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Randal
, I
TOUflhinrrcjt
reitude
VOL.87. DECEMBER 5, 1908. NO. 2267.
Published every Saturday by WILLIAM B. DANA COMPANY,Front,Pine and,
Depeyster Sts., N. Y. C. William B.Dana, Prost.; Jacob Seibert Jr., Vlee-Prest.
and Sec.: Arnold G. Dana, Treas. Addresses of all, Office of the Company.
CLEARINGS-FOR NOVEMBER,SINCE JANUARY 1 AND FOR WEEK ENDING NOVEMBER 28
November.
Clearings az--
Week ending November 28.
Eleven Months.
In C. or
Dec.
Inc. or
1907.
1907.
Dec.
1908.
1908.
1907.
1906.
1905.
S
$
3
$
IS
%
%
New York
8,191,022.802 5,500,742,183 -4-48.9 70,009.593,737 81,832,241,434 -14.•
1,689,119,221 1,054,949,502 +60.1 1,780,068,974 1,954,195,939
Philadelphia
•
537,339,781
603,003,032 +6.8 5,366,413,923 6,668,166,007 -19.;
98,674,709 +19.5 144,717,680 134,590.316
117,879,256
Pittsburgh
167,859,889
211,983,233 -20.8 1,882,107,199 2,540,526,748 -25.1
45,289,331 -19.9
36,309,347
46,904,986
45,411,787
Baltimore
108,317,915
113,259,775 -4.4 1,120,284,229 1,368,902,606 -18.:
21,589,580 +8.0
23,305,741
27,921,111
30,155,622
13ulialo
•
35,155,506
33,651,626 +4.5
372.606,078
403,195,398 -7.1
5,972,998 +19.7
7,146,078
6,558,469
5,784,948
Albany
•
23,751,984
21,357,735 +11.2
4,249,096 +36.5
253,073,282
318,936,433 -20.1
5,800.836
5,854,709
5,218,522
Washington
•
25,287.995
20,579,229 +22.9
251,312,504
281,371,675 -10.1
3,826,176 +33.8
5,119,273
4,850,347
4.287,186
Rochester
15.751,779
15,293,291
159,588,754
172.691,757 -7.4
+3.0
2,452,177 +7.6
2,638,281
3,376,505
3,289,308
Scranton
-7.2
10,661,291
104,682,129
9.896.063
108,743,909 -3.1
1,992.106 +16.9
2,329,507
2,291,724
1,763,346
Syraeuse
8.152,806
9,601,119 -15.1
94,96.5,137
102,072,506 -7.(
1,667,855 -9.8
1,503,875
1.394,421
1,363,781
Reaoing
5,505,688
+0.3
5,489,235
58,556,746
66,537,929 -12.1
1,043,950 +0.6
1,050,000
1,176,339
1,056,201
Wilmington
4,719,333
56,263,520
5,177,164 -8.8
64,276,694 -12.5
1,074,259
1,228,544
1,013,582 +6.0
1,029.859
Wilkes-Barre
5,375,451
55,160,199
5,055,998 +6.3
57,168,965 -3.7
1,141,705
948,000
951,659 +20.0
959,535
Wheeling
6,547,549
5,120,054 +28.0
65,510,860
51,787,148 •4•••26.,
1,311,002
1,169.422 +12.1
1,027,767
783,385
Harrisburg
4,:400.000
4,247,784 +1.2
48,910,199
49,527,058 -1.,
1,023,610
845,598
887,901 +15.3
Erie
2,779,902 +1.2
2,813,571
28,219,352
33,308,681 -15.3
565.172
644,781
578,896 -2.4
442,810
2,080,132 -8.8
Chester
1,896,373
21,429,848
24,850,837 -13.8
425,207
474.058
439,474
443,711
1,987,483 +11.9
2,225,222
Greensburg
23.557,870
26,795,342 -12.1
380,414
404).124 -70
400,000
484,656
1.986,500 -4.1
1,904,400
21,717,300
Binghamton
25,186,300 -13.8
336,500
412,800
379,300 -11..3
399,800
982,819 -2.9
954,388
Franklin
12,606.560
13,072,980 -3.6
175,038
166,565 +5.1
175,000
196,208
1,038,086
953,468 +8.9
10,449.224
rederlek
9,733,987 +7.4
-5,159,816,581 6,475,993,013 +41.4 80,017,008,650 94,218,894,394 -15.1 1,898,634,477 1,24.7,703,403 +5.2 2,031,278,810 2,192,036,920
Total Middle
711,817,821
578,929,122 +23.0 6,618,310,895 7,618.019,195 -13.1
Boston
138,494,251
97,436,826 +42.1 142,630,217 138.230,783
31,37:3,800
27,960,500 +12.2
Providence
304,605,900
361,656,900 -15.8
6,971,400
4,938,600 +41.2
7,690,200
7,739,800
13,872,657
•
13.376,032 +3.7
151,864,617
Hartford
2,947,588
171,902,381 -11.7
3,084,680 -4.4
3,179,601
3,03:3,720
9,969,204
9,373,056 +6.4
New Haven
119,175,886 -5.8
2,,,19,803
112,237,566
1,841,098 +9.2
2,053,089
2,015,419
8,104,058
7,879,575 +2.9
Springfield
1,609,067
98,013,786 -14.5
83.764,030
1,325,000 +21.4
1,727,722
1,498,863
8,236,797
8,395,931 -1.9
Portland
84,302,622
93,902,014 -10.2
1,791,072
1.514,130 +18.3
1,527,804
1,814.315
7,116,485
6,268,182 +11.9
Worcester
1,901,694
68,877,816
77,675,591 -11.3
1,121,849 +7.0
1,348,057
1,281,793
5,685,5(16
Fall River
4,475,793 +19.8
45,258,227
50,966,954 -11.2
1,172,1-61
767,814 +52,7
872,611
1,030,706
4,754,725
3,768,583 +26.2
New Bedford
36,676,651
36,310,174
822,403
+1.0
576,408 +42.7
613,096
560.494
•
2,237,394
Lowell
2,336,787 -4.2
22,083,091
372.094
25,009,932 -11.7
420,651 -11.5
485.832
488,034
1,853,039
Holyoke
2.126.024 -12.8
20,459,756
23,851,948 -14.2
392,599
399,607 -1.3
465,378
452,338
805,021.486
Total New EngIan
665,159,590 +21.0 7,548.431,171 8,676,484,761 -13.0
158,484,130 113,426,663 +39.7 162.230,797 158.509,075
• 1,020,216,018
Chictigo
821,543,468 +24.2 10,720,239,131 11,272,846,814 -4.9
219,133,190 161,089,758 -1-36.0 205,472,606 190,534,403
Cincinnati
109,876,800
90,166,650 +21.9 1,116,391,700 1,270,884,950 -12.2
23,736,550
17,421,900 +36.2
21,788,600
21,421,450
Cleveland
61,875,350
64,907,945 -4.7
682,350,859
833,386,158 -18.1
12,147,022
12.140,036 +0.06
13,995,389
13,189,600
Detroit
56,865,63 0
55,905,165 +1.5
658,742,464 -7.4
608,139,610
11,238,572
10,381.269 +8.3
12,402,886
11,515,844
Milwaukee
49,131,985
42,593,912 +15.3
495,364,181
517,979,284 -4.4
9,946,250
8,077,281 +23.1 • 8,986,245
8,055,034
33,525,160
Indianapolis
27,440,049 +22.2
342,445,213
374,044,820 -8.4
6,700,778
4,497,669 +49.0
6,529,061
6,254,864
Columbus
22,206,800
20.110,500 +10.4
265,592,100 -12.7
231.956,800
4,690,200
4,880,200
4.195,000 + 11.8
4,823,200
Toledo
13,965,987
15,707,757 -8.5
169,088,164
2,809,407
198,887,633 -15.0
2,486,182 +13.0
3,147,739
2,923.412
Peoria
13,252,199
7,104,457 +86.5
120,713,799
131,775,890 -8.4
2,757,833
1,521,810 +18.2
2,719,300
3,204,91
Grand Rapids
8,965,823
9,054,168 -1.0
97,181,045
113,420,937 -14.3
1,748,066
2,097.77
1,586,049 +10.2
2,032,677
Dayton
6,996,904
5,717,378 +22.4
73,380.320
1,280,221
94,400,939 -22.3
914,827 +39.9
1,362,178
1,387,454
8,239.702
Evansville
9,283,807 -11.2
84.915,173
98,874,400 -14.1
1,689,123
1,586.631 +6.5
1,349,441
1.463,687
Kalamazoo
4,418,002
3,293,862 +34.2
941,876
45,575,176
48,637.945 -6.3
805,214 +55.6
812,794
694,700
3,759,888
3,228,916 +16.4
Springfield, Ill
805,000
38.919,769
-1.7
39,584,353
530,966 +51.6
618.595
594,375
Fort Wayne
3,541,471
2,580,153 +38.4
710,628
37.618,902
37,599,949 +0.05
500,328 +42.0
670,851
651,527
Akron
515,000
2,639,300
1,758,950 +50.1
27,880.465
32,440,847 -14.1
300,000 +71.7
550,000
418,900
Lexington
2,899,635
2,285,192 +26.9
614.177
30,796,875 -4.6
512,882 +19.7
29,375,866
496,267
711,988
4,592.489 -29.5
3,237,222
Youngstown
978.964
38,014,694 -17.2
584,313 +67.4
31.491,092
582,180
464.844
Rockford
2,492,722
2,593,636 -3.9
627,428
633,011
27,403,221
30.865,554 -11.2
558,829
552,548
Canton
2,850,422
2,005,684 +32.2
527,055
413,608 +27.4
21,337,803
25,616,053 -16.7
414,497
372,964
Quinev
2,198,264
2,014,849 +9.1
392,424
23,420,338
510,969 --23.2
21.981,093 +6.5
388,226
402,228
Springfield, Ohm___
1,748,425
1,713.578 -1.0
338,662
314,874 +7.6
19,185,666
20,746,645 -7.5
300,000
361,900
South I3end
1,740,451
+2.6
1,785.328
336,510
19,403,107
272,999 +23.3
23,817,198 -18.5
323,067
348,685
Blooming'.on
1,896,821
1,618,352 +17.2
22.714,637
358.756
312,758 +14.7
22,663,357 +0.2
313,979
378,458
951,173 +40.6
Mansfield
1,337,644
14,902.339
244.844
16,970,626 -12.2
149,578 +63.2
247,695
283,663
Decatur
1,543,103
1,159,532 +33.1
18,767,544
311.4.58
18,456,200 +1.7
203,721 +52.9
245,461
241,179
1,296,860
Jackson
1,164,677 +11.3
14,890,805
235,000
15,400,668 -3.3
219,490 +7.1
• 243,894
262,462
1,027,070
964,644 +6.5
Jacksonville, Ill
11,774,531
12,248,440 -3.9
193,665
166.271 +16.5
243,774
223,059
614,344 +2.5
Ann Arbor
629,820
6,697,701
113.000
6,657.396 +0.6
111.402 +1.4
88.402
102,799
Total Middle West_ 1,444,220,365 1,203,428,738 -20.0 15,153,524,955 16,271,334,282 -6.9
306,121,659 232,240,796 +31.8 291,932,226 273,768,554
San Francisco
154,889,237
113,102,713 +36.8 1,605,544,448 2,005,128,803 -19.9
33,960,154
22,763.668 +49.2
46,999.424
35,645,200
Los Angeles
44,786,195
37,516,541 +19.4
452,552,721
553.568,853 -18.2
9,986,736
6.1:36.283 +62.7
11,800,088
8.384,261
388,143,127
457,244,928 -15.1
Seattle
38.818,327
35,842,323 +8.3
7,942,486
6,064.393 +31.0
8.432,462
6,027,388
332,072,285 -15.2
Portland
26,588,073
20,548,909 +29.4
281,570,765
4.927,052
3,354.419 +46.9
5,895,431
4,234,127
279,792,481 -1.1
Spokane
5,985,424
29,004,100
26,061,534 +11.3
276,772,377
3,961,701 +51.1
3,653,239
4,885,708
Salt Lake City
279,077,299 -18.3
28,382,020
6,196,052
16,559,030 +71.4
228,068,072
2.871,666 +115.8
6,901,502
4,678.870
Tacoma
225,440,096
-12.9
18,773,374
3,989,130
19.460.3(46 -3.5
196.257,434
3,900,000 +3.3
4,328,979
3,260,995
Oakland
6,425,633
134,487,376 -48.6
1.189.092
6,210,905 +3.5
69,161,880
944,291 +26.0
3,089,416
Helena
4,453,230
3.960,016 +12.4
44,850,859 -18.4
1,130,757
823,680 +37.3
36,598,632
774,329
935.234
Fargo
3,834,909
2,656,492 +44.3
+6.4
735,825
25,880,041
27,539,838
486,242 +51.6
437,582
639 302
S oux Falls
2,864,268
2,371,560 +20.8
550,000
26.414,602
23,555,425 +12.1
450,000 +28.9
271.526
267:978
San Jose
2,068,558
1.924,386 +7.5
21,213,183
23,698,155 -10.5
415.296
400,000 +3.8
257,673
Total Pacific
360,687,924
286,214,715 -26.0 3,609,837,079 4,384,796,601 -17.7
77,038,004
52,155,343 +47.7
94,074.120
67,726,594
Kansas City
174,708,929
126,989,311 +37.6 1,660,092,773 1,526,609,442 +9.1
37,291.432
23,760,264 +56.9
24,930.612
20,573,911
105,864,522
Minneapolis
98,497,718 +7.5
959,065,155 1,056,441,131 -9.2
21,754,302
20,425,472 +6.5
21,461,729
17.042,762
50,094,660
42,224.839 +18.6
Omaha
543,686,971
11,391,624
525,819,461
+3.4
8,000.414 +42.4
8,788,596
7,236,398
46,820,655
43,378,390 +7.9
St. Paul
439,126.094
9,531,967
439,121,711 +00.0
10,032.358 -5.0
9,276,141
6,944,474
:18,321,642
33,035,286 +16.0
Denver
369,252,973
8.062,106 +5.3
377,167,006 -2.1
8,487.955
6,046,877
6,036,125
20,454,216
14,613,737 +40.0
St. Joseph
234,457.390
259,697,476 -9.7
3,950,000
2,566,742 +53.9
3,901,130
3,446,342
12,237,490
13,536.681 -9.6
Des Moines
153,506,583
2,319,322
3,489,899 -33.5
145,066,230 -8.0
2,226,567
1,911,358
10,964.327
7,617,735 +43.9
Sioux City
2,218,623
101,753.666
1.411.614 +57.2
1,519.585
101,611.980
+0.1
1,388 221
4,802,874
6,914.028 -40.5
54,991,551
Lincoln
894,745
62,179,625 -11.6
1,186,3.37 -24.6
1.051,119
6,740,888
5,260,703 +28.1
65,579,527
1,446,163
Wichita
63,505,641
868.974 +66.4
+3.1
873.983
764,307
4,739,220
3,872,511 +22.4
50,612,966
Davenport
790.467
53.325,851 -5.1
610,645 +29.4
825.162
932,270
6,409,467
3,685,016 +74.5
Topeka
49,606,763
977.306
688,296 +42.0
46,121,385
+7.6
733,105
530,487
2,916,016 -3.2
Colorado Springs _ _
2,822,300
30,488,680
572,909
600,000 ---4.5
33,210,975 -8.2
673,735
605,009
Cedar Rapids
3,18.3,037
3,271.293
+2.8
37,462,840
660,311
32,449,552 +15.4
480,530 +37.4
492,226
463,163
Pueblo
2,500,980 +0.4
2.509,968
23,523,763
557,213
27,607,058 -14.8
610,961 +8.8
450,618
368,672
Fremont
866.866 +41.5
1,226.228
15,010,409
250.000
16,199 951 -7.3
151.012 +65.5
178,687
144.251
Total other West_
409,092,854 +20.3 4,774,220,084 4,766,234,475
491,938,679
103.091,339
+0.2
82,945,674 +24.3
83,379,872
68,337,750
St. Louis
233,184,307 +14.9 2,777,199,330 2,919,425,821 -4.9
267,909,948
53,426,177
47,616,980 +12.2
54,975.771
55,254,689
New Orleans
80,245,022 -5.8
75.603,229
692,940,084
18,163,971
860,929,988 -19.5
17,734,527 +2.4
25,523,329
23.409.810
Louisville
40,849,070 +14.2
46,634,055
516,331,727
608,344,237 -15.1
10,104,618
7,297,899 +38.5
10,657,155
11,050,616
38,777,484 +56.0
Houston
60,478,969
471,859,090
13,668,547
525,850.479 -10.3
7,889,795 +73.2
11,976,015
9,891,845
Galveston
32,769,500 +3.0
:33.739,500
314,233,000
7,335,000
5,228,500 +40.3
320,688,000 -2.0
9,138,500
6,901,000
Richmond
26,967,285 +1.2
27.289,380
268 351,815
5,740,167
+5.8
295,089.073 -9.1
6.074,853
5,316.293
5,778,697
25,790,147 -15.8
Savannah
174,344,489
21,708,017
201,553,961 -13.6
5.255,950 -19.8
4,217,133
6,380,836
6,837,666
Memphis
24,035,868 +22.3
29,403 484
226,240,749
4,907,302
+42.6
221,898.447
6,999,208
5,928,144
+2.0
7,484,970
Atlanta
22,612,246 +5.6
23,871,207
204,689,481
3,942.310 +30.7
233,146,365 -12.2
5,151,428
4,968,633
3,860,879
Fort Worth
19,098,866 +52.2
29,072,710
227,118,217
3,700,000 +64.9
179,601,616 +26.5
6,100,000
3,648,513
2,778,628
Nashville
16,729,605 -31.2
11,514,011
145,224,504
2,726,328 -11.6
190,161,168 -23.8
2,409,476
3,200,000
3,158,519
Norfolk
11,537.007 -1.7
96,631,207
1,996.201 +19.2
11,343,760
127,002,438 -23.9
2,380,776
2,626,564
1,893,837
Augusta
+1.0
9,518,2:37
9,611,594
74,749.497
1,454,294 +41.1
84,514,323 -11.6
1.952,784
2,166,009
1,836,149
Birmingham
9,084,471 -0.8
1,767,409 +22.7
84,359,691
9,007,887
2,168,124
106,713.821 -20.2
2,010,276
1,920,481
Mobile
6,093,858 -1.5
58,877.219
6,005,527
1,194,476 +7.5
1,283.619
75,457,029 -22.0
1.654.661
1,278,212
Little Rock
5,117,243 +69.7
8,68:1,625
63,547,696
1,020.477 +65.9
1,692.232
64,786,080 -1.9
1,864,585
1,595,040
Charleston
+7.0
7,384.206
60,669,636
7,904,115
1,250.000 +38.6
1,732,182
65,986,844 -8.1
1,260,869
1,132,369
Chattanooga
5 536,832 +7.9
5,975,340
62,821.516
1,150,000
950,000 +21.1
68,040,433 -7.7
1,321.713
1,092,41.3
Knoxvilm
65,229,084
6,059,420
0241,907 -29.2
1,287,302
1,208,253 +6.5
75,689,570 -13.8
1,231,041
1,224,764
Jacksonville
60,047,909
6,373,025
5,364,772 +18.8
1,326,286
969,187 +36.8
70,310,489 -0.1
1.060,000
1,024,793
. (3,174,200
Oklahoma
3,753,914 +64.5
46,777,361
1,234,258
459,362
46,683,459 +0.2
+168.7
1,142,016
Macon
31,402,817
3,128,133 +17.5
:4,677,470
755,927
557,430 +35.6
862,693
32,129,486 -2.3
666,675
Wi.mington, N.C____
2,267,164 -16.2
14,036,959
1,899,956
21,668,817 -35.2
Beaumont
25,158,178
2,356,224
2,121,317 +11.1
191,462
386,437 +1.3
23,782,153 +5.8
300,000
340,548
Columbus, Ga
16,213,247
1,799.065
1,638 IL/ +9.8
16,440 531 •-1 4
Total Southern
714,094.708
639,846.588 +11.6 6,785,054,503 7,434,894,788 -8.7
151,005,363 125,255.284 +20.6 160.122.880 149,470,916
Total all
12,976.829.743 9.679.735.498 4-34.1 117,888,076,442 135,752,639,301 -13.2 2,694,377,972 1,853,727.163 +45.3 2.823,011,685 2,909,849,809
Outside Now Yo:k_ 4,784,806,941 4.178.993,335 +14.5 47,878,482,705 53,920,397,867 -11.2 1.005.258,751 798,777,661 +25.8 1,042,942.711 955.853,870,
1908.
1.4.- Janie Cle,..rings
by Telegraph and Canadian Cleatings an Pane 14186*
Inc. 07
Dec.
1444
THE CHRONICLE
[VOL. Lxxxvii.
France, as is well known, has been accumulating
THE FINANCIAL SITUATION.
gold the past year *to a notable extent. We have reThere is a continued disposition to take away from marked upon the fact and its causes many times.
industrial and railroad interests, and from those fore- Taking the conditions as they have long prevailed,.
most in forwarding them,freedom of action in the man- do they not on their face fully account for the moveagement of industrial and financial affairs with which ment? The most salient features have been just what
they are connected. In times past, when empires were would act to stimulate a flow of gold in that direction.
being built in the waste places of the land, this in- Taking the year as a whole, we cannot remember an
dependence was the chief asset in a company's posses- occasion when such a succession of war clouds have
sion—the one essential to man's best work—the ex- followed each other so rapidly as of late. They have
perience and judgment of those who had conquered been a constant menace, their genesis, as a rule, being
the wilderness and filled it with an active population in Germany, and the point of attack France. Such
engaged in all sorts of industrial enterprise. In this an embroilment as has been threatened would, if carway the management, by carrying out its own devices, ried to its legitimate end, have involved the leading
built up surplus revenue which, month by month, went Powers in Europe, and especially endangered the inback into the pockets of the people through added fa- terests of the leading belligerents.
What would be more natural, with these as the excilities, road-bed improvements, new branches, &c.,
What is wanted to-day is that same situation re- isting surroundings, than for France to fortify itself
stored. The need for the restoration is clearly ex- in every way possible against any future loss in money
pressed and measured by the loss in gross and net in- or material; no way could be so easy or effective as to
come of so many systems of roads in various parts of fill its war chest. That course would not only
the country, and the disrepute the men have been strengthen itself in providing whatever facilities
allowed to suffer who were foremost in bringing about might be needed for meeting attack, but would have
the former development which was attained under the a tendency to weaken its adversary as well. In that
old conditions. Where has the balance gone which way, too,naturally and spontaneously, a course would
used to flow back into the pockets of the people in be opened, as has been, through which the world's gold
divers disbursements to fructify the industries in the currents would tend into the Bank of France. That
vicinity of the road and furnish work and wages for was an easy process. Every nation of any importance
the men now idle? The Pennsylvania RR. returns is indebted to France. Nothing more in this case was
made public Tuesday morning of the current week are necessary, and nothing more natural, than for the
disappointing. We call attention to them because French people to be disturbed by an idea of growing
they belong to a different sort of cases than those which discredit to its securities held in the countries which
represent a wilderness recently opened and peopled. were helping to forward the war spirit; and, being so
They show what has been taking place in the wide disturbed, to sell the securities of those countries
and more thickly settled communities', where centres that is, to send them home for collection. These ruof industry of every kind have been, during previous mors of hostilities, being unceasingly imminent, were
years, very greatly multiplied, branches of roads hav- just the stimulant to start such a movement. Gering been constantly added in every direction, wherever man securities and securities of other nations in posiin the judgment of the President and directors they tion to lose favor or repute from the same cause, would
promised to be profitable feeders. These returns fall within the same influences. Most other nations,
simply express an ordinary development of a single when they desire to secure the metal, use force; that
system of roads,the like of which exists in many parts is to say, they pay the interest costs while the metal is
of the country, varying only in density of population in passage. France has done nothing of that kind.
and the size of industrial centres of activity, altogether The people have been induced by present surroundcovering a vast section of the more developed portions ings to liquidate certain classes of securities, and the
of the United States. In the midst of this progress, foreign exchanges have turned so as to bring the metal
when the work of extension was at its extreme of to the bank vaults.
The reason gold is leaving New York for the Bank
growth, a sudden stupor settled upon these activities
France now is explained in what we have said above.
of
not
In
have
our
recovered.
from which they
monthly
is the situation which is impairing so many of our
It
earnings
for
the
single
month of May
record of railroad
securities—that is, discrediting them, and leadbest
gross
earnings,
compared
railroad
the loss in
with the
ing
to hasten to get rid of all such before they
France
45
million
dollars,
was
and
1907,
for the
same month of
loss in value—which is causing the gold
further
suffer
losses
reported
the
were
1908
of
months
9
first
314 millions of dollars. The latest reports are in some cases outflow. We are expecting to see it continued until
showing smaller impairment, but it is only by extreme at least 50 million dollars have gone, and perhaps more
economies in expenditures that what is called im- than that, if our legislators do not heed the warning.
provement has been secured. No part of the gain has The movement is in no degree forced. The Bank of
gone back to the pockets of the people, but the simple France is making no advance of interest while the
fact is that a considerable part of the work that ought metal is in passage to encourage the outflow. It is
to have been done has been postponed. Moreover, simply a matter of exchange. So long as it pays to
rates have been lowered, which is a leading move the gold, it will go. Probably the Pennsylvania
No doubt the Railroad returns for October made public this week,
cause of decline in efficiency.
moral is that the laws should be amended so as and which were so disappointing to the public
to provide the additional income needed. Can here, were the last note of warhing to outside
full return to a uniform progress be attained before holders of our securities of affairs transpiring
in America.
that is done?
" •
DEC. 5 1908 J
THE CHRONICLE
What is to be done with these new hoards of gold
collected in the Bank of France when the stimulants
which have tended to cause their accumulation shall be
removed? For illustration, eliminate the war scare—
what next? No great anxiety need be felt on that
point. France is a frugal party. Those who direct its
finances can be trusted to reinvest any portion of this
cash which is not readily and profitably placed. One
call of long standing and for. a large amount is the
Russian loan. The purpose seems to have been for a
year or more to fund that country's debt. As France
is already a very large holder of those obligations,
larger than any other State, it needs to be in condition
to easily handle the whole of it; that is, stand for its
satisfactory negotiation. The next fifty years in
Russia's existence are full of promise. This large investment France holds in Russian securities has been
looked upon by her neighbors as a poor asset. The
time is coming when Russia's obligations will take a
higher position among the nations of the world and
this refunding operation is likely to be the date of its
upward progress. Many other securities are pressing
on the world's markets. We note one of large amount
in Paris. It is stated to be for railroad purposes and
to aggregate in amount £80,000,000. We have no
knowledge of the details.
At Thursday's meeting of the Chamber of Commerce
of this city, the subject of the growth in the city's
yearly tax levies and in its bonded debt received a good
deal of attention, and a resolution was finally passed
empowering the Committee on Finance and Currency
to associate with themselves other members of the
Chamber, with the view to making an investigation of
the city's financial affairs. We deem this a commendable step, but we would suggest that this investigating
committee do not allow their attention to be exclusively
engrossed with the matter of municipal extravagance.
It is at least equally important that steps be taken to
prevent the city from going any further in the assumption of functions that fall outside the ordinary domain
of municipal administration.
In our discussion of this subject last week, we showed
that the biggest item in the great increase which has
occurred in the yearly budget of the city is the tremendous expansion in the cost of taking care of the
municipal debt—the "debt service," as it is called.
As the debt grows larger with each succeeding year,
the annual requirement for interest increases and also
the requirement for the sinking funds—so much so
that the budget for 1909 contains the huge appropriation of 847,223,078 for the "debt service." Yet a
constitutional amendment is .actually pending, and
if passed a second time at the coming session of the
Legislature will be submitted to a popular vote in
1909, authorizing a still further addition to the city's
borrowing capacity. The purpose is to enable the city
to put out bonds in a large way to build additional
rapid transit roads in the different borough's, whether
they are likely to prove profitable or not. This is
obviously a wrong policy. Private capital ought to be
enlisted to build these roads,and the terms ought to
be made sufficiently attractive to induce private capital
to come in.
But there is another phase of this same subject that
should receive consideration at the hands of any investigating committee. The city has been going into
1445
the business of running ferries—in fact, has been forced
into it. As was to be expected, the operation is proving costly. Both the Staten Island Ferry and the
Thirty-ninth Street Ferry, it is known, are operated
at a heavy loss. It seems now as if a number of other
ferries would have to be taken over. The matter is
brought up for immediate consideration by a decision
handed down this week. Since the opening of the
Williamsburgh Bridge, the operation of five of the
East River ferries that run from Manhattan to Greenpoint and Williamsburgh has been rendered unprofitable, with the result that default occurred in the payment of the interest on the debt of the company operating the ferries. Last June the property covered by
the mortgages was sold at foreclosure, and a new company formed known as the New 'York Terminal Co.,
to take over the boats and equipment. In the Supreme
Court on Thursday Justice Blackmar announced his
decision in two suits before him to compel continuation
of the ferry service. One was an action for an injunction to restrain the New York Terminal Co. from discontinuing the operation of the lines. This motion he
denied on the ground that no person can operate a
ferry without the consent of the city, and it does not
appear that the city has given such consent in this instance. The Terminal Co., he declares, is simply a
volunteer, and he could not find that it had acquired
at the foreclosure sale any right to operate the ferry.
The other motion was an application for a peremptory writ of mandamus requiring the city itself to
maintain and operate the five ferry lines. This petition is granted, but on certain conditions that may
render the writ ineffective. Justice Blackmar reaches
the conclusion that the ferries in question were established by the city of New'York under powers granted
by the Montgomerie Charter of 1730. By the terms of
such charter, a special, perpetual and exclusive franchise was conveyed to the the city of each of these five
ferries, as separately established, and in the estimation of the Court the city holds such franchises on
the same terms as if each ferry had been the subject
of a special grant. Justice Blackmar declares that
the grant and acceptance of the franchise imposed upon
the city a corresponding duty of operation for the pub
lie benefit. He holds, however, that such duty is
limited by the extent of the powers granted to the City
in respect to the method of operation, whether directly
or through lessees. The power to operate the same
directly, and to acquire land and property therefor by
eminent domain or purchase, rests in the discretion
of the city, acting through certain of its commissioners. On the other hand, it is his view that the
duty of offering a lease of the ferries at public auction,
so that they may be operated through lessees, is an
absolute duty resting upon the city, provided the ferries
are not operated through some of the other methods
prescribed, and this duty he holds can be enforced by
mandamus. Accordingly, a writ of mandamus is to
issue, commanding the proper officers of the city to
offer a lease of the ferries at public auction. It may
be, however, that no takers for the lease can be found.
In that event, it will be up to the city to decide what
shall be done with the ferries. We may be sure that
municipal operation will be urged upon the authorities.
It may be that ultimately it will be found that. no
other alternative is open to the city. Such a result
should be avoided at all hazards, as public ownership
1446
THE CHRONICLE
and public operation are always more costly than private operation. It will be better to make concessions
•in order to get private operation, and the Chamber of
Commerce Committee would be rendering a service tol
the community if it could devise or suggest a pltin to ,
that end.
With so many other factors working to promote
trade revival and business prosperity, it is to be deplored that our various governmental regulative bodies
are not co-operating to the same end. The earnings
statement of the Pennsylvania Railroad for the month
of October, issued this week, is evidence that some of
the largest and most conservatively managed railroads
of the country are still staggering under the effects
of business adversity and hostile governmental action.
This return has been a complete surprise. In reviewing
the results for the month of September, we stated
that it was comforting to think that it was not likely
we should have many more unfavorable returns
of earnings like that for September. Now, however,
that we have the statement for October, it is found
that the falling off for that month is actually very
much larger than was the loss for September. In
the last-mentioned month the combined lines directly
operated east and west of Pittsburgh showed a decrease in gross earnings as compared with the corresponding month last year of $3,696,000. For October the decrease foots up no less than $4,173,100.
The Pennsylvania Railroad in its business is always
looked upon as typical of the country's manufacturing
industries, and the fact that it should have sustained
another such heavy loss after the previous series of
large monthly losses, is evidence,that it is an imperative requirement that our railroad transportation lines
should receive more considerate treatment. To be
sure, the Pennsylvania management have succeeded in
effecting a large reduction in expenditures, so that
the loss in net for October is only $462,700; but this
forced economy simply means that the company had
correspondingly less money to pay out for wages and
supplies, and thus to promote that revival in trade
which we are all so anxious to hasten.
We do not pretend to say how much of these large
monthly losses by the Pennsylvania Railroad are due
to lower rates and other legislative and governmental
requirements, but there can be no doubt that in part
these losses are ascribable to precisely that cause.
Unfortunately, too, our State and national commissions are still at work cutting down the revenues of the
roads. When the Hepburn Bill was passed by Congress, giving rate-fixing powers to the Inter-State
Commerce Commission, we pointed out that these
powers could not be wanted except to scale rates
down, for obviously no Government body would have
a purpose to force rates up. Experience is demonstrating the correctness of this view. Hardly a week
elapses but news is received of a number of reductions
ordered in different parts of the country. We have
no wish to throw any obstacles in the path of business
recovery, but manifestly it would be idle to ignore
the influence of action of this kind.
A few instances of rate reductions announced by
the Inter-State Commerce Commission this week must
serve for illustration. In a case against the Missouri
Pacific Railway Co. the rate of 173' cents per 100 lbs.
for the transportation of walnut logs from Newport,
Lxxxvii.
Ark., to East St. Louis, Ill., was declared unreasonable and 113 cents prescribed as the rate for the future.
Reparation was at the same time awarded to the
plaintiff. In a case against the Southern Pacific Co.,
reparation wag awarded on account of an alleged
unreasonable freight charge on a shipment of lumber
from Paper Mills, Ore., to Queen Junction, Pa., because of the carrier's inability to supply a car of the
size ordered by the shippers. In a case against the
Cumberland Valley Railroad Co. (one of the controlled
lines of the Pennsylvania Railroad) the Commission
held that the rates on furnace limestone from Bunker
Hill, W. Va., to various points in Ohio and Pennsylvania west of Pittsburgh were unreasonable to the
extent that they exceed an increase of 5 cents per ton
over the rate from Martinsburg, W. Va., and a reduction was ordered accordingly. In a case against the
Chicago Rock Island & Pacific Ry., rates of 16 and
173/b cents, respectively,for the transportation of logs
from Jacksonport, Ark., to St. Louis, Mo., and East
St. Louis, Ill., were held unreasonable and reduced
to 13 and 143 cents, respectively. Reparation was
also awarded in this instance.
These are simply illustrations drawn from two
days' bulletins of the Commission. We do not mean
to say that the decisions are invariably against the
roads. In a case on Thursday the Commission
uttered the dictum that comparison of the rates on
cement with the rates on potatoes is of little value, the
two commodities being non-competitive, and dismissed
a complaint based on such a comparison. Though,
obviously, the Commission could not in reason have
reached any other conclusion, we are sure the carriers
feel grateful, nevertheless, that it did not adopt the
ridiculous views embodied in that complaint. But instances where the rulings are adverse to the carriers
appear much the more numerous, and as these involve
reductions in revenue at a time when revenues are
none too large, they do not afford exhilarating news.
If the period of prosperity upon which the country is
now entering with so much confidence is to be enduring,
there will have to be greater freedom from the kind
of Government interference which the carriers are now
experiencing at the hands of public commissions—for
in New York and in most of the other States the various State bodies are engaged in much the same kind
of endeavors as the Inter-State Commerce Commission.
Bank clearings returns for November 1908, according to our compilation on the first page of this issue,
not only record a large increase over October, but represent a situation diverging decidedly from that which
prevailed during the corresponding period a year ago.
We better realize the change that has taken place by
recalling the desperate situation as it was a year ago.
The change could hardly be other than striking, for
some time prior to November 1907 a feeling of distrust
had been manifest to a greater or less extent, and it
found expression among the less intelligent in the extensive withdrawals of deposits from banking institutions and the locking up of a large aggregate of
cash in safe deposit vaults and elsewhere. In this
way the volume of available cash was largely reduced,
and banks being quite generally unable to meet anything but the urgent needs of depositors, it is not surprising that the volume of business should have been
materially restricted. The acute stage of the situa-
DEc. 1908.)
THE CHRONICLE
1447
tion was reached late in October, when disclosures in the period of 1907 and $39,282,700 in 1906. As at
regarding a few of the banks and trust companies New York, so at Boston. Share and bond transacin Greater New York intensified the feeling of distrust tions were in November very largely ahead of the
and alarm, and induced further important withdraw:
-A same month in 1907, but for the eleven months the
' als, and to a considerable)extent by those who haillelt share sales were less. than a year Ago.
no anxiety over anterior developments. Outside of
As regards actual returns of bank clearings, our comNew York, in various sections of the country, banking pilation indicates that a large majority of the cities' institutions were also forced into temporary suspension 84 out of the 114 included—report gains over last year
on account of lack of cash, and quite generally where in November,and that at many points the percentages
that expedient was not forced it was necessary at of increase are heavy. Of course, the excess of 48.9%
' times to restrict the amount of individual withdrawals at New York and that of 23% at Boston can in great
in order to help relieve the immediate necessities of measure be ascribed to increased Stock Exchange spec•
all depositors.
ulation. But such is not the explanation for the gains
The acute monetary stringency in 1907 was not a shown elsewhere, and especially for the notable exthing of long duration, effective measures of relief cesses at New Bedford, Fargo, Salt Lake City, Wichita.,
having been taken by banking and other interests; this Topeka, Houston, Fort Worth, Little Rock, Oklaincludes an issue of $15,000,000 3% certificates of in- homa, &c. For the whole country the gain in Novemdebtedness by the Government to enable banks to take ber as contrasted with 1907 was 34.1%,but compari-,out new *circulation and also $88,000,000 of Clearing- son with two years reveals a loss of 5%. For the eleven
House certificates. But business depression, that months there is a loss from a year ago of 13.2% and the
had been developing coincidently with the distrust decrease from 1906 reaches 19.1%. Outside of New
that caused the banking panic, was not so easily York the month's total exceeds that for the same
removed. Through the winter, spring and summer period of 1907 by 14.5%, but falls behind two years ago
business and industry were inactive. Factories shut 5.2%, and for the eleven months the losses are respecdown, improvement work on railroads and elsewhere tively 11.2% and 4.8%. With such a general reporting
was suspended and a large exodus of the foreign of gains by individual cities, it follows that the groups
laboring element set in, which, as we have from (Middle, New England, &c.) into which we have •
time to time shown, greatly exceeded the aggregate divided them each make a better exhibit for Novemarrivals of aliens.
ber this year than last. But for the eleven months
Latterly, however, the situation has shown a little losses are quite general, with a nominal perimprovement. It is manifest in more activity in centage of gain, however, for the "Other Western"
building construction work, the steady resumption of division.
longer time by manufacturing concerns, and inCanadian bank clearings also make a favorable excreasing faith in the value of railroad and other share hibit for the month, the aggregate for the thirteen
properties, as evidenced by the large increase in cities exceeding the total for November 1907 by 8%.
transactions at the stock exchanges. The returns Most points share in the more satisfactory showing,
of clearings reflect the revival, and the statement with large gains shown at Winnipeg, Ottawa and
for November indicates in particular the change that Calgary. For the eleven months since Jan. 1 the loss
has taken place in industrial and mercantile condi- in the aggregate from 1907 is 6.1%.
tions since the Presidential succession was definitely determined. Stock Exchange activity has,
Business conditions in the United States find
of course, played an important part in swelling the reflection in current reports of commercial failures.
total of clearings at New York, and the same is true The aggregate liabilities of failed firms in November
in lesser degree of Chicago, Philadelphia and Boston. 1908 have been less than in any month since July
Transactions, however, have been largely of a 1907, and appreciably smaller than in November
speculative character.
1907. The situation in fact has shown steady
Speaking of share transactions, it is to be noted that improvement since August last, when the failure
the dealings on the New York Stock Exchange in of a large flour-milling concern and the enforced
November 1908 were much heavier than in October suspension of A. 0. Brown & Co. swelled the failed
and greatly exceeded the total for the month a year liabilities reported for that month to 233
4 millions
ago. They reached 24,966,326 shares of a par value of dollars. September exhibited a drop in the inof $2,389,941,550, against 14,266,901 shares with par debtedness of bankrupts to 17( millions, the October
of $1,302,230,375 in October 1908, and 9,677,494 total was a little under 16 millions and the November
shares with par of $849,293,525 in November 1907. compilation covers only 123/ millions. This latest
Furthermore; the current aggregate is greater than aggregate, moreover, is but nominally greater than in
for any month since March 1907. For the eleven November 1906, when business and industrial affairs
months, however, transactions this year were moder- were traveling along what might be safely termed
ately less than for the same period of a year ago, hav- normal channels.
ing reached only 174,203,992 shares, against 183,802,It would be going too far, however, to venture at
334 shares. Contrasted with 1906 or 1905, the decline this juncture the assertion that there has again been
is much greater, the aggregates then having been 284,- a return to a normal situation. It is true, as remarked
298,010 shares and 263,081,156 shares respectively. above, thatfailures are decreasing. We show elsewhere
Bond transactions were also of much larger volume that gains in bank clearings are being reported,
than in October of 1908 or November of 1907. In and evidence of increased activity in building operfact, the month's dealings in railroad and miscellaneous ations has recently been presented; but after such
issues,at$130,924,000,were the heaviest of any month a shock as was experienced in the fall of 1907 fu
since November 1904, and compare with $62,735,700 recovery connot be so quickly consummated. But
1448
THE CHRONICLE
while, as Messrs. R. G. Dun & Co remark, "there
are indications that the aftermath is keeping the
insolirency returns above normal, there is reason
for encouragement in the gradualimprovementshown."
And that improvement, as,compared with last year,
is 1:articularly noticeable in manufacturing lines. In
the "machinery and tools" division there is an appreciable decline in the liabilities reported for this
November, notwithstanding the inclusion of a single
failure for half a million, and "lumber,carpenters, &c."
and "clothing and millinery" make a most decidedly
favorable showing this year, as compared with last.
Among traders the situation is not so satisfactory,
yet the total of indebtedness as reported month by
month is steadily decreasing. On the other hand
bank suspensions show a gratifying decrease.
According to Messrs. R. G. Dun & Co's. compilation
the number of failures in November was 1,120, with
liabilities of $12,599,912, against 1,180 failures
covering indebtedness of $17,637,011 in the similar
period of 1907. In manufacturing lines the debts
in November this year aggregated $5,277,420, which
compares with $10,927,598 in 1907; trading disasters
covered liabilities of $5,731,104, against $5,640,065
last year, and brokers', &c., indebtedness amounted to
$1,591,388, against $1,069,348 a year ago. Bank
suspensions numbered 10,involving liabilities however,
of only $863,181, which contrasts very favorably
with the indebtedness of $9,144,225 reported by
the 30 failures of November 1907. For the eleven
months the total of failures was 14,253,with liabilities
of $208,176,103, which compares with 10,409 and
debts of $161,088,439 in the like period last year.
Manufacturing disasters covered $91,560,232 this
year -as compared with $86,477,623 in 1907; trading
liabilities were $84,731,493, against $51,744,781,
and failures in other lines aggregated obligations
of $31,884,338, against $22,865,945. Financial bankruptcies for the eleven months of 1908 numbered
169, against 90 in the corresponding interval a year
ago, with indebtedness of $121,334,586 and $102,089,894 respectively.
For the Dominion of Canada the November failures
exhibit reflects a continual improvement in the business
situation. The insolvencies reported numbered only
130 with liabilities of $774,173 this year, against 143
and $2,090,925 in 1907. Manufacturing losses this
year numbered 41, with liabilities of $276,431, compared with 49 and debts of $1,161,051 last year.
Trading disasters to the number of 88 involved
obligations of $493,942, against 88 for $549,314, and
one failure in the miscellaneous class, with liabilities
of $3,800 this year, compares with 6 and $380,560 in
1907. For the eleven months the insolvencies were
1,480, with indebtedness of $13,678,010, compared
with 1,139 and $11,513,340 for the period last year.
These aggregates were made up of debts in manufacturing lines of $5,624,775, against $5,968,695
a year ago; trading, $7,369,963, compared with
$4,820,839, and others, $683,272, against $723,806
in 1907.
An important event of the current week has been
the announcement that a body of capitalists headed by
Mr. Eugene M. Foss of Boston will begin immediately
the construction of a large cotton mill in East Boston.
The project is not a new one, having been first broached
LVoL. Lxxxvii.
over a year ago, but it had been held in abeyance on
account of the depression in business. Now, however,
that the situation in cotton manufacturing has so
greatly improved, work of building will be actively
prosecuted. Upon land already secured a mill to
contain 250,000 spindles and 7,500 looms will be
erected, and employment will be given to about
8,000. This mill will mark quite a departure in
cotton manufacturing in this country, as it is the
intention of its promoters to devote it to the finest
grades of cotton textiles, which, being the case, will
not bring it in conflict with already established factories. In Mr. Foss's own words,"I'm a great believer
in spinning cotton on this side of the Atlantic, and
I desire to see Boston made a great textile center. We
have paid too much attention to exporting raw
cotton to England, where our finest textiles come
from, and not enough to producing high grade manufactured products." With the important' market
this country furnishes for the finest of textiles, it is
certainly strange that steps have not long since been
made to largely develop that branch of the cotton
manufacturing industry. But now that a start is
to be made, important further development should
quickly follow. It is an anomalous fact, due of
course to failure to cater to home demand, that the •
United States, the great source of supply of raw
cotton and with a steadily developing manufacturing
industry, should receive from abroad a volume of
cotton goods largely in excess of the amount we
export. It has long been recognized that the South,
with its close proximity to the cotton fields, and other
advantages, is the natural point of manufacture of
the coarser grades of goods, which they can produce
more cheaply than New England. Development in
New England, consequently, should be along the
lines of finest production. If this mill at East Boston
should strongly direct attention that way, it will have
accomplished much for the cotton manufacturing
industry of the country.
As noted above, the Pennsylvania Railroad return
for the month of October has proved a distinct disappointment. Instead of showing a smaller loss in
gross than for September, the loss is actually larger.
On the lines directly operated east of Pittsburgh, the
decrease in gross for October is $2,567,100, as against
$2,361,600 for September, and on the lines west of
Pittsburgh the decrease is $1,606,000, against $1,334,400. In other words,for the combined lines the falling
off in gross for October is $4,173,100, against $3,696,000 for September. The company managed to make
drastic cuts in expenses and hence the loss in net is
only $375,200 on the Eastern lines and $87,500 on the
Western lines, making together $462,700. Last year
in October the combined lines showed $2,637,800 gain
in gross, with $216,100 loss in net. As indicating what
a tremendous shrinkage in revenues the Pennsylvania
Railroad has sustained this year, we may note that
for the ten months to Oct. 31 gross" earnings on the
lines directly operated east and west of Pittsburgh have
fallen off in the prodigious sum of $45,127,100. The
loss in net for the ten months aggregates $9,321,300.
In the following we furnish a six-year comparison for
the lines East of Pittsburgh, being the only portion
of the system for which we have the data for suck a
comparison.
THE CHRONICLE
DEO. 5 19081
Lines East
of Puts.
1908.
1906.
1907.
1905.
1904.
1903.
,
$
$
$
$
$
October.
$
Gross earn 12,794,084 15,361,184 13,686,484 12,427,784 10,728,675 10,725,675
Oper. exp. 8,760,797 10,942,697 8,857,597 7,977,997 6,595,478 6,951,178
Net earn 4,043,287 4,418,487[,887 4,449,787 4,133,197 3,774,397
Jan. 1 to 0ct. 31.
Gross earn 111,830,956 130,076,156J122,092,556 109,435,556 97,593,894 103,598,294
83,964,268 76,725,168 67,192,731 70,974,931
Oper. exp. 80,186,668 100,749,0
Net earn 31,644,288 38,327,08
38,128,288 32,710,388 30,401,163 32,623,363
The feature of last week's bank statement was a
decrease, according to the report of actual conditions,
of $6,535,100 in reserve,to $23,881,125; computed upon
the basis of deposits less those of $8,854,300 public
funds, the surplus was $26,094,700. Loans were expanded $10,340,700 and deposits increased $9,927,200;
cash decreased $4,053,300, partly as the result of
withdrawals of $328,500 public funds and of $1,323,900
by trust companies which were augmenting their
cash in vault.
The market for money was but slightly affected
until after the middle of the week, and that only sentimentally, by the engagements of gold for export to
Paris; a more important influence appeared to be exerted by the reports of Treasury operations with banks,
which seemed to foreshadow a material reduction
in reserve. The calling in of loans by some of the irstitutions, incident to the distribution of December
interest and dividends, contributed to a shade firmer
tone for day-to-day money on Monday; on the following day, however, after a rise to 237
0, caused by
the announcement of preparations for exports of gold,
the rate fell to 1%, partially recovering by the close,
and for the remainder of the week call loans were firm,
with 3% recorded on Thursday. Time contracts were
more freely offered at concessions in rates, but the
demand was not thereby stimulated. Those for short
maturities will fall due at a period when money is now
expected to be active, and intending borrowers,
therefore, give preference to contracts for longer dates.
The absence of public participation in stock speculation is, however, discouraging to commission houses,
and it will largely account for the indisposition of these
houses to borrow,even on attractive terms. Commercial paper continues in good request for investment by
banking institutions, and there is no accumulation of
names.
Money on call, representing bank and trust company
balances, loaned at the Stock Exchange this week at
3% and at 1%, averaging about 234%; all lending institutions quoted 1% as the minimum. Time loans
on good mixed Stock Exchange collateral were 234
@2U% for sixty and 2%@3% for ninety days, 314
@334% for four, 332% for five to six months and 334
@39-4% for eight months, with a comparatively large
transaction at the lower rate. Commercial paper of
high grade is quoted at 3%@4% for sixty to ninety
day endorsed bills receivable and 4@432% for four to
six months prime single names; transactions in the
longer maturity were reported at 4%,and in a medium
grade running for four months, which has not hereto/
1%.
fore been accepted by investors, at 41
The Bank of England rate of discount remains un_
changed at 234%. The cable reports discounts of
sixty to ninety day bank bills in London 23 @
2M%. The open market rate at Paris is 23/8% and at
Berlin and Frankfort it is 2Y
4 @,2%%. According to
our special cable from London, the Bank of England
1449
lost £956,452 bullion during the week and held £34,621,262 at the close of the week. Our correspondent
further advises us that the loss was due largely tO exports to Egypt. The details of the movement into
and out of the Bank were as follows: Imports, nil; exports, £700,000 (of. which £600,000 to Egypt and
£100,000 to Buenos Ayres), and shipments of £256,000 net to the interior of Great Britain.
The foreign exchange market was again strong this
week and the highest rates of the season were recorded.
The demand for remittance was so urgent and the
supply of bills so small that for the first time since
July gold was exported to Europe, the consignments
going to Paris. The inquiry for exchange, as was the
case last week, was largely due to efforts to procure
bills for delivery on options that would mature early in
the current month and also to effect settlements of
'finance bills that had been extended, by agreement,
into December. An apparent indisposition to buy
but rather to sell American securities which had been
placed in foreign markets through speculative operations, since the result of our Presidential election was
announced, contributed largely to augment the demand
for remittance. Indications of an early advance in
the Bank of England rate, thus establishing relatively
higher discounts in London than rates for money in
New York, was a factor promotive of continued selling
of American stocks in volume greater than the investments therein that were encouraged by new issues of
substantial properties. It is reported that large loans
that had been negotiated in London by American
syndicates and traders; while discounts there ruled
abnormally low, were, now that higher discounts were
expected, in process of liquidation, and that transfers
of the released collateral to New York, on which to
effect domestic loans, were heavy. If these operations
are as large as is represented, it will account for the
recent absorption of supplies of exchange which has
caused such an embarrassing situation in that market.
As above noted the gold exports for the week were
13/8 millions and the engagements for to-day (Saturday) a like sum. The Assay Office has a little more .
than 53/8 millions gold bars that are available for
export; engagements of the bars in anticipation of
shippers' requirements is permitted by the office, and
therefore, should the demand for export continue
urgent, the whole of the available supply may be
secured in advance. New bars can be manufactured
at the rate of about one million dollars' worth per
week. If the present and the prospective supply
shall satisfy the demand,it wine unnecessary to ship
coin; of this there is a great abundance and the higher
rate for exchange for the reimbursement of shippers
will probably not prevent exports of coin, provided the
demand therefor shall justify its use. It may be
observed, though, that a continued drain of gold for
shipment to Europe can scarcely fail to affect the
market for money. Through reaclls,though they may
be small, of public funds from the depositary banks
and the absorption by the Treasury of the proceeds
of the 30 millions Panama loan, bank surpluses will
decrease and the increasing demands of corporations
and of business for money will, it seems likely, cause
higher rates for loanable capital, which will be reflected
.in a fall in rates for exchange sufficiently below the
gold-export point to arrest the outward movement.
1450
THE CHRONICLE
[VOL. LxxxvIi.
Compared with rates on Friday of last week exchange ,
OUR AGREEMENT WITH JAPAN.
on Saturday was 20 point's lower for long at 4 8425@
In the midst of the series of reported diplomatic
4 8430, 5 points higher for short at 4 8660@4 8665
and 10 points lower for cables at 48675@4 8680. On'(blashes and war alarms which have filled the newsMonday long rose 20 points to 4 8440@4 8450, short papers of Continental Europe during the two months
10 points to 4 8665@4 8675 and cables 20 points to past, this week's definite news of the formal under4 8695@4 8705. On Tuesday long advanced 10 points standing reached between Japan and the United States
to 4 8450@4 8460, short 5 points to 4 8670@4 8680 gives a refreshing glimpse of the realities of diplomacy.
and cables 5 points to 4 87(4)4 8710. On Wednesday The first more or less vague reports of this international
long fell 5 points to 4 8445(4)4 8455, short rose 5 points entente raised some doubt, in the minds of the public
to 4 8675@4 8680 and cables 5 points to 4 8705@ at large, as to just how far the State Department had
4 8710. On Thursday long was 15 points higher at gone in the way of committing our Government to
4 8460®4 8470, short 10 points lower at 4 8665@ the entangled alliances deprecated by President
4 8675 and cables 10 points at 4 8695@4 8705. On Washington. The text of the agreement between the
Friday, owing to a better supply of bills representing contracting States published on Tuesday disposed of
accumulations by speculators, the market became such misgivings. It was as follows:
weak. Long fell 20 and short and cables 30 points.
1. It is the wish of the two Governments to encourThe following shows daily posted rates for sterling. age the free and peaceful development of their commerce on the Pacific Ocean.
exchange by some of the leading drawers.
2. The policy of both Governments, uninfluenced
• Fri., Mon., Tues., Wed., Thurs., Frt.,
Nov. 27 Nov. 30 Dec. 1 Dec. 2 Dec. 3 Dec. 4 by any aggressive tendencies, is directed to the maintenance of the existing status quo in the region above
85
85
85
Brown
85
85
160 days 4 85
87%
87%
8734
1Sight__ 4 87
8734
Brothers
8734
mentioned, and to the defense Of the principle of equal
85
85
Baring
85
85
160 days 4 85
85
87%
87%
8734
1SIght__ 4 87
87%
& Co
8734
for commerce and industry in China
opportunity
85
85
85
Bank British
85
160 days 4 85
85
8734
1Sight__ 4 87
87%
87%
North America
87%
8734
3. They are accordingly firmly resolved reciprocally
85
85
'Bank of
85
85
160 days 4 85
85
87%
lSight_ 4 87
87%
8731
Montreal
8734
to respect the territorial possessions belonging to each
87%
85
85
560 days 4 85
85
Canadian Bank
85
85
other in said region.
1Sight__ 4 87
87%
87%
8734
of Commerce
8734
8734
85
160 days 4 85
85
85
Heidelbach, Ickel85
85
4. They are also determined to preserve the com87%
1Sight_ _ 4 87
87%
8734
heimer &Co
87%
87%
85
85
560 days 4 85
Lazard
85
85
85
mon interests of all Powers in China by supporting
1Sight __ 4 87
8734
87%
Freres
87%
8734
87%
85
85
160 days 4 85
85
Merchants' Bank
85
85
by all pacific means at their disposal the independence
1Sight__ 4 87
87%
87%
8734
of Canada
8734
87%
and integrity of China and the principle of equal opporRates for exchange on Friday were 4 8440@4 8450 tunity for commerce and industry of all nations in that
for long, 4 8640@4 8645 for short and 4 8665@4 8675 empire.
5. Should any event occur threatening the status
for cables. Commercial on banks 4 84@4 8410 and quo
as above described or the principle of equal oppordocuments for payment 4 833 @4 84Y8. Cotton for tunity as above defined, it remains for the two Governpayment 4 833@4 833j, cotton for acceptance 4 84 ments to communicate with each other in order to
arrive at an understanding as to what measures they
@4 8410 and grain for payment 4 84@4 84%.
may consider it useful to take.
The following gives the week's movement of money
It will be observed, from the language of this docuto and from the interior by the New York banks.
ment, that it amounts in form to nothing more than
Received by
Shipped by
Net Interior
N. Y. Banks. N. Y. Banks.
a declaration of purposes. Neither State is committed
Week ending Dec. 4 1908.
Movement.
$4,429,000
$3,346,000 Gain $1,083,000 to any distinctive act or policy which would involve
Currency
811,000
Gold
784,000 Gain
27,000
the use of arms. There is no such agreement as
Total gold and legal tenders
$5,240,000
$4,130,000 Gain $1,110,000
exists, for example, in the Franco-Russian or the
With the Sub-Treasury operations and gold exports Anglo-Japanese treaties, in both of which agreements
the result is as follows.
it is stipulated that, under certain conditions, the one
Into
Out of
Net Change in
contracting party is to come to the assistance of the
Week ending Dec. 4 1908.
Banks.
Banks.
Bank Holdings.
$4,130,000 Gain $1,110,000 other if that other party is attacked. In the case of
$5,240,000
Banks' interior movement, as above_
29,300,000
32,500,000 Loss 3,200,000
Sub-Treasury open and gold exports
the Franco-Russian secret treaty, we understand the
$34,540,000 $36,630,000 Loss $2,090,000
Total gold and legal tenders
arrangement to be that France will take up arms for
The following table indicates the amount of bullion the assistance of Russia or Russia for the assistance
in the principal European banks.
of France, in case such treaty Power is attacked by
Dec. 5 1907.
Dec. 3 1908.
two antagonists. The attack on Russia by Japan
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
did not bring the Franco-Russian treaty into force.
£
£
.£
£
supposing, for example, that China had joined
34,621,262 32,758,785
England.._ 34,621,262
32,758,785 But
France_ _ 135,915,352 35,762,723171,678,07 107,819,55 37,079,996 144,899,546
Japan in the attack on Port Arthur—then,as we
23,986,00
with
9,940,000 33,926,000
53,915,001
Germanya 38,118,000 15,797,0
5,107,000 129,629,000
Russiafd__ 122,316,000 6,402,000 128 718,00 124,522,00
Aus.Hunb 48:930.011 12,494,000 61,424,00 45,652,00 11,636,00 57,288 000 understand it, the French navy and army would have
Spain...... 15,783,00 32,741,000 48,524,00 15,627,00 25,777,000 41,404,000
4,719,000 43,305,000 had to be put in motion on behalf of Russia. SomeItaly
37,257,00
4,450,000 41,707,00 38,586,00
Neth'iands 8,251,000 4,042,600 12,293,60• 7,645,400 4,965,6
12,611,000
3,407,333 1,703,667 5,111,000
Nat Belg a 4,128,000 2,064,000 6,192,00
what along the same lines, and as a result of the Franco4,070,000
Sweden
4,247,00
4,247,000
4,070,000
2,565,00
Switzeri'd. 4,705,000
4,705,00
2,565,000
alliance, the treaty between England and •
Russian
Norway.... 1,632,000
1,812,00
1,632,00
1,812,000
Total week 455,903,614 113.753,323569,656,937 408,451,068 100,928,263'509,379,331 Japan stipulates carefully that an attack on either
Prey. week 458,393,740 114,410,852572,804,592 410,460,589 101,825,477512,286,066
Power by a third Power in Oriental waters should be
a Thirdivision (between gold and silver) given in our table of coin and bullion in
the Bank of Germany and the Bank of Belgium is made from the best estimate a signal for the other contracting party to come to its
we are able to obtain; In neither case is it claimed to be accurate, as those banks
make no dstinction in their weekly returns, merely reporting the total gold and assistance.
silver: but we believe the division we make is a close approximation.
b The Austro-Hungarian Bank statement is now issued in Kronen and Heller
The agreement of our State Department with Japan
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the Kronen makes no such stipulation. It goes no further than
has really no greater value than 20 cents, our cable correspondent In London, In
order to reduce Kronen to Pounds, has altered the basis of conversion by dividing
to promise amicable consultations as to what measures
the amount of Kronen by 24 instead of 20.
d The total ol gold in the Bank of Russia Includes the balance held abroad—
Continental
that is, the amount held for Russian account In other
banks. The either State should take in the event of an emergency
proportion so held, and consequently duplicated in the above statement, Is about
of that sort, or of any other sort. We do not see how
one-quarter of the total.
DEC. 5 1908.1
THE CHRONICLE
such an agreement can be called an entangling alliance.
On the other hand, the effect of this formal declaration of position cannot fail to be very considerable on
the existing situation regarding not only the Oriental
possessions of Japan and the United ,States but also in
regard to China. It fully verifies our own statement
of two weeks ago, to the effect that Japan and the
United States are China's natural friends and allies,
and should be so regarded in the diplomacy of any farsighted and intelligent Chinese ruler.
Notwithstanding the absence of any declaration in
the American-Japanese agreement as to actual use of
force, it is quite plain that these two strong Governments, co-operating on such lines and in such a
way, will suffice to warn off other nations which
might, in the vicissitudes of diplomacy or trade, be
tempted once more to renew their manoeuvres against
the territorial integrity of China. Similarly, it will be
observed that Japan distinctly disavows all aspirations
on its own part toward such interference with China's
affairs, as China itself not very long ago seemed to
impute to its Oriental neighbor. Taken as a whole,
the exchange of notes between Secretary Root and
Ambassador Takahira, under date Nov. 30th, are a
natural and proper sequel to the diplomatic stroke
which will probably remain as the most lasting monument to the fame of the late Secretary Hay. In that
case, too, there was no threat employed and no
promise of international alliance extended. All that
the so-called "note to the Powers" in 1900 comprised
was a strong suggestion that all Governments interested, directly or indirectly, in the affairs of China,
should co-operate in the restoration of order after the
Boxer Rebellion, in the maintenance of the Empire
intact, and in the rehabilitation of the Chinese Government on lines which should make future diplomatic
relations with it possible. This was only an intimation of our own Government's wishes in the case; but
it placed the matter in such a form, and was, so manifestly just and proper in itself, that no other government could refuse assent without forfeiting its own
title to disinterestedness.
The reception of our Government's agreement with
Japan by our own people, by European Governments—
which were undoubtedly sounded beforehand—and,
after some hesitation, by the Congressmen who have to
do, in their committee duties, with diplomatic
affairs, is the best proof of the entirely advantageous
and legitimate character of the step thus taken.
Not least among the benefits which will follow it will
be, we imagine, the putting an end to the absurd
talk of "inevitable war with Japan in the Pacific,"
which has broken out in the irresponsible press, and
among irresponsible public men, at intervals during
the past two years. We do not know, and we are
quite certain that we do not care, how such eminent
authorities as Mr. Hobson will regard this new turn
of events; but we imagine that neither he nor any
other of the self-constituted provokers of international
bad feeling will be able hereafter to get a serious
audience. Coming, as this agreement does, at a
moment when a progressive and intelligent Government has been installed at Pekin in succession to the
reactionary Dowager Empress, the exchange of notes
between Japan and the United States is a definite
assurance of progress along the best lines, industrial
and political, in the Chinese Empire.
1451
THE ZEAL OF THE COMPTROLLER OF THE
CURRENCY.
Th'p,efforts of the new Comptroller of the Currency,
Lawrence 0. Murray, to reform bank methods continue to arouse discussion, and also some criticism.
It is always an inspiring sight to see a public man
alive to the duties and requirements of his position
and determined to perform the functions of his office
in a way to satisfy his own conscience and command
the respect and confidence of those who trust to his
ability and integrity. In the case of the Comptrollership there has been no occupant of the office in recent
years who has shown greater zeal in his work than
Mr. Murray and none who has given official routine
such a thorough overhauling with a view at once
of rendering the supervision exercised by the Comptroller's office over national banks more effective
and more efficient, and of ensuring greater care arid
greater accountability on the part of those responsible
for the management of the banks.
It is palpable, too, that there has been warrant for
the action of the Comptroller in insisting on reforms
of a sweeping nature in methods and measures. If
any one has any doubt on that point, let him examine
our bank items to-day on a subsequent page and see
what a long list of misdeeds on the part of bank
officials is there recorded, representing indictments,
prosecutions and convictions of bank men who have
transgressed the law. And this week's record is
simply a duplicate of the weekly records ever since
the panic of last year. Evidently there has been no
little laxity on the part of bank men themselves; and
also some degree of laxity on the part of the Comptroller's office. Indeed, Mr.Murray has taken pains to
point out such laxity has existed. Any rational move
designed to correct such a situation is hence to be
welcomed, and should have the endorsement and
approval of the whole community.
Mr. Murray, in what he has done and is doing, has
manifestly been animated by a desire of that kind.
Though he has been in office only 7 months he has
already made numerous innovations and departures
whose influence for good is certain to be felt for a
long time to come. Most of the changes, too, are
commendable, and there appears little likelihood that
any subsequent Comptroller will feel inclined to
rescind the action taken. For instance he has completely reconstituted the method of bank examinations
and receiverships. One of the earliest things he did
was to call conferences of national bank examiners. The object sought by these conferences
was to bring about closer co-operation between the
Comptroller's office and the examiners and co-operation also among the examiners themselves. The
Comptroller made important addresses at these conferences, seeking to impress upon the examiners that
their work must be thoroughly and faithfully done.
He gave the examiners to understand that hasty or
perfunctory examinations, defective methods or absolute incompetency would no longer be tolerated by the
Comptroller's office. Mr. Murray also invited expressions of opinion from the banks themselves as to how
the work of examination might be improved.
As an outgrowth of these conferences, Mr. Murray
announced a plan, which was published in our issue
of October 10, for the grouping of na ional bank
1452
THE CHRONICLE
examiners into districts, each district to be in charge
of a chairman. Altogether a dozen districts, arranged
in geographical groups, have been created. Quarterly
meetings are to be held in the first week of January
April, July and October, these meetings to be presided over by the chairman of the district, who is to
compile reports and send them to the Comptroller.
These reports are designed to furnish in detail a list
of the lines of over-extended credit, large loans and
heavy borrowers, and in general all of the questionable
or doubtful paper which has come to the attention of
the examiners in the districts. Everyone can readily
see how useful such information will be.
The Comptroller has also dealt with the subject of
national bank receiverships in a pretty drastic fashion.
He has likewise taken up many other matters, such
as making more stringent the requirements with regard to the keeping of the circulation and redemption
fund accounts of national banks, and has issued instructions compelling the banks to distinguish rigidly
between savings deposits (where there are any) and
the ordinary commercial deposits. None of these
measures have called forth anything but praise. Different treatment, however, has been accorded a circular issued by the Comptroller to national bank examiners, embodying a series of 29 questions which the
examiners are to ask whenever they make an examination of a bank. The purpose of the Comptroller
is plain enough. It was announced at the time that
the questions were intended to bring out the relations
of the directors to the executive conduct of the bank;
the extent of their knowledge of the paper held by the
institution; the degree of latitude conceded by them
to bank officers in overstepping the provisions of
the national bank law,and the nature of their oversight
of accounts and assets; the composition of the reserve
and the correctness of the reports of the bank as
turned in.
The circular directed that hereafter, upon entering
a bank for the purpose of making an examination, the
board of directors of the bank should be immediately
convened by the direction of the examiner, to enable
him to obtain the information necessary to answer the
29 questions. The examiners were told that these
questions and the answers to them must form part of
the report of every examination made. The questions have been quite generally criticised,and in some
quarters a disposition has been shown to treat them
with much levity. Candor compels the statement
that these queries, however praiseworthy the motives
that prompted them, do not show an altogether correct
conception of the duties and functions of bank directors. We make this statement, not with any idea of
joining in the chorus of objections which the Comptroller's circular has called forth, but because similar
erroneous impressions regarding the functions of bank
directors quite widely prevail, as is evident from public
comment and newspaper criticism.
It is not necessary to enumerate the 29 questions.
The circular containing the same was printed in full
in our issue of Oct. 31. We will note here only question No. 10, because it has been most widely objected'
to, though several other questions are similar in nature and betray the same mistaken conception of the
functions of directors. Question No. 10 is to this effect: "Can the directors certify to the genuineness of
the signatures to the notes discounted by the bank?"
[VoL. Lxxxvn.
Imagine such a question asked of the directors of the
large banks in any of the important cities of the
country. It is conceivable that in some of the smaller
banks in the country districts, where business is on a
limited scale and moves along in a leisurely fashion,
and where everybody is acquainted with every other
body and the chirography and whole family history
of every one is known, the directors could "certify to
the genuineness of the signatures to the notes discounted." In no other case could an affirmative
answer to the question be obtained. Even as regards
fairly large banks in the interior suc h an interrogatory
seems out of place. Directors do not exist for such
a purpose. The degree of attention which bank directors give to the affairs of a bank naturally varies greatly,
but even where the directors, or a committee of the
same, sit daily and give most careful consideration
to applications for loans, we imagine there would be
few who would be willing to pose as experts in signatures.
Reports from Washington within the week have
stated that the Comptroller feels highly gratified at
the ready way in which responses have been made to
the queries put. Obviously, however, that signifies
nothing as to the merits of the questions. The Comptroller is endowed with considerable authority and
has a right to probe into the affairs of the banks, leaving no option to them but to respond. Besides, no
one willingly defies a Government official, even though
he may not be acting with entire good judgment. The
Comptroller is quoted as saying that so far only one
bank had declined to answer the questions. We
should be inclined to think that the exception must
have been a freak institution. As a rule, we are told,
the reply to question No. 10 has been "No." "That,"
said Mr. Murray, "is the reply that I expected. Our
examiners have been unable to certify to the genuineness of the signatures to the notes. That is a recognized weakness." We do not see how it can be truthfully called a weakness at all. The directors may not
know the signatures, but others in the bank do, and
are specially hired for that purpose.
There are a number of other questions in the series
much like No. 10, though not so glaringly untenable,
and it is important that the public mind should be disabused of the notion that bank directors can be familiar with all the details of a bank's affairs. Let a
contrary view prevail, and it would not be long before
the roster of bank directors would be stripped of the
most valued names. In every bank of importance
provision is made for obtaining the special knowledge
and equipment needful in the safe conduct of the bank.
There are credit men or credit departments; and departments, or special clerks and officials, for the handling of collateral and securities. In the case of the
larger banks, too, very high salaries are paid for expert knowledge of the kind desired. It is elementary
that tellers must be able to distinguish counterfeit
bills and that the man who cashes checks must be able
to detect forged, signatures. Vigilance on the part of
these clerks is ensured by the knowledge that a serious
mistake will cost them their positions. The directors
cannot be expected to look after the ordinary routine
work of the bank. The officials of the bank are selected
by the directors to do this work, and they are paid for
it. This is true not only of banks but of railroads and
all classes of corporations. The directors appoint
DEC. 5 1908.)
THE CHRONICLE
the officials, and the latter, in turn, select the subordinates.
The directors, of course, have certain distinctive
and highly important functions besides naming the
executive officers. To them are referred the matters of
large moment which arise from time to time, and they
determine questions of policy. In this their advice,
counel and good judgment are of inestimable value.
There are large numbers of men in every community
peculiarly fitted by their experience for such tasks, and
their proper place is on the boards of the companies
in which they may be interested. They are willing,
too, to give their time for this purpose,butlet once an
insistent public demand that in addition to giving
their counsel and advice, they must look after details,
and the services of these men will be lost.
The correct view of the duties of directors is well expressed, it seems to us, in the following extract from
a speech recently delivered before the Philadelphia
Chapter of the American Institute of Bank Clerks
by George Stevenson of the firm of Sailer & Stevenson.
"The details of the business are necessarily carried
on by the executive officers, the clerks and other employees. For a director to attempt to perform these
duties would take as much of his time as it does of
theirs, and that means all of it. This is impossible;
and if the members of the board of directors are expected to do this, they must each have a desk in the
office of the company and be remunerated by a stipulated salary. They then immediately become employees, and not directors, and there would have to
be created still another governing body."
It would seem therefore, as if an excess of zeal had
carried the Comptroller a step too far. For an examiner to call the directors together and acquaint
them with any irregularity, or for the Comptroller
himself to insist (as was done under the previous administration of the Comptroller's office) that complaints should be brought to the attention of the directors, is, of course, eminently proper: But to ply
them with questions which imply that they are supposed to take an active part in the routine work of the
bank, can only result in harm. The Comptroller is
understood to have stated that the very latest case of
a failure reported to his department had been that of
a bank which had taken forged paper supposed to be
genuine. If it is the purpose of the Comptroller to
cover cases of that kind, the inquiry should have been
what provision exists in the internal management of
the bank to prevent its being thus defrauded. A
perfect system might exist for detecting spurious paper,
even if the directors were unable to attest the genuineness of the signatures. As a matter of fact, even if
the directors presumed to know the signatures, there
would be as much chance of their being deceived as
those actually charged with the duty of passing on the
same. With the general aim and purposes of the
Comptroller, no fault can be found; but his questions
do not seem to be altogether adapted to that end.
THE SUPREME COURT DECISION IN THE
VIRGINIA RATE CASE.
The decision handed down on Monday of this week
in the suits brought by various Southern roads against
the Virginia Corporation Commission in the matter
of passenger rates on Virginia railroads does
not go into the merits of the controversy, but
appears to lay down certain sound and wholesome
1453
rules. The facts of the case are that the Virginia Corporation Commission had fixed a passenger rate of
2 cents a mile, was proceeding to publish the rate, and
was taiking the initial steps to enforce it. To ward off
the threatened harm the railroads went directly to the
Circuit Court of the United States and obtained an order enjoining the Commission. The action came up
before Judge Pritchard, and he held the 2-cent rate
proposed by the Corporation Commission to be void
because confiscatory. This ruling the United States
Supreme Court reverses, without determining at all
the question whether the rate attacked is confiscatory
or not. It simply holds that the railroads affected
did not pursue the proper course in taking the case
into the Federal courts. They should have exhausted
their remedies in the State courts before seeking the
intervention of the Federal courts. Under the Virginia
Constitution, the right of appeal exists to :the Virginia Court of Appeals, and it is held that the railroads
should have appealed to that Court to see if it sustained
the action of the Commission. If the State Court of
Appeals refused to correct the wrong complained of,
the carrier could then have come into the Circuit
Court of the United States to enjoin the rate declared
to be confiscatory.
The opinion was by Justice Holmes. He argued
that the question of confiscation by the 2-cent rate
depended on the valuation of the property of the railroads, the income to be derived from the proposed rate
and the proportion between the two—all pure questions of fact. When these were settled, the law was
tolerably plain. All the constitutional rights of the
railroads depended upon what the facts were found to
be. They were not to be forbidden to try those facts
before a court of their own choosing if otherwise competent. A State could not tie up a citizen of another
State having property within its territory, invaded
by unusual acts of its own officers, to suits for redress
in its own courts. But in this instance the railroads,
before they resorted to the Federal Circuit Court,
should have taken the appeal allowed them by the Virginia Constitution, so as to make it absolutely certain
that officials of the State would try to establish and
enforce an unconstitutional rate.
It seemed to Justice Holmes that the State had
endeavored to impose the highest safeguards possible
upon the exercise of the great power given to the
Corporation Commission by providing for appeals to
its highest Court. Accordingly, it appeared only a
just recognition of the solicitude with which the rights
of the railroads had been guarded, that they should
make sure that the State, in its final legislative action,
would not respect what they thought their rights to
be before resorting to the Federal courts. If the rate
should be affirmed by the Supreme Court of Appeals
and the railroads still should regard it as confiscatory,
they would be at liberty to renew their application to
the Federal Court.
On the main contention raised by the Virginia Corporation Commission, the Commission was decisively
defeated. It had claimed that the railroads could not
resort to the Federal courts at all. To the bill brought
by the carriers, the members of the Corporation Commission had demurred, not raising the question of the
merits of the 2-cent rate, but claiming that the commission in fixing the rate had exercised the authority
and jurisdiction of a court, and that its orde r was
1454
THE CHRONICLE
[VOL. Lxxxvu.
therefore res adjudicata and could not be inquired affirmed. Thus it will be seen that on this point,as
into or interfered with by the Circuit Court of the on the point that the litigants should have exhausted
United States. It consequently denied the jurisdic- their remedies in the State courts, the Supreme Court
tion of the Circuit Court to inquire into and enjoin the proceeds very cautiously,and lets it be known that it is
rate, even though it might be confiscatory. fliepbr- anxious that no right of the carrier shall be jeoparding to thisicontention, Justice Holmes said the'Com- ized.
It remains to be said that in the general result all
mission had been given legislative, judicial and executive powers alikelby the Virginia Constitution, and the judges of the Supreme Court concur, with one
for some purposeslit undoubtedly was a court within exception, namely Justice Brewer. He dissented,
the meaning of the word. If it were proceeding contending that the decree of the lower Court should
against the:roads to enforce its order,the Commission have been affirmed. On the other hand, Chief
would be sitting as a court, and would be protected Justice Fuller and Justice Harlan, while concurring
from interference on the part of the Federal courts. in the conclusion reached by the majority that the
It was equally/plain, however, that the proceedings in decree should be reversed, contended that the bills
question werellegislative in their nature, and were should be dismissed on the ground that the Corpornone the less solbecause they took place in a body ation Commission was a State Court with whose
which at another:moment, or in its dominant aspects, decrees the Federal Court was prohibited from interfering.
was a court.
A judicial inquiry investigated, declared and enIt is proper to add that the two-cent rate which is
forced liabilities:asLthey stood on present or past facts thus the subject of legal controversy is now actually
and under laws supposed already to exist. Legisla- in force, the railroads having entered into an agreement
tion, on theiother hand, looked to the future and with the Commission to give the two-cent rate a trial.
changed existing conditions by making a new rule to Such an agreement was reached, not only in Virginia,
be applied thereafter to all or some part of those sub- but with the authorities of a number of other Southern
ject to its power. The establishment of a rate was States. The experiment, however, has not proved
the making ofra rule for the future and therefore was a success, as was shown by certain figures given in the
an act legislative and not judicial in kind. Proceed- annual report of the Atlantic Coast Line Railroad,to
ings legislative in nature were not proceedings in a which we referred in our issue of November 21. The
court within the meaning of the statutes, no matter reduced rates were put into effect in the various states
what might be the general or dominant character of on April 11908,including 2-cent interchangeable milethe body in which they took place. That question age tickets. The figures given demonstrate that in the
depended:not upon the character of the body, but upon case of the Atlantic Coast Line Railroad the experithe character:of the proceedings, and the decision upon ment has proved a costly one. The company had a
the rates could not be res adjudicata when a suit was large increase in through travel during the winter
months to and from Southern resorts, but this came
brought.
Justice:Holmes said it did not matter what inquiries to an end with the month of April. As the result
might have been made as a preliminary to the legis- of this increase in travel, passenger revenues for
lative Act. Most legislation was preceded by hearings April still showed an increase of $33,735, as compared
and investigations, but the effect of the inquiry and with the corresponding month in 1907. But in May
of the decision upon it was determined by the nature passenger receipts, as compared with 1907, fell off
of the Act to which the inquiry and decision led $49,384, in June $95,782, in July $92,122, in August
up. So, when the final Act was legislative, the $115,939 and in September $104,664. In other
decision which induced it could not be judicial in the words, in the five months following April (the last
practical sense, although the questions considered month of the heavy through travel) passenger revenues
might be the same as would arise in the trial of the decreased no less than $457,891, equal to 17.8 per
case. He also reasoned that the action of the Court cbnt. Of this, $164,000, we are told, is to be attributed
of Appeals of Virginia on any appeal from an order to the holding of the Jamestown Exposition last
of the Commission would itself be legislative and not year, and of the remainder an average of $50,000
judicial and that therefore such action of the Court per month is due to the lower passenger rates. Under
of Appeals would, likewise, be subject to be inquired these circumstances it is gratifying that by the U. S.
into and if it violated any constitutional right of the Supreme Court's ruling of this week no real right of
carrier,be subject to be enjoined in the Circuit Court of the carriers is jeopardized, and that the roads are
the United States. The meaning of this is that the protected against attempts to force them to adopt
whole proceeding being legislative and not judicial, rates which would confiscate their properties.
the carriers would not be obliged to take the case to
the Supreme Court of the United States on writ of ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S.
error from the Virginia Court of Appeals, but could
—The public sales of bank stocks this week aggregate
have it enjoined in the U. S. Circuit Court.
384 shares and were all made at auction. The transactions
As there was a possibility that the case may now in trust company stocks reach a total of 80 shares. Ten
be barred in the State Court by the statute of limit- shares of stock of the Hanover National Bank were sold at
535—an advance of 20 points over the price paid two weeks
ations, the U. S. Supreme Court, while reversing ago. A sale of 15 shares of
Chase National Bank stock
the decision of Judge Pritchard, orders that the bill was made at 286, as compared with 230 in April, when the
be retained in the Circuit Court to see what the Court last previous sale was recorded. The first public transof Appeals of Virginia will do when an appeal is taken action in stock of the Farmers' Loan Sc Trust Co. since
to it. If it should be found that it was now too late March last was made this week, 10 shares being sold at
1230—an advance of 149 points over the price paid in
to take an appeal,the order of the U. S. Circuit Court March. The table below, given in our usual form, shows
enjoining the Virginia Commission would have to be the actual sales of New York City bank stocks made during
DEth 51908.1
THE CHRONICLE
1455
the week at auction and at the Stock Exchange. Ex- to be held at Seattle commencing next June. The subject
tensive tables showing the bid and asked quotations, de- it is announced, was first discussed during the recent visit
posits, surplus, &c., of banks and trust companies in all to Seattle of Vice-President Gillespie of the Equitable Trust
important cities of the United States are published monthly Company of this city. Since then J. E. Chilberg, President
in the "Bank and Quotation" Section, the December ,of the Exposition and Vice-President of the Scandinavianissue of which accompanies to-day's "Chronicle.", 131g) American Bank of Seattle, has written to Mr. Gillespie,
and asked quotations for all New York City bank and advocating the taking of steps toward bringing about the
trust company stocks are also published weekly in another installation of such an exhibit. According to the announcedepartment of the paper, and will be found to-day on pages ment just made,it is thought that an original and interesting
feature of the exhibit may be the conduct of a model office
1 463 and 1464.
on a small scale, with some officer of a bank or trust comLow. High. Close.
Last previous sale
Shares. BANKS—New York.
14 Amer. Exchange Nat. Bank_ 245M 245M 245M Nov 1908— 245M pany always in attendance. Officers of various institutions
170
170
170
5 Century Bank
interested in the American Bankers' Association would be
286
286
286
April 1908— 230
15 Chase National Bank
asked to volunteer their services for brief periods. Such
155
155
Oct. 1908— 156
20 Citizens' Central Nat. Bank_ 155
535
535
535
Nov 1908—, 514
10 Hanover National Bank_ _
officer could readily answer in a satisfactory manner the
560
560
Nov 1908— 550
50 Imp. Fc Traders' Nat. Bank_ 560
questions which might occur to the public concerning
320
320
Oct 1008— 316
50 Manhattan Co., Bank of__ _ _ 320
banking and problems of finance, and could show maps and
255
255
255
Nov 1908— 252
58 Mechanics' National Bank
132 Mercantile National Bank- _ 14531 145M 145( Nov 1908— 1353,6 data which would be very carefully prepared by the Bankers'
165
165
165
Nov 1908— 1653
30 Merchants' National Bank
Association covering the growth in resources, reserve and
TRUST COMPANIES—New York.
importance of financial institutions throughout the United
10 Farmers' Loan & Trust Co_ _1230 1230 1230
Mch 1908-1081
50 Lawyers' Title Ins. & Tr. Co. 223
223
223
Oct 1908— 205
States, and the increasing population and per capita cirTRUST COMPANIES—Brooklyn.
culation, the national debt and productive acreage. Valu10 Home Trust Co
103M 103M 1034
able sets of forms and ledgers such as are in most approved
110 Long Isld. Loan &Trust Co_ 290
290
290 SW
—At the special meeting held by the Executive Committee use with large trust companies engaged in trust and fiduciary
of the Clearing-House Section of the American Bankers' capacities showing how securities are received in reorganizAssociation this week,a resolution was adopted commending ations and escrow, and how the details of the terms of their
the action of the clearing houses in Chicago, St. Louis, San deposit are complied with, are being prepared, and should
Francisco, St. Paul and Minneapolis in employing special prove of permanent value to the banking public and younger
examiners, and recommending the adoption of the plan institutions. It is further planned that valuable minerals
and an exhibit of gold nuggets will be in charge of this office,
by other clearing houses. The resolution follows:
Resolved, That the Clearing-House Section of the American Bankers' protected by a modern vault,and also that the needs of the
Association heartily endorses the action of several of the clearing houses, public in changing money could here be attended to. Col.
members of this Section, in appointing Clearing-House examiners. In
F. E. Farnsworth, the Secretary of the Association, is
the opinion of the Clearing-House Section of the American Bankers' Association such action is most desirable as an effective check on undue expan- devoting much attention to developing these and other
sion of liabilities of business houses and on unsafe banking. The Clearing- plans in connection with this subject, and is receiving
House Section of the American Bankers' Association urgently recommends
to all clearing houses, members of this Section, that each clearing house suggestions and letters from banking men elaborating the
appoint such an examiner.
details.
Secretary Farnsworth was directed to have prepared
—A dividend of 2% has been declared by the Mercantile
a suitable article dealing with the subject and to place the National Bank of this city, payable Dec. 15 to holders of
same in the hands of all the members of the association, record Dec. 8. The last previous dividend was on July 2
as well as the clearing-house committees of all the clearing- 1907, when 5%, with 1% extra, was paid.
houses of the country.
—The failed Stock Exchange firm of A. 0. Brown & Co.
Ninety-seven clearing houses are now members of the
of this city filed its schedules in bankruptcy on the 3rd inst.
Clearing-House Section. The work of preparing a suitable
They show liabilities of $4,695,930, of which, it is stated,
form of organization, constitution and by-laws which
$2,234,361 are secured, $2,451,579 are unsecured and
would be adapted to cities desiring to organize a clearing
$9,990 represent salaries. The nominal assets are given as
house where none now exists, was delegated to the General
$5,228,123, consisting of securities amounting to $1,336,000,
Counsel of the Association. An effort is to be made to have
due on open accounts of $3,836,933; cash in banks
all the banks in the twenty-five largest clearing-house cities debts
of $50,190, and an equity in real estate at Oyster Bay valadopt the system of letters and numbers on checks arid
ued at $5,000. The failure of the firm occurred on August 25.
drafts whereby, in transit departments, these letters and
—Jesse C. Joy, Cashier of the Hamilton Bank of this
numbers may be used instead of writing out the names of
city
before its consolidation in June with the Northern and
full.
in
After
business
the
completing its
banks and cities
Riverside banks, committed suicide in a sanitarium at
Executive Committee adjourned to meet in February.
Kingston, N. Y., on the 30th ult. Mr. Joy, it is stated,
—An informal meeting of the Trust Company Section of
suffered a collapse following the suspension of the bank
week
Bankers'
Association
was held this
the American
last October. He was continued as Cashier with the reat theSecretary's office, 11 Pine St. Oliver C. Fuller,Chairorganization in January, but on account of ill health soon
Committee,
Executive
came
the
from
of
Milwaukee
to
man
after retired.
attend and A. A. Jackson, President of the Section, was
—The proceedings of the Seventh Annual Convention
Philadelithia.
