Full text of Commercial and Financial Chronicle : January 1, 1910, Vol. 90, No. 2323 [Copy 2]

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financial

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TH*.
iljummatict
IN C L U D IN G
Bank & Quotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers’ Convention Section

VOL. 90.

Electric Railway Section
State and City Section

SATURDAY, JANUARY 1 1910.

’^Ite (Pmntide.

NO. 2323.
Week ending December 25.

Clearings at —

Inc. or
Dec.

PUBLISHED W E E K LY .

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G. Dana, T rea s. A d d re s se s o f a ll, O ffice o f th e C om pany.

CLEARING-HOUSE RETURNS.

The following table, made up by telegraph, &c., indicates
that the total bank clearings of all clearing houses of the U. S.
for week end. Jan. 1 have been S3,178,047,618, against $2,­
970,207,334 last week and S2,825,499,876 the week last year.
Returns bg Telegraph— Week end. Jan. I
New Y o r k ......... ........................................
Boston .........................................................
P h iladelphia...............................................
B altim ore...................................................
C h ic a g o ......... ............................................
St. L o u is _____________ _________ ______
New Orleans ............. ........................... ..

1910.
S I,973,410,417
146,738,364
146,022,036
26,726,010
225.070,324
61,544,082
16,649,953

1909)

%

$1,265,449,626
138,166,029
88,208,810
26,714,552
170,820,678
13,409,554
12,330,509

+ 55.9
+ 6.2
+ 66.2
+ 0.0
+ 32.3
+ 41.8
+ 3 5 .0

Seven cities, 5 days...................... .......
Other cities, 5 days.................................

S2,597,691,786
525,487,019

S I,745,099,758
375,417,987

+ 48.8
+ 40.0

Total all cities. 5 d a y s .........................
All cities, 1 d a y ______________________

53,123,179,405
55,468,213

$2,120,517,745
704,982,131

+ 47.3
— 92.1

Total all cities for w eek.....................

$3,178,647,618

52,825,499,870

+ 12.5

'' The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week
has to be in all cases estimated, as we go to press Friday dight.
We present below detailed figures for the week ending with
Saturday noon, Dec. 25, for four years.
Week ending December 25.

Clearings at

Inc. or
Dec.

1909.
New Y o r k . . .
Philadelphia .
Pittsburgh.. .
Baltimore —
Buffalo...........
Albany...........
W ash in gton ____
R och ester__
Scran ton ____
S yracu se____
Reading.........
Wilmington.........
W ilkes-B arre__
Wheeling . . .
Harrisburg . .
Trenton ____
Y o r k ..............
E r i c ...............
Bingham ton____,
Greensburg____
C h ester............. J
A ltoon a.........
F ran klin____
Total Middle.

%

,808.310.000 1,838,250,657
— 1.0
130,100,199
107,001,420 + 2 7 .5
48,880,419
38,018,253 + 28.0
E0.893,185
18,410,146 + 40.2
9,423,018
7,758,001 + 21.5
4,599,330
5.132.502 — 10.4
0,693,140
5,380,182 + 21.1
3,040,850
2,781,359
+ 9 .5
2.412.9G0
2,277,058
+ 5.9
1,841,981
1,550,022 + 18.8
1,397,839
1,110,294 + 22.5
1,314,779
970,262 + 3 8 .0
1,377,221
+ 9.2
1,201,073
1,550,000
1,110,771
+ 9.4
1,058,939
937,931 + 12.9
1.119.503 + 3 7 .8
1,542.175
644,035 + 22.2
787,700
830,041
581,882 + 43.8
398,300
499,700 — 20.3
480,093
510,653
— 6.0
452,222
381,590 + 18.0
409,140
342,606 + 19.4
250,000
235,570
+ 6.1
2,000,393,037 2,030,612,939

Boston .................
P rovld cn co_____ ,
H artford_______
Now H aven.........
Springfield______
P ortlan d ..............[
W orcester______ _
Fall River______ _
New B e d fo rd __
r.owcl I ................._
Holyoke................,

149,701,252
7,821,400
3,400,389
2,704,102
1.900.000
1,508,178
1.625.001
1,159.580
1,015,623
428,295
481,829

120,561,605
0,305,800
2,791,909
1,826,017
1,472,719
1,331,501
1,378,834
899,417
097,104
392,082
398,108

Total New Eng.

171,809,252

144,121,516




1907.
983,075,645 1,722,701,035
95,081,633
130,443,127
47,909,291
41,859,967
18,909,298
25,274,787
5,053,438
0,850,152
3,669,643
5,990,901
3,774,902
5,079,429
2,420,024
2,911,914
1,905,007
1,881,351
1,584,229
1,555,266
1,140,920
1,201,773
1,030,564
1,199,809
1,020,158
1,110,217
1,029,709
830,911
770,835
747,780
017,930
519,098
323,300
402,510
413,280
366,725
185,917

050,886
497,100
445,598
454,279

235,159,485
25,217,400
18,414,840
13,780,873
9,934,519
7,284,420
6,732,100
5,168,417
2,557,613
2,150,000
2.248.804
2.191.804
1,391,760
1,102,066
791,416
1,170,962
856.486
1,090,900
791,520
884,296
402,856
580,047
410,607
461,278
400,772
427.487
368,199
363,915
326,122
145,000
19,031
307,391

215,980,875
21,282,800
11,881,731
12,109,590
9,467,103
6,619,774
5,589,900
4,781,895
2,309,994
1,829,455
1,829,213
1,895,457
1,121,194
987,582
533,848
963,016
638,118
050.000
700,809
626,507
375,702
434,592
341,329
428,430
336,105
367,303
225.000
283,941
286,174
141,013
16,902
238,267

■fi

. 8.
+ 18.
+ 55.
+ 13.
+ 4.

+ 10.

+24.
+8
+ 10.7
+ 17.3
--2 2 .9
+ 15.6
+ 24.
+ 17.7
+ 44.6
--2 1 .5
+ 60.8
+ 68.7
+ 12.9

+ 11.2

+ 23.2
+ 3 3 .6
+ 20.2
+ 77.1
+ 36.4
+ 16.3
+ 63.6
+ 28.2
+ 1 4 .0

+ 2.8

+ 12.6
+ 2 9 .0

162,579.748
17,758,550
12,798,954
10,333,931
9,037,530
4,660,272
3,799,700
3,979,567
1,749,981
1,592,147
1,488,927
1,007,622
705,428
787,171
506,161
525,579
546,545
417.000
627,112
468,957
343,715
344,389
235,590
311,430
234,509
204,505
182,145
228,061
184,333
101,722
14,973
240.000

$

208,706,739
22,339,300
15,334,186
11,418,488
8,945,746
7,003,556
4,754,600
4,963,453
2,800,821
1,995,130
1,728,316
1,969,006
1,023,974
829,431
723,096
569,375
609,489
757,502
733,767
474,647
380,945
448,416
364,459
369,617
291,019
375,558
243,864
282,059
96,229

Tot. Mid.West

343,334,040

305,173,619

+ 12.5

237,996,254

300,532,788

San F ra n cisco...
Los Angeles.........
Seattle ________
Spokane...............
Salt Lake City__
P o rtla n d .............
T a co m a ________
O akland-.............
H e le n a ________
Sacramento_____
Fargo ..................
San D ie g o ______
Sioux F a ils _____
F re sn o ........... ......
San Jose________
S to c k to n _______
North Yakima . .
B illin g s________

37,398,991
11,735,806
10,342,077
4.150.000
6,074,941
7.400.000
5,352,598
1,669,948
962,336
1,150,510
1,133,666
910.000
895.000
740,181
439,329
015,838
420.000
240.000

29,383,431
9,277,560
8,541,183
2,920,255
5,756,492
5,318,869
4,224,788
1,655,193
1,032,913
1,092,382
758,882
700.000
460.000
538,803
342,257
503,829
300.000
235,025

+ 27.3
+ 20.5

23,420,543
6,066,75?
6,029,499
2,137,339
2,539,658
3,661,790
4.0S4.605
1,073,461
593,606
625,622
539,794

36,479,056
9,239,933
8,101,646
2,369,780
5,413,508
5,738,854
4,235,302
2,921,876
632,403

450,000

316,533

250,000
280,302

23+279

Total Pacific. .

91,631,221

73,041,862

Kansas C it y ____
Minneapolis.........
Omaha_________
St. Paul________
Denver_________
St. Joseph...........
Des Moines_____
Sioux City______
W ich ita________
Lincoln ................
Topeka ________
D avenport______
Cedar Rapids . . .
Colorado Springs
Pueblo ................
F r e m o n t_______
D u lu th ................

+ 21.1

+ 42.1
+ 5.5
+ 3 9 .1
+ 26.7
+ 0 .9
— 6.8
+ 5.3
+ 49.4
+ 3 0 .0
+ 94.6
+ 39.2
+ 28.4

+ 22.2

+ 40.0

516,314

+ 2.1

174,378

+ 2 5 .5

51,933,349

76,199,604

30,218,592 + 21.1
43,865,875
15,384,492 + 57.7
24,202,469
11,703,406
10,924,768
+ 7.7
7,897,578 + 14.5
9,045,551
8.500.000
7,690,738 + 10.5
4,470,043 + 4 9 .8
6,097.308
3,001,031
2.577.703 + 16.4
2.500.000
2.016.704 + 2 4 .0
2,971,136
1,771,833 + 67.7
1,222,044
1,469,351
-16.8
1,312,062
1,417,048
+ 8.0
1.278.000
852,168 + 50.0
954,100
700,000 + 3 3 .0
502,658
560,058
10.2
691,822
611,130 + 13.1
325,751
385,594 — 15.5
5,193,615 Not Included in total

25,156,561
19,930,233
8,679,227
9,617,066
6,530,241
3.107.5S5
2,100,390
1,587,399
913,004
918,279
916,258
782,831
545,221
600,000
500,808
271,413

25,499,316
19,890,945
9,288,622
8,488,197
6,906.405
4,238,703
2,451,897
1,723,589
1,099,131
1,118,926
794,358
855,107
638,973
650,000
517,667
403,563

Tot. oth.W est.

118,998,799

94,842,874

+ 25.5

82,185,516

84,565,398

St. Louis____
New Orleans.
L ou isville______
Houston .............
G alveston ______
Richmond .........
M em phis_______
A tla n ta ________
Fort W orth_____
Savannah ______
N a s h v ille ______
N o rfo lk ................
Birm ingham ____
Augusta................
Jacksonville____
Little R o c k .........
Chattanooga __
K n o x v ille ______
Charleston______
M o b ile ..................
O klahom a______
M a c o n ..................
A u s tin ............. ..
Beaumont _____
V icksburg............

65,103,243
21,537,063
13,650,041
6,950,500
7,174,167
5,958,236
►11,961,194
6,339,023
5.250.000
3,710,520
3,455,553
2.350.000
2,862,088
1,990,045
1,603,234
1,907,337
1,534,361
1,878,887
1,375,987
2.075.000
1.700.000
700,305
616,612
344,383

58,278,520
16,211,000
12,112,798
13,042.692
6,149,000
5.782.286
5,314,997
4,370,440
5,132,559
3,654,732
2,206,578
2,784,571
2,176,113
1,394,098
1.477.287
1,483,546
1,653,955
1,343,981
1,631,664
937,509
1,370,803
937,821
573,315
525,000
416,294

+ 11.7
+ 3 2 .9
+ 12.7
+ 8.0
+ 13.0
+ 24.1

49,594,030
21,543,903
7,622,359
8,168,417

+ 174.7
+ 23.5
+ 43.6
+ 63.7
+ 24.1
+ 8.0
+ 105.3
+ 35.1
+ 8.1
+ 15.4
+ 14.2
+ 15.1
+ 46.8
+ 50.7
+ 8 1 .3
+ 2 3 .2
+ 17.4
— 17.3

5,120,478
4,704,251
3,909,796
3,421,206
4,410,279
3,358,828
1,991,997
1,676,536
1,662,837
1,095,793
1,217,423
1,038,952
1,343,905
1,250,000
1,352,024
561,517
633,379
550.000
275.000
458,417

55,871,611
22,457,139
10,640,795
10,921,000
7,382,000
4,780,901
4,617,599
4,442,066
3,731,193
4,326,095
2,991,643
2,446,290
1,777,969
1,551,089
1,156,637
1,279,845
1,284,996
1,445,538
1,154.243
1,536,837
929,868
637,875

Total Southern

184,040,979

151,027,559

+ 21.8

132,961,327

12,000,000

Total all______ 2,970,207,334 2,S04.823,369
Outside N. Y . . 1,161,897,334

98,333.157
5,253,300
2,344,869
1,600,159
1,820,514
1,104,748
1,207,280
829,003
709,953
399,959
415,854

133,027,652
7,258,000
3,919,032
2,083,057
1,517,553
1,289,059
1,308,070
989,561
529.269
421,502
431,674

Canada—
M ontreal.............
Toronto _______
W innipeg_______
Vancouver...........
O tt a w a ......... ......
Q uebec_________
H a lifa x ................
Ham ilton.............
C a lga ry................
St. John................
L o n d o n ......... ......
Victoria _______
E dm onton...........
Regina ................

114,439,416

153,411,695

Total Canada .

266",085

+ 1.2 1,166,633,414 1,901,077,384

+ 19.2

C h icago______
Cincinnati_____
C levelan d ____
D etroit......... .......
Milwaukee_____
Indianapolis _ _
C olum bus_____
T o le d o _________
P e o r ia ..............I
Grand R a p id s ...
D a y t o n ________
Evansville .........
K ala m a zoo____
Springfield, 111 . .
Fort W a y n e ___
You ngstow n___
L exington...........
A k r o n _________
R o c k f o r d ____
Canton.................
Bloom ington___
Q uincy_________
South Bend_____
Springfield, O . . .
Decatur .............
Mansfield_______
Jackson........... ..
Danville________
Jacksonville, III.
Ann Arbor...........
Adrian ................
L im a ....................

966,566,712

+ 12.1

95,162,146

250,000
148,012,229

+ 5£ 1,786,149,306 2,726,429,698
+ 2+2

,396,358
35,140,249 + 2 9 .2
579,740
23,500,000 + 13.1
,799,463
17,505,353 + 18.8
,924,243
4,400,017 + 80.1
,776,479
2,900,248 + 30.2
,838,498
2,202,786 + 28.9
856,043
1,636,405 + 13.5
,679,026
1,390,706 + 20.8
,783.665
1,822,651 + 52.7
,622,414
1,403,972 + 15.6
,309,350
992,319 + 3 1 .9
,943,026
1,158,736 + 67.8
.114,313
1,108,704
+ 0.5
,062,425 Not Included in total
119,622,618

6,000.000

+ 2 5 .7

802,473,661 1,003,725,063
25,113,749
18,777.632
11,917,778
3,500,000
2,702,969
1,737,700
1,435,107
1,419,953
1,236,061
1,007,714
1,076,309
1,053,890
589,389

25,797,733
21,509,406
10,544,128
3,358,020
2,548,163
1,665,191
1,600.000
1,573,968
1,390,253
1,126,948
1.078.8S7
847,087
805,522

71,568,251

73,845,306

* This year’s clearings considerably Increased by out-of-town clearings department

2

THE CHRONICLE

On subsequent pages of the “ Chronicle” we print
to-clay our usual annual review of the events and
incidents of the year, and also give elaborate tables
of prices of stocks and bonds by months.
On account of the pressure on our columns occasioned
by the large amount of extra matter, it has been found
necessary to contract the space devoted to our various
departments, notwithstanding a considerable addition
to the usual size of the paper.
CHRONICLE INDEX.
The index to Volume 89 of the “ Chronicle” — which
volume ended with the issue of Dec. 25— will be sent to
our subscribers with the number for Saturday, Jan. 15.
THE FINANCIAL SITUATION.
The new French tariff bill, known as the Tariff Re­
vision Bill, has passed the Chamber of Deputies by an
overwhelming vote after a great many sittings. Be­
fore the measure, which is highly “ protectionist” in
character, can be enforced by the Government, the
Senate will have to consider various points that have
arisen; hence, no undue delay can be permitted if the
bill is to take effect on the date originally fixed,
March 31. The measure, as finally adopted, will pos­
sess unusual interest for the United States, for it has
been feared that France has rendered itself liable to
the imposition of the new “ maximum” clause of our
tariff, a clause that can be invoked whenever the Presi­
dent considers that favorable treatment is not ac­
corded this country. It will be readily recalled that
duties on French wines and certain other French lux­
uries that have heretofore enjoyed a wide market in
the United States were increased under the latest
tariff, and that influential interests in the over-sea Re­
public bitterly resented this action. The denouement
will be awaited with some concern by the business peo­
ple of both nations. Indeed, the whole subject of tariff
readjustments between the United States and other
countries is one of far-reaching importance; should the
Protectionist party in Great Britain be returned to
power at the impending general election, the possi­
bilities of friction would be infinitely heightened.
Happily, President Taft is a man of peace, imbued with
a due sense of the desirability of international amity
in commerce as in diplomacy, and he is most unlikely
to precipitate a trade war with France or any other na­
tion unless unavoidable and abundant cause shall arise.
The resignation of the Turkish Cabinet, the logical
sequel to the withdrawal of Ililmi Pasha, the Grand
Vizier, does not mean that the movement for better
government in the Ottoman Empire has been seriously
interfered with. In establishing a new regime of last­
ing, honest character, opposition had inevitably to
be encountered, difficulties had to be surmounted and
readjustments had to be effected. Since its estab­
lishment last May, the Ministry headed by Ililmi Pasha
has made substantial progress in bringing about a new
and better order of things, particularly in national
finance. Credit for the improvements effected is to
be apportioned among the various component parts
of the governmental machine and to the Committee of
Union and Progress, which since the deposition of
Sultan Abdul Hamid has been an important factor
in guiding the administration. Sir Adam Block, in a
special report dealing comprehensively with the Otto­




[VOL. XC.

man Public Debt, and, in fact, with Turkey’s finances
during the last half century, declares unequivocally
that “ in a remarkable and able statement made to
the Chamber of Deputies, the present Finance Minister
produced for the first time in the financial history of
Turkey a Budget which may be taken as correct and
authentic.” That in itself is no mean reform to be
placed to the credit of the Young Turks. The millen­
nium has not been ushered in in Turkey any more than
in countries that have enjoyed greater tranquillity.
Ministries may rise and fall with unwelcome sudden­
ness, high offices may become vacant with too great
frequency,and bitter jealousies maybe manifested; but
the gratifying truth remains that Turkey is achieving
notable success in setting her house in that standard
of order required by twentieth century civilization.
The resignation of the Grand Vizier and of the Cabinet
is an incident rather than a crisis.
That the great body of Belgians are satisfied with
the accession of King Albert I. has been manifested
this week by the signal defeat of the Socialists’ resolu­
tion against the civil list of His Majesty. They de­
manded an inventory of the contents of the royal pal­
aces as a prelude to preventing the sale of national
property, but they were defeated by a majority of
100 to 29. In the previous week the Socialists had
issued a proclamation in favor of a republic, de­
clining to swear allegiance to the new sovereign, who,
they declared, was bound “ to represent theoppression
of those who labor by those who fatten on the fruits of
labor.” King Albert created a good impression by
refusing to accept an increase in the civil list, as sug­
gested by the Catholic Party.
Discounts this week have declined in London,
despite the poor statement issued by the Bank of
England and the year-end demands for money. The
rate for 60 and 90 day spot bills is 3 % @ 3 1
/>% and for
bills to arrive 3 ^ % , occasionally 3 % % .
The Paris
charge remains at the figure which has ruled for some
time without appreciable change—2 % % . At Berlin
the monetary tension has brought about firmness in
discounts, spot bills not being negotiable under 4)^% ,
but that immediate relaxation is anticipated after the
New Year is shown by the fact that bills to arrive can
be placed at 3 % % . The Amsterdam rate remains
at 2 % % . There have been no changes in foreign
bank rates this week, but reductions will be in order in
January. According to our special cable from Lon­
don, the Bank of England lost £803,946 bullion and
held £32,628,075 at the close of the week. Our
correspondent further advises us that the loss was due
in greatest measure to exports to the Continent. The
details of the movement into and out of the Bank
were as follows: Imports, £61,000 (of which £13,000
from Australia and £48,000 bought in the open mar­
ket); exports, £544,000 (of which £64,000 to South
America and £480,000 to the Continent); and ship­
ments of £321,000 net to the interior of Great Britain.
In the local money market there have been two
distinct movements during the current week, namely a
decline in time loans and an advance in call accom­
modation. Both changes occurred in the latter part
of the week, particularly on Thursday. Lenders of
time funds then lowered their asking quotations to
4 j^ © 4 % % for 60 days, 4 D>% for 90 days and 4}4 %

Ja n , 1 1910.]

THE CHRONICLE

for four, five and six months, and these rates were again
quoted yesterday. The supply was ample, more espec­
ially for the longer maturities, which were pressed
upon the market. Until Thursday the maximum quota­
tion this week for call money had been 5 % % , while the
highest figure for the year had been only 6% . But on
Thursday loans were freely called by trust companies
and by banks, including the larger down-town ones,
with the result that the rate early crossed 6% . As high
as 7% was paid for new loans and 6% was charged for
renewals, both figures constituting high records for the
year. Before the close 4 % % was named. The aver­
age rate for the week has been 5 % % . On Friday the
range was 5% @ 6 % % , with the ruling figure 6% .
Commercial paper rates, mainly because of the
withholding of fresh supplies by the best drawers, who
prefer to show a minimum of outstanding liabilities
when yearly balance sheets are drawn up, have this
week declined appreciably. Financial institutions that
sought to make purchases before the advent of January
and the lower rates then looked for discovered few
attractive offerings on anything better than a 4%.%
basis, and, in view of the rates prevailing for collateral
loans, transactions did not always follow. Increased
supplies and greater activity are expected in the new
month. The range now is 4 % @ 4 % % for the choicest
grades of four to six months’ single names and 5 @ 5 % %
for less attractive bills, while 60 to 90 days’ endorsed
bills receivable, for which there is only a nominal
market, are quoted 4 % @ 5 % % .
Foreign exchange rates have this week readjusted
themselves, after having been forced to the verge of the
gold-export point through a combination of legitimate
and illegitimate forces. Immediately after the date
had passed for remitting by steamer for use in Europe
this year, that date being Wednesday of last week,
the downward tendency developed, and although
efforts were made by speculators to continue the at­
tempted “ corner” during the remaining days of the
year, offerings came so freely from influential banks,
trust companies and private bankers that the whole
artificial position collapsed. Within a week demand
sterling fell more than a full cent per pound and cables
quite as much. The parties held responsible by the
market for the flagrant speculation indulged in earlier
in December have, it is declared by experts, lost heav­
ily through having to sell out the exchange they had
on hand and also accept delivery of a great deal more
this week at prices away above the quotations now
current. Brokers are not alone involved in the epi­
sode, it is said; a well-known down-town bank that
frequently figures conspicuously in exchange is men­
tioned as having taken a hand in the venture.
Finance bills, as expected, have begun to be drawn
in quantity. Discounts in both London and Paris
are materially below the rates current here; important
banking interests are heavily committed to the con­
structive side of the stock market; new security issues
of unusual size are due in January, and these must be
provided for; while Government borrowing is also
more than possible. Therefore it is not surprising
that accommodation should be sought in the low
money markets of Europe. How far this borrowing
will, from the foreign exchange point of view, offset
the continued shortage of commercial remittance re­
mains to be seen; some large handlers of exchange



3

think the process of readjustment has been concluded
and that sterling will become steadier after the new
year. However, much will depend upon the attitude
Europeans assume towards American securities, for
it must never be forgotten that one envelope of bonds
or stocks may represent in value as much as a whole
cargo of merchandise.
Compared with Friday of last week, sterling ex­
change on Monday— Saturday was a holiday—was
firmer, on the basis of 4 84% for 60 days, 4 87% for
demand and 4 88@4 8810 for cable transfers. On
Tuesday, however, long sterling fell 20 points, demand
% c. and cable transfers 5 points. Weakness was
much more pronounced on Wednesday; on that day
60 days closed at 4 8415@4 8425, demand at 4 8705@
4 8710 and cable transfers at 4 8745 @ 4 8755. The
downward movement continued on Thursday, the loss
amounting to % c., at 4 8390@4 84 for 60 days, 4 8675
@ 4 8680 for demand and 4 8720@4 8730 for cable
transfers. On Friday most of the business was done
on the previous day’s level, although before the close
there was pressure to sell and rates fell somewhat
sharply.
The following shows the daily posted rates for ster­
ling exchange by some of the leading drawers.
i

Fri.,
Mon., ! Tues.,
Wed., Thtirs., F ri.;
Dec. 24 Dec. 27 Dec. 28 Dec. 29 Dee. 30 Dec. 31
Brown
J60 days
Bros. & C o.......... — JS ight-Kidder. Peabody
j 60 days
& Com pany____ ___\Sight-.
Bank British
j 60 days
North America . — IS lg h t..
Bank of
/6 0 days
Montreal_______ — \Slght..
Canadian Bank
(60 days
of C om m erce__ — \Slght-.
Heldelbach. Ickel/ 60 days
heimer & C o____ — \SIght..
I.azard
160 days
Freres ................ . . . ISIght..
Merchants’ Bank
j 60 days
of Canada______ — IS Igh t..

4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4

85
88M
85
88H
85
88^
85
S8>4
85
88 H
85
88M
85
88
85
88

85
88H
85
88M
85
89
85
88 M
85
88H
85M
88 %
85
88
85
88

85
88}$
85
88
85
88H
85
88H
85
88H
84^
88
85
88
85
88

85
88H
85
88
85
88 ^
85
88
85
88
84 H
88
85
88
85
88

84 H
88
85
88
85
88«
85
88
85
88
84
87 K
85
88
85
88

84 H
88
85
88
85
88^
85
88
85
88
84}«J
87 H
85
88
85
88

The market closed on Friday at 4 8380@4 8390 for
60 days, 4 8665@4 8675 for demand and at 4 8705(5),
4 8715 for cables. Commercial on banks was quoted
at 4 8345(3)4 8355 and documents for payment at
4 82% @ 4 83%. Cotton for payment ranged from 4 82%
to 4 83 and grain for payment from 4 83% to 483% .
The following gives the week’s movement of money
to and from the interior by the New York banks.
Received by
Shipped by
N. Y. Ranks. N . Y . Ranks.

Week ending Dec. 31 1909.

Net Interior
Movement.

C u rrency___________________________
Gold .........................................................

810,670,000
1,074,000

88,300,000 Gain
2,600.000 Loss

$2,270,000
1,526.000

Total gold and legal tenders...........

$11,644,000

$10,900,000 Gain

$744,000

With the Sub-Treasury operations and gold exports
the result is as follows.
Into
Banks.

Week ending Dec. 31 1909.

Out of
Banks.

Net Change in
Bank Holidngs.

Banks’ interior movement , as above
Sub-Treas. oper. and gold e x p o r ts ..

$11,644,000
20,300,000

$10,900,000 Gain
27,300,000 Loss

$744,000
7,000,000

Total gold and legal tenders...........

$31,944,000

$38,200,000 Loss

$6,256,000

The following table indicates the amount of bullion
in the principal European banks.
Dec. 30 1909.

Banks o f

E n gla n d ..
France . .
Germany .
R u s sia ___
Aus. H u n .
S p a in ____
Ita ly _____
Neth’lands
Nat.Belg. _
Sweden . .
Swltz'land
Norway . .

Dec. 31 1908.

Gold.

Silver.

Total.

Gold.

Stiver..

£

£

£

£

£

32,628.07f
139,815,480
37,327.300
140.890,000
56.487.000
16.114.000
38.480.000
10.081.000
4,226,667
4.468.000
4.984.000
1.777.000

35",04b’ 566
12,019,400
7.062.000
12.407.000
30.782.000
3.990.000
2,990,400
2,113,333

32.628.076
174,856,040
49.346,700
147.952.000
68.894.000
46.896.000
42.470.000
13,071,400
6.340.000
4.468.000
4.984.000
1.777.000

30,732,402
139,529,089
38.383.000
121,451,000
49.146.000
15.806.000
37.467.000
8,417,800
4,282,667
4.239.000
4.707.000
1.656.000

35,314,809
10.624.000
6.876.000
12.148.000
32.424.000
4.500.000
4,110,300
2,141,333

Total.
£
30,732,402
174,843,898
49.007.000
128,327.000
61.294.000
48.230.000
41.967.000
12,528,100
6.424.000
4.239.000
4.707.000
1.656.000

Total week 487,278,522 106,404.693 593.683,215 455.816,958 108,138,442 563,955.400
Prev. week 488,926,268 106,850,543 595,776,811 459,124,226 109,408,667 568.532,893

4

THE CHRONICLE
THE GLADSTONE CENTENARY.

In a year of centenaries, the hundredth anniversary
of William E. Gladstone’s birth this week is not least
in interest for the reminiscences which it awakens.
The re-examination of Mr. Gladstone’s notable public
career, such as the occasion calls forth, suggests, first,
that his was the history of a real political leader, of a
statesman whose personal force and eloquence of speech
repeatedly carried with him both party and electorate,
and who, like Peel, Pitt and Walpole before him, was
to such an extent identified individually with great
events and great political achievements that it is diffi­
cult to think of them without thinking also of his
personal career. Whatever the reason, it can scarcely
be said that statesmen of this caliber have been equally
in the forefront of the world’s politics since his retire­
ment. Taking England alone, Salisbury, Rosebery,
Balfour, Campbell-Bannerman and Asquith have
presented public careers of varying degrees of useful­
ness and brilliancy; yet that can hardly be said of any
of them which we have just said of Mr. Gladstone,
and which would probably be the instinctive comment
on his career by any one familiar with English
history.
This aspect of Mr. Gladstone’s character and career
is the more remarkable from the fact that opinion has
long differed widely, and still differs, regarding Glad­
stone’s actual place as a political leader. The opinion
of his own day ranged between classifying him as a
man of profound convictions and irrevocable devo­
tion to duty, ready to follow the bidding of his duty
to whatever extreme, and as a mere political oppor­
tunist who was ready to seize upon and advocate any
political idea in which he saw the prospect of successful
appeal to the electorate. The same set of facts is ad­
duced in proof of each of these two conflicting theories.
It is certainly true, as a matter of history, that Glad­
stone took an important part on both sides of a very
great number of the important public questions of
his day. In the course of his long career he was for
protection and for free trade; for the maintenance of
the old electoral system in England and for electoral
reform; for the Established Church as an institution
which must not be touched and for dis-establishment
in Ireland and Wales; for maintenance of existing rela­
tions between Ireland and England, and for the out­
right grant of home rule to the Irish. Furthermore,
he made a conspicuous mark in his eager and brilliant
advocacy on different occasions of each side of these
several controverted topics.
The sober opinion of history is on the whole solidify­
ing into the verdict that Gladstone was a statesman
of broad intelligence, profound information and sound
instincts, but influenced not only by his surroundings
but by an imagination which was almost that of an
idealist, and able on occasion to persuade himself
by the force, so to speak, of his own dialectic powers,
into either one of two opposite policies. Disraeli’s
cynical characterization of his great rival as a “ sophis­
tical rhetorician, inebriated by the exuberance of his
own verbosity,” was manifestly not quite true. Such
a description could accurately have described no man
whose career was as full of practical achievement and
political prestige as was Gladstone’s. Nevertheless,
the amusing characterization contained a certain ele­
ment of truth and voiced a suspicion, of which the




gVOL. XC.

world at large was never wholly able to get rid, that
Gladstone was able to fit his powers of logic to the most
contradictory conclusions, and by sheer brilliancy
of intellect to make that logic appear convincing,
even if it reversed entirely a position which he
had previously maintained with exactly the same
effect.
Nevertheless, back of all these considerations there
remain two facts of great importance in the estimate
of any public leader. The first of these is the real
and acknowledged sincerity of the man and the abso­
lute uprightness of his character and principles. The
very fact that his personality and his speeches carried
his party with him in so many striking departures
from its former policies testifies most eloquently to
that party’s estimate of the man himself.
Second, and by no means of small importance, is the
real public service rendered by Gladstone to his
country and to the world at large, as tested now by
time. Even of the noteworthy instances where Glad­
stone burned his own bridges behind him, and reversed
his former belief and policy in such matters as electoral
reform and Church reform, it may be said that the
policies then carried into legislation as a result of his
new attitude frequently forestalled what otherwise
might have become real perils in English political his­
tory. It may be urged, indeed, that this is the true
explanation and apology for what otherwise seems
to be the inconsistency and tergiversation in so many
conspicuous episodes of his career. Nor ought it ever
to be. forgotten that with all his, at times, autocratic
power over Parliament and people, and with all
his ambitious desire to retain and enlarge that
power, Mr. Gladstone never flinched from adopt­
ing what political experience would have designated
as an unpopular attitude where the real wel­
fare of his country or his race was intimately con­
cerned.
The moral courage required for rejection of the
jingo pressure during 1885, when Russia and England
had collided in Afghanistan, and when a single word
from Downing Street must have precipitated war, was
very great and was unhesitatingly displayed. At the
time this action by the Gladstone Ministry was con­
stantly referred to, in and out of England, as a more
serious indictment of his public capacity than any of
the inconsistencies to which we have above referred.
But with conditions the world over what they are to­
day, the real value of such a stand by so eminent a
public man will scarcely be questioned. Since that
noteworthy incident in Gladstone’s career we have had
Lord Salisbury’s cynical attitude at the time of the
Venezuela crisis, Mr. Chamberlain’s attitude toward
the Transvaal in 1899, and, along with these and many
similar manifestations of a willingness to encourage
the popular idea of defiance to other nations, we have
seen what a situation has constantly arisen between
the rival States. That we are witnessing to-day, in
the public speech and public attitude of the responsible
Ministers of State in Europe a return to the resolute
advocacy of international friendliness and good-will,
may fairly be imputed, not alone to their larger con­
sciousness of responsibility and to the graver aspects
of international war at the present day, but to the
positive seal of commendation which impartial his­
tory has placed on that part of the public career of
men like Gladstone.

Jan . 11910.]

THE CHRONICLE

RETROSPECT OF 1909.
The year 1909 was one of brightening conditions
and of noteworthy trade revival. It marked a period
of recovery after the unprecedented industrial pros­
tration of 1908, which had followed the financial re­
vulsion of 1907. Recuperation had already become
manifest in the later months of 1908, all the indications
then pointing to continued betterment and progress
in 1909. The expectation thus held out has not been
disappointed, though progress was by no means un­
interrupted during the year under review, there hav­
ing, indeed, been numerous drawbacks and adverse
features of greater or less importance from time to
time. In one respect there was absolute, complete
and unqualified convalescence. We mean that there
was an entire restoration of confidence. The collapse
of 1907-08 was in the main due to a loss of confidence.
In 1909 this confidence returned.
As the previous loss of confidence had followed
chiefly from causes political, so the absence of further
disturbances of that kind during 1909 tended in no
small degree to bring about the resultant recovery.
The conspicuous political event of the year was the
change in the Federal Administration at Washington.
The prospect of this change did much to revive hope
the latter half of 1908. Its realization in 1909 served
to confirm the hope and to give new impetus to enter­
prise in every direction. Whatever one may think of
the merits of the crusade in which Mr. Roosevelt was
so conspicuously engaged during his second term, and
of the part played by it in provoking the ruin and deso­
lation which followed, there can be no doubt that the
removal of that source of irritation operated to pro­
mote recuperation and convalescence. President Taft
professes adherence to the same doctrines as Mr.
Roosevelt, and during the short time that he has been
in office has on more than one occasion taken pains to
declare his belief in these doctrines, and has, moreover,
announced over and over again that it would be his
endeavor to give effect to them. Yet, except in their
political beliefs, the two men are totally unlike. Hence,
the change from the one man to the other has been a
radical change and one of great potency and portent.
Under Mr. Taft, there have been none of those ex­
plosive utterances and wrathful denunciations which
marked the administration of his predecessor, and
which had proved so deeply disturbing. During Mr.
Roosevelt’s term, the business world never knew what
to look for next, and was in constant fear of a new blow
while yet it was staggering from the effects of a long
antecedent series of blows, wildly aimed— often harm­
less, but none the less disconcerting and nerve-rack­
ing. Mr. Taft has indulged in none of these practices,
and consequently industrial interests have not been
prostrated anew.
Even the enactment of a new tariff measure did not
serve to interfere with the course of trade revival.
Mr. Taft did all in his power to make the event as lit­
tle disturbing as possible. Congress was promptly
called in extra session when he acceded to office in
March. The House of Representatives acted promptly
enough (committees of the old Congress having given
the subject lengthy consideration before the advent
of the new body), and passed the Payne Tariff Bill
early in April. In the Senate there was, as there usu­
ally is, delay, lengthy debate and much dickering.




5

Thus the matter dragged along for months. It was
not until August that tariff legislation was completed,
final conclusion having been somewhat delayed by the
action of the President in insisting upon the insertion
of a provision in the Act for the levying of a tax upon
the income of corporations—this tax also being designed
to give the Federal Government an insight into and a
species of control over corporations. While tariff
legislation was under way, there was naturally more
or less hesitancy and restraint in trade affairs, inas­
much as merchants and business men could not act
freely or conduct business except from hand to mouth
until they knew what the new tariff duties were to be.
But all the time there were multiplying evidences of
trade revival, making it practically certain that the
moment tariff rates were settled business men every­
where would take hold with new vim. A further
stimulus existed in the fact that in the antecedent per­
iod of depression there had evidently been under-con­
sumption, so that the demand for goods and wares
was now large, both to meet consumptive require­
ments and to replenish stocks.
The Tariff Bill when finally passed proved innocuous
enough. The Act was a compromise between the
House, favoring lower duties, and the Senate, the
citadel of protection. As it stands, it comprises no
serious changes in tariff duties, though in a number of
items in the metal schedules important reductions
have been made—without, however, in any case en­
dangering the scheme of protection for domestic arti­
cles and products. Hence, no disturbance to business
could result on that account. But even before tariff
legislation was closed activity in trade was proceeding
in a progressive way. The industrial world seemed to
care nothing about the tariff duties except to have
certainty with regard to them— to know what they
would be. The iron and steel industry, the king pin
of all our industries, furnishes an excellent illustration
of the course of trade revival. In the early part of
the year manufacturers were still feeling their way
along very cautiously, consumption was held in check
and men were slow to engage in new ventures. The
old Congress was still in session and the new President
had not yet assumed office. In February, as a result
of these conditions, there came a tremendous slashing
of prices in the iron and steel trade and the United
States Steel Corporation was for once obliged to change
its policy of maintaining price stability and to follow
the general trend. The next month wages of the
workers in these trades were pretty generally reduced
about 10%—the Steel Corporation almost alone among
the great concerns making no reduction.
But such was the quick improvement that by the
1st of July wages were again restored all around. Dur­
ing the last half of the year the iron and steel industry
enjoyed a degree of activity surpassing all previous
eras in that respect. In the closing months of the
year iron production was at the rate of 32,000,000 tons
a year, or 6,000,000 tons in excess of the very largest
make of iron in any previous calendar year in the coun­
try’s history. The copper trade apparently was a
sort of exception to trade revival and expansion. Yet
the deliveries for domestic consumption were large
and the foreign exports were of tremendous proportions.
rlhe trouble in that trade was that production was on a
phenomenal scale, and that as a consequence further
additions were made to accumulated stocks, already

6

THE CHRONICLE

of large proportions both here and abroad, and that
this prevented any improvement in price.
There were a number of noteworthy court decisions
during the year, some favorable and some the reverse,
but though some of these latter were unsettling, there
was at no time that feeling of apprehension and alarm
which had existed in 1907 and for a while also in 1908,
when, during the crusade against railroads and against
corporations generally and against capital and wealth,
doubts had been engendered as t o .whether even the
courts could be relied upon to uphold and enforce Con­
stitutional safeguards so as to preserve inviolate prop­
erty rights and vested interests. All doubts of that
kind had been removed by the series of decisions which
came one after another in 1908. The court judgments
of 1909, where they were disturbing, were so because
they were based on statutes which were themselves
disturbing, and for which the lawmaker, not the judi­
ciary, is to be held responsible. A decision of this
character was rendered late in the year (November);
when the U. S. Circuit Court of Appeals at St. Louis
adjudged the Standard Oil Co. a combination in
restraint of trade and commerce under the Sherman
Anti-Trust Act of 1890. No one was inclined to give
himself much concern as far as this particular indus­
trial combination was concerned, but anxiety arose
out of a fear that under this Court ruling, and a similar
ruling the previous year in the case of the American
Tobacco Co., other industrial combinations might also
come under the ban if the Federal authorities should
see fit to proceed against them. A remedy, of course,
can be provided by changing or repealing the law
which is the cause of all the trouble.
A like comment may be made upon the decision
which was handed down by the U. S. Supreme Court
on Feb. 1, holding the Continental Wall Paper Co. an
illegal combination under the 1890 law and saying
that by reason of that fact it could not collect a debt
owing to it by Louis Voight & Sons Co. of Ohio, one
of the parties to the combination. The decision of
the U. S. Supreme Court, which came on the very first
Monday in the year, in the case of the Consolidated
Gas Co. of this city, and involved the constitutionality
of the 80-cent Gas Law, was also disturbing, inasmuch
as, though some of the provisions of the law were de­
clared invalid, it was nevertheless held that, since
there was a possibility that the 80-cent rate might
yield an adequate return on the capital which the com­
pany had invested in the gas business, the rate would
have to be found confiscatory by actual trial before the
Court would hold the law unconstitutional as a whole.
The opinion in that case, as we showed in editorial
comments at the time, had nevertheless a number of
reassuring features.
There were other court decisions and trials of a
distinctly encouraging character. Such was the out­
come in the case in which Judge Landis had imposed
a fine of $29,240,000 on the Standard Oil Co. of
Indiana for having, as alleged, accepted rebates on
shipments of oil over the Chicago & Alton RR. In
January the U. S. Supreme Court denied the applica­
tion of the Federal Government for a writ of certiorari
to review the decision of the U. S. Circuit Court of
Appeals which the previous July had reversed Judge
Landis. The Government then decided to re-try the
case in accordance with the rules laid down by the
Court of Appeals, and in March this second trial ended



[VOL. XC.

in utter failure, the jury rendering a verdict for the
Oil Company on instructions from the Court. The
determination of the U. S. Supreme Court in the case
involving the Commodities Clause of the Hepburn
Rate Law (which came in May) was also assuring, the
Court so construing that provision as to relieve it of
its objectionable features.
Furthermore, the new Administration at Washing­
ton did its part to restore confidence. With the failure
of the suit in which the $29,240,000 fine was im­
posed against the Standard Oil Co., announcement
came that other similar cases on the Department
docket would be abandoned. In June the AttorneyGeneral at Washington also gave notice of the discon­
tinuance of the suit against the New York New Haven
& Hartford for alleged violation of the Sherman Anti­
Trust Law in having acquired control of the Boston &
Maine and of numerous trolley lines.
In Europe the developments Avere highly important.
In one sense, perhaps the most notable political
event in Europe was that growing out of the visit
made in February by King Edward of England with
Queen Alexandra to Kaiser Wilhelm at Berlin. This
had the effect of improving the relations between
Great Britain and Germany, but was particularly sig­
nificant because simultaneously there came the an­
nouncement of an agreement between France and
Germany for the settlement of their differences with
regard to Moroccan affairs. With the three great
nations of Europe once more in much better accord,
a complete change of tone occurred in all the bourses
and stock exchanges of Europe. This change, in
turn, along with the floating of the long-deferred Rus­
sian loan for $280,000,000, resulted in an abatement
for the time being of the demand for gold, thus per­
mitting the Bank of England to replenish its depleted
stock of the metal.
Reference to this latter circumstance serves to bring
to mind the fact that it was not alone in the autumn
that the Bank of England was in a state of stress
because of its small stock of gold. In January, at a
time when conditions were tending towards monetary
ease, the Bank was obliged to raise its rate of discount
from 2J^% to 3% in order to attract gold; and a further
advance was only averted through the action of French
bankers the latter part of the month in refraining from
taking any more of the South African arrivals of the
metal. By April the Bank’s bullion holdings had been
sufficiently re-enforced to enable it to reduce again to
2y2% . The following October, however, the Bank,
owing to the multiplicity of demands upon it and the
large losses of gold it Avas sustaining, found it incum­
bent to make successive advances to 3, 4 and 5% .
The Bank of Germany had been forced to mark its
OAvn rate up to 5% , making action by the Bank
of England all the more imperative. Some Eng­
lish and American critics then ascribed the Bank’s
embarrassment to American finance bills arising out
of speculation on the NeAV York Stock Exchange, but
that there was no substantial basis for the allegation is
found not only in the statements of bankers and
dealers in foreign exchange denying that there Avas
an unusual amount of such bills outstanding, but in
the fact that the United States, so far from draAving
any gold from Great Britain or from Europe, con­
tributed all through the year to relieve Europe’s needs.
When the Bank in January raised its discount rate,
the South American demand for gold Avas diverted to
New York, and very large shipments were made from

Jan . 1 1910.]

this point to Argentina. These shipments of gold
from New York to South America continued through
all the months of the year, most of them being to Ar­
gentina; but quite large amounts went also to Brazil.
The extent of the relief contributed will appear when
we say that for the twelve months as a whole the ag­
gregate of our gold exports to South America
(December partly estimated) has been over $61,000,­
000. But we also made at one or two periods of the
year shipments to Europe. Altogether, the exports of
gold from this port fell but little short of $100,000,000.
To that extent, therefore, this country contributed
to the relief of Europe instead of having been a drain
upon it through the assumed excessive issue of finance
bills.
The monetary situation abroad has undoubtedly
been complicated by the budget difficulties, which all
the leading European countries have been laboring
under. The fiscal needs of these countries have been
very urgent by reason of the. enormous naval expendi­
tures incurred and the adoption of various schemes of
socialistic legislation, such as old-age pensions, &c.
These large expenditures necessitated new sources of
taxation and these in turn involved resort to radical
and extraordinary expedients. The facts with regard
to the British Budget are well known and need not
be rehearsed here. The Budget was introduced in
March, as usual, but such was its character and such
the opposition to it that final action upon it did not
occur until the close of November, when the House of
Lords refused to pass the measure. The result was
that Parliament was prorogued early in December
and the issues will be tried out in a general Parlia­
mentary election to be held in January 1910. But
Germany also had its Budget difficulties, and the meas­
ure had to be greatly modified before it could be passed
at all by the Reichstag. The eventual result was the
retirement of Prince von Buelow as Imperial Chan­
cellor.
The state of our foreign trade greatly facilitated the
outflow of gold for the relief of Europe. There was a
tremendous expansion in our merchandise imports,
while the merchandise exports did not increase at all
over the 1908 total, which had been below that of
either 1907 or 1906. Import values broke all records,
reaching for the eleven months to Nov. 30 $1,336,­
623,000, against only $1,004,454,000 in the corre­
sponding period of 1908. Merchandise exports for
the eleven months aggregated $1,555,621,000, against
$1,564,005,000 in 1908, $1,716,306,000 in 1907 and
$1,607,843,000 in 1906. This left the favorable bal­
ance on the merchandise movement only $218,998,000,
against $559,551,000 in the eleven months of 1908.
We have stated above that the shipments of gold from
New York for the full year aggregated in the neighbor­
hood of $100,000,000. But the outflow from the whole
country was, of course, much larger, more particularly
as considerable gold was transferred through the Sub­
Treasury at this point to San Francisco for shipment
to Japan.
Our leading crops , with the exception of cotton,
were considerably above the average, though not
reaching the phenomenal proportions which the out­
look earlier in the season seemed to promise. But
prices for at least part of the time were on some of the
crops inordinate. The situation as to wheat is illus­
trated by the fact that the Agricultural Bureau esti­
mates the average price on the farm at almost $1 00 per
bushel (to be exact 99c. per bushel). In 1908 the
similar average was given as 92.8c., in 1907 as 87.4c.
and in 1906 as only 66.7c. This is an increase in the
amount realized on the farms in the three years of
almost exactly 50%, and yet according to the Govern­
ment's figures the wheat product for these two years
was almost identical in magnitude, the crop of 1909
being stated at 737,189,000 bushels and that of 1906 at
735,260,970 bushels. But these figures, significant
though they be, do not tell the whole story. As indi­
cating what the consumer had to pay for his wheat,
it should be noted that in April cash wheat in New York




7

THE CHRONICLE

ruled as high as $1 42 per bushel. And high figures
like this were maintained for weeks and months— in
fact in June No. 2 red winter wheat in this market
sold at $1 50 a bushel. The supplies of wheat at
Western milling points seemed to be so low that the
unusual circumstance of a return movement of wheat—
that is, shipments from New York to the West—was
noted.
As to the high price attained for cotton under the
tremendous speculation which was carried on in that
staple, it is only necessary to say that middling uplands
got above 16c. per lb. in New York and also at other
markets. As a matter of fact, while the rise in wheat
and in cotton was of exceptional proportions, values of
nearly everything ruled at unusual figures. The re­
mark applies to grains, to meats, to butter, to milk
and dairy products, to fruits, &c. Out of this there
arose general and well-founded complaints as to the
price of bread and food and the high cost of living,
which was one of the distinctive features of the year,
for which it will remain memorable.
In the railroad world there was progress and devel­
opment. With the revival in trade and growth in
traffic, and consequent gains in revenues, the outlook
for the carrying industry very considerably improved.
The railroads, on their part, were forced to make ar­
rangements for added facilities to take care of the grow­
ing volume of traffic. At the same time they were
also obliged to convert into permanent form the tem­
porary obligations which they had incurred during the
period of depression, when it was impossible to float
long-date issues on satisfactory terms. What all this
leads to was well indicated in the closing months of the
year, when such leading railroads as the N. Y. Central,
the Pennsylvania, the N. Y. N. H. & Hartford and
the Chicago & North Western announced, each of
them, an increase in its share capital of 25%. No refer­
ence to the railroad history of the year, however brief,
would be complete that did not advert to the death of
E. H. Harriman, which occurred in September. For­
tunately, the management of all the properties with
which he was so prominently identified had been so
thorough^ systematized that his plans with regard to
the same can be carried out and continued even with­
out his further guidance. In the larger aspect, how­
ever, of Mr. Harriman’ s relations to United States rail­
roads as a whole, his death, it is easy to believe, may
have made an important difference in future railroad
history. He was elected to the directorate of the N . Y.
Central in January, and during his illness late in the
summer rumors were frequently current of an inten­
tion to enlarge the Union Pacific’s holdings of N. Y.
Central stock, with the idea possibly of eventual con­
trol of that property. There seems reason to believe
that Mr. Harriman had aspirations in the direction of
enlarging his railroad domain, which necessarily came
to an end with his death.
Below we bring together some general statistics for
1909 and 1908, affording an interesting contrast be­
tween the two years. The data for 1909 are neces­
sarily largely estimates, as the year has only just
closed. The same table is incorporated in our annual
“ Financial Review” and there the 1909 figures will
appear in,their final corrected form.
G E N E R A L SU M M ARY FO R TW O Y E A R S .
1909.

1908.

3 ,3 9 9 ,1 1 6 ,9 1 2
C oin and c u rre n cy In U . S. D e c. 3 1 ---------$ * 3 ,4 2 8 ,6 0 2 ,0 4 8
B ank clea rings In U n ited S ta te s---------------$ <1164997,469,385 132 ,4 0 8 ,8 4 9 ,1 3 6
x\ 51,752,093
222 ,3 1 5 ,6 8 4
Business fa ilu re s__________________________ 5
1 9 7 ,206 ,34 6
2 14 ,632 ,19 4
Sales a t N . Y . S to ck E x ch a n g e -------shares
1 ,004,4 5 3 .5 ? 5
1,336 ,6 2 2 ,9 6 6
Im p o r ts o f m erch an dise (11 m o n t h s )-------$
1.561 004 ,540
1 ,5 5 5 ,6 2 1 ,0 6 9
E x p o r ts o f m erch andise (11 m o n t h s )------- $
28,734,188
80,291,323
N et e x p o r ts o f gold (10 m o n t h s )---------------5
1 ,8 6 1 ,7 8 9 . ->42
2 ,0 8 4 ,4 3 8 ,2 6 8
G ross earnings 830 road s (10 m on th s) — S
3,654
E st. 4,000
R a ilro a d c o n s tr u c te d ---------------------------m iles
664 ,6 0 2 ,0 0 0
737 ,1 8 9 ,0 0 0
W h e a t ra ise d ---------------------------------- bushels
2 ,6 6 8 ,6 5 1 ,0 0 0
2 .7 7 2 .3 7 6 .0 0 0
C orn ra ise d -------------------------------------- bushels
807,1 5 6,000
1.0 0 7 .3 5 3 .0 0 0
O ats r a is e d -------------------------------------- bushels
13.828,846
C o tto n ra ise d -------------------------------------- bales .
(?)
1 5 ,936,018
E s t .25,75 0 ,0 0 0
P ig Iron p ro d u c e d (to n s o f 2,240 l b s . ) -----1,921,611
S teel rail p r o d u c tio n (gross t o n s ) . . --------(?)
25,427,094
41,683,873
L a k e S u p erior o re sh ipm en ts (gross ton s) .
1 ,1 0 0 ,0 0 0 ,0 0 0
1 ,3 5 0 ,0 0 0 ,0 0 0
C o p p e r p r o d u c tio n In U . S -------------------lb s .
64,66 5 ,0 1 4
6 2 ,0 0 0 ,0 0 0
A n th ra cite c o a l_______(ton s o f 2,240 lb s.)
179 ,572 ,47 9
P etroleu m p r o d u c tio n (w h ole U . S .) . . b b l s
(?)
3 64 ,316
888,394
Im m ig ra tio n Into U . S . (11 m o n th s) . . N o .
• Figures fo r D e c. 1 1909: result fo r D ee. 31 n o t y e t available. A revised
estim a te o f s to c k o f g o ld coin w as a d o p te d A u g . 1 1907, a re d u ctio n o f $ 1 3 5 ,­
0 00 ,000 be in g m a d e , a: L a st fe w d a y s o f D e ce m b e r e stim a te d , a E s t im a t e d .

8

THE CHRONICLE

JA N U A RY .— Current Events.— Trade revival did not make
the progress which the sudden burst of activity the previous
Oct. and Nov. with the assurance of Mr. Taft’s election had
led the business community to look for. Instead, a very
quiet state of affairs developed, creating some feeling of
disappointment. Confidence, however, was not impaired,
though certain court decisions, as noted below, were looked
upon as rather disturbing. The prospect of tariff revision
after March 4 exercised a deterrent effect in many branches
of trade. In iron and steel a quite general shading of
prices occurred and production appeared to be in excess of
current requirements. The “ Iron Age’s” monthly com­
pilations showed that the make of iron was fast approaching
full totals, the January output being 1,800,867 tons, against
1,740,912 the previous month, 1,567,198 in October and
1,092,131 tons the previous June, and comparing with a
maximum of 2,200,000 to 2,300,000 tons per month in 1907.
The return of the U. S. Steel Corporation for the December
quarter showed an only slightly larger total of unfilled orders
for Dec. 31 1908 than for Sept. 30 1908, namely 3,603,527
tons, against 3,421,977 tons. In the copper trade, too,
product was running in excess of demand; hence, notwith­
standing large amounts of the metal were placed abroad, the
price declined to 13% cts., against 14% cts., reached after
the Presidential election the previous November. There
was also a great increase again in the idle freight cars on the
railroads, the number for Jan. 20 being reported 311,664
and for Jan. 6 333,019, against 222,077 the previous Dec. 23
and only 110,912 the previous Oct. 28. Among the court
decisions alluded to above, that of the U. S. Supreme Court
in the case of the 80-cent gas law of this State came first.
The Court on Jan. 4 announced its conclusions and enumer­
ated the points on which they were based; the full opinion
was not handed down until the following Monday. U. S.
Circuit Judge Hough, who had declared the 80-cent gas rate
unconstitutional, was reversed. Justice Peckham, who
wrote the opinion, pointed out that though some of the
provisions of the law were clearly invalid— more particularly
the penalties clause and the requirement that the Consolid­
ated Cas Co. must maintain a certain pressure of gas in its
mains— yet, as there appeared a possibility that the 80-cent
rate might yield an adequate return on the capital which the
company had invested in the gas business, the Court would
not condemn the law as a whole until by trial it was actually
established that the rate was confiscatory. A like decision
was handed down the same day (Jan. 4) in a somewhat
similar case, namely that of the City of Knoxville against
the Knoxville Water Co., where also the lower Court was
reversed. Both decisions were concurred in by the whole
Bench. What provoked disquietude was the likelihood
that under these court rulings, it might be necessary, in
many cases, for public service corporations to suffer heavy
losses in order to demonstrate that a rate fixed was con­
fiscatory before the courts would interfere. On Jan. 18 the
U. S. Supreme Court by a unanimous vote also affirmed
the decision of the Texas State Court rendered June 1 1907,
ousting the Waters-Pierce Oil Co. (a Standard Oil auxiliary)
from the State of Texas for violation of the State Anti-Trust
laws and imposing a fine upon it of $1,623,900. On the first
day of the next month (Feb. 1) there came still another
important decision, this time by a divided Court— 5 to 4,
the minority consisting of Justices Holmes, Brewer, White
and Peckham. The case was that of the Continental Wall
Paper Co. vs. the Louis Voight & Sons Co. of Ohio. The
Wall Paper Co. was held to be an illegal combination under
the 1890 law and the Court decided it could not collect a
debt of $56,762 owing it by the defendant company. A
court ruling of a favorable nature was the denial by the
Supreme Court on Jan. 4 of the application of the U. S.
Government for a writ of certiorari to review the decision of
the U. S. Circuit Court of Appeals for the Seventh Circuit,
which the previous July had reversed Judge Landis’s notable
decision imposing a fine of $29,240,000 on the Standard Oil
Co. of Indiana. No opinion was filed. The Government
decided to re-try the case in accordance with the rules laid
down by Judge Grosscup. The second trial ended in a fiasco,
as noted under March. The weather during January was
extremely mild nearly all over the country, though towards
the close a severe storm, attended by a heavy snowfall and
high winds, temporarily interrupted train service over some
of the lines north and west of Chicago, and also in some
instances from Chicago to the Southwest. Middling upland
cotton in New York closed at 9.85 cents, against 9.35 at the
opening, after having ranged between 9.25 and 10.00 cents.
The depositary banks were called on for $25,000,000 Govern­
ment funds, $15,000,000 payable Jan. 23 and $10,000,000
Feb. 10. Government revenues continued short, January
receipts having been only $47,480,000 against disbursements
of $63,024,000. Government deposits with the banks were
$100,511,200 Jan. 31, against $123,928,436 Jan. 1, and
money holdings in sub-treasuries were $310,782,444, against
$313,175,726. Bank note circulation secured by bonds
increased from $628,786,205 to $630,309,637. The Bank
of England Jan. 14 raised its discount rate from 2% to 3% .
A further advance was at one time looked for, but was
averted by the action of French bankers (who had been
from week to week buying up the gold arrivals in London
from South Africa) in refraining from bidding for the Cape
gold offered on Jan. 25. The Bank was able during the four
weeks ending Jan. 28 to increase its bullion by £3,521,974,
the gain, however, consisting chiefly of a return of gold from




[VOL. XC

internal circulation. The long-expected Russian loan was
brought out and was for $280,000,000, with the interest
4 % % and the issue price 88% . The loan was over-subscribed
in both France and England. A favorable event was the
acceptance by Turkey of Austria’s offer of $10,800,000
as compensation for Austria’s annexation of Bosnia and
Herzegovina. The latter part of the month, however,
apprehensions of disturbances in the Balkans were renewed
by reports of the mobilization of the Bulgarian reserves on
the Turkish frontier. Bankers in this city offered for sale
some of the bonds out of the Coffee Valorization loan for
$75,000,000 brought out the previous month by the State of
Sao Paulo and guaranteed by Brazil. Bankers here also
offered $1,600,000 5% silver bonds of the State of Durango,
Mexico. A 3 % % loan of the Dominion of Canada for
£6,000,000 was offered in London at 99%, but only about
41% was subscribed for, leaving 59% to be taken by the
underwriters. The Minn. St. Paul & Saulte Ste. Marie
(a subsidiary of the Can. Pac.) acquired the Wis. Cent", and
a syndicate, headed by Edwin Hawley, purchased control
of the Ches. & Ohio. W. C. Brown, the new President of the
N. Y. Central, assumed office; more noteworthy still was the
election of E. H. Harriman to the Central’s board of directors.
The Va. Court of Appeals in the case of the various Southern
roads against the Virginia Corporation Commission, in the
matter of the order of that body fixing passenger rates at
2 cts., denied the application of the roads for an appeal from
the order of the Commission. Denial was on the ground that
the time for taking an appeal had expired. The U. S.
Supreme Court the previous Nov. 30 had reversed U. S.
Circuit Judge Pritchard in declaring the 2-cent rate void
because confiscatory. That reversal was on the theory that
the roads had erred in their method of procedure, inasmuch
as they should first have taken an appeal to the Virginia
Court of Appeals. In its reversal, however, the U. S.
Supreme Court had expressly stipulated that if it should be
found that it was too late to take an appeal, the order of
Judge Pritchard enjoining the Virginia Commission would
have to stand. In the Fifth Municipal Court in this city,
Justice Young on Jan. 27 decided in favor of Thomas F.
Ryan, H. H. Vreeland and others in the suit brought some
time previously charging them with guilty knowledge of
various alleged fraudulent and dishonest acts in connection
with the affairs of the Metropolitan Street Ry. Co. In the
Common Pleas Court No. 2 at Philadelphia on Jan. 27 in a
test suit brought by the city against the Phil. Rapid Tran. Co.
the company was sustained in refusing to issue transfers
except on the payment of an extra fare. The Court held
that the giving or withholding of such transfers is part of the
managerial policy of the company in the developing and
establishing of its business which necessarily must change
with the change of conditions in different localities. Governor
Hughes of this State nominated Frederick A. Wallis State
Supt. of Insurance to succeed Otto Kelsey. The nomination,
however, was subsequently withdrawn because of allegations
of violations of the insurance laws made against Mr. Wallis
in his capacity as an agent of the Home Life Insurance Co.
The next month William Horace Hotchkiss was confirmed
by the Senate as Superintendent. Mr. Wallis had demanded
an investigation of the charges against him and the Senate
adopted a report of its Insurance Committee completely
exonerating him. Elihu Root resigned as Secretary of State
in President Roosevelt's Cabinet. He had been elected U. S.
Senator by the N. Y. Legislature for the term beginning
March 4. He was succeeded by Robert Bacon, at one time a
member of the firm of J. P. Morgan & Co., and who had been
acting as Asst. Secretary of State. Before retiring Mr. Root
concluded an important treaty with Ambassador James
Bryce of Great Britain providing for the settlement of dis­
putes between the United States and Canada. Though
designated as the Boundary or Waterways Treaty, its scope
is much broader, and it provides for a permanent Joint High
Commission for the disposition of differences between the
two countries. This treaty was not ratified by the U. S.
Senate until March 4. Mr. Root also reached agreements
for a convention (ratified by the Senate Feb. 18) for the
submission of the Newfoundland fishery dispute to The
Hague Tribunal to determine the rights of American fisher­
men in the waters of British North America under the terms
of the treaty of 1818 (this being the first dispute to be sub­
mitted to arbitration under the Arbitration Treaty with
Great Britain) and for a Pecuniary Claims convention for
the settlement of claims arising out of seizures for fishing
in Newfoundland waters. The N. Y. Stock Exchange
disciplined Arthur E. Grannis, formerly of the firm of
Grannis & Lawrence, by suspending him for a period of three
years. The suspension was based on transactions which
Grannis & Lawrence had had with the failed firm of Coster,
Knapp & Co. Later in the month Clarence M. Cohen of
Cohen, Greene & Co., was expelled from membership on the
ground that he had made a “ misstatement upon a material
point when he appeared before said Committee on Admissions
as an applicant for admission on Sept. 27 1900.” The mis­
statement is understood to have been a denial that any one
was interested in the purchase of his seat besides himself.
Mr. Cohen began suit for reinstatement. At the bank
elections in this city, George F. Baker retired as Presi­
dent of the First Nat. Bank of this city and James Stillman
as President of the Nat. City Bank. Both were chosen
Chairmen of their respective boards of directors. Mr. Baker
was succeeded as President by Francis L. Hine, previously

Jan . 1 1910. J

THE CHRONICLE

9

Vice: President of the First Nat., and Mr. Stillman by Frank issues were floated. Bankers brought out $17,500,000 first
A Vanderlip, also previously Vice-President. A collision in and ref. 5s of the Denv. & Rio Gr. Chic. & Alt. sold the
a dense fog early in the morning of Jan. 23 between the . $8,000,000 ref. 3s pledged as security for $6,000,000 5%
White Star steamer “ Republic” and the Italian Lloyd notes. Chic. & Nor. West placed $16,250,000 3%s. Norf.
steamer “ Florida” off Nantucket Light was attended by some & West, disposed of $10,000,000 divisional 1st lien and gen.
dramatic incidents and resulted in the eventual sinking of the mtge. 4s. L. A N. sold to J. P. Morgan A Co. the collateral
“ Republic” after all the passengers had been rescued. Aid (aggregating at par $29,864,000) securing its $23,000,000
had been summoned by means of wireless telegraphy and the 5-20-yr. coll, trust bonds of 1903 and gave notice that these
event furnished a notable demonstration of the value of a bonds would be paid off April 1. Bos. A Maine placed
wireless equipment for vessels at sea. President Roosevelt $11,700,000 4%s. Swift A Co. of Chicago offered their
made reply to the resolution of the House of Representatives shareholders $10,000,000 of new stock at par. N. Y. N. H.
adopted the previous month asking him to transmit any A Hart, made a new contract with N. Y. Cent, for the use
evidence upon which he based the statement in his message of the tracks and terminals of the latter in this city.
with regard to the change made by Congress in the measure
The Money Market.— Notwithstanding the withdrawal of
relating to the Secret Service, to the effect that “ the chief further Government deposits from the banks and the gold
argument in favor of the provision was that the Congressmen exports and notwithstanding the absorptions of cash by the
did not themselves wish to be investigated by Secret Service N. Y. trust companies— which were obliged to have on hand
men.” He denied that he had made charges against any by Feb. 1 the maximum amount of cash reserve required
member of Congress, but reiterated his position with reference under the law of 1908— pronounced ease continued in money.
to the Secret Service. This reply aroused the indignation Owing to diminished revenues, Government disbursements
of the House and on Jan. 8 a resolution was adopted by a were running in excess of receipts, serving to offset with­
vote of 212 to 35 declaring that the language in the Presi­ drawals of deposits from the banks. Then, also, institutions
dent’s message was “ unjustified and without basis of fact in near-by cities shipped to this center large amounts of
and that it constitutes a breach of the privileges of the currency which they were unable to use at home. Call loans
House;” furthermore, the reply, “ being unresponsive to the on the Stock Exchange the first business day touched 3% ,
inquiry of the House” was laid on the table. A bitter and but thereafter did not get above 2% and the close was
very offensive general personal attack, however, made later 1 % @ 2 . Time loans were freely offered, but little business
in the month by Congressman William Willett, a Democrat was reported, and at the close rates were 2 for 30 days.
from Queens County, N. Y., was interrupted in the House 2 @ 2 % for 60 days, 2 % @ 2 % for 90 days, 2 % @ 3 for 4 mos.,
of Representatives and the remarks eventually expunged 3 % for 5 and 6 mos. and 3 @ 3 % for all the year. Com­
from the records. In a special message to the Senate, Mr. mercial paper was in urgent demand, banks and trust com­
Roosevelt declined to permit Attorney-General Bonaparte panies absorbing all available offers, while the supply was
to reply to a resolution of the Senate directing the Attorney- meagre. Rates got down to 3 % @ 3 % for choice 60 to 90
General to furnish information concerning the action of the day double names, 3 % @ 4 for prime and 4% for good 4 to 6
U. S. Government on the absorption of the Tenn. Coal & months single names. Money holdings of the Clearing House
Iron Co. by the U. S. Steel Corporation at the time of the banks, according to the actual figures of condition, rose
panic. The President furnished the facts himself and said from $350,838,100 Jan. 2 to $388,002,400 Jan. 23 and were
that he was personally cognizant of and responsible for $375,519,100 Jan. 30. Surplus reserves increased from
every detail of that transaction, and he did not “ conceive $14,704,375 Jan. 2 to $32,922,275 Jan. 23 and then dropped
it to be within the authority of the Senate to give directions to $20,720,050 Jan. 30. Money holdings of the trust
of this character to the head of an Executive Department companies and the State banks not in the Clearing House
or to demand from him reasons forhisactions.” In a special increased from $109,740,800 Jan. 2 to $127,709,900Tan. 30,
message he called the attention of Congress to the Supreme these latter figures being averages for the week, no others
Court decision in the Harriman case the previous month and being given. Deposits of the Clearing-House banks rose
asked the passage of a law to compel a witness when sub­ from $1,344,534,900 Jan. 2 to $1,420,320,500 Jan. 23, and
poenaed to appear before the Inter-State Commerce Com­ were $1,419,196,200 Jan. 30. Loans increased, from $1 mission to produce books and papers when so required and 293,502,000 Jan. 2 to $1,347,614,900 Jan. 30.
also urged endowing the Commission with authority to
Foreign Exchange, Silver, cfee.— Foreign exchange displayed
compel postponement of proposed advances in railroad rates. irregularity the early part of January. The latter part the
Congress appropriated $800,000 for the relief of the sufferers tendency was strongly upward, sterling rates the last day
from the earthquake in Italy the month before. Letter being at the highest figures of the month. There were
postage to Germany was reduced to 2 cents an ounce on considerable exports of gold to Paris and also shipments to
letters dispatched direct from the United States to Germany, Argentina, the demand upon London for Argentine account
but not via England or France.
having been diverted to this country; altogether the gold
Railroad Events and Stock Exchange Matters.— The market exports from this point during the month reached $7,843,125.
experienced a sharp set-back in January and some wide The advance in the Bank of England rate on Jan. 14
fluctuations occurred. Prices had opened in a rather from 2% to 3% , together with the higher rates for discounts
buoyant way, but on Monday, Jan. 4, the Consol. Gas in London than for money in New York, were an influence
decision was announced and dealt prices a serious blow. In in the strength of exchange. There was also at times a
Consol. Gas itself a tremendous break occurred. The whole demand to pay for securities sold for European account.
list declined in sympathy. The latter part of the month a On the other hand, supplies of bills came on the market
number of leading stocks, notably N. Y. Cent, and Balt. & against New York City revenue bonds placed aboard, and
Ohio (the former on the entrance of Mr. Harriman to the also against loans by railroad and other corporations portions
board of directors) displayed great strength and a part of of which had found a market in Europe. Exchange rates
the previous loss in prices was recovered. Both the shares were at their lowest Jan. 5 when 60-day bills were 4 8485@
last mentioned had on Jan. 4 (before the Gas decision worked 4 85, sight at 4 8680@4 8685 and cable transfers at 4 8705@
such havoc) reached a higher level than at any time during 4 8710. The close Jan. 30 was 4 8515@4 8520, 4 8770@
1908. Some of the low-priced shares were also again 4 8775 and 4 8805©4 8810. Open market discounts at
whirled up, either on actual changes in control like d ies. A O. London at the close were 2% @ 2 % . At Paris rates sharply
and Wis. Cent., or on rumors of buying for control, as Kan. declined with the placing of the new Russian loan, and the
City So. and Mo. Kan. & Tex. The anthracite coal shares— close was 1 % @ 2 , against 2 % at the opening. At Berlin
in particular Reading and Del. & Hud.— were inclined to and Frankfort rates at one time were 2 % @ 2 % , but the
heaviness, owing to the mild weather and to fears of an close was at 2% . Silver in London advanced from 23 3-16d
adverse decision in the suit involving the constitutionality Jan. 2 to 24%d Jan. 18, with the close Jan. 30 at 23% d.
of the Commodities Clause. The copper shares were de­
pressed on the unfavorable state of the copper trade. Mil A
F E B R U A R Y .— Current Events.— Unfavorable develop­
St. P. com. dropped from 151 % Jan. 4 to 146% Jan. 13 and ments in the iron and steel trades, together with a renewed
closed Jan. 30 at 148%. N. Y. Cent, touched 132% Jan 4 setback in the copper market, gave a decidedly adverse turn
got down to 123 Jan. 6 and closed at 126%. Penn, declined to the general trade situation, and caused a serious break in
from 135 Jan. 4 to 130% Jan. 30. Reading com. fell from prices on the Stock Exchange. The U. S. Steel Corporation
144% Jan. 4 to 131% Jan. 30. So. Pac. com.,opening at announced a change of policy with regard to prices. After
121 Jan. 2, got down to 116% Jan. 13, advanced to 12L% the close of business on Friday, Feb. 19, Chairman E. H. Gary
Jan. 22 and closed at 117%. Un. Pac. com. was 184% of the Steel Corporation gave out a statement saying that the
Jan. 2 and 175% Jan. 30. The extremes for Consol Gas leading manufacturers of iron and steel had “ determined to
were 165% Jan. 4 and 117% Jan. 26, with the close 121% protect their customers in order to retain their fair share of
Amal. Cop. declined from 84% Jan. 2 to 73x Jan. 30- Steei the business.” Mr. Gary pointed out that since the panic of
com., opening at 53% , declined to 51 % Jan. 14, advanced to Oct. 1907, although no agreements had been made as to
55% Jan. 22 and closed at 52. An important change was prices, leading manufacturers had been advising with one
made in the method of quoting bond prices on the N Y another and as a result stability of prices had existed until
Stock Exchange with the beginning of this month. Previously about Jan. 1 1909. As a result, too, of this policy, a gradual
the practice was to quote “ flat” —-that is accrued interest improvement in the iron and steel trade had been effected and
was included in the price. Under the new method accrued an increase in sales made. Until within the 48 hours pre­
interest must be paid in addition to the price. In other ceding, Mr. Gary asserted, it had seemed that no general re­
words, the method now is to quote “ and interest.” The duction in prices would be necessary, but for one reason or
next month a similar change was inaugurated at some of the another, including particularly the tariff agitation, many of
other stock exchanges, notably Philadelphia, Baltimore the smaller concerns which had not been disposed to co­
St. Louis and Pittsburgh. Chic. & Alt. declared 2% on its operate with the larger concerns during*the preceding year
com stock, payable Feb. 15; a first dividend of 1% had been had become demoralized and unreasonable cutting of prices
paid the previous August. No. Amcr. Co. declared l% %
had ensued. It was, hence, deemed best for all the manufac­
payable April 1, the first since Sept. 1907. Receivers were turers to sell at such modified prices as might be found neces­
appointed for the Atl. Birm. & Atl.
Numerous new bond sary. The effect of this announcement was startling and a



10^

THE CHRONICLE

[VO L. XC.

sharp decline in iron and steel prices ensued— all except steel up to 84 13-16. the highest price since the previous October,
rails. Manufacturers very naturally were not inclined to and comparing with 83 1-16 on Jan. 29. lh c latter part of
make their prices public, but generally a reduction of $4 to $6 the month anxiety was occasioned at times by rumors that
a ton took place. Steel billets at Pittsburgh were reduced war between Austiia-IIungary and Servia was inevitable. It
from about $25 a ton to $20. In steel bars at Pittsburgh an developed that Senator Knox of Pennsylvania, to whom
open cut was made from 1.40 cts. per lb. to 1.20 cts. (a de­ Pres .-elect Taft had tendered the position of Secretary ol
crease of $4 a ton) and in plates a reduction from 1.60 cts. to State in his Cabinet, had two years before voted for an in­
1.30 cts. The leading pipe mills, it was stated, had issued crease in the salary of the office, thus making him ineligible
new discounts on merchant pipe, showing reductions ranging under the Constitution. Legislation was had therefore to
from $6 to $10 per ton. In the copper trade, with production repeal the increase so far as that particular Cabinet place was
large, supplies were far in excess of demand, and the metal concerned, reducing it from $12,000 to $8,000. The salaries
dropped to about 12 % cts, though after the close of the month of the other Cabinet officers were left at $12,000. The salary
large purchases for foreign account were reported, and these of the President of the U. S. was raised from $50,000 to $75,­
■were said to have been on a basis of 13 cts. Other branches 000 but no change was made in the compensation of the Viceof the metals markets were also weak, in particular lead. At Pres. the Speaker of the House or the Supreme Court Jus­
a meeting of the Southern Hard Yarn Spinners’ Assn, a com­ tices ’ as originally proposed. Anti-Japanese legislation was
mittee was appointed to formulate a plan of curtailment. again threatened in California and several other of the 1 acitic
States but was once more prevented by President Roosevelt.
Print cloths at Fall River continued at 3 7-16 cts., the price A loan for £2,000,000 by Rio de Janeiro, Brazil, was brought
ruling since the previous Dec. 2d. Middling upland cotton in out
in London, Berlin and Amsterdam and a considerable
this market got up from 9.85 cts. Jan. 31 to 10 cts. Feb. 8, but amount was applied for by N. Y. bankers and investors.
closed Feb. 27 at 9.65 cts. A sharp speculation developed in N Y bankers took an issue of $3,000,000 4% gold bonds of
grain, and May wheat at Chicago rose from $1.07% Feb. 1 to Porto R ico. On Feb. 3 another call was issued on the banks
$1.19 Feb. 27 and at New York from $1.11% t° SI.23. A for the surrender of Govt, deposits, namely $30,000,000, to be
powerful bull clique was at work and there were reports of a returned by Feb. 24. Govt, deposits with the banks were
diminished Argentine crop, possible damage to our own winterreduced from $100,511,200 to $72,343,825 and money hold­
wheat crop, owing to the lack of a sufficient snow covering, ings in sub-treasuries (notwithstanding Govt, disbursements
and rumors of the appearance of the Hessian fly in parts
continued to run in excess of revenues) were increased from
of Kansas and Missouri.
Corn and oats also sharply c o i n 789 4 4 4 to $327 538,428. National bank notes, secured
advanced, May corn at Chicago rising from 63 to 66% by^bonds'j^ncr^sed from $630,309,637 to $635,588,885. .Mr.
cts. and May oats from 51% to 55% cts.
In the Murray, Comptroller of the Currency, asked the various
stock market the influence of the break in steel prices Clearing-House
associations to co-operate in a system ot bank
was accentuated by the adverse report submitted on baturday, Feb. 20, by a sub-committee of the Senate Judiciary Com­ examinations independent of that of the Govt., but helpful
mittee which had been investigating the absorption of the to it. The full reserve requirements for the trust companies
N. Y . State under the law of the previous year became
Tenn. Coal & Iron Co. by the U. S. Steel Corporation in 1907. of
operative Feb. 1. The Massachusetts RR. Commission de­
The text of this report was not made public, but there was no clined to grant the request of the Northampton Street R y . to
concealment as to its character. The committee the next increase fares from 5 cts. to 6 cts. A law was passed by Con­
month (Mch. 1) voted to report totheSenatc a disagreement, gress granting to the negro soldiers dishonorably discharged
so as to leave each member free to express his own opinion. in Aug. 1906 for alleged complicity in the “ shooting-up at
On March 2, however, seven members of the committee, being Brownsville, Tex., the right to rc-enlist upon proving then
a majority, signed a statement unofficially condemning the innocence. A North American Conservation Congiess, com­
President, four of them without reservation and three with
accompanying personal explanations. On Feb. 23 the U. b . posed of representatives from Canada, Mexico and the United
Supreme Court affirmed the decision of the U. S. Cl™uifc Gourt States, was held at the State Department at W ashington
for the Southern District of N. Y . imposing fines of $134,000 Feb. 18 and addressed by Pres. Roosevelt. Mr. Roosevelt
on the N. Y . C. & II. R. for the granting of rebates on sugar in Feb. 26 transmitted to Congress the “ Declaration of 1 rinciples” adopted by this Conference., and on its suggestion toi1903 to the Amer. Sugar Refining Co. The U. b. Supreme
invitations to all the civilized nations of the world to
Court also affirmed the decision of the Supreme Court of warded
in a great conference, at the Hague, ioi the
Arkansas, which had upheld a fine of $10,000 imposed on the participate
conservation of natural resources.
Mr. Roosevelt sent
Hammond Packing Co. for refusing to produce its books in a a special message to Congress urging legislation to com­
proceeding brought to oust it from the State for violation ot pel ocean-going passenger steamships to carry a wireless
the State Anti-Trust Law of 1905. Justice White, who ren­ telegraph equipment; also a message transmitting the report
dered the opinion, said it was the duty of a corporation to live of the Commission on Country Life and urged action for nnin the light of day and to be prepared at any time to exhibit
its proceedings to its creator, the State.” Following this de­
cision, the State Prosecuting Attorney filed suits against
.mending tnc esuiuiihiimum ui <* i
~
Cudahy Packing Co., Swift & Co. and various other packing Bureau. Still another message accompanied the report ot
concerns * charging them with forming a-n unlawful combina­ the engineers whom he had sent to visit the Panama Canal in
tion to control prices, &c., and demanding $3,300,000 penal­ company with Pres .-elect Taft and who had expressed ap­
ties from each. There was notable improvement abroad, proval of the lock type of canal; the President declared that
bringing with it a marked change in the tone at the ioicign any criticism of the lock plan was really an attack on the
financial centres. No little progress was made in composing policy of building any canal at all.
lie vetoed the Census
the troubles in the Balkan regions. As Bulgaria and turkey Bill as passed by Congress, on the ground that it would in­
could not agree as to the indemnity payment to be made volve a continuation of the spoils system. An amended bill
bv the former to the latter, Russia stepped in with a propo­ was passed at the extra session. Mr. Roosevelt ordered
sition that seemed advantageous to both, to make up the Jefferson Davis's name to be restored on the tablet built into
difference between the amount Bulgaria was willing to pay the Cabin John Bridge located a few miles outside ot Wash­
and the sum demanded by Turkey, Russia offered to remit so ington. The name had been erased in 186- .
many of the indemnity payments which turkey had been
Railroad Events and Stock E x c h a n g e Matters. A big break
making to Russia under the Berlin treaty of 18/8 as would in prices occurred as the result ot the action of the 8 ee
equal the required amount— Bulgaria to pay Russia a low Corporation in changing its policy regarding prices, lh c
rate of interest on the sum and to provide a sinking fund for first half of the month dealings on the Exchange were on a
the amortization of the debt. Russia also offered to end to Bul­ limited scale, with the fluctuations in standard stocks very
garia the 82,000,000 francs which the latter was willing to pay, narrow, though sharp advances occurred in some low-priced
charging only a low rate of interest, with sinking fund on this. shares; while on the other hand the copper properties were
The general effect was that the annual charge to Bulgaria weak on the unfavorable position of the metal a n d Conso icwould be no heavier than if she had gone into the open market ated Gas declined on the denial of the company s petition for a
to borrow the 82,000,000 francs and paid the higher rate ot rehearing in the decision against it in the 80-cent Mg t* •
interest which she would undoubtedly have
obliged to After the 15th growing weakness became manifest, evidently
pay. During the month, also, King Edwardof England.with on knowledge of the unsatisfactory situationt of the ]iron and
Queen Alexandra, paid a visit to Kaiser Wilhelm at Berlin steel trades. Reading shares seemed to be especially piessed
and, according to all accounts, was most cordially received; for l i e ! either on tear! regarding the outcome ofth e demiands
and in speeches both the King and the Emperor pledged them­ of the miners for higher wages or because of: apprehension con­
selves to do everything possible to maintain peace. Simul­ cerning the nature of the decision,.then looked for, of the U.b.
taneously there came the announcement of an agreement be­ Supreme Court in Hie case involving the validity of the Conitween France and Germany for the settlement of their differ­ modUics Clause of the Inter-State Law The mdustnal
ences with regard to Moroccan affairs. All this was accepted stocks were weak on the very poor report for the calendai year
not alone as an augury of general peace but of a probable made by’ the ’pressed S t e e l t a r Co. Even at this time how­
betterment of the relations between Germany and Great ever some particular shares showed exceptional stiength.
Britain. The Franco-German agreement was received with Atchison com. on Feb. 17 touching 103%, the highest point
great satisfaction, and the effect was to bring about a com­ reached up to that time since 1907 . I he announcement on the
plete change of feeling on the stock exchanges and bourses of 19th of the Steel Corporation’s action was followed on the -0th
Europe. The new Russian loan having also been placed, and succeeding days by a tremendous
France completely abated its inquiry for gold, allowing the ation was on an enormous scale. At tunes uttei ciunoraliza
Bank of England to absorb South African gold arrivals. Dis­ tion prevailed. The Steel shares also suffered from the
counts at all the leading Continental centres declined and adverse report regarding the Tenn. Goal &Iron merger.
ic
there was a definite turning of the foreign exchanges in favor last few days material recoveries ensued from the extreme lo\
of London. Between Jan. 14, when the Bank rate was points of the month. Steel com. trom 53% l*eb. 3 declined
raised to 3% , and Feb. 25 the Bank’s bullion holdings were in­ to 41% Feb. 23 and closed at 44%; Ama . Cop. from 77%
creased from £31,656,183 to £37,877,662
The Bank of Ger- I Feb. 11 got down to 65 Feb. 26 and closed Feb. 27 at 68%.
many reduced its rate from 4 to 3 % % and British consols got



THE CHRONICLE

11

Reading com. tumbled from 134}* Feb. 15 to 118 Feb. 23, by a small body of the Republican majority concerning the
with the close 121}*; Union Pac. com. from 181}* l<eb- lo, organization of the House of Representatives. The contest
dropped to 172}* Feb. 24 and closed at 177^; So. Pac. coin, had a double aspect, being directed against the re-election of
was 120 Feb. 15, 114}* Feb. 24 and closed at 117; N Y . Cent, Speaker Cannon and also against the adoption of the old rules
was 129}* Feb. 17, 120}* Feb. 24 and closed at 122}*; Penn, of the House under which legislation has been concentrated
was 132 J* Feb. 15, 126}* Feb. 23 and closed at 128?*. Bklyn. in large part in the hands of the Speaker. Only a small num­
Rap. Tr. declared its first div., 1% . Sloss-ShcfT. Steel & Ir. ber of the insurgent Republicans went so far as actually to
increased the quar. div. on com. from 4% per am. to 5% . vote against Mr. Cannon, and his re-election was accomplshed
Birm. Coal & Iron went into receivers hands. The I ublic without much difficulty. The opposition to the House rules,
Service Commission at Albany, by a vote of 3 to 2, granted the however, was very determined and as the Democrats joined
Erie R R. permission to create an issue of $30,000*000 coll. tr. forces with the seceding Republicans, the result w’as in doubt.
bonds, but under conditions that were not entirely satisfact­ Eventually a resolution offered by Representative Fitzgerald
ory, and the company asked for a modification. The So. Pac. of New York (a democrat acting apart from his party) and
Co. announced an issue of $82,000,000 4% conv. bonds and providing for only a few routine changes in the rules was
shareholders were given the privilege of subscribing at 96. adopted by 211 to 172 votes. Further cuts in iron and steel
Ch. Bur. & Quin, placed $15,000,000 gen. mtge. 4s. Leh.Coal prices occurred. The failure of J. B. & J. M. Cornell Co., a
& Nav. stockholders were allowed to subscribe at par for $1,­ long established local concern in this city, manufacturers of
909,600 new stock. The Balt. & Ohio sold $13,100,030 of structural iron and castings, attracted much attention. Re­
Pittsb. L. E. & West. Va. div. 4s. Bankers offered $12,­ ductions in wages of iron and steel workers were announced
by nearly all the large companies outside the U. S. Steel
271,000 consol. 4s of Chic. & West. Ind.
The Money Market.— A stiffening in money rates the early Corporation— including the Lackawanna Steel Co., the Penn­
part of Feb. was not long maintained. Govt, calls on the sylvania Steel, the Maryland Steel, the Jones & Laughlin Co.,
depositary banks, the gold exports to Argentina and expecta­ the Republic Iron & Steel and the Cambria. The reductions
tions (which expectations were subsequently verified) that generally were 10% and scheduled to go into effect April 1.
the Clearing-House bank statement for Feb. 6 would show a In the copper trade, too, there was further demoralization.
large loss in money holdings and surplus reserves, owing to The monthly statement of the Copper Producers’ Association
the absorption of cash by the trust companies to complete (the second issued) showed an increase in copper stocks dur­
their reserve requirements, were responsible for the early firm­ ing Feb. of 29,153,203 lbs., after 21,773,779 lbs. increase in
ness. The effect soon passed away. Govt, disbursements Jan., and electrolytic copper sold down to 12}*@ 12}*cts.
kept running in excess of receipts and there was a large return At the close, however, considerable sales of the metal for
flow of currency from the interior. Accordingly, pronounced home and foreign account were reported and the price again
ease again developed. The call loan rate Feb. 4 got up to 3% . got close to 13 cts. The anthracite coal companies failed to
The close was at 1 }*@ 2 . Time money at the close was 2 }* (a) reach an agreement with the miners for renewing the three2}* for 00 and 2% @ 3 for 90 days, but no business was re­ year agreement expiring Apr. 1. The miners asked for an
ported. For 4 and 5 months offerings were at 3 and for 7 and increase in wages and made other demands. The miners on
8 months at 3}* and for 9 months at 3}*. Loans for 12 mos. Mar. 25, however, voted not to suspend work Apr. 1, pending
were obtainable at 4. Commercial-paper was 3 j* @ 3 }* for an effort to reach an adjustment. Cotton got up to 9.85 cts.
double names and 4 for prime and 4 @ 4 }* for good single Mch. 2 and closed at that figure Mch. 31, after having touched
names. Surplus reserves of the Clearing-House banks dropped 9.60 cts. Mch. 22. Grain prices advanced still higher. May
from $20,720,050 Jan. 30 to $9,909,300 Feb. 6, increased to wheat at New York touched $1.23}* Mch. 3 and $1.19}* at
$15,647,875 Feb. 20 and were $13,345,850 Feb. 27. Aggre­ Chicago. The Govt, report, showing larger farm reserves
gate money holdings declined from $375,519,100 Jan. 30 to than expected, led to a sharp break and by the 9th the price
$353,614,600 Feb. 13, increased to $358,864,400 Feb. 20 and at New York was $1.17}* and at Chicago $1.12}*. Quick
were $353,896,600 Feb. 27. On the other hand, the money recovery ensued and closing prices Mch. 31 were $1.22 at
holdings of the trust companies and State banks not in the New York and $1.19}* at Chicago. May corn at Chicago
Clearing House increased from $127,709,900 Jan. 30 to $156,­ reached 69}* Mch. 9and,afterdecliningto65}*,closedat 67}*
792,900 Feb. 6 and were $154,583,300 Feb. 27. The deposits cts. Great Britain continued to deflect the Argentine de­
of the Clearing-House banks dropped from $1,419,196,200 mand for gold to New York. The placing the previous month
Jan. 30 to $1,362,203,000 Feb. 27 and the loans fell from ‘of the Argentine loan for £10,000,000 sterling facilitated the
movement. Of this loan £2,000,000 was on Mch.l re-offered
$1,347,614,900 to $1,311,950,400.
Foreign Exchange, Silver, & c — Foreign exchange, after in the U. S. and largely over-subscribed. There were large
opening strong, gradually grew easier, but in the last week gold exports likewise to London. Altogether, about $14,­
there was a renewal of strength and rates recovered. Influences 000,000 was engaged for London and about $5,500,000 for
in the early weakness were the lower discounts in Europe and Argentina. The Bank of England bullion holdings Apr. 1
the buying of securities for London account, induced by the were £41,711,090 against only £30,732,402 Jan. 1. The
relaxation of political tension regarding the Balkans and by joint-stock banks, which previouly had not been accustomed
the Franco-German political compact concerning Morocco. to hold much gold, began in some instances accumulating an
The renewed strength at the close was due to selling by Lon­ independent stock. This action followed the appearance of a
don of American securities caused by the break in our stock report made by a committee appointed the previous Sept , by
market. Gold shipments to the Argentine for the month the Associated Chambers of Commerce of the United King­
aggregated $8,450,000. The rise in exchange would have dom to consider the laws relating to currency and banking in
made exports to London also profitable and likewise to the Kingdom. This report commented on the small stock of
Paris as arbitrage operations, but no special inducements gold held in Great Britain and suggested itemized monthly
existed for such exports. Low figures for exchange were statements by all the banks so as to disclose their real con­
Feb. 16 or Feb. 17, when 60-day bills were 4 8490@4 8495; dition as regards cash reserves. There was renewed talk
sight 4 8690@4 8695 and cable transfers 4 8715@4 8720. abroad of the possibility of war between Austria-Hungary and
The close Feb. 27 was at 4 8520@4 8525, 4 8745@4 8750 and Servia, but at the close a definite agreement was reached be­
4 8790@4 8795. Open market discounts at London de­ tween Austria and the other signatory powers to the Treaty
clined to 2}* @ 2 }* and closed at 2 }*. At Paris the rate at of Berlin involving the submission of Servia to the Austrian
one time got down to 1, with the close 1}*. At the German terms as to the recognition of the annexation of Bosnia and
centers rates were higher, with the close 2 % . Silver in Herzegovina and the demobilization ®f the Servian army.
British consols, which had got down to 83}* Mch. 24, were
London declined to 23 5-16d.
84 13-16 Mch. 31.
Quite a stir was created in Great
MARCH.— Current Events.— This month marked the pass­ Britain during the discussion of the naval estimates in the
ing out of the Roosevelt Administration and the advent of House of Commons, growing out of statements that Ger­
Mr. Taft to the Presidency. The personnel of the Cabinet many’s program for a larger navy was being carried out with
had been correctly foreshadowed and Philander C. Knox of such energy that in a few years she would have nearly as
Penn, became Secretary of Stateand Franklin MacVeaghof 111. many ships of the most destructive type (Dreadnoughts and
Secretary of the Treasury. Mr. Taft’s inaugural proclaimed Invincibles) as Great Britain, thus endangering British
adhesion to the Roosevelt doctrines but the language was tem­ naval supremacy. An incident of the alarm was the offer of
perate and the message contained reassuring features. A several <Jf the colonies— in particular some of the Australian
suggestion favorably received was that nothing but tariff colonies and Canada— to provide some ships at their own
legislation should be attempted at the extra session of Con­ expense for the benefit of the mother country. On its re­
gress. This latter was convened March 15. The tariff bill, trial, the case of the U. S. Govt, against the Standard Oil Co.,
as introduced by Chairman Payne of the House Ways and for having shipped oil over the Chic. & Alton R R. at alleged
Means Committee, proved more radical than expected. concessions from the legal rates, completely collapsed, and
Duties on leading articles of iron and steel were sharply re­ the jury on instructions from Judge Anderson in the U. S.
duced, steel rails being cut from 7-20 of 1 cent per lb. to 7-40 Dist. Court at Chicago gave a verdict for the Oil Co. This
of 1 cent and pig iron from $4 per ton to $2.50. Iron ore was was the case in which Judge Landis had imposed a fine of
put on the free list, and so was coal, wood pulp and hides. In $29,240,000. In contrast with the policy of the previous
timber, in leather and in wool the duties were decreased. Administration, news dispatches reported that the Govt, in­
On a few articles, like gloves and hosiery, there were in­ tended to take heed and that other similar cases on the De­
creases. A tax was proposed on tea, but not on coffee partment docket would be abandoned. The Court of Appeals
except from countries imposing an export duty on coffee. of the Dist. of Columbia ruled on the injunction order against
The bill also contained a proposal for a Federal inheritance tax the labor boycott in the well-known case of the Bucks Stove
as recommended by President Taft in his inaugural message. & Range Co. vs. the Am. Fed. of Labor, affirming the order
This latter was at once antagonized by many of the States; in on all essential points, though modifying it in some minor
New York the Senate and the Assembly unanimously respects. Judge McPherson in the Federal Court at Fans vs
passed a concurrent resolution requesting New York repre­ City declared the 2-cent Passenger Rate Law and the Maxi­
sentatives in Congress to oppose the proposition. Preceding mum Freight Rate Law, enacted two years before by the
the introduction of the tariff bill there was a spirited contest Missouri Legislature, void, and made permanent the in­




12

THE CHRONICLE

junction which the railroads had obtained. Gov. Hughes
affirmed the findings and report made the previous Aug. by
Commissioner Hand and dismissed the charges against Dist.Attorney Jerome of this city. The six indictments against
George W. Perkins, formerly Vice-Pres, of the N. Y. Life
Insurance Co. and Chas. S. Fairchild, formerly a trustee of
that institution, were dismissed by Justice Blanchard in the
Criminal Branch of the Supreme Court on the ground that,
under a decision by the Court of Appeals in the case of John
It. Hegeman, the accusations against these persons did not
constitute a crime. The Supreme Court of Appeals of Va.
upheld the constitutionality of the Va. local option or Ward
law of 1908 providing special qualifications for electors at
elections called to determine the question of licensed saloons,
etc. Incidentally, the decision had the effect of removing
doubt as to the legality of a number of bond issues authorized
at elections held under that law. Following the Court de­
cision noted under Jan. against the 2-cent passenger rate
the Va. State Corporation Commission made an order per­
mitting a 2%-ccnt maximum rate from Apr. 1. Govt, money
holdings were reduced from $327,538,428 to $319,182,525,
notwithstanding that Govt, deposits with the banks dropped
still further from $72,343,825 to $70,516,470. National
bank circulation, secured by bonds, showed another con­
spicuous increase, rising from $635,588,885 to $646,142,390.
Laws for the guaranty of bank deposits or containing a
guaranty feature were enacted in several Western States,
namely Kansas, Nebraska and South Dakota, the last named
being purely voluntary. On the other hand, in this or pre­
ceding or succeeding months bills for the guaranty of de­
posits failed to pass in Iowa, Georgia, Indiana, Missouri,
North Dakota, Colorado,Oregon and Washington. In Texas
the Legislature adjourned Mch. 31 but two hours afterward
re-convened upon the call of the Governor, one of the objects
of the call being to provide a guaranty deposit law. The
special session also having adjourned Apr. 11 without having
enacted the guaranty law, another extra session was called
for the next day. Bill finally passed May 11 1909. Okla­
homa passed an amendment to its guaranty law. The Equit­
able Trust Co. of this city absorbed the Bowling Green Trust
Co. The Mutual Life Insurance Co. disposed of a portion of
its shareholdings in the U. S. Mortgage & Trust Co. to
Cornelius C. Cuyler (who thereupon was elected President)
and some interests associated with him; Mr. Cuyler died the
following July. The Mutual Life Ins. Co. also settled the
suits brought in 1906 against its former President and other
officers and agents, for the recovery of moneys alleged to have
been improperly obtained or expended by them, by accepting
$815,000 in settlement. New York City placed $10,000,000
50-year 4s at an average of 101.57, making the interest basis
3.93. This compared with 102.385 or a basis of 3.89% at
the $12,000,000 sale the previous Nov. A general strike of
the telegraphers of the Post Office Department was declared
at Paris on the evening of Mch. 15 in which the telephone
operators and mail clerks joined, crippling the postal, tele­
graphic and telephonic services throughout France. Later,
the letter carriers also joined, and subsequently 5,000 re­
pairers, line men and mechanics decided to go out, the strike
thus embracing all the workmen employed by the Post Office
administration. For a time France was practically cut off
from the rest of the world. The Govt, put military tele­
graphers at work. After more or less parleying with the
Govt., the strikers returned to work Mch. 23. Libel suits
were found by the Federal Grand Jury in this city against
the Press Publishing Co., publishers|of the New York “ World,”
and against the managing editor, charging criminal libel in
the publication of stories reflecting on the manner in which
the Panama Canal property had been acquired by the U. S.
Govt. Previously a similar libel suit had been instituted by
the Govt, against Mr. Delavan Smith and Charles It. Williams,
owners of the “ Indianapolis News.” . In ourgremarks for
Oct. we note the failure of the attempt to have these men
removed to Washington for trial. The Ship Subsidy bill was
defeated in the House of Representatives by 175 votes to 172.
Congress passed the Currier copyright bill embodying im­
portant changes in the copyright laws.
Railroad Events and Stock Exchange Matters.— Great ac­
tivity at rising prices developed on the Stock Exchange the
last few days of Mch. and there was a sharp recovery all
around after the previous month’s great break in values.
The first three weeks, however, the market was dull, narrow
and irregular. Some stocks were strong and higher even
during this period, such as Atchison, Reading, Ches. & Ohio,
Un. Pac., St. P., Chic. & Alt., N. Y . Cent, and Wis. Cent.
The latter advanced on the announcement that the “ Soo”
road had agreed to issue its leased line stock certificates in ex­
change for the Wis. Cent. pref. shares. The traction shares
and Erie were depressed, but in the buoyancy and activity at
the close of the month practically the whole list participated.
Mil. & St. P. com. sold up from 141 Mch. 10 to 148% Mch. 31;
Gt. Nor. from 138% to 145%; Nor. Pac. from 135% to 143%;
N. Y. Cent, from 122% to 131%; Penn, from 128% to 134%;
Reading com. from 121 % to 136%; So. Pac. com. from 116%
to 123%; Un. Pac. com. from 173% to 185%; Amal. Cop.
from 66% to 75% and U. S. Steel com. from 42% to 49%,
the highest prices, as a rule, being reached at the close of the
month. Consol. Gas of New York advanced from 126%
Mch. 1 to 140 Mch. 31 on two auspicious occurrences: on Mch.
5 the Appellate Div. of the N. Y. Supreme Court, First Div.,
affirmed the lower Court dismissing the suit brought by
former Att.-Gen. Jackson to oust the company from the use




[VOL. XC.

of the city’s streets on the ground that the company’s fran­
chises had expired, the Court holding that the matter was
one concerning the city alone; furthermore, Ex-Secretary of the
U. S. Treasury, George B. Cortelyou, was elected President
of the company. Consol. Coal Co. of Maryland declared a
stock div. of 60%. Railway Steel Spring omitted the s. a.
div. on com. N. Y. & Har. R R. decided to omit the s. a.
div. of 2% usually paid in Apr. out of the rental due from the
Met. St. lty. J. P. Morgan & Co. at the head of a banking
syndicate offered at 79 $21,333,000 of dev. and gen. mtge.
4s of the So. Ry. “ Soo” road offered shareholders at par
$2,016,000 new pref. and $4,032,000 new com. $9,601,000
of gen. mtge. 5s of the Dul. Missabe & Nor. R y. bonds was
offered for sale. Jones & Laughlin Steel Co. placed $15,000,­
000 30-year 5% bonds. J. P. Morgan & Co. and associate
bankers sold $16,500,000 1st mtge. and col. tr. 5s of Pac.
Tel. & Tel. Co. at 95%.
The Money Market.— Pronounced ease continued in money,
notwithstanding the large gold outflow. Early in the month
it was reported that commercial paper of exceptional grade
maturing in 6 mos. had been discounted at 2 % % . French
and German bankers were said to be buying such paper for
investment. Collateral loans running for a like period were
at the time quoted at 2 % @ 3 , with some choice contracts
taken at 2 % % . Regular rates for paper at the close were
3 % @ 3 % for 60 to 90 days for choice double names and 3 % @
4 for 4 to 6 mos. prime single names; and 4 @ 4 % for good
single names. Call loans on the Stock Exchange for the
month ranged at 1 % @ 2 % and time money at the close was
2% for 60 days, 2 % @ 2 % for 90 days, 2 % @ 3 for 4 mos., 3
for 5 to 6 mos. and 3% @ 3 % for over the year. Money
holdings of Clearing-House banks declined from $353,896,600
Feb. 27 to $352,461,900 Mch. 13 but were $354,093,300 Mch.
27. Surplus reserves fell to $12,392,925 Mch. 6, rose to $19,­
433,375 Mch. 20 and were $16,503,175 Mch. 27. Money
holdings of the trust companies and State banks not in the
Clearing House steadily diminished and were $147,548,900
Mch. 27 against $154,583,300 Feb. 27. Clearing House loans
fell from $1,311,950,400 Feb. 27 to $1,292,027,600 Mch. 20
and were $1,302,299,600 Mch. 27; deposits decreased from
$1,362,203,000 to $1,341,551,300 Mch. 20 and were $1,350,­
120,500 Mch. 27.
Foreign Exchange, Silver, Etc.— Exchange was exception­
ally strong until towards the close of March, resulting in the
large gold exports referred to above. One influence was a
demand to remit for sales of securities on London account
and to cover a speculatively created short interest, while
higher discounts abroad than money in New York contributed
to transfers of capital to Europe. Decided weakness came
at the close and followed from the decline in discounts in
London, checking the transfers of bankers’ balances for em­
ployment abroad; also from moderate purchases of American
securities by European bankers, investments by London in
commercial paper and the drawing of finance bills. With this
decline in exchange further gold exports to London became
out of the question. Rates were at their highest on Mch. 19,
when 60-day bills touched 4 8630@4 8640, sight 4 8825 @
4 8835 and cable transfers 4 8865 @ 4 8875. The close was
at 4 86@ 4 8615, 4 8745@4 8755 and 4 8775@4 8780. Open
market discounts at London at the close were only 1 % @ 1 % ,
at Paris 1% (after having been 1%) and at Berlin and Frank­
fort 2% @ 2 % after having been 3. Silver in London fluct­
uated between 23 l-16d.and 23%d.,with the close 23 3-16d.
APRIL.— Current Events.— A political upheaval in Turkey,
with the deposition of the Sultan (as noted further below) was
perhaps the chief event in the world’s affairs during April. In
the U. S. there was measurable improvement in affairs, not­
withstanding tariff legislation proceeded in a very leisurely
fashion. The Payne Tariff Bill was passed April 9 in the
House and then went to the Senate. In the latter, Senator
Aldrich on April 12 introduced an entirely new bill, omitting
the inheritance tax provision and differing radically in other
particulars from the Payne Bill. Improvement in the iron
and steel industry was very noticeable. Early in the month
the American Steel & Wire Co., a Steel Corp. subsidiary, an­
nounced a reduction of 10c. per 100 lbs., or $2 a ton, in all
classes of steel wire products, but, as the independent con­
cerns had been making severe cuts in prices for some time pre­
viously, this step was looked upon as merely a recognition of
the actual situation. Soon, however, there came develop­
ments of the opposite nature. The report of the Steel Corp.
for the March quarter, issued April 27, showed that in face of
the drastic cut in steel prices made in February the Steel
Corp. had earned its divs. in full on both common and pre­
ferred shares. Furthermore, on April 27 also there came an­
nouncement from Pittsburgh that the Carnegie Steel Co., an­
other Steel Corp. subsidiary, had raised its prices for steel bars
and for steel plates and shapes $1 a ton. Prior to the open
cut in February, the nominal quotation for bars at Pittsburgh
had been 1.40c. per lb. The cut was to 1.20c., and subse­
quently bars sold at 1.10c., and even lower. The new quota­
tion of the Carnegie Co. for bars was 1.15c. Plates and
shapes had been reduced in February from the nominal quo­
tation of 1.60c. to 1.30c. and the price subsequently dropped
to 1.20c. or less. The Carnegie Co.’s new quotation was
1.25c. The Jones & Laughlin Co., an independent concern,
immediately followed the action of the Carnegie Co. Another
favorable development was the settlement of the differences
between the miners and the operators in the anthracite coal
fields and the renewal for another term of three years (or until

Jan . 11910. |

THE CHRONICLE

March 31 1912) of the old wage agreement. The copper trade
still kept lagging behind and the statement of the Copper Pro­
ducers’ Assn., issued April 12, showed a further addition to
stocks. Speculation in grain made further headway and
wheat in Chicago jumped up in a way that was suggestive of
an attempt to corner the May option. The ruling spirit in the
movement was James A. Patten, of Bartlett, Patten & Co.,
Chicago. May wheat at Chicago April 15 got up to $1.29)4;
then it began to weaken, and when it became evident that
large lines of wheat had been liquidated and that the bull
leader had retired for the time being to a ranch in Colorado,
prices collapsed. By April 24 the May option had dropped to
$1.18; by April 30 it was up again to $1.24)4- Cash wheat in
N. Y. rose to $1.42 for No. 2 red winter. The resulting ad­
vance in flour increased the cost of bread and bakers sought to
protect themselves either by reducing the size of the loaf or by
charging more for it. Thereupon complaint came from the
poorer classes as to the cost of bread. Other grain prices also
advanced, May corn at Chicago moving up from 65% April 10
to 72% April 28, with the close April 30 70 % c. Rumor had it
that some of those who had been engaged on the bull side in
wheat were now turning their attention to cotton. Middling
uplands in N. Y . April 30 were 10.90c., against 9.85c.
March 31. The political upheaval in Turkey had its origin in
a revolt on the part of the soldiers in the army corps stationed
at Constantinople against the constitutional form of govern­
ment. These soldiers on April 13 rose against their officers,
murdered many of them, and demanded of the Sultan the dis­
missal of the Ministry, one of the members of which was also
murdered. The Sultan, Abdul Hamid II, yielded only too
gladly, and in fact was believed to have instigated the whole
affair. For a day or two these officerlcss soldiers were in com­
plete control and did as they liked. Then it appeared that
the Young Turk Party, which had compelled the Sultan the
previous year as a result of a peaceful revolution to grant the
Constitution and a Parliament, were organizing and coming to
the rescue. The third army corps, stationed at Salonica,
which had remained faithful to the Constitution, began march­
ing on Constantinople. On the morning of April 24 the army
entered the capital. The Sultan was again willing to concede
everything, but his promises now were of no avail, and on
April 27 he was formally deposed, and his brother,Mohammed
ReschadEffendi, puton the throne. The latter tookthetitle
of Mehmed V. Large numbers of those who had participated in
the revolt were executed. In connection with these happen­
ings there was an outbreak of Moslem fanaticism in Turkey in
Asia during which an awful slaughter of Armenians and Chris­
tians occurred. The upheaval in Turkey, however, did not
exercise any great influence on foreign affairs and no serious
disquietude was reflected on the European bourses. The
Bank of England rate of discount was reduced April 1 from 3
to 2*6%. Exports of gold from the U. S. continued. The
metal went chiefly to South America, but on Saturday, April
24, $2,000,000 was shipped to Paris, and coincidentally it was
reported that the Bank of France had bought $3,000,000
South African gold in the London market. Covt. deposits in
the banks increased slightly— from $70,516,470 to $71,159,294— but Treasury money holdings were reduced from $319,­
182,525 to $316,609,326. National bank notes, secured by
bonds, increased further from $646,142,390 to $653,164,570.
The N. Y. Legislature adjourned April 30 after Gov. Hughes’s
direct primary bill had been defeated by an overwhelming
majority and after having again failed to place telephone and
telegraph companies under the jurisdiction of the Public Ser­
vice Comm, as requested by the Governor. Among the laws en­
acted by the N. Y. Legislature was one extending from April
1909 to April 1911 the date in which trust companies must
dispose of stock held in other moneyed corporations in excess
of 10% of the total stock in the case of any one of such cor­
porations. David Lloyd-George, the Chancellor of the Ex­
chequer, submitted his budget to the British Parliament,
showing a deficit of $78,810,000 for the fiscal year 1909-10,
due to the large appropriations for the navy and the old-age
pensions. To meet the deficit Mr. Lloyd-George arranged a
scheme of taxation which was widely criticised as socialistic
legislation and an attack on wealth. Later in the year a po­
litical crisis resulted from the same. The U. S. Supreme
Court on April 5 affirmed the decision of the Federal Court for
the Western District of Kentucky in the suit brought by the
L. & N. and other roads in 1906, holding invalid a general
order issued by the Kentucky RR. Comm, assuming to fix
rates on all roads and to and from all points in the State.
Justice Peckham said that the statute (the so-called McChord
law) did not grant such extensive powers as assumed and
that the Comm, has no authority to fix rates in general but
only after investigation and to amend a rate found extortion­
ate. The U. S. Circuit Court at New Orleans on April 6 dis­
solved the injunction granted by Judge Jones restraining the
Alabama R R. Comm, from putting into effect the 2% c. pas­
senger rate and reduced freight rates under the Alabama law
of i907. The Court held that application must first be made
to the State courts before redress is asked from the Federal
Court. The U. S. Supreme Court on April 26 affirmed the
decision of the Federal Court in this city dismissing the suit
brought by the Am. Banana Co. against the United Fruit Co.
under the Sherman anti-trust law for alleged wrongful inter­
ference with the business of the company at its plantation in
Panama. The Court held that the Sherman law docs not ex­
tend to acts committed outside the territory of the U. S. or
byjthe officers of another Govt. The Phila. It. T. Co. got a
decision in itsjfavor from the Supreme Court of Penn, in the



13

case involving its right to discontinue the issue of free trans­
fers except on the payment of a cash fare of 5c. and also the
right to discontinue to sell six tickets for 25c. The American
Sugar Refin. Co. made a settlement with the U. S. Govt, of all
claims arising out of the charge of underweighing importations
of sugar for a long term of years, paying $2,269,898. Crimin­
al proceedings were brought against the employees alleged to
have been guilty of the fraudulent practices. Thomas F.
Ryan, P. A. B. Widener, Thomas Dolan and the estates of
William C. Whitney and William L. Elkins paid to the Metro­
politan Secui’ities Co. $692,293, being the full sum received by
them out of the purchase money ($965,607) paid by the Se­
curities Co. to Anthony N. Brady for the bonds and stock of
the Wall & Cortlandt St. Ferries Ry. (a paper road). The
Penn. R R. and its subsidiary organizations re-purchased the
$15,000,000 to $16,000,000 Norf. & West, stock sold to Kuhn,
Loeb & Co. in Sept. 1906. Cipriano Castro, the former Presi­
dent of Venezuela, landed at the French island of Martinique
in the West Indies but was expelled by the French Govt, on
the ground that his presence was likely to foment a revolution
in Venezuela. There seemed to be a sort of concert of agree­
ment on the part of the other leading governments not to let
him debark on any of their territorial possessions and he was
obliged to return to Europe.
Railroad Events and Stock Exchange Matters.— The upward
movement of prices was carried still further and new high rec­
ords for the year were established on many stocks, though it
was noticeable that some of the standard shares lagged behind.
The anthracite coal properties were especially noteworthy in
the rise. An increasing volume of business in the bond mar­
ket was one of the conspicuous features. Railroad earnings
recorded large gains over the very small totals of the previous *
year, and the good quarterly statement of the Steel Corp., the
better prices for steel and the settlement of the anthracite coal
controversy were other favoring influences. Cent, of N. J.
rose from 235 April 7 to 282 April 20; Lackawanna from
549% April 1 to 680 April 22, and Reading com. from 134%
April 3 to 148% April 20. The industrial shares were also
distinguished for their advancing tendency, and Steel com.
rose from 48% April 3 to 55 April 29. Some of the standard
railroad shares did not fluctuate widely and in one of the
downward reactions, which occurred on two or three occa­
sions, a few of these touched the lowest figures for the month.
Thus Milw. & St. P. com., opening at 149% April 1, advanced
to 151% April 6, fell to 146% April 17 and closed April 30 at
149%. The Circuit Court of Franklin Co., O., in the suit
brought by the State Attorney-General under the Valentine
anti-trust law of Ohio, held illegal the control by the Hocking
Vail, of the Kan. & Mich., the Tol. & O. Cent., the Zanesv. &
West, and the allied coal properties. The Virginian Ry., ex­
tending from Sewell’s Pt., Norfolk, to Deepwater, W. Va., on
the Kanawha River, 442 miles, was formally opened April 2,
and the last rail was laid April 1 on the Pacific Coast extension
of the Mihv. & St. P. The N. Y . Public Service Comm, mod­
ified somewhat its order regarding the issue of $30,000,000
coll. tr. bds. by the Erie RR. The syndicate which the previ­
ous Dec. had taken $30,000,000 gen. lien 5% bds. of the St.
L. & San Fran. R R ., bought $18,000,000 additional bonds of
the issue. The syndicate headed by J. P. Morgan & Co.,
in addition to the $21,333,000 dev. and gen. mtge. 4s of
the Southern Ry. previously purchased, bought $20,000,000
more of the same issue held as part collateral for the 6% notes
due May 1 1911, and arranged with the trustee to call the out­
standing notes. J. P. Morgan & Co. and associates offered
$10,000,000 20-yr. 4% deb. bds. of the Mich. Cent. The un­
sold portion of 810,000,000 1st mtge. 5s of the Car. Clinchf. &
Ohio Ry. were also offered for sale.
The Money Market.— A slight firmness in money was per­
ceptible at one time during April. The fractional rise
brought the trust companies into the market and under their
competition rates again fell back the last week. The range
on call at the Stock Exch. during the month was 1 @ 2 % , with
the rate April 30 1 % @ 2 . On time the quotation April 30
was 2% @ 2 % for 60 days; 2% @ 2 % for 90 days; 2% for 4 to
5 mos.; 2 % @ 3 for 6 mos., and 3 % @ 3 % for over the year.
Paper was 3 % @ 3 % for choice double names and 3 % @ 4 for
prime and 4 @ 4 % for good single names. Money holdings of
the Clearing-House banks increased from $354,093,300 March
27 to $355,774,700 May 1 (after having dropped to $348,854,­
800 April 3); but owing to the expansion in deposits, surplus
reserves went down to $7,859,475 May 1, against $16,563,17f
March 27. Deposits rose from $1,350,120,500 March 27 to
$1,391,660,900 May 1. Loans increased from $1,302,299,600
to $1,343,247,300.' Loans of the trust companies and State
banks outside of the Clearing-House increased from $1,075,­
972,300 March 27 to $1,115,593,600. The money holdings of
these institutions May 1 were $146,080,300, against $147,­
548,900 March 27.
Foreign Exchange, Silver, cfec.— Foreign exchange was ir­
regular during April. The reduction in the Bank of Eng­
land rate from 3 to 2 % % and buying of American securities
for foreign account and offerings of finance bills caused a fall
in exchange April 1. The following day the tone became
firmer and for a while exchange displayed a rising tendency.
The speculation in commodities checked merchandise exports
and a demand arose to remit for stocks sold on foreign account
so as to realize the profits from the advance on the Stock Ex­
change. Later the market again declined, owing to continued
buying of American securities for foreign account, further
offerings of finance bills and a very light demand for remit­
tance due to the fact that some dealers expected a sharp fall in

14

THE CHRONICLE

exchange with the collapsejof the corner in wheat. At the
very close there was another slight upward turn. Exports of
gold continued, being $6,209,450 from New York. Except
for 60 days, the high figures were reached April 6, when sight
bills were 4 8780 @ 4 8785 and cable transfers 4 88 @ 4 8805;
60-day bills were at their highest April 16 and April 22 at
4 8640@4 8650. The low point was April 27, when 60-day
bills were 4 86@ 4 8610, sight 4 8725@4 8730 and cable
transfers 4 8745 @ 4 8750. On April 30 the rates were
4 8615@4 8625, 4 8740@4 8750 and 4 8700@4 8770, respec­
tively. Open market discounts April 30 were l 5-16 at Lon­
don, 1% at Paris and 1% at Berlin and Frankfort. Silver
sharply advanced and closed April 30 at 24 7-16d.
MAY.— Current Events.— On May 3 the U. S. Supreme
Court delivered the long-looked-for decision on the so-called
Commodities Clause of the Hepburn Rate Law. The Court
upheld the provision but construed the language in such a
way as to relieve it of its objectionable features. The clause
had the previous September been declared invalid by the U.S.
Circuit Court for the Eastern District of Penn, by the majority
opinion of Judges George Gray and George M. Dallas. But
the U. S. Supreme Court, speaking by Justice White, said
that the law rightly construed did not embody any such vast
and extensive prohibitions as urged by the Govt. It was the
view of Justice White, and of all his colleagues, that, properly
construed, the law prohibits only the transportation by rail­
road companies of commodities owned at the time of trans­
portation— that it does not prohibit them from transporting
commodities manufactured, mined or produced by them
previous to such transportation, but which are not owned by
• them at the time of transportation. The Court also held
(Justice Harlan alone dissenting) that the provision does not
apply to the transportation of commodities owned by other
corporations in which the transporting railway company may
have a stock interest. This latter was really the most imortant point in the controversy, since ownership of the mines
y the roads is usually held through ownership of the major
portion or the whole stock in companies separately organized
to hold the mines. The decision was hence regarded as
decidedly assuring. On the Stock Exchange the effect was
to cause some noteworthy spurts upward in the prices of the
anthracite shares and to give renewed impetus to the general
speculation for higher prices. A decided improvement
occurred in the iron and steel industry. Many mills and
urnaces reported plants engaged to about 80 to 90 per cent of
their capacity. A very general appreciation in prices of iron
and steel products took place. Producers also began to con­
sider the possibility of restoring wages; by July 1 practically
all the plants and furnaces which had cut wages April 1 had
announced a restoration of the old scales. In the copper
trade, on an increasing demand, lakecopperadvanced to 13%
cts. and electrolytic copper to 13%cts., notwithstanding the
return of the Copper Producers’ Association showed a further
small addition to the previous large accumulations of the
metal. Henry H. Rogers, one of the Standard Oil magnates,
who had been very prominently identified with the Amal­
gamated Copper Co., died May 19, but his death was without
influence either in the copper market or on the Stock Ex­
change. Mr. Rogers had also been a member of the board of
directors of the Steel Corporation; the vacancy here was
filled by the election of Mr. J. P. Morgan Jr., increasing the
predominance of the Morgan interests in that powerful cor­
poration. In the railroad world, also, there were encourag­
ing developments. The Erie announced that it had disposed
of the remaining $4,500,000 of the $15,000,000 6% coll, gold
notes authorized in April 1908 and that it would not be
necessary after July 1 1909 to continue funding coupons. In
the grain markets still higher prices were established. The
Govt, report on winter wheat issued May 7 was much less
favorable than had been expected. It gave the area remain­
ing under winter wheat May 1 as only 27,871,000 acres,
against 30,034,000 acres sown the previous fall, and comparing
with 30,349,000 acres harvested in 1908. Condition was put
at 83.5, as against 82.2 on April 1. The return of James A.
Patten after his sojourn on his ranch in Colorado served
further to intensify the speculation. The May option at
Chicago sold up to $1.35)4; in N. Y. it touched $1.41. The
July option at Chicago advanced from $1.11)4 May 1 to
$1.19)4 May 25 with the close May 29 $1.17)4. The May
option for corn at Chicago advanced from 70)4 cts. to 75%cts.
with the close May 29 74)4 cts. May oats at Chicago rose
from 56 to 63 cts. with the close 58)4 cts. In cotton there
was likewise a further upward movement and on May 20
middling uplands in N. Y . sold at 11.80 cts, against 10.85 cts.
May 1 and 10.90 cts. April 30; the close May 28 was at 11.40
cts. The rise had a stiffening effect on prices of cotton goods,
but the American Printing Co. made a cut of % ct. a yard to
4)4 cts. in printed wash fabrics. Print cloths at Fall River
were 3)4 cts. bid at the close, as against the previous nominal
price of 3 7-16 cts. Govt, revenues improved, but neverthe less fell 5)4 millions below the disbursements. Govern­
ment money holdings decreased from $316,609,326 to $304,­
468,062; while deposits in the banks increased from $71,­
159,294 to $72,946,080. Bank circulation secured by bonds
rose from $653,164,570 to $656,268,268. There was a re­
newed strike of the Postal and Telegraph employees at Paris,
due to the fact that the French Government would not tolerate
the formation of a trades union among such employees, but
the strike, while interrupting telegraph communciation with
London and Continental cities and also disarranging the postal



[VOL. XC’ .

and transportation service, seemed doomed to failure from the
stai’t, and after a vote of confidence in the Govt, was passed
by the Chamber of Deputies by the decisive vote of 365 to 159
on May 13, it completely fizzled out. German and Prussian
loans for $200,000,000 were brought out in Germany on May 3
and were very successful. One of the events of the month
was tlie delivery of a signed declaration to the English Prime
Minister on May 14 voicing the protest of financial London
against the Government’s new scheme of taxation. Among the
signatories were the heads of some of the world’s greatest
banking houses, including the house of Rothschild, the house
of Baring, the Morgans, the Ilambros, Sir Felix Schuster,
Lord Goshen, Lord Avebury, &c. Adbul Hamid, the
deposed ruler of Turkey, was forced to consent to the release
of money which he had held on deposit in foreign banks at
European centers and in New York, estimated at about
$15,000,000. In addition, he surrendered about $7,500,000
which he had secreted in the Yildiz Palace. The latter part
of June it was reported he had paid over $5,000,000 more.
A local matter in railroad circles without influence elsewhere
was a strike on the Georgia R Il. which began May 17 and
lasted for 13 days. It was caused by the discharge of ten
white firemen and an attempt to put negro firemen in their
places. This was resented not only by the men themselves
but apparently by the whole population along the line, so
that it became unsafe to run trains manned by colored fire­
men. On May 29 a settlement was reached, the men being
allowed to return to work under the conditions existing before
the trouble began. The Court of Appeals at Albany affirmed
the judgment of the lower courts in dismissing the com­
plaint against the Am. Tobacco Co. and the Metropolitan To­
bacco Co. and others. It was alleged in the complaint that
the Am. Tobacco Co. owned and controlled “ so large a share
of the staple articles and kinds of tobacco marketed in the
country that no general dealer or jobber could successfully
do business without handling the merchandise owned and
controlled by the Am. Tobacco Co.,” and that the latter had
appointed the Met. Tobacco Co. its exclusive selling agent
in New York, and it had refused to sell any of its goods to the
plaintiff, whereby his business was destroyed. Chief Judge
Cullen, who wrote the opinion, said that the owner of prop­
erty may sell to whom he chooses and may also control his
agent, and that a refusal to sell to any particular individual
becomes illegal only when it is done in pursuance of a com­
bination with other owners to injure the individual with
whom they refuse to deal. The extent of the business, he
said, could not affect the rights of the parties. In the U. S.
Circuit Court in this city Judge Hough, in a suit brought by
the Government, entered an order adjudging the Fibre &
Manila Association, organized under the Parks pooling plan,
to be an unlawful combination in restraint of trade. Gov.
Hughes vetoed the bill proposing a State pension for Civil
War veterans and the issue of $2,000,000 of bonds for the
purpose, but he approved the bill providing for the submis­
sion to the voters of a proposition to issue $7,000,000 bonds
for the purpose of improving the Cayuga & Seneca canals;
this proposition was the following Nov. endorsed by the voters
lie also signed the Travis-Robinson bill, changing the Rapid
Transit law so as to make it possible to construct additional
subways either by private capital or by the city, and pro­
viding also that in the latter case the whole, or any part, of
the cost of construction may be assessed upon the property
benefited. The N. Y. Stock Exchange house of Tracy & Co.
was placed in the hands of a receiver on May 17. The Central
Trust Co. of this city declared a special dividend of 200% and
arranged to increase its capital from $1,000,000 to $3,000,000.
The Governing Committee of the N. Y. Stock Exchange
adopted a resolution compelling members of the Exchange
to sever completely all business relations with members of
the Consolidated Exchange.
Railroad Events and Stock Exchange Matters.— Further
buoyancy developed on the Stock Exchange, though some
of the standard railroad properties showed a tendency to
react. The U. S. Supreme Court decision on the Commodi­
ties Clause came early in the month (May 3), and exercised
a potent influence on values throughout the month. In
some of the anthracite properties the advances were almost
phenomenal. Amalg. Copper and the copper properties
were strong on the rise in the price of the metal, and the in­
dustrial shares generally climbed upward on the expanding
activity in trade. The last half of the month dealings were
of small volume and some recessions in prices occurred, but
the striking spurt in the price of the Steel shares gave a re­
newed fillip to the whole market, and the tone at the close
was buoyant again. Del. & Hudson jumped from 180)4
May 3 to 200 May 14 and closed at 192)4# May 28; Cent, of
N. J. moved up from 278 May 3 to 298)4 May 12 and closed
at 290 May 28; Reading com. was 143)4 May 3, 159)4 May 20
and 155)4 May 28; Sou. Pac. com. 118% May 3, 124)4 May
20 and 123)4 May 28. Amalg. Cop. rose from 70% May 3 to
85% May 28 and closed at 85%, while Steel com. jumped
from 54% May 3 to 64)4 May 28. Fed. Min. & Smelt, com.
shot up from 70 May l to 95% May 12 and closed at 88 May
28.
d ies. & Ohio declared a quar. div. of 1%, placing the
stock on a 4% basis, as against the previous 1% a year.
Atlantic Coast Line RIl. restored its s. a. div. from 2% to
3% . United Metals Selling Co. declared an extra div. of
50%. Cal. & Hecla increased its quar. payment from $5
per share (20%) to $6 per share (24% ). Armour & Co.,
I Chicago, sold $30,000,000 real estate 1st mtg. 4 % % 30-yr.
bonds. J. P. Morgan & Co. brought out an issue of $10,-

J a n . 1 1910.

