Full text of Commercial and Financial Chronicle : December 4, 1909, Vol. 89, No. 2319

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VOL.89. DECEMBER 4, 1909. NO. 2319. I

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an Sec.; Arnold G. Dana, Treas. Addresses of all, Office of the Company.

CLEARINGS-FOR NOTTEMBE.R, SINGE JANUARY 1 AND FOR WEEK ENDING NOV. 27.
1909.

1908.

Week ending November 27.

Eleven Months.

November.
Clearings al-

Inc. or
Dec.

1909.

1908.

Inc. or
Dec.

1909.

1908.

Inc. or
Dec.

1907.

1906.

$
I6
s
%
s •
$
$
$
II
1,780,068.974
.10.7 93,681,999,516 70,009,593,737 +13.8 1.879,491305 1,889,119,221 +41.3 1,054,999,502
9,063,576,653 8,191,022,802 qew York
98,674,709 144,717,680
+10.1
129.776,388
117,879,256
+16.9
5,366,413,923
6,274,892,610
-16.6
537,339,781
626,608,302
thiladelphia
46,904,986
45,289,331
47,233,486
36,309,347 +30.1
215,282,202
167,859,889 -28.3 2,127,472,450 1,882,107,199 +13.0
,ittsburgh
27,921,111
21,589,580
28,577,092
23,305,741 +22.6
108,317,915 -30.2 1,324,116,886 1,120,284,229 +18.2
140,997,540
3altimore
6,558,466
5,972,998
8,873,329
7,146,078 +24.2
372,606,078 +14.1
425,034,260
43,393,546
35,155,506 +23.4
3uftalo
5,854,709
4,249,096
5,430,947
-8.9
5,800,836
+5.2
253,073,282
266,332,856
27,848,204
+17.3
23,751,984
klbany
4,850,347
3,826,176
6,580,543
5,119,278
+28.5
+20.7
251,312,504
303,257,880
30,874,288
25,287,995 +22.1
Washington
3,376,505
2,542,177
3,200,330' 2,638,281 +21.5
159,588,754 +13.6
181,233,342
17,607,939 ,
15,751,779 +11.8
lochester
2,291,724
1,992,106
.4.9
2,329,507
2,215,929
104,682,129 +11.3
116,523,908
11,397,962
9,896,063 +15.2
1cranton
1,394,421
1,667,855
1,503,875 +34.9
2,028,176
94,985,137 4-4.8
99,545,185
11,113,204
8,152,806 +36.3
3yracuse
1,043,950
+30.7
1,217,213
1,590,824
1,176,33Q
+19.4
58,656,746
69,940,763
7,034,371
5,505,688 I27.8
leading
1,116,810
1,074,259 +3.9
1,013,682
1,22S,544
56,263,520 +13.0
63,605,502
5,425,000
14.9
4,719,333
Washington
1,141,705 +7.3
1,224,707
948,000
951,659
55,160,199 +8.7
59,943,351
6,113,557
5,375,451
13.7
Wilkes-Barre
1,311,002 +10.7
1,189,422
1,451,875
1,027,767
65,510,860 +16.4
76,229,874
7,537,336
6,547,549 +15.1
Wheeling
1,405,403 -7.1
1,305,615
39,004,436
70,724,127
7,262,025
5,820,016 +24.8
Trenton.
1,023,610
-+22.1
1,249,900
845,598
887,901
49,504,483 +18.0
58,425,531
5,525,000
4,894,284 +12.9
Elarrisburg
711,259 +12.8
802.474
545,830
36,082,551 +12.2
40,469,515
3,237,198 +25.7
4,070,936
York
644,781
565,172 +17.7
665,951
578,896
28,219,352 +17.9
33,272,285
2,813,571 +22.4
3,442,958
Erie
409,124
380,414 +4.2
396,402
400,000
. 23,557,870 +7.5
25,331,591
2,225,222 +0.9
2,244,236
Greensburg
439,474
474,058
+0.6
425,207
427,664
22,824,943
21,429,848 +6.5
2,301,779
1,896,373 +21.4
Mester
412,800
379,300
336,500 -4.5
321,500
21,717,300 -1.8
1,809,200
21,332,1''
1,904,400 -5.0
Binghamton
362,726
372,577 +12.9
420,500
19,022,764 -0.6
1,913,760
18.005,678
1,736,776 +10.2
Altoona
175,088 +25.7
175,000
166,565
220,000
1,273,219
12,559,375 -2.0
12,304,003
954,389 +33.4
Franklin
10,499,224 +15.3
1,246,617
12,054.197
1,038,086
+20.0
Frederick
_
2,031,271,810
1,248,611,959
+11.7
1,901,290.929
2324,607.547
+31.5
10,238,637.809 9,164,986,840 +11.7 105,315,047,726 80,072,661,084
Total Middle
97,436,826 142,630,217
763,092,577
711,817,821 +7.2 7,668,486,942 6,618,310,895 +15.0 144,870,738 138,494,251 +4.6
Boston
4,938,600
7,905,600 • 6,971,400 +13.4
7,739,800
304,605,900 +17.8
42,395,300
31,373,800
358,808,900
35.1
Providence
3,084,680
3,489,211
2,947,586 +18.4
3,033,720
15,838,833
151,854,617 +9.1
14.2
1185,711,117
13,872,657
Hartford
1,841,098
2,147,031
2,009,803 +6.8
2,015,419
11,809,190
112,237,568 +12.3
9,969,209
126,014,848
18.5
New Haven
1,609,067 +24.3
11,498,883
1,325,000
2,000,000
9,829,964
8,104,058
97,802,943
83,764,030 +16.8
21.3
Springfield
-9.4
1,791,072
11,527,804
1,514,130
1,622,329
-1.9
84,302,622
8,509,596
82,719,274
8,236,797 +3.3
Portland
1,901,694 -22.0
1,482,811
1,121,849
1,348,057
7,805,273
68,877.816 +1.3.6
7,116,485 +9.7
78,439,783
Worcester
1,172,161 -4.5
1,119,022
872,611
767,814
46,258,227 +24.3
7,662,370
5,685,506 +34.8
56,267,426
Fall River
822,403 +37.8
613,096
576,408
1,133,637
36,676,651 +27.7
6,001,807
4,754,725 +26.2
46,825,640
New Bedford
+9.9
372,094
409,060
420,651
485,832
22,083,091 +1.0
2,158,299
22,312,405
2,237,394 -3.5
Lowell
399,607
495,859
392,599 +26.2
465,378
24,232,940
20,459,756 +18.4
2,469,238
1,853,039 +33.2
Holyoke
162,230,797
113,426,663
+5.2
158,484,130
166,675.298
7,548,431,171
8,727,621,718
+15.6
805,021.486 +9.0
877,522.447
Total New England
1,162,800,081 1,020,216,068 +14.0 12.566,981,070 10,720,239,131 +17.1 238,247,643 219,133,190 +8.7 161,089,758 205,472,606
Chicago
.23,279,250
17,421,900
23,736,550 -1.9
21,786,600
109,876,800 +3.2 1,224,567,400 1,116,391,700 +9.7
113,401,200
Cincinnati
15,074,675
12,147,022 +24.1
12,140,036
13,995,389
682,350,859 +16.3
82,469,524
61,875,350 -33.3
793,613,835
Cleveland
14,050,000
11,238,572 +25.0
10.381,269
608,139,610 +14.8
12,402,886
69,841.666
697,022,230
56,865,630 -22.5
Detroit
9,948,250 +11.8
11,119,869
8,077,281
495,364,181 +10.7
8,986,245
58,518,518
548,084,368
49,131,985 -15.0
Milwaukee
+7.3
6,700,778
7,186,292
+11.0
392,445,213
6529,061
4.497,669
38,391,049
380,041,073
-14.5
33,525,160
Indianapolis
4,690,200 +14.4
5,367,000
4,195,000
231,956,800 +19.1
4.880,200
25,911,500
276,241,900
22,206,800 -16.7
Columbus
2.809,407 +11.7
3,138,812
2,486,182
169,088,164 +11.5
3,147,739
188,558,479
17,338,644
13,965,967 -24.2
Toledo
2,757,833 -5.1
2,616,546
1,521,810
120,713,799 +9.9
2,719,300
132,639,252
13,579,869
13,252,199 +2.5
Peoria
+15.0
1,748,066
2,010,664
1,586,049
2.032,677
+15.8
97,181,045
112,497.375
+29.6
11,617,774
8,965,823
Grand Rapids
1,280,221 +15.9
1,484,090
914.827
1,362,178
73,380,320 +21.8
89,410,663
6,996,904 +17.2
8,198,916
Dayton
1,689,123 +5.1
1,775,580
1,586,631
1,463,687
84,915.173 +11.8
8,239,702 +14.9
9,484,225
94,969,325
Evansville
1,182,746
605,214
+25.6
941,876
+27.6
812,794
45,595,176
+44.2
4,418,002
58,174,982
6,369,528
Kalamazoo
-6.6
805,000
751,615
618,595
530,966
+19.2
38,919,769
3,759,868 +8.7
46,394,129
4,085,737
Springfield, Ill
804,385
710,628 +13.2
500,328
670,851
37,618,902 +15.3
3,541,471 -15.0
4,072,432
43,399,149
Fort Wayne
797,700
515,000 +54.9
300,000
550,000
27,880,465 +27.1
35,434,406
2,639,300 -48.8
3,928,250
Akron
614,177 +36.6
512,882
838,966
996,267
29,375,866 +9.2
3,832,200
32,081,986
2,899,635 -32.2
Lexington
715,665
978,964 -26.9
584,313
582,180
31,491,092 t37.1
43,181,555
3,237,222 +40.9
4,562,310
Youngstown
743,691
627,428 +18.6
633,011
558,829
15.9
27,403,221
2,492,722 -22.6
3,054,745
31,753,693
Rockford
527,055 +27.1
670,000
63.1
413,608
21,337,803
414,497
3,919,933
34,797,384
2,650,422 -47.9
Canton
392,424 +23.6
486,077
388,226
23,420,336 +12.9
26,436,461
510,969
2,198,284 -20.0
2,637,000
Quincy
423,342
338,662 +26.2
1,748,425 -13.4
1,983,622
300,000
314,874
19,185,666 +21.9
23,393,307
Springfield, Ohio
350,559
336,510 +4.2
1,785,328 -4-21,2
2,164,867
348,685
272,999
19,403,107 +16.5
22,606,155
South Bend
429,240
2,220,057
1,896,821 -17.0
358,756 +19.4
313,979
312,758
22,714,837 +8.0
13loomington .
24,524,011
302,512
244,844 +23.6
1,612,073
1,337,644 -20.6
14,902,339 +14.1
283,663
149,578
Mansfield
17,006,325
324,537
311,468 +4.2
1,604,631
1,543,103 +4.0
241,179
203,721
18,767,544 +6.5
19,989,490
Decatur
258,500
235,000 +10.0
1,519,990
262,462
1,296,860 +17.2
219,490
14,890,805 -10.4
16,440,637
Jackson
449,244
1,303,388 146.0
257,769 +74.3
1,902,084
14,869,865 -18.9
17,682,888
Danville
271,382
193,665 +40.1
166,271
1,027,070
13.8
1,169,482
223,059
13,482,216
11,774,531 -14.5
Jacksonville, 111
113,229 +4.0
117,709
111,402
88,402
6,697,701 -34.9
56.9
629,820
988,289
9,033,397
Ann Arbor
16,547 +62.8
26,996
15,000
126,539 +1.9
128,925
1,224,154 +4.4
1,277,486
Adrian
232,255,796
+9.4
306,396,204
335.294,237
291,932,228
15,169,618,974
17,611,617,707
+16.1
1.445,650,292
+14.9
Total Middle West- 1,661,289,121
Details of Pacific on page 1462.
93,413,387
50,855,343
76,107,724 +22.7
94,074.120
464,571,867
357,258,233 +30.0 4,374,649,324 3,578,329,360 +22.2
Total Pacific
37,291,432 +19.0
225,783,046
44,365,691
24,930,612
23,760,264
174,708,929
29.2 2,172,339,678 1,666,092,773 +30.4
Kansas City
959,065,155
+12.3
-3.7
21,754,302
24,430,433
20,425,472
923,052,784
127,382,469
21,461,729
20.3
105,864.522
Minneapolis
13,129,101
543,686,971 +23.9
63,187,234
11,391,624 +15.3
073,689,590
8,000,414
50,094,660
26.1
8,788,596
Omaha
13,337,118
469,789,924
439,126,094 +7.0
48,820,655
58,893,303
9,276,141
10,032,358
9,531,967 +40.0
25.8
St.Paul
38,321,692 +17.0
44,837,039
369,252,953 -15.1
10,073,352
425,038,165
8,487,955 +18.7
6,046,877
8,062,106
Denver
20,464,216
3,972,040
281,726,164
234,459,390
+34.5
+26.8
27,511,898
5,038,025
3,901,130
-20.2
2,566,742
St. Joseph
169,753,311
12,237,490 +37.8
2,319,322 I26.8
133,506,583 -27.1
16,835,477
2,941,214
2,226,567
3,489,899
Des Moines
126,148,411
10,964,327 +9.7
2,501,254
101,773,666 -24.0
12.8
2,218,623
1.411,614
12,032,185
1,519,585
Sioux City
1,446,163
2,437,992
68.5
65,579,527 -79.0
6,740,888 +102.2
117,390,519
13,632,181
873,983
868,974
Wichita
1,215,542
977,306 +24.4
63,023,646
49,606,763 -27.0
6,409,467 +0.2
6,424,288
733,105
688,296
Topeka
+39.0
1,243,609
894,745
-25.0
68,719,575
54,991,551
t33.7
4,802,874
6,420,834
1,051,119
1,186,387
Lincoln
1,262,215
790,467 +59.7
60,732,102
50,612,966 -20.0
24.3
4,739,220
825,162
5,892,663
610,645
Davenport
1,104,322
660,311 +67.3
37,462,840 -34.5
74.2
50,396,583
3,271,293
492,226
480,530
5,697,676
Cedar Rapids
572,909 +9.9
629,343
32,391,241
2,822,300 +0.9
623,235
600,000
30,488,680 +6.2
2,847,330
Colorado Springs ___ +51.2
557,213
842,464
Pueblo
450,618
27,040,201
610,961
3,299,851
23,523,763 +14.9
2,509,968 +31.5
259,238 -16.0
217,882
178,687
16,499,282
151,012
15,010,409 +9.9
1,226,228 +4.6
Fremont
1,282,158
491,988,679 +26.4 5,677,731,176 4,774,220,084 +18.9 124,769,537 103,125,617 +21.0
621,959,632
82,379,872
82,945,674
Total other West
60,221,838
53,426,177 +12.7
317,774,984
54,975,771
St. Louis
47,616,980
267,909,948 +18.6 3,119,170,916 2,777,199,330 -12.0
100,158,027
19,541,985
75,603,229 +32.5
18,163,971 +7.6
17,734,527
25,523,329
796,778,509
692,940,084 -15.0
New Orleans
11,986,715
10,104,618 +18.6
46,634,055 +20.8
58,341,060
7,297,899
516,331,727 -31.4
Louisville
10,657355
585,720,206
11,936,015
7,889,795
583,488,864
471,859,090 -23.7
60,478,969 -5,3
13.668,547 -6.4
57.291,519
12,800.000
Houston
34,601,000
7,435,000
33,739,500 +2.6
7,335.000 +1.4
314,233,000 -5.7
298,246,000
Galveston
5,228,500
9,118,500
34,498,741
6,319,942
6,999,208 -9.7
5,T.8,144
4,909,302
226.240,749 t12.5
29,403,484 +17.3
Memphis
254,544,447
36,840,002
29,072,710 +26.7
7,799,253
3,700,000
3.,48,513
303,237,858
6,091,573 +28.0
33.5
227,118,217
Fort Worth
7,154,626
5,740,167
20.6
34,157,625
6,074,853 +17.8
5,178,697
268,351,815
27,289,380 -4-25.2
Richmond
323,576,786
55,638,405
10,327,105
3,942,310
24,271,207 +129.2
4,968,633
5,151,428 +100.5
204,689,481 +68.4
Atlanta
344,688,898
25,030,763
3,939,342
+22.5
5,255,950
21,706,017 -15.3
4,217,133 -6.6
213,575,195
174,344,989
6,837,666
Savannah
2,298,403
2,726,328
15,630,038
2,409.476 --4.6
3,200,000
173,997,707
145,224,504 +19.8
Nashville _
11,814,911 +35.7
15,107,457
1,996,201
11,343,760 -33.2
2,730,424
2,380,776 +14.7
2,626,564
Norfolk
132,130,055
96,631,207 -1-36.7
9,007,887 -25.2
14.4
11,276,481
2,168,124 +7.7
2,334,136
1,767,409
Birmingham
84,359,691
2,010,276
96,549,099
9,611,594
27.6
+30.8
-43.2
1,454,294
13,765,704
1,952,784
2,554,801
05,404,822
74,749,497
' 2,166,009
Augusta
6,373,025 -32.3
1,326,288 +23.8
24.8
1,641,226
82,442,884
969,187
66,047,909
8,432,357
Jacksonville
1,050,000
8,059,420 -28.3
1,287,302 +21.4
1,562,821
1,231,041
Knoxville
1,208,253
73,517,168
65,229,084 112.9
7,776,770
8,683,625 4 6.6
1,692,232 +3.9
1,768,553
23.2
78,313,762
9,254,432
1,864,585
1,020,477
83,547,696
Little Rock
5,975,340
+29.0
+8.6
1,206,548
10.2
1,309,894
1,321,713
69,218,472
62,821,516
7,706,362
950,000
Chattanooga
7,904,115 +19.4
1,732,182 -3.8
1,666,388
60,669,636 +15.9
1,250,000
70,311,709
9,441,523
Charleston
1,260,869
8,005,527 +7.1
1,283,619 +2.5
1,315,783
1,654,661
58,877,219 +7.2
6,428,951
1,194,476
63,088,910
Mobile
6,174,290 172.9
1,923,139
1,234,258 +56.6
48,777,361 178.8
10,676,095
1,142,016
459,362
Oklahoma
83,650,103
46.9
3,677,470
755,927 +25.7
950,000
5,402,909
35.5
31,402,817
Macon
862,693
557,430
42,550,469
3,520,838
22.9
4,328,070
27,010;339
Columbla
25.4
35,011,099
865,251
2,949,354 +57.4
4,842,190
629,828 +37.4
Austin
650,000
34,642,396
25,095,453 +38.0
2,635,446
391,420 +14.8
449,580
2,356,224 +11.8
Beaumont
386,4P7
25,158,178 +14.8
300,000
28,879,726
2,801,380
1,899,956 +47.5
Wilmington, N.C.19,813,503
14,036,959 +41.2
1,913,257
1,799,065 +6.3
Columbus, Oa
16,780,289
16,213,247 +3.5
'
2,100,476
380,873
2,147,390 -2.2
16,032,624 -10.4
480,474 -20.8
14,363,251
Vicksburg
1,10(1,01,1
6,240,435 +13.7
853,914 +28.8
7,092,339
Valdosta
1,393,571 +32.8
1,850,I ri
14,950,438
11,428,598 +30.8
Guthrie
725,359,775 +23.3 8,055,573,88894,602,030
171,277,078 152.183,786 +12.6 125,905,284 160.122.85,
Total Southern
0 6,871,761,952 +19.2
14,758,582,900 12,990,265,305 +13.6 149,762,403,531 118,016,022,605 +26.9 3,016,037,084 2,697,568,390 +11.8 1,854,000.719 2,823,011.686
Total all
Outside Now York_ 5,695,006,253 4,799,242,503 +18.7 56,080,404,016 48,006,428,868 +16.8 1,136,545,979 1,008,449,169 +12.7 799,051,217 1,042,942,711

gar

Table Clearb gs by Telegraph and Canadian Clearings on Page 1462.




Not included for month and eleven months; comparison Incomplete.

1446

THE CHRONICLE

• THE FINANCIAL SITUATION.
The strike of the switchmen on the various railroads
running west and north of St. Paul and Lake Superior
has assumed large dimensions and developed into a
seriously disturbing influence in that part of the country. According to newspaper accounts, thirteen railroads in the Northwest are affected, and the conflict
involves 2,300 men, including switchmen, switchtenders, tower men, engine herders and assistant yardmasters. The strike was inaugurated Tuesday evening (Nov. 30) at 6 p. m., on the order of President
Frank T. Hawley of the International Switchmen's
Union, and for the time being the railroads are more
or less completely tied up, with the effect of paralyzing
trade and business in the whole of the territory from
the head of the Great Lakes to the North Pacific Coast.
As usually happens in such instances, the indirect effects are a great deal more serious than the direct ones.
The railroads, by reason of the interruption to their
traffic movements, have been unable to deliver freight
supplies with the customary freedom, and as a consequence the flour mills at Minneapolis have had to shut
down, smelting and copper mining operations in Montana are being curtailed, and fears are expressed of a
coal famine and a shortage of food supplies at various points in the afflicted area in case the trouble
should be prolonged and the carriers find difficulty
in filling the places of their obstreperous employees.
The difficulty has arisen on a question of wages,
and represents a form of trouble with which the railroads generally will no doubt have to contend now that
industrial activity is again a feature of affairs and that
traffic of the railroads is once more increasing. During the period of the tremendous• slump in railroad
revenues, when the roads were driven into all sorts of
economies, and even the strongest properties found it
no easy task to ward off bankruptcy, the wages of
railroad labor were not reduced. The higher officials
in many instances voluntarily made cuts in their pay,
but in the rank and file of railroad labor there was no
forced decrease. Railroad managers pretty generally
felt that labor should bear its share of the burden of
depression, but they knew that any attempt to carry
out such a policy would lead to a conflict. To avert
trouble which could only have served further to intensify the depression, resort was not had to the lowering of general wage schedules. Now the managers
find themselves in trouble simply because, in the interests of the properties committed to their care, they
are unable to accede to a demand for a large addition
to the compensation of the men.
The employees see railroad revenues rising, but overlook the fact that this is merely a recovery of what
was lost during the depression. They forget, also,
that they were not called upon for any concessions
in their rate of pay at a time when cuts werelnade in
every other direction. Ignoring all considerations,
they insist that the roads shall nolens volens make
noteworthy additions to their pay. The striking
switchmen of the Northwest are not the only class of
railroad employees who are assuming this attitude.
Much the same spirit is being manifested by other
employees, and in other sections of the country, the
only difference being that here overt steps and acts
have not yet been taken in support of the contention




[VOL

Lxxxix:

for higher wages. The situation is obviously a trying
one for railroad managers.
In the case of the striking switchmen, right certainly
does not seem to be on the side of the men—a circumstance which will no doubt incline the public to put
up more uncomplainingly with the inconveniences and
drawbacks attending a temporary suspension of railroad operations than would otherwise be the case.
A point on which little or no stress is being laid, and
which railroad labor leaves entirely out of the calculation in considering the ability of the railroads to stand
a large increase in the pay of an important body of
their employees, is that the carriers in that section
of the country have been obliged to make tremendous
additions to their capital outlays during the last three
years, at a time when other large railroad systems made
comparatively small outlays of that kind. The section of country lying west of the Great Lakes, and extending to the Pacific Coast, is undergoing marvelous
growth and expansion, and hence is in constant need
of further railroads and new carrying facilities. The
railroads have been endeavoring to meet the needs in
that respect, and been providing prodigious amounts
of new capital for that purpose.
The three largest systems involved in the present
strike are the Great Northern, the Northern Pacific
and the Chicago Milwaukee & St. Paul. Each one
of these has lines extending all the way to the coast.
At the time of the panic these three companies had
arranged for enormous expenditures to supply the
added railroad facilities required; and the depression
which came coincidently with the panic did not
swerve them from their purpose. For illustration, at
the close of 1906 the Great Northern gave notice of the
offering of $60,000,000 new stock, the Northern
Pacific of $93,000,000 new stock and the Milwaukee &
St. Paul of $100,000,000 new stock. Payment for
this stock was in installments, so that the money
would come in as needed. The whole of the amounts
has now been spent, and hence, if, on the one hand,
earnings are materially better than they were at the
time of the depression, on the other hand, this enormous additional new capital has been invested in the
properties (to enable the roads to meet the demands
for railroad facilities) and the companies are now
obliged to earn a return on it. If for any reason an
adequate return fails, then there will be difficulty in
raising further new supplies of capital; and the withholding of such supplies could not but be detrimental
to the interests of the entire Northwest.
The strikers also invite criticism by reason of the
nature of their demands and the methods adopted for
enforcing them. It should be remembered that in
Nov. 1906 the rates of pay of switchmen were increased
over 13%. According to the statement issued by the
railroad managers, this was a larger percentage of increase than that accorded to any other class of employees in the train service. The rates of pay at that
time established have not been reduced in the interval
since then. Now the demand is for a further advance
of 60 cents per day of ten hours_ in the wages of switchmen, switch-tenders, towermen, &c. The demand is
also for double pay for work on Sundays and holidays
and for overtime. Still other demands are made,
such as a modification of the rule providing for the
payment of penalty in case of failure to permit switchmen to secure their meal in the middle of their shift

DEC. 4 1909.]

THE CHRONICLE

at a stated period and the elimination of the physical
examination and the age limit placed upon switchmen
entering the service.
The railroads, be it understood, have not refused to
make any increase at all, much as they would be
justified in taking such a stand. They have actually
offered an increase of 20 cents a day in the pay of
switchmen employed in the territory west of Havre,
Mont., on the Great Northern, and west of Billings,
Mont., but this was rejected. Furthermore, the
switchmen have refused to submit their demands to
arbitration under the provisions of the Erdman Act
of Congress. Martin A. Knapp, of the Inter-State
Commerce Commission, and Charles P. Neill, United
States Commissioner of Labor, were asked to act as
mediators, under the Erdman Law. It is stated that
before the conferences with Messrs. Knapp and Neill
had begun, despite the understanding reached in the
conference that mediation under the Erdman Act
should be evoked, and without the knowledge of either
the managers' committee or the mediators, a strike
order was issued by the switchmen's committee directing the switchmen of the thirteen roads to cease work
at 6 p. m. Nov. 30 in the event that their full demands
should not be conceded. This is called a violation of
good faith, and we are told it so embarrassed the
negotiations that successful mediation became impossible. Thereupon Messrs. Knapp and Neill addressed
a demand to both the managers' committee and the
switchmen that the controversy be submitted to arbitration. To this proposal, it is stated, the managers
gave willing assent, but the switchmen absolutely
declined it.
It would thus seem that from every standpoint the
strikers are in the wrong, and the blame for the serious
stoppage of business that has resulted from their
action must be placed upon the heads of the controlling
spirits in the Switchmen's Union. There is talk now
of extending the strike, but that would be inconceivable folly, and could only make the resulting defeat
the more disastrous.
While Mr. J. P. Morgan's plans with regard to the
stock of the Equitable Life Assurance Society, a majority interest in which he acquired this week from
Mr. Thomas F. Ryan, have not been disclosed, they
are certain to be in the interest of both the policyholders and the general public. It is distinctly stated
that the purchase was made subject to the trust
under which Grover Cleveland, Morgan J. O'Brien
and George Westinghouse were made voting trustees
for the benefit of policy-holders. What Mr. Morgan's
motive was in acquiring this stock is not stated, but
we may rest assured it was not, as assumed by the
sensational press, to get financial control of this big
life insurance company. It would not be surprising
if, when the facts become known, it should be f und
that Mr. Morgan stepped in merely, as he has done in
so many other similar instances, to safeguard interests
that might be placed in jeopardy if control were allowed to pass into the hands of unscrupulous parties.
It has been known for some time that Mr. Ryan's
shareholdings in the Equitable, for which he paid
such a large sum of money, were for sale. To be sure,
the voting power is in the hands of the voting trustees,
and these trustees can continue the trust at will.
But the principal one of the three trustees, namely




1447

ex-President Cleveland, is dead, and no one can positively say that the other two trustees will elect to
continue the trust. It is understood that they have
found the task onerous and would not be unwilling
to be relieved of their responsibility. Assume now
that an unprincipled lot of adventurers should have
acquired Mr. Ryan's interest. What then would have
been the situation? Even with the voting trustees
willing to continue their thankless task, they might
then have been forced out. The policy-holders of the
company are to be congratulated that this danger
has been averted and that control is lodged in the
person of Mr. Morgan, whose whole record is a guaranty of wise and safe action. It is rather significant,
too, that with Mr. Morgan the purchaser no misgivings are entertained by any one as to possible results.
Every one feels satisfied that whatever course he may
determine on will be satisfactory to all concerned.
The all-controlling fact is that Mr. Morgan has always
been a constructive, never a destructive, force.
The Inter-State Commerce Commission has suffered
defeat in the U. S. Supreme Court, just as it had in
the lower courts, in its attempt to reduce from $2
to $1 per car the terminal charges imposed on shipments of live stock by the railroads entering Chicago.
It is stated in the newspapers that the Texas Cattle
Raisers' Association, which was the complaitant in
the case before the Inter-State Commerce Commission,
began its fight to have this terminal charge reduced
or abolished thirteen years ago. The Inter-State
Commerce Commission then held that the railroads
had no right to impose a charge at all at the stock
yards. In this it was overruled by the U. S. Supreme
Court, the order of the Commission being held void
because of a lack of power on its part to make rates.
With the granting of additional power to the Commission the fight was renewed, and on Dec. 10 1907
the Commission issued an order reducing the rate by
one-half—that is, from $2 a car to $1 per car. The
railroads again went into Court, and in July of last
year (as noted in our issue of July 18 1908) the U. S.
Circuit Court at St. Paul held that the terminal charge
of $2 per car for transferring the cars over the tracks
of the Union Stock Yards Co. of Chicago to the stock
yards and returning the same to the roads was a reasonable ,charge. This is the view now taken also
by the U. S. Supreme Court (to which the case
was appealed) in the opinion handed down this
week.
The case was that of the Inter-State Commerce
Commission vs. the Receivers of the Chicago Great
Western Ry. and numerous other railroads. Justice
Brewer, writing the opinion, points out that the
Hepburn law requires carriers to state separately
all terminal and other charges. Then, after quoting
from the record in the case to show the reasonableness
of the charge, he makes the following declaration:
"Under those circumstances it seems impossible to
avoid the conclusion that, considered of and by itself,
the terminal charge of $2 a car was reasonable. If
any shipper is wronged by the aggregate charge from
the place of shipment to the Union Stock Yards,
it would seem necessarily to follow that the wrong was
done in the prior charges for transportation and should
be corrected by proper proceedings against the companies guilty of that wrong."

1448

THE CHRONICLE

It remains to be said that the decision in this case
would seem to have a bearing on the suit brought by
the Texas Cattle Raisers' Association against the
Missouri Kansas & Texas Ry., and 58 other carriers,
and which was discussed in our issue of Aug. 29 1908
and again in our issue of Oct. 31 1908. In that case
the Inter-State Commerce Commission condemned
certain advances in rates on cattle shipments from the
Southwest,and ordered the roads to reduce the rates,
and, furthermore, required them to desist from exacting for the delivery of live stock at the Union Stock
Yards in Chicago their terminal charge of $2 per car
and to substitute therefor a charge not to exceed $1
per car. The railroads took this case also to the
courts, but the U. S. Circuit judges refused to interfere, taking the ground that the Commission having
fixed the rates, the Court would not disturb them without clear and persuasive showing. From the fact,however, that the U. S. Supreme Court now decides that
this terminal charge is of itself reasonable, it would
seem to follow that that portion at least of the Commission's order would seem to fall to the ground.
The peace of the South American continent, which it
was hoped would be guaranteed by the conventions
entered into at Washington in 1907, largely through
the painstaking efforts of Secretary Root, has been
rudely broken, first by an insurrection in Nicaragua
against the misrule of President Zelaya, and then by
the execution, without due trial, of two Americans
who were associated with the revolutionists. Secretary Knox on Wednesday sent to the Charge d'affaires
of Nicaragua at Washington a remarkable communication along with the Diplomat's passports. The
Secretary of State scathingly arraigned the Nicaraguan
authorities for murdering American citizens, informed
Senor Rodriguez that he would be happy to receive
him on the same footing as he would receive the
representative of the revolutionists, "each as the
unofficial channel of communication between the
Government of the United States and the de facto
authorities" to whom our Government looks for the
protection of American interests pending the establishment of "a government with which the United States
can maintain diplomatic relations."
Naval forces are now being hurried to the coast
of Nicaragua to take whatever action may be considered necessary to protect United States interests in
that country. Meanwhile the revolutionists, under
Estrada, are apparently making progress in overthrowing the present regime, and the fall of Zelaya is
expected shortly. Other South and Central American
nations are concerned over the action our Government
has taken, not because of any objections to the
repression of Zelaya's wanton course, but because
of fears that the United States may intend to assume
a more paternalistic attitude than heretofore towards
all the nations in the South American continent.
Secretary Knox's stand apparently gives some ground
for such apprehensions. There has thus been opened
up a question very much larger than the relative
merits of the contending factions in Nicaragua, and
developments will be closely followed not only on this
side of the Atlantic, but in Europe.

[VoL. Lxxxix.

York's older generation of business men and men of
public affairs. Mr. Smith was a native of New Hampshire and would have reached the age of 78 in three
months more. He was a merchant in dry goods,
and was one of the pioneers in the dry goods commission line, but has long been known to the public by
being almost continuously concerned in city affairs.
He was a member of the Rapid Transit Commission;
he was an influential member of the Chamber of Commerce and for seven years its President; he was actively
concerned in the movement which in 1894 led to the
election of Mayor Strong, and was head of the executive committee of the Citizens' Union,which conducted
the Seth Low campaign in 1897; in 1894 the Committee
of Seventy tendered him the nomination, but he declined to leave the ranks. On Nov. 18 he was present
at the Chamber of Commerce annual dinner, where he
showed little impairment of vigor. He was a director
in several banks, a trustee of several benevolent and
educational institutions, a member of several clubs; a
man always busy, yet illustrating the paradox that
the busiest of men and those with the greatest demands upon their attention somehow contrive to have
time to give ear and aid to every worthy cause. To
deplore the old times and the old ways as though their
departure inflicted an irreparable loss would be unworthy pessimism, for we must recognize the law and
fact of progress; yet the passing of one old merchant
after another recalls the fact that ways of industry
and business have changed and are in continued evolution.

The defeat of a proposed constitutional amendment
for confirming prohibition in Alabama by a large majority on a popular vote, after a highly-wrought state
of feeling and fervent appeals by women and children,
is perhaps attributable to more than one cause; yet
the result cannot be taken as indicating any break in
the remarkable prohibition movement which has been
spreading through the South. For the people do not
seem to have passed upon the ethical view of the liquor
traffic, or even upon the expediency of seeking to control it by statute. The result appears to be only a reaction against extreme and over-hasty repression, and,
particularly, against putting into a constitution what
may be better left to legislation from time to time.
. a Legislature elected
The measure was passed by
on a local-option platform, and it is noticeable that
the county which contains the City of Birmingham
(where the appeal to emotion was carried to the highest point) gave nearly as large a majority against the
amendment as it gave against the saloons two years
ago. This suggests that local-option is regarded as
safer and more democratic than to attempt to apply
one drastic measure to an entire State and to fasten
that in the constitution; moreover, the amendment was
made so sweeping, in the anxiety of the framers to put
an absolute end to liquor-selling and using, that it was
construed as liable to lead to invasion of homes in the
search for the forbidden article.
The public interest in this result is that it indicates
that when zeal for even a desirable reform attempts to
push everybody into line with itself,and when it gets
so much in haste as to try to fasten itself in a constitutional amendment, it provokes some reaction as a
opposed
The death of Mr. Charles Stewart Smith removes natural check. This encouraging view is not
income-tax
the
ratify
one more name from the rapidly shortening list of New by the haste of Alabama to




Dno. 4 19094

THE CHRONICLE

1449

amendment to the Federal Constitution, for that was of 131 shares, and 26,904 names on the stock books, or
the act of the Legislature; and even if that expressed 48.62 per cent of the whole number, are of women.
The part women are taking in business and their
the popular wish it had behind it an emotion against
capital and a sort of pride at being"first"in approving. capacity and success in business are unquestionably
increasing. Possibly the time may come (unless the
The announcement this week of the sale of the world grows wiser and more contented in the meanMutual Life's holdings of Guaranty Trust Co. stock while) that the popular notion of monopoly and
recalls to mind the progress and the great difficulties bloated capitalist may associate itself with women; but
of complying with the mandate of the present law the notion of financial or industrial wickedness does
compelling insurance companies to dispose of all stocks. not, as yet, associate itself with that sex, and thereThree years ago the Mutual Life owned something fore the fact that women are almost in the majority in
over 12 millions, par value, of stocks other than rail- one of the few greatest railways of the world is sugway. Its stockholdings of all kinds then amounted at gestive. Moreover, corporations of all kinds—not
par to almost 30 millions. The book value was 48 merely business, but insurance, savings, educational,
millions and the market value 6814 millions, from religious, benevolent—are large owners of railway
which the extraordinarily gilt-edged character of stocks and bonds, simply because they are under a
these investments is manifest. An arrangement was necessity of investing. So we discover, at the first
made in 1907 to dispose of its block of U. S. Mortgage step of analysis, that the ownership of railroads and
& Trust, a little over a million at par and worth a other great corporations is spread, not only among
premium of 350 at the end of 1906; a change in market individual holders of small amounts directly, but
conditions brought this to failure about 15 months ago, through their interest in other corporations which
but in March last the sale of a portion was effected. are holders. It is not more true that the water in
A part of the Guaranty Trust stock was disposed of, the harbor of this city touches all the oceans and
some ten or eleven months ago, and that portion moving waters of the globe than that all interests
coming to the present purchasers, together with what are interlaced. The distribution of ownership of all
comes from the Mutual, is understood to carry the corporations (with the exception, of course, of the
small ones which are not obnoxious to anybody) has
majority control.
sales
have
been from its list of financial been shown by the figures over and over. It is
The Mutual's
the
official report at the close of 1908, forgotten almost immediately, perhaps; so it becomes
stocks. Taking
it is still the largest stockholder in the New York & necessary to repeat it, now and then. The truth
New Haven and its railway stocks stand exactly as at simply is that, by an immutable and natural law
the close of 1906. Two years now remain of the five of business, management and control must rest with
allowed by the law for disposal of all stocks. This law a few, but ownership (and therefore exposure to
merely orders companies to "dispose of" their stocks, injury by unjust public treatment) diffuses itself
so that giving away or selling at a sacrifice is not for- through the multitude.
bidden in terms; by the laws of business and of trusteeOfficial announcement that Judge W. H. Moore,
ship, however, a sacrifice is forbidden, and it is therefore sufficient to say that not more has been done E. S. Moore and Daniel G. Reid will become directors
because doing more was impossible. The same law of the Lehigh Valley Railroad, and that Judge Moore
declares that "any person or corporation violating and Mr. Reid will, upon their election at the stockany provision of the insurance law, except where such holders' meeting in January, become members of the
violation constitutes a felony, shall, in addition to any executive committee and the committee on finance,
penalty otherwise prescribed for such violation, be guilty confirms the reports which have been current to the
of a misdemeanor." Whether the command to sell effect that these gentlemen and their friends have
portions of stocks during the stated term and prior acquired an extensive interest in the Lehigh Valley.
to its end could be deemed a violation and subject to As all of the men named are identified with the
this cumulative penalty is a question for construction. management of the Rock Island system, there is a
All discussion of the merits of the ban upon stocks possibility that at some time the Lehigh Valley will be
would be superfluous with persons who have any linked with the Rock Island for the purpose of forming
competence to pass upon such topics. The forced sale a through route from the Atlantic Seaboard to points
has been a foolish disturbance of the choicest invest- in Texas, Colorado and the Northwest now reached
ments, made long ago in good faith. The only sensi- by the Rock Island lines. At present there is no
ble course is to avoid further disturbance by repealing physical connection between the two systems. A
traffic connection,. however, with the Grand Trunk
that portion of the law.
of Canada supplies the missing link between Buffalo
checks
in
payment
of
the
its
3
With
per cent semi- and Chicago. It appears to be the purpose of railroad
annual dividend, amounting to nearly 9y
1 millions, to managers now to extend their systems directly north
55,270 stockholders, the Pennsylvania Railroad has and south or east and west, by acquiring additional
% millions, which is roads which will carry their lines into new territory,
now paid a total of about 3293
more than its present capital (not counting the and which will not subject them to the charge that
addition shortly to be made), these payments having they are consolidating parallel and competing roads.
been spread over 63 years. This dividend is stated to This policy is indicated as well by the segration
be the largest in the history of the road, slightly is of the St. Louis & San Francisco lines from the Rock
exceedingly that of last May. The average holding is Island system, which has been another event of the
115 shares, and since the trouble of 1907 the number week.
Unquestionably the Lehigh Valley will constitute
of holders has increased considerably. About 18 per
cent of the stock is held abroad, in an average holding .a valuable connection for any interior system of




1450

THE CHRONICLE

railroads which may seek to expand. On its mileage
of 1,441 miles it has 588 miles of second track,and it
has a good route from New York to Buffalo. Its
lines in Pennsylvania, which once comprised nearly
the entire road, may now be regarded as branches.
These lines reach the anthracite coal region and they
touch South Bethlehem where the Bethlehem Steel
plant affords much traffic. • The anthracite coal
traffic of the Lehigh Valley is next in size to that of
the Reading, and the company's coal deposits are
sufficient to secure to the road a valuable coal tonnage
for a great many years.
During the past six years the company's earnings
have averaged 14 per cent upon the stock, but dividends have been limited to six per cent. The company's financial needs are provided for by the general
consolidated mortgage of $150,000,000 created in
1903, which permits the sale of $2,000,000 of bonds
annually up to $34,000,000, to provide for current
needs.

oroL. LxxxIx.

work of an overwhelming majority of the representatives of the people," no compromise would be stooped
to in patching up a financial act that might receive
their lordships' sanction; instead, the necessities of
State would have to be supplied through borrowing,
and the new House of Commons would provide retrospectively and prospectively for the needs of the
current financial year.
The Unionist leader, ex-Premier A. J. Balfour, who
followed Mr. Asquith, expressed the hope that the
House of Lords would never abandon its functions, including the right, when occasion demanded, to refer
matters of momentous importance to the whole country
for decision. Furthermore, it was clear that after
three years the Government had no mandate to
do controversial work. If the country was really
desirous of getting the Lloyd-George Budget, they
would "get it just as much after the vote of the Lords
as before." The leader of the Labor Party, Arthur
Henderson, supported the Government. Yesterday
Parliament was prorogued and the elections are exThe House of Lords, by a majority of 350 votes to pected to be held in the second half of January.
75 votes, on Tuesday adopted Lord Lansdowne's
resolution and declined to accept the Budget until it
If fresh proof had been necessary to demonstrate
had been referred to the country for endorsement or that the Bank of England was not aiming a blow at
disapproval. This emphatic assertion of its right to New York when,in October,the rate was advanced from
afford the people opportunity to protect themselves DA% to 5% within fifteen days, it could be found in
from socialistic legislation has won for the Upper the decision of the governors on Thursday to retain
Chamber the cordial support of investors. Not only the maximum charge, notwithstanding that American
have the European bourses as a whole been more borrowers have reduced their commitments abroad
cheerful since the event, but British consols have and have curtailed their speculative operations. The
enjoyed a remarkable advance. Before the vote was London authorities probably knew in advance how
taken many notable speeches were delivered by peers the political struggle was likely to culminate, for it
and bishops, both for and against the rejection of the must not be overlooked that the Bank of England is
bill. The burden of the argument of the liberal peers the bank of the Government, and as such is necessarily
was that the course proposed by their opponents was in the closest possible touch with inner happenings.
without precedent in British history; that it robbed Among responsible banking interests in New York the
the Commons of their inviolable light to provide the retention of the 5% rate is not criticized, but comsupplies of money necessary to carry on government, mended on the basis that it will keep speculation
and therefore brought the Lower Chamber to a state within bounds, that it will tend to restrict the wholeof impotency; that it placed the Commons in an im- sale and indiscriminate flotation of new ,securities that
possible position as a body representing the electorate threatened to congest the market, and that it will make
and forced it to fight against usurpation of its privileges for confidence during the political crisis which Great
by the Lords, just as it had fought, and fought suc- Britain is now entering. At the same time it is believed
cessfully, in days gone by against similar usurpation here that immediately after the election, if not immeby the crown. Lord Morley, Secretary of State for diately after the new year, there will be a sharp
India, declared that the conservative peers were reduction, for the Bank cannot afford to remain aloof
seeking to change "representative supremacy into an for a prolonged period from the discount market. At
oligarchic and non-representative supremacy," and present the Bank is charging 1% above the private
this formed the key-note of the final stages of the quotations; while it is true that the institution actsfor
fight in the Upper House.
the Government, it is equally true that it must earn
The House of Commons on Thursday, by a vote dividends for its shareholders; hence, as soon as
of 349 to 134, carried a motion submitted by Premier all uncertainty is removed, the official rate will unAsquith, "that the action of the House of Lords in questionably be lowered so as to enable the Bank to
refusing to pass into law the financial provisions made enjoy its full share of business.
by this Chamber for the expenses of the year was a
breach of the Constitution and a usurpation of the
The Emperor of Germany, in opening the Reichstag
rights of the House of Commons." This resolution on Tuesday, touched but incidentally the subject
was passed very enthusiastically, the House showing that is agitating many thoughtful minds—the peace
none of the restrained dignity that had characterized of Europe and the extraordinary naval and military
the proceedings in the Upper Chamber. The Prime precautions that are being taken to preserve it. His
Minister evoked cheers by describing the action of the Majesty merely expressed confidence that the three
lords as "new-fledged Caesarism." The King had in- empires constituting the Triple Alliance, which had
vited, not the House of Lords, but the House of Com- maintained peace for a generation, will continue to
mons alone, to provide for the heavy additional ex- act together, using their strength for the welfare
penditures necessary for social reform and national of their peoples and the maintenance of peace. The
defense. The Lords having frustrated "the deliberate political upheaval in Great Britain prohibited any




DEC. 4 1909.]

TIIE CHRONICLE

overtures being made to Premier Asquith in response
• to his recent Guildhall speech, but the tone of the
Kaiser's utterances, the urgent need for national
economy and the growing influence of the peace parties combine to justify hopes that the negotiations
broken off some time ago will be resumed after the
general election in Great Britain. The political situation in Germany has become so strained that three
parties, the National Liberal, Imperial and Radical,
declined on Wednesday to take any part in reorganizing
the Reichstag, thus throwing the whole responsibility
for prospective legislation upon the conservatives and
clericals. The main problem is how to raise sufficient
revenue to carry out the emperor's policy of naval
expansion. The Government's attempts at a solution
will be followed with keen interest by other nations.
The European banks were able to meet the Dec. 1
requirements with ease, and during the current month
they will no doubt so fortify themselves as to handle
the year-end settlements without seriously disturbing
the money markets. The Bank of England makes
the best showing for the current week; that is to say,
its position has been weakened less than that of either
the Bank of France or the Imperial Bank of Germany.
The loss of $1,275,000 bullion at London was counterbalanced by a reduction in loans and deposits, so that
the proportion of reserves to liabilities actually increased to 56%. This figure is high enough to have
justified a reduction in the official discount rate of 5%
had the circumstances been normal, but since Great
Britain is in the throes of a general election, an adequate Bank reserve is essential to financial stability,
especially as the Government will be unable to collect
the taxes embodied in the Lloyd-George Budget until
that budget becomes a law. The Bank of France reflected the exports of gold from Paris to London; its
gold on hand fell $4,160,000, and, moreover, its bills
discounted increased no less than $49,400,000, showing plainly that the bank has been a generous purchaser
of paper, including, it is stated by New York bankers,
a considerable quantity of American offerings. The
Reichsbank records a loss of $16,120,000 specie, including $10,140,000 gold, while its note circulation expanded $19,410,000. But it is much better off than it
was at the opening of November and should manage
to get over the new year without unwonted strain.
The protracted dispute between Chili and the United
States over the Alsop claim has at last been far enough
advanced to permit of its being submitted to an arbitrator for final settlement. Both governments have
requested King Edward to pass judgment upon the
claim. This procedure is in keeping with the peculiar
nature of the famous quarrel. While it is true that
King Edward has earned an enviable reputation as a
peacemaker among the nations, the role of arbiter of a
dispute in no way concerning him or his subjects is
entirely novel. The British Foreign Office, however,
advised the King that there was no reason why,if he
choose, he should not accept the joint invitation, and
it was announced yesterday that he would undertake
the task.
Egypt continues to import gold despite the cabled
reports that the cotton crop will not fulfil early anticipations. The yield is now estimated at something




1451

under 6,000,000 cantars, as compared with about 6,750,000 cantars in 1908. A cantar is equal to one
hundred pounds,so that the crop is expected to amount
to about 1,200,000 bales of American size. Sugar cane
was once a valuable crop for export, but a few years
ago the total area planted was only 4,000 acres. Under
British rule the natives have been encouraged to increase the output of cotton, the latter requiring much
less water than sugar cane. Part of the gold which is
sent to Egypt in August and subsequent months to
move the crop usually returns to Europe or is exported to India, when its work is done. This year the
higher price of cotton will maintain the total value of
the exports. The entire gold movement to Egypt,
however, has this year been complicated by the shifting of gold exports to Vienna and other points in
Southern Europe.
Current returns of bank clearings furnish evidence of
the continued growth of trade. As we approach the
holiday season there is naturally somewhat of a let-up
in- activity, except in retail lines of business; still, as
that is not an unusual feature, it calls for no comment,
especially as progress or retrogression finds its proof
not so much by comparison with periods immediately
preceding as with the corresponding time in the previous year or years. And as regards November, the
improvement shown over a year ago is not in any sense
due to a greater volume of speculative transactions.
On the contrary, those transactions exhibit a material
decline for the month as contrasted with November of
1908. At New York, where bank exchanges particularly feel the impulse of stock speculation, the dealings
in share properties were only 18,769,870 shares of a par
value of $1,697,136,975, against 24,966,326 shares
with a par value of $2,389,941,550 in the month of
last year, and a marked decrease in bond sales is also
to be mentioned. The situation is similar at other
centers of speculative activity.
• This being the status of affairs, it is gratifying to
state that not only does our compilation of clearings
on the first page of this issue make in the aggregate
a very favorable comparison with November a year
ago, but only 4 cities out of the 127 included fail to
participate in the gain recorded. At New York City
the gain in November as contrasted with 1908 was
10.7%, and for,the eleven months reached 33.8%.
Moreover, compared with 1907, the increases are 64.4%
and 14.5% respectively. Outside of New York the
month's aggregate exhibits an increase of 18.7% and
that for the eleven months an augmentation of 16.8%,
contrasted with a year ago, while compared with two
years ago the gains are 36.3% and 4.0% respectively.
For the whole country, comparison with November
of last year discloses an increase of 13.6%, with the
eleven months' total showing a gain of 26.9%; contrasted with 1907 the increase for the shorter period
is 52.5% and for the longer 10.3%. We may note
in passing that at such leading cities as Cleveland,
Richmond, Buffalo, Washington, Los Angeles, Seattle,
Portland, Ore., and Salt Lake City, the clearings made
new monthly records.
Canadian clearings are no less satisfactory, the aggregate for the thirteen cities included in our table
recording for the month a gain of 30.2% as compared
with 1908 and an increase of 40.6% over 1907. For
the period since Jan. 1, moreover, the excess over the

1452

THE CHRONICLE

(VOL. Lxxxxx.

eleven months of 1908 reaches 24.9% and contrasted hardly necessary to remark, is much heavier than for
the corresponding period of 1908, while smaller than
with the like interval of two years ago is 17.2%.
in 1907 or 1906. It reached 803,345, against only
Railroad building on a somewhat extensive scale, 327,240 in 1908. The ten months' arrivals in 1907
presaging, of course, important development of the were 1,150,116 and in the previous year 1,035,602.
natural resources of the country, is contemplated in The non-immigrant, or returning alien, arrivals for
Argentina. At least that is the inference to be drawn the month numbered 16,764, against 19,721 in October
from recent advices received by the Department of last year and 18,051 in 1907, and for the ten months
Commerce and Labor through U. S. Consul-General aggregated 162,121 and 118,269 and 145,508 respecBartleman. As a producer of wheat Argentina is tively. The total alien influx, therefore, in the month
already an important contributor to the world's an- of the current year was 92,372, against 60,715 in 1908
nual supply, and becoming each year increasingly so, and 129,564 in 1907, with the ten months' result 965,in
and attention is now being directed to that country 466 this year, 445,509 last year and 1,295,714 1907.
modwas
stated,
already
as
of
aliens,
The
emigration
as a future source of meat supplies. But in no direcpassengers
steerage
of
number
the
in
October,
erate
tion have the resources of the country been developed
against
to more than a limited extent as compared with the departing from the country being only 25,000,
movethe
outward
Moreover,
in
September.
27,000
possibilities, and in any large development transportaof
October
in
than
less
materially
was
year
this
ment
tion facilities are the important factor.
,
furthermore
For
the
ten
months,
or
1907.
1908
either
near
It is therefore interesting to note that in the
last
535,119
against
but
251,880,
efflux
aggregated
the
future a quite material addition to railroad mileage
together
may be looked for. This is evidenced by the fact that year and 344,100 two years ago. Bringing
strikand
emigration,
and
of
immigration
figures
the
the
not only has the Argentine Legislature authorized
the
in
of
October
whereas
that,
find
we
balance,
a
ing
Tala
surveying for a new line between Alpasinche and
n
of
67,372
net
augmentatio
a
year
was
there
current
to
country,
the
Pampa, in the northwestern part of
connect with the Central Northern Ry., but the ex- in foreign-born population, 1908 recorded a gain of
penditure of a sum equal to $5,400,000 U. S. currency only 20,864, though in 1907 there was an increase of
on a road from Algarrobal and Serrezuela to San Juan 73,738. For the ten months of 1909 our net excess is
and Mendoza, with a branch to connect with the 713,586, against a loss of 73,633 last year and a gain of
Transandine Ry. It should be mentioned, moreover, 935,639 in 1907.
As regards the month of November, it is to be said
that the tunnel through the Andes is rapidly approach
immigration kept up very well, the entrant steerthat
Transandine
the
ing completion, and it is expected that
at the port of New York having been
passengers
age
afthus
next,
Ry. will be open for traffic by March
57,578 the previous month, 50,965
against
56,474,
Valbetween
ion
fording through railway communicat
in November 1908 and 132,647
for
whole
the
country
on
Ayres
Buenos
and
Pacific,
paraiso, Chili, on the
, departures are much smaller
1907.
in
Furthermore
the Atlantic.
in fact only about 22,000,
1907,
or
either
1908
in
than
authorbeen
has
Government
Nor is this all, as the
. Consequently,
94,440
respectively
and
38,609
against
line
a
for
Ry.
Transandine
ized to contract with the
in
of the two
than
either
population
in
gain
greater
a
San
of
Province
,the
in
from Uspallata to Calingasta,
1909.
in
November
probable
is
years
previous
S.
U.
$1,930,000
subscribe
Juan, the Government to
currency in ordinary shares toward the cost of conDuring the time when business was depressed, the
struction. Furthermore, it is reliably reported that
a Railroad showed tremendous losses in
Pennsylvani
Ry.
French
the
of
owners
the
under the auspices of
by month. Now that business acmonth
earnings
capital
a
with
company
a
Fe,
in the Province of Santa
this great railroad system is disreturned,
has
tivity
formed
being
is
currency
equal to $20,000,000 U. S.
for
equally
tinguished
noteworthy gains. The stateseem
would
It
Argentina.
to construct railway lines in
the
of
October has been issued the
month
for
ment
important
of
s
anticipation
from the foregoing that the
additions to revenues of
records
and
week
present
referred
we
which
to
Argentina,
railroad extensions in
the months immediately
for
as
same
dimensions
the
be
to
apt
are
253,
page
311909,
in our issue of July
of Pittsburgh and Erie
east
lines
On
the
preceding.
agricultural
the
of
benefit
the
to
soon realized, much
there is an increase of $1,979,800 in gross and of
and other interests of the country.
$1,069,600 in net, while on the lines west of Pittsburgh the increase reaches $1,511,000 in gross and
States
the
United
in
conditions
industrial
Improved
continue to be reflected in the movement of aliens $669,500 in net. For the combined lines therefore
no less
into the country. There is, of course, no such influx the improvement for the month amounts to
in
net.
as was the feature in 1906 and most of 1907, but the than $3,490,800 in gross and to $1,739,100
three
successive
inward trend of foreigners is of fairly large volume, The expansion in the gross has now for
million
3M
dollars
of
hood
in
the
been
neighbor
months
laboring
element
the
of
movement
while the outward
however,
that
year's
this
say,
to
proper
It
is
month.
a
stateimmigration
official
The
is notably moderate.
quite
equal
susnot
loss
the
does
,
nevertheless
gain,
all
through
arrivals
that
shows
1909
ment for October
ports of the country for the month were 75,608, or tained in that month last year, when the gross fell
7,989 greater than in September and 34,614 more behind as much as $4,173,100. In the net the loss last
than in the same month of 1908, but 35,905 less than year for the combined lines was only $462,700, followfor
for the like period of 1907, when 111,513 landed. As ing a loss of $216,100 in net in 1907. Thus, even
only
was
net
regards the nationality of the October arrivals, there the two years together, the shrinkage in
year of no
is nothing to be said except that in greatest measure $678,800, as against the gain the present
we
furnish a
they are made up of Italians, Poles and Germans. less than $1,739,100. In the following
for
the
lines east
The aggregate inflow for the ten months of 1909,it is six-year comparison of the earnings




Due. 4 1909.j

THE CHRONICLE

1453

of Pittsburgh and Erie, being the only portion of the since then, although the ruling rate on Thursday
system for which we have the data for such a com- moved up to 5% and remained at that figure yesterday.
parison.
Commercial paper of desirable quality is not scarce;
1904.
1905.
1906.
in
fact, the supply has this week been more extensive
1907.
. 1908.
1909.
Lines East
of Pittsburg.
than
the demand, a condition that is expected to exist
8
$
$
$
$
October.
$
12,427,784 10,728,675 until the
Gross earn_ 14,773.884 12,794,084 15,361,184 13,686,484
banks have effected their Jan. 1 settlements.
7,977,997 6,595,478
Oper. exp. 9,660,997 8,750,797 10,942,697 8,857,597
The
usual
rate for four to six months' choice single
4,133,197
Net earn. 5,112,887 4,043,287 4,418,487 4,828,887 4,449,787
Jan. 1 to Oct.31.
occasionally 534% is reported, but
is
names
532%;
109,435,55697,593.894
122,092,556
Gross earn_ 125,222,156 111,833,356 139,076,156 83,964,268 76,725,168 67,192.731
Oper. exp__ 88,402,868 80,197,468 100,749.068
is paid. The range may be given
as
quite
often
6%
401 163
Net earn. 36,819,288 31,035,888 38,327,088 38,128,288 32,7109388 302
as 534@53% for the best bills and 5%@6% and upwards for others. For sixty to ninety-days' endorsed
the
for
change
little
show
bills
rates
receivable, of which there is a moderate supply,
discount
Foreign
are
quotations
is 5@,532%. The trend has been in favor
the
market
open
range
the
London
At
week.
adan
during the last two days.
days,
for
438%
60
purchasers
and
of
days
90
for
3%@4%
is
charge
The
Paris
week.
the
1%
for
of
A
of
vance
Foreign exchange has not yet begun to move toward
4%. At Berlin there has been a deunchanged, 23
4% a week ago; Frankfort what would be regarded as a normal level for the first
cline to 414%, against 43
quotes 04%. Amsterdam is reported to have re- week of December. Both demand sterling and cable
sumed active speculation in American stocks, but the transfers this week advanced to a higher range, the
discount rate there has not hardened; it remains at former reaching 4 879 and the latter 4 8834. It is un2%%. No changes have been made in official dis- derstood, however, that the buying by a very promicount rates in Europe during the week. The Bank of nent international banking house referred to a week ago
England for the first time in four weeks has suffered a has been completed; as a matter of fact, this firm sold
reduction in its stock of gold. According to our special exchange on Thursday. During the last few days there
cable from London, the loss was £255,479 and the has been keen bidding by London and Parisfor the modBank held £36,290,676 at the close of the week. Our erate number of finance bills that have been drawn
correspondent further advises us that the loss was due here, and the yield has not always been equivalent to
to shipments to the interior of Great Britain, the the discount rates current in the British capital. Offerpurchases in the open market and imports from France, ings of cotton and grain bills continue extremely
&c., being a little in excess of the exports, which were light, despite the increase in exports. Nor have the
most largely to South America. The details of the engagements of gold for remittance to Brazil, Argenmovement into and out of the Bank were as follows: tina and Canada been followed or preceded by the
Imports, £526,000 (of which £250,000 from France sale of corresponding amounts of exchange. That
and £276,000 bought in the open market); exports, such an unusual and unseasonable state of affairs can
£505,000 (of which £360,000 to South America, continue much 'longer is not believed by operators in
£100,000 to Egypt and £45,000 to various destina- foreign exchange, but similar views have been extions), and shipments of £276,000 net to the interior pressed by experts during the last six weeks, yet high
rates have prevailed all along. There are now two
of Great Britain.
parties at work in the market, one playing for still
The New York money market has entered the final higher rates and another operating for a decided demonth of the year under encouraging conditions. It cline, which so far has not occurred. Preparations
is true that call loans reached 6% on Wednesday, for the semi-annual and quarterly disbursements on
which was the first day of December, when dividend American securities held abroad may become a factor
and interest payments were an influence; but, of more during the current month, but there is this much to be
significance, time rates have been slightly lower dur- said: Any very radical advance above present quotaing the second half of the week, despite a continuance tions would bring direct gold shipments to Europe
of gold shipments to South America and Canada. within sight, and it is well understood that powerful
The local branches of Canadian banks, as well banks and bankers would antagonize such an outflow
as agencies of British banks, have appeared as at this time in view of the unsettlement displayed in
lenders on a fairly large scale this week, and as the the stock market. The gold engagements announced
demand for all maturities beyond the middle of Janu- this week have totaled $6,100,000, for the following
ary is at present light, quotations have been shaded in destinations: Brazil, $1,250,000; Argentine,$2,850,000;
favor of borrowers. The range now .is 4%@5% for Canada, $2,000,000. The Sub-Treasury has also transthe shortest periods(with business done at both figures), ferred $2,800,000 to the West, chiefly to San Francisco,
0 for ninety days and 4 @49%0 for four, five for the use of the fruit trade. Certain changes in the
4%7
and six months. Several large sums have been of- schedule of South American steamers have interfered
fered at 43/2% for six months. The general supply of with the original plans of gold exporters. One consigntime money is adequate rather than superabundant, ment of $500,000 included in the above will not be
while the demand, though normal, is not heavier than shipped to Argentina until Dec. 8. Abroad there have
had been expected. Extensive flotations of new capi- been shipments of considerable volume from London to
tal stock and bonds now being arranged will come on Egypt and South America, and from Paris to London,
the market later in the current month and in January. while the bulk of the new bars from South Africa
Call money has fluctuated between 4 and 6%, with again went to the Bank of England at the Mint price,
4%% the average for the week. The maximum on 77s. 9d.
Compared with Friday of last week, sterling exMonday and Tuesday was 5%, on Wednesday 6% was
recorded, but that quotation has not been repeated change on Saturday advanced 5 pointsfor demand and




i

9

1454

THE CHRONICLE

cables, to 4 8755@4 8760 for the former and 4 883/
for the latter; the rate for long sterling was a trifle
lower at 4 84 asked. On Monday sixty-day bills and
cables were appreciably firmer, but sight drafts
showed no change. On Tuesday demand closed 15
points higher at 4 873
% asked, while 4 883. was asked
(and paid) for cables. This advance was retained on
Wednesday, and long rose to 4 8415@4 843.. On
Thursday, when trading was dull, the range at the
close was the same for sixty days and cables, but demand was quoted 4 8770@,4 8780. On Friday there
was a decline to 4 8765@4 8775 for demand and 4 8815
@4 8825 for cables.
The following shows the daily posted rates for sterling exchange by some of the leading drawers.

[VOL. fAXXXIX'

THE ENGLISH ELECTION.

Following the adoption of the Budget by the House
of Commons on Nov. 4, by a vote of 379 to 149, and
the subsequent debate of the question in the House
of Lords, the Lords last Tuesday adopted, by a vote
of 350 to 75, Lord Lansdowne's motion that "this
House is not justified in giving consent to this bill
until it is submitted to the judgment of the country."
The necessary result of the vote of the peers will be
an appeal to the country by the Ministry, through
dissolution of Parliament and the call for a general
election. By common agreement this election will be
a political event of exceptional interest. That its
possibilities are as alarming as some of the Parliamentary speeches would have us believe, may at least
Fri.,
Mon., Tues., Wed., Thurs., Fri.,
Nov. 26 Nov. 29 Nov. 30 Dec. 1. Dec. 2. Dec. 3.
be questioned by those who take the course of financial
Brown
160 days 4 84%
843
84%
84%
84%
843
markets as a measure of confidence or apprehension.
Bros. & Co
1Sight- - 4 883
88%
883
883-f
883
883
Kidder, Pea560 days 4 84%
84%
84%
84%
84%
84%
Values on the London Stock Exchange, notably for
body & Co1Sight_14 88
88%
88%
884
883
883
Bank British
160 days'4 84%
84%
843
84%
84%
84%
North America_ _
British consols, have advanced, not declined, since
Sight..14 885.
88%
883.
883.
883
883
Bank of
160 days 4 8434
84%
843
8434
843
84%
Montreal
1,Sight— 4 88
vote of the House of Lords. Nevertheless the
88
88
the
88
88
88
Canadian Bank
560 days 4 84
84%
84%
843.
84%
84%
of Commerce
1SIght_ 4 885.
88%
88%
88%
88%
of the election are of such widespread interest
883
issues
He:delbach, Ickel560 days 4 84%
84%
84%
843.
84m
843
heimer & Co
1Sight _ - 4 883d
88%
88%
88%
88yi
883
that the campaign can hardly fail to absorb the attenLazard
160 days 4 84%
84
84
84
84
84
Freres
1SIght__ 4 88
88
88
88
88
88
tion of the world at large.
Merchants' Bank
160 days 4 85
84%
84%
845
84%
84%
of Canada
1Sight. 4 88
88
88
88
88
88
Lord Rosebery's comment on the situation this week
The market closed on Friday at 4 8410@4 8420 for was that the country had reached "the greatest politisixty days, 4 8765@,4 8775 for demand and 4 8815@ cal moment in the lifetime of any man born since
4 8825 for cables. Commercial on banks was quoted 1832." This may possibly be so; but it may possibly
at 4 8380@4 8390 and documents for payment at not be so in the sense intended by Lord Rosebery,
4834 83%. Cotton for payment ranged from whose remark was especially directed at the constitu4 83 to 4 83% and grain for payment from 4 839i tional issue raised by the action of the Lords. The
case of the coming general election is peculiar from the
to 4 84.
fact that no one can surely know at the present
The following gives the week's movement of money moment what, after all, is to be the real issue of the
campaign. Our own country's experience, as we have
to and from the interior by the New York banks.
hitherto pointed out, is enough to show how frequently
Received by
Shipped by
Net Interior
predictions
as to the issue on which an electorate
Week ending Dec. 3 1909.
N. Y. Banks. N. F. Banks.
Movement.
will
converge
its interest have fallen to the ground
Currency
$12,520,000
$4,381,000 Gain $8,139,000
Gold
1,822,000
1,692,000 Gain
130,000
when
the
actual
appeal to the voters has been made.
Total gold and legal tenders
$14,342,000
$6,073,000 Gain $8,269,000
No one can have forgotten the determined and confiWith the Sub-Treasury operations and gold exports dent effort in the campaign of 1896, through platform
declarations and speeches by the candidates, to bring
the result is as follows.
the tariff issue into the foreground, and no one can
Into
Out of
Net Change in
have forgotten how completely that issue disappeared
Week ending Dec. 3 1909.
Banks.
Banks.
Bank Holdings.
Banks interior movement, as above_ $14,342,000
$6,073,000 Gain $8,269,000 in the presence of the free-coinage contest. Platforms
Sub-Tress. oper. and gold exports__
33,100,000
41,224,000 Loss 8,124,000
and speakers of one party, during 1900, equally conTotal gold and legal tenders
$47,442,000 $47,297,000 Gain
145,000
verged their efforts on what they deemed an appeal to
The following table indicates the amount of bullion the strongest underlying feelings of the electorate, in
in the principal European banks.
the issue of anti-imperialism. They found that the
public had its own ideas, and they learned, as the
Dee. 2 1909.
Dec. 3 1908.
Banks of
campaign progressed, that it was flatly unwilling to
Gold.
Silver.
Silver.
Gold.
Total.
Total.
talk
about what had been deemed so vital an issue. The
£
£
£
L
England__ 36,290,676
36,290,676 34,621,262
34,621,262
campaign
was fought and won on entirely different
France __ 141,720,760 35,813,760 177,534,520 135,915,923 35,762,169
Germany _ 36,984,900 10,981,750 47,966,650 42,868,000 11,500,000 171,678,092
54.368,000 grounds.
•
Russia a_ _ 143,291,000 6,719,000 150,010,000 122,316,000 6,402,000 128,718,000
Aus.-Hunb 57,038,000 12,096,000 69,134,000 48,930,000 12,494,000 61,424,000
What has thus proved itself true in our own political
Spain ___ 16,094,000 30,969,000 47,063,000 15,783,000 32,741,000 48,524,000
Italy d__ 38,380,000 4,000,000 42,380,000 37,257,000 4,450,000 41,707,000
Neth'Iands 10,080,000 2,841,900 12,921,900 8,251,000 4,042,600 12,293,600 campaign may easily prove to be true in the English
Nat.Be g.d 4,155,333 2,077,667 6,233,000 4,128,000 2,064,000 6,192,000
Sweden __ 4,375,000
4,375,000 4,247,000
4,247,000 electoral campaign which begins next week.
Mr.
Switz' and; 5,059,000
5,059,000 4,705,000
4,705,000
Norway _..1 1,797,000
1,797,000 1,632,000
1,632,000 Asquith and Lord Morley assert unqualifiedly that
Total week1495,265,669 105,499,077600,764,746 460,654,185 109,455,769
Prey.week1498,394,698 106,498,277 604,892.925463,264,282 108,071,142 570,109,954 the issue of the Lords' constitutional power to block a
572,234,424
revenue bill will be practically the sole consideration in
a The total of gold in the Bank of Russia Includes the balance he d
abroad—
that is, the amount held for Russian account in other Continental banks.
the popular contest; Mr. Chamberlain and, in a less
The
proportion so held and consequently duplicated In the above statement
isabout
one-tenth of the total this year, against about one-ninth a year ago.
degree,
Mr. Balfour, tell us with similar insistence that
b The Austro-Hungarlan Bank Statement is now issued In Kronen and Heller
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
question
of protective taxes will absorb the interest
the
Pounds was by considering the Gulden to have the value of 80 cents. As
Kronen has really no greater value than 20 cents, our cable correspondentthe
In of the country. There are many observant EnglishLondon, in order to reduce Kronen to Pounds, has altered the basis of conversion
by dividing the amount of Kronen by 24 instead of 20.
• d The division (between gold and silver) given in our table of coin and bullion
men who hold with one or the other of these opinions;
In
the Banks of Italy and Belgium Is made from the best estimates we are able to
obtain
It Is not claimed to be accurate, as the banks make no distinction In their weekly; yet it is easily possible that, when all is said, it will turn
returns, merely reporting the total gold and silver; but we believe the division we
make Is a close approximation.
out that the coming contest is actually to pivot on th e




DEC. 4 1909.1

THE CHRONICLE

Budget itself—which, after all, is the real point at
Issue in the whole political contest.
It had for some time been acknowledged, even
before the action by the House of Lords, that in an
election brought about under ordinary circumstances,
chances for or against a popular endorsement of Mr.
Lloyd-George's Budget would at least be pretty
equally balanced. If anything, current indications
of public feeling pointed against the Ministry. The
by-elections, one after another, had indicated popular
dislike of the Budget's extreme proposals. Instead
of the masses being excited to enthusiasm through the
radical innovations of the Budget, what has been
most conspicuous has been the driving away of conservative support from the ranks of the Liberals themselves.
The English people could not fail to recognize that
the Budget was a scheme of taxation with exceedingly
daring experiments. Taxation of an "unearned increment" in the advance of land values, at so heavy a
rate as frequently to amount to confiscation, was not
the sort of proposition to commend itself to the
homely logic which has always been deemed the first
characteristic of the middle-class Englishman. The
supertax on incomes, so graded as to be a heavy burden
in proportion as men rose from the ranks of small
earners to large earners, was another case in point.
The so-called "licensing clauses" were admittedly an
attempt indirectly to accomplish, in the way of restrictive legislation, something which the Commons had
not been able to achieve through direct and aboveboard methods.
There are, as every one who has read the past
week's news is aware, two diametrically different
views entertained regarding the action of the House
of Lords. But this much may be said without fear
of contradiction: First, the form of the Lansdowne
resolution is such as not to imply rejection of the
Budget, but its reference to the people. Second, the
taxes imposed in the Ministry's Budget on which
hostile criticism has chiefly converged were of a
character never discussed or contemplated in any discussion of the Budget before the people. Third,
the licensing clauses really undertook to re-enact indirectly legislation previously rejected by the Lords
under circumstances when rejection was admittedly
within their powers. Finally, all this being so, the
contention is at least permissible that the Lords are
performing merely the proper functions of the second
chamber in all constitutional governments, by acting
as a brake on hasty and ill-advised legislation. Very
few statesmen, even among the most vehement opponents of the Lords, contend that a single legislative
chamber would be the path to conservatism and
safety—least of all in a country such as England,
where no written constitution exists to stay the hand
of radical legislation, but where the constitution is in
reality made up merely of the latest statutes adopted
by Parliament in a given branch of public law. That
the Lords will bow to the verdict of the people on the
Budget, whatever that verdict may be, is admitted
by every peer who voted last Tuesday; the position
of those who voted for the reference to the people is
that the verdict should be given before and not after
an experiment admittedly dangerous has been tried.
There are, in point of fact, some aspects even of the
constitutional question which have not been fully




1455

considered in the pending discussions. The composition of our own legislative branch of government
was in large degree modeled upon that of the British
Parliament, and with us it is the written, not the
unwritten, law that the Senate may not initiate a
revenue bill. Here one may see the same caution
and reserve applied which is applied in England's unwritten law regarding its House of Lords. But, while
forbidding the Senate to initiate such legislation, our
Constitution permits to the Senate either amendment
or non-concurrence. Here, it will be observed, is a
plain inheritance from British politics, developed, however,in thelight of more modern thought and practice.
Taking the present episode in British politics, one
may readily enough discover, first the danger of a
single and uncontrolled House of Parliameni; second,
the legislative possibilities of the Lords themselves.
This last consideration has, indeed, been raised these
past few weeks to thoughtful consideration, in quarters
where previously the notion that the Upper House
was obsolete in its functions had been largely entertained. By general agreement of all careful observers,
the debate which ended with last Tuesday's vote in
the House of Lords was of a character far higher than
the debate which preceded adoption of the Budget in
the Commons. Rarely has an important legislative
proposal drawn forth so weighty comment on both
sides, and rarely has a legislative house displayed so
profound a knowledge of the issue, or such marked
ability in setting forth its varied aspects.
We imagine that whatever else shall be the result
of the struggle at the polls, demand for outright
abolition of the House of Lords will not be strengthened. There now remains the appeal to the people.
We shall very soon see which way their disposition
lies, and what is to be the actual issue of the campaign.
The question must very soon be settled whether the
British electorate is willing to waive all considerations
of so vital a matter as the schedules of taxation—
which affect them all—and direct its attention wholly
to a constitutional consideration. One thing is certain: it will be the people themselves who will determine what the issue is, and not the politicians who initiate the contest.
MILWAUKEE & ST. PAUL'S PACIFIC
EXTENSION.
The Chicago Milwaukee & Puget Sound Ry., which
constitutes the Pacific extension of the Chicago
Milwaukee & St. Paul Ry., has this week published its
earnings for August and September and they make
a surprising exhibit in the favorable nature of the
results disclosed. They show that this new line
enjoys the unique distinction of having at once
become a profitable property. Usually when a road
of this magnitude is built through a sparsely settled
territory, a long while elapses before it does enough
business to earn a fair return on the money invested in
the undertaking. Often business is so slow in developing and the revenue so meagre that a reorganization on a new basis of fixed charges is necessary before
the enterprise can be put on its feet and left untrammeled by financial embarrassment,while traffic and
revenues are slowly and painfully built up. The
Puget Sound undertaking was safeguarded against
such a contingency in any event by reason of the fact
that the Milwaukee & St. Paul itself has advanced

1456

THE CHRONICLE

all the money with which to build the road and holds
the whole $100,000,000 of first mortgage bonds outstanding on the property and also the whole $100,000,000 of stock of the company.
The fact that the St. Paul itself holds the securities
on this extension, while a favorable feature in insuring
the financial stability of the enterprise also meant
that whatever loss might result from the operation
of the new line in its initial stages—before its traffic
should reach paying proportions—would have to be
borne by the St. Paul itself. The figures now published, however, make it evident that there is to be
no burden to be borne by the St. Paul Company or its
shareholders, but that the new road is proving a
success from the very start. The line is, roughly,
1,400 miles long, extending from a point in South
Dakota, called Pontis, to the Pacific Coast, and it
was not until July 1909 that it was opened through to
Seattle. Yet the returns now made public show
that in August the road's gross earnings from operation
were $698,683 and its net earnings $421,269, and in
September the gross revenues were $775,600 and the
net earnings $465,259. No one could have expected
such strikingly favorable results at the start. As far
as the large percentage of net is concerned, this
follows, of course, from the circumstance that the
road, being entirely new, its outlays on maintenance
account are merely nominal in amount. But the
magnitude of the gross attracts attention no less than
the net. In the two months combined this extension,
it will be seen, earned gross of no less than $1,474,283.
This, it will be observed, is at the rate of $9,000,000
a year, and this in turn is at the rate of $6,400 gross
per annum on the whole 1,400 miles of road. For a
new line without any branches save one, and not yet
open to through passenger service, this is a marvelous
result to be attained within so short a time after its
completion. In that respect we do not think it has
a parallel among railway undertakings of this character in the United States. With gross of $9,000,000
per annum, it is interesting to compare with the
early results on the Central Pacific. The latter was
opened to a connection with the Union Pacific at
Ogden City (forming the first trans-Continental line
across the Continent) in May 1869. In the calendar
year 1870 the Central Pacific on about 900 miles
of road had total gross earnings of $7,920,711, of which
however, $4,044,372 came from the passenger business,
the freight earnings for the twelve months being only
$3,508,892. Obviously,the showingin the case ofthe Puget Sound road speaks volumes for the way the new line
has been laid out and also the way it is being administered, insuring a large traffic for it at the very outset.
We know, of course, it was the expectation that
the extension would quickly create enough traffic to
take care of itself, but expectations of this kind have
been entertained in most similar enterprises and have
nearly always failed of realization. A -similar outcome in the present instance would have been no
surprise, and would have indicated simply that the
judgment of the managers had been a little too sanguine. As it happens, the most confident hopes have
been met. Indeed, we should doubt if the management itself had counted on such extremely large
traffic and revenues so soon.
The new road ht.3 doubtless created some entirely
new business, but the fact that it reaches a number




[VOL. LxxxIx.

of important traffic points would seem to indicate the
source from which the bulk of the revenues is derived.
Some, if not the most, of the traffic obtained in this
way must be at the expense of the older roads. We
should judge that the Northern Pacific must be
suffering more from the new competition than the
Great Northern, inasmuch, as for a large portion of the
way, the Puget Sound road runs in relatively close
proximity to the lines of the Northern Pacific. Analysis, too, of the monthly earnings of the Northern
Pacific furnishes definite facts in corroboration of this
view. If we confined the comparison to the mere
totals of earnings,the Northern Pacific would appear to
have suffered very little. For instance, in August
the Northern Pacific earned $6,910,977 gross in 1909,
against $5,836,668 in the same month last year,and in
September this year it earned $7,589,339, against
$6,800,962 in September 1908. On examination, however, it is seen that the increase occurred entirely in
the passenger revenues, while in the freight revenues
there was either only a trifling improvement or an
actual loss. The passenger business of the Milwaukee & Puget Sound road is as yet very small
(since the line has thus far been doing only a very
limited local business), the amount derived from
that branch of the service having been only $80,274
in August and $86,870 in September. The bulk
of the new line's business and revenues has come
from the freight department. In August the
freight revenues were $606,395 and in September
$674,290, being at the rate of nearly $8,000,000
a year.
In conjunction with these large freight revenues
of the Puget Sound line, consider now the course of the
freight revenues of the Northern Pacific. For August
the latter's freight revenues were $87,754 less than last
year and $1,007,521 less than two years ago—that is,
the Northern Pacific earned $3,717,064 from its freight
traffic in August 1909, against $3,804,818 last year
and $4,724,585 in 1907. In September the comparison is more favorable, and yet there is an absence
of growth at a time of general industrial development.
In 1909 the Northern Pacific's September freight
revenue was $4,691,467, which is only very little larger
than the total of $4,668,278 for September 1908; in
1907 the freight revenue had been $4,329,827. If now
we combine the result for August and September, the
showing is yet more striking. In these two months
combined the freight earnings of the Northern Pacific
were only $8,408,531 the present year, against
$8,473,096 in 1908 and $9,054,412 in 1907. If we
imagine now the $1,280,685 which the Milwaukee &
Puget Sound road earned in the two months transferred to the Northern Pacific's freight revenues,
the latter would show just about what would be
considered normal growth. It is proper to say that in
the case of the Great Northern Ry. there is comparatively little evidence of the presence of new competition, though even here the growth as compared with
two years ago is moderate. For August and September combined, the freight revenue of the Great Northern Ry. this year was $8,944,387, against $7,613,737
last year and $8,764,187 in" 1907. We annex the
following tabular presentation of the Northern Pacific's
revenues and expenses for August and September
combined, with the corresponding items for the
Milwaukee & Puget Sound Ry.

TIIE CHRONICLE

DEC. 4194)9.1
Northern Pacific fly.
Months of Aug. and Sept.
Earnings fromFreight
Passengers
Other transportation
Non-transportation
Total gross earnings
ExpensesMaintenance of way and struc
Maintenance of equipment _ _ _
Traffic expenses
Transportation expenses _ _ _ _
General expenses

1909.

1908.

1907.

Chic.Mil.eo
Puget Sd.
1909.

$
$
$
$
8,408,531 8,473,096 9,054,412 1,280,685
167,144
5,208,166 3,463,285 3,885,280
17,830
568,949
588,729
664,973
8,624
80,274
112,520
128,646
14,500,316 12,637,630 13,588,915 1,474,283
2,017,418 1,566,748 1,982,044
1,501,076 1,362,617 1,677,617
138,580
151,824
167,211
3,888,147 3,272,703 3,844,733
162,457
162,104
177,925
7,751,777 6,502,752 7,818,675

46,544
71,647
40,138
405,391
24,035

Net earnings
Outside operations, net

6,748,539 6,134,878 5,770,240
119,844
146,360
203,174

886,528
8,468

Total net
Taxes

6,951,713 6,254,722 5,916,600
551,012
505,505
476,554

894,996
40,000

Flnet net
Miles operated

6,400,701 5,740,217 5,440,056
• 5,657
5,649

854,996
1,400

Total operating expenses.. _

587,755

Under these large earnings on its Pacific Coast
extension the outlook for the Milwaukee & St. Paul is
of course correspondingly improved. There had been
solicitude in certain quarters lest this Pacific Coast
extension, in which the company had such a tremendous amount of money invested, might prove a
drain, thereby endangering the continuance of dividends at the present rate of 7%. It will be recalled
that in December 1906 stockholders of the Milwaukee
& St. Paul were given the right to take, roughly,
$100,000,000 of new stock to provide the means for
the new extension and that the last payment on this
new stock did not fall due until March of the present
year. Accordingly, dividends have now to be paid in
full on this increased amount of stock. In reviewing
the company's annual report recently, we showed that
the surplus on the late year's operations was sufficient to
take care of over half the increased amount required
for dividend purposes. It now appears that the Puget
Sound road is earning at the rate of $5,000,000 net a
year, which will also accrue to the benefit of the
Milwaukee & St. Paul Co. The latter is putting out
a considerable amount of new bonds, but, on the
other hand, will, after Jan. 11910, effect a considerable
reduction in its interest charges through the maturing
of high-rate bonds and their taking up with (presumably) 4% issues. It is not our purpose here, however,
to make definite or precise calculations. Suffice it to
know that the Pacific Coast extension is proving a
paying property and therefore that the St. Paul Company's future is not in jeopardy.

1457

When the question was raised before the Supreme Court
in 1868 only an isolated case was presented, having back of
it no affirmative declaration by Congress; in other words, no
Federal statute. Insurance came before the Court, therefore, without any declaration by a co-ordinate branch of
Government as to whether it was or was not commerce.
Moreover, it is reasonable to assume that at the time the
Supreme Court did not appreciate the part that fire insurance
particularly played even then in the commerce of the country.
I claim this because if they had understood the part which
fire insurance played, they could hardly have made the
declaration that insurance is not even an instrumentality
of commerce.
Moreover, in 1902 the same Court, in a laudable attempt
to stamp out the Louisiana State Lottery, sustained a Federal statute which prohibited the sale of lottery tickets, and
established the authority of Congress under the commerce
clause not only to regulate but, under this clause, absolutely
to prohibit. You may remember that Chief Justice Fuller,
who joined in the minority opinion, stated that it was impossible to distinguish between the principle involved in the
case of Paul vs. Virginia and the case at bar. Indirectly,
therefore, the status of insurance was before the Court in
the lottery cases. Strangely enough, when Mr. Justice
Harlan delivered the majority opinion of the Court, he absolutely ignored the contention of the Chief Justice, saying in
effect, "whatever this Court may have previously decided
with regard to insurance, the transportation of lottery tickets
by express companies between States is inter-State commerce, and therefore within control of Congress."
Whether the Supreme Court has in effect reversed itself
or not brings no relief to inter-State insurance at the present
time. But if Congress should act under the commerce clause,
just as it acted in the prohibition of lotteries, and declare
inter-State insurance to be inter-State commerce, the question would then be fairly up to the Supreme Court and would
be finally settled.
What I contend for, in other words, is not for an enlargement of Federal power, but for the correction of an error.
Inter-State insurance should have been treated as inter-State
commerce from the foundation of the Government. There
is a strong probability that it will be so treated if Congress
legislates on that theory.
Very truly yours,
D. P. KINGSLEY, President.

Whether a Constitutional Amendment should bring
insurance under Federal control as a part of interState commerce, or whether a further review of the
subject by the Supreme Court should place insurance
there without an Amendment, the result would be the
same. The Federal Government, already overburdened with business, would be more burdened, and
local government would he further impaired. It was
to any more centralizing, as bad in principle and reFEDERAL REGULATION OF LIFE INSURANCE. sults, that Senator Root objected. However, Mr.
Our reference to Senator Root's remarks at the Kingsley's letter is an interesting statement of his
Civic Federation dinner has drawn the following letter belief that insurance is already, in fact, a part of interfrom Mr. Kingsley, of the New York Life:
State commerce, although not yet so declared.
NEW YORK LIFE INSURANCE CO.

New York, Nov. 29 1909.
Editor of the "Commercial and Financial Chronicle," New
York, N. Y.
Dear Sir:-In your issue of Nov. 27 you refer to the addresses made before the National Civic Federation on the
evening of the 23d, and to the fact that Senator Root of this
State took issue with my contention that inter-State insurance is inter-State commerce.
You notice that the Senator held that if the Constitution
is to be modified in order to bring inter-State insurance
under Federal control, then it ought to be modified as to
other subjects, and in that event, what would become of local
self-government?
The Senator did take that position, but in taking it he
answered an argument which I had not advanced. I did
not suggest a Constitutional Amendment, and never have
done so in any discussion of this question. I maintain that
inter-State insurance is inter-State commerce, and ought to
have been so treated from the beginning.




ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S.
-The public sales of bank stocks this week aggregate
165 shares, of which 160 shares were sold at auction and 5
shares at the Stock Exchange. The transactions in trust
company stocks reach a total of 71 shares. The total
number of shares dealt in, although not large, represents
small lots of stock of 12 banks and 9 trust companies.
Twenty-five shares of Morton Trust Co. stock were sold at
5303, this being the first public sale since March 1908,
when the price was 400. A sale of 15 shares of Chase
National Bank stock, the first since June 1909, was made
at 422-an advance of 122 points. The table below, given
in our usual form, shows the actual sales of New York City
bank stocks made during the week at auction and at the
Stock Exchange. Extensive tables showing the bid and
asked quotations, deposits, surplus, &c., of banks and trust
companies in all important cities in the United States are
published monthly in the "Bank and Quotation" Section, the

1458

THE CHRONICLE

;rm. Lxxxix.