Howard
Bayne
and
from
Lawrence
present
L. Gillespie, local members of the committee, also attended. of the Savings Bank Section of the American Bankers'
After the meeting, Philip Babcock, the Secretary, stated Association, which are given in a volume separate from
that a number of matters which have been arising in con- those of the main organization, have just been issued from
nection with the important work of the Section needed con- the press in book form. The work is edited by William
sideration, and these were gone into in detail. The most Hanhart, Secretary of the Section, who in its preparation
important subject considered, perhaps, was whether the follows the style of the report containing the review of the
Trust Company Section should compile and issue in authori- regular convention. The meeting which Secretary Hantative form a digest of the trust company laws in all the hart's volume covers was that held at Denver on September
28. A complete transcript of the proceedings is furnished,
States, with full references and decisions.
—.On Monday of this week the Chicago Stock Exchange besides the membership list of the Section, the list of officers
enlarged its boundaries by occupying in addition to its and its constitution and by-laws.
—The statement of the Corn Exchange Bank of this
quarters for several months past a large adjacent floor area
which formerly constituted the rear portion of the Corn city submitted to the Banking Department on November 27
Exchange National Bank's quarters in "The Rookery". shows deposits of $51,088,913 and a surplus of assets over
The removal of the partition gives the Exchange a large liabilities of $8,241,226. The bank will shortly have
and beautiful trading room, elegantly appointed, with twenty-six branches in operation, having recently made
fine offices, directors' and committee rooms, smoking salon preparations for the opening of two new branches.
and every modern facility for doing business.
—The Lafayette Trust Co. of Brooklyn Borough—the
—The American Bankers' Association plans to have reorganized Jenkins Trust Co.—entered into liquidation on
an exhibit at the coming Alaska-Yukon-Pacific Exposition, Monday, seven and a half months after its rehabilitation.
1456
THE CHRONICLE
One of the stumbling blocks in the way of the company's
continuance was its inability to comply with the new law
requiring a capital of $100,000 for each branch operated
in addition to the amount necessary for the parent institution. The company had five branches at the time of
its reopening in April, but in an endeavor to meet the requirements of the law referred to had since closed three of
these dfid had taken steps to increase its capital from $500,000 to $800,000. The efforts of the officers to place even
$200,000 of the new capital having proved unavailing, and
it being deemed inexpedient to continue without the two
existing branches, the advice of a number of Presidents of
Brooklyn trust companies was sought at a conference held
at the residence of Charles A. Boody, President of the People's Trust Co., on Sunday last. According to a statement
given out on that day by Harold A. Davidson, President of
the Lafayette Trust, "it was the consensus of opinion that
Liquidation must ensue and that this could be accomplished
more expeditiously and more economically through the
Banking Department." Clark Williams, Superintendent of
Banking, therefore took charge of the institution on Monday,and President Davidson and A. K. Alford, a State bank
examiner, were appointed to act as deputies in charge of the
liquidation. The appointment of Mr. Davidson as one of
the receivers was taken as indicating the confidence reposed
in him by the Banking Department in his efforts in the
company's behalf. As the Jenkins Trust Co., the institution was closed from Oct. 25 1907 until April 15 1908.
The reorganization was effected under the name of the
Lafayette Trust Co., although the new title was not formally
adopted until June 15. The reopening was subject to certain conditions imposed by the Banking Department, viz.,
the subscription by the directors of a fund of $100,000, which
was to be in the nature of a loan repayable only out of any
surplus in excess of $150,000 and the agreement of directors
having deposits of over $300,000 to leave such deposits
with the company for at least a year without interest;
besides this, the obligors of the so-called Jenkins loans were
required to supply additional security to the amount of
$117,000. The company, it was stated, had also secured
a loan of $500,000 from a banking institution (though the
name was not given) and had been advanced $204,600 by
the Title Guarantee & Trust Co., $105,000 of which represented a loan covered by a first mortgage on its banking
house. Depositors having accounts of less than $50 and
those not assenting to the deferred payment agreement
were paid in full with reopening, while assenting depositors
(representing over 90% of the total,itis said) were to be paid
in installments of 10% a month. Through these installments,
which were paid in advance of their due time, 70% has been
paid,the last installment distribued having been the seventh,
due Nov. 15 and paid Oct. 16. The deposits are reported to
have declined from approximately $4,000,000 in April to
about $1,500,000. It is stated that there are about 6,000
accounts, of which 1,000 were opened since April 15. The
.People's Trust Co. has been designated depository for the
liquidating company. As the law under which the Superintendent of Banking assumes direct authority over suspended institutions prescribes that no dividends shall be
paid until after the expiration of the time fixed for the presentation of claims (three months), no distribution will be
made to the depositors until March.
—The trial of John G. Jenkins Jr.,on the indictment charging the misuse of $50,000 of the funds of the Jenkins
Trust Co. of Brooklyn Borough while he was President of
the institution, resulted in his acquittal on Wednesday.
During the trial it was attempted to show that, the accused
had, through dummy loans, obtained from the company
$557,000—a sum exceeding the amount a director may
legally borrow—the money being turned over for the use
of the firm of Frank and J. G. Jenkins Jr. Reports were
current in Brooklyn on Monday that of this sum there remained only $260,000 to be paid, and this amount is covered, it was said, by a mortgage on property at Nostrand
and Gates avenues owned by the late John G. Jenkins and
his sons. It was further stated that the Jenkins family
had paid $40,000 to the Lafayette Trust on Monday
which would not have been due for eighteen months.
Mr. Jenkins is still under indictments charging forgery and
1.,,A •L.
conspiracy.
• L.',
TL.i' • .
[VoL. Lxxxvii.
—The new statement just issued by the Long Island Loan
& Trust Co.,"Temple Bar" Building, Brooklyn,under date
of Nov. 27, shows a marked increase in deposits during the
past eleven months. The amount is now reported at $7,856,916, as against $6,489,355 on Jan. 1 last. Surplus
and undivided profits have advanced from $1,527,631 to
$2,035,089, and aggregate resources have risen from $9,260,618 to $10,974,551. Edward Merritt is at the
head of the institution, with Clinton L. Rossiter and David
G. Legget Vice-Presidents, Frederick T. Aldridge Secretary
and Willard P. Schenck Assistant Secretary.
—The new institution to be known as the Newark Trust
Co., of Newark, N. J., to which reference was made in these
columns October 31, has been granted a charter, and
it is announced that a meeting of the incorporators for
the purpose of organization will shortly be held. The
company expects to locate at 853 Broad St., Newark,
and efforts will be made to open for business by Feb. 1.
According to Roland D. Crocker, the corporation's counsel,
W. B. Day will in all likelihood be President.
—Roy W. Van Hoesen, formerly a bookkeeper of the
Peoples' National Bank of Franklinville, N. Y., which
failed on January 14 1908, who was indicted some months
ago on the charge of making a false entry in the books of the
bank, pleaded guilty on the 2nd inst. A sentence of five
years was imposed, but the execution of the sentence was
suspended indefinitely. U. S. Attorney Lyman M. Bass is
reported to have stated that the action of the accused in
making the false entry was for the purpose of shielding
Cashier Edwin D. Scott, who since the closing of the bank
has been committed to an insane asylum.
—An addition of $500,000 to the capital of the Corn
Exchange National Bank of Philadelphia is contemplated,
the amount to be thereby increased to $1,000,000. It is
stated that the stockholders will be asked to approve the
proposition at the annual meeting on Jan. 12. In its
statement to the Comptroller under date of Nov.27,the bank
reports surplus and net profits of $1,300,605, deposits of
$18,538,103 and aggregate resources of $20,835,908.
Benjamin Githens is President and Charles S. Calwell
Cashier.
—The Bank Clerks' Beneficial Association of Philadelphia
will hold a banquet at the Hotel Rittenhouse on the evening
of Tuesday December 8. After the banquet the fortieth
annual meeting of the Association will be held.
—The stockholders of the Lincoln Savings & Trust Co. of
Philadelphia, which has been in receiver's hands since June
18, at a meeting on Nov. 30 decided to reorganize the institution. It is stated that the capital will be increased, but
that the details as to the issuance of the new stock and other
plans incident to reorganization have not yet been determined upon. The paid-in capital of the company at the time
of it suspension was $132,000.
—The proposed reduction in the capital of the Commercial
& Farmers' National Bank of Baltimore was authorized by
the stockholders on Monday last. As stated in this department last Saturday,the capital is to be reduced from $650,000
to $500,000, the reduction being retained as a surplus. The
resignation of James M. Easter as President, which had
been in the hands of the directors for some months, was
accepted at Monday's meeting; according to statements in
the newspapers, the presidency has been offered to Samuel H.
Shriver, Vice-President of the National Surety Co. of New
York,and brother of G. M. Shriver,a director of the bank.
—The Mercantile Trust & Deposit Co. of Baltimore pur
poses to reduce its capital from $2,000,000 to $1,500,000.
Action to this effect was taken by the directors on Thursday
and the stockholders will meet on the 16th inst to confirm
the action. The company's stock is in shares of $50. It is
stated that it is the intention to cancel the 10,000 shares
at $130 per share, the difference between the par and the
cancellation price being taken from the surplus. A letter
to the stockholders advancing the reasons for the proposed
step, as quoted in part in the Baltimore "Sun," says:
"A matter which has been vexatious has been the constant effort to
deprive the company of the right to a credit on the assessment on its capital
stock to the extent of its holding of Baltimore city stock. While the basis
of this assessment, as heretofore fixed by the State TaxCommissioner, has
been entirely reasonable, this has been changed by a recent decision of the
Court of Appeals, so that the basis of taxation has been largely increased
DEC. b- 1908.1
THE CHRONICLE
Under the law as now administered an advance of $10 a share In the price
of this company's stock would Increase the assessment on our capital
$400,000, a corresponding Increase following each advance.
"When you consider the average rate of city taxes at $2 on the $100 and
the State tax at 16 cents, you can appreciate that a capital of more than
$5,500,000 presents a large basis for the taxing power to operate on. It is
true that, under a recent Act of the Legislature, we are entitled to a partial
credit for our holdings of city stock. Still, such credit has been materially
curtailed, and, having an unnecessarily large capital, we feel that the time
has come to seriously consider a reduction, which will not affect the stability
of the institution."
—William Montgomery,former Cashier of the failed Allegheny National Bank of Pittsburgh, was on the 28th ult.
sentenced to fifteen years' imprisonment in the Western
Pennsylvania Penitentiary. Montgomery was convicted on
Oct. 26 on the charge of embezzling $469,000 of the bank's
funds and on Oct. 28 was found guilty of misapplying
$144,000 of bonds owned by the institution. The sentence
covers both charges—ten years on the charge of misapplication and five years on the charge of embezzlement. The
bank closed its doors on May 18 last.
—An assignment was made on Wednesday by John D.
Armstrong & Co.,a well-known brokerage firm of Pittsburgh.
W. P. Rainbow, of Chapman & Rainbow, is the assignee.
Although the concern was conducted under the name of a
firm, Mr. Armstrong, who was a member of the Pittsburgh
Stock Exchange, was its sole member. The book values
of the company are said to show assets of $1,065,000 and
liabilities of $1,101,000. It is reported, however, that these
values may be found to be subject to considerable shrinkage.
—The Cosmopolitan National Bank of Pittsburgh, which
was closed on Sept. 5 last by order of the Comptroller of the
Currency, on the 27th ult. paid its depositors an initial dividend of 30%. The amount distributed was $152,032. The
city of Pittsburgh shared in the disbursement to the extent
of $63,041,the payment applying toward the funds deposited
with the institution by City Delinquent Tax Collector L. R.
Gosh orn.
—A dividend of 10% was recently paid to the depositors
of the Fort Pitt National Bank of Pittsburgh, making a total
of 60% thus far distributed. The bank closed its doors just
a year ago—on Dec. 6 1907.
—Harry Silverman, Pittsburgh Manager for Miller & Co.,
who was placed on trial on alleged charges of conspiring with
Henry Reiber in the misapplication of funds of Farmers'
Deposit National Bank of Pittsburgh, was acquitted by a
jury on the 19th ult. Reiber, who was formerly Paying
Teller of the bank, was with John Young, former Auditor,
sentenced to ten years' imprisonment in June on charges
of misapplication and embezzlement.
—A verdict of guilty was returned on the 28th ult against
Charles E. Mullin, ex-Cashier of the Farmers' & Merchants'
Bank of Mt. Pleasant, Pa., who was indicted in October for
alleged misuse of the institution's funds. R. W. Hissem,
President of the bank,and E. H. Steinman, President of the
Acme Lumber & Supply Co., were adjudged guilty of aiding
and abetting Mullin. It was recently announced by Receiver
Harold G. Murray of the Farmers' & Merchants' Bank, that
a,second dividend of 25% would be paid depositors early in
December.
—The proposition to increase the capital of the Second
National Bank of Cincinnati, Ohio,from $500,000 to $1,000,000, referred to last week, will be placed before the stockholders for ratification on the 21st inst.
—At a meeting on the 24th ult. the stockholders of the
American National Bank of Cincinnati formally ratified its
consolidation with the Fifth-Third National Bank, which
occurred on Nov. 14. William Christie Herron and R. B.
Henley, directors of the American, have been elected to the
board of the Fifth-Third.
—The Central National Bank of Columbus, Ohio, began
business on the 1st inst. as a conversion of the American
Savings Bank Co. The reorganized bank has a capital of
$200,000 and surplus of $20,000. Its officers were given in
these columns last week.
—The Bank of Cleveland, of Cleveland, Ohio, closed
its doors this week,having arranged to liquidate through the
State Banking & Trust Co. The bank began business on
May 111908, with an authorized capital of $50,000, of which
$25,000, it was said, was issued. The depositors, it is
stated, will be paid in full on demand.
1457
—George M. Snyder, Vice-President of the First National
Bank of Noblesville, Ind., has been elected Cashier of theMercantile National Bank of Evansville, Ind.
—Charles L. Furey, Vice-President of the American
Guaranty Co. and President of the Marquette Club of Chicago, died suddenly of heart failure on Nov. 28 at his home.
on Lincoln Park Boulevard. Mr. Furey, who was born in
New York in 1860,was engagedin mining in Colorado for 15;
years; he moved to Chicago in 1893,and during the following
two years was receiver for several small banks. He went to
the American Guaranty Co. in 1895 and aided materially in
building up the business of that institution. He was prominent as a citizen in business, in politics and in club life.
—The combined deposits of sixteen national banks and
forty-two State banks in Chicago, according to their official
statement of November 27-28, are $741,550,329, which is
said to be the largest total on record. The increase over the
reports of September 23-24 is $15,574,000. The combined
loans of all these banks is 450 millions approximately—a
gain of nearly two millions; and the combined cash resources
approximately 300 million dollars, an expansion of 14
millions. In deposits the national banks show a gain during
the two months between calls of $8,743,709 and the State
banks $6,830,294. Compared with a year ago, when the
depressing influence of the panic was felt on every hand,
the combined deposits show an increase of over 80
millions.
Among the deposits shown, the First National has a total
of $108,647,516, which is the highest total ever reported
by that institution, and is $3,100,000 greater than the last
previous report. The Corn Exchange National shows an
increase of $1,500,000, with deposits over $60,000,000—its:
high-water mark. Since the removal to its own magnificent
building, this bank has been growing rapidly. The Union
Stock Yard bank, the National Live-Stock Exchange and
the Drovers' Deposit National show increased deposits
each of more than a million; while the National City and
National Bank of the Republic gain nearly a million dollars
each. The Co mmercial National gains about $800,000.
Of the Chicago State banks, the Central Trust Company
reports a gain of nearly $2,000,000; the Merchants' Loan &
Trust Co. $1,000,000, and the Western Trust & Savings
Bank about $600,000.
—The history of the State Bank of Chicago forms the
subject of a folder of a dozen pages now being distributed.
The institution had its beginning on Dec. 8 1879, when,
under the firm name of Haugan & Lindgren, bankers, H. A.
Haugan, aged 32, and John R. Lindgren, aged 24, entered
the banking business with quarters at 57-59 La Salle Street.
The success of their undertaking was shown early, for in
five years' time it was found expedient to take larger quarters
and the capital at this time (1884) was increased to $100,000;
simultaneously, H. G. Haugan, Land Commissioner of the
Chicago Milwaukee & St. Paul Railway Co., was admitted
as a partner. Early in 1891 the bank was chartered as a
State institution with a paid-up capital of $500,000 and
deposits of $1,088,657, its name becoming the State Bank
of Chicago. Mr. Haugan was elected President and Mr.
Lindgren, Cashier. In 1894 the institution qualified as a
trust company and in 1897 was again obliged to seek larger
quarters, removing then to its present offices in the Chamber
of Commerce Building, corner of La Salle and Washington
streets. In January 1900the capital was increased from $500,000 to $1,000,000 and a cash dividend of 40%, or $200,000,
was distributed from earnings among the bank's shareholders.
The bank has surplus and profits of $1,300,000, all of which
has been accumulated from earnings, and none of the deposits, now in excess of $19,000,000, have been gained by
purchase or amalgamation. The two men who planned
and conducted the business from its inception are still
actively in charge of the management of the bank, H. A.
Haugan still filling the position of President and Mr. Lind
gren that of Vice-President. In June last L. A. Goddard
resigned the presidency of the Fort Dearborn National Bank
to become a vice-president of the State Bank. Others in
the management of the latter are Henry S. Henschen,
Cashier; Frank I. Packard and Henry A. Haugan, Assistant
Cashiers; Samuel E. Knecht, Secretary; and William C.
Miller, Assistant Secretary.
1458
THE CHRONICLE
Lxxxvii.
Canadian Bank Clearings.-The clearings of the Canadian
-The Northwestern National Bank of Minneapolis, which
banks for the month of November 1908 show an increase over
took over the National Bank of Commerce in June, has still the
same month of 1907 of 8.0%, and for the eleven months
further added to its business through the absorption of the ,1ie,loss reaches 6.1%.
Swedish-American National Bank. The'boards of directOi's
, .
November.
Eleven Months.
of the two institutions voted to consolidate on Nov. 28, the Ckcerings atInc. or .
Inc. or
merger becoming effective on Monday, the 30th. With
Dec.
1908.
Dec.
1907.
1907.
1908.
S.
C.
Hulbert,
and
President,
the absorption N. 0. Werner,
Ca nada%
Montreal
141,584,213 141,104,444 +0.3 1,326,609,950 1,430,150,337 -7.2
Vice-President of the Swedish-American National Bank, Toronto
122,074,422 108,195,159 4-12.8 1,043,682,827 1,129,995,658 -7.71
-0.4
540,485,459
retire from active duties. J. A. Latta, another Vice-Presi- Winnipeg
86,080,626 06,718,434 +29.0 538,510,562
Vancouver
16,626,681 16,999,935 -2.2 164,762,547 176,040,768 -6.4
dent of the absorbed bank, becomes a director and Vice- Ottawa
14,233,129 13,915,026 +2.3 141,227,189 142,546,783 +0.9
Quebec
97,509,569 +4.0
11,208,708 11,175,919 +0.3 101,418,453
V.
A.
and
Mattson
L.
E.
and
Northwestern
the
of
President
Halifax
86,231,491 -4.9
7,761,665 8,579,046 -9.5
82,039,122
Hamilton
80,959,936-19.4
6,391,410
7,950,078
65,289,284
-19.6
of
the Calgary
Ostrom, respectively Cashier and Assistant Cashier
63,923,362 -10.5
7,769,612 6,478,229 +19.9
57,220,111
John
St.
60,752,639
+0.7
Cashiers
of
6,104,908
Assistant
5,975,010
+2.2
61,159,335
become
National,
Swedish-American
London
60,141,588 -14.4
4,792,095 5,558,200 -13.8
51,469,980
Victoria
5,049,844 5,030,519 +0.4
50,969,346 -1.1
50,416,942
the Northwestern. All the officers of the Northwestern Edmonton_
_ 4,117,188 3,932,016 +4.7
42,009,277-18.1
34,396,189
remain with the combined bank. The Swedish-American
Total Canada 433,794,510 401,612,015 +8.0 3,718,203,031 3,961,716,213- 6.1
National Bank was organized as a State bank in 1888 and
became a national institution in 1894. As taken over by
The clearings for the week ending Nov. 28 make a very
the Northwestern it has a capital of $500,000, surplus of satisfactory comparison with the same week of 1907, the
$350,000 and deposits of about $3,600,000. The merger of increase in the aggregate having been 20.7%.
its business, it is said, carries with it the transfer of the
Week ending Novenzber28.
Clearings atSwedish-American Savings Bank, an affiliated institution,
Inc. or
Dec.
1908.
1907.
1906.
1905.
organized in 1905. The latest acquisition increases the
$29,000,000.
Canada
The
to
Northwestern
has
latter
the
of
deposits
32,990,957 29,095,098 +13.4 31,286,965 26,999,761
Montreal
27,338,080 22,000,000 +24.3 27,792,199 22,409,867
capital and surplus of $2,000,000 each. It was established Toronto
21,546,368 15,064,440 +43.0 14,348,664 11,120,874
Winnipeg
in 1872 and has paid in dividends $2,575,000 since its or- Vancouver
4,087,003 3,538,382 +15.5 3,353,836 1,982,272
3,511,147 2,861,524 +22.5 3,163,862 2,608,263
Ottawa
ganization. William H. Dunwoody is President and F. E. Quebec
2,197,707 2,337,630 -6.0 1,775,235 1,762,726
1,699,070 1,785,678 -4.8 1,760,000 1,888,913
Halifax
Holton is Cashier. The Vice-Presidents are M. B. Koon, Hamlton]
1,397,205 1,479,316 -5.5 1,529,369 1,554,119
1,837,478 1,335,459 +37.6 1,629,279
Calgary
E. W. Decker, Joseph Chapman Jr., A. A. Crane and the St.
968,416
John
1,289,618 1,232,387 +4.6 1,231,755
1,019,641 1,061,355 -3.9 1,184,947 1,006,448
London
newly elected officer, J. A. Latta.
1,193,396 1,004,635 +18.8 1,028,729
719,497
Victoria
850,079
877,629 +0.1
878,678
-The Cedar Falls National Bank and the Cedar Falls Edmonton
Total Canada
100986 348 83,673,533 +20.7 90,934,919 73,021,156
Savings Bank of Cedar Falls, Ia., have agreed to consolidate
under the title of the first-named institution. It is underClearings by Telegraph-Sales of Stocks, Bonds, &c.stood that the capital will be increased from $75,000 to The subjoined table, covering clearings for the current week,
an
Co.,
instiTrust
Falls
affiliated
Cedar
$100,000. The
usually appears on the first page of each issue, but on account
tution, intends to increase its capital, it is reported, from of the length of the other tables is crowded out once a month.
The figures are received by telegraph from other leading cities,
$25,000 to $75,000.
by Telegraph Dec. 5.
Clearings-Returns
1907.
1908.
%
-F. P. Neal, who was Vice-President of the Union NaNew York
$1,856,808,256 $1,206,435,373 +53.9
tional Bank of Kansas City, Mo., at the time of its absorp- Boston
111,298,032 +30.2
145,070,368
+3.0
114,928,845
118,407,709
tion by the National Bank of Co mmerce two weeks ago, has Philadelphia
21,985,583
+7.0
23,529,884
Baltimore
235,681,451
173,035,108 +36.2
announced his intention of forming a new bank with $1,000,- Chicago
50,636,052 +15.6
58,536,180
St. Louis
organized
be
to
is
000 capital. The proposed institution
19,138,965
18,785,900
-1.8
New Orleans
under the name of the Southwest National Bank. • Mr. Neal
$2,456,819,754 $1,697,457,958 +44.7
Seven cities, 5 days
428,961,218
350,984,788 +22.2
will be at its head and will be assisted in the management by Other cities, 5 days
$2,885,780,972 $2,048,442,726 +40.9
all cities, 5 days
Edwin W. Zea as Vice-President and Eugene P. Davis as AllTotal
568,204,311
409,541,962 +38.8
cities, 1 day
Assistant Cashier. Messrs. Zea and Davis were both identi$3,453,985,283 $2,457,984,688 +40.9
Total all cities for week
fied 'with the Union National and were chosen officers of
the consolidated bank, but resigned to become associated
Our usual monthly detailed statement of transactions on
the various New York Exchanges is appended. The results
with Mr. Neal.
for the eleven months of 1908 and 1907 are given below:
-R. M. Cook, head of the Bank Examination DepartEleven Months 1908.
Eleven Months 1907.
ment of Missouri, has resigned in order to become Vice- DescripActual
Aver. Par Value
Vaus
of
Par
Bank
Aver
National
Actual
tion.
Kansas
President of the Inter-State
Value.
Price. or Quantity.
or Quantity.
T alue.
Price.
City, Mo.
174,203,992
St'kl Sh's_
183,802,334
f Val_ $15553,670,000$13259,513,383 85.2 $15934,239,200$13978,855,311 87.7
-The directors of the Germania Savings Bank of Charles- RR.bonds
$837,240,200 $733,398,283 87.6 $396,126,300 $349,374,716 88.2
Schachte
of
Henry
President
$568,451 110.0
$921,056 110.6
$516,820
Gov' tbds.
$833,050
ton, S. C., have elected Gen.
Statebds_
$78,921,000 $82,198,113 104.2 $65,323,800 $62,442,634 95.6
$785,047 196.0
$400,600
$216,800
$430,673 198.6
the institution. Capt. Julius H. Jahn..z, who served as Bank st'kg
Acting President following the death of A. F. C. Cramer, Total _ _ $16470564,820 $14076,108,903 85.5$16396,922,950$14392,378,764 87.8
593,072,59 98.3
has been elected Vice-President. Gen. Schacht° has been Grain, bu. 419,468,750 432,461,780 103.1 605,077,600
514985,451,35
S14508,570,663
val.
Total
1893.
a director of the bank since
The volume of transactions in share properties on the
-George W. Littlefield, President of the American Naeach month since Jan. 1 1908
tional Bank of Austin, Tex., is reported to have acquired a New York Stock Exchange
following:
the
in
indicated
is
1907
and
dc
Trust Co: of the
controlling interest in the Capital Bank
SALES OF STOCK AT TIIE NEW YORK STOCK EXCHANGE,
same city. The two institutions, while controlled by prac_
1907.
1908.
be
said,
is
conducted M'111.
tically the same interests, will, it
Number
Values.
Values.
been
Number
has
Littlefield
Mr.
elected
heretofore.
as
separately,
of
of
Shares.
Actual.
• Par.
Actual.
Par.
Shares.
President of the trust company. The latter institution has
a capital of $100,000. It was organized in 1906, taking over
1,015,764,111
22,702,760
Jan _ 16,594,895 1.396,403,800
1,948,477,92 1,854,950.930
the deposits of the First National Bank, which was placed Feb _ 9,839,706 833,199,900 609,986,418 16,470,972 1,318,394,80 1,241,478,649
Sich _ 15.939,255 1,387.712,725 1.014,698,43732,208,525 2,787,043,45 2,609,820,422
in voluntary liquidation.
lstqr 42,373,8563,617,316,425 2,640,448,966 71,382,257
5,706,250,001
-Tenders are asked until the 10th inst. by James Elliott, April 11,648,123 1,024,180,450 782,948,479 19,235,6526,053,916,17
1,080,695,95 1,508,967,413
May 20,975,022 1,855,881,050 1,470,470,810 15,827,245 1,346,719,47 1,204.698,417
(head
office
MonBank
General Manager of the Molson's
June 9.652,437 857,496,500 771,664,685 9,749,415 826,398,97. 740.089.460
treal), for 1,100 shares of the stock of the bank (par $100), 2d qr 42.275.5823.737,558,000 3,025,092,980 44,812,312 3,859.814.40 3,453.755,290
being the balance of 5,000 shares issued Nov. 30 1906 and 6 m's84,649,438 7,354,874,4255,605,541 946 116194 561 0,913.73O,579.160.005.291
NW. 13.857,563 1,249,522,675 964,269,481 12.811,359 1,141,219,60 900,994,600
comprising shares not subscribed by parties entitled thereto Aug_
18,881,265 1,699,430,100 1,584.406.183 15.561,583 1,390,644,625 1,180.470,809
or subscribed and not paid for. The authorized capital of the Sept. 17,582,499 1,557.670.875 1,485,649,298 12,223,541 1,088,393,825 902,471.817
bank is $5,000,000. In October 1906, when the paid in 3d qr 0.321.3274,506,623,6504,034,324.96240.596.478 3.620.258,050:3,073,937,026
amount was $3,000,000, the issuance of $500,000 of new stock 9 m's 34970,765 11861498 075 9,699,866,908150791 047 13533,988,825112233,942.317
14,266,9011.302,230,375 1,252,695,988 17,333,793 1,550,957,05011,127,476,980
was authorized; it is the unsold portion of this issue for Oct
Nov_ 24,966,3262,389,941,5502,306,950,487 9,677,494 849,293,5251 617,436.014
which proposals are now asked.
The
following
1469
THE CHRONICLE
DEC. 519O8.1
covers the
clearings
by
months since
Tounnercial and gAiscellanecinsB,CUIS
Jan. 1:
MONTHLY CLEARINGS.
Clearings, Total All.
Month.
1008.
1907.
Clearings Outside New York.
1908.
1907.
Jan -- 11,359,308,232 15,054,655.406 --24.5 4,609,033,277 5,418,984,522 -14.9
Feb - - 8,756,701,857 11,823,958,740 --25.9 3.860,671,029 4,492,448,964 -14.1
Itch _ 9,777.937,943 14,657,900,282 --33.3 4,276,897,604 5,095,622,479 -18.1
1st qr. 29,893,948,032 41,536.514,428 -28 0 12,746,601,008 15,005,055,965 -15.1
April _ 9,764,431,744 12,661,631,615 -22.8 4,276,857,436 4,994,103,001 -14.4
May - - 10,858,707,179 12,408,704,867 -12.5 4,188,873,348 5.071,850,921 -17.4
June _ 9,825,771,157 11.159,390,575 -12.0 4,171,911,240 4,790,217,610-12.9
2d co_ 30,448.910,080 36,227,727,057 -15.9 12,637,842,024 14,856,171,532-15.0
6 mos_ 60,342,858,112 77,764,241,485 -22.4 25,384,243,932 29,881,227,497 -15.0
July__ 11.071,981,347 12,372.028.084 -10.5 4,453.893,588 85,060,265,679 -12.0
Aug - 10,248.895,249 11.558,715.889 -11.3 4,023,581.641 4,888,225.399 -13.8
Sept_ - 11,112,581,447 10,573,022,063 +5.0 4,330,097,831 4,542,793,318 -5.0
3d qr. 32,433,258,043 34,503,766,036 -6.0 12,808,573,061 14,271,284,394-10.3
9 mos 92,776,116.155 112268.007,521 -17.4 38,191,816,993 44,132,511,891 -13.5
Oct _- 12,136,131,544 13„804,896,282 -12.1 4,901,858,771 5,808,S92,641 -12.6
Nov _- 12,975,829,743 9.679,735,498 +34.1 4,784,806,941 4,178,993,335 +14.5
The course of bank clearings at leading cities of the country for the month of November and since January 1 in each
of the last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
November
1908. 1007. 1906. 1905. 1908.
(000,00081
$
$
$
$
omttted.)
1 $
8,191 5,501 8,608 8,543 70,010
New York
899 10,720
975
822
1,020
Chicago
682 6,618
754
579
712
Boston
632 5,368
654
503
537
Philadelphia
262 2,777
266
233
268
8t. Louis
1,882
212
217
212
168
Pittsburgh
1,808
168
218
113
155
San Francisco
1,120
121
126
113
108
Baltimore
1,116
101
111
90
110
Cincinnati
1,666
111
124
127
175
Kansas City. _ _ _ ._
682
65
74
65
62
Cleveland
693
110
110
80
76
New Orleans
959
105
106
98
106
Minneapolis
516
50
52
41
47
Louisville _
608
56
73
56
57
Detroit
495
40
45
43
49
Milwaukee
305
36
36
28
31
Providence
544
39
42
42
50
Omaha
373
33
35
34
35
Buffalo
439
36
45
43
47
Ht. Paul.
342
32
34
27
34
Indianapolis
369
30
34
33
38
Denver
288
23
27
27
27
Richmond
226
38
28
24
29
111e,ephis
388
31
43
36
39
Seattle
152
13
18
13
14
Hartford
228
24
31
17
28
Salt Lake City_ _ _ _
_12,213 9,000 12,885 12,492
658
771
680
763
-12,978 9,680 13,656 13,150
Total all
Outside New York_ 4,785 4,179 5,048 4,607
Total
Other cities
Jan. 1 to Nov.30-1907. 1906. 1905.
$
$
$
81,832 95,448 84,133
11,273 10,040 9,147
7,618 7,616 6,943
6,668 7,019 6,308
2,639
2,919 2,701
2,278
2,411
2,541
1 79, 1,666
2,095
1,159
1,314
1,369
1,093
1,109
1,271
1,204
1,088
1,527
705
762
823
849
906
861
817
889
1,056
547
594
608
542
613
857
448
518
387
344
359
i 362
403
458
526
319
360
403
308
378
439
312
331
374
298
314
377
234
276
295
241
220
222
273
443
457
148
167
172
186
255
279
110,468 127,462 138,520 123,365
7,214 6,092
7,420 8,291
-- -- -117,888 135,753 145,734 129,457
47,878 53,921 50,288 45,324
MonctaTnriTotronercialaZnaltsitgetus
Breadstuffs Figures Brought from Page 1488.-The statenad&s,.below are prepared by us from figures collected by
the Nev York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-
Wheat.
Flour.
I
Corn.
Oats.
Barley.
Rye.
bbls.1961bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48Ibs. bu.56 lbs.
59,000
590,400
370,200 1,859,010 1,432,500
193,945
Chicago ___
27,900
504,000
203,000
358,400
391,000
55,475
Milwaukee_ _
515,105
___ ..__
18,898
147,684
187,500 3,101,244
Duluth
57,190
565,170
444,660
2,309,740
89,970
Minneapolis_
12,000
131,200
53,500
Toledo
103,609
77,273
37,388
-.4,800
Detroit
11,710
130,640
93,780
7,120
Cleveland _
1,617
2,000
29,300
172,485
356,800
342,154
64,500
St. Louis...
5,000
335,120
67,000
112,500
15,000
Peoria .
17,550
113,300
94,500
666,800
Kansas City.
Tot.wk.'08
Same wk.'07
Same wk.'08
505,387
423,753
486,127
7,294,146
6,407,326
6,066,625
3,111,898
1,859,384
2,323,554
3,156,433 2,282,685
2,249,925 1,029,/26
3,359,375 1,989,025
169,988
132,485
239,587
I
Since Aug. 1
1908
8,526,657 135,077,265 39,086,796 72,110,406 42,224,037 3,475,503
1907
6,974,532 102,673,199 65,653,049 83,676,211 33,135,749 3,491,071
1906
8,816,840 111,394,558 61,339,904 88,195,473 30,586,686 3,161,264
Illi
Total receipts of flour and grain at the seaboard ports for
the week ended Nov. 28 1908 follow:
Rye,
Oats, Barley,
Corn,
Wheat,
Flour.
bush.
bush.
bush,
Receipts atbush.
bush.
bbls.
2,925
424,500 205,000
517,075
New York
159,920 1,406,600
76,065
1,525
18,334
50,276
Boston
48,688
343,173
Portland, Me
1,172
182,835
3,000
54,099
Philadelphia _ _ 85,940
124,736
555,116
9,969
1,068
35,864
Baltimore
517,767
61,310
139,018
Richmond ..__ .__
10,458
25,682
5,101
24,014
17,425
59,700
227,500
New Orleans *
66,000
12,231
Newport News_
.
929
Norfolk_
114,000
Galveston
504,000
4,198
Mobile
12,532
751,959
82,669
115,759 40,744
Montreal
_ _.
1,236
Quebec
80,000
Port Arthur
12,458
785,445 277,047
410,682 3,672,715 2,049,705
Total week
879,692
965,548 215,160 34,285
404,137 4,755,581
IVeek 1907
Since Jan. 11908.17,098,110 109325,584 37,961,237 40,839,217 6011,479 2753,908
Since Jan,1 1907.18,106,073 114140,948 83,297,354 50,551,059 4630,103 2073,381
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Nov. 28 1908 are shown in the annexed statement:
Rye, Barley, Peas.
Oats,
Corn, Flour,
Wheat,
bush,
bush.
bush,
bush.
bbls.
bush.
Exports frombush.
70,590
285
5,257
New York _ _- 784,282 259,444 68,344
8,517
1,172
Portland, Me_ _ _. 182,835
1,800
34,771
Boston
318,677
2,000
Philadelphia ____ 524.769
5,511 40,474
368
Baltimore
297,245
87,476 70,644
27
4,574
New Orleans _- 136,517
34,441
Newport News_
12,231
Galveston
48,000 520,423 3,320
Mobile
4,198
151,808 27,083.
1,140
80,022
1,391,523
Montreal
929
Norfolk
1,238
Quebec
80,000
Port Arthur
Totll week___ _3,763,838
Week 1907.......3,477,074
906,295 321,915
802,427 210,163
222,398 57,685
6,792
17,036
11,401 64,363
The destination of these exports for the week and since
July 1 1908 is as below:
English Financial Markets-Per Cable.
Wheat
--Corn
----Flour-Since
Since
Since
Week
The daily closing quotations for securities, Scc., at London,
July 1
July 1
Week
July 1
Week
21.
Nov.
1908.
28.
1908.
Nov.
1908.
Nov.28.
and
Exports for week
as reported by cable, have been as follows the past week:
bush.
bush.
bush.
bush.
bbls.
bbls.
since July 1 to-United Kingdom_ 215,943 2,397,538 2,560,409 30,557,526 461,442 1,763,036
London.
62,483 1,178,238 1,182,211 34,604,358 423,285 1,261,970
Continent.
Fri.
Mon.
Wed. Thurs.
Sat.
Tues.
Week endtng Dec. 4.
17,051
48
122,492
3,538 281,973
So. dr Cent. Amer_
2234
22
d 22 13-16 22 5-16 2234
2234
Silver, per oz
490,443
21,520
150
18,566 615,629
;Nest Indies
83 11-16 8354
8354
Consols, new, 234 per cents_ 83 15-16 83 15-16c8334
6,400
57,803
725
83 15-1, Brit. No. Am.Cols_
83 13-16 8334
84 3-18 84 3-16 c8334
For account
8,156
51,488
21,218
Other Countries....21,260 157,580
97.07
97.05
97.07
French Rentes (in Paris).fr_ 96.70 98.9234 97.10
87%
85%
88
8734
87%
Amalgamated Copper Co_ - _ 883j
321,915 4,688,761 3,763,838 85,336,014 906,295 3,547,056
Total.
log
10%
10%
10,‘
1034
Co
Mining
1034
bAnaconda
210,163 4 857,218 3,477,074 56.832,368 210,163 4,857,218
Total 1907
10134
10034
10034
10154
10134
Atchison Topeka dr Santa Fe.10034
10434
104
104
104
10334
10234
Preferred
shipments of wheat and corn for the week
world's
The
10
111
11054
11054
1113(
11134
936
Baltimore & Ohio
95
95
9434
94
94
9234
Preferred
ending Nov. 28 1908 and since July 1 in 1908 and 1907 are
179%
17974
1803.4
18134
18034
181
Canadian Pacific
shown in the following:
52
49%
50%
51
4834
c4834
Chesapeake & Ohio
11
11%
12
12
12
1234
Chicago Great Western
155
156
15434
15334
15534
Chicago Milw. & St. Paul_ _ _153
Corn.
Wheat.
34%
36
35
34
34
Denver & Rio Grande, corn_ 3334
8034
8034
80
Preferred
80
80
8094
1908.
1907.
1907.
1908.
Exports.
34
33%
34%
3334
3434
Erie, common
3434
48%
48
48%
48
First Preferred
4854
4834
Since
Since
Week
Since
Since
Week
30,4
39
39
Second Preferred
3834
39
3934
July 1.
Nov. 28. July 1.
July 1.
Nov. 28. July 1.
152
151
15054
15034
15134
Illinois Central
15034
12534
12334
12434
12554
125
125
Louisville & Nashville
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
1734
1734
1734
1734
1734
Mexican Central
1734
North Amer. 4,657,000 93,885,700 78,576,000 874,000 3,821,400 18,326,000
3914
39
4034
3934
39
Mo. Kansas & Texas, corn. 39
2,032,000 32,056,000 47,080,000 229,000 6,320,500 12,712,000
Russian
73%
73
73
73%
Preferred
73
7334
Danubian _ 296,000 20,320,000 16.888,000 552,000 8,113,500 25,640,000
53
53
5234
53
53
National ltR. of Mexico--- 53
Argentina _ 544,000 27,613,000 9,512,000 1,444,000 39,735,500 30,632,000
121
12034
11954
12036
N.Y.Central & Hudson Riv.12034
11934
Australian_ 272,000 6,992,000 4,376,000
4834
48
4434
4534
4834
N. Y. Ontario & Western_- 4434
countr's 136,000 7,050,000 16,344,000
0th.
8634
8634
8634
87
common
Western,
8834
&
8736
Norfolk
90
90
89
90
89
90
Preferred ...
Total ____ 7,937,000 187,916,700 172,776,000 2,899,000 57,990,900 87,310,000
146
145
14834
148%
14634
14834
Northern Pacific
66
6631
6634
8634
5634
6634
aPennsylvania
71
7234
7234
7134
7134
7054
aReading Company
4531
4536
4534
4551
4534
The quantity of wheat and corn afloat for Europe on dates
4534
aFirst Preferred
45
45
45%
453(
453(
4534
aSecond Preferred
mentioned was as follows:
253(
2336
25
25
23
24
Rock Island Company
12034
12234
12234
123
122
12174
Southern Pacific
25
26
253(
2534
Corn.
253.(
Wheat.
Southern Railway, common 2594
59%
60
59
59
60
5934
Preferred
186
18634
18534
18654
18674
--c18834
United
Union Pacific, commonUnited
98%
99
99
99
99
9834
Preferred
Kingdom. Continent.1 Total. Kingdom. Continent. Total.
5634
5531
5694
561.4
57%
Cl. S. Steel Corp., common- 58
11534
11554
11534
1155
11534
116
Preferred
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
18
15%
15
15%
15
1534
Wabash
Nov. 28 1908._ 17,760,000 11,520,000 29,280,000 4,420,000 4,675,000 9,095.000
38%
37
36
38%
3534
Preferred
3634
21 1908_ _ 17,440,000 13,040,000 30,480,000 4,335,000 4,930,000 9,265,000
Nov.
71
6834
66
67
8634
6634
Extended 4s
Nov.30 1907.. 15,880,000 9,040,000 24,720,000 4,880,000 3,240,000 8,120,000
a Price er share. 5£ sterling. c Ex-dividend.
The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and
seaboard ports Nov. 28 1908, was as follows:
AMERICAN GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush.
bush.
bush.
319,000
771,000
2,765,000
New York
35,000
23,000
211,000
Boston
41,000
70,000
997,000
Philadelphia
582,000
435,000
196,000
Baltimore
485,000
239,000
163,000
New Orleans
191,000
671,000
Galveston
1,010,000
3,673,000
158,000
Buffalo
567,000
228,000
214,000
Toledo
192,000
606,000
274,000
Detroit
5,121,000
790,000
291,000
Chicago
810,000
325,000
63,000
Milwaukee
847,000
8,562,000
Duluth
1,657,000
12,758,000
22,000
Minneapolis
679,000
2,833,000
19,000
St. Louis
324,000
3,676,000
41,000
Kansas City
743,000
17,000
Peoria
328,000
Indianapolis
58,000
441,000
257,000
3,711,000
234,000
On Lakes
91,000
On Canal and River__ - 504,000
Total Nov. 28 1908_ _48,973,000
Total Nov. 21 1908_ _46,025,000
*Total Nov. 30 1907..A3,477,000
*Total Dec. 1 1906_ _41,557,000
*Total Dec. 2 1905...36,943,000
*Total Dec. 3 1904..36,860,000
6,599,000
American
Canadian
Wheat,
bush.
48,973,000
6,599,000
Total
55,572,000
Rye,
bush.
85,000
19,000
33,000
200,000
Barley,
bush.
179,000
75,000
100,000
853,000
76,000
85,000
55,000 1,042,000
35,000
654,000
194,000 1,017,000
134,000 1,152,000
29,000
207,000
25,000
5,000
1,139,000
149,000
8,694,000 1,070,000 6,472,000
2,651,000
8,781,000 1,087,000 6,274,000
1,867,000
7.280,000 1,068,000 6,049,000
2,535,000
2,909,000 12,455,000 1,619,000 3,850,000
6,393,000 28,142,000 2,137,000 6,137,000
3,181,000 24,497,000 2,018,000 6,530,000
*Includes Canadian stocks.
CANADIAN GRAIN STOCKS.
Oats,
Corn;
Wheat,
bush.
bush.
bush.
331,000
30,000
50,000
Montreal
3,634,000
Fort William
2,200,000
Port Arthur
715,000
Other Canadian
Total
[VOL. Lxxxvii.
THE CHRONICLE
1460
30,000
Rye,
bush.
331,000
Barley,
bush.
72,000
72,000
SUMMARY.
Corn,
Oats,
Rye,
Barley,
bush,
bush,
bush,
bush.
2,651,000 8,694,000 1,070,000 6,472,000
30,000
331,000
72,000
2,681,000
9,025,000
1,070,000 6,544,000
Auction Sales.-Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H. Muller & Son:
Stocks.
30 Merchants' Nat. Bank__-_165
58 Mechanics' Nat. Bank_ __ _255
50 Bank of Manhattan Co---320
Telepost Co. vot. tr. cert.
$10 each, with certs exchangeablefor 20-Yr 4%
debs, as follows: Certs..
Ser. A,Class, 1, 2 and 3.
$1135 per sh
$50 each
100 Knoliwood Cemetery- -$150 lot
3835
50 011 Fields of Mexico
10 Home Trust Co. of N.Y._ _ 1033
10 Beaver Nat. Bank (In liqui$20 per sh
dation)
50 Lawyers'Title Ins.& Tr.Co 223
10 Farmers L an do Tr. Co- - 1,230
5 Continental Insur. Co- - -1,520
100 National Bank of North
- - 60
America, $100
14535-145%
each_132 Mercantile Nat. Bk_
20 Citizens' Cent. Nat. Bank_ 155
10 Hanover National Bank_ _535
50 Union Trust Co. of N. J_ -100
50 Imp. de Traders Nat. Bk- - 560
10 Long Isl. Loan & Trust Co-290
Stocks.
14 Amer. Exch. Nat. Bank--245%
15 Chase National Bank
286
5 Century Bank of N. Y_ _ _ 170
Bonds.
$7,000 Indianapolis Gas Co. 1st
Consol. 5s. 1952
7834
$6,000 N.J. Zinc Co. 1st 25-yr.
4s, 1926
9434
$5,000 N. Y. & Westchester
Ltir. Co. gen. 100-yr. 48, 2004 85
$5,000 Provident Loan Society
of New York, certificates.- _ _ 101
$15,000 Pitts. Shawmut & Nor.
RR. 5s
65
$2,000 E. W. Bliss Co. 30-year
6s, 1932
10035
$2,000 Pocahontas Consol. Collieries Co. 58, 1957
81
$4,000 Montgomery Lt.& Water
Power Co. 1st cons. 58, 1943- 7934
$20,000 Del. & Northampton
RR.Co. coll. tr. 5s (Knickerbocker Tr. Co. cert. of dep.)
with 100 Del. & Northampton RR. Co., bonus
10
_
Books Closed.
Days Inclusive.
When
Per
Cent. Payable.
Name of Company.
Miscellaneous.
American Beet Sugar, pl. (qu.)(No. 38)__
1% Jan.
2 Holders of rec. Dec. 19
Amer. Brake Shoe & Fdry., corn. (guar.)
Dec. 31 Dec. 16 to Jan. 1
Preferred (guar.)
1% Dec. 31 Dec. 16 to Jan. 1
134 Jan
2 Holders of rec. Dec.166
American Can, preferred (guar.)
Amer. Car & Fdry., corn. (guar.)(No. 25)
34 Jan. 1 Dec 12 to Dec. 20
1 Dec. 12 to Dec. 20
Preferred (guar.)(No. 39)
131 Jan.
American Express
2 Holders of rec. Nov.304
Jan.
American Pipe Mfg.(guar.)
2 Jan.
1 Holders of rec. Dec. 15
American Radiator, common (quar.)
1
Dec. 31 Dec. 25 to Dec. 31
Amer. Smelt. it Rel., cont.(guar.)(No.21) 1
Jan. 15 Dec. 25 to Jan. 1
Preferred (guar.)(No. 38)
1% Jan.
2 Dec. 12 to Dec. 17
American Snuff, common
2 Holders of rec. Dec. 12
4
Jan.
Preferred
135 Jan. 2 Holders of rec. Dec. 12
Amer. Sugar Ref., corn, and pref. (quar.)
Jan.
2 Dec. 3 to Jan. 3
American Tobacco, preferred (quar.)
2 Holders of reo. Dec. 12
135 Jan.
Borden's Condensed Milk, pref. (guar.).1% Dec. 15 Dec. 6 to Dec. 15
Butte Elect. de Power, corn. (quar.)(No .17) 135 Jan.
2 Holders of rec. Dec. 20
Calumet dr Heels Mining (guar.)
$5
Dec. 19 Holders of rec. Nov. 15
Celluloid Company (quay.)
13-6 Dec. Si Holders of rec. Dec.14a
Extra
2
Dec. 31 Holders of rec. Dec.14a
Central Leather, preferred (quar.)
2 Holders of rec. Dec. 10
131 Jan.
Chicago Telephone ((mar.)
2
Dec. 31 Holders of rec. Dec. 23
Childs Company, common (guar.)
135 Dec. 10 Dec. 5 to Dec. 10
Preferred (guar.)
131 Dec. 10 Dec. 5 to Dec. 10
Consolidated Gas of New York (guar.)._
Dec. 15 Holders of rec. Nov.104
b Crex Carpet Co
2
Dec. 15 Holders of rec. Nov..28
Diamond Match (guar.)
Dec. 15 Holders of rec. Nov. 30
duPont(E.I.)de Nemours Pow.,corn.(qu.) 11.0L Dec. 15 Holders of rec Dec. 5
Preferred (guar.)
1% Jan. 25 Holders of rec. Jan. 15
Eastman Kodak, common (guar.)
235 Jan.
1 Holders of rec. Nov. 30
Preferred (guar.)
135 Jan.
1 Holders of rec. Nov. 30
Equitable Illuminating Gas Light, Phila.- _ 3
Dec. 15 Holders of rec. Dec. 8
Federal Mining & Smelting, pref. (guar.)
Dec. 15 Holders of rec. Nov. 27
General Electric (guar.)
2
Jan. 15 Holders of rec. Dec. 3
Granby Cons. Min., Smelt. dr Pow., Ltd_ $2 Dec. 15 Holders of rec. Nov. 28
Great Lakes Towing, preferred (guar.)._
1% Dec. 15 Dec. 16 to Jan. 2
2% Jan.
Guggenheim Exploration (guar.)(No. 9)
2 Dec. 19 to Jan. 3
Jan.
Ingersoll-Rand, preferred
1 Holders of rec. Dec.12a
3
1
Jan.
1 Dec. 12 to Jan. 19
International Silver, preferred (guar.)._ _
1% Dec. 15 Dec. 8 to Dec. 15
Laclede Gas Light, common (guar.)
235 Dec. 15 Dec. 8 to Dec. 15
Preferred
Jan.
2 Holders of rec Dec.12a
Mackay Cos., com. & pref.(qu.)(No. 14) 1
23 Dec. 30 Dec. 20 to Dec. 23
Maryland Coal, preferred
Michigan State Tel. pref.(guar.)(No. 20) 134 Feb.
1 Jan. 17 to Feb. 1
National Biscuit, common (guar.)
134 Jan. 15 Holders of rec. Dec.28a
National Enamel ct Stamping, p1. (quar.)_
1y, Dec. 31 Dec. 12 to Jan. 1
National Lead, common (guar.)(No. 20)
Jan.
1 Dec. 12 to Dec. 15
Preferred (guar.)(No. 683
Dec. 15 Nov. 21 to Nov. 24
Niles-Bement-Pond. common (quar.)... 13, Dec. 21 Dec. 15 to Dec. 21
Philadelphia Electric
3
Dec. 15 Nov. 22 to
Nov. 36
Quaker Oats, common (guar.)
135 Jan. 15 Holders of rec. Jan. 44
Common (extra)
Jan. 15 Holders of rec. Jan. 44
34
Quincy Mining (guar.)
Dec. 21 Dec. 1 to Dec. 6
Railway Steel Spring, pref. (guar.)
Dec. 21 Dec. 9 to Dec. 21
Safety Car Heating cfc Lighting (quar.)-_ _
Dec. 23 Holders of rec. Dec. 9a
Extra
1
Dec. 23 Holders of rec. Dec. 94
Sears, Roebuck & Co., pref. (guar.)
1% Jan.
1 Holders of rec. Dec.17a
Spring Valley Water
$1 Dec. 23
Standard Oil (quar.)
610
Dec. 15 Holders of rec. Nov. 19
Streees Western Stable-Car Line, pref
335 Jan.
1 Dec. 22 to Jan. 1
Swift & Co. (guar.)
1% Jan.
7 Dec. 18 to Jan. 7
2 Dec. 17 to Jan. 3
United Bank Note Corp., pref.(guar.)._
135 Jan,
2 Holders of rec. Dec. 10
135 Jan.
United States Leather, pref. (guar.)
U. S. Steel
corn. (guar.)(No. 20).
3.6 Dec. 30 Dec. 11 to Dec. 30
Corp.,
50c. Rec. 31 Dec. 19 to Jan. 1
Utah Copper
Co.(quar.)(No. 2)
Jan.
2 Holders of rec. Dec. 17
1
Wilkes Barre Gas de Electric (guar.)
a Transfer books not closed. b Formerly the Americas Grass Twine Co.
,6
134
134
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Nov. 28; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For the week.
Dry Goods
General Merchandise
Total
Since January 1.
Dry Goods..
General Merchandise
Total 48 weeks
1908.
1007.
1006.
1905
2,509,652
10,993,097
$3,023,272
10,087,408
$3,331,770
12,700,160
$2,425,808
8,026,347
$13,502,749 $13,110,680 $16,031,930 $10,452,155
$116,596,427 $171,869,994 $149,637,563 $129,748,627
455,008,705 609,916,573 559,698,188 517,107,910
.......
$571,605,132 $781,816,567 5709,335,751 5646,856,537
DIVIDENDS.
The
is a statement of the exports (exclusive of
The following shows all the dividends announced for the specie)following
from the port of New York to foreign ports for the
important
or
corporations:
large
all
future by
week ending Nov. 28 and from Jan. 1 to date:
Dividends announced this week are printed in italics.
EXPORTS FROM NEW YORK FOR THE WEEK.
Name of Company.
Per
When
Cent. Payable.
Railroads (Steam).
435
Albany & Susquehanna (guar.)
Atch. Topeka de Santa Fe, pre/.(No. 20_ - 234
235
Atlantic Coast Line RR., common
2
Atlantic Coast Line Company (guar.)._
2%
Boston & Albany (guar.)
4
Boston & Lowell
3
Boston Revere Beach & Lynn
1
Chesapeake & Ohio (annual)
3%
Chicago & North Western common
2
Preferred (guar.)
2
Colorado & Southern, common
435
Delaware
Delaware & Hudson Company (guar.)... 234
Delaware Lackawanna & Western (extra) 10
235
Denver & Rio Grande, preferred
235
Detroit & Mackinac, preferred
2%
Interborough Rapid Transit (quar.)
N. Y. Lackawanna & Western (guar.)
1%,
2
Norfolk de Western, common
Southern Pacific, cons. (guar.) (No. 9)-- 135
Preferred (No. 9)
335
Union Pacific, common (guar.)
235
White Pans & Yukon
2
Street & Electric Railways.
American Railways (guar.)
135
Chicago CUy Ry. (guar.)
135
Chippewa Vail. Ry.,L. & P., pref.(guar.)
Continental Passenger Ry., Philadelphia_ _ $3
hullanapolts Street Ry
3
Massachusetts Electric Companies, pref._ $1
2
Norfolk Railway de Light
Puget Sound Electric Ry., pref.(No.6)-- 3
234
Seattle Electric Co., common (No. 2)
Twin City Rapid Tran., Minn. pl. (guar.) 1%
United Trac. & Elec., Providence (quar.).- 13,i
Banks.
2
Mercantile National
5
Union Exchange
Trust Com mantes.
3
Fifth Avenue (vol.)
134
.f)r the week
'revlously reported
Jan,
Feb.
Jan.
Dec.
Dec.
Jan.
Jan.
Dec.
Jan,
Jan.
Dec.
Jan.
Dec.
Dec.
Ian.
Jan,
Jan.
Jan.
Dec.
Jan,
Jan.
Jan.
Jan.
1 Dec. 16 to Jan. 1
1 Holders of rec. Dec. 30
11 Dec. 19 to Jan. 11
10 Dec. 1 to Dec. 9
31 Holders of rec. Nov.28a
2 Nov. 26 to Dec. 1
1 Holders of rec. Dec. 15
22 Holders of rec. Dec. la
2 Holders of rec. Dec. 3
2 Holders of rec. Dec. 3
15 Dec. 11 to Dec. 15
1
15 Holders of rec. Nov. 24
15 Holders of rec. Dec. 4
15 Dec. 27 to Jan. 3
2 Dec. 16 to Jan. 3
2 Dec. 20 to Jan. 1
1 Holders of rec. Dec.15a
18 Holders of rec. Nov. 30
2
15 Holders of rec. Dec. 31
2 Holders of rec. Dec. la
15 Holders of rec. Jan. 1
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
15 Nov. 29 to Dec.
30 Dec. 8 to Dec.
1 Holders of rec. Dec.
30 Holders of rec. Dec.
1 Dec. 24 to Jan.
1 Holders of rec. Dec.
5 Nov. 22 to Dec.
1 Holders of rec. Dec.
15 Holders of rec. Jan.
2 Holders of rec. Dec.
2 Dec. 9 to Jan.
Dec. 15 Dec. 9
Dec. 31 Dec. 22
to
to
2
13
1
2
1
5
2
15
1
15
3
Dec. 15
Jan. 1
Dec. 31 Holders of rec. Dec. 30
Toatl 48 weeks
1905.
1906.
1907.
1908.
Books Closed.
Days Inclusive.
$8,539,558 $15,719,598 $11,192,740 511,303,071
571,384,303 584,701,826 565,586,123 498,409,964
$579,923,861 8600,421,424 $576.773,863 $509,713,035
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Imports.
Gold,
Week.
Great Britain
I. ranee
Germany
West Indies.
Mexico
South America
All other countries
Total 1908
Total 1907_
Total 1906
Silver.
Great Britain
France . .
Germany
West Indies
Mexico
South America
All other countries
Toatl 1908
Ttoal 1907
Total 1906
Since Jan.!
$2,524,737
23,640,879
19,017,343
$3,900 1,341,400
4,000
20,000 1,786,606
10,235
Week.
Since Jan.1
$121,146
1,045
35,911
566
$3,718,386
1,065,182
34,183
4,946,880
470,406
2,583,117
3,033,973
$23,900 $48,325,200 $158,668 $15,877,138
36,756,972 16,546,078 66,093,716
2,500 5,974,035
32,431 93,915,553
$591,096 833,743,104
4,008,000
41,900
200
259,478
235
_• -
3,635
350
$592,431 933,656,557
856,383 46,417,030
537,600 43,893,015
$54,091
716
834
$73,590
68,514
115,335
171,140
1,697,934
913,174
667,590
$55,641 83,707,877
87,062 3,201,386
259,382 2,534,661
Of the above imports for the week in 1908, $120,000 was
American gold coin and $_ _ _ _ American silver coin. Of
the exports during the same time, $23,900 were American gold coin and $235 were American silver emu.
THE CHRONICLE
DEC. 51908.1
Statement of New York City Clearing-House Banks.-The
detailed state taunt below shows the condition of the New
York
28.
City ,Clearing-House banks for the week ending Nov.
The figures for the separate banks are the averages of
the daily results.
In the case of the totals, the actual fig-
ures at the end of the week are also given.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
CapUal. Surplus.
Loans.
Average.
Specie. Legals. Deposits. ReAverage. Average. Average. s've.
Bank of N. Y-- 2,000,0 3,281,2 21,399,0 4,381,0 1,084,0
Manhattan Co_ 2,050,0 3,305,2 33,650,0 19,102,0 1,508,0
2,000,0 1,881,6 21,544,0 4.438,0 1,675,0
Merchants' _ _
3,000,0 3,723,9 29,457,0 6,393,0 1,865,0
Mechanics' 1,500,0 4,804,2 29,172,8 6,634,2 2,613,1
America
578,8
1,000,0
Phenix
7,025,0 1,263,0
334,0
25,000,0 25,619,3 208,973,6 45,288,4 8,393,0
City 3,000,0 5,783,7 30,296,8 8,030,9 1,950,5
Chemical __ _
Merchants' Ex_
506,2
600,0
8,502,7 1,442,7
472,1
Gallatin
1,000,0 2,445,8
9,649,3 1,281,4
751,6
Butch. & Drov_
149,2
300,0
569,1
2,158,4
.72,8
Greenwich
500,0
729,5
6,524,2 1,801,1
200,0
Amer. Exch
5,000,0 5,192,0 31,971,8 5,229,2 1,228,5
Commerce
25,000,0 15,667,4 172,976,8 27,179.1 13,897,0
Mercantile __
3,000,0 2,490,4 11,581,2 1,416,2
665,8
Pacific _
500,0
846,8
3,502,4
567,4
653,9
Chatham
450,0 1,027.9
8,844,4
923,6 1,063,4
Pe ;ple's
200,0
457,9
1,971,0
45,3
625,5
Hanover
3,000,0 9,932,1 68,180,4 15,014,3 9,616,5
Citizens Cent
2,550,0 1,381,1 22,382,6 5,506,2
328,0
Nassau
500.0
372,9
503,6
4,871,3
807,0
Market & Fult n 1,000,0 1,599,0
7,629,6 1,614,3 1,049,4
Metropolitan _ _
2,000,0 1,142,0 11,364,6 3,298,4
123,4
Corn Exchange. 3,000,0 5,156,3 42,486.0 8,287,0 6.150,0
Imp.&Traders'. 1,500,0 7.308,2 27,540,0 4,798,0 1,699,0
Park
3,000,0 9,583,4 93,781,0 25,972,0 1,835,0
East River___ 187,3
250,0
368,8
110,5
1,197,8
Fourth
3,000,0 3,365,7 28,597,0 5,409,0 2,870,0
Second
326,0
1,000,0 1,724,4 10,686.0 2,888,0
First
10,000,0 16,699,0 126,502,6 37,297,9 1,256,6
Irving Exch- 2,000,0 1,375,0 18,876,9 4,240,8
920,6
88,0
Bowery
250,0
757,0
1,966,6
783,8
N. Y. County_ _
699,2
500,0 1,105,3
7,480,2 1,398.4
German-Amer _
750,0
621,2
222,9
883,7
3,956,9
Chase
5,000,0 5,308,5 90,394,0 21,736,7 4,684,5
Fifth Avenue_ _
100,0 2,053,2 12,303,9 2,766,1 1,317,0
German Exch...
200,0
897,2
365,0
3,509,2
685,0
Germania
200,0
967,8
570,7
837,3
4,681,9
Lincoln
1,000,0 1,213.6 14,187,8 2,992,6
919,5
Garfield
1,000,0 1,144,8
485,2
7,274,9 1.659,8
Fifth
250,0
453,3
358,2
454,0
3,088,8
Metropolis __
1,000,0 2,081,9 11,180,1 2,054,8 1,043,1
West Side
200,0
777,1
4,148,0
249,0
890.0
Seaboard
1,000,0 1,849,7 21,404,0 5,520,0 1,587,0
Liberty
1,000,0 2,480,3 16,623,8 4,152,1
245,4
N. Y. Prod. Ex. 1,000,0
684,5
8,997.9 1,996,0
224.6
State
1,000,0
757,8 10,519,0 3,493,0
248,0
14th Street- -- 1,000,0
294,2
714,2
659,5
4,718,7
Copper
2,000,0 2,445,5 18,838,4 4,182,8
214,4
$
%
20,382,0 26.9
50,100,0 41.1
23,400,0 26.3
31,412,0 26.2
33,050.4 27.9
6,175.0 26.4
210,909.0 25.7
30,205,4 26.4
6,985,1 27.8
7,828,1 26.3
2,278,7 28.1
7,440,6 26.8
25,938,4 25.1
159,081,0 25.9
7,841.7 27.0
3,515,0 34.7
7,409,8 26.8
2,240,3 30.0
83,972,6 29.8
22,256,4 26.5
5,235,2 25.0
8,259,8 32.4
11,964.8 28.6
49,531,0 25.1
25,638,7 25.4
108,489.0 25.7
1,470,0 37.8
31,316,0 28.5
11,786,0 27.0
138.284,8 28.4
20,042,8 25.1)
3,240.0 25.4
8,192,2 26.4
3,879,8 24.7
104,868,0 25.3
14,208,8 28.7
4,025,8 25.5
5,440,8 25.8
15,378,3 25.5
7,514,3 28.9
3,229,9 25.4
11.547,1 26.8
4,543,0 25.0
28,033,0 27.3
16,483,3 26.8
8,369,0 28.5
13,282,0 28.1
5,112,4 26.8
17,794,1 24.9
1461
854,300, a decrease of $328,500 from last week; averages include United Sietee
deposits of $8,821,700, a decrease of $352,300 from last week.
WARMAN
"Reserve on deposits" includes, for both trust companies and State banks, not
only cash items but amounts due from reserve agents. In addition the Trust
Companies aso on November 28 held a bond reserve of $29,404,400. Trust Companies in New York State are required by law to keep a reserve proportionate to
their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the aggregate cf deposits,exclusive of
moneys held in trust and not payable within 30 days, and also exclusive of time
deposits not payable within 30 days, represented by certificates, and also exclusive
of deposits secured by bonds of the State of New York. The State Banks are
likewise required to keep a reserve varying according to location, but in this case
the reserve is computed on the whole amount of deposits, exclusive of deposits
secured by bonds of the State of New York.
RESERVE REQUIRED FOR TRUST COMPANIES & STATE BANKS
-Trust Companies-State Banks
Total Of which in Cash.
Total Of which in Cash.
Reserve
Reserve
LocationRequired. Now. By Feb.1. Required. Now. By Feb.1
Manhattan Borough
15%
10%
16%
*25%
115% Is%
Brooklyn Borough
15%
*20%
% 10%
734% 10%
Other Boroughs
% 1007
15%
7Y.6%
15%
%
Elsewhere in State
10%
4%
*15%
% 6%
5V
.
"
* This is the aggregate reserve required on and after Feb. 1 1909. According to
the State Banking Department, the present aggregate reserve requirement for Manhattan is 20%; for Brooklyn, 17%; for other, boroughs. 15%, and for the rest of
the State, 1234%.
Reports of Non-Member Banks.-The following is the
statement of condition of the non-member banks for the
week ending Nov.28, based on average daily results:
We omU two ciphers (00) in all cases.
Banks.
Surplus.
Captlat.
N. Y. City.
Boroughs of
Man.&Brx. $
Wash.Hgts. 100,0
Century ___ 200,0
Colonial ___ 400,0
Columbia _ _ 300,0
Fidelity _ _
200,0
Jefferson__
500,0
Mt. Morris_ 250,0
Mutual __
200,0
19th Ward_ 300,0
Plaza
100,0
23d Ward
100,0
UnionExch. 750,0
Yorkville __
100,0
Coal&I.Nat. 500,0
New Nethd
200,0
Batt.Pk.Nat 200,0
Borough of
Brooklyn.
Broadway _
150,0
Mfrs' Nat__
252,0
Mechanics'_ 1,000,0
Nassau Nat. 750,0
Nat. City__ 300,0
Totals. Average 126,350,0 163,720,1 1340,537.1 304,427,2 80,047,2 1425,375,0 27.1 North Side_
100,0
Jersey City.
Actual figures Nov. 28
1348,282,7 301,300,6 80,659,6 1432,318,3 28.8 First Nat__ 400,0
Elud.Co.Nat 250,0
Nat__ 200,0
PliOn the basis of averages circulation amounted to $45,542,100 and United States Third
Hoboken.
deposits (included in deposits) to $8,821,700; actual figures Nov. 28: circulation. First
Nat__ 220,0
$45,071,100: United States deposits, $8,854,300.
Second Nat. 125,0
The State Banking Department also now furnishes weekly Tot. Nov.28
8,147,0
returns of the State banks and trust companies under its Tot. Nov.21 17,847,0
Tot. Nov.14 7,847,0
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
Loans,
Disc'ts
and
Investments.
Specie.
Legal
Tender
and
Bank
Notes.
Deposit with
ClearOther
Net
ing
Banks, Deposits.
Agent.
&c.
$
207,5
145,3
180,0
425,9
175,2
673,3
264,6
317,8
470,4
398.3
182,2
818,9
393,3
708,0
231,9
142,4
$
1,005,0
1,648,8
3,864,7
5,579.0
871,2
3,202,4
2,206,9
3,443,5
3,585,9
3,398,0
1,588,5
6,707,1
3,363.9
4,563,0
1,609,0
1,017,8
$
76,0
21,6
666,3
556,0
72,0
21,6
368,9
34,2
76,7
242,0
164,6
910,3
55,7
907,0
133,0
157,7
$
153,0
133,9
415.4
636,0
121,8
355,8
457,4
889,8
485,0
805,0
192,2
641,5
249,3
494,0
205,0
114,2
$
$
988,0
234,0 2,061,0
703,7 5,333,7
6,638,0
1812,5
252,9 3,221,5
89,5 2,988,4
5,0 4,158,5
993,6 5,198,5
4,245,0
1,817,6
7,234,3
4,334,7
115,0 4,902,0
15,0 1,598,0
L917,1
420,1
775,2
836,1
939,3
575,6
216,7
2,859,1
5,433,8
9,849,6
6,555,0
4,098,0
1,557,0
14,2 375,1
210,5
608,1 154,8
831,7
229,9 1,415,5 1,280,8
333,0 728,0 1.315,0
113,0 615,0
765,0
144,3
99,4
177,5
129,8 3,254,3
190,7 6,117,4
150,3 12,881,4
7,079,0
154,0 5,324,0
155,8 1,899,8
1,214,5 3,961,4
715,7 2,408,5
367,3 1.665,1
199,9
152,9
69.7
810,6 2,457,7
213,1 1,987.4
120,5
76,4
$
42,0
207,7
212,3
516,0
23,2
291,6
40,5
441,5
562,3
310,0
48,1
536,0
761,0
331,0
44,0
32,3
.
11
350,6 3,878,4 1,532,0 6,831,7
38,8
273,1 535,8 2,574,9
95,6 2,473,9
613,6
160,3
33,4
48,2
122,4
82,1
145,6 2,168,6
317,3 2,360,0
12,619,2 90,467,3 6,525,5 8,406,6 15,599,4 5,815,8 109211,8
12,939,8 90,560,4 6,614,2 8,188,2 15,564,1 6,010,9 110394,9
12,939,8 90,462,3 6,633,9 8,302,5 14,733,6 5,930,8 109686,6
New York City, Boston and Philadelphia Banks.-Below
is a summary of the weekly totals of the Clearing-House
New York) and those for the rest of the State. Further- banks of New York City, Boston and Philadelphia. The
more, in the case of this city, besides reporting the results for New York figures do not include results for non-member
the State banks and for the trust companies,separate figures banks.
We omit two ciphers in all these limes.
are presented to indicate the totals for the State banks and
Capital
trust companies in the Greater New York not in the Clearing
Loans.
and
Banks.
Specie. Legal:. Deposits. a Circu- Clearings.
Surplus.
fatten.
House. In the following we give all the different sets of
figures, indicating by plus(+)or minus(-)sign the changes New York
$
$
$
$
$
$
$
Oct. 31__ 290,070,1 1333,385,8 305,162,4 81,280,8 1411,416,3 52,983,5 1,557,851,2
from the previous week. To make the statement as com- Nov. 7._ 290,070,1 1323,142,1 301,116,9 78,393.3 1396,920,9 02,834,1 1,809,411,1
Nov.14_. 290,070,1
302,088,1 79,004,5 1403,522,6 52,431,8 2,345,970,6
prehensive as possible, we start with the totals of the Clearing Nov.21_ 290,070,1 1328,147,6
1332,773,1 303,390,5 79,716,2 1414,028,3 47,901,3 2,172,383,0
Nov
.28._
304,427.2 80,047,2 1425,376.0 45.542,1 1,689,119,2
290,070,1
1340,537,1
as
House banks
contained in the above, giving both the
Boston.
averages for the week and the actual figures at the end of Nov. 7_ 41,790,0 207,497,0 25,495,0 3,990,0 265,310,0 10,267,0 180,565,4
Nov. 14_ 41,790,0 212,420,0 26,645,0 4,119,0 286,734,0 10,198,0 188,294,8
Nov.21_ 41,790,0 210,429,0 26,694,0 4,058,0 263,669,0 8,783,0 187,431,1
the week.
Nov .28_ _ 41,790,0 210,756,0 25,650,0 4,414,0 257,057.0 8,621,0 138.494.3
Phila.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Nov. 7._ 54,390,0 246,167,0
82,587,0
307,082,0 13,908,0 119,571,1
Week endtng November 28 1908.
14__ 54,390,0 247,425,0
82,175,0
309,087,0 13,357,0 139,225,0
Loans and
Reserve on P.C. Nov.
N w.21._ 54,390.0 247,004,0
80,551,0
303,502,0 13,230,0 142,022,1
&gals.
00s omitted. Investments. Specie.
Deposits. of Re- Nov
Deposits.
.28._ 54,390,0 245,995,0
82,033,0
306,837,0 13,228,0 117,279,3
$
UM.
Clearing-House
Banks-Actual.348,282,7 301,300.6 80,659,6 1,432,318,3 381,960,2 20.82
a Including Government deposits, and for Boston and Philadelphia the Item
+9,927,2 -4,053,3
+10,340.7 -4,480,9 +427,8
'due to other banks." At New York Government deposits amounted to $8,Clearing-House
821,700 on November 28, against $9,174,000 on November 21: at Boston to $1,Banks-Aver_.1,340,537,1 304,427,2 80,047,2 1,425,375,0 384,474,4 27.14 582,000 on November 28 and $1,598,000 on November 21.
+7,764,0 +1,036,7 +331,0 +11.346,7 +1,367,7
State BanksAverage
288,007,5 59,395,8 a25,309,4 345,841,5 106,247,8 31.4
+883,1
+638,5 +2,201,4 +3,436,8
-658,6
Tru.st Co mpaniesAverage
900,570,6 84,556,2 a7,475,9
996,845,9 297,815,3 32.7
+10,5 +13,699,2 +0,587,0
+5,530,8 +1,313,4
We shall be oleasod to furnish to institutions and Investors copies
State Banks and
of our special circular describing
Trust Co's-not
43 RAILROAD BONDS
in Clear.-House 991,191,2 90,551,2 15,399,4 51,104,841,1 329,479,6 32.4
Listed upon the New York Stock Exchange
+5,884,8 +1,277,5 +230,5 +14,381,2 +7,337,4
Anthing and financial.
STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW YORK.
Week ending November 28 1908.
% of
Loans.
Deposits,
Reserve. Res.
$81,163,200 $88,178.800 $20,336,200 23.8
State Banks
+507,700
-666,700 -.1,007,21)0
122,799,700 131,883,500 23,322,500 18.3
Trust Companies
+875,500
-142,700
-535.100
+Increase over last week. -Decrease from last week.
a Includes bank notes. b After eliminating the item "Due from reserve depositories and other banks and trust companies in New York City," deposits amount to
$910,348,300, an increase of $7,988,100 over last week's figures.
Note.-In the case of the Clearing-House banks, the deposits are "net" both for
the average and the actual figures; in all other eases "gross" deposits are shown. The
Clearing-Hettse actual figures included United States deposits amounting to $8,-
Spencer Trask & C.o.
WILLIAM AND PINE STS..
- NEW YORK
Branch offices: Chicago. Iii., and Albany. N. Y
MOFFAT & WHITE
Members New York Stock Exchange.
HANOVER BANK BUILDING
5 NASSAU STREET.
DEALERS iN INVESTMENT SECURITIES.
Cumnission Orders Executed toe Caii, only,
1462
THE CHRONICLE
inanhers' Oazztte.
Wall Street, Friday Night, Dec. 4 1908.
The Money Market and Financial Situation.-The stock
market has this week followed the course which it usually'
does after a long-continued movement towards higher prices
such as has recently taken place. As noted last week, many
issues then reached the highest prices of the year. These
prices were, as is well known, more or less the result of outside buying, and the fact that such buying is now much less
conspicuous than last month furnishes, doubtless, a sufficient
reason for the present hesitating and unsteady condition of
the market.
The bond market is of a different character, however. One
of the most interesting catures of the week has been the
readiness with which several large new bond issues have been
absorbed, and at the Exchange the transactions have been
on an enormous scale. This is especially true of several
low-priced issues, some of which have made an almost phenomenal advance.
Another event of interest has been the engagement of
$3,000,000 gold for export. This was not unexpected, in
view of recent foreign excha ge rates, but attracts attention
because of the very large international trade balance in our
favor, as shown by recent Government reports. This gold
movement would seem to be substantial evidence that American securities have been returned to this country in large
volume during the recent high prices. It is attended by an
advance in call loan rates to 3%,a rate equaled only on one
occasion (during the week ending Nov. 14) since last winter.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1% to 3%. To-day's rates on call were 2©2%%.
Commercial paper quoted at 3%©4% for 60 to 90 day
endorsements and 4@4%% for best single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £956,452 and the percentage
of reserve to liabilities was 48.50, against 48.92 last week.
CiThe rate of discount remains unchanged at 23.% as fixed
May 28. The Bank of France shows an increase of 15,
700,000 francs gold and 2,300,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1908.
Averages for
week ending
Nov. 28.
Differences
from
previous week.
1907.
Averages for
week ending
Nov. 30.
1906.
Averages for
week ending
Dee. 1.
$
$
$
$
126,350,000
129,400,000 119,150,000
Capital
163,720,100
Surplus
164,098,300 158,609,700
Loans and discounts_ _ _ 1,340,537,100 Inc. 7,764,000 1,198,078,500 1,048,552,300
45,542,100 Dec. 2,359,200
Circulation
62,129,800
53,324,400
1,425,375,000 Inc. 11,346,700 1,083,283,300 998,634,700
Net deposits
8,821,700 Dec.
352,300
71,715,700
14,246,500
U. S. dep. (incl. above)
304,427,200 Inc. 1,036,700 170,554,600 181,687,100
Specie
331,000
80,047,200 Inc.
47,276,800
69,420,700
Legal tenders
Reserve held
25%Of deposits
Surplus reserve
Surplus excl. U.S.dep.
384,474,400 Inc.
356,343,750 Inc.
1,367,700
2,836,675
217,831,400
270,820,825
251,107,800
249,658,675
28,130,650 Dec. 1,968,975 def52,989,425
1,449,125
30,336,075 Dec. 1,557,050 det35,060,500
5,010,750
Note.-The Clearing House now issues a statement weekly showing the total
of the actual figures on Saturday morning. These figures, together with the returns
of separate banks, also the summary issued by the State Banking Department
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the preceding page.
Foreign Exchange.-The market was strong again this
week and it continued to be influenced by a scarcity of bills
and by an urgent demand for remittance, especially for
securities. The tone wag easier at the close; gold exports,
$1,500,000 to Paris, and engagements $1,500,000.
To-day's (Friday's) nominal rates for sterling exchange
were 4 85 for sixty day and 4 873/ for sight. To-day's
(Friday's) actual rates for sterling exchange were 4 8440@
4 8450 for long, 4 8640@.4 8645 for short and 4 8665@
4 8675 for cables. Commercial on banks 4 84@4 8410
and documents for payment 4 8334@4 84%. Cotton for
payment 4 8314@4 83%. Cotton for acceptance 4 84@,
4 8410 and grain for payment 4 843/
2@4 84%.
To-day's actual rates for Paris bankers' francs were
5 183'©5 173a for long and 5 1614@)5 15%/1 for short.
Germany bankers' marks were 94 11-16(04% for long
and 95 1-16d@95 1-16 for short. Amsterdam bankers'
guilders were 40 30(4)40 32 for short.
Exchange at Paris on London to-day 25f. 11c. Week's
range 25f. 11%c. high, and 25f. 11c. low.
The week's range for exchange rates follows:
Long
Sterling, Actual4 8460
@4 8470
High
4 8425
@)4 8430
Low
Paris Bankers Francs5 18%
High
05 171
5 18%
05 18
Low
Germany Bankers' MarksHigh
94 11-16 (4) 94%
94%
88 94%
Low
Amsterdam Bankers' GuildersHigh
Low
Cables
Short
14 8675
14 8640
(44 8680
@4 8645
14 8705
14 8665
15 15%a
15 16%
@5 151%d
(4)5 15%h
1
1
1 95 1-16
1 95
0 95%
1
88 95 1-16 1
1 40 34
1 40 30
@ 40 35
@ 40 32
04 8710
@4 8675
1
Less: a 1-16 of 1%. d 1-32 of 1%. hi 3-32 of 1%.
Plus: k 1-18 01 1%. x 1-32 of 1%. y 3-32 of 1%.
The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah
buying 50c.• per $1,000 discount; selling 75c. per $1,000
premium. Charleston selling $1 per $1,000 premium. New
[VoL. Lxxxvn.
Orleans bank 75c. per $1,000 discount; commercial $1 per
$1,000 discount. Chicago, par. St. Louis, par. San
Francisco 25c. per $1,000 premium.
State and Railroad Bonds.-Sales of State bonds at the
Boa-rd include $11,000 Virginia 6s deferred trust receipts at
45 and $1,000 District of Columbia 3.65s at 110.
The market for railway and industrial bonds has been
more active and exceptionally strong in some cases. Lowpriced issues have been in favor, the dealings in a few such
having been on a very large scale.
United States Bonds.-No sales of Government bonds
have been reported at the Board this week. The following
are the daily closing quotations; for yearly range see third page
following.
Interest
Periods
registered Q-Jan
2s, 1930
coupon Q-Jan
2s, 1930
registered Q-Feb
38, 1908-18
coupon Q-Feb
38, 1908-18
38, 1908-18___ _small coupon Q-Feb
registered Q-Feb
4s, 1925
coupon Q-Feb
4s, 1925
2s, 1936_Panama Canal coup Q-Nov
Nov.
28
Nov.
30
Dec.
1
Dec.
2
Dec.
3
Dec.
4
*103% *103% *1023
% *102% *102% *102%
*104 *104 *104 *104 *104 *104
*100% *100% *1003
% *100% *1003
% *100%
*100% *1003
4 *100% *100% *100% *1003
%
*100 *100 *100 *100 *100 *100
*120% *nog *nom, *120% *120x *120%
*121 *121 *121 *121 *121 *121
*102% *102% *102 *102 *102 *102
*This is the price bid at the morning board: no sale was made.
Railroad and Miscellaneous Stocks.-The market for
shares has been irregular throughout the week. The
general tendency has been towards weakness until to-day,
but several issues have been strong for special reasons,and ,
the rather unusual advance in a few instances has, no
doubt, prevented a more general decline in the list as a whole.
The strong features referred to are almost all low-priced
stocks, including Rock Island preferred, St. Louis & San
Francisco 2d preferred, Chicago & Alton, Missouri Pacific,
Chesapeake & Ohio and Ontario & Western. On the other
hand, Delaware & Hudson, Southern Pacific, Reading and
Union Pacific have declined and nearly half the active railway list shows a net loss for the week.
For daily volume of business see page 1472.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Dec. 4.
Alice Mining
Amer Teleg & Cable_ _ _ _
Assoc Merchants, 1st pf
Buff Rochester & Pitts_ _
Cent & Sou Amer Teleg.
Chic Terminal Transfer_
Comstock Tunnel
Evan.sv & Terre Haute_
Hocking Valley, pret'd
J. P. M. & Co. rcts.....
Homestake Mining
Kanawha & Mich tr rec.
Nat Mex pref tr rots_
NY &NJ Telephone...
Rights
Ontario Sliver Mining__ _
Peoria & Eastern
RR Securities-Ills Cent
stock trust certificates
Rutland, preferred
St L & 5 F-C & E MI
new stock trust Ws_ _
Southern-M & 0 stock
trust certificates
United Cigar Mfrs, pref_
U S Leather, pref
Vulcan DetInning, pref.
Sales
for
Week.
Range for Week.
Lowest.
200 $2%
300 77%
100 100
100 90%
125 107'
100 6
1,300 30c.
1,200 60
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Dec
1 82%
1 78
1 100
2 90%
1 107
28 6
1 32c.
2 64
Dec
Dec
Dec
Dec
Dec
Nov
Dec
Dec
100 89 Dec
100 96% Dec
1,400 46 Dec
100 51% Dec
380 112 Dec
3,911 2%\ Dec
200 3% Dec
2,400 23% Dec
3 89
1 96%
1 50
4 51%
2 112
1 3
3%
1 25%
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
510 92
100 33
Nov 28 92
Dec 2 33
25 66% Nov 30 67
50 80
15 98
100113%
1,000 48%
Range since Jan. 1.
Highest.
Dec 2 80
Dec 1 98
Nov 30113%
Dec 1 50%
Lowest.
1 81%
1 50
1 100
2 75%
1 100
28
1 20c.
2 60
Highest.
Feb 33%
Mch 78
Dec 100
Jan 98
Apr 107%
Feb 8
Mch 440.
May 64
Jan
Dec
Dec
Nov
July
May
Ap
Dec
Jan 89
Jan 96%
Jan 50
Aug 54%
Feb 122
Dec 3
Jan 6
Apr 25%
Dec
Nov
Dec
Nov
Nov
Dec
May
Dec
Dec 2 79
Dec 2 24
Mch 94
Jan 33
Sept
Dec
Dec
Apr 67
Dec
3
1
4
4
2
1
2
1
70
67
29
46
90
2%
2
13
1 50
Dec 2
Dec 1
Nov 30
Dec 2
60
80
95
25
Jan 82
Nov
Jan 98
Dec
Oct
Jan 118
Apr 50% Nov
Outside Market.-"Curb" trading was irregular this week
and in lessening volume, with prices for the most part inclined to, weakness, though losses were only moderate.
Activity in bonds continued. The new Amer. Telep. &
Teleg.4s, "w.i.",rose from 93 to 9313-16 on transactions of
some $4,200,000. The bonds sold to-day at from 93% to
933/2. Consolidated SS. 4s, receipts, were heavily dealt in
between 163/b and 17. The securities of the Atlantic Gulf
& West Indies SS. Lines, the concern to succeed the Consolidated SS. Lines, made their appearance, the 5% bonds
selling "w. i." from 623 to 62„ and the common stock at
33/ and preferred at 21. Philippine Ry. 4s "w. 1." ad3 to 95, but declined to 9434. American
vanced from 94%
Writing Paper 5s moved down from 86 to 853.. Central
Foundry 6s gained a point to 70. International Salt 5s
advanced from 54 to 60. Tidewater 6% notes were up
from 100 to 100%. The industrial list was better represented than usual. Sales of International Salt were made
4. Standard Milling comat from 16 to 18 and back to 173
% to 123'. Standard Oil admon was traded in from 113
vanced from 652 to 69, recording a further gain to-day
to 670. Boston Consolidated lost a point to 165. British
3
Columbia declined from 83.. to 7%.
Butte Coalition from
.7 and ends the week at 278. Cumber28YI dropped to 2
land Ely at one time sold up a point to 93 but dropped
to 8, and closed to-day at 8 3-16. First National weakened
from 83' to 73i. Greene Cananea went down from 11%
to 10% and recovered finally to 1134. United Copper
common fell almost a point to 13 8, but recovered to 1434,
with the close 143I. Cobalt properties were prominent.
