismiss the injunction proceeding so far full totals, which therefore may be taken as a measure
as relating to the old company and its successor, the of the output in a year when normal conditions preTerminal company, and the indications pointed to vail and no untoward circumstances exist to retard
dismissal also as respects the two individual as- growth. Obviously, for 1908 the showing will be
signees.
quite different from that which is now before us. A
Six months ago Justice Kelly pronounced the ferries downward dip will be disclosed, which will be all the
"simply continuations of the public streets and high- more noteworthy by reason of the uninterrupted anteways," and, as franchises had been created, he said cedent growth. It is precisely, however, 'because the
"it is an important duty on the part of the municipality figures relate to 1907 and not to 1908 that they posto procure the operation by some corporation willing sess most interest. The tremendous slump in business
to undertake the work for the resulting profit, or, if for which 1908 will always be memorable is, happily
no one can be found to undertake the work, and the behind us. The country is once more on the high road
public needs justify it, then the city has power to main- to prosperity—that is the tendency is very markedly,
tain the ferries, as it maintains streets and bridges and in the direction of a return to the great activity which
other ferries between different parts of its territory." existed prior to the advent of the period of trade reThe Legislature did pass an Act empowering the city lapse, and these figures dealing with the mineral proto take over such lines as were found necessary, and duction of 1907 tell how inviting and promising is the
could not be otherwise maintained, and the saving prospect.
clause above italicized obviously contains the crux of
Briefly stated, the money value of the mineral outthe case. The gravity and difficulty of the problem put for 1907 was in excess of two thousand million
are serious. We naturally ask, what can and what dollars. In exact figures, the amount is given as
should the city do; hut perhaps the real question is, $2,069,289,196. We had occasion two years ago,
what must the city do? Alternative and consequence in reviewing the compilation for 1905, to direct attenmust be considered, however we are disposed to resist tion to the magnitude and importance of the results
a bad tendency and a dangerous precedent. Mr. Metz relating to the country's mineral production, but the
is reported as saying that "if the company does not annual total at that time, though far in excess of all
operate, the city must,and there's an end of it." He preceding aggregates, was only $1,625,135,835. In
justified this by saying that the city is spending mil- the two years since then the further growth has been
lions in bridges and subways to relieve the traffic con- over 25%, raising the amount to, as already stated,
gestion between the boroughs, and that stoppage of $2,069,289,196. If we go back just a decade, to 1897,
these lines will divert wagons to the bridges and thus we find that in this earlier year—when the total, morejam still more the congestion the city is positively over, was the largest which had ever been reached up
forced to relieve. He would propose on Friday, he to that time—the value of the country's mineral prosaid, that the Board of Estimate appoint a committee duct was only $646,992,582. The advance from this
to renew efforts towards a settlement, adding that he figure to $2,069,289,196 in 1907 obviously indicates
thinks a quarter of the asking price would be a fair marvelous strides in the brief term of ten years. The
one for all the property the present ferry parties really contrast reflects accurately the growth and expansion
own.
in the country's industries as a whole, at the bottom of
After the case has been discussed on other lines, which, in the last analysis, the country's mineral prowhat answer shall be made to the demand of neces- duction lies.
sity? Some solution must be found, and it seems a
It has always seemed to us a little curious that pubclear certainty that conditions elsewhere will be made licists and statisticians who study so closely the counworse if the ferries do not resume. The city has a con- try's agricultural productions should pay so little
dition before it as to which theory offers no aid. The attention to the yield of the mines, and be so apparmembers of the Public Service Commission may con- ently oblivious of its importance. Of course, the
gratulate themselves that when the world (for an in- toil of the agriculturalist—the farmer, thep lanter and
tolerably heavy part of it, at least) was laid upon their the grazier—brings us food and clothing, prime requishoulders, the care of ferries was not specifically in- sites of existence, and this toil may be brought to
cluded.
naught through adverse weather and unfavorable
1576
THE CHRONICLE
[VOL. Lxxxviz.
1:neteorological conditions, while the work of the miner! accordingly the iron product was only 25,781,361
is not interfered with in the same way, except, per- tons, but the value of this iron was four times the
haps, that on occasions excessive rains and floods may value of the ore used in making it—in other words was
impede mining operations temporarily at a particular $529,958,000. And yet, as already stated, pig iron
mine or in special districts. It is also true that in the itself is only a raw material and in its crude state poscase of the agricultural productions, the annual money sesses comparatively little utility. The great' bulk of
values are expressed at much higher figures. For it is converted into steel or subjected to other processes
instance, an estimate by the Agricultural Department and manipulation, and when it finally appears in the
at Washington has just appeared, placing the value of shape of finished articles of iron or steel, it has a value
the agricultural productions for 1908 at $7,778,000,000. many times that of the pig metal.
All this is of significance as indicating the imCompared with this, the mineral total at $2,069,000,000, prodigious though it is, appears rather small. portance that necessarily attaches to the figures of the
And yet it appears to us the mineral total is much the mineral output. What has been said makes it clearly
more important. The reason for this is that the agri- apparent that when it is recorded that the mineral
cultural productions in large part are in their final production of the country for 1907 reached a total of
form when they leave the farm—that is, very little $2,069,289,196, and for 1909, according to the present
is added to their value by subsequent processes be- outlook, may reach an equally large figure, we get
fore they reach the consumer—while, on the other merely an inkling of the developing process which
hand, the mineral products are mainly raw materials this output starts in motion—the gradually widening
whose value is enormously added to in numberless circle of activity which it creates. Moreover, the fact
different ways before they reach their final stage. that this total of 2,069 million dollars for 1907 comTake iron, for instance, which figures in the totals of pares with only 647 millions in 1897 indicates in
mineral production. This is already one stage ad- what a wonderful way the part played by our mineral
vanced from the iron ore from which it is derived, and production in the country's general advance and
yet consider the numerous added steps by which the progress has increased within a relatively brief term.
iron,through successive stages,is converted into steel, Time was when the precious metals constituted the
and the steel itself, through further manipulation, is great bulk in value of the country's annual production
advanced still further,till it appears as a finished part of minerals. For 1907 the value of gold and silver
in a locomotive or a building, or in the shape of cut- combined was no more than $127,735,400 out of an
aggregate of $2,069,000,000. The item that leads
lery or tools or some other article.
between all others now is pig iron, which, as already stated,
We undertook to bring out this distinction
agricultural products and mineral products in our is down for $529,958,000. Here the growth has been
article of two years ago, and it is a distinction which as prodigious as in the mineral product itS a whole. As
should always be'borne in mind. Some few of the recently as 1898 the value of the pig iron product still
things produced by the tillers of the soil form import- ruled in the neighborhood of 100 million dollars,
ant articles in manufacturing and undergo wonder- having been for the year named $116,557,000.
The Geological Survey divides the mineral proful transformation before they attain their finished
This is notably true of ductions into two classes—the metallic and the nonshape ready for the consumer.
cotton. Generally speaking, however, agricultural metallic. Among the metallic, copper is next in
products, after they have been harvested and garnered, importance to iron. We all know that 1907 was
require comparatively slight further treatment be- not a good year for copper, the industrial relapse
fore they go to the consumer. On the other hand, having shown itself in that trade long in advance of
the mineral products lie, as already stated, at the very that in other industries and having actually forebasis of the country's manufacturing and industrial shadowed the general relapse which came at the very
activity. They constitute only the first step in a close of the year. Hence in the present statement it
whole series of operations. So far as they comprise is found that both the quantity and value of the
items like coal, they furnish, of course, merely the copper produced shows a decrease from the year imfuel needed—without which, however, civilization in mediately preceding. Nevertheless, even after the
its present form could scarcely be maintained; these reduction, the production of copper was 868,996,491
articles of fuel are much like most of the agricultural lbs., and it is given a value of $173,799,300. Here a
products in being available for consumptive wants higher price has played some part in swelling the
just as they come out of the ground. In general, total, as it has in some of the other items, and in 1898
though, the items that go to form the mineral total are the value of the copper produced was only $61,865,276.
.such as are worked up in many different shapes and The quantity of copper produced in that year was no
go through a multiplicity of processes (taking on new more than 526,512,987lbs ,indicating an increase in the
value and giving added employment to the mechanic nine years since then of over 60%. And the showing
and the laborer with each additional operation) is much the same for the other items. Almost without
before they reach their final state as articles of utility exception they record very large increases as compared with earlier years. Even the lead product in
and comfort.
As an illustration going to show how each additional 1907 had a value of $38,707,596. This is slightly
process or operation tends to enhance a product, we under the total for 1906, but is full ten million dollars
striking
may make comparison between the value of the pig in excess of the amount for 1905, showing
the interval. The zinc product had a
iron produced and the value of the mineral ore out of increase in
all
which it is made. The Geological Survey gives the value of $26,401,910 in 1907, which is in excess of
production of iron ore for 1907 at 51,720,619 tons and previous years.
Coming to the non-metallic substances, it is found
reports the value of the same at $131,996,147. It
takes about two tons of ore to make one ton of iron and that the stone product had a value in 1907 of $71,
DEC. 19 1908.1
THE CHRONICLE
105,805, as against $28,635,175 in 1898. This includes limestone for iron flux. The clay product had
a value of $158,942,369 for 1907, which is over double
the amount for 1898, when the value was only $74,487,680. Perhaps in no item has there been greater
growth than in cement. In 1898 ,the output was only
12,111,208 barrels, valued at $9,859,501. In 1907
the output was no less than 52,230,342 barrels, valued
at $55,903,851. We often hear it stated that the
country's natural gas supply is on the point of exhaustion. Yet the Geological Survey tells us that
the natural gas product in 1907 had a money value of
$52,866,835, comparing with only $15,296,813 in
1898; no figures of quantities are given. The Government is just now engaged in hauling the Standard Oil
Co. over the coals, charging it with being a monopoly
acting in detriment to the country's industries. The
production of petroleum, however, is certainly not
being curtailed, nor is the price being advanced. For
in 1907 the product was 166,095,335 barrels, valued
at $120,106,749, which compares with only 55,364,233
barrels produced in 1898, having a value of but
$44,193,359.
We have left for last mention of all the country's
coal production. As we showed in these columns a
few weeks ago, the coal output in 1907 did not fall
very much short of 500 million tons, the product of
bituminous coal having been 394,759,112 tons and of
anthracite 76,432,421 tons. As recently as 1898 the
quantity mined was but little over 200 million tons,
the exact product for 1898 having been 166,593,623
tons of bituminous and 47,663,076 tons of anthracite.
n the current year, 1908, the slump in the production
of soft coal must have been tremendous, owing to the
prostration of our manufacturing industries, and the
falling off here has been one of the principal factors in
the great shrinkage in railroad earnings. It is gratifying to think that with the revival of business now
in progress the prospect is that in 1909 the coal output
is likely again to approach the extraordinary figures
of 1907.
OUR HARVESTS IN 1908.
The Crop Reporting Board of the Department of
Agriculture has made public this week the final grain
harvest estimates for 1908, and in no essential particulars do the results as announced differ from the preliminary approximations presented on a previous occasion. In the case of all the .leading products, the
1908 crops are greater than those for the preceding
year, but quite generally less than in 1906--a remark, moreover, that applies to almost all products
of our farms. At the same time, the excesses over
the previous season, as we have before stated, are in
most instances materially less than were anticipated
early in the season. The corn crop, our leading cereal
in volume of yield, reached, according to the final
estimate, 2,668,651,000 bushels, an aggregate exceeding that for 1907 by only 76 million bushels, but
exceeded by 259 millions in 1906 and by 39 millons
in 1905. Moreover, the current yield is only 2 million bushels more than the corrected total for 1899,
reported by the Census Bureau.
As to the wheat crop of 1908, it exceeds that for
the previous year by 30 millions of bushels, but falls
behind the total for 1906 by nearly 71 millions, and
exhibits a decline of over 28 millions from the yield
1577
of 1905. The spring-wheat product at 226,694,000
bushels was very moderately greater than that of 1907
(224,645,000 bushels), but showed diminution from the
outturn of either, 1906 or 1905, when 242,372,966
bushels and 264,516,655 bushels, respectively, were
raised. Winter wheat did better, relatively, the current year's yield, which is now reported as 437,908,000
bushels, comparing with 409,442,000 bushels a year
ago, 492,888,004 bushels in 1906 and 428,462,834
bilshels in 1905. Combining the two varieties, we
have a total wheat crop for 1.908 of 664,602,000 bushels, against 634,087,000 bushels in 1907, 735,260,970
bushels in 1906 and 692,979,489 bushels in 1905.
And, furthermore, this year's yield was exceeded in
1902, 1901 and 1898.
The oats crop, while of course moderately in excess
of 1907, furnished the real disappointment of the season, the yield having been appreciably less than in a
number of earlier years, when the area was considerably lower. The Department makes the crop for the
%
current season 807,156,000 bushels, or 523 millions
more than in 1907. Compared with 1906, however,
there is a falling off of 1573 millions of bushels. Bar%
ley reached its record production in 1906, when, according to the final estimate of the Department of
Agriculture, 178,916,484 bushels were produced. This
season's yield at 166,756,0001bushels, therefore, is,
with that exeeption, the largest, and contrasts with
153,597,000 bushels in 1907. Rye exhibits merely a
nominal increase in yield this year as compared with
the previous season. The estimate now announced is
31,851,000 bushels, which compares with 31,566,000
bushels a year ago and the high-water mark of 33,630,592 bushels of 1902, which was almost equaled in
1906. To indicate the aggregate yield each year for
the last five seasons of the five cereals referred to
(corn, wheat, oats, barley and rye), we have compiled
the subjoined table:
CROPS OF WHEAT,CORN, OATS. BARLEY AND RYE.
Total
Production.
Corn
Wheat
Oats
Barley
Rye
Total
1908.
1907.
1906.
1905.
1904.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
2,668,651,000 2,592,320,000 2,927,416,091 2,707,993,540 2,467,480,934
664,602,000 634,087,000 735.260,970 602,979,489 552,399,517
807,156,000 754,443,000 964,904,522 953,216,197 894,595,552
166,756,000 153,597,000 178,916,484 136,651,020 139,748.954
31,851,000
33,374,833
27,616,045
31,566,000
27,234,565
4,339,016,000 4,166,013,000 4.839,872,900 4,518,456,291 4,081,459,522
The total production of the five leading grain crops
is here seen to have been 4,339,016,000 bushels in
1908, against 4,166,013,000 bushels in 1907, 4,839,872,900 bushels in 1906, 4,518,456,291 bushels in
1905,4,081,459,522 bushels in 1904 and 3,827,317,766
bushels in 1903. The better showing this year than
last (when the yield was so disappointing) is so moderate as contrasted with the increasing need of cereal
products to meet the constantly augmenting consumptive requirements, that it furnishes little cause
for gratification. Acreage considered, 1907 was a
year of low average product, and it is to a further increase in area in 1908 that the additional yield above
indicated is more largely due than to greater average
productiveness. In fact, from an additional area of
2.7% under the five above enumerated crops, the
gain in product was 173 million bushels, or only about
4, %. Furthermore, on the basis of the combined
1
4
acreage of the five mentioned cereals, the general
average product in 1908 has been well below the normal of recent years. It figures out 22.8 bushels per
THE CHRONICLE
1578
acre, or a little better than in 1907, but compares with
26.4 bushels two years ago, 25.6 bushels in 1905 and
23.8 bushels in 1904.
The estimated production of potatoes for 1908,
given by the Department at 278,985,000 bushels,
is not only less by 19 millions of bushels than in 1907,
but falls behind 1906 by 29 millions and was exceeded
in 1904 and 1902 and as far back as 1895. The crop
was also of poorer quality, reducing its value as food.
The buckwheat crop as finally approximated reaches
15,874,000 bushels, which compares with 14,290,000
bushels in 1907 and is to all intents and purposes a
record crop. It is, in fact, the largest crop raised
since 1869; but in that year, and for a few years previously, acreage was considerably larger than now, and
the yield proportionately greater, having been over
229 millions of bushels in 1866. The yield of rice
in 1908 has apparently marked a record in the production of that cereal in the United States. It is given
as 21,890,000 bushels, against 18,738,000 bushels in
1907, 17,854,768 bushels in 1906 and the previous
record of 21,096,038 bushels in 1904. Hay is another
crop the outturn of which in 1908 has been in excess
of that for any former year, reaching 70,798,000 tons,
against 63,677,000 tons in 1907 and 57,145,959 tons
in 1906.
The Department's final estimate of the tobacco product of the country in 1908 is materially greater than
the preliminary approximation given out in November, but the crop nevertheless falls behind that for
any year from 1900 to 1903 inclusive, on account of
the much smaller area planted. The yield is stated
at 718,061,000 pounds, against 698,126,000 pounds
in 1907 and 682,428,530 pounds in 1906. The flaxseed crop, at 25,805,000 bushels, compares with 25,851,000 bushels in 1907, and is lower than in either
1905, 1903 or 1902, but exceeds 1904 by about 24
million bushels.
The Department,in addition to estimating the crops
quantitatively, also attempts to fix their value to the
producer on the basis of thefarm value per bushel, Scc.,
on Dec.1. We gave a table last year covering those
values for the five principal grain crops for five years,
and continue it this year without further comment
than that it purports to show what the farmer would
have realized on the basis of a price ruling on a certain
date.
LN/oL. Lxxxvii.
In addition to these, the farm value of hay Dec. 1
is given as $8.98 per ton, against $11.68 per ton last
year, $10.37 in 1906 and $8.52 in 1905, and tobacco
at 10.3 cents per pound this year compares with 10.2
cents in 1907, 10 cents two years ago and 8.5 cents
in 1905.
RAILROAD GROSS EARNINGS FOR NOVEMBER.
Gross earnings of United States railroads are now
showing improvement with each succeeding month.
We present below compilations for November covering
the roads that make it a practice to furnish early
preliminary returns and comprising about one-third
the railroad mileage of the country, namely 79,108
miles. On this mileage the loss DS compared with
last year is only $1,804,233, or no more than 2.92%.
This is by far the best comparison we have had for
any month of this year.
We do not imagine that our final statements,
comprising the whole railroad mileage of the country,
will make quite so good a comparison as the present
early statement, since this embraces chiefly roads
which have been specially favored, either by a large
grain movement or a large cotton movement, or by
both combined. The roads in the manufacturing
and Eastern mining regions have done by no means
as well as those in the grain-carrying and cottoncarrying districts, and the largest of the roads in the
manufacturing sections,like the Pennsylvania Railroad
for instance, are missing here, since these never
furnish preliminary estimates of their results, and it is
necessary to wait for the completed figures before it is
possible to know what the course of the earnings
has been. But whatever our final total relating to
the entire railroad mileage of the country shall
show-that is, whatever the percentage of decrease
-the exhibit is certain to be, as in the present
instance, better than for any preceding month of the
calendar year 1908.
The number of roads reporting decreases still greatly
exceeds the number showing increases, and some
of these decreases reach large amounts; but on the
other hand there are also some gains of considerable
magnitude, and these serve to wipe out a good part
of the aggregate loss. The roads in Texas and the
Southwest are particularly distinguished for their
good statements, and some of the grain-carrying
FARM VALUES ON DECEMBER 1.
roads in the Northwest belong in the same category.
1906.
Crops.
1908.
1905.
1907.
1904.
The newer Canadian roads, like the Canadian Pacific
8
$
s
$
$
Corn
1,616,145,000 1,336,901,000 1,166,626,479 1,116,696,738 1,087,461,440 and the Canadian Northern, are likewise able to
• Wheat
616,826,000 554,437,000 490,332,760 518,372,727 510,489,874
Oats
381,171,000 334,568,000 306,292,978 277,047,537 279,900,013 report handsome gains.
On the other hand, the
Barley
74,235.997
92,442,000 102,290,000
55,047,166
58,651,807
Rye
19,671,243
23,068,000
17,414,138
23,455,000
18,748,322
Baltimore and Ohio reports a loss of $1,050,468, the
Total___ 2,730,039,000 2,351,264,000 2,057,159,457 1,984,578,306 1,955,251,456
Great Northern has run behind in amount of $561,761,
the Grand Trunk of Canada has a decrease of $378,874
The average farm values on Dec.1, as reported by and the Illinois Central a decrease of $330,406, while
the Department in each of the last six years, for some the Buffalo Rochester & Pittsburgh has sustained a
of the leading crops, are set forth in the subjoined falling off of $257,322. There are some Southern
table.
roads that show losses, notwithstanding the larger
AVERAGE PRICES RECEIVED BY FARMERS AND PLANTERS.
cotton movement-for instance, the Louisville &
Nashville and the Southern Railway-but the losses
1908.
1905.
1907.
1906.
1904.
1903.
in these instances are relatively light, and denote
Cents.
Cents.
Cents.
Cents.
Cents.
Cents.
per bushel 92.8
Wheat
87.4
66.7
74.8
92.4
69.5
that the shrinkage in manufacturing tonnage and
Rye
73.6
73.1
58.9
60.7
68.8
54.5
47.2
Oats
29.1
31.3
44.3
31.7
34.1
general merchandise was heavier than the gain derived
55.4
40.3
Barley
66.6
41.5
42.0
45.6
.,
60.6
51.6
39.9
41.2
Corn 11
44.1
42.5
from the larger movement of cotton. In the following
59.6
58.7
Buckwheat ___ 75.6
69.8
"
62.2
60.7
" .
70.6
51.1
61.7
Potatoes
61.7
45.3
61.4
118.4
we show all the changes for the separate roads for
101.3
84.4
Flaxseed
95.6
99.3
81.7
..
Rice
90.3
95.0
81.2
85.8
65.8
-Amounts in excess of $30,000.
40
44
DEC. 19 1906.1
PRINCIPAL CHANGES IN GROSS EARNINGS IN NOVEMBER.
Decreases.
Increases.
$378,874
;345,000 Grand Trunk (4)
Canadian Pacific
330,406
256,000 Illinois Central
Missouri Pacific (2)
257,322
Canadian Northern
199,500 Buffalo Rochester & Pitts _
123,900
197,000 Central of Georgia
Internat'l & Gt Northern
110,242
130,161 Southern RailvVaY
Texas do Pacific
89,150
Yazoo & MississippiValley 123,060 Louisville & Nashville_ _ _
70,667
99,631 Clnc New On & Tex Pac_
St Louis Southwestern __ _
93,442 Wa bash
78,512
Chicago Great Western__ _
38,077 Toledo St Louis & W._ _ _
Minneap St Paul & S S M..
58,698
35,862 Chicago de Alton
57,849
Texas Central
Colorado & Southern__ _ _
51,605
Representing 11 roads In
Iowa Central
38,552
$1,517,733 Duluth So Sh de Atl
our compilation
36,366
Decreases.
$1,050,468
Baltimore & Ohio
Representing 19 roads in
561,761
our compilation
Great Northern (2)
$3,303,372
-Figures In parenthesis after name of road Indicate the number of
Note.
lines or companies for which separate returns are given in our compilation;
The increase in the cottbn movement was of considerable dimensions. The shipments overland reached
325,714 bales, against 164,820 bales in November
last year, and the receipts at the Southern outports
aggregated 1,829,707 bales, against 1,507,464 bales.
It will be observed, however, from the following
table, giving the port receipts in detail, that the
amount received at Savannah was only 247,343 bales,
as against 304,711 bales, while on the other hand
the amount at Galveston was 738,073 bales, as against
402,784 bales and at New Orleans 423,866 bales,
against 369,857 bales. This explains, doubtless,
why the Central of Georgia has fallen $123,900 behind
in its earnings at the same time that the Texas roads
pretty generally show handsome gains.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN NOVEMBER AND FROM
JANUARY 1 TO NOVEMBER 30 1908, 1907 AND 1906.
November.
Since January 1.
Ports.
1908.
Galveston
bales
Port Arthur, &c
New Orleans
Mobile
Pensacola, do
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News, &c
Total
1907.
1906.
1908.
1907.
1906.
738,073 402,784 628,810 3,058,297 2,519,628 2,655,362
26,523
32,494
25,871 128,042 145,213 103,893
423,866 369,857 426,859 1,748,358 1,590,034 1,644,717
75,629
60,686 302,194 233,365 202,457
74,078
31,049
48,106
20,064 148,290 142,336 146,892
247,343 304,711 295,820 1,264,673 1,285,852 1,258.002
44,422
51,110 181,159 153,416 149,271
29,528
29,332 162,477 171,373 128,142
48,033
35,417
1,311
485
187
477
1,237
67,981 379,268 358,372 274,287
85,166
76,143
130,141 110,038 113,640 468,445 469,296 451,093
36,621
6,944
616
4,574
2,669
17,528
1,829,707 1,507,464 1,724,943 7,849,458 7,105,983 7,030,881
-- The grain movement in the West also ran materially
larger than last year. The increase extended to all
the different cereals and also to most of the primary
markets. The receipts of wheat for the four weeks
ending November 28 reached 27,004,049 bushels,
as against 20,232,604 bushels in the corresponding
four weeks of last year. Adding corn, oats, barley
and rye, the total deliveries of the five cereals for the
four weeks are found to have been 55,751,180 bushels
in 1908, as against 43,772,173 bushels in 1907. The
grain movement in detail in our usual form is shown in
the following.
WESTERN FLOUR
Four v,eeks
Wheat.
Flour.
Ending
(bush.)
Nov. 28. (bbls)
Chicago
1,507,300
765,912
1908_
981,490
1907....- 654,411
Milwaukee
1908....215,100 1,354,000
1907.... 314,200
700,635
St. Louts
1998..._ 222,550
1,068,224
1907._ 243,365
984,147
Toledo
1908
343,500
1907
283,000
Detroit
21,600
1908_ _
168,308
14,100
1907.96,891
Cleveland ,
7,835
1908- _
74,230
4,471
1907._ _ _
138,310
Peoria
103,560
1908_ _
255,933
63,900
1907____
37,000
Duluth
1908..... 733,750 10,756,744
__
413,000 8,609,081
Minneapolis
8,332,060
1908
7,093,050
1907
Kansas City
3,143,750
1908
1,309,000
1907
Total of all
1908.... 2,070,307 27,004,049
1907.... 1,707,447 20,232,604
1579
THE CHRONICLE
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
4,914,513
3,750,453
5,528,120 1,859,887
5,133,195 1,105,317
167,000
200,040
331,000
138,000
1,057,200 1,568,600
683,200 1,267,200
124,700
97,200
667,505
660,890
1,080,400
823,055
242,300
432,900
730,800
270,000
87,000
217,000
1,000
8,000
20,000
344,126
312,805
280,609
220,170
502,860
220,560
667,990
285,913
37,160
17,274
898,990
1,405,500
579,100
609,700
250,700
321,000
16,000
9,000
632,436 1,263,273
508,173
857,901
80,658
83,615
1,280,260 1,877,170
1,220,150 1,452,410
206,730
169,100
598,900
620,000
Barley.
;(bush.)
Rye.
(bush.)
19,407,614 79,119,368 85,973,289 21,156,029 1,490,097
23,733,844 116,406,663 85,635,465 16,617,047 2,322,590
2,698,000 12,141,200 14,881,633 1,213,400
6,332,435 11,497,350 15,054,862 1,238,100
10,297,000
8,092,093
17,553,246 19,803,637 23,515,005 2,403,489
16,191,500 32,231,200 28,246,050 2,560,177
4,175,190
4,774,500
5,147,500
6,918,400
3,645,000
4,791,300
2,242,710
1,548,325
2,881,031
4,244,068
2,849,763
2,428,380
1,665,448
1,068,713
5,158,500
4,903,908
5,303,027
6,434,369
301,934
400,802
1,573,682 14,769,406
959,600 15,829,860
48,514,399
47,064,319
84,511,034
77,090,612
1,000
5,000
254,000
126,700
182,036
100,259
2,200
9,376,400 1,785,800
11,918,250 2,413,000
328,000
342,900
5,530,777 7,672,341
3,340,609 8,480,993
826,944
627.733
1,043
201,714
3,745,430 15,233,950 16,607,591 1,739,607
5,673,865 17,131,820 15,903,291 2,231,955
35,409,157 7,298,800
31,147,000 11,263,600
4,816,900
6,070,100
Total of al/
1908____18,785,190 225,349,480 140,622,715 168,585,311 64,689,919 6,153,982
1907..__ _17,234,005 211,670,506 204,005,713 177,493,693 61,134,629 7,292,980
One reason why comparisons of earnings are beginning to improve is that we are now by degrees reaching
the period a year ago when earnings were no longer
so good as they had been. In November 1907 the
effect of the panic and resulting depression in trade
were beginning to show in the returns of earnings,
though not as yet to any great extent. Our early
compilation at that time did not record an actual
loss in gross earnings, but certainly the gain was
relatively small, reaching only $1,345,176, or 2.52%.
In the table we now give we furnish a summary of the
November totals, as disclosed by our early compilations, for each year back to 1896.
Mileage
Gross Earnings.
November.
Year Yr.pre- InGiven. ceding. cr'se.
Year.
1896 ___
1897 ___
1898 __1899 _-__
1900....
1901 --1902 --1903...1904 ____
1005.....
1906 --1907 -......
1908-
Roads Miles. Miles.
122
126
114
117
105
100'
74
70
68
55
69
56
51
89,936 89,214
96,391 95,103
89,367 88,235
98,684 96,967
97,494 94,059
103,453 101,924
90.106 88,251
86,742 84,573
84,002 82,427
83.677 81,709
97,240 94,861
74,439 73,168
79,108 77,51
Jan. 1 to No v.30.
1896 --- 116 88,629 87,907
1897-- 119 95,150 93,873
1898 -- 114 89,367 88,235
1899 _-__ 110 96,867 95,172
1900 ___ 103 96,630 93,195
1901 ____ 93 102,492 100,995
1902 ____ 74 90,106 88,251
1903 _-__ 70 86,742 84,573
1904 ___ 67 83,968 82,393
1905.... 55 83,677 81,709
1906 .._ 69 97,240 94,861
1907 ____ 55 74,037 72,766
1908 _ ___ 50 78,706 77,116
Year
Given.
%
$
0.81
1.35
1.28
1.77
3.65
1.50
2.10
2.56
1.91
2.41
2.51
1.74
2.05
39,415,623
50,213,481
47,777,989
59,800,183
59,169,448
68,966,766
62,023,087
60,220,508
63,536,601
71,044,232
87,119,750
54,770,493
59,940,539
Year
Preceding.
Increase(+)
or
Decrease (-).
$
44,188,179
41,517,497
45,833,778
54,149,899
57,853,427
61,260,137
57.983,250
57,887,073
57,818,885
65,109,098
83,250,084
53,425,317
61,744,772
$
%
-4.772,556 10.79
+8,695,984 20.94
+1,944,211 4.24
+5,650,284 10.43
+1,316,021 2.28
+7,706,629 12.58
+4,039,837 6.96
+2,333,435 4.03
+5,717,716 9.88
+5,935,134 9.11
+3,869,666 4.65
+1,345,176 2.52
-1,804,233 2.92
0.82 411,624,390 404,636,777 +6,987,613 1.72
1.36 460,682,396 433,915,117 +26,767,270 6.09
1.28 461,937,617 424,007,183 +37,930,434 8.94
1.77 559,918,434 511,496,013 +48,422,421 9.46
3.68 595,487,645 542,700,820 +52,786,825 9.72
1.48 677,212,805 609,239,714 +67,973,091 11.15
2.10 623,776,463 576,882,954 +46,893,509 8.12
2.56 639,338.998 576,573,058 +62,765,940 10.88
1.91 613,553,405 606,552,863 +7,000,542 1.15
2.41 673,611,217 628,496,472 +47,114,745 7.52
2.51 900,355.234 794,728,647 +105626 587 13.29
1.74 590,965,575 540,238,902 +50,726,673 9.39
2.06 575,231,637 662,099,137 -86,867,500 13.12
To complete our analysis, we annex the following
six-year comparisons of the earnings of leading roads,
arranged in groups.
• 6,054
24,018
406,390
302,630
Oats.
Corn.
. (bush.) g; 1:(bush.)
Wheat.
(bush.)
Note.-Nelther the earnings of the Mexican roads nor the mining operations of the
anthracite coal roads are Included in this table.
AND GRAIN RECEIPTS.
Corn.
(biuh.)
Jan. 1 to
Flour.
Nov. 28- (bbls.)
Chicago
1908_ _ _ 8,728,468
1907._ 8,473,111
Milwaukee
1908._ 2,449,900
1907____ 2,614,930
St. Louts
1008._ 2,460,190
1907._ 2,625,105
Toledo
1908
1907
Detroit
1908_ ___ 215,800
1907___
149,700
Cleveland
62,316
1908___.
1907_
53,261
Peoria
1908._ __ 964,810
1907____ 759,608
Duluth
1908____ 3,903,706
1907____ 2,558,290
Minneapolis
1908
1907
Kansas Cily1908
1907
452,700
120,200
9,395,081 11,645,815 7,097,090
7,680,838 9,800,756 5,455,002
602,143
602,972
EARNINGS OF SOUTHERN GROUP.
November.
1908.
g
294,821
1906.
1907.
$
1
1905.
1904.
1903.
$
$
$
$
323,637 327,019 337,009 297,933 255,400
Ala Gt Southern_
Ala NO & Tex P
New On & NE 281,639 r276,044 r250,430 275,582 213,318 206.745
Ala & \ricks__
148,156 r148,233 r134,172
133,936
117,102
130,371
VIcks Shrev&P
127,442 n141,638, r141,942
126,102
133,308
145,729
Central ofGeorgi 1,006,500 1,130,400 1,059,676, 1,046,833 983,021 852.765
Cinc N 0 & T P.. 622,495 702,162, 703,106 672,783 636,514 535,590
Loulsv & Nashv b 3,823,461 r3,912,611 r4,118,881 3,651,805 3,429,006 3,085,348
Mobile & Ohio._ _
882,715, 857.209 844,934
840,559 762,022 682,291
Southern Ry_ _ _ _ 4,511,946 4,622,188 4,724,443 4,597.838i 4,208,706 3,745,767
Yazoo & Miss V a1,119,1671 a996,107
899,206 896,9981 999,717 805,273
I
12,818,342,13,110,23.413,204,40312,579,44511,806,337110,419,589
Total
a Includes some large items of Income not previously included In monthly returns.
S Includes earnings of Atlanta Knoxville & Northern In 1904, 1905, 1906, 1907
and 1908.
r These figures have been revised to accord with the new basis of accounting
prescribed by the Inter-State Commerce Commission.
GROSS EARNINGS FROM JANUARY 1 TO NOVEMBER 30.
EARNINGS OF SOUTHWESTERN GROUP.
November.
Colo & Southern*
Denver & IIlo G.
Internat & Gt No
Mo Pac &Cent 13r
St Louis Southw_
Texas & Pacific__
1908.
1905.
1906.
1907.
$
$
$
1,370,841r1,422,446 1,149,718
1,804,200r1,812,300r1 868,409
803,000 r606,000 926,994
4,074,000 3,818,000 4,099,663
975,254 r875,623 7945,388
1,516,540r1,386,379 1,613,563
1903.
1904.
$
$
$
837,313 752,986
1,063,681
1,757,425 1,580,40" 1,343,420
705,542 657,894 654,769
3,805,469 3,823,074 3,619,929
820,439 846,772 771,413
1,319,973 1,409,376 1,293,371
10,543,835j 9,920,74810,603,7351 9,472,529 9,154,834 8,440,888
Total
*For 1908, 1007, 1906 and 1905 includes all affiliated lines except Trinity &
Brazos Valley RR. For previous years we have combined Colorado & Southern
and Fort Worth & Denver City.
r Figures have been revised to accord with the new basis of accounting prescribed
by the Inter-State Commerce Commission.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
November.
1908.
1905.
1906.
1907.
$
$
Canadian Pacific_ 7,156,00 6,811,000
Chic Great West* 701,347 7607,905
233,059 r269,425
Dul So Sh & Atl
Gt Northern Syst 5,531,776 b6,093,537
214,495 r253,047
Iowa Central...__
Minneap & St L. 343,739 r351,208
Minn StP & S S M 1,142,606 1,104,529
NorthernPacliic ac6,715,672 6,715,672
$
6,234,583
r791,613
249,728
5,142,301
276,579
315,651
1,099,866
5,763,542
1903.
1904.
$
$
$
5,741,543 4,751,970 4,142,909
776,303
782,204 707,421
189,343
249,242 210,944
5,240,083 4.669,823 4,179,205
198,321
270,520 226,037
258,072
341,949
261,047
1,149,649 942,186 770,391
5,949,738 5,105,613 4,552,600
22,038,604 22,206,323 19,873,863 19,724,928 16,875,04115,067,144
Total
-*Results are based on 111 miles less road beginning with 1905.
a Proprietary lines not included after June 1906.
b Actual figures of earnings are now used for comparison.
c Month of November not reported; taken same as last year.
r Figures have been revised to accord with the new basis of accounting prescribed
by the Inter-State Commerce Commission.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
November.
1908.
1906.
1907.
1905.
1003.
1904.
$
$
$
$
$
$
752,748 744,299 693,062 643,772
Buff Roch & Pitts 573.144 r830,466
424,501
487,877 495,240 468,857
Chic Ind & Lou__
419,365 r403,161
12,337,866
.
Or Tr of can..)
Gr Tr West_ }b 3,555,674 3,934,548 3,760,728 3,446,074 .3,221,296 i 488,596
1 98,303
DetG H & NI)
Illinois Central__ 4,982,622a5,313,028 4,630,897 4,588,622 4,439,660 4,071,631
97,971
107,962
116,357 • 111,830
93,937
86,611
Tol Peo & West_
344,548 367,394
327,305 254,821
292,342 351,040
Toledo St L & W
2,049,185 2,127,697 2,219,101 2,060,981 2,057,812 1,818,076
Wabash
530,944
357,764
502,706 390,956
513,543
c513,543
Wheel & L Erie
Total
[VoL. Lxxxvii.
THE CHRONICLE
1580
12,472,48e13,567,420 12,834,80512,321,673 11,711,67810,593,301
1
a Includes some large items of income not previously included in monthly returns.
S Includes Canada & Atlantic beginning with October 1904.
C Month in 1908 not reported: taken same as last year.
r Figures have been revised to accord with the new basis of accounting prescribed
by the Inter-State Commerce Commission.
Name of Road.
Alabama Great Southern__
Ala New On de Tex PacNew On & No Eastern_ _
Alabama & Vicksburg._
Vicks Shrev & Pacific- _
.
Atlanta firm & Atlantic_ _
Baltimore & Ohio
Bellefonte Central
Buff Roch & Pittsburgh..
CanadianNorthern
Canadian Pacific
Central of Georgia
Chattanooga Southern_ __ _
Chicago de Alton
Chicago Great Western... _ _
Chicago Ind de Louisville
Cinc New On de Tex Pac_ _
Colorado & Southern
Denver & Rio Grande_ _ _ _
Detroit & Mackinac
DetroltIToledo & Ironton_ _
Ann Arbor
Duluth So Sh & Atlantic_ _
Georgia Southern de Fla_ _ _
Grand Trunk of Canada
Grand Trunk Western_
DEtrolt Gr Hay dc Milw.
CanadaAtlantic
Great Northern
Eastern of Minn
Montana Central
Illinois Central
Internet & Gt Northern__
Iowa Central
Louisville & Nashville.. _ _
Macon & firming
Mineral Range
Minneap & St Louis
Minneap St P & S S M._ _ _
Mo Pacific & Iron Mtn_ _ _ _
Central Branch
Mobile de Ohio
Nevada-Cal-Oregon
Rio Grande Southern
St Louis Southwestern_ _ _ _
Southern Railway
Texas Central
Texas & Pacific
Toledo Peoria de Western_ _
Toledo St Louis & Western
Wabash
Yazoo & Miss Valley
1908.
1907.
Increase.
Decrease.
3,027,631
3,763,615
735,984
2,530,077
1,366,743
1,233,7 4
1,585,974
61,676,278
59,982
6,584,852
8,411,700
64,107,156
9,769,529
77,325
11,092,032
7,371,812
4,617,242
6,701,254
13,050,560
17,670,687
1,022,928
1,497,440
1,874,710
2,362,364
1,857,236
2,937,602
1,478,133
1,487,000
1,669,454
77,703,215
59,084
8,426,968
8,083,800
69,077,001
11,297,941
147,169
11,657,130
7,947,884
5,412,181
8,031,706
13,085,325
20,329,536
1,236,336
1,908,825
2,001,696
3,008,293
2,079,627
407,525
111,390
253,236
83,480.
16,026,937
898
327,900
1,842,116
4,969,845.
1,528,412'
69,844
565,098
576,072!
794,93
1,330,45
34,765
2,658.840213,408.
411,385.
326,986
735,929'
422,391
5,664,782'
35,576,300 41,241,172
46,434,141 55,231,319
8,797,178.
48,566,656
6,645,656
2,636,657
39,490,751
124,556
751,533
3,546,974
10,806,728
37,623,117
1,432,000
8,295,307
317,044
537,817
8,632,961
45,798,829
881,993
12,280,005
1,071,718
3,127,295
22,774,322
8,729,911
6,920,769
636,884
245,954
5,758,984
25,163
3,240,
202,716.
975,847
6,487,562
60,000.
1,978,657
55,487,425
7,282,540
2,882,811
45,249,735
149,719
754,773
3,749,690
11,782,575
44,110,679
1,492,000
10,273,064
280,563
576,224
9,695,693
53,033,397
1,166,525
15,043,763
1,183,602
3,933,094
25,426,693
9,151,860
38,481
38,407
1,062,732'
7,234,568
284,532
2,763,758
111,884
805,799
2,852,371
421,940
Total (50 roads)
575,231,837 662,099,137
Net decrease (13.12%)....
365,279 87,232,779.
86,867,500
Mexican Roads (not includ ed in total).
Interoceanic of Mexico_ _ _ _
6,428,670 6,931,015
Mexican Central
29,540,264 32,127,721
Mexican Internatl
6,728,838 8,351,381
Mexican Railway
6,760,300 7,303,900
Mexican Southern
1,141,175 1,218,887
Nat RR of Mexico
13,289,245 15,252,345
Hildago & Northeastern
907,701
837,778
502,345
2,587,457
1,622,543
543,600
77,712
1,063,100
69,923
GROSS EARNINGS AND MILEAGE IN NOVEMBER.
Gross Earnings.
Name of Road.
1908.
Alabama Great South
Ala New On de T P
New On &Nor E'n.
Ala & Vicksburg- - _
Vicks Shrev & Pac_
Atlanta Birm & Atl- _
Baltimore & Ohio_ _ _ _
Bellefonte Central _ _
Buff Roch & Pittsb-_
Canadian Northern__ _
Canadian Pacific
Central of Georgia.- _
Chattanooga Southern
Chicago & Alton
Chicago Gt Western_ _
Chic Ind & Louisv_ _ _
Cinc New On & T P._
Colorado & Southern_
Denver & Rio Grande
Detroit & Mackinac_ _
Det Toledo & Ironton
Ann Arbor
Duluth Sou Sh & Atl_
Georgia Sou & Fla
Grand Trunk of Can.
Grand Tr Western
Det Gr Hay de Mil
Canada Atlantic_ _
Great Northern
1
Eastern of Minn
Montana Central_ _J
Illinois Central
Internat 63 Gt Nor.._
Iowa Central
Louisville de Nashv_ _
Macon & Birmingham
Mineral Range_ -Minn Se St Louts _ _
Minn St P & S S M...
Mo Pac & Iron Mtn..
CentralBranch- - - Mobile Jack de K City
Mobile & Ohio
Nevada-Cal-Oregon _ _
Rio Grande Southern_
St Louis Southwestern
Southern Railway.. _ _
Texas Central__
Texas & Pacific
Toledo Peoria & West
Toledo StL & Western
Wabash
Yazoo & Miss Valley_
294,821
1907.
323,637
Atileape.
Inc. (-I-) or
Dec. (-). 1908. 1907.
--28,816
309
309
281,639
148,156
127,442
172,291
5,948,085
6,161
573,144
1,156,900
7,156,000
1,006,500
6,351
992,130
701,347
419,365
622,495
1,370,841
1,804,200
84,081
150,467
172,066
233,059
151,039
278,044
i-5,595
196
196
148,238
--82
143
143
141,638
--14,196
189
189
146,727
4-25,564
640
488
6,998,553 --1,050,468 3,092 4,006
6,249
--88
27
27
830,466
--257,322
568
568
957,400
A-199,500 3,224 2,845
6,811,000
+345,000 9,426 9,230
1,130,400
--123,900 1,915 1,913
8,828
--2,477
105
105
1,049,979
970
--57,849
998
607,905
4-03,442
818
818
403,161
616
590
4-16,204
702,162
--79,667
336
336
1,422,446
--51,605 1,952 1,952
1,812,300
--8,100 2,603 2,552
95,299
348
344
--11,218
157,894
392
392
--7,427
165,417
292
4-6,649
292
269,425
595
591
--36,366
169,586
395
395
--18,547
3,555,674
3,934,548
--378,874 4,528 4,528
5,531,776
6,093,537
--561,761 6,636 6,498
4,982,622
803,000
214,495
3,823,461
11,337
70,021
343,739
1,142,606
3,939,000
135,000
144,907
882,715
27,503
54,891
975,254
4,511,946
148,167
1,516,540
86,611
292,342
2,049,185
1,119,167
5,313,028
606,000
253,047
3,912,611
12,901
72,222
351,208
1,104,529
3,708,000
110,000
127,474
857,209
29,742
58,688
875,623
4,622,188
112,305
1,386,379
93,937
351,040
2,127,697
906,107
--330,406
4-107,000
--38,552
--89,150
--1,564
--2,201
--7,469
A-38,077
A-231,000
4-25,000
4-17,433
A-25,506
--2,239
--3,795
4-99,631
--110,242
A-35,862
A-130,161
--7,326
--58,698
--78,512
4-123,060
4,509
1,159
558
4,365
105
128
1,027
2,289
6,100
388
402
926
184
180
1,470
7,204
311
1,885
248
451
2,515
1,371
4,377
1,159
558
4,347
105
128
799
2,262
6,091
388
402
926
164
180
1,454
7,253
311
1,848
248
451
2,517
1,264
Total (51 roads) _ _
59,940,539 61,744,772 --1,804,233 79,108 77,518
Net decrease (2.92%).
Mexican Roads (not in eluded in to tal)Interoceanic of Mexico
679,020
479,458
2,437,262 3,000,153
Mexican Central
595,572
701,050
Mexican Internat'l_ _
408,100
659,700
Mexican Railway- - - _
86,771
83,148
Mexican Southern_ _ _ _
1,100,486 1,269,128
Nat RR of Mexico_ --85,701
77,047
Hidalgo 63 Nor E'n.
--199,562
736
736
--562,891 3,225 3,225
--105,478
918
918
--161,600
321
321
+3,623
263
263
--168,642 1,752 1,731
--11,346
152
152
ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S.
-The public sales of bank stocks this week aggregate 55
shares, of which 40 shares were sold at auction and 15 shares
at the Stock Exchange. Five shares of stock of the First
National Bank were sold at 805, the last previous public
sale having been made in April at 641. Chase National
Bank stock advanced, on a sale of 10 shares, to 340,as
compared with 326 last week and 286 two weeks ago. Ten
shares of National City Bank stock were sold at 325 and 5.
shares at 350; the last previous sale was in October at 307.
-New York.
Shares. BANKS
10 Chase National Bank
*15 City Bank, National
5 First National Bank
25 Hanover National Bank_ _ _ _
Low. High.
340 340
350
325
805
805
521
521
Close.
340
325
805
521
Last
Dec.
Oct.
April
Dec.
previous sale.
1908- 326
1908- 307
1908- 641
1908- 535
*Sold at the Stock Exchange.
-The National City Bank of this city will remove to-clay
from its quarters at 52 Wall Street to its new home, the old
and remodeled Custom House. The building as re-constructed presents a most imposing appearance. While the general
style of the exterior of the old building has been preserved,.
the long flight of stone steps has been considerably shortened,
the first floor and street entrance being lowered to the
street level. The twelve monolith columns which adorned
the Wall Street side of the building have been left standing,.
and above them are placed similar columns extending the
height of three of the four new stories which have been
added to the building. In the remodeling the attic was
removed, and the entire interior of the building was torn
out, and completely re-constructed. The main banking
room is 63 feet in height to the ceiling, the distance to the
glass dome surmounting the room measuring a total of 83.
feet. The appointments of the new quarters are in no way
garish, the furnishings being principally of bronze and
mahogany. The building occupies the entire block,bounded
by Wall Street, William Street, Exchange Place and Hanover
Street. It was purchased by the bank from the Government for $3,265,000 and the improvements, it is stated, havebeen made at an additional cost of about $2,500,000. In the
Clearing-House statement of last Saturday (Dec. 12) the
deposits of the bank were given as $208,204,500
DEC. 19 1908.1
THE CHRONICLE
—Governor Hughes has carried out his determination to
have an inquiry made into speculation on the Stock and
mercantile exchanges. A committee to that end was
appointed by him this week. As in the case of the banking
committee named by Mr. Hughes a year ago for the purpose
of suggesting advisable changes in the laws governing banks
and trust companies, the present committee will serve
without compensation. The committee consists of Horace
White, author and editor; Charles A. Schieren, ex-Mayor
of Brooklyn; David Leventritt, ex-Justice of the Supreme
Court; Clark Williams, New York State Superintendent of
Banks; John B. Clark, Professor of Political Economy in
Columbia University; Wiliard V. King, President of the
Columbia Trust Company of New York; Samuel H. Ordway,
lawyer; Edward D. Page of Faulkner, Page & Co., New
York, and Charles Sprague Smith, director of the Peoples'
Institute of New York. Their services were requested in
the following letter addressed to each member:
Gentlemen: At the last session of the Legislature I recommended that
provision should be made for suitable inquiry into the facts relating to
speculation in securities and commodities, with the view of ascertaining
the manner in which illegitimate transactions might be prevented and
legitimate business safeguarded.
As I stated in accepting renomination, I had in mind in making this
recommendation, such an expert inquiry as was made into banking conditions, the result of which was the passage of highly benficial measures.
In this Commonwealth, the vast commercial and financial transactions of
which represent the activities of the entire country, it is of the utmost
Importance that legislation affecting business and exchange should be the
result of deliberate study, and that we should neither threaten business
stability by ill-considered measures nor, on the other hand, Invite agitation
or impair confidence by ignoring abuses and by falling to provide suitable
correction.
It is with this view that I request you to act as a committee for the purpose
.of collating facts, receiving suggestions, and making such recommendations
as may seem to you fitting with regard to the following questions:
What changes, if any, are advisable in the laws of the State bearing upon
speculation in securities and commodities or relating to the protection of
Investors, or with regard to the Instrumentalities and organizations
used in defiling in securities and commodities which are the subject of
speculatlont
It is not my intention to limit you in the consideration of any phase of the
matters submitted, and I am confident that your carefully formed opinions,
being those of men known for their interest in public questions and their
acquaintance with affairs, and accredited to the community by high
reputation, will be of the greatest value.
I must ask this public service without offer of compensation or indemnity
for expense, as I have no authority to subject the State to any obligation in
connection with your appointment. But I know that your generous action
In serving the c mmunity will be highly appreciated and will afford another
and most welcome illustration of the public spirit of our citizens.
I shall be glad to receive your report at as early a date as you may find
practicable. I have the honor to remain,
Very respectfully yours,
CHARLES E. HUGHES.
The sessions of the committee, all of whose members have
expressed their willingness to serve, will in all likelihood,
be of a private nature. The first meeting was held yester•day in the office of the State Superintendent of Banks at 52
Broadway, when Horace White was chosen Chairman. Th
Stock Exchange authorities have expressed their willingness
to aid the Commission in its work. President R. H. Thomas
-of the New York Stock Exchange, in statements to the
press, is quoted as saying: "Of course, we shall offer everyfacility to the Commission. The Governing Committee of
the Exchange has certain well defined views which it will
present to the Commission if asked to do so. They are in
the line of recommendations and suggestions and are the
outgrowth of private investigation, held during the past
summer, which resulted in the summary expulsion of three
offenders."
—Otto Kelsey, New York State Superintendent of Insurance, has signified his intention of acepting the office
of Deputy State Comptroller, tendered to him by State
Comptroller-elect Charles H. Gaus. Mr. Kelsey was appointed Superintendent of Insurance on May 2 1906, having
resigned as State Comptroller to take the post. It is expected that he will enter upon the duties as Deputy Comptroller on January 1. Twice during Mr. Kelsey's term of
office at the head of the Insurance Department his removal
was sought by Governor Hughes, but in both instances the
Senate refused to approve the action.
—The report of the recent conference held at Washington
by the chairman representing the eleven districts into which
the national bank examiners were lately grouped by Comptroller of the Currency, Lawrence 0. Murray, has been
presented to the latter. It recommends, and the recommendation is approved, that the examiners of each district
hold regular semi-annual meetings (instead of quarterly as
1581
proposed by the Comptroller) shortly after the first days of
January and July,for the purpose of adopting such measures
as will promote the highest degree of efficiency in their
work, and that a confidential report of such meeting be
forwarded to the Comptroller. Special attention, it is
stated, will be given at these meetings to such measures
as will extend the examiners' exact knowledge of the assets
of each bank, and will aid in keeping all the examiners
of the district informed as to the over-extended or doubtful
lines of credit of which the individual exa miner Las knowledge.
The report is also said to contain a recommendation that a
uniform method be adopted for recording loans held by
reserve city banks, for account of their correspondents
and local customers, in order that such loans may be verified
by the examiner and the liability thereon determined.
—As a result of a conference on the uniform bill of lading
recommended by the Inter-State Commerce Commission,
held at Guthrie last week by representatives of the Texas,
Oklahoma and Kansas Grain Dealers' Associations, and the
Oklahoma Corporation Commission, a hearing on a new
bill, to be uniform throughout Oklahoma,will be had before
the Oklahoma Commission on January 5. Opposition is
made to the bill recommended by the inter-State Commerce
Commission because of the fact that it subjects all shipments
not made under its provisions to a 10% advance over the
regular rates. Other organizations which have recently
expressed opposition to this portion of the bill are the
National Industrial League and the Boston Branch of the
National League of Commission Merchants.
—The adjourned conference to consider the question of
a uniform voucher check was held on the 9th inst. at the
offices of the American Bankers' Association by the committees representing the Society of American Railway
Financial Officers, the Association of Railway Accounting
Officers, the American Association of Public Accountants
and the American Bankers' Association. At the first
meeting, held three weeks ago,it was agreed that the voucher
check should be a negotiable instrument, and that it should
be in the form of a straight check or draft and the endorsement of the payee thereon be accepted as the only receipt
required. At the meeting on the 9th, final agreement was
reached on the following proposition.
Resolved—That it is the sense of this meeting that the check voucher
should be of the standard check size and in the standard draft form, with
the number, date, amount and signature at the right and in the order
named, and the name of the pay r (Bank or Treasurer of Company) In
the lower left corner, and that where a folded voucher is considered necessary by railroad companies, it should fold to standard check size, the
check or draft to be at the bottom; that when a detachable check is used It
should be in the standard form described above.
A sub-committee of one from each organization was
appointed to draft forms in accordance with the resolutions
adopted at the meeting.
—John W. Castles on Monday tendered his resignation as
President of the Guaranty Trust Co. of this city, to take
effect Dec. 31, and on Tuesday was selected by the executive
committee of the Union Lust Co. to fill the office of President
of that institution, made vacant by tde death on Nov. 18
of Edward King. His election to the post will occur later.
Mr. Castles became connected with the Guaranty Trust
Co. in Dec. 1903, when he was chosen Vice-President
of the institution, his election to the presidency occurring
in April of the following year. Previously he had been
prominently identified with the banking interests of New
Orleans for eleven years. He had held the post of President
of the Hibernia Bank & Trust Co. of that city,and remained
with the New Orleans institution as Vice-President for some
time after he became affiliated with the Guaranty Company.
—The directors of the Trust Co. of America of this city
have declared a dividend of 2%, payable Dec. 31 to stockholders of record at the close of business on Dec. 21. This is
the first dividend declared by the company since the one of
Oct. 11907. It is not stated for what period this dividend is
paid, but it is understood that the earnings of the company
for the year have been such as to justify expectations that it
will continue to pay at the rate of at least 2% quarterly from
this time on. This week's announcement of the resumption
of dividends evoked favorable comment amon gthe city's
bankers, as it is now only a little over a year ago that the
Trust Co. of America successfully withstood the longest
bank run in the history of banking.
1582
THE CHRONICLE
—A semi-annual dividend of 3% was declared by the
Fidelity Trust Co.of this city, payable Dec. 31 1908. This is
the first declaration by this institution, which began business
in May 1907 with a capital and surplus of $750,000 each. The
surplus and undivided profits on Nov. 27 1908 amounted to
$899,644. The deposits are now about $4.500,000.
—The Fulton Trust Co. of New York (30 Nassau St.)
declared on Thursday its 33d consecutive semi-annual dividend of 5%, payable Jan. 2 1909.
—The latest statement for Nov.27 issued by the Farmers'
Loan & Trust Company of this city records the largest volume
of business made by any trust company in the State or nation.
On the aforesaid day its deposits were $118,053,270—an
expansion of business which followed the banking panic
and has continued until the present time. A year ago,on
December 19 1907, at the nearest corresponding bank call
to Nov. 27 1908, the deposits of the institution were $61,306,279. For Nov. 27 1908 the company's resources are
as follows: $23,286,981 in bonds and stocks; $2,267,321
real estate; $3,466,800 bonds and mortgages; $60,282,629
loans; $37,493,836 cash, and $280,007 accrued interest.
Its capital and undivided profits are $7,917,950 and aggregate
resources $127,077,575. Edwin S. Marston is the wellknown executive at the head of its administration.
—George T. Smith of Jersey City and Charles M. Warner
were this week elected to the board of directors of the
Bowling Green Trust Co. of this city, Mr. Smith being chosen
to succeed the late E. F. C. Young and Mr. Warner to fill a
vacancy. The regular quarterly dividend of 5%, payable
Jan. 2, has been declared by the board.
—James C. Colgate was elected a trustee of the New York
Trust Co. on Wednesday to fill a vacancy. The board has
declared the usual quarterly dividend of 8%, payable on the
31st inst. to stockholders of record Dec. 24.
—The article on "Trust Company Investments in New
York City," by Howard Bayne, Vice-President and Treasurer
of the Columbia Trust Co. of this city, which appeared in
the November issue of the "Trust Companies Magazine," has
been reprinted in circular form. It makes instructive reading.
—The members of Group VII.of the New York State
Bankers' Association at their annual meeting in Brooklyn
on the 10th inst placed themselves on record as opposed to
the Carter Bill, in its present form, providing for the establishment of postal savings banks. H. L. Crandall, VicePresident of the Bank of Long Island, at Jamaica, has been
chosen Chairman of the Group for the ensuing year. Charles
S. Mott, Cashier of the Bank of Northport,at Northport,has
been re-elected Secretary and Treasurer.
—Stephen .M. Griswold, William M. Calder, W. H.
Gieseler and Adolph Heinemann are reported to have resigned from the board of the Montauk Bank of Brooklyn
Borough. Mr.Griswold was one of the incorporators of the
institution, which began business on March 4 1907.
—The Mount Vernon Trust Co., in addition to its regular
quarterly distribution of 2%, has declared an extra dividend of one-half per cent, both payable Jan. 2.
—The directors of the First National Bank of Jersey City
at a meeting on Thursday elected George T. Smith President
of the institution to succeed his father-in-law, the late
Edward F. C. Young. Mr. Smith had heretofore been
Vice-President of the bank, in which post he is replaced by
Robert E. Jennings, a retired steel manufacturer. Edward
I. Edwards continues as Cashier of the bank.
—An application to organize the First National Bank of
Montclair, N. J., has been approved by the Comptroller of
the Currency. The institution is to have a capital of
$100,000.
—The projectors of the City Bank of Bayonne, N. J.,
completed its organization on the 15th inst with the election
of the following officers: William H. Vreeland, President;
Julius G. Hocke, Vice-President, and Emmett S. Hamilton,
Cashier. The bank has a capital of $50,000. It will begin
business on Jan. 2.
—The deposits of the Marine National Bank of Buffalo
have increased over a million dollars during the past two
months. On Sept. 23 they were reported at $18,858,281,
while the statement of November 27 shows a total of
$19,894,706. Surplus and profits have advanced in the
[VoL Lxxxvn.
same3interva1 from$1,208,677 to $1,400,100, and aggregate
resources from $22,976,958 to $23,999,629. Stephen M.
Clement,is President and Clifford Hubbell is Cashier.
—Edward A. Coffin, Treasurer of the American Trust
Company of Boston, Mass., died suddenly at his home in
that city on the 17th inst. Mr. Coffin had been connected
with the institution (originally the American Loan & Trust
Company) since its organization in 1881, and had been its
Treasurer for twenty-five years, having been chosen to the
post in 1883. He was sixty-four year of age.
—E. V. R. Thayer has been elected a member of the board
of directors of the New England Trust Co. of Boston, Mass.
—The Boston Stock Exchange house of Burnham, Bennett
& Co., which assigned on Nov. 9, was adjudged bankrupt
on the 15th inst. Guy W. Cox, who had charge of its affairs
as assignee, has been named as receiver. In the hope of
enabling the company to resume, an offer of settlement was
recently made, but as the assent of all the creditors to the
plan was not forthcoming, the adjudication resulted.
—The First National Bank of Somersworth, N. H., closed
its doors on the 16th inst, following the disclosure, it is
reported, of a defalcation of $85,000, and the arrest of
Cashier Frederick M. Varney. The September statement of
the bank is said to have shown capital of $100,000, surplus
of $20,000 and deposits of $220,244. Elevei years ago, it is
said, the institution was obliged to suspead business for a
few days, its Cashier having at that time beck murdered, and
the bank robbed of nearly $40,000.
—Benjamin Wood Richards, one of the oldest directors
of the Girard Trust Company of Philadelphia, and son of
Benjamin W. Richards, one of the founders of the company,
and a former Mayor of the city, died on the 18th inst. He
was seventy-four years of age.
—The Belmont Trust Co., at 4826 Baltimore Avenue,
Philadelphia, began business on the 7th inst. The institution, for which a charter was secured early this year, is
understood to have an authorized capital of $250,000, with
$125,000 paid in. Joel H. De Victor is President and
William Milnes, Secretary and Treasurer.
—The proposition to reduce the capital of the Mercantile
Trust & Deposit Co. of Baltimore from $2,000,000 to
$1,500,000, referred to in our issue of Dec. 5, was approved
by the stockholders on Wednesday. The 10,000 shares
of stock (par $50 per share) will be canceled at $130 per
share, and the difference between the par and cancellation
price taken from surplus.
—Senator Elkins of West Virginia and a syndicate composed of New York and Washington (D. C.) interests are
reported to have secured the stock held by Robert:N. Harper
in the American National Bank of Washington,from which he
resigned as President last spring. The transfer, it is stated,
gives the syndicate absolute control of the institution
R. H. Lynn succeeded Mr. Harper in the presidency. The
bank has a capital of $500,000.
—The Bank of Pittsburgh,in its statement published under
date of Nov. 27, shows deposits of $16,658,602, as against
$15,470,639 on Dec. 3 1907. This institution, founded in
1810, is the oldest bank.west of the Alleghany Mountains.
It has a capital of $2,400,000, surplus and undivided profits
of $2,949,983 and aggregate resources of $24,177,983.
—Major George M. Laughlin, President of the Keystone
National Bank of Pittsburgh, Pa., died on the 11th inst. at
his home in Pittsburgh. Major Laughlin was also a director
of the Jones & Laughlin Steel Co., of which his father was
one of the founders, and a member of the board of the
Pittsburgh Trust Co. He was 66 years old.
—Schedules in the assignment of John D. Armstrong &
Co. of Pittsburgh have been filed in the Court. The assets of
the company, according to the Pittsburgh "Dispatch," are
given as $83,413, and the personal assets of Mr. Armstrong
as $129,781. The liabilities on account are reported as
$146,664 and the collateral loans as $44,495. A statement
attached to the schedules says that the failure (which occurred on the 2nd inst.) was due in part to the losses sustained in the decline of the brokerage business during the
last year.
—The trial in the Greene County (Pa.) Court of J. B. F.
Rinehart, former Cashier of the failed Farmers' & Drovers'
DEC. 19 1908.1
THE CHRONICLE
National Bank of Waynesburg, Pa., on the alleged charge
of forging a resolution authorizing the renewal of a note,
came to an end on the 14th inst.with the discharge of the jury
following its failure to agree on a verdict, after forty-two
hours' deliberation. The accused Cashier will again be
placed on trial in the United States District Court on Jan. 4
on the charge of misapplying funds of the bank. The failure
of the institution occurred on Dec. 12 1906.
—Edward Wiebenson, assignee for the American Savings
Bank Co. of Cleveland, has been authorized to pay to the
creditors of that institution an initial dividend of 25%.
Mr. Wiebenson states that $65,165 of the bank's assets have
been collected and that the total amount of claims is $204,245.
The institution closed its doors last May.
—We are in receipt of a very handsome little booklet
from the Central National Bank of Cleveland containing,
besides the new statement of the bank, cuts of the interior
and exterior of its magnificent banking offices in that city.
According to its report of Nov.27,this institution has had a
marked increase in its business during the past year. Deposits are now $7,256,548,as against $5,133,284 for Dec.3
1907, a gain of over two million dollars.. Surplus and profits
have grown from $597,150 to $645,600. The bank has a
captial of $1,000,000 and aggregate resources of $10,450,648.
Colonel J. J. Sullivan is President; E. W. Oglebay, VicePresident; C. A. Paine, Cashier, and L.J. Cameron,Assistant
Cashier.
—Joseph Colwell, President of the National Commercial
Bank of Cleveland, died on the 7th inst. Mr. Colwell was
sixty-four years of age. He had long been identified with
the bank,having risen to the presidency from a clerkship.
—A meeting of the stockholders of the Western-German
Bank of Cincinnati will be held on Jan. 6 for the purpose of
considering the advisability of the bank availing itself of
the privileges and powers conferred under the Thomas
Banking bill, passed at the last session of the Ohio Legislature, and reviewed at length in this department on Aug. 1.
All banks incorporated after the passage of the Act are required to comply with its provisions; those existing prior to
its enactment may avail themselves of its privileges if they
so elect, but after April 1 1910 every corporation will be required to conform to its requirements.
The stockholders of the Citizens' Savings & Trust Co.
of Cleveland will also vote on the question of availing of the
privileges of the Act at their annual meeting on Jan.12.
—R. Scott Williams, Cashier of the Pearl St. Market
Bank of Cincinnati, has resigned, owing to ill health, the
resignation to take effect December 31. Vice-President
Samuel Lehman will assume active charge of the institution
with Mr. Williams's withdrawal.
—The Central National Bank of Columbus, 0., the institution which is a reorganization of the American Savings
Bank Co. of that city, has been granted membership in the
Columbus Clearing House Association.
—J. S. Prettyman and C. S. Littick, formerly VicePresident and Cashier,respectively,of the First National Bank
of Dresden, Ohio, which closed its doors in Oct. 1907, have
been indicted by the Federal Grand Jury on the charge of
misapplication of funds and of making false reports of the
bank's condition. Both have been released on bail.
—The Citizens' State Bank of Napoleon, Ohio, made
an assignment on the 16th inst. The assignment is said
to be the direct result of the failure of the Ohio German
Insurance Company, and is reported to have been due to
over-loans made by Cashier J. D. Grail to President Donnelly
of the Insurance Company. The bank has a capital of
$71,000. Its deposits are said to amount to over $800,000.
D. D. Donovan is the assignee.
—A comparative exhibit, covering Detroit banks and trust
companies, of dates Nov. 27 1908 and Dec. 3 1907, is pre.sented in a folder issued by Wm. Hughes Clarke,dealer in
public securities at 415 Ford Building, Detroit. Mr.
Clarke's compilation shows the capital, surplus and profits,
book value, gross deposits, loans and discounts, securities,
exchanges, cash, &c., and the dividend payments of each institution, on the dates noted above,together with the dates
of organization. A copy of the folder may be had upon
request.
1583
—John H. Blair, Vice-President of the Des Moines National Bank, of Des Moines, Ia., was elected President of the
Des Moines Clearing-House Association at the annual meeting
on the 8th inst.
—John McHugh, Vice-President of the Iowa State National
Bank of Sioux City, Ia., has been elected President, to
succeed George Weare. H. G. Weare is Mr. McHugh's
successor as Vice-President.
—The latest statement of the Union Trust Co. of Chicago
—that for November 28 1908—shows deposits of $12,297,034, this amount comparing with $10,798,738 on the
same date in 1907. The institution has a surplus of $1,000,000, all earned, and undivided earnings of $144,721.
It has a capital also of $1,000,000 and total resources of
$14,441,755.
—An extra dividend of 2% has been declared by the
directors of the Live Stock Exchange National Bank of
Chicago, in addition to the regular quarterly payment of
2%,making a total of 12% for the year. The Live Stock
Exchange National Bank succeeded the National Live Stock
Bank on Feb. 7. The latter paid 12% per annum, with 3%
extra at the end of the year, on its capital of $1,000,000.
The new bank has a capital of $1,250,000.
—The People's Trust & Savings Bank of Chicago has also
increased its dividend payment, having declared a semiannual distribution (payable Dec. 31) of 4%, which compares with 3% previously. The future payments will be
2% quarterly. The institution has a capital of 200,000.
—James S. McCullough, State Auditor of Illinois, has appointed as Chief State Bank Examiner, with resident office
at Chicago, his son-in-law, Chas.H.Meyer,in place of Cassius
C. Jones,resigned. Mr. Meyer has been Mr. Jones's assistant
for the past two months, and before that for over a year
was in the employ of the State Banking Department. Besides this experience he was for several years in the banking
business.
—Alfred Millard, Cashier of the United States National
Bank of Omaha, was chosen a Vice-President of the institution at a meeting of the directors on the 1st inst. Mr.
Millard is succeeded as Cashier by W. E. Rhoades, who was
promoted from an Assistant Cashiership.
—The application to organize the Southwest NationaBank of Kansas City, Mo., projected by Fernando P. Neal,
was approved by the Comptroller of the Currency on Nov. 30.
The bank is to have $1,000,000 capital.
—The National Exchange Bank of Springfield, Mo.,
closed its doors on the 7th inst., the suspension, according to
President Louis S. Meyer, having been necessitated by the
constant withdrawal of deposits. These withdrawals, he
states, grew out of the failure last year of the bank's correspondent in Kansas City, which had excited the apprehension
of its country bank correspondents, resulting in their
withdrawing their balances since without interruption.
Nearly $1,500,000, President Meyer states, has been paid
to depositors during the last year, more than 75% of which
has gone to country banks. The bank was established in
1883. The statement made to the Comptroller on Nov. 27
showed a capital of $100,000, surplus and profits of $52,440
and deposits of $1,221,921. It is stated that during the
financial panic of a year ago, the bank took over the Springfield Trust Co. • George T. Cutts has been appointed receiver
of the bank.
—:The Union Station Bank has been chosen as the name
of a new institution organized in St. Louis which will have its
quarters in the Union Railroad Station. The bank is reported to have a capital of $100,000 and a surplus of $10,000.
One of its features will be its safe deposit vaults,containing
over 1,000 boxes for the accommodation of travelers who
may hire them for any length of time—for a day only, if
desired. Charles E. Lane has been elected President and
Emison Chanslor has been chosen Cashier. Mr. Chanslor
was at one time Cashier of the Fourth National Bank of
St. Louis, absorbed by the National Bank of Commerce in
1906.
—Statistics of the eight Mobile (Ala.) banking institutions
of date Dec. 1 1908, prepared by Robert K. Warren of the
Western Development Co. of Mobile, show the institutions
to have combined capital of 81,625,000, surplus and undivi-
1584
THE CHRONICLE
ded profits of $2,176,000 and deposits of $8,562,000. The
largest individual deposits are those of the People's Bank,
'which amount to $2,000,000; the First National is second
with $1,800,000, and the City Bank Sr Trust Co. third with
$1,787,000. The dividends paid by the banks range from
6% to 25%—the latter distribution being that of the People's
Bank.
—Robert J. Lowry, President of the Lowry National
Bank of Atlanta, Ga., has been elected President of the
Atlanta Clearing-House Association for the ensuing year.
Frank Hawkins, President of the Third National Bank,
replaces Col. Lowry as Vice-President of the Association.
Darwin G. Jones has been re-elected Manager. The report
of the organization is said to show Clearing-House certificates
still in circulation to the amount of $666.
—A 5% dividend was paid on the 10th inst to the creditors
of T. W. House (a private bank) of Houston, Texas, whose
assignment occurred Oct. 17 1907.
—The Bank of Healdsburg, Cal., was closed on the 5th
nst., owing to the defalcation, it is stated, of its Cashier,
E. S. Rowland, who is said to have admitted appropriating
$120,000, which was lost in mining speculation. The assets
of the bank have been transferred to the Farmers' St Mechanics' Bank of the same city, which has assumed the liabilities of the institution for the purpose of protecting depositors and creditors. The closed bank had a capital of
$100,000.
—At the annual meeting of the stockholders of the Merchants' National Bank of San Francisco on Jan. 12, action
will be taken on the proposition to increase the capital from
$300,000 to $500,000. The bank recently arranged to take
over the United States National Bank.
—The directors of the Equitable Savings Bank of Los
Angeles recently took action towards increasing the authorized capital of their institution from $50,000 to $250,000.
—The annual report of the Canadian Bank of Commerce
(head office Toronto) shows net profits for the year ending
Nov. 30 1908 of $1,627,333. Including the balance of
$675,912 at the credit of profit and loss last year, the sum
available for distribution amounted to $2,303,245, the appropriations out of which were as follows: $800,000 in dividends
at 8%; $300,000 written off bank premises; $30,000 transferred to the pension fund; $12,000 in subscriptions to
Quebec Battle-fields and Fernie Fire funds, and other objects,
and $1,000,000 transferred to rest account, leaving a balance
of $161,245 to be carried forward. The total deposits increased during the year from $87,041,058 to $95,037,796.
.Of the latter $72,806,667 represents interest-bearing deposits
(including interest accrued to date) and $22,231,129 consist
of non-interest-bearing deposits. The bank has a paid-up
capital of $10,000,000 and a rest fund of $6,000,000. Its
total assets are $122,338,214.
PrtpuetanATonvnitercial'Eriglislx4run
[VOL. Lxxxvir.
a satisfactory conclusion. Apparently the Turkish Government hesitates to bind itself with regard to Bulgaria until
the new Parliament meets and debates the question, but
everybody seems to feel that a satisfactory arrangement with
Bulgaria will be arrived at. It is also reported on good
authority, and is very generally believed, that,the Emperor
Francis Joseph refrained from speaking on Wednesday
principally because he cannot well dismiss, Baron von
Aehrenthal at the moment, and therefore does not like to
say anything that would discredit him. But the Emperor
feels, so the best informed understand, that be has been
deceived by his Foreign Minister, and is resolved to take
care that there shall be no war. One other report which is
generally believed is that the Emperor Francis Joseph sees
the necessity of making some concessions to Servia and
Montenegro, so as to satisfy Russia and put an end to the,.
tension all over Europe. If he does that, Russia will quickly
come to terms and a conference will be held.
But although these reports are reassuring, the public continues to be very nervous. The negotiations have lasted so
long and, so far as the public knows, have produced so little
fruit, that the people are utterly weary of the uncertainty in
which they are kept. Nevertheless, there is, as we have
said, a better feeling, and particularly it is to be noted that
the selling from Vienna which disturbed all the Europcan
markets last week, has completely ceased. Vienna, at all
events, has been reassured and is no longer in the panicky
state in which it was. In Paris there is the same feeling
as in London; everybody is hopeful that war will be averted,
but nobody is venturesome enough to engage in new risks
at all serious.
The Bank of France continues to accumulate gold at an
extraordinary rate. In addition to political anxieties, there
is a further reason just now for the accumulation. Chinese
bills to the amount of £4,000,000 fall due on New Year's
Day,and the money for their redemption has to be lodged in
the Bank of France on the 10th of this month. Consequently gold is being bought eagerly in the open markets
all over Europe,and it is also being shipped from New York.
On Thursday of this week the gold held by the Bank of
France amounted to very nearly 136 millions sterling. In
Germany, also, business is held in suspense, by not only the
Near Eastern question but also by the Constitution question
which has occupied the Reichstag for two days this week.
While politics thus continue to overshadow all other considerations in the mind of the European public, it is very
improbable that there will be much increase in business.
Yet it is gratifying to be able to note that in this country,
at all events, there are distinct signs of improvement in trade
proper. Exporting merchants report that during the past
couple of weeks they have received much better orders than
for a long time past. At the wool sales in London last week
the demand was such that there has been a rise in price of
about 5%. There was good American buying,and there was
fair home buying. The building trade also is decidedly more
active than it has been for a considerable time past.
Money continues in strong demand,as is natural considering the near approach of the end of the year, and especially
considering the strong demand for gold on French account.
Moreover, the season for shipping cotton from Egypt has
now set in and it is anticipated that a considerable amount
of gold will have to be sent to Egypt. Those in the best
position to form an opinion calculate that from 33 to 4
millions sterling Will be required. Furthermore, the latest
intelligence from Argentina shows that the wheat crop will
be at least as large as it was last year, and that therefore
Argentina will have a very large quantity for export, and if
necessary will be able to take a considerable amount of gold.
For all that, nobody expects a rise in the Bank rate, for
everybody is satisfied that money will remain cheap for the
remainder of the year.
At last there are signs that trade is improving in India,
also,in consequence of the good monsoon. The India Council
offered for tender on Wednesday 40 lacs of its bills and the
applications amounted to a little over 44% lacs. Tenders
for bills at is. 3 29-32d. were allotted about 89.6% of the
amounts applied for. The Council has decided to offer
next week for tender 50 lacs.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols,
drc., compared with the last four years:
London, Saturday, Dec. 5 1908.
There is a somewhat more hopeful feeling in the city than
there has been since the annexation by Austria-Hungary of
Bosnia and Herzegovina. Some disappointment, it is true,
is felt that the Emperor Francis Joseph did not make a
reassuring statement on Wednesday,when the celebration of
the sixtieth anniversary of his accession to the throne reached
its completion ,and when delegations from all the important
1904.
1906.
1905.
1907.
1908.
institutions of every kind throughout the empire waited upon
Dec. 5.
Dec. 6.
Dec. 7.
Dec. 4.
Dec. 2.
him with congratulations. The expectation was very
Circulation •
28,985,245 29,299,595 28,409,770 28,791,500 27,869,245
general that he would take the opportunity to make some Public deposits_ __. 8,064,924 5,549,216 6,127,741 11,309,973 7,632,085
Other deposits
41,562,840 44,295,206 44,984,161 47,238,632 41,145,452
reassuring statement. But he did not do so. At the same Covernm't securities 14,730,533 14,332,136 15,458,516 17,038,989 15,609,872
Other securIties
28,492,749 31,445,514 30,594,267 34,270,281 28,562,003
time the report comes from Berlin that Pr nce Buelow Reserve,00te5 &coin 24,086,017 21,909,190 22,942,096 23,169,193 22,466,468
Coin& bull.,both dep
assured the diplomatic representatives of the Powers that Prop. reserve to lia- 34,621,262 32,758,785 32,901,866 33,510,693 31,885,713
45 15-16
bilities......
40%
44
44%
there will be no war. Nobody can speak with greater au483
.
3
p. c
4
7
6
Bank rate
2%
8734
thority, for it is quite clear that Prince Buelow must remain Consols, 23 p. e___ 83 13-16xd.
89 7-16
833
863
Silver
31%d. 29 7-16d. 27 1146d.
22d.
Mid.
office, for the present atall events,andas Austria-Hungary Clear.-house returns 280,090,000 257,087,000 300,502,000 315,761,000 216,663,000
in
cannot rush into war without being sure,of the assistance of
Messrs. Pixley & Abell write as follows under date of
Germany,Prince Buelow must know the mind of the Austrian Dec. 3:
GOLD.—The bulk of Monday's arrivals, which included £926,000 from the Cape,
Go-vernment.
was taken for Paris at 77s. 11%d. Since then the demand has been less keen, and
Bulgaria comes the intelligence that the negotiations the quotation has declined to 77s. 11d. Next week we expect £486,000 from the
From
Cape. At the Bank £600,000 has been withdrawn for Egypt and £150.000 for
with Turkey have made very considerable progress and that South America. Arrivals—Cape, £926,500; Australia, £132,000; west Indies,
£20,000; Brazil, £8,000; total, £1,086,500. Shipments—Bombay, £34,500; Coa confident hope is entertained that they will be brought to lombo,£10,000; total,£44,500.
.
p c.
DEc. 19 1908.)
THE CHRONICLE
SILVER.—Owing to a slack demand and to selling by the Indian bazaars, prices,
with the exception of a slight reaction on the 30th ult., continued to decline until
yesterday, when 22d. was quoted for spot and 22 1-16d. for forward. At the lower
quotations some purchases were made on china account, while many speculators
seized the opportunity to cover their "short" accounts. With this support quotations have to-day risen 8%d. to 228%d. for spot and 22 5-I6d. for forward, but at the
close the market is quiet. The situation in Iridia seems to show some improvement,
owing to further purchases there by the( hina banks. It Is estimated that stocks
in Bombay now amount to a little over £1,000,000. Arrivals—New York,£170,000;
Chile, £2,000;'total, £172,000. Shipments—Bombay, £10,000; Port Said, £2,000;
total,£12,000.
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 Dec. 18.
Sat.
Mon.
Tues.
Wed. Thurs.
Frt.
Silver, per oz
d 223
22%
223
22 5-16 22 5-16 223j
Consols, new, 23 per cents__ 83 13-16 83 13-16 83 13-16 83 11-16 83%
83 11-16
For account
83 15-18 83 15-16 83 15-16 83 13-16 83%
83 13-16
French Rentes (in Paris)_fr. 97.20
.
97.20
97.35 c96.50
96.70 96.67%
Amalgamated Copper Co_ _ _ - 85%
85%
84%
83
84%
813
bAnaconda Mining Co
10%
10%
10
10
10
9%
Atchison Topeka & Santa Fe.100%
1018%
100%
100%
100%
983
4
Preferred
105
105
105
104%
104%
104m
Baltimore & Ohio
1118%
1133.
114
112%
113%
111%
Preferred
95%
95%
95%
95%
95
95
Canadian Pacific
1828%
182
181%
180%
181%
1808%
Chesapeake & Ohio
60
60
59%
58
59%
57%
Chicago Great Western
12
12
12
11%
11%
113_
Chicago Milw. & St. Paul_ _ _154
155
154
152%
153%
152
Denver & Rio Grande, com_ 39%
39
38
37
37
364
Preferred
85
85
85
84%
84
83%
Erie, common
35
35%
368%
35%
35%
34%
First Preferred
52
51
50
50%
518%
49%
Second Preferred
413
41
41
40
40%
39%
Illinois Central
151
152
150%
151
151
150
Louisville & Nashville
126%
1268%
126
125%
126
124%
Mexican Central
228%
22%
21
2231
21%
20
Mo. Kansas & Texas, corn
40
40
40%
40,1
393
39,1
Preferred
74
74
74
74
73
74
National RR. of Mexico_ _ _ 54
54
.
54
54
54
54
N. Y. Central & Hod. River_1203
124%
124
122%
123%
1243'
N. Y. Ontario & Western
47%
47
48
48
47%
488%
Norfolk & Western, corn_ _ _. 87
86%
86%
87
86
863
Preferred
90
90
90
90
90
893
Northern Pacific
146
146
146
146
144%
1463
Pennsylvania
87
66%
66%
67
66%
66
Reading Company
72%
71%
73
72%
71%
73
aFirst Preferred
46
46%
46%
46%
46%
46%
aSecond Preferred
48%
48%
48%
483
483
48
Rock Island Company
243
24%
24
24
248%
23
Southern Pacific
1223
122%
121%
1223
122%
120%
Southern Railway, common_ 268%
25%
25%
268%
25%
25%
Preferred
608%
60%
608%
60
60
60
Union Pacific. common
186%
1873187%
1888%
187
185%
Preferred
97%
978%
97%
98
978%
97%,
U. S. Steel Corp., common.- 558%
56%
55%
55
55%
54%
%
Preferred _
1155
1158%
114%
115,1
114%
113%
Wabash
19
19
19%
18%
19
19%
Preferred _.
47
47
47%
47
48
47%
728%
Extended 4s
728%
72%
73
73
72%
a Price per share, b
sterling. C Ex-dividend.
Tominerciai and Wiscenantons tuts
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department.
APPLICATION TO CONVERT INTO NATIONAL BANK APPROVED.
Union Exchange Bank of New York, N. Y., Into the "Union Exchange
National Bank of New York." Capital, $1,000,000. Correspondent,
Sydney H. Herman, 35 Nassau Street, New York, N. Y.
The Citizens' State Bank of Fortville, Ind., into "The First National
Bank of Fortville." Capital, $25,000.
The American State 'Bank of Caldwell, Idaho, into "The American
National Bank of Caldwell." Capital, $50,000.
NATIONAL BANKS ORGANIZED.
Certificates Issued from November 25 to December 5.
9,280—The First National Bank of Bremerton, Washington. Capital
$25,000. E. W. Andrews, President; Wm. Bremer, Vice-President:
J. S. Cameron Jr.Cashier.
9,281—The First National Bank of Hermiston, Oregon. Capital, $25,000.
E. L. Smith, President; J. R. Raley, Vice-President; F. B. Swayze,
Cashier. Conversion of the First Bank of Hermiston.
9,282—The Central National Bank of Columbus, Ohio. Cap tat, $200,000.
Julius F. Stone, President; Fred Lazarus, Vice-President; Howard
C. Park, Cashier; A. Synold, Ass stant Cashier.
9,283—The First National Bank of McIntosh, S. D. Capital, $25,000.
J. W. Harris, President; Niels Jacobson, Vice-President;J.B. Davies,
Cashier. Conversion of the Evarts State Bank of McIntosh.
9,284—The Hempel National Bank of Logan, Ohio. Capital, $50,000.
Jno. R. Remple, President; Frederick Barnes and L. R. Ayers, VicePresidents; Elmer E. Stiverson, Cashier: Oscar S. Newman, Assist' "
ant Cashier.
9,285—The Merchants' National Bank of Cape May, N. J. Capital, $50.000. W. L. Stevens. President; Joseph H. Hanes and George H.
Reeves, Vice-Presidents; Henry H. Eldredge, Cashier; Everett J.
Jerrell, Assistant Cashier.
0,286—The First National Bank of Butler, Ind. Capital, $25,000. D. W.
Weitz, President; F. L. Farnsworth, James D. Wilcox and Frank
Creager, Vice-Presidents; Walter Snider, Cashier; R. C. Campbell,
Assistant Cashier.
9,287—The First National Bank of Nome, N. D. Capital, $25,000. Albert Johnson, President; Emil E. Lindvold, Vice-President; Theo.
Torbenson, Cashier. Conversion of the First Bank of Nome.
9,288—The First National Bank of Rowlesburg, W. Va. Capital, $25,000
Geo. E. Rogers, Pres.;W, W. Schoch, Vice-Pres.; E.Carver,Cashier.
9,289—The First National Bank of Torrington, Wyo. Capital, $25,000.
H. S. Clarke Jr., President; Edward H. Reid, Vice-Pres.; J. T.
McDonald, Cashier.
