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mi financial 7 Me. tfrorttilt, VOL.89. DECEMBER 4, 1909. NO. 2319. I 2 .P.OcirseArbAR°..nilrel-nl?rtenta. r)u es b" " eysZir eSvtr. 11. lamA iL13!thainjl: atrC. aY 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 •••• •••• •••I .100 1 1 • • •••• ...... .. g •••• •••• 1 • ••• •••• ...... ...... •••• •••• •••• •••• •••• •••• •••• •••• •••• •••• •••• •••• • ...... •••• •••• •••• BDot 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 00 : .0h0.000NW0h0V00000.4.04, 1=001000.000000 0.1.00MP00000.140,00h. PONW00. 00, 4 0.1000000=N0 , 7! ° . °° .t " . W A " . n . N . c1.2 10° . ° .r, cem,....-c,ccot..c. cm040Nt-,00000 Wh0N. 10V.h0 ,....icmcm.c1 00 c , cm .4. 004 ". 0 v. . c .-. . 00000M00.1*00000.1.°C0000.04.140,V000.1.00 0 4 .00,4 00000000000042. 020000000.0..0000'h00 0 ... tt 0 .R.,.41" ,0 1°1 .`".4°1.w.ct .".° . 30 t"''''.''''IN"c:ccit`t:c°. 'II ino0 l. 000000 ckanno., .00 W 0 NO 0.4. 0 ri)E= . . 0 0 v. 0 _. .0 It .F) 004,00,1,0000'ON00.1.0.000000000000hh000.0 .00000000000NN000000h000000N01T1.0h000h00000 ..:4201004,30.00..M..000Nh0 . 0 . 0900h . h . 0000 . 0 . 0 t....nococeommevon.04.10.0....O4m,-,00N,44.00.10,1 2 ,0000t,g5vNI.00.. .... 000 00n4c..00on00.00 000000 .h..400 ,4 N N 0 ' . • h0N.O.h000000400.00 , 1.0=000..441,POOV.WV0 cm 138,769,736,416 323,797.3.887,732 • g s to”.00000ccl,,mnmocooccoor.ccoo.cmovvo „ t...qccoo.ccocl qmcc , rlocc .clocc-iotoot.occm,. coMcmcmt.eir:c.incl c.;c14eciocmv.ic v. vie; 00 00•cr o c-c NocmccNcom.coNocoNocmcvcc.ococmccmo..ctm c. vcmc.,c,.coccmccc000cNemoo,..,..nc.,nocmcmvocor.m.c tc.; ,..cmpo.ccilc,11,-.oclocrcoNmon.I..crooccqco . . CO 400Nc4,...00000010000; 0000000000 N t.41., 00000000 004 cn cm c'lv. cm.,c00 cm elm. ,...,..., 0 o ... .4 . co Nc-cmcocoocco cr.m.cc..nocor.emr.o. .emocoocmmt. , ., Nowor.--.0‘,,4Ncot.Ncenoc,,,.ocmom ,..cmcmocno P. , .. ,.....:mt nmn°9J`Ni9.1°n°' ..c'c'cl". .. . 1 '". 0 o0.01 Sqk ct. ,i...; - w ....i. - I 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. 0.000C0,0, MCWONN.14 MOW<P0NOWCOM0W.0.4.N.0 0 00vq...000N00m.om=m .00t...01,,-.4m00,n00-4.000100.0000.rom0,0 00 .-imoN•amcn, ,rot,...comt..n.ovv..mcisos.o. , s . 0006W0.0"000:70c.00./40,1,,pci000,04O'c07..000000000000 cm c., ; ; 7 .00N00001hOhMer00 00.-' 000000000100 ..T.0 01 000000 0 g :02 .-.. N . er 0. . ,• W000.00, , 1 1.00.000.0ChhWW.1.0000.C.00,00 g4 ...,; 00l00=000h,000,0'. 5000.00000IO0000034=400N0000 , et 0 N t c.co ;cloo .Noclaclo .t.etic,comcoo.cicmco..c1.4: . ;cc10 ;co . 41 0000010-it. 0000000000000001000000000000000000000001000000004 cmci 4 0 00 0000h .?: vi cm 0 h 4. , 0 03 • , i 0 .3 .. i c. 11 a 713 ...... V. ..3 ce .0 = 2 -i. ..)d og g,.. a t,ei Em 4 a)- V.ggi g 1 2 'e 6 ti 0 -4 4j,'.. -i • ai'd ^ - -.t,..4 cri r4 : -! , 4; 1 .; '',.. 0 0,0.74 -g 0• .40 = 00 N 0•0 (..) -a o.,-., P V W ..igc::::.i',54-0 -:I 0.5.4 e.f.'., , • 0 tit° . 0. 50'.;r:...2 0,4.1.0 al 0 `g E' 4 El g 01:sfpl °3-81E1 0 a,011:42 cd <1, g o; g 7" M 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. Terms of Subscription-Payable in Advance For One Year $10 00 For Six Months o 00 European Subscription (including postage) 13 00 European Subscription six months (including postage) 7 50 Annual Subscription in London (including pi stage) 22 14s. Six Months Subscription in London (including postage) 21 11 s. Canadian Subscription (including postage) $11 50 Subscription, includes following SupplementsS NATE AND CITY (semi-annually) NK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL (quarterly) ELECTRIC RAILWAY(3 times yearly) RAILWAY EARNIAOS(monthly) BANKE..S' CONVENTION (yearly) 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.