December issue of which accompanies to-day's "Chronicle.' mission believes, that we could adopt the system of any of these countries,
certainly not without very many material modifications. But in view of the
Bid and asked quotations for all New York City bank and. facts to which I have alluded, I believe that
the experience of these countrust company stocks are also published weekly in another tries, with centuries of economic life, and where human nature is much the
department of the paper, and will be found to-day on same as In ours, where every financial problem receives careful and Inte111•gent consideration, and where vast financial transactions are constantly
pages 1467 and 1468.
taking place, should certainly be suggestive and valuable to us.
Low. High. Close. Last Previous Sale.
Shares. BANKS—New York.
Statistics concerning the banking resources of the United
6024 6024 602M Nov. 1909— 590
2 America, Bank of
States, compiled for the use of the Commission, have been
422
422
422
June 1909— 300
15 Chase National Bank
421
421
421
Nov. 1909— 410
3 City Bank, National
made public by it. The figures cover the returns of 22,491
330
330
•5 Corn Exchange Bank
330
Nov. 1909— 342
national,
State and private banks, including savings banks,
4420 4420 4420
1 Fifth Avenue Bank
loan companies and trust companies, and are of date April 28
841
2 First National Bank
841
June 1909— 800
841
341
3 Gallatin National Bank
April 1909— 355
341
341
1909. The total resources of these institutions are given
450
Feb. 1909— 450
450
450
58 German Exchange Bank
as $21,095,054,420. The individual deposits subject to
Nov. 1909— 3004
3 Mechanics' National Bank
300
300
300
check are reported as $6,956,502,690 and the savings
327
327
June 1909— 331
52 New York, N.B.A., Bank of_[327
3 N. Y. Produce Exch. Bank
175
175
175
Dec. 1908— 18034 deposits as $4,926,161,555. The actual cash holdings
BANK—Brooklyn.
aggregate $1,452,014,676; checks and other items amount
18 Union Bank
100
100
100
Nov. 1909— 102 {:
to $57,927,036, while the national banks show, in addition,
LTRUST COMPANIES—New York.
3404 3404 3404 Nov. 1908— 3003.1 $38,500,580 cash in the 5% redemption fund. Of the bond
9 Astor Trust Co
1030 1030 1030
2 Central Trust Co._
June 1909-2705
holdings, $792,787,711 represent United States bonds; $1,2 Fulton Trust Co
3254 3254 3254 June 1909— 2874
091,541,455 State, county and municipal bonds; $1,560,006,536
2 Metropolitan Trust Co
536
May 1909— 555
536
25 Morton Trust Co
Mch. 1908— 400
53014 530k 530
360 railroad bonds; $846,173,376 other bonds, with $280,111541115411154 Nov. 1909-1115
L2 N. Y. Life Ins. & Trust Co
226,872
of stocks. The loans and discounts consist of $660,25 Title Guarantee & Trust Co.._ 575
Nov. 1909— 58034.
580
575
425,952 of demand loans not secured by collateral; $1,939,2 Union Trust Co
1251 1251 1251
May 1909-1290
2 United States Trust Co
Nov. 1909-1254
1260 1260 1260
634,898 demand loans secured by collateral; $2,539,965,833
• Sold at the Stock Exchange.
time loans on two or more names not secured by collateral;
—According to advices from London, the movement for an $1,351,781,833 on single-name paper; $2,036,358,427 time
Irish land bank, which is being urged on behalf of the small loans secured by collateral, and $1,396,649,600 of other
owners of land in Ireland, contemplates the establishment loans, including those secured by real estate mortgages.
of an institution to be partly public and partly a State organ- The capital stock of the combined banks totals $1,800,036,ization, with interest at 3%,guaranteed by the State. While 368, the surplus $1,326,090,643 and the undivided profits
$50,000,000 is suggested as the amount of capital, nothing $508,534,786.
—The purchase of a controlling interest in the Guaranty
definite or tangible in that regard has developed, and it is
thought that if the scheme is ever carried out,a much smaller Trust Co. of this city has been effected by a syndicate headed
amount might suffice.
by Henry P. Davison of the firm of J. P. Morgan & Co. Mr.
—The New York "Tribune" of the 2nd inst reports that, Davison's connection with the matter, it is understood, is as
in determining "net income" as defined in the Corporation an individual and not as a representative of the firm. The
Tax provision of the tariff law, a deduction will be allowed trust company has a capital of $2,000,000. Just what
on money received as interest on United States bonds. This amount has been secured by the new owners has not been
exemption, it is pointed out, is not provided in the law itself. made known, but it is announced that the stock taken over
The matter was recently brought into question, however, the includes the holdings of the late E. H. Harriman, amounting
Treasury Department deciding that inasmuch as United to about 5,000 shares,those of the Mutual Life Insurance Co.,
States bonds are exempt from taxation by law, it would not of more than 4,000 shares, and stock owned by other interests. It is the intention to lodge the control with a voting
be proper to tax the income on such bonds.
trust
for five years, the voting trustees consisting of Mr.
—A high-record price was established this week for New
York Stock Exchange memberships, when a transfer was Davison, George F. Baker, Chairman of the board of direcmade for $96,000. Earlier in the week transactions were tors of the First National Bank, and William H. Porter
President of the Chemical National Bank. The Guaranty,
made at $92,500 and at $94,000.
—Benjamin S. Cable, a Chicago attorney, was sworn in on which is one of the largest of the city's trust companies, with .
Nov. 30 as Assistant Secretary of Commerce and Labor, $77,769,200 of deposits, has been without a President since
Dec. 31 of last year, when the late John W. Castles resigned
succeeding Ormsby McHarg, resigned.
to take the presidency of the Union Trust Co. The price at
—Nelson W. Aldrich, Chairman of the National Monetary
which the controlling interest is obtained by Mr. Davison
Commission, was a speaker at the dinner of the Economic
and his associates is unofficially reported as $765 per $100
Club at the Hotel Astor in this city on Monday night. Mr.
share. The Mutual Life was formerly the owner of $864,800
Aldrich reiterated the statement made on previous occasions
of the Guaranty's stock, but about a year ago disposed of
since his return from abroad, that the Commission has not
one-half these holdings to Mr. Harriman. The new interyet taken up or considered the proper currency plan to be
ests in the Guaranty Trust Co. are identified with both the
adopted by the United States. In referring to the banking
Bankers' Trust Co. and the Astor Trust Co., and the change
systems abroad, he took occasion to compare our own policy
in ownership has given rise to rumors of a possible consolidaas to reserves, which he termed an absurdity, with the fortion with the Bankers'. While no confirmation can be had of
eign method. "The general policy of these banks (the Euroany such intention at present, it is considered as not unlikely
pean banks), in time of distress," he stated, "is for the centhat an outcome of that sort may result after the completion
tral institution to strengthen its reserve and at the same time
of the proposed building of the Bankers' Trust at 14 Wall St.
to extend credit to every institution or individual deserving
The latter has a capital of $3,000,000 and deposits. of about
of credit. It is this simultaneous strengthening of reserve
$45,000,000. Mr. Davison, who is Chairman of the executive
and extension of credit that have weathered periods of doubt committee of
the Bankers' Trust Co., was admitted to partabroad. We adopt exactly the opposite course in this counnership in the Morgan firm a year ago, at which time he
try. If a bank's reserve is drawn upon to a degree considretired as a Vice-President of the First National
ered dangerous by law, the law forces the suspension of credit
Bank, remaining, however, as a member of its board of
immediately. The European method," he continued, "pro- directors.
vides for the use of reserves to put out the fire at once, in—J. Pierpont Morgan has become the owner of a majority
stead of withholding the combative force until the fire has
interest in the Equitable Life Assurance Society through the
gone beyond control. We shall continue under our system
purchase of the former hoidings of Thomas F. Ryan. Mr.
of retrenching credit at the first sign of uneasiness until we
Morgan takes over all the holdings of Mr. Ryan, including the
reorganize and strengthen our financial system." In com502 shares (out of the total $100,000 capital) bought by the
menting further on the Continental systems, he said:
latter from James Hazen Hyde in 1905. As is indicated in
/ believe that no one can carefully study the experience of the other great
commercial nations without being profoundly impressed with the belief that the following announcement concerning the transaction,
disastrous results of recurring financial crises have been successfully pre- given out by Mr. Morgan's office on Thursday, the purchase
vented by a proper organization of capital and by the adoption of wise is subject to the
trust executed on June 15 1905, and running
methods of banking and of currency. .
. In calling your attention
to the experience of these countries In this respect, I do not wish to be mis- for five years, under which Grover Cleveland, Morgan J.
understood. I do not believe, and I do not think any member of the Com- O'Brien and George Westinghouse were made trustees:




DEC. 4 1909.1

THE CHRONICLE

Mr. Morgan has bought the majority of the stock of the Equitable Life
Assurance Society, formerly owned by Thomas F. Ryan. This purchase
Is subject to the trust under which Grover Cleveland, Morgan J. O'Brien
and George Westinghouse were made voting trustees for the benefit of
policy-holders, and it covers all Mr. Ryan's interest, including all the stock
purchased by him from James H. Hyde.

1459

together with elaborate statistical tables, both the subject matter and statistics being the product of Edward T.
Perine, whose resignation as President of the Audit Company
occurred on Nov.19 by reason of his appointment as Deputy
Comptroller of New York State. The addresses are those
delivered at the 1905 and 1909 conventions, the former entitled "Statement of Growth and of the Status in 1905 of
the Trust Companies of the United States," and covering
the period from 1875 to 1905, and the latter "Trust Company
Resources and Revenues," in which the five-year period
from 1904 to 1909 is reviewed. In the schedules presented,
1,496 companies are shown as in business on June 30 1909,
the name of each company being given in the order of its
size, according to the volume of its total resources. Parallel
columns furnish a contrast with the 807 companies engaged
in business on June 30 1904, which are numbered as to their
size at that time. Final summaries are set forth contrasting
total resources by States in 1904 and 1909, in addition to
which there is a large tabulation explanatory of, and showing the details of, the figures used in the 1909 address.
Credit for all the summarized figures used is given to the
annual reference books published since 1903 by the United
States Mortgage & Trust Co. under the title of "Trust Companies of the United States." In the book just issued, the
total resources of the 1,496 trust companies in the United
States on June 30 1909 are reported as $4,609,088,800 50,
comparing with $3,138,085,328 41 on June 30 1904 for
994 companies, representing an increase of $1,471,003,472 09,
or 46.9%. It is proper to state that these figures and tabulations do not relate alone to trust companies per se, as
known in New York State, but cover, apparently, all institutions having the word "trust" in their title, the business
of some of which is largely of a commercial nature.
Mr. Perine, to whom is due the issuance of the book, besides being a writer on financial subjects, has had wide experience in dealing with financial matters, both in America
and in Europe. He was born in Plainfield, N. J., thirtynine years ago. In 1888 he entered the School of Arts,
Columbia University, but a year later was offered a position
with the Third National Bank of Jersey City. .From there
he went in 1893 to the United States Mortgage & Trust Co.,
where he was first Cashier, then Treasurer. Since 1904 he
had been with the Audit Company, first as General Manager,
then as President. During his association with that company, his professional duties brought him frequently before
the public. In 1905 the Merchants' Association of New
York called upon him to make a thorough examination of
the New York Telephone Co., and two years ago he testified
as an expert in the Pennsylvania Railroad's suit to have the
two-cent rate law in Pennsylvania set aside.
—David Lapsley, of the New York Stock Exchange firm
of David Lapsley & Co., 66 Broadway, died on the 27th ult.
He was in hisforty-ninth year. The present firm, of which
T. F. Cahill is the surviving partner, was formed on April 1
1897. Mr. Lapsley had been a member of the Exchange
since 1882.

Mr. Ryan, it is understood, paid $2,500,000 for the Hyde
holdings, but no information has been divulged as to the
selling price in the present instance. While Mr. Morgan
comes into control of a majority of the stock, it is pointed
out that the voting power of the stock is retained by the
trustees. According to the terms of the voting trust agreement, it may be renewed at the option of the trustees for a
further five-year period at the expiration of the original fiveyear term, but one of the trustees, ex-President Cleveland,
is dead, and the remaining two trustees, it is known, would
be glad to be relieved of their task. It is thought likely,
therefore, that with control in Morgan's hands, thus giving
assurance of the protection of policy-holders' interests, the
trustees will relinquish their trust. On Wednesday last
Henry W. De Forest and Robert Goelet were elected directors of the Equitable Life.
—On Dec. 1 the Italian-American Trust Co. of 520 Broadway, this city, changed its name to the Savoy Trust Co. of
the City of New York. This change, it is announced, was
deemed expedient owing to the large number of Americans
doing business with the company, who preferred a name not
so distinctly foreign. The officers of the company remain
the same, and are as follows: Emanuel Gerli,President; T.K.
Sands, C. Piva and Arthur Day, Vice-Presidents, and Arthur
Baur, Secretary and Treasurer. Mr. Sands, who became
connected with the company two months ago, was fortnerly
Vice-President and Cashier of the Bank of Richmond at
Richmond, Va. A statement issued by the trust company
under date of Dec. 1 shows deposits of $1,724,151 and aggregate resources of $2,283,842. The capital is $500,000.
—Charles Stewart Smith, formerly a well-known merchant
of this city and an important factor in civic affairs, died on
Tuesday after several weeks' illness. He is perhaps best
remembered as a member of the Rapid Transit Commission,
on which he served from 1896 until that organization was
succeeded by the Public Service Commission. Mr. Smith
was a brother of James D. Smith, who died on September 21,
and who had been a former President of the New York Stock
Exchange. Charles Stewart Smith was born in Exeter, N.
H., on March 2 1832. While he had for many years been
identified with the dry goods business, his interests were not
entirely centered in that field. At the early age of twenty-one
years, he was a partner in the firm of S. B. Chittenden & Co.,
and later he was senior member of the commission house of
Smith,Hogg & Gardner. He withdrew from active connection in the latter in 1887, retaining, however, his financial
interest therein. Mr. Smith had for seven years, from 1887,
been President of the New York Chamber of Commerce, and
he had also been one of the founders of the Fifth Avenue
Bank and the German-American Insurance Co. Besides being a member of the directorates of these institutions, he
was a trustee of the United States Trust Co., a director of the
Fourth National Bank (of which board he had been a mem-, —Isidore Newman, head of the banking house of Isidore
ber since Sept. 29 1879), the Merchants' National Bank, the Newman & Sons of New Orleans and New York, died on
German-Alliance Insurance Co., President of the Associated Tuesday at his home in New Orleans. Mr. Newman, who
Land Co., Vice-President of the City & Suburban Homes Co., was seventy-two years of age, was born in Kaiserlatten,
President of the Mercantile Real Estate Co. and Treasurer of Germany. Coming to this country in 1860, he settled at
Woodlawn Cemetery. In 1894 the Republican nomination Harrisonburg, La., but since 1868 had been a resident of
for Mayor was offered Mr. Smith, but this he declined, serv- New Orleans. He was chiefly interested in the financing of
ing instead as chairman of the Committee of Seventy, street railroad properties and is said to have been the printhrough whose efforts the election of W. L. Strong was ef- cipal owner of the Maison Blanche, one of the large departfected. He was also chairman of the executive committee of ment stores in New Orleans. .
—James J. Storrow, who is a candidate for Mayor of
the Citizens' Union, to which was due the election of Mayor
Low in 1897, and was a member, also, of the Committee of Boston, has resigned as a director of the First National Bank
Fifteen in 1900. He was a director of the Metropolitan Mu- of that city. He also recently retired as President of
seum of Art, a trustee of Barnard College and a member of the Boston Chamber of Commerce but maintains his partnumerous clubs and societies. A committee from the Cham- nership in the banking firm of Lee, Higginson & Co.
ber of Commerce attended the funeral on Thursday. Many
—Edward B. Smith & Co., the well-known Philadelphia
tributes were paid to his memory at the meeting of the and New York bankers, announce a change in their firm
Chamber this week.
which went into effect last Thursday. The old co-partner—A comprehensive publication treating of the growth and ship, including Edward B. Smith, Francis E. Bond, George
present wealth of American trust companies has been dis- W. Norris, Osborn W. Bright and Charles F. Bloomer, was
tributed by the Audit Company of New York. The dissolved, to be succeeded by the new firm composed of the
book comprises two addresses made before the Trust following members: Edward B. Smith, George W. Norris,
Company Section of the American !Bankers' Association, Herbert H. Dean and Thomas Newhall, general partners,




1460

THE CHRONICLE

and Francis D. Bond, special partner. Edward B. Smith
& Co. are members of the New York and Philadelphia Stock
Exchanges and will continue to be known by the old firm
name. Herbert H.Dean, of the new partnership, was elected
a member of the New York Stock Exchange last Thursday.
—Horatio G. Lloyd has resigned as President of the Commercial Trust Co. of Philadelphia to become affiliated with
the banking firm of Drexel & Co. Mr. Lloyd's resignation
takes effect on the 15th inst. He has been at the head of
the company for seven years, prior to which he was a VicePresident. He will continue as a director of the institution.
It is announced that G. Clymer Brooke, of George S. Fox
& Sons of Philadelphia, is also to become associated with
Drexel & Co. It is the expectation that both Messrs. Lloyd
and Brooke will be admitted to membership in the firm.
—Frank H. Caven has been named as permanent receiver
of the American Trust Co. of Philadelphia, which was closed
by the State Banking Department on Nov. 17. State Bank
Examiner Albert L. Taber, who had been in charge of the
institution as temporary receiver, alleged at the hearing this
week that the company was insolvent. He is reported as
stating that in his examination of its affairs he found the
deposits amounted to $400,000, and that the assets of unquestioned value were $378,000, showing an excess of liabilities of $22,000. He is also quoted as declaring that the
capital, surplus and undivided profits had been wiped out
by bad assets. The Fidelity & Deposit Co. of Maryland on
Nov. 30 paid over to State Treasurer J. 0. Sheatz the sum
of $8,035 50—the amount of the State's deposit in the
American Trust Co., together with interest.
—E. P. Balderston has replaced the late Bernard Taylor
as Cashier of the Northern National Bank of Philadelphia.
—The recent statement issued by the Old Bank of Pittsburgh (National Association), Pittsburgh, Pa., under date
of Nov. 16, reports deposits of $16,323,449 and aggregate
resources of $23,905,536. This bank, which is the oldest in
the United States west of the Allegheny Mountains, will celebrate in February 1910 its 100th anniversary, having been in
continuous existence since 1810. It has a capital of $2,400,000 and surplus and undivided profits of $2,975,990.
—Charles T. Atkinson has been elected Secretary and
Chairman of the Chicago Stock Exchange, in place of the
late William B. Wrenn. Mr. Atkinson has for several years
occupied managerial positions in Chicago with prominent
stock houses, such as Finley Barrell & Co., and Farson, Son
& Co. He should make, a very competent Secretary for
the Exchange.
—The stock of the Corn Exchange National Bank of Chicago has been placed on a dividend basis of 16%, the directors having this week declared a quarterly disbursement
of 4%,payable Jan. 3 to stockholders of record Dec. 3. The
bank had previously paid 3% quarterly, or 12%, annually.
It has a capital of $3,000,000. The directors have directed
the transfer of $1,000,000 from undivided profits to surplus,
thus giving it a surplus of $4,000,000.
—The growth of the banking institutions of Texas during
the past six years has been made a subject of investigation
by Colonel W.J. B. Patterson, editor of the Texas "Banker."
In a recent issue the "Dallas News" took occasion to refer
to Col. Patterson's statistics, and we cull therefrom some of
the principal items to indicate the development in that
direction. It is shown that in the six years from November
1903 the total deposits in the Texas banks have more than
doubled, having increased from $105,532,789 to $224,602,519
—the latter being the figures reported in the statements of
Feb. 5 1909. The banking capital, surplus and undivided
profits have grown since 1903 from $44,558,769 to $86,843,183 on Sept. 1 1909. Col. Patterson also makes comparisons with the conditions at the time of the panic. "The
deposits in the banks.of Texas had diminished," he states,
"$25,081,106 by the December following the panic, and by
July 1908 were $38,985,978 less than at the end of August
1907; but after July 1908 deposits started on the up-grade
and reached the high-water mark of $224,602,519 by Feb. 5
1909, or a gain of $72,074,135." Since February there has
been a relatively small shrinkage in this item. In August
before the panio of 1907, he adds, there were 795 national
and State banks in Texas, while there were on Sept. 1 this
year 1,007. A still more striking evidence of progress is




[VoL. taxxix.

afforded, he continues, by going back to the fall of 1903,
when there were no State banks, and the number of national
was 377, which practically represented the entire banking
business of Texas in all but private banks.
—Frank W. Kettenbach has resigned as President of the
Lewiston National Bank of Lewiston, Idaho, having, it is
reported, been indicted on Nov. 22 by the Federal grand
jury. Others indicted at the same time, according to the
"Oregonian" of Portland, were William Kettenbach, previously President of the institution; George H. Kester, exCashier, and Clarence W. Robnett, ex-bookkeeper. The
proceedings have grown out of an alleged shortage of $137,000
in the funds of the institution, which was announced by National Bank Examiner Gatch during the summer, following
which charges were brought against former Bookkeeper
Robnett and former Assistant Cashier J. E. Chapman. The
latter is seemingly cleared of all connection with the matter,
no indictment having been brought in his case. Frank W.
Kettenbach, who was President of the Idaho Trust Co., was
elected President of the Lewiston National two years ago,
succeeding his brother, W. F. Kettenbach, and the trust
company was subsequently merged in the bank. The "Oregonian" states that, according to allegations contained in
the indictment just returned, • practically all the national
bank defalcations existed at the time of the merging of the
two institutions.
—The Enid State Guaranty Bank of Enid, Okla, has
surrendered its State charter, and again come under the
Federal laws,resuming its old name, the First National Bank.
The institution had operated under the latter title up to
May 1 last, when its national charter was surrendered. The
change to a State institution was brought about, it is said, by
a ruling of the State Bank Commissioner. It appears that
the controlling interests in the bank also own a number of
smaller banks in country towns, and it was held by the
Commissioner that these small banks could not deposit in
the national banks, even though owned by the same interests.
The First National, it is stated, was therefore finally compelled to come under the guaranty law, or permit the deposits
of its subsidiary banks to be kept in State institutions. With
the recent failure of the Columbia Bank & Trust Co. of
Oklahoma City, the institution decided to withdraw from
the guaranty system, and accordingly made application for
a new national charter under its former name. The First
National has a capital of $100,000. It is reported that
during the six months it operated under the guaranty law, it
contributed almost $6,000 to the fund, its share of the
assessment levied as a result of the failure of the Columbia
having been about $4,000, in addition to which, it is said, it
paid nearly $2,000 through the annual levy.
—The North St. Louis Savings Trust Co. of St. Louis,
which, as we have heretofore stated, has been organized
with an authorized (and paid in) capital of $100,000, began
business on Oct. 15. The selling price of the stock was
$110 per share of $100, thus giving a surplus of $10,000.
The management consists of Louis Boeger, President;
G. Phil. Hofmann and Edw. Pancok, Vice-Presidents; H. H.
Oberschelp, Third Vice-President and Counsel, and Charles
W. Owen, Secretary and Treasurer.
—The Mississippi Valley Trust Co. of St. Louis is distributing a unique booklet entitled "Savings and Citizenship," by
William McChesney Martin. An interesting fact noted is
that "in the twenty years of the trust companies' existence
in St. Louis no depositor in any of them has ever lost one
cent." The question of savings accounts is a very important
matter with most trust companies throughout the country,
and in this little book the writer, Mr. Martin (who is Assistant
Bond Officer -of the company), gives a great many cogent
reasons why people should save a part, at least, of their
income. A copy will be mailed upon request.
—The Hamilton National Bank of Chattanooga, Tenn.,
will increase its capital in January from $400,000 to $500,000.
The action was approved at a meeting of the shareholders
on November 17. It is the purpose to allot the new stock
to the existing shareholders at $140 (par $100) per share,
red to the public
and any not thus disposed of will be
at a price to be determined later, possibly at $145 or $150
per share. Besides enlarging its capital, the bank will also
thereby raise its surplus and profits from $171,673 to about

Di.. 41909.]

THE CHRONICLE

1461

$220,000. This is the second addition to capital during the of $500,000, and its total resources on Oct. 18 1909 were
four years the institution has been in operation. It began $3,771,987. Its deposits on that date were reported as $2,business on Oct. 10 1905 with $250,000 capital; in April 1908 742,759, this amount contrasting with $1,808,457 on Oct. 18
it was increased to $400,000; and under the present action 1908. The officers of the institution are E. J. Buck, Presithe amount is to become half a million dollars. The deposits dent; P. J. Lyons, Vice-President; George A. Tonsmiere,
of the bank under the Comptroller's call of Nov. 16 are $2,- Cashier; A. C. Tonsmiere and J. F. Jossen, Assistant Cashiers.
721,606 and its total resources $3,093,279.
—It is reported that arrangements have been completed
—The Third National Bank of Atlanta has arranged for for the consolidation, which is to go into operation on Jan. 1,
the construction of a new bank building at the corner of of four Louisiana institutions. The combination will emBroad and Marietta streets. The site is owned by John W. brace the Calcasieu Trust & Savings Bank of Lake Charles,
Grant, one of the directors of the institution, and is valued the First National Bank of Lake Arthur, the First National
at $250,000. The plot and building, when completed, will Bank of Jennings and the First National Bank of Welsh, the
represent, it is said, an investment of $750,000, and will be consolidation being effected under the title of the first-named
owned jointly by the bank and Mr. Grant. The building is institution. The new bank will be affiliated with the Calto front 100 feet on Broad Street and 67 feet on Marietta casieu National Bank, and Frank Roberts, Vice-President of
Street, with a width of 90 feet on the rear line. The bank the latter, will be at the head of the consolidated concern,
will occupy the lower and mezzanine floors, and will locate which is to have $250,000 capital.
its safety-deposit department in the basement. There are
—Wyatt H. Ingram Jr., former Trust Officer of the Hito be fifteen stories above those to be used by the institution. bernia Bank & Trust Co.
of New Orleans, La., who was conConstruction on the property will be started about the first
victed on Oct. 20 on an indictment covering two counts,
of the year, and in another twelve months the bank expects which charged him
with having on March 2 1908 forged and
to begin operations in its new quarters. The bank has a counterfeited
a promissory note for $6,000 in the name of
capital of $200,000, surplus and profits of about $625,000 Otto B. Kahn, was
sentenced to twelve years in the peniand deposits of about $3,200,000.
tentiary on the 12th ult. A motion for a suspensive appeal
—The officers of the new Fulton National2Bank of Atlanta, filed by his counsel was granted. Ingram was arrested last
Ga., were elected on October 25. They are Dr. W. J. July charged with forgery and embezzlement.
Blalock, President; Julius Bashinski and M. R. Emmons,
—Frank W. Vaughan, who some months ago purchased a
Vice-Presidents, and A. B. Simms, Cashier. Mr. Simms
controlling
interest in the Harris County Bank & Trust Co.
is at present Assistant Cashier of the Citizens' National Bank
(formerly the Harris County Savings Bank)of Houston,Tex.,
of Macon, Ga. The application to organize the Fulton Nahas added to his holdings through the purchase of the stock
tional was approved by the Comptroller of the Currency
of seven of the directors. The charter of the institution
about two months ago. The subscribed capital, it is stated, is
$300,000. The bank will have its quarters in the English- has been amended, increasing the number of directors from
thirteen to seventeen and the board has been reorganized
American Building at Peachtree, Broad and Poplar streets.
with the election of eleven new members who serve with six
—A dividend of 15%, the third payment, it is reported, re-elected members.
C. F. McGinty has replaced R. F.
has been distributed to the depositors of the failed Neal Butts as Cashier
of the institution, and A. C. Abell, M. C.
Bank of Atlanta, Ga. The amount previously paid out, Lyons and B. J.
Harper are successors to E. V. Long, John
it is announced, was 40%, in two installments of 20% each, Farmer and John T.
Browne as Vice-Presidents of the
thus bringing the aggregate up to 55%. The bank sus- company. Mr. Vaughan
continues as President. He is
pended on Dec. 23 1907.
also Cashier of the American National Bank of Houston.
-The American National Bank of Macon, Ga., in its
statement of Nov. 16, showing resources nearing the $5,000,000 mark, presents the strongest report ever issued by it.
DEATH OF JAMES P. CAREY.—Mr. James P. Carey,
The total resources in the latest exhibit stand at$4,817,069,
who
was connected with the editorial staff of this paper for
and compare with $3,959,602 on Sept. 1 and4,43,431,100 on
Feb. 5 1909. The deposits in the newest statement are a period of almost exactly twenty-nine years, died last Sungiven as $3,651,778, and against this the institution reports day morning from cirrhosis of the liver. Mr. Carey was born
$1,888,111 as cash in its vaults and the vaults of other banks. at New Haven Jan. 7 1831, and, had he lived until the comThe average deposits reported under the previous calls ing January, would hence have been seventy-nine years of
during the year were about $2,500,000. The bank has a age. He had a wide acquaintance in the financial world,
capital of $500,000, a surplus (earned) of $300,000 and undi- and was an experienced hand on financial subjects. In his
vided profits of $85,275. The management consists of time he was connected with many of the leading daily papers
R. J. Taylor, President; W. M. Johnston and L. P. Hillyer, of New York. At the outbreak of the Civil War he was city
Vice-Presidents; Oscar E. Dooly, Cashier, andIEVIScott, editor of the "Commercial Advertiser," and early in his
career he was connected in one capacity or another with the
Assistant Cashier.
"New York Times," the "New York World," the "Sun," the
—Controlling interest in the Central Georgia Bank of Ma- "New York Tribune"
and other journals.
con, Ga., has been secured by interests in the Citizens' NaHis life work, however, was in connection with three pubtional Bank of that city. The syndicate which has acquired lications, the "Journal of Commerce," the
"Brooklyn Daily
control is composed of E. W.Stetson, J. N. Neel,r,S.Guthman, Eagle" and the "Commercial & Financial
Chronicle." He
S. T. Coleman, J. Clay Murphey and B. S. Walker Jr. The was financial editor of the
"Eagle" for twenty-seven years,
price at which the purchase was effected,the Macon "Tele- and for eighteen years of this
time was also financial editor
graph" reports, was 1049 per $100 share, bid through E. W. of the "Journal of Commerce,"
the "Eagle" being an afterStetson, Cashier of the Citizens' National. The Central noon paper and the "Journal of
Commerce" a morning paper.
Georgia Bank, which was organized in 1869, has a capital of His position with the latter he
retained up to the time of
$100,000. The officers heretofore in charge, namely, Capt. its consolidation with the "Commercial
Bulletin." His conR. H. Brown, President; W. R. Cox, Vice-President, and nection with our own paper dated from December
1880.
T. 0. Chestney, Cashier, will continue under the new owner- His specialty was the money
and foreign exchange markets
ship until the annual meeting in January.
and he covered these markets for us continuously from the
—A sketch of the history of the City Bank & Trust Co. date mentioned up to a few weeks ago. There was probably
of Mobile appears in the November number of "The Progressive no better informed man on foreign exchange among the newsBanker," a periodical published by the Progressive Bankers' paper fraternity. He had the entree of all the foreign exClub in the interest of the institution, its employees and the change houses, knew where to get his facts,and how to use
city of Mobile. The occasion for the review is the celebra- them after he got them. In the more recent years, he contion of the tenth anniversary of the institution, which oc- fined his work almost entirely to this publication. His illcurred on the 1st inst. The bank's inception was as a ness was of relatively short duration, extending back hardly
national institution—the City National—it having begun more than three months, but proceeded rapidly to a fatal
business under that title on Nov. 1 1899. In April 1903 it termination. Even while sick, however, he could not be
was converted into the City Bank & Trust Co. and its capital prevailed upon to cease his daily routine, and kept at work
increased from $200,000 to $500,000. It also has a surplus until about five weeks before his death, insisting—such was




[Vol, Lxxxix.

THE CHRONICLE

1462

his devotion to duty-upon performing his customary task,
against all advice and protest, until absolutely overcome by
physical disability.
UNITED STATES STEEL CORPORATION.-With
Chart of Quarterly Earnings. By Charles Wilson Taintor
(Massachusetts Institute of Technology), in charge of bond
department Tucker, Hayes & Co., Boston. Printed by the
Steno-Type Co., 35 Congress St., Boston, Mass. Price $3.
This work consists of a chart and description, bound in cloth
covers. The chart is printed in ten colors and is a statistical
picture of each quarters' earnings and distribution of same
from organization to Oct. 1 1909. The text gives a brief
description of the chart and an estimate of the standing of
the Corporation's securities. The author states that the
saying "one dollar for dividends for one dollar for the road"
may be conservatively applied to the U. S. Steel Corporation, as more than one dollar has thus far been reserved for
investment in plant for each dollar paid in preferred and
common stock dividends, while for each dollar paid in dividends on the common stock alone, three dollars and fiftyfive cents has been reserved for investment. The Corporation's productive capacity, he states, has been increased at
about the same rate as that of the independent producers, as
in both 1901 and 1008 the Steel Corporation's proportion
was about one-half of the total production. The average
number of employees during 1908 was 165,211, and of this
number 22,960, or about one in seven, were owners of preferred stock. No one will disagree with the author when he
says that the bankers identified with the Steel Corporation
represent the best elements in American finance.

Pacific Clearings brought forward from first page.
Week ending November 27.
Clearings at1908.

1909.

i nc. or
Dec.

1906.

1907.

San Francisco_ __
Los Angeles
Seattle
Portland
Spokane
Salt Lake CityTacoma
Oakland
Helena
Sacramento
San Diego
Fargo
Sioux Falls
Fresno
Stockton
San Jose
North Yakima
Billings

$
36,651,290
12,841,325
11,683,410
7,110,331
4,091,346
6,926,391
5,304,729
1.939,196
851,843
1,062,725
950,000
930,609
740,000
619,762
498,226
528,307
354,956
328,941

$
33,960,154
9,986,736
7,942,486
4,927,052
3,085,424
6,196,052
3.989,130
1,189,092
1,130,757
804,030
700,700
735,825
580,000
499,091
696,349
415,296
269,550
250,000

%
+7.9
+28.6
+47.1
+44.3
+32.6
+11.8
+33.0
+63.1
--'.4.7
+32.2
+35.6
+26.5
+27.6
+24.2
-22.9
+27.2
+31.7
+..1.6

$
22,763,668
6,136,283
6,064,393
3,354,419
2,061,701
2,871,666
3,900.000
944,291
823,680

$
46,999,424
11,800,088
8,432,462
3,895,431
4,885,708
6,901,502
4,328,979
3,089,416
774,329

485,242
450,000

437,582
271,526

600,000
400,000

257,673

Total Pacific

93,413,387

76,107,724 +22.7

50,855,343

94,074,120

Eleven Months.

November.
Clearings at1909.
San Francisco_
Los Angeles_ __
Seattle
Portland
Spokane
Salt Lake City_
Tacoma
Oakland
Helena
Sacramento_ _ _
San Diego _ _ _ _
Fargo
Sioux Falls _ _ _
Fresno *
Stockton
San Jose
N'th Yakima*
Billings

1908.

Inc. or
Dec.

1909.

1908.

Inc. or
Dec.

187,562,499 154,689,237 +21.2 1,786,248,402 1,605,544,448 +11.3
62,070,245 44,786,195 +38.8 607,701,054 452,552,721 +34.3
57,917,106 38,818,327 +49.2 531,392,318 388,143,127 +36.9
38,403,584 26,588,073 +44.4 353,586,611 281,570,765 +25.6
19,300,000 14,504,100 +31.1 182,820,619 140,272,377 +30.3
33,282,756 28,382,020 +17.3 304,406,162 228,068,072 +33.5
25,728,733 18,773,374 +37.0 255,065,196 196,257,434 +30.0
8,413,377 6,425,633 +30.9
69,161,880 +26.0
87,170,782
36,598,632 +18.4
43,331,743
4,636,390 4,453,230 +4.1
40,707,479 +20.5
49,038,239
5,969,757 4,734,112 +26.1
34,488,222 +37.0
47,259,889
4,000,000 3,023,017 +32.3
27,539,838 +28.1
35,287,21,5
5,000,000 3,834,909 +30.4
32,197,710
26,414,602 +21.9
4,162,773 2,86,1,268 +45.3
25,900,627
18,113,038
3,373,286 2,992,778 +12.7
26,328,063
22,004.760 +19.7
3,954,269 2,303,000 +71.7
22,964,882
21,213,183 +8.3
2,836,214 2,068,558 +37.1
8,241,545
17,436,118
1,916,567 1,270,510 +50.9
8,7s1,820 +12.0
9,849,489
1,334,164 1,009,580 +32.2

Total Pacific 464,571,837 357,258,233 +30.0 4,374,649,324 3,579,329,360 +22.2
* Not included in total for month and eleven months; comparison Incomplete.
Canadian Bank Clearings.-The clearings of the Canadian
Our usual monthly detailed statement of transactions on
banks for the month of November 1909 show an increase over
the same month of 1908 of 30.2%, and for the eleven months the New York Stock Exchange is appended. The results
for the eleven months of 1909 and 1908 are given below:
the gain reaches 24.9%.
Eleven Months.

November.
Clearings at1908.

1909.

Inc. or
Dec.

1908.

1909.

Inc. or
Dec.

$
Canada193,152,623 141,584,213 +36.4 1,669,912,108 1,326,609,950 +25.9
Montreal
141,014,400 122,074,422 +15.5 1,297,193,846 1,043,682,827 +24.3
Toronto
116,569,351 86,080,626 +35.4 675,171,910 538.510,562 +29.1
Winnipeg
32,572,215 16,626,681 +95.9 256,390,228 164,762,547 +55.6
Vancouver_ _
15,999,380 14,233,129 +12.4 157,603,244 141,227,189 +11.6
Ottawa
11,418,478 11,208,708 +1.9 106,408,639 101,418,453 +4.9
Quebec
82,039,122 +5.8
86,827,366
9,089,033 7.761,665 +17.1
Halifax
57,220,111 +50.7
86,255,567
11,511,168 7,769,612 +48.2
Calgary
65,289,824 +17.0
76,387,982
8,516,470 6,391,419 +33.6
Hamilton
61,159,335 +6.9
65,396,560
6,912,866 6,1114,908 +13.2
St. John
50,416,942 +24.2
62,596,303
7,200,485 5,049,844 +42.6
Victoria
56,192,020
51,469,980 +9.2
5,453,583 4,792,095 +13.8
London
34,396,189 +34.3
46,197,975
. 5,422,818 4,117,188 +31.7
.
Edmonton_.
Not incl. in total.
Not incl. in total.
Regina
Total Canada 564,832,870 433,794,510 +30.2 4,642,533.748 3,718,203,031 +24.9

The clearings for the week ending Nov. 27 make a very
satisfactory comparison with the same week of 1908, the
increase in the aggregate having been 23.6%.
Week ending November 27.
Clearings at1909.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Calgary
Hamilton
St. John
Victoria
London
Edmonton
Regina

1908.

Inc. or
Dec.

$
44,130,000
29,360,842
25,395,000
8,195,000
3,580,553
2,485,000
1,860,000
2,415,214
1,867,700
1,448,519
1,775,000
1,210,466
1,095,000
1,197,145

32,990,957 +33.8
27,338,080 +7.4
21,546,368 +17.9
4,087,003 +100.5
3,511,147 +2.0
2,197,707 +13.1
1,699,070 +0.5
1,837,478 +31.5
1,397,205 +33.6
1,289,618 +12.3
1,193,396 +48.8
1,019,641 +18.7
878,678 +24.7
Not incl. In total.

1907.

Description.

Eleven Months 1009.
Par Value
or Quantity.

Actual
Value.

Eleven Months 1908.
Aver. Par Value
Price. or Quantity.

Actual
Value.

Aver.
Price.

174,203,992
197,072,179
StockiSh's.
J
818040,979,750 817551,929,338 97.3$15553,670,000$13259,513,383 85.2
RR. bonds$1,169,121,600 81,137,911,915 97.3 $837,240,200 $733,398,283 87.6
$568,451 110.0
$516,820
$668,963 109.6
Gov't bds_
$610,200
State Ms_
$35.134,200 $34,874,643 99.3 $78,921,000 $82,198,113 104.2
$430,673 198.6
$216,800
$499,054 279.9
$178,450
Bank st'ks
Total - _ 819246,024,200818725,883.913 97.3$16470,564,820 $14076,108,903 85.5
MONTHLY CLEARINGS.
Clearings, Total AU.
Month.
1909.

1908.

Clearings Outside New York.
1909.

1908.

$
$
Jan __ 14,035,198,325 11,373,873,175 +11.4 5,150,898,630 4,623,598,218 +11.4
Feb __ 11,244,250,289 8,767,501,643 +28.2 4,356,544,965 3,871,470,815 +12.6
Mch
12,606,397.179 9.788,960,321 +28.7 5,119,540,050 4,287,919,982 +19.3
1st qr_
April _
May__
June _

37,895.835 793 29,930,335,139 +27.2 14,626,992,654 12,782,989,015
13,664,720,597 9,776,913,522 +39.8 5,059.991.920 4,289.339.214
12.889,301,041 10,868,844,965 +19.5 4,893,050,949 4,109,011,134
14,134,647,245 9,835,204,180 +45.5 5,022,944,941 4,181.344,263

+14.4
+15.4
+16.5
+20.2

2d qr. 40,788,668,883 30,480,962,667 +33.8 14,975,986,810 12,069,694,611 +18.2
1906.

$
29,095,098 31,286,965
22,000,000 27,792,199
15,064,440 14,348,664
3,538,382 3,353,836
2,861,524 3,163,862
2,337,630 1,776,235
1,785,678 1,760,000
1,335,459 1,629,279
1,470,316 1,529,369
1,232,387 1,231,755
1,004,635 1,028,729
1,061,355 1,184,947
' 877,629
850,079

6 mos. 78,684,504,676 60,411,297,806 +30.2 29,602,979,464
July_ _ 13,450,296,601 11,083,067,658 +21.4 5,130,554,853
Aug _ 13,494,088,282 10.258,939,077 +31.5 4,807,150,872
Sept_ _ 13,523,716,649 11,123,659,568 +21.6 5,045,339,702

25,452,683,626 +16.3
4,484,979,899 +14.9
4,033,825,469 +19.1
4,341,175,951 +15.3

3d qr.. 40,468,101,532 32,465,666,301 +24.7 14,1183,545,427 12,839,981,319 +16.7

9 mos_ 119152606,208 92,876,964,107 +28.3 44,586,524,891 38,292,664.945 +16.4
Oct __ 15.851,214,417 12,148,793,193 +30.5 5,798,872,871 4,914.521,420 +18.0
Nov __ 14,758,582,906 12,900.265,305 +13.6 5,695,006,253 4,799,242,50w +18.7
BANK CLEARINGS AT LEADING CITIES.
November---- --Jan.1 to Nov.30-1906.
1909. 1908. 1907. 1906. 1909. 1908. 1007.
(000,000s
$
$
3
$
omitted.)
$
$
9,064 8,191 5,501 8.608 03,682 70,010 81,832 95,448
New York
975 12,557 10,720 11,273 10,040
822
1,162 1,020
Chicago
754 7,668 6,618 7,618 7,616
579
712
763
Boston
654 6,275 5,366 6,868 7,019
503
537
627
Philadelphia
2,919 2,701
266 3.119
233
2,777
268
318
124,818,294 100,986,348 +23.6 83,673,533 90,034,919 St. Louis
Total Canada
217 2,127
212
168
1,882
215
Pittsburgh
113
218
155
1,786
1,606
188
Francisco
San
1,314
113
.
108
126
1,120 1,369
141
1,324
Baltimore
Clearings by Telegraph.-Sales of Stocks, Bonds, &c._ Cincinnati
11uv
1,116
90
1271
110
111
113
1,225
1,204
1,527
1,668
The subjoined table, covering clearings for the current week, Kansas City
175
226
127
2,172
124
762
833
682
794
62
82
65
74
usually appears on the first page of each issue, but on account Cleveland
906
861
693
797
76
100
110
80
Orleans
339
1,056
of the length of the other tables is crowded out once a month. New
959
923
106
106
98
127
Minneapolis
594
608
516
586
52
47 - 41
50
Louisville
657
613
608
697
73
56
57
71
Detroit
495
518
0
448
548
45
43
49
57
Milwaukee
1908.
1909.
'cr Cl. Los
Returns by Telegraph-1Verk end. Dec. 4
526
453
554
606
54
38
45
62
Angeles
359
362
350
305
36
31
42
28
Providence
+6.5 Omaha
$1,977,052,801 $1,856,808,256
New York
458
544
526
674
42
63
42
59152,114,627
+4.9 Buffalo
145,070,368
360
Boston
403
425
375
35
34
35
4:3
149,200,684
118,407,709 +26.0 St. Paul
Philadelphia
378
439
439
470
45
43
47
50
30,154,177
23,529.884
+28.1
331
Baltimore
374
380
342
34
27
34
38
+6.8 Indianapolis
235,681,451
251.110,153
hIcago
34
425
33
369
38
45
58,536,186 +15.4 Denver
67,537,770
R. Louts
27
7
N.)5
324
27
268
27
34
Richmond
18,785,900
+5.1
19,740,984
New Orleans
28
24
255
226
29
34
Memphis
Lig
43
36
531
39
388
58
-1-7.7 Seattle
$2,646,911,196 $2,456,819,754
167
Seven cities 5 days
172
13
16
14
152
166
Hartford
16
428,647,918 -1-17.9 Salt
505,268.274
255
Other cities, 5 days
270
17
31
304
28
228
33
Lake City- -

:(5)31 ?AI

Fiy

Total all cities, 5 days
All cities, 1 day
Total all cities for week




$3,152,179,470
613,274,897

$2,885,467,672
5:38,275,240

+9.3
+15.8

$3.765,454,367

$3,423,742,918

+10.0

Total
Other clttcs

Al

13,8:37 12,258 9,038 12,939 141,199 110,921 128,016 139,046
642
717 8,563 7,095 7,737 6,688
732
922

14,759 12,990 9,680 13,656 149,762 118,016 135,753 145,736
Total all
Outside New York_ 5,05 4,799 4,179 5,048 56,080 48,000 5:3,921 T. 50,286

DEC. 4 1909.J

THE CHRONICLE

Monttargi
(tonx:11XttdaligneitgitROWS
—
WOVVVYMM....

[From our own correspondent.]

1463

imports. Thus, it is fearedithat:unless rates are raised in
the open market there may be a very.strong demandifor
gold, both for India and for Argentina. vat, rgawida0.431
The India Council offered for tender on Wednesday 40 lacs
of its bills and the applications amounted to 420% lacs at
prices ranging from is. 4 1-16d. to is. 450. per rupee.
Applicants for bills at is. 4 3-32d. were allotted 10 per cent,
and above in full, and applicants for transfers at is.
per rupee were allotted about 10 per cent of the amounts
applied for.

London, Saturday, November 27 1909.
The week opened in gloom. There had been a heavy
of the Stock
.
fall in prices in almost every department
Exchange during the preceding fortnight. On Tueday
the Settlement in gold shares began, and on Wednesday
the Settlement in all other securities. In nearly every
department the differences to be met :were very large and
English Financial Markets—Per Cable.
.
cases would
the fear was widespread that operators in many
The daily closing quotations for securities, &c., at London,
be unable to pay up. It was, therefore, with much anxiety
that the House met on Monday morning. A better feeling, as reported by cable, have been as follows the past week:
sprang up in the course of Tuesday, and the tone became
London,
Week ending Dcc. 3.
Mon.
Sat.
Tues.
Wed. Thurs. Frt.
still better in the course of Wednesday and Thursday; Silver,
per oz
d 23 7-16 234
23 9-16 23 9-16 2334
2334
found,
as
was
indeed
careful
every
obit
firstly, because
Consols, new, 254 percents__ 8234
825-16 82 13-16 82 15-16
82 13-16 8254
For account
834
82 11-16 834
8334
834
server expected, that the "bull" account had been greatly French
8234
rentes (in Paris).._fr_ 99.0234 99.074 99.25
98.95 99.024 98.10 J1
reduced—so much reduced that it had ceased to be dangerous; Amalgamated
Copper Co_ _ _ _ 9454
864
884
88
884
8954
b Anaconda Copper Co
104
94
94
and thatin many directions a"bear"account had been formed. Atchison
94
974
974
Topeka & Santa Fe 12354
12234
122
122
1214
12134
In addition to this, one or two of the greatest South African
Preferred
107
107
107
107
107
107
mining houses began to buy, either in the desire to support Baltimore & Ohio
11934
11854
1184
1184
1184
1184
Preferred
94
94
94
944
94
9454
the market or in the conviction that prices had been got Canadian
Pacific
1834
1824
18234
182%
1834
18174
very nearly as low as they could be driven, and that, there- Chesapeake & Ohio
90
8734
8834
88
88
8834
Milw. dr St. Paul__ _160
1594
1574
15854
158
158
fore, the opportunity to buy on exceedingly profitable Chicago
494
Denver & Rio Grande
4834
4934
4834
4854
5054
terms ought not to be lost.
Preferred
864
8654
864
884
8634
8634
3354
3434
334
Buying from Paris, likewise, set in. The buying was Erie
3334
3394
334
First preferred
493.4
48
4834
484
4834
4834
largely of South African shares and also of copper securities.
Second preferred
41
41
4034
3934
4034
40
Illinois Central
1504
150
150
149
Paris had somehow been led to believe that financial diffi- Louisville
1494
1494
& Nashville
155
155
15354
1534
1531
15334
culties existed in London, and under that belief it had sold Missouri Kansas & Texas 5034 49
4934
484
4834
4834
Preferred
76
76
76
7554
short on a large scale. It has come to discover that the Nat.
76
76
RR. of Mex., 1st pref 5634
564
5634
57
57
57
conviction was wrong and therefore this week it has begun
Second preferred
22
224
224
224
22
22
to buy back. Thirdly, home, investment upon a large N. Y. Central & Hud. Riv_ _1324 1314 130
1304
130
130
N. Y. Ontario az Western
4754
484
474
473.4
474
474
scale is going on. Prices have dropped so low that exceed- Norfolk
& Western
95
c95
944
954
95
9534 i
ingly attractive bargains are offering on every hand, and
Preferred
9154
914
9134
914
9134
914 .:1
Pacific
1484
147
14734
147
147
145
those who have money to pay for and take up stock are not aNorthern
Pennsylvania
67,
4
674
66%
66%
664
6654
disregarding the opportunity. In addition to this, the rate a Reading
88%
86
874
864
8634
8654
a First preferred
4754
474
47
474
47
47
of discount in the open market slipped away during the
a
preferred
514
514
51
5154
51
514
week. At one time bills were discounted as low as 33
4 RockSecond
Island
4194
414
404
4054
424
4034
1324
132
1314
131
per cent. The City generally,therefore,jumped to the con- Southern Pacific
13354
13154
Railway
3134
32
314
33
32
32
clusion that the drain of gold was at an end, and that the Southern
71
7054
Preferred
71
70
70
70
c2064
2044
Bank of England would very soon put down its rate of Union Pacific
20354
20434
20254
20334
10454
105
10554
Preferred
10454
10434
1044
discount.
9034
88%
U. S. Steel Corporation
9294
8934
8954
8954
Lastly, the fears that were entertained respecting what
1274
128
1264 1264
Preferred
127
12634
21K
21
21
224
214
2034
may happen when the Budget is thrown out have,curiously, Wabash
Preferred
5634
55
554
60
56
58
subsided during the week. Everybody believes that the
774
Extended 4s
77
77
77
784
78
Budget will be rejected, and yet there is less apprehension
a Price per share. b £ sterling. c Ex-dividend.
now than there was a week ago. The result of all is that
markets are decidedly better than last week, and that
there is a far more hopeful feeling. Whether the feeling Tommercial and WiscellantonsBeWS
will continue remains to be seen.
In Paris, business is quiet, partly because of the Budget
National Banks.—The following information regarding
difficulties in France itself; partly because of the state national banks is from the office of the Comptroller of the
of things in Morocco, and largely because of the state of Currency, Treasury Department:
things here in England. But Paris has been buying much
APPLICATION TO CONVERT INTO NATIONAL BANK
more freely than for a considerable time past. In Germany
APPROVED.
the bourses have been firm and a fair amount of business is
The Peoples Bank of Naper, Neb., fnto "The First National Bank of
doing,partly in the belief that the copper combine will be Naper.' Capital, 325,000. Correspondent, J. M. Flannigan, Stuart, Neb.
NATIONAL BANKS ORGANIZED.
carried through; partly encouraged by the firmess of New
November 1810 November 23.
York; partly because better dividends have been declared 9,585—The First National Bank of Sioux Rapids, Ia. Capital, $50,000.
C. B. Mills, Pres.; E. M. Duroe, Vice-Pres.; Scott W. Whiteheadj
by the leading electrical companies, and partly, also, under
Cashier; B. G. Peterson, Asst. Cashier.
the influence of improving trade. The great markets on the 9,586—The First National Bank of Enid, Okla. Capital, $100,000. S. T.
Goltry, Pres.; C. W. Goltry, Vice-Pres.; Jno. P. Cook, Cashier.
Continent and here react upon one another. The better
Conversion of The Enid State Guaranty Bank, which succeeded The
feeling in London has, no doubt, helped to strengthen the
First National Bank of Enid (charter No. 5335) when it went Into
voluntary liquidation.
Continental bourses, and the strengthening of those bourses
9,587—The Fort Pierre National Bank, Fort Pierre, S. D. Capital, $25,has helped to increase the better feeling here.
000. Chas. D. Goldsmith, Pres.; Charles J. Lavery, Vice-Pre-s.:
L. E. Goldsmith, Cashier; F. R. Strain, Asst. Cashier. Conversion
The Bank of England has made no change in its rate of
of The Fort Pierre Bank.
discount, but in the open market rates fell away rapidly in 9,588—The
Farmers National Bank of Newville, Pa. Capital, $25,000.
the earlier part of the week. The hope now is that they
J. T. Alter, Pres.; D. Boyd Alter, Cashier.
will gradually be raised again for there is danger that gold
Auction Sales.—Among other securities the following, not
shipments may begin again. Owing to the exceedingly
good monsoon and to the splendid prospects of the crops, regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian H. Muller & Son:
India is exporting on a very large scale. But the India
Stocks.
Stocks.
Council is selling its drafts cautiously. Consequently, the
2 Bank of America
6024 500 U. S. Light & Heating Co.,
Indian banks find it cheaper to send out gold to pay for the
2 First National Bank
841
common
$2 per share
1 Fifth Avenue Bank
4420
purchases and at the end of last week they sent M25,000.
300 E W Bliss Co., common
140
450
German Exch. Bank
126 Central N. J. Land Imp. Co.
This week they bought in Egypt about half a million and 58
3 Gallatin National Bank
341
and $53 50 scrip
$10 per share
3 Mechanics' tiational Bank_ _ _300
sent it. The cotton crop in Egypt is turning out to be much
20 Biograph Co
75
3 National City Bank
421
250 St. Louis Car Co
$50 lot
less than was expected. Consequently, it is found that the
2 Central Trust Co
1030
30 Amer. Seating Co.,com_ _15 per share
gold sent from here to Egypt is more than is needed and 61 Long Island Safe Deposit Co_ _121 416 65-100 Gulf & Chic. Ry. Co.1
Morton Trust Co
ctf. of deposit)
5304
$100
now a considerable amount of that gold is likely to go to 252 Metropolitan
455 65-100 Mobile Jack. & K. C. lot
536
Trust Co
India. The India Council on Wednesday next will increase
2 N. Y. Life Ins. & Trust Co_11154
RR. ctf. of deposit
32534 438 Mobile Jack. & K.C. RR. Co.)
2 Fulton Trust Co
its offer of drafts to 691acs,and it is hoped that the following
2 United States Trust Co
1260
ctf. of deposit
I $50
week it will increase its offer still more. If so, the demand
1251
2 Union Trust Co
72 69-100 Gulf & Chic. Ry. Co.1 lot
9 Astor Trust Co
34034
ctf. of deposit
for gold will be materially lessened. But the best opinion
30 Christopher & 10th St. RR.Co. 883,4 67 Woodlawn Cemetery
143-148
is that weekly sales of about 100 lacs are requisite.
45 42d St.& Grand St.F'y RR.Co.220
18 Union Bank of Brooklyn
100
20034 10 Orleans County Quarry Co...119 lot
The Brazilian demand for gold is believed to be practically 51 Twenty-third St. Ry, Co
3 N. Y. Produce Exch. Bank
Bonds.
175
ended. A little more may go, but only a little is expected. 52
New
Bank of
York, N. B. A._327
$3,000 Suburban Land &InvestOn the other hand, the calculation is that the gold demands 36 Great Western Ins. Co.($1,134
ment Co. ctf. of deposit
354
paid in liquidation)
$2 lot $5,000 Canadian Consol. Coal 1st
. will be very much larger than anybody antici- 25 California
of Argentina
Mining Co
5s, 1956
$1 lot
$120
pated, until just now. In the first half of the year so much 30 Merritt & Chapman Derrick &
$250 Freundschaft Society 2d O.
Wrecking Co
1928
135
63
gold was sent to. Argentiaa that the best observers were 80 Independent
Engineering Co..5 lot $3.000 Second Ave. RR. Co. 1st
convinced Argentina would not need much at this season. 4,000 N. J. Patent Holding Co.,
cons. Is. 1948; Aug. 1908 coupons
each
$150 lot
attached (undeposited)
7034
It turns out now that the wheat crop promises to be ex- 15 $1
422
National Bank
$2o,000 Great Western Power Co. of
cellent and, .furthermore, that Argentina has been selling 25 Chase
Title Guar. & Trust Co_ _ _575-580
Cal. 1st Is, 1946; free bond
95%
bonds, especially Ce.dula bonds, on a great scale upon the
Continent. There is, therefore, or there will be in the
DIVIDENDS.
early future, a very large debt due from Europe to Argentina,
The following shows all the dividends announced for the
and the general estimate is that it will have to be paid largely future by large or important corporations:
in gold, although it is true that Argentina is increasing its
Dividends announced this week are printed in italics.




Name of Company.

[VoL. Lxxxix

THE • CHRONICLE

1464
I Per
Cent.

Railroads (Steam).
Albany & Susquehanna, guar
Alch. Topeka & Santa Fe. preferred
Atlantic Coast Line Company (guar.)._
Atlantic Coast Line RR. common
Boston & Albany (quar.)
Boston & Lowell
Boston & Maine,common (guar.).
Boston Revere Beach & Lynn
Central RR. of N. J. (special)
Chesapeake & Ohio (quar.)
Chestnut Hill(glum)
Chicago &, North Western, common
Preferred (guar.)
Delaware & Hudson,Co. (gear.)
Delaware Lack. & Western (extra)
'Denver & Rio Grande, preferred
Detroit & Mackinac, preferred
East Mahanoy
Greene Railroad, guaranteed
Interborough Rapid Transit (guar.)
Morris & Essex, guaranteed
N. Y. Central & Had. Rio. (guar.)
N. Y.Lackawanna & Western, guar. (qu.)
Norfolk & Western, common
Phila. Germantown & Norristown (quar.)
Rensselaer & Saratoga, guaranteed
St. Louis & San Francisco—
Chic. & E. lit, common stock trust certs
Chic. & E. Ill. pref. stk. trust ells. (qu.)
K.C.Ft.S.& Mem. pref. stIcar.afs.(Ou.)
Southern Pacific, corn. (quar.)(No. 13)Tenana Valley, preferred
Union Pacific, common (auar.)
Valley RR. of New York, guaranteed
White Pass & Yukon
Street & Electric Railways.
American Railways (quar.)
Brooklyn Rapid Transit (quar.)
Columbus (0.) By. & Light (guar.)
Continental Passenger Ry. (Phila.)
Halifax Electric Tramway. Ltd. (auar.)..
Indianapolis Street Ry
Massachusetts Electric Cos., preferred_
Norfolk Railway & Light
Northern Ohio Tr. & Light (quar.)
Portland (Ore.) Ry.. L. & P., pfd. (guar.)
d St. Joseph Ry., L., H. & P., pfd. (qu.)_
Washington Alexandria & Mt. Vernon_ _
West End St., Boston, pref. (guar.)
Banks.
Mercantile National (guar.)
Trust Companies,
Fifth Avenue (guar.)
Hudson
Mutual of Westchester County (guar.)_. _ _
Extra
Miscellaneous.
American Can, pref. (guar.)
Amer. Car & Fdy., corn. (guar.)(No. 29).
Preferred(guar.)(No. 43)
American Chicle, common (monthly)
American Express (quar.)
Amer. Pipe & Construction (guar.)
American Radiator, common (auar.)___
Am.Smelt. & Rig. corn.(par.)(No. 25).
Preferred (guar.;(No. 42)
American Snuff, cam. (guar.)
Preferred (guar.)
Amer. Sugar Refin., corn. & pref. (quar.)
American Tobacco, pref. (guar.)
Borden's Condensed Milk, pref. (guar.).Calumet & Hecia Mining (quar.)
Canton Company
Extra
Celluloid Company (guar.)
Extra
Central Leather, preferred (quay.)
Chicago Telephone (guar.)
Childs Company, common (quar.)
Preferred (quar.)
City & Suburban Homes
Columbus (0.) Gas & Fuel, pref. (guar.)._
Consolidated Gas of New York (quar.)Crex Carpet
Extra
Crucibl Steel, preferred (guar.)
Diamond Match (quar.)
duPont(E.1.)deNemoursPowd.,com.(qu.)
Preferred (guar.)
Eastman Kodak, corn. (guar.)
Preferred (quar.)
Equitable Ilium Gas Lt., Phila., pref
Federal Mining & Smelting, pref.(quar.)_
General Chemical, preferred (quar.)
General Electric (quar.)
Goldfield Consolidated Mines (quar.)_ _
Extra
Guggenheim Explor. (guar.) (No. 28)- International Silver, preferred (guar.)._ _
Preferred (extra)
Laclede Gas Light, corn. (quar.)
Preferred
Lanston Monotype Machine (quar.)
Lehigh & Wilkes-Barre Coal Co.(No. 1)_
Mackay Conipanles, coin.(quar.)(No. 18)
Preferred (quar.) (No. 24)
Michigan State Teleph., pref. (quar.),...
National Biscuit, corn. (quar.)(No. 45).
Nat Enamel. & Stpg.. pref. (quar.)
National Lead, corn. (quar.)(No. 24)
preferred (quar.)(No. 72)
Nevada Consol. Copper (quar.)(No. 1)
Niles-Bement-Pond, common (quar.)_ _
Oklahoma Gas & Electric, common (guar.)
Philadelphia Electric (quar.)
Quaker Oats, common (quar.)
Common (extra)
Quincy Mining (guar.)
Railway Steel Spring, pref. (guar.)
Realty Associates (No. 14)
Extra
.(qu.)(No. 31)_
Republic Iron & Steel, pf.
Rubber Goods Ws,Pref. (get.) (No. 43)._
Safety Car Heating & Lighting (quar.)...
Extra
San Diego Consol. Gas & Elec., corn. (qu.)
Sears, Roebuck & Co., pref. (guar.)
Standard 011 (guar.)
Streets' Western Stable-Car Line, pref
Swift & Company (guar.)
Tennessee Copper
Underwood Typewriter, common (No. 1)..
First and second preferred
United Bank Note Corp., pref. (gear.).._ _
U. S. Steel Corp., coin. (quar.)(No. 24).
Utah Copper (guar.)(No. 6)
Woman's Hotel (quar.) (No. 4)
Yukon Gold Co.(guar.)(No. 2)

When •
Payable.

Jan.
Feb.
Dec.
Jan,
Dec.
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
Jan.
Jan.
In Jan.
Jan.
2% Dec.
Dec.
3
4
Jan.

434
2%
234
3
234
4
1%
3 ,
2
1
134
3%
2
23
10
234
2%
234
3
23%
334

Books Closed.
Days Inclusive.

3 Dec. 16 to Jan. 2
1 Holders of rec. Dec.30a
10 Dec. 1 to Dec. 9
10 Dec. 18 to Jan. 10
31 Holders of rec. Nov.30a
3 Nov. 28 to Dec. 5
3 Holders of rec. Dec. la
1 Holders of rec. Dec. 15a
15 Holders of rec. Nov.30a
31 Holders of rec. Dec.11a
4 Nov. 21 to Dec. 3
3 Holders of rec. Dec. 11
3 Holders of rec. Dec. 11
20 Holders of rec. Nov. 29
22 Holders of rec. Dec. 10
15 Dec. 25 to Jan. 4
3 Dec. 16 to Jan. 4
15 Holders of rec. Dec. 4
20 Holders of rec. Dec.14a
3 Holders of rec. Dec. 24
3 Holders of rec. Dec. 9a
15 Dec. 11 to Dec. 26
3 Holders of rec. Dec.I5a
17 Holders of rec. Nov. 30
4 Nov. 21 to Dec. 3
3 Dec. 16 to Jan. 2

Statement of New York City Clearing-House Banks.—The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending Nov. 27.
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 omit two ciphers (00) in an cases.
Banks.
003 omitted.

CaPital. Surplus

Loans.
Average.

Specie. Leyals. Deposits.
Average. Average. Average.

S'Ve.

$
$
3.465,5 18,015,0 2,597,0 1,213,0 15,109,0 25.2
4,126,6 29,200,0 7,476,0 1,664,0 33,600,0 27.2
1.693,7 17,264,0 3,119,0 1,194,0 16,865,0 25.5.
3,851,2 25,971,0 5,615,0 1,530,0 26,618,0 26.8
5,894,9 22,105,5 3,991,9 1,827,1 22,133,4 26.2
7,893,0 25.9
408,0
685,5
8,459,0 1,598,0
28,853,0 175,609,0 36,833,9 5,485,0 165,095,7 25.0
6,183,0 27,534,0 4,523,9 2,081,5 25,653,4 25.8
6,540,2 24.3
159,3
568,2
6,529,2 1,430,6
6,493,2 26.5
629,6
2,443,1
8,557,6 1,095,6
2,219,8 24.8
123,6
153,4
2,232,4
428,2
8,154,0 25.3
200,0
7,305,2 1,868,5
777,4
5,096,1 23,546,8 4,236,3 1,825,3 22,065,8 27.6
15,694,3 141,274,1 21,876,3 7,845,7 115,597,3 25.8
2,570,8 13,822,0 1,576,3 1,021,3 10,193,1 25.4
3,466,7 22.8
550,1
241,2
897,6
3,929,6
7,377,9 27.1
6,865,1
893,5 1,106,5
1,026,2
477,5
2,265,3
134,3
2,483,2 26.5
526,0
11,101,1 60,418.3 9,567,8 8,215,5 68,312,8 26,0
319,1 21,745,7 26.4
1,486,6 21,953,6 5,387,6
464,8
6,221,8
6,891,1 24.6
589,7 1,105,4
964,0
1,668,0
7,723,1 26 7
8,046,5 1,068,2
1,392,9 12,822,0 3,022,8
236,2 13,124,3 24.8
5,254,1 39,882,0 7,722,0 4.243,0 46,726,0 25.1
7,504,0 24,778,0 3,720,0 1,869,0 22,000,0 25.4
9,912,5 81,024,0 21,346,0 1,300,0 90,201,0 25.1
110,2
1,710,5 31.1
422,5
105,2
1,436,3
3,543,1 20,918,0 3,381,0 2,503,0 22.613,0 26.0
535,0 11,833,0 25.5
1,899,3 12,176,0 2,470,0
19,808,6 97,912,9 20,192,5 1,801,0 85,351,2 25.7
1,516,3 19,781.1 3,922,0 1,571,3 20,820,7 26.3
833,0
56,0
3.675,0 24.8
3,460,0
802,0
656,6
7,975,5 25.1
7,899,6 1,313,3
1,642,4
794,8
232,3
4,052,1
3,934,6 26.0
667,5
7,040,4 71,755,8 16,462,1 4,144,9 76,303,8 27.0
2,069,9 13,028,4 2,601,1 1,155,2 14.721,6 25.4
500,0
440,0
3,800,8 24.7
3,700,0
894,0
5,531,4 25.0
891,5
493,6
4,819,1
1,006,5
833,3 16,798,8 24.9
1,408,9 15,673,2 3,337,7
7,413,3 28.1
224.8
7,191,1 1,859,8
1,147,1
267,9
3,557.1 24.2
593,9
3,434,7
483,5
2,020,2 11,493,2 1,309,7 1,394,2 11,393,8 24.5
4,664,0 23.8
254,0
857,0
4,381,0
1,139,0
1,821,6 18,486,0 3,657,0 1,231,0 20,527,0 23.8
902,4 15,674,4 26.8
2,704,4 16,196,9 3,307,6
9,129,9 26.3
225,6
705,4
7,609,0 2,184,6
803,0 13,725,0 4.010,0
'286,0 16,883,0 25.4
5,890,5 27.2
334,5
944,6
5,308,8
661,8
2,834,3 25,645,9 6,043,6
330,2 26,001,5 24.5
5,205,0 25.0
760,0 541,0
326,3
5,457,0

Bank of N. Y__
2,000,0
Manhattan Co_
2,050,0
2,000,0
Merchants' ___
3,000,0
Mechanics' ___
1,500,0
America
1,000,0
Phenix
25,000,0
City
3,000,0
Chemical
600,0
Merchants' Ex
1,000,0
Gallatin
300,0
Butch. dr Drov_
500,0
Greenwlch _ _ _
5,000,0
Amer. Exch.
25,000,0
Commerce
3,000,0
5
Jan.
3 Dec. 18 to Jan. 3 Mercantile _ _ _ _
500,0
3 Dec. 18 to Jan. 3 Pacific _
134 Jan.
950,0
3 Holders of rec. Dec.17a Chatham
Jan.
1
200,0
People's
3
154 Jan.
3.000,0
Hanover
334 Dec. 6 Nov. 27 to Dec. 6
3 Holders of rec. Dec. la Citizens' Cent... 2,550,0
2% Jan.
500,0
3 Holders of rec. Dec.22a Nassau
234 Jan.
lb Jan. 15 Jan. 1 to Jan. 15 Market & Fult'n 1,000,0
2,000,0
Metropolitan _ _
134 Dec. 16 Dec. 1 to Dec. 2 Corn Exchange 3,000,0
1 Holders of rec. Dec. 10 Imp. & Traders' 1,500,0
Jan.
1
3,000,0
1 Holders of rec. Dec. 15 Park
% Jan.
250,0
East River__
$3 Dec. 30
3.000,0
Fourth
3
1% Jan.
1,000,0
Second
1
Jan
3
10,000,0
1 Dec. 3 to Dec. 15 First
134 Jan.
2,000,0
Dec. 6 Nov. 25 to Dec. 1 Irving
2
250,0
34 Dec. 15 Holders of rec. Dec. 1 Bowery
500,0
3 Holders of rec. Dec. 12 N Y. County_.
134 Jan.
750,0
1 Holders of rec. Dec. 15 German-Amer _
134 Jan.
5,000,0
Chase
2 Dec. 21 to
Jan.
1
100,0
1 Dec. 24 to Jan. 2 Fifth Avenue
$2 Jan.
200,0
German Exch_ _
200,0
Germania
25
3
to
Dec.
3
Jan.
134 Jan.
1,000,0
Lincoln
1,000,0
Dec. 31 Holders of rec. Dec. 30 Garfield
3
250,0
3 Dec. 22 to Jan. 2 Fifth
Jan.
3
1,000,0
134 Dec. 31 Dec. 16 to Dec. 31 Metropolis _ _
200,0
Dec. 31 Dec. 16 to Dec. 31 West Side_ _
1
Seaboard
1,000,0
1,000,0
1 Holders of rec. Dec.16a Liberty
134 Jan.
1 Holders of rec. Dec.10a N. Y. Prod. Ex. 1,000,0
3 Jan.
1,000,0
1 Holders of rec. Dec.10a State
13% Jan.
1,000,0
Dec. 20 Dec. 16 to Dec. 20 14th Street._ _ _
1
Copper
2,000,0
3 Holders of rec. Nov. 30
Jan.
3
1,000,0
1 Holders of rec. Dec. 15 Coal & Iron ._
Jan.
2
I% Dee. 31 Dec. 23 to
Jan. 15 Dec. 25 to Jan. 1 Totals, Average 127,350,0 180,024,4 1196,167,1 235,090,6 08,118,8 1175,582,1 25.8
1
3 Dec. 11 to Dec. 16
13% Jan.
1192,535,5 234,770,4 69,582,2 1172,073,0 26.0
3 Holders of rec. Dec. 15 Actual figures Nov. 27_
Jan.
5
3 Holders of rec. Dec. 15
134 Jan.
3 Holders of rec. Dec. la
1% Jan.
On the basis of averages, circulation amounted to $52,965,200 and United States
3 Holders of rec. Dec. 11
134 Jan.
deposits (included in deposits) to $1,680,100: actual figures Nov. 27: circulation,
134 Dec. 15 Dec. 5 to Dec. 15 $52,999,000;
United States deposits, $1,676,800.
Dec. 22 Holders of rec. Nov. 26
$8
1 Dec. 21 to Jan. 2
134 Jan,
Banking Department also now furnishes weekly
State
The
1 Dec. 21 to Jan. 2
50c. Jan.
134 Dec. 31 Holders of rec. Dec. 14 returns of the State banks and trust companies under its
2
Dec. 31 Holders of rec. Dec. 14
3 Holders of reo. Dec. 10 charge. These returns cover all the institutions of this class
13% Jan.
2
Dec. 31 Dec. 29 to Jan. 2
Dec. 10 Dec. 5 to Dec. 10 in the whole State, but the figures are compiled so as to
2
134 Dec. 10 Dec. 5 to Dec. 10
Dec. 4 Holders of rec. Dec. 1 distinguish between the results for New York City (Greater
2
1 Holders of rec. Dec. 15
134 Jan.
1
Dec. lb Holders of rec. Nov. 17 New York) and those for the rest of the State, as per the
Dec. 15 Holders of rec. Nov. 30 following:
2
34 Dec. 15 Holders of rec. Nov. 30
STATE BANKS AND TRUST COMPANIES.
134 Dec. 23 Holders of rec. Dec. 13
Dec. 15 Holders of rec. Nov. 30
9
2
Dec. 15 Holders of rec. Dec. 4
Trust Cos.
State Banks
Trust Cos.
Banks
ni Jan. 25 Holders of rec. Jan. 15 Week ended Nov. 27. Statein
outside of
outside of
in
1 Holders of rec. Nov. 30
234 Jan.
Greater N. Y. Greater N. Y. Greater N. Y. Greater N.Y.
1 Holders of rec. Nov. 30
134 Jan.
Dec. 15 [folders of rec. Dec. 8
3
13% Dec. 15 Holders of rec. Nov. 27
7,725,000
61,675,000
8,708,000
_
26,075,000
3 Holders of rec. Dec.18a Capital as of Sept. 14_ _ _
154 Jan.
2
Jan. 15 Holders of rec. Dec. 4a
10,156,540
38,495,200 103,089,700
10,585,699
Surplus as of Sept. 14....
1
30e. Jan.
20e. Jan. 31
89,114,100 134,208,300
3 Dec. 18 to Jan. 3 Loans and Investments_ _ 291,634,600 1,097,517,000
82.50 Jan.
+106,600
+605,800
Change from last week +1,731,600 —11,032,200
3 Dec. 18' to' Jan. 3
134 Jan.
3 Dec. 18 to Jan. 3
y, Jan.
46,666,100 113,277,900
134 Dec. 15 Dec. 7 to Dec. 15 Specie
Change from last week_ +1,328,700 —1,479,100
234 Dec. 15 Dec. 7 to Dec. 15
134 Dee. 30 Dec. 17 to Dec. 30
13,127,900
23,562,900
634 Dec. 15 Holders of rec. Nov.30a Legal-tenders & bk. notes
+102,200
—188,500
Change from last week_
3 Holders of rec. Dec.11a
134 Jan.
3 Holders of rec. Dec.11a
Jan.
1
93,600,600 140,559,200
329,139,800 1,116,565,700
1 Jan. 19 to Feb. 1 Deposits
1% Feb.
—498,100
+407,800
+987,900 —14,971,700
Change from last week_
134 Jan. 15 Holders of rec. Dec.28a
13% Dec. 31 Dec. 12 to Jan. 2
88,454,100 131,445,000
17,400,500
18,915,800
1 Dec. 11 to Dec. 14 Reserve on deposits
134 Jan.
—181,700
—702,900
Change from last week. +1,931,500 —1,400,500
13% Dec. 15 Nov. 20 to Nov. 23
3734c. Dec. 31 Dec. 2 to Jan. 2
12.9%
27.4%
15.2%
20.8%
deposits..
to
reserve
C.
P.
12
to
Dec.
20
20
Dec.
134 Dec.
13.0%
26.9%
15.6%
21.5%
Percentage last week._
134 Dec. 15 Dec. 1 to Dec. 15
134 Dec. 15 Holders of rec. Nov.20a
of
Holders
rec.
4a
Jan.
134 Jan. 15
Decrease from last week.
+ Increase over last week.
34 Jan. 15 Holders of rec. Jan. 4a
Note.—"Surplus" Includes all undivided profits. "Reserve on deposits" In
$1 Dec. 20 Nov. 21 to Dec. 25
and
State banks, not only cash items, but amounts
134 Dec. 20 Dec. 8 to Dec. 20 eludes, for both trust companies
3
Jan. • 15 Holders of rec. Jan. 5 due from reserve agents. Trust companies in New York State are required by
1
Jan. 15 Holders of rec. Jan. 5 law to keep a reserve proportionate to their deposits, the ratio varying according
1 Holders of rec. Dec. 18 to location as shown below. The percentage of reserve required is computed on
134 Jan.
134 Dec. 15 Holders of rec. Dec. 10 the aggregate of deposits. exclusive of moneys held in trust and not payable within
Holders of rec. Dec. 7a thirty days; and also exclusive of time deposits not payable within 30 days, repre2
23
Dec.
1
Dec. 23 Holders of rec. Dec. 7a sented by certificates, and also exclusive of deposits secured by bonds of the State
134 Dec. 15 Dec. 2 to Dec. 15 of New York. The State banks are likewise required to keep a reserve varying
1 Holders of rec. Dec.15a according to location, but in this case the reserve is computed on the whole amount
13% Jan.
$10 Dec. 15 Holders of rec. Nov. 19 of deposits, exclusive of deposits secured by bonds of the State of New York.
1 Dec. 22 to Jan. 2
334 Jan.
—Trust Cos.—
—State Bank-I-3 Dec. 19 to Jan. 6
13% Jan.
Total
Of
Total
Of
$1.25 Dec. 23 Holders of rec. Dec. 10 Reserve Required or Trust Companies
which
Reserve
which Reserve
1 Holders of rec. Dec. 20
Jan.
2
and State Banks.
1 Holders of rec. Dec. 20
Jan.
3
Required. in Cash.Required. in Cash
Location—
3 Dec. 16 to Jan. 3 Manhattan Borough
15%
134 Jan.
25%
15%
15%
Dec. 30 Dec. 11 to Dec. 30
1
10%
20%
10%
Borough(without branches in Manhat.)..15%
50c. Dec. 31 Dec. 18 to Jan. 2 Brooklyn
754%
15%
10%
branches in Manhattan) 15%
134 Dec. 15 holders of rec. Dec. 8 Other Boroughs(without
15%
25%
15%
15%
100. Dec. 31 Dec. 11 to Jan. 2 Any Borough with branches in Manhattan
5%
5% 15%
10%
Elsewhere in State
+ Increase over last week. — Decrease from last week.
a Transfer books not closed. to Less income tax. d Correction.




The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the ClearingHouse banks. In additicin, we have combined each corresponding item in the two statements,thus affording an aggregate for the whole of the banks and trust companies in the
Greater New York.
NS AND TRUST COMPANIES.
-Clear.-Ifouse Clear.-House Slate Banks & Total of ad
not
Banks& Trust
Trust
Cos.
Banks.
Banks.
27.
Week ended Nov.
Average. in C.-H. Aver. Cos. Average
ActualFigures
NEW YORK CITY BA

Capital as of Nov. 16..
Surplus as of Nov. 16_ _

1465

THE CHRONICLE

DE(1. 4 1909.) •

127,350,000

127,350,000

3
*71,550,000

180,324,400

180,324,400

*172.199.700

198,900,00.)
352.224.10)

We omit two ciphers (00) in all these figures.
Capital
and
Surplus.

Banks.
Boston.
Nov. 6_
Nov. 13..
Nov.20..
Nov .27_ _
Mita.
Nov. 6
Nov. 13..
Nov.20..
Nov .27_ _

$
40,300.0
40,300,0
40,300,0
40,300,0

206,374,0
209,176,0
201,204,0
197,326,0

56,315,0
56,315,0
56,315.0
56,315,0

260,106,0
258.747,0
256,108.0
256,700,0

Specie
Change from last week

234,770.400
--3,371,300

235,090,600
-3,002,100

119,571,300
-1,469,400

354,661,900
-4,471,500

Legal-tenders
Change from last week

69,582,200
+947,000

68,118,800
-320,800

621,498,400
+153,100

89,617,200
-177,700

Aggr'te money holdings
Change from last week

304,352,600
-2,424,300

303,209,400
-3,322,900

c141,069,700
-1,316,300

444,279,103
-4,639,200

21,293,000
-1,422,000

21,293,000
-1,422,000

162,362.7041
-2,738.400

465,572,100
-6,061,300

Money on deposit with
other bks. & trust, cos.
Cnange from last week
Total reserve
Change from last week

304,352,600
-2,424,300

303,209,400
-3,322,900

Percentage to deposits
requiring reserve
__
Percentage last week_

26.00%
25.87%

25.82%
25.84%

Surplus reserve

11,334,350

9,313.875

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers (00) in all these figures.

Oct. 2...
Oct. 9___
Oct. 16__
Oct. 23_
Oct. 30.
Nov. 8_ Nov. 13
Nov. 20__
Nov. 27..

2,548.179,4
2,519,375,9
2,464,578,2
2.445,020,0
2,439,447,5
2,447,785,3
2,428,526,4
2,408,090,7
2,389,978,6

398,308,5
386,769,7
380,588,6
384,151,8
378,354,1
370,91(1,2
363,346,7
359,133,4
354,661,9

2,541,198,2
2,404,502,9
2.433,415,2
2.415,217,9
2.401.871,9
2,401,807,2
2,388,257,5
2.338.048,8
2,310,511,4

Tot. Money Entire Res.
Holdings. on Deposits

Lcgals.
92,258,2
91,625,6
93,689,4
93.694,9
93,572,2
91.315,1
91,080,3
89,784,9
89,617,2

490.568,7 514.587,8
478,395.3 502,420,3
474,278.0 497.681,3
477,840,7 499,840,3
471,926,3 494,500,4
462,225,3 485,366,9
454,427,0 475,809,2
448,918,3 471,633,4
444,279,1 465,572,1

Reports of Non-Member Banks.-The following is the
statement of condition of the non-member banks for the
week ending Nov. 27, based on average daily results:
We omit two ciphers (00) in all these figures.

Banks.

Capi-

N. Y. City.
Boroughs of
Man.& Brx.
Wash.11gts. 100,0
200,0
Century _ _
Colonial- 400,0
Columbia _ _
300,0
Fidelity
200,0
Jefferson._
500,0
Mt. Morris_
250,0
Mutual _
200,0
Plaza
100,0
200,0
23rd Ward_
Union Exch 1,000,0
100,0
Yorkville
New Netted 200,0
Batt.Pk.Nat 200,0
300,0
Aetna Nat_
Borough of
Brooklyn.
200.0
Broadway _
252,0
Mfrs.' Nat _
Mechanics'.. 1,000,0
Nassau Nat. 750,0
300,0
Nat. City_
North Side_
200,0
Jersey City.
400,0
First Nat _ _
Hud.Co.Nat 250,0
200,0
Third Nat
Hoboken.
220,0
First Nat
Second Nat. 125,0

Surplus.

243,1
154,4
283,5
452,9
164,3
857,7
283,8
322,3
410,6
95,4
959,3
456,0
258,4
150,3
315,9

Loans.
Disc'ts
and
Investments.

Specie.

Legal
Tender
and
Bank
Notes.

1,200,0 139,0
45,0
22,6 236,2
1,571,8
6,160,3 727,2 411,0
5,816,0 528,0 496,0
62,6
91,2
941,0
16,4 544,8
3,603,2
28,8
2,390,5 441,4
24,9 622,5
3,759,0
4,208,0 335,0 403,0
52,1
1,813,0 160,9
8,115,1 1,153,3 1,000,0
69,3 749,9
3,974,9
2,166,0 231,0
78,0
1,158,1
190,6
38,1
1,975,4 440,0
33,6

Deposit withClearMg,
Agent.

Other
Net
Banks. Deposits.
&c.

112,0
56,2
593.4
623,0
106,8
341,3
362,9
390,0
494,0
216,5
208,8
214,7
193,0
70,7
85,0

1,180,0
139,8 1,745,2
196,6 6,509,1
0,904,0
957,2
206,7 3,590,7
70,1 3,099,8
5,2 4,331,3
4,890,0
2,053,9
8,115,5
252,0 5,136,0
10,0 2,259,0
1,091.7
1,834,4
-27

24,1 329,2
407,1
572,2 214,2
755,8
274,7 1,156,5 1,203,4
373,0 447,0 1,025,0
112,0 688,0
400,0
126,7
78,1
237,3

162,9 3.860,5
116,0 6,346,3
257,2 13,527,4
6,183,0
113:6 4,969,0
121,1 2,195,4

1,237,1 4,747,5
745,6 2,856,4
384.8 2,043,8

312,0
153,5
64,9

245,0 6,892,2
102,2 2,531,4
16,0 2,269,5

623,7 2,548,2
249,6 2,582,0

104,9
76,7

531,3
798,7
927,7
966,4
607,5
139,7

3,322,6
5,817,3
10,841,2
6,200,0
4,050,0
1.880,3

295,3 2,979,3
34,5
172,7
123,1
370,1
23,3
92,8

121,3
80,2

4,731,0
5,143,0
4,410,0
4,340.0

69,442,0
69.401.0
70.928.0
70,250,0

7:7

83,9 2,096,1
293,4 2,911,8

Tot.Nov.27. 8,147,0 12,420,0 04,741,6 6,766,1 8,283,6 11,820,5 2,448,8 107480,4
Tot.Nov.20. 8,147,0 12,296,4 95,099,4 6,597,7 7,909,9 11,107,7 2,713,9 107127,8
Tot.Nov.13. 8,147,0 12,296,4 95,534,5 6,601,3 8,492,6 11,161,0 2,678,1 108320.2

7.043,0
7,013,0
7,024.0
7,029.0

204,588,5
175,354.4
186,722.0
144,870,7

308.712,0 16,869,0
303,310,0 16,828.0
305,598,0 16,826,0
304,383,0 16,811,0

147.184,5
149,526,3
148,397.3
129,778,4

264,408,0
257,823,0
248,893,0
239,726,0

FOREIGN IMPORTS AT NEW YORK.
For Week.

$2,509,652
10,993,097

83,256.890i
13,978,983

Total
Since Jan. 1.
Dry Goods
General Merchandise

1906.

1907.

1908.

1909.

Dry Goods
General Merchandise

$3,331,770
12,700,160

$3,023,272
10,087,408

817,235,873 $13,502,749 $13,110,680 $16,031,930
$152,273,218 $113,005,070 8168,042,238 $146,424,341
638,650,349i 461,926,863 605,007,102 548,702,175
8790,923,5678374,931,933 $773,049,340 $695,126,516

Total 47 weeks

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Nov. 27 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.

I

1908.

1907.

1906.

512,418,031 58,539,558 815,719.598 $11,192,740
551,409,111 568,026,494 570,820,911 543,577,471

For the week
Previously reported

The averages of the New York Clearing-House banks
combined with those for the State banks and trust companies
In Greater New York outside of the Clearing House compare
as follows for a series of weeks past:

Specie.

23,956,0
23.325,0
23,086,0
20,499,0

Clearings.

Imports and Exports for the Week.-The following are
the imports at New York for the week ending Nov. 27: also
totals since the beginning of the first week in January:

$563,827,142 $576,566,052 $580,540,509 $554,770,211

Total 47 weeks

Loans and
Investments. Deposits,

Legals. Deposits. a C'irculotion.

1909.

16.7%
16.9%

+ Increase over last week. -Decrease from last week. a As of Sept. 14.
a These are the deposits after eliminating the item "due from reserve depositories
and other banks and trust companies in New York City"; with this item included,
deposits amounted to 51,228.850,200, a decrease of $15,331,400 from last week.
In the case of the Clearing-House banks, the deposits are "net" both for the average
and the actual figures. b Includes bank notes. c Of this amount State banks held
$14,663,900 and trust companies $126,405,800.

Week
Ended.

Specie.

a Including Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $3,024,000 on November 27, against $3,021,0 0
on November 20

Loans and investments 1,192,535,503 1,196,167,100 1,193,811,500 2,389,978,600
-9,645,000 -18,112,100
Change from last week -12,055.900 -8,467,100
1,172,073,000 1,175,582,100 a1,134,929,300 2,310,511,400
Deposits
Change from last week -15,450,600 -12,112,000 -15,425,400 -27,537,400

Loans.

The following table shows the exports and imports of
specie at the port of New York for the week ending Nov. 27
and since Jan. 1 1909, and for the corresponding periods in
1908 and 1907:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Imports.

Exports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

Week.

Sinee Jan.1
$13,958,120
13,881,732

$1,203
4,409

389,200 2,600,595
5,000
4,450,000 52,892,450
4,030,820

616
21,555
35,729
65,475

Since Jan.1
$211,731
2,177,375
10,523
727,146
549,296
2,300,978
1,976,943

$4,839,200 887,368,717 $128,987 $7,953,992
158,668 15,877,136
23,900 48,325,200
36,756,972 16,546,078 66.093,716

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

$2,475
94
2,500
1,200
186,358
12,327
82,430

$555,380 $36,137,760
50,800 3,776,350
11,590
500
116,812
685
59,226
30,712
$607,365 $40,132,450
592,431 38,656,557
856,383 46.417,030

Total 1909
Total 1908
Total 1907

$230,655
9,288
73,780
128,926
2,353,455
975,516
1,121,521

$287,384 $4,893,141
55,641 3,707,877
87,062 3,201,386

Of the above imports for the week in 1909, $65
were American gold coin and $2,437 American silver coin.
Of the exports during the same time, $4,450,200 were American gold coin and $200 were American silver coin.

Aaulting and glimacial.
INVESTMENT SECURITIES
Our eight-page circular No. 687 describes several Issues of sound
investment bonds yielding about 4 to 535%•

Spencer Trask 8z Co.
NEW YORK

WILLIAM AND PINE STS., - -

Branch offices: Chicago. ILL.. Boston, Mass.. Albany. N. Y.

MOFFAT & WHITE
I3AN KERS
York Stock

Members New
5 NASSAU STREET.
NEW YORK

Exchange
THE ROOKERY
CHICAGO

BANKING and EXCHANGE of every description in

connection with

EXPORTS & IMPORTS

International Banking Corporation
60 Wall St.. New York.

CAPITAL &

SURPLUS. $6,500.000

BRANCHES and AGENCIES throughOut

the WORLD.

THE INTERNATIONAL BANK
Boston and Philadelphia Banks.-Below is a summary of Organized under the Laws of N. Y. State,
60 Wall St., New York
•the weekly totals of the Clearing-House banks of Boston
Accounts Invited. Interest paid on Term Deposits.
and Philadelphia.
THOMAS H. HUBBARD. President.




1466

[VOL. Lxxxix.

THE CHRONICLE

V- aulters' Gazzite..
Wall Street, Friday Night, Dec. 3 1909.
The Money Market and Financial Situation.—The security
markets, while still under the depressing influence of the
recent United States Circuit Court decision mentioned last
week, have been more or less adversely affected by a closer
money market, with rates as high as 6%, and by the inauguration of a strike by railway employees in the Northwest.
The importance of the latter is not likely to be overestimated in view of the extent of the territory covered and the
enormous interests involved. One of the several flour milling
companies in Minneapolis requires about 150,000 bushels of
wheat for its daily supply, not a bushel of which goes to the
mills except in freight cars. Necessarily, with the supply
of wheat cut off all flour mills are shut down; practically
every other industry in the Northern belt between the Mississippi River and 'The Coast" is in a similar condition,
and general business is paralyzed.
On the other hand, statistics given out during the week
showing the unusual yield and enormous value of all the important crops of the country are an encouraging feature,
and some of the reports of railway earnings for the month of
October are the largest on record for the period.
Transactions of the Clearing-House banks indicate a considerable balance in favor of the latter, but $6,100,000 gold
has been engaged for shipment from this port, including
$2,000,000 to Canada.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 4 to 6%. To-day's rates on call were 4@5%. Commercial paper quoted at 5@,53'% for 60 to 90-day endorsements,53@532% for prime 4 to 6-months' single names and
5%@,6% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £255,479 and the percentage
of reserve to liabilities was 55.99, against 55.93 last week.
The rate of discount remains unchanged at 5% as fixed
Oct. 31. The Bank of France shows a decrease of 20,800,000
francs gold and 3,000,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1909.
A verages for
week ending
Nov. 27.

Differences
from
previous week.

1908.
Averages for
week ending
Nov. 28.

1907.
Averages for
week ending
Nov. 30.

8

$
$
$
126,350,000 129.400,000
127,350,000
Capital
180,024,400
163,720,100 164,098,300
Surplus
Loans and discounts__ 1,196,167,100 Dec. 8,467,100 1,340,537,100 1,198,078,500
57,000
45,542,100
62,129,800
52.965,200 Dec.
Circulation
1,175,582.100 Dec. 12,112,000 1,425,375,000 1,083,283,300
Net deposits
1,680,100 Inc.
15,400
8,821.700
71,715,700
U. S. dep. (incl. above)
235,090,600 Dec. 3,002,100 304,427,200 170,554,600
Specie
320,800
80,047,200
68,118,800 Dec.
47,276,800
Legal tenders
Reserve held
25% of deposits
Surplus reserve
Surplus excl. U.S. dep_

303,209,400 Dec. 3,322,900
293,895,525 Dec. 3,028,000

384,474,400
356,343,750

217,831,400
270,820,825

9,313,875 Dec.

294,900

28,130,650 def52,989,425

9,733,900 Dec.

291,050

30,336,075 def35,060,500

Note.—The Clearing-House now issues a statement weekly showing the total of
the actual figures on Saturday morning. These figures. together with the returns
of separate banks, also the summary issued by the State Banking Department
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the second page preceding.

Foreign Exchange.—Foreign exchange rates have this
week again shown remarkable resiliency. Notwithstanding
heavy shipments of gold and slightly lower rates for time
money, quotations for sterling on Wednesday reached a new
high level for the current movement, although to-day there
was a slight relapse.
To-day's (Friday's) nominal rates for sterling exchange
were 4 843. for 60 days and 4 883/b for sight. To-day's
actual rates for sterling exchange were 4 8410@,4 8420 for
60 days, 4 8765@4 8775 for cheques and 4 8815@4 8825
for cables. Commercial on banks 4 8380@4 8390 and documents for payment 4 8331g4 83 8. Cotton for payment
4 83@4 833 and grain for payment 4 833@4 84.
To-day's (Friday's) actual rates for Paris bankers' francs
4 less 1-16@15 1834 for long and 5 163 less 3-32@,
were 5 183
5 163 less 1-16 for short. Germany bankers' marks were
943%@94% for long and 95 5-16@953% less 1-32 for short.
Amsterdam bankers' guilders were 40.17@40.19 for short.
Exchange at Paris on London, 25 fr. 199c.; week's range,
4c. low.
25 fr. 20c. high and 25 fr. 183
Exchange at Berlin on London, 20m. 463'pf.; week's
range, 20m. 47 Yipf. high and 20m. 463pf. low.
The range of foreign exchange for the week follows:
Cables.
Sixty Days.
Cheques.
Sterling, Actual—
4 8834
4 8430
4 8780
High for the week
4 8810
4 84
4 8760
Low for the week
Paris Bankers' Francs—
5 1834
5 15% less 1-16
5 16g
High for the week
5 1834 less 1-16 5 1634 less 5-64 5 1634
Low for the week
Germany Bankers' Marks—
95%
9534 less 1-32
94'%
High for the week
6434
95 5-16
95 7-16 less 1-32
Low for the week
Amsterdam Bankers' Guilders—
40.18
40.25
40 1-16
High for the week
40
40.22
40.15
Low for the week

The following are the rates for domestic exchange at the
under-mentioned cities at the close of the week: Chicago,
45c. per $1,000 premium. Boston, Sc. per $1,000 discount.
St. Louis, 55c. per $1,000 premium. San Francisco, 20c.
per $1,000 premium. Savannah, buying, $1 50 per $1,000
discount; selling, par. New Orleans, commercial, 25c. per
$1,000 discount to par; bank, $1 premium. Charleston,
buying, par; selling 1-10 premium. Montreal, par.