Cobalt Central from 51 cents moved down to 44 cents, then
ran up to 61 cents. Announcement was made that ,the
initial dividend would be declared on December 17.
inssing dropped from 10% to 9, but closes at 103'. Goldfield
Consolidated from 7 9-16 advanced to 8 3-16.
Outside quotations will be found on page 1472.
New York Stook Exchange-Stook Record, Daily, Weekly and Yearly
OCCUPYING TWO
STOCKS-HIGHEST AND LOWEST SALE'PRICES
salurday
Nov. 28
Monday
Noth30 '
Tuesday
Dec 1
Wednesday
Dee. 2
2'hursday
Dec. 3.
Friday
Dec. 4.
PAGES
Sales a;
STOCKS"
NEV YORK STOCK
. Me
EXCA;ANGE
Wee&
Shares.
Range Since Jan. 1 1908.
On oasis of 100-Share tole
Lowest
Railroads
Hi; Feb 14
67,200 A tch Topeka & SantaFe
9812 99
9938 9838 9914 0712 9938 9758 90
9834 98
98
8338 Feb 17
10153 10134 3,800 ri Do pref
10138 10134 10134 102
10078 10112 10112 102
10012 101
591.
_
RR.
Line
Mob 2
Coast
Atlantic
4,300
111
111
10912
11013
110
11013
11012
111
1111
110
11012
2
11012
7613 Feb 10
Ohio
10734 10838 10738 10814 10714 10818 10634 10833 10673 10814 10778 10858 40,500 Daltimore
80 Jan 3
635 1) Do pref
92
92
*9112 94
9213. 93
93
*91
93
9112 9112 *91
3714 Feb 10
5658 55
5633 54% 5558 5513 7614 50,625 Brooklyn Rapid Transit_
55
5578 5438 557
55
6212 *---- 6212 *---- 6212
Buffalo & Susque, pref__ 55934 Oct '23
6212
6212 *____ 6212
140 Feb 17
anadian Pacific
20,600
17534 17614 17513 17512 17534 178
17512 1758 17512 17573 175 176
54 Mch 4
68
anada Southern
*64
*64
68
*64
68
*65
68
68
*65
68
*66
Central of New Jersey_ -- 160 Feb 11
*210 212 *210 212 *208 212 *210 212 *208 212 *208 212
2512 Feb 19
5033 4812 4978 4812 5078 5078 5334 136,657 Chesapeake & Ohio
4734 4818 4814 5118 x49
10 Feb 13
4714 4734 4818 5112 50
5134 4913 5112 4834 5034 5073 5112 14,950 Chicago & Alton RR.47 Mch24
400
72
72
72
Do pref
*71
*71
71
71
7114 7114 *71
7034 71
5 318 Feb
1078 1134 8.400 Chicago Great Western
1012 1112 1034 1112 1034 11
1112 1212 1112 12
3312 Idch19
6012
6013 6013 60
62
Do 4% debentures
*59
300
61
*59
*60
61
*58
61
151: Feb 15
Do 5% pre "A"
400
34
37
3414 3512 34
35
35
*34
37
*35
37
*35
5 Feb 11
1433 14% 1434 1518 7,500
Do 4% pref "B"
1438 1514
1412 1518 1434 15
1478 15
' 14858 15014 15038 15134 15038 15214 14953 15212 149 15034 15014 15112 225,250 Chicago Milw & St Paul_ 10312 Jan 2
an 3
138
Do Jpref
163 163
163 163
16212 16212 16212 16234 1.150
16278 16278 16314 164
Do corn instailm't ctfs 9812Jan 3
14634 147
*145 14712 2,383
145 14558 145 145
. 14338 144
161 16114 16034 161
Do pref Installm't ctfs 12558Jan 2
*159 18012 1,600
161 161
' 160 160
17453 17e3i 177 17812 x174 17434 17334 17412 8.075 Chicago dc North Western 136'2 Jan 2
176 17612 175 176
5185 Jan 11
Do pref
*210 218 *210 220 *210 220 *210 220 *210 218 *210 220
400 Chic St P Minn & Omaha 114 Feb 25
153 154 *150 133 *150 153
153 153
*148 153 *148 153
14012Jan 3
Do pref
*165 170 *165 170 *165 170 *165 170 *165 170 *165 170
58 Apr 3
900 Chic Un Trac ctfs stmpd
438 412
412 *4
414 414 *414 412
412
438 413 *4
4 Apr 10
Do pref ctfs stmpd
13
1312 1,200
1273 1314 13
13 *12
1314 1273 13 *1212 13
471* J'ne 17
900 Cleve Cln Chic & St L.._
6712
67
*66
68
87
6612 6612 6612
6634 67
2 *65
854 Feb 19
Do pref
*98 102
610
*1
*98 102
*98
-- *99
*98 100
21 Feb 19
4834
4834 4913 4834 5013 5018 5114 4978 5214 5273 5412 32.935 Colorado & Southern
5038Jan '2
Do 1st preferred
7118 57114 7114 2,345
6953 70
6934 63.34 6912 6938 6953 7018 70
3934 Feb 19
Do 2d preferred
6513 5,430
65
6353 6334 6312 6378 6312 6312 6312 6334 6234 65
14112 Feb 10
176 17614 175 17513 176 17612 2.515 nelaware & Hudson
' 177 17712 176 177 *176 177
500 1 /elaware Lack & West_ 420 Jan 6
*560 56712 *555 568 *555 56712 *-- 568 *560 565 x560 56334
1414 Feb it
3658 24,735 Denver & Rio Grande
34
3234 34
3512 3413 351. 35
8 33
327
3234 33
3914 Mch 2
Do pref
7812 7812 7912 5.680
7814 7934 78
*7712 79
7834 7734 78
; *78
3212 Apr 16
850 Detroit United
*5412 __
55
55
*55
57
5412 5434 5434 5518
6 Feb 11
1712 1,703 Duluth So Shore dc Atlan
17
17
17
17
7- 17 - 17
1758 1773 -17
18
*17
1134 Feb 13
Do pref
3112 3112 2,350
32
31
30
31
3113 3178 53134 3134 3012 32
12
Mch 6
Uric
47.350
3412
3234
3212
3214
3312
3234
3312 3278 3312 3253 3338
33
2438 Mch 4
Do 1st pref
4773 4878 8,366
4712 4678 4714 4678 4712 4634 47
•4714 4712 47
16 Mch 6
Do 2d pref
1,100
38
2 3814 40
*3714
*3712 3834 3712 3758 3738 3731 38
11334 Feb 10
38138 14212 14514 221,810 Great Northern pref
14013 14138 13912 14114 13918 14012 13912 14134 139 14233
4813 Jan 2
7112 7313 72
7234 73
7434 7334 7412 19,110 Iron Ore properties
7412 7214 74
74
Green Bay & W,deb et:A 71 Mch19
8 Jan 14
B
ctf
deb
--4
113
Do
-1612
15
1434
1533
1512
"M"
*15
TE"
15
16
20 Meh24
112
3,
*33
133 U avane Electric
34
3334 34
*32
3412 *3212 3414 *32
3334 *32
670 Jan
160
88
Do pref
*82
*80
88
84
84
*8234 88
88
*80
84
*80
Hocking Valley tr rcts___ 62 Feb 10
*9214 97
*9214 97 *9214 97
97 *-- 97
*87
*9214 97
69 Mch19
90
12
Do pref
*87
*87
89
$89
*8712 89
89
*85
89
*87
12212 Feb 17
14818 149
32.900 I llinols Central
8953 14738 149
14634 14714 147 14812 14712 14958
14612 147
634 Jan 4
26,775
1514
1412
L
14
nterboro-Metropolitan_
1414
1434
1413
1412 1514
1412 1513 1433 15
171* Feb 19
Do pref
3434 3614 11,750
3658 3412 3518 3473 35
35
3514 3534 3414 35
10 Feb 19
3214 14,150 Iowa Central
2912 2958 2953 2958 *2812 2912 29
2934 203.1 293i 30
2712 Feb 19
4612 49
5.450
Do pref
47
968 4712 4712 4712 4634 4678 4634 4714 *46
M tr cfs.pref 57 Aug 19
7213 7278 72% 7312 7312 1,069 IOC Ft S
71
71
56912 6912 *6912 7012 70
18 Feb 25
3338 3414 3314 3414 34
3514 40,200 mensal! City Southern_ _
3134 3233 3218 33
3112 32
46 Feb 19
67
6714 9,815
Do pref
67
66
0458 6012 6614 6718 66
6512 6578 65
230
12 Jan 4
25
ake Erie & Western
2313 2312 *22
24
*21
24
*22
24
2413 2412 524
860 LA Do prof
34 May 2
58
*58
58
58
*543
5714 *56
56
56
55
56
56
500 Long Island
30 Feb 6
55
55
5512 *53
55
57
60
*50
60
*50
60
*50
8714 Feb 19
12012 12158 12212 12312 8,050 Louisville & Nashville_ _ _
122 12214 12012 12214 12114 12273 121 122
149 14934 4,170 rtyl anhattan Elevated__ _ 120 Jan 4
148 148
14734 149
147 150
147 147
147 148
400 1.1 etropolltan Street__ _ _
15 Feb 24
35
*25
*28
31
*25
32
31
30
30
30
32
*30
54i,Jan 2
500 Mexican Central
;0
600
1412 May 1
8
Do
certfs___
Co
Trust
_
1714
1673 ifis ;1414 15-8 -16E8 Tag *17 -If1-4
*1713
20 Mch 2
900 Minneapolis & St Louis_ _
4912
*4714 4814 4714 4714 4712 4712 *47 48 4712 4712 4712 85
61 Feb 29
Do pref
85
*80
85 *80
*80
84
*80
85
*80
85
*80
7914 Jan 2
*132 13212 13134 13278 132 133
132 13314 13012 13134 132 13214 2,880 Minn St P & S S Marie__ _
12312 Feb 11
Do pret
300
*147 149
14812 14812 14812 14812 149 149 *14712 150 *14712 149
1712 Mch 2
3914 3734 3812 3814 3918 144,400 Mo Kansas & Texas
3734 3834 3712 3858 3773 3914 38
46 Feb 19
Do pref
7058 711. 2031 7114 7012 7153 70% 7158 7114 7173 7112 7134 • 6,300
'2812 Feb 19
64
63
6618 6512 6678 80,710 MIssouri Pacific
6234 6414 6353 6512 6434 6718 64
9734 Jan 2
150 M ash Chatt & St Louis_
*120 125
122 122 *120 125 512213 12212 *120
9013 Jan 2
49.230 11 Y Central & Hudson_
. 11712 11818 11614 11833
12538 116fg 11713 11634 118
11634 11718 11612 1181
2412 Jan 3
*49
49
49
4712 50
52
51
*50
*4812 5012 4914 4914 1.400 N Y Chic & St Louls
90 Jan 14
Do 1st pref
*101 107 *102 107 *100 10612 *100 105 *100 107 *100 107
60 Feb 8
Do 2d pret
20
82
80
*78
82 *77
57914 7914 *78
82
83 *78
*79
200 NYNH & H artford_ _ _ 12838Jan 6
15834 15834 *159 15978 *15712 158
*158 160 *1'56 160 *157
4533 45
4918 16038
4633 45
4312 45
4312 433
4534 4518 4612 70.870 N Y Ontario & Western.. 2918 Feb 19
58 Feb 19
8412 8412 83
8414 85
8414 8412 19,050 Norfolk & Western
8412 8614 x8278 85
84
74 Mch 24
Do adjustment pref._
*85
90
9'1
90
*84
90
*9412 --*85
*84
8 Jan 2
1167
Northern
101,620
Pacific
144
141
14312
142
8
1427
8
1417
14034 14214
174-31-4 14134 143
103 Feb 10
Do subscrlp rcts
14058 14214 141 14138 14134 14212 4,400
14173 14178 14153 1423 14112 142
65 Sep 22
200 pacific Coast Co
83
*79
83
84
*79
*80
84
83 *79
*79
84
*79
90 May26
Do 1st pref
L
*90 100
*90 100
*88 100
*88 100 *90 100
*90 100
79 Mch27
Do 2d pref
*80
90
90
90
*80
90 *80
90
*80
*80
90
*80
10834 Jan 2
12912 1301 12914 13018 12834 12914 12812 12938 12858 12873 129 12958 45,145 Pennsylvania
59 Jan 7
8673 1.820 Plttsb Cm n Chic & St L
8512 8512 8512 8510 *85
86
85
80
85
86
*85
8118 Mch 3
Do pref
*103 108 *103 108 *103 108 *103 109 *103 109 *103 109
9218 Feb 17
ead
13858 14034 13858 14018 13714 14013 13718 13814 13814 13958 581,900
13958 141
78 Jan 2
in°pret
1st
300 1A,ls
90
*8712 8912 *87
8912 *87
*87
89
8714 89
90
*88
76 Jan 6
*87
2d pref
8812 *86
*85
500
88
88
8712
88
885
*8712 8812 88
1012 Feb 3
2458 2514 2433 2513 24
2434 110,050 Rock Island Company
223.1 2314 2338 2418 2314 25
2034 Feb 3
Do pref
4934 5112 5134 5312 5314 5878 5878 6134 5834 6138 6014 6212 385,250
42 J'nc24
65
65
1,060 St L & San Fr, 1st pref
562% 62% *61
6412 64
*5858 6212 62
64
*60
1914 Feb 19
Do 2d pref
4112 25.327
3514 3914 3934 4213 3934 4013 40
36
35
3434 35
10 Mch 7
20
95
.1
5.
t
Southwestern..
5 StDoupisreSo
*2014 2114 *2014 2114 2114 2112 2112 2214 2112 2218 2173 2212 13
2412 Feb 19
54
5313 5234 5314
53
5112 5213 5253 5258 5234 5378 53
6614 Feb 17
119 11958 11838 11913 11853 11934 11812 11934 117 11812 11814 11918 191.605 Southern Pacific Co
1063 Jan 2
Do pref
123 123
12214 12214 12238 12278 12112 12214 12112 12173 12112 12178 2,700
913 Jan 10
2534 21,500 Southern v tr cfs stmpd2414 2538 25
2434 25
2413 2434 243g 2518 2453 25
2512 Mch 5
Do pret
do
5778 5812 5773 5878 5738 5878 5834 5912 14,012
5738 5778 5634 58 ,
1234 Feb 29
34
33% 3318 35% 78,850,l'exas & Pacific
33
32
3212 3134 3213 3173 3234 33
1512 Mch 23
bird Avenue (N Y)
3334 34% 18.380
33
3412 33
3378 34
3512 3312 3413 3314 34
612 Oct 9
300 Toledo Railway's & Light
o
9 *813 10 *9 912 913 10 *813 10 *8 14)
• 12 Feb 6
5,500 Toledo St L & Western
39
40
3913 403
*3914 4014 3913 40
3958 4014 3913 40
33 Feb 3
Do ipref
6173 6312 134
65
6438 6473 6312 6412 6313 6373 6312 6412 12,600
7814 Feb 7
110 Twin City Rapid Transit_
*9412 9538 *9478 9538 9473 997 *9412 9534 *94
9533 59514 9519
11012 Mch 2
17934 18034 18038 18214 636,600 rnion Pacific
18353 18434 18338 18434 r18113 18318 17934 183
9612 1,835 V
6612 96
7914 Apr 2
Do pref
9431 *95
9612 96
9614 9612 9612 *95
96
15 Jan 24
400 Unit Rya Inv't of San Fr
34
34
*32
*32
34
*32
31
34
. 34
*321
3312 *32
2713 Jan 22
47
Do pref
900
4814 4814 4812 4812 47
47% 47
4812 4812 4758 481
634 Mch 3
h
15
1438 151
f
15
1518 15
15
1512 1518 1534 1534 1712 23,800 IA/ abash
13 Mch 3
v
3778 3812 45 122,550
36
35
3512 35
37
351 3512 3434 36
Mch 14
1378 1438 2.200 Western Maryland
13
*13
13
13
1334 13
1312 1334 1234 13
1713
14214
Highest
9938 Not 30
102 Dec 1
11112 Dec 1
3.0934 Nov17
93 Dec 2
5712 Aug 10
6434 Mch21
18018 Nov18
68 Nov17
21134 Nov14
5334 Dec 4
6134 Dec 1
7114 Dec 1
1458 Nov17
6814 Aug 4
39 Nov ls•
1718 Nov17
15212 Dec 2
164 Nov30
1.17 Dec 2
16114 Dec 1
17812 Dec 2
216 Oct 22
154 Dec 1
170 Nov 9
412 Novi()
1434 May-13
6934 Nov13
fd) Nov13
5412 Dec
7118 Dec 3
6518 Dec
17814 Nov14
575 Nov10
3658 Dec 4
7934 Dec 2
56 Nov17
1834 Nov18
3334 Nov18
36 Nov11
50 Nov11
4012 Nov11
14514 Dec 4
7518 Nov13
84 NOVlb
1634 Nov17
35 Novi'
84 Dec3
95 Nov10
bet2 Nov27
14934 Nov17
1512 Nov25
3814 Aug iu
3214 Dec 4
49 Dec 4
7312 Dec 4
3514 Dec 4
6714 Dec 4
25 Novi
5714 Deo 1
5512 Dec 2
12312 Dec 4
150 Dec
43 Augl
2012 Jan 28
1814 Nov14
52 Nov13
85 Novl
136 Nov16
14912 Aug'
3914 Dec 1
7178 Dec 3
6718 Dec 2
122 Nov28
11812 Not 30
6214 Nov2
105 Nov 7
8112 Nov 7
161 Nov 9
4612 Dec 4
8614 Nov2
S738 Nor.,
15734 Novi
145 Novi
1)312Jan 19
90 May26
97 Jan 13
13112 Nov 4
88 Nov13
10834 Nov 5
14114 Nov17
8934 Nov11
89i., Nov11
2514 Dec 2
6212 Dec 4
65 Dec 2
4218 Dec 2
2258 Nov14
5434 Nov14
12012 Nov25
1.2513 May13
2634 Nov13
61 Nov13
3578 Des 4
47 Aug 10
1514 May 2.
4034 Nov30
65 Nov3r
951. Nov17
18478 Nov27
98 Nov17
3434 Nov18
50 Oct
1712 Dec 4
45 Dec 4
18 Mayll
Range for Previous
Year (1907)• (.
' Lotresi
GelipNov
78 Nov
58 Nov
7538Nov
75 Nov
2634Nov
7412Nov
138 Nov
52 Nov
144 Nov
x2314 Nov
818Nov
48 Sep
678Nov
4ts Dec
21 Dec
814Dec
9312Nov
130 Nov
-85 Nov
111 Oct
126 Oct
185 Oct
106 Oct
13712Dec
134 Oct
8 Dec
48 Nov
88 Dec
17 Nov
41 Nov
2912Nov
12358Oct
36402oct
16 Nov
53 Nov
3134Deo
0140ct
1) Nov
.:214Nov
28 Nov
20 Nov
107120ct
37 Oct
75 Oct
5340ct
241-Oct
72 -Apr
63 Nov
64 Nov
316 Nov'
4780ct
14 Nov
912N ov
29 Dec
60 Oct,
18 Mar
45 Mch
11 Nov
3934Nov
26 Dec
8512NOV
100780ct
23 Dec
1234N ov
2312Dec
3621:Pee
60 Oct
110 Oct
2034Nov
53 Nov
4418Dec
97 Dec
z89 Dec
19340ct
85 Nov
41 Oct
12738Nov
28 Oct
56 Oct
70 Oct
100120ct
9it2Nov
58 Nov
65 Nov
85 Dec
!10312Nov
51 Oct
69120ct
70120ct
73 Oct
67 Nov
1114N ov
2612N0v
58 Oct
24 Nov
1. Nov
25 Nov
133140c1
100 Oct
10 Nov
2912Nov
1712Nov
16 Nov
9 Dec
1834Dec
2934 Nov
6834Nov
100 Oct
75 Aug
1018Nov
20 Nov
8 Oct
1418Nov
Oct
•
Highein
10814 Jan
10158 Jan
13318 Jan.
122 Jan
0412 Jan
8358 Jan
8534 Feb
19512 Jan
611. Jan
221 Jan
56 Jan
2712 Jan
69 Jan
18 Jan
79 Feb
71-. Feb
264 Jan
15712 Jan
16510 Jan
141 Jan
149 Jan
205 Jan
234 Jan
170 Jan
165 Jan
334 May
17 J'ly
9278 Jan
10812 Jan
3878 Jan
695, Jan
5812 Jan
2271. Jan •
510 - Jan
4278 Jan
8378 Jan
8018 Jan
1913 Jan
39 Jan
4414 Jan
7578 Jan
67 Jan
18931 Jan
85 Jan
75 Oct
1412 Jan
47 Jan
861: Jan
114 Meb
99 Jan
172 Jan
39 Jan
7514 Jan
2872 Jail
51 Jan
80 Jan
3034 Jan
6134 Jan
2812 Jan
6712 Apr
6712 Jail
1451s Jan
148 Feb
107 Jan
275; Jan•
59 Jan
90 Jan
14014 Jan
168 Jan
4458 Mch.
7234 Jan
9234 Jan
147 Jan
13434 Jan
031- Jan
110 - Jan
9134 Jan
189 Jan
483,. Jan
9214 Jan
9012 Jan
18912 Jan
134 Feb
12418 Jan
76 Nov
125 Mcb.
14138 Jan
78 Jan
10512 Jan
13918 Jan ,.
92 Jan
94 Jan
301s Jan
6412 Jan
70 Jan
4838 Jan
2512 Jan
6212 Feb
9514 Jan
11818 Jan
34 Jan
9412 Jan
3718 Jan
123 Jan
29 Jan
3334 Jan
5473 Apr
10812 Jan.
183 Jan
96 May.
62 Jan
7118 Jan
1812 Jan
3812 Jan
3(51..fan
BAN KS AN 1) TRUST COMPANIES-BROKERS' QUOTATIONS.
Ask
Rid
Ask
Bid
Banks
Ask
Banks
Ask
Bid
Bid
Banks
950
440
-_ Park
-- Metropol'fill 165
Hanover __ 1535
310
300
__
II.220
People's
Morris11_
Mt
.
_
1560
175
Trad
165
&
Imp
0._ Fidelity 11_
CIL:IseaEx 11 200
New Yort
170
300 • Phenix .. .. 160
f135- Mutual II- 285
..-- Irving N Er 175
1771. Chemical __ 410
170
__ Fifth Ave.. 3800
Aetna
1,25
---- Plaza 1.---_, 610
180 Nassau 11.._ _ 200
300 i50 Jefferson 1 _ 170
- - Fifth
560 Citizens' Ctl t155 ..,..540
America 11_
_-_-,.Prod
___.
165
Amst_
Exc
155
New
1111
......
500
33712 d45 First
..-..- LI berty- _ _
790
-- City
Amer Exch. 124514
- New Neth'd - - 206 Seaboard.... 360 370
200 Lincoln __ 495
1-2-5 Coal & Iron 225
-- 14th St 11 -- 150
Battety Pk. 118
---350
---- Second
72-- NewYorkCo 750Manhattann 1320
210
200
__ . Fourth
335 Colonial 11- 700
Iloweryl! ., 320
----___ Sherman
135
New York _ 320
275
350 375
Mark%&Ful 260
-11 :300...... Columbian_ 400 300- Gallatin
BronxBoro
.._„.
250
___ N'ht &Dayl -.... 260 State 1
_. 290
Mechanics'_ 1255
160 Commerce . 190
193 Garfield _
Bryant Pk T, 150
300
-„,T
Ward
12th
500
-.
Ward
19th
11454
t19511,
_
Mercantile
145
8
3
1
II
Am
Germ
13.1
120
Butch & De 15212 1571- ConsolTd....
170 Northern -- ----145 23d Ward 11 5100
500
-_ Copper ..„.. _ 227It 23212 Germ'n Ex11 475
Werch Each 180
Century 11.... 117 ,
---- Union Sic 1i 190
- Oriental 11- - ,-- - Aerchants'„ 1165 ..
- -- Corn Ex 11-. 33212 340 Germania 11 525
Phase
1288
-____ Pacific 11___ 230- 250
K.184 nicer_ ps i 35
31-5
Metronoliq 11 375
4.5
Greenwich I! 750 2-6s
Chatham
I Bid and 114VPli nrirow mi anIna wore made on Ult.!((Av. t Ex-non rs, *, .P.1.2 thAn 100 shAre.., tState banks. a Ex-dividend and rlrhts. 0 New stoek.
t Stock ll3xckian,re or at auction this week. h First InstaUment oald. n Sold at privatt. sale at this prIcxx.
Banks
rad
Ask
Banks
Bid
Ask
Banks
•
1464
New York Stook Reoord-Conciuded-Page 2
STOCKS-HIGHEST AND LOWEST SALE PRICES
Ba8unia1
.Nov. 28.
Monday
Nov. 30.
Tuesday
Dee. 1.
Wednesday
Dec. 2.
Thursday
Dec. 3.
Friday
Dec. 4.
sates o
he
week
Sha,
-s
STOCKS
NEW YORK STOCK
EXCHANGE
'Yoh. LXXXVII.
hang, since Jan. 1 1975
2)74 ba.vis 01 100-share 1411
Lowest
Highest
12 •
6,550 Wheeling & Lake Erie___
412 Mch 7 12 Dec 4
25 . •8,250
Do 1st pref
1218 Apr 16 25 Dec 4
141
/
4 4,000
Do 2d pref
oFeb 27 1534 Nov17
7,900 Wisconsin Central
31
1312Feb 28 5134 Nov20
Do pref
6378 13,008
33 Feb Is 64 Nov25
Industrial&Miscellaneous
,*181
*181
*181
__ *181
_ *181
164 Jan 2 5200 Aug2;:.
Adams Express
*1831435 W78 1434 T434 1412 ---1434 1434 -1-53-8 *1434 1514
Ills-Chalmers
15% -1-538 12:475
5 Mch 6 1538 Dec 2
4812 4831 4814 4913 4858 4913 4912 49/
1
4 4812 4878 4812 4934 16,956
Do pref
14 Mch 0 50 Nov17
8418 8512 8334 8518 831 84
8518 8578 8412 86
100,001,
Amalgamated
8512
Copper
8378
4518 Feb 19 8838 Nov -,
34
3414 3414 34% 3414 34
33
3334 3314 3312 33
3312 3,450 Amer Agricultural Chem_
13 Jan 4 35 Nov25
*92
96
*90
96
*91
97
*90
96
*90
Do pref
96
*90
96
7812 Jan 4 86 Nov23
*2034 2114 *2034 2114 21
2134 2114 2178 21
21
2114 2112 2,800 American Beet Sugar.8413
- Feb 10 2478 Apr .
76
80
76
47613 7612 *75
*76
80
325
Do pref
7812 781., 79
79
65 Jan 23 80 Oct 14
.913 95,
913 978
912 934
912 978 1938 93;
938 912 4,361 American Can
4 Feb 20 1014 Nov13
7634 7612 7512 7614 7512 7633 7512 76/
20,030
1
4 76
7612 70
Do pref
76.+3
44 Jan 4 7178 Nov2i
4614 4734 4618 4633 4618 4e34 46
4618 47
4034 4653 4678 12,8210 American Car & Foundry 2513 Feb 13 4734 Nov13
108 108
*107 108
108 108 *107 10813 108 108 *10034 10812
4011
Do pref
8414 Mch 9 108 Nov 7
4234 4334 4212 43
4234 44
4212 43
_
42
Feb 19 4434 Nov25
4238 4134 4278 8,900 American Cotton 011___2434
9434 9434 *9312 95
*9314 95
194
*9313 05
94
Do .pref
110
*9312 95
580 Jan 10 97 Nov11
*205 215 ,202 212 *202 215 *202 215 *202 210 *202 215
American Express
;170 Feb 26 )224 May 11
*512 6
*512 6
*512 6
*612 6
*51. 6
*512 6
American Hide 6: Leather
234 Feb 26
614 Nov u
*28
29
28
*2713 29
28
*2712 29
00) Do 'prcf
2812 29
*28
29
121. Men 4 2934 Nov u
2553 26
*25/2 2612 2513 2732 2618 273
9,584 American Ice Securities. 121; Feb 8 3178 Aug ii
2513 261/. 26
20'3,
6
1438 1434 1413 1514 1414 1434
mcl
, : 1719 Dec 4
1453 1338 1434 151.-: 1573 171. 10.750 American Linseed
3114 3114 *30
32 *28
32
3312 3414 3414 3614 4,800
34
32
Do pref
17 Moll'
5' 3014
- Dec 4
5618 5612 50
5634 5558 5617 5518 5612 5518 5512 5514 561, 7,781 American Locomotive
3134 Feb 25 5958 Aug 13
*109 111 *109 110
110 110 1,109 110 *104 110 *109 110 Do pref
210
8512Jan 3 11078 Nov 7
7
7
719 *634 714 *5
*7
7
*5
100 American Malt Corp
7
*5
3 Mch 2
7
858 Sep 10
4612 4612 45
4512 45
45
*44
Do pref
*44
550
46
45
451.
*45
21 Jan 13 511 Sep 17
83
8312 83
8312 8334 84
1
4 8314 831, 8334 84 - 6,200 Amer Smelters Sec pref B
8.33.1 .83/
70 Jan 17 8418 Aug 7
9312 95
9134 9278 • 9212 97.7:: 150,650 ArnerSmelting & Refining 5512 Feb 17 107 Aug 7
9234 9412 9234 9412 9134 94
*106/2 10712 10613 10%334 10618 10652 106 10634 1062 10633 *100 107
Do pref
2,400
8734 Feb 20 1103 Aug 5
*191 300 *191 300 *191 300 *191 300 *19012 300 *191 300
American Snuff
180 Aug24 200 Apr 30
97 *90
*90
96
97 *85
*85
*85
Do Inv!
96
80 Mc1123 9712 Sep 17
96
*85
06
40
40
40
*39
40
40
40 *39
3912 3913 *39
642 Amer Steel Found (new).- 28 Sep 29 41 Nov18
40
4712 4712 *45
50
*45
*45
50 *45
50
2618 Feb 14 4713 Dec 2
Do old pref
50 *40
50
13234 13312 13212 13314 13234 13378 313033 13212 13034 13112 132 13213 7.145 American Sugar Refining 9834 Jan 2 13134 Aug31
*130 135 *130 133
Do pref
131 131 *129 131 *129 132
106 Feb 18 131 Nov24
200
13014 13014
130% 131
1
4 129 1291. 12914 12914 24,471 American Teleph & Teleg 101 Jan 6 1325 Nov24
12858 13034 12812 12914 129 129/
*92
93
*92
9234 9212 9234 9234 9258 925s 0214 9434 4,400 American Tobac (new),pt 72I Jan 2 9713 J'ly 14
93
2933 2978 2934 30
1613 Feb 17 3178 Nov17
31
3038 30/
2913 3018 *30
1
4 3058 3113 4,780 American Woolen
96
96
9514 9512 9512 9512 9514 951,
7814 Feb 19 97 Nov14
96
9513 9513 *95
Do pref
600
50
5118 4934 5034 4914 5078 491 4978 4934 6034 19,950 dAnacondaCopperPar$25 $2713 Feb 19 15319 Nov13
5034 51
33
314 314
333 1,30, clBatopilasMIntng Par$20 $212 Jan 23 $5 - Mch I)
314 338
*3% 3313 *31
312 *314 333
24
24
231 24
2334 2334 2334 24
2212 2212 *22
12 Jan 14 2714 Nov26
1.10,4 ilethlehem Steel
24
52
*50
52
52
*52
*52
54
55
52
52 *50
300 1 N do pref
35 Apr S 57 Nov13
52
14934 15214 149 149
149 151
140 15012 *148 150
148 14812 4,025 Brooklyn Union Gas
z85 Feb 21 15214 Nov2)1613 1613 1614 1614 16
*1538 1614 1533 151: 1412 15/
16
1
4 1,400 Brunswick Dock&C Imp
6 Jan 7 17 Nov25
211 2114 2234 2234 2278 22/
24
*21
24
*211k 2312 *21
485 Butterlck Co
410 Feb 7 425 Jan 15
1
4
2814 28
29
2914 28
281, 2812 28% 23
2814 28
151: Feb 10 3038 Aug 11
2813 3,750( entral Leather
101 101 '401 102
10073 10114 10034 10118 10034 10034 101 101
1,470 v
Do pref
7534 Jan 2 10114 Nov27
51,540 Colorado Fuel & Iron_ _ _
3824 3834 38
3913 3734 3812 373 3834 3712 3771. 378 40
1553 Feb 11 4078 Nov 7
25
2212 2412 24
25
26
253 263
2.134 2612 41,400 Col & Hock Coal & Iron_
2434 2577
1434 Mch 6 2638 Dec 2
, 16134 16714 160/
1
4 16313 16238 16634 1635 16634 16338 1643 16214 16519 143,100 Consolidated Gas (N y)„ 96 Jan 3 16634 Dec 1
1
4 1878 1858 18-••
185 1858 18/
19
1858 19
19
1813 181'3 1,500 Corn Products Refining
1034 Feb 10 2013 Aug 1
7512 76
*7512 7614 *75
76
76
7614 7612 757 76
Do pref
7614 1,200
50 Jan 2 80 Aug 6
50
*44
50
*44 , 50 *44
*44
50
*44
50
*44
Crex Carpet
50
4712 Oct 16 494 Oct 26
3414 3412 3434 343, 3412 35
*3414 35
3434 3438 3412 35
2,400 Distillers Securities Corp
2714 Feb 19 1812 Aug 5
93 *80
_ _ _ *80
83
83
93
*80
93 *80
100 Federal Mining & Smelt'g 7213 Nov21 94 Aug 10
93
*86
8614 86
86
88
86
*8614 89 *80300 Do pref
*85
88
59 Feb 10 89 Nov13
*8614 88
_--__-___
_ ___
Federal Sugar Ref of N Y 55 J'ly 28 6812 J.11020
. ;55 ii *90 -lii ;55 Vi
*90 ..9-3
93
*90
93
Do pre
;55
7312Feb 3 100 J'ly I
159 16034 160/4 16214 160 16234 3158114 160
153 160% 24,220 General Electric
15534 160
111 Jan 2 16234 Dec 2
*103
*100
105
0101
106
Granby Cons M S & P-.. 7834 Jan 2 10917 J'iy 30
106 *101 106
-*0413 657 64
6412 *6313 651: 6513 6512 1,300I nt Harvester stk tr ctfs. 52 J'ne 11 6711i Nov28
65
-KsT2 -675-8 65
10334 109
10834 10914 10834 110
Do pref stk tr ctfs
10913 10013 5,100
99 J'ne 11 11014 Nov11
10834 10914 10834 109
77
4,800 lot Mer Marine stk tr ctfs
8
8
734 8
817
9 Mayl 1
6 Oct 38
734 777
734 734
734 8
1
4 23/
7,000
2234 2312 22/
Do pref
1
4 2234 23
16 Feb 25 24 Nov17
2258 2234 *2134 2233 2218 23
1134 1134 1134 12
3,300 Internatlonal Paper
1112 12
1158 12
1314 Nov18
8 Apr 1
1238 1233 11% 12
850
57
5677
Do
57
5673
56
5613
556
pee!
57
57
5734
58
47 Oct 1 65 Jan lb
*57
313
301 3017 3018 3034 3,000 Internet Steam Pump
1
4 3012 3114 3114 3114 *31
13 Jan 2 3418 Nov14
3134 31/
79/
1
4 7977 *79
*7914 80
200
80
Do pref
80
*79
80
65 Jan 10 8312 Sep 1
7931 7934 *79
7519
7512
7517
1,320
7512
7514
7514
Mackay
7513
7534 751 76
Companies
52 Feb 2S 78 Nov10
7634 77
7034 7034 *7012 71
71
*70
Do pref
800
7134 7034 71
71
71
71
5973 Feb 25 7134 Nov30
9112 911. *90
9112 *8914 9117 59018 9018 *8938 911, 8913 893
750 ‘1 ational Biscuit
68 Jan 3 9212 Nov10
186 1 I Do pre
*110 11914 *110 11914 *117 11914 *117 11914 11734 1173,511914 11914
102 Jan 2 120 J'iy 22
*1013 1117 1112 1213 3,800 Nat Enamel'g & Stamp'g
*11
12
1134 *11
*11
12
12
*11
713 Feb 14 1212 Nov 9
*80
82
82 *79
82
83
582
82
82
Do pre!
82
250
82
*80
570 Feb 25 82 Deo 2
8378 8234 8334 8253 8334 8213 8312 8218 8278 8234 8318 14,000 National Lead
83
36 Feb 10 92 Aug 7
105 10533 *10412 106
10514 10514 *10514 100
Do pref
300
*105 100
106 106
8712 Jan 0 10614 Nov18
614 633
4.915 Newhouse M & S_Par510 $438 Oct 22 $973 Jan 20
618 614
6
614
578 6
62 634
578 6
94
9614 97/
9612 9512 9613 94
2,000 New York Alr Brake- _
1
4 9614 9614 96
9413 95
50 Jan 2 98 Nov25
70
7612 77
7534 7678 3,925 North American Co, new
7634 78
4218 Mch 5 78 Nov30
7734 7712 77% 7714 76
3712 37
3214 3312 34
3934 3614 3834 3734 38% 40,200 DacifIc Mall
3134 33
29 Apr 2O 37434 Dec 2
10112 10112 10014 10113 100 101 *10013 10112 100 10013 10034 10034 4,050 1 eople's G L & C (Chic) 80 Jan 2 102 Nov18
*1212 1312 *12
1334 2,900 Pittsburgh Coal Co
1312 *1212 1312 *1212 1312 1314 1314 13
812 Alch17
1438 May19
49
*46
47
*47
47
Do pore!
48
4734 4813 48
*46
49
3,650
3613 Feb 14 50 Dec 4
50
3938 3912 *39
1.600 Pressed Steel Car
3912 3834 .3834 3814 39
1714 Feb 10 41 Nov '4
3934 3934 *3912 40
*9713 90
9713 9713 *97
99
*9712 99
Do pref
*97
160
*97
_
99
69 Jan 3 9934 Nov10
17212 1-7213
729 Pullman Company
147 Jan 3 174 Nov10
172 17214 17212 17213 17212 17212 17213 17212 *171 174
43 *4212 45
4334 433 *4212 4334 *4212 4412
4312 4312 43
2334 Feb 8 4633 Aug ts
300 Oallway Steel Spring
10112 103 *100 102 *100 102
*100 103 *101 108 *102 103
75 Jan 29 103 Dec 2
200 I t Do pref
2734 2734 27
2714 2634 2738 2613 271
1434 Feb 11 20 Nov13
2613 2634 2634 2634 4,650 Rejpubilc Iron & Steel
8784 8734 87
5713 87
8714 8613 5678 *86
8712 8634 87
03 J'ne 19 8919
Do pref
3,076
- Nov13
78
7913 578
79
7913 7934 7834 7934 7834 7934 78
792 3,943 54
Steel & Ir 36 Jan 2 8134 Nov17
*110 114 *109 114 *110 114 *110
*109
_
_ *109%
8712 Jan , 10914 Nov11
_ 1---i Do pre
44
4434 437 153-4 -11,450 dTennesseeCopper Par$25 $2513 Feb 17 $5214 Nov10
44 -4138 4375 -4412 4334 4614 4358 46
79
77
77 *
6
761
*
*72
i
76
*72
76
400 Texas Pacific Land Trust
45 Feb 11 7/ Dec 8
----------- --1,300 1 I nion Bag & Paper
953 7ov23
4 Feb21
9
57-8 $73 ---------834--300 k, Do pref
4473 Jan 6 6634 Nov27
-rr
. --- ---- ...
0
.
2 -6i1-2 -,,- - 64.4 6414 ---- --- ---------------2978 2914 -30
2914 -293-4 5,955 U S Cast I Pipe & Foundr
291 29
29
2612 23
25 -29
1712 Feb 26 3014 Nov s
47538 7533 7434 7514 75
75
475
7514 1,065
7878 Aug 10
Do pref
76
*70
5653 Jan 2
748 75
'
*85
90
90
*85
90
*85
*85
95
90
United States Express
*85
90
*85
70 Feb 18 91) Jan 0
62
*62
62
*60
*60
*61
61
61
61
60
500 U S Realty & Improvemq
62
62
3614 Feb 5 64 Nov17
*11
13 *11
13
13
*12
13 * 11
13 *12
*11
13
1514 Aug 8
U S Reduction & RelliVg
4 Feb 21
*32
35
35
35
*32
*32
32
32
16 Feb 10 39 Aug 8
100
35
*33
Do pref
35
*83
3414 34/
36
1
4 347 3514 3,365 United States Rubber
35
1734 Feb 10 3712 Aug 7
347 347
34/2 35
35
535
10714 10714 10612 10712 3,275
75 Feb 19 108 Dec 2
10612 307
10612 10714 10712 108
Do 1st pref
10612 107
74
76
*74
42 Feb 21 7512 Nov27
7514 7513 74
500
75
*72
Do 2d pref
75
76
74
*72
2534 Jan 2 5834 Nov13
55/
1
4 5378 5458 5438 5553 628,050 United States Steel
1
4 54
563
55
5434 55/
5614 57
3713 Jan 2 11453 Nov 4
11214 11234 11212 11278 24,980
113 11353 11212 113
Do pref
11278 11311 11234 113
4913 4814 4834 4734 48
4834 4878 3,835 dUtah Copper__ _Par $10 1.20 Jan 2 $52,34 Nov 9
4912 49
4933 49
49
4314 4353 4312 45
44
16 Feb 27 4518 Dec 1
43
4334 451
*4434 45
32.900 Virginia-Carolina Chem
4412 45
11414 11414
z87 Jan 2 115 Nov14
*113 115 *113 115
11318 11334 114 115 *114 115
900
Do pref
63
65
64
64
68
*64
68 *65
68 )*63
600 V
66
*65
viirla Iron Coal & Coke 43 Jan 7 68 Nov 9
4250 Feb 13 325 Nov113
*310 350 *310 850 *310 350 *310 360 *310 350 *310 350
ells Fargo & Co
89
6913 6913 6812 69
41 Feb 19 7134 Nov30
7134 6934 70
estern Union Teleg6913 6000
70
7113 70
38 Mob 11 94 Nov17
8914 8.850 Westingh'seEl&Mfg assen
91% 92
929112 9112 8912 9113 8713 8813 89
91
allK
19K
.ion 19c.
MI
191
115 120 *115 125 *115 125
5( Met,24 125 Nov24
200
Do 1st ore!
1013
:-211
'13
303a
6214
.
: *10
1018 1012 1078 1018 101
21
21
22
2018
2112 22
*1212___ *12
14
*11
13
30
3034 2914 -3014 2934 30
62/
1
4 63
6313 6014 6314 60
1034
2118
15
3134
64
1012
2014
12
30
62
1112
22/
1
4
1414
3034
6314
11
23
14
30
63
Range 707 Pretnous
Year (1907)
honest
Li
13
8
11
28
Oct
Oct
Oct
Nov
Oct
Highest
163 Jan
3734 Jan
2134 Jan
251
/
4 Jan
5112 Jan
5150 Aug 33() J'Ilc
1678 Jan
Aug
433, Jan
14 Nov
12178 Jan
14134 Oct
10 Oct
•25% Jan
95 Feb.
75 Oct
734 Nov
2312 Jan
75 Mch
80 Jan
3 Oct • v.'Apr
6012 Apr
34 Nov
30ct
243,
4514 Jan
78 Oct
103 Jan
3612 J'ly
21 Nov
70 Nov
90 Jan
247 Jan,
176 Oct
61
/
4 Jan
212Nov
301- Jan
10 Oct
)3180ct
88 Jun
1914 Jan
633Oct
36 Jan
16120ct
3214Nov
7534 Feb
83 Oct
11112 Jan
212J'ne
471, Apr
17 Nov
40 - Feb,
93/
1
4 Jan
60 Oct
5814Nov z156 Jan
8134Oct
11738 Jan
150 Oct
205 Jan
570 Nov
102 J 'lle
11
20 Nov
OA Dec
4106 Nov
88 Oct
60 Oct
11 Oct
68 Nov
$251800t
33 Oct
8 Nov
23 Nov
80 Nov
6 Oct
27 Oct
1178Nov
08 Nov
14 Nov
14 Dec
74 Oct
8 Oct
46 Oct
-ill;
Feb
131 Jan
133 Jan
9834 Jan
3612 Jan
1
4 Jan
102/
30234 Feb.
891
/
4 May
2012 Jan
66 Jan,
125 May
1412 Jan
49% Jan
40 Feb
102 Feb
677, Jan
'28% Apr
14014 Mch
2434 Jan
88 Jan
25 Dec
50 Oct
47 Oct
42 Feb
76 Feb
89120ct
60 Oct
Feb78
163 Jan
97 Jan
6213 J'ne
100 May
163 Jan
152 Feb
13712
-118 inc
10 Nov
24 Apr
712Nov
1812 Jan
81 Feb
51 Nov
8 Oct
41 Jan
81 Jan
50 Oct
7614 Jan
40 Oct
71 Jan
50 Oct
891
/
4 Jan
58,120ct
90 Nov 11733 Al"
618NOV
15% Jan
87 Feb
475 Sep
76/
1
4 Jan
33 Nov
80 Oct
103 Jan
$5 Dec 32034 Apr
19112 Jan
4712Dec
89% Jan
37 Nov
19 Nov
4112 Jan
9883 Jan
7014Oct
161
/
4 Jan
7 Nov
6033 Jan
37 Nov
67 Jan
1658Nov
997
3 Jan
Nov
64
135.14Noy 18113 Jan
8712 Jan
21120ct
9912 Feb
72 Nov
12 Oct
41 Jan
100 J
50120ct
7734 Jan
2(1 Oct
80 Oct §107 Jan
$532 Mcb
517 Oct
86 Jan
42 Dec
8/
1
4 Jan
4 Oct
61 Jan
3034Nov
4912 Jan
77 Oct
89 Jan
49 Nov
70 Nov §117 Jan
9012 Jan
30 Nov
612Nov
3514 Jan
isi4Dcc
98 Jan
1312Nov
5212 Feb
62 Oct
1ta Jan'
39 Nov
7821 *Ma
21/
1
40et
5033 Jan
71)18Nov 10734 Jan
$13 Oct
$31413 Mch
1238Nov
3938 Jail
75 Nov 108 Jan
31 Oct
97 Jan;
250 May 300 J*
86 Jan ,
54 Dec
32 Nov 164 Jan
60 Dec 5160 May
BAN KS AND TRUST COMPA NiES-BANKERS' QUOTATIONS
Ask
Trust Co's Bid
Ask
ASk
Ask
Irust Co's Bid
Trust Co's Bid
trust Co's Bid
N Y City
- 425
Mutual _-__ 105......
Fifth Av Tr
Brooktlin
Bankers' Tr 440
„460
____ Mut All'nce ..,... 145
Fulton _„.... 65
Windsor __ 140
Bowl'g Gen 325
340 Guar'ty Tr_ , 475
500
NY Life&Tr 1100
1126 Brooklyn Ti 395
410
125
B'way Tr- 130
185
N Y Trust- 575
135 Guardian Tr 175
--- Cltigens' __ 120
Carnegie __ 165
-Hudson,.. 130
Standard Tr 325
173
__. Flatbush __ 1)200
205
Central Tr- 1750
325 TItieGu& Tr 415
-.- Knickerblkr 300
420 Franklin .._ 193
275
Columbia - - 22/12 _ _.
Certs
80 Tr Coot Arti 295
75
Hamilton -- 260
305
Commercial 145
A..- 1223
_. Union Trust 1025 1075 Home._-.. 110314 ---15-5 Law T I&Tr
Corn'wealth __
-1-15
S.5
US Mtg dar 360 375
Lincoln Tr_ 165
Kings Cc-- 450
-Empire -,_ 5240
400
Unit States_ 1125
- - Manhattan- 350
1175 I. 1st L & '4,1290
Eqult ble Tr 390 400- Mercantile _ 725
180
....... VanN'd'nTr 250
Naasau ____ 166
260
Farm Lo der 11230 ,.„_-• - Metroportn 505
_ 270 280
____ Washington 400
-- People's
Fidelity -- - 195
Williams13g
100
80
_._ Westchester 140
Morton Tr_ 425
205
150
* Bid and asked Pdees• no sales on this day. 4 Less than 100 shares. I Ex-rights. is New stock. c Ex-dIv. and rights. a Now quoted dollars per snare.
Exchange
oral
Stock
week.
this
auction
at
s Trust Co.oer3190ats3. I Banks marked with a paragraph (11) are State banks.
1Sale
Eta
Banks
New York
Wash (Ft... 11 230
West Side 1 500
Yorkville 11 .400
Brooklyn
Borough 1- --Brooklyn 1,,BroadwaY 1 375
2)4
First
HUisktell-, 110
Home Bk 11_ 110
Homestead11 10)
400
Manufae'rs
Ask
Bid
flanks
Brooklyn
240
---- Mechanicsil 225
---- Nfontauk __ 140
145
270
-- Nassau ____ 240
Nat City..., 230 320
North Side 11 -_ _ 175
110
145 Peoplo's___ 1501-55
Frosp'ctPid 14,0
45,1
275
rerminal 11- __ 130
130
160
Unionll__ __ 14-5
125
trust Co's
125 I N Y City
425
300 315
Astor
Ask
-.
-.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
OCCUPYING
BON Ds
N.Y.STOOK EXCHANGE
WEEK ENDING Dzo 4
12
Price
;ela:
Week's
Range or
Last Rate
S-8
Range
Since
January J
FOUR
l'AGEs
RON Ds
1%1.Q
.
N. Y. STOCK EXCHANGE .
11 i
4aWEEK ENDING DEC 4
,
Pries
Friday
Dec 4
Week's
Range or
.Lag Sale
Range
o
Since
437.; January 1
Bid
438 Low
Eltok /Vo
Bia
Cent of Ga RR-(Con)
Ask Low
High No Low 114gA
10234 1031
/
4 1031
/
4 Nov'08
1031
/
4 loll
W.p• of income g 5s otamped
65
521
/
4Nor'° .... 44
53
104
104 J'iy'08
104 1041
in pret income g be. ..p1946 Oct * 521
/
4
5214
/
4
52 11 27
67
10034 1011
/
4 1011
/
4 Sep '05
100 101.%
3d pref income g bs ;tamp° .. .. .62..4
41 Nov't; .... 27
41
100% 1011
/
4 10034 Aug'08
10034 102
Chatt Div pur mon g 4s.1931 2.1) 90
89% Ifeb'o.. .. 09% 0948
107 J'ne'02
Mac & Nor Div let g 58.1946 J -J 104
10478J'ne11- ..... iut11
/
4 10478
100
1001
/
4 Nov'08
/
4
10014 101 ,
Mid Oa & Ati Div 5s
1
115 Novli
1947 J -J 1001
1201
/
4 121 120% Nov'08
1181
/
4 12'"4
105 Dec'0
Mobile Div lot g lis
11140 J•J 1071
/
4
121
122 Nov'08
12034 1231
1031
/
4 Nov'0 .... 142 1061
/
4 /en RR de 11 of tia col g 6s 11137 ,t1-N
/
4
102
1031
/
4 Mar'06
1031410314 Ant of NJ gong gold 58.1987 J -J 129 1291
/
4 12914 1'
2111
'i 117 1291
/
4
/
4 Nevq) .... 1201
/
4128 1241
Registered
411187 ti-J 1261
/
412414
Government
Foreign
111 INiOT'U ...• 107 111
Am Dock S, imp gu 58..1921 J -J 111
Imperial Japanese Governing
Le & Hint it gen gn g_5s 1920 J.J 104%
/
4 Sale 901
1926 F-A f 911
/
4
9138 174 85
/
48
Sterling loan 41
101 Oct'0.. 98 101
91%
Leh & Wilks B Coal os..1912 Al-N
99
U0
903* 35 83% 90%
1025 T• J 1 90% Sale
2(1 series 41
/
4s
100
1110 . -3 0814101
Con ext. guar 41
/
4s. g1910 9-11 100
1931 -J i 82% Sale 821
/
4 82% 26 76
Sterling loan 4s
97
8234
N Y& Long Br gen g 4s 1941 51-S
11021
/
4
1011
/
4 10234 2*, 1001.1 10514 Jent Pacific See So Pacific Co
Repub of Cuba 58 exten debt..
9838
98% 21 96 101
0838
U s or Mexte,o H I g 5s of 1899 Q-J
821
/
4 88 May'0 i
..lentVermont 1st gu 948 61920 Q•B'
911
/
4 94% 9314 Nov'08
1954 J-D
Gold 48 of 1904
901
/
4 941
/
4 1/has& Say see Atl Coast Line
7 hese are pr ices on the ti asis of $5 to S. 3'lles & Ohio gold Us
a1911 A.-0 1021411)5 105 Sep'0 .. . 102 1051
/
4
State and City Securities
115
3
.1 1071
1st consol g Ss
1939 NI-N 11514 Sale 115
/
4116/
1
4
138
111 Mar'02
Alabama curr fund 4s......320 2_I
10114 Dec'07 .
1939 NI-N
Registered
...
110
110
110
Dist of Columbia 3-658-.1924 11- A
/
4 105 '4 103 96 10534
110 110
1991 M-S 10334 Salt 1041
General gold 41
/
48
97
Louisiana new consol 4s 1914 J -J
104 MAW('
105¼ Dec'04
1992 M.S
Registered
1944 j.D 89
11214
90
New York City911
b 8914 921
Big sandy 1st 48
/
4
/
4 117 0:31410:314
112 Feki'll
1958 M-N 103 Sale 103
1031
40 Corporate Stook
1940 J • J 108
Craig Valley 1st g 5s
1.00 Nov'Ub .... 911
/
4 191
,
R & A Div 1st con g 48 1989 J•J 100
4% assessment bonds 1918 B.N 101% 10178 101% 101% (113 10134 101,
/
4 Sale 112
1957 11-N 1121
1131
371
/
4
New 4/
1
48
1121
/
4
.1'13"th .... 89
2d cousol g 48
10538 11234
1989 J-J, ,.,
931
/
4
1131
/
4 Etto'06.
1917 .11-N
New 4,
2s
10414 10414 Nov'08
Warm Spr Val let g 58 1041 M-S 10
!
..
011410414
95
95 Sep'U. .. . 95
1121
/
4 19 105 112%
41
/
4% Corporate Stock -1957 M-N 11214 Sale 112
De
Greenbrier Ry 1stgug 4.8 '40 SI-N
104%
7t9-4 11 6734 7812
Sate 104% 1043*
/
4 Sale 7814
41
/
4% assemsmt bonds...J.917 M.N
102 10438 Jim 8. Alt RR ref g 3s 19411 A-0 781
771
/
4 14 60
4% Corporate Stock. 1957 M.N 10234 1031
103% 25 10138 1031
77
/
4 103
77
/
4
7734
Railway let lien 31
/
4s 195t) J • J
80's MaY'0 .... ...
Now York State-Iiiglivray
Registered
1930 J -J
/
4
-.
.. 9
/
421Tov't1
1001
Improvein't 48
1958 M-S 11214 1121
Jliic Burl& Q Deny D 4s Ill22 F-A 109%
/
4 110 Aug'08
7 1001
109 110
So Carolina 41
120 Margle
/
4s 20.40
1933 J -J 102
General 4s
1958 M-S 101 1410114 101% 101% it) 97 1018
932
8
95 J'ly'08
06 100
86
Au
Tenn new settlement 38 1913
93
94
06
Illinois Div 3/
031
/
4Sale 93
1
45
1941) J -J
ill%
6 8634 91%
914
931
/
4 96 ;
/
4 Nov'Ob
1 931
Virginia fund debt 2-35-199i J -J
90
91%
1)314
Registered-.
1941) J -J
1.1 221
45
1949 j.j 10378 Salo 1031
45
/
4 1037 31 971810378
49
/
4 45
45
Ills Div 4s
13s deferred Brown Bros °Us.
11/434 Oct 'U .... 10434 106
•
Iowa Div sink fund 513-11119 A-0 107
Railroad
/
4 Nov'Ub .... 96 101
11101
Sinking fund 43
19111 A-0 100
A laoama Cent See So By
4 981410214
Nebraska Extension 48 11327 M-N WU%
10034 101
Lliaba M idl See At Coast Line
/
4101%
Registered
1.013s Oa 'Ot' .... 1011
1927 14-N 10014
Albany & Sudo See Del So Hud
1)0 Oct'01 .
Southwestern Div 4s
1021 .11-S
135'4
..
Joint bonds See Great North
Allegheny Valley See Penn liii
1913 yi.N 1021
/
4
P
101% Nov'08 .... 9714 10314
Alleg 61 West Sea Bait
Debenture Os
8534 Sale 85
41995 11-.7
105
Han & StJose,onsol 6s 1911 M-S 105 106 105
851
/
4
85% 11 78
Ann Arbor 1st g 48
2 10414 10538
/
4 Sale 1.001
8714 88
&Loh T & S Fe-Gen g 43.1995 A-C 1001
/
4 100k 135 95% 13)114 'Mc& E III ref & imp g 48 1955 J-J
87
8434 32 821
/
4 8734
/
4
9978 100
12 35 19 100
1095 A-0 98%
Registered
122 Aug'08 .... 122 122
1st consol g es
1934 A-0 1281
1
4
021
112/
/
4 Salt 111 14
1e1995 Nov
Adjustment g 46
/
4 118'. 3 tU3$1
193; 11-N 115% Salt 1151
Ueuerai consol 1st 5s
83 '35',
/
4116 le
121
j
Apr'07
Registered
h1095 Nov
11812
Feb
'0
8(1
Registered
1037 S1-111 1
9134 93
/
4 34 8214 03
1121
Stamped
411195
91%
Chic5 Ind C toy 18t 58 1930 J -J 112%
107 J'13''
0 .... 107 10934
/
4 Sale 102
105 00, 85% 103
1955 -I) 1021
Cony g Is
ihicago & Erie See Erie
1051
/
4
sap,
1.061
8
464
2-Li
108
10-year cony g Os
1917
134¼ 108
;hie In & Louisv ref 6s 1947 J -4 130'a 131 130% 130% 4 11714130%
Debentures 4s Series11 191U F -A
Juts SeP'06 .... 106 108
1161
/
4 961
9614 b11.0.'08
/
4
Refunding golti5s
1947 J • J 10914
Series 1
981
1911 F-A
/
4 Nov g°4
/
4
10438 Nev'ee . .. tuU 10430
Louiav .117 A 5 Chia 68 1910 J -J .1041
1913 F•A
94 Nov'Uti
Series K
1041
/
4 Sol)'118 .... 10314 106
:hie Mil& St P term g 5s 1914 2.2 108131
/
4 981
/
4 98 Nov'08
East Okla Div 1st g 48 1918 M.8 971
104
951
/
4 981
/
4
19 100 1041
General g 4a series A..e1.9811 2-2 104 Sale 104
/
4
97 Sale 06%
9714 112 115
/
4 Oct '08 .... iO3(a 1031
Short Line 1st 48 J PM recta
1031
9714
Registered
819811 Q-J 101
/
4
9.
93
i
92%Nov'ub ...
.
A.t1 Knox & N See L N
881
/
4 95
General g 31
/
4s
series
13
e1989
J
-.
991
/
4
9534 06
06
31 80
1104 Oct g.).
Atlantic Coast 1st g 413.41952
06
Chic & L Su Div g 5e....1921 J - J 111
112 Sep '[l .... 110 112
Charles 8,1 Say 1st g 78-19311 -J 129%
Chic &I Mo Ray Div 68...1926 1-2 114
/
4
123% J'ne'08
191( j.4 104 16 1041
11114124
Sav 1 & W 1st gold 68 1934 A-0 1211
/
4 10.1141`73W0b .... t04 104%
Chic & Pao Div Cs
/
4
11258Jan'04 •.-•
111
111 Nov't.)6 .... lo8% 1111
1117
6
let gold Os
1934 A-0 1081
Ohio & 1' NV 1st g 5s
/
4
11091261 J -- J
114% Nov'05
10:14100141013 bep 't.r,. ,... 1041
Ala 3101 1st gu gold 58 1928 SI-N 107
Dak & Gt So g 5•5
/
4 1061
/
4
991
/
4 Mar'015
941
/
4
1.371
/
44gy'99
Bruns5 NV 1st gu g 48 193b -J
Ear & Sou a8au g 68
1924 J -J /234
86
87
41 74
8334
1054 105%
o1952 SI-N
8878
Haat5 I)Div Dit 7s
L N coil g 48
1 1021
/
4105%
1910 J -J 105%
101
Sep
'08
931
/
4
U3:
1 '3314
lul% APu'ut .... ,01.38 101%
Oil Sp Oca &U gu g 48 ..1918 J -4
1st Os
MU J -J 1(1.Z%
/
4
1041-4Nov US ..... 190% 1091
WV%
Atlantic & Danv See South Ely
LaCrosse & 1) 1st 58- 1919 2-2 ,„..
10278(Jet '68 .... ,0038 1027
Austin 5 N W See Sou Pacific
Mineral Point Div 58- 10
10 .J,:i "'' '
4
1041
/
4
943 36 90
9434
104% 1.04`t- i2 10014 104%
So Minn Div let 6s
/
48.1925 .j 0434 Sale 94%
Palt& Ohio priorig 31
1
2
1 t ut 103/
00 Ain '08
9138
1031
/
4 10314
/
4 90
891
Southwest Div 1st 6s. 1909 J.J 10.3'4
11, Registered
41925 (74
/
4 Sale 100
10014 89 'J61
111 Nowt/8 .... it/8 111
/
4 102
Wia do Minn Div g55
0010 48
71.1144b A-0 1001
1021 2-2 111
i0514 Nov'ub .... 1311)1410514
/
4
Registered
061
Mil & No 1st Id L 6s. 11110 J-1) 10214
1181
/
4 0514 Ply '013
71.11/48 Q-J
1/5
120 001 'ui
Pitts June 1st gold 08-1922 -4 lot)
/
4
/
40ct 'uo . 1681
/
4 1101
Ilu1
1st consul 68
/
4
1013 4-1) /071
89
PJuu&M Div lstg 31
110 Oct'US
/
4)11925 SI.N
90
;lac& Northw cous 78.-1916 Q-F 11(114117 1101
/
4 116•4 ...
83
24 11105 118%
117 sale 116%
Ito
117
kit 87
P L E tVO W Va Sy8 ref 481941 .11-N
in) J'ial'ub ._ 99
/
4
Extension 48
1)7
1886-1920 F-A 10111
9178 (121
Bouthw Div let g 3/
1
4s...1925 J -J
/
4 91 76
921* *48 83% 921
/
4
1/8/
1
4 Apr'08 _. 1/81
Registered
1886-1926 E-A
/
4 98%
Registered
'1.111
99
89
Oct81)
in3/
1
4 Nov'ub
951
/
4 90
/41925
General gold 3428
1087 M-N
Motion itiv 1st gu g 58..191.4 -1
10b 75 Feb 0.)i
80 .:iug'u8 __ 89 -89
-A 10218
Registered
p11/87 kl-F
11.11
/
4 May'0b .... 1071
Con Ohio It 1st g41
/
48-11.13u ADS
1011 Apr'05
1-1
Sinking fund tis .1879-11129 A•0 111
/
4 1111
/
4
01 Lor & NV con 1st g 58 1933 A-0 1111
/
4
101/34 3'110'07
Registered
1.8711.11.121: 4-0 110
/
4 110
110 Ikeiee,.... 1081
Ohio River UR 1st g 58 11136 -1) 110
108'4 Sep '(61
4-Ply 'in) .... 1.‘18 10111
10814111
/
4
Sinking Huai Os 18711-11/21) 4-0 1119%190,8 lut//
/
4
General gold 58
[0'.) Sep '08
Nov'u7
1937 A.0 1051
104
Registered
/
4
1001
/
4 109
1879-1929 4•0 1051
_. . ...
119/
1
4 .11nt
1
4 1011
Pitts()ley &Tol 1st g Os 1922 A•0 109
/
4 4 1.0-018 1U6%
Debenture Os
11109 11-N 10114101¼ Lot/
114
1
4 1911,
101 Noy'ob
Pittii & Vest 1st g 48 1017 J -J
4/6/
1
4 icl.ov'ut._ 99/
DA 101
19014 M-N 100
Registered
100 Nov'U4
1
48 1943 -1)
Stat 181 By 1st gu g 4/
10834 out '06 .... 105 10834
Debenture 56
1921 A•() 107
Bat Creek 5 8 See Mich Cent
103 4'ne't/ i
Registered
1921 A-0
Beech Creek SeeNY 085 H
/
4 113 111% NOV'Ut, .... 1081
/
4 113%
:Milking itind deb os
1933 M-N 1101
Bellev & Car See Illinois Cent
Registered
1933 M•N ,
109 J'IS''110 ... 107 109
Bklyn & Montauk See Long I
10134 May'ob .... h0134 101'4
North Illinois lot 58
1910 all- 5 1",
Bruns & West See AU.Coast L
101 Oct *Us .... WI. 101ae
Ott C E 01St Paul 1st Os 111013 M-8 10,
Buffalo N V 61, Erie See Erie
11912 1191
/
4 2 .18 119%
MR L S & West 1st g tis 1921 M-N 119
titillate It & P gen g 58-1937 At.s 1161
116 Nov'08
/
4
Ext & Imp 8fund g Os 1929 F -A 1144
/
4
1131
/
4 J'I5-0a .... 110 1131
109 116
1
48
Consol 4/
105", M-N 106 sale 106
106
O 1()11
Ashittult Div 1st g 68 1923 ‘14- 8 12312
1421/4.Et0e02
/
4 1013
98
Dec'07
U914
All & %Vest let g 45 gu 11.0.18 A-0
1281
/
4 Ifeb'Ou
Mich Div 1st g tis
1924 2-2 124
015 Mali 1st gtt g 68- 1943 J -J
103 J'IY'Ob
109 Sep '03
luconie8
103 103
1911 At4-21 10
, Li
/loch & PlUd 18L g tis 11121 F-A 120
1161
/
4 116't• I 112 116'8
1191
/
4 Sep
114 110:
1 1.:lac Rock 1515 Pee 68 1917 J • J ,"
,.°,,-,4
117 hiat'08
/
4
Consol 1st g 68
1922 J D 1201
112/
1
4 J'iy'vb _ £1214115
Registered
117 117
1917 -1 -2 it.`4
Buffalo & Southwest See Erie
24 01 101
General gold 4s
1958 J J 10034 8835 100% 101
961
/
4 May'ub _. 901
Bull & Susq 1st ref g 4541051 J -J
89 Oct'08
199¼
Registered
/
4 97
871
/
4 91
1988 J 4
Retunding g 48
/
4 90
Bur It & 111 SeeCRI tC)P
1.10 417 831
1934 A-0 1/0 Sale 811%
/
4 108% 14 107%111
/
4 Sale 1081
(Ian So lat ex t (18 ......1913 J-J 1081
Coil trust Series H. 45 1910 111-N
97 J'iy '04
1913
/
4
911
/
4
J Os
1011411)2. 101% 1021
9212 Nov't0)
%--)2d. Os
0814 105
1912 14-N
1913 Al.
10034 5111)'07
Registered
0014 Jan '07
. •.
M ,EI
1915 M-N
93 5lay'u i .. ...... ......
Garb & Shawn See Ill Cent
2448
19111 M-N
Carolunt Cent See Seab Air L
0 45
1917 et-N
'JO -Nov'118 .... 90
11U
Carthage& Ad See N IC AI, 11
P45
1018 M•N *
84 Augg),
110
Ceti It Ia E N Nee BO It
Chic It I & Pao RIO 48 2002 Al•N
7'6% Sal., 7415
701
/
4 Z283 3534 701
/
4
Con Branch, ay See Mo Pao
/
4 65
Registered
03 Aug'ub . . 621
2002 AI N
Cent of us RR 1st g 5s..pl 945 E- A 1161
/
4
114 Sep 08
Coil trunt gold 68
112 114
19130-S 86 sale 781
/
4
841
/
4 J14 0914 861
/
4
Consoi gold Os
10314 Sale 108% 10914 65 '37 14 1101
1945
Bur Cott It 86 Northern/
4
Registered
11145 Al- ri
113 Apr'ou
Coil 1st & col tr g Os. 1934 A-0
1161
/
4 110 Nov'08 .... 106 11670
1st pret Income g 58....p1945 Oct
78
8
Registered
78
65
78
13)34 A-0
1201
/
4.11aL'03
Stamped
78
78
0.11.1 if& N NV 1st gu 58 11121 4-0 105 14
78
78
6 115
111 Nov'05
2o ore( income v 68....p1945 Oct 4' 601
/
4
51 & 81 L 1st go g 78 1112, J -I) 1::3,
60
65
..1
0214 15 43
U. S. Government
U S 28 consul regustered.41930
U S 2s consol coupon... 41930
k191.8
S 38 registered
k1918
35 coupon
U 5 38 reg small bonds k.1918
U S 38 con small bonds k1918
1925
U 8 48 registered
1925
U 48 coupon
US Pan Can 10-30 yr 2s.k1936
-J
-J
-F
Q-F
Q-F
Q-F
Q-F
Q-F
Q.17
(0
.11ISCELLAA 1, t)U.!,Bu.N
Street Railway
Brooklyn Rap Tr g Os
1945 A.0
1st refund cony g 48.-2002 J -J
BkOity 1st con 58.1916.1941 .2
Bk Q Co5 S con gu g 55.1941 M-N
Bklyn Un El 1st g 4-58.1:150 F -A
Stamped guar 4-5s
11)50 F-A
Kings Co El 1st g 45- 1949 If-A
Stamped guar 4s
1949 - A
Nassau Elea gu g As- 1951 2-2
/
48'51
Wenn ity& 1.1st& ref g 41
/
4s
1951 J•J
Stamped guar 41
Den Con Tr Co 1st g 58-1933 A-0
Dot United let con g 4,-29.1.1139 .2
Havamt Elun consol g 68.1952 F-A
10511 A.0
Iitter-Met coll 4 /
1
4s
Inter Rai) TI yr cony 08 1911 MN
lutenist Trac colt tr 4s 19411 J -4
Manila Elec 1st5 coil 58 1053 M.S
'No price Erntay; latest price this
101%101% 101
101
2
791
/
4 Sale 7838
791
/
4 457
103%10414 103 No;'Os
133
111 Oct '08
1021
/
4 Sale 101% 1021
/
4 250
/
4 100 •NOV'Oti
9934 1001
81% Sep 'ob •...
83
84%
85
5.5
lit
79
79
7878
77
101
95 Mar'08 •
101
10012 Oct '08 •
95 J
80
83
83
93
4
110
86 Oct '08 .
'75 1537
75 Slut 7434
1021
/
4 Sat
10178 10214 106
651
/
4
68 Nov'08 ....
08 s1s'01)
week. aDue Jan
4 Due Apr
-Continued on Next eage.
street Railway
Met St Ry gen col tr g 55.1997 F-A
83,
4 Sale
A-0 551
/
4 60
1
1.1w5
erap
y 487th Av 1stc g 5s 1
20
1/4
03
2 2-0 0712
Cold)Vtti AV 18t gu g 5,3.19'43 ADS
146 14
Lox Av & /' If lot gu g 58 1993 M-S
0614 100
Third Ave RR con gu4s 1000 J -J
/
4 00
651
Cent Tr Co certfs stmpd...
65 bale
Third Ave ity 1st g 58..1937
1(3814110
Al et NV S El(Choi)1st g4s.193b F -A
N Orl Ity & Lt ken 4125 .1933 J -J
St Jed Ity Lt 11 & l'Isti; 08'33 M-N
st Paul‘1ity Cab e,on g 56.1937 •4
II iiderground el Lon 53-1920 M-N
69
83
114
41
/
4s
193.4 J -J
721
/
4 73
497 75
income 6s
11148
24
00 1021
/
4 11 mon Et (Choi) 1st g Os. 1945 A-0
611
68
United Itli8 San Frst 45 1927 A-0 73
7414
11 lilted Rye St L let g 48 1934 -4
91 102
1
4 7914
66/
1.1978 103.5
0218 I/218
1
4
/
4 102/
931
18 1021
/
4
1
81 14 81 ,
893
17
80
75
"15
115
1/3•12 10114
e Due may g Due 'ne siDue
iC Duo Aug
oDue Oct
82%
85
831
/
4 69 68
40
60 Nov't/e
60
93 10'2
9734
9734
/17
97
10 95
99
96
96
06
98
65
661
/
4 661
: 65 401
/
4
641
/
4
651
66
/
4 15, 50
108
lue
Ii 101 166 •
93/
1
4 J'ly'06
901
/
4sop '01;
98 Nev'Ob
..
1101
/
4 Nov'00
.40.. "yr.;
40 Aug'08
72
72
70
73
32 20
21%
22
23
84 Oct 'ti8
84 101.
73
73
59
75
83
83
70
85
p Due Nov s0 tion
New York Bond Record-Continued-Page 2
1466
tioN11:-.
N. Y.STOCK EXCHANGE
WEEK ENDuco 1)1W4
)-4...i
-.... IL,
-tla.
Price
Friday
Dee 1
.2
)4. me8
Range
Range or az
since
Last Said ,3 x January 1
itehli::,
N.Y. STOCK EXCHANGE
WEEK ExEdNu DEc 4
z,i .z.
'...: ,'-•
-`44-.
I--rice
1*iriau
1
,
Dec 4
(VoL. Lxxxvii.
_ha nfie or
Lot Sale
Since
-.
c
-',. Z January 1
Hid
Asti Loio
High No Low Jug!. Erie-(Con)
Ohio Rock 1 & Pac-((.on)
sin
11 ea, .5, Lhoo High
Ass Low
102 Augqe- .
/
2
Choc Uk & G on g 58.e19111 .1 -J 1021
ci Y Sus 83 W 1st ref 58 1937 3•J 1031
102 104%
. 105 Sep 'Or
/
2
1.05 105
/
2110 107% Nov't.S .... 10712 100
1951. VI.N 1061
Consol gold 58
2,1 gold 4123;
113014 Dec'0,
1937 F -A
192) A-0 102
101%Sep'03 .... 0834 101%
Kook & Des M 1st 53
9512
1
2 Nov'W1)5/
General gold 53
F.A
03
oil
11)40
,-1
Crbic St L& N 0 See 111 Cent
,
1001):
11212 1
Terminal 1st 031,16s-1943 M•N 113
110 113
Chic St L & Pitts See Penne.
-. .
Regis o5,0to)eanit„„1943 M.E
/
2
13114 Nov'OS • • 121 132
(31103 St I'll & 0 con 68 1030 J -1, 1271
11.1 ltlt of N 3 1st g 63.1910 A•0 1022
Itc2.1
/
4...,evli1101 1011
/
2
/
2s 103) 3.0 91
93 Dec'03 ....
Cons Os reduced to 31
Wilk 83 Ea 1st gri g38.194:: 2•D 901
102 Oct'.,3. •.00 11)2
/
2
"
"
1271
/
2 Aug'ob •
ell St P & Mum ling 98 1915 11: 12758
/
2 !V 21 Ind Inc
g os 19t2t J -J 111
/24 1271
110N Aug'ik.
108 1131
/
2
3
,
J
.,j
1930
Wisconsin
63,
1st
12934 hlar'04
128
Nor
Erie & PitUs see Penn (Jo
117
117
St P & S City lst g 6s 191). A-i, 11634 .
6 $)
2 1171
/
2 Evans & T /I 1st cons 63 1921 -1- J 114
112 Jan 'OF.
t12 112
Chic8 West Ind gong 6391931 Q.AI 11218
11268 Oct qk
113
/
2104 102 12Ply'Ob
Istgeneral gold 58
130 103
! 112
1942 A•0 1001
Consol 50-year 48
195:. .1. J
96
971
971
/
4 9738
/
2 ...4 91
9734
Mt Vernon 181 gold 68 192:, A-0 102
114 A pr'Uf,
Chic de NY Micii see Pere Marti
Still Co Branch 1st g 63 1930 A-0 0112
135 J'ne'Or
1,5
96
Choc t/ & Gulf See C it I dc P
kargo & so See Ch M do SG 1'
103c J.J
0111 H & D 2/1 gold 412s
113 Oct ,00 ...
i lint & Pere 31 See Pere Mai
Oin D & I 1st gu g 5s 1941 4-N
. 102 J'ne'07 ....
Fla C& Penni See Sea Air Line , „
C Find & Ft W 12t g u 48 ,r.'23 31-N
Fort St U D Co 1st g 4128.194i s',-...
105 MarOb
70
CBI 1 83 W 1st gu g 4s.195: J..)
70
70 Aug0f- .. . 70
Ft W &Den C 1st g 6s....11121 1 -Lf
114 ), 114
114
2 104 1151
/
2
Ind Dec & W let g 5s 1935 J•J
91
91 Aug'08 .... 90
Let W & Rio Or 1st g 4s_.192o.
91
-J
89
Sal°
99
88
.
1st guar gold 58
74
02
Deo
87'2
107%
1935 J -J
i $ al liar ,t, BA See So Pao Co .„
inti,eb() iseecou&st.i.
‘ Tal 11 LP. 11 of 1882 1st 58.1913 ^-,'
66 Sep 'Os .... 96
06
Uin S ,313 (.) Nee (1 00 St L
Georgia & Ala See Sea A Lim.
Clearfield 80 Mali See B It 8,3 I.
Ga Car dc Nor See Sea A Line
977E 98
99:
Dlev Cin 0& St L gen g 4s 19K J -t: 97
1
5 92
99 1.2 .4 eorgja Pacitio See So By
Cairo Div 1st gold 43
pu
90
1231 J •J
.411a V G & Nor See So Pac Co
94
98
1.16 M
"
"
' -• 951,
94
Cin W & DI Div 1st g 48 1901 J • J
971u 9514 Oct '92• ....
9514 .1011y & Oswegat
See N Y Cent
964 97% 951
/
2 No,'08 .... 90
9634 frond Rap ,Y3 Ind Nee Penn
Eft L Div 1st col tr g 43-1990 NI-N
Rh
91 Oct '07 ....
Registered
1900 14.N
tiray's Pt Term See St L S W
92
Feb -Or .... 92
132
F_Jpr 16 Col Div 1st g 4a 1944: M.S
Gt Nor-C B iS Q coll tr 4s 1921 J • J
9918 Sale 9834
94
[([(1,14. 924 ioo
°P'S00 ....
112
. 98
W W Val Div 1st g 43 1940 I • J
Registered./,
:lb
SFR
071
/
2
3 9212 118
11121 44
105 Jan '04 ....
(21 St L& C °ousel 68 11120 M-N 103
Greenbrier Ity bee Ches & 0 „
9912Nov't,8 .... 954 9:31
9858 100
1st gold 4s
/
2 Gulf &8 1 1st ref & t g Os 51039 4 "J
k11330 Q-9
100
95
95
96 Oct 'Ur
uct '0, .... 97
97
Registered
Li an & St Jo See C B &
k1936 ca-F1(7,
106 12Sep 'Uo .... 10642 106% I I ou8atorne See N Y N ifQ
Cm S &()icon ling 5s..192b J -J lu.
do
11
.
/
2 Sep'03 .... 114 11434 flock Val letconsol g 4128 19
1141
0 C C 80 1 consol7s
1914 31) 112
10718 Nev'ob .... 9812 1071
/
4
.1W - J 1071
/
2
Consol sink fund 78
/
28/$9 '..t,- ..., t0012 1002
1914 3-D
1001
Registered
1900 .1-,..
„,L . ,
130 Nov'Ob .... 120 130
General consol gold 68 1934 J -J 126
Col & H V lat ext g 48 1134b A.,,•.. “
6 93
96
96
96
.
u,' -. 1°1
Registered
96
....
1034 J -J
JOY
96
'03
Col & To! 1st ex 4s
1)6*
11155
5
.
- 1 "'
94 J'ly '138 .... 94
1:15
110118t E & W Tex S'ee so Pac
Ind RI& W 1st pret 40 1940 A-0
.. ..
0 Ind & NV lat pf 5s...,t193b 14•J
flown& Tex Con See So Pace° ,
05 Nov'Ob
05
8-8
94% 1 Ilinozs Central 1st g 413-1951.
10212Aug'Or .... 102 103i,
Peo & East 1st con 48 1940 A-0
4 102%
671
/
2 05's
5512 5 35
4 Apt'0,
63
1990 Apr
.
1. Registered
107,
Income4s
1951 „,...,,,,
J 10,17
,,
1st ref 4s(when iss)
Olev & Marietta see Penn R R
1965 ,u-i. ..vs Sale 1167ii 100 ,1,- 131)la 100
73,,
/
2 93e,
1331
/
2 2 911
lot gobu 3%s
93N
„„ ,, ,
Ulev & Pitts See Penn Co
93'2
, J -J
111.4 Aug VS ...• 91.4 911
1941 J • J "
/
2
‘51
/
2 751
. 88 551
Col Midland 1st g 48
'
'
ae "
Registered
/
2
1951 J4
92
1(614,thaie 951
961
/
2 0b 02
961
/
2
89 Nov't,.
Coloradi & Son lst g 48 102t• F.A
A•t) 113
Extended 1st g31
/
2
1951
s
881
/
2 316 73
8834
1935 3/1-N
1st gold 3s sterling
'70 Oct '04 . .
88 81(10 8734
Retund do ext 41
/
2s
1961 M- 8
Coll Trust gold 48
101
101
Oolum & oreeuv See ltio lty
10 97 102
1952 A-0 "12
1.8 Mayo,.
Registered
Col& Hock Val See Hook Val
1952 A,-„,0
L N 0& Tex gold 43
102 Sep 'Ob .... 1)819 102
Col & Tel See Hock Val
111613 M-"
1963 31•N
Registered
97 Muyqii .
111)
Col Conn & Term See N &W
Cairo Bridge gold 48
Conn & Pas Rive 1st g 43.1941 A•0
102N Jail '°7 •
1960 J, -I
) „98„
91 Apr'OS 91
91
/
2Nov'ob .... 85
LoutsvDiv&Term g3101963 d -4 "
1101
Cuba RR let 60.yr 5 g ..1952 J -J
9034
Ai :v. 6t P
l( - A. 1,93„,
Middle Div reg 56
123 -,/u3'9.
1921 '
...
1
Omaha Div lift g 38
/
2 Apeliu
781
1961 p, -^, ,'"„'
St .Louis Div83term g 3s 11151.-.
Del Lack & Western7614 -11.11Y'ub -..• 701
/
2 '761
/
2
•'-'
Morris& Essex lst73 1914 M-N 114%115N 115 Nov'OE .... 114'4 118
Registered
'
1961 1.4
, ,,„
4
12028Nov'Ub .... 11841201
1916 3-1) 116,
/
2
1st consol guar Is
Gold 312s
81)1
/
2 Oct 'ob •-• 791
/
2 139 41
1061.-. .u3.1
1916
j.1)
11612
.
127
J'ne'05
....
Registered
Registered
1011
/
40ot'
1961 J -1 ,
8
,,,"
99
2000 J .1) 03'4
.
1st ref gu g 310
.1.01) A ov'Uu
Spring Div ist g 31
/
2s 1051 3
,.,-.. ""'4
1241
/2 125 Nov'ob .
/
2 Aug'07
1161
/
2 125
N Y Lack & W 1st 6s 1921 3.3
Western Lines 1st g 48 1951 D -.1 10014... 971
112
Oct
'08 .. 10858 1111
1923 If - A
Construction Os
/
2
Belle,& Car 1st (is
121
De6
4
-15
.
1923
J
-li,
1;',
"9„,
1
2
1001
/
2Nov'08.
Term do improve 45.-1923 .1/1•N 101//
97 14 102
Carb & Shaw 1st g 48 1932 M-,3 '
0,': .... 97 100
97 Sep'
102 Vel.P08
9110
Warren 1st ref gu g 3128.2000 F-A
117 Out'08 --- /121
Chic St L& NO g 6s 1951 3.1) 11719
/
2 117
/
2
11112 Apr'08 -. 1211
0e1.5 find 1st Pa Div 711 1917 .11.s 1121
/
4 123
11934 Miu'u4 . .
Registered
.
1
-1•
1
1961
149 Aug'01 _
1917 $1-S 120
884 Feb.07 ....
Registered
.
Gold 312,1
1951 ...„
,
3
-,
Y .
,,
/913
64-N
101
ciole
101
1011
/
4
19$3
100 liiar'01, . .. .00 100
1st &ref 43
Memph Div 1st g 4s 1951 .. t1
981
/
2 10234
'„",,-a
/
2104 10312 104
98
Mb 3-1) 1031
61 9419104
98 J'Ay'ut, .... 98
10-yr cony deb 48
St .L Sou 1st gut g
1931 "--*1. uu
104% Nov'Ob ... 96 10419 Ind 111 & West See04s
1st lien equip g 4 125- 1022 J - J
00do St L
9019
9312Nov'08
95
1940 A-0
06 Apr'Ob, ... 95
98 101
Alb & sus cony 312e
-J
&
Ia
1st
III
ind
g
43
J
99
DIA
1950
129 Nov'08
108 No5'uS .... 101 110
Rens & Saratoga 1st 78 1921 )),1-1,1 129
1284129
lut 83 Great Nor 1st g 68 111111 M- N 108
904
Ric
70
....
Pa
bee
Nov'tm
Bridge
86
NI-S
85
1909
RR
Riv
Del
2/1 gold 58
98
981
/
2 984
98 : 2 89
1921 M-S
(30 ()ct'0 I ...,
30
40
9819
Deny & R Or 1st con g 48 1930 j..i
3d gold 48
98 Jan 'Oa
193e J -J ---1111
/
4
Consol gold 41
11 h .
14
7 1.001
/
21111
/
2
/
2s
98
98
lows Central lst gold 58 1938 3-1) 109 42
100
100
1951 M-S
Improvement gold 5s 192b j.1, IOU
1 94 10034
791
/
2Sale 78'd
791
/
2 /1.1, 70
Gold 48
704
98 Feb'01..... 97
Rio Or Juno 1st gu g 58 1936 3.0 109
98
eiterson RR Bee Erie
J
76 Dec'05 .
Rio gr So lat gold 48.- 1941. j.j *102
ii al A & G R bee 1., 8 do M
....
194t, j.j
85 Mar'Ob .... .-85
Guaranteed
85
Man & Mich. See To!& 00
1931, 4 - J ,
96;1 96
Rio dr West let g 4s
951
/
2 9519
b 831
/
2 Ini'2 K (1Ft S 83 Ai. See tit Li% 8 if
18
81
78 Nov'08 .... 70
1,1ge and col trust 4sA 1049 A.u
78
K. C& M lt & 11 See St L & SF
1)7
Jan'02 .
Utah Cent Ist gu g 4s a1917 A.•0
Kan 021 Poetic See M E. 211
Des Mot & Ft 13 See 5121 St L
Kan City Sou 1st gold 3s..106$ A- o
73 Salo 7234
73
4, 69
74
110 Sep )04.
Registered
63 Oct '013
Des Moi Uu By lst g 53_1917 .0-N
My A-0
891
/
2
02 Mar'07.
Kentucky Cent see L do N
Dot & Mack 1st lieu g 43 1995 J -D
112
891
/
2 Aug'Ob .... 80
19135 J-1, 87
Gold 43
8919 Keok & Des Mo Bee 0 It I&P
Detroit SouthernKnoxville & Ohio Bee So By
84
85
84 Nov'08... 7734 84
I ake .Erie & W 1st g5s..1937 33 1141
Ohio Sou Div 1st g 4s 1941 M-8
112 Sep '08 .... 10012 112
/
2
/
2
114
115
LI 21 gold Os
Dui& Iron Range 1st63-1937 A-0 1091
61 102 116
1941 3.3 03% 105 % 1.03 12.Nov'Or .... 100 1034
10612 Mar'Ob .... 10(11
Registered
1937 A-0
P.,lerth Ohio let gu g 68 1945 A-0 110 112% 110
/
21(16 4,
110
i lob 110
191(3 J -J
2d 68
L Silo 83 Mich 8 See N Y Cent
Du)Short Line See Nor Pao
Leh Val N list gu g 41
/
2 Nov'08 .... L0211109%
/
211.1940 J -J 10819
1091
*10912
108 Mar'08
Registered
1071
/
4109
Dui So Shore & All g 53 1937 J -J
108 Oct'08 .... 108 108
1940 J - J
9334 J'ne'ub .... 871
afit of Minn b'esStP At 83 31
Lehigh Val(Pa)cons g 48 2003 m•N
/
2 95
117 I., Sep 'tits . .. 108 1171
aat Ten Va & Ga See So Ii3
Len V Ter Ity lst gu g 53 1041 A-0 117
/
2
10012 May'08
Elgin Jol & East 1st g 58 1941 td.N 107
Registered
1061910619
10919 /Jet '1)9
1941 A-0
,
Elm Cort & No Bee Leh & NI
Leh V Coal Co 1st gu g 56 1933 J -J 109
107 % J'ly'0, .... 106 10734
100
991
/
21%lay'08
....