9,290—The Farmers' National Bank of Leechburg, Pa. Capital, $50,000.
W. F. H111, Pres.; J. D. Flude and J. A. Schwab, Vice-Pres.; C. F.
Armstrong, Cashier.
9,291—The First National Bank of Chase City, Va. Capital, $50,000.
N, H. Williams, Pres.; T. E. Roberts, Vice-Pres.; H. R. Cooley,
Assistant Cashier. Conversion of the Bank of Chase City.
9,292—The First National Bank of Cimarron, N. M. Capital, $25,000.
•
H. H. Chandler, Pres.; C. R. Bass and J. M. Heck, Vice-Pres.;
W. S. Kilpatric. Cashier.
9,293—The Farmers' National Bank of Kansas, Ill. Capital, $50,000.
R. S. Briscoe, Pres.; P. B. Honnold, Vice-Pres.; E. E. Covalt,
Cashier.
LIQUIDATIONS.
7,159—The Altus National Bank, Altus, Oklahoma, was placed Involuntary
liquidation November 15 1908.
8,060—The First National Bank of Remington, Indiana, was placed in
voluntary liquidation November 21 1908.
6.414—The Cherokee National Bank of Tahlequah, Ohlahoma, was placed
in voluntary liquidation November 25 1908.
7.220—The First National Bank of lailapoosa. Ga., was paced In voluntary liquidation Sept. 8 1908.
5,700—The People's National Bank of Kingfisher, Okla., was placedvin
1685
voluntary liquidation Sept. 12 1908.
7,581—The American National Bank of Pittsburgh, Pa., was placed In
,
voluntary liquidation Nov. 23 1908.
8,438—The American National Bank of Cincinnati. Ohio, was placed In.
voluntary liquidation Nov. 24 1908.
INSOLVENT.
6,419—The Citizens' National Bank of Monticello.Ky.,was placed in charge(
of a receiver Nov. 18 1908.
1,763—The First National Bank of Fort Scott, Kan., was placel in
charge
of a receiver Nov. 20 1908
5,082—The National Exchange Bank of Springfield, Mo., was placed In
charge of a receiver Dec. 7 1908.
• Auction Sales.—Among other securities the following, not
regularly dealt in at the Board, were recently sold at auetiori:
By Messrs. Adrian H. Muller & Son:
Stocks.
Stocks.
50 Standard Oil Co. of N.3_701
500 Stoney Creek Coal & Coke
10 Internat. Ocean Tel, Co_ 96
Co
20
500 Greene Consol. Gold Co.
10 Fraser Tablet Co., com
5
of W. Va., *10 each_ _$100 lot
2 Brooklyn Acad. of Music_ 50 '
24 Standard Rope & Twine
300 Cuban-Amer. Sugar Co.
Co
$1 lot
7% cum pref
7531-7536
123 Porto Rico Ry.Co. Ltd_ 20 H
25 Hanover Nat. Bank
521
100 Woman's Hotel Co
'
25
67 Virginia By. Co
2236
210 Wm. Cramp & Sons Ship
& Engine Bldg. Co
1631
Bonds.
150 The Dynelectron Co_ _ _ _$6 lot $5,000 By. Steel Spring Co. 1st
46 Central N. J Land Imp
58,1921. J. &J
96
Co
$240 lot $8,000 Union Bag & Paper Co.
1001Hudson Riv. Realty Co.
1st 55, 1930. J. &J
9234
$4 75 per share $10,000 Consol. Gas & Elec. Lt.
50 Nor'w'n Com'i Co_$53 per sh.
& Power Co. of Bait. gen'l
1,620 Mine Securities Corp _$61 lot
456s, 1935. J. & J
83
2,500 B'way Bldg. Co. 6%
$4,000 Minneap. St. & St. Paul
cum. preferred
25
City By. consol. 58, 1928.
3,500 B'way Bldg. Co.com_ _ 20
A. & 0
10534
720 Cripple Creek Cent. Ry.
$2,000 New Orl. Term. Co. 1st
Co. common
35
4s guar., Ser. A,1953. J. & J_ 7634
720 Cripple Creek Cent. Ry.
$30,000 Porto Rico Rye. Co.
Co. preferred
•
5591
Ltd., 1st 581936. M. &N _ 72
2,500 Mineral Hill Consol.
$2,000 Retsof Mining Co. 1st 5s.
Mines Co
$50 lot
1925. J. &J
6834
10 Chase Nat. Bank
340
$4,000 Am.Steel Foundries deb.
5 First Nat. Bank
805
4s1923. F. Fe A
6591
100 Internat. Elevating Co.,
$35,000 Amer. Type Founders
New York
Co. deb. 6s 1926. M. & N...100
6031
480 Newhouse Mill &!Lumber
$700,000 B'way Bldg. Co. 58,
Co. of Gould, Ark., $25
Series A
50
each
$3,000 $285,000 B'way Bldg. Co. 5s,
1 Clinton Hall Ass'n
51
Series B
40
80 Belgravia Hotel Co., New
$30,000 Chanute Cement & Clay
York City
$21 lot
Product Co. Interim 6s 1925.
10 Mahoning Coal RR. Co.,
J & D
87.95
preferred
106
$1,000 Ont. Power Co. 1st 5s
50 Richmond Lt. & RR.Co.
1943
90 & int.
Voting Trust Certfs
631 $1,000 Burl. & Mo. Riv. RR.
10 Phoenix Ins. Co of B'ki'n255
Co. In Neb.(18 1918.3. & J10536
300 Guggenheim Explor. Co_179 H
DIVIDENDS.
The following shows all the dividends announced for the
future by all large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
Albany & Susquehanna.(quer.)
43-4
Allegheny de Western, guaranteed
3
Atch. Topeka & Santa Fe, pref.(No. 21)_
23-4
Atlantic Coast Line RR., common
23.4
Beech Creek, guaranteed (guar.)
1
Belt Railway of Chicago (guar.)
2
Boston & Albany (quar.)
231
Boston & Lowell
4
Boston & Maine, corn. (quar.)(No. 173)
134
BostonRevere Beach & Lynn
3
Canada Southern
131
Carthage Watertown & Sac/cell's Harbor
231
Chesapeake & Ohio (annual)
1
Chic. & Alton, pref. & prior lien dr partic. 2
Chicago Burlington & Quincy (guar.)
2
Chicago & Eastern Illinois, pref. (guar.). 15.4
Chicago Indianapolis & Louisville, corn_ _
13-4
Preferred
2
Chicago & North Western, common
33.4
Preferred (quer.)
2
Chicago Rock Island & Pac. Ry.(quar.)_ 1
Chicago db Western Indiana (guar.)
131
Cin. New Orleans & Texas Pacific, corn
234
Cleve. One. Chic. & St. L., pref.(quay.). 131
Connecting (Philadelphia)
2
Delaware
4
Delaware River Railroad & Bridge
3
Denver & Rio Grande, preferred
234
Detroit & Mackinac, preferred
234
Georgia Railroad de Banking (guar.)
25%
Hocking Valley, common and preferred_ 2
Interborough Rapid Transit (quer.)
23j
Kansas City Southern, preferred (guar.)._
1
Lake Shore d: Michigan Southern
6
Lehigh Valley, common
2
Common (extra)
1
Preferred
5
Louisville & Nashville
234
Mahoning Coal RR., common
6
Preferred
231
Maine Central (quer.)
2
Manhattan ,guar. (quer.)(No. 99)
191
Michigan Central
3
Minneapolis & St. Louis, preferred
234
Morris & Essex
334
N. Y. Central & Hudson River (guar.)._ _
131
New York & Harlem
5
N. Y. Lackawanna & Western (quar.)__ _
191
N. Y. New Haven de Hartford (guar.)._ 2
Northern Central (No. 88)
4
RR. of New Hampshire (quer.) 134
Northern
Philadelphia Baltimore & Washington
2
Pittsburgh & Lake Erie
5
Reading Company, common
2
Rensselaer & Saratoga
4
St. Lawrence & Adirondack
4
St. Louis & San Francisco—
Chic. & East. III. coal. stk. tr. efts
5
Preferred stock trust els. (quar.)_
134
K. C. Ft. S. & M. pf. tr. Ws.(quar.)_ _
1
Southern Pacific, corn. (guar.)(No. 9)._ 1%
Preferred (No. 9)
334
Southwestern of Georgia
234
Union Pacific, common (quer.)
234
Vermont Valley
5
White Pass & Yukon
2
Wisconsin Central, pref. (quar.)(No. 1). 1
WorcesterNashua de Rochester
25
%
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Feb.
Dec.
Dec.
Jan.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Dec.
Jan.
Dee.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan,
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan,
Dec.
Jan.
Jan
Dec.
Feb.
Feb.
Jan.
Dec.
Books Closed.
Days Inclusive.
1 Dec. 16 to Jan. 1
2 Holders of rec. Dee. 21
1 Holders of rec. Dec. 30
11 Dec. 19 to Jan. 11
2 Holders of rec. Dec. 23
1 Do not close.
31 Holders of rec. Nov.28a
2 Nov. 26 to Dec. 1
1 Holders of rec Dec. 9a
1 Holders of rec. Dec. 15
1 Holders of rec. Dec. 31
31 Holders of rec. Dec. 24
22 Holders of rec. Dee. la
15 Holders of rec. Dee..31a
1 Dec. 27 to Jas. 3
2 Holders of rec. Dec.18a
30 Holders of rec. Dee. lb
30 Holders of rec. Dec. 18
2 Holders of rec. Dec. 3
2 Holders of rec. Dec- 3
1 Holders of rec. Dec.18a
1 Do not close.
•
23 Dec. 13 to Dec. 22
20 Holders of rec. Dec. 29
30
2 Holders of rec. Dec. 5a
24 Holders of rec. Dee. 17
15 Dec. 27 to Jan. 3
2 Dec. 16 to Jan. 3
15 Jan. 1 to Jan. 14
18 Holders of rec. Dec. 28
2 Dec. 20 to Jan.
15 Holders of rec. Dec. 31
29 Holders of rec. Dec. 31
9 Holders of rec. Dee. 215
9 Holders of rec. Dec. 25
9 Holders of rec. Dec. 26
10 Jan. 21 to Feb. 10
1 Holders of rec. Jan. lb
2 Holders of rec. Dec. 19
1 Holders of rec. Dec. 15
2 Dec. 12 to Dec. 23
29 Holders of rec. Dec. 31
15 Holders of rec. Dec. 31
2 Holders of rec. Dec.10a
15 Holders of rec. Dec. 22
2 Holders of rec. Dec. 15.
1 Holders of rec. Dec.15a
,
31 Holders of rec. Dec. 15
15 Holders of rec. Dec. 31
1 Holders of rec. Dec. 7a.
31 Holders of rec. Dec.
1 Holders of rec. Jan. 2'
1 Holdeve of rec. Jan. 15.
1 Dec. 16 to Jan. 1
31 Holders of rec. Dee. 24
Jan. 2 Dec. 17 to Jan. 3.
Jan.
2 Dec. 17 to Jan. 3
,
Jan. 2 Holders of rec. Dec.16a
Jan. 2
Jan. 15 Holders of rec. Dec. 31
Jan. 5 Dec. 16 to Jan. 5
Jan. 2 Holders of rec. Dec. la
Jan.
1 Dec. 16 to Jan. 1
Jan. 15 Holders of rec. Jan. 1.
Dec. 23 Holders of rec. Dec. 15.
Jan.
1 Dec. 20 to Dec. 311
Name of Company.
When
Per
Cent. Payable.
Street & Electric Railways.
.
Amer Cities Ry.& Lt., pref.(qu.)(No.10) 1%
lg
Bangor Ry. & Electric (guar.)(No. 14)._
$1
Boston cfc Worcester Elec. Cos., pre!
Capital Traction, Washington, D. C.(qu.) 1%
1%
Chicago City Ry.(guar.)
1%
Cincinnati Street Ry.(guar.)
3
Columbus (Ga.) Eke. Co., pref. (No. 5)
Ry., Philadelphia_ $3
Continental Passenger
El Paso Electric Co., pref. (No. 13) 48) 3
1%
Halifax El. Tramway, Ltd.(qu.)(No.
1
Honolulu Rap. Ti. & Land, com. (guar.)_
3
Preferred
3
Indianapolis Street Ry
Massachusetts Electric Companies. pref.1%
Philadelphia Company, common (guar.)_ _
P0rtland(Ore.)Ry.L.&P.,pf.(qu.)(No.10) 1,5
Puget Sound Electric Ry., pref.(No.6)-- 3
750.
Reading Traction
$3
Ridge Ave. Pass. Ry., Phila. (guar.)
14
Rochester Railway. pref. (guar.)
St.Joseph Ry.,L.H.&P.,pf.(qu.)(No.25). 14
Sao Paulo Tramway, Lt. & Power (guar.) 2%
Seattle Electric Co., common (No. 2)... 2%
Stark Electric RR., Canton, 0.(guar.).—
1%
Toronto Railway (guar.)
1%
Trt-City Ry. de Light, pref. (guar.)
Twin City Rapid Tran., Minn., pt. (qu.).. 14
$4.75
Union Passenger Ry., Philadelphia
3
Union Traction, Philadelphia
United Trac. & Elec., Providence (guar.)
25
West Philadelphia Passenger fly
Banks.
13
America, Bank of
3
Butchers & Drovers' National
3
Chase National
4
Chatham National (guar.)(No. 152)
2%
Coal & Iron National (guar.)
2,5
Colonial(guar.)
6
Columbia
2
Irving National Exchange (guar.)
5
Jefferson
5
Liberty National (guar.)
5
Extra
3
Mechanics' National (guar.)
1%
Metropolitan (guar.)
4
Mutual
7
New York, N. B. A., Bank of (No. 250).... 3
Nineteenth Ward (guar.)(No. 30)
3
North Side, Brooklyn (No. 29)
4
Park, National (guar.)
3
Phenix National
10
Plaza
5
Seaborad National
5
State
2
Twelfth Ward (No. 24)
5
Union Exchange
6
West Side
Trust Companies.
5
Bowling Green (guar.)
5
Brooklyn (guar.)
3
Fidelity
3
Fifth Avenue (guar.)
4
Franklin, Brooklyn
5
Fulton (No. 33)
5
(guar.)
Guaranty
3
Hudson
3
Lawyers'Title Insurance & Trust (guar.) 3
de Trust, Bklyn. (guar.) 3
Long Island Loan
Manhattan
3
Extra
5
Mercantile (guar.)
5
Extra
6
Metropolitan (guar.) (No. 48)
2
Mount Vernon (guar.)
34
Extra
8
(guar.)
New York
•
Standard
4
Title Guarantee & Trust (guar.)
2
Trust Company of America
25
United Stales
2
,
‘
Van Norden (guar.) (No. 15)
z
Extra
25 h
Extra
Miscellaneous.
14
Aeolian Weber Plano & Planola, pt.(qu.). 13%
American Beet Sugar, pf. (qu.)(No. 38). 1
Fdry., com. (quar.) lg
Amer. Brake Shoe &
Preferred (guar.)
155
American Can, preferred (guar.)
Amer.Car & Fdry., corn.(guar.)(No. 25)
Preferred (guar.) (No. 39)
.2
American Caramel, pref.(guar.)
•
American Express
Amer. Iron & Steel Mfg., com.&pf,(qu.). 114
American Locomotive, preferred (guar.).-. A%
American Piano, pref. (guar.)(No. 3)..- - 2
American Pipe Mfg. (guar.)
1.
American Radiator. common (quar.)_ -- Amer. Smelt. & Ret.,com.( qu.)(No. 21) ▪
134
Preferred (guar.) (No. 38)
4
American Snuff, common
154
Preferred
13%
Sugar Ref., cora, and pref. (guar.) 2
Amer.
American Surety (guar.) (No. 78)
2
Eara
2
American Telephone & Telegraph (guar.).
American Tobacco, preferred (quar.)
1
American Type Founders, common (guar.) 14
Preferred (guar.)
2
Bell Telephone of Canada (guar.)
Butte Elec. & Power, com.(qu.)(No. 17) $5
Calumet & Hecla Mining (guar.)
lg
Canadian General Elec., Ltd., corn. (qu.) 154
Celluloid Company (guar.)
'2
Extra
134
Central Coal de Coke, common (quar.)__ _ _
13%
Preferred (guar.)
2
Cent. Dist. & Print. Telegraph (guar.)._
Central Leather. preferred (guar.)
2
Ch. Junc.Rys.& Un.Stk.Yds., com (qu.)
IX
Preferred (guar.)
2
Chicago Telephone (guar.)
1)4
Cincinnati Gas & Electric (guar.)
131
Columbus Gas & Fuel, pref. (guar.)
1
Corn Products Refining, pref. (guar.).
Cumberland Telep. & Telco.(qu.)(No.101) 2
1
Dominion Coal, Ltd., common (guar.)..._
Duluth Edison Elec., pref. (qu.)(No. 11) 134
N-mrsu”s Powd.pr.(qr.) 14
du P (
234
Eastman Kodak. common (guar.)
134
Preferred (guar.)
2
Electric Boat, common (annual) (No. 3)
2
(guar.)
Preferred
Electric Storage flattery, com. de pref. (qu.)
13%
Empire Steel & Iron, pref.(No. 20)
134
Federal Mining & Smelting, common
2
General Electric (quar.)
14
Great Lakes Towing. preferred (quar.)
Guggenheim Exploration (guar.)(No. 24) 234
3
Ingersoll-Rand, preferred
13%
International Nickel, preferred (guar.)
[VOL. wcxxvii.
THE CHRONICLE
1586
11
34
135
134
134
In
34
Books Closed.
Days Inclusive.
When
Per
Cent. Payable.
Name of Company.
Books Cloud.
Days Inelustve.
Miscellaneous (Concluded).
Jan.
1 Dec. 12 to Jan. 19
1 Dec. 22 to Jan. 1 International Silver, preferred (guar.)._
2 Holders e rec. Dec.12a
Jan.
1 Dec. 21 to Dec. 31 Mackay Cos., com. & pref. (qu.).(No. 14)
214 Dec. 30 Dec. 29 to Dec. 23
1 Holders of rec. Dec. 26 Maryland Coal, preferred
1% Jan. 15 Holders of rec. Jan. la
1 Dec. 13 to Jan. 13 Massachusetts Lighting (guar.)
234 Dec. 31 Dec. 13 to Jan. 1
30 Dec. 8 to Dec. 13 Mergenthaler Linotype (quar,)
Dec. 31 Dec. 13 to Jan. 1
Extra
1
2 Holders of rec. Dec.18a
Jan.
1
1 Holders of rec. Dec. 21 Michigan Light, common (guar.)
2 Holders of rec. Dec.18a
134 Jan.
Preferred (quar.)
30 Holders of rec. Dec. 2
1 Jan. 17 to Feb. 1
of rec. Dec. 30 Michigan State Tel., pref.(guar.)(No.20) 144 Feb.
11 Holders
Jan. 15 Holders of rec. Dec.28a
41)_
2 Dec. 21 to Jan. 2 National Biscuit, corn.(guar.)(No.
Dec. 31 Dec. 12 to Jan. 1
31 Dee. 27 to Jan. 1 Nat. Enamel. & Stamping, pref. (guar.).
1 Dec. 12 to Dec. 15
Jan.
31 Dec. 27 to Jan. 1 National Lead, common (guar. )(No. 20)
Dec. 31 Dec. 29 to Jan. 3
1 Dec. 24 to Jan. 1 National Licorice, preferred (guar.)
2 Dec. 23 to Jan. 13
Jan.
1 Holders of rec. Dec. 5 National Sugar Refining, pref. (quar.)__ _
2 Dee. 22 to Jan. 1
Jan.
1 Holders of rec. Jan. 4 National Surety (guar.)
1 Dec. 19 to Dec. 31
Jan.
2 Holders of rec. Dec. 15 New England Cotton Yarn,common (guar.)
Dec. 21 Dec. 15 to Dec. 21
1 Holders of rec. Dec. 15 Niles-Bement
-Pond, common (quar.)_
Jan. 15
1 Dec. 12 to Jan. 3 Nova Scotia Steel & Coal, pref. (quar.)
1 Dec. 21 to Jan. 1
Jan.
1 Dec. 16 to Jan. 1 Old Dominion Steamship (No. 66)
Jan. 15 Holders of rec. Dec. 31
31 Holders of rec. Dec. 23 Otis Elevator, preferred (guar.)
2 Holders of rec. Dec.18a
Jan.
1 Holders of rec. Dec. 15 Peoria Light, preferred
Dec. 21 Dec. 20 to Jan. 2
1 Holders of rec. Dee. 21 Pittsburgh Plate Glass, corn. (guar.)
Jan. 15 Holders of rec. Dec.31a
15 Holders of rec. Jan. 1 Procter de Gamble, preferred (guar.)
Dec. 31 Holders of rec. Dec. 15
1
Royal Baking Powder, common (quar.)
Dec. 31 Holders of rec. Dec. 15
2 Holders of rec. Dec.15a
Preferred (guar.)
Jan. 15 Holders of rec. Jan. 4a
2 Holders of rec. Dec. 22 Quaker Oats, common (quar.)
Jan. 15 Holders of rec. Jan. 9a
2 Holders of rec. Dec. 15
Common (extra)
Dec. 21 Dec. 1 to Dec. 6
1 Holders of rec. Dec. 15 Quincy Mining (guar.)
Dec. 21 Dec. 9 to Dec. 21
1
Railway Steel Spring, pref. (guar.)
Dec. 23 Holders of rec. Dec. 9a
2 Dec. 9 to Jan. 3 Safety Car Heating & Lighting (quar.)_
Dec. 23 Holders of rec. Dec. Oa
1 Holders of rec. Dec. 15
Extra
1 Holders of rec. Dec.17a
Jan.
Sears. Roebuck & Co., pref. (guar.)
Jan. 15 Jan. 1 to Jan. 15
2 Dec. 19 to Jan. 3 Securities Company
Jan.
Jan. 20 Jan. 20 to Jan. 25
2 Holders of rec. Dec. 21 Shawinigan 1Vater & Power (guar.)
Jan.
2 Holders of rec. Dec.18a
2 Holders of rec. Dec. 31 Sloss-Sheffield Steel & Iron, pref. (guar.) 14 Jan.
Jan.
Dec. 23
$1
2 Holders of rec. Dec. 23 Spring Valley Water
Jan.
Dec. 24 Dec. 12 to Jan. 12
4
1Holders of rec. Dec 9 Standard Coupler, preferred
fan.
Dec. 31 Dec. 22 to Jan. 1
3
1 Dec. 22 to Jan. 1 Standard Gas Light, preferred
Jan.
Jan.
1 Holders of rec. Dec. 15
2 Holders of rec. Dec. 16 Standard Screw, common and preferred. 3
Jan.
1 Dec. 22 to Jan. 1
3;4 Jan.
2 Dec. 23 to Jan. 2 Street's Western Stable-Car Line, pref.—
Jan.
4 Dec. 17 to Jan. 7
14 Jan.
2 Holders of rec. Dec. 17 Swift dr Company (guar.)(No. 89)
Jan.
1 Dec. 22 to Jan. 5
134 Jan.
2 Holders of rec. Dec. 31 Tent, Weller Co., pref. (guar.)(No. 30)_
Jan.
154 Dec. 31 Dec. 20 to Dec. 30
2 Holders of rec. Dec. 31 Texas & Pacific Coal (guar.)
Jan.
1 Dec. 19 to Dec. 31
Jan.
2 Holders of rec. Dec. 19 Torrington Company, preferred
Jan.
Jan. 15 Holders of rec. Dec. 31
Dec. 20 to Jan. 1 Union Bag & Paper, pref. (quar.)(No.39)
2
Jan.
2 Dec. 17 to Jan. 3
Jan.
2 Dec. 25 to Jan. 3 United Bank Note Corp., pref.(auar.)--Jan.
Jan. 15 Holders of rec. Dec. 26
2
2 Dec. 22 to Jan. 1 United Fruit (guar.)(No. 38)
Jan.
Jan. 15 Holders of rec. Dec. 31
2
Dec. 31 Holders of rec. Dec. 21 United Gas Improvement (guar.)
5 Holders of rec. Dec. 12
Jan.
2 Dec. 16 to Jan. 3 United Shoe Machinery, common (guar.) 2
Jan.
5 Holders of rec. Dec. 12
Jan.
Preferred (guar.)
Holders of rec. Dec. 18
2
Jan.
2 Holders of rec. Dec. 10
1% Jan.
2 Dec. 25 to Jan. 1 United States Leather, pref. (guar.)
Jan.
Jan. 15 Holders of rec. Dec. 31
2 Holders of rec. Dec. 23 U.S.Smelt, Ref.& Mining, com. (quar.).. 1
Jan.
14 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
2 Holders of rec. Dec. 26
Jan.
Dec. 30 Dec. 11 to Dec. 30
2 Dec. 12 to Jan. 1 U. S. Steel Corp., corn. (guar.)(No. 20).
Jan.
50c. Jan. 15 Dec. 22 to Dec. 30
Dec. 31 Holders of rec. Dec. 21 Utah Consolidated Mining
50c. See. 31 Dec. 19 to Jan. 1
Dec. 31 Dec. 22 to Jan. 1 Utah Copper Co.(guar.)(No. 2)
Jan. 15 Jan. 1 to Jan. 15
2 Dec. 18 to Jan. 3 Virginia-Carolina Chem.,pf.(qu.)(No.53)- 2
Jan.
hi Jan. 15 Holders of rec. Dec.19a
Western Union Telegraph (qu.)(No. 159)
9 Jan. 1 to Jan. 8
2,4 Jan.
2 Dec. 27 to Jan. 13 Westinghouse Air Brake (guar.)
Jan.
2 Holders of rec. Dec. 17
Jan.
1
2 Holders of rec. Dec 21 Wilkes-Barre Gas & Electric (quar.)
Jan.
Dec. 31 Dec. 25 to Jan. 1
Dec. 31 Holders of rec. Dec. 30
a Transfer books not closed. d Correct on. e Declared 4%, payable in quarterly
Dec. 31 Holders of rec. Dec. 30
2 Dec. 22 to Jan. 1 Installments. h Payable In shares of the Nineteenth Ward Bank.
Jan.
Dec. 31 Holders of rec. Dec. 31
2 Dec. 25 to Jan. 3
Jan.
2 Dec. 17 to Jan. 3
Jan.
Imports and Exports for the Week.—The following are
2 Holders of rec. Dec. 19
Jan.
2 Dec. 3 to Jan. 1 the imports at New York for the week ending Dec. 12; also
Jan.
2 Dec. 3 to Jan. 1
Jan.
beginning of the first week in January:
Dec. 31 Dec. 25 to Jan. 1 totals since the
Dec. 31 Dec. 25 to Jan. 1
FOREIGN IMPORTS AT NEW YORK.
Dec. 31 Dec. 19 to Jan. 1
2 Holders of rec. Dec. 28
Jan.
1005.
1900.
1907.
1908.
For week.
2 Holders of rec. Dec. 28
Jan.
Dec. 31 Dec. 25 to Jan. 1
$3,986,171 $2,803,048 $4,720,515 $3,719,981
Dec. 30 Holders of rec. Dec. 23 Dry Goods
6,705,210 14,327,512 13,795,618
14,687,857
Dee. 31 Holders of rec. Dec. 23 General Merchandise
Dec. 31 Dec. 22 to Jan. 1
318,674,028 $9,508,267 $19,098,027 $17,515,590
Total
2 Dec. 20 to Jan. 1
Ian.
Since January 1.
Dec. 31 Holders of rec. Dee. 21
123,850,018 178,342,583 $156,809,737 2135,994,761
Dec. 31 Holders of rec. Dec. 21 Pry Goods
482,079,945 627,728,309 589,148,403 540,921,990
Dec. 31 Holder ol rec. Dec. 21 General Merchandise
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Dec.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Ian.
Jan.
154
14
Dec.
Jan.
Dec.
Dec.
Jan,
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Tan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan,
Jan,
Jan.
Jan.
Jan.
Jan.
Feb.
31 Dec. 22 to Jan. 3
2 Holders of rec. Dec. 19
31 Dec. 16 to Jan. 1
31 Dec. 16 to Jan. 1
2 Holders of rec. Dec.16a
1 Dec 12 to Dec. 20
1 Dec. 12 to Dec. 20
1 Dec. 12 to Jan. 1
2 Holders of rec. Nov.30a
1 Holders of rec. Dec.19a
21 Jan. 5 to Jan. 21
1 Dec. 11 to Jan. 0
1 Holders of rec. Dec. 15
31 Dec. 25 to Dec. 31
16 Dec. 25 to Jan. 1
2 Dec. 12 to Dec. 17
2 Holders of rec. Dec. 12
2 Holders of rec. Dec. 12
2 Dec. 3 to Jan. 3
31 Dec. 18 to Jan. 13
31 Dec. 18 to Jan. 13
16 Holders of rec. Dec. 31
2 Holders of rec. Dec. 12
15 Holders of rec. Jan. 11
15 Holders of rec. Jan. 11
15 Holders of rec. Dec. 24
2 Holders of rec. Dec. 20
19 Holders of rec. Nov. 15
1 Dec. 15 to Dec. 31
31 Holders of rec. Dec.14a
31 Holders of rec. Dec.14a
15 Jan. 1 to Jan. 15
15 Jan. 1 to Jan. 15
30 Jan. 24 to Jan.31d
2 Holders of rec. Dec. 10
2 Holders of rec. Dec. 14
2 Holders of rec. Dec. 19
31 Holders of rec. Dec. 23
1
1 Holders of rec. Dec. 19
11 Holders of rec. Dec. 31
1 Dec. 20 to Jan. 1
2 Dec. 22 to Jan. 1
1 Holders of rec. Dec.12a
25 Holders of rec. Jan. 15
1 Holders of rec. Nov. 30
1 Holders of rec. Nov. 30
31 Holders of rec. Dec. 21
1 Holders of rec. Dec. 21
2 Holders of rec. Dec. 23
1 Dec. 20 to Jan. 1
15 Holders of rec. Dec. 31
15 Holders of rec. Dec. 3
2 Dec. 16 to Jan. 2
2 Dec. 19 to Jan. 3
1,Holders of rec. Dec.12a
llJan. 10 to Feb. 1
Total 50 weeks
5605,929,963 2806,070,892 $745,958,140 $676,916,751
The following is a statement of the exports (exclusive of
specie) from the port of Nev York to foreign ports for the
week ending Dec. 12 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
Total 50 weeks
1905.
1906.
1907.
1908.
For the Week
Previously reported
$15,795,539 $14,203,835 213,127,210 $12,519,628
591,908,507 612,019,621 589,135,517 523,036,151
$607,704,046 2026,223,456 $602,202,736 $535,555,779
YORK.
EXPORTS AND IMPORTS OF SPECIE AT NEW
Imports.
Exports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other Countries
Total 1908
Total 1907
Total 1906
Silver,
Great Britain
France
Germany
West Indies
Mexico
South America
All other Countries
Total 1908
Total 1907
Total 1906
Since Jan.1
$2,524,737
25,144,904
19,017,343
1,344,400
4,000
$830 1,951,436
10,235
Week,
Since Jan.1
$3,718,386
1,075,282
36,183
49,047 5,188,846
474,058
212,453 2,876,149
7,013 3,132,436
$10,100
$830 $49,997,055 $279,213 $16,501,340
2,800 38,770,772 0,470,075 89,394,585
77,923 94,370,333
552,000 6,531,766
$679,625 $35,319,109
4,914,000
41,000
266,321
2,329
3,870
350
$681,954 $40,545,550
309,755 47,603,149
439,880 45,250,393
33,438
411,460
$73,590
68,514
118,785
185,286
1,773,009
1,336,283
740,328
2456,519 $4,295,795
238,673 3,706,464
45,491 2,795,562
Of the above imports for the week in 1908, $42,422 were
American gold coin and $11,590 American silver coin. Of
the exports during the same time, $830 were Amerwere American silver coin.
ican gold coin and
THE CHRONICLE
Mo.19 1908.)
-The
Statement of New York City Clearing-House Banks.
detailed statement below shows the condition of the New
York City, Clearing-House banks for the week ending Dec.
12. The figures for the separate banks are the averages of
the daily results. In the case of the totals, the actual figures at the end of the week are also given.
We emit two ciphers (00) in all cases.
Banks.
00s omitted.
Capital. Surplus.
Loans.
Average.
Specie. Legal
s. Deposits.
Average. Average. Average.
Re-
1587
185,400, an increase of $496,600 over last week: averages include United States
deposits of $9,200,700, an increase of $401,000 over last week.
"Reserve on deposits" includes, for both trust companies and State banks, not
only eash Items but amounts due from reserve agents. In addition the Trust
Companies also on December 12 held a bond reserve of $28,281,200. 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 30 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.
RESERVE REQUIRED FOR TRUST COMPANIES & STATE BANKS
-Trust CompaniesSlate Banks
Total 0/ which in Cash.
Total 01 which in Cash.
_
Bank of N. Y. 2,000,0 3,382,8 22,229,0 4,562,0 1,137,0 21,422,0 26.7
Reserve
Reserve
Manhattan Cs_ 2,060,0 3,479,7 40,400,0 11,543,0 1,705,0 49,500,0 26.7
Required. Now. By Feb.l. Required. Now. By Feb.1
LocationMerchants' __ 2,000,0 1,645,0 20,117,0 3,610,0 1,787,0 21,143,0 25.7
15%
10%
11(% 15%
15%
*25%
Mechanics' -__ 3,000,0 3.716,3 30,361,0 6,700,0 1,730,0
9,409,0 26.0 Manhattan Borough
15%
*20%
83 % 10%
,
1
75% 10%
1,800,0 6,032,4 29,036,3 5,473,2 2,603,0 31,743,3 25.4 Brooklyn Borough
America
15%
7%% 10%
620,1
1,000,0
Phenix
15%
7,067,0 1,284,0
734% 73S%
343,0
6,188,0 26.9 Other Boroughs
4%
53.% 6%
5%
10%
*15%
25,000,0 25,531,3 202,125,5 46,970,0 8,272,0 208,204,5 26.8 Elsewhere in State
City
Chemical __
_ 3,000,0 5,832,2 30,410,1 6,602,1 1,825,2 30,721,5 27.4
* This is the aggregate reserve required on and after Feb. 1 1909. According to
Merchants' Ex_
600,0
533,0
6,798,3 1,361,9
523,7
7,172,0 26.8 the State Banking Department, the present aggregate reserve requirement for ManGallatin
1,000,0 2,418,9
9,644,5 1,299,7
748,2
7,829,7 26.5 hattan is 20%; for Brooklyn. 17% %, for other boroughs, 15%, and for the rest of
300,0
Butch. & Drov.
150,3
2,133,3
572,5
71,1
2,316,4 27.8 the State, 12% %.
Greenwich
800,0
733,7
6,719,5 1,818,5
200,0
7,558,2 26.6
Amer. Exch._ _ 5,030,0 4,968,0 31,465,1 5,571,3 1,173,3 25,600,6 26.6
Reports of Non-Member Banks.
-The following is the
Commerce
25,000,0 15,546,3 166,379,2 23,926,4 14,313,5 149,543,8 25.8
Mercail
3,000,0 2,521,7 12,305,4 1,570,5
8,762,7 26.0 statement of condition of the non-member banks for the
681,7
....
........
Pacific
500,0
852,4
3,412,3
524,1
3,427,2 35.7
699,5
_
Chatham.
.
450,0 1,009,1
7,412,1 26.1 week ending Dec. 12, based on average daily results:
6,960,7
894,9 1,030,6
Peoples'
200,0
466,5
2,207,0 28.4
1,898,2
662,3
65,4
We omit ttoo ciphers (00) in all cases.
Hanover
3,000,0 9,989,6 69,733,9 12,070,5 9,464,4 82,336,4 26.4
Citizen's Cent_ _ 2,550,0 1,275,7 23,602,9 6,337,2
329,2 24,491,9 27.5
Nassau
500,0
5,188,3 25.3
392,3
854,0
4,791,7
459,4
Legal
LOa&I,
Deposit with
Market & Ful'n 1,000,0 1,619,9
8,562,9 32.7
7,809,4 1,756,6 1,035,3
Disc'ts
Tender
Metropolitan _ 2,000,0 1,207,5 12,278,4 3,782,5
Banks.
Capi186,5 13,401,1 29.6
Surand
Specie. and
ClearOther
Net
Corn Exchange 3,000,0 5,241,2 43,642,0 6,894,0 5,702,0 50,851,0 24.7
tal.
plus.
InvestBank
tag
Banks. Deposits
Imp. & Traders' 1,500,0 7,416,4 28,505,0 6,276,0 1,542,0 26,888,7 25.3
ments.
Notes. Agent.
dtc.
Park
3,000,0 9,584,6 93,204,0 25,999,0 1,566,0 107,620,0 25.6
1 492 1 32.7 N. Y. City.
192,9
East River_
296,4
1,242,7
100,3
250,0
Fourth
3,000,0 3,363,1 26,544,0 5,206,0 2,736,0 28,964,0 27.5 Boroughs of
$
389,0 12,268,026.4 Man.&Brz
Second
$
1,000,0 1,753,0 11,091,0 2,857,0
$
$
$
$
$
214,3 1,066,0
79,0
10,000,0 17,072,2 133,913,5 36,520,6 1,150,1 141,701,1 26.7 Wash Hgts. 100,0
First
44,0
120,0
__
1 017 0
820,9 20,851.5 26.7 Century _ _ '200,0
154,3 1,693,8
Irving Exch..- 2,000,0 1,375,2 19,327,6 4,713,1
31,4 219,6
127,8 213,6 2,122,4
792,1
757,0
1,987,7
64,0
231,3 4,158,4 594,3 244,7
3,255,0 25.2 Colonial ___ 400,0
250,0
Bowery507,7 602,3 5,529,1
665,6
7,564,5 1,331,4
500,0 1,137,4
430,9 5,536,0 572,0 532,0
8,173,6 25.2 Columbia _ _ 300,0
N. Y. County_ _
891,0
____ 6,982,0
655,0
4,058,3
686,9
750,0
German-Amer _
200,0
233,9
3,775,4 24.3 Fidelity
72,9
174,7
31,3
941,5
114,9
-_
897,8
5,000,0 5,617,5 80,544,4 18,442.0 4,759,9 91,826,8 25.4 Jefferson_ __ 500,0
Chase
685,3 3,149,6
33,9 294,2
304,0 357,3 3,269,3
100,0 2,108,1 12,945,2 2,729,2 1,225,7 14,771,0 26.7 Mt. Morris_ 250,0
Fifth Avenue_ _
265,3 2,157,6 367,9
33,8
513,6
84.2 2,983,0
3,408,5
200,0
German Exch._
892,5
375,1
4,067,2 25.9 Mutual __. 200,0
680,7
319,6 3,423,9
29,5 459,6
656,9
5,1 4,125,2
Germania
993,6
4.777,0
200,0
774,8
610,7
5,516,9 25.1 19th Ward_ 300,0
478,9 3,534,2
539,2 1,271,5 5,443,9
87,6 535,6
Lincoln
1,000,0 1,278,2 14,477,1 2,006,6 1,067,2 15,765,0 25.2 Plaza
100,0
397,4 3,814,0 221,0 308,0
688,0
__- 4,710,0
7,263,8 1,868,7
Garfield ------ 1,000,0 1,137,4
7,726,4 31,1 23rd Ward_ 200,0
503,7
92,0 1,569,8 161,8
52,4
270,8
- 1,883,9
464,4
Fifth
250,0
3,090,7
437,3
357,7
Union Exch 750,0
828,0 6,940,1 773,4 600,0
772,6
-__ 7,534,2
Metropolis _;
1,000,0 2,000,3 11,776,4 2,063,7
991,1 12,104,0 25.2 Yorkville _ _
3,1955 25.2
420,6 3,333,9
100,0
245,1
66,3 800,9
____ 4,331,6
200,0
West Side
929,5
4,199,0
899,0
258,0
4,605,0 25.1 Coal& I.Nat 500,0
730,0 150,0 5,118,0
705,5 4,637,0 912,0 357,0
Seaboard
1,000,0 1,665,1 21,285,0 4,938,0 1,527,0 25,288,0 25.6 NewNethl'd 200,0
236,4 1,627,0 139,0
229,0
15,0 1,649,0
46,0
Liberty
1,000,0 2,512,0 16,017,4 3,738,8
260,7 15,616,4 25.8 Batt.Pk Nat 200,0
144,4 1,025,4 194,0
20,4
62,2
__
876,1
N. Y. Prod. Ex. 1,000,0
7,044,6 2,015,3
670,6
171,8
8,405,8 26.0 Borough of
State
1,000,0
827,7 10,435,0 3,493,0
250,0 13,424,0 27.8
Brooklyn.
14th Street_ _
4,653,2
319,8
824,4
1,000,0
539,2
5,181,6 26.3 Broadway. 150,0
462,2 2,851,5
21,6 384,5
198,3 228,6 3,364,7
rpor
2,000,0 2,490,8 18,871,1 4,496,5
218,3 18,121,4 26.2 Mfrs' Nat
782,1 5,652,0 666,6 132,9 1,109,9 170,5 6,628,4
252,0
Mechanics'. 1,000,0
948,1 10,010,6 250,5 1,511,3 1,437,5 150,4 13,085,2
Totals, Average 126,350,0 165,322,7 1339,547,4 289,966,8 79,082,3 1408,597,9 26.3 Nassau Nat
946,3 6,647,0 328,0 657,0 1,105,0
750,0
__ 6,858,0
Nat. City_
300,0
591,0 4,202,0 118.0 656,0
964,0 238,0 5,765,0
Actual figures Dec. 12
1336,422,2 285,220,5 79,947,9 1400,057,4 26.2 North Side_ 200,0
45,8 207,7
128,3 167,7 1,830,8
132,7 1,538,0
Jersey City,
First Nat_ 400,0 1,228,2 4,072,1 185,9 344,4 3,107,6 1,532,0 7,444,1
ItiLOn the basis of averages, circulation amounted to $46,489,000 and United States Hud.Co.Nat 250,0
42,3
322,5 486,3 2,714,3
770,7 2,485,6 204,3
deposits (included in deposits) to $9,200.700; actual figures Dec. 12; circulation, Third Nat_ _ 200,0
61,3 153,1
691,6
365,7 1,891,4
47,7 2,662,8
646,329,400; United States deposits, $9,185,400.
Hoboken.
First Nat
220,0
150,4 134,9 2,145,8
608,4 2,419,9 119,0
27,7
Second Nat. 125,0
224,5 1,991,3
96,8 238,3 2,290,2
faThe State Banking Department also now furnishes weekly
80,0
54,4
S'Ve.
i
returns of the State banks and trust companies under its Tot.Dec. 12 8,347,0 12,838,8 92,369,6 6,417,0 8,750,8 16,084,7 6,093,4 113261,9
Tot.Dec. 5 8,147,0 12,664,2 91,326,7 6,404,1
14,529,8
110351,3
charge. These returns cover all the institutions of this class Tot.Nov,28 8,147,0 12.619.2 90.467.3 6.525.5 8,548,4 15.599.4 6,017,2 109211.8
8.406.6
5.815.6
in the whole State, but the figures are compiled so as to
New York City,Boston and Philadelphia Banks.
-Below is
distinguish between the results for New York City (Greater
a summary of the weekly totals of the Clearing-House banks of
New York) and those for the rest of the State. FurtherNew York City, Boston and Philadelphia. The New York
more, in the case of this city, besides reporting the results for
figures do not include results for non-member banks.
the State banks and for the trust companies,separate figures
We omit two ciphers in all these figures.
are presented to indicate the totals for the State banks and
Capital
Circuand
trust companies in the Greater New York not in the Clearing Banks. Surplus. Loans. Specie. Legate. Deposits. a lotion. Clearings.
House. In the following we give all the different sets of
$
$
New York
$
$
$
$
$
figures, indicating by plus(+) minus(-)sign the changes Nov. 14.. 290,070,1 1328,147,6 302,088,l 79,004,8 1403,522,6 52,431,8 2,345,970,5
or
Nov.21_ 290,070,1 1332,773,1 303,390,5 79,716,2 1414,028,3
from the previous week. To make the statement as com- Nov.28_ 290,070,1 1340,537,1 304,427.2 80,047,2 1425,375,0 47,901.32,172,383,0
45,542.1 1,689,119,2
Dec. 5_
1347,145,3 296,706.8 79,498,1 1424,132,5
2.190,116,9
prehensive as possible, we start with the totals of the Clearing Dec. 12__ 290,070,1 1339,547,4 289,966,8 79,082,3 1408,597,9 45,959,7 2,004,408,5
291,672,7
46,489,0
Boston.
House banks as contained in the above, giving both the Nov.21_ 41,790,0 210,429,0 26,694,0 4,058,0 263,669,0 8,783,0 187,431,1
Nov.28 _ 41,790,0
.
25,650,0 4,414,0
138,494,3
averages for the week and the actual figures at the end of Dec. 5._ 41,790,0 210,756,0 25,138,0 9,521,0 257,057,0 8,621,0 173,359,1
211,596,0
261,205,0 8,763,0
Dec. 12_. 41,790,0 214,761,0 25,327,0 4,330,0 261,588,0 8,795,0 170,323,0
the week.
Phila.
Nov.21- 59,390,0 247,004,0
NEW YORK CITY BANKS AND TRUST COMPANIES.
80,551,0
308,502,0 13,230,0 142,022,1
82,033,0
305,937,0 13,228,0 117,279,3
p,C. Nov.28- 54.390,0 245,995,0
Week ending December 12 1908.
82,366,0
306,379,0 13,243,0138,967,7
Loans and
Reserve on of Re- Dec. 5._ 54,390,0 245,965,0
80.860.0
304.504.0 13.461.0 121.531.4
Lewis.
00s omitted. Investments. Specie.
Deposits.
Deposits. serve. Dec. 12._ 54.390.0 247.543.0
a Including Government deposits ,and for Boston and Philadelphia the Item
Clearing-House
MIBanks-Actual 1,336,422,2 285,220,5 79,947,9 1,400,957,4 365,168,4 26.24 "due to other banks". At New York Government deposits amounted to $9,200,700 on December 12, against $8,799,700 on December 5; at Boston to $1,556,-2,857,1 -8,086,6 +865,3 -10,478,5 -7,221,3
Clearing House
000 on December 12 and $1,559,000 on December 5.
Banks
-Aver .1,330,547,4 289,966,8 79,082,3 1,408,597,9 369,049,1 26.37
-7,597,9 -6,740,0 -415,8 -15,534,6 -7,155,8
State Banks
Average
299,545,9 51,559,4 a25,000,3
350,291,7 98,208,1 28.6
+5,233,2 -6,400,8 -174,4
-231,7 -6,983,7
Trust Companies
Average
938,791,0 85,315,7 a8,999,3 1,013,022,2 276,053,6 29.7
+18,095,7
We shall be pleased to furnish to Institutions and investors copies
+765,9 +694,4
+2,483,8 -14,609,8
State Banks and
of our special circular describing
Trust Co's-not
43 RAILROAD BONDS
In Clear.-Iiouse1,030,876,0 91,040,7 a17,083,1 81,123,055,3 307,479,5 29.7
Listed upon the New York Stock Exchange
+19,097,2
+662,1 +725,0
+4,299,5 -13,985,9
Aaniting and Financial.
STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW YORK.
Week ending December 12 1908.
%
Loans.
Deposits.
Reserve. Res.
State Banks
882,019,300 $87,807,000 $19,327,200 22.7
+588,000
-497,900
--882,400
123,452,600 132,954,200 23,563,200 18.3
Trust Companies
+362,000
+151,800
--427,600
+Increase over last week. -Decrease from last week.
a Includes bank notes. b After eliminating the item "Due from reserve depositories and other banks and trust companies in New York City," deposits amount to
$951,442,100, an increase of $18,315,100 over last week's figures.
Note.
-In the case of the Clearing-House banks, the deposits are "net" both for
the average and the actual figures; in all other cases "gross" deposits are shown. The
Clearing-House actual figures included United States deposits amounting to 3,9-
Spencer Trask & Co.
WILLIAM AND PINE STS.,
NEW YORK
Branch offices: Chicago. Ill.. and Albany, N.
MOFFAT & 'WHITE
Members New York Stock Exchange.
HANOVER HANK BUSS DING
6 NASSAU STREET.
DEALERS IN INVESTMENT SECURITIES.
Commission Orders Executed f r CaPh raly.
Lxxxvii.
THE CHRONICLE
1588
Cankers' Gazette.
Wall Street, Friday Night, Dec. 18 1908.
-A United
The Money Market and Financial Situation.
States Supreme Court decision early this week affecting
practice before the Inter-State Commerce Commission attracted considerable attention in financial circles. Later
the same circles have been interested in the public utterances of the President-elect, especially those relating to
tariff revision, and in the appointment by Governor Hughes
of a committee to inquire into the methods and practices
in vogue at the various exchanges of this city.
There is perhaps room for a difference of opinion as to
whether either of these matters have had any perceptible
effect upon security values. However that may be, railway shares were very strong on Monday, when a considerable
number of high-grade issues sold at the highest prices of the
year. More recently there has been a general decline in all
classes of securities.
The latter movement is, no doubt, due to several influences, prominent among which has been a decidedly firmer
money market, the near approach of the holiday period
and the end-of-the-year settlements.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
4
9
from 2% to 43/%. To-day's rates on call wdre 23 ©3 %.
Commercial paper quoted at 3%©4% for 60 to 90 day
endorsements,4 ©43% for prime,43©5% for 4 to 6 months
single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £933,054 and the percentage
of reserve to liabilities was 45.62, against 48.69 last week.
The rate of discount remains unchanged at 23/2%, as fixed
May 28. The Bank of France shows an increase of 25,600,000 francs gold and a decrease of 2,300,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1908.
Averages for
week ending
Dec. 12.
Differences
from
previous week.
1907.
Averages for
week ending
Dec. 14.
1906.
Averages for
week ending
Dec. 15.
$
$
129,100,000 123,150,000
126,350,000
Capital
163,396,900 156,632,300
165,322,700
Surplus _
Loans and discounts_ _ _ 1,339,547,400 Dec. 7,597,900 1,175,027,900 1,027,666,300
529,300
53,551,100
86,997,900
46,489,000 Inc.
Circulation
1,408,597,900 Dec. 15,534,600 1,066,865,900 967,061,400
Net deposits
401,000
76,704,900
15,238,000
9,200,700 Inc.
U. S. dep. (Incl. above)
289,966,800 Dec. 6,740,000 177,165,300 171,040,100
Specie
415,800
68,126,200
49,450,000
79,082,300 Dec.
Legal tenders
369,049,100 Dec. 7,155,800
352,149,475 Dec. 3,883,650
Surplus reserve
Surplus, excl. U. S. dep
226,615,300
266,716,475
240,066,300
241,765,350
16,899,625 Dec. 3,272,150 def40,101,175 der .1,699,050
19,199,800 Dec. 3,171,900 def20,924,950
2,110,450
-The Clearing House now issues a statement weekly showing the totETI
Note.
of the actual figures on Saturday morning. These figures, together w th 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 nreceding page.
-Long
Sterling, Actual
.04 8515
4 8505
High
04 8480
4 8470
Low
Paris Bankers' Francs
05 1791
5 174a
High
@5 1791
5 1891
Low
Germany Bankers' Marks
4
94 13-16 0941
High
094%
9491
Low
Amsterdam Bankers' GuildersHigh
Low
----Cables
Short
14 8710
14 8660
04 8725
04 8675
14 8745
14 8705
15 1591a
15 mg
05 15%d
05 1591
1
1
04 8770
04 8710
pk:1
1 95 3-16 @
I
1 9591
0 053-16 I
‘
1
40 35
40 33
0 40 36
® 40 35
Less: a 1-16 of 1%. d 1-32 of 1%. h 3-32 of 1%.
Pius- k 1-16 of 1%. x 1-32 of 1%. y 3-32 of 1%.
The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah
buying 50c. per $1,000 discount; selling 75c. per $1,000
premium. Charleston selling $1 per $1,000 premium. New
Orleans bank 75c. per $1,000 discount; commercial $1 per
$1,000 discount. Chicago 5c. per $1,000 premium. St.
Louis par©10e. per $1,000 premium. San Francisco 50c.
per $1,000 premium.
-Sales of State bonds at the
State and Railroad Bonds.
Board $10,000 Virginia 6s deferred trust receipts at 46%.
Interboro-Metropolitan bonds have been the most active
features on a demand which carried them up over a point.
Wabash ref. and ext. 4s are nearly 2 points higher, in sympathy with the shares. Some of the convertible issues are
Dec.
12
Dec.
14
Dec.
16
Dec. Dec.
18
17
registered Q-Jan *10391 *10391 *10391 *103 *103 *103
?s, 1930
coupon Q
-Jan *104 *104 *104 *104 *104 *104
?s, 1930
registered Q-Feb *100g *mom *10091 *10091 101 *10091
Is, 1908-18
coupon Q-Feb *10091 *10091 *10091 *10091 *10091 *10091
Is, 1908-18
Is, 1908-18_ _small coupon Q-Feb *100 *100 *100 *100 *100 *100
-Feb *12091 *12091 *12091 *12091 *12091 *12091
registered Q
is, 1925
coupon Q-Feb *121 *121 *121 *121 *121 *121
is, 1925
is, 1936.Panama Canal coup Q-Nov *102 *102 *102 *102 *102 *102
Dec.
15
-The stock market
Railroad and Miscellaneous Stocks.
was decidedly strong on Monday, especially the railway department, when of a list of 25 prominent issues belonging
to that group 10 sold at the highest prices of the year.
Since Monday the market has been much less active and the
tendency of prices generally downward. Some of the causes
for this movement are referred to above. It was in part
sympathetic, however, the result of a decline of nearly 14
points in American Smelting & Refining shares. This drop
was coincident with reports of the organization of a strong
competing company and also by a decline in copper metal.
A list of the stocks which made new high records early
this week includes Pennsylvania, New York Central, Great
Northern, North West., Baltimore & Ohio, Chesapeake &
Ohio, Missouri Pacific, Mexican Central, Missouri Kansas &
Texas, Wabash preferred and Western Maryland. The
operations of the week, however, leave 18 active railway
issues,'out of a list of 25, an aveiage of between 2 and 3
points lower-and 7 higher than last week.
The "industrials" have nearly all declined in sympathy
with the copper stocks, General Electric being the exception. It advanced 45' points on Wednesday on rumors of
important contracts with some of the largest railway systems.
For daily volume of business see page 1598.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
*This is the price bid at the morning board - no sale was made.
STOCKS.
Week ending Dec. 18.
Cent & So Amer Teleg__
Chic Burl & Quincy__ _
Chicago Term Transfer_ _
Comstock Tunnel
Conn Ry & Ltg, pret_ _
Des Moines & Ft Dodge_
Hock Vail, pret J P M
receipts
Homestake Mining
Horn Silver Mining
Kan & Mich tr rcts
Manhattan Beach
Nat Mex, pret tr rcts__
2d pref trust rets
N Y & N J Telephone_
Rights
Peoria dc Eastern
Quicksilver Mining
RR Securities-Ills Cent
stock trust certificates
Rome Water & Ogden
Rutland, preferred
-C & E Ills
St L & S F
new stk trust etts
U S Leather, pref
Vulcan Detlnning
Preferred
Sales
for
Week
000 M000
.000
000
-After opening strong the market had
Foreign Exchange.
an unsettling fall influenced by dearer money, offerings of
security bills and speculative selling, and it was lower thereafter, closing firmer. No gold engagements were effected.
To-day's (Friday's) nominal rates for sterling exchange
were 4 8534©4 86 for sixty day and 4 873-©4 88 for sight.
To-day's (Friday's) actual rates for sterling exchange were
4 8490©4 85 for long, 4 8690©4 87 for short and 4 8720©
4 8730 for cables. Commercial on banks 4 8455©4 8465
and documents for payment 4 8455©4 8465 and grain for
payment 4 85©4 853-i.
To-day's (Friday's) actual rates for Paris bankers' francs
9
were 5 1734a©5 173/ for long and 5 15%a©5 15%d for
short. Germany bankers' marks were 94 13-16©94% for
long and 953d©953.4 for short. Amsterdam bankers'
guilders were 40 33©40 35 for short.
Exchange at Paris on London to-day 25f. 14c.; week's
range 25f. 15c. high and 25f. 14c. low.
The week's range for exchange rates follows:
Interest
Periods
.0.0000 0.000000MV00
..000M OC.,00000.,00
.=...
Reserve held
25% of deposits
lower, as a result of a decline in stocks-including Atchison?
Union Pacific and Rock Island 4s. 'Other relatively active
bonds have moved within a narrow range and close without
important net changes.
United States Bonds.
--Sales of Government bonds at
the Board include only $1,000 3s, reg., 1908-18, at 101.
The following are the daily closing quotations; for yearly
range see third page following.
Range for Week.
Lowest.
Highest.
10891 Dec
200 Dec
4 Dec
25c. Dec
72 Dec
1591 Dec
14 10891
12200
591
11
18 30c.
14 72
15 10
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
17 91
1 9691
15 65c.
17 56
14 291
16 43
14 2291
17 116
14 291
16 28
12 191
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
91
9691
65c.
5391
291
43
2291
116
291
2791
191
Range since Jan. 1.
Lowest.
14 100
12 200
14 191
14 20c.
14 72
14 5
1
17 70
15 67
15 65c.
14' 29
141 291
16 43
14 1791
17 90
14 291
12 13
14
X
Highest.
Apr 10891
Dec 200
Feb 8
Alch 44c.
Dec 72
Mcb 17
Dec
Dec
May
Apr
Dec
Nov
Jan 91
Jan 0691
Dec 70c.
Jan 56
Dec 291
Dec 5491
Sept 2291
Feb 122
Dec 3
Apr 2991
Apr 191
Dec
Nov
Sept
Dec
Jan
Nov
Dec
Nov
Dec
Dec
Dec
Mch 94
8991 Dec 16 89% Dec 17 79
Sept
12491 Dec 1412434 Dec 14 11491 Apr124% Dec
37 Dec 14 3791 Dec 14 24
Jan 3791 Dec
65
118
8
4891
Dec
Dec
Dec
Dec
16 65 Dec
14 118 Dec
18 991 Dee
15 493j Dec
16 50
14 95
17 3
14 25
Apr 67
Jan 120
Mch 1091
Apr 5091
Dec
Dec
Nov
Nov
Outside Market.
-The outside market has shown considerable weakness during the week, with the result that prices,
with few exceptions, have moved to lower levels. The
decline has been helped along by the depression on the
Stock Exchange. Business on the whole has been quiet.
Standard Oil sold up at the beginning of the week from
684% to 710, a new high record for the year. It closes
to-day at 685. American Tobacco in the early trading
moved up 5 points to 350. It subsequently sank to 337.
Chicago Subway lost 2 points to 253- and to-day sold off
4
to 25 closing at 253 . A feature of the trading was the
'
initial transactions in the new Brazilian coffee loan 5s at
from 933 to 93 and up to 93%,with a subsequent reaction to
933s. Continued weakness marked the trading in copper
shares. Boston Consolidated rose from 163 to 1634 but
fell to 159'. British Columbia rose from 8% to 834, then
declined to 8. Butte Coalition dropped from 273( to 263/
9
t
and sold finally at 263. Cumberland-Ely in the early
trading went up from 834 to 83,but later dropped to 79j•
Greene Cananea advanced from 10% to 119, reacted to
10% and to-day sold up to 113-i. Nevada Consolidated sold
,-g
down from 203 to 183, closing to-day at 18k. United
Copper common,after an advance from 143i to 1434,receded
to 12%. Goldfield Consolidated lost a point to 7%, recovering finally to 8. Nipissing held fairly steady, losing half
a point to 10. Announcement was made that an extra
dividend would be declared at the coming meeting. Cobalt
Central drOpped from 69 cents to 54 cents, closing to-day at
5534. Rawhide Coalition opened the week at 75 cents,
reached 86 cents, then broke to 63 cents, closing to-day at
68 cents.
Outside quotations will be found on page 1598.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly'
()COUP% IN44 T‘V
STOCKS-HIGHEST AND 1.01V1182' SAGE PRICES
,saluremy
Dec. 12
onday
Dec. 14
Tuesday
Dec. 15
W ednesaay
Dec. 18
Thursday
Dec. 17
Friday
Dec. 18.
.1a161
me
Wees,
Shares.
STOC KS
NEW YORK STOCK
EXCHANGE
ticrnye Since Jan. I loos.
On basis 01 100-snare to
Lowest
Ht(711,3i
Railroads
9938 Nos 3
0712 9814 9734 9818 9514 9758 0514 9614 39,500 A tch Topeka & SantaFe 66 Feb 14
0778 99
9734 08
1
c 11
8338Feb 11 1101213142
1,520 II Do pref
8
10218 10218 10112 10218 102 102
102 10218 10214 1023 102 102
691 Arch I
:
Dec
2,500 Atlantic Coast Line RR
110 11012 110 110
11013 111
10912 11014 x106 107
*110 111
7612 Feb 10 11178 Dec 14
11058 1114 10913 111% 10978 1107 1083 1105 1081810912 84,550 1.1altimore & Ohio
109 110
8
4
1
643 m
93 4 Dec 2
80 Jan 11
50 'Do pref
*9112 94
*9112 94
§93
*9112 94
93
*9112 9312 *9113 94
3714 Feb It. 19 Dec 11
8 5618 5714 5614 58
5718 687
5778 5578 5814 74,810 Brooklyn Rapid Transit_
56
5712 5834
Buffalo & Susque, pref__ 35934 Oct 23
*____ 6212 *____ 621: *____ 6212 *___ 6212 ct_ 6212 *____ 6212
140 Feb 1
anadlan Pacific
177 17734 1757 1763 1767 17712 1744 17738 1743 1754 13,1'25 /'
4
8
4
17634 178
8
6818 Nciv k
54 Mch 4 18° Novi.
100 % anada Southern
6712 *68
66
6713 *66
6712 6614 6614 *63
6713 *66
*66
u 7
9
1
160 Feb 11 2281: Dec 1t
2,010 Central of New Jersey.._
22012 22513 229 229 *223 228
220 220 *218 221 *218 220
2512 Feb 13 59 Dec 14
66
57125834 6713 59
574 6612 5841 5514 573
4 5514 5658 73,250 Chesapeake & Ohio
10 Feb 13
5,800 Chicago & Alton RR_
5334 51/2 523
52
63
5358 5238 5313 5013 53
51
5234
4
79 Ae g14
47 Mch24 6814 D uc 0
*73
73
*73
7613 *70 76Do pref
78
7813 *72
*70
7612 *70
3% Feb 8 1458 Nov17
1444
11
1112 12
1113 50 Chicago Great Western_..
1112 12
1114 1158 11
1178 12
- 3312 Mehl:
Do 4% debentures
62
*58
62
64
*58
*60
*60
83 *80
64
64
*58
1512 Feb 1' 39 Nov18
Do 5% pref "A"
400
*35
36
36
3
*35
*35 4 36
*35
36
36
*35
36
36
1718 Nov17
5 Fel: ,
Do 4% pref "B"
1312 134 4,900
8
1334 14
1412 1458 145 1458 14
14
1413 14
5212 Dec 2
15013 15018 15134 14814 1501; 14813 1494 1475 1495 14718 14858 97,036 Chicago Milw & St Paul_ 10312 Jan
8
8
14934
464 Nos 30
Do pref
138 Jan
1627 1627
8 1,100
8
16213 164
163 163 *16112 164 *162 164
162 162
1
2
14714 D
160 Dec 11
Do cons instalim't ctfs 9812 Jan
465
146 146
146 14638 *14458 14613 *14412 14612 *143 145
*145 147
Do pref Instailm't ctfs 12558Jan 2
100
160 160 *15918 16034 *15812 161 *169 160 *15712 160
*15014 161
178 17913 177 178
17512 178
1775 17812 17838 178: *175 17712 6,918 Chicago & North Western 13512 Jan 2 1791. Dec 14
8
3185 Jan 11 216 Oct 3.
Do pre
*212 218 *212 218 *212 218 *212 218 *212 220 *212 218
500 Chic St P Minn & Omaha 114 Feb 2/ 155 Dec 1
153 155
155 155 *153 158 *153 158 *153 158
15434 155
170 Nov II
Do pref
14012 Jan
*165 170 *165 170 *165 170 *165 170 *165 170 *165 170
14
58 Apr 3 7051338 Dec 1
3
5 8 2,550 Chic tin Trac ctfs stmpd
514 51, *5
3 513
478 5
47
538
538 638
5
144 Dec 10
Do pref ctfs stmpd
1.820
4 Apr it
4
1334 1413 133 14
1412 1438 1412 1313 1312 14
14
1414
Dec
8
663 15,430 Cleve Cin Chic & St L__,. 4713 J'ne 17
65
68
68
69
7012 68
69
68
69
Do pref
8518 Feb 19 99 Nov13
*100
778 6884 *100
*100
.. *100 , ___ *99 __ *100 102 26,800 Colorado & Southern
21 Feb 14, 59 Dec 9
5
4
5414 ig- 651.1 -id's; 5414 1812 5558 5738 557 5713 65 3 57
3
Do 1st preferred
50% Jan 2 74 4 Deo 9
7334 7414 7313 7412 73344 7333 3,000
7213 7212 7214 7314 72 4 73
3
Do 2d preferred
3934 Feb It • 7012 Dec t
69/3 6912 7,200
6912 70
70
6713 68
68
6878 6734 6812 69
14112 Feb 11, 181 .Dec 11
177 17813 10.100 nelaware & Hudson
179 17912 17814 180 4 17712 1783 179 4 18013 179 181
3
3
8
700 I Ielaware Lack & West- 420 Jan
563 56412 555 555
550 559
550 *545 550
*560 565
75
°‘
3613 8,950 Denver & Rio Grande
35
1414 Feb 19 63914 Dec 1
3712 3348 3634 38
3
36
35 4 3614 3512 37
37
Do pref
3914 Mch 2 8314 Dec 10
8112 8018 8112 1,563
81
81
8214 8214 181
8258 8258 83 83
.100 Detroit United
3212 Apr 15 56 Nov17
66
*52
56
*52
66
OS
56
*52
55
65 *53
55
83 i .1
:3 N
300 Duluth So Shore & Atian
163 44 DDN 1;
33450 4 N eeuo l1,
16
*15
16
6 Feb 11
15
16
1534 1534 *15
16
*15
1612 16
Do pref
800
2912
29
1134 Feb 1::
30 *2912 31
*3034 3113 3034 3034 3013 3034 30
`rie
12 Mch
8 3234 3313 111,520 114
3414 354 33% 343
35
4
343 3834 34
3
334 35 4
2438 Mch 4
11,300 1-.. Do 1st pref
4712 4812 4712 48
3
4914 4978 4912 50 8 4812 4958 4858 49
16 Mch 6
Do 2d pref
3812 3812 1,600
3812 39
40
*39
40
4034 39
40
40
40
2
4777 Decc 11
6
11334 Feb It 131518 DD eec:
5
14234 14338 14314 1453.1 14358 14518 145 14578 14318 145 8 143 14458 160,950 Great Northern pref
74 N
\
4812 Jan I 8518 .,
Iron Ore nrosterties
14,45C
72
7112 7312 71
4 7212 7314
13 7334 7112 723
7
72 8 7358 72
71 Mchlti
Green Bay de W,deb ctfA
:
8 Jan 14
deb ctf B
:6
Do
1614 *1513 161
1613 1678 1612 1612 16
1.1.I.Si7 4 1714 *1612 1634
'20 Mch24
3
*3313 3412 3412 3412 3434 3514 35 4 3612 3618 3712 3714 3712 4,500 1_1 evens Electric
170 Jan 8 84 Dec
100 1 1 Do pref
88
8513 *80
88
4
*843 8518 *34
84
84
84
700 Hocking Valley tr rcts-- 62 Feb It 10412 Dec 14
4
10213 10212 10414 10413 104- 104 510258 1023 10014 10014 *10012 105
69 Alch19 92 Dec 11
Do pref
93
*92
*9113 93
*9112 93 *9112 93
*9112 93 *9112 93
.
1221 Feb 17 14934 Aovv,
12.200 I llinois Central
14512 147
14413 146
14614 148
8
147 14734 14814 1483, 1457 147
634 Jan 4 1838 Dec 17
6
8 171 183 128,104 I nterboro-Metropolltan_
183
17
1758 1634 1778 1638 1713 1638 18
17
171s Feb 19 44 Dec 18
8
Do pre'
7
5
3853 404 39 8 42 3 413 4312 4113 44 101,510
4018 4134 3958 42
10 Feb 19 3238 Dec
291. 3.600 Iowa Central
*301. 3112 *3012 3112 *3012 3113 311 3112 *3013 3113 28
2712 Feb 19 5114 Dec
46
4834 4458 4712 45
3,310
Do pref
4934 4712 4713 48
49
*49
50
75
7478 744
600 I? C Ft S & M tr cfs.pref 57 Aug 11. 75 Dec 14
7612 75
*73
*7312 78
75
75
74
74
4014 Dec 5
18 Feb 2t
8
4 367 375s 20,990 ix ansas City Southern.._
383
37
8
3714 3612 3
7
3714 3814 3714 37 8 36
46 Feb IP 69 Dec 5
68
Do pref
6613 6758 68
3
871* 66
684 *65 4 6714 2,400
676712 67
25
12 Jan 4 26 Dec 11
*20
*22
25
26
30 *22
*22
26
26 *23
*23
Lake Erie & Western __
24 May '2 58 Dec 7
56
56
300
Do pref
*54
*54
55
55
58
*55
58
58 *55
*56
Dec
30 Feb t
*50
55
55
*50
500 Long Island
55
*51
5114 *5112 55
51
2
9
24
6714 Feb 18 155 Dec12
4,000 Louisville & Nashville
iiii- lli- 12112 12212 12033 122
122 123
12334 124
123 123
5,832 NI anhattan Elevated-. 120 Jan 4 15112 Dec 15
14912 150
8
1493 150
14913 150
14914 14913 1494 14813 149
148
4,3 Aug 1.
15 Feb 24
1.250 01 etropolltan Street
35
34
32
*32
31
3112 31
30
35
*30
31
81
14
Jan2,
1412Jan 2
Mexican Central
Dec
1412 May 1
6
s 1,i- 5 Do Trust certts
4
s
8
"if5" "Hi "Et; "iiiis "iff "ioi4 "if" "ior2 "i65"s "io" "f65" "3--760 Minneapolis CoSt Louis_ 20 Mch '2
Dec
&
50
*47
51
*48
51
*49
5112 *49
51
50
52
*51
1.0
9314 Dec 19
°
61 Feb 21
Do pref
40
91
*86
90
*85
90
686
90
*87
90
87 *85
187
7914 Jan
1.,5 Novi
13018 13214 131 13212 130 13034 4,125 Minn St P St S S Marie
13134 13134 1315 1314 13012 131
3
12312 Feb 1, 150 Dec 10
Do pref
300
14934 14934 149 4 149 4 149 149 *148 150 *147 150
*148 150
3
3
4018 Dec it
171; Mch
4 3813 3918 150,990 Mo Kansas & Texas
5
8 38 3 3958 3878 3978 3912 4013 3813 393
83
3 3 387
46 Feb 19 7212 Dec 1'
Do pref
6,000
71
72
71
4 7113 7214 714 7218 7218 721. 71
7134 713
2812 Feb 19 6714 Dec 14
6334 37,400 51 issouri PaCille
6513 6714 6234 6618 64
6514 6234 6618 62
8438 65
4
978 Jan 2 122 Nov2*120 125 *120 125 *118 125 *118 125 *118 125 *118 125V ash Chatt & St Louis_
901s Jan '2 12278 Dec 14
12012 12278 12014 12112 121 1217 11812 12113 118 11913 132.585 1 1 Y Central & Hudson_
8
118 121
1634 Dov 1
51 5 N ec 17
2412Jan
*52
. 3,700 N Y Chic & St Louls____
541
55
3
55 4 53
54
5614 554 504 55
54
53
90 Jan 14
Do 1st pref
_
*102 107 *103 108 *103 108 *103 108 *103 108 *102
60 Feb 8 85 Dec 14
Do 2d prel
700
88
SS
*81
*82
88
*82
85
85
85
84
83 83
12835 Jan rt 11)
2.260 N V N H & Hartford
156 168
159 16034 *157 ____ 15814 15813 15812 159
168 158
1 Nec 6
2918 Feb 19 4778 Do v10
4434 18,700 N Y Ontario & Western_
4512 4612 4513 4614 4412 4618 44
4638 4678 4614 47
,
v
6
p, 38
58 Feb 13 87114 Nov 28.;
8334 84
8334 8334 4.200 Norfolk & Western
8414 8412 8412
84
8438 8414 85
' 84
74 Mch 24
400
Do adjustment pref
90
18718 8718 8718 874
*85
88
*84
90
*84
86
86
8
1167 Jan 2 15734 Nov 38
14014 14212 1303 1404 54,710 Ncrthern Pacific
4
14134 14212 14218 14338 14113 14213 142 143
103 Feb lu 145 Nov Is
Do subscrip rcts
4,850
8
14012 1413 13938 140
14114 14114 142 14213 141 14134 14134 142
86
65 Sep 22 '5312 Jan 14
*83
811
'
200 VacifIc Coast Co
88
' *86
go
*85
86 *84
90
86
90 Ma2tt 90 May2t.
Do 1st pref
*90 100
*90 100
*90 100
*90 100
97 *90 100
*90
79 Mch27 97 Jan 13
Do 2d pref
150 L
87
*85 100
87
*85 100 *85 100 *85 100 *85 100
10834 Jan 2 13134 Dec 14
8
7
4
12913 13078 130 1313 12914 1303 129 8 1305 12834 13018 12812 12918 183,135 Pennsylvania
4
59 Jan 7 8812 Dec 7
450 Pittsb Cln Chic & St L
8738 873
8 8712 8712
88
88
8714 8714 *87
8718 8718 *87
8118 Meh 3 10834 Nov i
Do • nref
100
104 104
*100 107 *103 109 *100 107 *100 106 *100 105
1
3
9218 Feb 17 19 14 Dec 15
42 D
8
3
8
138 1393 613,780 DeadIng
4
4
3
14118 142 8 1403 14318 13913 1414 1393 1413 1385 141
78 Jan 3
,
1,700 1-1 1st pref
91
91
9012 9012 9073 91
90
90
90
9014 9012 90
76 Jan tt 99 Dec 5
1,400
92
93
92
2d pref
9412 93
04
*9312 04
04
9412 9412 94
2514 Dec 1
- 1012 Feb
58 2233 2358 2214 22 4 8,760 Rock Island Company
3
2314 233
4 2318 23
2358 2378 2378 24'
2034 Feb ts 6212 Dec 4
Do pref
4 6712 5834 48,039
6014 577 593
8
6112 591 6034 59
60
60
59
100 St L & San Fr, 1st pref- 42 J'ne24 65 Dec '2
*60
65
64
65
*60
*60
68
*60
65
6313 6312 *60
1914 Feb 19 42% Dec 2
Do 2d pref
3834 3,080
3913 38
40 . 39
4012 3912 3934 39
3978 4034 40
2314 2318 2318 2134 2212 2,000 St Louis Southwestern.... 10 Mch 7 24 Dec 9
2314 2233 2234 22
23
23
23
'2412 Feb 19 554 Dec 10
Do pref ,
5214 4,700
5218 534 49
541 - 5314 5412 5214 5212 5234 54
52
614 Feb 17 12178 Dec 11
6
120 1204 12012 12134 11953 12078 11934 12112 11.914 12138 11814 11C/4 248,965 Southern Pacinc Co
10638Jan t: 12512 May13
Do pre
12314 12313 12353 12378 12213 12334 122 12213 3,876
123 12358 12313 124
Ws Jan 10 2634 Nov13
2412 2513 24
26,000 Southern Y tr cfs stmpd_
25
4
243 25
2538 2412 25
25
2538 25
61 Nov13
8 7,210
2512 Mch r
do
Do pre
5934 6712 582
5814 58
58
59
5914 5914 6012 5838 59
1234 Feb 26 354 Dec 4
14,750 r I'exas & Pacific
3 34
3
323 333
4 3112 323
3
33 4 3418
4
34
3314 335
344 33
4
3512 3214 3518 3412 3612 343 354 37,565 1 bird Avenue (N Y).._.. 1513 Mch 23 47 Anglo
' 3533 36
31
35
36
1514 May 2
612 Oct
200 Toledo Railways & Light
913
*834 10
913 *8
8
812 813 *
*812 10
*812 912
2,100 Toledo St L & Western.... 12 Feb 6 4233 Dec 9
40
4114 4113 40
*40
3934 40
4112 4112 4238 *4012 42
4
13 Feb 3 673 Dec 14
Do pref
6634 6513 6714 6653 6612 19,550
6713 66
3
6518 65 4 6614 6734 66
7814 Feb 7 9513 Nov17
700 Twin City Rapid Transit_
94
9412 9412 9414 9414 *92
9412 9434 9412 94/2 94
94
11012 Mch 2 18478 Nov27
1813 183
18178 18314 180 18234 179 1804 544,560 Union Pacillc
18218 18312 18212 184
98 Nov17
7914 Apr
9512 4,040 ki
98
95
95
9514 9514 9512 9512 95
95
95
95
15 Jan 24 459012
1,100 Unit R;s rnr
D PIe v't of San Fr
39
36
36
3812 40
*37
39
39
40
*38
3912 *37
Dec 12
0
2713 Jan 22
Do pre!
1,860
57
59
57
4
58
5712 573 *5612 5712 55
' 5712 5814 58
3
6 4 Mch 3
3
3
1813 1914 185 19 8 29,772 W abash
1814 19
1814 1812 1778 1912 1818 1914
"
7 Dec 9
4818 D
1° 3 De 14
13 Mch
4712 111,252 V T
4512 4812 4534 4758 4614 4712 4512 4714 46
46
45
,
,
D°
1618 1738 1653 1712 165 1713 1634 1718 27.200 Western Marylandr Met 1 4 171, Dec 16
3
1514 1514 17
15
20224
-iir.
•
Itanoe
t'rersous
1 ear 11907)
•
Lowest
H
6638No%
78 Nov
58 Nov
7538N o%
75 Nov
2634 Nov
/41.No%
138 Nov
52 Nov
144 Nov
r2314Nov
818Nov
48 Sep
7
6 3 Nov
46 Dec
21 Dec
814Dec
931,Nov
130 -Nov
-85 Nov
111 Oct
126 Oct
185 Oct
11)6 Oct
1371:Dec
4
13 Oct
8 Dec
48 Nov
86 Dec
17 Nov
41 Nov
2912Nov
123580ct
309120ct
16 No%
53 Nov
3134Dec
6140ct
10 Nov
1214 Nov
28 Nov
'20 Nov
ity7120ct
37 Oct
75 Oct
30
5 4 ct
241.0ct
72 -Apr
63 Nov
64 Nov
116 Nov
8
47 0ct
14 Nov
1112N.o v
'29 Dec
60 Oct
18 Mch
45 Mch
11 Nov
3934Nov
26 Dec
8512Nov
10040ct
23 Dec
1234N o
10814 Jan
8
1015 Jan
1334 Jan
122 Jan
941, Jan
8358 Jan
8534 Feb
19512 Jan
6:310Jan
220 - Jan
56 Jan.
2712 Jan
69 Jan
18 Jan
79 Feb
711 Feb
'261: Jan
15712 Jan
1651. Jan
141 - Jan
149 Jan
205 Jan
234 Jan
170 Jan
165 Jan
3
3 4 Slay
17 J'ly
9278 Jan
10812 Jan
3878 Jan
6912 Jan
5812 Jan
2271,Jan
5.10 - Jan
8
422 Jan
8
837 Jan
601: Jan
:
191 Jan
39 Jan
4414 Jan
8
757 Jan
67 Jan
4
1862 Jan
85 Jan
75 Oct
1412 Jan
47 Jan
861,Jan
114 - Mch
94 Jan
172 Jan
39 Jan
7514 Jan
2878 Jan
51 Jan
60 Jan
4
303 Jan
6134 Jan
2812 Jan
671, Apr
671i Jan
14518 Jan
146 Feb
107 Jan
275 Jan
x621iDec
1.4) Oct
110 Oct
2034Nov
53 Nov
4418Dec
97 Dec
18a Dec
19340ct
85 Nov
41 Oct
12738Nov
28 Oct
56 Oct
70 Oct
400120ct
9112Nov
58 Nov
65 Nov
85 Dec
x10312Nov
51 Oct
69120c1
701:Oct
73 Oct
67 Nov
1114Nov
2612 Nov
58 Oct
24 Nov
1 Nov
25 Nov
63140ct
100 Oct
10 Nov
2912Nov
1712Nov
16 Nov
9 Dec
1634Dec
2934 Nov
6834Nov
100 Oct
73 Aug
1018Nov
20 Nov
8 Oct
1418Nov
Oct-
90 Jan
14014 Jan
168 Jan
4453 Meg
7234 Jan
9234 Jan
147 Jan
13434 Jan
6312 Jan
110 Jan
9134 Jan
189 Jan
4838 Jan
9214 Jan
9012 Jan
18912 Jall
134 Feb
124% Jan
76 Nov
125 Mch
141% Jan
78 Jan •
10512 Jan
13918 Jan
92 Jan
94 Jan
3018t Jan '
13412 Jan
70 Jan
8
483 Jan
2552 Jan
6213 Feb
9614 Jan
11818 Jan
34 Jan
9412 Jan
3718 Jan
123 Jan
29 Jan
4
333 Jan
3
547 Apr
10813 Jan
183 Jan
96 May
62 Jan
7118 Jan
1812 Jan
3813 Jan
340- Jan
N _ 5a"n"
-BROKERS' QUOTATIONS
BANKS AND TRUST COMPANIES
Ask
Bid
Ask
Banks
Banks
Bfil
Ask
Ma
Banks
Banks
185
Mutual 1....._
---- Irving N Ex 175
___ Fifth Avon_ 3800
ChAseaEx 1 200
185
Nassau 11_.
175
300 350 Jefferson 11
Chemical __ 410
...._ Fifth
Yoec
New
---_ New Neth'd
--- Liberty..___ 500
1805
160 First
17')
1771' Citizens' Ctl 155
Aetna
NewYcrkCc
481
150 200 Lincoln ___ 485
1325 1350 14th St 11
570 City
America 11.. 550
kfanhattan1 320 330 New York210
..- Fourth __. '205
2'25
252 Coal ee Iron
Amer Exch. 245
270
N'ht &Dal
Mark't&Ful 26'J
_. Gallatin
50 375
125 Colonial 11... 700
Battery Pk, 118
260 19th Ward ,
Mechanics'_ 251
Garfield ------200
500
335 Columbia 11- 400
Bowery n - 323
Mercantile _ 16213 ...... Northern __
145
'
--- Commercc - 1921 19712 Germ Am 1, 138
Bronx Ilorol 300
1711 Oriental 1l- Merch Each 164
500
....... Germ'n Exn 475
160 Consort'd.. 125
0
Bryant Pk 1 15
165 Pacific 11__
.--- Merchants'_ 162
!
Butch & Dr 15212 1571 Copper _- 230 235 Germania 11 525
--- Park
Metropolis 1 375
Century 11... 161 175 Corn Ex 1-.. 335 315 Greenwich 11 260 285
____ People's 11135
--- 1etroporn1 165
1521
Hanover
---- East River_ 125
1340
Chase
_. Phenix
Mt Morri811. 220
if, Imp lfe Trnd 555 565
.105 315 Fidelity 11_ _ 165
ahatbam _
--es than 100 snares. 1 State banics. a Bx
1 Bid and asked prices: no sates were made on this day. IL's-rights.
week. 3 First installment paid. It Sold at private sale at this price.
4 Sale at Stock Exchange or at auction this
Banks
Bid
Ask
Bid
Ask
Ask
Hid
Banks
---- Plaza 11_-__ 610 525
290
185
-_ _ Prod Excht 155
200
-- -- 205 Seaboard __ 350 370
.-.
750
___ Second __ - 350
---.
320
___ Sherman ..135
-_---- 260 State 1I..-,. 250
12th Ward 1 ---- 300
---- 500
---.
-... 135 23d Ward 1 8100
220
- Union Exc1 200
-- ---.
250
Nash H't.i 230
230
460
...... Nest Side 1', 500
....
Yorkville 11 400
310
300
170
160
dividend and rights. ti New stook.
1590
STOCKS-MO/JEST AND LOWEST SALE PRJCBS
Saturday
Dec. 12
*1112
*23
1334
3053
Lxxxvii.
New York StooK &cora-Concluded-Page 2
Sienday
DI.. 114
1112 1253
12
2412
2412 *C3
1314 RN 14
3314
31
7
30
Tuesday
Dec. 15
1112
23
13
30 8
5
66
Wednesday
Dec. 16
1112 *1112 12
23
2214 2214
1358 *1212 13
12
31
31
3114
66 4 6612 6738
3
Thursday
Dec 17
1028
2134
1212
31
65 8
3
Friday
Dec 18
11
1012
2112
22
*12
13
3112 3012
6738 65 8
3
sates or
he
Week Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Ramie Since Jan. 1 lu"ts
On 8a21.4 01 100-snare 014
Lowest
Bights,
1013
22
13
3112
66 4
3
1,100 Wheeling ec Lake Erie___
412 Mch 7 123 Dec t
3
845
Do 1st pref
1218 Apr 26 2578 Dec 5
1,170
Do 2d pref
6 Feb27
1534 Nov17
3,100 Wisconsin Central
1312 Feb28 13 Dec it;
6/3 6812
4
8.700
6r es
Do pref
33 Feb 19 6912 Deo 10
Industrial&Miscellaneous
185 200 *185 200 *185 200 *181 200 *181 200
A dams Express
*185 zo
164 Jan 2 1200 Aug 2..
Ms 1638 1534 1618 158 1618 15 3 1618 15
NI
1512 9,800 finis-Chalmers
16
5
5 Mch 6 1638 Dec 1.4
51 2 52
6
12 4912 50
5134 52
3
4978 51
13,500
Do pref
4912 5014 4814 49
14 Mch 6 6234 Dec 11
8918 8018 83
1217
3
8213 3
8034 8212 785 82
8
7738 795 249,695 Amalgamated Copper
8
4518 Feb 12 882 Nov ,
2
32
2,200 Amer Agricultural Chem_
13 32
3214 32
32
3214 323
32 4 32
325 *3112 32
8
3
13 Jan 4 35 Nov25
05 *9414 96
*94
193
96
160
9912 9412 *84
*9414 96
Do pref
86
781.. Jan 4 96 Nov23
2038 1958 2012 2012 2012 19 4 20 8 20
4
58 261
2014 20
20
3,560 American Beet Sugar
3
3
912 Feb 10 ,'.41g Apr .
*7734 80
*78
80
*7712 80
WI
85
*773 81
4
*16
*78
Do pref
65 Jan '23 /4) Oct 14
9
91
9
914
9
918
9
9
27
8
918
912
834 3,800 American Can
4 Feb 20 1014 Nov13
,
76 3 7033 75 4 7002 7558 7618 27412 75
3
8 7.100
Do pref
73 8 7412 7212 735
5
44 Jan 4 7 173 Nov2,
,
4084 48
4534 471.