State and Railroad Bonds.—Sales of State bonds at the
Board $15,000 Virginia 6s def. trust receipts at 503/ to 51.
Unusual interest in a few railway bond issues has given
the market the appearance of activity, although the strictly
investment demand has not perceptibly increased. Prices
have been fairly steady in most cases. Among the exceptional features are Green Bay & Western debenture certificates B, which advanced from 13% to 193 on an increasing
demand.
United States Bonds.—Sales of Government bonds at the
Board include $20,000 4s coup., 1925, at 1169/i to 1163.;
$37,000 4s reg., 1925, at 115 to 1153's, and $2,000 3s coup.,
1908-18, at 1013/
9. The following are the daily closing
quotations; for yearly range see third page following.
Interest
Periods
2s, 1930
registered Q—Jan
2s, 1930
coupon Q—Jan
registered Q—Feb
3s, 1908-18
3s, 1908-18
coupon Q—Feb
3s, 1908-18.._. _small coupon Q—Feb
4s, 1925
registered Q—Feb
4s, 1925
coupon Q—Feb
2s, 1936_Panama Canal regis Q—Feb
2s, 1938.Panama Canal regis Q—Nov

Nov.
27

Nov.
29

Dec.
1

Nov.
30

Dec.
2

Dec.
3

*100 *100 *100 *100 *100 *100
*100 *100 *100 *100 *100 *100
*10134 *1013j *10134 *10134 *10131 *10131
1013 *ioig *loo lqinh *iom. *1013j
11534
*1163.
*9934
*9934

11534
11634
*993.1
3
*99%

115
*11634
*9934
3
*99%

*11434 *1143
,1 *11434
*11634 *11634 *1163.1
*9934 *99% *9934
*9934 *9934 *9934

* This Is the price bid at the morning board; no sate was made.

Railroad and Miscellaneous Stocks.—The downward
tendency of prices noted last week in the stock market continued until Tuesday, when the lowest quotations of the
movement were generally recorded. There has been very
little recovery, however, until to-day, and in a few cases,
including practically all the great Northwestern systems
on which the strike is in force, prices have further declined.
When at the lowest a long list of stocks sold from 5 to 15
points below recent prices, and a few, including New York
Central, Pennsylvania, North West., Union Pacific, Northern
Pacific and Great Northern, from 15 to 20 points lower.
On the other hand, Rock Island preferred advanced 7 points,
to the highest quotations of the year, and Wabash preferred
shows a net gain during the week of over 2 points.
The copper stocks, which added from 5 to 8 points to the
decline noted last week, recovered feebly, and American
Sugar Refining at 1153% was nearly 20 points lower than it
was a month ago. The United States Steel issues, General
Electric and Colorado Fuel & Iron have been relatively steady.
For daily volume of business see page 1476.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Dec. 3.
Alice Mining
Chic Terminal Transfer_
Col Fuel & Iron, pref._ _
E I duPont Pow, pref._
Evansv & Terre H, pref_
General Chemical
Preferred
Green B&West deb cis A
Homestake Mining
Keokuk & Des Moines_ _
New York Dock
Preferred
Ontario Silver Mining_ _ _
Peoria & Eastern
St Jos & Grand Island_ _
Second preferred
& E Ill
St L &
new stock trust Ws

S F—C

Sales
for
Week.

Range for Week.
Lowest.

Range since Jan. 1.

Highest.

Lowest.

100 52% Nov 27 $2% Nov 27
100 3 Nov 27 3 Nov 27
200 11234 Nov 29 115 Nov 29
250 88 Nov 30 88 Dec 2
100 85 Dec 2 85 Dec 2
400 92 Dec 1 92% Dec 1
510 104 Nov 29105 Nov 30
24 82% Dec 2 86 Dec 3
180 7334 Nov 29 733.1 Nov 29
100 9% Dec 2 9% Dec 2
50 35% Dec 2 35% Dec 2
100 80% Nov 29 80% Nov 29
100 2% Dec 3 2% Dec 3
400 24 Dec 2 24% Nov 30
600 20 Nov 27 20 Dec 2
300 40 Dec 2 40 Dec 2
7 6534 Dec 2 65% Dec

$2
2
67
87%
83
61
98%
82%
7334
5
30
75
2
23%
15
20

Higheat.

Feb $334 Nov
May 4% Jan
Mch 115
Nov
Nov 88
Oct
May 85
Feb
Jan 95
Aug
Jan 108
Aug
Dec 86
Dec
Nov 94% April
Mch 11% Nov
Feb 47
July
Jan 82% Aug
Oct 5% Jan
Feb 27 June
May 21
Nov
Mch 41
Nov

2 62% Aprl 70

April

Outside Market.—Substantial declines marked the trading
for the most part in last Saturday's and part of Monday's
"curb" market, especially in the copper shares. Since then
the movements have been irregular. The volume of business has fallen off considerably. Boston Consolidated was
conspicuous for an early loss of about 4 points to 183's,
moving up again to 213, the close to-day being at 21.
Butte Coalition suffered a decline of 43/ points to 27, then
reached 29%, ending the week at 293. Cumberland-Ely
4.
went down from 8 9-16 to 8% and recovered finally to 83
Giroux fell from 113( to 103i and to-day was a strong feature,
advancing to 11%. Greene-Cananea dropped from 129 to
113, rose to 123% and closed to-day at 123'. Miami, from
173/
2, lost about a point to 163%, then advanced to 183%,
%. Nevada Consolidated
with the final quotation to-day 183
receded from 28 to 263% and finished to-day at 27. Goldfield Consolidated went up from 8 3-16 to 8%, then down to
8 and ends the week at 8 1-16. La Rose Consolidated improved from 43i1 to 5 3-16 and closed to-day at 5. In industrials, American Tobacco and Standard Oil were conspicuous,
the former breaking from 439 to 427, then to 413, this last
being ex-dividend. It recovered to 423 and sold finally at
422. Standard Oil opened on Saturday last at 673 and
dropped to.660, to-day's trading showing a further loss to
658. Chicago Subway, after being traded in between 53.
and 6, sank to 43%, and on news of the default on the company's bonds slumped to 33g—a low record. It sold up again,
reaching 5 to-day. Chic. & N. W."rights" appeared in the
trading, selling between 14 and 14% and at 143% finally.
In bonds Missouri Pacific 5s "full paid" sold down from 96
5 and back to 96. "Part paid" 5s were dealt in at
to 95%
95, "w. i.," debetween 96 and 96%. N. Y. Telephone 43/
clined from 973
4 to 973/9.
Outside quotations will be found on page 1476.

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly0(1CUPVINI: 'MO
STOCKS-HIGHEST AND. LOWEST SALE PRICES.
I
Nov. 27.
-

Monday
Nov. 29.
-

Tuesday
Nov. 30.

Wednsayov. Dec. 1.

Thursday
Dec. 2,

Friday
Dec. 3.

Sales of
the
Week
Shares.

PAGE'S

STOC KS
NEW YORK STOCK
EXCHANGE

Range since .Tan. 1 1909
On Ca.els of 100-share lots
Lowest

nights .

Railroads
11912 12012 1183.1 1195g 11818 11834 11834 11938 11858 11018 11834 11958 50,679
tch Topeka & Santare 9772 Jan 13 12
2
Actg 12
5:7
8O
43
10412 10458 10138 1041. 10418 10438 10438 10412 104 10412 10414 10412 3,935
Do pref
10014 Jan 20 10634 J'ne 29
*134 13512 134 134
133 13312 13212 13212 132 13312 1,800 Atlantic Coast Line RR_ _ 11(70 Feb1
133 134
115 11538 11478 11514 11434 11512 11,100
11578 11638 115 116
11434 116
altimore & Ohio
a n14
23 12214 J'iy 29
93
*91
*9112 93
92
02
*91
93
100
93
*91
Do pref
9212 *91
62,665 Brooklyn Rapid Transit_ a6
7712 7834 77
7812 7634 7814 7734 7812 7778 7858 7818 81
3 86
3
riiv12?
Nfa:
7
1 IJ
A'n
pr
e 17
2
273 J
68
17814
178
178
17812
178
*17712 17814 17614 17734 177 178
17958 6,800
18938 Oct 5
anadian Pacific
721. *08
72
*68
68
*68
72
68
300 vianada Southern
72
*68
*68
72
5
6014 Jan 11 37
Neopv 18
201
314
2s
30417 313 *308 315
310 311
*310 315
305 312 x305 305
1,975 Central of New Jersey_ _ 28
6
3
b
2
.F
J
18
558 aen
_ 34 8612 8512 8614 8434 868 47,200 Chesapeake & Ohio
868733 8568 8678 8514 8612 85
90 Oct 8
*66
68
*6518 68
(38
66
66
*65
6638 6758 1,300 Chicago & Alton RR_ _
6478 65
5778 Feb 24 7434 Apr 1
74
Do pref
74
74 *____ 74 *___- 74 *_ ___ 74
70 Nov 1 7812 Mch27
*1912 2014 20
1912 1917 19
1912 1034
1958 19
20
h8 Aug 20 2114 Nov 4
1934 3,600 Chic G Wes ctfs dep 3d pd
64
*60
*00
64
*5914 64
64
*6()
*5914 62
Do 4% dehen ctfs dep_
63
*60
4
6114 Nov 5 368478 NovNov 3
35
*3212 3312
*3312 3478 33
*3312 3478 *3317 :3478 *33
33
100
Do pret "A" ctfs dep_
27 Aug16
2512
2514 25
2534 25
2018 *2538 2558 *25
*253g 26
Do pref "13" ars 31) pd_ /113114 J
500
Aau g 23 2612 Nov15
15314 15414 1533.1 15514 15312 15518 15378 15434 60,550 Chicago Milw & St Paul_ _ 14
15:378 156
15558 15658 *251'
5 16518 Sep 18
13
13° Feb 2
58
172 172
17414 17417 172 17312 17112 17214 171 172
Do pref
17178 17178 3,400
M ch
181 Aug 16
175 17912 17514 17611 17518 176
18234 18234 17734 18212 17734 170
17,487 Chicago & North Western 1731.
8' Feb 24 19812 Aug 18
*212 225 *210 225 *210 235 *210 230 *210 230 *210 235
Do pref
208 Alch15 42
m g 13
60
7 Aug
13
*150 160 *150 160 *350 160 *150 160 *150 160 *150 160
P
Minn
Chic St
6c Omaha 149
2
Au
)
Ae
por 22
8 I
*160 175 *160 175 *160 175 *160 175 *160 175 *160 175
Do pref
27
J'iy
§180
1662
n
418
418
418 41
413
*
418
*3
412
400 Chic Tin Trae ctfs stmpd
4
4
6
4 J'ly 30
7 Jan 4
*8
12 --------9
10 *---- 12
_
19
Do pref ctfs stinpd_
1,450
1038
7198;24 Feb2167
913 11
75
7412 7412 74
75
7512 75
4
68 Jan 29
7434 75
7512 7512 1,200 Cleve Cin Chic & St L
*100 105 *100 105 *100 105
10473 105 *105 110
400
Do pref
105 105
1507 OctJan 234 1886
427812
ftaa
enniy
11a
5:24 JJ5
0848
*55
5512 55
55
5414 5478 5434 55
5512 5614 57
5712 2,050 Colorado & Southern
*81
8114 81
8112 81
81
81
81
761, Jan 2
81
Do 1st preferred
81
8114 8114 1,050
*30
8012 *80
81
8014 8014 *8014 81
500
731; Jan 2
Do 21) preferred
8014 8014 8014 8014
18512 186 x18012 183
180 18012 18212 183
elaware & Hudson
4 200 May14
3,300
181 181
182 182
enb
b 266
3:j
iae
3:375
75
5
16
*680 605 *560 605 *500 605 *560 605 2560 605 *560 595
elawarc Lack & 55 est_
680 Apr 22
4712 48
4712 4814 47
24,720 Denver & Rio Grande
47
50
4734 48
4734 5014 49
54 Apr 20
8412 8412 *84
85
*8312 85
84
8418 8418 8634 8572 8614 2,450
Do pref
90 Feb 10
*60
64
6414
*6214 641( *60
*6214 6414 *60
(32
6414 §62
34 Detroit United
15
1514
15
15
Atian
1514 1514 *1434 1517
143.1 1434
1,100 Duluth So Shore &
1534 16
Aug 13
134 Jan
71
25
*28
ao *28 30 1 2712 30 *2712 30 *2712 30 *2712 30
23 367 Jan 15
Do pref
3314 3378 3212 331s 3212 3273 33
11,800
3318, 3278 33
3214 33
225
39 J'ne i
4712 48
47
1,920 FirieDo 1st pref
4612 47
4614 4(312 47
4714 4712 *4034 4734
:3617 men 11 5634 Aug 9
4018 4018 3912 3912 38
3858 39
1,300
39 I 3912 3912 39
Do 21) peer
46 Aug 2
39
14212 14312 142 143
14034 14134 14034 141341 14033 14138 140 14114 24,450 Great Northern pref
138b
Feb
7225214 1,2
;jjM
N
1‘1laaeoccin 32113900411 15773 Aug 12
8013 8012 7912 8012 7718 79
7778 79
6518
mch 12 881. Aug 12
10,45(3
7734 7814 7734 79
Iron Ore propertles
*1312 14
1433 16
14
1414
1414
14
1512 1712 18
624 Green Bay & W,deb etfil
51
1912
1912
38
1:9
3
- Dec 3
111: NrFebeobv 20
*8158
8814
83
85
8478 8478 8412 8512 85
8612 86
2,415 Tjavana Electric
8814 Deo 3
95
*93
- *93
98
90
90
100 -1-1- 1)0 pref
96 Dec 3
*103 119 *108 119 *108 110 468- 1-1-0 - *108 110 *108 119
Hock Val J P M & Co rcts 97 May 3
9012 *____ 0012 9038 9038 *85
90
*87
*80
90
*88
100 Hocking 'Valley peel
9012
11
;
1e
g
e .8
J: 1:
24
°5
i ‘
88 Apr 27 19
14534 146 *142 14512 145 145
*14638 147 *14512 147
140 146
500 Illinois Central
2
l
i8
gI
A0z
137 Feb 23 17
7. /
211i
65
2278 2273 2333 2273 2334 2312 2458 101,780 Interboro-Metropolitan _
2278 2334
221.
/ 2312 22
5558 5418 5534 55
5518 5578 5412 5558 5334 5434 55
57
Do pre"
47,500
6714 N v 6
24334 2714
28
2714 2714 *2714 2738 2734 28
2814
2814 2838 2,400 Iowa Central
5012 50
4918 49/2 4878 4918 4358 4878 49
50
5014 5058 2,800
Do pref
3
4
218
66135:1 Sep 9
:31
80
80
*78
80
80
*80
8012 80
80
80
*30
l'atsS
ci5tyllistoructfLif 7434 Feb 2 6
300 17- aCns
8012
8
32
20 Sep
AAlp)rr 11455
4214 4314 4258 44
44
4114 4478 43
43
4378 4338 44
3
8,90 1%,c
e b 24
i)kr_c0
F
6778 I
Aug 18
37
*7014 71
*7014 71
*7014 71
*7014 71
7014 71
*70
71
Do pref
200
24
*22
*22
*2212 24
24
*22
24
*22
24
*22
24
200 Lake Erie & Western
1912 Feb 25
58
*50
*52
57
57
*53
*50
57
*50
67
I)o pref
57
48 Jan 23 76351-1178
5812
.18 1
JJ
J
1,1 ;
nn
ig 2
184
2
4
*04
67
64
08
64
*64
*63
65
*63
65
863
65
100 Long Island
59 Jan 4
16117 15112 15012 15112 14918 15014 14014 151
140 150 '149 15012 10,000 Louisville & Nashville
x121 Jan 29 109
6
2502
2
9:
:
012 Js
Aae
tong 187
'
*139 142 413978 140
2
13912 1:3912 *137 13912 137 1375:, 1.137 139
692 Thranhattan Elevated_
2
Dec
137
*21
20
*21
26
*21
24
*20
25
*20
25
*20
-0.Letropoiltan Street__ _
26
18 J'ly 2 42 Jan 5
6234 5234
52
52
51
52
*52
5212 5134 5134 5112 5334 2,2501 Minneapolis & St Louis__
51 Sep 16
*84
89
*84
80
*83
90
*83
90
*84
90
*83
90
Do pref
81 ?deli 10
*13412 13517 13414 13412 13312 13378 13338 13412 13358 134
13312 13438 2,050 Minn St P & S S Marie_ _ _ 13212 Jan 2 14912
Jan 8
*151 154 ,151 154 *150 154 *150 154 :;151 155 1-151 154
Do pref
13
2 116
Ap
lyr 2
18
49
7 j
2888
uuttv 11:9
AAcc
u
A
:I:
4823 0(
23480
:
4
6971::2
76
*89
9033 §90
90
*8918 9013 *8984 9013 *89
0013 *8913 9018
Do leased line ells
60
471. 4914 4613 48
4613 4714 4712 48
Texas
47
Kansas
5:
4778 47
4778 50,750 Mo
3512 Feb 23
*7334 7414 *73
7414 7314 7314 *73
74
*7314 74
.1.73
Do pref
74
500
71 Feb 23
7013 7118 6912 7012 6834 6912 6934 7012. 70
7114 7012 7118 14,000 Missouri Pacific
7712 Aug y
*133 138 *134 138 *134 138 *134 138 *134 138 1,134 138
Mash Chatt & St Louis_ 16
4
J aen
b 25
22
512 F
5638 5538 *55
5512 5512 5512 5534 5534 *55
5534 *56
300 11 at Rys of Mex 1st pref 4412 Apr 5
56
*2134 22
2134 2134 2112 2113 21
2112 2138 2138 2114 2114 2,600
1)0 2d pref
21 Dec 1
12738 129
12634 12812 12513 12712 12633 12712 12614 127
14
8
)2
126 12718 65,350 N Y Central & Hudson_ _ 12
eclh
811 .si
Feb
40
*66
69
67
67
*60
65
6673 6678 *64
(38
*62
200 N Y Chic & St Louis_
67
4817
*105 115 *105 115 *105 115 *105 116 :,105 115 *103 115
Do 1st pref
826
21,
110
ap
bv
Y2
100 Feb 20 19
.Iee:
0
608
8
1
0 N.
*93
96
*93
96
*02
95
06
*92
*00
04
*00
04
Do 2d pref
*156 15712 155 156)7 155 155
155 15512 15417 15434 15434 15514
1,860,N Y N H & Hartford_ _
6 1
oe
v 13
4
Ap
56414 N
;17
.100 e 211:5
4 .1
127
4
1:342
19,
7
4634 47
46
4634 4534 4618 46
4618 46
4612 4612 47
6
5,7001N Y Ontario & Western_
b 24
Feb
8
44
214 J
95
9512 95
9538 191
02
9112 9278 0258 9:317 0278 0414 13,200 Norfolk & Western
*88
8912 *88
8912
_
*88
90
*88
00
Do adjustment pref___
831g hich26
144 145
14333 14413 119212
- 143
- - -34 *
1482 834 16
4012
3
141 143
14014 14214 30,800 Northern Pacific
533
bh 24
ITi'aeeenb
314 .Fm
36
17
*104 110 *104 110 *104 110 *104 110 *104 110 *104 110
Pacific Coast Co
ct
*102 110 *102 110 *102 110 *102 110 *102 110 *102 110
Do 1st pref
37
0
L
188
00 14
McIli 2
*104 110 *194 110 *104 110 *105 110
105 105 *104 110
Do 2d pref
300
19133 132
13013 13138 12934 13014 12933 1301 1 12834 12034 12812 12034 122,719 Pennsylvania
18
26 3
611
2
*9414 05
0414 9414 *9414 95
*9414 95
94
9414 9312 9448
700 Pittsb Gin Chic & St L
*105 115 *105 115 *105 115 *105 115 1105 115 1105 115
Do pref
F
e
c
b
h2
10
2
18
0
,
1
m
16912 1725, 16634 17133 16533 16814 10714 17014 16838 170
16778 17084 884,800,T)eluting
118 Feb 23 17338 Sep 2.1
*9014 92
*9014 92
*9014 9212 *9014 932
*9014 92
*9014 92
III, 1st pref
*100 101
100 100
*98 101
100 10078 *99 101
100 100
2d pref
1,7001
90 Feb 1 11:16
0
4
95055:69
4
2
6015:
3
31:44
6
4 (AASSS
A
OjAiee'eu
3978 4034
uc uani
pipg1e
t 2222
3914 41
3868 305g
11111
2
7 982 i
3968 41
3034 4053 3912 40 103,620Rock Island Company__ _
bh 24,
48 '
1.
54Feeb
577
513
2
880
8012 8314 83
8412 8278 8412 8412 8612 86
86
86
8612 37,750
Do pref
8
7
766
033611244 c:
cpy
c
e 113506
1
8
*08
7112 69
69
6912 6102 69 4 7112 71
71
70
71
1,125 Qt L & San Fr,1st pref..
5412 5517 56
55
50 5534 5678
5912 5$
5934 5834 5918 20,935 1J Do 2d pref
36 Feb 23
3258 34
3273 3353 3384 3434 34
3273 31
3412 34
35
30,400 St Louis Southwestern__ _
2012 Feb 25
7414 7478 7234 7414 7333 7414 7412 7534 7434 7578 7538 7614 15,600
Do pref
4712 Jan 0
12878 13038 12712 1291: 127 12838 12818 1283.1 12734 12817 12734 12914 68,000 Southern Pacific Co
11458 Feb 24 13
Aeucg
918 I)
35
3114 3134 3034 3114
3038 3078 3058 3118 3034 31
3012 314 10,100 Southern v tr efs strnpd_
4
ja,einy 228
22
610, '
6914 6512 6812 69
6712 68
6814 6812 167
GO
1,700
08
Do pref
6812
do
Jan
34
3458 341/ 3514 3478 35
3514 3588 :3414 3417 :3314 34
4,800 r Vexas & Pacific
30 Feb 24
Aug
1914 20
1012 1834
1812 10
19
1034
1834 19
1612 1712 17,320 _L hird Avenue (N Y)
34754054241822 J
A
Onc
uAug111 2
11329
81
*8
084 *8
912 *9
012 *.8
10
*8
012 *8
Toledo Railways & Light
912
1538 Jan 2
5312 54
5314 5314 53
5314 5314 *53
5312 521/ 5314
54
2,200 Toledo St L & Western.._
,aY2
16
2
43
7 Feb
6912 70
6917 *68
69
69
69
09
*68
69
01378 6934 2,800
Do pref
6434 Feb 24
10934 110
11014 11012 10912 1101: 11012 11012 11033 11033 1103/ 113
2,930Vin City Rapid Transit 97 Jan 2
20113 20313 19973 20213 1995 2011.; (19858 19053 19734 198/8 19758 19934 260,665
niono
D I'a
172
,
412 Ic
Feb24
1 2
3
4
4314 j
p
Aaeueng /6
17
19
*10214 103
10134 102
10114 10134 10114 10132 10114 102
10114 102
2,800
pref
11812 Aug16.
4234 *40
*40
42
40
40
4134 4134 1 *40
4217 *40
900 Linn Itys Inv't of San Fr 30 Feb 25 47 Sep 13
42
*7012 7214
7012 7012 *70
7212 7134 72
400
Do pref
*70
7212 *70
7212
5014 Feb 25
20
2113 20
2012 203.1
2012 2034 2173 2118 2134
21
2114 123
Doh pre?
v
27:18
700 IAiabas
Fob
4
2
74738 Joe 15
6334 5538
5334 5638 5334 5533 5434 5814
5658 5834
56
6738
1113
3
333 6134 Joe 15
F
jj elyyb 2
4
15651142 j
3212 53114 3112 48
53313 3318 !,32
4312 4412 4678
4438 4538 7,000 West lid rects 9th paid_ z21 Oct 9 4678 Dec 2
812 812 *8
0
8
8
812 812 4812 812 *8
520 Wheeling & Lake Erie
9
1273 Jan
18
*16
*16
18
*16
18
*16
18
*1012 18
Do 1st pref
*16
18
2578 Jan 8
912 10
*9
*11
11
10
1014 1034 *912 11
O2
,
(
siiip
*912 11
sco
i rectentral
WiD
0
70
30
1518 Jan 8
50
50
5114
4034 50
*50
*49
5114 *40
50
*49
60
3573 Jan 6 6378 Apr 20
*89
____ *89
Do pref Trust Co aim_
8614 Mel) :3 9173 May20

A
fl
C

D

1:

Range for Previous
Year (1908).
Lowest

Highest.

68 Feb 10114 Dec
8338 Feb 104 Dec
5912 Mch 11117 Dec
7612 Fell 11178 Dec
94 Dec
80 Jan
3724 Feb
6934 Dec
140 Feb 18018 Nov
68 Nov
54 Mch
160 Feb 229 Dec
2512 Feb
5938 Dec
10 Feb
6878 Dec
47 Mch
79 Dec
318 Feb
1458 Nov
3317 Mch
6814 Aug
1512 Feb
43 Dec
5 Feb , 1718 Nov
10312 Jan 15212 Dec
138 Jan 16434 Dec
13512 Jan 18512 Dec
185 Jan 224 Deo
114 Feb 160 Dec
14012 Jan 174 Dec
713 Dec
58 Apr
18 Dee
4 Apr
4717 J'ne
7012 Dec
8523 Feb
9975 Dec
59 Dee
21 Feb
79 Dec
503 Jan
76 Dec
3934 Feb
14112 Feb 18138 Dec
420 Jan 575 Nov
1414 Feb
4012 Dee
3914 Meh; 8314 Dec
3212 Apr
56 Nov
6 Feb
1834 Nov
1134 Feb
3334 Nov
12 /deli
36 Nov
2433 Mch
5133 Dec
16 Mel) 41 Dec
11334 Feb 11814 Dec
4812 Jan
7518 Nov
8 Jan
1712 Dec
20 Mch
40 Dec
§70 Jan ; 84 Dec
62 Feb 10413 Dec
93 Dec
69 Mch
12212 Feb , 14934 Nov
634Jan ; 20 Dec
1718 Feb ; 4912 Dec
3212 Dec
10 Feb
2712 Feb
57 Dec
7517 Dec
57 Aug
4233 Dec
18 Feb
7218 Dec
46 Feb
12 Jan
26 Dee
34 May 58 Dec
5633 Dec
30 Feb
8714 Feb 12534 Dec
120 Jan 15434 Dec
15 Feb
4412 Dec
20 Mch
5612 Dec
90 Dec
61 Feb
7914 Jan 135 Nov
12312 Feb 15112 Dec
__
1712 Mch
4312 Dec
46 Feb
7512 Dec
2812 Feb
5717 Dec
9734 Jan 122 Nov
9018 Jan
2412 Jan
90 Jan
60 Feb
12833 Jan
2913 Feb
58 Feb
74 Melt
11672 Jan
65 Sep
90 May
79 Mch
10834 Jan
59 Jan
8113 Mch
0213 Feb
78 Jan
76 Jan
1012 Feb
2034 Feb
42 Joe

1914 Feb

10 Mch
2412 Feb
6614 Feb
91,8 Jan
2513 Mch
1234 Feb
1512 Mch
1312 Oat
12 Feb
33 Feb
7814 Feb
11013 Meh
7014 Apr
15 Jan
2712 Jan
(333 Meh
13 Mch
412 Mch
1218 Apr
6 Feb
1312 Feb

__
126 Dec
5712 Deo
105 Nov
85 Dec
161 Nov
4778 Dec
8614 NOV
88 Dec
15734 Nov
9312 Jan
90 May
97 Jan
13214 Dec
8813 Dec
10834 Nov
14314 Dec
152 Dec
03 Deg)
2514 DOC
c2N3 Dec
49 Dec
4214 Deo
24 Dec
5573 Dec
12212 Dec
2714 Deo
6313 Dee
4714 Dee
47 Atig
1512 Dec
50 Dec
7312 Dee
9633 Dec
18478 NOV
08 Nov
40 Dec
5013 Dec
2033 Dec
5234 Dec
13
2614
1534
3814

Doc
Deo
NOv
Dec

BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks

Bid

Ask
Banks
Bid
Ask
Bid
Banks
Banks
Ask
Bid
Ask
Bid
Banks
Ask
Banks
Bid
Chatham __ 348
____ Fifth Avell_(4420_ Imp & Trad 560
589
Mt Aforris11.. 250
275 Plaza!
New York
625
Chelsea Half 200
____ Fifth
N
Ex
Irving
300
200
3
5
0
210
Mutual 11- 290
310 Prod Exeh II (175
Aetna
176
185
Chemical --430
410
First
3841
__ _ Jefferson11._
_ 100
Nassau lf___ 225
__ Reserve
ierica 1E
__ Citizens' Cti 1571:: 10217 14th Stl[
360212
125
155
_-.. Liberty-- 5-5-,
_ New Neth'd 200
22-0- Seaboard
mer Each_ 246
350
2-50 City
(421
--: Fourth
245
_ 4-3-0
2-5-5 Lincoln__
NowYorkCo 750
____ Second
Audubon ,- 135
400
1421, Coal & Iron 140
1-50
Manhattanl: 34-5
nights
25
21
355
New York_
_ Sherman
Battery Plc_ 125
135
130
'COlonlal lf
3013
_ Gallatin
_ Mark't6cFul 255 260 N'ht &Day1i 1327
t341
---- 2-3-0- State V
300
poweryli- - 375
____ Columbia 11- 376
3-66 mechanics' .300
290
4-2-5- Garfield
... 19th Ward_
420
12th
Ward_
__
_ . Gomineree _ 188
BrOnXBor011 300
____ Mercantile _ 135
100
Germ-Am v 140
Northern __ 1110
1-9-0
115
23d Ward_ 1-4-0
1-5-8 Copper Bryant Pk l'i 156
____ Germ'n Ilx11, 1459
311)
__ Merch Each 160
____ Pacilicli---- 230
240
Union Bac- 195
nutoli & Dr 190
if (330
Corn Ex
1,50
....
Germania II_ 550
Merchants'
5-7-0
__. Park
17212
460
470
Wash H'ta ¶215
176
17
century if
East River_ 125
1-31
Metropolis li 390
265
Greenwich 1l 200
4-00 People's 11- 280
West Side 11 500
295
phase
(42
-- Fidelity 11166
17
620
Hanover
630
MetropoUnT 1871,. 195
Phenix
175
185
Yorkville 11- 500
•um and asked
prices; no sales were ;bade on this day. .t Ex-rig1113. OLess than 100
share.s. 1,State banks. a Ex-dIviiiend anifrights76-Newstock!Sale at Stoeic Lxchange or at Auction this Week, h First Installment paid,
n Sold at 1)4vate sale at this price. s 2d paid. y 3d paid.

p




Ask
-...
1-ig
37
...,
160
-295

_,...

....
.....

New York Stock Record-Concluded-Page 2

1468

S7'OCKS-111GRES2' AND LOWEST SALE PRICES.
Saturday
Nov. 27.

Monday
Nov. 29

Tuesday
Nov. 30.

15'eilnesday
Dec. 1.

Thursday
Deo. 2,

Friday
Deo. 3.

Sales of
the
Week
Shares.

STOCKS
NEW YORK STOCK
EXCHANGE

[Vol.. lax=

Range since Jan. 11900.
On basis of 100-share lots.
Lowest.

Highest.

Range for Precious
Year (1908).
Lowest.

Industrial& Miscellaneous
*240 300 :,238 300 $238 300 -,238 300 :,240 1 I 5 $238 275
A dams Express
190 Jan 20 1250 Nov20 164 Jan
1513 1534 *1513 1534 15
1518
1534 *15
16
1512 15
1234 Feb 24
1678 Att.' 3
15
6,020 Lillis-Chalmers
5 Mch
*54
05
5311 5312 5212 53
54
54
54
55
Do pref
5314 54
3,51X)
38 Feb 24 5712 Nov17
14' Mch
86.1.4
•
0114 8353 8714 84
8534 8512 8734 8513 8714 8553 8738 720,200 Amalgamated Copper_
65 Feb 26 0613 Nov19
4513
Feb
- 4814 4813 48
4612 4612 46
4814 47
46
47
1,300 Am er Agricultural Chem_
3312 Jan 5 50 Aug12
4714 47
13 Jan
*101 104 $101 104 ,
_
:‘10112
40112 __
1 101
_
:401
Do prof
951: Jan 18 103 Aug 3
7812 Jan
47
4738 4518 4613 4373 -41- 4412 4513 4512 4578 4514 4534 - -7-,,-175 American Beet Sugar
2014 Jan 13 4912 Aug 2
912 Feb
*93
06
96
03
*9213 96
95
1)3
Do pref
82 Jan 7 98 Oct 4
200
65 Jan
0312 9312 *92
1412 1434 14
1313 1378 13,000 American Can
1412 1333 14
1358 14
712 Feb 23 1513 Nov18
1358 14
4 You
8433 8478 8304 834 8273 8312 83
8312 8234 8352 10,327
44 Jan
Do prof
8378 83
711.Feb 23 86 J'ne
7234 7334 72
7134 7012 7234 13,200 American Car & Foundry 4414 Feb 24 761. Nov 4
7238 6934 7133 71
7214 71
2512 Feb
*119 131
119 119'.,118 12014 *11712 121 3117 121 1,117 12110713Feb 23 1244 Aug 3
8414
Mch
6713 6713 6612 671: 65
661. 65
P
6573 6534 6634 67
Dorie
:
ar CCotton Oil
6712 7,710000 Anle
4218 Jan r, 7914 Nov 5
2434 Feb
*10312 105 ,10312 105
10412 10412
105 105 *104 107 *10413 107
Do prof
225
98 :fan 7 10714 Nov 3 580 Jan
*255 265
255 255 ,
1 247 265 8217 205 *247 260 :'247 261)1205
100 American Express
Feb 5 270 Nov22 170 Feb
*81, 818
814 8i f
8
814
814 813
8
813 817
231 Feb
8
1,100 American Hide & Leather 36414 FebFeb
, 2
251 • 10 Sep 3
4553 455F. *45
4418 4418 1,525
Da peel
4614 4314 4412 4414 4414 4412 45
121. Mch
5173 Aug 3
2619 2612 2612 2713 26
52534 2534 $2573 2613 26
26
26
1,310 American Ice Securities
121 Feb
12
873
4214 Apr 13
1478 1518 1413 1412 *14
*14
15
15
*14
1414 1434
15
500 American Linseed
6 Mch
Feb
j
Pn 28
5 20 J'nel4
40
40
1,40
42
41
3813 3912 391.2 3978 *3811 4012 *39
Do 'wet
20 Jan 12 4734 Joe 14
1,102
.17 Mch
6034 1311.: 5912 61
6133 6,550 American Locomotive_. 10
5918 5958 5934 6012 5978 6018 60
40
941 ;n
Feb
l,24
3138 Feb
3 6914 Aug 4
*115 116
11478
11514
115 115 :114 115
851. Jan
61,, 3.1300
122 Aug 4
612 115
7 :114
612 11478
613 11514
638 63,
*6
613 618
Am
613 64
Malt Corp
51: J'ly 16 1113 J'ne 1
3" Mch
433.
42
4114 3814 40
38
4012 4034 41
4134 6,435
4114 42
Do prof
38 Nov30 59 Sep 20
21 Jan
90
00
90
90
90
90
*89
*8913 90
51)0. 00
96114 1,759 Amer Smelters Sec prof B 80 Jan 4 9238 Aug 27
70 Jan
0814 1011, 9578 0914 9538 964 961
734 9633 9838 9612 9814 122:100 Amer Smelting& Refining
Feb
.14n 22
,
55t, Feb
4 1053. Nov20
11112 11112 11012 11112 10014 11012 11038 11038 11018 11014 11013 11073 4,700 .D9 prof
101
7'4
1
8734 Feb
1163'4" Aug 6
*250 300 • 230 300 :250 300 ,270 300 :250 280 .250 300
225 Mch 0 1285 Nov 23 180 Aug
Am erican Snuff
*99 101
100 100
*97 100
10013 10012 *97 101
95 Mch 1 105 May22
*97 101
Do peel
. 200
80 Mch
6473 6478 61
6418 6334 6418 6314 6418 6314 6414 3,550 Amer Steel Found (new)- 3.373 Feb 24 (3638 Nov19
6133 63
28 Sep
12412 12434 11638 12414 11533 11812 1:116 11838 117 11914 11773 11034 51,350 American Sugar Refining 11533 Nov10 13638 Sep 24
0834 Jan
*120 122
119 12138 11813 11814 *116 119
119 119 3118 120
Do prof
118 Novi5 131 Apr 8 105 Feb
1,300
141/4 142
14014 14113 13973 14038 14013 141
14014 141
14013 141
19,160 American Teleph & Telcg 125 Feb 1 14518 Sep 29 101 Jan
9913 0918 0613 99
0612 9634 *9912 100
98
98
2,300 American Tobac (new),pf 9012 Feb 6 104 May10
721. Jan
*9712 98
3514
*34
34
34
335s 34
3434
3414 3414 3413 3418 34
26 Feb 4 4012 Aug27
800 American Woolen
15i; Feb
*103 10312 11234 10312 10234 103 310212 10:314 40213 10314 :40212 10314
Do pro?
9334 Jan 6 10734 J'ne 14
550
7814 Feb
4912 5113 4634 4834 4678 4731 4712 4834 4734 4812 4734 4873 30,550 dAnacondaCopper Par$25 53734 Feb 26 $5414 Nov10 $2712 Feb
*313 4
dBatopilas Mining Par$20 $273 Jan 29 35t. J'ne30
*3
4
*312 4
*312 4
*313 4
*313 4
5212 mall
35
35
1834 Moll 0 3614 Sep 21
341. *3312 3412 *3334 3412 *3312 3412 3313 3434 1,000 I ?ethlehem Steel
34
12 Jan
GS
68
700 1) Do pre:
671: 671: *67
681: *6713 6813 6713 6712 *6712 6812
47 Feb 24 6912 Sep 3
35 Apr
*144 147 2144 147 1140 146 143 146
143 146
144 144
200 Brooklyn Union Gas___.- 118 Jan 28 15118 Se!) 1 s85 Feb
*16
1813 *16
Brunswick Dock & C Imp 13 Jan 13 2113 Oct 4
*1713 1812 *18
1812 *1514 18
1958
6 Jan
*35
37
455" 17- 35 35 *35 36
*3412 36
35
25
400 13utterick Co
2373 Jan 2 37 Nov13 510 Feb
90
41134 4538 46
4.812 457, 4573 4613 4553 40
4553 4612 26,845 1 •entral Leather
2512 Mch 2 5134 Oct 7
1512 Feb
10312 10312 10813 10812 108 10818 1073.1 10814 10712 10734 108 10833 2,665 l, , Do pref
7514 Jan
9934 Apr 5 111 Sep 2
49
60
49
4973 41:14 5034 23,470 Colorado Fuel & Iron
4758 4912 4734 4817 4834 50
1558 Feb
29 Feb 23 5233 Nov19
8512 85
85
8518 8434 853.1 8612 8714 8613 87
86
87
1434 Mch
8,150 Col & Hock Coal & Iron_
2138 Feb 23 884 Nov10
_ _____ Comstock Tunnel_Par 52 21e Apr 24 37c Oct 7
20e Mch
14513 117-34- h47'2148'
12 1-4-9-- i-51.
8- 1-5112 66,742 Consolidated Gas (N Y)- 11412 Feb 4 16514 Jan
1t7'2 110-3-4 14534 1-4-9
96 Jan
4
2
22
2114 2178 2118 2114 2114 22
2138 2178 2112 2178 5,500 Corn Products Relining
103.' Feb
161: Feb 24 2612 J'ne 2
*34
86
88313 85
86
*81
85
85
8412 8412 84 84700 Do prof
56 Jan
7314 Feb 21 931. J'ne 1
*5712 63
*60
64
*5712 62
*5712 62
Crox Carpet
*5712 62
,4
4713 Oct
45 Jan 5 62" No.
;ill 17-3.1 *3613 371, 3534 3618 36 37
3614 3614 35
3613 2,400 Distillers' Secnritles Corp 3212 Feb 23 411. Jan 25
2714 Feb
82
82
88
__ 88
88
88
88 *..___ 88 1,_
200 Federal Milling & Smelt'g 55 Mch 2 951 May 11
721. Nov
*3813 8912 *87
*87
89
*87
89
88
02
88
200 . Do pret
8812 8812
80 Feb 24 94"Aug 11
59"Feb
161 16112 15012 161
1591g 160
16013 16112 16012 16113 x158 15834 5,255 General Electric
15018 Feb 23 17234 Aug 12 111 ,Jan
*102 105 1-100 105
Granby Cons M S & P__ 91 h
*95 105
12 110 Jan 4
*97 104 *100 105 $100 104
7834 Jail
10813 10812 10.173 107
10212 10434 10513 10714 *10614 10712 10713 10758 3,073 I nt Harvester stk tr etfs 62 Jan 30 1111. Nov 5
52 J'ne
*12213 123
122 122
122 123
124 124
122 124 012258 124
600 -11- Do pref stk tr etts___ 10914 Jan 16 1261i Nov 6
09 J'ne
-753 814
7,100 Int Mer Marine stk tr ctfs
713 8
538 J'ly 9
733 734
712 712
8
8
6 Oct
734 778
9 Oct 2
25
2534 2438 2514 24
Do peel
2418 2412 8,000
2413 25
2433 2413 25
16 Feb
1834 J'ly 0 2753 Jan 2
*15
1512 1473 1538 1478 1478 1473 1473 15
*14
15
15
700 International Paper
91.2 Mch 13 1914 Jan 21
8 Apr
*59
857
59
59
GO
59
5812 591: *59
60
Do pr,,- Z
5734 5734
950
4734 "%rich IS 6034 Aug 3
47 Oct
5038 5033 50
5012 4834 4912 4938 5034 5013 5133 5114 52
11,150 Internat Steam Pump- 3312 Feb 25 5412 Nov12
13 Jan
*3834 8934 8812 8812 89
89
8814 8934 58934 8934
Do peer
89
*87
1,145
8213 Jan :30 91 Sep 20
65 Jan
110 11018 10978 110
10912 10934 10912 10978 10913 10934 10914 10913 8,200,Laclede Gas (St I.) cont.- 101 J'ne25 11012 Nov20
92
03
9213 9212 9034 9134 02
9218 9114 0214 9258 9258 4,200 Mackay Companies
Nov18
70 Jan 21 95t.
52 Feb
76
78
7534 7618 76
7613 7618 7634 7634 76.34 7634 1,100
76
Do prof
6912 Jan 0 771; Nov10
5078 Feb
*11518 116
11434 11534 114 114
11512 11714 116 11713 11714 118
6,360 Xl ational Biscuit
063. Jan 2 120 Sep 27
68 Jan
124 124
124 124
127
123 123
009 II Do prof
123 • 123
127
1181;Jan 11 130 Sep 21 102 Jan
*22
23
2112 22
*2013 22
2212 2213 2212 2212 22
2313 3,200 Nat Enamel'g &_StamP'g 1233 Feb 24 2313 Deo 1;
p2 Feb
*9513 97
*9512 97
97
*95
*95
82 Jan 5, 9013 Sep 2 170 Feb
*95
98
98
200! Do peel
98
98
8773 881: 8714 8813 8613 873, 8713 8734 8738 8734 8738 8814 7.510i National Lead
7114 Feb 75 94 Aug13
36 Feb
*11014 111
11014 11014 11014 1101, *10912 11014 10912 11014 110 110
8712 Jan
10234 Apr 21 11334 Aug 12
. 300! Do pref
*93
95
9133 92
0314 94
9213 9213 9234 93
03
9312 1,200 New York Air Brake
80 Feb 23 9714 Nov I)
50 Jan
78
78
78
77
78
78
7813 81
4218 Mch
8012 8278 8113 83
12,600 North American Co, new
72 Jan 13 871.2 Xne14
46
4812 4312 4734 4358 4434 4453 45
4353 44
4334 4512 13,210 pacific Mail
2913 Feb 24 4813 Nov27
24 Apr
*4812 50
4812 4834 40 49
*4812 50
*4613 50
acific Telep & Teleg
48
48
600
4514 Nov 10 64 Oct 4
11373 11418 113 114
11212 113
11258 1131f, 41213 11312 113 11334 7,250 People's G L & C (Chic)- 10113 Jan 13 123) Aug16
80 Jan
2553 2712 2534 2614 2612 2733 2612 2714 2613 2718 17,350 Pittsburgh Coal Co
27
28
812 Mch
10 Alm 21 2933 Nov 9
6813 6813 67
68
68
6518 6518 67
67
*66
67
67800 Do peel
40 Feb 25 7212 Nov 0
3612 Feb
5218 5213 51
5018
5118
5233 50
5114
5134
5118
5072
5278 6,410 Pressed Steel Car
3012 Feb 23 56 Aug 3
1714 Feb
10418 10118 3105 105
105 105
105 105
*105 106
10512 10512
710
Do peel
96 Feb 26 11134 Augll
69 Jan
190 192 '490 193
1192 192
19012 192 490 193
19014 19014
680 Pullman Company
169 Jan 30 200 Aug 6 147 Jan
434 *4
*4
434 *4
5
*4
434
4
4
4
434
100 Quicksilver Milling
133 Jan 4
93
8
J'ly
6
12 Apr
*512 7
*512 7
*538 6
*533 6
*512 7
*512 6
Do pref
3 Mch 20 10 May13
11, Jan
4873 49
5034 5034 49
00
ly
n St
50
50
5014 *49
50
50
Spring
1,750 I? allg.
3213 Mch 24el 8 5413 Aug 4
233.i Feb
*10753 109
108 108 810513 109 106 109
prof
10813 1081: 10712 109
300 Lu
9778 Feb
109 Augll
75 Jan
4653 4712 4614 463, 4434 4613 15
46
4513 46
4514 4614 '15,600 Renublic Iron & Steel--- 1658 Feb V
4913 Sep 29
1434 Feb
*10534 10612 10534 10638 10514 1051: 105/3 10578 10558 105.% 106 106
Do pref
6718 Feb 24 11014 J'ly 28
1,435
63 J'ne
*88
89
8613 861. 87
87
*36
8'373 *87
87
050 Qloss-Shettield Steel & Ir 68 Feb 23 9458 Oct 4
8713 88
36 Jan
;120 120
50 k-/ Do prof
10738 Feb 20 120 Sep 1
11713 11912 :41713 11912
87a, Jan
3934 -4-1. 3718 4012 3714 38
38
3812 38
3858 3873 3934 4,200 dTennesseeCopper Par825 53312 Oct 13 $49 Jan 4 $251 Feb
91
*89
91
*89
01
*89
*89 . 91
91
91
200 Te-,,t.s Pacific Land Trust 8013 Feb 23 9378 J'ly 10
91
91
"Feb
45
*1102 1334 *1212 1334
1212 121; 51212 1212 1212 1213 *1212 13
350 1 Inion Bag & Paper.914 Feb 24 1638 J'no 18
4 Feb
*75
7678 75
77
75
*74
*74
77
75
75
75
75
300 U 1/0 pre:
Jan 8 8114 J'ne29
66
Jan
4478
*121 12114 3121 12111 ;121 12114 ,121 12114 12012 12012 12114 12114
300 United Dry Goods Cos._ 115 Oct 28 1221. Nov 3
11173 11178 *109 11034 11033 11072 ,110 11058 11014 11014 11034 1103,4 1,012
Do pre
'109 Sep 1 11178' N ov 26
*32
33
*3134 33
*31
321: 32
32
3112 32
32
33
050 (J S Cast I Pipe & Foundr 2438 Feb 24 3512 J'ne 5
1712 Feb
84
8414 8414 *84
84
85
84
84
58458 8458 *84
85745 Do prof
70 Mch 2 8713 Aug 18
1633 Jan
*100 112 ,
1 100 112 100 108 3104 104 400 110 .$100 110
10 United States Express- 82 Feb 10 110 Nov20
70 Feb
*81
8212 *81
8312 *81
82
8118 8113 81
81
81
81
400 U 5 Realty Fe Improvem't 64 Feb 21 37 Sep 17
3614 Feb
*10
*10
14
14
*10
*10
14
14
*10
14
14
*10
(IS Reduction 45 Refinfng 10 Men 12 1712 J'ne 17
4 Feb
32
*25
*25
32
32
*25
*25
32
*25
32
*26 32Do prof
10 Feb
24 Feb 24 3912 Aug 12
51
51
5212 50
5158 51
51
5134 51
514 5173 5314 12,150 United States Rubber- 27 Feb 24 5753 Aug 10
1734 Feb
116 11634 11512 116
115 1158 11614 11612 511614 11614 11658 11714 2,880
Do 1st prof
76 Feb
98 Jan 29 12312 Aug.21
8034 *80
8034 8134 8034 8134 80
81
*80
82
*80
82
Do 2d pret
2,410
6713 Feb 25 8913 Aug 23
42 Feb
88
90
86
8858 8518 8634 8634 8814 8634 8734 8678 8918 310,820 United States Steel
2534 Jan
4114 Feb 23 9473 Oct 4
12414 12434 12312 12433 12214 12317 12313 124
12314 12378 12314 1244 15,615
Do peel
8712 Jan
107 Feb 23 131 Oct 4
59
6313 5773 6034 57
5878 5833 5058 5714 5918 5714 5912 76,873 dUtah Copper___Par 510 $3913 Feb 26 $6714 Nov20 $20 Jan
4812 49
4714 4713 48
47
4812 4634 4714 47
48
48
6,175 Virginia-Carolina Chem
4073 Feb 24 5614 J'ne 14
16 Feb
12212 12213 12213 12213 ,
• 121 12213 122 122
122 122 312134 122600 Do prof
114 Jan 19 12313 Aug 23 x87 Jan
*69
73
*69
73
*70
74
*69
72
74
*60
*69
72
VirginN 1700 Coal & Coke 57 Feb 23 7573 Sep 17
Jan
43
*24
28
*23
30
*2313 30
2413 2412 *2214 27
*2214 28
125 Vulcnn DetInnIng
6 Feb 1 3714 Nov 3
3 Mch
*80
8634 *81
85
585
88
85
*75
76
82
*75
88
Do pre;
45 Jan 30 0134 Nov 3
605
25 Apr
*550 600 3540 580 $540 GOO .525 580 6530 600 5565 165
10 'Ill-oils Fargo & Co
300 Jan 5 5380 Nov19 5250 Feb
76
7714 7714 7734 7714 7814 7733 78
7814 7814 7712 78
5,600 T I estern Union Teleg
61 Feb 24 8514 Nov16
41 Feb
85
8514 8313 8412 81
83
8212 83
8313 8312 8378 8,700 Westingh'seEl &Mfg assen 74 Feb 24 90 Aug 7
83
38 Mch
13613 13612 *134 140 *134 140
134 134 *134 140 *134 140
Do 1st prof
300
58 Mch
110 Mch 3 145 Sep 30

Highest.
3200 Aug
16,t8 Dec
5234 Dec
8838 Nov
35 Nov
96 NOV
2473 Apr
8134 Due
1014 Nov
7678 Nov
5034 Dec
109 Dec
1134 Nov
97 Nov
1224 May
812 Dec
3734 Dec
3173 Aug
1712 Dec
3614 Dec
5933 Aug
113 Dee
858 Sep
5113 Sep
8418 Aug
107 Aug
11038 Aug
200 Apr
9713 Sep
41 Nov
13734 Aug
Nov
13253 Nov
9712 J'ly
3238 Dee
07 Nov
55312 Nov
35 Mob
2714 Nov
57 Nov
15214 Nov
17 Nov
125 Jan
33 Dec
102 Dee
42 Dec.
2712 Dec
440 Apr
167 Deo
2013 Aug
go Aug
4814 Oct
3834 Dec
94 Aug
89 Nov
16234 Deo
10912 J'ly
0758 Nov
11014 Nov
9 May
2678 Dec
1314 Nov
65 Jan
3978 Dec
8414 Doc
78 Nov
7134 Nov
07 Dee
12013 Dee
1514 Dec
28214 Dec
92 Aug
10614 Nov
98 Nov
78 Nov
4014 Dec
10612 Dec
1458 Dec
1-,C1 Dec
45 Dec
10214 Dec
174 Nov
134 Dec
312 Dec
4914 Dec
103' Deo
29 Nov
8913 Nov
8134 Nov
11011 Dec
$5214 Nov
8412 Dec
658 Nov
6634 Nov
3078 D2C
7873 Aug
90 Jan
64 Nov
1514 Aug
3* Aug
3712 Aug
108 Deo
7513 Nov
5834 Nov
11458 Nov
$5234 Nov
4534 Deo
116 Nov
68 Nov
1013 Nov
5012 Deo
325 Nov
7134 Nov
94 Nov
125 Nov

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Bid
Bid Ask
Trust Co's Bid
Banks
Ask
Ask aTuraur.t
stC
y0
'
s
Ask. Tru st Co•s Bid
.7
B5k1 ...
A35
% Trust Co's Bid Ask
Brooklyn
N Y City
Brooklyn
0NY Life &Tr
t1
1
Brooklyn
Borough II- 00 105
Carnegie -_ 165
North Side V 150
Guardian Tr 160
170
......_ N Y Trust_ 660 670 Brooklyn Tr 410 420
Broadway 11 375 _ 125
_ Central Tr_ 11030 ____. Hudson ___ 175
People's ___ 155
_ Standard Tr .400
__ Citizens' ___ 188
145
Brooklyn 11_
45 Prosp'ctPk, 150
1-6-0 Columbia __
Knickerb'kr 340 3-60 TitieGu& Ti (575 i5-80 - Flatbush __ 200 225
_ Terminal 'ff_
First
Commercial
iii
_
125
fa Law T I&Tr 240 245 Tr Co of Am 380 360 Franklin__ _ 215 230
1-3-0 - Union ¶..-- 1I-00 Com'wealth 140
110
Hillsidell
150 Lincoln Tr_ 165
175
Union Trust t 1251..
.Hamilton... 260 270
Home Bk V_ 110
125
EmPlre --- 300 310
Manhattan 370 390
US Mtg& Tr 430 i40 Home
115
EquIt'bie Tr 470 480
Homestead¶ 100
125
Trust Co's
Mercantile _ 715 740
Unit States_ 11260
Kings Co
500
Manufaers' 410 430
N Y City
Farm Lo&T 1850 1875
Metropolyn 1536 :
Van
n 335 2-5-0-- L. Isl L & Ti 310 316
Astor Tr__ 13
245
MeellanIcs'll 235
_
Fidelity
___
202
155
Morton Tr_ 15301.
1,4
1012
8
206
-_-_ -_
Nassau.... 160 170
13
70
5 410
Montauk __ 145
_ Bankers'
580 5-9-0 - Fifth Av Ti' 375 400
Mutual ____ 130
_ Westchester
290
- People's
Nassau _-__ 240 2-7-0 - B'way
Fulton --__ 132512 -_ Mut All'nce 130
1-4-0
125
WI
133
1-4-0 - Queens Co- 115
Nat City__ 295 305
100
*Bid and asked prices; no sales on this day. 0 Less than 100 shares. t Ex-r ghts. b Ne.v stock. c Ex-dIv.
'gperahars.
80
mllsabrs
ilid
ao
Wld
rights. d Now quote
, tSale at Stock Exchange or at auction this week. a Trust company certificates. V13anks marked with and
a paragranh (V) are State bank'.




112

New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909, the Exchange method of quoting bond., loss ehunged, and prices are new a;',-,,ani interest"-axcept for income and delaulted bonds.

,

:
11 1
1'
BONDS
BONDS
72,13! Range
Week's -14I1 Rang*
Week's
1•4'.2
Price
1'4.2
Price
Range or I
Since
N. Y. STOCK EXCHANGE ti
Range or
Since
,lriday
Friday
•
N. Y. STOCK EXCHANGE 1
Last Sate 41“;''.fanuary
Last sale al
Janvary I
4,
-13
Dec 3
Week Rennin DEC 3
Dec 3
WEEK ENDING DEC 3
•
_High No Low High Cent ot Ga RH-(Con;
High Ho Low High
Ask Low
Bid
Bid
Asic Low
I
I.s. tiovarninent
821
/
4
ad pref income g Is stampo3. ..... 434
821
/
4 Nov'u9 ....ij 51
/
2 luti% Nov'o91.... 101314 1021
/
4
06
11 8 2s consolregiatered.d1930, -J WO 1001
/
4 103
/
4 oot'09 .... 1001
Chatt Div pur mon g45.1951 J.1.): 89
90% Sep 09 ..*... 9038 9014
d1930 •J 100 101. 11001
U 8 25 ooneol coupon
I
Mac & Nor Div lat g 60.1946 J -J j 105 12
/
4 102 101 14 Nov'09 .... 101 103%
10474-Pue•08
k1918 -F 1011
U 8 38 registered
1
2 1011
/
2 1 100'l0-2',
Mid Ga & AU Div 5s. 1947 J -J I 106
I
115 Noy'05
k1918!Q•1? 10114 10214 101 /
US 3s coupon
1001, Nov'08
Made Div 1st g 5e
1101
/
4 May'091....I 11014 11014
1946 J -J ; 1081
/
2
U 8 36 cou small bouds k11118!Q-F
115
1151
/
4 12 116 1191
/
4 Cen RR& Sof Ga col g be 1937 M N;
1044, 105 Sep'091....11104 106
19251 Q-F 11434
U 54s registered
(tent
/
4
1
2 29 116%121
'16% 116/
12434 Sale 124 4 i 2434
31.12414 129
1925 Q-F 1161
U 8 45 coupon
99% 1001/21 101 Mar'09
101 1011
/
4
°
egi
t li
125 Oct '09 ....11125 127%
ete
jre
gteitel "1'1 58.1987 j.j I
U /3 Pan Cau 10-30 yr 2e.k1936 Q•N
'4 1094, 108k, Oct ,69 _Auto,11014
312
Am Dook & Imp gu 511.4
•.,111 11(2§b
J.
.19
921 4
11
Le & Rud R gen gug 5s 1920 J.J,4:101
Foreign 4,1ovet•lllllent
26 93
95%
96
99
Leh & Wilke B Coal 55..1912`M-NI 10012 .. .... 100% lun38 11 99%101
/
2 1)6
Argentine--Internal 58 of 1999 M.S I 951
100
21.1 9914 1001
/
2
Con ext guar 41
/
4 100
/
28.-11910 Q-31' 109 1001
imperial Japauese Uoverum't
9132 Sale
9314
N Y& Long Br gen g 4s 1941 M.31 190
94% 68 9938 9534
1925 F
Sterling loan 41
/
2e
93% 93% 93%
11334 20 804 94's Cent Pacific See So Pacific Co
1
1925 J• J
241 series 41
/
28
87% 23 8034 88,
59 Oct'09
8014 901
4 CentVerniont 1st gul1e.s e1920 g•F•4
/
2
1931 J-J I 87% Salt 57%
Sterling loan 45
$11)2 Sale 102
103
02 10134 1041
/
2 Chases bat See Atl Coast Line
Rept]ii of Cuba 5e exten debt.. 11- $ 951
2 '1192
/
2 14534 95 12
9534 Cues es Ohio gold Us
9534
a1911 A.-0, 19212 89 102 Sep 'Ill' _J1011210312
San Paulo(Brazili 55 tr rects'19 J-J t 971
97%
/
4 971
i'4½ 21110012 105
/
2 9714
9714 101 11
Gen funding Ss nupt 5s.1929 4-f' 104 105 104
U s 01 Mei‘ico s I g 58 of 1899 Q-J
94
9414 931
52 9214 95
let ooneol g 50
/
2:sale 1131
/
2 18112 117
/
2 94
/
2 1131
1954 J -D
1939 ed-N! 1131
Gold 48 of 1904
/
2-114 12
/
2 Fet,'09 _11131
112 1141
Regieteren
$ T hese are pr ices on the b cults 0/30 to B.
1939 NI.N ;
/
2 21'll.0232 We%
General gold 41
/
2 1031
/
2s
1992 H.S ; 102% Sato 1021
State and City Securities
106
1021
Apr
'09
/
2
105
....
105
106
Nov'08..
F•A
......
Registered
110
1992
M-S!
3-655.-1924
Columbia
Diet of
95
Big Sandy 1st 48
9834 Nov'ial .... 871
/
2 91
/
2Deo'04
59
1051
1941 ./.1),
Douisiana new coueol 48-1914 .1.J
107/
1
211034
Craig Valley let g be. _1940 .1 • J;
112 119 -§isy4./9
New York City/
2Sale 1.0012 10034 121 9934 1011
90
Potts Creek Br let 48 1946 J-J'
.....1 90
/
2
1959 NI-11 1001
496 Corporate Stock
14°
8:
kt j
Neouuv'
:0
95
9
90
7/
1
2
965,4 10
99¼ 1 13
It A A DIY let con g 48 1989 J -J1
3I-N 100323*h, 10014 100 4 42 IOU 103
45 Corporate btock
957 97 Oct'09
/
4 Sale 101% 1101
241 consol g 4e
1989 J -J!
/
4 211 10814 11238
1957 31-N 1101
/
28
New 41
106
......1
10312
Warm
Spr
Val
let
g
58
11)41
M-S
1023
4
Nov'01)
.
.
102.4
104%
1917
M-N
/
2s
New 41
9414 Nov'09 . 94 14 9414
Greenbrier Ry lstgug 48'40 M-14' 84',
/
211014 10934 1101
/
4 6 101414112½
41
/
2% Corporate Stock _11)57 M-N 1091
761
/
4 751
/
4
751
/
4
11 75
SO
1031
/
2Nov'01)
103 10478 Chic A Alt RR ref g 38 1949 A-0 75
1917 M-N 10$.4
4/
1
211i, assessnit bouts
731
/
2
Salt
7312
1
73 4 22 731
/
4 77
1001,100',
190%
103,
4
Railway
let
lieu
3125
I950
101,/
J-J
l00'
M-N
1957
4% Cot potato btock
76 Oct 9)9....I 73
75
Registered
1950 J-J . ..
11338J'ne'09
112% 113%
N Y btate-ilighway 48 1958 M.
991
/
4 991
/
4 139
21 931
ih.)
/
410034
1021
/
4 Jan '09
1933 J -J 101
1021,1021, Ohio Burl& Q-DenvD4e 1922 F-A
tlo Carolina 4 1020-40
19-, 90
091
/
2 41 89
95 Ls
89½
93
Illinoie MY 3128
/
2 9534
1949 J-J
95 .2Nov'01.1
951
*Penn new aettleineut 38 1913 J -J
Jo
kol
Registered._
93 Aug'09
911
/
2 93
1949 J-J
Virginia fund deut14314 11191 J -J
101
504
Sale
2
10
9
0
13
4!
De
1e
0
'
1
99
Sale
Ills
1
3
/1
)
Div
01
45
1949
J.
J
501
ol
1
371
/
4
otts.
Bros
es deterred Brown
10812 Oct'09 ....I 1053211)8
Iowa Div sink fund 5s 11419 A-0 101
49/
1
2,Nov'01§ ....' 991
/
2 101%
Sinking fund 48
1919 A-0 99% .
991
/
4
li/U
100
LUU
6 99141021
/
4
1927
M-N
Nebraska'
Es
tension
443
So
By
A isoaina Cent See
1
4 Mar'09 ...., 101121011
101./
/
2
Registered
a.lalni Midi see At Coast Line
091
/
2 bep'09 ......', ..4 100%
911's
1 1M
1:5N
927
192
Southwestern Div 4s
Albany & Sus° bee Del & Hull
Joint bonds See Great North
ellegheny Valley see Point tIlt
1
10114102 1011
/
4 101 5
8, 998,1031
/
4
Debenture 55
Alleg es West See Buil it & 1'
3 575
,
119 bale 99
78
991
/
4 18' 98 101
Sale
773
4
781
/
4
11
77
General 4e
Q-.1
41095
let
g
4*
Ann Arbor
1.1111
1t)2
8
14.42
I'
salt
102
WI% 103%
99),
190
165
Han
A-0
1011
/
2
A St J os oousolds 1t1911
1 MiVirvi--148
8
)3139
9914
&tell TA 3 Fe-Gen g 48.1995
85 sale 86
86
281 85
90
1995 A-0 0641
VON NOV'00. .. 08'.'4 101'4 Chic& E Ill ref at imp g 4e11355 J• J
Registered.
941
/
4 bale 941
125 128 129 Not'ull ....14211 137
/
4
941
/
4 26 92
951
/
2
41995 Nov
1st consol g 6a
Adjustment g 48
1121
/
4
1
2Nor'09 ....111121
/
2116%
112/
921
/
4 1feb'09.
/
4
41995 Nov
ll:N
143
37
4 AO
General consul 1st6e
19
921
/
4 921
Registered
1
94 bait 94,8
SI-N
114 -940911) ....1,114 1141
134¼ 47 112,s 14512
/
4
Registered
Stamped
/
2 Nor'09
111121
'1121
/
2116
J:J
N
4 Nov'Oh .... 112,
4 122
Chic & Inc C Ry Let 5a.1
37
6M
l'''''l 11-8/s 119,
1.19:3
Cony 48 issue of 1:309.19:.5 .1-P 1
1
-D 119,4 sale 1131% 1;201
/
2 312 1021
/
2 1231
/
2 Chicago A Elle See Erie
Cony g 48
,123% Chic In JS Loaner ref 6s 1947 .f -a 12
18 1/2
128%2 128%-1'1127 129
/
4 175 1.153
1017 J-1) 118% sale 118% 1201
10-year cony g Is
99/
1
2
/
4 Nov'uU ....1'1121
/
21141
1 1141
/
4
9974 Sep '09.
931
Relumeng gold be
/
2 9-'75
1947 4-4 114
Debeutureis 48 StrieeR 11410 F-A
Ds,
/
4 101)/
1
210918-Nov'er ....."1011
/
2102/
913/
1
2 J'ly NM .... 981
Louise N A & ch let 0,1 1910 J -J luu1
1
4
1913 F-A
/
2 1461
/
2
Series E.
u5i., Aug ui.i ....1 1 9334 95 -4
us
901
/
4 971
/
4 97 bop 09 .... ..
a
C100.111(1 A Sou 60-yr 48 1956 J-J
east Okla Div let g 43..1928 M•S
141
94 Sale 94
/
4 9 11338 9014 tine Atli ..6 4..i. C tortil 5.48 1914 ..I • .1 104 1051---------/
4 1051
/
4
8*911 ...."1041
1958 J • J
short Line let 4s g
7
1101½
104%
/
4
/
2 Oct 9)9 .... 1101
/
2 1101
/
2 113
General g 4e series A..e11189 J -J 102% 10234 11.43 16 11)31
s io Pres & Phist g 58 1942 M.-S 1994 11141
Loa .., Oct '08
Reguttereo
e1981) 4.2-J
N
AU Knox A N See L
95 1 95
93
13!1 9414 9034
Atlantic Coast let g 48.41952 11-S
G9neralg 31
/
28 series H ell/c41) 1-J
931
/
2sal
"
e'll 8
93
9/
2
1
9
83
9141
/
2 2
31 9
21/
109 Sep'09 -.11109 1 i 1
1
2 95
234
'25-yr deben 48
1934 J - J
Ala Mid let go gold 65 1928 11-N 107
1981
/
4 Oct '01) .... ;1981
/
4 10934
/
4
Chic et Lou Div g os
1 9614 J'ne'091. -11 901
/
4 901
11121 J -J 107 -4
BruneA W let gu g 48 1938 J -J
11014
13234
'1101
/
4
1111 14
1 11101411314
Chic
A
Mo
Ric
Div 3e 1926 J -4
I,
Charles & Say lat g 7s 11)3i) J -J
Wu
8914
110
'26! 86
/
4 103 Nowu1.4.. ;1101'4 103
Chic A Pao Div es
931
/
2
1910 J -J 103 lin)1
4)1962 51-N
LA N con ti 441
/
2 1081
/
4 .981
127 Vue'09
/
2 .
121 127
31i/81
/
2110 12
Chic & P W 1st g 5s
1921 J -J 1LOits3,, 11)01
W let gold 66..1934 A-0 127
Sat b'
y
3i4
7
.
4,4 JA,u
t)g:u
utb,....11104% 1051
/
2J'1y 'Oil ....qt21
/
2 111
/
2
Dak & Gt 80 g tts
1916 J•J 1.14
1934 A-0 111= 111 1121
let gold 58
.1
100
1.17/
1
4 J 'us'O'J .. 97
Far es Sou aeon g 65
1924 .1•J
971
/
4
811 Sp Oca AU gug 45 I918 J•J
/
4
'1001
/
2 1901
/
4 1 100 102%
1910 J -J luu1
Bast & D Div 1st 744
Atlantic & Danv See South By
1/9
/
1
4
Noseu9
....
lye
101/ 101
1910 J -I
Inas
&new A N W see Sou Pacific
92% Sale 9234
93
10 92
95
1919 J -J lue % ius% WI Oct 9.19 ....' 107 107
LaCrosse db 1) let 58
1
28.1925 J• J
1.1a1t A 01110 prior ig 3/
/
4 Oct '99 ....100/
1001
1
4 10134
110/
1
2
111 14 Oct 'u9 •
91.1
/
4 113
Mineral Point Div 5s
11110 J • J luu
Registered
41925 Q-J
,
,
0
/
4 100 Nov3.49 .... 100
1481
/
4 99
9834
991
/
4 49 98% 101%
So Minn DivDivgb.s..,2
lat Os
191? J:JJ 19%1901
JO
Q:
948 A
/41
19
Gold 48
yet
'Me__
/
4
1081
1031
/
4
I lu
99
07
/
1
2
Nov'09
/
1
2100%
Wis
&
Minn
Reg leered
10u
1
/
1
4
111l)1
/
4
108
1.1
,
0
1061
/
4
120 uot '01
101%
Mil & 'No 1st M L 65
11410 J -I
Pitts J line let gold tis...11422 .1 • J
1
4
10614 Nov'ull ....hiope 107%
bb'/
1
4
19131.1.1) ie.§ /
8838 Nov910
88
93
let oonsol 68
PJ tnt.31M Div let g 31
/
281925 51•N
113
93 bate 921
1:111S 1161
93
27 921
/
2
/
2 96
/
2
Chic A Northw cons 744
11/15 Q.F 113 Salt 113
PLEA W Va Sys ref 4s1941 11-N
893
984
Nos
US
.....'1O0
8
1.00
in)
11.9)
VO /
1
4 55 89
tin%
102
91%
Extension 4s
1886 1926,F-A
Southw Div let g
J •J
87,
4
1001.4Jiy •Uo ....' 9934 101
91 Apr'09
91
91
Registered
Registered
1386-1926; F-A
411425 Q-J
89,
s' 69%
89'i, 6* 891
103 103
103 J'twin)
/
2 9134
19871K-N
General gole 31
Oen oleo R let c g4 12s..193u 51-5 103
/
2s
113 113 Uot *09 .... il0/
! 143 18Apr'01.4 ....I 93 12 93%
1
4 113%
Registered
01 Lor do W con 1st g bs 1933 A-0 112's
/
2
112 Aug'uv ....' 112 112
/
4 Feb Vt. .1
1051
1.1
Sinking fund tim...1879
St000li ktty let gu g 58-11/19 F-A 1991
81
7111:0
92
119
112 114 113 bep
1111
/
4:Nov,uti .... lova 111 14
'113 113',
Registered
Ohio Rater RR let g 63 11136 J
Iii I1
U 3'444
11034 112 Nov'O.
.
.
lf
;1081
/
4 112
° :
Sinking tuna 5s...18
91A
A:0
General gold 58
1937 A-0
192
1/29
87
711
9:1
:
1)
,
:i:
aN Ha::9
u
u9
1j9
ikl f........... 11
10934 1:,
10
93
14. 10
1191
/
2 Slac'04.
-N
O
10
Regnttered
1,9i023A
10
,34
1,
11 m.
,
1ni let g es 1922 A..0
1879-1
Pitts C1ev 644
00.4
11b /
1
2Sep '03.
Debenture 58
118
Pitte d§ West let g 4s PJ11 J -J
981
/
2
100% MaY'1)91....11100% Ito',
100 Nov'04 . 1•
Registered
1140;11 31-N
'Rat let Ry let gu g112s 1943 J
114211A-0 lo i i03% 107 --, •sep 9.114'....1'107 1091
/
4
Debenture be
Beech Creek See NYCA ti
A C
Registered
Car bee Illinois Cent
Bellev
1/,
u'eutv:0
1-4
J 11 L1
3 j
99
9.7, ...:11109 l 1131
/
4 10
/
2
1 M-N 109
Sinking Fund deb 5s
193
923
Sklye A Moutauic See Long 1
''
lie) J'ly 'us
11433 M-N
Registereo
Bruins A West See Atl Coast L
1
2 101 101 Apr'ut).....0191. L.1's
YA Erie bee e-rie
11310 M•S ; 93/
Buffalo
North Illinois 1st os
1.1618 Nov'09
,115% 117%
MU L 3 A West 1st g Os 1921 M-S! 1 lu% tit) L,..1,17 1., Oct Vthi....11/174 litp.
Butlalo R A P geu g 5e 1937 31-8
113 Aug u91....!'113 115
10934 Nov 09 •
1101
/
4
Extds Imp salmi g 68 1029 F•A 1 111%
C01180i 4¼s
1957 M-N
1421
/
2.etu'ir2I
'1
100 Oct'09;100 1110 ki
Ashland Div 1st g 68 11125,M-8 i 120 --,
All A Woes 1st g 48 gu 1998 A-0
119
/
1
42.;kip4:u
,
1
3,
1Ju
i
1
1.0
29
zi .........1 111(13
22¼
23
4 10
103
J'ly
'08
*.:3
6/
1
,2
2
.
!
Mali
1st
gu
g
-J
Mich
66.-1943
J
Div
let
g
11)24'J
-J;
tis
01
lot
117% Oct '09
Incomes
11714 1111
Roch & Pitte let g ds 3921 F-A
2,111.4 1141
/
2
/
2 Chic Rock let A Pao 643 19
/
4 Aog'09 -.11814 1211
1201
Consul let g Us1922 J -0
91
17
1!M
J
J :-N
J' 111.34 salt 11134 111%
1131
/
2 Aug'011 .../11312 il3/
81 L2 NovVii.
1
2
811
/
2 90
Registered
and A Surig let ref g 48.441951 J -J
1t1§
991
/
4 991
/
2
931
/
2 31 98 DA /
General gold 48
1
2
1988 J -.1 19
Bur CRAN See 0 lt, I P
V6,9
Lly Aug'011
' 99 woo
Registered
1988 J -J
1913 J-J 10438 Sale 1045 10434 22:104 107
(an So 184 ext. Us
11u34 bnit
1.0134 10034 101% 1/ 1001
90% 72.
1M'
,
4
/
2 103
61' 8934 94
Refunding g 4s
k./2i15,
.1913 Pd-S
1
:
0
)
4
u
:3 J:
:lay:
19714.,,
).3(1'S 09743:: 1311. 7
100% Illay'07
Coll trust Seriesil 48 193
910
1 NI
A--°
N 0
Registered
1913 M•S
97
97
J 48
6 iMt:N
191
912
Oarb A Shawn Nee 111 Cent
9412 951
/
4 0470 Aug'uv
941
/
2 9478
11148
Carolina coin See Scab Air L
I 9334 :+6
N 4e
Carthage& Ad See N Y C & 11
921
/
2 9314 931
/
2 Aug'01§
04*
gad It la F N bee BOHAN
11,1
/
4 931
/
2 931
/
2
/
4 9312 Aug'01). ' 931
P48
Oen iirancn By flee Mo Pao
78% Sale 77,
4
00 2-121 731
/
4 8214
Chic
:14NN
N
/
2
3111MMM
31:
/
2
1161
/
2 Feb'09 .... 116 1161
it 4s 2
11197
2
Cent ot Oa RR 1st g 6s..p1945 F-A 1141
RR
1119
0
990
iii) J'ly'u9 ..... 60
80
UOUSOl gold Os
20112131N
/
4 108
1945 M•N 1077 1081
10814 6 108 11114
10234 4059 87¼ 1U234
11-8 10214 sale 1)8
Registered
Coll trust gold 58
1945 31-ft
113 Apr'043
But Oed it A Northern8)1'-, Sale 88
9914 50 70
14078
1913
1St',ref Income g 58..../§1945 Oct
1121
4
A-0
115
115
Ilay'09
•...115 117
90
Con
let
A
1934
Stamped
col tr g bs
80
891
/
2 Nov 09
89
91
11
1201
/
2Mar9131
871
/
2
86 Sale 84
Regastered
67 63
1u pret income g 58....p1945 Oet
87
°,
1
106
3
1
4
1A
A:0
86
2
Nor'/5
'
87
CRIFANWlstgu6s
1
9
stamped
87
,111
Os
g
87
60
income
Nor09
....!
et
pi
24
86 Sale 86
MA tit L 1st gu g 78_1927'J -DI
I
87 I 33! 58
341 pret mcome g ba....p19t5 Oct
8T

....1

-•

-

illbeiCELLANEOUS BONDS-Continued on Next Page.
Street Etallyrn.y
Mreet Railway
II
8rookiyu Rap Tr g 5s
190 d..0 1041
Met St By gee col Sr g 5s.A.
/
2 1071
/
4 105
V.A
77
79% lb 78
92
781
/
2 80
105
1 Ion to 105
let refund °cart g 4s
Ref g 4s
2001 J -J
87% dale 851
1
4
48 J'Iy149
431
/
2 63%
2819;1
/
2
8734 '300 81 12 89/
0
BkCity letcon em.1916.1941 J -J 103
-Bway& TthAy letoglis 1943 J -D 101 101 /
103 Nov99 -... 10212106
1
2 ,01¼ 10112 5 101 10512
Bk1.2 Coes 3con iett g 53.1841 M•N
Col& Stti AY lst ga g 50.1993 11-5
90
/
2
991
/
2 991
/
2 tise09 .... 991
/
2 991
00 J'nel)
oet;o
100 1021
/
2
10034 :94
Bklyu (In El let g 4.54_1950 F-A 1031
LexAv ifs P F let yot g 6s 1993 M-s
/
4 Sale 102
/
2
94 1021
1031
/
4 06 IMO% 109
Stainned pruar 4.68....1950 F-A 102 1021
Third A.ve RR cod gu 4s 200U J -J
/
4 7212
/
2 102% Nov'09 .... 10'21210414
671
/
2 San. 661
/
2 671
/
2 7 651
Kings Co Si let g 4s....1941) P-A
871
/
2
Cent Tr Co oertfe stmpd... ..
/
2
671
/
2 25'.• 031
/
4 723
86
82 Nov901i -...t1 86
/
2 Sale 031
661
Stamped guar 4e
1949 F-A s 861
/
4 851
/
2
/
4 844% Nov'00 ....ii 86
106 1161
88
Third AYT, itY 13Z g 6e..1837 J -U
1101
/
2 .013 Nov'Ob
Nassau Eleo gu g 48....11461 J -J
IsT Or! Hy & Lt gen 412e _1933 .1-4
791
/
4 79% 79/
831
/
4 381
/
2
/
2 84
/
2 Oct 'OW
1
2 Nov'00 .... T61
861
/
2 861
COlin Ity A List& ref g 4124'61 J -J 10134
118 Nov'08
10232 Nov'014 •• 102 1028, 1St Joe RyLt1,1 & P 1st g 54'37 M-N
1
25
1951 J••7 102
Stamped guar 4/
10244 Oct '011
10138 10234 tit Paul City Can colt g 58.1937 J -.1 11)732 110 1101218•T'06
Tri.City Ry A .Lt let 5 f 58.1923 A-0 97,s 9834 99 Ply'09 ... 98
99
/
2 86
Dot u/fited let oen g 41241.1931 J -J * 84.
103140st '09 ..... 811
92
9214 Undergrous4 of Lou 5s...1920 11-N
95
89
93
Havana Klee ceased a 68.1952 F•A
92 l'sTov'09 ..
98 Apr'09 .... 98
101
1905 A-0
lt 731
/
4 8614
5312 Sale
Inter•Met Wit 41
/
2s
321
/
2
21434 37* 16
85
4'18
22
14
1
38
3 j-j
g8(41419
Interne ea
31
3712
301
/
4 8
/
2 32 102% 104%
Inter itap T 8.yr cony 38 1911 Iii.N 103 12 bait 10834 1081
1951 3144 10234 Salt 1081
Oct '08
45-year 5s Series A
/
4 IQ*
21 104.% Oil Is UnieS Ai (Oltio) 1st g be..1945 Ali;
09 .... 83* 36
76
71
8
78
142 Oct'
70 Sep 'OW
70
72Ni Hutted Rya St L 1st g 4a.1934 J• J
ilAternat Tree Coll tr 45..1849 J -J
Maul's Eleo lst & toll 06.1953 4.8
It 72
OS May'08 ..
Untied itIts San Fret 48.1927 A-0 74
79541/2
79%
No pries Triday: latest this week. ¶1 Flat. anus Jan d Due Apr s Bus brage rim ADas Jig kDne Aug sDa• Oed V Due Nov *Option Sidi-




1470
BONDS
N. Y.STOCK EXCHANGE
WEEK ENDING DEC 3
-14

New York Bond Record-Continued-Page
Price
Priclay
Dee 3

Week's
1;.a.
Range
Bangs or El
Sines
La4 Said ,
7,
4 Jan,car 1

Boson--N. Y. STOCK EXCHANGE
Witgx IttMiN(4 MO 3

2

Lxxxix.
Price

cr.