Erie 1st ext old 4s
99 105
1947 hi-N
Leh & N Y 1st guar g 48-1945 31-S 95
1.)358 137 3luy'00 .... 9519 97
/
4
10418 Apr'08.
2/1 ext gol 6s
19111 m.s 1051
Registered
10119104¼
1945 31-S
1
2
99 Mar'08
3d ext gold 4128
19'23 .5.8 102/
El C & N 1st pf 6s
'2334 100'-.
113 i8 Jau'ut,
1014 A-0 101
/
4
Nov'Ob
1051
.
/
2
199021-0 1051
/
2
104 1061
Gold guar 68
ith ext gold 5s
,
iuoll Jan'00
1914 A-0 991/2
98 Oct '023 .... 98
6th ext gold 48
98
192s J -1) 95
Leh & Ilud R Nee Cent of N J
/
2 1251
/
2 1254
, '2 117 1251
1st(=sot gold 78.,
/
2 Leh & Wilkesb See Cent of NJ
1920 31-S 125 1251
122
125
121 Oct 'Ob ... 120 121
lst °ousel g fund 73
1920 31-s
Leroy & Caney Val See Mo P
8919 90
Erie 1st con. g 43 prior-1906 J-3
90
Long Dock See Erie
89
88 19
11. 80
'79 Jan'Ub.
Registered
1 105 1124
111
71)
79
1996 3-3
Long IsPd-lst con g 53.71.1931 Q-J 108
111
/
2
74
74 Sale 731
let consol gen lien g 48-1990 3.3
49 55
761
/
2
let consol old 43
9819
211931 /4-3
85/
1
2Feb'07 .
944
Registered
11,
1
1
.
0
1
1996 J -J
8319 2711
General go d 48
94
193b 3-b.
/
2 871
8612 802 861
102
/
2 12 6734 861
7 i01 102
Penn coil tr g 4s
1951 F-A
/
2
Ferry gold 41
1922 hi-S 102 Salo 102
/
28
,
78 Sale 77
'78
60-year cony 4s A
1053 A-u
50 43
9014 Oct '06
801
/
2
Gold 4s
1032 3-1)
Series B 1953 A.0 67 Sale 66
do
67 204 40
/
2
114:
1
041
4 81
70
in.$
Unified gold 4.5
1941 M-S
lit
041
/
2
Bull R Y& Erie 1st 78-191ti 3-1, 11258
115 Aug'00 . 115 118
110 J'ne'01 .
• Debenture gold6s
1934 3-1.3 .1.(33 12
/
4 1154 1 1081
Chic & Erie 1st gold 58 1982 4.3.1%; 1144 11519 1151
/
2 1161
/
4
Guar ref gold 4s.
90
98% 138 Nov'08
98
98
19411 .v1-S
. 1164Jan MA . . .....
elev & Mahon Val g 66 1938 J •J 107
Bklyn & Mont lst g 68 1911 M-s 1021
/
4
j'eff RR 1st gu g158.,..a1909 A-0 102
981
/
2Apr'Ob . 9819 981
1st63
/
2
10014(let 'Os .... 1091
1911 hi-S VA 18
;10014
128
Long Look consol g 68-1935 A-0 12634
128 _.2 121 128
110141N ovq36
N I 13& M 13 1st con g 58 1935 21-0 102
Coal& RR 1st cur fal 66.1922 M-N
118 Sep '06 .
105 Ape()i
N Y & It 13 1st g 58
1927 31-S 101
Dock & Imp let eur 64-1913 J-J 106 Sale 106
106
I 106 106
109 IN ov'Oti ..
Nor Shli lateen g guas011132 Q-J 10/
N 721 Green L sun g 68.1946 M N 113219
100 FelP08.
Louisiana & Ark 1st g 58.1927 M-S
100 100
118 Apr'08 .... 95
100
98
l_ntiatitT.feleTra h.&
E
811SeEL1ANEOUti LIONDm-continucti on Next Page.
Gas and Electric Light
Gam and Electric Light
Atlanta (31. L Co 1st g 53_1047 J -D
............ Lac Gas LofSt 1,let g 53.81919
102
102
1021
/
2 9 90 103
Bklyn U Gas lin con g 53 1945 hl-N 1051
/
2 10512..10513 2 9212 107
/
21061
Ref and ext let g Os
/
2Nov'08
10038 101
1934 A-0 10034 103 1001
Cony deben Os
160
191113 NI-S 145 150 148
Milwaukee Gas L list 48-1917 M-N
313 119 150
92
95
Oct
931,
'08
.-. 8919 05
Butlalo Gas lot g 68
67 Oct'08
65
1947 A-0 61
E 1.11 & P g 68 1948 J -D 1011
54
001
/
2 N
/
210131 1011
/
2 104
41' 88 104
Consol Gas cony deb 63
169
165
170
1900 J J
Purchase money g 43_1940 F-A
88
iVo 103 169
86
801
/
2 861
/
2 86' 48 75
Detroit City Gas g 63
/
/
2 1021
2103 1021
/
2
1923 J J 1021
98%130
031
/
210214
Ed El 111 1st convg 68 1910 NI- S 10138 10158 1014 Novos
pet Oats Co con 1st g 68_1918 F -A 102
981
/
2Sep '08
1st consol gold 56
98% 981
/
2
112
1995 J-J 112
112% 7 1071311219
EdE.111 BeeN YG&ELH&E
Ny&QE1L&P 1st con g 581930 F-A
89
89
921
/
2 95
q 1.14 Y lat con g 58 11)32 NI-S 0101
00 Mar'08
96
N Y do Rich Gas 1st g 613.1021 M-N
96
80
9 Au
lg
ulT
:
1 *** 99 100%
100'- 10
flits& Eleo Berg Co c g 68 1941) J1)
6112 Oct '01
9713
Pat & Pas(I& E con g 613.1949 M-S
1041
/
2 Nov'05
Gen Electric deb g 31
/
28_194'2 F.A
831
/
4 No01)8
1071
/
2118
'79
8314 Pee Gas & 0 18t con g 68 1943 A-0 1171
/
2
10-yr g deb 5s
1361
1917 J-D 13612 Sale 134
/
2 131 1061
Refunding gold 58
/
21331
/
4
/
2
1031
1947
1 94 10334
18
0
lv'
814 No
1
11
03
Gr .Rap L Co let g 68.-1916 F -A
1071
/
2 Dee'M
419
CkelstgugOs 1937 J-J 1061
/
2
1)8 1051
Ch
105%
1051
/
2
/
2
Sale
Gas
1st
g
Co
Hudson
58 1949 M•N 102
102 J'ly'08
Con 0 Coot Ch lstgu g 58.'36 J.b 101
93 1031
1011
/
2102
/
2
/
2 Oct '08
1031
1St g 58 1922 A-0
Kan City(Mo)
99 Dec'00
95
Mn Fuel Gas let go.g5s.1947 M-N 101 103 101 Nov'08
92 101
.P g 63._1937 A-0 101.
Kings Co EA
Syracuse Lighting 1st g 68.'51 J-D
115
Purchase money 68
1997 21-0 110
1031
/
2 Nov'08
103 111 12 Trenton 0& Ni let g 6s..1949 M.£3
110 Ai ay'05
El Kill131cii 1stcon g 48 1931i 3.3
88 Sep '08
83
Westchester Light'g g 55.1960 J.0 103 107 103 :Ply'Or
u0
50119104
'No price ifriday; latest bid and asked this week.a Due Jan 0 Due Feb 4Due Apr e Das May 21 Due
x Due Aug *Das tJot q Due 000 J Option Sall)
New York Bond. Record—Continued—Page
DEC. 5 1908.1
BOND:.
N.Y. STOCK EXCHANGE
WEEK N../.1101,0, DEC 4
Price
Friday
Deo 4
Weeles
Range or
Last Sate
'tango
Since
January 1
liomp,
N. Y. STOCK EXCHANGE
WEEK ENDIN0 DEC 4
r.,
.
°
3., t
4,
- 3,
3
1467
Prtce
Prutati
Dec 4
Week's
Range or
Last Sale
Range
Since
January I
Bta
litgn No toe Itigh N Y Cent & it R,—((xrntantusa,
Ash Low
Bid
AsA. Low
_High No Lose litga
Lonisv & Nashv gen g 69 1930 J-D 11634 120 120 Nov'08 87 11238 120
Gouv& Omelet g-tt g 58 1942 J-D
1937 M-N 1141
/
2
Gold os
11012 11078
• 11078.Pue918
Moll & Mal 1st gu g 4s..1991 31-S
9838
Slat
'08
98
98
98
102
102
1940 J-J
Sale 102
Unified gold 48
11 95 102
NJ June R gu 1st 48. .1986 F-. 96
105 Oct'02
1940 J-J
91)1
/
2 •
101 18 J'ly'06
Registered
N V & Harlem g 3'2s...2000 M-N
92's
,
9614 Oct '11)
9614 961
/
2
1910 A-0
105 J'ne'08 • tbr. 105
Sink Lund gold 68
N Y& North 1st g 58-1927 A-0 105
10712 Aug'08
107',107 12
107 Nov'08 •••• 102 107
1931 31•N 105
Coll trust gold 58
N Y & Pu lst eon gu g 48 1993 A-0 98
1510 Sep 918
100 100
2 Sale 9612
9634
4 88
5-20-yr col tr deed g 4E5 1923 A•0 96,
9654
Nor & Mont 1st gu g 58.1916 A •0
111 Nov'07
1911, J -D 110
E H & Nash 1st g 68
Pine Creek reg guar 68.1932 J •D 115.4
. 107 Nor'07
104 Mar'08
/
2s 1931 31-N 10512
10314 104
L Cin & Lox gold 41
R Wcfa 0con lstext5s.h1922 A-0 11012
11072 Nov'u8
10878 112
122 Oct 9)8
/
2
11534 122
N 0 & M 1st gold 68— 1930 J •J 1221
Oswe & it 26 gu g 58...e1915 F-A 102
105 Jan 1.58
105 106
J
-J
Mar'053
122,
1930
4
68
gold
251
M
N 0&
R W & UT 11 1st gu g 58.1918 M-N
107,
4 Aug'06
Pensacola Div gold 653-1920 M-8
Rutland 1st con g 4126..1941 J -J
. 103 Sep 'o
103 103
117 May'07
1921 M-S 109
St L Div 1st-gold 65
Og&I,Chain 1st gu 48 g1948 J•J
92 Sale 90
92
7 82
92
63
M.S
621
/
2Aug'07
26 gold 38
Rut-Cauad 1st gu g 48.1949 J -J
90
Aug'51b
90
•
85
94,4
/
2 10 86
941
/
2
941
94,2
Atl Knox & ein div 48..1X5 M-N
St iAW & Adlr 1st g 5s. 1996 J -J
112 Nov'08
112 113
116 J'ly'06
Au Knox & Nor 1st g 581940 .10 104
25) gold 6s
A-0
1996
135 125 Feb918
125 125
10812Jan '06
/fender Bdge 1st8f g 68.1931 M-S
Utica & Blk My gn g 48.1922 J - J 102
993
,Apr'08
9934 9934
9734 Nov'08
97
Kentucky Cent gold 4E5..1987 J -J
9734
88
Lake Shore gold 31
941
/
2
9476
/
28.-1997 J-D
941
/
2
7 8934 96
100
100
L&N&M&Mlstg4,281945 M-S 100
1 971
/
2100
93
Registered
1997 J -D
9312 9214 Nov'Ob
90
931
/
2
873
4
J
-J
873
4
877,.
881
/
2
48.1952
791
/
2 8812
L& N -South N )(Ant
97 Sale 9612
Debenture g 48
1928 31-S
84
9738
973#
11.234 Nov'08
110,4 11234
N Fla & 8 1st gu g 5s...1937 F-A 11234
9512 bale 951
1931 M-N
25-year g 4s •
/
2
9538 155. 8838 96
98
291945 J -J
N,3150 Bdge on gut g 4,
KaA&U R lstwuc58.1938 J -J 110
113 Jan '08
/
2
113 113
Pens & AU -st gag 68..1921 F- A 1081
Mahon C'l RR 1st 58..1934 J -J 110
109 Oct '07
111 May'07
S & N Ala con gu g 58..1936 F- A 109
Pitts & L Erie 20 g 5s.a1928 A-0 102
100 May'08
100 100
M-S
9112Jan
'08
1;48..1945
lidge
Co
Ku
911
Jett
/
2
/
2
911
L&
Pitts McK as Y 1st gn 68.1932 .1 - J 120
130 J au'03
L N A & Ch See 0 I & L
2d g-uar 68
1934 J - J 118
ahon Coal bee LS&MS
McKees& 13V 1st g 68 1918 J -J .
08
99
Manhattan By consol 4E5.1990 A-0 99 Sale 99
92
931
/
2
Mich Cent 1st conso168.1909 M-S
104 Dee'06
9934
104 Apr'05
1990 A-0 9634
Registered
1931 M-8 11234
11434 Oct'08
. 55
11434 11434
/
2 Sale 1001
/
2 10032 44 9634 10014
Stmpd tax exempt..1990 A-0 1001
10612
Registered1931 QM
119 J•ne'uti
Cent
IN
V
McK'pt & 11 V See
1003
4
Jan
45
'07
1001
/
2
1940
J
-J
83
J
821
/
2 83
Mex Cent consol gold 4E5..1911
7414 89
1062 Nov'Ol)
Registered
1940 J -J
19
19 Nov'08
17
1st consol income g 38.a1930 J'iy
1412 2531
/
2 . J L & S 1st g 31
00 J'ne'08
1951 M-S
90
/
2s
au
16
18
1714 .N5,01/6 ..•• 10
20 consol income g 38..a19311 J'ly
/
2
181
1952 M-N
911
/
2
911
/
2
9142 12 88
1st g 3/
1
2
8
90.,
9058 J'1y'01
Mex Internat 1st con g 4E1.1977 .9-S
Bat e & Stur 1st gu g 38.1989 JD
80 Feb'08
Stamped guaranteed....1977 251-S
80
80
N Y. Chic & St L list g 48 1937 A-0 101 102 10114 10134
953
6
102
1114000
105
Rex North 1st gold 6s....1910 .1 •D
100 Sep '08
1037 A-0
Registered
100 10136
Mich Cent See N Y Cent
93 Oct'Os
93
Debentures 4s
92
1931 Fil-N
Mid ot N J See Erie
West Shore 181 48 gu...2361 J -J 10334 Sale 10314 103.4 157. 98 104
MU L S etc W See Chic & N W
/
2 Salt 102
102,
, 9 961
/
21021
Registered
/
2
2361 J 4 1021
MIt & North See Ch 11 & St F
N Y & Greenw Lake See Erie
1271
12338
/
2 Oct'08
125,4 128
Mimi & St L 1st gold 78..1927
N I & liar See N Y C & Hud
10114 Aug'08
101 103
1909 .1-1) 98,4
Iowa Ex 1st gold 78
S Y Lack & W b'ee D L & W 1
118 Jan
Pacific Exist gold 6s 1921 A-0 107
N Y L 1,1 & W See Erie
1131
/
2 Mar'0.5
South West Ex 1st g 78 1910 J -D
N Y & Long 13r See Cent of N J
111 1051 107
1934 M-N 10670 Sale 106,2 107
let consol gold 5s
N I IN H & H—Cony 68 1948 J-J 136 Sale 13633130 160 1151
/
2 1S6
b412 83
12 78.4 86
85
1st and refund gold 4s 1949 M-8
Cony deben 31
/
2 54 85 10012
9934 Sale 9934 1001
/
23
1956 J •J
97 Apr'00
J -J
Des 111 & Ft 13 1st gu
112 Mar'ues
Housatonic R con g 55 1937 9-1N 117,4
112 112
Minn .31 St L gu See 11 0It& N
N 11 & Derby con cy 58.1918 M-2,1 107
100 Oct '08
967,4 100
SI StP•313 813M con g 4intgu'38 J .J 100
N 17 & North SeeNY0& H
102 J'ne'07
SISSAI&Alstg4 intgu 1926 J -J
N Y 0& W ref 1st g 4s..g1992 M-8
9914 Sale 991
921
/
2 99,
/
2
4
991
/
2
Minn On See St PM &M
Regis $5,000 only
101 12J'ne'06
g1992 M-8
1/834 Salt 9834 100
2, 94 101
Ho Kan & Tex 1st g 48-1990 J
31 Y & Put tiee N Y C & 11
87
Sale
13736 32 771
87
'2
/
2 87% N Y & R 11 'See Long Island
91990 F-A
251 gold 45
/
2 1061
/
2
106'4 1961
1944 Il-N
/
2 N Y 8 & W See Erie
95 1061
1st ext gold 58
89
83
8338 84
2004 31-S
1st & refund 48
N Y Tex & M See So Pao Co
2-1 7478 84
883
4
Sale 88
89
11)36 J -J
115.• 71
89
/
28
Gen s f 41
Nor & South 1st g 58
105
99/
1
2J'ne'Ob
1941 M-N
99's 991
/
2
86
St L Div 1st ref g 48— 2001 A-0 86 Sale 86
3 8018 86
Nor!& West gen g 68
/
21281
/
2 12834 Oct'08
120 12834
1931 M-N 1271
103 Oct'08
1021
/
2 105
Dal & Wit lst gu g 5s 1940 31-N 104
Improvein't
'06
&
/
2
Jan
1171
ext
1281
/
2
F-A
g
1934
/
2
68
/
1
2 1171
117
941
/
2
/
2
Sale 941
04,
,
Kan C & Pao 1st g 4E5_19951 F- A
9412
87
New
River
1231
/
2
._..
..
126
lst
g
Nov'08.
A-0
65
126
1932
t26
/
2
108 Oct 903
Ido K & 1st gu g 58-1942 A •O 1091
/
2
10538 1081
N ,t, W Ry lat con g 45.1996 A-0 9372 Safe 981
/
2
1191
/
2 9 921
/
2 9934
108 1081
/
2 108
1942 M-N
'
, 1 102 109
K & Ok 1st g-u 58
1E81
Registered
/
2 91 Sep 'WE
19110 A-0
ii 971
/
2105
M K511 Tot T lstgug5s 1942 MS 108 Sale 10714 108
Div'l lett& gen g 4e...1944 J -J
95
116 14 94 Oct 'ut,
841
/
2 94
1110 18J'ne'08 ••.• 1001
/
2
/
21001
Sher Sh & So 1st gu g 55 1943 J •D 101
10-25 year cony 48.-1932 J -I) 9)1481110 921
/
2 9514 225 78
9538
108 108
108
2 1021
/
2 10814
Tex & Okla lot gu g 5s 1943 1,1-S
Focal' C & C Joint 48-1941 J -D
110-. 91 Nov'ut
'77
92
/
2
/
2 1131
1
2 114 1131
1920 M-N 113/
1041
/
2115
&to Pacific 1st con g 6s
C
0
&
T
1991
/
2
lat
+fa
g
bei,9)5
58
1922 J 4 105
0.
••'"g
101
/
2Nov'08
1011
/
2
88 15)21
Trust gold 58 stamped.a1917 AiScio V & IN II. 1st gu g 48 1989 M--N
98,, 20 87 12 V 17
1)612
,Vel)'07
104,
++1917 31-S
Registered
North Illinois See Chi & N W
/
2 10132
. North Ohio See L Erie & W
8778 1015
1920 F-A 10134 ?J./2 1011
1st colt gold 58
70, 33v 68
791
/
2Sale 78
7934 Nor Pac—Prior hen g 48..1997(
11)45 M-8
40-year gold loan 4s
10312 15t, 09 1041
/
2
.4 J 10318 Sale 103
90
115 Mar'08
96
95
1938 31.-N
/
8d 78 extd at 4%
2
103 NOV'Oe
Registered
1997 Q-J 1011
9734 103
85 1,931.5118 ...• 85
95
87
1 -A
Cent Br Ry 1st gu g 48 1910 ,
General lien gold 3s....a2047 Q•F ,
7314
66 68
%Vs
743
,
4`•
"Iv
'08
43
Sep
'....•
8914
831
/
2
89
,
4
J
-1)
1948
Branch
Cen
U P 1st g 45
Registered
71 Aug'08
a2047 Le-k. '
681
/
2 7)e
110 lilar'05
St Paul-Dal Div g 48.-10110 J -D
Leroy& CVAL 1st g 58 1926 J -J
100
9612Jan Os
2
96,
89
991
/
2 Feb'u8
1)1114
99,
4 IAN
Pao it of Ido 1st ex g 48.1938 F-A
Dul Short L 1st pi 6s..1910 151-S
Dec
'01
112
26 extended gold 58 1938 J -J
C B & Lt coll tr 48 See Gt Nor
6.
115:3 11414
St L Ir M& Sgen con g 5531931 A-0 112 Sale 11178 112
St P & N P gen g 68....1923 F-A 122
121 Nov'08
116 121
/
2
110 Oct 918
,
WO 110,
Gen eon stamp gut g 5811)31 A-0 1101
Registered certifies-11123 4- F 1,61
120 Oct 9./b
/
2
116 120
881
/
2 salt
8834
883
, 4 68
Unified & ref go151 48 1929 J -J
88,
4
St Paul & Dul 1st 58.-1931 k -A 10934
1171
4.NY07
881
/
2 Sale 881
/
2 8914 On 7)3
Riv & ti Div 1st g 48 1933 M-N
81)/
1
2
26 5s
1917 A-0 102 h 107 1.0312 J'13''08
102 103,2
1071
/
2Apr'Ou
Verdi V I & W 1st g 58 1926 v1-8
let consul gold 48
98 luu J'ly 'Uti
1968 J -D 93
100 100
98 Dec'5)5i
Mob J &K O1stconag5s 1u51 J -J
Wash Cent 1st g 48
1948 rl "
1
96
Mob & Ohio new gold 68 1927 J -D 120 1231
93
/
2 124 Nov 5)8
113 124
M4Y."
,Tor Pac Ter Co 1st g 68 1933 •J 11614
Aug'isb
117
112 11.7
1051
/
2Jan'Os
1st extension gold 6s..h1927 Q-,1 115
10514105',
or Hy Cat bee So Pac
/
2
General gold 48
88
88
.1938 31.s 861
7 62 ‘.2 81i
or Wis See C St P M & 0
11238Nov'0b
Moutgoni Div 1st g 5s..1941 F -A 110
10212112', Nor & Mont see il y cent
73
'75 May'Ob
St L & Cairo coil g 48..e1935)
76
75
1 i Ind & W See C 0 C & St L
Guaranteed g 48
101. Nov904
1931 -J
lfluo Riv RR See Halt & 0
& 0 coil 48 See Southern
Are & Cal See SoPac Co
Mohawk & Mal See IN VU&H
.re Short Line See Un Pao
Sionongaliela My See 13 &
/swage & Rome See N Y C
Mont Cent See St P M & M
.) C li & St P See 0& N W
Morgan's La & T See 6 P Co
Dac Collat. Co 1st g 58.-1940 J -D 111 ....... 111 Nov'08
101%111
. Morris & Essex See Del L& W
1 ac of Missouri See Mo Pao
Wash Chat & St List 78.1913 J - J 11574
115,
4 Nov'08
1101
/
2116
Penn RR 1st real est g45.1923 AA-1i 101
103 J'ne'w,
105
102
1.1 1st consol gold 5s
111
11034 .Nov'08
1926 A-0
1051211214
Consol gold ba
105 Nov9).
1011, il-SI 108 .
Jasper Branch 1st g 68 1923 J -J
1161
/
2 May'0/
......
Consul gold 48
106 Oct '5./.8
11143 .•-tt 103
1011
/
2104
. MOM Ai W531 Al 1st 68-1917 J -J
117 14 Mar'05
..
Consol gold 48
1948 M NI 103.4 sale 10354 1037,. 131 100 10512
T & P Branch 1st 68—.1917 J -J
113 J'ly'04
Convertible g 31
1912 u-NI 9838 bale 981
/
2s.
91)
/
2
91,
4 99
Nash Flor & Shot See L & N
Convertible g 312s
1)61
/
2 4-4 88
135 Sale 9414
1915 J -D
9612
1001
/
2Nov'08
N at of Meg prior lien 4128 1926 J -J 101
99 1003,
Alleg Val gen gu g 4s 1942 ,t4-S
J'ne'01
97
99
1951 A-0
831
/
2Sep '08
let consol 48
81
77
83',
D It it It & Bgelst gu 48 g.'36 F- Al 95
New II & D b'eeNYNkl&kl
PhilaBal & W lat g 48..1943 K-NI
1071
/
2Oct 9./i„
......
NJ Juno RR See N Y Cent
Sod Bay & So tat g 55...1924 j.jI 98
102 Jail 'lb,
New & Cin Ildge Nee Lou &
U iN J RR &Can gen 4E3.1944 NI- S 1041
/
2
/
2Sep '04
1101
N JI Min & Man Bch See L I
!eon Co—Guar let g 9128.1921 J.Jt 10614 San. 1061
/
2 10614 17 10234 1061
/
2
93,
2
NY Cent& Ii Riv g 3,28 191)7
94
9312 94
11 87% 94
Registered
1921 J -J
10378 J'ly'07
111 /
1
2
1997 J -J
Registered
91 Oct'Os
88,2 91
Guar 312s coil trust reg.1937 M-S
90/
1
2J'ne'05,
813°#
1934 M-N
.
Deben g 4s
04,
, 3
Sale 94
- 3 90
'J5',
Ci oar 31260(511 tr set B...1941 F-A
8,L,Oct 91,,
8838
/
2 94,4
861
Lake Shore colt g 3128...15)11)3 F -A
85,2
80
19 75
86
85
Tr Co °end's gu g 3/
86
1
28.19iv 3I-N
1171
/
2 9714 98,4 Oct '03
4
921
/
2 1,8,
F -A
84,4 Sale 841
Registered
841
/
2
/
2
73
84,4
Gu 31
/
28 tr etre 5.:
11142 J -D
89
6734 Sep 9.):
841
/
2 8734
91g F -A
Mich cent coil g 3/
851
/
2
19
1
2s
741
/
2 Nov'08
/
2 1111
861
/
2
G.3',s tr ctfs D
1944
J
-D
89
931
/
2
3155.005,
9012
821
/
2
itegultered
1993 F -A
'76
821
/
2 821
/
2
Guar 15-25 year g 4s
82',
11)31 A-0 1)878 100
9734 Oct '08
.90.. -"OA;
• Beech Creek 1st gu g 48 1936 J • J
99'4
99 Oct 9)8
99
99
CI & Mar lot gu g 4,28 1935 m-N
137
110 dal''ob
Registered
1936 J -J
102 Mar'04
el & P geu gu g 4128ser A.'4'2 J -J 11038
Aug9)13
1081
/
2
251 gu gold 58
1936 J -J 105
Series 13
1942 A-0 10938
Beecher Ext 1st g 3/
1
2801951 A-0
Series C 31
/
2s
11148 .ti-N
93,2
98% Dee'05
Cart & Ad let gu g 48 1981 J -0
)/c1,
1.00.1.,i 11:4 1.,,a
105,, le-A
(ill
70 aV lin .... 90
NO
•
• •-•
I-F
•••
......
......
ailSCE1(NEI Us HONL)8—Continued on Next Page
Coati mend troll
Telegraph and Telephone
Col F & I Co gen 8 f g 55..1943 F-A
9412
85 Nov'08
7912 96
Am Telep & Tel coil tr 48 1929 J•J
95
93
93
93
10 75% 93
Convertible deb 513...A911 F•A
77 Aug'08
56
77
Convertible 48
1936 M-S
9476 Sale 0334
9534 81
541
/
2 96
.
9
Col Fuel Co gen gold 65.1919 M-N
107,2 Oct '04
......
Comm Cable Co 1st g 48 2391
85
8534 Mar9/8
8534 8534
Gr Itiv Coal & C 1st g 651919 A-0
10238 Apr'06
Mich. State Telep. 1st 58 1924 -A
......
1E9 1011
/
2 9972 Nov ub
921
/
2 9978
Clearf Bit Coal 18t t 48...1940 J -J
95 Apr'02
Union col tr cur 68 103t5 J -J
West
9612
98
31)
139
Is 84
Col ludo,1.8t4/5 colt 68 stu..1934 F-A
75
75.4 87 38.4 77
75,
4 Sale
Fit anmi real eat g 4/
1
28 1950 M-N
9214
921
91 12
/
2
91 /
1
2
81
Coutin'tal C 1st61 gu 58 g.195',. F -A
10738 Dee'04
Cony 48, Series A
1936 MN
8552
86', Sale
86,4 61 75
861
/
2
Jell & Clear C & I 155t g 56.1926 .1.1)
107 May'07
Slut On Tel 8 fund 68 1911
IOU Aug'08
100 IOU
Kan& H (1 & 01st s f g 58.1951 J-J
1051
/
2Dee'06
991
/
2
tInnuisieturing A: industrial
Pleas Val Coal 1st g 8(55.1928 .7-I
105 Oct '00
Allis-chalmer8 1st 5s
1930 ,j
8312 Sale 8214
83- 314 78
3434
Sunday Creek Co g 5s....1944 J -J
'78 Feb'07
80
Am Ag chem isle 5s(rcts)'28
9634 Sao, 1)64
97
97
21, 94
Tenn Coal gen 58
1951
/
2 104,
J 104,
,
4 10434 1041
.82l:2104k. Am cot 001 ezt 4128
11315 14-k
95,
4
953
4
95
Nov'08
Mi
931
/
2
1st.
Penn Div
g 68
a1917 A-0 107
107 Nov'Ob
1u0 10712 Am Hide & L Ist et g 68-1/)19 Ai100
Sale
500
11612
73 751
/
2100
Birnt Div 1st consol 68-1917 J -J 108,4110', 110 Nov'08
99 110
Amer Ice Secur deb g 68 1925 A-0
76
76
78
78
.'8'2
Cali (3 M. Co let gu g 68.1922 J -D
110 108 00t 'Os
102 108
Am Spirits .311g let g 6s 1915 .11-S
95
95
93
91 100
De Bar C &[Co gu g 68.1910 F -A 1021
103 Nov'08
/
2
WO 103'4 Am Thread DA col tr 4a 1919 J -J
90
+38 14 Sep '0b3
6814
Va Iron Coal &Colst g 58.1949 M-S
1)6
96
96
2 80 100'-., Am Tobacco 40-yr g 65.-1944 A-0 108 Salt. 506
97
1081
/
2
961
/
2 111/
1
2
Victor Fuel. lst 8 t 58
1053 -J
931
/
2 Feb'07
87
48.
1951 F-A
771
/
2 Sale
7536
77,2317 60', 79',
Friday;
No price
latest bid and askecL a/Ine Jan 0 Due set) e Due
,t Due..pr Is Due J'iy ic one ug • Due -Jot p Due 1.4ov q Dusties £001100
......
......
......
New York Bond Record--Concluded--Page 4
1468
DON Ds
N. Y. STOOK EXCHANGE
Wicg.k Minim) DEC 4
z
POD co-(L:on/in/tea)
1
28 B 1946 J J
Erie do Pitts gug3/
1940 J.J
Series C
Grit& Lox lstgug41261941 J.J
Pitts Ft W 415 C 1st 7s 11112 J -J
J
1012
2d7s
h1912 A-0
3d 7s
Pitts Y41/ Ash let Con 5s.1927 4i N
/
2s.A...1940 A-0
COMSt Lgu41
1942 A-0
,
Series B guar
1942 51-N
Series C guar
1945 11-N
Series D 48 guar
Series E 3/
1941) F -A
1
2guar g
Serieg F 4s guar
1953 J-D
C St L & P 1st con g 38 1932 A-0
Pensacola & Atl See L & Nash
Poo & East SeeCCiC&StL
Peo Pek U u lst g 68.-1921 Q- F
gold 412s
51921 M-N
Pero`blarq-Ch& W M 58 1921 J -D
Flint & I'll g es.
1020 A-0
1st consol gold 58
1939 M-N
Pt Huron Div Ist g 58 1939 A-0
Sag Tus..5/3 H 1st gu g 48 1931 If-A
Phti 13 & W See Ponn BE
Phila do Reading cons 78.1011 J -D
Philippine By let 30-yr sf 48'37 J •J
Pitts Um & St L See Penn Co
Pitts Cleve & Tel See 11 & 0
Pitts Ft W & Oh See Penn Co
Pitts MoKee8 & Y SeeN Y Con
Pitts Sh do L 5 1st g 5s 1940 A-0
1st consol gold 58
1943 J.J
Pitts& West See B 0
gon 48
1997
J •J
jersey ,Cent coil g 4s 1961 AO
Eteussemer & Sar See D Jo It
Rich & Dan See South By
Rich & Meek See Southern
Rio(hr West See Den& Rio Gr
Rot% & Pitts See 13 it & .P
Rome Wat & Og See N Y Cent
Rutland See N V ()eat
g
Sn'
Orr(l
et Li
s1 ft% M:
e 1127 J -J
St L do Cairo See blob os Oluo
St L & Iron Mount See Al P
St LK O&N See Wabash
et L
Br See T Rlt, A of St L
St Louis & San FranciscoGeneral gold Os
1931 J• J
General gold 64
1931 J -J
St L & te Bat cons g 4s..1/6 J -J
Southw Div 1st g 6s 1947 A-0
1951
Refunding g 4s
6-year gold notes 41
/
2 190
,J -D
BtLiado So East gu412g11409 .1•1)
NC Ft S& id con g0 1928 M-N
X 01116.3n M By ref g 4s 1936 A-0
ii.C&MR&B 1st gu 58.1920 A-0
OE'rk/1130h C 1st gu Cs g.1913 A-0
St Louis So Bee Illinois Cent
8t L6 W 1st g 48 tat etfs.19811 M-N
2d g 4s Inc bond etts...7)1981) J -J
1932 •.1)
Consul gold 4s
Gray's PtTer 1st gu g 5s 1947 J -D
dt Paul & Dul See Nor Pacific
St Paul M.& Man 2d 68-1900 A-0
1933 J -J
1st oonsol gold 63
1933 J -J
Registered
Reduced to gold 410-1933
1933 J -J
Registered
1910 :41-N
Dakota ext gold 68
1937 J -1)
Mont ext 1st gold 4s
1937 J•D
Registered
Mum Nor Div 1st g 481948 A-0
Mum Union Ist g 68.-1922 J -J
1937 J
Mout C 1st gu g 6s
Registered.
1037 J • J
1937 J -J
let guar gold 6s
Will & S it' 1st gold 65 1935 .1-1)
81 P & Nor Pan See Nor Pate
at)
City Beet:kit
StP &
A.tts A Pas8 1st gu g 48-1943 J • J
Fe Pros & Ph 1st g 5s I942 .4-s,
8 IC &1•1 11 1st sink I g 58 19.1.9 J J
Savb'& West See AU Coast 1,
Scioto Val & N E See Nor &I W
Seaboard Air Lino g 48
195t) A.0
Coll tr refund g 5s
1911 M-N
Ati-Birm 30-yrIst g 48.491933 SICar Cent 1st can g 4s 1940 J-J
Fla Ceti & Pon 151558 11)13 ,1.4
1st land gr ext g os 1930 J•J
Consul gold 15a
1943 J •J
Ga Jo Ala IV lat con 5s ol1/45 ..j
Gs, Car & No lat gug 5s 1929 J -J
deab & Rea 1st Cs
11126 J -J
Sher Stir & So See Id 11 & T
RI Sp Oea & U See Atl Coast L
So Car & Oa See Southern
Southern Paollto CoGold 48(Cent Pao coll) k19411 J -D
Registered
k19411 J -D
Cent Pao 1st ref gu g 4811)49 F-A
Registered
1949 If-A
Mort guar gold 31
/
28../e11121) 4-1)
Through St L let gu 48'54 A-0
Gal klar & S A 1st g438 1111.0 F -A
Mex & Pao
g 6a
1031 M-N
Gila V(I& N lstgu g 68 1924 M-N
Boas B & W list g 58 1933 M-N
1st guar 68 red
1933 501-N
& TO let g 58 int gu 1937 J -J
Cousol g 6s int guar 1012 A-0
Gen gold 48 int gaar 1921 A-0
Waco& N W div 1st g 63'36 M-N
& & N W 1st gu g 58
1941 1-4
Price
Prittao
Dec 4
92
92
106
10934
10938
105%
11014
109
109
1071
/
2
90
9414
98
1141
/
2
Weeic's
Range or
Last Sate
Tit;:g;
41 4 January
titan No Sow
As) Low
92 Apr'07
9834 Apt'04
......
108 Sep '06
1278 Oct '02
......
119 J'ne4/0
107 Oct '08
107 107
116 NI ay'05
101/ Sep '08
061
/
2 109
109
2 1074 11/11
109
,
05
11212.144
......
09
99 Aug'08
119
98 Nov'08
90
98
1101
/
2 Nov'08
109
110
911
/
2
961
/
2
1111
/
2
10434
108
1231
/
2Jan '05
10034 Dec415
109 Apr'02
110 Sep '08
105 N04,408
100 Nov'08
......
LOS%
11539 Star'06
/
2Nov'08,
1101
1151
/
2
1141
/
2
114 Oct '01'
93% J'ly'07
110 110
10439105
1001
/
2106
96
Sale 998 100 141
99% 96 Aug'08
1)8' lb
97% 9814 9S
92
113
8212 79
1(7
93
03 1004
90
9712
86
991
/
2
Nov'08
82
1221
/
2
116 J'ly
-•••
1101
/
21111
/
2 104) Nov'08 • -•
0114 91% 9114
9139
100 May4)5
97
83'4 Sale 7834
5334 1435
98 Nov'06
114
.
33.4
113
132
blar'05
ill. 1141
/
2
83
bb 6034 83
10338 Nov'08
13178Nov4,8
134 Dee 44.,
10934 Nov'05
1101
/
2Apr'01
11131818ov'U8
101
101
10014 Oct'06
124 May'05
130 Apr'05
1301
/
2sia)4.)0
11339 Oct 'Os
1151
/
2 Dee'uti
115
116
/
2 9014
897 001
901,
104
102 Sep '07
110 Oct '06
60
1)2
61
98
92
113 115
103 109
9114
91)
100 100
644 8334
05 Nov'0
92
/
2
92
1121
93
8014 $alt 80
811,4 10
76
77
754
77 110
971
/
2
10118 Ape07 ...•
102'4
13234
13134
1091
/
2
11/8%
11/31
/
210314
101
97%
10914 114
100
921
/
2
110%
'J3
35
841
/
2 9312
65
81
56
80
10214 100,4
1213 18 131%
102
10934
10397•
2 94
101
128
130
1111
/
2114
2 78
91
92
102
1011
/
2
102
931
/
2 56 8334 94
6034 9134 9114
84 J'ne'07
98
9814 75 1)4
99
9412 Oct'08
U41
/
2 95
8614 8734 88 Nov'08
SU
883s
114 Oct 'OS
94
88
9514
10314 106 10134 Aug'08
101% 101%
107 Jan '08
1084
107 107
1034
103 .Aitg'08
10139105
100 12
101 Jan'08
1001
/
2
104 Aug'011
1011 104
111
111 Oct '08
[0914112
lull
10738 Nov'07
94% 97
941
/
2 05
1 87
95
117
110 Dec'06
......
1071
/
2
1091
/
2 Feb'013
981
/
2Sale
southern Pao co-montinuetti
Morgan's La & T 1st 78 1918 A
1st gold 6s
J -J
NO of Cal guar g 58
A-0
& CA1 1st guar g 5819
992
237
80 J • J
So'P of Ar gu lat g 0s...c1909
1st guar g 0s
J -.T
-/o Pac of Cal-68 & F...19
c 9n) A•0
let gold 68
A-0
1st con guar g 6s
S PaoofN blex 1st g (3s 19
9913
172
1 J -J
So Pao Coast 18t gu 48 g 1937 J -J
Tex&NOSabDIvlst g68 1912 M-S
Con gold 58
J -4
o Pao
1st ref 4s
J -J
southern-lst con g 58
1
111/9
. 544
53 .j.4
Registered
J -J
Develop & gen 45 SerA 1°4
19
95t3 A-0
Mob & Ohio colt tr g 48 1038
Mem Div 18t g 412-53-1096 J -J
St Louis div 18t g 48
1951 J -J
Ala Con It let g 6s
All & Danv let g 4s
1°
948
18 J • J
284s
J -J
Atl & Yad 1st pt guar 481°
949
48 A-0
Col & Greenv 1st 68
1916 J.J
T Vs &
Div g 68 1930 J -J
Con 1st gold 53
1966 SI-N
E Ton reor lien g 68
11/38 M.s
Ga Midland 1st 3s
1946 A.0
tin Pac By 1st g
1922 J •J
Knox & Ohio 1st g 68. 1025 .1- J
atob& Bir prior lien g Cs 1045 J -J
Mortgage gold 4s
11/45 J -J
Rich & Dan con g 6a. 1916 J -J
Deb Us stamped
1927 A-0
Rich & Meek 1st g 48 1948 M-N
So Car & Ga 1st g 58
1919
Virginia Mid sod C 6s 11110 v1-5
Series D 4-50
1921 fol.8
Series E 58
1926 M-8
General 58
1936 M-N
Guar stamped
1936 M-N
W 0& W 1st cy gu 49 1024 F-A
West N C let con g 68 1914 J -J
& N Ala See L N
Spok Falls & Nor 1st g 661931.1 J J
'er A ot St L let g 410 11130 A-0
1 1st con gold 68....1894-11144 F-A
Gen refunds I g tis
11)33 J.J
St L M Bge Ter gu g 58 1930 A-0
Tex & N 0 See So Pao Co
Tex& Pac let gold 5s
2000 J-1)
2d gold Inc 58
g2000 Mat
La Div 11 L 1st g 5s
1931 .1•J
W MinW&N W lstgu 5s'30 if• A
Tot & 0 C 1st g Cs
1935 -J
Western Div let g 518-1035 A•0
General gold Cs
1935 J-1)
Kau &
18t gu g 4s
1111M A-0
fol P & W 1st gold 4s
11/17 J • J
Tot St L& W pr[long 3128 1925 4-4
A-0
50-year gold 48
for Hain& Buff 1st g 48.A 194
54t: J -1)
II8ter& Del let con g 58 1925 .1-1)
A-0
1st refund g 4s
On Pao RR & gr g 43_10
°4
52
7 .1 •.1
.1-J
Registered
g2
148
° 7
1st & ref 4s(wl.)
1027 J -J
20-yr cowl'4s
Ore By & Nav con g 43 1946 4-L)
tire Short Line 1st g 68_11)22 F -A
1446 J -J
1st consul g 68
11)211 J-D
Guar refund 4s
Registered
1929 J -D
11108 J -J
Utah & Nor let 78
Gold 6s
1926 J -J
U ni N J 11R & COo 6ed Pa lilt
See
Rio
Ur
Central
Wes
Utah
Utah & North dee Un Pacific
Utica & Black it See N Y Cent
1955 F-A
t. andalia cousol g 48
/
2811134
V era Cruz &Plat gu 41
Vet* Val Ind & W see Mo
Virginia. Still lies South Ily
Vs & Sotultw't 1st gu 58 2003 4 -4
abash 1st gold 6s
1039 /v1-z/
V 2d gold 5s
10311 F-A
Debenture series A
1931) •
1939 4-4
llquip s fd g 68 1921 41-8
re e
18tel
8 lieu
1st lion 50 yr g term 45 1954 J -4
1st ref and ext g 4s - 1956 J-4
Det & (./11 Ext 1st g 58 1941 -4
Des Moin Div 1st g 48-1931) -4
/
2s
Urn Div 1st g 31
1941 A-0
lot & Cli Div 1st g 4s. .1911
6
Web Pitta Term 1st g 48.11154 4)
Trust Co Certfs
2.1 gold 4s
1034
Warren See Del Lac & West
Wash Cent See Nor Pao
Wash 0& W See Southern
Wash Term! 1st gu 11/
1
2s 1043 F-A
West Maryland 1st g 4s 1912 A-0
Uen & cony g 4s
1952 A-0
W Va Cent dit P lat g 6s 1911 -3
West N Y & Pa 1st g i5s 1937 4-4
(hen gold 3-4s
1943 A-0
Income 68
81943 No
Went No Car See South By
Wheerg Jo L E 18t g Os...1926 A-0
Wheel Div let gold 68..1928 4.4
Exteu & Imp gold 58. .11130 F -A
lilt let consol 4s..
.1949 Al
ji
20-year equip f 5s .1922
Wilkes & East See Erie
See SIP lilJoLl
Wil & Sioux
%Vls Cent 50.yr let gee 4s 1949 .1*-J
'
ki,
00
0014 16 431
/
2 1301
/
2
9034 Oct 'Os
8014 1.10%
88 Jan 4./7
85 J13 'o8
86
85
10714 Aug'06
1031
/
2 blar'06
96
1
2 Nov408
11/34, 101 /
102 Oct'05
1013 Mar407
1041
/
2
MIA us
N. Y. STOOK EXCHANGE
WEEK ENCINO DEC 4
'
44
'
(Vox.. Lxxxv
Range
Price
kaliye tot
Dec 4
January 1
Last mit,
Btu
till,. .10 Low JO iya
ass Low
121391221,
i22148Aug't 8
111/34
110%
116
'06
......
115
112 FelPii,
10339
11.111 Nov Lit
102 106
10218 1031
1 981
/
2
/
2 103
1034
102 14 10314
1(1339 Sep '08
105
104.
1
1
2
0/412 104/
Dee
1011
'u4
/
2
11439
111
116 5lai'0.
104 Apt 'Ui104 104
lls0
95% sale
11/714 Sale
luti
76 Salt8612 87
107
871
/
2
100
82
109
110
1114 112
10439107
671
/
2 08
1174
1
21itit.ru
lOu /
981
/
2 Api 'us
9534
96
107
101% 49
114 Nov'ut
76% 11.34
7634
8,,
/
2
861
107 Nov'.
88 Nov'ut,
408 sup 'lib
88 Nov1)5
92 J ne'utt
411 ben'07
109
1011
1114 Nov"),
101 Oct '05
ti2 NOV'w
110
1101
/
2
1004
1061
/
2
104
104
106
100
841
/
2
10734
'71
'75
1/6
09
108
87
'1612
87,-2
107
88
108
88
1(00.. 1011
/
2
102 1111
97 105
62
62
100 117
107 117
1,6 120et
117 Oct '05
11638 Apr4/6
82
82
1091
/
2 Nov't/b
'32 J'ne'va
15 001 'us
4/8 NOV'Ub
112 Uct
10812 Dec'ut,
113 Dee'04,
105'-, biov'u5
10034 105%
1)64J:411'0
108
108
1011
/
2
......
1)514 98/
1
2
8739 143
841
/
2109
2 78
82
11/3 10939
1(2
1/2
78
75
951
/
2 98
......
W11
/
2105 12
105 105%
1061
/
211.16
117 J'ly'00
108
1 102 108
108 Sale 108
116
115% Nov'us . l06/14 115%
1)134 Salt 07%
9734 -10 901
/
2 0734
104
111 Dee4.4)
11439 Sale
621
/
2
11238
lt)7
13111
/
2
/
2 11439 4.
1.141
1)2 Nov'ilti
1.10 blar4/6
106)9 Nov'/4
101) Aug'65
lii May'us
104
101
00,
, 1
44)1
/
2
09
102
118
1091
/
2
-3539104
84
901
/
2
8139 NOV i US
84'4 87
'1034 8339
914 92% 91 Nov'u5 .... 80
111
80
781
/
2
80 Sale
It 67
80
88
IWO.
4
Lull Nov'08 •- 103 109
13139
St Nov'ut •-• 51
81
103% suit 1.0338 104
.12 99 104
102
1011
/
2
102
'J8 102
MI%
9738 sale
97% iu 11434 1)738
1064 Salt 166 12 166% 2746 83 106%
10114
911 sale 99
91 101 14
121 /
121,
,
1
2 Sale 121
115 122
1161
/
2
/
2 stile 1161
/
2 1161
/
2
106 1101
97
0434 Sale 114%
77 8512 97
31,4 blat'07
LOU Oct '07 ..•• ......
108
107/
1
2Sep'05 ...• 107 /
1
2 1071
/
2
96
98
98
Nov4)5
Sep '06
98
108 Oct 'Os
1
2 111% 1,
11(118
1"
'42 sait tuu /
100 Sale
011 14 100
Si
J'ne'07
1.10
2‘
84 Sale 60
102 Feb4)5
113 Mat'ut,
70'4 Sale 04 18
71/14 31GL,
10318
1.00 Apr'ur
50
97 Nov't)
8014 83 Aug'),
11638 J'ne4),
.90
52
/
2
5239 511
02
/
2 52
52'2 Sale 111
12'. 55
121
/
2Salo
11/14
9014 Ang4/5
8114
79
51
51
100'-i Aug'06
110 Oot
95 Nov'Ors
34 Feb'ui
10034
82
05
894 Sale
106 No1e01
115 J'iy'us
084 Jan 'Us
82
8239
104 Oct '07
894
8939
08
99 110
un, 111%
8439100
37
65
lia) 102
371
/
2 704
100 100
b3
83
41
48
7
50
54
19
00)9 901
/
2
49
80
30
5211
108191161,
57i
05%
100 107
95 193
9814 01
60
88
..
87 80
89%
allS(.4.1.1.ANE0 Uri lION DS-Concluded.
Manufacturing & industrial
Miscellaneous
Beth Steel 1st ext el 68..1920 J -J
841
/
2 85
Adams Ex cob tr g 4s
854
86
7 86
88
03
921
/
2 03
.1948 11/1-8
96
8 83
Cent Leather 20-year g 63.11125 A-0 961
/
2Sale 964
B'kl'n FerryCo Intcons g 68'48 F-A
0h01
/
2 99
/
2 141 851
41 Oct'00
chic
Consol Tobacco/30-yr g 48.1051 F.A
90
7638 Nov'08
1st Yard col g 515.1915 J-J
62
784
100 Jan '08
..
DistilSetiCore,onv 1st g 5s.'21 A-0
741
/
2 74
7434 42 114
Vet & H Mgr incomes..1911
78
45
47 Apr'08
47
lot-Paper Co 1st con g 63 1918 F-A 104 106 104 l',
./ov'08 .... U1)' 100
Institution for Irrig Wks
consol cony a f g 5s
1933 J -J
85
811
/
2 8444 8434
86
& D,-vet of Agricul s I
40 78
Int.St Pump 10-yr cony. 133 '13 J•J 100
100
100
19 110 100',,
439e (otfs)
93
1043 m-N
924
/
2 9/
9234 11 921
Lacketw Steel 1st g 1s
/
2
1/7
24
1923 A-0 9634 Sale 061
lot Mercan Marine 4128 1922 a-c) 6912 Sale 081
98
7
/
2
70 237 63
Nat Starch At fg 00181 g us 1910
8312 Aug'07
90
int Navigation let Si 58 1920 F-A
....
84...
86
831
/
2 841
/
2 8414
8414 6 76
N V Air /mike ist eonv Os'28 retti 115 Salt, 1121
/
2 115 i16 87 116
Man Bch H.& L gdn g 48 1940
............
51) Feb'02 -•••
Bepubl&6 1st& eoltr3s.1034 A-0
67
Nov'08 .... 921
/
2 908 Newp Ne Ship & D 05s t/1900 J.J
11734
96
98 Aug'08 ...•
US Leath Co 8 f deb g68 1913
106
5 101 107
N Y Dock 50-yr let g 4s 1951 F-A
104 105 105
93
?ig
921
/
2 93 Nov'08
t/ 6-Realty& I conv deb g 5,024 J J
87,
1 38 6439 8734 Providence See deb 48.. 1937 M.N
87 Sale 881
'07
Oct
85
Corp
-J
Steel
coup
.81068 M•N 102 39 Sale 1021, 1026614-14 851
S
/
21031, Provident Loan Soo 4128 1921 Al•
45
87
85 Mity'Os ---• 85
Si 10.60 yr os. rog ..a1908
/
2 102% 7 85% 10338 St Joseph Stk Ydslat41
N 102 4 Sale 1021
..
LOW,sop 4)3
/
28 1930 J -J
Va-Car Chem Col tr 5s g 11112 A-0 105',,
89 105 12 8 Yuba Wat Co con g 68 1923 J-J
10639 Nov408
112 .1'ly'04
58
11539 Sp Val
jet 15-year
1923 J •D
96 165 95
947s 6aie 9438
Works let tim 1900,
s
1131
/
2 l'IY'
09
9414 (IS RedWat
Westin;house B & .118 t 3s '31 J •J
1)339326 07
91
911
/
2 Salt
92
& Ref 1st s f
78
111:, 1
115
110 ,Nov'08
90
...1
,
1%priCe Friday; 1atpift
apriAskest1thia_WOOk.... _o_Dtta JAti b. Dcto 1050 et bac Apr e Due .0 ay g D
J'us It. Duo J'ly p Due Ncor a Option Wall
CHICAGO STOCK EXCHANGE-Stock Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES
Saturday
Nov 28
Monday
Nov 30
Tuesday
Dec 1
Wednesday
Dec 2
2'itursday
Dec 3
11rtday
Dec 4
Last Sale 180 Nov'OS
*182 200 *182 200 *182 200 *182 200
*2
_ _ *2
_ *2
*2
3
Last Sal,212
Oct'08
*712 -6
*712 9
*712 To
*3
*7 -10
)0
612
012
117 117 *115 118 *116 119 *115 117 *115
*117 121
117
45
4518 4412 4412 45
44
44
43
43
4512 46
45
25
2418 2412 *24
25 *23
2412 2412 *24
*24
25
24
1314 *12
13
12
13
1234 13
12
1212 1212
12
12
22 *22
22
22
2212 22
2212 22
22
*2112 221.
*22
Last Sale 18
July'07
*4112 -43 *4112 11 *41
*4112 14
43 4212
4212
8112 *81
*80. *80
8112 *80
/43
8012 81
17
Last Sale 16
1612 *16
*15 -if *15 If *15
Nov'08
44
*43
44
4312 4334 4334 44
*42
44
*42
*44
45
Last Sale 4812 May'08
20
*17
20
*17
20
Last Sale 1712 Nov'08
id/ /0 *17
*501 55
55 *50
55 *50' 60
*50
Last Sale 50
Nov'08
57
__
_ *57
58
5712 58
_-__- 57
5912 1012
3212 3178 3214 3178 3214
3214 3212 3214 3258 3214 /258 32
*100 __ *100 ___ *100 103
Last Sale 100 Nov'08
____
Last Sale 28
June'08
912 978 933 934 912 078 953 953 912 91,
958 934
7614
7534 7612 7534 7614 7512 7614 7558 7678 7614 7614 76
*1711 180 *176 185 *176__
... *176
___
Last Sate 160
Oct'08
*123 129 *123 130 *125 128 *125 128
Last Sale 127 Nov'08
*57
5812 *57
5812 *57
5812 *57
58
*57
581. 5712
5734
*107 110 *10712 110
__
_
_
Last Sale 104 Nov'08
Last Sale 10
July'08
*1.
1r2 -112
.1-12
if2 112 *1
-112 *1
2
1
114
*5
6
512 6
*512 6
*512 6
6
6
612
512
*51
55
54
5514 5312 5512 56
5714 *54
58
*54
58
- - - - - - -- - - - _
Last Sale 147 Mar08
;i
-lig 'ii. 112 ;i
118 ;1.
Last Sale 1
118
Nov'08
4
S....
3 *..
.. 3
*2
3
2
2
*1
3
*2
24
2434 25
25
*24
25
2512 2512
2412 2514 2434 25
12914 12912 *12812 129
12912 12912 12912 130
128 123
12812 .129
Last Sale 214
Mch'08
--- ---- --_---- --_ ___- ..-115
114 114 *114 115 *114 115 *114 115 *114 115 *114
10514 10612 10534 10612 105 107
10412 106
10512 10614 10512 10534
122
12334 124
12214 12334 122 12278 122
124 12412 122 125
3634 3634
3518 3512 3512 3558 36
36
36
*35
3612 35
4412 4412
----- --.... ------- -- -.._ --_. ____
Last Sale 212 Jtme'07
-- ---- ---- -- .... ---- --Last Salt 20
Juiy'03
-_-__-:
90
9012
91
91
9034 103-4 *9012 -9112 *90 -617 *90 lif
118 11812 11812 11812 *118 11812 11812 11812 118
11878
118 118
84
*83
84
*83
34
8312 85
8212 83 *33
83. 83
*112 114 *112 115 *113 115 *113 115 *114 115
112
113
10018 101
10012 10034 100 10038 10014 10012
10118 10118 10018 101
543
30
51
*50
*50
5034 5034 5034 5134 5134 52
52
99
9912 99
99
99 100
*9934 100
9914 903.1 100
1'0018
10334 10418 10378 104
10334 104
10334 104
10214 10378 10232 1021.
8122 12334 124 124 *123 124 *123 124 *122 125
12212 12212
9812 9812 9812 *98
9812 98
9812 9812 *98
98
9812 98
78
58
12
12 '
142
58
58
34
12 12
12 12
312 312
358 334
358 378
334 4
352
378
358 4
--*14
16
Last Sale 1514 Nov'08
1512 *15
.__
---- ---- ---- ---- ---- ---- ---- ----
Last Sale 3212 Jan'07
Last Sale 10
Nov'06
Last Sal( 16
May'07
f ...
A
isr.,,nn
Di
.q,,h,
Sates
vi me
Week
Shams
Interest
Period
Price
Friday
Dec. 4
Week's
Range or
Last Sale
Lowest
Railroads
....... Chicago City Ry
100
---- Chicago & Oak Park_100
It
Do prof
100
22 Chic Rys part ctt "1"-__
32:: Chic Rys part at "2"
9( Chic Rys part ctf
ltit Chic Rys part ell'4" il
222 Chicago Subway
Chic Union Traction_l00
Do pref
100
---.
101. Kans City Ry & Lt-100
Do prof----- 100
lit
100
-- Metropol w
e
430
Do pref
100
-- North Chicago Street-100
-_ Northwestern Elev..-100
100
--Do pref
2/0 South Side Elevated _100
495 Streets W Stable C L-100
100
--Do prof
_.. West Chicago street,..100
Miscellaneous
100
2,715 American Can
100
1,775
Do pref
_ American Radiator.. 100
100
Do pref
110 Amer Shipbuilding_100
_Do prat
100
-_ Amer Straw Board--- lir)
iii Booth (A) & Co
224
Do pref, 100
275 Oal &Chic Canal & D_100
4Tentral Trust Bank,_100
Chic Brew'g & Malt'g
..'.gii
Do pref
1,087 Chic Pneumatic 'rool-100
358 Chicago Telephone.......100
Do rights
_
ii Chic Title & Trust...100
9,869 Commonw'th-Edison-100
707 Diamond Match
100
100
360 Illinois Brick
100 Masonic Temple
--- 5111w As Chic Brewing
Do pref
_-100
75 National Biscuit
Do pref
206
100
645 National Carbon
100
50
Do prof
100
2.387 People'sGasL&Coke 100
169 Sears-Roebuck com - 100
100
310
Do pref
100
2,956 Swift & Co
118 The Quaker Oats Co_.100
Do pref
100
1 e3
1,60. Unit Box Bd & P Co-100
Do pref
100
2,128
100
-- Western Stone
Mining
____ Bingham Con Mining 54)
____ Black Mountain
20
-. Daly-West
Hubbard-Elliott
Highest
Hiolgest
1.0We3,
160 Jan 24 180 J'ly 21
1,52 Feb 3
312 Aug31
612 Dec 4 10 Aug 28
84343 ate30 119 Nov25
38 Oct 3 47 Joe
20 Nov
2412 J'ly
934 Sep 22 2
ug
yt
14
314 N
Ao
15 Feb 10
212Mch27
4 May22
30 Oct
4734 Nov13
68 Sep 28 8612 NovIl
1214 Nov 2 19 Jan 22
42 Jan 6 54 Maylz,
44 May 5 47 May23
1334 Aug 6
20 Jan 31
96 Aug 18 56 May14
42 Aug 24
71 Jan 13
2612 Apr 16 10.
34
3 .rne
Novl
57
85 Apr 20
25 Apr 13 31 may 4
4 Feb 13
4112Jan 2
125 Jan 10
116 Apr 22
37 Mch19
91 Jan 2
10 J'ly 7
1 NovIt;
5 Nov20
40 Feb 20
147 May
1 Qot 6
2 Nov20
21 Feb 243
100 Jan 3
34 Feb 25
100 Jan 4
80 Jan 3
113 Jan '2
30 Jan 22
38 J'nelt
1033 Nov13
7678 Dee 2
160 Oct :22 I
12814 Nov10
63 Nov 11
104 Nov17
42 Jan 9
30 Jan 11
100 May11,
5714 Dee 2
147 May 6
118 Aug21
4 Apr 13
3012 Aug 1'
153 Sep 11
Feb 21
11421'24
110 Oct 1
137 Aug31
39 Jan 14
46 J'ly
19 J'ne23
70 Jan 3
10134Jan 2
51 Mch 3
91 Mch23
8012 Jan 3
24 Jan 24
72 Jan 16
8812Jan 2
11434Jan '3
87 Jan 3
14 J'ly 17
112 J'ly 17
1134 Oct 30
20 J'ly 24
9234 Nov10
120 Aug 5
85 Nov13
115 Nov 1,
102 Nov IS
52 Dec 4
10018 Dec 4
10534 Sep b
134 Jan 29
100 J'ly 30
12
134 Jan
an 15
4
17 Apr 11
150 Mel
134 Nov
10 Oct
205 Apr
5 uan
16 Apr
12
114 0,,- t
Dec
14 Apr
28 Nov
6834 1\o8.
17 Dec
43 Nov
3412 Apr
20 Sep
58 Apr
60 Nov
9
26 Oct
A
4612Jan
614 Apr
1914 Jan
65 • Jan '
87 Jan
28 Jan
72 Jan
47 J'ly ,
2512 Jan
66 J'ly
90 Jan
m y
34
99 Jan
20
35
Ma
Apr,
3 Oct
3412 Nov
120 Dec
112 Nov
M Nov
80 Nov
30 Jan
2a Dec
90 Dec
45 Oct
165 Feb
1 Jan
5 Aug
21 Dee
1:5 Oct
714 Apr
60 Apr
14012 Ser.
130 Apr
8012 Jan
109 Jan
40 Mch
40 J'ne
111 Feb
54 Jan
165 Feb
1 Jan
4412 J'ne
Si Feb
13412 Apr
95 Oct
77 Oct
10812 Nov
34
212 JNaonv
41 Aug
11212 May
878 Oct
12912 May
52712 ny
46 Jan
Jan
27 Mch
86 Jan
11734 Jan
3414 Jan
120 Jan
9258 Apr
57 Jan
95 Jan
113'! Jan 1
17312 May
10234 Jan
Apr
r
2
23
14
4A
25 Feb
5818 Oct
91 Nov
50 Nov
9734 Nov
72 Nov
20 Nov
67 Nov
7512 Nov
100 Nov
85 Oct
a
634 JNov
Dec
30 Feb
3212 Jan
3212 Jan
1614 Apr
20 Jan
16
Chicago Banks and Trust Companies
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Dec. 4.
Mamie "cn 1'7el30143 Yea'
elgul
Ramie Sines
Jan. 1 1003
STOCKS
CHICAGO STOCK
EXCHANGE
I?els
Said
Range
SW:
Jan. 1 1908
Bi
Rion No.
A
OW
Amer Strawb'd 1st 88..1911 J - J --------100
_
Mch'07 -Cass Av & F G (St L) 58'12 J - J -. ---- 10012Sep'08 -Chic Board of Trade 451927 J - D ---- -- 100 May'07 -Chica,•.:4) City Ry Os_ _ _ 1927 5, - A 10434 Sale 10414 10478 168
Chic Consol Br&Mit 6s____ J - J -03 Apt'04 --Chic Consol Trac 410-1939 J - D ---------55 Aug'07 -Chic Auditorium 1st 551929 F - A -------_- ____
9634.1311'06 --__
Chic Dock Co 1st 4s__1929 A - 0
--------Chic No Shore Rico 6s..1912 A - 0 ----- 87 Feb'06 -Chic Pneum Tool10
a1921 J - J
74 Sale
74
73
68
75
1st 58
.1927 F - A :102 Sale 10112 102
Chic Ry Is
8
9514 10212
93 Sale
8678 931i
Chi.: Rys 4-5s series "A"
9212 9318 55
170
8434 Sale
Chic Rys 4-5s series "B"
78 8512,
8438 85
Chic Rys 4-5s series "C"
75 87
8638 8634 2.
8612 87
:10114 1011: 10112Nov'08
tin 1015s
Chic Rys coil Is,... 1913
Chic Ryz Fund 6s___1913
I
1(1114 10114 10114
e 11)014 10114
810134 Sale 10134 10134
99,18 10212
Chic Rys 'rem Ctts 1st 5s
1
Chic It l & P RR 48_2002 51- N --- ..-- 79 Nov'04 -Collat Trust g 58_1913 ?A - S ---- --SO Apr'04 ---Commonw'aith- EdisonChic Edison deb 6s101:, J - J :100 --_ 100 June'08 -- 100 10014
11
97 111072
1st g is ._July 1926 A - 0 10078 Sale 10034 11104
5s.. _1926 M - S :9912 9978 91)34Nov'08 ---9834 1003s
NI - S 103 Sale 10278 10314 36
93 10314
Comtnonw
Debenture-Elect 5831943
....1928 J - D ---- ---- 9)
, Dec'06 -Illinois Tunnel
55.- 1913 al - N --------06 Oct'08 --- "93" WRan City Ry &LtCo58
8818 9212
9012Aug'08 _Knick'b'ker Ice 1st 5s-1028 A - 0 ---- --__
so
8812
Lake St 51-1st 5s....,1928 J - J --------80 Nov'08 ---80
16 May'05 ..-1923 Feb 870
Income Ss
Metr W Side El804 8814
2
1st 4
,
1938 F - A 0278 Sale 8278 8272
Extension g 4s
1938 J - J 8---- 7912 7912Nov'08 -. 7512 86
North Chic St 1st 53_1909 .1 - J --------90 DOC'06 ---1st is
10162 - Y ---- ---- -,- ---- -Refunding ic 4 I,Is_1931 A - 0 --------79 Aug'Ott ---No Chic CityRy4301927 AI - N ------- -75 Feb'07 ---,
North West [41 1st 48_1911 it. 5 412 Sale
8012 8834 11 -WI- -9-01-2
4
9gden Gas as
9512 9512 9512
1045 M- N 95
8014 9512
____
99 Aug'Ozi
Pearsons-Taft 55
99
1918 J - D 99
99
4.40s
94 Sap'08 ---94
95
--__
M S 94
4.60s Series E
96
96
Nov'08
M - N 96
96
9712 9712
4.80s Series F
9712Se p'08
at - N
9712
117 Sep'08 ...- 10912 117
Peo Gas L 48C 1st 68__1943 A - 0 :11734 120
Sale
103
Refunding g 58_ __1947 31 - S :103
103
1
94 103
Chic Gas L&C lst-5s 1937 J - J ____ 1041. 10338 10312
9712 104
5
Consunt Gas 1st 5:3_1936 J - D :10112 ___: 102 Nov'08 ---0434 102
Mut'l Fuel Gas lst5s1047 M - N 101 102
100 Sep'08 -98 100
____
94
9412 40
South Side Eley 410_1924 J - J 94
92
0612
93 10012
Swift & Co 1st g 5s_1014 J - J 10032_ 10014 Oct'08 -85 Oct'08 --Union El.!Loop) 5s......1945 A.0 1
-941
85
90
Union Pacific cony 48_1911 M - N ---- _ -114 Nov`04 -United Box Board col 68'26
47 Oct'08 .......
56
____
47
68
90 May'07 -West Chi° St 1st 5s.....1928 M- N _______
--Tunnel 1st Os
6812 Sep'05 -_ ---- -1900 P - A ---___
Debenture 68
1914 J - D
73 June'07
7212 8014
8014 Jae'08 --Consul g Os rets_ _1936 51- N -__
87 Dee'06 -Wes DtvCItyRy 41,01932 1 - J ---- ---8512 Jly'08
70
Western Stone Co Os..,.1009 A - 0
8513
Note.-Accrued interest must be-added-io all Chicago -bon 41 maces
Outstand.
tng
Stock
Surplus
a:Ld
Pro1123
DP;ideind Record
in
1906
in Per- Last Paid
1907 lid
%
Pt '08, 2
Bankers National
62,000,000 $31.282055
8
An. ec '07. 6
6
5
Calumet National
100.000
35.315
2-.1 uiy '08, 5
10
500,000
166,0a1
10
Chicago City
12
et '08,3
Commercial National
3,000,000 34,31(4,182 12
Q-J
et '08, 2 ,
4,000,000 33,529,242
8
Continental National
)-St ept '08, 112
50,000
3.744
6
Cook Co State Savings_
12 ()-.1 et '08. 3
Corn Exchange National 3,000,000 35,018,663 12
at '08. 112
2041,000
58,330
6
Drexel State
8 (3-3 ct '08, 212
600,000 3390,583
8
Drovers Dep National
-J
ct '08, 112
6
38,956
3
200,000
Englewood State
12
-31 • pt '08, 3
8,000,000 38,029,283 12
First National
• pt '08, 212
150,000
170,200 10±10 10
First Nat Engle ood____
511,998
Priv ate Ea
Foreman Bros B'k'g Co- 1,000,000
8
et '08, 2 •
6
Fort Dearborn National_ 1,000,000 3450,553
Q-J
uly '08, 212
5
500,000 3160,526
Hamilton National
8
Q-J
et '08, 2
968,677
1,500,000
Ilibernian Inez Assn
.1-.1 July '08, 5
10
20o,000
110,951
10
Kaspar State Bank
Q -M Sept '08, 20
Live Stock Exchange Nat 1,25(3,000 3420,202
4
Nov *08, 1
300,000
361,044
Manroe National
434 Jan an '08, 4 2!
Mutual Bank
250,000
90,186 -Q-J • t '08,2 •
Nat Bank of Republic
6
2,000,000 $ 1,272,636
ct '08, 112
Q-J
National City
1,500,000 3484,545
ug 26 1907
National Produce
250,000
360,633 Began b-u-;18-ae as
65,556
_ - Q-J Oct '08. 114,
North Avenue State
200,000
6
North Side State Savings
50,00
9,540
6
Qn1 et '08. 112
t '08. 112
Oakland National
100,000
340,646
6
Q-J
'50,000
83,789
Prairie National
)-S1 Sept '08, 2
63,197 d38
500,000
8
Prairie State
4
250,000
an '08, 2
9,822 _
Securityiwa
Reacl ty
y Exchange
Pet 2 1900
300,000
122,261 Organ tzed
Security
200,000
879,232
South Chicago Savings
Q-J
'08. 115
534
9+1 Q-J • t '08,3
1,000,000 1,313,790
8
State Bank of Chicago
J-D 'no '08, 3
2:0,000
164,101
6
Stock Yards Sayings
6
-N Nov '08, 3
200,000
42,886
6
Union Bank of Chicago
6
200,000
62,790
6
Union Stock Yards State
Q-J et T48. 113
Q-J H '08,2
8
8
American Trust & Savo- 3,000,000 s2,471,410
7
7
0-J et '08, 134.
Central Trust Co of III_ 2,000,000 3860,976
Q-.1 •
'08. 112
112,841
Chicago Say Bk & Tr___._ n500,000
6
'08, 112
Chicago Title & Trust- 5,000,000 §1,428,335
Q-J •
-0
3
50,000
6,950
3
t 1)8,2
Citizens Trust & Savings
600,000
10
H '08. 212'
502,984 10
Colonial Trust So Savings
200,000
6
H '08,2
95,269
6
Drovers Trust .3: Savings
pr. 3 1907
1,500,000
148,206 Organ tzed
Farwell Trust Co
2,000,000 32,1(16,6A
First Trust & Savings
.
ct '08,2 ,
Harris Trust & Savings_ 1,250,000 3713,570
ov '08, 1
Illinois Trust & Savhags_ 5,000,000 8,351,149 12+-4 1141-4
q
44,166
200,000
Q-J •et '08. 133'
Kenwood Trust & Saygs
36,063
200,
NI
Q-2 • t
Lake View Trust & Savga
12
Q-J •ct '08, 3
Merchants' Loan & Tr Co 3,000,000 4,800.548 "ii"
6
254,104
750,000
Metropolitan Trust & Say
Q-J •et '08, 112_
8
1,500,000 p1,865,592
Northern Trust Co
Q-J •H '08,2
48,424
200,000
J-J ply '08. 3 '
6
Northwest Trust & Savgs
82.018
200,000
6
J-J ray '911. 3
People's Trust & Savings
182,
k.8 ,44-J
'08, 2
Pultman Trust & Savings 1500.
499,811
8
ov '013,2' 1
500,
i
Royal Trust Co
Q.
17,397
200,000
J-J niy '08. 212
Stockmen's Trust & Say06 iii
,216
1,101166
Union Trust Go
Pt '08, 2
Western Trusr 53 Savings 11,°°0000,
Q-J Oct '08. 111,
200,000
West Side Tr & Say Bank
2
46:3
188
65 Began
, beanie es .1 Sept 5 19041
200,
6
Woodiawn Tr&Say Bank
Q4 ct '08. 112+
No price lfridmo;
I Sept. 23 for nattonal banks and Sept. 24 for State instatutions.
'
4 Bid and asked prices; no sales were made on this day.
latest pri..ie this week. a Due Dec. 31. 0 Duo June. d Includes special dividend of 30% paid Dec. 18 1906. k Capita increaeed from $300,00;
a stick dividend of 33 1-3% being declared In part payment therefor. a Capital and surpltsa to be increased. I Dividends are paid Q-J. with exatai
payments Q-F.
S As of.date Sept. 11008, sAs of Nov. 27 1908.
BOSTON STOOK EXCHANGE-Stock Record, Daily, Weekly and -Yearv
SHANE PRICES-NOT PER CENT U M PRICES
.
Saturday
Nov. 28
Monday
Nov. 30
Tuesday
Dec. 1
Wednesday
Dec. 2
Thursday
Dec 3
Friday
Dec 4
Sates
ol the
Weci;
Shares
ST()C KS
BOSTON STOCK
EXCHANGE
-
Range ,Since
Jan. 1 1908
Lowest
II RIhest
,anye 70 1
(19UP
Lowest
1 car
Highest
o
Railroads
80(3 Atch Too ec Santa Fc_100 67,
,Feb 11
991., Nov :(1
(3i12Nov 10713 Jan
55
Do pref
100 8213 Mch 3 10153 Dec 1
7034 Not. 10138 Jan
79 Boston & Albany
100 18112 Jan 2 23.7 Dec 4 180 Dec 240 Feb
772 Boston I levated
100 125 Feb 17 140
11 26
11734 No.. 152 Jan
123 Boston & Lowell
100 20014 Feb 11 2'A Dec 2 200 Jot. 2:31 Jan
283 Boston & Maine
100 114 Oct 22 140 Jan 28 129 Nov 170 May
14
Do pref
136 Feb 13 156 Jan 22 150 Oct 165 Jan
16 Boston & Providence,100 284 Jan 10 301 Nov11) 285 Oct 301 Feb
50 Boston Suburban El Cos_
9 hi ch
13 hich 21
15 Feb
8 J'ly
__
Do pref
45 Jan 31 58 Nov17
65 Jan
50 Aug
-i00 Boston & Wor Elec Cos_ _
812 Nov19 17 Jan 25
2834 Jan
16 Nov
825
Do pref
4934 Nov 5 6012 Jan 10
55 Nov
80 Jan
10 Chic June Ry & USY _100 126 Jan 2 150 J'ne18 128 Dee 160 Jan
95
Do pref
100 102 Jan 10 120 Nov 2
9934 Oct 120 Jan
('on & Mont, Class 4_ _1
100
0 16314 Mch 5 165 Mch 4
Oct 188 Feb
Conn & Pass Rly pref_100 13314 Sep 25 138 Apr 21 170
152 J'ly 156 Mch
Connecticut River
100 244 Jan 14 240 Nov18 244 Dec 280 Jan
-lig Fitchburg, pref
117 Jan 2 133 Nov27 116 Nov 135 Jan
112 Ga Ry & Electric-A
IL
° 67 Apr 27 79 Jan 2/
6912 Dec 114 Moll
Do pref
70
100 81 Oct 16 82 Nov24
73 Oct
88 Mch
Maine Centlal
193 Nov27 193 Nov27 190 Aug 198 Jan
270 Mass Electric Gos
10
00
0
814 Jan 2 1334 Nov25
2012 Jan
7 Dec
Do pref
740
100 90 Jan 2 64 Nov25
37 Oct
7112 Jan
650 N Y N Ii & Uartford_100 128 Jan 6 161 Nov to 12713 Nov 19012 Jan
Northern N 1-I
100 140 Jne 29 145 Apr 1 145 Dec 160 Jan
Norwich & Wor pref-100 200 Apr b 205 Feb 20 205 Nov 226 Feb
Old Colony
100 175 Jan 11 192 Nov10 175 Oct 20014 Jan
100 25 Jan 15 33 Dec 4
-Fri Rutland pref
25 Nov
45 Jan
204 Seattle Electric
100 70 Feb 17 9412 Dec 3
82 Aug
94 Jan
Do pref
7
100 883 Jan 2 101 Nov27
334 Nov 103 Jan
100 11012 Mch '2 18653 Nov24 10012
5,597 Union Pacific
Oct 18212 Jan
pref
Do
55
100 7834 Apr 4 13708 Nov17
03 Jan
7834 Nov
100 150 Jan 13 161 Nov30 14518 Nov 170 Jan
4 Vermont & Mass
50 76 Jan 2 9112 Sep 19
187 West End St
74 Dec
95 Jan
Do pref
50 96 Jan 2 110 Dec 4
194
94 Nov 110 Mch
Wore Nash ec 14.och_100 138 J'ly
140 2*lch30 140 Aug 147 Jan
Miscellaneous
34
35
3378 35
3373 3438 3314 34
3314 3334 3314 3358 6.337 Amer Agrlcul Chem 100 13 Jan 3 35 Nov24
10 Oct
26 Jan
9512 9512 9514 9514
06
9512 9512 05
Do pref
100 77 hfch 17 96 Nov25
293
9512 9514 9512 95
7212 Nov
95 Feb
733 772
712 8
712 734
4 Feb 10 10 Dec
50
312 Nov
814 10 15,146 Amer Pneu Service
712 773
753 734
1434 Jan
1814 1853 18
912 Feb 25 21 htaylto
1814 18
Do pref
1812 1734 1734 1712 1814 1812 20
50
2,656
33 Jan
913 Oct
13312 13312 13234 133 313114 1313s 131 13112 131 131
13114 13212
Nov
0v 9
758 N
0
644 Amer Sugar Rain_ __ _100 9914 Jan 2 132
93 Dec 13714 Feb
131 131
130 13014 212813 12912 12914 12914 12812 12812 12812 12812
1313
4 Jan
79
prof
Do
100 106 Feb 18
105 Dec
13012 13113 128 13012 12812 12912 129 12978 129 12913 129
12914 19,464 Amer Telco & Teleg 100 99 Jan 2 13212 Nov16
8914 Nov 13412 Jan
*2913 3010 30
2914 2914 *2914 3014 30
30
3012 31
3612 Jan
Nov
362 American Woolen_ _ _ _100 16 Jan 2
3114
1214 Nov
9531 9614 9514 9512 9514 9514
9512 9612 9534 9614 9534 96
2
17
3
Do pref
100 7734 Feb 19 93(313124
810
69 Oct 10212 Jan
4
412 *414
*312 -412 Dec 3
3 Jan 7
10
334 334 *312 -- *312
370 Boston Land
412
3 Mch
4 Jan
*126 129
- - 127 127 *126
12612 127 *126 ---- 1261.2 12612
121 Cumb Telco & Teleg_100 0652 Jan 11 128 Nov27
93i3 Nov 115 Jan
*20
21
22
*21
2114
*2114
22
2114
2014 2014
*21
1434 Jan (3 2114 Dec 2
113-4
65 Dominion Iron & Steel__
1212 Oct
25 Feb
*712 8
758 8
*734 8
8
8
818
734 838
838 1,840 East Boston Land
414 Mch 13
914 Jan
833 Nov14
312 Oct
253 253
252 252 *250
252 252
25112 252
251 251
255
172 Edison Flee Illum_100 201 Mc1117 253 Nov28 185 Nov 230 Jan
156 15712 159 160
16114 16134 16012 162 x15873 160
160
160
432 General Electric
100 111 Jan 2 162 Dec 2
91 Oct 162 Jan
57
57
57
5612 57
5634 5634 5634 5634 5612 5634 57
357 MassachusettsGasCos 100 49 31(.1123 29
:
43 Oct
50
; 12 May P.
6(358 Jan
89
89
88
8712 8712 8712 8712 8712 88
89
88
89
Do pref
827
Nov 7
100 77 Jan 2
8612 Apr
75 Nov
21112 21112 211 21112 214 214 *212 215 *214 215
214
214
41 Mergenthaler Lino_100 192 Apr 16
Nov 7 185 Nov 215 Moll
212 253 *214 234
*234 3
218 234
*234 3
214
21 1,388 Mexican Telephone
1 Moll 2
10
3 Oct s
114 Dec
434 Jan
7478 7478 7412 7412 *73
74
75
*73
74
74
74
74
1),
N0v2
20 N E Cotton Yarn
90 Nov
100 40 Mch 5 78
75 J'ly
46 Joe
90
8813 8813 89
90
90
89
90
90
*89
90
90
Do pref
126
100 75 Mch 23
90 Jan
80 Oct
*125 127
125 125 *125
126
126 126 *125 127
70 N E Telephone
100 105 Jan 4 128 Nov17
3.6 Nov 126 Jan
Last Sale 7312 Nov'08
75
*73
*7312 75
*7312 75
*7312 75
PacIlic Coast Power_ _100 5112 J'ne 27
7312 Nov24
17312 17312 173 174
173 17312 172 17212 *17112 17212 17112 172
.
225 Pullman Co
100 747 Jan 2 17412 Nov25iN,olyv3101
137 Nov 182 Jan
*934 1014 *934 1014 *10
1012 10
*10
10
_
10
10
9 Apr 10
11 Jan
40 Reece Button-Hole
10
0 Nov
10412 10412 104 10412 104 10414 104 10414 10212 foi 10214 10231
18
°12
3
100 8812 Jan 2 10
920 Swift & Co
7612 Nov 113 Jan
*22
*22
*22
23
*22
23
23
23 *22
23
23
35 Torrington, Class A
25 20 Jan 3 24 Oct 17
23
20 J'ne
2212
Jan
*2412 251, *2412 2512
*2412 2512 *2412 2512 2i;
26
26
26
25 23 May2:: 2614 Oct 26
12 Do pref
2412 Nov
2712 J'ly
*2
172
_
173 *112 2
*178 2
178 2
678 Jan
212 Jan 28
114 Melo 2::
*112
2
500 Union Cop L'd & M'g_ 25
1 Oct
131 13112 131 13112
130 13114 131 13110 13014 13012 131
_100 11412 Jan 2 148 J'ly 14 10110 Oct 120 Dee
13114
872 United Fruit
5912 6012 60
6014 6012 6012 5912 6018 5912 5912 5912 6112 4,831 Un Shoe Mach Corp
580
23348 N
NNo
0ov
v 13
(33
25 3S'2 Jan 4 6
69 Jan
36 Oct
2914 2912 2912 2912 2914 2912 2914 2914 2914 2914 29
25 2473 Jan 3
783
Do pia
2358 Nov
20 Jan
2914
5618 5634 5518 5614 5434 5534 5418 5534 5378 5438 5458 5512 24,730 U S Steel Corp
100 1, Jan 2
22 Oct
5038 Jan
113 113
11238 11278 11238 11234 11212 11278
11214 113
11234 113
100 8712 Jan '2 114 Nov13
Do pref
375
7912 Nov 10734 Jan
*712 8
8
8
*712 8
*712 8
4 Feb 3
912 Nov13
9 Jan
*712
8
*712 8
71 West Telep & Teleg_100
4 Nov
85
*75
Last Sale 80
85
*75
85
*75
85
*75
100 59 Jan to 80 Sep 2
Do pref
50 Nov
Nov'08
82 Jan
Last Sale 4578 Nov'08
1'J7 Feb 18
Westing i & Mfg
60
2614 Nov
7812 Jan
Last Saw 14
44
618 Sep 1)
50 3478 Feb 19 4
°
Do pret
Sep'08
76 May
80 Feb
Mining
914 938
934 978 10
914 1012
9,8 914
8s1211,81
112 Feb 21
25
934 11
g19
7
58 Nov
(312 Feb
1012 11,403 Adventure Con
*3912 40
39
3912 3912 39
25 24 Apr 23 4112 Nov25
3914 3914 3914 3914 3978 40
150 Aliouez
20 Oct
7414 Jan
8518 8578 8453 8578 8412 8538 8338 8514 8314 84
84
Nov
8533 33,741 Amalgamated Copper 100 45 Feb 19
4218 Dec 121 Jan
2612 2612 26
26
2534 2534. *2512 26
2512 2512 2512 2512
25 2034 Jan 13 30 Joe 2
550 Am Zinc Lead de Sm
53 Jan
19 Nov
_
4912 4912
25 28 Feb 19 53 Nov13
5012 5012
9 Anaconda
26 Oct
75 Feb
5
*412 5
--412 -11-2 *458
5
--454 434
*412 5
25
6 Jan 15
5
314 Apr 29
430 Arcarilan
234 Oct
1538 Jan
3812
3812
3834 3878 3812 39
3833 3834
3834 39
3834 3912 5,730 Arizona Commercial_ 25 14 Jan 2 .