THE CHRONICLE

000,000 7% prof, stock of a new dry-goods consolidation,
namely the United Dry Goods Companies.
The Money Market,—Still greater case occurred, notwith­
standing the large gold shipments. Several of the trust com­
panies offered loans running into August at 2% per annum.
Actual money holdings of the Clearing-House banks increased
from $355,774,700 May 1 to $375,536,800 May 29 and sur­
plus reserves rose from $7,859,475 to $25,426,925. Deposits
increased from $1,391,660,900 to $1,400,439,500, but loans
were reduced from $1,343,247,300 to $1,332,573,800. ( Loans
of the trust companies and State banks not in the Clearing
House, however, increased from $1,115,593,600 to $1,129,­
626,700. Call loans at the Stock Exchange on the closing
day were 1 % @ 2 % . Time loans then were 2 @ 2 % for 60
and 2 J4@ 2 % for 90 days, 2 % @ 2 % for four, 2 % @ 3 for five,
3 @ 3 % for six, 3 % @ 3 % for seven to eight and 3 % @ 4 for
nine months. Commercial paper was 3 @ 3 )4 for double
names and 3% @ 4 for choice single names and 4% as the
minimum for good single names.
.
Foreign Exchange, Silver, & c — Exchange ruled high and
gold exports continued in large volume until the last week.
The controlling influences were the diminished shipments of
leading commodities, in particular grain and cotton, owing to
the high prices prevailing for such commodities; the large
merchandise imports, caused in part by expectations of
tariff changes; and selling of American securities by London
to realize the profits resulting from the advance in prices on
the Stock Exchange. Gold coin was taken for shipment in
large amounts in the absence of an adequate supply of gold
bars. Gold engagements aggregated $11,094,572, ot which
amount about $4,500,000 went to Paris, $2,000,000 to Hol­
land and $4,590,000 to South America. The last week,
as already stated, gold exports ceased. Bankers were then
inclined to await the outcome of the $30,000,000 bond flota­
tion of Armour & Co. and the placing of the $40,000,000 New
York City bond issue announced for early in June, on the
idea that portions of these loans would go abroad, thus cre­
ating a supply of bills. All classes of bankers’ bills were at
their highest May 28, the last business day of the month,
60-day bills being 4 8640@4 8650, sight 4 8780@4 8785 and
cable transfers 4 8805@4 8810. Open market discounts May
28 were 1% at London, 1% at Paris and 2% at Berlin and
Frankfort. The rise in silver at London was pretty well
maintained; the quotation May 28 was 24 5-10d.
JUNE.—Current Events.— An amendment to the Tariff
Bill in tiie Senate proved decidedly unsettling. President
Taft on Wednesday, June 16, sent a special message to Con­
gress urging a tax on corporation incomes. He pointed out
the Constitutional objections in the way of levying a general
income tax in view of the decision of the U. S. Supreme Court
in 1895, holding the Income Tax Law of 1894 invalid; and he
accordingly suggested the submission to the States for adop­
tion of a Constitutional Amendment giving Congress express
authority to levy a general income tax free from any of the
limitations now existing. In the meantime he proposed a 2%
tax upon the net income of corporations of all kinds. Mr.
Taft said the U. S. Supreme Court decision in Spreckels Sugar
Refin. Co. vs. McClain appeared clearly to establish the prin­
ciple that such a tax would be an excise tax upon privilege
and not a direct tax on property, and hence would be within
the Federal power without apportionment according to popu­
lation. The President also indicated that revenue was not
the only purpose he had in mind, for he said : “ Another merit
of this tax is the Federal supervision which must be exercised
in order to make the law effective over the annual accounts
and business transactions of all corporations.” After repeat­
ed conferences at the White House, Sen. Aldrich, as Chairman
of the Finance Comm., on Friday evening, June 25, reported
to the Senate theCorporationTaxamendmentsuggested. The
measure was adopted in Committee of the Whole early the
next month (July 2) by a vote of 45 to 31, as a substitute for
the Bailey-Cummins general income tax levy.
In the final
vote on the same day, in Committee of the Whole, on the
question of inserting this Corporation Tax amendment in the
Tariff Bill, the vote was 60 to 11. The resolution to submit
to the State legislatures a Constitutional Amendment permit­
ting Congress to levy a general income tax, on everybody with­
out restriction, was also introduced, and on July 5 received
the unanimous vote of the whole 77 Senators present; it passed
the House of Representatives on July 12 by 318 to 14. In the
stock market the first effect of the President’s Message was to
precipitate a severe break in prices. There were also some
minor unsettling influences. An attempt to list a block of
shares of the U. S. Steel Corp. (or, rather, certificates repre­
senting these shares) upon the Paris Bourse met with a hitch
and eventually came to naught (see V. 89, p. 1600). The cop­
per trade also again took an unfavorable turn. The monthly
statement issued June 10th showed that during May, for the
first time in 1909, there had been a decrease in the accumula­
tions of copper, but this followed in great part because of the
large exports of the metal, and the result of the latter was to
add still further to the huge total of the foreign stocks. Ac­
cordingly, Lake copper after touching 13% c. got down to
13% @ 13% c. at the close, and electrolytic dropped from
13%c. to 12.90@13.10c. In the iron and steel trade great
activity was maintained. Crop developments generally were
favorable. The Agricultural Dept, made winter wheat con­
dition June 1 only 80.7, as against 83.5 May 1, but spring
wheat was given 95.2 with the increased acreage nearly 7% .
Wheat prices continued high, the July option at N. Y. selling




15

at $1.27 June 7 and in Chicago at $1.20%, with the close
June 30 $1.26% and $1.16. Cash wheat seemed scarce and
the unusual circumstance of shipments of wheat from N . Y.
to the West and Southwest was reported. No. 2 red winter
cash wheat sold here at $1.50 a bush. July oats at Chicago
dropped from 54% c. June 1 to 48% c. June 30. In cotton
middling uplands here were quoted at 11.20c. June 11; the
close June 30, however, was at 12c. Print cloths at Fall
River were 3% c. bid until June 8, when the bid was raised to
3 7-16c. The opening of men’s wear lines of woolen goods for
the spring of 1910 showed the highest prices in a decade. On
the goods displayed by the Amer. Woolen Co. the average was
about 25% above 1908. The advance reflected the rise in
wool and worsted yarns during the twelve months. The N.
Y. N. H. & H. decided with July 1 to restore salaries of offi­
cers and employees which had been cut 10% and 5% . Boston
& Maine had on May 1 restored the pay of officers, &c., re­
duced 10% or more on Feb 14 1908. In Mass, a law was
passed permitting the incorporation of the Boston RR. Hold­
ing Co. and the acquisition by the N .Y .N .H .& H . of control of
the B.&M.
On June 24 Attorney-General Wickersham at
Washington announced the discontinuance by the U. S.
Govt, of the suit against the N . Y . N . H . & H . for alleged vio­
lation of the Sherman Anti-Trust Law in having acquired con­
trol of the B. & M. and of numerous trolley lines. Mr. Wick­
ersham said he took this step inasmuch as the community
most directly affected by the merger of the New Haven and
the B. & M. was the State of Mass, and the laws of that State
had been changed so as to authorize the consolidation. The
trolley holdings, he noted, had been held illegal by the Mass,
courts, and the New Haven Co. was divesting itself of control.
Govt, deposits in the banks slightly increased— from $72,946,­
080 to $74,698,615. On June 29 a call was issued for the sur­
render of $25,000,000 of such deposits— $9,000,000 by July 15
and $16,000,000 by Aug. 15. Govt, money holdings fell from
$304,468,062 to $300,341,525. National bank circulation,
secured by bonds, increased from $656,268,268 to $659,673,­
408. In Germany Chancellor von Buelow’s taxation and
financial schemes, which had already been greatly emascu­
lated through the elimination of the tax on newspaper adver­
tisements and posters, the modification of the tax on light as
well as some of the other taxes, met another blow in the rejec­
tion by the Reichstag of the proposal to extend the inheri­
tance taxes to direct heirs, including widows and children.
Prince von Buelow then announced that he would retain the
Chancellorship only long enough to dispose of the budget, and
the next month, after the budget as amended had passed, he
resigned and was succeeded by Dr. von Bethmann-Hollweg.
In London at a large mass-meeting of bankers, merchants and
financiers, under the chairmanship of Lord Rothschild, a reso­
lution was adopted declaring that the “ main proposals of the
Budget (the British budget) weaken security in all private
property, discourage enterprise and thrift and would prove
seriously injurious to the commerce and industry of the coun­
try.” In the suit of the Pennsylvania Sugar Refin. Co.
against the Amer. Sugar Refin. Co. to recover triple damages
for alleged violation of the Sherman Anti-Trust Law, before
Judge Holt in the U. S. Circuit Court in this city, a settlement
was reached involving the payment, it is understood, of $750,­
000 cash, the cancellation of the $1,250,000 loan made to
Adolph Segal and the return of the collateral given therefor.
The U. S. Govt., however, instituted criminal suits,and the
next month (July 1) a jury in the U. S. District Court, before
Judge Hand, returned an indictment containing 14 counts
against the Amer. Sugar Refin. Co. and eight of its officers,
including the President and Counsel, the offense charged be­
ing conspiracy in restraint of trade and commerce. In Mis­
sissippi District-Attorney Lamb at Jackson, Miss., on June 30
applied to the Chancery Court of Clay County for a perpetual
injunction restraining the Standard Oil Co. from operating in
tin; State of Mississippi and asking penalties, aggregating
$11,000,000, for alleged violation of the State Anti-Trust
Law. The Comptroller of the Currency established a credit
bureau in his office to guard against over-extension of loans of
the banks. N. Y. City placed $40,000,000 4% bonds (all but
$2,000,000 running for 50 years) but secured only a trifling
premium. Del. & Hud. Co., to comply strictly with the U.S.
Supreme Court decision in the case of the Commodities Clause
of the Hepburn Law, arranged to turn over to the Hudson
Coal Co., all of whose stock it owned, its entire present and
future output of coal. Del.Lack. & West, next month took a
similar course by organizing the Del. Lack. & West. Coal Co.
Gov. Hughes vetoed the bill which would have permitted
business corporations-in N. Y. to issue shares of capital stock
without any nominal or par value. The committee appoint­
ed the previous Dec. by Mr. Hughes to institute an investiga­
tion into the facts relating to speculation in securities and
commodities, made its report,and its-recommendations and
findings were, on the whole, conservative and moderate. Mr.
E. II. Harriman made formal transfer of the $5,000,000 stock
of the Cent, of Ga. Ry. to the 111. Cent. R R. A strike of the
trolley employees of the Pittsburgh Rys. Co. was inaugurated
Sunday, June 27, completely tying up traffic in Pittsburgh,
but was ended after having lasted only about 48 hours, prac­
tically all of the men’s demands being conceded. Ground
was broken by August Belmont June 22 for the construction
of the Cape Cod Canal, which is to extend from Sandwich in
Barnstable Bay, Mass., across Cape Cod to Buzzard’s Bay.
The Alaska-Yukon-Pacific Exposition at Seattle was opened
June 1. It closed at midnight the following Oct. 16. The
Queensborough or Blackwell’s Island bridge in this city, con­

16

THE CHRONICLE

necting Manhattan Borough with Queens Borough, was for­
mally opened with elaborate ceremonies beginning Saturday,
June 12, and extending through the following week.
Railroad Events and Stock Exchange Matters.— There was a
sharp downward reaction during June. The first few days
the previously prevailing buoyancy was carried to still greater
heights under the leadership of the Steel shares and the
Harriman stocks, which rose 4 to 8 points. Realizing then
occurred on the unsatisfactory state of the copper trade and
the hitch in the plan for listing the Steel shares in Paris. On
June 17 President Taft's message regarding the tax on corportion incomes appeared in the morning papers and precipitated
a violent break in which the more prominent issues dropped
4 to 6 points. By the close of the month considerable re­
covery had again ensued. Reading com., opening at 155%
June 1, sold up to 158% June 8, dropped to 147% June 22 and
closed June 30 at 155%; Un. Pac. com., opening at 189%,
rose to 195x June 10, then dropped to 187% June 21 and
closed at 193%; So. Pac. com. from 123% June 1 jumped to
135 June8 and,after touching 126% June21, closed at 132%.
N. Y . Cent, was 130% June 1, 135 June 4, 129%x June 22
and closed at 132%. Steel com. sold at 69% June 14, fell to
64 June 22 and closed at 68%. Amal Cop. was 85% June 1
88% June 5, 77% June 22 and 81% June 30. The So. Pac.
Co. called for redemption on July 15 the $74,756,765 of its 7%
pref. stock; practically all the stock elected to convert into
common. Atch. Top. & Santa Fe gave shareholders the right
to subscribe at 104 for new conv. 4% bonds to 12% of their
holdings, calling for $28,258,000 debentures. Kan. City So.
sold $10,000,000 of ref. & impt. bonds. Bankers offered for
sale $24,000,000 prior lien 4%s of the Nat. Rys. of Mexico
here and abroad and the issue was over-subscribed. Morris &
Co. (meat packing concern in Chicago) sold $12,500,000 1st
4% s. Mil. & St. Paul sold to banking interests $25,000,000
of a new issue of 4% debentures and sold $5,000,000 more
the following November. Fla. East Coast Ry. dis­
posed of $10,000,000 1st 4%s. Chic. Ind. & Louisv. in­
creased its s.-a. div. on com. from 1 % to 1 % % . St. L.
Southw. made a first div. of 2% on pref. L. & N. raised its
s.-a. div. again from 2% to 3% . Rep. Iron & Steel resumed
on pref. ancl later also arranged to pay arrears. Crucible Steel
of Amer., which had resumed the previous March, increased
the quar. div. on pref. to 1 % % . A plan for the reorganiza­
tion of the Chic. Gt. West, under the auspices of J. P. Morgan
& Co. was brought out; also a plan of re-adjustment for the
Cin. Ham. & Dayt. under control of the B. & O. In the
contest for control of the U. S. Express Co. with the Platt
management, Justice Guy in the N. Y. Supreme Court denied
the application for the appointment of a receiver, and stated
that although no stockholders’ meeting had been held for
45 years, there was no evidence that the President or
other officers had been derelict in their duty.
The Money Market.— Call loans on the Stock Exchange on
one day in June got up to 2 % % and time loans were a trifle
firmer. Time loans June 30 were 2 @ 2 % for 60 days; 2 % @
2% for 90days; 2 % @ 3 % for 4 to5m os.; 3 % @ 3 % for 6 mos.,
and 3 % @ 4 for over the year. Money holdings of the Clear­
ing-House banks, after decreasing from $375,536,800 May 29
to $372,226,100 June 5, rose to $390,995,600 June26and were
$385,499,400 July 3. Surplus reserves declined from $25,­
426,925 May 29 to $15,271,025 June 12, increased to $38,­
207,250 June 26 and then fell to $27,201,400 July 3. De­
posits increased from $1,400,439,500 May 29 to $1,449,407,­
900 June 12, then fell to $1,411,153,400 June 26and recovered
to $1,433,192,000 July 3. Loans followed a somewhat
similar course, rising from $1,332,573,800 May 29 to $1,378,­
850,200 June 12, decreasing to $1,331,508,900 June 26 and
standing at $1,357,556,000 July 3. Loans of the trust com­
panies, &c., increased week by week and were $1,177,026,600
July 3, against $1,129,626,700 May 29. Money holdings of
these institutions were $151,217,600 July 3, against $146,­
418,000 May 29.
Foreign Exchange, Silver , &c.— Foreign exchange was
generally strong in June. About the 8th some decline was
noted. French finance bills were then being freely offered
and exchange was created by the placing in London of some
of the new National Rys. of Mexico bonds and also some of
the new issue of N. Y . City bonds. The latter part of June
there was a renewed rise. The Bank of England secured each
week the whole of the South African consignments of gold
without competitive bidding by either Paris or Vienna
bankers. Gold exports from this side were $5,233,050, com­
prising $1,250,000 to Argentina, $2,000,000 to Amsterdam
and $1,863,000 to Paris, with a transfer of 2 % millions
gold to the Pacific Coast for shipment to Japan. Ex­
change was at its lowest June 8 at 4 8570@4 8580 for
60-day bills; 4 8765@4 8770 for sight, and 4 8795@4 88 for
cable transfers. Sixty-day bills were at their highest June 30
at 4 8665@4 8670; sight June 29 at 4 8810@4 8815, with a
decline June 30 to 4 8805@ 4 8810; cable transfers June 29
at 4 8855@4 8860,witha decline June 30 to 4 8835@4 8840.
Discounts in London at one time were 2 % , but June 30 were
only 1 % . At Paris the close was 1% , against 1 % earlier, and
at Berlin and Frankfort 2 % @ 3 , against 3 % @ 3 % earlier.
Silver in London tended lower again,jwith the price June 30
23 15-16d.
F JULY.— Current Events.— The tariff bill was under con­
sideration by the conference committees of the two Houses
almost the whole of July, but an agreement was reached July
29. The Senate had on Julyj|8.passed its bill as a substitute




[VOL. XC.

for the House bill, this substitute containing the Corporation
Tax provision. The Senate bill as a rule imposed much
higher duties than the House bill. While the conferrees were
deliberating, President Taft took an active hand with a view
to compelling downward revision as to certain articles and
schedules. He also insisted on the retention of the Corpora­
tion Tax provision; the tax, however, was reduced from 2%
per annum to 1% . The conference report was adopted by
the House on July 31 by 195 to 183 votes. In the Senate
it passed the next month (Aug. 5) by 47 to 31 votes. The
President immediately signed it and it went into effect the
next day, Aug. 6. Aside from the corporation tax, its prin­
cipal features are that hides, instead of carrying a duty of
15%, as under the Dingley law, are now free of duty. On
rough lumber the duty is reduced from $2 per 1,000 feet to
$1 25. Bituminous coal is reduced from 67c. a ton to 45c.,
anthracite remaining on the free list; iron ore from 40c. a ton
to 15c.; pig iron from $4 a ton to $2 50; steel rails from 7-20c.
a lb. to 7-40c. a lb.; structural steel worth up to 9-10c. a lb.
from 5-10c. to 3-10c. a lb., and worth over 9-10c. a lb. from
5-10c. to 4-10c. Crude petroleum was left on the free list;
at the same time Congress struck out the countervailing
duties on foreign oils imposed by the Dingley tariff, under
which a duty was imposed on oil imported from any country
which taxed American oil, the duty levied being the amount
of the tax on American oil. The duty on printing paper (val­
ued at not above 2% c. a lb.) is reduced from $6 a ton to $3 75
a ton, but if the exporting country imposes any restrictions
on the export of wood pulp, pulp wood or printing paper, a
duty of $2 a ton is added to the $3 75, and in addition thereto
the amount of such export charge. The new bill contains
as a distinctive feature a maximum and minimum clause
providing for the levying of increased duties on articles or
commodities coming from foreign countries making undue
and unfair discrimination against merchandise and products
coming from the United States. Under this clause a further
addition of 25% ad valorem would be made to the combined
duties and charges on printing paper. As regards wood pulp
mechanically ground, the duty of l-12c. per lb., dry weight,
is retained, but it is provided that such wood pulp shall be
admitted free of duty from any country, dependency, pro­
vince or other subdivision which does not forbid or restrict
in any way the exportation or impose any export duty,
license fee or export charge of any kind upon printing paper,
mechanically ground wood pulp or wood for use in the manu­
facture of wood pulp. Nearly all the high duties on wool and
manufactures of wool were retained, and in the agricultural
schedule there were a number of advances, such as hops,
from 12c. to 16c.; dates from % c. a lb. to 1c g r a p e s from
20c. a cubic foot to 25c., and lemons, from lc. a lb. to l% c .
The administrative clauses and a customs court are also
features of the new law. Senator Aldrich pointed out that
the measure, furthermore, extends the provisions of the
drawback clause to articles heretofore subject to internal
taxes. He said that shipbuilders in this country will here­
after be allowed to build their ships from foreign materials
imported free, and that this would enable our ship yards to
enter into competition with the world in making battleships
and other vessels. Finally, there are the Philippine provi­
sions, providing that articles the growth or product or manu­
facture of the Philippine Islands (except rice) shall be ad­
mitted duty free, though limits are placed upon the impor­
tations of sugar, tobacco and cigars. Tea and coffee are
both retained on the free list. The revival of activity in the
iron and steel industry became still more noteworthy.
Early in the month several of the independent steel com­
panies raised the price of steel bars and of plates and shapes
to 1.30c.and 1.40c. a lb., respectively, this being an advance
of $1 a ton. The latter part, the American Steel & Wire Co.,
a subsidiary of the Steel Corporation, notified consumers of
an advance of $2 a ton on wire products. The Steel Cor­
poration's return for the June quarter showed net earnings of
$29,340,491, against $22,921,268 in the March quarter and
only $20,265,756 in the June quarter of 1908. The unfilled
orders on the company’s books June 30 were 4,057,939 tons,
against 3,542,595 tons March 31. The quarterly dividend
on Steel common was raised from % of 1% to % of 1% . Cer­
tain local labor troubles attracted some attention. The
American Sheet & Tin Plate Co., a member of the Steel Cor­
poration, had refused to enter into a new wage agreement
with the Amalgamated Association of Iron, Steel & Tin Plate
Workers, but decided to run all its plants on the “ open shop”
basis, beginning with July 1. In consequence the Amalga­
mated Association declared a strike and most of thejunion
shops of the Sheet & Tin Plate Co. were temporarily closed.
At the non-union plants of the company, however, work was
prosecuted with increased vigor, and though the strike con­
tinued in subsequent months the Tin Plate Co. gradually
got the upper hand. The Standard Steel Car Co. had a strike
which led to riot and bloodshed at the company's works at
Butler, Pa. This, however, was not of long duration. The
most serious disturbance was experienced by the Pressed
Steel Car Co. at its McKees Rocks plant, six miles below
Pittsburgh. The trouble here had its origin in objections
to the company’s wage-system and method of employing
and paying its men, and as a result of the strike frequent
clashes occurred between the strikers and the State con­
stabulary, often with fatal results. In the dry-goods trade
increased strength was observable. Print cloths at Fall
River were marked up first from 3 7-16c. to 3 9-16c. and then
to j3 % c., infpart owing to|the||advanceJ inJcotton.JJOnre-

•Ja n . l 1910. J

THE CHRONICLE

ports of damage to the growing crop at a number of points,
middling uplands in New York advanced from 12c. June 30
to 13.15c. July 13, with the close July 31 12.80c. Outside
of cotton, the agricultural promise remained favorable, and
the tendency of grain prices was downward, except that
covering by belated shorts caused an advance in the July op­
tion for wheat at New York to $1.50 on the 31st. At Chi­
cago the high point for this option was reached on the 15th,
at $1.29, and the close July 31 was only $1.05%. In corn
the Sept, option at Chicago, after an early decline, advanced
from 63 % c. July 8 to 6 8 % c. July 24, with the close July 31
at 6 6 c. Oats further declined on assurance of a very large
crop; from 43 % c. July 1 the Sept, option at Chicago dropped
to 38c. July 31. Events and happenings abroad were un­
usually important. In Germany Prince von Buelow re­
tired as Imperial Chancellor, according to previous announce­
ment, and was succeeded by Dr. von Bethmann-Hollweg.
In France the French Ministry under M. Clemenceau met with
an unexpected downfall on a minor issue, and was succeeded
by a new Ministry with M. Aristide Briand as Premier. The
latter was supposed to have strong socialistic leanings.
Lieut .-Col. Sir William Curzon Wyllie, together with Dr.
Lalcaca (who came, to his assistance), was assassinated on
July 1 at a reception in London by an Indian student, from
political motives. The murderer was hanged Aug. 17. In
Persia an uprising on the part of the population demanding a
real constitutional government occurred, and the forces of the
so-called Constitutionalists or Nationalists advanced upon
Teheran and occupied the city. The Shah of Persia, Mo­
hammed Ali, was thereupon deposed, and the 1 2 -year-old
Crown Prince, Sultan Ahmed Mirza, proclaimed Shah by
the National Assembly, with Azad ul Mulk as Regent. Spain
met with serious reverses in its campaign against the Moors.
The Spanish Government had dispatched armed forces to
Melilla, Morocco, as a punitive measure, but met with seri­
ous reverses. It became necessary to send large reinforce­
ments from Spain, and this caused certain classes of the Span­
ish people to rebel,and to undertake to prevent the mobili­
zation of reinforcements for the army. A revolutionary up­
rising occurred at Barcelona and other points, and finally,
on July 28, martial law was proclaimed throughout Spain.
The Government eventually succeeded in suppressing the
uprising, but not until many insurgents had been killed or
wounded; large numbers were also executed. Later the
campaign in Morocco also took a more favorable turn. At
one time, also, acute political tension developed between Ar­
gentina and Bolivia on account of differences regarding a
rich tract of rubber territory separating Peru and Bolivia.
The matter in dispute had been referred to the President of
Argentina and he decided in favor of Peru; but Bolivia pro­
tested and diplomatic relations between the two countries
became very strained. The extraordinarily large consign­
ment of $8,000,000 gold from the United States to Argentina
(following other considerable shipments) which then oc­
curred was thought to have been due to this circumstance.
A shipment of about $7,000,000 gold made at about the same
time from London to South America, it appeared, was des­
tined to Uruguay, and was in connection with the previous
negotiation of a large Uruguayan loan negotiated in Paris.
Under the previous month’s call, the national banks sur­
rendered over $18,000,000 of Government deposits, though
the call required the return of only $9,000,000 by July 15
and the remaining $16,000,000 not until Aug. 15. Govern­
ment deposits in the banks dropped from $74,698,615 to
$54,022,746. Money holdings in Sub-Treasuries increased
from $300,341,525 to $319,094,235. Bank circulation se­
cured by bonds increased from $659,673,408 to $667,508,731.
The St. L. & San Fran. R R ., through Speyer & Co., placed
$10,000,000 of its 5% gen. lien 15-20-year gold bonds in
France. A considerable portion of the $37,500,000 4% conv.
bonds of the Southern Pacific Co., to which the U. P. was
entitled to subscribe, was also distributed abroad by Kuhn,
Loeb & Co. The U. S. Gov't on the advice of Attorney-Gen­
eral Wickersham decided to make no contracts through the
War & Navy Departments with the American Tobacco Co. or
its allied companies, all of which were involved in the Gov’t
suit charging violation of the anti-trust laws. It was also
announced that a similar policy would be pursued with refer­
ence to other so-called trusts against which suits had been
brought for alleged violations of Federal laws. The New
York Stock Exchange decided to abolish its unlisted depart­
ment after April 1 1910. The Hudson & Manhattan R R . on
July 19 opened to business its lower twin tubes under the
Hudson River, extending from the Pennsylvania R R. sta­
tion in Jersey City to the Hudson Terminal Bldg., on Church
St. in this city. In the U. S. Circuit Court Judges Pollock
and Campbell held invalid the Oklahoma law of 1907, in­
tended to prevent the piping of oil and gas out of the State.
The Court held that natural gas is an article of inter-State
commerce the same as corn, wheat, cotton, coal or any other
commodity, and its sale and transportation in inter-State
commerce is a matter to be regulated solely by Congress.
Ii\ the Circuit Court at Charleston, W. Va., Judge Burdette
granted an injunction restraining the enforcement of the
Two-Cent Passenger Rate Law passed by the West Virginia
Legislature in 1907. The Bankers’ Trust Co. of this city
decided to increase its capital from $1,000,000 to $3,000,000,
and dccla red a special cash dividend of $50 per share. The Erie
R R. on July 1 restored the salaries of officers and employees
which had previously been reduced. Over 11,000 buildings
were burnt down in a fire at Osaka, Japan, which began July 3 1.




17

Railroad Events and Stock Exchange Matters.— The Stock
market developed renewed buoyancy during July, on the
growing activity in the steel and other trades, the advance
in the dividend on Steel common and other favoring influ­
ences. U. P. common crossed 200, reaching 201% July 31,
and Steel com. got up to 74% July 31. Taking the opening
and closing prices for the month, U. P. com. rose from 193%
to 201; 111. Cent, from 148% to 158%; N. Y . Cent, from 133
to 141; Penn, from 136% to 139%; Reading com. from 156
to 161%; Amal. Cop. from 81% to 84% , and Steel com. from
6 8 % to 74.
Del. Lack. & West, declared a special cash div.
of 50% and a stock dividend of 15%, and allowed sharehold­
ers to use half of the former in subscribing for the $6,800,000
stock of the Del. Lack. & West. Coal Co., organized to take
over the business of the coal salesldepartment of the railroad.
Amer. Shipbuilding Co. resumed the payment of divs. on
com. stock. Interb. Rap. Tran, sold to J. P. Morgan & Co.
$10,000,000 of its 5% gold mtge. bonds.
The Money Market.— Notwithstanding the large gold ex­
ports and the extra amount of Government deposits sur­
rendered by the national banks, as noted above, money rates
were not very materially affected the most of July. Money
holdings of the Clearing-House banks fluctuated from week
to week, and after increasing from $385,499,400 July 3 to
$391,235,800 July 10, were $389,730,300 July 31. Surplus
reserves, after rising from $27,201,400 July 3 to $34,029,800
July 10, declined to $31,321,825 July 31. Loans decreased
from $1,357,556,000 July 3 to $1,344,715,900 July 17, and
then increased to $1,358,050,600. Deposits were $1,433,­
192,000 July 3, $1,421,275,100 July 17 and $1,433,633,900
July 31. The trust companies and outside banks showed
only a slight decrease in money holdings between July 3 and
July 31— from $151,217,600 to $150,969,600. Loans of
these institutions rose from $1,177,026,600 to $1,200,361,­
200. The range for call loans during July was 1 % @ 2 % .
Time loans at the close were 2 % for 60 and 2 % for 90 days,
2 % @ 3 for 4 months, 3 @ 3 % for 5 months and 3 % @ 3 % for
over the year. Commercial paper then was 3 % @ 4 for double
names ,3 % @ 3 % for prime a n d 4 % @ 4 % fo r good single names.
Foreign Exchange, Silver, &c.— Exchange was almost con­
tinuously weak in July and a sharp decline in rates occurred.
The principal influences were the offerings of bills against
the engagements of gold for shipment to South America
($13,335,000 going' to Argentina), the placing abroad of
considerable amounts of American securities, and some specu­
lative selling of exchange. There were also liberal offerings of
commodity drafts against grain and cotton futures. Fur­
thermore, finance and other loan bills and drafts were freely
in evidence as the likelihood developed of firmer money
rates in this market in the near future: Rates at the close
were at about the lowest figures of the month, namely
4 8535@4 8540 for 60-day bills; 4 8680@ 4 8685 for sight,
and 4 8705@ 4 8710 for cable transfers-—these figures being
about l% c . per pound lower than at the beginning of the
month. Discounts at the close were 1 % @ 1 % at London,
1% at Paris and 2 % at Berlin and Frankfort. Silver in
London fluctuated between 23%d. and 23%d. and closed
at 23 7-16d.
AUGUST.— Current Events.— Mr. Harriman’s
health
played an important part in affairs during August. Mr.
Harriman had been taking the baths at the Bad Gastein in
Austria for some time and the general supposition had been
that he was being greatly benefited. During his absence a
tremendous speculation had been carried on in the properties
with which he was identified and all sorts of rumors were cir­
culated with reference to his plans and intentions, such as
that there would be a segregation of Un. Pac. assets, a distri­
bution of extra dividends, etc., etc. There were also reports
that Un. Pac. was increasing its holdings of N. Y . C. stock
and seeking control. About the middle of the month news
leaked out that he had suddenly determined to come home.
On Aug. 18 he embarked at Cherbourg for New York. Be­
fore sailing it was announced that the treatment in Germany
had been a success, but that instead of taking the “ after cure”
abroad he would take it in his new mountain home at Arden,
N. Y. Mr. Harriman landed here soon after noon on Aug. 24
and while extremely weak talked freely to an army of news­
paper men on his way to his just-completed country home,
Tower Hill, at Arden. One of his first statements was that
he was not thinking about a segregation of assets, or extra
dividends, or speculation. His remarks were not encourag­
ing to those engaged in the speculation for higher prices and
the market by that time, already weak, experienced a sharp
tumble. Very confident reports also appeared saying Mr.
Harriman was in a very precarious state. Accordingly the
Stock Exchange got into a frenzy of excitement, and tre­
mendous liquidation took place, with large and general de­
clines in prices, the Harriman properties— particularly Un.
Pac. and So. Pac.— being chief features in the decline. The
collapse continued until Monday, Aug. 30, when Mr. Harri­
man issued a very reassuring statement concerning his condi­
tion. This relieved the tension, at least for the time being,
thus ending one of the most striking episodes in Stock Ex­
change history. Tariff legislation was concluded Aug. 5, as
noted in our remarks for July, and with this out of the way,
business revival made further progress. There was some
impairment of crop prospects, owing to excessively high tem­
peratures over considerable sections of the West and South­
west, making a record-breaking corn crop out of the question,
but still leaving a prospect of a large crop. In spring-wheat

18

THE CHRONICLE

there was also some deterioration. The tendency of wheat
prices, nevertheless, was sharply downward, particularly in
the case of cash wheat. In Minneapolis receipts were so
heavy that on Monday, Aug. 23, cash wheat broke 20 @25
cts. a bushel, one of the most sensational declines on record.
New crop No. 1 Northern dropped to $1.10 against $1.35 the
previous Saturday and $1.45 the previous Monday. At
Chicago Sept, wheat closed at 98% cts. Aug. 31 against
$1.04% July 31; Sept, corn at Chicago closed at 64% cts.
against 6 6 cts. and Sept, oats at 36% cts. against 38% cts.
For cotton the Dept, of Agriculture on Sept. 2 made the
condition Aug. 25 only 63.7 against 71.9 a month earlier and
76.1 on Aug. 25 the previous year. Middling upland at New
York from 12.80 cts. July 31 got up to 13.10 Aug. 2, but after
that manifested considerable irregularity. The low point
was 12.40 Aug. 9 and the close Aug. 31 was 12.80. While
the metal trades generally showed an improving tendency,
copper continued an exception to the rule. The statement
of the Copper Producers’ Association for July showed another
large decrease in the domestic stocks of copper, bringing the
aggregate of these stocks down to about where they had been
at the beginning of the year and this gave strength to the
metal the first half of the month, notwithstanding that it
appeared there had been further important additions to stocks
abroad. Later, however, prices developed weakness, with
the close for Lake copper about 13% @ 13% cts. and for
electrolyticl2% @ 13cts. In the U.S. Circuit Court at Chicago
Judges Grosscup, Baker and Kohlsaat made permanent the
temporary injunction granted Nov. 6 1908 against the Inter­
State Commerce Commission in what is known as the Missouri
River Rate case. The Commission had sought to compel a
'lower joint through rate from the Atlantic seaboard to Mis­
souri river points than the sum of the separate rates from the
seaboard to the Mississippi River and thence to the Missouri
River. The Commission had also directed that the reduction
should fall entirely on the lines running between the Missis­
sippi and Missouri rivers. On first-class freight the through
rate in force from the Atlantic seaboard to the Mississippi
River was 87 cts. while the rate thence from the Mississippi
River to the Missouri River was 60 cts., making a total of $ l .47
per 100 lbs. The Commission ordered a reduction to $1.38.
The order was like several others which the Commission had
sought to enforce in different parts of the country, and if up­
held would have revolutionized the principle of rate-making.
The matter was really a competition between markets, and
Judge Grosscup in expressing the opinion of the majority of
the Court (Judge Baker filed a dissenting opinion) said that
it could not be assumed that the Commerce Commission had
the power by the use of differentials artificially to divide the
country into trade zones tributary to given trade and manu­
facturing centres, “ for such power, vaster than any one body
of men has heretofore exercised, though wisely exerted in
specific instances, would be putting into the hands of the
Commission the general power of life and death over every
trade and manufacturing centre in the United States.”
National bank circulation afloat on bonds further increased
from $667,508,731 to $672,263,695. Government deposits
in the banks decreased from $54,022,746 to $51,651,531.
Government cash money holdings fell from $319,094,235 to
$315,893,508. The differences between Turkey and Greece
which had developed regarding the island of Crete were ad­
justed but only after renewed intervention on the part of the
Powers, who forcibly removed the Grecian flag which had
been raised over the Canean fort after the withdrawal of the
international fleet in July. A new Cuban loan for $10,500,­
000, consisting of 40-year 4 % % bonds issuable in install­
ments of $5,500,000 per year was taken by European and
American bankers. The first $5,500,000 was offered to the
public in Sept, by Speyer & Co. of this city and Speyer Bros,
m London and many times over-subscribed. Costa ltica
also began negotiations with a leading American financial
house regarding the financing of its debt, as did Honduras.
An industrial strike in Stockholm,accompanied by socialistic
demonstrations, proved very disturbing in Sweden, a con­
siderable part of the laboring population being thrown out of
employment for the time being. At a referendum election
in Cleveland the Schmidt ordinahee providing for a 14-year
trolley franchise on certain streets of the city on the basis of
3-cent fares, and favored by Mayor Tom b. Johnson, was
defeated by a vote of 31,022 to 34,785. The Cunard Line
began using Fishguard, on the Welsh coast, as a port of call,
shortening by several hours the time to London, Paris, etc.
Gov. Hughes removed Louis F. Haffen, Prest. of the Borough
of the Bronx, on charges of misconduct in office made by the
Commissioners of Accounts in Nov. 1908. In the case
against Gustav E. Kissel and Thomas B. Harned, who had
been indicted along with the American Sugar Refining Co.
for criminal conspiracy in connection with the closing of’ the
Penn. Sugar Refining Co.’s independent plant in 1903, Judge
Holt in the U. S. Circuit Court held that prosecution was
barred by the statute of limitations. An earthquake, ac­
companied by a tidal wave, at the close of the previous
month (July 30) worked great havoc at Acapulco, on the
west coast of Mexico, and surrounding territory. At the
close of August (Aug. 28) an extraordinary rainfall and tre­
mendous floods overwhelmed Monterey and northeastern
Mexico, resulting in the loss of 1,500 to 2,000 lives by drown­
ing, the submerging of numerous towns and damage to prop­
erty estimated at $2 0 ,0 0 0 ,0 0 0 to $30,000,000.
Railroad Events and Stock Exchange Matters.—-The course
of stocks during August is in a measure outlined in what has



[VOL. XC.

been said above. The month will always be noteworthy for
the tremendous liquidation and the sharp and precipitate de­
cline in prices which occurred. The first 10 or 12 days the
market was still strong and active and many new high records
for the year were established. Then came the alarm about
Mr. Harriman. What followed has already been indicated.
In the latter half of the month the fluctuations were wild and
erratic, with Un. Pac. the dominant feature and the tendency
strongly downward. The downward course was arrested on
Monday, Aug. 30. The previous Friday and Saturday there
had been more or less definite reports of the likelihood of an
operation on Mr. Harriman, causing a very unsettled and a
very depressed feeling. Over Sunday these reports met
with strong denial and as a consequence opening prices Mon­
day morning, Aug. 30, were several points higher than the
closing prices Saturday, Aug. 28.
Later on Monday came
Mr. Harriman’s own denial,and as a consequence a recovery
in prices took place all through the list. Un. Pac. com.,
strangely enough, closed Aug. 31 at the figure at which it had
opened Monday, Aug. 2, namely 201; but in the meantime
it had been up to 219 Aug. 16 and down to 194% Aug. 28.
So. Pac. com. opened at 134%, advanced to 139% Aug. 16,
dropped to 125 Aug. 28 and closed at 128% Aug. 31. Read­
ing com. opened at 162%, rose to 166 Aug. 12, declined to
155% Aug. 28 and closed at 159%. N. Y. Cent, fn m 141%
at the opening got up to 147 Aug. 17, dropped to 135%
Aug. 28 and closed at 138%. Mil. & St. P. c( m. opened at
158%, reached 163% Aug. 1 0 , declined to 154% Aug. 28
and closed at 156%. Penn, was 140 Aug. 2, 143% Aug. 12,
137% Aug. 26 and closed at 140,%. The Steel shares, while
following the course of the general market, continued to
manifest much strength. Steel com. was 74% Aug. 2, 78%
Aug. 1 2 , 73% Aug. 2 0 and closed at 77%. Amal. Cop. from
84% at the opening, rose to 89% Aug. 12, dropped to 82%
Aug. 26 and closed at 83% . The New Orleans Stock Ex­
change decided, beginning with Sept., to adopt the N. Y.
Stock Exchange new method of quoting bonds, that is,
prices are to be “ and interest.” The Public Service Com­
mission for the Second District refused to give its approval
to the plan advocated by the N. Y. N. II. & II. for making
a new $20,000,000 mortgage on the Cent. New England lly .
Blair & Co., as managers of the bond syndicate of the Dcnv.
& Rio Gr. RR. sold to the Deutsche Bank of Berlin $5,000,­
000 of that road’s 1st and ref. 5% bds.,to be offered to in­
vestors in Germany. Cal. & Hecla increased its quar. div.
from $ 6 per share (24%) to $ 8 (32% ).
The Money Market.— The money market became firmer.
On call the high figure was 2 % % against the July maximum
of 2 % and time loans and commercial paper were also frac­
tionally higher, the quotations Aug. 31 bein g2% @ 3% for60
days; 3% @ 3 % for 90 days; 3 % @ 3 % for four months and
3 % @ 4 for five to six months, with paper quoted
at 4 for choice double names and 4 % for prime
single names.
There was some increase in the de­
mand for funds from the interior and the Canadian banks
withdrew some of their credit balances from this centre.
This and the shipments of gold to Argentina and the transfers
to San Francisco for shipment to Japan reduced the money
holdings of the Clearing House banks from $389,730,300 July
31 to $368,442,500 Aug. 28; surplus reserves fell from $31,­
321,825 to $17,952,775. The trust companies and outside
banks reported money holdings of $155,983,300 Aug. 28
against $150,969,600 July 31. Deposits of the Clearing
House banks dropped from $1,433,633,900 July 31 to $1,­
401,958,900 Aug. 28.
Loans fluctuated from week to
week and were $1,352,050,000 August 28 against $1,­
358,050,600 July 31. The loans of the trust companies
increased from $1,200,361,200 July 31 to $1,226,840,300
Aug. 28.
.
Foreign Exchange, Silver, Etc.— After a fractional advance
at the beginning, foreign exchange was weak, with a declining
tendency the first half of the month. Offerings were made
almost daily of bills against securities which had been ne­
gotiated abroad and there were also drafts against future
deliveries of grain. Furthermore, there was selling of
sterling and franc cable transfers against a large block of
bonds that had been placed in London and Paris. Firmer
rates in the local money market also encouraged the drawing
of finance and other loan bills. About the middle of the
month, however, exchange developed a rising tendency, due
to an inquiry for bills to cover outstanding short contracts
and also for sight bills to effect extensions of maturing loan
drafts and finance bills. Selling of American securities by
London occasioned by the great decline in prices on the Stock
Exchange likewise served to create a demand for exchange.
The last few days exchange was again downward and the
close Aug. 31 was at about the lowest figures. On Aug. 14
at the culmination of the first downward turn rates were
4 85@4 8510 for 60 day bills; 4 8645@4 8650 for sight and
4 8675@4 8680 for cable transfers; by Aug. 25 there had
been a rise to 4 8540@4 8550, 4 8690@4 8695 and 4 8715@
4 8725 for the three classes of bills.
The decline at tlje
close carried prices back to precisely the figures quoted
Aug. 14. Shipments of gold to Argentina reached about
$2,250,000 and the transfers to San Francisco $3,000,000.
Open market discounts were 1% % Aug. 31 at London, 1 % @
1% at Paris and 2% at Berlin and Frankfort. Silver at
London advanced to 24d. Aug. 31.
SEPTEMBER.— Current Events.— Mr. Harriman’s illness
eventuated in death. After the hopeful statement given out

.Jan . 1 1010.

THE CHRONICLE

by him at the close of August he suffered a relapse on Sunday,
Sept. 5. With the knowledge of his precarious state, the
Stock Exchange opened on Tuesday, Sept. 7 (after the Labor
holiday Monday and also a holiday the preceding Saturday)
in great depression,with the Harriman properties showing
declines of several points from the close the previous Friday.
The collapse continued, with large and general breaks in
values, up to the close of business Thursday (Sept. 9), on
which day Mr. Harriman died. The worst having happened,
a sharp and extensive rally ensued the next day, and no
ill effects followed the death of Mr. Harriman. On the Stock
Exchange considerable buoyancy developed the latter part
of the month. It became evident that powerful banking
interests would direct the destinies of the former Harriman
properties. Mr. Jacob II. Schiff, of Kuhn, Loeb & Co. (the
members of which firm had retired from the directories of their
several railroad properties in 1906 after the Hughes insurance
investigation) entered the board of directors of both the Union
Pacific and the Southern Pacific along with William Rocke­
feller, filling vacancies created by the death of Henry H.
Rogers and E. H. Harriman. Ex-Judge R. S. Lovett, VicePres. and Gen. Counsel, who had been Mr. Harriman’s righthand man, was elected Chairman of the Executive Committee
in both companies to succeed Mr. Harriman. A large share
of public attention during the month was absorbed by events
having no bearing upon business or financial affairs, namely
news regarding the discovery of the North Pole and (in this
city and surrounding territory) the IIudson-Fulton celebra­
tions, which latter were on a very elaborate scale. On Sept.
1 the sensational announcement came that Dr. Frederick A.
Cook of Brooklyn, an Arctic explorer, was on his way to
Denmark,and reported having reached the Pole on April 21
of the previous year. On landing at Copenhagen on Satur­
day, Sept. 4, he was received with great enthusiasm by the
Danish people. While he was still being feted, there came
a second sensational piece of news on Sept. G in a cablegram
from Indian Harbor, Labrador (via Cape Ray, Newfound­
land), from Robert E. Peary of the U. S. Navy, reporting
that the latter (who had made- eight previous trials in twentythree years) had reached the Pole on April 6 of the current
year. There was no disposition to question the truthfulness
of Mr. Peary’s statement, but there was hesitancy about ac­
cepting the unsupported claim of Dr. Cook. In December,
after Cook had submitted his records, a committee of the
University of Copenhagen reported that his proofs were in­
sufficient to establish his claim. The IIudson-Fulton cele­
brations began on Saturday, Sept. 25, and in this city ex­
tended through the whole of the following week to and in­
cluding Saturday, Oct. 2 . The distinctive features in the
celebrations were the large assemblage of warships, foreign
and American, the parades, naval, military and civic; also
public and private illuminations, chiefly by electricity, on a
scale probably never before attempted in the world’s history.
The celebrations commemorated Hendrick Hudson’s dis­
covery of the Hudson River in the Half Moon in 1609 and
Robert Fulton’s exploit in having in 1807 with his steamboat
Clermont demonstrated the practicability of applying steam
to water navigation. Trade activity made further progress
and in iron and steel higher prices and an urgent demand led
to the placing of orders abroad for the importation of raw
material. The U. S. Steel Corporation made a further ad­
vance of SI a ton, bringing steel bars at Pittsburgh up to
1.40c. per lb. and plates and shapes to 1.45c.; this still left
its prices below those of the independent companies. The
shares of the United States Steel Corporation made new
high records every week. The strike at the McKees Rocks
plant of the Pressed Steel Car Company was finally termi­
nated. The company made certain concessions to the men,
and on Sept. 7, after a contest of eight weeks, in which eight
lives arc said to have been lost and many persons injured,
the strike was called off. The course of grain prices was
again upward. Possibly the speech of James J. Hill before
the American Bankers’ Association, saying that grain pro­
duction in the U. S. was not increasing in proportion to popu­
lation, and that ultimately we would have to import wheat,
may have had some effect. In Chicago a short interest in
the Sept, option for wheat caused a jump in that option in the
closing hour of Sept. 30 from $1.06 to $ 1 .2 0 . The same day
Sept, oats at Chicago jumped from 44% cts. to 50 cts. Dec.
wheat in Chicago advanced from 93% cts. Sept. 2 to $1.01%
Sept. 29, with the close Sept. 30 99% cts.; Dec. corn at Chi­
cago rose from 56% cts. Sept..l to 61% cts. Sept. 17, with
the close 57% cts., and Dec. oats at Chicago rose from 37 cts.
Sept. 1 to 40% cts. Sept. 16, with the close 38% cts. In
cotton renewed reports of a crop shortage and rumors that
James A. Patten of Chicago was active in the market were
used to fan speculation. Furthermore, news came that a
tropical storm had swept up through the Mississippi Valley
and was doing damage in Mississippi and Louisiana and parts
of Arkansas as well as in Tennessee and Alabama. Louisi­
ana suffered from a tidal wave and for two days all quotations
from that point were shut off completely. Thereupon op­
erators became panic-stricken and between Sept. 17 and Sept.
24 middling uplands in N. Y. rose from 12.70 to 13.75 cts.
The close Sept. 30 was at 13.30 cts., against 12.80 cts. Aug.
31. Print cloths at Fall River were advanced from 3 % cts. to
3% cts. A strike of the weavers at the Fall River Iron Works
mills occurred but was of short duration, the operatives ac­
cepting the offer of the Borden management of an advance of
5% in wages. Pres. Taft delivered a number of speeches while
engaged in an extended tour of the U.S., in which he outlined



19

his policies. These speeches exercised a disquieting effect on
the Stock Exchange. In an address before the Boston Cham­
ber of Commerce on Sept. 14 he showed that he was im­
pressed with the need of currency and banking reform,
but he also said that “ the hum of prosperity and the ecstasy
of great profits are likely to dull our interest in these reforms
(referring to Mr. Roosevelt’s claim of the need of reform in
business methods), and lead us back again to the old abuses
unless we insist upon legislation which shall clinch and enforce
those standards by positive law.” At Des Moines, la., he
argued in favor of amending the Inter-State Commerce law
and the Sherman Anti-Trust law, and at Denver, Col., he
discussed the Corporation-Tax law and urged the proposed
amendment to the Federal Constitution, giving Congress au­
thority to levy a general income tax. All these speeches out­
lined very radical policies— the same policies, indeed, which
Mr. Roosevelt had advocated so strenuously. He argued in
favor of the distribution of large fortunes, insisted that the
right of Courts to issue writs of injuncton should be limited
and qualified, and advocated extensive new legislation giving
the Federal Government increased powers. He said he was
opposed to a general individual tax on incomes except ip
times of great national stress, but the Federal income tax
amendment would enable Congress to levy a tax on the bond­
holders as well as the stockholders in corporations, and would
also enable the Government to perfect the Corporation Tax
“ so as to make it an instrument of supervision of corporate
wealth by Federal authority.” He insisted that inter-State
railroads must be prevented from continuing to hold stock
in competing railroads— a requirement that would oblige the
N. Y . Central to dispose of its West Shore line and the Lake
Shore of its Nickel Plate line. He proposed, furthermore,
that hereafter no railroad company engaged in inter-State
commerce should create any additional debt except with the
approval of the Commission and at “ a price not less than par
for stock nor less than the reasonable market value for bonds”
Bank circulation secured by bonds increased from $672,263,­
696 to $676,031,393. Government deposits in banks were
diminished from $51,651,531 to $50,604,523, and Govern­
ment money holdings decreased from $315,893,508 to $309,­
331,807. The right of the Stock Exchange to enforce its
resolution forbidding business intercourse with members of
the Consolidated Exchange was upheld in a decision of the
N. Y. Supreme Court on Sept. 4. In a decision rendered by
Justice Van Kirk in the N. Y. Supreme Court in a suit against
the Trust Co. of the Republic by one of the stockholders,
13 of the former directors of the company were held responsi­
ble for losses sustained through transactions by Pres. Daniel
Leroy Dresser in 1902 in connection with the defunct U. S.
Shipbuilding Co. John W. Castles, President of the Union
1 rust Co. of this city (in which, however, he had never be­
come active) and former President of the Guaranty Trust Co.,
committed suicide. The Spaniards gained some important
successes in their campaign in Morocco towards the close of
the month, and it was supposed that this marked the end of
the campaign; but this proved erroneous, as on the last day
they sustained renewed reverses. One of the Oklahoma
banks— the Columbia Bank & Trust Co. of Oklahoma City—
was taken in charge by the State Banking Commissioner and
the State Guaranty Fund drawn on to pay its depositors. An
assessment was levied on the other State banks. The Great
Northern Ry. on Sept. 27 put in service a new mail and ex­
press train, reducing the minimum time in transit between St.
Paul and Seattle by 11 hours— from 59 to 48 hours.
Railroad Events and Stock Exchange Matters.— On the whole
there was considerable improvement in values during Sep­
tember, with many new high records for the year in leading
stocks, but the course of prices was marked by wide fluctua­
tions, with great demoralization immediately preceding the
death of Mr. Harriman. At the beginning of the month the
market was strong, but on Sunday, Sept. 5, Mr. Harriman’s
condition changed for the worse, and when the Stock Ex­
change opened Tuesday, Sept. 7, after the holiday, his condi­
tion was very grave. The Harriman stocks opened several
points lower than the close the previous Friday. The break
continued until the close of business on Thursday, Sept. 9 ,
when Mr. Harriman died. The next day a sharp upward
movement ensued, carrying prices up 3 to 13 points. The
improvement, except for a downward reaction on Monday,
Sept. 13, continued through the next week. The following
week (ending Sept. 25) the market was unfavorably affected
by the speeches of President Taft, but even then a few stocks
continued their upward course. The closing week the mar­
ket once more resumed its rising tendency, and transactions
were on a large scale, though some shares did not get back
to their best figures. Steel com. touched 90% Sept. 29 and
closed Sept. 30 at 89% , this being a rise from 75% ex-div.
Sept. 9. U. P. com. from 200% Sept. 1 declined to 193%
Sept. 9, then advanced to 210% Sept. 11 and closed Sept. 30
at 209%. Sou. Pac. com. opened at 128%, touched 122%
Sept. 9 and by Sept. 30 got up to 135%. Reading com. was
159% Sept. 1 , 156% Sept. 9, 173% Sept. 21 and 168 Sept. 30.
Penn, after declining from 140% Sept. 1 to 138% Sept. 9,
got up to 151% Sept. 29 and closed at 150. Amal. Cop. was
84 Sept. 1 , 77 Sept. 13, 85 Sept. 21 and closed at 82% Sept.30.
West. Un. Tel. disposed of its holdings of N. Y. Telephone
stock to the American Tel. & Tel. Co., netting, it is under­
stood, close to $25,000,000. The Appellate Division of the
Supreme Court, 3d Dept., unanimously reversed the Public
Service Commission for the 2d Dist., which had refused per­
mission to the Del. & Hud. Co. to issue bends to refund notes

20

THE CHRONICLE

made in connection with the purchase of the Hud. Val.
(Electric) R y., and the purchase of coal properties in Penn­
sylvania. This reversal was sustained by the Court of Ap­
peals in December. The N. Y. Telephone Co.'s shareholders
voted to increase capital from $50,000,000 to $100,000,000,
to take over the other Bell subsidiaries in this State, includ­
ing the N. Y . & N. J. Tel. Co. Quite a number of increases
in dividends were announced, mostly by smaller companies.
The Money Market.— The tendency towards higher money
rates became strongly accentuated during September. On
call on Sept. 30 there was a rise to 4% , and time loan rates
also advanced for all periods. Money holdings of the Clear­
ing-House banks fell from $368,442,500 Aug. 28 to $329,332,­
700 Oct. 2. Surplus reserves Oct. 2 were onlv $1,627,525
against $17,952,775 Aug. 28. Money holdings of the out­
side institutions were diminished relatively little, being $154,­
023,400 Oct. 2, against $155,983,300 Aug. 28. Deposits
of Clearing-House banks were reduced from $1,401,958,900
Aug. 28 to $1,310,820,700 Oct. 2, and loans from $1,352,­
050,000 to $1,304,962,900. Loans of the trust companies,
&c., after being reduced from $1,226,840,300 Aug. 28 to
$1,219,876,500 Sept. 11, increased to $1,238,473,200 Oct. 2.
Time loans at the close were 3)4 @ 3 24 for 60 days, 3% @ 3 %
for 90 days, 4 @ 4 )4 from 4 to 6 mos. and 4)4 for 7 mos.
Commercial paper then was 4 @ 4 )4 for double names and
4 % @ 5 for the best single names.
•
Foreign Exchange, Silver, &c.— After a fractional advance
at the opening, foreign exchange showed a declining ten­
dency most of Sept. Firmer money rates here were perhaps
the most important influence in the downward movement.
The Bank of Germany on Monday Sept. 20 raised its rate
from 3 y2 to 4 % ; this, and a general rise in open market dis­
counts at London, Paris and Berlin, stiffened exchange for a
time, due to the covering of maturing loan and fmance>bills
which bankers were indisposed to renew because of the higher
discounts. Dearer money here, however, proved much the
more potent influence, and later, exchange displayed ^ re­
newed sagging tendency,which continued to the close. There
were no gold exports to Europe, but about $3,500,000 was
transferred by the Sub-Treasury to San Francisco for ship­
ment to Japan, and the last week $1,400,000 gold was sent to
Canada. In London, Russia secured practically all the of­
ferings of South African gold. Sterling rates were at their
highest Sept. 2 , when 60-day bills were quoted 4 8515@
4 8520, sight bills 4 8655@4 8665 and cable transfers 4 8680
@ 4 8690.
The lowest figures were Sept. 29, namely, 4 8410
@ 4 8420, 4 8595@4 8 6 and 4 8615@4 8620, with only a
fractional recovery the next day. Discounts at the close were
1 % @ 2 )4 at London, 2)4 at Paris and 3 1
/2 at Berlin and
Frankfort. The bullion holdings of the Bank of England
were heavily reduced the last two weeks on large shipments
to Egypt and other countries, and also a demand from the
interior of Great Gritain. Silver in Loxidon fluctuated within
a narrow range and was 23%d. Sept. 30.
OCTOBER.— Current Events.— A rather unexpected rise
to high figures in discount rates of European banks arrested
world-wide attention. It was the more noteworthy inas­
much as it did not come at a time of general trade activity
in Europe nor of large and general speculation. Trade re­
vival was making considerable headway in Germany and the
speculative spirit was also in evidence there, but elsewhere
in Europe conditions appeared to be normal. The higher
money rates were due to the effort of the European banks to
protect their gold reserves in view of the active demand for
gold, more particularly for countries like Egypt and South
America. The Bank of England raised its minimum on three
successive Thursdays— on the 7th it increased from 2}/> to
3% , the following Monday (the 11th) the Bank of Germany,
which in September had advanced from 3)4 to 4% , moved
up to 5% ; on the 14th the English Bank advanced from 3 to
4 % and the following Thursday (the 21st) to 5% .
The Bank
suffered contraction of its bullion holdings in each successive
week beginning with Sept. 16 up to and including Oct. 28.
For the six weeks to Oct. 28 the shrinkage reached £7,938,­
495, or, roughly, $39,000,000. In some quarters a disposi­
tion existed" to assume that in its successive advances the
Bank was aiming at American borrowing abroad and was
seeking to check speculation on the N. Y. Stock Exchange,
which it was asserted was being carried on through such bor­
rowing. Careful inquiry, however, among banking houses
and foreign exchange dealers here and in Europe failed to
show any warrant for the stories of excessive and abnormal
borrowing on American account; and the large loss in bullion
by the Bank, just noted— no part of the gold taken going to
the U. S.—shows conclusively that the action was in defense
of its stock of gold. While the Bank continued to lose gold
even after its minimum had been raised to 5% , the situa­
tion was nevertheless considered to have considerably im­
proved. Previously other countries had obtained the South
African offerings of gold in London, but both on the 18th and
the 25th the Bank succeeded in getting these offerings itself.
The high rate also served to divert a portion of the demand
for gold to other centres. The last half of the month the
Brazilian demand for gold was in part diverted to N. Y.
Brazil took supplies of the metal at nearly all the chief centres
— London, Paris, N. Y. Her coffee planters were for the
time being eagerly competing with one another in selling
coffee so as to take advantage of the valorization plan under
which a certain amount of coffee could be sold without bear­
ing a heavy tax. This made everybody anxious to sell within



[VOL. XC.

the limit. The boom in rubber accentuated the favorable
conditions for Brazil, giving that country a large favorable
trade balance. Some persons were inclined to think the
Bank of England’s action was not altogether uninfluenced by
the home political situation. The Budget, which was viewed
with so much uneasiness by the financial world in London,
remained undisposed of, and it seemed certain that the House
of Lords would reject the measure, bringing on a constitu­
tional crisis. Continued speculation in cotton carried prices
up to the highest figures since the time of the Sully corner in
Feb. 1904. Oct. 30, middling upland sold in N. Y . at 15.05
cts., against 13.30 cts. on Sept. 30. Even the May option
sold above 15 cts. James A. Patten, of wheat fame, ap­
peared to be prominent in the movement. The Department
of Agriculture Oct. 4 made the condition of the crop only 58.5,
a deterioration of 5.2 points during the month, and later there
were allegations of killing frosts in various sections of the
South. The high price led to very extensive curtailment of
production by cotton mills in this country (in New England
as well as in the South) and also abroad. Print cloths at
Fall River ruled at 3% cts. until Oct. 16, when there was an
advance to 4 cts. In other classes of cotton goods advances
were also made, though not to the extent of the rise in the
raw material. In the iron and steel industry unexampled
activity developed. The “ Iron Age’’ reported 2,385,206
tons of pig iron made in Sept, and 2,592,516 tons in Oct., this
comparing with the previous maximum of 2,336,972 tons in
Oct. 1907. The U. S. Steel Corporation for the Sept, quarter
showed net earnings of $38,246,907, against $29,340,491 for
the June quarter and $22,921,268 for the March quarter.
The quarterly dividend on Steel com. was again raised, this
time to 1% . The fortnightly statements of the American
Ry. Assn, showed that on Oct. 27 the surplus of idle cars had
been entirely extinguished. The copper trade, however, con­
tinued to lag under increasing stocks at home and abroad.
Government money holdings were reduced from $309,331,807
to $308,794,235 and Government deposits in banks from $50,­
604,523 to $49,497,654. National bank circulation secured
by bonds increased from $676,031,393 to $678,344,963.
Prof. Francisco Ferrer, the former director of the “ Modern
School” at Barcelona, was sentenced to death for complicity
in the Barcelona uprising the previous July, and notwith­
standing violent protests on the part of workingmen in Spain,
Italy and other countries, was executed Oct. 13. Riotous
demonstrations thereupon developed at many of the Euro­
pean centres— notably Paris, Rome, Vienna, Trieste, and
many other points in Italy and France. Criticism resulting
from this action and dissatisfaction felt with Gen. Marina’s
conduct of the war in Morocco led the next week (Oct. 2 1 ) to
the resignation of the Spanish Ministry headed by Senor
Maura. A new Cabinet was constitued with Moret y Preridergast as Premier. Prince Hirobumi Ito, President of the
Privy Council of Japan and former Japanese Resident General
and Chief Ruler of Corea, was assassinated by a Corean Oct.
26 in the railway station at Harbin while he was advancing
to meet M. Kokosoff, the Russian Finance Minister, who had
come from St. Petersburg to discuss with him questions af­
fecting the future of Manchuria. Justice Rufus W. Peckham
of the U. S. Supreme Court died Oct. 24. Judge A. B. Ander­
son of the U. S. Court at Indianapolis on Oct. 12 dismissed
the proceedings in the Panama Canal libel suit brought in the
closing days of the Roosevelt Administration against Delavan
Smith and Charles It. Williams, proprietors of the “ Indianap­
olis News.” The defendants had resisted removal to the
District of Columbia for trial under a Grand Jury indictment
charging them with having committed a criminal libel in
publishing articles alleging a corrupt profit of $28,000,000 in
the sale of the Panama Canal to the U. S. The indictment
charged the commission of a crime in the District of Colum­
bia, but inasmuch as the Federal Constitution provides that
an accused person shall be tried in the State or District where
the offence is committed, Judge Anderson held that the pro­
prietors of the “ Indianapolis News” were answerable only in
Indiana. In the Federal Court at Lincoln, Neb., District
Judge Thomas C. Munger and Circuit Judge Willis Van Dcvanter declared unconstitutional the Nebraska law providing
for the guaranty of bank deposits and made permanent the
temporary injunction granted the previous June restraining
the State Banking Board from putting the law into operation.
The N. Y. Court of Appeals decided the case involving the
question as to the proper method of computing the margin of
debt of N. Y. City under the constitutional debt limit of 10%.
Under the decision the city’s borrowing capacity July l 1908
was found to have been in the neighborhood of $50,000,000
and at the time of the decision was estimated to be about
$90,000,000. The City Board of Estimate and Apportion­
ment accordingly approved the contract let in May 1908 by
the Public Service Commission for constructing the first six
sections of the 4th Ave. Subway, to extend from the Brooklyn
terminal of the Manhattan Bridge to 43d St., South Brooklyn.
The Court of Appeals also rendered a decision in a case in­
volving the question of the method of determining the valua­
tion of special franchises in N. Y. for purposes of assessment
under the law of 1899— see article in “ State & City Section”
for Nov. 27 1909. The Supreme Court of Illinois dismissed
the action brought by Illinois to prevent the completion of
the dam on the Des Plaines River and to oust the Economy
Light & Power Co. therefrom. The State desired to utilize
the land leased by the company in connection with its pro­
posed deep waterway or canal (the 111. & Mich. Canal) to
connect the Sanitary Drainage Dist. of Chicago with the 111-

.Ian. 1 1910.

THE CHRONICLE

nois River at or near Utica in La Salle Co. The U. S. Circuit
Court of Appeals sustained the 15-year sentence imposed the
previous year upon Chas. W. Morse of the failed Nat. Bank
of North America of this city. At Chicago the U. S. Circuit
Court of Appeals sustained the conviction of John R. Walsh,
formerly President of the failed Chicago Nat. Bank. In
Brooklyn the Appellate Division of the Supreme Court
affirmed the conviction of Edward E. Britton and Frederick
II. Schroeder, formerly Pres, and 2d Vice-Pres. of the Eagle
Loan & Savings Assn. Edwin Hawley and B. F. Yoakum,
in connection with Speyer & Co., acquired a predominating
interest in the Mo. Kan. & Tex. Ily. A local event was the
reduction in the price of the “ New York Tribune” from 3 cts.
to 1 cent. San Francisco from Oct. 19 to Oct. 23 had a Portola Festival to commemorate the discovery of San Francisco
Bay by Don Caspar dc Portola. In the District Court of
Travis. Co. at Austin, Tex., judgments aggregating $201,050
were awarded against several Standard Oil subsidiary com­
panies and their charters in Texas forfeited. John Stewart
Kennedy, formerly a prominent financier, and a man of
notable public spirit, died Oct. 31; about half his fortune of
some $ 0 0 ,0 0 0 ,0 0 0 was by his will donated to religious, edu­
cational, benevolent and charitable purposes. A West India
hurricane struck the southern coast of Florida Oct. 11, do­
ing great damage, particularly at Key West, where martial
law was declared. The next month (Nov. 3) a hurricane
passed over Jamaica, followed by several days’ torrential
rains (48 inches, it is said, falling in four days), causing
much loss, and breaking off cable and telegraphic communi­
cation with the islands for a week or more. Charles R. Crane,
newly appointed Minister to China from the United States,
was recalled while on the point of sailing from San Francisco,
for alleged indiscreet statotnents to the press regarding the
probable policy of the United Sfcat«« concerning the agree­
ments entered into between Japan and China in relation to
Manchuria.
Railroad Events and Stock Exchange Malters.- -The ten­
dency of prices most of October was towards a lower level,
but with a sharp recovery towards the close. At the begin­
ning there was a break on dearer money. As the month pro­
gressed, the rise in money abroad, with the advance of the
Bank of England minimum to 5% and the resulting liquida­
tion of American securities on foreign account, exercised
quite a potent influence in driving prices down. The latter
part of the month, when it became clear that there was noth­
ing seriously disturbing in foreign monetary affairs, slow but
steady recovery ensued, and an extensive upward reaction
occurred. Amal. Copper rose on rumors of a combination
with competing interests. The Hawley properties experi­
enced a rise on the advent of the Hawley interests to control
in Mo. Kan. & Tex. Gt. Nor. sold down from 154% Oct. 4
to 142%:c Oct. 28 and closed Oct. 30 at 145%. Nor. Pac.
dropped from 157% Oct. 4 to 144%a; Oct.2G, with the close
148%. U. P. com. was 209% Oct. 4, 197 Oct. 23 and closed
at 201%. Sou. Pac. was 133% Oct. 1, 126% Oct. 20, with
the close 129%. Penn, was 150 Oct. 1, 144% Oct. 23 and
closed at 148%. Reading com. from 170% Oct. 4 fell to
158 Oct. 23 and closed at 162%. Steel com. from 89 Oct. 1
rose to 94% Oct. 4, then dropped to 85% Oct. 13, but closed
at 90%. Amal. Cop. opened Oct. 1 at 82%, declined to
77% Oct. 13, then ran up to 87% Oct. 29 and closed at 80%.
Besides the increase in the dividend on Steel co m ., Atch.
Top. & Santa Fe restored its common stock to a 0% basis;
Norf. & West, advanced its s. a. div. on com. from 2 to 2 % % .
Other advances were by Pac. Coast Co. (com. and 2d pref.),
Lch. Coal & Nav. and U. S. Express. Alb. & Susq. de­
clared a special div. of 30% out of savings from refunding its
debt, the U. S. Supreme Court having given a decision in its
favor. Butte Coalition Mining resumed dividends after
suspension since December 1907. Shareholders of the Can.
Pac. were given the right to subscribe at 125 for $30,000,000
new stock to the extent of 2 0 % of their holdings, subscrip­
tions payable in five installments, the last September 1910.
James Spfcyer succeeded in arranging for the sale in Germany
of $0,000,000 St. L. & San Fran. gen. lien 5s, the bonds to
be brought out later. N. Y. Telephone Co. sold $25,000,000
4%s, one-half in this country and the other half in London.
The Money Market.— Call loans touched 6 % early in Octo­
ber, but with the improvement in the situation of the Clear­
ing-House bank’s the highest rate the latter part was 4% .
Rates for time loans sharply advanced with the cutting off
of supplies of foreign credit on account of the high discounts
abroad. Rates at the close were pretty generally 4 % @ 5 for
all maturities up to six months. Commercial paper for
double names and the best single names commanded 5 % % .
Money holdings of the Clearing-House banks were only
$319,755,800 Oct. 30, against $329,332,700 Oct. 2, but,be­
cause of the reduction in deposits, surplus reserves increased
from $1,027,525 Oct. 2 to $16,007,350 Oct. 23, with a fall
to $11,099,600 Oct. 30. Deposits were reduced from $ 1 ,­
310,820,700 Oct. 2 to $1,234,024,800 Oct. 30. Loans, after
being contracted from $1,304,962,900 Oct. 2 to $1,231,411,­
000 Oct. 10, increased to $1,237,177,400 Oct. 30. Loans
of the outside institutions, after rising from $1,238,473,200
Oct. 2 to $1,240,342,700 Oct. 9, decreased to $1,205,482,000
Oct. 30. Money holdings of these institutions were $149,­
512,900 Oct. 30, against 8154,023,400 Oct. 2.
Foreign Exchange, Silver, cfee.— Strength characterized
foreign exchange during October. The first few days there
was a drop to the lowest figures reached for some time, which
suggested the possibility of gold imports, though rates did



21

not get anywhere near the import point. The repeated ad­
vances, however, in discount rates, as noted above, by the
leading European banks, completely transformed the situa­
tion, and the latter part of the month the possibility was
presented of gold exports. No engagements for Europe
actually occurred, but shipments were made to Brazil and
considerable gold also went to Canada. Owing to the dearer
money in Europe, there was selling of American securities
for foreign account, and t his played its part in the rise in
exchange. Provision also had to be made for maturing
finance bills, which under the prevailing monetary conditions
could not be renewed, besides which a short interest in ex­
change existed. Early in the month $2,000,000 gold was
transferred to San Francisco for shipment to Japan. Sight
sterling was at its lowest Oct. 6 at 4 8500@4 8565 and cable
transfers then were 4 8585@4 8595. By Oct. 23sight was
4 8765@4 8775 and cables 4 8815@4 8825. The close Oct.
30 was 4 8730@4 8740 and 4 8775@4 8780. Sixty-day bills
were at their lowest Oct. 15 at 4 8285@4 8295, with the close
Oct. 30 4 8330@4 8340. Open market discounts at the
close were 4 9-10 (after having been 4% ) at London; 4 5-16
(after having been 4% ) at Berlin, and 2% at Paris (after
having been 2 % ). Silver in London moved within a narrow
range, with the close 23 l-16d.
NOVEMBER.— Current Events.— The 5% rate of the Bank
of England proved effective in reinforcing the Bank’s bullion
holdings, thereby relieving apprehensions on that score here,
but, on the other hand, a decision adverse to the legality of
the Standard Oil combination had an unsettling effect. The
Bank continued to get substantially all the South African arri­
vals of gold and also drew supplies from Paris and other Euro­
pean centres, besides continuing to divert the greater portion
of the demand for gold for South Amer. to N. Y. Its weekly
return for Nov. 4 still showed a loss in bullion, though only
£175,104, but the return for Nov. 11 showed £1,004,771 gain;
that for Nov. 18 £2,141,001 and that for Nov. 25 £ 1 ,2 0 9 ,9 9 0
gain; for Dec. 1 there was again a small loss, £255,479. Ship­
ments of gold from N. Y. to South Amer. were vVU,jK'“?vy .
ir.tvohiug
4 4 7 ,0 0 0 .
Tiio oiscusanjn on tlie Budget of
Lloyd-George, Chancellor of the Exchequer, aroused intense
interest. The House of Commons passed the Budget on
Nov. 4 by the vote of 379 to 149. It was generally believed
that the Lords would reject the Bill, but definite confirmation
did not come until Tuesday, Nov. 10, when Lord Lansdowne,
leader of the conservative party in the Upper House, formally
announced that the following Monday, Nov. 22, he would
submit the following motion: “ I move that this House is not
justified in giving its consent to this bill until it has been sub­
mitted to the judgment of the country.” The vote came just
before midnight, Nov. 30, and resulted against the Budget by
350 to 75. Promptly the next month (Dec. 2 ) the Commons
by 349 to 134 adopted Premier Asquith’s resolution declaring
“ that the action of the House of Lords in refusing to pass into
law the financial provisions made by this Chamber for the ex­
penses of the year was a breach of the Constitution and usur­
pation of the rights of the House of Commons.” The next
day (Dec. 3) Parliament was formally prorogued until Jan.
The antagonism to the Budget arose out of the fact that it
embodied economic and financial propositions of a revolution­
ary character. It was also criticised because of the attempt
to re-enact indirectly legislation previously rejected by the
Lords, such as the “ licensing clauses.” The Standard Oil de­
cision was rendered Saturday, Nov. 20, by the four U. S.
Judges of the Court of Appeals of the Eighth Circuit sitting en
banc in the U. S. Circuit Court at St. Louis, the Judges being
Walter K. Sanborn, Willis Van Devanter, William C. Hook
and Elmer B. Adams. The decision was unanimous and
came from a tribunal whose judgments in the past had been
found unusually sound. The opinion was by Judge Sanborn,
and Judge Hook delivered a brief concurring opinion. The
Court ruled that the individual defendants (the Standard Oil
magnates) had united with the Standard Co. and its subsidi­
aries to effectuate a combination or conspiracy in restraint of
trade and commerce among the several States, in contraven­
tion to Sec. I of the Sherman Anti-Trust Act of 1890; also,
that they had combined and conspired to monopolize a sub­
stantial part of inter-State and international commerce in vio­
lation of Sec. II of the same Act, this latter being the clause
under which criminal prosecutions may be brought. The
Court followed the unusual course of drawing up the decree it­
self and it was very sweeping in character, interdicting all the
various devices adopted by the Standard Oil people in the
past in seeking to avoid State anti-trust laws, and leaves no re­
course to the defendants (provided the judgment of the Court
of Appeals shall be sustained by the U. S. Supreme Court) ex­
cept the actual distribution among Standard Oil shareholders
of the stockholdings in the subsidiary companies. Moreover,
all the defendants, both individual and corporate, are abso­
lutely “ enjoined and prohibited until the discontinuance of
the operation of the illegal combination from engaging or con­
tinuing in commerce among the States or in the territories of
the U. S.” The decree was stayed by appeal to the Supreme
Court. While it was recognized that in many respects the
Standard Oil combination stands in a class all by itself by rea­
son of its long record in suppressing competition and the large
percentage of the trade in refined oil which it controls, it was
also felt that the rules laid down by the Court, as likewise the
similar principles enunciated by the U. S. Circuit Court of Ap­
peals for the Southern District of N. Y. in the case of the Am.
Tobacco Co. in Nov. of the previous year, rendered many

22

THE CHRONICLE

other industrial combinations liable to be declared illegal if
the U S Govt, should undertake to proceed against them.
On this account the decision proved very disturbing and pre­
cipitated a break in prices on the Stock Exch. Negotiations
had been under way prior to the decision for combining a
lar"e number of copper-producing concerns, and based on the
same an active speculation at rising prices in various copper
shares had been engineered, notwithstanding further accumu­
lations of copper here and abroad. Ihe piopeities which it
was sought to combine comprised those controlled by the
Amal. Copper Co., the United Metals Selling Co., the ColeRyan properties and the Guggenheim properties. After the
Standard Oil decision, it was at first declared that this deci­
sion would have no effect as regards the plan for combining
the copper mines and the copper shares were actually pushed
upward again. Later, uncertainty again developed, and a re­
newed break occurred in the copper shares. Another import­
ant event was the purchase by the Amer. T . & 1. Co. from the
Gould people of a large amount, understood to be $30,000,000
of the $99,787,000, of stock of the Western Union Telegraph
Company. This purchase, pointing as it seemed to do, to
a possible union (though only co-operation is claimed)
of the telegraph and telephone business, led to some ex­
pressions of hostility, with reports of possible interference
or investigation by the Government. Speculation in cot­
ton was maintained, but the course of prices was downward.
By Nov .3 middling uplands at N.Y .had been boosted to 15.20c.;
a violent collapse carried the price by the 8 th down to 14.20c.;
two days afterward it was back again to 15.10c.; the close
Nov. 30, however, was at only 14.55c. Print cloths ruled
throughout at 4c. December wheat at Chicago declincd^ to
$ 1 .0 1 % Nov. 4; but on reports of damage to the Argentina
crop there was an advance to $1.09% Nov. 23, with the
close $1.06%. Government money holdings were re­
duced from $308,794,235 to $302,347,155 and Govt depos­
its with the banks from $49,497,654 to $49,069,718. National
bank notes, secured by bonds, increased from $678,344,963 to
^c.80,995 267. Several railroads announced new stock issues
and
’ fhf>ir shareholders valuable “ rights” in connection
with the same, the euect m eaen tuou
to
.important
declines in such shares. Penn. RR. offered 25% new stock
(aggregating $82,517,800) at par. The stock sold Nov. 30 at
129% ex rights, against 149% Nov. 1; $53,123,000 of conv.
bonds also were exchanged for stock to get the right to take
the new stock at par. N. Y. Cent, offered its shareholders
25% new stock at par, calling for $44,658,000; the shares sold
Nov. 30 with the “ rights” still on at 125%, against 137%
Nov. 1. N. Y . N. H. & H. offered 25% new stock at 125, the
additional stock being $50,000,000. Chic. & N. W. an­
nounced the next month that com. and prof, shareholders of
record Jan. 10 1910 would be allowed to take 25% new com.
at par, calling for $30,503,000 new stock. Tom L. Johnson,
for many years Mayor of Cleveland, O., and responsible for
the prolonged traction troubles in that city, was defeated for
re-election. At the triangular mayoralty contest in this city,
at which William J. Gaynor, Otto T. Bannard and William R.
Hcarst were candidates, Judge Gaynor was successful. Ihe
Court of Appeals of the Dist. of Columbia re-affirmed the jail
sentences against the labor leaders, Gompers, Mitchell and
Morrison. The receivers of the Chic. Peoria & St. L. RR.
raised passenger rates from 2 to 3c. per mile to non-competi­
tive points under the injunction of the U. S. Circuit Court re­
straining the enforcement of the Illinois Two-Cent Passenger
Rate Law. The Chilian Govt, deposited $1,000,000 in Lon­
don to the order of the Hague Arbitration Court in connection
with the famous Alsop claim of the U. S.; the next month
King Edward of Great Britain was selected as arbiter upon
the claim. The Irish Land Bill was passed by the British
Parliament after a compromise on certain amendments be­
tween the House of Commons and the House of Lords. An­
other attack was made upon the life of Lord Minto, the
British representative in India. A plan for the reform of
the British administration of India, admitting the natives
to an important share in the legislation of the country, came
into effect. Herbert John Gladstone accepted the post of
Governor-General of United South Africa. The fourth
National Bank of this city announced a proposed in­
crease in its stock from $3,000,000 to $5,000,000, the
new stock to be sold at $200 per $100 share. A plan for
the consolidation of the Mechanics’ National Bank with
the Nat. Copper Bank was arranged. Clark Williams, N . Y .
Supt. of Banks, was appointed State Comptroller by Gov.
Hughes and was succeeded by O. H. Cheney, the Second
Deputy Supt. In an amended bill in ouster suits against 38
insurance companies in Mississippi the attorneys for the State
demanded penalties aggregating $215,000,000 for having en­
tered into, as alleged, agreements regarding rates. In Arkan­
sas similar suits against 65 companies had been filed in Aug.
and a fine of $1,000,000 demanded from each one. The last
spike on the West. Pac. R y., the new Gould line, extending
from Salt Lake City, Utah, to Oakland, Cal., opposite San
Francisco, 927 miles, was driven Nov. 1. The previous
month (Oct. 28) the first through train over the Carolina
Clinchfield & Ohio R R . from Dante, Va., to Spartanburg,
S. C., 244 miles, was run. The Clev. Cin. Chic. & St. L. Ry.
uncovered a shortage of $643,000 in the accounts of its local
treasurer at Cincinnati. A plan for a pension system for em­
ployees of the N. Y . Cent., the L. S. & Mich. So. and the Mich
Cent, to go into effect Jan. 1 1910 was announced. Electors
in N. Y . State adopted a constitutional amendment permit­
ting the deduction of rapid transit and dock bonds in figuring



[ VOL. XC.

the borrowing capacity of N. Y. City and the deduction of
water bonds in figuring the debt of third-class cities, they also
adopted three other amendments and the proposition to issue
$7,000,000 Cayuga and Seneca Canal bonds.
Railroad Events and Stock Exchange^ Matters. Ihe btanclard Oil decision caused a sharp break in prices the latter part
of November. In the early part dealings were light anil
prices irregular. The copper shares were strong on the ne­
gotiations for a copper combination, while Amer. Sugar Re­
fining was conspicuously weak on the Custom House devel­
opments adverse to the company. The Standard Oil deci­
sion came Saturday, Nov. 20, and caused a slump in prices
that lasted until about the 24th. Determined support was
evidently extended, and this finally proved effective, espec­
ially as intimations came that the copper combination
would be carried out notwithstanding the decision referred
to. The latter part of the month, when it appeared that
this was not to be the case, a renewed break occurred. At
this time, too, the offer of $44,658,000 new stock by the N. Y.
Cent, proved a depressing feature. Other shares were also
weak by reason of the announcement of new stock issues
and offers of rights— instances being Penna and Chic. &
N. W ., as noted above. Amer. Sugar Refining coin, got
down to 115% Nov. 30, against 134 Nov. 4; Amal. Copper,
after opening at 8 6 % Nov. 1, rose to 96% Nov. 19, but
dropped to 83% Nov. 29 and closed Nov. 30 at 8 «>)4 . Steel
com. opened at 90% , got up to 93% -Nov. 4 and dropped to
85% Nov. 30. N . Y . Cent, declined from 137% Nov. 1 to
125% Nov. 30, and Penna. from 149% to 129% ex- rights ;
Chicago & N. W. com. from 190 Nov. 3 to 1?7M Nov. 29;
Nor. Pac. from 149% Nov. 5 to 142% Nov. 30; Sou. Pac.
from 130% Nov. 5 to 127 Nov 30. In the case of Reading
com. the low point was 160% Nov. H , the high ! 7 ^ / 2 Nov
26 and the close 167 N ov. 30. Union Pac. com was 202%
Nov 1 1 9 9 % Nov. 10, 20o Nov. 19 and closed at 200%.
Cent, of N. J^-declared an extra div. of 2 % (making 10% for
tho vear)i presumably out of the 6 % % div. received by it on
the stock of the Lehigh & Wilkes-Barre Coal Co. Wells
Fargo & Co. (Express) announced that a 300% div. would
be paid as soon as the necessary steps to that end could be
taken. The Aluminum Co. of Amer. (Pittsburgh) announced
a stock div. of 500% on its capital of $ 3 ,2 0 0 ,0 0 0 , calling for
$16,000,000 of new stock. Am. Cot. Oil Co. made the annual
div. on com. 5% , against 3% in 1908. Mo. Pac. arranged for
financing its floating debt and other needs, and offered share­
holders $29,806,000 of new Scries “ A” 1st & ref. mtge. bonds
at 95, payment to be in instalments in January, March and
April 1910.
.
The Money Market.— Money during November ruled high.
Following the 1st of Nov. payments, there was some mani­
festation of an easier tendency, but the renewal of gold ex­
ports to South America and some out-of-town calling of loans
again sent rates upward. Foreign funds were then at­
tracted, including considerable sums from France, without,
however, materially weakening rates. Call loans ranged from
2 % to 6 , with rates Nov. 30 4 @ 5 .
Time money closed at
5% for 60 days, 4% @ 5 for 90 days and 4% for 4, 5 and 6
mos. Commercial paper was drawn more freely than could
be readily discounted, as the inquiry was restricted because
of the high rates obtainable on stock loans. At the close
quotations were 5 @ 5 % for double names, 5 % @ 6 for the
choicest single names and 6 @ 6 % for good single names.
Money holdings of the Clearing-House banks decreased from
$319,755,800 Oct. 30 to $298,960,800 Dec. 4. Surplus
reserves were down to $4,496,325 Nov. 6 , up again to $11,­
334,350 Nov. 27 and $9,705,925 Dec. 4. Deposits fell from
$1,234,624,800 Oct. 30 to $1,157,019,500 Dec. 4 and loans
from $1,237,177,400 to $1,181,957,500. Money holdings
of the outside institutions fell from $149,512,900 to $140,­
127,000 and loans from $1,205,482,600 to $1,188,441,300.
Foreign Exchange, Silver, (fee.-—Exchange rates were a
little easier the first few days, but the rest of the month
evinced a strong rising tendency. 1 hough considerable
amounts of finance bills drawn during the summer began to
mature, no difficulty was experienced in effecting renewals
in London or in obtaining favorable treatment in Paris.
Some new finance bills were also in evidence. Furthermore,
with the lowering of discount rates abroad, an active de­
mand developed in this market for gilt-edged bonds and short­
term notes by French and English bankers. As against all
this, however, there was persistent buying of exchange by
an international banking firm of large prominence, and con­
siderable demand to cover outstanding short contracts in
exchange. The close was at the highest figures ot the month
for all classes of bills. The low point was Nov. 4, at 4 8310
@ 4 8325 for 60 days, 4 8705@4 8710 for sight and 4 8755®
4 8765 for cable transfers. The close Nov. 30 was at 4 84®
4 8410, 4 8770@4 8775 and 4 8820@4 8825. Ihe months
gold exports to South America are referred to above and also
the gain in the bullion holdings in the Bank of England.
Open market discounts abroad at the close weie 3 lo-16
for 60 days and 3% for 90 days at London;
at Ian s and
4% at Berlin. Silver in London Nov. 30 was 23%d.
DECEM BER.— Current Events.— Congress convened Dec .6
and the President’s Message contained no disturbing features.
It omitted, however, discussion of the matters concerning
which there was chief anxiety, namely the Anti-Trust Law
and the proposed amendments to the Inter-State Commerce
Law— these being reserved for special messages. Trade ex­
pansion kept actively under way. Contrary to expectations,

Jan. 1 1910.]

rHE CHRONICLE

in view of the electoral campaign in Great Britain, the Bank
of England on Dec. 9 reduced its discount rate from 5% to
4 % % . Nicaraguan affairs assumed great importance, the
U. S. breaking off official relations with the Govt , of Presi­
dent Zelaya. On Dec. 1 Mr. Knox, Secretary of State, sent
a note to Senor Rodriguez, the Zelayan Charge d’Affaires,
dealing with the execution of the two Americans (Groce and
Cannon) who had acted as officers with the insurgents under
General Estrada, and saying that it was notorious that since
the Washington conventions of 1907 President Zelaya had
almost continuously kept Central America in tension of tur­
moil and repeatedly and flagrantly violated the provisions of
those conventions. The Government of the United States,
he declared, was convinced that the revolution represented
the ideals and the will of a majority of the Nicaraguan people
more faithfully than did the Government of Zelaya. In
these circumstances President Taft no longer felt for the
Zelayan Government “ that respect and confidence which
would make it appropriate hereafter to maintain with it
regular diplomatic relations.” Accordingly, the Charge
d ’Affaires was given his passports, but was informed that the
Secretary of State would be glad to receive him, “ as I shall
be happy to receive the representative of the revolution, each
as the unofficial channel of communication between the Gov­
ernment of the United States and the de facto authorities.”
The United States hurried warships and marines to the Nica­
raguan coast, but did not actually interfere in Nicaraguan
internal affairs. Events nevertheless followed in quick suc­
cession. President Zelaya resigned his office and Judge
Jose Madriz was elected as his successor. The revolutionary
arty continued their struggle, and on Dec. 21 a Sanguinary
attle took place, the casualties on both sides totaling 1 ,0 0 0 ,
while General Estrada apparently gained a victory over Zelaya’s men, about 1,900 of whom, it was reported, surren­
dered. Later President Zelaya took his departure from the
country, going to Mexico. The attitude of our Government
was not favorably viewed by the other Central American
States. A strike of the switchmen on the railroads running
west and north of St. Paul and Lake Superior inaugurated
Tues. evening, Nov. 30, by the Internat. Switchmen’s Union,
proved somewhat disturbing the early part of December.
For a day or two it had the effect of paralyzing trade and
business in the. whole of the territory from the head of the
Great Lakes to the North Pacific coast. The flour mills in
Minneapolis had to shut down for a time, smelting and cop­
per-mining operations in Montana had to be curtailed, and
trade was interrupted in other ways. But the strike quickly
lost its influence, as the railroads succeeded in replacing the
strikers with new men. The switchmen’s union had asked
for a further advance of 60 cents per day in the wages of
switchmen, switch-tenders, tower-men, &c., notwithstand­
ing that the pay of the switchmen had been increased over
13% in Nov. 1906. The roads offered an increase of 20 cts.
a day west of Havre, Mont., and west of Billings, Mont., and
also offered to submit the whole matter to arbitration under
the Erdman Act, but both proposals were rejected. Later
in the month it was announced that the Brotherhood of
Railway Trainmen, covering the territory east of the Missis­
sippi and north of the Ohio, had served notice upon the roads
that on Jan. 3 1910 a demand for an increase in the wages of
railway trainmen of 5% to 40% would be made. The Ameri­
can Federation of Labor declared war against the U. S. Steel
Corporation, apparently because of the action of the latter
in having the previous July put the plants of the American
Sheet & Tin Plate Co. on the open-shop basis, as a result of
which the Amalgamated Association of Iron, Steel & Tin
Plate Workers had at that time inaugurated a strike, which
strike was nominally still in progress. The Agricultural
Bureau at Washington on Dec. 10 estimated the cotton crop
at only 10,088,000 bales, exclusive of linters; the estimate
was generally rejected in conservative circles, but had the
effect of renewing the cotton speculation, middling upland
cotton in this market Dec. 30 being quoted at 16.15 cts., as
against 14.55 cts. Nov. 30. The close Dec. 31 was at 16.10
cts. All the future options from March to August inclusive
sold above 16 cts. Print cloths at Fall River ruled at 4 cts.
The switchmen’s strike in the Northwest and heavy storms
had the effect of diminishing grain receipts at the primary
markets, and this, together with rumors of damage to the
Argentine crop, sent grain prices sharply upward. A modi­
fication of conditions in all these respects caused a recession
by the close. May wheat at Chicago was $1.05% Dec. 1 ,
$1.14J<£ Dec. 18 and closed Dec. 31 at $1.11)4. Prices of
corn and oats also advanced several cents. The U. S. Secre­
tary of the Treasury on Dec. 18 announced that after Feb. 1
1910 State, city and railroad bonds (other than the bonds of
our territorial possessions and bonds of the Philippine Ry.)
would not be accepted as security for Government deposits
in the banks. Only $10,415,500 of State, city and railroad
bonds were still pledged as security for such deposits at the
beginning of the month. Government money holdings Dec.29
were $304,277,510, against $302,347,155 Dec. 1 ; deposits in
the banks were $48,734,066, against $49,069,718. National
bank circulation secured by bonds increased from $680,995,­
267 t o ---------------- . Judge Horace II. Lurton of Tenn. was
nominated and confirmed as successor to Justice Peckham in
the U. S. Supreme Court. The Bowery Savings Bank of this
city, the largest of all the savings institutions, reduced the
rate of interest on deposits from 4% per annum to 3 )4 % ; the
Dry Dock and two of the smaller institutions took similar



23

action. Mr. J. P. Morgan bought the majority stock of the
Equitable Life Assurance Society, owned by Thomas F.
Ryan; the purchase was subject to the trust which Mr. Ryan
had created for the benefit of the policyholders. A syndicate
headed by Henry P. Davison, of J. P. Morgan & Co., bought
a controlling interest in the Guaranty Trust Co. by taking
over the share holdings of the late E. H. Harriman, those of
the Mutual Life Insurance Co. and stock owned by other in­
terests. The Kansas Bank Deposit Guaranty law, under
which it is optional for a bank to join or not, was declared
unconstitutional by Judge J. C. Pollock of the U. S. Circuit
Court at Topeka, because, under a ruling of the Federal of­
ficials, national banks cannot under the law participate in
schemes of that kind, thus producing discrimination and con­
ferring special privileges upon certain classes of institutions,
in violation, as Judge Pollock held, of the 14th Amendment
of the Federal Constitution. The Court of Appeals of
this State reversed the Public Service Commission of the
Second District, which had refused permission to the Del.
& Hud. Co. to issue bonds for the purpose of taking up
obligations incurred in the purchase of an electric railway
and some coal properties. The Court stated that inasmuch
as the bonds were for purposes allowed by statute, the Com­
missioners could not constitute themselves the financial man­
agers of the corporation or substitute their judgment for that
of the directors or stockholders. Five former employees of
the American Sugar Refining Co. were found guilty of sugar­
weighing frauds, after trial by a jury; as to a sixth (former
Cashier James F. Bendernagel) there was disagreement. The
limit of $150,000,000 fixed by statute on the new business
written by any insurance company in this State Was upheld
by the Appellate Division of the Supreme Court. A jury in
the N. Y . Supreme Court, after a trial lasting about nine
weeks, returned a verdict of guilty against the American Ice
Co. on the charge that it had violated the N. Y . Anti-Trust
Law. In Texas H . Clay Pierce was, by direction of the Court,
acquitted of the charge of perjury and false swearing in con­
nection with Anti-Trust proceedings brought by the State of
Texas against the Waters-Pierce Oil Co. Judge Calhoun held
that Mr. Pierce, having been compelled to testify by the Su­
preme Court of Missouri, was immune from prosecution.
The Middle States and New England were visited by a very
heavy snowstorm which began on Christmas Day and con­
tinued until the afternoon of the next day, seriously impeding
railroad transportation and bringing traffic on the surface
lines in leading cities, more particularly Philadelphia and
New York, to an almost complete standstill for the time be­
ing. In this city, according to the local Weather Bureau,
the fall of snow reached 10.1 inches; at Philadelphia it was
much heavier. This compares with 9.5 inches here at the
time of the storm on Jan. 25 1905, with 15)4 inches at the
time of the blizzard in Feb. 1899 and with 20.9 inches in the
memorable blizzard of March 1888. The Rock Island Co.
sold the $28,940,300 common stock held by it of the St. Louis
& San Fran. R R. (giving control) to interests represented by
Edwin Hawley and B. F. Yoakum, and then called the entire
issue of $17,364,180 5% coll. tr. bonds of the Chic. R . I. &
Pac. R R . due 1913, which were secured by a pledge of such
stock.
Railroad Events and Stock Exchange Matters.— After the
decline the previous month, stocks again tended upward in
December— at first rising slowly but with gradually accel­
erating pace the latter part of the month. The switchmen’s
strike in the Northwest had only a temporary depressing
effect early in the month, and was offset by the absence of
disturbing features in President Taft’s Message. Sharp up­
ward movements in special stocks also served to promote
speculative activity. The Rock Island shares were boosted
on the theory that the sale of its St. L. & San. Fran, stock,
which had never netted a return, greatly improved its posi­
tion. The common had advanced from 39)4 Dec. 3 to 50)4
Dec. 24, when on Dec. 27 the stock in a few minutes suddenly
shot up to 81, only to drop back again with equal velocity.
There was also a special upward movement in Reading 2 d
pref., which was unexplained except by a revival of the old
story that the right possessed by the company to convert
this stock into one-half 1 st pref. and one-half common might
be exercised. The general market, however, remained tame,
with business on a small scale until after Christmas. Then
speculation gradually revived, and finally the tone became
quite strong. Reading s.-a. div. on com. was increased from
2 to 3% , and the L. & N. increased from 3 s.-a. to 3)4; St. L.
Southw. (pref.) increased from 2 s.-a. to 2)4. Other in­
creases were Pennsylvania Company, Pitts. Cin. Chic. & St. L.
com. and Crucible Steel Co. of America (pref.). Lehigh Coal
& Nav. declared a stock div. of 15% and Pittsb. Coal Co. re­
sumed on pref. The Steel shares were again leaders in the
upward swing, and Steel common sold up from 8 6 % Dec. 1
to 92% xDec. 18, with the close Dec. 31 91. Amal. Cop.
sold up from 85)4 Dec. 1 to 91% Dec. 30. Un. Pac. com.
was 197% Dec. 3 and 204)4 Dec. 31. So. Pac. was 127%
Dec. 2 and 138% Dec. 31. Reading com. was 167% Dec. 1 ,
172% Dec. 23 and closed at 171. Penn, rose from 128)4
Dec. 3 to 137% Dec. 27 and closed at 137%. Mil. & St. P.
com. from 153% Dec. 2 advanced to 159% Dec. 17 and
closed at 158%. A sudden advance of over 10 points in
Atlantic Coast Line L. & N. coll. 4s may have been connected
with the increase in the L. & N. div., but appeared to be
otherwise without cause. J. P. Morgan & Co. offered $18,­
500,000 of 1st mtge. 4s of the reorganized Chic. Gt. West.