WoolOo
Range or
Lam. sate

itige
c•ti Jctrin
1
Ohio Rock i & Pao-((.on)
Rio
Low
Ask
Eitel
Low Nigh Erie-( Con)
Rio
Ass Lots
If igIt NO Low Mon
1 Ohoo Ok db G gen g 523.o1919 J•J *104%
102 Atig't)*
Ft
7.8
Green
L gu g 58.1940 M.N "106
108 Mar'04/
Consol gold 5s
.
1952 M.N1
111 1 I 1 /
1
4 Aug'09
111 1111
/
4
N Sus S. W let ref 60 1937 3.3
107 11/6 Sep '09
t Keok & Des Al lat 5s....1923 A-0 *103
inj'41411
105 Nov'09
103 100
213 gold 4128
F•A
1001
/
4 Deo'0.1
...... .
Ohio St L & N 0 See ill Cent
General
gold 5s
238 /
1
4 Sur. Oct 100
30
1 F•A
194
I till Jo 111
Ohio St L it Pitts ibes Penn co
/
4 Doo 1021
Terminal 1st gold as 1943 M•N
114 1141
Ohio St PM cti 0 con 6s...1930 J.D 1261
/
41271
/
4 127 Nov'09
127 1301
/
4
Regis 55,000 esoh 11143 M•N
Cons 68 reduced to 31
/
48.1930 4-D 90
93 Dec'03
Mid RR ofN J lat g 68 1111U A•0 1001
/
4.
/
4 1001
11C(3-4. ife;000
Oh St P do Minn 1st g 68 1918 M•N 1213
102
127 Nov'09
127 1291
/
4
1051
Wilk Jo Ea 1st gu g 54 1942 J-D
/
4 Nov'09 ..•.'101 105%
Nor Wisconsin 1st 68-1930 4 -J 126
1291. May'011
129%129% its' S. Ind lateen gti g Os 1920 J•J
114 Oct '011 .••• 1091
/
4 115
St P & S City lat g 68-1911) A•0 1143.115 1141
/
4 1141
/
4
114 119
Erie
S. Pitt. See Penn Co
Ohio& West incl gen g tisq1932 Q.M 110'1l1 111 Nov'(/9
111 1121
/
4 Evans S. T 11 1st cons 0 1921 • J
115 115
115
6 112 1151
/
4
Consol 50-year 48
931
/
/
4 931
4 931
1952 J. J
/
4 8 93 98
1st general gold 68
1021
/
4 10314 Aug'09 •
103 1041
1942 A•0
/
4
Chic & W 5lich s'es Pere 51arq
Mt Vernon lit gold 131 1023,A-0
11/9 114 A pr'00
Choo0& Gult See C It I & P
Suit Co Branch let g 68 1930'A-0
95 J'ne'08
Clln. 11 do D 213 gold 4/
103 113 0.38 '00
1
48-1937 J-4
Vargo & So See Cli M & St 14
. Ulin D & L lat gu g 6s...1941 M-N
108 108 Nov'09
utr 10914 1. lint & Pere 111 See Pere Mar
C Find & Ft W 1st gu 482%123 M-N
Fla C& Penni See Sea Air Line
Cin I & W 1st gu g 48.1953 J 4 87
1111
87 Nov'09
87 67
Fort St U D Co let g 440.1941 4 881
105 Mar'98
/
4
, Ind Dec & W lit g 58-1935 J -J 105
/
4Jan'09
961
9012 961
/
4 Ft W & Rio Gr lot g 4e 1928 •J
841
/
4 86 Nov'09
.86.. 55
.• let guar gold 53
1071
/
4 Dee'02
1935 J-J
lel Har de S A See So Pac Co
St .L & 0 See (3 13 (7 & St L
1 lel & II of 1882 lat 58.1913 A.0
97 J'ly'09
97
89
in S & ti See 0 CO St L
Georgia & Ala See Sea A Line
learlielti S. Mali See B II & P
Ga Car S. Nor See Sea A Line
Olev Cm C 8., st L en 2 481993 J•0 96% 971
/
4 9774 Nov'09 •.•- 971
/
4 991
/
4 Georgia Pacific. See flo Hy
Cairo Div 1st gold 48
941
/
4 941
11139 J-J
/
4 Aug'09 •••• 941.97
Gila V (IS. Nor 816 So Pao CO
08
Cin W& 51 Div 1st g 44 1991 J -J
9412 941
/
4
1141
/
4 3 94
95
Ci0OV (1208Wegat See N Y Cent
St L Div 1st col tr g 4s 1990 M-N
14414
96
95
8 95
97% Grand Rap S. End See Penn ER
Registered
1990 M-N 93
94
91 Det '07
Gray's
Pt Term See St L S W
Elpr & Col Div 1st g 4 1940 5-5 96
92 Feb1/8
Gt Nor-0 13.8 Q coll tr 46 1921 .7•3
957$ Sale 0684
904 370 9514 904
W W Val Div lst g 45-1040 J -4
98 Sep 416
93
Registered.h
9534 bale
1
Ur.04
96% 21 9,514 4111
0I St I.& C cousol 6s..1920 M.N *1061
/
4
106 Apr'09
106 106
Paul
St
MS.
Man
4s
i
J
0J
1983
1st golds
981
/
4 100
4l1J3t
g 3
981
/
4 Nov'09
981
/
4100
lot
cousol
120
gold 68
l'd0 128 Nov'09
1933 .1 Registered
g1936 -V'
1.013 Aug'09
° 98
98
981
/
4
Registered
1281
/
4 1 /12 Apr'09
Cin'S Jo CI con 1st g 55..1928 J.J 1091
/
4
109'.6011
1091.109'.
Reduced to gold 41
'1073
/
4s 19
, A ov'011
9:
3
33
3 •i4•4/ 1913
COOS.1 consol7s
.
111 12.Ply'011
1914 J•D 11191
1111.1111.
Registered
1084 J'ne'1111
Consol sink fund 7s
1914 .1.1)
Dakota ext old 68
1013
:N
j
.10
j
11
9
1
3
1
0
3
1
9
1013
.
1011.
• General consol gold 68 1934 J-J 126
125 Nov'09
125 125
Mont ext let gold 4 1931 J•D 97% 90
118
98
Registered
1934 J -J
......
Registered
9814 10014 Oa'00
1937
J•13.
Ind Bl & W lit pret 45.11140 A-0
Jily'03
95t Oct NM
10 Mihn NorDIvlst g 481948 A-0 981/4
0 Ind & W let pt 5....d11438 Q-J
Minn Union 1st g 6s 1922 3.4 117
117 Nov'01)
Peo & East 1st con 45-1940 A.0 92 931
/
4 91 Nov'09
91
961
/
4
Mont C lest gu g bls
1301
/
4 130 Oct '09
10
937.
.7
7.
•j
3
Income 48
1990 Apr 62 63
62
021
/
4 22 40
03
Registered
.1a)4.19
1304
Qlev & Marietta See Penn Rh
let guar gold 58
112 1131
/
40ct
▪
1937 J•3 ,
118 12 /17
Cloy & Pitts See Penn Co
WILLS. S lf let golden; 1938 4•D #11236 110% 116 J'ne'09 •
116 1113%
Col Midland 1st g 48
Sale
81
194'7 J - J
801
/
4 $'2 '35 80
8714 Greenbrier Ry See Ches S.0
COlorad)& Son 1st g 4s 1929 F -A
9'71
/
4
97
97's 5 97
99
Gullies I Istret& t 6s 81952 J•J
04
95
951
/
4 Oct'09
95
971
/
4
Refund & ext 41.5
1935 M-N 97
971
/
/
4 971
4
97% 4'7 9634 1001
. 1_11 an & St Jo SeeQB&q
/
4113% 1131
Ft W db Den C let g 68 1921 J -D 1131
/
4 1131
/
4 1 1131
/
41171
/
4
ousatonio See It IN R S. It
001tun S. Greenv See So Ity
Hock Val lat oonsol g4%4 1999 J•J 10111
103% 103% 8.103 109
/
4
Vol & Root Val See Hook Val
Registered
1001
1999 ;1 J
/
4899'08
01 S. Tol See Hock Val
Cot S. R V lit ext g 48-1943 A-0
9534 MaY'09
98
081
/
4 9834
ol Conn & Term See N & W
Col & Tot let ex 4s
991
/
4 Ifeti'011
1963 V-A 981
.99
97
9914
Coon & Pas Rive lat g 46.1943 A•0
Roust E db W Tex See So Pao
uba RR lat 60-yr 5 g
1:1
1952 J• J
96 Jan'09
5
95
Roust& Tex Con See So Pao Co
ak & Gt So see UM db St P
I Illnois Central let g 45 1951 J•J 104%
104% Nov'09 ....'108%104%
allas & Waco See lb& K & 'I
I. Registered
107,46 .4'07
10242
11161 JJ
•
el Lack do Westernlet gold 31
/
48
! ...
,,,,orris
1951 3-3
1.10 Sep '1.19
88's 04'.
db Essex lst7s 1914 M-N Ill 113 111114Nov'09
111%11468
Registered
1951 34 1/3
94 Sep'09
94
94
let consol guar?.
/
4 1141
/
4 1141
/
4'YU 1141
1916 J-D 114 1161
. Extended 1st g 3/
/
4 1173
1051 A-0
1
49
931
/
4 blay'09
Registered
127 J'ne'05
1915 4.1)
lot gold 3s sterling
-S
80 J'Iy '011
1961 PA
11
8
9
(
%
0
2
18
0
9
0
4
2Z
1st ref gu g 31
94 Sep '00 ... 931. 961
/
4s
2000 J -0
/
4
Coll Trust gold 4s
10036
102 Sep '011
N Y Lack d3-W 1st 68-1921 J.J 117
1171
/
4 Nov'09 .... 1171
/
4121
Registered
99 J'ite'08
99
99
Construction 58
1923 le-A 1081.110 110 Nov'09 •••. 110 1121.
lat ref 4s
99
91244 9914
VW. Ii 1(81.101'.
Term & improve 44, 1923 M-N 100
10012 Nov'09 .... 991
/
4 11)01
/
4
J.. N & Tex gold 4s -1
1
4 1(012 11)01
/
4 1001
/
4 1 99 101%
19
995
563
22 M
AA:.148 91//
Warren let ref gu g 3/
102% b'elf03
1
40 2000 F.A
......
Registered
An) 117 l'ilay'07
/
4 12(1 Sep'09 .... 120 122
, Del & kiwi 1st Pa Div '75 1017 16-13 118 1201
Cairo Bridge gold 4s
•D
102
100
J
Apr
09
1950
.Vt;..100
_Registered
'
A.ug'01
149
11417 24.8
LoutsvDiv&Term gal-0 1
sills 59a. Nov'09
119
:
9963
/
4 92
36 i
Ml:
881
N
10.yr cony deb 45
/
4 san, 1011
/
4 1021
1916 4.15 1011
/
4 50 100 1071.
Middle Div re be
+105
123 Aisy'99
let hen equip g 41
/
4 3 1011
/
4s
1922 J -4 1021.8K!'
, '1021. 1021
/
4 103%
Omaha Div le g 38
F
i
r:A
A
5
1
Apr'00
112
79
79
71)
I
lst&rot4s
1943 M•N iuU% *3a1e 1101P4 100"4 6 1001.103
St Louis Div&term g 38.1961 J .4
7914 Dec'08
/
4 2 97 107
Alb & Sus conv 31
/
4 Sale 100'. 1001
/
48
1946 A.0 1001
Registered
7(3 ,
1051 J.J
Rena & Saratoga lat 78 1921 M•N 127 119 128 Nov'09 -. 128 1281
/
4
891
Gold Pas
/
41 90 Oct '011 • I 110
1961 3.3
1101.
, Del Itiv RH Bridge See Pa Rit
/
4 Oct '99
Registered
3011
1951 ...3
961
/
4sale I 961
/
4
, Dens,& R Ur let con g46 1936 4•J
M. 7 96
981
/
4
91 1100 Nov'UU
13i2r1ng Div 1st g 31
/
4s 1961 3.3
Comm' gold 41
/
45
104 Nov'09 .... 103 106
19313 J•J
Western Lines let g 48-1951 F-A 974 100
96 Nov'09 •
I 96 1004
' Improvement gold 5s 1928 4.1) 1024.104 10214 Nov'O'd .... 101 4 104
/
4
121 Feb'09 ....1121 121
Belles,& Car 1st 68
1923 .1.13
_ 1191
14342 91
U3'
11155 F-A
lot & relunding 68
04
21 02% 961
/
4
Carb Shaw let g 4
146 1.0ct '119 ....1 11111
/
4 98
1932 M.8 146
98 Feb'08
Rio Gr Juno lat gu g 68 1039 J 4)
Chic St L & 0 g 50-1951 J•D 117 14 1181
/
/
4 1191
4 Oct'MI .... 1184 1'20
78 J'ue'09
70
Rio gr So 1st gold 4s
11/40 J • J
Su
78
Registered
118 •112334 J'ne'011 .... 11834 119
11161 J•D
83. blar'08
•
Guaranteed
1940 J -J
Gold 31
/
48
110 Oct'09
90
1951 •D
110
93 Sale 93
93
Rio(Jr West let g 48
1931) J -4
/
4
93 1001
Memph Div let g 4s 1951 J •D 0714 9S'4100 Idar'023
6312 Nov'09
84
M ge and col trust 48_4 11149 A-0
87
83
St L Sou let gu g 4a. _1931 31•91
1113 J'ly '023
05
97 Jan'02
Utah Cent 1st gu g 4a 41917 A-0
Ind B1 do West see CO de:,, St L
Des Slot S. b't D see M .12. st L
Ind III & la lot g 48
98
97'. Oct 'Oil
11/50 .4
1113
9311
110 Sep '04
Des Mob Cu Ry 1st g 60 1917 51-N
int & Great Nor 1st g thi 1919 31-N 1002 Sale 1091
/
4 1091
/
4 2 109 112
9514 Oct '01)
Dot & Mack 1st lieu g 48 19115 J.1) 95
05
93
2t1 gold 58
Aug'09
/
4
1001
1909
M-8
85
10'31
/
4
1/1
Gold 4a
94 91
1905 J.D
88
92
91
Trust Co certfs
1061
/
4 side 106
1061
/
4
40
861
/
4 108
Detroit Southern3d gold 4.
30
40
48 J'ne'09
1921
48
50
/
4 Sale 74
Ohio Sou Div 1st g 4s 1941 M-21. 741
82
7414 12 70
Iowa Central lot gold 58 1938 J -D 1041.101 104
105
104 ill'.
1111
/
4 J'ne'09
Dot S. Iron Range 1st 6s 1937 A.0 1023
111 12 116
(30113 4.
751
/
4 761
/
4 761
/
4
1051 M'S
71.11
/
4 21 7434 82
Registered
1061
/
4 51ar'tJ8
1037 A-0
I/ al A Ja G It See L Jo
S
213 es
11)16 4 -J
& Mich See Tol &I (J
Dul Short Line See Nor Pao
K01488431 b'eeStLdaS
Dul So Shore S. Atl g (58_1937 4•J 1091.
110 Oct '09
110 110'e KUS.M1IS.I3 lies StL&S F
last of 511nn b'es StP Al& Al
Kan (J & ruin° S'es M K & T
A:Jaat Ten Va & bla See So IV
Kan City Sou let gold 3s 11)50 A•0 73
/
4 Nov'09
7334 731
.
7134 761
Elgin J ol & East lat g 58.11141 M-N
1141.112 Nov lib . 112 115
93 uot '00
1950 A-0
Elm Cort & No See Leh& N Y
R
ite
errimerepdt Os(w I) Apr 1950
10014 100'. 100 16 100% 21 100181013
.
Erie lstext old 4s
1047 M•N 1001
/
4
101 Nov'09.... 101 101
Kentucky Cent aee L N
' 213 ext gold 68
1919 51.S 8107
10014 Oct '011 .... 1051.1061. Kook S. Des Mo See C 11
P
3d ext gold 41
/
4a
1923 M.S 4104
1041
/
4 ..,....v'Oti .... 1041
/
4 105
Knoxville .8 Ohio See So By
4th ext gold 08
11120 A.-0 10634
107
107
6 106 1071
/
4 I ake Erie & W 1st g 58-11437 j.j 114
111
114
1 112%116,
1
lith ext gold 4s
/
4
1928 J-1) 1191
97 Jan 09. I 97
97
LJ 2,1 gold Os
107 Nov'09
lo341
107 1091
11141
/
4
let consol gold 70
11120 M•S
121 1211
/
4 1.2134
11201. 12314
North 01110 let gu g 66 11145 A-0 112's 111,4 113% Nov'09
112101141
/
4
let consol g Lund 78
1920 M-S
120 124 Aug'09 .... 122 124
L Silo & Mich S See N I Cent
I
Erie 1st con g 48 prior..1996 J -J
84 sale 84
641
/
4 21 82
91
Leh Vat N Votgug41.s.1940 J-J 10634 1071.107 Nov'09
1061
/
4 10104
Registered
1996 4.4
SI Nov'010.
5614
82
Registered
.'107 Aug'09
.
1940 J -4 1061
107 107
1st consoi gen lieu g 48..11106 J -J
75,7534 76
76 I 21 691
/
4 80
Lehigh Val(Pa)cons g 48 2003 M.N
9634: 071
/
4 Nov'Od
07
98
ReAlstored
1996 3.3
b5,,, Feu'07.
Leh V Ter ity lot gu g 05 1041 A.0 11434
11014 Oct'09
116,4118%
Penn coil tr g 48
1951 F.A 81
84
32 Nov'110 .... 75 14 90
Regis tUrCtl
11141 A-0 ....... 116 '101i 10 thd.'99
..
60.ygar cony 43 A
A•0
11)53
230 4, Saie 80
8.34 (18 03
8914 Leh V Coal Co 1st gu g 03 193;3' J •J I
108 Nor'inl....
do
Series 13 1053 A-0 71 12 Sale 704
7114 8(3 571
/
4 Su
Leh ea N 1: 1st guar g 4s..10431 11-S
116.
1 9131. 6ep WV .... 96
97
Bun N IS. Erie 181 78-1916 4.1)
.Aug'00
115'. 1181
115 11131
Registered
/
4
1.113 51-s
951
/
4'
Ohio S. Erie lat gold 58-11182 M-N 11314 114 114
1.4 , 1 111 117'.
El C do N lot pf 6.4
1914'
Jan
1131
A-O
/
4
'06
l021.
Olev & Mahon Vat g 38.1938 J -J 11)9'. ...... 121 Deu'uS •-•• ......
Gold guar Os
1914IA•()':101.14
;101,
4
/
46ep '01) .... 1011
1011
Long DocK consol g 66..1935 A..0 126
12111
/
4 Oct '09 .... 1213 1281
/
4 Leh & liud It See Cent of N J1
1
Coal S. RR lat cur gti 68.11)22 M.N
113 114 J'ne'u'J .... 1121
/
4120
do Wilkesb See Cent of N J
Leh
• Dock & limp 1st cur 00..1913 J.J *
/
4 uct '09 .... 1031
105 1031
/
4 110
Leroy S. Caney Val See aio P
MISCELLANEOUS BONDS-Continued on Next Page.
1 Gas and Electric Light
Gas and Electric Light
Atlanta L Co lot g
.1-D 103
N Y G E L II & P g 58-1948 3•15 102 102/
Bklyn U Gas 1st eon g 58.11145
4:141
/
4 104%
1
4 10
1
4: 11 1001
.
(0)6
1:
2
0:200/
11/73
.Sat, 1071
/
4 107% 7 107 108
Purchase money g 48_11/19 F•A
821
/
4 83.1b 83
buffalo (las 1st go.
933
. 18 12
03(
134 11:X
.4
1941 A.0
60
o'7% 67 4- Nov'09
74
Ed El ill 1st cony g 623-1910 M.23
Neop.,:01
1%
0 S
0i!
110 112 .
100 110
Columbus Gas 1st g 58....1032 J-J
1st consol golds.
1912:, J-4 110
aron City use g
192.; J • J 101 1011
/
4 .01 Nov't).,
.
1 01.1.1;1021
YdIQE1L&P
N
/
4
lat
con
g
68193(
b'-A
trs
iai
1.2
v7
7,2
Gas Co con 1st g os 1912- F -A
953
.sep '08
N I & Rich Gas 1st g 55.1921 el-N
100_ 9712 J'ly'09
Eq L Z1 Y 1st con g 65_11)31. m-6
96 Mar'Or
.
Pat S. Pas t..i E con g 58.11149 M 6
.
.
....
.
i
Eleo Berg Coo g 68.1941. -1) 95
'01Peo Gas & Li let con g tia.1114:: A-0 120
61 10 Oct
t 20
120
rltapG L Co 1st g 53 1916 F -A
i iki.. 100
101 IOU Oct '1)/'
Refunding gold as •
1.94% 11-S 10214 103% 1031
4 Nov'09
101
1 1414 12
041
udison Co (las 1st g Os 1940 IVI-N 1034 10419 105 5qg lib
105 105
Ch0-14& Cke lstgu g 5s 1931 J-4 103% 103 104/
/
4
North'
11/3 1041
Kan City(MO)Gas 1st g 55 1924 A-0 90 100 100 Slay'013
100 iou
Con G Coot Ch latgu g3s.'3t 3-0 102 103 102 Nov'09
101%
'4
Kings Co El L& P g 6s-1931 A-0
10414104'.
102 1041
/
4 Sep '09
Ind Nat Gas& 01130.yr 58'3( 51-N
Aug'09
94
91
....
12
,
1
KU
Purchase money 65
109. A-0
115 117/
110 118
1
4 Aug'119
Mu Fuel Gas 1st gu g 38.194. .4-1's 101
018
11
..% 19
1.19
1
101
1 10
101
Ed E11113ku 1st con g 41931 J -J
88 Sep '08
Syracuse Lighting 1st g 68.'61 J-1) 95
9934 Nov'Ob
Lae Gas LotSt L lstg 5s.41911. (2-1
1027, 1.021
/
4 103
Trenton u & El 1st g 68..1941 A- s
6 1-021
;105
Mity'06
110
Ref anti ext 1st g 55
1934 A-0 100', 102 10034 Nov 01,
10U 1011
/
4 Un.on Moo L& P 1st g 58.11)31 11 S 100
Jan
....1
Milwaukee Gas L 1st 48 1021
91 14 90 4., Oct '011 .
901
/
4 921
/
4 Utica El Ldb t' lstsfg 68.11/31) 3-1 103
Newark Con Gas g Os.... 194)- 3-D 100 1083,
Westchester !Aglaia g 58.106( J •C
95 105 112921/4
"
ri'01.1
102'. /620
6
oiko price Friday. late-st bid and asked this week.a Due Jan b Due Veb d Due .1.pr e Due
(toy it Due Ply lc Due-A.ug 0 Do.* Oct qDtie Dec :Deno*
bee 3

••••

••••

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1

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......

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Ja

1,011,.,

DEO. 4 1909.]
BONDS
N.Y. STOCK EXCHA NG':
WEEK ENDINf, DEO 3
4,14

New York Bond Record—Continued—Page
Prioe
Friday
Dec 3

Week's
Range
keno or
,3
Since
Last Sate Al
January 1

litgn No tow
Btu
Ask Low
Long Dock See Erie
11212 112% 1 110
Long Isl'd—lst con g 5s.h19311Q-J 112%
1t1931 Q.J 9984
1st consol gold 45
973
3 96
' 9734
98%
1938 -D '7'4
General gold 4s
1922 M.8 98 104 10012 Apr,01, .... 100%10012
Ferry gold 412s
Oct
97 ' 9914
'06 .... .....
1932! J-D 90
Gold 48
1.6% 96% Oct '09 .... 96
08
1949 M.S 96
Unified gold 4s
5412
104 0,30'08 .... ......
1934! J-D
Debenture gold
9'j 1 97
98
9814
9938
1949:M-8
Guar ref gold 48....
lIklyn & Mont lat g 63_19111M-8 10034 102%
101% Deo%)
1911391-S 10u
1st 58
110141 ov'06
NY B & M 11 lstcon 8581939'A-0
1927 M-S 103 106% 105 Apr'07
NY&RB 1st g 5s
109 Nov'06
Nor Sh B 1st con ggu5rs o1932 Q-J
98% 97 Nov'011I
99
96
Louisiana & Ark 1st g 58.1927 M-I3 96
110
4
1160
J-1)
4
118% t I ri%
68.1930
115% 117%
Louisv & Nashv gen g
1937 M-N 114 116 114 Nov'09 .... 110 117
Gold 5s
99 5 5e 994
99% 42 9812102%
1940 J-J
Unified gold 48
100 May'09 .... 100 100%
Registered
j IMO100',,4aie 100% '00% 1 10012 IOU%
A--0
18 j
18
91.
Sink tiind gold Os..
116 110 Nov'09 .... 108%110%
1931 M-N
Coll trust gold 5s
111% Oct '09 .... ,111 111%
E II & Nash 1st a 63—.1919 j-D Ill
107% J'ne'09
104%
107% 10784
L Cln & Lex gold 4128...1931 MN
N 0 & M let gold 68—.1930 J -J 12478 126 125 Oct'09 ..... 124% 125%
120 Jan '03 .... 120 120
1930 J -J 1199
N 0 & M 28 gold 68
.
M•S 107 108 10714 Aug'06192
Pensacola Div gold 08—
1921M.8 115 12 11678 117 May'07
St L Div 1st gold 68
75 , '71 MaY'09 .... 71
1980 M•S 68
71
28 gold 3s
94 ' 9312 Nov"I0. 93% 95%
Atl Knox & Cin div 48 1955 M-N
114,12 116 J'iy•013 ..... ......
An Knox (lb Nor 1st g 581940 J -0
110 Jan '09 .... 110 110
Render M011481868.1931 M-21
98
97 Nov'09 .... 90
98%
Kentiicky Cent gold 48..1987 J -J
103 Deo'08 ,
L&N & M & 51 latg4128 1945 M-9
90
92% 9178
91%.fo 1 $8 92
L& 1
,
7-South M joint 48.1952 J -J
112 11312.1'1y'09 ..112%115%
Fla & 8 1st gn g 58...1937 le• A
&013tIgegengtig 4%81945 J -J 101
11034 11034 ,
1- 1;;;illii3 :::: 1-Qi.. 11034
LIM & Atl let gn g 68_1921 F-A
110% 115 -2
S & N Ala con gu g 5s..1936F-A 110 114 11012 Sep
91
91 .Nov09
'I
'091--.
94
96%
V,Jeff Iltige Co gu g 48..1945 m•S
I
N A & Ch See 0 I &L
I
ahon Coal See L S & SI S
0712 96%
9078
92%100
anhattan Ryconso148.1990 A-0
104 Apr'05
Registered
9912 99% Nov'09
0 99
° A -°
—fig; 1004
1990
Stinpil tax exempt-19
MOK'pt & B V See N Y Cent
96 ' 95 Nov'09
1911 14 95
83% 96%
biex Cent eons g 49
23% 10 23% 27%
a1939 J'1Y
23%
"
48 I 23%
let cons Inc g 3s
29
24. 1 W.,Apet)9 .... 20% 25%
2d eons Inc g 38 trust recta..
I SO Ply'09 . 80
80
Mex Interuat 1st eon g 48.1977 51--9
' 80 Feb'08 .... ......
Stamped guaranteed....1077 N•6
10038 May'09
100%101
Nex North 1st gold 68.-1910 J -D
Mich Cent See N Y Cent
id of N J See Erie
/41,S&W See Oliic & NW
M11& North See Cli DI & St P
182%133%
bilnia & St L 1st gold 78-1927 JD 182 135 132',J'ne'09
118 Ja.n'07
Paoilio Ex list gold 68...1921 A-0 108%
101% Mity'09
South West Ex 1st g 713.1910 J -D
10134 103%
11(345-N 107
107
107
1 107 111%
1st consol gold 6s
8278 83', Nov'09
8314 8714
jet and refund gold 48_1941 M•S
J-J
914
1st
gu
4s...135
91%
Oct
'09
Des M & Ft D
91 12 01 11
IAinn do St 14 go See B C it & N
MStP&SSMoong4intgu'38 J -J
99% 99% 99%
99% 2 139 100%
9812
91/
J'ly
'09
9914
99
... 99
I
f
88 51.911 A 1st g 4 int gu 1926 J -J
inn Un See St P Al &AI
99 19 994
9919 25 98%101%
Kan & Tex lat g 4s...1990 J-D 99
88%
Sale
86
21)be
8619
9,990 F•A 86
d gold 4s.,
10444 3 10334 10919
1944 /11-N 103%10419 104
fit ext gold 5s
8434 IS 811 14 8778
2004 ALS 2412 85 , 84%
let & refund 4s
110 %*ate ' 8078
1936..14
90% 59, 893 9378
Gen s f 412s
87% 88 Apr'00' 88
2901 A-0
89%
St I,DiV 1st ref g 48
1105 110
105 Oet 109
Dal & Wa let gu g 5s...11340 M•N
93
91
9312 91
31
11 91
Kan 0& Pao lat g 4s...1990 F-A
112 113 Oct '09
113 11.419
blo X & If. 1st gu g bs...1942 A•0
1942 M-N 106% 10/% 106% Nov'09 ..„, 106% 112
Ai K& Ok 1st gu 5s
DI K & T of T lst gu g 58 1942,M-9 105',10619 106,4 10614 1 106 110
110%
108 11.0,4 Apr'09 ...,
Sher Sh & So 1st gu g 58 1943;J •13
104
104
1 in4
104 111%
Tex & Okla 1st gu g 56...1943ibi.8
111
1114 111
1111 116
lip Pacific 1st con g us ...1920,M-N
101
22 100%102%
Trust gold 58 stampeti a1917 M•S 101 101% 101
104% Feb'07
Registered
al917 M-S
1920 F-A 102 102,4 102
102
1st coil gold 58
-1 101 10334
10-vent gold loan 4s
8034 24 788 8518
1945 M-3 80 80% 80
1938 Al-N 95%
9534 Nov'09 ....1 95% 96%
3d 7ii extd at 4%
(lent Br Ry 1st gu g 46.1919 I' -A 84%
1144 IN°
887
n Branch LT P Istg 48.1948 J -D
Uctvrif ......'! 8
1 T% 919514
Leroy& ti VA L 1st g5s 1926 J -J
110 Mitr'05
Pao 1-1. of Mo 1st ex g 46.1938 F-A 100% .....10038 100% 1 9934 10038
2t1 extended gold 58...1938 J • J lit
112,
2 115
115 Sep '09
St L lr Ai& Sgen eon g 5141931 A-0 109 11J9', 109
i09'8 8 10878 112
Gen con stamp gtd g 5611)31 A•0
111 Sep'09
110,111%
Unified & ref gold 48-1929 J -J
87
8712 87
87
904
IS 86
8712 bale , 8719
lilv & G Div 1st g 48..1933 M-N
88
12 87
91
Verdi V 1 & W 1st g 58.1926 NI-8
103 107% Apr'06 ....!'......
.
98 Dee'06
triObJ & K (J let cons g 58.11163 J -J
I!
121%122% Aug'Ull
Mob & Ohio new gold Os. 1U2'7 J -0
I 119',125
/et extension gold 6s—h1927 Q-J 117 118% 1170., Oct '09 ..— 117 118
1938 Al•S 89% Sale 89%
General gold 4s
8934
Oct 08
09 ....
Mout om Div let g 6s 1947 F -A 109% 1.11 18 1120
70 4 m.y,
18218 18
'2
,19
12
1%
St L Cairo coilg 43..e1.9301 -F
95 101 Nov'04 --.I,......
1931 -.1
Guaranteed g 4s
Southern
See
coil
48
M &0
Mohawk & Mal See N 2: C& 11
Monongahela Itiv See B & U
Mont Cent See St P Al & M.
Morgan's La & 'I' See 6 P Co
rris & Essex See Del Ldi, W
ash Chat & St L list 75 1913 J • J 108 11014 10914 Oct'09 .... 109% 112 4
let 001180i gold 58
110 113%
1928 A•0 *0,9 112 110 Nov'00
Jasper Branch 1st g 68 1923 J-2 .10,18
11612 May'07
moll M W & Al let 68-1917 J•J 4108
117% MarI05
a: di P Branch lit 68—.1917 J • J •108
113 Ply'04
Wash Flor & Shet See L & N
Nat Rys of Mex pr 14 10 1957 7.J
94 Sale 93%
94 if), 92% 96
1977 A.0 88 Sale 87 4
Guar gen 4s
22 86
89
88
102 103
Nat ot Mex prior lien 4198.1920 J -.I 101 12
102 Aug'09
1951 A-0 84
let consul 48
8404 83% Nov'09
SO
85
Now II 8, D b'ee N Y N H & 11
I
11
N J. Juno RR See X Y Cent
••

.
•••

••
•
•

l

K

..

3

1471

BONDS
Week's
Lange
Price
h lerirtav
N. Y. STOCK EXCHANGE
Range or
Since
Dec 3
Last Sale
zb January I
WEEK ENDINO DEO 3
g Y Bkin & Man Bch see L I
Ask Low
Rico% No Low WW1
Rio
g Y Cent& Fl Riv g 3128.19971•T•J
61 9014 94%
91 Sale 9038
91
19971.7-.1 .. ... 90
88% Oct '09 .... 8838 9334
Registered
J5 %
Deben g 4s
1934 M.1.7 9-534 Sat. ,
9534 54 93% 96%
Lake Shore coil g 312s 1998 F.A 80% 8als 8038
90% 23 80% 8534
6 79
84%
79
Registered .
1998 F-A 19 Sale 70
M
84%
Mich Cent coilg 310—.1998 F-A 80 Sale 80
80% 14 SO
82%
79
8212 J'ne'09 .... 82
Registered
1998 F-A
Beech Creek let gn g 48.1936 •I• J 100
100 Noy'09 .... 100 100%
1036 J.J 101
102 Mar'04
Registered
2d gn gold 5s
1939 I- J 107
Beech Cr Eat 1st g 312851951 A-0 84%
Cart & Ad 1st Ku g 4s...1981 1-0
97 12 Apr'09 ....' 97% .
1i'M
Gouv & Osvrelat ga g5s 1942 J-D
Moh & Mal 1st gu g 48..1991 N-B 997
100% Sep '09 .... 100 10014
NJ Juno ft gu let 48...1986 F-A 100
02
105 • nn,'
N 1'& Harletn g 31-0...200UM-N 91
964 Oct'OX
N Y & North 181 g 5s...1927 A.0 108%112%108 Oct '09 .... 108 108
N Y & Pa lateen gu g 4s 1993 A-0 .. ... ...... 100 8ep '08 ....j ......
Nor & Mont 1st gti g 58.1916 AO
Pine Creek rag mar 69.1932 3-0 124 13012 131% Jan'09 .... 121%131%
R W&0eon let ext50.41922,A•0 108% It 9 10834 108% 2 10834 1 il
Oswe & R 2d gag 5s....41915 F-A
10519 105 Jan 'Us
rt W&OTR1st gu 58.1918 NI-1.1
10634
Rutland 1st con g 4 8..1941 J -/ 102 102% 99% Nov'09 .... P9% 9111
;
91
91 Nov'09 .... 91
g&LCham let gu 48 g1948 J
93%
O.
Rut-Canad 1st gu g 43.1949 J-I 89
91% 92 J'ne'09 .... 90% 92
St Law & Adlr 1st g 5s. 1996 J-J
115 J'ne'09 ..... 115 115
2d gold Ss
125 FelP09
10314 Feb'08 .... ...... ...,..
Utica & Rik Illy gut g 4s.1.19
)n 1--?1 101
Lake Shore gold' 128....1997 J-D 91% 93
92
92
6 91
95%
Registered
1997 J-D 90%
90 %Oct'09 .. . 90% 94%
94% sate 94%
Debenture g 48
94% 41 94% 97
1928 25.year g 4s
9119 79 93
,1931 M•N 94 Sale 1 93%
9719
KaA&GRlst gip:056.1938 J-J 112%
Mahon 0'1 RR lst 58_1934.J-J 11219116 109 ()et '07 ...... ......
Pitts & L Erie'Aug 52.a19`2,lc A-0
100 May 08
Pitts MeK & Y 1st gn 69.1932 J-J 127
130% Jan '09 ..:: MIN 130;
211
r 68
1934 J-J,*124
Me ees& B V lstges 1918 -J 111
101 Feb -09 ...: 101 101
Mich Cent 1st eonsor614.190914-5
1ff
, 0
, ci,te:Uti ........ !..1
5s
.
.
5.. 115
1931,NI-S 112
-M
.T1 112
.1.
O.
1940
11 4
Registered
9834 Oct '09 ....1 W3% 100%
45
10612 N ov'00
Registered
1
1.9
04
51
01 .
11
111
110 J'ne 08
J L & S let g 312s
91
89
813
—6 89
93%
ist ir 3125
19524M-N
I. • , A 0: 924 93 1 93
93
4 9119 95%
20-year deb 4s
Bat t.; & Star let gu g 36.1989 J -D
101
13 9919102',
NY 011ie& St L 1st g4s 1937 A-0, 100 male 100
1:Nov'09 .... 100 100%
10014 99,
Registered
9119 91 Sep'09 .... 91% 94
19
93
31 M
AI 90
Debentures 4s
West Shore let 4s gu 2361 /I 102% Sale 1024 1031.4 6 101 1041,
10038 100% Nov'09 .... 100 103%
Regisred
te
X Y & Greenw Lake See Erie
N Y & liar See N Y C & Bud
N Y Lack db W SeeD L & W
NYLE&W See Erie
N Y db Long Br See Centof NJ
135% 259 1334 146
N IN H& H—Cony 611_19
J.: 135% Sale 135
99
41 971
/
4 1111
Cony deben 312.8
/
4
1956 J.: 99 3814 2814
/
4
118% Dee'08
Housatonic It con g 50_193 M-1.4 1141
107 Aug'09 .... 107 107
N II & Derby con ay 58.1918 M-N
I!
N Y & North See N Y C & II
9712 97
9719 9 96% 9934
N 10& W ref 1st g 48-91992 M.
'
101% J'ne'06
Regis 15,000 only
91992
N Y ell Put See N Y C & H
N Y & R B See Long IslandI11
N YS& W Sea Erie
N I Tex di, M See So Pea Co
Nor 85 South let g 5s
101 Oct '09 .... 101 104
1941 M•17 101
Norf & West gen g es
125 Oet '09 .... 126%128
1931 M-1.7 12419
. Improvem't & ext g 66..1934 F-A 12419128 12504 Nov'09 .... 125 125
New River lat g 6/3
125% 128% .1'ne'09 .127 12$18
1932 A•0
N & W Ry let eon g 48.1996 A•O 9812 98% 9838
99 _-4 98 100%
19 , 97 J'ly'09 .... 97
97
9234 Salt I 92%
Div'l
lat I& gen g4s...1
J.
-O
J
9234 5 111
64
95
Registered9
194
1)4
10-25 year eons- 48....1932. J -D. 9938,
'-'ale. I '
90, 90
'
3 5) 934 193
'
4
89 1 8934
894 3 , 89% 93
Poculi C & C joint 48_1941'J•D
C C& T lat gu g 5s
1922; J -J '
4 105
•••.'...
1! -9Scio V 80N E 1st gu g 411 1989 M-N 95
06
1-.,,....i
9719 19
95
9'2 N
FeoUv:°
- -14-fri
North Illinois See Chi & N W
;
Nortn Ohio See L Erie & W
!
Nor 1190--Prior hen g 4s 1997 Q J • 1023 Sale 102% 10234 120 10119104
101%102 1
,
:ov'09.... 101 103
Registered
1997 9-.1 1
General lien gold 38.....a2047 14-F 72% 73 , 72%
'12% 59 7134 75
745.
' 71
71
Registered
6 70
St Paul.Dul Div g 4s....
96 1 9538 Nov'09 ....t 1,5% 974
a2
10
99
46
74
J- IIF
3 * 71
Dul short L 1st gu 5s..1916.M-S
•
0 B& Q coil tr 4s See Gt Icor
1
t
st P & N P gen g 6s....1923 F-A 11734
11776Nov'011,. ..' 1177.121
Registered certiflo's..1923 4-F
...! 115 1201,
119 Oct '091.StPaul& Dul 1st5e....1931
117Ply'07.
1
!
14
116jD
k•A 1122
1;k:O1042
2it58
104%Sep'Uli...„!104 104%
98% 98 Oct
1stconeolgold4s
....,1 9719 99
9212 Jan '09I. .11 921
Wash Cent 1st g 4s
/
4 1321
/
4
1948 4--M 92
Nor Pao Ter Co 1st g 66..1933 J -J 1111
09 .... 11034 116%
1111
/
4 Nov'09'...
/
4
Nor Ity Cal See So Pao
Nor Wis See(3 St P M & U
Nor & Mont See N Y Cent
i k Ind & W See C (./ 0& St L
Ulu° Riv RR See Balt & 0
Ore & Cal See So Pao Co
Ore Short Line See Un Pao
Oswego & Rome Seell 10
I
a° Coft8t Co 1st g 58....1946 J-D 111
110% Nov'09.... 108'5 111I
ac of Missouri 'See
Pao
Penn RR 1st real est g 48.1923 M-N 104
104 Nov'09!.... 103 105
Consol gold 5s
1919 51-5 109%
1011', Jan '09! ,.. 109%1091
Conseil gold 48
103 Nov.091 - . 101 104
1943 M-N 100
Convertible g 3128
1912 14•N
99%100 , 99%
99141 -l5 , 97%109
Convertible g 3%s
1915 J -D 95702014 I 95%
98 1363 8434 100
40.
Conesgolvggi
olge
d 4
nsgu g 4....1
19
04
48
2M
m:N
8 110004% mu. 104% 104.111 5 108% 105%
99 J'its'071
'...... ......
D lt it Rdb lige 1st gu 4s g.'36"F-A
Philo Bal & Vi 1st g 48..1943'5LN 1031s Sale 10818 1031, 12 103 is la"
Sod Bay dl, So 1st g 5s. 1924IJ -J 100
..
102 Jan '03I....I
UN J RR & Can gen 45.1944 M.81 1031/4
DA L2 J.
1.„ 1 ro'i ro-i4
Iroo— I,
I

P

to

MISCELL(NEOUS BONDS—Continued on Next Page
Coal and Iron
Telegraph and Telephone
Buff& Sugg Iron 81 5s....1932 J -D
99% Nov'09
Am Telep & Tel coil tr 41, 1929
/
4 93
98 100
921
92%
9214 33 91% 96
Debenture 5s
a106 M•
95
94
96 Oct'09
Convertible 48
96
1986 M- S 104 Sale 104% 105% 702 92%107,
973
4
1
98
OM 9 & 1 co gen s t g 5s..1940 1. -A 97
9712 Nov'09
991
/
4
94 100% Mich State Telep 1st 55 1921 F-A
1/9 No",e00
98 100
Convertible deb g 58....1911 13'.A
95
87% Ply'09
99 Sale 08%
87
871
1937 .I.J
/
4 Pao Tel& Tel IA &z;
99% 69 9812 9
01Indu let& coll 55 g-u..1934 F-A
83,2 Sale 83%
84
10 71
1001
/
4 Sale 100
81
Weal Union col tr car 5s 1938
100
2 981910
tin'tal0lets r gu 68 g.1052 F-A
0738 Dec'04
Fd and real est g 4124 1950
98, Sale £6
981
/
4 14 98% 9
r Ely Coal &0 let g 68..1919 A-0 95 100 102% Apr1011
101"i Sale 100% 101% 10-2 84 lOR
1936
Cony 4s, Series A
elf & Clear0& I 1st g 58.192it J
107 Mari)?
Slut Un Tel a fund Os. 1911
95 100
100 Diariov
an& H C & 01st 8 f g5s.lilol I•J
98
10519 Dec'00
Ilanufacturing Se industrial
ooah Con Collier late 1 58.'57 J -J
8812 88 Sep '01,
1986 J -J
...
84% Sale 84
1(9
Allis-ChalmerS let Sc
.Ski.
161
/
4 71 ao
day CreeK Co g 5s....1944 AA
73 Fe b'07
1928 A.0 101% sale 101% 102
96 1
Am Ag Chem let oSa
1951
11:334 Sale 10334 103%
an coat gen Se
1915
2 101 12 104
Am Cot Oil ext 410
98%
981
.
96
all/17 A.0 10 109% 108 Aug'09
Tenn Div 1st g Os
Am Hide di, L 1st sIg 63-1919
106% 109
'2
112 Sa1
98e4. 101% 102
96% 1
Birm Div lot consol 88..1917 J -J
106 Nov'09
106 108
Amer Ice Sect= deb g 68 1925
i
L
73's
73%
87
86
Cali CM Co lit gu g 08.1922 J •D 108
110 Jan '09
110 110
Am Spirits Mfg 1,1% g 6s..1915 IL
961
/
4 Nov'09
951
/
4 106
De Bar0& I Co gu g 08 1910
103 Nov'08
Am Thread hit col tr 4s..1919
93 Nov'09
90% 9
8
J
-J
1953
rastor Fuel 1st s 158
87
87 Aug'09
Am Tobacco 40-yr g Os...J944 A.0 106 Bale 106
87
87
108 1132 1041
/
4 111%
99 Sale 99
99
Yairon Coal &Colst g 58 1949 M-S
11 05 100
48
1951 F-A
80 464 74
7834 Sale 77
8
7,No pii-e1 Friday;..atest bid and asked. ctDue Jan-6 Dna Feb d Du* star ct Due Apr 4 Due Ply kDtte Aug o Due Oot pDueNov I DesDee TOption 20311
-•
-

rr




14

1472
BONDS
1 rat
'3
N. Y. STOCK EXCHANGE
WEE1C Etintati DV/ 3
I 441

New York Bond
Pries
Friday
Dec 3

FoL. Lxx xnc

Record-Concluded-Page 4

..
Ti -es
Week's
Bangs
Range or gi
Since
'A
Last Bale
January I

BON DS
N. Y. STOCK EXCHAN'GE
WEEK 1DNDIN0 DEC 3

rof
t.3/

4g.

Price
Friday
Dec 3

Week's
Range or •
Last Sale

521

Kano
Since
January 1

Bra
428 Low
BOA No Low RUM Southern Pao Co-(Continue/t)
thu
Asic Lam
H tun' BO:ILOW .II ty/i
104 108 106
107
_Penn Co-Guar lat g 4128 1921
8 104 107
No of Cal guar g 5s
1.938 A-0 95
105
105
Registered
1 102 106
1921 J.J;
10
14
„
2 .
JA14.1eaubr:0:7
Ore & Cal 1st guar g 08.1927 J.J 1031
9.
1..
/
4
..
..
., 10
1.0-1
1,2 1 0.4
904 j'ne'06 .... ......
Guar 312s coil trust reg 1937 M-S 894
So Pac ot Ariz latgu g 68.0'10 J-J, 10011
10112
891
/
4
L,6
Guar 3las colt tr ser B 1941 F-A 894 90
i 8914 9111
1011
/
4 J'ne'08J
so Pao of Cal-68 E & F.1912 4•0, 102
1
97% 98
Tr Co certirs gu g 31
/
48 1916 M.N
97%
97.8 2 110 4 98
1
/
4 Dee'04'
1141
18t gold as
891
/
4 91.
90 Aug'09
1942 J -D
Gu 3128 tr ctfs C
103
8914 90
114 Ma.'117'
()1
1st con guar g 03
11
2 l'itr8
17
193
/
4 91
1944J -DI 91)1
GI, 3 ha tr ctft. D
904
1104 3 901
19
00
4 J
AC0
)0
5!.....:1
/
4 9034
SPacofN blexlstg 68 1911, J-Ji SPA
Guar 16-25 year g 48
981
1931, A 0
/
4 983
,Nov'09
• 9812 100
So Pao Coa8t let gu 48 g.1937 J- JI 80
8812 92
CI & Mar let gu g 448 1935 M.N,' 1004
110 Jan '05
Tex&NOSabDivlst g68.11112 M.SI 103 104 103 tict,'09.....! 1024 103
CI & P gen gu g 4128ser A.'42 J -J1
34 Jan '09
4
102 Nov u9 .10 . 102 102
11034 11034
Con gold 08
19
,
'
5
45
Series B
3 jj.1
... J'1.“01.1
94 4 Male. 91 5
1942 A-0
9134 16711 934 10) Lis
10.1 4 109 4 Co Pac ltlt let ref 4s
1.148 M-N
Series C 34s
97 1 96 Aug'09 .... 96
913
110/
1
44 614106 113i,
Southern-lst con g 5s....1994 J.J , 1102.'3.ale 109
Series D 312.8
964 90 May'08 ...• ......
1951/ F.A1 93
' 100 110u
.. .. 110 May'09
Registered
1 .
Erie & Pitts gni;312s 13 1940 J J' 93
1 92 Apr'07
81176 lili 1 '76
/
4 Safi. 81.04
85
Develop & gen1s Ser A.119
94
6 .4
1.
-0
1! 801
110
Series C
93
90i.. 90
9834 Apr'04
90
61 851
1940 j-J
/
4 904
Mob & Ohio coll tr g 48..1038 M•S
Sr ft& I ex 1st Ku g 41
/
481941 J-J
101 12 104 4
11044 Oct'
09
Mem Div 1st g 41
/
4-5s...1996 J.J 1 108 110 11011 Sep'09 .... 1104113 1e
Pitts Ft W & C 1st 7s 1912 J-J 1064
'107 oet '09
107 107
5614
84 80
616
91
St Louis div DA g 4e....1951' J.J1 86 ',kat.
2,17e
/
4 1004 Nov'09
11
1912 J -J 104 1071
10634 110
UN Sep '08
Ala Oen R let g 68
/
4
1218 J.J 1981
Oct:0
0,
8
3.1 7s
147
) Fe
h1912 A-0 10576
110
92
921
/
4 921
/
4 Oct '011 ....' 921
/
4
AU & Danv let g 4s
1948 J • J
Pitts Y& Ash let con 6s.1927 M-N DM
.. 110 110
2d 48
1071
/
47'1y'09
PCC&Seel,gU4428 A...1940 A-0
10776 109 19
Atl ifs Yad let g guar 48.19
7--)
0 SU
9 .4
948
beries13 guar
1942 A.0 107 ,,, 108 10776 Nov'09
107 76 109
J'ne'0,1. -1109 11014
1044 10
Col di Greenv 1st (is
9/3
7''' 109
92 .1'11"6
1
44'ue'05 .... .. ...
112/
Series C guar
1942 M-fij
E T Va & Ga Div g 53..1
.1
10
11034 1i0.8 171 10934 1114
6 1:j
193
1,10 Ang1/111. • 10
1045 M-N
0942
Series D 48 guar
.
0
102
/
4
III
12 1104 1141
113
Con
lst
gold
5s
1956
M-14
Series E 31
1949 F-A,1 9356 914 0334 Nov'091.... '9334 98
/
4 guar g
E. Ten reor lien g 5s
107 Apr'09 .... 105 107
1938 M-S 11101130')
/
4
Series 14s guar
1953 J-13, 991
05 Nov'..19 ....,4 64
68
67
Ga Midland let 3s
C St L & P 1st con g 58 1932 A-0 1134
114 J'ly'09 ••
•. 114 1161
2 113 117
/
4
113
1 113
Ga Pao Hy lat g 138
A 3 1134 115.
6J
192
12
;Pensacola & AU See 1
Nash
I
Knox & Ohio 1st g 68. 11)25 J -J 115 ltd', 111314 N1.3.01/ .... 11814 1184
..Pee & East See C C es St L
1
110% Apr'06
I
don& Bir prior Oen g 68 1945 J-J 10512
.peo a..pek On let g 68
116 116 Aug'09
1921 Q.F
79
• 116 116
82 Nov'08j
Mortgage gold 4s
1940 J -J
gold 44as
100 100341)0005
,
/1921 M -N,
/
4
lin yNov'th..... 107'; 111
Rich & Dan cou g 68....1915 J4 1041
Pere Marq-Cli& W
as 1921 J -D,
10534 105 Aug'09 ...l05 106
107 out '09 .... 107 107
Deb 5s stamped
Flint & PM g 6s... .....1920 A-0
112 112 Aug'09 .1112 115
Oct
1023408
Rich & Meek 1st g 4s...19
N.
17
98
41
4
A-- O
192748 761
18t consol gold 50
/
4
.110434 1094
1939 M-X lob 1094 11/6 4 Nov',41.1
10725.4
So Car & Us 18t g 6s....11119 M-N 1021
• 1 101 11 10334
Pt Huron Div 1st g 58 1939 A-0 101
107 Aug.09 • 107 1084
90
6
1.8
2ta 0
i,.
c
ut:0
Virginia Mid ser C 0s...19113 M-8 107 107 h, 11.0
Sag Tus& ii 1st au g 43 1931 F•A
Series 114-65
-N
S 1084
M.
2
,
1 isA
119
13
Phil 13 & W see Penn RR
109 .Ply'00 .... 101) 109
Series 1410s
1926 M-9 107 4
•Philippine Hy 181 30-yr s 148'37 J •J
92 1 93 May'09
93
109 Aug'09 .... 107 11012
95
General Sc
Pitts cit. 8,6 st L See Penn Co
ti0
00.
04 Tit/
:07
11 .... 107 4 1094
Guar stamped
1938 M.N 107 109' 10
Pitts Cleve & Tot See B do 0 1
W 4)& W 1st ay gu 48_1924 F.A 1. 90
Pitta it W .34 Ch See Penn Co
107 Oct'09 .... 107 109¼
West N 0 lat con 63 1914 .14 1°412
Pitta McKees & Y See N Y Oen'
S & N Ala 8ee L eo .'
•Pitta Sli & L h 1st g 50 1940.4.0
1151
/
4 115 12 1151
1 Sep '06 ....ij10634 10676
/
2 2 116 12 1164 Spokane Intermit 1st g 5s 1955 J.J 14134 105 106.
931.6 Ply '97 •••• ......
1st consol gold Os
/
4 Nov'09 .... 106 76 109
1943 J.J
'i 'or A 01 bt, L. 18t g 4 448..1V39 "4,-U , /0676 108 1001
Pitt& West See 13 &0
,
1
list con gold 5s....18114-lint .11J:11 1015u cai--:' I 16is Uot WU .. • 11 117
1
eatling Co gen g 4s
99 Salt
91¼ Sale 971
9834
/
4
1997; J -J
99
871
/
4 •3 96
92, 9812 101
99
Gen refund s t g as
ILL Registered
1184 9734 Nov'09 ....I 9'71
i 09
A•01
109
1997 J.J
1 109 1104
/
4 100
St L Al Bge Ter gu g 8
Jersey Cent coil g 48-1951 A 0
9638 1164
904 2 964 9812 Tex & N 0 See So Pao5C•
o19301
Phila & Rea.1 cons
113 11111 112
.1911 J-D 10311
102 Oct '09 . 102 102¼ Tex& Pao 1st gold 5s
2000 J.D,
11 11144 119
•75
Rensselaer .14 Bar See
7s..
D .gr 11
85
83 Nov'09 .... 95
76
20 gold mobs
e-201/0 Mari
Bich & Dan See South Ry
103 sup '1/9 .... 103 105
La Div /3 L 1st g 6s
1931 J •J j
11.1oh dt, Mock See southern
1041
/
4 Nov'04
W Min W & N W let gu os'30 F•A
Rio tir West .See Den & Rio Gr
111 1104 Nov'u1/ .... 110121124
Tot Jo 4/ C 1st g 5s
1936 J 4 I
Hoch & Pats See B 1t &P
Western Div let g 0a....1935 A-0. 109
112 sep'09 .... 112 112
Rome Vat & Og See N Y Cent
General gold ba
1944 Sep'09 .... 1034 105
1935 4-1)j
Ruttana See A 1: Cent
Kan a, AI 1st gu g 48....11390 4-0
(.0
/
4 95
011111ov09 .... 911
Tot P & W let gold 4s.....1917 J -JI 11211 93
94k4
J2 kr
5 Iiii'S 9434
96
964 96 Nov'09 •••• 92
97
Tol St 1,..% W pr lien g 3 128.1925 J -J1 89% 90
J -J
89 4 Nov.09 .... : 8934 911
/
4
1950 A.0 7if'a sale
-StLdi Cairo See Mon & Ohio
60-year gold 48
au
71111
42 794 98/
1
4
81L& *Iron Mount lieeLIP
Tor limn& Bud let g 48./41946 .7.0
9114 Apr'09 „.• 911
/
4 9134
St L M Br See T RR A of St L
U lster& Del lateen g os 1928 J.D 105 107 108 Aug'09 ..... 107 108's
l235,, Sep '09 • 1224 124.4
4It Louis&
icing 68 1931 J • J 1211
/
4
lat refund g 40
1952 A-0 864
86 Oct '011.... 86
81
)
General gold Os
/
4 11/8V 11 1084 111
10234 132 101 78 10 V.
1931 J • J 10841084 1081
Un Pao RR .3:, 1 gr g 4s...1947 J -J , 1o234 sale 102
1,
144 sa
St II&S b' RR eons g 43..'90 J J 108
a126 , 8
j .Br
9(4
11 Nov'09
7,
..1-...j
i . VI::: halt, 102 NovVJ .... 100.i. 10.1
Registered
91
146/
1
4
8
Gen 15.20 ye 5.3
M.N
1927
11334 /104765 11/2 1241
6t11.41'
20-yr cony 48
91
89
/
4
boutliw Div let g 52 1947 A-0
10012Aug'OU
III 11 US
9734
1St es ref 48
1/74 12 96/
100,2 101
1
4 11/0
1)200811-8
Refunding g 4s
86 '55i 5.334 89
85 sale 844
1951 J -J
Ore Hy & Nav con g 48.1946 J -D
K C Ft S diM coug 6s 1928 M.N 1174121.4 119 Nov -09... 11634 1204
99
07.-1
111
1148
Ore Short Line 1st g tialad
3
1 1118
774 12
K C ELS& At fty ref g 413 1930 A-0 83 Sale 82
511234113
1st eousol g Os
11246 113
86
83 4 .
7 1. . 82
Mote M R&D 1st gu 50.1929 A-0
91 bale 8314
Guar rotund 4s
11434 66 8234
1929 J -CI
1,8
97
Oz'rk & Uhl/ 1st guos g.1913 A-0
Salt 6614
94
Registered
94
07
3 :164 98
St Louis
.388 Llinana Cent I
99% 109 42
Utah & Nor gold Os-19
92
21d j
J --13j 107111 ••-• •• 9V94%j
Aa711:1
°
Uni N J it it & C Co See Bs itit
St L S W let g 4s tut ct18.1989 1.1.N
93
921
/
4
93 , 19 01% 95
Utah Central. See Rio (Sr Wee'
20 g 4s mo bond ens...241989 J -J
85
804
84
84 I 2 '79
°onset. gold 48
1932. J -D 7834 Sale I 73
79,120 , 774 814 Utah & North See (inPm
alico'
Utica cfb 131ack it 8ee N Y Cent
liray's Pt Ter let Ku g 5s 1947,J.0 91/
101 16 Apr'07
St Pau.1 & Dui see Nor Paoltie
V audalia cousol g 48 ....1955 F -A
984 98 Nov'08
1
-St P Mum & Man See Gt Nor
116 Oct'09
1 era Cruz &PIst gu4401934.
96
1/6
1- J
at r .14 or eat: see or eau I
Ver Val Ind & W See Ito P 1
ati'db S'x City 8ee(1St PM ifel);
Virginia lint See South By
I
j
SA & A Paselstgug 48 1943 J.J , 871-A Sale 87
88
7 87
110 Oct '01) ...)110 117 12
9234 Va /54 Southw't Ist gu 58.'2003 J -.7 I 110
118
104 Oct '99
le & N P lat tsink t g581019 J J
104 104
1st.cons 50-year Os
1%19
11)
2
1311 Nov't.9 .... 137¼ 100
1958 A-0 19
Say 8* gib West See Atl Coast L
'‘A, abasa let gold 5s
1L1 16 1124 2/3 111 121141
/
4
1939M-N;
Scioto Val 44 N E See Nor JO Wj
s. 102
1,1 101¼ 1011
,94
2.1 gold 58
/
4 1010). 105
1939 F.A' 101,
/
4 85
83
Seaboard Air Line g 40
195U 4.0 831
83 • 6 634 91.
Debenture series 13
tOu
3 du 101
1939 J -J : i0u bale 100
11976
11938 Sale 9036
1911 M-N
Coll tr refund g Eos
1 9011 10078
151 hen equips fd g 58 1921 M-9
10212 Alay'09 „.. 102 4 1024
Atl-Birm 30.yrlst g 48.81933 M.S, 82
1st hen 50 yr g term 40.1904 J4
84 Nov'09 .... 84
87 Alay'09 .. 87
87,
2
86
50 .1'13''08
764 Sale
9u 11
Car Cent let con g 40 19411 J -J
74.4
16 4;
1st ref luta ext g 45 ......1951.3 J-J
1,1334 71.4 81/1
1
Fla Ceu & Pen 1st g 08 1918'J • J 5.10.)
1104 .1.ug'01) •••• 108 111¼
1074 Aug'06
Det da Ch Eat 10t g 50..1941 J -J
58
911
/
4
1st land gr eat g 513....193U J •J j
J'ne'1/9
Des Moin Div 1st g 4,13 11139 J -J
05.6 111',,
.
•70
/
4
Consul gold 08
82
78 J'ly '01) ••••• 78
Om Div 1st g 3128
1091
1'143 J44'1001
/
4 M11005
80
1.064 J'ne'01) ••,• 102' 1061
Oa & Ala Ry lateen 5801940,J•jj 11/3
90
Tel ,Sb Ch Div I st g 48...1
137 12
8711 2 87.2 9111
1941
941 MA(3
-9
/
4
Gs Car & No 1.8tgu g 5a 1929 J- J • 10411105 104 Norui) ••• 104 106
Wab Pitts Term let g 48.1964 .1.1) 111 sale 47
5154
411's 22 42
Seab & Roo let 68
10734 J'nu'uv 7 . 106% 107.4
Trust Co certfs
1926 J • J 11/64
18434 Sale 47
15
4%4
812
6 411', 1
936 27
49
Sher Shr & So See
2.1 gold 4,1
K&T
1954 J •D
11
9 Sala
Sil Sp Oca & U See AtI.Coast L
Trust Co certts
. .,
94 9
34
914 16
71
/
4 144
-So Car & Gs See Southern
Warren see Let Lac & West ,1
Southern Pacific CoWash Cent See Nor Pao
Gold 4s(Cent Pao coll).k1949 J.D
/
4
9034 Sale 901
911
951
/
4 Wash 0 et; W See Southern
/
4 32 913
1
Registered
934 Aug'09
7c1941) J-D
/
4 9314
9034 1/212J'ne'09 ..• 921
b6
934 \Vash Tema let gu 34s-1945 F -A
85
20-year cony 4s
84
6 82% 98
West Maryland 1st g 4s...I952 A-0 84 Sale 8376
g1929 111.9 111214 Sale lul% 1021
/
4 824 971
/
4107
Cent Pao 1st ret go g 4a1949 F.A
90.. 97
9476
87 j su 901
/
137 Nov'09 . • 61
4 0878
Gen & cony g 4sist08 1
1,9
90
12
1A
4.
-4
0
731.1
Registered
963, Sep '09 • • 96
68 sale 07
73
68 * ,i6 62
Trust Cocertts.
19411 .6`.4
9734
Mort guar gold 348..k1929 J
101)4 Nov't/9 ...• 111u /
1
4 102
rib34 89 8&11 Nov'09 .... 8834 93 4
W Va Cent & r
Wokli N V& pa 1,,t g ,,,,a9;37 J...f , 110 III 111. Nov Mt :::: la 1:
Through St 1, let gu 4s'14 A-0 1/0
92 , 7 001
934 130".
/
4 95
.
,1
0.
Gal Har & 8 A 1st g 613 1910 F -A 9916
9010 904 91 out '01,
Gen gold 40
10114 Apr'09 ... 1011
/
4101 4
5Iex & Pao 1st g 50
193VM-N 107 111 111 4 Apr'ua
I 34 FelPtri
Nov
110 112
..
Gila V li&N latgu g 513 1924 WS
10434 Sep '09
inc5roeCar See South 'I
104 104% Wee).
I
"
Itious E & W T 1st g 03.1933 M.N 1034 105 1004 May1.19 •••• 103 1054 Wheel'g & L E let g 58-1926 A.O.
10714 Sep'09 •••• 107 109
list guar 58 red
1933 M-N 103
Wheel DIY let gold Os..1928 J • J1
10311 Apr'013
10812 103 16
95 .1'4'08
& TO lat g 66 int gu..1937IJ •J 110
110 oct '09
Eaten & Imp gold 5s....1930 F.A
1(11136 11114
1054 De310, •••
Cousol gee in). guar...1912 A-0 101.141094 Nov119
LW
.
..- 1 149 31.111 86 sale 86
10941094
813 * 10 83
. RR 1st cousol Is.
Gen gold 4a ml guar-192114-0 93 bale
93
93 I 33
20-year equip s f Os -.1922 J.J
• 143
LW
99 Dec't/8
994
Waco& N W
1st g 60.301M.N 116 118 110 Dee'06
Wilkes Jo East See Erie
107
W
1st
4
gu
g 513.1941
£&N
Jan 09
...
J.J "104
11/7;
1 10712 Wit & Sioux h' See St P II &IA
1
Morgan's La eb T 181 78.1918. A• tJJ
/
4
Wis Cent 50-yr lst gen 4s 1049 J.J
120 12211 Aug'08
9411123 8912 961
933 Sale 1 9334
.
let gold Us
1920! J.J *119
95
Sup& Duidiv& term 1st 48'36 M.N
116 Nov'013
92
2 92
(321
/
41 92
i

S'Nr1 I'm IT

a°,

2. 19172V27,1,: 12.17181.

no

By

MISCELLANEOUS BONDS-Concluded.
Manulacturina & Industrial
Manulactur.ng & Industrial
Armour &Co 1st realest 448'39 J
93% Sale 934
l
933 120 9278 961
/
4 LI b btCeL Corp-icoup
.41993 M.N
Beni Steel 1st ext at 08..1926 -J
8834 Sale
81 10.60 yr as. reg ...131903 MN
la 77
881
/
4
90
9011
Cent Leather 20-year g 158.11/25 4.0 98.4 Sale 981
n let 5.yr Os 19'23 J.13
/
4
99
03 9611101
1.7a-Oar Chest
-Corn Prod Ref 81 g 68....193, M.N 98
Westingkouse E & Ms f as '31 J.J
994 100 Nov'09..95 100
DintilseoCor cony let g 50.'27 A-0 7454 Sale
7412
744 •15
7312 781
/
4
Miscellaneous
Sea Elect/no deb g 340..1942 F.A
Adams Ex col tr g 40......1946 4-8
84
80
93 Nov'09
83
10-yr g deb 5s
1917 J-D
1.47
14414 147
11 136 1664 Bush Terminal 1st 48.....1932 A.0
Int Paper Co let con g 60 1918 F-41 1031
/
4 104 104
104
Cousol Os
9 101 10614
1955 J -J
Consol cony s f g 58
s7', 4 116
1935 J•J
87', 874
81176 CluoJoth t Yard oot g 50.1915 J.J
Int St Pump 1st a 68.-1929 11.8
961
/
4 Sale 964
9634 31, 904 96". DetM & M ldgr mentnes..1911 A-0
Laokaw $teel tel g es....192' A-0 9811 99
119
99
3 93
0014 Instil for Irrig Wks t'5 1943 M-N
N V Air Br-slot 1st cony 68'2 M-N 115 Sale 1134 116
8 108 1164 Int Meroan Marine 41
/
48_1922 A-0
Repub I&S 1st& coltr 58.1934 A•0 102 Sal., 111134 109
98 102
3
tut Navigation 1st 8 163.19213 F-A
Union Bag & 21st at oa 1t4.341 J.J
97., i/7
97
1 9134 94
Newp Ne Ship & D D 5s d1990 J-.1
S Leath Cs t deb gds 191,3 M-K 105 105¼ 105
105
5 1174410636 N Y Dock 50-yr let g 40..1951 F.A
US Realtyva I cony deb g5s'21 J.J
90
90 Sale 90
4 9434 92
Providence Soo deb 48....1957 M.N
US Red & Red let a f g 68.1931 J.J
93
26
Provident Loan Soo 41
99
11234 Nov'09
/
48.1921 1I-5
US Rubber 10-yr coil tr 68.'It J.0 104 Sale 104.
1044 51 1024 106
5 Yuba Wat Co con g 60..1923 J.J
*No price Friday: latest bid and asked thisweek. a Due Jan -0-13-tio Feb et initeA-ur •Das May ---iDne-i'ito




1041
/
4 Salo 10434 105 308
104% 106
4
07
97", :15
9011
/
4
94 Sale 931
9411 25
92% Sale
90
96
95 105

92', 9211
'2
90
90
0
961
/
4Oct '011 „••
100 Jan '08 _..
3811 Oat V., . .
96
95
95
2
7134 103
7076 Sale
7014
82
8834 84 Nov 014 ...
95
8
95
94
23
94 Hale 94
-••
87¼ 90
:i
i
112 J'ly'04

4 Due Ply

It Des Nov

1024108
1013410811
1)334100
904 954
92
94
90
931
/
4
9112 902
381
/
4
9234
4812
134
96
91
110
96

384
961
/
2
77
915 1,1
95
96's
90
96

that** 94Iiii

CHTOACI-0 STOOK gX0/1 UM-Stook Ileoord-Dally, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES.

Saturday
Nov 27

Monday
Nov 29

Tuesday
Nov 30

"i,i,f2
45
98
32

-V- *112 2
-i4T2 -V 10
*5
10
10
*5
98 *95
98
98
98
32 *32
3212 32 32
20
20
20
*812 912 *812 912 *812 912
312 512
418 518
518 512
*35
37
3812 37
39 *37
*75
79
79 *77
79 *77
1612 17
*1612 1712 *1612 17
52
5214 5112 5112 *0112 52
18
*17
18 *17
18 *17
68
*00
68 *60
68 *60
5212 5212 *5212 5234 52 52
4714 47
47%
4714 9738 47
*102 103 *102 103 *102 103

Wednesday
Dee 1

Thursday
Dee 2

FrIda y
Dec 3

Last Sale 183 Apr'09
*112
2
18 -1
573
Last Sale 5
Oct'09
*5
10
98 98 *98
100
*95 100
32
*32
3212 3112 3112 *31
Last Sale 20
20
Nov'09
9
*8
*8
9
8
8
312 418
314 5
538
438
37
3812
*37
*37
3812 37
Last Sale 8012 Nov'00
*77 79
*1612 17
*1612 17
*0112 52
5112 111-2 *5112 52
Last Sale 1712 Nov'09
18
*17
Last Sale 70
68
*60
Aug'09
*5212 5234 *51
53
4738 47% 4714
97
106 108 *104 108

1334 13% 1334 1334 1358 13%
1412 1412 1414 1438 1312 14
8312
8412 8431 5358 8334 8314 8312 3312 8312 8314 8312 83
'
,
8214
- .214
_
Last Sale 22514 Oct'09
*214
*12814 131 *21.4133
12814 131 012814 131 *12814 fif 130 130 *130
*0712 68 *6712 68 *6712 68
6758 6758 68
68
68
08
Last Sale 111 Nov'09
*110 111 4110 111 *110 111 *110 111
14012 141
14134 14134 14138 14112 *140 14012 14014 141
14034 14078
Last Sale 8
June'09
June'09
Last Sale 4
-25E8 /15-8 24 251-2 -2512 -2-5.
371 -2814 ..E34 2514 2534 25
2634
6512 6512 6512 67
66
6714 66
66
66 *65
66
68
*53 55 *53
55 *53
55
5212 54
54
5334 5334 *52
*1
118 *1
118 *1
118 *1
Nov'09
1%
Last Sale 1
*2
3
3
*2
*2
3
*2
3
Nov'09
Last Sale 212
38 39 *38
3812 *37
3812 *38
38 *37
38
3734 3734
s____ 135
135 135
13512 13812 *135 136
135 136
136
136
Mch'08
Last Sale 214
i:15r2 145 8143 11E:- 143 14312 14412 14412
14312 14412 8143 145
11812 11812 11812 119
*11812 119
11834 119
11812 11834 11812 11834
2134 2134
Last Sale 8.
014-- Ojai,
15.3" 126
127 1:2-71; Hifi] 1-271-2
126 126
125
12512
6334 64
0734 88
64
66
6712 7114 7112 7234
*43
*43
*43 ___ _
Last Sale 45
Nov'09
Last Sale 218 June'07
Last Sale 20
Nov'09
*ilo- 117
11614 11714 11718 118
Ha' 115 '11413 11512 115 117
124 12434 123 123 *123 124
*126 127 *126 127
97
97
97
97
9718 9712 -979534 96
97
97
07
120 120
*123 125 *123 125 *120 123 *120 123
113 113 *113 11312 113 11312 11278
11414 11454 113 114
Last Sale 11-16 Mch'09
lie- ail; 13912 116- Noi3 14235
14512 19612 190
15038
*1201 12012 1m:: 1203; 12012 12012 12
11
i 11-41
2131-42 12034 12034 121
121
10s31 109
10834 10873 10834 109
10878 109
10834 10878 108% 109
Last Sale 7
Feb.09
iLi" 118- 157 1-5'- 'i57 159
*157 159
160 160
160
160
1o412 10412 104 10412 104 104 103 10312
*104 105
Ap-ii).
Last Sale 112
---9
Last Sale 3
Apr'09
---Last Sale 734
Apr'09
1034 1754 -1114 -1-7-34 168 If- 1614 168 1614 1638 1612 1714
*18
20 *17
1812 *17
Last Sale 1558 Nov'09
1812 *17
1812

of the
lVeek
Shares

Range since
Jan. 1 1902.

STOCKS
CHICAGO STOCK
EXCHANGE

Lowest

Range for Previous Year
(1908).

Highest

Miscellaneous
2,250 American Can
100
806 Do pref
100
-__. American Itadiator.._100
22 Do prof
100
99 Amer Shipbuilding-100
Do pref
100
1:47
7.
5 Amer Telep ec Teleg
_. Booth (A) & Co
100
_
Do pref
100
2-,276 Booth 1.1sheries corn____
3,891
Do pref
100 Cal ee Chic Canal & D_100
._. Chic Brew'g & Mait'g
Do prof
-2.e.7 Chic 13neumatle Tool_100
68 Chicago Telephone_-_100
Do rights
"F.n Chib Title & Trust. 100
473 Commonw'th-Edison_100
100 Corn Prod Ref Co corn.
pref._ _
do
-23i Diamond Match
100
8,044 Illinois Brick
100
Masonic Temple
Milw dc Chic Brewing
Do pref
ational Biscuit
100
1"
461
Do prof
100
1,528 National Carbon
100
1
Do pref
100.
737 People's Gas L&Coke_100
Do rights
-__
9,840 Sears-Roebtick corn..100
200
Do pref
100
1,219 Swift & Co
100
rights
e Quaker Oats Co100
-114 The
93 Do peer
100
........... Unit Box Bd & P Co_100
Do full paid
Do pref
100
3,663
_0
_
Do
.10
full paid
.
Western Stone

7% Jan 30
7134 Jan 6
200 Jan 14
120 .Tan 21
5418 Apr 21
101 Feb 24
139 Aug27
J'ne 10
14 May22
10 May24
48 J'nel6
5114 Jan 8
1 Apr 27
218 Apr 27
20 Mch24
127 Jan 4

1514 Nov10
86 J'ne 4
22514 Oct 29
132 J'ly 21
68 Nov 4
112 Sep 13
145 Nov20
1 Jan 2
5 Jan 5
27 Amg26
6714 Nov30
58 Apr 16
1 Apr 27
212 Nov18
3912 Oct 30
140 Sep 23

117 Jan 18 152 Oct 7
107 Jan 21 12112 J'ly 1
1718 Feb 25 2518 Aug 3
7014 Mch 25 8812 May19
117 Jan 0 13034 Aug13
38 Jan 26 7234 Dee 3
43 Jan
47 Sep 16
20 Nov17
97% Jan 2
11814 Feb 15
82 Jan 14
1.10 Jan 15
102 Jan 5
12 Feb 25
55 Jan 5
101 Jan 5
10012 Jan 9
6 Feb 5
119 Jan 5
9812 Jan 2
58 Feb 19
214 Feb 26
334 Mehl()
1012 Mch 9
15 Feb 16

Highest

Lowan

Railroads
Chicago City fly
100 180 Moh 8 190 Feb 3
--ie Chicago & Oak
112 Oct 22
4 Jan 22
Park_ _100
Do wet
5 Oct 21 15 Jan 22
100
-59 Chic Rys 'Sart ctf "1"___ 98 Nov26 11912 J'iy 28
102 Chic Rys part ctf "2"_._ 3112 Dec 2 4534 Jan 2
Chic Rys part ctf "3"-- 20 Nov15 30 Jan 29
Chic Rys part ctt "4"_-8 Deo 1 1312 Jan 2
4,845 Chicago Subway
1,40
314 Dec 1 2914 Jan 2
235 Earls City fly & Lt_ _100 35
Feb 24 62 J'ly 7
Do pref
100 79 Jan 8 8612 May18
-- 5...i Metropol W S Elev.._ _100 1518 Sep 13 19 Mch 8
119 Do pref
100 47 Jan 14 5434 Nov 2
---_ Northwestern Elev
100 17 Nov17 25 May 6
Do pret
100 63 Jan 6 73 May 7
-jai South Side Elevated.
50 Jan 25 61 May 7
2,300 Streets W Stable C L_100 2914 Apr 13 5133 J'nel9
55 Do pref
100 97 Feb 15 108 Dec 1

160 Jan 185 Dec
158 Feb
318 Aug
10 Aug
612 Dec
8434 J'ne 119 Nor
38 Oct
47 J'ne
20 Nov 28 Dec
934 Sep
1312 Deo
5 Feb
3012 Dec
30 Oct
4734 Nov
Sep
68
8612 Nov
1214 Nov 19 Jan
42 Jan
54 May
1334 Aug 22 Dec
46 Aug 621: Dec
42 Aug 71 Jan
2612 Apr
34 Nov
85 Apr 103 J'ne
4 Feb
1038 Nov
4112 Jan
2578 Dec
125 Jan 200 Dec
116 Apr 1281 1 Nov
37 Mch 63 Nov
91 Jan 104 Nov
78 Dec
3 Dec

30 Jan
100 May

40 Feb
5714 Dee
1 Oct
118 Aug
2 Nov
4 Apr
20 Dec
3012 Aug
106 Jan 153 Sep
234 Feb
34 Feb
100 Jan 116 Dec
80 Jan 110 Oct
113 Jan 137 Aug
30 Jan
4212 Dee
38 J'ne 46 .i'ly

21 J'no28
19 J'ne
11914 Sep 27
70 Jan
130 Sep 21 10134 Jan
100 Oct 1
51 Mch
124 Nov16
91 Mch
11978 Aug16
8012 Jan
1 Mch 20
16038 Dec 8 . 24 Jan
12134 Oct 20
72 Jan
11414 Aug 6
8812 Jan
20 Jan 18
161 Nov 9 11434 Jan
10412 1{ov19
87 Jan
158 Mch20
1.1 J'ly
318 Mch 2
912 Jan 4
112 J'ly
20 Nov 4
25 Mch15
1134 Oct

20
97
120
87
115
106

J'ly
Deo
Aug
Dec
Nov
Dec

56 Deo •
102 Dec
10534 Sep
184 Jan
100 J'ly
134 Jan
12 Jan
17

Apr
dr

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Dec. 3

Interest
Period

Amer Strawled 1st 613_1911 F
Armour & Co 45s..1939 J
Aurora Elgin&Chic 5_1941 A
Cal & So Chic By Co
1927 F
1st M 5s

Price
Friday
Dec. 3

Week's
Range or
Last Sale

Chicago Banks and Trust Companies
B'ds
Sold

Range
for
Year 1909

/lid
Ask Low
High No. Low
High
-A
- - 100 Mch'07 -- _ _
- D -(i3-52 -Sale 9358
9358
1 -9-614 -96-78
- 0 -_____

NAME
Calumet National
Chicago City
Commercial National_ _
Continental National
Cook Co State Savings_
Corn Exchange National
Drexel State
Drovers' pep National_
Eng1owo0114 State
First National
Find Nat Englewood_ _ _
Foreman Bros B'k'g Co_
Fort Dearborn National
liamilton National___ _
Illbernlan Bleg Ass'n
Naspne State Bank_ _
Live Stock Exch'ge Nat
Monroe National
Nat Bank of Republic
National City
National Produce
North Avenue State
North Side State Say'gs
North West State
s People's Stk Yds State
Prairie National
Prairie'State
Railway Exchange
Security
South Chicago Savings_
State Bank of Chicago_ _
Stock Yards Sayings.
Union Bank of Chicago_
s Union Stk Yards State
American Trust & Says_
Central Trust Co of 111_
Chicago Say 131c &
Chicago Title & Trust
CitIzens"fruat & Savings
Colonial Trust & Savings
Drovers'Trust&Savings
Farwell Trust Co
First Trust & Savings_ _
Guarantee Trutt & Say_
Harris Trust & Savings_
Illinois Trust & Savings
Kenwood Trust & Savgs
LakeView Isrust&Savgs
Merchants' Loan &Tr Co
Me tropolitanTrust&Say
Northern Trust Co
North-Western Tr&Say.
s People's Tr & Savgs
Pullman Tru3t & Savgs_
Sheridan Tr & Say Bank
Stockmen's Trust & Say
Union Trust Co
Weatero Trust SS Savings
West Side Tr&SayBank
Woodlawn Tr&SayBank

Outstanding
Stock

Surplus
and
Props

Dividend Record
In
1907

In Per- Last Paid
1908 fod

$100,000 439,068
6
6
An Dec '08,6
207,686 10
500,000
TO
14 July '09, 5
7,000,000 3,382,172
Oct '09,2
9,000,000 9,919,686
"T Ci:i Oct '09,2
s
50,000
6
9,177
6 Q-M July '09, 112
3,000,000 5,310,183 12
12
Q-J Jan '10,4
200,000
29,247
6
6
A-0 Oct '09,5
600,000
8
382,087
912 Q-J Oct '09, 212
200,000
6
32,093
6
Q4 Oct '09, 112
8,000,000 8,254,451 12
12 Q-M ep3009, 4
150,000
.
167,011 10
10 Q-M Sep 3009,212
1,000,000
8 ate Ba nk
563,618 Priv
1,090,000
377,987
8
Q-.7 Oct '09,2
500,000
5 .14 July '09, 2125
157,069
8 Q-J ct '09,2
1,500,000
837,615
8
10
J4 + uly '09,5
132,458 10
200,000
1,250,000
10+2 Q-M Sep 30,09,212
467,289
4
300,000
Q-F Nov 1 '09, 1
64,091
4
2,000,000 1,153,655 ....8
:
8
3 QQ...7 0et "09:2
:
nr
1,500,000
506,725
250,000
Q-J Oct '09, 1
69,079
200,000
66.637 _ __ -- 1., Q-J Oct '09, 114
50,000
6
18,797
6 Q-J Oct '09,111
200,000
10,827
300,000
65,305 seg. b us. No v'09 V.89, p.1320
250,000
74,831
500,000
60,221
8 Q-M Sep '09, 112
8
250,000
2
15,702
Jan '08,2
4
300,000
160,920
6
200,000
6
Q4 Oct '09, 11280,000
11
Q-J Oct '09,3
1,500,000 1,557,135 9+1
7
250,000
J-D Sep30,09,2
6
177,356
37,761
6 M-N Nov '09,3
200,000
8
200,000
6 Q4 Oct '09, 112(s)
6
81,834
3,000,000
8
8
Q-J July '09,2
2,000,000
841,740
7
Q-J Oct '09. 134
7
n500,000
103,691 ---112 Q4 Oct '09. 112
5,000,000 11,373,397
6
Q4 Oct '09,11:
8
50,000
6,959
4
A-0 Oct '09,2
3
600,000
607,056 10
8+2 Q4 Oct '09, 912.
200,000
103,069
6
712 Q-.T Oct '09, 2
1,500,000
Q4 Oct '09, 11:
209,387
. Q-M Sep30,09,4
2,000,000 3,083,548 ---200,000
14,613 Encore enifed 1908 V.87.P.1138
1,250,000 1,167,360
6
Q-J Oct '09, 211
5,000,000 8,460,043 18-4:4 16+4
q Nov20'09,1
55,512
200,000
6
6
Q-1 Oct '09, 134
2
36,747
200,000
412 Q-J Oct .09, 114.
5,301,263
3,000,000
12
12
Q-J Oct 109,3
252,643
750,000
Q-J S000'09,112
6
6
1,500,000 2,160,762
8
8 (5-J Oct '09.2
200,000
57,670
6
6 14 July '09,3
200,000
(s)
e
6 Q-J Oct .09, 2
500,000
189,967 18
Q-J Oct '09,2
8
2-00,000
4422,378 Beg. b us.Jly 12'0 9 V.89,p.141
200,1100
32,138
5
J4 July '09. 212
5
1,200,000 1,077,943 --8 Q-M Sep30'09,2
1,000,000
6 Q-1 Oct '09, 112
210,633
6
200,000
76,164 Began buslne as
'09,111
200,000
6 Q4
39,239
Se6 OctO

- A
121 102 J'ne'09 __ 102 10612
- --- ---- 10114
10114
4s%
'
e)
rdFoltaTrSatdL
2;.
1
1:
vaeG
ale
s llo
Chicago City fly 55._ _1927 F - A 10418 111-le 10278 10318 ile 1-62-3-4 165
Ohio Consol Br & Mit 65_ _ _ J - J -- --- 103 Apr'04 ------ 50 Apr'09 -- -10 -50
Chic Consol 'frac 4 Hs 1939 1 - I)
---- ----964
Ohio Auditorium 1st5s1029 I.' - A -3 Jan'06 ---- --- -_
Chic Dock Co 1st 48_1929 A - 0 ___.
___.
Ohio Jc RR 1st Mg 5s_1945 M - S
----12
-9412
9.
4
5 -9412 1412
Ohio No Shore Rice 613.1912 A - 0 -------__ - 87 Feb'06 ---- CNo Pne Tool 1st 5s_a1921 J - J 15412 I512 85 Nov'09 ____ /2 -8518
1927 13 - A 5101 10114 101
Ohio fly 5s
10118 17 10038 10234
Ohio Rys 9-58 series "A" A - 0 t . 9514 9538 Nov'09 --9312 a614
815
Chic ltys 9-5s series "B" J - D _-Sale 85
85
8
8414 8012
Chic Rys 4-5s series "C" P - A I
- 9214 91 Nov'09.
- 89
9212
1913 F - A )101
--- Sale 101
Chic Rya coil 6s
5 10078 10238
101
10112 July'09 ___ 10112 10238
Chic Rys Fund 68_1913 F - A ....._
Chic Rys Tern Ctfs 1stlis101 Nov'09 _-__ 10034 10212
____
Chic R I & P RR 4s 2002 It- N ------ 6612 Aug'08 -...
Collat trust g Os...1913 M - S - - - 6612 July'08 __
1923 J - I) 10318 Sale 10318 10318 29 10234 1-03-31
Ohio Telephone 5s
10234 13 101 10314
Commonw-Edison 58_1943 M - S 10258 Sale 1027
Ohio Edison deb 68_1913 .1 - J
_ -- 100 J'ne'08 _-__ 1st g 5s____July 1926 A - 0 tido' 10038 10018 Nov'09 __ 1-0018 1-01-371
Debenture 5s_
1920 M - S - 100.58 Aug'09 __ 10038 10218
Commonw Elect -5.01943 111, - S -3 1-02-5 10238 Nov'09 _-__ 102 10358
Illinois 'funnel 5s..
1928 J - D ------__ --- 80 Dee'08 ------ ---Kan City fly & Light
Co 55
1913 M - N ------ 9834 J'ne'09 ____
98 9834
KniCk'b'ker Ice 1st 55.1928 A - 0
95
96
96 Mch'09._
1928 J - J ____ -8112 84
Lake St El-lst 5s
91
84
73
3
1925 Feb
Income 55
16 May'05 ---- ---Metr W Side El1938
F - A 83
1st as
Sale 83
8314
8
83
8012
Extension g 45___ _1938 J - J
-- 8134 8012 Nov'09 __ _ 8012 8414
295
North West El 1st 9s_1911 11. S tSale 91%
35
95
9214 9102
_
No W G-L & Coke Co 5s'28 Q - M
9814 Aug'09 ____
98
99
1945 M - N t -95 Sale 95 •
Ogden Gas 58
11
95
93
98
1916 J - Dl 996.; --- 10038 Mch'09 __
Pearsons-Tatt 5s
10014 10012
4,403
If- S 96 ---- 96 Nov'09 ____
90
98
9.60s Series E
If- N 97 ---- 98 J'ne'09 ____
997
98
4.80s Series 10
It- N 9812 ---- 100 Mch'09 __ 100 10018
_ .,.... 12134 May'09 ___ 120 122
Peo Gas L & 0 1st 68_1943 A - 0
Refunding g 5s____1947 It - S 103
- -14 Sale 10314 10314 10 10278 101
Chic Gas L&O 1st 5s1937 J - J 510418 ....- - 104 Nov'09 _. 10334 105
Consum Gas 1st 5s_1036 J - D t102 Sale 101
1)'
8 102 10234
Mut'l Fuel Gas lst5s1947 M - N I __ .102
10178 y v'.
- 10112 102
South Side Elev 4 358_1924 J - J 194
94'3 94 11-•*".-3 _:.
9312 9634
Swift &Co let g 5s_ _1914 J - J 5100 10("2 1555)3 19112 -£ 100 102
Union El (Loop) 5s__1945 A - 0 t ____ 03
5 Nov'.,3 ____
88
96
.. ___ 114 Hay'04
Union Pacific cony 98_1911 NI - N
t Id'
United Box 13oard col 63'26
81 Dr,7Yo -___ ..16 ii
J - J t __- 80
10 170W-9. __
General nage 65
7014 81
__ 8612 3u17'08 ..Western Stone Co 5s-_1909 A - 0
----xr,o,. -A rented interest must be added to all Chle,a7n b nen! nrIrra
•131(1 and asked prices; no sales were ma Icon this day. t Nov. 16 (close of business) for national banks and Nov. 17 (opening of bi siness) for State
institutions. tNo price Friday; Vest price this week. a Due Dec. 31. b Due June k Also stock dividend of 33 1-3'7
0. n Capital and surplus to bisIncreased. q Dividends are paid Q-J, u.th extra payments
r As of date April 29 1009. s Union Stock Yards State Bank and People'tTruat &Savings Bank consolidated under »ame of People's Stock Yards State Bank. V. 89, p. 1320. t As of date Sept. 1 1909. u As of date Sept. 81109.