012 e
tic
4 4
3
69
7
2812 May
734
Oct
8,75__
8,75 1
8.75 1
*.75 1
75 .75
25 .40 Feb 14
.60
.60
320 Arnold
2 Jan
.35 Sep
*1812 1873 1778 -185-8 1814 1814 1734 18
1734 18
1812 1912
Atlantic
S Apr 22 1912 Nov 7
25
22 Feb
(312 Oct
.59 .59 *.60 .80
.60 .60 8.63 .70 .65
70
.66
c
a (Dcv Co)
10 .25 Oct 7 .75 Nov13 :35 Sep
31..11610°
.68
.80 Jan
1612 1634 1614 1612 1614 1633 1614 1614 16
16
16
1014 Apr 13 1518 Nov11
3314 Jan
2,450 BostonConC&G (rcts) El
16
858 Nov
2418 2412 2312 2414 2338 2378 2318 2334 23
23
2313 2378 11,543 13os&CorbCop&SliAlg
1114 Apr 14 25 Nov25
2814 2812 2753 2812 2738 277s 2712 2734 2712 2712 2733 2814 5,954 Butte Coalition
15 1512 Jan 2 30 Aug 4
3913 Jan
10
Oct
120 12112 121 12112 121 12112 120 12112 120 121 x120
10 93 Feb 20 130 Aug 1
1.249 Calumet & Arizona
120
89 Oct 108 Feb
690 690 *680 690
680 680 680
685 685 *675 680
25 x565 Mch 5 700 Jan 15 535 Oct 1000 Feb
680
25 Calumet & Hecla
35
35
35
35
3412 35
35
*3412 3512
*34
35
*34
58 Centennial
25 21 Feb 10 31334 Nov 7
47 Feb
16 Oct
.40 .40
.40 .42 *.40 .42 8.38 .40 *.38 .42 ".33
9 .25 Oct .52 Jan
.42
550 Cons Mercur Gold
4578 Jut.'9
1 .25 Mch 6 .83
8214 823.1 82
825
81
82
8212 8178 8212 8134 82
Nov
8214 5,703 Copper Range Con Co 100 5518 Feb 18
105 Jan
4414
Oct
1112 1134 1114 1114 11
11
1012 1078
1012 1012 *1012 11
570 Daly West
712 Dec
20
7 Jan 3 1178 Nov 9
2012 Jab
214 214 *214 212
212 212
212 212
2', 258
1,604 Elm River
23, Nov 6
34 Nov
418 Jan
12 .90 Alch 6
19
1912 1812 19
18
1833 19
1878 1778 18
18
an
-115Frra
8 5,0
2914 Mch
13
4G
612 Apr 22 1912 Nov28
44
26
6 Oct
*106
104 104
103 104
103 10318 *103 ---- *103
116
3 yInConsolidated_100 50 Jan 2 110 J'ly 30
65 Oct 151 Feb
1112 -115;
-1138 1112 1114 1112 11
1118 1118 -1-1-1-4 5,7_ 5_ 5_ G u
1758 Apr
1133 11
514 Oct
C
aa
reaennae,
to
na
cnoenas01._ 20
5
673 Jan 2 1318 Aug 3
Last Sale 134
514 Jan
Oct'08
2 Dec
278 Jan 22
158 J'ly 2
2412 Vg" 24 15 - -2412 -243-4 24
24
24
24
241
3612 Jan
2478 2,402 Isle Royale (Copper). 25 1734 Feb 17 2614 .1511 27
1112 Oct
2014 2034 1934 2038 1953 2034 2034 215s 21
2134 2113 24 20,908 Lake Copper
25 10 Sep 22 24 Deo 4
1534 1612 15
1412 • 15
1514 16
16
1412 15
15
15
30 Feb
5,351 La Salle Copper
8 Oct
25 1214 Jan 2 1714 Jttu 14
714 714 (7
914 Jan
714 *714
7
7
634 714
238 Nov
838 Aug 10
712 1,345 Mass Consol
714 734
26
214 Mch
*.55 .75 8.55 .75 8.60 .65
.75
.66 .65 * .60 .75 *.60
134 Jan
100 Maflower
.40 Nov
25 .25 Jan 10
6
6
512 6
558 652
534 534
513
534 Nov
4 Oct 15
512 512
1514 Jan
898 Mexico Cons M & S
512
10
1314 1312 13
1333 13
1314 1278 1318 1234 127s 1258 1278 7,111 Miami Copper
Novo1 v319°80
18
6
5
412 Janj'N
4 Sep 22 '7
53
1514 15
15
1434 15
15
*14
15
1434 1412 1412 15
26
1,120 Michigan
634 Oct
2412 Jan
714 Feb 25
7014 7014 7014 7014 70
70
69
70
6912 71
70
7134
37 Oct
25 45 Feb 19 73 Nov 7
755 Mohawk
9613 Jan
*.50 .60
.55 .55 *.55 .60 8.55 .60 8.50 .60
138Jan 24
1 Nov
200 Montana Consol 0 & C 10 .40 Oct 9
312 May
1912 1912 1953 1953 1914 1912 1914 1912 1918 1914 1914 1934 1,938 Nevada Consolidated_ 5
Nov13
83 Jan 2 2034
5.11 Nov
2012 Jan
612 612
613 613
6
6
6
438 Oct 22
638
8 Afay19
63s 612
600 Newhouse Mines & 5.. 10
8712 8813 87
8758 8714 8734 87
8778 8634 8714 38612 8712 9,153 North Butte
15 4034 Feb 19 8934 Nov 7
30 Oct 120 Jan
*.65 .75 8.65 .75 8.65 .75
.60 .60 .60 --- .60
1 J'ly 31
25 .50 Jan 15
50 Old Colony
12 Sep
212 Jan
5813 5812 25734 5734 5734 5812 5838 5914 58
5814 5814 ..661-2 6.148 Old Dominion
26 28 Jan 2 6012 Dec 4
18 Oct
63 Feb
125 125
125 126
126
12512 127
12513 12512 *125 127
128
26 77 Feb 19 128 Dec 4
316 Osceola
71 Oct 181 Feb
78 30
2978 3078 3013 31
30
30
3118 2978
30
3034 9.605 Parrott (Silver & Copp)10 1013 Jan 11 3118 Dec 2
834 Oct
35 Jan
.60 1
*.60 1
Last Sale .90
8.60 1
12 Mchll
8.60 1
Oct'08
638
114 JNaonv25
8
12 Dec
Phoenix Consolidated 25
e3 Jan
98
97
96
39513 9513 9512 9513 96
96
96 . 96
96
26 77 Feb 19 100 Aug 1
224 Quincy
70 Oct 148 Feb
618
618
63s 633
614 6
6
6 2,865 Rhode Island
614
6
614 614
25
2 Mch26
2
e12
34 Jan
Oct
273 273
272 278
232 258
27g
273
212
212 1.095 Santa Fe (Gold & Cop) 10
153 Apr 3
212 234
338 Nov19
712 Jai
112 Nov
1814 1833 18
1814 18
1814 1814 1858 18
1814 1814 1852 6,935 Shannon
10
934 Feb 19 1914 Nov 9
71s Oct
2433 Jan
35
34
34
3414 3314 3312 3313 3312 33
33
33
3412 3,670 Superior
25 14 Apr 3 3612 Nov23
1914 1934 1918 1912 19
1958 20
1918 19
1912 19
1914 4,282 Superlor&PItts Copp.. 10 . 14111 Oct 17 2013 Nov27
85
85 *8312 8413 *83
8512 85
81
8313 85
83
84
25 56 Mch 20 88 Nov 7
355 Tamarack
51 Oct 170 Jan
1778 18
18
18
18
18
18
1713 1734 1.555 TrInIty
1734 1778 18
26 1218 Feb 19 25 Aug 10
938 Nov
4214 Jan
1412 1412 1453 1458 *1412 15
14
1438 1438
1413 1418 14
458 Mch 24 1612 Nov11
300
7714 Mch
111 United Copper
7 Dec
Last Sale 36
Nov'08
100 2334 Apr 16 36 Nov20
Do pref
91 May
22 Oct
2914 2913 *2914 30
30
ii' -2914 2914 *2914 30 2934 30 -5ii UnItedStatesCoal &Oil 25 9 Mch31 3534 Nov13 712 Nov 1314 Jan
4613 41334 4514 4614 4573 46
45
4534 4614 4412 45
4512 10,267 U S Smelt Ref & Min- 60 28 Mch 6 4672 Nov17
70 Jan
2434 Oct
4614 4614 4614 46
4014 4614 46
46 . 4612 4618 4612 3,106
46
50 37 Feb 10 47 Nov11
Do pref
49 Jab
2778 Oct
614 614
618 618
61$ 63s
618 4,665 Utah-Apex Mining
6
We 6
5
438 Sep 10
573 614
Nov
7
7
47 4714 4634 47
47
47
4612 47
4614 4612 4614 47
3.028 Utah Consolidated
6 2912Jan 3 50 Aug 7
79 Jan
2512 Oct
4914 4912 4858 60
4918 4814 49
49
4734 4812 4831 49
4.30
6
334 U
Co
vlteathorCo
10 2878 May 8 53 Nov 9
Copper
la
53 434
414 412
3
434 434
4
212 Apr 16
314 312
25
334
314
1152 Feb
5
Oct
Nov16
312
714
713 713
718
7
7
713 712 *714 734
714
7
25
744 Winona
14 Jan
412 Jan 2
(212 Nov
152 152 *150 152 *150 152
150 150
152
150 150 *150
40 Wolverine
25 11512 Jan 2 154
Feb
198
93
Oct
NOy
v
534N
2
1
0
7
273 3
3
318 333
318
3 8,380 Wyandot
3
338
3
3
318
332 Jan
25 .50 May26
338 Oct 3 .10 Nov
c Before pay't of assess'ts called In 1907. 41 Bld and asked prices. d New stock. e .Ass't pald. b Ex-stook city. h Ex-righta.
a Ex-dtv. and rights.
9914 9914
9834 99
99
98
09
10158 *10114 10214 *10112 10212 *10112 10212
22234 22314 *224--- 225
227
13012 129 12912 12934 130
12934 13014
226 226
_
226 226
132 132
133
132 13214 iai- 133'15012
15012 15012
_
565- 300 *555*300
---1112 *1034 1112 *1034 1112 *1034
11
59
*56
Last Solt 58
Nov'08
59
*11
13
13
13
- 1234
52
4952 50
51
go
50
50
_
*150
150
150
*150
_
---Last Sate 16314 Ju-n-'5g
---_
Last Sale 13:314 Oct'08
Last Sale 260 Nov'08
*151- -_-_-_-_ *i55- --;-_ z130 130
13034 13033 13034 132 *_
132
78 -is
*7713 78
78
78
78
78
78
78
78
78
*81
82
82
83 *81
82
83 *81
82
83
*81
83
Last Sale 193 Nov'08
127 13
13
13
1234 1234 i,12- 13 12
12
12
12
61
61
6014 6014 60
601i 5912 6014 5812 5912 25812 5912
1587g 159
159 150
15812
15878 159
15778 15812 158
MS 159
• __
Last Sale 140 Aug'08
Last Salt, 205
Oct'08
-_-_-_-_
Last Sale 192 Nov'08
*192
*192
32
32
32
33
32
33
-9353 942 9414 0412
9234 93 *15i9112 94
*9312 9412 ;55- 95
*10014 101
101 101 *10012 102 *101 102 *101 102 *101
102
184 18434 Z18112 18175 18153 183
18014 18212 180 18010 181
182
9614 9614 *9512 9610 *9512 9612 *0613 9718 *9514 9614 *9514 9614
161 161
*90 ____
90
90
-551-2 -66
- 1-2 -6512 -901-2 -55- "961-2
-55- 90
*109 110 *109 110 *109 110
11012
108 111 *109 11012 110
Last Sale 140
Sep'08
9853 9858 9812 9914 99 •
10034 10033 *10012 10112 10158
22234 22234 *22234
225 225
129
13114 13134 131 131
2251. 22512 *225-- *225
132
13234 113
133 133
15012
555- icicr 555- go- *300
*1034 1112 ut/ 1114 *1034
*56
59
59
*56
*56
13
13
1234 13
52
52
52
55
*50
*149 150
*150
119 120
119 119
r
Boston Bond Record.
DEC. 5 1908.1
110N1):.•
BOSTON STOCK EXCH,GE
WEEK ENDINe D10 4
-a
Z.E
40-
Friday
Dec 4
Week's
Range or
Last Sate
1471
BON DS
BOSTON STOCK EXCEVGE
WEEK ENDING Dec 4
Range
Since
Januar?,
Ask Low
Big h A, Low High
But
/
4 921
/
4
91% Sale 9138
92 44i 781
Am Telep Ss Tel coil tr 48.1929 J-J
1936 M-S 94 Sale 92%
Convertible 4s.
94% 2236 80'4,11'963,
*17834 117814
Am Writ Paper 1st s t5se 1910 .
117834 Mar'08
1 112 164
160
160
Ariz Cora Cop let cony 68 1918 ALS
10 961
/
411001
100
/
4
Awn Top & S Fe gen g 4e..1995 A-0 9914100 100
J'ly 1995 Nov 9178 Sale 91%
91 78
Adjustment g 43
91% 2 85
01
Ply 1996 M-N
91
91 Sep '0i
Stamped
11041
/
4 111041
1955 J-D
/
4 2 11837811041
50-year cony 4s
1917 J -D
9538 107/
1071
/
4 Nov'06
1
4
10-year conv 6s
110 Feb'04
Boston Elect L consol 50 1024
1916 J -2
101 Sep'06 •Bosuin & Lowell 4s
1044
-J
/
4s
1041
/
2 Oct'Os
Boston eb Maine 41
1121
/
4 Jan'03 -•
1
48 1947 F-A
Boston Terminal let 3/
1918 J -2
104 Oct'07 •..
Bur & Mo Riv ex Be
J-2
1918
102 Sep '05
Non-exempt 6s
1910 -J
981
/
4 Apr'08
Sinking fund 48
100 J'ne'01 •Butte & Boston let 613.-1917 A-0
117 J'ne'08
Cedar Rap & Mo R 1st 78 1916 M-N
1909 J-D
11118Ply'05
2d 7s
/
4 811
/
4Sale 811
/
4 1 76
Cent Vermt let g 4s..May1920 Q-F 811
82
11103 Oct '0'1
O B & Q Iowa Div let 5s 1919 A-0
1919 A-0
981
/
2Aug'08
Iowa Div let 4s
9634 110014
1013 M-N
100 Apr'08
Debenture 5s
100 100
1922 F-A
Denver Exten 4s
991
/
4 Oct '08
981
/
4 9014
192'7 M•N
Nebraaka Eaten 48
1001
/
4Oct'08
981410014
1921 M.S
B&SWet 4s
971
/
4 May'07
1949 J.J
Illinois Div 314e
118734 Aug'08
86 1189
Joint bonds See (it Northern
Jhic o Ry. Stk Yds 58.1915 ,,-J 1021
/
210334 1021
/
4 1021
/
4 33 99 10314
Coll trust refunding g 481940 A•0 90
89 j'ly'08
89
85
Oh Mil & St P Dub D 68..1920 J
118 Jily'08
118 118
Oh M & St P Wis V div 681920 J -2
126 Feb'05
Chic dr No Mich let gu 53.1931 M-N
99 Aug'08
00
95
96
Ohio & W Mich gen 53....1921 J•D 101
101 Nov'08
07 102
Concord & Mont cone 4s..1920 J-D
91 Dee'07
......
Conn & Pass It let g 4s...1943 A-0
11214 Jan'03
Cone S S booR tr g 4s ctfs 1957 J -J
/
4
1678 Sale 161
1114 18
1714
Current River let 5e
104 Nov'06
......
1927 A-0
82%
80
8178 May'08
Del Gr hap & W let 4e 1946 A-0
90 ¶92
01 Nov'08
Dominion Coal let s I 50 1940 M-N
103% Apt'05
Fitonburg 4s
1915 M-S
96
96
06 Apr'08
4s
1927 /4- S
128 1281
/
2
128 is Apr'08
fromt Elk 8s Mo V let 68 1933 A-0
1933 A-0
- 140 A.pr 106
Unstampea let 6e
.
0;¶9914
/
4 97% "14 ..9
it Nor 0 B & Q coil tr 481921 J-2 971
/
4 Sale 971
9834
97
971
/
4 6 92
1021 Q-J
Reglateren 46
9634
Nara-Buyer pay8 accrued interest in addition to the purchase price for all
Price
Priddy
Dec 4
Illinois Steel deben 5s....1910 J.3
Non-convert deben 5s...1913 A-0
Ia Falls &Sioux 01st 7s..1917 A-0
Nan 0Olin & Spr let 5e...1925 A-0
Kane Ft S Gulf ext 5s..1911 -D
Kan C Ft Scott & M 6s....1928 M-N
1934 M-S
Kan C M & B gen 4s
Assented income 58
1934 M.S
Kan C & M Ry& Br let 531929 A-0
Maine Cent cons let 7s 1912 A-0
1912 A-0
Cons let 45
Mara Hough & Out let 66 1925 A-0
Mexican Central cons 48 1911 J-J
Jan 1939 J'ly
letcons inc 3s
Jan 1939 J'ly
2d cons um 3s
1917 JMich Teleplst 5s
Minne Gen Elec con g 53 1929 -J
New Eng Cot Yarn 58.-1929 F-A
1915 A-0
New Eng Teleph 6s
1916 A-0
58
New England cons g 5e. 1945 J-2
1939 A-0
Boston Term let 48
/
431956
N Y N & H con deb 31
1948 J-J
Cony deb Be (ctfs)
1924 F-A
Old Colony gold 45
Oreg By & Nay con g 48 1946 J-D
1922 F-A
Oreg Sh Line let g Be
Repub Valley let s f 6e 1919 J.2
Rutland let con gen 4½e 1941 .i.J
Rutland-Canadian let 431949 2-J
Savannah Elec let cons 53 1952 J -J
Seattle Elec let g 5e
1930 F-A
Terre Haute Elea g as. 1929 .1.41
Torrington 1st g 55
1918 31-S
Union Pao RR & 1 gr g 48 1947 -2
20-year cony 4s
1927 J-2
Unitea Fruit cony gen 5e1911 11U S Coal & 011 let a 6a 1938 M- N
US Steel Corp 10-60 yr 56 1963 hi-N
West End Street Ry 43. 1915 F-A
/
4a
Gold 41
1914 M-S
Gold deoenture 48
1916 M-N
Gold 4e
1917 F-A
Western Teleph & Tel 58 1932 J-J
Wisconsin Cent let gen 431949 J-J
Wisconsin Valley 151 75 .1909 J-J
Range
Since
Januar?, 2
Week's
Range or
Last Sale
Bid
Ask Low
_High .v.
100
100 Nov'08
1001
/
4 Sale 100
1001
/
4
117 Ape°.
96 Mar'08
100 Aug'08
11514
11514 Sale 115
00
90
90
87 Sep '08
102
102 Nov'08
11314 Nov'06
10114 Sep '05
115 7%0'08
8278 118278 5
16 Apr'Os
15 L4 Apr'OS
102
1021
/
4 Ang'04
Sale 102
102
10014 Ian '07
1001
/
4Sep'08
119914 11101
11341
/
4 Nov'08
981
/
4J'Iy '08
19614 -71Y'
08
11120 Oct'08
104
102 Aug'07
1071
/
4 Nov'06
102 Mai'02
981
/
4May'06
104
104
97 Apr'07
991
/
2 Nov'06
110314 Nov'08
11108% Nov'08
116 Jan'08
1241
/
4 Nov'06
110214 110214
9614 Feb'08
1011
/
4Sep'08
10214 Jan'06
981
/
4 Oct'08
97 Sale 96
97
/
4Sep'05
11941
10914 Aue'05
Roston Bonds. " No price Friday; lateen bid and asked.
Low Hip',
1
4
9714 100/
95 10038
117 11'7
96
90
100 100
/
4 11014
1091
8712 11 1
87
8814
1001
/
4102
113 116
74 1185
1116 ¶1614
T1151
/
4 1115 ..,
51 93
102
1
4
1001
/
4 100/
/
411101
4 791
/
4
11934 11341
981
/
4 981
/
4
119614 119624
103 11120
10014105
1199%1103N
U84%11106%
116 117
102%127
/
4
1 1186 1031
9614 96,4
/
4
1011
/
4 1011
981
/
4 99'
97
79
16
$ Flat price.
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
share Prices-Not Per()mum Prices
Saturday
Nov 28
.Momaali
Nov 30
98
08
834 9
834 534 *151
4
•151
/
4
/
4
*1118 11% *111
39
101
/
4
1078
/
4
441
1234
97
70
Tuesday
Dec 1
Wednesday
Dec 2
Thursday
Dec 3
Friday
Dec 4
*221
/
2
*711
/
4
98 98
981
/
4 981
/
4 *98
914 91
/
4
/
2 *10
91
/
4 91
'814
18% 20
15% 161
/
4 16 17
/
4
/
4 1134 *111
*1114 11% *1118 1158 .1.11
Sales
ACTIVE STOCKS
of the
Week (SW- Bonds and inactive
Stooks see below)
Shares
27
72
981
/
4
1014
111
/
4
Baltimore
Con.Gas EL L.& Pow
Do pref
60 Northern Central
535 Seaboard(new)
590
Do 2d pref
United By S. Electric
100
100
50
100
100
50
Range Since
Jan 1 1908
Lowest
20
65
80
4
10
10
Jan 15
Mar25
Jan 2
Feb12
Feb lb
Jan 8
Highest
27 is May13
76 Apr23
99 Nov16
91
/
4 Deo 3
20 Deo 15
12 Nov17
Range lor Previous
Year(1907)
Lowest
Highest
3314 Jan
80 May
781
/
2Nov
10 Nov
24 Dec
878 Oct
35 Jan
86 Jan
97 Jan
2314 Jan
48 Jan
15 J'na
Philadelphia
44 American Railways
1
4 Dec 51 Jan
46 46
46
46
50 4234 Mar 9 461
/
4 Nov17 43/
391k 5,261 Cambria Steel
38
50 2678 Feb10 4014 Nov 7 22 Oct 4711Jan
3734 377
38
3836 3734 3814
1,015
Electric Co of America 10 81
778 Oct 1114 Jan
/
4 1014
/
2 1014 101
/
4 Jan 25 1078.7'ne22
/
4 10% 101
1014 10% 101
3 Oct
8 Jan
101
/
4 101
/
4 11
101
/
4 1014 1,277 Gen Asphalt tr ;Ws -.100 3.s Jan 11 II% Novl
101
11
/
4 1034
932
Do pref tr(nig
/
4
/
4 421
1334 Nov 36 Jan
4234 421
6 46 Novl
431
/
4 4314 44 44
100 1978 J
42
/
4 121
/
4 8,306 Lake Superior Corp
1214
/
2 13
/
2 131
12
100 338 Feb29 131
4 Dec 16 Jan
121
1214 121
/
4 Nov30
540 Lehigh 0& Nav tr ctfa 50 781
/
4
ig,34 961
/
4 96 961
96.4 961
/
4 Jan 2 9714 Nov10 69 Oct 103 Jan
/
4 97
/
4 961
/
4 Oct 7878 last
6914 65%
69
6834 691
/
4 697 15,922 Lehigh Valley
50 5214 Feb2I. 72 Novle 481
6934
/
4 691
345 Marsden Co
21
/
4 21
/
4
as Nov
21H 212,3
100 11118 Jan 20 278 Apr24
21
/
4 21e
21H 2lie
214 Jan
64% 65
64718 6434
641
/
4 641
/
4641328 1,022 Pennsylvania RR
50 543283an 2651128 Nov 4 .e52 Nov -011H Jan
/
4 6414 641
/
4 641
1,223 Philadelp'aCo(Pittab) 50 341
43% 44
4334 44
/
4 Mar 3 44,4 Nov27 3334 Nov 48's Jan
431
/
4 4334
42% 421
/
4 43 43
111
/
4 111
/
4 1114 11% 1034 11% 10% 111
/
4 Feb21 1238 Nov 1-1 63is Nov 9 Apr
/
4 111
/
4 13,872 Philadelphia baectrict 25 51
/
4 111
2178 22'. 22
2214 2178 22
/
4 J'ne 9 241
/
4 May
/
4 2,644 Phila Rapid Transit
/
4 Oct 1' d12 Nov 1261
21% 22
50 8121
22 221
6038 7014 69718 701H 68% 70 681118 69% 691
50 463H Feb17 701118 Nov18 35380ot 69% Jan
/
4 6914 18,853 Reading
441
/
4 4414
'43'-2 44
4
Do let pref
50 39 Jan 3 45 Nov12 36's Nov 45's Jan
/
4Jan 2 4458Nov11 321
44
4414 43% 4.338 "4334 43% *4342 44
50 371
/
4 Oct 47 Jan
409
Do 2d pief
4334 4334
491
/
4 5014 491
/
4 49% 491
/
4J'ne10 561
/
4 Apr23 41% No, 6038.Tan
/
4 40%
50 x441
2,788 Union Traction
491
/
4 4934 4914 50
9234 93% 921
/
4 931
/
4 91% 921
50 73143an 2 9378Nov27 661
/
4Oct 9614 Jan
/
4 911
91% 9'2% 9,262 United Gaa Impt
/
4 92
25 May 80 Feb
*27
Welsbach Co
100 25 J'ne22 28 Novl
28
4814 461
/
4
381
/
4 38%
39
/
2 10%
101
/
4 "101
11
11
11
/
4 4434
4434 441
121
13
/
4 131
/
4
•1113
061
/
4
97
701
/
4 69'2 7039
04340416H
4334 43%
/
4
/
4 111
111
22% 23
70 70%
44
441
/
4
5014 604
9334 93%
PHILADELPHIA
Bid
Ask
PUMA DELPI-11A
Inactive stocks
/Ionds
Allegheny Val pref....50
Al Val E ext is 1910 A-0
50
American Cement
Alt&LVElec 41-W33.F-A
IOU
Amer Pipe Mfg
AmItys cony 58 1911.J-D
Bell Telephone (Pa)J00 10134
Atl City let 58 g'19.21-N
/
4
60 461
Balls Ter let 5e 1926.J-D
Cambria Iron
Berg&EBrw let60'2134
Central Coal & Coke.100
Bethle Steel Be 1998.Q-F
Consol Trae of N J...100 7514
Choo& Me let 58 194934
Diamond State Steel 10
le
Oh Ok & G gen 53'19 J-J
Preferred
Col St By let con 5e 1932
Easton Con Electric 0 50
43
Con Tram of NJ 1st 56.'33
Elec Storage Batt....100 42
100
E&AlstM 5s 1920 31-N
Preferred
Elec & Peo Tr stk tr otfe
Ft Wayne &W V
100
Eq II Gas-L let g 58 1928
50
Germantown Pass
H& B Top con 51025A-0
Indianapolis St
100
Indiana Union Tr,. 100
Indianapolis By 44.1933
Insurance Cool N A..10 '211
/
4
Interstate 46 1943 ..F-A
Inter Sm Pow S. Chena.50
Lehigh Nay 412a 114.Q4
Keystone Telephone ..50
8
9
RRe 4s g
1914.Q-F
Preferred
60
Gen M 41
/
2s g 1924.Q-F
KeystoneWatchCaae.100
Leh V C 1st 5e g'33..J4
10 16
Lit Brothers
16
Leh V ext 431st 1948.J-D
/
4 58
50 671
Little Schuylkill
2d 7s 1910
MinehW & Schuyl 11_50 63
Consol 68 1923
.7-D
N Haven Iron & Stee1.5
Annuity 6s
J-D
Si) 971
/
4
Northern Central
Gen cons 48 2003.M-N
/
4
North Penusylvania 50 1001
Leh V Tran con 4s'35J-D
110
50
Pennsylvania Salt
New Con Gas 5s 1948 J.D
Pennsylvania steel..100
Newark Pass con 53 1930
105
Preferred
100
NY Ph& No let48'39.1'4
/
4
431
Income 45 1939...M-N
Phila Co(Pitts) prof 50 43
NoOldoTrac con53.19..74
Phil German & Norris.50
Penn gen 68 r 1910 Var
/
4 110
50 891
Phila Traction
Consol 5e r 1919. Var
Railways General
778 8%
10
Penn & Md Steel con Os.
Susqueh Iron & Steel..5
Pa & NY Can 53'39.A-0
Tidewater Steel
10
Con 4s 1939
10
A-0
Preferred
61
/
4 658 Penn Steel let50'17 31-N
Tonopah Mining of Nevl
100
People's Tr tr certs 45'43
Union Tr of Ind
P Co 1st& col tr 58'49 ht•S
United N J RR &0 100 264
Con& col tr 6e 1951M-N
Unit Trao Pitts pref .50
8
Warwick Iron& Stee1.10
81
/
4 Phil Eleo gold trust Ufa
Trust certife 45
Vest Jersey & Sea Sh.50
'Westmoreland Coal....50
P & E gen MS g'20.A-0
Wilkes Gas & Elee 10o
Gen M 48 a 1920..A&O
Bid
Ask
104½
93
105
107
911
/
4 9134
841
/
4
381
/
4 39's
1021
/
4
111
106
98
1061
/
2
1/8
58
1081
/
4
1031
/
4 104
116
9815 99
1041
/
4 10434
98
981
/
4
1011
/
4 101%
761
/
4
76
PHILADELPHIA
Ph S. Read 2d 53
Con M Is 1911
J-D
Ex Imp II 4s g'47 A-0
Terminal 55 g 1.041 Q-F
w 4re B col tr 43'21 J4
Portland By let 5,3 1930.
Hoch Ry& Leon 5a'54J4
Spanish-Arn Ir 6s'27 .74
ITTrac Ind gen 5,3'19.j4
Un Rye Tr oils 4e'49J&J
United Rye Inv lat coil tx
el Se 1926
M-N
U Tree Pit gen fie '97 J-J
Welsbach e 158 1930.J-D
Wlks-B G&Econ51e55J4
BALTIMORE
Inactive Stocks
Ala Cone Coal& Iron 100
Pref
100
Atlanta & Charlotte 100
Atlan Coast Line RR 100
Atlan Coaat L (Conn)100
Canton Co
100
Cons Cot Duck Corp...50
Preferred
50
Georgia Sou & Fla...100
let prof
100
2d pref
100
0-B-S Brewing
.100
Bonds
Anacostia ea Pot53
AU S. Ch ext 4145 '10.J4
Atlan C L RR431952M-S
Atl Coast L(Ct)ctfa 55J-D
CUs of indebt 48
.74
5-20 yr 48 1925
.74
Bait CPass LA 58'11 M-N
Salt Fundg 53.1916 2,1-N
Exchange 31
/
43 19303-3
Balt& P 1st68 m 1'11 A-0
Halt True 1st 5e,.'29 1,1-N
No Bait Div 5a 1942 J•D
Cent'l Itycon5s1932 hi-N
Ext& Imp 56.1932 ICS
Chas City Ry let58'2334
Bid
Ask I
101
119
101
9934
1031
/
4 104
76
77
84
841
/
4
751
/
4 76
26
75
30
81
246 2601
/
4
90
, 95
8
261
/
4 28
lb% 20
85
89
78
75
31
/
4 334
1011
/
4 102 4.
95% 96
100
7834 7014
8434
101 102
107 108
9734 98
103
109
116
1071
/
4
108
108
BALTIMORE
Bid
Ask
Chas Ry G El50'99 M-S
Chart C& A ext 58.'09 J4
1910 A-0
26 7s
City& Sub let 58 '22 J-D
City & Sub(Was)1at 58'48
Coat S. I Ry let 513120E-A
Col&Grnv lat6s.1916J4
Consol Gas 6s...1910 J-D
58
1939 J-D
Ga 411, Ala 1stcon 5s'45J-J
GaOir&N let 5a g'29J4
Georgia P let 6s...'22 34
GaSo& Fla 18t55194534
0-B-S Brew 3431951M-8
2d income 58 1951 If-N
Knoxv Trac let 56'28A-0
LakeR El let gu5s'42M-S
MaconIty&Ltlet5e'53J-J
Memphis St 1st 5a'45 J-J
Afet5t(Wash)let5s'25FA
Mt Ver Cot Duck let 58.
NptN&O Plat 50'38 24-N
General 5s. .1941 11-8
Norfolk St 1st 58'44..33
North Cent4128 1925 A-0
Series A 5s 1926....J.7
Series B 55
Pitt Un Tine 58 1997.1.3
Poto Val let 58 1941..J4
Say Fla &West56'34 A-0
Seaboard A L 4a 1950A-0
Seab & Roan 58 1926.1-3
South Bound let 55. A-0
/
43'29 hi.N
UE1 L&P let41
Un Ry& El lat 48'49 hf-8
Income 431949
J-D
Funding 6a 1936 J-D
Va Mid 2d ser Os'11 11-13
ad series (is 1916 M-8
4th ser 3-4-55 1921 11-8
5th series 54 1926.14-8
Va (State) 3a new'32.34
Fund debt2-3s 1991.J4
West N C con 661914 J-J
WeaVa C&P lat°gill J-J
WI!& Weld 5a..1935.J4
86
107
106
90
197
01 Is' 103
1
199
12
10414
110%
102
106
104
17
4
7
11
93
6
1041
/
2
Ill
103
1061
/
4
1104
177z
6
10
15
44 10
11
2
'
19
05
73
95
96
961
/
4
105 ._44
8
79
7
5
76
1071
/
4 1084
;
110
110
0
6
4%
0
2471
/
4 :
605
106' 108/
1
2
102
94% 96
851
/
4 8518
53
63es
103
81
104
103
104
92
92
106
104
110
106
81%
106
105
'Bid and asked; no sales on this day 11 lix-rights. 11$7.6U paid. t $121
/
4 Dead. 181314 paltL 4 $35 pa4(L a Reoeints. b 825 said. 1$30 last&4442ia asid
14'12
iVoL. Lxxxvn.
THE CHRONICLE
Volume of Business at Stock Exchanges
Industrial ind Miscel
Bin A sk
25
20
Consol Car Heating...10u
..
Cons By Lgt&RetrIg..100
'4'
5
Consol Rubber Tire_100
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
2712
Preferred _____ ___100 20
DAILY. WEEKLY AND YEARLY.
Debenture 4s 3951A6:0 3712 40
le. 2e.
Cons Steamship Lines 100
Railroad.
Stocks.
Coll tr 4s 1057 retsJ&J
1614 1634
&c.,
State
Week ending •
U.S
Corn Prod Re' See Stock Exe litt
Par value.
Shares.
Bonds.
Bonds.
Dec. 4 1908.
Bonds
°Crucible Steel
8
814
1(40
14
100 53
ePreferred
470,86 $43,336,800 $2,842,000
Saturday
5160,000
Cumberland Ely Copper.5 *si, 814
986,084 91,825,900
7,483,500
Monday
243,500
eDlaniond Match Co-100 122 123
995,135 93,304,750
7,331,500
Tuesday
316,500
Dominion Copper
*I:
10
'4
1,127.341 106,154,100
7,222,500
Wednesday
136.500
:02
Douglas Copper
1 *3
897,385 84,582,250
4,899,500
145,000
Thursday
Econ'y Lt & P (Jol(et, Ill)
1,068,600 101,604,000
6,201,500
155,000
Friday
151 NI 8 'I g 55 1956-J-C 5 OF: 05
26
Elepere
trfic float
100 22
5,545,413 $520,807,800 $35,980,500 $1,156,500
Total
Preferred
.
_
Electric Vehicle
100 _.
3
100 __. f)
Preferred
Week ending Dec. 4.
Jan. 1 .0 Dec. 4.
Sales at
Empire Steel
7
12
11.10
New York Stock
Short-Term Notes
52
Preferred
1110 48
Exchange.
1907.
1908.
1908.
1907.
9784 eFederalSugarof•N Y Se? tk E x list
Am are ser A 48 11....51-S
Ser B 4s Mch 15 '12M S 9718
65
9618 91384 eGeneral Chemical__ _1(10 00
178,782,453
187,955,524
Stocks-No. shares___
5,545,413
4,530,169
100 98
ePreferred
Par value
5520,807,800 $386,027,800 $15,656,265,100 $16,287,350,100 Nomer Light & Tr 6s-See Gas Sec
-gilt
$138,800
5402,80( Am Tel & Tel g 58 '10 J-J 5101 10112 Goldfield Consoi Mlues_10 *8
Bank shares, par
$2,200
Atlan Coast L Is '10_M- 4100 10014 Gold H111E:upper
12
.1
*30
Bonds.
1114
20 ':ill
$516,,820
$839,550 Bait & Ohlo 5s I909-M-b 41004 10012 Greene Canaries
Government bonds
$6,500
79,674,000
66,512,800 Ches & Ohlo es J13.-1 '103-3 002 102.e Guggenheim Explorn 10G 185 100
State bonds
1,297,000
31,156,590
865,094,200
418;517,800 Chic R I & Pao 6s '09A-0 410012 WI etlackensack Water Co
RR.and misc. bonds__ 35,980,500 25,298,500
Chic & W Ind Is '10_F& A Imo ,-, 10014
so
Ref g 45 '52 o0'12--J-J
SO
Hail Signal Co
Harn & D4 )5s 'Us M-8. 55
te,
40
100 35
• Total bonds
3945,285.0201 $485,870,150 Cln
537,137,0001 $26,602,000
C C C & St L 5s, June '11 11004 10114 Havana Tobacco Co_100
10
7
Consol Gas Os 1000-F-A 519019 10058
20
Preferredlot) 18
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
Erie 6s, Apr 8 1911_ A-0
1st g 5s June 1 '22-J- L 60
_ . 99
55
EXCHANGES.
Interb
T 6s 11)1101-N 41-02 10212 Hecker-Jones-Jewett Mil.
55 Mch 1910
1st Os 1022
M-b 10•338 10014
Itl-, 100 105
98. iier'g-tlaii-Mar, new _100 35
Kan C So g 58 Apr '12..J-J 597
45
Boston.
Philadelphia.
Lack Steel g Is 1900-M-S 0930 9972 Hobolten Land & 1011)100 --Week ending
e5s 1910
59512 1/7
58 g 1910
M-N
-- iiii"
Listed
Bond
Bond
Unlisted
Listed Unlisted
Dec. 4 1908.
Houston
Lake Sh & M So 5510 F A 1101 10114
011
'100
7
sales.
shares.
satet.
share. shares,
shares.
Preferred
Lou & Nash g Is '10-M-S 510,A, loil,
100 :Al
4)
Hudson Realty
Max Cent 58 July 1 191.0 598 leo
100 100 110
7,021
18,915 $125,300
24,712
6,080 5192,600 Mich Cent Is 1910
Saturday
10114
51007
2
eIngersoll-Rand com_1(10 70 ____
F-A
17.037 1,186,000
194,776 Niinn & St L g 5s '11-F-A 59512 0714,802
35,322
11,033
Monday
ePreferred
100 90
609,200
21,009
16,881
110,2134 Missouri Pacific30,222
10,123
• •
Tuesday
internat'l Bank'g Co_100 90
98
24,163
725,000
109,800
13,846
42,483
13,827
Int'ni. bier Mar See Stk
Weanesday
10014
es Feb10'10 convop F-A i 9914
Sac list
284,500
13,287
123,400 NatolMex Is ext to'01) A-0 3100 10012 Internat'l Nickel
17,504
24,434
14,710
Thursday
100 98 102
178,000
25,396
•46,060 N Y Cent Is 1910
19,959
50,841
10,319
Friday
Preferred
100 85
SS •
F-A 410078 1010,
1st g Os 1932___ _A&O 85
N 'Y C Lines Eqp 3s'10-10 5412% /14%
85 :
94,231, 66,092 $776,840 N Y N II & Ii Is '09-'12 IBM 102
208,014 115,679 $3,108,000
International Salt
Total
10.,
16
18
1st g 55, 1951
Norf & West 5s 1910M-N 510038 101
A-t, 55 60
Pa RR Is Mch 15 '10 M-S 1101)78 10118 Internat'l Silver
100
8
12 ,
Preferred
Public Service Corp 5s- SeeSt flys
101, 60
65
1st 6s 1048
StLMS'east 435s '09..J-D 5997$ 10014
.1- L 10,1: 108
South'n coil tr 59 '09-A-0 5997$ 10014 Lackawanna Steel
101, 50
54
A weekly review of the Outside Market uiU be founei on a preceding varle•
0613 Lanstow Monotype-zu *121: 1234
South By g Is 1910 F-A 195
Lawyers' MtgeCo
1O('j 220'
Southern fly Os 1011.74-N (97 10J
Street Railways
eLeh & Wilkes-B Coal 5U 90 1(16
Bid Ask
Street Railways
Bid Ask Tidewater 6s, 1913, guar 1111012 101
Pub Serv Corp N J (Con)
U S Rubber g Is '09_11-8 110018 10012 Lord & 'I'aylor
New York City
1001 12.5 135
J C Hob & Paterson20
Preferred
Wabash Is, May 10 1900 98 103
100' 99 102
Bieeck St & Ful F stk_100 10
43 g 1949
70
13,1-N 17134 7214 Westingh El&M 6s Mt, 9912 1001; eLorIllard (P), pref 100j 125 135
e 1st mtge 4s 1950_J-J 60
So J Gas El& Trac_100 x120 122
Madison Sq Garden_ 100 34
40
e B'y & 7th Ave stk__100 120 140
Gu g Is 1953
Railroad
3d Os 1019
97
M-S 500
iI-N1 n75 .e 241 mtge 5s 1914__J-J 93 100
No Bud Co Ryds'14 J-J 4107 101
eManhat Beach Co__-100
Chic Peo & St L pref_100
2
6
Con 5s1943 SeeStoolc Exo fist
53 1028
11, Manhattan Transit--20 *214
12
J-J 5101 108
Deposited stock
B'way Surf 1st 55 gu 1024 599 104
234
Eat Is 1924____M-N 5 08 100
32
101:
12 1:
12
UndeposIted
1 Mitchell Mining
I Cent'l Crosst'n stk_100 90 130
Pat City con 63 '31..J-D
__ Monongahela It Coal_50 * 314 541,
Prior lien g4)00111
e 1st mtge 6s 1922.51-N 05 110
stock_'3&S 8.5
2d
Preferred
80
100
50
6s_1914
50
opt
48
'
is
stk
A-0
Con
27
mtg
R
g
54( 1930_J&J
e Cen Plc Fl & F.
51,
So
Side
Mortgage Bond Co_100
El (Chic) See Ch 144c11a012•
85
70o 11-;1100
Income 5s. July 1930..
e Chet'r & 10th St stk 100 60
Nat Bank of Cuba___104J3 is 103
2:3
23
105 -Col & 9th Ave 5s See Stock Sac llst Syracuse R T 5s'46.M &S 102 104 Chic Subway
National Surety •
Trent P & H 5s 1943.J-D 495 100
100 135
Ft W & pen Cy std.-100 95 100
Dry D 5 B & BNevada Cons'd Copper-5 *1914 -191;
United Rys of St L95
-Nat Rye of Mexicoe 1st gold 5s 1932-J-D 90
Corn vot tr ctfs
60
100 24
25
Prl lien 4)0'57(w I)J-J 59012 9112 Nev-Utah Min & Sm._10
3
318
e Scrip 5s 1914____F-A 55
e Preferred
20 4) 5()
106 6333 6312
84 eNew Central Coal
Gen NI 4s1077(WI)A-0 582
Eighth Avenue stock_100 200 270
Per
N
J
Deck
& Imp_100
Gen 48 1934__See Stock Exe list
North'n Securities Stubs_ 125 13712
e Scrip 13s 1914____F-A 00 100
NY Air Brake es See Sick
. UnitRys San Fran See 5th Sze list
36
xe gE.
50 *33
Pitts Bess & L E
e 42d & Gr St F'y stic_100 215 265
__
N Y Biscuit 6s 1911_M-6 100
Wash Ity & El Co
100 38
39
70
50 *63
Preferred
42d St M & St N Ave_100 20
eNew York Dock- _-.100
Preferred
100 x 85
8512 eRallroad Securltles Co34
e 1st mtge 6s 1910..111-S 195 -99
ePreferred
50
60
45 1951
100
J-D MI
8614
Ill C stk tr cfs ser A '52 0012 93
76
3d Income 6s 1915-J-J
N Y Mtge lic Securl ty_100 138 143
Seaboard CompanyInter-Met-See Stk Ezell ange list
Gas
Securities
N Y TransportatIon_20
list
100 810 s45
1st preferred
'2
4
Lex Av &Pax/0' 5s See Stk Sac Ilst
New York
-ides-Bern-Pond corn_1(10 98 102
Corn & 26 pre0-See Ball Sac list
Metropol St By-See Stk Exc
NipIssIng Mines
5 *1012 103/1
9912 10112 Seaboard Alt' LineNinth Avenue stock_100 160 190 Cent UnGas Is g '27..J&J
60 Con Gas (N Y)-See 5th Exc list
Coll Is ext May '11 M.
100
0234 0314 etintarlo Sliver
314 4
Second Avenue stock_100
100 37
100 147 155
Union Pacific 43 See Stk Exch list Otis Elevator com
e 1st mtge Is 1909..M-N 77 100 e Mutual Gas
41
80
New Amsterdam GasPreferred
100 94
Consol 5s
97
and
Industrial
Miscei
1st consol 58 1948 J-.) 5101. 103
Pittsburgh Brewing_50 * 191: 197e
e Sixth Avenuo stock_1(0) 118 138
Adams
Sip
NY
45
85
&ERGas
g
460
1947J-D
Preferred
1st
50
5s'49
108
J-J
1945-J-J
92
5104
Is
13oulev
191
Sou
*3912 40
95
Consol Is 1945
Ahmeek Mining
25 120 130 Pittsburgh Coal_See Stk Sac ilst.
A-() 535
J-J 595 100
So Fer 1st Is
N Y & Richmond Gas 100 35
Alliance Realty
40
100 112 117 Pope Manufacturing_100
14
1910_-Stock Sac list
Third Avenue-See
Allis-Chalmers
Nor
Un
90
1st
1st
55
Co
70
100
1st
preferred
1927-M-N
mtg
1028
100
B
55
595
Fe
Tarry W P
32
85 e Standard Gas com 100 a 90
s 1 5s 1936-See Stock Each list
2(1 preferred
100
YicersStRIt53 1946 A-0 75
3 '
1
0 Preferred
American Book
20
15
100 n 90
100 142 15) Pratt & Whitu pref-1110 95 10212
28th & 29th Sts 1st 5s '06
AmericanAmaiaaa cBrass
1st 58 1930
Realty Assoc (Bklyn) 100 135 140
M'S 41.05 108
100 109 114
e Twenty-'Third St stk 100 250 325
Other Cities
ass corn.100 191 105
Royal Bak Powd corn 100 140 155
Union Ry 1st Is 1942 F-A 190
Am
Pre
Gr
fearprh
Amer Light & Tract-100 19
ed
Preferred
100 105 108 .4
20
100 96
Westchest 1st 54 '43 J-J
19
7 10
09
Preferred
100
ophone com100
Brooklyn
25 Safety Car Heat & Lt-100 117 120
Col tr g 6% notes-A-0 115 118
Preferred
25 * 55
100 -5-0-- 53 Seneca Mining
Atian Ave 5s 1909-A-0 598 100
60
50
100 490 500
134 175 Amer Hardware
100 120 125 Singer Mfg Co
A-0 me. 9812 Bay State Gas
Con Is g 1931
BInghTn (N Y) Gas Wks
AnaMalting (Is 1914--J-D 100 105 Standard Cordage.......100
BB&WE Is 1933-A-0 05 102
'4 1
Amer
Is
1st g
1st id g Is '31 red_A-0 23
Press Assoc'n_100 0212 100
1938---A&O 597 100
Brooklyn City stock _11.4 138 195
27
Brooklyn Union Gas deb
Am Soda Fount corn 100
Adjust Al Os Apr.1 1931
14
212
2
Con 5s-See Stir Each Exc list
e6s 1909 See Stk Eiji Ilst
1st preferred
35
100
Bkn nets 1st Is 1941 A-0 95 109
5 -IV Standard Coupler comlut) 25
5
0
100
Buffalo
2
cl
City
Gas stock100
Preferred
pre1erredHew. 100I)
100 110 ,
(,
Bklu (I Co & Sub See Stk Eke list
2
1st 55 1947-See Stock Exc list
e Ant St Found
131clyn Rap 'I'ran -See Stk Exc list
-3-9- 40 Standard Milling Co-100 1112 13
100 41
Preferred
45
e Coney Isl & Bklyn 100 75 100 Con (Jas of N J Is '36_J-J
1 98 101
SI-N
98
D
Deb
1st 5s 1930
81
8
s"3
4s
51923 (w1):A
86
F454&A
° 464
1st cons g 4s 1948__J-J 76 81 Consumers' L H & Pow- 493
6,1
038J-D
iou
American Surety
50 200 210 Standard 011 of N J__100 060 665
Brk C & 'N 55 1939_J-J
Densve1r Gas & E'ec--100 4191
97
American Thread pref_.5 *4
Gr'pt&LorSt 1st 6s_M &N °I
412 Swift '& Co-See Bost Stk Sze lilt I
1st 55 11110-1914-J-J 510038
Gen g 5s 1940 op-M-N
Am Tobacco Co com_100 340 35.4
93
91
Kings C El 4s-See Stock Sic list
Elizabeth Gas Lt Co__100 275 _._ _ Amer Typefders cons-1 00 86
Nassau Eiee pref____100
40 eTexas& Pacific Coal-10i) 75 -90
his Co of N V ___100 110 115
Title
Hudson
Essex
---&
Gas_100
100
125
Pre/erred
x122
A-0
94
3s 1944
91
'Tonopah Min (Nevada)_1 *61a
Gas & El Bergen Co....100 60
Amer Writing Paper_100
01
1st 4s 1951-See Stock Exe list
63s
212 3
Trenton Potteries com100
e Gr Rap G 1st Is 15-F-A 99
Preferred
100 18
4
10
8
_..
N tV'be&Flat 1st ex 414s 93 1111
Preferred, new--100 50
Hudson Co Gas
1st s 1 g 5s 19 op'09-J-J
100 113 14
84512 80
Stelnw-iy 1st Os 1.922-3-3 4103 110
-1 -55
Trow
Directory
Indiana Ltg Co (w. l.)
100 30
Barney & Smith Car-100
25
Other Cities
- 60
20
40 .
4s 1958 op (w.
Preferred
100
Buffalo Street Ity60 65
u nion Typewriter com101) 60
05
1st preferred
Indianapolis Gas
Beall•ni Steel Corp--See S tk Si ilsr
100 109 112
40
50 25
let consol Is 1931_F-A 5105 107
2(1 preferred
1st g 55 1052
100 106 108
Bliss Company corn- 50 118 125
Deb 69 1917
A-0 4106 1071,
90
A-0 486
United Bk Note Corp_50 *59
Preferred
50 118 123
Columbus (0) St Ry-100 004 9714 Jackson Gas Is g '37-A-0 591
96
61
Preferred
Kansas City Gas
Bond & Mtge Guar_ _100 350
100
5U *54
Preferred
100
57
Borden's Coed Milk-100 125 130 eUnited Cigar Mfg,p1_100 94
Cohlin My eon 5s-SeePlat la At L-514 e Laclede G
100 80
85
97
United Copper
c Preferred
Preferred
Crosst'wn 1st Is '33 J-D
100 1414 1412
100 85 100
100 104 108
8s
1
Gas
Preferred
Madlson
c0
C
a
olla
eCorin By & Ltg coal_ 100 08
s
*73
h
,
Co
15
mappNt
72
r
)u
rirtrie
100 32
1B
6
926-A-0 1105 110
7
11
8
38 ,
U S Casualty
Newark Gas 63 1044_ (4..j
°Preferred
80
100 75
Mining
100
_. 200
*27
21
2
312 U S Envelope com-101) -3-5
57
5714 Newark Consol Gas_100 410
Grand Raptds
95 Casein Co of Am com.100
28
3
50
J-1;
1948
5s
Con
100
g
e
86
e
f
i
ePreferred
e
t
_
83
aura
100 100 103
100 10
60
31041: 105 caP
Preferredy Co
St Ss -1.930__Jecj
U SSteel Corporationo of Amer-100 12) 130
No Hudson L H & Powe Loulsv
1-0.1:5s 1038
Lynn & I3os lst 5s '24 J-11
Col tr s f 53 '51 opt '11 311234 Hills
dew
llu
r Iglir
:e
ep
A-C 4 95
100 127 132
(
C
VA
2
Gas&
Lgt_100
pat
Pas
flys
&
Co
, 1181z
&
orks corn_100
Col tr s 1 55 '51 not opt 31123
Elec-100 84) -t;g e Now On
8
15
10(1 4612 4
Preferred
e Con g 55 1949
Preferred
U S Tit Gu & Indem_100 50
5[ ;- 110012 102
100 47
so
130
Gen M g 430 '35 See tic Si list St Joseph Gas 5s 1937-J-J 400
3 eUtah Copper Co-See Stk Exc list
95 Central Foundry
100
212
list
icago
Ch
See
letegr & leletthone
Preferred
• North Chic Street
Waterbury Co. com-100
100 15
16
Deb Os 1919 op '01 /11-N
Put) Seri" Corp of N .1 .100 92 100 eAmer Teleg & Cable..100 78
Preferred ______ 100
80 1
09
70
7412 :Central & So Amer_100 103 108131 CentUry Realty
74
Tr ctfs 2% to 6 7;,perpe1
Westchester tic Bronx Tit
100 185 195
Coll 55 g notes 09_M-N
100 160.
,3
110113
, Cornm'l Un Tel (NY)_2.'3 110 120 Chesebrough Mfg Co-100 525 600
& Mtge Guar
35
Snip & Bay State Tel 100 00
Nbrth Jersey St By 100 28
100
70 City Investing Co
100 5212
Western lee
Franklin
1st Is 11)48
111-N
50 I eCiaflIn (H B), com-1011 05 )765. Westingh Air Brake-50 411113 11214
42
?Gold
tic Stock Teleg)
Cons Tract of N J__100 74
7'
_IT) 104 110
elst preferrea
100 91 95
West El & Big 5s-See St Sac Ilst
Hudson Myer Teleph 100 31
Is: 54 1033
*IA
1-1) 110312 105
10
ad preferred_
45
_100 1)2
97
White Knob Min
114
*54 114
New'14PasIty Is '30 J-J 110112 1081: °N Y & N .1 Teleph _100 111 117 II Col Fe Hock Coal& I pf 100 63
10
75 1 Preferred
Rapid 'eran St[WAN 240 250 °Northwestern Teleg__50 102 106
1st a Is 1917
J-J 5 84
90
Worthing Pump pref_ 100 107 11243
1st 55 1921
Pacille & Atlantic
4-0
25 60
Col tr Os Oct 1956-J-J 4 03 101
70I
-;outhern & Atlantic_ .23 '
4, '8
* Per snare. 4 Buyer pays accrued int.
u Basis. i Sens on tic. Si.. but not very actIv.:. , New stock. n Nom. 3 Sale price.
Electric Om panics
810 AM
Chicago Edison Co See Ch I cago list
e Kings Co El L&PCo 100 127 124
Narragan(Prov) El Co_50 *ax. 131
40
NY&Q El L ZoPowCo_l0
37
72
100 .- 69
Preferred
United Elec of N J-100
let g 45 1049
J-D 47() -72
• .
ferry Companies
1.
. __..
Brooklyn Ferry stock 100
05
B Fe NY 1st as 1911J J 192
NY &ER Ferry stk.]00 30
10
1st 58 192,
60
M-h
491t:
9812
N Y & Hob 5s May 46 J
Hob Fy 1st 55 194651-N 5105 _.__
NY doNJ 5s 1946
_
J-J 595
10th & 23d Sts Ferry_100 2) -30-1st nage Is 1919 J-D 350
60
22
eUnlon Ferry stock_100 20
elst 58 1920
Ou
M'S 80
1
Outside Securities
1
--
r,(8.)
-
1473
THE CHRONICLE
DEc. 5 1908.1
$nuestnxent anti Aailroad Intelligence.
RAILROAD GROSS EARNINGS.
' The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or'month and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Grlss Earnings.
ROADS.
,
Current
Year.
Week or
Month.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Latest Gross Earninis.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Jrly
1
to Latest Date.
Current
Year.
Previous
Year.
3
$
s
$
$
$
I
$
648.308
580,399
38,845
b Mobile Jack 60 IC C Wk Nov 21
31,003
Ala N 0 & Tex Pac.
998,007 1,126,953 Nashv Chatt & St L October-- 1,014.390 1,022,929 3,703,510 4,028,525
53,000
54,000
N 0 & N East-_r 1st wk Nov
159,542
6,113
6,955
164.149
536,078
30,000
560,489 Nevada-Cal-Oregon 3d wk Nov
32,000
Ala & Vicks-......r 1st wk Nov
31,197
8,113
7,495
28,035
30,000
478,994
27,000
578,621 Nevada Central---- October -V eics Sh & Pac-r 1st wk Nov
13,308
3,506
11,013 N Y C & Hud River October -_ 8,609,676 9,059,633 32.547,970 36,129.361
4,540
Ala Tenn & North__ September
Lake Sh dc-M'S:_ October __ 3,868,745 4,315,713 14,592,526 15.338,841
k Atch Top & S Fe- October__. 8,255,622 8,572,456 30,627,017 32,578,020
704,818
34,236
691,840
Lake Erie & West October __' 432,865 512,331 1,705,508 1,898,306
42.711
Atlanta Birm & AU 2d wk Nov
062,615 1,001,982
Chic Ind & South October -- 259,868 261,575
Atlantic Coast Line October- __ 2,222,773 2,460,410 7,443,285 8.524,840
Michigan Central October _ 2,444,959 2,837,508 8,867,169 10,252,401
Baltimore & Ohio__ October___ 6,594.080 7,790,677 25,004,555 30,231,938
2,388,831
2,587,212
953,108
9,832.314
__
249,609
0,131,213
293,046
935,711
October
L.
C
St
Cleve
&
C
October._
Bangor dc Aroostook
985,534 1,102,258
25,280
6,470
21,445
7,429
Peoria & Eastern October -- 261,258 336,691
Bellefonte Central-- October__
408,527
378,312
Cincinnati North- October -- 111,273 104,524
Boston & Maine---r October __ 3602,371 3,871,025 14,045,075 15,478,627
15,033
17,133
5,251
Pitts & Lake Erie October -- 1,192,582 1,508,390 4.408,779 5,868.942
4,786
Bridgeton & Saco R September
October _- 273,956 307,188 1,065.920 1,201,373
Rutland
Buff Roch & Pitts_r 4th wk Nov 168,608 249,140 3,191,376 4,013,488
882.204 990,377 3,132,325 3,506,507
N Y Chic & St L. October __
Canadian Northern_ 3d wk Nov 257,600 207,800 4,329,300 4,2:11.600
Total all lines_ _ October __ 20726217 22821142 77.763,082 87,520,592
Canadian Pacific-- 4thwk Nov 2,141,000 2,054,000 33,608480 34,323,950
686,086 608,976 3,064,249 3,118.752
NY Ont & Western October __
,
Central of Georgia__ 3d wk Nov 243,300 262,000 4,624:468r,
Central of N Jersey- October.... 2,187,712 2.513,024 8,705,113 10.013,529 N Y N H & Hart_ _r October__ 4,935,338 5,196,680 18,684.525 20,577,178
295,388 346,127 1,033,555 1.178,921
October__
61,758 N Y Susci & West
34,608
2,443
1,610
Chattanooga South- 2(1 wk Nov
Chesapeake & Ohio- October-- 2,332,158 2,777,100 0,029,104 10,375.939 Norfolk & Western- October-- 2,529,666 3,073,025 9,912,380 11,974,813
1,280,707 3,973,577 4,802,777
1,115,707
22,219
Northern
Central
October-16,267
.6,870
5,088
Chesterfield & Lane October__
25,586,222 27,723.054
Chicago & Alton fly 4th wk Nov 219,175 248,012 5,576,090 5,603,387 Northern Pacific_ October-- 7,260,068 7,001,383
578,107 737,995 1,751,212 2,231,423
September
Chic Burl & Quincy October.... 7,688,451 8,270,655 28,227,597 30,610,743 Pacific Coast Co
15,033,293 10.412,024
5,040,257
3,971,243
October__
Co__r
Pennsylvania
3,411,706
3,4&15,742
•:Chicago Great West 3d wk Nov 174,268 142,216
dPenn-East P do E October_-- 12794 084 15361 184 47,810,207 :50,934,507
56,541
80,276
Wise Minn & Pac September
Dec.6,66 7,800
Dec.1,6 06,000
d West of P dc B. October -181,434 162,967
Mason C & Ft D. September
91,044 2,207,423 2,398,245 Pere Marquette_--- September 1,269,002 1,218,698 3,527 250 3,674,516
• Chic Intl & Louisv- 3d wk Nov 100,937
Phila. Bait & Wash- October -- 1,449.581 1,667,381 5,662,976 6,319,176
Chic Ind & Southern -See New York Cell tral.
3,096,063 9,387,559 11,605,784
• Chic Milw & St Paul October __ 6,346,803 5,890,935 22,444,545 21,766,193 Pitts On Ch & St L_ October
43,800
30,580
12,637
12,266
• Chic & North West_ October__ 6,020,251 7,040,662 24,443,907 25,969,885 Raleigh & South'p't October __
1,403,449 1,355,562 4,784,410 4,956,334 Reading Company_ October.-- 3,712,075 4,271,817 13,028,823 15,006,193
Chic St Paul M & 0_
13,165,613
4,307,071
10,104,040
Co-_
Iron
3,513,484
&
Coal
October--527,162
404,597
34,953
36,505
Oct
wk
2d
October__RR
Tran
Ohic,Term
Total both cos-- October... 7,225,550 8,668,888 23,132,862 29,171,805
717,008 813,853 2,101,254 2,488,732
;lino Ham dcl Dayt_r September
524,413
418,324
125,413 157,182
Rich Fred & Potom September
Cln N OdaTexas Pac -See Sout hern Ran way.
228,823
221,999
83,675
71,671
Grande June.._.. September
Rio
tral.
Cen
York
New
-See
Northern
Cincinnati
266,257
13,647
252,438
13,503
Clem Cin Chic & St I., -See New York Con tral..Rio Grande South__ 3d wk Nov
000,04 Rock Island System September 5,690,375 5,541,388 15,703,609 16,367,373
808,711
207,685 240,203
Oloorado MIdland_r October__
e St L & San Fran September 4,183,695 4,522,948 11,775,591 13,569,011
h Col & South Syst- 4th wk Nov 332,356 362,295 6,612,621 6,453,747
639,874
198,991 217,074
581,657
f Evan.sv & Ter H September
294,013
275,775
23,100
17,457
Col N'ewb & Lour__ May
Total of all lines_ September 10073062 10381411 28,060,857 30,577,460
253,102
221,720
77,144
74,709
September
Copper Range
438.034
469,582
163,974 149,385
79,332 St Jos & Grand Isl_ September
21,020
15.135
7,632
October-Cornwall
71,330
110,836 St Louis Southwest_ 4th wk Nov 285,548 246,264 4,475,037 4,653,317
36,281
24,798
Cornwall k Lebanon Sentember
1,654,859
582,301
577,573 San Ped LA & S L.r September
556,051
133,195 134,118
October_
Cuba Railroad
5,464,327
1 Delaware & Hild- October -- 1,725,707 1,898,097 6,411,403 7,565,653 Seaboard Air LIne_r October -- 1,437,952 1,518,134 4,941,781
297,275
245,570
Del Lack do West-r October--- 3,124,764 3,214,235 11,383,808 12,505,037 Southern Indiana_ August -- 129,211 160,005
Denver & Rio Gr___ 4th wk Nov 497,300 516,600 9,208,277 10,117,415 c Sr.uthern Pac Co__ October._. 11069 855 11967 400 41,102,002 45.785,019
23,370,680
20,965,393
1,068,383
808,276
1,049,941
713,074
Nov
wk
Southern
3d
Railway-36,426
37,741
Det Tol & Iront Sys 3d wk Nov
884,698
811,328
Mobile & Ohio__ 3d wk Nov 191,840 175,341 3.704,526 4280,431
30,202
30,638
3.1 wk Nov
Ann Arbor
Cin N 0 & Tex P_ 3d wic Nov 144,954 156,086 3,038,128 3,598,003
520.016
448,354
21,456
20,2D
Detroit dc Mackinac 3:1 wk Nov
68,051 1,388,206 1,621,593
68,300
3,140,724
Ala
Great South- 3d wk Nov
2,933,009
Dui & Iron Range-r September 1,010,077 1,150,156
852,270
719,615
40,700
33,834
Georgia Sou &Fla 3d wk Nov
61,940 1,106,061 1,444.656
53,242
Dui So Sh & AU__ _ 3d wk Nov
501,311
485,402
26,958
41,824
Nov
wk
3d
Texas
Central
1,568,442
508.732
El Paso & S W-__r September
6,164,013
291,943
5,731,531
342,541
3c1
'&
Nov
wk
Texas
19,561,100
Pacific__
October__ 4,944,238 4,800,964 17,887,409
Erie
24,083
33.528
7,352
6,206
Tidewater do West_ October__
Evansville &Ter H -See Rock Island S vstem.
4,111 Toledo & Ohio Cent October -. 463,862 429,159 1.825,451 1,802,162
4,857
1,342
1,662
Fairchild & Nor E. September
503,629
454,184
22,350
19,983
337,813 Toledo Peor & West 3d wk Octc
298,497
74.710
68,014
Fonda Johns & Giov October -07,607 1,504,724 1,911,392
82,840
087,699 1,079,637 Toledo St L & West 3d wk Nov
Georgia Railroad- October-- 306,889 334,071
23,236
22,134
5,313
6,720
Tombigbee Valley-- October--way.
R
Georgia South & Fla -See Soot hemail
153,154
128,145
79,500
61,059
Grand Trunk Syst_ 3d wk Nov 844.605 934,184 15,717,838 19,037,356 Tor Ham do Buffalo August -__
2d wk Nov 108,615 118,251 2.138,192 2,501,991 Union Pacific Syst_ October--- 7,675,805 7,789,817 28,815,555 28,982,559
Gr Trunk West
841,112 997,915 3,088,518 3,652,760
October--736,841 Vandalla
33,661
661,801
36,601
Det Gr Hay & Mit 2d wk Nov
430,262
424,207
1)36,528 Virginia do Sou West October -- 119,658 113,007
753,005
.19,896
41,243
Canada Atlantic- 2d wk Nov
587,606 579,608 11,177,440 12,134,958
4thwkNov
Great Northern Sys October __ 6,223,608 6,716,776 20,996,349 23,823,122 Wabash
5,600,451
5,648,277
512,606
429,231
lune
Maryland
Western
2,066,328
2,483,545
June
Gulf & Ship Island_
392,030 462,630 2,414,1 69 2,699,869
Flocking Valley-- October-- 661,505 658,935 2,455,450 2,655,410 W Jer & Seashore-- October
627,03' 2,115,305 2,503.173
Illinois Central ---. October -- 5,211,394 5,725,342 18,057.478 21.523,762 Wheel & Lake Erie r October - - 547,199 747,689
2,718,357 2,925,323
696,729
October.-CentraLr
Wisconsin
2,917,569
3,244,603
153,000
Inter & Gt Northern 3d wk Nov 192,000
90,039
33,498
95,166
34,243
a Inte:occanic Mex_ 2d wk Nov 102,515 135,928 2,236,936 2,768,112 Wrightsv & Tenn__ October...
973,677 3,016,535 3,288,221
1,029,736
-October
Vail.
1,367,228
Miss
&
Yazoo
1,253,269
61,907
56,381
Nov
wk
4th
Central.
Iowa
849,574
846,845
228,585 221,424
Kanawha & Mich - October __
Previous
Current
Kansas City South October -- 803,910 891,170 2,981,204 3,545,687
Year.
Year.
Period.
Various Fiscal Years.
KC Dlex & Orient- Octobe_ _- 113,000
Lake Brie & West'n -See New York Cen tral.
$52,835
353,821
Jan 1 to Oct 31
Bellefonte Central
Lake Shore & M Sou -See New York Cen tral.
Jan 1 to Oct 31 15.146,592 16,812,570
Lehigh Valley_ ___r October___ 3.227,458 3,526,233 11,514,653 13,537,185 1 Delaware dc Hudson
56,091
48.792
31
1
Oct
Jan
to
Afanistlque
211,047
141,281
59,006
33,152
Lexington & East-- October-fan 1 to Nov 14 6,507,800 6,940,100
Mexican Railway
Dec.438, 339
Dec.85, 445
October-Long Island
Jan 1 to Nov 14 1,095,173 1,177.912
1,144,521 1,216.837 Mexican Southern
Louisiana & Arkati .. lime
Jan 1 to Oct 31 73,210,577 83,060,258
Louisv & Nashville_ 3d wk Nov 949,525 016,885 18,347,136 20,045,729 New York Central
Lake Shore & Mich Southern- Jan 1 to Oct 31 32,932,742 37,928,378
56,903
46.990
16,624
13,084
Macon & BIrming- October -1 to Oct 31 3.746,175 4,330,843
Jan
Western
&
Erie
Lake
2,566,978
857,502
2,311,217
701,668
September
Central----r
Maine
18,047
5,737
24,871
Chicago Indiana & Southern_ Jan 1 to Oct 31 2,356,932 2,501,480
2,888
October -Manistique
Jan 1 to Oct 31 20,602,450 24.086,381
43,595
140,642
36,390
Michigan Central
150,153
Maryland & Penn..- October __
559.072 667,825
Cleve Cin Chic & St Louis._ Jan 1 to Oct 31 20,147.195 22,272,083
a Mexican Central- 2d wk Nov
Jan 1 to Oct 31 2,256,308 2,544 181
144,158 176,557 2,543,851 3,328.185
Peoria & Eastern
3 Mexican Internat.. 2d wit Nov
858,116
805,608
Jan 1 to Oct 3
Cincinnati Northern
z Mexican Railway- 2d wk Nov 129.000 142,600 2,557.400 2,967,800
Jan 1 to Oct 31 8.504,527 12,910,986
&
Erie
Lake
Pittsburgh
22,435
22,496
452,914
484,023
Nov
s Mexican Southern 2d wk
Jan 1 to Oct 31 2.293,966 2,587,869
Rutland
Michigan Central- See New Y ork Cent,al.
New York Chicago & St Louis Jan 1 to Oct 31, 7„739,052 8,787,528
17,099
10,324
342,180
338,272
3d wk Nov
Mineral Range
Jan I to Oct 31 174596954 201 893118
Total all lines
94,169 1,889,269 1,855,093
06,467
Minneap & St Louis 4th wk Nov
Jan 1 to Oct 31 9,404,671 11,239,071
Minn St P & 54 S M_ 3d wk Nov 289,043 276,715 5,730,764 5,287,696 Northern Central
31, 111830 956 139076 156
Missouri Kan & Tex October___ 2,824,648 2,571,418 0,265,432 0,363,025 d Penn-East of Pitts & Erie- Jan 1 to Oct
Jan 1 to Oct 311 Dec.17.88 1.900
Erie
&
Pitts
of
West
d
858,000
19,651,502
18,227,126
lido Pao & Iron Mt_o 3d wk Nov 057,000
31 13.403,287 14,497,387
25,000
71,000 674,000 Philo, Baltimore & Washington_ Jan 1 to Oct
35,000
Central Branch.° 34 wk Nov
Jan 1 to Oct 31 21,612,101 27,542,561
Total system_ ...o 3d wk Nov 092,000 883,000 18,943,126 20,325,592 Pitts Cin Chicago & St Louls
693.212
637,094
35
Sept
to
1
Dec
Junction
Grande
299,888
Rlo
5,162,265
6,085,447
a Nat RR of Mexico 2(1 wk Nov 263,749
Jan 1 to Nov 21 11,729,090 14,557.756
320,940
385,556 Texas & Pacific
16,906
15,243
Hidalgo dc N E..- 2d wk Nov
Jan 1 to Oct 31 4,687,221 5.027.221
West Jersey & Seashore
--2,508,212
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
,
Weekly Summaries.
Cuent Year Prev's Year Inc. or Dec.
%
Monthly Summaries.
Cuent Year Prey's Yea
Inc. or Dec.
%
$
$
$
$
$
$
Month Jan 1908 (122 roads). 151,758,405 172,283,00 -20,524.600112.49
-653,823 6.58
9,032,527
2d week Sept (40 roads)..... 0,278,704
Month Feb 1908 (123 roads)- 141,256,206 160,150.61 -18.894.4011.79
-425,461 4.25
9,583,850 10,009,320
3d week Sept (39 roads).-527,838 3.81
Month Mch 1908 (125 roads) _ 162,495.089 187,435,35 -24,940,26 13.37
4th'week Sept (42 roads)____ 13,311,956 13.839,794
18.89
Month Apr 1908 (119 roads). 154.137,168 190,046,15 -35,908,9
-371,000 3.48
lit week Oct (44 roads)._ 10,291,971 10.673,871
May 1908 (120 roads) _ 153,112,628 198,146,87 -45,034,24 22.67
Month
4.10
-445,156
10,840,128
10,408.972
roads)-___
2/1 week Oct (40
18.47
-33,126.9
170,39T,59
146,270,130
roads).
(113
Month June 1908
-519,700 4.58
3d week Oct (42 roads)--- 10,838,445 11,358,244
Month July 1908( 97 roads) _ 156,103,883 183,365,99 -27,262,11 14.87
5th week Oct (45 roads)._ 15,771,498 16,918,106 -1,146,608 6.77
010116,64
-29,909
209,690,78
179,781,772
_
roads)
(105
1908
Aug
Month
3.22
-354,814
11,032,992
10,678,178
1st week Nov (45 roads).Month Sept 1908 (114 roads). 210,014,059 223,064.941_13,96t.886.23
-102,601 0.92
2d , week Nov (44 roads)._ 10,965,461 11,068,062
-9! RIA iti4 3.95
An 1 ftn ISAR R7 /ION 42
1 atm I Ai rnarial
Xffesnf h (lest
4.91K 190 9 In
II 590 595
in OAK a MI
..,,.,.t, Trrilr MO ',Ariel
911
lines in both
subsidiary
Its
and
Texas
Central
&
Houston
Gulf
the
of
Includes
&Chicago
c
Division.
b
earnings
currency.
Includes
a Mexican
& Isdlaaa R11. h Includes
years. d Covers lines directly operated. e Includes the Chicago & Eastern Illinois in both Years. f Includes EvansvilleIncludes
la both years earnings
k
earnings of Col. di South., Ft. Worth de Denver City and all affiliated lines. excepting Trinity & Brazos Valley RR.
from sale of coal.
of Denver Enid .S: Gulf RR., Pecos Valley System and Santa Fe Prescott &Phoenix Ry. 1 These figures do not include receipts
the sear basis
-0 Figures hero are on the old basis of accounting-not the new or Inter-State Commerce Commission method. r These figures sea out
proscribed by the Inter-State Conuneroa Commission.
1474
THE CHRONICLE
Latest Gross Earnings by Weeks.-For the third week of
November our final statement covers 39 roads and shows
2.20% increase in the aggregate over the same week last year.
Lxxxiiv.
-Gross Earnings-- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
$
$
$
$
N Y Cent & Hue!RIv-(Con)Michigan Central
648,743
Oct 2,444,959 2,837,508
617,326
1908.
1907.
Third week of November.
Increase.
Jan 1 to Oct 31
20,602,450 24,086,381 4,978,604 4,433,327
_ 2ec,,
,,
..._."....._
-•-- 9e,
Clev Cinc Chic &* L_Oct 2,3a8,831 2,587,212
782,655
561,272
S
,
$
,, $
$
Jan 1 to Oct 311
20447,195 22,272,083 4,622,425 5,742,035
Previously reported (24 roads)_ 7,589,606 7,403,407 394,401 208,202
Peoria & Eastern
Alabama Great Southern
Oct'' M1,258
68,309
134,575
258
336,691
68,051
57,748
__
Jan 1 to Oct 311
Chicago & Alton
300,944
'2,256,308 2,544,181
633,017
277,229
394,032
23,715
__
Chicago Great Western
174,268
142,216
32,052
Cincinnati Northern: _ Oct' 111,273
30,629
104,524
8,064
defl
cui New On & Texas Pacific
144,954
156,086
-1-1 132
Jan 1 to Oct 31
805,608
858,116
139,102
132,665
Colorado & Southern
403,609
4,923
398,686
Pitts
&
Lake
Erle____Oct
348,960
1,102,582
274,110
1,508,390
Detroit Toledo & Ironton
37,741
36,426
1,315
--.
Jan 1 to Oct 31
8,504,527 12,910,086 1,825,186 2,933,586
Ann Arbor
39,638
418
39,220
Georgia Southern & Florida
Rutland
33,834
40,700
Oct 273,956
-6.866
69,080
307,188
95,825
Jackson
& Kansas CityMobile
Jan 1 to Oct 31
38,846
31,903
6,943
2,293,906 2,587,869
642,003
762,001
Nevada-California-Oregon
6,113
6,955
842
N Y Chic & St Louis_ _Oct 882,204
335,694
990,377
309,240
Rio Grande Southern
13,647
13,503
144
Jan 1 to Oct 31
7,739,052 8,787,528 1,845,282 2,206,176
Southern Railway
1,049,941 1,068,383
18.442
Total of all lines
Oct20,726,217 22,821,142 6,189,140 5,043,440
Texas Central
26,958
14,866
41.824
_
Jan
1
to
Oct
31
174,596,954
Toledo Peoria & Western
201893,118 44,638,794 48,058,511
19,983
22,350
-2- 5ii
Toledo St Louis & Western
97,607
14,787 zN Y N H & Hartford_ b_Oct 4,935,338 5,196,680 1,650,027 1,214,789
82,840
-July
1
to
Oct
31
18,684,525 20,577,178 6,360,444 6,580,461
Total (39 roads)
10,045,953 9,829,821 478,891 262.762 N Y Ontario & West'n_a_Oct 686,986
187,584
698,976
169,192
Net Increase (2.20%)
216,129
July 1 to Oct 31
3,064,249 3,118,752 1,062,130 1,136,383
N Y Susq & Western_a- _Oct
205,388
98,174
346,127
92,924
July 1 to Oct 31
295,829
1,178,921
303,540
Net Earnings Monthly to Latest Dates.-The table fol- Norfolk & Western_ b_ _ _Oct 1,033,555
2,529,666 3,073,025 1,044,248
993,354
July 1 to Oct 31
lowing shows the gross and net earnings of STEAM railroads
9,912,389 11,974,813 4,040,200 4,299,006
Northern Central- b
reported this week.
Oct 1,115,707 1,280,707
336,473
294,773
Jan 1 to Oct 31
9,404,671 11,239,071 2,244,678 2,358,278
-Gross Earnings- -Net Earnings
- zNorthern Pacific_ b_ ___Oct
7,269,068
7,001,383
3,226,679
3,728,615
Previous
Current
Current
Previous
July 1 to Oct 31
25,586,222 27,723,064 12,439,931 12,173,334
Year.
Year.
Year.
Year.
xPenna Compang-b
Oct 3,971,243 5,040,257 1,722,019 1,825,048
Roads.
$
$
$
$
July 1 to Oct 31
15,033,293 19,412,024 6,459,600 7,022,311
Atlantic Coast Line_a___Oct 2,222,773 2,460,410
675,934
722,169
July 1 to Oct 31
7,443,285 8,524.840 1,746,115 1,549,441 Pennsylvania-Lines directly operatedBangor & Aroostook_ b_ _ Oct
East of Pitts & Erie_ b_Oct12,794,084 15,361,184 4,043,287 4,418,487
249,609
293,945
120,058
Jan 1 to Oct 31
July 1 to Oct 31
111,830,056 139076,156 31,644,288 38,327,088
953,108
935,711
336,499
West of Pitts & Erie_ _Oct
zBoston & Maine_ b
Dec 1,606,000
Oct 3,602,371 3,871,025 1,252,267 1,177,386
Dec
87,500
Jan 1 to Oct 31
July 1 to Oct 31
Dec 17,881,900
14,045,075 15,478,627 4,485,876 4,824,071
Dec 2,638,500
Canadian Pacifica
Oct 7,381,970 7,071,047 2,655,267 2,680,318 Phila Balto & Wash_b_Oct 1,449,581 1,667,381
583,536
668,936
Jan 1 to Oct 31
26,452,480 27,512,950 9,623,347 9,908,799
13,403,287 14,497,387 3,334,022 3,303,022
July 1 to Oct 31
Reading CompanyCentral of New Jersey_b_Oct 2,187,712 2,513,024
938,474 1,071,553
Phila & Reading_ b___Oct 3,712,075 4,271,817 1,665,786 1,719,366
8,705,113 10,013,529 3,778,241 4,461,576
July 1 to Oct 31
July 1 to Oct 31
13,028,823 16,006,193 5,200,096 6,307,118
Chesapeake & Ohlo_b___Oct 2,332,158 • 2,777,100
951,963 1,001,367
Coal & Iron Co_ b
Oct 3,513,484 4,307,071
9,029,194 10,375,939 3,663,682 3,863,988
July 1 to Oct 31
300,615
466,575
July 1 to Oct 31
10,104,040 13,165,613
484,000 1,049,326
1,204,467
8465,014
Chicago & Alton_a
1,275,883
Oct
5501,747
Total both cos_ b
Oct 7,225,559 8,668,888 1,966,401 2,175,941
4,583,960 4,553,408 82,036,280 31,537,583
July 1 to Oct 31
July 1 to Oct 31
23,132,862 29,171,805 5,753,186 7,356,444
zChic Burl & Quincy_ b__Oct 7,888,451 8,270,655 2,824,388 2,938,563
Reading Company_ _ __Oct
28,227,597 30,610,743 10,170,566 11,225,210
July 1 to Oct 31
124,818
127,436
July
1
to
Oct
31
513,576
502,260
zChIc Ind & Loulsv_a-_ _Oct 495,263
157,047
532,715
150,044
Total all companies__ _Oct
1,921,243 2,128,119
July 1 to Oct 31
604,209
554,362
2,091,219 2,303,377
July 1 to Oct 31
6,255,446 7,870,020
Chic MIlw & St Paul-- -_Oct 6,346,803 5,890,935 2,613,200 2,434,756
22,444,545 21,766,193 8,1)18,099 8,821,668 Rio Grande Junction.. _Sept
July 1 to Oct 31
83,675
71,671
n25,102
n21,501
Dec 1 to Sept 30
637,094
693,212 n191,139 n207,962
zChic & North Western b Oct 6,920,251 7,040,662 2,928,475 2,508,062
24,443,907 25,969,885 9,777,049 9,143,226 Rio Grande Southern_ b_Oct
July 1 to Oct 31
60,672
60,428
26,807
22,456
July 1 to Oct 31
215,458
227,392
92,085
80,378
zChic StPaul Minn &O b Oct 1,403,449 1,355,562
617,297
454,778
4,784,419 4,956,334 1,790,192 1,603,078 StLouls Southwestern_a_Oct 1,011,323 1,034,671
July 1 to Oct 31
300,474
304,096
July 1 to Oct 31
3,409,783 3,777.694
855,624 1,107,100
207,685
240,203
38,848
Colorado Midland_a - _ _ _Oct
59,432
900,304
808,711
July 1 to Oct 31
175,811
219,540 z Seaboard Air Line_ b- - -Oct 1,437,052 1,518,134
419,572
436,633
July 1 to Oct 31
4,941,781 5,464,327 1,283,682 1,306,928
77,144
74,709
22,498
Sept
Copper Range-b
19,938
221,729
253,102
56,209
July 1 to Sept 30
Southern
Co_a__Oct
11,069,855
Pacific
11,067,400 3.971,170 3,062,220
98,113
July 1 to Oct 31
41,102,992 45,785,019 14,084,754 12,687,837
7,632
15,135
Oct
2,378
Cornwall_a
6,714
21,920
79,332
July 1 to Oct 31
3,235
43,859 Southern Railway_ b_ _ _ _Oct 4,073,993 5,457,778 y1,815,352 y1,745,508
17,694,070 20,069,522 y6,034,679 y5,076,493
July 1 to Oct 31
134,118
Oct 133,195
Cuba RR
49,108
34,413
556,051
577,573
Oct 906,893 1,015,083
July 1 to Oct 31
Mobile & Ohlo_a
214,953
331,559
336,077
159,582
31
Oct
3,155,322 3,738,701
to
July
1
978,012 1,057,345
69,058
68,999
Cuyahoga Telephone Co_Oct
38,499
34,095
TexPac_a_Oct
NO
&
665,790
Cinc
807,095
186,830
170,958
Delaware & Hudson_b__Oct 1,725,707 1,898,007
r792,851
r994,129
2,617,649 3,120,777
July 1 to Oct 31
750,290
15,146,592 16,812,570 r5,949,126,2r6,870,845
647,965
Jan 1 to Oct 31
Southern_a_Oct
Great
314,178
Ala
348,723
80,393
57,349
zDela Lacka & West'n-b-Oct 3,124.764 3,214,235 1,482,392 1,390,800
July 1 to Oct 31
1,119,071 1,417,903
207,348
11,383,806 12,505,037 5,062,500 5,534,241
239,051
July 1 to Oct 31
Georgia So & Flab Oct
169,107
106,235
10,638
e39,508
e32,476
Demerara Electric Co___Oct
10,017
4,551
July 1 to Oct 31
617,870
730,168
e182,713
el17,694
100,274
Jan 1 to Oct 31
97,785
AIN
41,579
zTexas & Pacific b
Oct 1,535,092 1,489,043
605,390
476,901
Denver & Rio Grande_a_Oct 1,977,560 2,098,195
590,537
665,180
July
1
to
Oct
31
4,765,907
5,263,643
1,467,536
31
7,404,077
Oct
1,528,017
to
1
July
8,305,115 2,510,080 2,836,036
Toledo & Ohlo Central_a_ Oct 463,826
95,334
429,159
93,407
184,208
Detroit & Mackinac_a__ _Oct
112,796
22,501
29,583
July 1 to Oct 31
1,825,451 1,802,162
733,253
561,597
387,873
July 1 to Oct 31
451,324
116,594
106,326
Louis
&
St
Tol
West'n_a_Oct
305,373
406,520
p137,634
p93,709
Oct 4,944,238 4,800,964 1,501,802
Erle_a
690,519
July 1 to Oct 31
1,212,908 1,538,208
p395,078 p482,537
17,887,409 19,561,109 4,998,331 4,646,556
July 1 to Oct 31
Tombigbee Valley
Oct
6,720
Fairchild & Northe'n_b__Oct
2,586
1,820
51:608101
2,043
def 484
594
July 1 to Oct 31
22,134
23,
513
3
236
July 1 to Oct 31
7,755
6,677
6,154
def1,346
def 458
Union Pacifica
Oct 7,675,805 7,780,817 • 4,138,375 3,223,846
Georgia RR-b
Oct 306,889
334,971
93,103
107,043
July 1 to Oct 31
28,815,555 28,982,559 14,072,367 11,639,298
July 1 to Oct 31
987,699 1,079,637
171,222
214,550
Oct 841,112
997,915
247,071
332,175
zGreat Northern_ b
Oct 6,223,608 6,716,776 3,309,054 2,815,207 zVandalia_b
July
1
to
Oct
31
3,088,518 3,652,760
850,800 1,003,143
20,996,349 23,823,122 8,895,101 9,611,230
July 1 to Oct 31
West
Jersey
&
Sea
Sh_b_Oct
392,030
462,030
35,238
56,538
Greenwich & Johnsonville_ bJan 1 to Oct 31
4,687,221 5,027,221 1,097,805 1,174,195
July 1 to Sept 30
29,852
22,667
13,971
7,977
zWheeling&
Lake
Jan 1 to Sept 30
81,688
Erie
b
Oct
68,587
547,199
627,037
136,188
149,159
25,447
44,423
July 1 to Oct 31
2,115,305 2,503,173
053,630
631,401
Hocking Valley_a
Oct 661,505
658,035
188,243
207,585
266,169
747,689
251,089
2,455,450 2,655,410
July 1 to Oct 31
922,474 zWisconsIn Central_ b___Oct 606,729
871,267
July 1 to Oct 31
2,718,357 2,025,323 1,052,989 1,092,252
Minos Central_a
Oct 5,211,394 5,725,342 1,217,689 1,230,644 Yazoo
& Miss Valley_a--Oct 1,029,736
172,593
133,867
973,677
18,957,478 21,523,762 3,445,895 4,422,370
July 1 to Oct 31
July 1 to Oct 31
120,518
3,016,535 3,288,221 def137,899
Iowa Central_a
258,583
308,091
Oct
344,413 3115,759
earnings
a
Net
here
deducting
taxes.
given
are
after
1,038,773 1,114,182 3263,921
July 1 to Oct 31
3368.205
b Net earnings here given are before deducting taxes.
Kanawha & Michigan_a_Oct 228,585
221,424
e After allowing for net revenue from outside operations and deducting
62,671
21,955
July 1 to Oct 31
846,845
849,673
225,108
105,700 taxes, operating Income Is $33,356 In Oct. 1908, against $26,699 last year.
and from July 1 to Oct. 31 is $158,334 In 1908 and $96,565 in 1907.
Lehigh & Hudson RIver_bh For October 1908 additional Income showed a deficit of $13,798,
July 1 to Sept 30
220,644
237,428
59,869
40,626
a credit of $8,669 In 1007, and for period from July 1 to Oct. 31
Jan 1 to Sept 30
654,078
615,797
184,188
197,329 against
was a deficit of $24,156 in 1908, against a credit of $34,496 last year.