24

THE CHRONICLE

R R . Mil. & St. P. sold $25,000,000 gen. mtg. 4s, chiefly to
take up maturing bonds. A French syndicate took another
block ($4,000,000) of gen. lien 5s of the St. L. & San Fran.
Chicago interests acquired the stock in the Chicago City lty.
held for some years by a syndicate headed by J. P. Morgan
& Co. and arranged for a general merger of the Chicago
traction properties.
The Money Market.—'Money on call advanced to high
figures, touching 7% Dec. 30, with the range Dec. 31 5 ^ @
6 *4. Time money was much easier; the demand, however,
was restricted, as borrowers curtailed their requirements,
expecting lower rates in Jan. The close was 4 y @ 4 % for
GO and 4)4 for 90 days; 4)4 for 4, 5 and 6 months. Paper
rates also declined materially, influenced by easier time
money. Double names were quoted at 4 % @ 5 )4 and the
best single names at 4y2@ 4 % , while good single names com­
manded 5 @ 5 )4 . Money holdings of the Clearing-House
banks fluctuated from week to week and were $290,354,700
D ec. 31, against $298,900,800 D ec. 4. Surplus reserves, after
declining to $0,909,825 Dec. 18, and then risingto $10,525,925
Dec. 24, were only $3,489,100 Dec. 31. Money holdings of
the outside institutions increased from $140,127,000 Dec. 4
to $144,849,000 Dec. 31. Loans of these institutions in­
creased from $1,188,441,300 to $1,200,940,800. Loans of
the Clearing-House banks, after first expanding,decreased,
and were $1,190,598,000 Dec. 31, against $1,181,957,500
Dec. 4. Deposits of the banks, after increasing from $1,157,­
019,500 Dec. 4 to $1,188,572,300 Dec. 18, were $1,171,402,­
400 Dec. 31.

[VOL. XC.

Foreign Exchange, Silver, &c.— Foreign exchange in Dec.
advanced to the highest level of the season. The upward
tendency culminated Dec. 22 with the departure of the final
mail steamer to reach London during 1909. Then rates be­
gan to decline and finally a sharp break occurred. A variety
of circumstances accounted for the early rise, the extreme
scarcity of remittance, particularly grain and cotton, being
one of these; another was the larger requirements for interest
and dividend payments on Jan. 1, owing to the greater
amount of American securities held abroad. There were also
indications of an attempt to corner exchange on the part
of certain powerful interests who had calculated upon a
serious monetary stringency at London, owing to the failure
of the Budget to pass. The fact that these interests had ac­
cumulated exchange beyond their needs and consequently had
bills to sell accentuated the subsequent weakness. The Bank
of England sustained heavy losses of bullion each week, but
chiefly to the interior. The Bank allowed much of the South
African arrivals of gold to be taken for the Continent
Dis­
count rates tended lower. Closing quotations Dec 31 were
3 % @ 3 y f°r spot and 3%:@ 3 % to arrive at London, 2% at
Paris and 4)4 for spot and 3)4 to arrive at Berlin. Gold
shipments from N. Y. to South America continued, $0,550,­
000 going to Argentina and $1,750,000 to Brazil. When
exchange was at its highest, Dec. 21, sight sterling was quoted
at 4 8810@4 8815 and cable transfers at 4 8855@4 8805.
The close Dec. 31 was at 4 8GG5@4 8075 and 4 8705@4 8715.
Silver in London advanced to 24)4*4- and closed Dec. 31
at 24)4d.

PRICES IN 1909 A T TH E NEW Y O R K STOCK EXCHANGE.
The tables on the following pages show the highest and lowest prices at the New York Stock Exchange
of Railroad, Industrial and Miscellaneous bonds and stocks, and also of Government and State securities, for
each month of the past year. The tables are all compiled from actual sales. Under a resolution of the
Governing Committee of the Stock Exchange, prices of all interest-paying bonds since Jan. 1 1909 have been
on a new basis. The buyer now pays accrued interest in addition to the stated price or quotation. Previous
to 1909 the quotations were “ flat” — that is, the price included all accrued interest. Income bonds and
bonds upon which the interest is in default are still dealt in “ flat.”
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS BONDS FOR THE YE A R 1909.
1 9 ©!).
November December
September
October
January
February
March
July
A pril
M ay
June
Augm l
Low High Lena 11igh Low High Low High Low High'Low High Low High Low H igh Low Higlvl.ow High I.ow H igh Low High

BONDS
A nn A rb o t— 1 s t 1 9 9 5 g o ld - -4
A tc li T o p & S I-'e g e n g 1 9 3 3 - 4
R e g i s t e r e d ---------- -------- 4
A d j u s t m e n t g o ld 1 9 3 5 ------ 4
S ta m p e d

—

---------------4

84

86
873,|
84
S I 's 8 0 * 2
87%
87%
SG'% 8 7 * 2
85%
85%
101
1 0 1 * " 1 0 0 % 1 0 1 % 1 0 0 % l O H s 1 0 0 % 1 0 1 * 2 1 0 0 * 2 1 0 1 * '. 1 0 1
100
100
99
100% 100
1 0 0 % 10 0 *| 1 0 0 7 s 1 0 0 7 3 1 0 0 ? s
93%
93%
94%
94
95*2
94
95%
93
94%
9 3 5s
93*2 937s
921.1 92 *1
94
95
93
94%
93%
94
03*2
94
93*2 9 1 %
94%
95*2
1 1 2 % 1 1 4 '% 1 1 1 %
1 1 3 ! .,
85

100*8 1 0 1 %
99
100
92
92*2

S u b s c r i p r e c t s ( p a r t p a id )
5 0 - y c a r c o n v g o ld 1 9 5 5 — 4

102*2 1 0 4 %

1 0 - y e a r c o n v g o ld 1 9 1 7 — 5

1 0 6 * 8 1073.1 1 0 0 * 2 1 0 7 %

103

105%

103% 108

105% 108

10 5 3 .! 1 0 8 > i 1 0 7 -% 1 0 9 %

10738 110*2 1 0 9 % 1 1 0 %
109% 112%

98*2

E a s t e r n O k l a h o m a D iv 1 s t . 4
T ra n sc o n S h o rt L 1 s t g — 4
San Fr P re s & a lie n is t g - - 5
A tf a n C o a s t L — 1 s t 1 9 5 2 g - - 4
Lou

&

N a s h co ll 1 9 5 2 g — 4

97

97

98

99

97%

977S

97

9S%

111
98%

110%
98%

97%

97%
97%
97%
97%
90
90*9
95*s 9 5 %
95%
051-* 9 5 * i 95 -%
04*2 9578 95*2 96 %
9 4 'g 9 5 * 2
112*3 1 1 2 %
112
1123s
113
113
111*2 1 1 1 %
11038 n o -%
1 1 0 % 11038
96%
97*2
96*2 97*2
9 4 *.i 9 6 * 2
97
07%
96%
97 *1
9 5% 9G73
H 0 7 s ll0 7 s
96 -% 9 0 %
S6
91
89
90*2
89
90%
90%
91-%
89*2 93*2
89
907s
127

84
1017s
*9 3 3 )

1 00

101*1

100

100

93*2

94%

83
84*2
83*2 8 0
10034
10 0 *8 1 00-% 1 0 0
99
101%
93%
95
93% 94%

933.1
93%
94
115
1 1 9 *2 1 1 0
116
117% 115%
115%
115
1 1 8 '% 1 1 5 * 2 1 2 0
118*’
1 1 5 % 1 1 9 % 1 157s 1 2 0 -% 1 15-%
9973
99*2 99*2
99
0 8 * *> 9 8 * 1
98*^ 9810
98*3
97
9 7 * 2 9 7 *2
94

94
117
114%

94-%

94

94%

91*2
122
116%

79
81*%
9 9 -% 1 0 0 3 8
9S % 98%
93*2

94*2

93*2 9 4 %
93*2 9 5
I1 9 *i 120
117
117
1 16% 1 20
118% 120
117
1237s 118*2 122%

123
118*’
1 2 2 % 117
99< 8

123%

118 3 3 1 2 2 %

773.1

79

99% 100
99% 99%
9 4 % 91*2
9 1 * i 943.1
H 83i 118%
120

1 2 1*2

1 1 8 % 123*8
11 8 % 123*1

99
98*i
9 / 1•>

93% 94%

93% 94*1

93%

94%

98*2
03

98%
98

93~s

04%

96

110 * ’ n o *- HO*" 1 10*2
95 3 |

90%

953.1

96-%

89

90

89*i

02%

94%

95%

95

95%

94

9 1 '%

89

91

89

90*2

89*1101*2

93*2

92

93

94%
95%
109
11l
91

127

11219 112*->
B

i& O

— P r io r lie n g 1 9 2 5 - - 3 Vi

93
93

91
93

93*2

94%

9312
92

94
92

100% 101*2 100*2 101
99
99
99
99

G o ld 1 3 1 8 - ................... ............... 4
R e g i s t e r e d ------ ------------ 4
P i t t s J u n e & JV\ D i v ------ 3 'A
P i tt s L E & W Va S y s te m -4
S o u th w e s t e r n D iv 1 s t g -3 > S

1 0 0*8 101*1
99
100%
8 9 * » 8 9 * ■>
95%
96
9034 913s

C e n O h io R e o r g 1 s t c o n s 4 Vi
C lc v e L o r & W c o n s 1 s t g - 5
O h io R iv e r 1 s t 1 9 3 5 g o l d - - 5

11 0 * 8 1 1 0 * 8 111 1 2 1 1 3

95
91

90
9 1 '3

93*2
91

95
91*2

97

97

97%

97%

94

94%

94

94*2

92%

93

94
941o
93
93
1 0 0 * 2 1 0 1 *2 1 0 ()7S 1 0 1 %

9 3 '%

9 4 *2

91
91

91*2
01

88

89

93*2
91

94%
91%

89 *
93%
91

95

100% 101
99%
99%
88*2
95
90%

113

SO
93%
91

113

9 3 3s
100

94%
101

S t a m p e d ........... .................. p r e f e r e n c e in c o m e ........... 5
S t a m p e d ........................... .......
T r u s t r e c e i p t s ...........................
S t a m p e d ________ _______
3 d p r e f e r e n c e in c o m e ---------5

9.8*2

98

99%

95%

9 )7 S

90*2

91

9.5
907g

95%
91*8

11.5

110*2 H G 3 i 1 17
117*8 1 1 7*8
109
109*8 1 0 9 % 1 0 9 % 1 0 9 1 ’
100
100
118% 118% 119
121
121*2 1 2 1 %
87%

79

79

CO
T T
55

110*1 i n
79

80

03

*e"o*%

04
04

00%
04

53
54

59%
5 1

55%
55

59
53

00*
*5*5*’
55

99*2
89
93
89

99*2
89
93*2
91

1 1 034 1 1 6 %

U 7%
110
119
121%
83

60
05
05
05
02

59

01

93

923 | 9 3 %

99%

9831

0931

97*2
883S
92%

97%
88%
03%

89*2

90%

9212
89%

03*8
90%

113
112

113

11

11634 1 1 6 %
1093.1 1 0 9 %
100*1100%
1 1 7 % H 8 '%
1 2 0 % 1 2 0 *8

118*2 11834
121% 121%

1173.1 1 1 7 %

100
100
i i 7 '% 1 1 7 %

_
81%

80

31

05
03
07
05%
02

70 *8
09
70
G 0%
00

01
0 4 1#
02^4 02*34

o T
0j
05

73 "
71
70

05

06

05

07

do

111%

50
51

997s
9 0 *2

s i
72
72

90
84
84

72
72

83%

SI

71%
701,
7 1 **

SO
SO
7 9 lo

097s

78%

110*2 H I

1 0 9 '% 1 1 1
84%

863.|
78

76
76*9

86%
81

78
76*9

90

75
75
76
72%
72

75
75%
70
75%
72

70

71

112

112

98*2

110% 110%

1 0 9 3 4 1 1034 1093.| 1 1 0 % 1 0 9 3 4 1 1 1
SO
30
79
80 " 79%
80
80
80
80
80

63%
02
59%
03
58

92%
98%

112
98%

9S

1 0 8 % 106-% 1 0 0 * 2 1 0 7
1 0 0 *4 lO ftSg 1 0 0 % 1 0 6 * 2 1 0 5 7 s 1 0 6 * 2 1 0 5
100% 107
1 0 6 % 1 0 0 * 2 1 0 0 *2 1 0 7
102
103
1 0 2 *1 1 0 2 * 2 1 0 2 % 102-% 1 0 2 *4 10234 1 0 1 % 1 0 2 * 2 1 0 2 * 2 1 0 3
102
1 0 2 *2 1 0 2
102*2 1 0 2
10S% 109%

91*i 91%
99
100%

113

113
1115

2d




1 007s

98*2

11 5 *2 1 1 0 %

C o n s o l 1 9 4 5 g o l d - - ........... . - 5
1 s t p r e f e r e n c e in c o m e ........... 5
S t a m p e d ........................ ..........

9 2 -%
100

1 1 0 * 2 1 1 0 *2
93

C a n a d a S o u t h e r n —1 s t e x te n d e d 1 9 1 3 .............. - . 6
^ 2 d 1 9 1 3 v ____ ______________5

83%
93
90

1133! 113%

111*2 1 * 2

A llcg li & W e s t 1 s t g u g — 4
R o c h & P i t t s 1 s t 1 9 2 1 ____ 6

993! i o i

93*2

Us

11578

1 1 0 1 ’ 110*2
1 0 2 % 102*>
11 6 *8 1 1 6 %

81%

10 5 3 ' 101*2 105*1 101
1051.1 1 0 1 % 1 0 5
1 0 2 % 1 0 1 % 1 0 2 % 1 0 0 % 1 0 1 '% 1053 1 1 0 1

10;)! > n o

io s -’s

no

108
83

100
1 0 ,% 1 0 9
91R>
87
!i97s
89
891 ■>
89^ 2

82
85
S2

85
85
82

83
84
85

8!
85
85

76*3
75

7 6 *2
76

71

73

72

71*2

74

75
SO

1,7 % * 8 4 %
87
85
85
84%

76%
71

70%
73

82*8
7212
75

87%
33
82*;

72

72

(6

SO

’ 70**2 *7*1*

85

s o t- 89*0

SO

*8*7*"
85
843.J

86

Jan . 1 1910.1

THE CHRONICLE

35

1009—Conti n nod.
October
November December
September
M ay
August
June
July
April
March
January February
Low 11tgh Low Illyh Low 11Igli Low High Low High Low High Low High Low High Low High Low High Low High Low H gh

BONDS
C e n t r a l o f G e o r g ia — (CVw)

^

C e n tra l R R & B a n k in g G a . - 5
C e n tra l o f N ew J e rs e y —
G e n e r a l 1 9 3 7 g o l d -------------------- 5
R e g i s t e r e d ---------- ----------- 5
L e h ig h & \V -B C o a l 1 9 1 2 - - 5
C o n s e x t 1 9 1 0 g u -------- 4 'A
C e n tra l V e rm o n t— g u 1 s t g - 4
C h e s a p e a k e ix O h io —•
M o r t g a g e 1 3 1 1 g o l d ---------- 6
1 s t c o n s o l 1 9 3 9 g o l d ---------- 5
G e n f u n d & i m p t 1 9 2 3 -------G
G e n e r a l 1SD2 g o l d .............. 4 H
B i g S a n d y 1 s t 1 9 4 4 -------------- 4

90*8
105
127 3 4
127
128
120
1271a 1 2 7 3 s
110
109
110
003.1 9 9 3 4
9 9 * g IOOI4 1 0 0 %

1I45S 117

104 ’
90%

100%
907g

C r a ig V a lle y 1 s t 1 9 4 0 ^ 8 — 5

10712 10712

R

100

A D iv 1 s t c o n s 1 9 3 9 g - 4

C h ic a g o & A lto n — R e f ’4 9 g - 3
C h ic & A lt R y 1 s t ’5 0 g - 3 H
R e g i s t e r e d --------------------------3 J-5
C h ic B u r l in g t o n £ : O u i n c y —
D e n v e r D iv is io n 1 9 2 2 --------- 4
I llin o is D iv is io n 1 9 4 9 - -3 A
I llin o is D iv is io n 1 9 4 9 - -e — 4
I o w a D iv is io n 1 2 1 9 s f — 4
N e b r a s k a F x t 1 9 2 7 ----------------- 4
S o u t h w e s te r n D iv 1 0 2 1 ^ - - 4
D e b e n tu r e 1 9 1 3 ......................- J
H a n n ib a l & S t J o s c o n s — 6
C h ic a g o & P a s t e r n I ll in o i s —
R e f u n d & i m p t 1 9 0 5 g --------- 4

100

781.1
74

91

89%

100

79
73%
73

100%

C liic & I n d C o a l
C h ic I n d & L o u —
R e f u n d in g 1 9 4 7 g -------------------- G

89%

80
703g
73

1 01% 102

78%
73%

47%

89

130
130
115% 115%
115
129
113

115% 115%

102%
100%
105

101% 102%

90
110

78%
707g

100%
100
91*g
102
105%
1003g 1 0 0
100%
102
101%
99199%
1021­ 1 0 2 %
i 0334 1 0 3 %

1007g
1 0 0 *4
91*4
102%
100
100%
1013.1

87%
8S%
130% 130%
115
115%

115
129
.........................
1 147g

87
115

1041.1 1 0 5 %

.........................
110

10134 10434 1 0 .

129
127
127%
110% 109%
101
100% 100%
8 93.,
88%

115%

78%
75%

78%
76

110% 110%
104% 104%

129% 128%
1 27% ) 1 2 7 %
110% 110%
100
100*g 1003g
85
80%

100
100
90%
90%

100% 100%
100% 100%
91 )% 9 2 %
10134 1 0 2 %
100%
101%
101%
991-

105%

1277g 1 2 7
126
n o% n o
101
1 0 0 % 1003s
S934
89%

101% 102%
11484 1 1 5 %

105

105

102% 103%
91%
92%

897g

90

102% 102%
114% 114%

99% 100

99% 100

7S

7 884

77%

77%

70%

77

75%

77

100% 100%
100% 100%
913g 9 1 %
101% 102%
10134 10134
101% 102%

98
100%
9 9 3 4 9984

88*>g

8S^4

99

99%

74%

76

997s 1 0 0 %
9 9 3 .1 1 0 0

90%
92%
90
91%
1 0 0 3 4 1017g 1 0 0
101%
09%

99%

100% 100%

88
87
131
115 3 4 1 1 5
114

88%
137
11 5 *4
114

9934

997g

100% 1007s

88

89

88%

115%

114

128

128

113% 113%
1 2 7 % 128

1 1 4 3 g 11 4 7 g 1 1 4 % 1 1 4 %
129
128% 128% 129
114% 114% 112% 112%

83

114

102% 102% 1 0 1 % 1 0 2

104
10434
105
105
1 0 3 % 102*4 1 0 3 % 1 0 3
104
1037g 1 0 4 % 1 0 4
9 234 9 1 % 917g
91%> 91 7 g
90
91
91 -%

1127g 1127g
1013g 1 0 1 %
110% 1 1 0 1 1 0 %
1 0 9 % 1 1 0 % 1 1 0 % 110
lO M o 1 0 5 3 , 1057g 1 0 5 7 g 1 0 5 7 g
1 0 2 % 10 2 * 4 1 0 2 % 1 0 2 % 1 0 2 % 1 0 2 %
101
101
1 0 1 7 g 10 1 7 g

C h ic & P a c W e s t D i v ........... G 1 0 9 %
D a k o t a & U t S o u t h e r n ------ 5 in:,

8834

C h ic &

N o r t h w e s t — 1 9 1 6 - - . 7 ....................

G e n e r a l 1 9 8 7 g o l d ............- 3 A

93

943.1

1 1 5 % 11G
99*4
92%
93%

101% 101*4
101% 101*4
100% 100*4

110
101

116
101

99*4 1 0 0 % 101
92% 93%
94%
933g

8934

..........................

77%
75

102
102
114% 115

89%
893S

89%
S 9 *3

87%

8S3g<

99*4

9984

99*8
97

99%
97

77%
76*8

7734

78%
757s

99%

997g

98*4 99*s
100
100

90
91
90
90%
1 0 0 % 1 0 1 *8 1 0 0 % 1 0 1

89
90%
100% 101%
108% 10S%

99% 100%
99%
997g

99*4
100

00-3.1
100%

99*4

9 934

9 9 % 1 0 0 '%

115

104%
91

87

88

1143g 1 1 4 %

128% 128%
94

94

95%

95 7 g

93 3 .,

101
101%
90
91
94%
95

112

112%

113% 113% 1 1 2 3 g ll2 %
1013g 1013g 1 0 1 % 1 0 1 %
110% 109% 110%

109% n o

1021* 1021*

101% 101%

9234

93%

93%

93%

115% 115%
100% 100%
92%
93

128% 129
114
111

108

100% 100%

S i n k in g f u n d d e b 1 9 3 3 ------ 5
A la n ito w o c G B & N W l s t 3 J 3

100% 100%

108
108
I1 1 7 g 1117g 1 1 3

113

109

IO O 811 01
100% 100%

1 01 % 1 0 1 % 101

A lic iiig a n D iv 1 s t 1 9 2 1 g - - 6

1 1 3 % 115
123
123

C h ic R o c k Is i & P a c if ic R y —
M o r t g a g e 1 9 1 7 ........................ G

1137g 1 1 4

88

88

98

99

99
04

99
94

94%
75
73%

94%
70%
75%

74%
73%

70
71*4

101% 102

108% 109

99
9934
9S*4 9 9 %
9S 73 9 9 %
99% 99%
891.J 8 9 3 4 8 9 % 9 0
1 0 0 % 101
100
101
99%
99%
993g 1 0 0

99*8 1 0 1 %
101*8 1 0 2
85

101%

86

1 12% 113

1 1 3 *s 1133g
128% 128%
128% 129
114% 114%

99%
99*s
99*g 1 0 0
90*8 9 9 %
101*8 1 0 1 %

85
86
126
126
1131- 113%

1 2 8 1 -1 2 8 %
114
114

104% 101%
104
104
89%
94%

103
1 0 1 % 1 0 3 *4 1 0 2
88
89%
90
89*8 9 0
9334 9 5
94*4
94
94%
10S% 108%

103
103%
89
89
93% 94

110% 110%

111*4 111*4

111% 111%

108*s 1 0 9 %
1 04-% 1 0 4 %
101
101

1 0 8 % 1087g 1 0 8 % 108*4 1 0 8 % 1 0 8 %

107

100% 1001-

94

94

101

10233

110*4 H I

100% 100%

107
107
100% 100%
100% 100%

89
93%

90
94

1 1 0 * 4 ll0 3 4

103

1 00
1 00

100%
1 00

100

100

108

1 0 8 3 .,

.....................

1 0 9 * 4 1 0 9 *4 1 0 9 3 4 1033.1
10134 1017g 101*4 10134

1 0 8 % 10S34

10734 1 0 7 3 ,

1 0 5 3 8 1053,s
113
113'*4 1 1 3
113
114
114
1 0 0 7s 1 0 0 7 $ 1 0 0
100%
99% 99%

112

112

108% 108%

110

110%

113% 113%

113% 113%

113% 113%

101

101

113

107

113^

107% 107%
111
111

10S

108%

100% 100*8 10^% 100%

1147s 1 1 5
1 1 3 % 114
115
115% 114% 115
10034 10034
102
102
1 0 0 1 -1 0 0 1 - 1 0 0 1 -1 0 0 1 9134 92 %
90%
91*4
90
90%
90%
92%

1 0 0 % 100*4 1 0 0 % 1 0 0 %
100% 100%
109% 109% 1071- 1071- 107

101%

114%

8834
89%

88
89%

103

109% 109%

100% 100%

113

1 0 3 i- 105
102% 103%

100% 100%

89*4

91

10S% 108%

89%

90*s

89%

90

1111, 111%
1 0 9 3 4 1 0 9 *4

107% 107%
109
901-

O t t u m w a C P & S t I* 1 s t - - 5 100 100
F r e m o n t f ilk H & Alo V 1 s t A lilw L. S & W 1 s t 1 9 2 1 g - -G 11 9 * 4 1 1 9 * 4

1 00 100%
9 9% 101*8

110% 111*8
109

IO 8 I2

113%

102% 105%
102% 103%

9 9 "g 100*8
99~s 1 0 0

1 0 4 % 1041.1

1 0 9 3 4 1093.1

S in k in g f u n d 1 8 7 9 - 1 9 2 9 — 5

78
70
75

10134 10 1 3 4

110

1 0 1 % 1027g 1 0 1 % 1 0 1 %
1 0 0 % 1 0 0 % 100*3 1 0 0 %
n o
n o

78
73%
75

861- 87%
86%
86%
12 9 * s 1 2 9 * 8 1 2 9
129
112% 114%

1 0 1 % 1 0 1 3 g 1 0 l3 g 1 0 1 3 g

1073g 1 0 7 %
11534110%

113% 11434 112

1 0 0 % 1 0 3 % 101*4 1 0 5
103
104
1 0 3 % 104

75%

107
1 0 1 3 4 1 017g
10034 10034

1 2 5 % 1 2 034 1 2 4 % 1 2 5 3 g 1 2 4 * 4 1 2 5 %
124
124
125
125

n o

1 0 9 3 4 10 9 3 .,

La C ro sse & D av 1 s t 1 9 1 9 - G
A lin c ra l P o i n t D iv is io n — G 101% 101*g
S o M in n D iv 1 s t 1 9 1 0 -------- G 1 0 1 % 1 0 2
S o u t h w e s t D iv 1 s t 1 9 0 9 — G
W is e & A linn D iv i s i o n -------5 1 0 9 * 4 1 10

104% 104%

12034 1 2 7 %
1251- 12 5 %

108% 108%
100
1007g 1 007s 1 0 0
100*8 100*8
9934 997g 9 9 *s 1 0 0
89
89

10034 10 1 3 4 1013g 101*4 1 0 0 3 4 1 0 1 %
104
10134 1 0 3 % 1 0 4 %
104
105

104% 105%
103
92

127
128
126% 126%

90%
105%

105

100*8 1003g 1003g 1 0 0 % 1 0 0 %
90
89
89%
89% 901-

114% 115

9334

C h ic Alii & S t P ’l t e r m ’ 1 4 g 5
G e n s e r ie s A 1 9 S 9 g o l d ------ 4
(i c n s c r ie s B 1 9 3 9 g o l d - - 3 IS

128%
127
n o

105

9 9 3 4 9934
991- 99%
100% 100% 100%
102
1 0 2 3 ., 1 0 1 7 8 1 0 2
1 0 2 % 1 0 2 3 4 1Q 134 1 0 2
1 0 2 *4 1 0 2 % 1 0 3
102%
1 0 3 % 1 0 0 3 4 1 0 3 % 1 0 3 % 1 0 3 % 1 0 2 3 4 1 0 3 % 1 0 2 * 3 1 0 2 *1 1 0 2

102% 102% 102% 102%

-

C h ic 1 s t 1 9 1 0 . -G

90%

9 9 % 100%

99
102
102% 103% 102%
1 0 3 % 1 0 3 * 4 1 0 3 * 4 1033.1 1 0 3 3 4
90
129*4
115%
114%
114*4
128

105

110

99
102

85
129%
11412
114%
R y 1 s t — G 114
R e f ’4 7 g - - G 1 2 7

&

90%

997g 1 0 0

G e n e ra l c o n s 1 s t 1 9 3 7 ------ G

105

103% 103%
115%
115% 116% 115% 116
114% 114%
1 0 1 % 102*4 1 0 1 %
101% 103
1 0 0 % 1 0 0 % 1047g 1 0 5 % 1 0 5 %
105

9 9 % 1 0 03.) 1 0 0 % 1 0 1
100
100

1004 io i%

104

1 2 8 % 1 2 7 3 4 1 28 3 g 1 2 8 %
1273g 1 2 7 % 12 7 3 s 1273g
110
110
110
110
100
1 0 0 % 100*4 1 0 0 *2 1 0 0 %
83
83
80%

91%
93
" < ji"
9 214
1 0 2 3 ., 1 0 3 %
1017s 1 0 3

I N I CU11 J>U1 1 u d -i 11--------- --

Lou N A

79%
75

100

1123s

.........................

109

n o

901-

101

100% 100%
1 1 9 3 4 1 1 934 1 1 9 % 1 1 9 %

119% 119%

132

132

119

119%

119

119

118% 118%
113
113

118

118

117% 117%
1 1 1 % 111*4

12234 123%
1031* 1031)

G e n e ra l 1 9 3 3 g o l d -------------- 4

9 9 'g 1 0 1 %

R e f u n d in g 1 9 3 1 g o l d -------- 4

90%

92%

114

114%

100% 101%
92%

94

114

114%

100
101
9 9 * 4 99 *4
92%
93
92
92

1138.1 1 1 4 %

90

C R I

&

P R R 2 0 0 2 ______ 4

C oll t r u s t 1 9 1 3 g o l d ------ G
B u r l C R & N o r 1 9 3 i g ____ 5

75%

79

87% 93%
110
117

941-

941-

9334
95

93 *4
95

77%

81%

90

93%

94%

S t P a u l & S io u x C ity 1 s t g - 6
C h ic & W e s t I n d i a n a — 1 9 3 2 - 6
C o n s o l & t)-y e a r 1 9 G 2 ---------- 4
C in l I a m i l t o i i & D a y t o n —
C in D a y & I ro n g u 1 s t g - .G

97

98

95

95

i n d D e c a tu r & W e s t 1 s t g - 6
C lev C iu C h ic & S t L — '9 3 g - 4
C a iro D iv is io n 1 s t 1 9 3 9 g - 4

981-

901­

97%
95%

987g
90

973.1

983,

95%

S t L o u is D iv 1 s t 1 9 3 3 g ___ 4

95%

97%

95%




92%

97

97

78
89

79%
91

7S 3 4

105
130%

90%

97%

81%

9 014 9 3
115
115

80%

82%

9 9 *4

99

91%

8934

91%

90%

92%
941­
115
115

9o34

93%
9 )

90

95*4

93

79%
91%

81
93%

80%
80
92

90%

I ill80
94 ’

12S34 1 2 9 %

98

94
90%

94
90%

103

108

947g

93%
93%
79%

93193%
81%

92%

1 1 584 1 1 0 *4
953g

90

95%

95*g

97%
07
041-

98%
97
05

97%

98

05*4

951-

95*4

9G ’ g

93*4

78
91*4

80%

90*s

93

1 2 7 -> 1 2 8
1 28% 12S%

1 1 5 % 1 1 5 -% 1 1 0 % 1 1 0 %

...........

94%

94%

93*4

76%
90%

78%
93

70*4

78*8

91% 100%

111% n i 3 4
98%

99%

90%

91*4

90
90

CO
9(5

94

90

78%
101

85
102*4

111%

1 2 9 - 120*4 1 2 9 % 12 9 %
1281- 1281-

94%

109% 109%

107% 107%

97%

917g

iii%

102% 103

97%
93

100

951-

111

130
1 3 0 1 ­ 1293g 1 3 0
1297g 1297g 1 2 9 % 1 2 0 %
129% 129%

9G

1 1 2 1 -1 1 2 %

985g

90

117
117%
1121* H 2 la
97%

91%

112*8 112%

99% 100%

95%

105
103
103
1 2 9 % 1307g 1 3 0 % 1 3 0 % 1 3 0
129% 129%

90*4

1 0 0 % 101

113% 114
113
113
1131- 113198
9934
9 9 * 4 99 7 g
99
99
91%
927s
9 2 *8
90%
92%

113% 113%

94%

111

K e o k & D e s A to in c s 1 s t — G
C h ic S t P A lin n & O m a h a — 0
C h ic S t P & A linn 1 s t g — 6

113% 114%

10084 1 0 1 %
100% 101
100% 100%
92%
9234 9 2
93%

94%

94%

105

105

........... 1........ .
97%

98

98
911-

98%
91%

98

98

94%

91%

94%
96

94

90%

91%
95*s

94

9 5 's

95

95

........... ........... .

105
127

104
105
12 8 *4 1 2 7
127

114

114%

94

94%

105*8 1 0 7

105
127
1 20% 126*8
123*f

114% 114%
111
111
93

93%

100*4 10S
87
87

07%

99%

97*s

98%

95

95

94%
95

94%
951-

11 4 % 114*3
1 1 0 1 -1 1 0 %
92*4 9 3 %
1 0 7 1 -1 0 8 %

88

SS

105

105

05%

07%

91
90

94
90

103*8 1 0 3 * j

THE CHRONICLE

20

[VOL. XC

iO O tf-t'oiiliu ucd.
November December
August
September October
July
June
April
January February
March
May
Lena High low High Low High Low High Low High Low High \Low High Low High Low High Low High Low High Low High

BONDS
C le v C in C h ic & S t L — {Cowl.)
C 1 S t L & C 1 s t 1 9 3 6 e ___4

98*2 9S78

987g 987s

C in S a n d & C le v c o n s 1 s t g .5

109*4 109*4

1 09 's 109*2

P e o St E a s t 1 s t c o n s 1 9 4 0 - 4 93
9 4 *8
55
I n c o m e s 1 9 9 9 ____________4 5 0
82
C o lo r a d o M id l a n d — 1 s t g — 4 8 0
C o lo & S o u t h — 1 s t 1 9 2 9 g - - 4 973i 99
R e f u n d & e x tc n 1 9 3 5 — 4 H 96*4 1 00
F t W o r t h & D C 1 s t _______6 1153S 117
D e la w a r e L a c k & W e s t e r n —
A lo rris & E s s e x 1 s t 1 9 1 4 - . 7
1 s t c o n s Ku 1 9 1 5 _____ - 7
1 s t r e f u n d g il 2 9 0 9 g — ZH
N Y L a c k f: W e s t 1 s t ’ 2 1 - - 6
C o n s t r u c t io n 1 9 2 3 - -------- 5
T e r m in a l & i m p t 1 9 2 3 -----4
C o n v e r tib le 1 9 1 6 -

94
94
40
40
81
87
9S38 987 8
9914 100*8
1 17 117*4

94*4
41
84
97*8
993g
116

95
953 8
47
48
86*4 85
87*2
983 4 97*2 98
993 3 993.!
1 00
117 1153.1116*4
95
45

114*2 114*3 114*4 1 1 43s
1163 4 11758
117 117*2 117*8 117*8
93*8 933,8 ' 66*4 *9*6*4
11934
120
120*8
120*2
12 1 12 1
112 112 112 112 112*4 1*12*4 112*8 H 2 3 8
100*4 100*4
997a 1007S

------------ 4 101*2 1023 8 100*4 102

100

101

12 1

122

101*4 104

95*4
471 2
8534
9773
99*4
1153.t

98

99*8

90
98*2
106 100
I m p r o v e m e n t 1 9 2 3 g o l d - - 5 1013i 1013.|
1 s t & r e f u n d i n g 1 9 5 5 ............5 92*8 927 8

R io U W e s t 1 s t 1 9 3 9 z — 4
A ltg c & coll t r A 1 9 1 9 g - 4
D e t r o i t & A la c k in a c —

95
83

95
89
D e t r o i t S o u — O h io S o u D i v - 4 8 0
D u l & I r o n R a n g e — 1 s t 1 9 3 7 .5 114
D u l A lis s a b e & N o r— 1 9 4 1
5
D u l S S & A f la n — 1 9 3 7 g - . . 5
E lg in J o l & H a s — 1 s t 1 9 4 1 g - 5

98*2

97

97*2

98

97
98*4
10312 103I*

97

9S

96

98

120*8 120*8
103 1 0733

82
1 14

82
1 15

9G*2 9 8
83
85*2

96*2 96*o
85*2 86

88

88

82

89
82

113

1 s t c o n s p r io r lie n 1 9 9 6 g - - 4

85

8812 87*2 90*8

1 s t c o n s g e n e ra l 1 9 9 6 g — 4
P e n n s y l v c o ll t r 1 9 5 1 g — 4
6 0 - y r c o n v scr A 1 9 5 3 g - - 4
5 0 - y r c o n v ser B 1 9 5 3 g - - 4
R iif f N V * P r ip 1
1fl1 R 7
C h ic a g o & E r ie 1 s t 1 9 8 2 g .E
L o n g D ock co n s 1 9 3 5 g — 6

70*2
85*4
71*2
63*2

74
85*2
77*2

71*2
83*2
73
68*2 62*2

771 2
8478
75
69

115*8 11534 11578 117
127 1 27
1 06

R e d u c e d t o ---------------- 4 34 109
' a k o t a E x t e n 1 9 1 0 g ___ 6
A lo n t E x t 1 s t 1 9 3 7 g ____ 4 166

107
92

85
69*2
75*4
63
57*2
115
116*4
128*s

120

87*2
7434
80
72
64**8
115
1163 4
128*s

120

E x t e n d e d 1 s t 1 9 5 1 g ____ 3 34

109*2 11212 112*2
87*2 88

87*2

11358 1135s

88

88

99*8
9S*s 9734 99*4 9 8
98
97*2 99
98
983 8
104
102 102
131
131*8 131*8 1325S 1325 s
109*4 1097s 109*4 109*2
103*4 103*2 103*8 103*2
99*4 101
100*4 99*4 100

111

95
59
82
98*2
99*8
11538

113*4
1163 8 115*8 11558 114*8 H I**
94
94
94
1 19 119 1 1 9 1 18 118
110 1 1 1
HI
100*2 166-34 10034
120 * 120
104*8 106
105 1 06 1 05 1067s 103*2 106*4
1 05 105
101*2 103*2 103*8 103*8 1027 8 1027 8 103*8 103*8
1017S 102*2 101*4 102*3 101 101*2
101*4 1 03

104

105*4 105 106 104
128*4 128*4

9 7 l i 9734
103 104

97*4 97*2

78
78
96
96*4 95*2 9 6 1 j 95*2 96
85*2
85la 8512 8 5
85*2 87
93
93
90
90
81
113*2 1 1 1 * 2 1 1 3

93*2 93*2
81
1 13

115

73
79*4
71&s
63*8

76
85*3
77*2
6934

116*4 116*2
128*2 128*2

1 15

105

97*8 97*2

104
97

95*2 96*8

109*4
125
92*2 9 2
63
62
82
80*•>
97*2 96*4
98
97*4
113*2 113

114*4
1097s
100*2
118*2
103

103*8 103*4 102*8 102*4 1017s 1023s
100*2 101 100*4 101 100 1 007 8
128

96
104

97
101

943 4 9 5

81

1 15

1 15

815g 7 0

96*2 97*4

101*2 99*2 100%

102*4 102*4

115

110

9134 95*2
83
83

” 63*2
941 2
78
92*4
93
93
83*2 83*2 84

95

115

1 15

73*8 73*4
no
1 15

110
115

11 2
101

112
101

106

105

91
927*
733a 747g

111

111

106

106

113

113

12 1

122

84

87

753 4
83
80
71*8

77

106*2 107

86*2
8212
733*

113*4 1133*
126*4 126*4

106

90

__
114
115

86
97*4
97*4

89*8 89*8
100*2 100*2 100*8 100*4
103*2 103*2 105*2 105*2 ____ ____
111 114
113 113 ___ ___ 115 115
100*4 100*4
86
88 .....................
86
86

_

95*2 97«8
95*4 97

95*4 96*2
95*2 0534
1 28

1 28

95*8 97*8
95*2 97*3

1 30

108

107*4 10734 106 107*8
i 6 l 3 8 101*8 1013S 1013 8 1013* 101*8
9734 99
98*2 997g 9 9 100

102

1 30

_

131

.....................

98*4 98*4

101*2 101*2

1 0 5 U 1 06

94*2
9412
78
95
84

106*4 106*8
104*4 105

124*2 1241412414 121*4 125 \2\U 12514 124*8 1 25 1213 4 122*2 120*4 122*8
122 122 122 *” 122 *-> 124 124
86
88*2 84
88 91
89*4 903., 88*2 907s 88*4 90*2 88*2 89*8 8 2
82
83
86*2 86*2
75
77
75*8 76*2
76*2 80
771 2 79*2 7 8
79*4 7 6
79*8 75*4 77
83
85
81
81*2 81
89
90
87*4 8934 8 4
85*2 89*4 8 9
90
80
82
80*4 85
773 4 86
85*4 87
85
87*2 86
89*4 82*2 87
69*2 73
73
76
77*4 74
80
71*2 7 5
6934 76*2 7 5
76*2 7 5
116 116 116*8 116*8
114 I I U 2
117 117*2 1157g 116*2
1281 0 1281* 127 127
126*2 126*2
114 114*2
103*2 104
90

95
965*
103*4 104

*9*5*18 93*4 94

70*4

110

93
67*2
81*2
97*2
98*8
113*2

11778 H 7 7 g
no
no
109*2
166*2 100*2 100*2 100*2 99*4
11812
102 IO434 100*2 103 101*2
117*8 118

105*4 101*2 102 100
1 28 128*4 128
97*2

109*4

1115.3 112
114*2114*2 114*2 114*2 114

104 104
96*2 917 8 9534 * 9 3 *

104*2 104*2 __
103*4 IO334 1 05 105*4
114
112 114
114 114
1 14 114
1 15
1 15 115 114 114*2 1 15 115*8
103*4
103*4
103*8
103*4
103 104*2
88
86
87*2 871 2 87*2 8734 .................... 86
97
97
99
99
98*s 987g 977S 98*4 97*2 985a 977g 98*8 97*4 98*8 96*8
98*s 98*8 973., 9 7 78 90*4
977 8 98*4 9 7 78 98*2 97*4 9 8
10073 1007s
102 102
130
132*8 132*8 132*8 132*8 13134 1313 4 .................... 132 132
132 132
107*2
109*2 1091* 109*2 10958 108*3 1 09 108 1083 4 1 08 108
1027 8 1027 8 1023 8 1023 8 102*8 102*4 102*8 102*8 102*8 102*8 102
100*4 100*4 100*2 101 100*2 1003 4 100*2 1003 4 100*4 1003 4

106

125
94
91
63
62
817s 80*2
98
97
98*2 97*4
1143.1 113*2

98*2 99*2

92

105*4 106
90
901 2

104

92*2
57
80*4
97
97*8
114

95
92

117

117

1313 4 13134 130*2 130*2 1 30 130
115 1 15 114*4 114*4 113*2 114*4

1315 8 1323 8 130*4 130*4
115*2 115*2 114*4 115 114*4 114*.i

115*3 115*8
11634 1163.1

100

124

104 104
103*8 103*8 104 104
99*3 100*s 100*8 101*2 1003s 1007g 1003a 1007 8 100*8 1005s

97
10534 1 05

97*8
105*2 106
106

99*8 IOOI4 99*8 *00*2
937$ 941? 92*2 93

9 8 78 9934
94
94

95
96
95*2 95*2
101*2 10534 104 104*8 103

98*2 993.,
88*2 9 0
04
94

99

9934

96
96
103*2 102*2 103*3

1 0 |3 8 101*8 105*8 106
99
99*2 9 9
99*2

913 4 9434
80

90

90

102

100*4 100*2 100*4 100*4

....................

100

100*2 1003 4 10012 10153
90

S t L o u is D i v & T e r '5 1 g - 3 34
W e s t L in e s 1 s t 1 9 5 1 g ____ 4 100*8 100*8
12 1
B e lle & C a r o n 1 s t 1 9 2 3 ____ 6

92

90

IOH 2 100*4 101
90*8 91

100*4 100*8 I00 3 a 102

100*2 101

100

98
98
98
93
110 110*2 111*4 112 1 1 1 *2111* 2
85
87
9 8 100*2
87
9 0 " 9 3 1007S
86*2 87

11934 1 2 0
98*2
109
102*2
1 00

98
9S*2 9 8
1 09 109*2 H 0 7 S
103*4
103*2

109*8 HO 1083", 10934 1093s 111
103 1 03
783.J 81
791* 8 2
79*2 8 U 2 777s 79*2
74*2 75*4 7434 75*4 743 4 75*8 74*4 75
114
107*4
11334
10734

100*2 100*2 100*4 101

101

90

90

___96

89*2

____ 89*2 89*2
90 . . . . ____

96*8 96*8
1193.1 11934 .................... 119*2 119*2 ..................... 117*4 117*4
90
971*
98
98
110
112
n
o "
1 09 *21 0 9 *2
100*4 1003.8
100 1013s 101*8 103*2 103

1 0 5 ‘2 105*2
77
78*2 76*4 77*2
745.3 75*8
745.8 7 5

100

00

102

99*4 100*4

88*2 88*2 89*4 8934 8 9

93
11834 119*4 119*4 11938

102

102
100

89*4 90*2

12 1
98

1

90*2

99

80

10212 102*2 102*2 1021 " 102

102

90

C h ic a g o S t L & N O ’5 1 g - - 5 .................... 119*2 119*2
119 119
90
90
I n d I llin o is & l a — 1 s t g ____ 4
I n t e r n a l & Gt N o r — 1 s t '1 9 g 6 110 110
2 d 1 9 0 9 irn ld
K
87*4 88*2 86*2 88*2
3 d 1 9 2 1 c o ld .
4
I o w a C e n t r a l — 1 s t 1 9 3 3 g ___ 5 109*8 109*2 1 10 111*4
R e f n d in g 1 9 5 1 g _________ 4 80*2 8 2
79*4 82
K a n s a s C S o il— 1 s t 1 9 5 0 g - , 3 723 4 75
74*2 75*4
R e f u n d in g & I m p t 1 9 5 0 - - - 5
L a k e E r ie & W — 1 s t 1 9 3 7 g - 5 112*8 112*3 113*4 113*4
2 d 1 9 4 1 g o l d _____ _________5 107*2 107*2
N o r th O h io 1 s t g u 1 9 4 5 g - - 5 112*2 111*8 t i 3 3 | 114*4
10734 10734
L e h ig h V al (N Y )— 1 s t g u - 4 3 4 100*2 103




95
56
80
9734
97*4
1 15

101*2 101*2

102

L N O & T 1 9 5 3 g - _ ..............4 100
L o u D iv & T erm 1 9 5 3 g - 3 34

863 4 88

9 OIj 90*4

H o c k i n g V a il— 1 s t c o n s g . 4 3 i 1043410734 10734 108 10784 109
08*8 98*s

C o lla te ra l t r u s t 1 9 5 2 g ____ 4

12 1

106

107*3 107*8

E a s t R y o f A linn— N o D iv 4
A lin n e a p U n io n 1 s t '2 2 g 6
A lo n t C c jit 1 s t g u 1 9 3 7 g 6
1 s t g u 1 9 3 7 g ................ . 5 110 1 1 /
M illm a r & S F 1 s t g ____ 5 . . . .

I ll in o i s C e n t — 1 s t 1 9 5 1 g ___4
1 s t r e f u n d i n g 1 9 5 5 ________ 4

96*2 9734

115

1041 2 104*2

D o c k & i m p t 1 s t 1 9 1 3 ____ £

93*4 933 4
55*2 60*s
823 , 85*2
86
99
93*2 9 8
99*2 98*2 99*2
115*2 115*3 11534
92*4
52*.|

106% 1065 8 106*4 106*4
106*4 106*4
104*2 104*2
107 107
106 106 106*4 106*4
107*2 107*2

1 s t c o n s o l 1 9 2 0 g o l d ..............7 124*2 12478 123*2 123*8 122*8 122*4 12 1

F t W o r t h & R io U r— 1 s t g - . 4 8 5
G al H & H o f 1 8 8 2 — 1 s t
5
G t N o r t h — C B & Q coll t r - - 4 97*2
R e g i s t e r e d ----------------------- 4 97*4
S t P A linn & A lan 2 d 1 9 0 9 - 6 102
1 s t c o n s 1 9 3 3 g ........... ....... 6 131

113

110*2 110*2
105*2 106

N Y S u s q & W 1 s t r e f g ___5 107
91
M id o f N J 1 s t 1 9 1 0 g - . _ 6
W ilk e s & E a s t 1 s t g u g - 5 101
E v & I n d — 1 s t c o n s g u g ___ 6 109*2
E v & T H — 1 s t c o n s 1 9 2 1 g -6

90

112*4 112*4

*

92*4
50*4
82
98
98*s
114*2

102*4 102*2 102*2 103*2 102*21 0 3 *2 1021 2 103*2 102*2 103 102*2 102*2
923 4 9434 94*2 95*2 9 5 '
923 4 953 8 9334 9 5
94
95
93*4 9 5

1 0 0 l 8 96*4 983.|
85
85
87
95
90
80
116

107

100

111*2 111*2
96
53
83*4
93*8
993 8
115*2

11378 l l4 1 .| 113*8 1135.8 113*4
116*2 116*2 116*8
94
1195s 120 1193 8 1195 8 119
110*4 1103 4 110*2 110*2 110*2
100*4 1003.1
100*2

102*2 102
98

98*8 9S*s
98
98*2
109*8 109*8

96*2 9 6
49*2 5 0
8678 8 2
9734
98
9934 98*4
116*2 115*4

103*8 103*4
1 03 103*2
1 s t lie n e q u i p m e n t 1 9 2 2 - 4 'A
1 s t r e f u n d i n g 1 9 4 3 ------------ 4 l 6i " 1017s u r n , 102*4 1017g 102*2 102*4 10258 1023 8 1027 s
A lb & S u s q c o n v 1 9 4 6 g - 3 H
R e n s s e la e r & S a r a 1 s t ' 2 1 - 7
D e n v e r & R io G r a n d e —
1 s t c o n s o l 1 9 3 6 g o l d ---------- 4

9S78 9 3 78 98*8 98*3

7 5 * 77*2
7 4*s 74"s

100*4 101*8 100*4 100's

111*3 115*8 1113s 114*8
114*4 114*4 114*4 114*4 114*2 114*4 H 4 3 4 1 14U 1 15
107 107*4
107*2 107 109*2
107 107
11334 11334 11334
U 3 ~ 113
10734 107*2 1 0 7 l2 1 03 108*4 107*4 lOSi.s 107341073.1 10734 1 07*1 107*8 1 0 3
107 107

90
98
no

.................... 109*2 110*2

108

105*2 107

105*8 1 06
* 7 6 * *7*7*" 75*2 77*4
72"g 71*2 7 3
7 33 ,
100*.s 1003.. 100*8 101*3
114 11438 114 111
107*4 10/3.1 1 07 107
114*4 114*4
.................... 107 107

108
40
104
75*2
72*4
100*8
114

107*4
40
106*2
76*4
74
103
114

n 2 l'o 112*2
106*4 106*4

iliiii)

BONDS

t u iiliiu ic d .

January February
August September October November December
May
June
July
March
April
Low High Low High Low High Low High Low High Low II igh Low High Low High Low High Low High Low High Low High

Leh igh Vnl (P a )— 2003 g — 4 97*4 9714
Leh igh Val T erm — 1st gu g -5 IIGI4 1163.J 117

117

97
97*8 97*2 97*2 97*2 98
11S34 11834 118*4 118*4 117 118

L ehigh & N Y — 1 st gu ’45 g - 4
L on g ls l— 1st c o n s 1931 g — 5
Genera! 1938 g o l d - - ............ 4

21

THE CHRONICLE

J a n . 1 1010.

96

110 111
9638 9658

166**2 100*2

(iu a r refu nd 1949 g ___ ___4 9714 97*4 97*4 99
99
99
L ou isv & Nash— Gen ’30 g ..6
11714 11712
G old 1937 5
110 110
U nified gold 1 94 0................. 4 1001s 101*4 101*4 102*4

96

96*2

96*2 96*2 96*2 97

100*2 100*2

985g
97*2 98*2 98
98
98*s
117 117 116*2 116*2
116*2 11634
1007g 102 101 10134

97

97*2 97*2
11o34 11534
109 109
96*2 96*2 96*4 9634 97

97*2 97*2 97*2 97*2
115*4 115*4

97

11134 111*4
11134 112
97*4 97*4 97*4 97*4

110 110
96
9634 98
88 88 88*2

1st con s incom e 1939 g ------3
2d c o n s inc Tr Co c t f s -----M ex Internation al— 1st c o n s 4

84
82
25
23*2
22

87
85
26
26
2418

M idland T erm inal— 1st ’ 2 5 -5
M in neapolis & St L ou is—
1st gold 1927..........- ..............7
1st & refund 1949 g ----------4

108

98*8 98*4 97

96*4 9734
98
98
97*4 98*8
96*2 97
110 117 1161-116*115 116 114 114
98*2 99*- 99*4 100

125

125

116 117*2
114*2 11412
99*4 100*2

100*2 100*2

11012 110*- 110*2 11012 n o n o
111*2 11112
111*2 111*2
125

71
96*4 96*4 96*2 96*8 96*2 96
9834 98*2 9834
91*4 91*4 91*4 *88*
115*4 115*4

91

71
96*2 96

96

95*8 95*8 95*2 95*2 94

971- 97*4 977g 98
97*8 98
97*8 97*8 96*2 97
88*4 903g 89*4 90*s 89 9034 90 90 897g 90
11434 11434 112*8 112*8 113*2 113*2
109*8 109*8

110*2 110*2

115*2

84
86*2
83*2 86
86
82*4 8434 84
25*o
24*2 24*2 25
21*2 255g
21*2 23
21*2 22*2 2034 23*4

9514

94*
94 > 94195*2 95U 95*2
92
96
94
87
91
95*2 96*4 94*8 95
86 88*2 88 89
94*8 9434
26
26
27*2 26
26
28*2
25*4 27*8 27
27
27
235g 25*2
80
80
101 101 1005g 100*8

95

94
95

94
96

98

94
9412
97*2 99*8

1247s 1247g

125

107

9512 96

Pens & Atl 1st gu 1921 g --6 109 109
So & No Ala c o n s gu g ____ 5 11212 11212 114
M exican C ent— C ons 1911 g -4

973g 97*2 ..................

100 100*2

120 120
95

108

112*8 112*8 112*8 H 25S 112*2 112*8 1121-11212

98
98
96
96*- 967g 97
96
96*2 96*2 96
99
99*8 97*2 971­ 97
97*2 98*4 98*4 97*- 98*4
99
99*2 97
96
96
97197*2 97*2
115*2 117 110*8 110*2 117 117 115*2 116*2 115*2 HO
117 117
100*8 101*4 99*4 101 i 66*4 10034 9934 10012 99*4 9934

Collateral trust 1931 g ____ 5 10334 10912 10934 10934 110*2110*2 110 110*2 n o 110 110*2110*2
6 -2 0 -y ca r coll tr 1923 g ____ 4 97 lOO's 100 100*4 100 100*8
E H & Nash 1st 1919 g ____ 6 111 111
107*8 1073g 107*4 107*4
10734 10734
Lou Cin & Lex 1931 g — 4 H
125*8 125*8
12434 12434 125*8 125*8 125 125*8
N O & M obile 1st 1930 g 6

Atl K n ox & Cin D iv ---------- 4
H enderson B d g c 1st '31 g -6
K en tu ck y Central 1987 g - - 4
L & N -S ou-M onon jo in t ___4

10S34 10834
9634 0634
10U4 101*4

107

93*4 943g 9312 94

93*4 94

97
97*2 97*2 97
917g 92
90*2 91

..................

11034 11034
94*4 9414 94
95
95*2 95

26

94
96

95

96*4

253s 25*8 23*2 27*2
25

26

98*2 101
133*2 133*2

132*2 132*2

103*8 103*8 101*4 101*4
109 109*- 109 111*4 11034 I I U 2 110 110
109
8414 85
85*8 8534 85*4 85*- 85
84*8 87*4 85*4 86

M St P & S S M — C ons ’38 g .4 .................. 99*2 100
M inn S S M & A t— 1st '2 6 g - 4
M issouri K ansas & T ex a s—
1st 1990 g o ld ........................ -4 9834 100
98*8 100*8
2d 1990 g o l d - - - ................... 4 8734 8834 875S 8834
1st exten sion 1944 g o ld ___5 IO4I4 10834 108*2 109*2
1st & refu n din g 20 0 4 ..........4 83-% 8034 86*4 87*s
Gen sinking fund 1 9 3 6 .- 4 A 9014 9312 91*2 937s
89*2 89*2
St Lou D iv 1st 2001 g o l d - -4
M o K & L 1st gu 1942 g — 5 113
M o K & O 1st gu 194 2____ 5 108
M K & T o f T exa s 1st gu g - 5 106

99*2 100
99
99

99

99 100
8634 8734
108 109
85 !2 87*8
91*2 92*8

99
87
108

109*2 HO
93
93
11412 114 114

113*2 114
10934 11012 112
IO8I4 10934 n o

110

86*4

99*2 99*4 9934 997s 100

100*2 99*» 100*8 997g 100*4
88 87*4 877g 87 88*4
109 107*2 10878
86*2 877g 86*4 87 86 86*4
913g 917g 90*4 91*2
91
92

88

88*2

109*8 109*8
85*8 857g 85*4 85*2 85
99*2 100
99
99

99

99

85

100 100*4

107 107 107 107*2
84
84
83*4 83*g
91L 91L
99 ' 90*8 99*8 9934 99*2 99*2

100 101 100 100*8 98*4 100*4 98*4 9934 99 9934
88 883g 88 88*2 8734 88*4 86*2 88 86 87*4
106 106 105 106 103*4 106*4 104 105
86*8 85 86 84*s 851- 847g 85*4 84*2 85*8 841- 85*4

100*8 101*4
87
88

85*4
91
91*2 90*- 91*2 90*4 90*4 89** 92
105

93
93
1141-114*- 113*2 114*4 114

114

113*4 113*4 113

113

114*4 114*4 113

90

91

91

91

897g 917g

105*8
113

111 111 111 IIU 4 111*8 111*2 111 111 109 110 109*4 109*4
107*2 107*- 106*4 10634 107*2 107*2
10834 109*2 107*2 109 10712 109*4 107*2 107*- 107‘ - 107*2 107*- 108 105* 108*4 105*8 105*8 105*2 105*- 104*2 105*IIOI4 110*4
104 104
109 109
108 108 111*4 11138
108 108
107 107
M issouri Pac 1st con 1920 g -6 11312 115 115 116 114*2 1151, 114*2 115 U43 4 115 113 113*2 113 113
113 113 112 112 112 112*8 111 111*2
T rust 1917 g s ta m p e d ------ 5 10012 100‘g 101*8 102*4 102 102*o 10134 102*- 101*4 102 101*4 1017g 101*8 102*4 101*4 IOC's 101 102 101*4 102 101 101*8 101 101*2
1 s t collat 1920 g o l d - - ..........5 101 103l2 102 103*2 102*2 103*2 103 10334 102*8 103*4 102*2 102*2 10212 10234 102 102*2 1011- 102 IOU2 IO2I2 102 103*4 102 102
833g 8134 82*4 82*4 84*4 8134 827s 7934 81*- 79*4 81*8 80*g 82
84*4 82*4 837g 82
83*4 83
4 0 -yea r gold loan 194 5------ 4 7834 823s 81*s 85*8 82
96*8 96*8 96*- 9612
95*4 95*4
947g 947g 947g 947s 95*8 95*8
93
93
9434 95*8 94*4 95
93
94
92*8 93
94
Cent Branch R y 1st 1919 g 4 89
92*2 95
89
89
88*- 88*91
91
Cent Branch U P 1st '48 g - 4
100-lg 1003g 1003s 100%
100 100 100*8 100% 100*8 100*8 100% 100*2
99*34 IOOI4
113 113
115 115
112*2 112*2 113 113 113 113*- 113 113
St L ouis Iron M tn & Sou—
11134 111 112 111 111*2 111 I I II 4 110*4 H I 11012 11078 10912 109*4 109 109*2 1087g 1097g 109 110
Gen c o n s ry & 1 g 1931 g - 5 IIII 4 112 111*2 112 i n
lll-lg l l l 5s 11034 110*4
U n ifyin g & ref 1929 g ___4 86
88>s 883g 89*2 88*2 9012 90 905S 89*s 90 857g S9*8 88*2 89 88*8 89 87 88-14 87 88-14 86*4 87*8 86 87
8934 91
903g 91
R iv & O D iv 1933 g o l d - - 4 881s 90
89*- 90*4 88-14 89"g 89*8 897g 89
8934 87
89*2 87
88 87 88
90*2 91
90*8 91
102 102
V erdigris & 1 & VV 1st ’ 26 5
120 122*2
122>s 1223j 122*- 122*- 122*4 12234 122*4 122*4
M obile & O hio— New 1927 g -6 1191- 125 123L 124*2 124 124
11734 117*4
1st exten sion 1927 g o ld ___ 6 117 117 118 118 U734 11734 118 118 118 118 11734 11734
891- 90
88*2 89*- 89*4 90
88 88 90 89 91 91 91 88*2 88-34 90 90
General 1933 g o ld _________ 4 86t2 8612 88
112*4 1127g
112-14 112*4 11234 112-3,
112*•>1121o
112*4 112*4
M on tgom ery D iv 1st '47 g - 5
108*3 109
1107g
111
109*4
109*4
110*s 110*2
112 112*8
N ash Chatt & St L— 1st ’ 1 3 -7 11214 U 2I4
111*2 111*2
111*8 H l *8
112 112 116 11034 111 111
U 3*o 113*0 113*2 113*2 113**2 113*8 113*2 113*2 113*4113*2 113 113 11234 11278
1 s t con sol 1923 g o ld _______5
N ational o f M exico—
Prior Lien 1926 g o ld ____ KA
1st con sol 1951 g o ld ............ 4
N ational R y s o f M exico—
Prior Lien 1957_________ 4 A

80

80*-

102 102
8 U4 8334

93
94I4 923| 937g
921- 933| 92*4 93:>s
D ebenture 1934 g o ld _____ 4 935s 95
941o 95*o
8 534 84*2 85-34
Lake Shore coll g 1993- .3 'A 84
R e g is t e r e d ------------------ 3 'A 83
8414 8412 84*2
M ich Cent coll g 199 3___3 Vi
8134 8434
R e g is t e r e d ..................... 3 A
Beech Creek 1st g u ------------ 4
M ohaw k & Alai I s gu g ___4
Carthage & Adir 1st g u ___4
N Y it Northern 1st '2 8 g -5
131*2 13U2
R om e VV & O con s 1 s t ------ 5 llOSg 110*8 llOSg 110*8
R u tland 1st c o n s 1941 .4 'A

D ebenture 1928 g o ld ------ 4

9034

103
84

9319234 93*4 93
92*4 93
9412 9534
94*2 95
84
8434 8334 8434
82
82*2 8234 83*4
83*4 84
83
84
82
82*o
10034 10034

83*4 85

102 102*» 102*8 102*s 102 102
83*8 84*-

94*8 95*2 94*- 96
88*4 89 87 89
93*4
92*2
95*4
84*4
83
83

93*4
93*4
96*2
85
83*2
84

100 100

9234 93*2
93
93
95*8 96*4
83*g 8 |3j
82*8 82-*s
83*- 84-lg
S2*- 82*10034 10034




92*g 93
95*s
82*2
81182*2

96
831­
81*83*s

91*90*95
95*4 95*1
82*- 84
82*4
8134 82
817g
S3*- 84
82*2
91*4 92*4

92
90* •>
96 '
83*4
82
83*8

84

84

84

93*2 9434 93*4 941- 93% 94*4
88 89
S7*4 88
87*2 88
90*8 917g 90*4 91

88*8 88*8
95*s 96
8O-I4 8234
8012 81
81*2 82

91

941- 95*8 95*2
80
80*2 81
78*2
79
79
80
80*2 81
78*2

100 100 100 100
108

111 111
91

UOI2 11034 n o
91
92

no

no

no

109

109

93*b 93*2 93*2 93*2 93*2
92

115

101 101
100*8 100*8 100*4 100*4

94*2 95*8 9334 943s
92
92*4 90
90
100*2 10112
101*8 102 101*4 1017g 10034 1011­
1001- 100*2
25-year deben 1931 — 3 M 913g 93*2 93
93-38 93*4 935s 931*> 94
93*2 93*8
W e s t Shore 1 st 2361 g u — 4 103 1035g 103*8 104*2 103 103*2 103 " 103*2 10234 103*8 10134 10234
R e g is t e r e d ______________ 4 101*2 102*2 IO2I4 103 102 103*2 1017g 1027g 101*2102*4 100*s 102*92

83*2 84*4 837g 84 . 83*- 83*2 83

94*4 95
94
95*8 94*- 95
87*8 88*- 87*2 88-ig 87*- 88

100*4 100*4 100*4 100*4

9478 953s 95
955g 945S 95*4 94*2 95*8 93*4 95
93*4 95
9334 94*2 93*2 94*4 92*2 92*2 93*4 93*4
95
97
9534 97
957g 96*2 9434 96*4
95*2 97
95*2 96
95*s 95lg
95
96
95*2 9658 95*4 957g 94*4 90
95*2 97*4 9434 95‘g

92

83*8 84

92
957g
81
80
80*4
78*2

100 100

97*2 97*2

9OI4

25-ycar 1931 g o l d ------ - .4
R eg istered- ---------------- 4
P itts & Lake E 2d 1923 - . 5
P itts A lcK ees & Y ou gh 1st 6 130*2 130*2
M ich Cent 1st 190 9________ 6
1931................... .................... 5
1 9 4 0 ............. - ............. .........4
2 0 -year deben 1929_____ 4
3 ,'.;
1st 1952 g o ld ..........
N V C & St L i s t 1937 2 - - - 4

102
83

91
115

U tica & B1 R iv gu g ----------4
L S & A1 S gold 199 7------ 3 VS

83

9234 95
85*s 89

N Y Cent & H ud R iver—
G old m ortg a g e 199 7____ 3,H

R utland-C an 1st gu « ___4

82

9433 95*4

91*8 91*4 9258 925s
100*2 1013i 102 102*4

93
92*4
9434
94*2
93
95

94*4
92*2
95*4
9434
95*4
95

91
93*2 91*8 92*8
90*2 91
94*4 95*4 94*8 95
94
94
943g 95*8 9334 947g

108
108*2 108*4

108-34 109*4
91

91

99*2 99*91
91

90*8 90*8

102*i 102*4
91*4 92*4
0134 92
91*2 92
90*- 90* 94*4 95
94*2 95*4
94*2 95
91*2 94*947g 9334 9512
94*8 9478 94
93*8 93*8
100 100

115 115
9S34 9S34

98
98
93*2 92*2 93*4
93*2 93*2 92*4 93*2 92*2 92*8 91*2 9234 93
89
89
93*’ 93*99t2 101
100*4 101*8 100*8 IOU4 100*4 101
99*2 100*4 99*2 101
100 100 I
99*2 99*- 100 100
92*- 92*91*2 913|
102 103 " 102*4 103 101 102*- 102 103*4 1103 101*4 101*- 102*8
100 101*- 100*2 101*2 100*2 101*2 100*2 101 [100*2 101 100 100*8

28

THE CHRONICLE

] VoL.

XC.

1 0 0 9 —C on tin ued.
January February
March
Augus' | September
April
May
June
July
October
November 1 December
Low Higl Low Hlg} Loro H lfj> Low Hlg Low Hlg i\Low Hig) Low Hlg Low Hlg) Low Hig Low Hlg) Low Hlg)
High

1

1

BONDS
N Y C ent &
R R R — (Conci.
N Y C L in e s — E q u ip 1 9 1 0 -5

10178 1017

N Y N ew H a v e n & H a r tf o r d —
C o n v . ! e b l 9 4 8 _____________ 6 134% 135'; 13378 1351a 13334 135
S u b s c r i p t io n r e c e i p t s ____ 134
C o u v d e b c n l 9 5 5 ------------ 3 H
98

1351s
100%

973i 99

N o n - c o n v d e b e n 1 9 5 4 ___ 3!4
C o n v e r ti b l e d e b e n 1 9 5 4 - 3 y2
____ 4

981.1 99Io

98

9914

N o r f o lk & W e s t — g e n 1 9 3 1 - - 6 127% 127% 12734 1 28
N e w R iv e r 1 s t 1 9 3 2 s o l d - -8
N & W Ry 1 s t co n s 1 9 9 6 .- 4

98*

1281a 12812
Vo’l 2 9S *4 99U

D iv is io n a l 1 s t l ie n ____ . 4 931 2 95
1 0 - 2 5 - y r c o n v 1 9 3 2 _____ 4 93% 977S
P o c a h o n C & C j o i n t ____ 4 89% 91Vi
C ol C o n n & T e r m 1 s t g g u - 5
S c io to V & N E 1 s t g u g - _ 4 9612 98%
N o r t h e r n P a c p r io r l i e n ’9 7 g - 4 102*8 1033g
R e g i s t e r e d ---------------------- 4 101 103
75
G e n e r a l lie n 2 0 4 7 g o l d ____ 3 7 3

93*3 943 8
95
98' 2
9 1 i4 923 4
973 4 98
1031 4 104
1021 2 103
7 43 8 75
74
74
96
96

S t P a u l - D u l D iv g 1 9 9 S - - . 4
S t P & N o P a c g e n g o l d ___ 6 1 2 1 " m * 12012 12 1

12018 1201s

S t P & D u lu th 2 d 1 9 1 7 - - . 5
1 s t c o n s o l 1 9 6 8 g o l d ____ 4
W a s h C e n t 1 s t 1 9 4 8 g ____ 4
N o r th P a c T e r m 1 s t 1 9 3 3 g - - 6
P a c if ic C o a s t C o 1 s t g _______5
P e n n s y lv a n i a R R —
1 s t real e s ta te 1 9 2 3 g o !d - - 4

1 04
99

97
97
10234 103 *8
1013 4 102%
741 2 7 5
723 i 7 4 3a
977 8 977 8

12 1

104
104% 1043.1 1041,3
9 7 12 9 8 34 9734
951 2 957 s 95*8
9514 9514
10-312
1 04
1 06 106 1 05 !2

89<4 891.1
9 8 r>8 98*8

138*4 138*. 138*s 140
140*2 140*

.....................

141i.| 145*8 134*2 1421
141*4 141*

133

137*2 1381.
6 5 4 1*0*8" 107 i4 10934 108*3 109V 107 1087, 106*4 1081; 107 1 11b 103*4 HO
98*4 1 05
96*2 961; 9573 96*; 9 5
957g 95*8 95*;
97
97
85
85
1091 2 1001 2
107 1 07
N Y O9 9n t & 9 8VV— 99
r e f 1 s9t8 l2
g 9 9 l 2 987 8 9934 977 8 99*4 9 3
99
98
9 8 7s 96*3 93*2 97
9812
97*2
104 1 04
101 101
1 27 1 27
127% 127%
126*4 126*4 125 126*4
1 29 1 29
1 25 125*.
127 12S1 2
9812 99
9812 9 9
98
99
98
9914 99*2 1 00
9 9 100*2 98*2 9934 9 9
99*2 98*2 991 2
97
97
93
9334 93*8 937S 9 3 <2 94
93-38 937 8 9 3 18 93*8 93*3 93*s 93*4 93*2 9 1
93*2 92*4 93*3
95% 97-r>s 971 2 991-1 9 8
99
9734 9 9
9812 101 101 10334 IO II 4 1023 4 100*3 102*4 9 9 10 ll.i
913 4 92% 9114 923 8 9 2
92*8 9 2 14 92*8 913 4 9212 91*2 9 2
91
91
90
91
89*4 901.1

103

96I4 97

1387; 1 38is 1 39

13514 1 3 7 i2

133 134
971 2 9938
94-3.1 96

12 1

1 04
99

105 1 05
1091 2 1 0 9 l2

f lu coll t r e t f s B 1 9 4 1 — O H
T r C o c t f s g u 1 9 1 6 g ------ 3 M .....................
G u coll t r c t f s C 1 9 4 2 — 3
G u c o ll t r c t f s D 1 9 4 4 — 3 'A
1 5 -2 5 -iy r g u a r g 1 9 3 1 -------- 4 .....................
C lc v & P i t t s A 1 9 4 2 -------

10234 1031
1347g 1351; 13514 1383. 1 38

98
98
102-34 1031 8
1 02 1021 2
741 2 7 5
____
..

103

9634 9 8
102*s 1 027 8
1 02 1 023 4
74I2 75
97

97

10212 10212
10434 10514
97

101*8
9734

103%
104
100to 1 05

10534 1051 2 10534
1041 2 104«2
901-4 9OI4
963 4 971 2 9714 9714 .....................
99*

90*4 96*3
961.| 97
102*2 1031.1 102*8 103
7334 *7*5**

100*2 100*2
74*4 71*4

73
96*4 90*4

120*2 120*2 120

120

115

115*8

110

111

103

103

110

110

101

98*2 09

98*2 98*2

98% 102%
95% 95%

9 0% 97%

98

98

98

110*4 110*4 1111-1 l l l '- l 113
108*2 10S *2 10S1 2 109 110 110*2

113

104

104

104%
99*s
95*4
95*8
103%
103*4
104%
103
89%

104%
101*8
90%
96
10(1,8
103*4
106%
103
90

104

104

10 1

101

103*2 101*2 101

98*2 98*2

08*2 100

101
103
1013 4
104*8
98%
96%
107
1 05
98

90% 91
98
98*4 983 4 9 8

10934 10934
96

1001,8 10018 102
94

S c rie s C g u a r 1 9 4 9 ------ 3 lA

110
109

1 09

102
95

.....................

110

110

1091 2 1 0 9 i2
1 09 109 1 09

1 09

96
104*2 10 4*2
107 107

106*8 106*3
I 66*4 100*4

10778 10778
IO8I4 10834 1 08 10818

941 2 941 2
U 6I2 I I 6I2 ..................... 114

C S t I. & P 1 s t 1 9 3 2 g
-- 5
P e o r ia & P e k i n U n — l s t ’2 1 g - 6
P e re M a rq u e tte —

108

95
931 2 9 4 l 2 9 2
122% 1 24
U 012 11012 i l l * 1*1*1 "
89
89*8
* 9 1 * *91 * 94
9612
'8 4 %

8*9**

10 1
86

100
95*2 98
99*4 99*4

114
116

116

IO 6I-1 105

1 05

S t L o u is S o u t h w e s t — I s t g - . 4
2 d in c b o n d c t f s g o l d _____ 4
C o n s o l 1 9 3 2 g o l d __________ 4
S an A n t & A ra n P — 1 s t g u g 4

92% 931o
79
8112
7 8 'a S018
89
9212

S e a b o a r d A ir L in e — 1 9 5 0 g - - 4

64

66

93
8U 2
7 8 I2
9 1U

83*

*8*412 83*2 8434 8 4 l2 85*2

9 7 38 973 8
941 2 9312 9 4 i 2
82
793 4 7 8 * *7*9*14
92*s 89*4 91

631 2 66

9 7 38 973 8
9334 943 8
80
82
7814 791 2
891 2 9014

64-34 6 934 6812 7 5
97
9 5 t 2 951 2 97

IO 2 I4 102-34
1 0 5 * 1*0*5** 1 06 106 1051 2 1 06
106-34 1063 4
S e a b o a r d & R o a n 1 s t ’2 5 - . 5
92
9134 92
So P a c C o— C t P a c coll ’-19 g 4 * 9 0 * *9*2*' 91
85
85
2 - 5 - y r coll t r u s t 1 9 1 0 _____ 4 ..................... 997 8 997 8 .....................

9734
94
82
7 9U
8978

9 7 78
941 2
84
8U4
9 0 l4

96

96

93*4 93C4 ....................

1 12 % 11 2 %
110 112

973 8 987 8 9 7 78 9812

A ltg e g u a r g o l d _______3 1 4
T h ro u g h S t L 1 s t gu g - - 4
G al H & S a n A n t 1 s t 1 9 1 0 . 6

891 2 93 I4 9OI4 91
93% 9314
16 1 % l*0 lis

H ous B & W T ex 1 st 1 93 3 -5
1 s t g u 1 9 3 3 g ____________5
H o u s & T e x C en 1 s t 1 9 3 7 - - 5
G e n e ra l 1 9 2 1 g o l d _______4




...........

973 8
973.1
90*8
94

98
973-1
9012
94

110

8378 8 5
9712
93*2
84
79
89*2

91

92

91

92

86
83

98
94*8 9 4
85
84
81
79*3
9014 89*3

997 8 997 8
973g 993g 991*2 1*6634
97>r,8 9 9 58 991 2 100-34
971.t 97
9 7U 9734
90
9 0*8 9OI4 90*s
94
95
95
95
IO II 4 IO II 4

96
96
123*8 12378

84

83*2 84

*9*5*
84
79*2
90

98
941-1
84
781 2
89*s
89
99
85

103*2 103*2
00
90

92

92

85*4 86*4

110

96

92

92

OU-t 91%

84

85*2

83*3 8 5

96
96
12U - 121%

84*3 86

1171- 118%
119
83
82*s 82
82% 82%
100% IOOI4
97% 97% 901.1 97
93%
91*8 92*,s 9 3
84
84
84% 8 4
77% 78% 78% 80*s
88%
87
88‘2 87

119*2 119*2
119
83
8334 *821*1 *83 * 82

98
97*2
95
94*2
84
79*2 ’ 771*2
90*8 88*2
90*4
1007s
85

90

1101.1 109 109*2 108% 108% 108% 108*3
88% 89%
88*1 9 0
80*2 90*4 88-*4 9 0

110

100*2 100*2

8 7 14 85*4 87

97*2 97
913 4 9 2
8 3 ls
7*8*14 771-1
89*4 88
104
91
89*4 9 0
90*2 100*8 99%
86
80

97*2
94*.|
8 1*i
78
887g
101
91
99*4

83
88
98*4 99%
84
84

101

101

84
84%
99*8 99%
' 6 i% *9*1%
105

91*s 90*3
92% 9 0
951 2 9 2H 93*2 91*1 93*4 9 0
93*4 93*1
997 8 997S 99*2 90*2 997 8 997,8 99*8 99*8
997 8 997 8
101*4 104*8 101*2 10 1 % 101*8 1027 8 102
1 00 103*8 1 03 1053s 102*8 107
1021.1 102 %
997 8 103*3 103 105*8
97*s 97*s 97*f. 96*2 97*2 90% 97% 96%
96*4 97-38 97*s 97*s 97
90*8 9 6 * |
96
90
88%
891.1 89*4 88*1 891-i 88*4 89
8 9 U 90*8 89*3 89*4
94
91
93
93
90% 92*2 91*4
9433 94*2
93

11 2

1031 2 1031 2

110

10734 107*4
92
93

105
107
911,3
115
100
98%
963.1

102*4 1021.1

1061- 1061 o

n o ’ 1*1 0 " 1 1 1
1 04 104

10934 IO 934 110

85*4 87*4

78%

111% 111%

11 2

109*2 109*2 107*2 107*2 ..................... 106*2 106*2 106% 106% 105
107 108*2
107
01%
116 116
115% 115% 115
9973101
100 101
987,8 100
98% 99% 9 8 * i
99*2 100
98*3 99*2 987,s 987 8 97% 97*4 98%
977S 98
9734 98
901-1 90*8 9 0
96*.| 9 8
97*2 9 8

7514 85»8 8 5
883s 8734 91
991 2 100
97*2 97*2 99*4 100

G a & A la 1 s t c o n s 1 9 4 5 ___ 5

C e n P a c 1 s t r e f g u g .........- . 4

112

94-34 97
95
95
957S 9 6
957 8 9 0
96
96
12412 124*2 1237-2 12:i7s 1233,il2334 i23S8 l'24’34 123*8 123*8 123*8 123*,s
1 1 1 1 1 1 110 110 12 1103.1 1 1 1 1103.1 110*4 1 10 110*4 110*4 110*2
8812 891 2 883 4 9OI4 9 0
91-3-1 S 8
91*4 897s 011 2 9 0
011 2
96
96
941 2 9 5

101
88I4 8478 8612 851 2 88I4 871-1 88
9934 993 4
1 1 9 l2 1 1 9 t2
1201 2

K C F t S & M c o n s 1 9 2 3 g .C 116*8 116*3 1 19
823 4 86
841 2 8 534
R e f u n d in g 1 9 3 6 g o l d ____ '

105

108

10778 10778 10778 1 07 78

100

78
1 05 1 06 1 05 1 06
11378 1141 2 11378 11378
1 0 9 '2 1091 2 1001 2 1 09 l2
IO8I 2 108*2
94
95
93
931
2
94
.....................
..................... 9 3
1 1 C18 I I C '4
9934 100 l 2 9934 100*8 9934 IOOI4 9934 100
9934100
997 8 101
9812 99 100 i o n
96-34 973g 9 7
97
97
9612 981 2 9 6*1 97
9 7 78 9 7
9734
102*4 1023 4

C h ic & W e s t M ic h 1 9 2 1 - 5
I I 334 115
M in t & P M 1 9 2 0 g .................6 1121 -t 114U
10434 10434 1091*2 10*9*12

J e r s e y C e n t co l! 1 9 5 1 g o l d - 4
P h il & R e a d i n g c o n s 1 9 1 1 . 6
C o n s o l 1 9 1 1 ........................... 7
S t J o s & G r I s i— 1 s t g ---------- 4
S t L & S a n F r a n g e n 1 9 3 1 g -C
G e n e ra l 1 9 3 1 g o l d --------------5
G e n 1 5 - 2 0 - y r 1 9 2 7 .................5
R R -C o n s o l 1 9 9 6 g _________ 4
S W D iv 1 9 4 7 g o l d _____ 5
R e f u n d in g 1 9 5 1 g e l d ------ 4

98*3

110-34 1103.)

G r a n d R a p & I n d c x t ’4 1 - 4 M
p F t W & C h 'c 1 s t 1 9 1 2 - . 7
2 d 1 9 1 2 ___________
- - - 7 109% 10913
110
P Y o u n g s & A sh 1 s t c o n s .5
P C C & S t I. g u A 1 9 4 2 - 4 'A
S e rie s B g u a r 1 9 4 2 ------ 4 H

R e a d in g — G en 1 9 9 7 g o ld — 4

13514

92*4 927s
09% 10273
00
89
100% 100%
95%
95% 0 5
90% 90*1 9 5
10112 103 101*2 1027S 102 103%
IOU 4 IOU 4 102 102 10 U -H 02
72*8 74%
72*4 74*8 71*4 73
72
72*2 7 0
71
97*2 07*2 95*8 95*s 9 0 * *96 *
11773 11S1 2 1 18 118
1 19 * 119

103
IO4 I4 IO 5I 2 IOII 4 1045s 10378 105 103*4 1041.1 1031*2 1*04*12 101%
100*8 1013 4 100*3 1013 4 IOH 4 1031.1 102 106*4 102*8 105*2 9 9
0 0 *8 977 8 9 6 58 97*2 97*3 9914 97*4 99*2 96*4 99*4 95%
95
104 1 04
10612 10012
104 105-*4 1 05 1 05 104% 1 05
1 05 1 05
101*4
1 02
9034 9 H 4 903 4 91
9 7 l8 9 7 l8 9 7U 9714 971 2 97*4 9 8
98
97*4 9 8
97*4
90
90

903 4 903 4
*9*9’i 2 9812 99*8
.....................

10 1

98

104*2 104*2 104% 104*2
975 8 9 7 5s 9 8
98
99
99

110*8 110 % 110 l 2 11 2

100

9 6 'i

733.1 7334 7 3
071­ 9712 971 2

1031.1 103*2 1031 2 104U

1041 8
10438 104*8 1*0*5%
9S 78 98*4 100
9 7l 8
96I4 9 6

901 2 90%
983 4 99

97

IO2 I4 1 03
102*8 103
102 l8 10 2 EI l o ii a 103
7334 75
7414 75

..............- - I 120 120*8
1 15 1 15
10438 1013 4

'921*2 *9*2*12
11534 11534 11534 11534 115*4 116%
1091 2 1 10 110 HO 10912 110 10912 1 10

C o n s 1 9 4 8 g o l d ____________ 4 1041,8 1043.1
993s
1 0 - y r c o n v 1 9 1 2 g ---------- 3 J4 9 8
1 0 - y r c o n v 1 9 1 5 g o ld — 3 K 9434 957 8
9534 9534
P h i la B a lt & W 1 s t g _____ 4
U N JR R & C 1944
a
J 'e n n s y l C o — g u 1 s t g -------41-i 1 04 104

100*8 100*3
101*8 101*3

1031s 1033

104*8 1043

105
92%
10*5%
97%
90
92*4

10434 104*4
103

10514

.................... 1 10
96

96

10478 104%
110*4 110 IIO I 4 109*3 H O '!

.....................

95

95

.....................

...........
95

95

110

110

93

93

m u mu
| 93

93%

105
no
93

105
no
9*5*"

Jan . 1 1910. t

THE CHRONICLE

29

1909—C on tin u ed .
BONDS
S o u t h e r n P a c C o — ( Concluded
O re g o n & C al 1 s t g u g -----So P a c A riz g u 1 s t g ........... - (
1 s t g o ld 1 9 1 0 - ...................
So P a c C o a s t 1 s t g u ..............

January February
March
April
May
September October November December
July
August
June
Low Hiij! Low Hly Low ll Ujl Low Higl Low Higl Low Hig) Low Higl Low Higl L010 Higl Low Higl Low High Low High

i 107*2 1071

_

100% 100 b 100
10 1 l 2 i o n .

100

1 04

104

88*2 91
....................
9434 9 6
Sou P a c R R 1 s t re f 1 9 5 5 9434 953 943 4 96% 94% 9 5
R e g i s t e r e d ---------------------....................
S o u t h e r n — 1 s t 1 9 9 4 g o l d ____ 1 1 0 8 1 1 2 % 111% 113 1 1 1 112 1 1 1 11 2 %
R e g i s te r e d -------------- --------109 109*2
D e v e lo p & g e n S c r A _____ 4 7 6
79
78*4 791. 78*4 795 5 78*2 82*2
86l 2 8 9
M o b ile & O h io coll t r g ____ < 8 5 l2 87
88*2 89*2 88 89*2
113 113
M e m p h is D iv 1 s t K - .4 M - !
873S 8934 8 9 i2 91
89*2 89*4 89*2 90

91

91*

90

94

1 12

113

110

110*1

82*4 83%
90
90%

94

111*2 112*2 111

100*.| 100%

90

]Q2U 1021^
9434 95*, 94*2 9514 943 4 9 6

94% 95*2

113% 112% 113

110 110
8U 4 83%

82%

83*2
88*2 89*2

823 4 8 5
89% 89*:

90% 91

88% 88*2 88*2

109

90

90*2

94% . 95

110 % 11 2
80
823j
89% 90*1

110*2 110*2

89*4
92% 92% 92% 92%

103 103 102 102
93% 94*4 94% 94%

108

110*2 107

79*4 81*8
89% 90*2
92% 92%

94*2 94"s

1091- 109

79%
89

81*8
90

86

86

112

80% 8 2
89
90

110
86

110
87

110%

10934109^4
E T V a O a d iv 1 9 3 0
5
111 111
11038 1103s 111*4 111% 110% 11234
C o n s i s t 1 9 5 6 g o l d - ........... S 112S8 1125a 112 112 113 113*4 110*2110*2 1138811334 111% 114% 114% 114% 114% 114% 114% 114% 114% 1143a 113*2 114*4 112 113
105 105
107 107
E T e n n r e o r g lie n g o l d ____ fi
O a /M idland 1 s t 1 9 4 6 - ........... 3
66*4 66*4 64 64 64 6534
68 68
64
64
65
65
117 117
6 11434 n o 115*2115%
O a P a 1 s t 1 9 2 2 g ____
118% 118%
110 1 1 1
R ic h & D a n v c o n s g o l d — ( IO8I4 10814 108*2 109*i
110 % 110 %
107% 107*8
IOU 2 103 103 103
10238 102%
V a M id S e r ie s B 1 9 1 6 _____ 6 IO2I4 10214
S e rie s E 1 9 2 S ____________5
S c rie s F 1 9 3 1 .........................5 107 107
O e n 1 9 3 6 ................................5 107 107
108*2108*2
107*4 107*4 108*2 109*2

103*4 103%

1033S 103*8 103
109

T e x a s & P a c if ic — 1 s t g -------- 5
2 d in c o m e 2 0 0 0 g o l d ---------- 5
L a D iv B L 1 s t 1 9 3 1 g ____ 5
T o le d o & O h io C e n t — 1 s t g - - 5
W e s t e r n D iv 1 s t g o l d ........... 5
O e n e ra l 1 9 3 5 g o l d -------------- 5
K a n & M ich g u g o l d ---------- 4
T o l P e o r ia & W e s t — 1 s t g - . . 4
T o l S t L & W — P r io r l i e n . - 3 H
6 0 - y c a r 1 9 5 0 g o l d _________ 4
T o r o n to H a m & B u f f 1 s t ____ 4
U l s te r & D el— 1 s t c o n g ____ 5
1 s t r e f u n d i n g 1952 g ........... 4
U n io n P a c — R R & 1 g 1 9 4 7 - - 4
R e g i s t e r e d -------------------------- 4
1 s t & r e f u n d i n g 2 0 0 3 _____ 4
2 0 - y r c o n v 1 9 2 7 ____________ 4
R e g i s te r e d ............................. 4
O re g o n R R & N av c o n g — -4
O r e g o n Sli L in e 1 s t g ........... 6
1 s t c o n s 1 9 4 6 g o l d _______5
G u a r r e f 1 9 2 9 g o l d ..............4
R e g is te r e d ____________4
U t a h & N o r th 1926 g o l d - -.6
V a n d a l i a - C o n s 1 9 5 7 B ____ 4
V e ra C r u z & P a c — 1 s t g u - 4 K
Va & S o u tiiw e s t— 1 s t 2 0 0 3 - - 5
1 s t c o n s 5 0 - y r 1 9 5 8 ------------ 5
W a b a s h — 1 s t 1 9 3 9 g o l d ____ 5
2 d 1 9 3 9 g o l d ______________ 5
D e b in c o m e 1 9 3 9 “ A ” ____ 6

109
96

116 116
.....................

90

I I 8I4 118
68 75
105 105
1113S 11214

117

9234 94
86I4 86I4
91
91%
83% 88%
10834 10834

97

118*2 118
70

103% 103% 103*8 102 % 102 % 102*4 103
102% 102*4

108*2 108*2

110 % 110 %
109*4109*4

T e r m l A s s n S t L o u is — l s t - 4 H
1 s t c o n s 1 9 4 4 g o l d -------------- 5
O en re fu n d 1 9 5 3 g o ld - - - - 4

109
109

109

109

109

107*2 107%
115 115 115*2 115% 115% 117 116 116
9734 97
97*2 97% 97% 97*2 97*2 97% 98
110% 110% 110% 110%
118 11578 117 115*2 119 113*2116% 113 114*2
70
70
75
65
65

111

111

11 2

1 1 2 % 112*8 1 1 2 % 1 1 1
11 2 11 2

105 105 103*2 103*2
9438 95
9412 94l 2
88 88 92*2 94 92 92
92
92
91
91
*90% *9034 91% 91%
90
9138
8534 863g 84
86 84% 85*2 84 8478 83*2 84%
9134 9134
10834 10834 108*2 10834

93
91
89*2
83*2

111
93%
91
90*s
84

107*2 10734
107% 108

109

108*4 108%

107 107
106*4 107
108 108
1067s 106%
116% 116% 116*8 116*8
97*2 98
97
97*2 97*2 97*2
109 109
11234 11234 112 11234 112 113 112 113 111 112
80
85
83
83
103 103
------ -----110 % 1 1 1 ------ --------108
116
96

108
116
98

112 112

93
90%
90*8
8234

104*2 104%
101
93
90*2 94% 9434 93
93%
93% 92*4 94
91% 90% 90's 9038 90*r 893g 89% 89
83*2
79% 81*2 79*8

10 1
92%
89*8
81

107 107 108 108
10512 106*8
89
89
86 86
102 103% 103 104 102*2 103% 102-34 103 102*2 103*2 10234 104*8 103% 10434 103 104 102% 103i8 102*4 103*4 101% 103 10 1 % 102*4
102% 10234
100*4 102i 2 103 103 102 102*2 102 102
101% 101*2 101 101*2 102 102
0634 98% 9838 99
99% 9934 98*4 993., 98
98*2 99 " 987g 9934 99% 997g 99% 100
99
97
9S% 97
9734 97% 98*8
103*2100 102 10534 10234 10638 106 108*2 10678 10834 107*2 111% 110% 114% 111% 124% 11034 120 11234 119% 113% 116% 114 116*4
118 118
114 114
9834 9912 99*4 9934 9834 9878 9838 99
98% 99*2 98
99% 98*4 99*8 98% 98*4 98*2 99% 98*2 99*4 98*4 9834 " 97 " 98%

1201s 120*2 119
115
94
94

119*4 118*2 119
117!" 117 118 11G12 117
95*4 9412 9534 94% 95
94

11712 11712
98% 98*2 98*4 9834 98*4 99
112*4 114 11234 114*2 112 113
102*2 10334 103*2 105 10434 105
10018 1001s
86
86
86 90

1 s t & r e f u n d 1 9 5 6 g _______4 7134 785a
D c t & C h ic E x t 1 9 4 1 g ------ 5 108 IIU 4
D c s /M o in e s D iv 1 9 3 9 g ____ 4
O m a h a D iv 1 9 4 1 g o l d - - - 3 H
T o l & C h ic D iv 1 s t g ------ 3 'A
55
W a b - P i t t s T e r m — 1 s t g ------ 4 51
51
5534
2 d g o ld 1 9 5 4 . _____________ 4 11
14t2
11
14*4
W a s h i n g t o n T e r m g u .........3 H
W e s t M a r y l a n d — 1 s t g -------- 4 8238 85
(i c n Si c o n v 1 9 5 2 g ________ 4 61
65t2
62
65i2
W e st Va C e n t& P — 1 s t ' l l , 6
W e s t N Y & P a — 1 s t 1 9 3 7 g - 5 116 116
G e n e r a l 1 9 4 3 g o l d .................. 4
W h e e l & L E — 1 s t 1 9 2 6 g - . . 5 107 107
1 s t c o n s 1 9 4 9 g o l d ________ 4 8334 86
W is c o n s in C e n t r a l — 1 s t g c n - 4 8912 9478
S u p & D u l d iv & te r m l l s t - 4

72i4 777g
109*4 111

48
4534
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9
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86

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IIOI2 I I 6I2 116 11C% 116 116% 114 115% 114 114 113% 1143g 113% 114 113 113 11238 113%
9434 9G*4 95
9584 94% 95% 94% 95% 94 95 94 9434 9234 94*2 92*4 94% 93% 9434
9334 9334
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107*8 107*8

99 99% 99*2 99*2 99*4 100
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104*2105 103% 104 103% 105
90% 92

102*2 102 % 1021 ? 1021 -

100

110

93

109 109
87
90
8734 88*2 87
87%
9234 9478 94
9434 96
95
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112% 113 113
104 10f% 103

96

96

110

110

96

96

110 110

99
98
98
97*2 9Si­ 98% 99
113*2 113* 113% l l 2% 113% 111*4 11 2 % 1111- 112%
104% 10234 103% 101*2 102*4 101 102 101*2 103*2

100% 100% 10 1

87
87*2
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72
75
109*4 109*4 109*2 10934 10934 110*2 109% 110%
86% 86% 90 91180
80
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90
90
91% Olio
48
50
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49*4 52
48
51
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8
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8
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934
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83
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83% 87
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65
65
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67
73
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94*3 9538 85

110 110

110

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110 % 110 %
78

100
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110% 110%

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78

88

47
48
45
43
45
45
46*2 4778 44
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7
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8
8
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85% 87
69
69*4
68*2 69

85
86*4 84% 86 83% 84%
69
70
6S34 70
68 6834

102 102
111%112 113
8834 8834 92

113% 112 112
92
91 91
107% 107%
87
88*2 87*2 88*2 87*4 8734 87*2 87*2 86*2 87
95
96
95
96
95*8 9534 95*4 96
95*8 96
93%
94*8 94% 93% 94*2 9234 93*4 93*8 94% 93

88
48

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10

78%

83
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5534

9

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83*4 84% 8334 86
70
70
67
67
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100* - 100*2

112% 112% 111 111
91

100

110

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105

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88
83
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92*4 93*2 92
93
92
93

S T R E E T R A IL W A Y
B r o o k ly n R a p T r — 1 9 4 5 g . - . 5 10212 105 10334 105 104*4 105 105 106%
1 s t r e f u n d c o n v 2 0 0 2 g ___4 8 U 2 85i8 8 U 2 8478 83*4 8478 84*2 87
R e g i s t e r e d ------ --------------- 4
B r o o k ly n C ity 1 s t c o n s — - 5
105 105 10212102l 2
____
11 Q u e e n s C o & S u b g u g - . 5 _ . .
9912 99*2
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S t a m p e d g u a r - - ..............4 - 5
102*2 102%
K i n g s C o E l 1 s t g o l d ........... 4
80" 86”
87
87
87
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8f5
87
86 87*4 87 87*4
80
82
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78*2 80
80% 82
81
82
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85
84
84
G r a n d R a p i d s — 1 s t 1 9 1 6 g . - 5 100 100
89
89
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80% 76
7938 773.4 80*4
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721? 72*o 72% 72*2
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99*2 9934 99*2 100
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85*2 88
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58
56
56
56
57
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B w a y & 7 t h A v e 1st g ------ 5 103
C ol & 9 t h A v 1 s t g u g ------ 5
L e x A v & P a v F y 1st gu g -6 100




104*2 04
100

105

104

102*2 102*2 100
10212 102*2 101

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86*4 8S34 86*2 89*2 85*4 87

106
103
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84

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88-% 8334 87
103

103
103

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82
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82
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104
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82

..................

92
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78
78
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85

82

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10134 101*4

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82% 82% 83% 88*2

100

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10234 10334

10212 10314

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10412 10314 104

70
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9834
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99*8 100*2 99
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82%
82
82
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48*2 48*2 45

100 10034 100 100%
8634 87
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5ft 57

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79

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100

97
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103*2 104

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81

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....................

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103
103
87
87%
81%

'85% 87%

94

94

10 1

101

101% 101*2
80% 80%

[VO L. XC

THE CHRONICLE

30

100»-C oiitim ic<S.
November December
October
September
August
July
M ay
June
I
January February
March
April
Low High Low High Low High Low High Low H igh Low High Low High Low High Low High Lorn High Low High Low High

B O N D S
M e tr o p o lita n

S t—

(.Concl.)

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A m er t l i d e & L c a t h — 1 s t — 6
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1 0 2 1 - IO 3 I4 1 0 2 1 - 1 0 3
1
0
2
1
.1
1
0
3
*
4
U S R u b b e r — co ll t r 1 9 1 8 — <
U S S t e e l — s f 1 0 - 6 0 - y r ................ 5 1 0 2 1 $ 1 0 4 1 ­ 1 0 2 1 2 1041. 1 0 2 * 8 1 0 3 * f
R e g i s te r e d ----------------- ----------------£ 1 0 2 10 4 1 , 1 0 3 's 1 04*4 1 0 2 * 8 103*8
V a -C a r o lin a C h e m ic a l —
1 s t 1 5 - y e a r 1 9 2 3 - - . . ------------ 1 9 3 * 4 0 4 78 9 1 7 S 971? 9 618 9 7
9212 931.
9212 941'
W e s t i n g E l & M fg — c o n v — £ 9O I4 9 5

98
91*4

98*4
9C1S

1 097g 1 1 2
99
96

1 0 5 1 2 1 05*4 1 0 5 l 2
89
91
901$
102*8 1 0 4 3 4 1 0 i* s
104
103
1041
1 0 1 * 8 1 0 4 * s 103 3 4

100
07 *2
106
9134
104*4
1051;
1 0 47$

79
94
90
9 9 '2

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77

10818 1 10

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981-

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74

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100

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98
100

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97*2

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112

99
116

100 ' 101*4

105
106
88
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1 1 4 '3 1 1 5 '$

115

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10 1 *4
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1 0 1 * 8 1 0 5 *2 1 0 5
1 0 5 * 2 1 0 6 *8 1 0 6
1051s 1061
1 0 5 *4 IO 6 I4 ' 1 0 6
105
100
96

7734

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101

1 0 4 *4 IO 0 I4 1 0 5
1 0 4 *8 1 0 5
1 0 4 * 2 1051. IO 4 I4 105> 8 1 0 4 1 2 1 0 5
87
861- 88
87*- 88
87*2 8 8
871- 88
8 7 1 2 87*a
103 3 4 1 0 3 * 2 1 0 3 * 8 1 0 3 1 - 1 0 5
102
1021- 1 0 2
1 0 2 *2 1 0 3
94

807$

88
90
9 9 "s 101

99
80

81
8 0 *4
943.1

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99
8OI4
981S

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79*4

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93

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89
89*2
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84

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88*3

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9 61$
90

99
79*8

7

807$
791­
96190

8 0 *4

98*8
7812

7812

84
857*
84
85*4
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8 4*2 8512 8 3
101*14 1 0 2 1 ­ i o n - 102*8
1 0 1 * 4 1 0 2 's 1 0 U - 1 0 3
9
8
1
9
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1
9
8
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8*2
96*2 98*s
97*2 981­
1 0 2 * 4 1 0 1 * 4 1 0 2 1 ­ 1 0 1 *8 1 0 2
1 0 1 ‘ 2 1031­ 102
7
0
7
3*2
7
3
3
3
7
3
1
­
70
73*2
70
75
97
97
9 6 * 4 9 67$
967$ 9 7
96*2 9619
3
9
3
9
6
9
3
-------- --------106
1101- 105
1 07*4
111
110*4 H U - 10 9
1051- 10511 0 9 * 8 11 0 *4

7 973

82

7 9 *8

7814

84
86*861­
1 0 3 * 2 1 0 1 *4 1 0 3
98*.| 9 8 * 4 9 8 3 4
1 0 0 *4 1 0 2 * 101
75
79
80
99
99*4
98
92
92
92
1 1 1 1 -1 1 2
112
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79196
8.334

7 8 '4

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106
10814 1 0 5
88
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9 6 73

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9 9 1 8 1001$
9 7 's 971.1
98
9934
67
74
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1056

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1 1 2 1 -1 1 5

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763

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104
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1 0 1 *4 10 5 *8
104*8 1051­
97
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94*s

M IS C E L L A N E O U S .
A d a m s E x p r e s s — Coll t r

--------- (

B k ly n F e r r y — C t f s d e p f o r l s t £
B u s h T e r m in a l 1 s t 1 9 5 2 ................
C o n s o l 1 9 5 5 --------------------------------l / v ( I'iCv itl

L u ild

U 1ti l l l

92

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93
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910

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93

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92 1 4

91
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913,

.............................

90
94

9 1 's
94

90
94*4

90*?
95

90
95

90*
951;

lllc —

I n s t i t u t i o n f o r I r r ig a t io n
W k s & D e le p o f A g ri 1 9 4 3 - 4 V,
I n t e r n a l M e rc M a r i n e --------- 4 L
In te r n a t N a v ig a t io n — 1 s t —

N e w Y o rk D o c k — 5 0 - y e a r — ‘
P r o v id e n c e S e c u r itie s — 1 9 5 7
P r o v id e n t L o a n S o c i e t y - - 4 M
U S R c d u c & R e f in i n g -------------* Q u o t a t io n s a r c o n t h e b a s is o




92

9212

301-

30*2

.............................

92
72
87

93
77
8 8 *?

9 2 i4
71
8712

931
74*
88

92
71*8

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73*

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72
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90

92
90

92

93

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931

94

94

89

91

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90

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93

90

901

five dollars as th e eq t (v a le n t of

ne p ou n d

.............................
tc r lln g .

71
80*4

75
87

94

94

90

01

95
69

95
72

..........................
95

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72
84
95

92*

THE CHRONICLE

JAN. 1 1910.1

31

li)0 !)-('o n c iu d c < l.
June
July
May
August
January February
April
September October November December
March
Low High Lmo High Low High Low High TvOto High Low High Low High Low High Low High Low High Low High Low High

BONDS
COAL

AND

IR O N .

93
99
____ 5
98
5 97* 98**4
94
3 . - . 5 96 100%
____G
5
87i8 87lS

...........

C o lo r a d o I n d u s t r i a l —
F i r s t & co ll t r u s t 1 9 3 ------ 5
C o n s o l I n d C o a !— 1 s t i

73% 77

. . . 5 10218 103
____ 6 lOG's 1081s
1061.! 103«2
110 110
f
5
96
t — 5 95

B ir m in g h a m
V ictor

71

75l4 72

98
9412

73

99

99

...........
72l2 74

85
88
10214 1031s 10112 103 10214 103
1061s 1061s IO6I4 IO6I4 108 108
10812 10612
98

96l2 95

95

95

96

100
95

100
95
9734
9534 9512 9512 97
107 107
87

7312 78

77

79

100

985S 100

97

97

98

87
98

9912 99!.
94* "9*4 "
’ 97* *9*8% 97i2 9778

87

93% 93U

77?s 8234 81

8412 82

8312 80

100 100
8834 89
88
89
83
89
88
88
1025S 103 102I2 10312 103i2 10312 103% i W z 10318 104
108 108
108 108 10718 107>s 108 108
108 108l2 108% 1083s 108l2 109 108 108
9534 96i2 97

96
96
9712 98

87
87
9934 99

87
100

99

100

83

100

81
94

85
94

S212 84l2

100

103% 104

9812

99%

103
106

103*4 103>8 104
106

98i2 99>8 99

99i2

COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS FOR THE YEAR 1909.
The following compilation is on the basis of one-hundred-share lots except in the case of those few stocks
which sell almost entirely in small lots. Following a rule adopted by the Stock Exchange in April 1896, sales
which are not for “ regular” delivery— that is, where the buyer or seller stipulates for three or more days’ time,
or where delivery is to be made the same day (the sale in this last instance being for “ cash” ) — are disregarded.
1909.
April
January February
March
May
July
June
August September October
November December
Low High Low High Low High Low High Low High Low High Low High L010 High Low High Low High Low High Low High

STO CK S
R A IL R O A D S .
A tc h is o n T o p e k a & S a n t a F e .

B u f f a lo R o c h e s te r & P i t t s b - -

226 226
20
25
977g lO U s 9 8 l2 1033 s 102*8 1083s 105*8 1097g 106*8 110 i 2 1 09
IOOI4 101*4 IO II 4 102>8 1 02 1043g 1031 2 1 0 4 i 8 10334 1 05 104

1 17
1063 4
7s
1
1 07 l2 111 1 08 i8 12 2 l 2 117 1 2 2 l 2 1 2 1 l 2 12814 1 201. 1291 2 12?3 4 135
10838 11 2 l 2 1 0 3 t2 110 1 . 1 0 6 l2 112 1 . 1 U 1 2 1147 s 1137g 115*4 114*4 1 20
9 2 i2 9 3 l 2 9 2
9334 9334 947g 9 4
9 6 . 9 3 l 2 9534 931 2 9 5
90

B u f f a lo & S u s q u e h a n n a , p r e f 171
R ig h ts

___- - - -

100

90

63
178% 1673s 17414 1 65

100

63
62
17378 173

6OI4 6514 64*4 6 5

613 8 66
229 235 215 230 226 228
55*8 651 4 61
68I4 6334 70*8
6OI4 7014 577S 65*4 5812 713 4
71
74
7614 7 1
72
781.

210

210

634 l l l 2

60

6H s

25

37

7 i 2 141s

6

8*4

4%

1012

6l 2

66! 2 67

235 282
6 9 l4 773 4
69
743 4
73
73
2 00 225
412 612
7%

29*4 3 5 l 2 25>8 307g

8

62
1 79

9%

92
130
62
179*8 1*8*1*4 17934
65
278

68
2 9 8 t2

74*4 8OI4

69*8 723g
7 5 l 2 773 4
250 250
4*4 6I4

65
285
75
67
74

2

1153g 11934 1 16 12 11 s U 57g 124*8 1 19 i8 125*8 1 1 8 i8 l2 4 5 s 118*g 1 24
1 0 4 U 1 0 5 104U 105*8 104 105 1 0 3 1 . IO 5I4 10418 1051s 103% 1053,
1 28 1 3 4 1 . 133 1 4 3 l: 1 32 1 . 139I2 1 33 i2 140*4 133 139*4 132 1 39
11734 12 2 U 115U 120*s 114*4 119*8 1 14 118*s 11434 11778 11434 1 187g
9434 9514 9 3
94
931. 95
93
9 4 1 . 91
92* 2 913 4 92%

90
97
99*4 9 0
92
130 1 33
1 30
62
1853g 182>8 I 88I4 1 83 i4 189>4 1 80
671 2 6 81 .
29434 2 8 7 2 91
79*8 76*8 797g
7 1 i2 6 7
6»*4
727s 727a
76

68

12

6I4

2 lg

62

62

63

64

6514 6 0

58

60

27

28

28

29

23

28*4

24

251 2

7

8

4

71,

4

434

6*4

712

C h ic ( i t W e s t e r n t r u s t c e r t f s C h ic a g o M ilw a u k e e & S t P a u l 1463 4 1513 4
104 167
C o m m o n i n s t a l l m e n t c t f s . . 1433s 147
P r e f e r r c d i n s t a l l m e n t c t f s . . 160 1 65
C h ic a g o & N o r th W e s t e r n ------ 174 1 85
2 14 2 2 5
R i g h t s . ........................... ...............
C h ic a g o S t P M in n & O m a h a . 1 55 1 5 6
16G12 109
4
41 2
C h ic a g o T e r m i n a l T r a n s f e r —
171 2 2 0
68
73
C le v C in e C h ic & S t L o u i s ------

100

101

5 7 ig O8I4
7 6 1 . 851 .
73M 8 4 ! .
1 741. 182
D e la w a r e L a c k a & W e s t e r n . - 5 47 5 5 0
373g 44
7 0 1 . 83%
151 2 16*4

C o lo r a d o & S o u t h e r n _________
1st p r e f e r r e d ........... ....................