. 7 -: c ayt.:04 _____ 101
ii :

BOSTON STOOK EXCHANGE-Stock Record, Daily, Weekly and Year1N,
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
Nov. 27

Monday
Nov 29

Tuesday
Nov 30

Wednesday
Dec. 1

Thursday
Dec 2

Friday
Dec 3

Sales
or the
Week
Shares

Range since Jan. 1
1909

STOCKS
BOSTON STOCK
EXCHANGE

Lowest

Highest

Range for Previous Year
(1908)
Lowest

Highest

Railroads
6758Feb
70 Atch Top & Santa Fe_100 98 Jan 13 12518 Oct 2
12012 12012 *11834 119
11834 11834 *119 11914 *11812 11834 *11914 11912
831; Lech c
130
e
Do pref
4 Be°
10438 10433 *10414 10514 10458 10458 10484 10434 *10414 10514 10458 10458
101114
100 10034 Jan 15 106 J'ne 7
228 228
228
228
_ 228 229
228 228 *228 230
100 225 Jan 4 23914 Apr 8 18112 Jan 230 Dec
131 Boston & Albany
11 131 *
131 131
131
*131 132
100 12414 Jan 7 13218 Apr 22 12112 Dec 140 Jan
131
131
90 Boston Elevated
13-1
*22534*__ 226
225
---- 225
19 Boston & Lowell
100 224 Jan 12 235 Mehl° 20014 Feb 228 Dec
----225 225
•,-, --- - ------ _- - ---149 149 *____ 1-5-0
100 13212 Jan 2 153 Nov 4 114 Oct 140 Jan
____ *14712 14812 *14712 14812
177 Boston & Maine
14712 149 8147
Do pref
Last Sale!152 July'09
100 151 Feb 26 160 Apr 3 136 Feb 156 Jan
---- ---- ---- ---300
297 298 *
Nov
-5 Boston & Providence_100 295 Sep 14 301 Jan 9 284 Jan
*iii" i67-4 IN.1c14 13 Mch
9
1134 Jan 2 22 Feb 3
18
*15
16
100 Boston Suburban El Cos_
*15
15
18
15 ,
;i1 "IT ;ii" ii *15
45 Jan
58 Nov
*7612 7634 *7614 7634 *7614 7634 7612 7612 7612 7612 *76
6012 Jan 5 7712 Nov 4
Do pref
7612
250
812 Nov
17 Jan
Last Sale 11
Oct'09 ii_i_i0 Boston & Wore Elec Co.. 10 May10 1412 Mch12
*___ 12 *____ 12 *___ 12 *_ 12
4712 Dec
6012 Jan
4814 Dec 3 5514 Oct 7
50
Do pref
4812 4812 4814 4814
50
50
4912 50
4812 4914 *48
Last Sale 154 Nov'09
Chic Juno Ry & USY_100 143 Jan 25 162 J'ne23 126 Jan 15114 Dec
100 115 Nov 5 123 J'ly 6 102 Jan 12012 Dec
Do pre
---------------..
.0
2
-..-- --- -...._ 115" Ili-----__ .---List "iJie 1i5"" Jul-y-'59
Con & Mont, Class 4_100 170 Jan 6 173 Mch 5 163 Dec 165 Mch
_
Last Sale 13912 June'09 L.._
-__ Conn & Pass Riv pref_100 139 Jan 2 14212 Mch25 13314 Sep 138 Apr
Last Sale 270 ()woo
100 267 Jan 15 275 Mch10 244 Jan 263 Dec
Connecticut River
131
100 12812 Novli 136 Feb 5 117 Jan 133 Nov
131
18 Fitchburg, prof
iii" 1-3-1-- iãi." fif.:150" ---.. *129 131
86 Dec
100 166 10014 10014 *100
67 Apr
100 75 Jan 5 10114 Nov13
____
304 Ga By & Electric
100 100
100 10014 100 100
85 Dec
81 Oct
____ *87 ---- *87
8712 8712 875s 875s *87
100 79 Jan 14 8812 Sep 15
__-_ *87
Do pref
50
__-.
v
000v‘v
N0
193 NNN
Oct 11 19514 Jan 13
Last Bale 195
Oct'09 _i5o. Maine Central
- ------ 16
0 195
10°
Mass Electric Cos
1114 Jan 12 19 Oct 1
1512 15)2
,ii,i4 .-. -_ -_ -_ -1534 I5-34
16
,ii5- 14 -- -_ -_ -_ i
3 Jan
90
7834 78,8 7834 7834 78
80
79
78
7614 7614
100 5812 Jan 15 84 Nov 3 14
Do pref
79
79
676
155 15534 15414 15434 15412 155
134
15678 15714 15612 157
6143
1,199 N Y N 1-1 & Hartford_100 71153 Nov 8 17478 J'nel4 128 Jan 16
155 156
ane 11,465is
j'n
814 J
100 146 Feb 4 149 Aug 0 140
___
Last Sale 149 Aug'09 ____ Northern N H
3 215 Sep 2 200 Apr 205 Feb
13
Last Sale 210
Oct'09 ____ Norwich & Wor pref_100 219030
Dec
Dec
20018 Jan 18
100
6" iii6.- 53- fiS - 51 Iii-- 51 fii- 194 195
5
193
18 Old Colony
193
34 Dec
n
75 Jan
100 26 Apr 27 40 J'ne 5 12
30
30
30
30
7
0
95 Dec
100 9014 Mch 2 11712 Aug16
70 Feb
8..-__ 11614 11614 1-1-61-4 *-_:-_-_ 1-1-7-- *11612 117 *11612 117
11614 1-1-6-1-2
16 Seattle Electric
8838 Jan 102 Dec
100 9712 Apr 5 107 Aug31
104 104
104
*103 104
104 104 *103 104 *103 104 *103
Do pref
5
100 r17278 Feb 26 21834 Aug10 11012 Meli 18558 Nov
199
*20118 20138 200 20134 x19734 19734 19938 1993s 19773 19778 199
640 Union Pacific
7834 Apr
100 9312 Mch 2 11714 Aug16
9738 Nov
Do pref
Last Sale 10178 Nov'09 __
*10213 10312 010178 10218 *10114 10214 *10114 10214
100 165 Jan 20 175 Apr 17 150 Jan 161 Nov
Last Sale 166 Nov'09 ____ Vermont & Mass
2 -55- 13-- -55- Iiiii 9312 0312 *93
;«sii- 921-2 -9212 -911
9312
165 West End St
c
Deep
1)acl 1.:j 1218 tIr
01 ln .
(
2
11012 S
r r7
n 19
6 Jan
96
7
106
10414 10414 10414 10414 10414 10414 10414 1041.1 10414 10414 *104
Do prer
101
Last Sale 145 July'09 Wore Nash & Roch_100 144 Mch12 146 May19 138 .Ply 140 Melt
Miscellaneous
35 Nov
47
13 Jan
9712 46
4712 48
4634
4814 4634 48
818 Amer Ardent Chem_100 3314 Jan 2 5014 Aug12
4834 4834 48
77 Mch
96 Nov
pref
100 94 Jan 18 105 J'ly 23
Do
_ 10212 10212 102 10212 10212 10212
102 102
102 102 *102
057
558 Jan 26
50
12 Dec
978 Feb 23
4 Feb
978 Amer Pneu Service
8
9
8
814 812 *814
812 812
812
812 812
8
912 Feb
50 13 Jan 13 2212 Nov 1
23 Dec
2114 *21
2114
Do pret
2114 21
211, 2112 21
413
21
2012 2034 21
9914 Jan 13758 Nov
100 z119 Nov30 136 Apr 8
. 125
1243-4
11714 125 x114 11613 11614 11812 117 11918 11734 1191.1 6,731 Amer Sugar Refin
100 z117 Nov30 131 Apr 13 106 Feb 132 Nov
Do pref
11712 11814 11712 11812 1,180
121 12112 120 122 x117 11912 117 118
99 Jan 18212 Nov
6,815 Amer Telep & Teleg 100 12514 Feb 1 14518 Sep 29
14034 141
14012 14112 140 14012 14012 14118 14034 141
14114 142
3238 Dec
16 Jan
100 271, Feb 4 4018 Aug27
105 American Woolen
341, 341, 3412
*34
35
3412 3412 *34
35
*34
35
*34
9612 Nov
7734 Feb
_100 931-2
. Jan 15 108 J'nell
Do pre-'
10314 10312 103 10312 10234 10314 10234 10314 103 1031:i 10311 1031 1,228
412 Deo
3 Jan
814 Oct 26
334 Apr 1
10
Oct'09 __ Boston Land
Last Sale 814
*712 812 *712 812 *712 812 *712 81'
96t. Jan 128 Nov
5 Cumb Telep & Teleg_100 125 Jan 2L 14712 Nov 9
*1457814578 ____ 14578 14578 *14578 -- -_ *14578 ____ *14578 -- -_
Dec
Jan
2114
1431
Nov26
1812
Steel__
Jan
&
11
6934
Iron
Dominion
*6814
545
68
2
_
6834
681
6812
*69 -6912 69
69
6818 6818 68
414 Mch
1378 J'ne 9
838 Nov
7 Jan 4
11
*1012 1114 11
11
1178 9,260 East Boston Land
*1012 11
11
11
*1034 11
27 Edison Elec Inum___100 245 J an 2 260 Apr 7 201 Mch 253 Nov
___
249 249 *249 250
249 250
* __ 250 ,
1 ____ 250
100 15038 Feb 24 173 Aug 7 111 Jan 162 Dec
212 General Electric
, ii112 16112 16114 16114 15938 15938 16078 16078 16038 16118 15812 15813
76
49 Mch 60 Dee
76
76
76
1,186 MassachusettsGasCos 100 59 Jan 5 7712 Nov20
76
76
76
*7614 7714 7614 7612 76
90 Nov
100 89 Jan 5 97 Apr 23
Do pret
576
9018 9018
8912 90
77 Jan
90
90
8912 90
90
90
90
90
220
220
12 Mergenthaler Lino_ _100 2021, Alch12 220 Feb 17 192 Apr 215 Nov
218 218
218 218
*219 222 *219 222 *____ 220
2 - Jan a
10
3 Oct
314 Oct 15
632 Mexican Telephone
3
314
3
314 *3
*3
234 234 *3
Sg Apr 24 IN :
1 /:33
::::;c
677 N E Cotton Yarn_
11912 12034 12034 1-2-63.-1 12114 12112
78 Nov
11812 120
40 Mch
11812 119
11834 119
Do pref.
316
i' 93 Dec
1 :h
75
110 1103 *11012 11114 11034 111
*11114 11112 11114 11114 11078 111
100 12614 Jan 5 139 Sep 20 105 Jan 128 Nov
13412
134
265 N E Telephone
134 135
135 135
13434 135
*134 135
13434 135
Oct'00
Pacific Coast Power....100 75 Feb 6 108 Oct 13
5112 J'ne 79 Dec
Last Sale 102
1 ___ 100 *-___ 100
*____ 103 *____ 100 ,
100 168 Jan 30 199 Aug 7 147 Jan 17412 Nov
89 Pullman Co
191 19112 18934 18934
19078 191
19034 192
193 193 *____ 192
934 Jan 11 12 Sep 29
*1112 12
10
12
12
9 Apr
1012 Nov
95 Reece .Button-Hole
1112 1112 *1112 12
*1112 12
*1112 12
579 Swift & Co
100 100 Jan 9 11412 Aug 6
881, Jan 10812 J'ly
10834 10878 10858 10834 10858 10834 10834 109
• 10834 10834 10834 109
2812 2812
25 2013 May21 29 Nov20
24 Oct
20 - Jan
125 Torrington, Class A
2812 281.3 28,2 281. *2814 29
2834 29
*2834 30
29
Jan
*28
30
*28
35 Nov 8
23 May 2612 Dec
30
30
78 Do pref2
30
30
*28 ____
28
28
114 Mch
212 Jan
2 Apr 2
25 Union Cop L'd & M'g_
152 13s _
0
5
0
12
25
113 167 Sep 20 11412 Jan 148 J'ly
689 United Fruit
. i&j.12 1-5-1-1-2 150 151
150- lil-- .1;14)12 1-5-(1 - iiii- 118-1-2 iii- iii25 z59 Mch 19 71 Oct 7
6238 Nov
3812 Jan
6612 6412 66
6,160 Un Shoe Mach Corp
65
6612 67
67
6712 66
• 6714 6712 67
25 2812 Jan 11 3114 Sep 21
30 Nov
2478 Jan
Do pref
232
3014 3018 3012 3018 3012
3014 30
3012 30
3012 *30
, *30
5834 Nov
26 Jan
100 4134 Feb 24 9478 Oct 4
8634 89 21,156 U S Steel Corp
8978 8578 8812 8514 8612 8634 8818 8678 873
88
100 107 Feb 23 131 Oct 4
8712 Jan 114 Nov
pref
Do
670
12314 12438 122 12313 12412 12412 12312 12313 12312 124
*12438 125
Jan
Feb
912 Nov
11
618
4
100
5
May
Teleg
1234
&
Telep
1213
*12
West
12
12
12
1214
1218 1214
825
12
1212 12
1 •12
8014 Dec.
59 Jan
100 76 Mch 3 92 Nov19
90
90
45
90
90 1 *89
90
90
Do Pitretrining
8912 8912 *89
90
. *89
•I
1214 Aug
478 Oct 28 1012 May28
25
71.
713
8
7
7
6
6
814 5,153 Adventure Con
512 558
, *512 6
25 34 Jan 21, 62 Oct 1
4112 Nov
24 Apr
56
SO Allouez
57 *____ 58 - 5534 56 *___
58
58
58
58
8818 Nov
45 Feb
8558 8512' 8714 8578 8634 8534 8714 53,965 Amalgamated Copper 100 65 Feb 26 9612 Nov19
9158 8378 8714 84
' 87
2034 Jan
145 Am Zinc Lead & Sm.... 25 23 Mch27 3878 Nov 5
30 J'ne
36
351 363s 36
3512 3512 36
1 3612 3634 3618 361s 35
25 3818 Feb 26 53% Nov20
28 Feb
53 Nov
Anaconda
4778 4778 --------------------------60-51
, 51
4434 45
4412 4E
4,490 Arizona Commercial_ 25 30 Feb 26 4814 Sep 20
Dec
19 Jan
1 4512 4634 -,-4,-Ii4 -4-r>1-- 4312 4414 4414 45
.60
.60
25 .45 Feb 17
100 Arnold
1 Feb 17 .40 Feb .4
.75 1,___- .75 *--- .75
058
5(
,•____ .75 t....... .75
1134 1234 3,120 Atlantic
25
12
8 .Ply 16 18 Jan 2
11
11
11
8 Apr
12
*11
12
1912 Nov
r 1112 1112 *11
4601 Bonanza (Dev Co)__ _ 10 .45 Feb 16 .80 May 7 ,25 Oct .75 Nov
.55
.55
.55 .55 *.55 .60 *.55 .60
.55 .55
•.55 .60
111442 Apr
2214 Nov26
10
1818 Nov
1978 1814 1912 1958 2034 1934 2012 1978 2118 42,466IBoston Con C&G(rcts) II
18
1933 22
5
2134 2134 2,965113os&CorbCop&SilMg
2234 Nov27
Apr
*2034 2114 2114 2114 2114 2151
g34 2114 22
45 3358 Nov19
114
J'lyM eh 2
15 217931348 F
1512 Jan 11015)
2.3
2 1 4,770IButte Coalition
2514 2934 2834 29
2714 28
2914
27
1-2914 31
May
9614
3
Arizona
&
10
Calumet
119 Jan 4
93 Feb
---- ------1,058
102 102
102 103
100 103
405 10512 103 105
25 585 Feb 26 695 Aur13
31 Calumet & Hecla
n
645- 645 7 0 Jan
Feb5
Mch_
659 660 • -670 670 0_ _ __ 668
*637 675
25 29 Feb 1 4412 Sep 3 z521
170 Centennial
jNnove
3712 3712 *3712 3812
3712 3712 3712 38
t 3714 3714 *3712 39
1 .10 J'ne26 .35 Jan 15 .25 Mch .3
.It
300 Cons Mercur Gold
.11
'4
4653
.12 .16 * .12 .16
•.12 .16 8 12 .16 8.12 .16
6 7!4 Nov19
ay'I8
cil j
2 Feb
5518 Feb
x81
2,645 Copper Range Con Co ln 6N2
8378 Nov
81
8212 8234 8112 82
8278 8138 28
82
I: 8212 84
7 Jan
312 813
814 2,234 Daly-West
814
1178 Nov
8
8
814 814
812 9
;,• 814 938
1134 1134
11
1214
712 Feb 1
834 Dec
10 Dec
1112 5,424i East Butte Cop Min.... 10
1658 Apr 20
1218 114 1178 12
1 1218 1214 12
112 ____
234 Nov
212 Jan 15 .99 Mch
112 *114 112 *114
, 2001 Elm River
134
114 138 *114
' *114
n
19g
3
1
1:
Franklin
1012 Nov
ig
19 Aug 3
1512 I618 1,136
1618
612 Apr
16
1618 1618 1614 1614
1614 161.1
1612 1634
738 J'ne 16 1214 Nov19
1112 17,873 Giroux Consolidated_ 5
• 1058 1034 1038 105,: 1014 1012 1038 1012 1014 1012 10511
101
101
80 Jan 110 J'ly
265 Granby Consolidated_100 90 Feb 2i) 110 Jan 4
100 101 *102 103
100 101
101 103
: 102 102
1318 Aug
20
9 Feb 26 1458 Nov16
678 Jan
12
1114 115
1212 18,938 Greene Cananea
1112 1178 1112 1178
1234 1114 12
* 42
2114 2012 21
21
814 Sep 10 2334 Nov27
22
2234 20
1934 2078 9,040 Hancock Consolidated 25
2334 20
' 22
21
9
J'ly
Aug
6
712
Copper
25
7
Helvetia
1,260
7
7
p'.
7
7
7
634 7
634 7
678 678
1734 Feb , 2614 Jan
25
25
2514 2,126 Isle Royale (Copper).. 25 2218 Apr 27 3314 Feb 10
2412 2434 25
26
•26
26
2513 25
26
575 Kerr Lake
8
8
838
8
8
8
8
z8
814 812
*818 812
Ao
958 N
118
ef 2
612 Jan 30 63
10 Sep
5 17
25
54
2414 Dec
5712
59 73,215 Lake Copper
5434
63
5514
5884
6234
63
5514 52
-53
10
J'ly
17
1214 Jan
Nov2‘
25 1034
16
1714 Jan
1614 4,202 La Salle Copper
16
1638 1614 1612 16
16
17
1578 1614 16
25
414 Mch 18 1814 May28
214 Mch
838 Aug
738 1,000 Mass Consol
7
• *612 712
612
614 658
612 634
612 613 *6
25 .30 Apr 29 .76 Nov19 .25 Jan .75 J'ly
.55
.75
350 Mayflower
•.50 .75 t .50 .75 *60 .75 8.50 .75 8,50 .75
6 Nov19
;
6
312 Dec
5 x5371122
20
8 Jan
427 Mexico Cons AI & S- 1
514
514
518 51s
514
5
514 512 *514 512
513 512
5 1234 Feb 26 1834 Dec I
834 Sep
1512 Deo
1712 1834 1814 1858 1818 1838 21,388 Miami Copper
• 1712 1712 17
1714 1634 175
25
1512 Nov
7
534 Oct 11:5 1314 Mch ,
714 Feb
6N
280 Michigan
*634 7
7
7
7
612 61, 634 7
7
61
J'ly 16 7018 Jan 8
6112 6112 61
140 Mohawk
05
73
45 Feb
6113 *6112 62
61
62
61
62
62
Jan
5 .19
2 .40 Apr 6 .25 Dec
t. 8
ec
oc
578 D
.15
5
.15
200 Montana Consol C & C 10
-1 8 118 2678 2718 9,665 Nevada Consolidated_ 5 1612 Feb 26 30 Nov lt,
.A7
2034 Nov
838 Jan
3 - itii4
81
-iif2 /
Mines
tlei
prits4ingutb
1014 1014 1014 1012 1014 1012 1012 1012
1018 1014
15 4714 J'ly 10 8114
8934 Nov
62
4034 Feb
63
en 2!
l
1 !L
-iii2 12-1-3 27,9
7 B 'Vo
:.
8212 6212 64
6334 61
6538 62
64
9
912 8,502 North Lake ($8 paid)._ 25
412 Mch22 1178 Aug 0
932 1018
919 934
914 10
9
912 912
9
.35 R__.85
1 J'ly
25 .40 J'ne21 .85 Nov 6 .50 Jan
Last Sale .85 Nov'09- _ Old Colony
__ .85 i...___ .8E,
52
28 Jan
52
25 4714 Feb 24 59 Augll
52
52
-421 Old Dominion
6012 Dec
5212 5212 52
52
63
;•ii-g4412 5414 53
158
77 Feb 13512 Deo
158
25 122Feb 26 163 Nov19
95 Osceola
155 158 *157 158
15712 158
160 8158 160
2912 2914 2914
2918 291. 29
1012 Jan
29
5
963 Parrott (Sliver & Cop) 10
3118 Dec
Feb 1 3614 J'nc 10
2978 3012 29
31
1
77 Feb 100 Aug
85
85 *____
85
207 Quincy
86
8613 *85
6 99 Jail 4
88
' *57
8612 87
84
238 23
278 Jan 8
214
214 1,660 Santa Fe (Gold & Cop) 10
214 23
IN Apr
214 214
214
112 Nov15
214 *2
• .*2
934 Feb
10 1312 Feb 26 1778 Jan 4
13
1 Nov
3
9:
1512 1534 1512 1512 1514 1558 1,748 Shannon
1614 1512 1534
38 1638 16
:1
6134 6212 62
62
14 Apr
6213 6134 62
1,815 Superior
2
34 Jan 5 6614 Nov 11
3612 Nov
,2 6312 6414 8414 61
15
15
1518 2,940 Superior & Boston Min 10 1318 Nov 6 1812 May28
1512 15
•
1412 14
612 1512 1412 1514 14
16
1512 1512 16
1,916 Superior&Pitts Copp- 10 1278 Apr 27 1812 J'iy 6
1418 Oct
2018 Nov
1834 1638 1578 16
; -,41184 1634 1634 1834
04
65
133 Tamarack
65 4,..___ 66
67
*65
65
56
56 Mch 88
25 62 J'iy 16 90 Feb 25
66
68
*06
912 1013 1,141 Trinity
1014
25
1012 11
1012 1012 10
912 Dec 3 17N Jan 23
11
11
11
11
1218 Feb
25
S
Nov'09
7N Nov -4 1614 Jan 8
United Copper
100
1812 Nov
vg
458 Mch
37
3912 Nov16
6gr ggt 36
1,553 UnitedStatesCoal&011 25
• -5i- ii • -5i,i, -thilj "583:I W. ;5if2 -iii - 3L
9 Mch
5312 5312 5314 54
83k
53
1, 59 Sep 21
b2
5212 54
en
Fe
8 j
29
4,405 U S Smelt Ref & Min.. 50 3
55
5518 54
55
pref
Do
5212 5212
50 44 Jan 8 54 Oct .1
52
53
5212 5278 52
53
6212 53
412 412 54
212
2 54
912 412 *912 434
2 1,150 Utah-Apex Mining
2512
Nov
4 Oct 29
5
634 Jan 26
•,412 478 *418 5
4 8 Sep
45
3.090 Utah Consolidated
45
45
Aug
4478 4514 45
o°
NNb
44 A
340
5
5 3714 Feb 24 4934 Nov20
4412 45
46
41312 4634 45
29132 Jan
y
Or
3 No
47
i 0012 6258 5818 60
1,720 Utah Copper Co
5778 58
10 3934 Feb 26 66 No'20
57N 5878 5878 5934 5778 58
2878 May 5
312
4
33
312 *312
312 312 *312
334
150 Victoria
5 Nov
312 3t2
L. *312 4
25
3 Oct 28
512 May 6
212 Apr
6784 Nov
814 6,871 Winona
8 4 834
814 814
814
1.- 8
25
838
434 Apr 30
812 878
914 Nov28
412 Jan
734 914
13 Wolverine
149
25 139 Mch18 158 Aug12 11512 Jan 175 NOV
145 14512 *145 150 *145 149 *146
41145 149 *145 150
EXFIR
218
212 212
212 212 *214 212 *214 258
212
333 001
25
258 1,790 Wyandot
2 Oct 6
4 Jan 16 .50 May
1.'t Before part of assess'ts called in 1909. * Bid and asked prices. d New stock. 6 As2.t paid. )Ex-stock div. h Hz-rights, a Ex-div, and right'.

_IN

: 1a.n.
122:1!

iia-8 - iii.1 -2-7-- ;ii- -2-7--




N

37 IFIect

Boston Bond Record

DEO. 4 1909.1
BONDS
BOSTON STOCK EXOIPGE 13.2
WEEK ENDING DEC 3

Price
Friday
3

Week's
Range or
Last Sale

81'

Since
January
.2
Rang.!1Dec

1475

BONDS
BOSTON STOCK EXCH,GE
WEEK EnDnio DEC 3

Price
Friday
Dec 3

Week's
Bangs
Pange or t
Since
Last Sate ta 4: January

Rig/t1 No Low High
Ask Low
Biu
disk Low
Hiatt So Low _High
Am Telco & Tel cell tr 48.1929 J.,1
924 Sal* 921
112'.' 35 91 5 984 Illinois Steel deben 5s
/
2
1910 J416 0%34
II 9934 101
/
4 Nov'09
991
- Convertible 4s...........1936 m.8, 103% 1011
N on-convert deben 68 1913 A-0, 119
/
4 1014 104% 160 92½ 107%
1004 10044 1 210014 1011
/
2
83
Ia Falls &Sioux CDR 78 1917 A-0
Am Writ Paper 1st s t 5s a 1919 .1.jI
83 Mar'09.... 83
1.
1117 Apr'08'
'Ariz Corn Cop 1st cony 68 1918 M-S'
Kan C Olin & Spr let 5s 192:, A-01 93
185 Nov'091... 130 190
1.612 Oct 09
94
07
Atoll Top & 8 Fe gen g 48..1995 A-0' 991
/
2Sale 994
9941 i 991
/
/
2 Kan CBI S & GUlf ext 58 1911 2-fl'
21011
100
'09
Sep
....1
100
101
Adjustment g 4s
I'ly 1995 Novl 113
94 Oct'OW-. 92% 94% Kan C Ft Scott & N 6s
05
1928 M-N 11812Sale 118; 1181
/
2 4 1164 12014
Stamped
9338 Nov,09
Ply 1995 jii-N 93 95
93
941
/
2 Kan C At & B gen 48
1934 M-8 1)3s
934
034; 2 90
94
50-year cony 4s
119
1 102412138
1055 J-D 119 Sale 119
Assented income 5s
1934 M- Et 91
02
91
91 I 5,1 861
/
2 921
/
2
10-year cony 58
120.4 Ang'09 ---.1 107181204 Kan 0& M By& Br 1st 531929 A-0
1917 J -D,
104 J'ne09I....1 1031
103'S10414
104
/
2
Atl Gulf Ss W 188 Lines 58.'59 .1 -.I I 69 Sale 69
59
7312 Maine Cent cons 1st 7a 1912 A-0
69%1 23
11338 Nov'00
I
,Boston Elect 1, consoi 56.1924 7d-B
110 Feb'04 ....I
Cons 1st 46
1912 A-0
Sep
1011
4
'051 .1..•
, Boston & Lowell 4s
10014 Mar'09 ....I 10014 1004
1016 J-J
aa0
Has
ouns
asOnt ist 66.1
1,
925
9 A.,TO
115 I'ne'08
.1
Boston as Alain()41
1041
/
2 Oct '08 ....I
Mass
/
28
1944 J -J
084 Sale 031
/
2 11841 8 97;100
Boston Terminal 1st 3120 1947 F-A
1124 Jan'031....
Mexican Central cons 46 1911 J-J
Mar'09'....1
86
84% 86
Btu ef, Mo Ely cons 68 ... 1918 J •J1
102 Oct '09....1 102 102
lateens nao 38
Jan 1939 Ply
11116 Apr'08,
1
1 901
/
2Jan '09
Sinking fund 48
1910 J •J
2d cons ine da
9112 994
Jan 1939 J'ly
Apr'08I.
Butte & Boston let 6s
1917 A•0
1100 J'ne'01
Mich Teleplst Ss
1917,J- J
1
Cedar Rap & Mo R let 78 1916 M-N!
1117 J'ne'08
I
Minna Gen Klee eon g 5s 1929,14
1021
/
2 Ang'04,
11111
/
2Ply'05
, 2d 7s
1909 J -D,
New Eng Cot Yarn 55
1929 F-A 104 1041
/
2 104
1044' 6, 10214 10434
87
88 Nov'09
Cent Vermt 1st g 48...M ay1920 Q-F,
New Eng Teleph 65
81
110
1915 A-0
102 Feb'091....1102 102
11103 Oct'07
0 B & Q Iowa Div 1st 58.1919 A-0,
58.
1916 A-0
1004
SeP
'
08i
1919 A-O
09% J'ly'09 .... 9938 1001
Iowa LAT 1st 45
/
2 New England eons g bs 1945'J -J
1013 M-N
100 Apr'08
Debenture 58
Boston Term 1st 4s
19391A-0
1022 F-A! 941
100 Oct'09:00 NYNI1&1I con deb 3461
Denver Exton4s9
,
9561
49, J :.,
J
0818
98% 47 97%1094
1027 M-24'
Nebraska Exten 45
102 Alay'09
Cony deb Os(s)
101 12 102
W
14234 Nov OW._ 134 1421
/
2
1921 M-S 1
• /34toSWrif 4s
91 Oct '09'
Old Colony gold 4s
9838 99
1924 F-A
101 Apr'09
101 101
1949 J -J1
/
2s
Illinois Div 31
8914 Nov'09'
Oreg By & Nav con g 4s 1946 J-D
804 92
08% Sep '09,.... 9878 9878
1
Joint bonds See Gt Northern,
Oreg Sh Line 1st g 68
1022 F.A
1171
/
2
Nov'e1
.... 117%1194
•Ohio Jo By & Stir Yes 56.11)15 J •J ' 101% Sale 101% 101341 1 101 12104
Repub Valley 1st s f 68 1919 J-J 101
105 Dee'031
Coll trust refunding g 281040 a.01 921
/
2 93
92 Nov'09.... 91
Rutland 1st con gen 41
94
/
28 1941 J-J
/
2 Nov1051
1071
Oh Mil & SIP Dub D 68-1920 J -J1
1184 Feb'09 ., 11814 1184
Rutland-Canadian 1st 481949 J-J
102
Mai'021
Oh M & St P Wu;V div 661920 J -J ,
Savannah Elec 1st con8513.1952 J-J
126 Feb'05
I
8812 May'06
.....
Ohio ez No 311,01 1st gu 511.193i MN
Seattle Elec 1st g 5s
103 Sep '09....' 101 103
1930 F-A
104'4 Oct '09
104 1061
/
2
Ohio & W Allah gen 58....1921 J•D 1
1024 1021
/
21 11102 1064 Terre Haute Elea g
.
51.
14
s
07
A
pr'071.
Concord & Mont cons 46..1020 J-D
Torrington 1st g fus
01 Deo 07
1
100 Nov'09
luu 102
Conn & Pass R 1st g 4s...1943 A-0
Union Pao RR dal gr g 43 1,
1124 Jan'03
'
14
27 J.
J4
.1
1023
4
Apr'09;
1024
1031
/
2
11427 A-0
Current Elver 1st 58
96 Feb 109
20-year cony 48
1 06
96
10258 1104,
Det Cr hap .f2 W 1st 48-1946 A•0
9012 91 Oct '09
021
/
2 Unitea Fruit gen s t4½s1923 J J
1 87
()6'
96.81 6 95% 97
Dominion Coal 1st s 1 58..1940 M-N
117½ Nov 09 .. 1 964 071
/
2 U S Coal & Oil 1st a f 6s..1938
Nov'091
100
120
160
1915 M-8'
Fitonburg 45
10318 Api'05....'
US Steel Corp 10-60 yr 55.1963 31-N
104% Nov'09'
1024 108,
1927 M.8 1
48
96 Apr'03
West End Street Ey 46.. 1915 F-A
1
10114 Apr'09I.... 10111
/
2100,:
Frenit Elk & Mo V let 68..1933 A-0
133 Mar'09
Gold 412s
'133 133
1914 M-S
1013
4
Vue'09,....
100,
4 102 •
Unstampeu let 68
1933 A-0
140 ApC05
Cola denenture 4s
'
1916 M-N
0/ Nov'019.... 99 100,
inS,
4 Sale 9554
Gt Nor 0 B & 1.) coll tr 461921 J•J
96 '136 954 99
Gold 4s
19171F-A
1001
/
2Oct '091.... 99% 100e
Registered 48
.0921.11-.1 954
95% Nov'091....' 95% 981
/
2 Western Teleph & Tel 58.1932 J.J
1.8
99
98
118
41
7 116 100
I
Wisconsin Cent lat gen 461949 J -J
I
I
954 Apr'09
11378 9..)
NOTE-Buyer pays accrued Interest in addition to the purchase price for all Boston Bonds.
No pries Friday; latest bid and asked. 11 Flat price.

93121

^

Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share Prices-Not Per Contain Prices
Saturday I jfanday
Nov 2?
.Nov 29

19
1414 144
.39
45
461
/
2
.12%
584
24%
754

40
45
464
121
/
2
584
'24%
754

2712 271
/
4
/
2
1131
/
21131
97
9814
6534 6578
481
/
2 481
/
2
12% 13
26
26
84% 8614
6% 614
15214 6214
Ws 00

Tuesday
Nov 30

I Wednesdat I Thursday I
I
Dee 1
I
Dec 2

35
35
821
/
2
105
103 105 1 103 105 1
104'
.18
19
194
36
36
35% 36
144 144 .134 14
*1334

82
105
.18

393 39% 394 391
/
2 3912 '39½
45
45½ .45
45½ *45
451
/
21
464 464 46
4041 40
4641
12% 12% 12% 12% .12% 121
/
2
58
68
571
/
2 571
/
2 5534 57
244 241
/
2 9378 24
24
24
75
75
744 741
7
14
02 75
/
2:
114 1214
274 27% 27
2('e 27
271
/
2
113 113% 113 113
113 114
1.03 112 9734 96
116% 90(410:114
6551e (357 641314 6514 6434 65141
484 481
/
2 484 484 .484 4941
13
13
1.278 13
127 13 I
2578 26
25% 25% '254 2578'
831
/
2 83718 83 84
8378 85
61
/
2 6%
691e 6.4
11316 61
/
2
524 524 52
52
52
524
5978 89% 89% 89% 90
90 I

PHILADELPHIA

Dec 3

1 .35

82

ACTIVE STOCKS
Safes I
thel
olvee
Week (For Bonds and inactive
Stocks see below)
6hares1

l

37 t

.82
821
/
2
82 I*1051
/
2106 1

19 12 194
371
37
/
2
14
14

231
/
21
19
39
43 I
/
2
1414 141

Range Since
Jan 1 1909
Lowest

I

.11tghest

'Range for Previous
Year(1908)
I

!lore
22'Con.Garratt Jb Pow.100 30 Afar 8 421
/
2 May12,
137,
Do pref
100 76 Maria 89 May18
444 Northern Central
50 100 Jan 4 111 Jan 16:
3,733 Seaboard(new)
100, 1134 Feb26 23'2 Deo 3
4,0251
Do 2d pref
100; 22% Feb24 43 Dec 3
697'United By & Electric 50'1 0.4 Fob 3 144Deo 3

Lowest

Big/test

20 Jan 30 Dee
65 Mar Si', Dee
80 Jan 102 Dec
4 Feb 15 Deo
10 Feb 26 Dec
10 Jan 12 Nov

Philadelphia
1
391
/
/
2 391
218 American Cement
2 39
391
/
2
50 3778 Apr13 43 Jan 2 324 Mar
Doe
*45
451
/
2 .45
331 A.taerican Railways.- 50 44% J'ly 8 4614 Feu 18 42.4 Mar 43
4512
4612 Nov
464 464 464 4634 2,095'Cambria Steel
50 3278 Feb23 49 Sep 21 26% Feb 401
/
2 Dec
12% 1214 1214 1232
1 Electric Co of America 10 Z1078 Jan 20 1278 J'ly 14
8' Jan 1114 Dee
56
1,6701 Eleo Storage Battery 100, 43 Jan 30 634.I'ly 30 24; Feb 474 Deo
564 564 57
24
24.14 241
/
2 2478 1,32010en Asphalt tr
100' 154Jan 5 '2534 Feb i
31
/
2Jau 19% Dec
'74(4
74
75
Do pref tr ctfs
754 1,395,
100 53 Jan 5 754 Nov19 1978 J an 591
/
2 Dec
124 12(4 .12
1214
130 Keystone Telephone... 50 912Jan21 16 A Pr 19
414.,an
9 May
.274 271
27
2714 1,235 Lake Superior Corp....100 14 Jan 6 3378 May 8' 338 Feb 17 Dee
/
2
113/
1
2 114 '11314114 1 924 Lenigh C & Nav tr etfa 50 90 Jan 5 12114 Ang111 784 Jan 97% Dec
9914102½ 99,
4 1011
/
4'89,666 Lehigh Valley
50 67 Feb23 113 Sep 21, 52% Feb 7034 Dec
6414 65
645k,
0,476 Pennsylvania RR
5
50 634 Feb24 755w Sep 29' 54t Jan 661
/
28 Deo
481
/
2 481
1
2
202 Philadelp'aCo(Pitts b) 50 401g Feb24 494 Miele; 311
/
2 484 48/
/
2 Mai 4434 Dec
13
1278 13
13
4,121 Philadelphia Electrict 25 11 14 Feb23 13,
8 Oct 11' 51
/
2
Feb
12%
Nov
26
26
26
3,826 Philo Rapid Transit
27
50 2478 Jan 3 36.2 Apt 28 d12.8 J'ne 254 Dee
84%8 844 84
85'4 18,242 Reading
50 594 Feb23 813's Sep 211 463 8Feb 711118 Dee
/
2 638 2,225 Tonopah Mining
61
61
/
2 61
/
2
1 634 Jan 16 71318 Mar20
3 8Jan
94 Apr
521
/
2 524 5214 634 3,8/2 Union Traction
60 5078 Jan 6 5878 May 41 x4412 J'ne 564 Apr
80% 90
89% 90% 8,647 United Gas Impt
60 8438 1lay13 941
/
2 flet) (11 7318Jan 11434 Dee

Bid Ask I
PHILADELPHIA
Inactive Stocks
liondn
Allegheny Val pref....50
Prices are all "and
Amal Asbestos Corp 100 30% 31
interest."
Preferred
100 90% 914 Al Val E ext 78 1910 A.-0
11
/
2
10
Aminican Milling
Alt &LVElec 4.26'33.F-A
100
Amity's cony 5s 1011.J-D
Amer Pipe Altg
Atl City 1st 55 g
Bell Telephone (Pa) 100 1'2012
/
2 Berg&Elirw 1st 66'21J-J
60 46% 461
Cambria Iron
Bethle Steel 6s 1998-Q-F
Central Coal & Coke.100
Choc& Mo 1st 5s 1949 J-1
Comm'Tree of N J...100 77
Easton Con Electric 8.50
Ch Ok & GI gen 58'19 J4
Klee Storage Batt... 100 56'4 57
Col St By 1st con 58 1932
• Preferred
Con Trac of N J 1st 58.133
100
let Wayne &W V
E& A 1st AI 5s 1920 Af-N
100
Germantown Pass
Elec & Peo Tr etk tr ctfs
60
Indianapolis St
100
Eq II Gas-I, 1st g Os 1928
Indiana Union Tr.. 100
Indianapolis By 48.1933
Insurance Coot N A..10 221
/
2 28
Interstate 48 11143 ..F-A
Inter Sm Pow & Chem.50
Lehigh Nay 41
/
2s '14.Q-J
Keystone Telephone ..50 12
12%
lilts 4s g
1914.Q•F
Preferred
50
Gen 11 412s g.1924.Q-le
KeytitoneWatchease.100 120
Leh V C lat Os g '33. j-J
11)
Lit Brothers
Lou V ext 481st 1948.J-1)
50 0712
Little Schuylkill
2d 78 1910
31.8
Minehuii & Schuyl 11 50 61
611
/
2
Consol 6s 11)23
J-I)
N Haven Iron & Stee1.5
Annuity Os
J-1)
Northern Central
100
51
Gen cons 48 21103.31-N
North Pennsylvania. 5 10014
Loh V 'I'ran con 4s'333.1)
Pennsyl RR warrants... 1414 1434 New Con Gas 5s 1948 J.1)
Pennsylvania bait
Newark Pass con Os 1930
50 106
Pennsylvania bieel..100
NY Ph& No 1st4s'39 J4
Prelerred
100
Income 4s 1939. 3I-N
Phila Co(Pitts) prof...50 4414 441
/
2 IsToOhloTrac con58'19.14
Phil German & Norris 5
Penn gen Os 1010...Var
Plala Traction
50 8812 ISO
Cousol 58 1919
Var
Railway:5 General
10
114 10
Penn & Mil Steel con Os.
Susqueli Iron & Steel .6
Pa & Y Can 58'39.A-0
Tidewater Steel
10
4
Con 4s 1939
A-0
Proterred
10
Penn Steel 1st 53'17 3I-N
100
Union Tr of Ind
People's Tr tr certs 4s'43
ElI
&0 100 2501
United NJ
/
2
P Co 1st& col tr 5s'49 AI-S
Unit Trao Pitts 1)ref..50
Con& col tr 5s 1951M-N
Warwick Iron & Stee1.10 10
11
Phil Elec gold trust ctfs.
West Jersey & Sea Sh.50 62
Trust certifs 48
Westmoreland Coal .50
P & E gen 11 5 g'20.A-0
Wilkes Cies & Elee 100
Gen M 4s g1920,A&O
. *Bid and asked; no sales on this day. %Ex-tights. 11$7.50 paid.




1

Bid I Ask

93
98
117%
112
104½ 105
105',
/
2 91
901

100

109
108

120
147
1/0/
1
2 904
......

115 I

903,
1041
/
2 10314
074
101 101 12
74% 75

PHILADELPHIA
Ph & Bead 2d 5s'33.A-0
Con Id 7s 1911
1-fl
Ex Imp M 48 g'47.A-0
Terminal 511g1941.Q-F
P W & B col tr 4a'21.J4
Portland By 1st Os 1930.
Roch Ry& Leon 5s'54J4
Snanish-Am It Os'27 J-J
Trao lud gen 5te19.J4
tin Rya Tr etLs 48'49J &J
United Rya Inv 1st coll tr
of 56 1926
11-N
U Tree Pit gen 55'97 J4
Welsbach 6 153 1930.J-D
WIka-BG&E con5s'53J4
BALTIMORE
Inactive Stocks
Ala Cons Coal& Iron.100
Prot
100
Atlanta & Charlotte..100
Atlan Coaat L (Conn)100
Canton Co
100
Cons Cot Duck Corp. .50
Preferred
50
Georgia Sou & Fki. .100
1st pref
100
2d prof
100
G-B-S Brewing
100
Bonds
Prices are all"and
interest."
ALacostla S.; Pot 5a
/
2s '10.J4
Atl & Ch ext 41
Mien C I, ER48195211-8
Atl Coast L(Ct)etfs 58 J-D
Otis of indebt 4s. .J4
5-20 yr 4s 1925
J-J,
Balt CPass lst5s'11 M-N1
Ball Fundg 58.1916 li-N
Exchange 31
/
2s 1930 J•J
Balt& P latOsmI'll A-0,
BSP&O lat,443'33F-A'
Balt Tree let 5s..'29 31-N,
No Balt Div Os 1942 J-D
Cent'l Ry con5s1932 31-NI
Ext& Imp 58.1932 11-13,

Bid 'Ask

DALTIMOUE

Chas City Ry 1st58'23 J4
Chas Ry U & El 58'119 11-S
Chart C& A 2(176'10 A-0
City & Sublet 5s. '22 J-D
City& Sub(Was)lat 53'48
99/
1
21
Coal & I Ey 1st 5s'20FA
I 9934 Col &61riav let 1.13.1910J-J
101(4:101
eousol Gas tis...1910 J-D
58
.1939 J-D
Ga & Ala leit con 55'45.14
79
78
GaCar&Nlst5sg'29J4
844 Georgia P 1st U&..'22 J-J
84
107
GaSo & Fla 1st 581945-T4
86
861
/
2 U-B-6 Brew 3-48 1951M-S
100 1014 2d income Os 1931 M.N.
Knoxv Trao 1st 5s'28A-0
Lakelt El 1st gu5s'421f-S
25
261
/
2 Macon Ry&Ltlst5s'53J-J
80 Memphis St 1st 5s'45 J-J
Metst(Wash)lst5s'25 VA
Mt Ver Cot Duck 1st Os.
320 840
Npt N840 Plat 5a'38 N-N
95
4
61
/
2 Norfolk St 1st 53'44...14
North Own 41281025 A-0
171
/
2 20
Series A 5s 1926. .J4
Series E 5s 1926. ..J-J
Pitt Un Trac 5s 11.197.J-J
Poto Val 1st Os 1941..J4
Say Fla &Weat58'34 A-0
Seaboard A L 48 1950 A-0
Scab & Roan 5s 1920.-J-J
South Bound 1st 58-A-0
UEI L&P D0.4128'29 M-N
994
u IV& El 1st 4s'49 i'd-S
9434 9514
Income 48 1949
.1.1)
Funding Os 11130 J-D
117
04 I VaMid2dscr Os '11 31-S
92
3d series 6s 1910. 51-8
10034
4th set- 34-561921 M-8
1 5th series 5s 1920 M.8
9'J
Va (State) 35 new'32.J4
101
Fund debt 2-3s 1991.J..I
92(4,
10714111
West N C con 081914 J-J
1101.113', WesVit C& Fist6g'11
Wil & Weld 5s..1935.J4

Bid

103

103 1108
10014 Immo
109341110
104 1044
105 1054
4114 42
114 124
1051
/
2
94
91

96
100

77
771a
92's

105
83% 84

So's
6014 60,
4
8.414 844

911
/
2
92%
106 107
101 14
110%
•

_
/
2paid I $35 paid. a Receipts. b $23 paid. e$30 paid. d $1212 paid.
$1214 paid. t $131

Lxxxix,

THE CHRONICLE

1476

I

Bid Ask
Bid Ask
Industrial and Miscel.
Electric Companies
4
3
Chic Edison Co-See Chi cago list Consol Rubber Tire__100
23
100 18
e Kings Co El L&P Co 100 127 130 I Preferred
37
Debenture 45 1951 ..A-0 1 34
Co_ 50 4. 9112 93
El
(Prov)
Narragan
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Con Steamship LinesNY &Q El L &Pow Co 100 63
22
DAILY, WEEKLY AND YEARLY.
80
Coll tr 48 1957 rets J-J 1 20
100 77
Preferred
Corn Prod Ref-See Stock Exc list
United Flee of N J......100 75
14
1418
e
Crucible
100
Steel
J-D 7014 -71
4
/31st g 48 1949
Railroad
Stocks.
e Preferred
100 8833 _U. S.
Stc?e
cte.
Week ending
*814 858
'5
Cumberland-Ely
Copper
Telephone
arid
Telegraph
Bonds.
Bonds.
Bonds.
Par value.
Shares.
Dec. 3 1909.
85 e Diamond Match Co..100 125 126
e Amer feleg & Cablo_100 75
53,530 e Central & So Amer_ _100 110 115 duPont(E D deNemPo 100 127 130
$22,000
637,421 557,712,100 52,631,500
Saturday
100 87
88
120
o Preferred
110
25
(N
Y)
Tel
Un
Comm'i
40,000
66,500
4,116,500
989,973 88,650,450
Monday
8812
o Gold 4 Ms 1036.....J-D 88
15,003 Emp & Bay State Tel_100 60
301,000
3,073,500
1,027,635 91,249,400
Tuesday
& P (Joliet, Ill)
Lt
45
Econ'y
100
Franklin
500
71,000
4,276.500
862,948 74,339,200
Wednesday
Os
1st B s I g 5s 1956_J-D 95
e Gold & Stock Teleg_100 105
53,500
5,138,000
575,881 51,745,600
Thursday
100 25
Electric Boat
NY & NJ Teleph-See Stk Exc list
170,000
4,283,000
801,330 72,979,850
Friday
100 58
70
Preferred
e Northwestern Teleg. 50 105
7
10
100
70
Empire Steel
Atlantic _ _ 25 60
4,895,188 5436,676,800 523,519,0001 5687,000 $59,000 Pacific & &
Total
95
100 80
Preferred
Atlantic- 25 95
Southern
9212
a General Chemical-....100 1)1
Jan. 1 to Dec. 3.
100 104 105
Week endiLy Dec 3,
e Preferred
Sales at
Ferry Companies
96 Goldfield Consol Mines_10 *818 814
New York Stock
B do N Y 1st 6s 1911_J-J 92
1908.
1909.
PAK
190.t.
1 *134 2
35
Gold Hill Copper (w
Exchange.
NY &ER Ferry stk_100 25
20 *1218 1238
65 Greene-Cananea
M-N 55
1st 5s 1922
178,782,453 NY &Hob 5s May '46...J-D 96
199,312,388
5,545,413
4,895,188
98 Guggenheim Explor'n 100 238 242
Stocks-No. shares_ -$436,676.600 $520,807,800 $18,240,053,300 $15,656,265,100
Par value
Bob Fy 1st 5s 1946 M-N 10512 107 e Hackensack Water Co
$138,800 NY do NJ 5s 1946_
90
$178,950
$500
Ref g 4s '52 op '12 J-J 88
05 100
Bank shares, par
55
Bonds.
Hall Signal Co com 100 43
& 23d Sts Ferry_100 39
10th
$516,820
8
5761.700
7
59,000
Havana Tobacco Co_ _100
Government bonds..__
5.5 1919J-D 67
1st
mtge
79,674,000 e Union Ferry stAck__100 30
17
35,427,900
687,000 $1,156,500
100 14
31
Preferred
State bonds
865,094,200
68
23,519,000 35,980,500 1,182,766,600
07
1st g 5s June 1 '22.J-D 63
95
Alt. and misc. bonds.._
e 1st 5s 1920
Hecker-Jones-Jewell Mill
$945,285,020
105 109
$24,265,000 $37,137,000 $1,218,956,200
1st es 1022
Total bonds
Short-Term Notes
40
0 30
-S
M S 9712 9812 Her'g-Hall-Mar, new _4110
A
Am
'11
Cig
4s
ser
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
Ser B 45 Mch 15 '12 M-S 961. 9712 Hoboken Land & Imp 100
EXCHANGES.
11-N 1)075
e 5s 1910
Am Tel & Tel g Is '10-J-J 100 10018
100 10038 Houston Oil
100
834
Atlan Coast L 5s
41
100 39
Preferred
Philadelphia.
Cin Ham & D 9s 1913_J-J 96 97
Boston.
100 100 110
Hudson Realty
C C C & St L 5s. June '11 10015 101
Week Priding
e Ingersoll-Rand com_100 75
Bond
Unlined
Erie 65, Apr 8 1911__A-0
Lined
Bond
Listed Unlined
Dec. 3 1909.
100 96
8 firoi"
e Preferred
shares.
sales.
shares.
Interb R T gO.s 1911_M-N 102-1sales,
shares. shares.
140 fil;"
K C Ity&Light Os '12_ M-S 9814 99 Internat'l I3ank'g Co_100 tk
Ex list
S
-See
Mar
Mer
Internat'l
100
1910_M-S
g
$14,000
7,672
63
9914
8,727
Lack
Steel
$20.000
43,117
24,942
Saturday
160 151.12
100
Nickel
International
lc°
10014
22,132
62,200 Lake Sh & M So 5s '10 F-A
10,348
26,000
60,979
45,088
Monday
100 9112 9212
Preferred
100 10038
11,033
37,400
'10_M-S
58
g
13,078
&
Nash
Lou
183,500
49,118
34,240
Tuesday
A-0 9234 94
1st g 55 1932
30,800 Mich Cent 5s 1910.. _F-A 100 10038
11,110
60,432
86,000
45,756
25,676
Wednesday
9
11
100
9,941
22,106
Minn & St L g 55 '11F-A 9834 9934 International Salt
29,500
34,041
20,391
Thursday
52
A-0 / 47
1st g 55 1051
_F-A 100 1s
1910_
53
49,100
Cent
13,381
25,428
Y
N
110,000
42.038
34,273
Friday
International Silver,.,.b00 12
N Y C Lines Eqp Ss '10-27 6412%
100 99 102
Preferred
80,3191 $239,220 NYNH& 115s'10-'12 100 102
184,610 275,049 5455,000 140,1111
Total
J-D 110
1st Os 1948
Norf & West 58 1910_M-N 10018 10008
Pa RR 58 Mch 15 '10_81-S 10018 10035 Internat Smelt & Refg 100 145 160
St L & San Fr g 5s '11. J-J 9812 9914 Jones & Laughlin Steel Co 10114 10131
1st s I g 55 1939__M-N
4 %%g notes'12op_ F-A 9512 97
100 6212 6312
South By g 58 1910 F-A 100 10038 Lackawanna Steel
20 *1838 1812
All bond prices are now "and interest" except where marked "f."
Tidewater (1s, 1913. guar 10114 10134 Lanston Monotype
100 238 24212
Westingh'e El&M 6s 1910 10018 10634 Lawyers' Mtge Co_
130
50
Coal
Wilkes-B
&
Leh
e
But
Ask
Street Railways
Bid Ask
Street Railways
100 100 116
Lord & Taylor
Railroad
Pub Serv Corp N J (Con)
New York City
100 98 103
27
29
Preferred
240
(w
100
i)
corn
Chie.GtWest
250
Ry100
St
Tran
Rapid
20
18
Bleeck St & Fut F stk_100
57 e Lorillard (P) pref.....100
Preferred (w i)_ ___100 54
A-0 106 __
1st 5s 1921
e 1st mtge 48 1950_J-J 60 70
20 4-0_Madison Sq Garden 100 130Chic Peo & St LJ C Bob & Patersone By & 7th Ave stk__100 140 145
M-N 80 100
88
1
2d 6s 1919
M-S
lien
78
79
g4
Prior
11-N
1949
g
45
101
e 2d mtge 55 1914__J-J 0912
218
*2
20
50
Transit_
/
Manhattan
3
19
g
12
1
9
5s
3
0
mtg
3
0
1
14
Con
Trac_100
_J-J
1930_
So J Gas El &
Con 5s 1043-See Stock Exc list
Monongahela R Coal__ 50 *614
Income 5s, July 1930_
Gu g 5s 1053_M-S
B'way Surf 1st 55 gu 1924 101 104
*2314 -2103
50
Preferred
105
2
4
3
33
105
Subway
J-J
6s'14
Chicago
fly
-Co
Bud
No
115
e Cent'! Crosst'n stk_ _100
J-J 104 10512
Ft W & Den Cy std _100 9712 102 Mortgage Bond Co _100 11212
5s 1928
e 1st mtge Os 1922_M-N / 80 1ENat Bank of Cuba__ _100 102 106
Eat 5s 1924____M-N 99 102 Kansas City Sou 5s Apr 1
50
e Cen Pk N & E R stk_100 30
_
195
list
Surety
100
Exc
Nat'l
118
Stock
'31_J-D
(w
0-See
120
Os
1950
con
City
Pat
90
e Chet'r & 10th St stk 100 80
8
2d 6s opt 1914_ _ A-0 100
Nat Rys of Mexico-See S t Exc list Nevada Cons'd Copper 5 *2634 -2-67Col & 9th Ave 5s See Stock Exc list
14
100 110 Nev-Utah Min & Sm.. 10 *1
Ch
Stubs_
!ono
Securities
(Chic)-See
North'*
list
El
___Side
So
DryDEB&B
40
60
20
Coal_
35
Central
*33
e
New
E
L
50
&
103
Bess
_M-S
'46_
Pitts
5s
T
R
104
e 1st gold 53 1932__J-D 9712 101 Syracuse
72 NYAir Brake 6s-See Stk Esc list
50 *69
Preferred
50 Trent P & H 5s 1943_J-D 100 102
e Scrip 5s 1914_ __ _F-A / 45
N Y Biscuit es 1011_M-S /100
e Railroad Securities CoEighth Avenue stock_100 250 300 United Rys of St L100 36 7090
52
A'
etfs
scr
e New York Dock
tr
stk
C
III
1014
19
Com vot tr ctfs100
e Scrip 6s 1914__.F-A/ 95 100
83
100 78
e Preferred
100 6714 68 Seaboard Companye Preferred
C 42d & Gr St F'y stk_100 200 220
575
N Y Mtge & Security_100 225 235
100
preferred
1st
list
Exc
Stock
1934-See
4s
Gen
5
*4
42d St M de St N Ave_100
20
Exc
t
Y
N
Transportation
list
Bal
ad
&
pref-See
Com
Exo
list
e 1st mtge Os 1910_M-S 9912 1-0014 UnitRys San Fran See Stk 40
Niles-Bem-Pond com.100 102 105
4212 Seaboard Air Line-100
Wash By & El Co
2d income Os 1915_J-J 50
5 *1033 1063
9878 99 Nipissing Mines
5s
ext
Coll
May
8912
92
M-S
100
'11Preferred
list
Inter-Met-See Stk Exch ange
238 234
100
J-D 861. 88 West Pac 1st 5s '33 _M-S 9678 97 e Ontario Silver
45 1951
Lex Av & PavF 55 See Stk Exc list
58
100 65
Otis Elevator corn,.
Industrial and Miscel.
Metropol St By-See Stk Exc list
9312
98
100 95
Preferred
9212
/
J-D
Exp
dams
g
1947
4s
Securities
Gas
170
160
Ninth Avenue stock__100
*2234
2273
50
Brewing
225
Pittsburgh
*215
25
Mining
Ahmeek
Second Avenue stock_100 18 22
50 *401.
Preferred
Alliance Reaity
100 115 120
New York
e 1st M 6s'09 ext'10 M-N 96 100
Pittsburgh Coal-See Stk Ex° INC
1927 _J-J 101 10212 Allis-Chalmers Co 1st mtg
Consol 5s 1948____F-A / 70 75 Cent Un Gas 5s-See
67
70
Exc
100
corn
list
Co
Mfg
Stk
Exc
Pope
1
list
5
Is 1936-See Stock
Sixth Avenue stock___100 115 130 Con Gas (N Y)
90
100 85
Preferred__
100 150 160 American Book
100 150 156
85 e Mutual Gas
Sou Boulev 5s 1945___J-J 60
100 105
pref_100
Whitney
117
&
121
Pratt
Gas
100
Brass
American
Amsterdam
92
New
88
_A-0
So Fer 1st 5s
200
250
100
215
225
011
Producers
J-J
100
corn_100
Chicle
1948
American
101
1st consol 55
1919_-Stock Exc list
Third Avenue-See
Realty Assoc (Bklyn)_100 133 137
100 104 107
Preferred
80 NY&ERGas 1st 65 '44 J-J 103 106
Tarry W P & M 5s 1928 50
Royal Bak Powd com_100 160 170
J-J 96 101) Am Graphophone corn 100 1412
Consol 5s 1945
95
YkersStRR5s 1946 A-0 85
100 108 111
2
30
301Preferred
100
Preferred
42
20 NY & Richmond Gas. 100 32
_
28th & 29th Sts 5s '96
Safety Car Heat & Lt_100 135 140
100 13912
Amer Hardware
'g
t
&WestehesterL'h
250
NY
200
A-0stk_100
St
e Twenty-third
25 *75
Mining
10414
103
Seneca
6s
Malting
1914
Am
J-D
10312
101
guar_J-J
Deb g Is 1954
Union By 1st 5s 1943_F-A 100 10112
100 480 495
Press Assoc'n 100 95 105 Singer Mfg Co
Westchest 1st 5s '43 J-J 60 75 Nor Un 1st 5s 1927__M-N 98 100 Amer
18
100 2312 25
South I & S com
Soda
Fount
com
100
Am
50
n40
_100
coin_
Gas
Standard
e
Brooklyn
100 5212 54
Preferred
15
100 25
1st preferred
80
100 n65
e Preferred
Atlan Avenue RR1
3
2
6 Standard Cordage,._,. _100
2d preferred
100
M-N 102 100
1st 5s 1930
A-0 98 101
Con 55 g 1931
red_ A-0 /20 23
Ex
'31
list
tk
5s
g
B
1st
new-See
Found
St
S
Am
BB &WE 5s 1933-A-0 96 100
4
5
11931
Apr
55
102
104
M
Adjust
1935
A-0
6s
Other Cities
Brooklyn City Stock _10 195 200
76 Standard Coupler corn 100 20 30
Deb 4s 1923
F-A 74
Con 58-See Stk Each ange list Am Gas & Flee corn._ 50 *4434 4512
100 100
Preferred
50 215 220
American Surety
45
50 *44
Preferred
Bkln Hgts 1st 5s 1941 A-0 97 102
514 Standard Milling Co,. 100 .16 -11*412
Amer Light & Yract_ _ 100 281 285 American Thread pref 5
Bkln Queens Co & Sub100 50 54
Preferred
100 104 106 Am Tobacco Co com _100 420 425
Preferred
e 1st g 55 '41 op '16_J-J 98 101
86
M- N 83
1st 55 1930
48
Amer Typefders com_100 45
78 1
50
Con guar 5s-See Stock Exc list Bay State Gas
651 660
_100
J_
N
of
Oil
Standard
101
98
100
Preferred
Bklyn Rap Tran-See Stk Bac list Bingh'ton (N Y) Gas Wks
98
Deb g 6s 1939____M-N 99 100 Swift & Co-See Bost Stk Exc list
A-0 93
1st g 5s 1938
Coney 1st & Bklyn 100 85 100
1st 5s 1010-1914___J-J 10018 10012
2
1st cons g 4s 1948__J-J 78 85 Brooklyn Un Gas-SeeStk Exc list Amer Writing Paper_ 100 24
100 200 220
27 Texas Company
100
Preferred
6
85 Buffalo City Gas stk.. _100
5
J-J 75
Con g 48 1955
1st s f g 5s '19 op'09 J-J 8612 88 e Texas & Pacific Coal 100 95 105
1st Os 1947-See Stock Exc list
Brk C & N 5s 1939.4-J 95 100
153 158
Y_
N
Co
_100
of
Ins
11
Title
10
nes_100
92
95
AtiGf&WIndSSLi
'36_J-J
Con Gas of N J 5s
Gr'pl&LorSt 1st Gs_ _M-N
27 Tonopah Min (Nevada) 1 *Os 612
100 24
Preferred
Kings C El 4s-See Stock Exo- list Consumers' L H & Pow4
7
/ 68
70 Trenton Potteries corn 100
_
J-J
"110
19
5s
59
g
tr
Col
J-D
1038
Os
100
pref
Flee
Nassau
100 50 60
Preferred, new
Denver Gas & Elec_ _100 140 1-45-- Barney & Smith Car_100 is 40 45
A-0 103
5s 1044
30
100 105 120 Trow Directory
96
Preferred
Gen g 5s 1949 op_M-N 94
1st 4s 1951-See Stock Exc list12
70
27
Union Typewriter coifing 6
Bethl'm Steel Corp-See S tk Ex list
05 Elizabeth Gas Lt Co_ _100
N W'bg & Flat 1st ex 4 3is 90
100 111 114
1st preferred
135 138
Bliss Company coin_ 50 135
Steinway 1st 68 1922__J-J 103 106 Essex & Hudson Gas_100 300110 114
100 :
2d preferred
50 135
Preferred
Gas & El Bergen Co_ _100 7612 7712
Other Cities
52
100 270 27712 United Ilk Note Corp. 50
e Gr Rap 1st Os '15_F-A 99 102 Bond & Mtge Guar
Buffalo Street By53
Preferred
96 Borden's Cond Milk.. 100 120 123
1st coiasol 5s 1931_ F-A 107 108 Gr't West Pow 5s '46_J-J 93
5
77
10
78
0
0
1
100 106 109
United Cigar blfrs
Preferred
100 133 135
A-0 107 108 Hudson Co Gas
Deb 6s 1917
109
8 718
*67
Preferred
e
5
27
Copper
Col
29
100
British
Co
Lighting
98 Indiana
Columbus (0) St Ry__100 3 96
112 gis
00 28
100
2918 United Copper
70 Butte Coalition Mining 15 *29
F-A 67
4s 1958 op
100 104 105
Preferred
30
ss Casualnvelot
3
4
uu PreferredE
50 1912 30 Casein Co of Am com_100
Indianapolis Gas
Colum By con 58-See Phi la list
100
210
60
70
100
Preferred
A-0
90
1952
80
1st g 5s
Crosst'wn 1st 58 '33 J-D 104 106
e
y
p
50
_100
corn__ Casualty Co of Amer_ _100 120 135
77 Jackson Gas 5s g '37_ A-0
I Conn By & Ltg corn 100 76
Preferred
100 115 118
100 131 135
100 10914
- Celluloid Co
9510934
85 e Laclede Gas
100 80
e Preferred
_100 122 136
U S Finishing
6
7
100 90
98 Cent Fireworks corn _ _100
e Preferred
1st Zs ref 4 3.6s-5ee Stk Exc list
Preferred
100 108 114
100 5312 60
Preferred
Madison Gas Gs 1926_ A-0 103 108
100 115
Grand Rapids Ity
112 214 U. S Steel Corporation
100
Newark Gas 6s 1944 _Q-J 132 133 Central Foundry
100 90
Preferred
Col tr s f 58 '51 opt '11 11412
15
100 13
Preferred
e Louisv St 58 1930_ _ _J-J 106 107 Newark Consol Gas_ _100 99 10012
Col tr 5 1 5s '51 not opt 11412
72
e con g 58 1948_ J-I) 100 107
Deb 6s 1919 op '01_51-N 68
Lynn & Bos 1st 5s '24 J-D 105 107
U S Tit Gu & Indem_ _100 __- 16"
600
Co
100
550
Mfg
Chesebrough
H
Pow
L
&
Hudson
20
&
Lgt_100
2518
Rys
No
On
New
e
eUtah Copper Co-See Stk Eat,- list
64
_ _ City Investing Co _ 100 62
A-0 110
100 5834 59
5s 1038
e Preferred
Waterbury Co corn..,. ,100 -100 100 102
Preferred
Gen M g 4 Ms '15-See S tk Ex list Pacific Gas & F, com_100 5512 -5-612
100 -Preferred
100 8712 89 e Clailin (H B) com 100 105
Preferred
Pub Serv Corp of N J_100 115 116
& Bronx Tit
Westchester
92
preferred
100
1st
e
96
Tr Ors 2% to 6%perpet 9034 10014 Pat & Pas Gas & Elec_100 93
0 16212 1671*
50
10
& Mtge Guar
100 97
e 2d preferred
_
e Con g 55 1949._ _M-S 101 10212
North Jersey St Ry_100 50
146
Westingh'se Air Brake_
1st 4s 1948
M-N 79 -81-- St Joseph Gas 53 1937...14 96 99 Col & Hock Coal&I pt 100
Exo lilt
k
0
t
5s-SeeS1
&
El
Mfg
West
J-J
58
1917
g
Cons Tract of N J__100 76 77 Western Power cotn_100 3712 39 I 1st
White Knob Min
Col tr Os Oct 1956 J-J 100100 58
5912
1st 58 1933
J-D 10412 1051:
Preferred
10
Preferred
30
iConsol Car Heating_ _100 27
PasRy 55 '30 J-J 108 110 New'k
112
108
pref_100
Pump
Worthing
- _100
[Cons By Lgt & itefrIg
S New stock.
• Per share. a Ex-rights. 0 Basis. e Sells on Stk. Ex., but not very active. f Flat price. n Nom. s Sale price. x Ex-div. y Ex-rights.

Volume of Business at Stock Exchanges

I

-5-

Outside Securities




DEC. 4

THE CHRONICLE

I909.y•

1477

nurstinent and Fa;alio:tad intelliccence.
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 ol the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
Week or
Month.

ROADS.

Curren!
Year.

Previous
Year.

July 1 to Latest Date.
Current
Year.

Previous
Year.

Ala N 0 do Tex Pao
098,007
66,000
44,000 1,191,702
N 0 & N East__r lit wk Nov
536,978
33,000
32,000
588,014
Ala & Vicksb_ _ _r 1st wk Nov
478,994
29,000
27,000
508,785
Vicks Shr & Pac.r 1st wk Nov
13,308
6,153
September
4,540
17,414
North_
&
Ala Tenn
k Atch Ton & S Fe_ October__ _ 0,444,348 8,278,316 34,879,235 30,711,677
752,329
48,633
42,187
974,030
Atlanta Iltrm & At! 3d wk Nov
Atlantic Coast Line October___ 2,503,776 2,222,773 8,334,508 7,443,285
QBaltImore & Ohio_ October__ 7,660,821 6,991,860 29,882,158 26,634,952
953,107
256,084 293,045
950,550
Bangor & Aroostook October___
25,280
6,687
Bellefonte Central__ October__
7,429
21,062
Boston & Maine__ _ October___ 3,014,354 3,602,371 15,573,202 14,045,075
15,933
Bridgeton & Saco it September
4,389
15,353
4,786
Buff Roch & Pitts_r 3d wk Nov 183,946 134,443 3,795,497 3,070,148
549,559
Buffalo & Susq___r September
236,890 107,827
663,868
Canadian Northern_ 3d wk Nov 357,900 257,600 5,179,600 4,329,300
Canadian Pacific_ _ _ 3d wk Nov 1,993,000 1,051,000 38,870,789 31,467,480
Central of Georgia__ 3d wk Nov 255,700 245,200 4,862,593 4,628,568
Central of New Jer.. October__ _ 2,459,702 2,187,712 9,182,359 8,705,113
948,712
349,338 326,475 1,018,112
Central Vermont_ _r September
32,222
2,131
Chattanooga South_ 4th wk Oct
27,038
2,221
Chesapeake & Ohio_ 3d wk Nov 508,776 605,792 12,211,354 10,546,569
Chicago & Alton fly 3d wk Nov 306,314 314,724 5,687,050 5,301,972
Chic Burl rd Quincy October _- 8,363,547 7,688,451 30,896,89$ 28,227,597
981,126
p Chicago Gt West. September
2,862,403
Chic Ind & Louisv_ 3d wk Nov 110,498 100,937 2,414,697 2,207,423
Chic Ind & Southern -Sec New York Cen tral.
775,599
Chic MILS:Puget S_r September
Chic Milw & St Paul September 6,287,926 6,105,873 17,057,383 10,097,742
Chic & Nor West..-r October__ _ 7,499,670 6,920,251 27,238,044 24,443,908
Chic St P M & 0_ _r October-- 1.491,236 1,403,449 5,261,453 4,784,419
90,500
183,251
190,506
93,621
Chic Term TransRII August ___
Chi Ham & Day .r October___ 885,624 749,211 3,336,249 2,885,487
Cley Cln Chle & St L -See New York Can tral.
231,323 205,655
601,027
623,613
Colorado Midland r September
is Colorado & South 3d wk Nov 365,576 368,998 6,727,310 6,252,140
22,408
37,930
Colton Newt) 64 Lau August
42,331
20,687
August
62,558
Copper Range
147,020
71,220
1,40,479
October__ _
Cornwall
14,020
56,644
21,920
7,632
Leban_r
September
Cornwall &
38,156
24,798
113,738
71,330
September
Cuba Railroad
158,898 141,227
484,537
422,857
I Delaware & Hud_ September 1,618,910 1,653,683 4,867,835 4,716,826
Del Lack & West_ _r October_ _ _ 3,261,250 3,124,764 12,257,177 11,383,806
Deny & Rio Grande ad wk Nov 473,100 441,200 9,891,829 8,674,017
Denver N W & Pac_ 2d wk Nov
20,955
14,734
320,312
453,763
Det Tol & Iront Sys 3(1 wk Nov
28,327
35,809
648,934
701,479
Ann Arbor
3d wk Nov
37,270
39,328
746,754
759,404
Detroit 63 :Mackinac 3(1 wk Nov
19,646
20,217
488,597
448,354
Dui & Iron Itange_r September 1,454,173 1,010,077 4,204,335 2,033,009
3d wk Nov
59,476
53,242 1,421,220 1,106,961
Dul Sou Sh & Atl
554,495 508,732 1,743,579 1,568,443
El Paso & Sou W..r September
Erie
October___ 5,180,085 1,896,259 18,894,541 17,791,269
Evansville & Terre Haute-See Rock Is Luut Syst em.
6,727
Fairchild & Nor E__ October___
1,884
1,820
7,502
286,104
Fonda Johns & Giov October___
71,198
61,383
321,666
987,699
Georgia Railroad__ October___ 317,411 306,889 1,012,803
Georgia South &
-See Sout hero Rat way.
Grand Trunk Syst__ 3d wk Nov 885,456 846,743 18,174.850 16,763,0110
Cr Trunk West__ 3(1 wk Nov 112,348 106,245 2,449,916 2,250,976
708,744
38,120
810,740
Det Gr Hay & Mil 3d wk Nov
38,713
Canada Atlantic_ 3(1 wit Nov
38,,91
880,574
799,596
44,168
Great Northern Syst October __ 7,253,966 6,223,608 24,943,156 20,996,349
Gulf & Ship Island_ October__
207,313 176,089
698,603
590,677
Hocking Valley__ October__
754,861 661,505 2,663,032 2,455,451
Illinois Central ___ October _ 5,533,237 5,211,394 20,311,383 18,957,478
/nternat & Gt Nor_ 3d wit Nov 190,000 196,000 3,455,781 3,201,602
a Interoceanlc Alex_ 3d wk Nov 112,865 107,480 2,575,150 2,398,684
Iowa Central
3d wk Nov
66,650
54,300 1,372,125 1,210,690
Kanawha & Mich
October -- 255,536 228,684
937,125
846,845
Kansas City South_ October___ 861,897 803,910 3,018,670 2.981.294
K C Alex & Orient
3d wit Nov
35,800
25,200
686,279
439,288
Lehigh Valley
October__ _ 3,344,380 3,227,459 11,012,705 11,514,664
Lexington & East
September
39,182
108,130
35,441
116,526
Long Island
October__
/ne.116. 135
/ne.499, 508
Louisiana & Arkan_ October___ 111,457
99,821
382,543
427,820
Loulsv Rend & St L September
105,840
88,946
202,254
254,120
Loulsv & Malty
3(1 wk Nov 1,043,005 058,680 19,929,032 18,372,779
Macon & IlirmIng'm October -14,550
14,062
50,071
49,633
Maine Central..___r September
828,413 701,668 2,470,017 2,311,217
3,384
October__ _
Manistlque
2,889
13,573
18,948
40,377
37,042 ' 109,445
Maryland & Penna. September
104,251
a Mexican Internat. 3d wk Nov 174,502 130,402 3,110,921 2,683,850
a Mexican Railway_ 3d wk Nov 151,600 119;400 2,975,200 2,689,300
29,861
24,740
493,977
482,129
a Mexican Southern 3d wk Nov
• Mlehlgan Centra.- Sec New I( ork Centr 1.
17,099
16,159
343,515
Mineral Range_ ___ 3d wk Nov
342,180
89,063 2,179,645 1,806,972
Minneap ea St Louis 3(1 wk Nov 105,085
Minn St P & 8 S All 3d wk Nov 492,785 433,826 10,246,621 8,884,029
Chicago Divisionj
Missouri Kan & Tex October _- 2,856,104 2.824,648 0,426,146 0,263,432
Alo Pac do Iron Mtl
Central Branch_ f 3(1 wk Nov 1,006,000 972,000 21,255,062 18,650,126
Mobile Jack & K C Wk Nov 13
638,643
589,962
36,295
32.681
Nashv Clmtt & St L October__ _ 1,009,213 1,014,300 3,790,626 3,703,510
a Nat Rys of Mex.._ 3d wk Nov 926,779 893,690 18,325,735 17,572,747
Nevada-Cal-Oregon is wit Nov
163,948
10,525
6,113
223,463
Nevada Central__ September
19,922
6,867
5,999
18,449
N 0 Great North .._ _ October_ _ _
117,863
172,882
48,821
430,656

July 1 to Lares: Data

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

Current
Year.

Preetous
Year.

eNYC & Hud Itiv_ October... 8.889,032 8,131,768 34,064,681 30,910,864
Lake Shore & M S October... 4,307,470 3,795,519 16,703,473 14,346,207
n Lake E & West October___ 505,275 420,508 1,909,890 1,651,023
Chic Ind do South October__ 324,804 238,062 1,144,442
880,067
Michigan Central October... 2,700,718 2,386,294 9,953,286 8,673,555
Clev C C & St L__ October___ 2,585,574 2,374,403 10,126,597 9,039,672
Peoria & Eastern October..._ 294,336 258,884 1,126,319
974,396
Cincinnati North_ October._. 119,076 111,184
408,199
450,125
Pitts & Lake Erie October... 1,601,088 1,190,967 6,053,700 4,404,317
Rutland
October___ 321,384 275,560 1,203,751 1,067,914
N Y Chic & St L. October__ 984,127 850,965 3,538,272 3,048,536
Total all lines_ _ _ _ October... 22632 885 20034 074 86,365,382 75,404,750
N Y Ont ec Western October _ 702,628 688,362 3,134,081 3,085,551
NYNH & Hart..r October_ _ _ 5,417,411 4,935 338 20,069,571 18,684,525
N Y Susq & West
October... 326,381 294,822 1,128,372 1,031,127
Norfolk & South_ _r October__ 229,268 199,167
745,381
862,939
Norfolk & Western_ October___ 3,045,354 2,529,667 11,553,005 9.912,389
Northern Central
October___ 1,245,307 1,115,707 4,360,977 3,973,577
Northern Pacific_ _r October_ _ _ 7,703,073 7,269,067 28,991,368 25,586,222
Pacific Coast Co... September
714,352 578,107 2,271,721 1,751,213
Pennsylvania Co__ r September 4,962,547 3,738,263 14,067,027 11,062.050
d Penn-E of P do E October ._ _ 14773 884 12794 084 55,079.207 47,810,207
d West of P & E. October___ ine.1,51 1,000
fne.5,981, 000
Pere Marquette.._r October_ _ _ 1,500,464 1,381,244 5,549,102 4,908,494
Phila Bait & Wash_ October... 1,564,481 1,449,581 6,166,1 76 5,662,976
Pitts Cln Ch & St L. October... 2,969,747 2,508,212 11,096,368 9,387.559
Raleigh de Soutbp't October__
14,265
12,266
48,535
39,380
Reading Company.
Piffle, Fe Reading.. October
4,062,620 3.712,075 14,343,383 13,028,823
Coal & Iron Co_ October
3,444,847 3,513,484 8,860,000 10,104,040
Total both cos_ _ _ Oetober
7,507,467 7,225,559 23,203,385 23,132,862
Rich Freder & Pot_ September
143,901 125,413
481,534
418,324
Rio Grande June... August ___
85,845
65,394
171,365
138,364
12,495
Rio Grande South__ 3d wk Nov
13,503
192,370
252,437
Rock Island System October __ 6,410,161 5,632,499 23,777,070 21,336,108
3,828,766 3,517,730 14,327,639 12,773,033
St L & San Fran. October
1,085,710 036,056 3,899,589 3,450,345
Chic & East III_ October
216,428 196.323
861,778
777,981
I Evansv & Ter H October
11541088 10282609 42,866,076 38,343,468
Total of all lines_ October
443,681
438,034
147,185 168.975
St Jos & Gr Island_ September
St Louis Southwest_ 3d wk Nov 233,516 239,116 4,526,568 4,223,128
San Ped L A & S L.r September
655,492 582,392 2,118,782 1,654,859
Seaboard Air Line_r September 1,439,456 1,256,842 3,989,662 3,503,830
250,851
222,370
Atlanta & Birm_r September
80,103
88,580
Florida West Sh_r September
18,300
20,878
6,640
7,815
Southern Indiana_r September
311,580
346,356
120,762
95,717
c Southern Pac Co__ October_ _ _ 12654 702 11069 855 46,311,921 11,102,992
Southern Railway__ 3d wk Nov 1,144,925 1,050,515 22,690,985 20,622,022
Mobile & Ohio... 3d wk Nov 186,812 217,472 3,974,949 3,784,656
Cin N 0 & T P___ 3d wit Nov 183,269 144,954 3,421,112 3,038,127
Ala Gt Southern._ 3d wk Nov
80,340
68,309 1,517,034 1,388,266
Georgia So & Fla_ 3d wk Nov
40,604
863,497
726,852
38,327
Texas Central
3d wk Nov
29,549
41,824
415,740
485,402
Texas & Pacific.... 3d wk Nov 345,759 344,574 6,125,440 5,781,789
6,276
6,206
Tidewater & West_r October...
26,065
24,083
Toledo & Ohio Cent September
398,653 484,848 1,121,514 1,361,625
Toledo Peor & West 3(1 wk Nov
19,261
459,321
456,077
19,982
85,451 1,549,503 1,435,472
Toledo St I. & West 3d wit Nov
87,662
18,851
15.414
Tombigbee Valley
5,357
September
6,210
Union Pacific Sys
October___ 8,890,381 7,675,805 32,474,222 28,815,555
Vandalia
863,432 797,419 2,391,013 2,247,406
r September
416,781
424,207
Virginia & Sou West October... 111,704 119,658
Wabash
4th wk Nov 735,550 596,429 12,503,733 11,219,910
610,392 538,653 1,733,047 1,544,431
Western Maryland r September
West Jar & Seashore October.... 437,630 392,030 2,643,069 2,414,769
Wheeling ec L E...r October... 619,374 547,199 2,471,015 2,115,305
WhiteRiv(Vt) 2 wks end Nov 6
1,395
1,234
95,167
Wrightsville & Tenn October___
37,809
34,243
110,516
Yazoo 033 Miss Vail_ October _ 1,036,910 1,029,736 3,223,905 3,016,535
Various Fiscal Years.

Period.

Bellefonte Central
Jan
1 Delaware & Hudson
Jan
Mantstique
Jan
Jan
a Mexican Railway
Jan
a Mexican Southern
e N Y Central Cfc Hudson River_ Jan
Lake Shore & Michigan South Jan
n Lake Erie & Western
Jan
Chicago Indiana & Southern.. Jan
Michigan Central
Jan
Clev Cin Chicago ec St Louis
Jan
Peoria & Eastern
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
Rutland
Jan
N Y Chicago & St Louis
Jan
Total all lines
Jan
Northern Central
Jan
d Penn-East of Pittsb So Erie
Jan
d West of Pittsburgh & Erie_ Jan
Phila Baltimore& Washington
Jan
Pitts Cin Chicago & St Louis
Jan
Rio Grande Junction
Dec
Texas & Pacific
Jan
West Jersey & Seashore
Jan

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Oct
Sept
Oct
Nov
Nov
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Aug
Nov
Oct

Current
Year.

Previous
Year.

$50,314
$53,821
31
30 14,092,511 13,534,289
34,838
46,794
31
21 6,663,400 6,631,200
21 1,194,300 1,121,176
31 76,638,451 69,221,458
31 37,038,58 32,172,797
31 4,077,23. 3,607,140
31 2,571,12
2,165,472
31 22,543,654 20,004,463
31 22,634,621 19,800,397
31 2,462,701 2,238,450
975,458
31
804,115
31 11,836,434 8,492,033
31 2,573,816 2,301,405
31 8,209,747 7,557,555
31 191561 783 168455 255
31 10,072,071 9,401,871
31 125222 156 111833 318
31 Inc.10,75 ,500
31 14,631,387 13,403,087
31 24,738,128 21,612.102
553.460
669,254
31
21 12,743,607 11,779,348
31 5,041,421 4,687,021

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
2(1
3d
4th
lit
2d
3(1
4th
1st
2(1
3d

week Sep
week Sept
week Sept
week Oct
week Oct
week Oct
week Oct
week Nev
Week Nov
week Nov

(45 reads)._
(45 roads).(43 reads)._
(42 roads)._
(17 roads)....
(45 roads)
(49 roads)._
(13 roads)____
(15 roads)._
(44 roads)._

Cuent Year Prev. Year Inc. or Dec.
12,317,219
12,036,635
17,285,707
13,209,000
13,437,556
13,572,117
19,677,242
12,975,231
13,450,158
13,003,412

Cur'nt Year Prep': Yeast Inc. or Dec.

%

+1,087,610 9.69
Month Jan 1908 (894 roads). 183,223.014 173,596,903 +9,628,111 5.54
+1,428.179 12.41
Month Feb 1009 (893 roads).. 174,407.319 161.058.60 +13,438,712 8.84
+2,000,842 13.82
Month Arch 1909 (890 roads). 205,708,319 183,4530081+.22,254,4I3 12.13
+2,008,891 12.50
+1,673,115 14.56
Month April 1909 (895 roads). 197,011,539 175,002,64
+1,488,451 12.46
Month May 1909 (893 roads). 201,625,122 174,475,411 f-27,149.711 15.68
+1,504.104 12.47
Month June 1009 (893 roads) _ 210,357.226 183.983,829 4-26,373,397 14.33
+1,878,206 10.55
Month July 1909 (816 roads). 198,465,229 175,808,72t+22,566.503 12.83
+1.781,832 15.92
Month Aug 1909 (724 roads). 225,488,923 197,028,77 +27,560,143 13.92
+1,758,833 15.05
Month Sept 1909 (711 roads). 236,874,425 211,281,3151+25,593.110 12.11
Month Oct 1909( 48 roads) _ 71,067,075 63,587.684 +7.479,391 11.76
+1.151,164 9.71
a Mexican currency. 9 Includes earn ngs of Gulf & Chicago Division. c Includes the Houston & Texas Central and its subs diary lines in both
C.,ver3 lines directly operated. e Includes the New York & Ottawa, the St. I,awrenco do Adirondack and the Ottawa do N. Y. fly., the latter
years.
of which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. r Includes Evansville & Indiana RR. a Includes
the Cleveland Lorain & Wheeling fly In both years 3 Includes earnings of Colorado & Southern, Fort Worth & Denver City and all affiliated Mies, excepting Trinity & 13razo3 Valley RR. k Includes in both years earnings of Denver Enid & Gulf RR., Pecos Valley System and Santa Fe Prescott &
Phoenix Ity, I These figures do not include receipts from sale of coal. n Includes the Northern Ohio RR. o Figures here are on the old basis of socounting-nob the new or Inter-State Commerce Commission method. p Includes earnings of Mason City dc Ft. Dodge and IViso. Mina. PacH104 fr 711601.
ngurce weft now basis preagribed by Inter-State Commerce Commission..




11,229,609
11,503,456
15,185,025
11,535,385
11,949,105
12,667,923
17,798,046
11,19:1,399
11,691,325
11,852,248

Monthly Summaries.

1478

THE CHRONICLE

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of November. The table covers 44 roads and shows 9.71%
increase in the aggregate over the same week last year.
Third Week of November.

1909.

1908.

$
Alabama Great Southern
68,309
80,340
Atlanta Birmingham ec Atlantic
42,187
48,633
Buffalo Rochester & Pittsburgh
134,443
183,946
Canadian Northern
257,600
357,900
Canadian Pacific
1,993,000 1,651,000
Central of Georgia
245,200
255,700
Chesapeake & Ohio
505,792
598,776
Chicago & Alton
314,724
306,314
Chicago Indianapolis ec Louisv_
100,937
110,498
Cincin New Orleans & Texas Pac
144,954
183,269
Colorado & Southern
366,998
365,576
Denver & Rio Grande
441,200
473,100
19,646
Detroit ec Mackinac
20,217
Detroit Toledo & Ironton
35,809
28,327
37,270
Ann Arbor
39,328
59,476
Duluth South Shore de Atlantic_
53,242
40,604
Georgia Southern & Florida
36,327
Grand Trunk of Canada
885,456
Grand Trunk Western
846,743
Detroit Grand Haven & Mil_
Canada Atlantic
International de Great Northern
190,000
196,000
Interoceantc of Mexico
112,865
107,480
Iowa Central
66,650
54,300
Kansas City Mexico & Orient__
35,800
25,200
Louisville & Nashville
1,043,695
958,680
Mexican Railway
151,600
119,400
Mexican Southern
24,740
29,864
Mexican International
130,492
174,502
Mineral Range
17,099
16,159
Minneapolis & St Louis
89.063
105,085
Minneapolis St Paul & S S M_
Chicago Division
492,785
433,826
Missouri Pacific
972,000
1,006,000
Mobile ec Ohio
217,472
186,812
926,779
National Railways of Mexico_ _ _
893,690
10,525
Nevada-California-Oregon ____
6,113
12,495
Rio Grande Southern
13,503
St Louis Southwestern
239,116
233,516
1,144,925 1,050,515
Southern Railway
29,549
Texas Central
41,824
345,759
Texas & Pacific
344,574
Toledo Peoria ec Western
19,261
19,982
Toledo St Louis & Western___ _
87,662
85,451
Wabash
553,296
506,718
Total (44 roads)
Net increase (9.71%)

Increase. Decrease.
12,031
6,446
49,503
100,300
342,000
10,500
92,984
8,410
9,561
38,315
1,422
31,900
571
7,482
2,058
6,234
4,277
38,713
6,000
5,385
12,350
10,600
85,015
32,200
5,121
44,010
940
16,022
58,959
34,000
30,660
33,089
4,412
1,008
5,600
94,410
12,275
1,185
721
2,211
46,578

13,003,412 11,852,248 1,228,311
1,151,164

77,147

Net Earnings Monthly to Latest Dates.-The table following shows the gross and net earnings of STEAM railroads
and of industrial companies reported this week:

Roads.

[Void. Lxxxix
-Gross Earnings---Net Earnings-Current
Current
Previous
Previous
Year.
Year.
Year.
Year.

Nashv Chatt & St L_bOct 1,009,213 1,014,390
297,108
263,225
July 1 to Oct 31
3,790,626 3,703.519
949,157
997,829
g National Rys of Mexico_ Oct 4,126,905 3,909,802 1,494,221 1,485,890
July 1 to Oct 31
15,571,969 15,011,681 5,754,885 5,446,322
Nevada-Cal-Oregon_ b__ .Oct
49,350
39,289
25,077
29,074
July 1 to Oct 31
196,056
144,144
116,902
83,718
cN Y C & Hud Riv_b___Oct 8,889,032 8,131,768 3,027,229 2,203,398
Jan 1 to Oct 31
76 ,638.451 69,221,458 23,468,702 18,592,958
Lake Sh & Mich So_ b Oct 4,307,470 3,795,519 1,782,098 1,462,651
Jan 1 to Oct 31
37,038,582 32,172,797 14,095,796 11,142,744
e Lake Erie & West_ b_Oct
170,019
420,508
505,275
98,084
Jan 1 to Oct 31
877,936
4,077,233 3,607,140
542,438
Chic Ind & Sou_ b
Oct 324,804
95,809
41,464
238,062
Jan 1 to Oct 31
401,093
574.652
2,571,125 2.165,472
Michigan Central_b___Oct 2,700,718 2,386,294 1,081,360
845,591
Jan 1 to Oct 31
22,543,654 20,004,463 7,326,377 6,170,703
Clev Cin Ch & St L_ b_ _ Oct 2,585,574 2,374,403
634,727
811,285
Jan 1 to Oct 31
22,634.621 19,890,397 6,554,825 5,125,262
Peoria & Eastern_ b__ _Oct
294,336
73,050
258,844.. 112,011
Jan 1 to Oct 31
2,462,701 2,238,450
591,938
733,901
CInc Northern b
Oct
111,184
119,076
40,631 def11,213
Jan 1 to Oct 31
975,458
804,115
138,556
230,505
Pitts & Lake Erie_ b__Oct 1,601.088 1,190,967 1,061,980
666,481
Jan 1 to Oct 31
11,836,434 8,492,033 6,682,587 4,132,734
Rutland h
Oct 321,384
76,097
275,560
98,361
Jan 1 to Oct 31
2,573,816 2,301,405
655,665
757,264
N Y Chic & St L_bOct 984,127
850,965
341,198
432,682
8,209,747 7,557,555 2,629,987 2,147,157
Jan 1 to Oct 31
Total all lines_b
Oct 22.632,885 20,034.074 8,723.485 7,058,449
Jan 1 to Oct 31
191,561,822 168455,285 63,942,532 49,641,248
z N Y N H & Hartf_b___Oct 5,417,411 4,935,338 2,137,751 1,650,027
July 1 to Oct 31
20,969,571 18,684,525 8,476,034 6,360,444
N Y Ont & Western_a__Oct 702,628
205,215
688,362
174,317
July 1 to Oct 31
991,373 1,078,817
3,134,981 3,080,551
New York & Ottawa_bJuly 1 to Sept 30
4,579
40,366
45,458
9,668
N Y Susq & Western_a__Oct 326,381
294,822
92,437
96,499
July 1 to Oct 31
1,128,372 1,031,127
301,395
294,149
Norfolk & Western_b___Oct 3,045,354 2,529,667 1,248,225 1,044,248
July 1 to Oct 31
11,553,005 9,912,389 4,823,566 4,040,200
Northern Central_b
Oct 1,245,307 1,115,707
445,973
294,793
Jan 1 to Oct 31
10,072,071 9,404,871 2,142,078 2,244,878
Northern Pacific_b
Oct 7,793,073 7,269,067 3,672,549 3.728,614
28,991,368 25,586,222 13,396,176 12,439,931
July 1 to Oct 31
Pennsylvania Lines-directly operatedEast of Pitts&Erie_b_Oct 14,773,884 12,704,084 5,112,887 4,043,287
125,222,156 111833,356 36,819,288 31,635,888
Jan 1 to Oct 31
West of Pitts & Erie__Oct
Inc. 1,511,000
Inc. 669,500
Inc. 10,733,500
Jan 1 to Oct 31
Inc. 3,516,500
Phlla Balto & Wash_b__ Oct 1,564,481 1,449,581
583,536
631.636
Jan 1 to Oct 31
14,631,387 13,403,087 3,892,722 3,333,822
Pitts Shawmut & Northern_ bJuly 1 to Sept 30
212,627
161,939
def3,817 def50,802
610,489
Jan 1 to Sept 30
528,320
8,214 def140,888
Reading CompanyPhila & Reading_ b_ _ _Oct 4,062,620 3,712,075 1,705,227 1,665,786
July 1 to Oct 31
14,343.383 13,028,823 5,556,318 5,269,096
Coal & Iron Co_b
Oct 3,444,847 3,513,484
252,066
300,615
July 1 to Oct 31
8,860.000 10,104,040
484,090
24,979
Total both cos_b
Oct 7,507,467' 7,225,559 1,957,293 1,966,401
July 1 to Oct 31
23,203,385 23,132,862 5,581,297 5,753,186
Reading Company____Oct
124,818
144,918
July 1 to Oct 31
502,260
588,405
Total all companies___Oct
2,102,211 2,091,219
July 1 to Oct 31
6,169,702 6,255,446
Rock Island-b
Oct 6,410,161 5,632,499 2,397,218 1,811,698
23,777,070 21,336,108 8,351,611 6,837,061
July 1 to Oct 31
St L do San Fr_b
Oct 3,828,766 3,517,730 1,148,821 1,083,075
July 1 to Oct 31
14,506,020 12,871,529 4,463,276 3,017,498
Chic & East Ill_b__Oct 1.085,710
936,056
400,755
259,813
July 1 to Oct 31
• 3,899,589 3,456,345 1,442,933 1,030,175
Evansv & T H'te_bOet 216,428
196,323
88,557
70,842
July 1 to Oct 31
861,778
777,981
377,929
308,839
Total all lines_b
Oct11,541,068 10,282,609 4,035,352 3,225,428
July 1 to Oct 31
43,044,467 38,441,964 14,635,748 12,093,574
St Louis Southwest_a_Oct 1.148,285 1,011,324
402,374
300,475
July 1 to Oct 31
3,774,160 3,499,784 1,190,629
855,625
Southern Pacifica
Octl 2,659,702 11,069,855 5,358,516 3,971,170
July 1 to Oct 31
46,311,921 41,102,992 18,400,008 14,984,754
Southern Rallway_b____Oct 5,326,233 4,873,624 1,982,188 1,786,751
July 1 to Oct 31
19,166,561 17,397,432 6,589,729 6,001,471
Mobile & Ohlo-b
Oct 437,613
908,392
209,545
358,722
July 1 to Oct 31
3,381,850 3,162,555 1,067,073 1,078,338
Chic N 0 & Tex Pac_b_Oct 799,455
300,501
665,791
210,164
July 1 to Oct 31
2,887,012 2,617,649 1,047,476
837,874
Alabama Great So_b__Oct 370,630
92,767
118,352
314,478
July 1 to Oct 3
346,102
360,283
1,285,004 1,199,071
Union Pacifica
Oct 8,800,381 7,675,805 4,798,552 4,138,375
July 1 to Oct 31
32,474,222 28,815,555 17,110,551 14,972,367
39,736
119,658
Virginia Southwestern_b_Oct 111,704
50,295
424,207
142,944
416,781
July 1 to Oct 31
182,005
392,030
West Jersey & Seashore b Oct 437,630
39,538
35,238
5,041,421 4,687.021 1,384,695 1,097,795
Jan 1 to Oct 31
Western N Y & Penna_b-2,072,748 1,924,895
July 1 to Sept 30
308,651
528,029
5,525,519 5,188,589
Jan 1 to Sept 30
277,852
985,097
Yazoo & Miss Valley_aOct 1,036,910 1,029,736
172,593
209,045
July 1 to Oct 31
3,223,905 3,016,535
128,045 def137,899
INDUSTRIAL COMPANIES.
-Gross Earnings- -NetEarnings
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
Companies.
$
$
$
$
Abington & Rockland Elec
.
Light & Power Co -__Oct
5,100
3,367
7,766
2,225
45,784
Jan 1 to Oct 31
58,377
22,014
17,849
Blackstone Val Gas & El Oct
75,849
34,503
45,948
93,867
Ed El Co (Brockton)_ --Oct
25,973
19,218
9,198
'13,808
214,999
Jan 1 to Oct 31
170,534
93,455
76,620
Fall River Gas Wks____Oct
42,064
38,988
19,172
22,197
Jan 1 to Oct 31
334,918
339,802
145,953
145,925
Houghton Co El Lt
Oct
22,850
23,273 -- 12,387
12,102
Jan 1 to Oct 31
205.046
92,316
190,910
102,336
Lowell Elec Lt Corp_ _Oct
38,843
12,849
30,673
16,466
Jan 1 to Oct 31
289,399
274,712
113,035
122,618
Minneap General Elec__Oct
51,889
94,364
86,680
56,844
Jan 1 to Oct 31
440,633
885,837
799,406
502,607

-Gross Earnings- -NetEarnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Atlanta Birm & Atl_b__Oct 237,438
76,298
July 1 to Oct 31
832,169
190,100
Atlantic Coast Linea..._Oct 2,503,776 2,222,773
886,681
722,169
July 1 to Oct 31
8,334,508 7,443,285 2,209,894 1,746,115
Bangor & Aroostook_b__Oct
256.084
293,945
120,058
98,884
July 1 to Oct 31
950,550
336,499
953,107
375,218
Boston & Maine-b
Oct 3,914,354 3,602,371 1,316,966
,252,267
15,573,202 14.045,075 5,313,408 . 4,485,876
July 1 to Oct 31
Oct 9,744,597 7,381,970 4,386,297 2,655,267
Canadian Pacifica
32,634,789 26,452,480 13,262,115 9,623,346
July 1 to Oct 3
Central of Georgia_a____Oct 1,251,257 1,133,205
488,021
388,752
4,056,893 3,891,363 1,237,057 1,055,213
July 1 to Oct 31
Central of New Jen b___Oct 2,459,702 2,187,712 1,162,318
938,474
9,182,359 8,705,113 '4,132,820 3,778,241
July 1 to Oct 31
Chesapeake eiG Ohlo_b___Oct 2,706,950 2,332,158 1,123,389
951,963
10,491,827 9,029,194 4,3.15,056 3,663,682
July 1 to Oct 31
z Chic Burl & Quincy_b_Oct 8,363,547 7,688,451 2,604,702 2,824,388
30,896,895 28,227,597 9,629,214 10,170,566
July 1 to Oct 31
zChic Milwec Puget Sd b Sept 775,599
465,259
1,474,282
Aug 1 to Sep 30
886,527
z Chicago & Nor West_ b Oct 7,499,670 6,920,251 2,610,597 2 928,475
July 1 to Oct 31
27,238,044 24,443,908 9,519,530 9,777,949
zChic St P Minn & Om_ b_ Oct 1,494 236 1,403,449
599,281
617,297
July 1 to Oct 31
5,261,453 4,784,419 1,867,193 1,790,192
Colorado & Southern_ b_ Oct 1,600,924 1,448 ,948
660,027
502,003
July 1 to Oct 31
5,665,391 5,241,779 2,180,753 1,887,193
Cornwall_b
Oct
14,020
7,632
7,575
2,378
July 1 to Oct 31
21,920
56,644
28,740
3,235
zDel Lack & Western_b_Oct 3,261,250 3,124,764 1,590,829 1,482,392
July 1 to Oct 31
12,257,177 11,383,806 5,841,830 5,062,499
Detroit & Mackinac_a___Oct
108,842
93,407
35,362
22,501
July 1 to Oct 31
425,294
387,873
122,701
116,593
Oct 5,180,08 5 4.896,259 1,704,180 1,456,062
Erica
July 1 to Oct 31
18,894,541 17,791,269 5,470,214 4,910,002
Fairchild & Northeast_b_Oet
1,884
1,820
del 611
def 484
July 1 to Oct 31
7,502
6,727
def5,201
def1,296
Georgia RR_ b
Oct 317,411
306,889
109,908
93,103
July 1 to Oct 31
1,012,803
987,699
272,225
171,222
zGreat Northern- b
Oct 7,253,966 6,223,608 3,885,230 3,309,954
July 1 to Oct 31
24,943,156 20,996,349 12,856,614 8,895,101
Gulf & Ship Island_a____Oct
207,313
75,229
176,089
49,844
July 1 to Oct 31
698,603
590,677
196,678
104,412
Hocking Valley_b
Oct 754,861
323,702
661,505
228,700
July 1 to Oct 31
2,663,082 2,455,451 1,097,492
953,822
Illinois Central.a
Oct 5,583,237 5,211,394 1,307,358 1,217,689
Jan 1 to Oct 31
20,311,383 18,957,478 3,543,575 3,445,895
g Interoceanic of Mexico_Oct 616,279
545,686
214,431
173,506
July 1 to Oct 31
2,240,484 2,093,185
737,652
640,418
Iowa Central-a
Oct 327 ,563
258,583
898,246
844,413
July 1 to Oct 31
1,168,100 1,038,773 8287,355 8263,921
Kanawha & Mtchigan_a Oct 255,536
228,584
83,248
62,671
July 1 to Oct 31
937,125
846,845
298,481
225,108
Long Island
Oct
Inc. 116,135
Inc. 78,325
Jan 1 to Oct 31
Inc. 850,500
Inc. 694,526
Louisiana & Arkansas_b_Oct 111,457
99,821
43,728
21,492
July 1 to Oct 31
427,820
382,543
157,100
90,647
Louisville ec Nashville_b_Oct 4,679,790 4,323,488 2,053,472 1,673,312
July 1 to Oct 31
10,817,743 15,608,235 6,837,570 5,675,617
g Mexican International_Oct 696,968
588,318
303,383
249,861
July 1 to Oct 31
2,631,083 2,271,440 1,163,053
895,128
MInneap & St Louisa _Oct
566,024
a Net earnings here given are after deducting taxes.
445,036
k198,757 k171,010
July 1 to Oct 31
1,826,610 1.545,530 k658,704
b Net earnings here given are before deducting taxes.
k564,282
c Includes the New York & Ottawa, the St. Lawrence & Adirondack and
Missouri Kans & Tex_b_Oct 2,856,104 2,824,648 1,324,723 1,186,176
July 1 to Oct 31
9,425,147 9,265,432 3,590,642 3,161,139 the Ottawa & New York Ry. the latter of which, being a Canadian road,
does not make returns to the'
Inter-State Commerce Commission.
Roads.