4614 4758 46 8 4714 46
4714 4558 4614 29.415 American Car & Foundry '2512 Feb 13 48 Dec 14
5
108 108
10212 10.9 *10712 10812 10812 10812 107 103
12
103 10812
610
Do pref
8414 Men 4 199 Dec I.
4213 42 4 41 4 42
3
1
12 42
4
4 3,800 American Cotton Oil
4214 *42
4212 4158 4214 413 413
'2434 Feb 19 4434 Nov25
*9412 96 *94
96
496
96
*94
96
610
*9414 96
9418 96
Do pref
480 Jan 16 97 Nov11
1202 212 *202 212 *202 212 *202 212 *202 212
202 20214
225 American Express
:17() Feb 26 4224 Mayli
8
8
7
14
4,815 American Hide & Leather
2 4 83
0
812 Dec 9
8
23 Feb 29
718 718
4
714 712
7
712 75
8
8 3622 3712 35
36
363
3
4
1212.21cli 4 3712 Dec 14
36
35
Do pref
357
8 3412 35 4 333 3414 6.650
2513 2512 2634 2534 247 25
3
2312 245
2458 2478 245 25
3
8 4.165 American Ice Securities_
121.Feb 8 2142 Aug ti
*1512 163
1512 1512 1434 1434 1434 141
1412 *13
14
15
900 Amerlean Linseed
6 - Mch 5 1712 Dec 4
*34
36
*33
32
35 *27
36
30 *28
300 Do pref
30
17 Mch 5 35:2 Dec 5
30
30
5512 5714 5212 5712 55
5434 5614 54
56
5528 563
4
543 23,800 American Locomotive- 313 Feb 25 5953 Aug11
8
010912 110 *110 111
4
NO
Do pref
10934 11012 11012 11012 *1093 111 *10234 11012
8512 Jan 3 110751 Nov 7
612 612 *6
7
5
*6
5
512 512
7
1,024 American Malt Corp
6
122 Sep 16
6
1 Men 2
45
*42
42 *42
44
42
4214 *42
*41
44
*41
44
200
Do prof
21 Jan 13 5113 Sep 17
8214 8273 82
8234 8218 8218 &IN 817
3 4,200 Amer Smelters Sec pref B
8212 81
8178 82
70 Jan 17 8418 Aug 7
8718 90
83
8518 8438 8614 8118 86
2414 88
7634 813 577,270 AmerSmelt!ng & Refining 5512 Feb 17 107 Aug 1
4
10414 105
101 10212 98 10012 9,060
3
10234 10312 10114 10214 10214 103
Do prof
87 14 Feb 20 1103 Aug 5
*200
.. _ *200
*200
___ 4200
-2 *200
__ *200
...
American Snuff
180 Aug24 '200 Apr 30
*95
_ *95 9712 *2-2- - 12 2
100
96
Do pre
97 .-2- 9712 9712
10 Mcn23 9712 Sep 11
9712 *---- 39
40
39
12 39
39 -4
0
39
8
40
2,090 Amer Steel Found (new). '28 Sep 29 41 Nov 11
4014 397 3978 *39
50
*45
50 *45
*45
*45
50
50
*45
*Do old pref
50
50
*42
'2618 Feb 14 9712 Dec 2
4
3
4
131 132
132 13238 13012 13112 130 4 1313 12712 13012 12612 128 4 11,800 American Sugar Refining 98 4 Jan 2 13/3 Augtit
3
3
129 129 *126 130
130 130
129 129 *128 132
800
Do pref
130 130
105 Feb 1b 131 Nov24
12734 12878 12718 128
12814 129
8
8,600 American Teleph & Teleg 101 Jan 6 1325 Nov24
12834 129
12812 129
12834 129
9234 9234 9212 9212 9112 9212 9034 9134 *9112 9212 9112 9112 1,560 American Tobac (new),pf 2212.1an '1 9712 J'ly 14
1512 Feb 17 32 8 Dec 9
3
8
3112 3118 3118 3118 3112 2918 3118 273 2918 5,063 American Woolen
3113 3114 *31
4
95
9514 943 95
95
*9412 9534
9512 95
Do pref
700
9518 9514 *95
70/4 Feb 19 97 Nov14
8
17,100 dAnacondaCopperPar325 82712 Feb Hi 98312 Nov13
4955 4814 4914 4814 4918 473 4878 4658 48
49
4912 49
278 278 1,300 riBatopllasMin:ng Par220 3212 Jan 23 85 Itch 1
38
3
14 *3
314 3
3
318
38
3
3
278 318
2178 2178 22
22
21
2212 21
22
2112 1,500 12ethiehem Steel
22
23
*22
12 Jan 13 2714 Nov26
52
51
52
*50
*5114 5312 62
62
500 IP do pre(
53
53
73
'Si
35 Apr 8 57 Novls
146 148 *146 148
1,100 Brooklyn Union Gas_
148 148 *14712 149 *145 149
14734 148
2/5 Feb 21 15214 Nov2?
6.050 Brunswick Dock &C Imp
15
15
1614 1614 1638 1578 1638 1538 1534 1518 16
16
17 Nov26
6 Jan ii
23
2238 42238 2238 *22
2218 2218 *2112 22
210 ButterIck Co
*2134 2214 *22
410 Feb 7 425 .1an 15
3
2918 2912 19,370 i 'entral Leather
3
3014 3013 3138 2953 3078 29 4 3018 2914 30
30
1512 Feb 10 313 Dec 14
*9934 10114 99 4 100
4
3
Do pref
*9934 10034 10012 10118 *993 101
9918 9978 3;430 k
75
24Jan 2 11112 Dec 9
38
39
4012 3778 39
3714 3838 367 38
27,200 Colorado Fuei & Iron
3
8
3834 39 4 39
152 Feb 11 42 Dec 6
8
9,325 Col de Hock Coal & Iron_
2638 2513 26
4
2634 263 2718 2612 2678 2618 2612 26
26
143 Mcn 6 2712 Dec 6
4
4
16414 1663 1623 16412 163 1643 16614 16612 16418 166
4
4
49,252 :7onsoildated Gas (N Y)_
16512 167
Us Jan 3 167 Dec 12
4
4
8 17
173 4163 1934 1714 1714 2,555 Corn Products Refining... 102.1 Feb 10 2012 Aug 1
1734 177
8 173 18
173 175
8
4
74
7412 73
7314 2,752
7412 75
231: 73
76
75
76
Do pref
76
5) Jan 2 au Aug u
..
2,22.: 2 _ *46
50
*45
61
51
*45
*45
51
^rex Caryl
*45
60
4712 Oct 16 4114 Oct 22
4 35
35/2 7,300 Distillers Securities Corp '2714 Feb 19 2834 Dec 10
2 3618 3514 353
3612 35 4 3612 37
3
36 8 36 4 35
5
89
*80
*80
89
*80
89 *72
80
*80
90
Federal Mining & Smeit'g 7212 Nov21 24 Aug10
*80
89
48412 8412 8014 8014 1,825
8214 84
82
81
81
8212 81
82
Do pref
69 Feb 10 89 Nov12,
_
_
-___ -_ _-___
Federal Sugar Ref ot N Y 55 212 25 6212 J'ne2u
93 *00
93 *90
93 *90
___ *90
*90
93
93
Do pret
731-'Feb 3 100 J'ly 7
15612 16134 15712 101
158 158
157 158 4 14,100 General Electric
15612 157
158 158
3
ill Jan 2 16234 Dec 2
10314 10312 *102 105
103 10414 *103 104
,
*104 106 *10412 106
590 Granby Cons M ti & P
7834 Jan 2 1091. J'ly 3U
65
*6312 65
6312 64
2
.
6512 65
65
65
*64
900 Int IIarvester stk tr ctts. 52 J'neli 615- Nov25
63 6312
10918 10914 109 10912 1083 1087
3
4
3
10834 1083 108 4 108 4 109 109
99 J'neli 11014 Nov 11
4
8 1,605 I Do pref stk tr ctts_ _
9 Mayll
2 Oct 26
8 1,600 Int Nier Marne stk tr etis
73
712 75
8 73
4
8
8
712 73
712 734
4 *712 812
8
22
2212 223 2212 215 22
8
22 4 23
3
Do pref
23
22
4,000
2112 22
12 Feb 25 2438 Dec 1)
7
1314 1Nov18
12 8 12
1234 12
12
8 Apr 1
*1112 12
8
117 117 *1112 12
8
12
2,900 Internatonat Paper
58
57
5812 57
52
*56
58
57
47 Oct 1 65 Jan It
5712 5712 2,550
57
57
Do prer
8 3234 3334 3218 3312 33
8
13 Jan '2 3418 Nov14
32 , 3212 323 3358 3218 337
3314 22,000 Internet Steam Pump
80 *7913 8012 1,220
25 Jan 10 t3.312 Sep 2
813 817 4807 807 *8012 8138 80
4
3
Do pret
82
8
8
81
52 Feb 25 78 Nov10
74
7423 74
7412 741, 7412 7434 7412 7412 7412 7412 74
1,789 Mackay Companies
*6918 693
70
4
6978 6912 6912 6912 6912 *69
*69
Do pref
5973 Feb 22 713 Nov30
300
4 69 69
92
9134 913 *9114 9312
4
68 Jan 3 233 Dec 11
92
9212 9134 9178 92
4
92
800 kT, atlonai Biscuit
492
4
200 1 2 Do prel
111712 11914 *116 11914 11834 11834 *11712 119 *11712 1183 11834 11834
102 Jan 2 120 .fly 22
3
1312 *123 13 4 4,310 Nat Enamel'g 2c Stamp'g
13 4 1418 13
1358 14
71 Feb 14 1412 Dec 14
,
13 4 1412 13 4 14
3
3
4
3
*82
85
88
485
88
*82
88
*82
*81
Do pref
88
88
170 - Feb 25 18214 Dec 11
*81
95
7612 7934 76
7318 80
36 Feb 10 142 Aug 1
7734 80
7712 24,850 National Lead
791 8012 7978 81
*104 106
105 105
106 100
106 106 4.105 105
*104 106
8712 Jan 6 10614 1Nov18
746
Do prof
512 521
512 5 8
558 6
613
6
5
6
613
512 58 6,500 Newhouse M & S_Par210 $43 Oct 22 $9113 Jan 20
8
9112 90
9258 0213 9258 91
9012 8878 89
9134 91
92
50 Jan 2 98 Nov25
3,180 New York Air Brake
7318 7358 7312 741 47278 7273 74
5
,
72
74
7334 3,795 North American Co, new
4218 Mch 5 28 Nov30
73 8 72
35
7,850 Pacific Mall
3612 34
36
345 3512 3312 34 4 33
8
35
34
24 Apr 20 4014 Dec 8
35
3
5
10018 10012 10012 100 8 10014 10012 100 10012 6,400 1 eople's G L & C (Chic) 80 Jan 2 102 Nov1/
10012 10012 10053 101
8 14
1414 *13
1314 143
*1334 1414 14
2,200 Plttsburgh Coal Co
14
1458 Dec lu
*13
14
512 21c1117
14
3
361. Feb 14 59 Dec 4
49 4 *48
50
49
50
50 *48
*48
Do pret
50
600
*4712 4912 *48
427
8 4134 43
42
43
15,695 Pressed Steel Car
4014 41
42
3912 4312 4212 45
1714 Feb 10 45 Dec 1.1
8 99 4 99 4 *99 100
Do pref
3
9934 9934 9934 997
1,425
3
9914 *99 100
69 Jan 3 9978 Dec 16
98
170 170
298 Pullman Company
1417112 12212 173 173 *121 173 *170 173
16814 16812
147 Jan 3 174 Nov16
4 44
4412 443 453
e
2334 Feb 8 4712 D c 14
4318 4334 4513 4712 4312 443
4
4 45
45 4 10,825 1. allway Steel Spring _
3
101 101 *100 101
,
*9812 101 *100 101
200 Li Do pret
100 100
75 Jan 29 103 Dec 2
*9812 101
26 8 25 4 263
3
1434 Feb 11 29 Nov13
3
8 25
2614 2612 265 273s 2614 2612 26
257
8 6,300 Republic Iron dc Steel
8
pref
86- 8612 8553 86
Do
86
5,030
86
63 J'nel9 8912 Nov13
86
8612 86 4 86
3
86
86
18
7634 78
7712 7712 3,360 42/toss-Sheffield Steel do Ir 36 Jan 2 b13 Nov17
4
78
78
78 4 7914 773 7814 78
3
4
12
2 Do pret
_ *11012 - *109
_ _
___ *110
8712Jan / 11014 Dec 7
__ *11012 ........*111
*110
45 8 4312 1414 9,400 dTennesseeCopper ParS25 32512 Feb 17 26214 Nov16
4538 44 -- 3
4518 4434 -4414 8 43/2 4412 4418 447
....„. - 2- 8053 8058
200 Texas Pacific Land Trust 45 Feb 11 8412 Dec 7
*80
84
*SO
8012 8012 *8012 84
84
300 1 I nlon Bag & Paper_ _ _ ..
92 Nov23
2
4 Feb 21
914 914
912
14 914 *914 9
83
* 4 914 *812 914
* 4 9
83
6512 6512 *65
200 k
' Do pref
66
4478 Jan 6 6634 Nov 27
*65
67
67
66
67 *65
67 *65
1712 Feb 22 3078 Dec 14
2,705 II S Cast I Pipe & Foundr
4
3
3078 29
2958 2914 2912 283 28 4 28
2912 3038 30
28
Ms Angie
Do pref
fess Jan 2
910
4
76
7712
76 4 753 *75
3
76
76
77
18 76
47714 7714 77
United States Express.... 70 Feb 18 1.10 Jan 6
92 *85
92 *85
90
92 *85
92 *85
92 *85
*86
60
573 59
4
60
800 U S Realty & Improvem't 1614 Feb 5 64 Nov17
63
6012 61
6012 61
*61
63 *61
1.514 Aug 8
*11
14
14
*12
4 Feb 21
*11
14
U S Reduction & Refin'g
14
*12
*912 1312
*11
14
*30
35
Do pre
35
*30
*30
35
16 Feb 10 39 Aug 8
100
35
*32
34
*30
32
32
123 Feb 10 3712 Aug 7
4
327 3314 2,600 United States Rubber
3312 3312 *3312 34
8
34
34
3418 3412 3312 34
10512 10612 105 10512 1,760
Do 1st pref
78 Feb 19 108 Dec 2
107 107
107 108
107 107
107 107
7338 733
Do 2d pret
8 72
25
42 Feb 21 7612 Nov27
1,800
72
7514 *73
75
7412 7434 75
*73
3
3
2534 Jan 2 52 4 Nov13
5418 5238 53 444,975 United States Steel
5334 5458 5418 5558 5312 5414 5358 5412 53
Do pret
8713 Jan 2 11453 Nov 4
1123 11278 11218 11318 11158 11212 11112 11218 11012 11134 11034 11178 23,510
8
453 46
8
4
4434 4614 14334 4412 8,470 dUtah Copper- ..Par 210 2220 Jan 2 $523 Nov 0
8
4612 4733 455 46
47
47
431s 4214 43
43
16 Feb 27 4518 Dec 1
431, 43
4212 4312 4,365 Virginia-Carolina Chem
4333 4334 4334 44
x87 Jan 2 115 Nov14
Do pref
4
200
11412 11412 *113 115 *113 11432 *113 1143 *114 11434 114 114
6214 6214 *6212 64
43 Jan 7 68 Nov 9
66
*64
66 *63
200 Vlivinia Iron Coal & Coke
66
63
63 *63
9250 Feb 13 325 Nov16
310 310 *300 335
100 I, ells Fargo & Co
*310 330 *310 330 *310 335 *310 335
41 Feb 19 713 Nov30
6814 267
68% 68
3
6714 4,736 1 estern Union Teleg
6818 68
3
68 4 68
6
8
6712 6
8
38 Mch 11 94 Nov17
8734 7,600 Westingh'seEl &Mfg assen
8912 86
8 88
3
8812 8712 8812 85 4 892
88
88 4 88
3
2.2.2 ,22 .117 19K .117 104 *117 128 *117 125 *117 126
58 M2("24 125 Nov24
Do 1st nret
BANKS
AND
TRUST
Bangp, 107 0.40113
Yea,(1907)
Loaesi
6
13
8
11
28
Oct
Oct
Oct
Nov
Oct
Highest
163 Jan
j
373 Jan
4
213 Jan
4
2578. Jan
5112 Jan
9150 Aug 330 J'ne
167 Jan
8
• Aug
435 Jan
4
14 Nov
1217 Jan
8
.4124Oct
2538 Jan
10 Oct
95 Feb
75 Oct
2312 Jan
4Nov
73
75 Mel,
so Jan
7)2 Apr
3 Oct
tot; Apr
34 Nov
4512 Jan
243sOct
103 Jan
is Oct
361. J'ly
21 Nov
- Jan
70 Nov
247 Jan
175 Oct
614 Jan
212Nov
301. Jan
10 Oct
82 - Jan
8120ct
6380ct
1914 Jan
36 Jan
16120ct
7574 Feb
3214 NOV
11112 Jan
83 Oct
2123'ne
971; Apr
17 Nov
40 - Feb
9318 Jan
60 Oct
5814 Nov 2155 Jan
1173 Jan
8
8154 Oct
151) Oct
205 Jan
170 Nov
102 J'ne
iti" Nov
9234Dec
r106 Nov
88 Oct
60 Oct
11 Oct
68 Nov
$25120et
33 Oct
is Nov
23 Nov
to Nov
6 Oct
27 Oct
117sNov
Os Nov
14 Nov
14 Dec
74 Oct
8 Oct
42 Oct
; Dec
16"
50 Oct
41 Oct
42 Feb
26 Feb
89120ct
60 Oct
---- --
4112 Jan
1211, Feb
131 Jan
133 Jan
98 4 Jan
3
3612 JIM
8
1027 Jan
30234 Feb
1915 May
'2012 Jan
65 2 Jan
125 May
1412 J2111
491s J an
40 Feb
102 Feb
577 Jan
8
2833 Apr
14014 Mch
'243 Jan
4
88 Jan
2 - Feb
28
1433Jan
97 Jan
6212 1118
100 - Ma./
163 las
152 Feb
; *
51 5;;;
m
472511
'24 Apr
10 Nov
1812 Jan
712Nov
81 Feb
61 Nov
8 Oct
41 Jon
50 Oct
81 Jan
7514 Jan
40 Oct
50 Oct
71 Jan
8614 Jan
5/12Uct
s
1/0 Nov 1173 Men
153 Jan
8
618Nov
87 Feb
175 Sep
7614 Jan
33 Nov
103 Jan
80 Oct
15 Dec 120.1., Apr
14112 Jan
47121200
292, Jan
37 Nov
4112 Jan
19 Nov
985 Jan
8
7014 Oct
16/ Jan
8
7 Nov
6058 Jan
37 Nov
57 Jan
155sNov
997 Jail
8
64 Nov
13614Nov 15118 Jan
21120et
6112 Jan
9912 Feb
72 Nov
41 - Jan
12 Oct
100 Jan
5012001
773 Jan
4
213 Oct
80 Oct 9107 Jan
25312 Alch
$17 Oct
85 Jan
42 Dec
218 Jan
4 Oct
61 Jan
3u34Nov
4912 Jan
17 Oct
89 Jan
49 Nov
70 Nov 111/ Jan
9012 Jan
36 Nov
5i2Nov
3014 Jan
1814 Dec
68 Jan
1312Nov
6212 Feb
1097 Jan
8
62 Oct
7818 Jan
39 Nov
503 Jan
8
217 Oct
71113Nov 1073 Jan
4
23912 Mch
313 Oct
3938 Jan
1238Nov
75 Nov 108 Jan
97 Jan
31 Oct
'250 May 100 J'ne
85 Jan
64 Dec
32 Nov 154 Jan
60 Dec 41641 May
-BANKERS' QUOTATIONS
COMPANIES
Ask
Ask
Ask
Ask
Trust Co's Bid
Bid
Ask
Trust Co's Bid
Ask
Trust Co's Bid
trust Co's Bid
Banks
Bid
Banks
N Y City
oin
1125
)
IGuAd an_Tf 12 185
Brook yin
NY Life &Tr 1100
Brookitin
Brooklun
_
175 Carnegie __ 165 125
R
Brooklyn Tr 400 410
Trust.. 575
Borough 2
North Side 2
11
. ___ 110
130
Central Tr. 1800
KnIckerbirr 300
---_---- Citizens' -- 120
-People's__ 150 ,
Brooklyn I_
145
i Standarlp 125
u
-Certs A1_-- Flom e
5T Columbia .. 230 iiiu atbush _ 5200
20
73 S 0 T 1
8 . NItY
1
Broadway 11 375 450
Prosp'etPli2 140
206
130 Commercial 146
First
-___ Franklin __ 195
2
50
155 Law T I deir 240 250 Tr Co of Am 300
265
rerminal 11276
155 Corn'wealth
Elanillton _ 260
15
HIllside11-2- 110
Lincoln Tr- 170 180 Union Trust 1100
130
Union 2..-_
110
Empire __. ii6Manhattan- 350
Home BM!. 110
400
125
US Mtg &Tr 3130 34715
Eqult ble Tr 390 i - Mercantilen 5222
Homestead2 10) /25
1175 Kings Co .... 4) 1 465
42
0:
____ Unit States_ 1125
poi - 70
,
Trust Co's
Farm Lo222 . . 123 Nietro
177
Manufac'rs 400 410
260
VanN'd'nTr 250
C. 1st L & Tr 290 310
t
-_
N Y UHL
5
16712
Fidelity __. 193
Mechatficsi 226
2115
Morton Tr_ 425
250
...... Washington 400
300 313
Nassau ---- 160
istor
Fifth Ay Tr
Montauk __ 10) 145
116" People's -- 270 280
Westchester 140
Niutual ---- 105
_
Bankers' Ti 44) 420
100
340
Fulton ____ 276
All'nct ____ 145
Nassau ____ 240
270
125
140
Nita
Windsor - 135
flowrg Gr'n
Guar'ty Tr_ 530
135
575-6130
B'way Tr
Nat City__ 280 320
sbg
•Bid and asked prices- no sales on this day. 4 Less than 100 shares. 1 Ex-rights. b New stock. c Ex-div. and rights. d Now quoted do1tars per'hats.
this week. S Trust Co.certificates. 14 Banks marked with a paragraph (11) are State banks.
1 Sale at Stock Exchange oral auction.
New York Stock Exohange-Bond Record, Friday, Weekly and Yearly
11CCUPY MU
POCK PAGES
ors.*
I.
51
r.
-1;
,..
BONDS
Range
5-,,
*
IV reic's
Pries
Bono
ai N. Y. STOCK EXCHANGE •-4 ,z)
.Since
e.Range or
Friday
Mfiles
-n' January 1
Last sale t: 4 isnaary .1
Dec 28
WEEK ENDING DEC 18
--.."4
li44ts Ao
Bid
464 Low
tioveritmens
Cent of Oa itli-(Can)
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Chatt Inv pur mon g 48.19:31 J-D 90
U 8\38 coupon
89% FOP,/ .... 83% 801
107 J'ne'02
Mae & Nor Div 1st g 55.1948 J -J 105
U 8 3s reg small bonels 8191b -1
184% J'no Ut1.... 11101 1047
/
4
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1001 Nov'043
/
4
Mid Oa As AU Dlv 55 -1947 J -J 1001
U 8 3s con small bonds-81918 Q-F 100
1001,1011,
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4111 115 N ev't15
1925 Q-F 1201,121 1203 Nov'06 . 1181 1224
8
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105 Dec'07
1946 J-J 1101
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122 licer'05
1925 9-F 121
1203 1231, Con RR & B of 01a co/ g 5s 1937 A- N
U 84a coupon
11.0312 Aier'0 ... 92 106 1•
/
4
/
4
U 8Pan Can 10-30 yr 28.81036 Q-71 1024102% 1034 Mar'08 .... 1031 1031 Cent of N J gen't gold 58.1987 J -J 1291,130 120/ 12e
1
4
. 117 1301
1241 Nor'° _... 1244120,
Registered
/
4
/419131 Q-.1 *128
Foreign blevermnent
Am Dock & Imp gu 58..1921 J -J III 111% Lit .N8v've ... iv7 111
Imperial Japanese Governin't
Le & Hutt It gen gn g 58 1920 J -J 104.8
4
sterling loan 412s
1925 F-A 4 911 Salo 91as
91% 81 85
_ . 96 101
Lou & Willts 13 Coal 5s..1912 11-N
917
On Chet
99%
91
91
1925 J..1 1 90¼ 91
*. 83% 91
2(t series 41
Con ext guar 41
/
4
/
4
s
/
4
y1910 Q-3/ 1004 1001 1801 Dee •
. 981,101
/
4
s
82% 25 75
1931 J.,1 i 824 date 821
4
Sterling loan 443
82.4
N Y & Long Br gen g 48 1941 11-8
,
97
/
4
4
Etepub ol Cuba 5s exten debt.. 31-8 11(123 1031 103.2 lUtt LA li 100', 1051 Cent Pacific See So PacIlle Co
/
4
l39'
May14.,
US 01 Al exico 8 I g 58 Of 1899 41-.1
821 88
/
4
CentVermont 1St gu 94s e1020 Q-8
991 ,-- • 99
/
6 96 101
4
1954 J.D
921Salo 924 94
/
4
Gold 48 of 0104
/
1
'• 901 944 Chas & sav see Atli:oast Line
/
4
t 7 hese are pr ices on 4/443 alas of $6 to ,i. Ohes & Ohio gold 68
/
4
105 Sep'Os..„ 162 1051
a1911 A..0 1031
State and City Securities
/
4
19311111.14 11512 Sale 1151 114% J4 .07 2116'1
1st consol g 54
.
Manama curr Lund 48
1921, J -J
111 Mar'02
/
4
981
/
4
/
41141 10112Deu'ui
1939 M-N 1/31
Registered
Dist of Coltimtna 31358- 1024 F-a 110
110 Nov'Ob
107
it ot; 1071
,
110 110
General gold 41
19112 81-13 107 Sale 106
/
4
s
Louisiana new consol 45 1914 J -J
104 alay'u
10612 Dec'04
106
97
1992 IA- S *
Registered
92
90%
New York City4
Big bandy 1st 45
1944 J-D 91% 92
694 921
112 Feb'ut.
/
4
4:p Corporate Stock. 1958 31-N 1031Sale 103
1031 2 103',103',
/
4
Craig Valley let g 58
1940 J -J 110
assessent bonds 1918 m.ry 101% 101% 11/13 Dec
m
40
4
.. . 1013 1011
4
,
it db A Div 1st con g 48-1989 J -J 100 102 4004 Dee'v8 .... 811,101
ew 4/
1
4
8
1411.1'1Y • . .. 89
/
/
4
4
1957 Al.N 112 Sale 112
112.4. 96 105%112%
'Ob.
931
1989 J-J .961
2d consol g4s
,
1134 Fe4/1/6 New 412s
1917 31-N 1041 Kale 1041 11141 12 1011 104%
/
4
/
/
4
4
/
4
Warm Spr Val 1st g 58 1941 M-S 197
1121 130 105 112%
/
4
Vs% Corporate Stock _1957 M-N 112 Sale 112
95 8419 83 .... 95
'
95
92
Greenbrier By Ist gu g ts'40 31-N
41 assessmt bonde
/
4
1917 ovi.li 104Si
%
/
4
/
1
1041 1041 Di 102 1041 Ohm & Alt RR ref g 35 19411 A-0 /84
/
4
78%
7b1 Li OM 787
/
4
/
4
1
4% Corporate Mock. _1957 M-N 103
77
701
/
4
1 101%1031
77
1023 108
4
63 61/
/
4
771
Railway 1st lien 31211 195t/ J -J
89/ btay•tib
1
4
New York State
-highway
1950 J-J.. .
Registered.
i9914 Nor01,... 97 0/01
.
.1958 M.s 1124
Improveml4s
110 Aug'08
109 110
Clue Burl& Q-Denv04s 1922 F-A /.01
102¼ jb 37 11/211
1112
12o Diaetic
So Carolina 4/ 20-40
11)3d J ..f 102
1
4
5
General 48
1958M-8 8102
Tenn new settlement 38 19113 J.J
95 J'ly'Ob .... 94
96 100
96
Illinois Div 31
1949 J -J
/
4
s
/
4
/
4
Virginia fund tient 2-38 1991 J .j 931 135 , 931 Nov*th- . .. 90
931
/
4
Registered
1949 J -J
ll93 %la Sale 993134 Dec'/ 1-4i,. 866
`
ui4u1 . 4871 1043
P 1/ 1
4 ‘
1
4
b
40% 1.0 221 46%
/
4
467s
41)
1193 Div 45
68 deferred Brown Bros etfa. .... 45
4 99:
3'
1
Iowa Div sink fund 511-191b j-j 10041 4 bale 1 4 00' .... 104% 106
1 31
1 t 06
:
194 A 0
Railroad
,
100 4 NoV'Lle .... 96 101
Sinking fund 4s
A-0 100's
1919
Dec'Ub .... Hbis 1021
101
Nebraska Extension 48 1927 M-N 101
101% tRit 'lib .... 10112 1011
s
ain l „ e o I
C t
Att hti( n' ;ift CtaStYLine
Regiatered
1927 M-N 10035
Albany .3b Suso bee Del di. kiwi
90 Oct'07 .... ...........
Southwestern Div 4s
1921 31-5
97'2
411eglieny Valley bee Penn itit
Joint bonds Bee Great North
101% Nov'06 .... 974 1031
Debenture 58
klieg & West see 13II i It & P
11113 M-N 103
86
1 78
86
86
86
Han & stJosconeol 66 1911 M-8 105%106 105 1/430 108 .. . 104 ki um
85
41995 Q..7
Ann Arbor Dit g 48
4
Atoll T& s 1e
-Gen g 48.11/95 A-0 1003 Sale 100% 101 171 95% 101¼ Ohm& E Ell ret & imp g 4811)55 J-J .
b71 ells
88
2
*b 824 88
87
1964 A.47 120
Reinetered
1995 A-0 983 100 100 Deo'08
1st consol g 6s
4
L22 Aulcuti ... 122 122
951 100
/
4
Adjustment g48
/41995 No, 1121
921
/
/
4
4
General conaol'tabs
I/2.4 10 83
/
4
951
/
4
/
4115% 1161 1L1¼ 17 106121161
1937 31-N 1151
11.81 Feb'ue
81995 Nov •
/
4
Registered
86 Apr'07
Registered
1937 31-N 113
Stamped
/41990 M-N
93
93
0/7 J'is'in, .... 107 109.
14 82¼ 93
Chic ea Intl C Ry 1st 5(4 1930 .1-.1 113
93
4
1955 J.1) 1013 Sale 101 12 1021., ;Wu 853 105
Cony g 4s
4
Chicago & Erie See Erie
4
/
4
1917 J-0 1051 Salo 105.s 106 24e 1141 103
/
4131 130% Nov'011 .... .1741301
10-year cony g 58
Clue In di Louie,' ref 6s 1947 .1- A 1301
/
4
961 MaL'Ob
/
4
061 981
/08 sep'0 .... 106 108
/
4
' Debentures 48 Seriesti 1910 F-A
/
4
Refunding gold55
1947 J-J 111
Lops Nov104
Series 1
1911 F-A
t043 Nov'uti _ .00 1041
8
Louniv N A de Cli 151.65 1910 J -J 1044
94 .Nov'titi
Series K
i
1913 F -A
s ;, 1934 1087
1061 1067
/
4
!Inc Mil & St P term g 5s 1914 J•J , 15'a
1_,
0
981
/ 981 II 054 981
4
East Okla Div list g 4:4_1928 M-8
1041 1041 3 Ltd/ 104',
/
4
/
4
1)71
/
4
/
4
General g 48 aeries A..e198:1 J -J ...
/
4
1931 Oct 'ye .... 1831 1031
/
4
1173 44 95
2
96%
Short Line 1st 48JP AI roots ..„ 1/08 97
Registered
97%
/
4
e1959 g-.I 101
:
921
/
4
4.. 96
82 1)0000 .... 8,
AU Knox & N bee L& .N
General g 31 eeries B 6.11/611 J -J
/
4
8
/
4
1104 VOL '00
/
4
961 20 80
Atlantic Coast 1st g 41E80152 31.8 95% 961 96
/
4
Chic & L Su Div g5s....1921 J -J 1111
961
/
4
112 Sep 'tilii ... 110 112
Chart& & Sav 1st g 73-1936 J.J 130
Chic ik SIO arc Div 58...1:1243 J -J 114',
123% J'ne'Ut
/
4
1041-.1 60 88 .... it/4 1041
Say If di W 1st gold 6s 11/34 AA) 1281
)'
1111,124
,
Chic & Pac Div 6s
191(1 J -J 104ae
112.
845n'04
10:34 A•0 110
1st gold 5$
'4
Glue & P W 1st g os
/
1
1921 J-J 111 112 1.11.4 1 L IN . 1 1u841111
114% •No..'05 ....
,
/
4
Ala Mid lit gu gold 65 192b .6.1, 1081
Dak & (it So g 5s
1916 J -J 107.4 [03', iud Dete'iM .... 1o4' 108
991 Mar'06
/
4
/
4
1371 ' IA'
/ 13'
41
95
Bruns& W let gu g 4s 103b J -J
Far & Sou aa8U g 6s
1924 J -.I 1241
105% 1051 2 0/21
87'2 3'1 74
87
87
86
/
4
106%
01952 31.N
/
41.051
L & N coil g 45
884
/
1
Haat & 1)Div 1st 7s
1910 J4
11318131 06 .--. 9312 931
97
/ )
4
WIN AP1-86 ... (in% 1013
'
Sil Sp Oca db (.,1 gu g 411 ..1.1.10.- J • J
/
4
1 's
1st58
,
1919 J -J ,92loJI2Nov •Uti.
Atlautio & Danv See South Ry
106% 101/13
Lacrosse & D 1st 5s
1919 J -J lull',..0 42
80ot'04 - . LOU',1021
1027
Austin db .N W Sec Sou eacille
Mineral Point Div 54E 1910 J-J .„
1.04.5 Dec'1.1b. . W11,10461
/
4
951 10 90
95 Sale 95
alt & 01110 prior 1g 31
/
4
5.1925 J-J
951
/
4
So Minn Div 1st 68
10%.,11
1910 J -J . ,
1931 Dee'0.5
/
4
' ., LO1 10311
Registered
90 Apt 418 • • 891 90
/
4
81925 Q-J.92%
Southweet Div lst 60.-1909 J-J /0..."2
/
4
819* 1.0 1003 Sale 10018 1001 133 961
8
Gold 4s
Wis db Atinn Div g58
/
4102
1921 .1-.1 111% -----11.1 NOV 0b. . iUS 111
1.0.5 4 trov'ue: . L05%1051
,
98 Dee'Ob . 95
98
Registered
1.10. & No 1st 31. L 6s. 1910 44) 102%
4194s 9..1
98
,
.
Pitts J aim 1st gold ths...11,122 J •J 3011
1
4
1117/Deo 05 . W71
121) Oct '01
/
41101
lat,cou8o1 66
1913 J-D 107%
/
4
PJun db M. Div let g 31
Chic ,Y5.N orthw cons 7s
911 90 Oct'08 . 83
1161, Nov'un ... 115% 1181
/
4
/
4
61926 31-N
89
90
1915 9-F 1181
961
/ 061 ... 87
4
95 J'ile'lib -... 99
/ 6
4
P L IC & W Va Sys ref 481941 31-N 1 981
Extension 48
/
4
97
99
1886.1926 F-A 1004 105
105
981 Apeut3.
8outhw Inv 1st galas. .1925 J -J
/
4
28 833 93
/ 93
4
/
4
4
Registered
021 Salo 921
981 983
/
4
4
1886-1926 if-A
198 11.N
7
93
Registered
954 964 Nov'Ub .... 80
i
89 Oct '00
General gold 31/443
.
/41.921 Q-J
96
Motion itiv let gu g 55-1919 F -A 1061 1054 106% Feb'07
89 a Lig'uo .... 89
89
Registered
/
4
p1U87 Q-F 92
1111.51ay'ut.
/
4
. Con Ohio lt let e g41
1011 A pc'05
/
45...103(„vi-s 1001
Sinkuig tuud 8a...157.1929 A-0 111
.071 1111
/
4
4
LIU Aug'u •
10113 J'ne'07 .... .-.
Registered
1/1 Lor de W eon let g6(4 11133 A-0 111¼
..
.081 II()
/
4
1879-1920 A-0 110
8
.
Ohio River DE let g 58 1936 J•D 111 113 1084 Sep 'ub .... 1081 1 11
0.11/ 1 J'ly 'ut,
Sinking Una' 5a-1879.1920 A-0 1093
/
4
103 109'1
'
General gold bs
109 Sep'08
108
104 NovVi
Registered
52
1937 A-0
100% 109
1870-11120 A-0 1° 4
1
11:1 12 318E114
4102 t014 lili 1 ..... lik/ielii,
4 ,
Pitts Cloy a Toi lat g Us 11/22 A-0 11/11
... . . Debenture 55
1909 M-N 101/
4
101 Nov 1)8
Pitts & West 1st g 4s 1917 J -J
1
4
4
1003 1003 . 1 99/191i,
Registered
4
101 101
84
191)118-N 1003
100 Xov'04
Stet lel Hy 1st gu g 41 1943 .1-0
108 Dee'uo ..... 0.4. 1081
Debenture &
/
4
5
1:121 A-0 107
.
103 J'ne'u 1 .
Registered
Bat Creek de S .See Mich Cent
1921 A-0
111". Nov'uts .... 10811131
Beech Creek Bee N Y 0& ii
Sinkmg fund deb 55
1933 di-N LIU ia
/
4
Bailey de Car bee Illinois Cent
109 J'irub . 107 105
Registered
11133 .A-N
Bklyn & Montauk See Long I
/
4
1024 1021 . 1013 102;
/ i
4
Illinois let 5s
No
44
1910 ,A-S 1021
8
1
4
)0
Bruns Cs West see AU.Coast L
101 Oct / ... 101 1011
Ott 0 F & St Paul let 5s 190:1 a4-s 1013
11912 Deci'08
Bunalo N I & Erie See Erie
MU L S& West 1st g 65 1921 M-N 120%
118 1193)
Buffalo lt & P gen g 5e 1937 M-S 116%
/
4
116 Nov'Ob .... 108 116
4
_. 110 113.
1
Ext & Imp s fund g Os Mb F -A .15%117 1131 J'iy'ub
1421,Fc0'1/2
106 Dec'Ob
Consol 4428
11957 M-N 107
Ashland Div lst g tis 1921 41-6 12415
1011,108
98 Dee'la
All & West lat g 43 gu...1.111/4 A-0
12b is Feb'Uti
Mich Div let g tis
1/104
1924 J -J l244
109 sep '03 . ... . ..
..
Cl & Alsh 1st gu g 35
1943 J -J 119 1204 103 J'ly'Ob .. 103 103
Incomes
0111 41-N Jul
/
4
itoell & Pitts 1st g 65_1921 F-A 120% 122 1191 Sep 'Ob ..... 114 1191 Clile Rock 1st & Pac 6s 1017 J -J 1191
116 Dee'Ob ..... 112 116 a,
/
4
/
4
..
3 117 121
121
Consol 1st g 68
1922 J-D 1203 1211 121
/
4
4
,
/
4
itegisterell
/
4
/
4
1917 J - J 1121._. 11.21•J'Iy'ut . 1121 115
General gold 4a
1014 ii 94 10'1
Bultalo & Southweet see Erie
/
41013 101
4
1988 J -J 1011
89 Oct'08
973
Registered
4
88',
irl% lb 961 971
871 91
/
4
Butt & Swig 15t ref g 4541951 3-J
/
4
1088 J -J
973 ,
4
Refunding g 4s
Bur C 11 es isi See C 1t 1 es P
1934 A-0 891 bale 89%
/
4
/
4
90 284. 831 90
. 109
1913 J-3 108% Sal,, 1083
Cod trust SeriesH 4s. 191e ell-N
:17 J'ly'04
28 1071
/
4111
an180 let ex t 65
1913 3)-S 1031 Sale 103', 103lc
/
4
921s Nov'08
4
L111
J 48
/
4
1 :181 103
2,1 5s
1012 151-N
1003 Itlay'07
4
1913 3)-S,
kiegialered
901 Jan'07
Al -.8
4
1915 M-'17
N 48
93 Alaysu 4
MI 5-8
Oftrb as Shawn See Ill Cent
90 Nov'08 .... 110
048
Caroima Cent See Scab Air L
11117 M-N
in/
Carthage ee Ad See NYC& 11
84 Aug'Oi
.P 4s
11/18 51-8
Ced it Is ft & N bee 110 14.& N
Chic It 1 & Pa43 Jai 4s-2002 M-N
741 Sale 74
/
4
75/ .8, $5; 782
4
1
4
•
Oen Braaten By See Mo Pao
Registered
65 Aug' .... 621 65
2002 31 N
08
/
4
/
4
Cent of Us KR let g fis..p1945 lf-A 1161
114 Sep 08
Coll trust gold 58
1913 .11-8
85 sale 85
112 114
86
49 591 861
/
4
.
Consol gold 55
Bur Cett It de Northern
1945 31-19 1011¼ Sale 109
1091 5: 971 1101
/
4
/
4
/
4
Registered
113 Apr'06 ..
Con 1st & col tr g 5s 1934 A-0 1151Sale 115', 1151 1 106 1167
1945 $011
/
4
/
4
lst pret income g Ga....pi:145 Oct
Registered
81
81
81
3 55
1934 A-0
81
12012 Mar'03
Stamped
°RIF& N W lstgu 58 1:121 A-0 1054
78 Dec'08.
* so
65
78
111 Nov'05
2u m el income It AA-- _D11145(ict
51 & St List gu e 78-lii27 4-11 3234,
03
133
84
65
80
2e 45
BONIN!,
N.Y.STOOK EXCHANGE
ENDING 111co 18
WE
Fries
Friday
Dec 18
Week's
Range or
Last Bale
H
'(J
vi ISCE1.I.AN
Ds Ito.,ii-.-Continueo Oil Next Vitae.
?greet Railway
Brooklyn /lap Tr g Os
1945 A-0 102
1013 102
4
2 91 102
let refund cony g 4e....240/2 J-J
/
4
82% Sale 814
7.
82% 976 631 142.
let con 58.1916.1041 J -J 103 1031 104 Dec'08
99%104
/
4
1bkQ Co& S eon gu g 55.1941 M.N
91 Oct 10b
91
921
/
4
• Bklyn Cu El 1st g 4-58.1950 F -A 1011 1021 1011 102 104 1131 102/
/
4
/
4
1
4
/
4
/
4
Stamped guar 4.5s....1950 F -A
'
1001 Nov'uo
/
/
4
4
'18 1021
' Kings Co El 1st g 4a.....111411 P.A
811 Sep'08
/
4
811 8 i /
/
4
1
4
85
Stamped guar 4s
1049 F-A * 83
891 17 i7
/
4
861
115
/
4
Nassau Elec gu g 4e....1951 4-4
79
75
70
80
82
79
Conn ity & Llst& ref g 41
/
4
:051 J -J 101%
95 Mar'08
95
95
Stamped guar 41
/
4
5
1951
1001 Oct '1/8
/
4
931
/
41001
/
4
1013
4
Den Con Tr Co 1st g 58...1933 8-0
115 J'ne'00
/
4
8.11132 .3.4
SO Dec'08 •
83
69
81
82
Dot United lit con g 41
Havana Elec cousol g 56.1952 F-A
86 Oct'08 •••• 88
90
94
19513 A.0 804Salo 771 801 468 49% 801
Inter-Met coil 4/
/
4
/
4
1
4
/
1
8
/
4
Inter Bap T 3-yr cony 33s.1911 MN 102% Sale 102.2 1031 209 100 1031
/
4
/
4
Internat 'rrac coil tr 48..19411 J•J * (39
70
1391
/
4
70
66 LSO
1,
:lf,e lit & toll 65.1953 M.s
98 11*WOO
NI
..No price Friday; latest price this week. .aDtie Jan 4 Due Apr 6 Due stay
Street Hallway
Met St Ity gen col tr g 5(1.1997 F-A
871 86
/
4
81
87
Ret g4s
:ARP A-0 56
132
63
(i4
241
ktwaydo 7thev lateg5a1943 4-0 101 11.13
973 Dec'08
4
Coi 44 tli Av 1st gu g Os.191/3
100
983
1)•."3
e
Lex Av& P Fist gug 55 1903 8-8 100
IOU
6
100
Third Ave RR con gu 4s2000 .3 -J * 6611
67
11
4
663
Cent Tr Co certfs stnipd...
663 talt 66
4
67 161
4
Third Ave ity 1st g 65..1937 1-11 10111 11',' 110
110
2
Met W S El(Clue)let g 41E1938 F -A
93/XI> '06
1 ,
4
N Orl Ity & Lt gen 41 .1033 J-J
9(41-0.9 '06
/
4
/
4
s
3I-N
St Jos ltyLtH & P 1st g
118 Nov'Ob
981
/
4
Paul City Cab con g 68.1937 J -J
1101 Nov)
/
4
00
nderg round of Lon 5s...19'20 3I-N
40 Aug'Ob
1933 J.J
73
41
/
4
5
/
4
7'd
721 '73
1948
Income (is
213 Dec'08 81(
4
21% 22
U mon El(Chic) 1st g 5e 1945
84 (Jet 'oe
75', Sale 741
United Rite San Fr a f 4s 11127 A-0
/
4
751 127
/
4
United llys St L let It 4s.1034 J -J
t•-14 Sale 843
, 8
Li Due J'tie 41)11,1 1 -1.7 ic out,
u
vot
2.1 Due A011
87
68
40
64
03 102
95
139
1113 100
491 67
/
4
50
67
101 110
98
98
40
41.2
73
70
20
23
84 101
59
754
76
55
New York Bond
1592
LIAM LP 74
N. Y. STOCK EXCHANI1E
WEEK EN11NO DEO IS
rrlce
t
4 :•"t•
Nridav
bee 18
I+ eves
Range or
Last Sate
Record
Page 2
Continued
Swigs
Since
January
N. Y. STOCK E.XcHANUK
WEEK ENDING Dko 18
1 *ritto
,
Pee 18
Fox. wcxxvii.
Wee/Vs
Range ot
Last Sat
,
n angel
Janie are 1
hut
IIig No how High Erie-((Jon)
4.0 Lou
Ohio Rock & Pac-(C.on)
ti
Btu
485 Lou
102 Aug'08
Choc UK & 0 gen g 5s .0193.9 J .j 105
102 l04105 Sep '(it
Nk Sus ef, W 1st ref 58.193. J • J 103%
1952 M-N 1064 110 1074 Nov'08 •... 107')109
Consol gold 5s
4
1001 Dec'0,
20 gold 445
1937 F•A
1044 1041, 10 1183 10414
" Kook dis Des 31 1st 55.-1923 A-0 102
4
1)5 12Nov1).General gold 58
194' F-A
Ohio bt & N 0 See 111 Cent
01
11212 No'
Terminal 1st gold 55 194:: .1/1-N 113
Chic St L & Pitts bee Penn C.
Regis 85,000 each 11343
'129% Sale 1283 129k 16 121 132
4
Ohio St P bl & 0 con 6s 1931 J
163 Dec'o8
3110 Ram N J lat g 6.3 1916 A-0 102%
101 103
93 Dec'08
Cons t3s reduced to 3 kes 1931 J-1) 914
.00 102
Wilk & Ea 1st gu r5s 11141. J•D 102 104, 102 Oct'01
129
12902 129'-. 3 1.24 12.94
Ch St P & Minn 1st g 6s 191,
& Ind 1st con gu V13s 1921. J -J 111
1103
,
108 1134
,
1203 Mar'04
Nor Wisconsin 1st 6s 103t J -J 129%
Erie & Pitts See Penn Co
117
117
1 11541171 Evans & T 14 1st cons 64 1021 J • J 114
St'P 80 6 City ist g 611 191i• A-0 1174
/
4
112 Jan 'Or
111 112
,.
8
Ohm& W est lnxtgengl$sq19. Q-31 113 114% 1123 1123
1 112 113
1st general gold Os
96 103
1941 A•0 1004104 10212
98% 99
99 Dec'01
1052
Consol 50-year 48
J
91
99
Mt Vernon 1st goltt 68 1923 A-0 102
114 Apt U,
Chic & V Mich bee Pere Alan.
Still Co Branch 1st g 5/3 1036 A-0 08%
15
1,3
05 J'ne'w•
Choo0& Gulf Nee CR1&P
kargo & So See Cl, 51 a, St P
Otu H e., D 20 gold 445 193. J • J
113 Oct '11'
& lint & Pere Al See Pere Mai
tjlnD&Ilstgug5s 194I 41•N
964
,
5 116
96
1)6
Fla C & Penm See Sea Air Line
1)6
C Find & Ft W 3st gn 4s g.'23 M-N
Fort St U D Co let g 4128.1041 J -J
105 Mar'tir
70
70 Auiver
CM I & W 1st LU g 4s.195; J-)
70
70
Ft W & Den 1st g 63
4
104 1153
/
4
11)21 J-D 113%1141 114 Deo'0:
06% Sale 96%
Ind Dec & W 1st g os 193f J .J
964
. te 00
9131, Ft W & Rio Or 1st g 48 192/ J • J
87
88
74
87 Sale 87
193' J .J
let guar gold 5s
10712 Dec'02
'al liar & S A See So Pao Ct.
0 1 St L & C bee 0 e J t •
/lath & hot1882 1st 58.1913 A-0
96 Sep 0;96
96
CtnS&C See C C C St
laeorgia do Ala See sea A Lint
Clearfield & Mali See B H & 1
tia Car & Nor See Sea A Line
98 Sale 97%
54 92
98
°ley Um C & bt L gen g 4s 199: • I
091 Georgia Pacific See So Ry
/
4
0612 98
Cairo Div 1st gold 48-.1931 J .J
96 MaY'01
06
96
Gila V 0& or See So Pao Ct.
94
1)7 1-. 1/54 Oct'01
Cin W & 51 Div 1st g48.191), J • J
954 954 Gout;& Oswegat See N Y Cent
96,
St L Div 1st col tr us 199t 31-N
4
1164
1 90
904
063 Grand Rap & md See Penn RR
4
Registered
Oc:'0,
91
199i
I.
Gray's Pt Term See St L S 11
92 Fely0,
94
18pr & Col Div 1st g 48 1041. 31-8
92
tit Nor
92
-C B& Q coil tr 4s 1921 J - J 1004 gale 110
100, 584 1)214100
9214
W W Val Div 1st
98 Sep '01.
J -J
Registered.4
11, 14 4 02% 08
974 Salt- 963
4
1021 (
44
103
Jan'04
105
0 1 St!.& C consul 6s 1921 ;VI.N
Greenbrier Hy See Cites & 0
Tov'uti
00
004 ).,
let gold 4s
/c1113t
951 99') Gulf &SI Istref & tg Os blUiy.. J -J
4
96 Oct 'U.
100
95
95
117 ()et 1.11
9S4
Registered
k11/3i,
97
97
14 an & St Jo See C 13 & Q
110 Dec'ut
& Cl con 1st g 58-1112S /-E 1U9
1064 110
-J
ousatonic See 18 Y N LI& ki
,
1143 Sep
0 C C & consol 7s
1014 J-1) 11214
4
114 1143 Hock Val 1stconsol g443 11)91i J -J 106 107 1072 1071
8
8
98%1074
Consol sulk fund 73.-11)14 j.D
Registered
1004 Sep '00
1991. J•J
100%100%
130 Nov'08
General consul gold 68 1934 J • J 127%
120 130
Col & H V 1st ext g 48 194k A-0
116 101
06 Dec'0.
90
06
Registered
1034 J -J
Col & Tot 1st ex 4s
100
F•A 100
R/0
1955
96 100
94 J'iy
Ind El & W 1st pret 4s 1946 A-0
95
94
Roust B & W Tex See So Par
0 Intl & W 1st pf 58...d1113,- ‘4•J
Roust& Tex Can See So Pao Cu
13
94
93
Peo & East 1st con 4s 1941 A-0
94% I 10110114 Central 1st g451051 J•J 103
' 85
2
101 Deo'Or
101 103%
68
t
663
4
16 35
Income 4s
11191 ¶191
63
I Registered
1073
e
1051 J -J 101%
Cloy & Marietta bee Penn RI;
1st ref 45(when iss)
4 .
,
1951• 11-N 1004 Sale 1001
1 99 131 993 100%
9315 Deo'00.
Ulev & Pitts bee Penn Co
1st goat 3 28
1)36,,
,
1-11
913 933
4
8
77
77
78
Col Mithanti 1st g 45
104 • J
55% 78%
Registered
1/13 Aug'Urr
4
112
1951 J -J
91'4 911
4
904 Salt, 9612
1167 03 82
Colorattr & Sou 1st g 4s 192i• F A
s
967
8
Extended 1st g 34s
89 Nov",
01
1951 A•O
b97 bale 8I1'4
8
110', 1350 73
Relund & ext 44s
1036 M-N
1/01
8
1st gold 3s sterling
70 0,9.'0,
1951 M-S
Coluin & Greene See So Icy
Coll Trust gold 48
101 Dec'Ut
1)134
1052 A-0
97 102
UM& Hocg Vat See Hock Vim
Registered
08 Mart).
1952 A-0
Col & Tot. See Hook Val
L N 0& Tex gold 4s _1953 .14-N
/
4
991
99%
102
.11814102
Col Conn & Tenn See N & W
Registered
11)53 M-N
991 97 May'0,
/
4
Conn & Pas kites 1st g 46.11)43 A •(7
Cairo Bridge gold 4s
1023 Jan '0'",
4
11/50 11-0 100
..
91 Apr'08
1051 J -J
Cuba RR 1st 50-yr 5 g
91
111
Lotus vDiv&Tenn g348 1963 .1 •
004 1103 110%Nov'ue
001
,
4
85
11aKSeOtSo best: & St I'
Middle Div reg 5s
123 may'tr.
1921 F-A 103
K&1
alien ce Waco bee
Omaha Div 1st g 3s
11 - A
.
784 Apr tx
78
1951
Del Lack & WesternSt Louis Div&term g3s 1951 J -J
7914
794
7614 794
794
4
11414 Dec' "
,
d1•N 1143
Morris a, 11.8843X 18L
0
Registered
11414118¼
1051 J -J
8
1015 J •D 117%119'4 1101 Nov'ut
118%120%
1st consol guar is
Gold 312s
904 904
904
1981 J-J
794 904
127 J'ne'l.fa
1015 J•D 1 it1
Registered
Registered
88
1951 J J
101')Oct '01
......
U3%
200' .143
let ref gu g 34s
Spring Div 1st g 34s 1951 J•J
100 Nov'th,
004
N Y Lack & W 113L 6s 1921 J • J 121'1,123 110 Nov'ob •- 11,14125
Western Lines 1st g 46 1951 F-A 1004
973 Aug'07
,
112 Oct '0/
11123 F.A 1194
Construction 65
81124
1083
Bellev & Car 1st 08
122 Dec'05
1923 -D 114
1923 M•N 1011'4
1001
Tenn & unprove4s
4 19914
974 102
Carb & Shaw let g 45 1932 M-b
07 Sep 'tit
119
97 100
113
102 Feb'u3
Warren 1st ref gag 34s 2000 F- A
Chic St L&N 0 g 58 1951 -1) 117
117 Oct V/
112%117
121% Apr'Ob -- 1214123
1st Pa lily 7s 1917 bi•S 123
Del & Hail
Registered
4
1103 blar'04
1951 .1-1)
......
1214
1411 Augqi I
Registered
1917 .9-S
4
Gold 348
881 Feb'07
,J951
1913 M.N 10214 Sale 1014 1024 52 912 1021
8e
lst &ref 4s
14 0 4
5
100 .hitir'ut
Meinpli Div 1st g 48 .1:151 J -D
WU 100
101 Sale 101
lt)5
45
191c
10-yr cony deb
St 1,Sou let gug 4s....1931
98 J'ly'or
98 'J8
1034 Deo'01
let hen equip g 4 45- 1922 J J
Ind RI& West See CU & St L
t., 100 ..
OV 12sale
11146 A-0
/U 913 1 0%1 indIU&Ialstg4s
98 4 1 /
Alb & bus cony 34s
2
03 Apr'Or
06
05
98 101
1950 J -J
129 Nov'08
Saratoga let 7s 1921 M-N 12111t
itelisSe
128%129
110
Int & Ureat Nor let glis 11111 31-14 1094115 110
1 101 110
Del My .14kt Bridge See Pa Rh
20 gold 58
85 Nov'ut
1901' M-5 88
110%
70
09
98
09
27 89
Deny & 5 Or 1st con g 45 11136 •J
34-S
99
30 gold 4s
(10 Oct'u •
41.)
30
1921
4
1033 Dec'01
4
Consol gold 4 las
193t J -J 103.
98 1033 Iowa Central 1st gold 58-193t J
1087 Sale 1083 108% 11 10014111')
8
4
8
103
Improvement gold 65-1928 J•li 103 sale 103
11 94 103
81)4 •it 70
Gold 4s
11351 14- S
80 Sale 80
804
us Fele°,.
Rio or J tine 1st gu g 5s.1939 J •D 10114
97
J eiterson RR See Rrle
98
76 Dec'06
1941, 11-11
Rio gr So 1st gold 4s
.....
.
. kalA&OR See LS&Sib
85 Mar'Or•
Guaranteed
1046 J J
man & Mich bee Tot & 0 C
vti
U61 1.6
/
4
963 ..16 854 9865 KC:NIS& 31 .8e8StLearib'
, .
1039 J • J
Rio Or West let g 45
3
58
78 Nov'08 ... 70
Mg°and col trust 4sA 10411 A.0 80
KC&MR&B SeeStL&Sk
75
97 Jan 'if..
Utah Cent 1st gu g 4s 0191;
Kan C & Pacific See 51 K & '1
......
D See Al & bt
Des Mold:,
Kan City Sou 1st gold 3s 195t. A•
2
731
73% 731
/
4
73
69
74
110 Sep 'IA
Des Mot Un Ry 1st g 5s 1917 31-IN
Registered
1956 A-0
03 Oct '01.
92 Mar'1)7
Del & black 1st lien g 45 19115 .1-1) 81)%
Kentucky Cent See L
so 12 Aug'ut
8/7
81)12
1991 J
Uold 48
/
4
•"80 891 Kea:& Des Mo See R l& P
Detroit Southern
Knoxville & Ohio bee So By
85
84
84
Ohio Sou Div 1st g 4s 1941 'A-S • 84
4 773 84
4
I aloe Erie & W 1st g 58 1937
115 118 1144 114%
106%1144
115 hale 115
116
Dill & Iron Range lst 5e 11)37 A-0
La 20 goid 55
9 102 115
106
100
1941 J -j 11)34
100 106
100 Mant/8
8
Registered
1937 A-0
(0641061
Norm Ohio 1st gu g Us i94 A-0
/
4
110 Deo'lk,
Lob 110
20 6s
11)1c J -J
L 600 & Mich S See N Y Cent
Dui Short Line Se. or Pao
Leh Val .;,.; Y 1st gu g 4124 194u J -J 1083
1094 Nov'Ob
10241093
8
4
108 Mar'08
Dal So Shore & Atl 58 1937 11-11 10012
Registeren
1077 109
8
'05
1946 J -J
108 Oct
108 108
14
'ast of Minn SeeStPSt&SI
Lehigh Val(Pa)cons g 45 201.V0 M-N
,
933 J'ue'Ob
87% 05
Jinn Ten Vs & on See So Ity
Len V Ter Icy 1st gu g 5s 104, A-0 117
1174 Sep 'tit•
108 117%
108
1064 blarOb
Elgin Jot & East 1st g 55.1941
Registered
1064 106%
109 4 Out 'Ul
1041 A-0 11614
hlLinCort,(i o See Leh
8
Leh V Coal Co lest gu g 3 193; J -J 100
107 4Ply 'lit
1013 1970
.
4
99 blay'08
100
Ene 1st ext gold 48
1947 .V1-N
Leh & N 1: 1st guar g
99 105
May'Ot
9512 97
95
4
20 ext gold 5s
1919 31-$ 1053
Registered
10414 Apr'ob
W1%1044
194:: 51-5
103
103
103
lit ext gold 4%8
1023
1 9P')103
El C N 1St pf 6a ..., 1914 A-0 102
113 le Jan'06
1053
4
1054 Nov'Ob
Atli ext. gold 55
1026
Gold guar 5s
104 105%
4
1914 A-0 99%
11/51 Jan '01.
lie
if8 Oct'08
5th ext gold 45
1.92/ 11-b
Leh Js kind R See Cent ot N J
08
98
1253
8,2.3 1253
4
4 125.
let ainsol gold 78
31-S
117 1251 Leli& Wilkesb See CentON J
,
let coneot g fund 7s
192u 31-S 113 1144 121 Oct 'Or
Leroy & Caney Val See Mu I
120 121
8114
894
89% 25 80
Erie 1st con g 4s prior-1996 J -J
Long Dock See Erie
90
Registered
.. 79 Jan
1996 J -J
... 79
Long Isrd-lat con g 58 /41931
79
105 112%
111 1113 111 Deo'08
,
75
76 .
76
1st cotsoi gen lien g48-191)6 11-11
67 35
let consol gold 4s
764
51931
1)814
854 Feb'07
Registered
lidre 11-11
General gold 48
9614 11 83') 97 12
193s
961450-I. 1)5
10. 884 87%
i7-, 76 671 873
Penn coil tr g 45
11)51 F -A
Ferry gold 444e
,
8
102 Dee'Ob
1922 M-S 1U2
101 102
,71
'•
0
77 •
784 150 43
50-year cony 4s A
1953 .1
Uohl 4s
9914 Oct'06
8012
1932 J
......
90
ito
6712
611
68
Series 11 195; A-0 • Ile
50 40
Uullied gold 4s
70
1144 Deo'Ob
1949 M-S
81
94
94%
1
Butt N Y & Erte let le 11)1t J-1
115 Aug'0,
Debenture old 55
115 118
10414 Deo'0/
1934 3-fl
104%104%
Chic & Erie 1st gold 63 1981.
116 18 Deu'ub .... 1084 11518
lit')
Guar ref go tt 4s
4
1.181 16 90
/
4
97% 98'-. 973
19411 M-S
981
*
110 4, Jan 10,
wee & Station Vat g Is 1.1.3, I -J Ito
liklyn & Mont 1st g 64 1911 M-S 1021
8
Jett RR 1st gu g
4
4
A-c 1051 100 14 1053 Dee'01 .... 98'2 1053
.
lstOs
4
1013 Deo't)0 .... IOU')1015
8
8
1911 M-S 101 5
8
Long Dock consoi g us 1035 A-0 12.33
4
128 Dec'08 .... 121 125
N kB&MBlstcongsslll3b A.-0 105
1104Nov'06 -• ......
Coal& RR lst cur gu 68 1922 M-N
i18 bep
NY&ktIllstgSe
105 Apr'0,
1927 31-S 101
.....
4
Dock & Imp 1st cur 68 1913 J -J 11)61
10ti Dee'08
Nor SOB 1st con g gulls01931
106 106
109 Nov10t,
102
N 7 & Lireen 1. gu e 58 1941;
10212
100 Felr'Ob • • 100 100
Louisiana & Ark 1st g 58.1927 2
•
1)8 Apr'08 ....
100
.5
-1
. 98
MISCELLANE01.184 liOND..-Continited on Aoki enact,.
•-;
It1141 Electric Light
4,1am and Electric Light
Atlanta U L Co 1st g 58...1947 J
Lac Una LotStL let g5a.s11111)
102% 102%
(2-F 1024
99 103
13ktyn 11 Gas 1st con g 58 1946 M-N
105% 105'4 Deo'08
924 107
Rei and ext 1st g 5s
1934 A-0 1003 102 lt)03 Nov'08
4
4
8
1003 101
Conv deiren tis
1909 M•S
14814 14674 1-17
25 119 150
Milwaukee Gas L 1st 48 1927 M-N
112
03'4 95 Oct'08
894 95
Burial° Liaa 151 g os
194: A-0 60
63
63
66
1 54
NYUELH&Pg 58_1948 J -D
63
1021 '24 88 104
102 102
/
4
Consol Gascony deb 65.-1909 J.j 1t1812Sale 16614 169, 86 103 169%,
,
Purchase money g 48 1940 F-A
85 Sale 85
854 41, 75
88
Detroit City uas g os
11120
103
102--, Nov'01
I'll') 102')
Ed El Ill 1st cony g ba 1910 M•S 101%
101% 1011
/
4
9812 130
Det tias Co con 1st g
F•A 102
983 Sep 4./t
8
98, litlas
let consul gold 58
19116 J • .1 112
112 Dec'Ott
1074 112%
Rd 11111 beeN VU&ELlielr
NY&QE1LellP 1st con g681930 F-A
95 Dee'08
94
89
05
Kqti LN V lat con g58.193 VI- S 103
06 Mae();
96
96
N Y & Rich Gas 1st X 58.1921 M-N
,
100, 1110 Deo'08
99 100'4
blas& Efec Berg Co c g 53.1049 11.1)
61 12 Oct '01
Pat & Past.* & E con g 55.1940 M.S
1043 Nov'05 . •
,
974
•
lien Electric deb g 348_1942 LIP
84 Sale 84
81
8 79
84
Pao Gas & 0 1st con g 63 1943 A-0 1197
8
119 Dec'01- -• Hirl; 119
•
10-yr g deb 5s
138 102 10134 133
1917 J-D 137 Salt. 138
Relunding gold Ls
1947 M-S 103'
4
1s
1034 Nov'08 -• 94 1033
Or Rap (.4 L Co lot g 58 1915 F -A
99
1073 Dec'06
4
Cke Isr,gu g 513 1937 J -J 1061
4
8
1055 1053
08 1053
8
4
Hudson Co Gas 1st g 38 11149 M-N 101%
Ply'0,
,
102
Ia... 102
.
Con 0. Cool Ch 1st gu Jr 56.136 J-0 10114.
1034 Oct'08 -• 95 1034
Kan City k Alo)Gas late Ss 1922 A-0 95 ....
IA) • Dec'tr.
Mu Fuel 01$ 1st gu g 53.11147 31-14 101 103 101 Nov'01 ..• 92 101
Kings Co
L& P
103';
Syracuse Lighting let g 5s.'51 J
115
Purchase money 6s
LOW;
110
110
2 103 1114 Trenton 6. & El 1st g 58 1041, M-b
113%
110 May'05
Rd El 11 isi(n 1st con e 4s 193i .1-.1
74-4 Sep '01
WI
Westchester Light'ir g 68.195t J •D
110
101') 104
107 103 Ply'01
• Ito price Friday; Latest oat and asasti tuts weemc a -ode an 0 Due at) ii D us Apr c Due AST 11
Due J'br IC DUO AUX o Due Oct a Due DO I Option Sailf•-;
New York Bond
DEC. 19 1908.1
BON De.
N. Y. STOCK EXCHANGE
EN09/0 DE0 18
NV KKK
z
Range
Since
January 1
Week's
Range or
Last Sale
Price
Friday
Dec 18
High No Lou' High
Ask how
Bid
12 11•25 12.)
$
4
118 1173 118
Louisv & Nashv gen g 66.1930 J -D
e
.
110.21197
1107 J'ne'08
1937 M-N 1154
Gold 58
17 05 102
8
4
/
1940 J -J 1011 101% 1017 102
Unliled gold 4s
101 J'ly'00
4
1040 J-J 1001
Registered
105 105
105 J'ne'Oe
102
1910 A•
Sink tun(1 gold Os
102 107
1931 11-N 10K 114 (07 Nov'ob
• Coll trust gold 5s
9612 • 98 t6 88 98
.
5-20-yr col tr deed g 46 1923 A.0 973
111 N'ov'07
19111 J -D 110'2
It 11 & Nash 1st c 68
106
104 Mar'08
11)314 104
.L CBI& Lax gold 44s 1931
115,1, 122
122 Oct'08
N 0 & M 1st gold 68-1930 J •J 126
4
1221 Mar'013 •
1930 J-'1
N 0 & M 241 gold Os
1074 A ug'06
Div gold 68 1920 M-S
.Pensacola
117 May'07
1921 M-8 109
St L Div 1st gold 08
624 Aug'07
14140 01-S 63
20 gold 38
93
95
115
86
div 48 1955 M-N
Atl Knox & Cm
110 J'ly'06
......
All Kuox & Nor 1st g 581940 J -D 104
10812Jan '00
/tender Bdgelsts f g 03.1931 NI-S
4
4
/ 97%
88 07,
• Kentucky Cent gold 48 1987 J -J 1034 981 103 Nov'08
103
1 971 103
4
/
L&N&M&M lstg4481945 11-S
4
4
/
874 873 Dee'08
794 881
N -south M Mint 46.1952 J -J
• L&
4
4
1123 Nov'08
4
110'4 1113
N Fla 29) 8 1st go g 5s 1937 F.A 1123
98
N& C Bilge gen gu g 4 4181945
100%
113 Jan '08
113 113
& AU 1st gu g 06 1921
Pens
112
11212 1'2 112 1121
4
/
& N Ala con gu g 5s 1930 F-A 112%
9112Jan '08
9112 9112
L& Jell Bilge Co gu g4s 1945 M-S 93
See CI L
L N A & Oh
nhon Coal beeLSJSMS
99
4
/
991
4
92 '39 12
17-1-anhattan Ity oonaol48 1900 A.0 • 983
.
104 Apr'05
1990 A•0 963
Registered
8
4
Stmpd tax exempt 1990 A-0 1004 Sale 1004 100-... 19 963 1003
McK'pt8.BV Bee N VCent
834 Sale 831 85'2 42 744 89
4
/
biex Cent consol gold 48 1011 J -J
4
22 • 223 Dec'08
21
194 22%
1st consol income g 3s.a1939 •Ply
19
18 Dou'08
20
10
4
/
181
'0 consul income g its. a1939 Ply
0J'ly'01
9115
blex Internet 1st con ir 48.1977 11-S
80 Feb'08. . 80. 80
Stamped guaranteed....1977 It-S
105 May'00
blex North 1st gold 68.-1910 J •
Mich Cent See N I' Cent
Mid ot N J See Erie
Mil 14 & W See Chto N W
Kit & North See Ch 111 & St P
1254 128
12712 Oct'08
Minn ifc St L 1st gold 78 1927 J.11 123%
101
101
101 103
1009 J-1) 984
Iowa Ex 1st gold Is
118 Jan'07
Pacific Ex 1st gold (is.. 1921 A-0 107
South West Ex 1st g 73 1910 J-D 1104 Sale 1134 blar'06 ii Loci uuk,
4
/
10714 1101
.
1034 NI-N- 11012
let consol gold 58
854 86
12 784 80
1
.
1st and refund gold 48_1949 .11-13 85 86
07 Apr'0(3
....
J-J
Des M & Ft D 1st gu
Minn 26 St L gu Seen 0 It& N
.. 100 Oct '08
964109
StP &88K cou g 4 intgu'38 J -J 100
102 J'ue'07
1.118/3111&A 1stg 4 intim 1926 J -J
Minn tin See St I' 11.1 &M
4
/
Mo Kan & Tex 1st g 4s: 1990 .1-1) 084 Sale 984 991 8i. 04 101
88
88
8712 88
4
/
10 771 88
.
gi01111 11 -A
-20 gold 48
10412 105
4
/
4 95 1061
4
/
1944 Ni•N 1041
1st ext gold 5s
8412 85
96 747 85
8
2004 111.S 84 85
refund 4s
1st &
4
81)12 Iv 71
883 Sale 883
4
894
19313 .1-J
Gen a f 4128
80
86
87
I- 804 80
2001 A-0
St L Div 1st ref g 4s
103 Oct'08
1024 105
Dal & Wa 1st go g 56 1940 NI-N 10412
4
1
94/ Deo'llb ... 87
95
4
/
941
Kan C & Pao 1st g 46 1999 F.A 01
111
1/1
2 Moe 111
StoiC & 11 lst gu g 56.-11)42 A-0 1104
108
107
10 102 109
1942 M-N
61 K & Ok 1st gu Os
108 1iec'08 .... 9712 108
K&TotT lst giig56 1942 Ni•f3
100 J
... 10041004
Sher Sh & So 1st go g 58 1943 J•D 104
108., 2e 1021 10,
4
/
3
,
Tex& Okla 1st gu g 5s 1943 61.-S 108 Sale 108
4
/ 1144 b 1944 115
ito Pacific 1st con g as - 1920 31-N 1134 115 1141 102
4
/
88 1021
4
/
Trust gold Os stami.ed.a1917 5-S 1014101 1011 Fe1.007
104.2
al017 5-S
Registered
4
8
4
1920 F-A 1013 Sale 1013 101% 1 877 103
1st colt gold Os
4
793 .118 68
797
1945 NI- S 79 halo 79
40-year gold loan 48
95 Mar'08 .... 95
05
1038 M-N 91
3d Is extd at 4%
85 Feli'08 .... 85
87
05
Cent Sr fly 1st gu g 96 1919 11 -A 89
8312 8014
4
/
911 8912 Sep 'uts
Con Branch U P letir4s 1048 34)
110 blar'05
Leroy &CVA List g58 1926 J -J
4
901 Ifeb'08
904
994 994
Pao It of Mo 1st ex g 46.1038
111 Deo'08 .... 111 111
lId extended gold 5s 1938 J -J 108
4
.
1116 1113 28 103 1141
4
OIL Ii'1l& Sgen cou g 551931 A•0 112
110 Oct'Ob
4
/
100 1101
Gen con stamp gtd g 561931 A-0 11012
4
/
871 88
4 68
87.2 88
883
.
'Unified & re i gold 48 1929 J -J
81)12 11 76 80
4
1
811 / Sale 8912
2
liiv & Div 1st g 46-1933 141-N
107.2 Apr'Oe
Verdi V I 8. W 1st g 56.1926 3)-b
1)8 Dec'ub
Mob J & IC C 1st cons g50.1053 J-'1
4
/
113 124
Mob & Ohio new gold 68 1927 J -D 1211Salo 1214 1214
4
/
1051 Jan'08 10 1051 1051
117
4
/
4
/
181 ex tvnsion iol,l 18.../v
87
87
82'2 88
Generiu gold 4s..........338 9-S 87
1128 Nov'Ob
4
/
10241121
Itiontgom Div 1st g 58-1047 F -A 110
75 blay'uc ..•• 75
7)
76
Bt L & Cairo coil g 46..61936
101 Nov'04
1931 -J
Guaranteed g 46
111 613 U coil 4s See Southern
Mohawk & Mal See N .44411
Monongahela Rim See B &
Mont Cent See St P 111 &
Morgan's La & '1' See S P Co
Morris & Essex See Del L& W
116' De0'08
8
1104 118
kl ash Chat & St L lat 78 1013 J J 1153
112 Deo'in.
1054 1121
1928 A.0 11212
4
/
1st consol gold 15s
1164 MaY'Oi
....
Jasper Branch 1st g Os 1923 J -J
1174 Mar'05
MoM. K W & Al 1st 6s 1917 j.j
J'ly'04
113
1917 J •J
T & P Branch 1st Os
Nash blot- & Shot See L & N
1004 Nov'08
09 100%
Natof ilex prior lien 446 1926 J.J 103
4
81, 81 Dec118
8J'77
1951 A-0
1st cousol 4s
Nowli&D /866NYNH&11
NJ June RR See N Y Cent
Now8. Cln Bilge See Lou N
N Y Bicin & Man 13th See L I
95 LOU 8712 95
lh Y Cott& 11 Inv g 3120 1997 J... 93 Sale 04
01 Oct'Oe
4
1997 J -J
893 .
884 91
Registered
4
/
941 94 Le
8
948 14 90
,
95.1
1934 ;VI-N
g 48
'notion
854
80
85% 63 75
86
Lake Shore coil g 34s 1998 F.A
4
/
841
73
4
/
11198 F-A 82 841 844 Dee'08
Registered
4
/
851 Deu'uti
7412 9112
19118 F -A 864
Mich Cent coil g 34s
8212 Nov'08
4
/
70 821
1998 F -A
Registered
91) °et'Ud
2
91) 99
Beech Creek 1st gu g 48 1936 J -J 1001
102 Mar'04
....
Registered
1930 J • J
lId gu gold 58
1930 J •J 103
Beech Cr Eat 1sta 1348 81951 A-0
Cart & Ad 1st an g• 48 1981 J -0
• • -•
• •
.•
.•
• •
•
•• •
• •
111SCELI
1593
ROCOrd Continudd-Page 3
BOND,.
N. Y. STOCK EXCHANGE
Wity.1( Exnuin DEC 18
'.1 •..
7-. - ',1
.
-:;•1
.
Price
,
1 t'ulay
Dec 18
Week's
Range or
Last Salo
it
7z
Range
Aenc-
-I :
,/anew,/ 1
liia
N 1: Cent & 11 11-4Urn:limed ,
dish Low
.High No Low 11(9/4
GOUT cils OsWO 1st ru sr 58 1942 J -D
88
4
Mob & Mal 1st an sr 48..1991 Ni-S 1001
98 blat'ob .. 98
NJ Juno R au 1st. 48...1980 F-• 110
105 Oct '02
N Y he Harlem g 3128...2000 NI-N 93
118
9612 Oct'0- .... 964 1164
NY ..to North.1st g 58. .1927 A-0 110
4
/
4
/
1071 Aug'08 -... 1071107 '8
N Y & Po 1st con tru a 48 1993 A-0 98
100 Sep 'Ur .... 00 100
Nor & Mont 1st go g 58.1910 Al)
Pine Creek rev viler 6(3.1932 .1 -13 /204
107 No4'01
8
. 1 W.Dec'Oe .... 811.2
It W&O con latext5s.h1922 A-0 1116
.
1(187
105 Jan 'os . .. 105 105
Oswe & It 2d gu g 5s...61915 F-A IO2
R W&OTR let go g 58.1918 M-N
i 03 Sep 59- .... 103 103
Rutland 1st con a 4128_1941 J -J 1004
Oc&Leham 1st gu4s gl948 J -J
90
9212 Dec'05 .... 82 924
lei Aug'ub ... 85
90
Rut-Canal-11st iru g 48.1949 J -J
St Law & Adir let g 5s 1090 J -J
112 Nov'08 .... 112 111
125 Feb'08125 125
241 gold Its
1990 A -0
111314 16 93411(312
1034
Utica & 111k Rio gu g 43 1922 .1 •.1 103'4
4
/
95 Dec'08 ... 893 98
1997 J-.1) 941 96
4
Lake Shore gold 3128
9
1907 J-D 931
I'3-,
9312 1)312 L 90
Registered
1- 84
4
/
4
963 • 97
913
1428 11-S 901 97
Debenture g 46
8
956 88.1e 951 953 103 883 90
4
/
4
8
1931 714-N
25-yenr g 48
Ka A it.:G R 1st gn o56 1938 J - J 11012
109 Oct '07 .... . ..
-.
Mahon 0'1 RR 1st 58 1934 J - J 111
100 May. .... i00 100
08
Pi!ts & L Erie 2d g 5s.a1928 A-0 102
130 Jan '03 .
Pitts McK& Y latgu 68 1932 J -J 122
1934 J -J 124
20 guar 6s
McKees& B V lstg 68 1918 J -J 112%
104 Det'Oe .... .
..
Mich Cent 1st consel 011 1909 M-8 9931
4
1143 Oct'08 ... ...... 114'4
I
.
1931 M-S 11312
Os
119 J'ne'Uti ... ......
4
/
1931 q-M 1061
Registered
8
4
1003 Jan '07
9(
054 11 j....1 1003
L40 mj
4s
1084 Nev'Ou .
Registered
00 Pnivtl .... ao
,
90
J L & S 1st g 346
4
/
4
1st g .312t4
1952 M-N 913 9214 91'2 Dec'08 .... 88 911
Bat0& Stur lstgu g 36 1089 J -D
101 4 Deo'Oe .... 96..102
N Y ChM& St L lst g4s 1937 A-0 192
8
100 set.'Lib .... 100 1013
1937 A-0
Registered
93
93 Oct'08 .. . 91
1931 M-N
Debentures 4s
8
e . 98 1043
West Shore 1st 48 gu 2361 J 4 10444 Sa.ie 1044 1043 1
2t- 9611103
1112-4 103
Registered
2361 J -J 100
N V & Ureenw Lake See Erie
N I' it Har See N Y 08. Hod
N Y Lack & W See D L & W
N Y L E & W Bee Erie
N Y& Long Br See Cent of NJ
4
/
4
4
/
$
N Y N 11 & 14-Cony 68_1948 J.J 13612 Sale 1351 1301 60 1151 1S01
Cony deben 3¼s..1956 .1.3 100 bait 11944 100 L..>:, 55 10(14
4
/
1184 Deo'0: .... 112 1181
Housatonic R con g 58 1937 Abel 118
• --- ........
N li & Derby con cy 58 1918 /I-N 107'2.... ......
N Y & North See N Y C & H
8
N Y 08. W ret Dag 48-g1992 -'1-8 993 Salt 994 100 13: 9212100
1014J'ne'06
Regis $5,000 only
0.992 31-S
N Y .51, Put See N Y C & 11
.
N Y & It 1-1 See Long Island
N Y 8 & W See Erie
N Y Tex & NI S'ee So Pao Co
9912J'ne'Oe .... 994 9912
105
Nor & South lat g 58
1941 M-N
4
1283 Oct'OS .... 120 1288
4
Nor)& Weat gen g Os
1031 M-N 1274
4
/
11713au'ub .... 1171 117'2
4
/
Iniprovem't & ext g 68_1039 F.A 12812
4
/
1932 A-0 1251 ISO 128 Nov'ut .,. -26 120
New River 1st g (is
) 42 621 1404
IL4
N & W By 1st con g 48 1996 A.0 99 8816 99
91 Sep'0,
Registered
1996 A-0
30 844 98
1)512 .. . 954 90
Div'l lat 136 gen g4s 1994 J •J
82 78
8
1)53
10-25 year couv 4s
1932 J -D 92 92¼ P24 93
92
th) Dec'tle .... 77
91
Pocah 08.0)(Ant 48 1941 J -D 140
109.2 121,0'05 ..
&
0 0 T 1st gu g 66
1922 J-J 105
1302 4 8112 Si)
1.18
Selo V & N E lat gu g4s 1989 M-N 97
Korth Illinois See Chi& N W
North Ohio See L Erie & W
4
4
Nor Pac-Prior lien g 48_1997 q J 1033 Sale 1034 1033 319 'J9 1044
4
/
4
1004 101 12 1011 Dec'ye . .. 973 103
Registered
1997 14-J
,
4
/
131 73, 11 08 744
General lien gold 36....a2047 1 . ,/ 71
.3 4
7 1
441
71 Aug Uhl ...• 684 71
Registered
a2047 1-/-1 le
116 12Jan 08 ... 89 984
100
St Paul-Dul Div g 46....1996 J -0
Dot Short, L 151 gu 56-191e It-s
II& Q coil tr 46 See Gt Nor
C
123
1 110 123
St P & N P geu g 68....1923 F -A 123 Sale 123
120 . Oct '08 .... 116 120
Registered certinc1
4-1923 ti-F 120
/
117 14.PlY V.
St Paul & Dul 1st 56-1931 b -A 111 12
4
1
08 --. 102 10312
191 OS
1917 A-0 1024107 103/J'IY'
0)0 J'Iy'ub ... 100 100
1st consol gold 46
1908 3-1) 93
,
93 MarO
Wash Cent 1st g4ii
1948 .4-10 93 95
117 Aug'08 .... 112 117 .
4
/
Nor Pac Ter Co 1st g 06 1933 J -J 115.1
Nor Hy Cal See So Pao
Nor Wis See 0St PM 8.0
Nor do Mont See N Y Cent
i i Ind & W See e C 0& St.1.k /1110 R1V RR See Balt & 0
•
)re & Cal See 8oPao Co
Ire Short Line See tin Pao
Jawego & Rome See N YO
..) C F & St P See (1 & N W
109
5 1014111
!Jac Coast Co 1st g 56-.1946 3.1) 109 110 109
1 coot Missouri See Mo Pao
103 J'ne'0 - . 102 105
,
Penn RR 1st real eel g49 1923 M-N 10112
, 2
2 110 .. 1101
1101
Congo' gold 514
21104
1919 5-5 110
CO11801 gold 48
WO Oct'08 . 1014106
1943 m-N 1034
8
..
Consol gold 4s
1948 MN 104 4104%1011 1041, 1.04 100 1054
14844171. 914 99
Convertible g 3126
1912.9-N
4
/
981 119
1/812
. 95 „P.)/ 88
Convertible g 312s
1915 3.1) 9474 Salt 946
9612
99 J'ne'07 „
Alleg Val got) gu a 4s 1144'2 M-8 97
D R It It & Bgelst gu 4816.'36 F-A 95
Phila Bat & W 1st g 48 1943 .11-N
10712001'
'
9
102 Jan '4)3
8od Bay & So let g 56 1924 J - J
98
1104 Sep '114
U NJ RR & Oan gen 4s 1944 M-8 104'4
4
1
[0612 104/ 14 1023 1061
Penn Co
4
-Guar 18t g 4126 1921 J -J 106
;
1037 rly'07
Registered
1921 J -J
1
01)4rne'06
Guar 345 coil trust reg 1937 .11-9 88''s
Ls 864 944
91
I/1
Guar 348 colt tr ser B. 1941 F-A 91
'3812 Oct '0e .... 9212 984
Tr Co earth's gu g 348 1916 M-N
4
3
1
4
873 Sep '0,-...
1942 3-0 89
Gu 3¼s tr Ws0
.
. .. .,,._.
1944 J -D 89 931 90'2 Mar'Ut, -------OF:A 3.26 tr etre D
4
1
/ 1001 6 901
4
/
8
Guar 15-25 year g . _1931 A-0 987 10012
160's
110 Jan '05
117
446
CI& Mar 1st gu g 4s. 19/15 r/11-N
....
1084 Aug'0:: 01 8. P gen gug412sserA.'42 J -J 111
1942 A-0 1104
Series B
9812 Deo'0.,
1948 31-N 931
4
/
Series 0 3128
..
90 90
90 Mar08
4
/
1951) F-A 941
s
4
/
Series D81
EOUN HON De4-ContInued on Next Page
'Velem-anis and Telephone
Coal and Iron
93
55 754 9312
Am Telep & Tel coil tr 4s 1929 .1-I 03 95
93
794 96
95 Nov'08
CclF& I Co' gen s I g 513-1943 F
97
99
1936 M-S 94% Sale 044 94% 12; 84v. 96%
Convertible 4s.
77
56
77 Aug'08
Convertible deb g 56.-1911 F- A 75
024 931 83
93'-. 194 93% 93%
Inatalment certificates ....
10712 Oct'04
Col Fuel Co gen gold 68.19It) M-N
86
4
85% far'08 ..• 853 853
Comm Cable Co 1st g 48 2397
.