D u lu th S o u th S h o re &

A tl -

15U
30
28%
41
33

21
3012
34*4
6H 2
4012

141 148U 141
1 60 1641. 15812
14112 147
159 1 . 164
1731S 179'g 1 7 6
212 212 2 0 8
..................... 1 52

1487 8 1467g 1517g 14S34 15314 1 50
1651 2 16434 1 665g 1 64 16612 1 65
1 82
2 14

1 80

210

183U 1 8 0
218

220

152*4 148 153
1 7 0 170ig
3
4
*181*2 *2*0**
78% 7 3
7 6 38
' 691*4 79*12 7 2
103 103 1027g 105
1 7 5 175
593.1 67
613 4 651 4 6214 6612
80
85
80% 8434 79*4 8 5
76% 82 I4 7 8
8 1 !2 7 6 l2 83
168 177 173 17914 1777g 185
5 3 5 5 4 5 5 4 5 5 5 0 549*4 6 8 0
40
487g 4 2 l2 461. 461 . 54
843s 88
87
8 91 .
811. 90
16>2 15*4
40
40
95
871 2 871 2 9 5
161. 10 I4 167s 1812
151. 18
28
3 U 4 2934 33U 3114 3 3 l 2
28<4 3 2
25*4 32*s 223g 3 0
40% 491 2 36% 45*s 4414 49*s
32
3012 2 8 i2 3 5 i 2 3 4*s 40*8
4

4

1 84 l4 1 8 0
220

220

1571s 153U 1587g
1703 4 169U 1 70

50
81
80
184
650 675 0 45
48*8 52*8 4 6 ls
87
88
851.
13

1 8 6 l2 1 82 1 . 187*4 187
2 2 3 221 22212 2 2 5

I 6S4
30*4
31
4812
40

18*8
331g

64*4 551 2 5 7 l 2
81
8212
83
80*4 8OI4 80*8
1 9 5 192 1957g
660 649 650
52*8 46*8 491 2
89*8 84% 8 G
12
12
13

1 5U
30

18
323 4
39
61
551g
4114 4534

3514 3 4
52Sg
4314

85
85
83
83
Qreat N o r t h e r n , p r e f e r r e d ------ 140*4 148% 1363 8 1441. 13812 1457g 1 4 2 1 475g 1 43 l2 1 4 8 146>2 15178
70
74
651 4 72?s 65la 691 4 67% 7 d 2 68>2 741 2 733.1 77*4
Q re c n B y & W e s t e r n —
85
85
14
14
14
15
14
17
17
151 2 1 6 l2 1 5
1612
D e b c t f s . S e r B ...................... 15
90
91
90
93
88
92
90
9OI4 8934 94*2
H o c k i n g V a lle y , p r e f e r r e d ____ 9112 93
9 8 1 04
97
97 101 1 1 3
J P M o rg a n & C o , c o m r e c - - 103 106 103 103 1 02 104
i ll in o i s C e n t r a l ________________ 142 149 137 144U 1403 4 1 46 14334 14734 144*4 148*8 140*4 151*4
99% 1001 2 100 IOOI4
287 8 3 6
30
31
33*4 2 8
3 2 l2 2 8
291 2 3414 27
32*8
5 4 1 . 013 4 5 5
551 2 591 2 6 7 1 . 6 2
67
69*8 541 2 683 4
61
42
42
56
66
50
60
5 3U 5 3 i 2
67
67
771 2 77*4 791 2 7 0 l2 7914
75
7614 7 6
76
743 4 7 6
K C F S & M , t r c t fs , p r e f ------ 7 5
4012 47*8 4 4 l 2 4 7 l 2 441 2 48*s 4 3
39
43*g 3 7
43
471 .
091 2 743 4 6 77 , 727g 7012 747g 7 2 l8 7334 7 2 I2 74
71
731.
6
0
0i 2 8
5
5
6
6
6
6
26
28
25
25
30
30
2334 2 2
2 1 <g 2 2
251 2 2 4 !2 28
20
24
1 9 l2 2 2 i 2 20
61
53
48
627 8 4 9I 2 54
50
63ig 5 1 i2 5 6
52
647S
300 320
61
671 2 64
66*4 6 5
69
C6I2 6 0
60
7 U s *66 % *7*0*14
L o u is v ille & N a s h v i ll e ................. 12 1 12734 1211 2 1307g 127*4 134*4 1 3 3 '2 14014 13812 140*8 13914 1 45 l2
t E x rig M s.




16
31
35*8
5212
4214
60

173 ,
323 4
3734
55
45
60

105
133

186*8 1 81 1 . 1893g fl7 5 7 g 185 1 78 182%
9
9 1 . 9.4334 10 %
7 0 !4 68% 7 0
3 0 5 3 2 3 i 2 2 9 5 3 0 2 2 9 0 316*4 3 04% 3 1 4
79ig 89*8 8 5*s 9 0
8 5 l.| 8 9 * s 84*4 91%
627g 7 0
65*4 70*8 G47S 69
68
69
723 4 7 4 1 . 7 0
723 4 7 3
70
70
71
249 249
3 i2 4
*4 6*1.
23 4 a l2 3 4 a l0 % & 1 6 513% c l9 % c l9 % 2 1 i 4 c l9
24%
60
GO
62
62
6 U 4 64
65
65
3 1 * j 32*
27
3534 311g 353 4 3 0
32
32
357s 3 3
46
4*8 87g
71 * a l67g a l5 lg 521 618% c24 c24% 2 6 1 . c25
317g
31% 3 7 %
5S34 64*4
1 54 is 1 6 3 l2 1 531. 16518 1551 2 164 15314 1591 4 153% 159%
16934 181 1 75 1807g 1 73 1 79 1 . 1 7 H .1 7 5
171 173
6 8 1 . 69*4
2 91 3 1 5
7 8 i2 837g
64
691 2
73
731.

80
1 891.
550
4 6 '.
85

54

561.
823s
801 .
197*8
575
52*8
89*4

15
30
34
52
4214
60

17*4
33U
38*g
56*4
46
60

81

68*8 68*4 68!2 6812 6 3

1 9 8 '2 1 9 0
2 2 5 222

1 6 3 i2 167
1 5 9 1 61 1 .
1 6 5 * 1 65 * 171 174
1 7 5 * 180** 1 70 1 8 0
2
2
2
37g
2
3
3 l 2 3 '2
I 8I4 I 8I4
723 4 7534 7 3
7
3
77*4
77
7 7*s 7 4
100*8 102 1 0 2 1 , 1 0 3 '1 1 03 1 0 3
64tg 671 2
82
88
8OI4 84*4
18034 200

100
1 33

1 60

196*8 1851 4 1921 2 17734 1 90
225 225

222

1 6 4 i2 1 60

1 63

1 55

2

2

3

3

74

79%

.....................

79
71*8 76*4 7 5
1 05 1 05
1 75 1 75
5l7g 5 4
51
53>.
7 9 l 2 82ig 7 8
80
78
81
78
7 8 l2
1 89 196*4 182 1 921.
550 555 550 570
43
4 8 1 . 4414 5 0
851 8 87*8 83*4 86%
9
11
15U
281.
31*8
4 734
381.
60

1 41 .
16
3 0 1 . 28U
36*4 313 4
5 37g 4 6
44
38
60

161.
31*4
35
5014
4212

156

531. 60
7 9 1 . 8 11 .
7 8 1 . 807g
1 80 189
560 590
46
49! 2
831 2 8 5
121 . 12
14U
281.
32
46
38

15*4
39!"
34*8
50
41

175
2 21
15%
155
170
2

182%
225
16%
157
170
3

74
83%
1047g 105
53%
81
80%
181
590
47*4
S37g

57%
817g
80%
187
630
53%
87%

15%
3 0%
32%
4/
38%

19
35*4.
341.
51*8.
423g

85
85
14S12 1537g 149*4 1 577g 1 5 0 1 5 6 142>8 154!4 1103 4 1457g 1 40 144%
74*4 783g 77*8 88! . 7914 8434 7 8
84
77% 8 3 1 . 7734 82%
155g 157g
93
931.
1041 2 1 1 5
148ig 1581c
991 2 9 9 1 .
29
3 2 '2
55
5734
33
7 7 t2
4434
71*8
7*8

85
15*4
93
114
1 52 1 .
29
55

85
15*4 * 1 5 *
941. 9 0
1 2 6 122
162% 147*2
327g
59

61
7 8 i 2 * 7 8 * Y 9I4
48*8 4 6
6OI4
7 3 i 2 7212 7 5 1 .
8
10
7*8
32
42
291.
* 2 6 * 2*67g 2 5
63
58
6134 5 8
310 310 308 308
67
703 4 6 7
6934
1 40 1467g 145M 1 62 I2
a 1 s t ins ta llm e n t p

85
82%
15
13% 14% 14%
90
90
9 0 1 . 89*4
12214 11 2 1 18 116 1207g 117
155*4 145U 1 5 4 1 . 146 148*4 1 45
1 09
2 8 i8 30*8 271 2 307g 26*4 2934 27*4
48
5612 5 0
53% 4 8*s 523g 4 9
57
79
45
71

85
*15*12 14
92
90

57
82
4812
737g

55
80
427g
70

6
*25*
55

40
27*
613 4 5 3

60
82
457g
72
7lg
40
581.

57
80
42%
70
7%
43
2 1%
55%

57
803 4
457s
72%
11*4
45
241.
58*2

51
77
42%
70

8

43
24
55

86
21
90% 124
149%

100
30%
55%
55
80%
45
72%
9*4
46
27%
64

65ig 6 8 1 . 6 5
64
6 4 14 64% 71%
66
149 155% 1 4 9 15534 149% 1 55
149 159%.
a id . 5 2d p a id , e 3 d p a id .

THE CHRONICLE

32

[VOL. XC

1909—Continued.
STO C K S

August September October November December
January February
July
March
April
May
June
Low High Low High Low High Low High Low High Low High Low High Low High Low High I.ow High IjOw High Low High
144 143 14514
2334 2278 2478
150 ~ 150
5414 65 53 5714 52 57 55 o ii2
90
90
89i2 89i2 81
84
87i2
89
13212 14912 136 143 139 1463s 13314 146
15134 159 147l2 15412 14912 158 147 1561f>
7
85s

M anhattan E le v a te d -------------- 149 153i2 145 148i2 142
21i2 2514 19l2 2234 20
M in neapolis & St L o u 's ----------P r e fe r r e d ...................... - ...........
M inn St P & S S M .....................
P r e fe r r e d ------------------------------

1447* H77* 1437* 147

1343.1 135
147 147
903j 911?
43
41*2 4414 41*4 443* 39*4 44
M issouri K a n s a , & T e x a s ------- 4012 4478 35i2 4378 38
7234 74U 73
75I4 72 7412 72l4 7412
Preferred - .......................... ....... 7U 2 7514 71
75
71
771.1
7338 66I2 73I4 7134 7512 73's 76
M issouri P a cific ---------------------- 07ls 7278 65
185 185 1821- 1821*
N ashville C hatt & St L ouis — 12212 125 i2312 12312 125 125 129 135 128 130 135 138
N ational R R o f M ex, pref
44 4U 2 45
as
25U 2514 2234 2234
5414 511* 537*
4412 50'g 50
26
231* 255s 23-s 265* 23
N Y Cent & H udson R iv e r ------- 123 13234 12012 1291s 122121311s 12834 13212 129 133U 12938 135
N

V C h icago & St L o u is-----2 d p reforred..... ................ .........

50

57

84

86

50

5412 4812 5358 60

100 100
86 87

78

78

N Y New H aven & H a r tfo r d -- 157l2 16334 157lg 16018 158

163

4914
N Y O ntario & W e s te rn ---------- 45
N orfolk & W es tern ------------------ 8414 93-3*
Preferred - ................. ................ 8534 88
Northern P a cific ---------------------- 137 14314
138 1423.1
83
P a cific C oast C o ---------------------- 80

4214 48U
8434 92
____ ____
13314 14U2
137 137U
80
80

4312 48
86 91
85is 851S
13558 14378

66t2

130
149

54

144
164

65

59

83>2 84
125
16212 17012 16914 172 170

85
125

7 6I4 78

1445* 146

140U 1445* 14U2 14334 141i4 143

150 150
56
55
60
5814 5434 5714 53
86
87
89*2 86*2 87
85>2 89
135 1383* 13634 141 13934 145*4 142
1481* 150 148-34 151 151 161 163

56

81

56U 51
88 85
1457* 141
1611- 162

135 1387*
14734 14812
89
907*
4 0'- 431*
7 .;'2 741*
7U 2 7534

1401- 1407*
161 161
893* 9134
401* 44
737* 757*
7U 2 77*2

135

130

135

541*
86I4
145t2
162

140 14034
160 160
8912 92
401* 4314
7312 7534
07
733*

13912 130

135

52l2 56
84
87
135 143
150*4 167
142
90
40
74
661135

13912 1423., 137
51
54U
____ ____
133 137U
15212 15414

140*2

51l2 54U
851- 85l2
1333* 144
1537* 1571-

142
91
90
5012 461*
78l.i 7314
70-34 68>2
135

135

901*
50*2
7517334
136

90
94
467* 51)3*
731* 747*
6934 725*
139

142

555* 64
59
55% 50
5134 55
5U - 531- 533., 61
57
261221o 25l4 2212 253* 2212 247* 2U - 225* 21
13 l l 2 14U* 1351* 147 13012 13914 132 1403* 12512 1371* t 221.112912
5.6834 (it68 57 69 6 434 6834
55
58
6734 55
55*2 577* 53
1021- 102184
86I2 87 88 86 88 87 89 88 95 92 95

17434 1687* 171I4 169>2 1725*

4658 50>* 48
50U 4934 55** 5U - 5414
9214 8912 95
8912 94*8 89
923* 89
85>4 87
86 8712 86I2 88 88 9212
142 1477s 1425* 11812 147U 15434 1501* 15512

47
5212
92
063*
901* 9U*
15134 15912

T154 166 1541- 1591,
512 6*2 5 5 . 5OI4
1471- 1493.1
46
507* 46
50*4 453.1 48*2 46
50
91
961* 9112 102
92
96'4 93-74 97
90
90
9214 90
9012 8912 89% 89
15U2 15912 14434 1571.1 1421- 149*2 140*4 1465*

168-5* 17412 I 6U 2 I 72

95
97U 96 103 100 110 106 111*4 105 105 107 11619812 97
100
98% 08% 100% 105 105 105
IOO IOO
003.
9934100 1021- 109 10934 111 1051- 109 105 115
P en n sylva n ia R R -------------------- 1303s 135 12618 1327g 12814 13438 13314 13612 1333., 1393* 1345*13814 1361.1140 1377* 1437* 1383* 15U.i 144-34 150 tl293 414912 1281- 1377*
7»4 834 81- 834
134 134
2434
2312
24
22 27 25 27 2612 27 23i2 25 241* 2534 24 26 24 28
26
8612 93
8712 94
89ig 93*2 9U 2 93*4 91
9212 91
P itts Cine Chic & St L o u is —
93 9214 93I2 9U 2 947* 90 “ 94-3., 925* 901? 941.1 96*2 9312 997*
n o 1 10
105 1081- 104 104 108 n o
U5 n o
115 H 6I4 110 110-<4 115 115 114-3,1 11434
1731- 17.Ho 1721a 175
1741.1 17434
175 175 174 17414 175 176 "
Railroad Securities, III Cent
91
nni» Q01,i 01
02 013< 0310
90
90
8810 90
91
91
90
R e a d in g -- ------------ ------------------- 13112 144-3* 118 1343* 121*8 130>s 134lg 14812 1435315934 147*4 1583S 15334 1623* 1551* 166 1561* 1733* 158 170U 1603.1 172*2 107*4 17212
93 91 923., 92-34 94 9312 96 9U 2 9312 9112 92 9112 923.1 91 92
90
90
90
89
93
9218 89
1st preferred------------------------ 9112 93
94 10434 97 102
99 103
97 100
90 10U2 9912 11712
91
92 100
97 10U2 98 102
9018 93
2d p referred-------------------------- 9012 9312 90
423* 36
29
25's 24*4 295* 28*2 34
3412 321* 3934 37
4012 3 512 413* 38*4 4U.1 3912 81
R o c k Island C o ------------------------ 2312 2632 207g 25-3* 22
7134 695* 727* (36*2 72
7014 773* 7412 803* 72t2 7812 7212 793.1 76-3i 8412 841- 9434
P r e fe r r e d .............- .................. - 5812 637g 575* 65*4 60% 65-3* 64
12514 125%
126 126
125 125
125 125
30
28
28
80
3312 3812 38 ‘ 3812 37l-> 37%
19
19
15
20 20
15
1514 16 16 21 20 21
____ 50
4934 4934 50
52
55
6OI4
51-34 5134 50
53
59
51
50
53*2 53l2
1 st preferred............... .............. 51 51
40
40
30
30
29
29
29'4 30
31
41
291- 30
68i 2 68 70 65'4 6612 69 71 70 7034 68 685s 68 73 72 7214 70 7214 6934 72 69 71*2 693.1 74
St L & San Fran. 1st pref------- 67
3653
56
00-34
38*4
42
36
41
54
58t2
3912 38
59
4012 441* 4714 42*4 463* 45U 563* 5414 5712 551* 00-3.1 55
2 d preferred-------------------------65*2 6912
68 6834 66 68 65 G93j 67 67 67 67 00-3.1 68
C & E III. new stk tr c t f s - - 65l2 67 ____ ____ 6634 6634 6212 70
110
116
C & E III pref stk t r e t f s - . St L ou is S ou th w estern ---------- 2112 23-3* 20l2 245* 22
2412 23
251.1 2414 2814 2534 2812 26
2714 255* 283* 24U 31-3* 273* 31 2834 341.1 313, 353*
54
50
58
55
6033 5912 6834 673* 7112 6 H4 69
645* 68-3* 63-3* 703* 06*2 697* 671,1 747* 74*2 82
P r e fe r r e d ------------ ----------------- 4712 54I.J 50
323* 301- 333*
27 lg 22
2612 2312 2OI4 25*2 301* 29
321* 29*2 325* 30t2 3312 2934 34
2912 321* 2834 321* 30
Southern v o t tr c t fs stpd e x t. 25
6434 6312 70
6312 60
663.,
65
61
68 72 68 71*2 6712 71*4 68 75*2
Preferred
do
do
------- 60
713*
6812
74
6912 75
67*4
7112
82
86
82
82
86 8612
Southern P a cific C o -------------- 1163s 12112 11458 120 I I 6I4 12378 11812 123 11834 12412 123*4 135 1311* 1351, 125 1391* 122l2 135*4 126-3* 1333,1 127 1307* 12734 1381.1
120 12312 1183.1 122C 1203. 1255, 1223, 12S3, 124 1267* 1261- 137 13 H4 1351*
76

9914 91

9934 9212 98

100 100
88 100 100 100

3a

3734
333S 367g 30
T exa s & P a cific ______________
50
47
5314 43
T o le d o St Louis & W estern —
P r e fe r r e d ------------------------------ 68I0 741.1 6434 70-34
U nion P a cific _________________ 17553 1841g 17212 18134
95
97
9458 96
P r e fe r r e d ___________________
843.1 8712
19-3*
W a b a sh ---------- ----------------------- 1734 1934 15
507*
41
P r e fe r r e d -------- --------------------- 4534 52
19*4 2312 1978 257*
W a rra n ts , new s t k ,4 th paid
W h eelin g & Lake E rie-----------1 st preferred -----------------------2 d p referred-------------------------W iscon sin C en tral------------------

1034
2U 2
12
357*
6912

EXPRESS.
190
A m erica n ---------------------------------- 206
U nited S tates-------------------------- 85
300

1278
257g
151g
451.1
847g

190

210

85
300

3434
3138 335* 33
4434 5234 51
6434
6734 7338 6834 713*
17312 18512 1843S 18934
95t4 95
94
96

33 3434
5012 5312
69
7014
186 19034
96
98*2
88 88 88 89
1834 173., 19*2 187* 2 U8
17
543*
42l4 483.J 4534 50*4 49
193g 223s 1934 231? 1812 283*

335* 363* 3212 357*
4612 527* 477* 513,
0714 70 68 7OI4
1877* 195 193 2013.1
97 110 IO2I4 10634
89*4 89I4
20*4 243* 201* 217*
61*4 5312 58
53
12 22
312 1212

35
401*
49U 541*
69
7134
19412 219
1021* H 8I2

3412 391,1
49% 52%
6912 725*
1931.12107*
1031* 112

34*2 37
547*
50
073.1 71
197 20934
1021* 10834

33*2 3012
53
5412
681- 711.,
199*2 205
lOU ,1 1017*

34
37*4
52
541*
687* 725*
197-* 204*2
10114 105

20
223* 19
18-3* 2U* 193* 2112 2034
21
5134
46
637* -I6I4 5412 50*2 57
50
59
3-34 7>2 4% 5%
al3
1514 &21 23*4 c3114 35*2 (Z43
48
10
812 1034 9
9
1078 9
127* 10
912 8
6 113* 8 107* 8'* 93* 8
5
9
113*
20 2334 21 23 21 2234 22 251? 22 24 15U 2 H2 17 21 15 19 16 19 181- 18*2 17110-34 91* 10
912
1018 12 11 12 III 4 117* 12*2 147* 11 13
9
6>2 lU* 73* 1212 9 12
4 o34 Ids 5U 2 48l4 637* 5612 603., 51t2 61
38
487* 61
48
53
557* 47<* 65
58
55
57*4 55
81
8712 853i 89*4 87
88 90%
86i4 8778 86*2 8834 871o 9 Us 8934 913*
897* 901* 881 •> 88%

190
205
82

191

210
84

191
205
83

191
205
85

191
209
84
310

195

220

99
315

19934 19934
2247* 230
95
99
325 330

86

225
87

86

312

22514 2281.1 235
863* 89
90
312 315 315

230
90

230
90

244

255
107
3561.1 475

100

234 250
240 270
10()12 111)
450 580

245
254
103
565

277*
0U 4
56 .
35
1034
237*
13*2
4912

245300

111

G70

C O A L A N D A llN IN Q .

Prices of mining stocks of par
value of $25 or less are dollars
per share, others p. c.
Par.
A lice M in in g-------------------------- 5
A m algam ated C op p er____ 100
A n aconda C op p er---------------- 25
B a top ilas M in in g___________20
C olorad o Fuel & Iro n _____ 100
P r e fe r r e d ------------------------ 100
C olu m b & H ock Coal & I- .1 0 0
C om stock T unnel____________ 2
G ra n by C on s /Min Sm & P -1 0 0
H om estnke M in in g ------------ 100
N ew house M ines & S m e lt --10
O ntario Silver M in in g ____ 100
P itts Coal o f N ew J e r s e y .-1 0 0
P r e fe r r e d .............................100
Q uicksilver M in in g _______100
Preferred .............................100
T en nessee C op p er__________ 25
U tah C op p er------------------------ 10
Virginia IrC o a l & C ok e___100
V A R IO U S .
A llis -C h a 'in e r s ________________
P r e fe r r e d ___________________




214 212 2

73
43
27g
3834
75
2434
24c
16

8434 65
503g 3734
314 3
4512 29
75
28
213S
30c 25c

2

7734 661 g
463g 3934
3 '4 3
407g 31
67
2514 24
30c 23c
20 20 20->*
9734
102 110
96 1017g 91
9234 90
87
90
90
70c
70c 70c
50
5I4 6 ’ 4lg 538 31s
4
53g
4>s 418 3I2
1178 13
IOI4 121,1
40U 41
4512 4712 40
l 5g 414 2
3*2 234
3
4
6I4 334 5
134 134
3134 415* 3712
3734 49
40
41
477g 39iS 45
60
60
57
60
64

_*

14)4

46

1558 1234 151.1 13
487S 41
50
38
t Ex rig hts.

755*
4512
43g
3612
70
4512
28c

10
9734

2 2.70 25* 23.1
7334 781- 7014 8578
43ls 463* 45*2 52
334 4-s 312 4
35U 403s 3812 42
75
75
4312 6412 6214 65*2
21c 27c 25c 30c
17
18
24
18

95
98
9212 9014
70c 70c
50
458
Ug
4
314
10
41
43
412 3
5*?
6
134
427* 40
443g 4234
6034
60

9912
91U
1.00

U%
45*

98
92

107
93

4*2
5
1134 10l2 1312
4334 43 4912
85*
6
8*4
7
5
10
Us

314

2la

421.| 4034 46
48U 47
53
6134 65
61

2

7712
46*8
3-s
4012
75
62
26c.

20

2
881*
52
5>2
453*
75

6714

30c.
2034

214

2

2

8212 891*
47-3* 51
41- 514
41-3.1 483*
99 100161
7314
20c. 20c.

_- __

8

37*2 4212 363* 39
4634 52148
53
64
07
62
66

2
2
214 3I4 2
775* 871* 83% 96% 8512 91'S
45** 493* 463i 541, 47<2 543*
3-'* 37*
31* 334
4
4*4
47
523* 483 , 53
431- 47
110 110 111) 115 ________ _
911787* 88I4 80
781* 81
30c. 37c. 29c. 30c. 26c. 31c.
20 20 16 16 15 20

214 21.1 2
77
85
457* 51
41.1 434
41-3.1 4712
101)1* 104
72
81
20c. 30c.

97 101t2
101 10012 99 103 100 104
913*
0U4 8912 9034 91
91*2 9134 91
70c. 70c. 70c. 70c.
51
53
15* 212 27* 4
1*2 25*
41.1
312 312 3
312 4
237*
11
143* 1312 2412 19
11
13
0012 62
477* 513f 51-34 03
48
50
5
O'*
4-*
6-)*
6
03*
3*2 71*
5
0-3* 512 8*2
6U 9

151.1 147* I 6I4 15*2 16*2 15
161471j 48
513* 495* 525* 5012 543j
and right s.

l Ex dividend

2

79
85
40
49%
43* 53*
431* 473.1
78 100
6234 663*
26c. 27c.

95
88
52

100
9812 10434 102 1101911,1 731,1 8014 76*4 82
70e. 70c.
52

25* 234
2
21.1 23* 23i
17-3.1 223* 22
293* 2d34 293*
63
00
031- 721-; 65*2 87*2
4
434 33* 4
412 51*
6I2 7
4
53*
6
7

41
37
4H* 351* 38-3* 331* 3612 351- 42l2 38
513.1 46
60
497* 5H2 47
491.1 67*4 5714 6334
07
757* 69
75
65
67
73>2 70
71
74*4

167* 145* 153* 14
153* 15
143* 157* 15
161* 115* 1578
521* 57-i* 501* 54-* 49
5412 5212 571- 53% 55%
503* 55
a 1st Ins (ailment p aid. 0 2d paid. c 3d paid, d -It h paid.

Jan . 11910.

THE CHRONICLE

33

1909 -C o n tin u e d .
STOCKS

January February
Apr a
May
March
August September October
July
June
November December
Low High Low High Low High Low High Low High Low High Low High Low High]Low High Low High Low High Low High

A m e ric a n A g r i c u l t u r a l C h e m . 33% 407g 35
43 463g 443g 50 45 49 45 46*8 4G-*., 49*8 43% 4914
38*2 3634 393g 37*8 403g 40 45
39i 2 36
97
97
97 99 100*4 101 IOU4 102 103 103 103 103 10U2102 101% 102 101% 101%
P r e f e r r e d — ............
96
98
95% 06*8 96*4 07
A m e ric a n B e e t S u g a r
2014 26l2 2Ug 257g 2312 35*2 327g 377g 3412 39*4 37*s 4412 4134 493g 4334 4910 41*2 473g 45 483.1, 43*8 4919 44% 48%
P r e f e r r e d -------------82
86l2 86l2 807g 88 93 89 9234 9034 95 04 97*8 95 96 95*8 96*2 96*2 97*8 97*2 98 93 96 93 94%
8
8*4 8lg 12
A m e ric a n C a n ----------10
14*s 11*8 13*4 11 121 12is 13*8 12 133g 11*2 13% 12 15*8 13 14*s
7*8 0l 2 7l 2 0*8
7134 7334 7U 2 7714 73*8 76*2 74
803g 783g 833g 8012 86
P r e f e r r e d ...................
80*4 8334 8214 85*4 81*>8 84 80l2 85*4 8214 85*4 80*2 847g
A m e ric a n C a r & F o u n d r y ____ 4734 6OI4 4414 51i2 4734 507g 4914 5 U 2 5034 56*- 54*8 58* •> 57*8 6712 6434 70*8 65*2 70*8 67*2 737g 69*4 7612 70% 73*4
P r e f e r r e d ...........................
108 111 107l2 111*8 110 11134 111 1121 113 117 “ 115*2 117*2 117*4 120 119 123 118 120 117*211938 119 120 118*2120%
OOlg 58*8 68*4 66 7684 721- 77
6912 7712 7134 76*8 73 78*8 65 79*4 65 69%
A m e ric a n C o t to n O il___
4012 641g 6II4 53*4 62
42% 66
P r e f e r r e d _____________
99*8 103l2 101% 1 01*- 100 1021 102*8 IO6I4 10112103 1031210312 10212 10234 10112 102*8 104 107 103 107*4 103%104%
08 100
A m er D is tric t T e le g ra p h
20 201634 8ig
6I4 734 634 73g 63, 73S 7
83g
A m e r ic a n H id e & L e a t h e r ____
7*2 9*8 8*4 9*4 734 8*2
7*4 ' 9*8 734 9*4 8*8 9*s 8*8 10
37
41% 38*2 411, 4 0 U 43 *4 40*2 43*o 39*» 46
42
36
42*g 34
403g 49*8i 43*4 49*8 44*8 4834
P r e f e r r e d .........................
46*8 51*8 46!2 51
187g 2434 2 1
23*8 23l2 333S 33% 42*4 3 8 % 4 1 5 8 361g 41*s 33 4II4 3212 40
21 331 23*8 27 24*8 2834 24 29
A m e ric a n Ic e S e c u r itie s
12l2 16 12 15*8 13l2 15 14*2 18 15 1 2 1 7*8 15*2 29 16*8 17*8 1512 18 15 18*4 15l2 17*8 15 16*2 HI4 18%
A m e ric a n L i n s e e d ____
36
3934
33*8 31
2912 35ig 29
40
29
35
P r e f e r r e d - . - .................
39*2 4;-" 44 463., 41*4 463S 41 45*4 3834 4319! 38*2 433g 39% 47%
543.| 5212 56l2 5 o 34 587g 57 62*2 59 65*8 57*4 6914 57 61*2 57 62is 591g 643g 59 63
55ig 68I4 49
67*8 49
A m e ric a n L o c o m o tiv e U01 2 114 IO9I4 11234 1107s 114*8 114 115*4 1 1 5 1 1 7
115 118 118 12134 11512 122 1141s 118*8 115 116 114 116 113 116
P r e f e r r e d ........................
7
734 7
7
8*s 7*s 8*4 7*4 1 0 * s 9 11*2 91g 10 8 10*4 8*9 9*s 7 9 6 8*2; 6*s 734
9ig
A m e ric a n A la lt C o r p o r a t i o n . 47
5334 4 7
5684
47
63*8 4714 54
42
47
P re fe rre d
51 58*2 52 541 523., 56*2 52*9 59 48*2 5634 38 5012 38*4 4234
8OI4 8534 87 8 6 89 7 g 87*2 89 88 89*8 8834 923, 91 92 00*4 9134 8934 92 90 9034
83*g 82% 86*8 83
A m e ric a n S m e lt S e c . p r e f B - - 80
86 91*8 8 934 9 5 1 2 877g 97I2 913g 98*s 9634 104*s 94*s 101% 93l2101*8 95®s10512 96%105
A m e ric a n S m e lt & R e f i n i n g - - 80*s 803g 7734 88*s 8034 89
101 10412 101 10512 10134 104*- 1037g 106*2 1 0 6 1 1 0 * 8 109 114*0 110*8 114*8 11234 11634 11112114*4 110*4H3 10914 113*8 110%11234
P r e f e r r e d -----225 235 250 255
A m e ric a n S n u f f
280 280
270*2285
95
97 100 1 0 0 102 105 103 104 104*2104%
97
97
P r e f e r r e d ____
102 102 100*2101 100 100 ioo’ 100%
347g 3612 35
30
3S*4 38 4U4 42 51
38*4 37
A m e ric a n S te e l F o u n d r i e s ------ 36
48*4 55*4 55*2 ’63**4 56*2 62*8 5834 6434 63 663gi 63% 66
A m e ric a n S u g a r R e f in in g C o . 127 134 1263g 133 128 1331o 131 136 132 135*4 121 133 125*2 131*8 129 1343S 128 136*8 12918134*8 115*8134 116 12434
P r e f e r r e d _____ ________ _____ 12014 129U 129 1297g 128 1297g 129*2131 127*4 12912 120 126*8 124 125*8 1253g 12738 125 129 126 127 118 125 119 12334
77*4 773j 80 80
70
761 75
76
75
78
A m e ric a n T e l & C a b le C o ____ 75% 77
76
80
83*2 85
83 85 77% 80
A m e ric a n T e le p & T e le g C o . . I25i4 127*8 125 129*4 128lg 132*8 1307g 142'l4 138*214214 139*8142*8 I3934 143*4 138% 1433s 139*4145*8 1391*414334 139*s 145 139 143%
967g 9612104 100*21033g 100 1021 101 102*s 100*2 10212 99 101
91
9534 95
0012 92
A m e ric a n T o b a c c o (n e w ) p r e f 01?8 04
96*8 IOU4 95 98%
26
29*4 27*8 33lg 32<2 35*2 33*2 37% 33*8 37*2 33*8 36
A m e ric a n W o o le n C o -------------- 2734 31
33% 39 33% 3634 33% 38%
36
4012 3734 40
9412 0714 96 IOOI4 99 101*8 101 106*4 102121073j 102341043g 10314 106*8 10334106*8 IO2I4104 102%103*2 103%105%
P r e f e r r e d ------------------------------ 0334 05
106 106*2 108 10G34 105 106 106 108 108 114
A sso c A le rc h a n ts, 1 s t p r e f —
112 112
112%113
101% 104*2 102 IO3I4 I0l7g 104 102U102*2
S e c o n d p r e f e r r e d -----------------25
23 297g 27*2 33*8 29 31*2 3U4 34*9 32 36*4 32 3534 33*4 36*4 33% 35
B e th le h e m S te e l C o r p o r a t i o n - 22i2 26i4 2034 25*4 1834 2434 22
49
54
47
53
50
54
50
52
52 6134 59 64*o 59*4 62 62 67 65 69*2 63 6S% 67 69 66 68*2
P r e f e r r e d ___________________
7214 677g 7234 70 76l4 7412 79*8 77*4 8OI4 76*2 82*8 75 79*8 78 813S 75i
B r o o k ly n R a p id T r a n s i t -------- 67
8 81% 74 8U4 74*2 79 7734 82%
B r o o k ly n U n io n ( l a s - ................. 118 130 118 125 125 135 130 133*- 132*2 140*2 137*8 141 139*8 143*4 142 1503g 147*2 151*9 138 145*4 1411214612 142 164*2
16*g 1412 15*4 13
1414 14 157s 1412 19*4 1734 2034 18 19 15*8 19 17 2078 17*8 2U8 17 18*4 17% 18
B r u n s w i c k D o c k A: C I m p t ___ 13
B ru n s T erm ! & R y S e c u r - ..
177g 19%
B u t tc r i c k C o ..................................... 23*8 30
27
33 >2 29*8 31
3 1 * 8 32 7 g
32*8 34*s 31 34 30*4 30*4 31 3212 30*2 32*4 30 34*2 3 2 3 7 33
35
C e n t r a l L e a t h e r .............................. 2034 33
2734 32
2512 30
2 8 * 4 3 0 *4
2812 31*4 29*4 32*8 30*8 35i2 35 42ig 41*4 47*2 43*2 5134 441- 49% 45% 49*4
9934102*2 101*4 104*2 103*2105% 104*2108 108 110 108 111 108*4110*8 108 109% 106*4109
P r e f e r r e d . ..................................... 100l2 1023g 101 10312 100 104
C e n t & S o u th A m e r T e l e g ____ 105 108 105 108 110 IIOI4 1 10 1 1 0
115 115 1131211312 114 114
114 114
115 115
C h ic a g o U n io n T r a c t i o n
T r u s t C o c t f s d e p o s i t _______
53S 534 4*8 5*2 5
514 7
5l 2 612
612 4*2 5*4
5 5 6*4 5*2 6*8 4 512 4 4*4 3*2 5*8
P r e f T r u s t C o c t f s d e p o s i t - - 15
I 8I4 1414 17l2 14*8 16is 1334 16
1334 13*2 15*2 13 14*8 1212 13*8 10 11
14*4 18 15 16
734 13%
C o n s o lid a te d ( i a s ........................... 117igl65i4 11412 12712 126l2 140 136 13934 13634148*2 137*4145*8 139 143 141 14912 1421214834 137 14612 142%15112 147*2162
17?g 20i2 16i2 197g T734 19*8 18*8 24
C o r n P r o d u c t s R e f in i n g _____
22*8 25*2 22 26*2 223g 253g 2234 25*- 221g 24*2 20*4 2334 21% 23% 21% 23%
73 12 7634 73U 767s 74
843g 92 86 93*2 86*8 89*8 SSig 89*2 86 89 83*4 87 83*4 86*2 835g 87*4
P r e f e r r e d ___________________
85
79*s 77
45
45
C r e x C a r p e t ___________________
46
4612
59*2 60
50
52*4 50 61
60 02 60 63
56*2 56*2 57*2 58
D e t r o i t E d i s o n _______________
75 76
5714 67
D e t r o i t U n ite d R y ........................ 6 6
6212 66
62
56*4 59
5812 6 9
58 6134 63 68 68 7134 69*4 70i2 64 64 58*2 62% 65 67
34
373g 3 5 * 2 3 9 3 g 3734 4112 38*4 41V, 37% 39
D i s ti ll e r s ’ S e c u r i t ie s C o r p ------ 35l2 4l)3g 3212 38
37 4034 36*4 39 35*4 37*4 3534 38*8 35*8 38%
E 1 d u l ’o n t P o w d e r , p r e f -----88
88
87*2 88 87*2 88
60
71»4 60
F e d e r a l M in in g & S m e l t i n g . - 71
6934 7 5
70 95*2 80 90*4 80 88 86*2 90
71*8 80 82 83
84
80
83
P r e f e r r e d - - .................................. 81
27g 93 87*4 91*8 87*8 88*2 88*4 94
8 U 2 8212 8
85*2 90 86*4 91 88* "89%
F e d e r a l S u g a r R e f in i n g ..............
51 51
90 90
P r e f e r r e d ___________________
91*2 91*2
90*8 90*8 95 95
89 89
65
65
65
65
G e n e ra l C h e m ic a l_____________ 61 63
71 71 70 75 77 85 90 95 95 95 92 95 93 93 91 93
P r e f e r r e d ___________________
98% 98i2 1001m102 100*8102 100*8 102*8 102*2103l2 102*2105*2 10412105 106*4108 102i2103*4 104 104 104 106*2 103%105
G e n e ra l E l e c t r ic .............................. 15214 158 11501s 158 151*4 158 158 161 15834 16134 159 1641- 162*4 170*4 165 17234 163*4169*9 15912168% 159*8164*4,158 16U39*8 40% 39
4012 39iS 43
H a v a n a E l e c t r ic ______________
51 53 55 60 59*2 64 62*2 67 71 78*2 78 793g 79 85 84*2103 “
43*2 52
84 84 I 83is 833g 84i2 85
P r e f e r r e d ___________________
86
86*g
89 89 88 88*2 86 8612 90 90
95 100
H B C la flin Co
110 118
1 s t p r e f e r r e d ---------------------921- 98
2 d p r e f e r r e d ________________
100 100
I n tc r b o r o - A lc t v o t t r u s t c t f s - - 14*8 19
1312 16l2 11*8 1578 127g 17
15*2 17*2 1534 1738 1334 1634 14 10*8 1334 15*41 15 20% 18*g 24% 22*8 25*8
493s 38
3634 45*8 39 47*4 44 47*4 44*2 52*s 41% 51
P r e f e r r e d ........................................ 40
45
46 5034 44% 49 47*4 51% 49*4 57%, 54*8 63*8
651 02'4 66
66*2 7034 6934 84*4 80*4 837g 8334 86*2 84*2 8719 87*2 89*8 88 97* 95 104 102% 112*2 105%1183.,
I n t e r n a t i o n a l H a r v e s t e r _____ 62
P r e f e r r e d ___________________ 10914 111 110*8 11212 111 11234 112*8 120*2 119*2122 I20!sl23 12U2l22*8 120*9 122*2 119%124 123 1251 122 120* 124 128
7
83.,
8 9
I n t e r n a t M c rc a n A la r s t k t r c t f
7*4 8*4 7*s 8*4 7 8% 538 7*2 6*4 7*8 6*4 7*8 634 7% 7 8*4 7 8
7*8 8*8
P r e f e r r e d .............. .................
2412 27*8 21
26
22
25
23 25*8 24*4 25*2 22U 25*2 1834 2334 20*4 23*4 21 2334 22 24 22*2 25*g 23 25%
I n t e r n a t i o n a l P a p e r - _____
12
1U 2 1212 10
912 11
10 13*2 12 14*4 14 1634 1512 1634 16 19*4 17*4 19 15% 18 14 16% 14% 16%
P r e f e r r e d ________________
55ig 5834 5014 56lg 4734 5212 6134 58
55*8 61 60*8 04*4 63 66*8 6434 6934 64*8 68*8 61 663s 58 62 57*4 62%
30
30
In te r n a tio n a l P o w e r
I n t e r n a t i o n a l S te a m P u m p —
36U 4212 *331*2 3*914 *341*8 *3*9* *37*8 40*8 38*8 42*4 ’ 3834 42V, 3838 *4*o’% 39*4 4534 ’45% 50% *46% 6*1 48% *5*4% 49% *53*
P r e f e r r e d ........... ............................ 82l2 8334 82l2 85
82l2 847g 8434 87
84*4 89*2 86*8 89*4 87 90 80*4 89*4 88% 9134 8734 9034 88*2 90*2 88*4 90%
K n ic k e r b o c k e r Ic e , p r e f _____ 0U 2 8 U2
60 60
67 67 68 68
70 70
L a c le d e G a s ( S t L o u is )
104%10434 104%110% 108%113%
104* 105
P r e f e r r e d ________________
92 92 97*2 99 97 97
93 96
M a c k a y C o m p a n ie s ..............
70
70
70
74
72
74
8112 8434 803.j 94
74
7 9 l 2 7734 80*4 79 82*8 79*2 84
90*4 94 90 951 90% 93
P r c fe i r e d _______________
69l2 71l2 70% 72
70*8 7134 71
74
73 74 *4 5*8 7334 74*8 741g 75 74 77*4 7434 76*2 75 77*2 76*8 77%
A l a n li a tt a n B e a c h C o _____
2 '8
21g
3 3 3 3%
3 5*4 5 5
34
42
M e tr o p o lita n S t r e e t R y ___
25l2 30
21 28 22 27 27 33 25 303, 18 22 "22* 2*4* 20 20 20 24 23 27*2 20 23*2
N a tio n a l B i s c u i t ............................. 9612 108*8 99l2 104i2 101*2106 10234107 104*210734 105 106*» 10534107 106 108 105 120 113 117 113%117 115%118*P r e f e r r e d ___________________ 11812 11934 119*sl21 119*21223., 122*2125 123 126 123 124*4 124*8126*8 125*8 127 127 130 125 128 124 124% 121 125 *
N a t E n a m e lin g & S t a m p i n g - - 13U 1514 12*8 1414 127g 14
13*2 15*4 13*s 10*2 15*8 1834 15 16*4 16*4 19*4 18 23 19% 21% 20*4 23 22 30%
P r e f e r r e d ________ ______ _
82
85
83 85 85 87 88*4 92 89 89 89 96 9834 99% 96 97 94*2 97 98 99*2
82
82i4 83 83
N a tio n a l L e a d C o ...................
753.1 8 U2 7U4 807s 74*4 83
81 901.; 86 89*« 82*4 88*g 85*2 89 8834 94 88% 92 85*2 90*2 86*2 91 87*4 90%
P r e f e r r e d ........................ .........
107*4 10478 111*2 107 109*8 108 112 1U3411334 110%111*8 110 111 110% 112% 09-%111
105*s 107*4 107l2 IO9I4 100*2108
N e w Y o rk A ir B r a k e ______
85
92
80
88
83 88 83*4 89 85 901., 86*2 90 86 91l2 8934 97 87 92 85 91 90% 97*4 192%
97
N e w Y o rk D o c k . . . ...............
30
34
34 35
40*4 40*4 39 40 47 47
40 40
35 35 35*2 35*P r e f e r r e d ......... ........................
75
75i 2 751 7734 79 80 ’78’ 79
7
9
3
4
80
7
7
*2
78
8
0
3
4
8034
82
8
2
82
*
8
2
7
8
80
80
8
0
*2
8
1
*79
*80
N Y & N J T e l e p h o n e ............
113 115 113<2 115 U57g 117*., 119*2125 122 124 123 137 134 142 139*4142*
R i g h t s ------------ --------- ----------214 212
N o r th A m e ric a n C o . n e w s to c k 72
817g 78*8 81*s 7912 84*2 8134 83*s 803., 87*2 82
84i2 78
84*2 82 87
81 84% 76 82 77 80*4 78*2 87%
N o r t h e r n O h io T r & L t ____
2312 24 26 27 26*2 27
30 30
35*2 38
P a c if ic A lail S t e a m s h i p -----29*8 3634 29*s 34
29*8 34*4 29*4 32 29*4 31 29*8 34 29% *32’ 30*2 337g 31% 36*2 35 41% 40% 48% 39*8 45*2
P a c if ic T e le p h o n e & T e le g .
45
%
5
2
%
46 49%
48
6
4
1
P r e f e r r e d -------------- --------98 100 9878 99*g 98 98
P e o p l e ’s G a s L t & C o k e , C h ic 10U 2 10934 107 114 109*2115 113*4 118*2 113*8 116*4 112 1163g 114*411634 11434120 113**2117% 114 116% 112%1161 112%117
R i g h t s ___________________
12
*
*2
®4
252 252
P h e l p s , D o d g e & C o ______
175 200 200 200 225 235
P h i l a d e l p h i a C o ( P i t t s ) ____
99*2103
P h ila d e l p h ia R a p i d T r a n s i t - . 52
5314
P r e s s e d S te el C a r - . ...................... 40i2 4314 30i2 4234 34U 39
37 393g 38*2 433g 41*8 453g 43 483g 47% 56 47 51*2 44 51*8 50 55% 50*8 52*8
P r e f e r r e d __________________
101 1023g 96 103
98*8101 101*8 105 102 104*2 104*4107 10234 11134 102 108 104%107*2 104*4108*8 104%106
97*4 93
P u l lm a n C o ( T h e ) ........................... 169 172 170 171l» 169 172*8 172 190 185 19U; 187*4190 188 190 187*2200 190*4194l» 190 195 190 194 190 193
R a i lw a y S t e e l - S p r i n g ................... 46
4834 39*2 47*4 32*2 43*4 38*4 40*2 39*2 44*. 42 4634 43 48*2 47 54*2 4734 51% 45 49
48*8 53*8 50 52*2
P r e f e r r e d ........... ............................ 100 103
977g 101
99 101*4 99l2100 101 107 104*2108 10412106 106*4109 105*2108 105 109 104%108 106*21081­
R e p u b lic I ro n & S t e e l ................ 24
2812 16*8 2434 18
22 24*8 243g 30 29*4 34*4 31 37*2 3534 39*8 37 49% 44 48-% 4434 49*4 45 47
23
P r e f e r r e d ........................ ............... 85*4 88I4 67ls 86
70
7434 73*s 8134 82 97*4 9034108*2 103*8 110*4 104 109 103*2109% 10334108 105 107% 104 107%
R u b b e r G o o d s A lfg p r e f _____
105 109
S e a r s - R o e b u c k , p r e f e r r e d ____ 101 104 106 110 110 110*8
11412116*4 114*21145s
116 121
S io s s - S h e f fie ld S te e l & Iro n - - 76
79l 2 68
81is 70*2 74*2 73*4 77*2 7734 843j 80 87*2 8234 8534 82% 88*s 8334 92% 89 94% 86% 92% 86% 89
P r e f e r r e d ........................ .............. 109l2 1097a 1073S i n
109*4 HO 11212 112*2 113 115 115*8117 116*2116*2 119 119 118*2120 119 120 119 120 116%118
S o u t h P o r t o R ic o S u g a r ____
79*2 83
P r e f e r r e d ___________________
113 115
T e x a s P a c if ic L a n d T r u s t ____ 82
85ig 80! 2 8012 8434 85
85 89*2 89*8 92 89*2 90 90*4 93*8 90 92% 88*4 91 88*2 8934 90 91 89 91
T h ird A v e n u e .............. .................... 36i8 421­ 35*2 42% 2514 40*4 26*2 35*4 28 35*2 20*2 30's 16 22
18*8 2434 21% 24% 18% 2234 18*- 21% 12% 19
T o le d o R a i lw a y s & L i g h t ____ 11
1538 11*2 137s 11*8 13
12 13*4 7 1234 83S 10 834 9*8 9*8 11*4 834 912 8% 9% S34 834 9*2 10%
T w in C ity R a p i d T r a n s i t _____ 97 10034 99 107 103*4 1087s 103 104*2 103 106*2 1035g10634 103 106 IO3I2IIOI4 107% I l l 's 107 111* 108 1101­ 110%116%
P r e f e r r e d ..............................
125 125
140 140
140 142 14434145 145 145




102*4

2

[Vol. XC

THE CHRONICLE

34

190f> -C o n c lu d e d .
November December
September
October
August
July
June
January February
March
April
M ay
Low High Low High Low High Low High Low High Low High Low High Loto High Low High'.Low High Low High Low High

STOCKS
U n io n B a g & P a p e r ---------------P r e f e r r e d ........................................
U n i t e d C i g a r M f r s , p r e f ...........
U n ite d R y s In v o f S a n F r a n .P r e f e r r e d ........... .................... —
U S C a s t I ro n P ip e & F o u n d r y
P r e f e r r e d ---------------------------P r e f e r r e d - - - ...................... ..........
U S R e a l ty & I m p r o v e m e n t - U S R e d u c t io n & R e f in i n g —
P r e f e r r e d -----------------------------U S R u b b e r C o ................................
s t p r e f e r r e d -----------------------d p r e f e r r e d ------------------------

1
2

U S S te e l C o r p o r a t i o n ................
P r e f e r r e d -----------------------------V r g in ia - C a r o lin a C h e m ic a l —
P r e f e r r e d -----------------------------V u lc a n D e t in n i n g ........................
P r e f e r r e d ---------------- ------------W e s t e r n U n io n T e l e g r a p h -----W e s t 'h o u s e E l &M fg . a s s e u t ’g
s t p r e f e r r e d ------------------------

1

9l2 1112 9U III4 914 IOI4 10 1312 1214 1434 14 153g 12l2 14l2 13 15 13 14% 12 1334 12% 14 12 13%
66 69-% 67 69% 67i4 68I4 68 75*2 74 77U 76 8U4 75 81 79 79% 75 78% 74 76 74 77 75 7534
108% 109 111
99 100 100%102l2 10212103l2 102i210434 105 110 105 10712 107 108% 108 110 109 109 1067g10834 108%
115 119% 119‘g122% 120%125%
1103g
U178 110%114
109%
1
1
1
3
4
109%
1
1
1
3
4
1
0
9
1
0
9
%
IIOI4HI
i
!11*S
40 44 41 44
35 37 30 34 3U2 3U2 33% 39 35 3714 3. *2 3912 34U 3812 36 39% 39 47 40 44% 70%
743i 71% 747g
68
76
5
1
59
59%
77
5
3
56
%
5
3
59
54l2
5
7
3
4
55
57%
5212 55 50i4 54 50i4 52
33 31% 3434 31% 3134 31 33% 31% 34% 31% 333g
28 303.J 243g 2914 2534 2914 2834 33 31 3514 3234 35i2 30
86% 84 8712 83% 8434
74 77 73 75ig 70 72 725g 7614 75 7834 777g 87% 80 84 84 87% 83% 8634 85
14 14
15 15
115 123 121 123 127 128
118 118 120 120
119 120 117 125 115 128
80%
84% 81% 823g 81 84%
82%
83%
81 87
60 71i2 64 68I4 6612 7414 "721*2 *8*2% 79i2 85% S07g 84 *801*8 *8*4**
11 16% 11% 1234 13 14% 13 13
10 10 10 10% 10 10 12 17l2 14 16% 15 16 32
12!2 133g
30 33 27% 28%
29
31%
38
39%
30 32 "24" *2*4** 26 30 30 30 28 30 29 3S7g 3412 37 37
50 56 45% 54% 49 5434 61 647g
31 34l2 27 32l2 29ig 33 31 35 323g 4034 38 42% 38 42 42 57% 118%
117%
1
2
1
3
4
1
15 120 116%118)2
1
2
3
%
118 117 128%
98 107 100 104 102 104ig IO2I41057g ”0412112 112 118 115%
8434
69 7334 6712 697g 69 70 68I4 72 7U2 79i2 79 85 82 8434 84 89% 86% 89% 8334 88% 80 85% 81%
% %
8634 923j
6734 74to 73% 78% 7534 90%
5Ug 55ig 4II4 5314 427g 4914 487g 55 54ig 643g 64 , 697g 125
128?g 123 1293g 123%130% 12534131 122%129 123%126
11214115 107 115 109l211314 1131gll53g 115lg12034 120%1283g
45% 49'% 45 48% 4634 51 47 563g
4234 487g 407g 467g 4214 4514 43 4812 4612 51*8 503g 56% 51 55"g 4634 54% 120
12134 120 121% 121 123 121 128
120%
1
22% 122 123%
1
1
6
1
2
1
1
9
%
119 123
114 115 114 115 11531118 115 117
17 27% 24% 3434 23% 37% 24% 25
8 812 6 7 6I4 6I4 7l2 8 8 9% 012 20 15% 1834 14 15% 71
78 71% 85 85 9134 75 82
69
69'4
65%
66%
49 49 53 57 5712 73%
45 51% 48 4834
72% 81% 75 79% 76 85% 76% 7934
663S 7012 64 6834 65" 67” 66 7U2 73 78% 71% 77l2 713g 77% 72 7634 84i2
8
97g 8334 88% 81 88% 80% 847g
84
90
84
8
6%
8
0
1
2
8
5
83
87%
82l2 85l2
79 86% 74 83I4 76 83%
115 120 118 120 110 115 117 120 120 121 121 123 121 122 124%130 130 145 140 145 1341o140 133 135

COURSE OF PRICES OF GOVERNMENT SECURITIES FOR THE YEAR 1909.
_______________________

[Compiled from sales made at the New Y ork Stock Exchange.]

2s,

January.

101%:

102%
102%
102%
102 U

103^
103 %
103%
103%

100%
101 m
100 %
101%

102
102

103
103
103
103

March.
Opening____. . . . . . . . .
Highest . . . . . . . . . . . . .
L ow est_______________

45
1925.

102M
102 H
102 H
102 X

June.
H ig h est..............- ..........
Low est____. . . . . . . . .

3s,
1918.

1930.

101%
101%
101%
101%

101%

101%

101
101
101
101

August.
101%
101%
101
Closing............................
101
September.
Opening ................... ..
Low est_______________
Closing_________ . . . . .
October.
O pening_________ . . . .
H ig h e st..........................
L ow est............................

102%
102%
102%
102%

121
121
121
121

November.
Opening_____ . . . . . . . .
Highest _____ . . . . ___

119%
119%
119%
119%

cons.

1930.

3s,
1918.

Canal Canal
45,
1925. 2s, '36. 2s. '38

121
121
119%
118%

101 M
101%
101%
101%

102
102
102
102

117%
117%
117%
117%

101
101%
101
101%

119
119%
118
118

101
102
101
102

110%

101%
101%
101%
101%

118
118
117%
117%

101%

101%
101%
101%

116%
110%
110%
118%

101%
101%
101%
101 %

116%
117%
116%
116%

101%
101%
101%
101%

116
116%
115
115

100%
100%
100%
100%

118
118
117%
117%

December.
101%
101%
101% ........... ........... ........... ...........
lu l%

102%
102%
102%
102%

101
101
101
101

Highest _____________
l o w e s t . . . . . . . . . . . . . . ...........

Pan.

45,
1925.

July.

101%
10%%

.....

cons.

4.9,
1925. 2s. '36 2s, '38.

Pan.

2S,

25,

Pan. Pan.
Canal Canal

101%
101%
101%
101%
102 H
102 X
102 X
102 M

May.
Opening______ _______
H ig h e st..........................

3s.
1918

3s,
1918.

February.

April.

1930.

cons.

1930.

2s.
cons

REGISTERED BONDS.

COUPON BONDS.

REGISTERED BONDS.

COUPON BONDS.

101%
101%
101%
101%

116%

101%
101%
101%
101%

116
116
116
116

100%
100%
100%
100%

116%
116%

116%
116%
116%

100
100
100
100

114%
114%
114%
114%

100%
101%

100%
101 %

DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT NEW YORK STOCK EXCHANGE.
1 909.
BO N D S.
A rgen tine— Internal 5s o fl9 0 9
Im perial Jap an ese G o v t.—
Sterling loa n , 1 92 5.......... 4 %
2d series, 1 9 2 5 ---------- 4 %
Sterling loan , 1 9 3 1 ------------ 4
R ep . o f C u ba, 1904 lo a n ------ 5
T e m p ora ry c t fs ., 1 9 4 9 -- 4 %
San P a n lo (B r a z il)r e c ts , ’ 19 -5
U . S. of M e x ico , 1899 £ lo a n .5
G old debt o f 190 4................. 4

August September October November December
June
July
April
May
January February
March
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High98*8

99

96%

97%

95%

96%

95

96%

95%

97

95%

9634

957g

9634

95%

96

9 2 7 g 943,8 9 3 % 1 )4 %
93% 94%
94%
9534 9438 9 5 %
9334 9 4 %
93% 94%
93%
93 7 g
9 1 3 4 9334 9 2 % 9334
93%
94%
9 2 % 913g
9234 9 4
93
94%
8 7 % 88% ,
8610 8 7 %
86
87%
8 7 % 87 7 g
86
87%
87
8834 87
87%
103%
103
104% 102
103% 104
104
103% 103
1 0 2 % 1 0 3 % 1 0 2 % 1 0 3 *8 1 0 2
963S 0 6%
96%
97%
96
96%
96% 97
9534 9 6 3 *
9434 9 5
95%
96
9 5 '%
9 5 " " 9 4 3 , 9*5% 9 4
*9*5*" * 9 2 *
*94% ' / 9 4 *
9 7 •% 9 7 % 9 8 3 ,
9 7 % 9734 9 7 %
9734 9 9 %
99
100
9934 j 9 8 % 9934
98
99
9 334 9 4 %
94
93% 93% 1 93
93% 94%
94
94%
95
94
95
93%
94%

9 3 lg 9 4
93
94%
92
93*8
9 0 3 g 0 1 l 2 9 1 3 4 9334
9 2 3 g 93 7 g 9 2 % 9 3 %
91*8 93
90% 93
89%
90%
8 4 3 g 85 3 4 8 5 5 g 8 6 %
8534 8 8 %
8034 82
82
85
I0 1 3 j 1023, 102% 103% 103% 104%
10212 1 04
102% 103

'991*4 1 0 1 %
92%
935g

/9 2 %
9734
93%

*93%
99
94

/9 2 %
98
93

9334 /9 3 %
98
98%
93 7 g 9 3

* 9 5 "" / 9 4 *
98 7 g 9 9
9334
93%

/ Flat price— all others "and Interest."
Note.— In fa s e of bonds of forhJgn governments issued In po .nds sterling, the usage of the Stock KxehnmtP is to consider five dollars ns the equivalent or »n- round,
sterling, and the above quotations are on th lt basis. With the exception or the Republic of Cuba 5? and 4J*s and the U. S. of Mex'co 4s of 1111)4 ( .i.icli art Issued In.
the denomination of dollars), the bonds tn the foregoli g arc all sterling issues

COURSE OF PRICES OF STATE SECURITIES DURING THE YEAR 10C9.
BO N D S.
New York City—
Corporate Stock—
Hl.q_____ ______
TTov. 1955
........................ May 1950
4s
4 s ............................ N ov. 1958
4.q rp^|fltorPf1
Nnv IQfiK
4 s ............................ May 1957
4s registered_____ May 1957
4s registered_____ N ov. 1956
4s registered_____ Nov. 1955
4s registered_____ N ov. 1936
4 M s ........................ May 1957
4 M s ........................ N ov. 1957
4M s registered___N ov. 1957
Assessment Bonds—
4 M 3 ........................ May 1917
4 M s ........................ N ov. 1917
4 Ms registered___N ov. 1917
New York State—
Highway Im pt. 4s__M ch. 1958
North Carolina— Consol. 4s.........
South Carolina— 4 M s l......... 1933
Tennessee— 3 .s _____________ 1913
Virginia— Funded debt 2-3s.........
6s deferred. Brown Bros. & Co.
certlilcates-._______________




July I August September October , November | December
June
May
April
March
January February
Low Hlgh\ Low High’
Low High Low High Low High Low High Low High Low High Low High' Loto High Low High Low Ii igh

....

.... ....

102% 103

89*g 89*g

....

101% 1023,

101%102

102% 103% 101% 10234 10134 102%

166% 10*1 * i o i* 1*0*1% 101* ioT%
101 10134 101% 101% 101% 10134
10134 1013_i
10*2% 102% 1023, 101 10134 .................. I 6i% ioT%

10134 102%

102

101% 10238

101 101

101 101%

10*1% 101)3, 100*4.
160% 1*01*1*2 "003*4 10*0*78 100*4
101 101% 100 101 1003, 101% 100*8 100*4.
101% 101%
101% 101*8 ioo* 101 * 165.% im % 1001*2 1*0*1* *
100% 100% 100% 100%IUU'8 XWu1}

109% 110%
n l % n 2% i i i % 112% i i i % 111% i i i % 1*12% 111*8 1*1*2% i n % 111*4 iiii*2 112% m % 1*1*2% 110% i‘ ii‘% 108% n o % 109% 111)1’
I I I 34 112% 111% 112% 111 112 111% 112t'> 11134 112% 111% 112 111% 112% 111% 112% not-. 111% 108% 110*8 110% 110%
110%
110*4
112 112 m % 111% 11133111% 11178 112%
10434 1043, 1047jj 1047.; 103 103%
104 104% 104 104'% 104% 104% 104 104% 104% 104% 104% 104% 1043g 1043, 1043g 104*8 104% 1047, 103% 104 10234 1031.1
1043, 1047g
104% 104% 104 104% 104% 10434 104% 104% 104% 104%
104*8 104%

i 56*.i fio * »
1()<j78 110%
110% 110%
1033s 1037*
10338 103%

U234 11234
102% 102%
95% 95%
93
93
44

48

99*8 99%
-----------------

91% 91%
42

47

38

40

39

393,

37% 45

44

48

91% 91%

91% 93

43

42% 42%

45

42% 47% [ 45

47%

48

61

50% 50

35

THE CHRONICLE

Jan . 11910.]

QUOTATIONS OF STERLING EXCHANGE FOR EVERY DAY OF THE Y E A R 1909.
(Compiled from posted rates of leading bankers.)

January.
February.
Sight. 60 d. Sight 60 d.

60 d.

84-la 88-1; 4 84-U 88-U
Sunday.
86
487*2 80I2 4 87
4 881" 4 87 4 88*2
4 88 8612-7 4 881 4 87
86
H oliday.
4 84-U 88-I2
4 871"4 86
48712 85*2 4 87
4 881; 4 87 4 881" 4
4 87
86
4‘ 88 Sunday.
84-1" 88-12 4 84-U 88-l 2
Sunday.
4
871"i4
Holiday.
86
4
87*2
4
881
2
4
87
4 8812
86
4 88 4 87
4 87 84-l2 88-l 2 4 84-U 88-I2
4 87li!4 86
487*2 8512
4 8812 Sunday.
4 88I2 4 87
4 87.
Sunday.
Sunday.
4 87 84-12 88- 1;
8512
4 871;, Sunday.
4 88U H oliday.
4 8812 4 87
4 86 4 88-12 4 87
4 8'
84-12 88-l 2 4 84-U 88-U
8512
4 8712‘ Holiday.
I 87
4 881"
4 881 o Sunday.
4 86 4 88-l24 87
4 84*2-5 88U
4 87 Sunday
4 87*2 4 86
487>2 8512
4 88*
4 881;
4 8812 4 87
4 86 4 88-12 4 87
4 87 84-i2 88-I2 4 8412-5 88*2
86
487io 85*2
4 881" Sunday.
4 881; 87
4 8812 4 87
4 86-12 88-1? 4 87.
4 87 84-12 88 - 1" 4 841-5 88*2
4 87l2!4 85*2
4 8712 4 86
4 881;4
4 88*2 87
4 87
4 86-l 2 88-I2 Sunday.
84-12 88-l2 4 841 "-5 88*2
4 87*2 4 86
4 871" Sunday.
4 SSI;4
4 8812 87
4 88*2 4 87
4 86-l 2 88-l 2 4 87
84-1" 88-1 4 84*2-5 8812
4
871"4
841"
4
861
86
4
87124
Sunday.
1
4
881
2
4
87
4 87
4 88L
Sunday.
Sunday.
84-l2 88 - 1"
84i2 4 861
4 87*2 Sunday.
4 88 4
4 8812 f 86I2
4 881; 4 87
4 86-1" 4 881" 4 87
4 871"'4 8412 4 861" 84-l2 88 - 1" 4 84-U 88-l 2
4 861"
4 88'4
4 87*2 * 86
4 88l 2 Sunday.
4 86-l 2 4 8812 4 87
4
84-l2
88-l 2
Sunday.
841
2
4
861
2
4
871;
4
4
871;
4
4
88
4
4
86*2
4
87
48
80
.
86
4 88*2
4 86-I2 4 88L 4 87
4 871" 8412 4 861" 84-1" 88-1" 4 84-U 88-I2
4 86
4 88 Sunday.
4 8812 4 8612
4 88l 2 4 87
4 86-l 2 4 88*2 4 87
88
- 1' 4 8412-5 88U
S41
2
4
86*2
84-1
2
‘
—
86
4
871;
4
884
4
871"
1
4
8612
4
8812
4
87
Sunday.
4 86-12 4 8812
Sunday.
84-U 88 - 1; 4 8414-5 8812
4 871"' l 86
4 871;
4 88 4
4 8812 4 86I2
4 88*2 4 87
4 86-I 2 4 88I2 4 87
4 87*214 86
4 871; S4l2 4 861" 84-U 88 - 1" 4 8412-5 88*2
1
4 88*2 Sunday.
4 8812 4 87
4 87
Sunday
Sunday.
84-U 88-1
84i2
4
861
Sunday.
4
881"
4
87*2;
4
86*2
4
88
4
4
87
4 88I2
4 88l 2 4 87
4 88;4
4 87 84*2 4 8612 84-U 88-1; 4 85-1.4 88I4-9
4 86*2
4 8712 -4 85i2
4 8812 Sunday.
4 8812 4 87
1 85-*4 88*4-9
48
8412 4 8612 Sunday.
4 88 4
4 87*2 4 85*2
4 88l : 4 8612
4 88I2 4 87
4 88* 4 87
84-U 88-1 4 85-14 88U-9
4 88 Sunday.
4 87 84-12 88-1
8512
4 881. 1 86'2
4 88'2 4 87
4 8812 4 87
................. ..
4 894 87
84-U 88-U 4 85-12 88-9
4 87 84-*2 88-1
4 871" 4 85*2
4 88j4
4 8812 4 86*2
4 87
4 8812 Sunday.
4 88l2 4 8612
4 894 87
84-5 88->2 4 85-U S8-9
Sunday.
4
87
4
88
l
2
4
8612
4
8
S
1
4
871"
1
85*2
4
87
4
87
4
881
2
4 8812
4 88t2 4 86-12 8812-9 4 87.
H oliday.
Holiday.
4
871"|4
4
87
84-l2
88
-I
2
Sunday.
4
4 8812
85*2
4 88'2 4 87
4 87
4 8812,4 86-12 88*2-9 Sunday.
84-l2 88-12 84-5 88-i 2 Sunday.
Sunday.
487*2
4 881 4 86'2
4 8S 4 86
4 881. 4 87
4 8812 4 87
4 881"4 86-l 2 88*2-9 4 87
84-5 88-l2 4 85
88-U
84-l2
88
-l
2
85*2
4
87
86
4
871"
4
4
861"
4
88
4
Sunday
4
88
I
2
4 881 4 87
4 88U4 86-l 2 8S12-9 4 87
4 84*2-5 88-l 2
Sunday.
4 88 4 86
4 87*248512
4 87 84-U 88-1
4 8812 4 8612
4 8812 4 87
4 8612-7 88i 2 4 87
Sunday.
84-U 88 4 84U-5 88-U
88-12
Sunday.
4
84-1
2
4
88
851
2
4
87
4
86
I
2
4
8812
4
87
Holiday.
4 86-12 4 88I2 4 8612-7 8812
84-l2 88-U 841"-5871"-812
4 87 84-l2 88-1
4 88 4 86
4 87*2485*2
4 8812 4 86I2
4 87
4 86-12 4 88i 2 4 8612-7 8812 Sunday.
8412- 5871^-812
Sunday.
4 88 4 86
4 8612
48712*
Holiday.
4 86-l 2 4 88I2
4
8812
4 85U 4 89
4
85U
4
88U4
85
4
871
2
4
87*2
4
86
4
87
4
88*2
4
86
4
881
4 8812 4 87
4 8812 4 87
4 86*2 4 89 4 87
4 88 4 84
4 87*2
4 86U|4 84
4 87*2 4 85*2 4 87 4 84
4 881|| 4 86*2 4 88 4 86
4 86 " 4 8812 4 86
4 88 4 8612 4 8812 4 87

4 88I2
1___ H oliday.
4 881»
2 . . . 4 86
4 88
4 8812
Sunday.
4 8812
4 88
4 88
4 88
4 86
4 88 Sunday.
.4 86
4 88 4 86
4 88*2
4 86
4 8812
4 88 4 86
4 86
4 86
4 88I2
4 86
4 88I2
Holiday.
Holiday.
Sunday.
4 86
4 88*2

High
Low.

__________

December.
November.
August.
September. \ October.
July.
June.
April.
May
Sight. 60 d. Sight.
Sight. 60 d. Sight. 60 d.
60 d.
Sight. 60 d. Sight 60 d. Sight. 60 d. Sight. 60 d. Sight: 60 d
4
4
4

ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S. mon stock has never paid a dividend; the authorized amount
— The public sales of bank stocks this week aggregate 428
shares and were all made at the Stock Exchange.
No
trust company stocks were sold.
Shares. H A N K S ,— New Y o r k .

Low. High. Close.

*70 C o m m e r c e , N a t. H ank o f ___ 204
*358 F o u rth N a tion a l B a n k ______ 206
* S old a t th e S to c k E x ch a n g e .

. 205
209

204
208

Last previous sale
D e c. 1909
D e c . 1909

205
210

is $96,000,000 and nearly $90,000,000 is outstanding.
— Dumont Clarke, President of the American Exchange
National Bank of this city, with which he had been affiliated
for forty-six years, died on the 26th ult., after a short illness
from pneumonia. Mr. Clarke was born in Newport, R. I., on
Oct. 1 1840. He was the son of Peleg Clarke, founder of
the National Bank of Rhode Island. Entering the employ
of the American Exchange National as check clerk in the
early sixties, Mr. Clarke advanced rapidly, becoming Assist­
ant Cashier in 1868 and Cashier in 1878.
In 1887 he be­
came a director and Vice-President of the institution, and in
1896 succeeded George S. Coe, retired, as President. Mr.
Clarke was also identified with numerous other interests,
and for a number of years was Vice-President of the Press
Publishing Company. He was an active member of the
New York Clearing-House Association, and was for two terms
President of that body. Mr. Clarke resided in Dumont,
N. J., of which he had been Mayor for ten years, and which
was named after him.
He leaves six children.
One
of these, Lewis L. Clarke, is Vice-President of the American
Exchange National Bank, and it is expected that he will
succeed his father in the presidency of the institution. It
became known this week that the Mutual Life Insurance
Co. lately disposed of some of its holdings in the American
Exchange National Bank. The insurance company owned
2 ,0 0 0 shares, and one-half of the amount, or 1 ,0 0 0 shares,
has been sold at 250 per share. It is understood that the
stock was taken in lots of 1 0 0 or 2 0 0 shares by interests
friendly to the management of the bank. The capital of the
latter is $5,000,000.

— A New York Stock Exchange membership was trans­
ferred this week for $93,000. The last previous transaction
was about two weeks ago, for $94,000, which is the highest
on record for this year.
— The Manhattan Trust Co. of this city has sold the build­
ing on Wall Street, corner of Nassau, in which it has been
domiciled for many years, and which it purchased two weeks
.ago. The trust company has taken a long-term lease of ade­
quate offices for its increasing business in the office building
that is to be erected upon this site. It will have the first
floor banking office, occupying the entire Nassau Street
front of the building and running forty feet back on Wall
Street, with the basement on the corner for its transfer and
registration department. The lease of these quarters with
the options of renewals covers a period of eighty-four years.
This transaction thus insures to the company the occupancy
for several generations to come of the corner with which it
has been so long identified.
— A sensational rise and fall which occurred in the com­
mon stock of the Rock Island Company within half an
hour’s time after the opening of the New York Stock Ex­
change on Monday has since been the subject of inquiry by
the Exchange. A meeting of the Governing Committee was
held on Monday afternoon, when a committee consisting of
— Spencer Trask, senior member of the banking house of
Ernest Groesbeck, Chairman, Francis L. Eamcs and J. T.
Spencer Trask & Co., members of the New York Stock Ex­
Atterbury was appointed to investigate the matter. Their
change, was instantly killed yesterday morning in a collision
report will be acted upon by the Governing Committee of
which occurred just below Croton, between a freight train
the Exchange on the 12th inst., according to the following
and the Montreal Express on the New York Central R R.
announcement made by Secretary Ely on Thursday:
Mr. Trask, who was on his way to New York from his home
T h e special c o m m itte e a p p o in te d b y th e G o v e rn in g C o m m itte e o n the
at Saratoga, occupied one of the forward compartments
27th Inst, to In vestig ate th e de a lin gs In th e c o m m o n s to c k o f the R o c k
Isla n d C om p a n y on th e m o rn in g o f th e 27th t o -d a y m a d e Its r e p o rt to the
in the Saratoga sleeper, which was partially telescoped.
G ov ern in g C o m m itte e , an d In a c c o r d a n c e w ith th e pro visio n s o f th e c o n ­
Mr. Trask was Jjorn in this city in 1844 and was the son of
s titu tio n o f th e E x ch a n g e the s u b je c t m a tte r o f th e re p o r t w ill he a cte d
Sarah Marquand and Alanson Trask.
He graduated
u pon b y the G o v e rn in g C o m m itte e o n Ja n . 12 1910.
During the unusual trading in the stock a rise of 30 points from Princeton in 1866, and in 1869 established the banking
was witnessed, it having opened at 5 0 ^ and advanced in less firm of which he was the head. It was originally styled
than fifteen minutes to 81. A reactionary turn developed as Trask & Stone, the change to the present name having taken
quickly and in as short a space of time the stock had dropped place in 1881. For a number of years Mr. Trask had been
31 points and was again back to 50. It touched 49% during inactive in business and had devoted his energies in large
the day and finally closed at 5 1 Numerous rumors were part to educational, church and general philanthropic inter­
afloat as to the cause for the unexpected activity in the stock. ests. He had been associated with Thomas A. Edison
The fact that the manipulation occurred at a time when the almost from the earliest days of the inventor, and was
London Stock Exchange was closed, it being the Boxing Day President for over twenty years of the New York Edison
holiday, led some to think that a preconceived attempt had Co. He was also one of the original trustees and for many
been made to corner the market. The amount of shares of years one of the executive committee of the General Electric
Rock Island common traded in during the first hour on Co. He was likewise one of the founders of the New York
Monday was 156,000 shares. The total transactions in the Tea chers’ College and was President of its board of trustees
stock for the day were 196,003 shares. Rock Island com­ for fifteen years. Mr. Trask was well known as a patron of




36

THE CHRONICLE

art; he was an active member of the Municipal Art Society
of New York City, and his hom e,f ‘ Yaddo,” in Saratoga Springs
contains many art treasures. He was President of the Lake
George Country Club and the Athenaeum of Saratoga Springs,
■and was a member of the Metropolitan Museum of Art, the
American Geographical Society, the New York Historical
and Genealogical Society, the Princeton Alumni Association,
the National Sculpture Society and other organizations and
clubs.

[VOL. XC.

had heretofore been done by the Pinkerton National Detec­
tive Agency.
— At the stockholders’ meeting of the Wells Fargo Ex­
press Company, at which the proposed increase of capital
stock was approved, a motion was introduced by Louis
Schoenberg, and seconded by Willis S. Paine, which was
unanimously adopted, eulogizing President Dudley Evans
and the other executive officers of the company for the
administration of the affairs of the corporation.

— Charles C. Dickinson resigned on Wednesday as Presi­
— Edmund D. Fisher, Secretary of the Flatbush Trust Co.
dent of the Carnegie Trust Co. of this city, and is succeeded of Brooklyn Borough, has been appointed Second Deputy
in the office by Joseph B. Reichmann, President of the on the staff of the new City Comptroller, William A. PrenNational Starch Co. Mr. Reichmann became a director of dergast.
the institution a year ago. Mr. Dickinson’s resignation is
Mr. Prendergast has also appointed Henderson M. Wolfe
understood to be due partly to impaired health suffered as Chief Auditor of Accounts. Mr. Wolfe is Vice-President
through an accident in October, when he was thrown from of the Northern Bank of New York.
his horse in Central Park, and partly also to the pressure
upon his time of other enterprises in which he is interested.
While retiring from active management in the Carnegie, he p i o uctauBl (£o nxmcvctaXgriCiUsTx^pxuB
will retain, it is stated, his financial interest in the institu­
English Financial Markets— Per Cable.
tion, and will remain as a member of its directorate. Mr.
The daily closing quotations for securities, &c., at London,
Dickinson assisted in the formation of the company and was
its President at the opening three years ago. In February as reported by cable, have been as follows the past week:
London.
1907 he retired from the presidency, being succeeded by
Week ending Dec. 31.
Mon.
Sat.
Tues.
Wed.
Thurs.
Frt.
____
Silver, p e r o z ........................ d .
2 4%
24%
24%
24%
Leslie M. Shaw, Mr. Dickinson becoming Honorary Vice­ Consols, new, 2% per c e n ts ..
__ 82%
j
82 13-10 82 13-16 82%
I
__ 82 13-16 82% 82% 82 16-16
For account............. ............
President. With the resignation of Mr. Shaw in March 1908 French
J
Rentes (In Paris), fr.
98.85 98.80
98.65
98.60
98.90
|
Copper C o___
91%
90%
93%
93%
i
Mr. Dickinson again became President. Early the present bAmalgamated
i
•
Anaconda Mining C o.........
10%
10%
11
11%
125%
125%
120
126%
year it was announced that a number of the directors of Atchison Topeka & Santa Fe |J
Preferred..............................
108
10S%
106
100
•
the Carnegie, with other strong interests, had formed a Baltimore & O hio..................
120%
120%
121%
121%
!
Preferred...............................
94%
94%
94%
94%
i
syndicate which had acquired control of the Van Norden Canadian Pacific......................
|
184%
i
185%
187
187%
i
•
Chesapeake & O hio........... ..
89
88%
91%
90%
Trust Co., the Nineteenth Ward Bank and the Twelfth Ward Chicago
i
!
•
Mllw. & St. Paul___
161
161%
162%
162%
[
& R io Grande...........
i
52
53
53%
53%
Bank, and that it was the intention to consolidate these Denver
i
•
Preferred...............................
89
86%
87
i
87
i
/-I.
E
r
ie
..........................
............
..
34%
34%
35
35
institutions with the Carnegie. These proposed arrange­
First Preferred....................
»
50%
51
52%
52%
|
i
Second Preferred................
40
40%
42%
41%
i
ments have not thus far been carried to completion.
Illinois Central........... ............
H

— Redmond & Co. have opened this week an uptown
branch at Fifth Ave. and 50th St., in a new six-story build­
ing which they have had erected, the lower floors of which
have been especially arranged to meet the firm’s require­
ments. The new quarters provide a convenient place where
the people of the residential section may transact their
financial business without the necessity of going down town,
which in many cases has been troublesome and distasteful.
— Frederick Fowler, formerly Vice-President of the New
York County National Bank, 14th St. and 8 th Ave., has
been appointed Manager of the East Side branch of the Van
Norden Trust Co. at Bowery and Grand St. Mr. Fowler’s
appointment to this post is one of the important changes
following the entrance of the new interests in the manage­
ment of the Van Norden Trust Co. Grand St. has become
the banking centre of the East Side, where several institu­
tions have flourishing branches.
— Charles Olney, Cashier of the Bank of New York,
N. B. A., of this city, has been elected a Vice-President of
the institution. He will also retain the cashiership.
— The motion for a new trial, made by counsel for Charles
W. Morse, on the ground that the jury which had convicted
him was improperly guarded and that some of the jurors
had indulged to excess in intoxicants, was denied on Wednes­
day by Judge Hough of the United States Circuit Court of
Appeals. Judge Hough also vacated the stay of execution
of the fifteen-year sentence which Mr. Morse is under in
connection with the failure of the National Bank of North
America of this city.

Louisville & Nashville...........
Missouri Kansas & Texas___
Preferred............. .................
Nat. R It. of Mex., 1st P r e f..
Second Preferred-..............
N. Y . Central * Hud. River.
N. Y . Ontario <fe W estern___
Norfolk & Western................
Preferred....... .......................
Northern Pacific......................
a Pennsylvania........................
o R ea din g.................................
a First Preferred..................
a Second Preferred..............
Rock Is la n d .............................
Southern Pacific............. ........
Southern R a ilw a y ..................
Preferred........... ...................
Union Pacific...........................
Preferred..............................
U. S. Steel Corporation.........
Preferred...............................
Wabash ...................................
Preferred_______________ Extended 4 s . . ___________
a Price per share.

m

K*

5
a
o

X
M
H-1
3
o

iH
s

►
j

o

X
1
;
•
!
!
;
I
|
•
!
j

i
■
•
i

i
i
i

i

•
i

|

t

b £ sterling.

i

151
160%
50%
75%
59%
24%
129%
50%
101%
92
148
70%
87%
47%
55
52%
136%
32%
74%
207%
106%
93%
128%
24%
61%
80

151%
160%
50%
76
61
24%
128%
50
102
92
147%
70
87%
47%
56
51%
136%
32%
75
207%
106%
93%
128%
25%
61%
80

152
161%
51
76
63%
20%
129%
51
102
92
149
70%
88%
47%
57
52%
137%
33%
76
210
107%
94%
128%
27%
62%
80%

152
161%
51%
76
64
27%
129%
50%
102
92
149
70%
88
47%
57
54%
138%
34%
76%
209%
106%
94
128%
28%
62%
80

i

National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
N A T IO N A L B A N K S O R G A N IZ E D .
December 15 to December 21.
0 ,6 1 1 — T h e S p u r N a tio n a l B a n k , S p u r, T e x . C a p ita l, $ 10 0,00 0.
R. V.
C o lb e rt, P re s.; C. A . J o n e s , V I c c -P r c s .; W . G . S h e rro d , C ashier,
C. G . C h an dler, A sst. C ashier.
0 ,6 1 2 — T h e C itizens N a tio n a l B a n k o f C a ldw ell, N . J . C a pital, $ 2 5 ,0 0 0 .
Lew is G . L o c k w a r d , P re s.; C y ru s B . C ran e, V lc e -P r e s .; Jam es S .
T h r o c k m o r to n J r ., Cashier.
0 ,6 1 3 — T h e First N a tio n a l B a n k o f C orn elia, G a. C a p ital, $ 3 0 ,0 0 0 . C. J.
H o o d , P res.: J . T . K in g , V lc e -P r e s .; C. W . G ra n t, C ashier.
3 ,614— T h e L eeth N a tio n a l B a n k o f C u llm an, A la. C a p ita l, $ 2 5 ,0 0 0 .
G . S c o tt L e e th , P res.: T . J . C a llah an J r ., V lc e -P r e s .; O . M . F ish er,
Cashier: C. W . S an dlin , A sst. C ashier.
L IQ U ID A T IO N S .
6 ,2 0 6 — T h e F irst N a tio n a l B a n k o f C o lu m b ia n a , O h io , D e c . 15 1000.
8 ,5 4 6 — T h e M e rch a n ts’ & P la n te rs ’ N a tio n a l B a n k o f Mill C reek, O k la .,
N o v . 30 1000.
7 ,1 1 3 — T h e G aston N a tio n a l B ank o f D allas, T e x ., A p ril 1 1000.
8 ,9 7 1 — T h e C o m m e rcia l N a tio n a l B a n k o f S h e n a n d o a h , l a ., D e c . 20 1000

— August Belmont Jr. is admitted to-day (Jan. 1 ) as a
partner in the banking house of August Belmont & Co. The
partnership has heretofore consisted of his father, August
Belmont, and Walther Luttgen. Young Mr. Belmont has
AuctionJSales.— Among other securities the following, not
been associated with the firm for about a year. He is a regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian H. Muller & Son:
Harvard graduate, class of 1904.
— Henry A. Murray retires to-day from the New York
Stock Exchange firm of Boissevain & Co., 24 Broad St.
The continuing partnership consists of Jan Lodewyk Pier­
son, Andrew Murray Young, Andrew J. Miller and Harry
H. Moore.
— The Standing Protective Committee of the American
Bankers’ Association has entered into a contract with the
William J. Burns National Detective Agency to handle the
work of the protective department in the future. The work




•

25
41
5
10

Great East. Tel. Co., pref------ $13 lot
Blograph C o................................... 75
Del. Lank. & W . Coal C o......... --20 4
The Authors
Newspapers Assoelation..............- ............ ........ l°t
50 Rubber Goods Mfg. Co. 7 %
Cum. Pref..................................... 106%

Goods.

$1,200 Elka Park Ass’ n 1st 6s ext.
1913. M. & N ...................... 75 & Int.
$1,000 Arton Society of N. V. C.
2d 5s 1917. A. & 0 ............... 65 & Int.
$1,000 Nansemond (V a.) W ater Co.
1st 6s 1919. M. & N ........... 100 & Int.
$1,000 Maryland Steel Co. 5s 1922.
F. & A ...................................101% & Int.

$1,000 D ot. Tol. & Iron. R y . Cons.
4% s 1980. Feb. 1908 coup. o n . 15
$10,000 Second Ave. R R . Cons. 5s
1948. Tr. Ctfs., Aug. 1908 coup.
attached . _ _........................ ............ 65
$10,000 Mexican Sugar Ref. Co.,
L td., 1st 6s 1921. Oct. 1008
coupons attached.............................60
$2,500 Berwick Cons. Gas Co. 1st
5s 1929. Jan. 1910 coup, attach.
1,000 Berwick Cons. Gas Co., $50 $260
each........... .......................................
$20,000 Assignment of Claim of
Averv Slckels ag’st Berwick Cons. f a

Gas Co........... . ....................

<k«M
arU.4'fellI

Jan . 11910. j

THE CHRONICLE

DIVIDENDS.
Ih e following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are -printed in italics.
Name o f Company .
A lb a n y

&

R a ilr o a d s (S t e a m ).
S u s q u e h a n n a , g u a r a n t e e d --------

A l l e g h e n y A W e s t e r n , g u a r a n t e e d -----------A teh . T o p e k a
S a n t a F e , p r e f e r r e d _____
. -------------------------------------

A

Atlanta & I Vest Point

l i e e c h C r e e k , g u a r a n t e e d ( q u a r . ) ____________
ifc Stock Yards, Indianap., com .

JieltRR.

B o s t o n & L o w e l l __________ ____________ ________- B o s t o n & M a i n e , c o m m o n ( q u a r . ) __________
Canada

S o u t h e r n ____________.....................................

C h ic a g o B u r lin g to n & Q u in c y (q u a r .) —
C h i c a g o & e a s t e r n 111., p r e f e r r e d ( q u a r . )

C h ic . R o c k I s la n d A P a c ific R y . ( q u a r .) .
C le v . C in . C ld c . A S t. L ., p r e f. ( q u a r . ) . . .
C u b a U H . , p r e f e r r e d ----------------------- -------------------

Delaware Lackatcanna

<fc

West. (quar.) —

H o c k in g V a lle y , c o m m o n a n d p r e f e r r e d ..

G u a r a n te e d s t o c k (M lc h .S o u .A N o r .I n d .)
P r e fe r r e d

......................................... .................... —

Per
Cent.
4K
S 3 .4 5

3
2K
3
3
i

3
U 4
4
IK
3
1K
2
2
2
IK
3K
2
1
l K
i K
4
2K
2K
214
2K
3
2 %
2
2
2K
1
6
6
3
5
2 'A
3K
2

Books Closed.
Days Inclusive.

When
Payable.
Jan.
Jan.
F eb.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.

Jan.
Jan.

3
6
3
1
1
1C
3
1
1
3
3
1
I
15
15
i
3
3
3

D ec.

16

H o ld e r s
H o ld e r s
H o ld e r s
D ec
1.3
H o ld e r s

to
o f rec.
o f rec.
o f rec.
to
o f rec.

Jan.

H o ld e r s o f r e c . D e e .

2

5
la
31

21
20
15
3
18
15
10
17
3
15
28
1
S
8
15
10
1

17
29
31

3
H o ld e r s o f r e c . J a n .
D ec. 25
to
Jan.
D e c. 16
to
Jan.
Jan.

1

Jan.

14

H o ld e r s o f r e c . D e c .

28

H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
Jan.

to

4
4
<

of
of
of
of
of

21

rec
rec.
rec.
rec.
rec.
to

D e c. 31
D e e . 31
D ec. 31
D e c . 24
D e c . 24
F eb

N
N
N
N

. Y . C en tra l A H u d . IU v er ( q u a r .) ..
.
e w Y o r k & I l a r l e m .................................... ...........
. Y . L a c k a w a n n a A W e s t ., g u a r , (q u .)
o r f o l k * W e s t e r n , p r e f e r r e d _______ ________

N o r t h e r n R R . o f N e w H a m p s h ir e (q u a r .)
N o r t h e r n S e c u r i t i e s C o m p a n y ..............—

P lt t s b . C in e . C h ic . A S t. L o u is , c o m m o n .

S t. L o u is & S a n F r a n c is c o —
C h i c . A 10. 111. c o m . s t o c k t r u s t c t f s . . .
K .C .F t .S .& M e m .p r e f.s t k .t r c tfs . ( q u . ) . .
S t . L o u i s S o u t h w e s t e r n , p r e f e r r e d - ___

IK
5
l K
2
4

2 'A

Feb.
Jan.
Ia n .

2
IK
2 'A
2K
3
4
4K

Jan.
F eb.
Jan.
Feb.
Jan.
Jan.

IK
IK

5
IK
1
2K

Jan.
Jan.
Jan.
Jan.

214
214
U n i o n P a c i f i c , c o m m o n ( q u a r . ) . ................
V a l l e y R R . o f N e w Y o r k , g u a r a n t e e d _____

2K
2K

Jan.
Jan.

5

i&

2Vx
W r l g h t s v l l l e A T e n n i l t e , c o m . & p r e f ____
S t r e e t is L le c t r i c R a i l w a y s .
A m e r i c a n C i t i e s R y . A L t . , c o m m o n ____
A th e n s (G a .) E le c t r ic R y . , c o m . a n d p r e f.
A u r o r a E lg in A C h ic a g o , c o m . ( q u a r . ) . . .

Birmingham R y., Lt.

A

Power, common . .

B o s t o n A W o r c e s t e r E le c t r ic C o s ., p r e f . .
B r o o k l y n R a p i d T r a n s i t ( q u a r . ) ___________
C a p i t a l T r a c t i o n , W a s h . , D. C . ( q u a r . ) . .
C h a t t a n o o g a R y . A L ig h t, p r e f. ( q u a r .) .
C ln . A H a m . T r a c t io n , c o m m o n ( q u a r ) .

Cine. Newport it Cov. L. it T r . , com.iqu.)

3

Jan.

IK
114
3

Jan

K
IK
IK
2
3
Si
SI
1
IK
IK

%
l.K
l
1 14
1 »4

City Rlt., Dayton, Ohio, com. (quar.) _______
Preferred (quar.)---------------------------------C o lu m b u s ( G a .) F le e . C o ., p r e f. ( N o . 7 ) .

IK
IK
3

C o lu m b u s N e w a r k A Z a n e s v ., p r e f. ( q u .)
C o l u m b u s ( O . ) R y . A L i g h t ( q u a r . ) ------C o n s o l i d a t e d T r a c t i o n o f N . .1...................
D u l u t h - S u p e r i o r T r a c t i o n , c o m m o n .........

2
I

E l P a s o E l e c t r i c C o . , p r e f . ( N o . 1 5 ) -------H a lifa x F le e . T r a m w a y , L t d .(q u .)(N o .5 2 )
I le s t o n v llle M a n tu a A F a lr m o u n t , c o m . .

IK
K

L
3
IK
2
3
3
2K

3
3
L o u is v ille it N o r . R y . it L t g ., p r c f .A ( q u .)
P r e f e r r e d B ( q u a r . ) ----- ------------------------L o u i s v i l l e T r a c t i o n , c o m m o n ( q u a r . ) --------

Manchester Tract., Bight it Power (quar.).
M a s sa c h u s e tts E le c tr ic C o s ., p r e fe r r e d —
..................
M e t r o p o lit a n W e s t S id e K ie v ., C h ic ., p re r.
M ilw a u k e e E le c . R y . A L ig h t , p r e f. ( q u .)

Memphis Street R y., pref. (quar . ) .

K

1
2

%
A

IK
IK
K

IK

.

Jan.
Jan.
Jan.
Jan.

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

Jan.
Ia n .
Jan.
Jan.
Jan.
Jan.
Jan.
Ia n .
Jan.
Jan.
Jan.
Jan.
Jan.
D ec.
D ec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
D ec.
M ch .
Jan

1

N e w E n g la n d I n v . A S e c u r ity C o ., p r e f . .
N o r th w e s te r n E le v a te d , p r e fe r re d (q u a r .)

&

Porto Rico Rys .. Ltd., pref .(qu.) (No. 1 ) . .
Public Service Corp. o f N . J. (quar.).........
Public Service Investment, com. (No. 1 ) . .




1

M o u n t M o r r i s ( q u a r . ) ....... ............ ....................
M u t u a l _____________ __________ _
N a s s a u N a t io n a l, B r o o k ly n (q u a r .)
N e w 5 o rk C o u n ty N a tio n a l. .. _
N e w Y o r k , N .B .A ., B a n k o f (N o . 2 5 2 ) ..
N o r t h S i d e , B r o o k l y n ( N o . 3 1 ) _______
4
3
P e o p le ’s . . .
. . . ...................... ...................
P h c n l x N a t i o n a l ........... ............ .....................
P l a z a ___________________ ________________
P r o s p e c t P a r k , B r o o k l y n ( q u a r . ) ...................
S e a b o a r d N a t i o n a l ........................ ........ ................. ...
S e c o n d N a t i o n a l ( q u a r . ) ..............................

e c. 18
e c . 18
o ld e r s o f
o ld e r s o f

Jan.

to
to
rec.
rec.

Jan.
3
Jan.
3
D e c . 17a
D e c .3 1 a

D ec.
D ec.

31
31

i D ec.
i
2 Jan.
10 D e c .
10
1

22

to

Jan.

1

1
24

to
to

Jan.
D ec.

2
26

25

to

Jan.

2

Twelfth W a r d ..______ __________ _________
U n i o n E x c h a n g e N a t i o n a l ..... ............ ........
14 ashington Heights, Bank o f (quar.) . . . .
6
Jan.
T r u s t C o m p a n ie s .
B a n k e r s ( q u a r . ) ( N o . 2 3 ) .................................

F la tb u s h

( B r o o k l y n ) __________ _________________

H o ld e r s o f r e c .
H o ld e r s o f r e c .
D e c . 12
to
H o ld e r s o f r e c .
D e c . 21
to

D e c .2 4 a
D e c . 10
J a n . 12
D e c . 21
Jan.
2

L a w y e r s ’ T it le I n s .A T r u s t ( q u .) ( N o . 4 5 )
L o n g I s l a n d L o a n & T r u s t , I J k ly n . ( q u a r .)
M a n h a t t a n ..........................................................................
People's, Brooklyn (monthly) .................................
U n i o n ( q u a r . ) ............. .................................................

fa n .

Jan.

Van Norden, monthly (No.

1

to

D e c . 21
to
D e c. 21
to
H o ld e r s o f r e c .
D ec. 25
to
H o ld e r s o f r e c .
Jan.
1
to
H o ld e r s o f r e c .

15

rec.
to
to
to
to
to

3 2 ) ....... ..............

D ec
31
D e c . 31
D e c . 24
D e c. 31
D e c . 15
Jan
14
D ec
15

M is c e lla n e o u s .
A m e r ic a n B e e t S u g a r , p r e f .( q u .) ( N o .4 2 )
Amcr. Brake Shoe & Foundry, common ___
Preferred ............................ ......................... ..
A m e r i c a n C a n , p r e f . ( q u a r . ) ........................
A m . C a r A F d r y ., c o m . (q u a r .) (N o . 2 9 ) .
P r e f e r r e d ( q u a r . ) ( N o . 4 3 ) ......................

D ec.
Jan.
D ec.
D ec.
Jan.

A m e r i c a n C e m e n t ( N o . 2 1 ) ......... .................

3
10 H o ld e r s o f
3 D e c . 21
I D e c. 19
1 D e c . 19
1 D e c. 24
31 D e c . 2 2

30
3
31
31
2

When
Payable

3
7 5c.
IK
2K
IK
IK

Jan.
Jan.
Tan.
Jan.
Jan.
Jan.

IK
IK
IK
IK
IK
IK
2

Jan
Jan.

IK
IK
IK
IK
2K
2
13
7
1

Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

1 H o ld e r s
1 D e c. 15
1 H o ld e r s
1 H o ld e r s
1 D ec. 25

o f rec.
to
o f rec.
o f rec.
to
15 H o ld e r s o f r e c .

1 H o ld e r s
1 H o ld e r s

S
a

a
3
a

1 D ec. 25
1 D ec. 25
1 D e c . 11
15 H o ld e r s o f
1 D ec.
3
3 1 'D e c . 2 3

to
to
to
rec.
to
to

D ec.
D ec.
Jan.
Jan.
D ec.
Jan.

l|

31
31
I
1
15
1

Jan.
Jan.

5
5
10
6
2
4
i
3
6
3
21
IK
3
3K
2
2
2K
4
3
20
7
3
5
3
10

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Tan.
Jan.
Jan.
Jan.
Jan.

Jan.
Jan.
Jan.
Jan.

3
5
2
5
2

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
D ec.
Jan.
Jan.

4

Jan.

IK

5
9
4
5
3
3
3
6
1

IK
IK
IK
IK
K
IK
2
1
1
1

J a n . 15a

IK

A
A
A
A

IK
IK
1

m e r i c a n S e a t i n g , p r e f . ( q u a r . ) .................. ..
m e r ic a n S e e d in g M a c h in e , p r e f. (q u a r .)
m e r i c a n S h i p b u i l d i n g , p r e f . ( q u a r . ) -------m . S m e lt . A R e f g .. c o m . ( q u a r .) (N o .2 5 )
P r e f e r r e d ( q u a r . ) ( N o . 4 2 ) . . .........................

Jan
1
H o ld e r s
H o ld e r s
H o ld e r s
D ec. 29
H o ld e r s

to
rec.
rec.
rec.
to
rec.

Jan.
D ec.
D ec.
D ec.
D ec.
Jan.

A m e r ic a n W o o le n , p r e f. (q u a r .) (N o . 4 3 )
Anaconda Copper M ’ n'g (quar.) ( A ’ o . 3 7 ) . .
Associated Merchants, 1 st pref. (quar.) —
First preferred (extra) .................. ..........................
Second perferred (quar.) .......................................
Second preferred (extra) ..................... .................

10
17
12
31
31
15

IK
iK
IK

c r . S u g a r R o fln ., c o m . A p r e f. (q u a r .)
e r ic a n T e le p h o n e A T e le g r a p h (q u a r .)
e r i c a n T h r e a d , p r e f e r r e d .................. ..............
e r i c a n T o b a c c o , p r e f e r r e d ( q u a r . ) -------e r ic a n T y p e F o u n d e r s , c o m . ( q u a r . ) . .

B e l l T e l e p h o n e o f M i s s o u r i ( q u a r . ) ................

1

IK

3
3
2 D ec.
2 D ec
3

K

2d

22
22

to
to

Jan.
Jan.

1
1

D ec.
D ec.
Jan.

31
31
3

D ec.

27

3
3

H o ld e r s o f r e c .
H o ld e r s o f r e c .
3 D e c. 24
to
1
2
3 H o ld e r s o f r e c .

a

a

i
i
3
3
29 J a n .
1
to
Jan.
3
1
3
3 H o ld e r s o f r e c . D e c .
3
i
3
3
3
3
3
2
3
3
3
3
3
3
3
3
3
29
3
3
3
3
1
3
3
3
3
3
3

H o ld e r s o f r e c .
D ec
31
to
D ec. 31
to
D ec. 25
to

2

17

31

D e c .3 1 a
Jan.
2
Jan.
2
Jan.
2

D ec. 22
to
Jan.
D ec. 25
to
Jan.
H o ld e r s o f r e c . D e c .

2
2
27

D ec.

22

to

Jan.

2

D ec.
D ec.

24
28

to
to

Jan.
Jan.

3
2

D ec.
D ec.

25
22

to
to

Jan.
Jan.

2
3

i
3
3 D ec.
1 D ec.

30
30

to
to

Jan.
Jan.

3
2

3
3
31 H o ld e r s o f r e c . D e c .
3 D ec. 24
to
.J a n .
1 Jan.
l
to
Jan.
3

3

H o ld e r s o f r e c . D e c .

H o ld e r s
D e c . 17
D e c. 17
H o ld e r s
H o ld e r s
H o ld e r s

Jan.
Jan.

22 J a n .
20
20
1

Jan.

1

to

21
2
2

27

Jan.

2

Jan.
D ec.
Jan.
Jan.
Jan.

3
18
2
2
9

H o ld e r s o f r e c . D e e .

27

H o ld e r s o f r e c . D e c .

24

D e c. 16
to
H o ld e r s o f r e c .
D ec.
2
to
Jan.
1
to
Jan.
6
to

of rec.
to
to
o f rec.
o f rec.
o f rec.

9

to

D ec. 21
Jan.
2
Jan.
2
D e c .1 6 a
D e c .1 0 a
D ec. 10a
Jan.

23

D e c. 19
to
H o ld e r s o f r e c .
D ec. 29
to
Jan.
1
to
H o ld e r s o f r e c
Jan.
4
to
D ec. 25
to
D e c . 11
to

Jan.
D ec.
Jan.
Jan.
D e c .3
Jan.
Jan.
D ec.

2
15
3
15
1a
16
2
16

H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s

la
31
17
11
10

3
3
1
21
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

1

2
2

10
2

Jan.
Jan.

3
31
31
1
1
1

Jan.
Jan.
IK
Jan.
2
2K <? Jan .
Jan.
IK
Jan.

IK
K
IK

Jan.
Jan.

to
to

Jan.
D ec.
D ec.
Jan.
Jan.
Jan.

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
D ec.
Jan.

IK

IK
IK
5 0c.

J a n . 21
D e c . 16
D e c .1 1 a

16
24d

3
3
3
3
3
3
3
3
3
10
3
31
3
3

Jan.
Jan.

12K
25
i
3
2

27
15

3

2
10
4
12

Amcr. Power & Bight, pref. (quar.)(N o .1)

Am
Am
Am
Am
Am

of

Jan.
Jan.

3

2

D ec 20a
J a n . 18
J a n . 10
J a n . 10
D e c. 31

of
of
of

Jan.
Jan.

A m e r i c a n P l a n o , p r e f . ( q u a r . ) ..................... ..
A m e r ic a n P ip e A C o n s t r u c t io n ( q u a r .) . .

to
rec.
to
to
to
rec.

l

2K
IK
7

3

1

31 H o ld e r s o f r e c .

Jan.
Tan.
Jan.
Jan.

5
8
2

D ec.
D ec.

D e c. 22
Jan.
2
D e c . 15
D e c . 21
D ee. 31
Jan.
I

o f rec. D e c
o f rec. D ec.

15 H o ld e r s o f r e c .
2 H o ld e r s o f r e c .
H o ld e r s o f r e c .
i
10 D e c . 24
to
i D e c. 15
to

Jan.
Jan

IK
3
6
4
2

IK
2K
6
2
2
3
25

Books Closed.
Days Inclusive.

3

IK
3 "

. ...

31

15
1
3
10
31
1

IK
IK

to

H o ld e r s o f r e c . D e c . l a
H o ld e r s o f r e c . D e c .2 2 a

D ec.

E x t r a ................................. ...............................................
M a n h a tta n C o ., B a n k o f th e (N o . 2 0 7 ) . .
E x t r a --------------------------------- ------------------ -----------M a n u fa c tu r e r s ’ N a t io n a l, B k ly n . (q u a r .)

M e r c h a n t s ’ E x c h a n g e N a t i o n a l __________
M e r c h a n t s ’ N a t i o n a l ( N o . 2 1 3 ) .........................

Jan.
F eb.
Jan.
Jan.
D ec.
F eb.

IK
IK

F ir s t N a tio n a l ( q u a r .)
.
E x tra
____
F ir s t N a t io n a l, B r o o k l y n ( q u a r .)
F i r s t S e c u r i t y C o . ( q u a r . ) .......... ..............

5
5

IK
IK
IK

Pin.

Fifth National (q u a r .)..

o f rec F e b .
o f rec. J a n .

to
to

i
2
1
1
15
3

C o lo n ia l ( q u a r . ) . . . .
C o lu m b ia ( N o . 4 3 ) . .
C o m m e r c e , N a tio n a l B a n k o f (q u a r .)
C o p p e r , N a t i o n a l ( q u a r . ) ( N o . 4 ) ..............
E a s t R iv e r N a tio n a l. .
F ift h A v e n u e (q u a r .) .

M a r k e t A F u l t o n , N a t i o n a l ( q u a r . ) . .........
M e c h a n i c s ’ , B r o o k l y n ( N o . 1 1 5 ) ................
M e c h a n i c s ’ N a t i o n a l ( q u a r . ) ........................

19
18

l
i

C e n t u r y ( q u a r . ) ________
C h a se N a tio n a l
E x tra
__________
C h a t h a m N a t i o n a l ( q u a r . ) ( N o . 1 5 6 ) _____
C h e ls e a E x c h a n g e ( q u a r .)
.............
C h e m i c a l N a t i o n a l ( b i - m o n t h l y ) ____________
C i t i z e n s ’ C e n t r a l N a t i o n a l ( q u a r . ) ..............
C i t y , N a t i o n a l ( B r o o k l y n ) ......... .................

6a
10

Jan.
Jan.

1

D e c. 26
D e c . 15
D e c .1 5 a
J a n . 31

D ec.
D ec.

1
1
15
i
i
i
i
3
3
15
15

B anks.
. .
A m e r ic a . B a n k o f . .
B r o a d w a y , B r o o k l y n _____________ ___________ _
E x t r a ..................

o f rec. D ec.
to
Jan

IK
2K

2

1

O ttu m w a d a .) R y .
L t ., p r e f. ( q u a r .) ..
P h i l a d e l p h i a C o m p a n y , c o m . ( q u a r . ) -------P o r t la n d (O r e .) R y ., L A P ., p r e f. (q u a r .)

D
D
H
H

to
o f rec
o f rec.
o f rec.

1' D e c. 19
1 H o ld e r s o f
18 J a n .
9
1 D ec. 22
1 D e c. 22
l H o ld e r s o f

2K

Jan.
Jan.
Jan.

15 D e c . 11
3 H o ld e r s
3 H o ld e r s
18 H o ld e r s
15
1
i H o ld e r s
10 D e c . 31
1
1
15 H o ld e r s
1 5 H o ld e r s
1
3
1 D e c. 23
3
3
3
15
3
5
14
3
3
1
15
1
i

U n ite d R y s . o f S t. L o u is , p r e f. ( q u a r .) ..
U n i t e d T r a c t i o n A E l e c ., P r o v i d e n c e (q u .)
1
W a s h in g to n W a t e r P o w ., S p o k a n e ( q u . ) .
W e s t I n d ia E le c t r ic C o . (q u a r .) (N o . 8 ) . .

G e r m a n E x c h a n g e _____ .
H a n o v e r N a t i o n a l ( q u a r . ) ...................
I m p o r t e r s ’ A T r a d e r s ’ N a t i o n a l ____
I r v i n g N a t i o n a l E x c h a n g e ( q u a r . ) ................

28
15
15
Jan.
Jan.
Jan.
F eb.

T uiinCilyR ap. Tran..M inneap.,com . (qu.)
P r e f e r r e d ( q u a r . ) . .............................. ....................
U n io n R y ., G a s A E le c tr ic , p r e f. ( q u a r .).

10

3
2 'A
2H
314

( N o . 5 ) _____

S y r a c u s e R a p i d T r a n s i t , p r e f . ( q u a r . ) ___
T o r o n t o R y . ( q u a r . ) __________________________

Per
Cent.

3

M ch .
Jan.

3

&
pref. & 1st pref (qu.).

S e a ttle E le c t r ic C o ., c o m m o n

D ec. 28
to
Jan.
3
H o ld e r s o f r e c . D e c .1 8 a

3 H o ld e r s o f r e c . D e c .
20 H o ld e r s o f r e c . D e c .
1 H o ld e r s o f r e c . D e c .

Jan.
Jan.
F eb.
Jan.
Jan.
Jan.
F eb.

S tre e t a n d E le c tr ic R a ilw a y s — C o n .
P u g e t S o u n d E l e c . R y . , p r e f . ( N o . 8 ) _____
R e a d i n g T r a c t i o n _____________________________ ___
S t. J osep h R y ., L ., I I.
P ., p r e f. ( q u .)_
S a o P a u lo T r a m . L .& P ., L t d
( q u a r . ) ____

Aetna National (quar.)

Jan.
Jan.
F eb.

Jan.

Name o f Company.

Scioto Valley Trac.,

D e c . 20
D e c .3 0 a
D e c. 31
J a n . 10
D ec 23a

N ov 28
to
D ec.
H o ld e r s o f r e c . D e c .

37

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

1
1
3
15
15
15
15

3
3
3
3
15

1
3
15

15
15 D e c . 2 5
19 H o ld e r s
15 H o ld e r s
15 H o ld e r s
15 H o ld e r s
15 H o ld e r s
15

2

of
of
of
of
of

rec.
rec.
rec.
rec.
rec.

D ec.
D ec.
N ov.
D ec.
Jan.

of
of
of
of
of

to
rec.
rec.
rec.
rec.
rec.

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

5
8
8
8
8
8

THE CHRONICLE

38
Name of Company.

Per
Cent.

When
Payable.