Lexington & Eastern_ b__Oct
59,906
33,152
3,772
27,400
k For Oct. 1908 additional income was $9,848, against $8,604 in 1907,
July 1 to Oct 30
211,947
141,281
26,980
79,063 and for period from July 1 to Oct. 31 was $54,362 in 1908, against $52,200
Little Falls & Dolgeville_ blast year.
July 1 to Sept 30
19,082
n These figures represent 30% of gross earnings.
18,131
5,867
8,921
p For October miscellaneous charges and credits to income was $15,382,
Jan 1 to Sept 30
46,420
44,259
12,456
17,045
$11,753 in 1907, and for period from July 1 to Oct. 31 was $20,531
against
Long Island_ b
Oct
Dec 85,445
Inc 47,472
1908, against $41,532 in 1907.
in
Jan 1 to Oct 31
Dec 341,107
Inc 700,469
r For October 1908 net from Coal Department was $153,607, against
Louisville & Nashville_ b_Oct 4,323,488 4,548,531 1,673,312 1,343,631 $128,793 last year, and from Jan.! to Oct. 31 was $884,606 in 1908,against
15,608,235 17,290,300 5,675,617 4,907,917
July 1 to Oct 31
allowing for miscellaneous charges and credits to income for the
Minneapolis & St Louisa Oct 445,036
421,140 k171,010 k152,005
of
e5r. October 1908; total net earnings were $460,677, against $400,497
f2t0o
m0,3135n14h
July 1 to Oct 31
1,545,531 1,503,885 1c564,282
k532,539 $
Mo Kansas & Texas_ b__Oct 2,824,648 2,571,418 1,186,176 1,006,726 last year, and for period from July 1 to Oct. 31 were $1,852,091 this year,
$1,567,356.
July 1 to Oct 31
9,265,432 9,363,025 3,161,139 3,692,710 against
z These figures are on the basis of accounting required by the Inter-State
Nashville Chatt & St L.b Oct 1,014,390 1,022,929
215,530
232,105 Commerce Commission.
July 1 to Oct 31
3,703,519 4,028,525
y After allowing for net revenue from outside operations and deducting
828,083
909,219
taxes, operating income is $1,670,825 In Oct. 1908, against $1,576,218 last
Nevada Central-aOct
7,495
8,113
2,710
896 year, and from July
July 1 to Oct 31
1 to Oct. 31 is $5,441,077 in 1908, against $4,435,776.
31,197
28,035
8,733
3,711
N Y Central & Hud Rly_Oct 8,609,676 9,059,633 2,090,378 2,115,046
Interest Charges and Surplus.
Jan 1 to Oct 31
73,210,577 83,060,258 19,120,716 20,135,521
-Int., Rentals;
-Bat. of Net Eings.Lake Shore & MIchSo_Oct 3,868,745 4,315,713 1,161,550 1,238,446
Previous
Current
Current
ear.
Previous
Jan 1 to Oct 31
32,932,742 37,928,378 9,637,808 9,238,224
Year.
Year.
Year.
Yesar.
Lake Erie & Westem_Oct 432,865
Roads.
512,331
92,721
$
122,867 Bangor &
to
Oct
1
Aroostook_
Jan
_
31
_Oct
x45,007
3,746,175 4,330,843
84,551
607,220 1,111,561
-.
July 1 to Oct 31
x56456:110303
329,292
Chic Ind & Southern_ _Oct 259,868
261,575
73,770
00,000 Central of New Jersey_ _ _Oct 373,374
367,301
704,252
Jan 1 to Oct 31
2,356,932 2,501,480
715,349
878,653
July 1 to Oct 31
1 1,953,517 1,708,300
2,069,94 2,508,059
-Int., Rentals, &c.- -Bat. of Net E'ngs.Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
$
$
$
Roads.
$
c16,821
30,647 cdef3,425
31,350
Oct
Colorado Midland
c58,299
c13,467
122,587
125,400
July 1 to Oct 31
7,500
12,438
10,561
11.937
Sept
Copper Range
60,800
20,397
35,812
37,313
July 1 to Sept 30
. 6,084
16,710
32,488
28,329
Oct
„Cuba RR
45,266
85,678
113,316
129,275
July 1 to Oct 31
22,845
1,1,250
27,216
11,283
Cuyahoga Telephone Co_Oct
d332,640
356,341
d311,037
Denver & Rio Grande__ _Oct 314,880
d1,609,838
1,227,488
d1,508,555
1,397,737
31
Oct
July 1 to
54,900
z44,462
x54,221
57,129
Oct
Georgia RR
225,936 zdef9,461 zdef7,811
220,632
July 1 to Oct 31
Greenwich & Johnsonville
3,176
4,801
4,670
9,301
July 1 to Sept 30
15,634
x10,535
26,091
x17,543
Jan 1 to Sept 30
91,314
x231,771
z160,269
98,781
Oct
Hocking Valley
x849,203
394.667
355,012 2727,222
July 1 to Oct 31
21,124
x56,860
x20,605
23,005
Kanawha & Michigan__ _Oct
91,921
85,149 x161,234
z78,855
July 1 to Oct 31
Lehigh & Hudson River48,567
64,354
def7,941
def4,485
July 1 to Sept 30
247,076 xdef37,004 zdef31,789
222,462
Jan 1 to Sept 30
Little Falls & Dolgeville2,424
2,423
x6,773
July 1 to Sept 30
x3,660
7,264
z6,502
6,815
z10,299
Jan 1 to Sept 30
x518,544 z438,605
Mo Kansas & Texas_ __Oct 3669,290 3573,850
32,407,608 32,200,468 z775,053 z1,610,777
July 1 to Oct 31
64,535
153,293
78,812
150,995
Nashv Chatt & St Louls_Oct
224,103
July 1 to Oct 31
603,980
615,499
293,720
Oct 437,060
434,793
607,188
Norfolk & Western
558,561
July 1 to Oct 31
1,751,907 1,722,333 2,288,293 2,576,673
Oct 868,625, 870,742 1,222,594 1,432,635
Reading Company
July 1 to Oct 31
3,474,500 3,482,968 2,780,946 4,387,052
16,769
13,168
8,333
8,333
Rio Grande Junction_ _ _Sept
107,807
124,630
83,332
83,332
Dec 1 to Sept 30
z6,194
x8,603
20,071
19,550
RloGrande Southern_ _ _ -Oct
z21,544
z13,965
81,646
78,235
July 1 to Oct 31
x72,989
40,698 z148,169
39,878
Toledo & Ohio Central- _Oct
z471,511
x581,440
163,773
July 1 to Oct 31
159,870
d These figures are after allowing for other income and for discount and
exchange. The sum of $10,000 is deducted every month from surplus and
placed to the credit of the Renewal Fund.
C After allowing for miscellaneous charges and credits to Income.
is Fixed charges include taxes amounting to $123,897 for Oct. 1908,
against $52,912 In 1907, and additions and betterments of $49,986 this
year. against $59,281 from July 1 to Oct. 31 taxes were $417,949 In 1908,
against $210,636; additions and betterments were $149,706 for the same
period, against $264,727 the [previous year. Prior to July 1907 It was the
practice to include these items in the expenses.
blitz After allowing for other income received.
Street Railway Net Earnings.-The following table gives
the returns of STREET railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns and the latest statement of
this kind will be found in the issue of Nov. 28 1908. The next
will appear in the issue of Jan. 2 1909.
-Gross Earnings-- -Net Earnings
Current
Current -. Previous
Previous
Year.
,' Year.
Year.
Year.
$
$
$
$
Roads.
Albany & Hudson- b88,746
July 1 to Sept 30
89,555
Jan 1 to Sept 30
181,372
186,388
Oct
8,962
Camaguey Co
11,284
62,975
97,424
Jan 1 to Oct 31
24,362
24,858
Cleve Painesv & East'n a Oct
246,940
241.899
Jan 1 to Oct 31
258,515
Norfolk & Portsm Trac--Oet c156,796
c1,552,030 2,235,812
Jan 1 to Oct 31
Oneonta & Mohawk Vail. b70,168
July 1 to Sept 30
70,308
148,064
142,083
Jan 1 to Sept 30- -- .--
Latest Gross Earnings.
Week or
Month.
American Rys Co__ October
c Aug Elgin & ,Chl By October..
Bangor By & Elea Co September
Birm Ry Lt & Power October
Brockton & Ply St By September
Camaguey Co
October_ - Cape Breton Elec Co_ September
Central Penn Trac- - _ Octi.ber Chariest Con By G&E Oct,ber -Cleve Painsv & East. October-- DallasElectric Corp_ September
Detroit United Ry. 3d wk Nov
Duluth Street Ry -- - 4th wk Nov
East St Louis & Sub_ October
El Paso Electric
September
Fairm& Clarksb TrCo September
Ft Wayne & Wabash
Valley Traction Co October...
Galv-Houst Elec Co_ September
Grand Rapids By Co_ October
Havana Electric Ry- Wk Nov 29
Honolulu Rapid Tran
August
& Land Co
Houghton Co Tr Co_ _ September
October_ _ _
Illinois Traction Co
Jacksonville Elec Co_ September
Kansas City Ry & Lt September
Knoxville By & Lt Co October.. _ _
Lake Shore Elec By- September
Lex & Inter Rys Co
October_ __
Little Rk By & El Co October -Memphis Street By. October _Metrop West Side El_ November_
Milw Elec By & Lt Co October
Milw Lt Ht & Trac Co October
Montreal Street By.- Wk Nov 28
Nashville Ry & Light September
NJ & HR By & FyCo October_ _ _
North Ohio Tr & Lt_ _ October...
North Texas Elec Co_ September
Nor & Portsm Tr Co. October_
NoWestchester Lt co August _
Northwestern Elev. _ November_
Oakland Traction Co_ October __
Oklahoma City By - - October
Peekskill Light & RR August
Portland By L & P Co September
October __
Porto Rico Rys Co
Rio de Janeiro Tram
Light & Power_ _ _ October...
San Fr Oak & San Jo.. October
St Joseph (Mo) By Lt
Heat & Power Co.. October - Sao Paulo Tr Lt & P.. October_ _ _
Savannah Electric Co September
Seattle ElectricCo.... September
South Side Elevated_ November.
Sou Wisconsin Ry Co Octber_
Springf'd(Ill)R &L Co October...
Syracuse Rap Tr By. August _Tampa Electric Co.. September
Toledo Rys & Light_ October -.
Toronto Railway-Wk Nov 28
Twin City Rapid Tran 3d wk Nov
k Underground El By
of LondonThree tube lines__ _ Wk Nov 21
Metropolitan Dist_ Wk Nov 21
United Tramways_ Wk Nov 21
United RRs of San Fr August ___
United Rye of St L._ October_ _
Whatcom Co By & Lt September
7
Current Previous
Year,
Year.
230,984
121,525
39,009
194,069
12,603
11,284
22,006
58,096
60,655
24,362
95,842
121,221
23,235
178,644
43,828
41,934
242,300
122,930
37,150
213,595
11,620
6,962
23,671
60.227
58,551
24,858
95,632
119,128
21,850
206,014
45,556
$8,328
29.679
23,878
368,836
32,651
534,923
51,960
96,188
52,538
56,988
146,418
227,277
328,420
67,431
73,918
151.675
42,508
155,291
93,468
258,515
8,706
160,202
251,958
24,270
16,760
361,582
30.537
Roads.
Albany & HudsonJuly 1 to Sept 30
Jan 1 to Sept 30
Cleve Painesv & East'n__ Oct
Jan 1 to Oct al
Oneonta & Mohawk VailJuly 1 to Spet 30
Jan 1 to Sept 30
73,050
179,786
52,894
359,423
180,890
12,836
87,272
107,982
43,078
219,915
64.418
116,449
Previous
Year.
473,321
523,789
1,345,093
,485,086
3,162,037
702,699
3,277,004
1,152,950
411,921
1,615,073
II
2,235,812
68,355
1,590,800
2,310,498
220,790
108,992
2.925,548
288,461
CONSOLIDATED INCOME ACCOUNT OF OPERATING STREET
RAILWAY AND ELECTRIC LIGHT COMPANIES.
1904-05.
1905-06.
1906-07.
1907-08
•
a
Earnings
Expenses _
7,809,010
5,001,517
7,758,511
5,000,652
7,518,241
4,883,553,
6,734,128
4,456,303
5.685,761 5,400,422.
Net earnings
Int., rental, taxes
2,807,493
1,784,438
2,757,859
1,702,623
2,634,688
1,594,503
2,277,825
1,543,515
£12,250 £10,545 £546,120 £358,810
£10,054 £8,703 £427,906 £370,651
£5,245 £5,248 £311,061 £306,867
576.700 317,769 4,486,909 3,013,295
049,914 971,322 8.810,539 9,087,659
255,552
29,033
260,169
28,381
Divisible income
Dividends
1,023.055
880,773
1,055,236
880,773
1,040,185
710,406
734,310
372,448
142,282
174,463
329,779
361,862
c These figures are for consolidated company. 7 No earnings for Detroit
Jackson & Chicago By. for Jan. 1907 included In these figures. k Does not
% ndude the
Charing Cross Huston & Hampstead Ry for first six months
I 1907. 1 Decrease due to Jamestown Exposition laat year.
11,591
z7,514
x6,400
34,095 zdef14,766 zdef17,171
General Results.-The effects of the panic were not felt by the operating
companies until July 1908, the gross earnings showing an increase of
$162,612 for the first nine months of the fiscal year. After that date,
however (and In spite of unusually favorable weather conditions), a decrease began, and has since continued,the last quarter of the year showing
$112,113 less gross earnings than the corresponding period of last year.
The results of the whole year, therefore, are a small but, under the circumstances, satisfactory Increase of $50,499 in gross and $49,634 In
net. Fixed charges Increased $81,814, but as a considerable part of this
increase was Interest on money advanced by the Massachusetts Electric
Companies, the net income of the latter increased $23,195 over that of a
year ago. It seems probable, in spite of the increasing activity In general
business, that the decreases in gross will continue until the early spring, but
they arc likely to be In whole or In part offset by savings in expenses.
The earnings of the companies are still almost entirely from passenger
traffic, for while the express and freight business shows most satisfactory
results in those parts of the system where It has been started, the difficulties
which were mentioned in last year's report still persist, and a general
enlargement of that branch of the business has not proved practicable,
although much attention Is still being devoted to It.
Improvements.-Owing to the generally unsettled financial conditions of
the early part of the year, your trustees decided not to approve any considerable amount of work, either no reconstruction or betterments, but
the sum of $662,977 has been expended as follows:
$17,385
Track construction (13 m.).$77,080 Wires and bonding
213,054
m.)..229,273 Power stations
Track reconsten (13
74,000
Cars and electrical equipment 52,185 Land and buildings, &c
New Securities-Resumption of Dividends.-The Boston & Northern
and Old Colony companies, upon application to the Railroad Commissioners,
have received the right to Issue 6% preferred stock, to be sold at not less
than $110 per share; 7,236 shares may be issued by the Boston dc Northern
and 3,727 shares by the Old Colony. The proceeds, together with the
proceeds of the $883,000 bonds in the treasuries of the above-mentioned
companies, should be sufficient to retire all but a very small portion of the
floating debt of the operating companies outside of that now held by the
Massachusetts Electric Companies. Under these circumstances the
trustees have felt justified in resuming the payment of dividends upon the
preferred shares of the Massachusetts Electric Companies, but deem it
better, In view of the uncertainty of future conditions of the business.
to begin by an initial distribution of only 1% on Jan. 1 next (V. 87.
p. 1420.1358.)
239,566
250,079
189,708
197,497
3,352,273 3,001,321
294,282
316,480
4,579.655 4,439,983
490,032
474,180
814,044
843.488
383,976
405,979
2,082,807 2,108,236
11,591
33,836
x18.323
x10,117
3,137
43,306
Massachusetts Electric Companies, Boston.
(Report for Fiscal Year ending Sept. 30 1908.)
President Gordon Abbott, Boston, Dec. 1 1908, wrote in
substance:
6,307,814 6,354,480
772,464
808,077
1,666,498 1,788,910
362,996
386,519
282,693
309,142
723.614
750,742
1,864,146 1,714.544
446.400
435,797
3,300,218 2,996,102
1,937,904 1.820,859
128.811
130,166
x6,092
27,625
83,139 zdef14,213
6,796
1.518
27.781
70,460
Annual Reports.-An index to annual reports of steam
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. 28. The next will appear in that of Dec. 26.
625.586 522,110 5,891,744 5.181,865
667,450
74,400 72,411
747,784
78,512
181,966
48,404
385,946
176,713
13,724
82,570
106,108
43,356
218,074
67,836
122,580
28,583
87.393
7,243
73,033
ANNUAL REPORTS.
1,780,096 1,817,890
96,206
94,855
97.424 '62,975
181,822
178,998
622.116
591,213
500.471
625,549
246,940
241,899
1,552,030
76,529
1,766,817
2,324,992
236,684
107.473
3,222,109
309,866
17,991
16,550
z After allowing for other income received.
2,341,175 2,47'7,685
1,179,440 1,197,743
520,320
551,104
1,347,911
2,343,650
3,201,500
727,178
3,381,842
1,167,534
457,943
1,579,081
19,105
18,262
-Int., Rentals, &c.- -Bal. of Net E'ngs.previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
113,390 114,883 1,092,090 1,052,505
783,544
792,654
91,790 97,651
76,002 75.403
"• 34,636 32,765 1,719,444 1,622,914
30,565
23,934
379,222
34,017
537,301
52,479
91,042
53,731
55,286
148,146
212,166
334,677
67,471
75,985
151,751
47,056
157,532
88,190
156,706
9,559
175,431
242,506
31,199
16.864
373,288
32,633
34,831
57,938
3,188
32,346
9.933
113.766
99,561
276.190
Interest Charges and Surplus.
Jan. 1 to latest date.
Current
Year.
27.061.
43,324'
4,916
44,543
8,761
100,814
c68,479
c628,442
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
C The decrease In earnings In this instance is due to the fact that the
Jamestown Exposition was held a year ago.
STREET RAILWAY AND TRACTION COMPANIES.
Name of
Road.
1475
THE CHRONICLE
DEC. 5 19(18.1
Balance
Note.-The surplus brought forward Sept. 30 1907 was $212,925, making
with the surplus for the year ending Sept. 30 1908 $142,282, a total of
$355,207, from which were made the following deductions aggregating
$144.319. viz.: Reconstruction, $105,930; injuries and damages prior to
1899, $127; premium on bonds, $1,239; adjustment of accounts, 27.023;
depreciatton,1$10,000; leaving a surplus as of Sept. 30 1908 of $210,887.
THE CHRONICLE
1476
CONSOLIDATED BALANCE SHEET OF ALL STREET RY.AND ELECTRIC
LIGHT COMPANIES CONTROLLED BY THE MASS. ELECT. COMPANIES FOR THE YEAR ENDING SEPT. 30.
1908.
1907.
1908.
1907.
g
I Liabilities$
Assets$
41,154,532 40,664,432 Capital stock
19,042,900 19,042,900
Property
634,172 Funded debt
17,856,500 17,882,000
721,482
'
Cash
215,478 Notes payable_
a2,014,000 2,685,000
Accts., receiv., &c 199,150
79,215 Notes with Mass.
82,702
.Coupon deposits
Electric Cos_._ _ 2,150,000 1,280,000
Sinking and re36,113 Vouchers, accts.,
40,556
demption funds.
salaries, &c
428,946
328,774
Prepaid taxes, in146,302 Coupons outst'd'g.
88,072
82,702
79,215
sur. and rentals.
Interest, rentals &
Newport & Fall
87,000 taxes
46,000
595,729
620,795
River bonds___
' Dividends declared
Boston & Revere
35,500 unpaid __
50,000
860,648
880,773
bonds redeemed
77,182 Accident,&c.,-funds 178,665
45,301
108,775
Lease accounts__
877,966 Depr.fundH.P.ELL. 5,000
Materials&supplies 576,821
212,925
Discount on bonds a346,253 x342,902 Surplus
210,887
43,350,871 43,196,263
Total
Total
43,350,871 93,196,263
a $883,000 par value 4% bonds and 10,963 shares pref. stock at 110(*1,205,9300)
have been authorized by the Railroad Commissioners and not sold.
x To be written oft during life of bonds-one-fittleth each year.
'MASSACHUSETTS ELECTRIC COMPANIES-STATEMENT OF
PROFIT AND LOSS YEAR ENDING SEPT. 30.
1005-06.
1906-07.
1904-05.
1907-08.
Income710,498
372,540
Divs. on stocks owned_
880.837
880,841
66,652
82,004
77,030
107,062
Int. on notes, &c.(net).
Total income
ExpensesSalaries-General officers
Legal and miscellaneous
Interest
Total
Balance,surplus
988,803
962,841
777,150
449,570
11,000
8,396
157,500
11,000
5,630
157,500
11,000
7,396
157,500
10,500
5,670
127,400
176,806
*811,907
174,130
788,711
175,806
601,254
193,570
306,000
*A dividend of 1% on the preferred stock, calling for $205,574, has been
declared, payable Jan. 1 next. See text above and V. 87, p. 1420.
MASS. ELECTRIC COMPANIES-GENERAL BALANCE SHEET SEPT. 30
1908.
1907.
1907.
1908.
LiabilitiesAssets$
$
$
$
Preferred shares. 20,557,400 20,557,400
Sundry stocks, &c.
In treasury
33,360,935 33,360,840 Common shares_14,293,100 14,293,100
Coupon notes_ ___ 3,500,000 3,500,000
Stock dep. to sec.
3,622
coupon notes
4,375,000 4,375,000 Vouchers payable_
632
60,847 Accrued Interest on
Cash
25,770
coupon notes...
Notes rec. oper.cos 2,150,000 1,280,000
39,376
39,375
1,021 Div. & coup. unci'd
Miscellaneous
1,944
1,944
1,021
880,705 Profit & loss, sur__ 2,378,792 1,566,885
860,584
Divs. receivable
40,774,233 39,958,413
Total
-V. 87, p. 1420.
Total
40,774,233 39,958,413
St. Joseph Railway Light Heat & Power Co.
(Balance sheet, Se; tember 30 1908.)
Sep. 30'08. Mar.3107
Sep.30,08. Mar.31'07.
$
LtabilUiesAssets$
$
$
Cost of property_ __9,856,807 9,294,438 1Pret.stk., full paid_ _1,560,000 1,560,000
470,000 Pref. stk., 50% paid. *470,000 *470,000
Pref. stk., 50% paid___
____ Common stock
Construction account 83:346
3,500,000 3,500,000
____ First mortgage bonds4,191,000 4,021,000
27,103
Investments
___ Current liabilities
Bonds in treasury...
123,776 125,787
30,00041,715 ' 32,265 Deferred liabilities_ 20,481
Supplies on hand
21,440
36,275 Profit and loss
Accts. & notes reedy. 27,439
411,773 233,210
87,666
190,968
Cash
6,393
17,181
Deterred assets
4,400
2,381
Miscellaneous
Total
10,277,030 9,931.4371
Total
10,277,030 9,931,437
* $940,000 stock (9,400 shares), halt paid. Compare earnings for 9 months
ending Sept. 30 1008, V. 87, p. 1421, 1358.
Chicago & Milwaukee Electric Railroad.
(Report of Chartered Accountants as of Sept. 28 1908.)
Marwick, Mitchell & Co., New York and Chicago, in
accordance with instructions received from President A. C.
Frost, have examined the report prepared by Arthur Young
& Co. (V. 87, p. 225) and have made a limited examination
of the books of the system. Their conclusions,which were
recently submitted to Judge Grosscup, are too detailed to
be adequately treated in this column, but we make such
condensed extracts as our space will permit:
•
Conclusions.-We cannot approve the statements submitted by Arthur
Young & Co., hereafter referred to as "the accountants." In the course of
their work they apparently concluded that A. C. Frost & Co. and the
Republic Construction Co. had misappropriated the funds of the railway
company, and, being thus biased, failed to extend to them reasonable consideration. Thus in their estimates of the cost of the property they eliminate all items of contractors' commissions charged by the Construction
Company, interest paid on bonda during construction and discounts on
bonds and stock issued. This position Is not justifiable nor In accordance
with the general practice. Reasonable charges on such accounts arc recognized as proper in all railroad construction accounts. The accountants
further fall to allow credit in their "estimate of the cost of the property"
for the value of the current assets. Their criticism, too, of the revenue
accounts as published by the company appears to be extreme.
The differences In assets and liabilities are shown in the following:
CONDENSED BALANCE SHEET OF THE ALLIED COMPANIES
AT DATE OF RECEIVERSHIP, JAN. 25 1908.
AssetsA. Y. eo CO. M.M.& Co. Differences.
Cash accounts
$10,216
$9,326
$890
A. C. Frost and allied companies_ _
740,066
1,770,395
1,029,420
Supplies, &c
23,879
23,879
Total
$1,803,600
Excess of liabilities over current assets
representing cost of property and
equipment
20,445,500
$775,061
$1,028,539
20,953,212
507,712
Total
$22,249,100 $21,728,273
LiabilitiesCapital stock issued
$5,000,000 *$5,300,000
Bonds issued for value
14,000,000 14,000,000
Bonds of Ch. & Mil. El. Ry. Co. of III_ 1,080,000
1,080,000
Accounts payable
502,427
502,427
Bills payable .,
845,846
1,666,673
$520,827
Total
$22,249,100 $21,728,273
*$300,000
__ -- --- 820,827
$520,827
*Includes the $300,000 capital stock of the Ch. & Mil. El. RR. Co. of Wis.
Earnings.-While it is right that a distinction should be made between
commercial and company earnings from freight and passengers, it would
appear that the accountants have been over zealous in arbitrarily reducing
the amounts Included in the accounts published by the company for company business.
Cash Expenditure on Property.-The cash expenditure on the property
is estimated by the accountants at $6,285,109. We doubt if this amount
ouid cover the actual expenditures on account of labor and material.
[VOL. Lxxxvn.
We find that the expenditures amounted approximately to $12,862,602.
In determining this latter. amount we have included, as part of the cost,
the items of contractors' commissions, Interest during construction and
freight and passenger earnings, eliminated by the accountants. Criticism
might perhaps be made of the contractors' commissions, $2,116,042,
charged by the construction company, but it should not be eliminated
unless in so far as It might be unmistakably excessive. We also disapprove
of the deduction by the accountants of a sum equivalent to the current
liabilities. The properties received the benefit of the debts thus Incurred
or there were current assets to offset them.
Cost of Road and Equipment.-The total cost of road and equipment is
stated at $8,111,325. As In the foregoing paragraph, we find that certain
Items have been eliminated which would be Included If ordinary accounting
methods were adopted. The actual cost to the company, including these
Items, was $21,362,602, viz:
"COST OF ROAD AND EQUIPMENT."
A. Y. &Co. M.M.&Co. Increase.
Purchase price of Chic. &Mil. El. Ry_ $1,080,000 $3,400,000 $2,320,000
Expenditure by Rep. Construct'n Co_ 8,082,631
427
8,083,058
Work on contracts
373,034
662,602
289,567
Commission of Rep. Construction Co_
2,116,942
2,116,542
Discount on bond and stock issues__
*6,400,000 *6,400,000
Rights and franchises purchased
300,000
300,000
Permanent improvements
400,000
400,000
Less int., freight and pass'r earnings_ 1,340,873
1,340,873
Total
$8,111,324 $21,362,602 $/3,251,277
*Discount on bonds, $3,510,000; on stock, $2,800,000.
In considering the statement that the total cost of the road and equipment was $21,362,602, it has to be remembered that this sum represents
the cost to a company where payment was made for its right of way and
construction work in bonds and stocks. It Is further to be recalled that
these bonds and stocks were issued at a time when the security market was
unusually depressed, so that their marketing involved concessions of correspondingly heavy discounts and commissions. Had a company been organized with the actual cash in Its treasury, It would doubtless have been
able to contract with a responsible construction company to build and equip
the road, besides paying for the right of way,for a sum not exceeding $11,500,000. This amount would not, however, allow any large surplus for
profits to promoters.
"Property and Equipment-$20,953,212."--While stated as property
and equipment, this amount would more properly be recorded as "excess of
liabilities over current assets represented by property and equipment." It
represents the net cost of the property to the railroad company, the amount
of surplus earnings at the credit of surplus account on Jan. 28 1908 ($909,390) being deducted from the total cost ($21,362,602).
Bills Payable.-The bills payable, as recorded by the accountants,
appear to be correctly stated with the exception of three items aggregating
$820,828, which we consider are erroneously set up as liabilities, for the
reason that the liability Is already covered by other items (notably bonds
Issued and pledged as collateral therefor.-Ed.) In balance sheet. viz:
Bills payable on books of Republic Construction Co., secured_ ___$172,428
Bills payable on books of A. C. Frost & Co., secured
454,000
Bills payable not on books of any of the three companies-Sovereign Bank of Canada
194400
Earnings of Railroad.-We have given careful consideration to the
report of the accountants upon the earnings of the railroad and find them
to be too arbitrarily complied to be satisfactory.
1. The statement that A. C. Frost ro Co. "were recouped through getting
bonds or by having their account with the railroad company credited" for
the amounts paid by them in respect of passenger tickets, &c., is an assertion made more or less at random, as there are no specific entries in tile
books that can be shown to prove it. '1 hat A. C. Frost & Co. did make
certain payments, aggregating $462,702, to the railroad company Is
admitted by them, but there is no evidence In the books of repayment having
been made either in bonds or cash,and they deny that repayment %'.as made.
2. The accountants, in determining the amount or gravel hauled and
the price that might be charged for it, appear to have treated the subject
in a manner which appears to us to be hardly justifiable. The quantity
of gravel hauled was based by them upon figures deduced from measurements made by the engineer of the railroad but due consideration does
not appear to have been given to the statements appended by him which
show the differences between the figures of himself and of the company.
The allowance of 34 cents per yard made by the accountants Is a very arbitrary figure. It Includes a royalty for the gravel In addition to all the
haulage expense.
3. The allocation, on a car-mileage basis, of the earnings and expenses
between the Illinois and Wisconsin divisions of the railroad Is of no practical value. The Illinois section of the road was complete and had terminal facilities while the Wisconsin division was in course of construction.
This being so, It is evident that no reasonably correct basis can be obtained
for the allocation of earnings and expenses.
Actual Expenditure.-Our estimate of the actual expenditure upon the
road and equipment to Jan. 28 1908 is $12,862,602. The differences In the
two estimates are shown in the following statement:
A. Y. 80 Co. M.M.& Co. Increase.
Expenditures by Rep. Construct. Co_ $8,2088967
2:5
36 1 $8,083,058
$427
Work on contracts
373,035
662,602
Expenditures upon road and equlia't
of the Chic. & 8111w. Electric By.
Co. of Illinois (approximate)
520,000
1,600,000
1,080,000
Expenditures upon permanent improvement of road
400,000
400,000
Contractors' commissions
2,116,992
2,116,042
Deductions by A. Y. & Co. disallowed
Int., freight and passenger earnings
Current liabilities, less bond int_ _ _
1,390,873
1,826,126
1,340,873
1,826,126
Total
$6,285,199 $12,862,602 $6,577,403
The actual cost of the Chicago & Milwaukee Electric Railway Co. of
Illinois to the Railroad Company was $3,400,000, and we are given to
understand that investigation of the books would reveal that $1,600,000
was, approximately, the amount expended on construction and equipment work before the transfer of the road to its present owners. The estimate of $1,080,000 made by the accountants is declared by them to be
based upon the surmise that the actual cash outlay on the road did not
exceed the bond issue of the company.
The item "Interest, freight and passenger earnings-$1,340,873," eliminated by the accotVants, has been replaced by us as a part of the cost of
construction, since tile explanations of their attitude do not appear to Us
to justify their action. This sum includes the following items: Interest,
$394,708; freight and passenger earnings, $046,165; total, $1,340,873.
It Is generally considered proper to charge interest during the construction
period against the cost of the property. The accountants do not present
any detailed statement of the item, "freight and passenger earnings,
$946,166." We understand that it principally consists of what they consider to have been over-charges in respect of freight for gravel used for
construction purposes. Our views relative to this charge have already
been explained.
The report of the accountants does not explain what passenger earnings
were Included In the cost of construction. It Is obvious that those to
which we have already referred represented by the payments by A. C.
Frost & Co. to the railroad cannot enter into the question. It would
therefore seem that those now under consideration must be In respect of the
transportation of the company's workmen from and to their work. Were
this transportation not given,thewages of the workmen would necessarily
have to be correspondingly Increased.
'I he item "current liabilities, less bond interest, $1.826,125," is not a
proper deduction in ascertaining the actual cash outlay upon the road
for the reason that there also existed current assets of $1,803,600.
Cost of Property Purchased from Chicago & Milwaukee Electric Ry. Co.
of Illinois.-This property cost, In terms of the bill of sale, $3,400,000.
This price was satisfied partially by stock and bonds of the purchasing
company and, as to the remainder,by a guarantee of the outstanding bond
Issue of the selling company. Whatever the actual cash outlay upon the
road may have been before its transfer, the cost to the present owners is
not affected thereby.
•
Explanation of Apparent Deficitncy.-The accountants present a statement showing; Bonds, $15,080,000, less, $1,157,000 as collateral, net
bonded debt $13,923,000; floating debt, $2,169,101; total net indebtedness
to be accounted for, $16,002,101. Offsets: Cost of road, $8,111,325;
"Interest, freight and passenger earnings, $1,340,873"; discount on bonds,
net, $3,100,000, and bonds paid to Ch. & Mil. El. By,, $700,000; total
DEC.5 1908.1
THE CHRONICLE
appear that the sum
offsets, $13,252,198. From this statement It would
of $2,839,003," the acof $2,839,903 is unaccounted for. "This balance
for when we have
accounted
be
probably
countants proceed to state, "will
completed our examination of A. C. Frost & Co.'s books."
from which
statement
a
of
presentation
the
for
justification
There is no
cash, amounting to $2,839,the inference could be drawn that bonds, or
made by the
statements
the
Adopting
for.
accounted
be
cannot
903
accountants themselves, the "unaccounted for" balance of $2,839,003 is
accounted for in the following manner:
$2,116,942
Construction commissions—paid in bonds
liabilities 1,803,601
Current assets as per A. Y. & Co.'s statement of assets &statement
A. C. Frost & Co.—assets omitted from A. Y. & Co.'s
454,000
of assets and liabilities
400,000
Permanent improvements—paid In bonds
in
Bonds, charged to A. C. Frost & Co. (current assets) and
80,000
railway
original
of
cost
A. Y. & Co.'s
1,317
Cash on hand and construction expenditures understated
$4,695,860
Total
Deduct—
Bonds issued as collateral and wrongly deducted by$1,157,000
A. Y. & Co. (from the $15,080,000 Issued)
Work in progress—charged by A. Y. dc Co. to cost of
289,567
property but not credited to Rep. Construction Co_
At credit of surplus account as per books adjusted—
409,300
omitted by A. Y. & Co
1,855,057
1477
The herein-described issue Is part of a total of £3,292,200, which comprises the entire bonded debt of the company, and is held as follows:
Retained in the treasury to be issued for betterments (of this
£411,400
£411,400, £129,000 has been issued to date)
598,400
The bends n'Av offered (reserved to retire 5% bonds due Jan. 5'09
Issued in exchange for outstanding first mtge. bonds previously
2,282,400
Issued and which have matured and been canceled
The outstanding maturing 5% bonds above referred to will be received
by Glyn, Mills, Currie & Co. (the coupon due Jan. 5 1909 being detached)
on the basis of £102 145. 9d. for each $500, in payment in full for the
bends of the present issue, the balance of £9 14s. 9d. per cent due holders
being paid In cash on Jan. 5 1909, when the new bonds will be ready for
delivery, at the office of the Grand Trunk Railway Co.—V. 87, P. 1418.
Canadian Northern Ry.—Sale of Land Grant Bonds.—The
£1,027,400 first mortgage 4% land grant bonds, denominations £500 and £100 each, for which Lazard Bros. & Co.
received subscriptions at £95% in London until Nov. 25,
are described in an advertisement which says:
These bonds, besides constituting a direct indebtedness of the railway
company, will be secured by a specific first charge in favor of trustees upon
1,250,000 acres of freehold lands in the provinces of Manitoba and Saskatchewan. The bonds will be repayable at par on July 1 1938, and will
be redeemable at option of company on three months notice at any time
before July 1 1918 at 103% and interest, and thereafter at par. Interest
will be payable Jan. 1 and July 1 at the offices of Lazard Bros. & Co., or
$2,839,903 at the London office of the Canadian Bank of Commerce, the bankers of
As above
special
think
we
company. A coupon for the full half-year's interest due on July 1
to
the
which
reconciliation
foregoing
the
In
The only Item
to the bonds.
attention should be directed is that connected with the bonds held as col- 1009, will be attachedbelow
mentioned, shall be paid over to the trustees
All land sales, as
lateral. The reason of the deduction by the accountants of these bonds
of bonds on the market at or below 103%
purchase
the
are
not
in
applied
bonds
and
The
not
debt
apparent.
is
bonded
from the amount of the
by drawings at that price. Payments
redemption
under the control of the companies nor are they interested in the ownership. and interest or in their
over a period of six years, the unpaid inspread
rule,
a
as
consesold
are,
land
for
and
business
of
course
in
the
ordinary
value
for
issued
were
They
All sums received in respect of such
6%.
at
interest
bearing
stallments
quently must remain a liability until similarly redeemed.
into a special account and applied
Contracts.—Except in the case of the Chicago & Milwaukee Electric RR. Interest shall be paid by the company
as the same becomes due.
bonds
the
on
Interest
of
contracts
payment
the
In
formal
any
of
trace
find
been
to
unable
have
we
Co. of Wisconsin
the bonds are secured, 239,000
which
upon
land
of
acres
work
1,250,000
the
the
Of
determining the price to be paid by the railroad companies for
began, In July 1907, been sold at an averundertaken by the construction company and the means by which the same acres have, since sales thereof
as the basis of value by the
taken
$4
(against
per
acre
46
58
of
price
construction
age
the
that
was to be satisfied. The contract found provides
incurred trust deed)—totaling over $2,000,000 (t400,000)—payable by installcompany shall receive a commission of 15% upon all expenditures
(usually six), carrying interest at 6%
years
of
a
petiod
over
their
claims
spread
ments
of
payment
in
that
and
work,
the
of
the
execution
in
by them
value. per annum, which amount will be applicable by the trustee. In accordanee
they shall accept bonds of the railroad companies at 85% of their parto,
but with the terms of the trust deed. Said 1,250,000 acres of land have been
It does not appear to us that this arrangement has been adhered
with earned by way of subsidy In respect of lines of railway already constructed,
contracts
the
of
provisions
the
as
to
without authentic information
must
we
and specially selected by the company from a large reserve set aside by
agreements,
the other two companies, and of any other amending
bonds were
Government for that purpose.
leave the question in abeyance. It would seemhowever. thatwas contem- the
The Goose Lake extension line, from Saskatoon, Is now In course of
than
greater
discount
a
Issued to the construction company at
the construction construction, and will pass through the district in which the bulk of these
plated (15%) whers the work was entered upon, and that
agreed lands is situated. Fifty miles of this line are already completed, and this
commissions taken credit for were also In excess of the percentage
total of 175 miles (bonds for the construction of which have been guaranupon.—V. 87, p. 1237, 036.
teed by the Dominion Government) will, It is expected, be completed by
he
xtsu
neT
trust
mmerdeed to secure the said bonds Is intended to be made between
the company of the one part and the British Empire Trust Co., Ltd., of
London, and the National Trust Co., Ltd., of Toronto, as trustees.
Several new lines and extensions are now In course of construction, or are
RAILROADS, INCLUDING ELECTRIC ROADS.
In contemplation, In respect of which the Government of the Dominion
has recently agreed to guarantee the company's 35i% bonds at
of
Bolivia Railway, South America.—Concession Modified— theCanada
rate of $13,000 per mile.—V. 87, p. 1418, 1237.
GENERAL INVESTMENT NEWS.
Amalgamation—$18,750,000 First Mortgage Bonds Guaranteed by Antofagasta & Bolivia By. as Well as by Government.—The Bolivian Government, with the approval of
the Congress of Bolivia, has granted the modifications
in the company's concession necessary for the consummation
of the agreement which was arranged last July by James
Speyer, during his stay in London,in accordance with which
the Bolivia Railway, one of the highest railroads in the
world, will become part of the system of the established
Antofagasta & Bolivia Ry. Co., Ltd. Under the terms
of the agreement the last-named company will (1) purchase
about 75% of the $10,000,000 capital stock and 50% of the
$18,750,000 first mort. 5s issued and to be issued; and (2)
will add its guaranty of interest to the guaranty of the Government on the first mort. bonds. Speyer & Co. and the
National City Bank of New York contracted in 1906 to purchase the aforesaid first mort. bonds due in 1927, and they
will retain for the present the portion of this issue and the
remainder of the share capital not transferred to the Antofagasta & BoliviaRy.
The Bolivia Railway has completed about 125 miles of road from Oruro
to Viacha. This line runs north from Oruro, and amounts practically
to an extension of the Antofagasta Railway, which reaches Oruro from the
southwest. The further plans of the Bolivia Railway contemplated the
construction of a line southeast from Oruro. Instead of this one line
running to the south,several shorter lines diverging from the Antofagasta
line are now proposed. These will serve as feeders to the existing line
of the Antofagasta Railway instead of playing the part of competing
lines, as first proposed.
Speyer & Co. and the National City Bank of New York In 1906 entered
Into an agreement with the Bolivian Government by which $27,000,000 was
to be furnished for the construction of the Bolivian Railway, the NP.tional
City Bank and Speyer & Co. contracting to take first mortgage 5% gold
bonds of the road to the extent of 60% of the construction cost, these bonds
to be guaranteed as to Interest (coupons payable Jan. 1 and July 1) by the
Bolivian Government, and the Government agreeing to purchase second
of the construction cost. About
mortgage bonds to the extent of 40
will be taken over by
halt of the second mortgage bonds, It Is understood,V.
83, p. 03.
the Ant. & Bol. By. Co. Compare V. 86, p. 1408;
Equipment Bonds.—See Quebec & St. John Ry.
V. 87, p. 1418, 1237.
Central of Georgia Railway.—Depositors of 2d and 3d
Preferred Income Bonds Called upon to Pay Cash Contributions.
—Charles Altschul, Chairman of the protective committee
representing the second and third preference incomes,
announces that on or before Dec. 15, pursuant to the terms
of the protective agreement dated Sept. 6 1907, holders
of certificates of deposit for second pref. incomes are required to pay to the Central Trust Co. of New York, depositary, or to the Savannah Trust Co., Savannah, agent,
an additional sum of $2 50 for each bond represented by
such certificates, making $5 of a possible $7 50 assessment
so far called; also that holders of certificates for third incomes
are required to pay to the Manhattan Trust Co., Depositary,
or to the Savannah Trust Co., Savannah, agent, an additional sum of $5 for each bond represented by such certificates, making $10 of a possible contribution of $15
called to date. Compare V. 85, p. 529, 653, 792.—V. 87,
p. 1418, 1009.
Chicago Consolidated Traction Co.—Protective Committees
for Underlying Bonds.—See Cicero & Proviso Street Ry.
below; also Chicago Electric Transit Co.,and in connection
therewith North Chicago Electric Ry., &c., also below;
and compare V. 87, p. 1419.
Receivers' Certificates.—The receivers, it is stated, were
authorized by the Court on Dec. 2 "to borrow $200,000 for
use in rehabilitation work on the Cicero & Proviso branch
and to pledge the receipts of the road until 1910 as security
for the money to be borrowed."—V. 87, p. 1419, 1357.
Chicago Electric Transit Co.—Bondholders' Committee.—
A committee consisting of Allen B. Forbes, E. K. Boisot,
G. P. Hoover and Andrew Cooke urges all the holders of
first mortgage 6% bonds of the Chicago Electric Transit Co.,
North Side Electric Street Railway Co., Chicago North
Shore Street Railway Co. Evanston Electric Railway Co.
and the North Chicago Electric Railway Co., in order to
protect their interests, to deposit their bonds immediately
with the Harris Trust & Savings Bank, depositary, Chicago.
Deposits must be made. on or before Dec. 311908.
Boston Elevated Ry.—Opening of Washington Street
Tunnel.—The Washington Street Tunnel, built by the
City Transit Commission, was opened for traffic Nov. 30.
The tunnel, not including the open incline, is about 6,100
feet long, and it is leased to the Boston Elevated Ry.,
providing for the trains of the elevated road, which, contrary
to the original plan, have temporarily been using the Tremont
Street subway, to the exclusion of certain surface lines
N. W. Harris & Co., New York and Boston, will receive bonds for de(Tremont St. and Shawmut Ave.), which have now returned
and forward same to the committee without charge. Compare recomto the subway tracks, greatly augmenting the company's posit,
mendation of Judge Grosscup regarding these and the other underlying
facilities for transportation. The "Railroad Gazette" bond issues of the Chicago Consolidated Traction Co. In V. 87, p. 1419.
(of New York) for Nov. 27 contains an illustrated article
Chicago & Milwaukee Electric RR.—Foreclosure—Deposits
regarding the new tunnel.
Committee.—The reorganization committee, of which John
A Boston paper says that the change is estimated to have Increased the V. Clarke, President of the Hibernian Banking Association
carrying capacity of the elevated 100% with a 20% Increase in cars, It of Chicago, is Chairman, at a meeting held on Nov. 30 at
being* possible in rush hours to run slx-car trains every two minutes.—
the office of Jacob Newman of Chicago, counsel to the
V. 83, p. 1357.1299.
Canada Atlantic Ry.-0fiering of Guaranteed Bonds.— committee, voted to approve the action taken in Milwaukee
Subscriptions were received at 93% at the office of Glyn, to foreclose the mortgage on the Wisconsin division and
Mills, Currie Sz Co. in London until Nov. 27 for £598,400 authorized the filing of a bill for a similar action in Chicago
consolidated first mortgage 4% gold bonds of the Canada with regard to the Illinois Division. Judge Grosscup on .
Atlantic Ry. reserved for the purpose of meeting a like Dec. 3 entered an order consolidating the various foreclosure
amount of 5% bonds maturing on Jan. 5 1909. The bonds suits, thus facilitating the proposed reorganization. Touchoffered are due Jan. 1 1955 and have their ."principal and ing the deposits of Wisconsin division bonds under the agree
interest unconditionally guaranteed by the Grand Trunk ment of Oct. 10 (compare V.87, p. 1237), Attorney Newman
is quoted as saying:
Railway Co. of Canada." An. advertisement says:
1478
THE CHRONICLE
There have already been deposited for reorganization purposes $6,102,000
,of the $10,000,000 Issue of bonds. In addition to this, the holders of
$1,300,000 of the bonds in London are also acting with the bondholders'
committee. Another $1,250,000, It is expected, will be deposited between
now and Dec. 15, so that by that time the committee will be in control of
48,652,000 of the *10,000,000.
Report of Accountants Employed by President Frost.—See
"Annual Reports" on a preceding page.—V. 87, p. 1237.
Chicago North Shore Street Ry.—Bondholders' Committee.
—See Chicago Electric Transit Co. above.
Chicago Rock Island & Pacific Ry.—Bonds Sold. —
Speyer & Co. offered for subscription this week at 89%
and interest, yielding 4% income, $9,000,000 "first
an.d refunding mortgage" 4% gold bonds, dated April 1
1904 and due April 1 1934, but redeemable at option of
company at 105 and interest on or prior to April 1 1911, on
sixty days' previous notice. "These bonds are a legal investment for trustees and savings banks in New York State,
and as such are accepted by the Treasury Department at
Washington as security for deposits of public money in
national banks." They are also a legal investment for life
insurance companies in this State. The bonds were all sold
on Thursday in two hours' time. The advertisement, however, appears for record purposes on another page
this
issue. A circular says in substance:
Section "E" of the New York State Savings Bank Law requires that, for
period of five years preceding the investment by any savings bank in
the bonds of a railway cainpany (owning in fee not less than 500 miles of
railway, and not elsewhere specified in the Act), the gross earnings of such
company in each year shall not have been less in amount than live times
its interest and rentals, and that the dividends paid to Its stockholders shall
be an amount at least equal to 4% per annum up on all its outstanding capital stock. The Chicago Rack Island & Pacific Railway Co. not only for
a period of five years, but for a period of ten years, has m)re than complied with these standards of safety. Under a specific provision of the Act
these bonds remain a legal Investment as long as at least 4% dividends
per annum are paid and the capital stock is at least one-third thelfunded
debt. When all the bonds authorized under the "first and refunding
mortgage" have been issued, the present capital stock outstanding will still
be in excess of one-third of the total issue of bonds under said mortgage.
Extracts from Letter by C. W.Hillard, Fourth Vice-Pres., N. V., Oct. 28'08.
These bonds are a direct obligation of the Chicago Rock Island & Pacific
Railway Co., which was formed in the year 1880, from which time it has
uninterruptedly paid dividends, and since 1899 at not less than 5% per
annum.
They are secured (either directly or through pledge of the entire issue of
first mortgage bonds) by a first lien on railway lines aggregating 1,148
miles, Including the line from St. Louis to Kansas City, on terminal properties in St. Paul and Minneapolis, and on valuable equipment and shops at
Moline, Ill. They are als o secured by a lien (subject to existing mortgages)
n all the lines of the railway company aggregating (exclusive of leased
Hiles and trackage) 5,649 miles.
These bnds are part of an issue limited to $163,000,000, of which there
will have been Issued (including the bonds now offered) $74,942,000, viz.:
Refunding purp ses-_- -$24,624,000 Acquisitions of properties
or securities
$22,818,000
General corporate pur15,000,000 Improvements
12,500,000
poses
Of the remaining $88,058,000 bonds authorized under the mortgage,
$57,401,000 can only be issued against underlying bonds, $13,500,000 to
pay for 75% of the purchase price of bonds of other companies, and the
balance of $17,157,000 bonds for Improvements and acquisitions of other
properties or securities, as prescribed in the mortgage.
Earnings of the Company for the Fiscal Years ended June 30 1908, 1907,
1906, 1905 and 1904.
1906.
1907.
1908.
1905.
1904.
7,218.07
7,780.26
Aver. miles oper- 7,969.53
7,231.91
7,205.14
Gross open rev__ 58,484.197 60,138,673 51,237,858 44,051,509 44,969,491
Total net income 16,476,650 19,939,460 17,186,637 14,519,471 14,528,432
Deduct—Taxes__ 1,789,805 1,676,038 1,631,890 1,609,989 1,437,578
Int., rentals &
improv'ts on
leased lines_ 9,968,653 9,512,905 8,768,015 8,176,373 7,062,656
- 4,718,102 8,750,517 6,785,832
Surp. foi•
dlvs_V. 87, p. 1154, 1172, 1419.
Compare
4,733,109
6,028,198
Cicero & Proviso Street'iRy., Chicago.—Bondholders' Cornmittee.—Referring to the failure of the receivers of the
Chicago Consolidated Traction Co. to meet the interest due
Nov. 1 on the $2,000,000 C. & P. bonds maturing May 1
1915, and to the recommendation made by Judge Grosscup
regarding these and the other five underlying bond issues
of the Chicago Consolidated Traction Co.(see V.87, p. 1419),
the following protective committee announces by circular
of Nov. 19 that it has been organized to confer with Judge
Grosscup, in accordance with his suggestion) and also to
represent the interests of these bondholders in the pending
litigation affecting the Consolidated Traction Co. The
bondholders are requested to deposit their bonds with the
Illinois Trust & Savings Bank of Chicago, the depositary,
at the earliest practicable date. The committee consists of—
S. C. Dunham, President Travelers' Insurance Co., Hartford, Conn.;
J. W. Hamer, Manager Loan Department, Penn Mutual Life Insurance
Co., Philadelphia, Pa.; C. W. Pardridge, Chicago, Ill.; B. V. Marshall,
Terre Haute, Ind.; W. A. Mason, of Mason, Lewis & Co., Chicago and
Boston; with Shope, Zane, Busby & Weber, Chicago, as Counsel.—V.
87, p. 1300.
Receivers' Certificates.—See Chicago Consolidated Traction
Co. above.—V. 87, p. 1300.
Colorado & Southern Ry.—Sale of Bonds.—The company
during the year 1907-08 turned over about $800,000 of its
4
bonds to the Chicago Rock Island & Pacific Ry. Co.
on account of advances made in connection with the joint
construction of the Trinity & Brazos Valley lines in Texas.
These bonds have now been sold to Kuhn, Loeb & Co. and
Hallgarten & Co.
Possible Connection with Pacific Coast Line of Chicago
Milwaukee & St. Paul.—The "New York Summary" on
Monday said:
A prominent interest in the company admits that the management will
probably build an extension to the northward a distance of about 280 miles,
affording a direct connection with the Pacific Coast line of the Chicago Milwaukee & St. Paul system. For the present at least it is not proposed to
build northward to the Canadian border, as was reported in a Western dispatch. It is expected that the new work decided upon will be taken up in
the near future.—V. 87, p. 1300, 1237.
Coltunbus (0.) Railway & Light Co.—Offering of Bonds
with Interest Guaranteed.—See Columbus Light, Heat &
Power Co. under "Industrials" below.—V. 87, p. 740, 543.
Lxxxvii.
Dayton & Michigan RR.—New President.—Major Frank
J. Jones, Vice-President, has been elected President to succeed the late J. J. Emery. Charles J. Levingood has been
elected Vice-President and A. A. Jackson of Philadelphia a
director.—V. 86, p. 167.
Detroit Toledo & Ironton Ry.—Sale Postponed until Dec.
11.—The sale of collateral securing the 5% gold notes,
which was set for Dec. 3, has been postponed until Dec. 11.
See plan in V. 87, p. 1300.
The sale was postponed owing to a temporary restraining
order obtained from Supreme Court Justice McCall by Philbin, Beekman & Menken, as counsel for Henry S. Redmond,
Otto J. Thomen, James C. Bishop, William R. Cross and
Franklin Q. Brown.
Coupons Paid.—The coupons of the "general lien and
divisional first mortgage" bonds due Dec. 1 1908 were paid
on and after that date at the Windsor Trust Co., New York.
—V. 87, p. 1357, 1300.
Dominion Power & Transmission Co.—Omission of Dividends.—The "Toronto Globe" on Dec. 2 said:
The directors this morning decided not to pay the half-yearly dividend.
The reason given is that this money will be put into a fund to be used for
bettering the street railway system and other properties of the company,
It is not known how long the dividends will be withheld for this purpose.
!The company has been paying semi-annual dividends of 3% each on Its
'preference stock" and In 1907 paid two dividends of A of 1 % each on Its
$4,698,900 "limited preference" stock. There is also $2,600,000 common
stock. Compare V. 84, p. 569, 570.—Ed. "Chronicle."] V. 87, p. 873.
Erie RR.—Extension of Lease Line Bonds.—See Jefferson
RR. below.—V. 87, p. 1420.
• Evanston Electric Ry.—Bondholders' Committee.—See
Chicago. Electric Transit Co. above.
Florida East Coast Ry.—Road to Be Completed at Once.—
Measures are being taken for the rapid completion
of this road, following the decision of Judge Hough of the
United States Circuit Court, who dismissed, ag without cause
of action, the so-called peonage cases that were brought a
year and a half ago by the United States Government against
the labor agents of the railroad. Fully 2,000 men, it is
stated, are employed south of Knight's Key, and more
workmen are being sent to the field of op'rations each day.
Vice-President Joseph R. Parrott, who is in personal charge
of the work, expects that the extension, which covers a
stretch of 30 miles of open ocean and over 30 miles more of
submerged keys and lagoons, to connect Key West by direct
line with Miami, will be completed and trains running for
its full length within a year. An authoritative statement
follows:
Already the line is completed and trains are running for 84 miles south
of Miami to Knight's Key. Work also is being pushed from Key West up,
and over 40 miles of roadbed has been constructed. This means that a
total of 124 miles has been completed out of the 156 miles of road surveyed
from Miami to Key West. The greatest of all the engineering feats on this
wonderful line, however, is yet to be completed. This is the 11-mile gap
from Knight's key to Bahia Honda, where the line is being carried over the
open ocean on concrete arches.
The effect of the great extension on traffic to Havana, however, already
has been felt, because now the steamers for Havana meet the trains at
Knight's Key and take passengers and freight from that point to the Cuban
capital, instead of 84 miles north, at Miami. When the line is completed
to Key West, huge railroad car floats will take entire trains across the Florida Straits to Havana,a distance of 90 miles. without compelling passengers
to leave their car seats or sleeping-car berths, and without the necessity of
breaking bulk on a single consignment of freight. This will mean that the
Cuban sugar planter will be enabled to load his product on a freight car sidetracked at his plantation, have the car hauled by rail to Havana, floated to
Key West and then rail-hauled right to New York or any other point without any of the expense, trouble or damage dangers of a second handling.
This great project, which is being financed from beginning to end by Mr.
Flagler personally, generally is regarded by engineers as the most expensive
stretch of railroad ever built, the average cost 01 construction, from end to
end, exceeding $100,000 a mile, while the additional capital requirements
for docks, channeling, car floats and equipment will bring the total cost
approximately to $30,000,000. Already Mr. Flagier has expended upwards of $15,000,000 on the work. Compare V. 86, p. 228.
Galveston (Tex.) Terminal Ry.-6% Guaranteed Bonds.—
The company early in November sold the first $1,106,000
of its issue of 30-year first mortgage bonds due March 11938,
secured by mortgage limited to $5,000,000. These bonds,
which represent actual expenditures on the property, bear
6% interest (not 5% as first proposed), and are guaranteed
jointly by the Chicago Rock Island & Pacific Ry. and the
Colorado & Southern Ry.—V. 87, p. 936.
Grand Trunk Ry.—Offering of Guaranteed Bonds.—See
Canada Atlantic Ry. above.—V. 87, p. 1300, 873.
Guayaquil & Quito Ry.—New Agreement.—The holders o
general series bonds represented by blue certificates of deposit (compare V. 86, p. 1100, 168; V. 87, p. 1010) met in
London on Nov. 25, at the instance of the Council of Foreign
Bondholders, for the purpose of considering an ad-referendum agreement entered into at Quito on Sept. 30 1908 between the Executive Government of Ecuador and the representatives of the company and of the Council of Foreign
Bondholders and the committee of Guayaquil & Quito Ry.
bondholders, as modified by decree of the Congress of
Ecuador. • The agreement, it is stated, provides in substance:
sta
On : surrender of the four coupons due July 2 1907 to Jan. 2 1909,
holders of the railway bonds of the general series shall receive $90, or 188
sucres, of "Salt" bonds bearing 4% Interest and 4% sinking fund, secured
on the salt monopoly. The first coupon on the salt bonds shall fall due on
July 2 1909, and the accumulative sinking fund of 4% shall be applied by
tenders below par and by drawings for payment at par.
Prior lien bonds of the railway company are to be issued for a nominal
amount of $2,486,000 in 2,486 bonds of $1,000 each, which shall have a
preferential mortgage on the railway as well as on the customs revenues
with which the Government has guaranteed the payment of the interest
and sinking fund on the railway bonds. In order to provide for the prior
lien bonds without increasing the annual sum which, according to the original contracts, the Government must pay for interest and sinking fund, the
holders of the existing bonds of the general series agree that the rate of
interest on their bonds shall be reduced to 5% per annum. So soon as thy
prior lien bonds have been paid off, the Government shall continuo to pae
only 5% Interest and 1% sinking fund. The prior lien bonds shall bear 6%
DEC. 5 1908.1
THE CHRONICLE
per annum interest and shall be redeemable by a sinking fund of 23i%
applied by tenders when below par or by drawings for payment at par.
The half-yearly coupons shall be payable Jan. 2 and July 2. The prior
lien bonds may be paid off at any time at the rate of $1,050 for each $1,000
bond on six months' notice.
In compensation for the reduction of interest on the railway bonds of the
general series from 6% to 5%,a certificate of $100 shall be Issued in respect
of each $1,000 of bonds; these certificates shall bear no Interest. The
fourth part of the surplus net earnings of the railway after payment of the
Interest and sinking fund on the bonds,as provided by the original contracts
of 1897 and 1898,and by this agreement,shall be applied to the payment of
the certificates as may be found most convenient.
The board of directors shall consist of 11 members, of which 2 members
shall be elected by the 49% Of common stock owned by the Government,
6 shall be elected by the holders of the share capital at a meeting to be convened in Jersey City and 3 shall be nominated by the holders of the railway
bonds at a meeting In London.
The period of 75 years at the end of which the railway and its properties
are to become the property of the Government shall be reduced to 60 years.
The Government has agreed that the assignment on behalf of the bonds
shall constitute a first and preferential charge on the entire customs revenues and that after Dec. 31 1908 there shall exist no charge on the customs
revenues in priority to or ranking pan passu with that assigned to the bondholders.—V. 87, p. 1010.
Interborough Rapid Transit Co., New York.—Bonds Offered.—Lee, Higginson & Co., Boston, New York and Chicago, are offering for sale $500,000 5% mortgage gold bonds,
tax-exempt in New York State, dated Nov. 1 1907 and
due Nov. 1 1952, but callable on any interest date in blocks
of $1,000,000 or over at 105% and interest. Denomination
$1,000 or multiples (c*&r*). Interest payable May 1 and
Nov. 1. Morton Trust Co., trustee. A circular says in
substance:
Purposes for which said Bonds, Limited to $55,000,000, are Applicable.
$505,000
Outstanding, issued in exchange for 6% notes
Pledged as security for 6% notes which are convertible into these
20,405,000
bonds
12,000,000
Reserved to retire 5% notes due 1910
13,000,000
Issuable for additional properties
Manhattan
elevated
and
The company operates under lease the subway
rapid transit systems In New York City,and these 45-year gold mortgage
1910,
equally
secured
1
March
due
notes
5%
$10,000,000
bonds and the
by said mortgage, are the only mortgage debt upon the properties, franchises and leases owned by the company, except that the city of New York
holds a lien upon equipment used in operating the subway to insure faithful
performance of the leases thereof.
Securing Equally these Bonds and the $10,000,0003-year 5% Notes.
Liens,
1. A lien on all real estate, power houses, electrical equipment and rolling
by the company and used in the operation of the rapid transit
owned
stock
subways. These are subject to a prior lien in favor of the city of New York
merely to insure the faithful performance of the terms of the leases of the
subway, which are a valuable asset of the company, producing over $3,000,000 net Income last year in excess of the rentals.
2. A first lien on the two leases of the rapid transit subway from the
city of New York. the principal lease for 50 years from October 1904, with
privilege of renewal for 25 years additional. The lease of the extension
under the East River to Brooklyn is for 35 years, with privilege of renewal
for 25 years additional. These leases extend well beyond the due date of
the bonds and authorize a five-cent fare during the full term.
3. A first lien on the 999-year lease of the Manhattan Railway.• This
lease has proved highly profitable.
4. The pledge under the mortgage of 18,140 shares out of a total of
20,000 shares of the capital stock and $942,122 72 notes of the Subway
Realty Co.(the owner of the Hotel Belmont), 32,048 shares out of a total of
32,350 shares of the New York & Queens County By. Co., and one-half of
the total outstanding stock and bonds of New York & Long Island Traction
Co. and Long Island Electric Co.
of
The mortgage provides that the securities, amounting to upwards
from
$4,000,000, known as "Manhattan Guaranty Fund," when released Railpledge as security for the performance of the lease of the Manhattan
way (which will probably occur on July 1 1909), shall be applied toward
if
the retirement of the outstanding gold notes of the company; and that,or
and when the company's interest in the New York & Long Island RR.
rethe
to
applied
be
shall
proceeds
be
the
shall
sold,
''Steinway Tunnel"
demption of the outstanding gold notes, or, if no notes arc then outstanding,
to the redemption of these 45-year bonds.
Sinking Fund.—A sinking fund of $300,000 per annum, cumulative,
beginning Nov. 1 1910, draws bonds at 105 and interest, If not purchasable
at a lower price. If compounded at 5% per annum, this will be sufficient
to acquire at 105, and to retire at maturity, about $39,000,000 bonds.
Capitalization.
$35,000,000 Convertible 6% notes,
Capital stock
$24,500,000
Mch.
due May 1 1911
due
notes,
gold
5%
505,000
10,000,000 Mtge. bds. due Nov. 1 '52
1 1910
Income for Year ended June 30 1008.
$8,011,665
$24,059,299 Rentals
Gross earnings
1,586,466
13,330,605 Taxes
Net earnings
1,257,985
1,220,170 Interest charges
Other income
1479
dent to succeed E. N. Sanderson, who resigned.—V. 82, p.
692.
Metropolitan Street Railway, New York.—Coupons, &c.,
in Default.—We were favored yesterday with the following:
Coupons of—
In Default.
Metropolitan Street Ry.Co.Refunding mtge_April 1 1908
General collateral mortgage
Feb. 1 1908
Metropolitan Crosstown—First mortgage-- Oct. 1 1908
Nov. 1 1908
Second Ave. RR. Co.—First mortgage
Debentures
July 1 1908
First consolidated
Aug. 1 1908
Oct. 1 1908
28th & 29th St. Crosstown—First mtge
May 1 1908
Fulton Street RR. Co.—First mortgage
Last Payment
Oct. 1 1907
Aug. 1 1907
April 1 1908
• May 1 1908
Jan. 1 1908
Feb. 1 1908
April 1 1908
Nov. 1 1907
"The Receivers of the Metropolitan Street Ry. have paid
the Oct. 1 1908 rental due the Broadway & 7th Ave. RR.
Co., but that company has not yet distributed it as a dividend." (There is $2,100,000 stock, of which the Metropolitan Street Ry. Co. owns $1,400,000; it has heretofore received dividends of 272% each in January, April, July
and October. As to the South Ferry RR. Co., see that
company.—Ed.).
"There have been no additional defaults in rentals on
leased lines other than the following companies:
First Default.
First Default.
June 1 1908 Metropolitan Street Ry-Oct. 1 1907
2d Ave. RR Co
Jan. 1 1908 Cent.Pk.N.&E.R1v.RR_Apr111 1908
Central Crosstown
—V. 87, p. 1358, 1301.
Missouri Pacific Ry.—Rumor Denied.—The rumor current
this week that a holding company is about to be formed to
take over the various roads of the Gould system,or that the
Texas & Pacific was to be utilized as such by reason of its
Federal charter, has been denied by persons prominently
identified with the system, President Geo. J. Gould and E. T.
Jeffery being quoted as sayingthere is no basis for the same.
The Texas & Pacific, it is stated, will probably shortly do some new
financing to provide for necessary improvements, but its requirements are
not of an urgent nature,or such as cannot be readily provided for.—V. 87,
p. 1082, 1090.
National RR. of Mexico.—Cash Payment of 10% to Preferred Stockholders on Dec. 14.—It was announced on Nov. 24
by Ladenburg, Thalmann & Co. that the readjustment
managers had decided to pay the $10 in cash to which the
holders of certificates of deposit of National RR. Co. of
Mexico preferred stock are entitled under the terms of the
plan (V. 86, p. 918) on and after Dec. 14 1908. Payment
will be made in New York at the Mercantile Trust Co. on
presentation of certificates of deposit for stamping and
abroad by the various European depositaries specifiedin the
plan.—V. 87, p. 1178, 1154.
New Jersey ez Hudson River Railway & Ferry Co.—Dividends.—The directors on Nov. 25 authorized the payment
of scrip certificates representing the one accumulated dividend on the preferred stock, payment of which was deferred
about six years ago. They also declared a cash dividend of
3% on the preferred stock for the first half of 1908, payable
Nov. 30 to stockholders of record Nov. 25. A letter issued
by Presidentraylor, it is reported, gives the following information:
The surplus earnings for the current year will be approximately three
times the amount required to pay 6% on the preferred st.,ck. The Increase
in gross earnings for the first ten months of 1908 over the same period of
1907 has been $47,698, or 9.7%. The company has no fl,ating debt. It
is the intention of the directors to act on the dividend question hereafter at
the February and August meetings, Instead of annually.—V. 82, p. 1323.
New York New Haven & Hartford RR.—Bill Amended.—
Attorney-General Malone of Massachusetts on Nov. 30 filed
in the State Supreme Court an amendment to the bill of information in the suit brought to prevent the alleged holding
of stock in the Boston & Maine road, stating as follows:
That said respondent (the New Haven RR. Co.) has indirectly subscribed
Surplus for dividends_ $3,700,659 for, taken and held, and Is now indirectly holding, the said shares of stock
$14,556,775
Total income
This does not include any earnings from the so-called Steinway Tunnel, of said Boston & Maine RI-I. by and through the instrumentality and device
from 4th Ave. and 42d St., New York, to Long Island City, which cost the of a corporation organized under the laws of the State of Connecticut and
Interborough Rapid Transit Co. about $8,000,000. This is not yet op- known as tile New England Navigation Co., In whose name said shares of
erated, but negotiations for Its sale to the city are under way. The opera- stock are held, of which said corporation the respondent owns all or more
tion of this tunnel will largely increase the business of the surface lines than a majority of the shares of stock, and of which practically all of the
on Long Island (New York & Queens County Ry.) controlled by the Inter- officers and directors are officers or directors of the respondent. Compare
V. 87, p. 1420, 1301.
borough Rapid Transit Co.
Dividends.—The company is now earning about 11% per annum on its
Government Suit Advanced.—Judges Colt, Putnam and
435,000,000 capital stock and is paying dividends at the rate of 9%.—
Lowell,in the United States Circuit Court at Boston yesterV. 87, p. 936, 677.
Jefferson RR.—Extension until April 1 1919 of $2,800,000
First Mortgage 5s.—It is announced that "pursuant to
arrangements between the company and J. P. Morgan & Co.,
it is proposed to extend until April 1 1910 (subject to the
railroad company's right of prior redemption at 105%)
the $2,800,000 first mortgage bonds maturing Jan. 1 next.
The interest on the bonds as extended at 5% per annum
is to be payable on April 1 and Oct. 1 in each year and both
the principal and interest are to be payable in gold without
dedtiction for any taxes which the railroad company may
lawfully be required to retain therefrom. The lien of the
said mortgage now securing said bonds will continue unimpaired according to the terms thereof." J. P. Morgan
&. Co.make the followingstatement—compare advertisement
on another page:
before Dec. 31
INBondholders desiring to extend their bonds must, on or payable
Jan. 1
1908, deposit the same (bearing the three months coupon
1909) with the undersigned at their office, 23 Wall St., New York. On
such deposit the undersigned will issue temporary receipts exchangeable
for bonds with an' extension supplement and new coupon sheet attached
thereto, when prepared. This coupon sheet will consist of a coupon due
April 1 1909, for six months' interest and coupons due every Oct. 1 and
April 1 thereafter, to and including April 11919, so that assenting holders
will receive on April 1 next six months' interest, covering the three months
from Jan. Ito April 1 1909, and the three months' interest represented by
the coupon due Jan. 1 1009, which must be surrendered for cancellation
when the bonds are deposited for extension.
On and after Jan. 1 1909 we will buy the bonds at par,and cash the
coupons of any holders who do not wish to extend.
Mahoning & Shenango Valley Ry. & Light 00.—New
President.—Norman MoD. Crawford has been elected Presi-
day, granted the motion of Attorney-General Bonaparte to
expedite the trial of the Government suit by ordering the
trial to take place before three judges (themselves), constituting the Circuit Court of Appeals, instead of having the
case \proceed before one judge only, from whose decision an
appeal could be taken to the Court of Appeals.—V. 87, p.
1420, 1301.
Norfolk & Southern Ry.—Time Extended—Over 75% Deposited.—The time to deposit "first and refunding mortgage"
5% 50-year gold bonds expired Dec. 1 and while no general
extension of time has been voted, the bonds of foreign holders, it is understood, will be received for a short time longer.
Over 75% of the bonds,it is stated, have been deposited.
See plan in V. 87, p. 614, 678.—V. 87, p. 1414, 1238.
North Side Electric Street Ry.—Bondholders' Committee.—
See Chicago Electric Transit Co. above. V. 87, p. 1301.
Quebec Bridge .85 Railway.—Payment to Stockholders.—
The 'Canadian Government,having resolved to exercise its
power to take over the property and franchises of the company, the stockholders are notified to call at the company's
office, 147 Mountain Hill, Quebec, for the reimbursement
in cash of their respective shares, with interest and premium.
A press report says:
There are 159 shareholders, who in cash and services contributed a capital
nominally paid up of $263,700. With the Interest allowed at the rate of
5% on the amount of stock credited as being paid, and a premium of 10%,
the total payment by the Government will be about $355,000. The Gov-
1480
THE CHRONICLE
ernment has already assumed liability for the company's bonds.—V. 87, p.
481.
r41:111013EIC & Lake St. John Ry.—Equipment Bonds.—The
"Montreal Star" of Nov. 13 said:
The Royal Securities Corporation has purchased an issue of $160,500 6%
equipment bonds of toe Q Aeoec4.t Lake St. John Railway Co., a part of the
Canadian Northern Quebec system. The bonds represent 80% of the value
of the equipment covered by the trust deed, and they are guaranteed as to
payment of principal and Interest by Rhodes, Curry & Co., Ltd. The
Montreal Trust & Deposit Co. are trustees.—V. 84, p. 1183.
Rock Island Company.—Financing Accomplished.—See
Chicago Rock Island & Pacific Ry. above and St. Louis &
San Francisco RR. below.
Outlook.—An authoritative statement was issued yesterday
to correct the impression that the financing accomplished
this week might lead shortly to the resumption of dividends.
The management still desires to divert the surplus back
to the property and the dividend question is not likely to
be considered before the end of the fiscal year; and "it is by
no means positive that even then the directors will consider
it wise to declare a divid nd."—V. 87, p. 1171, 1154.
Rockland South Thomaston & Owl's Head Railway.—
Sold.—This property was sold at receiver's sale Nov. 24
1908 to John L. Donohue, representing the bondholders;
price, $25,000.—V. 84, p. 627.
St. Louis & San Francisco RR.—Sale of $30,000,000 General Lien 5s to Speyer & Co. to Finance Road Through 1909.—
It was announced on Wednesday that the company had sold
to Speyer & Co. $30,000,000 "general lien" 5% bonds, being
the first issue under the $115,000,000 mortgage authorized
in 1907 and fully described on page 120 of 'Railway & Industrial Section' (see also V. 84, p. 1488). The sale, it is
stated, finances the requirements of the road in 1909,
including the payment of all floating debt and provision for
the $15,500,000 St. Louis Memphis & Southeastern 5-year
43s due June 1 1909.
It is understood that the $30,000,000 5% gold bondsThought by Speyer
& Co. will also be made payable in London, Berlin, Frankfort, Amsterdam
and Paris, In forel2n currencies, and that Speyer Brithers of London,
Lazard Speyer-Ellissen of Frankfort-on-Main,the Deutsche Bank of Berlin
and Teixeira de Matt( s Brothers of Amsterdam are ass elated with Speyer
& Co. In the transaction, thus insuring an internati nal market for this
Issue. Speyer 43. Co., it Is stated, have received many applicati ns from
financial Instituti ns, bankers and brokers, both in this country and
abroad, f r participatiens in the syndicate. The price to those participating
In the syndicate is currently reported as 83 and interest.
Speyer & Co. have been the bankers of the old Chicago Rock Island &
Pacific Ry. Co. since 1888, when that company issued $50,000,000 general
bonds, and since the new owners took control Speyer & Co.
mortgage 4
have taken and placed the Chicago Rock Island & Pacific refunding 4 1,
bonds, &c., and James Speyer became a director of the Rock Island Co.
Heretofore Speyer & Co. have not been interested in the Frisco financing,
and this is the first time the firm and its European connections purchased
St. Louis & San Francisco bonds. It is understood that from now on
Speyer & Co. are also going to attend to the 'Frisco financing.
- Kuhn, Loeb & Co. and Hallgarten & Co. provided funds for the retirement of the $7,124,000 notes due December 1 1008. Repayment of a
portion of this amount, we understand, has been made by the company,
and notes given for $6,000,000, maturing December 1 1909, on account
of the remainder.
[VOL. Lxxxvii.
The holders of certificates of deposit for above bonds under ,
the deposit agreement dated Sept. 2 1908 are notified by
the comtnittee of which William Salomon is Chairman that
the amount of the Sept. 1 1908 coupon (with 6% interest
thereon to Nov. 30 1908) on the bonds represented by the
above-mentioned certificates of deposit will be paid on or
after Dec. 1 1908 at the office of The Standard Trust Co.
of New York, No. 25 Broad St., New York City, or of the
Bank of Scotland, at its office, London, E.C., on presentation
of the certificates of deposit. Compare V. 87, p. 615, 1089.
South Ferry RR., New York.—Paid.—The interest due
Oct. 1 1908 on the $350,000 first mtge. 5s was paid Nov.
19. These bonds were originally guaranteed, principal
and interest, by the. Broadway & Seventh Avenue RR.
(now a leased line of the Metropolitan Street Ry.), and subsequently, upon consolidation of the roads on Dec. 13 1893,
were "assumed" by that company.
The South Ferry RR. Co. owns a double-track trolley line
(operated by
means of an underground service rail) extending
from Vesey St. down
Church St., &c., to the Battery, a distance of 0.85 mile, affording access to
the ferries at that point for the 6th Ave me and 8th Lve Luc) 1 •
es.
Twin City Rapid Transit 00.—Called Bonds.—Twenty
($20,000) bonds issued in 1880 by the Minneapolis Street
Ry. Co. will be redeemed at 105 and interest on May 1 1909
at the Farmers' Loan & Trust Co., New York.—V.86, p. 599.
Union Pacific RR.—Hearings in Government Suit.—The
hearings in the suit brought by the Government to compel
the company to part with its holdings in the stock of the
Southern Pacific and other companies (V. 86, p. 287),
which have been going on for some time before Special Examiner Sylvester G. Williams in this city, have been adjourned to Jan. 5.
Supposed New Connecting Line.—See Dakota Kansas &
Gulf RR. above.—V. 87, p. 1421, 1012.
Virginia Passenger Rates.—Decision of U. S. Supreme
Court in Two-Cent Rate Case.—See editorial on a previous
page.
Virginian Railway Co.—Issue of $3,750,000 First Lien
Equipment 5% Gold Notes, Series "A."—Redmond & Co.
brought out and sold in less than two days this week the
entire $3,750,000 authorized issue of these first lien equipment notes, the various maturities being sold on income return ranging from 4M% to 5%%. The notes are dated
Nov. 1 1908, maturing in series semi-annually from May 1
1909 to Nov. 1 1918, $188,000 each May 1 and $187,000,
each Nov. 1. Redeemable as a whole at 105 and interest on
any interest day on 60 days' notice. Equitable Trust Co.,
trustee.
These notes are a direct obligation of the Virginian Rail-.
way Co., which is also known as the Tidewater RR,. and
is controlled by Mr. H. H. Rogers, Vice-President of the
Standard Oil Co.
In the construction of this railway and its terminals, it
is stated that over $36,000,000 has already been expended.
This issue of equipment notes is a first lien on the entire rolling stock, including, it is understood, about 40 locomotives,
25 passenger coaches, 1,500 steel coal cars and 2,075 freight
cars, the whole costing $4,500,000, on which the company
has made an initial payment of $750,000.
Partici ation allotments to the $30,000,000 5% gold bonds
purchased y Speyer & Co. were made to local bankers
yesterday. It is understood that the issue was considerably
oversubscribed, and the applications were materially cut
down. Just how large the foreign subscriptions amounted
to was not disclos d, but it was understood that the applications from European bankers were much in excess of
the amount which could be allotted.—V. 87, p. 1421, 1301.
The notes are thus secured by a first lien on equipment whose value is.
Schuylkill & Dauphin Traction Co., Pennsylvania.—Bonds 20% in excess of the Issue of notes, and this margin of security will be conIncreased through the payment and cancellation of the notes maOffered.—This company, incorporated April 30 1908, and tinually
turing semi-annually. Title to the entire equipment remains vested in the
having outstanding $25,000 stock and $175,000 first mort- trustee for the benefit of the noteholders, and does not pass to the railroad
gage 5% bonds, is offering for sale an issue of $25,000 deben- company until the last notes are paid.—V. 87, p. 1301, 1161.
Wheeling & Lake Erie Ry.—Leave to Intervene.—Judge
ture 6% registered bonds due Sept. 11938. Denomination
$100, to provide for additions and improvements. A type- Tayler in the United States Circuit Court on Nov.24granted
the Mercantile Trust Co.and the Equitable Trust Co.of New
written statement says in part:
The company controls the properties and franchises of the Lykens & York, trustees under the first and second mortgages of the
Williams Valley Street Railway Co., under a 999-year lease. Rental, first Wabash-Pittsburgh Terminal Ry., respectively, leave to.
four years, $200; 5th year, $500: 6th year, $750; 7th year, $1,250; 8th
year, $2,000; 9th year, $3,500; 10th year, $5,000 and annually thereafter. intervene in the foreclosure suit so as to oppose the petition
Upon completion of Improvements to the existing property, It is esti- of the New York Trust Co. to sell the $12,000,000 general
mated conservatively the earnings will be:
valued at about $1,Gross earnings (population 20,000 at $4 per capita)
$80,000 mortgage bonds and the equipment,
Operating expenses at 60%, $48,000, and depreciation, $5,000
53,000 600,000, securing the $8,000,000 note issue that matured
Net earnings from operation
$27,000 Aug. 1 last.
Interest on $175,000 1st mtge. 5% bonds and $25,000 deb.6% bonds 10,250
Surplus (equivalent to 67% on the $25,000 capital stock)
$16,750
The property consists of 10 miles of single track, with turnouts, powerhouse of 220 tc.w. capacity, 4 box and 5 open cars, car-house and new
Midway Park, 7 acres, owned. Franchises perpetual. Route, beginning
at Pennsylvania RR. station at Lykens, thence through Wiconisco, Williamstown, Sheridan, Tower City to Reinerton. Population 20,000, mining, farming and manufacturing. The Williams Valley is peculiarly
adapted for profitable trolley service—the valley Is long and narrow and the
population is distributed along the entire route of the railway.
Officers: J. W. Moyer, President, Pottsville, Pa.; Edgar D. Rank,
Secretary and Treasurer, Williamstown, Pa.; W. E. Harrington, General
Manager, Pottsville, Pa.
It is alleged that the sale of the general mortgage bonds deposited as
collateral for the notes and the foreclosure of the general mortgage would
make valueless the stock of the Wheeling & Lake Erie pledged under the
Wabash-Pittsburgh Terminal mortgages. The New York Trust Co. was
granted 10 days to amend its petition and the answers to all the petitions
In the case are to be ready by Jan. 1, shortly after which it is expected the
matter will come to a hearing.—V. 87, p. 1359, 1161.
Wichita Falls & Southern RR.—Bonds Registered.—The
Company, as authorized by the Texas Railroad Commission,
has registered for issue under the laws of Texas $700,000.
of bonds, covering road constructed from Wichita Junction
to New Castle, 52 miles.—V. 87, p. 1012.
Wisconsin Central Ry.—Dividends.—The directors will
meet next Monday to declare a quarterly dividend at
the rate of 4% a year on the $11,267,104 preferred stock,
The preferred is a 4% non-cumulative issue with the
right to participate equally with the common ($16,147,876)
in any year after 4% on each.
Possible Canadian Alliance.—Negotiations, it is said, are
pending for a traffic or other alliance with the Canadian
Pacific and Canadian Northern roads, which would give the
Canadian lines a direct connection with Chicago.—V. 87,
p. 1082, 1103.
Seaboard Air Line Ry.—Additional Receivers' Certificates.
—The receivers, it is understood, have arranged to sell an
issue of $4,250,000 of 3-year 5% certificates, subject to call
before that time, to provide for improvements, new equipment, &c., among the things planned, being, it is said, the
construction of a connecting link between the company's
line and that of the Carolina Clinchfield & Ohio Ry., controlled by friendly interests. An issue of $3,564,000 of 6%
certificates was authorized in June last (V. 86, p. 1044,
1285, 1590).
Coupons.—The receivers gave notice on Nov. 28 that by
order of the United States Circuit Court for the Eastern
District of Virginia, the coupons due Sept 1 1908, Atlanta
INDUSTRIAL, GAS AND MISCELLANEOUS.
& Birmingham Air Line Ry. first mortgage 4% 30-year gold
American Car & Foundry Co.—Earnings.--For the 3 and.
bonds, would be paid on and after Nov. 30 at the office of
theLNew York Trust Co., New York City.
6 months ending Oct. 31:
DEC. 5 1908.
THE CHRONICLE
1481
Columbus(0.) Light, Heat & Power Co.-Bonds0 fered
The American Finance kiL. Securities Co., Philadelphia and
Boston,is offering at par and interest $250,000 general mortgage 6% 15-year gold bonds, due Feb. 1 1924. Denominations, $500 and $1,000; author. issue, $1,000,000; outstanding issue, $750,000; dated Aug. 1 1908; int. Feb. 1 and Aug.
1, 'guaranteed by the Columbus Railway & Light Co., the
lessee of the power company's properties." A circular says:
The company on Sept. 14 1908 purchased all the properties, rights
franchises and privileges of the Columbus Public Service Co. which had
of Columbus.
been doing a general light. heat and power business in the city '
On the same date the properties were leased for 50 years, with the pi-Wile-Be
of renewal, to the Columbus Railway do Light Co., which company guarantees the Intetest on the bonds of the Columbus Light. Heat dc Power Co.
The properties of the company, all of which are covered by this mortgage.
Include two modern and thoroughly equipped central station electric light
and hot water heating plants, both advantageously located, and a sub-station located In the business section of the city. These properties have been
In successful operation since 1904, the business showing a steady Increase.
Bonded Debt and Capitalization of the Columbus Light, Heat & Power Co.
Gen. mtge. 6% gold bonds due Feb. 1 1924 (authorized $1,000,$750,000
000), outstanding
6% cumulative preferred stock (authorized $1,250,000), outstand'g 420,000
200,000
Common stock (authorized $750,000). outstanding
All treasury bonds and stock of the company are issuable only for cash;
at par, for additional equipmetn and betterments.
The directors are: Butler Sheldon, President; George Hardy, Vice-Pres.
Harford T. Stewart, Treas.• William K. Lanman and Henry S. Waite.
With its recently-acquired
' control of this company, the Columbus Railway eo Light Co. now controls practically all of the street railway, electric
lighting, electric power and hot water heating business of the city of Columbus.-V.87, D. 547,349.
Consolidated Gas Co. of New York.-Rumors.-The
recent sharp rise in the quotations of the company's securities
and those of its controlled properties is due to the confidence
felt by inside interests in the favorable outcome of the
appeal shortly to be decided by the United States Supreme
Court. In this event, it is currently rumored, the
management will increase the dividend rate and probably
offer to the stockholders subscription rights to a block of
new stock, probably about $20,000,000, and also declare
an extra dividend to restore the whole or a part of the
dividend lost by the reduction in the rate in June 1906
from 8% to 6%.-V. 87, p. 1422, 1161.
Consolidated Steamship Lines.-Foreclosure Sale Confirmed.-Judge Putnam in the United States Circuit Court
at Portland, Me., on Dec. 1 confirmed the sale of the company's assets to the bondholders' committee. Compare
V. 87, p. 1422, 1090.
Delaware River Ferry Co.-Called Bonds.-Ten bonds of
1891 (authorized issue $500,000) have been called for payment on Jan. 2 1909 at 105 and interest at the Provident
Life & Trust Co. of Philadelphia.-V. 82, p. 1325.
Edison Electric Co., Los Angeles, Cal.-Bonds Called."First and refunding" mortgage bonds numbered from 105
to 206 of $1,000 each have been drawn for redemption at
110 and interest at the United States Mortgage & Trust Co.,
New York City, on March 1 1909. Compare V. 85, p. 796.
-V. 86, p. 1592.