8
4
1026 Apr'00
Ur itiv Coal & 0 1st g 661919 A-0
09 lul
5
997 Nov 08 .•.• 924 991
4
/
Mich. State Telep. 1st 58 1924
95 A pr'02
Cleart Bit Coat 1st a t 95...194) J•J
98'2
99
'JS 'S Deo'Ob ..• 84
383 77
West Union col tr cur 5s 1938 J -J
75'
4
Col ludo 1518. .-011 5t4 ito..1934 Le-A
74% 76
75
1950 M-N 947 este 947
8
95
. 90
10 81
10 and real est g 4126
Contin'talt; Int f gu 38 g.1952 F-A
10744 Dec'04
1936 MN 85 86
4
/
861
75
804 804
Cony 4s, Series A
Jett & 1:tear & I lst g 58.1920 J-1)
1117 May'07
1(5
100 Aug'us •.•• 100 100
Slut tin Tel 6 fund Os. 1911 ,vi-N
10512 Dec'00
Kan 8.110& 01st s f g 58.1951 J -J
iltinuincturing 4: Industrial
105 Oct'00
Pleas Val Coal 1st gill 513.1028 J•J
1936 J -J
84 Sale 84
1st Os
86 tfle 78 98
80 78 Feb'07
Sunday Cree,c Co g 58....1999 J J
90% Sale 983
4
9714 10, 94 974
4
Am Ag cht•m 1st c Os(re is)'28
106 1043 105
1931 J -J
3 8112 105
Tenn Coal gen Os
1915
4
/
951 96
24 86
0
100 1071 Ain cot On ext, 44
96
054
107 Nov'08
4
/
al917 A-0 107
Tten11 Div 1st g (38
lc 75%100
99
99
9812
99 110
Am hide & L 1st 6 t g 06-1919 NI-8
Istrin Div let coneol Os..1017 J -J 1084411012 110 Nov'ile
2
1 lu 108 19,t.'08
102 108
Amer Ice Secur deb g 66-1925 A-0 72. Salt 724 7312 3.. 584 78
Cali CM Co lat go g 014.1922 J -D
100 103', Am Spirits Mfg 1st giis 1915 M-S 95
91 100
95 Nov'08
103 Nov'oe
De Bar C&[Co go g 68.1(110 F-A 1024
,
1944 A-0 1077 Salt .07% 108 12 963 1114
.
4
/
i48' 97 lieu'08
80 1001 Am Tobacco 40-yr g Os
Vatron Cosi &Col Fit g Os.19413 M.S 96
1451 PA
4
1
87
77/ Sale 7712 79 36 6012 80
45.
9
1131 Feb 'U'i
;t
P153 -J
Viotor Foci 1, s t 55
siNfo price Friday; latest ow and asked. allue Jan u Due elib c D le 'tax (1 Due Atm* it Due J'ly Due .11/it o Due ice it Due OV 8 Dt10000 eOntio8 Ws
-•
......
New York Bond Record-Concluded-Page 4
1594
1
BONDS
it
r N.Y.STOCK EXCHANGE
WEEK ENDO10 DEC 18
Price
Friday
Dec 18
Week's
Bangs or
Last Bate
-c
ci
Range
Since
January ;
Its
BONDS
'." 0
N. Y. STOCK EXCHANGE .!..r.
-•_.- r.
4.
WEEK EarDuin DEC 18
106664166060616666
00660666•669006660
66666
0.0001.
Ot0,7....1.. t
t t
...
.... M'
.... OttC U
''01:
1
two•—c—c_c—ct
ut-it
e••9
""""".."-^c.4*".)."^Litu
Price
Friday
Dec 18
Week's
Range
Range or
.„
since
Last Sale
'
January 2
J1 tgIt 1 o Lots High
Ass Low
4
,
Bia
1224 Ang'08.... 12141221e
121
116 Nov'00
114
tri .
112 Feb,
115
100 Nov'08 .... 102 106
1034
102%1034 10214 A ov'Ois .... 984103
1034 Sep 'OS ..... 1021 1031
4
1031
4
4
1044 J'ild'Or.... 10441044
105
1144 Dee'04,
1014
116 larty'07
111
194 Apr'Ut .... 104 104
105
., ..
1071/411004/7
081 Avt'08... 951 981
/
4
/
4
/
4
100
6634 .340 874 9634
9634 Sale 963
e
1073 1084 102 814109
4
10813
106 114 liov'ut, . . ..
7534 -- 7
7613
-1
4
75
7514 Sale
87
8
873 , 75
8
874
8713 873
101 Ney'ob .... 96 107
1074
88 Nev'1.15 .... 69
88 '
108 bep'Ws .... 108 108
109
900, 3. 87
11090 4
3
13
9013
92 J'ne'llti
8913
82
111 Feb'07
109
109 Nev00. .... 100 109
1101
4
081.... +102 113
112 4 11313 113 Dee'
10441044 104¼ Deo'001... W7 105
63138312. / 92
634
11040ct'00 .... 106 117
1171
8
117 Oat'08....1107 117
118
1153 Ape'06
8
102
82 Isiev'Oe .... 78
82
1004 Stuv'oe ..... 103 1094
111
92 l'aritits.... 92
10018
112
75 Oct '01- .... 75
75
88 1(ev'1)51.... 954 98
103
112 yet'061
.
1064
1084 Dee'utl .... ......
104
113 Dec't).
104
2
108 109 105 4 Nev'u .... 1011 1054
1063 Dos'0 .. 105 1053
4
4
108
8Jan '07
001
844
108 Doo'VS .... 1061
/
4108
1073
4
...MKEREMVXD.—ucc..uloc.c.c.c.c.igt,...lcipl.c.0.0.40.c..0.
•
lila
,
Ask Lose
Penn Co-(Continued)
Low 1-lig
Southern Pao Co-(continue4)
93
92 Apr107
•, Eris& Pitts g g11'0 B 1940 J J
0
-u
Morgan's La & T 1st 78 1918
93
983 Apr'04
•Series
4
1940 J-J
1st gold Ss
1920
4
1063 Dee'08
4
Gr & I ex lat gu g 448 1941 J-J 1074
1063 106.,
4
No of Cal guar g 5a
1038
12734 Oct'02
4
Pitts Ft W & C lat 7s 1912 .1-4 1093
Ore its Cal lot guar g 58 1927
109%
/912 J-J
119 J'ne'06
2d Is
......
So P of dr gu lot g 6s..
.e1909
1053
h.191.2 A 107 Oct '0/4
4
3d Its
107 107
1st guar g 68
01910
4
116 May'05
Pitts I& Ash 1st 0011851$.14121 )Vf-N 1103
.
So Pao of Cal-6s E & F...1912
14/91 Salo 109.4 109¼
/
4
4sA...1940 A-0
PC Ce.St L gat 41
2 11)613101114
list gold 6s
1912
1942 A-0 109%
109 Dec'08
Series B guar
10714109
lst oon guar g 58
1937
/
4
1942 M-N 1071
11213 J'aV0O
Series C guar
SPacotli Alex ler;g 68 1911
100
1945 31.-N
99 Ang'03
Series 1) 4s guar
99
99
So Pao Coast let gn 4s g 1937
1949 F-A 9414
95
Serums E 313 guar g
95
8 90
98
Tex&NOSatrDlvlst,g63 19121
19'53 J D 100
Series F 43 guar
Con gold 5s
1943
1161 Nov108
C-St L cfb P 1st con g 53 1932 A-0 11519
/
4
,
109 1163 io Poe RR 1st ref 48
1955
Pensacola & AU See L& Nash
Southern-lst con g 58
1994
Peo & East See 0 C & St 1,
Registered
1994
Peo .tb Peg U n 1st g 6s.. .1921 Q.F 110
12314 Jas'06
Develop & gen 4s Ser A 1956
911
/
24 gold 4'28
4
bl1Ii 31-1;
1003 Deo'05
4
Mob & Ohio coil tr g 4s 1935
109 Apr'02
Pere 31.arq-Ch& W Mba 11121 J -0 061
/
4
Mem Div 1s1 g 44-5s 1996
g 68.- .....1920 A-0 113 115 112
112
Flint & P
10 110 112
St Louis div 1st g 48
1951
4
1030 M-11 1061 106% 105 Nov4.03
1st consoi gold 58
1044 105
Ala Cen R lat g 6s
1918
106 lsiov'US
/
4
Pt Huron Div lst g bs 1930 A-0 1081
1004 106
Atl & Danv lst g 4s
1945
Sag'Ins& ft 1st gag 48 1931 F-A
2.1 46
1948
Pht113 & W Bee Penn Belt
Atl & lad 1st g guar 48 1949
1154 Mar'00
Phila & Reading cons 7s.1911 J-1)
Coi & Greenv lst 68
......
1916
Philippine By 1st30-yr 8146'37 J.J
963 lit 96
4
964 9612 964
977
, /1 T Va & Oa Div g bs 1930
& St L See Bean Ce
Pitta
Con 1st gold 58
1956
Pitts()lave & Tot Zee B 0
E Ten reor lien g be
1938
P1tts1tW&Uh See Penn 00
Ga Midland 1st 3s
1946
fen
Pate MoKees& Y 8e8/1 Ye
Ga Pao My 1st g 6s
1922
/F. 1st g 541..-19411 -0 116
Pitts Sh
114 Oet'08
1091 114
4
Knox & Ohio 1st g 6s. 1925
8J
1st oonsol gold tis
194 J-J 1114
937 'ly'97
Mott& Bir prior lien g 511945
Pitts& West See B-&)
Mortgage gold 4s
1945
eadingtle gait g
6 31. 93 101%
J-J 101 Sale 1004 1013
Rich & Dan con g• 68....1915
1-Vi4egistered
.1997 J
995 (15 Aug'03
6
90
9'74
Deb 58 stamped
1921
Jersey Cent 0011 g 4s. .1051 A 0
98
98
, Rich & Meek 1st g 43-1948
991
99
86
Rentiseraer & -Sat /See D & 11
.
So Car & Ga 1st g 58
1910
Rich & Dan See South By
Virginia Mid ear 0•6s 1918
Risk& Meek See Southern
Series D 4-58
1921
Rio Gr West See Den &
Or
Series E 58
1926
Hoch & Pttts Bee 11 ft & .P
General 53
1936
Borne Wat& Og Bee N Y Cent
Guar stamped
1036
Rutland See N Y
W 0& W lat oy gu1s 1024
Qag Tns & II See Pere Mar
West PI C 1st con g 68 1914
kit Jo & Or 181 1st g 4s...1
93
it 82
93
934
J.J
6 5 N Ala Bee L & N
93
at 1.(lb Cairo Bee Mob do Ohio
Spelt Falls & Nor 1st g 03.1939
St L416 Iron Mount See 24 2
‘er A of St Llst g 4128 1939
fit LI
& N See Wabash
let con gold 5/L...1894-1944
St le Al Br Bee T Itit A of St L
Gen refund 8 t g 49
1933
St-Louis& San Francisco
St LM 13ge Ter gu g 58 1930
115 J'ly OS
General gold Us
rex & N 0 Bee So Pao Co
/941 J•J 12241
113 115
General g010. be
11041114 109 Nov'08
rex& Pao 1st gold bs
1931 J •
103 109
2000
9214
92%
.L & 13
823
4 6 90
con8 g 48-0) J • J
99, 2d gold Inc 56
3
92000
11)0 May.08
Soutlyw Div lst g 53-1947 A-0 100
La Div B L let g 58
100 100
1931
4
85''4r 641 86
847 Sale 843
s
Refunding g 4s
AV 31.1nW&.N W lstgu 58'30
1051 J-J
4
98 Nov'Oli
5-year goM notes 44_1003 J-D
rol & 00 1st g 5s
1935
StL..31 & So Eastgu 4481909 J
Western Dlv let g Ss.
.J936
113 Mar'05.
. 111 1141
K 0 1st 80 31 con g 6s-1926 M-N 114
General_ gold 58
/
4
33
83
84
813 Sale
4
K 0FtS& Ity ref g 4fs 1930 AKan & M 1st gu 548-----65 4 84
3
3111)
137
K(I& M It& Is 1st gu58.102.0 A-0
rot I do W 1st gold 4s._.1917
,
93 Nov'00
Oz'rkev Ch C 1stgu 5s g,1913 A-0 93
Ail stLa, W pr lieu g 310.1925
95
93
St Louts So See lamas(lent
50-year gold 4s
1950
93 144 841 934 Dar Kara & Bair 1st g 48.7/1946
4
St L SW lot g 4s bit ctx8.1989 1144 924 Sale 921
.
/
4
/
1
804 Dec'08
814
2i1 g 4s the bond otfs...p1985 J -J
I lister& Del 1st con g bs 1928
81
65
79
76
12 56
76
Conrail gold 48
/032 J -D
k) lat refund g 4s
80
1952
1014 Apr'01
Gray's Pt Ter lot gll 858 1947 J -D 100
Un Pao RR & 1 gr g 43- 1947
St Paul& Dui See Nor Pacific
Registered
1947
103
103
t 1024 1061
4
St Paul M & Man 2d 68 1909 A-0 1023
let (lb ref 48(w i)
4
(12008
1311 Nor'08
4
1st cousol gold 6s
1936 J -J 131-14
20-yr cony 4s
12813 1317
6
1927
134 1)ec104/
4
Registered
1936 J -J 1321
Ore Ry & Nav con g 48 11146
11113 De6 09
8
Reduced to gold 448 1933 J • J 1105
'
Ore Short Line 1st g 63 1922
102 111 13
111.514 Apr'01
itegistered
1933 J -J 109%
18;coneol g 58
1946
4 10319107¼
10334 104
Dakota ext gold Us
1910 M-N 1044
Guar refund 48
1920
Mout eat 1st gold 48.-1937 J
1004 101 Dee'05
Registered
1929
94 101
1004 Oct'06
Registered
1937 J-D
Utah & Nor 1st 7s
1908
IL Minn .N or Div 1st g 48,1948 A-0 934
1926
Gokl 58
124 May'05
Mum Union 1st g
J -J 113
Uni N J UR ,Y, C Co dee.Pa ER
130 Apr'Oe.
Mont C 1st gu g 68
1937 J -J 133
Utah Central See Rio Gr Wes
128 130
1364
Registeml
1937 J -J
Utah & North See (in Pacntlt
1134 Oct'08
1st guar gold 58
1937 J -J 116
Utica & Black R See N Y Cent
1114 114
1154 Dee'Uti
Wllls 6 lf 1st gold 5s 1931 J -14 116
1955
t/ andalia consol g 4s
St P & Nor Pao see Nor Pao
1 era Cruz &Fist gu4481934
8tP&S'x City SeetnitP &t.)
Ver Val Intl & W See Mo .P
91
914 904
911. 24 78
S A & A Pass 1st gu w4s 1943 J -J
914 Virginia Mid See South By
102 Sep '07
ki lee Pres J. Ph let g 5s 1942 11-6 105
ISo& uthw't 1st gn 58 2003
aV
110 Oct 1)5
N P 1st sulk I g 5s 1919 J J
8/
abash 1st gold 58
1930
West See AU Coast L
Say F&
W 2d gold 5s
1930
Scioto Vol & N E See Nor & W
Debenture series A
1919
Seaboard dir Line g 4s
624
63
11)5U A-0 62
634 47 434 64
Series B
1930
903 Oct'08
4
92
Coll tr refund g is
1911 N1-14
, 1st lie.n equip s Id g 58 1921
864 903
88 Jan
30-yrIst g 48 81933 111st hen 30 yr g term 43 1954
85 Ply '08
Car Cent 1st con g 48 1949 J -J
1st ref and eXt g 4s
1956
85
85
1071 Aug'09
4
'J8
Fla(Jen & Pen 18t g 58 191S J • J
Det & Ch Ext 1st g 5s 1941
1st land gr ext g 5s 1930 J •J
Des Mom Div 18t g 43-1930
1 OU
Consul gold 58
99
Mar'95
1941 J -J
Um Div 1st g 348
1941
105
103
Ga & Ala Ity 1st con 5801945 J•J 103
Tel 6, Ch Div lat g 4s. 1941
92 105
102 Oct'08
Ga Car
No 1st gu g
1929 J • J
Wall Pitta Term 1st g 48 1954
102 102
1011 klar'07
deal)& Roa 1st tie
192t 3-3 104;
Trust Co certfs
Sher Shr & So See
K cia
20 gold 45
1954
StispOcasU See Atl Coast 1.
Warren See Del Lac & West
So Car & Ga See Southern
Wasla Cent See Nor Pao
Southern Pacific CoWash 0& W See Southern
olit 4S(Cent Pao coll).k1940 I-D
911
/
4
91 Sale 91
Wash Terml lat gu 543_1945
833 94
4
84 J'ne1.17
Registered
ic1949 J
West Maryland 1st g4s 1952
......
1183
Cent Pat 1st ret gu g 48 1949 LI'-A
8
98% 1153 94
Gen & eunv g 48
983 Sale
4
1.952
99
Regiatersi
944 Oct'Os
1949 F-A
AV Va Cent & P 1st g iis 11111
94% 95
874
Mort g tiar gold 312s../c19211 J
87%
874
80
883 West N Y & Pa 1st g 5s 1937
8
9514
Through St L 1st gu 48'54 A-0 94
85' 94 Oct '08
911
/
4
Gen gold 3-48
1943
88
Gal klar"da S A let668-1910 F -A 103%105 1013 Aug'08
4
Income 58
4
1013 1014,
41943
10/ Jan'00
Mex & Pac lst g od
1931 04-14 110
West No Car See South By
107 107
1011 Deo'08
4
Gila VU & N 1st gu g 513 1924
Wheerg (10 L E 1st g 53 1526
103%
1014 105
Bons E & W T 1st g 58 1931 10-11 1004
101 Jan'08
Wheel Div 1st gold 5s1928
1st .guar 58 red
104 Aug'Ots
1931 M-N 1004
100 104
Eaten & Imp gold 38 .11130
& C 1st g 50 int gu 1937 J -J 1113
.
111 Oct '08
6
RR 1st consoi 4.s.... .1949
10934112
Constii g 6s int guar 1912 A-0 109
1075 Nov'07
8
20-year equip s f 53 .1922
Gen tiold 48 int guar 1921 4-0 943 961 9441,00'0c
Wilkes & East See Erie
95
87
8
/
4
Woc0,19 N W
116 Dec016
lst g
A.
-N 117
Wil de Sioux if See StP M & 10
A & N W 1st 411 5s
1941 J -J 1094
1094 Dec178
10913 10913 Wis cent 50-yr 1st een 4s 11)49
'Vox. =XXVII'
117 J'ly'00 .
108 Doo'Oci.,... 102 108
..
1161 1164
/
4
1- .00141164
973 Dee'ue .... 1)013 973
4
4
Dee1.10
111
1061/4
116
073
8
104
11534116
624 70
11258
1074
104 105
04
4
843 87
91
833 Sale
4
88
1054
811
/
4
103% sale
1014
9.71. •sal,
2
106 Salt
In, iid,/,..
121 4122
..
1164 ----11434 Sle
108A,
116
31 1,9 118
115
65 1:014'05-. 95
65 •
110 Mar'0011
1064 Nov't14
1094 Aug'043 --.104 1094
111. Mity'u-.
104 Nov'ut .... 054104
004 Nov098 .... 84
9013
854 Noviue .... 7,
134 834
91%
9134 ,sS 80
01%
8414 2 67
824
,
8414
05 Dee 'ut.i
109 2iov'uti .... 103 109
81
81 Nov'us .... 81
1033 104 Li, 99 104
4
102
.. . 08 102
073 Dee'Uts.. 1)i4 973
8
975 ,4l,
8
8
1u5¼ 104 00 • 83 1074
119
0834
u..: 91 1014
12/18 1314 18 115 122
117 De0 0, .. 10.6 117
'
05 ..- 8512 97
943
140
8
0'
S'134 Mat'
107,2S
3 7
10 °
'1 : :
98
98
93
1071
/
41074
Nev'W- ....
Sep '00:
98
98
108 Oct'08. . 99 110
110
2
1107 0itle 1107 1111.
8
8
(113
102 111 4
100 1004 1004 101
4 844101
90 J'ae'u'i
85 Sale 83
85
4. 37
85 •
93 L L:0
6
'10 100 102 IL0J ... tu0 102
701
8
704
4
731 Sale
374 724
100 Apeur ...-I lot) 100
109
97 Nov'Oi
80
83
80 Dee V= .... b3
74
90 .
00
90
,I 90
53 sale 52
53. 49 41
,
06
624
534 ..
48
64
.
13-. 81ire
13
14 ..ii I
7
19
96
4
801 Sale
58
101
1153
4
95
99
901 Aug'05 ._. 901 9034
0
2
81
01 J8u 19
794
57
58
58
Al 30
1064 dug'Ou .
110 Oct on .... 1084 1165
8
90 Dee'ori .... 874 116
.
31 IfelJVi
10634
1074 1074
I
05 J'ly 'On ....
1054 Deo.08 ....
034 De0'08 ...
104 Oct '07 ....
83
95
S91 Sal0
8
8918
100 1074
95 103
98141054
80
tia la
.
8913 -203 SO
593
4
011S4ELLANEOUS
itlammtetualna & Industrial
Am Thread lot col tr 48....1919 J -J
Beth 51-601 1st ext s I 53..1026 3-3
Cent Leather 20-year g 58.1926 A-0
CousolTolniceo 50-yr g 18.1051 F- A
Distil Sec Cor cony 1st g 5s.'27 A-0
Int Paper Co 1st con g 68 1918 F-A
Consol cony s I g 58
1935 3-3
Int St Pump 10-yr cony. tie '13 J -J
Laokaw Steel 1st g 5s
1923 A-0
N I Air brake 1st cony 63'28 M-N
.Repub I& S 181& cottr 53.1934 A-0
stitch g6s 1913 M-N
S Learn
US liettlt,y & I conv deb g bs'24 J-J
,
U S Steel Corp-1 coup .41.96: M-14
it 10-60 yr os. I reg ..a1966
Va-Car Chem eel Lr Ss 8-1012 A-0
1923 1st 15-year 55
58 '31 J j
,
Westin 0lotist E &
884 Sep '03
18
85
85
9715 105
974 Sale 97
2
78
78
79; 36
78 Sale 78
Tov'05
,
106 104 1,
874 Sale 87
871 16
.
11
102
lt12
102
17
.
98
974 Salt 974
111.,
110 0aIt 110
11
4 100
1(834 9914 991
105 106 1054 105¼
85 281
4
86% 87¼ 863
,
1024 Sale 102% 1027 J98
31
1025 Sale 1024 103
8
1054
1(1519 Nov'tPi
941 21
9414 sale 944
:
941. 151
1'44 Sale
934
924
1.1mo price Vrittay; iateat uld. and asked t1u3 Weeg.
a Duo Jan
nieeenaneous
Adams Ex oat tr g 4a
1948 31-S
B'ki'n Ferry Co 1st cons g 53'45 F-A
Chic Jo & 51 Yard col g 56.1915 J
Dot 3.1 & hf Id gr incomes 1911 A.0
Institution for Irrig Wks
& Devel of Agrieul s 1
/
4
11s (ctfts)
1041 14-N
Int bfercan Marine 443_11)22 A-0
lnt NAVigat1OLL 1st 8158.1921 F-A
Man Boll 11 & L gen g 46-1949 24-0
N etvp No tilnp & D D 33 d1990
N Y Dock 50-yr 1st g 48_1951 F-A
Providence Sec deb 48
1957 M.N
Provident Loan Soo 448 1021 M.S
St Joseph Stk Yds 1st446 1930 J -J
S Yuba Wet Co cou g 68_102., J -J
Sp Val (Vat Works let 63.1908 M-.
LT S 110c1,0 Rot 1st 1:4 lig.1931
,
a Duo LOU a Due Apr s DUe alay g D tie J'no
83
881
4
85
86
854 90
62
79%
80
64
11914 106
78
874
00 102
84
98
87 115
1)21310(1
101 107
644 88
853410334
834 103%
,
89 105 13
4
941 [(5t
,
67 . 945
4
921 Sale
45
924 Sale
605 Salt
8
844 85
07
014
84
87
92
03
It Due J'iy
96
924
93
17 83
41 Oct'06
100 Jan'05
100 100
424 47
47 Apr'OS
924
924
024
70 10', 03
titt
75
85
85
3u Feb'',
,
90
96 Aug'0.
92.,
80
923
4
85 Oct
85 May'0
83
t0034 sap '0.
112 J'ly
113 34.Ply't9
'78
Nov•Ob
p Due Nov
93
72 '
86
96
93
85
92
s ODE3012 Sal*
CHICAGO STOOK EaOlIAN}E-3took 'imoorsi-rhily. Weekly arpi Yeir17
STOCA.•:-.'1 teen ItS2' AN L) Lf)WEST SALE PRICES
Braun/4a
Dec. 12.
Monday
Dec. 14.
Tuesday
Dec. 15.
tY canesday
Dec. 16.
Thursday
Dec. 17.
Friday
Dec. 18.
Sates
ol me
Week
share'
Si OCKS
CHICAGO STOCK
EXCHANGE
Lowest
*180 190 *180 190 *180 190 *185
*2
3
*2
*2
3
*2
3
8
8
*7
*619 8
*613 8
__ *113
*110 116 *106 110 *113
1512 *4412
4434
*4412 46
45
45
__ *2434
2712 *26
*2434 25
*26
4 1314 *1213
*1312 14
1314 *123 -13
2534 2634 2618
2614 27
2634 27
190
Last Sale 185 Dec'08
Chicago City RV
Railr VI
100
Oct'08 -- -- Chicago & Oak Park-100
212
Last Sate 212
25
8
*6
9
*5
10
Do pref
100
•
116
Last Sale 11612 Dec'08
elh1c Rys part ett "1"-.. _
451,„ 4478 4478 45
-6
-52 Chic flys nart cat "2"__
45
26
26
26
*25
50 Ch c Rys part ett ,'3" __ _
2612
14
1312 *1212 1312 *12
75 Chic Rys part ctf 4"___
'
2512 4 400 Chicago Subway
2658 2514 2614 25
100
Last Sale 413
Dec'08 --_ Chic Union Tractlon_100
Last Sale 18
Juiy'07
100
Do pref
3
"411. 8 4553 ;404 W" ii" W- -ia W *40 44 *40 42 --i.5 Bans City fly & Lt__100
*80
81
*79
100
81
81
81
*80
81
*79
3
Do pref
81
*80
81
*17
19
*17
18
19
*18
19
335 Metropol W S Elev_100
18
19
17
17
*17
54
*52
55
*50
55
370
100
52
53
*52
Do pref
51
50 *49
50
_--- - Last Sale 4613 May'08
North Chlcago Street-100
---- _____ 22 *20
2112 2112 21
22
"iiii Northwestern Elev 100
18 /0
20
20 *17
*17
60 60
*60
65
*50
60
62
82
100
6212 *62
65
Do pref
60 *51
60 *___ 60
Last Sale 60
_ *59
Dec'08
___
South Side Elevated _100
61
*59
*3013 31
*3013 31
3114 3214 -Ki Streets W Stable C L-100
3138 *3012 31
3113 3134 31 102
*100 103
101 101 *101 102 *101 104 *101 103 *101
100
50
Do inet
Last Sale 28 June'08 ---- West Chicago Street 100
Miscellaneous
9
9
878 0
585 American Can
100
93
1
9
9
12
9
*914 9
4
83
4
83
7434 743
4 7413 7413 7414 7414 72 4 7 3 1,100
3
75 4 70
3
Do pref
100
76
76
34
200 200 *190 200 *190
*180 __ __
_ *190 200
200
10 American Rad1ator-100
*126 130
126 125 *125 130 *125 128 *125 130 *125 135
--10
Do pref
100
56
56
56
56
56
56
56
5612 56
*56
72 Amer ShipbuildIng_100
*56
57
*____ 107
20
100
D. pref
_ . 10314 104 *103 105 *103 105 *103 105 *10314 106
Last sate 10
July'08
Amer Straw Board
112 -5iL Beloth (A) & Co
100
1
114
irg -14
114 114 *1
1
1
.14
114 --12 ;i
;4.
*5
51.
6
*5
6
100
*5
512
54 5 4
3
20
Do pref
3
614 514 *5
5512, *54
*5412 5512 *55
5512
Last Sale 6714 Dec'08
*54
56
Oaf & Chic Canal & D..100
Last Sale 147 May'08 .--- Central Trust Bank-100
158 ;1.
158 /Autsale 1
/skne08
Chic Brew'g & Mait'g
;I
152 Toi
158 ;i
3
*2
3
*2
3
Dec'98
Do pref
*2
3
*2
Last Sale 2
2413 25
25
-198 Chic Pneumatic Tool-100
*2513 2613 257 23
25
*25
13 28
2514 26
8
88 Chicago Telephone_--109
129 *128
129
*12913 130
129 12913 12713 129
---- -*
Do rights
-Last Sate 214 atch'08
11512 11513 "iib Chic Title & Truat_100
115 115 *115 116
115 115
11413 11412 115 115
.10612 1,076 Commonw'th-Edison_100
105 105
10534 1061 106 10614 106 10612 106 10612 106
333 Diamond Match
100
12214 12234
1223 12314 12213 123
4
123 12313 12314 12314 1227 123
2
4112 1,222 Illinois Brick
100
4112 4113 4212 4112 4112 40
40
393
39
39
39
Last Sale 4413 Dec'08 ---_ Masonic Temple
---- ---- ---- ------- --- ---- ---Last sok 213 June'07 -__ Mllw & Chic Brewing
Do pref
Last Sale 20
July'08
_
..
100
*92
93
02
92
;52- Iii" -55E2 iTii- ;oi" W- -a Vf *118 119 *118 119 1 -iii National Biscuit
100
22
Do pref
118 118
11812 119
*119 120 *118 119
100
130 National Carbon
8613 *85
8613 85
86
86
85
8012 88
*86
00 *86
100
Do pref
Last Sale 112 Dec'08
*113 115 *112 113 *113 115 *112 113
10014 1,130 People'sGasL&Coke_100
,
10013 10012 10034 10034 10014 10013 10013 1001. 10014 10013 100
905 Sears-Roebuck com-100
4' 54
5412 54
55
54
55
543 543
4
54
54
54
*53
100
487
Do pref
101
101 10113 101 10112 101
10018 102
10112 10131 10134 102
100
10278 10314 101 10118 10118 10134 1,343 Swift & Co
103 103
102 8 103
7
10234 103
Last Sale 123 Dec'08 _ iii The Quaker Oats Co-100
*122 124 *122 12312 *122 124 *122 123
100
99
9834 99
Do pref
*98
*9812 09
081
9812 99
9813 9812 *98
7
2
7,,,
385 Unit Box Bd & P Co-100
1
1
1
1
1
1
1
1
114 114
100
0
340
Do pref
6
614
6
6
*512
712 73
712 71, *613 712
4
100
Last Sale 1514 Nov'08 ---- Western Stone
*15
16
*15
17
16
*15
16
*15
Mining
Last Sale 3213 Jan'07
Bingham Con Mining.. 50
-_
--- ---- ----------Nov'06
Black Mountain
Last Sale 10
---- '..-_
-...... --- -20
May'07
Daly-West
Last Sale 16
--Nov'06 I
H ubbardLast Sale 4
Interest
Period
Price
Friday
Dec. 18
Weeks
Range or
Last Sale
Hiatus,
Highest
.
1.41.1.41-
160 Jan 24 185 Dec • I
PR Feb 3
318 Atut31
612Dec 4
10 Aug23
8434.18e30 119 Nov25
38 Oct 3
20 Nov t
2416:3 . ,1
Dec7. I c 17
4
93 Sep 22
15 Feb 10 2834 Dec ,
11
212,Mch27
412 Dec 11
30 Oct 2
4734 Nov13
68 Sep 2% 8612 Nov 11
1214 Nov 2 19 Jan 21
42 Jan 6 47 ,i,, 2
54
/ifa3
1
1
44 May 5
22 Dec 17
1334 Aug 6
46 Aug It 6212 Dec 17
42 Aug24
11 Jan j
2613 Apr 16 34 Nov17
85 Apr 20 103 J'nc18
25 Apr 13 31 May 4
150 Met
13.1 Nov
10 Oct
205
5
16
Apr
Jan
Apr
,;613 Jan
Ii Oct
614 Apr
214 Dec
Nov6914
Apr
15
Jan
24
1
8
87 Jan
6814 Nov
28 Jan
17 Dec
43 Nov
72 Jan
3412 Apr
47 J'ly
2512 Jan
t;6
2
5111;
J'ly
Apr
60 Nov
90 Jan
26 Oct
:24 Jan
95 Apr
99 May
20 Mel' 35 Apr
4 Feb 13
4112 Jan 2
125 Jan 10
113 Apr 22
37 Mch19
91 Jan 2
10 J'ly 7
1 Nov19
5 Nov 20
40 Feb 20
147 May
1 Oct 6
2 Nov20
21 Feb 26
106 Jan 3
34 Feb 23
100 Jan 4
80 Jan 3
113 Jan 2
30 Jan 22
38 J'nel:
10 a Nov 11
3
7678 Dec 2
200 Doc 16
12814 Novli.
63 Nov 11
104 Nov17
42 Jan ¶1
30 Jan 11
100 Mayr
16714 D a y 6
47 mec 2
3 Oct
3413 Nov
120 Dec
112 Nov
:0 Nov
85 Nov
30 Jan
2b Dec
941 Dec
105 Fth
45 Oct
12 Ang22
4 Apr 13
3012 Aug
1 Jan
5 Au
21 Dec
16 Oct
19 J'ne23
70 Jan 3
1013
4Jan 2
51 Mch 3
91 Mch23
8012Jan 3
24 Jan 24
72 Jan 16
8812 Jan 2
1143 Jan 3
4
87 Jan 3
14 J'17 17
112 J'ly 17
113 Oct 30
4
20 J'ly 24
94 Dec 9
120 Aust 8
87 Dec 11
115 Nov t.
102 Nov 12
55 Dec 16
102 Dec 14
10534 Sep a
134 Jan 2
100 J'ly 30
Jan
4
12134 Jan 15
17 Apr 11
714 Apr
60 Apr
14018 Sep
130 Apr
8013 Jan
109 Jan
40 Meh
40 J'ne •
111 Feb
164 Jan
55
Feb
1 Jan
612 J'ne
51 Feb 13412 Apr
16334 Feb2111
1
96 tact 11212 May
11512 Dec 18
8
873 Oct
77 Oet_
110 Oct 1
12913 May
137 Aug31 1 IASI: No
2 M ny
Ie
721 : 5723 jiaa
4 Jl
4212 Dec 16
46 Jan
46 J'ly
41 Au
25 Feb
581R Oct
91 No
SO No
9734 No
72 No
20 No
67 No
7513 No
169 Not,
86 Oct
34 No
6 Jan
16 Dec
27 Mch
86 Jan
11734 Jan
8414 Jan
120 Jan
9258 Apr
57 Jan
95 Jan
1131 Jan
17313 May
1023i Jan
214 Apr
1234 Apr
30 Feb
3213 Jan
3212 Jan
1614 Apr
2uJan
-
Chicago Banks and Trust Companies
Chia= Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Dec. Th.
.anqe ci Piet 20113 Yeas
419073
Ranoe Since
Jan. 1 1908
13'els
Seta
Range
Strict
Jan. 1 1905
NAME.
Out
-stand
ing
Stack
1
Siaptus
and
Prolits
Dtridend Record
in
1906
/n
1907
Pa'- Last Paid
wd
8 Q-M Sept '08, 2
$2,000,006 $1,282,055
8
Hid
k Low
Higt Bankers National
High No. Low
An Dec '07,6
6
100,000
38,112 , 5
Meh'07 _- ____ _ __ Calumet National
Amer Strawb'd 1st 6s_1011 J - J -------- -10_
.1-4 July 'OS, 5
182,623 10
10
500,000
'Chicago City
9913 10112
Cass Av ee F G (St L) 55'12 J - J -- _-- 10012Sep'Ot, --12
Q-.1 Oct '08. 3 •
Co m merctal N atlo nal_ _ 3,000,000 4,318,182 12
100 May'07
Chia Board of Trade 451927 J - D
'08 2
'08 113
.
,
4,000,000 3,629,242 8Q
68
-J
8 - 8
947 1047 Continental NationalChicago City Ely 55_1927 F - A 104i2 10438 10438 10458 101
(3-Si
6
6,956
50,000
Chic Con.sol Br&Mit 6s___ J - J -- ____ 03 Apr'04 ---- ____ ____ Cook Co State Savings
12
Q-.1 Jan '09, 3
Corn Exchange National 3,000,000 5,018,668 12
-55 Aug'07
Chic Consol Trac 4 45-1939 J - D -0
60,955
200,000
Drexel State
4
Chic Auditorium 1st 551929 F - A --- .--- 963 Jan'06
6
8
Q 1 Oct '08, 211
Q:;1
8
.0 1
8
390,583
600,000
Feban_ _--- ___- --- Drovers Dep National
-Chic Dock Co 1st 4s__1929 A - 0
3
6
Q-3 Oct '08, 113
200,000
34,927
Englewood State
37
Chic No Shore Elec 6s-1912 A - 0 -----_
12
-al Sept '08, 3
8,000,000 8,029,283 12
First National
Chic Pneum Tool
4-11 Sept '08, 212
169,5431 104-10 10
150,000
68
7612 First N at Englewood_
7334 7612 15
4
733 Sale
a1921 J - J
1st 55
Priv ate B
It
544,406
9514 10212 Foreman Bros B'k'g Co_ 1,000,000
50
102
_1927 F - A 102 Sale 102
Chic fly Is
__.
6
8
Q-J Oct '08, 2
450,553
9313 941. 9312 94
40
867 9414 Fort Dearborn National_ 1,000,000
8
Chic Rys 4-55 series "A"
_ r8 QQ.. J an ,'09, 524
. till Duitcy :008088: 2122
5_
ce
160,526 _
500,000
78 8613 Hamilton National
8512 Sale- 8513 2612 3..;
Chic Rys 4-55 series "B"
8
8550
514
Hibernian B'k'g Assn_ _ 1,500,000
8912Dec'08 --75
90
8612 90
Chic flys a-53 series "C"
200,000
117,631 10
10112 27
1173i 10154 Kaspar State Bank
10114 Salo 101
Chic Rys coil 65.._ 1913
5_
420,202 -.
10114N0v08.- 10014 10114 Live Stock Exchange Nat 1,250,000
:
Chic Ry. Fund 6s____1913
61,044
300,000
1
9938 10212 Monroe National
210134 Sale 10134 10134
Chic Rys Tern Ctts 1st 5s_
4
42 Jan '8% 4 2
1ari
-F n '08 11
0,
250,000
86,251
Mutual Bank
-.. 79 Nov'04
Chic RI &P RR 4s__2002 M- N ---8
Q-3 Jan '09,2
2,000,000 1,272,636
Nat Bank of Republic
Collat Trust g 5s___1913 61 - S ---- - 80 Apr'04
Aug 08, 11
ct
1,500,000
g3
Q-.1 Oct 26 1202
484,545
National City
Commonw'alth- Edison250,000
60,633 beganbean
100 June'08 .--- 100 10014 National Produce
Chic Edison deb 651913 J - J 100 101
-- Q-3 Jan '09. 114
200,000
65,325
10078Dec'08 .....97 11)078 North Avenue State
5
lit g Is _ __July 1020 A - 0 1100 8 101
6
6
Q-.1 Oct '08. 112
50,000
10,645
7
983 10031 NorthSide State Savings
4
99 4 100
3
5s____ 1026 M - 5 100 Sale
Debenture 6
6
Q-J Oct '08,112
100,000
41,021
93 10314 Oakland National
10318 16
103 Sale 103
Cornmonw Elect 5561943 M - S
85,587
250,000
Prairie National
80
80
Illinois Tunnel 5s____1928 J - D -------- 80 Dec'08 --8
-14 Sept '08, 2
9:3
500,000
69,094
93
Prairie State
96 Oct'08 _-__
_ _
Kan City Ry &LtCo 5s 1013 Al - N
4 ......Jan '08,2
250,000
7,010
:
8512 921 Railway Exchange
9012Aute08 __
----Knick'b'ker Ice 1st 59-1928 A - 0 I--- Id
- -n
.
ct 12 1906
300,000
129,869 ();ia !zed
881 Security
:
80 Nov'08 -. go
Lake St 51-1st 55 ___1928 J - J ----__
514
6 Q-J Oct Im, 112
200,000
79,232
South Chicago Savings
16 May'05
1925 Feb ---- -___
Income 5s
8
9+1 Q-J Oct '08,3
State Bank of Chicago-.... 1,000,000 1,338,910
afetr W Side El
6
6
J-D J'ne '08, 3
250.000
175,887
8018 881, Stock Yards Savings
4 8412 23
1938 F - A 8412 Sale 833
1st 4s
6
6 M -N Nov '08, 3
39,900
200,000
Union Bank of Chicago_
80
80
80
1
7512 85
1038 J - J 79
Extension g 4s
6
6
Q-3 an '09,2
200,000
60,476
_ Union Stock Yards State
North Chic St 1st 55_1009J - J ---- ....... 90 Dee'06 ___ ____
8
8
Q-2 Ott '08, 2
American Trust & Savgs.. 3,000,000 2,471,410
1st 53
7
7 (3-3 Oct '03,134
8430,971,
- 2,000,009
79 Aug'06 ___ __ __ Central Trust Co of Ill
Refunding g 4%5_1931 A - 0 ----__
98,310 --__ --- Q-.) Oct '08, 112
- n500,000
No Chic CityRy4;01927 Al - 5 ----- 78 Fe 7 ---.7. --- --- Chicago Say Bk & Tr.,_
"
63
Q-J Jan '09. 112
6
5,000,000 §1,428,335
86 0012 Chicago Title & Trust
8 4 '901. 63
3
13
North West Ni 1st 45_1011 61 • S 0014
3
3 A -0 Oct '08.2
50,000
86,960
8014 9512 Citizens Trust & Savings
11145 M - N 9412 9513 95 Dec'08 ---_
Ogden Gas 55
10
(1-2 an '09. MS
600,000
99
499,088 10
09
Colonial Trust & Savings
99 Aug'08 __
Pearsons-Taft 55
1916 J - D 99 .._
6
3 Q-2 Oct '08, 2
200,000
92,579
Drovers Trust & Sayings
94 &pale ......
94
95
____
H- S 94
4.40s
Apr. 13 1907
1,500,000
163,101 Organ ized
Farwell Trust Co
96
96 Nov'08
96
M- N
96
4.602 Series E
---2,000,0(X) 2,16J,611.1
9712 9712 First Trust & Savings97128eP'08
H- N
9712
_
4.80s Series F
200,000
782 incorp orated 1908 V.87,p.1138
Peo Gas 1.550 1st 65_1943 A - 0 - ___ 11814Dec'08 --. 10012 11814 Guarantee Trust & Say_ 1,250,000
_
Q-J Jan '09,2
713,570
04 10314 11 arris Trust & Savings. 10314Dec'08 ..-.
Refunding g 55.. _1947 M - S
q Dec '08, 4
Illinois Trust & Savings_ 5,000,000 3,317,985 11-74 13c-F 4
9712 104
Chic Gas L&C 1st Ss1937 J - J --, 10412 10372Dec'08 --46,232 ---6
Q-J ct '08. 112
200,000
Kenwood Trust & Savgs
10212Dee'08.943 103
4
Consum Gas 1st 55_1036 J - 1)110112 103
2
Q-J Oct '08,11k
32,479
200,000
98 100
Lake View Trust & Savgs
Sep'08 ---Mut". Fuel Gas 1st5s1947 Id - N -------100
Q-3 Oct '08. 3
12
9611 Merchants' Loan & Tr Co 3,000,000 4,8(19,746 -ii92
0112 933
4 9414 29
,
South Side Met 4145_1024 J - J 94
6
750,000
255,658
6
Q-J Oct '08. 112
93 10012 Metropolitan Trust & Say
10038Dec'08 --Swift & Co 1st g 5s___1914 J - J ---- 90
8
1,500,000 1,865,592
Q-3 Oct '08, 2
8
Northern Trust Co
90
Sale 87
16
8,5
90
Union El (Loop) 55_1945 A - 0 190
52,421 ---200,000
J-J July '08. 2
6
Union Pacific cony 45_1911 ill - N ---___ 114 Nov'04 ------ ,,-- Northwest Trust & Savgs
90,686
6
200,000
J-J Jan '09,4,
6
People's Trust & Savings
---. -_-_
47 Oet'08 -47 0'3
United Box Board co( 6s'211
8
163,485
kS
Q-J Oct '08,2
Pullman Trust & Savings k500.000
West Chic St 1st 55._1928 M - N --- ---- 90 May'07 --- ---- --•
500,000
500,297
8
Q-1 Nov '08. 2
,
8
Royal Trust Co
6812 SerfOF
1909 F - A
Tunnel 1st 5s
J-J July '08. 212
200,000
6
24,167 --_
1914 J - D --- ---- 73 Jure'07 ----------- Stockmen's Trust & Say.. 1,000,000
Debenture 6s
1,144,720
Q-31 Sept '08. 2
Si;', UnionTrust Co
--------8024 Jne'08 _7213
Consol g Is rcts_ _1936 M - N
a219,486 (9-71 --II- Q-J Oct '08. 112
Western Trust & Savings 1,000,000
-- ---- 87 Dec'06
.
We ivCityRy 451932 1 - J
sD
200,000
65,834 Began butane es
Pt 61900
Jite08
A - 0 -------Western Stone Co 55-1909 .......• 1...:e• did Ps In All8513 "Ann ........ ri 70 ,851, West Side Tr & Say Bank
200,000
0
0-3 Oct '08, 114
6
30,789
..___ - ............ 1.............-4.
.,
rht
hnn
•••1424442
Wood lawn Tr&Say Bank
•
()I business) for
Bid and asked orices; no 3n,:842 were made on this lay. I Nov. 27 (cads,: or business) tor national banks non Nov. 28 (u Aniaig
Dec. 19:
State institutions. * No price Friday; latest prize this week. a Due Dec. 31. b Due June. a Includes special dividend of 30% pald
n Capltal and surplus to be
1906. k Capital Increased from $300,003: a -tuck dividend of 33 1-3% being declared in part payment therefor.
1 As of date Sept. 11908. SAs of Sept. 23 1908.
Increased. q Dividends are paid (J-J, with extra payment: Q-F.
.8-
BOSTON STOOK EXCH ANG.E-Stock Record, Daily, Weekly/ and Yearly
SH A tel., PRIC'Ets-NOT PER (...'ENTU AI PRICES
Battacky/
Dec. 12
Monday
Dec. 14
Tuesday
Dec. 15
Wednesday
Dec. let
Thursday
Dec. 17.
Friday
Dcc. 13
.
sates
01 du
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Lowest
.
Railroads
89734 £814 9614 9114 06
' 06
320 Atch Top & Santa Fe_100 675 Feb 11
,
0778 0773 *9778 9818 *97
100 8212 Mch 3
15
Do pret
*10112 10212 *10218 10313 *10112 11212 *1021: 10314 10213 10212 *10113 10213
228 t28 *225 228 *_-__ 228
225 225
229
100 18113 Jan 2
16 Boston & A lbany
228 229
128:34 129
12834 12E3 12834 1283 12734 1281;
4
129 129
344 Boston Elevated
4
100 125 Feb 17
*12912 130
_ _ .220
226 ,*_ 226
100 20014 Feb 11
33 Boston & Lowell
*220 .._-- 226 220
,-229- 131 131
13114 1311 132 132
130
131 131
1311:
513 Boston & Maine
100 114 Oct 22
:
131 131
150 150
---- --100 136 Feb 13
3 Do pre(
*5W
*300
Last Sate 300 Dee'Or ____ Boston & Providence_100 284 Jan 10
455- ::::
*19 - - *10
11
11
*10
11
Dec'06 ____ Bost Suburban El Cos___
Last Sc,: 11
11
4/ Mc.
*10
56
*56
59
56
59
*56
*56
69
*56
Do pret
59
45 Jan 31
69
3
*56
_ *10 ____ *10_ *10
101; *10
10
--_
..
*1012
812 Nov19
185 Boston 64Wor Dec Cos
8.48 16
49
49
4914 4914 48 -481: 4712 4712
Do pro)
4713 Dec 18
245
*49
51
148 148 i.-- 150 *__ 150
50 Chic June By Fe US' _100 126 Jan :.
*151 15112 *____ 150 *___ 150
120 120
*___ 120
100 102 .imti 1,
Do pre
1
163 163
155- 163 8 Con & Mont, Class 4100 163 Dec is
Conn & Pass Riv pref_100 13314 Sep 26
---- *132
100 244 Jan 19
*258 265
---- -- -__ Connecticut RIver
_ 13113 13112 *13012_ 131
13114
116 Fitchburg, pref
*131 :::: 131- fif *i5i100 117 Jan 2
851. 85
85
85
86
8112 8212 8312 841., 8434 86
85 675 Ga By & Electric_100 61 Apr 27
85
*83
*82
85
85
*83
100 31. Oct 16
85
*83
85
85
Do _ptef
85
40
*83
100 193 Nov27
Last Sale 193 Nov'08 ____ Maine Central
- 8 12
12112
12
,
12
12
100
12
12
12
12 - 11
814 Jan 2
502 Mass Electric t..o.
58
5812 5812 58
pret
57 *--100 40 Jan 2
57
57
170
Do
57
- 5712 57
15812 15834 15912 161
i65 160
158
158
15812 159
1,199 N Y N H & 1-lartford-100 128 Jan 6
158 159
144 144
100 140 Jne 23
6 Northern N II
1;(st Witte 205
Oct'08 ____ Norwich & Wor prel_100 200 Apr 6
*153- :::: 8195
100 175 Jan 11
196
*195 --- 190
*i5U2
4 Old Colony
33
34
100 75 Jan 13
. 425 Rutland pret
34
33
94
641;134- - 2 04
8
100 70 Feb 17
91
-557 1:7377 -93i2 - 14
110 Seattle Electric
_ 9412 *0312 94
100 100 *i55 101
*10014 101
60 Do pret
100 88 8Jan '2
3
100 100 *_- 1001: 400 10012
18212 18313 183 1833 18153 18231 18178 183
1303 1827 17934 1803 6,139 Union Pacific
3
100 11012 Men 2
4
8
4
*9413 9512 *9412 9512 *9518 9618 9518 9518 *943 953 80412 9512
100 7834 Apr 4
5
Do pret
4
4
Last Sate 161 Nov'08 ___ Vermont 6c Mass
100 150 Jan 13
8812 8812
88
. 89
88
66 West End St50 76 Jan 2
;55- 90 ;55- ---- *S3
__
8812 ;WI
*109 ____ 8109
110
110
' 50 96 Jan 2
Do pret
16
*109 -: 110 110 *110
Last Sal 140
Bep'08 -_ Worc Nash & 1(och_100 138 J'ly 9
_
Miscellaneous
3212 3113 3134 4,915 Amer Agricul Chem-100 13 Jan 3
3214 3214 3218 32 4 32
5
3214 32.14 32 8 32
3
9473 9434 95
411
Do pret
100 77 Mc(117
95
9414 0414 94
95
96
94 4 9514 94
3
512
5 32.018 Amer Pneu Service
34
50
4 Feb 10
6
63
4
54 6
3
8
10
9 4 1014
3
6
814
1312 1312 2,50' Do pret
4 1914 20
13
2012 203
1412 1312 14
50
912 Feb 2h
14
19
128
2,471 Amer Sugar Relln
127
12734 131
131 132
13114 132
100 9914 Jan 2
132 132
131 131
128
129
324
Do pret
12912 12912 130 130
100 106 Feb 18
129 12912 129 12914 12812 129
12714 12813 5,551 Amer Telep & Telcg_100 99 Jan 2
128 129
12812 129
12834 129
129 12912 12812 129
32
30
2812 2812
453 American Wooien
30
31
100 16 Jan 2
31
*3012 3113 3034 303 *31
4
9512 9412 941.
800
Do pref
9512 95
95
100 7734 Feb 19
9514 95
951,1 95. 9514 06
Dee'OR ____ Boston Land
Last Sate 412
*414 4'
10
3 Jan 7
*414 412 *414 412 *414 412
127
25 Cumb Telep & Teleg_100 0612Jan 11
12712 127
17 127 127 *125
*127 129
127 127
127 129
Dec'08 ____ Dominion iron & Steel___
*1834 19.14
Last Sale 21
20
*19
1434 Jan li
20
*1834 1917 *19
712 712
8
*758
545 East Boston Land
712
7
712 8
414 Mch 13
8
8
818 81:
53 Edison Flee Illum___100 ::01 Mch17
241
240 240 *240 245
241
240 240 .240 245 1.240 245
340 General Electric
16012 160" 158
160 161
158
100 111 Jan 2
15712 1571. 158 159
225 Massachusetts(jasCos 100 49 Slcr231
5612 5624 6612 5612
5 2
57
-81112 -. 761- 5612 57
571 1 •*5612 57
86
8613
194
Do pre)
87
86
87
87
100 77 Jan 2
87
86
8714 871: 86
*36
2 Mergenthaler LIn(,
03218
210
20512 20512 *24,7512
*206
100 192 Apr 16
210
*204 20712
210
15 Mexican Telephone- 10
3
2
2
2
1 Men 2
214 *218 2 4
214 214
73
7
55 N E Cotton Yarn
73
73 *. __
73
100 40 Mch 8
*70
73
73
73
*70
90 90
9(
90
00
90
Do
pre)
on
90
*8934 90
100 75 Mch23,
*89
00
00
12712 128
128 128 *126
128
17t, N E Telephone
127 127
100 105 Jan 4
127 127
127 127
4
773
105 Paz.,. c Coast Powir_ _100 6112 J'ne 2,
7814
77
78
78
77
*76
*77
*76
77
17212 1723.1
365 Pullman Co
17012
170
17213 173
1723 172 4 172 173
100 47 Jan 2
4
3
8:77 71 2 L 3 *10
10
.10
::
58 Reece Button-Hole... 10
*10 -- - *10
10
9 Apr 16
10
7721- 2
10
10
4
661 Swift & Co
14
10034 101
10112 101
-12 10114 1011:
103 10318 r10114 10U
100 8812 Jail ',
2312 *22
21 Corrington, Class A-. 25 20 Jan 3
2312
2312 *22
2312 *22
2312 *22
2312 2312 *22
2612 2612 261: *25
20
DO pret
261:
2612 *25
*25
261. 2512 26
25 23 May2:
• *25
Last Sal, 178
Dec'OS-__ Union Cop L'd & lel'g_ 25
114 Mc32:,
8 *113 178
*112 17
3 *112 178 *112 17
131 132
131 .13112 2,117 United Fruit
100 11412 Jan '2
130 13012 13012 131
130 13012 130 131
6814 67
8
575 4,081 Un Shoe Mach Corp- 25
3812 Jan 4
5714
18 58
5712 57
5814 57
5812 5829
2914 29
288
Do pre(
28
59
14 2334 28 4
25 24'3 Jan 3
285 20
8
29
29
*2878 29
3
5358 5438 63
5378543, 5438 55
5213 5318 16,566 U S Steel Corp
100 2,. Jan '2
5312 54
11112 114 4 110/4 11113 1,982
3
51
100 8712Jan 2
Do pret
11213 1123 11212 11318 112 11214 1113 112
4
4 Feb 3
3 West Telep & Telcg 100
*73
4 8
3
73
4 7 4 *73
*73
4 8
*73
4 8
4
8
*73
4 8
85
875
*78
85
85
100 59 Jan 9
Do pre
*78
8014
225
85
80
85
*78
*78
8Feb lt•
50
197
Last Sate 4678 Nov'08 ____ Westing El & Mfg
Last Sale 44
50 347 Feb 19
8
Beo'08 ____
DO pret
Alining
9
918
98
3
112 Feb 21
9
18
25
813 834 2,270 •dventure Con
9
12 912 • 918 938
3
914 9 4
39 *3712 38
30
39
*38
40
25 24 Apr 23
*39
40
125 Allouez
*39
38
37
8018 8273 803 8214 7834 8178 7712 7913 61 652 Amalgamated Copper 100 45 Feb 19
84
4
8258 8353 82
*25
2512 243 25
25
2573 2578 25
4
*2512 26
..
215 Am Zinc Lead & Sm.._ 25 2034 Jan 13
4814 4814 -iirs 17125 28 Feb 19
8
6 Anaconda
31, --312
338 -- -132
25
3 Dec 9
5 2 I2
- - -.
312 312 - 1 - 1314 3
97210 :ez0nan
2 2 A ri ad Itt
:7
12 33 4
51
3
3914
4
Commercial_ 25 14 Jan '2
3
3
39 4 40 8 393 4014 3812 3913 38 4 3912 37
*.75 1
*.75 1
Last Sale .60
8.75 1
*.75 1
25 .40 Feb 14
Dec08_ Arnold
.
17
1612 17
8 17
25
8 Apr 22
1714 1714 1778 1818 1714 173
17
1,496 Atlantic
16
.60 .60 '8.60 .65
.60 .60 .*60 .65
4.60 .65
10 .25 Oct 7
251• Bonanza (Dev Co)
.60
.60
1614 1578 157
1618 16
1618 16/2 16
8 1512 16
16
16
1014 April
2,530 BostonConC&G (rcts) El
2134 2214 2012 2218 2018 203 10,985 Bos&CorbCon&SIIMg
2338 233
8 2318 2312 2112 23
5 1114 Apr 19
4
2614 27
2614 2653 2538 26:e 6.374 Butte Coalition
2614 27
27
27
27
27
15 1512 Jan 2
,
117 118
117 118
11712 11812 -119 11912 118 119
114
1161,_ 1,326 Calumet & Arizona- 10 93 Feb 20
670 670
670 675
675 675
665
675 675
25 (563 Men 5
165
49 Calumet & Ueda
660
34
34
34
35
35
34
34
34
295 Centenn!al
25 21 Feb 10
3312 3313 3112 3112
.38 .38 8.38 .42 *.38 .40 *.33 .40 .38 .40
1 .25 Mch 6
800 Cons Mercur Gold _ _
.38
.38
7912 80
70
7712 70
80
8013 80 4 7914 80
3
4,629 Copper Range Con Co 100 , 5518 Feb 18
80 4 81
3
1014 1014 1013 1018 10
10
10
1013 10
10
*10
780 Daly West
20 ' 7 Jan 3
1013
214 *2
214 2.0614 2.0614
2 21-16 2 1-16 *2
214 *2
2
175 Elm River
12 .99 Mob 6
1618 1612 1534 1614 2,262 Franklin
1713 1734
17
25
612 Apr 22
1758 1612 1612 1678 17
103 104
103 10:3
10412 10412 10412 10512 104 104
104
404 Granby Consoildated..100 80 Jan 2
103
1118 1114
11
1118 1118 113( 1118 1138
11
1118 1078 1158 13,143 Greene Cananca
673 Jan 2
'0
Last Sale 134
Oct'08- Guanajuato Consol_ 5
158 J'ly 2
2314 2314 2212 23
23'
2334 24
23
2212 2:202 Isle Royale (Copper) _ 25 1734 Feb 17
22
2112 2314 2114 2318 2114 2213 14.645 Lake Copper
22
233
4 2314 237
23
25 10 Sep 22
8 21
8
1412 1,337 La Salle Copper
1412 1412 14
1434 1434 1434 15
1412 143
25 1214 Jan 2
4 145 15
612 6.5,
612 612
61.
6
930 Mass Consol
612 612 *6
"5
214 Mch is
6
614 . 6
.50 .50 *.60 .75 8.60 .75 8.60 .76 .60 .G0
225 Manower
.60
.60
25 .25 Jan 10
478 478
412 1,225 Mexico Cons M & S
5
5
412
5
514
5
*5
43
4 43
10
4 Oct 15
4
1214 1258 8,615 Miami Copper
1238 1258 1214 1212 1212 121
1212 1278 1212 123
4
5
8.34 Sep '22
1313 131
14
1414 1414 14
*1312 14
14
1318 1.000 Michigan
14
13
714 Feb 25
'5
6953 70
69
68
70
70
614 Mohawk
6914 6914 6812 681
25 45 Feb 10
673
4 68
* .45 .55 * .45
.50 .50
.60 .50
4.50 .60
.55
.50 .55
590 Montana Consol (1 & 0 10 .4)) Oct 9
20
1812 1873 4.386 Nevada Consolidated_ 5
8 19
2014 1934 2013 1938 1912 1914 195
191
S3 Jan 2
8
512
612
614
*6
410 Newhouse Mines & S.. 10
6
6
578 6
4$8 Oct 22
3
53
3 6
*512 5
8034 8214 13,636 North Butte
8518 8512 85
8314 845s 8158 841
15 4034 Feb 19
85 4 8312 85
3
.60 .60
*.60
.50
, 8.60
.50
227 Old Colony
.60 .60 *.60
25 .50 Jan 15
571
54
66
EA 5712 5812 5714 - -7- 50
.6812 691.1 5914 6.627 Old Domlnlon
25 28 Jan 2
57 8
130 130
127
128
131 13212 134 1343 129 132 *130 132
4
372 Osceola
25 77 Feb 19
30
2814 1,478 Parrott (Silver & Cop) 10 1013 Jan 11
2913 29 4 2912 2913 2834 29 i 28
30
2934 30
1
3
Lase Sal'.00
Oct'08 ___ Phoenix Consolidated 25
It Mci111
*.60 1
*.60 ---4.60 1
*.60 1
94
94
92
96
96
95
95
05
94
0512 ,
25 77 Feb 19
178 Quincy
IL- 05
512 513
5
558
513 513
6
5
558 534
25
2 Mc1120
461 Rhode Island
514 53
*238
213 1,310 Santa Fe(Gold & Cop) 10
238 21
212 2
212 212
12
213 212
153 Apr 3
212 212
1614 17
17
171
1738 175s 1712 18
17
12 17
1714 17
10
9 4 Feb 19
3
5.327 Shannon
32
33
3212 3234 3212 343
25 14 Apr 3
3412 33 4 34
3
32
4 33
3212 7,510 Superior
18
1838 1778 1818 1734 18
8 1714 3,718 Superior&PItts Copp- 10 1418 Oct 17
167
17
12 1734 1714 173 I
80
81
79
84
*8212 83
82
82 82
*83
797
8
25 56 Alch21)
340 Tamarack
82
1714 17
1612 17
1712 18
1734 1734
17
25 1218 Feb 19
2,889 TrInIty
1718 1612 17
*1334 14
*1314 131: 1312 1312 13
14
14
13 1 13
3
100
13
458 Mch 24
450 United Copper
Last Sal , 36
Nov'08 ___
4
Do pre)
100 233 Apr 16
29
29
-29E8 -265 *2914 2912 -55- 2914 2912 8
29
9 Mch31
699 UnItedStatesCoal&011 25
2912 29
4414 4434 4412 443s 43
43
4312 44
44
4314 2,437 U S Smelt Ref & Min. 50 28 Mch 6
44
44
461, 4612 402 46
.4613 4612 4612
46
40
461
Do foci
50 37 Feb 10
4614 46
1,676
634 6
553 57
8
58 5 4
5
3
54 6
3
438 Sep 10
53
8
5 4 1,315 Utah-Apex Mining_ 5
3
3
54 54
3
4514 4534 4512 46
44
4412 4518 45
4413 3,921 Utah Consolidated
4412 45
45
6 2012Jan 3
47
47
47
4558 4578 4512 45 4 4453 455 , x4312 4358 1,714 Utah Copper Co
47
10 2873 May 8
3
8 35
8
338 31.
2
34 312
25
213 Apr lb
s *33
314
3 8 33
3
314 1.075 VIctorla
314 33
1
6
0 4 614
6
6
612
612 612
25
305 Winona
*6
6
612
614
4i2 Jan 2
152 152
152 152 *150 152
150
150
150 150
151 151
29 Wolverine
' 25 11512 Jan 2
234 2 4
21,
3
21,
278
CAA Illaysintint, _ _
273
25 _511
212 21
12fAV9is
24 24
3
3
213 258
c Before pay't of assess'is called In 1907. 8 Bld and asked prt cs. (1 New stock. •Ass't paid. 0 Ex-stock d1v.
,
1314
7
.
-2312 'W-
any( ;cr 'let:Rota I ear
0907
., n ., .-1.11.
,
Jan. 1 181N
11(sliest
931, Nov30
10213 Dec li
.30 Doc It
140 Jan 2,
228 Dec 9
140 3113 2,
156 Jan 2:.
3(11 Nov 1.,
13 M:::,
18 Nov 1 .
1) 4 atl 2:
6012.19n 1
16114 Dec 11
120 Nov 2
165 bleb
138 Apr 21
263 Dec t
133 1Nov21
80 Dec 16
85 Dec It
193 Nov2.
133 No 23..
4
64 Not 26
101 Nov .
145 Apr ,
:05 Feb . t
19618 Dec :
34 Dec 5
95 Dec t
102 Dec s
11565 Nov24
8
97-6. Nos 17
161 Nov3t
91" Set It
)
110 - Dec ..
140 itieu3
35 Nov24
96 Nov25
12 Dec ,
13 Dec 7
13753 Nov 9
132 Nov 9
18212 Nov 1,
3238 Dec It
9612 it uv 2,
412 Dec .,
128 , 2.
4.,t,
2114 Dec •.
838 Nov Id
253 3N062,_
102 Dec ...
6
812 si11,y 1
90 Nov t
215 Nov I
3 Oct
78 Nov:
VJ Nov13
128 Nov 1,
7314 Dec H.
17412 Au% 1
1313 Novk.5
1.0812 J'ly 31
24 Oct 17
2612 Dec 1.
213 4311 ..,148 - J'ly 14
623 Nov13
3
30 Nov
5834 Novi:,
119 Nov13
91; A uv 13
8.614 Dec 1.
46 .Nu2 6
,
4418 Sep 1.
1214 Aug Is
4112 Nov25
8818 Nov t
30 J lie 2
53 Nov13
6 Jan 1.
4058 Dec 11
.90 Au9; 7
1912 Nov 7
.75 Nov13
1618 Nov 11
25 Nov.1.5
30 Aug 4
130 AIL; 1
700 Jan 11
3634 Nov i
.46 Joe II
8378 Nov 1
1178 Nov 1
::34 Nov I
1913 Nov28
110 J'ly 34,
1318 Aug 3
'27 Jan 22
8
2614 Jail 2/
2414 Dec f.,
1714 Jan 14
838 Aug it
.75 J'ly 31
r Jan 18
,
1412 Nov 1
1512 Nov 1
73 Nov 1
13Jan 28
13
2034 Nov13
8
Lowest
67I2No‘
704 Not
180 Dec
1173 Not
3
200 J'n,
129 No,
150 Oct
285 Oct
8 J'ly
50 Au
16 Not
55 Not
128 Dec
993 Oct
4
170 Oct
152 J'ly
244 Dec
116 Not
6912 Dec
73 Oct
190 Atn.
7 Dec
.7 Oct
12712 Not
145 Dec
205 No,
175 Oct
25 No:
82 AM
4
33 NO2
1,012 Oct
1834 Not
14518 Not
74 Dec
94 Not
140 Auk
10 Oct
7'213 Not
312 Nov
912 Oct
03 Dec
105 Dec
8914 Not
1 214 No:
69 Oct
3 Mel
931. Not
1212 Oct
312 Oct
185 Not
01 Oct
43 Oct
75 No:
135
No:
114 Dec
46 Jo
80 Oct
.6 No
tohest
10712 Jan
8Jan
11113
1,40 Feb
152 Jan
231 Jan
170 May
105 Jan
:,01 Feb
15 Feb
65 .ian •
2834 Jan •
80 Jan
160 Jan •
120 Jan
188 Feb
156 Men
280 Jan
135 Jan
114 Mch
88 Mch
198 Jan
2012 Jan
7112 Jan
19012 Jan
160 • Jan
226 Feb
20014 Jan
45 Jan
94 Jan
103 .1a n
18212 41111
.1)3 Jan
170 Jan
95 Jan
110 Mch
147 Jan
26 Jan
95 Feb
4
143 Jan
33 Jan
13714 Feb
13134 Jan
)341._ Jan
3612 Jan
1021. Jan
4 Jan
115 Jan
25 Feb
91, Jan
230 Jan
162 Jan
6658 Jan
t,612 Apr
215 Men
4
43 Jan •
75 J'1Y
90 Jan
1:36 Jan
131 Au ,
9 No,
1612 Not
20 Jo
24(3 Not
1 Oct
10112 Oct
36 Oct
2358 Not
22 Oct
7912 Net
Not
50 Nov
2614 No,
76 Ma:.
,,,2
58 Nov
20 Oct
4218 Dec
19 Nov
26 Oct
23 Oct
4
134 Oct
.35 Sep
613 Oct
:35 Sep
858 No:
612 Feb
7414 Jan
121 Jan
63 Jan
75 Feb
15s Jan
2812 May
2 Jan
22 Feb
.80 Jan
3314 Jan
all
ii Jan
113 Jan
2212 Jan
2712 J'ly
073 Jan
1:20 Dec
60 Jan
29 Jan
5038 Jan
10734 Jan
9 Jan
82 Jan
7812 Jan
60 Feb
3918 Jan
10 Oct
81) Oct 198 Feb
.35 Oct 1000 Feb
47 Feb
16 Oct
.25 Oct .52 Jan
4414 Oct 105 Jan
;12 Dec
2012 Jan
413 Jan
4
3 Nov
2914 Mch
(i Oct
151 Feb
66 Oct
8
175 Apr
614 Oct
514 Jan
2 Dec
1112 Oct
301 Jan
.
8
8
23
.40
58,
1
Oct
Nov
Nov
Nov
30 Feb
914 Jan
4
13 Jan
1514 Jan
104
37
1
*534
Oct
Oct
Not
Nov
2412 Jan
1612 Jan
'31. May
201; Jan
30 Oct
12 Sep
18 Oct
71 Oct
834 Oct
12 Dec
70 Oct
2 Oct
112 Nov
713 Oct
120 Jan
21: Jan
63 Feb
181 Feb
35 Jan
€3 Jan
148 Feb
(123 Jan
4
713 Jan
243 Jan
Mayll.
8934 Nov 1
1 J'1Y 31
6012 Dec 8
135 Dec t
3118 Deo 1
114 Jan 21
100 Aug 1
03 Nov21
3
33 Novi:.
8
1914 Nov 1
3612 Nov2::
20111 Nov21
68 Nov i
25 Aug 1(
1613 Nov11
36 NOV2I
304 Nov 1:I
4678 Nov13
47 Novil
'I Nov 7
60 Aug '.
13 Nov t
5 Nov 11
e'73
4Nov27
155 Nov 11
23. nest ..0
it Ex-rights.
51 Oct 170 Jan
4214 Jan
938 No:
7714 Mch
7 Dec
91 May
22 Oct
1314 Jan
713 Nov
70 Jan
2434 Oct
49 Jan
2778 Oct
2512
Oct
79
Jan
1158 Feb
312 Oct
14 Jan
r212 Nov
93 Oct 198 Feb
358 Jan
.10 Nov
a Bx-dtv. and Ilea*
Boston Bond Record.
DEC. 19 1908. 1
1,1/
BosTON STOCK EXCH'GE
WEEK ENDINT(4 DEC 18
Range
Since
January
Week's
Range or
Last Sale
1-rtce
'
,
natty
Dec 19
BOSTON STOCK EXciPt-49.
WEEK ENDINN D a 18
1.:;
elhh LOW
ilzgh A Low Pig It
91 7k 171 781 92
/
2
l tr 8.1921. J -J
91 So, salr
Am Tele',& Tel
,
933 .15. 80%11063
.,
927
8
Convertible 4s........... 193 M.S
931 Salt8
11 783 Martei
4
'783
4
Am Writ Pauerlst s I 581, 191}, J J
170 Dec'08 •• 112 170
M-5
Corn Cop 1st cony Os 19
Ariz
9018102'
/
2
100%
Awn lop & Fe gen 4s.1910 A-0 901 100% 100
8
923
92
T'ly 1995 Nov
92
92
ustment g 46
3 85
91
'H.
Ply 11)1I5 M-N
91 Sep 'or
92
Stamped .
19.5 J-D
81104,
11011 Dec'Or
/
2
11837
50.y ear C011y 18
1917 J
.05% Dec'08
95.8 107 if
10-year cony 58
eU'04
110
Boston E1001 a. 0111801 58 1924 )4- S
1016 J -J
101 Sep '00
BoatAin & Loweii aa
1044 J -J
1041 Oct 'Ur
/
2
104 104;
Boston ac Maine 412e
1121
/
2Jan '03
Boston Terminal 1st 3126 1947 F -A
1918 J -J
104 Oct '07
Bur & Mo itiv ex Os
1918 J -J
102 Sep '05
Non-exempt 68
191»
,
981 Apr'09,
/
2
98
97
Sinking fund 45
1917 A.()
100 J'ne'01
Butte & Boston let Os
117 J'ne'08
117 117
Cedar Rap & Mo II 1st 7)3 1910 M.N
1909 J
111%Ply'05
'2d 7s
.
821
.
811
/ 81 1 13 76
2
Cent Vermt 1st g 4m..51ay1920 Q-F
11103 Oct '07
O B & Q Iowa Div 1st 58 1919 A.0
100
1911) A-0 100 Sale 100
1 963 1100
4
Iowa Div 1st 46
100 Apr'09
1013 M-N
100 100
Debenture as
1922
4
99% Oct 'Or
981 91,1
/
2
! Denver Exten 45
1927 noi-N
1901 Oct '09
/
2
983 1(10 18
8
Nebraska Exteu 45
1921
971 May'07
/
2
, B&SWst 4s
1193 Dec'08
11141. J -J
/
2
6
Illinois Div 31
86 1193
Joint bonds See (It Northern
4
4 1023 14 99 103%
Ohio J ity & Stic Yde 56 .11113 J -J 1023 10314 1023
4
89 J'Iy'o8
Coll trust relunding g 461940 A •0 110
85
89
118 J'ly'09
Oh Mil & St P Dub 1) Os 19211 J -J
118 118
Oh M & St P Wie V thy 661920 J
126 Fett'03
Mien 1st gu 58.1931 M-N
95
96
Chic te No
901 100
/
2
99
95
Ohio & W Mich gen 5s
1921 J D 101
101
101
40 97 102
Concord & Mont cons 45 1920 J
91 Dec'07
COM)615 Pass R 1st g 45 1943 A-0
11214 Jan '03
17
1714 153 111 18
Cons SS L coil tr g 4s etfs 1957 J • J
l7' Sale
/
2
Ourrent River De. Os
104 Nov'06
11127 A-0
82%
81 7 May'08
8
80
Det Br hap & W 1st 4s 1946 A-0
90 111)2
91 Nov'08
Dominion Coal 1st 8 f 66 11140 MN
103 is Apt'Ob
fitcnburg 48
1915 M.
96
96
96 Ape°,
1927 51-S
4s
128/ Apt'OS • • • 128 12812
1
2
.
fremt Elk & Mo V 1st 08 1933 A-0
140 Aer'05
A-0
Unstamped 1st Os
1')
36 92511993p
08 Sale 97
11119
B & Q coil tr 48 1921 J.J
fit Nor
97 Dec'08
92
98;
1921 Q.J
Registered as
.er ice
Prittab
Dec 48
1110
Illinois Steel deben 5s
191),
Non-convert deuen 5s 191:: A-0
IS Fails &sionx 01st 78 1917 A-0
Kan C Olin Sin' 1st 5s 192:. A-0
Kan C Ft .3C Gull ext 58 1911 J
Kau C Ft Scott Je M 66
1929 M.N
Van C At & 13 gen 4s
1934 M-S
ssented income 5s
1934 M- S
Kan & 51 Fly & Br 1st 581921,1 A-0
Maine Cent eons 1st 7s 1912 A•0
1912 A-0
Cons 1st 48
M aro Hough & Out 1st 68 11)25 A-0
Mexican Central cons 4s. 101)
Jan 1939 J'ly
1st cons inc 3s
Jan 1939 -''I
20 cons inc 3s
1917 J.3
11 ich Teleplst 55
Minne Gen knee con g 58 1:129 J • J
New Eng Cot Yarn 38-.1929 F -A
1915 A-0
New Rug Teleph 5s
1916 A-0
Os,
Now En.9.and cons g 5s. 1945 J -J
1939 A-0
Boston Term 1st 4s
/
2
N Y.N H & H con deb 316195o J--1
1948 J -J
Cony deb (is (ctfs)
1924 F -A
001 Colony gold as
oreg Hy & Nay con g 48 1946 2-1)
1922 F-A
Oreg Sh Line 1st g Os
Repub Valley 1st s 1 Os 1919 J -J
1s
2
Rutland let con gen 4/ 1941 J.J
Rutland-Canadian 1st 481949 J -J
Savannah Flee 1st cons 58 1952 J -J
1930 F-A
Seattle Elect 1st g Os
.1-J
.cerre Haute Eiec g Os
1918 M-S
Torrington 1st g 58
Union Pac RR & 1 gr g 48 1947 J -J
1927 J-J
20-year cony 4s
U intim Fruit cony gen 58 1911 M-S
S Coal & Oil lst a f 63 1938 MN
US steel Corp 10-60 yr 58 1903 51.1t
West End Street Hy 48. 1915 F.A
0010 455
1914 51- S
(Iola (teoenture 4s
1916 M-N
Bold as
1917 F-A
Western Teleph de Tel 58 1932 2-2
Wisconsin (lent 1st gen 461949 J -J
wtaconsni Valley 1st 7s .1909 J.J
Nara--Buyer ',aye ar0Oritell merest, in audition to the pure ia.se price for all liostAm Bonds.
100%
116%
90
55
1021
4
LOW 1104
9714 1005
95 leo%
17 117
101
96
100 100
10912 1161
4
1-7 12 91
87
8812
10012 102
1/9/I.
10014 109 14
0115 100,
11? Apr'014)3 Mat'to•
100 Ang'ur
116,
4 1004
90 Dec'ur
S7 Sep '09
102 Nov"
11358 Nov'00
10114 Sep '11:.
115 l'ne'o8
1182% Dec'0
,
110 Apr '0.1115 14 Apr'u
1021 Ang'04
/
2
Sale 102
102
1005 Jan '07
1001 kiep '09
/
2
,
c
111 8 1j .
1 9: 7 15
: 4
/
2
11341 Nor'08
105
Aallget
171.03
January 1
48K Low
190
1904,
94
102
Week's
Range or
Last -sat,
106
li96 14J'Iy 'Ot•
1;120 Oct'Or
105
105
1071 Nov'05
/
2
102 Mai'02
991 Slay'00
/
2
19, Ai e ,
04 ne rr
)
113 115
74 1185
10 11 1 9
.61
115141115 14,
93
Ii
103
1001
/
21001
/
2
79/11101
1
2
1'34%1l45
981 981
/
2
/
2
1196 14 1/961
/
2
103 1 120
) 105 105
1001 105
/
2
09, Nov'03
1
,
11035 Noy'09
..... 11106.8 -N ov'Or
110 Jan '08 •"::
1'2-1
126
1021 1025
/
2
96% Fe0'09
101 1 sep'08
8
:”15
8
13.13
,
148% Oct '09
95
977 Sale 97
8
i5
:5
0
0
08
11945
lit)97, 11035
/
1
4
1184: 111081
/
1
4
110 117
1023 127
8
/
2
1031
061 06%
4
1(1151015
119.8 993
4
981 99's
/
4
79
U8
1 1180
No price b'ritlay 1 latest led anti aaged.
1 Fiat price.
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
l',ictut---Not Per Centum Prices
Saturday
Dee 12
ill 01(1(05
Dec 14
Tuesday
Dec 15
Wetmeattay
Dec 143
71)
79
79
711
795
8
11105 100 10()
100 100
100 10014
12
12
113 12
4
4
/
2
1114 111 111 113
/
2
22
22
211 22
/
2
'21
21
'21
21
.
11 1
111 .11
/
2
111 *11
/
2
115 .11
8
385
11
105
8
44
12;
97
741
4
04'8
44;
113
8
'221
/
2
705
8
45118
471
/
2
493
4
4
1121
46
40
*45
8
/
2
/
2
391 401 387
393t.
4
11
111 111
/
2
11
101
/
2
8
JUN Id%
1 )5
431 44
/
2
*4314
441
4
13
133
8 125
13
8
In; *,612 97
id%
743 757,.. 731
4
755
/
2
2
•-•!'te '25e
65'4 451318 64111,
65
4
4
443 '441 44.•, 44
113 113
8
, 11(4
113
.22%
21'-,
221 22
/
2
7131, 7071,71111, 604
451
/
4
8
471 46;
/
2
471 *47
/
2
50
497 495 41)
8
911
/
2
1)21
2
IPA
PHILADELPHIA
Inactive ntocks
Lllegheny Val prof.. 50
51)
&merman Cement
100
Amer Pipe 51fg
led Telephone (Pa) 100
ou
Jambria Iron
Central Coal & Coke.1(8.)
Congo'Tree of N J...100
Diamond State Steel 10
Preferred
Easton Con Electric 5 50
Eleo storage Batt....10u
100
Preferred
100
Wayne &NV V
50
Germantown Pass
100
Indianapolis St
Indiana Union Tr.. 100
Insurance Co of N
Inter Sin Pow & Clieni.5()
Keystone Telephone ..51)
Preferred
5(1
KeystoneWatchCaae.100
Lit Brothers
10
Little sellitylkill
50
Mineliiil& Schuyl
N Haven Iron .0 Stee1.5
Northern Central
50
North Pennsylvania-5u
Pennsylvania Salt
50
Pennsylvania si eel...10u
101)
Preferred
Phila Co(Pitts) pref...SO
Phil German& Norrls 50
51)
Phda Traction
10
Railways General
Busquen Iron & Steel..5
Tidewater Steel
10
Preterred
10
Tonopah Mining of Nevl
10(1
Union Tr of Ind
United NJ RR & C 104)
Unit Traci Pitts pref .50
Warwick Iron& Stee1.10
West J ersey & Sea 511.5(1
Westmoreland Coal .50
Wilkes UssR Elec 100
Bid
*451
/
2
40
39
3914
111
/
2
11
101 *1014
/
2
431
/
2
44
13
123
4
961 *96
/
2
74
75
248
2
05,18 041518
/
2
441 441
/
2
113
, 11%
'22
'215
70318 61.451,
45
453 *463
4
4
49'-. 491
/
2
913
4
92
Ask
39
102 103
461
/
2
75(4
44
441
/
2
rt
21, 213
1
4
8
16
63
100
107
101)
105
43'-, 441
4
110
7%
81
/
4
7
'254
45
8
48
911
/
2
81
4
*Bid and asked; uo sales on tl is day
46
31)14
111
/
2
103
4
431
/
2
13%
97
74.8
'2
63%
443
4
115
22
701
/
2
455
47 4
491
/
2
92
Priday
Dec 16
2'hursday
Dec 17
77(4 77/
1
2
101) 100
12
12
22 7 23
8
*11
115
8
*451
/
2
385
8
1118
/
2
101
4314
13
961
2
737
11503
041
/
2
443
4
111
/
2
21 /
1
2
61)718
.45
*401
/
2
411/
1
2
1115
.30
*77
11)0
12
*22
*11
ACT)VE STOCKS
Sates
of the
Week (For Bonds and lnacttre
Stocks see below)
Shares
,
Baltimore
Con. Gas El. B. & Pow
35
Do pre/
79
320
100
25‘. Northern Central
12
2,445 Seaboard(new)
'231
4
Do 2ti pref
010
11%
United Hy & Electric
100
100
50
100
100
50
Range Since
Jan 1 190S
Lowest
Highest
20 Jan 15 30 Dec 't
4
65 Mar23 793 Dec11
80 Jan 2 100 8, Dec
4 Fet)12 12 Dee 15
10 Feb 18 23 Deal,
10 Jan 9 12 Nov.17
Range for 1
-tevious
Year(1907)
Lowest
11 wheat
3312 Jab
80 Mai
7812 No,
10 Nov
24 Dec
57 Oct
8
35 Jan
85 Jan
97 Jan
231 Jan
/
2
48 Jan
15 Joe
Philadelphia
46/ Nov1
1
2
.40
461
4
46
43% Det 51 Jan
4
51) 423 Star
70 American Railways
3812 38 4 14,746 Cambria Steel
,
'39
8
50 267 Feb10 4012 Dec 14 22 Oct 47(4 Jan
11 1* 1,980 Electric Co of America 10 85 Jan 25 111 Dec 14
4
11
114
7% uct 115 Jan
8 Jan
3 Oct
101 10
/
2
4
1
2
‘60 Gen Asphalt tr ctls
103
4
100 3/ Jan 1. 113 Nov I 9
4
4
4314 431 43% 1,848
8Jan b 45 Novi8 133 Nov 36 Jan
Do pref It ctfs
100 11)7
/
2
3,545 Lake Superior Corp
4 Dec 10 Jan
/
2
8
100 35 Feb20 131 Nov3u
131 121 13
/
2
*96
061
/
2
8
50 78 14 Jan 2 1173 Dec is 69 Oct 103 Jan
887 Lenigh C & Nay tr
97
/
2
8
8
50 525 Feb20 7518 Dec 14 481 Oct 78% Jan
751 737 74(4 .15,157 Lehigh Valley
/
4
Ap Nov
2
2
1,340 Marsden Co
2%Apr24
100 1518 Jan 20
'2
25 Jan
651318 Dec 14 152 Nov 701110 Jan
50 51 16 Jan
643 645e 4,699 Pennsylvania RR
65
s
1
2
4
44
429 Pluladelpia0o(Pittsu) 50 31/ mar 3 443 Dec 11 333 Nov 48',Jan
4
44
443
4
11% 3,597 Philadelphia 5lectrict 25 512 Feb?
9 Apr
123 Noy I- 6316 Nov
8
11
11 1
4
/
2
/
2
21% 21% 4,862 Philo Rapid Transit
30 d12 ,Pue 9 241 Oct 16 d12 .Nov 5261 May
'215
,
50 4631 Feb 17 711118 Dec14 353 Oct 693
8Jan
703
8 69 69131, 22,887 Reading
8
273
46
8Jan
/
2
Do let prof
50 39 Jan 3 43% Deo 5 361 Nov 453
.45
Do 2t1 met
130
/
2
/
2
50 37 Jan 2 481 Deo 5 321 Oct 47 Jan
.402 47 14
47
2,005 Union Traction
8Jan
8
50 X4412 J'nelu 561 Apr23 417 No. 603
/
2
4
491 481 49
/
2
911 4,453 United Gas Impt
/
2
50 731
8Jan
935 Nov2, 661 Oct 9618Jan.
/
2
913
4
28
Welsbach Co
.20
100 25 J'ne22 28 Novle 25 May 30 Feb
Pti I LADELPHIA
Bonds
Al Val E ext 75 1910 A.0
Alt &LVEClec 418'33.F-A
/
2
Am Rye cony 58 1911.J.1)
All City 1st 56 g'19.M.N
Balls Ter 1st 58 1926..1-1)
Berg& EBrw 1st 68'21 J-J
13ethle Steel Os 1998.Q.F
Choo& Me lat 58 19492-2
Ch Ok & G gen 58'19 J4
Col St By 1st con 56 1932
Con Traci of N J 1st 58.'33
.5.10 A 1st M 5s 1020 5.1-N
Floe .0 Peo Tr etk tr ars
Eq El Gas-L 1st g 58 1929
11 & B Top con 58'25 A-0
Indianapolis Fly 48.1933
Interstate Is 1943
Lehigh Nay 4(48
Rita 48 g
1914.Q4
Gen M 41 g 1924.Q4
/
2
8
Leh V C lat 56 g
Leh V ext 4alst1948.J.D
2d 76 1910
Consol 68 1923
J-1)
Annuity Os
J-1)
Gen cons 4s 2003.M.N
Leh V Tran con 4s'35J.D
New Con Gas 581948 J-D
Newark Pass con 38 1030
NY Ph&.Nolst48'311.14
Income 48 1939-51-N
NoOldoTrao con56'19.J4
Penn gen Os r 1910. Var
Consol 58 r 1919. Var
Penn & Md Steel con Os.