DEC. 4 1909.1

THE CHRONICLE

e Includes the Northern Ohio RR.
g These results are in Mexican currency.
h For October 1909 additional income is given as showing a credit of
$576, against $13,798 deficit in 1908, and for period from July 1 to Oct. 31
there was a deficit of $3,947, against a deficit of $24,156 last year.
k For October 1909 additional income was $21,368, against $9,848 in
1908, and for period from July 1 to Oct 31 was $63,116 in 1909, against
$54,362 last year.
These figures are on the basis of accounting required bS, the InterState Commerce Commission.

Interest Charges and Surplus.
-Int., Rentals, &c.- -Bal. of Net E'ngs.Previous
Previous
Current
Current
Year.
Year.
Year.
Year.

Roads.

x36,916
80,776
84,551
z45,007
Bangor & Aroostook_ _ _ _Oct
330,236
329,292 x101,024
x46,133
July 1 to Oct 31
373,374
819,556
565,099
Central of New Jersey__ Oct 342,762
1,989,059 2,069.942 2,143,761 1,708,300
July 1 to Oct 31
256,307
226,248
c421,406
c269,416
Colorado & Southern.._ _ _Oct
1,018,129 1,019,201 c1,275,553
c999,903
July 1 to Oct 31
61,421
57,129
Oct
z57,156
x44,463
Georgia RR
242,016
220,632
x68,179 zdef9,461
July 1 to Oct 31
32,683
x13,484
Oct
36,805
x43,710
Gulf & Ship Island
126,899
135,570
x73,457 zdef28,580
July 1 to Oct 31
Oct 115,251
119,896
x257,954 z231,771
Hocking Valley
460,712
477,220 x812,277 z727,222
July 1 to Oct 31
26 743
23,005
z69,956
x56,860
Kanawha & Michigan- Oct
31
106,526
Oct
91,921
to
July 1
x224,541
z161,234
24,856
Louisiana & Arkansas_ _ _Oct
19,089
x28,313
x6,879
98,891
July 1 to Oct 31
76,551
x90,049
x33,211
Missouri Kansas & Tex_ _Oct 3617,598 3669,290 z711,488 x518,544
July 1 to Oct 31
32,309,514 32,407,608 x1,294,764 x775,053
Nevada-Cal-Oregon
Oct
3,594
x22,114
4,046
x26,555
July 1 to Oct 31
14,360
x72.012
16,184
x106,240
93.302
N Y Ont & Western_ _Oct
95,899
78,418
111,913
July 1 to Oct 31
381,152
371,228
707,589
610,221
New York & Ottawa18,738
July 1 to Sept 30
19,510 zdef8,881 zdef14,417
Oct 467,682
Norfolk & Western
437,060
778,543
607,188
1,855,729 1,751,907 2,987,837 2,288,293
July 1 to Oct 31
Pitts Shawmut & Northern57,485
July 1 to Sept 30
46,475 zdef34,130 xdef67,983
171,608
Jan 1 to Sept 30
138,282 zdef77,869zdef147,428
Oct 880,000
Reading Company
873,542 1,222,211 1,217,677
3,520,000 3,494,167 2,649,702 2,761,279
July 1 to Oct 31
174,376
168,008
St Louts Southwestern.. Oct
x270,385 x165,437
691,304
674,541
July 1 to Oct 31
x664,021
x338,091
Western N Y & Penna395,047
398,855
July 1 to Sept 30
132,982 def90,204
1,101,107 1,116.455 def116,010 def838,603
Jan 1 to Sept 30
INDUSTRIAL COMPANIES.
-Int., Rentals, &e.- -Bat, of Net E'ngs.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Companies.
Abington & Rockland Eke
Light & Power Co_ _ _ _Oct
805
328
2,562
1,897
Jan 1 to Oct 31
4,531
3,171
17,483
14,678
Edisod.EI Co (Brockton) _Oct
3,651
3,278
10,157
5,920
Jan 1 to Oct 31
27,235
59,667
49,385
___
2,457
20,426
3,78_ 1,771
Fall River Gas WksOct
16,715
g22,922
23,668
Jan 1 to Oct 31
123,031
122,257
5,011
4,706
Oct
Houghton Co El Lt
7,376
7,396
46,465
41,886
Jan 1 to Oct 31
55,871
50,430
4,145
Oct
Lowell El Lt Corp
3,429
12,321
9,420
45,072
44,139
Jan 1 to Oct 31
.
77,546
69,496
31 ,560
32,596
Minneap Gen Elec
Oct
25,284
19,293
302,881
315,574
199,726
134,059
Jan 1 to Oct 31
c After allowing for miscellaneous charges and credits to income.
h Fixed charges include taxes amounting to $95,000 for Oct. 1909,
against $123,897 in 1908, and additions and betterments of $42,122 this
year, against $49,986 from July 1 to Oct. 31 taxes were $335,099 in 1909,
against $417,949: additions and betterments were $126,060 for the same
period, against $149,706 the previous year. Prior to July 1907 It was the
practice to include these items in the expenses.
z After allowing for other income received.

ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Company.

Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to iciest date.
Current
Year.

MN. 41.0

,......
$

Amer Cities By & Lt_ October __
American Rys Co___ October __
cAur Elgin & Chic By October_ _ _
Binghamton St Ry__ September
Birm Ry Lt & Power. September
Brockton & Ply StRy October __
October __
Camaguey Co
Cape Breton Elec Co_ October __
Carolina Pow & Lt Co October_ _ _
Central Penn Trac_ _ October_ _ _
Chariest Con By G &I' October__ _
Chicago Railways Co_ October-. _
Cleve Palnesv & East October_ _ _
Dallas Electric Corp_ October __
Detroit United Ry
3d wk Nov
Duluth-Super Tr Co_ October__ _
East St Louis & Sub_ October__ _
October __
El Paso Electric
Fair & Ciarksb Tr Co_ October__
Ft Wayne & Wabash
Valley Traction Co October __
Galv-Hous Elec Co.._ October __
Grand Rapids By Co. October.... _
Havana Electric R. Wk Nov 28
Honolulu Rapid Tran
September
& Land Co
Houghton Co Trac Co
October-.
Illinois Traction Co September
Jacksonville Elec Co_ October __
Kansas City-Western September
Lake Shore Elec lay_ October__
Lox & Inter Rys Co_ July
Milw El By & Lt Co_ October
Milw Lt Ht & Tr Co _ October__ _
Wk Nov 27
Montreal Street By
Nashville Ry & Light October
North Ohio Tr & Lt October
North Texas Elec Co_ October
October
Northwest Eiev Co
Norf & Portsm Tr Co. September
October _
Oklahoma City Ry
Paducah Tr & Lt Co_ October
Pensacola Electric Co October
Porti'd(Or)RyL&PCo October
Rio de Janeiro Tram
October
Light & Power_
St Joseph (Mo) fly Lt
..,.,

f.e.




Previous
Year.

notnhpr

524,706
247,826
137,563
29,331
188,364
10,253
11,438
23,228
22,251
62,773
63,763
1110,000
29,467
147,838
141,721
87,235
191,775
58,347
37,714

$

$

481,001 4,750,809
231,126 2,449,613
121,525 1,295,969
27,662
260,252
177,388 1,646,825
9,767
114,156
11,284
110,788
22,166
193,616
17,753
163,569
58,096
627,520
60,654
633,858
968,542 10,244,608
271,673
25,223
134,140 1,109,941
123,043 7,111,956
810,837
78,880
178,644 1,672,853
485,222
44,913
351,658
34,656

591,214
625,550
9,003,164
250,451
958,493
6,308,092
734,001
1,666,500
431,432
322.387

122,806 113,390 1,161,156 1,092,090
887,002
102,014
996,619
94,348
784,570
858,541
82,520 76,003
38,397 34,636 1,802,827 1,719,444
37,725 32,467
282,548
305,614
26,543
21,654
219,153
288,988
373,252 357,508 3,174,865 2,973,051
41,567 38,509
354,989
392,153
266,919
252,883
94,255 87,678
929,316
874,888
54,239
58.706
321,654
328,565
376,355 334,677 3,493,240 3,201,501
77,696 67,471
783,825
727,177
74,838 68,575
148,992 141,815 1,415,675 1,309,348
184,815 157,532 1,818,987 1,578,085
135,697 119,299 1,045,816
889,848
184,430 182,923 1,707,708 1,592,007
158,234 d162,938 1,436,199 d1,395,234
49.683 31,199
18,924
186,755
185,749
16,706
21,027 18,346
171,722
205,077
426,707 372,398 3,974,354 3,594,501
645,195 652,586 6.252,690 5.891,744
AP AAA

7A AAP

AAA 17n

Latest Gross Earnings.
Name of
Road.

'780.745

Week or
Month.

Current Previous
Year.
Year.

$
Sao Paulo Tr Lt & P. October_ _ _ 205,146
Savannah Electric Co October _ _
50,435
Seattle Electric Co_ _ October _ _ 544,077
Sou Wisconsin By Co October___
13,651
Tampa Electric Co.._ October _ _
50,759
Toledo Rys & Light_ October_ _ _ 239,374
Toronto RallwaYs-- - Wk Nov 27 75,625
Twin City Rap Tran _ 2d wk Nov 129,301
Underground El By
of LondonThree tube lines_
Wk Nov 20 £13,835
Metropolitan Dist_ Wk Nov 20 £11,084
United Tramways_ Wk Nov 20
£4,966
United Rys of St L__ October.. _ _ 1039,267
United RRs of San Fr September 624,261
Virginia Ry & Pow Co August _ _ _ 165,334
Wash Balt & Annan_ September
58.789
Whatcom Co By & Lt October __
35,672

181,966
51,071
401,934
13.724
47,354
21.8,074
67,837
119,851

Jan. 1 to latest date.
Current
Year.

Previous
Year.

1,981,417
502,435
4,920,747
134.436
487,012
2,220,810
3,458,378
6,037,249

1,864,146
486,867
3,705,065
130,207
453,334
2,082,897
3,167,538
5,563,182

£12,250 £580,970 1534,330
£9,874 £454,819 1419,920
£5,245 £280,970 1309,653
949,914 9,265,653 8,810,539
581,392 5,457,039 5,079,336
1,348.720
55,938
31,758
330,862
291,928

c These figures are for consolidated company. d Includes earnings of
he Norfolk County Ferries.

Electric RailwayNet Earnings.-The following table gives
the returns of ELECTRIC 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. 27 1909. The
next will appear in the issue of Dec. 25 1909.
-GrossEarnings- -NetEarnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
Amer Cities By & Lt_a_ _Oct 524,706
481,001
217,707
188,175 •
Jan 1 to Oct 31____ 4,750,809 4,468,295 1.989,562 1,767,479
Baton Rouge Elect Co__Oct
8,937
7,604
3,325
2.025
Binghamton Street Ry_ _Sept
29,531
27,662
11,437
12,270
Jan 1 to Sept 30
260,252
238,796
112,151
98,402
Brock'n & Plym St Ry_.Oct
10,253
9,767
2,661
3,551
Jan 1 to Oct 31
114,156
105,973
34,508
30.196
Camaguey Company_ _ _ _Oct
11,438
11,284
4,825
4,916
Jan 1 to Oct 31
97,429
110,788
50,891
44.548
Cape Breton Elect Co__ _Oct
23,228
22,166
10,991
9,416
Jan 1 to Oct 31
193,616
204,010
75,573
85,308
Dallas Elect Corp
Oct 147,838
134,140
67,441
60,373
Jan 1 to Oct 31
1,109,941
958,493
401,533
309.251
El Paso Elect Co
Oct
58,347
44,913
22,635
11.369
Jan 1 to Oct 31
485,222
431,432
189,050
118,866
122,806
Ft Wayne & Wab Vali_ _Oct
113 390
52,420
53,459
Jan 1 to Oct 31
1,161,156 1,092,090
482,231
478,690
Galveston-Houston El Co Oct 102,014
94,348
37,362
41,506
Jan 1 to Oct 31
996,619
887,002
407,312
373,551
Houghton Co Tr Co
Oct
26,543
21,654
13,473
10.712
Jan 1 to Oct 31
268,968
219,153
124,198
96,267
Jacksonville Elect Co___Oct
41,567
38,509
19,430
17,365
Jan 1 to Oct 31
392.153
354,989
168.118
142,794
Nor Texas Elect Co____Oct
135,697
119,299
71,102
63,195
Jan 1 to Oct 31
1,045,816
889,848
471,209
369,751
Oklahoma City By
Oct
49,683
31,199
22,320
12,033
Oregon Electric Ry Co_a _Oct
39,996
19,293
15,029
5,045
Paducah Tr & Lt Co_ _ _ _Oct
18,924
16,706
7,160
6,437
Jan 1 to Oct 31
185.749
186,755
73.872
73,720
Pensacola Elect Co
Oct
21,027
18,346
8,648
7,913
Jan 1 to Oct 31
205,077
171,722
87,827
48,728
Oct 170,199
Puget Sound El Ry
142,636
59,609
51,174
Savannah Elect Co
Oct
50,618
51,071
17,646
20,767
Jan 1 to Oct 31
502,435
486,867
176,285
165,968
Seattle Elect Co
Oct 544,077
401,934
217,876
168,310
Jan 1 to Oct 31
4,920,747 3,705,065 2,080,322 1,524,985
Tampa Elect Co
Oct
50,759
47,354
23,967
17,184
Jan 1 to Oct 31
487,012
453,334
201,985
149,508
Western Ohio Ry_ b_ __ _Oct
43,325
42,010
21,413
20,133
July 1 to Oct 31
186.366
167,874
93,930
81,541
Whatcom Co By & Lt__Oct
35,672
31,758
16,064
13,991
Jan 1 to Oct 31
330,862
291,928
143,567
123,514
Yonkers Railroad_ bJuly 1 to Sept 30
164,292
147,409
50,514
18.538
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Roads.

Interest Charges and Surplus.

$

4,468,295
2,341,038
1,179,440
238,796
1.581,763
105,973
97,429
204,010

1479

-Int., Rentals, &e.- -Bat. of Net E'ngs.Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
104,472
Amer Cities By & Lt_ _ _ _Oct 107,207
110,500
83,703
1,063.568 1,042,698
Jan 1 to Oct 31
925,994
724,781
9,037
Binghamton Street Ry_ _Sept
0,024
2,400
3,246
81,466
Jan 1 to Sept 30
74,827
30,685
23,575
1,756
Brock & Plym St Ry_ __ _Oct
905
2,151
1,400
Jan 1 to Oct 31
18,102
22,482
16,406
7,714
Cape Breton Elect Co_ _ _Oct
5,066
4,956
5,925
4,46(
Jan 1 to Oct 31
51,220
50,087
24,353
35,22k
Dallas Elect Corp
Oct
27,471
27,554
39,970
32,819
Jan 1 to Oct 31
282,667
291,578
118,867
17.673
El Paso Elect Co
8,420
Oct
7,107
14,215
4,262
Jan 1 to Oct 31
80,418
71,619
108,632
47,247
Galveston-HoustonElCo_Oct
22,485
20,192
14,877
21.314
Jan 1 to Oct 31
217,853
203,647
189,459
169,904
Houghton Co Tr Co____Oct
6,215
5,379
7,258
5.333
Jan 1.to Oct 31
60,002
47,988
64,196
48,279
Jacksonville Elect Co___Oct
9,452
9,124
9,978
8.241
Jan 1 to Oct 31
94,114
92,721
74,004
50.073
Oct
Nor Texas Elect Co
16,190
15.187
54,912
48,008
Jan 1 to Oct 31
170,875
159,443
300,334 .210,308
Paducah Tr & Lt Co_ _-_Oct
6,689
6,625
535
def25r
Jan 1 to Oct 31
69,132
68,314
5,558
4,58,
Pensacola Elect Co
4,474
4,261
Oct
4,174
3.652
Jan 1 to Oct 31
43,522
42,609
44,305
6.119
Puget Sound El Ry
49,777
44.257
Oct
9,832
6,917
Savannah Elect Co
17,621
Oct
17,578
25
3,189
174,539
Jan 1 to Oct 31
171,973
1,746
def6,005
Seattle Elect Co
102,168
Oct
97,084
115,708
71,226
Jan 1 to Oct 31
1,034,769
898,137 1,045,563
626,848
Tampa Elect Co
Oct
4,623
4,380
19,344
12,804
46,554
Jan 1 to Oct 31
30,148
155,431
119,360
Western Ohio By
Oct
15,429
14,924
5,984
5,209
July 1 to Oct 31
61,847
61,446
32,083
20,095
Whatcom Co Ry & Lt..Oct
8,489
9,026
7,595
4,965
Jan 1 to Oct 31
82,759
81,983
60,808
41,531
Yonkers RailroadJuly 1 to Sept 30
38,820
20,705
11,694
def.2.167
x After allowing for other income receievd.
3ii
Roads.

[VOL. Lxxxi X.

THE CHRONICLE

1480
ANNUAL REPORTS,

Annual Reports.-An index to annual reports of stedm
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Nov. 26. The next will appear in that of Dec. 25.
Canadian Northern Railway.
(Report for Fiscal Year ending June 30 1909.)
President William Mackenzie, Toronto, says in substance:
General Results.-The average mileage operated was 3,013 miles, corn
pared with 2,866 miles for the preceding year [an increase of about 5%.
Ed.]. The gross earnings show an increase of $872,305, or 8.98%, and
the net earnings $533,675, or 17.60%. The working expenses were
72.55% of the gross earnings of the railway proper and 66.30% of the
gross earnings from all sources, compared with 74.10% and 68.77% respectively last year.
The increase in gross earnings, while comparing favorably with the
increased mileage operated, is not as large as your directors hoped. This is
explained in part by the unusually quiet conditions of business generally
throughout the Dominion. Since the close of the fiscal year, however,
there has been a very gratifying increase in the four months' business to
Oct. 31 over the corresponding period of last year of $561,300. Your
directors are confident that a porportionate increase will continue, for the
grain crop of 1909 is one of the best for several years, and grades uniformly
higher than any previous year. While the increase in yield and quality
extends over the entire territory wz serve, an the outstanding fact of
the year is the leading position gained by the Province of Saikatchewan in
the production of wheat and other grains.
Estimates of Minister of Agriculture for Province of Saskatchewan, Oct. 1909.
Flax,
Barley.
Oats.
Wheat.
Bushels
84,000,000 102,800,000 8,000,000 3,800,000
Extensions.-During the year 60 miles of the line, from Saskatoon towards
Calgary, were opened for traffic, and it is esitmated will furnish your
railway with 2,000,000 bushels of grain for shipment to Port Arthur. 1,000
miles distant. The line has recently been extended an additional 60 miles
to the new town of Kindersley, and the grading has been completed for a
further 60 miles. The railway traverses the most fertile section of the
Great Saskatchewan Plains, in which your company has heavy holdings
of land, which constitute the greatest remaining block of surveyed unoccupied wheat lands of this continent. (Compare V. 87, p. 1159, 225; V. 88,
p. 821; V. 89, p. 40.)
In Alberta, following a demand to connect Edmonton with Calgary and
the southern portion of the Province, a line has been rapidly pushed for
ward; steps are also being taken towards reaching the coal fields of the
Brazeau River, in which are most extensive deposits of easily mined highgrade coal. It is expected that your railway will reach Calgary from the
north and the east next year, and that Southern Alberta will be served in
the following year. These extensions have already produced a widespread
demand for the speedy continuation of your railway to the Pacific Coast.
The lines under construction in Alberta will furnish abundant traffic
immediately they are opened. To the north of Edmonton and in the Peace
River district there is already the nucleus of prosperous agricultural settlement; and a general trade throughout a territory five times as large as the
United Kingdom, at present without railway service.
The connection at Fort Frances with the Duluth Rainy Lake & Winnipeg
By.(V. 88, P. 821; V. 89, p. 1279) has induced a satisfactory traffic from
the Middle Western States through the important port of Duluth. This
connection gives us a much longer haul than heretofore from the growing
passenger and freight busness originating in the United States.
Sales of Lands.-Adjacent to the line between Saskatoon and Calgary,
now completed, your (Airectors have sold t homeseekers large quantities
of land on which the increase in cultivated areas, since the railway wai
built, is phenomenal. At Rosetown, which has only since the close of the
present fiscal year been placed under the operating department, three elevators have already been built to receive the grain now being threshed.
The land sales during the past year were 116,662 acres, and realized
$1,091.722-an average of $9 36 per acre, being an increase for the year
of $1 04 per acre. Satisfactory sales have been made since June 30 at still
higher prices.
Stock.-During the last five years certain allied companies have been
amalgamated with your compnay, in addition to which a large amount
of new mileage has been added to the system in respect of all which an
adjustment of the capital stock has been made during the year.
New Securities.-During the year 11,027,400 4% land grant bonds were
issued on the security of 1,250,000 acres of selected lands, the proceeds of
which have been applied to the general purposes of the company. From
payments received on land sales 140,000 of the bonds have been retired,
leaving £987,400, or $4,805,347, outstanding on June 30. (V. 87, p. 1477.
See also V. 88, p. 821; V. 89, p. 40, 1279.)
Additional car trust obligations were incurred, amounting to $2,500,000,
to provide the necessary equipment of all kinds to meet the requirements
of traffic. (V. 88, p. 1312.) Obligations, incurred for the same purpose
in previous years were repaid to the extent of $2,350,000 during the year,
so that the liability on this account has been increased by only $150,000.
Development, &c.-The manufacture of lumber at various points on your
railway becomes each year a more important traffic factor. At Fort
Frances large pulp-wood and paper mill industries are being established in
connection with water-power development. A notable feature of the
recent expansion in Western Canada is the multiplication of general manufacturing plants, chiefly in Winnipeg, where there are now 144 operating
factories of all kinds.
At Port Arthur additional docks and sheds for both passenger and freight
traffic via the Great Lakes have been constructed; interests allied with
your railway are building a palatial hotel close to your station, and the
Atikokan Iron Co. is producing excellent pig iron, the ore for which we
haul. The construction of an extensive ship-ubliding plant within the
city's limits has been started.
At Winnipeg the Fort Garry station, in which the Dominion Government
and Grand Trunk Pacific By. will be your tenants, is nearing completion,
and should be in full use next spring.
MiscelLocomo-Passenger Freight
laneous.
Cars.
Cars.
tires.
Equipment owned June 30480
9,465
275
346
1909
236
8,065
227
290
1008
226
185
6,868
190
1907
OPERATIONS, EARNINGS, CHARGES, &C.
1907-08.
1906-07.
1908-09.
2,866
2,509
3,013
Average miles operated
Operations937,036
703,988
1,028,787
Passengers carried
78,044,255 74,468,415 60,683,505
Passengers carried one mile
2.381 cts.
2.413 eta.
2.344 cts.
Earnings per passenger per mile_
$1.06704
$1.18601
$1.04453
mile
train
traffic
Earnings per
2,615,580
1,822,220
2,058,802
Freight *(tons) carried
1000875386 875,287,887 657,437,305
Freight (tons) carried one mile
0.779 cts.
0.873 cts.
0.736 cts.
Earnings per ton per mile
$3,387.81
$3,328.09
$3,512.04
Earnings per mile of road
$
$
$
Gross Earnings1,846,087
1.464,256
1,928,686
Passenger
6,911,815
7,481,326
6,742,587
Freight
771,375
987,598
Miscellaneous
72,919
58,231
74,382
Malls
107,266
85,124
109,777
Express
Total gross earnings
Operating ExpensesMaintenance of way and structures
Maintenance of equipment
Transportation expenses
Traffic expenses
General expenses, including taxes
tag
, Total operating expenses




10,581,768

9,709,462

8,350,198

1,436,440
1,252,764
3,863,705
128,728
333,768

1,486,030
1,330,067
3,486,638
120,284
253,756

1,260,960
1,033,369
2,820,781
00,787
218,266

7,015,406

6,676,775

5,424,164

Per cent of gross earnings
Net earnings
Fixed ChargesInterest on bonds guaranteed by Government of Manitoba
Int. on bonds guar. by Dom. of Can..
Int. on perpetual consol. deb. stock..
Int. on Qu'Ap. L. L. & S. deb. stock
and bonds
Interest on 4% land grant bonds_ _ _ _
Rentals leased lines
Interest on equipment leases
Total fixed :charges
Surplus for year

1908-09.

1907-08.

1906-07.

(66.30)
3,566,362

(68.77)
3,032,687

(64.96)
2.926,034

695,641
280,800
938,399

658,743
280,800
577,539

624,726
280,800
446,054

203,983
96,107
223,960
480,727

181,467
223,960
431,248

223,960
306,949

2,919,617
846,745

2,353,757
678,930

1,882,489
1,043,545

GENERAL BALANCE SHEET JUNE 30.
1908.
1909.
1908.
1909.
$
AssetsCost of ry.& eq_116,260,251 85,732,583 Capital stock___ 55,000,000 30,750,000
4% cons.deb.stk 24,054,717 24,054,717
Capital stock &
Bonds 8, stock
bds. other cos.
guar. by Govt 26,727,183 26,647,730
cost
owned
Land gr. bds.'99 x2,000,000 2,000,000
(par $7,408,394 in 1909)__ a5,725,060 5,733,673 Land gr. bds.'07 4,805,347
891,100 Car trust oblig_ _ 9,776,232 9.628,791
Adv. tooth. cos. 1,420,424
452,718
550,214
Unpaid pay-rolls
Adv. to lines unUnpaid audited
der construe.
814.347
924,353
and Winnipeg
vouchers ____
428,407
1,979,045 Due to other cos. 2,688,621
4,667,129
terminal
Coupons & dive.
Def. payments
674,526
due July 1_ _ _ 1,149,547
on land sales_ 7,273,230 7,240,913
579,641 Accr. Int.on bds.,
Material &supp. 1,347,632
185,973
&c., to date__
196,148
Due from agents
Equip. replace& cos., traffic
47,755
meat fund_ _ _
44,136
326,902
418,113
balances, &c_
Surplus land gr.
Installments rec.
9,976,423
x10,531,994
account
acct.4% cons.
1,154,958 Surp. of railway 3,948,518 3,311,947
deben. stock_
Cash with Nat.
Tr. Co. acct.
land sales_ _ _ _ 4,302,637 3,832,585
1,501,934
982,535
Cash on hand__
Total

142,397,009 108,973,336

Total

142,397,009 108,973,336

a This amount represents the stocks and bonds pledged to secure the 4% perpetual consolidated debenture stock at par, a3
Minn. & Ont. Bridge Co.stock...5100,000 St.Boniface & West.LandCo.stk.$250.000
First mortgage 5% bonds_ _ _ 750,000
180,000
First 4 % debentures
400,000 Can. North. Telegraph Co. stock 500,000
Minn. & Man. RR. stock
General mortgage 5% bonds__ 800,000
General mortgage 5% bonds 250,000
Lake Superior Term. Co. stock_ _ 500,000 Winnipeg Land Co., Ltd.,stock_ 100,000
First mortgage 5% bonds_ _ _ 300,000
2,000,000
5% bonds
Edm.& Slave L. Ry.5% bonds. 420,000
Canadian Northern Coal & Ore
375,000 Can. Nor. Prairie Lands Co. stk_ 483,304
Dock Co. 5% bonds
x The surplus in land grant account, $ 0,531,994, was obtained after deducting
$2,000,000 land grant bonds (Issue 1809), as above, the money to redeem which is in
the hands of the National Trust Co., the gross land sales having aggregated $12.
531,994.
Note.-In addition to the above assets the company owns 1,398,013 acres of land
in Manitoba and Saskatchewan.-V. 89, p. 1346, 1279.

Aurora Elgin & Chicago Railroad.
(Report for Fiscal Year ending June 30 1909.)
President L. F. Wolf, Cleveland, Oct. 19, says in brief:
Tracks.-The tracks and roadway have been maintained to a high degree
of efficiency. Various additions and improvements have been made.
New Connecting Lines, &c.-In my last report, reference was made to the
probable construction of a line to connect West Chicago and Geneva with
our railway. This line is now being constructed with every prospect of
completion before Jan. 1 1910. A contract has been entered into under
which this company will furnish the new line with power at a fair profit,
while its value as a feeder should be reflected in increased earnings for the
atter half of the ensuing fiscal year.
The electrification of the steam railroad extending from Aurora to De
Kalb, Ill., will shortly be undertaken,and from present indications should
be completed about Jan. 1 1910. This will result in another power contract
and a considerable volume of new traffic to this company.
On April 7 1909 a contract was entered into with the United States Express Co. for the carrying of express matter over this company's lines.
General Results.-The general business depression, which prevailed durng the entire year covered by this report, adversely affected our earnings,
which, while showing some improvement over the preceding year, fall far
short of normal growth. A comparative statement for the first three
months of the current fiscal year indicates that our earnings are once more
growing at the normal rate.
RESULTS FOR YEARS ENDING JUNE 30.
1908-09. 1907-08,
1908-09. 1907-08.
$
$
*55,492 *47,706
Other
Income
1,283,599
RR...1,326,070
earnings,
Gross
77,587
do light dept._ _ _ 85,652
Total net income_ 670,944 620,624
DeductTotal gross earns.1,411,722 1,361,186
341,327 333,700
Oper. expenses, RR_ 739,057 729,581 Interest and taxes
58,687 Div. on pt. stic.(534 %)162,750(5)155,000
do light. dept_ _ 57,212
Div. on coin. 51k..(3%)93,000 (3)93,000
Total oper. exp___ 796,270 788,268
597,077 581,700
Total deductions
P.c. op.exp. to earn. (56.40) (57.91)
38,924
Balance, surplus... 73,867
Net earns., all depts_ 615,452 572,918
* Other income in 1908-09 includes sale of power, $44,354; rentals, $2,392; interest and discount, $644; earnings, sinking fund investment, $8,102.
BALANCE SHEET JUNE 30.
1909.
1908.
1908.
1909.
Liabilities
-$
AssetsProp., plant, &c_11,949,882 11,913,098 Preferred stock__ _ 3,100,000 3,100,000
595,441 Common stock _ 3,100,000 3,100,000
704,63$
Construe., Imp.,Sre
"1st & ref." bonds 1,494,000 1,494,000
Elgin hnprovem'ts
I, 12,715 First mtge. bonds_ 3,000,000 3,000,000
under leases_ -.1
E. A. & S. Trim.
"First and ref."
cons. 1st M. bds. 2,000,000 2,000,000
394.000
bonds in treas__ 206,000
19,936
21,054
(151.249 Salaries and wages
Sink, fund invest.]
3,300 Vouchers and acS. t. cash with trus.) 164,203
121,624
counts payable_ 181,350
654
1
S. f. accr., not pd_l
51,300
75,711
Notes payable_ _ Material, supplies
53,771
54,901
55,873 Accr. Int. & taxes_
80,316
& prepaid accts.
69,750
62,000
80,060
58,935 Accrued dividends.
Cash on hand, &e.
7,511
6,917
43,681 Outstand. tickets_
77,809
Accts. dr notes rec.
27,015
6,283 Reserve for damSuspense
5,100
13,156
age claims, &c_
211,395
Profit and loss__ 271,679
13,379,926 13,235,229
Total
-V.88, p. 1618.

Total

13,379,926 13,235,229

Nipe Bay Company.
(Report for Fiscal Year ending Sept. 30 1909.)
President Andrew W. Preston, Boston, 'Nov. 17 1909,
writes in susbtance:
General Results.-The sugar mill produced 91,888,400 lbs. of sugar and
2,673.808 gallons of molasses, as against 39,487,560 lbs. of sugar and 1,058,067 gallons of molasses the previous year..
Net earnings from operation for the year amounted to $446,021 and were
applied to the payment of interest on mortgage and floating debt, the latter
represented by advances, on which interest is charged at the rate of 6%.
A reduction of $19,622 was made in this indebtedness.

THE CHRONICLE

DEG. 4 1909

,Notes.-Under date of June 1 1909 there were issued $3,500,000 in 5-year
first mortgage 6% notes.to provide for the retirement of $2,750,000 in
3-year 6% notes, which matured on that date. The balance of the funds
obtained from this issue was used for development and as working capital.
(Compare V. 88, p 454, 568.)
Improvernents.-'he
'1
total expenditure for improvements was $496,997,
of which $454,857 was charged to capital account; the balance, $42,140,
having been absorbed in operating expenses. The planting of 2,000 acres
of cane for the 1910 crop was completed. 23.87 miles of standard-gauge
railway were added to the inventory, and the equipment of the railways
was increased by two locomotives and 115 cars. In the live-stock department will be noted an increase of 518 head in the number of horses and
cattle. Some 70 buildings, barracks, cottages and stores were completed;
and 13 cane scales and 21 cane cranes were installed in the fields.
Outlook.-The prospects for a largely increased output of sugar for the
coming season and the excellent physical condition of the cane fields and
milling plant give promise of earnings which should provide for further
reduction of indebtedness or for extension of cane fields and enlargement
of manufacturing capacity. For the crop of 1910 the company has available over 22,000 acres of cane.
INCOME ACCOUNT FOR THE FISCAL YEARS ENDED SEPT. 30.
Increase.
1909.
1908.
$486,558
.$446,921
def.$39,637
Net earnings
Less interest charges$15,000
$165,000
Interest on mortgage notes_ _ _ _ $180,000
96,000
96,000
Interest on debentures
69,885
146,782
76,897
Interest and discount
$84,885
$422,782
$337,897
Total
$24,139
def.$377,533
Surplus for year
07
02,
Note.-The discount and commission on 5-year 6% notes, $$244051 5
was charged direct to profit and loss, making the total profit and loss deficit
$830,966. The deficit was caused chiefly by the fact that the production
of the cane fields did not reach normal until the beginning of the 1909 season.

,6

1481

PROFIT AND LOSS ACCOUNT FOR YEAR ENDING SEPT. 30.
1907-08.
1908-09.
1906-07.
Net profits after deducting expenses
($253,672 in year 1908-09) for all
ordinary repairs and maintenance,
which cover depreciation of plants_ $1,526,879 $1,148,406 $1,962,168
DeductExtraordinary expenses, being repairs,
improvements, &c., increasing capacity and efficiency of the works_
95,764
$77,735
$116,130
Appropriations and expenses for new
construction, to replace capacity of
old and abandoned plants
90,052
Charged off for deprec'n of mining,&c.
38,049
38,504
68,431
Charged off for depletion of clay, coal
and ganister properties
16,473
16,799
42,818
Total deductions
$150,286
$133,038
$317,431
Net profits
'$1,376,593 $1,015,368 $1,644,737
Interest on bonds
$119,187
$127,937
$136,688
Dividend on preferred stock (8%)- - 575,615
576,000
575,379
Dividend on common stock
(34)90,000
Surplus for the year

$682,027

$311,816

BALANCE SHEET SEPTEMBER 30.
1909.
1908.
1909.
AssetsLiabilitiesProp. and Iran. of
Bonds
2,265,000
constituent cos_28,716,152 28,755,434 Common stock_ _ _18,000,000
Bet'm'ts completed 1,136,196 1.118,409 Preferred stock_ _ _ 9,600,000
Bet'ts uncomplet'd 238,809
76,299 Int. & taxes accr'd
50,897
Deferred chg'es to
Depletion fund_ _ _
125,706
future operations z288,786
310,907 Pay-rolls
62,099
Inventory at cost.. 1,577,317 1,335,862 Accounts payable_ 302,608
Cash
566,526
703,821 Premium on bonds
9,131
Acc'ts receivable_y1,227,864 y891.775 Sundry reserves
213,620
Bills receivable_ _ _
33,009
36,018 Surplus
3,851,989
Invest, of reserves 182,000
182,000
Co. bonds purch.&
held in treasury_ 267,000
312,000
Other securities.. _ _ 297,390
61,560

$842,049
1908.
2,440,000
18.000,000
9,600,000
44,446
111,529
45,523
123.443
13,020
236,163
3,169,962

* After deducting $42,140 expended for betterments, charged agaln3t
against operating expense.
BALANCE SHEET SEPT. 30 1909 AND 1908.
1908.
1909.
1909.
1908.
$
Liabilitiess
AssetsProp., equip., &c.511,336,566 10,881,709 Common stock_ 3,502,500 3,502,500
19,740 Preferred stock..__ 2,000,000 2,000,000
19,171
Cash
Total
34,481,050 33,784,085
Total
39,083 5-year 1st M. 6%
Accts. receivable.
52,897
34,481,050 33,784.085
Sugar & mol's st'k
notes due 1914_ 3,500,000
20,833
15,406
x Includes clay, coal and ganister outfits, $217,986, advanced royalties, stripping,
Trustee funds for
3-year 6% notes
5,000 2,750,000 prospecting, uncompleted extraordinary repairs, &c.
payment of 3due June 1909_ _
y Accounts of constituent companies against each other omitted.
year notes due
10-year 6% debs.
1,600,000 1,600,000
June 1 1900_
zTotal issue, $3,500,000,less unpurchased and canceled for sink'g fund,$1,235.000.
due 1917
5,000
1,512,594 1,532,216 -V. 89, p. 1413.
Income account
610.105 Floating debt
830,966
50,166
29,631
Accounts payable_
9,654
11,713
Drafts
31,328
Audited vouchers
1,995
Unpaid coupons
3,180
Interest accrued
102,000 .
87,000

GENERAL INVESTMENT NEWS.

Total

12,205,433 11,566,044

Total

12,265,433 11,566,044

RAILROADS, INCLUDING ELECTRIC ROADS.

Atlantic Coast Line RR.-Offering of Certificates of In*Property, equipment, &c., includes: Cost of property, $4,396,006;
buildings, $629,471; furnishings, $22,494; cultivations, cane, $1,798,238; debtedness-Description of New Convertible Debentures, for
cultivations, other, $324,244; live stock, $183,150; tools and machinery, Which They Are Exchangeable.-Colston,
Boyce & Co.,
$254,324; railways, $1,573,523 (against $1,267,220 in 1908); telephones,
$22,992; boats, $17,420; wharves, $70,246; merchandise, $134,822; material, Baltimore, recommend the purchase of the 4% certificates of
$267,330; sugar mill, $1,642,302; total, $11,336,566.
indebtedness, which are exchangeable between Dec. 1 1909
Cultivations and Lands Owned Sept. 30 1909 and 1908 (acres).
and March 1 1910 for the new convertible 4% debenture
1908.
1909.
1909.
1908.
3,521 bonds, due Nov. 1 1939, interest M. & N. A circular says:
Roads and fire lines 3,575
CultivationsUnimproved
land__
88,660
89,536
22,228
22,243
Sugar cane
The total issue of the convertible bonds is limited to $23,562,500, to be
Pasture
13,329 12,492
issued in registered form of $100 and multiples thereof, and are subject
to call on any interest date after May 1 1916 on 90 days' notice at 105 and
127,792
interest. At any time after Jan. 15 1910, and until Jan. 15 1920, they are
Total cultivated_35,557 34,735 Tot, all land own'd127,792
Acres cane available for cutting in year ended Sept. 30 1909, 19,815, convertible into common stock at par for the bonds and 135 for the stock.
If they are called for payment in 1916 or thereafter, the conversion privilege
against 10,133 in 1908.-V. 89, p. 1415.
will cease 30 days prior to the date named for such redemption. The company at present pays 6% dividend on its common stock, the total issue of
North Shore Electric Co., Chicago.
which at present is about $48,000,000, and no further increase has been
(Report for Fiscal Year ending Sept. 30 1909.)
authorized except to provide enough stock for the conversion of these
bonds. Compare V. 89, p. 1346, 1352.
President Samuel Insull says:

To provide funds for the acquisition of additional electric light and power
properties and for the construction of substations and the enlargement of
the distribution system, necessitated by the growth of the company's
business, an increase in the capital stock of $220,000 and in the outstanding
first mortgage bonds of $285,000 was made
The results of the operation of the new generating station at Waukegan
have been very satisfactory, and have enabled the company to secure contracts for the furnishing of additional power to interurban railways.
There has been a substantial increase in the industrial power business
during the past year, and from present prospects it promises to show a still
greater increase during the coming year.
RESULTS FOR YEARS ENDING SEPT. 30.
1008-09.
1007-08.
1906-07.
1905-06.
c.p.lamps
16
Equivalent
309,786
connected end of year
263,173
184,804
225,061
*1,005,432
Gross earnings
$815,551
$665,890
$544,242
600,994
Operating expenses_ _ _ _
533,619
431,437
355,936
Net
Interest
Dividends
Balance, surplus

$404,438
$281,932
190,355
159,283
(3%)103,553 (1 M)42,702

$234,453
107,690
(5)

$188,307
95,392

a$79,946

$126,763

$92,914

a$110,530

a From the balance for 1908-09 as above, $110,530, there was deducted
$75,600 for special depreciation reserve under the terms of the general
mortgage (against $64,100 in 1907-08), leaving $34,930.
I) In 1906-07 a stock dividend of 6%,$150,000, was paid out of profit and
loss account.
BALANCE SHEET SEPT. 30.
1908.
1909.
1909.
1908.
AssetsLiabilities3
$
i
$
Plants, real estate,
4,000,000 3,780,000
Capital stock
7,864,233 7,110,924 Bonds
4,000,000 3.715,000
See
153,856 142,348 Surplus
154,900 119,970
Bills receivable
Accounts receivable_ 218,152 153,147 Acc'ts & bills pay'ble 112,805 183,074
249,197 321,528 Bond interest
92,875'
100,000
Cash
Depreciation reserve 267,640 192,040
Stock subscriptions
25,638 271,563 Miscellaneous reserve
13,786
not yet due
81,681
104,889
Materials on hand
15,554
19,385
Open accounts
8,635,395 8.096,745
Total
Total
8,635,395 8,096,745
Note.-In addition to the liabilities given above, the company has taken over
certain properties which are subject to outstanding bonds and mortgage loans
thereon, as follows: Evanston Heating Co., $125,000; La Grange Service Co., $254,000; real estate mortgages, $4,000; total, $383,000. The interest on these bonds
and mortgage loans has been treated as rental of property, and has been included in
the item of expenses.-V. 89, p. 999.

Harbison-Walker Refractories Co., Pittsburgh, Pa.
(Report for Fiscal Year ending Sept. 30 1909.)
President H. W. Croft, Pittsburgh, Nov. 12 1909, says:
The seventh annual statement is herewith submitted. The results are
gratifying. The inventories and accounts receivable have both increased
considerably, due naturally to the increased volume of business over the
preceding year.
In our last statement we mentioned that ground would soon be broken
for a plant at Birmingham, Ala. This plant, having a capacity of 40,000
fire clay, silica and magnesia brick per day, has since been completed and
is now running. It is of fire-proof construction and embodies all of the upto-date ideas in the manufacture of hand-made brick.




Brooklyn Rapid Transit Co.-Proposed Offer to Build Extensions and Operate Part of 4th Ave. Subway.-The company
it is announced, has under consideration the making of an
offer to the Public Service Commission to provide, on proper
terms being arranged, largely at its own expense, additional
transit facilities for Brooklyn; also a line in Manhattan to
the North River, which, in connection with the other lines
operated by the system, will afford direct connection between lower Manhattan and Coney Island. The offer, if
made, it is understood, will be as follows:
To equip and operate the Fourth Ave. subway to 43d St. (to be bunt by
the city); to extend its Fifth Ave. elevated line as an elevated road to Fort
Hamilton; to elevate its West End line from Coney Island to 18th Ave..
and to depress the tracks from that point north to 43d St., where they will
run into the Fourth Ave. subway; to elevate its Sea Beach road from Coney
Island to the point where it joins the West End line; to elevate its Culver
Line for its entire length; to extend its Brighton Beach division, as already
announced, by subway to Flatbush Av. and Fulton St., and thence, via the
Fourth Ave. subway, the Manhattan Bridge and the Canal St. subway (to
Manhattan (to be built by the city) to a loop at the North River; to 3d-track
its Fulton St., Lexington Ave. and Broadway lines and to make various extensions to its elevated system in the Eastern District, with a view to furnishing the East New York and Ridgewood sections with better transportation than at present.

With the exception of a short stretch of subway extending from the Willinck entrance to Prospect Park down Flatbush Ave. to the Fourth Ave. subway, and the subways
long proposed to be built by the city, the company is willing
to do all the proposed work at its own expense. This, according to newspaper reports, will probably involve an outlay
of about $50,000,000.-V. 89, p. 777, 526.
Camden & Trenton Ry.-Foreclosure Sale Adjourned.See New York-Philadelphia Co. below.-V.89, p.1279,1222.
Cedar Rapids-Iowa City Railway & Light Co.-Injunction.
-Judge Smith McPherson in the Federal Court at Des
Moines, Ia., on Nov. 29, on application of Elizabeth D.
McClintock of Haverford, Pa., a stockholder, granted a
temporary injunction restraining the company from complying with the Iowa 2-cent fare law and the State authorities
from bringing action to compel them to do so. The hearing
on continuing the injunction has been set for Dec. 15.
According to the "Des Moines Register," the complainant, who is a large
stockholder and who claims she also represents other stockholders, states
In her petition that prior to the passage of the present law the company
charged a rate of 334 cents a mile and paid dividends on its common and
preferred stocks, but since the law took effect the dividends have been
stopped, showing that the law is confiscatory and therefore in violation
of the United States Constitution. [The company in 1908 paid 5% on its
preferred stock and in Jan. and June 1909 234% each.-Ed.] The officers
of the company declined to bring the suit because of the expense involved.
An attorney for one of the large steam roads is quoted as saying: "It
would take some of the interurbans many years to realize any profit on

1482

THE CHRONICLE

their Investments were they forced to charge a maximum rate of 2 cents.
Only a few of these smaller companies are placed in Class A, the class of
railroad companies forced to receive the lower fare. It is these companies
which the decision will affect."-V. 79, p. 211.

Chicago Cincinnati & Louisville RR.-Receiver's Certificates Called and Issued.-Notice is given by Receiver
Goodrich that the $1,000,000 6% receiver's certificates authorized in May 1908 have been called for payment at par
on Jan. 1 next on presentation at the office of the American
Trust & Savings Bank, Chicago.
To provide Ior this payment and for miscellaneous obligations of the receiver the syndicate, headed by Newman Erb,
which now controls the property, has purchased $1,360,000
of a new issue of receivers' certificates, bearing 5% interest,
under the $1,400,000 authorization of Nov. 8. Compare
V. 89, p. 1279, 1141.
Chicago Great Western RR.-New Mortgage.-The company has made its new $75,000,000 4% mortgage, authorized
by the reorganization plan (V. 88, p. 1497) to the Standard
Trust Co. of New York as trustee. The bonds are to be
dated Sept. 1 1909 and will mature Sept. 1 1959. The
coupon bonds will be issued in denominations of $1,000 each,
with interest payable in New York; but the company may
also,at its option,issue either sterling bonds of £200 or £100
each, principal and interest payable in London, or bonds
of 500 francs each, payable in Paris. The holder, however,
of any of these bonds payable in foreign currency will have
the right to have his bonds exchanged for a $1,000 bond at,
any time at the office of the company in New York on payment, in the case of a £200 bond, of $30 in gold, and in the
case of ten bonds of 500 francs each, of $40 gold; and also, in
each instance, the difference between the accrued interest
on the bonds so surrendered and the accrued interest on the
bond issued in exchange for such bond.
Purposes for Which the $75.000.000 Bonds Are Issuable.
Issuable any time under terms of reorganization plan, $18,500,000 having been sold to a syndicate and the remainder to be
disposed of probably within the next two or three years, as
$28,000,000
required for additions and improvements
Reserved to retire from time to time an equal amount of outstanding bonds of controlled companies, viz., $12,000,000
Mason City & Fort Dodge first mortgage 4s and $6,232,000
18,232,000
first mortgage 4s of the Wisconsin Minnesota & Pacific RR
Reserved for additions, improvements, &c., after Dec. 31 1909
on rescilution of the board of directors or of the executive
committee, to be sold at not less than their fair market value
to provide not in excess of actual cash cost of such additions,
,
28,768000
improvements. &c

[VOL. Lxxxix.

being carried through its initial stages by advanc. f o.n
J. Ogden Armour and E. H. Harriman, but after the death
of Mr. Harriman the Harriman estate withdrew its support,
making reorganization necessary if outside assistance is to
be obtained. Some $5,000,000 or more new money, it is
said, is required to place the property in condition to be
operated profitably.
At Chicago on Dec. 1 Judge C. C. Kohlsaat, in the U. S.
Circuit Court, placed the Illinois Tunnel Co. and the Chicago
Warehouse & Terminal Co. in the hands of receivers. David
R. Forgan and Charles G. Dawes are the receivers for the
former and Edwin A. Potter is receiver for the latter. The
receivership was obtained on the ground of insolvency, following the filing of a judgment against the Warehouse Co.
for $3,046,794 and against the Tunnel Co. for $1,129,428.
The judgments were based on defaulted notes due as follows: In case of
Warehouse & Terminal Co.o
,
Illinois Tunnel Co., dated June 1 1907,
$800,000; Illinois Tunnel Co .i May 13 1908, $1,670,574; Chicago Subway
Co., Nov. 28 1908, $15,890; Chicago Subway Co. Nov. 28 1908, $61,635;
Chicago Subway Co., July 28 1900, $218,378.
The Illinois Tunnel Co. was sued on live notes, all made payable at the
office of L. C. Krauthoff of New York and dated Dec. 11908, $37,425; May
29 1909, $35,000; July 28 1909, $704,114 17; Nov. 28 1908, $267,757 55;
July 28 1909, $50,000.

Reorganization Committee.-A reorganization committee
consisting of William Stewart Tod of J. Kennedy Tod & Co.;
Henry W. de Forest and L. C. Krauthoff has been elected by
a large majority of all classes of securities of the Illinois
Tunnel Co., the Chicago Warehouse Co. and the Chicago
Subway Co. Mr. de Forest represents the interests of the
Harriman estate and Mr. Krauthoff the Armour holdings.V. 89, p. 918, 778.
•
Copper River & Northwestern RR.-102 Miles in Operation.-The company began on Dec. 1. to operate trains from
Cordova, Alaska, to the mouth of the Tickel River, 102 miles.
The right of way is said to be cleared nearly all the way to the Bonanza
copper field, 200 miles from Cordova. Several hundred men, it is stated,
are at work on the "$2,000,000 cantilever bridge" to be built over the
Copper River. Trains are expected to be operated across the new bridge
about Aug. 15 1910 and to the Bonanza copper field by Dec. 1910. Compare V. 89, p. 410.

Delaware & Hudson Co.-New Member of Executive Cornmittee.-Charles A. Peabody, President of the Mutual Life
Insurance Co., has been elected a member of the Executive
Committee to succeed the late E. H. Harriman.-V. 89,
p.. 1141, 1068.
Delaware Lackawanna & Western RR.-Regular 10%
Extra.-The directors on Dec. 2, pursuing the same course
as in the preceding five years, declared an extra annual
dividend of 10%, payable Dec. 22 1909 to stockholders of
record Dec. 10.

Highest Court Sustains Terminal Charge at Chicago.-The
U. S. Supreme Court on Nov. 29 affirmed the decision of the
U.S. Circuit Court at St. Paul. Minn., on June 30 last, which
restrained the enforcement of the order of the Inter-State
Commerce Commission issued Dec. 10 1907 reducing the
This distribution is additional to the 10% per annum paid quarterly since
1905, and additional also to the special cash dividend of 50% paid
charge for the transfer of live stock from the termini of eight AprilJuly,
one-half, or 25%, thereof being applicable to subscription for
last
roads in Chicago over the tracks of the Union Yards Co. to stock of new D. L. & W.
Coal Co. selling agency. A 15% stock dividend
was also paid Aug. 2 1099 (V. 89, p. 41, 224). Current reports say that
the stock yards from $2 to $1 per car. Compare V.87, p. 96, about
the middle of the month a dividend at the rate of 10% per annum is
and editorial remarks, V. 87, p. 125, 506, 1121, and in to- likely to be declared by-the D. L. & W. Coal Co.-V.89, p. 348, 224.
day's issue.
Detroit Toledo & Ironton Ry.-Delault on General Lien
. Justice Brewer, who wrote the opinion, says:
and Divisional 1st M. 4s-Committee.-The company, deIt seems impossible to avoid the conclusion that, considered of and by faulted Dec. 1 as to the payment of coupons then due on
itself, the terminal charge of $2 a car was reasonable. If any shipper is
wronged by the aggregate charge from the place of shipment to the Union the $4,253,000 "general lien and divisional" mortgage 4s...
Stock Yards it would seem necessarily to follow that the wrong was done
In view of this fact, a protective committee, consisting of
in the prior charges for transportation and should be corrected by proper
proceedings against the companies guilty of that wrong. Otherwise in- Otto T. Bannard, Chairman, Sidney C. Borg and Philip J.
justice will be done. If this charge, reasonable in itself, be reduced, the Goodhart, with Wm. R. Britton as Secretary, 30 Broad St.,
Union Stock Yards Co. will suffer loss, while the real wrongdoers will escape
It may be that it is more convenient for the Commission to strike at the N. Y. City, and Leventritt, Cook & Nathan as Counsel,
terminal charge, but the convenience of Commission or court is not the requests deposits of these bonds with the New York Trust
measure of justice.-V.89, p. 1346, 992.
Co., 26 Broad St., N. Y. City, as depositary on or before
Discharge of Receivers of Old Co.-The formal order dis- Dec. 22. F. J. Lisman & Co., in a letter to the bondholders,
charging the receivers of the old company was filed by Judge say in substance:
Sanborn in the U. S. Circuit Court at St. Paul, Minn., on
As was rather expected, the coupons on the "general and divisional lien"
4s due to-day have not been paid, and there does not seem to be any immeNov. 27.-V. 89, p. 1346, 992.
likelihood of th ir being met. At any rate, any moneys which are
diate
Chicago Milwaukee & Puget Sound Ry.-Earnings.-See likely to come in would first have to be applied towards paying the coupons
on the Ohio Southern Division bonds, which are a prior lien on the middle
editorial remarks on a preceding page.-V. 88, p. 1252.
division of the property, and which have been in default since September
of the northerly
Chicago & North Western Ry.-Option to Subscribe at Par last. The general lien bonds are a first lien on 160 miles
the line and on about 30 miles at the southern end, and a second
end
for 25% Now Stock.-The company announces that $30,- lien of
on the middle division.
Messrs. Bannard, Borg and Goodhart have been bona fide holders of
503,000 new common stock will be offered for subscription
bonds of this issue since 1901 and own a large interest, and will to a certo all stockholders of record Jan. 10 1910 at par in amounts tainty
receive general support. The three were also members of the prowhen the bonds were left
equal to 25% of their holdings. The payments for such tective committee for the same issue in 1904,then
the Detroit Southern
in the reorganization of what was
undisturbed
stock must be made on or before Feb. 14 1910. Subscrip- RR. We feel
certain that the committee will again be successful in protion warrants will be issued as soon as possible after Jan. 10. tecting this issue.
In view of the fact that the receivers will shortly apply to the Court for
The company's advertisement on another page shows
to Issue receiver's certificates, which will have a lien prior to
that the right to subscribe will expire on Feb. 14.-V. 89, authority
these bonds, it is important for the bondholders to deposit their bonds.
Compare V. 89, p. 1410, 1279.
p. 1410, 1068.
Forty-Second Street Manhattanville & St. Nicholas Avenue
Chicago Rock Island & Pacific RR.-Bonds Called.-The
sale under
entire issue of $17,364,180 5% collateral trust gold bonds Ry., New York.-Sale Feb. 1.-The foreclosurefor
Feb. 1.
dated 1903 and due 1913 has been called for redemption at the $1,600,000 second mortgage has been set interest is
102M and interest at the Central Trust Co., 54 Wall Street, The amount found to be due for principal and
$1,676,933.-V. 89, p. 348.
New York, on Feb. 1 1910.
These bonds were secured by pledge of a majority of the common stock
Grand Trunk Pacific Branch Lines Co.-Proposed New
of the St. Louis & San Francisco. That stock has been sold as below
stated and from the proceeds sufficient cash has been set aside to redeem Lines.-The company gives notice that it will apply to the
these bonds.
Parliament of Canada at its next session for an Act authorNew Officers.-See St. Louis & San Francisco RR. below izing the construction of the following additional lines:
-V. 89, p. 1139.
(1) From a point on the Western Division of the Grand Trunk Pacific
Ry. in the vicinity of the town of Watrous, Sask., to a point at or near
Chicago Subway Co.-Default-Receivers for Controlled Calgary,
Alta., or to a point on the line authorized to be constructed by the
from a point on the said Western Division between the 111th and
Companies.-Default occurred Dec. 1 as to the maturing company
113th degrees of longitude to Calgary, Alta.; (2) from a point on the probonds
lien
and
first
the
company's
first
coupons both of this
posed line mentioned in subdivision 1, within ranges 4, 5 or 6 west of the
to a point
mortgage bonds of the Illinois Tunnel Co. In July last third meridian, thence in a southeasterly and easterly direction
or near Regina, Sask.; (3) from a point on the proposed line mentioned
$15,842,000 of the first lien bonds had been issued in ex- at
In subdivision 1, within ranges 21, 22, 23 or 24 west of the third meridian,
change for an equal amount of Illinois Tunnel Co. first 5s, thence in a northerly or northeasterly direction to a point at or near the
out of the $17,000,000 of the latter outstanding; a further town of Biggar. Sask.-V. 88, p. 1437.
Great Northern Ry.-Switchmen's Strike.-All of the 2,300
amount was reserved to replace the $13,000,000 Illinois
Tunnel bonds deposited as security for $9,500,000 floating switchmen employed by 13 roads operating between the
debt. The present unfunded obligations are said to be head of the Great Lakes and the North Pacific Coast were
"something more than $10,000,000." The enterprise was ordered out on strike at 6 o'clock on Tuesday evening by




DEC. 4 1909 ]

THE CHRONICLE

President Frank T. Hawley of the Switchmen's Union.
Nearly all of the men quit, resulting in almost complete
stoppage of freight traffic for several days, with the exception ofeperishable freight, which began to be moved on Thursday. A. large number of men were distributed yesterday at
St. Paul and other places along the lines in place of the strikers, and the congestion was somewhat relieved. This, and
the fact that other unions declined to join the strikers, gave
rise to the hope that within a few days normal conditions
would•be restored.-V. 89, p. 1138, 1145, 1069.
• Guayaquil & Quito Ry.-Proposed Change in Capital Stock
Provisions-Meeting Adjourned Till Dec. 6.-The special
• meeting of stockholders called for Nov. 30 at Jersey City
has been adjourned until Dec. 6. At this meeting action
will be taken to amend Article IV. of the certificate of incorporation (as amended Dec. 23 1908) in effect as follows:

1483

re-election. W. H. Moore and D. G.Reid will also become
members of the executive and finance committees. The
Reid-Moore interests, it is understood, have personally in
recent weeks bought large blocks of Lehigh Valley stock,
but not sufficient to give them control. In Philadelphia
their holdings are supposed to aggregate 25% or less of the
total stock. If, as is doubtful, the same interests have been
acquiring stock in the Wabash RR., the purchases are not
acknowledged.-.V. 89, p. 914, 851.
Long Island RR.-Electrification.-President Peters pronounces the following substantially correct:
By Dec. 31 the electrification of 40 miles of track on the Long Island
flit., on which work was begun this year, will have been completed, and
more than 140 miles of road will be ready for the operation of electric cars.
On June 1 1910 the lines will be in full operation, and by that time work
will be well advanced on the electrification and double-tracking of the
entire North Shore division of the road from Winrieid Junction to Flushing,
Whitestone, Malba and Whitestone Landing, and from Whitestone Junction
to Port Washington. A site for a large sub-station to supply power for
this division has been secured at Winfield. Before the end of next summer
the road will be carrying passengers from the entire North Shore territory
direct to Manhattan.-V. 89. p. 1411, 529.

The total authorized capital stock is $12,283,000, divided into 122,830 shares of the par value of $100 each. Of such stock, $5,250,000
shall be preferred stock and $7,033,000 shall be common stock. Of
the common stock, $3,445,700 shall be class A stock, $3,586,300 shall
be class B stock and 10 shares, amounting to $1,000, shall be class C
stock. The class C stock may be redeemed at par at any time after all
Massachusetts Electric Companies.-Report.-For year
bonds of the company now or hereafter guaranteed by the Republic of
Ecuador shall have been paid and discharged in full, and until so redeemed ending Sept. 30 earnings of controlled companies were:
shall be entitled to share in dividends part passu with the common stock.
Net.
Char
Charges. Dividends. Bal. Sur.
The preferred stock shall entitle the holders thereof to receive out of the Year-Gross.
$8,052,356 $2,903,959 $1,778,129 $1,000,464 $125,366
,
surplus or net earnings, and the corporation shall be bound to pay thereon 1908-09
7,809,010
2,807,492
1,784,438
880,772
142,282
as and when declared by the board of directors, accumulative dividend at 1907-08
Of the dividends as above In 1908-09, $967,630 was paid to the Massathe rate of, but not exceeding, 7% per annum, payable before any dividend
chusetts Electric Companies. The parent company also received misshall be set apart or paid on the common stock.
The preferred and common stock of all classes shall be subject to cancel- cellaneous interest on notes, &c., amounting to $127,169, making a total
lation and discharge when the property of the railway company shall have income of $1,094,799, against $988,802 In 1907-8,from which were paid
expenses, &c., $19,395; interest on coupon notes, $157,500; divireverted to the Republic of Ecuador, as provided by, and in all respects general
dends on preferred stock (2)/
2%), $513,935; balance, surplus, 1403,969.
shall be subject to the terms and conditions of said agreement of June 14 -V.
89,
P. 1411, 348.
1897, as modified by the supplemental agreement dated Nov. 26 1898 and
the agreement dated Sept. 30 1908.-V. 88, p. 1499.

Holmesburg Tacony & Frankford Electric Ry.-New
Committee for First Mortgage Bonds.-Default in interest on
above bonds having occurred Nov. 1 1909, the following
comiriittee requests that the holders, for mutual protection,
deposit their bonds at once with the Fidelity Trust Co.,
325 Chestnut St., Philadelphia, where copies of circular and
bondholders' agreement may be obtained:
W. L. Hachnien, Chairman, Chas. Fearon & Co., bankers; Lewis A.
Balz, Vice-President Penn. Co. for Ins., &c.• Edwin L. Blabon, George
Secretary Fidelity Trust Co.
W. Illabon Co.; Joseph MeMorris, Secretary,'
This committee, it ls stated, is organized solely for the protection of the
bondholders, and Is not affiliated with any other interest. No payment is
required at time of deposit and the amount that can be assessed upon the
bonds is limited to 2 S c,q). Before adoption any plan of reorganization
will be submitted to the depositing bondholders. The committee does not
ntend to sell the bonds deposited for less than par and interest.

Disston Committee.-Wharton E. Harris has been elected
to the Disston protective committee of bondholders. See
V. 80, p. 1411, 1280.
Illinois Tunnel Co., Chicago.-Receivership.-See Chicago
Subway Co. above.-V. 89, p. 847, 103.
Kanawha & Michigan Ry.-Report of Committee.-The
minority stockholders' committee, G. D. Mackay, Chairman,
has under date of 16 Nassau 'St., N. Y. City, Nov. 8 1900,
addressed a circular letter to the owners and representatives
of the majority stock, saying in substance:

.

Metropolitan Street Ry., New York.-New Chairman of
Reorganization Committee.-C. E. Tripp has been elected
Chairman of the joint reorganization committee representing the bondholders' committee of the general 5s and
refunding 45, to succeed the late John W. Castles.-V.
89, p. 1347, 1142.
New England Investment & Security Co.-Consolidation.
of Controlled Companies.-The Massachusetts Board of Railroad Commissioners on Dec. 1 granted permission to the
following roads controlled by the company to consolidate,
the stocks of each group to be exchanged par for par:
Springfield Street Ry., whose stock is to be increased by $550,000 to
take over the Western Massachusetts St. Hy.
Worcester & Blackstone Valley Street Ry., whose stock is to be increased
by $120,000 to absorb the Uxbridge & Blackstone St. 1ty.-V.88,p.1002,945.

New Jersey Short Line RR.-Foreclosure Sale Adjourned.See New York-Philadelphia Co. below.-V. 86, p. 795.
Newton & Northwestern RR.-Verdict Against Bankers.See item under "Banks, Bankers and Trust Companies" on
another page.-V. 88, p. 101.
New York Central & Hudson River RR.-Authorized to
Purchase Additional New Haven Stock.-The Public Service
Commission, Second District, has authorized the company
to subscribe at 125 for 4,208 1-3 shares ($420,833) additional
stock of the New York New Haven & Hartford RR., its pro
rata under the recent offering. The company already owns
$1,124,800 stock, $206,300 3% convertible debentures
and $421,000 6% convertible debentures of the New Haven
company.

It is now ten years since the Hocking Valley came into control of the
Kanawha & Michigan. During that time improvements have added g.rcatly
to the value of the property; they have cost about $7,000,000, of which.
approximately $4,000,000 has been added to the debt and $3,000,000 expended out of earnings. Gross earnings during that period have been
over $16,000,000, having increased from $700,000 to about $2,400,000 per
year. An average of over 1,000.000 tons per annum has been contributed
to the Toledo & Ohio Central and the Hocking Valley system, and it is
The company In its application states that, because of the relations beperhaps safe to say that the earnings of the Hocking Valley have been tween It and the New York New Haven
& Hartford road, especially in view
augmented by these improvements to the amount of $6,000,000 during of the mutual interests they have in the
Grand Central Terminal, it Isle.
the last ten years. This advantage has come to one-half of the share- the advanta,ge of the New York Central that
holders of the Kanawha & Michigan Co., but the other half (the minority) tial interest In tile stock of the New Haven it should maintain a substancompany, and that it should rehas received nothing.
tain its present proportionate holdinv, by
of the right to subAn agreement entered into three years ago to exchange each 100 shares scribe for the additional stock.--V. 89, p.avallim.Titself
1411, 1281.
of Kanawha & Michigan stock for 60 shares of Hocking Valley has been
estopped by order of the Court. Dividends meanwhile have been paid
New York New Haven & Hartford RR.-New York Cenon the Hocking Valley stock to the amount of 12%, and the 60% of this
12% which should have come to the Kanawha & Michigan minority stock- tral Maintains Proportionate Interest in Stock.-See that
holdings--has
been withheld from them by company above.
holders-or over 7% on their
the above legal action, so that they have suffered a loss of 7% In dividends
Reorganization of Controlled Electric Road.-See Westchester
during the past three years. Now that tile merger Is In suspense and the
earnings of the Kanawha & Michigan are showing approximately $50,000 Street RR. below.-V. 89, p. 1281, 1223.
per month for the stockholders-equal to 7% per annum on the stockwe respectfully ask you to state what oiler you are prepared to make of a
New York-Philadelphia Co.-Litigation-Sales of Consettlement of the 7% dividend agreed upon during the three years since
we consented to a merger, and what promise of dividends you will oiler to trolled Roads Adjourned.-Owing to legal proceedings instius from the present large earnings.-V. 89, p. 1411, 1280.
tuted by the committee representing the bondholders (V. 88,

Kansas City-Western Ry.-Bonds-Earnings.-lloward
R. Taylor & Co., Baltimore, Md., are offering at 943/b and
interest_the unsold portion of $100,000 "first refunding 5%
20-year-tgo1d bonds," being part of the present issue of
$1,650,000. , (Compare "Electric Railway" Section.)

MOMS Account for Fiscal Years Ended June 30 and Quarter ended Sept. 30.
Fiscal Years ended June 30. Quar. end. Sept.30.
1909.
1908.
1907.
1900.
1908.
$349,355 $330,651 $280,415 $100,486 $06,046
Gross earnings
Total net Inc. (aft. taxes)_$129,806 $121,711 $98,237 $41,515 $38,739
82,442
Interest charges
81,321
75,832
20,587
20,625
Sutplus
$47,364 $40,390 $22,405 $20,890 $18,152
During the past four years the company has expended for new equipment
and construction approximately $650,000, against which only $250,000
bonds have been issued. The balance of the money has been provided by
the stockholders, either directly or by the utilization of earnings. The
company is absolutely without floating debt and has a substantial cash surplus in the treasury. The total current assets arc double in amount the
current liabilities.
The capital stock is $2,000,000. To insure wise management, the company has placed all of the outstanding stock in a voting trust for five years
Charles L. Pack, director of the Cleveland Trust Co.; Walton H. Holmes,
President of the Pioneer Trust Co. of Kansas City, and Harvey E. Fisk
are the voting trustees, and the Standard Trust Co. of New York City is the
depository.-V. 80, p. 2399.

Lehigh Valley RR.-Rock Island Men to Become Directors.
-It was announced on Thursday that at the annual meeting
on Jan. 18 the shareholders will be asked to elect to the
board Wm. H. Moore, Daniel G. Reid and E. S. Moore,
all identified with the controlling party in the Rock Island
system, to succeed three directors who have declined




p. 565) the Court has adjourned the foreclosure sales of the
Camden & Trenton Ry., Trenton & New Brunswick RR.and
New Jersey Short Line RR. to await the report of a Master
as below stated.
The New York-Philadelphia Co. bondholders' committee claim that the
New York-Philadelphia Co. purchased certain coupons from the bondholders of the three controlled companies which have a lien ahead of the
mortgages oil the respective properties, and that they have not been paid
and are still a valid obligation, while the bondholders' committees of the
three controlled roads assert that the coupons have been paid and canceled
and are in the hands of the trustees of the various mortgages of the three
companies and that there is no merit whatever In the claim. The only
security of the trust mortgage bonds of the New York-Philadelphia Co.
Is the deposited stock of the three roads.
The Court has ordered the foreclosure sales to be delayed for a sufficient
time to enable the Master to inquire into the question and report thereon,
It having been stipulated that all evidence must be submitted to him by
both sides within 30 days from Nov. 22.
See reorganization plans under "Camden & Trenton" V. 88, p. 1126.
1252, and 'Trenton & New Brunswick", V. 89, P. 1349. The last-named
plan, it is stated, has been approved by the depositing bondholders of the
Trenton & New Brunswick Railroad, Trenton, N. J.-V. 88, P. 565.

Norfolk & Southern Ry.-Decision Denying Appeal from
Foreclosure Decree Aflirmed.-The United States Circuit
Court of Appeals at Richmond, Va., on Nov. 29 denied the
application of Fergus Reid, a minority bondholder, for a
writ of mandamus directing Judge Waddill to allow him to
appeal from the decree of foreclosure entered Oct. 14 and
to permit him to file an amended and supplemental petition
containing additional charges to those in his petition dated
Sept. 29. The Court says:

1484

THE CURONICLE

The original petition did not ask that petitioner be made a party to the
suit, but it claimed that there were certain choses in action to which the
defendant company was entitled, and concerning which the petitioner
desired an investigation. Such investigation was duly ordered, and in the
decree of foreclosure there is an express reservation from sale of all choses
in action, assets and rights which might be had by reason of the allegations
made by petitioner. . . . The record shows that petitioner, as bondholder and as stockholder, Is adequately protected in the decree of sale,
and that he has been and now is properly represented In the Court to which
he desires the writ of mandamus to go. Compare V. 89, p. 1411.

Receivers' Certificates.—The $442,865 1-year 5M% receivers' certificates authorized by Judge Waddill are subject
to call at 101 on 30 days' notice.—V. 89, p. 1411, 1348.
Ocean Shore Ry., San Francisco.—Success of Plan.—
President J. Downey Harvey was recently quoted as saying:
We have overcome every obstacle; 80% of the bondholders has already
turned in their holdings and as soon as the new company is incorporated
will receive the bonds of that company in lieu of the previous issue.
We fixed Nov. 10 as a final date for the receipt of the old bonds in order
that the reorganization committee might determine definitely whether the
plan was feasible. That has now been demonstrated and no restrictions
are placed on those who still desire to turn in their bonds. Compare
V. 89, p. 349.

Pennsylvania RR.—Proposed Electric Service from Newark
to Jersey City.—The company has filed plans for a new
electric branch line from Park Place, Newark, to Harrison,
N. J., with a view to establishing electric train service from
Newark to Jersey City, and direct routes via the Hudson
& Manhattan RR. and the Pennsylvania's own tunnels to
both lower and central Manhattan, New York City.—V. 89,
p. 1412, 1348.
Rock Island Company.—Sale of Control of St. Louis &
San Francisco.—See that company below.—V.89, p. 1139.
St. Louis & San Francisco RR.—Control Passes from
Rock Island to the Yoakum-Hawley Interests.—It was announced on Wednesday that the $28,940,300 common stock
(out of the total issue of $29,000,000) which was acquired
in 1903 by the Rock Island Company had been sold to the
Yoakum-Hawley interests, already controlling the Chesapeake & Ohio, Chicago & Alton, Minneapolis & St. Louis,
Iowa Central and Toledo St. Louis & Western. The price
received is not stated. Associated with Mr. Yoakum in the
purchase besides Edwin Hawley are stated to be: Nathaniel
Thayer of Boston, James Campbell of St. Louis and interests
connected with the St. Louis Union Trust Co.
The official announcement on Dec. 1 said:
The Chicago Rock Island & Pacific RR. Co. of Iowa to-day sold and
delivered to Mr. B. F. Yoakum and others common stock of the St. Louis
& San Francisco RR. Co., representing the controlling interest, and being
all the shares of stock which the Chicago Rock Island & Pacific RR. Co.
has heretofore owned in that company.
One of the reasons for the sale was the legal advantage, if not necessity,
properties,
of a separation of the Rock Island and St. Louis & San Francisco
a question having been raised both by the Federal and certain State
governments as to the two roads being parallel and competing. They
will henceforth be operated as separate properties, there having been a
complete legal severance of all relations heretofore existing between them.
Notwithstanding this the friendliest feelings exist between those in control
of the two roads, and it is intended that they shall be operated to the
mutual advantage Of both wherever it may properly be done.
At a meeting of the board of directors of the Chicago Rock Island &
Pacific RR. Co., held this morning, the following were elected: Executive
committee: D. G. Reid, W. H. Moore, J. H. Moore, F. L. Hine, R. A.
Jackson, H. U. Mudge, E. S. Moore; Officers: D. G. Reid. Chairman of
Executive Committee; R. A. Jackson, Vice-Chairman of Executive Committee; H. U. Mudge, President.
At a meeting of the board of directors of the St. Louis & San Francisco
RR. Co., held this morning, the following were elected: Executive Committee: B. F. Yoakum, Edwin Hawley, B. L. Winchell, James Campbell,
B. F.
Frank Trumbull, E. V. R. Thayer and Thomas H. West, Officers:
Yoakum, Chairman of Executive Committee; B. L. Winchell, President.
C. R. Gray,
[On Dec. 2 the following additional officers were elected: Nixon,
ViceC.
James Campbell and W. D. Male, Vice-Presidents; W.
Greig,
Pres. and Gen. Mgr.; A. Douglas, Vice-Pres. and Gen. And.; A. S.
nt.]
Vice-Pres. and Purchasing Agt. and C. W. Hillard, Vice-Preside
' stock of the St. Louis ec San Francisco
[Each $100 share of the common
Co. and
cost the Rock Island Co. $60 common stock of the Rock Island
of the Chicago Rock Island & Pacific RR.
1913
due
bonds
gold
$60 in 5%
The
stated.
above
as
payment
for
Co.; these bonds have now been called
stock,
St. Louis & San Francisco has outstanding, besides its common
non4%
both
preferred,
first
and
$5,000,000
preferred
$16,000,000 second
cumulative. The first preferred has received its 4% per annum regularly
since 1897 but the second preferred has had no dividends since 1905.—Ed.]
—V. 89, p. 1281. 1224.

[Vox,. Lxxxix.

Present Plan
Former Plan
Now Iss,
Issuable.
Authorized.
Authorized.
First ref. 4s... x$40,000,000 4% $15,790,000y$40,000,000 4% $16,516,800
Cons.(incomes). 22,536,000 5% 22,536,000 32,000,000 5% 32,000,000
16,590,000
20,000,000
16,590,000
20,000,000
Stock
Totals

$79,126,000

$54,916,000 $92,000,000

$68,516,800

x Amount reserved for underlying liens not known. y $11,445,000
reserved to take up underlying bonds of system.
Note.—Excluding the 55,000,000 first 5s, the present bonded debt is
stated as $41,888,737 (including $37,560,000 consol. 4s); prior claims,
$7,200,000; stock, $16,000,000; total, $65,088,737. The $5,000,000 first
5s remain undisturbed.
—And Receives-----.
Pays
Assess. Stock. Ref. 4s. Incomes.
Old Securities—
_
$40
$45
$45
Stock, $100 par, present plan
25
do
do
125_former plan
Consol. 55, par $1,000 principal, former
. a250
250
$600
plan
Consol 55, par $1,000 principal, former
200
x800
plan
a In case of Central Trust Co. "stamped certificates" of deposit this
would be only $230.
x In the earlier plan incomes were also to be given for 80% of overdue
Interest. The allowance made for interest in the present plan, 10% in ref.
4s is I eluded above.
The new adjustment incomes will be non-cumulative for three years.—
V. 89, p. 1282, 1142.

Toledo & Indiana (Electric) Ry.—Foreclosure Sale.—The
property was sold for $1,006,000 by Receiver C. F. M.Niles at
Toledo, 0., on Nov. 27, to J. M. Longnecker of Delta, 0.,
and associates, minority stockholders. The bid was $1,500
higher than that of the Ohio Electric Ry., controlled by the
Schoepf-Morgan syndicate.
After the sale D. J. Cable, representing the Schoepf-Morgan syndicate,
who attended the sale, notified Special Master Niles of their willingness to
pay $1,056,000 for the road, accompanying the offer with a check for
$50,000 as a guaranty of good faith. The offer was flied with the Court
with the Master's report and will be considered when the sale comes up
for confirmation.—V. 89, p. 1142, 1224.

Trenton & New Brunswick RR.—Foreclosure Sale Adjourned.—See New York-Philadelphia Co. above.—V. 89, p.
1349, 1282.
Uxbridge & Blackstone Street Ry.—Consolidation.—See
New England Invest. & Security Co. above.—V. 85, p. 223.
Washington Potomac & Chesapeake Ry.—Foreclosure
Decree.—Judge Morris in the United States Circuit Court at
Philadelphia, on Nov. 22, on application of the Bucks
County Trust Co. of Doylestown, Pa., mortgage trustee,
ordered the foreclosure sale of this 21-mile road. There
are said to be $100,000 bonds outstanding under the mortgage of 1904.—V. 73, p. 664.
Westchester Street RR. of White Plains, N. Y.—Reorganized Company.—This company was incorporated at Albany
on Dec. 1 with $1,000,000 capital stock as successor of the
Tarrytown White Plains & Mamaroneck Railway Co. recently sold under foreclosure. V. 89, p. 1282.
The directors are: Richard Sutro, William Greenough, Charles M.
Sheafe Jr., William L. Barnett, John L. Anderson, Frank F. Hall and
Edward 0. Brown, of New York; John G. Parker and Augustus S. May, of
New Haven. The New York New Haven & Hartford RR„ it is understood, will own control.

West End Street Ry., Boston.—Circular.—The shareholders' protective committee has sent out a circular letter
urging stockholders to stand firm for their demands of an
8% dividend on their stock as a condition of the proposed
merger with the Boston Elevated Ry. Compare V.89, p. 44.
Western Maryland RR.—Successor.—See Western Maryland Ry. below.—V. 89, p. 1349.
Western Massachusetts Street Ry.—Consolidation.—See
New England Invest. & Security Co. above.—V. 84, p. 1054.
Western Maryland Ry.—Reorganized Company.—The
recent foreclosure sale of the Western Maryland RR.(V. 89,
p. 1349) having been confirmed, the Western Maryland Ry.
Co. was incorporated at Annapolis, Md., on Dec. 1 to take
over the property per plan in V. 89, p. 287.
J.
The directors arc: B. F. Bush, H. E. Cooper, F. T. Gates, Georgeand

Gould, Alvin IV. Krech, E. L. Marston, W. S. Pierce, Alex. Robertson
Seaboard Air Line Ry.—Officers.—N. S. Meldrum of W. A. Wilbur.
will proceed with the
elected
been
has
,
Vice-President
It is reported in Baltimore that the new companyPa.,
formerly
New York,
on the Pittsburgh
of an 83-mile extension to New Haven,
Pa., with the
President; C. H. Hix of Portsmouth, Va., has been made construction
& Lake Erie RR. The P. & L. E. connects at Clarendon,
In this city it is stated
Pittsburgh.
of
Capps
R.
for
Charles
Terminal
By.
Manager;
General
tsburgh
and
Wabash-Pit
ident
Vice-Pres
suggested
and that
been
have
that
several
of
thisextension is only one
Portsmouth, Vice-President in charge of traffic, and L. G. that
no definite steps have been taken in regard to the same.—V. 89, p. 1349.
1281.
p.
89,
the
President.—V.
to
Assistant
Haas,
Worcester & Blackstone Valley Street Ry.—Consolidation,
Springfield (Mass.) Street Ry.—Consolidation.—See New —See New England Investment & Security Co. above.—
England Investment & Security Co. above.—V. 86, p. 1101. V. 82, p. 1158.
Tampa Northern RR.—Bonds Offered.—Baker, Ayling
INDUSTRIAL, GAS AND MISCELLANEOUS.
& Co., Boston Philadelphia, &c., are offering at 93 and
5%
bonds,
mortgage
first
company's
this
of
$175,000
interest
American Cotton Oil Co., New York.—New Officer.—
dated July 1 1906 (see V. 87, p. 814). The firm say:
James B. McMahon has been elected Vice-President.—V. 89,
stock. p. 1285, 1278.
Capitalization: Total bonds outstanding, $960,000; preferred Boston
$250,000; common stock, $500,000. The stock is owned by large
times the interest
American Power & Light Co., New York.—Officers.—
interests. The road is at present earning about 13i
steady increase.
charges, Ord both the gross and net show a healthy and
company, which commenced business Sept. 1909,has
This
he
to
made
probably
will
In the near future an extension of about 35 miles
of directors:
Dunellon, the center of the phosphate industry in Florida. The net earn- organized with the following board
charges.
F. L.
ings should then amount to at least three times the interest
Russel Armstrong, A. C. Bedford, R. E. Breed, A. W. Burchard,
the present owners of
G.Sykes
We are advised that there has been Invested bythe
Dame (Vice-President),S. Z. Mitchell (Chairman of the Board), F.
bonds,
to
of
proceeds
addition
in
M.
A.
$550,000,
and
Wright
approximately
P.
H.
stock
W.
Wehrhane,
the
Henry
can be issued for the ex- (President), F. C. Walcott,p.
1412, 920.
and inasmuch as only $10,000 per mile of bonds
equity Young. Compare V. 89,
tension to Dunelion, the stockholders would expect to increase thisfreight.
286 cars—passenger and
up to about $700,000. Equipment includesAyer
American Realty 0o.—Called Bonds.—This company, a
(Pres.) and Gordon Dexter
Directors.—Gordon Abbott, Charles F.
Paper Co., has
of Boston; P. S. Arkwright, Atlanta, Ga., and F. R. Sears Jr., New York.— subsidiary organization of the International
V. 88, p. 1198.
called fifteen ($15,000) mortgage bonds of 1901 for payment

Co., PortTarrytown White Plains & Mamaroneck Ry. New York.— on Jan. 1 1910 at the Union Safe Deposit & Trust
Successor.—See Westchester Street RR. Co. below.—V. 89, land, Me.—V.87, p. 1481.
p. 1282.
American Steel Foundries.—Report.—For three months
Third Avenue RR., New York.—New Plan.—The bond- ending Oct. 31:
Balance,
Total Net Charges and
Other
Net
holders' committee yesterday submitted their new plan to
Earnings. Income. Earnings. Deprec'n. Sur. or Def.
3 Months—
sur.$113,510
$185,219
$298,729
in
terms
compare
brief
$12,655
$286,074
1909
the Public Service Commission. Its
160,195 def. 112,590
47,605
36,057
11,548
1908
with the previous plan (V. 88, p. 1622) as follows:




DEC. 4 1909.j

THE CHRONICLE

1485

Ross of 50,000 shares of common stock in the Dominion Coal
Co., Ltd., the Royal Trust Co. of Montreal has sent to the
common shareholders a circular asking them to signify
American Union Telephone Co.—Sold--Change in Control (1) whether they wish to retain their shares in the Coal Co.;
—See Continental Telep. & Teleg. Co. below.—V. 89, p.530. or (2) whether, in the event of the sale by Mr. Ross of his
Booth Fisheries Co.—Earnings.—The "Chicago Daily shares being carried out, they desire to sell the shares held
Tribune" of Nov. 30 said:
by them at the same price and on the same terms as he has
Net earnings of the Booth Fisheries Co., successor to A. Booth Fc Co., agreed to accept. Holders preferring the second alternative
were from May 23 to Oct. 1 1909, $68,591. For October the net earnings
net earnings must deposit their certificates, duly assigned in blank, with
are estimated at $50,000, so that for roundly five months the sinking
fund The
were $118,591. These earnings are after full allowance for
Royal Trust Co., Montreal, on or before Dec. 17 1909.
(A complete

Charges and depreciation for the three months in 1900 include interest
on bonds, $97,976; sinking fund, $26,499, and depreciation, $60,744.—
V. 89, P. 1342.

depreciation and interest on the $1,500,000 of 5% bonds.
report is stated to be in preparation.)—V. 88, p. 1439.

Bush Terminal Co.—Guaranteed Bonds.—The stockholders
on Nov. 29 voted to guarantee $12,000,000 of bonds of the
Bush Land Co., as stated in our issue of Oct. 2,'page 848.
Capital Gas & Electric Light Co., Frankfort, Ky.—New
Bonds.—This company filed notice at Frankfort, Ky., on
Nov. 15 of an increase of indebtedness to $250,000.
At last accounts there were outstanding $110,000 stock (receiving divibonds. Meters, 1,500; annual
dends of 4% per annum) and $32,000
output of gas, about 22,000,000 cubic feet. Net price for light, $1 75.
E. L. Smith.
and
Secretary
Treasurer,
Fitch;
L.
T.
President.

Cedar Rapids (Ia.) Gas Light Co.—Appeal Allowed to
Federal Supreme Court.—The Iowa Supreme Court on
Nov. 16 denied the petition for a re-hearing of the decision
holding the 90-cent gas ordinance valid, but granted permission to the company to appeal to the Supreme Court of
the United States, on condition that rebates claimed by
consumers be deposited pending the appeal at 4% interest.
Compare V. 88, p. 1315; V. 86, p. 423.
Central Home Telephone Co., Louisville.—Sold.—This
property was sold under foreclosure at Louisville on Dec. 1
for $250,000 to E. H. Cady, representing the bondholders'
committee.
The committee consists of Mr. Cady himself, E. J. Marshall and It. B.
Crane of Toledo, and George Winslow of Carrollton, David Prewitt of
Lexington. Of the bonds, $2,015,000 have been deposited with the Ohio
Savings Bank & Trust Co. of Toledo, trustee; further deposits are requested.
—V. 89, p. 1225.

The circular says: "The price and terms of the proposed purchase are
as follows: $95 per share, of which $25 will be paid down, and the balance,
with interest at 4 M% per annum, in ten quarterly installments of $7 each,
the first of which will be payable in March 1910. and the last in June 1912."
The "Montreal Gazette" of Nov. 25 said: "It was officially learned to-day
that up to the present, in addition to Mr. Ross's holdings of 50,000 shares,
the ho ders of 60,000 shares of Coal common stock have expressed their
Intention of retaining their stock for the merger, which makes 110,000
shares in all, out of the total of 150,000 shares, favorable to the merger,
leaving only 40,000 shares of common undetermined." [There is also
$3,000,000 7% preferred outstanding.)—V. 89, p. 1350, 106.

Electrical Utilities Corporation.—New Enterprise.—This
corporation has just been formed under the laws of Maine,
capitalized at $5,000,000 common stock and $2,500,000 of
preferred stock, the present issues being $1,500,000 preferred
and $2,500,000 common. The preferred stock was offered
for subScription in London last week at par, with 80% bonus
in common, and was heavily over-subscribed.
The company has been organized by interests closely
allied with the General Electric Co., chiefly for the purchase
of securities of companies which operate power, light, gas
and street railway properties, without competition, in prosperous cities. In character the enterprise is very similar
to the United Electric Securities Co. of Boston, which has
proved highly profitable to its shareholders.

The directors are (1) in America: S. Z. Mitchell, Chairman of American
Power & Light Co., who was for many years associated with Stone &
Webster; S. W. Childs, a director in the Arizona Power Co., and a member
of the firm of William P. Bonbright & Co. of New York, London and
Colorado Springs; A. W. Burchard. Assistant to President Coffin of the
(2)
General Electric Co.; A. C. Bedford, a director of Standard Oil Co. LonEngland: W. F. Fisher, a member of William P. Bonbright & Co. In
and
Co.;
Thomson-Houston
British
the
of
director
a
Smith,
H.
Owen
don;
L. Egerton. Mr. C. A. Coffin will act in an advisory capacity.
The preferred stock is cumulative from Jan. 1. Interest from the date
of payment to Jan. 10 will be adjusted. After the preferred has received
5%, the common will receive 4% in dividends, after which the profits will
be divided, 23% to the preferred and 75% to the common, and payments
will be also made in the same proportion of any assets distributed after the
payment of 125% and cumulative dividends on the preferred and par to
the common.
The Electric Bond & Share Co., William P. Bonbright & Co. of New York
and H. M. Byllesby & Co. of Chicago have agreed to offer this company
a participation of from 5% to 10% in the underwriting of all corporations
which they may bring out for public offering within the next five years.

Cleveland (0.) Stone Co.—Bond Reduction.—On Nov. 1
1909 $100,000 first mortgage 4325, called for redemption,
were payable at the Guardian Savings & Trust Co., Cleveland, reducing the amount outstanding, originally $750,000,
to $250,000.—V. 73, p. 664.
Colonial Steel Co.—New President.—John B. Finley of
Pittsburgh has been elected President to succeed the late
James W. Brown.—V. 89, p. 849.
Consolidated Gas Co. of New York.—Settlement with the
(Edward) Ellsworth Co.—Successor.---See "H.-O. Co."
City.—It was announced on Wednesday that a settlement below.—V. 89, p. 228.
of mutual claims had been reached with the city, and that
Equitable Illuminating Gas Light Co. of Philadelphia.—
the latter owes a balance of about $1,000,000 to the company. Bonds Called.—One hundred and ninety-eight ($198,000)
of
special franchise bonds of 1898 will be paid at 105 and interest at the New
It was found that there was due to the city for arrears
taxes for both gas and electric companies controlled a total of $7,634,543.
Trust Co., 26 Broad Street, on January 1 1910.
On the other handy the bills due by the city have been in arrears since York
—V. 89, p. 1225, 351.
Dec. 1902. Compare annual report, V. 86, p. 283.—V. 80, p. 1143, 289.
Equitable Life Assurance Society.—Control Purchased by
Continental Telephone & Telegraph Co.—Acquisition.—
This new company, it is announced, has purchased control J. P. Morgan & Co.—See item under "Banks, Bankers
of the American Union Telephone Co., with headquarters and Trust Companies" on another page.—V. 89, p. 46.
at Harrisburg, Pa, The American has authorized capital
Great Western Power Co.—Description of Property.—
stock of $25,000,000,and, it is said, has issued about $5,- E. H. Rollins & Sons have issued in pamphlet form an illus600,000 of stock (part preferred) and $11,000,000 of bonds. trated article by H. P. Wilson regarding this company's
The shareholders of the American Union Telephone Co. were to vote property. This article first appeared in the "Electrical
Nov. 18 on ratifying an agreement with the Commonwealth Trust Co. for
Compare V. 89, p. 1283.
the issue of certain collateral trust bonds. A $25,000,000 mortgage was World.
made in 1908 (V. 85, p. 1520; V. 84, p. 1054, 161), securing an unknown
Co. of Buffalo.—Reorganized Company.—This
H-0
(The)
bonds.
There are also bonds of numerous conamount of outstanding
trolled companies in the hands of the public, notably those of the United company was incorporated at Albany Nov. 17 with $2,000,Co. (V. 78, p. 829: V. 81, p. 564. 618), the Cum- 000,in shares of $100 each, for the purpose of acquiring all
Telephone & Telera
berland Valley Telephone Co. (V. 79, p. 2750) and the Consolidated TeleCo. and
phone Co. of Pennsylvania (V. 81, p. 214; V. 87, p. 418.)—V. 89, p. 1225. and singular the interests of the Edward Elsworth
with
Ooppermines Co.—Reduction of Authorized Stock.—The its subsidiary companies in accordance, it is understood,
creditors
shareholders on Dec. 1 voted to decrease the capital stock plan in V. 89, p. 228, to which some 95% of the
said to have assented.
from $60,000,000 to $5,000,000, by retiring shares owned are
The directors are Laban S. Jenks, Lester F. Gilbert, Ansley W. Sawyer.
by the corporation but never issued, the par value to re- Stanley
T. Bush and Edward McM. Mills, all of Buffalo.
The Ellsworth Co. was placed in receivers' hands on April 26 1909 and
main $5 each. This company has done some development
the
property was advertised for sale on Sept. 29 1909 in an equity suit,
work upon its properties at Ely, but the plan to absorb the subject
to the $2,000,000 mortgage bonds of 1907, (Fidelity Trust Co..
and
which under the plan were to be retired. The sale was several
Cumberland-Ely
trustee),
propother
Ely
Consolidated,
Nevada
times adjourned, owing to the opposition of small creditors who attempted
erties was not carried out. Compare V. 86, p. 1045.
to throw the company into bankruptcy. On Oct. 25, however, the bankproceedings were dismissed and it is supposed the plan of June 1909
Crucible Steel Co. of America.—Dividend Increased.—The ruptcy
carried out.
4% on the wasHudson
directors have declared a quarterly dividend of 13
& Middlesex Telephone & Telegraph Co., New
$24,436,500 7% cumulative_preferred stock, payable Dec. 23 Jersey.-0fier for Stock.—The shareholders will vote to-day
to stockholders of record Dec. 13, comparing with 1M% on the question of accepting an offer of $110 a share for all or
paid on Sept. 30, 134% in June and 1% in March last.
a majority of the stock, total authorized $250,000, outstandPrevious Dividend Record of Preferred Stock.
1900. 1901. 1902. 1903. 1904. 1905. 1906. 1907. 1908. 1909. ing at last accounts $120,000. W.J. Lansley is President.
7
5M
0
0
5M
5M
6
Dec., 1
7
1M
International Silver Co.—Extra Dividend.—The directors
Overdue to Dec. 1009, 25 My..
and an
Amendments to By-Laws.—At the stockholders' meeting yesterday declared a quarterly dividend of 13.4% payable
dividend of 1%%on the pref. stock($6,028,588),
on Oct. 20 it was decided to amend the certificate of incor- extra3
Jan. to holders of record Dec. 17, comparing with 1.34%
poration as follows:
in Jan. last.
Section 8, by adding thereto the following clause: "The corporation may only in October, July and April last and 1%
also purchase or otherwise acquire and hold, sell, assign, transfer or otherwise dispose of shares of, its own capital stock."
Section 13, by adding thereto the following words: "Including shares
of its own stock, which the corporation has power to hold."—V. 89, p. 915,
922.