Miscellaneous— Concluded.
ik
j an.
Bliss (E . W .), com m on (qu ar.)..................
2 k . an.
2
. an.
Preferred (qu ar.)......... - ................... ........
Bourbon Stock Yards (quar.)........................
m - an.
fee.
Bush Terminal, preferred. ............................
2K
Butte Elec. & Power, com . (qu.) (No. 21)
I K •an.
Canadian General E lec., L td., com . (qu.)
IH ■an.
Canton Com pany...........................................
I K . an.
Extra ...................... .............. ..................... 50c. . an.
Carolina Power & Light, pref. (qu.) (No.3)
I K <an
Central Coal & Coke, com . (qu ar.)...........
I K •an.
an.
We
Preferred (q u a r.)......... .............................
an.
Central Dtsl. if- Printing Teleg. (qu a r.)...
1K
an.
Central Leather, preferred (qu ar.)---------We
fan.
Central & S- A . Telegraph (q u a r .)-.........
IK
fan.
2
Chic. Junct. R ys. & U.Stk.Yds., com .(qu.)
Ian.
Preferred (q u a r.)----------------------IK
1 3-16 Ian.
Cincinnati Gas & Electric (qu ar.).
We Ian.
City Investing, preferred (q u a r .)..
fan.
Colum. & H ock. Coal & Iron, pref. (quar.
IK
Ian.
W
Columbus (O .) Gas & Fuel, pref. (qu ar.).
Tan.
IK
Columbus (O .) Light, Heat & P ow ., com
ran.
IK
Preferred (q u a r.)......... .............................
fan.
1
Corn Products Refining,.pref. ( q u a r .) ...
Corp. of United Cigar Stores (q u a r.)-------- $1.50 Jan.
Jan
50c.
Extra ......... ...............- -------- ----------------Jan.
2
Cumberland Tel. & Tel. (quar.) (N o. 105)
Delaware Lack. & Western Coal (No. 1 )-2 K Jan.
Jan.
1
Detrolt Edison (qu ar.)....... .............
Jan.
K
Jan.
1
Jan.
1
I K Jan.
We Jan.
2K Jan.
I K Jan.
Preferred (q u a r.).
Jan.
2
2
Jan.
Jan.
1
Jan
3
I K Jan.
Jan.
2
General Electric (qu ar.).
I K Jan.
We Jan.
i $2.50 Jan.
.
Sle Jan
I K Jan.
Illinois Brick -------------------Jan.
3
Ingersoll-Rand, preferredJan.
1
Mch.
1
K Mch.
com m on (extra )I K Feb
Preferred (quar).
I K Jan.
Preferred (extra ).
K Jan.
Jan.
1
Jan.
1
Jan.
1
Jan.
2
La Rose Consolidated Mines (qu ar.).
15 scr. Mch.
Lehigh Coal & Navigation (special). .
I K Jan.
Jan.
1
I K Jan.
I K Jan.
Extra ......... ..................... fan.
Mexican Telegraph (qu ar.).
Jan.
1
I K Jan.
Preferred ( q u a r . ) . .. * --------- ---------I K Feb.
Michigan State Teleph., pref. (quar.))
I K Feb.
Feb.
.
3
Preferred (No. 22).
I K Jan.
National Carbon, com. (quar.)...
I K Jan.
Jan.
.
1
National Fireproofing, preferred.
I K Jan.
I K Jan.
I K Jan.
National Sugar R efg.. pref'. (qu ar.).
2
Jan
National Surety (q u a r.)....... ..............
I K Jan.
Jan.
3
Jan.
5
Nlplsslng Mines (quar.).
2 K Jan.
Extra ..........................
I K Jan.
I K Tan.
Jan.
.
1
Jan.
.
2
Preferred (qu ar.).
I K Jan.
.
3
Jan.
Old Dominion SS. (N o. 6 8 ) ..
_
6
Osceola Consolidated Mining.
I K Jan.
Otis Elevator, pref. (q u a r .)..
I K Jan.
I K Jan.
Jan.
.
2
I K Jan.
Quaker Oats, com m on (qu ar.).
Jan.
Common (e x t r a )............ ........
.
3
Jan.
Realty Associates (N o. 14)-----Jan.
.
1
Extra --------------------------------Jan.
.
2
)
I K Jan.
)
I K Jan.
I K Jan.
.
I K Jan.
.
2K Jan.
Jan.
.
1
)
I K Jan.
Jan.
.
1
Jan.
.
2
Preferred (qu ar.).
Jan.
.
3
Jan.
)
1
3 K Jan.
Preferred ........................
I K Jan.
Swift & Company (qu ar.).
I K Jan.
.
3 K Jan.
Torrlngton Com pany, pref—
Jan.
.
2
Underwood Typewriter, comm
Jan.
3
First and second preferred.
Jan.
.
1
Jan.
)
3
I K Jan.
I K Jan.
.
2
Feb.
Jan.
.
2
United Fruit (quar.) (No.
0
Jan.
Jan.
.)
2
I K Jan.
Preferred (qu ar.).
Jan.
l
.
I K Jan.
l 5-16 Jan.
Jan.
.
1
I K Jan.
Jan.
.
2
.
I K Jan.
Vulcan Detlnnlng, pref. (quar.).
.
K ( Jan.
Preferred (extra)........................
.
I K Jan.
Waltham W atch, com m on.........
Jan.
.
5
Wells, Fargo & Com pany...........
Feb.
. $300
Extra .......................... *............
3)
K Jan.
Jan.
.
2K
Westlnghousc Air Brake (quar.).
..
I K Jan.
Extra ------------------- --------------Jan.
..
1
Special ...................... - ................
u)
I K Jan.
..
I K Ijan.

Bell Telephone o f Pennsylvania (guar. ) . . .

Books Closed.
Days Inclusive.

Jan. 16
15 Ja
Jan. 1
3 D
Jan. 1
3 D
3 D
il H
3 II
Dec. 31
16
1 I)
Jan. 2
1 D
ja n .
2
1D
Nov.30a
1 H
Jan. 15
15 Js
Jan. 15
15 Jr
Jan. 16
15 Jr
3 II
8 H
3 11
3 H
1
1 H
to
Jan. 1
1L
1 l
1 I
1I
10 I
Jan.
15 J
Jan.
15 J
1 1
15 I
15 I
31 I
29 flolders of rec. Jan. 8a
16 to
Dec. 21
3 C
1 1
25 I
1 I
1 I
3 I
3 I
3 I
21
to
Jan. 2
11
3 I
15 1
11
to
D ec. 31
2 1
f rec. D ec. 15
3 1
to
Jan. 3
3 1
5
to
Jan. 16
15 J
1 I
15 I
11
11
1J
3 I
3 1
1 I
1 f
1 1
20 .J
1 1
3 1
3 1
;
15
i
15
:
15
3 1
3 1
;
19
to
Feb. 1
1.
ers of rec. Jan. 8;
1 !
ers of rec. Jan. 8
1 i
15
15 ,
20 1
Dec. 14
11
Jan. 2
11
Jan. 3
3 1
Jan.
1
2 1
Dec. 31
15 1
Jan. 10
10 1
Jan. 16
20 ,
Jan. 16
20
3 !
3 1
Jan.
15 .
Jan.
15 .
15 ,
Jan.
3
Jan.
26
Dec. 31
15
25
Jan. 10
31
15
15
15
15
15 Holders of rec. Jan. 5
15
1 Holders of rec. Dec.
1 to
Jan
15
to
Jan.
1 Dee 24
1
Jan. 16
15 Jan. 1 to
20 Holders of rec. Jan. 7
3 Holders of rec. Dec.20a
to Jan.
3
3
to Jan.
3
3
1 Holders of rec. Dec.20a
16 to
Jan. 25
25
Jan
1 Dec. 22 to
Jan. G
to
3 Deo. 19
Jan. 4
to
1 Dec. 25
D ec. 31
to
1 Dec. 21
1 Holders of rec. Dec. 20
1 Holders of rec. Dec. 20
15 Holders of rec. Dec. 31
1 to
Jan. 10
10
Jan.
3
3 Dec. 16 to
3 Holders of rec. Dec. 15
1 Holders of rec. Jan. 24
15 Holders of rec. Dec. 24
15 Holders of rec. Dec. 31
5 Holders of rec. Dec. 14
5 Holders of rec. Dec. 14
21 to
Dec. 31
1 Dec.
1 Dec.
21 to
Dec. 31
3 Dec.
21 to
Jan.
3
15 Holders of rec. Dec. 31
15 Holders of rec. Dec. 31
1 to
Jan. 16
15 Jan.
20 Holders of rec. Jan. 10
20 Holders of rec. Jan. 10
1 Holders of rec. Dec. 15
4 to
Jan. 15
15 Jan.
10 Holders of rec. Jan.
15 Holders of rec. Dec.20a
10 Jan.
1 to
Jan. 10
1 to
Jan. 10
10 Jan.
1 to
Jan. 10
10 Jan.
6 to
Jan. 16
15 Jan.
1 Holders of rec. D ec. 17

a Transfer books not closed, b Less Income tax
d Correction, c Also declared
1% payable'Aprll l 1910 and 1% July 1 1910. g On account of accumulated dlvl.




[VOL. XC.

Statement of New York City Clearing-House Banks.—The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending Dec. 24.
The figures for the separate banks are the averages of the
daily results. In the case of the totals, the actual figures
at the end of the week are also given.
We omit two ciphers (00) in all cases.
Banks.

Capital.

Surplus.

00s omitted.

Loans.
Average.

$
$
$
3,465,5
18,536,0
2,000,0
Bank of N. Y . .
4,126,6
29,500,0
2,050,0
Manhattan C o.
1,693,7
17,097,0
2,000,0
Merchants’ ____
26,418,0
3,851,2
3,000,0
Mechanics’ ____
22,540,1
5,894,9
1,500.0
A m e r ic a --------8,483.0
685,5
1,000.0
P h e n lx _______
City .................. 25,000,0 28,853,0 165,039,7
28,087,4
6,183,0
3,000,0
Chemical...........
6,220,2
568,2
600.0
Merchants’ E x .
7,903,5
2,443,1
1,000,0
Gallatin.............
2,381,6
153,4
300,0
Butch. & D rov.
7,415,1
777,4
500,0
G re e n w ich ____
31,675,2
5,095,1
5,000,0
Amer. E x ch ___
Commerce_____ 25,000,0 15,694,3 143,156,7
13,933,6
2,570,8
3,000,0
M erca ntile____
3,746,2
897,6
500,0
Pacillc _______
6,756,1
1,026,2
450,0
Chatham______
2,048,4
477,5
200,0
People’s ...........
60,506,3
3,000,0 11,101,1
H a n over______
21,013,0
1,486,0
2.550.0
Citizens' C en t-6,264,3
464,8
500,0
N ass a u _______
7,879,2
1,668,0
1,000,0
Market & Fult’ n
12,820,6
1,392,9
Metropolitan __
2,000,0
5,254,1
40,939,0
3,000,0
Corn Exchange
25,744,0
7,504,0
1,500,0
Im p. & Traders'
78,207,0
9,912,5
3,000,0
P a r k __ ___ . . .
1,053,2
105,2
250,0
East R iver____
20,224,0
3,543,1
3,000,0
F o u r t h ..............
12,372,0
1,899,3
1,000,0
Second _ - .........
F i r s t .................. 10,000,0 19,808,6 102,012,0
21,282,9
1,516,3
2,000,0
Irving Nat. E x .
3,661,0
802,0
250,0
Bowery ______
7,967,2
1,642,4
500,0
N. Y . C o u n ty ..
4,153,6
667,5
750,0
German-Amer .
71,167,6
7,040,4
5,000,0
Chase_________
13,057,8
2,069,9
100,0
Fifth Avenue. .
3,836,0
894,0
200,0
German E x c h ..
4,833,0
1,006,5
200,0
G erm anla_____
16,371,2
1,408,9
1,000,0
L in co ln _______
7,636,0
1,147,1
1,000.0
Garfield........... 3,501,9
483,5
250,0
F i f t h ..................
11,507,9
2,020,2
1,000,0
M e tro p o lis____
4,367,0
1,139,0
200,0
West Side.........
17,968,0
1,821,0
S eab oard..........
1,000,0
16,652,3
2,704,4
1,000,0
L ib e r ty ..............
7,816,7
705,4
N. Y . Prod. Ex.
1,000.0
13,909,0
863,0
1,000,0
State ..................
5,430,9
334,5
1,000,0
14th Street____
26,064,2
2,834,3
C o p p e r ..............
2,000,0
5,723,0
326,3
Coal & Iron____
1,000,0

Specie. Legals. Deposits. ReAverage. Average. Average. s*ve.
S
3,188,0
5,591,0
2,797,0
4,379,0
4,450,0
1,634,0
32,678,4
5,001,8
1,619,7
1,088,1
523,9
1,895,8
8,921,4
22,926,3
1,890,4
378,3
738,2
530,7
9,430,8
4,945,3
625,7
1,346,4
3,224,5
7,025,0
3,425,0
20,356,0
432,3
3,755,0
2,394.0
21,199,0
4,420,3
875.0
1,441,4
808,5
15,834,7
2,667,7
485,0
802,8
3,536,3
1,917,6
643,2
1,194,4
936,0
4,236,0
3,164,4
2,107,3
4,202,0
942,0
6,264,0
909,0

S
$
%
16,238,0 27.2
1,246,0
32,100,0 23.0
1,799,0
1,571,0
16,752,0 26.0
26,535,0 25.4
2,365,0
23,005,4 27,3
1,837,5
8,000,0 26.3
451,0
4,775,0 149,366,3 25.1
2,207,4
26,561,0 27.2
170,4
6,368,5 28.1
5,890,5 25.2
400,6
2,537,2 24.6
101,1
8,176,5 25.6
200,0
29,942,0 36.3
1,910,7
8,780,7 120,310,3 26.4
10,419,7 25.8
809,9
3,374,9 26.6
519,6
7,086,9 25.7
1,088,8
2,497,5 25.6
109,4
67,322,3 24.9
7,319,2
20,325,2 26.0
327,2
7,013,9 25.6
1,172,1
7,840,3 28.7
911,4
13,281,6 26.1
242,1
4,390,0
47,306,0 24.7
22,802,0 24.2
2,095,0
86,078,0 24.7
1,083,0
1,937,8 28.0
110,7
22,022,0 26.7
2,140,0
12,059,0 25.4
676,0
90,342,0 25.4
1,792,0
22,511,4 25.2
1,265,8
3,790,0 24.4
53,0
8,226,1 26.7
720,7
4,025,2 25.8
234,1
76,298,0 26.6
4,532,7
14,780,4 25.0
1,048,2
3,936,0 24.7
490,0
506,5
5,468,1 23.9
17,707,7 24.7
853,8
279,3
7,972,2 27.5
3,696,4 25.4
299,1
11,674,9 26.2
1,870,2
4,693,0 25.2
251,0
20,779,0 27.1
1,409,0
16,016,8 26.7
162,6
240,6
9,271,2 25.3
17,225,0 26.1
300,0
6,061,7 25.8
622,5
260,6
26,536,4 24.5
498,0
5,570,0 25.2

Totals, average 127,350,0 180,024,4 1197,479,6 235,778,6 69,299,5 1179,731,3 25.8
Actual figures

Dec. 24. ................ 1191,987,7 234,059 4 69,685,7 1172,876,7 25.9

On the basis of averages, circulation amounted to S52,611.100 and United States
deposits (included In deposits) to §1,758,400: actual figures Dec. 24, circulation,
$52,556,500: United States deposits, $1,649,200.

The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
STATE BA N KS AND T R U S T COM PANIES.

Week ended Dec. 24.

Trust Cos,
Slate Banks
Trust Cos,
Slate Banks
outside of
outside o f
In
In
Greater N. Y . Greater N . Y . Greater N . Y. Greater N . Y .
S
26,075,000

$
63,425,000

$
*8,708,000

S
♦7,725,000

38,586,700

167,632,400

*10,585,699

*10,155,540

292.272,500 1,108,314,900
— 1,045,400 + 12,346,500

89,248,400
— 417,000

133,965,900
— 677,500

Capital as of N ov. 16-----Surplus as of N ov. 16-----Loans and Investments. .
Change from last week.
cnange iroin liwt weciv-

45,314,300
+ 36,000

113,576,100
+ 1,008,700

Legal tenders & bk. notes
Change from last week.

24,267,600
+ 61,600

13,432,300
— 552,400

D e p o s it s ....... ...................
Change from last week.

--------- - - - -

..............—

330,641,300 1,130,500,600
— 1,889,300 + 15,088,200

92,651,500
— 841,500

140,253.600
— 317,100

Reserve on deposits------Change from last w eek.

87,746,700
— 599,000

132,152,400
+ 526,600

17,780,200
— 563,000

17,795,800
+ 551,700

P. C. reserve to d e posits..
Percentage last w e e k ..

27.1%
27.1%

15.3%
15.5%

19.8%
20.2%

13.3%
12.8%

+ Increase over last week.

— Decrease from last week.

* As of Sept. 14.

Note — "Surplus” includes all undivided profits. "Reserve on deposits" in­
cludes "for both trust companies and State banks, not only cash Items, but amounts
due from reserve agents. Trust companies In New York State are required by
law to keep a reserve proportionate to their deposits, the ratio varying according
to location as shown below. The percentage of reserve required Is computed on
the aggregate of deposits, exclusive of moneys held in trust and not payable within
thlrtv days and also exclusive of time deposits not payable within 30 days, repre­
sented 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
accord In" to location, but In this case the reserve Is com puted on the whole amount
of deposits, exclusive of deposits secured by bonds of the State of New York.
Reserve Required fo r Trust Companies

and State Banks.
Location__

— Trust Cos.— —State Banks—
Total
Of
Total
Of
Reserve which
Reserve which
Required, in Cash.Required. inCash.

Manhattan B o r o u g h ..................- ........................... -15%
Brooklyn Borough(wIthout branches In M anhat.).15%
Boroughs(wtthout branches In M anhattan). 15%
A ny B
oroughwith branches In Manhattan.............15%
Elsewhere in State-----------------------------------------------10%

Other

15%
10%
10%
15%
5%

25%
20%
15%
25%
15%

15%
10%
7K %
15%
®%

The Banking Department also undertakes to present sepa­
rate figures indicating the totals for the State banks and trust
companies in the Greater Ncw York not in the Clearing-House.
These figures for the week ending Dec. 31 (available on
account of the Saturday holiday) are shown m the table
below, as are also the results (both actual and average) for
the Clearing-House banks. In addition, we have combined
each corresponding item in the two statements, thus affording
an aggregate for the whole of the banks and trust companies
in the Greater New York. The figures for Dec. 24 were
given in last week’s “ Chronicle.”
______

39

THE CHRONICLE

Jan . 1 1910. j

N EW Y O R K C IT Y HANKS AND TR U ST COMPANIES.

$
127,350,000

8
127,350.000

•Surplus as of Nov. 1 6 ..

180,024.400

180,024,400

Loans and Investments 1,196,59S,000 1,1 £(4,610,700
Change from last week
— 2,808,900
+ 4,610,300

S
73,550,000

S
200,900,000

170,431,300

350,455,700

1,200.940,800 2,401,557,500
+ 1,349,900
+ 4,218,800

1,171,732,400 ol,154,691,900 2.320,424,300
— 1,407,000
+ 0,531,900
— 7,998,900

D e p o s it s _____________ 1,171,402,400
Change from last week — 1,414,300
Specie ............................
Change from last week

228,097,300
— 5,902,100

231,390,400
— 4,388,200

122,770,200
+ 2.466,600

351,100,600
— 1,921,600

L egal-tenders________
Change from last week

08,257,400
— 1,428,300

07,730,900
— 1,508,000

622,078,800
+292,000

89,809,700
— 1,270,000

Aggr’ te money holdings
Change from last week

290,354,700
— 7,390,400

299,121,300
— 5,950,800

e 144,849,000
+ 2,758,000

443,970,300
— 3,198,200

24,892,200
+ 3,808,100

24,892,200
+ 3,808,100

109,741,200
+ 6,566,700

408,802,500
+ 009,900

Money on deposit with
other bks. & trust cos.
Change from last week
Total reserve________
Change from last week
Percentage to deposits
requiring reserv e____

290,354,700
— 7,300,400

299,121,300
— 5,950 800

25.33%

25.55%

17.2%

Percentage last w e e k ..

25.92%

25.89%

10.7%

3,489,100

0,188,200

4- Increase over last week.

Banks.

Capital
and
Surplus.

Boston.
5
Dec. 4 - . 40,300,0
Dec. 1 1 .. 40,300.0
Dec. 1 8 .. 40,300,0
Dec. 24 — 40,300,0
Pldla.
Dec 4 _ . 50,315,0
Dec. l i — 56,315,0
D ec. 1 8 .. 56,315,0
Dec. 24 — 56,315,0

Loans.
S
192,075,0
190,821,0
189,345,0
189,250,0

Specie.

Legals. Deposits, a Circu­
lation.

$
20,202,0
21.082.0
21,881,0
21,554,0

S
S
4,704,0 236,842,0
4,544,0 231,943,0
4,095,0 235,348,0
4,387,0 235,360,0

S
7.017,0
7,093,0
7,119,0
7,083,0

$
182,368,5
105,765,4
178,824,7
149,704,3

302,959,0
300,407,0
308,333,0
304,814,0

10,818,0
16,786.0
16,796.0
16,802,0

175,906,1
157,574,9
184,068,6
134,406.2

07,727,0
68,153.0
68,304,0
66,068,0

257,107,0
255,192,0
258,565,0
258,694,0

a Including Government deposits anil the Item “ due to other banks.” At Boston
Government deposits amounted to S3,027,000 on December 24, against S3,009,000
on Decem ber 18.

Imports and Exports for the Week.— The following are
the imports at New York for the week epding Dec. 25; also
totals since the beginning of the first week in January:
FO RE IG N IM PO RTS A T N E W Y O R K .

For Week.
D ry G oods__________ _____
General Merchandise — ____

1909.

1908.

1907.

1906.

83,657,158
13,896,244

S3,349.306
8,721,700

S3,042,367
7,416,807

S4.032.669
14,902,856

T o t a l ______
$17,553,402 $12,071,006 S10.459.174 S18,935,525
Since Jan. 1.
Dry G o o d s ............................... $167,163,680 $126,363,793 $181,582,009 $162,751,495
General M erch an d ise........... 705,042,313 506,661 684 639,192,775 608,976,143
Total 51 weeks....... ............ $872,205,993 $633,025,477 $820,774,784 $771,727,638

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Dec. 25 and from Jan. 1 to date:
E X P O R T S FROM NEW' Y O R K F O R T H E W E E K .
1909.

1

$11,230,288
608,124,862

1908.

1907.

1908.

$7,623,440
619,919,138

$13,324,017
628,153,362

S10.556,954
592,497,425

$619,355,150 $627,542,578 $641,477,379 S603.054.379

—■Decrease from last week.

a These are the deposits after eliminating the Item "D u e from reserve depositories
and other hanks and trust companies In New York City” ; with this Item Included,
deposits amounted to $7,252,741,200, an Increase of SO,974,900 over last week. In
the case of the Clearing-House banks, the deposits are "n e t” both for the average
and the actual llgures. b Includes bank notes, c Of tills amount State banks held
$15,342,800 and trust companies $129,508,200.

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

The following table shows the exports and imports of
specie at the port of New York for the wTeek ending Dec. 25
and since Jan. 1 1909, and for the corresponding periods iD
1908 and 1907:
E X P O R T S AN D IM PO RTS O F SPECIE AT N EW Y O R K .
Gold.

Exports.

Week.

Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Doc.
Dec.
Dec.

0 ..
13 —
2 0 ..
2 7 ..
4 ..
1 1 ..
18—
2 4 ..
3 1 ..

%

2,447,785,3
2,428,520,4
2,408,090,7
2,389,978,6
2,381,234,4
2,371,455,0
2.381.734.9
2,400,207.0
2,401,557,5

Specie.

Deposits.
$
2,401 + 07,2
2.308.257.5
2,338,048.8
2,310.511,4
2.296,008,3
2,287,814,0
2.300,845,1
2,327,891,3
2,320,424,3

S
370,910,2
303,346,7
359,133,4
354,601,9
348,801,8
348,630,4
352,494,6
350,082,2
354,100,0

Tot. Money Entire lies.
Holdings. on Deposits

Legals.
S
91,315,1
91,080,3
89,784,9
89,017,2
91,137,3
91,157,5
93,113,0
91,086,3
89,809,7

S
402,225,3
454,427,0
448,918,3
444,279,1
439,999,1
439,787,9
445,008,2
447,108.5
443,970,3

S
485,360,9
475,809,2
471,633,4
405,572,1
401,180,0
401,271,0
407,258,3
408,252,0
408,802 5

Reports of Non-Member Banks.— The following is the
statement of condition of the non-member banks for the
week ending Dec. 24,’ based on average daily results:
We omit two ciphers (00) in all these figures.

Banks.

Capi­
tal.

Sur­
plus.

Loans,
Disc'ts
and
Invest­
ments.

Specie.

Legal
Tender
and
Hank
Notes.

Deposit with—
Clear­ I Other
Net
ing
Banks, Deposits.
Agent.
etc.

N. Y. City.

Boroughs of
Man.& Hr i.

$
IS
S
1,180,0
135,0
44,0
1,447,4
35,0
191,5
5,140,9
825,1
424,8
0,140,0
583,0
542,0
962,6
93,1
07,1
3,529,9
17,0
551,9
2,423,3
37,0
440,0
45,2
3,879,8
570,2
4,124,0
338,0
383,0
1,790,1
51,4
105,4
8,501,0 1,175,1 1,000,0
4,008,1
02,9
739,3
77,0
230,0
2,111,0
33,3
211,1
1,209,1
31,5
393,5
1,987,7

$
236,0
00,0
578,0
850,0
90,0
270,9
292,5
432,1
490,0
213,6
210,0
223,5
234,0
65,0
58,8

407,9
30,4
186,3
580,0
301,0 1,172,5
200,0
532,0
027.0
110,0
80,2
138,1

227,0
770,0
1,208,1
1,060,0
559,0
214,0

160,3 3,671,5
127,3 6,420,0
258,2 13,732,9
0,202,0
187,0 5,104,0
111,1 2,081,4

s
100,0
Wash. Hgts
200,0
Century . . .
400,0
Colonial
300,0
Columbia - .
200.0
Fidelity . . .
500,0
Jefferson__
250,0
Mt. Morris.
200,0
M u tu a l___
100,0
Plaza . . .
200,0
23d W a r d ..
U n.E x.N at. 1,000,0
100,0
Yorkvllle - .
New N eth’d
200,0
200,0
Uatt.Pk.Nnt
Aetna Nat..
300,0

S
247,4
151,8
311.0
458,9
159,3
580,9
287,0
328,5
412,4
103,9
959,3
440,0
243,5
150,3
315,9

Broadway .
200,0
M frs.’ N at.
252,0
Mechanics’ . 1,000,0
Nassau Nat.
750,0
300,0
Nat. C ity ..
200,0
North Side.

541,1 3,227,9
798,7 5,800,7
934,7 11,014,6
906,4 6,315,0
607,5 3,900,0
144,0 1,789,1

Borough of
Brooklyn.

J e r s e y C ity .

First N a t..
Hud.Co.Nat
Third N a t-llo b o k en .

First Nat - .
Second Nat

$
225,5
270.0
315,5
79,9
5,2

252,3
10,0
27,1

S
1,280,0
1,631,4
0,632,3
7,540,0
970,8
3,727.4
3,003,7
4,463,0
4,794,0
2,028,1
8,590,9
5,173,6
2,253,0
1,118,9
1,825,1

Week.f, Since Jan.l
$505

3,031,945
5,000
60,117,450
4,030,820

9,884
138
16,405
22,298

S213.234
2,709,932
11,006
749,027
556,891
2,485,929
2,110,041

Total 1909......................................... S I,389,550 $95,039,067
Total 1908......... .............................
901,010 54,901,565
Total 1907.........................................
30,788,772
Silver.
$000,409 $38,987,594
3,935,575
France ___________________________
11,590
151,951

$49,230
171,828
4,115,067

$8,896,060
17,085,459
99,222,493

$1,507

124,950
1,250,000

Loans and
Investments.

Imports.

Since Jan.l

$14,600 $13,972,720
13,881,732

COMBINED RESU LTS O F BA N K S AND TR U S T COM PANIES IN
G REATER NEW YO RK .
We omit two ciphers (00) in all these figures.

Week
Ended.

Clearings.

________

Clear -House Clear.-House Stale Hanks <t Total o f all
Trust Cos. rot Hanks A- Trust
Week ended Dec. 31.
Hanks.
Hanks.
in C.-H. Aver. Cos. Average.
ActualFigures
Average.
Capital as of N ov. 16—

We omit two ciphers (00) in ah these figures.

59,226
35,287

4,232
2,924
10,472
24,982

$236,021
9,376
77,239
135,299
2,483,180
1,122,849
1,264,572

$001,059 $42,181,223
084,007 42,108,307
386,400 48,806.791

$44,117
04,099
28,804

$5,328,536
4,515,943
3,954,305

. 650
Total 1909...................... ................ ..
Total 1908.........................................
Total 1907.........................................

Of the above imports for the week in 1909, ___
were American gold coin a n d ___ American silver coin.
Of the exports during the same time, $1,389,550 were Ameri­
can gold coin and $200 were American silver coin.

ganliiufl m u X lututucial.
INVESTMENT SECURITIES
O u r e ig h t-p a g e circu la r N o . 687 d e scrib e s s e v e ra l Issues o l sound
In ve stm e n t b o n d s y ie ld in g a b o u t
to 5 H % .

Spencer T rask & Co.
W I L L I A M A N D P I N E S T S .,
NEW YORK
B r a n c h o f fic e s : C h i c a g o . I L L . , B o s t o n . M a s s . , A l b a n y , N . Y .

M o f f a t

&

W

h i t e

BANKERS
M c m b e r s 'N e w
5 N ASSAU S T R E E T ,
NEW YO RK

Y o rk S to c k E x c h a n g e
THE RO O KERY
C H IC A G O

400,0
250,0
200,0

1,237,1
745,6
384,8

4,551,8
2,800,8
2,181,9

302,3
130,7
70,1

346,6
38,2
114,0

1,520,0
203,3
298,0

745,0
214,7
16,0

5,718,2
2,558,8
2,300,8

B A N K I N G a n d E X C H A N G E o f e v e r y d e s c r ip tio n in c o n n e c t io n w ith

220,0
125,0

623,7
249,6

2,453,3
2,529.1

134,1
85,7

17,3
92,2

107,7
83,1

83,9
212,6

2,020,9
2,855,4

International Banking Corporation

Tot. Dec. 24 8,147,0 12.395,9 95,191,7 7,173,4 8,098,8 10,030,8 3,302,2 107824,7
T ot. Dee. 18 8,147,0 12,395,9 91,992,3 7,303,3 8,082,4 14,919,0 2,721,9 1 11145,7
T ot. Dec. 11 8,147,0 12,395,9 94,740,5 7,109,4 8,585,0 14,424,1 2,493,3 109000,7

Boston and Philadelphia Banks.— Below is a summary of
the weekly totals of the Clearing-House banks of Boston
and Philadelphia.




EXPORTS & IMPORTS
6 0 W a ll S t . . N e w Y o r k .
C A P IT A L & S U R P L U S . 5 6 .5 0 0 ,0 0 0
B R A N C H E S and A G E N C IE S th r o u g h o u t th e W O R L D .

THE INTERN ATIONAL BANK
O r g a n iz e d u n d e r t h e L a w s o f N . Y . S t a t e .
6 0 W a ll S t . , N e w Y o r k .
A c c o u n ts In vite d .
In te r e s t p aid o n T e r m D e p o sits.
T H O M A S H . H U B B A R D P re s id e n t.

40

THE CHRONICLE

[V O L. XC.

____ ILumtiers’ (gni-gette,____

Unusual activity in a few issues has been the prominent
characteristic of the market for railway bonds. In other
particulars the market has been dull and narrow. Of the
§|JJ
Wall Street, Friday Night, Dec. 31 1909.
active features, Wabash-Pittsburgh Terminals have been
The Money Market and Financial Situation.— Except for the most conspicuous, both for volume of business and advance
erratic movement of Rock Island common stock on Monday, in prices. The latter amounts in case of the 1st trust cer­
of which mention is made somewhat in detail below, business tificates to over 5 points and the 2nds advanced from 10%
at the Stock Exchange would have been largely of a routine to 1 2 % on limited transactions.
character throughout the week. The affair referred to
United States Bonds.— No sales of Government bonds
awakened considerable interest in Stock Exchange circles, have been reported at the Board this week. The following
and has been made the subject of investigation by the Gov­ are the daily closing quotations; for yearly range see third page
erning Committee of the Exchange.
following. _________________________________ . ____________
Interest has subsided, however, the tone of the market for
Interest Dee.
Dec.
Dec.
Dec.
Dec.
Dec.
both bonds and stocks has been firm, and there are two or
28
27
29
Periods
■25
30
31
three instances of a noteworthy advance in prices.
* 1 0 1 3-^ * 1 0 1 ) 4 * 1 0 1 ) 4
*101
Reports of railway earnings continue to show an enormous 2 s , 1 9 3 0 _____ .............r e g i s t e r e d Q — J a n
*101
II
(>— .I a n
* 101
* 1 0 1 )3 *1 0 1 y * i o i ) 4 * 1 0 1 )4
volume of traffic, in some instances the largest ever recorded, 23 ss ,, 11 99 03 80 -_____
O
+ io i u + io i H * 1 0 1 h * 1 0 1 ) 4 * 1 0 1 H
Q — E e l)
1 8 - _____ r e g i s t e r e d
and increased dividends arc looked for in several cases where 3 s , 1 9 0 8 - 1 8 . .................. c o u p o n Cl— F e b
L
* 1 0 1 34 * 1 0 1 3 4 * 1 0 1 H * 1 0 1 M * 1 0 1 ) 4
I
___
3 s , 1 9 0 8 - 1 8 . . . .s m a ll c o u p o n Q — F e b
they have not been established.
*Y\\y, * 1 1 4 ) 3 * 1 1 4 ) 4 ♦ 1 1 4 ) 3 * 1 1 4 ) 3
D
4 s , 1 9 2 5 _____ _______ r e g i s t e r e d Q — F e l)
An incident of the week, not wholly unexpected, was 4 s , 1 9 2 5 _____ ...................c o u p o n ( 1 — F o b
* 1 1 5 ) 3 * 1 1 5 K. * 1 1 5 ) 3 * 1 1 5 ) 4 * 1 1 5 ) 3
A
IS * 1 0 0 ) 4 * 1 0 0 ) 4 * 1 0 0 ) 3
an advance in call loan rates in this market to 7% , which 2 s , 1 9 3 6 . P a n a m a C a n a l r e g i s Q— Feb Y * 1 0 0 1 3 ** 11 00 00 >3
* 1 0 0 )3
* 1 0 0 )3 * 1 0 0 )3 * 1 0 0 )3
is the highest of the year. The Bank of England's weekly 2 s , 1 9 3 8 . P a n a m a C a n a l r e g i s Q - N o v
report shows a still further reduced percentage of reserve, as
* This Is the price bid at ttie morning board; no sale was made.
was expected. Bank conditions at home and abroad are,
Railroad and Miscellaneous Stocks.—The stock market
however, expected to gradually become more normal after has attracted increased attention and the tendency of prices
the year-end settlements have been effected.
has been reversed from that reported last week— about 4-5
The open market rates for call loans at the Stock Exchange of the active list now showing an advance. On Monday the
during the week on stock and bond collaterals have ranged market was active as a result of enormously heavy transac­
from 4 % to 7% . To-day’s rates on call were 5 % @ 6 % % . tions in Rock Island shares, which soon after the opening
Commercial paper quoted at 4 % @ 5 % % for 60 to 90-day en­ of business advanced rapidly from 50 to 81 and again fell
dorsements, 4 % @ 4 % % for prime 4 to 6 months’ single back to the opening price. The affair naturally gave an ir­
names and 5 @ 5 % % for good single names.
regular tone to the entire market and several issues covered
The Bank of England weekly statement on Thursday a much wider range than usual. On that day, also, many
showed a decrease in bullion of £803,946 and the percentage stocks traded in recorded the highest prices of the week.
of reserve to liabilities was 36.42, against 44.89 last week.
Among other special features, the Wabash issues have
The rate of discount remains unchanged at 4 % % , as fixed been conspicuous for activity and strength, the common
Dec. 9. The Bank of France shows a decrease of 11,600,000 showing a gain of 4% points. Chicago Great Western (new)
francs gold and 16,325,000 francs silver.
moved up over 5 points and retains a large part of the gain.
N E W Y O R K C IT Y C LEA RIN G -H O U SE B A N K S.
All the active industrial stocks have been strong, led by
the copper shares, which are substantially higher on an ad­
1907.
1908.
1909.
vance in the price of copper metal. Brooklyn Union Gas
Averages for Averages or
Averages for
Differences
week ending week ending
week ending
from
advanced sharply on Thursday and again to-day. It closes
Dec. 28.
Dec. 20.
Dec. 24.
previous week.
16% points higher than last week. Consolidated Gas and
$
S
S
IBS
8
International Harvester have also been notably strong.
120,350,000
129,100,000
127,850,000
For daily volume of business see page 50.
105,147,700
180,024,400
103,396,900
The following sales have occurred this week of shares not
Loans anil discounts. - . 1,197,479,000 Inc. 0,438,000 1,270,745,300 1,147,694,400
144,400
49,129,600
52,011,100 Dec.
71,736,000
Circulation____________
represented in our detailed list on the pages which follow:
Net deposits.. . ............... 1,179,731.300 line. 7,018,100 1,322,151,900 1,050,925.400
U. S. dep. (tncl. above)

1,758,400 Inc.
235,778,000 Inc.
09,299,500 Dec.

32,600
2,787,100
1,331,000

9,205,500
269,198,000
78,202,700

347,401,300
330,537,975

78,889,100
187,874,300
54.080,700

Scserve held--------------- 305.078,100 Inc.
25% of deposits........... • 294,932,825 Inc.

1,450,100
1,754,525

Surplus reserve_____

10,145,275 Dec.

298,425

16,923,325 d f .20,170,350

Surplus excl. U. S. dep.

10,584,875 Dec.

290,275

19,239.700 df.

242,501,000
202,731,350

448,075

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 Hanking Department
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the second page preceding.

Foreign Exchange.— Notwithstanding the weaker bank
statements issued at London and Paris this week, discount
rates have not advanced, while foreign exchange rates here
have fallen very sharply. Before the close to-day the mar­
ket became very weak, although little business was done at
the lower figures.
To-day’s (Friday's) nominal rates for sterling exchange
were 4 84% for sixty days and 4 8 8 for sight. To-day’s (Fri­
day’s) actual rates for sterling exchange were 4 8380 @4 8390
for sixty days, 4 8665@4 8675 for cheques and 4 8705@
4 8715 for cables. Commercial on banks 4 8345@4 8355
and documents for payment 4 82% @ 4 83% . Cotton for
payment 4 82% @ 4 83 and grain for payment 4 83 % @
4 83% .
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 19% @ 5 18% less 1-16 for long and 5 16% less 1-32@
5 16% for short. Germany bankers’ marks were 94% @
94% for long and 95 3-16 less l-32@ 95 3-16 for short. Am­
sterdam bankers’ guilders were 40 20@40 22 for short.
Exchange at Paris on London, 25f. 17c.; week’s range,
25f. 19%c. high and 25f. 16%c. low.
Exchange at Berlin on London 20m. 42pf.; week’s range,
20m. 45pf. high and 20m. 42pf. low.
The range for foreign exchange for the week follows:

STOCKS.

Week ending Dec. 31.

Sales
for
Week.

Range Year 1909.

Range for Week.

Dec
Alice Mining___________
100 S2
Dec
Buffalo Koch & P itts .. .
100 105
Canadian Pacltic rights. 9,300 9 50)4 Dec
Dec
100 40
Ch Gt West pf “ A ” tr rcc
Chic Sc Nor West rights. 3,800 10)3 Dec
Dec
10(1 3
Chic Terminal Transfer.
Dec
Comstock Tunnel 1st 4s S 10,500 15
190 87)3 Dec
E I du Pont Powd, pref .
100 103.43 Dec
General Chemical, p r e f..
Dec
100 118
II B Clatlln C o_________
80 SO
Dec
Homestake Mining_____
Dec
200 54
Kanawha & Mich tr rets
100 9)4 Dec
Keokuk & Des M oines..
N Y Cent Sc 11 R r ig h ts.. 28,451
5)3 Dec
N Y N H Sc H subscrip’n
rets, 1st paid ________ 2,100 147)3 Dec
100 2)4 Dec
Ontario Silver M in ing.. .
Dec
Penna sub rets, 1st pd._
150 134
15.252
Dec
Phelps, Dodge * C o ___
Philadelphia Co (P itts).
000 101)4 Dec
Dec
300 20
St Jos & Grand Isla n d..
Dec
200 50
1st preferred........... ..
400 40
Dec
2d preferred_________
St L A- S F— C Si E Ills
Doc
20 no
prel stk trust c tfs ___
Dec
300 82
South Porto Rico Sugar.
Dec
100 113
P referred_________ Dec
45 145
Twin City Rap Tr, pref.
Dec
250
IT S Rubber rights--------500 54)4 Dec
West Md, war’ ts 4th p d .

iAnocsl.

Highest.

Lowest.

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

30
30
30
31
30
31
30
28
30
29
28
31
27
29

28 148)3
28 2)4
29 134
29 252
30 101)3
29 20 (3
30 50
29 40

Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec

31 147)3 Dec 149)4 Dec
2
28
Oct
5)3 Jan
29 134
Dec 134
Dec
29 175
May 252
Dec
30 99)3 Dec 103
Dec
29 15
May 21
Nov
Mch
30 49)4
00)4 Dec
Mch 41
29 29
Nov

30
27
28
28
30
29

no

82
90
9.43)4
27
15)3

Feb
Jan
Dec
Aug
D ec
May
Uch
15
87)3 Nov
98)3 Jan
no
Dec
73)4 Nov
May
50
5
Mch
5.08)4 Dec

Highest.

30 $2
3(1 105
27 io)3
31 40
29 10)3
31 3
27 20
28 87)3
30 103)3
29 118
28 80
30 55
27 9)4
27 0)3

$3)4
105
10)3

40

16)3
4)3
24
88
108
118
94)3
01

1114
6)3

Dec 110
Dec 30 116
82)3 Dec 29 79)3 Dec 83
113
Dec 115
Dec 28 113
May 145
145
Dee 28 125
)4 Dec
H Dec 30
H
Dec 29 48
.55
Dec 55

Nov
Dec
Dec
Dec
Dec
Jan
May
Oct
Aug
Dec
Apr
July
Nov
Dec

Dec
Dec
Dec
Nov
Dec
Dec

Outside Market.—The closing week of the year witnessed
an active market for “ curb” mining stocks, especially copper
shares, and a firm tone prevailed most of the time. Prices
generally show fractional improvement. Boston Consoli­
dated eased off from 2 2 to 2 1 % and sold up to 2 2 % , closing
to-day at 2 2 % . Butte Coalition declined from 28% to 28%
and advanced to 28% . First National rose from 6 to 6 %
and finished to-day at 6 % . Greeno-Cananea, after a slight
reaction from 11% to 11%, moved up to 1 2 . Miami Copper
was by far the strongest feature and on a heavy volume of
business gained almost 5 points to 27%. Nevada Consoli­
Sterling, Actual—
Sixtg Dags.
Checgues.
Cables.
dated improved from 26% to 27% , the close to-day being at
High for the w e e k ....... ............... .4 84)3
4 8745
4 88 4
Low for the week_________________ 483%
4 8000
4 8720
27. Ohio Copper fluctuated between 5 9-16 and 5% . KenParis Bankers' Francs—
Lake, after a steady advance from 8 to 8 % to-day, jumped
High for the w e e k ________________ 518%
5 10% less 1-32 5 15% less 1-10
Low for the week_________________ 519%
5 10% less 1-10 5 10% less 3-32
to 9 1-16, reacting finally to 8 15-16. Nipissing sold up from
Germany Bankers’ Marks—
1 095%
% to 1 1 , then reacted, to-day’s transactions being down
High for the week .....................
94
13-10
95% less 1-32
Low for the week_______________ 94 11-16
95 3-10 less 1-32 95 5-16
to 1 0 % , with the close at 1 0 % . There was little to the in­
Amsterdam Bankers’ Guilders—
dustrial department. American Tobacco moved up from
High for the w e e k ______________ 40 1-16
40% less 1-16
40% plus 1-16
Low for the week_______________ 40
40 3-10 less 1-10 40% less 1-16
421 to 430 and down to 423, recovering finally to 427. Stand­
The following are the rates for domestic exchange at the ard Oil advanced from 6 6 6 % to 670 and reacted to 6 6 8 .
undermentioned cities at the close of the week: Chicago, 5c. United Cigar Manufacturers common gained 2 points to 94,
per $1,000 discount. St. Louis, par bid; 10c. per $1,000 pre­ then dropped to 91 % , selling up subsequently to 92% . Fair
mium asked. Boston, no sales. Charleston, buying, par; activity was exhibited in bonds. The new Chicago Great
selling, 1-10 premium. Savannah, buying, 3-16% premium; Western 4 s were dealt in, “ w. i.,” from 92% down to 91%
selling, par. San Francisco, 20c. per $1,000 premium. and up to 92% , with a final reaction to 91% . Missouri Pa­
St. Paul, 55c. per $1,000 premium. Montreal, par.
cific 5 s declined from 95% to 95% . N. Y. Telephone 4%e
State and Railroad Bonds.— Sales of State bonds at the sold up from 98 to 98% . West. Pacific 5s rose a point to 9 8 % .
Outside quotations will be found on page 50.
Board limited to $22,000 Ya. 6 s def. trust receipts at 54 to 55.




New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
I >14 TW O
STOCKS— HIGHEST AND LOW’DST SALK TRICES.
Saturday
Dec. 25

Monday
Dec. 27

Tuesday
Dec. 28

Wednesday
Dee. 29

Thursday
Dec. 30.

Friday
Dec. 31.

Sales 0]
the
Week
Sh ares.

PAGE

STOC KS
N E W Y O R K STOCK
EXCHANGE

Range since Jan. 1 1909
On Casts of 100-share lots.

Range for I serious
Year U9U84.
Highest.

R ailroads

1211(1 122I4 1211* 122
12134 1225* 12212 122*4 1225* 124
80,200 A tch T o p e k a & SantaFe
105 lg 10514 IO5I4 10534 10534 105*4 ^103*4 103*2 10312 1033*
2,722 -Cv D o p r e f____________
130 136 *135 137
136 1301* 136 136*" 136 136
1,100 A tla n tic C oast L ine R R .

977* Jan 13 125** O et 2
100*4 Jan 20 106*4 J ’ne29
107*2 J a n 14 14312 A u g 12
117»2 1181a 117t2 11734 1175* 1177* 1177* llh** 118 1187* 16,940 B a lt im o r e & O h io _______ 103*2 F e b 23 12214 J ’ly 29
*91
93
02** 821*
92
02
*92
93
*92
93
200
D o p r e f_____________
91 N ov23
90 A p r 12
79
79:’g 7912 ‘ 7934
89*4
7934 80** 13,055 B r o o k ly n R a p id T r a n sit.
79t2 8012 80
67 Jan
827* J ’ne 7
17912 17912 1793* 179*2 1801* 1815* 18134 18212 181!2 18112 4,775 ( 'a n a d ta n P a cific ________ xl65 M eh 3 189** O ct 5
6S3*
693*
70
70
*6812 72
* 6S*2 72
266 v^ an ada S o u th e rn _______
*67
72*2;
60*4 Jan 1 70*4 N o v 15
314 314 *310 316
K305 315 *305 315 *305 315
100 Central o f N ew J e r s e y . ..
F e b 23 323*2 S ep 18
88 887* 90 91*4 88,170 C h esapeake & O h io _____ 215
301] 88*4 86I4 863*
8612 877*
65** Jan
91*4 D e c 31
6638
07**
67
67
68I2 6612
67*2 67*2
—
66 66 *_ 2,555 C h icago & A lto n R R ____ 677* F e b 24 7434
Apr 1
*693* 72
*693* 72
*69** 72
79*2
D o p r e f........ .....................
70*4
70 N o v 1
78*2 M eh 27
2 i *4 23
23
2334
237* 24M *24* 243* 2334 24**
8,500 Chic G W es ctfs d e p 3 d pd
hS A u g 20 243* D ec 30
31
315*
31
31*2 317*
28l2 2912 30
2,800
D o pref “ B ” ctfs 3d p d . A13U A u g 23
317* D ec 30
32
35
345* 371* 36*4 373* 36*4 37*4
36*4 36 7 * 39,785 Chic G t W est trust c t f s . .
SHo D ec 23
37** D e c 29
5914 597*
597* 611
613* 64
63l2 64*4 6312 6 4 5 * 31,684
D o pref trust c t f s ____
68*4
D e c 23
6434 D e c 30
157 1571" 157 157*2 157 1585* 158% 1587* 1573* 15S3* 15,100 C h icago M llw & St P a u l . . 141 F e b 23 105** Sep 18
*171*4 172*4 *1717* 17214 5171*4 171*4 5172*4 172*4 172 172
226
D o p r e f________________ 158*2 M eh 15 181 A u g 10
Wl80 182
181 181
18U2 18134 182 18212 182 182*2 3,300 C hicago & N orth W estern 173** F e b 24 1981» A u g 18
*220 235 *220 240 *220 235 *220 235 *220 235
D o p r e f________________ 208 M eh 15 {230 A u g 7
*150 160 *150 160 *150 160 *150 160 *150 160
Chic St P M inn & O m aha 148 A p r 22 167 A u g 13
*160 175 *160 175 *160 175 *160 175 *160 175
D o p r e f________________ 166*2 J a n 30 {180 J ’ly 27
334 334 4
53*
5*2
6,226 C h ic U n T ra c ctfs stm pd
612 57*
5*4 5*4
3*o D e c 10
7 Jan 4
934 1134 113* 12*4 1212 13*4 12
1234 6,100
ft
9
D o p re f ctfs s tm p d ____
7*4 D ec
18*4 Jan 27
821,t 83I4 8212 8234 *8112 82i2 81
8112 *8112 83
3,650 Cleve CIn Chic & St L . . .
68 J a n 29 83i4 D e c 27
*105*4 10812 +105U 10812 *105 10812 *104 108*-> *104** 108*2
D o p r e f________________ 100 Jan
105 M en 22
*53
54
*53
64
3,450 C olorad o & S o u th e rn ____
6314 5314 5334 557* 55*2 67
61 O ct 23
68*4 Jan 8
*81
82
*81
82
950
D o 1st preferred
8 U2 8112 8 U4 8 II0 813.1 817*
76*2 Jail
80 M a y 1
*80
81
80*2 80* *8014 81
*80
81
*80
81
100
D o 2d p re fe rre d _______
73*4 Jan
841" Jan 7
184 184
2,600 T A e la w a re & H u d s o n . .. 16734 F e b 24 200 M a y l4
185 185*2 185 I 85I4 185*2 18012 185 185
020 020
{630 630 {620 620
620 620
310 -D e la w a r e L a ck & W e s t .
F e b 6 680 A p r 22
6 U4 61 61!2 61*2 613.1 515* 52** 515* 62 10,430 D en ver & R io G ra n de___ 535
60
376* J a n 0 54 A p r 20
837* 8414 841* 8412 843* 8434 84*2 85
8434 8434 2,610
D o p r e f____
79*2 J a n 0
90 F e b 10
*63
*03
65
*63
♦63
67
67
♦63
67
65
D e tro it U n ite d ___________
56 Jan 30
71*4 A u g 13
17*2 177*
177* 19
17*2
17
171.1
4,650 D ulu th So Shore & A tlan
I /I 4 1714 *17
14*4 N o v 9 21 Jan 15
*11213 3312 ♦32 3234 3214 32*4 32*2 341 35 3534 9,295 D o p r e f............................. 28
F e b 23
36*2 Jhll 15
327* 335* 33
333* 34
331*
335* 34*4
3311 34
rie ......................................
14,890
223* M eh 11
39 J ’ n c 7
491.1 49M 49 491* 5014 51*4 51*8 517* 603* 61*2 6,300
D o 1st p re f_________
36*2 M eh 11
56*4 A u g *9
41*4 41 413* 1,800
3i:*4 40!2 41
38*2 387* *387* 3G3i
D o 2d p r e f_________
28*2 M eh 11
40 A u g 2
143 14312 14234 1433* 143 143U 143*4 144
1433* 1437* 11,540 G reat N orth ern p r e f_____
1363* F e b 24 1577* A u g 12
80
81
80
807*
8OI4 8034 8 H4 81*9 8II4 8 U4 2,600 Iro n O re p r o p e r t ie s ... 65*s M eh 12 88*2 A u g 12
1834 1834
18
I 8I3
18
18 '
18** 18**
69 G reen B a y <Ss W , d e b ctfB
13i» N o v 2 6
21 D e c 13
100 103 ♦1021*2 1*0*5" {103 103 *
_____________
104
810
103 103
a va n a E le c tr ic _______
39 F e b ‘ 103 D ec 27
09*2 9912 997* 997* *94 100
{977* 977* *94
...
D o p r e f____________
680
83** F e b
100 D eo 21
*12112 124 *11012 124 *11912 124 *119*2 124 *119*2 124
H o ck Val J P M 4 Co rets
97 M a y 3
A u g 14
* ------ 91 * ____ 92 *____ 92 *
02 H o ck in g V a lley p r e f_____ 88 A p r 27 120
____ 92
*_____________
94*" J ’n o l l
147 1 17U ♦147*2 14812 148 148*4 14734 148
1,600 "llln o ls C e n tr a l.________ 137 F e b 23 1621* A u g 12
147*2 148
241* 25Vj
243* 25
2434 25
243*
25**
n tcrb o ro -M ctro p o lIta n .
33,600
115* M eh 23
243* 25*4
257* D ec 8
603| 637*
-­
627*
6 134 62*o 6U 2 623* 29,500
62
D o p r e f______________
62
625*
36*4 M eh 23
63** D e c 8
2914 2912 2034 29*4 *29 293. 29*2 30
1,800 Io w a C en tral_____________
30
30
26*4 N ov27
30 A p r 15
62*4
623
4
527*
52U
63
I
4
627* 53**
631*
D o pref
53*4 63i2 1,850
48 S ep 9
62 A p r 15
*78
80
80
79 '2 79l2 ♦79
*79
80
300 1 7 C F t S & M tr c fs , pref
*79
80
74*4 F e b 2
82 Sep 14
437*
43
43
43io
43*4 44
437* 44*4
4334 44
6,150 AVansas City Southern..
37 F e b 23
50*4 A u g 18
71
71
72** 721* *70*4 7014
71
71
71
71*
D o p r e f.
1,200
677* F e b 24
75l 2 A u g 18
2634 2634 26*4 27*
*24
273* 2712 27
27
2.600 T ake Erie & W e ste rn ___
27*4
19*» F e b 25
29*2 A u g 2
597* 60 62* 6212 64
*55
68
60
633* 0312 8,600 JU D o p r e f . . ..............
48 ‘ Jan 23
017* J ’ne 14
69
69
70
69l2 70
70
* 68*2 70
♦68U 70
700 L o n g Island.
711
" D e c 24
59 Jan 4
155I2 157U 150 156*4 157 157
157 1577* 157*4 158
6,200 L ou isville « N a s h v i ll e ... il 2 l Jan 29 102*" A u g 12
*137 139 *137 140 *137*2 140
1387* 1387* 1387* 1387*
200 ]\ f a n h atta n E l e v a t e d . .. 137 D ec 2 153*2 Jan ’
*20
23
*20
25
23
23
*20
24
*20
24
100 DA e trop olltan S tre e t___
18 J ’ly 2
42 Jan
6334 54
63
64
5312 54
*53*2 54
54
6414
1,600 M inneapolis & St L o u is ..
51 Sep 16
65 Jan 8
*85
90
*8512 00
*84
90
*85
90
♦82
D o p r e f________________
81 M eh 10
90 J a n S
139*4 13934 139 140*
*137 139
140 14212 14112 14214
6,375 Minn S t P & S S M a r i e . . . 132*2 Jan 2 149*2 J a n 8
15434 15484 155 156 1 1567* 1567*
1*153 155 *153 155
D o p r e f________________ 147 A p r 13 164*2 A u v 9
400
*92
0234
9212 9212 9214 023* *023* 923.,
400
D o leased line c t fs ____
89 J ’ly 22 94 D ec 23
43
493*
49
487* 495*
48*4 49**
“ ■ 50
“
491* 50*4 44,050 M o K ansas & T e x a s _____
35*2 F e b 23
60*2 O ct 18
74
74
*73** 741* +73
D o p r e f________________
74*4 *73*s 74*4
♦731* 74*4
200
71 F e b 23
78*4 O ct 18
7034 71
713* 71
72
71*2 72*4 71*2 7134 4,000 M issouri P a cific
71
65 F e b 24
77*2 A u g 5
139 139 *138 142 *138 142 *138 142
+138 142
100 J ^ a s li C h att & St L o u is. 122i2 Jan 5 142 D e c 17
68*g 68*4 58*4 593* 6OI4 61*2 61*2 62*4 6234 64
a t R y s o f M cx 1st pref
7,800
44*2 A p r 5
64 D e c 31
235* 23*2 237*
253* 26
D o 2d p r e f_________
23
241* 25**
25*2 26*-. 48.81S
21 D e c 1 26s* M ay22
122*4 1253* 1247* 126
125** 1261* 125*2 12633 125** 1257* 98,600 N Y Central & H u d s o n .. 120i2 F e b 24 147*4 A u g 18
66 66
66 66
6434 65*2 *64
66
66
67
600 N Y C h ic & St L o u is____
48*2 M eh 15
69 N o v 19
+102 110 *102 110 *102 110 *104 110 *104 110
D o 1st p r e f____________ 100 F e b 20 100 F e b 20
95
*92
95
200
D o 2d pref
96
*92
95
♦92
95
*94
96
76*4 A p r 6
95 N o v 19
158 158
1583* 1583*
157*4 158*" 1577* 158*4 158 158
1,760 N Y N H & H a rtfo rd ____ ,154 N o v 13 174*4 J ’n e l4
4834 493*
485* 487*
487* 49*2
49
493*
6,000 N Y O ntario & W e ste rn .
49** 49*2
4214 F e b 24 5.5*8 J ’ne 12
987* 99
08*2 98*4
99
993*
99
99*2
99*4 99*4 3,000 N o rfo lk & W e ste rn ..........
84*4 Jan 6 102 D e c 10
895* 895* *88
90
♦ 88 90 *88 90 { 89s4 90
150
D o a d ju stm e n t p r e f___
85** M eh 20
92*2 J ’ ly 28
1433* 144*4 144 144*2 144 145
1453* 14534 12,700 N orthern P a cific_________
145 146
133*4 F e b 24 159*2 A u g 12
107 107 *107 110
I H 34 1113* 111*4 H 6'2
109 110
1,700 I J a c lfic C oast C o ________
76 M eh 3 116*" D ec 31
*101 110 *101 110 ♦101 110 *101 110 *101 111
L
D o 1st p r e f____ ____ 100 M eh 30 {106 Sep 28
*107 110 *107 110 *107 110
112 115
109 110
Do 2d p r e f.................
900
88 M eh 27 115 D ec 31
13434 1377* 1363* 137
13634 137*8 1367* 1373* 1365* 137** 85,505 P e n n s y lv a n ia ............... ...... 126** F e b 23 151*4 Sep 29
98*2 98*2 98
98*2
98*2 9834 981* 9g34 9834 99
3,000 PIttsb O n Chic & St L . .
86*2 J an 5 997* D e c 22
*105 115 ♦ 110 120 *110 120 *110 120 +110 120
D o p r e f________________ 104 F e b 10 116*4 Sep 21
169 171*2 170 171
1703* 171
e a d in g _________________ 118 F e b 23 173*8 Sep 21
170*4 17134 1703* 171*2 203,000
*92
94
*91
92
*92
94
*92
94
1st p r e f................... ..
92
92
89 M eh 22
160
96 A u g 23
107 107*4 110 114
110 111
2d p r e f_____________ 90 F e b 1 117*" D e c 23
111 111*2 111 111
6,850
49*4 81
495* 607*
60*2 523*
48*4 51*2
53** 65 401,746 R o c k Island C o m p a n y ___
207* F e b 24
81 " D e c £7
91*2 94
90
91
88 91
91
11,800
D o p r e f_________ ______
93
90*4 91
“
57** F e b 24
94*4 D ec 22
73
73
73
*72
73
♦71
*72
73
400
*71*2 73
t L & San F r, 1st p r e f ..
05*4 M eh 29
74 D ec
69
59
6934 603*
69*4
593* 60
59*4
69*2 60
4.200
D o 2d p re f__________
36 F e b 23
00*4 S ep 16
317* 321*
32
3134 317*
32
32
32
3214 3.200 St L ou is S ou th w estern ___ 20*2 F e b 25 35*8 D e c 7
33*4
79*4 79*4
79*4 79*4 79*4 7934
79*2 80*4 *77
7734
6.200
D o p r e f________________
471’ J a n 6
82 D e c 7
130 1351* 133*2 134*1 1337* 1345* 134*2 135
135** 138*4 278.350 S outhern P a cific C o_____
111=5 F e b 24 130*8 A u g 16
31*4 32*4
313* 317*
315* 32I4 32** 331*
331* 333* 73.000 Southern v tr cfs s tm p d .
22 F e b 24
34 A u g 11
71*2 725* *72
73*2 737*
73*4
74
75*g
7412 75
8,050
D o pref
do
60 J a n 6
75*2 D ec 15
35
35
35
353*
363* 37*4 303.1 37 32,550 tP e x a s & P a cific...............
35
3 63*
30 F e b 24
40*2 A u g 23
16** 1612
161* 16*4
165* 17
16*2 17
163* 19
10,090 J -h lrd A v e n u e (N Y ) ___
12i4 D ec 8
42*2 Jan IS
9*2
9*2 *812 10
*9
1U 2 10
10*2 1012 1012
740 T o le d o R ailw ays & L ight
7
M
ay
12
153* Jan 2
62*4 52*8
52*" 53*8
5334 54
63** 537*
53*4 637*
3.000 T oledo S t L & W e s t e r n ..
43 F e b 26
547* O ct 19
703* 703*
707*
703|
72
70*2
715* 723*
7134 723* 14.000
D o p r e f________________
64*4
F e b 24
74*4
Jan 4
115 115*4' 115*2 116
116** 116*4 115*2 116*4 11512 116*4
4,625 T w in C ity R a p id Transit
97 Jan 2 116*4 D ec 29
200 202** 201 2029* 2017* 204 2031* 204*4 203*2 2041" 193,850
n ion P a cific.................... 172i2 F e b 24 219 A u g 10
1033* 1033* 103*2 103*2 1031* 10434 10312 1043* 103*2 104 '
7,300
D o p r e f_____________ *94 M eh 1 118*2 A u g 1G
423* 423*
42*4 42*4
+42
43
43
44
43*4 43*4
985 U nit R y s I n v ’ t o f San Fr
30 F e b 25
47 Sep 13
72
*70
72
7134 731o 71*2 72I4 2,600
7U* 72
*71
D o p re f________________
50*4 F e b 25
77 S ep 14
243*
25*8 25
22*2 24*4
26*2 261.i 277* 263* 273.1 154,620
a b a s h ________________
15 F e b 23
277* D e c :.0
5734 61
69** 6012 60*4 607*
60*2
61*4 60*8 61** 64,600
D o p r e f....................
41 F e b 23
6 D 4 J ’n c 15
5314 55*4
53*2 65*4
63*4 53*4
63*4 63*?
62
53
20,400 W est M d rects 4th p a id . Z2 1 O ct 9
56 D e c 10
93*
93*
9*2
91*
912
9*2
9*4 103*
10
1034 7.225 W h eelin g & Lake E r ie !.
5 J ly 13
127* Jan 4
20*o 22i4 2214 237* 23*2 2
20 20 ♦18 21
37* 2,560 D o 1st p r e f____________ 15*4
J ’iy 13
257* Jan 8
11*4 11*8 11 IU 4
12
12*2 13** 13*8 13*2 4,599
D o 2d p r e f_____________
6*2
J
’
*y
13
15i* J a n s
48
48
49
49
49** 49**
48*4 *48
49
1.000 W iscon sin C entral_______
49*4
357* Jan 6 637* A p r 20
D o prof T rust Co c t fs .
86*4 M eh 3
917* M ay20

E

H

R
S

U

W

1U4

66 F e b
83% F e b
69*2 Meh
70*2 F e b
80 Jan
37*4 F e b
140 F e b
54 Meh
160 F e b
25*2 F eb
10 F e b
47 Meh
3*8 F eb
6 Feb
103*2 Jan
138 Jan
135*2 Jan
185 Jan
114 F e b
140*2 Jan
63 A p r
4 Apr
47*" J ’ue
85** F e b
21 F e b
60*8 Jan
3934 F e b
14U2 F eb
420 Jan
14*4 F e b
39*4 Meh
32*2 A pr
6 Feb
11*4 F e b
12 M eh
24*s Meh
10 M eh
113*4 F e b

101*4 D eo
104 D ec
111*" D eo
1117* D eo
94 D eo
69*4 D eo

180** N o v
68 N o v

229 D e c
59** D eo
687* D eo
79 D eo
145* N o v
17*8 N o v

48*2Jan

Jan
Meh
Jan
Feb
M eh
Feo
034 Jan
17** F e b
10 F e b
27*2 F e b
67 A u g
18 F e b
46 F e b
12 Jan
34 M ay
30 F e b
87*4 F eb
120 Jan
15 F e b
20 Meh
01 F e b
79*4 Jan
1231* F eb

152*2 D eo
164*4 D ec
185*2 D eo
224 D eo
160 D e c
174 D eo
7** D eo
18 D ec
70i2 D ec
997* D eo
69 D eo
79 D ec
76 D eo
1813* D eo
575 N o v
40l2 D ec
$314 D ec
56 N o v
18*4" N o v
3334 N o v
36 N o v
513* D eo
41 D eo
148*4 D ec
7.5** N o v
1712 D eo
40 D eo
8=1 D eo
101*2 D eo
93 D eo
149*4 N o v
20 D ec
49*2 D ec
32U D eo
57 D ec
75*2 D ec
42** D eo
721* D eo
26 D eo
68 D ec
56** D eo
125*| D ec
154*4 D eo
44*2 D eo
66*2 D eo
90 D ec
135 N o v
151*2 D eo

17*2 Meh
46 F eb
28*2 F e b
97*4 Jan

43i2 D ec
75*2 D eo
07*2 D eo
122 N o v

90*8 Jan
24i2 Jan
90 Jan
60 F e b
1283* Jan
29** Feb
58 F e b
74 Meh
1167* Jan
65 S ep
90 M ay
79 M cb
108*4 Jan
69 Jan
81** M eh
92** F eb
78 Jan
76 Jan
10i2 F eb
20*4 F eb
42 J ’ne
19*4 Feb
10 Meh
241* F eb
66*4 F eb
9*8 Jail
25*2 Meh
12*4 F eb
15*2 Meh
6*2 O ct
12 F eb
33 F eb
78*4 F eb
110i2 Meh
79*4 A p r
15 Jan
27*2 Jan
6*4 Meh
13 Meh

126 D e c
67*2 D ec
105 N o v
85 D ec
161 N o v
477* D ec
86*4 N o v
88 D ec
157*4 N o v
93*2 Jan
90 M ay
97 Jan
1-32*4 D ec
88*2 D ec
108*4 NOV
143*4 D ec
92 D eo
99 D ec
25*4 D eo
623* D ec
69 D ec
42*4 D ec
24 D ec
557* D ec
1221* D ec
27*4 D ec
63i2 D eo
37*4 D ec
47 A u g
15*2 D ec
60 D ec
73*2 D ec
963* D eo
1847* N o v
93 N o v
40 D ec
59*2 D ec
20 >* D ec
6234 D ec

41V Meh
12*8 A p r
6 F eb
13*2 F e b

i j'D c b *
26*4 D ec
1534 N o v
38*4 D ec

8“
20
{70
02
69
1221"

"

BANKS AND TRUST COMPANIES— BR ;KERS’ QUOTATIONS.
Hid

Ask

Banks
Bid Ask
B anks
Hid Ask
Bid Ask
B anks
Banks
Bid
Chatham . . 340
Nero York
350
F ifth AvcIT. 4300 4500
Im p & Trad 565
M t Morris*T. 250
Chelsea
l-ixlf
180
200
A e t n a ______ 170
F ifth . . . .
300
350
Irvin g N Ex £06
M
utual
I
I
.
.
.
2*1*0*
299
C hem ical . . 445
A m erica 1f__ 595
610
4"0** First ............. 900
925
J e ire rso n lf..
Nassau II___ 225
190
Citizens’ Ctl 160
A m c r E x c h . 250
255
165
14th S t l f . . . 155
____ L ib e r t y ____ 575
N ew N e th ’d 200
A u d u b o n . . 130
C ity ............... 420
136
42712 F o u r t h ____ *206 t209
L in c o ln ____
4*3*0*’ N ew Y ork C o 750
B a tte r y P k . 125
Coal & Iron 145
155
130
R ig h ts ____
____ M anhattanl, 34*5* * 355
N ew Y o r k . 320
B o w ery fl___ 375
C olonial If— 300
G allatin . . . 330
345
M a rk '1 5: Ful £55
2G0
N ’ ht &Day1i 225
B ro n x B o ro lf 300
C olum bia 11. 375
12*5 ’ G a r f i e ld ___ 295
3i.O
M echanics’
19th W a r d .
270
289
B ro n x F a t
217
225*' (Commerce . ,£04 1205
G crm -A m 1, 140
_ M ercantile . ISO
N orthern _ . 100
190
B ry a n t P k 1| 1571» 16212 C o p p e r ____ 300
315
G erm ’ n Ex1,< 450
41*5
Mercli Each 160
Paclficll____ 230
B u tch & Dr 110
Corn E x i f . . 326
150
335
G erm ania {[. 60O
675
M crch a i,.
P a r k ............. 460
17£l2
C en tu ry 1J__ 170
175
E ast R iv e r . 125
135
G reen w ich if 260
265
M etropolis li 390
4*1*0** P e o p le ’s 1f__ 280
C h n s o _____ 420
*35 ( F id e lity Y '.. 165
175
H a n o v e r ___ 025
650
M etrop ol 'nY 195
P h e n lx ____ 177*•Bid a n d asked prices; n e sales w ere m ade o n thlsi
i - • i. . " ,
*
...u...
•u a iia . l.oi.li-u ujhi,.'. u r.x-tu viaen u
tSalp a t S tock E x ch an ge o r a t au ctio n this w eek
« First installment paid, n Sold at private sale at this price, z 2d
B anks




__

__

Ask

B anks
Plazali..........
P rod E x ch 1,
R e s e r v e ___
220
S eab oard . .
S e c o n d ____
3*33*" S h erm an ___
230
S tate V ____
420
12th \Vard.
110
23d W a r d . .
240
U nion E x c .
470
W ash H ’ ts V
295
W est Side
18712 Y e r k v llie H.
ail(l ngtltS. 0 ISC
275
310

..

paid,

y3d palih,

Ask
625
170

120

350
409
135
295
1*4*0*
190
275
500
500
sto ck .

m "
130
375
300
ISO

New York Stock Record— Concluded— Page 2

42

STOCKS--HIGHEST AND LOWEST SALK PRICES.
Saturday
Dec. 25.

Monday
Dec 27 .

<

Q
5
«

Wednesday
Dec. 29.

Thursday
Dec. 30

Friday
Dec. 31

Sales oj
the
l* cek
Shares.

STO CK S
N E W Y O R K STOCK
EXCHANGE

Range since Jan. 1 1909.
On Imsis of 100-share lots.

Range tor Previous
Year (1908).
Highest.

In d u s tr ia ls M iscellaneous
275 *245 275
dam s E x p re ss________ 190 Jan 20 $250 NOV20
164 Jan
15*4 *14% 15
Ills-C h alm ers_________
650
123, F e b 24 1678 A u g 3
5 Meh
55
54
55
D o p r e f_____________
1,400
38 F e b 24
57*2 N o v 17
14 Alch
91%
89% 901" 161,350 A m algam ated C o p p e r___
65 F e b 26
96l8 N o v 19
45% F e b
4f%
48% 41 % 2,695 Airier A g ricu ltu ra l C h e m .
33i2 Jan 5
50 A u g 12
13 Jan
*101
*101
*101 102% *101
.
*101
D o p re t________________
95l2 Jan 18 103 A u g
7812 Jan
4C38 46
46
46%
46%
46% 4634 46
46% 4 : 4,100 A m erican B eet Sugar____
201
., Jan 13
401" A u g
9% F e b
93
93
*91
93% * 9 1
05
93
*91
93
9^%
400
D o p r e f________________
82 .Ian 7
08
Oct
65 Jan
13
133., 14%
13%
14
14%
13% M l,
13% 14
0,230 A m erican C an____________
71" F eb 23
15*s
N
o
v
18
4
F eb
81
81
86;>, 81% 81% 82% 81 82% 81 81% 3,300 D o p r e f_____ ______ ___ 71*2 F e b 23 86 J ’no
44 Jan
71
7H"
71% 73
72
721»
71% 71%
71% 72
3,500 Am erican Car & F ou ndr;
4411 F e b 24
76U N ov
25i" F eb
*118% 120% *1I834 1201., *116% 120% * 1) '% 120% *118% 120%
D o p r e f_______________
10712 F e b 23 1243, A u g 3
841, Meh
*6510 69
68 6! 2 08% 68% 6 , 3 Cf% 67% 63
1,250 Am erican C o tto n O il____
42i8 Jan 5 791.1 N o v 5
243, F eb
1031" 1031" *100 104 *100 104 *10 L 104 5*04 101
150
D o p r e f................... ........
98 Jan 7 1071.1 N o v 3 $80 Jan
269 200 *255 265
260 265 $265 290
290 300
1,415
$205 F e b 5 300 D e c 31 170 F eb
8
7%
8% 7% S
7%
7%
7%
7%
6,400
6*4 F e b 25 10 Sep 3
23, F eb
48%
473, 48%
48
4: ■
46% 47%
47
48
48%
Do p r e f ..
9,440
3 1 F e b 24
5178 A u g 3
1212 Meh
25
25% 251"
251" 2bU
25', 25%
25
25% 20-% 2,800
1878
Jan 8
42*4 A p r 13
12%
F eb
173, 18
173.s IS
17% 17%
17% 18*s
17% 18
10,360
12 F e b 25
20 J ’nel-l
6 Alch
4£34 46%
43% 45%
45% 46
46% 47%
46% 471" 16.S10
D o pret.
29 J an 12
473, J ’ne 14
17
Meh
593.,
60
59%
6
,
61%
59%
59
601"
6078 61%
5,200
49 F e b 23
31% F eb
09*4 A u g 4
116 116
116 116
115 115 *116 1161" *115 118
D o p r e f_________
600
1091.1 F o b 24 122 A u g 4 851" Jan
* 6%
7
7
7
7
71"
6% 6%
1,300 m erican M alt Cot
512 J ’ly 16
i i u j ’ no 1
3 “ Meh
41
*40
*40
*39
43
43
411" 4U" *41
42
100 D o p r e f_________
59 ~ Sep 20
38 NOV30
21 Jan
90
90
*90
901"
901" 901"
903, 90% *90
90%
420
50 J an 4
9238 A u g 27
70 Jan
100% 102% 102 103% 103% 104% 10378 105 103% 10-1% 121,980
7734 F e b 24 105!2 N o v 20 551" F eb
110% 110% 110-S 112% 111% 1121" 112% 112% 112% 1121, 3,100 Do p r e f________________ 101
Jan 2 1163, A u g 6
8734 F e b
*250 300 *250 300 *250 300 *250 300 *250 300
meri'ean S n u ff________
225 M eh 9 $285 N o v 23 180 A u g
100 *95 100 *97 100 *95% 100 *95% 100
*97
D o p r e f_____________
95 M eh I
05 Alay22
80
Alch
*6134 651.,
643,
64%
65
65
64% 05
64% 65
1,700 3 |78 F eb 21
0G38 N o v 19
28 Sep
1221" 123%
122 123 123 *1221" 123 *22.% 122% 1,300
‘
1 1538 N ov’ 30 136% Sep 24
083, Jan
*121 123 *121 123 *121 123 *121 123 *121 123
D o p r e f.
118 NOV15 131 A p r 8 105 F eb
142 142% 142% 142% 142% 142% 142% 1431" *141 1411? 11,796 t
125 F e b
145*s S ep 29 101 Jan
95% 96
*96
93% *96
96% *95 100
05
96%
90!2 F e b
2,850 t
104 AlaylO
721" Jan
38
*37
37% 3V%
37% 37% *37
38
37% 37%
1,800 /
Feb
40*2 A u g 27
151" Feb
103% 103% 103% 1033, 10334 1033., 103% 103% *103 104
D o p re t.
700
983.1 Jan r, 1073, J ’ne 14
78*4 I-'cb
493., 53 14 51% 53 <8 53% 53%
53
54%
5312 543g 84,450 <
$373.| F e b 26 $54% D ee 3 1 $27% l-'cb
*314 4
*3
4
*3%
4
*3%
4
200 <
$278 Jan 26
S51" J ’ 11c 30
$2% Jan
33% 34
33% 34 *33% 34
34
34% *34
34% 1,000
183, M eh 9 36*4 Hep 21
12 " Jan
*67% 69
68
67%' 67%
67% 67-3,, *64
66
66
pre
525
47 F eb
69*2 S ep 3
35
*14734 148*4 *1471" 148'­ 148*4 151 153 1583.1 15912 104% 14,325 B rooklyn U nion G as____ 118 Jan 28 1641" D e c 31 z85 FAepbr
1834 18%
181" 1
19
191
*18
183.1 *18
19
1,000 B run sw ick T erm * l t y Sec
1773 D e c 24 19i» D ec 21
*33
3334
33
33
*33
:i4
33% 33*8
33
33
600 B u tleriek C o _____________
2378 Jan 2
37 N o v 13 $10 F eb
47% 481.1
46% 47>-’
47% 48
473.1 481
I8*t
491.1
57,820
entral L e a th e r________
251" Alch 2
513., O ct 7
15% F eb
*10712 109% 108*4 IO8I.1 108% 1081" 10812 108% 108i2 108l2
D o p r e f............ ...........
720
9'.i34 Ain- 5 111 Sep 2
753., Jan
4912 501.1 49% 501.1 4978 50*2 503g 501" 4978 501" 6,500 C olorado Fuel & I r o n ___ 29
F e b 23
53 D e c 14
15% F eb
90
90
89
891.1
90
903.J
S9
90
91
9112 2,700 Col & H o ck Coal & Iro n .
21% F e b 23
9U" D e c 31
14% Alch
30c.
30c. 3 tc.
31c
2,900 C o m sto ck T u n n e l.C a r $2
21c Apr 24 37c O ct 7
20c Alch
156 158% 157 158% 158 160
1591" 160% 159% 1001" 41,808 C on solidated Gas (N Y j_ ILK" F e b
1651., Jan 4
06 Jan
22% 22%
22% 22%
22% 231"
22% 23
23
231" 11,700 Corn P rod u cts ltt lin in g ..
161" Feb 24
2G*2 J ’ ne
103, F eb
86
86
86
80% 871., 2.801" 861"
D o p r e f________________
85% 85% *85
2,145
731, F e b 24
93l2 J ’no 1
50 J an
*60
63
*60
63
*00
63
*60
63
*60
C rex C a rp et...........................
63
45 Jan
63 D e c 14
471" O ct
36% 37
37% 37%
37
37
361" 37%
36% 30% ’ l",722 D istillers’ Securities Corp
271.7 Feb
32t2 F e b 23
41l2 Jan 2
* ___
79 *
70
80
*78
SO *
80
*75
Federal M ining & SrneU’g
95>" Afayl 1
55 'M e h 2
72% N o v
*87'., 90
89%
*87% 90
80
89% 89% *88
91
D o p r e f______________ _
’ MOO
94 ” A u g 11
80 F eb 24
59 Fob
1591- 159% 159% 1591" 150% 160% 160 160
159 159%
1,625 G eneral E le c tr ic ...............
F e b 23 1723., A u g 12 111 Jan
107 107
107 109% 108 110% 100 n o
109% l i o n 3,130 G ra n by Cons At S & P__ 150>8
7S% Jan
91 M eh 12 1101" D e c 29
116 117
116% 116'" 116% 117
116", 118
117% 118%
2,819 "I nt H arvester stlc tr etfs
52 J ’ ne
62 Jan 30 11834 D ec 31
127% 127% 1271" 1271" 1271" 127>" 127% 127% *127 128
1,900! -*■ Do pref stk tr e tfs___ 10:0 1 Jan 16 128 D ec 21
J ’ne
7%
7%
7%
7%
*7
71"
7%
7%
7%> *7
00 In t Mer M arine stk tr etfs
9 O ct 2
O ct
;
;i.3
J
’W
9
24
23% 24%
231" 24%
23% 24
241.,
23% 24
4,616
D o p r e f________________
F eb
27% Jan 2
is-3.1
J
’ly
9
10% 16% *151" 16
16% 16-% *15% 16% *151" 16
400 Internation al P a p e r_____
Apr
0t2 Meh 1,3 1914 Jan 24
62
*61
61% 61%
61% 61%
61% 61% *01
62
1,000
D o p r e f________________
473, M eh 18
693., A u g 3
O ct
52% 52%
52% 521"
52% 52%
51% 523.,
52
52-% 6,800 Internat Steam P u m p ___
6412 N o v 12
Jan
33l2 F e b 25
*89
*891., 90
00 *89 90 *89 90 $90 90
D o p re f.............................
20
S2i2 Jan 30
91 " S ep 20
Jan
111 112% 112 112% 112% 113% 42.350 L a clede Gas (St I.) c o m . . 104
109% 1097s 110 111
J ’n e 25 U338 D ec 31
*90% 91% *91
Oil" *91% 91%
91
91% *90% 911"
600 A lackay C om pa n ies_____
70 Jan 21
951" N o v IS
52 F e b
77
77%
77% 771"
77% 771" *77
78
D o p re f________________
500
*77% 77%
60t2 Jan 9 77% Dec 27
59% F eb
116 116 *114
115
111 116 116 116%
116%
ational B i s c u i t _______
1,000
9(92 Jan 2 120 ' Sep 27
68 Jan
*123 125 *123
124% 123% 1231" + 123 124% *123 1241"
D o p r e f ............ ......... 11S12 Jan 11 130 Sep 21 102 Jan
100
27% 28
28
28% 28%
28% 29
N
at
E
n
am
el’g
&
S
ta
m
p
’s
28%
281" 29
6,000
12% F eb 24
301., D ec 14
71" F eb
99
*97
98% 98%
98% 98% *96 100
D o p re f________________
*97 100
82 Jan 5
600
Sep 2 $70 F eb
88% S81? 88% 891- 89% 90-’8 90 90% 893, 901" 21,600 N ational L e a d ____________ 7 1*4 F e b 25 90i2
94 A u g 13
30 F eb
*1091" 110 *1091" 1101" 110 110
110 110 *1091" 1101"
D o p re f...................... ....... 1023., A p r 21 1133., A u g 12
328
87% Jan
94% 95
06
*94
96
*91
94% 95%
951" 95%
52£ N ew Y o r k A ir B rak e____
80 F e b 23
97 *4 N o v 9
50 J an
841, 851- *84
851,
84
85
84% 84%
84% 841"
3,645 N orth A m erican Co, new
72 Jan 13
87i-> J ’ ne 14
42% Alch
42%
423,
41% 42%
$42
42
43%
431"
a clllc M all_____________
'11%
43
6,290
29i8 F eb 24
48% N o v 27
24 A p r
463, 46% *46
47
*46
47
46
461" 47
46
acltic T elep & T e l e g . .
700
45*4 N ov to
64 O ct 4
114% 115% 115% 115% 1151" 115% 115% 116
116 116%
9,600 P e o p le ’s G L & C (C h ic ). 101*2 Jau 1,3 120 A u g 16
80 Jan
2.8 28% 27% 20% 28% 29% 2734 287, 26% 28% 29,200
P ittsbu rgh Coal C o_____
10 A p r 21 2938 N o v 9
8% Alch
82
79% 84 Vj
871"
85% 87%
84
85%
81% 843, 46,035
D o p r e f________________
40 F e b 25
87*" D e c 28
36% Feb
51
51%
50%
51% 51%
51% 523,
51% 52
1,400 Pressed Steel C ar________
30*2 F e b 23
56 A u g 3
17*4
F eb
*105 106 ♦105% 1051"
105% *105 106
106 106
D o p r e f________________
625
96 F e b 26 11 1% A u g 11
69 Jan
*190 193 *190 193 *190 102 *180 191 *189 1901"
Pullm an C o m p a n y _______ 169 Jan 30 200 A u g 6 147 Jan
3%
338 3%
*33S 3% " l ’,050 Q uicksilver M ining_______
3's
3%
3%
3 '8
J%
1% Jan 4 038 J ’ly 6
% Apr
*4
4% 4
4
-t
4
*4
4%
*4
4%
D o p r e f_______________
400
11" Jan
3 M eh 29 10 AIayl3
51% 5H>
51% 51%
51% 51%
51% 51%
51% 52
ailw ay Steel S p r in g ..
2,100
321" Meh 8 541" A u e 4
23*4 F eb
*103% 107
106-% 106% *103% 10634 $106% 1063,
107 107
Do
p
r
e
f..........
.......i
___
320
9778 F e b 24 109 A l l g l l
75 Jan
45% 45%
45% 45%
45% 46%
45% 40
46
46
4,135 R e p u b lic Iron & S te e l___
16% F e b 23
491" Sep 20
14*4 F eb
104% 101-% 104 104% 104% 1041" 101% 1041" 1041, 104%
D o p r e f.......... ..................
900
07% F e b 24 110% j ’ly 28
63 J ’ nc
86% 86%
86% 87%
87% 871"
87% 87%
87
1.300 CJloss-Shcffleld Steel & Ir
87
68
F eb 23
94.% O ct 4
36
Jan
*115 118
1171•» 1171* +1175o
100 c* D o p r e f........................ 10738 F e b 20 120 Sep 1
871" Jan
381.,
38
38
38
38% 41
40% 41 "
40% 407,
7.100 dT cn nesseeC opper P a ri 25 $331" O ct 13 $49 Jan 4 $25% F e b
89
89
80%
89%
*87
*87
*87% 893., *87
89%
80(7, F e b 23
300 T exa s P a cific Land Trust
9378 J ly 10
45 F eb
____ ____ *11% 13
*11% 13
13
13% *13
nion Bag & P a p e r -----13%
400
9*4 F e b 24 15% j ’nu 18
4 F eb
75
75
*74
753.1 7.534 +74
74%
75% 75%
75
D o p r e f_____________
425
66 Jan 8 8 H4 J ’ n e 29 l l's Jan
12458 124% 122% 124
122% 122% 122% 1221" 122% 122%
1,130 U nited D ry G ood s C o s . . 115 O ct 28 1251" D ec 2
113 1131" 113% 113% 113% 113% 113% 111
11378 1137*
D o p r e f________________ rl09 Sep 1 114 D e c 30
4,338
$32% .32% *32
32%
32% 323., *32
33
*321" 33%
470 U S Cast I P ipe & F ou ndr
21% F e b 24
3512 J ’ne
17% F eb
841?
84
84
8378 84%
84
81%
, 83% 83% *83
D o p r e f________________
1,305
70 Meh 2
87% A u g 18
56% Jan
8-105 112 *106 112 *106 112 $1091" 1091" $111 111
35 U nited States E x p r e s s .. 82 F e b 10 $111 D e c 31 70 F e b
81% 81%
82
83
82
83
S3% 83%
84
84%
U
S
R
e
a
lty
&
Im
p
r
o
v
e
m
’
t
1.300
64 F eb 2 1 87 Sep 17
361., F eb
*11
14
*10
*10
13
14
11
11
*91" 13
10 Meh 12
100 U S R e d u ctio n & Refining
17<2 J ’ ne 17
4 F eb
31
*25
*2712 29% *27% 31
28% 281" *26
33
D o p re f________________
200
24 F eb 24
39i2 A u g 12
16 F eb
52% 531"
52% 53
53
53%
53
531"
527„ 531"
4.100 U nited States R u b b e r ___
27 F e b 24
1734
F eb
57-%
A
u
g
19
116% 116% *116% 1171" 116% 117
116% 116-% 116% 116%
D o 1st p r e f____________
2,150
98 Jan 29 1231 o A tlg 24
76 Feb
*83
85
84
84
*83% 841"
84% 843, *83
85
500
D o 2d p r e f____________
671" F e b 25
891" A llg 23
42 F eb
90
91%
90% 91%
90% 9134 91
9(I34 91% 183.350 U nited States S te e l_____
92
2534 Jan
ID., F e b 23
94"8 O ct '
125 125% 125% 1251" 125% 125% 1243, 125% 125 125%
6,760
D o p r e f________________ 107 F o b 23 131 O ct
87% Jan
60% 61%
59% 60%
58% 591"
50% 60-%
60% 61% 25,100 (/U tah C o p p e r .. .P a r S10 $39i8 F eb 26 $67', NOV20 $20 Jan
53-% 55%
55% 56%
55"s 56%
55
54% 55% 37,GOO V irginia-C arolina O h e m ..
553,,
40% F e b 2 1 56-38 D e c 28
16 I-’eb
128 128 *126 130
128
128
126% 1261" 120% 128
1,200
D o p re f_ _ j.____________ 114 Jan 19 128 D e c 27 rS7 Jan
*72
74
74% *73
73% 74% *73
*71
73%
74%
500 Virginia iron Coal & Coke
43 Jan
757s S ep 17
57 F e b 23
*22
$22
22
*22
*22
*22
28
27
20 V u lcan D e tln n in g ________
27
27
3 Alch
6 F e b 1 37 *4 N o v 3
76% 761" *77
*80
88
*80
88
88
88
*79
135
D o p ref.-_______________
45 Jan 30 9134 N o v 3 25 A pr
*625 700 $670
570 *625 675 *625 675 +625 675
5
ells F argo & C o .......... 300 Jan 5 $670 D e c 28 $250 F e b
*76% 77
76% 76%
77
2,650
77
77%
77
77%
77%
estcrn u n io n T e l e g . .
851.1 N o v 16
41 F eb
64 F e b 24
81% 81%
82
S3
83
82%
821.1 8234 8234 82%
3,200 W e stin g h ’seE l& M fg assen
74 F e b 2 1 90 A u g 7
38 Alch
*120 133 $130 130 *125 133 *126 133 *132 133
20
D o 1st p r e f____ _______
110 Alch 3 145__ Sep 30
58 Meh
*241
*14%
54 14
85%
48

1
1

Tuesday
Dec. 28.

[VOL. XC.

275 *242 275 *242 275 *242
15% $15% 15%
15
15
151.J
54%
541" 5434 54% 543,
54%
90
89
873., 89%
891., 90%
48% 491.1 *47% 49
4: -,
49%

A

N

P

R

U

W

$200 A u g
16% D eo
523, D ec
88% N o v

35 N o v
96 N o v
2478 A p r
813, D ec
10% N o v
76‘ r N o v
50*4 D ec
109 D ec
4 I3, N ov
97 N ov
$224 M ay
81" D ec
3734 D ec
31% A u g
171" Deo
30*., D ec
59% A u g
113 D ec
8% Sep
51% Sep
84% A u g
107 A u g
1103s A u g
200 A p r
97% Sep
41 N ov
1373, A u g
131 N o v
132% N ov
97*" J ’ ly
3238 D ec
97 N o v
$53% N ov
$5 ' Alch
27*4 N o v
57 N o v
152% N ov
$25 Jan
33 D eo
102 D eo
42 D ec
27% D eo
44c A p r
167 D ec
20% A u g
80 A u g
48% O ct
383, D ec
94 A u g
89 N o v
16234 D ec
109% J ’ly
67% N ov
110% N ov
9 Alay
2678 D ec
13% N ov
65 Jan
39'8 D ec
84% D ec
78
713.,
97
1201"
151.,
z82%
92
106*4
08
78
40%

N ov
N ov
DecD ec
Dec
D ec
Aug
N ov
N ov
N ov
Dec

106% D ec
14% Dec50 D ec
45 D ec
102% Dec174 N ov
134 D ec
3% D ec
49% D ec
103 Dec20 N o v
89% N ov
81% N ov
110% D ec
$52% N o v
84% D ec
9% N o v
66% N ov
3078 D ec
7S/8 A u g
90 Jan
6 1 N ov
15*4 A u g
39 A u g
37% A u g
108 D ec
75% N o v
58% N o v
1 14% N o v
$523, N o v
4534 D ec
115 Nov63 N ov
10% N o v
50% D ec
325 N o v
71% N o v
91 N ov
125 N o v

BANKS AND TRUST COMPANIES—BANKERS' QUOTATIONS.
B anks

Bid

Ask

Brooklyn

B orou g h ]J_
B roa d w a y 1]
B r o o k ly n ]]_
First _______
H illside]]___
H o m e B k 1].
H om estead ];
A ianu fac’r s ’
M ec h a n ic s ’]]
M on tau k . .
N a s s a u ____
N at C i t y ...
l

Bid

Ask

T r u s t C o ’s

N orth Side ]T 160
P e o p le ’s ___ 155
P ro sp ’ c t P k ' 150
Term inal 1f_
U nion ]f____
95

100
160
160
130
102

Carnegie . .
C entral T r .
C olum bia . .
C om m ercial
C om ’ w ealth
E m p i r e ___
E q u lt’ ble Tr
Farm L o& T
F id e lity . . .
F ifth A v Trl
F u l t o n ____

B anks

Brooklyn

100
425
115

A s*

N Y Oily

T r u s t C o’ s
G uar’ ty T r .
G uardian Tr
H udson . .
K n lc k e r b ’ kr
Law T I& T r
Lincoln T r .
M anhattan
M ercantile .
M etrop ol.t’n
M orton 1 r.
M u t u a l........
Alut AU’nce

Bid
800
160
176
340
240
155
370
725
530
530
130
130

Ask

T ru st C o ’ s
N Y L lfe & T r
N Y T r u s t.
Standard Tr
TltleG U & T r
T r Co o f A m
U nion Trust
US Attg& Tr
Unit S ta te s.
Van N orden
W ashington
W estch ester
W in d sor . .

Bid

Ask

1090 m o
670
400
570
580
360
350
1375
465
450
1250 1265
250
235
375
3()3
130
133
140

T r u s t C o ’s

Brooklyn

Bid

Ask

B rook lyn Tr 410
120
375
C itizens’ ___ 138
145
335
Flat hush . . 200
360
225
290
145
F r a n k lin .. . 215
245
230
110
130
H am ilton . . 200
165
270
111)
125
310
H o m o .......... 115
390
100
125
T r u s t C o ’s
505
K ings Co . . 500
415
N Y Cit y
1875
r. Isl L & Tr 300
550
315
A s t o r _____ 372%
235
215
200
210
N a s s a u ____ 150
550
170
B ankers’ Tr 0 /0
MO
155
390
P e o p le 's ___ 300
210
270 B ’ w ay T r . . 148 155
2’JO
140
Q ueens C o . 115
125
295
305
W lllla m sb 'g
80
100
*B id and asked prices; no sales on tlds d a y . « u e s s m a n 100 snares, t E x -rights. 6 N ew sto c k , c E x -d lv and rig h ts, d N o w q u o te d dollars per share,
tS a le a t S to c k E x ch a n g e o r at a u ctio n this w eek, s Ir u s t c o m p a n y certilloates. ]|Banks m arked w ith a paragraph (ID are S tate banks.




155
1015
325
135
159
300
490
*’ 50

165

__

__

—
—

’I

N ew Y o r k

Stook Exchange—Bond Record, Friday, Weekly and Yearly

V U O J , U%4 — “ Aung* nwt/liwt o f <psoting bonds tons changed, and prices are now a ll—“ and interest” —except /or income and defaulted bonds.

BONDS
X . Y. SHOOK JCXOHANGB
V i e s K u d in s D eo >1

Price
Friday
Deo 31

Week's
Bangs or
Bast Sale

-3 J
g?

Bangs
Year
1909

\Jt
BONDS
N. Y. STOCK E X C H A N G E 2 C
W eek K ndinu D ko 31

Price
l riday
Leo 31

Week’s
Bange or
Last bale

fg !

Bangs
Year
1909

B id
A sk Low
H igh Ho Low H igh
C en t o f (Ja R R —(Coni
82 4
b5 ^ fcU
89 ‘a N ov ’ 09 ___ 54
3d p re f in com e g 5s stam ps
90<4 904
90-4 Sep ’ 09
G'liatt l u v pur mon g 4 s . 1951 J -L .......... 89
......
M ac (fa N o r D iv 1st g 58.1940 J-J
1 U 5 4 ......... 1047a J ’ ne'08
M id G a <fc A tl L iv 5 s___ 1947 J-J 100 ......... 1 15 N o v ’ Ua ___
10S8g ......... 110*4 i l * y ’ 09
1104 1104
J-J
M o b ile D iv l s t g 5s.....1940
104 4
1 104 106
Cen R R (fa R o t Ga c o l g 5s 1937 M-X ......... 101 4 1 0 1 4
C on t o f N .1 g e u ’ l gold 5 s . 1937 J -J 124*4 125 4 1247s L e e ’ 09 * .T* 1 2 4 4 129
124 127*4
R e g is t e r e d
......... A1087 O-.T 124*4......... 124 L e o ’09
108 4 109 108*4 O ct ’09 . . . . 103 4 1 1 0 4
A m L o c k & Im p gu 5 s .. 1921 J - J
100 .........
Le As H ud R g o n g u g o s 1920
F o r e ig n G ov ern m en t
10U*\j 99 7* L e e ’ 09 . . . J 90 101
Leh A-. W ilk s B Coal 5 s ..1912 M-N
95
99
96"4
95"4
90
A r g e n tin e —In te r n a l 5s o£ 1909 M- S * 95
• 7 99*4 100 4
Con e x t g d a r 4*5,3___ //1910 Q-M luO 1 0 0 4 9 9 4 100
Im p erial J a p a n ese U ov oru in 't
N Y & I x m g B r g e n g 4 s 1941 M-S I liO .........
94 tj 22 9 0 "3 l)334
S te r lin g loan 4 4 s ........... 1925 F A t 9 1 4 Sale
Cent P a cilio bee So P a cilic Co
li
89*4
94*5*
93
4
93
4
j
.
j
t
93
9
3
H
,
2d series 4*38..................1925
3 80 "4 38", C e n tV e rm o n t 1st gu 9 4 « .e l9 2 0 Q -F * ......... 90 4 89 O ct ’ 09 . . . . 8 0 4 9 0 4
88
87*4
S terlin g loan 4 s .............. 1931 j - j j 88 Salt
10 101", 104*5, Chas (fa s a v bee A tl Coast L in e
103
R e p n b o l Unba 5s e x te u d e b t.. M -S t 192 103"., 102".,
102 Sep ’ 09
1 0 1 4 103 4
A-O 1 0 1 4 1 0 2
10
1,92
95",
9
6
"a
90"s
j
j
t
9U"s
Sale
San Paulo (B razil) t r u s t5 s 1919
105
38 100 4 105
G en fu n d in g & im p t 5 s . 1929 J -J 1 9 1 4 106 4 105
0.->"s D e c ’ 09 . .. 97*s 101 *5,
U 8 oi A lexioo s t g 6s of 1899 Q - J * ......... 98
4 112 117
113*4
1st co n so i g 5 s................... 1939 M-X 1 * 3 4 ......... 113 4
9 1 ‘4 13 92*4 93
G old 4s of 1904................. 1954 j . d | 94 ‘4 94 4 94 >4
R e g is te re d ....................... 1939 M-X ......... 1 1 2 4 1 1 4 4 F e b ’ 09 . . . J 1 1 3 4 1 1 4 4
$ y hese a re pr ices o n the b asis o! $5 to £ .
1u3"8 29 102*4 lo ti",
G eneral gold 4 *5,3.............. 1992 M- S 103 4 s a lt 103
S t o l e a n d C ity S e c u r it ie s
105 103
R e g is te r e d ....................... 1992 M- S 102 4 ......... 105 A p r 00
1110 N o v ’ 08
O i3t ot C olu m bia 3 -0 5 s ....1 9 2 4 F-A
89 L e o ’ 09 .
87 4 91
8
7
"4
88"4
J
-L
..............
1941
Big
s
a
n
d
y
1st
4
s
!
105*3
u
e
c
’
04
90
L ou isiana new con sol 4 s . .1914 J-J
110 Alay’Ob
lu 7 111
107 4 110*4
C raig V alley l s t g 5 s___ 1940 J -J
N ew Y ork C ity—
90
JO
90 J a n ’ 09
441 99 "4 101*5*
l ’ otts C reek B r 1st 4 s . . 1940 J - J
100
".
100*4
1
0
0
4
1
0
0
4
M-X
4% C orporate S to c k .........1959
99 L e c ’ 09
......... 99
98 1 0 0 4
33 100 103
R (fc A L iv 1st COD g 4 s .. 1989 J-J
4% C orporate s t o c k ___ 1958 M-N 1 0 9 4 sale 100"s lu 0*4
94
97
93
91
94
L
e
c
’
09
J-J
2d co n so l g 4 s . .......... 1989
108*4 112«8
N ew 4 4 » ............................ 1967 .Vi-N 109", 1 1 0 ‘s l i d 's D e c ’o
2 102-*4 I 0 4 7h
W arm S pr V al 1st g o s . .1941 M-b 100 ......... 113 4 l- e b ’ 05
N e w 4 4 s ............................ 1917 M- N l i ' 3 " s ......... 103 "s 103**6 29 1 0 8 \ 112*5,
9 4 4 ........
9 4 4 N o v ’OU
94 4 9 4 4
G re e n b rie r R y l s t g u g i s ’40 M-N
4 4 % C orporate S tock ..1 9 5 7 M X 1094 Sale 109h 10 J
70
4 74-4 hO
75
76 4 70
2
C
h
ic
<fa A lt H R rot g 3 s . . . 19-19 A-O
103 1047«
4*3% assessm t b o n d s .... 1917 M-X 103 >»...... 103'*8 103.4 24 100 103 N
74
74 "4 11 73 4 77
7 4 *4 Sale
B
ailw
ay
1st lien 3 *5, 8...1 9 5 0 j - j
100'*4
dale
U
0
4
101
M-X
4% C orporate S t o c k ___1957
75
112", 113"g
R e g is te re d ....................... 1950 j - j ...... ....... ...... 75 O ct ’ 09 - -* tI 73
lt3 "b J ’ u e o o
N Y S tate—H ig h w a y 4 s .. 1958 M S
99*8 100
99*6 U e c ’Oi*
9 8 4 1004
102 ‘4 102 ‘4 O hio Burl * y — L o u v L 4 s 1922 F-A
101 ......... 102 *4 Jan ’09
8 o C a rolin a 4 *33 20-40.........1933 J-J
;3
8 9 ‘s 90
894
89 4 145 89
J -J
95*-, 9 5 "4
Illin
o
is
L
iv
3
*
5,8
................1949
95
4
N
o
v
’
03
2
5
’a
........
T en n new settlem en t 3 s ..1913
9 i " 4 L e e ’Ob
R e g is te r e d ......................191J J - J
91*5, 93
93 A u g ’ 09
92
94
V irgin ia fund d ebt 2 - 3 s .. . l 9 9 l
1004 3 100 103*8
22 37*4 01
I lls L i v 4 s ..........................1949 J -J 100 4 Sale 100
64 Sale
01
95
its d eterred B row n Bros etts.
105*8 1 0 8 4
Io w a L iv su lk la n d 5 s . .1919 A-O 104 ......... 1 0 8 4 O ct ’09
99 100
3 99 4 1014
99*V
('9%
S in k in g fund 4 s ............. 1919 A-O
R a il r o a d
N eb ra sk a E x ten sion 4s. 1927 M-X 100 100*8 9 9 7s D o c ’09 . . . j 9 9 4 1 0 2 4
labam a C en t bee So B y
101410L4
R e g is te r e d ....................... 1927 M-N ..................... l o l *8 5 la r ’ 09
laba M idi bee A t Coast Lino
99 " » ......... 99"s L c c ’ 09 . . . . 99 1 0 0 4
Sou th w estern L i v 4 s ___ i'J21 M-S
A lban y (fa Susa bee Del ifa Hud
J o in t bonds bee G roat N orth
A llegh en y V a lley bee i ’ enn lilt
1 0 l"s D e c ’ 09
9941034
D eb en tu re 6 s ..................... 1913 M-X 1 0 1 4 1 0 2
A lleg <fc W est bee B ull U & 1'
99 4 sale
99 4
9 9 4 32 98 101
i 7 7 ". 57 "4
G en eral 4 s ...........................1938 M-S
79
79
77"4 82
Ann A r b o r 1st g 4 s ......... /tl9 9 6 Q-J
101*6 1 0 3 4
99 UD"s 1017g
99 \ Sale
ila u ifa Sr J 03 con sol Us.. 1911 rvi-b 1 0 l a4 ......... 102 N o v ’ 09
U034 100
A tcli l i t S Fe— G en g 48.1995 A-O
90
10 85
80 s a lt
86
bO
4 *JS"« 101*4 Clue (fa K ill ret (fa im p g 4 s 1955 j - j
99*-. D e o ’09
R e g is te re d .......................... 1 9 9 ' A O
120 D e o ’ 09
120 137
1st c o n s o l g Os................... 1934 A-O 125 128
964
94 "s 11 92
X ov ' * 9 4 * 4 ' 9 4 Hi 91*4
A d ju stm en t g 4 s ........... h l9 9
113 4 L e e ’ 09
U 2 4 11 6 4
U oncral co n so l 1st 5 s___ 1937 M-N 113 116
92*4 F e b ’09 . - . I 1 92*4 02*4
R e g is t e r e d ................... hlU95 No\
114 M ay’ 09
114 1 1 4 4
24 92S, 95*5,
R e g is te re d ....................... 1937 M-N
94*4
94
S tam ped........................./il9 9 5 M-X
112 ......... 112 *5i N o v ’ OU . . . . 1 1 2 4 115
Clue ifa l u d C R y 1st 5 s . 1930 J-J
112*4 122
C on v 4s issu e o£ 1 9 0 9 ...1 9 5 5 J-U 122 122 ': 119 V N o v ’ 09
C on y g 4 s ............................ 1956 J -L 123*8 sale I2 l* » 123*8 372j 102*5, 123 4 C h icago t& L n o bee Erie
3 127 129
1UU 10534 123-% Chic I 11 tfa L o a is v rei O s...1 9 4 J - J 1 2 8 4 ......... 1 2 8 4 128 4
123
10-year c o n v g 5 s ......... l u l l J -L 122"., Suit 1 2 2 't
iie tu u d in g g old 5 s ........... 1947 J J 114 ......... 114 L c c ’ UU T-^l 1 1 2 4 1 1 4 4
9 9 7s .......
9 9 7S Sep ’ 09 . .. J 99*5, 9 J 7t
D eben tu res 4s S e r ie s H .1 9 1 0 F A
100 .
1 0 0 *s N o v ’ OU
190 4 1 0 2 4
J -J
L
otnsv
N
A
(fa
Oil
1st
Os.
1910
.
..
J
9 8 V ..........
98
4
98
4
US's
L
e
o
’09
F-A
S eries K ........................... 1913
94 Salo
94
94
5 9 J a4 U57«
Cliio In d & S ou 50-yr 4 s ..195(3 J -J
97
99
90 Q 97*4 97 Sep ’ 09
E a st O kla D iv 1st g 4 s ..19 2 8 M S
J 104 4 105 4
IJ * J‘ 102 106 4 104 4 Sep '09
22 93*^ 90*4 G lue Alii ifa 8>t P term g os 19 141J
94 Sale
9 3 7»
94
S h ort L in e 1st 4s g ......... iUoa J -J
101
L
e
o
’
09
G eneral g -Is series A . . e l 9 a ' ; j' - j 100 102 103 4 O ct '08 •— J101 1 0 4 4
8 Fo P res * Pit I s t g 6 s .l 9 4 2 •ll-S lOU ’i 110 V HU*-, O ct ’ 09 . . . . 1 1 0 4 113
99 4 .........
R e g is te re d .................... slUb
A tl K n o x & N bee L cfa N
y ‘2 34
S9"4 Sale
894
894. 12
90 Sale
41 04
G 011o r a lg 3 *5, 3 series R .clO c \ £ j
90 "4
95
90
A tlan tic Coast 1st e 4 s ./il9 5 2 M S 107
93*8
93 H 19 93 4 95
93 sa Sale
J .J
109
1
1
1
109
S
e
p
'09
A la M id lB t g u gold 6s ..1 9 2 8 Al-N
1084
Oct
’09
107
"
»
.........
1
0
8
‘B
109
4
90*4 J ’ n e’OU . . . . 90*4 90*4
B ru n s lib VV 1st gu g 4s ..1 9 3 8 J-J
110 "4 ‘ 161 1 1 0 4 113 4
1J - j 110 *4......... 110 4
C harles & Sav 1st g 7 s .. 1930 J-J 132*4........
lUO1* 103 Nov'uO
10 1 4 103
1
j .j
379
96
*4
Sait
.........95
7
s
*
9
4
*80
1
0
1
4
M-X
L & N c oil g 4 s ............... <>1952
1 108 1 1 0 4
io b " 4 I 0 a "8
C h ic (fa P W l s t g 5 s........1921 J-J 108-4 109
Sav F.fa W 1st gold Us..1934 A O 125 >8 ......... 127 J ’ u e’09 . . . . 122 127
104 ......... 104 ’8 A u g ’Ob
104-4 10578
J-J
112 4 114
112*<i J ’l y ’ OU
1st gold 5 s....................... 1934 A -0 112 114
................ _
118*4......... 137 4 J ’ ly ’ 99
07
*
4
J
'n
o
’
09
.
.
.
.
J-J
97
97
‘
4
S U b p O ca efa U g u g 4 s ..1 9 1 8 J -J
100 1024
99 4 ......... 100 *8 N o v ’OU
J *J
A tla n tic ifc D an v bee South Uy
100
101
loO
N
o
v
’
U
U
09*4 100*»
J-J
Austin .fa N W aS'j c S ou P a clllc
107 107
95
92 *-a
92 7» 71 92
92*4 93
L a c r o s s e cfa L 1st 6 s___ 1919 J - J 100*4 103*4 107 O ct ’ 09
alt & O hio prior 1g 3 >-18.1926 J .J
100
4
O
ct
’
09
99
4
.........
1004
1014
91*4
93
j
j
90*
9 4 *4 O ct ’ 99
R e g is te r e d ................. A1923 Q-J
100 102
99 4 ......... 100 X o v ’OO
j-j
99
99s 3 / 98*4 10 i \
99 *b Sale
G old 4 s ............................../il9 4 8 A -0
XUa1* 10 8 ^ l o s 1* D e c ’Ui*
108 110
j -j
.
..
.
97
4
10U"4
W
is
(fa
M
inn
L
iv
g
6
s___
1921
07
*a
N
o
v
’09
.........
9
J
R e g is t e r e d ................... /il9 4 8 Q-J
Uli ^ iUUVlOU l8 Deo'UJ
100*6 1017«
Alii (fa N o 1st 31 L Os___ 1910 J -L
UCt ’ 01
Pitts J u n e l i t gold O s... 1922 J - J 10 s ........ 120
10u>8 107 4
88
93
1st con sol Os.................. 1913 J -L 105 *8......... H o 5" b N ov ’09
« 8 3e N o v ’ OU
89 ‘4 .......
P ju n ifa M 111v 1st g 3 4 s l9 2 6 M-N
114
6 113 1 1 6 4
O-F U 2 ' i 114"4 114
13
92
4
90
02
-#
sale
92'-,
9
2
7e
P L E ifa W V a Hys rer 4s 1941 M-N
99
t9"a 99 4 L e c ’ 09
99 4 102
F-A
3 89
0 1 78
90*4 90*4 9Ul4
90*4
Soutliw DIV l s t g 3 4 s . . . 1925 J -J
9 9 4 101
F A .....................1100 4 J ’iy'O o
91
91
8 b " a ......... 91 1
R e g is t e r e d ................... /il9 2 5 Q-J
26
89*4
90
89
4
89
4
894 944
M-N
103
103
.
.
.
.
103
.........
103 J
Ceu O hio U 1st c g 1 Sis.. 193U M-S
93 4 A p r ’09
9 3 4 93"»
Q-F ................
___ 110 4 1 1334
......... 113
113 C
01 L o r (fa W con 1st g 6s 1933 A O
112 112
A-O i l l » 4 ......... 112 A u g ’ OU
l
u
l
.........
105
7«
1
M ouon R iv l s t g u g 6 s ..1919 F-A
1094 1114
A -0 1 11 *4......... l l l 4 N o v ’ uy
IT. 112 1 1 3 4
112 1
O hio R lv o r R R le t g 58.193(1 J -L 112 114
A-O 1 0 s " 4 ......... 1 9 9 4 N o v ’ 09 ___ 108 1 1 0 4
.... 1084112
G en eral gold 53.............. 1937 A -0 11,9*4 111)*, 112 I
.........109", 109 4 L e o ’ 09
109 4 1 1 0 4
A-O
l
l
0
"
4
.........
A
O
P itts C lev <faTol l s t g Us 1922
100 4 J ’ u o’09
LOU4 1 0 1
90 4 .........
il-N
___ 93
084
P itts & W ost 1st g 4 s . ..1 9 1 7 J -J
i00»8 1 0 0 4
lOO5. M ay’OU
M-N
....
8 ta t la l Hy 1st gu g 4 'as 1943 J -L
i o 6 4 1 0 / 4 107 4 Sep ’ 09 . . . . 107 109 4
A
-0
B eech C reek bee N V C (fa 11
103 J ’ne’ 07
A-O
Bel ley ifa Car bee Illin ois Coni
110 L e c ’09 . . . . 109 113 4
M-X 1 1 0 4 1 1 3
Bklyn <fa M ontauk bee I /ju g 1
M-X 1 0 9 4 ......... 109 J 'l y ’ Os
Brunscfa W est bee A tl Coast L
i o i 1014
99 4 1 0 1 101 A p r ’09
M-S
B u ila loN Y <fa K rio bee Erie
117 4 U 9 4
M-S 1 1 0 4 117 117 4 Oid ’09
iu * v , i n 3*
Uutlalo I t * P gen g 6 s . ..1 9 3 7 M-S 113*4 1167b .. . „ -----112 ......... i 1 1"4 L e c ’ ou -T-- i l l
115
F-A
10
107
110
*
5
,
110
*
1
*
n
o
109
1
1
0
4
C on sol 4 'a s .........................1957 M-X
............... ,
1,9 .......
~
A sh lan d 1 n v 1st g O s ..192. M-S 122 ......... 142 4 F e b ’02
. . . . 100 1024
A ll (fa W est l s t g 4s g u .. 1993 A-O
119 4 122 4 123*8 Apr'OU
1 2 2 4 123 4
J
-J
1
u
"
i
.......
i
i
i
c
h
L
i
v
1st
g
Os..........192
Cl <fa Mali 1st g u g C s ....1 9 4 3 J-J
1 0 3 4 iu3 4
M-X 101 ......... 103 4 May’09
. . . . 110 4 1 1 9
Koch & P itts 1st g (I s ...1321 F-A n o v 113
1114
111".
I l l ' * 112
3 l l i 4 *144
J -J
. . .. 1 18 "4 1 2 1 4
C on sol 1st g Us.............. 1922 J 0 ......... 119*4
113 4 A u g ’ OU
113 4 113 4
J
-J
R
e
g
is
te
r
e
d
.
.
.
.
......................
l
u
l
.........
8
9
",
j
81
4
N
o
v
o:
8
1
4
90
Bull ob Sus<t 1st rot g 4 s.d l9 5 1 J -J
U87S Sulb
9 98 1 0 1 4
j .j
Uo 78
99
Bur C R <& N bee C R 1 (fa P
9b ......... 99 A u g ’ 09
99 ,0 0 4
J-J
9 101 107
I lan So 1st e x t U 3 .............. 1913 J .J 1 0 1 4 Salb |i04"» 105
334 89 , 04
01
'4
bulb
91
91V
A-O
.
.
.
.
1
0
0
4
1
0
3
I-s
C H ll 03....................................1913 .V
................
0U "»......... U7 J ’i y ’ o t
M-X
IUO ’4 M ay’07 . . . .
R e g is te re d ....................... 1913 ■tf-s 100*5,
97
07
97
J
'n
e
’09
9 7 4 .........
M-X
Oarb<fa Shaw n bee ill G’ent
9 4 4 ......... 9 l 7s A u g ’09 . . . . 94 4 9 4 78
M-X
Carolina C en t bee S cab A ir L
94
94
94
sale
9
3
4
06
M-X
Carthage (fa A d bee N V C 4 ll
93
95
92 4 ......... 93 4 A u g’ O.
M-X
Ued R l a n <fa N bee li C R (fa N
91*4 U34 93 4 A u g’ Ot
93
4
9
3 '*
M-X
Cen B ran cn R y bee M o Pao
83
4
Sale
/*i
bd
83
o5
4902
M-N
. . . . 115 1 1 0 4
Cent of Ua R R 1st g o s ..p l 9 4 5 F-A
80
80
eO J ’ l y ’ ot
M N
4 1077e i n " b
C on sol gold 5s................... 1945 M-N 10S 4 109 103*5,
M-S i o i " * s a lt 1U2 4 1 9 2 4 211 8 / 4 1 9 2 4
___
113 .
R eg istered ....................... 1945 M-N
"b s" au"
1 79 1)6 7s
Bur Ceil R ifa N o rth e rn —
88
1st pref in com e g 5 s ... .p l 9 4 5 Oct
115 117
115 Jlay’ Oi
88
89
89 1
1. . . . 89 90
A -0 1 1 4 4 115
S t a m p e d ............ ............. .
120 4 M ar'03
................... .
___ 03
85
85*. 85 )
A -0
87 4
2d prei in com e g />s___ p l9 1 5 Oct
A-O luO ......... 111 .Vuv'iJ. . .. .....................
85
85
2 00 87
85 Sale
2d pi et in com e g 5 i stam ped
85 *5, Sale
87
85 4
29 63
M (fa St L 1st g u g 7 s .. 19'.
J -L
3d p re i in com e g 5 s . .. .p i 9 4 6
0 , 8 . G ov ern m en t
5 8 2s c o n s o l re g is te r e d .(11930
u S 2s c o n s o l c o u p o n ....iI 1 9 3 0
0 8 3s r e g is t e r e d ..............*191 8
U 8 3s c o u p o n ..................... A1913
0 B 3s c o n sm all b o n d s..* 1 9 1 8
0 S 4s r e g iste r e d ................. 1925
0 8 4s c o u p o n .......................1925
0 8 P a n Can 10-30 y r 2 s .*1930

B id
As
10 It, 102

Low

101.'