Pa & NY Can Oft '39.A.-0
A.0
Con 45 1939
Penn Steel lfit 55'17 5I-N
People's Tr tr certs 48'43
P Co 1st& col tr 5s'49 ALS
Con& col tr 56195131-N
Phil Flee gold trust et/s
Trust certife 4s
P.0 5 gen M 6 g'20.A-0
Gen M 4s it 1920..A&O
31
Bitt
Ask
104 12
93
1161
/
2
106
104%
U3 2 94
,
85
39
102
40
1031
/
2
111
1061
/
2
118
118/ lei3
1
2
8
1103
4
11614
99
105
981
4
08
1013 102
733 74
4
PH 1 LAD ELPHIA
Bid
Ask
1:11 MO
t,
Bia
Ask
P11.0 Read 20 58'33.A-0 ......
Chas Fly G & El5s'99 M.S 821 90
/
4
Con M 78 1911
J-D 106.4
Charl C& A ext 58.'09 -14 14)7
Ex Imp M 4s g'47 A.0
20 Is
1910 A-0
Terminal 58 g1941 Q-F 120
City& Sub lat 58. '22 J-D 1119-5
P W & B col tr 46'21 J.J
City& Sub(Was)lst 58'49 101
t)912
Portland By 1st 35 1030.
Coal & 1 Fly 1st 58'20E-A
103
Col&Orny 1st6s.1916J-J 111 113
Roach Hy& Leon 58'54J.J
102
/
2
Spanish-Am Ir 68'27 J4
103' Consol Gas 68...1910 J.D 1041 1045
U Tree lad gen 56'19.J4
58
.1939 J-D
113
Un Rys Tr ctis 46'49J &J
761 763 Ga & Ala let con 56'45J -J 104 106
/
2
4
United Rya Inv lstcolltr
/
2
Ga Car &N 1st 5s g'29.1-1 1001 107
sf 56 1926
M-N
851 86
/
2
Georgia P let 6e...'22 J-J 114
U Prat,Pit gen 6s'97 JJ
UaSo& Fla 1st 581945J-J 107 108
Welsbach s 155 1930.J-1)
75
G-B-S Brew 3.45195101.13 44k, 471
4
Wlks.13(i&E con5s'55,14
16
102
2d income Os 1951 M-N
162
/
1
Knoxy Tree 1st 56'28A.0 104
BALTIMORE
Lake it El 1st gu5s'4211-S 108
Inactive Stocks
Macon Ry&LtIst58'58J4 95
96
Ala Cone Coal& Iron 100
38
96
Memphis St 1st 58'45 J-J
U61
/
2
Prof
/
2
100 721 80
MetSt( Wash)lst6s'25F A 107
Atlanta & Charlotte 100
Olt Ver Cot Duck 1st Os, 79
791
4.
Aden Coast Line RR 100
Npt N&O Plat 58'38 M.N
Atlan Coast L (Conn)100 214 250
General 5s. 1041 M-S
Canton Co
90
05
100
Norfolk St 1st 5s'44..J4 104 1Cons Cot Duck Corp...50
71 8
/
2
Preferred
271 North Cent412a 1925 A.0 105
/
2
50 25
Series A 58 1926. .J.J 113
Georgia Sou & Fla...100 19
21
Series B 58 1926 .J.J 113
1st pref
100 80
Pitt Un Trac 5s 1997.J.J
/ 1071
1
4
/
2
2d pref
100 06
68
Polo Val 1st Os 11)41..J4 100 ,05
G-1.3•S Brewing
100
31 314
/
2
Say Fla&West 33'34 A-0 113
Bonds
Seaboard AL 48 1950 A-0 62
623
2.
Anacostia cte P0158
Seal)& Roan 5s 1926.J4 110
101
104 106
South Bound 1st
AU .0 Ch ext 41s '10.J4 1001
/
2
.
94'-. 951
'
Allan C L Rit4s1952M.S
U El I.& P 1st4126'29 111.N
/
2
1)53 96
4
1
Atl Coast L(Ct)ctfs 156J-D 100 100% On Ry& El 1st 48'49 M-S 85, 855,
52
J-D
(Ms of indebt 413
J-J
79
79;
Income 413 1949
521
4,,
70%
5.20 yr 48 1925
85
J.J
84
Funding 56 1936. .J-D
Balt CPass 1st5s'11 M.N 101 / 102
1
2
Va Mid 2d ser Os '11.51-9 104
Halt Fundg 55.191601-N 107
3d series 6s 1916. M..8 104
Exchange 312a 1930 J-J
971 98 12
/
2
4th set '3-4-551921.01.8 103
Balt& P 1st 6ft mI'll A.0 1021
5th series 58 1926.1I-S 104
/
2
93
Bait Trao 1st5a '29 M-N 110
Vs (State) 3s new'32.J4
931 95
/
2
No Malt Div 56 1942 J-D 113
Fund debt 2-381991..1-J
Cent'l By con3s1932 M.N 111
West N C con 66 1914 J-J 107% 108
Ext& Imp 38.1932 M-8 111
/
2
WesVaC&P let 6g.'11 J-J 103 1051
Chas City Ry 1st 58'23 J4 1061 107 14 Wil & Weld 5s..1935.J4 108 112
/
4
Ex.right8. U $7.50 paid. t $12'4 Paul- t $131 Paid. 4 635 paid. a Receipts. 5625 paid. c $30 paid. d $4212, uald.
/
2
1.5urs
THE CHRONICLE
[VoL. Lxxxvm
Volume of Business at Stock Excilanges
Electric Companies
industrial and .11iscel
A sk
Bia
Eta Ask
Chicago Edison Co See Cli cage list
Consol Car Heating_1110 20
25
e Kings Co El L&PCo 10() 120 128 00n8 By Lgt&kietrIg_100
TRANSACTIONS Al: THE NEW YORK STOCK EXCHANGE
Narragan(Prov) El Co..50
90 ConSol Rubber Tire-1(3u
5
NY &Q El L dePowCe_10) 37
DAILY. WEEKLY AND YEARLY.
2712
40
100 20
Preferred
Preferred
Debenture 43 11151 A&O 3712 40
72
100 69
United Elec of N J
Cons Steamship Lines 100
2c. 30.
loo 60
Stocks.
Railroad.
1st g 43 1940
Coll tr 9s 1957 rcts,18:4
1714
17
J-D 57012 7112
&c.,
State
Week ending
U. S.
Corn Prod Ref See Stock Ere list
Shares.
Par value.
Ferry Companies
Bonds.
Dec. 181908.
Bonds.
Bonds
gis
eCrucible Steel
8
10e
- Brooklyn Ferry stock 100
ePreferred _
112 3
1017 5712 58
553,796 $51,495,850 $ 2,693,500
Saturday
562,500
B & NY 1st 6s 1011.1,1 192
95 Ctmberland Ely Copper 3 *712 734
1,036,777 95.081,700
Monday
37,000
5,461,000
NY&ER Ferry stk 100 30
10 .,Diamond Match Co-10o 123 124
997,696 91,453,850
Tuesday
204,000
5,980,000
1st Is 1922
Dominion Copper
60
le
*1..
N1-N
703,321 64,630,600
Wednesday
129,500
4,166,000
N Y & Bob Is May 46 J-D 49312 95
Douglas Copper
3 *234':
8
906,387 92,056,350
Thursday
$1,000
54,500
4,606,000
Hob Fy 1st 5s 1946M-N 1105 _.__ Econ'y Lt It P (Joliet, Ill)
1,060,576 98,425,100
Friday
5,887,000
126,500
NY deNJ 5s 1946__J-J 495
1st M s I g 5s 11156_J-1, 1 9212 95
10th de 23d Sts Ferry_1(10 '20 --- - Electric Boat
100 22
26
3
0
Total
5,348,553 $493,143,450 $28,793,500
$614,000
$1,000
1st mtge 58 1019.4J-1) 150
00
Preferred
,
10, 60
75
eUnion Ferry stock_100 27
Electric Vehicle
32
10(, -elst Os 1920
Preferred
90
Sales at
5'
Week ending Dec. 18.
M-N 80
Jan. 1 to Dec. 18.
Empire Steel
12 '
New York Stock
Short-Term Notes
Exchange.
Preferred
C('-) Z- 52
1L .
1908.
1907
1908.
1907.
Am Cig ser A 45 '11 M-S 19714 973 eFederal Sugar of N Y Se., Stk ,x lis1
4
I
Ser B 4s Mch 15 '12M S 1963 963,, eGeneral Chemical
Stocks
-No. shares___
8
100 60
65
189,199,790
5,348,553
2,812,678
194,059,445
ePreferred
Par value
-See Gas Sec
$493,143,450 $234,014,075 $16.609,570,450 816,806,422,675 Amer Light It Tr Os
100 9312 100 '
8
Bank shares, par
818
$142,500
$1,500
$415,200 Am Tel & Tel g Is '10 J-J i11707 10118 Goldlleid Consol Nlines-10 *3
$7,100
Atian Coast L Os '10_51-S 410014 1001, Gold Hill Copper
12
Bonds
1
*14
Government bonds
20 :‘1158 1134
$521,820
81,000
$852,550 Bait & Ohio 5s 1909_/11-S 1100 l0012 Greene Cananea
$1,000
State bonds
80,828,000
614,000
1,334,000
68,509,300 Ches & Ohio Os Ji • 1 '10J-.1 51,214 10212 Guggenheim hxplor'n 100 175 180
Chic & Alton 58 1912-J-J 19412 10012 eHackensack Water Co
RR.and misc. bonds.... 28,793,500 10,625,500
929,158,200
443,442,800
Chic R 1 & Pao Os '09A-0 1100., 100.
Re/ g 4s '52 op '12-J-J
86
89 ,
37
Total bonds
100 30
$512,804,650 Chic & W Ind 5s '10 F&A 1100 10014 Hall Signal Co
829,408,500 811,960,500 $1,010,508,020
Cin Ham &D45.5s '08 M-5 60
Havana robacco Co- _1UU
70
11
9
CCC & St L Is, June '11 41,07 10114
Preferred
8
20
100 18
DAILY TRANSACTIONS AT IRE BOSTON AND PHILADELPHIA
Consol Gas as 1900
1st g Is June 1 •22_J-L 50
-F-A 5100 10012
65
EXCHANGES.
Erie 6s, Apr 8 1911_A-0
Heciter-Jones-Jewell Mil.
Interb R T g 6s 1911 M-N 117117 Wirt
1st Os 1922
11-:, 100
Is Itch 1910
Her'g-Hall-Illar, new _1()u
M-S 19. 100
134
35 ,46
Philadelphia.
Boston.
K C fly &Light 6s'12 M-S 59812 97
Hoboken Land It ImplOU ...-Week ending
San C So g 5s Apr '12-J-J 59;12 98
e5s 1910
Al N -- 101
Listed
Unlisted
Bond
Dec. 18 1908.
Bond
Listed Unliswd
Lack Steel g Is 1909-31-S 399 mu, Houston Oil
14
100
5
7
shares.
sales.
shares.
sate:.
hares. shares.
5s g 1910
Preferred
19812 ,714
100 30
?.0
Lake Sh & Si So 5s'10 F A 1100% 101' Hudson Itealty
8
100
21,718
Saturday
5,782 $120,400 Lou & Nash g 58 '10-M-S 5101 10114 elngersoll-Rand com.100 100 110
12,513 $121,000
16,713
7014
143,000
31,392
26,112
7,592
Monday
34,263
102,229 Mex Cent Os July 1 1910 598 i(x)
ePreferred
100 88
72,500
17,447
8,090
27,027
Tuesday
34,218
85,700 Mich Cent 55 1910-.F
-A 110078 Iolis internat'l Bank'g Co_10() 00
95
12,347
164,500
15,088
2,868
Wednesday
23,004
64,500 Minn de St L g 58 '11_F
-A 59312 0 int'n1 Mar Mar See Stk
Exo list
18,278
286,500
7,286
25,187
Thursday
84,200 Missouri Pacific-31,998
intenaael Nickel
100 98 101
112,200
24,722
19,598
39,558
10,077
Friday
87,000
os Feb10'111 convop F-A 110012 101
Preferred
100 85
88
1st g Is 1032____A&O 85
NatofMex 58 ext to'01)
4100 100i2
88
91,7011 $543,824 N Y Cent 5s 1910._ A-0 31U07 1011, International halt
179,754 130,649 3899,700 120.780
Total
8
10, 15
F
-A
17
N Y C Lines Eqp 5s'10-22 b 4.3u 11 1: 1st g 5s, 1951
A-o
.1
01
55 60
NYNH & H Is '09-'12 5412% 3% inteniat'l Silver
100
12
8
Norf & West Is 1910M-N 110034 101l s
Preferred
100 61
y
65 '
Pa RR 5s Mch 15 '10 i11-S 51007
1st Os 1948steet
iou 45
J-1.) 510612 108
8
Public Service Corp 5s- See St
Lackawanna
60
A weektn review of the outside Market will be found on a preceding page.
StLMS'east 45is '09_J-D 19978 10014 Lanston Monotype-421.1 *1212 1234
South'n coil tr 58'09-A-0 49918 LOW, Lawyers' Mtge Co_
101' 230 235
Street Railways
Street Railways
Bid Ask
Bid Ask South fly g 58 1010 P-A 69514 953 eLeh & Wilkes-B Coal 50 90 105 !
4
Pub Serv Corp N J (Con)
Southern By Os 1011.11-N
Lord & Taylor
New York City
100 118 125 ,
J C Hob & Paterson20
Tidewater Os, 1913, guar $19078 10118
Bleeck St & Fut F stk.:1.90 10
Preferred
100 104 103 '
4s g 1949
75
M-N 57112 7212 U S Rubber g 55 '09_M-S 41u018 1004b eLorIllard (P), pref_1(30 125 135
e 1st mtge 4s 1950-J-J 65
So J Gas Ete, Trac-100 x120 122
C B'y de 7th Ave stk_100 120 190
Wabash 5s. May 10 1901) ;99 10J
Madison Sq Garden-100 34
40 '
Gu g Is 1953
M-S 496
: 2d Gs 1910
e 2d mtge 5s 191444J-J 93 100
97
Westingh EideM 6s 1910 4100 1001
11-N n75
No Dud Co Ry6s'14 J-J 4105 103
eMtut hat Beach Co,---lut)
Con 551943 SeeStoelt Esc list
Railroad
2
5s1028
,f-J 5104 106 Chic Peo dc St L pref-100
B'way Surf 1st 53 gu 1924 599 104
Manhattan'frame t___20 *DR 212
Ext 5s 1924____51-N 1 98 100
8510 112 Mitchell Mining
C Cent'l Crosst'n stk_4100 80 120
Deposited stock
10 ., am
Zs
Pat City con Os '31 _J-D 5117 _. __
ii 112 Monongahela It Coal-r .,,,* 2p
e 1st mtge Os 1922_M-N 95 110
,
Undeposited
u
2
,
2d 6s.._1914 opt A-0 1100 --e Con Pk N & E II stk 100 3512 70
Preferred
Prior lien g414s'30M&S
__
2354
90 So Side El (Chic) See Ch icago list 48
58
Mortgage Bond Co_..-1(10 9712 10212
e Chr't'r & 10th St stk 100 50
Con nitg gSa 1930...J&J
Syracuse R T Is'464M &S 101 10134
Col & fith Ave 5s See Steel( Sac list
Income Is, July 1930_
512 Nat Bank of Cuba_.100 Os 103
Trent P & H 55 1943_ J-D 495 100
DryDEB&BNational Surety
100 735
Chic Subway
25
100 -- - 26
United Rys of St L96
Nevada Cons'd Cupper..5 *183 1834
C 1st gold 5s 1932__J-D 92
Ft W & Den Cy std_100 95 l00
8
Corn Vol tr etfs...._100 2333 2412 Nat Rys of Mexico
60
Nay-Utah M1u & brn--10 , 23
e Scrip 5s 1914____F-A 55
I
4 278
e Preferred
Eighth Avenue stock.100 200 270
Fri lien 450'57(w I)J-J 191
100 623 623
93 eNew Central Coal___20 40
8
4
53
Gen 48 1934__&e Stock Ere list
N J Ter Dock It I511p_100
Gen 11 481977(wl) A-0 181
e Scrip Gs 1914____F-A 90 100
83
UnItRys SanFran See Stk Cie list
North'n Securities Stubs., 125 137' s Y Alr Wake 6s See Stck Ell" lIst
e 42d & Gr St F'y stk_100 215 240
N Y Biscuit 65 1911-(11-S 100
42d St M de St N Ave_100 30___ Wash fly & El Co
100 3714 33 Pitts Bess & L E
30
50 *33
Preferred ---- , 100 8414 8414
9
e 1st mtge Os 1910..t11-S 195 - 9
Preferred
100
70 eNew York Dock
50 *65
34
4s 1951
5) OU
ePreferred
2d income Os 1015..J-J
100
JD 8634 1678 eRaliroad Securities Co80
8919 N Y Mtge It Securi ty_100 140
-See Stk Each ange list
Inter-Met
ln C stk tr cfs ser A '52 89
Gas Securities
N Y TransportatIon___2(.1
Seaboard Company
,
Lex Av &Pavf 5s See Stk Sac list
3
New York
Sth Ere list
Metropol St Fly-See
Nlles-Bern-Pond coin _1(a.) 99 102
1st preferred
100
50
Cent UnGas 5s g '27_J&J 100 103
Niplssing Mines
Coin & 2d pret-See Bait g- -- list
Ninth Avenue stoCk_4100 160 19J
xc
5 *10
1018
4) Con Gas (N Y)
Second Avenue stock..100 24
Seaboard Air Line
eOntario Silver
-See Stk Ere list
IOU
314 414
1909_M.r8 95 100 e Mutual Gas
e 1st mtge 53
Coil 59 eat May '11 NI-S 9414 943 Otis Elevator corn_. 100 40
_100 147 155
4
43
New Amsterdam Gas
SI
Consol 5s 1948____F-A 79
Union Pacific 43 See Stk Each Ilst
Preferred
100 04
97
1st consul Is 1948__J-J 110212 1031:
e Sixth Avenue stock-100 113 135
Pittsburgh Brewlog__50 * 1818
Industrial and Miscel
NY &ERGas 1st 5s'44 J-J 41114 108
s5
Sou Bouiev 55 1945__J-J 460
Preferred
50
363
- 4
95
Consol 5s 1995
Adams Hip 17 4s 1947J-D 19012 9112 Pittsburgh Coal_See Stk Ere listSo Fer 1st 55 1910_ 4 A-() 585
J-J 495 105
93 s125 130
N Y & Richmond Gas IOU 35
Stock Ere list
Ahmeek Mining
Third Avenue-SeePope Manulacturing_100
40
14 '
Nor Un 1st Is 1927__M-N 585
90
1928 70
Tarry W 1' & NI Is
Alliance Realty
bat preferred
90
100 11212 11712
NU
30
85 e Standard Gas com_100 a 90 ---- Allis-Chalmers Co 1st mtg
YhersStRI15s 1946 A-0 75
2d preferred
100
112 3 '
e Preferred
28th & 29th Sts 1st Is '96 23 __ _
s 1 58 1936-See Stock Exch list Pratt & Whitn pref IOU 95 10212
100 a 90
-1st Is 1930
American Book
e Twenty-Third St stk 104 250 325
INI-N 4100 105
100 142 15) Realty Assoc (13klyn) 100 14212 150
Other Cities
95
American Brass _____100 110
Union By 1st Is 1942 F-A 190
Royal Bak Powd corn 100 145 152 Amer Light & Tract_100 11912 12012 American Calcle com.100 1S0 115
SO
NVestclicst 1st Is '43 .i-i 165
Preferred
10. 11.0 108
,
1s7
Preferred
Broo'clyn
Preferred
100 9912 1012
100 05
1(8 Safety Car Heat & Lt.100 125 130
Col tr g 6% notes-41-0 i11-12
Am Ciraphophone comlOU
Atlan Ave 5s 1900___A-0 398 100
Seneca Mining
23 55 s60
181
A 0 /90?„, 9512 Bay State Gas
.
50
Preferred
Singer Mfg Co
Con 5s g 1931
15
100 13
100 975 300
8 -,
1 4
Bingh't'n (N Y) Gas Wks
Amer Hardware
B B & W li', Is 1933 A-0 95 102
Standard Cordage-100
100 120 125
as
34
1st If Is 1938_ 4 A&O 505 100
AmMaiting 6s 1914 J-D 100 105
Brooklyn City stocic___10 110 200
1st 51 g Is '31 red_ A-0 23
27
Brooklyn Union Gas deb
Ere list
Amer Press Assoc'n 100 9212 LOU
Con 5s-See Stk Each
Adjust Al Si Apr 1 1931
112 212
(Os 1900 See Stk Exch list
Am Soda Fount com_100
Blin Hgts 1st 55 1941 A-0 95 100
Standard Coupler com100 25
35
Buffalo City Gas stock100
151 preferred
Skin Q Co & Sub See Slit Sac list
10
6
Preferred
100 100 110
100
5
15
151 Is 1947-See Stock Ere list
2d preferred
Bkiyn Rap Tran-See Slit Sac list
100
13 1
2 Standard MIlling Co-10U 12
e Coney 181 & Bklyn_100 85 100 Con Gas of NJ 55 '364J-J 189
94 , Am St Found new_luo 38
100 43
Preferred
45
39
S1
Consumers' L H & Pow6s 1035
1st cons g _4s 1948__J-J 70
1st Is 11730
M-N
81
A&O 1 96
86
99
53 1038
Deb 4s 1923 (w1).F&A 565
J-100 695 700
BrIc C /lc N 5s 1039_J-J 93 100
J-14 1100
Standard Oil of N
07
Gept&LorSt 1st 68_111 &N
_ , _ Denver Gas & E cc._100 89 - . American Surety
.
Swift & Co-See Bost Stk Si list
94
50 2021:
Gen g 58 1040 op_M-N 91
Kings C El 4s-See Stock Exc list
American Thread pref_45 *4
1st 5s 1910-1014-J-3 4700(4
93
412
__ Elizabeth Gas Lt Co_4100 273
Am Tobacco Co com_100 330 340 eTexas& Pacific Coal-100 85 100
_
Nassau Mee pref-_-_100
_ Essex & Hudson Gas_100 124 120
Amer Typefders corn-1 00 35
Is 1044
6
Title Ins Co of N Y -100 11712
A-0 -9
40
__- Gas & El Bergen Co 100 60
1st 4s 1951-See Stock Ere list
61
Preferred
100 94
*0
98 Tonopah Min (Nevada)_1
6i
N W'bg &Flat 1st ex 4%s 93 10) e Gr Rap 0 1st Is '15_F-A 99 - _ Amer 'Writing Paper-100
5
212 3 Trenton Potteries con3100
8 ,
Hudson Co Gas
Preferred, neW-..101) hl)
Steinway 1st Gs 1922-J-J 1103 110
100 11412 11512
Preferred
100 18
1912
55 .
Indiana Ltg Co (w. I.) ___
Other Cities
let s I g 5s 19 op'09-J-J 8614 87Trim Directory
24
100 30
30
40 ;
4s 1058 op (w. I.) _F-A 62 66
Unlon Typewriter emit/0 62
Buffalo Street FlyBarney & Smith Car..100
60
65
Indianapolis Gas
1st preferred
50 25
1st consol 5s 1931_4F-A 510412 107
40
Preferred
100 109 112 •'
100 lir 120
1st g 5s 1052
2d preferred
Deb 68 1917
Bethi'm Steel Corp--See S tic Si list
A-0 1106 108
A-0 488
90
100 10(1 108 •
Jackson Gas Is g '37-A-0 191
United 13k Note Corp_51) *59
Columbus (0) St Ry-1011 96
98
Bliss Company corn
96
50 118 125
61
Kansas City Gas
Preferred
100
100 103 1(16
Preferred
Preferred
5U *53
50 118 125
56 ;
e Laclede Gas
100 80
eUnIted Cigar fing,p1I-100 95
Coium By con 5s-SeePh: In list
85
Bond It Mtge Guar...4100 375
98 ,
c Preferred
Crosst'wn 1st 5s'33 J-D 1100 105
_100 85 100
Borden's Cond Milk.._100 125 lip - United Copper
100 1234 200 •
13
Madison Gas Os 1026_A-0 1105 108
----*Conn Fly & Ltg com..100 71
Preferred
72
100 102 105
Preferred
100
Newark Gas Os 1944 Q-J 5128 131
ePrelerred
100 80
84
4
5 *712 73 U S Casualty
British Col Copper
100
95 Butte Coalition Mining 13 *20
Grand Rapids Ry
Newark Consol Gas_100 93
100 5712 CO
100
2012 U S Envelope com
50
Preferred _ ___
e Con g Os 1048_
83
J-D 510412 1(15
100 78
ePreferred
Casein Co of Am corn-100
100 100 103
212 3
e Loulsv St 5s 1930__J&J 410712 109
No Hudson L H dcPow100 10
Preferred
U SSteel Corporation
60
Lynn & Bos 1st 159 '24J-1) 410212 104
5s 1938
A-04 95
Casualty Co of Amer-100 130 140
Col tr s I 53 '51 opt '11 411234 11312
a New On flys & Lgt_100
Pat & Pas Gas& Elec-100 80 ig- Celluloid Co
18,4 19
100 129 131
Col tr s f 5s '51 not opt 411234 11312
e Preferred
M S 5102 103
e Con g 55 1949
100 453 4612
4
Cent Fireworks com 100
U S Tit Gu It Indem-100 50
1()
8
00
Gen Mg 4 ,55 '35 See S tk Si list St Joseph Gas Is 1937-J-J 492
1
95
Preferred
100 55
70 eUtah Copper Co-See Stli Ere list
North Chic Street See Ch cago list
lelegr 6c telephone
Central Foundry'
100
Waterbury Co. com 100
234 3
- ,
Pub Serv Corp of N J .100 92 100 eArner Teieg It Cable _100 70
Preferred
80
100 1612 17
Preferred
100
Tr ars 2% to IS %perpet 74
K3entral & So Amer 11)0 1013 10812
76
Deb 6s 1919 op '01 MN
Westchester It Bronx Tit
6812 70
• Coll 5sg notes '09-M-N 59834 9914 Comm'l Un Tel (N Y)_25 110 120 Century Realty
100 185 195
& Mtge Guar
100 160
North Jersey St Fly 100 28
Bay State Tel 100 60 70 Chesebrouga Mfg Co-100 525 600
Snip &
35
Western ice
100
1st 4s 1948
M-N 473
Franklin
100 42
74
50 City Investing C9__--100 70
Westingh Air Brake__50 *1084
Cons Tract of N J-100 74
75 sGold do Stock Teleg _100 104 110 eCiailin (FE B), com--I00 95 c03
__- West El It Mfg 5s-See St Exo lIst
1st 55 1933
•
J-D 1104 105
HudSon River Teieph 100 63
67
elst preferred
114
100 91
White Knob Min
10
95
New'kPasRy 55 '30 J-J 410712 10812 eN Y & N J Teieph _ _100 112 117
*58 11
e2d preferred_ ___100 92
4
10
Preferred
97
Rapid 'Iran St Ry_100 240 250 eNorthwestern Telei_50 108 111
Col & Hock Coal&I pf 100 65
75
Worthing Pump pref..100 108 113,4i
1st 5s 1921
A-0 3108 .
PacItIc & Atlantic
25 60
70
1st sr Os 1917
J-J 484
90
,.....thown k. Atlantle
25
(t5
Mt
Col tr P's Oct 1956 J-J 4 95 101
•
Per share. 4 Buyer pays accrued wt. Ex-rights. &Basis. a Sells on. Stk. Ex.. but not Ve3t9 active. n Now. s Salo price. abx-clIv.
Outside Securities
•
THE CHRONICLE
DEC. 19 1908.1
1599
nurs1nuut and iqattroad intelligence.
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 Earl :rigs.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
$
I
$
I
Ala N 0 & Tex Pac.
28l,039 276,044 1,225,646 1,349,907
N 0 & N East-_r November_
148,156 148,238
Ala 8:, Vicks__ _ _r November_
653,134
678,727
127,442 141,638
\Ticks Sh & Pac_r November_
570,436
690,259
6,025
4,202
Ala Tenn & North _ _ October _
10,333
15,211
k Atch Ton & S Fe_ October___ 8,255,622 8,572,436 30,627,017 32,578,026
50,288
28,491
Atlanta Birm& At1.1 St wk Dec
798.588
848,349
Atlantic Coast Line October... 2,222,773 2,460,410 7,443,283 8,524,841
Baltimore & Ohio.. November_ 5,948,085 6,91/8,553 30,952,640 37,230,491
293,945 249,609
Bangor & Aroostook October__
053,108
935,711
6,161
Bellefonte Central.. November_
6,249
31,441
27,694
Boston ec Maine---r October __ 3.602,371 3,871,025 14,045,075 15,478,627
4.445
Bridgeton & Saco R October __
4,884
20,378
22.017
Buff Roch & Pitts-r 2d wk Dec 139,183 130,078 3,461,406 4,273,643
223,617 206,458
Buffalo & Susq____ October __
773,177
782,745
Canadian Northern. 2d wk Dec 230,700 190,700 5,155,400 4,886,300
Canadian Pacific- _ 2d wk Dec 1,523,000 1,419,000 36,6714,480 37,281,950
Central of Georgia_ 1st wk Dec 246,800 241,900 3,144,668 5,584,311
Central of N Jersey- October-__ 2,187,712 2,513,024 8,705,113 10.013,529
Chatta nooga Sou th _ 4th wk Nov
65,525
1,540
2,053
37,767
Chesapeake & Ohio_ October__ 2,332,158 2,777,100 9,020,194 10,375.939
5,088
22,219
6,870
Chesterfield & Lane October___
16,267
Chic & Alton Sty.. _ 1st wk Dec 219,128 223,398 5,795,218 5,826,785
Chic Burl & Quincy October___ 7,688,451 8,270,653 28,227,597 30,610,743
Chicago Great West 1st wk Dec 165,693 145,345 3,846,062 3,754,469
80,278
56,541
Wise Minn & Pac September
181,434 162,967
Mason C & Ft D. September
94,128
88,219 2,434,736 2,619,499
Chic Ind & Louis'. 1st wk Dec
Chic Ind & Southern -see New York Gail tral.
Chic Milw & St Paul October __ 6,346,803 5,890,933 22,444,545 21,760,193
Chic & North West_ October__ 6,920,251 7,040,662 24,443,907 24,969,885
Chic St Paul M & 0. October__ 1,403,449 1,355,562 4,784,419 4,936,334
34,953
527,162
494,597
ChicTerm 'Fran RR 2d wk Oct
30,505
735,922 821,804 2,837,176 3,310,536
Clue Ham Jo Dayt-r October___
Cin N O&Texas Pac -See Sout hero Stall way.
Cincinnati Northern -See New York Gen trill.
Clev Cin Chic & St L -See New York Cen trill.
Colorado Midland -r October.... 207,085 240,203
808,711
000,304
it Col & South Syst_ 1st wk Dec 344,884 331,025 6,957,504 6,784,772
23,616
31,987
91,637
Col Newh Fe Ettur_ _ October __
97,328
74,709
September
77,144
Copper Range
221,721)
253,102
October___
7,632
15,135
21,020
Cornwall
79,332
24,798
36,281
71,330
Cornwall & Lebanon September
119,836
133,195 134,118
October-556,051
Cuba Rallroad
577,573
D elaware & lind- - October __ 1,725,797 1,808,097 6,411,403 7,565,653
Del Lack & West--r Octobee-- 3,124,764 3,214,235 11,383,806 12,505,037
2d wk Dec 394,000 376,000 0,986,177 10,891,715
Denver & Rio Gr
32,632
37,590
782,115
Det To! & Iront Sys 1st wk Dec
802,367
33,604
37,803
1st wk Dec
889,187
Ann Arbor
073,782
18,550
19,714
490,504
Detroit 8: Mackinac 1st wIc Dec
666,337
Dui & Iron Range_r October __ 1,066.665 1.176,674 3,999,675 4,317,309
50,507
53,530 1,222,004 1,584,005
Dul So Shore & Atl 1st wk Dec
1,568,442
508,732
El Paso ec S W----r September
Oct)ber-- 4,944,238 4,300,964 17,887,409 19,561,109
Eric
Evansville & Ter H -See Rock Island S ystem.
2,043
1,820
6,077
Fairchild & Nor. E October...
6,154
74.710
208,497
Fonda Johns & Glov October -_
68,914
337,813
987,699 1,079,637
Georgia Railroad- October-- 306,889 334,971
Georgia South & Fla -See Soul hero Rail way.
Grand Trunk Syst_ 1st wk Dec 695,206 810,017 13,426,025 21,011,813
Gr Trunk West.. 4th wk Nov 127,799 148,253 2,372,008 2,868,228
Det Gr Hay & Mil 4th wk Nov
39,423
47,414
733,012
821,771
Canada Atlantic_ 4th wk Nov
30,373
59,750
841,290 1,038,952
Great Northern Syst November_ 5,531,776 0,0113,537 26,528,125 29,916 659
Gulf & Ship Island_ AMC
2,066,328 2,483,545
October-- 661,503 058,935 2,455,450 2,655.410
Hocking Valley
November_ 4,982,622 5.313,028 23,940,100 26,830,71)0
Illinois Central
Inter & Gt Northern 151 wk Dec 146,000 136,000 3,640,603 3,235,369
a Interoceanlc Mex_ 2d wk Dec 125,427 136,918 2.822,073 2,400,493
47,141
54,730 1,3,
2d wk Dec
Iowa Central__.._
17,338 1,476,892
228,585 221,424
Kanawha & Mich. - October -846.34)
849,74
803,910 891,179 2,081,294 3,543,087
Katrms City South October -_
113,000
KC Mex & 0;:lent- - October -Lake Erie & West'n --See New York Cen teal.
Lake Shore & M Sou -Sec New York Cen trill.
Lehigh Valley- ---r October__ 3,227,458 3,526,233 11,514,663 13,537,185
Lexington & East
33,152
59,906
October._
211,047
141,281
Dec.85, 445
Long Island
Dec.438, 339
OctoberLouisiana & Alkali_ June
1,144,521 1,216,837
Loulsv & Nashville_ 1st wk Dec 931,835 841,330 20,363,531 22,044,441
12.901
11,337
Macon & Hirming'in November_
58,327
69,801
Maine Central ----r October __
757,458 828,150 3,068,675 3,395,128
ManIstlque
October
2,888
5,737
18,1)47
24,871
43,395
36,300
Maryland & Penn_ _ October -140,642
150.153
a Mexican Central.. 2(1 wk Dec 603,938 705,070 13,608,015 16,666,872
2d
a Mexican Internat. 4th wk Dee 126,694 177,977 3,116,911 4,032,370
wk Nov 138,800 196,500 2,800,700 3,331,601)
a Mexican Railway_
21,257
20,529
498,911
525,808
a Mexican Southern 4th wk Nov
,al.
- See New Y ork Cent
Michigan Central
15,441
14,644
1st wk Dec
381,639
Mineral Range
377,233
80,004
70,040 2,052,764 2,003,006
Minneap & St Louis 20 uk Dec
Minn St P & S S H. 1st wk Dec 212,172 237,061 6,282,922 5,1)28,995
MIssourl Ran & Tex October.... 2,824,648 2,571,418 0,265,432 0,363,021
Mo Pac Fe Iron Mt.o 20 wk Dec 943,000 801,000 21,002,736 22,448,964
32,000
Central 13ranch_o 241 wk Dec
27,000
813,000
765,009
Total system_ _ _o al wk Dec 073,000 831,000 21,815,736 23,213,004
39,406
b Mobile Jack & K C Wk Nov 30
32,820
619,509
681,138
Nashv Chatt & St L (4,tobcr _ 1.014 300 1.022.929 3.703.510 4.028.521
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Precious
Year.
Current
Year.
Previous
Year.
5
Nevada Central---- October
7,495
8,112
28,035
31,197
N Y C & Hud River October -- 8,609,676 9,059,633 32,547,o70 36,129.361
Lake Sh & H S._ October - 3.868,745 4,315,71: 14,592,526 10 338,841
Lake Erie & West October -_
432,865 512,331 1,705,508 1,898,306
962,015 1,001,982
Chic Ind & South October -- 259,868 231,373
Michigan Central October -_ 2,444,959 2,837,506 8,867,160 10.252,401
Cleve C C & St L. October -- 2,388,831 2,587,212 9 131,213 9,332,314
261,258 336,691
Peoria& Eastern October -085,534 1,102,258
111 27$ 104,524
408,527
Cincinnati North- October -378,312
Pitts & Lake Erie October -- 1,192 582 1,308,390 4,408,779 5,868,942
October -- 273,956 307,183 1,065.920 1,201,373
Rutland
882 204 990,377 3,132,325 3,666,307
October
N Y Chic & St L.
October -- 20726217 22821142 77,763,082 87,520,592
Totalall linesa Nat RR of Mexico 2d wk Dec 265,074 289,051 6,324,722 7,371.219
21,603
Hidalgo & N E.. 2d wk Dec
17,987
393,356
463,996
179,671
6,929
Nevada-Cal-Oregon. 1st wk Dec
8,024
175,078
N Y Out & Western October __
686,987 698,976 3,064,250 3,118,742
NYNH& Hart-r October... 4,935,338 3,196.680 18,084,523 20,577,178
N Y Susq ec West.. October__ - 295,383 346,127 1,033,555 1,178.921
Norfolk& Western. October.-- 2,529,606 3,073,025 9,912,389 11,074,813
NorthernCentral
October___ 1,115,707 1,280,707 3,973,577 4,892,777
Northern Pacific
Octobcr--_ 7,269,068 7,001,383 25,586.222 27,723,064
Pacific Coast Co
October _ _
636,697 797,501 2,387,900 3.028.924
Pennsylvania Co- - r October___ 3,971,243 5,040,257 15,033,203 19,412,024
0Penn-East P & E October.... 12794 084 15361 184 47,810,207 59,934,307
d West of P & E. October _ Dec.6.66 7,800
Dec.1,6 06,000
Pere Marquette- -_r October
1,381.244 1,357,982 4,908,494 5,032,499
Phila. Halt & IV ash- October -- 1,440,581 1,667,381 5,662,076 0,319,170
Pitts
Ch & St L. October - _ 2,606,212 3,096,00:1 9,387,559 11,606,784
Raleigh & South'p't October _43,800
12,266
12,637
39,580
Reading Company_ October-- 3,712,075 4,271,817 13,028,823 16,006,193
Coal ec Iron Co
October-- 3,513.484 4,397,071 10,104,040 13,165,013
Total both cos
October-- 7,225,559 8,668,888 23,132,862 29,171,805
Rich Fred & Potom October
151,220 169,033
569,545
693,446
1110 Grande June
83,675
September
71,671
228,823
221,999
1110 Grande South_ 1st wk Dec
12,754
12,127
283,103
298,205
Rock Island System October
5,632,499 5,886,793 21,336,109 22,254,467
e St L & San Fran October -_ 4,453,787 4,794,40, 16,229,378 18,364,315
1
I Evansv & Ter H October __
106,323 223,648
777,981
863,523
Total of all fines_ October -- 10282609 10504843 38,343,468 41,482.306
St Jos ec Grand Isl. October -_
166,118 149,408
604,152
618,990
St Louis Southwest 20 wk. Dec 263,423 180,652 4,920,477 4,998,849
San Pad LA & SL_r October -- 649,717 704,879 2,304,577 2,767,720
Seaboard Air Linc-r October -- 1,437,952 1,518,134 4,941,781 5.464,327
129,211
160,003
245,570
Southern Indiana
297.275
August c Southern Pac Co
October-- 11069 855 11967 400 41,102,992 45,785,019
Southern Railway.. 1st wk Dec 1,082,904 962,907 23,289,820 25,654,617
Mobile
Ohio
1st wk Dec 178,395 163,105 4,216,432 4,759,015
Cln N 0 & Tex P. lit wk Dec 138,606 141,000 3,378,750 3,964,598
Ala Great South_ 1st wk Dec
64,624
60,282 1,558,516 1,801,821
37,622
806,169
Georgia Sou & Fla 1st wk Dec
37,260
937,376
20,842
553,827
Texas Central
29,713
552,492
1st wk Dec
Texas & Pacific
2d wk Dec 329,038 304,170 6,919,961 7,231,572
2-1,083
Tidewater & West_ October___
7,352
33,528
6,206
Toledo & Ohio Cent October -- 463,826 429,159 1.825,451 1,802,162
503,798
Toledo Peo & West 1st wk Dec
19,842
351,667
17,746
Toledo St L & West 1st wk Dec
82,130 1,568,156 1,971,378
62,906
Tombigbee Valley
5,313
22,134
October...
23,236
6,720
128,14;
Tor Ham & Buffalo August
79,500
153,154
61,650
Union Pacific Syst- October--- 7,075,801 7,789,817 28,815,553 28.982,559
Vandalla _
841,112 997,915 3,088,518 3,652,760
October.-Virginia a:, Sou West October -424,207
119,658 113.007
430,262
Wabash
2d wk Dec 485,982 472,358 12,147,984 13,067.457
Western Maryland. June
429,231
312,000 5,048,277 5,600,451
W Jer & Seashore
October... 392,030 462,630 2,414,769 2,699,869
Wheel & Lake Erie r October- 547,109 627,038 2,115,303 2,503,173
Wisconsin Central-r October... 696,720 747.689 2,718,357 2,923,323
‘Vrightsv & Tenn_ _ October...
05,166
34,243
33,408
99,039
Yazoo & Miss Val_ November_ 1,119.167 996,107 4,133,702 4.284,328
Various Fiscal Years.
Period.
Bellefonte Central
Jan
Jan
1 Delaware & liudson
Manistique
Jan
Mexican Railway
Jan
Mexican Southern
Jan
New York Central
Jan
Lake Shore & Mich Southern_ Jan
Lake Erie & Western
Jan
Chicago Indiana & Southern_ Jan
Michigan Central
Jan
Cleve Gin Chic & St Louis
Jan
Peoria & Eastern
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
Rutland
Jan
New York Chicago & St Louis Jan
Total all lines
Jan
Northern Central
Jan
Jan
0 Penn-East of Pitts & Erie
it West of Pitts & Erie
Jan
Phila. Baltimore & Washington_ Jan
Pitts On Chicago & St Louis... Jan
Dec
1110 Grande Junction
Texas & Pacific
Jan
West Jersey & Seashore
Jan
Nov
Oct
Oct
Nov
Nov
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Sept
to Dec.
to Oct
to
1 to
to
1 to
1 to
1 to
1 to
to
1 to
1 to
to
1 to
1 to
1 to
1 to
1 ..to
to
1 to
1 to
1 to
1 to
to
1 to
Current
Year.
Previous
Year.
$59,982
$59,084
30
31 15,146,392 16,812,570
46.792
36,091
31
30 6,760,300 7,303,900
30 1,141,175 1,218,887
31 73,210,577 83,060,258
31 32,932,742 37,928.378
31 3,746,175 4330,843
31 2,356,932 2,501,480
31 20,602,450 24,086,381
31 20,147,195 22 272,083
31 2,256,308 2,544.181
805,603
858,116
31
31 8,504,527 12,910,986
31 2.293,966 2,587,869
31 7,730,052 8,787,528
31 174596954 201 893118
31 9,404,671 11,239,071
31 111830956 139076 156
31 Dec.17.88 1,000
31 13,403,287 14,497,337
31 21,012,101 27,542,561
637,094
603,212
30
14 12,917,519 15,625,313
31 4,687,221 5,027,221
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weeklu Summaries.
4th week Sept (42
1st work Oct (ffkl
2d week Oct (40
3d week Oct (42
4th week Oct (45
lit week Nov (45
20 week Nov (44
30 week Nov (30
4th week Nov (44
lit week Dec (44
roads)_-__
roads)
roads) _ _ _ _
roads)---roads)--..
roads).roads).roads).roads).roads)__-_
Cur'nt Year Trees Year Inc. or Dec.
13,31.1,956
10,291,971
10,403,972
10,838,445
15,771,498
10 678,178
10,965,461
10,045,953
13,460 911
10,308,692
Monthlu Summaries.
CurPnt Year Prey's Year Inc. or Dec.
%
13.839,794
--527,838 3.81
Month Feb 1908 (123 roads). 141,256,206 160,150,010 --18,894,404 11.79
10,673,871
-371,900 3.48
Month Mch 1908 (126 roads). 162,495,089 187,433,350 -24,940,261 13.37
10,849,128
--445,156 4.10
Month Apr 1908 (119 roads). 134,137,168 190,046,156 -35,908,988 18.89
11,358,244
-519,790 4.58
Month May 1008 (120 roads). 153,112,628 108,146,871 --45,034,243 22.67
10,018,100 -1,146,608 6.77
Month June 1908 (113 roads)- 146,270,130 179,397,094 -33,126.964 18.47
--354.814 8.22
11,032,092
Month July 1908( 97 roads). 156,103,883 133,365,903 -27,262.110 14.87
--102,601 0.02
11,068,062
Month Aug 1908 1105 roads). 179,781,772 209,690,782 -29,909,010 16,64
1-216,120 2.20
9,829,824
Month Sept 1908 (114 roads)_ 210,014,059 223,064,045 --13,950,886 6.23
-698,592 4.93
14,168,503
Month Oct 1008( 47 roads). 65,130,556 67,809,430 --2,678,874 3.9$
1-140,279 1.38
10,168.413
Month Nov 1908( 51 roads)_ 59,940,539 61,744.772 --1,804,233 2.92.
Includes earnings of Gulf &Chicago Division. c Includes the Houston & Texas Central and its subsidiary lines In both
a Mexican :airrency.
years. ‘4 Covent lines directly operated. e Includes the Ch1cago & Eastern Illinois In both years. I Includes Evansville & Indiana 1111. ii Includes
earnings of Col. & South., It. Worth & Denver City and an affiliated lines, excepting Trinity & Brazos Valley RR. k Includes in both years earnings
ot Denver Enid & Gulf RR., Pecos Valley System and Santa Fe Prescott &Phoenix Ely. I These figures do not Include receipts from sale of coal.
o Figures her, are on the old basis of accounting-not the new or Inter-State Commerce Commission method. r These figures are on the new baste
:
prescdbed by the Inter-State Commerce Commission.
- ----- - - --In the table which folLatest Gross Earnings by Weeks.
lows we sum up separately the earnings for the first week of
December. The table covers 44 roads and shows 1.38%
increase in the aggregate over the same week last year.
First Week of December.
1908.
1907.
Increase. Decrease.
64,624
60,282
Alabama Great Southern
50,288
28,491
Atlanta Blrm & Atlantic
130,847
130,077
Buffalo Rochester & Pittsburgh
217,500
188,800
Canadian Northern
1,548,000 1,539,000
Canadian Pacific
246,800
241,900
Central of Georgia
219,128
223,398
Chicago & Alton
165,693
145,345
Chicago Great Western
94,128
88,219
Chicago Ind & Louisville
138,606
141,660
Cinc New Or! & Texas Pacific_ _
344,884
Colorado & Southern
331,025
383,900
398,300
Denver & Rio Grande
19,714
Detroit & Mackinac
18,550
32,632
Detroit Toledo & Ironton
37,590
Ann Arbor
33,604
37,805
Duluth South Shore & Atlantic..
53,530
50,507
Georgia Southern & Florida_ _ _ _
37,622
37,260
Grand Trunk of Canada
Grand Trunk Western
810,017
695,206
Det Grand Haven Fo Mllw _
Canada Atlantic
136,000
Internat'l F0 Great Northern__
146,000
141,247
Interoceanic of Mexico
124,003
54,933
Iowa Central
46,979
841,530
Louisville & Nashville
931,835
722,702
Mexican Central
647,973
159,235
Mexican International
123,205
14,644
Mineral Range
15,441
78,773
82,590
Minneapolis & St Louis
237,961
212,172
Minneapolis St Paul & S S M.._
748,000
812,000
Missouri Pacific & Iron Mtn
27,000
25,000
Central Branch
163,105
178,395
Mobile & Ohio
307,831
258,852
National RR of Mexico
15,499
15,990
Hidalgo Fc Northeastern_ _
6,929
8,024
Nevada-California-Oregon _ _- 12,754
12,127
Rio Grande Southern
164,880
209,015
St Louts Southwestern
962,907
1,082,904
Southern Railway
20,842
29,713
Texas Central
277,380
308,476
Texas & Pacific
17,746
19,842
Toledo Peoria & Western
62,906
82,130
Toledo St Louis 80 Western_ _ _ _
484,562
460,141
Wabash
10,308,692 10,168,413
Total (44 roads)
Net increase (1.38%)
4,342
21,797
770
28,700
9,000
4,900
4,270
20,348
5,909
3,054
13,859
14,400
1,164
4,958
4,201
3,023
362
114,811
10,000
17,244
7,954
00,305
74,729
36,030
797
3,817
25,789
64,000
2,000
15,290
48,979
491
1,095
627
44,135
119,997
8,871
31,096
2,096
19,224
24,421
524,567
140,279
384,288
-The table folNet Earnings Monthly to Latest Dates.
lowing shows the gross and net earnings of STEAM railroads
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Nov. 21 1908. The
next will appear in the issue of Dec. 26.
-Gross Earnings-- -Net Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
8
Roads.
$
8
Baltimore & Ohio_ b.__ _Nov 5,948,085 6,998,553 1,940,278 2,004,456
30,925,640 37,230,491 11,346,150 11,896,900
July 1 to Nov 30
57,455
33,117
206,458
Buffalo & Susq_ b
Oct 232,617
177,424
109,854
782,745
773,177
July 1 to Oct 31
171,525
125,804
768,568
x Chic Great Western_ b_Oct 843,860
642,449
630,338
2,979,022 3,001,219
July 1 to Oct 31
40,040
45,676
88,120
88,377
Keystone Teleph Co_a__Nav
205,460
221,928
437,280
439,383
July 1 to Nov 30
57,570
149,408
. 66,168
St Jos & Grand Isl_b____Oct 166,118
268,720
618,990
243,996
604,152
July 1 to Oct 31
27,837
123,107
24,243
Toledo Peoria & West_ b_Oct 101,460
7,644
93,937
12,640
November
86,611
101,788
531,827
117,835
July 1 to Nov 30
486,052
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
x These figures are on the basis of accou..t.ng required by the Inter-State
Commerce Comm.sslJn.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Rai. of Net E'ngs.Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
8
8
$
8
Roads.
39,854
x2,004 xdef.5,402
Toledo Peoria & West-Oct
24,189
23,562 xdef.8,070 xdef.9,975
November
23,710
117,987
118,460
x8,317
x12,593
July 1 to Nov 30
After allowing for other Income received.
Latest Gross Earnings.
Week or
Month.
Current
Year.
$
219,502
121,525
39,909
194,069
12,603
11,284
22,006
56,000
60.654
24,362
95.842
120,212
17,688
170,739
43,828
34,655
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Jacksonville Elec Co_ September
Kansas City Ry & Lt October
Knoxville Ry & Lt Co October.... _
Lake Shore Elec By.. September
Lex & Inter Rys Co_ _ October.._
Little Rk Ry & El Co October _
Memphis Street By.. _ October -Metro p West Side El.. November_
Milw Elec By & Lt Co October -Milw Lt Ht & Trac Co October _
Montreal Street By.... Wk Dec 13
Nashville RY & Light September
NJ 80 HR By &Fy Co November_
North Ohio Tr & Lt... October.....
North Texas Elec Co.. September
Nor & Portsm Tr Co. October--.
NoWestchester Lt o August _ _ _
Northwestern Elev... November.
Oakland Traction Co_ October
Oklahoma City By.. _ November_
Peekskill Light & RR August
Portland By L & PCo October _
Porto Rico Rys Co..... October -Rio de Janeiro Tram
Light & Power_ __ _ October__ _
San Fr Oak & San Jo.. October
St Joseph (Mo) Ry Lt
Heat & PowerCo _ November..
Sao Paulo Tr Lt & P. October_ _ _
Savannah Electric Co September
Seattle ElectricCo_ _ September
South Side Elevated_ November_
Sou Wisconsin Ry Co November_
Springf'd(III)R&L Co November_
Syracuse Rap Tr By. September
Tampa Electric Co.... September
Toledo Rys & Light_ October
Wk Dec 12
Toronto Railway..
Twin City Rap Trail_ 1st wk Dec
Twin
It Underground El By
of London
Three tube lines.... _ Wk Nov 28
Metropolitan Dist.. Wk Nov 28
United Tramways.. Wk Nov 28
United RRs of San Fr October
United Rys of St L.... November_
1,Vhatcom Co By & Lt September
Jan. 1 to latest date.
Current Previous Previus
Year.
Year.
Year.
34,017
575,281
52,479
91,942
53,731
55,286
148,146
212,166
334,877
67,471
64,905
151,751
41.307
157.532
88,190
156,796
9,559
175.431
242,506
23,845
16.884
372,398
32,633
32.651
559.822
51,960
96,188
52,538
56.988
146,418
227,277
328,420
67,431
65,390
151.675
36,901
155,291
93,468
258,515
8.706
160,202
251,958
18,622
16,760
368,693
30.537
Current
Year.
294,282
316,480
5,154,936 4,999,805
474,180
499,032
520,320
551,104
1,347,911
2,343.650
3,201,500
727,178
3.514,215
1,167,534
499,250
1,579,081
473.321
523,789
1,345,093
2,485,086
3,162,037
702,699
3,407,772
1,152,950
448,822
1,615,073
1,552,030
76,529
1,766,817
2,324.992
260,529
107.473
3,504,507
309,866
2,235,812
68,355
1,590,800
2,310.498
239,412
108,992
3,294,241
288,461
652,586 552,119 5,891,744 5,181,865
747,784
74,400 72,411
667,450
75,963
181,966
48,404
385,946
176,713
12,767
78,958
119,110
43,356
218,074
68,850
121,107
72,498
179,786
52,894
359,423
180,890
12,504
77,100
119,078
43.078
219,915
63,125
112,085
826,705
796,112
1.864.146 1.714,544
435.797
446,400
,300.218 2,996,102
3
1,937,904 1,820,859
142,933
141,315
962,598
933,122
405,979
383,976
2,082,897 2,108,236
3,841,285 3,211,212
5,962,768 5,662,556
111 ,880 £10,735 1558,000 £369,545
18,588 £437,697 £379,239
19,791
£5,274 1316,167 £312,140
£5,107
609,042 431,582 5,677,343 3,812,097
872,339 871,075 9,682,878 9,958,735
255,552
260.161)
28,381
29,033
.
c These figures are for consolidated company. f No earnings for Detroit
Jackson A Chicago Ity. for Jan. 1907 included in these figures. It Does not
Include the Charing Cross Eusto.n & Hampstead Ry. for first six months
uf 11)07
Street Railway Net Earnings.
-The following tabla gives
the returns of STREET railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns and the latest statement of
this kind will be found in the issue of Nov. 28 1908. The next
will appear in the issue of Jan. 2 1909.
-- --Net Earnings
-Gross Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
.
Roads.
57,975
11,049
10,768
56,000
Central Penn Trac Co_ -Nov
680,091
135,362
647,213
137,537
Jan 1 to Nov 30
170,739
187,955
82,618
90,091
East St Louis & Sub.... __Nov
1,837,237 1,976,865
877,075
945,273
Jan 1 to Nov 30..
Nov
23,845
18,622
4,600
6,443
Oklahoma City Ry
260,529
239,412
Jan 1 to Nov 30
71,981
91,582
2,031
Schuyl & Dauphin Tr Co.Nov
1,028
May 1 to Nov 30
18,401
7,989
Sprignfield (III) By & Lt.Nov
78.958
41,570
77,100
40,243
United RRs of San Fran_Oct 609,042
272,227
130,777
431,582
291,566
United Rys of St L_a_ _ _Nov
872,339
871,075
335,703
9,682,878 9,958,735 3,500,848 3,472,760
Jan 1 to Nov 30
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
-lot., Rentals, &c.- -Bat, of Net E'ngs.Current
Previous
Current Previous
Year.
Year.
- Year.
Year.
Roads.
8
8
812
Schuyl & Dauphin Tr Co.Nov
216
5,665
May 1 to Nov 30
2,324
60,252
333,694
United Rys of St Louis_ _Nov
231,314
102,009
926,231
2,564,872 2,546,520
935,976
Jan 1 to Nov 30
x After allowing for other Inco me received.
\Sr
STREET RAILWAY AND TRACTION COMPANIES.
Name of
Road.
IVoL. wcxxvu,
THE CHRONICLE
1600
Jan. 1 to latest date.
•
Previous Current
Year.
Year.
--$
$
231,317 2,560,677
122,930 1.179,440
37,150
213,595 1,780,096'
11.620
96,206
97.424
6,962
181,822
23,671
57,975
647,213
58,551
625.549
241,899
24,858
95,632
114,641 6,590,328
16,508
825,765
187,955 1,837,237
386,519
45,556
322,387
33,264
PITMOUS
Year.
ANNUAL REPORTS.
Tonopah & Goldfield Railroad Co.
(Report for Fiscal Year ending June 30 1908.)
President Thos. M. King, Philadelphia, Oct. 28, wrote:
American Rys Co_ .. November..
2,709,002
With the opening of the past fiscal year (1907-1908) two new railroads
c Aug Elgin & Chi By October__
1,197,743
[the Tonopah & Tidewater RR.(V. 86, p. 1287, 1468) and the Las Vegas
Bangor By & Elec Co September
"Railway and Industrial Section"
80 Tonopah RR.,
Birm Ry Lt & Power October __
1,817,800 under San Pedro see V. 81, p. 1175 and
Los Angeles & Salt Lake Ry.-Ed.] were completed to
Brockton Fc Ply St Ry September
94,855
Goldfield and became competitors of your company for the Goldfield traffic.
Camaguey Co
October._ 62,975
had theretofore been handled by your company exclusively and from
Cape Breton Elec Co_ September
178,998 which large income
had been derived. This, In connection
Central Penn Trac
November..
680,091 which set In shortly afterwards and prevailed throughout the with the panic
entire country
which
Chariest Con Ry G&E Oct ber __
590,471 (the effects of which are
still being felt in Nevada and elsewhere), reduced
Cleve Painsv & East- October....
246,940
the gross earnings, as compared with the previous year, by $868,997. The
Dallas Electric Corn.. September
operating
President. Mr. C. K.
due to the
f Detroit United Ry_ 1st wit Dec
6,630,974 (who died expenses,1907.-E(l.) illness of the conditions In Nevada, Lord
Oct. 30
local
Duluth Street By._ _ 1st wk Dec
788,972 not reduced to meet this heavy and to off in gross receipts until thewere
falling
last
East St Louis & Sub_ November_
1,976,865 four months of the year,
when a new General Supernitendent was appointed.
362,996
El Paso Electric
September
due
transportation
The
Fair & Clarksb Tr Co_ October_ _ _
301,726 chiefly large cost reported in the item of which, owing expenses is
to the high prices paid for fuel,
to the congestion
Ft Wayne & Wabasn
contracreferred to in previous
Valley Traction Co October__ 113,390 114,883 1,092,090 1,052,505 ted for at abnormally annual report and inability to get coal, was
high prices and a large amount stored for emergency
792,654
783,544 purposes. It Is
Galv-Houst Elec Co_ September
91,790 97,651
not thought that a like condition can prevail again. but,
Grand Rapids By Co_ October __
76,002 75,403
with the view to greater economy,steps have been taken looking to changing
Havana Electric By _ Wk Dec 13 35,687 34,281 1,794,082 1,692,285 part of the power
into oil-burning locomotives, for which an ample supply
Honolulu Rapid Tran
oil can be
from the lower California fields.
& Land Co
316,558
October __
301,785 of Since Juneobtained the obligations Issued to the Southern Pacific Co., In
34,010 30,207
30
189.708 adjustment of 1908
Houghton Co Tr Co
September
197,497
23,934
23,878
traffic balances, have been paid off, thus reduciv the
Illinois Traction Co
October
379.222 38a.838 3.352.273 3,091.321 floating debt to a
condition where we expect to liquidate It by June 30,1909.
1601
THE CHRONICLE
DEC. 19 19m5.1
$1,517,577
$2,386,574
$948,876
$171,414
169,611
, 669,898
72,887
$285,900
152,107
783,654
74,652
$221,182
23,215
233,936
37,817
1907.
1906.
1908.
1
$
Liabilities4
20,000,000 20,000,000 20,000,000
Stock
Bonds (see "Ry. & Ind." section)._ 70,287,452 70,209,452 70,127.452
206,703
212,069
246,677
Mortgages and ground rents
3,603,713
3,113,295
2,566,329
Unpaid v ucher and pay-rolls
373,385
393,979
388,603
Interest and rents matured
2,447,096
2,554,780
2,372,516
Railroad c 5., Individuals and firm:._
1,106,770
1,166,325
1,724,336
Interest, taxes and rents ccrued__
320,041
320,041
320,041
Wilmington & Nor. equipment
1,200,000
Reading Co., new sh ps
Insur. fund, equip't fund, subway
3,122,436
3,056,580
sink, fund, imp'ts and miscell_
2,541,806
9,816,427
9,772,002
Surplus
10,162,067
*1,083,810
Total
(71,42)
Per cent oper. exp. to oper. revenue--- _
$433,767
earnings
Net
55,419
Taxes
$1,296,313
(54.32)
$1,090,261
35,602
$516,150
(54.40)
*432,726
4,255
*Stocks owned include In 1907 $1,246,853 North Penn. RR. Co. stock
in earlier years stocks of sundry companies.
Operating Income
Other income
$378,348
1,946
$954,659
7,099
$428,471
2,555
Total net Income
Deductions
Interest on bonds
Hire of equipment, rentals, &c
Sinking fund.
Stock Nev. Mob. Trans. Co. charged off_
Accounts charged off
Improvements
Dividend on preferred stock
Dividend on common stock
$380,294
$961,758
$431,026
$63,417
*39,193
x78,925
$66,684
$54,432
INCOM
Operating Revenue
Freight
Ore
Passenger
Mall, express, &c
ACCOUNT.
Year
1907-08.
*582,735
523,499
327,037
83,405
Total._-_.
Operating Expenses
Maintenance of way, &c
Maintenance of equipment
Transportation and traffic
General
8 Mos.
Year
1905-06
1906-07.
$1,186,9311 $666,153
549,897J
260,260
571,684
22,464
78,063
78,925
39,462
9,000
9,033
' 55,058
y(30)150,000 (7)35,000
1/(30)495,000 (7)115,500
$863,700 $244,394
$181,536
Total deductions
$198,058 *186,632
$198,758
Balance, surplus
* Hire of equipment, rentals, &c., includes litre of equipment, $31,162;
rental of leased tracks, $7,501; Interest and discount, *530.
x Includes $39,462 50 paid Feb. 28 1908 and same amount payable
Dec. 1 1908 to retire $77,000 bonds.
y Dividends In 1906-07 include 30% on each class of stock, viz. 10%
each paid Nov. 1 1906, Dec. 20 1906 and April 1 1907-each date.
BALANCE SHEET JUNE 30.
1907.
1908.
1907. I
1908.
Liabilities4
s
Assets5
500,000 500,000
3,155,499 3,038,235 Preferred stock
Cost of road
1,650,000 1,650,000
Cost of equipment .._ 551.476 449,119 Common stock
First mtge. 6% bds_1,346,000 1,073,000
Dwell, houses at Ton 12,538
'Equip. trust notes__ 41,278
---Securities in treasury. a350,400
Bills payable
344,702
53,527
Equipment trusts_
78,382
29,295
72,867 Pay-rolls
152,942
Cash on hand
85,623
29,305 Due to foreign roads. 43,787
24,513
Cash In transit
107,501 541,202
Due from Inds.& cos. 154,330 415,362 Due to Inds. & cos
1,443
1,443
68,932 Dive, uncollected_
Due from foreign rds. 61,299
61,609 146,774 Int., disc., &c., accr. 25,649
Due from agents
24,000
'Accrued taxes
27,207
16,252
Bills receivable
2,609
8,685
Materials & supplies. 232,059 154.082 Miscellaneous
5193,462 116,462
15,717 Sinking fund
Equipment suspense.
3,954 Equip, replace. res.- 22,333
8,670
Contingent & misc.Profit and loss
c 493,771 321,625
Total
4,835,114 4,394,347
Total
4,835,114 4,394,347
a Securities In treasury include first mortgage bonds, $350,000; four shares of
Registration Trust Co., Goldfield, Nev., at par, $400.
S Includes $154,000 charged out of surplus and $39,462 payable Dec. 1 1908; see
-note x.
foot
c The profit and loss account was charged during 1907-08 with sundry Items
applicable to prior period aggregating $62,069 and credited with various Items
aggregating $35,457.-V. 87, p. 1301.
Reading Company.
(Balance Sheets of June 30 1908.)
The text of the annual report and the comparative statements of earnings were given in the "Chronicle" of Sept. 19,
pages 735, 746. The balance sheets of June 30 follow:
READING COMPANY BALANCE SHEET JUNE 30.
1906.
1907.
1908.
Assets4
32,040,289 30,560,401 23,967,877
Railroad equipment
2,786,975
3,026,852
2,996,647
Floating equipment
10,956,623
7,603,918 13,423,066
Equipment accounts
17,084,705 17,105,445 17,435,922
Real estate
Phila. & Reading By. bonds owned_ 20,000,000 20,000,000 20,000,000
23,066,116 19,470,301 18,883,794
Bonds of sundry companies
20,000,000 20,000,000 20,000,000
Phila. & Reading By. stock owned
8,000,000
8,000,000
8,000.000
P. & R. C. & I. stock owned
52,695,111 51,582,213 52,355,644
Stocks of sundry companies
75,241,270 79,105,703 79,165,226
Phila. & Reading Coal & Iron Co
2,193,738
2,960,889
2,110,318
Sundry railroads, &c
1,200,000
P. & B. W.acct. new Reading shops2,724,865
3,007,731
1,757,077
Cash
389,893
763,963
926,928
Accrued income
531,299
806,634
933,953
Miscellaneous
-.
268,850,761 263,330,503 263,670,033
Total
Liabilities
Stock (see "Ry. & Ind." section) _ _ _ _140,000,000 140,000,000 140,000,000
Bonds (see "Ry. do Ind." section) _106,654,538 104,828,205 105,220,372
1,414,711
1,537,090
1,437,071
Contingent account
2,647,145
1,964,674
2,022,817
Accrued interest and taxes
3,044,417
34,232
_
Philadelphia & Reading Ry
2,057,000
,,,,,
(*)
General mortgage bonds canceled
E. T. Stotesbury (unadjusted balance
for new equipment purchased)---- 3,348,527
361,190
273,644
112,317
Current business
593
817
631
Miscellaneous
14,269,446 11,518,551
8,704,398
Profit and loss, surplus
---268,850,761 263,330,593 263,670,033
Total liabilities
*The $3,983,000 general mortgage bonds canceled June 30 1908 were
deducted before showing the amount of bonds outstanding as above in
the 1908 balance sheet.
PHILA. & READING RY. BALANCE SHEET JUNE 30.
1908.
1907.
1906.
$
Assets$
81,250,027 81,000,555 80,255,894
Railroad
8,500,000
8,500,000
Philadelphia Terminal
8,500,000
2,443,500
2,603,500
2,525,500
Philadelphia Subway
311,009
311,009
192,620
Real estate
76,087
Leased equipment
1,706,336
1,881,716
1,871,776
New shops, Reading
1,200,000
Reading Co. pur. money mtge. bonds
1,275,053
*1,246,853
2,321,853
Stocks wed
20,000
453,000
588,500
Bonds sundry companies
922,544
2,652,206
1,798,582
Olsh
2,367,437
1,635,006
2,486,958
Freight and toll bills
3,044,417
34,232
Ft3ading Company
41,039
3,508,436
Materials on hand
2,891,746
2,949,998
2,757,140
2,734,664
Railroad companies
2,993,769
478,146
673,068
Individuals and firms
941,791
1,022,314
1,532,701
1,422,426
Phila. & Reading Coal & Iron Co
1,051,195
1,036,838
1,040,844
Insurance accounts
138,305
393,202
344,946
Bills receivable
367,644
459,318
368,316
Subway loan securities, &c
29,966
Accrued income on securities
487,489
Elevation of tracks, &c
Total meta
110,600,827 111,373,262 111,749,283
Total liabilities
110,609.827 111,373,262 111,749,283
PHILA. & READ. COAL & IRON CO. BALANCE SHEET JUNE 30.
1906.
1907.
1908.
E
Assets$
$
52,333,242 56,800,810 57,338,107
Coal lands
659,965
833,717
Timber lands
836,532
707,002
731,540
724,508
New York and Eastern depots
693,203
812,666
954,666
Western yards and depots
553,138
553,138
553,138
Miners' and other houses
369,667
374,791
374,792
Pottsville shops, real estate, &c
842,963
851,892
851,892
Storage yards and washerles
336,158
361,814
355,808
Other real estate
7,078,690
7,078,690
7,078,690
Improvements at collieries
2,302,468
2,302,468
2,302,468
Equipment at collieries
3,711,477
3,711,477
3,711,477
Deadwork at collieries
9,554,915
9,633,02/
9,596,359
Stocks and bonds of cos. controlled
451,362
469,661
417,613
Cash on hand
3,009,663
3,845,347
3,310,528
Coal accounts
27,172
35.029
29,650
Rent accounts
465.482
454,410
482,046
Companies and individuals
3,000,354
1,870,170
2,148,319
Coal on hand
1,117,243
1,202,167
1,029,388
Supplies and materials on hand
1,502,933
1,487,520
1,443,478
Depletion of coal lands fund
79,574
73,608
154,914
Stocks, bonds and mtges. owned, &c_
89,291,919 93,441,359 93,241,794
Total assets
Liabilities
8,000,000
8,000,000
8,000,000
Capital stock
1,260,000
1,290,000
Bonds (see "Ry. & Ind." section)__ _ 1,230,000
75,241,270 79,195,703 79,165,226
Reading Company
400,000
583,305
Reading Co., account of interest
1,143,609
1,032,251
1,168,960
Pay-rolls and vouchers
--1,525,103
1,415,105
P. & R. By. current account
1,105,964
730,622
838,503
805,127
Interest, taxes and miscellaneous
1,395,962
1,188,439
1,259,921
Profit and loss
Total liabilities
-V. 87, p. 735, 746, 481.
89,291,919
93,441,359
93.241,794
Lehigh Valley Railroad.
(Balance Sheets of June 30 1908.)
The teat of the report and the comparative statements
of earnings were given in V. 87, y). E06, 816.
LEHIGH VALLEY RAILROAD BALANCE SHEET JUNE 30.
1908.
1907.
1906. MI
$
Assets$
$
18,639,292 18,639,292 18,639,292
Cost of road
40,143,703 35,726,422 29,770,870
Equipment
100,000
100.000
100,000
Consol. bonds with War. Run trustees
250
250
250
Treasury stock
2,368,958
2,149,523
2,076,195
Real estate
115,483
353,575
33,717
Construction, Lehigh & Lake Erie RR
8,636
Construction, Bay Shore Conn'g RT.
300,150
350,200
350,250
Mortgages receivable
Sacuritles owned6,000,000
7,000,000
2,000,000
Consol bonds owned
29.158,230 29,166,659 28,834,229
Stocks of RR.and water lines
18,881,068 19,674,683 19,008,211
Stocks of coal companies
5,692,550
5,693,050
4,997.751
Stocks of other companies
4,372,926
4,372,926
5,572,926
. Bonds of railroad and water lines
3,305,908
2,974,408
Bonds of other companies
3,303,908
Ctfs. of indebt. Leh. Vail. Coal Co_ 10,537,000 10,537,000 10,537,000
4,540,000
630,000
4,050,000
Equip. Trust ctfs. In treasury
119,687
127,964
67,967
Advanced insurance premiums
6,612,849 11,676,966
6,195,060
Cash on hand
25,840
35,861
25,788
Cash with officers and agents
688,172
542,696
622.766
Cash in transit
1,033,864
647,675
991,804
Due by station agents
2,947,447
2,493,519
1,650,082
Due by Individuals and companies
426,421
406,273
334,715
Traffic balances due
306,251
732,203
37,502
Bills receivable
170,991
237,520
535,077
Advances
2,104,106
2,099,145
1,815,927
Materials and supplies
291,972
380,560
198,496
Sundry accounts (deferred)
158,010,850 155,878,199 143,500,899
Total assets
Liabilities
40,441,100 40,441,100 40,441,100
Capital stock
81,639,000 82,639,000 77,100,000
Funded debt
6,564,000
3,441,000
10,062,000
Equipment trust obligations
Reserves for equip., renewals, deprec.
4,316,137
4,550,850
of mines, changes of grade, &c_ _ _ _ 2,938,561
Penn. & N. Y. Canal & RR. bonds
57,000
unredeemed
196,921
196,880
196,880
Mortgages on real estate
1,230,883
1,163,896
1,141.127
Interest and rentals accrued
51,616
60,340
51,542
Interest due and unclaimed
337,500
Rentals of leased lines due
337,500
346,500
963,571
1,195,893
1,085,694
June pay-rolls, since paid
Audited vouchers,Including June bills
2,350,138
2,165,027
since paid
1,175,754
127,563
Individuals and companies
270,180
134,013
1,077,955
625,045
Traffic balances
795,144
257,274
66,315
Taxes accrued
938,859
Deferred and suspended
298,211
Taxes accrued, not due
226,645
546,672
571,895
Sundry accounts
559,110
36,421
Miscellaneous
42,391
30,643
16,516,905 14,009,283 11,380,915
Profit and loss
Total liabilities
158,010,850 155,878,199 143,500.899
LEHIGH VALLEY COAL CO. BALANCE SHEET JUNE 30.
1908.
1907.
1905.
Assets$
$
$
Property and plant
18,624,445 17,585,525 17.565,525
Treasury stock
350,000
350,000
Securities owned
334,112
100,000
Advances for coal mining rights
4,900,902
5,408,542
5,434,461
500,218
375,858
493,162
Cash
293,818
Cash in transit
79,973
410,347
4,340,624
Stock of coal on hand
2,410,500
2,665,688
Materials and supplies
333,513
450,775
171.620
221,943
254,271
55,262
Bills receivable
Mortgages receivable
25
4,394,802
3,933,336
Due from companies and Individuals_ 3,928,707
Prem. on unexpired insurance and
16,399
60,456
22,888
other deferred assets (deferred)--1,418,336
1,655,633
Trustees of sinking funds
1,237,488
Total assets
34,622,055
33,427,841
32,309,253
1602
THE CHRONICLE
1908.
1907.
1906.
$
Liabilities
1,965,000
1,965,000
Capital stock
1,065,000
13,208,500 12,957,500 12,968,000
Funded debt
10,537,000 10,537,000 10,537,000
Certificates of Indebtedness
3,657,684
3,010,056
Audited vouchers
1,981,355
488,330
431,121
Wages due and unpaid
414,848
90,009
314,844
Sundry accounts payable
346,254
Deferred and suspended liabilities
Royalties received from lessees,
170,966
153,967
143,111
not accrued
323,279
316,937
317,200
Interest on funded debt, accrued
327,305
165,982
169,477
Miscellaneous
1,877,135
1,787,575
1,492,557
Sinking funds and other reserves
1,976,845
1,787,864
1,974,453
Profit and loss
[VOL.
Lxxxvii.
RESULTS FOR YEARS ENDING JUNE 30.
1007-08.
$238,461
1006-07.
$232,415
$125,000
$125,000
Net earnings
DR.
Interest on bonds
Dividend on pref. stock, interest
paid and accrued, &c
$44,371
Less interest charged to new
17,977
dam construction
26,395
26,395
23,060
$87,066
Net profit 1907-08
$84,355
Note.
-Of the net profits for 1907-08 ($87,066) there was transferred
to accident insurance fund account $20,000 and to surplus account
$67,066.
BALANCE SHEET JUNE 30.
Total ilahillties
34,622,055 33.427,847 32,309,325
1908.
1908.
1907.
1907.
-V.87, p. 1301.
Assets$
$
Liabilities$
Prop.,inc. Kent Hse.6,111,026 5,851,449 Capital stock
2,500,000 2,500,000
North Shore Electric Company.
Cash &.n hand
4,988
20 5831Pref. capital stock__ 500,000 453,000
Pow.Div.,oper.acet_ 64,737
2,500,000 2,500,000
48,964 Bonds
(Report for Fiscal Year ending Sept. 30 1908.)
Kent House, operat102,501
63,358
Bills payable
Mg account
25,979
11,197
9,977 Accrued interest acct 28,998
Citadel Div.,op.aect. 14,312
74,302
President Samuel Insull says:
10,522 Accts. payab e, &e__ 95,736
Montmorency Div.,
40,000
Contingent account_ 40,000
To provide funds for the further equipment of the Blue Island and Wauoperating account.. 58,530
46,125 Surplus account_ _ _ 414,886 347,819
kegan stations, and extensions of the company's distribution system, the Accounts receivable. 27,331
16,839 Aceid. Ins, fund acct. 20,000
outstanding stock was increased during the year by $530,000 and the first
mortgage bonds were Increased by $1,061,000.
Total
6,292,121 6,004,4581 Total
6,292,121 6,004,458
The new generating station at Waukegan and a new sub-station at Lake -V.87, p. 1160.
Bluff have both been placed In service and will greatly Increase the company's ability to handle the rapidly growing business on the North Shore
Amoskeag Manufacturing Co.
from Glencoe to Waukegan. The operation of the new stations at Blue
Island and Waukegan during the past year have thoroughly justified their Report for Fiscal Year ending June 30 1908-Balance Sheet
construction and enabled the company to secure satisfactory power conOct. 1 1908.)
tracts with street and interurban railways and large industrial establishments.
The third annual report issued since the merger with the
RESULTS FOR YEARS ENDING SEPT. 30.
1907-08.
1906-07.
1905-06.
1904-05.
263,173
$815,551
533,619
225,061
$665,890
431,437
184,804
$544,242
355,936
116,401
$370,832
230,156
$281,932
159,283
(1%)42,702
$234,453
107,690
(b)
$188,307
95,392
$131,676
65,278
a$79,946
$126,763
$92,914
$66,398
Equivalent 16 c. p.lamps
connected end of year
Gross earnings
Operating expenses..
Net
Interest
Dividends
Balance, surplus
a From the balance for 1907-081 as above, $79,946, there was deducted
$64,100 for special depreciation reserve under the terms of the general
mortgage (against $41,740 in 1906-07), leaving $15,846.
S In 1906-07 a stock dividend of 9%, $150,000, was paid out of profit
and loss account.
BALANCE SHEET SEPT.- 30.
1908.
1908.
1907.
1907.
LiabilitiesAssets
$
$
$
Capital stock
Plants, real estate,
3,780,000 3,250,000
&c
7,110,924 6,513,661 Bonds
3,715,000 2,654,000
Bills receivable
71,650 Surplus
142,348
119,970,
Accounts receivable_ 153,147 111,612 Acc'ts & bills pay'bie 183,074 313,339
Cash
321,328 264,578 Collateral loans
305,400
Bond interest acer'd. 92,875
Stock subscriptions
66,350
Depreciation reserve 192,040 127,940
not yet due
271,563
Materials on hand
81,681
59,373 Miscellaneous reserve 13,786
9,735
Open accounts
15,554
15,233
Total
Total
8,096,745 7,036,107
8,096,745 7,036,107
Note.
-1n addition to the liabilities given above, the company has taken over
certain properties which are subject to outstanding bonds, and mortgage loahs
.thereon, as follows: Evanston Heating Co., $125,000; La Grange Service Co.,
$257,000; real estate mortgages, $4,000 total, $386,000. The interest on these
bonds and mortgage loans has been treated as rental of property, and has been in-V. 87, P. 1424.
cluded •in the item of expenses.
Quebec Railway, Light & Power Co.
(Report for Fiscal Year ending June 30 1908.)
Pres. George H. Thomson, Quebec, Sept.8,writes in part:
Amory Manufacturing Co. and Manchester Mills shows:
OPERATIONS
-YEARS ENDING JUNE 30.
--1907-08.
1906-07.
Amoskeag Department- Yards.
Bags.
Yards.
Bags.
Production of cloth__ _ _ 159,924,856
1,446,465 172,542,220
1,460,500
Prey, stock on hand-..-.. 0,190,911
845
6,449,879
1,300
Total
Sales
169,115,767
149,104,026
1,447,310 178,992,099
1,301,549 169,801,188
1,461,800
1,460,955
Pres. stock on hand..- -- 20,011,741
145,761
9,190,911
845
Manchester Department-Year 1907-08.
Worsteds dyed & finished.12,301,687 Worst'ds dyed ec fin. sold..11,896,741
do
do on hand June
30 1907
980,253 Worsteds dyed and finish'd
on hand June 30 1908-- 1,385,199
Total
13,281,940
INCOME ACCOUNT YEARS ENDING JUNE 30.
Deduc.1908.
1907.
1907.
1908.
Receipts from
Interest
$13,265
$88,878
sales
$16,109,124 $17,879,541 Guaranty
61,499
52,648
Cost of manuChanges in infacture
ventory
14,969,932 16,394,138
Inc.177,377Dec.102,969
Dividends
921,600
921,576
Balance
$1,139,192 $1,485,403
Total
$810,137 $1,174,922
Balance, surplus for year
$329,055
$310,481
BALANCE SHEET OF OCT. 1 FILED WITH MASSACHUSETTS
AUTHORITIES.
1008.
1907.
1907.
1908.
Assets
4,760,000 5,760,000
3,000,000 :3,000,000 Capital stock
Real estate
50,000 1,425,000
Mat,& stkin proc_ 786,068 1,633,841 Accounts payable
Surplus
2,560,599 2,470,353
Cash and debts re6,163,924 6,271,850 Profit and loss
1,579,393 1,250,338
celvab.e
9,949,992 10,905,691
Total
-V. 87, p. 937, 227.
Total
9,949.092 10,905,691
La Belle Iron Works, Wheeling, W. Va.
(Report for Fiscal Year ending June 30 1908.)
President Isaac M. Scott is quoted in substance as follows:
The net profits of the year amount to $87,066; $20,000 has been placed
to the credit of "accident insurance account" and the balance, $67,046,
-Your La Belle and Miller ore properties were operated
Iron Ore Mines.
has been credited to surplus account, which now stands at $414,886. almost continuously, with satisfactory results both as to tonnage and qualConsidering the financial stringency and the unavoidable delay in the ity. The Wacootah mine was put on a producing basis last year for the
completion of our new power house and transmission lines,we feel that the first time to an extent sufficient to demonstrate that this property a
results are satisfactory.
"stripping, proposition) can be operated very economically, and that the
"
The new power house, transformer houses and transmission lines, &e., quality of the ore Is well suited to the requirements of your blast furnaces.
have been in operation since the close of our year, with gratifying results. So far this season it has been found advisable to operate the La Belle and
We look forward with confidence to Increased profits from this source Miller mines only, no work being done at the Wacootah.
during the current year.
Production of Mines (in Tons) for Fiscal Year.
At a special meeting of the shareholders held Nov. 7 1907, a resolution
Miller.
La Belle.
Total.
Wacootah.
Increase.
was unanimously passed authorizing the directors to apply to Parliament
237,501
52,8613
156,302
446,669
33 1-3%
for power to Issue $500,000 additional preferred stock. Acting under
-Your coke property In Fayette County, Pa., was operated in full
Coke.
such authority granted last June, your directors have offered to all•share- up to November 1, but since then, owing to the low price at which coke
to subscribe for 2,500 shares could be purchased, It was not deemed advisable to operate more of the
holders the privilege, until Sept. 15 1908,
new preferred stock at par. The proceeds will be used to pay the floating plant than was necessary to hold the works organization together. The
debt incurred in development work.
coke production was 63,433 tons, or a decrease of 29 7-10% compared with
The company's operations during the late Ter-centenary celebration the previous year.
were successfully carried out. and notwithstanding the crowded state of
-Your Steubenville mine produced during the year 126,251 tons
Coal.
the streets and the large number of passengers carried, no accident of a of steam and heating furnace coal, an Increase of 17 8-10%.
serious nature was reported. As the festivities took place after the close
Manufacturing.
-Your manufacturing plants were operated during the
of our financial year, the benefits accruing to the Company do not appear first four months of the fiscal year to their full capacity, producing a greater
in the figures of the present annual statement.
tonnage than In any similar period of the company's history; but during tile
succeeding eight months, owing to the business depression, operations were
General Manager Edward A. Evans says in part:
carried on on a basis of from 33 1-3% to 60% only, the production for the
Citadel Division.
-The total number of passengers carried upon this year and a comparison with the previous year being as follows:
division was 6,049,203, an increase of $534,075 over that of the previous
Gross Tons.
Gross Tons.
ProductsProducts-Dec.
Dec.
year; average fare 4.22 cents,against 4.24 cents; but toe income per capita
11,551
173,324 22.2% 'Sheets
of the population increased .from $3.24 to $3.55, still an exceptionally Pig Iron billets
43,708
189,392 34.4,/ 'Tubular goods
25%
low figure as compared with other cities. Snow removal cost $17,380
- Slabs and skelp
117,555 20.8%
146,106 3570 Wails (kegs)
'
the highest record since the inception of the road. Six new open cars Plates and
Pay Roll.-Durng the year there was paid out in salaries and wages $2,
and five new closed cars, as also five double electrical equipments were
208,063, the average number of employees being 2,993. This includes
added to the rolling stock.
During the Ter-centenary, from 21st to 31st July 1908, inclusive, this ore mines in Minnesota and coke works in Pennsylvania.
-The value of the shipments for the year aggregated $8,910,Shipments.
division carried 679,000 passengers, an increase of 412,000 over the corres712, a decrease of 28.5%.
ponding period of the previous year.
-During the fiscal year the sheet and plate mills have
Plant Additions.
Montmorency Division.
-The total number of passengers carried was
1,398,345, an increase of 163,085, average fare 10.10 cents as against been completed and put in operation. This addition consists of one 7210.40 cents last year. Upon the elevator at Montmorency 239,910 pas- inch three-high plate mill, two jobbing mills and eight light sheet mills,
sengers were carried, as against 226,213. The freight business represents together with galvanizing and roofing departments. Owing to lack of busi111,001 tons, or 5,826 car loads, an increase of 84,897 tons. Thirty ness It has not been possible as yet to fairly demonstrate what the new deadditional flat cars received just before the close of our financial year will partment will do in the way of tonnage and earnings.
reduce the outlay for the use of foreign cars. During the Ter-centenary
Oil Property -Since tne last report your company acquired title to a
98,843 passengers were carried, an Increase of 29,342 over the same period tract of land of 175 acres a little south of the Steubenville works. In
making tests for gas, oil was discovered, and up to the end of the fiscal year
of last year.
Power Division.
-The lighting and power division continues to show there had been put down 12 wells, of which 11 were producers, the total
progress, although, as on the other divisions, the Increased cost of labor production from Dec. 12 last, the date of the drilling in of the first well,
and material has had a marked effect upon the operating expenses. The to June 30 being 95,343 barrels. Since June 30 to date there have been
total lighting and power business on June 30 1908 represented 69,552 drilled in 11 additional wells, all of which are good producers. From presincandescent lamps, 1,976 h.p. In motors, 57 k.w. In heating apparatus ent indications the property should show a still further increase in producand 228 arc lamps, exclusive of the power supplied to the other divisions. tion, insuring a.1 income of substantial proportions for some time to come.