Equitable Illuminating Gas Liglit Co. of Philadelphia.Called Bonds.-One hundred and eighty-nine ($189,000)
bonds of 1898 will be paid at 105 and interest at the New
York Trust Co. 26 Broad Street, on Jan. 2 1909.V. 87, p. 1302, 418.
Hotel La Salle Co., Chicago.-Bondsoffered.-Jose,Parker
& Co.,Boston, and the Western Trust & Savings Bank, Chicago, are offering at par and interest, by advertisement on
another page, $700,000 first mortgage 6% gold bonds, dated
Sept. 12 1908,and due serially from 1912 to 1936, both inclusive, but subject to call at 105 and interest from Jan. 1
1917 to Jan. 1 1929, and at par and interest thereafter.
Total authorized issue $1,800,000, of which $650,000 have
been sold and $300,000 are deposited in escrow for cancellation, to the extent of any saving in construction over the
original estimate. The hotel, it is stated, will be the largest
hotel ever constructed under an original contract, being 22
stories in height,covering 29,100 square feet of ground, and
having a value of $3,980,000. See further particulars in
V. 87, p. 1302.
Hudson County (N. J.) Water Co.-Decision.-The
"Water and Gas Review" for November 1908 contained at
length the opinion of the United States Supreme Court
rendered in April last sustaining the constitutionality of the
law forbidding the diversion of the potable waters of the
State to another State, thus preventing the carrying out of
the contract to furnish water to Staten Island. Compare
V. 86, p. 1103; V. 83, p. 1414.
Hudson River Electric Power Co.-Application for
Separate Receivers of Subsidiaries-Receiver's Certificates.Judge Ray in the Federal Court on Wednesday reserved
decision on the application to appoint separate receivers
for the subsidiary companies. The application to issue
receiver's certificates to pay interest on the company's
underlying bonds made by the Hudson River Power Transmission Co. was referred to a special master to take testimony and report to the Court.
Lease to Utica & Mohawk Valley Ry.-A lease of the company's steam plant at Utica, N. Y. to the Utica & Mohawk
for $150,- Valley Ry., to continue pending'
the receivership, has, it
000;at Bennington, Vt., on Dec. 2, the property of the North is said, been arranged.
Pownal Mfg. Co. for $150,000. Compare V. 87, p. 1422,
The lease will be executed shortly, although the agreement really went
into effect on Dec. 1. The plant has been operating the car system for
1239, 1090,814.
some time. See statement In V.86, p. 1097, top of second column.-V.87.
Bell Telephone Co. of Pennsylvania.-Proposed Exchange p. 1240, 1090.
Hudson River (Bell) Telephone Co.-Proposed Exchange
of Stock.-See Hudson River Telephone Co. below.-V. 87,
of Stock.-The stockholders of the Hudson River Telephone
p. 99, 91.
1482
THE CHRONICLE
lVoL. txxxvu.
Co. and the New York & Pennsylvania Telephone & TeleNew York & New Jersey (Bell) Telephone Co.-New Stock.
graph Co. (V. 87, p. 163) are offered the privilege of ex- -A circular dated Nov. 25 says in substance:
changing their stock holdings for stock in the Bell Telephone
To retire notes issued for construction funds and to provide for further
necessary additions to construction account, your board of directors to-day
Co. of Pennsylvania on the basis of one share of Bell Tele- voted
to offer to the stockholders at par, In proportion to their present holdphone Co. of Pennsylvania stock for two shares of N. Y. & ings, $5,047,000
(30,470 shares) of the unissued stock. Each shareholder
Penn. Telephone Co. stock and on the basis of one share of of record Dec. 1 1908 will be entitled to take new stock at par In the proportion of one share of new for every five shares of old; the right to subscribe
Bell Telephone Co. of Pennsylvania stock for 1M shares of will expire at the close of business on Jan. 16 1909. Subscriptions are
Hudson River Telephone Co. An authorized statement says: ble 50% Jan. 16 1909; 25% April 16 1909 and 25% July 16 1909. payaCerThe oustanding capital stock of the Hudson River Telephone Co. is $3,909,900, of which $2,033,100 is owned by American Telephone & Telegraph
Co. The latter company also owns half of the $1,000,000 capital stock of
the N. Y. & Penn. Telephone & Telegraph Co. The Bell Telegraph Co.
of Pennsylvania (compare V. 87. p. 91,99) operates throughout a large part
of Pennsylvania, New Jersey and Maryland, and in a portion of Delaware
and the District of Columbia. In Pennsylvania it embraces such cities as
Philadelphia, Harrisburg, Allentown. Wilkes-Barre, Lebanon, Williamsport, Camden. Wilmington and other points, and further south it includes
Baltimore and Washington. Its gross earnings in 1907 were $7,670,439;
net earnings were $2,410,953, and It has paid a dividend of 6% for a number of years. The Hudson River Telephone Co. has paid no dividends since
the latter part of 1907, when it paid 4%. The N. Y. & Penn. Co. has paid
no dividends since 1900.
This exchange of stock holdings will mean no change In the corporate
status of the three companies, as each will continue to operate as a distinct
local Bell company.-V. 87, p. 161.
•
International Salt Co.-Bonds Called.-Twenty bonds of
$1,000 each,issued in 1892 by the Kansas Salt Co.(Hutchinson, Kansas, Salt Co.), have been drawn for redemption at
102 and interest at the American Trust & Savings Bank of
Chicago on Jan. 1 1909.-V. 86, p. 855.
Laclede Gas Light Co.,'"St. Louis, Mo.-Earnings.-For
year ending March 31 1908, &c.:
NI Year
Net
Gross
Balance,
Interest
tificates of stock for as many shares as are full paid by each installment, as
It becomes due, will be issued to subscribers, and such stock will participate
In dividends thereafter declared. Any subscriber may, If he prefers, _pay
the entire amount of his subscription on Jan. 16 1909, or the April and AllY
installments on April 16 1909, receiving thereupon certificates of stock for
the amounts so paid, which will participate in dividends subsequently declared.-V. 87, p. 1424.
New York & Pennsylvania Telephone & Telegraph 0o.Offer to Stockholders.-See Hudson River Telephone Co.
above.-V.87, p. 163.
New York Terminal Co.-Decision as to Operation of
Ferries.-Justice Blackmar in the Supreme Court, Brooklyn,
on Thursday,in a suit brought by ex-Mayor Frederick W.
Wurster, denied the application to make permanent the
injunction restraining the company from discontinuing the
operation of five East River ferries between Manhattan
and Greenpoint and Williamsburg.
In a suit brought by Everett P. Wheeler the Court granted
a writ of mandamus requiring the city to offer leases of the
ferries at' public auction, provided, within a time to be
fixed by the order to be entered, the same are not leased
by private agreement or steps taken to operate the same
by the city. The Court in a long opinion says:
Zan:lags.
on Ponds. Surplus.
Earnings.
Ending-_$3,795,361 $1,693,188 $905,000 $788,188
Mch. 311908.
When the Legislature conferred on the Commissioners of Docks and of
1,588,057
3,573,108
Mch. 31 1907
_ 3,318,219
1,317,385
_ _
Aug. 31 1905_
761,389
6 the Sinking Fund discretionary power to determine when ferry franchises
5-51,i)9.
($905,000) is present annual Interest charge.
Bond interest 07-08
In -19- should be let by private agreement, or the necessary property acquired by
purchase or condemnation,and the ferries municipally operated, It withV. 86, p. 1103.
drew such matters from the power of the courts. Further remedy must
Madison River Power Co.-Earnings.-For calendar years be sought either in the voluntary action of the city or
in the legislature.
1907 and 1906 and for 4 mos. end. April 30 1908 and 1907:
Compare item under caption of Brooklyn Ferry Co.,
V. 86, p. 1532,and editorial remarks on a preceding page,
-V. 87, p..350.
Pillsbury-Washburn Flour Mills Co., Ltd.-Reorganiza$114,061
$87,964
tion.-Press dispatches state that the extraordinary meeting
97,519
75,538
of the English committee of shareholders held at London,
* After deducting taxes.
England, on Dec. 1 agreed to the proposed plan of reorganBonds Offered.-Lee, Higginson & Co., Boston, are offer- ization.
ing a block of the first mortgage 5% bonds due Feb. 1 1935
The "Northwestern Miller" has received a cable from London stating
(guaranteed, principal and interest, by the Butte Electric that the reorganization plan provides for the formation of an operating company In the United States with a capital of not less than $2,000,000, to
& Power Co.) at a price to yield 5.20%. The firm's circular carry
on the business for 20 years.
of Aug. 4 shows $2,121,000 of the issue outstanding. ComPreferential subscription will be given to old shareholders. Any portion
not taken, it Is said, has been guaranteed to be subscribed In the AJnited
pare V.87, p.42; V.81, p. 1045.
States. A rental of $100,000 per annum is to be paid yearly to the old
for the lease of the pr perty; also half of all profits over $150,000.
Massachusetts Lighting Co., Boston.-Authorized.- company
The operating company is to pay for water power used by the mills to the
We have received the following:
power companies on the same terms as hitherto. The two issues of debenCalendar .
Year1907
1906
4 Manths1908
1907
Gross
Earns.
$321,414
148,350
Net
Other
Earns.
Income.
*$251,131
$1,013
*110,389 def.1,207
Interest
Charges.
$80,915
61,544
Balance,
Surplus.
$171,229
47,638
At the meeting of the shareholders held to-day (Dec. 1) the purchase
of the North Adams Gas Light Co., the Adams Gas Light Co., the Williamstown Gas Co. and the Stamford (Vt.) Light, Heat 6: Power Co. was ratified
by a unanimous vote. It was further unanimously voted that the new
shares issued to finance the acquisition of these properties should be sold
at not less than 105. The entire issue of new shares has been underwritten
by Jose, Parker & Co. and various other bankers associated with them.
'rhey report that about 75% has been subscribed for. The amount of the
new Issue will be about $450,000.-V.87, p. 1423, 1360.
Mexican Light & Power Co.-To Vote on Lease.-The
directors, at the request of 25% interest of the stock, have
called a meeting of the shareholders for Dec. 30 to vote onleasing the property to the Mexico ramways. A majority
of the board disapprove the lease and have issued a circular
explaining their position. The lease would provide a rental
sufficient to cover 4% dividends on the common shares of
the Light & Power Co. as well as 7% on the preferred and
interest on the bonds, and any surplus would be divided
between the companies on a specified basis. The Tramway
interest , it is said, have agreed to make the lease revocable
by either company not by th Tramways Company only,
as first proposed.-V. 87, p. 1162, 938.
Michigan Lake Superior Power Co.-Over 90% of Bonds
Deposited.-Over 90% of the first mortgage bonds, it is announced, have been deposited with the bondholders' committee, thus ensuring a reorganization. The time limit for
depositing the bonds expired Nov. 30, but the remaining
bonds will be received by the depositaries, the Commercial
Trust Co. of Philadelphia and the Guaranty Trust Co. of
New York, until further notice.-V.87, p. 1014.
New Bern (N. O.) Lighting & Fuel 0o.-Receiver's Sale.The property was bid in at receiver's sale on Nov. 23 by
S. W. Smallwood for $40,000.-V. 87, p. 1241.
New Haven (Conn.) Gas Light Co.-Offering of Convertible Debentures.-The Chas. W. Scranton Co., New
Haven, Conn., in a circular describing and offering to deal
in the •"rights" for the new 5% convertible debentures,
Series D, convertible into stock of the company Oct. 1 1925,
or sooner, at the option of the directors, outlines the history
of the company as follows:
tures of the old companes are tobe merged Into one issue of equal rank.V.87, p. 1303, 1091.
Sears, Roebuck & Co., Chicago.-Change in Officers.Vice-President Julius Rosenwald has been elected President
to succeed Richard W. Sears, who has been made Chairman
of the board. John Higgins was elected Secretary to succeed
H. H. Loeb, who becomes Vice-President and Treasurer.V. 87, p. 617.
Southern States Land Co.-Called Bonds.-Thirty called
bonds were due and payable Nov. 1 at $512 50 per bond,
with interest, at Knickerbocker Trust Co., New York.
-V.86, p. 1347.
Spring Valley Water Co., San Francisco.-Resumption of
Dividends.-The company on Nov. 27 declared a dividend
of $1 per share (1%) on the $28,000,000 capital stock, payable Dec. 23. The last dividend was 63c. per share, paid in
April 1906. (Compare page 163 of "Railway & Industrial
Section.")
Bonds Offered-Status.-N. W. Halsey & Co., New York,
San Francisco, &c., are offering for sale a block of general.
mortgage 4% bonds, now an absolutely first lien on the entire
property, dated Dec. 1 1903, due Dec. 1 1923. Interest
payable (J. & D.)in San Francisco„ New York or Frankforton-Main. Union Trust Co., San Francisco, trustee. Outstanding, $17,859,000. A circular says in substance:
Official Valuations by Herman Schussler, Chief Engineer of the Company,
Submitted Under Oath June 20 1908, in Company's Rate Suit.
Constructed works outside city-Pilarcitos, San Andres, Crystal
Springs, Alameda Creek systems, including peninsular reservoirs, 25,750,000,000 gallons' capacity; filter beds, liumes,
pipe lines, &c
$10,240,000
Pumping plants (8), San Francisco and San Mateo County... 1,703,000
City distributing reservoirs (6) and tanks (3)
949,000
City pipe system (450 miles), special structures, meters, &c_ 6,723,000
Real estate (22 plots) and rights of way, excluding headwaters
properties, but including Lake Merced property (2,730 acres
in San Francisco County)
6,408,000
Inventory pipe yards and warehouses
395,000
Headwaters properties-24,400 acres In San Mateo County, 29,000 acres in Alameda and Santa Clara counties (valuation
combined
value
of these properties as part of an
based on the
effective going water supply system)
30,150,000
Total value
$56,568,000
In contrast to this, the San Francisco Board of Supervisors in 1008
adopted the sum of $24,925,321 as representing the value of the company's property used in the city's water supply; Judge Farrington tenta1,000,000 1,250,000 1,250,000 2,000,000 2,000,000 3,000.000 tively raised the amount to $27,553,512.
Stock
These
which do not.InDiv. rate _ _10% yrly 10% yrly 10% yrly 8% yrly 8% yrly 8% yrly clude any allowance for property not now used infigures,
Francisco water
the
Convert. debs. none.
none. A$750,000 none. B$1,000,000 C$500,000 supply, admittedly worth several million dollars, orSan
for any "franchise
In 1903 series A debentures Issued In 1902 were converted into stock value,. appear to establish a minimum
excess of the
valuation
in
50%
reduced
to 8% per annum. In 1907 series B debentures total par value of outstanding bonds.
and dividends
Issued In 1904 were converted into stock and 5% convertible debentures,
Earnings.
series C,were issued, now outstanding to the amount of $500,000. When
1904.
1907.
Calendar Years1906.
1905.
debentures series C, $500,000, and series D, $1,000,000, now proposed, Gross income
$1,932,778 $1,535,782 $2,299,765 $2,512,593
are converted, the capital stock will amount to $4,500,000.
020,340
919.041
Oper. exp. and taxes_ _ _ _
940,319
766,770
well
known
is
earnings,
it
"As to
that the production has Increased at a
wonderful rate and now that the company has extended its mains to
$1.013,737
Net earnings
$1,359,446 $1,291,954
$769,012
Branford on the east and to Milford on the west and its plant here is so Interest on bonds
$714,360
$747,320
$698,500
$755,547
large that it is thought that It will be able to care for the increased conThe present interest rate on all bonds is 4%; prior to Sept. 1 1906, $4,sumption for many years to come."A‘Compare V. 87, p. 1424.
975,000 bore 6%.
Outstanding Capitalization as Increased from Time to Time. Annual Div. Rate.
1894.
1900,
1904.
1903.
1902.
1907.
DEC. 5 1908.1
THE CHRONICLE
Appropriations for extraordinary replacement expenses of $236,408 In
1900 and $335,343 in 1907 were made In addition to the operating expenses
specified In the above table. These were provided for by an assessment of
$840,000 levied on the company's stock In 1906. There has been much
litigation during recent years on the question of rates, the company's contention being that rates allowed by the city did not provide a fair return
on the stock or afford an incentive for extending the system. The above
figures show that earnings, even under the rates collected, have under
normal conditions afforded ample protection for the bonds. The continued enforcement of the rates under which these earnings were made was
temporarily enjoined by Judge Farrington In October 1908, his opinion
indicating that the courts would probably decree the granting of higher
rates to the company.
Capacity and Future.—The present development of the company Is given
as 35,000,000 gallons daily, capable of increase to over 100,000,000 gallons
daily. This supply Is now devoted exclusively to San Francisco, but can
also be easily used in serving the rapidly growing suburban towns In San
Mateo County and the other Bay cities. If a Sierra water supply is developed by the city of San Francisco, the building of a duplicate reservoir,
pumping and distributing system Is illogical and extremely improbable,
but It is not believed by competent judges that the value of the Spring
Valley properties would be seriously impaired by the development of such
a supply, even In the absence of an agreement between the city and the
Spring Valley Water Co. Compare S n Franc Sco In "State and City Department of t s .ssue.—V. 87, p, 1360.
1483
April 1910, the proper performance of which contract Is guaranteed by four
persons acceptable to your board of directors: Under the provisions of this
contract, Mr. Thornton agrees:
1. To erect a smelting plant In Tooele County, Utah, to be In operation
by April 1910, and treat the output of your company's mines up to 1,200
tons per day at a rate which is 67.60 cents per ton more favorable to your
company than the contract now existing with the Garfield Smelting Co.
2. To buy from your company at cost all the lands and options It has
acquired In Tooele County.
3. To give your company an option on any part of $500,000 par value of
the capital stock of the company to be formed to operate the new smelter
upon as favorable terms as may be extended to any other taker or subscriber
to stock.
The cost to your company or transporting ores to the Garfield smelter is
48 cents a ton, while the cost of transporting ore to the Tooele smelter will
not exceed 15 cents per ton. Upon the basis of your company's present.
output of ore, 800 tons per day, the contract entered into with Mr. Thornton will result In a saving to your company, as compared with the contract
now in existence, of over $300,000 per annum, or one dollar per share upon
the capital stock of your company.
The Tooele Valley RR. Co. has been incorporated with
$1,000,000 capital stock to build a 25-mile railroad from
Black Rock, near the Garfield smelter, to the mouth of the
Pine Canyon, where the new smelter is to be located, affordSwift & Co., Chicago.—New Stock.—The shareholders, it ing
connection with the other railroads of Utah. The inis announced, will vote at the annual meeting, Jan. 7, on
corporators are:
a motion that the capital stock be increased from $50,000,000
President, E. P. Matthewson, General Manager of Washoe Smelter at
Anaconda, which Is controlled by the Amalgamated Copper Co. (V. 80.
to $60,000,000.—V. 86, p. 106.
.
p. 2394); Vice-President, E. F. Kelly of Butte; Secretary and Treasurer
United Box Board & Paper Co.—Deposits.—The Chicago J B. Risque, Manager of Utah Consolidated; C. H. Redpath,smelting enof the Anaconda Copper Co.; W. H. Cayley of Salt Lake City. dec.—
papers state that when the time for depositing stock with .neer
87, p. 1105.
the Western Trust & Savings Bank ended November 30
Western (Bell) Telephone & Telegraph Co.—Provision for
there had been deposited $10,556,800 preferred and $9,670,400 common. The balance sheet of June 27 1908 $6,000,000 of Notes Due May 1909.—See American Teleshowed $14,948,900 pref. stock and $14,018,500 common phone & Telegraph Co. above.—V.87, p. 165, 43.
Westinghouse Electric & Manufacturing Co.—Duly
stock, of which it is understood $2,911,292 preferred and
$1,864,356 common was in the treasury. Compare V. 87, Elected.—The shareholders on Monday duly elected the board
of directors and the proxy committee named in last week's
p. 1163, 1360.
United States Light & Heating Co.—Options Asked.— issue (page 1425). Application, it is stated, will be made to
Hooley, Learnard & Co. of this city are reported to be re- the United Seates Court about Dec. 15 for the discharge of
questing stockholders of the company, which is controlled the receivers. The board is classified as follows:
expiring In July 1909—Richard Delafield, E.C.Converse, Anthony
by interests allied with the New York Air Brake Co., N.Class
Brady and J.D. Callery; class expiring July 1910—A.G. Becker, George M.
for options on their stock at $5 per $10 share, with a view V( rity , William McConway and Charles A. Moore; class expiring July 1911—
F. Brooker, James S. Kuhn, Edward F. Atkins and E M. Herr:.
to a merger with other companies engaged in the same busi- Charles
class expiring July 1912—George Westinghouse, Neal Rantoul, Joseph W.
ness. The firm refuses to say anything about the matter. Marsh and Albert H. WIggin. Compare V. 87, p. 1425.
—V. 81, p. 672.
—White & Kemble of 56 Pine St., this city, have issued
United States Rubber 0o.—To Authorize $20,000,000 of
10-year 6% Collateral Trust Sinking Fund Bonds—Present the third edition of their analysis of the New York Savings
Issue to Be $15,000,000.—The shareholders will vote Dec. 29 Bank Law relating to investments in railroad securities. In
on a proposition to authorize an issue of "$20,000,000 10- addition to the New York law an analysis of the Massachusyear 6% collateral trust sinking fund gold bonds," of which setts Savings Bank Law enacted this year is also given.
$15,000,000 will be sold to a syndicate and the remaining The firm calls attention to the fact that the general standard
$5,000,000 will be reserved unissued to provide for future is practically the same under both laws, except that the
State of New York requires that the corporation must comcontingencies. A circular dated Dec. 1 says:
Subject to your approval, your directors propose to issue $20,000,000 10- ply each year for five consecutive years with the required
year 6% collateral trust sinking fund gold bonds, and to pledge as security conditions as to earnings, dividends, miles of road, &c.,
therefor certain of the shares of our subsidiary companies now owned whereas the
Massachusetts law requires ten consecutive
or hereafter acquired, with the Central Trust Co. of New York, as trustee.
It Is Intended to sell $15,000,000 of this issue of bonds for the purpose years. For the purpose of testing this standard it has been
of funding $8,000,000 United States Rubber Co. 5% notes maturing Sept. applied to all of the railroad corporations of the United
15 1909 and redeemable March 15 1909; $4,500,000 Boston Rubber Shoe
Co. 5% debentures maturing Sept. 15 1910 and redeemable March 15 1909, States, and out of 62 systems which are considered eligible
and to provide for the present floating debt of the company. A sale is to only six have complied for the past ten years and 23 for the
be made to a syndicate (in which some of your directors will participate)
upon terms which are deemed more favorable to the company than those of past five years. The 62 railroads are divided into four
any former refunding, and which vill be reported at the stockholders'special classes, namely, those that have complied for five or more
meeting. The collateral trust indenture securing the bonds will require
annual payments of $500,000 to the trustee thereunder as a sinking fund for consecutive years; those that have complied for one or more
the redemption of the bonds. (It is prpp )sed that the bonds shall be dated
years, but less than five years; those that complied for the
Dec. 1 1908 and have their interest payable June 1 and Dec. 1.—Ed.).
Your directors have stipulated that, to enable the company to obtain year 1907 with the requirements as to gross earnings, but
cash resources In future contingencies not now foreseen, the company shall failed to pay the required amount in dividends, and those
reserve and may issue the remaining $5,000,000 bonds, secured equally by
that have not complied with the standard as to either gross
the same collateral.
On March 31 1902 the total amount of outstanding funding notes (repre- earnings or dividends. In addition to lists of bonds now
senting the original obligations of subsidiary companies) and Boston Rubber considered legal in Massachusetts and in New York, a list of
Shoe Co. debentures was $16,800,000; on March 31 1908, by payments out
of earnings, this had been reduced to $12,800,000. At the same time the book bonds which may become legal in New York is also given. •
surplus had been increased by the sum of $6,142,803. For the year end—A dividend information card has been prepared by
ing March 31 1002 sales were $21,196,430; for the year ending March 31
1008, $41,860,428. These figures do not Include the transactions of the Charles H. Miller, 44 Pine St. It gives the dividend rate
Rubber Goods Mfg. Co.
on stocks dealt in on the New York Stock Exchange with
Your directors arc of the opinion that such proposed refunding of these
short-time obligations will materially strengthen the financial position of approximate dates for the declaration and dates of paymentthe company, and will be to the benefit of all classes of its shareholders. Price, one dollar.
It is gratifying to state that, though our business naturally has been affected by the general depression prevailing during the past year, the com—December 31st a change will occur in the Chicago stock
bined net earnings of subsidiary companies, with our proportion of the net
earnings of the Rubber Goods Mfg. Co., will materially exceed the amount and bond firm of John H. Wrenn & Co. On that day Clarof the full dividends on both classes of preferred stock. In the opinion of ence Buckingham and Col. J. W. Conley will retire from
the board, all departments of the business now show substantial improve- partnership, the former to devote all his time to private
ment, and if authority be given as above requested, the outlook will be most
business affairs and the latter (whose health for several
promising.—V. 87, p. 1305, 1425.
Utah Consolidated (Copper) Mining Co.—New Smelter months has been feeble) to take a well-earned rest from
Contract.—The management, having failed to reach a satis- business activity. On Jan. 1 1909 Lawrence Newman,
factory agreement with the Garfield Smelting Co.(American formerly a prominent Board of Trade operator and, later,
Smelting & Ref. Co.), recently entered into a ten-year con- President of the Woolson Spice Co., will become an active
tract for the smelting of its ores by a smelter which will be partner, the firm name remaining unchanged. The third
built by a new company in which interests identified with partner is Walter B. Smith, who for the past few years has
the Amalgamated Copper Co. will be represented. The new been Manager of the Wrenn "Rookery' office. John H.
smelter, it is said, will treat not only the ores of the Utah Wrenn, the principal member of the firm, has been since
Consolidated Mining Co., but the ores of other mining com- 1870 identified with the brokerage business in Chicago.
—.William F. Hanchett, formerly with the Merchants'
panies in the Utah district as well. The amount of the capital stock of the proposed new company, it is understood, Loan & Trust Co. of Chicago, and for the past three years in
kemains to be fixed, the scope of the enterprise being as yet the Chicago bond office of the Trowbridge & Niver Co., has
assumed charge of the Boston office of that well-known bond
somewhat uncertain.
President U. H. Broughton, in a statement to the stock- house at 95 Milk St. The specialties of the Trowbridge &
tholders, says in substance:
Niver Co. are high-grade irrigation, municipal and corporaIn January of this year your company's smelting plant In Salt Lake val
tion issues.
Icy was closed by order of the Court,after the case had been carried to the
—Clarke L. Poole & Co., Chicago bankers and bond dealCourt of last resort. In February a contract was made with the Garfield
Smelting Co. for a period of one year. In July your company exercised ers, have removed from the First National Bank Building
Its option to extend the contract for a second year and agreed to postpone
the question of making certain modifications In the contract (which should to a much larger suite of offices in the new Commercial
then run for a period of live years) until Sept. 21 1908, upon the condition National Bank Building. This was found necessary because
that its contract should run for 18 months from that date. On Sept. 23
the Garfield Smelting Co. notified your company that it could not change of the rapid expansion of their business. The specialty of
any condition of the existing contract, but would make a contract for five this firm is timber bonds.
Years "but not on any more favorable terms to your company." Your
—Attention is called to the long list o7 securities advercompany immediately, as a protection, exercised its options on the lands
adjoining its new smelter site.
in another column by R. H. Goodell & Co., Chicago,
Your company has now entered Into a contract with W. D. Thornton of tised
Butte forathe smelting of Its ores for a period of ten years commenclrii which they are prepared to buy sell or quota.
ki
VOL. Lxxxvii.
THE CHRONICLE
1484
Tonnitertial Times.
•
COTTON.
Friday Night, Dec. 4 1908.
THE MOVEMENT OF THE CROP as indicated by our
Friady Night, Dec. 4 1908.
telegrams from the South to-night is given below. For the
At a conservative pace business continues to improve. week ending this evening the total receipts have reached
Prices are generally sustained and the feeling the country 457,544 bales, against 413,653 bales last week and 402,609
bales the previous week, making the total receipts since
over is one of hope and confidence.
the 1st of September 1908, 4,826,029 bales, against 3,667,116
Dec. 1
Nov. 1
Dec. 1
bales for the same period of 1907, showing an increase since
1908.
1908.
1907.
Sept. 1 1908 of 1,158,913 bales.
- -
COMMERCIAL EPITOME.
Stocks of Merchandise.
tierces
5,625
4,062
Lard
bags
28,750
6,500
41,000
Cocoa
bags 3,028,027 2,748,487 3,435,539
Coffee, Brazil
mats
41,275
42,417
48,567
Coffee, Java
bags 289,233 282,706 210,327
Coffee, other
tons
17,100
23,350
Sugar
bags, &c.
Sugar
32,500
No.
15,400
29,100
Hides
90,860
bales
76,673 139,646
Cotton
4,560
bags
7,952
Saltpetre
bales
2,482
3,416
24,082
Manila hemp
2,204
362
bales
1,670
Sisal hemp
64,500
58,900
barrels and sacks
25,000
Flour
Receipts at-
Sat.
Mon.
Wed.
Tues.
Thurs.
Frt.
Total.
9,06 19,224 19,658 159,853
Galveston
,6
25,062 24,308
_
Port Arthur_ _ _ _
-------6,461
____
6,461 -----------3,104
3,104
_____
Corp .Chrlsti,&c_
____
New Orleans
17,621 33,568 11,672 14,772 20,545 10,422 108,600
,9 3,032 18,121
4
Mobile
3,423 4,782
_
----- -----9,700
Pensacola
8,200 1,500 ---------2,030
1,177
____
Jacksonville, &c.
_' __
254
599
___
Savannah
8,256 10,468 16,952 9,645 11,260 7,201 63,782
22,748 22,748
Brunswick
Charleston
-6iii
-5.65 1-,666 2,407 7,295
-1-'
-:11-3i
--------195
___
Georgetown ----------195
_
Wilmington
2827 2,570 2,217 2,685 2385 1650 14,334
Norfolk
7,595 13,066 4,1'79 3,2,4'7 4,502 4,122 31,711
Newport N., &c_
_
---New York
iii ____
56ii
itii
i-i- i,iii3
525
48
Boston
17
146
996
'
---------Baltimore
3,800
___
2_ ,044 5,844
Philadelphia
31
____
------70
521
622
LARD on the spot'has ruled steady with trade quiet and
confined mainly to local jobbers. Offerings have been light.
Prime Western 9.75c. and City 9.30c. Refined lard has been
easier for Continent and firm for other grades. Trade has
been moderately active. Refined Continent 9.90c., South
Totals this wk_ 74,009 98,479 91,106 54,530 60,953 78,467 457,544
America 10.77c. and Brazil in kegs 12.25e. The speculation
in lard futures has been active. Prices have shown irreguThe following shows the week's total receipts, the total
larity, receding at times under increased receipts of live hogs since Sept. 1 1908, and the stocks to-night, compared with
and selling by packers, only to rally on investment buying last year:
and covering of shorts. The strength of the wheat market
has had a steadying influence on lard prices.
1907.
1908.
Stock.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Wed. Thurs.
Tues.
Frt.
Mon.
Sat.
9.20
9.2731 9.20
9.32
9.22
9.223
9.37%
9.40
9.42A 9.52A 9.50
9.40
January delivery
May delivery
PORK on the spot has been moderately active and generally steady. Mess $16@$16 50, clear $20®$24 and family
$18@$19 50. Cut meats have been in fair demand and
firm. Pickled hams 9%®11c., pickled shoulders 6M@7c.
and pickled bellies, 14@10 lbs., 103'@,113c. Beef has
been dull but firm on light offerings. Mess $12 50@$13,
packet $14 50@$15, family $16@$16 50 and extra India
mess $24 50@$25. Stearines have been quiet and steady;
oleo 10@103c. and lard 103'@11c. Tallow has been quiet
and steady; city 53/2@5%c. Butter has been quiet and
firm; creamery extras 30M©31c. Cheese has been quiet
and firm; State, f. c., small or large, Sept. fancy, 14c. Eggs
have been quiet but stronger on light supplies; Western
firsts 36@37c.
OIL.-Cottonseed has been quiet. Winter 453/
2@47c.
and summer white 40@42c. Linseed has been steady; new
business has been dull, but there have been liberal shipments on old orders. City, raw, American seed, 48@49c.,
boiled 49@50c., and Calcutta, raw, 70c. Lard has ben in
moderate demand and steady; prime 72@75c. and No. 1
extra 51@53c. Olive has been quiet and firm at $1@$1 40.
Cocoanut has been quiet and steady; Cochin 73@,73/2c. and
4@109c. Peanut has been quiet and steady;
Ceylon 93
yellow 65@80c. Cod has been fairly active and steady;
domestic 38@40c. and Newfoundland 40@42c.
COFFEE on the spot has been quiet and steady. Rio No.7,
4@8c. West India growths
63/2@69'c.; Santos No. 4, 73
have been quiet and steady; fair to good Cucuta 8%@99c.
The speculation in future contracts has been extremely
quiet much of the time during the week, and changes in
prices have been trifling. There has been some selling at
times against purchases in Brazil, but leading local interests
have given more or less support.
The closing prices were as follows:
December
January
February
March
5.05c.
5.10c.
5.15c.
5.20c.
April
May
June
July
5.20c. August
5.25c. September
5.25c. October
5.25c. I November
5.30c.
5.30c.
5.30c.
5.30c.
Receipts to
December 4.
This Since Sep TMs Since Sep
week. 1 1908. week. I 1 1907.
1908.
1907.
159,853 1,884,706 102,483,1 060,180 291,670 159,847
Galveston
6,461
25,336 4,644'
37,923
Port Arthur
8,569
23,357
898
Corp. Christi, &c. 3,104
New Orleans____ 108,600 868,247 94,5031 676,757 313,326 203,768
18,121 191,780 16,621, 159,408
71,093
51,336
Mobile
9,700
51,210 17,150
61,686
Pensacola
17,145
292'
2,030
4,515
Jacksonville, &c_
63,782 902,971 64,5741 928,414 151,727 172,640
Savannah
22,748 133,111
8,423
97,251
22,090
10,867
Brunswck
30,013
26,007
7,295 128,910 6,453 143,370
Charleston
649
195
Georgetown ___.
20,872
25,765
Wimington ___ 14,334 255,501 20,872 302,834
37,087
47,987
31,711 287,679 24,760 255,751
Norfolk
120
2,506
413
4,317
N'port News, &c_
1,641 101,427 139,139
213
2,148
4,381
New York
5,601
8,034
433
1,550
6,578
996
Boston
5,245
29,100
20,665
40,282 3,567
5,844
Baltimore
3,130
6,441
830
2,285
1,680
622
Philadelphia
_
--457,544 4,86-2,029 367,134 3,667,116 1,098,673 235,668
Total
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1908.
1907.
1906.
1904.
1903.
Galveston _ _ _
Pt.Arthur,&c.
New Orleans_
Mobile
Savannah
Brunswick_ _ _
Charleston,&c
Wilmington_ _
Norfolk
N'port N., 46c
All others_ _ _ _
159,853
9,565
108,600
18,121
63,782
22,748
7,490
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
4,380
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
108,900
1,376
92,285
8,690
46,915
4,918
5,708
14,404
20,195
297
21,653
Total this wk_
457,544
367,134
431,459
300,712
382,495
325,350
Receipts at-
1905.
Since Sept. 1_ 4,826,029 3,667,116 4,696,656 4,336,915 4,970,257 4,349,369
The exports for the week ending this evening reach a total
of 366,282 bales, of which 186,758 were to Great Britain,
58,962 to France and 120,562 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1908:
Week ending Dec. 4 1908.
Exported toExports
from-
From Sept. 1 1908 to Dee. 4 1908.
Exported to-
SUGAR.-Raw has been dull and slightly easier. CentriContiGreat
ContiGreat I
Total.
fugal, 96-degrees test, 3.92c.; muscovado, 89-degrees test,
Britain.lFr'nee neat. Total. Britain. Franco. nent.
3.42c., and molasses, 89-degrees test, 3.17c. Refined has Galveston _ _ _ 89,975 11,380 65,190 166,545 659,703245,690 534,8821,440,275
4,342
20,9941 25,336
been dull and steady. Granulated 4.60@4.80c. Teas have Port Arthur___
6,461 6,461
40
409
ruled firm, with a fair distributing demand for small lots. Corp.ChrlstlAc
New Orleans__ 52,790 18:6F 13,617 85,336 248,949 84,732 213,66w 547,347
Spices have been firm and in good demand from grinders. Mobile
94,968
9,751 4,768 14,519 24,771 35,039 35,15
9,565 17,637
24,84t
200 9,90
52,051
_
1,700 8,000
Hops have been dull and steady. Wool has been stronger Pensacola
Fernandina _
but rather less active.
17,333 29,589 79,670 55,448 347,74
482,858
12,256
Savannah
41,398
10,754
10,754
54,922 96,320
PETROLEUM.-Refined has been in good demand for Brunlswck
_
5,725
47,464
41,73
domestic and export account at firm prices. Barrels 8.50c., Charleston
8,'751
57,679 8,731 164,9411 231,359
Wilmington
8,731
15,400
15,700
30
bulk 5c. and cases 10.90c. Gasoline has been firm with a Norfolk
News.
steady demand;86 degrees,in 100-gallon drums, 19c.; drums Newoprt
154,824
72,81
New York___. 10,920 1,480 2,550 14,950 66,343 15,671
4,134
48,973
7,12
4,134
41,845
$8 50 extra. Naphtha has been moderately active and firm; Boston
55,692
Baltimore
2,050 "700 faaii 4,450
12,783 1,000 41,0011
73®76 degrees, in 100-gallon drums, 16c.; drums $8 50 ex- Philadelphia
16,312
4,174
100 2,300
2,200
12,138
tra. Spirits of turpentine has been quiet and steady at Portland, Me_
16,328
Francisco_
16,32
6,621
6,621
San
43c. Rosin has been in fair demand and firm; common to Seattle
20,600
20,60
good straiird $3 30.
2,998
Tacoma
2,99
2,022 2,022
Portland,
Ore
TOBACCO.-The market for domestic leaf has been quiet, Pembina __
manufacturers confining their purchases to immediate needs. Detroit
There is a noticeable disposition to look for a rather marked
Total
186,78858,962 120,562366,312 1,280,311464,848 1,604,6553,349,814
revival in the tobacco trade early next year. Havana and
1907____
Prices
Total
Sumatra have been in light demand.
have ruled firm.
120,50552,116 173,421346,042 1,158,438351,053 1,226.51012,735.641
COPPER has been quieter and easier; lake 1431@143
/
8c.
In addition to above exports, our telegrams to-night also
and electrolytic 143/s@1434c. Lead has been quiet at 43'c.
Spelter has been quiet at 5.10c. Tin has been quieter at give us the following amounts of cotton on shipboard, not
29.55c. for Strait,. Iron has been quieter; No. 1 Northern cleared at the ports named. We add similar figures for
$17(017 50, No. 2 Southern $16 65@$17 60.
New York.
On Shipboard, Not Cleared forGreat
Britain. France
Leaving
Stock.
Other CoastGermany. Foreign wise.
Sat
9.45
Mon. Tues. Wed. Thurs.
9.35
9.35
9.35
9.35
Fri.
9.35
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New 'York on
Dec. 4 for each of the past 32 years have been as follows:
9.35
11.90
11.00
12.35
8.60
12.65
8.50
8.37
1900-c
1899
1898
1897
1896
1895
1894
11193
10.19
7.75
5.82
5.88
7.56
1.44
5.75
1.60
1892.c
1801
1980
1889
1888
1887
1886
1885
9.62
8.06
9.44
10.25
9.88
10.56
.9.25
9.44
1884_c
1883
1882
1881
1880
1879
1878
1877
10.75
10.56
10.38
12.12
12.00
13.12
9 19
11.38
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
SatUrday-Monday_ __
Tuesday -Wednesday
Thursday Friday- - - -
Futures
Market
Closed.
Steady
Quiet
Quiet at 10 pts. dec. Steady
Barely steady
Quiet
Very steady_
Quiet
Qarely steady
Quiet
E sy
Quiet
Total
Sales or Spot and Contract.
Con- ConExport sum'n. tract.
Total
ngto4:J
n0tl
I
r`.gFMci,
woo
li
aSE..).nW larCi)n:1
a l
n
0 go o0
C2Z
.
cow cc ci
i OZ.
1.,
CWu)nVJ
lt
%i
oP
l 0o-'-, 01NgPIF loOWPi or
o.'' orii a' oq c° PO 0
35F2pWg
cra '''
cc 01
co cm
cc 01
col
Saturday,
Nov. 28.
Nov. 28 to Nou. 4Middling uplands
fnYi g .V-l i
._
Speculation in cotton futures during the past'week has
attained no great activity. In fact, it has gone but little
beyond professional limits, and has reached only a fair
volume at some slight sagging of prices. Rallies have
occurred from time to time, but on the whole liquidation
has left a certain impress on prices; they show net declines.
Besides the receipts have continued very large. The
movement into sight, week after week, for an extended
period, has been little less than phenomenal. Previous
records have been overpassed. What is more, the pressure
of these enormous amounts of cotton on the Southern
markets, large and small, has not unnaturally resulted in
some decline in prices. This fact has not been without its
weight in the big speculative centers like New York, New
Orleans and Liverpool. Indeed, not a little emphasis
has been laid upon the fact. In addition, there has been
a continuation of what might be termed four-fold selling,
first on Southern hedges, which is a constant pressure
having a very obvious effect. Second, the sales on Liverpool straddles here have continued and as usual are made
against purchases across the water. Differences between
the two markets are very much less than they were formerly
or before the improvement in the New York contract.
This has made Liverpool seem superficially,at least, too low,
and New York relatively too high. Third, there has been
a certain persistent selling on the part of some of the spot
interests. These interests are supposed to have been to
some extent in conflict for a time recently, but rumors,
with or without foundation, have latterly been current
that an arrangement of some sort has been reached between
the supposedly contending interests. Fourth, there has
been Wall Street liquidation and accompanying this the
inevitable pressure put upon the market by Board room
traders under such circumstances. The foregoing have,
as already intimated, had the effect of causing some reduction in quotations here. They might have had more
influence, but for such things as the enormous exports, the
big spinners' takings, the improvement in general trade,
a rise in print cloths in Fall River, a possibly significant
increase in the December premium over January, and,
finally, but far from least among the sustaining factors,
persistent buying for "long" account by Wall Street houses.
New interests, have, it is said, appeared among the buyers
there. The West, the South and the East are still supposed to be buying on declines. In fact, buying "on a scale
down" is admittedly a course which commends itself to not
a few outsiders in Wall Street and elsewhere. Moreover,
there has been some tendency to reduce crop estimates on
the idea that they have heretofore been too high. Latterly,
trading has slackened somewhat, awaiting two reports by
the Government, one at 10 a. m. on Tuesday, the 8th inst.,
on the ginning up to Dec. 1st, and the other at 1 p. m. on
Wednesday, the 9th inst., giving the Government's idea
as to the size of the crop. To-day prices declined, with
receipts liberal, Liverpool spot sales only 3,000 bales, and
some pressure to sell for both sides of the account, especially
on January, May and October, including, it is understood,
rather heavy sales by Wall Street bulls. Spot cotton has
been quiet. Middling uplands closed at 9.35c., a decline
for the week of 10 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
o 4
c
c., ti g
g ',ti L.
_
Total.
Dix. 4 at643 48,301 265,025
New'Orleans__ 11,223 7,571 11,646 17,218
Galvseton __-- 57,792 42,146 45,020 28,166 4.483 177,607 114,063
6,275 1,478 3,039
1,300 12,092 130,635
Savannah
28,013
2,000 2,000
Charleston__
49,063
22,030
2,800
1,246
8,000
9,984
Mobile
23,744
20,243 24,243
4,000
Norfolk
95,327
6,100
600 1,200 2,800
1,500
New York_ - __
29,430
62,000
30,000 4,000
Other ports-__ 28,000
---- - -----Total 1908.... 112,499 64,592 90,590 55,223 31,469 354,373 744,300
Total 1907_ 63,209 52,459 70,897 34,088 41,152 261,805 573,863
Total 1906-- 131,094 75,099 63,809 41,683 50,657 364,342 873,944
1907
1906
1905
1904
1903
1902
1901
1485
THE CHRONICLE
Duo. 5 1908.1
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•
lk
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 4Stock at Liverpool
Stock at London
Stock at Manchester
1908.
bales. 538.000
10.000
37,000
1907.
683,000
17,000
51,000
1906.
522,000
8,000
36,000
1905.
807.000
16,000
43.000
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
866,000
13,000
308,000
177,000
2,000
7,000
29,000
2,000
592,000
375.000
421,000
538,000
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
1 177,000 1,126,000 987,000 1,404,000
Total Europe n stocks
75,000
87.000
60,000
43,000
India cotton afloat for Europe__ _
936,750 966,785 671,000
American cotton afloat for Europe1,009.462
53,000
82,000 116,000
Egypt,Brazil,&c.,afloat for Europe 68,000
233,000 195,000 195,000 157,000
Stock In Alexandria, Egypt
481,000
370,000
310,000
174,000
India
Stock in Bombay.
1,098,673 835,668 1,238,286 1,258,551
Stock In U. S. ports
846,344 496,434 641,357 702,965
Stock in U.S. Interior towns
64,180
62,958
28,660
75,813
U. S. exports to-day
4,742,292 4,053,512 4,664,386 4,866.696
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales. 437,000 576,000 440,000 698,000
Liverpool stock
37,000
29,000
39,000
32,000
Manchester stock
544,000 293,000 376,000 502,000
Continental stock
671,000
966.785
1,009,462
936,750
Europe
American afloat for
1.098,673 835,668 1,238,286 1,258,551
U.S. port stocks
e46.344 496,434 641,357 702,965
U.S.Interior stocks
64,180
62,958
28,660
75,813
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
4.043,202 3,205,512 3.754,386 3,933,696
101,000
10,000
5,000
48,000
60 .000
68,000
233.000
*174,000
107,000
17,000
12,000
82,000
43,000
82,000
195,000
310,000
82,000
8,000
7,000
45,000
87,000
116,000
195.000
370,000
109,000
18,000
6,000
36,000
75,000
53,000
157,006
481,000
699,000 848,000 910,000 933,000
4,043,292 3,205,512 3,754,386 3,933,696
4,742 292 4,053,512 4,664,386' 4.866,606
Total visible supply
6.42d.
5.96d.
4.97d.
6.35d.
Middling Upland, Liverpool
12.60e.
10.95c.
12.05c.
9.35c.
Middling Upland, New York__ __
1014d.
Egypt, Good Brown, Liverpool__ I 1-16d. 10 9-16d.
9.00d.
6.95d.
7.90d.
11.75d.
Peruvian, Rough Good, Liverpool
5%d.
55id.
43(d. 5 13-16d.
Broach, Fine, Liverpool
4 11-16d. 5 7-16d. 6 9-16d. 5 11-16d.
TInnevelly, Good, Liverpool
*Revised and corre2ted.
2,100 2,100
500
500
1,600 1,600
500
500
4,700 4,700
Continental imports for the past week have been 151,000
bales.
The above figures for 1908 show an increase over last
week of 334,227, bales, a gain of 688,780 bales over 1907,
an increase of 77,906 bales over 1906, and a loss of 124,404
bales from 1905.
1486
THE CHRONICLE
LVoL. Lxxxvn.
Movement to December 4 190S. - 11 Movement to December 6 1907.
AT THE INTERIOR TOWNS the movement-that is,
QUOTATIONS FOR MIDDLING COTTON AT OTHER
the receipts for the week and since Sept. 1, the shipments MARKETS.-Below are the closing
quotations of middling
for the week and the stocks to-night, and the same items cotton at Southern and other pr;ncipal
cotton markets for
for the corresponding period for the previous year-is set each day of the week.
out in detail below.
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The above totals show that the interior stocks have increased during the week 25,364 bales and are to-night 349,910
bales more than at the sam3 time last year. The receipts
at all the towns has been 106,118 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing
the overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows:
December 4ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total grass overland
Deduct shipmentsOverland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
Total to be deducted
-1908 Since
Week. Sept. 1.
36,081
238,451
14,683
149,914
1,049
3,442
3,558
31,821
2,460
17,260
5,698
56,113
17,784
91,674
Week.
13,714
6,515
654
2,184
1,519
2,476
11,943
Since
Sept. 1.
122,029
56,691
3,217
20,477
11,485
23,176
50,737
82,213
588,675
39,005
287,812
9,610
2,215
854
52,921
18,142
13,650
5,043
4,674
1,916
26,805
23,787
1907
26,141
12,679
84,713
11,723
78,733
Leaving total net overland*- -69,534
503,962
27,282
211,079
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 69,534 bales, against 27,282 bales for the week
last year, and that for the season to date the aggregate
net overland exhibits an excess over a year ago of 292,883
bales.
------1908---1907
•
In Sight and Spinners'
Since
Week. Sept. 1.
Receipts at ports to Dec.4
4,826,029
457,544
Net overland to Dec. 4
503.962
69.534
Southern consumption to Dec. 4-- - - 48,000
582,000
PrTotal marketed
575,078 5,911,991
Interior stocks in excess
731,419
25,634
Came into sight during week
600,712
Total in sight Dec 4
6,643,410
North'n spinn's takings to Dec. 4- - -100,440 1,047,714
Since
W ek.
Sept. 1.
367,134 3,667,116
27,282
211,079
48,000 676.000
442,416 4,554,195
29,542 415,851
471,958
41,886
4,970,046
583,261
Movement into sight in previous years:
Week1906-Dec. 7
1905-Dec. 8
1904-Dec. 9
1903-Dec. 11
Bales.
574,885
436,111
495,454
466,284
Since Sept. 11906 Dec. 7
1905-Dec. 8
_
1904 Dec. u
1903 Dec. 11
Bales.
6,263,857
5,844,270
6,658,270
5,775,450
JUTE BUTTS, BAGGING, ETC.-The demand for bagging during the week under review has been light, with
prices nominally unchanged, ruling at 7 cents per yard for
2-lb. domestic bagging and 63 cents per yard for re-woven
and inferior foreign. Jute butts dull at 2@3 cents per lb.
for bagging quali y.
Sat'day. 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-- - -
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Closing Quotations tor Middling Colton on-
Week endingDecember 4.
9 1-16
9
9
8'%
8'%
8%
9 1-16
9.45
9%
9.70
9 1-16
0 5-16
9 1-16
9
9
9
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9 •
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9.45
9.60
9
9 5-16
9
9
9
8 15-16
8%
8%
8%
8%
9
9.35
9%
9.60
9
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9
8%
8%
8%
8%
8%
9
9.35
9%
9.60
9
9
9
9
8%
8 11-16
83-1
8 11-16
9
9.35
9%
9.60
95,g
9 1-16
8%
9
8%
9.35
9%
9.60
9 1-16
9
9 3-16
9
8 11-16
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:
-NovemberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
FebruaryRange
Cl sing
MarchRange
Closing
AprilRange
Closing
MayRange
Closing
JuneRange
Closing
JulyRange
Closing
OctoberRange
Closing
ToneSp2t
Options
Sat'day, Monday, Tuseday, Wed'day, Thursd'y,
Nov. 28. Nov. 30. Dec. 1. Dec. 2. Dec. 3. Friday,
Dec. 4.
_ a __ a __ a __ a __ a __ a 8.86 -8.85-.89 8.73-.83 8.68-.77 8.69-.79
®8.85-.87 8.75-.77 8.71-.72 8.78-.79 8.76-.78
8.87-.91 8.74-.88 8.68-.77 8.70-.79 8.79-.84
8.87-.88 8.77-.78 8.74-.75 8.79-.80 8.78-.70
_ a __ a -------8.84-.86 8.76-.78 8.80 * 8.83-.85 8.8-0 *
8.68-.71
8.67-.68
8.68-.75
8.60-.70
8.69 *
8.95-.00 8.82-.97 8.75-.84 8.75-.85 8.84-.91 8.74-.81
8.95-.06 8.84-.85 8.80-.81 8.84-.85 8.84-.85 8.74-.75
_ a __ a __ a __ a __ a __ a 8.98-.99 8.8/-.89 8.83 * 8.8/-.89 8.86 * 8.76 *
9.02-.05 8.89-.02 8.82-.89 8.81-.91 8.89-.98 8.78-.85
9.02-.03 8.91-.92 8.86-.87 8.91-.92 8.89-.00 8.70-.80
_ a __ a __ a __ a __ a __ a 9.04-.06 8.94-.96 8.88 * 8.03-.95 8.90 * 8.81 *
9.07-.12 8.96-.07 8.90-.95 8.89-.99 8.98-.04 8.86-.91
9.07-.08 8.97-.99 8.93-.94 8.99-.00 8.97-.98 8.86-.87
- @ - 8.67-.70.55 8.48-.55 8.56-.59 8.45-.50
--- 8.66 - 8.50-.54 8.55 - 8.55-.56 8.45-.46
Quiet.
Easy.
Quiet.
Quiet.
Steady. Steady. Steady. Steady.
Easy.
Quiet.
Easy.
Steady.
mi.
WEATHER REPORTS BY TELEGRAPH.-Our advices this evening by telegraph denote that on the whole
quite favorable weather has prevailed during the week, although at some points picking, where not already completed,
has been interrupted by rain. The movement of the crop
to market has continued very free.
Galveston, Texas.-We have had sho .vers on two days
during the week, the precipitation being fifteen hundredths
of an inch. Average thermometer 60, highest 74, lowest 46.
Month's rainfall 1.28 inches.
Abilene, Texas.-We have had rain on one day during the
week, to the extent of sixty-eight hundredths of an inch.
The thermometer has averaged 43, the highest being 64 and
the lowest 22. November rainfall 2.41 inches.
Corpus Christi, Texas.-Rain has fallen on two days of the
week, the precipitation reaching thirty-four hundredths of an
inch. The thermometer has averaged 61, ranging from 46
to 76. Month's rainfall .57 inch.
Fort Worth, Texas.-We have had rain on one day of the
week, the precipitation reaching one inch and twenty-eight
hundredths. The thermometer has ranged from 20 to 70,
averaging 45. November rainfall 2.05 inches.
Palestine, Texas.-We have had rain on two days of the
week, the precipitation being forty-two hundredths of an
inch. Average thermometer 56, highest 80 and lowest 32.
Month's rainfall 1.07 inches.
San Antonio, Texas.-We have had rain on one day of the
week, to tlie extent of eighteen hundredths of an inch.
The thermometer has avera ed 60, the highest being 80 and
the lowest 40. November rainfall 2.61 inches.
Taylor, Texas.-There has been rain on two days during
the week to the extent of one inch and seventy-two hundredths. The thermometer has averaged 58, ranging from
32 to 84. Month's rainfall 2.41 inches.
Helena, Arkansas.-We have had heavy rain on two days
the past week, the rainfall being two inches and forty hundredths, and interrupting the gathering of the crop. Average thermometer 47, highest 73, lowest 26. November rainfall five inches and forty-one hundredths.
Little Rock, Arkansas.-Rain has fallen on two daysduring
the week, the precipitation reaching one inch and forty-four
hundredths. The thermometer has averaged 50, the highest
being 72 and the lowest 28.
New Orleans, Louisiana.-We have had no rain during the
week. The thermometer has averaged 64.
Shreveport, Louisiana.-It has rained on three days of
the week, to the extent of two inches and twenty-nine hundredths. Average thermometer 54, highest 75, lowest1132.
'Nom
THE CHRONICLE
DEC. 5 1908.1
Vicksburg, Mississippi.-There has been rain on three
days of the week, the precipitation reaching ninety-one hundredths of an inch. The thermometer has ranged from 32
to:80, averaging 59.
Memphis, Tennessee.-We have had rain on three days
during the week, to the extent of two inches and twentynine hundredths. The thermometer has averaged 47, ranging from 25 to 73.9.
Mobile Alabama.-It has rained on three days of the week,
to the extent of fifty-twdilundredths of an inch. Average
thermometer 66, highest 80 and lowest 36.
Montgomery, Alabama.-There has been rain on two days
of the week,the precipitation reaching thirty-four hundredths
of an inch. The thermometer has averaged 61, the highest
being 82 and the lowest 33. Month's rainfall one inch and
•.
eighty-eight hundredths.
Selma, Alabama.-Rain has fallen on two days of the week,
the precipitation reaching one inch. The thermometer has
averaged 57, ranging from 29 to 79.
Augusta, Georgia.-We have had rain on two days during
the week, the rainfall being thirty-eight hundredths of an
inch. Average thermometer 60, highest 78, lowest 34.
Savannah, Georgia.-The thermometer has averaged 59,
the highest being 79 and the lowest 39.
Charleston, South Carolina.-Rain ha!s fallen to an inappreciable extent on one day of the week. The thermometer
has averaged 58, ranging from 38 to 78.
Charlotte, North Carolina.-Rain has fallen on one day
during the week, to the extent of thirty-five hundredths of
an inch. The thermometer has averaged 53, the highest
being 72 and the lowest 53.
The following statement we have also received by telegraph, showing the height of rivers at the points named
at 8 a. nr. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above
Above
Above
Ab ye
Above
zero
zero
zero
zero
zero
Dec. 4 1908.
Feet.
3,3
of gauge..
6.0
of gauge
of gauge
7.5
of gauge_
4.5
7.1
of gauge_
Dec. 6 1907.
Feet.
4.8
13.1
9.4
5.8
13.5
INDIA COTTON MOVEMENT FROM ALL PORTS. .
,December 3.
1908.
1907.
1006.
Receipts at-
Since
Week: Sept. 1
Since
Week. Sept. 1.
Week.1 SS
egc ei.
43.000
Bombay
181.000 49.000
236,000 82,000, 303,000
Since September 1.
For the Week.
Exports from
Continent.
Total.
2,069
5,000
93,000
109,000
156,000
93,000
111,000
161.000
4,000
2,000
1,000
9,000
8,000
12,000
2,000
5,000
1,000
7,000
16,000
6,000
13,000
9,000
13,000
•
9,000
21,000
7,000
4,000
9,000
3,000
4,000
6,000
2,000
48,000
35,000
41,000
52,000
41,000
43,000
-------
3,000 10,000 13,000
2,000 14,000 16,000
1,000 19,000 20,000
10,000
14,000
9,000
157,000
168,000
215,000
167,000
182,000
224,000
Great ContiBritain. nent.
Bombay1908
1907
1906
Calcubta1908
1907
1006
Madras1,008
'1907
1906
All others1908
1907
1906
Great
Britain.
Total.
8,000 s,000
1,000 5,000 6,000
1,000 16,000 17,000
1,000
1.000
1,060
2,000
1,000
Total all1908
1907
1906
2,000
8,000
3,000
ALEXAND IA RECEIPTS
Alexandria, Egypt,
December 2.
Receipts (cantars)This week -----Since Sept. 1
AND SHIPMENTS.
1908.
1907.
1906.'
430,000
2,604,085
360,000
3,520,687
360,000
3,430,304
This Since
This Since
This Since
week. Sept. 1. week. Sept. 1. week. Sept. 1.
-11,5001 52,200 8,000 93,991 0,500 93,239
.18,587 0,000 80,707 6,500 69,148
9,500 80,656 13,750 101,248 15,500 106,227
3,750 14,412 4,000 16,442
_
13,382
Export (bales)To Liverpool
To Manchester
To Continent
To America
24,750 185,855 34,750 292,388 31,500 281,996
Total exports
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market continues quiet for both yarns and shirtings. The demand
for both yarn and cloth is poor. We give the prices
for to-day below and leave those for previous weeks of
this and last year for comparison.
1908.
32s Cop
Twist.
d. s.d.
Oct.
23 8%
30 8%
Nov
6
13 8X
20 8
27
Dec.
4 734
1907.
83-( lbs. Skirt- Corn
ings, common
to lines:.
Uprs
s. d.
• 93( 5 1 08 6
O 951 5 1%08 6
O
O
O
•
9% 5
9 5
8% 4
8,4 4
1 08 6
0 08 6
10348.8 6
10 08
32s Cop
Twist.
d. s. d.
d.
s. d.
d.
5.04 10 7-160 11% 6 2 @100
4.99 109-160 11% 6 1340 9 11
6.19
5.93
5.00 1034 0 11% 6 1 09 10
5.05 10% 0 11% 6 1 @9
5.07 10X 0 1134 6 1 09 8
5.08 10%
1134 6 134(19 734
5.91
5.87
6.00
6.18
• 814 4 9 08 41,4 4.97 101.4
831 lbs. Shirt- Corn
togs. common
Um's
to lines:.
611
114 6
1 1409
0.35
1487
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and since
Sept. 1, for the last two seasons, from all sources from which
statistics are obtainable, also the takings, or amounts gone
out of sight, for the like period.
Cptton Takings.
Week and Season.
1907.
1908.
Season.
Visble supply Nov. 27.
3,837,546
4,408,065
Visible supply Sept. 1
1,714,982
2,291,844
American in sight to Dec. 4.._
600,712 6,643,410 471,958 4,970,046
Bombay receipts to Dec. 3
181,000
49,000
326,000
43,000
Other India ship'ts to Dec. 3.._ _
74,000
10,000
5,000
71,000
Alexandria receipts to Dec. 2_ _ _
47,000
359,000
469,000
57,000
Other supply to Dec.2 *
10,000
94,000
10,000
116,000
Week.
Total supply
Week.
Season.
5,123,777 9,066,392 4,425,534 8,153,890
DeductVIsIblesupply Dec. 4
4,742,272 4,742,292 4.053,512 4,053,512
381,485 4,324.100
380,485 3,577,100
a1,000
747,000
Total takings to Dec 4
Of whch American
Of which other
371,992 4,100,378
306,992 3.100,378
65,000 1,000,000
-*--Embraces rceelpts in Europe from Brazil. Smyrna, West Indies. &c.
aSmall takings. due to revision of stock at Bombay.
FALL RIVER MILL DIVIDENDS IN 1908.-The compilation showing the total dividend disbursements by the
Fall River cotton mills, omitted from last week's issue,
is appended.
Years
1908 and 1907.
Capital.
American Linen Co_
Ancona Mills
Arkwright Mills
Barnard Mfg. Co__ _
Border City Mfg. Co_
Bourne Mills
Chace Mills
Conanicut Mills
I
Cornell Mills
I
Days M us
Davol Mills
1
Flint Mills
Granite Mills
Hargraves Mills
King Philip Mills
Laurel Lake Mills
Luther Mfg. Co
Mechanics' Mills_ _ _ _
Merchants' Mfg. Co_
Narragansett Mills I
Osborn Mills
Parker Mills
Pocasset Mfg. Co
Rich.Borden Mfg.Co.
Sagamore Mfg. Co
Seaconnet Mills
Shove Mills
Stafford Mills
Stevens Mfg. Co__
Tecumseh Mills
Troy Cotton & Wool.
Mfg. Co
Union Cot. Mfg. Co_
Wampanoag Mills Weetamoe Mills
Total
$
800,000
300,000
450,000
495,000
1,000,000
1,000,000
1,200,000
300,000
400,000
500,000
500,000
580,000
1,000,000
800,000
1,500,000
600,000
350,000
750,000
1,200,000
400,000
750,000
800,000
1,200,000
1,000,000
900,000
600,000
550,000
00,000
10
7000
Dividends 1908. Dividends 1907. Inc.(+)
or
Amount. Dec.(-).
Amount.
6
6
6
7
53-4
8
5
11
6
6
8
8
6
6
13
134
634
8
6
6
6
13
12
4X
6
6
11-4
750,000 934
88,000 -40,000
48,000 11
12,000 -6,000
6,000 al2
27,000
27.000 6
34,650
34,650 7
55,000 233-4 235,000 -180,000
50,000 -10,000
40,000 5
73,500 +22,500
96,000 63.4
18,000 -3,483
14,517 6
44,000 16
64,000 -20,000
300,000 6
30,000
+6,000
30,000 6
24,000
46,400 12
69,600 -23,200
80,000 10
100,000 -20,000
48,000 53,6
44,000
+4,000
90,000 6
90,000
78,000 11
60,000 4-18,000
10,500 No dividend
+10,500
52,500 --3,750
48,750 7
72,000 6%
50,000 +22.000
32.000 1134
46,000 --14,000
41,250
45,000 536
4-3,750
44,000
4-4,000
48,000 53.4
54,000 4-18,000
72,000 6
185,000 --55,000
130,000 20
270,000 --162,000
108,000 30
9,000 4-18,000
27,000 131
24,750
+8,250
33,000 43-4
4-5,000
55,000
60,000 53-4
4
40,250 --29,750
10,500 55/
71,250 1434 108,750 --37,500
1,32000:00000
00
21
6
750,000 4
500,000 631
63,000 67
72,000 3534
30,000 4
32,500 6%
201,000 --138.000
426,000 --354,000
30,000
34,375 --1,875
25,125,000 6.90 1,733,067 11.09 2,691,625 --958,558
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:
bales
Gross overland for November
Gross overland for 3 months_
Net overland for November
Net overland for 3 months
Port receipts In November
Port receipts In 3 months
Exports in November
Exports In 3 months
Port stocks on Nov. 30
Northern spinners' takings to Dec. 1
Southern consumption to Dec. 1
Overland to Canada for 3 months (included In net overland)
Burnt North and South In 3 months- -- Stock at North. Interior markets Dec. 1_
Came in sight during November
Amount of crop In sight Dec. 1
Came in sight balance of season
Total crop
Average gross weight of bales
Average net weight of bales
1906.
1908.
1907.
325,714
538,437
278,564
459,456
1,862,286
4,540,973
1,348,290
3.150,422
1,032,322
993,382
550,000
164,820
258,195
125,170
190,018
1,524,292
3,381,870
1,254,058
2,500,318
808,598
541,466
636,000
236.000
357,777
200,971
301,818
1,743,073
4,265,197
1,313,696
2,886,083
1,150,131
708,418
611,000
26,998
20,345
31,606
10,121
17,737
10,768
2,528,850 1,921,462 2,368,003
6,265,429 4,597,888 5,688,972
6,983,941 7,861,788
11,581,829 13,550,760
521.65
515.53
519.56
492.53
496.56
499.15
COTTON CROP ESTIMATES.-Estimates on the cotton
crop of 1908-09 have -been made by Cotton Exchanges and
firms as follows:
New York.-Announcement was made on the Cotton
Exchange on Tuesday that the average estimate of 170
members of the Exchange placed the present cotton crop
at 13,321,000 bales, the highest estimate being 14,650,000
bales and the lowest 12,400,000 bales.
Messrs. R. A. Lee & Co. of Charlotte, N. C., have made
public their estimate of the cotton crop of 1908-09, the total
reached being 12,396,800 bales.
Messrs. Dick Brothers & Co. estimate the crop at 12,992,000 bales.
Messrs. A: Norden & Co.'s estimate is 14,000,000 bales.
Messrs. Edward Moyse & Co. estimate the crop at 13,
400,000 bales.
The South Carolina Commissioner of Agriculture estimates
it at 12,551,086 bales.
Mr. Charles C. Cowan says 12,750,000 bales maximum.
14S8
THE CHRONICLE
Messrs. Arthur Lipper & Co. put the crop at 12,805,000
bales maximum.
Mr. W. P. Brown of New Orleans estimates it at 12,675,
000 bales.
The Memphis Cotton Exchange average estimate is 13,027,000 bales.
The Liverpool Cotton Exchange members'average estimate
is 13,349,000 bales.
Messrs. Logan & Bryan put the crop at 12,863,000 bales.
Mrs. B. J. Burch makes the crop 12,880,000 bales, not
including linters.
Messrs. S. B. Chapin & Co. put it at 12,630,000 bales.
Mr. R. Larmour Neill's estimate is 13,365,000 bales.
Mr. Henry Neill's says 13,550,000 bales.
Miss Giles figures it at 12,875,000 bales.
Memphis Cotton Exchange average estimate is 13,041,477
bales.
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 366,312 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
FoL. Lxxxvii.
The prices are given in pence and 100ths.
Thus: 4 77 means 4 77-100d.
Mon.
Sat.
Tues.
Fri.
Thurs,
Wed.
Nov. 28
12% 12% 12% 4 12% 4 11214 4 1214 4 l24 4
to
De,. 4 p.m. Pm. P.m. P.m. u.m. P.m. P.m. P.m. P.m. p.m. P.m. P.m.
d.
Nov _
I__ _ _
Nov.-Dec. _ _ _ _
Dec.-Jan_
Jan.-Feb_
Feb.-Mch. _
Mch.-Apr. _ _ _ _
Apr.-May
__
__
May-June
June-July
July-Aug.
Aug.-Sept _
Sept.-Oct. ____
Oct.-Nov.
Nov.-Dec.
Dec.-Jan_
Jan.-Feb_
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
4 903i
4 77 78 74 70 72- n
- -- 7031 7531 7631 71 68
4 75% 76 71% 67% 60% 69% 69 73% 75 70% 6734
4 75% 76% 71% 67% 69% 69% 69 73% 75 71
69
4 75% 76% 71% 67% 69% 69% 69 73 74 70% 69
4 76 76% 71% 67% 6931 69 68% 73 73% 70 68%
4 76% 77 72% 68% 70 69% 69 73% 74 701.6 69
4 77% 77% 73 69 70% 70 70 74 74 71 69%
4 77% 78 73 69 70% 70 70 74 74 71 6931
4 76% 76% 72 68 69% 69 69 73 73 70 68%
4 71% 71% 67 63 6431 64 64 68 68 64 63
4 65% 66 62% 58% 59 59 59 63 63 59 58
61% 58 54 54% 54% 55 58% 5731 55 53%
4 61
53 53 52% 53 57
56 53% 51%
52 52% 52 52% 56% 55% 53 51
5131 52 152 52% 56 55 52% 51
BREADSTUFFS.
Friday, Dec. 4 1908.
Prices for wheat flour have shown a tendency to advance
of late, owing mainly 'to the rise in wheat. The demand
however, has been on such a restricted scale that whatever
changes have occurred during the week have been to a large
extent nominal. New business at the large Northwestern
milling centres has fallen off, but there have been liberal
withdrawals on old orders and the output of the mills has
continued large. Export business everywhere in this country has been rather quiet. Rye flour and corn meal have
been quiet and firm.
Wheat has felt the stimulating effects of lighter receipts.
Also bullish reports about the crop in Argentina have been
received. The Kentucky State report, too, has been of a
kind to encourage the belief that, from one cause oranother,
the next winter-wheat acreage is likely to be Ireduced, and
for the whole winter-wheat belt a report has been circulated
that the condition is only about 79%,and that the acreage,
which last year amounted to 31,000,000 acres, does not now
look like much over 27,600,000. This idea of the situation
is here merely given for what it is worth, and solely because
it has unquestionably had some effect on market prices.
Other bullish factors have been rather bullish reports from
Russia and Germany. The Argentine Minister of Agriculture estimates the yield in that country as 10% smaller than
that of last year. The export demand in this country has
on the whole been pretty liberal. Reports are persistent.
especially from the Southwest, that a large reduction in the
acreage is inevitable. The receipts at the Northwest and
also at the Southwest have been small,and those at Winnipeg
have latterly shown a suggestive falling off. At some points
in the American Northwest of late they have been only about
half what they were a year ago. Cash markets have betn
very strong. On the' other hand, it is in some sense a
"cliqued" market. Certain large interests at the West are
believed to be heavily "long," and advances in futures have
at times had a suggestion of artificiality. The visible supply
is certainly larger than it was a year ago and yet the price
is higher than then. Some, too, attribute
the decreased
receipts to bad weather. It is charged that gloomy reports
about the winter wheat outlook are in some cases much exaggprated. European markets have latterly shown a disposition to take the bullish reports of one kind or another
with a grain of salt. Certainly, European prices of late have
been disappointing to bulls. Nevertheless, factors working
Total
366.282 for better prices have on the whole been dominant. To-day
LIVERPOOL.-By cable from Liverpool we have the fol- prices advanced on better cables than had been expected,
lowing statement of the week's sales, stocks, &c.,at that port: continued light receipts, bullish crop reports, bull support
and commission-house buying.
Nov. 13.
Nov. 20.
Nov. 27.
Tota bales.
NEW YORK-To Liverpool-Nov. 27-Baltic, 2,860 upland, 190
Sea Island, 104 foreign; Pannonia, 1,590-Dec. 2-.Georgic,
3,530 upland, 116 foreign
8,390
To Manchester-Nov. 30-Calderon, 2,530
2,530
To Havre-Nov. 27-Texas, 1,455 upland, 25 Sea Island...- 1.480
To Barcelona-Dec. 3-Victorious, 2,050
2,050
, To Naples-Nov. 27-Republic, 500
500
GALVESTON-To Liverpool-Nov. 26-Commodore, 13,690._
Nov. 27-Engineer, 14,053_ _ _Nov. 28-Ikbal, 13,247...
Nov. 30-Santanderino, 7,259___Dec. 2-Californian. 15.927._ _Dec. 3-Yucatan,4,306
68,482
To Manchester-Nov. 28-Asuncion de Larrinaga, 10,239._
Dec. 1-Ventura de Larrinaga, 10,283
20,522
To London-Nov. 30-Bergenhuus, 971
971
To Havre-Nov. 28-Mohawk, 11,380
11,380
To Bremen-Nov. 28-Chemnitz. 11,057; St. Egbert,
Nov. 30-Folgate,7,612; Helgoland, 8,837_ Dec. 1-CorInthla, 10,433
47,729
To Hamburg-Nov. 28-Schwarzburg,995_ _..Dec. 2-Kariba,
1,077
2,072
• To Rotterdam-Nov. 27-Lord Downshire, 600
600
To Antwerp-Nov. 27-Hornby Castle, 4,515
4,515
To Barcelona-Nov. 27-Fert, 2,960
2,960
To Genoa-Nov. 27-Fert, 7,314
7,314
PORT ART HUR-To Bremen-Nov. 30-George Pyman, 6,461_
6,461
NEW ORLEANS-To Liverpool-Nov. 30-Comedian, 10,482-;
Memphlan, 14,233; Senator, 8,350_ __Dec. 3-Tamplean,
10,000
43,065
To Belfast-Dec. 1-Torr Head, 6.575
6,575
To Glasgow-Dec. 1-Crown of Galicia, 659
659
To Havre-Nov. 30-City of Delhi. 11,000._ _Dec. 1-Crown
of Galicia, 7,920
18,920
To London-Dec. 2-Asian, 2,500
2,500
To Hamburg-Dec. 3-Seville, 1,742
1,742
To Malaga-Nov. 28-Miguel M. Pln111 s, 1,000
1,000
To Oporto-Nov. 28-Miguel M. PlnIllos, 2,600
2,600
To Santander-Nov. 28-Miguel M. PlnIllos, 100
100
To Pasages-Nov. 28-Miguel M. PlnIllos, 175
175
To Genoa-Dec. 3-Agnello Clampa, 8,000
8,000
MOBILE-To Havre-Nov. 27-CIIIcla, 9,751
9,751
To Hamburg-Dec. 2-LlangIbby, 4,768
4,768
PENSACOLA-To Manchester-Nov.30-Gloria de Larrinaga,1,700 1,700
To Havre-Nov. 28-Barkston, 8,000
8,000
To Venice-Nov. 27-Teresa, 200
200
SAVANNAH-To Llverpool-Dec. 3-Strathallan, 12,256
12,256
To Bremen-Nov.28-Nora, 11,483_ _ _Dec.3-Voorburg,4,900 16,383
To Antwerp-Dec. 1-Thimbleby, 400
400
To Riga-Dec. 1-ThImbleby, 200... Dec. 3-Voorburg, 350_
550
BRUNSWICK-To Liverpool-Dec. 3-Sheikh, 10,754
10,754
.WILMINGTON-To Havre-Dec. 1-BenedIck, 8,731
8,731
BOSTON-To Llverpool-Nov. 28-Sachem, 1,095..Nov. 30Ivernla, 1,897_ _ _Dec. 1-Bohemian, 1,142
4,134
BALTIMORE-To Liverpool-Nov. 27-Ulstermore, 2,050
2,050
To Havre-Nov. 26-Fltzclarence, 700
700
To Antwerp-Nov. 26-Fitzclarence, 200,....Nov. 30-Minnesota, 500
700
To Hamburg-Nov. 26-Bethanla, 500
500
To Copenhagen-Nov. 21-Pennsylvania, 100
100
To Rotterdam-Nov. 23-Daltonhall, 400
400
PHILADELPHIA-To Liverpool-Nov.27-Haverford, 2,100.... 2,100
To Manchester-Nov. 27-Manchester Corporation, 100
100
To Copenhagen-Nov. 10-Dania, 100
100
SAN FRANCISCO-To Japan-Dec. 1-Mongolia, 6,621
6,621
TACOMA -To Japan-Dec. 1-Antlochus, 2,022
2,022
bales.. 50,000
Sales of the week
Of which speculators took__ 1,000
Of which exporters took.... 1,000
41,000
Sales, American
5,000
Actual export
84,000
Forwarded
455,000
Total stock-Estimated
Of which American-Est_ _ _348,000
Total imports of the week_ _....134,000
120,000
Of which American
350,000
Amount afloat
308,000
Of which American
56,000
1,000
1,000
41,000
5,000
79,000
484,000
381,000
112,000
102,000
370,000
325,000
59,000
4,000
1,000
48,000
3,000
84.000
547,000
448,000
150,000
135,000
430,000
375.000
Dec. 4.
47,000
1,000
1,000
42,000
9,000
85.000
538,000
437,000
85,000
63,000
556,000
499,000
DAILY CLOSING_PRICESOF WHEAT FUTURES IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
11431
114
No. 2 red winter
114
11234 11234 114
December delivery In elevator
11334 11331 11431 11531 1143<( 115
11634
May delivery In elevator
11431 11434 115% .11611 116
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator
1039-1 10334 10534 10534 10591 10534
110 , 11031
10931 110
May delivery in elevator
10834 108
July delivery In elevator
10194 1019.4 10234 10334 10314 10394
Indian corn futures have shown irregularity within
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of narrow limits. Early in the week prices were inclined to
sag under reports of larger country offerings, expectations of
spot cotton have been as follows:
increased receipts, commission-house liquidation in December
gaturday. Monday. Tuesday. Wed'day. Thursday. Friday.
Spot.
and selling by elevator concerns at the West. But of late
prices have been strengthened by the rise in wheat and the
Market, 1
Quiet.
Quiet.
fact that the receipts,instead of increasing, have actually
Quiet.
12:15 I
Quiet.
Dull.
Dull and
P. M. 1
easier.
decreased, owing to light country acceptances and unfavorable weather in many sections. Southern exporters
5.11
Mid.Uprds
5.09
5.02
4.98
4.98
4.97
have bought more freely of late. To-day prices were
12000
6,000
12,000
6,000
0,000
Sales
3,000
firmer in the main on wet weather in some sections, light
300
300
200
500
500
Spec.&exp.
100
farm offerings,. buying by cash interests and covering of
Steady, St'dy,unch. Quiet at Steady at Steady at Quiet at
Flaille3.
shorts. The cash demand was better.
1 point 203 pts. 3 points
Market "I 1 point
to 1 pt. 102 pts.
opened
I
decline.
decline.
Market, 1 Qulet.unch. Easy at
i to 2 pts.
4
3©41i
P. M. I decline.
pts. dec.
decline.
decline,
advance.
Steady at St'y at I% Quiet at
pt. deo. to 23@)6
2033
pts. dec. si pt• dec. pts. adv.
decline.
Easy at
4 to 83
pts. dec.
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.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
Cash corn
7014
7134 71
7034 7034 70
December delivery In elevator
72
70% 70%_,
71% 71% 70
May delivery In elevator
71
7031 70% 7031 7031 70A
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
6131
December delivery in elevator
6231 6231 6131 61
61
May delivery In elevator
6231 6231 6231 6231 6331 633-4
delivery In elevator
6231 6231 0234 6231 6231 621i
1489
THE CHRONICLE
DBO. 5 1908,1
Oath for future delivery in the Western market have been
stronger in the main, owing to the rise in wheat and brisk
buying of late by prominent cash interests. Moreover, the
receipts have fallen to very small proportions, while at the
same time there has been a noteworthy increase in the
shipping demand at Chicago from the East and cash prices
there have advanced. Commission houses have bought
moderately and there has been more or less covering of
shorts, due to the small receipts. To-day prices advanced
on small offerings and receipts, a good demand from commission and cash houses, an advance in cash prices and
covering of shorts.
DAILY CLOSING PRICES OF OATS IN NEW YORK
Wed.
Frt.
Thurs.
Mon.
Tues.
Sat.
No. 2
53;.4-54
54-54% 54%-55
53%-54
53%-54
mixed _ 53%-54
White
clipped,
34 to 36
56-59
56;4-593
_553,5-5834 55%-58% 553--583 55%-58%
lbs
DAILY CLOSING PRICES OF OATS IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
50
48% 48% 48% 48% 49.
December delivery in elevator
52%
51% 52
51
50% 51
May delivery in elevator
46% 475 473
46% 46% 463.
July delivery in elevator
The following are closing quotations:
FLOUR.
$4 753'$4 90
$3 40 "@ $3 75 Kansas straights
5 300 --3 00 Q 3 50 Blended clears
6 00 :‘, 6 70
4 00 Q 4 25 Blended patents
3 60 .0 4 50
4 70 Q 4 80 Rye flour
2 50 @ 2 75
5 40 Q 5 85 Buckwheat flour
3 90 q 4 10
4 85 Q 5 10 Graham flour
$ 70Q 4 00
4 10Q 4 45 Corn meal
GRAIN,
c.
Corn (new), per bush.c.
Wheat, per bush.70%
No. 2 mixed
119%
N. Duluth, No. 1
Nominal.
No. 2 yellow
117%
N. Duluth, No. 2
Nominal.
white
2
No.
f.o.b.114%
2
No.
winter,
Red
,
119% Rye, per bush."
Hard "
76%
No. 2 Western
Oats, per bush.Nominal
Jersey
and
State
5314:513%
Natural white
6547,70
Barley-Malting
54% 055
No. 2 mixed
59@60
Feeding
Natural white clipped 56% u591,
For other tables usually given here, see page 1459.
Low grades
Second clears
Clears
Straights
Patent, spring
Patent, winter
Kansas clears
THE DRY GOODS TRADE.
brown cottons are being steadily called for, and the late advances have been well maintLineu. Wash goods show a
moderate improvement in the demand for spring, notably in
Western and Southern markets, which have been more active, comparatively, than Eastern markets; stock-taking
among Western merchants, however, is expected to check
the demand from that quarter for domestics during the next
two or three weeks. In some divisions of the lining market
trade has been well up to the recent average, but the market
generally is less active; buyers as a rule seem inclined now
to canvass the market pretty thoroughly before paying the
higher prices. Fine bleached cottons are in greater request,
with a firmer tendency, and staple prints continue in steady
demand for near-by and future delivery. Statistics of exports of cotton goods during October published during the
week were favorably commented upon, as the total exports
amounted to some 25,416,000 yards,an increase of more than
10,000,000 over October 1907,the shipments to China especially showing substantial gains. Recently the export market has ruled quiet; small lots of drills have been taken for
India, but China and Red Sea markets have been dull.
Regular print cloths have been advanced 1-16c.,to 3 7-16c.,
for first quarter 1909 delivery, and show a still firmer tendency. Standard wide- goods have been in moderate but
steady demand,and remain unchanged at 4Y4c.
WOOLEN GOODS.-In men's wear lines, serges and overcoatings, both for prompt and future delivery, have displayed considerable activity, particularly fancy overcoatings, which are reported as rather scarce. The advent of
cold weather has stimulated trade in this division. Certain
lines of staple and fancy overcoatings and serges have been
quietly shown for the next fall season,and a moderate amount
of business has been reported done preliminary to the forml
openings later on. Duplicate orders for spring goods are
still coming forward, though in somewhat smaller volume.
Popular dress goods are moving well, but demand for staples
is comparatively slow. Advances ranging from 2A to 5%
are being secured on duplicate orders of piece-dye worsteds
for spring. During the week one of the leading lines of
broadcloths was opened for fall 1909, at prices unchanged
from last season, and it is expected that other dress goods
for fall will be opened shortly.
FOREIGN DRY GOODS.-Imported worsted dress
goods,as well as fancy silks, have continued in good request.
There has been no abatement in the demand for linens for
spot and future requirements, and the question of supplies is
receiving more attention. A fairly good business has been
done in light-weight burlaps, but heavy-weighta have
dragged; 103 -ounce are quoted at 5.10c.
New York, Friday Night, Dec. 4 1908.
A fair volume of business has been transacted in most
d visions of the market during the past week, and prices in
some instances have ruled firmer. Demand for spot goods
has been well maintained, and on numerous lines, ordered
sometime ago for shipment during the next month or two,
jobbers are being asked to make earlier deliveries than the
original contracts called for; the call for holiday goods has
materially increased. New business put through on cotton
goods has been of moderate proportions, and while a steady Importations and Warehouse Withdrawals of Dry Goods.
distribution is going on in this quarter of the market,the rush
The importations and warehouse withdrawals of dry goods
to buy, which was a conspicuous feature recently, has been at this port for the week ending Nov. 28 1908 and since
less in evidence; buyers are apparently inclined to rest Jan. 1 1908, and for the corresponding periods of last year,
awhile and await developments, while sellers are firm and are as follows:
as a rule have shown little disposition to force business.
g
tg
14
Operations in the print cloth market tend to show that mills j• •
cn • .3 o'T "IOC)
c
▪
R,7=o
are well sold up into the early part of 1909,especially on regu- g
O• 817 ° 8
-4o
8
go .;
04
8
gCs
0
lars, which have been further advanced; the amount of P. nJ 04t:s
ca.•
g
a
0
oa
g
these goods available, even at the higher figure, is reported as if
g
8
limited, and another advance in price for first quarter de- tt '1
i
a
0E
livery would occasion little surprise. Woolen and worsted
4
8
9..
2.
2.
F.
i
E
04
goods have been somewhat more active. Increased interest
a
I
I
r.
E4
E
is being taken in the possible revision of the tariff on wool
v
✓
,
and manufactures thereof; the hearings in Washington dur4>
o
g
H
1.3
,
ing the past week developed a stronger agitation for revision
P
11
,
than many had anticipated, and it is now feared that discus- .Cl)-'
0
.0
.
A tO A, Cl
0 CO
sion of the subject may be more of a disturbing factor than .0
040 7
.
.41..4
1.110, 60..4.
ex.
IR
w.
C4 00.00
w
000
,
OD 00 004
c. O. NAOUN
had been expected. In men's wear, serges and overcoatings 0
A.00.1
.4.4 ONAWN
4
,
.40 N CM .4 Ca OD
H
show greater activity; in some lines of these a moderate
N
'
amount of business has been put through in a quiet way for
Ca
"iss en . N
CD CA
el o+ 3
1.1
.
CA 00 0.4 00
.0 -400AV
.o ▪ ca 4, in C4
fall, 1909, and the outlook for that season is reported as 0
O. N.-400
00 ow
M
In
past.
of
seasons
more promising •than for a number
t
701.1WO,O• R
6A00
04
0.
.
.
10
co Cb Ca .4 •
t, 4, CD U4 00 4
,OP
C4 N 02 .4 .4
exc. ooce&cx
dress goods advances are being obtained on duplicate piece- a' env
for
of
broadcloths
0
dye worsteds for spring, and some lines
AU
A
AN
A
CD
4, Cs,
0
00
the next fall season have been shown. The annual meeting
w
Ca
CD OD
0
00
ft1
Manuand
Worsted
of the American Association of Woolen
44.
.
.4
4 en CD
CD ,
GO .4
")A
OD a, C0 CD CD
CD
facturers, held here during the week, attracted much atten.4
OD CA
.3
tion, especially the steps taken to prevent various trade
mu
ON
otA.r,c44.
00
abuses.
0
4A
DOMESTIC COTTON GOODS.-The exports of cotton
00 Cn C0 iv
CD C4
CA DO
N OD
N▪ O
goods from this port for the week ending Nov. 28 were 1,725
.4
TZO"
,
e0;4
4 .4 OD Co A, 00 cm
,
packages, valued at $143,017, their destination being to the
CD to
CA .4
cnt4 Cl
COO
points specified in the tables below:
00W
.