Low H igh

100"s 1o 2 76

101*4......... 100 >4O ct ’ 09 . -MT-l 1()0*4 103
103***
1 0 1 4 102 4 1 0 1 4 N o v ’ 09 . r r-‘ 101
101»4 102 \ 101*4 L e o ’ 09 . . . . 1100*4 102 *5,
100‘4 Nov’08
114 4 115 4 114"., L e o ’ 09 : : : : l1114"4 119*4
110 121
110 L e c ’ 09
1 1 6 4 110
10041014 101 M ar’ 09 . . . . 101 101*8

04*4

A

’94'4'9'i",

90 ....

B

.UI?‘ C‘ E l(I.A N I£ O lh S
S n - c c i R a il w a y
B rook lyn Hap T r g 5 s .
.19-15
1st refu n d c o n v g 43 ___ 2002
B k C lty 1st con 5 s .1910.1941
B k y Co (fa S con gu g 5s. 1941
B k lyn Uu El l s t g 4 -5 s .l9 5 0
Stam ped guar 4 -5 s___ 1950
K in g s Co El 1st g I s . . . . 1919
S tam ped guar 4 s ......... 1949
N assau E lec g u g 4 s ___ 1951
Conn R y ifa L ls t ( f a r c f g 4 4 3 '5 1
Stam ped euar 4 4 s ......... 1951
L e t U nited 1st cou g 4 4s. 1932
H avana E lec con sol g 6 s . 1962
In ter M et c oll 4 4 * .............1956
In te r Rap T 3 .y r c o n v Os. 1911
4 5 -y o a r 5 s S eries A ....... 1952
In te r n a l T rue c oll tr 4 s .. 1049
M anila E lec 1st cfa coll 5 s . 1953




B O N D S —C o n tin u e d on N e x t P a g e .

S t r e e t R a il w a y
M et S t R y gen col tr g o s . 1997 F-A
A O 1 0 4 4 107 4 105 D e o ’09 78 102 *•, 10S
87
81*5, 89*s
ltc f g 4 s ...............................2002 A -0
8 0 4 ban.
804
J -J
103
102*5, 105
B w ay (fa 7th A v I s t c g S s 1943 J -D
103 bale 103
J -J
9 9 *5, Ob*., Colds 9tll AV 1st gu g 03.1993 .11-5
UU‘a M ar UP
M-X
100"., 100
isOX A v d s P i<‘ l s t g u g 5 s 1993 M-S
102 4
F-A 102 4 103 4 102 4
102*5, 1 0 1 ', T h ird A v o R R con g u 4s 2000 J-J
F-A 102 4 ......... 103 D e c ’09
84S* 87*5*
C e n t T r Co ce rtfs stm pd. .
84 4 L e e ’ O’.
F-A
8 4 4 80
81*-, 88
T h ird A v o Uy 1st g o s .,1 9 3 7 J -J
84*
84 4
F-A
8 4 4 85
78*5, 81
N O rl Itv tfa Lt ge n 1*5,3 ..1 9 3 5 J -J
81
81
J-J
80*4 81
102 102-V St J 03 R y L t H & P l s t g 6 s ’37 M-N
J-J
1 02 4 ....... 102 4 N o v 01
101 :)g 102", >t Paul C ity Cab co n g 5s . 1937 J-J
J-J
1 0 1 4 ......... 1014 L c c ’09
81 ‘-j 85
T rl-C lty U y & L t 1st s £58.1923 A-O
J-J
80 ......... 83 4 L et ’09
_ 89
94
u n dergrou u d o£Lou 6s.._ 1921, M-N
94 L e c ’ U.
FA
93
05
85
4 *-is.......................................... 1> 3' J-J
S3 4 113/ 70
83 *8
A-O
8 3 4 5,1 It
13
102*-,
104",
In
co m e 0 3 ....................... — 1*948
103*8
103
4
M-N 1034 salt
103*, 235 , 0 1 7s 10.J1* O nion E l (C lue) l s t g 63..19 4., A -0
M-N 103*» bait 102 4
70
72*5. U nited Itys S t L 1st g 4s. 1934 J -J
70 S c p ’ d.
J -J 3......... 71
..................... U nited R R a San F r s t 4 s . 1927 A -0
M-S ..................... 98 AUy’ ttU
w eek. 11Flat, a L u c .J;i 11 <1 L u c A pr s D u o M u y , / L u e . l ’ ue ALixe J ’ ly PD ue Aug

61

09
0-i*
lo 7
I07*i
9 /*
83
33

92
78
80 L e e ’ Of*
48 J ’ly ’ up
43 4 (53
lo t
1U5 4
1014 L e c ’ dO
lull J u e’09
LOO 102 Si
94 1024
94 O ct ’ 09
100
08
70
60 05 4 72 4
bale
0 8 76 133 03 l4 7 2 4
0 /4
bale
mo
110 4 103 4 LCC ’09
1154
87 L e o ’ 09
87
83 4 87
98 N o v ’08
107*8 L e c ’ oU
107 *4 107*8
no
99 J ’ly ’ os
99
P3
93
98
98 A p r ’ 09
101
84
8 1 4 L e c ’ 09
73 4 8 5 4
22
34
34
37 4
....... .
84 O ct ’08
fi
3d
82 L c c ’ 09
83
72
79 ■"*
73", 7 3 4
744 L
80
63

........
o D a o O ct

pD ueN ov

^ O p tio n Sale

44
BONDS
N. Y. ST O C K E X C H A N G E
W rick E ndino D pxj 31

New York Bond Eecord— Continued—Page 2
/V ice
S
s

Friday
Dee 31
Ski

Ran</e or
Last Sale

Ask Low

<0
2 3
•5 -8

Range
Year
VMS

BONDS
A . Y. ST O C K E X C H A N G E
W kkk E ndino D kc 31

*^S
CO0
V* £

Price
Fridav
Dec 31

[V ol. xc.
Week's
Range or
Last Sale

Sana*

Year
VM'J

Hiqh No Low Hiyh

Clue K ook i A Pac—(Con)
Rid
Ask Low
/ / 1<i■'!
E rie—f Con)
Coio Mian
1 192 .......
C h oc Ole A O geu g 58 .01919
N Y A G reen D sru c 5 s .1940 M.N 1 0 2 4 ......... 108 M ar’OU
108 108
8 1903, l l l A 111 4 A n g ’ O'J
C on sol gold 5 s ...............1952
111 1 1 1 4
100 Sep ’ 09
104 107
A Y Sus A W 1st ret 5s. 1937 j - J
105 4 107 4
.
.
.
.
0 102 4 1 0 4 3 , 105 A o v ’OD
K e o k A Des M 1st 5 s . ...1 9 2 3
103 106
1 00 4 D e o ’ Od
2d gold 4 “as..................... 1937 F-A
C h ic s t D A N O See 111 Cent
8 « ** Oot ’09
G eneral gold 5s............. 1940 F-A ......... 89
89 4 92
Ohio St D A P itts See Penn Co
T erm inal 1st gold 5 s ...1 9 4 3 M-N 110 111 114 4 D ec 'Ot
D 1263, 127 1263, D e c ’ 09
Ohio St P A1 & O con 5 s . .. 1930
1204 1304
R eg is $6,000 e a c h ...1 9 4 3 M-N
1
9 03 g.......
C on s Os reduced to 3 4 s . 1930
M i d R R o f A J I s t g O s .1910 A-O 100s, 1014 100s, 100*4
1004 1024
Ch St P A M inn I s tg O s 1918
N 120 ........ 127 N o v ’ OD . . . . 127 129 4
Witk A Ea 1st gu g os.1 9 4 2 J-D
105 -j N o v ’ oi
101 1 0 5 4
J 120 ....... 129Ba M ay’ 91
N or W iscon sin 1st Os...1 9 3 0
1 2 0 4 1 2 9 4 Ev A Ind 1st con gu g Os.. 1920 J -J
114 O ct ’09
1094113
2 114 n o
St P A S C ity 1st g O s ...1919
) 1 1 4 4 1 1 4 6 1144
U 43,
E rie A Pitts see Penn Co
O h ic A \ V e s tI n d g e n g U s v l9 3 2
1 1 0 0 4 1 1 1 “. 119 4 D e o ’ 91
110 4 112 4 E vans A T H 1st con s Os. 1921 J -J 1124 115
116 D e o ’ Ot
112 1 1 5 4
C on sol 50-year 4 s ............ 1952
923, 08
......... 9 4 4 023, D e o ’09
1st general gold o s ......... 1942 A-O 101 102 109 4 Dec ’99
10 0 4 1 0 4 4
Clue A XV M ich see P ere Marq
114 A pr ’05
M t V ern on 1 s t gold Os.. 1923 A-O
C h oc O A G u lf See C R 1 A P
05 J ’ ne’ 08
Sull Co Branch 1st g 5 s . 1930 A-O
.............. 113 O ct ’00
Oln H A D 2d gold 4 4 s . . . 1937
D 'argo A b o See Ch M A b t P
107 *2 103 Hj 107 4 D e c ’ 09 .... 95 109 4 I lint A P ere M See Pere M ar
Cln D A I 1st g n g 6 s ...1941
4 ..............
C E nid A F t W 1 st gu 4s g.*23
Fla C A P em n see Sea A ir Dine
1 87
87
89
88
88
C ln 1 A VV 1st gu g 4 s . 1953
88
8 D ... 105 M ar’ 08
Fort S t U b Co 1st g 4 > a s.l9 4 l J -J
105 190
106 D e c ’09 .... 00 4 105
I n d D e c A W 1st g 5 s ...1 9 3 5 Jift W A R io G r 1st g 4 s ...1 9 2 8 J - J ......... 8 5 4 80 N o v ’ 00
89
.............. 197 D e o '02
1st guar gold 5 s . . . ,.. ,. 1 9 3 5 J ( ' al H ar A S A See So P ac Co
0 1 St L & U S w O b d i f f t L
" J“al H A H 0118821 st 5 ?. 1^13 A-O
97 J ’l y ’ 09
99
Oln S A U See C U 0 St li
G eorgia A A la See Sea A Dine
Olearnelit A Mali See 11 K A P
Ga Car A A or See s e a A lan e
9 0 4 Sale
C lev Cin C A St D gen g 4s 1993 J
064
9 0 4 12 05*, 994 G eorgia Pacific See So Ry
....
94
943,
9
4
4
A
n
g
’
O
U
94 4 97
Cairo D iv 1st gold 4s___ 1939 J
G i‘ 3 v* (3 & N o r see So P a c Co
3 94
0 l"a Sale
91 "a
944
95
Cln W A M D iv 1st g 48.1991 J
G o u v A U s w e g a t 6’e « A Y Cent
1 94
04 bale
1'4
94
073, Grand ltap A Ind See Penn R R
8 t L D iv 1st co l tr g 4 s .. 1990 M
9 3 4 ......... 9 1 Oct ’ 97
R eg istered ......................1990 11
G ra y’ s P t T erm See St D S W
......... 95 Hi 96 D e c ’09
Spr A Col D iv 1st g 4 s ..1940 M
90
96
9G3, Sale
06s,
97
Gt A o r —O B A tJ coll t r 4 s 1921
954 994
93
.........
W W Val D iv I s t g 4 s . . . l 9 4 0 J
R e g lstcre d ./i,.....................1921 •*—
9 0 4 ......... 97 4
07 4
05 4 09
2
194 4 ......... 1 0 3 4
1034
0 1 St D A C consol 68..107
1 0 3 4 l6 6
S ’. Paul -M A Man 4 s ___ 1933 J - J
98
0 3 :), 9 8 4 N ov’ OU
1st gold 4 s ................... fcl0:
984199
127 4 130 128 N o v ’ 00
I s tc o u s o l gold Os......... 1933 J -J
128 132"»
f
08 ......... 08 A u g ’ 00 . ... 98
R e g is t e r e d .............. A:19,
98 4
120 ......... *132 A p r ’ 09
132 132
R eg istered................... 1933 J -J
1004 bep ’ 90 . . . . 109 4 109 4
Cm S A Cl con 1st g 5s. .1 0 2 8 J
100 111
Reduced to gold 4 “as 1933 J •J 1 0 0 4 107 4 107 4 U eo’ OU
O C C A 1 con sol 7 s ......... 1914 J j 1 0 9 4 ......... 109 4 D e c ’00
1004 1114
1U83, J ’ ne’ uO
1084 108 4
R eg istered ................1933 J - J
Consol sin k fund 7 s ___ 1914 J 1 : - - - ..............
1 0 1 4 103 4
Dakota e x t gold O s....1 9 1 0 M-N 1 0 1 4 1 0 1 4 1 0 1 4 D o o ’09
126 125 H.
G eneral con sol gold Os. 1934 J
125 126
0 7 4 09
99
09
0 7 4 101
M ont e x t 1st gold 4 s ..1937 J-D
....................
R eg istered ................... 1934 J
R e g iste re d ................... 1937 J-D ......... 08 4 100 4 O ct ’ 06
..................... 94 J ’ l y ’ 08
in d Bl A W 1st pret 4 s .1940 A
9 8 4 ........ 1.1 9 8 ‘, O c t ’ 90
K M inu A o r D iv ls t g 4s 1948 A-O
08
4 1014
....................
O Ind A W 1st pi 6 s . . . 01938 G
117 117
Minn Union I s t g O s . . 1922 J -J 112 ...... 1*117 N o v ’OU
93
93 4 93
1 91 90 4
93
Peo A E ast 1st con 4 s ...1 9 4 0 A
M ont O 1st gu g O s....1 9 3 7 J -J 1 2 7 4 130 1130 O o t ’90
130 1 3 2 4
00
4
07
4
9
In com e 4 s ........................ 1990
07 4
074
40
07 4
*130 4 vlay’90
R e g iste re d ................... 1937 J -J
Clev A M arietta See P en n it it
1st guar gold 5s........1937 J -J
1134117
Olev a Pitts see Penn Co
Will A S F 1st gold 5s 1938 J-D 113 ......... 110 J ’n e ’09 . . . I UO 110 4
8
0
4
81
1
80
4
80
4
Col M idland 1st g 4 s ......... 1947
80
87 4
•reenbnor R y See d i e s A G
9 0 4 Sale
Ooiorui: i A Sou 1st g 4 s . ..1 9 2 9
90 4
904 n
9 6 4 99
90
lull A s 1 1st ref A t g 5s 01952 J -J
0 6 4 ......... 90
2 95 9 7 4
9 7 J, sale
973,
08
i o 9 0 3, 190 4
H eiuud A e x t 4 4 s ......... 1935
an A S t J o See C B A G
113 suie 113
1 113 117*,
113
ift W A Den C 1st g O s..1921
ou satonic See A Y A H A H
Coluin A lir e e u v See So Ky
102*, 102s, 1 102 4 1 0 9
‘ lo c k Val l s t c o u s o l g 4 4 s .1 9 9 9 i J - J ......... 103
Coi a M ick Val See H ock Val
1004 s e p ’ ua
R e g is te re
..........................1999 «J - «1
*-'■'0
Wd
U..........................AUUD
Col A i o i See H ook Val
983, May’ 09
Col A i l V 1st o x t g 4 s ..1 9 4 8 A-O ......... 08
08 4 9 8 4
Coi Coi n A T erm See N A W
0 8 4 00
004 b o b ’00 HI* 97 0 9 4
Col A T ol 1st ex 4 s ........1955 F -A
Conn A Pas R ivs 1st g 48.1943
lo u s t E A W T e x see So Pac
C uba HR 1st 50-yr 5 g . . . . l 9 5 2
.............. 05 Jan ’ 09 . . . . 06 05
io u s t A T e x Cen See So Pac Co
an A d 8 o see C 51 A a t P
100 B al. 106
106
|lliuois C entral 1st g 4 s ..1951
1 1084108
alius A W aco See M K A X
1 0 2 4 ......... 1U 74 A p r ’97
1 R eg iste re d .......................1961
Del Duck A W estern—
00 Sep ’90 . . . . 88 4 94 4
1st golu 3 4 s ...................... 1961
1 1 1 4 113 4 1 1 1 4 N o v ’ 00
M o r n s A E ssex l s t 7 s . . . 1914 M
11141144
94 Sep '00
R e g iste re d .......................1951
04
94
13 114 1 1 7 4
......... 114
114
114
1st con sol guar 7 s........1915 J
93 4 M uy '00
E xten ded 1st g 3 4 s ........1951 : A-O
03 4 9 4 4
127 J ’iio'05
R e g is te r e d ............ .. 1 9 1 5 J
80 J ’ly '0 0
80
80
1st gold 3 s s t e r lin g ......... 1961,M-S
•5M.............
u u . . . . . . 94 Sep ' uj
1
0
0
3
,.........
1st rol g u g 3 4 s ........... 2000 J
102
D
e
o
’
uO
Coll T ru st gold 4 s........... 1952 A-O
199 4 102 4
1 1 0 4 ......... 1 1 7 4 A o v ’90
1174121
N Y Dark A W 1st O s...1921 J
90 J ’ne'ou
90
U9
R eg istered ...................... 1952 A-O
1 0 9 '8 ......... 1 9 0 4 D e c ’90
100 4 11 23s
C on structiou 5s........... 1923 if
rel 4 s ............................lo g o M-N
9*9 4 Sale
00
U0 4 *24 9 8 4 1 0 1 4
0 0 4 ......... 993, lic e '90
003,1004 1st
Term A im p r o v e 4 s ....l 9 2 3 M
09 1 9 1 4
D A U A T e x gold 4s ...1 9 6 3 M-N luO ......... 003, D e o ’ uO
192 4 l 'e b ’03
W arren 1st ref g i l g 3 4 8 -2 0 0 0 Jb’
R e g iste re d ...................... 1963 M-N
1194129
118 4 D e c ’90
Del A liu d 1st Pa D iv 7 s .l9 1 7 A1
118 4 122
Cairo B ridge gold 4s___ 1960 J -D
99 4 1 9 0
R eg istered ...................... 1917 M
- - - - - ......... 149 A u g’01 ___
88 4 02
Louis
v D iv A T e rm g3 4s. 1 0 6 3 'J - J
102 4 sale 1 9 1 4 193
123 190 1 9 / 4
10-yr c o n v dob 4s........... 1910 J
M iddle D iv reg 6 s ......... 1921 'F -A
......... 19 2
1014 102
l o 11 9 1 4 1 0 3 4
1st Ueu equ ip g 4 'vs . ...1 9 2 2 J
Omaha D iv 1st g 3s........1961 F-A
79
79
199 4 Saio 100
199 4 I t 190 103
1st A r o t 4 s ........................ 1943 M
79 4 D e c ’08
S t Douis D iv A te rm g 3 s .l9 6 i| J - J
199 191
1004 l o o 4 10 U7 107
A lb A b u s c o n v 3 ‘as........1940
R e g iste re d ......................19611J - J
D27 ......... 128 N o v ’ 00 . . . . 128 128*,
R eu s A bars toga 1st 7 s .1921
8
0
4
D
e
o
’
OO
G old 3 4 s ........................ 1961 J - J
894 904
Del R iv UK B ridge See Pa RR
191 4 u c t ’ 99
R eg iste re d ..................196 1M - J
.......... 95 4 95
05
2 05
D e n v A it u r 1st con g 48.1936 J
984
109 AUV'OU
Spring D iv 1st g 3 4 s . . .19611 J -J
1 9 3 ', 194 1933, 104
10 103 106
Consol gold 4 “as................1930 J
i
90
A
o
v
’
ua
0
7
4
109
W estern Dines l s t g 4s ..1961 F -A
90 1 9 0 4
1923, (U4 l 02 h, N o v ’OU ....1 101s, iu4
Im p iov em eu t gold 6 s ...1 9 2 8 J
1 1 7 4 ......... 121 b e b ’uo
121 121
B ellev A Car 1st Os........1923 J-D
943.
9 4 '8
94 4 8b 9 2 4 00 4
1st A r o iu u d in g 5 s ......... 1955 F
06 ......... 90 4 O ct '99
Curb A Shaw 1st g 4 s ...1 9 3 2 M-S
90 4 98
08 F o b ’ 08
Rio Hr J nno 1st gu g 5 s .1939 J
Cine St D A A O g 6 s . .. 19511J -D 117 117 4 117 4 D e o ’ uO
117 4 120
78 D e c ’ 09 . 1
Rio gr b o 1st gold 4 s ___ 194U J
78
89
--------------------- J-D 110 118 1 1 8 4 J ’ n e ’90
R
eg
iste
re
d
.....................
1961
1
184119
......
1
85 M ar ’08
G u aran teed.....................1940 J
90
90
G old 3 4 s ......................... 1961 J-D .....................* 09 O ct ’90
06 Bale
93 4
95
Rio G r W est 1st g 4 s ___ 1939 J
10 02 “, 100 4
M em pli D iv 1st g 4 s . . .1951 J-D .......................199 M ar'93
83
in
84 D e c 09
31 ce and col trust 4SA .1 949 A
83
87
St D Sou 1st g u g 4 s ___ 1931 M-S .....................I 08 J ’l y '9 8
0 tail C ent l s t g u g 4.s a !0 1 7 A
......... 96
Des j : oi a Ft 4) see M A b t D
97
9 8 4 97 4 O c t ’ 09
J -J
00
984
110 S o p ’ 94
Lies M oi Un Ry 1st g 6 s ..1917 31
110 4 D e c '99
hi.
uiuai, ui i s t g n s . . 1919 -1 - 1- 199 4 1 . 0
190 112
90
.
05 4 Dot ’ UV
Dot A alack 1st lieu g 4 s .1996 J
93
05 4
........ io 7
199 *8 AUg’ O0
2d gold 5 s.......................... 1909 M-S
86 1 0 3 4
01
02
92 4 D e c ’00
G old is ..................................1995 J
88
92 4
T ru s t Co c e r t ls ......... ............. I ____ 1 0 0 4 b ale 190 4
lo 7
80 4 198
Detroit S outhern—
.........
3 u gom 4 a......................
1921
M-S 46 4 49 D e o ’ OO
49
69
......... 74
74 D e o ’OO
O hio b oil DlV 1st g 4 8 ...1 9 4 1 M
70
82
194 1 1 1 4
ow n Central 1st gold 5 s .. 1938! -1- 1' 1 9 6 4 197 1 0 0 4 ,0 0 _
111
11-2
111
111
2 111 n o
Dul A iron R a n ge 1st 5 s ..1937 A
G old 4 s ................................1951
70
7 0 4 70
70 4
7 4 4 82
100 4 M ar ’08
R e g is te r e o .......................... 1937 A
al A A G It see D s a al b
2d Os..................................... 1910 J
an A M ich See l'ol A D C
Dul b h ort Dine bee N o r P a c
o c t ’ 09 .... n o
Dai b o Shore A A ti g o s . .1937 J-J 1 0 9 4 ....... n o
1104
D 'tte to t.U iu n see St P 31 A . ’d
lb a s t Ten Va A Ua See So R y
i ---------- -------------- „ -------- 7 2 4 Sale
724
724
A-O
714 754
. 113
113
E lgin J oi A East 1st g O s.1941 M-E 113
1 112 116
R eg istered ......................... 1950 A-O ..................... 03 Oot ’ 09
Elm C ort A A’ o See Deli A A Y
103 Sale 1 9 2 4
103
R e f A im pt Os A p r 195 0.........A-O
109 4 i 93*'
E n o 1st e x t gold 4s............. 1947 M-K 1 0 0 7s 102 101 N o v ’ 09
101 101 1
2d e x t gold 6s.....................1919 31-S 1 0 0 4 ......... iu o 4 o c t ’uy . . . 196 4 1 96 4 1
104 4 A 0 v ’09
8d e x t g old 4 “as................. 1923 M -s
1944 105
1
w v/iAiu use du ivji
.
4th e x t g old 6 s ...................1920 A-O 166 4
107 N o v ’ O'J
L90 1074
ako E rie A W l s t g 6 s ..1937 J -J 1 1 2 4 1 U 4 114 Dco’00
H ‘2 4 1 1 6 4
5th e x t gold 4 s...................1928 J-D
09 4 ......... 07 Jan 00
07
07
. i 2d gold 6 s ........................1941 J -J lo 7
......... 107 Auv'uli
197 109 4
1st con sol gold 7 s ............. 1920 31-S 122 Hale L22
122
3 L203, 125 4
A o r tb u lu o 1st gu g o s . .1945 A-O ......... 110*a 112 4 D e c *99
112 4 1 1 4 4
l s t c o n e o t g tu u dV s........1920 il-S
. . . . . . 1203, 124 A u g ’ 00 . . . 122 124
1
85s, 88
Erie 1st con g 4s p r io r.. 1990 J - J
»7
87
01
1 82
... . — - ■ .
i **V w
J -Jw 1004 sale 1004 1004
10041084
R eg istered ...................... 1990 J-J
81 A o v ’09 ...1 82
80 4
R e g iste re d .......................... 1040 J - J 1004...... 197 Aug 90
107 lo 7
7 0 4 sale
1st con sol gen l i e u g 4 s . .1990 J-J
70
7 0 4 00 0 9 4 80
1 ehigh Val (P a) con s g 4 s .2903 M-E ...... 904 U74 Aov’O
J
e7
98
R eg istered .......................1990 J-J
804 F e b ’ O/ ...
en V T e r Ry 1st g u g d s .1 9 4 1 1A-O 115 116 4 116 4 Get ’99
11641184
Penn c oil tr g 4 s ............. 1951 F-A
80 Hale
80
8 6 4 ! 16 76 4 00
R e g iste re d ....................................1941A-O
................... 1994 Dot ’09
50-year c o n v 4s A ......... 1963 A -u
e2 Bale
89 4 1 eli V Coal Co 1st gu g 6s. 1933 J-J ........ ..........108 A ov’90
814
82 i 71 03
198 499
do
S e n e s B ...1 9 5 3 A -0
72 4
7 3 4 321 57 4 80
7 3 4 bale
ell A A Y 1st guar g 4 s ..19 4 5 M-S ...... 944 004 Sop ’(A
90
97
)
Bun A Y A E rie 1 s t 7 s ..1 9 1 0 J-D ......... 115
L1U“« A u g ’ 00 . . . 116 1 1 0 4
R eg istered ................................... 1945 M-S
......... 9 5 4 .................
Clue A E rie 1st gold 5 s .. 1982 M-E 1133, n o
L13 s,
1.33,
3 1133, 117 k
El C A A 1st pf O s ........1914 A-O 192 ..........113 4 J an ’ 90
Clev A -Mahon Val g o s . 1938 J-J
HO _____ 121 D e c ’08
G old guar 6 s............................ 1914 A-O
199 4 ......... 1 9 1 4 a cp ’ 99
10141914
Long D ook con sol g O s.. 1936 A-O 126 128
2 120 128 4 1
1204
120 4
Coal A R R 1st cu r gu Os.1922 M-N .........113
l1-4 J ’n o’ 09 . . . 1 1 2 4 1 2 9
1
D ock A Im p 1st cu r Os..19 1 3 J -J 192 ......... 103 4 O ct ’ 09 . . . '1 0 3 4 1 1 9
D

....

u

H

D

V

iH P SC i'.R R A N E O U ri
(7ns m ill E le c t r ic L ig h t
A tlan ta G 1, Co l s t g 5 s ...l9 4 7
B k lyu U G as 1st con g o s . 1046
Buttalo G as 1st g 5 s........... 194 .
Colum bus G as le t g 5 s ....1 0 3 2
D etroit c it y crus g 6s ......... 1025
D e l G as Co con 1st g 5 s ...1 9 1 b
E q G D A Y 1st c o n g 6 s ..1032
G as A E lec B erg C c c g 6 s .1049
U r R ap G D Co 1st g 6 s . . .1016
H u d son Co Gas 1st g 6 s ..1940
K an C ity (M o) Gas 1st g 5s 1922
K in g s C o El D A P g 5 s . .. 1037
P u rch a se m oney 9s......... ,0 9 7
E d El 11 B kh 1st con g 4s 1939
Lao G as D ot St D 1st g 6 s .s i9 1 0
R e f and e x t 1st g 5 s ........1934
M ilw au k ee G as L 1st 4 s ..l9 2 'i
N ew a rk C on G as g o s ........1048

103 .........
1 07 4 1 0 7 4 1 9 7 4
107 4
04 4 ......... 04 D e c ’ 00
1 0 1 4 1 0 1 4 101 N o v ’Oii
95°8 b op ’ 08
00 M ar’ llo
09 ......... 01 4 Dot ’01
......... 191
109 O ct ’ 01*
......... 104 4 1933* 193 a,
00 4 ......... 199 M uy’OO
1 9 2 4 ......... 104 4 Sop *09
117 4 A u g ’oii
....... 116
88 bep *08
192 7g i o
1 0 2 4 103
190 4 1 9 1
199 4 D eo *90
01 ......... 00 4 O ct *06
109 108:)6

HON D b —C o n tin u e d oil N e x t P a g e .

b u s nud E le c t r ic L ig h t
A Y G E D I l A P g 5 s . . .1948 J-D
P u rchase m oney g 4s. ..1 9 4 9 F-A
74
Ed El 111 1st co n v g 6 s ..1919 .Vl-S
1st cou sol gold 5 s ......... 1996 J -J
1 0 0 4 192 “j X Y A G E 1 D A P I s t c o n g 6 s l9 3 0 F-A
A Y A R ich Gas 1st g 68.1921 ,*i-X
Pat A Pas g A E co n g 6 s. 1949 ivi.s
Peo Gas A C 1st con g Os.104,, A-U
R efund ing gold 6 s ...........104, •vl-S
0»> 1*0*6“
-033, 105
C hG -D A Cko l s t g u g os 103 i J -J
“00 190
Con G C o o l Cli 1st gu g o s . .it J -D
( 0 1 4 194 *v
X m lA a tG a s A O il3 0 -y r D s ’ 3o M-N
>10 118
M u b uei Gas 1st gu g o s. 194 • M-N
S yracuse D igliting 1st g 6 s .’ 61 J-D
192 4 io 5 * ' i reutou G A El 1st a 6 s .. 194; A-b
199 19 1 4 U nion E lec L A P l s t g 5 s. 1932 M S
90 4 02 4 U tica E l D A P 1st s l g 5s. I960 J J
W estch ester D igh t’ g g 6 s .l0 6 o J-D

107
09

io 8

• N o p rice Friday; latest bid and asked tills w eek, ct D u e Jan 6 D u e Feb d D ue A pr e D ue May A D u e J ’ly




103 Sale 103
84
8 4 4 84
.........
100

103
84 4

13 1 0 0 4 1 0 4 4
8 823, gtDj
1 100 1004
110
110 Deo MO
no
112
0o 4 M ay’ Oif
07
98 4
974 974
100
97 4 J ’ l y ’ 99
.................. .
1043, N ov’ UCi
05 4
no
i2 i
119 k 120 D e o ’ 09
193 4 D e c ’01;
103*4 104
.024 104
194 D eo Ot
H'3 1U44
10 1 4 105
102 Nov'O'J
19 1 4 103
102 103
803, 9 4 4
OP* 9 4 4 A u g’ OiJ
191 D e o ’o.
01 1013,
101
903, N o v ’ OU
00
994 004
119 Mtty’OE
90 J a n ’ uy
...................
102
00
105 102 4 M a r ’ 09
(0 2 4 1 0 2 4

100

A: D uo iug 0 D uo O ct Q D uo Deo .sODtlon Sale

New fork Bond Record— Continued— Page

JAN. 1 1910.
ISON I>4
K . Y . ST O C K E X C H A N G E
W kkk Kn oin * DEO 31

"3
■** o
c c

Price
fH clav
Dee 31

Hid
L o n g D ock See Erie
L o n ? Ini’ ll—1st con g 68.A1931 Q -J 112
F e rry gold 4 4 * ................. 1922
Golil 4 s ................................. 1932
U nified gold 4 s ................. 1949
D eb en tu re gold 5a........... 1934
G uar ref fo ld 4a........... ..1 9 4 9
B k lyn * M on t l e t g 6 s ..1911
l e t 58................................. 1911
N Y B A M B 1st con g os 193b
N Y A K B le t g 5 s ........1927
N or Sh B 1st con g e u 5 « o l9 3 2
L ou isiana & A rk 1st g 5 s .1927
L ou tsv A N aehv gen g Os. 1930
G old 5 s ................................. 1937
U nified gold 4 s . . . ............1940
R eg is te re d ............... .. .. 1 9 4 0
S in k fund gold Os...........1 9 1 0
Coll tru st gold 5 s..............1931
E H & N ash 1st g O s....1 9 1 9
L Cin & L ex gold 4 4 s . ..1931
N O * A1 1st gold O s....1 9 3 0
N O A M 2d gold Os....... 1930
P e u s a co la D iv gold O s...1 9 2 0
St L D iv 1st gold Os........1921
2d gold 3s.........................1980
A tl K nox * Cin d lv 4 s ..1955
A tl K n o x * N or I s t g 6 s l0 4 0
M ender B dge l e t sI g O s .1931
K en tu ck y C en t gold 4 s ..1987
L A N * M * M le t g 4 4 s 1945
L A N -S outh M Joint 48.1962
N Fla * S 1st g u g 6 s . .. 1937
N A C B dge gen gu g 4 4 s 1916
Pens A A tl l e t gu g O s..1921
S A N A la con gu g 6 s ..1 9 3 0
L A J ell B dge Co g u g 4 s ..1945
L N A * Ch See C I A L
V I ahou Coal fie« L 8 & M S
I'A an lia ttau By con sol 4s. 1990
lte g is te r e d ................... 1990
Strapd ta x e x e m p t..1990
M c K ’ pt & B V See N Y Cent
M ex C en t con s g 4s............ 1911
le t con s ino g 3 s ..........o l9 3 9
2d con s m e g 3s tru st r e c ta .,
i le x lu ie r iia t 1st con g 4 s . 1977
Stam ped g u a ra n tee!!... .19 7 7
M ex N orth 1st gold O s....1 9 1 0
M loh C ent See N Y C ent
M i d o t N J See Erie
MU L S A VV See Clue A N W
M ll * N brth See Oil At A St P
M inn A St L 1st gold 7 s . . 1927
P a oillc K x 1st gold Os...192 1
South W est E x 1st g 7 s . 1910
l e t con sol gold 5 s............. 1934
l e t and refu nd gold 4 8 ..1 9 4 9
D ee At A F t I) 1st gu 4 s ... ’35
M inn A St L gu See B O K A N
M inn Un

j Id
M-S

M-S
M-S
M- S
A-O
M-S
J-D
M-N
J -J
J -J
A-O
M-N
J -D
M-N
j .j
j .j
M-S
M-8
M-N
M-8
j .j
M-S
J -J
F-A
F-A
F-A
M-S
A-O
A-O
J -J
1’ ly
M-S
J-D

J-D
J-D
M-N
M-S
J -J
J -J
J -J

See St P A1 AA1

J-D
F-A
1st e x t gold 5 s . ................ ) 944 M-N
M- 3
J -J
St L D iv 1st ref g 4 s . . ..2 0 0 1 A-O
M-N
F-A
A-O
AIo K A E 1st gu |
M-N
M-S
J-D
M -8
M-N
M-S
F-A
M-S
M-N
F-A
J-D

J J
F-A
J .J
St L l r At A Sgen coil g 6s 1931 A-O
A-O
J -J
M-N
M-S
M obJ A K C i s t con s g 6s. 1963 J.J
J -D
O-J
M-S
F-A
Q-B’
G uaranteed g 4s........... 1931 J . j
A1 A O coll 4 s See Southern
tlolm w k A Alai See X Y C A 11
M onongahela H lv See B A G
M ont C en t See St P At A At
M organ’ s La A X See S P Co
M orris A E ssex See Del L A \Y
j .j
A-O
J .j
Jasper B ranch 1st \
J -J
J -J
N ash F lor A Shet See L A N
J -J
A -O
J .J
A -O
N ew M A D See N Y N H A 11
N J J u n e l i l t See N Y C en t

N1

Week's
kanqe or
Last Sate

Ask Late

•3^3

P

Hanqe
Year
jyuifi

BONDS
N . Y . ST O C K E X C H A N G E
W eke B hdtnu D eo 31

Hxqn No Low High

N Y B k ln A Alan Bell See L I
V Y C ent A H R i T g 3 4 s . l 9 9 7 J
R e g is t e r e d ................... 1997 J
984
D eben g 4 s ........................ 1934 M
97 Hale
97
97 4 10 *96
98 1 0 1 4 100 4 A pr 'Oo
1004 1004
Lake Sh ore coU g 3 4 s . ..1 9 9 8 F
90
97
R e g is te re d .................... 1998 F
93
94 4 Sale
»t
914
3 94
M ich C en t coU g 3 4 s ___ 1998 F
R e g is te re d .......................1998 F
....
8 #7 09*,
Beech C reek 1st gu g 4 s . 1936
93 4 -------- 09 4
994
IUO 4 .........
R e g is te r e d .......................1930
100 .........
2d g u gold 6 s ..................1930
104 ......... 1 1 0 4 K o v ’06 ___ ________ _
B e e ch C r E x t 1st g 3 4 s 61951
1(1A lOriW,
Cart A A d 1st gu g 4 s . ..198 1
Q ou v A O sw e 1 st gu g 5s 1942
99
Moll A Alai 1st gu g 4 s . . 1991
9 6 4 . . . . *H7 N ov ’ 09 . . . 96
1 1164 1174
N J J uno R g u 1st 4 s ...1 9 8 0 116
116 Sale 116
114 4 D e o '09
111) 117
N Y A H arlem g 3 4 s . . .2 0 0 0 M
114 H 7
48
9 8 4 10 2 4
100 Hale
994
N Y A N orth 1st g 6 s ...1 9 2 7 ; a
100 1004
N Y A Pn 1st con gu g 4 s 1993 A
100 M s v ’Otl
......... 99
6 1 0 0 4 100 4
N o r A A lont 1st gu g fts.1910 A
100 4 Hale 100 4
100 4
Pine C reek re g guar Os. 1932 J
108*4 1 1 0 4
107 ......... 111) N o v ’ 08
It W A O con la t e x t 6 s .A 1 9 2 2 A
111 1 1 1 4
1 1 1 4 ......... 1 1 1 4 O ct '09
107 4 1 0 7 4
O sw e A R 2d gu g 6 s ...« 1 9 1 6 F
106 107 4 1 0 7 4 J ’ ne'(i9
124*4
126*8
1247. D e o ’09
124 4 1 2 6
R W A O T It 1st gu g 5 s .1918 M
120 120
Rutland 1st con g 4 4 s . .1 9 4 1
1 1 8 4 ......... 120 Jan ’09
107 107
O gA L C liam 1st g u 4 s g l9 4 8
107 108 107 D e c ’ 09
Rut-C anad l e t gu g 4 s . 1949
71
71
8 t Law A A d ir 1st g 5 s. 1996
68 75 71 M »y ’U9
2d gold Os........................1996
9 3 4 « 3 4 94 D e o ’ 09 . . . . 9 3 4 « 0 4
U tica A B lk R tv g u g 4 s .l9 2 2
107 113
110 J a i l ’09
i i 6 iio
L a k e Sh ore gold 3 4 s . . ..1 9 9 7
96
98*4
96 ......... 97 N o v ’oO
R e g is te re d .................. 1997
___
......
............
103 D e c ’08
105 4 1 0 6
D e b e n tu re g 4 s .............1928
9 1 4 ........ 917. N o v '09
83
92
25-year g 4 s ..................1931 M
. . . . m 5* 1154
104 113 113 4 J ’iy
K a A A G it 1st gu c 68.1938 J •
M ahon C’ l R R 1st 5 s .. 1934
i l O 3. Nov'OO
l o o iio * 4
P itts A L Erie 2d g 6 s . a l 928 A1 1 0 4 1 1 6 -j
110 ......... 1 1 0 4 Sep ’ 09
P itts M cK A Y 1st gu 6 8.1932 J '
04 N o v ’ 09 . . . . 94
96 4
2d gu ar 6 s ........................1934 J ’
M c K e e s * B V 1 s t g 6 s 1918
M ich C en t 1st c o n s o l6 s .l9 0 9 :M
03
6 9 2 4 100
9 7 4 9 8 4 08
6 s ........................................ 1931 M
104 A p r ’ 05
R e g le te r e d .................. 19311Q
OO >,
8 99 100*4
......... 9 9 4 99 4
* « - - ..................................... 1940, J
R e g is te re d ................... 1940
0 83 4 06*4
9 6 4 97
064
° 0 3«
J L * S 1st g 3 4 s ........ 1 9 5 1 '^
27 Sale
27
27 4
3 23 4 27 4
1st g 3 4 s ........................ 1962 M
26 4 A p r ’09
20-year d eb 4 s ............... 1929 A
hO J ’l y ’ 09
80
80
B at C * S ta r 1 st gu g 3 s. 1989 J
80 F e b ’ 08
N Y C h ic A S t L 1st g 4s 193 7!A
100 Bg M ay’ 09 . . . . t o o ^ i o i
R e g is te r e d .......................1937 ia
D e b e n tu re s 4 s............... 1931 M
W e s t S hore 1st 4s g u . . . 2 3 6 l ‘ ’
R e g is te re d .......................2361
N Y A G reen w iaik e See E rie
1 3 2 4 1 3 3 4 N Y * H ar See N Y C A H ud
132 ......... 1 3 2 4 J ’ n e’ 00
109 ......... 118 J a n ’ 07
N Y i^ack A W
See D L A W
......... 102
l O l 3. M ay’09
101*4 1 0 3 4 N Y L E A W See E rie
......... 1 0 8 4 107 D e c ’09 __ 107 1 1 1 4 N Y A L on g B r See C en t o f N J
......... 8 2 4 8 3 4 N o v ’ OO
8 3 4 87 4 N Y N 1 1 A H - C o n v O s ..1943
89
9 1 4 0 1 4 G ot ’09 . . . . 9 1 4 9 1 4
C on v deben 3 4 s ..............1950
H o u sa to u ic R con g o s . .1937
99 4 0 9 4 9 9 4 D e c ’ 09
99 1 0 0 4
N H A D e rb y con c y 6 s .l9 1 8
99
J
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ly
’
uu
09
99
.
.
.
.
984 9 »4
N Y A N orth See N Y C A H
N Y O A W ref 1st g 4 s ..p l9 0 2
99 4 Sale
09 4
00 4 32 98*« 101 4
R e g is 56,000 o n ly ......... o l9 9 2
87 Sale
864
8 7 4 28 86
8 8 4 N Y A P u t See N Y C A H
la 103*4 109 4 N Y A R B See L on g Island
1 0 3 4 ......... 104*4 100
0
84 4 85 4 94 4
Y S A W See Erie
014 Sale 0 1 4 Or*. lo 89*g 9 3 ’ . N
N Y T e x A M See So P a o Co
.......... 87 4 88 A p r ’09
88
89 4 N or A South 1st g 6 s ......... 1941
103 4 ......... 1U5 O c t ’ Oi* ___ 106 n o
rf A W e s t gen g 6s........1931
01 N o v ’oO ___ 91 93 N oIm
.......... 92
p r o v e m ’ t A e x t g Os..1934
113 1 L4 4
1 0 1 4 1 1 1 4 113 O ct Ull
N e w R iv e r 1st g Os........1932
......... 1 0 6 4 107 4 D ec ’ UU
106*4 112
no W R y xok
o u g iS
U O "•
Ni A
1st ccon
4s..iO
1990
1 104 4 n »
......... 105 4 104 4 104 4
R e g is te r e d ..................... 1096 A
110 4 A p r ’09
......... 108
n u 4 n o 1*
D iv ’ l l e t 1A gen g 4 s ..,1 9 4 4 J
......... 1 0 5 4 104 D e o ’O.i
104 i n * *
a r c o n v 4 s . .. 1l 1932
uxm J
10-25 yreear
no
.........110 4 l 1 1a. D e o ’oO ___ i n
P ocah C A C Joint 4 s .. 1941
5 100 4 102*8
1G l 4
1 0 1 41014 1014
C C A T 1st gu g 5 s ......... 1922
i (U v, l<e b ’ 07
Soio V A N E 1st gu g 4 s 1989
101 103*4 N orth Illin o is See Chi A N W
102 102 4 102 D e o ’oO
82 Sale
81®a
82
1*3 78»« 86 4 N orth O hio See L Erie A W
95*4 88 Hi N or Pao— P rio r hen g 4 s ..1997
9 6 4 ......... 9 5 4 N o v ’OS
9 4 4 9 4 4 0 6 4 G e c ’ 09
80
96 4
R e g is te r e d .......................1997
80 ......... 88 4 Get ‘ U9 __
8 8 4 91
G eneral lien gold 3 s___ a2047
HO
M ar’ 05
R e g is t e r e d ...................o2847
*1004......... 10 0 4 D e c ’ 09
09*4 1 0 0 4
S t Paul-D ul D lv g 4 s ___ 1990
I ll
........ 116 S e p ’ 00
112 4 ITS
D u l S h ort L 1st g u 6 s .. 1910
no
109 4 dal to 109
13 1087, 112
O B A Q c oll tr 4s See Q t N or
111 Sep ’09
.........n o
110*4 1 H ° i>
S t P A N P gen g O s....1 9 2 3
86
2 86
86 4 80 4 86
90*4
R eg iste re d ce rtifio ’s .. l 9 2 3
b7
88
91
874
88
6 87
St Paul A D ul 1st 5 s . ...1 9 3 1
......... 102
102
102
1 102 102
2d 6 s ................................. 1917
08 D e c ’06
1st con sol gold 4 s ......... 1908
120 1214 122 D e o ’ U9 .. . . 1 19 4 126
W ash C en t 1st g 4 s ......... 1948
......... 1 1 8 4 117 4 Get OO
117 118
N or P ac T e r Co 1st g Os..1933
<J0 D o o ’ uu
90
91
*3 Dl
N or liy Cal See Ho Pac
........ U 1 4 112*4 G et ’ 00 .v- - 112 4 1127, N or VS'la See C » t P M * O
75 M ay’ 08
Nor A M ont See N Y C ent
____ 06 101 N o v ’ 04
/ j ln h A W See C V C A St L
V J h io R iv H R aee halt A O
Ore A Cai See So Pao Co
Ore S hort Line See Un Pao
O sw ego A Hom e See N Y C
>ao Coast Co 1st g 5 s . ...1 9 4 0
ac o( M issouri See M o Pac
108*
s
D
co
’
00
M-N
108** 1 1 2 4 Pena R R 1st real est g 4s. 1923 —
1 0 8 4 .........
10041104 l i t D e o ’ oO , __ n o n s * ,
C on sol gout 5 s ..................1919 M•S
116 .........
Consol gold 4 s ..................1943 M -.N
___
108 4 ......... 117 4 M ar’05
C o n v e rtib le g 3 4 s .......... 1912 M-N
1 0 8 4 ......... 113 J ’l y ’o i
C o n v e rtib le g 3 4 s .......... 1915 J -D
C on sol gold 4 a ................ 194 8 M N
9 4 4 Hal*
94
94*4 117 927, 03
A lle g Vai gen gu g 4 s . ..1 9 4 2 " S
8 8 4 Sale
88
80
66 86
89
D It R R A U g e ls t g u 4 s g . ’30 •A
-N
1 0 1 4 ......... 102 A u g ’09 --TT 102 103
P lliU B a lA W 1st g 4 s ..1 9 4 3
......... 84
84 D e o ’ 09
Sod B ay A So 1st g 6 s .•..1924 - J
80 l 86
U N J l i l t A Can geu 4 ». 1944 -S
..

1124
102

l t ‘J 4 D e c ’09 . . . . n o

___

1124

100
105
96 4
108
100

1 3 1 4 Jan ’09
108 4
1084
106 J a n ’ o s

124
130 4
1 9 8 4 1094
106 4
100 4
1014 102 4
92
* 8 li" 9 1 4

92 4
90 4
95 4
95-4
1124
113
102
127
124
1114

D e c ’ 09
G et ’ 02
O ct ’ 0
O c t ’ 09
Hep ’08

*99 4
904
92
116
125
1024
102
Sale
92
91
90 4
954 94 4
sa le
96

101
115
119
984
984.
9s
90
884 8 9 4 89
93 Sain 92 4

N o v ’ uB
D e c ’ 09
J ’n e’ oy
J ’ n e’ 09
F e 0 ’ 08
D e c ’ 09
92 4
O ct ’09
95 4
964

100

134

Sale
Sale
1 1 4 4 .......

1014

96 4 97 4

108

108

894 994
904 934
9 0 4 92
115 116
1024 1034
91
964
904 944
94 4 97
93
974

100

100

13041304

F e b 09
O c t ’09
J ne’ OO
O ct 09
D e c ’ 09
J ’ n e 08
D eo 09

101

101

115

113

9841004
98
98
89
914

100

100 D e c ’ 09
.......... 9 1 4 9 1 4 Sep ’09
1 0 0 4 1 0 1 4 1 0 1 4 1024
100 _____ 100 4 100»*

1 00 4

1314 1314
1084111

109 O ct ’ 07
100 D e o ’ 09
1 3 0 4 Jan ’ 09

1124 ■
112 .

100

934
954

99 4 1 0 2 4
100 1 0 0 4
9 1 4 94
101 1 0 4 4

12 100

1084

13 3 4 1 S 4 4
1014
1 0 17*
1 1 8 4 D e o ’Oo
107 A u g ’ U8

133 148
9741114

974
974
101 4 J ’ n e’Ou

9 6 4 9 94

107

101

101

107

104

1244
124 4 128
1264
” 0 8 4 Sale
99
92 4 Sale
101 ^ a a l*
8 9 4 Salt
104
96
904

125
126 4
12a 4
98
97
924
lo l
89 4

O ct ’ 09
O ct ’09
N ov ’09
j ’n e ’U9
964
J ’ly ’ 09
92 \
1014
89
106*5 D e c ’ j j
96 4 D e c ’ 09

1264128
125 129
127 1 2 8 4
98 1 0 0 4
97
97
91
95
93 4 1 0 3 4
8.<4 93
1064 1064
95
984

1024 Sal*
74 tone

1024 1024
101 4 D e c 09
74
74 _
7 l N o v ’OH
96 D e c ’ Ot1

1014104
101 103
7 l 4 76
70
744
95 4 9 7 ’ .

101

......... 72
......... 98
100 ........

1174121

118
113
1174120
119 O ct ’OJ
1 1 7 4 J 'l y ’ o7
1 1 2 4 -..
103 104 4 104 4 Sep ’ 09
......... Oo 4 US O ct ’09
92 4 J a n ’ 09
92 . . .
113 D e o ’ uo
Ill
...

1094
100

101 4
98 4
1014
102
96
103 4
100
1034

1204

104 1 0 4 4
9 7 4 90
92 4 9 2 4
1104116 4

110 4 N ov’09

,109

1

115

*1084112

1 0 2 4 104
1u9 4
103
sale l u l 4
Hale
964
sal* 10 4 4
102*j 99

D e c ’ 09 . . . . '1 0 3
105
Jan ’ 0 0 ___ 1109 4 109 4
N o r ’ 09 . ..J jl O l
1044
1014,1 6 2 ! 9 7 4 106 4
9 6 4 323 i 9 4 4 100
104 4 26 103 4 106 4
J' ne’o7'r--J!V
'1 0 3 4 DCC’00 ....'1103 4 1 0 4
T o * J a n ’03 . . . . j l .....................
1 0 8 4 D e o ’0 9 ___11 0 3 4 106 4
I
1
«l

1U1SGKLL 4NEOUS BON DS—Continued on Next 1’a g o
C o n i m id Ir o n
B u ll A Susq Ir o n a t 3 s ....1 9 3 2 J -D
D e b e n tu re Cs................a 1926 M-S
Ooi t A i V.O gen s I g 5 s .. 1943 F -A
C o n vertib le deb g 5 s ....1 9 1 1 F A
Col In d u Is t A coll 5s g u .. 1934 F-A
O ontin’ ta iC l s t s t g u 6 s g .l0 5 2 F-A
O r R iv Coal A C 1st g 6 s ..1919 A-O
Jell A C lear C A l 1st g o s.1926 J-D
K a n A 11 C A C 1st s r g 6 s .l9 o l J .J
Pocali Con Co llier le ts t 5s.’57 J -J
Sunday C r e e k Co g 5 S . . . .1 9 4 4 J J
T e n n Coal gen 6«...............1961 J .J
X enn D iv 1st g 6s........o l9 1 7 A -0
B irin D iv ls tc o n s o l 6s..1917 J -J
Oah C M Co 1st gu g 6 s .1922 J -D
D e Mar C A I Co gu g 68.1910 F-A
V ic to r F u e l 1st s I os......... 1953 J -J
V a lr o n Coal A C o ls t g 6 s .1949 M-S

T e le g ra p h nnd T elephone
....... 97*4
97 4 S al.
03
97 4
......... 84
95

4

io o

99 4 N ov ’ 09
94
94
*2
97 4
974
1
9 3 s D e o ’oo
82 4
83 **0
107 4 D e c ’ 04
1 0 2 4 A p r ’ Oti
107 Muy’ 97

93
04
04
87
71

100

07*4

100 4
03 4
84

A m T e le p A T e l coll tr 4s 1929
C o n v e rtib le 4 s ................... 1936
M ic h State T elep 1st 5 s . .1924
Pac T e l A T e l is t o s ......... 1937
W est U nion col ir cu r o s . 1939
Fd and le a l est g 4 4 s . ..1 9 5 o
C on v 4s, S eries A ..........1 9 3 6
M u t Un T el s tund 6 s ...1911

J -J
M-S
F-A
J -J
J-J
M-N
315
Vl-N

93 Sale
1 0 5 4 Sale
98 4 00
09 <4 Sale
lu 0 4 lo 0 4
97 sale
lU‘2 'tj 102 7*

l l n n i i i n c i n r i n g «V i n d u s t r i a l
98 .........
84
A llls-i ’liaim ers 1st 5s----- .1936 J - J
83 Sep ’ 09 . . . . 86
80
.......... 88
A m A g 4 hem 1st c 58........i02> A-O 102
73 F e b ’ 07
64
68
97
1037, l o t
......... 104
Aiu C ot GU e x t 4 4 8 ............191o 4-F
19 lo t 4 1 0 4
Am H i d e * L 1st s I g 6 s ..1916 M-S 1 0 1 4
10.3 A u g ’ uO
1064109
72
A m er Ic e S ecur deb g 6 s .. 1925 A-O
......... 107
106 N ov'00
106 103
06
Am S pirits M tg 1st g 6 s . . 191v M-S
106 ......... 110 J a n ’09
iio
no
Am i ll read lb t col tr 4 s ..1919 J-J
H>3 N o v ’ 08
Am T o b a c co 4 0 -y r g 6 s -----1944 A-O 1 06 4
......... 87
87 A « g ’ 09
87
87
76*4
............................................... 1951 F A
o a * 4 ......... 09 4 D e o ’00 . . . . 06 100
• N * price F riday; latest bid and asked. a D n e J a n 6 Due Feb c D u e M ar d Du e A p r K D ue J ’ly fcDae Aug o D u e O c t v




93
93"
104 7S 106 4 370
09 N o v ’09
09 4
9 0*8 4t.
io n 4
10 0 4
0
97 9
fc
064
102 4 D e c ’ Ol
100 Alar’ O0 __

Sale
84
847,
&aic 101*4 102*,
93
98 4 98
Sale 101*, 102
73
79 D e c ’ot*
07 D e c 'l l
03 N o v ’o03
Sale 106 4
107 4
JJtUb
78
76*4
D u e N o r ? D n eD ec

81
16
2b
19

914
92>,
98
06 4
984
93 4
84
95

80
96
93
96*4
.... 67
95 4
00*,
Hi 104 4
163 74
t

96
1074
100
l94
102 4
97 4
102 4
100
S8 4
103 4
98 *4
103 4
80
100
93
112 4
81

O ption 8ato

New York Bond Eecord— Concluded— Page 4

40
BONDS
N . T . S T O C K E X C H A N G E * fc
W e ek e n d in g d k c 31
!*;*<!

WeeW*
Rang* or
Last Halo

fr id a y
Dec 31

Range
Year
1U09

B id
A ah L010
Rial* JfO; Low H igh
P en n Co— G uar 1 s t g 4 4 s . 1921 J - J 104 101 4 1 0 4 4 D e o ’ u9 ....1 1 0 4 107
R e g is te r e d .......................1921 J - j
103 D e c ’ 09' ... J 102 105
G u a r 3 4 s c o ll tru st rog .1 9 3 7 M-S
90 4 J ’n o’ OOi
89 4
90 D e c ’09
G uar 3 4 s co ll tr aer B ...1 9 4 1 F-Al 89 4
89 4 9 1 4
97 *» D e o '09
T r C o c e r t i f s g u g 3 >28.19113 M-N
9730
9G 4 98
GuSW js t r c t f a O ...............1942 J -D
8 9 4 9 0 4 90 A u g ’OU
8 9 4 90
91 D e c ’ 09
G a 3 4 e t r c t f a D ................1944 J-D
04
9 0 4 91
9834_ .98
98
G uar 15-25 y e a r g 4 a ... .1 9 3 1 A O " 98
98 100
C l * M ar 1st g u g 4 4 s . . 1935 M-N 1 0 0 4 ......... 1110 J a n ’ 05
110*4 J a n ’ 09
Cl & I* g e n g u g 4 * 2 3 s e r A . ’42 J -J 1 0 7 4
110*4 1V64
109** J ’l y ’ 09
S eries B ............................1942 A - 0 1 0 7 4
10941094
98 Aug*09
S c r ie s G' 3 4 s ...................1948 M-N
90
90
90 M ay’08
S eries D 3 4 s ................... 1950 F-A
92 A p r '07
93
E rie * P itts g a g 3 4 s B . 1940 J J
9S3.j A p r '04
93
S eries C ........................ ..1 9 4 0 J - J
G r K * I e x 1st gu g 4 'as 1 9 4 1 J - J 102 4 10G 1 0 4 4 O ct '03
1 0 1 4 104 4
1 0 6 ^ D e o ’ 03
10G-4 107
Pitts fi’t W * C 1 s t 7 s . . . 1912 J - J 106°a
1«)0
10 b :,4 N o v ’ 09
10G4 HO
2 d 7 s ................................... 1912 J - J
107 O ct ’ 08
3 d 7 s ............................... &1912 A -0 1 0 5 7*
110 F e b ’ 09
Pitts V * A sh 1st con 5 s . 1927 M-N 109
iio * * iY o
. 107 4 108 D e o ’ Oy
P C C & S t I j fill4 ^ 3 A . .,1 9 1 0 A -O
10741094
1077a N o v ’ 0'3
S e n e s B g u a r................. 1912 A -0 i b T
1 0 7 4 109
107
1
1
2
4
J
'n
e
’
Oo
S eries C g u a r ................. 1942 M-N,
100 A u g ’09
s e r ie s 13 4s g u a r ........... 1945 M-N
ibo** i o a
Series E 3 4 guar g . . . . l 9 4 9 F-A *93 ri 9 4 4 93*4 N o v ’ OD
93*4 98
99 4 101
S eries F 4s g u a r ......... 1953 J -D
C S t L«ft P 1st con g 68.1932 A-O 111
11*2 4 D e c '09
1124110
PeD sacola * A t l Use L So Nash!
P co * E ast bee V C C * S t L j
P e o * P e k Uu 1st g O s....1 9 2 1 Q-F 107 113 110
112
110 n o
100*4 D e o '0 5
2u old 4 4 3 .......................61921 M-N ......... 99
Pere M arq—O h * \V M 5 s 1921 J-D . . . . . . 1 0 0 4 105 A u g ’ OU
106** IOO
H i n t * P M g O s............... 1920 A-O ......... 11 1 4 1 1 1 4 D e o '0 9
L114 115
1st co u s o l g old 58.......... 1939 M-N 105 109 4 105
105
104*4 1 0 9 4
P t H u ron D iv l s t g 6 s. 1939 A -0 103 4 107 107
107
107 1 0 8 4
S ag T u s *■ H
1st g u g 4‘ s . ......
193 11F a
-------Pint B * W bee P e n n K R
P h ilip p in e Ity 1 st 30-yr 8 1 4s’ 37 J * J ......... 9 1 4 91 J*
914
9 1 4 95
Pitts Uin * S t L. S ee P e u n Co
Pitts C 1e v e * T o i bee B * O
Pitts F t VV * CU bee P en n Co
P ills M o B ees So Y ties N Y Con
115 D e o ’ 09
Pitts Sii * L E 1st g 63 ...1 9 4 0 A -0
115 1 1 6 4
9 3 7a J ’ i y ’ 97
1st co n s o l gold 5a............. 194:;! J -J
Pitta & W est bee li & o
99*4 Sate
ending Co gen g 4 s....... 1997j J-J
094
0 9 Y 140 9 8 4 1 0 1
9 8 4 D c c ’ Oi;
I V R e g is t e r e d ......................199 /! J-J
97 4 1 0 0
9 G4
904
j e r s e y C en t c o il g 4 s . ..1 9 5 1 A O *U0“ 98*
90
984
102
O
ct
'09
Plilki So B ead con s 7 s . .. 1911 J -D
102 1 0 2 4
B cu seeu a r * b a r Hu U Ss IJ
Uicli * B an bee S outh B y
fticU * M eek bee S outhern
B io G r W e s t 6 te D en * B io Gr
Bocli * P itts bee B K * p
R om e \Vat * O g b’ee N Y Cent
ltu tian u bee N Y Cen t
C ft g T us * i l bee P e r o M arq
90 D oo»09
O t J o So G r is l 1st g 4 s . . . 1947
02
00
97
at L & C airo b et M ob & Ohio
SC L * I r o n M ou n t b et M P
9 t L M B r bee T B it A or St 1.
121 124*4
SI L o u is So S F — J e u g Os. 1931 J -J 1 21 4124*4 1 2 1 4 D c o ,09
G eneral g old 5 s ................ 1931 J -J 103«& 10878 108 "a 1 9 8 4
1 0 8 4 111
91 ........
O lU N 'o v ’ O'J
St Li * y F B B con s g 4 s . . ’ 90 .1 - J
91
904
G en 15-20 y r 5s
88*4 Sale 88 4
984
.1927 M-N
88
91*4
S outiiw D iv I 6 t g 5 s . . l 9 4 7 A-O 1 0 0 4 ........ 100 4 Aug'uO
1004101
85 bale
844
B e la u d in g g 4 s .............195L J -J
83»a 89
K C F t S Si M coil g 08..1U 28 M-N 11U*4 . . . . . . 118 4 D e c '02
llG*b 120 4
82 4 83
82
83
K C F t b * M B y ret g 4s 1930 A-O
82
8G
l u » 4 D e c ’ 09
K C Si M I t * B 1st g u Os. 1929 A-O 1 0 2
1004 100 4
97
99
97 D e c ’ Ot*
O z’ rk & Ch C 1st y u 5s g.1913 A -O
9 0 4 98
SC L o u is S o bet l Uinols Cent
St L S W l 8t g 4s bd c tls .1 9 8 9 -M-N
W9H 93 4 1)34
134
01s8 95
84 ........
84
81
2d g 4s luo bond ctfs...2>1989 J -J
79
85
79 4 Sale
C on sol g old 4 s.................. 1932 J-D
784
794
7 7 4 814
95 ° i ........ 1 0 1 4 A p r ’ 07
G ra y ’ s P t T e r 1st g u g 6 s 1947 J-D
S t P u u l * B u i bet N o r Paeilic
Bt P M in n * M an bee G t N 01
ot P
k o r P a o bet N o r P a c
6 t P * S ’ x C ity bee 0 b t P Al * 0
88
8 A cfc A pass 1st gu g 4 s . .. l 9 4 3
88
87
92*4
98
8 F * N P 1st SI UK l g 53.1919
104 Oct8T 9
101 101
bav F * W est bee A t l Coast L
d cioto V al So N 1Z b et N o r * W
Seaboard A ir L in e g 4s ...1 9 5 0 A O
60 ........
84
84
U 3 4 91
99*8 100
C oll tr ret and g O s ......... 1911 M-N
99 4
09 4
96 4 lU 0 7f
83
86
A ll-B irm 3 0 -y r ls t g 4 s .c l9 3 3 M-S
84 N o v ’09
HI
80
91 ........
Car Cen t 1st con g 4 s . .. 1919 J-J
9 i 4 u e c ’ OU
914 914
L'la C o n * P en 1st g 5 s . 1918 J -J 100 ........ 107 4 A u g ’OG
i s t land gr ex t g o s . . . 1930 J-J
99 ......... 4 09 4 M ar’ 06
C on sol g old 5 s................1943 J-J
105
Ga * A la B y l s i c o u 5 s o l9 1 5 J -J
100 4 J’ ne’ dy
102*4 190 4
Ga Car * N o l s t g u g 6 s 1929 J -J 105 ........ 105 D e c ’ 09
101 10G
2© a b * l i o a l s t O s ........... 1920 J -J 105 4 ....... 1 0 7 4 J ’ u e’ 09
100:,4 1 0 7 4
biier Shr * Bo b et M K * x
s il Bp e c u * G bee A tl c o a s t 1
80 Car * U a bet Southern
Southern P a cillo Co—
G old 4 s iL'eut Paoooll).A ;1949 J-D
9 1 4 01*4 9 1 4
0 1 4 18 90
954
R e g is t e r e d ................... /c l 949 J-l>
9 3 4 A u g ’09
80 ........
85
93*4
20-year c o n v 4 s ......... 01020 M-S 105 4 Sale 103 4 iu 5 4 3376 97 4 1 0 7
Cent P a c 1st roi gu g 4s 1949 F-A
9G-4
0 7 4 11
97 4 bale
90 4 9S78
R e g is te r e d ....................... 1949 F-A
9 6 4 Sop 'Oi
90
074
M o r i gu ar gold 3 4 s ../M 92 9 J -D *88 4 8 9 ‘-» 89 4 Dec '09
88 4 93 4
T h ro u g h b t L 1st gu 4s ’ 54 A-O
92 8a U
92
924
90 4 95
Gal l ia r * a A l s t g O s .,1 9 1 0 F-A
99 4 ------ 10 14 A p r UU
10141014
M e x * P a c 1st g o s ___ 1931 M-N 1U7 109
1 1 1 4 A p r 'up
110 112
G ila V G * N I a t g u g 5 s .l9 2 4 M-N 103 4 ......... 1 0 4 4 Sep ’ 09
101 101*4
H ou s K * W T 1st g 68.1933 d-N 1U4 . . . .
105 4 M a y ’OJ
103 105 4
1st g u a r 5s re d ........... 1933 M-N 104 4 105
IOO
105
1034106
H & T C 1st g 5s in t g u ..l 9 3 7 J -J ......... 1 1 0 4 110
110
1 0 9 ^ 11U4
C onsol g Ga in t g u a r ... 1912 A-O 1 0 9 4 ......... 109 4 N o r '0 9
109 4 1 0 0 4
G en gold 4s in t g u a r .. 1921 A-O
U3 4 90
93 4 D e o ’ 09
93
90
W a co * N W d iv 1st g Us ’3U M-N 110 110
110 u e c ’00
A * N W 1st g u g 5 s ___ 1941 J -J 104 ......... 107 4 J a n '09
107 4 107 4
M orga n ’s L a * T 1st 78.1918 A O 1 1 6 4 120 122 4 A u g’ 08
1st g old Us.......................1920 J - J 113 ......... 110 N'ov’ OG

.....

BONDS
N . Y. S T O C K E X C H A N G E
W eek E ndinu D ec 31
S outhern Pac Co— { C o n t i n u e d )
N o ot Cal g uar g 5 s ......... 1938 A-O
O re * Cal 1 at guar g 5s. 19271J - J
S o P a c o t A r iz l s t g u g Gs.c'101J - J
bo Pac of C a l—08 K Ss F .1 9 1 2 A-O
1st gold 0s......... ............ 1912 A-O
1st con g u a r g 5s......... 1937; M-N
S Pac of N M e x l s t g U s . . 1011 J -J
So Pac Coast l s t g u Is g .1 9 3 7 J - J
Tex<£?NOSabDiv 1st #63.1012 M-S
Con gold 6s..................... 1913 J -J
."O Pac K B 1st re t 4s..........1956; J -J
S o u th ern —1st con g 5 s ....1 9 9 4 ' J - J
R egistered...................... 1994! J -J
Develop & gen 4s S er A . I9 6 0 A -0
M o b * Ohio coil t r g 4 s . .1 9 3 8 M-S
M em D iv 1st g 4 4 - 5 a ...1 9 9 0 J-J
S t Lou is d iv 1st g 4s. ...1 9 3 1 J - J
A la Con R 1st g 6s......... 1918 J -J
A t l * D a n v 1st g 4s........1948 J • J
2il 4 s ................................. 1948 J -J
A t i * Yad 1st g g u a r 4s. 1949 A -0
Col * G re en v 1st Gs........1910 J -J
K T V a & G a D iv g 5 s .. 1030 J - J
Con 1st gold 5s............. 1950 M -N
K T e n reo r lie n g 5s........1938 M -S
G a M id la n d 1st 3s........... 1940: A-O
G a Pac R y 1st g Gs......... 1922 J-J
K n o x * Ohio 1st g G s... 1926 J - J
■ n o b * B ir p rio r lien g 5s 1945 J - J
M o rtg a g e gold 4s......... 1943 J -J
R ich * D a n cou g O s....1 9 1 5 J-J
D e b 5s stam ped............. 1927j A-O
R i c h * M e e k 1st g 4 s ... 1948' M-N
bo C ar * G a 1st g os___1919 M-N
V ir g in ia M id ser C G s...l91<; M-fc
beries D 4-5s..................1921 M-S
berios E 5s.......................1920 wi- 8
G eneral 5a....................... 1930 M-N
G u a r stam ped........... 1930 m - n
W O * W 1st cy gu 4 s ..1924 F-A
W est Kr C 1st con g O s ..l0 1 4 i J - J
H * N A la b e e J. * N
Spokane In te rn a t 1st g 5s 195 5'J - J
| -or A ot S t l 1st g 4 -as..1930!A -o
l i s t con gold 5s___189 4-1044 F-A
G en refund s 1 g 43......... 1933 J-J
b t lj M Bgo T e r gu g OH. 1939 A-O
T e x * N O b e t bo Pao Co
L’e x * Pao 1st gold 5s........2000' J-D
2 d gold inc 5s.................. o20U0 M ar
L a D iv B L 1st g Os........1931 J - J
W M i u W * N \v l s t g u Os ’ 3 U F -A
T o l * O C 1 st g 6s...............1935 J - J
W estern D iv 1st g O s... 1930 A -o
G eueral gold 5s................ 1935 J -D
K a u * M 1 st gu g 4s. ...1099 A -0
T o l P * W 1st gold 4 s ....1 9 1 7 J • J
T o l b t L * W p r T ie n g 3 ,2S. 192 i>'J - J
50-ycar gold 4s................ l 95o’A -o
T o r H a m * B u ll l s t g 4 s ./*1940 J -D
l s t e r * D e l 1st cou g 6s 1928| J -D
1st refu n d g 4s........... 1902 A -O
U n Pao R R * 1 g r g 4s ...1 9 1 7 J • J
lto g ia te re il.......................1047 J - J
2 0-yr conv 4 s .....................19271 J -J
1st * ror 4s.....................O2008.M -8
Ore R y * N a v con g 4s. 1940 J -D
Ore S h ort L in o I s t g 6 s .. l 9 2 2 F -A
1 st cousol g 5s............... l94o! J • J
G u ar refund 4s............. 1929 J -D
R e g is tered ................... 1920 J D
U t a h * N o r gold 6s .. 1920 J 'J
U n i N J R l t * O Co b e e P a it li
U ta h C e n tra l b e e R io G r Wes
U t a h * N o rth b e e U 11 Pacillo
U t i c a * B lack I t b e e N Y Cent
andalia consol g 4s ....1 9 5 5 ! F A
era C ruz * P l s t g u 4 *asl934 J - J
V e r V a l In d * \Y b e e M o P
V ir g in ia M id 6’cd South R y
V a * b o u tliw ’ t 1st g u 5s.2U 03 J -J
1st cons 59-yoar 5s......... 1958'A -o
V V abash 1st gold 5s........1939 M-N
» T 2d gold 5s.................. 1939 F-A
D e b en tu re series B ........1939 J • J
1st lie u equ ip s f d g 0 s . . l 9 2 1 M-S
1st Ilieu 5 0 y r g term la . 1951 J J
1st l-of and e x t g 4 s ___ I960 J - J
D e t * Ch E x t 1st g 5 s . . 1941 J -J
D e s M o in D iv 1st g 4 s .. 1939 J -J
Ora D iv 1st g 3 4 s ........... 1941 A -O
T o l * Ch D iv 1st g 4 s . . . 1941 M -S
W ab P itts T e rm 1st g 4s. 1954 J-D
T r u s t C o c e r tfs .........................1—
2d g o ld 4 s ........................... 1954 J-D
T r u s t Co to r tla....................... 1 . . . .
W arren ^ee D el L ao * W e st I
W ash C en t bee N o r Pao
W u sh U * W
bee bo u th o rn
I
W ash T e r m ! 1st g u 3 4 a . . 1945 F A
W est M arylan d 1st g 4 s . ..1 9 5 2 A -O
G en * c o n v g 4 s ............. 1052 A -O
T r u s t Co c e r t f s ........................ . . . .
W Va C e n t * P 1st g Os 1011 J -J
W est N Y * P a 1 s t g o s .. 1937 J - J |
G en gold 4 s........................ 1943 A-O,
In c o m e 6 s ........................ <41913 Nov
W e st N o Car
b o d th R y
I
W h eel’ g * L E 1st g 5 s . . . 1920 A -O
W h eel D iv 1st g o ld 6 s .. 1928 J - J
E x t o n * Im p g o ld 5 s . . . 1930 F-A
U U 1st co u so l 4 s ............... 1949 M-S
20-yoar equ ip s f On ...1 9 2 2 J-J
W ilk es * E ast b et E rie
W il * b io u x F bee t it P M * M 1
W ia C e n t 50-yr l s t g o u 4s 1949 J -J
S u p * D u l d i v * t e r m 1 s t 4s’ 30 M-N!

U

V

[VOL. XC.
Price
Friday
Deo 31

Bid

Week’ s
0 Range
II
Range or ^
Year
Last Halt I0’ "’
1909

A sjc Low

95
103

101)'4
99 >4

102

107
90
83
192
100
94*4
111

____
103*4
........
Hais
112

81*4 sale
90 ........
108 110
8 0 ffa 88 *5,
108 4 .........
89 4 ........
.......... 87*4

High, Ro Low H igh

112 F e b ’07 . . . .
104 M ar’09 . . . .
1 0 0 \ D e o ’09 . . . .
1 0 4 4 J ’ n e ’0 8 . . . .
1 1 4 4 D o c ’04 . . . .
110 M ay’ 07,
104 A p r ’ Ob'___
90 J ’J y ’ 09 . . . .
103 O ct ’ 09 . . . .
02 N o v 0 9 . . . .
014
94*4 183
1114
112 I 76
110 M ay’09
814
82 326
90 D e o ’OU'
110 Deo'091
b7
87 I 3
108 S o p ’08 . . .
92 4 G et ’0 9 !...
02 J ’ n e ’O G ...

1 0 4 4 ......... 109 J ’ xie’U9
110 ____ 112 4 D e o ’09
112 113
112
112
100 ____ 107 A p r '09
95 N o v ’09
04
05
113*8 1 1 4 4 113 D e o ’ 09
115 ......... 1 1 8 4 M ay'oy
105 *4......... 115:,e A p r ’ 06
75 ......... 82 N o v ’ 08
1 0 5 4 ......... 107 4 N o v ’ OS*
108
10 -1*8 108 >4 108
75 ......... 75 O ct ’Ob
103 103 4 lu3 D e o ’ OiJ
1 0 7 4 ......... 112 O c t ’ Oii
1 0 8 4 ......... 1 0 8 4
107-4 D e o ’ 00
108 D e o ’ 09
107 4 .
107 D e o ’ 09
1004 .
00 4 jhii ’ 07
90 .
107 O c t '09
104*4 .
104 100*4
106 4 1 0 3
115 .........
9 7 4 97*4
109 . . .

104 104
100 4 1014

884
102 4
102
034
100
109
76
85 4

92
103
102
904
1134
1104
85
904

110 1134
80

91

02 4

”024

109
109*4
1104
105
04
113
1184

1104
112*4
1144
107
08
117
1184

1 0 7 4 111
100 4 108
101 4 1034
1 0 7 4 100
107 1 1 0 4
107 1U94
i b T iu 0 4

1064 Sep '09
l 0 0 7(»N ov’l)y
110 4 O ct ’09
07 4
07 109 D e o ’ 09

106*4 1 0 6 4

1004 100
115
96
109

117
03

1104

Sale 111
111
ill
119
85
83 N o v ’ O'J
05
75
......... 103 b o p '09
103 105
100 4 N ov’ 04
......... n o ‘s 110 4 N o v ’ o9
110 4 1 1 2 4
112 112
107 4 1 1 2 4 112 b e p '09
101 103
101 D e o ’ 09
101 105
90 4 93
9 1 4 D e c ’ 09
0 1 4 05
92 4 03*4 02 4 D e o ’0
80 4 0 4 4
89 bale
80
89
89
01-4
80 4 ......... 80 4
81
70 4 88 4
89 ......... 91*4 A p r '09
01*4 91- a4.
100
1U0 4 D e o ’ 09
105 4 1 0 8 4
80 *8......... 80 Get ' 1)8
I 86
89
101 4 baiu 101 4 1014 97 '1 0 1 4 1 0 1 4
101 ......... 102 N ov ’ 09 ...J 1U04 103
110*4 bale 1 1 4 4 lUi*4 4 / 0 ’ 102 1214
98 bale
711 00*4 100
97 4
03
0 3 4 Sale
07
094
984
984
......... U 7 4 117 D e c ’09
H 7 1204
n 2 'a l l 3 * b ] 1L34
113 4
1124118
9 4 ‘-a bale
94 4
0 4 4 73! 02*4 9 0 4
94 J a n ’09
04
94
107 4 .
1U7 4 D)7 «i
0941074
1 11
70
IOO

....

••j

.........

084

98
90

......... L10
Haifa
08
bale 112
103 ff8 lo 2 4
......... 1JUO
1.01 102 4
87
7 7 ’a bale
77 4
1 0 7 -a ........ 110 4
85
bd
83
70 ........
7U 4
83
90 87 4
49
63 4 bale
63 4 bale
484
0
12 4 halo
1 2 4 bale
0*4
110
US
112 4
103
94
034

N o v ’ OS
G et ’09

00

00

O ct ’00
n io
1171
98
I 07 4 1 0 0
112 4
11141141
103
101 1U5
D e c ’09
| 86 101
M ay’UU
102 4 1 0 2 1
51 ay'09
I 87
87*.
7 8 4 2213 1 7 1 4 SO1,
.Vug’ OO
108 1114
D u o ’ Uu
68 sa 01 V
D e o ’ OU
70 4 80
D e c ’ 09
8 7 4 91L
6 5 4 103 42
55*,
50 2.6 > 41 *4 56
12 4 73
V
lit
I 2 t 2134
7 4 14

0 0 4 93 4
85*4 Sale

112
00

9 2 4 J ’u o’ 09
924 93^
85 4
86
0 $; 8 2 4 8S
7 o D e o '09 . . . j 01
73 4
72*4
73 . 71 02
73 4
100 4 N o v ’ 09 . ...! lu a ^ 102
bale 112
112
117
3 no
9u4 0 1 O ct ’ Ot ___ 1 8 /
05 H
34 F e b ’ 07
1 0 5 4 D e o ’ 00 . . . . 108 109
95 j ‘iy '08
l 0 5 4 D c c ’ 0b *” *|l......... ........*
90
88
33 b3
8 3 4 80 4
00 D ec'US

94
92

Sale
03

034

02

.0 4
02

2 89 4
V
1

9GT*
95

M I S C E L L A N E O U S B O N U S —C o n c lu d e d .

Jlnnutncturing vfc 1ndiinti-hil
A r m o u r * C o l s t r e a i c s t 4 4 s ’ 39 J -l)
B elli b t e e i 1st e x t s t 6 s .. 1920 J-J
C en t 1,cath er 20-year g 68.1025 A -0
C orn P r o d l i e f s f g 5 s . . . . 1 9 3 1 M-N
D istil b e e Cor c o n v 1st g 5 s .’ 27 A-O
G en E le c tr ic deb g 3 4 s . .1942 F-A
10-yrg deb . . . / . .........uiiT J-D
l o t P a p er Co 1st con g Os.lOlb F-A
C on sol c o n v s f p 5 s ....... 1935 J-J
I n t b t P u m p l e t s f 5 s ___ 1929 At. 8
Lacksvv b te e i 1s t g 6 s___ 1923 A -0
N 1 A .r iiruk e 1st c o n v Os ’ 2b M-N
R ep lib 1 * b 1 s t * c o lt r 5 s .l0 3 4 A -0
U n io n B a g * P 1st st 6 s ..l9 3 y J -J
U » Learn '.*0 a fd o b g 0 s ..l 9 1 3 M-N
U b K e a ir
0 I co n v deb g 5s ’21 J -J
U S lied 05 R ef 1st 8 f g Ga.1931 J -J
U b R u b b e r 1 0 -y r c o ll trO a.’ l s J .p

58

94*8
834
094
9/
744

......

147 4
104
91
97
09*4
114 4
103
io a ”
90

........
104 4

Sale
Sale
Sale
09 4
Sale
82 4
Ham
Sale
Sale
Sale
109
114*,
103 \
90 4
100
bale
92
Sale

• X o p r i c a Friday; iat*at bid and aslw d this wools,




M n n u fa c t u r ln g & I n d u s t r ia l
U b b te o l C orn — i co u p ,rfl9 0 3 M-N 1 0 5 4 Sale IOS
105a» 232 102 4 1 0 8
b t 10-00 y r 63. ( r e g ..< il9 0 3 M-N
10178 105
2 101Ai 108 4
Va-Car Chom 1st 15-yr 6 s 1923 J - L>
98*4 •Sale
984
99
7 6 03*4 100
iVostin^houso E * M a t 5 s ’ 31 J-J
93 bale
0 U'4 0 j«t
923«
93
d lis c e llu n e o u s
Adaraa E x c o l tr g 4 s ......... 191b VI-S
94
02*8 Salt 9 2 4
02-> 2 ^ 02
B ush T erm in al 1st 4 s . ___195v A -0
00 03 1
00 90 D e o ’ up
C ou sol 5 s .............................1955 J -J
90 4 O ct ’ 09
0 1 4 90 4
90
100 J a n ’ ue
C h i c J c * t Yurd c o lg y s .1 9 1 5 J -J
05 4 105
37*' *38*4
37 D eo TO
D e t M * M I d g r in c o m e s .. 1911 A -0
3 92*4 90
05 4
05 4
l u s t it f o r I r r ig W ks 4 4 s 1943 M-N
05*4
71 4 3)
In t M erca n M a rin o 4 4 s . . 1922 A -0
7 1 4 70*4
0 8 4 77
71
8 3 4 D e c ’O.
S 3 ‘i 88 4
in t N a v ig a tio n 1st a f 5 s . 1921 F-A
82*4 83
95 D e o ’ O.
95
95
N e w p N o Ship * 1) I )5 s d i0 9 O J-J
94 ‘4
04 4
N Y D ock Ou-yr 1st g 4 s .. 1!).^ 1 F-A
3 91
*D3 4
05 4
90 Jan
P ro v id e n ce b e e deb 4 s ___ 19.">7 •1. N
90
00
95 J ’i y ’ OP
P ro vid e n t Loan b o o 4 4 s . 1921 M-S
95
95
3 Y u ba W at C o c o u g U s ..l0 2 o J -J
...... ...... 112 J 'i y ’ U4 .... .........
I D o i F e t t d tm o A p r e D u e J l o y j D i i e J n a h, Dua J'ly p O u a .V o r
sO otiB u Sal*

0 4 4 G5 9 2 \ 96*3
94 4
89
88 4
59 77
90 ‘4
934
0 9 4 b5 OOSj l u i
100 N o v ’ 06
l>3 100
744
7 4*4 67 7 3 4 7 8 4
33 D e c ’ O.
80
81
147
147 4 ' 14 130 165 4
103*4 104
04 101 IU 8'4
r4 H5
91
90 4
91
97
30 U lj'. 97
904
1UO
100 4 20 9J
99J.
113 4
114 4 l i IDS 110 4,
103 D e o ’ O1.- ...
98 H>;s
90 4
90 4
3 9 Is. 9 i
i05 D e o '0 9
U K 's 109:>t
09
J.1 8134 97
89 4
90
90
C bJ
95
104 4 1 0 4 4 4i 102 ■* 106
a D uo Jan

OHICAG-O STOCK EXOEAN’G-E—Stock Record—Daily, Weekly and Yearly
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
Dec 25

Tuesday
Dec 28

Monday
Dec'll

Wednesday
Dec 29

23g
2% * l i 2 2
10
10
*5
*5
109 109 *105 110
32
33lfc
3212 321"

*12
*8

20

9
*434 5
*3012 33
703.,
*75
173, 1734
*5512 67
*17
IS
*00 08
*5412 55
52*. 5234
*101 105

-I4
C

*1
*2

1
•
1
1
1
1
1
1
1
1
1
1
1
1

20

81"
9
47g
47s
*301" 33
703.,
*75
*16*? 19
553, 557jj
18
*17
*00 08
5512 50
5212 53%
5314
*101 105 105

131., I 3I4 14
13>8 133s
81
8 U2 81 SI
813S
*214
*211
*214
*130 133 *130 133 *130
7812
78l4 78l2 781., 781.,
__ *111
*111
*111
1421" 1421" 1421g I42ia 14212

75
*52

11
1

*12

185
*U 2
*5
*105
321"
I 8I4
8i 2
*434
*31
*75
* 1012
5512
*17
*60
55

40
*130

751" *741" 75*2 *74
*52
*52
54
54
*1
Us
u 8 *1
*2
3
*2
3
40
-4012 38
4 Us
134 130
135
137
145 145 *144
11S12 1183., 1181"
23

*142 1421"
11S12 1181"

1251,1 125»s 1251,8 12514 12514
8738
85% 87
87l2 881"
*43
*43
*43

__

__

*18
*11334
*122
100
*120
1151.1

20
11434
124
1031"
1221"
1153.1

*18
ill3 3 4
*122
103
*120
*115

102 1037«
1211.1 12U.,
10S34 109
*100 102
*104!2 105

20
11434
124
100
1221"
11512

*18
1141.1
*122
104
*120
115l4

163 165
12U4 121%
108% 109

104
121
10834

*100 102
*10U2 105

*160
105

1
|
1
a

1

15
10l2

15l2
15
1612 *17

151?
1734

1514
1012

185

Friday
Dec 31

Thursday
Dec 30
*191
* 112

Sales
of the
Week
Shares

19
*190
226'j
2
*1
3
C h icago & O ak P a r k . . 100
10
Last Sale 7
D ec’09
D o pret _____ .1 0 0
110 109 109 109 109
40 C ldc R y s p art c tf ’ ’ 1" . .
38
30
37l2 12,001 C h ic R y s part c t f ’ 2 " ___
37% 3914
19
185 C ldc R y s p art c t l ‘ '3 ” ___
19
19
*10
20
10 10
*S
10
91?
117 Chic R y s part c t f “ 4” ___
434
4'^
*434 5
100 C h icago S u b w a y ______100
5
32
32
33
*30
32
100 Ivans C ity R y & L t -.lO O
7034
Last Sale 78
D cc‘09
D o p r c f ___________100
19
*10
18
35 M etrop ol W S E le v ___ 100
*1612 HI
230
5512 5512 5512 *5412 50
D o p r e f ___________100
18
18
18
*10
19
6 N orth w estern E ie v ___ 100
08
Last Sale 70
Alig’09 ____
D o p r e f ____ ______ 100
653s
200 South Side E l e v a t e d .. 100
*54! 2 56
5412 55
53^3
54^5 4,435 Streets W Stable C L .1 0 0
63 "8 5338 533,,
11 D o p r e f___________ 100
108
105 *101 105 *104

__

14'8 1414
8218 8234

Inter­
est
Period

14
1418 1.100
8 R 1 8178 820
2251.1 O ct’09 ____

1514 N o v 19
80 J ’ ne 4
225U O ct 29
132 J ’ly 21
8 Us D e c 1)
112 Sep 13
145 N ov20

__
__

__
__

Price
Friday
Dec. 31

(1908).

Lowest

4 Jan 22
U 2 O c t 22
15 Jan 22
5 O ct 21
97 *8 D e c 7 lli)i 2 J ly 28
30 D ec 13
45% Jan 2
30 Jan 29
101? D e c 13
8 D e c 1 I3i 2 Jan £
3 '4 D e c 1 29'4 Jan 2
52 J ’ly 7
30 D e c 21
861" M aylS
78 D ec 11
19!" D eo 17
15i8 Sep 13
59 D e c 20
47 Jail 14
25 M ay 0
17 N o v l7
63 Jan G . 73 M ay 7
50 J an 25
61 M a y 7
2914 A p r 13 541- D e c 13
97 F e b 15 108 D e c 1

A liscellaneous
A m erican C a n ............... 100
7% Jan 30
Do
p r e f _________ 100
7134 Jan 6
Last Sale
A m erican R a d ia to r . .100 200 Jan 14
133
Last Sale 130 D ec’09
Do
p r e f....................100 120 Jan 21
244 A m e r S h ip b u ild in g . . .100
78l2 781,, 781.,
78
78»4
54i8 A p r 21
Last Sale 111!" D ec’09
Do
p r e f . . .......... . .1 0 0
101 F e b 24
460 A m e r T elep & T e le g _____
14212 14338 1433., M U " 14U2
139 A ug27
B o o th (A) & C o .
100
Last Sale *i
Junc’09 ____
Do
p r e f____ . . . 100
i4 M ay22
673
1,193
74 “ 75
721.,
73
D o p r e f_______
75
48 J ’n c l 6
54
Last Sale 5U 2 D cc’09
Cal & C h ic Canal A D .1 0 0
5U 4 Jan 8
Last Sale 1
N ov’09
Chic B rew ’g A M alt’g ____
u«
1 A p r 27
D o p r e f . ____ __
J.asl Sale 212 N ov’09 ____
3
2i8 A p r 27
391" 3934 *39
625 Chic P n e u m a tic T o o l -100
381"
40
20 M ch24
563 C h icago T e l e p h o n e .. . 100 127 Jan 4
135
130
130
135l2 136
Last Salt 21,
Meh’08
D o rig h ts________
140 *144 140
51 Chic T itle A T r u s t .. 100 117 Jan 18
145
145
1183,, 119 11012 1101" 119'2
700 C o in m o m v’ th -E d is o n . 100 107 Jan 21
23
231,1 233S *23
24
300 Corn P rod R e f Co co m .
1713 F e b 25
Last Sale SOI., O ct’09
1251,| 12514 12512 1251s 12512
573 D iam on d M a tch _____ 100 117 Jan 9
88I4 SO 87
8512
86
100 38 Jail 26
3.S77 Illinois B r ic k ____
____
____ M asonic T e m p le _________
Last Sale 45
N ov'09
43 Jan 5
Last Sale 2i8 Juno’07
Mtlw A C ldc B rew in g____
D o p re f_________________
20
Last Sale 20
N ov’09
20 N o v 17
110
I I 6I4 HOlo 110
110
420 N ational B is cu it_____ 100
97% J a n 2
121 *122 124
3
Do
p r e f....................100 1181., F e b 15
125
125
100
108l2
870 N ational C a rb on _____ 100
105
105 100
82 Jail 14
Do
p
r
e
f___________100
Last
Sale
122l2
D
cc
’09
HO Jan 15
1221"
115t2 115U 110
115% 110i2 1.504 P e o p le ’s Gas L & C ok e.lO O 102 J an 5
D o r ig h t s ................ ..
1" F e b 25
11-10 Mch’09
1041? 104 10434 101
55 Jail 5
167 *4 2.851 S e a rs-R o e b u ck c o m . . 100
Do
p r e f__________ 100 101 J an 5
121% 121 121 *1201? 12U?
933
10834 109
109
108% 109
1,523 S w ift A C o ...................... 100 100i2 Jan 9
Last Sale 7
D o rig h ts______________
F eb’09
6 F eb 5
162
101 101 *100
102
9 T h e Q uaker O ats C o . . 100 119 Jan 5
105
105 105
105
105
101
Do
p r e f___________100
9812 Jan 2
Last Sale
U nit B o x Bd A P CO-100
Last Sale 3
A pr’09
Do
fu ll p a id _________
73.,
Apr’09
153.,
Do
full p a id _________
15'8 IM 4 15
1512 1.087
10i2 M ch 9
1012
10t2 1G12
1012
1034
482 W estern S to n e _______ 100
15 F e b 16
14
8214

Range for Previous Year

Highest

Lowest

200
2

Chicago Bond Record
BONDS
C H IC A G O ST O C K
EXCHANGE
Week ending Dec. 31

Range since
Jan. 1 1909

ST O C K S
C H IC A G O S T O C K
EXCHANGE

Week’s
Range or
Last Sale

1% F e b
0i 2 D e c
SI3, J ’ ne
38 O ct
20 N o v
9% Sep
15 F eb
30 O ct
OS Sep
12U N o v
42 Jan
13^4 A u g
40 A u g
42 A u g
26l2 A p r
85 A p r

Highest

3ig
10
119
47

Aug
Aug
N ov
J ’ne
£8 D ee
13!" D e c
301? D ee
47"4 N o v
86!" N o v
19 Jan
54 M av
£2 D ec
0£!" D e c
71 Jan
34 N o v
103 J ’ne

4
411"
125
116
37
91

F eb
Jan
Jan
Apr
M ch
Jan

103s N o v
70's D eo
200 D eo
128'4 N ov
03 N o v
104 N o v

5

3

D ec

100

751" D ec 27
58 “ A p r 16
1 A p r 27
2i2 N o v 18
42 D ec 24
140 Sep 23

40
1
2

F eb
O ct
N ov
D ec
Jan

5

Jan

152 O ct
12U2 J ’ly

20

106

7
1

M ay

57I4 D e c
li8 Aug
4

Apr

153 ’ Sep
110

O ct

120

20
97

87

J ’ ly
D ec
ug
DCC

100

D ec

1303, A u g 13
881" Dee 28
47 S ep 16
119i4 S ep 27
130 Sep 21
108i2 D ec 31
124 N o v lG
119’ s A u g 16
1 M ch 20
1691" D e c 11
1213.1 O ct 20
1141.1 A u g 6

10134 Jail
51 ‘ M ch
91 M ch
801" Jan
24 Jan
72 Jail
88!" Jaa

56 D ec
102 D ec
10534 Sep
100 J ’ly
134 Jan

162
105

D e c 23
D ec 29

11434 Jan
87 Jan
i4 J ’ly

25

M ch 15

1134 O ct

12

Jan

17

A pr

Chicago Banks and Trust Oomnanies
B’ds
Sold

Range
for
Year 1909

NAM E

Outstand­
ing
Stock

Surplus
and
Profits

In

In

t

t

1908

1909

Dividend Record
Per­
iod

Last Paid
%

C alum et N ation a l___ _
$ 100,000
($39,068
An Dec ’08, 6
6
(?)
C h icago C ity ____________
500.000
207,686
10
10 j -j Jan ’ 10, 5
C om m ercial N a t io n a l.. 7,000,000 3,382.172 «12
ta i
Oct ’09, 2
C on tinental N a t io n a l.. 9,000,000 4,919,686
8 Q-J Jan TO, 2*"
8
C ook Co S tate S a v in g s.
50,000
9,177
6
None Q-M D ec3 l’08,l*2
____ 102
102 J’nc'09
102 10212 Corn E xch an ge N ational 3,000,000 5,310,183
12
12 Q-J Jan TO, 4
____ ____ IOU4 O ct’09
101 IOH4 D rexel S ta te ____________
200,000
20,247
0
9
A-O Oct ’09, 5
__ _ ____ 100 M ay’07
D ro v e rs’ I)e p N a tio n a l.
600,000
3S2.087
10 Q-J Jan TO, 2l2
9H
103*2 Sale 10318 103%
52 102*4 1*05"
E n glew ood S ta te _______
200,000
32,093
0
6
Q-J Jan TO, 1*2
. . . . . . . . 103
Apr’Oi ____
First N a tio n a l_________ 8, 000,000 8,254,451
12
Q-M Sep30’09, 4
(?)
. . . . ____
"so”
60*
150,000
50
A pr’09
First N at E n g le w o o d ___
167,011
10
Q-M Sep30’09, 2I2
(?)
__________
503,618
F orem an Bros B ’ k ’g C o . 1,000,000
00% Jan’OG __ _
Priv ate Ba 11k
__
____
F ort D earborn N ational 1,000,000
377,9S7
8
8
Q-J Dec31’09,2
500,000
157,009
91!" D co’09 ____
5
5
.T-.r IJec31’09,212
9412 9412 H am ilton N a tio n a l____
837,0)5
H ibernian B ’ k ’g A ss’ n . . 1,500,000
87
Felj’OG
8
Q-J Dec31'09,2
8
____ 851"
200,000 132,458 10
85
Dec’09 _ _ _
*72" 8*5'lg K aspar S tate B a n k ____
10 j -j July '09, 5
407,289 10 + 2
10 Q-M Dec31’09.212
1013s 10U? 10138 10 U2 26 1005S 10234 L ive S to ck E x ch ’ ge Nat 1,250,000
------ 953,
1 931* oou M onroe N a tio n a l_______ 300,000
04,091
05
95
4
4
Q-F Nov 1 ’0 9 , 1
85
8534 8534
80
44
8**4 8912 N at Bank ot R e p u b lic .. 2 ,000,000 1,153,655
8
8
Q-J Dec31’09.2
____ 92
913, Dec’09 ____
506,725
89
9212 N ational C it y __________
1,500,000
3
0 Q-J Oct '09, 1*2
_
_
1007s lU23g N ational I 'r o d u c e _______
101 ____ 101 D cc’09
250,000
69,079
3
Q-J Dec31’09,l
____
10112 1023g N orth A v e n u e S ta te ___ 200,000
66,637
10U? ju ly ’09 ____
5 'A Q-J Jan TO, U 2
10034 102l2 N orth Side S tate Sav'gs
10 U8 D cc’09
50,000
18,797
0
6 Q-J Jan TO, 1*2
N orth W est S ta te _____
GGU Aug’08
200,000
10,827
__ _ _
O6 I2 July’08
s P e o p le ’s Stk Y ds State
65,305 Beg. b us. No V ’09 Y.89, p.1320
300,000
10234 10334 P rairie N ation a l________
1031* 10314 103U D ec’09 __
74,831
250,000
102% k 3 102% 10278 38 101 103*4 P rairie S ta te ____________
500,000
60,221
Q-M Sep ’09, l i 2
8
(?)
100 J’ne’08
H allw ay E x ch a n g e ____
15,702
2 None
250,000
Jan '08, 2
100 10018 100 D cc’09 __ 100" 10*1*4 S e c u r i t y ________________ 300,000 100,920
Dec31’0 9 ,l!2
I'A
200.000
100J8 102*8 South C h icago S av in gs.
80,000
1003* Aug’00
6
0
Q-J Jan TO, 1*2
102% 103
102 1035s S ou th Side S ta te ----------1025s D cc’ 09
£00,000
5,013 Beg. b us. Sep t.’09 V. 89, p. 817
80 D ec'08
S tate Bank o f C h ic a g o .. 1,503,000 1,557,135
11
12 Q-J Jan TO, 3
S to ck Y ard s S av in gs___
250,000
177,350
7
8 Q-M D ec3 1'09, 2
198*4 Sale
200,000
90*4
06*4
5
OO'i 9S34 Union B ank o f'C h lc a g o .
37,701
0
6 M-N Nov '09, 3
90 Mch’09
s U nion Stk Y ards State
200,000
95
90
0
6 Q-J Oct ’09, 1*2
(s)
184
Sale
84
84
1 73 91
A m erican T rust & S a v s. 3,000,000
81,834
8
0 Q-J July ’09, 2
16 May’05
841,740
Central T rust Co o f III - - 2 ,000,000
7
7
Q-J •Jan '0 9 , 1*4
uoOO.OOO
103,691
C hicago S av B k & T r ___
6 Q-J Jan TO, U"
1
H
83*4 8312 83i.i
83*2
3
8214 801 ■> Chicago T itle & T r u s t .. 5,000,000 rl ,373,397
6
6 Q-J Jan TO, 1*5
8078 Sale- S0,8 81
5
Cltlzens’T
rust
&
Savings
50,000
0,959
4
8012 8414
4
A -0 Oct ’09, 2
600,000
9014 Sale 96
9014
02!4 90U Colonial T rust & Savings
7
507,050 8 + 2 8 + 2 Q-J Jan TO, 2 *2
98*4 D cc’09
D rovers’ Trust& Savlngs
200,000 103,009
OS
99
8 Q-J Jan TO, 2
7H
94
*
8
943
4
94i8 Sale
10 93 98
209,387
Harwell T ru st C o _______ 1,500,000
3
Q-J Oct '09, 1*2
10»l4 1(K)I2 First T rust & S a v in g s .. 2 ,000,000 3,083,548
99t4 ____ 10()38 Mch’09
12 Q-M Dec3P09, 4
200,000
90
98
96 N ov’09
14,613 Incorp orated 1908 V.87,p.1138
90
____
G uarantee Trust & S a v .
98
9978
97
-----98 J’ nc’09
Harris T rust & S a v in gs. 1,250,000 1,107,360
0
9H Q-J Jan TO, 7Q
100 loolg Illinois T ru st & Savings 5,000,000 8,400,043 10 + 4 16+ 4
98i2 ____ 100 Mch’09 . . . .
q Jan TO, 4
120 122
1213, May'09
200,000
K e n w o o d T ru st & Savgs
55,512
0
6 U Q-J Jan TO, 1*4
10314 1 3i" 1031., 103*2 2 1027g 104
L a k eV lew T ru stA S avgs
200,000
36,747
5
Q-J Jan TO, 1*4
i'A
104% io n ? 1041s
8 1033.1 105
M erchants’ L o a n & T r C o 3,000,000 5,301,263
*011"
12
12 Q-J Jan TO, 3
102 10234 M ctropolItan T ru st& S av
10214 ____ 1021# Dec'OD
750,000
252,043
G
(?)
Q-J Jan TO, 1*2
------102
101*2 D cc’Ofl
N orthern T rust C o _____ 1,500,000 2,160,702
IOH2 102
8
8 Q-J Jan TO, 2
93% Mil93"8
94
9319(>3.i
N orth -W estern Tr& Sav.
11
200,000
57,670
0
0 J-J July '09, 3
2 100 102
100 100l2 100l2 100!"
s P e o p le 's T r & Savgs
200,000
6
(s)
10 Q-J Oct ’09, 2
____ 93
88 N ov’09
88
90
P u llm an T ru st & S av gs.
500,000
189,967
8
8 Q-J Jan TO, 2
111 N ov’01
Sheridan T r & Sav Bank
200,000
24,97-1 Beg. b us. J’ly 12 ’ 0 9 V.SO.p.l 41
70
81
8:) D ec’ 09
7*0* " *8* 1 *
S to c k m e n ’ s Trust & Sav
200,000
32,138
5
5
J-J Jan TO, 2*2
____ 80
7 OI4 81
80 Nov'OH
U nion T ru st C o _____
1,200,000 1,077,948
Q-M D( 31*09,2
8
85'2 July’OS —
W estern T rust & Savings 1,000.000
210,338
6
6 Q-J J a V TO, 1*2
W e s t Side T r& S avB an k
200,000
76.161 Began busine ss Se pt 5 1908
N ote.— A ccru ed Interest m ust be ad d ed to all C h icago b oiul 1
W o o d la w n T r& S avB ank
200,000
39,231
0
0
Q-J Jan TO, U"
• Bid and asked prices: no sales were m ad e on this d a y .
T N ov. 10 (close o f business; fo r national banks an d N o v . 17 (op en in g o f business) fo r S tate
Institutions, JN o p rice F riday; latest p rice this w eek, a D u e D e c. 31. b D ue Ju n e, k A lso 20 % In s to c k , n C apita! and surplus to be In creased.
<7 D ividends are paid O -J, w ith e xtra p a y m e n ts Q -F . r A s ot d a te A p ril 29 1909. s U n ion S to ck Y a rd s S tate B a n k and P e o p le 's T ru st & S av in gs
B ank con solid a ted und er nam e o f P e o p le 's S to ck Y a rd s S tate B a n k . V . 89, p . 1320. ( A s o f d a te S e p t 1 1909. u S to c k increased in 1909.
A m er S traw h ’ d 1st 6 s . 1911 P - A
A rm o u r & Co 4 H s ___1939 .1 - D
A u rora Elgin A C ldc 5.1941 A - O
Cal A So Chic R y Co
1st M 5s_____ _____.1 9 2 7 F - A
Cass A v A F G (St L) 5s ’ 12 J - .1
C h ic B oard o f T rad e 4 sl927 J - D
C h icago C ity R y 5s___1927 F - A
C h ic Consol B r A M lt 6s ___ r - .1
C ldc Consol T ra c 4 Ha 1939 r - D
C ld c A u d itoriu m Is t5 s l9 2 9 F - A
C h ic D ock Co 1st 4 s . .1 9 2 9 A - 0
Chic J c R R 1st M g 5s. 194 5 M - S
C h ic N o Shore Klee 63.1912 A - O
C h ic l ’ ne T o o l 1st 5s_al921 J - J
C h ic R y 0 s____________1927 P - A
Ohio R y s 4-5s series “ A ” A - 0
Chic R y s 4-5s scries “ B " .1 - 1)
C ldc R y s 4-5s series ’ ’ C " P - A
C h ic lty s coll Os___ 1913 F - A
Chic R y s Fu nd 6 s . .19 1 3 F - A
Chic R y s T cin Ctfs 1st 5s
C h ic R 1 A P R R 4 s . .2 0 0 2 M - N
O ollat trust g 5s___ 1913 M - S
C ldc T elep h on e 5s____ 1923 1 - I)
C om m on w - Edison 5s. 1943 ill - S
Chic E d ison d eb 6s . 1913 .1 - J
1st g 5 s ____ July 1926 A - O
D ebenture 5s____ 1920 M - S
C om m on w E lect 5s61943 M - S
Illinois .Tunnel 5s____ 1928 t - D
K an C ity R y A L ight
Co 5 s ---------------------- 1913 M - N
K n lc k ’ o ’ ker I c c 1st 5 s .1928 A - 0
Lake St E l— 1st 5 s . ..1 9 2 8 ■1 - J
I n c o m e 5s_________ 1925 Feb
M etr W Side El—■
1st I s . . . .......... ......... 1938 F - A
E x ten sion g 4s____ 1938 .1 - .1
N orth W est El 1st 4 s . 1911 M - S
N o W G -L A C ok e Co 5s’ 28 Q - M
O gden Gas 5s________ 1915 M - N
P ea rson s-T a ft 5s.......... 1910 J - 1)
4.40s ____________________ M - S
4.003 Series E ___________ M - N
4.80.4 Scries F __________ M - N
P eo Gas L A C 1st Gs.1943 A - O
R efu n d in g g 5s------ 1947 M - S
C h ic Gas LA C 1st 5 sl937 J - J
Consuin Gas 1st 5 s . 1930 ■f
M u t’l Fuel Gas Ist5 sl9 1 7 M - N
S ou th Side K iev 4 H s .1 9 2 4 J - J
S w ift A Co 1st g 5s___1914 J - J
U nion El (l,o o p ) 5 s . .1 9 4 5 A - 0
U nion P a cific c o n v 4 s . 1911 H - N
U nited B ox Board col (>s’ 20
General n itge Gs________ J - .1
W estern Stone' Co 5 s . . 1009 A - O




Hid

Ask Lose

194l2 sale

High No.