-Consistent with the action of the last two years, an addition of
Funds.
A contract has been entered into for the supply of 250 electrical horse
power to the Dominion Textile Co. at favorable rates, of which amount $250.000 has been made to the general depreciation fund, increasng that
100 h.p. has recently been supplied.
fund to $750,000. Liberal additions have also been made to the relining,
The new power house and dam at the Natural Steps have been handed rebuilding and contingent funds.
-In addition to the regular 8%cash dividend paid throughout
over to the operating department, but not In time for the revenues to
Dividends.
show in the present annual statement; during the Ter-centenary, however, the year, your directors, believing that conditions warranted it, authorized
the generator supplied to the city 134,500 k.w. hours of current for the a stock dividend of 33 1-3% (covering which certificates were issued durilluminations: and the increased revenue due to this division from the ing August), thus increasing the outstanding capital stock from 74,366
celebration amounted to about $14,000.
hares of $100 each to 99,155 shares.
I
DEC. 19 1908.1
THE CHRONICLE
1603
-In order that the effects of the business depression may be
General.
The new Welland plant is running In a very satisfactory manner. This
measured, it would be well to explain that from July to October, inclusive, plant Is nearer the grain producing section of the country than Plymouth,
your manufacturing plants were operated on a basis of 100%; November thus enabling us to put the twine into the consuming district at a less cost.
to February, inclusive, approximately 40%, and March to June, inclusive,
BALANCE SHEET JULY 31.
55%, June being on a basis of 60%, as against a little over 50% in March.
Owing to the stability of prices in general, the failing off in the company',
1908.
1907.
1908.
1907.
profits as compared with the last fiscal year is in exactly the same propor
Assets$
Liabilities$
$
$
Mon as the failing off in the value of the shipments. Our costs for the last Real estate
462,133 342,750 Capital stock
2,500,000 2,500,000
few months have been on a very reasonable basis, following a re- Machinery
656,140 420,000 Debts
2,782,813 2,423,792
trenchment all along the line. Your company Is In a sound financial po- Stock in process
2,200,294 1,733,602 Profit and loss
1,031,593 1,008,139
stion and only requires business of normal proportions to show larger Welland plant
800,000 1,000,000 Suspense account
50,000 100,000
earnings than at any time in its past history.
Cash & debts recle 2,496,509 2,800,158 Improvement acct
200,670 264,578
RESULTS FOR YEARS ENDING JUNE 30.
Total
6,565,076 6,296,510
Total
6,565,076 6,296,510
1907-08.
1906-07.
1905-06.
-V. 85, p. 862.
x1,755,639
Net profits for year
2,457,147
1,853,080
Iron Steamboat Co. of New Jersey.
Interest on bonds
147,000
150,000
150,000
594
Cash dividend
(8%) .928 (8)583,916(7%)
516,450
(Report for Fiscal Year ending Oct. 31 1908.)
Stock dividend
(8)550,880
1907-08.
1906-07.
1905-06,
1904-05.
Total
741,928
1,284,796
666,450
Earnings$
$
$
$
Balance, surplus for year
1,013,711
1,172,351
1,186,629 Ticket sales, Coney Island
221,384
233.528
242,665
209,948
Add surplus at end of previous Year. 3,150,810
2,228,459
1,291,829 Fishing route
83,721
86,028
80,226
80,504
Charters
25,525
31,000
26,045
26,202
Total
4,164,521
3,400,810
2,478,459 Privileges, &c
17,700
18,372
18,687
17,620
33 1-3% stk. div. paid Aug. 1908_
2,478,867
Special depreciation
250,000
250,000
250,000
348,340
Total
368,928
367,623
334,274
ExpensesBalance
1,935,654
3,150,810
2,228,459 Oper. exp., repairs, &c_
201,388
215,573
211,547
235,895
Rents
33,884
38,066
39,116
25,551
x After deducting $59,132 for'SprovIsion for exhaustion of minerals Terminal charges and
extinguishment of lease values, development, &e., and in 1906-07
and
wharfage
17,383
24.451
27,039
23,575
$178,008 for similar purposes and contingencies and $116,052 in 1905-06.
Taxes and insurance_ _ _
7,511
14,224
10,588
10,079
Note -Price, Waterhouse dc Co., who certify to the correctness of the Dreamland
18,469
26,999
34,783
36,707
accounts, say: "While no provision for accruing depreciation has been
made from the earnings of the past year, they have borne a charge of
Total
278,635
319,313
318,053
331,807
approximately $595,000 for repairs and maintenance, which, In our opinion, Net earnings
69,705
49,615
49,570
2,467
is sufficient to have fully maintained the efficiency of the plants during *"Other income"
10,210
8,658
the past year. From the available surplus of the company at June 30
1908 there has been appropriated an amount f $250,000 as an addition
Total income
79,915
58,273
49,570
2,467
to the reserve carried for general depreciation."
Deduct
Interest on bonds
25,000
25,000
25,000
25,000
BALANCE SHEET JUNE 30.
Other interest
1,085
8,881
7,745
7,445
1908.
1907.
1907.
1908.
$
AssetsLiabilities
$
Total interest
26,085
33,881
32,745
32,445
Property account_11,030,138 9,916,2213 Capital stock
7,436,600 7,436,600 Bal., sur. or deficit
sur53,830
sur24,392
sur16,825
def29,978
Other assets
45,000
2,450,000 2,500,000
520,000 Bonded debt
Insurance unexWages, taxes and
* "Other income" in 1907-08 Includes $10,210 for 1,021 shcres capital
pired, &c
royalties accrued 173,113
6,197
7,721
214.067 stock sold at par; in 1906-07 18,658 for profits on sale of Oscawanna Island.
Inventories
2,990,397 2,008,536 Accts. payable_ _ 350,656
479,684
GENERAL BALANCE SHEET OCT. 31.
148,732
Bills receivable_ -1 845,952f 138,028 Div. payle Aug. 1 148,732
Accts. receivable.f
1 1,648,251 Accrued interest_
22,885
1908.
22,400
1907. I
1907.
1908.
Cash on hand and
AssetsDeprec'n,&c.,fundsc1,158,045
888,522
$
$
1 Liabilities
736,868 1,102,053 33 1-3% stk. div.
in bank
Cost of property____1,000,000 1,000,0001Capital stock issued.. 303,000 292,790
paid Aug. 1908_ 2,478,867
Bills receivable
19,500
18,500 do do in treas_ _ 97,000 107,210
Total surplus
Valley Grove
8,744
8,744 1st mtge. 5% bonds_ 100,000 100,0(N)
June 30 1,435,654 3,150,810 Repair shops
5,690
5,00012d mtge.4% bonds_ _ 500,000 500,000
Cash
16,755
3,4531Loans
38,838
Tot, cur. assets..15,654,552 14,840,815 Total liabilities..15,054,552 14,840,815 Profit and loss
3,1411Profit and loss
a Includes: Real estate, buildings, plant, machinery, &c., at Steubenville and
Wheeling, $9,275,708; and mining, gas, oil properties, equipment. &c., $1,754,430.
S "Other Assets'• consist of patents and plants in 1907. c Reserve funds include:
For depreciation,$750,000;exhaustion of minerals, $179,450: for re-lining furnaces,
extraordinary repairs and contingencies, $228,595.
[The "Iron Trade Review" of Cleveland, In its issue of July 2 1908, had
an Illustrated article regarding the eight new sheet mills and the 72-inch
plate mill, monthly capacity 4,000 tons of sheet and 5,000 tons of plate respectively. which the company had then recently completed and put in
operation at Steubenville, Ohio.-Ed.1-V. 85, D. 1146.
Homestake Mining Co.
(Report for Fiscal Year ending May 31 1908.)
Superintendent T. J. Grier, Lead, S. D., June 1 1908,
wrote:
The "Homestake" has long since fully recovered from the effects of its
recent contact with fire and water. Development work resumed some
months ago continues to give saltIsfactory results and to insure longevity
to the mine. We reached the ore a short time ago in a westerly crosscut
on the 1,550 level at the "Ellison:" shaft and arc now crosscutting it. The
west side of the same shaft at the 1,700 level is likewise in the same ve n.
At the Golden Prospect shaft an additional hundred feet in depth has been
attained, making It 1,000 feet deep. At the Golden Star shaft we arc
raising from the 1,250 level and will soon have connection made there with
the 1,100 level. The other shafts remain as last reported. The plant
generally Is In fine condition and Is running smoothly in every department,
with ore reserves in sight for a couple of decades.
RESULTS FOR YEARS ENDING MAY 31.
1907-08.
1006-07.
1005-06.
Tons of gold ore milled
1,450,900
1,264,177
1,440,785
Average proceeds per ton
$3,251
$3.592
$3.54
Total proceeds of bars
$4,717,746 $4,541,006 $5,100,445
Income from foundry supplies, &c
*191,758
*246,687
113,209
Total income
$4,009,504 $4,787,783 $5,213,654
Deduct$
Operating and general expenses
3,405,129
3,095,382
3,475,765
Ellison shaft
102,104
69,760
182,272
Bills payable
250,000
Property purchase
1,969
3,585
8,392
Cons tut) I n an :urv ys
107,351
126,931
370,646
Taxes
74,729
115%520
40,282
Interest & discount
10,941
Dividends on $21,840,000 stock (2 A)546,000 (53)1,201,200(6)1,310,400
Total deductions
Balance
Surplus brought forward
Balance
4,498,222
sur411,282
32,636
4,812,378
def24,595
57,231
5,387,757
def174,103
231,335
sur443,918
sur32,636
sur5i,231
*Includes $100,000 from "bills payable" in 1907-08 and $150,000 in
1906-07.-V. 87, p. 742.
Plymouth Cordage Co., Boston.
(Report for Fiscal Year ending Aug. 1 1908.)
At the annual meeting on Sept.25,Treasurer G. F. Holmes,
it is reported, said in substance:
Total
--V. 85, p. 1460
1,050,689 1,038,8381
Total
1,050,689 1,038,838
Stromberg-Carlson Telephone Mfg. Co., Rochester, N. Y.
(Balance Sheet of June 30 1908.)
•
Secretary and Treasurer W. Roy McCanne, Rochester,
N. Y., August, 6 wrote:
This statement shows the amount of outstanding capital stock to be
$3,000,000 instead of $6,000,000 as here ofore, caused by the return to
the treasury of $3,000,000 common stock (V. 86, p. 1534). The assets
havc been correspondingly reduced by eliminating "good will and patent
account" ($1,716,515) and by creating reserves to cover depreciation of
bu !dings,equipment and merchandise, and unascertained losses on accounts
receivable, notes receivable and investments. The values herein shown
of real estate, buildings, equipment and merchandise are the appraised
or cash cost values, less reserves set up for depreciation.
BALANCE SHEET JUNE 30 1908.
Assets$
Liabilities
*Real estate, plant & equipm't_1,295,984'Preferred stock '
1,500,000
*Raw material, product finCommon stock (auth., $4,500,ished and in process
1,027,153
000; held in treasury,$3,000,Cash on hand and in banks.... 150,143
000)
1,500,000
Unexpired insurance
4,189 Real est. mtge., Chicago prop*Acc'ts and notes reerty, due Jan. 1 1911
80,000
ceivable &Invest'ts$2,073,913
Notes payable
920,000
Liability on 2
-year
Other liabilities (incl. accrued
notes of U. S. Ind.
wages)
21,046
Telephone Co____ x421,467
Surplus
108,869
1,652,446
Total
4,129,915
Total
4,129,915
*These accounts have been reduced by amount of depreciation and other reserves
heretofore created.
x The two-year notes of the U. S. Independent Telephone Co., It is announced,
will be paid off Sept. 17 1908. Compare V. 87, p. 681.
Directors-Albrecht Vogt, President; Edward W. Peck, Vice-Presl,
lent;
W. Roy McCann°, Sec. and Treas.: Harold P. Brewster, Wm. A. E. Drescher, Porter M. French, Abram J. Katz, Carl F. Lomb and John Craig
Powers.
-V. 86, p. 1534.
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Aurora De Italb & Rockford Electric Traction Co.
-Sold.
-At the foreclosure sale in Geneva, Ill., on Nov. 30 this
electric railway,extending from Aurora through ICaneville
and Maple Park to De Kalb, about 30 miles, was bid in by
Joy Morton for $195,000.
Under the first mortgage (American Trust & Savings Bank, Chicago,
trustee)), there are outstanding $686,000 bonds, with coupons in default
since and including Oct. 1 1905.-V. 87, p. 543, 165.
Birmingham (Ala.) Railway, Light & Power Co.
-Bonds
Offered.
--Isidore Newman & Son, New York and New
The general business depression has decreased our sales of rope, but, on
the other hand, our sales of binder twine, for domestic trade as well as Orleans, the Altheimer & Rawlings Investment Co., St.
for export, show a substantial increase, making our total sales of rope and Louis, Mo., and the United States Trust Co.of
Louisville,
twine 00,605,560 pounds.
There has been a great shrinkage In values for both Manila and Sisal are offerir g at 103M and interest the small unsold portion
hemp during the year, particularly on the former. On some grades the of a block 01 $1,000,000 "refunding and extension mortgage
decline has been from 4 eta. to 5 cts. a pound, but the market is still well
above the prices at which we have taken our raw material and manufac- 6% gold bonds," dated May 1 1907 and due May 1 1957,
tured good , and notwithstanding the conservative figures we have used in without option of prior payment. Denomination $1,000 c*.
our inventory, we have been able to make our regular dividends of 2%
quarterly and an extra dividend of 2%, and make a slight gain In profit Interest payable May land Nov. 1 in New York and Boston.
and loss account.
Old Colony Trust Co., trustee. A circular says in substance
:
The various buildings have had the usual repairs, painting, &c., and whatCapitalization.
ever was necessary to keep the machinery In good order has been attended
to, and as usual, charged to manufacturing account. New machinery Stock (pref. 6% cumulative, $3,500,000; common, $3,500,000) _$7,000,000
amounting to about $10,000, and other items aggregating $63,007, have "Refunding and extension mortgage bonds" (authorized issue
$25,000,000), interest rate to be fixed at time of issue, not
been charged to improvement account.
exceeding 6%
Mill No. 3 has been completed, and we commenced to spin yarn in this
Outstanding, interest rate fixed at 6%
mill March 19. We now have in operation 208 spindles, with the necessary
1,000.000
Reserved to retire underlying bonds
preparation machinery. For the power for this mill we have put in an
9,702,000
engine which is run by gas, with satisfactory results. We have paid out
Remainder reserved to provide for future exduring the year for Mill No. 3 and machinerye threin $151,386.
tensions and additions
14,298,000
1604
THE CHRONICLE
Abstract of Letter From Pres. A. H. Ford, Birmingham, Ala.. MaY 1 1908
-The company was Incorporated June 1 1901 under a broad
Property.
and liberal charter.and owns the entire street railway, gas and electric
light and power business in Birmingham and all of the principal near-by
cities and towns, except the gas business in Bessemer and the electric
lighting in North Birmingham, embracing on Jan 1 1908:
Street railway, including all of the lines In Birmingham, East Birmingham, North Birmingham, Brighton, Graymont, Bessemer, Ensley,
Pratt City, East Lake, Avondale, Gate City, Elyton, West End,
Woodlawn and Wylam. Total measured as single track, miles_ _ _ 133
Electric light system, Including entire municipal and commercial
electric light and power business in Birmingham, Bessemer, Ensley,
Elyton, Graymont, Pratt City, Woodlawn, Wylam. Avondale, East
6,740
Lake and West End. Total customers
Gas system, serving Birmingham, Avondale, Woodlawn, West End,
5,607
Graymont, Fairview, Elyton and Ensley. Total customers
The company also owns a steam-heating plant in the city of Birmingham.
Physical condition excellent; all but 21.3 miles of the street railway lines
laid with 60 to 117-lb. rails. Gas and electric light plants, modern and
1111
fitted for a large increase In business.
-All the franchises In Birmingham are unlimited in time,
Franchises.
except those on some small extensions aggregating about 40 city blocks,
which are limited to 30 years. Outside of Birmingham (1) 70 miles of
railway are located on private right of way, and the franchises on the remainder, except 2.1 miles, are unlimited in time; (2) the electric light and
power franchises are unlimited in time except the following, which expire
as follows: East Lake, June 28 1934; Ensley, April 19 1914; Wylam,
July 5 1934; (3) the gas franchises are unlimited In time except that at
Avondale, which runs to June 3 1934. All franchises are free from burdensome restrictions.
-In its "refunding and extension mortgage" the company has
Bonds.
sought not only to provide for the refunding of its present debt but also
for the additions required by the rapid growth of the Birmingham district
during many years to come. Unusual precaution has been exercised to
maintain the security of outstanding bonds. The mortgage covers the
entire property, including the large central power station. No additional
underlying bonds may be issued; $9,702,000 bonds are reserved to retire
these.
't de $1,000,000 bonds which you have purchased have been issued to
reimburse the company for the cost of additional property heretofore acquired; S300,000 additional bonds may be Issued to cover the cost of
additional property, but not until $300,000 In addition to the proceeds of
the $1,000,000 bonds already Issued have been expended for additions to
property since March 1 1907; $1,200,000 of bonds may be issued only for
the cost of construction or acquisition of a new power station, provided that
this mortgage shall be the first lien thereon. Of the remaining $12,798,000
bonds none may be issued except upon resolution of the directors and on
certificate of the officers that the bonds to be Issued are only 80% of the
cost of improvements made and additional property acquired, free from
liens except those of the underlying and "refunding and extension mortgages"; that the net earnings for the previous 12 months have been equal
,
to at least 135 times the total interest charges for the same period', plus
the annual interest charges on bonds to be Issued; that proper expenditure
has been made for maintenance and Included In operating expenses within
the previous 12 months'and that the amount so expended is at least 10%
of the gross earnings for that period. The company cannot, therefore,
Issue any of the $12,798,000 bonds unless It has within the previous year
earned at least $250,000 in excess of its interest charge and expended on
maintenance and charged to operating expense not less than $220,000
(assuming gross earnings to be not less than that of 1907).
-Beginning In 1918 the company will annually pay into
, Sinkiny Fund.
sinking fund, in cash or bonds, an amount equal to 35 of 1% of all bonds
Outstanding. The trustee may invest the moneys in the company's bonds
by purchasing them in the open market at prices not above 4 %'ic, interest
basis, bonds so purchased to continue to draw interest, which shall be
re-Invested. The underlying mortgages also provide for sinking funds.
-The proceeds of the $1,000,000 bonds described
Additions to Property.
and
herein represent the cost of extensions, additions of improvements made
which $1,000,000 were
Approximately s3,000,poo.
since March 1 1907.
stock, have been expended
derived from the sale of $1,000,000 preferred and as a
result the property
company within the past three years,
by the
has been greatly improved and its earning capacity largely Increased.
With this issue of bonds outstanding, the annual interest charge will be
year were largely In excess of
but $501,510. The net earnings for the past
this sum.
Increase in Company's Business in 1907 over 1906.
.
4ota%
1T.9ll
Street By. Dept. Elec. LW. Dept. Gas Dept. Steam Mg. Dept.
20.66%
13.73%
20.88%
12.38%
American Cities
[The ownership of this property is now vested In the stock
and 78.8%
Railway & Light Co., which owns 88.3% of the common
of the preferred stock. Compare statements for both companies on page
-V. 86, p. 479.
10 of "Electric Railway Section."]
-Bonds for Financing.
-Committee.
Boston & Maine RR.
The 'Boston Transcript" of Dec. 9 said:
the following
named were apAt yesterday's meeting of the directors
pointed a finance committee: Lucius Tuttle, Richard Olney, John L.
Samuel H emenway, F. C. Dumaine, J. M. Prendergast. This
Dillard,
committee Is to report at an early date its recommendations as to the
most advisable method of financing the company's indebtedness. The
road has more than $11,000,000 short-time notes outstanding, of which
$7,300,000 carry 335% Interest. The remainder carry 6% and can be
renewed at 4%. or possibly less.
The board of directors Dec. 16 voted to accept the report
of the finance committee recommending an issue of $11,700,000 20-year bonds, and directing that tenders be called
for from the I( ading banking houses both in Boston
and New York, first on an issue bearing 4% and second on
A
an issue bearing 41 % interest. The bids must all be in by
10 a. m. on Wednesday, Dec. 23, when they will be opened
--V. 87, p. 1532, 1357.
by the board.
-Annual Dividend Rate
Boston & Worcester Electric Cos.
-The trustees yesterday deReducedfrom $4 to $2 per Share.
clared a dividend of $1 a share on the preferred shares, payable Jan. 1 to holders of record Dec. 26. This reduces the
annual rate from $4 to $2 per share. It is proposed to limit
the July 1909 dividend also to $1. "This policy," the trustees say, "will enable the operating company to build up a
reasonable surplus, and,with the increase in fares soon to go
into operation, should justify the resumption of regular
dividends." Compare V. 87, p. 1532, 1418.
-Ten-Cent Fare to Flushing
Brooklyn Rapid Transit Co.
-The Public Service Commission, First District,
Allowed.
on Saturday last, by a unanimous decision, dismissed the
complaint of the Flushing Association to reduce the fare to
Flushing from 10 to 5 cents.
It was claimed that the extra fare between Ridgewood and Flushing is
Illegal and in violation of the charter of the operating company. Commissioner Bassett. who writes the opinion, says that the earnings of the
Flushing-Ridgewood line are clearly less than the cost of operating the
road, including taxes and fixed charges, and that there is no reason to believe that a reduction of fare would cause such an Increase in business as
to wipe out the deficit, because of the proximity of the station of the Long
Island RR. to the Flushing terminus, the latter affording a quicker means
which "start
of reaching Manhattan than y way of the trolley cars,decision Is out from
considered
the same point not more than one-half filled." The
Important In Its possible bearing on the dispute over the Coney Island fare
-V. 87, p. 621, 612, 224.
now before the Commission.
question
Canadian Northern Ry.-Duluth Rainy Lake & Winnipeg
-The company, it is announced, has signed
Ry. Acquired.
the contract for the purchase of the Duluth Rainy Lake &
Lxxxvn.
Winnipeg Ry.. The road, it is said, will be extended 60
-V.87, p. 1477, 1418.
miles to Duluth, but not at present.
Carolina Olinchfield & Ohio Ry.-Openingfor Operation.
The road will be put in operation during January from Dante,
Va.,to a connection with the Seaboard Air Line at Bostic,
N. C.,a distance of 210 miles, for carrying of coal, and in
February for commercial business. The extension of the
road on the South from Bostic to Spartanburg, 33 miles, is
being pushed to completion and will be ready for operation by
September 1909. See map in Railway Section, page 25.
The capital stock has been increased to $30,000,000, of
which one-half is 6% preferred. V. 87 p. 676, 613.
-Bur-Called Bonds.
Chicago Burlington & Quincy RR.
lington & Missouri River RR. in Nebraska 6% bonds due
July 1 1918 drawn for payment, viz.: $212,000 bonds for
$1,000 each and $25,800 bonds for $600 each were due and
payable at the New England Trust Co., Boston, on Jan. 1
1909.-V. 87, p. 1419, 1237.
Chicago Great Western Ry.-Reorganization Prospects.
One in a position to know the facts confirms the report that
when the London committee issues its plan of reorganization,
"ample opportunity will be given to all holders of all classes
of the stocks to deposit under the plan without penalty."
It is not expected that any plan will be issued for several
-V. 87, p. 1419, 1357.
months.
-For Octo-Earnings.
• Chicago & Milwaukee Electric RR.
ber 1908 and the ten months enaing Oct. 31:
October, 10 Mos.
October, 10 Mos. I ExpensesEarnings$40,591 $397,972 I Maint.way& equip_ $10,600 $09,162
Passenger
33,220 lOper.of pm er plant 13,049 100,670
4,509
Freight
18,303 01 eration of cars__ 11,738 106,297
2,000
Express
54,388
18,956 Misc. expenses____ 6,320
Miscellaneous ____ 2,226
$41;804 $330,517
$49,326 $468,451 I Total
Total
$7,522 $137,934
Net earnings
7,550 138,197
Total net Income (including miscellaneous items)
36,761
4,083
Taxes
Net income
$3,467 $101,436
-The protective
Illinois Division Bondholders' Committee.
committee for the Illinois division bonds, no mely $1,080,000 C. & M. E. Ry. 5s due 1919 and $4,000,000 C. & M. E.
RR. 5s due 1922, is composed of Lloyd Harris, M. P.,
Brantford, Ont.; L. Goldman, Managing Director, North
American Life Assurance Co., Toronto, Canada, and Marshall E. Sampsell, 181 La Salle St., Chicago. Mr. Goldman
writes:
It is important that the bonds be deposited with the Northern Trust Co.
of Chicago before Jan. 1. For bonds held in Canada or Great Britain we
are asking that the deposit of these be made with the Toronto General
Trusts Corporation of this city before the close of the year. Up to this
time we have not asked for deposit of the bonds, but we purpose to do so
-V. 87, p. 1532, 1477.
without further delay.
-The
Chicago & North Western Ry.-Bond Negotiations.
management, it is understood, has under consideration the
sale of a block of new bonds amounting, possibly, to $20,000,000, or $25,000,000, for the purpose of refunding some
$7,700,000 of bonds maturing in 1909, to reimburse the treasury for capital expenditures and to provide for additions
-V. 87, p. 1159, 880.
and improvements.
Chicago &„Western Indiana Ry.-Sale of Bonds Provides
-The company has sold to William
for Retirement of Notes.
Salomon & Co.$12,271,000 4% consolidated mortgage bonds,
part of the proceeds of which will be used for retiring an issue
of $8,000,000 collateral trust 5% notes which mature on
Feb. 1 1910, but which will be called for payment on Feb. 1
next. Moffat & White and the Equitable Trust Co. are
associated with William Salomon & Co. in the transaction.
-V. 87, p. 1299, 414.
-Langley
Colorado & Southern Ry.-Northern Extension.
& Lawrence, 10 Wall St., in their stock letter of Dec. 11 say:
The plans for the further extension of the road include a northern extension from the present terminus In Wyoming to a point east of Billings,
Mont., a distance of 350 miles. The line will connect w ith the new
Pacific Coast extension of the St. Paul. The cost of this new road is esti,
mated at $10,000,000. The money is to be raised by the first mortgage
& Southern
on the extension. On the completion of this line, the Colorado West. The
will be one of the'most important railway systems of the -V. 87, p.
averages about $50,000 per mile.
capitalization of this system
1478, 1300.
-Sale of Dawson Fuel Co.
Dawson Railway & Coal Co.
See Stag Canon Fuel Co. under Phelps,Dodge & Co., Inc.,
in V.87, p. 1536; also below.
-Decision of Public Service ComDelaware & Hudson Co.
-The Public Service Commission,
mission as to Bonds.
Second District, at Albany on Dec. 17 announced (1) its
unanimous decision approving the proposed issue of $230,000
"first and refunding" bonds to retire notes issued for purchase
of Troy & New England Ry. securities; (2) its disapproval
(two of the , five dissenting) as to 1,11 issue of bonds to
refund notes amounting to $4,665,295, made in connection
with the purchase of interests in the Hudson Valley Co.
and United Traction Co., and (3) its disapproval (one Commissioner dissenting) of the proposition to issue bonds of
the railroad on account of $2,500,000 advanced for purchase
of coal properties (compare V. 87, p. 96, 480; V. 86, p. 1589).
The Commission summarizes its findings in part as follows:
for
The Delaware & Hudson Co., a steam railroad carrier, Issued notes
$4,665,295 85. and with the proceeds purchased, through Its subsidiary
the Hudson
Development Company, nearly all the stock and bonds of considerably
Valley Co., an electric railway carrier. The price so paid was
feeder to
in excess of the investment value. The Hudson Valley is not a extent,
the Delaware'& Hudson steam line, except to an insignificant
Valley property. The Delaand as to only a small portion of the Hudson
securities,
ware & Hudson did not actually take over the Hudson Valleythe United
but It caused its Development Company to transfer them to
took an assignment of
Traction Co., another electric railway carrier, and
the Developthe United Traction Co.'s certificate of Indebtedness Issued to
ment Co.
DEC. 19 1908.1
THE CHRONICLE
The Delaware & Hudson, controlling through stock ownership the United
Traction Co., caused this certificate of indebtedness to be issued for $7,500,000, and later exchanged the certificate for a 1 ke amount of additional
United Traction Co. stock specially issued for the purpose. The difference
between the purchase price of the Hudson Valley securities and the amount
of the certificate of indebtedness issued by the United Traction Co., substantially $2,500,000, covers a premium of $50 per share on 50,000 shares
of United Traction stock previously purchased by the Delaware & Hudson.
Such an Investment in securities of an electric railway company,operating
a wholly disconnected property, Is not, under the Public Service CommisMom Law, the proper subject of a bond issue secured by a mortgage solely
upon the Delaware & Hudson Co.'s steam railroad properties. The Commission cannot certify in such a case that the capital sought to be Issued is
reasonably required for any of the purposes defined In the statute, all of
which purposes have reference to property and facilities necessary to performance of public service by the company as a common carrier corporation.
The Delaware ec Hudson Co. raised $2,500,000 by notes prior to the
taking effect of the Public Service Commissions Law, and advanced this
money for the purchase of certain coal lands in Pennsylvania. It now
seeks to refund or discharge these obligations by the issue of bonds solely
upon its railroad property, leaving Its coal lands free from such incumbrance. The applicant shows that a large amount of money has been expended upon Its railroad for improvements which have not been capitalized.
The applicant's contention that the railroad company property may
be fairly charged with this additional debt because of the large tonnage its
coal furnishes to the railroad, thereby adding greatly to the net revenue of
the road and furnishing revenue for Its development, Is stated and discussed. Placing this burden upon the railroad property would not operate
at present or In the future to reduce a single freight rate or passenger fare,
but can only tend to Increase it. The coal lands must be deemed sufficiently valuable to bear a separate mortgage incumbrance.
The company yesterday announced its intention to appeal
-V.87, p. 1419, 1234.
to the courts from the decision.
Duluth Rainy Lake & Winnipeg Ry.-Sale.-See Canadian Northern Ry.above.-V.87, p. 1420.
-Sale of Coal Properties.
El Paso & Northeastern Co.
See Stag Canon Fuel Co. under Phelps, Dodge & Co., Inc.,
in V. 87, p. 1536; also below; and compare page 50 of "Railway & Industrial" Section.
-J. P. Morgan
-Purchase of January Coupons.
Erie RR.
& Co.announce that they will, on or before Dec.31, purchase
at par for cash the coupons due Jan. 1 from the $35,000,000
prior lien 4% bonds and from the $45,342,000 general lien
-V. 87, p. 1478, 1420.
4% bonds.
Fairmount Park Transportation Co.-Report.-For years
ending Oct. 31:
1605
New York Central & Hudson River RR.
-No Extra Dividendsfrom Subsidiary Companies.
-See Lake Shore & Michigan Southern Ry. and Michigan Central RR. above.
V. 87, p. 1420, 1301.
New York New Haven & Hartford RR.
-Listed in London.
-The London Stock Exchange recently granted an official
quotation to £5,734,750 4% 15-year European loan of 1907
in bonds of £19 15s. 6d. each (francs 500), Nos. 1 to 290,000.
Compare V.84, p. 391, 450, 508, 931.-V. 87, p. 1479, 1420.
Norfolk & Southern Ry.-Foreclosure Suit, &c.
-The
Trust Co. of America, as trustee of the "first and refunding"
on Dec. 12 filed a bill of foreclosure in the Federal
mortgage,
Court at Norfolk, Va., the interest due Nov. 1 last being
in default. Judge Waddill entered a decree consolidating
the case with the suit begun last July, on which the receivership was granted (V. 87, p. 38), and also an order referring
the petition for the issuance of the $1,000,000 receivers'
certificates (V. 87, p. 1414) to R. M. Hughes Jr. of Norfolk.
A decision is expected to be handed down shortly. V. 87,
p. 1479, 1414.
Northampton (Mass.) Street Ry.-Six-Cent Fare after
Jan. 1.
-The directors on Dec. 16 voted to increase the fares
from 5 to 6 cents, effective Jan. 1 next. On the Williamsburg line the present reduced rate for ticket books will,
-V. 86, p. 481.
however, remain in force.
Northern Ohio Traction & Light Co., Akron, O.
-Treasury
Holdings.
-"Cleveland Finance' of Dec. 12 said:
We are informed by one of the directors of the Northern Ohio Traction
& Light Co. that his company has available for any necessary financing
the following securities: *1,040,000 Northern Ohio Traction & Light 4s;
$768,000 Canton-Akron Consolidated Ry. 5s and $200,000 Akron Barberton & Western 1st 5s. This makes a total of $2,008,000 par value. The
company anticipates no difficulty In refunding the bonds due next year.
-V. 87, p. 545.
Ogden Street Ry., Ohicago.-Bondholders' Committee.
-A
committee consisting of John P. Reynolds Jr., J. W. Hamer,
George Rhodes and William C. Cook requests the holders
of the first mortgage 6% bonds (amount outstanding $750,000) to deposit their bonds with the Illinois Trust & Savings
Surplus. Bank, depositary, 237 La Salle St., Chicago, on or before
Charges.
Net.
Gross.
Year$47,540
$75,862
$28,321
$145,543
1907-08
15,576 Jan. 15. Compare V. 87, p. 1301.
51,219
66,795
133,823
1906-07
The net profits of the Woodside Park, which is owned, were $3,375 In
-Order for Rails.-The company's steel
Pennsylvania RR.
1907-08, against $4,486 In 1906-07.
-On subse- order for 1909 delivery, which calls for 135,500 tons of rails,
-Notes Listed.
Interborough Rapid Transit Co.
16, divided as follows:
quent pages of to-clay's issue is printed at length the com- was announced Dec.
Steel Co
25.000
Illinois Steel Co.--)U. S. Steel
pany's application to list on the New York Stock Exchange Carnegie Steel Co.JCorp'n __ _62,500 PennsylvaniaSteel Co
Lackawanna
13,000
10,000
25,000 Bethlehem Steel Co
the outstanding $24,500,000 three-year convertible 6% Cambria Steel Co
notes due May 1 1911. The application, in addition to a
-See Philadelphia Baltimore & WashingSale of Bonds.
description of the notes and the bonds securing the same, ton RR. below.-V. 87, p. 1534, 1421.
into which they are convertible to Nov. 11910,at the rate of
-Pennsylvania
Philadelphia Baltimore & Washington RR.
$99 in collateral notes for $100 of bonds, gives in detail the RR. Sells $5,000,000 Bonds.
-The Pennsylvania RR.Co. has
.
terms of the contract with the city for the construction of the sold to Brown Bros. & Co.and E. B. Smith & Co. $5,000,000
Subway,also the terms of the lease of the Manhattan Ry., Philadelphia Baltimore & Washington 4% serial gold bonds
the securities of other companies owned, and the income of $1,000 each (c*) authorized by the shareholders in July
account for the year ending June 30 1908,and balance sheet 1907 (V. 85, p. 284). It was announced yesterday that the
on that date. The bonds are tax exempt, the mortgage bonds had all been sold. A circular offering the bonds on
tax imposed by the laws of New York State having been a basis yielding an income of about 4.22% described them
-V.87, p. 1533, 1479.
paid.
as follows:
Dated Jan. 1 1909. Due serially $500,000 Jan. 1 1915 and $500,000
-Called for Payment.
Interoceanic Railway of Mexico.
1924. Interest payable Jan. 1
annually
been called for and July thereafter to and including Jan. 1 $5,000,000. A general obligaThe £400,000 5% prior lien debentures have
1. Authorized and outstanding,
redemption on June 1 1909, at par, at Martin's Bank, Ltd., tion not secured by mortgage. It is provided that any new mortgage
created by the company must secure them equally with the bonds issued
Lombard St., London, E. C.
thereunder. They are preceded by $20,000,000 mortgage bonds and
The holders of prior lien debentures who,on or before Dec. 23,send the followed by *25,137,950 capital stock upon which 4% dividends have been
numbers of their bonds to the company will have the option of exchanging paid regularly since the formation of the company (by consolidation) in
their debentures on Jan. 1 1909 for an equal amount of fully-paid 4% 1902. The Pennsylvania RR. Co. owns $25,135,475 *1 the $25,137,950
debenture stock (forming part of a total creation of £1,150,000 of such outstanding stock. The lines owned form the extension of the Pennsylstock) and In addition a cash payment of £6%. The 4% debenture stock vania System to Baltimore and Washington, and to Pope's Creek, Md.;
will carry interest from Sept. 15 1908, payable March 15 and Sept. 15. the lines operated comprise in addition the Pennsylvania System lines
in Delaware and Eastern Maryland. Mileage owned 226, of which 135 are
Compare report In V. 87, p. 1531.
double track from Philadelphia to Baltimore and Washington. Mileage
- operated 710.-V.87, P. 415.
-Called Bonds.
Kansas City Street Railway & Light Co.
Forty-six ($46,000) first mortgage 5% bonds of the Corrigan
Consolidated Street Ry. dated 1886 have been drawn for
redemption on Jan. 1 at 110 at the Central Trust Co., New
-V. 87, p. 810, 37.
York City, trustee.
Lake Shore & Michigan Southern Ry.-No Extra Dividend.
-The regular semi-annual dividend of 6% was declared on
Wednesday, payable Jan. 29 on stock of record Dec. 31, but
-V. 87,
the extra 2% paid in January 1908 was omitted.
p. 1533, 226.
-P. A. B. Widener of
-New Director.
Lehigh Valley RR.
Philadelphia has been elected a director and also a member
of the executive and finance committees to succeed H. McK.
Twombly, who resigns, the Lake Shore & Michigan Southern
Ry.(N. Y. Central), which he represented, having sold its
stock. See V. 87, p. 1533, 1301.
-The London Stock
-Listed in London.
Manila Railway.
Exchange recently granted an official quotation to
Further issue of /100,000 4% "A" debentures (Nos. 2,501 to 2,650 for
£200, 4,001 to 14,150 for 1100, 24,501 to 25.000 for £50, and 32,501 to
34,000 for £20); and £100,000 4% "B" debentures (Nos. 14,301 to 14,500
for £100, 24,501 to 25,300 for £50 and 32,501 to 34,500 for 120 each).
-V.87, p. 166.
-Sale AuthorMassachusetts Electric Companies, Boston.
-The stockholders on Dec. 16 authorized the trustees
ized.
to sell 7,236 preferred shares of the Boston & Northern St.
Ry. and 3,726 preferred shares of the Old Colony St. Ry.
previously authorized by the Massachusetts Railroad
Commission. Compare V.87,p. 1358.-V.87, p. 1475, 1420.
-The
-Extra Dividend Omitted.
Michigan Central RR.
directors on Wednesday declared the regular semi-annual
dividend of 3%, payable Jan. 29 on stock of record Dec. 31,
but omitted the extra dividend of 2% declared for the first
-V.86, p. 851, 860.
time a year ago.
St. Lawrence & Adirondack Ry.-Dividend Reduced.
The company, whose entire stock is owned by the New York
Central & Hudson River RR., has declared an annual dividend of 4%, payable Dec. 31, comparing with 5% on the
same date in 1907 and 1906. Compare V. 83, p. 1412.
Sao Paulo (Brazil) Tramway, Light & Power Co., Ltd.
-The directors on Dec. 4 declared
Dividend Rate Now 10%.
a quarterly dividend of 2M% on the $9,700,000 capital stock,
payable on Jan. 1 next, thus increasing the annual dividend
rate to 10%,contrasting as follows:
1903.
1902.
5f%
%
-V. 87, p. 39.
1790%4.
1905.
8%
1890%6.
1907.
1908.
9%
Seaboard Air Line Ry.-Additional Receiver's Certificates
-Judge Pritchard in the United States Circuit
Authorized.
Court at Richmond, Va.,on Monday authorized the receivers
to issue $4,250,000 series C 5% receiver's certificates, to be
dated Jan. 1 next, and payable within 3 years from their
date. As intimated last week, the certificates have been
sold to a syndicate formed by the National City Bank of
New York, being the same syndicate which took the $3,000,000 series A 6% certificates dated June 15 last. (Compare
V. 86, p. 1590, 1285, 1044.) There are also $260,000 series
B 6% certificates. All of the series are of the same rank
and are equally secured. The new series will be offered
-V.87, p. 1480, 1089.
shortly.
-Charlottesville & Rapidan
Southern Ry.-Called Bonds.
RR. bonds aggregating $24,600 will be paid at the Philadelphia Trust, Safe Deposit & Insurance Co.,Philadelphia,
Pa., on Jan. 1 1909.-V. 87, p. 1023, 1012.
-Sale Jan. 5.-A press dispatch
Texas Short Line RR.
a
from Canton, Tex.,says that this 93/ mile railroad running
1606
THE CHRONICLE
Lxxxvn.
from Hoyt in Wood County, to Grand Saline, Van Zandt grades of the line through Bristol, they had also begun the construction of
the Holston River line,
County,Tex.,will be offered for sale at auction in Canton on Southern By. at Persia,from a point at Moccasin Gap, connecting with the
Tenn. This new line Is
water grade.
Jan. 5 as ordered at the fall term of the District Court of and by reason of the increased train-load possiblepractically at the new line,
In operating
as compared with the line via Bristol, besides shortening the distance to a
Van Zandt County; upset price $50,000. V. 78, p. 1393,
considerable degree, very considerable economies of operation are confidently expected after the Holston River
The
Tonopah & Goldfield RR.—Called Bonds.—Seventy-seven Southern By. Co., to complete these lines line is put Into operation.termiand for the acquisition of
($77,000) first mortgage 6% bonds of 1906 have been called nals for the Va. & S. W. In Bristol and elsewhere, expended $2,064,300
In cash, and $2,070,000 of the first consolidated mortgage bonds have been
for payment on Jan. 2 at the Land Title & Trust Co. of Issued therefore. (Compare V. 86, p. 1102, 1287.) The company
has no
Philadelphia, trustee.
floating debt.
Earnings for the Past Three Years.
Report.—See a preceding page.—V. 87, p. 1301.
1907.
1908.
1906.
Gross
$1,062,500 $1,097,592 $1,009,336
Topeka-Southwestern Ry.—New Steam Railroad Enter- Net
.
349,296
360,723
400,344
prise—Bonds Offered.—Lamprecht Bros. & Co., Topeka Charges
174,712
223,265
151,778
For the four months ending Oct. 31
New York and Cleveland, are the fiscal agents of this new against $138,236 last year. With the 1908 the net earnings were $191,793,
completion of the low-grade Holston
steam railroad, now under construction from Topeka to River division, the earnings should be materially increased.
Application will at once be made to the New York Stock Exchange to
Council Grove, Kan., 60 miles, and are offering its first have these
bonds listed.—V. 87, p. 98.
mortgage bonds at par and interest. The capital stock,
Wabash RR.—See page 1609.
authorized and issued is $1,500,000 (common $1,000,000,5%
preferred $500,000; par of shares $100 each), and the bonded
INDUSTRIAL, GAS AND MISCELLANEOUS.
debt authorized is $1,500,000, consisting of first mortgage 6%
gold bonds dated March 1 1907 and due March 1 1927, but
American Agricultural Chemical Co.—New Director.—
redeemable after March 1 1917 at 105. Denominations $500 G. M. Lane, of Lee, Higginson & Co., of Boston, has been
and $1,000; interest payable M. & S.at Columbia Trust Co., elected a director to succeed Charles B. Hobbs, who resigned.
New York, trustee. A circular says:
—V. 87, p. 874, 814.
The company also has the right under Its charter to extend the line to
American Ice Co., New York.—Possible Financing.—An
Marlon. It will supply transportation facilities to a most fertile and prosperous region, which has never been brought to its full measure of develop- exchange journal says that a committee of directors has been
ment, owing to the lack of railway accessibility. The company has ob- formed "to consider plans for a
readjustment of capitalizatained a valuable franchise from the city of Topeka, and will have its
terminus In the center of the city, on Kansas Ave. It is contemplated that tion and the raising of sufficient new money to pay off the
the control of this road through stock ownership will be In the hands of floating debt, which now amounts to about $2,000,000."
representative" citizens of Kansas, assuring an independent and local
management. A special service will be provided for quick and frequent —V. 87, p. 98.
shipment of perishable products, such as milk, eggs, vegetables, doc.
American Live Stock Transportation 00.—See Estate of
The road is being constructed in the most substantial manner, equal to
average standard trunk-line construction, In order to provide for economical, Nelson Morris, Chicago, below.
profitable and safe operation.
American Smelters Securities Co.—See Federal Mining &
Estimated Earnings and Expenses for First 60 Miles, Topeka-Council Grove.
Passenger receipts
$26,000 Net earns. (after taxes, &c.) $146,000 Smelting Co. below.—V. 86, p. 231.
Freight and express
285,000 I Bond interest
90,000
American Sugar Refining Co.—Decision in Federal Suit
$311,0001 Surplus
Total gross earnings
$56,000 Brought by Pennsylvania Sugar Refining Co.—See that comThe railway will have a tributary zone of over 460,000 acres, some of pany below.—V. 87, p. 1481, 1422.
which are a great deal more productive than others, while a considerable
American Telephone & Telegraph Co.—Earnings of
portion not now cultivated will be made extremely profitable when rail
transportation is available. (President C. K. Holliday, and Secretary- "Associated
Operating Companies."—For the month of
Treasurer, E. B. Merriam, both of Topeka.)
Trinity Valley Southern Railway, Texas.—Change in October and the first ten months in 1908 and 1907.
One
Telephone
Net
Other
Interest
Balance for
Control.—The "Houston Post" of Dec. 4 said:
Revenue.
Month—
(over taxes.) Income. Charges. Dividends.
A. C. Ford of Fort Worth, of the Ford & Isabel Lumber Co. and of the
Thompson-Ford Lumber Co., yesterday purchased the controlling interest
In the Trinity Valley Southern Ry., extending from Dodge to Oakhurst, a
distance of 7 miles. it is said that this deal has no connection with either
of the lumber deals.
1008
$10,261,800 $2,860,800 4430,400 $621,400 32,669,800
1907
9,893,300
2,641,200
383,500
630,400
2,394,300
10 Months
190899,168,600 26,653,200 4,296,600 6,388,400 24,561,400
1907
93,893,000 24,470,600 3,806,900 5,926,900 22,359,600
Operating expenses include maintenance charges and taxes amounting
to $3,245,200 in October 1908, against $3,053,800 In October 1907; and
$32,083,200 for the ten months In 1908, against $29,513,900 for the same
period in 1907.
Union Pacific RR.—President Harriman and Others Not
Required to Answer.—The United States Supreme Court on
Monday by a divided vote (5 to 3, one not voting), reversing
4% Convertible Bonds.—Alfred Mestre & Co., members
the lower court, held that President E. H. Harriman and
others need not answer the questions put to them last year of New York Stock Exchange, 52 Broadway, in a circular
bearing on the purchase of the stocks of other roads by the regarding the $150,000,000 4% convertible bonds, say:
At the present selling price (Dec. 7) around 93 34 and interest, these
Union Pacific. Compare V.86, p. 481, 170; V. 85, p.406.
bonds constitute a call on the stock, operative March 1 1908, at about
The majority opinion, written by Justice Holmes, holds that the authority 125.05. The stock is selling on the stock Exchange (Dec. 7) at 128 plus
assumed by the Commission was unjustified under the circumstances, the accrued dividend, showing a margin of almost three points in favor of the
Inter-State Commerce Act providing only that the Commission may exact bondholder.
evidence on complaints for violation of the Act and investigation by the Bonds at
93%
94
94%
95
9534
06
98
100
Commission upon matters that might have been made the subject of com- Yielding - - 4.41
4.38
4.34
4.31
4.28
4.25 4.12
4
plaint. The main purpose of the Act, it is held, is to regulate the inter- Call on stock at_125.05 125.72 126.38
127.05 127.72 128.30 131.00 133.74
State business of carriers, and the secondary purpose, that for which the
The prices quoted In the above table do not include accrued interest on
Commission was established, is to enforce the regulations enacted. The
decision does not curtail the power of the Commission to compel the at- the bonds nor accrued dividends on the stock. Allowance should theretendance and testimony of witnesses in cases where formal complaint of fore be made at the time of conversion for the adjustment of these two
violation of law is concerned, but in the absence of such complaint the insti- items. Compare V. 87, p. 1535, 1481.
tution of such proceedings is held to be without authority of law.—V. 87,
Atlantic Gulf & West Indies Steamship Lines.—Delivery of
p. 1530, 1539, 1480.
United Railways 83 Electric Co. of Baltimore.—Called
Bonds.—Three first mortgage 6% bonds of the Central Ry.
Co., Nos. 14, 49 and 197, issued under mortgage of May 11
1882, will be paid at par at the Safe Deposit & Trust Co.
of Baltimore on Jan. 1 1909.—V. 87, p. 546.
United Railways Investment Co.—Acquisition.--Bankers
associated with this company state that negotiations have
been substantially completed with the protective committee
of Stanislaus Electric Power Co. (V.81, p. 1854; V. 82, p.
570; V. 85, p. 1146) for the acquisition and control by
United Railways Investment Co. of the Stanislaus waterpower plants. Under this arrangement the new development of Stanislaus power plants will have, it is estimated,
an aggregate capacity, steam and water, of about 64,000
horse-power, thereby affording the United Railroads of
San Francisco not only abundant power for its operation,
but leaving available for sale approximately 40,000 h.p. for
manufacturing and other purposes.—V. 86, P. 1221.
Virginia 83 Southwestern Railway.—Bonds Offered.—
Redmond & Co., New York and Philadelphia, are offering
at 983/9 and interest, yielding about 5.10%, the unsold
portion of a block of $1,000,000 first consolidated mortgage
5% fifty-year gold bonds, dated April 29 1908 and due
April 1 1958. Authorized $7,000,000, outstanding $4,570,000; in treasury $430,000; reserved to retire 1st M. bonds
$2,000,000. Denomination $1,0000&r*. Standard Trust
Co. of New York, trustee.
New Securities.—See Consolidated Steamship Lines below.
—V. 87, p. 1422.
Bell Telephone Co. of Pennsylvania.—Listed in Philadelphia.—The Philadelphia Stock Exchange on Dec. 15 listed
$2,525,000 new stock, increasing the a
‘mount outstanding
from $39,222,400 to $41,747,400. The following is officially
pronounced correct:
This is the stock which will be sold to the Hudson River Telephone Co.
and the New York do Pennsylvania Telephone & Telegraph Co. for cash,
and which will be offered by them to their stockholders in exchange for the
stocks of their own companies, as announced last week. Of the cash which
wii be received by the Bell Telephone Co. of Pennsylvania from this sale.
about $1,300,000 will be used to pay for real estate acquired In Washington
and Baltimore, and the balance, about $1,000,000, for general construction purposes.of the Bell Telephone Co. of Pennsylvania and Its subsidiary
companies. Compare V. 87, p. 1481.
Belle Terre Estates, Incorporated, Port Jefferson, L. I.—
Bonds Offered.—A block of the company's $1,000,000 6%
debenture bonds (due Feb. 1 1918, interest F & A) is being
offered (with 50% stock bonus) at 100 and interest by
Swartwout & Appenzellar, New York, etc. Officers of Belle
Terre Estates, Inc.: Dean Alvord, Pres., Charles E. Bayliss,
Vice-Pres., Fred. A. Phelps, Treas. N. Y. Office, 277 Broadway; Brooklyn Office, 209 Montague St.
Abstract of Letter from Vice-President Bayliss, New York, July 1 1908.
The property comprises the entire peninsula which forms the eastern
shore of Port Jefferson Harbor,57 miles by rail from New York on the north
shore of Long Island, Belle Terre Estates, Inc., is organized under the
laws of the State of New York, capitalized for $1,000,000, with an authorized issue of $1,000,000 of 6% bonds, maturing Feb. 1 1918. The entire
stock issue is distributed as follows: 50% bonus to the bondholders and
like proportion to the Dean Alvord Co. for its services In promoting and
managing the development. No salaries are paid to the managers, so
Abstract of Letter from W. W. Finley, President Va. ee. S. W., Dec. 14 1008. that their entire
compensation depends upon making the stock valuable.
These bonds are a direct mortgage upon the entire property, the total
The proceeds of the
wholly devoted to the purchase, develmileage being 209 miles, and the equipment owned being valued at nearly opment and marketingbonds are
of the property. The land was acquired at an
53.000.000. The only prior liens are an existing first mortgage limited to initial cost of about $350 per acre, or a total of $450,000, of which $225,500
$2,000,000 (for the retirement of which $2,000,000 of bonds of this Issue are was paid In cash and the balance carried on mortgage.
At the present time
reserved), and equipment obligations not yet due amounting to $201,250. over$650.000,exclusive of
purchase
The equipment is modern, consisting of 29 locomotives, 2,124 coal cars, and clearing of the land, the mortgage, has been expended for the
of roads,
224 coke racks, 340 box cars, 82 flat cars, 58 miscellaneous cars and 15 service, Belle Terre clubconstructionauxiliary water system, electric light
house and
buildings, superintendent's
passenger-train cars.
houses, stables, horses, tools, &c. The proceeds from the sale of the bonds
The Southern Railway Co. acquired the total capital stock in 1906, pay- will be applied to the retirement of the mortgage, the completion of iming 3200 per share, or $4,000,000, cash for it, the final payment being made provements and supply the necessary working capital for operation and
on July 1 1908.
maintenance.
Before this purchase the Southern By. Co. had acquired the Black Mtn,
The bonds are debenture
a provision for their optional
Ry. Co. and had entered into a contract with coal producers agreeing to retirement at any interest certificates carrying secured by the entire assets
period. They are
complete that road. In order to shorten the distance and avoid the heavy of the company, consisting of•approximately.1,300 acres of land owned In
DEC. 19 1908.)
THE CHRONICLE
fee, water and lighting plants, the entrance lodge, pergolas, club house,
stables, garage, docks, bath houses, farm buildings, horses, carriages,
toots and equipment. With its five miles of shore front, its scenery, salubrious climate,and the splendid character of the improvements, Belle Terre
Is attracting a most desirable class of purchasers, and at $2,000 per acre
the assets exceed $2,500,000. President Dean Alvord is personally supervising the development, and has expended upon his Own home and estate
in Belle Terre considerably over $75,000. .During the 18 years he has
engaged in real estate operations (Prospect Park, South, Brooklyn, and
others), not one of his investors has ever lost a dollar by him.
-Press re(A.) Booth & Co.
-Stock Assessment Reduced.
ports state that the reorganization committee has decided
to reduce the assessments to be levied upon stockholders
from $600,000 to $500,000. It is said that the committee
has received pledges amounting to $465,000.-V. 87, p.
1417, 1359.
-New
Boston Consolidated Copper & Gold Mining Co.
-The board of directors of this
Directors for Subsidiary.
company's subsidiary, the Boston Consolidated Mining Co.,
has been increased from five to seven members, and the
following have been elected,the first four being new members:
Ernst Thalmann of Ladenburg, Thalmann & Co.: C. D. Smithers of
Smithers & Co.: Sydney J. Jennings, a consulting engineer; L. N. Kramer,
Eugene G. Meier Jr., Samuel Newhouse and F. A. Schirmer.
-V. 85, p.
1340.
Chicago (Bell) Telephone Co.
-Bonds Offered.
-Lee, Higginson & Co., Boston, Chicago and New York, and the First
Trust & Savings Bank and the Merchants Loan & Trust Co.,
both of Chicago, are offering at 102 and interest, by advertisement on another page, $3,000,000 first mortgage 5%
gold bonds dated Dec. 1 1908 and due Dec. 11923, but redeemable at 105 and interest on Dec. 1 1913, or upon any
interest date thereafter on three months' notice. Interest
payable June 1 and Dec. 1 in Chicago or New York. Denomination $1,000 (c* & r*). Issue limited to $50,000,000.
First Trust & Savings Bank, Chicago, trustee.
Extracts from Letter of President 13. E. Sunny, Chicago. Dec. 1 1908.
In' the 28 years since Its organization, the company, forming a part
of the Bell system, has built up one of the strongest telephone properties
In the country. Besides 17 large exchanges in Chicago, there are exchanges
In Elgin, Evanston, Eurora, Joliet, Hammond, and for other communities in the ten counties where the volume of service requires them. These
exchanges are almost wholly in fireproof buildings, built and owned by
the company . Throughout Chicago (and for a considerable distance
outside) the telephone system, with the exception of the short distributing
lines, is in cables drawn into underground conduits.
The company is operating in Chicago under an ordinance recently granted
by the city and expiring Jan. 8 1020, which provides that either on Jan. 1
1919 or Jan. 1 1924 the City may purchase all the properties within the city
at a price 5% In excess of the then cost of duplication, such cost to be ascertained by three appraisers, one appointed by the city, one by the company
and the third by the two thus appointed. Under the terms of the trust indenture the proceeds of such purchase (which would be in cash) would be
deposited with the trustee for payment to the bondholders. The ordinance
provides that the company's business in Chicago, with reference to accounting and service rendered, shall be subject to the approval of officers of the
city, and also that 3% of the gross receipts shall be paid to the city. The
city is therefore directly interested In the prosperity of the company,
Growth of the Company During the Past Ten Years.
1906.
*1908.
1907.
1902.
1890.
228,500
202,681
170,834
79,043
No. of telephones
27,663
Gross earnings_ _$8,653,245 $8,718,951 $7,907,568 $4,570,805 $2,668,715
Oper. expenses_ _56,365,291 6,076,868 6,289,424 3,368,334 1,992,155
Net earnings__ _ _$2,287,954 1,742,083 1,618,144 1,202,471
676,560
• November and December estimated.
[Interest charge on bonds to be Issued prior to Dec. 1 1909, $250,000.1
Dividends of not less than 8% have been paid continuously for more than
25 years. The company has no mortgage indebtedness other than the
bonds now offered. The issue of bonds purchased by you Is for the purpose
of adding the land, buildings, switchboards, cables, &c. required to care
for an increase of about 40,000 new telephone stations dtiring 1909, as well
as to complete the changes required by the aforesaid ordinance.
Restrictions Limiting Issue of the $50,000,000 Bopds Authorized by Mortgage.
1. No bonds, In addition to the $5,000,000 sold to you, can be issued
until after Dec. 1 1909. Subsequently bonds may be certified at not exceeding $5,000,000 per annum.
2. The total amount of bonds Issued shall at no time exceed 50% of the
value of the property, as represented by its total assets, nor more than 60%
of the real estate and construction accounts.
3. Subject to the above limitations, after the first $15,000,000 bonds have
been issued, further bonds can be Issued only up to 75% of the actual cash
cost of additional improvements and extensions.
These bonds are secured by a first mortgage on all the property, privileges
and franchises now owned or hereafter acquired.
Application will be made to list these bonds on the New York and Chicago
stock exchanges. There are over 1,350 stockholders.
Financial Condition Oct. 31 1908.
Assets ($31,025,075).
Liabilities ($31,025,075).
Construction
$26,247,102 Capital stock
$27,000,000
2,351,673 Reserves (for reconstrucReal estate
1,585,698
Miscellaneous assets__
tion, &c.)
2,768,312
840,602 Accounts payable
Cash
377,397
Surplus and undivided
profits
879,366
-V. 87, p. 1013, 814.
Chicago & Colorado Mining:&2Milling Co.
-See Estate of
Nelson Morris, Chicago, below.
•
Citizens' Gas & Electric Co., Waterloo and Cedar Falls,
Iowa.
-Bonds Offered.
-The bonds offered by Charles S.
Kidder & Co. in Chicago are also offered in Cincinnati by
Breed & Harrison. See details in V. 87, p. 1535.
Consolidated Steamship Lines.
-Delivery of New Securi-The exchange of the new securities of the Atlantic
ties.
Gulf & West Indies Steamship Lines for the deposited bonds
of the Consolidated Steamship Lines has begun at the Equitable Trust Co., N. Y. City, each $1,000 bond deposited
receiving $200 5% collateral trust 50-year bonds,with interest
from July 1 1909 (authorized issue $15,000,000, present issue
$13,000,000), $250 of 5% preferred stock and $125 of common stock of the new company. (Compare V.87, p. 287.)
Depositing bondholders who had subscilbed for proportions of $2,400,000
8% collateral trust notes of the new company (together with $7,200,000
common stock-V. 87, p. 287) were notified Dec. 10 that the remainder,
to wit, 00% due on subscriptions, had been called by the committee and
payment thereof, was required to be made on or before Dec. 16 to the
Fquitable Trust :Co. of New York. New securities were to be ready for
delivery on the third day after surrender of subscription receipts -V. 87,
p. 1481, 1422. •
Crucible Steel Co. of America, Pittsburgh, Pa.
-Earnings.
-For the threelmonths ending _Nov. 30:
1607
Total net earnings, after deducting all
expenditures for repairs, Interest on
bonds, mortgages. &c
Less amount set aside as reserve for
contingencies
Dividends on preferred stock
1908.
1907.
1906.
$411,212
$193,524
$542,344
5,836
8,224
10,992
(1%)244,365(13.5)366,547
Surplus or deficit
sur.$402,988 def.$56,676 sur.$164.875
The net earnings for the three months In 1908 were: September. $90.967; October, $156,878; November, $163,367.
An official statement says "The above statement of earnings is based
on inventory values of raw materials at cost as of Nov. 30 1908, or market
values, which ever was the lower, and the material in process and finished
stock at approximate cost of manufacture. The condition of the company's plants has been fully maintained, $140,334 having been charged
against the operations of the quarter for repairs and renewals.' The
surplus on Nov. 30 1908 was $2.095,882, compared with $1,692,894 on
the same date in 1907. This shows an Increase at the end of the present
quarter of $405,988.-V. 87, p. 934.
Eastern Steamship Co.
-Receivers Discharged.-Judge
Putnam in the U. S. Circuit Court on Dec. 15 signed an order discharging the receivers and annulling the prior order
for the sale of the company's assets, the necessity for which
was obviated by the loan of $1,100,000 from Hayden, Stone
& Co. on the company's notes.
-V. 87, p. 1302, 1240.
Edison Electric Illuminating Co. Boston.
-Option to
Subscribe.
-The issue of $972,500 additional.stock, having
been ratified at the shareholders' meeting, is offered to
stockholders. of record December 18, who may subscribe
therefor on or before Jan. 15 at the Old Colony Trust Co.,
Boston, at $215 a share, to the extent of one new share for
each 13 shares now held. Subscriptions are payable $100
on Feb. 1 and $115 on May 3 1909, or optionally in full
on Feb. 1; in either case interest at 4% per annum will be
allowed from Feb. 1 to May 1909 on the amount paid in.
The new certificates will be issued May 3.-V. 87, p. 1535.
Empire Steel & Iron Co.
-Dividend Reduced.-The directors have declared a semi-annual dividend of 1%% on the
$2,500,000 of preferred stock, payable Jan. 1 to stockholders
of record Dec. 19. This reduces the annual rate from 6%,
maintained for two years past, to 3%, which was the rate
in 1905 and 1906. Compare V. 83, p. 1473.
Estate of Nelson Morris, Chicago.
-Inventory.
-An inventory of the estate of the late Nelson Morris was filed at
Chicago on Nov. 18. Some of the principal security holdings at their par value, it is stated, are:
St. L. Stock Yards, stk41,001.600 Chicago & Col. Mining
Am. Live
stk. 1,000,000
& Milling Co., stk
$3,790,000
Western Meat Co., stk___
Stk.Tr.Co..
232,700 Accounts receivable
Morris & Co., stock
1,700,000
Fairbank Canning Co... 3,994,862
Nat.Rend'g Co.,N.J., stk. 107,000
do
do
214,315
The value of the entire estate, It is said, Is about $16,000,000. The
par value of the stocks owned Is $9,877,255, of accounts receivable "good"
$4,945,499.
Everett (Mass.) Mills Co.
-Increase of Capital Stock.
-The
stockholders on Dec. 9 authorized an increase in the capital
stock from $700,000 to $1,400,000. Compare V.87, p. 1423.
Fairbank Canning Co.
-See Estate of Nelson Morris.
Federal Mining & Smelting Co.
-Dividends Resumed on
Common Stock.
-The directors on Dec. 15 resumed dividends
on the $6,000,000 common stock (suspended following the
payment of 13/2% Dec. 16 1907) with the declaration of "a
dividend" of 1
payable Jan. 15 1909 to shareholders of
record Dec. 31. The American Smelters' Securities Co.
owns a majority of the common shares (V. 80,.p. 1974).
Dividend Record of Common Stock by Calendar Years.
1904, 1905. 1906. 1907.
135% guar., with extras, In
all
-V.87, p. 1090, 934.
1908.
43% 10% 17% 1435% None.
Hudson River Water Power Co.-/iisman Committee.
Edward E.. Duff of the Safe Deposit & Trust Co. of Pittsburgh has been added to this committee and the time for
depositing the first mortgage bonds will expire on Dec. 22,
after which time no bonds will be accepted upon such conditions as the committee may fix,because foreclosure proceedings will be instituted: V. 87 ,p. 1423, 1240.
Saministiquia Power Co., Ltd., Montreal.
-Listed in London.
-The London Stock Exchange early in November
granted an official quotation for $1,325,000 30-year 5% gold
bonds, Nos. 1 to 825 of $1,000 and A 1 to A 1,000 of $500
each,inlieu of scrip listed last July.
These bonds, being part of an issue limited to $2,000,000, were offered
In London In April last by Kitcat, Mortimer & Aitken at 97, having first
been underwritten. They are due on Jan. 1 1937, but the company
reserves the right, on and after Jan. 1 1917, to redeem them at 105. A
sinking fund Is to retire 1% of the outstanding bonds on Jan. 1 1917, and
on each succeeding Jan. 1 at 105. The plant, located at Kakabeka Falls
on the Kaministiqua River, 18 miles from Fort William and Port Arthur,
at the head of Lake Superior, was put into operation In Dec. 1906, and has
since continuously delivered power to customers, with whom contracts
had previously been made. Coupons are payable J.dc.I. 1,1 Montreal
at Co 8. office or at Royal Trust Co., trustee, and at agences of Bank of
Montreal In New York and London. Capital stock $2,000,000, all Issued:
par $100. President, H. S. Holt, (Pres. Mont. Light Heat & Power Co.):
Vice-Pres., F. NV. Thompson of Ogilvie Flour Mills Co.
La Crosse (Wis.) Water Power Co.
-Ready for Distribution of Electric Current.
-After more than two years
spent in the construction of reservoirs, dams, canal,
power-house and transmission lines, this company has turned
the waters of Black River into its immense driving wheels
in the power-house,45 miles north of La 'Crosse. Our correspondent writes:
Tht Hatfield station and town are now lighted by electricity from the
plants. Winona (City), Minn., will have the current within ten days,
lighting up Its streets and manufactories, and a little later La Crosse, Wis.
The present development will furnish 15,000 to 16,000 h. p., sufficient
to supply light and power to La Crosse, Wis., and Winona, Minn. (each
about 48 miles distant),and many smaller near-by towns. Ultimately It
Is intended to double the present capacity and transmit power to St. Paul
and Minneapolis, over 100 miles distant. The 5% bonds of this company
were sold some time last year by the Trowbridge & Nlver Co.. First National Bank Bldg., Chicago. See V. 86, p. 724; V. 84, p. 807.
THE CHRONICLE
1608
Lake Superior Iron & Chemical Co.—Offering of 6% Gold
Notes.—The Union Trust Co. of Detroit offers at par the
'total issue of $1,100,000 6% gold notes, to be dated Jan. 2
1909 and maturing $200,000 in one year, $300,000 in two
years and $600,000 in three years. Denominations $10,000,
$5,000, $1,000 and $500. Interest payable semi-annually.
Principal and interest payable at the Union Trust Co. of
Detroit, trustee. In the last two weeks $500,000 of the notes
have been subscribed. A circular says:
VOL. Lxxxvn.
to the Montross Metal Casket Co. for $57,500. The final
25%, with interest at 6% will be paid to creditors in a few
days.—V. 87, p. 1360, 952.
Pullman Company.—Statement Not Authorized.—A representative of the Pennsylvania RR. Co. pronounces "wholly
unauthorized" the newspaper statement that a contract
has been closed, or practically closed,requiring the Pullman
Company in future to pay for the privilege of running its
sleeping and parlor cars on the Pennsylvania system.
The company owns six charcoal iron furnaces andTfour wood-alcohol
A press dispatch published on Dec. 10 said that the payment would
plants, valued at $2,947,557, and located as follows Ashland, Wis., and
ultimately run up to $350,000 a year, which Is apparently based on the
Boyne City, Chocolay, Elk Rapids, Manistique and Newberry, Mich.
The plants and their accessories are covered by a first and only mortgage report mentioned In the dispatch that the payment per car will be $700
dated Oct. 1 1907, securing 51,250,000 10-year 6% bonds, all of which annually—being 10% of the amount which a representative of the Pullman
a hearing this week said that each Pullman car was expected to earn
will be used as collateral security to the notes; as additional collateral Co. at that by 1910 the
number of Pullman cars on the Pennsylvania system
there will be $450,000 first mortgage 6% bonds, covering 65,344 acres of —and
standing hardwood timber, which acreage is only a part of the immense is expected to reach 500.—V. 87, p. 1360, 1298.
land and timber holdings owned by the company in Wisconsin and Michigan.
Royal Securities Co.—Decision Rejecting Charter WithholdFrom organization (Jan. 1 1907) to April 30 1908, the earnings of all the
furnaces and chemical plants after all deductions of operating expenses ing Right of Preferred Stock to Vote.—Justice Fitts at Albany
and interest charges aggregate $586,741. With all of the plants in active on Dec. 15 denied the application for a mandamus to compel
operation next year. and with prospects of a good iron market, these earnings should be largely increased. The purpose of these notes is to refund Secretary of State Whalen to file articles of association of
scattered Indebtedness and to provide some additional working capital. the company.
Condensed Statement.
The Secretary of State refused to filethe proposed charter on the ground
Liabilities ($10,718,164)—
Assets ($10,718,164)—
Capital stock (common)__55,350,000 that it provided that the right to vote shall accrue solely to the holders of
Furnaces and chemical plants,
the common stock. Thereupon mandamus proceedings were brought.
Capital stock (preferred)-_ 2,675,000
Woodlands and stumpage,
that this question has never before been raised in this
Press
Locomotives, camp equipment, fin- Surplus fund
586,741 State,dispatches say
and the decision, if allowed to
Ished and unfinished products, &c. Bills and accts. payable
2,106,423 lishes a precedent that a corporation stand as the law of the State, estabhas no power to deprive the holders
Directors E. H. Flinn, President; W. G. Sharp, 1st Vice-Pres.; W. H.
any of its classes of stock of the right to vote.
Hinkle, 2d Vice-Pres.; John Christian, Sec.; W. G. Smith, Treas.; Henry of
Stock Yards Co.—See Estate of Nelson Morris.
Russell, F. W. Blair, Dr. Edwin Lodge and F. L. Colby.
St. Louis
See further particulars in V. 86, p. 983.
Stanislaus (Cal.) Electric Power Co.—Sale.—See United
Railways Invest.Co.under"Railways"above.—V.85,p.1146.
Telluride (Colo.) Power Co.—New Mortgage.—This company filed in May last a "first and refunding" mortgage to
the Citizens' Savings & Trust Co. of Cleveland, as trustee,
covering the plants and franchises of the system in Colorado,
Utah and Idaho,to secure an issue of $10,000,000 6% 30-year
gold bonds. Of these bonds, $2,500,000 are reserved to
retire at or before maturity the company's issue of $2,500,000
first mortgage 6% bonds dated July 1 1903 and due July 1
1923, but subject to call $75,000 yearly at 105 and interest
on any semi-annual interest period after July 1 1908. The
company recently sold to stockholders and their friends
who were acquainted with the property $2,000,000 of the
new issue, for present betterments and improvements,
David C. Whitney, $920,700; Charles which leaves $5,500,000 in the treasury that can only be
Heirs of T. D. Buhl. $1,170,225;
L. Freer, 5621,075; Mrs. Katherine McGregor, $252,400; Mrs. Florence used for improvements and betterments from time to time,
Whitney Schmidt, $252,400; Arthur McGraw, $206,250; Charles Stinchfield, $187,500; Dr. E. T. Tappey, $112,500; Henry Russel, $77,325; Henry as the board of directors may determine. There has never
B. Ledyard, $73,200; James F. Joy estate, $70,300; Frank G. Ryan, been a public offering of these bonds. They are dated
$58,045; Truman H. Newberry, 551,125; Mrs. Helen H. Newberry. $46,875. [The "Detroit Tribune" further says that the company's properties Jan. 1 1908 and due Jan. 11938, but subject to call at 105
in Michigan and elsewhere are valued at $8,387,627, while the surplus fund and interest on any semi-annual interest date beginning Jan.1
show In the last report was $491.155.1—V. 85, p. 1007,923.
1913; denomination $1,000; interest payable at office of
Pennsylvania Sugar Refining Co.—Demurrer of American trustee. Annual sinking fund, beginning Jan. 1 1914, a
Overruled.—The United States Circuit Court of sum
Company
equal to 2% of all bonds outstanding.
Appeals in this city on Tuesday reversed the decision of
The Telluride Power Co. was Incorporated under the laws of Colorado
Holt, which sustained the demurrer of the American In Feb. 1900 as the successor of The 'I elluride Power Transmission Co.
Judge
of
latter company, under the
Sugar Refining Co. to the complaint in the action brought This ral Manager of The TelluridedirectionCo., L. L. Nunn, the present
Power
claimed the distinction of
Gen
for triple damages for alleged violation of Section 7 of the having successfully installed and operated the pioneer high voltage electric
transmission system of the world, the original development having been
Sherman Anti-Trust Act. The case is remanded to the made at Ames, Col., in 1890.
lower court for trial. Compare V. 86, p. 797; V. 84, p.
The Utah-Idaho system of the company includes five hydro-electric
plants operated in parallel and a sixth operated separately, all of which
629, 106. Judge Noyes in his opinion says:
Morris & Co.—See Estate of Nelson Morris,Chicago,above.
—V.76, p. 755.
New England Telephone & Telegraph Co.—Property Acquired.—See Northeast. Tel. Co. below.—V.87, p.815,617.
Northeastern Telephone Co., Maine.—Sold.—At foreclosure sale on Dec.16 the company's property was bid in
by the New England Telephone & Telegraph Co.for $275,000,
the upset2price. Compare V. 87, p. 1360.
Parke, Davis & Co., Detroit.—Extra Dividend.—The
directors on Dec.10 declared the regular quarterly dividend
of 50 cents a share (2%) and also an extra dividend of 75
cents, or 3%,total 5% on the $7,500,000 outstanding capital
stock, par value of shares $25. According to the "Detroit
Tribune the leading shareholders in Detroit and the amount
of stock held by each are:
"The defendants first contend that the conspiracy stated In the complaint
relates to manufacture—to production—and consequently does not directly restrain Inter-State commerce. A conspiracy to prevent a manufacturer who procures his supplies and disposes of his products by means
of Inter-State commerce from engaging in business at all necessarily places
restraints upon such commerce. Its flow is restricted and interrupted.
The Importation and exportation of articles of commerce are directly prevented, and none the less so because the conspiracy maybe of so wide a scope
as to interfere with Inter-State commerce also.
In reply to the defendant's contention that because the plaintiff was not
engaged In business at the time of the alleged conspiracy, it cannot recover,
the Court says that a person has a legal right to engage In a lawful business
and If he Is unlawfully excluded from exercising this right when he intends
to exercise It. he suffers an injury for which the Federal statute awards
damages. He may be unable to prove substantial compensatory damages, but In stating the infringement of his legal right he states a cause of
action at least for nominal damages and may ask for exemplary damages.
As to the contention that if the conspiracy was Illegal the plaintiff was a
party to it and cannot therefore maintain an action, the Court says a corporation cannot conspire that its own directors shall be unfaithful to It;
that the act of such directors was the act of the corporation only In name.
and the directors were responsible to the corporation for any damages resulting from their unlawful act.—V. 87, p. 742.
Phelps, Dodge & Co., Inc.—Incorporation.—This company filed articles of incorporation at Albany on Dec. 15
to carry out the plan fully described last week (V. 87, p
1536). The directors are:
James Douglas, Cleveland H. Dodge, Arthur Curtis James, James McLean, George R. Agnew, E. Hayward Ferry, Francis L. Hine, George
Notman and Wm. Church Osborn.
Coal Properties.—The Stag Canon Fuel Co., which holds
and operates the coal properties, including with others
those of the Dawson Fuel Co.(see El Paso & Northeastern Co.
on page 50 of "Railway &Industrial Section") reports for the
year ending June 30 1908 on an output of 846,473 tons of
coal mined and 177,043 tons of coke made:
$55,253
$1,518,810 Other Income
Gross earnings
283,943
228,689 Surplus
Net earnings
See full particulars In V. 87, p. 1536.
The liabilities of the Stag Canon Fuel Co., aggregating $2,388,494 (compare assets, V. 87, p. 1536), consist of nine notes dated April 18 1908,
$2,175,009 (payable on or before 10 years from date of notes), and other
accounts payable, $213,484,—V. 87, p. 1536.
I
See full particulars in V. 87, p. 1536.
.—Successor ComPope Manufacturing Co. (Connecticut)
pany.—This company was incorporated at Hartford, Conn.,
on Dec. 12 with $4,000,000 common stock and $2,500,000
6% cumulative preferred stock, in shares of $100 each, to
succeed, per plan in V. 87, p.350, the Pope Mfg. Co. of New
Jersey. The directors are:
(except No. 1) are now running. This development controls the Utah
Lake-Jordan River, the Bear River and the Sevier River watersheds, including Bear Lake in Utah and Idaho and numerous smaller lakes In the
different drainage areas, including:
Hydro-Electric Plants Owned—Present Rated Capacity.
h. p.
No. 1.—The original development at Nunn's Station on the Provo
River, Utah, 10 miles northeast of the city of Provo, and about 35
miles southeast of Salt Lake City; but this plant is no longer In
No. 2.—On the Provo River about three miles down stream from the
se"ice
first location. Known as the "Olmsted" plant. Rated capacity_ _12.000'
(Three new 3,600 h. p. turbines are about to be Installed here and
will operate under a 330-foot head.)
No. 3.—On the Logan River near the city of Logan, Utah, and some
75 miles almost straight north from Salt Lake City. The company
acquired its rights at this point through the purchase of the Logan
Power, Lighting & Heating Company's system. A new station
has since been constructed and the present rated capacity of the
3,000 .
.—
pl a
No 4nt is
n the Jordan River, which flows from Utah Lake into Great
Salt Lake, a distance of about 35 miles. This plant is about 25
miles south of Salt Lake City and was formerly owned by the Salt
Lake City Water de Electric Co. (V. 76, p. 1411; V. 71, p. 140)4.000.
,
It was purchased by TheiTelluride Co. about a year ago
No. 5.—The fifth development Is a new plant on what is known as
Battle Creek, near Pleasant Grove, Utah, 12 miles northwest of
operates under
Provo. It has a rated capacity of 4,000,h. p. and
4.000 ,
a head of 1,750 feet
No. 6.—The largest and most recently completed project Is known
as the Grace plant, located on the Bear River near Alexander,
Idaho. and about 135 miles north of Salt Lake City. The first
unit of this development has a capacity of 20,000 h. p. out of a
projected 80,000 h. p., which will be developed through the use of
Bear Lake as an impounding reservoir. The transmission lines
to Salt Lake City via Logan, Utah, have been completed and the
hitching on of this plant w 11 enable the company to care for a
rapidly increasing demand for power in the West Mountain Mining
District as well as elsewhere on its present system. First unit
20,000 ,
completed In May 1908
The company supplies power for the large mining and smelting operations
in southwestern Colorado and throughout Utah and parts of Idaho, as
well as for the lighting systems of numerous cities and towns, including
Telluride, Ouray, Ames, Pandora and ,Ophir, Col., and Provo, Logan.
Bingham, Mercur and Eureka, Utah, and also a considerable part of the
power used by The Utah Light & Railway Co. In Salt Lake City.
The rapid expansion of the company has done much to aid In the development of the mining interests as well as other Important industries
that are building up the West.
The company's capital stock authorized and Issued Is $10,000,000 in
shares of $1 each, on which at last accounts no dividend had been paid.
Of the $2,500,000 first mortgage fis dated 1903, trustee Mercantile Trust
Co., St. Louis, $13,000 were reserved to retire prior liens. Their Interest Is
payable in St. Louis and at Trust Co. of America, New York.
Secretary.
The officers are: Pres dent, James Campbell, St. Louis, Mo.; Cleveland.
H. R. Newcomb, Cleveland, Ohio; Treasurer, D. T. Perry,
Ohio; General Manager, L. L. Nunn. Telluride, Col.
•'Texas & Pacific Coal Co.—Cash Dividend.—The quarterly
9
dividend payable Dec. 31 will be 13/% in cash. The last.
Sale.—The United States District Court at Baltimore on dividend, paid in September, was in scrip. See "Chronicle"
Dec. 7 approved the sale of the plant at Hagerstown, Md., Sept. 26, page 815. All of the bonds have been redeemed,
For one year, Harry B °ruler, Frederick 1. Ecker and August Heckscher; for two years. Lewis H. Freedtdan, Albert Stickney and A. W.Pope;
for three years, Henry V. Poor, A. L. Popp and Milton Ferguson.
DEC. 19 1908.1
THE CHRONICLE
President E. L. Marston of Blair & Co., who signed the $500,000 bonds,
when issued in 1888, was the same official who signed the checks for the
payment of the last of the bonds in October. This is an unusual expertence.—V. 87, p. 815.
United Bank Note Corporation, New York.—New Stock to
Finance New Plant in Bronx.—A circular dated Dec. 16
announces that, to provide $1,000,000 cash required in connection with the building of the new plant in the Bronx
(V. 87, p. 1425), it is proposed to offer to shareholders of
record Jan. 5 1909 the privilege of subscribing at par ($50
per share) on or before Feb. 1 for $500,000 common and
$500,000 preferred stock, to the extent of one-sixteenth of
a share of new common and the same of new preferred for
each share of their total holdings. Subscriptions will
be payable 50% ($25 a share) Feb. 1 1909,25% June 1 1909
and 25% Oct. 11909. On Oct. 1 the new certificates will
be issued, the preferred carrying dividends from that date
and the common from Aug. 15; in the meantime subscriptions for whole shares will bear interest payable Oct. 1 at
the regular dividend rates. Of the $10,000,000 authorized
capital stock, divided equally into common and 6% cumulative preferred, only about $4,000,000 of each class has
heretofore been issued. The circular says:
The corporation has recently acquired a large and valuablemanufacturing
site in the borough of the Bronx, New York City, on which it is intended
forthwith to erect a new and extensive plant to meet the growing requirements of its business. This will be equipped with the most modern and
complete appliances for effective and economical operation. During the
considerable period required for the construction work, it will, of course,
be Impossible to sell and use the proceeds of the present Trinity Place
establishment, and in consequence the new project must be financed until it
can be completed and put into operation and the old plant disposed of to
advantage. In order to pay for this property and for the construction
and equipment of the proposed plant, and to provide for its other corporate
purposes, it will be necessary for the corporation to raise $1,000,000 in cash
during the coming year. In the opinion of the board it is best that this
sum be obtained through the issue and sale, at par, of $1,000,000 of the
corporation's capital stock.—V. 87, p. 1425.
United Box Board & Paper Co.—Two Months' Earnings.—
Sept. '08. Oct. '08.
Sept. 08. Oct. '08.
$34,294 $61,158
7,662 Gross profits
5,421
Tons sold
45,228
18,233
sales.$206,968 $295,795 Net profits
Rects'
During September nine mills, and in October ten mills (62% of capacity)
operation.—V. 87, p. 1537, 1483.
out of 14 were in
United Fruit Co.—Offering of 432% Debentures.—Lee,
Higginson & Co., Boston, New York and Chicago, offered
for subscription this week at 953/i and interest $4,250,000
4% sinking fund gold debentures, dated Jan. 1 1909 and
due July 1 1923. Annual sinking fund payable July 1 1914
to July 1922 inclusive will retire one-tenth of the debentures
each year. To be called for sinking fund at 101 and interest,
unless purchased at or below such price. It was announced yesterday that the bonds had been largely oversubscribed.
Abstract of Letter from President A. W. Preston, Boston, Mass„ Dec. 10,
Purpose of Issue.—The object of the issue is to provide sufficient funds
so that this company may advance to the Tropical Fruit SS. Co., Ltd.,
the cost of 7 new steamships, of registered gross capacity of about 5,000
tons each, which are now in course of construction at Belfast. The steamship company is an English corporation and all of its shares (except those
qualifying directors) are owned by the United Fruit Co. Upon the completion of these new vessels the steamship company will own a fleet of 13
steamships, all built within the past five years. It is intended that these
steamships shall maintain a regular service for passengers and merchandise
between the West Indies, Central America and the United States. They
will all be equipped with refrigerating plants of the most modern type,
which insure delivery of fruit to market in the most perfect condition.
Description.—These debentures are In coupon form, In denominations
of $1,000 and $500, with privilege of registration of principal, or in registered form, without coupons, in denominations of $1,000 and $5,000,and
such multiples of $5,000 as the directors may determine. Coupon debentures may be exchanged for registered debentures and vice versa. Both
principal and interest (July 1 and Jan. 1) are payable at the City Trust Co.,
Boston, or at the banking house of Coutts (Ic Co., in London, Eng., at
$4 86 to the pound, without deduction for any taxes or assessments which
the company may be required to pay thereon or deduct therefrom under
any present or future law of the United States, or of any State, county,
municipality or other taxing district therein. Under the terms of a trust
indenture (City Trust Co., Boston, trustee),the issue is limited to $4,250,000,
and in the event of any mortgage being placed upon the property to secure
any of the company's obligations, these debentures shall be entitled to the
benefit of the security afforded by such mortgage. Upon 90 days' default
on interest or sinking fund the principal may become due and payable, at
the option of the trustee or of the holders of a majority of the debentures.
Property.—There Is no mortgage debt upon the property. The net
assets in excess of all debt, as shown by the annual report on Sept. 30 1908
(V. 87, p. 1426, 1356) aggregated $31,971,662. Of this amount, $22,359,269 is invested in plantations and equipment, a careful Inventory and
appraisal of which on that date shows an excess of $2,083,179 in actual
value over the above book valuation. During the past eight years the
company has marketed an average of about 23,600,000 stems of bananas
per year, and never less than 17,500,000 stems in any one year; in the fiscal
year 1907-08 the sales were 26,069,000 stems. The company owns or
controls 766 miles of railroad in connection with Its plantations; it owns
390,388 acres of land in Central America and the West Indies, of which
139,950 acres are improved or under cultivation. Its business requires a
maximum ocean service of about 100 steamships. The company also
owns a large sugar plantation and modern factory at Banes, Cuba, and
substantially all of the common capital stock of the Nipe Bay Co. (V. 82,
0. 1382; V. 84, p. 752, 1056), also having a large modern sugar plantation
and factory at Preston, Cuba. The combined output of these two plants
for the present fiscal year is estimated to be in excess of 180,000,000 lbs.
•of raw sugar. The sole obligation on account of controlled companies
consists of a guaranty of Interest and sinking fund on $919,000 first mortgage
bonds of the Northern Ry. of Costa Rica (V. 75, p. 849; V. 81, p. 614),
the earnings (f wh ch more than provide for the same.
onoWTH OF BUSINESS AND CAPITALIZATION.