Dayton (0.) Home Telephone Co.—Sale.--Some 85% of
the $600,000 preferred and $600,000 common stock, it is
stated, was deposited with the Huntington National Bank
of Columbus in time to accept the offer made by unknown
parties through Franz R. Huntington for control of the
company,on the basis of 90 for the preferred and 20 for the
common.
Doherty Operating Co., New York.—See Knoxville
(Tenn.) Gas Co. below.—V. 89, p. 1413.
Dominion Coal Co., Ltd.—Circular to Stockholders.—In
conformity with one of the conditions of sale by Mr. James




Previous Dividend Record .of Preferred Shares (Per Cent).
1909.
1908.
1907.
1902 to 1906.
1901.
1100.
4M
4'%
63
4 yearly.
1 M0
Also in Jan.'03 scrip for unpaid divs. (21 M%),$1.085,343.—V. 88, p.683,

International Steam Pump Co.—New Directors.—Grant
G. Schley and Charles S. Hirsch have been elected directors,
thus increasing the membership of the board from fourteen
to sixteen.—V. 89, p. 1351, 1070.
Knoxville (Tenn.) Gas Co.—Stock Acquired.—Henry L.
Doherty & Co., New York, now own 95% of the stock of this
company, having recently acquired the holdings of a number
of large interests.—V. 79, p. 1644.
Lanston Monotype Machine Co.—New Vice-President.—
J. Sellers Bancroft, Treasurer, has been elected Vice-President to succeed the late W. M. Laffan.—V. 89, p. 1413,
1144.

1486

THE CHRONICLE

Lehigh Coal & Navigation
Philadelphia.-Proposed
Extension of Voting Trust.-John
Co.,L. Clawson, 45 South 2d
St., Philadelphia, representing considerable holdings of the
stock, has issued a statement opposing (1) the proposed
5-year extension of the voting trust and (2) the election of
J. S. Harris and Samuel Dickson as directors, on the ground
that they are both directors of opposition companies. On
the other hand, President W.A.Lathrop has sent a letter to
stockholders saying in substance:
In reference to your coal reserve, it is proper to say that a careful examination made during the past 18 months, and verified by independent engineers of the highest standing, shows that the reserve available for shipment
is more than 500,000,000 tons.
Notwithstanding this tonnage reserve, which places your company
third in the list of owners of unmined anthracite, it stands at the foot of
the list of large producers. This situation, which is the outgrowth of conditions no longer existing, is receiving the attention of your managers,
it being their purpose, as far as physical and commercial conditions peculiar
to this property will warrant, to carry its development to a point bearing
a closer relation to your actual reserve than is now enjoyed. Much has
already been accomplished In this direction, but much remains to be done
before the operations referred to are completed.
This policy of extending the business of the coal department is not looked
upon with favor by some of its competitors who have large coal reserves
of their own, and a menace to the future market value of the stock lies in
the possible acquisition of stock control by some corporations or individuals
who, in view of the immense value of your reserves, could well afford to
pay a high price for such control, and then postpone the further development of your property until their other holdings have been exhausted.
The board of managers believe this danger to be real, if not an imminent, one; and in order that the interests of all stockholders may be equally
protected, and an opportunity given for carrying to completion the plans
now under way for extending the coal business of your company, they
strongly advise placing the control of the property at this time out of the
reach of competing interests, except at a price which discounts In some degree its prospective earning value.-V.89, p. 1351, 1144.
Maryland Coal CO.-No Dividend Declared.-The directors

[VoL. Lxxxix.

the company is used for the irrigation of orange orchards. There are 750.I 000
acres of irrigable land in Tulare County, of which approximately 150,000

acres are irrigated by the natural water supply and approximately 30,000
acres are irrigated by water pumped by power. All of the natural stream
flow has long ago been appropriated.
The company owns and operates three high-head hydro-electric generating stations, two located on Kaweah River, having a combined capacity
of 3,800 h. p., one located on Tule River, haying a capacity of 2,850 h. P.,
and one turbo-generator steam generating station at Visalia, of 1,350 h. p.
capacity. The combined capacity of the four stations Is 8,000 h. p. The
company owns 131 miles of high-potential transmission lines and 322 miles
of medium and low-potential distributing lines. The replacement value of.
the physical property, exclusive of water rights and franchises, as reported
by J. G. White & Co., is $1,484,115.

Muncie (Ind.) Gas Light & Fuel Co.-Sold.---The property
of this company was sold at foreclosure sale Nov. 26 under
order of the United States District Court at Indianapolis.
The price paid was $228,766 11, the buyer representing the
bondholders' committee, which holds the entire outstanding
issue of $208,000 first mortgage 5% bonds. No definite
plans have been made for the disposition of the property.V. 83, p. 41; V. 86, p. 1470.
New River Co.-Listed in Boston.-The $2,500,000 first
mortgage and coll. trust 5% convertible bonds have been
listed on the Boston Stock Exchange. Compare V. 89,
p. 166, 1415.
New York & New Jersey Water Co.-Notes Offered.-This
company, 160 Broadway, New York City, is offering at par
and interest from Oct. 15 the unsold portion of an issue of
$600,000 6% 3-year collateral trust gold notes, secured by
deposit with Trust Co. of America, New York City, trustee.
of $950,000 of 4% 50-year first consolidated gold bonds,
have decided, owing to the poor condition of the coal market, bearing endorsement by the City of Bayonne, N. J.
Report of Annual Revenue.
not to declare the usual semi-annual dividend on the $1,885,- Revenue
$219,000 Present fixed charges
$46,000
005 preferred stock.
100,000 Present surplus
Net (after taxes)
54,000

Earnings from mining operations, it is said, are not sufficient to warrant
the declaration of a dividend at this time, and it was not deemed advisable
to use the surplus for the purpose.
Dividend Record (Per Cent).
DIVS.-i '97. '98. '99. '00. '01. '02. '03. '04. .05. '06. '07. '08. 1909.
New pref.f 4 4 M 5
5 5M 7 8M 83 8
8
8
5 J'ne, 25
-V. 88, p. 509.

Estimated surplus over present fixed charges on completion of
extensions and improvements to plant, to provide for which
these notes are being Issued
179,000

Abstract of Letter from President John Coffee Hays, Nov. 18 1909.
This company, organized In November 1909 under the laws of California.
as successor of Mt. Whitney Power Co., operates an electric-lighting and
power business in Tulare Counts:, Cal.. In the southern end of San Joaquin
Valley, equally distant (250 miles) from Los Angeles and ran Francisco.
Principal cities and towns served: Visalia, Tulare, Porteryille and Lindsay.
The lighting business constitutes about 32% of its gross business. The
principal output is utilized ;or pumping water frcm wells for irrigation;
these wells are owned by the consumers and are located upon their property.
The contracts are generally of long time.
CapitalizationA 21thorizert.
Issued
First mortgage 6% bonds
$5,000,000
$1,000,000
Preferred stock
1,800,000
750,000
Common stock
3,200,000
1,875,000
Actual Earnings for Calendar Years 1900, 1903, 1907 and 1908 and for
12 Mont/is' ending Sept. 80 1909-Estimated for Cal. Years 1910 and 1911.
1900.
1903.
1907.
1908. 1908-09. 1910(est) 1911(est)
G'ross__ _$37,954 $92,630 $182,473 $233,705 $266,908 $367,000 $471,000
Net _ _
11,688 54,191 106,040 139,318 168,447 250,000 340,000
The gross earnings should continue to show an average annual increase
of fully 25%. Net earnings for the twelve months ending Sept. 30 1909
were at the rate of over 2 M times the annual interest requirement on the
present issue of bonds. The t et earnings are shown
hove after deducting taxes.
The toads are secured by a first lien on all rroperty, franchises and contracts now owned or hereafter acquired. The remaining $4,000,000 bonds
may be issued only for 80% of the reasonable cost of permanent extensions
or additions, but only when the annual net earnings shall have been not
less than twice the annual interest charge on the bonds then outstanding
and those applied for. Annual sinking fund beginning Oct. 1 1914, a sum
equivalent to 1% of the bonds outstanding, for the purchase of bonds at
no more than 110 and interest. Beginning Oct. 1 1919 the company will
deposit with the trustee a further 1% to be used exclusively for the Improvement of the property, not for maintenance.
The present population of Tulare County is 25,000 and is growing rapidly.
The county has a property valuation of $32,000,000 and has no debt. The
product Is diversified, and consists of oranges, lemons, peaches, apples,
grapes, alfalfa, &c. The shipments of agricultural products in 1908
amounted to $10,000,000. A large proportion of the power supplied by

property, extensions, plant and equipment, properly chargeable to capital
t
accpoeurn
.
t;lars submitted to the board, it Is stated, show that $3,500,000
of the new 5% bonds and $1,000,000 of the new debenture stock have
been disposed of In Canada, and that the net price realized after paying
all expenses of every kind connected with the whole of the both issues was
over 94% of par, out of the proceeds of which the company has redeemed
all its outstanding first mortgage and consolidated bonds; has largely
reduced its bank indebtedness, and is in an easy financial position. It is
understood that the profits for 1909 are expected to exceed those of the
previous year by at least $100,000, the coal output, aggregating over
800,000 tons, being all sold. Compare V. 88, p. 1376, 1563; V. 89, p. 100.

New York Telephone Co.-Reduction of 20 to 33 1-3% in
Rates between City and Suburbs.-The company has announced
a reduction of 5 cents in rates for telephone service between
Miami Copper Co.-Authorized.-The shareholders on N. Y. City and leading suburban points
points, both for connections
voted
to
Nov. 27
issue $1,500,000 10-year first mortgage 6% between Manhattan and Long Island,'
and New
convertible bonds, and also to increase the authorized capital Jersey points, and from Brooklyn to points on Long Island.
from
stock
$3,000,000 to $3,500,000 in order to provide for
Investigation.-Hearings are now being held by the committee appointed
by.the last Legislature to determine whether the telephone and telegraph
conversion of the bonds. Compare V. 89, p. 1414.
companies of the State should be brought under the jurisdiction of the
Milliken Bros. Inc., Staten Island, N. Y.-Readjustment Public Service Commission.-V. 89, p. 1351, 924.
North American Co., New York.-New President.-James
-Arrangements having been made to readjust the floating
debt per plan in V. 89, p. 107, Judge Hough on Nov. 22 Campbell, for some time identified with the company as a
ordered the dismissal of the bankruptcy suit, provided that director, has been elected President in place of C. W. Wet$40,000 cash be deposited and bonds for $250,000 be given more, who retires after 16 years' service on account of illto protect the receivers against liabilities incurred in hand- health. Mr. Wetmore was appointed special adviser to the
ling the property. Edward C. Wallace, one of the voting board and will continue as a director.-V. 88, p. 1563.
trustees, has been made President, Gates W. McGarrah,
Northern Westchester Lighting Co., Ossining, N. Y.Treasurer and George E. Hargreave, Secretary,
Bonds.-The Public Service Commission, Second District,
Edward C. Wallace, Gates W. McGarrah, John T. Bourne, Arthur A.
Fowler, Clarence McK. Lewis, Charles H. Zehnder and William Barclay has authorized the company, controlled by the Northern
Parsons are the directors.
Westchester Securities Co., to issue $125,000 of first con• (The plan leaves the $3,000,000 6% bonds (V. 82, p. 1215) undisturbed,
provides for the exchange of notes and merchandise or other claims for solidated mortgage 5% bonds, to pay for improvements.
10-year promissory notes with 5% Interest payable in so far as earned. V. 87, p. 617.
establishes a voting trust, and authorizes the creation of an issue of $2,000,North Shore Electric Co., Chicago.-See"Annual Reports."
000 second mortgage bonds to be used as collateral if necessary in order
to obtain working capital. Non-assenting claims under order of court will
New Director.-Solomon A. Smith (Vice-President of the
either be secured or paid. The fabricating plant is In operationland reports say it I proposed to, start up the ,steet plant when working capital Northern Trust Co., Chicago) has been elected a director to
is obtained.
succeed the late Charles F. Spalding.-V. 89, p. 999.
Since June 10 1907 the fabricating plant on Staten Island, It is reported,
has been operated by the receivers at a profit of more than $300,000 and
Nova Scotia Steel 86 Coal Co.-Stock Dividend of 20% and
the bridge plant at a profit of $300,000. The cash In bank Is stated as
-At a meeting of the board, held in
$630,000 and outstanding accounts at $300,000. The plan of readujst merit Cash Dividend of 1%.
has been accepted by 97% of the creditors and 86% of the stockholders. Montreal on Nov. 27, it was decided to recommend a stock
Under the voting trust agreement the stock is deposited with the Bankers' dividend of 20%, payable in common stock, to common
Trust Co.-V. 89, p 107, 290.
shareholders of record Dec. 20 1909. A meeting of the
Mt. Whitney Power & Electric Co., Visalia, Cal.-Bonds shareholders will be called immediately to confirm the
Purchased.-The Electric Bond & Share Co., New York, of the directors. It was also resolved to pay a cash action
dividend
has purchased but has not yet publicly offered this com- of 1% on the common stock on Jan. 15 to
shareholders of
pany's present issue of $1,000,000 first mortgage 6% sinking record Dec. 31 next-said to be a
quarterly distribution. •
fund gold bonds dated Oct. 1 1909 and due Oct. 11939, but
The 20% stock
is made "In view of the fact that the prof::
redeemable as a whole on any interest date at 110 and inter- and loss account ondistribution
Dec. 31 1908 showed a balance of $1,219,221 of accumuest. Par $1,000 (c*). Interest A. & 0. at Bankers' Trust lated profits, and that during the past two years only 1 M,,q, had been paid
In dividends to the holders of common shares, while during the last eight
Co., trustee, New York, and in San Francisco.
years a sum exceeding $1,500,000 of earnings had been expended on




Oklahoma Gas & Electric Co., Oklahoma City, Okla.Preferred Stock Offered.-William P. Bonbright & Co.,
bankers, New York, London and Colorado Springs, are
offering at 98 and interest, yielding 7.14% income (see advertisement on another page), a block of cumulative 7% preferred stock, dividends payable quarterly (January, &c.).
Authorized issue, $2,500,000; outstanding, $1,000,000; par,
$100. A circular says in substando:
The company was organized Sept. 1 1904, when the city and its environs had an estimated population of 24,000. The population to-day is
estimated at about 50,000, and it is increasing more rapidly than at any
previous time. The surrounding country is a rich agricultural section,
and the city is already the leading commercial and financial center of the
State. The company supplies both electricity and gas, without competition
CapitalizationPref. Stock.
9
Cons. Stock.
1st i5ns 1N
9e2t)
Authorized
$5,000,000
$2,500,000
$2,500,000 150%
Issued
1.000,000
700,000
Earnings for Years ending Sept. 30 (shozcing an Increase of
50
.
4-0
00
90
00,
1908-09, 1907-08. 1906-07. 1905-06. 116
Gr
Neotss
$529,792 $354,226 $277,107 $205,119 $159,013
82,627
104,725
208,136
144,837
129,076
On April 1 1909, new funds being needed to extend the service to some
15,000 people not then reached, this new issue of $2,500,000 7% preferred

DEC. 4 1909.

TIIE CHRONICLE

stock was authorized, the old preferred being exchanged, share for share,
for the new; additional shares were offered to acquire the necessary funds.
The result of this new money should be evident in the spring earnings.
We recommend these shares as an investment well safeguarded both as to
dividends and equity and showing a most satisfactory yield. Compare
V. 89, p. 1284, 1415.

Called Bonds—Merged Property.—All of the outstanding
1st M. 5s of the People's Gas Light & Fuel Co.(V. 81, p. 215)
dated 1905 will on Dec. 20 be paid at. 102 with interest to
that day at the American Trust & Savings Bank, Chicago,
trustee. All the underlying bonds having been called for
redemption, the 1st M. 5s of the Oklahoma Gas & Electric
Co., due 1929, are a first. lien.—V. 89, p. 1415.
Parlin & Orendorff Co., Canton, Ill.—Stock Increase—
Distribution of Surplus.—This company, manufacturer of
agricultural implements, incorporated in Illinois in 1880, has
increased its capital stock from $100,000 to $5,000,000,in
$100 shares, all outstanding; $2,000,000 is common stock
and $3,000,000 is 5% cumulative pref., with equal voting
right, but subject to call at the company's option at par.
This is simply a transfer of a portion of the accumulated surplus to capital
stock. There is no change in the control or ownership, all of the stock
has
being owned and controlled by the Parlin and Orendorff families, as it
its
been since incorporation. The company is building a large addition tothe
plant, adding something over an acre to the blacksmith shop and to
punch and shear departments. The President Is Wm. H. Parlin and the
Sec. and Treas., U. G. Orendorff.

Passaic Steel Co. Paterson, N. J.—Sold.—At foreclosure
sale on Nov. 26 the property was bid in for $400,000 by
T. H. Conderman, 407 Walnut St., Philadelphia, Chairman
of the bondholders' committee. One Stockton, supposed
to represent a Philadelphia firm, also bid.
The bondholders' committee, composed of Theodore H. Conderman,
Chairman, and Murray Gibson, of Philadelphia; J. Barclay Cooke, William
Simpson and William Rinehardt, of Paterson, and Charles B. Hall, of Buffalo, is understood to represent about 80% of the bonds.—V. 89, p. 1226,
924.

People's Gas Light & Fuel Co., Oklahoma City.—Called
Bonds.—See Oklahoma Gas & Electric Co. above.—V. 81,
p. 215.
(John B.) Stetson Co., Philadelphia.—New Stock.—Shareholders of record Nov. 26 have the right to subscribe at par,
-;100 a share, on or before Jan. 25 for $1,193,400 new cornmon stock to the extent of one share for each four shares of
both common and preferred stock now held.
Subscriptions must be paid in full on or before Jan. 25. The new stock
will participate In a y dividend declared for the fiscal year ending Oct. 31
1910. There is now outstanding $3,273,600 common and $1,500,000 8%
cumulative preferred. The last recorded sale of the common, it is said,
was at $445 a share. The ew certificates will be ready after Feb. 1.—
V. 87, p. 1667.

Union Stock Yards Co. of Baltimore.—Called Bonds.—
Twenty-six first mortgage 5% gold bonds, being various
bonds ranging from No.46 to No.589,secured by mortgage
to the Safe Deposit & Trust Co. of Baltimore, as trustee,
dated Dec. 15 1898, will be paid at par and interest at the
Western National Bank of Baltimore January 1 1910.
V. 85, p. 1592.
United States Steel Corporation.—Directors.—Percival
Roberts of New York and Samuel Mather of Cleveland have
been elected directors to succeed Marvin Hughitt and
William Edenborn, who requested that they be relieved of
their duties as directors in the corporation.—V. 89, p. 1144.
Winona Copper Co.—Assessment.—An assessment of $2
per share has been called on the $2,500,000 stock (par $25),
payable $1 on Dec. 10 and $1 on March 10 next. This will
make the stock, it is understood, $20 per share paid in.—
V. 89, p. 477.
(Walter A.) Wood Mowing & Reaping Machine Co.—
Stock Decreased.—The company on Dec. 1 filed a notice with
the Secretary of State, certifying that it had reduced its
capital stock from $2,500,000 to $1,500,000.—V. 89, p. 1286.
—As per advertisement in other columns of the "Chronicle," the old-established banking and brokerage house of
James H. Oliphant & Co. to-day opens in Chicago a branch
office in The Rookery, Suite 711. This Western office will
be under the management of John Jay Bryant Jr., until recently Secretary of the Farwell Trust Co., and prior to that
holding a responsible position with the well-known brokerage
firm of Granger Farwell & Co. Mr. Bryant has a wide experience and acquaintance in Chicago speculative and investment circles. The firm of Jas. H. Oliphant & Co. was
formed in 1898. The present members of the firm are
Alfred L. Norris, Floyd W. Mundy and J. Norris Oliphant.
Messrs. Norris and Oliphant are members of the New York
Stock Exchange, while Mr. Mundy is a member of the Chicago Exchange. Mr. Mundy is a Chicagoan by birth and
lived in that city until 1901, when he became the New York
representative of Granger Farwell & Co. In 1905 he was
admitted to a partnership with Oliphant & Co. He is the
author of "The Earning Power of Railroads," an annual
publication of accepted value, and of many contributed articles on financial topics in various standard journals.
—Upon application, A. M. Kidder & Co., 18 Wall St., this
city, will send a copy of a special quotation circular of inactive preferred and guaranteed underlying telegraph company stocks. The list also includes guaranteed and preferred
railroad stocks. All these stocks are tax-exempt and of
special moment to investors in view of the near approach of
the annual payment of taxes in January. A. M. Kidder
& Co. are specialists in this class of securities.
—The Scherzer Rolling Lift Bridges are steadily gaining
in favor. This fact is established by the increasing use
t',.at is made of them by the leading railroad companies.




1487

Among many recent instances we note that the Baltimore &
Ohio RR. is erecting over the Cuyahoga River at Cleveland
a double-track Scherzer rolling-lift bridge having a movable
span of 200 feet from centre to centre of bearings, this being
the longest double-track single-leaf bascule bridge yet constructed. Other bridges of remarkable size have recently
been completed by the Seaboard Air Line and the San Pedro
Los Angeles & Salt Lake Ry. Among the prominent foreign
orders are a bridge for the Buenos Ayres Great Southern Ry.
at Buenos Ayres, Argentina; an electric railway and highway
bridge for the City of Dublin; a bridge to cross the Lachine
Canal, Canada, for the use of the Canadian Pacific Ry.
—The well-known bond house of Farson, Son & Co., New
York and Chicago, is distributing an important little booklet on the value of Irrigation Bonds as an investment. This
firm, of which John Farson, the well-known financier of
Chicago, is the head, has long been specializing in irrigation
bonds, and an opinion of a firm of its experience should prove
valuable. Mr. Farson has been a prominent figure in the
bond profession for over 30 years. Of recent years he has
devoted a great deal of his time to the subject of irrigation.
A copy of this booklet, or any information in regard to irrigation bonds, will be furnished upon application to the firm's
offices in New York, at 21 Broad St., or in Chicago, in the
First National Bank Bldg.
—A. M. Kidder & Co., 18 Wall St., New York, calls the
attention of investors to the near approach of "tax day"
when taxes are assessed in this city,Jan. 10th, and for this
purpose are offering 500 shares of a tax-free 6% railroad
stock. This stock is guaranteed in perpetuity by the hold.
ing railroad company,which is paying6% on $6,000,000 pref.
stock and for some years past has paid dividends of 5% and
more on $10,500,000 common stock. See advertisement
elsewhere in to-day's issue for price and particulars.
—Investors in municipal bonds who desire an excellent
income yield, together with security, will be interested in a
list of offerings being made by the office of D. Arthur Bowman, Third National Bank Bldg., St. Louis, Mo. A number
of excellent Southwestern school issues, yielding a good income, are included, and the selection will be sent to any inquiring investor.
—Walter Watson, formerly a member of the New York
Stock Exchange, and a son of the late Walter Watson,
Managing Director of the Bank of Montreal, has been admitted as a general partner in the firm of C. I. Hudson & Co.,
and will be in charge of the firm's new branch office in the
Hotel Plaza.
—Alfred Mestre & Co., bankers, 52 Broadway, announce
the opening of a branch office in Philadelphia at 130 South
15th St. The firm are members of the New York Stock
Exchane, and do an active business in municipal, railroad
and equipment bonds.
—Hanson R. Duval, Rieman G. Duval and Charles Gordon
Carroll (member New York Stock Exchange) have formed a
co-partnership, with offices at 66 Broadway, for the purpose
of conducting a general banking and brokerage business.
—Messrs. Suffern & Son, certified public accountants,
announce that they have opened an office at Pittsburgh in
the Machesney Building under the management of James
Grant, C. P. A., who has been admitted to membership in
the firm.
—The December issue of the monthly bulletin of Fisk &
Robinson has a timely and well-written article on the urgent
importance of Congressional action on our banking and currency system. Copies may be had on request.
—Lamarche & Coady, bankers, 25 Broad St., this city,
announce the admission of A. H. Ostrom into the firm's
membership. Mr. Ostrom was formerly Assistant Treasurer
of the American Light & Traction Co.
—Samuel Burns Jr., the popular dealer in investment
securities at Omaha, Neb., is distributing to his friends a
unique and useful article for the desk in the shape of a paper
weight.
—E. H. Rollins & Sons are offering Chicago City Ry.
prior mortgage 5% bonds at a price to yield about 4.70%
on the investment. See particulars in advertisement on
another page.
—The Farwell Trust Co., Chicago, is distributing copies
of a circular regarding the status of the American Telephone
& Telegraph Co. and its 30-year convertible 4% gold bonds.
—Dudley M. Cooper on' the 1st inst became a partner in
the New York Stock Exchange firm of Stout & Co., 25
Broad St.
—Lamarche & Coady announce that Mr. A. H. Ostrom,
formerly Assistant Treasurer of the American Light & Traction Co., has become a partner in their firm.
—Schmidt & Gallatin, members of the New York Stock
Exchange, 111 Broadway, will buy or sell New York Central
and Chicago & North Western "rights."
—The Boston banking house of Pinrgee, McKinney & Co.
has removed from 22 Congress St. to its new offices at
8 Congress St.
—Moffat & White, 5 Nassau St., this city, have authorized
I ionry W. Brower to sign for the firm 'Ter Procuration."
—Dudley M. Cooper has been admitted to general partnership in the Stock Exchange firm of Stout & Co.

1488

TIIE CHRONICLE

Whr Toututerclai Wxutez.
COMMERCIAL EPITOME.
Friday Night, Dec. 3 1909.
Though some decrease in the trade in iron and steel manufactures is reported, the aggregate trade in such products is
still liberal and general business is promoted by more seasonable weather and the approach of the holidays. Manufacturing centers report a large output. Prices generally high
and steady, money active and collections in most parts good.
Stocks of Merchandise.
Cocoa
Coffee, Brazil
Coffee, Java
Coffee, others
Sugar
Hides
Cotton
Manila hemp
Sisal hemp
Flour

Dec. 1
1909.

Nov. 1
1909.

Dec. 1
1908.

34,600
bags..
56,340
28,750
bags.. 3,364,623 3,052,207 3,028,027
85,250
mats_
68,450
41,275
bags.. 402,061 420,263 289,233
bags, &c_
45,000
30,000
17,100
8,802
No..
17,500
32,500
bales_ 128,972 112,522
99,860
bales
8,340
7,685
3,416
bales
2,850
1,400
2,294
bbis_
77,300
76,800
64,500

[VoL. Lxxxix.
COTTON.

Friday Night, December 3 1909.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
216,389 bales, against 204,284 bales last week and 278,293
bales the previous week, making the total receipts since
Sept. 1 1909 4,294,749 bales, against 4,826,029 bales
for the same period of 1907-08, showing a decrease since
Sept. 1 1909 of 531,280 bales.
Receipts at-

Sal.

Mon.

Galveston
13,318
Port Arthur
Corpus Chris.,&c.
New Orleans
8.707
Gulfport
Mobile
1,250
Pensacola
4,900
Jacksonville, &c.
61
Savannah
8,490
Brunswick
Charleston
-5ii
Georgetown
_
Wilmington
iiH
Norfolk
2,796
Newp't News, &c
New York
Boston
____
Baltimore
Philadelphia_ _ _ _
-Totals this week_ 40,955

Wed.

Tues.

Thurs.' Fri.

Total.

10,026 26,399 4,542 8,551 12,568 85,404
_
----_
'7 884 ---------7,884
---------1,382 1,498
116
4,9-17 12,046 4503 21561 3,453 35,292
75.
7
11,644
947
4,009

1,512

1,685
6,150
475
4,040

4/
7,068
--------___ 22,694
____
2,506
1,023
3,914 3,954 27,024
_1 1,240 1,240
-655 -iii -iii -iio 1,411 3,704
__ _ _
_
_
_
_
_
iii-iii
ail 4,219
.-io
525
iii
2,242 2,464
1,949 13,767
2,12(1 2,196
763
763
255
1- 165
_
55
ilia
25
100
222
____
--:17
50
___
2,799
__
_
2,799
____
50
.65 ____
- --------35,706 57,236 34,642 18,545 29,305 216,389
____
___
2,617

LARD on the spot has been quiet but firm, with stocks
small. Prime Western 13.90c. Middle Western 13.80c. and
%c. Refined lard has'
city 133
been firm, with trade quiet.
Continent 14.10c., South America 15c. and Brazil in kegs
16c. The speculation in lard futures has been active, with
prices irregular. Early in the week the market felt the effects for a time of a noteworthy increase in the movement of
live hogs to market and a decline in hog quotations, together
The following shows the week's total receipts, the total
with depression in grain prices. But the arrivals of live hogs since Sept. 1 1909, and the stocks to-night, compared with
have again fallen off and the fact has been reflected in larger last year:
buying of lard and a hardening of prices.
DAILY CLOSING PRICES
Sat.
12.25
11.70
11.65

January delivery
May delivery
July delivery

OF LARD FUTURES IN CHICAGO.
Mon.
Tiles.
Wed. Thurs.
Fri.
12573 12.52t 12.30
12.4234 12.42 %
1i.825 11.57% 11.40
11.52% 11.52%
11.70
11.50
11.40
11.47% 11.45

PORK on the spot has been firm. Trade has been quiet
but stocks are small. Mess $25 75©$26, clear $24 50©
326 50 and family $26 50. Beef has been active at an advance. Mess $11 50©$12 25, packet $13©$13 50, family
$15©$15 50 and extra India mess $20 50©$21 50. Cut
meats have been moderately active and firmer; pickled hams
12%©1334c. for regulra, light to heavy; pickled bellies,
clear, 13M©14Mc.• pickled ribs 13©14c. Tallow has been
dull and easy; city &Mc. Stearines have been quiet and firm;
oleo 16c., lard 13©13Mc. Butter has been quiet and firmer;
creamery extras 33c. Cheese quiet and firmer; State, f. c.,
Sept., fancy, 16Uc. Eggs dull and easier; Western firsts
28 ©30c.
OIL.-Linseed has been dull but firm. Many iarge consumers ard believed to hold small stocks. City, raw, American seed, 65©66c.; boiled 66©67c., Calcutta, raw, 75c.
Cottonseed has been quiet and steady; winter 7©7.35c.; summer white 7.05©7.40c. Lard has been firm with a good demand; prime $1 10, No. 1 extra 59©62c. Coconaut has
been dull and easier; Cochin 9©10c. Ceylon 834©8Mc.
Olive has been dull and steady at 80c.o$1 25. Peanut dull
and steady; yellow 62©67c. Cod has been quiet and steady;
domestic 38©40c. and Newfoundland 42©44c.
COFFEE on the spot has been quiet and firm; Rio. No. 7,
8M©8%c.; Santos No. 4;,8Y
I ©8X3c. West India growths
have been quiet and rfim; fair to good Cucuta 9%©10c.
The speculation in future contracts has been on a very small
scale and prices have moved in a narrow groove. The European markets have shown a tendency to sag, foreign houses
have sold here to some extent, and there has been liquidation at times by tired local longs. But spot interests have
bought and there has been more or less covering. ,A rumor
has been current of late that Santos shippers have oversold
themselves and were buying back contracts in this market.
Closing prices were as follows:
December
January
February
March

6.40c.
6.45c.
6.50c.
6.55c.

April
May
June
July

6.600.
6.70c.
6.75c.
6.75c.

August
September
October
November

6.80c.
6.80c.
6.80c.
6.80c.

1908.

1909.
Receipts to
December 3.

This Since Sep This Since Sep
Week. 1 1909. Week. 1 1908.

Galveston
Port Arthur
CorpusChrlsti,&c.
New Orleans _ _ _ _
Gulfport
Mobile
Pensacola
Jacksonville, &c.
Savannah
Brunswick
Charleston
Georgetown
Wilmington _ _ _ _
Norfolk
Newport N., &c_
New York
Boston
Baltimore
Philadelphia
Total_

Stock.
1909.

1908.

240,619

291,670

151,571
723
41,515

313,326

136,725
14,736
39,055

151,727
22,090
30,013

7,808
33,109

25,765
47,987

131,635
2,496
18,815
1,155

101,427
8,034
29,100
6,441

85,404 1,474,840 159,853 1,884,706
46,001
25,336
6,461
7,884
21,780 3,104
23,357
1,498
35,292 574,232 108,600 868,247
7,981
• 7,068 140,191 18,121 191,780
22,604
78,109 9,700
51,210
2,506
22,061
17,145
2,030
27,024 1,003,470 63,782 902.971
1,240 172,044 22,798 133,111
3,704 164,697 7,295 128,910
607
195
640
4,210 239,295 14,334 255,501
13,767 305,792 31,711 287,679
763
7,010
2,506
255
2,766 2,148
4,381
222
4,112
996
6,578
28,259 5,844
2,799
40,282
50
602
622
1,680
216,389 4,294,749 457,544 4,826,029

819,962 1,098,673

71,093

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-

1909.

85,404
9,382
35,292
7,068
27,024
1,240
3,704
4,219
13,767
763
28,526
--Total this wk_ 216,389

Galveston ___
Pt.Arthur,&c.
New Orleans..
Mobile
Savannah
Brunswick_ _ _
Charleston,&c
Wilmington._
Norfolk
N'port N., &c
All others__

1908.

1907.

1906.

159,853
9,565
108,600
18.121
63,782
22,748
7,400
14,334
31,711
21,340

102,483
5,542
94,508
16,621
64,574
8,423
6,453
20,872
24,760
413
22,485

144,713
20,608
100,069
12,908
67,848
3,987
8,534
17,350
32,039
746
22,657

86,013
13,873
67,447
8,869
53,815
7,623
4,389
10,950
30,686
987
16,060

93,731
19,545
110,690
13,471
60,662
10,864
5,332
7,024
24,875
268
36,033

457,544

367,134

431,459

300,712

382,495

1905.

1904.

Since Sept. 1.. 4,291,749 4,826,029 3,667,116 4,696,656 4,336,915 4,070,257

The exports for the week ending this evening reach a total
of 242,166 bales, of which 46,604 were to Great Britain,
69,410 to France and 126,152 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1909:
Week ending Dec. 3 1909.
Exported toExports
from-

Prom Sept. 1 1909 to Dec. 3 1909.
Exported to-

ContiGreat
ContiGreat
SUGAR.-Raw has been dull ande asier; centrifugal,
Total.
Britain.Fence nent. Total. Britain. France. nent.
96-degrees test 4.33c.; muscovado, 89-degrees test, 3.83c.;
305,297 451,133 1,156,500
molasses 89-degrees test, 3.58c. Refined has been quiet Galveston _ _ _ _ 22,672 23,702 41,796 88,170 400,070
16,780 1,000 29,121
7,884 7,884
Port Arthur..__
46,901
and steady; granulated 5.05©5.15c. Teas have been firm Corp*Ch
750
750
9,551
0,551
HatI,da
with a moderate jobbing trade. Spices have been quiet New Orleans_ 7.777 4.311 16,990 29,078 211,907 107,076 111,149 430,132
15,823
15,609 38,736
6,616
72,159
Mobile
9,207
17,814
firm.
Wool has been firm with an increased demand. Pensacola ___ _ 6,150 11,644 4,900 22,694 26,360 32,018 21,299 79,677
and
7,258
7,258
PETROLEUM.-Refined has been firm with a fair Gulfport
_ _ 2,548 11,482 28,660 42;456 161,933 82,148 292,634 536,715
business for export and domestic account. Barrels 8.05c.; Savannah
Brunswick..
71,287 139,660
62,877 5,496
bulk 4.55c.; cases 10.45c. Gasoline has been firm and Charleston _ _
70.874 82,694
11,820
14,310 14,310 76,138 15-Joo 136,113 227,951
Wilmington.....
moderately active; 86-degrees, in 100-gallon drums, 183
4c.; Norfolk
4,845
45
4,800
drums $8 50 extra. Naphtha has been quiet and steady; Newport News
54,334
150,606
30,514
2,347
York
1;8Ei
New
7,781
65,758
11,682
73©76-degrees, in 100-gallon drums, 163
4c.; drums $8 50 Boston
6,736 .69,782
193
193 63,046
extra. Spirits of turpentine quiet at 57c. Rosin quiet; Baltimore
22,415 35,841
10,941 2.485
1,000 1,283 1,306 3,589
_
26,360
Philadelphia _ _ 4,903
7,492 33,852
4,903
common to good strained $4 15 to $4 20.
Portland, Me
TOBACCO.-Prices for domestic leaf have ruled steady San
Francisco.
400
400
8,650
8,650
9,088
though trade has been quiet. The feeling is still expressed Seattle
9,088
100
100
in many quarters that a marked improvement in business is Tacoma
Portland, Ore_
200
200
certain to be witnessed in the not distant future. There Pembina
550
550
Detroit
has been a fair trade in Havana and Sumatra at firm prices.
COPPER has been dull and easier; Lake 133
/©135Ac.;
Total
46,60469,410 126,152242,166 1,161,657 620,470 1,320,5853,102,712
electrolytic 13©13U; casting 12%©13c. Lead dull at Total 1908- 186,788158,962 120,562366,312 1,280,311
464,848 1,604,6553,349,814
4.40©4.423c. Spelter quiet at 6.15©6.30c. Tin quiet
and firm; spot 31.65c. Iron has been steady. Steel plants
In addition to above exports, our telegrams to-night also
and pipe works have made purchases for delivery over the give us the following amounts of cotton on shipboard, not
first half of next year. No. 1 Northern $18 50©$19; cleared, at the ports named. We add similar figures for
No. 2 Southern $18 25©$18 75.
New York.




FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:

On Shipboard, Not Cleared forDec. 3 at-

Great
Britain. France

Other CoastGermany. Foreign wise.

uavino
Total.

120 16,442
574
1,347 9,177 5,224
New Orleans_ _
132,939
Galveston _ _ _ 47,518 22,500 32,408 15,889 14,624
8,322
500
7,020
802
Savannah _ _
1,000 6,000
5,000
Charleston
13,368
5,600
967
23,000 4,501
Mobile
17,000 17,000
Norfolk
4,600
800 1,600
1,000
1,200
New York_ _ _ _
24,000
1,000
11,000
Other ports_ _ _ 12,000
38,844 222,671
Total 1909.... 65,167 37,178 62,419 19,063
55,223 31,469 354,373
Total 1908_ _ 112,499 64,592 90,590 34,088
41,152 261,805
Total 1907_ _ 63,209 52,459 70,897

Stock.
135,129
107,680
128,403
33,055
28,147
16,109
127,035
21,733
597,291
744,300
573,863

Speculation in cotton for future delivery has been on a
for
moderate scale at irregular prices, with the net changes has
the week slight. The attitude of many of the tradelight
been a waiting one. The disposition is to await further
on the crop outlook from the reports of the ginning to be
issued on the 8th inst.,and the Government crop estimate
on the 10th. Meantime the receipts have fallen off materially. The belief of many, however, is that this decrease in
the movement merely reflects a decreased demand for the
actual cotton. Spinners as a rule have been buying from
hand to mouth. The spot sales in Liverpool have continued
very small and the stock there is very large. The condition
of trade on this side of the water has not been as favorable
as could be desired. A London despatch reports that Lancashire's business has been very poor. Short-time in
Lancashire has been agreed upon up to Feb. 28 by 92 mills.
Fall River's sales of print cloths during November were disappointingly small. There has been steady liquidation of
smaller holders and from time to time some of the leading
bull interests are supposed to have lightened their load.
The reports from India continue to indicate that the crop in
that country is large. Liverpool has at times been a large
seller here, and the South, the West and Wall Street have
also sold. The English political situation has been a more
or less disturbing factor. Manchester advices have been to
the effect that spinners' takings are no gauge whatever to
the actual consumption, that the reduction in consumption
is enormous, that Liverpool brokers were re-selling cotton for
spinners on account of the paralysis of the cotton industry in
England, and that short-time agreements in continental
countries having terminated, they are being renewed. At
the approaching session of Congress it is intimated that a
new anti-option bill may be introduced. There seems to
be a possibility that the general subject of cotton speculation
may be made a subject of investigation by the Federal Legislature. On the other hand, some crop estimates under
11,000,000 bales have been issued by newspapers and statisticians, the crop movement, for whatever cause, has decreased, and within a few days some improvement in the
demand for spot cotton in parts of the South has been
reported. Some New England mills which had been hampered for some months by lack of water have latterly resumed
work. Believers in better prices argue that the forthcoming
Government reports on the ginning and the size of the crop
are likely to be bullish. Leading bulls have given support
from time to time and houses in and out of Wall Street haVe
been buying for moderate turns. The future of the market
is believed to hinge largely on the Government crop estimate
which will be issued on the 10th inst. To-day prices advanced on reports of a larger spot demand in parts of the
South, reports that the National Ginners' Association stated
the ginning at 8,884,000 bales, bull support, commission
house buying and covering of shorts. Spot cotton here has
been quiet. Middling upland closed at 14.75c., showing
no change for the week.
The rates on and off middling, as established Nov. 17 1909
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
c 1 50 on
Fair
Strict mid, fair___1.30 on
1.10 on
Middling fair
Strict good mid. __13.66 on
Good middling
_0.44 on
Strict mtddling___0.22 on

Basis
c
Middling
Strict low, mid____0.25 off
0.60 off
Low middling
Strict good ord__ _ _1.05 off
Good ordinary--.1 .75 off
Strict g'd mid. tgd.0 35 on

Good mid. tinged.c. Even
Strict mid, tinged. 0.15 off
Middling tinged_0.25 off
Strict low mid.ting_0.60 off
Low mid. tinged_1.50 off
Middling stained-A.75 off

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Nov. 27 to Dec. 3Middling uplands

Sat.
14.75

Mon
14.55

Tues. Wed. Thurs. Fri.
14.55 14.65 14.70 14.75

NEW YORK QUOTATIONS FOR 32 YEARS.
1900.o
1908
1907
1906
1905
1904
1903
1902

14S9

THE CHRONICLE

DEC. 4 1909.j

14.7511901_c
9.35 1900
11.90 1899
11.00 1898
11.65 1897
8.60 1896
12.45 1895
8.50 1894

8.31
10.19
7.75
5.62
5.81
7.68
8.50
5.68

1893_c
1892
1891
1890
1889
1888
1887
1886

8.06
9.62
8.06
9.44
10.25
9.88
10.56
9.25

1885..0
1884
1883
1882
1881
1880
1879
1878

9.44
10.56
10.56
10.44
12.12
12.00
12.75
9.19

MARKET AND SALES AT NEW YORK.
Spot Market
Closed.

Futures
Market
Closed.

et
Barely steady
Saturday_ _
Monday_ - - ruiet, 20 pts. dec... Barely steady
Steady
Tuesday -- uiet
Wednesday Quiet, 10 pts. adv_ Steady
Thursday - ulet, 5 pts. adv_ _ Steady
Very steady
Friday,_ _ _ Quiet, 5 pts. adv_
Total_




Sales of Spot and Contract.
Con- ConSpot. sum'n. tract.

Total.

24

24

29

16,900 16,900
4,400 4,400
2,000 2,029

53

23,300 23,353

-Franklin D. Williams, who has entered the Boston firm
of Wellington, Sears & Co., will becomethe resident partner
in New York.
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 3Stock at Liverpool
Stock at London
Stock at Manchester

1909.
bales. 948,000
7,000
56,000

1908.
538,000
10,000
37,000

1907.
683,000
17,000
51,000

1906.
522,000
8,000
36,000

1,011,000
4,000
238,000
392,000
2,000
8,000
48,000
1,000

585,000
14,000
326,000
184,000
4,000
21,000
37,000
6,000

751,000
16,000
164,000
133,000
4,000
12,000
18,000
28,000

566,000
11,000
219,000
118,000
3,000
6,000
63,000
1,000

693,000

592,000

375,000

421,000

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
Total Continental stocks

1,704,000 1,177,000 1,126,000 987,000
Total European stocks
87,000
43,000
60,000
India cotton afloat for Europe.._ 104,000
Amer. cotton afloat for Europe... 723,589 1,009,462 936,750 966,785
116,000
82,000
68,000
63,000
Egypt,Brazil,&c.,allt.for Europe_
193,000
195,000
212,000 233,000
Stock in Alexandria, Egypt
174,000 310,000 370,000
293.000
Stock in Bombay, India
'819,962 1,098,673 835,668 1,238,286
Stock in U. S. iports
Stock in U. S. interior towns__ _ 736,416 846,344 496,434 641,357
62.958
28,660
75,813
17,507
U. S. exports to-day
4,675,474 4,742,292 4,053,512 4,864,386
Total visible supply
Of the above, totals of American and other descriptio ns arc as follows:
American440,000
576,000
bales. 862,000 437,000
Liverpool stock
29,000
39,000
32,000
49,000
Manchester stock
544,000
293,000 376,000
669,000
Continental stock
966,785
936,750
1,009,462
723,589
Europe
for
American afloat
819,962 1,098,673 835,668 1,238,286
U. S. port stocks
846,344
496,434 641,357
736,416
U. S. interior stocks
62,958
75,813
28.660
17,507
U. S. exports to-day
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, &c
Total American

3,877,474 4,043,292 3,205,512 3,754,386
86,000
101,000
7,000
10,000
5,000
7,000
24,000
48,000
60,000
104,000
68,000
63,000
233,000
212,000
295,000 '174,000

107,000
17,000
12,000
82,000
43,000
82,000
195,000
310,000

NM

82,000
8,000
7,000
45,000
87,000
116,000
195,000
370,000

798,000 899,000 848,000 910,000
3,877,474 4,043,292 3,205,512 3,754,386

4,675,474 4,742,292 4,053,512 4,664,386
Total visible supply
6.35d.
5.96d.
7.72d.
4.97d.
Middling Upland, Liverpool
12.05c.
10.95c.
9.35c.
Middling Upland, New York_ _ _ 10.75c.
10
9-16d.
10
12
9
%d.
1-16d.
Liverpool
Brown,
Egypt, Good
8.95d.
11.75d.
7.90d.
9.25d.
Peruvian, Rough Good, Liverpool
51d.
4 fid. 5 13-18d.
7!1d.
Broach, Fine, Liverpool
5
7-16d.
9-16d
5
_
_
6
_
11-16d.
4
Liverpool_
15-16d.
Tinnevelly, Good,

Continental imports for the past week have been 227,000
bales.
The above figures for 1909 show an increase over last week
of 140,834 bales, a loss of 66,818 bales from 1908, an
increase of 621,962 bales over 1907, and a gain of 11,0RR
bales over_1906.

1490

THE CHRONICLE

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Movement to December 3 1909. 11

Movement to December 4 1908. I

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.

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The above totals show that the interior stocks have increased during the week 38,657 bales and are to-night 109,928
bales less than at the same time last year. The receipts
at all the towns have been 146,371 bales less than the same
week last year.
-OVERLAND MOVEMENT FOR THE WEEK 7;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:
1009Since
Sept. 1.
156,126
82,315
4,775
31,609
16,494
44,211
68,764

December 3ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, he

1908
Week.
36,981
14,683
1,049
3,558
2,460
7,698
15,784

Since
Sept. 1.
238,451
149,914
3,442
31,821
17,260
56,113
91,674

404,294

82,213

588,675

35,739
10,488
15,175

9,610
2,215
854

52,921
18,112
13,650

Week.
18,427
9.303
1,373
3,482
1,960
7,482
16,923

Total gross overland
58,950
Deduct shipmentsOverland to N. Y., Boston, &c_ _ _ 3,326
Between interior towns
4,799
Inland, &c., from South
1,805
Total to be deducted
Leaving total net overland*

9,930

61,402

12,679

84,713

49,020

342,892

69,534

503,962

,

• Including movement by rail to Canada. • • - -

•

The foregoing shows the week's net overland movement
has been 49,020 bales, against 69,534 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 161,070 bales.
19091908

In Sight and Spinners'
Since
Since
Takings.
Week. Sept. 1.
Week. Sept. 1.
Receipts at ports to Dec. 3
216,389 4,294,749 457,544 4.826,029
Net overland to Dec. 3
49,020
69,534
342,892
503,962
Southern consumption to Dec. 3_ _ 52,000
50.000
702,000
596,000
Total marketed
317,409 5.339,641 577,078 5,925,991
Interior stocks in excess__
38,657
25,634
653,253
731,419
Came into sight during week__ _356,066 -------602,712
Total in sight Dec. 3
6,657,410
North'n spinn's takings to Dec. 3.102,407.7r 897,627; 100,440.11,047,714

Pi Movement into sight in previous years: Vi'VZ
rr Week-WO '
• rj` ,
7 .r:Mr.71
1907-Dec. 6
1906-Dec. 7
-Dec.
8
1905
1904-Dee. 9

Bales.
471,958
574,885
936,111
495,454

Since Sept. 11907-Dec. 6
1906-Dec. 7
1905-Dec. 8
1904-Dec. 9

M Yst'7
.W
Bales.
4,970,046
6,263,857
5,844,270
5,775,450

-QUOTATIONS FOR MIDDLINGCOTTON•AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principaklcotton.
:
.marketsjfor
each day of the week.




[VOL. Lxxxix.
Closing Quotations for Middling Cotton on-

Week ending
December 3.

Sarday. Monday. Tuesday. Wed'day. Thursd'y. Friday.

Galveston
New Orleans__ _
Mobile
Savannah
Charleston
Wilmington
Norfolk
Boston
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rock

14 5-16
140%
140%

140%

14 3-16
140%
14%
14.75
14%
15.00
14 %
140%
140%
14 5-16
14 3-16

143.1
140%
140%
14 3-16
14 3-16
19
14%
14.75
14%
14.80
140%
140%
14%
14 3-16
14 3-16

140%
140%
14 3-16
14 3-16
140%
14
140%
1.455
14%
14.80
14 9-16
140%
140%
14 3-16
14 1-16

140%
140%
14 3-16
14 3-16
140%
140%
140%
14.55
14%
14.90
140%
140%
140%
140%
14 1-16

1431
140%
140%
140%
140%
140%
14%
14.65
14%
14.95
14%
140%
140%
140%
140%

14%
14%
140%
140%
14 3-16
140%
14%
14.70
19%
15.00
14 11-16
14
14 %

14%
14%

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,
Nov. 27. Nov. 29. Nov. 3.3. Dec. 1. Dec. 2. Dec. 3.
NovemberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
February-Range
Closing
MarchRange
Closing
AprilRange
Closing
MayRange
Closing
JuneRange
Closing
July-Rance
Closing
SeptemberRange
Closing
OctoberRange
Closing
ToneSpot
Options

_ ® __ ® __ ® ____ ® __ ® ___ ®, 14.43 -14.29
14.34-.47 14.36-.58 14.32-.37 14.43-.48 14.50-.55 14.52-.68
14.48-.50 14.33-.35 14.36-.37 14.45-.46 14.52-.54 19.66-.68
14.65-.70 14.48-.78 14.45 .59 14.57-.66 14.65-.73 14.68-.83
14.65-.66 14.52-.53 14.53-.54 14.61-.62 14.67-.68 14.81-.82
____ ® _ _ ® _ _ ® _ ___. ® _ ® _ ___ ® _
14.76 -14.63-.65 19.64-.66 14.71-.73 14.78-.80 14.91-.93
14.96-.02 14.79-.10 14.76-.90 19.87-.96 14.95-.03 14.98-.13
14.97-.98 14.83-.84 14.84-.85 14.91-.93 14.98-.99 15.12-.13
.
_ ® __ ® __ ® __ ® __ ® __ ® 15.01-.03 14.87-.89 19.88-.90 14.93-.95 15.00-.02 15.14-.16
15.14-.20 14.98-.27 14.95-.07 15.05-.15 15.14-.21 15.17-.31
15.15-.17 15.01-.02 15.03-.04 15.10-.11 15.16-.17 15.30-.31
_ ® _ _ ® __ ® __ ® __ ® __ ® _
15.19-.20 15.05-.07 15.07-.09 15.12-.14 15.19-.21 15.32-.$4
--.27 15.08-.38 15.06-.17 15.16-.22 15.24-.29 15.26-.39
15.25-.27 15.11-.12 15.13-.14 15.19-.20 15.24-.25 15.38-.39
13.25-.30 13.18 -- @ -13.20-.25- @ -- ® 13.25-.30 13.14 -13.14-.15 13.35 - 13.34 -13.44 - @ -12.53-.58 12.64 -12.77-.83 12.88-.90 12.97-.00
12.65 -12.54 -12.65 -12.81-.82 12.87-.89 12.98-.99
Firm.
Quiet.
Easy.
Quiet, Steady. Firm.
Steady. Steady. Steady. Steady. Steady. Steady.

WEATHER REPORTS BY TELEGRAPH.-Our reports from the South this evening by telegraph denote that
on the whole fairly favorable weather has prevailed during
the week. Rain has fallen in most localities but the precipitation has as a rule been light.
Galveston, Texas.-We have had rain on one day during
the week, the rainfall reaching one inch and twenty-six hundredths. The thermometer has ranged from 62 to 76, averaging 69.
Abilene, Texas.-There has been rain on two days during
the week, to the extent of ninety-two hundredths of an inch.
The thermometer has ranged from 40 to 76, averaging 58.
Corpus Christi, Texas.-There has been rain on two days
the past week, the rainfall being eight hundredths of an inch.
The thermometer has ranged from 60 to 76, averaging 68.
Fort Worth, Texas.-Rain has fallen on three days during
the week, the precipitation reaching one inch and sixty-two
hundredths. The thermometer has ranged from 46 to 76,
averaging 61.
Palestine Texas.-Rain has fallen on two days during
the week,'
the precipitation reaching fifty-two hundredths
of an inch. The thermometer has ranged from 50 to 78,
averaging 64.
San Antonio, Texas.-We have had rain on two days
during the week, the rainfall reaching eight hundredths of
an inch. The thermometer has ranged from 46 to 86,
averaging 66.
Taylor, Texas.-We have had rain on three days of the
week, the rainfall being twenty-eight hundredths of an inch.
The thermometer has ranged from 46 to 80, averaging 63.
New Orleans, Louisiana.-There has been rain on two days
the 'past week, the rainfall being one inch and nineteen hundredths. The thermometer has averaged 65.
Shreveport, Louisiana.-We have had rain on one day
during the week, the precipitation reaching forty-one hundredths of an inch. The thermometer has ranged from
43 to 70, averaging 56.
Vicksburg, Mississippi.-We have had rain on one day of
the week, the rainfall being thirty-four hundredths of an
inch. The thermometer has rftnged from 52 to 77, averaging 63.
Helena, Arkansas.-There has been rain on two days of
the week, to the extent of thirty-nine hundredths of an inch.
The thermometer has averaged 57, the highest being 65 and
the lowest 41.
Little Rock, Arkansas.-Rain has fallen on one day during
the week, the precipitation reaching thirty-eight hundredths
of an inch. The thermometer has ranged from 44 to 74,
averaging 59.
Memphis, Tennessee.-There has been rain on one day
of the past week, the rainfall being thirty-two hundredths
of an inch. The thermometer has ranged from 50 to 73,
averaging 59.4.

32.

Savannah, Georgia.-There

has been no rain during the
week. The thermometer has averaged 55, ranging from
42 to 76.
Charlotte, North Carolina.-Farmers are selling more
freely. We have had a trace of rain on one day during the
week. The thermometer has averaged 51, the highest being 71 and the lowest 30.
Charleston, South Carolina.-There has been a trace of
rain on one day of the past week. The thermometer has
ranged from 40 to 76, averaging 58.
COTTON CONSUMPTION AND OVERLAND MOVEMENT TO DEC. 1.-Below we present a synopsis of the
crop movement for the month of November and the three
months ended Nov. 30 for three years:

WORLD'S SUPPLY AND TAKINGS OF COTTON.
1908.

1909.

Cotton Takings.
Week and Season.

Week.

Season.

Week.

Season.

-

4,408,065
Visible supply Nov. 26
4,534,640
1,-71-4",982
Visible supply Sept. 1
f,i131;oH
356,066 5,992,894 602,712 6,657,410
American in sight to Dec. 3
181,000
43,000
469,000
Bombay receipts to Dec. 2
107,000
90,000
7,000
62,000
Other India ship'ts to Dec. 2_ _ _
3,000
359,000
57,000
415,000
57,000
Alexandria receipts to Dec. 1
94,000
10,000
Other supply to Dec. 1*
76,000
10,000
3,067,706 8,945,916 5.127,777 9,096,392

Total supply
DeductVisible supply Dec. 3

4,675,474 4,675,474 1,742,292 4,742,292

Total takings to Dec. 3
Of which American
Of which Other

392,232 4,270,442
330,232 3,569,442
701.000
62,000

385,485 4,354,100
382,485 3,591,100
3,000
763,000

• Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
MARKET.-Our report received by
cable to-night from Manchester states that the market continues quiet for both yarns and shirtings. Manufacturers
We give the prices for to-day below and
cannot sell.
leave those for previous weeks of this and last year for
comparison.
1909.
32s Cop
Twist.
d.
Oct.
22 10% 6j
29 10% @
Nov
5 10% 5j
12 10% @
19 10% 63
26 10% 63
Dec.
3 10% 63

1908.

8)4 lbs. Shirt- Coin.
ings, common Mid.
Upl's
to finest.
d. s. d.

s. d.

10% 5 4)4®9 9
11g 5 6 ©9 11

11

d. d.
7.37 8%
7.71 8%

6 @9 11
6 ©9 11
6 09 11
5 ig9 10

7.598)4
7.72 834
7.728
7.627)4

5 5%639 11

7.727)4

1134 5
11% 5
114 5
11 5

32s Cop
Twist.

83j lbs. Shirt- Cot,,n.
ings, common Mid.
1./pt's
to finest.
d. s. d.

0 0000 00

Nashville, Tennessee.-Picking and'ginning about 'completed. Rain has fallen during the week, the precipitation
being twenty-seven hundredths of an inch. Average thermometer 56, highest 72, lowest 39.
Mobile, Alabama.-Rain in the interior latter part of week.
We have had rain on two days of the week, to the extent of
one inch and thirteen hundredths.
Montgomery, Alabama.-We have had rain on one day
during the week, the precipitation reaching ninety-eight
hundredths of an inch. The thermometer has ranged from
41 to 78, averaging 58.
Selma, Alabama.-There has been rain on two days of
the past week, the rainfall being ninety-two hundredths
of an inch. The thermometer has ranged from 38 to 70,
averaging 55.5.
Madison, Florida.-There has been rain on one day during
the week, the rainfall being thirty hundredths of an inch.
Average thermometer 60, highest 72, lowest 39.
Augusta, Georgia.-There has been rain on one day of the
week, the rainfall being one inch and eight hundredths. The
thermometer has averaged 51, the highest being 75 and the
lowest

1491

THE CHRONICLE

i/E('. 4 1909.1

B.

d.

9% 5 1 68 6
9g 5 1%638 6
9% 5
9 5
8% 4
8% 4

1 ©8
0 ©8
10%(48
10 08

83 4 9

6
6
6
5

as 4%

Id.
5.04
4.99
5.00
5.05
5.07
5.08
4.97

-As shown on a previous page, the
SHIPPING NEWS.
of cotton from the United States the past week have
bales
246,126
164,820 exports
325,714
Gross overland for November
381,763
538,437
258,195 reached 242,166 bales. The shipments in detail, as made
Gross overland for 3 months
211,208
278,564
125,170 up from mail and telegraphic returns, are as follows:
Net overland for November
323,115
190,018
459,456
Net overland for 3 months
Totalbales.
1,316,563 1,862,286 1,524,292
Port receipts in November
4.212,257 4,540,973 3,381,870 NEW YORK-To Liverpool-Nov. 30-Winifredian, 1,113 upPort receipts in 3 months
4
520
1:40
3
land, 291 Sea Island
1,105,927 1,348,290 1,254,058
Exports in November
To London-Nov.26--Minnetonka, 150
3,037,346 3.150,422 2,500,318
Exports In 3 months
To Havre--Nov. 27-Caroline, 3,962
808,598
847,442 1,032,322
Port stocks on Nov. 30
3.781
To Dunkirk-Nov. 27-Hudson, 3,781
541,466
993,382
844,168
Northern spinners' takings to Dec. 1_ _ _ _
38
To Marseilles-Nov. 30-Roma, 38
636,000
570,000
676,000
Southern consumption to Dec. 1
443
To Bremen-Nov. 29-Prinz Friedrich Wilhelm, 443
Overland to Canada for 3 months (In249
'l'o Antwerp-Nov. 30-Vaderiand, 249
20,345
26,998
32,508
eluded in net overland)
550
To Genoa-Nov. 30-Konig Albert, 550
115
Burnt North and South in 3 months_ _ _ _
1,100
To Naples-Nov. 30-Konig Albert, 1,100
10,768
17,737
7,499
Stock at North. Interior markets Dec. 1_
5
5
29-Athinal,
To
Piraeus-Nov.
1,921,462
2,542,850
1,923,771
Came in sight during November
5,836,379 6,285,429 4,597,888 GALVESTON-To Liverpool-Nov. 26-Irak, 22,672_ 22,672
Amount of crop in sight Dec. 1
To Havre-Nov. 26-Commodore, 14,327_ _Nov. 27-Stan7,544,417 6,983,941
Came in sight balance of season
23,702
field, 9,375
13,829,846 11,581,829
Total crop
To Bremen-Nov. 26-Cassel, 10,637__ _Nov. 29-Heidel515.53
519.56
510.22
Average gross weight of bales
.__ 20,657
4,715
Prince,
1-Swedish
Dec.
_
_
5,305_
berg.
492.53
495.56
486.22
bales
of
Average net weight
3,492
To Hamburg-Nov. 30-Albano, 3,492
5,564
To Antwerp Nov. 26 Hornby Castle, 5,564
2.154
26-Hornby
2,154
Castle,
Ghent-Nov.
To
PORTS.
FROM
ALL
INDIA COTTON MOVEMENT
2,605
2,605
1-Moncenisio,
To Barcelona-Dec.
7,324
To Genoa-Dec. 1-Moncenisio, 7,324
7,884
7,884_
Manzanillo.
-Caro
30
Bremen-Nov.
ARTHUR-To
PORT
1908.
1907.
1909.
2.
December
750
TEXAS CITY To Mexico Nov. 25-City o Tampico, 750
NEW ORLEANS-To Liverpool-Nov.30-Cuban,4,072 __ _ Dec. 2
Since
Since
Receipts at7,777
-Navigator, 3,705
epin. Week. Sept. 1. Week. I Sept. 1.
Week. I SS
4,200
To Havre-Dec. 2 Guyane, 4,200
111
To Marseilles-Nov. 29-Federica, 111
107,000 469,000 43,000 181,000 49,0001 236,000
Bombay
To Bremen-Nov. 26-Swedish Prince, 1.488
4 8
8350
To Hamburg--Dec. 1-Vogesen, 60_ _ _Dec. 3-Alesia. 1,290_ 1,
149
To Antwerp-Dec. 3-Horace, 149
For the week.
Since Sep ember 1.
To Naples-Nov. 30-Mongibello,100-100
Exports
To Oporto-Nov. 29-Argentina, 1,969_ _ _ Dec. 2-Miguel M.
2,454
Great Conti- Japan
Great I ContiJapan
fromPinillos, 485
Britain. nent. &China Total. Britain.
cent. db China. Total.
To Barcelona-Nov. 29-Argentina, 650_ _ Dec. 2-Miguel M.
1,600
Pinillos, 950
BombayTo Genoa-Nov.30-Mongibello, 4,286_ _ _Dec. 3-Principessa
2,0)0 45,000 19,000 66,000
6,986
6,000 102,000 86,000 194,000
1909
Laetitia, 2,700
8,000 13,000 21,000
93,000 66,000 159,000
2,411
1908
To Venice-Nov. 29-Federica, 2,411
2000,
6,000
109,000 44,000 155,000
1,000 5,000
452
1907
To Trieste-Nov. 29-Federica, 452
9,207
CalcuttaMOBILE-To Havre-Nov. 24-Euston, 9.207
2,0001
1,000
7,000
9,000
6,616
1,000
1909
To Bremen Nov. 24 Khorzan, 6,616
4,000
9,00) 10,000 23,000 PENSACOLA To Liverpool Dec. 1 Santanderino, 6,150
2,000 3,000
6,150
1,000
1908
8,000
1,000
9,000
11644
1907
To Havre Nov. 27 Adelhelde Menzell, 11,694
4.900
4,900
28-Parana,
MadrasBremen-Nov.
To
8,000 SAVANNAH-To Liverpool-Nov. 26 Parisian, 2,548
4,000
1,000
3,000
2,548
1909
11,000
7,000
2,000
2,000
1908
To Havre-Nov. 26-Newholm, 5,622__ _Nov. 27-Pennine
21,000
16,000
5,000
11,482
1,000
1907
1,000
Range, 5,860
All othersTo Bremen-Nov.27-Gordonia, 10,514; Erroll, 1,277.. _Nov.
45,000
24,627
10,000 35,000
1909
2,000
1,000 1,000
30-Horsley, 6,646 _ _ _Dec. 1-Reider, 6,190
4,000 56,000
4,000 48,000
1908
2,000 2,000
4,000
To Hamburg-Nov.27-Pennine Range,490_ _ _Dec. 2-Chris6,000 47,000
3,003
1.000 8,000
1907
6,000 35,000
9,000
tiania, 2.513
50
To Rotterdam-Nov. 27-Erroll, 50
730
Total allTo Antwerp-Nov. 27-Erroll, 730
3,030 47,000 19,000 69,000
100
21,000 148,000 87,000 256,000
1909
To Ghent-Nov. 27-Erroll. 100
3.000 10,000 15,000 28,000
100
10,000 157,000 82,000 249,000
1908
To Gothenburg-Nov. 27-Erroll, 100
2,000 14,000
16,000
14,000 168,000 50,000 232,000
1907
To Rome Nov. 27-Pennine Range,5050
14,310
WILMINGTON-To Bremen-Dec. 1-Holland, 14.310
193
BOSTON-To Yarmouth-Nov. 23-Boston, 193
1.000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
BALTIMORE-To Liverpool-Dec. 1-Templemore, 1,000
1,283
To Havre-Nov. 20--Ikbal, 1,283
356
To Bremen-Nov. 26-Main. 356
Alexandria. Egypt,
750
To Hamburg-Nov. 27-Bosnia, 750
1909.
1908.
1907.
December 1.
200
To Antwerp-Nov. 20-Ikbal, 200
3,548
PHILADELPHIA-To Liverpaol-Nov. 26-Marion, 3,548
Receipts (cantars)1,355
To Manchester-Nov. 24-Manchester Merchant, 1,355
This week
430,000
430,000
360,000
400
SAN FRANCISCO-To Japan-Nov. 30-Chlyo Maru, 400
Since Sept. 1
2,694,085
3,113,524
3,520,687
---,242,166
1909.

1908.

1907.

-By cable from Liverpool we have the folLIVERPOOL.
This Since I This Since
Week. Sept. 1.,I Week. Sept. 1. lowing statement of the week's sales, stocks, &c., at that port:
Dec. 3.
90
10
27.0
Nov. 26.
Nov
.
Nov. 12.
,
34,000
38,000
To Liverpool
5,250 62, 43 11,500 52,200,i 8,000 93,991 Sales of the week
1,000
2
000
1:0
3,000
2,000
38,587, 9,000 80,707
' 8,750 50,099
Of which speculators took
To Manchester
00
000
1:0
25
00
1:0
21
Of which exporters took_ _ _ _ 1,000
9-,866 80,656 13,750 101,248
To Continent
29,000
30,000
3,750 14,412; 4,000 16,442 Sales, American
To America
13,000
75:000000
7,000
3,000
: -Actual export
1-----74,000
83,000
1
70,000
10
125,500 227,922 24,750 185,855,134,750 292,388 Forwarded
Total exports
948,000
840,000
857,000
II
I
Total stock-Estimated-.._ _ _ _756,000
I
862,000
771,000
763,000
Of which American-Est_ _ _674.000
229,000
110,000
60,000
178,000
Note.-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
Total imports of the week
193,000
85,000
164,000
37,000
American
which
Of
for
receipts
the week were Amount afloat
The statement shows that the
264,000
461,000
419,000
391,000
205,000
351,000
327.000
398,000
s': Of which American
430,000 cantars and the foreign shipments 25,500 bales,
Export (bales)-




This I Since
Week. Sept. 1.

1 g:123 ITB1

1492

THE CHRONICLE

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.

Saturday.

Monday.

Market
1
12:15 }
P.M. 3

Dull.

Quiet.

Tuesday. Wednesday. Thursday.

Friday.

Quiet.

Dull.

Quiet.

Quiet.

Mid. Up'de

7.68

7.74

7.65

7.68

7.78

7.72

Sales
Spec.&exp.

4,000
500

5,000
1,000

14,000
1,000

5,000
500

6,000
500

3,000
500

Futures. Steady at Steady at Irregular at Steady at
Market I 304 pts. 204 pts. 609 pts. 203 pts.
opened
5 advance, advance,
advance,
decline,

Steady at
304 pts.
advance.

Quiet at
102 pts.
advance.

Market
1 Quiet at
Quiet at
Quiet at
Quiet at
Firm at
Steady
}1 pt. dec.to 23407 pts. 70834 pts. 2340334 50734 pts. unch. to 2
4
P. M. j 34 pt. adv. advance,
decline.
pts. adv. advance. pts. adv.

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.
Sat.

Mon.

Thus, 7 47 means 7 47-100d-

Tues.

Wed.
Thurs.
Fri.
Nov. 27
12% 1234 1234 4 1234 4 1234 4 1234 4 1234 4
to
Dec. 3. P.m. P.m. p.m. P.m p.m. p.m. P.m. p.m. P.m. P.m. P.m. P.m.
d.
November
Nov.-Dec. _ _ _ _ 7
Dec.-.Jan_ _ _ _ _ 7
Jan.-Feb _
Feb.-Mch.
7
Mch.- Apr. _ _ _ _ 7
Apr.-May. _ _ _ _ 7
May-June
7
June-July
7
July-Aug_ __ _ _ 7
Aug.-Sep_ ___.. 7
6
Sep.-Oct _
Oct.-Nov _ _ __ _ 6
6
Nov.-Dec.

d.
d.
d.
d.
d.
d.
d.
d.
ti.
d.
d.
47 54 54 4534
47 5334 5334 47 46 34 48 50 5734 56 52 3-4 56
4734 54
5334 47 4634 4734 50 5734 5534 5234 56
51 34 58 56% 49 4934 50% 5234 60 59 55% 59%
54 61 59 51
51
58 62
5234 54 62 61
57 6334 61 34 53 53 543-4 56 64 63 6034 6434
59 65% 63 54 34 54 % 56 5734 6534 64 34 62 66
61
67 ,6434 5514 56 5754 59 67 66 6334 6734
5934 65 163 5334 5434 56 57 65 643-4 62 66
58 6334 61
51 34 52 % 54 55 63 6234 6034 64
2434 2934 27 1734 19 2034 2134 29 283427 3034
77 8234 81
723-4 74 75% 77 82 82 8034 8334
6334 6734166
5834 5934 6034 6234 68 68 67 6934
5734 62 60 5234 5354 5434 5634 62 62 61 6334

BREADSTUFFS.

[VOL. Lxxxix.
CHICAGO.

DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. 7'ttes. We-I. Thurs.
December delivery in elevator_ __ _106% 10534 10634 10534 10634
May delivery in elevator
106
10534 10634 105% 105%
July delivery in elevator
9734 9734 9734 9734 973.4

Fri.
10634
106
9734

Indian corn futures have been lifeless ill the local market.
At Chicago the trading has been fairly active. Prices have
shown irregularity within a narrow range. The tendency
of the market, on the whole however, has been downward,
owing to a marked increase in the receipts. Moreover, late
reports on the size of the yield have been bearish and a
further increase in the movement is expected. Meantime
the cash demand has been small and cash quotations have
weakened. Cash interests too have been prominent in the
selling of futures. Argentina crop news has been conflicting.
To-day the market here was nominal. At the West prices
were firmer on the strength of wheat, unsettled weather
and covering of shorts.

NEW YORK.

DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn72% 72 34 72
7134 72
72
December delivery in elevator
71 % 71
70% 7034 69 34 69%
May delivery in elevator
6954 693-4 6934 6034 6934 6934
DAILY CLOSING PRICES OF CORN FUTURES IN
S
5a
5t
M
58
o
Tues.Wed.T 5u
58
a 7rh. Fri.
December delivery in elevator
May delivery in elevator
61 % 613.4 6134 61 n 61 % 61 %
July delivery in elevator
61
6034 6054 6034 6034 6054

CHICAGO.

Oats for future delivery in the Western market have
been quiet with small fluctuations in prices. But the drift
of the market has been upward, owing to very small receipts
and lighter deliveries on December contracts than had
been expected. The cash demand has been somewhat
larger at firm prices. Sentiment, however, is bearish,
owing to the belief that when corn husking has been completed the movement of oats to market will increase materially. Meantime, stocks at Chicago are large and cash interests
there have been sellers on all advances. To-day prices
advanced on small receipts and offerings and covering of
shorts.
DAILY CLOSING PRICES OF OATS IN

NEW YORK.

Mon.
Tues.
Thurs.
Fri.
Wed.
Friday, Dec. 3 1909.
Natural
Prices for wheat flour have ruled steady. Trade here has
white_ _44 8a
34-g4.13
4434-45
4454-46
4434-46
4454-46
4454-46
•
been very quiet. Stocks are large and it is possible for con- White
clipped.4534-4834 4554-4834 4554-4854 4534-4834 4534-4834 '1534-4854
sumers to buy on almost their own terms; yet there is no
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
disposition to anticipate needs. From the Southwest and.
Sat. Mon. Tues. Wed, Thurs. Fri.
the West the reports indicate that business has been dull and December delivery in elevator__ _ _..39%
3
3954 3934 39%
4054 4034
that there is no prospect of an improvement in the situation May delivery in elevator
42
41N 42
42
4234 42 %
40
40
3034 40
4034 4054
in the near future. Many of the spring-wheat flour mills at July deliver/ in elevator
The following are closing quotations:
the Northwest have closed,down owing to congestion due
to the strike of railroad switchmen and lack of shipping
FLOUR.
directions on old orders. Rye flour and corn meal here Winter, low grades_ _ __54 40 $4 60 Kansas straights,sacks.$5 00 $525
Winter patents
5 60
5 90 Kansas clears, sacks___ 4 50
4 65
have been quiet and steady.
Winter straights
5 25
5 50 City patents
6 55
6 85
Wheat has been very irregular and on the whole at least Winter clears
5 00
525 Rye flour
4 50
4 15
Spring patents
5 40
5 70 Graham flour
4 50
a trifle lower. Recent reports of damage to the Argentina Spring
straights
5 00
5 30 Corn meal, kiln dried_ _ _ 3 20
crop by rain and locusts have been denied. Hammering and Spring clears
4 50
4 75
liquidation have been noticeable features at times. WellGRAIN.
known bulls at the Northwest and also in New York have Wheat, per bushelCorn, per bushelCents.
N. Duluth, No. 1
No. 2 mixed
51,1814
elev.
72
been selling, partly in fear of large deliveries on the first of
N. Duluth, No. 2
No. 2 yellow
1.1634
f.o.b.
72
Red winter, No. 2_f.o.b. 1.24 34
December, though it turned out that there were none on that
No. 2 white
f.o.b. Nominal
Hard
No. 2
1.19% Rye, per busheldate. On the 6th inst., however, it is said they are likely Oats, perwinter,
bushelCents.
No. 2 Western.._ _ .f.o.b.
77
to be liberal. It seems that the switchmen's strike at the
Natural white
44 34@46
State and Jersey
Nominal
White clipped
4534 @48 34 Barley-Malting .._ _ _
63 @70
West has upset the calculations of those who had contemMixed
63 @65
Nominal
Feeding, elf.. N.Y.
plated making liberal deliveries. Favorable Argentina reThe statements of the movement of breadstuffs to market
ports have been received and European markets at times
have been noticeably weak. Copious rains have fallen in indicated below are prepared by us from figures collected by
India and the crop outlook there is regarded as favorable. the New York Produce Exchange. The receipts at Western
Though the world's shipments showed a decrease as com- lake and river ports for the week ending last Saturday and
pared with recent weeks, thpy were over 4,000,000 bushels since August 1 for each of the last three years have been:
larger than for the corresponding week last year. The stock Receipts atFlour.
Wheat.
Oats.
Corn. I
I Barley.
Rye.
at Minneapolis has been increasing. Flour and cash wheat
bbls.1061bs. bush. 60 lbs. bush. 5611's. bush.32,1bs. bush.481bs. bu.56 lbs.
at the Southwest have been dull and depressed. Owing to
Chicago _ _ _ _
1,222,9011
147.860
378,400
1,507,500,
561,815
21,000
the switchmen's strike, Northwestern mills, finding it diffi- Milwaukee_
147.000
106,450
40,700,
354,600
217,800
28,000
I
221,406
488,108
cult to ship their flour, have shut down. Instead of a de- Duluth
21,390 1,769,121
36,581
324,020
Minneapolis_
459,800
2,864,400
05,840
49,630
crease in the American visible supply, as many had ex- Toledo
133,100
2,500
140,000
pected, there was an increase of about 1,800,000 bushels. Detroit
11:9821
10,207
4,092
5,685
Cleveland _ _
58,187i
18,621
1,269
180,948
4,238
Spring-wheat receipts have been large and the world's avail- St.
323,955
251.907
Louis_
60,680
193,600,
7,000
88,400
able stock has increased 1,748,000 bushels, as contrasted Peoria
275,092
54,400,
60,470
9,000
67,000
5,000
480,940
92,400
70,500.
with an actual decrease for the same week last year of over Kansas City.
3,000,000 bushels. Crop reports from Europe have been in
Tot.wk.'09
402,211 6,121,491 2,668,742 2,330,295,1 2,038,344 149,711
the main favorable. The same is true of this country. Same wk.'08 505,367 7,294,146 3,111,898 3,156,4331 2,282,685 169,988
423.753 6,407,326 1,859,384 2,249,925i 1,029,726 132,485
Same wk.'07
Furthermore there has been an absence of export trade. On
the whole, what with foreign business dull, speculation slug- Since Aug. 1
8,443,516 138,653,540 50,460,106 72,610,2951 37,197,458 3,574,945
1909
gish, supplies liberal, and crop reports generally favorable
8,526,657 135,077,265 39,086,796 72,110,406 42,224,037 3,475,503
1908
6,974.532 102,673,199 65,653,04983,676,211 33,135,749 3,491,071
1907
both at home and abroad, the trend of things has seemed to
1
many to be in favor of lower prices. On the other hand,
however, the switchmen's strike has latterly restricted the
Total receipts of flour and grain at the seaboard ports for
movement of the crop and the supply at Chicago is small. the week ended Nov. 27 1909 follow:
Some maintain, too,that if the May option seems too high,
Oats,
Corn,
Flour,
Wheat,
Barley,
Rye.
bush.
Receipts albush.
bush.
bbls.
bush.
bush.
July is too low. Underneath it all the cash situation is by
105,750
182,036 1,058,900
935,700 346.325
New York
'many regarded as firm. There are those who believe that Boston
69,784
75,850
59,488
.75,620
1,000
1,027
24,000
every bushel will be wanted and that drawbacks in the situa- Portland, Me
417,497
66,270
57,870
75,715
1,600
tion will be only temporary. Certainly there is an under- Philadelphia
55,225
63,796
273,503
Baltimore
52,357
11,463
1.250
2,763
24,264
current of resistance to any material decline, which can only Richmond
39,164
35,230
3,948
26,412
30,800
New Orleans ._
169,800 -- 58,500
be accounted for on the theory that the situation has ele- Norfolk
3,000
ments of intrinsic strength which cannot be safely disre- Galveston
81,000
91,000
1,000
4,351
12,000
1,620
garded. To-day prices advanced on a sharp decrease in the Mobile
20,066
Montreal
818,464
139,810 120,746
receipts, firmness on the spot and covering by nervous
428,191 3,139,934
16,411
Total week
824,937 1,375,552 470,348
shorts.
410,682
Week 1908
277,047
12,458

NEW YORK.

DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs.
No. 2 red winter f.o.b
124 34
125
125
12634 125
December delivery in elevator__11434 114
115
115
11534
May delivery in elevator
11234 11234 11234 11234 11234




Fri.
124 %
117
113

3,672,715 2,049,705
785,445
Since Jan. 11909_15,761.958 88,783.518 37.229,727 41,131,975 6852,078 1083,779
Since Jan. 11908_16,734.208 109007,841 35,100,506 39,065,669 5924,112 2572,765
Piweints do not Include grain passing through New Orleans for forcIgnborts
on through bills of

THE CHRONICLE

DEc. 4. 1909.1

1493

The exports from the several seaboard ports for the week and not much improvement in the demand from that
quarter, especially for future delivery, is expected until
ending Nov. 27 1909 are shown in the annexed statement:
Rye, Peas, Barley, stock-taking, which is already under way in some houses,
Oats,
Flour,.
Corn,
Wheat,
bush. is completed, or until the outlook for a satisfactory disbush.
bush.
bush.
bbls
bush.
bush.
Exportsfrom50
19,195
81,170 1,100
601,994
19,984
New York
tribution becomes clearer. In the primary market goods
Portland, Me_- 24,000
720 are being shipped steadily and the movement of merchandise
7,173
Boston
334,499
54,000
25,000
Philadelphia ____ 331,000
has been of fair proportions. So far as forward business is
100
4,661
27,470
Baltimore
(17,688
495 concerned, both mills and selling agents appear to be mark11,000 3,669
New Orleans ___
8,000 194,000
2,856
Galveston
ing time, preferring to await developments rather than
4,351
1,620
12,000
Mobile
4,496 make commitments which might mean a loss. The raw
40,000
59,000
Montreal
1,237,000
3,000
Norfolk
material situation is still the dominant factor and the
5,761 trade, as a whole, is awaiting with much interest the Govern59,195
227,211 6,489
2,504,181 278,454
Total week
321,915 6,792
222,398 57,685 ment cotton report next week. Prices are firmly held
3,763,b38 90^,295
Week 1908
The destination of these exports for the week and since and mills have again requested agents to refuse all business
tendered at levels not on a parity with the present cost of
July 1 1909 is as below:
the staple; not a few mills it is understood, have been
Whea
Corn
-Flour
Since obliged to
Since
Since
buy cotton at high prices to help out on contracts
July 1
Week
July 1
July 1
Week
1Veek
1909. for goods previously booked, with unsatisfactory results in
1909. Nov. 27.
1909. Nov. 27.
Exportsforweek and Nov.27.
bush.
bush. the way of profits. Stocks of goods made from low-priced
bbls.
bush.
bush.
bbls.
since July 1 to76,520 1,444,572
United Kingdom__ _123,228 2,338,478 1,646,683 26,004,545
50,009 820,676 805,598 16,337,384 169,584 1,543,432 cotton are reported as not large,and are steadily decreasing;
Continent
89,852 this, together with other strong underlying factors, seems
52,000
187,034
1,400
So. & Cent. Amer_ 39,454 350,231
14,460 547,705
821,755
1,675
30,950
West Indies
18,922 to point to continued firmness in values, both in primary
59,280
60
Brit. No. Am. Cols.
11,592 and secondary markets. Among jobbing houses business
81,677
68,955
Other countries
227,211 4,198,047 2,504,181 42,599,593 278,454 3,930,125 has continued fairly active, although reports from the
Total
321.915 4,688,761 3,763,838 65,336,014 906,295 3,547,056 West and South indicate that trade in those sections is
Total 1908
The world's shipments of wheat and corn for the week better than in the East, where more or less conservatism
characterizes the operations of buyers. Retail trade in
ending Nov. 27 1909 and since July 1 1909 and 1908 are the local market has shown further improvement, with a
shown in the following:
better demand noted for holiday lines, which has been
reflected in the numerous calls upon jobbers for small lots
Wheat.
Corn.
of goods for quick shipment. Hosiery has moved in fair
volume for spring, and holiday lines are meeting with a
1908.
1908.
Exports.
1909.
1909.
good sale; demand for heavy-weight cotton underwear
Since
Since
Since
Week
Since
Week I
for fall has been poor, but on woolen underwear and hosiery
July 1.
July 1.
Nov. 27.
July 1.
Nov. 27.
July 1.
business is reported as generally satisfactory. In the
Bushels.
Bushels. Bushels. Bushels.
Bushels. Bushels.
men's wear market, some of the low-priced lines have been
North Amer. 4,238,0)1 67,920,000 93,885,700 248,000 3,771,000 3,821,400
Russian _ _ 6,600,000 104,032,000 32,056,,0,, 221,000 6,632,000 6,320,500 opened for fall 1910, and a fair amounf, of business has
Danubian _ _ 176,000 9,848,000 20,320,000 476,000 8,081,000 8,113,500 already been booked at prices showing more or less irregu128,000 13,200,000 27,613,000 1,615,000 51,217,000 39,735,500
Argentine _
larity; the market generally, however, has ruled quiet. In
Australian _ _ 288,000. 4,804,000 6,992,000
0th. countr,s 544,000 23,872,000 7,050,000
dress goods a better demand came forward for spring lines,
Total _ ___ 11,974,330 223,676,000 187,916,700 2.560,000 69,701,000 57,990,900 and secondary distributers continued to seek additional
supplies of serges, panamas, diagonals, and other popular
The quantity of wheat and corn afloat for Europe on dates cloths; but trade upon the whole has not been active.
DOMESTIC COTTON GOODS.-The exports of cotton
mentioned was as follows:
goods from this port for the week ending Nov. 27 were 3,196
packages, valued at $178,967, their destination being to the
Corn.
Wheal.
points specified in the tables below:
United
Kingdom. Continent.

Total.

Bushels. Bushels. Bushels.
Nov. 27 1909_ _ 16,880,000 15,600,000 32,480,000
Nov. 20 1909. 16,240,000 15,360,000 31,600.000
Nov. 28 1908_ 17,760,000 11,520,000 29,280,000
Nov. 30 1907.. _ 15,680,000 9,040,000 24,720,000

United
Kingdom. Continent.
Bushels.
3,230,000
3,655,000
4,420,000
4,880,000

Bushels.
5,695,000
6,185,000
4,675,000
3,240,000

Total.
Bushels.
8,925,000
8,840,000
9,095,000
8,120,000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Nov. 27 1909, was as follows:

New York
"
afloat
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
On Lakes

AMERICAN GRAIN STOCKS.
Corn,
Wheat.
Oats,
bush.
bush.
bush.
1,682,000
239,000
1,133,000
155,000
430,000
517,000
237,000
636,000
2,000
45,000
698,000
519,000
858,000
93,000
306,000
200,000
176.000
494,000
3,523,000
90,000
1,325,000
944,000
65,000
269,000
567,000
116,000
153,000
1,819,000
253,000
4,057,000
530,000
732,000
42,000
5,032,000
811,000
2,892,000
15,000
1,262,000
40,000
2,010,000
393,000
334,000
827,000
3,357,000
27.000
1,144,000
11,000
158,000
252,000
425,000
295,000
351,000
4,351,000

Total Nov. 27 1909...29,418,000
Total Nov. 20 1909_ _27,630,000
Total Nov. 28 1908..48,973,000

Montreal
Fort William
Port Arthur
Other Canadian

Total Nov. 27 1909._ 9,999,000
Total Nov. 20 1909_ _11,093,000
Total Nov. 28 1908- 6,599,000

American
Canadian

Wheat,
bush.
'
,9,418,000
9,999,000

Total Nov. 27 1909..39,417,000
Total Nov. 20 1909_ _38,723,000
Total Nov. 28 1908- _65,572,000

Total
Rye,
bush.
6,000
1,000
172,000
33,000
42,000
75,000
71,000
38,000
37,000
259,000
5,000

Barley.
bush.
307,000
9,000
1,000
2,000
543,000
1,000
3,000
31,000
653,000
873,000
56,000

6,000
173,000

803,000

918,000 3,282,000
3,288,000 13,886,000
832,000 3,353,000
2,631,000 13,919,000
2,651,000 8,694,000 1,070,000 6,472,000

CANADIAN GRAIN STOCKS.
Oats,
Corn,
Wheal,
bush.
bush.
bush.
481,000
98,000
54,000
3,916,000
2,395,000
3,590,000
54,000
32,000
30,000

481,000
425,000
331,000

SUMMARY.
Corn,
Oats,
bush.
bush.
3,288,000 13,68.6,000
54,000
481,000

Rye,
bush.
6,000

Barley,
bush.
134,000

6,000

134,000
126,000
72,000

Barley,
Rye,
bush.
bush.
918,000 3,282,000
6,000
134,000

924,000 3,416,000
3,342,000 14,167,000
832,000 3,479,000
2,663,000 14,344,000
2,681,000 9,025,000 1,070,000 6,544,000

THE DRY GOoDS TRADE.
New York, Friday Night, December 3 1909.
Trading in cotton goods at first hands was generally
quiet during the past week, most of the,business done being
confined to small orders for quick shipment. Jobbers, as
a rule, have been purchasing in a hand-to-mouth fashion,




New York to Nov. 27Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries

-----1908-----.
1909----Since
Since
Week. Jan. 1.
Week. Jan. 1.
1,805
39
846
1,056
30
1,407
___
166,473
20,918
100
16,024
___
12,881
75
25,37828,315
392
15,235
9,317
-ii
501
37,478
889
26,605
23
1,629
46
1,568
12,937
171
387
14,284
49,924
181
37,933
1,844
21,224
105
20,353
90
1,725 174,426
3,196 349,125

The value of these New York exports since Jan. 1 has been
$19,170,346 in 1909, against $10,895,567 in 1908.
Leading tickets of bleached goods are well under order
and firmly held, but prices on lower counts have been shaded
to some extent. A fair volume of business developed
during the week on'staple prints at the new price basis,
a feature being the calls for quick delivery; wash fabrics,
especially the cheaper lines, have also moved more freely.
Denims and other colored cottons, as well as ginghams,
were taken in fair quantities and prices continued firm.
Converters' drills ruled steady, but various low grades of
sheetings displayed considerable irregularity in prices.
Although some inquiries were received from miscellaneous
ports., notably South American markets, export trade remained very quiet. In print cloths trading has been of
small proportions, the transactions being confined largely
to second hands; prices remain quotably unchanged.
WOOLEN GOODS.-While the men's wear market has
not shown much activity, some business was done on new
lines of cheap fabrics opened during the week for fall 1910;
from now on additional openings of both woolens and
worsteds, ranging from the lowest to the highest-priced
goods, will take place. Outside of the advance business
noted, trading has been confined chiefly to orders for prompt
and near-by delivery. Business in dress goods, also has
been largely of this nature, although jobbers and caters
sent in better orders for staple worsteds for spring. The
opening of next seasons's lines of broadcloths in the near
future is awaited with much interest.
FOREIGN DRY GOODS.-Houses handling imported
woolens and worsteds report a good business on most lines
for the fall and winter seasons, especially broadcloths and
fine worsteds; prices which foreign manufacturers were able
to name on fine broadcloths and other fabrics apparently
proved attractive to buyers here. For spring, bookings on
light-weight woolens and fine worsteds have been heavy,
and prices have ruled stiff; but no more so than on similar
domestic fabrics. In the market for linens demand has
continued good, but business, especially for prompt and
near-by shipment, has been restricted by small supplies.
Burlaps have ruled dull and unchanged.