100 Mch'07
01*2
9412

2

Low

H Igh

93i2 V«7a

__ __
_
__

__ __
__ __

_

__

- 1)

.........

BOSTON STOCK EXCHANGE—Stock Record, Y ?ly. Weekly and Yearly
SHARE PRICES—NOT PER CENTUM PRICES
Saturday
Dee 25

Monday
Dee. 27

Tuesday
Dec. 28

Wednesday
Dec. 29

Thursday
Dec 30

Friday
Dec 31

Sales
of the
Week
Shares

ST O C K S
BO STON STOCK
EXCHANGE

Range since Jan. 1
1909

Range for Previous Year
(1908)

Highest

R a ilroad s
67b F eb
98 Jan 13 125b O c t 2
2 12234 1233g 1237g 1,092 A tc h T o p & Santa F c .1 0 0 100b
*12134 122 *1215S 12l78 *12214 12212 *1221
83*2 M ch
Jan 15 106 J ’no 7
Do
p r e f___________ 100
14
104b
IO5I4 IO5I4 *10318 104lg *103b
*105*8 106*8 105 105
225 Jan 4 239b A p r 8 18H2 Jan
B
oston
&
A
lb
a
n
y
____
100
166
229
230
229
230
230
230
230 230
230 230
662 B oston E le v a te d _____ 100 124b Jan 7 135 D e c 30 121*0 D e c
135
135
134 135
133 134
134 134
■*133 134
30 B oston & L o w e ll______100 223b D e c 16 235 M ch 19 200*4 F e b
225 225 *224
...
____ *224
*224
____ *224
13 B o s to n & M aine______100 132l2 Jan 2 153 N o v 4 114 O ct
148
*147
148
14814
____ *147 148
. . 148 *147
Do
p r e f___________ 100 151 F e b 26 160 A p r 3 136 F e b
152
July’09
.
.
.
.
Last Sale
B o sto n & P r o v id e n c e . 100 295 S ep 14 301 J an 9 284 Jan
Last Sale 298 D ec’09
* ____ 300
* ____ 300
'____ 300
22 F e b 3
9 M ch
1134 J an 2
B
o
sto
n
Sub
u rban El C o s .
640
16
*15
15
15
16
15
15*2 *15
*15
16
45 Jan
77b N ov 4
60b J an 5
Do
p r e f_______________
D ec’09
Last Sale 75
*75
...
*75
...
*75
...
8*2 Nov
14b M ch 12
M aylO
1012 10i 2 " 3 5 B o sto n & W ore E le c C ol. 10
*10 11 *10 11
12
<_____
12
47*2 D ec
46b D ec 24
55b O c t 7
Do
p r e f______________
20
48
48
*47
48
*47
48
*47
48
48
48
126 Jan
Chic Jun e R y & U S Y .1 0 0 143 J a n 25 162 J ’ nc23
Last Sale 156 D ec’09
102
Jan
Do
p r e f___________100 115 N o v 5 123 J ’ ly 6
117*4 1173(
I I 6 I4 H 6I4
Con & M on t, Class 4 ..1 0 0 170 Jan .6 173 M ch 5 163 D ec
Last Sale 170 Jnly’09
133b
Sep
J
a
n
2
142b
M
ch
25
139
Conn & Pass R lv p r e f. 100
Last Sale 139b J ’ne’09
C o n n e cticu t R iv e r ___ 100 267 Jan 15 275 M ch 10 244 Jan
O ct’09
Last Sale 270
117
Jan
136
F
e
b
5
128b
N
o
v
l
l
F
itch
b
u
rg
,
p
r
e
f_______
100
132
132
13212 13212 131b 132
*132 13212 *132 133
75 J a n 5 103 D e c 22 67 A p r
G a R y & E le ctric_____100
D ec’09
Last Sale 103
*10212 . . . * 1 0 2 1 2 ____ *10212 .
81 O ct
79 J a n 14
88b S ep 15
Do
p r e f___________100
Last Sale 88b D ec’09
*87
*87
*87
...
195
O c t 11 195b J a n 13 193 Nov
100
M
aine
C
en
tral________
O ct’09
Last Sale 195
IU 4 J a n 12
8*4 Jan
19 O ct 1
18
18
1,838 Mass E lectric C os____ 100
1634 17 b
16U I 6I2 *1634 17
I 6I2 16*2
40 Jan
84 N o v 3
5 8 b J a n 15
Do
p r e f___________100
229
7814 79
7 9 b 80
*78b
79b
79
7812 78l2 79
128
Jan
1747g
J
’
n
e
l4
A153
N
o
v
8
N
Y
N
H
&
H
a
r
tfo
r
d
.
100
I 68I4 168b 158 15812 158 15812 158 158b 1583g 158U 1,201 N orth ern N H ________ 100 146 F e b 4 149 A u g 9 140 J ’ ne
Last Sale 149 Aug’OO
N orw ich & W o r p r e f . 100 200 A p r 13 215 S ep 2 200 A p r
Last Sale 210 D ec’09
131 Old C o lo n y ___________ 100 190 D e c 8 200b Jan 18 175 Jan
195
197
...
19614 19614 *195
197 197
*195 200
25 Jan
40 J ’ no 6
26 A p r 27
50 R u tlan d p r e f---------. . . 1 0 0
35
36
35
35
35
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70 F e b
90*4 M ch 2 117b A u g 16
82 Seattle E le c tr ic_______ 100
115b
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.
.
.
117
117
II 115*12 115 115
883g Jan
107
A
ug31
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5
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104 104 *104
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204
326 U n ion P a cific ________100 * 1727g F e b 26 2183.t A u g 10 H7834
204 204
204b
201 20134 201 2*0*1 *20334 204
Apr
117b A u g 16
9
3
b
M
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2
D
o
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f___________
100
*103
10
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10318 103l8 *10314 1041i
150
Jan
175
A
p
r
17
165
J
an
20
40 V e rm o n t & M ass______ 100
168 I 68I4 163
168
88 J a n 2 98b A p r 23 70 Jan
50
54 W e st End S t ...............
94
94
94
94b
9412 9412 95 95
941* 04*4
90 Jan
Do
p r e f____________ 50 102 O c t 12 112 A p r 27
134
10512 10512 *105 106
105b 105b
*105 106 *105 106
138 J i y
W o re N ash & R o ch _ _ 1 0 0 144 M ch 12 146 M aylO
Last Sale 145 July’09
M iscellaneous
13 Jan
50b A u g 12
33b Jan 2
48b 48b
4812 49
48b 1,805 A m e r A g rlcu l C hem __100
48b
49b
4 8 b 4938 49
77 M ch
a n 18 105 J ’ ly 23
102b 103
102b 102b 482 D o p r e f___________100 946b JJan
10234 10234 10212 10212 102 103
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13 Jan 13
22b N o v 1
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p r e f____________ 50
360
20b 20b 2034 20 b 20b 21
201•
> 20I2 21 21
99*4 Jan
345 A m e r S ugar R e fln ____ 100 *114 NOV30 136 A p r 8
122b 123b 123'g 123b
12214 12234 122 1227s 12212 123
Do
p r e f___________100 z l l 7 N o v3 0 131 A p r 13 106 Deb
122 122 121b 122b
107
121 122
122 122
122 122
99 Jan
1427g 143b *14114 1413g 5,664 A m e r T elep & T e le g — 100 125b D eb 1 145b S ep 29
142<4 14234 14214 14234 1423g 143
16 Jan
2 7 b D eb 4
40b A u g27
105 A m erican W o o le n ____ 100
37
37
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►____ 38
3612 37
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O ct’09
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90*2 Jan
C u m b T elep & T e l e g - 100 125 J an 25 147b N o v 9
Last Sale 1457g N ov’09
l**I43 146 *143 145 *113 145
7134 D e c 11 143,| Jan
J a n 11
100 D om in ion Iron & S t e e l- - 18!2
*71
71b
71
71
7134
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7034 *7034 71*4 *71
414 M ch
7 J an 4 137g J ’ no 9
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l i b 1,045 E ast B o sto n L a n d _______ 245 J a n 2 260 A p r 7 201 M ch
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E dison E lc c Iliu m ___ 100
252
417
252
253
251b
253
253
25012 2501 2501? 251
173 A u g 7 111 Jan
15038
F
e
b
24
G
eneral
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le
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100
138
I
6
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4
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15934 15934 ♦159b 160b 159b 160b I 6827g
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59 J a n 6 8334 D e c 22 49 M cli
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8 2 b 827g
8 2 b 82b
8218 82b
821.t 83
77 Jan
97 A p r 23
89 J a n 5
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p r e f___________ 100
361
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93
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ergentnaler
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140 M exican T e le p h o n e__10
3
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112*4 112*4
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223 N E T e le p h o n e.............100 126b J a n 5 139 S ep 20 105 Jan
138 138
138b 138b *136*2 13612
;38 *138
138
51*2 J ’nc
75 F e b 6 108 O ct 13
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192*2 *189
192b 192b *190
9 Apr
034 J a n 11 12 S ep 29
IIS4
1134 1134 *1U 2
12
145 R e e ce B u tto n -H o le __10
12
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88*2 Jan
S w ift & C o . . .................. 100 100 J a n 9 114b A u g 6
IO
834
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109
109
273
109
109
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34
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35 N o v 8
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p r e f____________ 25
29
61
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30
29
28
28
30
30
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l l 4 M ch
1 Jan 26 2 A p r 2
U nion C op L ’d & M ’g . 25
D cc’09
Last Sale l b
168
*264 U nited F ru it__________100 126b J a n 13 170 D e c 22 114b Jan
167*2 168
167b 168b 168
167 168
168 169
38*2 Jan
Un Shoe M ach C o rp — 25 *54 M ch 19 71 O ct 7
68*?
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68*2 68b
68b 70b 69b 70 5,576
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p r e f____________ 25
28b J al1 11 31b S ep 21
442
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30
30*2
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20 Jan
4134
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8 7 b Jan
Do
p r e f___________ 100 107 F e b 23 131 O ct 4
458
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126
12434
125*2
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4 Feb
19 D e c 22
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100 W est T elep & T e le g - .1 0 0
17
*16
17
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17*2 *16
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17
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76 M ch 3 96 D e c 20 59 Jan
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p r e f___________ 100
186
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9334 933.1
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94
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93
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ll 2 Feb
47g O c t 28 10t2 M ay28
680 A d v e n tu re C o n ________ 25
6I4
6b
7*3
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7
34 J an 29 62 O ct 1 24 A p r
135 A llo u e z_________________ 25
68
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t*____ 58
56*2 56*o
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23 M ch27
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175 A n a c o n d a ______________25
____
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14 Jan
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8 Apr
8 J ’ly 16 18 J a n 2
t l a n t i c _______________ 25
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12*4 *117g 1212 12 12*4 12 12
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10*4 M ch 15 2 3 b D e c 13 10*4 A p r
Con CJcG (rcts) £1
217g 22 *g 221g 223S 221g
22b 7,358 BB oston
2 Ug 22*4 21b 22
l i b Apr
5
17b J’ly 14 24 D ec 30
2334 10,327 os& C orbC op& S llM g
24
23b
221g 22b 22b 23b 231g 233.! 2 3 b 287g
15*2 Jan
218
g F e b 24
3 3 b N o v 19
B
u
tte
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a
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------------15
6.210
283,1
281g
29
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119
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4
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10
101 103*1 103 103 102b 103 102 102b 1,221 Calum et & H e cla -------25 585 F e b 26 695 A u v 13 *565 " M
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21 F e b
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38
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37*2 38*4
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37*2 38
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15
.10
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ercur
G
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------1
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68b D eb 26
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Jan
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20
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13b 1334
13b 1334
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1 O ct 29 2i2 Jail 15 .99 M ch
1»4 1,125 Elm R i v e r . . ................- 12
lb
2
1»8 134 * lt 2 183
2
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lb
13
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19
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----------------2o
4
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5
11 l i b l l 's l i b 11 11*4 1U4 l i b l i b l i b 6,148
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80 Jan
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.
100
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110
109
109
109 110*2
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07g Jan
9 F e b 26
145g N o v 16
C a n an ca-------- 20
117g 12
1l b 12 15,350 G reene
l i b 12
11b l i b 11*2 31b
lib
8b S ep 10 38 D e c 22
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33*4 3.3b
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534
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534
512 578
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33b F e b 19 ‘1734 F e b
281 3,610 Isle R o y a le (C o p p e r ). 25
29
28
28b
273.1 28
27b 28*.i
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938 A u g 19
7 b A p r 30
9 b 8,615 Iverr L a k e ------------------- «
8b 8*o 8*2 87,8 8b 8*^4 83.1 7087g 7087g 723.,
" i o 'S e p
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74b D e c 21
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C
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7034 72*-> 69*4 71*4
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C
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330 Mass C on sol------------------- 25
7
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6*2 6*2 6*2 678 634 6b .95
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A
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1
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2634 26b
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7
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____
____
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30 N o v 19
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5
267g
27b 3,699 N evada C o n s o lid a te d .
27b
2634 2G78 27
26*5 26b
20b 27
13 Sep 21
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1034 11
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.56 Jan
350 ld C o lo n y ------------------- 25 .40 J ’ne21
.85
* ____ .85
59 A u g 11
28 Jan
47b Deb 24
Old
D
o
m
in
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--------------25
55b
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16934
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19 D e c 28
10*o Jan
36*4 J ’n c 10
P a rrott (S liver & Cop) 10
20b 21b 21
21b 5.345 Q
19*2 2U
21 22*o 19 22
77 “ F e b
83 D eo
99 Jan
u in c y ________________ ?5
92
90
811
91
90
90b
89
89*2
89
87
89
lb Apr
27g
Jan
8
l
l
2
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15
Santa
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e
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old
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10
23g
2b 1,115
2b
23.1
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2b 2*2 * 2*2 163
* 2*2 2b
C34 F eb
17'g Jan ‘
13b Deb 26
4 167g 17b 17*8 1734 13,109 S h a n n o n ............................ 10 34
16*2
16*2 16-b
16*2 16-b
14 A p r
Jan 6
67 D ec 17
S
u
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2o
637g
64
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64
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63
63*2
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18*2 M ay28
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16*4
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10*2 16b 16 16*o * 16 69
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62
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T
a
m
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63
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23
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T
r
in
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________________
25
10b_ IH4 10*-> 111 5,529 U nited C o p p e r----------- 100 7 b N o v 4 10b Jan 8 12*8
9*4 11
0b 978 9*2 10
4 b M ch
Last Sale
D cc’09
9 M ch
39*» N o v 16
28
J
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37U
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59 Sep 21
39 F e b 25
543.| 5,618 U S Sm elt R e f & M in . 50
543g 54*2
54b 55b x 5-lb
54*2
54
54b 541?
37 F eb
54 O ct
44 Jan
Do
p r e f___________ 50
531., 633, *527S 53
1,137
63*i
53
53*2 63*2
53
53b
43g Sep
634 J an 26
4
O
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29
43,
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ta
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in
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5
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5
5.845
4b
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4*8
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4*7
4934
N
o
v
20
29*2 Jan
37b
Deb
24
46
46
451*
46
46
1,07 1 U tah C o n s o lid a te d —
46
45b
45*2 46
66 N o '2 0 287g May
3934 F eb 26
6034 61
1,043 U tah C op per C o ---------10
59 60* 60*g OO-b 607g 61b
59b 59b
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6 D e c 22
3 O ct 28
2*2 A p r
25
53g
53g
538
5b 1,522 V icto ria _______
5*4
6*4 5*o 5's 6 *
43.| A p r 30 e l3 b D eo 17
4*2 Jan
123,
13
13b 15,781 W i n o n a _______________ 25
10 10*. 10b 107, 11 12b 12 150
139 M ch 18 158 A u g 12 115*2 Jan
50 W o lv e r in e _________
150
150
146 148 1=146*2 ____ 147
147 147
4
Jan
16
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M ay
2
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1,685
W
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a
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o
2
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234 234
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2b
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3*s
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4 B efore p a y ’ t o f assees’ ts called In 19097 * Bid and asked prices, a N ew s t o c k , e A ss’ t p a id , b E x -s to c k d lv . h E x -righ ts, a E x -d lv . an d
■CHRISTMAS

D AY.

__




Highest

101*4 D eo
104b D ec
230 D eo
140 Jan
228 D ec
140 Jan
156 Jan
301 N o v
13 M ch
58 N o v
17 Jan
60*•> Jan
151b D ec
120*2 D ec
105 M ch
138 A p r
263 D ec
133 N ov
86 D ec
85 D ec
193 N o v
1334 N o v
64 N ov
161 N o v
145 A p r
205 F eb
196's D ec
34 D ec
95 D ec
102 D ec
185b N ov
9738 N ov
161 N o v
91b Sep
111) D eo
140 M ch
35
96
12
23
137b
132
132*2

N ov
N ov
D ec
D ec
N ov
N ov
N ov
3238 D ec
96*2 N o v
4*2 D eo
128 N ov
21b D ec
S3g N o v
253 NOV
102 D eo
60 D ec
90 N ov
215 N o v
3 O ct
78 N o v
93 D ec
128 N ov
79 D ec
17410 N ov
10*2 N o v

108*2 J’ly

24 O ct
26*2 D eo
21-5 Jan
148 " J ’ ly
623g NOV
30 N o v
5834 NOV
114 N ov
9*2 NOV
80b D ec

12*4 A ug
41*2 N ov
88's N ov
30 J ’ ne
53 N o v

40b D ec
.50 A u g
19i» N ov
.75 “ N ov
18*g N o v
25 N o v
30 A u g
130 A u g
700 Jan
3634 N ov
.45 J ’ne
837g N ov
l l 'g N ov
10 D ec
234 N o v
19*2 N o v

110

J ’ly
13*g A u g

26*4 Jan

21*4 D eo

17b Jan
83g A u g
J ’ ly
8 Jan
15*2 D eo
15*2 N ov
73 N o v
138 Jan
20*4 N ov

.75

89*4 N ov

GUI•> Deo
1351. D eo
31*3 Deo
100 A u g
33g N ov
19*4 N ov
36*2 N ov

20*g N o v
88 N o v

25 A u g
16*2 N ov
30’b N o v
46b N o v
17 N o v
7 N ov
50 A u g
53 N o v
5 N ov
f 7*b N o v
175 N o v
33g O ct
righ ts.

f

Boston Bond Ileeord

Jan. 1 1910.
BONDS

f r ie s
Friday
Dee 31

BO STON STOCK K XO H ’ OB
W e ek E nding D uo 31
A m T e le u * T o l c o ll tr 4s. 1929 J . j
C o n v e r tib le 4 s ................... 1930 M-8
A m W r it P aner 1st s f 6 s g 1919 j . j
A xis Com C op 1st c o n v 6 s 1918 M-3
A ten T o p A S F » g e n g 4 s .. 1996 A -O
A d ju s tm e n t g 4 s ....... J’ly 1906 N ov
fcta m p o d .................J ’ ly 1905 M-N
60-year o o n v 4 s .............1955 j . d
10-year c o n y Be.............1917| J -D
A tl G u lf A W I B S L in es 5 s .’ 69 j . j
Boston E le c t L c o n s o l 6 s. 1924 M-S
B oston & L o w e ll 4 s ........... 1910 J . J
B oston eh M ain e 4 *3 *.......... 1944 J .J
B oston T erm in al 1st 3*aa.1947 F-A
B u r eta M o R ly c o n s 0 s ___ 1918 J - J
S in k in g fu n d 4 s ................1910 j . j
B u tte <fe B oston 1st 0 s ___ 1917 A -0
Oedar R a p <fe M o R 1st 7 s . 1916 M-N
2d 7 s ..................................... 1909 J-D
Dent V erm t 1st g 4 s ..M a y l 9 2 0 Q -F
0 B & Q Io w a D iv 1st 6 s . 1910 A -O
I o w a D1t 1st 4 s ................ 1919 A -O
D e b e n tu re 6 s ..................... 1913 M-N
D e n v e r K x te n 4 s .............1922 F-A
N ebrask a E xteD 4 s ........1927 M-N
B & S W s f 4 s ................... 1921 M-S
Illin o is D iv 3*as................1949 J - J
J o in t bonds See (It N orth ern
Ohio j o R y <fe 8 tk Y d s 6 8 .1 9 1 5 J •J
C oll tru st refu n d in g g 4 8 1 9 4 0 'A-O
Oh MU * St P D u b 1) 6 a .. 1920 J - J
Oh M db S t P W ls V d iv 681920 J - J
Dhlc <te N o M ich 1st gn 5 a .l 9 3 i M-N
Ohio & W M ich gen 6 s . ...1 9 2 1 J -D
D oncord <fe M on t con s 4 s ..1 9 2 0 J-D
Donn db P a ss R 1st g 4 s . .. 1943 A-O
Current Ttivar 1st 6 s ......... 1927 A -O
D et (Jr R ap <6 W 1st 4 s . .. 1946 A-O
D om inion Coal 1st s r 6s . . 1940 M-N
P iten bu rg i s ........................ 1916 M-S
4 s ..........................................1927 M -S
fr e m t K lk d b A lo V l s t O s . . 1933 A -O
U nstam ped 1st 6 s ........... 1933 A -O
St N or C B <fe Q coU tr 4s 1921 J - J
R e g is te r e d 4 s ....................1921 Q -J

Hid

Week’ s
Hangs or
Last Sale

High
9214 « 2 V
10538 1063,
83 M ar’ 09 .

A 8k Lose

02 Vi Sale
104 >4 105

204 I
195
99 7s D e c ’ 09 .
94 D e o '0 9 .
93*8 N o v ’ 09 .
119 D e o '09 .
120*4 A u g ’ 09 .
73
Sale
72 >3
110 F e b ’ 0 4 1
100 >
4M ar’09 104*3
112*3
102 D e c ’ 09 .
99*3 Jan ’ 09 .
100 J ’ n e’ O l1.
117 J ’ ue’ 08 111 1* J ’ l y ’05 .
86 D e o '09 .
87
U103 o c t ’ 0 7 1.
99*8 J ’ l y ’ 0 9 !.
1 0 1 ‘g D e o ’ 03 .
100 O ct ’ 09 .
102 M ay’ 09 .
99 O c t ’ 09;.
89*4 N o v ’ 09 .

09 o» 100
94
00
04
00

121
73

89

.....

DON t)>
BOSTON STOC K E X O H ’ GK
W e e k E nding D ec 31

Hangs
Year
iy<J9
Low H igh
8 1 S 96*4
92*4 107*8
83
83
130 204
09*3 101*3
92*8 94 ®s
93
94 *3
102*3 121 «a
107*8 120*4
69
73*3
• 100*4 100*4

102

102

99** 99*3

81

80*3

99*8 100**

101*8 101**
99*3
101*3
08*8
89*4

49

100
102
99
92

101 101*3 101

D e c ’ 0 9 '. . 101 104
91
94
92 N o v ’ 09 .
116 D e c ’ 09 . .J H 6 118*4
126 F e b ’05 .
103 Sep ’ 09 . ! i o i " i'0' 3 "
1102
100*4
1 0 2 >9Sale 102*3 102*3
................... . 91 D e c ’ 07i.
................... . 112*4 J a n ’ 03 .
96
96
..................... 96 F e b ’0 9 .
87
92*3
.................... 01 O c t ’ 0 9 .
..................... 97 *4 N o v 09 .
96*a 9 7 7s
...................... 103*8 A p t ’ 06 .
..................... 96 A p r ’ 0 8 .
..................... 133 M ar’ 09 . . . . 133 133
..................... 140 A p r ’ 06 .
967g Sale
9634
97 I 7 4 , 95*4 99
4 96*4 98*a
96*4
U6 L« .......... 96*4

"3
^•3

1'rict
F riday
Dec 31

Week's
Bangs or
Last Sale

Ask Low

'Hid

I llin o is S teel d e b e n 5 s ___ 1910 J .J
100*4 101
N o n -c o n v e rt d eben 6 s . ..1 9 1 3 A-O
l a F a lls & S iou x C i s t 7 s . . 1917 A -O
K an C Clin <fc Snr 1st 5 s ...1 9 2 5 A -O
K a n C F t S * G u lf e x t 5 s ..1 9 1 1 J-D
K an C F t S c o tt db M 6 s ___ 1928 M-N 117 118
K a n C M db B ge n 4 s ........... 1934 M-S
93*a . . . .
A s s e n te d Incom e 5 s........1934 M .S
91 ____
K a n C & M R y & B r 1st 5 s l9 2 9 A-O 103*4 104*4
M ain e C en t co n s 1st 7 s . ..1 9 1 2 A-O
C on s 1st 4 s ........................1912 A-O
M aro H o n g h .fe O n t l8 t 6 s .1 9 2 5 A-O
M ass G as 4*28 ......................19291 J -J
08 *a Sale
M e x ica n C en tral co n s 4 s ..1 9 1 1 J . J
l s t c o n s i n c 3 s ........... Jan 1939 J ’ly
2d c o n s in o 3 s ........... Jan 1939 J ’iy
M ic h T e le p ls t 6 s ................ 1917 J- J
M in n e G en E le c c o n g 6s 1929 J . J
N e w E n g C ot Yarn 5 s___ 1929 F-A 104 *4 Sale
N e w E n g T e le p h 6 s ........... 1915 A-O
6s............................................1916 A-O
N e w E n g la n d co n s g 6 s . . . 1945 J - J
B o sto n T e r m 1st 4 s ........1939 A-O
N T N H & H c o n deb 3*381956' J -J
C o n v d eb 6s ( c t f s ) ......... 1 9 4 8 'J . J
Old C o lo n y gold 4 s ............. 1924 F -A
O reg R y db N a v co n g 4 s . .
1946 J-D
O reg Sh L in e 1st g 6 s ........1922 F-A
R e p u b V a lle y 1st 3 f 6 s . ..1 9 1 9 J - J
102
R u tlan d 1st c o n g e n 4*38.1941 J - J
llu tlan d-C an adlan 1st 4s 1949 J - J
S av annah Elee 1st co n s 5s. 1952 J -J
Seattle E le c 1st g 5 s ......... 1930 F-A
T e r r e H a u te E leo g 5 s ___ 1929 J -J
T o r r ln g to n 1st g 6 s ........... 1918 M-S
U n io n Pao K B db 1 g r g 4 s . 1947' J - J
20-year c o n v 4 s ................. 1927 J - J
U n ited F r u it ge n s f 4 *38.1 9 2 3 J . J
96*4 Sale
U S Coal * O il 1st s t 6s . . 1938 M-N
U S S t e e l C orp 1 0 -6 0 y r 5 s . 1963 M-N
W e s t E n d S tre e t R v 4 s ___ 1916 F -A
G old 4*33.............................. 1914 M-S
G old d e o e n tu r o 4 s ............1910 M-N
G old 4 s ..................................1917 F-A
W e s te rn T e le p h * T e l 58.1932 J . J
98*3 Sale
W iso o n a m C e n t l e t g e n 4 s l9 4 9 , J - J

N o t e —B a y e r pays a ccru e d Interest In a d d itio n to th e p u rch ase p rice fo r a ll B o s to n B onda.

H ig h

*a

Bangs
Year
1909

S»

K'*

l.o ,v

.Y «

09*4 N o v ’ 0 9 ___

H \g\

9 9 \ 101

1()0*4 101 ! 15 100*s 101*a
A p r ’ 0 8 ;___ " .................... .
117
97
’.•6*3 O ct ’ 09 ....)< 04
100 S e p ’ 09 . . . . ' i l 0(1 101
D e c ’ 09 . . . . 118*4 120*«
118
94
0 3 * 3 U e c’ 09 . .. J ) 00
1 ' 86*3 92>«
91 ■ 01

103*4 D e c '0 9 '....'1 0 3 * 4 104
113*8 N o v ’ 0 0 1. . . . 1!.....................
1 0 1 * 4 Sep ’ 05 . . . . .....................
1 1 5 J ’n e ’ 0 8 '___ ' ......................
OS's! 25 97*3 100
98
86 M a r’ 09 ... .I 84*s 89
1116 A p r ’031,
^16*4 A p r ’ 0 8 ,
1 0 2 * 3 A n g’ 04
104*4 1043g
102 F e b ’ 09
1 0 0 * 3 Sep ’ 08

13 102*4 104*4

....!

102

102

1 0 1*4 D e c ’ 09
J 9 7 *8 109*4
.' 134 14234
142*4 N o v 09
101 A p r '0 9 '
. 1 0 1 101
9 8 7s Sep ’ 0 9 1
9 8 7g 9 8 T»
117 *# N o v ’09 i d ! 117*8119*8
1]
105 D e o '0 8
107*2 N ov’ 05'
ii
102 M a i’02'1
11
98*2 M ay’ 06 '
ii 104 106*a
104 ‘4 O ct ’ 09 ■
97 A p r ’ 07'1: : : :
100 N o v ’ 09
102 7g D e c '00
110*2 J ’ n e’ 09

* N o p r ice F r id a y ; la te s t bid an d asked.

11 F la t price.

Philadetohia and Baltimore Stock Exchanges—Stock Eecord, Daily, Weekly, Yearly
Share Prices—Not Per Ccututn Prices
Saturday
Dec 25

Monday
Dec 27

Tuesday
Dec 28

Q
M

to

to

- -

Thursday
Deo 30

Sales
ACTIVE STO CKS
of the
Week (F o r Bonds and Inactive
Stocks see belose)

Friday
Dee 31

Lowest

Highest

46
47
46*3 40*3 •46
88
+87
88
US
118*3 ♦118 119
116*4 116 117
27*8 27*8
27*« 27*8
27S)
27*8 27Si
* ......... 46®4 *40 *3 4t534
47S, ♦......... 47
14*4 ..........
*14*4 14*3

B a lt i m o r e
216 Con. G as Eh L. db P o w .1 0 0 , 30 M ar 8
65
D o p r e f....................... 100 76 M a r ld
632 N o rth e rn C e n t r a l. 60 100 Jan
2,138 S eaboard (n e w ) ................. 100, 11*4 F ob 26
600
D o 2d p r e f................100' 22*4 F e b 24
......... U n ite d R y <te E le c t r lo .. 60
0*4 F e b 3

30
30
80
30
2 3 7» 2 8 7*
29*3 29 S
47
48
47
47
47
47
47
47
49
40
49*4
4 9 '« 40*8
49*4
49*8 49*4
- 12*4 12*8 * , 2*4 12*8 *12*4 12*8
12*4 12*4 *12*4 12*8
60
61
60
*60
60
00 60
60
60 >3 60
32 S> 33*4
33*4
2 8 7# 29
32
29*8 3L '«
30*2 32
84
83
84*3
82*3 83*,
81*4 81*4
83*4 84*4
13
12 *, 12 *s 12 Si 12 Si 12 >« 12*4 1278 13
13
283 8
28*4
2 7 ', 27*4
27
27 *4
27
28
28*8 28*4
124*3 124*4 122*4 123 Si 123 124
*122*4 122*, 122 122
u
n
*
.
104*2 107
1027g
Dt434 106*4 107*8 109*4 107*3 110*4
68*4 68*4 68*8 68 Si 687,8 C8*la 68*3 68*4 68*4 03*8
49*4 60
60
60*2
60*8 61
60*3 61
60*3 51
13 7g 137r
13 7s i ll 's
137fc 14
11 14*8
137a 14
2 6 7g 27 l4
20 7r 27
26*8 26*4
20 7s 27*8 27 27*8
85 >
8 85*3 85*8 86*8 85*8 85*4 86*4 867ie
84ai8 85*,
7*8
7 7i«
7*3
7*3
*7
7*3
77,8
7*3
7*lfl
77m
51*4 52
62
62
6 1 '» 62
52
62
52
62
95
05
95
05
95
05*8
06
05*4 * 04»» 04*9

P h ila d e lp h ia
V0 A m e rica n C e m e n t......... 50 25 D e o 20
3 1 4 'A u ie n c a n R a U w a y s .... 60 44*» J ’ly 8
7,3n7iCainbrla S t e e l ................. 50; 32 7g Feb 23
3 7 Oj E le c t r ic Co o f A m e r ic a 10 xU )7» J an 20
1,156 E le o S tora ge B a t t e r y ..100 43 Jan 30
14,195 G en A sp h alt tr c u s . .. .1 0 0 16 *2Ja n 5
4,000
D o p re f tr c tfs . .. .1 0 0 53 I a n 6
968 K e y s to n e T e le p h o n e ... 60
9 *2Jan 21
3,141 Lake s u p e r io r C o r p ....1 0 0 14*4 Jan 6
1,720 L ein gli C & N a v tr ctfs. 60 96 J a n 5
32,742 L eh igh V a lle y ................. 50 67 F e b 23
6,020 P e n n sy lv a n ia R R ......... 50 63*» F e b 24
4,364 P h tladelp’ a O o (P it t s b ). 60 40*2 F e b 24
6,90s P h iladelph ia E le c t n c t . 25 11*4 F o b 2 3
4,680 P h ils R apid T r a n s i t . . . 50 21 Jail 5
1,924 H e a d in g ............................ 50 69*3 F eb 23
1
2,047 T on op a li M in in g .........
6 * 4 Jan 16
817 U nion T r a c t io n ............. 50 5 0 7g Jan 6
7 ,4 3 3 United Q u Impt......... 5 0 84** Slayl3

46
47
46
87 h 87 *2 87*4
116
115 1 16
27*3
27*4 27*8
47
47*4 47*3

j
I
*
•
•

Wednesday
Deo 29

30
47
49

30
47
49*8

Bid
I n a c t iv e S t o c k s
A llegheny V al p r e f ___50
A m ai A s b e sto s C orp . 100
P r e f e r r e d ...................100
A m etican -M illin g ....... 11)
A m er P ip e M t g ......... 100
BeU T o lep liou e (P a ). 100
Dambrla I r o n ................. 50
Central Coal db C ok e. 100
P o n s o lT r a c o f N J .. . 1 0 0
Easton Con E lectric 6.50
Eleo S torage B att___ 100
P r e fe r r e d ................... 100
Ft W a y n e dfcW V ........100
ierm au tow n P a ss........60
ndtan apolis S t ........... 100

30

00*8
1*4

120*4
78
60*

23

P en n syl R R r e c e ip t s .
P en n sy lv a n ia s t e e l . .1 0 0
P r o lo r r e d ................... 100
P h ila C o (P itts ) p r o f ...5 0
PhU Germ an <fc N o r r is .50
Phila T r a c tio n ............... 50
R a ilw a ys G en era l........10
B usqueh Iron <fe S te e l ..6
T id ew a ter S te e l........... 10
P r e f e r r e d ..................... 10
U n io n T r of I n d ......... 100
U n ited N J R R <& 0 ..1 0 0
U n it T ra o P itts p r e f .. 50
W a r w ic k rron<fc S teel. 10
W e s t.* ir s e y <fc s e a S it.50
W ostrT oroian d C oal....6 0
W ilk e s G dsdb K lo c .,1 0 0

13
41 Si

*60**4

110
100*4
ii4
45

88*3
9*3

Prices are a ll “ and
30 Si
interest.”
90*8 A1 V a l It, e x t 7s 1910 A-O
A lt & L V E lu o 1 *38' 33 .F -A
A m K y s c o n v 6 s 1 9 1 1 . J-D
A tl C ity 1st 6 s g ’ 1 9 .M -N
Berg<feEBrw l s t 6 s ’ 21 J-J
B e th le Steel 6 s 1 9 9 8 .Q -F
C h oc ifc M e 1st 6 s 1949 J-J
Cli Ok db G gon o s ’ 19 J-J
*6* i " C ol S t R y 1st c o n 6s 1932
C o u T r a o o f N J 1st 5 s .’33
Kcfe A 1st 61 5s 1920 M -N
E le c <fc P o o T r stk tr ctfs
Eq II G as-L 1st g 5s 1928
In d ian ap olis U y 4 s . 1933
23*4 In te r s ta te 4s 1943 ..F - A
L e h ig h N a v 4*38 ’ 14.Q -J
l il t s 4s g ........1 9 1 4 .Q -F
G on 61 4*38 g . 1 9 2 4 .Q -F
Lelt V C 1st 5s g ’ 3 3 . .J -J
10 Leli V ext 4s 1 st 1948. J-D
2d 7s 191 9 ................. M -S
C on sol 6s 1 92 3........J-D
* 6i i "
A n n u ity 6s ............... J-D
G on c o n s 4s 2 0 0 3 .M -N
Leli V T rail con 4 s ’35J-D
N e w C on Gas 6s 1948 J-D
N e w a rk Pass c o n os 1930
N Y Ph <fe N o 1 st 4s ’ 39 J-J
In c o m e 4s 1 9 3 9 ...M -N
115
45*4 N oO h ioT rao c o n 5 s ’ 19.J-J
P e n n gen 6s 1910 . . . V ar
C on sol 5s 1919........V a r
89
10 P en n db M d Steel con 6 s.
P a & N Y Can 5s ’3 9 .A-O
Con 4s 1939..............A-O
P e u n S t e e l l s t 6 s ’ 17 M -N
P e o p le ’ s T r tr ce rts 4s ’ 43
P Co lstdb col tr 6s’ 49 M -S
C o n * co l tr 5s 1951M -N
11*4 P h il E lec gold tru st c tfs .
T r u s t ce rtifs 4 s ...............
00 P «& E g e n 51 6 g ’ 2 0 . A-O
G en 61 4s g 1 9 2 0 ..A & O

248

11
*80

H E x -rlglits.

||$7.30 paid.

Ask

B A L T IM O R E

_____
, , ___ _____

100 7»

100

83

*08*"
j 1 6 *3

110

111

104*3

105
90

100
101 S»
1*49*4
90*8

58........................ 1930 J -D
Ga<fe A la 1st cou 5s ’ 45J-J
G a(far<feN l s t o s g ’ 29J-J
G eorgia P 1st O s.. . ’ 22 J-J
UaSOcfe Fla ls t o s l 9 4 5 J - J
G -B -S B rew 3-4s 19b'lM -S
2d in co m e 5s 1951 i l- N
K n o x v T r a c 1st 5s ’28A -G
L a k e lt E l 1st gu 5 s ’ 42M -S
A laconR y<fcL tlst5s’ 53J-J

>9 86
10 /
101 1*0*2
85

90*3

100
* 6*0 ** **5*7*Q
108

__ _

*78*4 *79

8 f 08 192 6.................51-N
U T r a c P it g en 5s ’ 97 J -J

109
108

101*4

U A L T LUO lfE
I n a c t iv e .S ta ck s

26

Cons C ot D u ck C orp.

120*3
90*3
R oads

Prices are a ll “ and
interest.”
......... .........

90*4
1*03*4 104 Si
07*4 08
lo l
75
75 Si

A n a co s tia <fc P o t 5 s ........
A tl & Cli e x t 4 *38 ’ 10. J-J
A tla u C L R R 481952 M -S
A t l Coast L (C t)c tfs 5 s J-D
C tfs o f in d e b t 4 s ___ J-J
0 -2 0 y r 4 s 1 9 2 5 .......... J - J
B a lt C i ’ ass l s t 6 s ’ l l M -N
B a lt F u tld g 5s. 1916 M -N
E x ch a n g e 3 * 2 8 1030 J-J
Baltcfe P l s t O s m l ’ l l A-O
B S P d b C 1st 4 >38 ’63F-A

35

347*3 3*5*5
110
105
6*4 7*4
2 3 ’i 24*3
! 32
97
! 95
80
73
2*3
1*3
,

102*4 103
99 7i
94*s ......... !
97
92
100*4 i b o ’si
105
100
98
99
101 103
93 Si 94

108
112

110

114
108
109
.........
♦ $ 12 *4 paid. f$ 1 3 * a paid. { $ 3 5 paid, a R eceipts.

Ask

105
Chas R y G & E l 5s '9 9 M -S
00*3 91
Chari C<& A 2d 7 s ’ 10 A -O lu o
C ity Js S u b 1st 5 s .. ’ 22 J-D 107
109
C i t y * S u b (W a s ) ls t 5 s ’ 48' 102*3 104
Coal di X U y 1st 5 s ’ 2 0F -A 102 102 *s
O oLfeGrnv ls t 0 s .l9 1 6 J - J KJ& 109

_____

P o rtla n d R y 1st 5s 1030.
llo c h Rycfe L e o n 5 s ’ 64J-J
S pa n ish -A m Xr 6 s ’ 27 J-J
U T r a c Ind gen 5 s’ 19. J-J

Bid
WZ

87*4

.... ....

• B elau d asked; no sales on tills day.




| Bid

U sk

R onds

i

n diana U nion T r ___ 100
n su ra n ce Co of N A . . 10
n ter Sm P o w <fc Chem .50
keystone T elep h on e ..5 0
P r e f e r r e d ..................... 50
K ey
H sto
a v enne W
IratchC
o n <fo ase.
S t e e100
l.5

Bid

Ask

110 i I 04
105*3 io n ‘
105 *3 105*4
113*« 115
109 10J>3
43
44
11

12

104*3 106
ll8
96
97
99
100
108*4 110
M t V e r C ot D u ck 1st 6s .
7 7 *, 77*a
93
N p t N & O P 1st 5s’38 M -N
N o rfo lk St 1st 5s ’ 4 4 . .J-J 105
N o rth C ent 4 Sts 1925 A-(>l 105
Series A 5s 1 9 2 6....... J.J 112
Series B 6a 1 9 2 6 ___ J-J 112
P itt U u T r a c 5s 1 9 9 7 .J-J 105
1’oto V al 1st 5s 1 9 4 1 ..J-J 108
Sav Fla <fe W est 5s ’ 34 A-O 105
Seaboard A L 4s 1950 A-O
8 1 \ 8 4 7a
S cab & llo a n o s 192 0. J J 105
South B o u n d 1st 5 s .. A-O 104
100
02 83
U E l I*fcP la t4 * 2 s ’ 29 M -N
8 0 ;,4 87
U n Hyde El 1st 4 s ’ 49 M-S
In co m e 4 s 11M9
-T-Il
801?
84 ’4 84*3
F u n d in g 6 s 1 9 3 6 ...J -I )
V a i l i d 2d ser 6 s ’ l l . M - S 100‘4 103
3d series 6 s 1 9 1 6 ..M-S 106
4th ser 3-4-5S 1 9 2 1 .M-S 106
5th series 5s 1 0 2 6 .M-S 106
106*4
02
V a (State) 3s n ew ’ 32.J -J
92
..,
F u n d d e b t 2-3s 1 991. J-J
106
107
W e s t N C con 6 s 1914 J J
101*4 101*4
W e s V a C<fe P 1st 6 g ’ l 1 J J
114
W ll <fc W e ld 5 s ..1 9 3 5 .J-J 112

6 $23

paid. c $ 3 0 p a id . d $ 12 *3 paid.

50

THE CHRONICLE

Volume of Business at Stock Exchanges

rV 0L. XC

A sk
B id
Industrial and M isccl.
A sk
list
Consol L u b b e r T i r e .. 10C
2
3
131
____ 20
P referred ............ .......100
91
TRANSACTION'S AT T H E N EW Y O R K STOCK EXCH AN G E
D e ben tu re is 1051 . A - 0 f 34
68
70
D A IL Y , W E E K L Y AN D Y E A R LY .
C on S team ship Lines —
83
Coll tr 4s 1957 r c t s - .J J / 23
25
____ Corn Prod R e f — See S to ck E x c .1st
Stocks.
Railroad,
80
183
19
e
C
rucible
S
te
e
l_____
106
Week ending
A c..
State
U. S.
94
e P referred ________ 106
Dec. 31 1909.
Shares.
Par value.
Ronds.
Bonds.
Bonds.
T e le g r a p h a n d T e le p h o n e
C u m b e rla n d -E ly C o p p e r 5 * ___
70
e A m e r T e le s & C a b le . 100
77
125D
e D iam on d M atch C o . 100 125
Saturday ___________
HOLI D A Y .
1
e Central & So A m e r . .1 0 0 114 120
13 ID
d u P o n t (E I )d e N e m P o 100 131
Monday ____________
851,013 $78,945,050
$4,948,5001
$18,000
C o m m 'l (Jn T el (N Y ) . 25 108 116
c P r e f e r r e d _____
100
87
87*4
Tuesday_____________
601,994
55,739,950
65
3,720,500!
25,000
Em p & B a y S tate T e l. 100
—
e G old 4 Jjs 1 9 3 6 .. . J - D
871: S3
Wednesday ________
702,867
67,364,400
F ran klin ______________ 100
45
—
4,625,500'
43,000
E co n ’ y L t & P (Joliet, III)
T h u r s d a y ___________
692,390
65.386.500
____
c G old & .Stock T e le g .1 0 0 105
4,02l,000i
116,000
1st M s f g 5s 1 9 5 6 .J -D
95
9.3
F r id a y ______________
852,460
51.820.500
5,972,000’
59,000
N Y & N J T e ie p h — See Stk E x c list
E le ctric B o a t ____ __
too
25
30
e N orthw estern T eleg
105
____
P r e f e r r e d ___________100
00
75
T o t a l ........................ 3,700,724 $349,256,400 $23,887,50065
$201,000
70
P a cific & A t la n t ic ____ 25
E m pire S t e e l ____ _____100
10
7
92
____
S outhern & A t l a n t i c .. 25
P r e f e r r e d _________ .100
80
90
__
Sales at
G eneral C h em ical___ 100
Week ending Dec. 31.
Jan. 1 to Dec. 31.
New York Stock
F e r r y C o m p a n ie s
e P referred ________ 100
B & N Y 1st 6s 1911.
90
96
Exchange.
1900.
G oldfield Consol M in e s .10 *'711jo M a
1908.
N Y & E R F erry s t k .
30
37
*13.!
G old H ill C op p er (w 1) _ 1
60
65
1st 5s 192 2................M -N
Stocks— N o. shares__
1134
G r c c n e -C a n a n e a _____ 20
3,700,724
214,632,194
3,300,708
197,206,346
98
100
Par value_________ $319,25(5,400 $307,306,350 $19,633,970,150 $17,694,247,800 N Y & H o b 5s M a y ’4 6 .J -D
G uggenheim E x p lo r ’n 100 243 253
H o b F y 1st 5s 1946 Al-N 106 107
Bank shares, p a r ____
e H a ck e n sa ck W a te r Co
$42,800
$425,250
$2,500
$226,500
95 100
N Y & N J 5s 194 6____ J-J
Bonds.
88
90
R e f g 4s ’ 52 o p '1 2 . . J-J
39
____ Hall Signal Co c o m . .1 0 0
Government bonds___
45
55
S771.200
$521,820 10th & 23d Sts F e r r y . 100
72
67
1st m tge 5s 1 9 1 9 ..J -D
012
8
Stato bon d s_________
H avana T o b a c c o C o . 100
37,115,700
$261,000
$296,000
81,713,500
32
35
10
ItH. and mlsc. b o n d s..
P referred _____ . .1 0 0
20
1,279,404,100
23,887,500
31,046,000
999,025,800 e U nion F e rry s t o c k .. 100
93
101
e 1st 5s 192 0.............M-N
G3
1st g 5s Jun e 1 ’ 2 2 . J-1)
68
Total b o n d s..
H cck er-Jon es-Jew ell Mill
$24,148,500 $31,342,000 $1,317,291,000! $1,080,381,120
105 109
S h o r t- T e r m N o te s
1st 6s 1922.......... . .M - S
9834 H er’ g-H a ll-M a r, n e w .t o o
98
A m Clef ser A 4s ' l l ..51 S
30
40
D A IL Y TRANSACTIONS A T T H E BOSTON AND P H IL A D E L P H IA
9034
9738
Ser B 4s M ch 15 ’ 12 M-S
H o b o k e n Land A Im p 100
EXCH AN G ES.
997g too
'
el & T el ft 5s '1 0 -J-J
e 5s 1910....................M -N
997S 1001s
Coast L 5s ’ 1 0 . M -S 100 1003j H ou ston O il_________ 100
8D
8*4
Boston.
Philadelphia.
9934 10014
4<>D
B ethlch Steel 6s ’ 1 4 ..M -N
P r e f e r r e d _________ 100
40
Week ending
9034 97 >4 H udson R e a l t y . . ___to o
100 n o
Dec. 31 1909.
Listed
Listed Unlisted
Bond
Unlisted
Bond
1003S 1007g e In ge rso li-R a n d c o m . 100
99
shares. shares.
sales.
shares.
shares.
sales.
Erie 6s, A p r 8 1 9 1 1 .. A - 0
95
In terb R T g 6s 1911 .M -N 103M 16414 In te rn a t’ i B a n k ’g C o . 100 140 145
Saturday____________
D A Y __
97
98
K C R y & L lg h t Cs '1 2 . M-S
Internat'l M er M ar— See S tk E x list
Monday_____________ 23,503
48,190
$30,100
23,419
3,086
$17,700 L a ck Steel 5s g 1 9 1 0 .M-S
99?s U)0!S Intern ation al N ic k e l ..1 0 0 150 155
T u e sd a y ...................... 33,393
42,873
4,243
04,000
32,496
4.8,200 Lake Sh & M So 5s '10 F-A
90
997S 1001g
P r e f e r r e d ___________ 10 0
93
43,145
40,000
W ednesday........... ...... 41,168
34.569
5,903
37,000 L on & N ash g 5s '1 0 . Al-S 100 1003g
99
1st g 5s 1932.......... . A - 0
94
35.852
52,500
T h u rsd a y .................... 38.078
66,819
4,632
101,000 M ich C ent 5s 1 9 1 0 .. . F - A
5
997g lOOIg In ternation al S a lt____ too
8
Friday _____ ________ 39,465
39,445
71,000
49,315
5,051
78,250 Minn & St L g 5s 'l l . F - A
99U 9934
1 40
1st g 5s 1 9 5 1 ___. . A - 0
46
N Y Cent 5s 1910____ F-A
25
997S 1U018 In ternation al S i l v e r .. 100
3i
Total ...................... 175,607 i 209,505 $257,600 203,018
22,915 $282,150 N Y C L ines H op 5s
61.40 1.1)
101
P r e fe r r e d ___________ 10 0
105
N Y N H * H 5s ’ 10-'12 100 1013.!
1st 6s 1918 . . ____J -D
110
N ort & W e s t 5s 1910-iU -N lOOlg 100l2 In tern at Sm elt A R e fg 100 134 160
IOOI3 1003g In te rn a tT im e L lcco rd . 100
05
77
99
9912
90 103
P r e f e r r e d ______ . . l o o
90
97
Jones A Laughlln Steel Co
All b o n d p r ic e s a r e n o w “ a n d i n t e r e s t ” e x c e p t w h e r e m a r k e d “ f . ”
997s lOOlg
South R y g 5s 1 9 1 0 . . F-A
1st s f g 5s 1 0 3 9 -.M -N 101 102
101*3 1017* Lack aw an na S te e l___100
T id e w a te r Cs, 1913
02
64
BUI Ask
Street R a ilw a ys
Bid Ask W cs tln g h ’o EI&At 6;
Street R a ilw a y s
100*3 101
*18
Lanston .M onotype___ 20
I « l3
New York. CUlt
Pub S erv C orp N J (Con)
R a i lr o a d
L a w yers’ Mtge C o ____ 100 233 242 D
B leeek St & Ful F s t k . 100
22
R a p id T ran St R y .-lO O 240 250
15
3012 36*4 e Leh A W ilk cs-B Coal 50 135
eC h ic GtVV co m tr ctfs 100
60
70
1st 5s 1921.......... A-O
e 1st m tge 4s 1 9 5 0 .J-J
106
Oil's 64>8 Lord & T a y lo r ________ 100
e P referred tr c t f s . . 100
100 110
e D V & 7th A v e s tk -.. 100 140 145
J C H o b A P a te rso n —
Chic F co & St I___
98 103
P r e fe r r e d ___________ 10 0
4s g 194 9_____ M-N
78>2
e 2d m tge 5s 1 9 1 4 ..J -J
99D 101
P rior lien g4 4£s'30. M -S / 90
91
e L orlllard (P) p r e f___ 100 130
So J Gas El A T ru e . 100 140
C on 5s 1943— See S tock E x c list
Con m tg g 5s 1 9 3 0 .. J-J / 58
____ M adison Sq G a r d e n ..1 0 0
30
45
Gu g 5s 1 9 5 3 . . . M -S
9912
B ’ w a y S urf 1st 5s gu 1924 101 104
In com e 5s, J u ly 1 9 3 0 .. / ____
85 100
102
■13j M anhattan T ra n sit___ 20
C h icago S u b w a y _____ 100
4h
*23g
5s 192 8................... J-J 104
95
e 1st m tg e Gs 1 9 2 2 .M-N / 80
F t W & D en C y s t d _ .1 0 0
97l2 102
M onongahela R C o a l . . 50 *1(|12
E x t 5s 1924____ M -N
100
50
e Ccn F k N & E It s t k . 100 30
Kansas C ity Sou 5s A p r 1
P r e f e r r e d ___________ 50 *201- 267g
P a t C ity co n 6s ’3 1 . J-D 117
SO
90
e C h r’ t ’ r & 10th S t stk 100
1950 (w 1) — See Stock E x c list
M ortgage B on d C o ___ 100 ll.i
115
2d 6s o p t 1914 . A -0 100
Col & 9th A v e 5s Sec S tock E x c list
N at R y s o f .M exico— Sec S t E x c list N at Bank o f C u b a ____ 100
99 101D
So Side El (C h ic)— See Ch lea go list
D ry D E Ii & B —
N o rth ’ n Securities S tu b s .
97 103
N a t’l S u r e ty _________ 100 215
e 1st gold 5s 1 9 3 2 .-.T-I)
97 >2 101 S yracuse R T 5s ’ 4 6 . . M -S 103 105
P itts Bess & L E _______ 50 *30
30l2 N evada C’o n s ’d C op p er 5 *2078 27D
50 T ren t P A II 5s 1 9 4 3 .J-D
e S crip 5s 1 9 1 4 .. . .F -A / 45
95
P r e fe r r e d ____________ 50 *70
75
N e v -U ta b Min A S in . 10
*1!2
1*8
E igh th A v e n u e s t o c k . 100 250 300
U nited R y s o f St L—
e R ailroad Securities Co
e N ew Central C o a l___ 20
30
20 21
e S crip 6s 1914___ F-A / 95 100
C om v o t tr c t fs ____ 100
90
____ N Y A Ir Brake 6 s— See Stk E x c list
III C stk tr ctfs ser A ’ 52
7OI4 701. Seaboard C o m p a n y —
e 42d & G r St F ’ y s t k . 106 200 220
e P referred ________ 106
N Y B iscuit Os 1 9 1 1 .M -S / 100
__ .
Gen 4s 1934— See S to ck E x c list '
78
82
42d S t M & St N A v e . 100
1st p r e fe rre d _______100
e N ew Y ork D o c k .. .1 0 0
36
40
e 1st m tge 6s 1 9 1 0 .M -S
99t2 1001.1 U n itR y s San Fran See Stk E x c list
Com <Sj 2d p ref— See Bal t E x c list
82
e P referred ________ 100
8312
2d in com e 6s 1 9 1 5 .J-J / 50
W ash R y & El C o ____ 100
41l2 44
Seaboard A ir Line—
N Y M tge A S e c u r ity . 100 225 235
P r e f e r r e d ___________100
In ter-M et— See Stk Excli ange list
99
921;
91
9912 N Y T r a n s p o r t a t io n .. 20
*6
7
L e x A v A P a v F 5s See Stk E x c list
4s 195 1.........................J -D
86 87
97
97 14 N lle s-B e m -P o n d c o m . 100 102 105
M etrop ol St R y — See Stk E x c list
5 LtlOL 1U12
Industrial and M iscel
N lplsslng Alines_______
N in th A v e n u e s t o c k .. 100 160 170
Has Securities
A dam s E x p g 4s 1947 J-D / 923.1 93l2 e O ntario S ilv e r_______100
23,
3*,
S econ d A v e n u e s t o c k . 100
11
18
A h m eek M in ing____
" ■220 230
Otis E le v a to r c o m ____ 100
54
57
e 1st M 5s’09 e x t '10 M-N
96 100
Neto York
A llia n ce R ea l y _______100 115 120
P r e fe r r e d ___________100
99 101
65 Cent U n Gas 5s 1927 .J -J 100
C on sol 5s 1 94 8____ F -A / 60
Allis-Chalm ers Co 1st m tg
P ittsburgh B r e w in g .. 50 *23*3 2334
100 116 Con Gas (N Y ) — See Stk E x c
S ls th A v e n u e s t o c k ___100
s t 5s 1936 — See S to ck E x c list
P r e fe r r e d __________ 50 * |21o
60
85 e M utual G a s_________ 100
Sou B o u le v 5s 1945___J-J
151
A m erican B o o k _______100 143 155
P ittsburgh C oal— See Stk E x c 1st
c)2 N ew A m ste rd a m Gas—
88
So F er 1st 5s 1 9 1 9 .. . A - O
A m erican B rass_______100 n s
12 1
73
P op e Mfg Co c o m ______100
75
1st co n so l 5s 1 9 4 8 ..J -J 100 101
T h ird A v e n u e — See S tock E x c list
A m erican Chicle c o m . 100 225 228
P r e fe r r e d ..
___100
85
90
80
N Y A E I t G a s 1st 5s ’ 44 J-J 103 105
T a rry W P A M 5s 1928 / 50
P referred
................ 100 104 106
Pratt & W h itn e y p r e f. 100 100 105
85
C on sol 5s 19-15_____ J-J
95
Y k e rs S tR R 5 s 1046 A-O
90
91
___ P rodu cers O il_______ .1 0 0 r 1/159 200
13
A m G ra ph oph on e co m 100
N
Y
A
R
ich
m
o
n
d
Gas
100
20
32
42
28th & 29th Sts 5s '96 A - 0 / —
P r e f e r r e d ___________ 100
R e a ltv A s s o c (B k lyn ) . 100 1,13 137
31*3 33
e T w e n ty -th ir d St stk 100 200 250 N Y A W e s t c h e s t e r L 'h t ’g—
A m er H a r d w a r e _____ 100 140 145
R oyal Bak P ow d c o m . (00 too 170
Del) g 5s 1954 g u a r .J -J 101 1031. A m M alting Cs 1 9 1 4 ..J -D 103 105
U n ion R y 1st 5s 1 0 4 3 .F-A 10014 1011P r e f e r r e d __________ 100 108 M l
60
75
N or Un 1st 5s 1 9 2 7 ..M -N
97 100 ' A m er Press A sso e ’ n . . l 0 0
92
W es tch es t 1st 5s '43 J-J
S a fe ty Car H eat & L t.1 0 0 134 137
e Standard Gas c o m . . t 0 0 n40
Brooklyn
55 A m Soda F ou n t c o m . . 100
*8 ____ Seneca M ining________ 25 ¥ ____
A tla n A v e n u e H R —
e P referred _______100
n65
80
1st p re fe rre d _______ 100 2 5 35 Singer M fg C o ________ 100 495 500
98 101
C on 5s g 103 1_____ A-O
1st 5s 1930............... M -N 102 106
2d p re fe rre d ________ 100
2
6
Sou th Iron A S co m . .1 0 0
23
24
B B & W E 5s 1 9 3 3 .- A - 0
97 100
A m St F ou n d new — See S tk E x list
52
P r e f e r r e d ................. .1 0 0
56
B r o o k ly n C ity S t o c k . . 10 195 199
Other Cities
63 1935......................... A - 0 103l2 105D Standard C ord a ge____ 100
1
2
C on 5s— See S tk E x ch ange list
A m Gas A E lec c o m . . 50 *45
7512 7712
46
D eb 4s 1 9 2 3 .............. F-A
1st At g 5s ’31 r e d .A -O ; 20
23
222U 22712
B ld n H gts 1st 5s 1941 A-O
*44
97 102
P r e f e r r e d ___________50
45
A m erican S u r e ty _____ 50
A d ju s t M 5s A p r 1 1931
5
/J
B k ln Q ueens Co & S u b —
A m er L ight A T r a c t . .1 0 0 301 305
*H 2
20
S tand ard C ou pler c o m 100
30
A m erican T h rea d pref
e 1st g 5s '41 o p '1 0 . J-J
98 I0012
P r e f e r r e d ........ ........... 100 108*2 no
A m T o b a c c o Co c o m . . 100 423 430
P r e fe r r e d ........ ........... 100 100
C on g u ar 5s— See S tock E x c list
B a y S tate G as________ 50
45
48
A m er T y p e fd c r s c o m . 100
Stan d ard M illing C o . . 100
19*3 20> 2
*4
B k ly n R a p T ra n — See Stk E x c list
B in gh ’ ton (N Y) Gas WUs
99 101
P r e f e r r e d ___________too
P r e f e r r e d ___________ 100
5712 08^2
65
C on ey Isl A B k ly n ..1 0 0
75
90
1st g 5s 1938_______A-O
99 100
D eb g 6s 193 9 ____ M -N
1st 5s 1 9 3 0 ............. M-N
83
86
85
1st con s g 4s 1 9 4 8 ..J -J
79
B rook lyn Un G as— SeeStk E xc
A m e r W ritin g P a p e r .. 100
2I2 312 Standard Oil o f N J ..1 0 0 688 872
75
85
Con g 4s 1055_____ J-J
4
24
Buffalo" C ity Gas s t k . . 100
P referred ................. .1 0 0
26
Sw ift & C o— See B ost Stk E xc list
95 100
B rk C & N 5s 1 9 3 9 .J-J
1st 5s 1947— Nee S to ck E x c
87
88
1st s f g 5s '19 o p '09 J-J
1st os 1 9 1 0 -1 9 1 4 ...J -J 100 101
92
10l2 1U2 T exa s C o m p a n y _____ 100 220 230
A tlG f& W In d S S L ln e s.lO O
K in g s C El 4s— See S tock E x c list
C on sum ers’ L H A P o w —
P r e f e r r e d ___________ 100
2?I2 29
95 105
e T exa s & Pacific Coal 100
110
N assau E lec p r e f_____ 100
5s 193 8_____________ J-D
Col tr g 5s 1959____ J-J / 7212 73
T itle Ins Co o f N Y . . . tOO 153 158
103 105
5s 1914...................... A-O
D enver Gas A E le c___100 145 150
B arn ey <5: S m ith C a r .. 100 niO
45
T o n o p a h Min (N eva da) 1 *77i" 7*18
94
1st 4s 1951— See S tock E x c list
5
G en g 5s 1919 o p .M -N
10
95l2
P r e fe r r e d ___________ 100 a 105 120
T re n to n P otteries c o m 100
90
N W ’ b g A F la t 1st ex 4 l£s
95
E lizabeth Gas L t C o .-lO O 275
55
65
B eth l’m Steel C o rp — See S tk Ex list
P referred , n e w _____ 100
21
S tein w a y 1st 6s 1 9 2 2 .. J-J 102 107
Essex A H udson G a s. 100 147
30
Bliss C o m p a n y c o m . . 50 140
T ro w D ir e c t o r y ---------- 100
78
02
80
Qther Cities
Gas A El B ergen C o .-lO O
60
P r e fe r r e d ____________ 50 135
U nion T y p e w r ite r com 100
99 , 102
B u ffalo S treet R y —
e G r R a p 1st 5s '1 5 . F -A
1st p r e f e r r e d _______100 110 111
Bond & M tge G u ar___100 205 2 7 2
93
1st con sol 5s 1 9 3 1 ..F - A 104t-> 106
G r’ t W e s t P o w 5s ’4G .J-J
96
3d p r e f e r r e d _______100 (112 114
B orden ’s Cond M il k .. 100 119 121
D eb 6s 1917_______A-O
1041- 107
H udson Co G a s_______100 140
U nited Iik N ote C o r p . 50 *50
52
P r e fe r r e d ___________ 100 104 107
C olum bus (O) St R y . . 100
95
27U 29
96
Indian a L ig h tin g C o . .1 0 0
*3
P r e fe r r e d ___________50
*52
British Col C o p p e r___
5
H's
51
P r e f e r r e d ___________100 104 105
69
67
4s 1938 o p _________ F -A
B u tte C oalition .Mining 15 *281 ■> 29
U nited Cigar AHrs____ 100
0U2 92
22
C oium R y con 5s— See Phi la list
In dian ap olis G as____
50
17
Casein Co o f A m c o m . 100 ____
e Preferred ________ 100 109 M l
2*4
8U 2 86
C rosst’ wn 1st 5s '33 J -I) 102 106
1st g 5s 19 5 2 _____ A -O
62
70
P r e fe r r e d ___________ 100
U nited C o p p e r________ 100
7*g
8*4
e C onn R y & L tg c o m . 100
74
Jackson Gas 5s g ’3 7 . A -O / 88
78
9212 Casualty Co o f A m e r . .1 0 0 125 140
26
P r e f e r r e d ___________l o o
£1
e P referred ________ 100 I 80
85
c L aclede G as_________ 100
____
112*3 1123.1 Celluloid C o .....................100 130 133
U S C a su alty_________ 100 215
1st & ref 4>$s— See Stk E x c list
94
e P referred ________ 100
98
k5
50
60
Cent Firew orks c o m . . 100
7
U vS E n velop e c o m ___ 100
G rand R a p id s R y ____ 1 0 °
112 115
M adison Gas 6s 1 9 2 0 . A-O /103 103
112 IP.
60
P r e f e r r e d ___________ 100 n53
P r e f e r r e d ___________ 10 0
P r e f e r r e d ........ ........... 100
N ew ark Gas Cs 1 9 4 4 .-Q -J 131
2
13') 140
93
92
Central F o u n d r y _____ 100
3
U S F in is h in g ________ 100
e L o u is v St 5s 1930___J-J 100l2 10611 N ew ark Consol G a s .. 100
99 100
110 M5
10
It
P r e fe r r e d ___________ 100
P r e f e r r e d ___________10 0
L y n n A B os 1st 5s '24 J-D 105 107
e Con g 5s 1948— J -D 106 107
72
GS
I)eb 6s 1919 o p ’0 1 . M -N
U S Steel C o rp o ra tio n —
e N ew Orl R y s & L g t. 100
N o H u dson L H A P o w —
2Glj 27
C h cscbrou gh M fg C o . .1 0 9 575 625
Col tr s f 5s '51 o p t ’ l l 11 ID ____
e P referred .......... . .1 0 0
60
60-11
5s 1938_____________ A - 0 n o
C ity In v e stin g C o ____ 100
62
65
Col tr s f 5s '51 not opt 11 H2
G en M g 4 Ms ’35— See S tk E x list P a cific Gas & E, c o m . 100
54
55
99 10 2
U S T it Gu & I n d e n t ..1 0 0 ____ GO
P r e fe r r e d ___________ 100
P u b Serv C orp o f N J .1 0 0 122 123
901.1 91 e Clallin (II B) c o m . .1 0 0 105
P referred ...............- 100
( Utah C op p er C o— See Stk E xc list
T r ctfs 2 % to 6 % p e r p c t 102 103
90
Pat A P as Gas A E le c . 100
95
95 10 0
e 1st p re fe rre d _____ 100
W ater:m y Co c o n i---tO O
N o rth J ersey St R y . 100
50
e Con g 5s 1 9 4 9 .. M -S 101 102D
95
e 2d p r e f e r r e d _____ 100
1st 4s 194 8.......... M -N
94
St Joseph Gas 5s 1 93 7. J-J
9514 Col & H o ck Coal & I p f 100
7912 81
8.)
W estch ester A B ro n x Tit
95
Cons T r a c t o f N J ..1 0 0
76
W estern P o w e r c o m . 100
3712 38
77
1st g 5s 1917_______ J-J
91
* M tge G u ar.............100
105 170
15
103 106
1st 5s 193 3.......... J-D
P r e f e r r e d ___________100
57
58
Col tr Gs O ct M 5 6 ..J - J 100 1 0 1
W e stln g h ’s c A ir B r a k e .50 * __
118*3
N c w ’ k P a s R y Os ’30 J-J 108 110 j
25
Consol Car H e a t h * ___100
30
W est El A M fg 5s— NeeSlk K xc list
Cons R y L g t A Hot rig . 100 —
—
W orth in g P u m p p r e f. 100 198 M2
P er share, a E x-rights, b Basis, e Sells on Stk . E x ., b u t n ot ve ry a ctiv e . 7 Flat price, n N o a i. s Sale price, x Ex-dlv.~ u Ex-rights.
« N ew stock.

Outside Securities




E lectric C om p a n ies
Chic Edison C o— See (

B id
cago
128
* 92
65
SO
75
79'.

J an. 11010.]

51

THE CHRONICLE

[nvcstmmt aud ^axlraad Intelligence,
R AILRO AD

GROSS

EARNINGS.

The following table shows tho 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
Tho returns of the electric railways are brought together separately on a subsequent page.
J u ly 1 to Latest Date.

Latest Gross Earnings.
Week or
Month.

Current
Year.

N ovem ber.
N ov e m b e r.
N ovem ber.
N ovem ber.
N ove m b e r.
3d w k D ec
O c to b e r ___
N o v e m b e r.
N ovem b er.
N ov e m b e r.
N ovem ber.
O c to b e r ___
3d w k D ec
O c t o b e r ___
3d w k D ec
3d w k D ec
3d w k D ec
O cto b e r ___
O c t o b e r ___
4th w k N o v
3d wk Dee
3d w k D ec
O cto b e r . .
N v e fitb e r.
3d wk Dec
— Serf N ew
OctoBf-r___

296,052
157,753
133,861
7,246
9,628,520
50,642
2,503,776
7,351,075
244,683
7,083
3 ,746,625
3,828
171 .495
220,733
253,700
1,873,000
255,500
2,459,702
352,353
1,873
580,300
279,489
8,363,547
1,064,993
101,242
Y o rk Cen
0,553,305
1,029,687
6,580,174
1,426,645
1 16,950
885,624
Y o r k Ccn
243,962
311,645
27,172
64,101
14 '(>20
39,575
150,698
1 ,836,201
3 ,261,250
383,300
13,397
29,111
30,011
19,159
1,280,069
54,788
584,900
1,976,993
2,212
60,191
235,73 5
hern R ail
845,465
100,333
40,660
36,255
5,902,187
201,028
751,801
5,421,489
168,000
140,579
58,815
255,530
848,127
65,000
3,302,219
34,866
Inc 138,
111 ,457
104,591
1,033,555
14,219
782,135
3,148
39,507
162,558
163,500
20,243
ork Centr
10,117
70,859
378,574

ROADS.

Ala N O & T e x P a c
N O & N M a st--r
Ala ft VJcksb___r
V icks Shr & P a c.r
A la T cn n & N orth .
k A lc h T o p ft S F<;_
A tla n ta Birra ft At!
A tla n tic Coast Line
^ B altim ore & O hio
R a n c o r ft A r oos took
B ellefon te C en tral- B oston ft M aine___r
B rid geton ft S aco R
Buir R o c h ft P Itts .r
BulTalo & S u sq ___r
C anadian N o rth e r n .
Canndlan P a cific ___
Central ot G eorg ia .
Central o f N ew J c r .
Central V erm on t - . r
C h a tta n ooga S o u th .
C hesapeake & O h io .
C h icago & A lto n U y
Chic Burl & Q uincy r
p C hleago G t W e s t .
C h ic Ind ft L o u ls v .
C h ic Ind ft .Southern
C ldc M llw & St P a u lr
O hloM ll& PugetSr
C h ic & N or W e s t , . r
C ldc St P M fit O . . r
C h ic T erm T ra n s, .r
Cln H am ft D a y . . r
C lcv Cln C h ic ft St I.
C olora d o M id la n d .r
h C olorado ft South
C olum N ew b & Lau
C op p er R a n g e _____
C ornw all ...................
C ornw all & L e b a n .r
C u ba R a ilr o a d ____
I D elaw are & U u d . .
D el L a ck ft W e s t - . r
D en v & R io G rande
D en v er N W ft P a c .
D et T o l ft Iron t Sys
A n n A r b o •_______
D etroit ft M ackinac
Dul & Iron R a n g e .r
Dul Sou Shore ft A lt
El Paso ft Sou W r
Eric .......................... ..
F a irch ild ft N or E .
F on d a J ohn s & G lov
G eorgia R ailroad _ .
G eorgia S ou th <Ss Fla
G rand T ru n k S y s t.
G r T ru n k W e s t . .
D e t G r H a v & Mil
C anada A tla n ticG rea t N orthern Syst
Gu ' ft Ship Isla n d .
H oek ln g V a lle y ____
Illinois C en tral____
In tern a t ft G t N o r.
a In terocea n lc M e x .
Io w a C en tral_______
K anaw ha & M ic h ..
K ansas C ity S o u t h .
K C M ex ft O r . 2 w ks
L eh igh V a lle y _____
L e x in g to n & E a s t ..
L on g I s la n d ..............
L ou isian a ft A rk a n .
L ou H end ft St L ._ r
L ou isville St N a sh v .
M a con & B lrm ’ ham
M aine C en tral____ r
M an lstlqu e_________
M aryland & I’cnna
a M exican In te r n a t.
a M exican R a ilw a y .
a M exican Southern
M ichigan Cen tral—
M ineral R a n g e ..........
M inneap ft St Louis
M inn St P ft S S M l
C h icago D ivisionJ
M ississippi C en tral.
M issouri K an & Tex
Mo Pa ; ft Jro i Mt
Central B r a n ch .,
ft M obile Jack & K C
N ash v C h att ft St I.
a N at R y s o f M exico
N evada-C al-O rcgon .
N eva d a C en tral____
N O G reat N orth

S

N ovem ber.
N ov e m b e r.
O cto b e r _ .
O c to b e r ___
— See New
O cto b e r___
3d w k D ec
O cto b e r ___
O cto b e r . .
O c to b e r ___
O cto b e r ___
O c t o b e r ___
O cto b e r . .
O c t o b e r . ..
3d wk Dec
2d wk Dec
3d w k D ec
3d wk Dec
3d w k Dec
O cto b e r___
3d w k Dec
O cto b e r ___
N ovem ber.
N ovem ber.
N ovem ber.
N ovem ! er.
— See Sout
3d w k D ec
2d w k Dec
2d w k D ec
2d w k D ec
N ovem ber.
N o v e m b e r.
O c to b e r ___
■ill w k Dec
3d w k Dec
3d w k D ec
O cto b e r . .
N o v e m b e r.
to D ec 1 4 .
No v e m b e r .
O cto b e r ___
N o v e m b e r.
O cto b e r ___
O c t o b e r . ..
3d w k Dec
N ovem ber.
O cto b e r ___
N o v e m b e r.
O cto b e r ___
3d w k Dec
2d w k D ec
2d w k D ec
See N ew Y
id w k Dec
.'lit w k D ec
3d w k D ec

8

Previous
Yeag.

Current
Year.

Previous
Year.

$

S

$

281,639
148,156
127,442
0,404
8,403,247
46,001
2,222,773
0,300,422
227,404
6,161
3,238,298
4,445
135,405
223,617
225,100
1,597,000
255,000
2,187,712
324,010
1,540
518,213
294,038
7,688,451
915,490
88,970
tral.
6,340.804

1,421,844
712,767
013,646
31,337
44,507,705
1,220,032
8,334,508
37,233,833
1,195,234
28,145
19,319,827
19,181
4,486,049
884,406
6,463,500
47,234,753
5,906,793
9,182,359
1,370,465
■32,718
14,884,519
6,796,210
30,890,895
5,043,451
2,883,008

1,225,646
653,134
579,436
25,797
39,114,925
944,753
7,4 4 3 ,2 8 5
32,941,375
1,180,512
31,441
17,283,373
20,378
3,5 7 2 ,3 9 0
773,177
5,380,500
38,423,783
5,648,368
8,705,113
1,272,822
38,145
12,701,968
6,416,559
28,227,507

5,652,377
1 ,201,484
104,359
740,211
tr a l.
207,685
304,091
23,617
72,907
7,632
30,873
133,195
1 ,725,797
3,124,764
369,700
10,272
29,970
34,383
18,104
1,066,656
52,120
589,041
1,283,941
1,708
54,953
245,000
w ay.
713,817
110,061
39,492
33,564
5,673,562
168,013
061,505
5,074,164
193,000
132,300
62,250
228)584
766,792
47,700
2,901,077
35,441
185
99,821
07,982
941,410
11,815
757,458
3,907
36,390
133,958
130,200
22,648
al.
16,149
83,225
350,363

33,818,218 30,096,285
0,688,098 5,985,903
402,860
383,024
3 ,336,249 2,885,487

2,613,838

23,610,089 22,444,546

807,475
808,712
8,176,080 7,615,057
91,780
91,057
27 1,098
294,696
56,644
21,920
153,312
102,203
641,234
556,052
6,704,036 6 ,411,408
12,257,177 11,383,806
11,680,290 10,355,877
519,743
382,066
789,394
835,900
889,909
892,187
569,978
528,427
5,484,405 3,9 9 9 ,0 7 5
1,632,102 1,320,155
2,328,575 2,158,083
23,871,531 22,075,210
0,714
8,495
387,807
341.057
1,298,539 1,232,760
21,726,124
2,792,582
940,769
1,016,189
30,905,343
809,031
2,663,082
25,622.483
4,216,295
3,173,458
1,6 11,419
937,125
3 ,866.797
801,479
15,214,924
151,392
Inc 637,
427,820
390,844
24,493,052
64,290
3,252,152
16,721
149,013
3,882,101
3,501,600
575,231

19,036,643
2,604,557
829,099
93 2,062
26,069,911
758,690
2,455,451
24,031,042
4,069,683
2,963,583
1,411,584
846,845
3,748,086
525,088
14,410,341
143,571
993
382,543
3 52,102
22,296,017
61,448
3 ,008,675
22,855
140,641
3 ,224,386
3 ,113,800
558,710

415,899
4 1 /,8 17
2,545,092 2,161,,477
12,140,958 10,437,965

N ov e m b e r.
356,852
78,819
57,445
273,589
N o v e m b e r . 2.433,430 2,318,061 11,858,580 11,583,193
■Id w k D ec
933,000
929,000 25,483,276 22,033,735
W k D e c 18
36,827
38,810
700,580
730,655
O c to b e r ___ 1,009,213 1,014,390 3,790,620 3 ,703,519
903,601
989,083 22,679,841 21,463,710
3d w k Dec
7,883
7,150
3d w k D ec
266,892
105,543
8,113
6,806
25,315
O cto b e r___
28,035
117.863
48,821
430,650
O c to b e r ___
172,882

Latest Gross Earnings.

J u ly 1 to Latest Dale.

R OADS.

Week or
Month.

Current
Year.

Previous
Year.

Current
Year.

e N Y C A H u d R Iv.
L a ke Shore ft M S
n L a ke H & W est
C h ic Ind & South
M ich igan Central
C lev C C & St L . _
P e o ria ft E astern
C incinnati N o rth .
P itts ft L a ke Erie
R u t l a n d ________
N Y C h ic ft St L .
T o ta l all lin es____
N Y O nt & W estern
N Y N H & H a t' .r
N Y Susq ft W e s t ..
N o rfo lk A S o u t h , r
N o rfo lk & W e ste rn .
N orth ern C e n tr a l..
N orthern P a c i f ic ..r
P a cific C oast C o . .
P en n sylva n ia C o .- t
d P e n n — E o f P ft it
d W est o f P & E .
Pere M a rq u e tte ___r
Phtla B a lt ft W a s h .
P itts C InC h & S t L .
R aleigh & S o u th p 't
R ea d in g C o m p a n y .
P h ila & R e a d in g .
Coal ft Ir o n C o . .
T o ta l b o th c o s ___
R ic h F red & P o t ___
R io G rande J u n e ___
R io G rande S o u t h ..
R o c k Island S ystem
St Jos
G r I s la n d .
St L & San F ra n ___
C ldc & East 111..
f E v an sv ft T e r II
T o ta l o f all lin es.
St L ou is Sou th w est
San Ped L A ft S L .
Seab oard A ir L ln e .r
A tla tn a ft B lr m .r
Florid a W Shore r
S outhern Indiana . r
c Sou th ern P a c C o . .
S ou th ern R a il w a y ..
M obile ft O h i o . . .
Cln N O ft T P . . .
A la G reat S o u th .
G eorgia So ft Fla..
T exa s C e n tra l_____
T e x a s ft P a cific ____
T id e w a te r ft W e s t .r
T o le d o & O hio Cent
T o le d o P e o r & W est
T o le d o St L ft W est
T o in b lg b e e V a ll e y ..
U nion Paciltc S y s t .
V andal la ........ ........... r
V irginia ft Sou W est
W a b a s h _________
W estern M aryland r
W’est J c r & Seashore
W h eelin g ft L E__r
W h lt c R lv (V t)2 wks
W rlg h tsv lllc & T cn n
Y a zo o & Miss V a il.

O c t o b e r ___
O c to b e r ___
O c to b e r ___
O c to b e r ___
O c to b e r ___
O c to b e r ___
O cto b e r ___
O c to b e r ___
O c t o b e r ___
O c to b e r ___
O c to b e r ___
O c t o b e r ___
O cto b e r . .
O c t o b e r ___
N ovem ber.
O c to b e r ___
O c t o b e r ___
N o v e m b e r.
O c t o b e r ___
O c t o b e r ___
O c t o b e r ___
N ovem ber.
N ovem ber.
N ovem ber.
N ovem ber.
N ovem ber.
N ovem ber.

S
8,8811,032
4 ,307,470
505,275
324,804
2.700,718
2,585,574
294,330
119,070
601,088
321 ,384
984,127
22632 885
702,028
5,417,411
307,807
229,208
3,015,354
1,158,437
7,793,073
758,929
4,044,045
14407 717
Inc 1,94
1,390,740
1,510,459
2 ,898,845
14,326

8,131,708
3,7 9 5 ,5 1 9
420,508
238,062
2,386,294
2,374,403
258,841
111,184
1,190,907
275,560
850,905
20034 074
688,362
1,935 338
266,109
199,167
2 ,529,667
1,004,537
7 ,269,067
636,097
3 ,971,243
12199 817
7,300
1,189,803
1,387,150
2,335,331
11,712

34,064,681
10,793,473
1,909,890
1,144,442
9 ,953,286
10,120,59
1,126,319
450 ,820
6,0 5 8 ,7 9 0
1,203,701
3,5 8 8 ,2 7 2
86,365,332
3.134,981
20,969,571
1,436,179
802,939
11.553.005
5,519,414
2 8 ,991,368
3,0 3 0 ,6 5 0
19,011,073
09,546,924
Inc 7,87
0,940,648
7 ,075,635
13,995,213
02,861

N ovem ber.
N ovem ber.
N ovem ber.
O c t o b e r ___
Septem ber
3d w k D ec
N ovem ber.
O c t o b e r ___
N ovem ber.
N ovem ber.
N ovem ber.
N ovem ber.
3d w k D ec
O c to b e r ___
O c to b e r ___
O c to b e r ___
O c to b e r ___
O cto b e r ___
N ovem ber.
3d w k D ec
3d w k D ec
3d w k D ec
3d w k D ec
3d w k D ec
3d w k D ec
3d w k D ec
O c to b e r ___
O c t o b e r ___
3d w k D ec
2d w k D ec
N ovem ber.
N ovem ber.
O c t o b e r ___
N o v e m b e r.
3d w k D ec
O c to b e r ___
N ovem ber.
O c t o b e r .. .
end N o v 20
N ovem ber.
N o v e m b e r.

4,000,848
3 ,532,035
7,532,383
169,094
1)0,250
10,660
3,873,906
172,227
3,792,528
1,072,510
224.219
5,089,263
220.425
709,205
1,630,051
91,878
11,373
133,243
12324020
1,158,775
237.219
173,732
83,472
40,471
23,261
344,099
0,276
365,588
22,720
78,784
7,712
8,341,783
919,443
105.425
545,323
607,697
377,963
619,874
1,600
29,982
1,098,244

3 ,5 2 4 ,5 0 7
3,657,764
7,182,271
151,220
83,675
10,309
5,107,207
160,118
3,3 3 2 ,1 1 7
920,784
173,972
4,426,873
236,707
649,718
1,437,952
87,508
9,888
115,672
11085203
1,085,423
220,781
146,533
72,317
41,592
28,485
353,054
0,206
403,826
19,882
70,388
7,280
7,241,813
841,112
105,741
491,861
541,804
324,763
547,199
1,022
24,608
1,146,398

1 8 ,3 ^ ,2 3 2
12.392.035
30,736,268
051,229
267,015
243,049
29.051.036
015,908
18,120,167
4,9 7 2 ,1 0 5
1,085,998
24,178,270
5,495,885
2,828,048
5,620,313
342,729
32,252
479,600
58,635,917
27,050,364
4 ,952,33 I
4,1 8 7 ,0 4 0
1,881,737
1,088,195
515,678
7 ,019,155
26,065
1,487,103
501,203
1,784,242
32,834
10.816.005
3,310,450
522,206
14,131,373
2,340,744
3,021,032
2 ,471,015

Various Fiscal Years.

Period.

B ellefon te C en tral______________
1 D elaw are ft H u d s o n __________
M a n ls tlq u e _____ ________________
a M exica n R a ilw a y _____________
a M exica n S o u t h e r n _____ ______
e N Y C entral ft H udson R iv e r .
Lake Shore ft M ichigan South
n Lake Erie ft W e s te rn _______
C h icago Indian a ft S o u th e r n .
M ichigan C e n t r a l............. .........
C lev Cln C h icago & St L o u i s . .
P eoria & E a s te rn _____________
C incinnati N o rth e r n _________
P ittsbu rgh & L a ke E r ie _____
R u t l a n d ____ ______ ___________
N Y C h icago ft St L o u is _____
T o ta l all lin es_________________
N orthern C e n tra l________________
d P en n — East o f P Ittsb ft E r i e ..
d W e s t o f P ittsbu rgh & E r i e ..
Plilla B a ltim ore & W a s h in g to n .
P itts Cln C h icago ft St L o u is ___
R io G rande J u n c t io n _________
T exa s & P a c lilc ___:__________
W est Je rse y ft S eash ore____

Ian 1
Jan 1
Tan 1
1
Jan 1
Ian 1
Ian 1
Tan 1
Jan 1
fan 1
fail 1
Ian 1
fan 1
Jan 1
Ian 1
Ia n 1
Ian 1
Ian 1
Jan 1
Jan 1
Jail 1
Ian 1
Dec 1
Jan 1
Jan 1

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

N ov
O ct
N ov
D ec
D ec
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
O ct
N ov
N ov
N ov
N ov
N ov
Sept
D ee
N ov

30
31
30
14
14
31
31
31
31
31
31
31
31
31
31
31
31
30
30
30
30
30
30
21
30

Current
Year.

Previous
Year.

557,397
15,928,712
37,985
7,179,001
1 ,275,677
76,638,451
37,038,582
4 .0 7 7 ,2 3 ;
2 ,5 7 1 ,1 2 !
2 2,543,65 f
22.634,621
2 ,4 0 2 ,7 0 i
975,458
11,836,43 J
2 ,573,816
8 ,2 0 9 ,7 4 7
191561822
11,230,508
139689 873
Inc 12.
16,140,816
27,636,97!
7 6 5 ,5 0 i
14,237,322
5,419,384

$59,983
1 5 ,2 6 0 ,OSS
50,71*)
7,0 5 5 ,7 0 0
1,197,763
69,2 2 1 ,4 5 8
3 2 ,1 7 2 ,7 9 7
3 ,6 0 7 ,1 4 0
2,1 6 5 ,4 7 2
20,004,463
19,890.397
2,2 3 8 ,4 5 0
801 ,115
8,4 9 2 ,0 3 3
2,3 0 1 .1 0 3
7 ,5 5 7 ,5 5 5
168455 285
10,409,408
124033 073
680,800
14,799,245
23,917,433
637,135
13,301,37^
5,011,884

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

w eek
w eek
w eek
w eek
w eek
week
w eek
w eek
w eek
w eek

O ct
(47
O ct (45
O ct (49
N ov (43
N ov (45
N ov (44
N ov (12
D ec (43
Deo (41
D eo (40

r o a d s )____
r o a d s )____
ro a d s )____
r o a d s )____
r o a d s )____
ro a d s )____
r o a d s )____
ro a d s )____
ro a d s )------ro a d s )____

Cur’nt Year]Prev’s Year Inc. or Dec.
5
13,437,556
13,572,117
19,077,2 12
12,975,231
13,450,158
13,003.112
10.900,874
12,039,588
11,688,160
12,030,781

5
11,9 19,103
12,007,923
17,798,016
11,193,399
11,091,325
11,332,2 18
13,971,227
11,032,034
11,142,340
11,233,272

+
+
+
+
+
+
+
+

5
1,488,451
1,804.194
1,878,206
1,781,832
1,758,833
1,151 ,161
2 ,929,617
1,027,531
“I* 545,814
+ 831,500

%
12.40
12.47
10.55
15.92
15.05
9.71
20.97
9.31
4.89
7.29

Monthly Summaries.
M onth
M onth
M onth
M onth
M onth
M onth
M onth
M onth
M onth
M onth

F eb
Mch
A pril
May
June
July
Aug
Sept
O ct
N ov

(893 roads).
(890 r o a d s ).
(895 r o a d s ).
(893 r a i l s ) .
(8 3 1 r o a d s ).
I l l ) r o a d s ).
1303 (72 4 r o a d s ).
1903 (711 r o a d s ) .
1903 (099 r o a d s ).
1909 ( 45 roads)

1909
1909
1909
1909
1903
1913

Cur’ nt Year Prev’s Year Inc. or Dec.
5
174.497.319
205 .708 .31 9
197,011,539
2 0 1 ,625 ,12 2
2 1 0 ,357 ,22 6
198,465,229
225,488,923
2 3 6 ,874 ,42 5
251 ,187 ,15 2
65.5 2 2 ,7 3 2

5
161,058,607
183,453,905
175,002.648
174,475.411
183 ,983 .82 9
175 ,898 ,72 6
197 ,928 ,77 5
2 1 1 ,281 ,31 5
2 2 5 ,109 ,82 2
58.0 0 7 .3 7 5

$
4-13,438,712
P 2 2 , 254,413
+ 2 ,0 0 8 ,8 9 1
E 2 7 ,149,711
+ 2 0 ,3 7 3 ,3 9 7
+ 2 2 ,5 6 6 ,5 0 3
+ 2 7 ,5 6 0 ,1 4 8
+ 2 5 ,5 9 3 ,1 1 0
+ 2 6 ,0 7 7 ,3 3 0
+ 7 ,5 1 5 ,3 5 7

8.34
12.13
12.50

15.53

14.33
12.83
13.92
12.11
11 58
12.91

a M exican cu rren cy, ft Include.! earnings o f G ulf ft C h icago D ivisio n , c In clu d e s tho H ou ston ft T exa s Central an d Its su bsid iary lines In b o th
years, d O -v ers lines d ire ctly o p e ra te d , e Inclu des tho N ew Y o rk & O ttaw a, th e S t. L a w ren ce ft A d ir o n d a ck and the O ttaw a & N . V . R y ., the latter
•ot w h ich , being a Canadian ro a d , d o c s n o t m ake returns to the In ter-S ta te C om m erce C o m m ission , f In clu des
E vansville & Indian a H U . a In clu d es
the C leveland L orain ft W heelin g R y
in b o th years
h Inclu des earnings ot C olorad o & S ou th ern , F ort W orth ft D e n ve r C ity and all affilia te d lines, e x ­
c e p tin g T r in ity & Brazos V alley H R .
k Inclu des In b o th years earnings o f D en ver E n id ft G ulf R R ., P ecos V a lley S ystem and Santa Fe P re s co tt ft
P h o e n ix R y .
I T h ese figures d o not
Include receipts from sale o f coal, n In clu des the N orthern O hio l i l t ,
o Figures here arc o n the o ld basis o f a c ­
c o u n tin g — n ot the new o r In te r-S ta te C om m erce C om m ission m e th o d , v In clu d es earnings o f -Mason C ity ft F t. D od ge and W ise. M inn, ft P a cltic. r T h ese
figures are o n new basis p rescribed b y In te r-S ta te C om m erce C om m ission.




52

THE CHRONICLE

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the third week
of December. The table covers 40 roads and shows 7.29%
increase in the aggregate over the same week last year.
Third Week of December.

1909.

A la b a m a G rea t S o u th e r n .
A tla n ta B irm in gh a m & A tla n tic
B u ffa lo R o c h e s te r & P ittsb u rg h
C a n adian N o rth e r n _____________
C a nadian P a c ific ________________
Cen tral o f G e o rg ia _______________
C h esapeake & O h io _______
C h ica go & A l t o n _________
C h ica go In d ia n a p olis & L o u is w
C in cin n ati N ew O rleans & T e x P
C o lo r a d o & S o u th e r n ___________
D e n v e r & R io G ra n d e___________
D e tro it & M a ck in a c____________
D e tr o it T o le d o & I r o n t o n _______
A n n A r b o r ____________________
D u lu th S ou th S h ore & A t la n t ic .
G eorgia S ou th ern & F lo r id a ____
G rand T ru n k o f C a n a d a _______
G rand T ru n k W e s te rn _______
8 45 ,465
D e tro it G rand H a v en & M il.
C anada A t la n t ic _____________ .
In tern a tion a l & G rea t N orth ern
168,000
I n te r o ce a n ic o f M e x i c o . . ...........
140,579
I o w a C e n t r a l ___________________
58,815
L ou isv ille & N a s h v ille ________
1,0 3 3 ,5 5 5
M exica n I n t e r n a t io n a l.............
162,558
M ineral R a n g e _________________
16,117
M in neapolis & S t L o u is _______
79,859
M in neapolis S t P aul & S S M ._
378,574
C h ica go D i v i s i o n .. ..................
933 ,000
M issouri P a cific ________________
237,219
M obile & O h io ________ _________
993,604
N a tion a l R a ilw a y s o f M e x ic o . .
7,150
N e v a d a -C a llfo r n ia -O r e g o n ____
10,660
R io G ra n de S o u th e r n _________
220,425
S t L ou is S o u th w e s te r n ________
1 ,158,775
S ou th ern R a ilw a y _____________
23,261
T e x a s C en tra l___________________
344,099
T e x a s & P a c ific ________________
22,726
T o le d o P eoria & W e s te rn ______
W a b a s h _________________________
545,323
T o ta l (40 r o a d s )____
N et Increase ( 7 .2 9 % ) .

Increase. Decrease.

1908.

$
83,472
50,642
171,495
253,700
1,873,000
255,500
586,360
279,489
101,242
173,732
311 ,6 4 5
383 ,300
19,159
29,111
36,911
54,788
46,471

$
72,317
46,061
135,405
225.10C
1,597,000
255,000
518,213
294,038
88,970
146,533
304,091
369,700
18,164
29,970
34,383
52,120
41,592

$
11 ,155
4,581
36,090
28,600
276,000
500
68,147

743 ,817

101,648

$

14,549
12,272
27,199
7,554
13,600
995
859
2,528
2,668
4,879

193,000
132,366
62,259
941,410
133,958
16,149
83,225

25,000
8,213
92,145
28,600

3,444
32
3,366

350,363
929,000
220,781
989,083
7,883
10,309
236,707
1,085,423
28,485
353,654
19,882
491,861

28,211
4,000
16,438
4,521
733
351
16,282
73,352
2,844
53,462

12,089,781 11,258,272

910,553
831,509

5,224
9,555

79,044

[VOL. XC
------- Gross Earnings —

Current
Year.

Roads.

------- Net Earnings -------

Previous
Year.

Current
Year.

5

5
14,326
62,861

5

Previous
Year

5

R a le ig h & S o u t h p o r t . . N o v
11,712
6,668
4 ,6 4 6
J u ly 1 to N o v 30.
51,292
25,489
1 6 ,0 6 4
R e a d in g C o m p a n y —
P h ila d e lp h ia & R e a d b N o v 4 ,0 0 0 ,8 4 8
3 ,5 2 4 ,5 0 7
1,5 7 3 ,5 9 2
1,3 3 5 ,7 7 4
J u ly 1 t o N o v 3 0 _______18,344,232 1 6 ,5 5 3 ,3 3 0
7 ,1 2 9 ,9 1 0
6 ,6 0 4 ,8 7 0
C oal & Ir o n C o . b _____ N o v 3 ,5 3 2 ,0 3 5
.3 ,6 5 7 ,7 6 4
247 ,376
2 71 ,837
J u ly 1 t o N o v 3 0 -----------1 2 ,3 9 2 ,0 3 5 1 3 l 7 6 i ^804
272 ,3 5 5
7 55 ,027
T o ta l b o th c o s . b _____ N o v 7 ,5 3 2 ,8 8 3
7 ,1 8 2 ,2 7 1
1,8 2 0 ,9 6 8
1,607,611
J u ly 1 t o N o v 3 0 -----------3 0 ,7 3 6 ,2 6 8 3 0 ,3 1 5 ,1 3 3
7 ,4 0 2 ,2 6 5
7 ,3 6 0 ,7 9 7
R e a d in g C o m p a n y ____ N o v __________
_______
150 ,085
134 ,012
J u ly 1 t o N o v 3 0 _______ _________ __________
739 ,3 9 0
6 36 ,272
T o t a l a ll c o s ___________N o v __________
____
1 ,971,953
1 ,7 4 1 ,6 2 3
J u ly 1 t o N o v 3 0 _______ _________
__________ 8,’ l4 6 i6
7 ,9 9 7 ,0 6 9
R o c k I s l a n d . b ----------------- N o v 5 ,8 7 3 ,9 6 6 5 ,1 0 5 ,2 0 7 1,7 2 5 ,4 6 4
1 ,3 3 3 ,7 8 0
J u ly 1 to N o v 3 0 . ........... 2 9 ,6 5 1 ,0 3 6 2 6 ,4 4 3 ,3 1 5 1 0,077,074
8 ,1 7 0 ,8 4 1
St L R o c k y M t & P a c . a . O c t
1 12,397
111,423
3 9 ,9 3 9
3 1 ,938
J u ly 1 to O ct 3 1 ----------568 ,959
3 1 9 ,1 1 7
157 ,8 0 3
77,8 6 8
St L o u is & San F r a n . b - . N o v 3 ,7 9 2 ,5 2 8
3 ,3 3 2 ,1 1 7
989 ,0 3 0
9 4 3 ,8 7 3
J u ly 1 t o N o v 3 0 ----------- 1 8 ,1 2 0 ,1 6 7 1 6 ,1 0 5 ,1 5 0
5 ,4 1 9 ,6 8 5
4 ,8 4 0 ,8 5 2
C h ic & E a st I l l i n o i s .b .N o v 1 ,0 7 2 ,5 1 6
920 ,784
3 6 3 ,4 9 6
2 73 ,464
J u ly 1 t o N o v 3 0 ............. 4 ,9 7 2 ,1 0 5
4 ,3 7 7 ,1 2 9
1 ,8 0 6 ,4 2 8
1 ,3 0 3 ,6 3 0
E v a n sv ille & T e r II b . N o v
224 ,219
173,972
9 1 ,0 2 5
53,908
J u ly 1 t o N o v 3 0 _______ 1 ,085,998
951 ,953
4 6 9 ,8 5 5
3 6 2 ,7 4 7
T o ta l all lin e s , b _______N o v 5,0 8 9 ,2 6 3
4 ,4 2 6 ,8 7 3
1 ,4 4 4 ,4 5 0
1 ,2 7 1 ,2 4 5
J u ly 1 t o N o v 3 0 _______2 4 ,1 7 8 ,2 7 0 2 1 ,4 3 4 ,2 3 3
7 ,6 9 5 ,9 6 7
6 ,5 1 6 ,2 3 9
S ou th ern P a c i f i c a _____ N o v 1 2 ,3 2 4 ,0 2 6 11,0 8 5 ,2 0 3
4 ,0 8 8 ,4 8 7
4 ,1 3 6 ,0 4 5
J u ly 1 t o N o v 3 0 _______5 8 ,6 3 5 ,9 4 7 5 2 ,1 8 8 ,1 9 6 23;487i495 19,1 2 0 ,7 9 9
S o u th e rn R a i l w a y .b _____ N o v 5 ,0 8 9 ,2 4 5 4 ,4 6 5 ,1 6 2 1,7 7 8 ,8 8 8
1,4 1 6 ,2 2 5
J u ly 1 t o N o v 3 0 _______2 4 ,2 5 5 ,8 0 6 2 1 ,8 6 2 ,5 9 1
8 ,3 6 8 ,6 1 7
7 ,4 1 7 ,6 9 6
924 ,341
880 ,432
M ob ile & O h i o . b _______N o v
205 ,266
271,523
J u ly 1 t o N o v 3 0 _______ 4 ,3 0 6 ,1 9 1
4 ,0 4 2 ,9 8 7
1,3 6 2 ,3 3 9
1,349,861
CIn N O & T e x P . b - . N o v
797,744
625 ,508
310 ,4 7 8
218,392
J u ly 1 to N o v 3 0 _______ 3 ,6 8 4 ,7 5 6
3 ,2 4 3 ,1 5 7
1,3 5 7 ,9 5 4
1 ,0 5 6 ,2 6 2
368,681
295,711
A la G reat S o u t h . b ____ N o v
121,236
83,096
J u ly 1 to N o v 3 0 _______ 1 ,6 5 3 ,6 8 5
1 ,494,782
481 ,519
420 ,198
G eorgia S ou & Fla . b - . N o v
220 ,718
156,676
62,442
42,113
957 ,714
J u ly 1 to N o v 3 0 _______
774 ,546
2 57 ,725
224,826
T o m b lg b e e V a lle y ________ N o v
7,712
7,286
2,716
2,763
32,9 6 2
J u ly 1 to N o v 3 0 _______
20,420
10,962
10,518
U n io n P a c i f i c . a _________ N o v 8 ,3 4 1 ,7 8 3
7 ,2 4 1 ,8 1 3
4_______
,2 3 2 ,5 9 0 3 ,8 9 5 ,1 0 7
J u ly 1 t o N o v 3 0 ----------- 4 0 ,8 1 6 ,0 0 5 3 6 ,0 5 7 ,3 6 8 21,’343 ,141 1 8 ,8 6 7 ,5 6 4
W e st Jers & S e a s h o r e .b - N o v
377,963
324 ,763
79,910
6 4 ,4 1 0
Jan 1 to N o v 3 0 . ........... 5,419,384
5,0 1 1 ,8 8 4
1,4 6 4 ,6 0 5
1 ,1 6 2 ,3 0 5
I N D U S T R I A L C O M P A N IE S .

?

?

Previous
Year.

$
10,671
110 ,945
1 ,0 5 5 ,2 9 0
3 ,0 2 6 ,8 7 5

Current
Year.
$

5,312
54,343
274 ,3 3 7
756 ,692

Previous
Year.

$
4 ,6 2 0
47,751
283 ,037
600 ,1 3 0

a N et earnings here g iv e n are a fte r d e d u ctin g ta x e s ,
b N et e arn in gs here g iv e n are b e fo re d e d u ctin g ta x e s .

g T h ese results are In M exican cu r r e n c y .
h F o r N o v . 1909 a d d itio n a l Incom e Is g iv e n as s h o w ln g a d e ficit o f 5 3 ,5 1 8 ,
a gain st a d eficit o f 514,163 In 1908, an d fo r p eriod fro m J u ly 1 t o N o v . 30
w as a d e ficit o f 57.4 6 5 in 1909, a gain st a d e ficit o f 538 ,318 last y e a r.
} T h e c o m p a n y n ow Includes th e earn in gs o f th e D e n ve r Enid & G u lf R R „
P e co s V a lle y system an d S an ta Fe P r e s c o tt & P h o e n ix R y . In b o th years.
F o r N o v e m b e r ta xes and rentals a m o u n te d t o $ 3 2 7 ,6 2 0 , a ga in st $60 ,362 In
1908; a fte r d e d u ctin g w h ich , net fo r N o v e m b e r 1909 w as $ 3 ,2 9 0 ,6 5 4 , again st
5 3 ,2 2 3 ,7 1 4 last y e a r.
F or p eriod fro m J u ly 1 t o N o v . 30 ta x e s an d rentals
w ere $ 1 ,4 9 8 ,5 8 9 in 1909, a g ain st $1,2 7 8 ,1 3 8 In 1908.
k F o r N o v e m b e r 1909 a d d itio n a l in co m e w as $ 6 ,6 7 2 , a ga in st $12 ,228 In
1908, an d fo r p e rio d fro m J u ly 1 t o N o v . 30 w as $69 ,788 In 1909, a g ain st
$66 ,591 last year.

Interest Charges and Surplus.
— I n f ., Rentals , A c . —

Current
Year.

Roads

5
8 6 ,4 1 7

B a n g o r & A r o o s t o o k ____ N o v
J u ly 1 to N o v 3 0
416 ,653
C h ica g o G t W e s te rn ____ N o v
211 ,8 2 0
S ept 1 t o N o v 3 0
633 ,5 0 3
C o lo ra d o & S o u t h e r n . . .N o v
256 ,5 2 0
J u ly 1 to N o v 3 0 1 ,2 7 4 ,6 6 0
C o p p e r R a n g e _____ ______ O ct
13,212
J u ly 1 t o O ct 3 1
4 9 ,0 2 5
G eorgia R R ______________ N o v
60,053
J u ly 1 to N o v 3 0
3 0 1 ,5 8 7
G u lf & Ship I s la n d ............ N o v
31,847
J u ly 1 to N o v 3 0
158,746
3,721
N e v a d a -C a l-O r e g o n _____ N o v
J u ly 1 to N o v 301_
18,081
R e a d in g C o m p a n y ______ N o v
8 8 0 ,0 0 0
J u ly 1 to N o v 3 0 _______ 4 ,4 0 0 ,0 0 0

Previous
Year.

— Bal. of Net E ’ngs. —

Current
Year.

Previous
Year.

$
$
$
8 1 ,6 4 1
£ 3 2 ,2 5 6 £ 1 ,1 6 6
4 1 0 ,9 3 3
£13 3,28 1 £ 4 7 ,3 0 0
2 8 0 ,4 5 2
£ l5 4 ,7 0 2 £ d e fl4 3 ,3 9 5
8 8 4 ,2 7 3 £ 4 5 2 ,3 4 4 £ d e f l9 0 ,l l l
2 7 6 ,8 5 3
C429.609 C313.215
1 ,2 9 6 ,0 5 4 c l , 705,161 c l , 3 1 3 ,1 1 9
11,937
13,945
8 ,9 3 3
4 7 ,7 5 0
94,553 20,3 2 8
55,560
£43 ,051
£ 2 ,9 1 7
275 ,592 £ 1 1 1 ,2 3 0 £ d e f.6 ,5 4 4
35,223
£ 2 9 ,3 8 5
£ 9 ,8 5 7
170,793 £ 1 0 2,84 2 £ d e f . l 8 , 723
7,734
£ 1 5 ,8 4 4
£ 1 3 ,4 8 6
19,918
£ 1 2 2,08 2 £ 8 5 ,4 9 8
8 73 ,542
1,0 9 1 ,9 5 3
868 ,081
4 ,3 6 7 ,7 0 8
3 ,7 4 1 ,6 5 5 3 ,6 2 9 ,3 6 1

c A fter allo w in g fo r net m iscellaneous cre d it t o In co m e .,
£ A fter a llo w in g fo r o th e r Incom e re ceived .

Electric Railway Net Earnings.— The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Dec. 25 1909. The
next will appear in the issue of Jan. 29 1910.