Capital
Stock and Banana Sales Sugar
Funded
Fiscal
Stock.
Debt.
Funded Debt (bunches.) Made(lbs)
Year—
$12,369,500 $4,255,000 $16,624,500 17,823,000 19,000,000
1900-01
21,328,300
1,600,000 22,928,000 26,069,000 68,000,000
1907-08
While the total of capital stock and funded debt has increased only 38%
'during the last seven years, the annual sales of bananas have increased
-53% and the production of sugar has Increased 258%.—V. 87, p. 1356,
1426.
ii• (The) Vacuum Cleaner Co.—Successor Company.—This
company was incorporated at Albany on Dec. 11 with $750,000 of authorized capital stock in $100 shares, consisting of
$375,000 common and $375,000 6% cumulative preferred,
as successor of the Vacuum Cleaner Co., incorporated in
New Jersey in February 1905, authorized capital stock
$1,060,000, outstanding at last accounts $883,100.
H. B. Hollins, R. W. de Forest and J. B. Dunn are the
reorganization committee. The stock will be held in a votsing trust for two years. No bonds.
1609
Wabash RR.—Large Amount of Debenture "B" Bonds Exchanged for New Securities.—There have recently been turned
in for exchange (per plan V. 83, p. 437, 626) for the "first
refunding'and extension" 4% bonds and stock $266,000 of
the old debenture "B" bonds, reducing the amount of the
latter remaining unexchanged to $1,764,000. Only $543,000
of the "A" debentures have not been exchanged in accordance
with the plan.
These refunding operations have resulted in a marked improvement in
the market for the first refunding bonds and much higher quotations on
the New York Stock Exchange.
Application to List.—The company has applied to the
New York Stock Exchange to list $2,000,000 additional
refunding bonds, making the total amount listed $27,061,000.
—V.87, p. 807, 820, 416.
Westinghouse Machine Co.—New Directors.—The following new directors are announced:
H. C. Bughman, J. D. Callery, I. W. Frank and H. S. A. Stewart, to
succeed W. A. Shaw, Robert Wardrop, J. C. Chaplin and W. H. Donner.
—V. 86, p. 863.
York Haven (Pa.) Water & Power Co.—Bonds Offered—
Status.—The company's bond department, Julius Christensen, manager,offered in October last $100,000 of the then
outstanding $440,000 consolidated mortgage 5% sinking
fund gold bonds, dated May 1 1907. A circular _showed:
Earnings for Twelve Months ending June 30 1908.
$143,125
$219,849 Interest charges
Gross earnings
45,807
188,932f Balance, surplus
Net earnings
Interest charge here covers $1,500,000 first mortgage 55. $1,000,000
second mortgage 65 and $162,500 consoldated 5s. Compare V.86, p.1105.
—Redmond & Co. have prepared a booklet describing 14
issues of railroad and industrial corporations, yielding from
5% to 7%, which they offer to investors seeking a high
return on their money and which they believe with normal
business conditions should improve in value. Each issue
occupies one page of the pamphlet, the leaves being perforated so that any one or more can be detached as desired.
—The banking house of N. W. Harris & Co., Pine St.,
corner William, and the National City Bank of this city,
jointly offer for investment $2,350,000 State of New York
highway-improvement 4% 50
-year gold bonds. These bonds
are exempt from taxation in New York State and are legal
security for savings banks and trust funds. See to-day's
advertisement for other particulars. Price upon application.
—Spencer Trask & Co., investment bankers, William
& Pine Sts., New York City, are distributing among institutions and individual investors copies of their new circular
describing a number of investment bonds listed upon the
New York Stock Exchange which have every reasonable promise of growing value. In commenting upon the probable
future of the bond market, the firm give it as their judgment
that active bonds purchased now can be sold within several
months at a fair profit beyond interest, and that they offer a
better employment for surplus bank and trust company funds
under existing conditions, than can be found in commercial
paper or short-time notes. They particularly advise buying
without delay in order to be in advance of the anticipated
January re-investment demand.
—E. H. Rollins & Sons, 238 La Salle St., Chicago, are
offering $225,000 Ogden City, Utah, water 4%% bonds,
dated Jan. 2 1909, due 1929, interest January and July,
principal and interest payable at the Utah National Bank,
Ogden, or at the Chase National Bank, New York. The
assessed valuation of the city for taxation is $11,767,568;
total debt, including these water bonds, $1,127,352. The
bankers offer the bonds at 104.73, yielding 4.15%. They
recommend them as a safe investment. A descriptive
circular will be sent on application.
—The bondholders' committee appointed to protect the
interests of the first mortgage 6% bonds of the Chicago
Electric Transit Co., North Side Electric Street Railway
Co., Chicago North Shore Street Railway Co., Evanston
Electric Railway Co. and the North Chicago Electric Railway Co., invite deposits of bonds to Jan. 1 with the Harris
Trust & Savings Bank, Chicago, or with N. W. Harris iv
Co., New York and Boston. See advertisement.
—Sturgess & Co., Chicago brokers in commercial paper,
have removed their offices in the Merchants' Loan & Trust
block to a larger and more convenient suite on the 10th floor
in the same building—the quarters formerly occupied by
Fisk & Robinson. Sturgess & Co. have added a bond department to their business, with D. J. Hall in charge, and
will deal in high-grade investment securities—municipal,
corporation and industrial.
—Edward B. Smith & Co., New York and Philadelphia,
have issued a circular regarding "stocks with long dividend
records," containing a list of fifteen stocks of companies
that have paid dividends without omitting any year for
periods ranging from 17 to 53 years, together with the
percentage paid each year.
—The Spokane & Inland Empire Railroad Co.'s large
hydro electric power station, for which Sanderson & Porter,
New York, were the constructing and designing engineers,
was recently described in an illustrated article published by
the "Electric Railway Journal." This article has now been
issued in pamphlet form.
—Of the total authorized issue, $1,800,000 of Hotel
La Salle Co.(Chicago) first mortgage 6% gold bonds, underwritten and recently offered by the Western Trust & Savings
Bank of Chicago, less than $500,000 worth, we are informed,
remains unsold.
1610
THE CHRONICLE
Lxxxvn.
itte-ports and Illoruntruitie
INTERBOROUGH RAPID TRANSIT COMPANY.
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
OF THE THREE-YEAR CONVERTIBLE SIX PER CENT NOTES.
New York, November 25 1908.
PURPOSES TO WHICH THE NOTES WERE
Interborough Rapid Transit Company hereby makes
APPLICABLE.
application to have placed upon the regular list of the New
All the notes authorized to be issued under and secured
York Stock Exchange $25,000,000 of its Three-year Con- by the
Collateral Trust Agreement of May 1 1908, and the
vertible Six per Cent Gold Notes, Nos. 1 to 25,000 inclusive, proceeds
thereof, are tolf,be applied:
for $1,000 each.
1. To the discharge or refunding of a series of $15,000,000
face value of Four per Cent Three-year Gold Notes of the
DESCRIPTION OF NOTES.
Interborough Company maturing May 1 1908.
2. To the payment of certain other promissory notes
The Three-year Convertible Six per Cent Gold Notes of
the Interborough Rapid Transit Company are issued under aggregating the sum of $6,250,000, or thereabouts.
3. Payment of the indebtedness of the Company incurred
a Trust Agreement between the Company and the Morton
Trust Company of New York, dated May 1 1908. The prior to May 1 1908, the acquisition of property, the conauthorized issue is $25,000,000, which has been secured struction, completion, extension or improvement of its
by the deposit with the Trustee as collateral security of facilities, or the improvement and maintenance of its serForty-five-year Gold Mortgage Bonds of the Company vice, and, if by the Company deemed expedient, including
issued under its Mortgage and Deed of Trust,executed to the sum of $3,770,000, or thereabouts, payable to Rapid
•Morton Trust Company as Trustee, dated as of November Transit Subway Construction Company on the completion
1907, to the amount in face value of $30,000,000, being of the Brooklyn extension of the Rapid Transit Railway
Twenty per Cent in exces of the face value of the authorized of its terminus at Flatbush and Atlantic Avenues, Brooklyn,
issue of all notes of this series. The notes are in both being on account of the excess cost of such railway over
coupon and registered form and are due May 11911. Coupon and above the amount payable with respect to the connotes are dated May 1 1908. Principal and interest (at struction thereof by the City of New York.
the rate of Six per Cent per annum, payable semi-annually
PROVISIONS IN CASE OF DEFAULT.
on the first days of May and November at the office of the
In case (1) default shall be made in the payment of any
Morton Trust Company) are payable in gold coin of the
United States of America of or equal to the present standard interest on any of said notes, and in case any such default
of weight and fineness, without deduction for any tax or shall continue for a period of thirty days, or, in case (2)
taxes which the Company may be required to pay thereon default shall be made in due and punctual payment of the
or retain therefrom under any present or future law of the principal of any ,of said notes, or, in case (3) default shall
United States of America, or of any State, county or muni- be made in the due observance or performance of any other
covenant or condition required by the terms of the Collateral
cipality therein.
The amount of notes which may be executed by the Trust Agreement dated May 1 1908, to be kept or performed
Company, and which may be certified by the Trustee, is by the Company, and any such last mentioned default
limited, so that never at any time shall there be outstanding shall have continued for a period of sixty days after written
notes for an aggregate principal sum exceeding $25,000,000. notice thereof from the Trustee to the Company, then, and
The coupon notes are of the denominations of $1,000, in each and every such case of default:
(a) The Trustee may sell any or all of the pledged bonds, or
85,000 and $10,000, which are interchangeable. Each note
(b) The Trustee may proceed to protect and enforce its
of the denomination of $1,000 bears a distinctive serial
number from one upward, consecutively. Each note of rights and the rights of noteholders under said Agreement
a denomination greater than $1,000 has endorsed thereon by a suit or suits in equity or at law.
the serial numbers of the $1,000 coupon notes reserved
ORGANIZATION—CONTRACT WITH CITY FOR
for exchange.
CONSTRUCTION AND OPERATION,
They may be registered as to principal or may be exchanged
Interborough Rapid Transit Company (hereinafter called
for registered notes and registered notes are exchangeable
the "Company") is a railroad corporation, incorporated
for coupon notes.
The Company has the right at any time after November 1 May 6 1902, under the provisions of the General Railroad
1910 to withdraw and have released from the lien of the Law of the State of New York, and pursuant to the authorTrust Agreement any of the pledged bonds upon payment ization contained in Chapter 544 of the laws of 1902, amendto the Trustee of a sum in cash equal to at least Eighty- ing the Rapid Transit Act of 1891. The duration of the
three and One-third per Cent of the face value of the prin- corporation is one thousand years.
It was organized principally to maintain and operate
cipal of the pledged bonds, together with interest thereon
to the date of the maturity of the said notes, at the rate the Rapid fransit Railroad constructed under a contract
of Six per Cent per annum; and any cash so paid to the between the City of New York and John B. McDonald,
Trustee shall be held by it as additional security for collateral dated February 211900, hereinafter referred to as Contract
notes then remaining outstanding, or at any time there- No. 1, and subsequent modifications thereof.
Under the terms of this contract, which was assigned by
after issued.
said John B. McDonald to the Interborough Company on
NOTEHOLDERS' OPTION TO CONVERT NOTES
the 10th day of April 1902, the Interborough Company is
possessed of a lease of said railway for the term of fifty
INTO BONDS.
years,with the privilege of renewal for the further term of
These notes may be exchanged at the office of the Trustee twenty-five years.
•
On November 1 1910, or any previous interest day, provided • The railroad
now tinder operathat five days' written notice of intention to exercise such tion under the has been completed and isover the following
terms of Contract No. 1
option shall have been given by the noteholder to the route:
Trustee for the Forty-five-year Gold Mortgage Bonds of
A four track
City Hall Park via Elm Street,
the Interborough Company, payable November 1 1952, Square, Fourthunderground line fromand Broadway to 103d Street, Union
Avenue, 42d Street
From
secured by its Mortgage and Deed of Trust to Morton 1. junction of 103d Street and Broadway there are two lines, which are In
track and In part three
Trust Company, dated November 1 1907, at the rate of part twoCortland Park, and the track, viz. "West Side Line" extending
"East Side Line extending to Bronx
to Van
$99 in Collateral Notes for $100 in said bonds, fractional Park in the northeast section of the Borough of the Bronx.
amounts to be adjusted by cash payment by the Company
These two lines are chiefly subway but partly upon
if necessary.
elevated structure. There is also an elevated structure
At this date $500,000 of these notes have been exchanged connecting the said Rapid Transit Railroad with the Manfor the Forty-five-year Gold Mortgage Bonds.
hattan Railway Company's lines between Westchester
The mortgage tax imposed by the Laws of the State of Avenue near St. Ann's Avenue and Third Avenue.
New York has been paid on the entire amount of the bonds
On July 21 1902 the Rapid Transit Subway Construction
pledged to secure these notes and said bonds are therefore Company, all of whose Capital Stock, except
Directors'
exempt from any tax thereon in the hands of the holders.
qualification shares, is owned
The Board of Directors of the Company have passed entered into a contract with by the Interborough Company,
the City of New York for the
the following Resolution fixing the rate of interest on the construction of an extension of the Rapid
Transit Railroad
Forty-five Year Gold Mortgage Bonds to be exchanged above referred to from its terminus
at the City Hall Park,
for these Notes, as follows:
the Borough of Manhattan, to the intersection of Flatbush
in
RESOLVED. That all bonds secured by the Mortgage to Morton Trust
Atlantic Avenues, in the Borough of Brooklyn, known
Company, dated November 1 1907, which shall be delivered to the holders and
of any of the $25,000,000 Notes lssued under the Collateral Trust Agree- as Contract No. 2, and by an agreement dated August 10
ment to Morton Trust Company, dated May 1 1008, In exchange for said 1905 the portion of said contract providing for a lease of
Notes, shall bear Interest at the rate of Five per Cent per annum during
the life of said bonds subject to redemption at any Interest day In amounts the said railway for the term of thirty-five years, with the
'aggregating not less than One Million Dollars ($1,000,000) face value at privilege on the part of the lessee of operating the said
One Hundred and Five per Cent and accrued Interest, and to purchase
for the sinking fund on any Interest day after November 1 1910, on previous railroad for a further period of twenty-five years, was
notice given, as In said Mortgage provided.
assigned to the Interborough Company. The railway for
DEC. 19 1908.1
THE CHRONICLE
1611
which provision was made under Contract No. 2, together
with subsequent modifications thereof, has been constructed
and is being operated under the provisions thereof as follows:
VI. 18,140 shares Subway Realty Company Stock; 32,048 shares New
York & Queens Co. Ry. Co. stock; 2,500 shares N. Y. & Long Island
Traction Co. Preferred Stock; 7,360 shares N. Y. & Long Island Traction
Co. Common Stock; 3,000 shares Capital Stock of Long Island Electric
By. Co. stock; 3500,000 face
A two track underground railway from a point near the Intersection of First Mortgage Bonds of New value of the Four and One-half per Cent
York & Long Island Traction Co.; $300,000
Park Row and Broadway in the Borough of Manhattan, under Broadway. face value of the First
Mortgage Five per Cent Gold Bonds of Long Island
via the Battery, and under the East River and Joralemon Street to Fulton Electric Railway Company.
Street, Borough of Brooklyn, from thence a four track railway under
VII. All other
Fulton Street to the Long Island Railroad Company's terminus at Flatbush for the Company property, real and personal, at any time acquired by and
with bonds
and Atlantic Avenues, In the Borough of Brooklyn. The total length ceeds of the sale of any of said issued under said Mortgage or with the probonds.
of the line of railroad operated by the company, under said Contracts
The said Mortgage to Morton Trust Company, dated
No. 1 and 2,is about 25.63 miles, of which about 19.54 miles is underground
tunnel or subway and about 6.09 miles elevated structure. The total November
1 1907, further provides:
length of single main track is about 72.76 miles and 9,44 miles of storage
tracks and sidings additional.
"That upon the receipt by the Company of payment
vanced by it for account of the New York & Long Islandof amounts adRailroad ComThe City of New York will, under the said contracts, pany (approximately $7,500,000), or the
proceeds of the sale of
pay about $44,000,000 to the contractor for the construction in the stock and property of or formerly belonging to said its Interest
& Long Island Railroad Company, It will promptly apply all New York
of the roads and terminals named in Contract No. 1 and received by it toward the payment or
moneys so
redemption and
about $4,000,000 for the construction of the Brooklyn outstanding gold notes or notes secured by bonds cancellation of any
and in case no such notes are outstanding, then to issued thereunder,
extension under Contract No. 2,a total of about $48,000,000, bonds secured thereby."
the redemption of
and issues its bonds to defray this cost.
The roads are owned by the city, but the power houses,
THE MANHATTAN RAILWAY COMPANY.
electrical equipment and rolling stock have been provided
On January 1 1903 a lease of the property of the Manand are owned by the Interborough Company, subject to
a lien upon the equipment thereof in favor of the city, to hattan Railway Company to the Interborough Company for
a term of 999 years from November 1 1875 was executed.
insure the faithful performance of the terms of the leases.
This was approved by the Stockholders of both Companies,
RENTALS.
and the lessee entered upon the operation of the railway
The amount of rental payable under both of the leases under said lease April 11903. •The essential features of the
lease are as follows:
aforesaid will be:
(1) An amount equal to the Interest on the city bonds Issued to provide
the funds for the construction of the roads, which at present is at the rate
of 3.5 per cent per annum in respect to Contract No. 1 and 3.843 per cent
In respect to Contract No. 2.
(2) A further amount, not exceeding one per cent per annum, upon
the amount of bonds so Issued, with the exception of certain bonds issued
to acquire rights of way, but payable—
(a) For the first live years, only out of the net income from operations
under the lease, after allowing a return of five per cent per annum upon
the capital of the operating company invested in the enterprise;
(b) For the next five years, a fixed payment of one-half of one per cent,
the remaining one-half of one per cent to be paid only out of the surplus
income from operation under the lease, after allowing a return of live per
cent per annum upon the capital of the operating company invested in the
enterprise;
(c) Thereafter a fixed payment of the full one per cent per annum.
CITY'S OBLIGATION TO PURCHASE THE
EQUIPMENT.
It is agreed that at the termination of the lease, the city
shall purchase from the operating Company, at a fair valuation, the entire equipment, including power houses, rolling
stock and other appliances, tools, &c.
The authorized Capital Stock of the Company is $35,000,000, consisting of 350,000 shares of the par value of
$100 each, all of which is Common Stock outstanding,
fully paid and of full voting power, and to which no personal liability attached.
$13,600,000 of the Capital Stock was issued to pay for the
acquisition of the Capital Stock of certain other corporations,
including all the stock of the Rapid Transit Subway Construction Company, and for the interests of all parties other
than the Rapid Transit Subway Construction Company in the
leases aforesaid. $2,200,000 of said stock was subscribed
for at 110 and the balance, viz., $19,200,000 par value,
was subscribed for at par.
All of the Capital Stock of the Interborough Company,
with the exception of 130 shares, was deposited under a
Voting Trust Agreement dated May 14 1902, to be held
for a period of five years from May 15 1902, such stock
being represented by 'Stock Trust Certificates issued in
accordance with the terms of such agreement. Since the
expiration of the Voting Trust Agreement, all but 1,459
of the Stock Trust Certificates have been exchanged for
stock of the Company. 339,128 shares of the stock of said
Company has been deposited with the Windsor Trust
Company as Trustee under an agreement dated March 5
1906, as Collateral Trust Security for the issuance of $67,825,600 Interborough Metropolitan Four and One-half per
Cent Collateral Trust Bonds.
The Interborough Company has issued .a series of Five
per Cent Gold Notes, dated March 1 1907, due March 1
1910,of which the entire issue, $10,000,000, face value are
now outstanding under a Trust Agreement with Morton
Trust Company dated March 11907.
The Interborough Company has no mortgage or bonded
indebtedness other than its Mortgage dated November 1
1907, to Morton Trust Company, to secure $55,000,000
Forty-five year Gold Mortgage Bonds, payable November 1
1952, of which $30,000,000 only have been issued, all of
which have been deposited under a Collateral Trust Agreement with Morton Trust Company to secure $25,000,000
Three-year Convertible Six per Cent Gold Notes due May 1
1911.
The Mortgage to Morton Trust Company to secure said
$55,000,000 Forty-five year Gold Mortgage Bonds is a first
lien upon
I. All the real estate, power houses, sub-power stations, terminals and
equipment of the Interborough Company, now or hereafter at any time
acquired or used by the Company, pursuant to the provisions of rapid
transit Contracts No. 1 and No. 2, respectively, subject only to the lien
reserved by the City of New York in and by said contracts upon the equipment of the rapid transit railroad in the City of New York, operated by
the Company under said Contracts No. 1 and No. 2, respectively.
II. Certain real estate and terminals not constituting part of the equipment of the Company under or in connection with the said Contracts No. 1
and No. 2,
III. The lease part of said Contract No. 1 and the leasehold interest
of the Company thereunder.
IV. The lease part of said Contract No. 2 and the leasehold Interest of
the Company thereunder.
V. The lease executed to the Company by the Manhattan Railway
Company dated January 1 1903, and all the term, leasehold estate and
rights of the Company created thereby.
1. For the 23 years from April 1 1903 to January 1 1906 the rental
guaranteed by the Interborough Company was six per cent per annum
upon Manhattan Railway Company stock and one per cent per annum
additional if earned by the Manhattan Railway Company. Each additional one (1%) per cent was so earned and paid by the Interborough
Company, and by a subsequent agreement the lessee agreed to pay 'the
full seven per cent rental from and after January 1 1905.
2. For the remaining term of the lease- seven per cent per annum is
guaranteed on Manhattan Railway Company stock.
3. The Interborough Company also agrees to pay to the lessor as rent,
as the same respectively becomes due, the interest on the entire mortgage
indebtedness of the Manhattan Railway Company; but the Interborough
Company is not under any responsibility with respect of the principal
of such indebtedness.
4. The Interborough Company agrees to deposit, and has so deposited,
with the Guarantee Trust Company of New York, Trustee, as security
for the faithful performance of the lease, $4,000,000 in cash and securities.
This deposit will not be released, in accordance with the terms of the lease,
until July 1 1909, which provides that the said sum of $4,000,000 in cash
and securities in which any part thereof may be Invested may be delivered
to the lessee upon its demand in writing when, and not unt I, the said
lessee for five years next preceding the date of such demand shall have paid
dividends upon Its outstanding capital stock at the rate of not less than
4% per annum.
In the event of the further payment of dividends at the rate of Four
per Cent per annum until July 1 1900, the said sum of $4,000,000 will
become payable to the Interborough Company.
Dividends have been paid upon the Capital Stock of the Interborough
Company as follows: July 1 1904. 2%; January 1 1905,
1 4%; July 1 1905, 2%; October 1 1905, 2%; January 1 3%; April 1 1905,
1906, 2%; April 1
1006, 2%; July 1 1906, and for each quarter thereafter, 24,%.
5. The Interborough Company undertakes to operate and maintain
the railways and property of the Manhattan Railway Company at its
own expense during the lease, except that $4,800,000 of the stock of the
Manhattan Railway Company may be issued and sold on or after April 1
1906, all of which had been issued and sold, and $5.409,000 of a new series
of Four per Cent Mortgage Bonds of the Manhattan Railway Company
may be issued and sold on or after July 1 1908, and the proceeds in each
Instance devoted to completing the construction, alteration and equip—
ment of the railroad, payment of claims of property owners, and to other
purposes enumerated in Article Second of the lease.
The $10,818,000 First Mortgage Six per Cent Gold Bonds
of the Metropolitan Elevated Railway Company matured
and were retired as of July 1 1908, at which time $11,712,000 of Manhattan Railway Company Consolidated
Four per Cent Mortgage Bonds were issued, resulting in a
net saving in the fixed charges of the Manhattan Railway
System of $180,600 per annum.
Article First of the lease of January 1 1903 provides as
follows:
"ARTICLE FIRST—It is covenanted and agreed that the authorized
Capital Stock of the lessor at the time this lease takes effect shall be $60,000,000, of which $55,200,000 shall then be outstanding, and that after
April 11906 the balance of new stock to the amount of $4,800,000 will be
Issued by the lessor, if permitted by law, and may be sold by the lessee,
but not otherwise than in the market at public or private sale, for the
best price obtainable."
The proceeds of this new stock, together with the funds
to be raised from the sale of bonds in the Manhattan Railway
Company's treasury, and by the sale of certain real estate
not needed for railroad purposes, is applicable and has in
part already been applied towards the expense of putting
the property in the best condition, completing the electrical
equipment, for paying liabilities for land damages, and
give the present elevated structure such permanency,
strength and large facilities as will enable it to handle with
the utmost efficiency, &c., &c., electrical rolling stock of
the present type up to the maximum capacity of the tracks.
PROPERTIES LEASED OR OTHERWISE CONTROLLED BY INTERBOROUGH COMPANY.
The following is a statement relative to the companies
whose lines are leased, or a majority of whose stock is
owned by the Interborough Company:
As mentioned above, the Interborough Company owns all the stock ik
the Rapid Transit Subway Construction Company, amounting to V6,000,000, with the exception of 130 shares to qualify Directors. The
Rapid Transit Subway Construction Company has no bonded debt.
By indenture of lease dated January 1 1903, above referred to, the
Interborough Company has acquired the lease of the property of the Manhattan Railway Company upon the terms above set forth.
The Manhattan Railway Company has outstanding $39,777,000 of
Consolidated Mortgage Gold Four per Cent 100-year Coupon Bonds.
due April 1 1990. These bonds are limited to $40,894,000 for present
system of railroads of the Manhattan Railway Company.
New York Elevated Railroad Company, which is merged with the
Manhattan Company, has outstanding 11,000,000 Five per Cent Debenture
Coupon Bonds due March 1 1916. No more of these bonds are issuable.
The Interborough Company holds 32,048 shares of the New York &
Queens County Railway Company, out of a total authorized capital of
50,000 shares of $100 each, of which $2,350 have been issued. The bonded
ndebtedness of the New York & Queens County Railway Company is as
ollows:
1612
[VOL. rixxxvii.
THE CHRONICLE
11.500,000 Steinway Railway First Mortgage Six per Cent Bonds, due
1922.
1.300.000 New York & Queens County Railway Co., First Consolidated
Mortgage Gold Four per Cent Bonds, due 1946.
150,000 Newtown Railway First Mortgage Gold Five per Cent Bonds,
due 1924.
•
50,000 Flushing & College Point Electric Rallwayrirst Mortgage
Gold Five per Cent Bonds, due 1925.
The Interborough Company owns 938 shares of the
Capital Stock of the New York & Long Island Railroad Co.,
out of a total authorized capital of 1,000 shares.
,
The Interborough Company owns 18,140 shares of the
Capital Stock of the Subway Realty Company, out of a
total authorized and issued capital of 20,000 shares of the
par value of $100 each.
The Interborough Company owns jointly with the Long
Island Railroad Company almost the entire Capital Stock
and all the bonds of the New York & Long Island Traction
Company and Long Island Electric Railway Company,
holding 2,500 shares Preferred Stock (par value $50);
7,360 shares Common Stock (par value $50) and $500,000
in bonds of the New York & Long Island Traction Company;
and 2,990 shares of stock and $300,000 in bonds of the Long
Island Electric Railway Company. The former Company
has an entire capital of $750,000 Common Stock and $250,000
Preferred Stock, and $1,000,000 Four and One-half per
Cent Gold Bonds, due 1942. The latter Company has an
entire capital.of $600,000 stock and $600,000 First Mortgage
Five per Cent Gold Bonds, due 1925.
A summary statement of the stocks and bonds of other
Companies owned by the Interborough Company is as
follows:
New York & Queens County Railway Company
32,048 shares of Capital Stock, par value 4100 each.
$786,000 First Mortgage Four per Cent Gold Bonds.
New York & Long Island Ralroad Company
$93,800 Capital Stock.
New York & Long Island Traction Company
2,500 shares Preferred Stock, par value $50 each.
7,360 shares Common Stock, par value $50 each.
*500,000 First Mortgage Four and One Half per Cent Bonds.
Long Island Electric Railway Company
2,990 shares (more or less) Capital Stock, par value $100 each
$300,000 First Mortgage Five per Cent Gold Bonds.
Rapid Transit Subway Cons. Company
60,000 shares Capital Stock, par value $100 each.
Realty Company
Subway
18,140 shares Capital Stock, par value $100 each.
Fort George Street Railway Company
250 shares Capital Stock, par value $100 each.
.
Manhattan Railway Company$877 Four per Cent Bond Scrip.
$73.156,043 60
Brought forwardWorking assets
Materials and supplies
Prepaid insurance
Rentals paid in advance
$1,220.804 83
94,019 29
11,891 17
Current assets
Cash
Notes receivable
Accounts receivable
1,328,715 29
$785,551 25
18,000 00
1,026,151 22
Accrued accounts-Interest and dividends accrued
Items awaiting distribution
Securities in trust for voluntary relief fund
Contingent asset-State taxes paid under protest
On deposit with Morton Trust Co. under terms of Collateral
Trust Agreement May 1 1908
Deferred charges
Unamortized debt, discount and expense
1,829,702 47
117,22989
56,193 35
18,600 00
324,392 86
61,307 09
1,442,015 33
$78,341,199 88
Total assets
LIABILITIES.
Capital Stock
$35,000,000 00
Three-year Four per Cent Gold Notes, due May 1 1908, not
33,000 00
presented for payment
Three-year Five per Cent Gold Notes,dated March 1 1907_ _ 10,000,000 00
Three-year Six per Cent Gold Notes, dated May 1 1908
(secured by deposit of $30,000,000 Forty five year Five
per Cent Gold Mortgage Bonds)
25,000,000 00
Manhattan Railway-Lease account
377,322 73
Current liabilities
Notes payable
$1,063,038 00
Accounts payable
1,097,330 27
2,160,368 27
Current accounts
Interest and rentals accrued and not due.. $1,420,168 87
Taxes accrued
322,117 74
1,742,286 61
Equipment replacement reserve
103,458 33
Advance income receipts-Unearned proportion
1,833 34
Contingent liabilities, taxes in litigation
2,029,880 52
Collateral Trust Agreement, May 1 1908 (see contra)
61,307 09
Profit and loss-surplus
1,831,742 99
Total liabilities
$78,341,199 88
Interborough Rapid Transit Company will make annual
reports and statements in accordance with the requirements
of the New York Stock Exchange, and will give at least
ten days' notice in writing to the New York Stock Exchange
of any proposed closing of its transfer books.
The fiscal year of the Company ends on June 30th of each
year, the annual meeting of the Stockholders of the Company is held on the Second Wednesday of May, and the
regular meetings of the Board of Directors are held weekly
on Wednesdays.
The principal office of the Company is at 23 Nassau Street.
OFFICERS, DIRECTORS, EXECUTIVE
EARNINGS AND BALANCE SHEET.
COMMITTEE, &C.
Statement of income of Interborough Rapid Transit
The officers of the Company are as follows: Chairman of
Company for the year ended June 30 1908:
the Board, August Belmont; President, E. P. Bryan; Vice$24,059,299 40
Earnings from operation
10,722,694 66 Presidents, Walter G. Oakman, Frank Hedley, D. W. Ross;
Operating expenses
Treasurer, John H. Campbell; Secretary, H. M. Fisher.
$13,336,604 74
Net earnings
The following are members of the Board of Directors
1,220,170 55
Income
Other
Term expires 1909: August Belmont, E. P. Bryan, Genl.
$14,556,775 29 James Jourdan, Morton F. Plant, Cornelius Vanderbilt, all
Gross Income
Interest on bonds, Three-year Gold Notes
$5,061,664 95
of New York. Term expires 1910: Gardner M.Lane, Boston,
and rentals
1,586,466 31
Taxes
Mass.; John Pierce, George W. Young, Alfred Skitt, Gerald
expense
7,984 67
Amortization of debt discount and
L. Hoyt, all of New York. Term expires 1911: Andrew
6,656,115 93 Freedman, John B. McDonald, Walter G. Oakman, William
Total interest, rentals, taxes, &c
$7,900,659 36 A. Read, Theodore P. Shonts, all of New York.
• Balance
4,200,000 00
Manhattan Railway guarantee (dlvdend 7%)
Members of the Executive Committee of the Company
$3,700,659 36 are as follows: Theodore P. Shonts, Chairman; August
Net income applicable to dividends
declared-9% on $35,000,000 Capital Stock of the
Dividends
Belmont, Andrew Freedman, James Jourdan, William A.
3,150,000 00
Interborough Rapid Transit Company
Read, Walter G. Oakman, Cornelius Vanderbilt.
$550,659 36
Surplus
The stock of the Company is transferred by August
The following is the General Balance Sheet of Inter- Belmont & Co., 23 Nassau Street, and the Morton Trust
Company,32 Nassau Street, New York City, is the Registrar
borough Rapid Transit Company as of June 30 1908:
of the notes secured by the Collateral Trust Agreement,
ASSETS.
$37,349,975 75 dated May 11908, made by the Interborough Rapid Transit
Construction, equipment, leases, &c
19,599,706 01 Company to the Morton Trust Company as Trustee, to
Investments
Securities deposited with Guaranty Trust Company under
secure the issue of the $25,000,000 Three-year Convertible
4,057.986 59
terms of Manhattan Railway lease
Advances to Companies a majority of whose Capital Stock
Six per Cent Gold Notes, due May 1 1911.
is owned
Respectfully submitted,
Notes receivable
$3,745,500 00
N. Y. & Long Island RR. Co
INTERBOROUGH RAPID TRANSIT COMPANY,
2,000,000 00
Rapid Transit Subway Cons. Co
1,558,744 33
N. Y. & Queens Co. Ry. Co
By JOHN H. CAMPBELL, Treasurer.
60,000 00
N. Y. City Interborough Ry. Co
This Committee recommends that $24,500,000 of the
25,000 00
N Y. & Long Island Traction Co
above-described Three Year Convertible Six per Cent Notes,
Pelham Park & City Island RR. Com3,000 00
panies
$1,000 each, be
7,392,244 33 due 1911, included in Nos. 1 to 25,000, for
admitted to the list.
Open accounts
Trustees of N. Y. & Long Island RR. Co-_ $3,788,773 37
WM. W. HEATON, Chairman.
970,388 35
Subway Realty Co
Adopted by the Governing Committee, December 9 1908.
5,818 32
Pelham Park & City Island RR.Companies
150 88
Fort George Street By. Co
GEORGE W. ELY, Secretary.
4,765,130 92
-Effingham Lawrence & Co., 111 Broadway, announce
that Mr. William H. Flagg, who for a number of years conducted a bond business at 45 Wall St., has been admitted
as a general partner in the firm. Mr. Flagg was for many
years senior member of the well-known bond house of Flagg
& Worcester.
-Cram, Mulliken & Co. of Boston, dealers in commercial
paper,have moved their New York offices to the second.floor
of 115 Broadway, the United States Realty Building. The
firm's new offices are larger, more attractive and very conveniently situated. Mr. Cram is the resident partner in
charge of the New York office.
-A. H. Johnson and Norman 13arnesby announce that
they have organized the new firm of A. H. Johnson & Co.at
34 Pine St., to do a commission business in investment
bonds. The new concern will Make a specialty of Government bonds.
-Lybrand Ross Brothers & Montgomery, certified public
accountants, Philadelphia and New York, announce that
they have opened an office in the Union Bank Bldg., Pittsburgh, with Mr. Walter A. Staub, C. P. A., as manager.
-R.H.Fiero & Co.,25 Broad St., New York, have opened
a branch office in the White Memorial Building, Syracuse,
N. Y., under the personal direction of W.F. Ryan,formerly
with C. I. Hudson & Co.
-Charles A. Morse & Co. of 111 Broadway have this
week opened a branch office at 477 Fifth Ave., corner 41st
St., under the management of H. R. Lingg.
-Edward E. Read, who has been a specialist in bonds
and investment securities for many years at 100 Broadway,
has removed his offices to 59 Wall St.(Brown Bros. Bldg.).
-Harvey Fisk &Sonb are offering, at 101 and interest,
$500,000 Chicago & North Western 4% extension bonds
of 1886, due 1926.
DEC. 19 1908.
Whe Tormutercial 'Nintez.
COMMERCIAL EPITOME.
COTTON.
Friday Night, Dec. 18 1908.
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
403,352 bales, against 406,266 bales last week and 457,544
bales the previous week, making the total receipts since
the 1st of September 1908, 5,635,647 bales, against 4,412,641
bales for the same period of 1907,showing an increase since
Sept. 1 1908 of 1,223,006 bales.
Friday Night, Dec. 18 1908.
Though there is some quieting down of general trade incident to the closing days of the year, holiday business has
been good, the crops look well, manufacturing industries are
busy, money is easy and the business outlook on the whole is
believed to be promising, all the more so because there is no
attempt to force the pace.
Receipts atLARD on the spot has been irregular but changes have Galveston
been unimportant. Trade has been moderately active but Port Arthur
CorpusChristi
sales as a rule have been limited to small lots. Prime West-' New Orleans_,doe
___
ern 9.55c. and City 9.05@9.25c. Refined lard has been Mobile
easier for Continent and steady for other grades. Sales have Pensacola
been small and confined in the main to local jobbers. Re- Jacksonville, &c.
Savannah
fined Continent 9.70c., South America 10.60c. and Brazil in Brunswick
kegs 12c. Speculation in lard futures has been moderatelJ Charleston
Georgetown
active. Prices have been irregular within comparatively Wilmington
narrow limits. Packers have sold at times, but other Norfolk ews, &c_
New p.N
prominent interests have bought on the setbacks and Ne w York
Boston
there has been more or less commission-house buying. Baltimore
Trading has been largely for quick turns.
Philadelphia_ _ _
DAILY CLOSING PRICES
Sat.
9.12%
9.35
January delivery
May delivery
1613
THE CHRONICLE
OF LARD FUTURES IN CHICA(10.
Fri.
Wed. Thurs.
Tues.
Mon.
9.12% 9.15
9.10
0.15
9.125
9.35
9.374
9.37% 9.35
9.373
Total.
Wed. Thurs. Fri.
Mon. Tues.
Sat.
--------18,823 22,656 42,'727 2(1,520 20,676 16,185 141,581
___ ----- --- -- - --- -- -- --- --7
101,011 11,677 22,576 9,991 13,767 16i14 84,631
1,503 15,022
2,282 1,525
1,720 3,598 4,394
5,734
___ _ 10,300
----------- - 16,034
1,491
485
___
155
___
___
851
10,C168 8,084 9,639 9,959 7,927 6,886 52,561
36,050 36,05(
1,832 8,801
1,iiii
1,56:1
415
111
____
___
117
1,397 9,491
1,836
1,550 1,405
2,106
1,198
671
4,823 5,160 8,742 4,266 3,218 6 367 31.
.
71
75
_
_
_
_
2,261
124
iii
io
ioi
iii
1,079
741
15
____
356
2()'7
___ _
167
__ 4,751 4,751
---- --131
100
----------25
io
3
-----------------Totals this week_ 55,478 54,609 101,959 49,970 49,952 91,384 403,352
Lia:4
iii)
The following shows the week s total receipts, the total
PORK on the spot has been quiet. Mess has been firmer Since Sept. 1 1908, and the stocks to-night, compared with
at $16 50@$17, clear steady at $20@$24 and family easier last year:
at $17 50@$18 50. Cut meats have been moderately active
Stock.
1907.
3
1908.
and generally steady. Pickled hams 8%@103c., pickled
Receipts to
bellies, 14@10 lbs., 8%©10c., and pickled shoulders
3
This Since Sep This Since Sep
December 18.
1907.
1908.
0,4 ©7c. Beef has been in moderate demand and firm,with
week. 1 1908. week. 11907.
supplies light. Mess $12 50@$13, packet $14©$14 50, Galveston
141,587 2,186,388 121,522 1,169,957 294,590 192,680
family $16@$16 50 and extra India mess $24 50@$25. Port Arthur_
43,636
5,713
36,511
10,017
579
25,197
--- Stearines have been quiet and firm; oleo 10c. and lard Corp. Christi, &c_
New Orleans ____ 84,636 1,037,185 99,196 879,287 270,106 271,847
56,610
2
82,598
103/ ©11c. Tallow has been quiet but firm with supplies Mobile
15,022 227,466 20,551 198,559
76,296
4
light; City 53 @5%c. Butter has been quiet but firmer; Pensacola
67,244 13,160
16,034
5,235
471
20,161
1,491
Jacksonville, &c_
creamery extras 31@)31Me. Cheese has been quiet and Savannah
52,563 1,014,901 59,974 1,052,451 165,646 187,705
20,710
56,770
firm; State, f. c. small, Sept., fancy 14c. Eggs have been Brunswick
36,050 180,736 16,028 120,768
35,497
29,433
6,809 141,970 7,672 158,035
Charleston
dull and weak; Western firsts 30(q)31c.
949
117
Georgetown
24,433
16,647
9,491 276,959 17,417 349,154
-Cottonseed has been quiet and steady. Winter Wilmington
OIL.
51,146
47,118
Norfolk
44@46c. and summer white 389@41 c. Linseed has been NewportNews,&c. 31,756 349,391 26,621 312,942
120
184
4,779
75
2,581
, 1,989 132,357 131,486
303
2,267
7,695
firm. There has been a brisk demand for small lots and New York
6,159
8,952
1,998
184
7,747
745
Boston
withdrawals on old contracts have been liberal. City, raw, Baltimore
8,208
33,902
24,288
1,515
50,571
4,751
4,746
6,055
3,250
274
1,995
138
American seed, 48@49c.;. boiled 49@50c., and Calcutta, Philadelphia
raw, 70c. Lard has been steady with a moderate jobbing
Total
403,352 5,635,647 391,364 4,412,641 1,148,202 987,319
demand. Prime 74(4477c. and No. 1 extra 51@53c. Olive
has been quiet but firm on light supplies and offerings; yellow
In order that comparison may be made with other years,
$1@$1 40. Cocoanut has been quiet and steady; Cochin we give below the totals at leading ports for six seasons:
4
73.4@73'c. and Ceylon 63 @7c. Peanut has been quiet
and steady; yellow 65@80c. Cod has been moderately Receipts at- 1908.
1903.
1904.
1905.
1906.
1907.
active and, steady; domestic 38@40c. and Newfoundland
Galveston _-- 141,587
66,157
89.
21,522 122,413
76.299
40@42c.
9,7
10,958
10,575
6,292
8,705
Pt.Arthur,&c
• COFFEE on the spot has been quiet and steady. Rio New Orleans_ 84,636 99,196 110,567 52.772 97,381 98,608
7 414
7,312
13,052
8,517
15,022
20,551
Mobile
42,985
50,364
60,841
No. 7, 6M(46%c., and Santos No. 4, 758 ©7%c. West Savannah
52,563
39,115
59,974
/
7,460
• 4,192
11,594
5,74
36,050
16,028
Brunswick
growths have been in light demand and steady; fair Charleston,&
India
3.791
2,526
8,877
4.264.
7,672
6,926
4
to good Cucuta 8%©95 c. The speculation in future Wilmington.
5,115
10,700
5,479
3,696
17,417
4911
9,
20,932
13,551
21,995
20,756
31.576
26,621
continued quiet. There has been an absence Norfolk
contracts has
of noteworthy features, though there has been a certain 2:1=:_1:_ 25,47g 15,107
3
10:41 1
2041
17,M)
7,11B
2
amount of buying of late on the report that none of the
holdings will be sold for a year to Total this wk_ 403,352 391,364 354,20 236,489 305,059 299,439
Brazilian Government's
come. Many consider prices cheap, but the dulness of the Since Sept. 15,635,8474,412,641 5,459,8474,838,210 5,595,763 4,947,680
spot trade and liberal receipts discourage purchases.
The closing prices were as follows:
The exports for the week ending this evening reach a total
5.300. of 267,146 bales, of which 115,182 were to Great Britain,
5.25c. August
December
5.15e. April
5.30c.
5.30c. September
January
5.20e. May
5.30c, 63,239 to France and 88,725 to the rest of the Continent.
5.30c. October
February
5.20e. June
5.30c. Below are the exports for the week and since Sept. 1 1908:
5.30c. November
5.25c. July
March
-Raw has been dull and easier. Centrifugal,
SUGAR.
From Sept. 1 1908 to Dec. 18 1908.
Week ending Dec. 18 1908.
96-degrees test, 3.77c., muscovado, 89-degrees test, 3.27c.,
Exported to"
Exported to,
and molasses, 89-degrees test, 3.02c. Refined has been
Exports
Great
ContiContiGreat
from-quiet and easier. Granulated 4.50c. Teas have been
Total.
BrUain. rue nent. Total. Britain. France. neat.
more active with prices generally firm. Spices have been
steady and moderately active. Wool has been quiet and Galveston __- 27,94029,121 24,833 81,894 779,674301,24 624,522 1,705,439
20,994
____
36,511
15,517
____
Port Arthur_ _ _
strong. Hops have been quiet and steady.
409
409
Corp.Christi,dec
PETROLEUM has been firm, with a brisk demand for New Orleans.._ 55,223 19,211 32,531 106,965 362,731115,72 276,468 754,924
35,158 113,434
34,071 44,20
Mobile
domestic and export account. Barrels 8.50c., bulk Sc. Pensacola _ _ 6,234 10,300
70,828
25,654
15,886 29,28:
16,534
and cases 10.90c. Gasoline has been moderately active Fernandina
382,469 535,963
11,109 21,335 89,98 63,5
Savannah _ _ _ 10,226
and firm; 86-degrees in 100-gallon drums 19c.; drums $8 50 Brunswick_ _
49,662
54,922 104,584
____
41,739 47,464
5,72
extra. Naphtha has been fairly active and steady; 73@ Charleston _
72,373 8,731 179,715 260,819
14,766
Wilmington_
76-degrees in 100-gallon drums 16c.; drums $8 50 extra. Norfolk
16,943
15,6 I
1,343
Spirits of turpentine has been quiet and easier at 413c. Newport News.
New York_ _ 4,470 4,607 1,025 10,102 76,216 20,343 77,187 173,746
Rosin has been quiet and steady; common to good strained Boston
7,168 57,325
40 3,516
50,157
3,476
42,615 58,656
14,141
• $320.
Baltimore _ _ _ _
4,474
24,275
19,801
Philadelphia _
continue to purchase Portland, Me_ __ 7,613
TOBACCO.
-Manufacturers of cigars
20,749
4,421 4,421
20,749
sparingly, as usual at this stage of the season. San Francisco..
domestic leaf
25,786
25,766
Seattle
Packers expect an increased business after the turn of the Tacoma
2,988
2,998
year,as manufacturers are believed to be carrying unusually Portland, Ore_
has been a somewhat better inquiry Pembina
small supplies. There
Detroit
for Sumatra and Havana, but sales as a rule have been
115,18263,239 88,725267,1461,601,539584,9441,824,3504,010,833
Total
steady.
f3ma1l. ,Prices have been
/
COPPER has been quiet and steady; Lake 141 1@14%c. Total 1907_-179,88243,083114,8031337,7681,429,37 424,9941,457,0333,311,397
and electrolytic 14©14Mc. Lead has been dull and easy
.
,
In addition to above export's our telegrams to-night also
at 4.20®4.25o. Spelter has been quiet and steady at 5.10@
5.15c. Tin has been quiet and steady at 29c. Iron has been give us the following amounts of cotton on shipboard, not
quiet and steady; No.1 Northern $17@$17 50; No.2 South- cleared at the ports named. We add similar figures for
New York.
ern $17 25@$17 50.
1614
THE CHRONICLE
On Shipboard, Not Cleared for
-
Great
Dec. 18 at
- Britain France
New Orleans_ _
9,230
Galveston _ _ _ _ 90,099
Savannah _ _
Charleston_ _ _ _
Mobile
8,600
Norfolk
7,500
New York_ _ _ _
2,500
Other ports_ _ _ 35,000
-ja Total 1908.. 152,029
IR Total 1907
73,599
Tota111906_ _ 107,315
011
MOW
Other CoastGermany. Foreign Wise.
5,281
36,666
3,627
2,000
6
-A(5 6,892
2,285
18,514
3,520
200
1:66o
32,000
17,171
26,854
7,055
Leaving
Stock.
181 34,148
4,562 176,695
1,300 16,402
1,500 3,500
3,500 24,992
18,812 26,312
235,958
117,895
149,244
25,933
57,606
, 24,834
7,200 125,157
71,000
51,326
3,500
4,000
30,519 87,466 59,480
33,750 121,432 32,564
69,008 127,641 70,951
Total.
29,855 360,249
44,943 308,288
49,771 424,686
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Dec. 12 to Dec. 18Middling uplands
Sat.
9.10
Mon. Tues. Wed. Thurs. Fri.
9.10
9.10
9.10
9.10 9.10
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Dec. 18 for each of the past 32 years have been as follows:
1908c-----9.10 1900_c
11.90 1809
1907
1906
10.45 1898
1905
12.15 1897
1904
8.05 1896
1903
13.05 1895
8.65 1894
1902
1901
8.5011893
10.00
7.50
5.81
5.88
7.19
8.50
5.75
7.94
1892_c
1891
1890
1889
1888
1887
1886
1885
10.00
8.00
9.37
10.25
9.75
10.62
9.56
9.25
1884_131883
1882
1881
1880
1879
1878
1877
-10.94
10.44
10.38
12.00
11.94
12.82
8.94
11.31
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday- Monday_ Tuesday - Wednesday
bursdaY Friday-- - -
Quiet
Quiet
Quiet
Wet
Quiet
Quiet
Total
Futures
Market
Closed.
Steady
Very steady_
Barely steady
Steady
Barely steady
Steady
Sales of Spot and Contract.
Con- ConExport sum'l. tract.
FUTURES.
-The highest, lowest and closing prices at
New York the past week have been as follows:
gl %I 11 gl II g,I 11 :21 :21 11 21 II
Total.
I
5;16. 5,165
1,300 1,300
1,1001 1,100
2,200 2.200
5,700 5,700
- - -15,500 15,500
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787,953
681,031
968,244
Speculation in cotton for future delivery has still kept
within moderate bounds, and the same may be said of the
fluctuations in prices. Alternately rising and falling, the
net changes for the week are slight. They show, however,
some advance. This is a matter of not a little surprise in
some quarters, seeing that the receipts have been very large,
that the spot markets have continued to weaken, with a
lessened demand, and that the local stock has increased
during the week about 18,000 bales, or 35,000 thus far this
month. Furthermore, the trade in cotton goods has evidently slackened, as is not an unusual thing towards the
close of the year. And not only is it noticeable in this
country, but similar reports have come from various parts
of the Continent of Europe. Lancashire, too, has complained of unsatisfactory trade, and some apprehensions
have been reported from that quarter as a result of rumors,
here mentioned for what they are worth, that in East India.
an agitation has been begun looking to the boycotting of
British goods in retaliation for the passage of sedition laws
by the British Government for the purpose of controlling
the unrest among the natives in India. How much such a
boycott movement will amount to if it has really been
started remains to be seen, but rumors in regard to it have
attracted some attention, particularly as Viscount Morley,
Secretary of State for India, intimated in the House of Lords
the other day that although there was no fear of a general
uprising in India, the situation there was anything but cheerful. Moreover, spot interests have been selling the distant
months, even if they have been buying January. Southern
hedge selling has continued. Liverpool has sold October
if it bought January and March, and the rank and file of professional operators have plainly leaned towards the short
side. It is even said that there has been some Western
selling for short account. The narrowness of the speculation, too, in which the public as a rule refuses to take part,
has of itself obviously militated against attempts to bring
about a material and permanent rise of prices. On the
other hand, however, the exports have been liberal, and
spinners' takings enormous. Bulls believe that these takings
will greatly exceed the actual consumption, which, they
contend, will also be unusually large. Moreover, there has
been a good deal of liquidation of trans-Atlantic straddles by
buying January, March and other months here and selling
across the water at differences which show a very remunerative widening from those which at one time existed. The
the gradual decline in
South, too, is beginning to balk at.
prices. Its offerings of cotton are said to be smaller. Talk
is heard of a disposition to hold back cotton and also of an
exhaustion of supplies here and there. The short interest
here, moreover, has grown, it is understood, to rather large
proportions, and latterly shorts have exhibited some uneasiness, fearing that the next Census Bureau return on
Monday, Dec. 21, may prove of a somewhat bullish character. According to some reports, however, the ginning in
several States has already slightly exceeded the Government
.
crop estimate, by States, of Dec. 9. To-day prices advanced
on better foreign trade reports, covering, with some buying
by Wall Street and spot interests, and reports of lessened
Southern offerings. Spot cotton has been quiet. Middling
upland closed at 9.10c., showing no change for the week.
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THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and 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.
December 181908.
1907.
1906.
1905.
Stock at Liverpool
Stock at London
Stock at Manchester
bales. 713,000
10,000
38,000
727,000
16,000
52,000
571,000
8,000
43,000
869,000
14,000
44,000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
761,000
14.000
334,000
189,000
3,000
23,000
42,000
4,000
795,000
16,000
234,000
152,000
4,000
16,000
18,000
24,000
622,000
11,000
246,000
116,000
3,000
11,000
85,000
1,000
927,000
13,000
336,000
207,000
2,000
7,000
29,000
2,000
Total Continental stocks
609,000
464,000
473,000
596,000
TotalEuropean stocks
1,370,000 1,259,000 1,095,000 1,523,000
India cotton afloat for Europe- _
68,000
89,000
55,000
108,000
American cotton afloat for Europe1:078,544
756,000
876,209 855,109
Egypt, Brazil &c.afloat for Europe 67,000
75,000
,
94,00
261,000 223,000 217,000
Stock in Alexandria,Egypt
177,000
Stock In Bombay,India
211,000 344,000 405,000 560,000
Stock InU. S. ports
1,148.202
987,319 1,392,930 1,127,088
Stock in U. S. Interior towns
883,158
708,710 755,460
545,916
33,688
U.S. exports to-day
39,099
56,104
86,114
Total visible supply
5,126,003 4,451,558 4,931,913 5,112,236
Of the above, totals of American and other descriptions arc as follows
American Liverpool stock
bales. 603,000 617,000 509,000 783,000
Manchester stock
36,000
38,000
42,000
29,000
Continental stock
565,000 385,000 432,000 559,000
American afloat for Europe
756,000
1,078,544 876,209 855,109
U.S. port stocks
987,319 1,392,930 1,127,088
1,168,202
Interior stocks
545,916
708,710 755,460
U.S.883,158
86,114
39,099
56,104
U.S exports to-day
33,688
Total American
East Indian, Brazil, &c.
Liverpool stock
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, doc
Total American
4,346,003 3,539,558 3,989,913 4,032,236
110,000
10,000
9,000
44,000
68,000
67,000
261,000
211,000
110,000
16,000
10,000
79,000
55,000
75,000
223,000
344,000
62,000
8,000
7,000
41,000
108,000
94,000
217,000
405,000
106,000
14,000
6,000
37,000
89,000
91,000
177,000
560,000
780,000 912,000 942,000 1,080,000
4,346,003 3,539,558 3,989,913 4,032,236
Total visible supply
5,126,003 4,451,558 4,931,013 5,112,236
Middling Upland, Liverpool
6.31d.
4.82d.
5.60d.
6.10d.
Middling Upland, New York_ _ _ _
12.10o.
9.10c.
11.80c.
10.55c.
Egypt. Good Brown, Liverpool_ _8 13-16d. 1011-16d.
109d. 8 19-16d,
9.00d,
Peruvian, Rough Good, Liverpool
11.75d.
7.80d.
9.20d.
Broach, Fine, Liverpool
4 11-16d. 5 11-16d.
5%d. 5 13-16d,
5%d,
Tinnevelly, Good, Liverpool
4 11-16d.
5%d. 5 7-16d.
Continental imports for the past week have been 205,000
bales.
The above figures for 1908 show an increase over last
week of 192,195 bales, a gain of 674,445 bales over 1907,
an increase of 194,090 bales over 1900, and a gain of 13,767
bales over 1905.
DEC. 19 1908.1
THE CHRONICLE
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year-is set out
in detail below.
E
S
4
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P;22=kggibg4
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P0 =EcTFV.'" rono v.P8=g08'
•
4, l aLP •
"1
P
5-
0
g?'
Week ending
December 18.
1615
Closing Quotations for Middling Cotton on
-
Sarday. Monday. Tuesday. Wed'day. Thursd'u. Friday.
Galveston
8 13-16
8 13-16 831
8'%
8'A
831
New Orleans
834
834
8 11-16 8 11-16 8 11-16 8 11-16
Mobile
834
8%
794
8 9-16
8 0-16
8'%
Savannah
8 7-16
8 7-16
834
834
834
834
Charleston_ _ _- - 8%
8 5-16
8 5-16
831
834
834
Wilmington...- 894
894
894
84
834
834
Norfolk
8 13-16 8 13-16 8 13-16 834
831
8'%
Boston
9.10
9.10
9.10
9.10
9.10
9.10
Baltimore
9
8X
874
874
834
834
Philadelphia
9.35
9.35
0.35
9.35
9.35
9.35
Augusta
874
834
834
8'4
8 13-16
831
Memphis
874
8%
874
834
831
834
St. Louis
934
9
9
9
9
9
Houston
8 11-16 8 11-16 8 11-16 894
8 11-16
894
Little Rock- _
894
834
854
8 5-16
854
834
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,
Dec. 12. Dec. 14. Dec. 15. Dec. 16. Dec. 17. Dec. 18.
da
C•3
. .
W 0 4411,440WWW
ON40W..W4
WY04.In:417c141
40DMOVy y
.
.
9V0"mix
,11
0 00,A.m0m00=co.o0c4000000000-400,5.00,100 m
C4 mocom000.00v,.010.c4Nommooy.,,00
..
.0..4 U0.4.4,..10000
54r
,
.
.
2 ,„
,
0 .40. IN
W00.4000.1000.
V 0000 00.0WWO.WA0W0WWWOCTIWWW0CTIMOW
0
0 •
14 .
00141WW 0 1WW.1. WOWCJIWOO CAV.:41.0
. 1,
4W
.
'
S.I
V
N.NOWWWW4t4NW.WYNYWWW.WWW4Y0Ow
r
W
W.YMWNW4WW0.00WOOWWWGROGYWW.ONWO.YOW
N
Y
0
4
W
.
C4
. .4 0 4NN.WCA45,5, .Wo- 40W.
0 40
,
.&y
y
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••.•
,
44171 031N, W;P:s1Z-71 000
1 .
.. .
000:4VW0 0
.
4WW04 1 1 =v W+10.14W00.C.TINW.4.W.000W0000 ....,..0,3
,
4
0 .404.40.N4NCA0.YWOOOW.4WWWWC,TW0OCA0WW0 01 .
.
co
WWNWN.N.. ...w.W
&
-4
.
W 4N
NOt940000 ONWOWWW.W
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. 1. oo;laWIDV01.1111
0.14111WCY
.
WWWO OV,W ?cf1R,
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00cmcnomuo.m 4 .
VG000-
0
000c400.00.0
co m.0000000.0400.P.o.0.0.00.4.40.004,4o
o0ww000000000
Movement to December 18 1908.
/-•
0
OW.
000 5.O.
00 .
I
N
0
.4
I
co
0
.
. .
.
.
..
.
G
N
0.
W.C., 04C/44014NC, WPWCRWO.WWYNNI Q
y orgOo.yWNONWYNNUW04WON4W
WWYCAWOOCA.0 0
.. 171W1.00WW0
.
01.VUO WWCA" "
.
4
.414 40V.+4
1
.
01.07.A W:4027.
,
CO
2
..4 ....................,...0, .
00
59
OS
rg.
14
Receipts.
,t1
SI
r
,
.4040AWYON0-4CA.YONC,WONCI.O.Y.NW040OW
CO
.
04
.
WO
N.. .N.4.W 44WWW ...WW4NoWAy
;-,144.014M:*.4.59.U.W.WW.W.W..004WW:PW0.010.41045900045
4 .
1 .2.
C
1
.590-40-0.0...000N.A.u004c..00immAuc...0...5C400000.0
00 ..N4N0..,-04°,00.0,000c...-100..0.04000.0...,4,5
.4
8
1 .
0
.5.1
..N....
.
.0 N
is4
N
N 4V .14594-4054 YWWWNWWON 40NOWN400ODWY4
IQ
04W 0.
. 95,IAL11
4211W14IJOIWW7- *WW W W0
.
,7 . . ."
. ..019WO0
'CO
ts417i,.
en
Movement to December 20 1907. I
g
0 00 .. 0 N 0404
045$,5. .N.59004 WWWW
14 V041,451N,N140000 .11.WWWWWWW00141111AVOW CAly
. 1
.
0 W.4NW.WW40.CAY00WOY000.0.04WON..WW4
0 YOW.40000WW.P.W.NW00040C71WW,n.woopoot.tom
591
P.
000
...
_0, 0.5
._ .
The above totals show that the interior stocks have
creased during the week 21,707 bales and are to-night 337,242
bales more than at the same time last year. The receipts
at all the towns has been 41,587 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:
1908Since
Week. Sept. 1.
34,501 a310,196
175,125
13,888
6,180
1,602
2,672
38,308
23,814
2,682
7,341
71,778
111,020
8,908
December 18ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville •
Via Cincinnati
Via Virginia points
Via other routes, &o
Total gross overland
71,684
Deduct shipments
Overland to N. Y., Boston, dec. 7,901
.
Between interior towns
2,286
Inland, &c., from South
538
----- 1007
Week.
14,589
0,837
827
1,643
844
2,387
8,472
Since
Sept. 1.
148,607
73,019
4,664
23,613
13.050
28,749
68,697
736,421
35,590
360,399
68,008
21,914
14,974
31,525
34,865
26,868
93,258
267,141
Total to be deducted
10,725
104,806
2,276
3,740
1,996
8,021
Leaving total net overland *
60,950
631,525
27,578
* Including movement by rail to Canada. a 6,500 bales added as correction.
• The foregoing shows the week's net overland movement
has been 60,959 bales, against 27,578 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 364,384
bales.
1908
1907
In Sight and Spinners'
Since
Since
Takings.
Week. Sept. 1.
Week. Sept. 1.
Receipts at ports to Dec. 18
403,352 5,635,647 391,364 4,412,641
Net overland to Dec. 18
60,059 631,525
27,578
267,141
Southern consumption to Dec. 18_ _ 48,000 678,000
48,000 772,000
Total marketed
Interior stocks In excess
512,311 6,945,172
21,707 768,233
466,942 5,451,782
22,080 465,333
Came into sight during week_ _ _ _534,018
Total in sight Dec. 18
7,713,405
489,022
North. spinners' takings to Dec. 18_123,259 1,283,494
32,493
5,017,115
652,931
Movement into sight in previous years:
Week1906-Dec. 21
1905-Dec. 22
1904-Dec. 23
1003-Dec. 25
1902-Dec. 26
Bales.
492,735
341,187
382,883
385,686
358,075
Since Sept. 11008-Dec. 21
1905-Dec. 22
1904-Dec. 23
1903-Dec. 25
1902-Dec. 26
Bales.
7,314,172
6,581,031
7,471,709
6,550,898
6,410,325
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
December
Range
Closing
January
Range
Closing
February
Range
Closing
March
Range
Cosing
April
Range
Closing
May
Range
Closing
June
Range
Closing
July
Range
Closing
October
Range
Closing
Tone
Spot
Options
*
- @ - 8.57-.60 8.58-.63 8.49-.58 8.55-.61 - ® 8.60-.66 8.64-.66 8.56-.58 8.58 - 8.60-.62 8.60-.62
8.53-.62 8.52-.64 8.58-.66 8.51-.57 8.56-.61
8.61-.62 8.63-.64 8.59-.60 8.56-.57 8.58-.59
_ ® _ _ ® _ _ ® _ _ ® __ ® _
8.61 * 8.63 * 8.61 * 8.57 * 8.58 *
8.59-.70 8.59-.70 8.63-.70
8.67-.68 8.68-.69 8.63-.64
_ ® _ _ ® __ ® _
8.68 * 8.70 * 8.64-.66
8.63-.75
8.73-.74
_ ® _
8.76 *
8.65-.75
8.74-.75
_ ® _
8.78 *
8.62-.66
8.66-.67
_ ® 8.66 *
8.54-.60 8.56-.65 8.64-.70
8.58-.59 8.61-.62 8.69-.70
_ ® _ _ ® __ ® 8.60 * 8.62 * 8.70 *
8.67-.76 8.60-.65 8.61-.70
8.67-.68 8.63-.64 8.66-.67
_ ® _ _ ® _ _ ® _
8.72-.74 8.65 * 8.69 *
8.78-.84 8.74-.75 8.78-.85 8.70-.73 8.70-.79
8.82-.83 8.84-.85 8.77-.78 8.72-.73 8.76-.77
8.39-.46 8.37-.44 8.39-.43 8.36-.40 8.39-.41
8.42-.44 8.44-.45 8.39-.40 8.38-.39 8.40-.41
8.70-.76
8.75-.76
_ ® 8.78 *
8.80-.81
8.84-.81
8.40-.4f
8.45-.4f
Steady. Quiet.
Dull.
Easy.
Easy.
Quiet.
Steady. Steady. Baly sty Steady. Steady. Steady.
Nominal.
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph this evening from the South denote that the
weather has on the whole been favorable during the week.
Picking is drawing to a close in most localities. The crop
continues to move freely.
Galveston, Texas.
-Picking is nearing completion. We
have had no rain the past week. The thermometer has
averaged 64, ranging from 56 to 72.
Abilene, Texas.
-We have had no rain during the week.
The thermometer has ranged from 32 to 82, averaging 57.
Corpus Christi, Texas.
-Rain has fallen on one day of the
week to an inappreciable extent. Average thermometer
66, highest 78, lowest 54.
Fort Worth, Texas.
-There has been a trace of rain on one
day during the week. The thermometer has averaged 58,
the highest being 82 and the lowest 34.
Palestine, Texas.
-There has been no rain during the week.
The thermometer has averaged 60, ranging from 40 to 80.
San Antonio, Texas.
-We have had only a trace of rain
during the week. The thermometer has ranged from 46
to 86, averaging 66.
Taylor, Texas.
-There has been rain on one day of the
week, the rainfall reaching one hundredth of an inch. Average thermometer 63, highest 82, lowest 44.
Memphis, Tennessee.
-There has been rain on one day during the week, the precipitation reaching nineteen hundredths
of an inch. Average thermometer 54.8, highest 71.5,
lowest 35.
Savannah, Georgia.
-There has been rain on two days of
the week, to the extent of twenty-eight hundredths of an
inch. The thermometer has ranged from 42 to 76, averaging 58.
Charleston, South Carolina.-We have had rain on one day
of the past week, the precipitation being fifty hundredths
of an inch. Average thermo meter 60, highest 76, lowest 43.
Greenwood, South Carolina.
-It has rained on one day
during the week, to the extent of eighty-nine hundredths
of an inch. The thermo meter has averaged 46, the highest
being 57 and the lowest 35.
Charlotte, North Carolina.-There has been rain on one day
during the week to the extent of thirty-eight hundredths of
an inch. The thermometer has ranged from 35 to 69,
averaging 52.
New Orleans, Louisiana.- We have had no rain the past
week. The thermometer has averaged 67.
Shreveport, Louisiana.- Rain has fallen to an inappreciable
extent on one day during the week. The thermometer has
averaged 57, ranging from 35 to 78.
Vicksburg, Mississippi.
-We have had a trace of rain on
one day during the week. The thermometer has averaged
61, the highest being 76 and the lowest 37.
Helena, Arkansas.-Picking is nearly finished. There
has been only a trace of rain during the week, but the weather
is now warmer and threatening. The thermometer has
averaged 53.4, ranging from 33 to 73.
Mobile, Alabama.
-Cotton is moving liberally. Rain has
fallen on one day of the week, the precipitation reaching
[VOL. Lxxxvn.
THE CHRONICLE
1616
twenty-five hundredths of an inch. The thermometer has
averaged 63, ranging from 42 to 74.
-Rain has fallen on one day of
Montgomery, Alabama.
the week, the rainfall reaching twenty-seven hundredths
of an inch. The thermometer has ranged from 38 to 76,
averaging 60.
-We have had rain on one day of the
Selma, Alabama.
past week, the precipitation being forty-five hundredths of
an inch. Average thermometer 56.5, highest 74, lowest 32.
-We have had no rain during the week.
Madison,Florida.
The thermometer has averaged 64, the highest being 82 and
the lowest 41.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1908.
Cotton Takings.
Week and Season.
Week.
Week.
Season.
5,610,826 10,407,387 4,868,346 9,371,959
Total supply
5,126,003 5,126,003 4,451,558 4,451,558
484,823 5,281,384
379,823 4,344,384
937,000
105,000
Total takings to Dec. 18
Of which Amerioan
Of which other_
416,788 4,920,401
319,788 3,713,401
97,000 1,207,000
INDIA COTTON MOVEMENT FROM ALL PORTS.
1907.
1908.
1906.
Since
Since
Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
-81,000 306,000 72,000 373,000 101,000 498,000
Receipts al
Bombay
GreatBrien
Total.
Continent.
For 1908.
Takings by spinners
Average weight of bales
Takings in pounds
bales_
lbs_
470,000
1,501,000,
1,031,000
485.6
487
485
228,890,000 500,035,000 728,925,000-
For 1907.
Takings by spinners
Average weight of bales
Takings in pounds
bales_
lbs_
637,000,
746,000 1,383,000
491.1
4971
486
316,589,000 362,556,000 679,145,000.
According to the above, the average weight of the deliveries in Great Britain is 487 pounds per bale this season,
against 497 pounds during the same time last season. The Continental deliveries average 485 pounds, against 486
pounds last year, and for the whole of Europe the deliveries
average 485.6 pounds per bale, against 491.1 pounds last.
.
season. Our dispatch also .gives the full movement for this
year and last year in bales of 500 pounds.
Oct. 1 to Dec. 1.
Bales of 500 lbs. each.
000s omitted.
Spinners' stock Oct. 1
Takings to Dec. 1
1908.
Great
Brirn
1907.
Cone.Great Continent. Total. Brirn. nent. Total.
308
458
766
360
1,046
1,000
1,354
1,458
367
633
1,089
725
1,456
1,358
2,046
880
2,812
1,240
1,000
624
1,814
880
2,814
1,504
Spinners' stock Dec. 1
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
December 17.
October 1 to December 1.
1907.
Season.
4,242,324
4,933,808
Visible supply Dec. 11
1,714,982
2,291,844
Visible supply Sept. 1
American in sight to Dec. 18__ _ 534,018 7,713,405 489,022 5,917,115
306,000
81,000
72,000
373,000
Bombay receipts to Dec. 17_ _ _ _
7,000
84,000
5,000
85,000
Other India ship'ts to Dec. 17_ _
477,000
49,000
Alexandria receipts to Dec. 16_ _
567,000
49,000
112,000
8,000
9,000
138,000
Other supply to Dec. 16*
Deduct
Visible supply Dec. 18
EUROPEAN COTTON CONSUMPTION TO DEC. 1.
By cable to-day we have Mr. Ellison's cotton figures brought
down to Dec. 1. We also give revised totals for last year
that comparison may be made. The spinners' takings in
actual bales and pounds have been as follows:
406
1,166
1,572
376
934
1,310
Weekly Consumption,
0005 omitted.
In October
In November
*30
60
110
110
140
170
78
78
110
110
188
18
Supply
Consumption,8 weeks
* Small consumption due to lockout in Lancashire.
For the Week.
Since September 1.
Exports from
Great ContiBritain. nent.
Bombay
1908
1907
1906 •
Calcutta
1908
1907
1906
Madras
1908
1907
1906
All others
1908
1907
1906
Great
Britain.
Total.
Continent.
Total.
2,000 • 21,000 23,000
2,000 14,000 16,000
.21,000 21,000
2,000
4,000
5,000
117,000
134,000
191,000
118,000
138,000
196,000
1,000
1,000
1,000
1,666
4,000
1,000
1,000
10,000
8,000
15,000
14,000
9,000
16,000
1,000
2,000
3,000
8,000
1,000
7,000
16,000
7,000
10.000
24,000
8,000
3,000
5,000
2,000
5,000
6,000
2,000
55,000
46,000
43,000
60,000
52,000
45,000
4,000 24,000 28,000
4,000 19,000 23,000
24,000 24,000
14,000
19,000
9,000
189,000
204,000
256,000
203,000
223,000
265,000
1,000
2,000
2,000
5,000
2,000
1,000
Total all
1908
1907
1906
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt.
December 16.
1908.
1907,
1906.
360,000
3,573,920
Receipts (cantars)This week
Since Sept. 1
370,000
4,255,138
400,000
4,215,301
This Since
This Since
This Since
week. Sept. 1. week. Sept. 1.; week. Sept. 1.
Exports (bales)
-
9,500 112,007 12,500 113,956
8,750 99,180 15,250 92,996
7,000 123,848, 8,000 131,111
4,250 25,0211 7,000 34,031
-,
33.750 256,568 29,500 360,056I 42,750 372,154
9,500 71,061
9,500 85,436
10,500 100,438
4,250 19,633
To Liverpool
To Manchester
To Continent
To America
Total exports
A cantor Is 99 lbs.
Egyptian bales weigh about 750 lbs.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market is
flat for yarns and quiet for shirtings. Merchants are
buying very sparingly. We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
1907.
1908.
32s Cop
Twist.
d
.
83( lbs. Shill- Corn
ings, common
So finest.
Uprs
d. s.d.
s. d.
Nov
8%
13
20
27
Dec
4
11
18
8
5
9 5
69 8% 4
0 8% 4
0
1 08
0 08
10%8j8
10 08
6
6
6
5
32s Cop
Twist.
d. R. d.
d. (1.
5.00 10%
5.05 10%
5.07 ioq
5.08 10%
834 lbs. Shirt- Coen
lags, common Mrd.
to finest.
Upt's
o
o
11% 6
11% 6
11% 6
11% 6
s. d.
1 09
1 09
1 09
1%09
10
9
8
7%
d.
5.91
5.87
6.00
6.18
,
6.35
7%
@ 8% 4 9 08 4% 4.97 10% @ 11% 6 135(7)9 6
7 9-16 (a
4 7%@8 4% 4.86 10% 0 11% 6 1%@9 6
6.38
11% 6 0 09 4% 6.10
4 6 08 3
7%
0
4.82 107-160
EGYPTIAN Comm CROP.
-The resume of answers
received by the Alexandria General Produce Association
during November is as follows:
KING COTTON.
-This is the title of a very comprehensive historical and statisticalreview of the staple from 1790“
to 1908, recently issued by Mr. James L. Watkins, formerly
cotton expert of the Department of Agriculture. The
opening chapter of the work is largely devoted to a general,
review of production and prices in each decade since 1800,
after which each State is taken up in order and data given
covering cotton crops, mills, consumption and interesting.
historical facts. The statistical information in the volume
is very complete, embracing, as it does, details of acreage,
weather, crops, consumption, &c. Altogether, the work
is one that should not fail to be of much interest to many
outside of those directly connected with cotton affairs.
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 267.146 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
-Dec. 11-Arabic, 1,527 upland, 50
NEW YORK-To Liverpool
1,701
Sea Island, 124 foreign
To Manchester-Dec. 14-Rossetti, 2,393 upland, 376 Sea lel- 2.769
To Havre-Dec. 12
-Chicago, 1,822; Loulstane, 1,985__ _Dec.
4,357
-La Bretagne, 550
16
250
To Dunkirk-Dec. 12-Californie, 250
300
To Bremen-Dec, 11-Prinz Friedrich Wilhelm, 300
600'
To Genoa-Dec. 15
-Algeria, 600
125
To Smyrna-Dec. 11-Themistocies, 125
19,410
GALVESTON-To Liverpool-Dec. 16-Iowa, 19,410
8,530
To Manchester-Dec. 17-Miguel de Larrinaga, 8,530
-Belgian,8,977;
To Havre-Dec.12
-Author,9,415_ _ _Dec. 16
29,121
Clifton, 10,729
To Bremen-Dec. 14-Keyingham, 10,198___Dec. 16-Corfu,
39,896 •
9,698
2,460
To Hamburg-Dec. 14-Georgia, 2,460
1,827
To Antwerp-Dec. 15-Barton, 1,827
650,
To Rotterdam-Dec. 12
-Lord Dufferin, 650
NEW ORLEANS
-To Liverpool-Dec. 12-Custodian, 21,223__ _
Dec. 16-Victorian, 19,000_ __Dec. 18-Centurion, 15,000- 55,223
15,690 •
To Bremen-Dec. 16
-Royal Prince, 15,690
To Havre
-Dec. 16
-Benin, 7,211_ __Dec. 18-Alexandrian,
19,211
12,000
1,251
To Hamburg-Dec. 15-Hohenfelde, 1,251
To Barcelona-Dec. 14-Margherlta, 675_ _ -Dec. 17-Mongl3,133 •
bello, 2,458
To Genoa-Dec. 14-Cltta di Palermo, 6,572_ _ _Deo. 17-Mon7,551
gibello, 979
To Venice-Dec. 14-Margherita, 1,249_ _ _Dec. 18-Lucia,
2,749
1,500
To Trieste-Dec.14-Margherita,300_ _ _Dec. 18-Lucia,1,307 1,607
100
To Naples-Dec. 17-Mongibello, 100
450
-Dec. 16
To Mexico
-City of Mexico, 450
6,234
PENSACOLA-To Liverpool-Dec. 12-Gracia, 6,234
10,300'
-August Belmont, 10,300
To Havre-Dec. 15
10,226
SAVANNAH-To Liverpool-Dec. 12-St. Jerome, 10,226
10,870
To Bremen-Dec, 15-Borkum, 10,879
30
To Reval-Dec.15-Borkum,30
200..
To Oxelsund-Dec, 15-13orkum, 200
14,766
WILMINGTON-To Bremen-Dec. 14-Langoe, 14,766
-Dec. 14-Saxonia, 2,714_ Dec. 15BOSTON To Liverpool
3,476
Winifredian, 762
40.
To Yarmouth-Dec. 14-Boston, 40
7,613 •
PHILADELPHIA-To Liverpool-Dec. 12-Merion, 7,613
4,421
SAN FRANCISCO-To Japan-Dec. 12-Tango Maru, 4,421
Nov. 27.
bales_ 39,000
Sales of the week
Of which speculators took__ 4,000
Of which exporters took- _-_ 1,000
48,000
During the first part of November the weather was favorable to cotton, Salse, American
3,000
but the second fortnight was too cold,and,owing to this and the backward Actual export
84,000
state of the crop,only the second picking profited by the earlier congenial Forwarded
weather. The third picking gave very irregular results, and was nearly Total stock Estimated---_547,000
everywhere very unsatisfactory. The ginning outturns, while continuing
Of which American-Est... _448,000
irregular, have gone down slightly this month, and can so far be considered Total imports of the week_ _ _ _150,000
135,000
as averaging 1% below those of 1907. In view of the answers received
Of which American
430,000
from our various correspondents, we do not see any reason to change our Amount afloat
375,000
Of which American
earlier crop estimate of 6,250,000 to 6,500,000 cantors.
267,146
Total
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales,stocks, &c.,at that port:
Dec. 4.
47,000
1,000
1,000
42,000
9,000
85,000
538,000
437,000
85,000
63,000
556,000
499,000
Dec. 11.
47,000
3,000
2,000
42,000
14,000
77,000
636,000
536,000
189,000
172,000
604,000
542,000
Dec. 18.
38,000'
1,000'
1,000 •
33,000
9,000
101,000
713,000
603,000
,,)87,000
157,000
561,000
501,000 ,
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market, 1
12:15 }
P. M. 3
Saturday
Very
dull.
1617
THE CHRONICLE
DEc. 19 ]90.j
Monday.
Tuesday. Wednesday. Thursday.
Moderate
demand.
Fair
business
doing.
Quiet.
Fair
business
doing.
Friday.
Quiet.
Mid. Upl'ds
4.87
4.87
4.87
4.84
4.80
4.82
Sales
Spec.&exp.
2,000
100
7,000
500
6,000
300
8,000
500
8,000
500
7,000
300
Quiet at
Quiet
Futures. Steady at Irregular Steady at Quiet at
304 pts. unchanged 13402%
Market 1 34©234 at 1 pt.dec. 20234
3 pts. adv. to 1 pt.adv pts. adv. decline. to 1 pt.dec. pts. dec.
opened
Market, 1 B'rely st'dy Quiet at % Quiet at
} at 134©3 pt. dec. to 203 pts.
4
P. M. 3 pts. adv. 154 pts.adv advance,
Quiet at Steady at II'rely st'dy
304 pts. 10234 pts. at 10234
advance. pts. adv.
decline,
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri
100
December delivery in elevator__101
10034 10154 10034 100%
106
10434 10534 106% 10534 10554
May delivery in elevator
9854 9734 9734 9834 9734 97 %
July delivery in elevator
Indian corn futures have shown more or less irregularity
but on the whole the trend of prices has been towards a
lower level. Large cash interests at the West are arrayed
on the bear side and sell aggressively whenever the market
shows a tendency to advance. They have been encouraged
by large receipts and by dulness and depression in the
cash markets at the West. Country houses have also
sold at times, while the principal buying has been to cover
shorts, though there has been a certain amount of commission-house buying on the weak spots. The Government's final crop report on the 15th inst. stated the yield
at 2,668,651,000 bushels, against 2,592,320,000 in the previous year. To-day prices were lower, chiefly on selling
by cash interests.
The prices of futures at Liverpool 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.
Thus 4 64 means 4 64-100d.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
6754 67
68
6854 68
68
Cash corn
66
67
68
68
68
68
December delivery in elevator__
6834 6834 6834 6854 6754 67
May delivery in elevator
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
5754 57% 57% 5734 5734 5654
December delivery In elevator
61% 6154 6154 61% 6034 6051
May delivery in elevator
8134 61% 6134 6151 6034 6054
July delivery In elevator
Fri.
Sat.
Thurs,
Tues.
Wed.
Mon.
Dec. 12
1234 1234 1251 4 1234 4 1251 4 1251 4 1231 4
to
Oats for future delivery in the Western market have
Dec. 18. P.m. P.m. P.m. P.m. P.m. P.m. P.m. p.m. P.m. P.m. p.m. P.m.
- -been easier. Receipts have increased of late and the cash
--it.
it.
d.
d.
d.
d.
d.
d.
d.
d.
d.
it.
Cash interests have sold
December ____ 4 6634 6634 85 6734 6734 64 84 6254 65 64 6754 market has been dull and weak.
5034 62 54 61 % 64 54 rather freely at times, and as a result there has been more
62 54 6554 85 613461
Dec.-Jan _ __ _ 4 64 64
5934 62 54 61 54 64 54
-Feb _ _ _ _ 4 6354 633462 65 65 613461
Jan.
or less commission-house liquidation on stop orders. The
Feb.-Mch. _ _ _ _ 4 62 6254 61 54 6454 64 61 6054 5954 62 54 613464
depression in corn has also had a tendency to force oats
84 64 6034 6054 5954 6254 6134 64
Mch.-Apr. _ _ _ - 4 62 6234 61
-May. ____ 4 62 6234 61 64 64 6054 6034 5954 83 6134 64
Apr.
61 60 63 62 6454 downward. The Government report on the 15th inst.
1fay-June - -__ 4 62 6254 6154 6454 6454 61
6454 was considered bearish, stating the yield at 807,156,000
61 60 63 6254
June-July __ __ 4 6254 63 82 6434 6454 61
64
July-Aug_ ____ 4 61 6154 61 63% 63 60 60 59 54 6254 61% 58
bushels, against 754,443,000 in the previous year. To-day
-Se_ __-- 4 55 5554 55 5754 57 54 54 5334 5634 5554 54
Aug.
prices were easier on depression in corn, a weak cash market
-Oct- - -- - 4_ 5154 5154 51 5354 53 50 50 50% 52% 51 % 51
Sep.
--_- 4 4854 4854 49 5054 51 47 4734 4754 50 49
-Nov_
Oct.
and liquidation.
48 4754 49
-Dec. ____ 4 4654 4654 47 49 49 A 48 46 46
Nov.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
-Jan __ - _ 4 46 46 4634 4834 4834 45 4534 4554 4734 4634 49
Dec.
Sat.
Wed.
Thurs.
Tues.
Mon.
-Feb __-_ 4 4554 4534 46 4754 48 4434 45 45 47 46 48
Jan.
No. 2
mixed 55-5554
115-5154
54-5434
55-5554
55-5534
55-5534
White
clipped,
$4 to 36
BREADSTUFFS.
57-60
57-60
57-50
57-60
5834-5834
lbs. ___ 57-60
DAILY CLOSING PRICES OF OATS IN CHICAGO.
Friday, Dec. 18 1908.
Sat. Mon. Tues. Wed. Thurs. Fri
493f 493(
Prices for wheat flour have ruled steady during the week December delivery In elevator-- _ 50% 5034 523( 5254 49V. 4851
Sl5j 51
5254 5234
May delivery in elevator
4754 4734 4734 4754 465f 4551
with the trading on a small scale. As heretofore, sellers July delivery in elevator
show no disposition to shade prices, while buyers, on the
other hand, persist in adhering to the policy of purchasing
.on a hand-to-mouth basis. Export trade in the local market
has been dull, but there have been reports of an increased
foreign demand at some of the large milling centres at the
Northwest and the Southwest, where the domestic trade has
also shown some expansion of late. Corn meal has been
quiet and steady. Rye flour has been in light requestlwith
prices steady.
Wheat declined for a time under the weight of long liquidation. The export demand, moreover, has been small.
Of late, however, prices have on the whole shown a tendency to rally. The Government crop report on Dec. 15th
furthermore was, on the whole, less favorable than had been
expected. It puts the total yield of winter and spring
wheat at 664,602,000 bushels, which is only some 30,000,000
bushels larger than last year's. It also shows an Increase
over the October figures of only about 4,500,000 bushels,
whereas an increase had been expected of 25,000,000 to
30,000,000. The yield of 664,602,000 bushels must be
.compared with 735,260,970 bushels in 1906, which was thus
over 70,000,000 bushels larger than in the present year. In
1905 the yield was 28,000,000 bushels larger than it is estimated this year. The more this report was weighed the
more the shorts were inclined to cover. Besides the Illinois
State report just issued puts the condition at only 71% on
an area 15% smaller than that of last year. Receipts at
primary markets are falling below those of a year ago.
Winnipeg has reported the receipts somewhat smaller and
prices strong under the stimulus of an increasing demand,
, facts which have not been without their influence, although
it is believed that the Canadian supply this year will be liberal
and that comparatively large receipts at its markets are
likely to continue for some time to come. The foreign markets have been disappointing. They have made a very cool
response to any attempt to put up prices on this side.
Harvesting is reported under way in Argentina,with prospects,
according to some reports of a larger yield than at one time
seemed possible. Favorable crop reports, too, are being
received from India, Australia and most parts of Europe.
Moisture has helped the growing wheat in this country,
although the fact is not denied that a greater snow covering
would be beneficial. In five days the stock at Minneapolis
has increased 300,000 bushels. In Chicago large interests
are arrayed on opposite sides of the market and in a speculative sense the week has been practically a drawn battle.
An advance in prices will be difficult, it would seem, unless
the export business increases at once and materially. To-day
prices declined on dulness of the export trade and favorable
crop reports, but rallied later on covering.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat., Mon. Tues. Wed. Thurs. Fri.