1494

STATE

(HE CHRONICLE

AND

CITY DEPATITMENT,

Xhe Throniclit

•

PUBLISHED WEEKLY.

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For One Year
$10 00
For Six Months
o 00
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22 14s.
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Subscription, includes following SupplementsS NATE AND CITY (semi-annually)
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VOL. Lxxxix.

Improvement Bonds.
East Colfax Avenue Improvement District No. 1. Bends Nos. 55 to 57.
inclusive.
East Denver Improvement District No. 1. Bonds Nos. 123 to 128, inclusive.
East Denver Improvement District No. 2. Bonds Nos. 91 and 92.
Eighteenth Avenue Improvement District No. 1. Bond No. 57.
South Broadway Improvement District No. 2. Bond No. 51.
South Capitol Hill Improvement District No. 1. Bond No. 31.
South Side Improvement District No. 1. Bond No. 43.
West Denver Improvement District No. 1. Bond No. 99.
Sidewalk Bonds.
Capitol Hill Sidewalk District No. 1. Bonds Nos. 81 to 95, inclusive.
East Capitol Hill Sidewalk District No. 1. Bonds Nos. 11 to 57, inclusive.
Paving Bands.
Alley Paving District No. 2. Bond No. 25.
Champa Street Paving District No. 1. Bonds Nos. 87 to 103, inclusive.
Curbing Bonds.
South Side Curbing District No. 2. Bond No. 19.

Bond Proposals and Negotiations this week
xstAre

bean

as follows:

Ackerman, Choctaw County, Miss.-Bond Sale.-The
$35,000 6% 20-year coupon water and light bonds described
Transient matter per inch space(14 agate lines)
$4 20
Two Months
(.4 times)
22 00 in V. 89, p. 1097, were sold on Nov. 2 to the RobinsonThree Months (13 times)
29 00 Humphrey Co. of
Standing Business Cards
Atlanta at 103.52. Purchasers to furSix Months
(26 times)
50 00
Twelve Months(52 times)
87 00 nish blank bonds and pay accrued interest.
CHICAGO OFFICE-P. Bartlett,513 Monadnock Block; Tel. Harrison 4012.
Albany, N. Y.-Bond Offering.-Proposals will be reLONDON OFFICE-Edwards 84 Smith,1 Drapers' Gardens, E. C.
ceived until 11 a. m. Dec. 15 by H. N. Fuller, City CompWILLIAM U. DANA COMPANY, Publishers,
troller, for $200,000 4% 20-year bonds dated Dec. 1 1909.
P.O. ox 95. Front, Pine and Depeyster Ste.. • New York.
Interest semi-annual. Certified check for 2% is required.
Altamont (Town) School District No. 1, Franklin County,
N. Y.-Bonds Legalized.-Chapter 76 of the Laws of 1909
News- Items.
validates $4,000 5% bonds issued to purchase a site at
Itasca Independent School District, Tex.-School Tax Tupper Lake Junction, remove a school building to the
Suit to Be Heard by State Supreme Court.-The suit brought new site and improve the same.
to restrain this district from collecting a school tax of 50
Denomination $1,000. Date Oct. 1 1908. Interest annually at the
Lake National Bank. Maturity $1,000 yearly on Oct. 1 from 1911
cents on the $100 valuation has been certified to the State Tupper
1914 inclusive.
Supreme Court. The tax was imposed under the constitu- to
Amsterdam, Jefferson County, Ohio.-Bond Offering.tional amendment submitted in Nov. 1908 increasing the
rate of tax that school districts could levy from 20c. per $100 Proposals will be received until 12 m. Dec. 16 by J. H.
to 50c. per $100. The contention of the plaintiffs, who were Maple, Village Clerk, for the following 5% Market Street improvement bonds:
sustained in the District Court, is that as the amendment in $7,100
assessment bonds. Denomination $750, except one bond of $1,100.
question did not receive a majority of all the votes cast at
Maturity $1,100 Dec. 1 1911 and $750 yearly on Dec. 1 from 1912
the election, it was not, therefore, legally adopted by the 2,300 to 1919 inclusive.
village's portion bonds. Denomination $500, except one bond of
people. The district contends that it is not necessary that
$300. Maturity $500 yearly on Dec. 1 from 1911 to 1914 inclu
sive and $300 Dec. 1 1915.
the amendment should receive a majority of all the votes
Authority, Sections 1536-281 and 1536-213, Revised Statutes. Date
cast at the election but merely a majority of those polled Dec.
1 1909. Interest semi-annual. Certified check for 5% of amount
on that particular proposition. The higher court's opinion of bonds bid for, payable to the Village Treasurer, is required. Purchaser
pay accrued interest. These bonds were offered as 45 on Oct. 1. See
on this point is watched with interest as it will affect a to
V. 89, p. 1023.
number of other amendments submitted in recent years.
Anniston Ala.-Bond Sale.-This city has disposed of
Tallahatchie (Miss.) Drainage District.-Protest Against $21,000 bonds to the contractor in payment for work done.
Bond Issue.-The Tallahatchie Protective Association,over
Arkansas City, Cowley County, Kan.-Bond Sale.-The
the signatures of T. G. James, President, and E. M. Holmes, $6,000 432% 20-year judgment-funding bonds offered on
Secretary, in an advertisement on another page, advise Sept. 7 (V. 89, p. 612)
have been taken at par by Evlyn S.
against the purchase of the $500,000 bonds authorized by Payne, the holder of the judgments. Denomination
$500.
the Legislature in 1908 to construct main trunk drains. It Date Sept. 1 1909. Interest semi-annual.
is claimed that the project is entirely impracticable.
Ashland, Jackson County, Ore.-Bond Offering.-ProWisconsin.-Constitutional Amendments.-Three proposed posals will be received until 8 p. m. Dec. 14 by M. F. Egglesamendments to the State Constitution,' having been ap- ton City Recorder, for $11,190 6% Fourth Street paving
proved by both the Legislatures of 1907 and 1909, will be sub- bonds.
mitted to the voters for adoption at the general election
Authority, Chapter 5 of Title XXVII. and Section 2730 of Chapter 5,
in November 1910. Two of these amendments relate to the Bellinger Fc Cotton's Codes and Statutes. Denomination $500, except one
bond for $190. Date Oct. 1 1909. Interest semi-annually at the City
apportionment of members of the Senate and Assembly Treasurer's
office. Maturity 10 years, subject to call on any interestand to their compensation. The latter changes Section 21 paying period at or after one year from date of issue. Certified check for
of Article IV so as to increase the pay for each regular 5% of the bonds bid for, payable to the City of Ashland, is required.
Ashtabula, Ashtabula County, Ohio.-Bond Offering.session from $500 to $1,000. We give the section below,
italicizing the proposed change and placing in brackets the Proposals will be received until 12 m. Dec. 29 by Frank W.
portion to be eliminated in the event of the amendment Wagner, City Auditor, for $390,000 4% coupon river-improvement bonds.
being carried.
Terms of Advertising-Per Inch Space

'• Section 21. Each member of the Legislature shall receive for his services
for and during a regular session the sum of (five) ten hundred dollars, and
ten cents for every mile he shall travel in going to and returning from the
place of meeting of the Legislature on the most usual route. In case of an
extra session of the Legislature no additional compensation shall be allowed
to any member thereof, either directly or indirectly, except for mileage, to
be computed at the same rate as for a regular session. No stationery,
newspapers, postage or other perquisites, except the salary and mileage
above provided shall be received from the State by any member of the
Legislature for his services or in any other manner as such member.

The other amendment is to Sec. 10 of Art. 8 and relates
to the appropriation of moneys for the purpose of acquiring,
preserving and developing the water power and forests of the
State. If this amendment is approved by the voters, the
matter given below in italics will be added to the Constitution.
Section 10. The State shall never contract any debt for works of interna
improvement, or be a party in carrying on such works: but whenever
grants of land or other property shall have been made to the State, especially dedicated by the grant to particular works of internal improvement,
the State may carry on such particular works, and shall devote thereto
the avails of such grants, and may pledge or appropriate the revenues derived from such works in aid of their completion. (Provided that the State
'may appropriate money in the treasury or to be thereafter raised by taxation for the construction or improvement of public highways.) Provided
that the Stale may appropriate moneys for the purpose of acquiring, preserving
and developing the water power and forests of the State; but there shall not be
appropriated under the authority of this section in any one year an amount to
exceed two-tenths of one mill of the taxable property of the State as determined
by the last preceding State assessment.

Denomination $1,000. Date Oct. 1 1909. Interest semi-annually in
Ashtabula. Maturity on Oct. 1 as follows: $10,000 yearly from 1911 to
1914 inclusive, $15,000 yearly from 1915 to 1918 inclusive, $20,000 yearly
from 1919 to 1922 inclusive and $30,000 yearly from 1923 to 1929 inclusive.
Certified check on a national bank for 5% of the amount bid for, payable
to the City Treasurer, is required. Bids must be made upon blanks furnished by the City Auditor. Of the total issue $100,000 will be delivered
as soon as prepared and executed and $50,000 monthly thereafter. Purchaser to pay accrued interest.

Atlanta, Ga.-Bond Election.-An election will be held
Feb. 15 1910 (not Dec. 15 1909 as at first reported) to vote
on the propositions to issue the following bonds: $1,350,000
for sewers, $600,000 for schools, $100,000 for the Grady Hospital, $900,000 for water-works and $50,000 for a crematory.
Autauga County (P. 0. Prattville), Ala.-Bond Sale.We are informed that the three issues of 30-year gold coupon
road and refunding bonds aggregating $150,000, offered as
4s on Nov. 15 and described in V. 89, p. 1176, have been
sold to Otto Marx dr Co. of Birmingham as 5s.
Auglaize County (P. 0. Wapakoneta), Ohio.-Bond Offering.-Proposals will be received until 12 m. Dec. 29 by A. E.
Schaffer, County Auditor, for $24,000 5% bonds, to rebuild
the county infirmary.

The matter given in parenthesis above was added by an
amendment adopted in November 1908.

Authority Section 871-1, Revised Statutes. Denomination $1,000.
Date Jan. 1 1910. Interest semi-annual. Maturity Sept. 1 as follows:
$5,000 yearly from 1924 to 1927 inclusive and $4,000'in 1928. A cash
deposit of $500 must accompany bid. Purchaser to pay accrued interest.
Bonds will be delivered within 10 days from the time of award.

East Side Sanitary Sewer District No. 1. Bond No. 74.
North Denver Sanitary Sewer District No. 5. Bonds Nos. 25 to 44,
inclusive.

Denomination $250. Date Jan. 1 1010. Interest is payable at the
Chase National Bank in New York City, or, if registered, to the registered
holders in New York exchange. Maturity $1,000 yearly on Jan. 1 • from

Avon, Livingston County, N. Y.-Loan Proposed.-This
town proposes to issue road and bridge notes. It is expected,
we are advised, that they will be purchased by local investors.
Bond Calls and Redemptions.
Bainbridge (Town), Chenango County, N. Y.-Bond
Denver, Colo.-Bond Call.-Interest ceased Nov. 30 on the
Offering.-Proposals will be received until 1 p. m. Dec. 20
following bonds:
by Fred. C. Flemming, Town Clerk, for $14,000 4% gold
•
Storm Sewer Bonds.
South Capitol Hill Storm Sewer District Bond No. 40.
town-hall bonds.
Sanitary Sewer Bonds.




DEC. 4 1909

THE CHRONICLE

1915 to 1928 inclusive. Certified check on some national bank of New
York State for $300, payable to the Town Supervisor, is required.

1495

Denominations from $200 to $300. Date Dec. 1 1909. Interest March
and September. Maturity one bond each six months from March 1 1910
to Sept. 1 1918 Inclusive.

The official notice of this bond offering will be found among
Bristol County (P. 0. Taunton), Mass.-Note Offering.• the advertisements elsewhere in this Department.
Proposals will be received until 10:30 a. m. Dec. 9 by Frank
Bainbridge (Village), Chenango County, N. 'Y.-Bond M. Chace, Chairman of the County Commissioners, for $20,Offering.-Proposals will be received until 1 p. m. Dec. 20 000 Fall River Court-House 432% notes.
Denomination $10,000. Date Dec. 11 1909. Interest semi-annual.
by Homer D. Owens, Village Clerk, for $5,000 and $2,000 Maturity
$10,000 Dec. 11 1910 and $10,000 Dec. 11 1911.
gold water-supply-system-extension bonds.
Buffalo, N. Y.-Bond Sale.-On Nov. 29 the $115,000
The bonds mature on Jan. 1 as follows: the former issue $250 yearly 4% 20-year registered sewer bonds described in V. 89,
from 1915 to 1934 inclusive and the latter issue $250 yearly from 1915 to
1922 inclusive. Denomination $250. Date Jan. 1 1910. Interest (rate p. 1365, were sold to N. W. Halsey & Co. of New York City
to be named in bid) payable semi-annually at the Chase National Bank in at 100.769. A list of the bids received follows:
payable in New York exchange to the
New York City, or, if registered,
registered holder. Bid for each issue must be accompanied by a certified
check for $250, drawn on some national bank of New York State and
made payable to the Village Treasurer.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Baltimore, Md.-Offering of Sewer Stock.-This city is
offering for sale over the counter "a limited amount' of
46% sewerage stock. This is a portion of the $10,000,000
stock authorized by the voters on May 2 1905, from which
sales are made from time to time as the money is needed.
See V. 87, p. 1558. The stock matures in Oct. 1980.
Barre, Washington County, Vt.-Note Sale.-We see it
reported that $20,000 4% 3-months notes have been disposed of to the Capital Savings Bank of Montpelier.
Bay City School District (P. 0. Bay City), Tex.-Bond
Election.-Papers state that an election has been called for
Dec. 23 to vote on the question of issuing school-repair bonds.
The issue was voted at a former election but the AttorneyGeneral would not approve the issue.
Beaufort, Beaufort County, So. Caro.-Bond Offering.Proposals will be received until 12 m. Dec. 15 by W. F.
Marscher, Chairman Commissioners of Public Works, for the
$43,000 5% coupon water-works and electric-light-plant
bonds voted on Nov. 4.
Denomination to suit purchaser. Date Jan. 1 1910. Interest semiannually in Beaufort. Maturity 40 years, subject to call after 20 years.
Bonds are exempt from town taxes. Certified check for 1%, payable to
the Chairman, is required. Total debt, this issue. Assessed valuation for
1909, $568,200.

Beaver County (P. 0. Beaver City), Okla.-Bond Sale.On Nov. 20 the $23,000 5% 20-year funding bonds mentioned
in V. 89, p. 1294, were awarded to Seasongood & Mayer of
Cincinnati for $23,475, the price thus being 102.065-a basis
of about 4.838%. The following bids were also received:
C. H. Coffin & Co., Chicago_$23,2511S. A. Kean & Co., Chicago_ _$23,020
•Nuveen & Co., Chicago_ 23,007
A. J. Hood & Co., Detroit__23,100IJohn
Denomination $1,000. ll ate Oct. 5 1909. Interest semi-annual.

Belmont, Ohio.-Sale of Bonds Enjoined.-It is stated that
an injunction has been issued restraining the sale of the
$1,500 5% cemetery bonds described in V. 89, p. 1365.
The bonds were to have been awarded on Nov. 30.
Belmont County (P. 0. St. Olairsville), Ohio.-Bond Sale.
-On Nov. 29 the Belmont National Bank of Belmont submitted a bid of 100.23 for the $2,000 •Ii% coupon Belmont
Road bonds described in V. 89, p. 1439. It is said that this
bid was successful.
Benoit, Bolivar County, Miss.-Bond Offering.-Further
details are at hand relative to the offering on Dec. 7 of the
$10,000 6% gold coupon water-works bonds described in
V. 89, p. 1365. Proposals will be received until 8 p. m. on
that day by M. M. 'Thompson, Mayor.
Authority Sections 3415-16-19, Chapter 99, Code of 1906. Denomination $500. Date Oct. 5 1909. Interest semi-annually at the Hanover
National Bank in New York. Maturity Oct. 5 1929. Bonds are exempt
from all taxes. Certified check for $500, payable to the Mayor, is required.
No bonded or floating debt at present. Assessed valuation 1909, 6172,976.
As previously stated, the town reserves the right to reduce the amount of
bonds to be issued to *8,000 if It is found that said amount covers the cost
of the plant.

Big Stone Gap, Wise County, Va.-Bond Offering.-Proposals will be received until 8 p. In. to-day (Dec. 4) by J. S.
Wright, Recorder, for the $4,000 town-hall and jail, $4,000
sewer and $22,000 street and sidewalk 5% municipal improvement bonds voted on Oct. 26 (V. 89, p. 1235).
Authority Sections 1033g and 10380, Chapter 44, Code of 1904. Denomination $500. Date Jan. 1 1910. Interest semi-annually at the Town
Treasurer's office or at the Interstate Finance & Trust Co. In Big Stone
Gap. Maturity Jan. 1 1940. Bonds are exempt from town tax.

Blackwell, Kay County, Okla.-Purchasers of Bonds.Farson, Son & Co. of Chicago were the purchasers of the
$20,000 6% 20-year bonds sold (V. 89, p.•1365) on Nov. 1.
The price paid was 102.50 and accrued interest. The securities were issued for the following purposes: $12,500 to purify
the water-system, $2,500 to improve the streets, and $5,000
to equip the fire department. Denomination $500. Interest May and November.
Braintree (P. 0. South Braintree), Norfolk County, Mass.
-Note Offering.-Proposals will be received until 10 a. m.
Dec. 7 by Benjamin F. Dyer, Town Treasurer, for the discount of $20,000 notes. Denomination $10,000. Maturity
$10,000 on April 12 1910 and $10,000 on April 20 1910.
The notes will be certified as to genuineness by the City Trust
Co. of Boston, which will further certify that the legality of
the issue has been approved by Ropes, Gray & Gorham of
Boston, a copy of'whose opinion will be delivered to the purchaser without charge. Notes will be ready for delivery
on Dec. 8.
Brighton Township School District (P. 0. New London),
Ohio.-Bond Sale.-Otis & Hough of Cleveland purchased
on Nov. 27 $4,650 6% school-property-improvement bonds
for $4,896-the price thus being 105.29.




N. W. Halsey iic Co., N. Y__100.769 Estabrook & Co., N. Y
100.26
N. W. Harris & Co., N. Y___100.593 People's Bank of Buffalo
100.10
W. N. Coler & Co., N. Y____100.379 East Side S. Bk.. Rochester '100
• For $50,000 bonds.

Bid Rejected.-The only bid received for the $371,966 66
4% 5-year registered Elmwood Avenue improvement bonds,
offered on the same day, was one of par for $50,000 of the
issue, submitted by the East Side Savings Bank of Rochester.
This offer was rejected.
The following 4% bonds were disposed of during November to the various sinking funds at par:
$15,000 00 temporary-loan bonds dated Nov. 1 1909 and due July 1 1910.
15,016 65 monthly local-work bonds dated Nov. 15 1909 and due Nov. 15
1910.

Burlington, Vt.-Bond Offering.-Proposals will be received until 12 m. Dec. 6 by L. C. Grant, City Treasurer,
for $27,500 4% coupon (with privilege of registration) public
wharf bonds.
Denomination $1,000, except one bond of $500. Date Dec. 1 1909.
Interest May 1 and Nov. 1 at the City Treasurer's office. Maturity Dec. 1
1934. Bonds will be certified as to genuineness by the City Trust Co. of
Boston, who will further certify that the legality of the issue has been approved by Ropes, Gray & Gorham of Boston. Bonds will be ready for
delivery soon after Dec. 6 1909.

Burlington, Des Moines County, Iowa.-City Adopts
Commission Form of Government.-An election held Nov. 29
resulted in favor of a commission form of city government.
The reports give the vote as 2,638 to 1,268.
Bushnell, McDonough County, Ill.-Bonds to Be Issued
Next Spring.-This city will be in the market next spring
with about $18,000 street-improvement bonds.
Canajoharie, Montgomery County,N.Y.-Bonds Legalized.
-The Legislature of 1909 passed an Act (Chapter 290)
legalizing the following bonds:
$150,000 water-system bonds voted Jan. 30 1909. V. 88, p. 193.
2,800 conduit bonds sold in January to the Canajoharie National Bank.
V. 88, p. 245.
19,300 for paving and curbing Church Street and providing said street
with a storm sewer.

Canyon, Randall County, Tex.-Bonds Registered.-The
$25,000 5% 20-40-year (optional) water-works and sewer
bonds described in V. 89, p. 869, were registered on Nov. 26
by the State Comptroller.
" Cavalier County (P. 0. Langdon), No. Dak.-Bond Offering.-Proposals will be received until 12 m. Jan. 5 1910 by
J. K. Hamilton, County Auditor, for $7,200 Roseau Lake
Drain No. 1 bonds. The amount of bonds to be issued may
be reduced by the amount of assessments paid in cash prior
to the date of sale Certified check for $500 is required.
Chattanooga Tenn.-Bond Sale.-On Nov. 11 the First.
'of Cleveland purchased $2,287 98 Paving
National Bank
District No. 90 and $1,117 19 Paving District No. 127 6%
1-5-year (serial) bonds for $3,441 67-the price thus being
101.071. The former issue is dated Oct. 7 1909,while the
latter issue is dated Sept. 29 1909. Interest annual.
Ohenoa Township School District (P. 0. Chenoa),
Bonds Defeated.-An election held Nov. 27 resulted in the
defeat of a proposition to issue $30,000 school bonds. The
vote was 108 "for" to 294 "against."
Chester, Delaware County, Pa.-Bond Election.-An election will be held Feb. 15 1910 to vote upon a proposition
to issue $600,000 bonds.
Chicago Sanitary District, Ill.-Bids Rejected.-All bids
received on Nov. 24 for the $2,500,000 4% coupon bonds
offered on that day were rejected. We are now advised that
three bids were submitted instead of two, as reported last
week. The additional bid was received in regular time but
was not released and read until after the other two bids
were read. The full list follows:
First Trust & Savings Bank, Illinois Trust & Savings Bank,
A. B. Leach & Co., Merchants' Loan & Trust Co. and the
$2,452,080 00
Harris Trust & Savings Bank, Chicago
McCoy & Co., Farwell Trust Co., American Trust &Savings
Bank, N. W. Halsey & Co., Wm. A. Read & Co. and
2,452,075 00
Hibernian Banking Association, Chicago
2,441.132 50
Lee, Higginson & Co.. Chicago

Cincinnati, Ohio.-Bond Sale.-The $135,000 4% 20-year
hospital-improvement bonds described in V. 89, p. 1366,
were awarded on Nov. 30 to Hayden, Miller & Co. of Cleveland at 101.328-a basis of about 3.904%,
A list of the bids received follows:
Hayden,Miller&Co., Cle_1136,793 00
First Nat. Bank, Cleve__ 136,475 00
C. E. Denison & Co.,Cle_ 136,459 00
N. W. Harris & Co.,N.Y. 136,243 35
Fifth-Third National Bk.,
136,228 00
Cincinnati
Un.Sav.I3k.&Tr.Co.,1
Breed & HarrisonaCin. 136,032 75

OhloSav.Bk.&Tr.Co.,Toll$136,017 00
Cleveland Tr. Co., Cleve'
Prov.Sav.Bk.&Tr.Co.,Cin 135,843 76
Seasongood&MayeriCin. 135,761 00
Well, Roth & Co., J
West.-German Bk., Cin__ 135,702 00
German Nat. Bk., Cin__ 135,675 00
Davies&BertramCo., Cin. 135,520 00

Bonds Authorized.-An ordinance has been passed providing for the issuance of $17,500 4% coupon street-improvement bonds. Denomination $500. Date Dec. 15 1909.
Interest semi-annual. Maturity 15 years.

1496.

THE CHRONICLE

Clayton, Jefferson County, N. Y.-Bonds Legalized.Bridge bonds "issued or to be issued" by this town in accordance with the proceedings of the town board at a meeting
held June 9 1908 are legalized by Chapter 4 of the Laws of
1909.
Clinton, Dewitt County, Ill.-Bonds Defeated.-An elecon held Nov. 23 resulted in the defeat of a proposition to
sue $20,000 water-works-improvement bonds. The vote
as 94 "for" to 449 "against."
Oohoes, N. Y:-Bonds Legalized.-The $25,000 432%
istered water-supply bonds awarded on Nov. 7 1908 to
. N. Coler & Co. of New York City (V. 87, p. 1313) have
en validated by Chapter 113 of the Laws of 1909.
Columbus, 0.-Annexation Authorized.-The City Council
of Columbus on Nov. 22 passed ordinances providing that
certain portions of Marion, Clinton, Mifflin and Franklin
townships be annexed to that city.
Council Bluffs Independent School District (P. 0. Council
Bluffs), Iowa.-Bid.-According to reports, the Finance
Committee will recommend that the Board of Education at
its meeting on Dec. 7 accept the bid of par less $1,125 "for
services," submitted by the Harris Trust & Savings Bank of
Chicago for the'$57,000 4% refunding bonds mentioned in
V. 89, p. 1294.
Dale, Cambria County, Pa.-Bonds Proposed.-Reports
state that steps are being taken looking towards the issuance
of street-paving bonds.
Dallas, Gregory County, S. D.-Bond Sale.-On Nov. 26
the $14,500 5% 20-year gold coupon water-works bonds
were purchased by a• Chicago firm for $14,510-the price
thus being 100.068.

[VoL. Lxxxix.

Galveston, Galveston County, Tex.-Bonds Voted.-The
proposition to issue the $225,000 (not $250,000 as first reported)5% 2040-year (optional) grade-raising bonds, carried
by a vote of 1,147 to 25 at the election held Nov. 27. We are
informed that they will be placed on the market about March
11910.
Gilmer Independent School District (P. 0. Gilmer),
Upshur County, Tex.-Bonds Registered.-An issue of
$9,000 5% 5-20-year (optional) bonds was registered on
Nov. 23 by the State Comptroller.
Grand Forks, No. Dak.-Bonds Voted.-Bonds to the
amount of $151,000 were authorized, it is stated, at an
election held Nov. 22.
Greenport, Suffolk County, N. Y.-Bonds Legalized.Chapter 177 of the Laws of 1909 legalizes $4,000 4% lighting
bonds voted Sept. 9 1908.
Denomination $500. Date Feb. 11 1009. Interest annually at the
People's National Bank of Greenport. Maturity $500 yearly on Dec. 31
from 1911 to 1018 inclusive.

Greensville County (P. 0. Emporia), Va.-Bend Sale.The Thos. J. Bolger Co. of Chicago purchased the $80,000
5% road bonds offered on Nov. 15. V. 89, p. 1100. Denomination $1,000. Date Dec. 1 1909. Interest annual.
Maturity 1943, subject to call after 10 years.
Greenwich, Fairfield County, Conn.-Bonds Not Sold.No award has yet been made of the $600,000 4% gold coupon
(with privilege of registration) bonds mentioned in V. 89,
p. 796.
Guthrie, Okla.-Bonds Voted.-The election held Nov. 25
(V. 89, p. 948) resulted in favor of the propositions to issue
$30,000 fire, $50,000 water, $20,000 sewer and $25,000 park
bonds at not exceeding 5% interest. Maturity 25 years.
Denomination 8500, Date Nov. 1 1909. Interest semi-annual. These
Hancock County (P. 0. Greenfield), Ind.-Bond Offering.
bonds were offered but not sold on Nov. 1.
10 a. m. Dec. 8 by Chas.
Denton County (P. 0. Denton), Tex.-Bond Election -Proposals will be received until$16,000
43.% coupon reRescinded.-The $300,000 road-building bond election, H. Troy, County Auditor, for
which was to have taken place Nov. 27 (V.89,p. 1295), was funding bonds.
Denomination $1,000. Interest Jan. 15 and July 15. Maturity Jan 15.
called off.
1912. Certified cheek for 3% of bonds is required.
Douglas (P. 0. East Douglas), Mass.-Bond Sale.Haverford Township School District (P. 0. Haverford),
Adams & Co. of sBoston offering 104.53 and accrued Montgomery County, Pa.-Bonds Proposed.-The School
interest were the successful bidders on Nov. 30 for Board, it is stated, proposes to issue $20,000 bonds.
the $40,000 4% 5-24-year (serial) coupon water bonds deHazelhurst, Oopiah County, Miss.-Bonds Voted.-An
scribed in V. 89, p. 1439. This is on an interest basis of election
held Nov. 26 resulted in favor of a proposition to
about 3.765%.
issue $8,000 Lake Hazel park bonds. The vote was 104
Duval'County (P. 0. Jacksonville), Fla.-Bond Sale.- "for" to 85 "against."
On Nov. 29 the $250,000 5% 30-year gold coupon roadHendersonville, Henderson County, No. Caro.-Bond Sale.
improvement bonds described in V. 89, p. 1367, were sold
report that on Nov. 19 $20,000 6% 20-year
to the Barnett National Bank of Jacksonville at 108 and -Local papers
awarded to AlcD. Ray, representing
accrued interest-a basis of about 4.512%. A list of the sidewalk bonds were
W. F. Ostendorf of Charleston, at 104.775 .. The bonds will
bids received follows:
be delivered by Jan. 1 1910.
Barnett Nat. Bank, Jack.sonv_108.00 Parson, Son & Co., Chicagol
Herkimer, N.'7.-Bonds Legalized.-The $30,000 coupon
Bagwell & Rogers. Jacksonv_108.00 Robinson-Humphrey Co_ _ _ _1104.29
107.30 N. W. Halsey 8e Co., N. Y__ _104.28 paving assessment bonds awarded on Feb. 15 to W. N. Coler
Spitzer & Co.. Toledo
Prov.Sav.Bk.&Tr.Co., Cin_ __ _106.30 Hayden, Miller & Co., Cleve_ _104.12
Florida Nat. Bank, Jacksonv_ 106.27 Townsend, Scott & Son, Balt_104.03 & Co. of New York City (V. 88, p. 519) were legalized by
J. H. Hilsman & Co., Atlanta 108.00 Otto Marx & Co., Birmingh m.103.2
Chapter 243, Laws of 1909.
N. W. Harris & Co., N. Y .._ _106.00 Thos. J. Bolger Co., Chicago_102.14
Union Sav.Bk.&Tr.Co., Cin_ _105.26 Trowbridge & Niver Co., Chte.102.11
Hidalgo County Common School District No. 11, Tex.A. J. Hood &.o., Detroit_ _ _ _100.55
Atlantic National Bank, Jack105.10 Edward W. Lane, Jacksonv_•106.12 Bonds Registered.-The State Comptroller registered $9,000
sonville
Fred W. Hoyt, Fernandina_ _•105.90 5% 20-40-year (optional) bonds on Nov. 24.
• For $25,000 bonds.
Highland Park, Wayne County, Mich.-Bond Sale.-On
0. Aurora), Kane County,
(P.
District
East Aurora School
Mathew Finn was awarded the $23,000 20-year
Ill.-Description of Bonds.-We are informed that the Nov. 15 water-main-extension
bonds, described in V. 89,
$150,000 high-school-building bonds voted on Nov. 17 coupon
1296, at 102.608 for 4s. Following are the bids:
(V. 89, p. 1439) carry semi-annual interest at the rate of p.
Finn
$23,600 001Seasongood & Mayer, Cin_$23,347 50
4%. They mature $5,000 yearly from 1 to 10 years inclusive Mathew
23,500 001
Geo. M. West
and $10,000 yearly from 11 to 20 years inclusive. The
Hollywood School District, Los Angeles County, Cal.for
bonds, we are informed, will probably not be offered
Bonds Voted.-Of a total of 139 votes cast at the election
two or three months.
held Nov. 22, only 1 was against the proposition to issue the
El Reno, Canadian County, Okla.-Bond Election.-An $30,000 4Y2% 5-34-year (serial) coupon school bonds menelection will be held Dec. 21 to vote on the issuance of $50,000 tioned in V. 89, p. 1237. Denomination $1,000.
city-hall, $10,000 water-works and $20,000 fire-station 5%
Hood County (P. 0. Granbury), Tex.-Bonds Voted.-Re20-year bonds.
ports state that the election held Nov. 20 in Precinct No. 1
Evangeline Township School District No. 1 (P. 0. Boyne resulted in favor of the proposition to issue the $25,000 road
City), Charlevoix County, Mich.-Bond Sale.-On Nov. 27 bonds mentioned in V. 89, p. 1368.
the $12,000 5% coupon school-building-completion bonds
Hoosick Falls, Rensselaer County, N.'Y.-Bonds Legalized.
described in V. 89, p. 1367, were purchased by the First -The Legislature, by Chapter 69, Laws of 1909, legalized
National Bank of Boyne City at 104.175 and accrued inter- the $50,000 street-grading and paving bonds voted at a
est. Following are the bids:
special election on June 12 1908. These bonds were offered
First Nat. Bank, B. City..$12,501 00 Farwell Trust Co , Chic_ _$12,301 00
but the bids received on that day were rejected.
West.Tr.&Sav.Bank,Chic. 12,447 60 John Nuveen & Co., Chic. 12,225 00 on May 13,
A. J. Hood & Co., Detroit 12,395 00 First Nat. Bank, Cleve._ 12,223 00 V. 88, p. 1331.
Co.,
&
Moss
Detet.
E.
W.
00
12,223
Spitzer & Co., Toledo__ ._ 12,370 00
Huntington Union Free School District No. 3, Suffolk
First Nat. Bank, Detroit_ 12,364 80 Farson, Son & Co., Chic__ 12,136 50
Trowbridge&NiverCo.,Chi 12,351 00 C. H. Coffin, Chicago_ _ _ _ 12,051 00 County,'N.'Y.-Bonds Legalized.-The sale on Dec. 17 1908
Bat.
Cr'k*
Cassieman,
5,089 90
J. R.
of $98,500 434% school-building bonds to N. W. Halsey &
• For $5,000 bonds.
Co. of New York City (V. 87, p. 1620) is in all respects
Maturity $1,000 yearly on March 1 from 1911 to 1922 inclusive.
Franklin County (P. 0. Benton), Ill.-Bonds Defeated.-A legalized, validated and confirmed by Chapter 79 of the
proposition to issue $32,200 bonds was voted down at an Laws of 1909.
election held Nov. 6.
Indianapolis, Ind.-No Bond Election.-We are informed
Franklin County Common School Districts, Tox.-Bonds that there is no truth in the reports that an election would
Registered.-The State Comptroller registered the following be held to vote on the question of issuing $75,000 fire5% 10-20-year (optional) bonds on Nov. 22: $500 of District department bonds.
No. 14, $500 of District No. 12, $700 of District No. 8, $600
Jeffersonville School City (P. 0. Jeffersonville), Clark
of District No. 4, $1,100 of. District No. 16 and $600 of County, Ind.-Bond Offcring.-Proposals will be received
District No. 19 bonds.
until 2 p. m. Dec. 6 by the Board of Education, John Gei4% high-school-building bonds.
Franklin Graded School District (P. 0. Franklin), Macon ger, President, for $75,000
Denominations $1,000 and $500. Interest semi-annual. Maturity
County, No. Car.-Bond Sale.-On Aug. 20 an issue of $2,500
each six months from one year to 2 years and 6 mohths inclusive
$12,000 6% 18-29-year (serial) school-building bonds was and $5,000 each six months from 3 years to 9 years inclusive. Certified
awarded to C. A. Webb & Co. of Asheville at 103.55. De- check for 5% of bid is required.
Johnson County High School District, Wyo.-Bond Sale.
nomination $1,000. Date Sept. 1 1909. Interest semi-On Nov. 27 the $25,000 53/2% 25-year building bonds
annual.




DEC. 4 1909.1

THE CHRONICLE

1497

described in V. 89, p. 1440, were awarded to McCoy & Co. of National Bank of Cleveland at par. Date Dec. 1 1909. In.
Chicago at 111.30. A list of the bids received follows:
terest semi-annual.
McCoy & Co., Chicago_$27,825 00 Central Savings Bank &
Mobridge, Walworth County, S. D.-Bond Offering.E. H. Rollins & Sons,
Trust Co., Denver
$26,750 00
Chicago
27,800 00 Jas.H.Causey&Co.,Denv'r 26,525 00 Proposals will be received until 8 p. m. Dec. 7 for $5,000 6%
Henry Wilcox & Son
27,700 00 Parson, Son & Co., Chic__ 26,012 50 coupon refunding bonds.
Benwell & Steel
27,532 00 A. J. Hood & Co., Detroit 25,535 00
Denomination $500. Date Dec. 15 1909. Interest semi-annually at
Jas. N. Wright & Co_ _ _ _ 27,063 00 C. H. Coffin, Chicago_ ___ 25,501 00
place desired by purchaser.
Ulen. Sutherlin & Co.,Chic. 26,782 00 Otis & Hough,
Cleveland_ 25,380 00

$5,000.

Maturity 1924. Bonded debt Nov. 15 1909.
Floating debt, $5,700. Assessed valuation

1909, $138,225.
Johnstown, Cambria County, Pa.-Bond Offering.-ProMohan, Ward County, No. Dak.-Bonds Voted.-Of a
posals will be received until 12 m. Dec. 31 by Chas. H. total of sixty-eight
votes cast at an election held Nov. 29,
Wehn, City Treasurer, for $100,000 4% coupon street- sixty-six were in favor
of a proposition to issue $10,000 5%
improvement bonds.
20-year refunding bonds. We are advised that they will
Denominations: 75 bonds of $1,000 and 50 bonds of $500 each. Date be
offered for sale within 15 days.
Oct. 1 1909. Interest semi-annually at the City Treasurer's office. Maturity Oct. 1 1939, subject to call after Oct. 1 1919. Bonds are exempt
Monroe School District (P. 0. Monroe), Monroe County,
from State taxes. Certified check for $2,000, payable to the City Treasurer,
Mich.-Bonds Voted.-The issuance of $50,000 water bonds
is required.
In V. 89, p. 1024, we reported that this issue had been was authorized by a vote of 325 to 79 on Nov. 30.
Morgan Township (P. 0. Ardmore), Carter County, Okla.
disposed of, but have since discovered that this statement
-Bond Sale.-It is reported that the $40,000 6% road-imwas erroneous.
Juniata, Blair County, Pa.-Bonds Voted.-This borough provement bonds described in V.89, p. 1369, have been sold.
Maturity July 1 1934, subject to call after July 11919.
has voted to issue $30,000 water and street-paving bonds.
Neodesha School District No. 47(P.0. Neodesha), Wilson
Kenmore Union Free School District No. 1 (P. 0. Kenmore), Erie County, N. Y.-Bond Sale.-The Bumpus- County, Kan.-Bonds Defeated.-The voters of this district
Stevens Co. of Detroit was the successful bidder on Oct. 20 on Nov. 29 defeated a proposition to issue bonds.
Newark Township School District(P.O. Newark),Licking
for the $55,000 school and site bonds described in V. 89,
p. 1024. The bonds were awarded as 432s. Maturity County, Ohio.-Bond Sale.-The Park National Bank of
Newark, offering 100.625, was the successful bidder on Oct.
part yearly for 20 years.
Klamath Falls, Klamath County, Ore.-Bond Offering.- 29 for the $2,300 5% coupon Cherry Valley School improveProposals will be received until 1:30 p. m. Dec. 6 by A. L. ment bonds described in V.89, p. 1101. Maturity on Oct. 29
as follows: $1,000 in each of the years 1910 and 1911 and
Leavitt, Police Judge, for the*$40,000 gold coupon sewer $300
in 1912.
bonds mentioned in V. 89, p. 1368.
Newcomb
Union Free School District No. 2 (P. 0. NewDenominations $1,000, $500 and $100. Date day of issue. Interest
(rate not to exceed 6%) payable April and October in Klamath Falls. comb), Essex County, N. Y.-Bonds Validated.-As
stated
Maturity 20 years from date. Bonds are exempt from all taxes. Certified in
V. 88, p. 116, this district sold $8,000 5% registered
check for 5% of bid, payable to the Police Judge, is required. Bonded debt
school-building bonds to O'Connor & Kahler of New York
$10,000. Floating debt $40,059. Assessed valuation 1909 $1,496.786.
Knoxville, Tenn.-Bond Election.-Local papers state City. The bonds have been validated by Chapter 80 of
that the City Council has authorized the holding of an elec- the Laws of 1909.
tion to vote on the question of issuing park bonds.
New Rochelle, N. Y.-Certificate Sale.-The $200,000 6%
Knoxville, Tioga County, Pa.-Bond Sale.-J. S. & W.S. certificates of indebtedness described in V. 89, p. 1441, were
Kuhn, Inc. of Pittsburgh are reported as having purchased sold on Nov. 30 to Ferris & White of New York City for
$201,801-the price thus being 100.90. Maturity Aug. 1
$27,000 43%% coupon general improvement bonds.
Denomination $500. Date Dec. 1 1909. Interest semi-annually at the 1910.
St. Clair Savings & Trust Co. Maturity part each six months from 1912 to
Newton School District (P. 0. Newton), Sussex County,
1936 inclusive. Bonds are tax-exempt.
N. J.
Sale.-During the month of September this disLancaster, Dallas County, Tex.-Bond Sale.-According trict -Bond
sold $7,000 4% school-building bonds. Mention of the
to reports, $1,992 water-works-repair bonds have been sold sale of $4,000
bonds of this issue was made in V.89, p. 741.
to a banking firm at Lancaster.
New York City.-Bond Sale.-The following bonds were
Lawrence, Mass.-Bond Offering.-Proposals will be re- purchased by the Sinking Fund of
this city during the month
ceived until 11 a. m. Dec. 7 by Wm. M. Hamel, City Treas- of November, at par:
urer, for $86,000 4% coupon municipal bonds.
PurposeRate of Int. Maturity. Amount.

Denominations: 80 bonds of $1,000 and 10 bonds of $600. Date Dec. 1
1909. Interest semi-annually at the City Treasurer's office or at the Eliot
National Bank in Boston. Maturity $8,600 yearly on Dec. 1 from 1910
to 1919 inclusive. The bonds will be certified as to genuineness by the
City Trust Co. of Boston, who will further certffy that the legality of the
Issue has been approved by Storey, Thorndike, Palmer ec Thayer of Boston. Official notice states that no bonds have ever been contested and the
interest on the debt has always been promptly paid at maturity.

Various municipal purposes
Rapid transit bonds
Library bonds
Water bonds
General fund bonds
Total

3
4

a
3
3

1958
1958
1958
1958
1930

$165,000
20.000
175,000
1,005,000
3,000,000
$4,365,000

The following revenue bonds (temporary securities) were
Lawrence, Nassau County, N. Y.-Bond Offering.-Pro- also issued during November:
posals will be received until 12 m. Dec. 13 by W. J. Pettit,
Interest. Amount.
Village Clerk, at the office of Fred. Ingraham, 192 Broadway, Revenue bonds, current expenses
4
$7,555,000
Revenue bonds, current expenses
3 ii
1,000,000
New York City, for the following gold registered bonds Revenue
bonds, special
4
505,000
Revenue bonds, special
voted on Oct. 25 (V. 89, p. 1237):
3%
200,000

$47,000 grading and paving bonds. Denomination $1,000, Maturity
$2,000 yearly on Dec. 1 from 1914 to 1936 inclusive and $1,000
Dec. 1 1937. Certified check for $3,000 required.
3,000 drain and culvert bonds. Denomination $500. Maturity $500
yearly on Dec. 1 from 1914 to 1919 inclusive. Certified check fo
$500 required.
The above bonds are dated Dec. 1 1909. Interest not to exceed 5%.
Checks must be drawn on a New York State national bank or trust company and made payable to P. B. Olney Jr., Village Treasurer. Purchaser
to pay /teemed interest.

Total

$9,260,000.

North Denver Irrigation District, Adams County, Colo.Bonds Offered by Bankers.-The Rudolph Kleybolte Co.
Inc. of Cincinnati is advertising for sale $100,000 6% water
bonds. Denomination $500. Maturity part yearly from
10 to 20 years inclusive.
North Hempstead, Nassau County,
Lemmon,Perkins County, So. Dak.-Bond Offering.-Fur- dated.-The Legislature of 1909 passed N. Y.-Bonds ValiActs validating the
ther details are at hand relative to the offering on Dec.6 of the following bond issues:
$25,000 water-works bonds mentioned in V. 89, p. 1369. $25,000 43i% gold coupon Port Washington Public Dock bonds
awarded
Proposals will be received until 10.00 p. In. on that day by
on April 14 1908 to Ferris & White of New York City. V.86.
p 997. Validated by Chapter 110, Laws of 1909.
W. W. Webb, City Auditor.
20,000 4%
Middle Neck road-Improvement bonds

Authority Section 1391, Chapter 14, Political Code, edition of 1903, also
election held June 15 1909. Denomination $500. Date "day of sale."
Interest (rate not to exceed 5%) payable annually at the City Auditor's
office. Maturity 20 years from date of sale. Certified check for $500,
payable to the City Treasurer, is required.

Lenox, Berkshire County, Mass.-Note Sale.-Reports
state that $11,000 4% notes offered on Dec. 2 were awarded
to E. M. Farnsworth & Co. of Boston at 102.45.
Date Oct. 15 1909 Interest semi- annually at the First National Bank
of Boston. Maturity part on Oct 15 ir each of the years 1915 and 1916.

Liberty County Drainage District No. 1, Tex.-Bonds
Registered.-An issue of $85,000 5% 21-year (average) bonds
was registered on Nov. 25 by the State Comptroller.
Licking County (P. 0. Newark), Ohio.-Bond Offering.Proposals will be received until 12 m. Dec. 18 by the County
Commissioners for $30,000 434% coupon bridge bonds.
Authority, Section 871, Revised Statutes. Denomination $500. Date
Jan. 1 1910. Interest semi-annually at the County Treasury. Maturity
$15,000 on Jan. 1 in each of the years 1915 and 1916. Bonds are free from
all taxes. Certified check (or cash) for 10%, payable to the County' Commissioners, is required.

awarded on Jan. 20
1905 to N. W. Halsey & Co. of New York City. V.80, p. 486.
Validated by Chapter 139, Laws of 1909.

Oakland, Alameda County, Cal.-Bonds Voted.-We are
advised that the amount of bonds voted on Nov. 15 was
$3,733,000 and not $3,333,000, as stated in the local papers
and reported in V. 89, p. 1441. They carry 4% interest,
mature in 40 years and will be issued for the following purposes: $1,150,000 for a city hall, $2,503,000 to improve the
water front'and $80,000 for a fire-alarm building. The date
of offering has not yet been determined upon.
Oakwood Independent School District (12; 0. Oakwood),
Leon County, Tex.-The State Comptroller registered the
$10,000 5% coupon 10-40-year (optional) bonds described in
V. 89, p. 1441, on Nov. 26.
Orchard Mesa Irrigation District (P. 0. Grand Junction),
Mesa County, Colo.-Bond Offering.-Proposals will be
received until 2 p. m. Dec. 22 for $175,000 bonds at not
exceeding 6% interest. Bonds will be sold in four lots,
namely: three of $50,000 each and one of $25,000.

Lynchburg, Va.-Purchasers of Bonds.-We are advised
Authority Act of General Assembly approved May 3 1905. Denominathat Estabrook & Co. of Boston were the purchasers of the tion $500. Interest
semi-annual. Certified checks for 1% of bid, payable
the district, is required. No bids for less than 95% of the face
to
$400,0004% public-improvement bonds, the sale of which
value of
the bonds will be considered. Geo. Smith is Secretary of the Board
of
was mentioned in V. 89, p. 1296. The bonds were disposed Directors. These bonds were offered but not sold on Nov. 8.
of during November and sold at 101.625.
Ossining Union Free School District No. 1 (P. 0. OssinMeridian, Miss.-Certificate Sale.-This city sold $150,000 ing), Westchester County, N. Y.-Bonds Legalized.-Chap6% 10-year street paving certificates on Sept. 29 to the First ter 8 of the Laws of 1909 legalizes and confirms all the pro-




1498

THE CHRONICLE

ceedings relative to the issuance and sale on Oct. 15 1908
of $12,000 5% coupon high-school addition bonds to N. W.
Halsey & Co. of New York City. See V. 87, p. 1113.
Otsego County (P. 0. Cooperstown), N. Y.-Bonds Legalized.-The Acts and proceedings of the Board of Supervisors
relative to the issuance and sale of the $60,000 highway
bonds mentioned in V. 89, p. 490, are legalized by Chapter 382 of the Laws of 1909.
Pennington, Mercer County, N. J.-No Bonds to be Issued.
-In reply to our inquiry as to whether or not the reports
were true that this borough voted to issue $1,500 bonds,
the Clerk informs us that "there will be no bond issue."
Plainfield, Union County, N. J.-Bond Offering.-Further
details are at hand relative to the offering on Dec. 10 of the
following 4% bonds mentioned in V. 89, p.1441. Proposals,
addressed to the Common Council, will be received until
8 p. m. on that day:

$45,000 school bonds. Maturity Nov. 1 1959.
10,000 school bonds. Maturity Nov. 1 1924.
43,000 sewer bonds. Maturity on Nov. 1 as follows: $6,000 yearly from
1936 to 1941 inclusive and $7,000 in 1942.
The bonds will be coupon in form but may be registered as to both principal and interest. Date Nov. 1 1909. Interest semi-annual. Certified
is recheck for 2% of the bonds bid for, payable to the City Treasurer, Trust
quired. Bonds will be certified as to genuineness by the Columbia
of the
Co. of New York. and will be delivered Dec. 13 1909. The legality
issues has been examined by Hawkins, Delafield & Longfellow of New
York City, whose favorable opinion will be delivered to the purchaser.
Accrued interest to be paid by successful bidder. Bids must be made on
blank forms furnished by the city.

[VOL. LXXI

Dec. 7, for $100,000 *water-works improvement notes. The
issue will be payable 8 months from Dec. 9 1909 at the Union
Trust Co. of New York. Bidders to designate rate of interest and denomination of notes.
Rome, N. Y.-Bonds Voted.-The proposition to issue
the $65,000 Fish Creek water bonds mentioned in V. 89,
p. 1371, carried by a vote of 217 to 19 at the election held
Dec. 1.
Salamanca Union Free School District No. 4 (P. 0. Salamanca), Cattaraugus County, N. Y.-Bonds Legalized.The $90,000 43.% building bonds sold on March 31 to
Adams & Co. of New York City (V. 88, p. 960) are legalized
by Chapter 261 of the Laws of 1909.
Sandusky County (P. 0. Fremont), Ohio.-Bond Sale.Reports state that $9,000 43% poor-fund bonds were disposed of on Nov. 27 to the Croghan Bank & Savings Co. of
Fremont for $9,024 10 (100.267) and accrued interest.
Saranac Lake,Franklin County, N.Y.-Bonds Legalized.Chapter 94 of the Laws of 1909 legalizes the $25,000 4
street bonds awarded on Sept. 1 1908 to George M. Hahn
of New York City. V. 87, p. 635.
Saratoga County (P. 0. Ballston Spa), N. Y.-BondsLegalized.-The proceedings of the Board of Supervisors
authorizing $200,000 5% highway bonds and awarding
$100,000 of the issue to N. W. Halsey & Co. of New York
City on Dec. 10 1908 (V.87,p.1561,) are ratified by Chapter
67, Laws of 1909.
Sherwood, Defiance County, Ohio.-Bond Offering.Proposals will be received until 12 m. Dec. 20 by C. W. Miller,
Village Clerk, for $4,000 6% electric-light bonds.

Portage County (P. 0. Ravenna), Ohio.-Bond Sale.This county has disposed of $14,000 Ravenna-Freedom Road
and $14,000 Kent-Brimfield Road 4% 1-14-year (serial)
building bonds. One issue was sold to the Ravenna National
Bank of Ravenna at 100.625 and the other was awarded to
Authority, Act passed Sept. 6 1909. Denomination $500. Date Sept. 1
the Second National Bank of Ravenna for $14,003 53-the 1909.
Interest semi-annual. Maturity $500 each six months from March 1
price thus being 100.025. Denomination $1,000. Interest 1910 to Sept. 1 1913 inclusive. Certified check for 1% of bonds bid for,
Purchaser to pay accrued
Jan.11.
irevet to the Village Treasurer, is required.
Port Chester, N. Y.-Bonds Legalized.-The Legislature of - Sioux Falls, Minnehaha County, So. Dak.-Bond Sale.1909 passed an Act (Chapter 160) to ratify all proceedings On Nov. 30 the $178,500 5% coupon refunding bonds derelative to the issuance of the following bonds awarded on scribed in V. 89, p. 1442, were awarded to the Provident
Feb. 1 1909: •
Savings Bank & Trust Co. of Cincinnati for $183,750-the
April 28 1908. De
;12,000 4% Westchester Ave. fire-house bonds voted
price thus being 102.941. Bids were also received from the
nomination *1,000. Date Feb. 1 1909. Maturity $1,000
inclusive.
1921
yearly on Feb. 1 from 1910 to
Dickey Co. and
Denomi- Minnesota Loan & Trust Co., the Wells &
8,000 4% Brooksville fire-house bonds voted April 28 1908.
Bolger Co.,
nation $500. Date Feb. 1 1909. Maturity $500 yearly on Kane & Co., all of Minneapolis; the Thos. J.
Feb. 1 from 1910 to 1925 inclusive.
American Trust & Savings Bank, Woodin, McNear & Moore
$500,
Denomination
1908.
22
Sept.
voted
bonds
truck
aerial
4,750 5%
all of Chicago; Otis & Hough of
except one bond for $750. Date Feb. 1 1909. Maturity $750 and E. H. Rollins & Sons,
Feb. 1 1910 and $500 yearly on Feb. 1 from 1911 to 1918 Cleveland, and the Sioux Falls National Bank of Sioux
inclusive.
Sept. 22 1908. Falls. Maturity on Jan. 1 as follows: $35,000 in 1915,
1.750 5% hose-wagon and chemical-repair bonds voted
Denomination $500, except one bond for $250. Date Feb. 1 $43,500 in 1920 and $100,000 in 1930.
on Feb. 1
yearly
$500
and
1910
1
Feb.
$250
1909. Maturity
South Bend, Ind.-Bond Sale.-We see it reported that
from 1911 to 1913 inclusive.
$500,
5,250 5% steamer bonds voted Sept. 22 1908. Denomination
$30,000 4% 20-year street and alley-improvement (city's
the
$250
Maturity
1909;
1
Feb.
Date
except one bond for $250.
89, p. 1442, were awarded
Feb. 1 1910 and $500 yearly on Feb. 1 from 1911 to 1920 portion) bonds described in V.
Inclusive.
Dec. 2 to the Harris Trust & Savings Bank of Chicago
on
s:
Denomination
22
1908.
Sept.
1,200 5% hose-wagon bonds voted
price thus being 102.583-a basis of about
$500 and $200. Date Feb. 1 1909. Maturity ;200 Feb. 1 for $30,775-the
3.815%.
1910, $500 Feb. 1 1911 and $500 Feb. 1 1912.
21
Jan.
adopted
7.200 5% trunk-sewer bonds authorized by resolution for $200. Date
Stamford, Conn.-Bond Sale.-A bid of 100.09 from R. L.
1909. Denomination $500, except one bond
March 1 1909. Maturity $200 March 1 1910 and $500 yearly Day & Co. of Boston was received on Nov. 26 for the $45,000
on March 1 from 1911 to 1924 inclusive.
by resolution adopted public park and $33,000 public library 4% 30-year gold cou1.600 5% Townsend St. sewer bonds authorized
Jan. 21 1909. Denomination $200. Date Feb. 1 1909 pon bonds described in V.89, p. 1240. It is reported that
Maturity $200 yearly on,Feb. 1 from 1910 to 1917 inclusive.
by resolution adopted the bonds were awarded to this bidder.
8,127 5% Broad St. paving bonds authorized
Denomination $500, except one bond for $127.
Jan. 21
Takoma Park (P. 0. Washington D. O.), Montgomery
1 1909. Maturity $127 Feb. 1 1910 and $500
1909.
Date Feb.
County, Md.-Bonds Not to be Issued at Present.-We are
yearly on Feb. 1 from 1911 to 1926 inclusive.
resolution
by
authorized
bonds
6,450 5% Orchard Ave. macadamizing
advised that no action will be taken looking towards the
adopted Jan. 21 1909. Denomination $500, except one bond
for $450. Date Feb. 1 1909. Maturity $450 Feb. 1 1910 and issuance of the $10,000 5% 1-10-year (serial) filtration-plant
$500 yearly on Feb. 1 from 1911 to 1922 inclusive.
and water-meter bonds voted upon Sept. 13 (V. 89, p. 742)
Interest on all the bonds is payable semi-annually.
until the plans and method of filtration have been decided
Port of Portland (P. 0. Portland). Ore.-Bond Sale.-An upon. Our informant adds that it is not likely that anyissue of $25,000 6% equipment bonds was disposed of on thing will be done until next spring.
Nov. 23 to the Hibernia Savings Bank of Portland at about
Terrell, Kaufman County, Tex.-Bonds Voted.-The ques101.40. A bid of 101 was also received from R. H. White.
of issuing the $10,000 electric-light and water-works
tion
MaDenomination $1,000. Date July 1 1908. Interest semi-annual.
improvement 5% 10-40-year (optional) bonds mentioned in
turity July 1 1911.
vote of 140 to 9 at the election
Potterville School District (P. 0. Potterville), Eaton V. 89, p. 1372, carried by a
23.
Nov.
held
$8,000
that
advised
are
-We
Sale.
-Bond
Mich.
County,
Toledo, Ohio.-Bond Sale.-On Dec. 1 the $300,000 4%
bonds were sold about a month ago.
bonds, a description of which
Pulaski County (P. 0. Pulaski), Va.-Bond Election.-We coupon Cherry Street Bridge
1372, were awarded, to the Ohio
are informed that the bonds to be voted upon to-day(Dec.4) was given in V. 89, p.
Co. of Toledo, Spitzer & Co. of
for the Pulaski Magisterial District amount to $70,000. Savings Bank & Trust Co. of Chicago and the Cleveland
They carry 5% interest and mature part yearly from one to Toledo, Farson, Son & bid of 101.31-a basis of about
Trust Co. at their joint
344years inclusive. See V. 89, p. 1441.
Maturity $150,000 on Aug. 1 in 1940 and 1941.
Reedsburg, Sauk County, Wis.-Bond Sale.-On Dec. 1 3.928%.
The other bidders were as follows:
and
refunding
coupon
(average)
17-year
5%
the $20,000
Otis & Hough, Cleveland, and Seasongood & Mayer, Cincinnati..
303,834
- -,- -mprovement bonds dated Jan. 1 1910 and described in V. Hayden, Miller & Co., leveland _
Cincinnati,
at
of
Chicago
107.
& Wolcott,'Cleveland, Well, Roth &
Co.
&
McCoy
Tillotson
to
awarded
were
1371,
89, p.
303,511
----------------------&
Cincinnati
Breed
Harrison,
and
_____________ 300,519
Reno, Nev.-Price Paid for Bonds.-We are advised that First National Bank, Cleveland
for
of
Reno
the
Bank
the price paid by the Nixon National
• Said to have been conditional.
$12,500 7% 1-10-year (serial) street-improvement assessBonds Authorized.-Ordinances have been passed providing
ment bonds, the sale of which was mentioned in V. 89, for the issuance of the following 5% coupon assessment bonds:
The
were
bonds
interest.
p. 1298, was 100.40 and accrued
one
74 Georgia Avenue No. 1 bonds. Denomination $405, except
awarded on Sept. 27. Denomination $1,250. Date Aug. 2 $3,981 bond of $336 74. Date Nov. 29 1909. Maturity one bond each
inclusive.
1915
29
Sept.
to
1911
29
six
months from March
1909. Interest annual.
except one
2,938 27 Marion Street No. 1 bonds. Denomination $300,
each
bond of $238 27. Date Nov. 1 1909. Maturity one bond
Roanoke School District No.59(P.0.Roanoke), Woodford
inclusive.
1915
1
Sept.
to
1911
1
six
months from March
except
County,Ill.-Bond Ofiering.-Proposals will be received until
$40,
149 19 Sewer No. 1081 construction bonds. Denomination
one bond
7:30 p. m. Dec.8 by E. E. Husseman, Clerk Board of Educaone bond of $29 19. Date Nov. 28 1909. Maturity
inclusive.
each six months from March 28 1911 to Sept. 28 1912
tion, for $11,000 43'% coupon school-house bonds.
Denomination $1,000. Date Jan. 1 1910. Interest on April 1 at the
Farmers' Bank in Roanoke. Maturity $1,000 yearly on April 1 from 1911,
to 1921 inclusive. The district has no debt at present. Assessed valuation 1908, $225,000.

Toledo.
Interest semi-annually at the Northern National Bank in

Troy, N. Y.-Certificate Sale.-An issue of $175,000 4%
7-months, certificates of indebtedness has been disposed of,
National Bank of Troy
Rochester, N. Y.-Note Offering.-Proposals will be re- it is reported, to the Manufacturers'
par.
at
2
m.
r,
p.
until
City
Comptrolle
F.
Pond,
Chas.
ceived by




DEO. 4 1909.

THE CHRONICLE

Tucumcari Quay County, N. Mex.—Bond Sale.—An issue
of $78,800 5A% 30-year bonds was disposed of on Nov. 10 to
Ulen, Sutherlin & Co. of Chicago as 5s. Denomination
$1,000. Date Nov. 15 1909. Interest semi-annual.
Vandalia, Audrain County, Mo.—Bonds Voted.—This city
has voted to issue $25,000 sewerage and water-works bonds.
We are informed, however, that these bonds will not be
sold unless a water-supply is found.
Vaiden, Carroll County, Miss.—Bond Offering.—Further
details are at hand relative to the offering of the $21,000 6%
coupon water-works bonds mentioned in V. 89, p. 1442.
Proposals will be received until 7:30 p. m. on Dec. 7 by C. L.
Armstrong, City Clerk.
Authority Chapter 99, Code of 1906. Date Dec. 7 1909. Interest semiannually in Now York City. Maturity Dec. 7 1929. Bonds are exempt
from all taxes. Certified check for 5% of bid, payable to C. L. Armstrong,
City Clerk, Is required. Bonded debt, including this issue, $32,000. No
floating debt. Assessed valuation $390,000.

Waco, McLennan County, Tex.—Bonds Registered.—On
Oct. 23 the State Comptroller registered the following 5%
30-year bonds sold on Oct. 2 to Seasongood & Mayer of
Cincinnati (V. 89, p. 1026): $100,000 funding, $12,500
fundin, $75,000 street-improvement and $25,000 publicworks improvement bonds.
Waterford, Saratoga County, N. Y.—Bonds Legalized.—
Chapter 234 of the Laws of 1909 legalizes the issuance and
sale of the $7,416 4% sold registered paving bonds to the
Cohoes Savings Institution. V. 88, p. 397.
Watsonville, Santa Cruz County, Cal.—Bonds Defeated.—
The election held Nov. 22 resulted in the defeat of the proposition to issue the $22,000 5% sewer bonds mentioned in
V. 89, p. 1372.
Waukegan, Lake County, Ill.—Bonds Defeated.—A proposition to issue $55,000 bonds was defeated, it is stated, at
an election held Nov. 17.
Webb City, Jasper County, Mo.—Bond Offering.—Proposals will be received until 6 p. m. Dec. 6 by L. 0. Walker,
City Clerk, for $11,500 5% coupon funding bonds.

Authority Section 5157, Chapter 83, Revised Statutes of 1899. Denomination $500. Date Dec. 1 1909. Interest semi-annually
at place to
be agreed upon. Maturity Dec. 1 1929 subject to call in any amount
10 years. Certified check for $200, payable to C. R. Chinn Jr., after
City
Treasurer, is required.

INVESTMENTS.

1499

Wellsville, Allegany County, N. Y.—Bonds Legalized.—
In V. 88, p. 523, we reported the sale on Feb. 15 1909 of
$15,000 4.15% street bonds. Chapter 376 of the Laws of
1909 legalizes and validates all proceedings had for the issuance and sale of these bonds.
West Hoboken Hudson County, N. J.—Bonds Authorized.—The Town'
Council on Nov. 24 passed an ordinance
providing for the issuance of $4,183 24 43% bonds to
pay a judgment. Date Nov. 10 1909. Interest semiannually at the Hudson Trust Co. in Jersey City.
West Union, Adams County, Ohio.—Bond Offering.—Proposals will be received until 12 m. Dec. 18 by J. E. Cross,
Village Clerk, for $1,000 6% sidewalk-construction bonds.

Authority Section 1536-237, Revised Statutes. Date Dec.
10 1909.
Maturity one bond each six
from March 1 1911 to Sept. 1 1915 inclusive. Certified check for months
10% of bonds bid for, payable to the Village
Treasurer, is required. Bonds will
delivered within 10 days from the
time of award. Total debt at presentbe
$3,000. Assessed valuation $200,000.

Wewoka, Seminole County, Okla.—Bond Sale.—We are
advised that the amount of bonds purchased by the N. S.
Sherman Machine & Iron Works Co. of Oklahoma City
(V.89, p. 1240) was $60,000.
White Plains, N. Y.—Bond Offering.—Proposals will be
received until 8 p. m. Dec. 15 by the Board of Village Trustees, Frederic S. Barnum, President, Earle P. Hite, Clerk,
for $100,000 414% water bonds.
Authority, Chapter 769, Laws of 1896. Denomination $1,000. Date
Jan. 1 1910. Interest semi-annual. Maturity Jan. 1 1940.
Certified
check on a State or national bank or trust company for 5% of bid is required.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Bond Sale.—We are informed that the $20,000 4%% 2629-year (serial) macadamizing bonds described in V. 89 p.
1181, were sold on Nov. 11 to Adams & Co. of New York
City at 103.30—a basis of about 4.295%. The other bidders
were reported to be as follows:
Ed. Seymour & Co. N. Y....a104.635 Geo. M. Hahn, New York__101.18

W. N. Coler & Co.'
N. Y___103.257 A. B. Leach & Co., N.
_101.07
First Nat. Bank, Cl
_eveland_ _103.03 R. M. Grant & Co., N. Y_.._ _100.80
Ferris & White, N Y
102.92
a Bid said to be irregular; therefore rejected.

NEW LOANS
••••••••••••••••••W•

SALTONSTALL & CO.,

$12,500,000

Member. New York Stook Exchange

Investment Securities
60 STATE STREET
BOSTON

NEW YORK CITY
4 Per Cent, Gold Corporate Stock

WE OWN AND OFFER

MUNICIPAL BONDS
Tax Exempt Anywhere In the United States
Write for Particulars

ULEN SUTHERLIN & 00,
617 First Nat. Bank Bldg,CHICAGO,ILL.

F. WM. KRAFT
LAW YER

Specializing in Examination of

Municipal and Corporation Bonds
1312 FIRST NATIONAL BANK BLOC.

CHICAGO, ILL.

Blodget, Merritt & Co.
BANKERS

PAYABLE MAY 1 1959

Exempt from all Taxation
Issued in Coupon or Registered Form
Interchangeable at will after Purchase

ToBe Sold Friday,December 101909
At 2 o'clock P. M.

COUPON INTEREST PAYABLE
AT OPTION OF HOLDER

60 STATE STREET, BOSTON
30 PINE STREET, NEW YORK

IN NEW YORK OR LONDON

STATE, CITY & RAILROAD BONDS

A LEGAL INVESTMENT FOR TRUST• FUNDS

3

Charlo M. Smith & Co.

Send bids in a sealed envelope enclosed in the addressed envelope. A
DEPOSIT OF TWO
PER CENT OF PAR VALUE MUST ACCOMPANY BID. Such deposit
must be in money or
certified check upon a New York State Bank or Trust Company, or a
National Bank. For fuller
information see "City Record," published at Room No. 2, City Hall,
New York.

COFTORATION AND
Consult any Bank or Trust Company, or address
MUNICIPAL BONDS
FIRST ATIONAL BANK 'MELDING HERMAN A. METZ, Comptroller City of New York
CHICAGO




280 Broadway, New York.

[VOL. txxxix.

THE CHRONICLE

1500

- sold to Parkinson & Burr of Boston at 101.23. The following
Y.
White Plains Union Free School District No. 1, N.
s bids were received:
legalize
1909
of
Laws
the
of
$40,000 $50,000 $40,000 $50,000
Bonds Legalized.-Chapter 109
New
School City-Hall Water Revenue
the $35,500 4%,bonds sold to N. W. Halsey & Co. of
Bonds. Bonds. Bonds. Bonds.
66.
88,
101.10
P.
105.79
103.55
York City on Dec. 29 1908. V.
103.37
psie
Poughkee
I. W. Sherrill,
101.23
104.69
102.89
102.89
Cal.- Parkinson & Burr, Boston
102.694 102.694 104.393 100.564
Wide Awake School District, Imperial County,offering
Co., Toledo
&
Spitzer
102.683 102.683 104.789 100.801
N. W. Harris Fc Co., New York
Bond Offering.-It is reported that this district is
100.40
104.80
102.67
Dominick & Dominick, New York._ _102.67
101.22
104.21
102.59
an issue of $2,000 bonds for which bids will be received Edmund
Seymour & Co., New York_102.59
100.76
104.34
102.58
102.58
J. D. Everitt & Co., New York
until Dec. 4.
102.35
102.35
102.35
102.35
Boston
Co.,
&
Bros.
Blake
29
Nov.
-On
100.29 .
102.19
102.19
Willoughby, Lake County, 0.-Bond Sale.
Blodgett, Merritt & Co., New York_ _102.19
104.11
102.11
102.11
lant-improvement
A. B. Leach & Co., New York
102.07
the $2,500 432% coupon electric-light-p
102.07
102.07
102.07
Kountze Bros., New York
100.76
103.95
101.76
101.76
bonds described in V. 89, p. 1372, were awarded to the. W. N. Coler & Co., New York
103.42
interest
accrued
101.70
and
John J. Hart, Albany
101.46
Andrews School for Girls at 103.40
101.45
101.45
101.45
York
New
Co.,
&
Grant
M.
R.
102.41
101.10
101.10
A list of the bids received follows:
First National Bank, Cleveland
10
$2,555
Cleveland
Nat. Bank,
City
Andrews School for Girls_ _$2,585 00 First
Otis & Hough, Cleveland__ 2,540 00
In addition to the above, Adams & Co. of New York
Hayden, Miller & Co., Clev 2,561 45 Sept.
rth &
1 1917 to Sept. 1 1919 inclusive.
Maturity $500 each six months from
offered $183,650 for the entire four issues. Wadswo
bonds on
Wilmington, Del.-Bond Sale.-The $200,000 4% water- Wright, of New York City, offered to purchase the
11 a basis of 4%.
works bonds, bids for which were rejected on Nov. Co.
(V. 89, p. 1372), have been awarded to N. W. Harris &
of New York City.
Municipalities.
Woburn, Middlesex County, Mass.-Bond Sale.-On Canada,its Provinces and
bonds
coupon
(serial)
1-10-year
4%
$40,000
Nov. 30 the
Abernethy, Sask.-Debenture Sale.-The Bank of Hamildescribed in V. 89, p. 1443, were sold to Wm. A. Read & Co. ton recently purchased the $3,000 8% 15-year telephone,
about
of
basis
-a
interest
accrued
and
101.765
at
of Boston
street and sidewalk debentures mentioned in V.89, p. 1373.
3.643%.
Blind River, Ont.-Debenture Sale.-The $12,000 town.
Offering
Worthington, Nobles County, Minn.-Bond
street and funding debentures mentioned in V. 89,
hall,
by
4)
(Dec.
Proposals will be received until 8 p. m. to-day
have been disposed of to Brent, Noxon & Co. of
1105,
p.
bonds
funding
0. Carncross, City Clerk, for $12,000 coupon
. Maturity part yearly for 20 years.
Toronto
at not exceeding 5% interest.
Clarke Township, Ont.-Debentures Voted.-Reports state
held Oct. 19 1909.
Authority Chapter 10, Statutes of 1905, also election
1 and July 1 at that the ratepayers have passed a by-law providing for the
Jan.
Interest
1909.
1
Dec.
Date
$1,000.
tion
Denomina
years. Certified check for
debentures.
place designated by purchaser. Maturity 20 required.
Purchaser to fur- issuance of $1,700 school
$600, payable to the City of Worthington, is$35,000.
valuation
Assessed
No. 1289, Alta.-Debenture Offerpresent
at
debt
District
Bonded
School
Granum
nish blank bonds.
1909 $844,885.
ing.-Proposals will be received until Dec. 20 for $13,000
432%
of
issues
four
Yonkers, N. Y.-Bond Sale.-The
res. Maturity part yearly for 20 years. P. S.
were disposed 532% debentu
registered bonds described in V. 89, p. 1443,
Clarke is Secretary-Treasurer.
water
(serial)
r
1-40-yea
of on Nov. 30 as follows: $40,000
Lindsay, Ont.-Debenture Sale.-School and water-works
$40,000
bonds,$50,000 1-20-year (serial) city-hall bonds and
and 4 2% debentures amounting to $25,000 have been
4%
Sherrill
W.
Isaac
to
d
awarde
1-20-year (serial) school bonds
with Hanson Bros. of Montreal. MaturityA20 and
placed
vely,
respecti
103.37,
and
of Poughkeepsie at 105.79, 103.55
years.
30
were
1
1914,
April
due
while the $50,000 revenue bonds,

NEW LOANS.

INVESTMENTS.

TALLAHATCHIE, MISS.,
DRAINAGE DISTRICT BONDS

PERRY, COFFIN & BURR
Investment Bonds

Tallahatchie
By an Act of the Mississippi Legislature in 1908, the
ioners authorized
Drainage District was incorporated and the Commiss
ct the main trunk drains
to sell $500,000 six per cent bonds to constru
in said district.
ng information in
We, the undersigned, desire to give the followi s or bond dealers
investor
any
of
benefit
the
for
bonds
said
reference to
Act was passed by the
who may contemplate purchasing same. Theestimates of the cost of
r
surveyo
nary
prelimi
any
before
Legislature
and intent of the Legisthe drainage were made, and it was the opinion
sufficient to complete
be
would
zed
authori
0
$500,00
the
lature that
estimated the cost
since
has
district
the
of
r
enginee
chief
work. The
will cost at least
laterals
The
000.
$6,057,
at
drains
trunk
of the main
of more than
district
the
for
debt
of
total
a
making
more,
that much
tax.
ent
betterm
a
by
paid
be
to
is
amount
which
$12,000,000,
$8,000,000.
about
only
is
the
district
of
on
valuati
The assessed
of which are in
ItTcontains 1,150,000 acres of land, over 32 per centthe contemplated
from
no
benefit
receive
will
and
now
cultivation
tax. The
drainage, and hence will be exempted from any betterment
poorer land,
the
is
which
cent,
per
68
ng
remaini
the
of
value
assessed
of about
is only about $4,000,000, on which lands there will be a debt
,000.
$12,000
to disThe $500,000 bonds which the Commission is now trying
and the great
pose of were authorized without any vote of the peoplebond issue and
majority of the taxpayers are strongly opposed to said
the sale of
have filed an injunction against the Commission to preventlitigation in
the same. But even if the Commission should win thelands subject
the courts, we feel that the debt would be greater thangreat majority
to the tax could be made to pay, especially since the the valuable
of this land is not in cultivation, and has had most of
timber removed from it.
icable;
It is our opinion that the proposition is entirely impractbenefits
that the cost is prohibitive from the standpoint of possible
would
that may be received, and that the tax necessary to pay the same
be confiscatory.
as the
FA We advise any investors against the purchase of said bonds
notice so
payment of said bonds will be fought, and hereby give due
that the question of innocent purchaser is eliminated. made herewith
A careful investigation will prove all statements
to:,be absolutely true.

TALLAHATCHIE PROTECTIVE ASSOCIATION,
Sharkey, Miss.
Nov. 25, 1900.




T. G. JAMES, President.
E. M. HOLMES, Secretary.

60 State Street, Boston

ESTABLISHED 1886

H. C. Speer & Sons Co.
First Nat. Bank Bldg., Chicago
CITY, COUNTY
AND SCHOOL

BONDS
4tiz CCI.

BANKERS

Municipal and Seasoned
Corporation Bonds

FREE OF TAX
421CHESTNUT_ST.. PHILADELPHIA. PA.

BLACKSTAFF & CO.
INVESTMENTS
1332 Walnut Street
PHILADELPHIA

LIST OF SPECIALTIES ON REQUEST
THE AMERICAN MFG CO.
UIt
MANILA, SISAL AND J(

CORDACE.
65 Wall Street,

-

Nt\y/i York

THE CHRONICLE

DEC. 4 19094

1501

London, Ont.—Debenture Election.—According to reports, favorably voted upon Nov. 18. The vote was 122
"for"
a $60,000 debenture election will be held next January.
to 62 "against" the former issue and 144 "for" to 37 "against"
McDougall Township, Ont.—Debenture Sale.—This town- the latter issue. We are advised that these debentures have
ship has sold $700 5% school debentures, due part yearly been sold at private sale.
for 10 years, to C. H. Burgess & Co. of Toronto.
Smith's Falls, Ont.—Debenture Election.—Prop ositions to
Medicine Hat, Alta.—Debentures Voted.—The proposition issue the following debentures will be voted upon, it is reto issue the $9,000 5% debentures to purchase a site for the ported, at the next municipal election: $46,000 for a new
Alberta Clay Products Co., Ltd.(V. 89, p. 1241), was favor- collegiate institute and $16,000 to purchase Foster's Mill for
the water-works plant.
ably voted upon Nov. 23.
Starbuck School District No. 1150 (P. 0. St. Eustache),
Midland, Ont.—Debenture Offering.—Proposals will be
received until 8 p. m. Dec. 14 by Thos. I. Trueman, Secre- Man.—Debentures Voted and Sold.—The proposition to issue
the
$12,000 5X% school debentures mentioned in V. 89,
tary-Treasurer, for the following 5% debentures: $20,000
for permanent walks due in 20 years and $2,370 for sewers p. 1242, carried by a unanimous vote at the election held
Nov.
15. These debentures were sold on Nov. 10 to C. H.
due in 30 years. Interest annual.
Pipestone, Man.—Debenture Offering.—Proposals will be Burgess & Co. of Toronto for $12,187—the price thus being
received until 12 m. Dec. 20 for $25,000 debentures. 101.558. Maturity part yearly on Dec. 20 for 20 years.
Toronto, Ont.—Debenture Election.—As a result of a
Interest semi-annual. Maturity 20 years. These debentures will be guaranteed by the Province of Manitoba. special meeting of the City Council on Nov. 29,the rateOffers to be net, payable at Virden or Reston. A. P. Power payers will vote on Jan. 1 on the following by-1 aws: To
raise $759,000 for the extension of Bloor St.• and the conis Secretary-Treasurer.
Portage la Prairie, Man.—Price Paid for Debentures.—It struction of a viaduct in connection therewith; $320,000 for
is reported that the price paid for the $70,000 5% debentures new buildings at the exhibition grounds and $262,000 for
recently sold to the Ontario Securities Co. of Toronto (V. 89, the purchase of lands and the erection thereon of four police
stations and six buildings for the fire department. The
p. 1374) was 102.98.
Riding Hill School District No. 2326, Sask.—Debenture Council voted down a proposed by-law to issue $500,000
Sale.—The Western School Supply Co. purchased on Sept. 6 debentures for the Ashebridge's Bay improvements.
Victoria, B.0.—Debenture Sale.—The Dominion Securities
$1,200 53.4% 10-year school-building debentures at par.
Corporation, Ltd., of Toronto was the successful bidder for
Date Dec. 15 1909. Interest annual. Maturity 10 years.
Russell Township, Ont.—Debenture Sale.—An issue of $170,000 4% 50-year sewer and water-works debentures.
$2,180 5% debentures, due part yearly for 10 years, has
Wilkie, Sask.—Debenture Sale.—The $2,000 5% 15-year
been bought by Brent, Noxon & Co. of Toronto.
sidewalk debentures mentioned in V. 89, p. 1301, have
St. Patrick's Township School District, Man.—Debenture purchased by J. Addison Reid & Co., Ltd., of Regina.been
Sale.—C. H. Burgess & Co. of Toronto were recently awarded
Yorkton, Sask.—Debenture Offering.—Further details are
$1,500 5% 10-year school debentures. 41 11.4 4
at hand relative to
offering on Dec. 14 of the $40,000 5%
Sarnia, Ont.—Debenture Sale.—Frank Smith of Sarnia coupon high-schoolthe
debentures
recently purchased $31,361 5% 20-year debentures for $32,- Proposals will be received on mentioned in V. 89, p. 1374.
132—the price thus being 102.458—a basis of about 4.808%. Lock, Secretary-Treasurer. that day until 12 m. by R. H.
Saskatoon,Sask.—Debentures Voted and Sold.—The propoDa e Dec. 1 1909. Interest payable in December at Yorktown. Masitions to issue the $18,000 bridge and $4,300 fire-protection turity part yearly
on Dec. 1 for 30 years. Debenture debt, including this
1221,447 55. Floating debt. $18,000. Assessed valuation 1909,
5% 30-year debentures mentioned in V. 89, p. 1301, were Issue,
$1,307,975.

Al

NEW LOANS.

NEW LOANS

NEW LOANS.

$7,000
$14,000
$100.000
VILLAGE OF BAINBRIDGE, TOWN OF BAINBRIDGE, Village of White Plains, N. Y.
Chenango County, N. Y.

Chenango County. N. Y.

WATER BONDSj

TOWN HALL BONDS

Sealed proposals for two issues of $5,000 00
and $2,000 00, respectively, of Water Bonds of
the above-named village, will be received by the
President and Trustees of the said Village until
DECE MB ER 20TH at one o'clock in the afternoon.
These bonds are issued in accordance with
two propositions duly adopted by the qualified
electors of said Village, and, in conformity with
law, to provide funds for the extension of its
water-supply system, which said extension was
duly approved by the State Water Supply Commission of the State of New York; and will be
issued in series of twenty and eight bonds respoectively, each bond of the denomination of $250 00
and bearing date January 1st, 1910; one bond
of each series will be payable in five years from
date, and one bond of each of said series in each
year thereafter until fully paid.
Interest payable semi-annually, and both principal and interest payable in United States Gold
Coin, at the Chase National Bank in the City of
New York, or, if registered, to be remitted to;the
registered holder thereof in New York Exchange.
Such bonds to be sold to thelperson who
will take them at the lowest rate of Interest.
Bids will be received for one or both of said
series. Each bid must be accompanied by a
certified check on some National -Bank of the
State of New York for the sum(of $250 00. payable to the order of the Treasurer .of the Village
of Bainbridge, to be forfeited by the successful
bidder if he fails to complete his contract. A
composite bid for both series, requiring similar
check for $500 00 under same conditions.
The village reserves the right to reject any
and all bids; and the bonds are to be delivered
to the purchaser at the office of the Treasurer
of the village.
Proposals to be endorsed on the outside, "Village Water Bonds Proposal," and to be addressed
to Homer D. Owens, Village Clerk, Bainbridge,
New York.
Dated Bainbridge, N. Y. Nov. 29, 1909.
RALPH W. KIRBY,
President.
HOMER D. OWENS,
Village Clerk.

Sealed !proposals for an issue of $14,000 of
Town Hall Bonds of the Town of Bainbridge,
will be received by the Supervisor and Town
Board of that town until DECEMBER 20TH
at one o'clock in the afternoon.
These bonds are issued in accordance with a
proposition duly adopted by the qualified electors
of said town and, in conformity with the law, to
meet the expense of the construction of a Town
Hall or House, and will be issued in a series
of fifty-six bonds of the denomination of Two
Hundred Fifty Dollars each, bearing date January 1st, 1910, bearing interest at 4 per cent
per annum; Nos. 1 to 4 inclusive, payable January 1, 1915, and a like number in consecutive
order, in each year thereafter, until the indebtedness Is fully paid. Principal and interest payable in
United States Gold Coin, at the Chase National
Bank of the City of New York, or if registered,
to the registered holders thereof In New York
Exchange.
Each bid must be accompanied by a certified
check on some National Bank of the State of
New York for the sum of $300 00, payable to
the order of the Supervisor of the Town of Bainbridge, to be forfeited by the successful bidder if
he fails to complete his contract.
The town reserves the right to reject any
all bids; and the bonds are to be deliveredand
to
the purchaser at the officer of the Supervisor of
said town.
Proposals shall be endorsed on the outside,
"Town Hall Bonds Proposal," and to be addressed
to Fred. C. Fleming, Town Clerk, Bainbridge,
New York.
Dated Bainbridge, N. Y., Nov. 29, 1909.
CHARLES W. IRLAND,
Supervisor.
FRED. C. FLEMMING,
Town Clerk.

LEONARD H. HOLE.

W. N. COLER & CO.,
BANKERS
43 CEDAR ST., NEW YORK.

INVESTMENTS.
Bank and Trust Company Stocks

CANADIAN
MUNICIPAL BONDS
W. A. MACKENZIE & CO.,
TORONTO, CANADA

McCOY & COMPANY P. J. GOODHART & CO.,
Formerly MacDonald,
McCoy

bIRD S.COLER

WATER BONDS
Public notice is hereby given that sealed
proposals will be received by the Board of Trustees
of the Village of White Plains, N. Y., on WEDNESDAY, DECEMBER 15, 1909, at 8 p. m.,
at the Corporation Rooms, Grand Street, in said
village, for the following bonds, issued pursuant
to the provisions of Chapter 769 of the Laws of
1896.
One hundred water bonds of the denomination
of One Thousand Dollars each, to bear date
January 1, 1910, and to become due and payable
in thirty years from the date thereof.
Interest at four and one-half per cent, payable
semi-annually on the first days of July and
January in each year.
No proposals will be received for less than par.
All proposals must be accompanied by a certified
check upon a State or national bank or trust
company for five per cent of such proposals.
Checks of unsuccessful bidders will be returned
to them.
The Board of Trustees reserves the right to
reject any and all proposals.
By order of the Board of Trustees.
Dated at White Plains, N. Y., November 29,
1909.
FREDERIC S. BARNUM.
President.
EARLE P. HITE,
Clerk.

Oa.

Municipal and
Corporation Bonds
181 La Salle Street, - Chicago

JOHN H. WATKINS

Bankers

37 BROADWAY
NEW YORK
Telephone 2240 Rector
316 WitInut St., Cincinnati

Bank and Trust Co. Stocks
MUNICIPAL AND RAILROAD

BONDS

MUNICIPAL

NEW YORK AND BROOKLYN
BOUOHT AND SOLD

LIST ON APPLIOATION

AND

CLINTON CILBERT,

RAILROAD BONDS

SEASONGOOD & MAYER,

2 WALL ST.. NEW YORK.




No. 2 WALL STREET, NEW YORK

Mercantile Library Building
OINOINNATI

[VOL. Lxxxix.

THE CHRONICLE

1502

gvitst Tonxpautes.

grust Tompantes.

MN States Trust Comm ot get Da

Union Trust Company
OF NEW YORK

Chartered 1853
45 and 47 Wall street.

•
CAPITAL,
. .
SURPLUS AND UNDIVIDED PROFITS,

$2,000.000.00
$i3,510,605.04

Depositary and In
This Company acts as Executor. Administrator, Guardian. Trustee, Court
other recognized trust eapaelUes.
It allows Interest at current rates on deposits. and other property, real or personal, for estates,
It holds, manages aid invests money, securities
oorporations and Individuals.

EDWARD W. SHELDON, President.
WILLIAM M. KINGSLEY, V.-Pres. HENRY E. AHERN, Secretary.Asst.Sec.
WILFRED J. WORCESTER, Asst. Sec. CHARLES A.EDWARDS,2d
W. Bayard Cutting.
Mertes S. Smith,
William Rockefeller,
Alexander E. Orr,
William H. Macy .1s..

TRUSTEES.
JOHN A. STEWART, Chaim= of the Board.
John Clatiln,
William D. Sloane,
John J. Phelps.
Gustav H. Schwab,
D. 0. Mills,
Frank Lyman,
Lewis Cass Ledyard,
George F. Vietor,
Lyman J. Gage,
James Stillman,

80 BROADWAY

CHARTERED 1884

Payne Whitney,
Edward W. Sheldon
Chauncey Keep,
George L. Rives,
Arthur C. James.
William M. Kingsley.

WE OWN AND OFFER

MUNICIPAL BONDS
Yielding from 3.90% to 4.38%

Securities of the PublicService Corporation of New Jersey

Branch 425 PIM Avenue. Corner 3811, Streel
With Modern Safe Deposit Vaults

Capital $1,000,000
Surplus (earned) $8,000,000
ALLOWS INTEREST ON DEPOSITS.
Acts as Executor. Guard an, Trustee. &c
Administers "Institutional" and Othep
Piduclar Trusts
Receives Securities for Safe Keeping and
Collection of Income.
TRUSTEES
H. Van R. Kennedy.
Walter P. Bliss,
James Gore KIM
Amory S. Carhart,
Alto.. S. Cochran,
W. Emlen Roosevelt,
Am°, F Eno,
N. Parker Shortridge.
Jrnes Speyer.
Frederic deP. Poster,
Harrison E Gavvtry,
John V. B. Thayer,
Charles H. Tweed.
Robert W. Ocelot.
Adrian Iselin Jr..
Richard T. Wilson.
Augustus W. Kelley,
James T. Woodward.
William Woodward.
OFFICERS
AUGUSTUS W. KELLEY. Vice-President
JOHN V. B. THAYER. Vice-Frost. & S.C.
EDWARD R. MERRITT. Vice-Preat.
GEORGE GARR HENRY. Vice-Prost.
C. C. RAWLINGS, Trust Officer.
HENRY M. POPHAM,
T. W. HARTSHORNE, Ikeet• Sec'Ire•
clENRY M. ?dYRICK.

Yielding from 4.30 to 6.13%
Upon application we will be pleased to mail our weekly list
of offerings and quotations

FIDELITY TRUST COMPANY
TELEPHONE

BOND DEPARTMENT
NEWARK, N. J.
1932 MARKET

Manhattan
Trust
Company
20 Wall Street

Strongest in Working Capital

CENTRAL TRUST COMPANY

Corner Nassau

NEW YORK

of NEW YORK

54 Wall Street

Capital and Surplus, $18,000,000
(of which $17,000,000 has been earned)
Authorized to act as Executor, Trustee, Administra(or or Guardian.
Reoeives Deposits, subject to check, and allows Interest on Daily Balances.
Acts as Transfer Agent, Registrar and Trustee under Mortgages.

1111noisTru.st&SaviligsBank
CHICAGO

UNITED STATES
MORTGAGE & TRUST
COMPANY
NEW YORK

CAPITAL,
$2,000,000.00

SURPLUS
$4,000,000.00

Receives deposits subject to check
and allows interest. Acts in all
fiduciary capacities, issues foreign and domestic letters of
credit, prepares and certifies
municipal bonds.

Capital and Surplu.s
013,300,000
Pays Interest on Time Deposits, Current and Reserve Accounts
Deals in Investment Securities and Foreign Exchange
_
Transacts a General Trust Business,
CORRESPONDENCE INVITED.




55 Cedar St
fi'mpay & ilrd St.

8th Av. & 125th St.

B. W. Strassb urger
SOUTHERN INVII8TMENT 8ECURITIE8.
MONTGOMERY. ALA.