WO
OCR
0
IRIRODI4.
00000
000000M
0• 0
4 0000
A-4 ,
0"
0.14.
..0 74.
.
.40 0040.
00
N.4 MAO.
CANON
Co
4 10.00
,
OA
13t(reLI'88
.4
00
CD
Co
f4
ti
-co'coWcaca
CA Cb
CD
CD Cm co Co .4
U
eo
H
Cl
OD
A
a
'ca
co
CA
•
C.0Sa'AA
0.0.m
1.1oisa
Ca
CA
ACANNO
0.4.00
C4
'LOOT CINV 9061
0
0
0
CI
09VOLII,
1,012 182,567
1,725 176,505
Taal
The value of these New York exports since Jan. 1 has been
$11,029,247 in 1908, against $9,950,000 in 1907.
Domestic cottons have continued to move in a satisfactory
manner, although current business has been restricted somewhat by the scarcity of spot goods in various lines. Heavy
21WS ON111fla aSflOH2IIVNCI:10.3
IWZZC'611 C6?'6Z9
-----1007-----1006.1e4
Since
Since
Week. Jan. 1. en I470i
Week. Jan. 1.
4, CA .4
COO •
CA CD 0 00 0
03M
39
1,550
20
853
2,396
30
2
1,418
22,642 'Ca h,
20,968
6,094
12,981
OP fa .4 0 cA
26,425 CU
29,458
C4 to
00
4 a, OA
48
0,4414,064 "N .
0,0
.
4 .60004
21,350 .4 01
880
45-8
26,750
00 0000.000
OUW.40
OA
4
4
,
2,173
30
46
1,569
12,263
387
182
14,503
40,394 .4 ON.
330
181
38,303
0
ts
.
23,216 .
105
40
20,261
NO0 NOW00
t133`699`1L1
New York to Nov. 28Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
SCVL9I.C9I T9£022,
9IT 115.13£9
LZP'969.
a
1490
THE CHRONICLE
MO CITY
[VOL. Lxxxvii.
Page.
Name.
Rate. Maturity.
Amount. Pice.
1313__Brattleboro, Vt
4
1910-1916
13,000
1436_ _Bremerton, Wash
8
75,000
1372__Buffalo, N. Y
4
1928
200,000 102.81
1372_ _Buffalo, N Y
4
10001928
100,000 100.65
1402_ Buffalo, N Y
4
1013
37,373
x100
1313_ _Caldwell, Idaho
5
51918-1928
5,000 100.36
1313_ _Carter Co. S. D. No. 31, Okla_ 6
1928
2,000 101
PUBLISHED WEEKLY.
1313_ _Central Falls, R. I
4
1028-1947
200,000 100
1436_ _ChandlervIlle, Ill
Terms of Subscription-Payable in Advance
5
1910-1023
7,000 101.06
1313_ _Chicago, 111
4
1910-1928
450,000
For One Year
101.14
$10 00
1436 Clarke Co. S. D. No.86, Wash_ 6
1913-1918
For Six Months
1,100
6 00
1372_
Clarkesville,
Ga
5
European Subscription (including postage)
1928
5,000 100
13 00
1313_
Clermont County, Ohio
4
1910-1021
European Subscription six months (including postage)
6,000 100.25
7 50
1313_ Cohoes, N Y
434
Annual Subscription in London (including postage)
25,000 102.08,
22 14s. 1436_ Colorado Springs, Colo
25,369
Six Months Subscription in London (including postage)
21 us. 1436_ Columbus, Ga
434
Canadian Subscription (Including postage)
1939
250,000 103.50
$11 50
1372_ Corlett, Ohio (2 issues)
5
1009-1918
10,534 103.765
1492_ _Cotulla Sch. Dist. No. 1, Tex_ 5
Subscription includes following Supplements14,000 100
1492_ _Cuyahoga County, Ohio (2 is.) 101,625
‘NK AND QUOTATION (monthly)
107.778
5
I STATE AND CITY (semi-annually)
1314_ _Dayton, Ohio
RAILWAY AND INDUSTRIAL(quarterly) I ELECTRIC RAILWAY(3 times yearly) 1314
5
1909-1018
12,500 105.337
__Dayton, Ohio
5
1911-1918
8,300
105.72
1373 -Decatur, Ga. (2 Issues)
Terms of Advertising-Per Inch Space
5
1939
30,000 103
1256_ _Denver, Pa
4
51917-1937
5,000 100.85
Transient matter per inch space (14 agate lines)
$4 20 1314_ _Dorranceton, Pa
5
1009-1918
10,5001
Two Months
(8 times)
22 00 1314_ _Dorranceton, Pa
5
7,5005 100
20 00 1492_ _East Lansing, Mich
Standing Business Cards Three Months (13 times)
434
10,000
Six 5fontlis
(26 times)
50 00 1492_ _ Elizabeth City Graded S D ,N.0 5
51917-1937
20,000 101.025
Twelve Months(52 times)
87 00 1373__Elicton Mich
534 51018-1928
6,000 100
CHICAGO OFFICE-P. Bartlett,513 Monadnock Block; Tel. Harrison 4012. 1373_ _Elsberry, Mo
5
(11023
10,000 y100
1314_ _Ely, Nevada
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
6
40,000
1492-.Elyria, Ohio
6
a1914
67,745 108.435
1436_ _Erie Township, Ohio
Publisher,
5
1918-1021
4,000 106.95
1492__Findlay, Ohio
434
P.O. Hox 958. Front. Pine and Depeyster Sts..
111916
6,340 x100
New York.
1492_ _Forsyth Twp.Sch. Dist., Mich. 5
22,500 100
1373_ Fort Morgan, Colo
6
1928
8,000
07
1314_ _Fostoria, Ohio
434 1009-1012
1,750 100.571
MUNICIPAL BOND SALES IN NOVEMBER.
1314__Greensburg S. D., Pa. (3 is.)
4
51928-1038
110,000 100
1437_ _Haverhill, Mass
4
1018
58,000 103.55
We have reported during the month of November sales 1492_ - Haywards, Cal
5
1009-1048
39,038 105.021
-Helena, Mont
5 1018,'23&'28 600,000 100.766
of municipal bonds to the amount of $27,859,197. Canadian 1373
1492_ _Hinsdale Sch. Dist., Ill
5
1910-1919
30,000
_Hollister Sch. Dist., Cal
5
securities and loans of a temporary nature, which we always 1374_
1919
2,000 100
1492 -Jackson, Tenn
5
1928
125,000
exclude from our totals, aggregated $3,717,429 and $20,- 1492__Jay County. Ind. (6 issues)- -_
54,323
1314-Johnston Co. S. D. No.10',Okla. 6
-iiii
-10,000 102
167,583, respectively. A year ago, during the panic, the 1314__Kane, Pa
5
1009-1918
10,000 101.762
1493--Kansas City, Kan
434
150,000 101
November output was $4,408,381, the lowest ever recorded 1493- Kltsap Co.
S. D. No,55,Wash. 5
1,700 100
1437_ _Lancaster, Ohio
4
1900-1920
12,000 101.141
by us.
1437_ _Lawrence, Mass
4
1909-1918
70,000 101.73
1374.-Lexington Sch. Dist., Ky
4
1938
55,000 y100
Of last month's total sales more than one-half was con- 1437_ _Logan County, Ohio
434
19,000 101.342
1315__Loomls S. D. No. 55, Neb___ 6
tributed by the cities of New York and Philadelphia. On 1315_
5,000 101
_Lorain Co. Road Dist. No.1,0. 434 1010-1917
50,000 101.404
Nov. 23 New York sold $12,000,000 50-year 4s and $500,000 1437_ _Lowood Sch. Dist., Cal
7
1909-1018
1,000 104.40
1437_ _Luzerne County, Pa
4
1900-1928
500,000
10-year 4s on a basis of about 3.89% for the long-term bonds 1437__Macdoel Sch. Dist., Cal
6
1909-1918
5,000 103.38
1437__Mansfi
Sch. Dist., Ohio
434 1920-1028
17,500 106.445.
and about 3.82% on the assessment bonds. The city of 1374__Marioneld
County, Ohio
434
8,000 101.037
1315 _Martin County, Minn
5 1913,'25&'27 20,052 103.08
Philadelphia sold $3,500,000 30-year 4s on Nov. 18 on a 1315-Maumee, Ohio
5
1010-1917
11,000 103.75
1493_ _Mecklenburg County, Va
3.802% basis. At its previous offering on Feb. 14 1908, the 1374__Medln
5
1011-1940
60.000 y101.058.
a, N. Y
4.15 1912-1025
30,000
1374__Miamisburg, Ohio (2 issues)._ 4
city of New York was compelled to offer 43s, $47,000,000 1375..
1009-1018
22,080 100
_Monroe, Wis
5
1910-1028
20,000 106.45
50-year corporate stock being sold on a basis of about 4.29% 1315_ _Montclair, N J
4
1938
145,000 100
1493__Monticello, N Y
4,000 100
and ;3,000,000 10-year assessment bonds on a basis of about 1315_ _Mt. Pleasant Un.Fr,Sch. Dist.Var. 1013-1016
No. 1, N. Y
5
a1912
6,000 100.67
4.38%. Thus during the nine months there has been an 1438__Musko
gee, Okla.(2 Issues)
5
1033
550,000 103.181
k, N J
50,000
improvement enabling the city to borrow at a reduction in 1438__Newar
1403_ _New Hanover County, N. C___ 434
1038
50,000 102.177
1438__Newport, R. I
1010
interest rate of almost one-half of 1% per annum, which, 1315_New
10,200
Wilmington, Pa
5
1916-1931
8,000 101.012
when figured on bonds amounting to millions of dollars, is 1434_ _New York City
4
1058 12,000,000 102.385.
1434_ _New York City
4
1918
500,000 101.52
quite a saving.
1493_ _New York City (3 Issues)
3
1058
400,0001
1493_ _New York City
3
1057
25,000fx100
The improvement in the market for municipal securities 1315_North
Yakima, Wash
434
1028
80,000 100.543
1315_ _Norwalk, Ohio
5
1909-1920
6,000 104.791
is further reflected in the high prices and low interest rates 1438__Oak
Park, Ill
434 1910-1014
15,000
1438_ _Ogden City, Utah
434
1028
which are noticeable all through our table of sales. The 1438_
450,000 100.375
_Ogden City, Utah
4
51018-1928
100,000
list consists of $425,000 3s(4 issues); $537,000 33's(3 issues); 1438__Oklahoma City, Okla. (2 iss.)_ 5
1033
25,000
1438_ _Oklahoma Sch. Dist., Okla__ _ 434
1928
300,000 100.26
$20,488,953 4s (41 issues); $30,000 4.15s (1 issue); $366,000 1494_ _Oklahoma, State of
4
. 1020
146,000
1375Passalc, N. J
90,000
4s (2 issues); $2,604,390 4s (36 issues); $2,579,404 5s 1375„Philadelpha, Pa
4
1938
3,500,000 103.533
1375_ _Pittsburgh, Pa.(2 Issues)
4
Various
158,300
x100
(80 issues); $46,800 5Y2's (3 issues); $225,258 Gs (23 issues); 1375_
_Pittsfield, Mass
4
1013-1022
100,000 104.819
leld, N J
434 1912-1924
$1,000 7s (1 issue); $75,000 8s (1 issue), and $481,392 (14 1494...Plainf
31,0001
14114_Plainfield, N J
434
1918
15,0005 103.29
1438_ _Pleasant Ridge, Ohio
5
issues) on which the rate of interest was not mentioned. 1438__Pleasa
1038
1,100 110.236
nt Ridge, Ohio
5
1009-1013
1,338 100
1375_Ports
With but two exceptions, the 4s placed during the month
mouth, N. H
1334 1010-1010
25,0001
14
1910-1910
25,0001 100.325
were sold at par or better.
1375_ _Portsmouth, N. IT
334 1910-1913
12,000 100
1375_ _Rainier, Ore
6
51018-1928
5,000 100
number
The
of municipalities emitting bonds and the num- 1494_ _Red Wing,Minn
4
1024
10,000 100
1376_ _Richmond, Va
4
1042
251,700 100
ber of separate issues made during November 1908 were 151 1494_
_Richmond, Va
4
492,000
98.50
,N Y
4
and 208 respectively. This contrasts with 336 and 346 for 1376__Rome
1928
90,000
1438_ _St. Francis Levee Dist., Ark_
180,000 100
1376_ _St. Joseph, Mo
October 1908 and with 92 and 133 for Novemb3r 1907.
4
51018-1028
00.070
400,000
1404...St. Joseph School District, Mo_ 4
1028
For comparative purposes we add the following table, 1376__St. Paul, Minn
4
(
1038
2
)21
2t0,1100 10
1439_ _San Juan, Cal
12,000 105.008
1928
534
showing the aggregates for November and the eleven months 1376__Santa
Paula, Cal
1000-1015
7,000 100.728
5
1439_ _Schwenkville, Pa
1913&1018
2,500 100
4
for a series of years:
1494__Scloto County, Ohio
1013-1020
40,000 101.037
4
1404. _Selma, Cal
1909-1028
Month of
50,000 103.151
For the
Month of
5
Egernthe os. 1316_
_Sherman, Tex
November.
434 1009-1036
Eleven Mos.
14,0001
November.
1008 ____$27,859,197 a$285,383,403 1809 ___ $8,700,489 $113,131,780 1316_Sherman, Tex
434 1013-1040 311:821 iss:sg
1404_ _Sioux City Sch. Dist., Iowa
1007 ____ 4,408,381
1019
43‘
213,924,703 1808 __-_ 7,721,284
95,778,450 1376_ _Smith
51018-1948
Tex
1006 ____ 12,511,550
4
180,483,172 1897 ____ 6,868,775
160,000
120,128,531 1257....Sparta,County,
Wls
1900-1918
1005 ____ 25,888,207
5
174,825,430 1806 ____ 34,013,894
4,377 100.114
05,831,773 1439__Springfield
Sch. Dist., Ohio__ _ 434 1915-1024
1904 ____ 32,597,509
240,810,161 1895 ____ 5,524,901
1?g,zg
lgsg3
105,475,829
1903 -___ 14,846,375
1914
6
138,789,253 1894 ____ 4,540,580
103,689,851 1376_ _Steele County, N. D
1376_
_Steelton,
1002 --__ 13,728,403
Pa
43(
136,895,772 1803 ____ 7,300,770
1023
60,114,709 1495_ _Stryker,
1901 --__ 6,980,144
434 1910-1011
116.092,342 1892 ____ 5,176,012
9:088 100
80,526,266 1439_ _Summit Ohio
1900 ---- 9,056,685
Union Sch. Dist., Cal_ 6
123,572,311
1009-1918
9,000 104.411
1317_ _Tallahassee, Fla
5
1938
75,000
In the following table we give a list of November loans to 1495_ _Teague, Tex
42,500
07.647
1317__Terre Haute, Ind. (3 issues)- - 6
13,964 100
the amount of $27,859,197 issued by 151 municipalities. 1376_ _Terrell, Tex
4
51018-1048
12,000
100
1317_
Sch. Dist., Cal
5
1025
8,000 100.85
In the case of each loaii reference is made to the page in the 1317_ _Thermal
_Tinicum Twp., Pa
5
14,000 101
1317_Tulsa Co. S. D. No. 15, Okla
6
1928
3,000 101
"Chronicle" where an account of the sale is given.
1317_ _Union Twp., N J
434
1038
25,000 100
1258„UtIca, N. Y. (2 issues)
434 1000-1928
52,000 104.303
NOVEMBER BOND SALES.
1376_ _Vicksburg, Miss
434 19091028
225,000 100.57
1440_ _Waco, Texas
5
1038
10,000
Name.
Page.
RaSe. Maturity. Amount. Price. 1317_ _Wagoner
Co. S. D., Okla.(7 is.) 5
1928
1255_ _Afton, Okla
1933
$20,000
6
102.50
1440_ Warren County, Miss
5
51913-1928
11,115800 1.2.22
1435--Athens, Ga.(2 issues)
434
1938
75,000 100
1495_
_Walla
Walla
Wash.
S.
No.
4
D.
1,
1028
167,000 100
1435-Atlantic, Iowa
510134018
5
12,000 100
1258_ _Washington County, Miss_ __ _ 5
1933
100,000 105.16
1435--Atlantic City, N. J
434 19381942 160,000 105.36
1440_ Waverly, Iowa
434 51018-1928
30,000 101.28
1436--Augusta, Kan
5
1,000 100
1405_
_Weatherfor
d,
Okla
25,000
1401-- Baltlmore, Md
3
500,000
92
1440__Weiser, Idaho
534 51918-1028
28,800 100.673
1312-Bay County, Mich
434
1021
25,000 y104.272 1318_ _Wellsburg,
Va
5
36,000 100.002
1018
1372-_Belle Plaice Sch. Dist., Minn
1900-1018
5
6,000 102.875 1318__West Allis, W.
Wis
5
00,000 105.28
1010-1027
1313__Bemldji, Minn
1928
50,000
5
1377 West New York, N J
5
1038
1491-Blg Spring Twp. Sch. Dist., 0_ 5
5,000 105:30
1440__West Pittston Sch. Dist., Pa
434 51013-1938
227:000 100.750
1313-Branchville S. D. No. 18, S. C. 5
s_1928
3,000 100
1440....West Unity, Ohio
1,800 102.833
434 1915-1020
allin
DEPAlliivrtni,
ght Thranicit.
WILLIAM B. DANA. COMPANY,
A
1
THE CHRONICLE
DEC. 5 1908.1
Name.
Rate.
Page.
1318__Wilkinsburg Sch. Dist., Pa___ 4
1441__Wilmington Sch. Dist., Del___ 43
• 4%
1441_ _ Yonkers, N. Y
1441__Yonkers, N. Y
43
4%
1441_ -Yonkers, N. Y
5
1319_ _ Youngstown, Ohio
5
1319.._Youngstown, Ohio
5
1319__ Youngstown, Ohio
5
1319__ Youngstown, Ohio
1259_ _Youngstown, Ohio (16 issues). 5
5
1495.._ Youngstown, Ohio (4 issues)
1377._ Youngstown Sch. Dist., Ohio.. 45
Maturity.
1914-1938
1916
1913
1909-1928
1909-1948
1910
1010-1911
1910-1914
1910-1914
1910-1916
1910-1914
1925-1927
Amount.
50,000
20,000
175,000
25,000
80,000
5,000
800
3,420
715
73,980
26,025
56,000
Price.
101.147
103.033
1491
News Items.
Minnesota.-Date Set for Hearing in Tax Amr.ndment Suit.The Minneapolis "Journal" of Nov. 28 states that argument
101.427 will be heard Dec. 17 in the State Supreme Court over the
101.70
amendment to the State Constitution by which it is proposed
102.834
102.834 to enlarge the powers of the Legislature with referen e to
Various taxation. This amendment was
submitted at the Nov.
Various
108.053 1906 election ,together with another relating to State roads.
It was understood that the tax amendment had carried while
Total bond sales for November 1908 (151 municithe one relating to good roads had been defeated. The
k$27,859,197
palities, covering 208 separate :ssues)
--result was questioned, however, and, on the report of three
a Average date of maturity. d Subject to call in and after the earlier
year and mature In the later ybar. k Not including $20,167,583 of tem- referees who had been appointed to recount the vote, the
porary loans reported, and which do not belong in the list; also does not district court declared the tax amendment lost and the
Include $3,717,429 of Canadian loans and $16,698,000 revenue bonds issued road amendment carried.
Both amendments were re-subby New York City. x Taken by sinking fund as an investment. y And
mitted at the last election (Nov. 3)but as they were defeated
other considerations.
at that time (V. 87, p. 1372), everything depends upon the
BONDS SOLD BY CANADIAN MUNICIPALITIES.
decision of the Supreme Court. The State claims first that
Name
Rate.
Maturity.
Page
Amount.
Price. the Court has no jurisdiction over
the resultof the election.
1319_ _ Banks S. D. No. 1466, Man___ 6
$1,000
1909-1018
100.00
1377_ _Boundary Creek S. D., Alberta
1,000
This claim is based on the ground that revision of the Con1319_ _ Bracebridge, Ont. (4 issues) _ _ 5
29,424 103.663 stitution is a political question beyond the
province of the
5
1319....Cumberland Twp., Ont
1923
2,902
5
1909-1928
1378_ _ Dundas, Ont
20,000 102.785 courts, second,that the statute providing for recounts is so
5
1378- _ East Toronto, Ont
1938
5,055 113.33
weak as to be ineffective,as it makes no provision for pre1378_ _ East Wawanosh Twp., Ont.__ 5% 1909-1028
2,500 105.04
serving the ballots, which in most cases are destroyed
1441__Enderby, B. C
5
8,000
1938
53i 1909-1928
1378_ _Finch, Ont
4,718
immediately after election and allows any taxpayer to start
1378__Foam Lake Sch. Dist., Sask_
1,200
a contest upon a constitutional amendment by merely filing
1496_ _Fort Erie, Ont
5
1909-1928
10,000
1320_ _ Gosfield North Twp., Ont- - - _ 5%
1918
4,500
a bond for $250, which does not begin to pay the costs of
1320.... Gravenhurst, Ont
5
1938
45,000
the contest,thereby putting the burden on the State; third,
1441_ _ Greenwood S.D. No.2025,Sask. 7
1,400 100
1909-1918
1320._ Grimsby, Ont
7,000
5
that the recount was not properlymade,as onlythe votesin
1441_ _Guelph Separate Sch. Bd., Ont. 5
8,000
1909-1928
about one-fourth of the precincts of the StateNere canvassed.
1441_ Hamiota, Man
4
6,000
1928
1441_ _High River, Alberta
6
2,100
1909-1916
Ohio.-Special Session of Legislature.-Toledo papers
1378_ _ Humboldt, Sask
7,500
6
1909-1928
state that Governor Harris announced Nov. 27 that the
6
1496...Innistall, Alberta
1900-1928
5,000
1378_ _ Kemptville, Ont
6,000 102.15
5
1909-1928
call for the extra session of the Legislature on Jan.4 will be
43
1441_ _ Kenora, Ont
1909-1938
30,000
issued immediately after the canvass of the vote on the State
1378__Langham, Sask
6
1909-1928
5,000
6
1378_ _ Lanigan, Sask
1914-1928
13,200
election, the date for which is set by law for Dec. 10. The
1442._ Lethbridge, Alberta
6
1928
73,800
1378_ _ McCarger S.D. No.2147, Sask_ 7
1,200 110- -- - regular session of the Legislature commences in January of
1496.. _Maple Creek, Sask.(2 Issues).... 5
14,800
even years.
1378_ _Meaford, Ont
5
1909-1928
23,443
5
Port o2 Portland, Multnomah County, Ore.-Charter
1496_ _Metcalfe Twp., Ont
1909-1913
2,663
4
1442.._ Montreal, Quo
1948
2,000,000 100.2541 Amendment Declared
Valid.-The charter amendment
1496_ North Easthope Twp., Ont
5
1009-1918
12,465
adopted by the people on June 1 (V. 87, p. 119) providing
1496.... North Vancouver, B C
5
1958
15,000
1378....Notre Dame du Grace, Que...... 4
1948
50,000
86.86
for the issuance of not exceeding $500,000 bonds for the pur1496.... Nova Scotia, Province of
3%
1045
125,159
pose of establishing and maintaining an efficient towage and
1379_ _O'Dellville Sch. Dist., Alberta_
1,200
1379.._Omeemee Sch. Dist.,Sask
2,500
pilotage service on the Columbia River Bar and upon the
4% 1909-1938
1320_ _ Qrillia, Ont
40,000
Columbia and Willamette rivers between the corproate limits
1379__Ottawa Sch. Dist., Alberta_
1,600
1320_ _ Owen Sound, Ont.(2 issues).._ 5
1928
40,700
of the Port of Portland and the sea, was declared valid by
6
1909-1028
1442_ _Oxbow, Sask
5,000
5
1909-1928
1379_ _ Parry Sound, Ont
14,000 101.557 Chief Justice Bean of the State Supreme Court on Nov. 24.
1379....Parry Sound, Ont
5
1909-1918
3,200 100.187 The Portland "Oregonian" of Nov. 25 contains the following
1379_ _ Pleasant Grove Sch.Dist.,Alta.
1,200
67,400 101.505 concerning the decision:
1379__Port Arthur, Ont. (4 issues)
1023&1928
5
35,000
1442_ Port Arthur, Ont
5
1938
5
1909-1928
8,076
1379__Port Hope, Ont
10,000 100.61
1909-1928
1379__Port Stanley, Ont
5
1442....Preston, Ont
5
16,000
1928
1442_Prince Albert, Sask
5% 1923,'28&'38 64,900 98 & 99
1320....Quebec, Province of
3
53,533
1937
1320_ _Revelstoke, B. C
5
1928
35,000
92.50
1379....Revelstoke, B. C. (2 issues)__ 5
1933
8,300
1379_ _Saskatoon, Sask. (2 Issues)- - - 5356,610 110.38
1938
1496_ _Shawinigan Falls
5
1958
35,000
1320_ _Shun ah Twp., Ont
1928
10.000
5
1320_ _Smith's Falls,
1938
3,500 100
1320_ _Stanley, Man Ont.
(3
2,222
1900-1918
1442__Strathcona, Alberta (2 Issues).. 5
1933
24,000
1442_ _Strathcona, Man
4
1928
3,000
1320_ _Valleyfeld, Que
5
1933
25,000
1379„Vernon, B. C. (2 issues)
5
1918-1923
5,200
1442__Vernon, B. C
1933
5
55,000
1320.. _Victoria, B. C. (2 issues)
4
65,347
1918
1442_ _Wingham, Ont
5
7,000 102.864
1496_ Winnipeg, Man
4
1938
524,000
96.25
1496_ _ York Twp., Ont
5
1909-1928
6,500
1496_ _ York Twp., Ont
4% 1909-1918
2,412
Total
$3,777,429
REVISED TOTALS FOR PREVIOUS MONTHS.
Salem, Ore. Nov. 24.-(Special.)-The Supreme Court to-day upheld
the validity of
'the Port of Portland charter amendment adopted by the
people of the Port last June. The decision was rendered In the case of
Sylvester Farrell, appellant, vs. Port of Portland, respondent, In which
Judge C. U. Gantenbein is affirmed In an opinion by Chief Justice Bean.
The suit was brought to restrain the Port of Portland Commission from
carrying Into effect the provisions of the Act authorizing the maintenance
and operation of tugs and pilot boats. The Port of Portland amendment
was attacked on three grounds:
PoF
rti.st.-That
r
the people of Portland have no power under the constitution
to propose and adopt at the polls amendments to the /let incorporating the
Second.-That If they have such power it cannot be exercised except in
pursuance of a general law providing the manner and method of such
exercise, and such law has not been enacted: and
Third.-That the law as adopted and now In question Is not In fact an
amendment to theAct incorporating the Port of Portland, but Is an attempt
to confer powers not germane to or connected with the original.
Upon these points the Supreme Court holds that when all the direct
legislative amendments are construed together,It appears that "the manifest
purpose, so far as it concerns the question now under consideration, was
to take from the Legislature and vest In the people the power to amend
municipal charters, though a strict construction of the language would
limit the amendments in this respect to cities and towns only. The Court
also holds that theAct of 1907 putting the initiative and referendum Into
effect as to municipalities applies to the Port of Portland and that maintaining tugs and pilot boats is within the expressed purpose "to promote
the maritime,shipping and commercial interests of the Port of Portland."
The following items included in our totals for previous
months should be eliminated from the same, as the sales
Th e Presidcnt of the Port of Portland Commission has anhave not been carried to completion. We give the page nounced that steps will be taken at once to place tile bonds
number of the issue of our paper in which the reason for the authorized.
failure to consummate the sale may be found.
Name of Municipality.
Page.
1373_ _Fruitdale Sch. Dist., Cal (September list)
1376__Santa Paula, Cal. (September list)
Amount.
$100,000
7,000
Bond Proposals and Nedotlations this week
have Wen as follows:
Baldwin, Kan.-Bond Sale.-This city has awarded to
We have also learned of the following additionql sales for R. W. Morrison & Co. of Kansas City, Mo., $35,000 4
previous months.
25-year water-works bonds at par and accrued interest. .
Page.
Rate.
Maturity. Amount. Price.
Name.
Baltimore, Md.-Bid.-It is reported that James A.
1436.... Byesville, Ohio
5
1913-1942
$3,000 108.033
Hutchinson of Boston has secured an option until Feb. 1
1313. _Caldwell County, Texas
5
25,000 101.20
1313-Chickasaw Sch. Dist., Ohio-. 5
1920-1924
4,500 104.666 1909 on $500,000 3M% sewerage stock at 92 and accrued
1111ChIppewa County, Minn.(218.) 5
1913-1919
71,000 100.718
interest. It is further stated that this investor secured and
1314.__Collins Sch. Dist., Iowa
6
14,000 100
1373_ _ East Troy, Wis
33
3,500
exercised a like option on $500,000 3M% stock at thesame
1436....Frio County Com. Sch. Dists.,
price last month.
Texas (August, 3 issues)-- 4
d1923-1928
9,400
4
1373...Hawkins County, Tenn
40,000 100
• Big Spring Township School District, Seneca County,
1314_ _ Helena, Okla
6
1933
15,000 100
1492_ _Higgins Township, Mich.(Sept) 5
Ohio.-Bond Sale.-This district, it is stated, recently
1928
9,500 100
1492-_Jay County, Ind.(Oct., 4 iss.) _
21,900
sold $5,000 5% school bonds to E. H. Laughlin of Carey at
1492--Jay County, Ind.(Sept..5 iss.).
35,200
103.30. • ,
1913-1924
1374 -Lewis Creek Sch. Dist., Cal- 6
6,000 107.30
5
a1915
1374-..Marion County, Ohio
11,200
Brunswick, Ga.-Bond Sale.-The $64,000 5% coupon
1923
5
1374...:Marion County, Ohio
3,800 104.473
5
1918
1437__Maxwell, Iowa (August)
14,000 100
refunding bonds described in V.87,p.961,were awarded on
5
1909-1948
1315_ _ Mill Valley, Cal
104.782
50,000
Dec. 1 to Townsend Scott & Son of Baltimore at 104.84.
5
d1914-1919
12,500 101.60
1315_ _ Nanticoke Sch. Dist., Pa
5
1028
1316__Paulsboro, N. J
Maturity Jan. 1 1921. •
35,000 100
6
d1924-1933
1316....Perry, Okla. (August)
34,000 100
A list of the bidders follows:
4
d1928-1948
44,000
03
1316_ _Spartanburg, S. C
1376__Union Bridge, Md
1376_Waverly, Minn_
1377_ _Waynesville, N. C
1318_WhIte Plains, N. Y
5
d1913-1928
1915-1918
5
5
1938
4%
1938
1,200
4,000
25,000
4,000
108.68
100.675
100
103.67
Townsend Scott & Son, Balt_104.84
N. W. Harris & Co., N. Y....104.086
Seasongood & Mayer, Cin-_-103.299
C. E. Denison & Co., Clev_102.931
J. H. Hilsman&Co., Atlanta-102.63
MacDonald,McCoy&Co ,Chic102.51
Western-German Bk., Cinc_ _102.314
Robinson-Humphrey Co_ _ _102.277
A. B. Leach & Co.. N. Y__--102.25
John W. Dickey, Augusta....102.125
National Bank of Brunswick-102.094
All the above sales (except as indicated) are for October.
In addition to the above, three bids were also received be
These additional October issues will make the total sales (not
low 102 and one, without a certified check, at 104.25 and
including temporary loans) for that month $13,916,779.
1492
THE CHRONICLE
interest. All bidders offered accrued interest in addition to
their bids.
Buffalo, N. Y.-Bond Sales for November.-During the
month of November the following bonds, aggregating
$52,050 60, were disposed of to various sinking funds at par:
$37,373 71 4% grade-crossing bonds maturing Nov. 1 1913. IntereSt
May 1 and Nov. 1.
1,140 00 4% temporary loan bonds maturing July 1 1909. Interest
July 1.
13,536 89 4% monthly-local-work bonds maturing Nov. 1 1909. Interest May 1 and Nov. 1.
Caldwell, Essex County, N. J.-Bond Offering.-Proposals will be received until 8 p. m. Dec. 7 by the Mayor and
Borough Council for the following 4% coupon bonds: $5,000
for the extension of the water system and $5,000 for erecting
and equipping fire houses voted on Nov. 3 1908. Authority page 302, &c., Laws of 1897, page 173, Laws of 1903;
also page 48, Laws of 1907. Denomination $1,000. Date
Jan. 1 1909. Interest semi-annually at the Caldwell National Bank in Caldwell. Maturity Jan. 1 1929. Certified
check for $500, payable to the Borough Collector,is required.
Total debt at present, $30,000. Assessed valuation 1908,
$1,473,685.
Charleston, So. Car.-Bond Sale.-On Dec. 1 the $492,500
4% 30-year coupon refunding bonds described in V. 87, p
1190, were disposed of as follows: $395,000 at various premiums and the remainder at par.
Chester, Delaware County, Pa.-Bond Sale.-On Dec. 2
the following 4% 10-30-year (optional) coupon bonds described in V. 87, p. 1436, were disposed of: $35,000 for redeeming outstanding bonds, $20,000 for reimbursing the
general fund and $15,000 for extending the sewer on Upland
Street. They were purchased by Edward V. Kane & Co. of
Philadelphia at 101.587.
Chillicothe, Ohio.-Bond Sale.-The Central National
Bank of Chillicothe was the successful bidder on Dec. 1 for
the $16,500 4% Honey Creek Storm Water Sewer No. 1
bonds maturing July 6 1916 and the $2,400 4% 15-year
improved street and intersection bonds described in V. 87,
p. 1436. These are not new issues but bonds held by the
an investment.
sinking fund
Bonds Not Sold.-No award was made of the $3,400 4%
17-year river bank improvement No.2 bonds offered on the
same day.
Cotulla Common School District No;1, La Salle County,
Tex.-Bond Sale.-An issue of $14,000 5% bonds has been
sold to a local bank at par.
Covington School District (P. 0. Covington), Kenton
County, Ky.-Bond Offering.-Proposals will be received
until 6 p. m. Dec. 11 by James C. Metcalfe, Clerk Board
of Education, for the $75,000 4% coupon school-building
bonds voted (V. 87, p. 1255) on Nov. 3. Date Jan. 2 1909.
Interest semi-annually at the city depository in Covington.
Maturity $30,000 in 10 years; $30,000 in 20 years, subject
to call after 15 years; and $15,000 in 25 years, subject to
call after 20 years. Delivery Jan. 2 1909.
Cuyahoga County (P. 0. Cleveland), Ohio.-Note Sale.There are reports that $7,125 6%-year (average) and
2-year (average) 5% canal road-improvement
$94,500 103/
notes have been disposed of at 107.778 to Hayden, Miller
& Co. of Cleveland.
The following offers were received:
Hayden, Miller & Co., Cleveland (107.771)
First National Bank, Cleveland (107.31)
MacDonald, McCoy 46 CO., Chicago (107.12)
Well, Roth & Co., Cincinnati (106.89)
Otis & Hough,Cleveland
Seasongood & Mayer,Cincinnati (106.45)
$109,530 00
109,063 00
108,861 00
108,530 25
108,188 00
[VOL. Lxxxvii.
Trust & Safe Deposit Co., W. R. Todd & Co. and Field,
Longstreth & Co., all of Cincinnati.
Elyria, Lorain County, Ohio.-Bond Sale.-On Nov. 27
tile 67,745 6% 53/2-year (average) sewer assessment bonds
described in V. 87, p. 1436, were awarded to Seasongood &
Mayer of Cincinnati at 108.438 and accrued interest-a basis
of about 4.264%. Following are the bids:
Seasongood & Mayer, Cln.$73,461 45 Otis & Hough, Cleveland.$72,000 00
First Nat. Bk., Cleveland. 73,152 00 Provident Say. Bk. & 'Jr.
Hayden, Miller & CO..
71,157 25
Co. Cincinnati
Cleveland
73,001 29 S. A '
71,200 00
Kean, Chicago
Findlay, Ohio.-Bond Sale.-On Nov. 25 an issue of
$6,340 43% 8-year bonds was purchased by the Sinking
Fund Trustees at par. Denoinination $500, except one
bond of $340. Date Nov. 2 1908. Interest semi-annual.
Forsyth Township School District (P. 0. Princeton),
Marquette County, Mich.-Bonds Awarded in Part.-Of an
issue of $33,500 5% school-building bonds offered on Nov.20,
$22,500 were disposed of "to several parties" at par. Denomination $500. Date Dec. 1 1908. Interest Feb. 1
and Aug. 1.
Galveston County Drainage District No. 1, Tex.-Bonds
Not to Be Offered This Year.-We are informed that the bonds
voted on Aug. 29 for the maintenance and construction of
this district (V. 87, p. 891) will not be placed on the market
before the middle of February.
Hartwell (P. 0. Cincinnati), Ohio.-Bond Offering.Proposals will be received until 12 in. Dec. 7 by Frank J.
Spinning, Village Clerk, for $35,000 4% coupon sewer bonds.
Authority Sections 2835, 2835b, 2836 and 2837 Revised
Statutes. Denomination $500. Date Jan. 1 1909. Interest
semi-annually at the Cincinnati Trust Co. in Cincinnati.
Maturity twenty-five years. Bonds are tax-exempt. Certified check for 10% of bonds bid for, payable to the Village
Treasurer,is required. Purchaser to pay accrued interest.
Haywards, Alameda County, Cal.-Correction.-We are
advised that the amount of 5% 1-40-year (serial) streetimprovement bonds awarded on Nov. 4 to N. W. Halsey &
Co. of San Francisco was $39,938 and not $40,000 as reported
in V. 87, p. 1314. The price paid was 105.021. Following
are the bidders and the premiums offered by the same:
N.W.Halsey& Co., San Fr.$2,005 5010. C. Blymer ec Co.. San
E.H .Rolilns& Sons,San Fr. 1,750 00 I San Francisco
$1,350 00
Date Dec. 1 1908. Interest semi-annual. Maturity
part yearly for forty years.
Higgins Township (P. 0. Roscommon), Roscommon
County, Mich.-Bond Sale.-The $9,500 5% 20-year highway-improvement bonds mentioned in V. 87, p. 561, were
awarded on Sept. 1 to tile Roscommon State Bank of Roscommon at par. Denomination $100. Date Sept. 1 1908.
Interest semi-annual.
Hinsdale School District (P. 0. Hinsdale), Dupage
County, Ill.-Bond Sale.-According to report, $30,000
5% 2-11-year (serial) bonds dated Dec. 1 1908 have been
bought by Lee, Higginson & Sons of Chicago.
Hoboken, Hudson County, N. J.-Bond Offering.-Proposals will be received until 8 p. m. Dec. 23 by the Mayor and
City Council for $10,500 and $100,000 4%'coupon or registered school bonds. Interest semi-annual. Maturity 30
years. Certified check for $1,000 is required with,bid for
each issue. James H. Londrigan is City Clerk.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Huntington Union Free School District No. 3 (P. 0.
Huntington), Suffolk County, N. Y.-Bond Offering.-Proposals will be received until 2 p. in. Dec. 17 by tile Board
of Education, Walter E. Bryant, Clerk, for the $98,500
4X% grammar and high-school-building bonds mentioned in
V. 87, p. 1191. Denomination $1,000, except one bond of
$500. Date Dec. 1 1908. Interest semi-annually at the
First National Bank of Huntington in New York exchange.
Maturity on Dec. 1 as follows: $4,000 yearly from 1915 to
1938 inclusive and $2,500 in 1939. Certified check for 2%
of bonds bid for is required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Jay County (P. 0. Portland), Ind.-Bond Sales.-This
county has sold tile following bonds:
The bonds are dated Dec. 1908.
Delta, Fulton County, Ohio.-Bond Sale.-According to
reports, Barton & Co. of Cleveland were the successful bidders
on Dec. 1 for tl.e $25,000 43'% coupon water-works bonds
described in V. 87, p. 1314. The price paid is reported as
being 104.74. Maturity $500 each six months from March 1
1910 to Sept. 1 1934 inclusive.
Douglas County (P. 0. Omaha), Neb.-No Action Yet
Taken.-Up to Dec.1 the Committee of the Whole,consisting
of the County Clerk, County Comptroller and CountyTreasurer,had taken no action on the bids received on Oct. 15for
the $1,000,000 4% coupon Court-House-construction bonds.
As reported in V.87, p. 1111, one of these offers was received
from L. G. Brian, Treasurer of the State of Nebraska,while
the other was submitted by MacDonald, McCoy & Co. of
Chicago.
East Lansing, Ingham County, Mich.-Bond Sale.Arrangements have been completed with the City National
Amount and Purpose of Bonds.
Dale of Award.
Bank of Lansing for the sale of the $10,000 432% water and Sept.
x$7,500 for Mat Jones Road.
1
x9,500 for Sam J. Butcher Road.
sewer bonds voted (V. 87, p. 1111) on Sept. 26 1908.
Sept. 7
x4,300 for Cyrus A. Money Smith Rd.
Sept. 7
Elizabeth City Graded School District (P. 0. Elizabeth Sept.
x3,200 for John Minch Road.
7
City), No. Caro.-Bond Sale.-The $20,000 5% 10-30-year Sept. 15
x10,700 for J. Elmer Brubaker Road.
x9,000 for Chrs. Shanner Road.
5
graded school bonds dated Oct. 1 1907 and offered on Oct. 15
x7,000 for F. E. Kelly Gravel Road.
Oct.
Nov. 6 (V. 87, p. 1111) were disposed of at 101.025 and Oct. 22
x2,000 for Jacob Walker Road.
x$3,900
for Joseph Klaus Gravel Road.
30
accrued interest to the Savings Bank & Trust Co. of Elizabeth Oct.
x8,500 for S. Hunt Gravel Road.
Nov. 12
City.
a8,659.38 for Millard Nixon Road.
Nov. 12
x8,300 for J. C. Grill Road.
Elmwood Place (P. 0. Station P, Cincinnati), Ohio.- Nov. 17
27
x11,500 for Emmet L. Favour Road.
Bond Sale.-Weil, Roth & Co. of Cincinnati were the success- Nov.
x6,700 for Sherman Brubaker Road.
Nov. 27
510,664 for Wm. Strock Road.
ful bidders on Dec. 2 for the $25,000 5% public-hall and Nov. 27
public-office-building bonds described in V. 87, p. 1373.
a Awarded to H. H. Culp. b Awarded to J. W. Polley of Portland.
They paid 110.80 and accrued interest. Date July 1 1908.
Bought by Ward & Co. of Winchester.
July
1
Jacxson, Tenn.-Bond Sale.-The following bids were reMaturity
1928.
Bids were also received from Seasongood & Mayer, Union ceived on Nov. 27 for the $125,000 5% 20-year coupon
Saving Bank dr Trust Co., Atlas National Bank, Central refunding railroad-aid bonds described in V.87, p. 1374: Lk,
Following is a list of the bids received:
MacDonald, McCoy &
$131,525 50
Co., Chicago
O'Connor & Kahler, N.Y. 131,591 25
Second Nat. Bk., Jacks'nal31,337 50
Woodln, McNear &
131,012 50
Moore, Chicago
Wm. R. Compton Bond
& Mort. Co., St. Louts 130,400 00
Thos. J. Bolger & Co..
$129,377 00
Chicago
Union Says, Bk.,Jackson 127,975 00
Union Says. Bank & Tr.
127,100 00
Co., Cincinnati
Well, Roth & Co., Cincln. 126,718 75
Seasongood & Mayer,
126,250 00
Cincinnati
a Representing the Harris Trust do Savings Bank of Chicago.
Kansas City, Kans.-Bond Sale.-Reports state that on
Nov. 24 arrangements were made with Spitzer & Co. of
Toledo for the refunding of $150,000 5% bonds. Spitzer
& Co. agreed, it is stated, to take the new issue at 101 for
Kingston, Okla.-Bond Election.-It is stated th'at a
proposition to issue $25,000 school-building bonds will be
voted on Dec. 10.
Kitsap County School District No. 55, Wash.-Bond Sale.
-The successful and only bid received for $1,700 5% bonds
offered on Nov. 24 was one of par submitted by the State
of Washington. Bonds are subject to call after one year.
Lexington, Ky.-Bond Offering.-Proposals will be
received until 12 m. Dec. 7 by John Skain, Mayor, for the
$25,000 434% sewer bonds voted on Nov. 3. Authority
Section 3,073, Kentucky Statutes. Denomination $1,000.
Date Dec. 1 1908. Interest semi-annually at the city
depository. Maturity Dec. 1 1948. Certified check for
$500, payable to the City Treasurer, is required. Official
circular states that the principal and interest of all bond
issues have always been promptly paid at maturity.
Long Prairie Levee District (P.0. Walnut Hill), Lafayette
County, Ark.-Corrected Debt Statement.-In the statement
of the finances of this district published in last Saturday's
issue of our "State and City" Supplement (Nov. 28), the
assessed value of the district was erroneously reported. We
reprint the statement with the correct figures inserted:
When Due. BONDED DEBT Sept. 1 '08$225,000
LOANS68 '07 June $125,000c_ _June 1 1945 Val. of dist. (official est.)-$1,600,000
5,000
(Subject to call after June 1 1925.) Population In 1908 (est.)
- 3100,000c-June 1 1948 Levee tax rate (per $1,000)'07_$5.00
6s
1
June
1928.)
after
call
'08-to
(Subject
INTEREST on the bonds of 1908 s payable In Chicago.
Los Angeles County (P. 0. Los Angeles), Cal.-Bonds
Awarded in Part.-Of the $3,500,000 434% 6-40-year (serial)
gold highway bonds offered on Nov. 23 (V. 87, p. 1374),
reports state that $1,000,000 have been awarded to E. H.
Rollins & Sons of San Francisco. Following is a list of the
bidders.
Amount
Bid for.
Name of Bidder.
National Bank of Cal-f $70,000
70,000
ifornla, Loa Angeles
70,000
70,000
j
A. M.Chaffey
70,000
1
Equitable Say. Bank__ 105,000
Fielding J. Stilson Co_ 350,000
Commercial Nat. Bk,,)
Wm. Salomon &I 700,000
Co., and Woodin,
McNear & Co., all! 1,050,000
of Chicago
William R. &state Co..- 700,000
Per Cent
Cash
Date of Delivery.
Premium. Premium.
$2,513 00 $103.590
2,813 00 104.018 On or before Mch. 1 1909
2,913 00 104.161
2,215 00 103.164 On or before Mch. 1 1909
3,015 00 104.307
3,050 00 102.904 Dec. 1 1908 or Feb. 1909
jNot specified. Int. rate
15 00
lto be reduced to 4%.
J$350,000 assoon as ready;
21,490 00 103.070 1 $350,000 Feb. 11909
1$350,000 when ready
same Feb. 1 1909;
32,325 00 103.070
same May 1 1909
15,239 00 102.177 j$350,000 assookas ready;
1 $350,000 Feb. 1 1909
32,500 00 104.643 Soon as ready.
James H. Adams & Co- 700,000
N. W. Harris & Co.,
N. W. Halsey &
Co., First Trust &I*1,050,000 40,215 00
Say.Bk. and Mer- I 3,500,000 a134,050 00
chants' Loan& Tr.
Co., all of Chicago
50,137 50
E.H. Rollins & Sons_..1,050,000 112,805
00
O'Connor & Kahler____3,500,000
3,500,000 132,010 00
Fisk & Robinson
00
110,705
Co_3,500,000
James H. Adams &
Wm.R.Staats & Co._ _ _ _3,500,000 110,705 00
3,500,000 a139,000 00
Farmers'&Merchants'
Bank and Southern
Trust Co., both of
Los Angeles
350,000
350,000
700,000
700,000
700,000
700,000
14.600 00
14,600 00
28,200 00
27,700 00
27,300 00
26,600 00
103.830 Feb. 1 1909.
103.830
103.944 Feb. 1 1909.
104.775
103.223
103.771
103,601
103.163
103.971
104.085
104.171
104.171
104.028
103.957
103.900
103.800
* Not less than $1,050,000. a And blank bonds.
Soon as ready.
1
I As advertised. Option
) to take any lot sooner.
As advertised.
Dec. 1 '08 or when ready.
Feb. 1909.
Nov. 11909.
July 2 1910.
Jan. 3 1911.
July 3 1911.
Mahnomen County (P. 0. Mahnomen), Minn.-Bond
Offering.-Proposals will be received until 12 m. Dec. 7 by
John W. Carl, County Auditor, for $10,000 court-house
bonds. Certified check for 234% of issue is required.
Mecklenburg County (P'. 0. Boydton), Va.-Bond Sale.The $60,000 5% coupon road-improvement bonds offered
on Nov.9 and described in V.87,p.1192.have been purchased
by a Detroit firm for $60,635-the price thus being 101.058,
the purchasers to pay the cost of printing the bonds. Maturity on Aug. 1 as follows: $1,000 yearly from 1911 to 1920
inclusive; $2,000 yearly from 1920 to 1929, inclusive, and
$3,000 yearly from 1930 to 1939, inclusive.
Mill Creek School District (P. 0. Mill Creek), Okla.-Bond
Sale.-The $10,000 20-year school-building bonds recently
voted (V. 87, p. 1192) have been awarded to Speer & Dow
at par for 6s. Denomination $500. Date Sept. 21 1908.
Interest Jan. and July.
Monticello, Sullivan County, N. Y.-Bond Sale.-On
Nov. 23 $4,000 5-8-year (serial) water-extension bonds
carrying 3.90%, 3.94% and 4% interest were disposed of
at par. Denomination $1,000. Date Nov. 23 1908. Interest Jan. and July.
Mt. Morris School District (P. 0. Mt. Morris), Livingston
County, N. Y.-Bonds Not Sold.-No proposals were received for $2,000 434% bonds offered on Nov. 23 for pur-
1493
THE CHRONICLE
DEO. 5 1908.]
chasing additional property. Denomination "$100 or upwards." Date Dec. 1 1908. Interest semi-annual. Maturity part in each of the years 1909, 1910, 1911 and 1912.
Mt. Vernon, Westchester County, N. Y.-Bond Offering.Proposals will be received until 8 p. m. Dec. 15 by the City
Council for $30,000 434% sewerage-disposal-works bonds.
Denomination $1,000. Date Dec. 1 1908. Interest semiannually in New York exchange or at the office of the
City Treasurer. Maturity Dec. 1 1934. Certified check
for $1,000 is required. Bonds will be certified to as to
their genuineness by the United States Mortgage & Trust
Co. of New York City, and their legality approved by
Caldwell & Reed, New York City, a copy of whose opinion
will be delivered to purchaser. Bonds will be delivered
on Dec. 22 1908. A. W. Reynolds is City Clerk. Bid to
be made on form furnished by the city. Accrued interest
to be paid by purchaser. Securities are exempt from
taxation.
Bond Sale.-The $40,000 434% 40-41-year (serial) sewagedisposal-works bonds described in V. 87, p. 1374, were
awarded on Dec. 1 to N. W. Harris & Co. of New York City
at 110.412-a basis of about 3.981%. Following are the
bids:
N. W. Harris & Co
N. W. Halsey & Co
Dominick & Dominick
Adams & Co
$44,165
44,075
44,068
43,607
$43,564
Edmund Seymour & Co
43.551
A B. Leach & Co
Geo. M. Hahn and others__ _ _ 43,483
43.252
John D. Everitt & Co
The above bidders are all from New York City.
Muskogee School District (P. 0. Muskogee), Okla.Bid for Bonds.-A. J. McMahan of Oklahoma City has
agreed to purchase $200,000 school bonds of this district
at par within sixty days after they are authorized by the
voters.
Nashville, Tenn.-Bond Election Proposed.-It has been
decided by this city to submit to the voters at the earliest
possible date the question of issuing $300,000 high-school
bonds.
New Bedford, Mass.-Bond Sale.-According to reports,
Blake Bros. & Co. of Boston were recently awarded $30,000
4% bonds at 101.215. The securities are dated Nov. 1 1908
and mature $4,000 yearly from 1909 to 1913 inclusive and
$2,000 yearly from 1914 to 1918 inclusive.
New Hanover County (P. 0. Wilmington), N. C.-Bond
Sale.-On Nov. 23 E. H. Rollins & Sons of Chicago were
awarded the $50,000 434% 30-year road-improvement and
bridge-building bonds described in V. 87, p. 1193, at 102.177
and accrued interest-a basis of about 4.37%. The bidders
were as follows:
E. H.Rollins & Sons,Chic.$51,088 50ISec.S.Bk.&T.Co., C1n__$50.325 00
Jno. S. Armstrong & Co.. 50,527 50 Seasongood & Mayer, Cll. 50,300 00
Farson,Son &Co.,Chicago 50,515 00 Robinson-Humphrey, Ati. 50.137 50
MacDonald, McCoy & Co.,
Woodin McNear& Moore,
50,017 00
Chicago
50.500 00
Chicago
Well, Roth & Co . Cin--- 50,500 00
New Rochelle, N. Y.-Certificate Offering.-Proposals will
be received until 8 p. m. Dec. 8 by William G. Rainsford,
City Clerk, for $125,000 6% certificates of indebtedness.
Authority, Chapter 128, Laws of 1899, and Acts amendatory
thereof. Denomination $5,000. Date Nov. 9 1908. Maturity July 9 1909. Certified check or cash for $1,500, payable to the City Treasurer, is required. Delivery Dec. 11
1908. Bids to be made on a printed form furnished by. the
City Clerk. These securities take the place of the $125,000
certificates awarded on Nov. 4 to O'Connor & Kahler of
New York City (V. 87, p. 1257) but which were subsequently
refused by them.
Bond .0fiering.-In addition to the above, there will also
be received proposals at the same time and place by Willaim
G. Rainsford, City Clerk, for $107,500 5% registered school
bonds. Denomination $1,000, except one bond of $1,500.
Date Dec. 1 1908. Interest May 1 and Nov. 1 at the City
Treasurer's office. Maturity on May 1 as follows: $9,000
yearly from 1920 to 1930 inclusive and $8,500 in 1931.
Bid to be made on a printed form furnished by the City Clerk
and be accompanied by a certified check on an incorporated
bank or trust company in New York State for $2,000, made
payable to the City Treasurer. Accrued interest to be
paid by purchaser. Delivery Dec. 211908.
New York City.-Bond Sales.-In addition to the $12,500,000 4% corporate stock and bonds sold on Nov. 23
(V. 87, p. 1434),the following bonds were purchased by the
Sinking Fund during November:
PurposeVarious municipal purposes
Water supply
Rate of Int. Maturtitl.
3
1958
3
1957
Amount.
$400.000
25,000
$425.000
Total
The following revenue bonds temporary. securities) were
also issued during November:
Revenue
Revenue
Revenue
Revenue
Revenue
Total
bonds, current expenses
bonds, current expenses
bonds, current expenses
bonds, special
bonds, special
Interest.
4
3g
3g
4
3g
Amount.
$14,295,000
100,000
850.000
1.353.000
100,000
$15,698,000
In V. 87, p. 1315 we reported the sale of $10,000,000 of
.r current expenses mentioned above.
the 4% revenue bonds f()
Niles, Trumbull County, Ohio.-Bond Offering.-Proposals will be received until 12 m. Dec. 8 by B. L. Hogan,
City Auditor, for $8,000 5% coupon Park Avenue extension
bonds. Authority Section 2835, Revised Statutes. Denomination $500. Date Dec. 1 1908. Interest April 1 and
1494
THE CHRONICLE
Oct. 1 at the City Treasurer's office. Maturity part on Oct.
1 in each of the years 1915, 1916, 1918 and 1919. Certified
check on a banking house doing business in Niles for 2% of
bonds bid for, and made payable to the City Treasurer, is
required. Delivery within 10 days from time of award.
Purchaser to pay accrued interest.
North Arlington (P. 0. Newark), Essex County, N. J.Bonds Voted.-Of a total of 22 votes polled at the election
held Dec. 1 only 1 was cast against the issuance of the
$25,000 water-supply-installation bonds described in V. 87,
p. 1257.
North Sterling Irrigation District (P. 0. Sterling), Logan
County, Col.-Bond 'Election.-A proposition to issue
$2,080,000 bonds will be voted on Dec. 19, according to
Denver papers.
Oklahoma, State of.-Bonds Awarded in Part.-Of the
$1,460,000 4% coupon bonds, bids for which were rejected
on July 16 (V. 87, p. 241), $146,000 maturing Aug. 1 1920
were recently bought by the H. P. Wright Investment Co.
of Kansas City, Mo. Denomination $500. Date Aug. 1
1908. Interest semi-annually at the fiscal agency in New
York.
Omaha, Douglas County, Neb.-Bond Sale.-On Dec. 1
Blodget, Merritt & Co. of Boston bought the $252,500 43/2%
73/2-year coupon street improvement bonds described in
V. 87, p. 1193 at 101.719-a basis of about 4.23%.
Following is a list of the proposals received:
Blodget,Merritt&Co.,Bos.$256,840 481Estabrook & Co.. Bos_--$254,494 75
Thos.J.BolgerdoCo.,Chic.a257,675 00 Well, Roth & Co., Cin_ _ 254,015 00
Moffat & 'White, N. Y__256,406 181 Blake Bros. do Co., Bos__ 253,560 50
Wood in,McNear&Moore,
Chicago
254,505 001
All bidders offered accrued interest in addition to their
bids.
a Providing Interest be made payable semi-annually.
Painesville, Ohio.-Bond Offering.-Proposals will be received until 12 m. Dec. 7 by Frank E. Link, City Auditor,
for the following 4% coupon bonds:
$1,000 street-Improving bonds,due $500 on April 1 1914 and $500 on Oct. 1
1914.
15,000 city-hall bonds, due $1,500 each six months from April 1 1917 to
Oct. 21 1921 inclusive.
4,000 fire and police station bonds.due $1,000 each six months from April 1
1022 to Oct. 1 1923 Inclusive.
[VOL. Lxxxvn.
were sold to the Bank of Pierce, Simmons & Co. of Red,
Wing at par. Denomination $1,000. Date July 1 1908.
Interest semi-annual. The bonds were subsequently sold
by the Red Wing bank to the Northwestern Trust Co. of St.
Paul.
Richmond, Va.-Bond Sale.-Local papers report that
Estabrook & Co. of Boston and Hambleton & Co. of Baltimore have been awarded $492,000 4% bonds at 98.50 and
accrued interest. Of the bonds sold, $350,000 are for the
purpose of erecting an electric-light and power-plant and the
remaining $142,000 constitute part of the issue authorized
for the rehabilitation of the gas plant.
Rockport (P. 0. West Park), Ohio.-Bond Sale.-On
Dec. 1 the $9,000 43/
2% 30-year coupon water-main-extension bonds described in V. 87, p. 1438, were awarded to
Weil, Roth & Co. of Cincinnati at 107.25 and accrued interest-a basis of about 4.08%. The proposals received
were as follows:
Well, Roth & Co., Cln.___-$0,652 50 Sec. Say. Bank &Tr .Co. Tol$9,586
Seasongood & Mayer, Cin- _ 9,637 20 Hayden, Miller do Co.,Clev. 9,552 00
C. E. Denison da Co.,Cleve. 9,613 00 Albert Keybolte & Co., Cin. 9,450 00
Otis & Hough, Cleveland-- 9,610 00
St. Joseph School District (P. 0. St. Joseph), Buchanan
County, Mo.-Bond Sale.-This district on Nov. 30 sold
the $250,000 4% 20-year coupon school-building bonds
described in V. 87, p. 1438. N. W. Halsey & Co. and MacDonald, McCoy & Co., both of Chicago, were the successful
bidders, jointly offering 100.338 and accrued interest. Following are the bids:
N. W. Halsey do Co. and MacDonald, McCoy iSs Co., Chicago_ _a$250,846 00
Woodin, McNear & Moore, Chicago
a250,312 50
Missouri Valley Trust Co., St. Joseph
a250.100 00
Lee, Higginson & Co., Chicago
a250,057 87
Wm. R. Compton Bond & Mortgage Co., St Louis, and Harris
Trust & Savings Bank, Chicago
a249,580 00
Francis Bros. & Co., St. Louis
a248,875 00
Mercantile Trust Co., St. Louis
a248,750 00
Tootle-Lemon National Bank, St. Joseph
a248,750 00
German-American National Bank, St. Joseph
a248,750.00
Mason. Lewis & Co., Chicago
a248,075 00
A. G. Edwards & Sons, St. Louis, ad E. H. Rollins & Sons,
Chi ago
a247,853
R. W. Morrison & Co., Kansas City, Mo.(for $50,000 bonds)- par
a And accrued Interest.
San Francisco, Cal.-Result of Special Election.-In addition to voting $600,000 bonds on Nov. 12 (V. 87, p. 1377),
the electors this city also approved two other propositions.
Authority Sections 2835, 2836 and 2837 Revised Statutes, The official of
vote on the three questions is given below:
as amended. Denomination $500. Date Oct. 1 1908.
34,950 "for" to 5,708 "against" the acquisition by purchase or condemInterest semi-annually in Painesville. Bonds are tax- nation
of a water supply and works to be owned and controlled by the City
exempt and will be delivered within 10 days from time of and County, to furnish a sufficient supply of good, pure water for all purthe source of such supply to be Lake Eleanor, the Hetch Hetchy
award. Bid to be made on form furnished by the City poses,
Valley and the waters of the Tu Aumne River InTuolumne County,California.
34,681 "for" to 5,647 "against" a bonded Indebtedness to the amount of
Auditor and be accompanied by a certified check for 5% of
$600,000 for the purchase of lands, rights and claims In and adjacent to the
bonds bid for, made payable to the City Treasurer.
Hetch Hetchy Valley, adjacent and near Lake Eleanor and within the
watershed of the Tuolumne R ver, and In constructing certain works, all
-The
Offering.
-Bond
Okla.
Pawnee,
City Clerk, M. H • of
which are necessary In order to comply with the conditions and stipu$50,000
6%
for
offering
25-year
sale
Bretz, is
bonds in de- lations agreed to by the City and County In acquiring certain rights
and
privileges
heretofore granted by the Interior Department or hereafter. to
each.
$1,000
nominations of
be granted by Congress.
Bonds Issued for such purpose shall bear Interest at the rate of 434
Plainfield, N. J.-Bond Sale.-On Nov. 27 the $31,000
semi-annually.
street-improvement and the $15,000 10-year fire-house 43/2% payable
33,993 "for" to 5,945 "against" the acquisition by purchase of the property of the County Line Water Co. used in supplying a portion of the City
gold coupon bonds described in V. 87, p. 1316, were awarded and
County with water, at a cost not to exceed $40,000, to be paid for out
to Moffat & White of New York City at 103.29 and accrued of the
annual revenue of the City and County.
interest. A list of the bidders follows:
In the San Francisco "Chronicle" of Nov. 13 it is estimated
$31,000
$15,000
that it will take $43,000,000 to acquire all necessary rights
bands.
bonds.
Moffat & White, New York
$32,021 76
$15,494 40 and purchase the distributing system in the city as well as
Commercial Trust Co., Jersey City
31,94023
build the transmission line.
31,900 00
H. Outwater
O'Connor & Kahler, New York
15,402 00
31,892 80
Scioto County (P. 0. Portsmouth), Ohio.-Bond Sale.J. S. Rippel, Newark
15,404 85
31,875 55
H. L. Crawford do Co:, New York
31,831 73
15,402 45 On Nov. 27 the $40,000 4% 5-12-year (serial) coupon bridge
John D. Everitt & Co., New York
• 31,815 30
15,34 50 rebuilding and repairing bonds described in V. 87, p. 1376,
Farson, Son do Co., New York
31,806 00
15,369 00
Plainfield Trust Co., Plainfield
15,305 00 were awarded to the Union Savings Bank & Trust Co. of
31,695 00
Kountze Gros., New York
31,67580
15,327 00 Cincinnati for $40,415-the price thus being 101.037-a
31,654 10
15,304 50
R. M. Grant ec Co., New York
City National Bank, Plainfield
31,539 55
15,254 95 basis of about 3.856%.
The following bids were received:
The $31,000 street-improvement bonds mature on Sept. 1
Union S. B. &Tr.Co.,C1n.340.41.15 0010tts & Hough, Cleveland_$40,202 50
as follows: $1,000 in 1912, $2,000 yearly from 1913 to 1918 Central
Tr. & S. D. Co.,Cin 40,388 0015. Kuhn & Sons, Cin
40,201 00
inclusive and $3,000 yearly from 1919 to 1924 inclusive.
First Nat. Bank, Cleve_ __ 40,251 0011 MacDonald,McCoy&Co.Ch 40,150 00
Hayden,Miller&Co.,Cleve. 40.229 00 Associated Banks, PortsPoland, Mahoning County, Ohio.-Bond Offering.-Pro- Seasongood
40,145 00
& Mayer, Cin_ 40,224 10
mouth,0
posals will be received until 7 p. m. Dec. 7 by J. M. Cleland, Davies-Bertram Co., Cln. 40.211 00 Albert Kleybolte & Co,Cin 40,080 00
Well, Roth & Co., Cin--__ 40,210 60 Western German Bk., Gin. 40,016 00
Village Clerk, for the following 5% coupon bonds:
Seattle King County, Wash.-Bond Election.-The
$2,000 Main Street sidewalk-construction bonds. Maturity $400 yearly
amount of bonds to be voted on Dec. 29 is $2,613,180 and
on Oct. 1 from 1910 to 1913 inclusive and $490 on Oct. 1 1014.
1,500 street-improvement bonds. Maturity $150 yearly on Oct. 1 from not $800,000 as reported in V. 87, p. 1439.
1910 to 1919 inclusive.
Selma, Fresno County, Cal,-Bond Sale.-N. W. Harris
The above bonds will be dated Dec. 10 1908. Interest
semi-annually at the office of the Village Treasurer. Pur- & Co. of Los Angeles were the successful bidders for $50,000
chasers to take the bonds not later than Dec. 14 1908, the 5% 1-20-year (serial) sewer bonds disposed of on Nov. 18.
money to be delivered at Farmers' Deposit & Savings Bank The price paid was $51,575 75 or 103.151-a basis of about
in Poland or at the Village Treasurer's office. Bids must 4.618%. Denominations $250 and $1,000. Date Nov. 16
be made for each block of bonds separately and must be 1908. Interest semi-annual.
Sioux City School District (P. 0. Sioux City), Woodbury
accompanied by a certified check on a national bank for 2%
County, Iowa.-Bond Sale.-A. B. Leach & Co. of Chicago
of the bonds bid for, payable to the Village Clerk.
Pomona, Cal.-Bond Election Proposed.-There is talk have been awarded $344,000 434% refunding bonds at
of holding an election, it is reported, to vote on the question 100.043 and interest. Denomination $1,000. Date Jan. 2
1909. Interest semi-annual. Maturity Jan. 2 1919.
of issuing city-hall and site-purchase bonds.
Snyder, Dodge County, Neb.-Bond Ofiering.-Proposals
Pony Creek Drainage District, Mills County, Iowa.- will be
until 8 p. m. Dec. 8 by Herman M. Foelber,
Bond Offering.-Proposals were asked for until 12 m. Village received
-improvement
Clerk,
yesterday (Dec. 4) by W. H. Fickel, County Treasurer bonds voted for the $9,000 5% water-system
(V.87, p. 1115) on Oct. 17. Authority Section
(P. 0. Glenwood) for $30,000 6% drainage bonds. De- 8927 of
Annotated Statutes of 1907. Denomination
nomination $1,000. Date Nov. 2 1908. Interest is payable $1,000 Colibins
Date Jan.
in New York
at the County Treasurer's office. Maturity $3,000 yearly City. Maturity 20 11909. Interest annually
after 6 years.
on Nov. 2 from 1909 to 1918 inclusive. The result of this Certified check for years, subject to callVillage Clerk,
$270, payable to the
is
offering was not known to us at the hour of going to press.
required.
Red Wing, Goodhue County, Minn.-Bond Sale.-During
,Spirit Lake Independent School District No. 63 (P. 0.
the month of Noveraber,$10,000 4%16-year refunding bonds Spirit Lake), Kootenaipounty, Idaho.-Bonds Not Sold.-
All bids received on Nov. 21 for the $15,000 5% 10-20-year
(optional) gold coupon school bonds described in V. 87, p.
1376, were rejected. The bids, we are advised, were all
made for 6s.
Stryker, Williams County, Ohio.-Bond Sale.-On Nov.
27 the $1,000 43% 2-3-year (serial) coupon tile-drainconstruction bonds described in V. 87, p. 1376, were awarded
to the H. F. Bruns Exchange Bank of Stryker at par and
accrued interest.
Summit, Union County, N. J.-Bond Sale.-On Dec. 1
the $70,000 43/2% 30-year funding bonds described in V. 87,
p. 1376, were awarded to Kountze Bros. of New York City
at 107.41 and accrued interest-a basis of about 4.07%. The
other bidders were as follows:
John D. Everitt & Co.,N.Y_107.114
H. L. Crawford & Co., N. Y_106.983
W. N. Coler & Co., N. Y_--_106.575
106.51
R. Irving Outwater
N. W. Halsey & Co., N. Y-106.169
O'Connor & Kahler, N. Y_ _ _106.08
1495
THE CHRONICLE
DEC. 5 1908.1
Harvey Fisk & Son, N. Y_ -.106.07
Farson, Son ec Co., N Y
105.95
Blodget, Merritt & Co., N. Y..105.89
R. M. Grant &Co., N Y
105.61
N. W. Harris & Co., N Y
104.58
Howard K. Stokes, N. Y___ _103.622
Bonds are dated Dec. 1 1908. Interest semi-annual.
Tacoma, Pierce County, Wash.-Bond Election.-According to reports,an election will be held some time in December
to vote on the question of issuing $300,000 bonds to pay for
surveys, right -of-way and a site for a municipal power-plant.
Teague,Freestone County,Tex.-Bond Sale.-The "Houston Post" states that on Nov. 24 $42,500 water-works bonds
were awarded to H. N. Swain of Dallas for $41,500 (97.647)
and interest.
Terre Haute, Vigo County, Ind.-Bond Offering.-Proposals will be received until 4 p. m. Dec. 7 by Chas. R. Duffing, City Comptroller, for $70,000 4% gold coupon bonds.
Denomination $1,000. Date Dec. 1 1908. Interest semiannually on the Hanover National Bank of New York City.
Maturity 1918, subject to call $14,000 yearly after the first
six years. Bonds are exempt from tax. Certified check for
$1,000, payable to the City of Terre Haute, is required.
Walla Walla School District No. 1 (P. 0. Walla Walla),
Wash.-Bond Sale.-Thc State Board of Finance is reported
as having purchased $167,000 4% 20-year school bonds on
Nov. 23 at par.
NEW LOANS.
$ 1 36,000
Township of Weehawken,
Weatherford, Custer County, Okla.-Bond Sale.-This
city has sold $25,000 electric-light-plant bonds.
Wenatchee School District (P. 0. Wenatchee), Chelan
County, Wash.-Bond Election.-According to reports,.an
election will be held to-day (Dec. 5) to vote on the question
of issuing $70,000 school-building and site purchase bonds.
Westchester County(P.O. White Plains),N.Y.-Bond Sale.
-On Dec.2 the $240,000 43.% registered court-house bonds,
described in V. 87, p. 1377, were awarded to Wadsworth &
Wright of New York City at 108.87-a basis of about 3.80%.
The bidders were as follows:
Wadsworth & Wright, N. Y$261,300
259,288
J. S. Bache & Co., N. Y
R. I. Grant & Co., N. Y-259,012
258,648
A. B. Leach & Co., N. Y
258,400
Ferris & White, N. Y
N. W. Harris & Co., N. Y. _258,379
257.916
Dualey & Harder
N. W. Halsey & Co., N. Y 257,712
257,519
Rhoades ec Co., N. Y
Kissel, Kinnicutt ec Co..N.Y_257,040
256,632
Geo. M. Hahn, N. Y
Maturity $10,000 yearly on Nov. 1 from 1914 to 1937
inclusive. The good price obtained on this sale is no doubt
to be ascribed to the fact that the net debt of the county
is less than
of 1% on the valuation.
Youngstown, Ohio.-Bond Sale.-The following bids were
received on Nov. 30 for the four issues of 5% bonds described
in V. 87, p. 1259.
$700
$10,325
$5,000
$10,000
bonds.
bonds.
bonds. .
bonds.
Mahoning Nat. Bk., Youngst_a$10,350 00 $5.158 50 a$10,652 00 $705 00
a5,160 00
First Nat. Bk., Youngstown..
a710 50
Barto, Scott & Co., Columbus_ 10,293 50 5,146 75
10,558 20
C. E. Denison & Co., Clev____ 10,317 25 5,155 60
10,645 00
Breed & Harrison, Cincinnati_ 10,310 00
10,645 00
10,303 00 5.152 00
Otis & Hough, Cleveland
Seasongood ec Mayer, Cincin__ 10,293 25 5,146 65
10,627 55
10,626 00
Field, Longstreth ec Co., Cin__ 10,291 00 5,138 00
10,618 00 701 00
Hayden, Miller & Co., Cleve__ 10.283 00 5,142 00
10,606 00 705 00
First Nat. Bank, Cleveland_ _ _ 10,280 00 5,140 00
10,611 00
Well, Roth & Co., Cincinnati__ 10,277 00 5,131 25
Firemen's Pension Fund, Y't'n
10,506 41 710.00
a Successful bidders.
All bids include accrued interest. Maturity one-fifth
of each issue yearly on Oct. 1 from 1910 to 1914 inclusive.
NEW LOANS.
STATE OF NEW YORK
Hudson County, N. J.,
4%
DISPOSAL WORKS BONDS
Under Chapter 148. Laws of New Jersey. for 1902
Sealed proposals will be received by the Township Committee of the Township of Weehawken,
In the County of Hudson, N. J., on Monday, the
seventh day of December, 1908, at eight o'clock
P. M., at the Township Hall, 105 Bulisferry
Branch Road, for the purchase of the following
four and one-half per cent semi-annual bonds:
Amount-$136,000.00.
Purpose-To take up Improvement Certificates
heretofore issued to pay for the purchase of
lands and for work and services performed and
for materials furnished in the construction of an
Outlet Sewer and Sewerage Disposal Works for
the southerly district of the Township of Weehawken.
Maturity-$6,800.00 on December 1, 1009, to
1928, both inclusive.
Interest-June 1st and December 1st.
Denomination-$680.00 each.
Dated -December 1st, 1908.
The bonds will be delivered upon payment of
the purchase price. Each proposal must be accompanied by a deposit of One Thousand Dollars,
either money or a certified check on some responsible bank or trust company drawn to the order
of the Treasurer of the Township of Weehawken.
The Township Committee reserves the right to
reject any and all bids if deemed for the Interest
of the Township so to do, but no bid for less than
par and accrued interest will be entertained.
By order of the Township Committee.
THOMAS CARROLL,Township Clerk
$200,000
City of Winuine, Canada
O'Connor & Kahler, N. Y.._ $256,298
256.250
Estabrook & Co., N. Y
W. N. Coler & Co., N. Y.._.. _256,088
Kountze Bros., N Y
255,702
Harvey Fisk & Son, N. Y_ _255,768
Langley & Lawrence, N. Y_255.754
Wm. A. Read & Co., N. Y_ _255,192
Dominick & Dominick,N. Y_254,624
252,763
Moffat & White, N. Y
Blodget, Merritt ec Co.. N. Y.252,347
Daniel A. Moran & Co., N. Y.
107,411
$100,000
Highway Improvement Gold Bonds
EXEMPT FROM TAXATION
Due Sept. 1, 1958
Dated Sept. 1, 1908
AMOUNTING ,TO
7A
r
$5,000,000.00
Issued in Coupon or Redistered Form
Will Be Sold Thursday, December 17th, 1908
At 2 o'Clock P. M., at the
State Comptroller's Office, Albany, N.V.
These Bonds Are
Legal Investments for Trust Funds
SCHOOL BONDS
Sealed tenders, addressed to the SecretaryTreasurer, Winnipeg School Board, will be received up to twelve o'clock, noon, December 18th,
1908, for the purchase of $200,000 of debentures
of the School DIstrict of WInnipete No. 1, repayable at the expiration of 35 years from the 1st of
August, 1908 ,u ith jnterest at 4 per cent per annum, payable semi-annually. Money to be paid
anti delivery made at Winnipeg. 'The purchaser
shall have the option of taking delivery at any
time between December 21st, 1908, and February
1st. 1909. Principal and interest payable at
London, England: New York, U. S. A.; Toronto,
Montreal or Winnipeg.
Assessed value of ratable property within the
School District,
been made for registration of
Provision has $116,000,000'
bonds.
any tender not necessarily acor
highest
The
cepted.
For further information apply to the underR. H. SMITH,
signed.
Secretary-7 reasurcr, Public School
Board, Winnipeg. Canada.
No bids will be accepted for less than the par value of the bonds nor unless
accompanied by a deposit of money or by a certified check or bank draft upon a
solvent bank or trust company of the cities of Albany or New York, payable to
the order of the Comptroller of the State of New York, for at least two per cent
of the par value of the bonds bid for.
All proposals, together with the security deposits, must be sealed and endorsed "Loan for Highway Improvement," and enclosed in a sealed envelope;directed to the "Comptroller of the State of New York, Albany,"
All bids will include accrued interest.
The Comptroller reserves the right to reject any or all bids which are not
In his opinion advantageous to the interests of the State.
FOR FURTHER PARTICULARS, ADDRESS
;
MARTIN H. GLYNN, State Comptroller, Albany, N. Y.
DatedlAlbany, November 21,11908.
1496
THE CHRONICLE
Lxxxvn.
West Seneca, Erie County, N. Y.—Stony Point Fire District No. 1.—Bond Sale.—On Dec. 1 the $30,000 1-10-year
(serial) Stony Point Fire District No. 1 bonds described in
V. 87, P. 1377, were awarded to the First National Bank of
Cleveland.
Wheeling, W. Va.—Bond Offering.—This city is readvertising for sale the five issues of 4% coupon bonds, aggregating $695,000, mentioned in V. 87, p. 186.
Nova Scotia (Province of).—Debenture Sale.—G. A. Stimson & Co. of Toronto are reported as being the purchasers
of £25,700 334% debentures maturing in 1945.
Prince Albert, Sask.—Debenture Offering.—Proposals will
be received until 5 p. m. Dec. 15 by C. 0. Davidson, City
Treasurer, for $40,000 5 M% debentures. These securities
are part of an issue of $90,000 debentures authorized to
build a high school. Denomination $1,000. Date May 7
1908. Interest annually at the Imperial Bank of Prince
Canada,its Provinces and Municipalities. Albert. Maturity part yearly for 39 years. Total debentBuckingham, Que.—Debenture Offering.—Proposals will ure debt, including this issue, $572,068. Floating debt
be received until 12 m. Jan. 5 1909 by F. M. Gorman, $15,000.
Renfrew, Ont.—Debenture Election.—An election will be
Secretary-Treasurer, for $57,000 5% debentures. Denomination $1,000. Interest semi-annual. Maturity thirty held Jan. 4 1909 to vote on the question of issuing $5,000
5% sewer debentures.
years.
Shawinigan Falls, Que.—Debenture Sale.—An issue of
Fort Erie, Ont.—Debenture ,Sale.—This town has sold
$10,000 5% school debentures maturing part yearly for $35,000 5% 50-year debentures has been disposed of to
twenty years. The Ontario Securities Co. of Toronto was St. Cyr, Gonthier & Frigon..
the successful bidder.
Winnipeg, Man.—Debenture Sale.—An issue of $524,000
Innisfail, Alberta.—Debenture Sale.—G. A. Stimson & Co. 4% 30-year improvement debentures was disposed of at
of Toronto were recently awarded $5,000 6% fire-protection 96.25 and accrued interest on Nov. 24 to W. A. MacKenzie
and local-improvement debentures maturing part yearly for & Co. of Toronto.
twenty years.
Winnipeg School District No. 1 (P. 0. Winnipeg), Man.—
Maple Creek, Sask.—Debenture Sale.—The following 5% Debenture Offering.—Proposals
will be received until 12 m.
debentures have been awarded to G. A. Stimson & Co. of
Toronto: $13,000 due $1,000 yearly for water works and Dec. 18 by R. H. Smith, Secretary-Treasurer School Board,
for $200,000 4% school debentures. Date August 1 1908.
$1,800 due $200 yearly for fire protection.
Metcalfe Township, Ont.—Debenture Sale.—G. A Stim- Interest semi-annually in London, Eng., New York, Toronto,
son & Co. of Toronto recently purchased $2,663 5% drainage Montreal or Winnipeg. Maturity August 1 1943. Debendebentures due part yearly for 5 years.
tures will be delivered any time between Dec. 21 1908 and
North Easthope Township (P.0. Amulree), Perth County, Feb. 1 1909, to suit purchaser.
Ont.—Debenture Sale.—On Nov. 17 the $12,465 32 5% couThe official notice of this bond offering will be found among
pon drainage debentures offered on that day (V. 87, p. 1320)
were sold to W. A. Mackenzie & Co. of Toronto. Maturity the advertisements elsewhere in this Department.
part yearly for ten years. Interest Feb. at the Township . York Township, Ont.—Debenture Sale.—The following
Treasurer's office.
debentures have been bought by G. A. Stimson & Co. of
North Vancouver, B. 0.—Debenture Sale.—G, A. Stimson Toronto:
& Co. of Toronto recently purchased $15,000 5% water- $6,500 5% school debentures. Maturity part yearly for 20 years.
2,412 4% local-Improvement debentures. Maturity part yearly for
works debentures, maturing in fifty years.
ten years.
NEW LOANS.
$98,500
Union Free School District No. 3,
Town of Huntington, Suffolk Co., N. Y.
43li% BONDS
Notice Is hereby given that the Board of Education of Union Free School District No. 3, Town
of Huntington, County of Suffolk, will receive
sealed proposals at the Court Room, Huntington,
New York, until 2 o'clock P. M. on the 17th day
of December, 1908, for the purchase of ninetynine bonds of said District, ninety-eight bonds to
be of the denomination of One Thousand Dollars
each, and to be numbered from 1 to 98, inclusive,
and one bond to be of the denomination of Five
Hundred Dollars, and to be numbered 99, all
bearing Interest at the rate of four and one-quarter per cent (4.(%) per annum, payable semiannually at the First National Bank of Huntington to the holder thereof, in New York exchange.
Said bonds will not be sold below par, will be
dated December 1st, 1008, and will mature as
follows: Four Thousand Dollars on the first day
of December of each year, from 1915 to 1938 inclusive, and Twenty-five Hundred Dollars on
the first day of December, 1939.
Purchasers will be required to deposit with their
bids certified checks in amounts equal to two per
cent (2%)of the amount of bonds bid for, and to
pay the balance, with accrued Interest, on deityrey of such bonds.
The right to reject any and all bids is reserved.
Dated November 25th, 1908.
GEORGE C. HENDRICKSON,
HARRY H. FUNNELL,
ABRAHAM L. FIELD,
ALBERT S. PETTIT,
FREDERICK W. LATHAM.
Board of Education of Union Free School District No. 3. Huntington. N. Y.
WALTER E. BRYANT, Clerk Board of Education.
For further particulars, address Wm. S. Funnel!. Treasurer, Huntington, N. Y.
MUNICIPAL AND RAILROAD
BONDS.
LIST ON APPLICATION.
BEASONGOOD & MAYER
Mercantile Library Building
CINCINNATI.
MacDonald, McCoy & Co.,
• NEW LOANS.
. $622,200
$67,000
City of Minneapolis, Minn., City of Minneapoiis, Minn.,
4% BONDS
Sealed bids will be received by the Committee
on Ways and Means of the City Council of the
City of Minneapolis, Minnesota. at the office of
the Undersigned. THURSDAY, DECEMBER
17TH, 1908, at 2 o'clock p. m., for the whole
or any part of the following bonds—$100,000
Fire Department Bonds, dated July 1. 1908,
payable July 1, 1938; $116,200 Voting Machine
Bonds, dated July 1, 1908, payable July 1, 1928;
$48,000 Graded School Bonds, dated Jan.1,1909,
payable Jan. 1, 1939; $110,000 High School
Bonds, dated Jan. 1 1909, payable Jan. 1, 1939.
and $250,000 Sewer Bonds, dated Dec. 31, 1908,
payable Dec. 31, 1938.
Bonds to bear Interest at the rate of four (4%)
per cent per annum, payable semi-annually.
The right to reject any or all bids is reserved.
A certified check for two (2%) per cent of the
par value of the bonds bid for, made to C. S.
Hulbert, City Treasurer, must accompany each
bid.
Circular containing full particulars will be
mailed upon application.
DAN C. BROWN.
City Comptroller.
•
$10,500
CITY OF HOBOKEN, N. J,,
SCHOOL BONDS
Public notice Is hereby given, in accordance
with a resolution of the Council of the City of
Hoboken, and passed on the 25th day of November, 1908, and duly approved on the 27th day of
November, 1908, that sealed proposals for the
purchase of bonds of the City of Hoboken, to
be known as "School Bonds," in the amount
of ten thousand five hundred dollars ($10,500),
to run for a period of thirty (30) years, from the
date of issue, registered or coupon, at the option
of the bidder, will be received at the regular
meeting of the Council to be held on
Wednesday Evening. December 23. 1908,
at 8 o'clock p. m.
Bidders to state prices on bonds bearing Interest
at the rate of four per cent (4%) per annum,
payable semi-annually.
All proposals must be directed to the Mayor
and Council of the City of Hoboken, N. J., and
shall be accompanied by a certified check for
one thousand dollars (11,000).
•
The Mayor and Council of the City of Hoboken
reserve the right to reject any or all bids if deemed
In the Interest of the city so to do.
By order of the Council.
JAMES H. LONDRIGAN,
IPA
City Clerk.
Estabilsk•d 18150.
MUNICIPAL AND CORPORATION
H. C. Speer & Sons Co.
BONDS.
al La Salle Street, Chicago
First Nat. Bank Building,Chicago
CITY COUNTY
AND TOWNSHIP
NEW LOANS.
BONDS.
Permanent Improvement Fund Bonds.
Sealed bids will be received by the Committee
on Ways and Means of the City Council of the
City of Minneapolis, Minnesota, at the office of
the undersigned, THURSDAY, DECEMBER
10TH. 1008, at 2 o'clock p. m., for the whole
or any part of $67,000 Permanent Improvement
Fund Bonds
Bonds to bear Interest at the rate of four (4%)
per cent per annum, payable semi-annually,
dated January 2, 1909, and are payable January
2, 1039
The right to reject any or all bids Is reserved.
A certified check for two (2%) per centum of
the par value of the bonds bid for, made payable
to C. S. Hulbert, City Treasurer, must accompany each bid.
Circular containing full particulars will be
mailed upon appliactIon.
DAN C. BROWN,
City Comptroller.
$100,000
CITY OF HOBOKEN", N. J.,
SCHOOL BONDS
Public notice is hereby given, In accordance
with a resolution of the Council of the City of
Hoboken, and passed on the 25th day of Novenxber, 1908, and duly approved on the 27th day
of November, 1908, that sealed piroposals for the
purchase of bonds of the City of Hoboken, to be
known as "School Bonds", in the amount of one
hundred thousand dollars ($100,000), to run
for a period of thirty (30) years, from the date
of issue, registered or coupon, at the option of the
bidder, will be received at the regular meeting
of the Council to be held on
Wednesday Evening. December 23. 1908.
at 8 o'clock p.m.,
Bidders to state prices on bonds bearing Interest
at the rate of four per cent (4%) per annum,
payable semi-annually.
All proposals must be directed to the Mayor
and Council of the City of Hoboken, N. J., and
shall be accompanied by a certified check for
one thousand dollars ($1,000).
The Mayor and Council of the City of Hoboken,
reserve the right to reject any or all bids if deemed
In the Interest of the city so to do.
By order of the Council,
JAMES H. LONDRIGAN,
City Clerk.
HUNT, SALTONSTALL & CO.,
Members of New York Stock Etzebastro
Investment Securities
60 STATE STREET
BOSTON
@FedFRASER