10954 10854 10734 10854 10834 10734
No. 2 red winter
10954 10834 10854 10034 10854 10834
December delivery In elevator
May delivery In elevator
11134 11034 11054 11134 11051 110A
The following are closing quotations:
FLOUR.
$4 75'$4 90
53 40 3$3 75 Kansas straights
6 300
3 00 @ 3 50 Mended clears
6 00 1• 6 50
4 00 5 4 25 Blended patents
3 60 ,D 4 60
4 70 @ 4 80 Rye flour
2 35 ID 2 50
5 40
5 85 Buckwheat flour
3 90 kt 4 10
4 85.5 510 Graham flour
$ 70.5 4 18
4 10@ 4 45 Corn meal
GRAIN.
C.
C.
Corn (new), per bush.Wheat, per bush.117
No. 2 mixed
07
N. Duluth, No. 1
65%
115
No. 2 yellow
N. Duluth, No. 2
f.o.b.10751
No. 2 white
811%
Red winter, No.2
"
114
Rye, per hush.
Hard "
No. 2 Western
77
lilts, per bush.
State and Jersey
Nominal.
54 55
Natural white
54 054'4 Barley-Malting
65 .a70
No. 2 mixed
Feeding
Natural white clipped 5634 5854
000111
Low grades
Second clears
Clears
Straights
Patent, spring
Patent, winter
Kansas clears
The statement of the movement of breadstuffs to market as
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:
Receipts at
Wheat.
Flour.
Oats,
Corn.
Barley.
Rye.
bbls.196lbs. bush. 60 lbs. bush. 58 tbs. bush. 32 lbs. lnish.41klbs. bu. 5818s.
Chicago ___,.
287,184 3,009,491 1,167,049
529,000
170,524
47.071
96,000
Milwaukee_ _
155,200 .231,600
213,842
47,600
18,000
Duluth
82,429 .181,219
1,000,660
17.134
Minneapolis_
222,720
344,140
1,527,900
18.560
315,480
88,000
Toledo
29,500
136,600
' 4,000
29,246
79,758
Detroit
65,529
6,400
4,240
Cleveland _ _
844
168.770
38,330
6.350
293,775
444,800
295,048
104,000
St. Louis_ _
62,070
4.000
594,346
136,500
125,000
Peoria
8,000
22,050
6.009
118,800
17,000
460,950
Kansas City.
Tot.wk.'08
Same wk.'07
Same wk.'06
309,488
284,413
367,876
3,963,670
6,134,003
5,271,123
4,671,660
3.948,522
3,632,558
2,480,477 1,492,749
3.503,062 1,526.659
2,913,704 2,000,537
114,765
167,969
284,885
Since Aug. 1
9,295,090 145,150,243 46.834,307 77,433,690 45,813.886 3,702,749
1908
7,633.204 115,370,411 72,287,505 89.894,515 35,812,087 3,808,193
1907
9,686,219 122,601,123 67,819,021 94,037,134 34,546,601 3,748,948
1906
Total receipts of flour and grain at the seaboard ports for
the week ended Dec. 12 1908 follow:
Receipts atNew York
Boston
Portland. Me
Philadelphia
Baltimore
Richmond
New Orleans *
Newport News_ _ _
Norfolk
Galveston
Mobile
Montreal
St. John
1,550
8,113
19,747
Wheat,
bush.
787.000
551,822
127.638
506,110
89,392
27,020
31,500
288,005
326,149
15,120
240,8.57
40.000
Flour.
bbls.
153,641
43,690
1,071
88.100
68,494
3.613
12,593
4,378
11,358
485,000
19,315
288,126
1,714
416,348 2,447,923
Total week
419,020 3,860.016
Week 1907
Since Jan. 1 1908.17,982,326 115586,372
Since Jan. 11907.18,970.253 123014,643
Corn,
bush,
329.050
126,486
Oats, Barley,
bush,
bush.
450,000 216,000
62,450
2,531
74,862
46,094
26,048
24,100
3,000
24,937
56.4411
Rye,
bush.
975
66,478
9.380
7,502
2,000
738,995 255,848 76,955
1,812.381
1.037,251
634.293 56.214 130,458
42,024,465 42,041,832 6450,876 2887,742
85,421.491 52,077,810 4728:283 2276,771
* Receipts do not include grain pawing through New Orleans for foreign ports on
through bills of lading.
_.
1618
THE CHRONICLE
[Vora. Lxxxvir.
The exports from the several seaboard ports for the week
ending Dec. 12 1908 are shown in the annexed statement:
ward tendency of the raw material market and a somewhat
easier tone on certain sheetings, print cloths and converti
Oats,
Rye, Peas, Barley, bles, many buyers appear disposed
to operate more caubush.
bush,
bush.
bush. tiously, and are looking
for concessions on finished cottons.
17,870
36,493 7,899
The fact, however, that leading selling agents as a rule
are
well under order for the next month or so,and mills generall
623
y
are not willing to book additional contracts below their
1,734
asking prices, would seem to offer little encouragement
to
such hopes. Distribution of staple cottons has been well
maintained, and doubtless would be larger if finishers
could
expedite deliveries; considerable congestion at finishing works
is reported, especially on merchandise for spring. Jobbing
Total week.._ -2,398,969 1,688,281 333,233
19,604
36,493 8,522
3,618,228 505,871 205,479
Week 1907
trade is seasonably active, a good holiday demand being still
17,224 72,035
5,581
The destination of these exports for the week and since in evidence, but jobbers themselves,as previously noted,are
July 1 1908 is as below:
doing little in the way of purchasing, as they are busy with
Flour-inventories and naturally do not wish to increase commitWheat
Corn
Since
Since
Since ments over the year. Leading lines of knit underwe
Week
July 1
Week
ar have
July 1
Week
July 1 been opened, and
Exports for week and Dec.12.
1908. Dec.12.
a fair initial business done; prices on some
1908. Dec. 12.
1908
since July 1 tobbls.,
bbls.
bush.
bush.
bush.
bush. standard goods show more or less irregularity. Woolen
United Kingdom___186,607 2,736,229 1,549,582 33,849,417
947,755
Continent
75,491 1,324,328 849,387 36,589,897 698,003 3,386,610 and worsted goods have been fairly active. In
the men's
3,154,532
So. & Cent. Amer.._ 21,624 313,392
183,857
1,170
18,713 wear lines interest has centered largely on the next fall seaWest Indies
47,637 692,241
150
40,147
557,551 son, additional new lines being
Brit. No. Am.Cols
971
59,136
opened during the week,
6,400
Other Countries__ -903 158,608
51,488
1,206
10,238 and fair orders having been booked. Some improvement
is noted in the demand for certain lines of dress goods.
Total
333,233 5,283,934 2,398,969 70,674,809 1,688,281
Total 1907
205,479 5,343,322 3,618,222 53,763,182 505,871 7,134,044
DOMESTIC COTTON GOODS.
21,807,696
-The exports of cotton,
The world's shipments of wheat and corn for the
week goods from this port for the week ending Dec. 12 were 9,146
ending Dec. 12 1908 and since July 1 in 1908 and 1907
packages, valued at $448,311, their destination being to
are
the
shown in the following:
points specified in the tables below:
Wheat,
Corn, Flour,
Exports frombush.
bush.
bbls.
New York
811,360 296,761 87,239
Portland, Me___ 127,638
1,071
Boston
281,021
54,112
Philadelphia ____ 685,613 147,875 66,243
Baltimore
100,011 605,304 33,233
New Orleans _-__ 56,000
25,770 13,118
Newport News_
4,378
Galveston
49,200 612,571 41,184
Mobile
1,550
Norfolk
11,358
St. John, N. B.__ 288,126
19,747
Wheat.
Exports.
1908.
Week
Dec. 12.
Since
July 1.
Bushels. Bushels.
North Amer. 4,934,000 102,731,700
Russian ____ 1,648,000 35,312,000
Danubian .._ 1,016,000 22,200,000
Argentina _ 184,000 28,211,000
Australian.._ 112,000 7,456,000
0th. countr's
88,000 7,266,000
Corn.
1907.
Since
July 1.
1908.
Week
Dec. 12.
Since
July 1.
Bushels. Bushels. Bushels.
88,640,000 1,367,000 7,060,400
49,048,000 340,000 7,025,500
18,192,000 858,000 10,059,500
9,896,000 493,000 41,061,500
4,480,000
17,392,000
1907.
Since
July 1.
Bushels.
19,470,000
12,912,000
28,248,000
32,296,000
Total ____ 7,982,000 203,176,700 187,648,000 3,058,000 65,206,900
92,926,000
New York .0 Dec. 12.
Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
1,103
4,463
532
1,009
105
325
859
706
Since
Jan. 1.
865
1,504
21,688
14,084
33,921
10,115
28,094
1,687
15,090
39,790
21,477
9,146
188,324
Week
6
38
Since
Week. Jan. 1.
3
1,569
44
2,442
___
22,642
6.094
26,425
11
4,078
633
22,514
204
2,434
17
12,430
2,016
42,985
275
23,981
_
3,203 167,594
The value of these New York exports since Jan. 1 has been
The quantity of wheat and corn afloat for Europe on dates $11,642,751 in 1908, against $10,337,655 in 1907.
A small but steady trade is passing in domestic cottons,
mentioned was as follows:
but mostly for filling in purposes, and no large orders are expected until after the holidays. Staple prints, gingharr
Wheat.
Corn.
bleached goods have ruled generally steady, though is and
comUnited
United
paratively quiet, and most leading lines are in a
Kingdom. Continent. Total. Kingdom. Continent.
well-sold
Total.
condition. Occasional offerings of ticketed bleache
d goods
Bushels.
Bushels. Bushels. Bushels.
by converters have been reported, but concessions named
Dee. 12 1908_ 15,920,000 8,560,000 24,480,000 5,780,000 Bushels. Bushels.
Dec. 5 1908_ 16,160,000 9,840,000 26,000,000 5,355,000 5,355,000 11,135,000 have been principally on small
spot lots, and the goods so
5,440,000 10,795,000
Dec. 14 1907.... 16,480,000 9,440,000 25,920,000 3,920,000
4,680,000 8,600,000 offered have been readily taken. Most of the business
on
cotton dress goods for spring has already
The visible supply of grain, comprising the stocks in duplicate orders for small lots continu been placed; still,
e to come forward
granary at the principal points of accumulation at lake
and steadily. Surplus stocks of colored cottons have been well
seaboard ports, Dec. 12 1908, was as follows:
absorbed, and these goods are being firmly held, althoug
h
AMERICAN GRAIN STOCKS.
demand at the moment is only moderate. The lining marWheat,
Oats.
Corn,
Rye,
Barley, ket as a whole is quiet, as usual at this season. Some print
bush.
bush.
bush.
bush.
bush. cloths and convertibles have displayed
a slightly easier tenNew York
2,925,000
369,000
825,000
110,000
244,000 dency, small sales of 28
Boston
445,000
131,000
-inch 64x60s being reported at
38,000
31,000
40,000
Philadelphia
1,312,000
190,000
59,000
34c., or 1-16c. lower, for first quarter delivery
32,000
Baltimore
695,000
; but mills
535,000
166,000
206,000
2,000 have refused bids at a similar
New Orleans
484,000
550,000
146,000
reduction on
Galveston
684,000
450,000
Offerings of the latter at concessions by second wide goods.
Buffalo
hands have
3,570,000
168,000
1,272,000
71,000 1,736,000 continued, but in smaller
Toledo
605,000
281,000
volume, and have found ready
224,000
72,000
Detroit
735,000
277,000
purchasers. Regulars are quoted at 3 7-16c. and standar
191,000
80,000
Chicago
d
5,402,000 1,196,000
897,000
55,000 1,171,000 wide goods at 43-c. to 45 c.
Milwaukee
A
568,000
In the export division small
82,000
309,000
39,000
511,000 orders have
Duluth
5,053,000
been received from miscellaneous ports,and some
871,000
13,000
413,000
Minneapolis
13,036,000
9,000
1,994,000
137,000 1,248,000 bids have come forward from China
St. Louis
2,767,000
35,000
for shectings, but at
605,000
26,000
191,000 prices about Wic.
Kansas City
3,714,000
27,000
326,000
below sellers' views.
Peoria
1,000
155,000
719,000
25,000
4,000
WOOLEN GOODS.
Indianapolis
451,000
87,000
-In dress goods a moderate business
359,000
8,936,000
On Lakes
163,000
216,000
551,000 has been put through on exclusive styles of woolens and small
On Canal and River_
24,000
duplicate orders have been received for spring. The cheaper
Total Dec. 12 1908_51,388,000 4,542,000 9,188,000 1,113,000
lines of serges, cotton-warp fabrics, &c., have continued
Total Dec. 5 1908_51,215,000 4,569,000 9,070,000 1,102,000 6,111,000
6,767,000 quite active; in fact, the demand for
such goods has exceeded
CANADIAN GRAIN STOCKS.
expectations, and leading producers are, as a rule, well sold
Wheat,
Corn,
Oats,
Rye,
Barley, up. Some worsted mills
bush.
bush.
bush.
are running over time in order to
bush.
bush.
Montreal
39,000
25,000
226,000
78,000 make satisfactory spring deliveries. The demand for broadFort William
1,323,000
cloths shows an expansion, and orders already booked on
Port Arthur
823,000
Other Canadian
the lines recently opened for next season are reported as
1,559,000
gratifying. Lines of worsted dress goods for next fall will
Total Dec. 12 1908 3,744,000
226,000
25,000
be
78,000 opened in
Total Dec. 5 1908 5,580,000
the near future, and indications are that
28,000
241,000
81,000
faced cloths will figure prominently in the demand. In satinSUMMARY.
men's
Wheat,
Oats,
Corn,
Rye,
Barley, wear, present prospects are that the leading lines of fancy
bush.
bush.
bush.
bush.
bush.
American
51,388,000 4,542,000 9,188,000 1,113,000 6,111,000 worsteds for fall will not be opened until next month. On
Canadian
3,744,000
226,000
25,000
78,000 fancy overcoatings recently opened fair initial ordering is
Total Dec. 12 1908_ _55,132,000 4,567,000 9,414,000 1,113,000 6,189,000 reported. Additional lines of overcoatings, kerseys, serges,
Total Dec. 5 1908._56,795,000 4,597,000 9,311,000 1,102,000 6,848,000 &c., have been shown quietly during the
past week, and a
Total Dec. 14 1907_45,468,000 2,762,000 7,259,000
868,000 5,830,000 substantial yardage placed; but the season
is not considered
as officially opened yet. Duplicate orders on lightweights
'are not being received freely.
THE DRY GOODS TRADE.
FOREIGN DRY GOODS.
-A large volume of business
New York, Friday Night, Dec. 18 1908.
has
There has been but little change in the dry goods situa- yarnbeen placed on imported light-weight broadcloths,fineworsteds and satin-face fabrics for spring, 1909; lines
tion during the past week. In the cotton goods division of
broadcloths and worsteds for the next fall season have
business in the aggregate has shown a further decrease, which
is generally attributed to stock-taking and the approach of been opened and sellers confidently expect substantial orthe holidays; the falling off is more noticeable in orders ders. There is an increasing demand for imported silk piece
placed for forward delivery, since there has been quite a goods. Linens rule strong, and there is talk of further sharp
steady demand for small lots to meet immediate require- advances early in the new year. The burlap market shows
ments, and constant requests are being made to anticipate a healthier tone, though business has been quiet, lightweights
deliveries of various lines under order. Owing to the down- being still firm and scarce; 103 -ounce are rather dull and
unchanged
1.4.a .J.4..4.1
DEC. 19 1908.J
STATE ft1113
THE CHRONICLE
CITY
A
1619
Ashland Ashland County, Ohio.
-Bond Offering.-ProJwr
I r posals will be received until 12 m. Dec. 21 by A. P. Black,
News Items.
-Constitutional Amendments Defeated.
r Colorado.
-In addition to the proposed amendment to Section 3 of Article XI
of the Constitution relating to the funding of old State warrants, voted down on Nov. 3 (V. 87, p. 1556), two other
amendments were also defeated. As stated in V. 85, p. 817,
these related to (Section 30, Article V) the salary of the
Governor and Judges of the Supreme and District courts
and (Section 15, Article XIV) the fees and compensation
of county, precinct and other officers. The official vote
follows:
Village Clerk y for the following 5% bonds:
$1,500 Carroll Street improvement bonds. Denomination $150. Maturity $150 each six months from Sept. 1 1909 to March 1 1914
Inclusive,
6,400 Church Street Improvement bonds. Denomination $320. Maturity $320 each six months from Sept. 1 1909 to March 1 1919
Inclusive.
Authority Section 2835, Revised Statutes. Date Dec. 1
1908. Interest semi-annual. Bid to be made on each
issue separately and be accompanied by a certified check for
5% of bonds bid for. Purchaser to pay accrued interest.
Bonds to be delivered within 10 days from time of award.
Burlington, Kit Carson County, Colo.
-Bonds Awarded
-Of the $12,000 6% 10-15-year (optional) gold
in Part.
16,088 "for" to 37,753 "against" the amendment to Section 30 of Article V. coupon water-works-construction bonds mentioned in V.
of the Constitution.
26,254 "for" to 27,352 "against" the amendment to Section 3 of Article XI. 86, p. 1481, $11,000 has been disposed of as follows: $7,000
of the Constitution.
to the Central Savings Bank of Denver and $4,000 to H. G.
18,558 "for" to 29,022 "against" the amendment to Section 15 of Article
Weasle of Spearfish, So. Dak.
XIV. of the Constitution.
-Vote on Constitutional Amendments.
North Dakota.
Canton Union School District (P. 0. Canton), Ohio.
-The
following vote was cast at the general election Nov. 3, which Bond Sale.
-On Dec. 15 the following 4% 20-year bonds
resulted in the adoption of the three proposed amendments offered on that day (V. 87, p. 1372), were awarded to Mac
Donald, McCoy & Co. of Chicago at 102.30-a basis of about
to the State Constitution (V. 87, p. 1435):
47,732 "for" to 20,584 "against" the amendment relating to Increasing the 3.835%: $22,500 for alterations and fire escapes and $37,500
number of judges of the Supreme Court.
50,001 "for" to 15,903 "against" the amendment relating to the sale of for building additions to the school. The bids received
State lands.
were as follows:
50,793 "for" to 13,952 "against" the
amendment relating to the investment
of the State Permanent School Funds and other educational funds.
Ohio.
-Special Session of Legislature.
-On Dec. 15 Governor Hams issued a proclamation calling a special session
of the Legislature to convene at 10 a. m. on Jan. 4 1909.
The Governor, states that the purpose for which the extra
session is called will be given in a special message. It is
expected that a successor to Senator Foraker will be elected
at the session.
-Coffee Bonds
United States of Brazil-State of Sao Paulo.
Allotted.-Allotments have been made of the £15,000,000
($75,000,000) 5% gold coupon bonds put out in connection
with the coffee valorization plan to refund previous loans
and carry out the final details. The bonds were offeredat
92.50 at popular subscription, £2,000,000 ($10,000,000) in
the United States, £5,000,000 ($25,000,000) in London,
£5,000,000 ($25,000,000) in Paris, £2,000,000 ($10,000,000)
in Berlin and £1,000,000 ($5,000,000) in Brussels. The
bonds offered in New York were largely over-subscribed.
Subscribers will receive from 10% to 15% of their subscriptions. A dispatch from London to the "Wall Street Summary" estimates that the bonds offered in that city were
over-subscribed more than three times. Denominations
£20, £50, £100, £200, £500 and £1,000, and equivalents in
francs, marks, florins and dollars, at fixed rates of exchange
of 25.12 frs., 20.40 m., 12.05 fl. and $4 86. Date of bonds
Jan. 1 1909. Interest semi-annual. Maturity Jan. 1 1919,
redeemable annually by purchase in the market or by semiannual drawings at par. In addition to guarantee of the
Federal Government of Brazil as to principal and interest,
the loan is additionally secured by a first lien on 7,000,000
bags of coffee owned by the State of Sao Paulo.
The terms of the agreement made in connection with this
coffee were made public on Dec. 17. It is said the agreement reads as follows:
"The Government of Sao Paulo undertakes to offer the
coffee for sale through the medium of the committee, either
by public auction or by sealed tenders at the price of the day,
distributing them preferentially over the last six months of
the coffee periods., viz., from January to the 30th of June,
namely, 500,000 bags in 1909-10, 600,000 bags in 1910-11,
700,000 bags in 1911-12, 800,000 bags in 1912-13, &c.; and
700,000 bags thereafter."
Bond Proposals and Nedotiations this week
have been as follows:
Anadarko, Caddo County, Okla.
-Bond Sale.
-This city
on Nov. 20 sold $100,000 5 2% water-works, electric-light,
sewer and city-hall bonds to Dyke Ballinger at 100.50. Denomination $500 or $1,000. Date Jan. 1 1909. Interest
semi-annual. Maturity Jan. 1 1929.
Angleton Drainage District, Brazoria County, Tex.
-Bond Offering.
-Of the $120,000
Bonds Awarded in Part.
5% 20-40-year (optional) coupon bonds offered without
success on July 30, and registered by the State Comptroller
on Aug. 27 (V. 87, p. 694), $100,000 have been disposed of
at par and accrued interest. The County Judge is now
offering for sale the remaining $20,000 bonds of this issue.
Denomination, $1,000.
Anniston, Ala.
-Bonds Awarded in Part.
-We are advised
that a portion of the two issues of bonds mentioned in V. 87,
been disposed of. These securities answer the
p. 1255, has
following description:
$4,500 5% 10-year coupon public-school-building bonds.
11,000 8% 10-year public-Improvement bonds.
Our informant adds that other issues of bonds have also
been authorized and that these will be disposed of from time
to time between now and next spring.
Ashland, Ky.-Bond Sale.
-This city on Dec. 14 sold
$9,000 6% street bonds to the Merchants' Bank & Trust
Co. of Ashland at par and accrued interest. Denomination
$500. Date July 1 1906. Interest annual. Maturity
July 11916, subject to call, however, in stated proportions
before maturity. ,
MacDonald,McCof &CoCh$61,380 001 Harry E. Fife, Canton__ _$61,146 75
Western- GermanBk Cin_ 61,374 00IBarto,Scott & Co.,Colum_ 61,087 50
Davies-Bertram Co., Cln_ 61,306 00IFIeld, Longstreth&Co,Cin 61,005 00
Breed & Harrison, Cin___ 61,278 00 Hayden,Miller & Co.,Clev_ 60,937 00
Well, Roth & Co., Cln__ _ 61,230 00 Central Trust & Safe DeC.E.Denison&Co.,Cleve_ _ 61,218 25
posit Co., Cincinnati__ _ 60,828 00
Denomination $1,000. Date Dec. 15 1908. Interest
semi-annual.
Carroll County (P. 0. Delphi), Ind.
-Bond Sale.
-J. F.
Wild & Co. of Indianapolis,offering par,were the successful
bidders for the following 43'% highway-building bonds:
$6,500 Rock Creek Township bonds, dated Oct. 15 1908.
3,900 Jefferson Township bonds, dated Sept. 7 1908.
2,960 Carrollton Township bonds, dated Oct. 15 1908.
Maturity part each six months from one to ten years inclusive.
Carthage School District (P. 0. Carthage), Miner County,
So. Dak.-Bond Offering.-Proposals will be received until
10 a. m. Dee. 21 by E. B. Paltern, President Board of
Education, for $7,500 5% school-building bonds. Authority election held Nov. 10 1908. Interest semi-annual.
Maturity part in 5, 10, 15 and 20 years.
Chicopee, Mass.
-Note Sale.
-We have just been informed that on Sept. 4 the $13,000 (not $12,000, as at first
reported) notes for the construction and equipment of the
Manual Training School, were awarded to the American
Banking Co. as 4s.
Clinton, Worcester County, Mass.
-Bond Sale.L-On
Dec. 17 the $120,000 4% 1-20-year (serial) coupon townhall-construction bonds dated Jan. 1 1909 and described
in V. 87, p. 1559, were awarded to E. M: Farnsworth & Co.
of Boston at 104.44-a basis of about 3.492%. The other
bidders were as follows: •
Clnton Say. Bk., Clinton__ A04.25 I Estabrook & Co., Boston_ _103.663
N. W. Harris & Co., Boston_104.143 Crocker &Fisher, Boston__ _103.633
R. L. Day & Co., Boston__ _104.099 E. H.Rollins & Co., Bos__ _103.5277
Jackson & Curtis, Boston__ _104.07 Merrill,Oldham & Co., Bos_103.52
Blodget, Merritt & Co., Bos..104.047 Lee, HiggInson &Co.,Bos_ _103.48
Moffat& White, New York_ _104.035 C.E. Denison & Co., Bos-103.277
Blake Bros. & Co., Boston_ _104.0271 A. B. Leach & Co., Boston_103.27
Perry, Coffin & Burr, Bos_ _103.897 Kountze Bros., New York_103.16
Parkinson & Burr, Boston_ _103.71 American Banking Co
102.799
Clinton County (P. 0. Frankfort), Ind.
-Bond Sale.
-The
following 432% highway-building bonds have been awarded
to J. F. Wild & Co. of Indianapolis at par; $4,480 of Jackson
Township; $3,360 of Owen and Ross townships; $2,320 of
Sugar Creek Township,and $2,080 of Monroe Township.
Date Aug. 5 1908. Maturity part each six months from one
to ten years inclusive.
Concordia Parish School Districts Nos. 1 and 2, La.
Bond Sales.
-The Secretary and Superintendent of Board
of School Trustees informs us that on March 16 the $300
District No. 1 and the $1,200 District No. 2 537 bonds
offered without success in 1907 . were awarded to J. L. Dagg
at 95. The former issue is in denomination of $300, while
the latter issue is in denomination of $600. Date July 1
1907. Interest annual. Maturity $900 on July 1 1909
and $600 on July 1 1910.
Corpus Christi, Nueces County, Tex.
-No Action Yet
-A letter received on Dec. 18 from the City SecreTaken.
tary states that the $37,000 5% 10
-40-year (optional) waterworks-plant-construction bonds voted on Oct. 27 (V. 87, p.
1255) are in the hands of the Attorney General awaiting
his approval.
Covington, Tipton County, Tenn.
-Bond Sale.
-We have
just been advised that during the month of June the $15,000
6% coupon sewer-construction bonds were awarded to A. B.
Leach & Co. of Chicago at 106. These securities were offered
without success (V. 86, p. 182) as 5s. Denomination $500.
Date May 1 1908. Interest semi-annual. Maturity on May
1 as follows: $3,000 in 1918, $5,000 in 1928 and $7,000 in
1938.
Covington School District (P. 0. Covington), Kenton
County, Ky.-Bond Sale.
-On Dec. 11 the $75,000 4% coupon school-building bonds described in V. 87, p. 1492, were
1620
THE CHRONICLE
awarded to the German National Bank of Covington at 101.25
and accrued interest. Maturity $30,000 in ten years, $30,000 in twenty years, subject to call after fifteen years,and
$15,000 in twenty-five years, subject to call after twenty
years.
-Bonds Offered by Bankers.
Decatur, Morgan County, Ala.
-Francis, Bros. & Co. of St. Louis are offering for sale
$33,000 5% 20-year refunding bonds. These securities
are part of an authorized issue of $60,000 bonds, of which
$58,000 have been sold. Denomination $500. Date July 1
1908. Interest semi-annually at the National Bank of
Commerce in New York City. Total debt, this issue of
$60,000 bonds. Assessed valuation for 1907 $1,600,000.
Real valuation for 1908 (estimated) $2,000,000.
-Bond Sale.
Decatur Township (P. 0. Greensburg), Ind.
-An issue of $4,7204%highway-building bonds of Marion
Township has been disposed of at par. J. F. Wild & Co.
of Indianapolis were the successful bidders. Date July 15
1908. Maturity part each six months from one to ten years
inclusive.
Douglas County (P. 0. Station A, Superior), Wis.-Bond
Offering.-Proposals will be received until 12 m. Dec. 21 by
Charles L. Flagstad, County Clerk, for $35,000 43/2% gold
coupon asylum bonds. Authority Section 603, Revised
Statutes. Denominations $500 and $250. Date Jan. 2
1909. Interest semi-annually at the County Treasurer's
office. Maturity $1,750 yearly for twenty years. Bonds
are free from all taxes.
Dunmore School District (P. 0. Scranton), Lackawanna
-E. H. Rollins & Sons of Boston
County, Pa.
-Bond Sale.
were the successful bidders on Dec. 5 for the $80,000 43%
coupon (with privilege of registration) funding and highschool-building bonds described in V. 87, p. 1436. Maturity
on Sept. 1 as follows: $3,000 yearly from 1909 to 1928 inclusive and $5,000 yearly from 1929 to 1932 inclusive.
-Bond Sale.
El Centro, Imperial County, Cal.
-The State
of California was the successful and only bidder on Dec. 8
for the $40,000 5% 1-20-year (serial) septic-sewer bonds,
dated Nov. 1 1908 and described in V. 87, p. 1373. The
price paid was par and accrued interest.
Ellendale, Dickey County, N. D.
-Bond Offering.
-Proposals will be received until 8 p. m. Dec. 21 by John King,
City Auditor,for $6,000 6% coupon water bonds. Authority
Chapter 30, Section 2678, Revised Codes 1905. Denomination $3,000. Date Jan. 1 1909. Interest annually at Ellendale. Maturity $3,000 on Jan. 1 1924 and $3,000 on Jan. 1
1929. Bonds are tax-exempt. Certified check for $500,
payable to the "City of Ellendale," is required.
-The $10,000 43/2% 20-year
Emporia, Kan.
-Bond Sale.
coupon electric-light bonds dated July 1 1908 and offered
without success on July 20 (V. 87, p. 302)have been disposed
of to local investors at par and accrued interest.
-Note Offering.
-ProEssex County (P. 0. Salem), Mass.
posals will be received until 11 a. m. Dec. 21 by Commissioners of Essex County for the discount of $72,000 renewal
notes. Authority Chapter 371 pf Acts of 1903 and Chapter
254 of Acts of 1905. Date Dec. 21 1908. Maturity June
21 1909.
Fairmont School District No. 19 (P. 0. Fairmont), Fill-On Dec. 1 the $27,500 5%
more County, Neb.-Bond Sale.
coupon school-building bonds described in V. 87, p. 1373,
were awarded to the State of Nebraska at 104 and accrued
interest. Following is a list of the bids received:
$28,600 00 John Nuveen & Co., Chic.$27,715 00
State of Nebraska
W.E.Barkley Jr., Lincoln 28,450 001U.M.Stoddard &Co., MInn.27 640 00
Harris Tr.& Say.Bk., Chic.27,800 00J Trowbridge & NiverCo.,Ch.27:52 00
7
S. A. Kean, Chicago
27,788 5010tis & Hough, Cleveland. 27,500 00
Maturity July 1 1928, subject to call as follows: $2,000
yearly on July 1 from 1913 to 1917 inclusive and all after
July 1 1918.
-Bond Sale.
Florala, Covington County, Ala.
-This town
has sold the $10,000 5% 20-year water bonds mentioned in
V. 87, p. 302.
Forrest, Livingston County, Ill.-Bond Sale.
-We are
advised that the First National Bank of Forrest was awarded
$2,200 6% 6-7-year (serial) improvement bonds on Aug. 1.
Denomination $1,100. Date Aug. 1 1908. Interest annual.
Franklin, Neb.-Bond Sale.
-The $17,000 5% 5-20-year
(optional) water-works bonds, the bids for which was rejected on Jan. 31 (V. 87, p. 434), were awarded during the
month of June, we have just been advised, to Spitzer & Co.
of Toledo.
Frazee School District No.8(P.0.Frazee), Becker County
Minn.
-Bond Sale.
-On Dec. 15 the Wells & Dickey Co.
of Detroit were awarded $12,000 5% 10-year building bonds
at 102.675 and accrued interest. Following are the bids:
[VoL. Lxxxnv.
(Dec. 19) to vote on the question of issuing $100,000 school
bonds.
Gallatin School District (P. 0. Gallatin), Daviess County,
Mo.-Bonds Withdrawn from the Market.
-The $15,000 4%
school-building bonds mentioned in V. 86, p. 182, have
been withdrawn from the market.
Glen Rock, (P. 0. Ridgewood), Bergen County, N. J.
Bond Sale.
-Tie $35,000 5% street and highway grading
and macadamizing bonds,offered without success on March
10 (V. 86, p. 683), have been sold.
Gloucester, N. J.
-Bond Election.
-On Dec. 22 a proposition to issue $100,000 street-improvement bonds will be
submitted to a vote of the people.
Granite, Greer County, Okla.
-On Dec. 1
-Bond Sale.
John Nuveen & Co. of Chicago were awarded $20,000 6%
20-year water-works bonds at 101.25. Denomination $1,000. Date Nov. 12 1908. Interest semi-annual.
Grant County (P. 0. Marion), Ind.
-High-Bond Sale.
way-construction bonds of Franklin Townsl ip to the amount
of $6,225 were recently awarded to J. F. Wild & Co. of Indianapolis at par. The securities carry interest at the rate
of 432%. Date Aug. 8 1908. Maturity part each six
months from one to ten years inclusive.
Haddonfield, Camden County, N. J.
-Bonds Not Sold.
Up to Dec. 14 no sale had yet been made of the $100,000
4% water-loan bonds for which proposals were asked until
Dec. 1. See V. 87, p. 1436, for a description of these
securities.
Hallettsville Independent School District (P. 0. Hallettsvile), Lavaca County, Tex.
-Bonds Not Yet Sold.
-Up to
Dec. 14 the $18,000 4%5
-35-year (optional) public-schoolbuilding bonds offered without success on Feb. 1 (V. 86, p.
361) were still unsold.
Hamilton County (P. 0. Noblesville), Ind.
-Bond Sale.
The following 43/2% highway-construction bonds have been
disposed of at par to J. F. Wild & Co. of Indianapolis: $2,980
of Adams Township dated July 16 1908 and $2,020 of Jackson Township dated May 16 1908. Maturity part each six
months from one to ten years inclusive.
Hampton, Franklin County, Iowa.
-Bond Sale.
-An
issue of $9,250 paving bonds was disposed of on Nov. 24 to
Geo. M. Bechtel & Co. of Davenport on a 5% basis. Denomination $1,000. Date Dec. 1 1908. Interest semiannual. Maturity part yearly for ten years.
Harrison County (P. 0. Gulfport), Miss.
-Bond Sale.
On Dec. 7 John Nuveen & Co. of Chicago paid par for the
$10,000 5% 5-25-year (optional) convict-farm bonds described in V. 87, p. 1373. There were no other bidders.
Haverhill, Essex County, Mass.
-Bond Sale.
-This city
has disposed of at private sale, it is stated, $39,000 4%
10-year municipal bonds.
Highland County (P. 0. Hillsboro), Ohio.
-Bond Sale.
The $3,780 bonds (the unsold portion of the issue of $5,400
5% coupon road-improvement No. 35 bonds mentioned in
V. 86, p. 497) have been sold.
High Landing Township (P. 0. High Landing), Red Lake
County, Minn.
-Bond Sale.
-The $3,000 6% 10-year road
and bridge bonds offered on Nov. 14 (V. 87, p. 1256) were
awarded to J. A. Duffy, Cashier of the Merchants' State
Bank of Red Lake Falls, at par. Denomination $1,000.
Date Nov. 14 1908. Interest annual.
Hot Springs School District (P. 0. Hot Springs), Ark.
Bond Sale.-This district has sold $10,000 6% 10-15-year
(optional) school-building bonds at 94 to the Wm.R. Compton Bond & Mortgage Co. of St. Louis. Denominations
$50, $100 and $500. Date Oct. 1 1908. Interest semiannual.
Hovland, Cook County, Minn.
-Bond
-Bonds Not Sold.
-No bids were received on Dec. 5 for the $10,000
Offering.
6 0 coupon road and bridge bonds described in V. 87, p.
i47. Proposals for these securities will be received at
any time.
-Bond Sale.
Howard County (P. 0. Kokomo), Ind.
-An
issue of $4,500 4M% Harrison Township highway-building
bonds was recently bought by J. F. Wild & Co. of Indianapolis at par. Date July 6 1908. Maturity part each six
months from one to ten years inclusive.
Huntington Union Free School District No. 3 (P. 0.
Huntington), Suffolk County, N. Y.
-Bond Sale.
-On Dec.
17 N. W. Halsey & Co. of New York City purchased at
103.032 and accrued interest the $98,500 437 grammar
0
and high-school-building bonds described in V. 87, p. 1492.
The following bids were received:
N. W. Halsey & Co., N.Y$101,486 52 G. M. Hahn, New York_$99,854 00
Ferris & White, N. Y___ 100,820 00 Edm. Seymour& Co.,N.Y 99,814 00
W. N. Coler & Co., N. Y_ 100,409 00 W. J. Hayes & Sons,Clev. 99,112 00
R. M. Grant & Co., N. Y. 100,141 00
Maturity on Dec. 1 as follows: $4,000 yearly from 1915 to
1938 inclusive and $2,500 in 1939.
Idaho Irrigation District (P. 0. Idaho Falls), Bingham
County, Idaho.
-Bond Sale.
-The $3..0,000 6% coupon
bonds mentioned in V. 86, p. 1605, were taken at par on
Sept. 1 by the Idaho Canal & Improvement Co. in payment
Denomination $1,000. Date Dec. 1 1908. Interest for canal property.
semi-annual.
Irvington (P. 0. Newark), Essex County, N. J.
-Bond
,
Fruitvale School District, Alameda County, Cal.
-On Dec. 15 A. B. Leach & Co. of New York City
-Bond Sale.
Election.
stated that an election will be held to-day were awarded the $55,000 4M% 30-year coupon or regis-It is
Wells & DickeyCo.,MInn.*$12,321 00 Coffin & Crawford, Chic-812,180 00
Trowbridge&NiverCo.,Bos 12,375 00 F.E.McGran
*12,125 00
U.M.Stoddard&Co.,Minn.*12.320 00 0 H. Coffin, Chicago..
12.101 00
Minn. L. & Tr.Co., MInn_*12,317 00 John Nuveen & Co., Chic_ 12.055 00
Union InvestmentCo.,Min.*12.255 00 H. T. Holtz & Co., Chic...*12,041 00
Bumpus- StevensCo.,Det.*12,243 60 F. B. Hitchcock
*12,010 00
12,181 001
S. A. Kean, Chicago
*And accrued Interest.
DEC. 19 1908.1
THE CHRONICLE
1621
Maricopa County School District No. 41, Ariz.
-Bond
tered (at option of holder) sewer bonds, a description of
-On Dec. 8 $3,000 7% 20-year gold coupon schoolwhich was given in V. 87. p. 1559, at 107.14 and accrued Sale.
interest-a basis of about 4.279%. Following are the bids: building bonds were sold to P. W. Butler of Phoenix for
_107.14 O'Connor & Kahler, N. Y__ _105.199 $3,125-the price thus being 104.166. A bid of $3,062 50
A. B. Leach & Co., N.
J. D. Everitt & Co., N. Y.....107.077 Merchants' Nat. Bank, New'k104.65
was also received from the Security Savings Bank & Trust
Kountze Bros., New York_ _106.91 Irvington Nat.Bk.,Irvington 104.22
.16 H. L. Crawford & Co.. N. Y_103.813 Co. of Toledo. Denomination $500. Date Nov. 4 1908.
_A1321
&
N.
Grant Co., N.
Interest annually in Phoenix. Bonds are exempt from all
The bonds are dated Jan. 1 1909.
taxes.
.4 501 ,
4171
101 4
-According to reports the Water
-Bond Sale.
Ithaca, N.Y.
Marshall, Tex.
-Bond Sale.
-The $40,000 5% street-pavBoard dsposed of $14,000 5-30-year (optional) bonds on ing bonds registered by the State Comptroller on Oct. 31
Dec. 14 to the Ithaca Savings Bank of Ithaca.
(V. 87, p. 1256) have been disposed of to Spitzer & Co. of
Iva School District No. 44 (P. 0. Iva), So. Car.-Bond Toledo. Denomination $1,000. Date July 1 1907. Ma-The $10,000 6% 20-year coupon building bonds turity July 1 1947, subject to call after ten years. Interest
Sale.
offered on Nov. 25 (V. 87, p. 1314) have been purchased semi-annual.
by John Nuveen & Co. of Chicago at 105.62 and accrued
Martinsburg School District (P.0. Martinsburg), Berkeley
interest. Following are the bids:
-On Dec. 14 the $50,000 5%
County, W. Va.-Bond Sale.
John Nuveen & Co.. Chicago.$10,562 Coffin & Crawford, Chicago_$10,156
Robinson-Humphrey Co., At1.10,425 Robert B. Davies, Chicago__ 10,146 building bonds described in V. 87, p. 1437, were awarded
Chicago
10,201 First Nat. Bank, Cleveland__ 10,000 to N. W. Harris & Co. of New York City at 104.934 and
0. H. Coffn.
Juniata, Blair County, Pa.
-Bonds to be Offered Shortly.
- accrued interest. A list of the bids received follows:
The borough Clerk advises us, under date of Dec.17,that the N.W.Harris & Co.,N.Y_ _$52,467 00 Seasongood & Mayer,Cin_$51,528 50
& Co., Cleve. 51,156 25
Bond &
following 5% 10-30-year (optional) bonds voted on Nov. 3 Wm.R. ComptonLouis__ 52.415 00 C.E.Denison Chicago
S. A. Kean,
51,025 00
Mtge. Co., St.
(V. 87, p. 1314) are now in the hands of the printer and will Baker, Watts & Co..1Balt 52,125 00 Chas. H.Coffin, Chicago 51,001 00
'
John Nuveen 46 Co., Chic_ 50,985 00
be ready to place on the market some time in Jan. 1909: Hambleton & Co. f
Well, Roth
'
$13,000 for water extensions $12,000 for general purposes Woodin, McNear & Moore, 52,077 00 Farmers' & de Co.,Cin Na- 50.688 00
Chicago
Merchants'
Bumpus- Stevens Co.,Det. 52,030 00
tional Bank, Frederick,
and $5,000 for street and highway improvements.
MacDonald,McCoy &Co.,Ch.51,880 00
*6,160 50
Md.
Kansas City, Mo.-Bond Offering.
-Proposals will be Mer.deFarm.Bk.,Martinsb...51,750 00 Henrietta Hicks, MartInsb a5.100 00
received until 10 a. in. Jan. 4 1909 by Thomas T. Crittenden
* For $5,000 bonds.
The bonds are dated Jan. 1 1909 and mature Jan. 1 1943,
Jr., Mayor, and Gus Pearson, City Comptroller, for $250,000
4% coupon market-improvement bonds. Denomination but are subject to call after Jan. 1 1919. Denomination
$500. Interest semi-annual.
$1,000. Date Jan. 1 1904. Interest semi-annually at the
Martinsville, Ind.
-Bond Offering.
-Reports state that
City Treasurer's office, or at the Oriental National Bank in proposals will be received until 7 p. m. Dec. 23 by the City
New York City, at option of the purchaser. Maturity Clerk for the $14,000 5% funding water-works bonds menJan. 1 1924. Bid to be made on a blank form furnished tioned in V. 87, p. 1437.
Maury County (P. 0. Columbia), Tenn.
-Bids Rejected.
by the City Comptroller and be accompanied by a certified
check for 2% of bonds bid for, drawn on a national bank All bids received on Dec. 15 for the $175,000 4% coupon
road bonds described in V. 87, p. 1437, were rejected.
doing business in Kansas City and made payable to the
Maywood School District No. 46, Frontier County, Neb.Comptroller. Bonds will be delivered on Jan. 20
said City
Bond Sale.
-The State Permanent School Fund has pur1909. The legality of the bonds has been approved by chased $10,000 5% bonds of this district on a 43% basis.
Dillon & Hubbard of New York City, a copy of whose
Mechanicsburg, Cumberland County,Pa.
-Bonds Voted.
opinion will be delivered to the purchaser.
A vote of 607 "for" to 309 "against' was the result of an
The official notice of this bond offering will be found among election held Dec. 15 to vote on the question of issuing the
$60,000 street
-improvement bonds mentioned in V. 87, p.
the advertisements elsewhere in this Department.
1437.
Lackawanna County (P. 0. Scranton), Pa.
-Bond Sale.
Melrose (P. 0. Station,
-Bonds Voted.
An issue of $180,000 4% 30-year coupon funding bonds A vote of 1086 "for" to 807Boston), Mass.
"against" the issuance of $3,000
disposed of on Dec. 10 to N. W. Halsey & Co. of New 4% 20-year high-school addition
was
bonds
-a basis of about election held Dec. 3. These securitieswas the result of an
York City at 104.08 and accrued interest
3.772%. Denomination $1,000. Date Dec. 15 1908. sale some time in the spring of 1909. will be offered for
Interest semi-annual.
Memphis, Tenn.
-Bond Offering.-Local papers report
Latonia, Ky.-Bond Sale.
-Dispatches state that $50,000 that proposals will
5% 20-year sewer bonds have been sold to Seasongood & 4% coupon (with be receievd until Dec.28 for the $1,009,500
privilege of registration) refunding bonds,
Mayer of Cincinnati at 104.486.
bids for which were rejected (V. 87, p. 1560) on Dec. 10. Al
Lawrence, Mass.
-Bonds Not Sold.
-A letter received
Milton, Umatilla County, Ore.
-Bond Offering.-Proby us on Dec. 7 states that no award has yet been made of posals will be
received until 12
the $14,000 hospital and the $40,000 street 4% bonds men- City Recorder, for $15,000 5%m. Dec. 21 by W. R. Craig,
coupon electric-light-plant
tioned in V. 87, p. 1191.
improvement and extension bonds.
Bond Offering.
-Proposals will be received until -12 m. Section 15, City Charter; also vote of Authority Article 5,
Dec.21 by B.T. O'Connell,City Treasurer,for $150,000 4% held Nov. 23 1908. Denomination 137 to 2 at an election
$1,000. Date Jan. 1
coupon "City Debt Loan" bonds. Denomination $1,000. 1909. Interest semi-annually at the
City Treasurer's
Date Dec. 1 1908. Interest semi-annually at the Eliot office. Maturity
Jan. 1 1924, subject to call after Jan. 1
National Bank of Boston. Maturity $15,000 yearly on 1919. Bonds are tax exempt.
Certificed check for $500,
Dec. 1 from 1909 to 1918 inclusive. Bonds will be certified
as to genuineness by the City Trust Co. of Boston. The payable to the City Recorder, is required.
Montgomery County (P.0. Dayton), Ohio.
-Bond Sale.
legality of the issue has been approved by Storey, Thomdike,
Palmer & Thayer of Boston, a copy of whose opinion will be On Dec. 1 the $3,600 4% Wenger Ditch construction bonds,
for which bids were asked until Nov. 19 (V. 87, p. 1192),
delivered to the purchaser.
were disposed of at private sale to the Dayton Savings Bank
Lawton School District (P. 0. Lawton), Okla.
-Bond & Trust Co. of Dayton at par and accrued interest. Bonds
-The $100,000 5% 20-year school-building bonds are dated Dec. 1
Sale.
1908
offered on Dec. 1 (V. 87, p. 1315) were awarded to Farson, Interest semi-annual. and are in denominations of $600.
Son & Co. of Chicago for $$102,808 85 and accrued interest,
Mt. Vernon Westchester County, N. Y.
-Bond Sale.amounting to $729 12. Bonds are dated Jan. 1 1909.
434% 26-year registered sewerage-disposalLos Angeles County (P.0. Los Angeles), Cal.-Correction. The $30,000'
-We are advised that the amount of 43% 6-40-year (serial works bonds described in V. 87, p. 1493, were bought on
gold highway bonds recently awarded to E. H. Rollins & Dec. 15 by A. B. Leach & Co. of New York City at 109.01
-a basis of about 3.944%. The folSons of San Francisco was $1,050,000, and not $1,000,000 and accrued interest
were received:
as reported in V. 87, p. 1493. The price paid was 104.775 lowing bidsCo., N. Y_...--$32,703 Adams & Co.. New York......
A. B. Leach &
..$32.522
-a basis of about 4.176%.
N. W. Harris & Co., N. Y___ 32.643 Dominick & Dominick, N.Y. 32.490
N. W. Halsey & Co., N. Y_-- 32.643 W. N. Coler & Co.. N. Y____ 32,471
Madison County (P. 0. Anderson), Ind.
-Bond Sale.
- E. H. Rollins & Sons, Boston 32.631 R. M. Grant & Co., N. Y___- 32,466
J. F. Wild & Co. of Indianapolis have bought the following Kountze Bros., New York___ 32.559 Wadsworth & Wright, New
Farson, Son de Co., N.
32.523
York
32,400
4%% highway-building bonds at par:
Muskogee School District (P. 0. Muskogee), Muskogee
$7,960 Monroe Township bonds, dated Oct. 15 1008.
6,120 Lafayette Township bonds, dated Oct. 15 1908.
County, Okla.
-Price Paid for Bonds.
-A. J. McMahon of
6,180 Pipe Creek Township bonds, dated Aug. 15 1008.
The above bonds mature part each six months from one Oklahoma City paid par for the $200,000 432% 20-year
school bonds awarded him (V. 87, p. 1493) on Nov. 27.
to ten years inclusive.
Denomination $1,000.
Madison County (P. 0. London), Ohio.
-On
-Bond Sale.
Nashwauk School District No. 9 (P. 0. Nashwauk),
Dec. 14 four issues of 5% ditch-construction bonds, aggre-Bond Sale.
-An issue of $50,000 6%
gating $13,200, were awarded to the Madison National Bank Itasca County, Minn.
10-year school-building bonds was disposed of on Dec. 12.
of London at 101.977. Following are the bids:
They were bought by F. B. Myers of Biwabik at 101. FolMadison National Bank, London
$13,461 00
Seasongood & Mayer, Cincinnati
'NOW
13,408 56 lowing are the bids:
B. Van Cleve
0.
Farmers' National Bank, Plain City
Exchange Bank
13,375 00
13,260 00
F. B. Myers, Biwablk
$50,500 Wells & Dickey Co., MInn......$50.257
&cur. S. B. & Tr. Co., Cln-- 50,387 John Nuveen do Co..Chicago- 60.000
S. A. Kean, Chicago
50.300
Bids were also received from the Farmers' National Bank of
A bid was also received from the Minnesota Loan &Trust
Cleveland and Barto, Scott & Co. of Columbus. Date Jan. Co. of Minneapolis. Denomination $1,000. Date Jan. 2
1 1909. Interest March and Sept. Maturity March 1914.
1909. Interest annual.
THE CHRONICLE
1622
-Bond Sale.
New Albany, Union County, Miss.
-The
$10,000 5% coupon water and light bonds described in V. 87,
p. 1438, were awarded on Dec. 1 to the First National Bank
of this city at par and accrued interest. Maturity part
yearly for twenty years.
Newburgh Heights (P. 0. Cleveland), Ohio.
-Bond Sale.
-Weil, Roth & Co. of Cincinnati have bought the $5,000
5% street-improvement bonds, proposals for which were
advertised until Nov. 12 (V. 87, p. 1113), at 110.56 and
accrued interest. Maturity Nov. 1 1928.
-Bond Sale.
New York State.
-The $5,000,000 4% 50year gold registered or coupon highway-improvement bonds
offered by Comptroller Glynn on Dec. 17 (V. 87, p. 1438)
were over-subscribed more than seven and a half times, the
bids received aggregating $37,872,200. The total premium
received by the State was $580,176 96, making the average
price 111.6035
-an income basis of about 3.507%. The
successful bidders numbered 21, and their offers ranged from
111.3291 to 113.025. The bids were as follows, those successful being designated by means of an asterisk (*):
*$1,000_ _113.025 Kountze Bros., N. Y.
(all or any part)... _5,000,000_ _110.771
*25,000_112.56
Blodget, Merritt &
*25,000_112.3
Co., New York.._ _ 500,000_ _110.31
*25,000_ _112.05
*25,000_111.79 People's Trust Co.,
Brooklyn
*25,000__111.53
200,000_110.5
25,000_111.28 Seneca D. Eldredge,1
6,000 from
Brooklyn
25,000..111.03
J 108 4 to 110
R. L. Day & Co.,1 70,000 from
25,000_ _110.78
New York
*25,000...112.542
109.75 to 110.5
5
25,000..11I.257 E. S. }Teller, N. Y___ 35 000_110
The Trust Co. of1 100,000_ _110.31
*10,000...112.5
America, N. Y._j 100,000..110.01
*10,000..112.25
N. Y. State Nationall 265,000 from
*10,000..112
Bank, Albany_ .._.5
Keech, Loewl& Co., *25,000_111.875
(
100 to 110.01
*50,000_111.75 J.J.Gallaghy,Albany..1,000,000_110.4283
vew.,York
William)
*50.000..111.5
Salomon,A15,000,000 from
Co., N. Y,
100,000 _ _111.25
5107.763 to,110.013
.
*25,000_112.5236 Olive A Paddock,
Watertown
Langley &Lawrence, *25,000_112.1487
5,000_ _109
I *25,000_111.8876 Edwin L. Paddock,
New York
Watertown
) *25,000_111.7863
10,000 _ -109
)*125,000_.112.2(33 M.Montgomery,Watertown
I *125,000_112.167
1,000_ _109
•
*125,000..112.055 Rebecca Montgomery,
*125,000..111.845
Watertown
1,000..109
O'Connorl eKahler, *125,000_111.686 Clemence T. Griggs,
Buffalo0
*125,000 _111.584
N ew,York
1,000..109.5
*125,000_111.393 First National Bank,1 50,000_109.62502
Kane,Pa
125,000...111.267
50,000_109.2504
50,000_ _103.32 J. Edward MastIn &1 50,000_109.75
Co., New York...
*25,000_ _112.2
25,000_ _107.5
Graham & Co., Phila., 100,000 from
*25,000_ _112
SecurityTTrust Co., *25,000_ _111.8
108.25 to .109
Harry I. Tuthill,N.Y. 50,000_ _109.25
*25,000_111.5
Rochester
Bank of Manhattan12,500,000 from
25,000_ _111
Co., New York_.j107.885 to, 100.15
25,000...110.50
_5107.885
*50,000_ _112.21 H. Stern, Phila.
3,000..109.25
*50,000_ _112.11 Shoemaker, Bates &
Co., NewIYork__ [10,000...109.07
AugustlBelmont dr *50,000_112.01
*50,000_ _111.91 Hanna P. Glenn, Bkin
Co.,INew,York_ - _ I
1,000_ _108.5
) *50,000..111.81 R.L. Lester, N. Y___
25,000 from
•
fit
1 *25,000_ _112.25
108.01 to 108.81
*5,000...112.125 East Side S.B.,Rocn. 100,000_ _108
Renskorf,w Lyon &
112
Goldman;;; Sachs &I 500,000 from
Co., New York...5
1 *25,000_ _112
107 to 108
*25,000..111.75 State Bank,',N. Y____ 500,000 from
Gilman7WWCiucas, *25,000..111.5
108.125 to 108.75
25,000..111.25 Citizens' Trust Co.,
I
New York
10,000..108.5
Utica
25,000_ _111
10,000..107.75
25,000_ _110.75 The Inter-Insurers"ot1
5,000_ _108
FirstNat.'Bk.,Canton *2,000..112
Amer.,Wash.,D.O
5,000..107.63
A. P.6 Adams Jr.• 1 225,000 from
Ed.N.Nearing,Bklyn. *6,009_ _112
,
Albany
Albany.Tr. Co., Alb_ *500,000..111.79
106.25 to 108
F. W.games,Naples.J
II
1 L*10,000_111.78
2,000_ -107.5
William]T.IMeredith,}
5,000_ _110 5
2,000_ _107
1
Wilbur'Nat.'Bank,
,
__
.
&.Co., NewNork_
64,000 from
Oneonta, N.Y _5 103.01 to,107.01
*100,000_111.775
*100,000..111.375 Ed W.Greenbowe,N.Y
5,000..107
Parson, Son-&"Co., 100,000_ _111.275 Orvis.Bros.&Co.,N.Y.
7,000-107.125
Newaork
100,000. _110.875 The Northern%Bankl 25,000-107.03
of New York
100,000..110.635
75,000._106.97
100,000...110.001 The Aetna Indemnity
Co., New York.... [25,000-107.04
*100,000_111.77
100,000..110.55 Spencer TraskA Co.,
Albany
SeaboardlNat.Bank, 100,000_ _109.75
115,000_106.625
100,000_109.15 Washington*Savings1 25,000..106.88
Bank, NewlYork..1 25,000..106.74
100,000_ _108.63
*5,01)O..111.75 Jos. G. Robin, N. Y. 100,000 from
5,000.._ Ill
106 12 to 106.56
5,000_ _110.75 Morris Jacobs, Plattsburg
5,000_ _110.5
1,000..105.75
Union-Trust Co.,'Al-1
Soc. of the Friendly
5,000_110
bany
S011.9 Of St. Patrick,
5,000_ _109.5
New York
10,000..105
5,000_ _109
Willi Splegelberg,N.Y
5,000..105.5
5,000_ _108.5
1,000_105.0625
*5,000..111.55 Thos.L.LaMar,N.Y....
AlfredHodges,Brook
5,000_ _110.55 Frank N. Blowers,
Binghamton
1,000...104
I
5,000. _109.25
J
5,000_ _108.55 Raphael Prager, N.Y r 10,000 _ _104
*100,000..111.526 Mfrs. Nat. Bk.,Troy_ 300,000_103.125.
2,000..104
100,000_111.276 H. Griffin, Hobart.100,000 _ _ 111.066 Francis A. Norman,
Moffat &Whlte,New
Washington, D. C., 11,000...104
York
100,000...110.766
100,000_ _110.526 0.H.Cleveland, NewJ 100,000_110.266
burg
10,000-103
National Spraker Bk.,
National City Bank
Canajoharie (Bid
6. and N. W. Harris I *2,333,000 awarded
made forlAugustus
l & Co., New York}
at_111.3291
Arriens)
3,000..103
PI"(all or any part).- I
May Scranton Moore,
Henry Pryor,'L Rochester)
150,000_102.5
Brockport
- 5,000..111.125
200__102.5
Kings County Trust1 250,000 from
H.L.Preston,'Jordon
Co., Brooklyn....J 110.25 to III
_ (5,000-102.5
F.St. Goar, N.Y
Harvey Fisk & Sons15,000,000 from
C. E. Pollard, Bklyn. [1,000_102
and Fisk & Robin-} 110.013 to ' Malden Lane Savings
son, New York__ .J
Bank,'New York.. [10;000..101.25
111.013
Estabrook & Co.,1 500,000 from
5,000-101
Adam Nickel, N. Y.New York
5110.29 to 111.29
Cyrus E. Bloodgood,
'
Burnett L. Clark,1 70,000 from
2,000.-100.5
Catskill
New York
1,000--100
5 110.50 tO 111.25 Wm. Martin,Cortland
Stephen Sanford, Am5,000._100
People's 13k.,11amburg
sterdam
5,000-100
Bank of Hammondspt
100,000-110.5
Wm. A. Read & Co.,
5,000-.100
J. C. O'Connor, N. Y.
N.Y. (all or none).5,000,000_110.333 Broadway Savings &
Trust Co., Clevel'd 100;000-100
W.B.Sayre,Warwick_
)
I
I
Scholle Bros., N. Y.}
J.A. Gulon
I
I
I
I
Skandia Insur. Co.,1
NewaYork
J
1
IVOL. Lxxxvn.
Norfolk, Va.-Bond Sale.
-Reports state that $491,000
4% 30-year bonds have been awarded to N. W. Harris &'Co.
of New York City at 95.04.
North Arlington, Hudson County, N. J.
-Bond Sale.
The $25,000 4% 25-year coupon or registered water bonds
for which bids were asked until Dec. 16(V. 87, p. 1560) have
been disposed of to the North Hudson Trust Co. at 100.25.
Norwood (P. 0. Cincinnati), Hamilton County, Ohio.
Bond Offering.-Proposals were asked for until 12 m. yesterday (Dec. 18) by L. H. Gebhart, City Auditor, for the
following 432% bonds:
$5,811 38 Warren Avenue macadam assessment bonds dated Dec. 1 19085,000 00 water-main bonds. Date day of sale. Interest semi-annual.
Maturity twenty-five years.
4,830 00 Globe Avenue macadam assessment bonds dated Dec. 1 1908.
4,834 64 Hunter Avenue macadam assessment bonds dated Dec. 1 1908.
2,040 25 Slade Avenue macadam assessment bonds dated Nov.10 1908.
4,035 70 Northside Avenue macadam assessment bonds dated Nov.10
1908.
4,609 31 Elsmere Avenue macadam assessment bonds dated Nov. 10 1908,
3,965 36 Station Avenue macadam assessment bonds dated Nov. 10 1908.
The result of this offering was not known to us at the
hour of going to press.
In addition to the above,proposals will also be received
until 12 m. Dec. 29 by L. H. Gebhart, City Auditor, for the
following bonds:
$2,394 00 4 % Silver Street macadam assessment bonds dated Dec.24 1908
90,000 00 4% Montgomery Ave. Improvement (city's portion) bonds to
be dated on the day of sale. Interest semi-annual. Maturity twenty-live years. Denomination $500.
10,002 45
% Highland ANenue macadam bonds dated Dec. 24 1908
The assessment bonds mature part yearly from one to
ten years inclusive from date and the interest on the same
is payable annually. The amount of the assessment bonds
may be reduced by the amount of assessments paid in cash
prior to the date of sale. Denomination $100. Bid to be
made on each issue separately and be accompanied by a
certified check for 5% of bonds, made payable to the City
Treasurer. Purchaser to pay accrued interest.
Painesville, Ohio.-Bond Sale.-The following award
was made on Dec. 7 of the three issues of 4% coupon bonds
described in V. 87, p. 1494: the $15,000 city-hall bonds
(due $1,500 each six months from April 1 1917 to Oct 21
1921 inclusive) to Otis & Hough of Cleveland for $15,116 38,
the price thus being 100.775, and the $1,000 street-improvement bonds (due $500 on April 1 1914 and $500 on Oct. 1
1914) and the $4,000 fire and police station bonds(due $1,000
each six months from April 1 1922 to Oct. 1 1923 inclusive)
to E. J. Lynch of Painesville for $5,048 54-the price thus
being 100.97. Purchasers to pay accrued interest.
-This city
Palatka, Putnam County, Fla.
-Bond Offering.
is offering for sale $50,000 5% coupon bonds. Denomination $500. Interest May 1 and Nov. 1 in New York City.
Maturity 1942, subject to call after 1922. E. S. Crill is
Chairman of the Board of Bond Trustees.
Peoria County (P. 0. Peoria), Ill.-Bond Offering.
-Pro
posals will be received until 1 p. m. Jan. 20 1909 by Oscar
Heinrich County Clerk, for $240,000 4% refunding bonds
'
voted on Nov. 3. Denomination $500. Date March 1 1909.
Interest semi-annually at the office of the County Treasurer.
Maturity as follows: $40,000 "or an, part thereof" on
March 1 of any year after 1909;$50,000 or any part thereof"
on March 1 of any year after 1914; $70,000 "or any part
thereof" on March 1 of any year after 1919; $80,000 "or any
part thereof" on March 1 of any year after 1924. Certified
check for 5% of bid, payable to the County Clerk, is required. Delivery March 1 1909, or within twenty days
thereafter.
-On Dec.7
Poland,Mahoning County, Ohio.
-Bond Sale.
the $2,090 Main Street side-walk-construction and the
$1,500 street-improvement 5% coupon bonds described
in V. 87, p. 1494, were awarded to the New First National
Bank of Columbus for $3,647 (101.587)and accrued interest.
A bid of $3,644 was also received from Hayden, Miller & Co.
of Cleveland while the Farmers' Deposit & Savings Bank of
Poland offered par. The $2,090 Main Street bonds mature
$400 yearly on Oct. 1 from 1910 to 1913 inclusive and $490
on Oct. 1 1914, while the other issue matures $150 yearly
on Oct 1. from 1910 to 1919 inclusive.
-The $10,000 5% 1-10-year
Pontiac, Mich.
-Bond Sale.
(serial) coupon fire-department bonds offered on Nov. 30
and described in V. 87, P. 1375, have been purchased by
A. B. Leach & Co. of Chicago at 103.51-a basis of about
4.282%.
-Bond Offering.
Port Huron, St. Clair County, Mich.
Proposals will be received until 12 m. Dec. 23 by E. A. Cady,
City Comptroller, for $20,500 5% repaving bonds. Denomination $500. Date July 1 1908. Interest semi-annual.
Maturity July 11918.
-Bond Sale.-Seasongood & Mayer of
Portsmouth, Ohio.
Cincinnati, offering 100.438, were the successful bidders on
Dec. 15 for the $51,500 4% coupon street-improvement
assessment bonds described in V. 87, p. 1438. A list of the
bidders follows:
Seasonguod & Mayer, Cin_851,725 75 Central Trust Co., Cincln_851,644 00
Mein_ 51.578 00
Well, Roth & Co.,
Security Say. Bk. & Trust
Bonds Offered by Bankers.
-In an advertisement on a pre51,880 00 Western-German Bank,
Co., Portsmouth
51,511 60
ceding page the National City Bank and N. W. Harris & Co., First Nat. Bk., Portsmouth51,854 25 Cincinnati
Maturity on Dec. 1 as follows: $1,500 in 1909,$5,000 yearly
both of this city, are offering $2,350,000 of their allotment
of the above bonds. Price will be furnished upon applica- from 1910 to 1915 inclusive, $6,000, in 1916 and $7,000 in
tion.
each of the years 1917 and 1918.
DEC. 19 1908.1
THE CHRONICLE
Rochester, N. Y.
-Temporary Loan.
-On Dec. 17 this
city borrowed $75,000 from the Security Trust Co. of Rochester at 3.87% interest. Maturity June 17 1909.
Rolla School District (P. 0. Rolla), Phelps County, Mo.Bond Sale.
-A. G. Edwards & Sons of St. Louis inform us
that they have purchased $7,500 5% 10-20-year (optional)
school bonds dated Jan. 2 1909.
Rose City, Ogemaw County, Mich.
-Bond Sale.
-This city
recently awarded $2,880 sewer and $1,920 street 6% 20-year
bonds to W. A. Hamlin & Co. of Detroit at par. The sewer
bonds are in denominations of $1,000 and $880, while the
street bonds are in denominations of $1,000 and $920.
Date Dec. 11908. Interest semi-annual.
San Diego, San Diego County, Cal.
-Bond Sale.
-According to reports $65,000 fire bonds have been bought by the
Rudolph Kleybolte Co., Inc., of Chicago.
Savannah, Ga.-Corrected Debt Statement.
-An
occurred in the statement of the debt of this city as error
lished in our State and City Section for Nov. 28. pubThe
$2,483,000 4% bonds disposed of on Oct. 15
p.
1115) were stated in a way that might give the (V. 87, on
impressi
that they constituted an addition to the previously existing
debt. This is not so. The new bonds, though sold, will
not be delivered until Feb. 1 1909 and the proceeds will
be
used to retire the $2,628,500 5s which then mature. Below
we give the debt statement as it should have been printed:
LOANS-
When Due.
Old Bonds.
Redemption Bonds.
__s
$3,300c
55 '79 Q-112,628,500c_ _Feb 1 1909 BOND.
,
DEBT Sept 1 1008$2,861,850
58 '83
233.350c_ _July 1 1013
Snyder, Dodge County, Neb.-Bond Sale.
-On Dec. 8
John Nuveen Sr Co. of Chicago were awarded the $9,000 5%
5-20-year (optional) water-system-improvement bonds described in V. 87, p. 1494, for $9,025-the price thus being
100.277. A bid of $9,009 was also received from S. A.
Kean of Chicago.
Steubenville, Ohio.
-Bond Sale.
-The $14,000 4
5-year coupon Steubenville and Mingo Road improvement
bonds described in V. 87, p. 1561, were awarded on Dec. 15
to Thomas Johnson of Steubenville at 102.507-a basis of
about 3.943%. The bids received were as follows:
Thomas Johnson, Steub_ _$14,351
00
Cent. Tr. & Safe Dep. Co.,
Cincinnati
14,319 20
Security Savings & Trust
Co., Toledo
14,308 50
Western-German Bk., Cin. 14,291 00
Barto, Scott & Co., Col.... 14,281 50
Hayden, Miller&Co.. Clev. 14,265 50
Weil, Roth & Co., Cincin_ 14,263 00
C. E. Dennison & Co., Clev.14,256 25
Seasongood & Mayer, On_ 14,256 20
Cleveland Trust Co., Clev_$14,247 80
Davies-Bertram Co., On_ 14,246 00
S Kuhn & Sons, an
14,230 00
Otis & Hough, Cleveland.. 14,225 00
Field, Longstreth & Co.,
Cincinnati
14,210 00
R. Kleybolte Co., Inc., Cin.14,196 00
New First Nat. Bk., Col
14,177 00
W.J. Hays & Sons, Clev. 14,174 00
Murray do Co., Cincinnati_ 14,152 60
Tipton County (P. 0. Tipton), Ind.
-Bond Sale.
-J. F.
Wild & Co. of Indianapolis recently bought $2,940 OA%
Liberty Township highway-construction bonds at par.
Date Sept. 1 1908. Maturity part each six months from
one to ten years inclusive.
Troy, N. Y.
-Bond Sale.
-On Dec. 11 the three issues of
43,4% 1-20-year (serial) registered bonds described in V. 87,
p. 1561, were awarded to Fenwick & Rogerson of
New
City. Purchaser to pay accrued interest. A list of theYork
bids
received follows:
$45,000
nonds.
Fenwick & Rogerson, New York
10.27
Union National Bank, Troy
105.171
Farson, Son & Co., New York
105.018
Columbia Trust Co., New York
104.94
E. H. Rollins & Sons, Boston
104.77
Kountze Bros., New York
104 58
J. S. Bache do Co., New York
104 536
O'Connor & Kahler, New York
104.393
R. M. Grant & Co., New York
104.382
N. W. Halsey & Co., New York
104.281
Moffat & White. New York
104.263
W. N. Coler & Co., New York
104.2579
C. E. Denison & Co., Boston
104.07
E. D. Shepard & Co., New York
104.013
H. W. Gordinier, Sinking Fund Trustee_
par
A. T. Smith, Treasurer of Pension Funds
par
$10,936.08
Bonds.
105.25
105.171
$20,983.47
Bonds.
104.94
104.94
104.58
103.036
104.139
104.282
103.781
104.213
104.180
104.58
103.036
104.393
104.282
103.781
104.213
104.2579
par
par
par
par
1 85..261
5 17
1623
Wright County (P. 0. Clarion), Iowa.
-Bond Sale.-Geo.
M. Bechtel & Co. of Davenport have been awarded
$35,000
bonds.
Yoakum County, Tex.-Bond'Sale.-On'Dec. 12
the State
School Fund purchased $1,500 5% 5
-20-year (optional)
court-house bonds on a 4.10% basis.
Bonds Registered.
-On Nov. 30 the State
registered an issue of $6,000 5% 5-40-yearComptroller
(optional)
court-house bonds.
Yonkers, N. Y.
-Bond Sale.
-It is stated that
1-20-year (serial) city-hall and the $100,000the $50,000
1-10-year
(serial) assessment 43% bonds described in V. 87,
p.
were awarded on Dec. 15 to E. H. Rollins & Sons of 1563,
Boston
at 104.555 and 102.333 respectively.
York, Pa.
-Loan Election.
-Local papers report that at
the coming spring election a proposition to borrow $425,00
0
to complete the sanitary sewer system will be submitted to a
vote of the people.
Youngstown, Ohio.
-Bond Offering.-Proposals will be
received until 2 p. m. Dec. 21 by William I. Davies, City
Auditor, for the following 5% bonds:
$2,000 Andrews Ave. improvement bonds. Maturity $1,000
on Oct. 1
1910 and $1,000 on Oct. 1 1911.
750 school-street-improvement bonds. Maturity Oct. 1 1911.
8,230 sidewalk-construction bonds. Maturity $1,646 yearly
onTOct. 1
from 1910 to 1914 inclusive.
In addition to the above, proposals will also be received
until 2 p. m.Jan. 11 1909 by William I. Davies, City Auditor
,
for the following 5% bonds:
$5,800 improvement (city's portion) bonds.
Maturity $1,160 yearly on
Oct. 1 from 1910 to 1914 inclusive.
850 Linden Ave. sewer-outlet bonds. Maturity
Oct. 11910.
The first three issues will be dated Dec. 28 1908
and
last two Jan. 18 1909. Interest semi-annually at the the
of the City Treasurer. Purchasers must be prepared office
to
the bonds sold on Dec. 21 not later than Dec. 28 andtake
the
others not later than Jan. 18 1909, the money to be delivere
at one of the banks in Youngstown or at the City Treasure d
r's
office. Each bid must be made on each block of bonds
separately and must be accompanied by a certified check on
a national bank for 2% of the bonds bid for, payable to
the
City Treasurer.
Zavalla County Common School District, Tex.
-Bond
Sale.
-We are advised that the issue of $5,500 43% 20-year
school-house bonds registered by the State Comptroller on
Oct. 13 (V. 87, p. 1117) will be purchased by the Zavalla
County Permanent School Fund.
Canada,its Provinces and Municipalities.
Berlin, Ont.-Debenture Sale.
-The following 5%
tures have been awarded to the Dominion Securities debenCorporation, Ltd., of Toronto:
$1,463 drainage debentures:maturIng part yearly for twenty
7,299 local-improvement debentures. maturing part yearly years.
for ten years.
Buckingham, Que.-Debenture Offering.
-Further
are at hand relative to the offering on Jan. 5 1909 details
$57,000 5% coupon funding debentures mentioned in of the
V. 87,
p. 1496. Proposals for these debentures will be received.
until 12 m. on that day by F. M.
Secretar
urer. Denomination $1,000. Date May , 1908. y-TreasGorman 1
Interest
semi-annually at the Bank of Montreal in Bucking
ham.
Maturity May 1 1938. Debentures are free from a
taxes.
Debenture debt, including this issue, $94,500. Floating
debt (additional), $89,384 20. Assessed valuation for 1907,
$592,584.
East Nissouri Township, Ont.-Debenture Sale.-Geo.
A.
Stimson & Co. of Toronto have been awarded $20,000 4%
railroad-aid bonds, maturing part yearly for twenty
years.
Galt, Ont.-Debenture Sale.
-The Dominion Securities
Corporation,'Ltd., of Toronto recently purchas
434% 20-year coupon park debentures. Interest ed $7,000
annual.
Hamilton, Ont.-Debenture Election.
-Propos
issue debentures for the following purposes will beitions to
submitted
to a vote of the people on Jan. 4 1909; $300,000 for permanent roadways and $65,000 for sewers
Humboldt, Sask.-Purchasers of Debentures.
-The Secretary-Treasurer informs us that Nay & James of Regina
the purchasers of the $7,500 6% water-supply and were
protection debentures disposed of on Nov. 6. The fireprice
paid was 102
London, Ont.-Debenture Election.
-An election will be
held Jan. 4 1909 to vote on propositions to issue the followin
g
debentures:
Ventnor City (P. 0. Atlantic City), N.J.
-Bond Sale.
According to reports,$25,500 5% 30-year water and sewer
bonds offered on Dec. 16 were sold at 100 51 to Wurts,
Dulles & Co. of Philadelphia. Interest semi-annual.
Vogler Independent School District (P. 0. Mineola), Mills
County, Iowa.
-Bond Sale.
-An issue of $4,500 5% schoolbuilding bonds has been disposed of. The Mills County
German Bank of Mineola was the successful bidder,
paying par. Denomination $450. Interest Nov. 1.
Washington County (P. 0. Salem), Ind.
-Bond Sale.
Posey Township 454% highway-building bonds aggregating
$2,168 have been awarded to J. F. Wild & Co.of Indianapolis
at par. The securities are dated June 1 1908 and mature
part each six months from one to ten years inclusive.
$6,000 4 X % debentures for the erection and equipmen
t of free public
swimming baths.
West End (P. 0. Birmingham), Ala.
-Bids Rejected.-All
4,000 4-4%
bids received on Nov. 24 for the $25,000 school and $10,000 441,000 4 X % public play-grounds debentures.
water-works debentures.
5,000 4 X % debentures for a hospital for consumptives.
city-hall and fire-department 5% 20-year bonds described
Maturity June 30 1939.
in V. 87, p. 1440, were rejected. Up to Dec. 7 no award had
yet been made of these securities.
MacLeod, Alberta.
-Debenture Sale.
West Homestead (P. 0. Homestead), Allegheny County, 5% 40-year water-works and electric-An issue of $55,00
-light debentures has
Pa.
-Bond Sale.
-We see it stated that $25,000 434% 2-26- been disposed of. The Dominion Securiti
year (serial) funding and fire-alarm-system bonds have been Ltd., of Toronto was the successful bidder. es Corporation,
sold.
Moose
-On Dec. 10 Wood,
Wilcox School District No. 62 (P. 0. Wilcox), Kearney Gundy &Jaw, Sask.-Debenture Sale.
Co. of Toronto purchased
County, Neb.-Bond Sale.
-The State Permanent School debentures for a collegiate institut $105,000 5% 40-year
e, fire-hall and for the
Fund has purchased the $9,973 6% building bonds
extension
Jan. 1 1929, offered on Nov. 24. See V. 87, p. 1377,due a basis of of the sewer and water-works system at 102.83for
about 4.84%. Denomination to suit purchaser
description of these securities.
Date Dec. 25 1908. Interest annual.
THE CHRONICLE
1624
--Up to Dec. 11
New Liskeard, Ont.—Debentures Not Sold.
no sale had yet been made of the $15,000 5% water-works
system debentures described in V. 87, P. 1197.
North Toronto, Ont.—Debenture Sale.—A. E. Ames & Co.
of Toronto were the successful bidders for $5,000 5% school
debentures. Interest semi-annual. Maturity part yearly
for thirty years.
Oakwood School District No. 439 (P. 0. Oak Lake), Man.
—Debenture Sale.—The Manitoba Life Insurance Co. has
purchased the $4,000 5% coupon school-addition debentures described in V. 87, p. 1197, at 94.875. Interest
annually at the Merchants' Bank of Oak Lake. Maturity
part yearly for fifteen years, beginning six years from date.
Debentures are tax-exempt.
Ottawa, Ont.—Debenture Offering.—Proposals will be reof
ceived until 12 m. Jan. 28 1909 by the Chairman Board
$966,940 90 4% debentures. Denomination to
Control for
suit purchaser. Interest Jan. 1 and July 1. The bonds can
be made payable in Ottawa, New York or London at option
of purchaser. Maturity "about $445,000 are for twenty
years, about $417,000 for thirty years and about $105,000
for forty years." Bid to be made on a blank form furnished
by the City Treasurer and be accompanied by a marked
check for $5,000. Purchaser to pay accrued interest. Debentures will be delivered in Ottawa by March 31 1909.
Napoleon Champagne is Mayor.
The official notice of this debenture offering will be found
among the advertisements elsewhere in this Department.
Ponoka, Alberta.—Debentures Withdrawn from the Market.
—An issue of $2,500 debentures which this place has been
offering for sale has been withdrawn from the market.
Portage La Prairie, Man.—Debenture Sale.—An issue of
$55,000 5% debentures has been awarded, it is stated, to
Wood, Gundy & Co. of Toronto.
Sarnia, Ont.—Debenture Election.—An election will be
held Jan. 4 1909 to vote on the question of issuing $5,500 5%
NEW LOANS.
$1,250,000
WESTCHESTER COUNTY, N. Y.,
BONDS FOR SALE
IVOL. Lxxxvn
town-hall-improvement debentures. Interest annually at
the Town Treasurer's office. Maturity part yearly on Dec.
31 from 1909 to 1918 inclusive.
Souris, Man.—Debenture Sale.—Reports state that Wood,
Gundy & Co. of Toronto have been awarded $6,800 5% debentures.
Southampton, Ont.—Debenture Sale.—The following 5%
debentures have been bought by Geo. A. Stinason & Co. of
Toronto: $1,424 for local improvements made payable part
yearly for 20 years and $1,025 for school purposes made
payable part yearly for ten years.
Sudbury, Ont.—Debenture Sale.—An issue of $35,000 5%
school debentures has been disposed of to Wm. C. Brent of
Toronto. Maturity part yearly for thirty years.
Teeswater, Ont.—Debenture Sale.—The Dominion Securities Corporation, Ltd., of Toronto has been awarded $5,000
5% 10-year coupon debentures issued as a loan to a local
industry.
Trenton, Ont.—Debenture Offering.—Proposals will be received up to Dec. 28 by J. W. Delany, Town Treasurer, for
$28,267 34 5% debentures maturing part yearly for thirty
years.
Uxbridge, Ont.—Debenture Sale.—The Ontario Securities
Co.of Toronto recently purchased $23,500 5% consolidationdebt debentures due part yearly for thirty years.
Westville, N. S.—Debenture Sale.—The Ontario Securities
Co. of Toronto is reported as being the purchaser of $7,000
% debentures.
Windsor, Ont.—Debenture Election.—An election will be
held Jan. 4 1909 to vote on the question of issuing $9,000 5%
public-park debentures, maturing part yearly for twenty
years.
Debenture Sale.—This city recently awarded $15,000 5%
20-year debentures to Wood, Gundy & Co. of Toronto.
Wolfville, N. S.—Debentures Not Sold.—The Town Clerk
advises us under date of Dec. 10 that $2,000 4% coupon
electric-light debentures, for which bids were asked until
Dec. 1, were still unsold. Denomination $1,000. Interest
payable in Wolfville. Debentures are tax-exempt.
NEW LOANS.
NEW LOANS.
$250,000
$966.940.90
City of Kansas City, Missouri
CITY OF OTTAWA,ONTARIO 4% MarketImprovement Coupon Bonds
DEBENTURES FOR SALE
Tenders addressed to "The Chairman Board of
Sealed bids will be received by the Bronx Valley
Sewer Commission at their office. No. 2 Grand Control", and marked "Tender for Debentures."
the village of White Plains, N. Y. until will be received by the Corporation of the City
Street in
of Ottawa until 12 o'clock, noon, on Thursday,
2 o'clock p. m. on the
5TH DAY OF JANUARY 1909
the 28th January, 1909, for the purchase of
ONE MILLION TWO HUN- debentures amounting to $966,940.90.
for the purchase of
These debentures are all a liability of the City at
DRED AND FIFTY THOUSAND ($1,250,000)
which is
DOLLARS Westchester County bonds, known as large, and bear 4% interest, 1st July. payable
bonds of the County half-yearly on 1st January and
The Sanitary Sewer District
about
About $445,000 are for 20 years, for 40 $417,000
of Westchester. which bonds are issued pursuant
years.
the Laws of
to the provisions of Chapter 646 of of the Laws for 30 years and about $105,000 form and must
All tenders must be on the official
1905, as amended by Chapter 747
be accompanied with a marked cheque for $5,000.
of 1907.
Accrued interest will be added to the rate
The said bonds mature and are payable at the
of New York
Mechanics' National Bank of the Cityas follows:— tendered.
The bonds can be made payable in Ottawa.
the City and State of New York, Dollars on
in
New York, or London, at the option of the purTwenty-five Thousand ($25,000)
Thousand
January 1 1933 and Twenty-five January of chaser; and in denominations to slat.
Dollars on the first day of
Delivery will be made at Ottawa by 31st March,
($25.000)
year 1909.
each succeeding year to and including the
The highest or any tender not necessarily
1982.
but with
Said bonds are in form coupon bonds, from all accepted
Full particulars, together with further conprivilege of registration, are exempt of
rate
ditions, and official form of tender, can be obtaxation, and bear interest at the ANNUM.
PER
to the City Treasurer,
FOUR PER CENT (4%)
'
semi- tained on application
from the first day of January 1909, payable
and July of Ottawa.
NAPOLEON CHAMPAGNE,
on the first day of January Bank of the
annually
Mayor.
each year at the Mechanics' National
of New
Ottawa. 12th December, 1908.
City of New York in the City and State
York.
on of
Said bonds are to be of the denominati will
Bids
One Thousand ($1,000) Dollars 'each.said bonds.
a part or the whole of
be received for
and
All bids must be enclosed in sealed envelopes
Sanitary
endorsed. "Bids for the Purchase of of WestBonds of the County
Sewer District
chester," and delivered to the Bronx Valley
Sewer Commission at its office No.2 Grand Street
BANKERS
White Plains, N. Y., on or before 2 o'clock p. m.
on the 5th day of January 1909
Commission reserves the right to reject any
The
by
and all bids. Each bid must be accompanied for
a certified check on a bank or trust company
of the amount of the par value
five per cent (5%)
AND
of the bonds bid for. The successful bidder must
1909 at
pay for bonds on the 19th day of January County
at the office of the
10 o'clock a. m
Treasurer, White Plains, N. Y., at which time
said bonds will be ready for delivery. .4
December 4 1908.
WILLIAM ARCHER,
JOHN E. ANDRUS.I
JOHN J. BROWN. I
Bronx Valley Sewer Commission.
Blodget, Merritt & Co.
Sealed proposals will be received by the under
signed, the Mayor and the City Comptroller, of
Kansas City, Missouri, until JANUARY 4, 1909,
at 10 o'clock A. M., for the purchase of all or
any part of $250,000 four per cent Market Improvement Coupon Bonds of the City of Kansas
City Missouri; laonds to be of the denomination
of *1,000 each, to be dated January 1st, 1904
and to mature January 1st, 1924. Interest
payable semi-annually. Principal and interest
payable at the office of the City Treasurer of
Kansas City, Missouri, in Kansas City, Missouri,
or at the Oriental Bank in the City and State of
New York, at the option of the holder.
The legality of the bonds will be approved by
Messrs. Dillon & Hubbard of New York, whose
opinion as to the legality, or duplicate thereof,
will be delivered to the purchaser or purchasers
of said bonds.
Each bid must be made on a blank form
furnished by the City, and must be accompanied
by a duly certified check on a national bank
doing business in Kansas City, Missouri, payable
to the order of the City Comptroller of Kansas
City, Missouri, for 2 per cent of the par value
of the bonds bid for. The right is reserved to
reject any or all bids.
Delivery of the bonds will be made on January
20, 1909, at 11 o'clock A. M., at the office of the
City,
City Comptroller of Kansas City, in Kansas office
Missouri. Bids will be received at the in the
of the Mayor of Kansas City, Missouri,entitled
City Hall in said City, but no bid will be
to consideration unless received by or before
the hour above set for receiving bids.
definite and
Printed circulars containing more
bonds,
detailed information with reference to said
on application
and blank forms for bids, can be hadCity, Missouri,
City Comptroller of Kansas New York.
to the
or to Messrs. Dillon and Hubbard of EN JR.,
THOMAS T. CRITTEND
Mayor of Kansas City, Missouri.
GUS PEARSON.
Comptroller of Kansas City. Missouri,
STATE, CITY
RAILROAD BONDS
6o State Street, - Boston
30 Pine Street, - New York
Perry, Coffin & Burr,
INVESTMENT BONDS.
60 State Street,
BOSTON.
HUNT, SALTONSTALL & CO.,
Members of New York Stock El:charm
Investment Securities
60 STATE STREET
BOSTON
MUNICIPAL AND RAILROAD
BONDS.
LIST ON APPLICATION.
MAYE
SEASONGOOD &Building R
Mercantile Library
CINCINNATI.
Establlehed 12583.
H. C. Speer & Sons Co.
First Nat. Bank Building,emoago
CITY COUNTY
AND TOWNSHIP
BONDS.
@FedFRASER