_

A laba m a T e n n & N o r t h .N o v
7,2 4 6
6,4 6 4
3 ,9 5 9
3,776
J u ly 1 to N o v 3 0 _______
3 1 ,3 3 7
25.787
16,237
14,557
A tc h T o p e k a & San Fe b N o v 0 ,6 2 8 ,5 2 9 8 ,4 0 3 ,2 4 7 J3,618 ,274 J3,284 ,076
J u ly 1 t o N o v 3 0 _______4 4 ,5 0 7 ,7 6 5 3 9 ,1 1 4 ,9 2 5 J16,0 5 3 ,2 5 9 714,823,674
A tla n ta BIrm & A t l . b - . N o v
2 39 ,702
180,803
7 7 ,9 3 9
3 2 ,4 3 0
J u ly 1 t o N o v 3 0 ............. 1,071,871
8 0 6 ,5 7 0
2 6 8 ,0 3 9
220 ,1 6 0
B angor & A r o o s t o o k .b --N o v
244 ,683
227 ,404
99,927
72,572
J u ly 1 t o N o v 3 0 _______ 1,1 9 5 ,2 3 4
1 ,180,512
475 ,146
4 0 9 ,0 7 2
B o s to n & M a i n e .b ........N o v 3 ,7 4 6 ,6 2 5
3 .2 3 8 ,2 9 8 1,2 0 4 ,3 0 5
949,797
J u ly 1 to N o v 3 0 ..............1 9 ,3 1 9 ,8 2 7 17,283,373
6 ,517,713
5 ,4 3 5 ,6 7 3
B u ffa lo R o c h & P i t t s . b . N o v
7 70 ,664
547 ,945
304 ,8 2 6
150 ,732
J u ly 1 t o N o v 3 0 _______ 4 ,0 0 2 ,8 7 4
3 ,1 6 6 ,1 7 5
1 ,5 9 4 ,1 8 7
940,874
C a n adian N o rth e r n .............N o v 1 ,5 1 7 ,6 0 0
1 ,1 5 6 ,9 0 0
547 ,500
4 1 2 ,6 0 0
J u ly 1 t o N o v 3 0 _______ 5 ,6 2 9 ,1 0 0 4 ,7 0 7 ,2 0 0
1 ,7 7 3 ,6 0 0
1,4 7 2 ,8 0 0
C a n adian P a c i f lc .a .............N o v 9 ,0 7 5 ,9 6 4
7 ,3 0 3 ,3 0 3 3 ,6 9 2 ,3 3 8 2 ,2 2 1 ,0 8 0
J u ly 1 t o N o v 3 0 _______ 4 1 ,7 1 0 ,7 5 3 3 3 ,7 5 5 ,7 8 3 1 6 ,954,453 1 1,844,426
C h a tta n o o g a S ou th ern a O ct
6,6 2 7
6,9 4 0
d e f2 ,5 7 0
d ef3 ,6 2 8
J u ly 1 t o O ct 3 1 ----------26,2 2 6
31,7 9 4
d e fll,3 2 8
deflO.OOO
C h esapeak e & O h i o - b - . - N o v 2 ,6 5 7 ,4 3 7 2 ,1 1 8 ,1 3 3
1 ,0 8 2 ,0 2 6
775,312
J u ly 1 t o N o v 3 0 ----------- 13,1 4 9 ,2 6 4 1 1 ,1 4 7 ,3 2 7
5 ,4 2 7 ,0 8 2 4 ,4 3 8 ,9 9 4
C h ica g o G t W e s t e r n .b - . N o v 1 ,0 6 4 ,9 9 3
915 ,4 9 0
3 6 7 ,9 0 6
145,213
S ep t 1 t o N o v 3 0 ........... 3 ,1 6 2 ,1 7 4
3 ,0 6 0 ,5 1 6
1 ,0 7 9 ,8 5 9
690 ,209
C o lo r a d o & S o u t h e r n .b .N o v 1 ,5 7 0 ,5 4 5
1 ,4 3 7 ,2 6 7
651,104
544,111
6 ,6 7 9 ,0 4 7 2 ,8 3 1 ,8 5 7
2 ,4 3 1 ,3 0 5
J u ly 1 t o N o v 3 0 _______ 7 ,2 3 5 ,9 3 7
C o p p e r R a n g e , b . .................. O ct
64,101
72,9 6 7
2 7 ,1 5 7
20,870
J u ly 1 t o O ct 3 1 _______
2 7 4 ,0 9 8
2 9 4 ,6 9 6
143 ,578
77,078
D e tr o it & M a c k l n a c .a .- N o v
8 8 ,7 7 6
8 5 ,4 8 0
16,926
22,192
J u ly 1 t o N o v 3 0 .............
514,071
4 7 3 ,3 5 3
139 ,627
138,785
E rie a ____________________ N o v 4 ,9 7 6 ,9 9 3
4 ,2 8 3 ,9 4 1 1,6 7 7 ,8 7 9
947 ,334
J u ly 1 t o N o v 3 0 . .......... 2 3 ,8 7 1 ,5 3 4 2 2 ,0 7 5 ,2 1 0
7 ,1 4 8 ,0 9 3
5 ,8 5 7 ,3 3 6
F o n d a Joh n s & G lo v ____ N o v
66,191
54,953
3 5 ,880
27,749
J u ly 1 t o N o v 3 0 _______
3 8 7 ,8 5 7
3 4 1 ,0 5 7
229 ,739
196,761
G eorgia R R . b - . ..................N o v
2 85 ,735
245 ,060
92,024
49,471
J u ly 1 to N o v 3 0 ............. 1 ,2 9 8 ,5 3 9
1 ,232,760
364 ,2 5 0
220 ,694
G u lf & S h ip I s la n d .a . . . N o v
201 ,028
168,013
59,804
44,372
J u ly 1 to N ov 3 0 .............
899,631
7 58 ,690
256,482
148,784
543,005
479,891
154,381
126,889
g I n te r o c e a n ic o f M e x ____ N o v
J u ly 1 to N o v 3 0 ............. 2 ,7 8 3 ,4 9 0
2 ,5 7 3 ,0 7 6
892 ,033
7 67 ,307
I o w a C e n t r a l.a .................... N o v
3 0 8 ,3 5 0
233 ,6 8 6
Ii86,027
* 3 ,3 7 9
J u ly 1 to N o v 3 0 _______ 1 ,4 7 6 ,4 5 0
1 ,2 7 2 ,4 5 9
*3 7 3 ,3 8 2
/i26 7,30 0
L o n g I s la n d ---------------------N o v
Inc. 138 ,485
Inc. 104 ,778
Jan 1 to N o v 3 0 ----------Inc. 988 ,986
Inc. 799 ,3 0 5
g M exica n I n t e r n a t io n a l.N o v
777 ,0 9 0
561,121
339 ,255
213 ,606
J u ly 1 to N o v 3 0 _______ 3,4 0 8 ,1 5 4
2,832,561
1,502,307
1 ,1 0 8 ,7 3 4
363,531
M Inneap & S t L o u i s . a .- N o v
4 9 2 ,1 2 7
fcl 59,188
* 1 1 4 ,5 4 3
1 ,9 0 9 ,0 6 2
J u ly 1 t o N o v 3 0 ............. 2 ,3 1 8 ,7 3 7
* 8 17 ,892
* 6 7 8 ,8 2 5
1,5 1 8 ,2 1 0
1 ,080,279
M in n S t P aul * S S M .a .O c t 1,91 5,981
736,931
4 ,9 2 8 ,1 4 4
2,835,276
J u ly 1 to O ct 3 1 5,934,041
2 ,0 9 6 ,9 2 2
701 ,957
277,308
C h ica go D iv is io n ______ O ct
8 02 ,660
221,803
1,030,816
2,7 4 6 ,0 7 3
J u ly 1 to O ct 3 1 2,9 8 3 ,4 6 9
939,598
57,445
28,477
17,300
M ississippi C e n tr a l.a ____ N o v ' 78,819
273 .589
141,570
J u ly 1 to N o v 3 0 .
356 ,8 5 2
94,653
g N a tion a l R y s o f M e x .. N o v 4 ,1 6 9 ,7 4 5 3 ,6 0 1 ,1 9 5 1 ,5 3 1 ,6 2 7 1,266,701
7,286,511
6,7 1 3 ,0 2 3
J u ly 1 to N o v 3 0 ..............1 9,741,714 1 8 ,6 1 2 ,8 7 5
18,301
27,508
16,165
N e v a d a -C a l-O r e g o n .b . - N o v
37,4 0 5
135,203
171 ,652
99,883
J u ly 1 t o N o v 3 0 _______
233,461
90,269
266 ,169
76,891
N Y S u sq & W e s t e r n .a . - N o v
307 ,807
384 ,418
1 ,2 9 7 ,2 9 6
378 ,286
J u ly 1 t o N o v 3 0 . ........... 1,4 3 6 ,1 7 9
358,061
1 ,0 0 4 ,5 3 7
225,661
N orth ern C e n tra l, b ____ N o v 1 ,158,437
2,5 0 0 ,1 3 9
Jan 1 to N o v 3 0 ..............11,2 3 0 ,5 0 8 1 0,409,408
2,4 7 0 ,5 3 9
P en n sy lv a n ia — L in es d ir e ctly o p e r a te d —
E a st o f P itts & E r ie - b .N o v l4 ,4 6 7 ,717 12,1 9 9 ,8 1 7
5,363,214
3 ,963,714
Jan 1 to N o v 3 0 .......... .1 3 9 ,6 8 9 ,8 7 3 1 2 4 ,0 3 3 ,0 7 3 4 2 ,1 8 2 ,5 0 2 3 5,599,602
W e s t o f P itts & E r ie . .N o v
Inc. 1 ,947,300
In c.l ,140,100
Jan 1 to N o v 3 0 .............
Inc. 12,6 8 0 ,8 0 0
In c. 4,6 5 6 ,6 0 0
P h lla B a lt & W a s h . b - - - N o v 1,5 0 9 .4 5 9
1,3 8 7 ,1 5 9
445 ,849
405,049
Jan 1 t o N o v 3 0 . .......... 1 6 ,140,846 1 4 ,790,246
4,338,571
3 ,738,871

.

Previous
Year.

.

Current
Year.

_

5

.

Previous
Year.

_

5

$
D em erara E le ctric C o . . . N o v
11,511
Jan 1 t o N o v 3 0 .
119,398
W e lls , F a rg o & C o . b --------- S ep 1,2 2 1 ,9 1 5
J u ly 1 t o S e p t 3 0 . 3 ,6 2 3 ,6 5 4

_

Current
Year.

Roads.

Current
Year.

.

------- Gross Earnings ----------------- Net Earnings --------

------- Gross Earnings ----------------- Net Earnings --------

Companies.

_

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

_

------- Gross Earnings ----------------- Net Earnings --------

.

Roads.




G rand R a p id s R y C o . a . N o v
Jan 1 t o N o v 3 0 . —
In te rn a t R y C o (B u ffa lo ) - b —
A p r 1 t o Ju n e 3 0 ---------Jan 1 t o Ju n e 3 0 .............
J u ly 1 t o Ju n e 3 0 _______
C rosstow n S t R y . b —
A p r 1 t o Ju n e 3 0 _______
Jan 1 t o Ju n e 3 0 _____
J u ly 1 t o Ju n e 3 0 _______
K an C ity -W e st R y C o .a N o v
J u ly 1 t o N o v 3 0 . ______
M ilw El R y & L t C o . b - . N o v
Jan 1 t o N o v 3 0 _______
M ilw L t, H t & T r C o . b . N o v
J an 1 t o N o v 3 0 _______

Current
Year.

5
8 0 ,320
938 ,869

Previous
Year.
$

Current
Year.

Previous
Year.

7 4 ,220
8 58 ,792

$
3 7 ,1 2 6
4 9 1 ,1 9 9

$
4 0 ,2 9 5
4 3 0 ,5 2 5

1 ,1 2 9 ,5 3 5
2 ,1 2 4 ,8 1 5
4 ,5 5 9 ,4 9 3

1 ,0 9 5 ,9 4 5
2 ,0 9 2 ,7 6 0
4 ,7 0 2 ,3 0 2

4 9 7 ,0 6 8
850 ,7 4 8
1 ,7 9 2 ,7 8 7

4 37 ,148
773.701
1 ,8 4 7 ,3 1 9

208 ,4 4 5
404 ,971
7 68 ,502
2 9 ,7 2 5
1 63 ,860
378 ,5 4 6
3 ,8 7 1 ,7 8 6
73,1 2 7
856 ,9 5 2

1 5 9 ,4 0 0
3 0 9 ,7 6 2
6 6 7 ,2 5 4
28,103
154,488
3 37 ,234
3 ,5 3 8 ,7 3 5
63,295
790 ,472

74,304
129 ,122
277 ,0 3 7
10,146
65,202
190 ,060
1 ,9 5 7 .2 3 2
4 0 ,5 2 0
409 ,443

65,504
119 ,074
269 ,4 0 5
11,688
6 2 ,6 1 9
1 7 6 ,3 2 5
1 ,7 2 5 ,2 5 6
3 3 ,6 6 6
4 4 9 ,8 2 5

--------Gross Earnings ------- ------- Net Earnings --------

Current
Year.

Roads.

$

_

32 5 ,4 1 7
T o r o n t o R a il w a y ________N o v
J a n 1 t o N o v 3 0 3 ,5 1 5 ,6 8 4
T r i-C ity R y & L ig h t _____ N o v
183,585
Twin C ity R a y T r C o . b - N o v
5 80 ,795
J a n 1 t o N o v 3 0 _______ 6 ,3 5 4 ,1 7 7

Previous
Year.

Current
Year.

280 ,957
3 ,2 2 3 ,0 3 6
161,779
526,574
5 ,8 4 6 ,5 4 2

157,305
1 ,7 2 6 ,4 8 5
8 5,215
307,751
3 ,3 71,391

$

$

Previous
Year.

5
160,314
1 ,5 1 4 ,1 9 8
7 2,497
266,794
2 ,9 4 8 ,8 4 4

a N e t ea rn in gs here g iv e n arc a fte r d e d u ctin g ta x e s ,
N et earn in gs here g iv e n are b e fo re d e d u ctin g ta x e s .

b

Interest Charges and Surplus.
Roads.

53

THE CHRONICLE

Jan . 11910.]

-Int., Rentals, & c .—
Previous
Current
Year.
Year.
$
1 8,590
208 ,675

$
2 1 ,070
2 05 ,977

G ra n d R a p id s R y C o . _ . N
N oo v
J a n 1 t o N o v 30
—
In te r n a t R y C o (B u ffa lo )—
284 ,536
2 83 ,069
teal A p r 1 t o Ju n e 30
566 ,966
568,462
J a n 1 t o J u n e 30
1 ,1 3 9 ,0 7 5
J u l y l t o Ju n e 3 0 .
— - 1 ,1 4 8 ,0 6 2
C rosstow n S treet R y —
55,372
51,093
A p r 1 t o J u n e 3 0 ---------104 ,385
101,743
J a n 1 t o J u n e 30
204,221
201 ,762
J u ly 1 t o J u n e 30
6,871
6,875
Noovv
K a n C ity -W e s t R y C o . . N
3 4 ,3 2 9
3 4 ,375
J u ly 1 t o N o v 30
101,056
112,913
N oo v
M llw E le c R y & L t C o . - N
1,09 5 ,2 8 6
J a n 1 t o N o v 3 0 ---------- 1 ,1 7 8 ,5 1 9
59,056
65,476
M llw L t , H t & T r C o ____ N o v
656 ,209
711,712
Jan 1 t o N o v 3 0 .............
41,013
43,413
Noovv
T r i-C ity R y & L ig h t ____ N
(1140.251 (1143,677
T w in C ity R a y T r C o . . . NNoovv
____ d l , 529,012 (11,427,456

— Hal. of Net E 'ngs .—

Current
Year.

Previous
Year.

5

$
18,536
282 ,524

1 9 ,225
2 24 ,548

* 2 2 2 ,7 5 6
* 2 9 7 ,8 6 7
*6 7 3 ,3 9 2

X l 59,053
* 2 1 9 ,8 5 0
* 7 3 4 ,8 5 5

23,211
27,379
7 5 ,275
* 3 ,4 4 8
* 3 1 ,5 0 9
* 8 1 ,7 5 7
*8 2 6 ,5 8 0
* 1 9 ,9 1 8
*2 8 3 ,7 8 9
4 1 ,8 0 2
167 ,500
1 ,8 4 2 ,3 7 9

10,132
14,689
65,184
* 4 ,8 2 2
* 2 8 ,4 1 5
* 7 9 ,6 3 7
* 6 8 1 ,2 3 0
* 1 9 ,6 9 3
* 2 9 2 ,2 6 1
3 1 ,484
123,127
1 ,5 2 1 ,3 8 8

T h e a c tu a l v a lu a tio n o f th e C ity R a ilw a y C o ., p re v io u s to th e p assage
o f th e o rd in a n c e s , w as $ 2 1 ,0 0 0 ,0 0 0 , a n d sin ce th en a b o u t $ 1 9 ,0 0 0 ,0 0 0 has
b e e n a d d e d to th e ca p ita l a c c o u n t, b e ca u se o f th e r e h a b ilita tio n , m akin g
the presen t va lu e $ 40 ,000 ,00 0. A g a in st th a t th ere a re $ 2 2 ,5 0 0 ,0 0 0 C h i­
ca g o C ity R y . b o n d s o u ts ta n d in g .

Mr. Cobe in a formal statement said:
T h e se shares p u rch a s e d , to g e th e r w ith ce rta in b o n d s h e r e to fo r e p la ced
u p o n th e p ro p e rtie s , w ill be d e p o s ite d w ith tru stees, w ho will issue s e cu ri­
ties b a se d u p o n th e sto ck s an d b o n d s d e p o s ite d . T h e doin gs a n d p o licies
o f th e tru stees w ill, b y th e term s o f th e tru st a g re e m e n t, b e g o v e r n e d b y
a b o a r d o f d ir e cto r s , th e perso n n e l as fo llo w s :
„ _ _ , .
Jam es B . F o r g a n S am u el In su ll
E d w a rd M orris
L . K . B o is o t
Jo h n J . M itch ell J o h n A . S p o o r
T . E . M itten
Ira M . C ob e
T h e se p a ra te c o r p o r a te e x is te n ce o f th e several p r o p e rtie s w ill co n tin u e .
T . E . M itten w ill rem ain as P re sid e n t o f th e C h icago C ity R a ilw a y C o . an d
w ill p r o b a b ly at an ea rly d a te o c c u p y th e sam e p o s itio n in all th e ro a d s .
B y v e s tin g th e o w n ersh ip o f th e shares h e re to fo re m e n tio n e d In trustee*
u n d er th e p r o p o s e d a g re e m e n t, co m p le te u n ity o f m a n a g e m e n t an d o p e r a ­
tio n o f all surface lines in th e sou th d iv isio n o f th e c it y is a c c o m p lis h e d .
W h e n e v e r a fea sib le plan shall be w o rk e d o u t fo r a co n s o lid a tio n o f all
th e su rface lines o p e ra te d in C h ica g o , th e n , as t o th e s o u th d iv is io n . It can
b e d e a lt w ith fro m a p ra ctica l s ta n d p o in t, as o n e ow n e rsh ip in ste a d o f s e v ­
eral, thus g r e a tly lessen in g th e d iffic u lty o f h a rm o n izin g a n u m b e r o f c o n ­
flictin g Interests. W h ile n o d efin ite a rra n gem en ts h a v e as y e t b e e n e n te red
in to w ith o th e r tra n s p o rta tio n c o m p a n ie s , y e t th e jo in in g o f Interests o f th e
so u th -d iv isio n lin es m a y fa ir ly b e c o n s id e re d as an im p o rta n t s te p in th e
d ire ctio n o f u ltim a te c o m p le te co n s o lid a tio n .

The bonds of the company have all been underwritten
and to some extent marketed. The unsold portion will prob­
ably be offered to the public in the near future by J . P.
Morgan & Co., New York, and the First National Bank,
and the Illinois Trust & -Savings Bank, Chicago.
Chicago City Ry.— Sale of Stock— Amalgamation.— See Chi­
cago City & Connecting Railways above.— V. 89, p. 1279.
Chicago Great Western RR.— New First Mortgage Bonds
Offered.— J. P. Morgan & Co. offered this week at 92 and int­
erest $18,500,000 of the new straight first mortgage 50-year
d In clu d e s d iv id e n d s on
* A fte r a llo w in g fo r o th e r in co m e r e c e iv e d ,
4 % gold bonds, dated Sept. 1 1909 and due Sept. 1 1959.
preferred s t o c k .
.
________
Interest payable M. & S. in New York. Total authorized
issue, $75,000,000; outstanding, $18,500,000. Coupon or
G E N ER AL IN V E S T M E N T N E W S .
registered interchangeable bonds. The advertisement offer­
ing the bonds is given as a matter of record on another
RAILROADS, INCLUDING ELECTRIC ROADS.
page, the bonds having been over-subscribed. Under the
Birmingham (Ala.) Railway, Light & Power C o . — Divi­ terms
of a voting trust agreement, dated Sept. 1 1909,
dends Resumed on Common Stock.— An annual dividend of J. Pierpont Morgan, George F. Baker and Robert Fleming
2% on the $3,500,000 common stock has been declared, pay­
will act as voting trustees.
able to-day, along with the usual semi-annual dividend of A b s t r a c t o f L e t t e r f r o m P r e s i d e n t S. M . F e l t o n , C h i c a g o . D e c . 2 3 1 9 0 9 .
3% on the $3,500,000 preferred stock. This is the first
T h e b o n d s arc secu red b y a n a b s o lu te ly first m o r tg a g e o n th e en tire
n ro n e r tv . Inclu din g (1) 755 m iles o f m a in tr a c k , o f w h ich 388 m iles are
dividend on the common stock since Dec. 31 1906.
2H %

1907.
1908.
(p d . D e c. 31 ’ 06)
0

1900.
0

1910.
J a n ., 2 %

Boston Suburban Electric Cos.—Preferred Dividend In­
creased.— The directors on Thursday declared a quarterly
dividend of $1 a share on the preferred stock, payable
Jan. 15 to holders of record Jan. 3.
Sin ce th eir re s u m p tio n In O cto b e r 1908, q u a rte rly d istrib u tio n s o f 75
cen ts a share h ave b e e n p a id to and in clu d in g O ct. 15. T h ere are n o w
o u ts ta n d in g 3 2 ,5 8 7 shares o f p re fe rre d s t o c k , h a v in g no p a r v a lu e h u t e n ­
titled to c u m u la tiv e d iv id e n d s o f $4 p e r share y e a r ly ; also $1 ,1 0 0 ,8 0 0 4 %
c o u p o n n otes o f 1909; to ta l a u th o riz e d issue $ 2 ,0 0 0 ,0 0 0 . C o m p a re V . 8 9 ,
p. 1068, 1541.

Brunswick Terminal & Railway Securities Co.—New
Director.— F. J. Lisman has been elected to the board.—
V. 89, p. 1667, 777.
Calumet & South Chicago Ry.—Amalgamation.— See Chi­
cago City & Connecting Railways below.— V. 8 8 , p. 374.
Chicago City & Connecting Railways.— Amalgamation.—
Ira M. Cobe, representing a Chicago syndicate, announced on
Dec. 26 that negotiations had been completed for the pur­
chase from the J. P. Morgan & Co. syndicate of the $16,­
971,900 (face value) Chicago City Railway Co. stock (out of
$18,000,000 outstanding) purchased by them in January
1905 at $ 2 0 0 per $ 1 0 0 share; and had further arranged to
form a holding company, to be known as the “ Chicago City
& Connecting Railways Co.,” to take over the stock so pur­
chased, and also the securities of connecting lines shown below.
The control of the properties as a whole will be taken over
on a 4% basis, it being estimated that, after payment of
interest upon rehabilitation bonds and the city’s percentage
of earnings, the net earnings for 1910 upon bonds and shares
of stock deposited will be approximately $2,550,000, which,
capitalized at 4% , is $62,000,000. This $62,000,000 it is
proposed to represent by—
Capitalization of Chicago City & Connecting Railways.
C om m on s to c k (fo r d iv id en d rights s e c “ preferred s t o c k ” b e ­
low : on e a c c o u n t says th e c o n tro l w ill rest w ith th e c o m m o n
shares) ___________________________________________________________ $15 ,000 ,00 0
P re fe rre d s to c k (en titled to 4 H % c u m u la tiv e d iv id e n d s , an d In
a d d itio n , a fte r the c o m m o n s to c k has paid 4 % d iv id e n d s in
a n y on e y e a r , th e rem ain in g surplus to b e d iv id e d betw e e n
th e tw o sto ck s in p r o p o r tio n t o th e am o u n ts o f e a ch o u t ­
sta n d in g .
In no case shall th e p re fe rre d shares b e en title d
t o a h i g h e r d i v id e n d t h a n 6 % ) ---------- — - - - — v V n V n ' T ' 2 5 , 0 0 0 , 0 0 0
F irst lien (collateral trust) 5 % b o n d s d a te d Jan . 1 1910, d u e
Jan . 1 1927, in terest p a y a b le A . & O . S ecu red b y the c o l­
lateral b elow m en tion ed an d p r o v id e d w ith a sin kin g fu n d
a fte r th e th ird y e a r to retire $3,000,000 o f th e issue be fo re
m a tu r ity .
A s th e d e p o s ite d securities co m p rise all o f the
b on d s an d s to c k s o f the S o u th ern S tre e t an d the H a m m o n d
W h itin g & E ast C h icago c o m p a n ie s , th e new bon d s will be a
first lien th rou g h collateral o n th e p rop erties co m p risin g 50
m iles o f tr a c k , an d th rou gh th e o th e r d e p o site d secu rities, a
first lien , s u b je c t t o reh a b ilita tio n b o n d s, o n 357 m iles o f
tr a c k . T h e trust a g reem e n t w ill fo rb id Increase o f d e b t o n
th e u n d erlyin g p rop erties o th e r th an fo r th e c o m p le tio n o f
r eh a b ilita tion . T h e a m o u n t o f b o n d s Issued, Inclu din g p rior
liens, will alw a ys rem ain less than th e pu rch ase price fixed
b y th e c it y under th e ord in a n ce s, thus Insuring p a y m e n t o f
th e b o n d s a t m a tu rity in a n y e v e n t. T o ta l au th o rize d issu e . 22 ,0 0 0 ,0 0 0

Stock and Ronds to be Deposited to Secure the First T.ien Bonds.
Bonds—
Stock.
C h icago C ity R y . (V . 84, p. 1550; V . 88,
p . 8 1 0 ), va lu e $200 per $100 s h a r e -------$ 16 ,971 ,00 0
C alum et & S ou th C h icago R y . (V . 87,
5,000,000
p . 285; V . 8 8 , p. 37 4 ) __________________
Sou th ern S tre e t R y . (V . 85, p. 1 0 6 3 )------800 ,000
H a m m o n d W h itin g & E ast C h icago R y .
(n ot y e t is su e d )__________________ ______
1 ,0 0 0 ,0 0 0




N one.
$ 5 ,0 0 0 ,0 0 0 co n so ls
1 ,6 53,000 1st M . 5s
l,0 0 0 ,0 0 0 n e w 1st 5s

laid w ith 8 5 -lb . steel ra il, 325 m iles w ith 7 5 -lb . s te e l a n d 42 m iles w ith
60-Ib. ste e l. T h is m ileage c o n n e c ts C h ica g o w ith K an sas C ity a n d w ith
S t. P aul an d M in n ea p olis.
(2) A ll th e c o m p a n y ’s term h ial p ro p e rtie s and
rig h ts In C h ica g o , K ansas C ity , M in n eap olis, S t. P a u l, D u b u q u e a n d else­
w h e re .
(3) A ll its e q u ip m e n t, in clu d in g 293 lo c o m o t iv e s , 10,971 fre ig h t
train cars? 151 passenger train cars a n d 495 w o rk cars, all v a lu e d a t o v e r
$ 7 ,8 0 0 ,0 0 0 .
(4) A ll tra ck a ge rig h ts, le a se h o ld estates an d s to c k s o f s u b ­
sid ia ry c o m p a n ie s . A n d (5) A ll p r o p e r ty a c q u ir e d w ith th e p r o c e e d s o f
b o n d s to be Issued un d er this m o rtg a g e .
In c lu d in g tw o s u b s id ia ry roa d s,
all o f w hose s to ck s are d e p o site d as pa rtia l s e c u r ity fo r th e a b o v e issue o f
b o n d s, th e c o m p a n y ’s sy ste m co m p rise s 1 ,4 8 6 .7 5 m iles o f s ta n d a rd -ga u ge
ra ilro a d , e x c lu s iv e o f sidin gs.
,
^ . , ..
...
T h e c o m p a n y 's term inals are a m o n g th e m o s t im p o rta n t o f the M id dle
W e s t.
T h e term inal fre ig h t yards an d fre ig h t h ou se a t C h icago are o w n ed
b y the c o m p a n y . T h e c o m p a n y enters C h icago o v e r th e C h icago T erm inal
T ra n sfe r R R . an d uses Its passen ger s ta tio n , un d er a lo n g -te rm lease w hich
Is n o t s u b je c t t o th e m o rtg a g e o f th a t c o m p a n y a n d w h ich c a n n o t b e c u t
o ff b y a n y ju d icia l sale th e re u n d e r. T h e c o m p a n y has large, term inal
fa cilitie s o f its o w n a t S t. P a u l, M in n eap olis a n d K an sas C ity .
I t has
re ce n tly p u rch ased fu lly d e v e lo p e d a d d itio n a l term in al fa cilitie s a t S t. P aul
an d M in n eapolis, in clu d in g fre ig h t sta tio n s a t b o t h p o in ts , a n d has also
a cq u ire d e n tr y to th e U n io n D e p o t a t M in n eap olis. T h e c o m p a n y 's ter­
m inal facilitie s a t S t. P aul a n d M in n eapolis are n o w as g o o d as th ose
possessed b y a n y co m p e titiv e line. T h e s y s te m Inclu des also e x c e lle n t te r ­
m in al fa cilitie s a t O m a h a .
,
,
, ,
^
_
A b o u t 1 0 % o f th e c o m p a n y ’s tra ck s a r c b a lla ste d w ith s to n e , a n d the
re m ain d er w ith g ra v e l. T h e m a x im u m gra d e Is 1 % a n d th e m a x im u m
cu rv a tu re Is 6 d egrees. T h ere a re 170 m e ta l b ridges o n th e lin e, a ggre ga tin g
13,684 lineal fe e t in le n g th . O v e r 7 0 % o f th e orig in a l w o o d e n stru ctu res
h a v e b e e n eith er re p la ce d w ith p e rm a n e n t stru ctu res o r filled. T h ere still
rem ain 3 5 ,8 0 0 lineal fe e t o f pile trestles, w h ich are g ra d u a lly b e in g re p la ced
b y p erm a n en t stru ctu res o n th e E a stern p o r tio n o f th e lines a n d b y oreoso te d ballast floor stru ctu res o n th e W e s te rn p o r tio n o f th e lin e.
T h e s to ck s o f su bsid iary co m p a n ie s in clu d e all o f th e ca p ita l s to c k o f th e
M ason C ity & F t. D o d g e R R C o ., th e o w n e r o f 378 m iles o f ra ilro a d , a n d
all o f th e ca p ita l s to c k o f th e W isco n s in M in n esota & P a cific R R . C o ., th e
o w n e r o f 271 m iles o f ra ilroa d . T h e m o r tg a g e also co v e r s th e lo n g -te rm
leases o f su ch su bsidiary lines.
,
..
. , „
T h e financial plan p ro v id e s a m p le fu n d s fo r p la cin g th e p r o p e r ty In a
c o n d itio n to han dle tr a ffic e x p e d it io u s ly a n d e c o n o m ic a lly .
O f the p r o ­
ceed s o f the secu rities a lre a d y Issued, as sta te d In the plan o f re o rg a n iz a tion ,
a b o u t $10 ,0 0 0 ,0 0 0 w as p r o v id e d fo r a d d itio n s a n d Im p ro v e m e n ts an d In
p a y m e n t fo r e q u ip m e n t pu rch a sed . T h e r e h a b ilita tio n , w h ich a lre a d y s h ow s
fa v o r a b le results, w ill e m b ra ce : a d d itio n a l term in al fa cilitie s, se c o n d m ain
tr a c k , w id en in g e m b a n k m e n ts, revision s o f grades an d a lig n m e n t, a d d i­
tion a l passing an d side tra ck , h e a v ie r ra il, h e a v ie r ba lla stin g , im p ro v e d
sta tio n fa cilitie s, h e a v ie r b rid ges, a d d itio n a l in te rlo ck in g p la n ts, b lo c k a n d
o th e r signal a p p a ra tu s. Im p ro v e d s h o p fa cilitie s, Im p ro v e m e n ts t o the
e q u ip m e n ts an d a d d itio n a l e q u ip m e n t o f larger c a p a c it y .

Average Gross Earnings per M ile for Ten Years Prior to Receivership, Com­
pared with Adjacent Systems.
C h icago G rea t W e s t e r n _______ $ 8 ,3251 C h ica g o B u rlin g to n & Q u in cy $7,371
C h icago & N o r t h w e s t e r n ____ 8,019 [C h ica g o M ilw au kee & S t. P a u l. 7,1 8 5
Income of the System for Years ending June 30 ( Prior to Receivership ) , with
Interest Charges on $ 1 8 ,5 0 0 ,0 0 0 of Bonds of New Company.
1904.
190
1907.
190
2.
1900.
Year ending
--------------—
_ 6.
June 3 0 —
$
$
$
S
$
G ross r e v e n u e _______0 ,7 2 1 ,0 3 7 8 ,0 5 7 ,0 1 7 9,537.221 1 0 ,9 2 0 .2 5 5 11 ,6 1 8 ,7 5 0
N e t, a fte r t a x e s ____ 2 , 026,814 2 ,2 9 8 ,6 3 0 2 ,3 1 2 ,9 8 0
3 ,3 0 1 ,6 1 2
3 ,1 0 3 ,3 4 9
R e n ta ls & e q u ip .h ire 3 8 3 ,0 7 5
402,631
4 78 ,997
4 73 ,970
47 6 ,4 1 0
N e t a v a ila b le f o r i n t .l (543,739 1 ,8 95,999 1,83 3 ,9 8 3
In terest
on
these
„
$18 ,500 ,00 0 b o n d s
7 4 0 ,0 0 0 7 40 ,000
7 40 ,000
In t. on bds. sub. cos.
143,400 158 ,400
_

Total Dividends Paid on Common Stock During Calendar Years.
1903. 1904. 1905. 1906.
1 U % 3 'A % 4 % 4 'A%
— V . 8 7 , p . 1603.

2 ,8 2 7 ,6 4 2

2 ,6 2 6 ,9 3 9

7 40 ,000
711 ,840

74 0 ,0 0 0
7 11 ,990

E 1 t e m s ° I ! - - ^ - ^ 903 ,739 1 ,0 1 2 ,5 9 9
935 ,583
1 ,3 7 5 ,8 0 2
1 ,1 7 4 ,9 4 9
U n d e r th e new m an agem en t th e net earnings are sh o w in g a m a rk e d in ­
crease
P resen t in d ica tio n s are th a t gross earnings will e stablish a new
re co rd ' and th a t net o p e ra tin g resu lts, w h ich a m o u n t t o $ 1 ,0 8 5 ,8 4 6 fo r th e
first th ree m on th s o f th e p resen t fiscal y e a r , w ill co n s id e r a b ly surpass all
pre vio u s re co rd s. A fte r d e d u ctin g ta x e s , rentals a n d all o th e r ch arges,
th e net earnings fo r the first three m o n th s u n d e r th e p resen t m a n a ge m en t
(S e p t 1 to N o v . 30 1909) a v a ila b le fo r th e p a y m e n t o f in te re st o n th e a b o v e
$18 500,000 b o n d s h ave be e n o v e r th re e tim e s th e a m o u n t r e q u ire d . T h e
im p ro v e m e n ts as planned a n d n ow p r o v id e d fo r an d th e g r o w th o f earn s, an d
re d u c tio n o f th e o p e ra tio n r a tio , w h ich I c o n fid e n tly e x p e c t , w ill Increase
v e r y co n sid e ra b ly th e m argin o f n e t in c o m e a v a ila b le fo r su ch In te re st.—
V . 89, p. 1667, i4 8 2 .

Chicago Peoria & St. Louis R y.— Report.— For the year
ending June 30:

THE CHRONICLE

54
Fiscal
Year —

Operating
Revenue.

1 9 0 8 - 0 9 ,. . $ 1 ,561,833
1 9 0 7 - 0 8 .. . 1,479,586
— V . 89, p . 1410. 1141.

Net (after
T axes).

Other
Income.

$112,501
67,160

$4,017
42,169

Interest,
Rentals ,& c.

Balance.
Deficit,

$23 3,72 0
213,461

$117,202
104,132

Cincinnati Hamilton & Dayton Ry.—Nolice to Depositors
of Collateral Trust 4 ^ % Notes.— Holders of certificates of de­

[ V o L . XC.

Massachusetts Electric Companies.— Dividend of Sub­
sidiary Increased.— We give the following for record:
A n ann u al d iv id e n d o f 5 % w as p aid o n O ct. 1 last o n tlie $7,7 1 2 ,2 0 0
O ld C o lo n y S tre e t Ity . c o m m o n s t o c k , all o t w h ich Is o w n e d b y th e M assa­
ch u se tts c o m p a n y , co m p a r in g w ith 4 % the pre v io u s y e a r, thus g iv in g the
la tte r $77,122 a d d itio n a l in c o m e . A 5 % y e a rly d iv id e n d w as also paid
o n the B o sto n & N orth ern S tr e e t R y . co m m o n s t o c k , th e sam e rate as in
the th ree p re ce d in g y e a rs. T h e sem i-an n u al d iv id e n d o n the $ 2 0 ,5 5 7 ,4 0 0
preferred s to c k o f the p a re n t c o m p a n y , p a y a b le this m o n th , is a t the In­
creased rate o f 1 M "o (V . 89, p . 1411 ) , co m p a r in g w ith 1> 3% In J u ly la s t .—
V . 89, p . 1597, 1540.
'

posit issued by the Central Trust Co. under agreement dated
Dec. 14 1905 against deposit of collateral trust 4 j^ % notes
are notified by advertisement that, in accordance with the
terms of the agreement, they will be given 30 days from
Metropolitan West Side Elevated RR., Chicago.— State­
Dec. 27 to file with the trust company their dissent from the ment to Stockholders.— President H. G. Iletzler in a circular
terms of exchange offered in the reorgnaization plan dated dated Dec. 23 1909 says in substance:
May 24 1909 (V. 8 8 , p. 1436, 1498).
Y o u r b o a r d is u n ite as a n x io u s th a t a d iv id e n d s h o u ld be p a id as a n y

U nless the h olders ot 5 0 % in fa ce v alu e so d issen t, the plan w ill be b in d ­
ing o n all said d e p o s ito r s.—-V . 89, p . 1541, 1279.

Concord & Montreal RR.—Stock at Auction.— Francis Henshaw & Co., Boston, will sell for the company at auction on
Jan.5 2,500 shares (§250,000) of new stock.— V. 89, p. 992.
Delaware & Hudson Co.—Bonds Sold.— Kuhn, Locb & Co.
and the First National Bank on Tuesday purchased and
immediately sold the $7,165,000 “ first and refunding mort­
gage” 4% bonds which the Court of Appeals recently directed
the Public Service Commission to authorize the company
to sell. (V. 89, p. 1541; V. 87, p. 1604.) Of the $50,000,­
000 “ first and refunding” issue, some $20,704,000 is now
outstanding (V. 87, p. 1419, 1160, 480, 166; V. 8 8 , p. 158.)
Dividend Rate Itefnains 9 % .— The directors have declared
an annual dividend of 9% , payable in quarterly installments
of 2*4% each, as follows: March 21 on stock of record Feb. 26;
June 20 on stock of record May 28; Sept. 20 on stock of record
Aug. 30 and Dec. 20 on stock of record Nov. 29.
Annual Dividend Record Since 1885.
•
’ 97 to ’ 00.
’ 01 to ’ 06.

1886.
1887. 1888.
'SO t o '06.
5
5
6
7 y e a rly
— V . 8 9 , p . 1541, 1482.

5 y e a rly

7 y e a rly

’ 07 fo TO.
9 y e a rly

Delaware Lackawanna & Western RR.—First Dividend
of Delaware Lackawanna & Western Coal Co.— See that com­

pany under “Industrials” below.

Sale of Stock in Lehigh Valley RR.— See

that company

below.— V. 89, p. 1482, 348.

East St. Louis & Suburban Co.—Stock Increase by Sub­
sidiary.—The East St. Louis & Suburban Railway Co.
(controlled) filed on Dec. 17 a certificate of increase of capital
stock from $3,750,000 to $3,850,000.— Y. 87, p. 1089.

Forty-Second St. Manhattanville & St. Nicholas Ave. Ry.,
New York.—Sale Adjourned.— The foreclosure sale under
the $1,600,000 second mortgage has been postponed to M ch .l.
Compare V. 89, p. 1482, 318.

Geary Street Park & Ocean RR., San Francisco.—Opera­
tion by City.— At the city election on Dec. 30 it was voted to
re-construct this road and to operate it under city officials.
See “ State and City Department” ; also p. 106 of “ Electric
Railway Section.” — V. 85, p. 1518.
Houston & Texas Central RR.—Called Bonds.— Consoli­
dated mortgage bonds of 1890 aggregating $150,000 have
been drawn by lot and will be redeemed at 110 and interest
on presentation at the company’s office in the Equitable
Building, this city, interest ceasing Feb. 25. See numbers
in our advertising columns on another page.— V. 89, p. 778.

Kanawha & Michigan Ry.—Dividend Policy— Further Par­

o f the s to ck h o ld e rs can be.
T h e b o a rd fe e ls, h o w e v e r, th a t w e sh o u ld n o t
begin p a y in g d iv id e n d s until It is re a s o n a b ly sure th a t a d iv id e n d ca n be
m ain tain ed .
T h e su g g e stio n lias be e n m ad e th at the b o a rd sh o u ld recou p
the treasu ry fo r e x p e n d itu re s p ro p e rly ch a rg e a b le to " c a p it a l a c c o u n t ”
b y tlie sale o f b o n d s, b u t the b o n d s have b e e n selling a t so low a llgure th at
y o u r d ire cto rs did not feel ju stllie 1 in selling those in Its tre a su ry .
T h e d ep ressed c o n d itio n in tin; m a n u fa ctu rin g d is trict o f C h icago du rin g
the last tw o years seriou sly a ffe c te d o u r e arn in gs, b u t co n d itio n s are now
n orm al an d tra ffic is g a in in g .
T lie e o m p a u y is In e x c e lle n t sh a p e fin a n ­
c ia lly . T h ere Is no floatin g d e b t e x c e p t $30 0 ,0 0 0 , w h ich m atu res and
Is b e in g p a id otf $50 ,0 0 0 each six m on th s T h ese n otes are ca lla b le a n d can
be fu n d e d b y the sale o f b o n d s sh o u ld the c o n d itio n s w a rra n t It.
Y o u r d ire cto rs think th a t a q u a rte rly d iv id e n d at the rate o f 3 % p er y ea r
on th e p re fe rre d s to c k w ou ld be Justllled In th e c o m in g c a le n d a r y e a r ,
an d th at this can be p aid w ith o u t the sale o f securities n o w In Its tre a su ry ,
an d It Is p ro p o se d now to begin the p a y m e n ts M arch 1, m a k in g the p a y m e n ts
th e re a fte r Jun e 1, S e p t. 1 an d D e c. 1.
It Is h op ed th a t the g o o d financial c o n d itio n o f tlie c o m p a n y and the p a y ­
m en t o f d iv id e n d s will im p ro v e the p rice o t o u r .securities.
In th e m e a n ­
tim e, n o e x te n siv e ca p ita l e x p e n d itu re s are requ ired a n d n o r clin a n cln g o f
a n y kin d Is n e e d e d .— V . 89, p. 1608.

Missouri Kansas & Texas Ry.— Election.— C. N. White­
head lias been elected Secretary and Treasurer, to succeed
C. G. Hedge.— V. 89, p. 1069, 993.
New York Central & Hudson River RR.— New Debentures.
— Application has been made to the Public Service Commis­
sion, Second District, for permission to purchase the $5,000,­
000 4% first preferred stock of the Geneva Corning & South­
ern RR. Co. and to issue in payment $5,000,000 of 4% deben­
ture bonds of 1934. The Central, it is said, owns $1,820,800
of the $2,325,000 common stock.— V. 89, p. 1668, 1542.
Niagara St. Catharines & Toronto Ry.—Second Mortgage.
— The shareholders will vote Jan. 29 on authorizing an issue
of second mortgage bonds at the rate of $ 1 0 ,0 0 0 per mile
on the company's mileage. Compare V. 89, p. 1281.
Porto Rico Railways.— Initial Dividend.— The company
has declared an initial quarterly dividend of 1 % % on its
$500,000 preferred stock, payable Jan. 10. Compare
V. 89, p. 594.
Quebec & Lake St. John Ry.—Default Expected.— A press
report from Montreal states that the company, preparatory
to reorganization, and possible guaranty of bonds by the
Canadian Northern Ry. Co., will allow the interest due
Jan. 1 on its first mortgage 5% bonds to remain unpaid.—
V. 87, p. 1480.
Railroad Construction.— Total in 1909.— The “ Railroad
Age Gazette” reports that approximately 3,748 miles of new
main track were built in the United States during the calen­
dar year 1909, contrasting as follows:
1909.
1908.
1907.
1900.
1905.
1904.
1903.
1901.
3,7 4 8
3,214
5,212
5.623
4,388
3,832
5,652
6,026
T h e W e s te rn P a clllc in 1909 laid 430 m iles o f tra ck .
O f the y e a r ’s
to ta l, 2,467 m iles w ere laid w est an d 1,281 m iles east o f tlie M ississippi
R iv e r .
T e x a s leads tlie list o f S tates w ith 666 m iles; N e v a d a is s econ d
w itli 303 m iles an d C aliforn ia third w ith 247 m iles.— V. 87, p . 1664.

ticulars.— The directors, as already announced in this column,
adopted a resolution on Dec. 17 declaring it hereafter to be
Sioux City (la.) Service Co.— No New Franchise.— See
the policy of the board not to expend in any one year for
additions, betterments and car trusts in excess of 60% of the Sioux City Gas & Electric Co. under “ Industrials” below.—
netfsurplus applicable for dividends, thus leaving 40% of the V. 8 8 , p. 1129.
netjsurplus as a free fund with which to make dividend pay­
Southern Street Ry., Chicago.— Amalgamation.— See Chi­
ments on the $9,000,000 of stock outstanding. A statement cago City & Connecting Railways above.— V. 8 8 , p. 1063.
in the New York “ Sun” of Dec. 18, which is pronounced sub­
South Shore Traction Co.—Franchise Granted.— The Board
stantially correct, contains the following:
of Estimate and Apportionment on Dec. 23 passed a resolu­
A t the sam e tim e the d irectors In d icated th eir d e te rm in a tio n to co n tin u e
tion granting the amended franchise to operate the proposed
th e fo rm e r p o lic y o f con s ta n t Im p ro v e m e n t b y au th o riz in g fu rth e r im p r o v e ­
m ents to the P oin t P leasan t B ridge across the O h io, the e s tim a te d c o s t o f
road from Jamaica to and across the Qucensboro Bridge,
w h ich is $10 0,00 0.
which has been signed by the Mayor.
N o d iv id en d decla ra tion is e x p e c te d b e fo re n e x t M arch o r A p ril, w hen it
w ill be possible to gau g e the op e ra tio n s fo r th e llscal y e a r e n d e d Ju n e 60
w ith s om e a c c u r a c y . T h e roau is now earn in g at the ra te o f 8 % and the
present p rosp ect is th at the d iv id e n d fo rth c o m in g n e x t sprin g w ill a m o u n t
to a t least 2 % .
It will p r o b a b ly be p aid in a lu m p su m as an ann ual
d iv id e n d .
Y e s te r d a y ’s d ecision ot th e b o a r d fo llo w s an a g ita tio n fo r d iv i­
den d s co n d u c te d fo r the last fou r years b y a c o m m itte e o f m in o rity s t o c k ­
holders h ead ed b y G eorge D . M ackay o f M aclcay & C o. S ee their last
circu la r in V . 89, p. 1483.— V . 89. p . 1596.

Kansas City Terminal Ry.—Bonds,

&c.— The new mort­

gage securing the bonds referred to last week (p. 1671) will,
we learn, be limited to $50,000,000.
T h ere Is also $ 5 0 ,0 0 0 ,0 0 0 o f au th o riz e d c a p ita l s t o c k , o f w h ich $ 1 ,0 0 0 ,0 0 0
Is o u ts ta n d in g .
O fficers a re : P r e s ., H . U. H a rm o n ; S e c ., C. C. R ip le y ;
T r e a s ., K d w ard F . S w in n c y , K ansas C ity , M o. T h e e x p e n d itu re s n o w p r o ­
posed will ag g reg a te $ 2 3 ,7 0 0 ,0 0 0 , th e plans be in g in the m ain as o u tlin e d
In V . 89, p . 1671.

Lehigh Valley RR.—Sale of Delaware Lackaivanna &
Western Stock Interest.— It was announced on Tuesday that
the Delaware Lackawanna & Western lilt, had sold to
Drexel & Co. of Philadelphia the Lehigh Valley stock pur­
chased in 1901, and aggregating at par, it is supposed, about
$1,850,000, and, if so, worth atpresent prices over $3,700,000.
The Erie, the Central RR. of New Jersey, the Reading and
the Lake Shore roads, it is understood, sold their interests
in the company some time ago. The Moore-Reid party,
who control the Rock Island system, is supposed to own
about 25% of the stock— say, $10,000,000 out of $40,334,800
outstanding. It is understood, however, that the DrcxclMorgan interests, as a result of the present purchase, will
continue to have a preponderating voice in the management.
Compare V. 89, p. 1483, 1597.




T h e A p p e lla te D iv isio n o f the S u p re m o C ou rt re ce n tly d is s o lv e d an In­
ju n c t io n g ra n te d b y the low er C o u rt In a t a x -p a y e r ’s su it p r e v e n tin g tlie
board fro m a c tin g o n the fra n ch ise . T h e franchise n o w b e c o m e s p r a c ti­
c a lly c ile c t iv e In vie w o f tlie d ecision o f tlie C ourt o f A p p e a ls h oldin g th a t
th e P u b lic S e rv ice C om m ission lias no a u th o r ity to llx tne term s o f a fra n ­
ch ise. C o m p a re V. 89, p . 1349, 226.

Third Ave. RR., New York.— Receivers’ Certificates— Pay­
ment on Back Taxes.— Judge Lacombe in the United States
Circuit Court on Dec. 27 authorized an issuo of $1,500,000
6 % receivers’ certificates on account of the accumulated
franchise taxes of the system.
T h e fra n ch ise taxes o t tlie T h ir d A v e n u e sy ste m h a ve a cc u m u la te d d u r ­
ing the past nine years to a to ta l, a c c o r d in g to th e c it y ’s b o o k s , o t $ 2 ,8 8 4 ,­
617. O f this a m o u n t, $1,0 0 9 ,0 0 0 w as paid o n D ec. 28 1909 fro m p ro ce e d s
o f the aforesaid certillea tes. T h e re m a in d e r Is to be a d ju d ic a te d , R e ce iv e r
W h ltrid ge believ in g that n o t m ore th a n $50 0,00 0 will be fo u n d le ga lly d u e .
T h e present r e c e iv e r ’s ccrtitlca te s , like tlie $2,5 0 0 ,0 0 0 issue o f 1908, h ave
a lien o n the T h ird A v e n u e R R . im m e d ia te ly a lte r the $ 5 ,0 0 0 ,0 0 0 first
m ortg age o f 1887, in clu d in g tlie s to ck s o f c o n tr o lle d lines.
Franchise Taxes ($ 2 ,8 8 4 ,6 1 7 ) Claimed by City and $ 1 ,0 0 0 ,0 0 0 Now l ’aid.
Company.
Total.
Now Pd. I Company.
Total.
Notv Pd.
3 d A v e . R I t _______$ 1 ,5 1 2 ,4 8 7 $748,000 K ings B r id g e . . .
$75 ,5 8 5 $24 ,500
42n d S tre e t
...
526 ,398
55,500 S o . B o u le v a rd . _
28,256
--------D ry D o ck
..
245 ,927
3 6 ,0 0 0 ( B r o n x T r a c t io n ,
13,218
15,000
U nion R y _____
482 ,746
1 2 1 ,0 0 0 1

Plan Opposed.— The Amory committee of stockholders has
announced its intention of opposing the modified plan of
reorganization.— V. 89, p. 1669, 1662.
Twin City Rapid Transit Co., Minneapolis.— Dividend In­
creased.— A quarterly dividend of 1)^% has been declared
on the $2 0 , 1 0 0 ,0 0 0 common stock, payable Feb. 15 to holders
of record Jan. 21, comparing with l lA % paid quarterly since

Jan . 1 1910.]

55

THE CHRONICLE

May 1902. Previous to that disbursements were made semi­
annually, the last payment having been 2% on Feb. 15 1902.
Dividend Record (P ercen t) of Common Stock.
180 9. 1000. 190 1. 1002. 1903. 190 4. 190 5. 1906. 1907. 1908. 1909. 1910
A u g .,1 3
3 H 5
5
5
5
5
5
5
5 F eb . 1 >4
— V . 89, p . 1543.

Wabash RR.— Sale of Part of Road Adjourned.— The sale
ofjthe road from Toledo to the Indiana State Line under the
judgment entered on the Toledo & Wabash R R . equipment
bonds has been adjourned from Dec. 22 to Jan. 5. Samuel
D. Miller of Indianapolis is now special master to conduct
the sale. Compare V. 89, p. 1282, 105.
Dividends on Debentures.— The directors have declared
semi-annual dividends of 3% on the debenture “ A” bonds
and 2% on the “ B ” bonds, payable Jan. 1. In 1909 the’
“ Bs” received 1% Jan. 1 and 1% July 1.

Lehigh Coal & Navigation Co.—Special 15% Stock Divi­
dend.— An advertisement dated Dec. 27 says in substance:
T h e b o a r d o f m an agers has this d a y d e cla re d a sp ecial scrip d iv id e n d o f
1 5 % ($7 50 p e r share) o n th e ($ 2 1 ,0 0 5 ,7 5 0 ) ca p ita l s t o c k , p a y a b le M arch 1
1910 t o sto c k h o ld e r s as re g iste re d a t 3 p . m . J a n . 31 1910. T h is d iv id en d
w ill be e v id e n c e d b y n o n -In te r e s t-b e a n n g s c r ip , c o n v e r tib le in to fu ll-p a id
ca p ita l s t o c k , a t p a r , If p re se n te d f o r co n v e r s io n a t th e o ffic e o f th e T rea s­
urer, 437 C h estn u t S t ., P h ila d e lp h ia , in a m o u n ts o f $50 o r m u ltip les th e r e o f,
b e tw e e n M arch 1 1910 an d A p ril 30 1910. S crip n o t p resen ted fo r c o n v e r ­
sion b e fo re A p ril 30 1910 w ill b e p u rch a se d as th e T re a s u re r’s o ffic e , In
ca sh , a t Its fa c e v a lu e , w ith o u t In terest.
[T h e a c c u m u la te d su rplu s as o f
D e c. 31 1908 a m o u n te d t o $ 4 ,2 9 4 ,1 6 3 ; th is d iv id e n d w ill d is trib u te a c c u m u ­
lated surplus to a t o ta l o f $ 3 .1 5 0 ,8 0 0 .— E d .]— V . 8 9 , p . 1486, 1351.

Louisville (Ky.) Gas Co.— Dividend Omitted.— While the
year’s business is stated to have been highly satisfactory, the
directors have voted to omit the January dividend in order
to subscribe for the company’s share of some $1,500,000 new
securities to be put out by the Louisville Lighting Co.—
V. 8 6 , p. 1347.
Previous Dividend Record of A and B Debentures (Per Cent).
Metropolitan Steamship Co. (of New Jersey).— $1,500,000
190 9.
1907.
1908.
1896. 189 7-9 9. 190 0-0 4. 190 5. 1906.
Stock Replaced by Notes.— A certificate was filed in New Jersey
6
0
0
J u ly ,‘ 6 J a n ., 3
•A " b o n d s 1
0
6 y e a rly
on Dec. 14 decreasing the capital stock by 15,000 shares, so
2
0
0
J u ly , 1 J a n ., 1
“ 11” b o n d s 0
0
N on e
that the capital stock shall be 15,000 shares, par $100 each,
C om p a re V . 86, p . 5 3 .— V . 8 9 , p . 159 8, 1282.
place of 30,000 shares, par $100 each, the present capital
Washington Water Power Co., Spokane.— New Stock.— in
stock, “ the said reduction having been made by the issue, in
The shareholders will vote March 15 on increasing the au­ exchange for such shares of stock, of notes of the company
thorized issue of capital stock from $10,000,000 ($7,223,000 of equal par value.”
outstanding) to $15,000,000.
T h o m a s A c h e n b a c h is P re sid e n t a n d C a m p bell C a rrin g to n , S e c r e ta r y .
Shareholders of record Jan. 311910 will be allowed to sub­ F o r s o m e re a so n , fo llo w in g th e re ce n t re o rg a n iz a tio n , tw o n ew co m p a n ies
w ere In c o r p o r a te d , first o n O c t . 10 1909 th e M e tro p o lita n S te a m sh ip C o.
scribe at par for an amount of additional stock equal to 30% Lines (V . 8 9 , p . 9 9 8 ), s e co n d in N o v e m b e r th e M e tro p o lita n S team sh ip C o.
of their respective holdings (say $2,166,900 new stock), o f N ew J e rse y , w h ich m a d e th e $ 3 ,0 0 0 ,0 0 0 m o rtg a g e ca lle d fo r b y th e p lan.
p o r t, cu rre n t this w e e k , th a t th e vessels w ere lik e ly t o be sold an d
subscriptions payable at option of shareholders either in full Tthhee enreterprise
w o u n d u p Is p r o n o u n ce d in c o r r e c t .— V . 8 9 . p . 154 5, 1414.
April 1 or 30% April 1, 30% July 1 and 40% Oct. 1 1910;
Minneapolis General Electric Co.—New Stock.— The share­
the new certificates will be issued either in April or in October, holders will vote Jan. 17 on issuing $1,000,000 additional
according to when paid for in full.
Change in Officers.— President Henry M. Richards will be­ common stock, to be offered at par to shareholders of record
come Chairman of the executive committee at the annual Jan. 17 1910 to the extent of one share for each 2}^ shares
meeting in February. David L. Huntington, now First of common or preferred now held. Compare V. 89, p. 1070.
Mount Whitney Power & Electric Co., California.—Head­
Yice-Pres. and Gen. Man., will then be made President.
Earnings.— For calendar years, December 1909 estimated: quarters for Bonds.— Pingree, McKinney & Co., Boston, ad­
1909.
'1 9 0 8 .
Increase. vise us that they handle the company’s bonds in New Eng­
G ross e a r n in g s ________________ ______ _______ $2 ,7 0 7 ,3 9 4
$ 2 ,461,183
1 3 .6 %
land, outside of.Rhode Island, as well as New York State.
N et (a lte r o p e ra tin g exp en ses an d t a x e s ) . . 1,297,693
1 ,1 11,353
1 6 .7 %
T h e N . Y . S to c k E x ch a n g e r e ce n tly listed $ 5 ,9 7 4 ,0 0 0 1st r e f. 5s. See
V . 80, p . 1544.

T h e firm is also h an dlin g In N ew E n gla n d th e R o c k fo r d E le c tr ic C o.
" fir s t a n d re fu n d in g 5 s,” a n d the M u n cle E le c tr ic L ig h t C o . first m o rtg a g e
5s.— V . 89, p . 1486, 1672.

National Carbon Co.—Dividend Increased to 6 % Basis.—
A quarterly dividend of lj^ % has been declared on the $5,­
INDUSTRIAL, GAS AND MISCELLANEOUS.
500,000 com. stock, payable Jan. 15 toholdersof record Jan. 5.
In O cto b e r last th e ann ual d iv id e n d rate fo r th e c o m m o n shares w as
American Water Co. of Wichita, Kan.— Offer to Sell Prop­
erty.— See “ Wichita, Kan.,” in State and City Department.

Chicago Junction Railways & Union Stock Yards Co.—
Bond Issue of Controlled Company.— See Union Stock Yards &
Transit Co. below.— V. 8 8 , p. 560.
Crucible Steel Co. of America.— New President— Herbert
Du Puy, Chairman of the Executive Committee, has been
elected President, succeeding Frank Biddle Smith, whose
death occurred Thursday evening.— V. 89, p. 1599, 1489.
Delaware Lackawanna & Western Coal Co.— First Divi­
dend by Ally of D . L . & W. RR. Co.— The directors on Thurs­
day declared an initial (quarterly) dividend of 2 J^%, payable
Jan. 15 to stock of record Dec. 31. The entire $6,800,000
stock was offered last July at par to the shareholders of the
Delaware Lackawanna & Western R R . Co. See V. 89, p. 46.
Dominion Coal Co.— Sale.— See Dominion Iron & Steel Co.
below.— Y. 89, p. 1350, 595.
Dominion Iron & Steel Co.— Purchase Consummated.—
This company on Dec. 23 consummated its purchase of the
$ 5 ,0 0 0 ,0 0 0 common stock of the Dominion Coal Co. owned
by James Ross. The total amount of stock tendered for
sale at the same price as given Mr. Ross was $721,000. Most
of the coal shareholders preferred to take part in the merger.
T h e pu rch ase o f M r. R o s s ’ t shares, It is sta te d , w as c lfe c tc d b y giv in g
him a ch e ck fo r $ 5 ,0 0 0 ,0 0 0 ; M r. R oss th en giv in g to the S teel C o m p a n y a
ch eek fo r $ 3 ,500,000 as a loan sp read o v e r a term o f m on th s an d secu red b y
p le d g e o f b o n d s.
M r. R oss h avin g resign ed as P resid en t o f the D o m in ion
Coal C o ., J. II. P lu m m er was e le cte d to su c c e e d him ; th e resign ations o f
d irectors R . B . A n gu s and Mr. G raham Fraser also to o k p la ce , H o n .L .J .
F o r g e t an d Sir H en ry P ellatt bein g e le cte d to fill the vacan cies thus c r e ­
a t e d — V . 8 9 , p. 1350, 595.

raised fro m 4 % t o 5 % .
A C levelan d p a p e r asserts th a t th e c o m p a n y Is
n o w earning a b o u t 13 H % o n th e c o m m o n s t o c k .— V . 8 9 , p . 923.

National Fire-Proofing Co., Pittsburgh.—Dividends Re­
sumed.— Dividends on the $7,900,500 preferred stock, sus­
pended following the payment of 1% in April 1908, have
been resumed with the declaration of a dividend of 1 % ,
payable Jan. 20 to holders of record Jan. 5.
D I V S .— 1 90 0. 190 1. 190 2. 1903. 1 90 4. 1905. 190 6. 190 7. 190 8. 1909.
1%
7
7
7
7
5 > f l
5
2
0
P r c f ., % . .
C o m ., % . .
-. »M
5
4 } 4 0
0
0
0
0
0

— V.

88,

p.

886,

879.

National Starch Co.— Ready for Deposits.— Speyer & Co.,
24-26 Pine St., New York, are now receiving deposits of
National Starch Co. debenture 5s and National Starch Mfg.
Co. mortgage 6 s in exchange for their certificates of deposit.
Copies of the deposit agreement will be furnished by the firm.
Compare V. 89, p. 1672.
Pittsburgh Coal Co., Pittsburgh.— Dividends Resumed.—
The directors on Wednesday declared a dividend of 1 % % on
the $27,071,800 7% cumulative preferred stock, payable
Jan. 25 1910 to stockholders of record Jan. 10 1910. Pref.
dividends at the rate of 7% per annum were paid from 1900
to April 1905, but none since. The “ Pittsburgh Dispatch”
of Dec. 23 said:

T h e c o m p a n y has p a id o ff its flo a tin g d e b t , Is s te a d ily r e d u cin g Its b o n d e d
d e b t a n d Its earn in gs are Increasin g. T h e general r e v iv a l In business has
c re a te d an e n o rm o u s d e m a n d fo r P itts b u rg h c o a l, an d th e c o r p o r a t io n Is
s u p p ly in g Its share o f It a t p rices w h ich , w hile still lo o k e d u p o n as lo w , c a n ­
n o t b u t a d v a n c e In th e near fu tu r e .
A n u m b e r o f lo w -p r ic e d c o n tr a c ts ,
It Is u n d e rs to o d , w ill e x p ir e w ith th e e n d o f th e y e a r , a n d th e c o m p a n y w ill
b e In p o s itio n t o Increase Its earn in gs w h en new c o n tr a c ts are m a d e .

Merger Talk.— The unusually large purchases of the com­
pany’s stock have given rise to talk of a pending merger or
of large proportions.
Edison Electric Illuminating Co. of Boston.— To Authorize amalgamation
F ro m B a ltim o re c o m e s th e re p o rt th a t a c o m b in a tio n o f b itu m in o u s coa l
New Stock.—The stockholders will vote Jan. 5 on increasing co m p a n ie s o p e r a tin g In M a ryla n d , W e s t V irgin ia , P e n n s y lv a n ia , K e n t u c k y
n d O h io Is In p rogress, w ith C. W . W a ts o n a n d J . H . W h e e lw rig h t, re sp ec­
the capital stock from 136,161 shares to 155,613 shares, as at iv
e ly , P residen t a n d V ice -P re sid e n t o f th e C o n s o lid a tio n C oal C o ., as th e
authorized by the Gas and Electric Light Commission p r o s p e c tiv e m an agers. I n P ittsb u rg h “ h igh a u t h o r it y ” has been cla im ed
Dec. 24 1909; also on a further increase of not exceeding fo r th e sta te m e n t t h a t th e p urchasers o f P itts b u rg h C oal C o . s t o c k d u rin g
e p ast s e v e n m o n th s co m p ris e th e W e ste rn M aryland R R . (o r G ou ld )
$60,000 for the purchase of property of Lexington Gas & th
Interests, led b y B . F . B u sh. N e g o tia tio n s are said to h a v e b e e n b egu n
lo o k in g t o p u rch ase o f th e co n tr o l o f M on on gah ela R iv e r C on sol. C. & C. C o.
Electric Co. in towns of Lexington and Bedford.
I t Is p ro p o s e d t o o ffe r th e 19,452 new shares a t $215 p er share (p a r $100)
t o sto ck h o ld e rs o f record Jan . 5, the rig h t t o su b scrib e t o e x p ire Jan 26.
S u b scrip tion s p a y a b le $115 In F eb ru ary a n d $100 In M ay a t O ld C o lo n y
T ru st C o ., B o s to n .— V . 89, p . 1283.

b y the U . S . S teel C o rp o ra tio n .
p. 1672, 1284.

C om p a re p ro p o s e d v o t in g tru st in V . 8 9 ,

Portland Gas Co.— Successor Company.— See Portland Gas
& Coke Co. below.— V. 89, p. 1599.
Illinois Brick Co., Chicago.—New Stock.— Dividends
Portland (Ore.) Gas & Coke Co.— Preferred Slock Offered.—
Resumed.— The shareholders will vote Feb. 7 on increasing Moffatt & White, New York, are offering at 102 the $1,000,­
the capital stock from $4,000,000 to $5,000,000. Of the 0 0 0 pref. stock of this new company, successor of the Portland
new stock, some $500,000, it is stated, is likely to be issued Gas Co., recently purchased by interests affiliated with the
in the near future in connection with the purchase of plants General Electric Co. There are also outstanding $3,000,000
held under option. The board has also declared a dividend common stock, $2,130,000 1st ref. 30-year 5s and $750,000
of 1 V>%, payable Jan. 15 to holders of record Jan. 4, being Portland Gas Co. 1st M. 5s. Compare Portland Gas Co.,
the first dividend since Oct. 1908.— V. 89, p. 1351, 290.
V. 8 8 , p. 1503; V. 89, p. 1599.
(William A.) Rogers, Ltd., Toronto.— Extra Dividend.—
Iroquois Iron Co., Chicago.— New Stock.— A press report
announces an increase of capital stock from $600,000 to This company, which in September last increased the quar­
$2,000,000, all paid in, and the creation of an issue of $3,000,­ terly dividend on its $750,000 common stock from 2 % to
0 0 0 first mortgage bonds, preparatory to the construction of 2 Yiff/o ( 1 0 yearly), has declared, with the quarterly 2 >£%
two additional modern blast furnaces at the mouth of the due in January, an extra dividend of 1% . Compare V. 89,
Calumet River.— V. 81, p. 1378.
p. 724.




56

THE CHRONICLE

[VOL. XC.

Rogers-Brown Iron Co.— New Company— Bonds Sold.— these companies are the following: New Orleans Ry. & Light
This company, incorporated at Albany on Dec. 27 1909 Co.; Buffalo & Lake Eric Traction Co.; Buffalo & Lacka­
with §5,000,000 of authorized stock, has sold a block of first wanna Traction Co.; Colorado Springs Electric Co.; Colorado
mortgage and refunding bonds to William Salomon & Co. Springs Light & Power Co.; Leavenworth Light, Heat &
and Brown Bros, of New York and J. C. Dann & Co. of Power, Leavenworth, Kan.; Elmira (N. Y .) Water, Light &
Buffalo.
R R .; Conestoga Traction Co., Lancaster, Pa.; Edison Elec­
T h e c o m p a n y w ill p urchase the S o u th B u ffalo Canal & D o c k C o ., will
tric Illuminating Co., Lancaster, Pa.; Lancaster Gas Light
b u ild o r e d ock s an d tw o blast fu rn aces an d will p u rch ase t h e B u ffalo &
& Fuel Co., Lancaster, Pa.; Columbia Electric Light, Heat
S u sq u eh a n n a Iro n C o.
T h e last-n a m ed c o m p a n y o n D e c. 22 1909 In­
& Power Co., Columbia, Pa.; Altoona Gas Co., Altoona, Pa.;
crea sed Its capital s to c k fro m S I ,000 ,000 to , It is s a id . $ 4 ,5 0 0 ,0 0 0 . O f a
to ta l Issue o f $4,5 0 0 ,0 0 0 b o n d s $500,000 will be re served to re tire B u ffa lo
Chicopee Gas Light Co., Chicopee, Mass.; Citizens’ Gas &
& Susq u eh an n a Iron C o . 5 % b o n d s an d $ 1 ,5 0 0 ,0 0 0 to re tire th a t c o m p a n y ’s
Fuel Co., Terre Haute, Ind.; Hartford Gas Light Co., Hart­
d e b e n tu re s .
(V . 88, p . 1438; V . 85, p . 1524; V . 83, p. 101.)
Sacramento Valley Irrigation Co.— New Project— Guaran­ ford, Conn.; Hartford Gas Securities Co.; Lockport Light,
teed Bonds to be Offered.— J. S. & W. S. Kuhn, Pittsburgh, Heat & Power Co., Lockport, N. Y . It is stated by the firm
announce that they are about to offer an issue of 6 % irriga­ that the business of the above companies is most gratifying.
tion bonds; denominations $100, $500 and $1,000; due in in­ Their earnings are large and are showing satisfactory in­
stallments to 1920; guaranteed, principal and interest, by the creases. During the business depression which succeeded
the panic of 1907, it is said that earnings in all cases were
American Water Works & Guarantee Co. of Pittsburgh.
well maintained, while in many instances large increases
T h e S a cra m en to V a lle y Irrig a tio n C o. w as In c o r p o r a te d In D elaw are
Jun e 16 1909 w ith $ 1 0 ,0 0 0 ,0 0 0 o f a u th o riz e d ca p ita l s t o c k , an d in O cto b e r
were actually recorded, affording evidence of the stability
last w as re p o r te d to have a cq u ire d o p tio n s o n 100 ,000 a c r c s o f land In G lenn,
of earnings of public service corporations.
Y o lo and L ake c o u n tie s , C a liforn ia, fo r irrig a tio n b y m eans o f a d am to be
b u ilt a t Clear L a k e .— V . 8 6 , p . 112.
— The “ Valuation of Public Service Corporations” is the
Seattle (Wash.) Lighting Co.— Offering of 6 % Bonds.— title of an exhaustive paper presented by W. H. Williams,
H. T. Holtz & Co., Chicago, are offering, by advertisement Vice-President of the Delaware & Hudson Co., for discussion
on another page, $300,000 6 % 10-year debenture gold bonds, at the joint session of the American Economic Association
the present outstanding amount of a new $2 ,0 0 0 ,0 0 0 issue, and the American Political Science Association, Chamber of
dated Jan. 1 1910 and due Jan. 1 1920, but redeemable on Commerce, New York, on Dec. 30 1909. Mr. Williams con­
any interest date at 101 and interest. Interest J. & J. at siders in a masterly manner the elements giving value to a
Central Trust Co. of Illinois, Chicago, trustee. Par $ 1,000c*. railway, the questions of taxation, rate-making and control
Second Vice-President Dawes, under date of Dec. 29, writes of security issues. He calls attention to the fact that “ the
in brief (see further data in last week’s issue, p. 1672.— Ed.): system of accounts promulgated by the Inter-State Com­
Earnings for Year ended October 31 1909.
merce Commission requires the carriers to pay out of earn­
G ross e a r n in g s .................................................................................. ..................... .$ 6 7 8 ,0 1 1
ings many items which should be capitalized.” Well taken
N et earnings a fte r all e xp en ses a n d m o rtg a g e b o n d In te re st.............$100,822
A n n u a l Interest o n $30 0,00 0 d e b e n tu re b o n d s .................................. .......
18,000
is his claim that “ the need of to-day is not directly to stimu­
T o ta l b on d s ou ts ta n d in g , $ 4 ,3 1 7 ,0 0 0 , n a m e ly : R e fu n d in g m o rtg a g e 5s,
late commerce for the purpose of assisting the railways, but
$ 1 ,2 0 0 ,0 0 0 ; u n d erly in g b o n d s, $ 2 ,8 1 7 ,0 0 0 ; 6 % d e b e n tu re bon d s (this Issue,
to encourage capital sufficiently to enable the railways to
p art o f $ 2 ,0 0 0 ,0 0 0 a u th o r iz e d ), $30 0 ,0 0 0 . [T he tru st d e e d p ro v id e s th at
a d d ition a l d eb en tu res m a y o n ly be Issued fo r the excess a m o u n ts e x p e n d e d
at least meet the just demands of commerce and thus to
In co n s tr u c tio n a n d b e tte rm e n ts t o th e p r o p e r ty o v e r a n d a b o v e the p r o ­
encourage increased production.”
ceed s o f th e m ortg a ge b o n d s d ra w n d o w n In a c c o r d a n c e w ith th e c o n s e r v a ­
tiv e restriction s o f th e re fu n d in g m o r tg a g e .— E d .]
— The well-known banking house of Farson, Son & Co.,
T h ese d eb en tu re b o n d s c o m e a h ea d o f $ 1 ,0 0 0 ,0 0 0 p referred s t o c k and
$ 3 ,0 0 0 ,0 0 0 c o m m o n s t o c k . T h e c o m p a n y has p aid a 6 % d iv id e n d o n the
New York and Chicago, announce several changes in their
p referred s to c k fo r th e years 1907, 1908 an d 1909.
N o new issues o f m o r t­
firm, which go into effect to-day. J. A. McElroy of this
a ge b on d s o r d eb en tu re b o n d s ca n be p la ce d u p o n the p r o p e r ty w hile these
city is admitted to partnership. Mr. McElroy is a member
eb en tu res are ou ts ta n d in g . T h e earnings a fte r p a y in g Interest o n all
th e m ortg a g e b on d s are n e a rly s ix tim es th e Interest o n these d e b e n tu re
of
the New York Stock Exchange and will be the active
b o n d s , a n d the c o m p a n y Is ju s t begin n in g to r e c e iv e the ben eilts fro m a
member of the firm on the floor. This gives the firm two
large p a rt o f Its e x p en d itu re s m a d e In c o n s tr u c tin g th e new p la n t an d In e x ­
t e n d in g Its s erv ice. C o m p a re V . 8 9 , p . 1672, 1673.
seats on the Exchange, John Farson Jr. being also a member.
Sioux City (la.) Gas & Electric Co.—Franchise Defeated. Frederick Cohen, formerly connected with J. S. & W . S.
— The new franchise ordinances of the Sioux City Service Kuhn, Pittsburgh, will have charge of the Eastern Penn­
Co. and the Sioux City Gas & Electric Co. were defeated in sylvania field, with headquarters in Philadelphia. W. J.
a special election on Dec. 21 by a vote of 1,640 in favor and Johnson will be promoted to Cashier in the Chicago office
2,997 against them.
in place of H. B. Parrott, who will devote his entire time to
T h e ord in a n ces w o u ld h a v e p e r m itte d th e sale o f this c o m p a n y ’s e le ctr ic
the sales department. George H. Osborne, now Assistant
d e p a rtm e n t to the S io u x C ity S e rvice C o . (V . 8 8 , p . 112 9), an d it is u n d er­
Cashier, becomes the Michigan representative of the firm,
s t o o d w ou ld have d o n e a w a y w ith th e c it y ’s rig h t to p u rch a se th e gas p la n t.
— V . 7 6 , p . 1411.
with headquarters in Detroit. William II. Voris, for many
Spring Valley Water Co., San Francisco.— Sale.— The years with the firm, will assume more active management of
shareholders met on Dec. 28 to ratify the offer of the prop­ the buying department.
erty to the city of San Francisco for $35,000,000. See “ State
— N. W. Harris & Co., bankers, of New York and Boston,
and City Department.” Compare V. 89, p. 1546.
are advertising elsewhere in this issue of the “ Chronicle”
Union Stock Yard & Transit Co. of Chicago.— New Deben­ a selected list of bonds for investment yielding from 3.45%
tures Offered.— The bond department of the First National to 5.25% . There are twenty-five municipal, railroad and
Bank of Chicago is offering at 102 and interest, netting 4 }4 % , corporation issues in to-day’s advertisement, particularly
$500,000 4Yi°/o gold debentures dated Jan. 1 1910 and ma­ suitable for the requirements of January investors. The
turing Jan. 1 1920, but redeemable at 105 and interest on firm invites correspondence from banks, trust companies,
any interest date on 90 days’ notice. Int. J. & J. at First trustees, executors and individual investors, and will be glad
Trust & Savings Bank, Chicago, trustee. A circular says:
to furnish detailed information in regard to these and two
T h ese d eb en tu res co n s titu te th e o n ly In debtedn ess o f th e c o m p a n y , an d
hundred other issues of bonds.
are p r o te c te d b y co v e n a n t th a t d u rin g th e life o f the b o n d s no m o rtg age
— The New York Stock Exchange firm of William E. Lauer
w ill be p la ced o n th e p r o p e r t y . T h e c o m p a n y o w n s the un ion s to c k y a rd s,
com p r is in g a b o u t 470 acres o f lan d In C h ic a g o , In clu d in g o n e m ile o f river
& Co., at 74 Broadway, has organized a department for the
fro n ta g e , ra ilw a y sid in gs, ca ttle s h e d s, pen s, & c. A u th o riz e d ca p ita l s to c k
transaction of foreign and domestic bond business. The
$ 1 3 ,2 0 0 ,0 0 0 , o f w h ich $1 3 ,0 8 4 ,0 0 0 d e p o s ite d as se c u r ity fo r $1 0 ,0 0 0 ,0 0 0
colla tera l tru st g old 5s and $ 4 ,0 0 0 ,0 0 0 co lla te ra l trust re fu n d in g 4s o f
new department will be headed by Morton Lackcnbruch,
C h ica go J u n ction R a ilw a y & U n io n S to c k Y a rd s C o. (V . 88, p . 5 6 0 ).
D iv i­
late manager of the bond department of Herzfeld & Stern,
den d s a t th e rate o f 13 % a rc p a id .
United States Finishing Co.— Offer of Additional Common 27 William Street.
— J. S. Farlee & Co., members of the New York Stock Ex­
Stock.— Common stockholders of record Dec. 20 1909 are
offered the privilege of subscribing on the company’s war­ change, 11 Wall Street, N. Y ., and Connecticut Mutual Life
rants at $125 a share (par $100) on or before Feb. 15, at the Bldg., Hartford, Conn., are offering six high-grade railroad
office, 320 Broadway, N. Y ., for $500,000 new common bonds for sale. See advertisement for particulars. The firm
also has several other securities for conservative investors.
stock to the extent of 33 1-3% of their respective holdings.
S u b scrip tion s m u st b e p a id In full a t th e o ffic e o n o r b e fo re F e b . 15.
— Among the current offerings of well-known bond houses
T h is w ill m ak e the o u ts ta n d in g s t o c k $ 3 ,0 0 0 ,0 0 0 pre fe rre d an d $ 2 ,0 0 0 ,0 0 0
is that of $1,000,000 New York City 4s of 1958 at 100
c o m m o n , an d w ill lea v e In th e tre a su ry $ 1 ,0 0 0 ,0 0 0 a d d itio n a l c o m m o n
by Messrs. William Salomon & Co. of New York and Chi­
s t o c k .— V . 89, p . 1343.
United States Rubber Co.— Right to Subscribe.— A supple­ cago. At the price offered, the bonds yield almost 4% ,
and are tax-exempt in New York State.
mentary circular dated Dec. 29 1909 states—
T h e tim e fo r s to ck h o ld e rs o f re c o rd o n J a n . 15 to m a k e su b s c r ip tio n s
— Arthur C. Wise, manager of the Boston office of the
u p o n the su b scrip tion w arrants fo r th e a d d itio n a l Issue o f first p re fe rre d
New York Stock Exchange house of Millctt, Roe & Hagen,
s t o c k is h ereb y e x te n d e d to F e b . 1 a t th e close o f business; all su b scrip tio n s
b e in g p a y a b le o n o r b e fo re F e b . 1 1910 to th e T re a su re r, 42 B r o a d w a y ,
33 Wall St., was admitted into the firm this week. Mr. Wise
N . Y . C om pa re V . 89, p . 1673.
will be the resident partner in Boston.
Vulcan Detinning Co.— Payment on Accumulated Divi­
— The January number of the monthly circular of Fisk &
dends.— The directors on Dec. 24 declared a quarterly divi­ Robinson has been issued and discusses interestingly the
dend of 1M % on the $1,500,000 7% cumulative preferred bond market of the new year.
stock for the quarter ending Dec. 31 1909, and in addition
— H. L. Horton & Co. announce that Mr. Louis T. Watson
thereto ^ of 1 % on account of the accumulated unpaid
dividends (aggregating about 19)^% .— E d.), both payable is admitted to general partnership in that firm from Jan. 1
Jan. 20 1910 on stock of record at 3 p. m. Jan. 10. Compare 1910.
— J. W . Dickey, Augusta, Ga., specialist in Southern
V . 89, p. 605.
securities, has issued a very attractive picture calendar for
— Bertron, Griscom & Jenks, bankers, of New York and 1910.
— Walter E. Sachs has been admitted as a member of the
Philadelphia, whose advertisement appears on another page,
either own and control, or are largely interested in, many New York Stock Exchange house of Goldman, Sachs & Co.
public service corporations doing business in representative
— C. E. Denison & Co., Boston and Cleveland, advertise
cities situated in different sections of the country. Among on another page a list of investment securities.




J an. 1 1910.]

— Announcement is made by Messrs. Trowbridge & Co.,
members of the New York Stock Exchange, of the retirement
of R. Judson Furbeck, until recently the Board member of
the firm. Lawrence Craufurd, a member of the firm since
its inception, has been elected to the New York Stock Ex­
change and will act as representative of the firm on the
Exchange.
Edward Ely Scovill, for nine years associ­
ated with N. W . Harris & Co., bankers, and who for the
majority of that time has been in charge of the Connecti­
cut business, has been admitted to general partnership
in Messrs. Trowbridge & Co. The firm has leased
the ground floor of the building, located at 134 Orange
St., New Haven, Conn., where, shortly after the first of the
year, it will open an office under the personal supervision
of Mr. Scovill as resident partner.
.
— A new Stock Exchange firm has been formed under the
title of Carpenter & Co., with offices at 115 Broadway, for
the transaction of a general commission business in securities.
The partners in the new firm are: Herbert S. Carpenter, who
has been a partner in the firm of T . L . Manson & Co. since
its formation in 1895; George A. H. Churchill, a member of
the New York Stock Exchange, recently of C. I. Hudson &
Co.; Charles M. Bull, member of the New York Coffee Ex­
change, recently of firm of L. W. Minford & Co., coffee and
sugar brokers; and Palen Nelson, of the curb market firm
of Manson & Nelson. Mr. Carpenter is the son of the late
Frank B. Carpenter, the well-known portrait painter, and
Mr. Bull is a brother of the late Dr. William T. Bull.
— Our readers can ascertain where the majority of the
Jan. 1st coupons “ are payable” in this city by consulting
the various advertisements published in to-day’s issue of
the “ Chronicle,” and by reference to last week’s issue.
The mass of railroad, corporation and municipal coupons
to be paid by the Trust Company of America, U. S. Mort­
gage & Trust Co., Farmers’ Loan & Trust Co., the banking
houses of N. W . Harris & Co., Kountze Brothers, Fisk &
Robinson and Winslow, Lanier & Co. are advertised in this
issue, while the list of coupons payable at the office of the
American Trust Co. of Boston, the Central Trust Co. of New
York and the New York Trust Co. appeared in the Dec. 25th
issue of the “ Chronicle.”
— J. Hathaway Pope & Co., dealers in inactive bonds and
stocks, 67 Exchange Place, this city, are the compilers of a
daily bond interest calendar which will appeal strongly to the
busy bond dealer. It shows at a glance the accrued interest due
on $1,000 bond. The desired interest charge is instantly avail­
able at the cross points between semi-annual coupon dates
and the annual interest rate borne by the bond. The price
of this calendar is $2. Sample pages will be sent upon
request.
— The banking house of Wm. A. Read & Co. are offering
to investors on another page $100,000 New York City 4s,
due 1959; $100,000 Buffalo Rochester & Pittsburgh con.
gold 4>£s, due 1957; $100,000 New York Telephone 1st and
general mortgage gold 4j^s, due 1939, and 1,000 shares of
Minn. St. Paul & S. Ste. Marie Ry. 4% leased line stock.
These issues are tax-exempt in New York State. Full par­
ticulars will be sent upon request.
— Effingham Lawrence & Co., members New York Stock
Exchange, 111 Broadway, announce that William Everit
Burnet becomes a member of their firm on Jan. 1 and will be
associated with William H. Flagg in the management of
their department of investment bonds and guaranteed
stocks. Mr. Burnet was formerly in charge of the bond de­
partment of Edward B. Smith & Co.
— The attention of investors is called to the choice list of
“ January Investments” being offered by Plympton, Gardi­
ner & Co., bankers, on another page. As Jan. 10th is taxday, those desiring tax-exempt investments will be especially
interested in this advertisement. Further particulars will
be sent upon application to any of the firm’s offices.
— W . H. Colvin & Co., Chicago bankers and brokers,
will open a branch office Jan. 3 on the bank floor of the
Fisher Bldg., corner of Dearborn and Van Buren streets.
John R. Morgan, formerly the head of the La Salle Street
brokerage firm of J. R . Morgan & Co., will be in charge of
the new office.
— John W. Edminson, formerly a member of the banking
firm of N. W . Harris & Co. of Chicago, New York and Boston,
has become actively associated with and been elected Vice­
President of Barroll & Co. The last-named concern has
offices in Los Angeles, San Francisco and Portland.
— Attention is called to the advertisement of the American
Trust & Savings Bank, Chicago, offering Indianapolis &
Louisville R y. first mortgage 4% bonds guaranteed by the
Chicago Indianapolis & Louisville Ry. The bonds are
offered at 94, making a net yield of 4 j^ % .
— “ Brooklyn Rapid Transit Company; A Study of a Leading
Traction Security” is the title of a 10-page pamphlet comiled and published by the statistical department of Hornlower & Weeks, New York, Boston, Chicago and Detroit.
— Perry H. Kenley has succeeded Lawrence Young in
charge of the Congress Hotel office of S. B. Chapin & Co.
Mr. Young has become associated with Harris, Winthrop
& Co.
— Pfaelzer & Co. have issued a circular under date of
Dec. 29 quoting 154 miscellaneous securities on many of
which, being inactive, a quotation is not readily obtainable.

E




57

THE CHRONICLE
3

p x je

^

d /o m m jc r a a l

c o m m e Ir c i a l

^ p m e s .

e p it o m e

T~

Friday Night, Dec. 31 1909.^

Increasing sales of pretty much all kinds of commodities
are a noticeable feature in most branches of trade. Prices
are generally steady and the year 1910, it is believed, will
witness a further expansion of American business along con­
servative lines. Some decrease in the iron and steel trade is
noticeable, but the returns of bank clearings make it plain
that general trade is large. The high price of raw cotton is
a drawback to cotton manufacturers, but for the most part
the outlook seems satisfactory.
LARD on the spot has been weaker of late. Trade has
been du 1a id stocks are accumulating. Some are predicting
an increased movement of hogs in the near future. Depres­
sion in futures has also been a factor. Prime We tern
12.90c., middle Western 12.85c. and City 12^@12%c.
Refined lard has been quiet and steady. Continent 13.50c.,
South America 14.75c. and Brazil in kegs 15.75c. Specula­
tion in futures at the West has been active. Prices have
been irregular, but the undertone of the market has been
weaker much of the time, owing to very heavy selling by
packers, especially by a Milwaukee concern. On the other
hand, commission houses have bought.
D A I L Y C L O S IN G P R I C E S O F L A R D F U T U R E S IN CHICAGO.
Sat.
M on.
T u es.
W ed.
T h u rs.
F rt.
J a n u a ry d e liv e r y ..............H O L I- 1 2.35
1 2 .2 5
1 2 .2 7 H 1 2 .3 0
1 2 .2 2 H
M a y d e liv er y __________ D A Y . 1 1 . 9 2 ^ 11.85
U . 8 7 H 1 1 . 8 7 H 11 .8 0
11.90
11. 80
1 1 .8 2 H H .8 2 H 1 1 .7 7 J 5
July delivery__________

PORK on the spot has been steady with trade quiet. The
packing of hogs in the West during the past week amounted
to 465,000, against 695,000 in the preceding week and
415,000 in the same week last year. Mess $24 50@$24 75,
clear $25@$26 and family $26 50@$27. Beef has been
quiet and steady; mess $12@$13, packet $13@$13 50,
family $15@$15 90 and extra India mess $21 50@$22 50.
Cut meats have been quiet and firm; pickled hams, regular,
12%@13Mc.; pickled bellies, clear, light to heavy, 13J^@
14)|c.; picklea ribs, light to heavy, 13@13j^c. Tallow
has been dull and steady at 6>£c. for City. Stearines have
been dull and steady; oleo 18c. and lard 14c. Butter quiet
and steady; creamery extras 37c. Cheese quiet and steady;
State, f. c., Sept., fancy, 17c. Eggs dull but firmer; West­
ern firsts 35@36c.
OIL.—Linseed has been strong. American has shown no
quotable change, but Calcutta has risen. The American
seed market has advanced sharply, owing to continued small
arrivals at the mills, though the receipts have been somewhat
larger than recently. City, raw, American seed, 71@72c.,
boiled, 71@72c., andCalcutta, raw, 80c. Cottonseedhasbeen
irregular,withtheundertone firm. Speculationhasbeenactive,
though thespot demandhas beenquiet. Winter7.60@8.20c.
andsummerwhite7.66 @8c. Lardhas beendull but firm; prime
$1 10; No. 1 extra 65@68c. Cocoanut has been quiet and
firm; Cochin 9%@10c., Ceylon 9% c. Olive has been quiet
and steady at 80c.@$1 25. Peanut has been quiet and
steady at 62@67c. Cod has been steady with a quiet jobbing
trade; domestic 38@40c., Newfoundland 42@44c.
COFFEE on the spot has been dull and firm. Rio No. 7
8^@8^c.; Santos No. 4 9@9J^c. West India growths
have been quiet and steady; fair to good Cucuta 9%@10c.
The speculation in future contracts has been on a restricted
scale, with slight changes in prices. Europe has sold to some
extent of late and there has been scattered liquidation for
local and Wall Street account. On the other hand, spot
interests have bought. Reports recently circulated that crop
prospects in Brazil had improved have of late been denied by
antos houses. Closing prices were as follows:
January.................6.75c.
February________6.80c.
March___________ 6.85c.
A p ril_____________6.90c.

May ................ — 6 .95c.‘ "September_______7.05c.
'
J u n e ____________ 7.00c. October ................ 7.05c.
July ____________ 7.05c. November...............7.05c.
A u g u st...................7.05c.

SUGAR.—Raw has been quiet and steady. Centrifugal,
96-degrees test, 4.02c.; muscovado, 89-degrees test, 3.52c.;
molasses, 89-degrees test, 3.27c. Refined has been quiet
and steady; granulated 4.85c. Teas and spices have been
quiet andsteady. Wool quiet and firm. Hops dull andsteady.
PETROLEUM.—Refined has been steady, with a small
jobbing trade. Weakness in crude has caused the falling
off in the demand for refined. Refined, barrels, 8.05c.,
bulk 4.55c. and cases 10.45c. Gasoline has been fairly ac­
tive and stea’dy; 86 degrees, in 100-gallon drums, 16%c.;
drums $8 50 extra. Naphtha has been quiet and steady;
73@76 degrees, in 100-gallon drums, 16%c.; drums $8 50
extra. Spirits of turpentine more active and firmer at 58J^c.
Rosin quiet and firm; common to goodstrained $4 15@$4 25.
TOBACCO.—There have been no noteworthy develop­
ments in the domestic leaf situation during the week. It is
still largely a waiting market. Supplies of leaf in the hands
of most manufacturers are considered small, and there is still
a noticeable belief that trade will expand materially with the
turn of the year. Havana and Sumatra have been quiet.
Prices have been steady.
COPPER has been firmer, with a moderate demand; lake
13 % @ 1 3 % c., electrolytic 13^@13^c. and casting 13J4@
13j^c. Lead has been quiet and firm at 4.70c. Spelter
has been quiet and firmer at 6J<£c. Tin has been quiet and
firmer; spot 33.85c. Iron has been firm, though less active.
Increased business is expected after the turn of the year.
No. 1 Northern $18 75@$19 25.

58

THE CHRONICLE

[VOL. XC

COTTON.

On Shipboard, Not Cleared for —

Friday Night, Dec. 31 1909.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
170,789 bales, against 208,499 bales last week and 204,324
bales the previous week, making the total receipts since
Sept. 1 1909 5,069,271 bales, against 6,254,155 bales
for the same period of 1908, showing a decrease since
Sept. 1 1909 of 1,184,884 bales.____________
R eceip ts at—

S a t.

G a lv e s t o n ----------P o r t A r t h u r ------C o rp u s C h ris tl,& c
N ew O rlea n s____
G u lf p o r t ________
M ob ile _________
P e n s a c o la _______
J a c k s o n v ille , & c.
S av an n ah _______
B r u n s w i c k _____
C h a r le s t o n ______
G e o r g e t o w n ____

9,112
11,926

M on.
7,643

T u es.

W ed .

17,961

15,026

Th urs.

F rt.

Total.

7,447

6,203

10,920

1,237
4,508

Dec. 31 at—

Ger­
Other Coast­
many. Foreign wise.

Oreat
Britain. France
9,115
32,842

N ew O r le a n s ..
G a lv e s t o n ____
S a v a n n a h ____
C h a rle s to n ____
M o b i le ________
N o r f o l k _______
N ew Y o r k ____
O th er p o r ts ___

2,798
8,560

______

______

2,400

11,400

______

______

700

6,637
14,196
8,532

20,033
96,209
10,532

3,500
21,404

19,864
21,404
2,900
25,000

156 ,347
7 5 ,632
106 ,418
32,316
3 1 ,7 8 7
19,321
149,807
41,101

52,998 196,942
12,603 241,596
40,455 317,302

612 ,7 2 9
8 2 9 ,1 0 4
7 2 4 ,1 2 7

_

_ _

600
13,000

1,300

23,058 33.164
31,044 104,584
34,103 91,325

30,665
28,056
36,425

—

Leaving
Stock.

744
24,350

2,000
1,000

__

2,564

300

12,000

T o ta l 1 9 0 9 . . 57,057
T o ta l 1 9 0 8 .. 65,309
T o ta l 1 9 0 7 .. 114,994

739
16,261

Total.

—

—

1,000

63,392
11,926
1,237
37,3 8 5

Speculation in cotton for future delivery has been more
active at a further advance, attributable largely to manipu­
lation . In part it has also been due to reports of a somewhat
83
680
4,058
789
1,082
396
1,028
512
512
better spot demand and increased buying by spot interests
401
1,747
1,346
3,737
1,937 19,617
3,558
5,612
3,102
1,671
and spinners. Liverpool prices have been advanced, partly,
450
450
110
546
4,646
2,194
1,254
542
it appears, from this side, and at the same time the spot sales
75
75
1,284
1,272
7,283
734
839
2,344
810
there have increased. The successful manipulation of the
1,606 12,345
1,668
N o r f o l k ____ __ .
2,690
4,354
2,027
1,436
market has attracted some outside buying, and intimidated
1,436
N e w p o r t N ., &c_
50
175
45
270
N ew Y o r k . ____
bears have covered freely and seem loath to engage in any­
17
B o s t o n _________
It
28
4,382
B a lt im o r e ----------4,382
thing like further aggressive operations for the moment on
P h ila d e lp h ia ____
—
—
—
—
—
. . . .
—
that side of the market. Many conservative members of the
T o t . th is w eek 3 6 ,355 18,424 38,139 28,896 24,145 24,830 170,789
Exchange still hold aloof from the market, regarding it as
The following shows the week’s total receipts, the total dangerously speculative. Although there are reports to
since Sept. 1 1909, and the stocks to-night, compared with the effect that the spot demand at the South has increased,
last year:_________________________________________________ Alabama advices state that considerable cotton is being held
in that State for which there is little or no demand. There
are many complaints from the cotton goods trade that busi­
1909.
1908.
Stock.
ness is being adversely affected by the high price of the raw
This Since Sep This Since Sep
December 31.
material. Meantime Fall River reports less activity in trade,
1 1909.
Week.
1 1908.
Week.
1909.
1908.
the certificated stock at New York is steadily increasing and
G a lv e s to n ............... 63,392 1,780,243 99,422 2,3 9 3 ,9 4 7
171,841
173,083
at times there has been very heavy liquidation by leading
11,926
80,453
P o r t A r t h u r _____
36,511
25,771
C orp . C h rlstl, & c.
1,237
2,481
35,927
speculators of the South, the West and Wall Street. Some
705 ,995 69,137 1,199,313
N ew O r l e a n s ____ 37,385
176,380
341,581
of the Wall Street houses which have been advocating pur­
7,981
9,052
9,052
723
chases are now suggesting caution. That such a price as is
4,058
169,343
8,440
244 ,830
51,651
M o b i l e ....................
70,801
512
90,492
6,963
91,686
now ruling is warranted by the facts of supply and demand
29,478
J a ck s o n v ille , & c.
1,747
812
22,416
is denied by some of the most experienced people in the busi­
116,950
147,821
S a v a n n a h ________
19,617 1,104,149 27,702 1,086,514
4 3 ,587
216,976
21,241
B r u n s w ic k .......... ..
189,609 10,492
450
ness. Regardless of this, speculation has increased, and on
19,985
147,898
33,3 1 6
2,132
C h a r le s t o n _______
4,646
186,846
the setbacks there has been enough buying by speculators,
1,293
104
G e o r g e t o w n ____
784
75
295,419
22,490
13,250
270,663
7 717
W ilm in g to n ____
7,283
large and small, to carry the price to new high records almost
40,7 2 5
28,430
384 ,193
368,694 14,894
12,345
N o r fo lk ---------------daily, it being persistently asserted that manipulation of late
__
_________
_________
2,731
10,519
1,436
N e w p o r t N ew s,& c
187,353
2,184
13,230
152,707
3,273
270
N ew Y o r k _______
has played less part in the advance than an increasing de­
7,912
1,071
9,357
6,005
4,715
28
B o s t o n ___________
mand for the actual staple. This demand, however, is re­
4,017
60,715
13,217
33,422
39,636
4,382
B a ltim o re ------------152
2,575
627
2,147
2,425
P h ila d e lp h ia ____
—
garded by most persons as exaggerated. Certainly many o f
the spinners still hold aloof, owing to the high cost of the
809 ,671 1 ,070,700
T o t a l ___________ 170,789 5,069,271 266,772 6 ,2 5 4 ,1 5 5
raw material and the disparity between such cost and the
In order that comparison may be made with other years, ruling quotations for manufactured goods. Also, Lancashire
spinners report trade light and complain of the poor existing
we give below the totals at leading ports for six seasons:
margin. Bull speculators, however, continue to predict
higher prices. To-day prices were irregular. January
1904.
1906.
1905.
1909.
1908.
1907.
Receipts at—
notices for about 20,000 bales were issued. Liverpool ad­
99,422
115,993
113,812
45,859
40,353
G a lv e s t o n ___
63.392
vices were disappointing and Bombay receipts were very
8,289
13,163
2,481
17,722
3,9 8 5
11,735
P t.A r th u r ,& c .
37,385
69,137
107,341
89,834
39,4 0 5
N ew O rlea n s.
71,651
heavy. Rhode Island mills are curtailing. The curtailment
4,058
8,440
7,105
8,671
2,887
5,4 17
M o b i l e _______
movement is widespread, both in this country and abroad.
19,617
27.702
21,514
Savannah —
33,184
41,783
27,280
450
10,492
B r u n s w ic k —
23,649
2,487
11,389
5,169
Spot cotton here has been dull. Middling upland closed at
C h a rle s to n ,& c
4,721
2,236
1,752
1,259
2,826
1,223
16.10c., an advance for the week of 35 points.
2,181
W i lm i n g t o n ..
7,283
7,717
5,842
5,546
2,138
14,894
17,316
12,345
17,564
7,928
9,464
N o r f o l k --------The rates on and off middling, as established Nov. 17 1909
3,768
297
526
1,436
368
N ’p o r t N ., &c
24,251
18,398
6,939
9,006
9,434
25,339
A ll'o t h e r s ------by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
262,772
3 40 ,240
311 ,945
146,367
170,789
200 ,167
T o ta l this w k .

__
9,242
__

_

235

5,532

6,948

S in ce S e p t. 1 . 5,069,271 6 ,2 5 4 ,1 5 5 5 ,102,306 6,0 6 9 ,9 8 8 5,200,840 6 ,0 4 0 ,4 2 8

The exports for the week ending this evening reach a total
of 166,170 bales, of which 40,350 were to Great Britain,
24,751 to France and 101,069 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1909:
Week ending Dec. 3 1
Exported to—
Exports
from —

Conti­
Great
Britain. F t’ nee nent.

G a l v e s t o n _____
P o r t A r t h u r ____
C o r p .C h r ls .,& c .
N e w O r le a n s ..

1 5 ,8 2 5 1 1 ,1 5 8
6 , 2 2 7 5 .0 9 E
1 ,8 5 0

P e n s a c o l a _____

..........

_____

1 2 ,3 9 5

C h a r l e s t o n _____

.........

Savannah

N o r f o l k ................
N ew p ort N ew s
N e w Y o r k _____
B a l t i m o r e _____
P h ila d e lp h ia . .
P o r tla n d , M o ..
S a n F r a n c is c o .
S e a t t l e ________
T a c o m a ________
P o r tla n d , O r e .
P e m b i n a .............
D e t r o i t ...................
T o t a l ................

3 ,3 8 2
49

6 ,4 3 2

6 5 ,1 2 1
65C
1 7 ,5 7 6

....
.... 6,101
....
512

1 ,4 6 2

..

512
1 8 ,4 9 6

364

5 ,2 0 8
49
400
622

____
—

1909.

5 8 1 ,3 8 3 1 .4 3 5 .8 1 9
8 0 .4 5 3
4 2 ,0 4 8
1 1 .8 2 6
1 1 ,8 2 6
5 2 8 ,5 2 4
1 4 3 ,0 1 0
1 7 ,9 1 4
7 5 ,1 7 0
9 2 ,1 6 0
2 1 .8 4 3
7 ,5 2 8
6 0 8 ,6 3 4
3 4 1 .0 7 6
7 1 ,2 8 7
1 4 5 ,8 9 0
9 2 ,2 7 4
1 0 4 ,0 9 4
1 3 6 ,1 1 3
2 4 4 ,0 7 8
105
4 ,9 0 5
_________
5 7 ,0 8 1
1 7 8 ,1 6 7
7 5 ,1 1 9
6 ,9 4 0
2 3 ,2 7 0
4 1 ,1 8 4
4 1 ,4 2 4
9 ,0 9 8

35

238

31

9 2 ,1 0 4
1 1 ,9 2 6
650
2 5 .8 5 8

9 ,1 5 0

922

1 1 9 0 9 to Dec.
Exported to—

Conti­
nent.

35

__ __

From Sept.

Great
Total. Britain. France

9 ,1 5 0

400

622

1909.

5 0 1 ,3 3 2 3 5 3 ,1 0 4
2 3 ,0 0 7
1 5 ,3 9 8
2 5 6 ,7 4 9 1 2 8 ,7 6 5
1 8 ,5 2 0 3 8 ,7 3 6
3 1 ,8 9 9 3 8 ,4 1 8
7 ,5 2 8
1 8 5 ,4 1 0 8 2 ,1 4 8
5 ,4 9 6
6 9 .1 0 7
1 1 ,8 2 0
9 2 ,2 6 5
1 5 ,7 0 0
4 ,8 0 0

__ __

8 4 ,5 9 2
6 S .1 7 9
1 4 ,4 4 4
3 2 ,3 2 6

922
238

.. ..

________
...................

3 6 ,4 9 1
3 ,4 7 0

__
__
_______
_______
_______
_______

..

Total.

___

___

—

1 0 ,8 0 0
1 3 ,9 6 9
1 ,0 3 8

1 0 ,8 0 0
1 3 ,9 6 9
1 ,1 3 8

600

600

................

................

200

T o t a l 1 9 0 8 . 1 . . 1 2 1 ,3 8 3 2 4 ,0 4 2 1 3 4 ,5 9 4 2 8 0 .0 1 9 1 ,9 4 4 ,2 0 2 6 2 8 ,7 4 4 2 ,0 7 7 ,8 3 0 4 ,6 5 0 ,7 7 6

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.

M id dlin g............. c . Rasls
Strict low. m id_____0.25 off
Low m iddling______0.60 off
Strict good ord _____ 1.05 off
Good ordinary--------1.75 off
Strict g’ d mid. tgd.0.3 5 on

Good mid. tinged.c. F.ven
Strict mid. tln g c d --0 .15 off
Middling tin g e d ...0 .2 5 oft
Strict low m id.ting.0.00 off
Low mid. tinged__ 1.50 off
Middling stain ed..0.75 off

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Dec. 25 to Dec. 31—
S at.
M id d lin g u p la n d s_______________
H.

M on.
H.

T u cs.
15.85

W e d . T h u r s.
15.05
10.15

Fri.
16.10

NEW Y O R K QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Dec. 31 for each of the past 32 years have been as follows:
1 9 0 9 .c . ____ 16.10
1 9 0 8 .. . ____ 9.35
1 9 0 7 - - . ____ 11.70
1 9 0 6 . . . ____ 10.65
1 9 0 5 . . . ____ 11.90
1 9 0 4 .. . ____ 6.95
1 9 0 3 .. . ____ 13.50
1 9 0 2 . . . ____ 8.90

1901 C . . .
190 0____
1899____
1898_____
1897..........
1896..........
1895..........
1894..........

. . 8.44
. .1 0 . 0 0
. . 7.69
. . 5.88
. . 5.94
. . 7.19
. . 8.38
. . 5.75

1 8 9 3 .C____ . 7.81
1892............. . 9.88
1891............. . 7.81
1890............. . 9.31
1 8 8 9 ............ .1 0 .2 5
1888............. . 9.75
1887............. .1 0 .5 6
1886_______ . 9.50

1 8 8 5 -C -_ . . 9.19
1884____ ___11.06
1883____ . . 1 0 . 4 4
1882____ . . 1 0 . 2 5
1881____ . .1 2 . 0 0
1880.......... . .1 1 . 9 4
1879.......... . .1 2 . 5 6
1878_____ . . 9.44

MARKET AND SALES AT NEW Y O R K .
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.

200

4 0 ,3 5 0 2 4 ,7 5 1 1 0 1 ,0 6 9 1 6 6 ,1 7 0 1 ,4 0 1 ,9 7 8 7 1 7 ,7 2 6 1 ,5 8 1 ,9 7 8 3 ,7 0 1 ,6 8 2




F a ir ........................c.1 .5 0 on
Strict mid. fair_____1.30 on
Middling fair_______ 1.10 on
Strict good m id___ 0.60 on
Good middling_____ 0.41 on
Strict middling_____ 0.22 on

Futures
Market
Closed.

Spot Market
Closed.
S a t u r d a y ..
M o n d a y ___
T u e sd a y . .
W edn esda y
T h u rsd a y .
F r id a y ____
T o ta l

Sales o[ Spot and Contract.
Con- Con­
Spot. sum'n. tract.

Total.

.......................IIOLI D A Y ________
......................HO LI D A Y ...............
Q u ie t, 10 p ts. a d v . .
Q u iet, 10 p ts. a d v . .
Q u iet, 20 p ts. a d v . .
Q u iet, 5 p ts. d e c . .

S t e a d y _______
S t r o n g ______
S te a d y _______
S t e a d y _______

::::
" 35
35

•

3",
—

566

3 ,9 0 0

3’,03 5
3 ,9 3 5

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

£,

QM ? QW'l S S r Q S ) ? QS)'f Q S ? G S ? QW3.QWS GW’i GW ? G » ‘i

OS>

59

THE CHRONICLE

Jan . 11910.]

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AT THE IN TERIOR TOWNS the movement— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year— is set out
in detail below.

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T o ta l G rea t B ritain s t o c k ---------.11,1
S to c k a t H a m b u r g ________________ .
4,000
S to c k a t B r e m e n _________________ . 274,000
S to c k a t H a v r e ____________________. 467 ,0 0 0
.
3.000
S to c k a t M arseilles--------------.
9,000
S to c k a t B a r c e l o n a ------------.
58,000
S to c k a t G e n o a .........................
.
1,000
S to c k a t T r i e s t e ____________
T o ta l C on tin en tal s t o c k s ..............

8 1 6 ,0 0 0

1906.
749 ,000

991 ,000
14,000
406 ,000
275 ,000
3 ,000
34,0 0 0
42,000
4,000

893,000
16,000
309 ,000
203 ,000
4,000

802 ,000

7 7 8 ,0 0 0

504 ,000

10,000

44,0 0 0

20,000

18,000
24,000

© to to M

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1907.
824,000
15,000
54,000

1908.
937 ,000

tUCOCO

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THE VISIBLE SUPPLY OF COTTON to-night, as
made up by cable and telegraph, is as follows. Foreign
stocks, as well as the afloat, arc this week’s returns, and
consequently all foreign figures are brought down to Thurs­
day evening. But to make the total the complete fig­
ures for to-night (Friday), we add the item of exports
from the United States, including in it the exports of Friday
only.
1909.
December 31—
5 4 ,0 0 0
:054,000
S to c k a t L iv e r p o o l_________ b a le s .1.1:0
.
6,000
S to c k a t L o n d o n ----------------.
70,000
S to c k a t M a n c h e s te r_______

63 «

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MB O

OVERLAND MOVEMENT FOR THE W E E K 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:
-----------1 9 0 9 ----------- ----------------- 1 9 0 8 V ia
V ia
V ia
V ia
V ia
V ia
V ia

Since

Since
Sept. 1.

W eek.

S t. L o u is .......................................... 7,891
C a ir o _____________
5,858
R o c k Is la n d .....................
785
L o u is v ille _____________________ 2,411
C in cin n a ti_____________________ 1,019
V irgin ia p o in t s ...............................10,273
o th e r r o u te s , & c________________ 5,137

213,238
110,558
8,7 6 0
4 0 .720
23.721
66,661
95,204

16,489
9,239
2,3 6 5
3,1 1 6
2,113
7,624
11,347

Sept. 1.
3 5 2 ,4 6 5
1 98 ,437
10,1 6 9
4 4 ,2 8 7
2 8 ,459
9 2 ,0 4 5
1 3 6 ,6 4 8

.3 4 ,2 7 4

558 ,862

52,293

8 2 6 ,5 1 0

. . 4 ,6 8 0
..
861
.. 2,642

48,251
15,104
2 1 ,2 2 7

7,424
2,986
1,223

8 5 ,449
27,379
1 7 ,486

December 31—
Shipped —

632 ,0 0 0

T o ta l E u rop ean s t o c k s _________ 1 ,9 4 6 ,0 0 0 1,7 6 9 ,0 0 0 1,4 8 7 ,0 0 0 1,4 3 4 ,0 0 0
75.000
78.000
139.000
In d ia c o t to n a lloa t fo r E u ro p e —
144,000
040 ,080
957,568
810 ,637
A m c r . c o t to n alloa t fo r E u r o p e . - 511,852
78.0 0 0
58.000
76,000
E g y p t ,B r a z il,& c .,a llt .fo r E u r o p e .
3 5,000
253 .000
249 .000
203.000
S to c k In A le x a n d r ia , E g y p t _____ 230 ,000
416 .000
445 .0 0 0
250.000
S to c k In B o m b a y , I n d ia _________ 504,000
S to c k In IJ. S . p o r t s _____________ 800,671 1 ,0 7 0 ,7 0 0 1,0 4 1 ,3 2 9 1 ,2 9 2 ,5 3 5
035,102
558 ,095
713,804
S to c k In U . S . Interior t o w n s ____ 790,068
41,9 7 0
21,064
55,601
U . S . e x p o r ts t o -d a y ______________
2 9 ,118

8 as-

Deduct shipments —
O ve rla n d t o N . Y . , B osl
B e tw e e n In terior to w n s .

Week

. . 8,183
8,183
T o ta l to b e d e d u c t e d ___________

84,5 8 2

11,633

130,314

L e a v in g to ta l n e t o v e r la n d * _______ 26,091

4 7 4 ,2 8 0

4 0 ,6 6 0

7 32 ,196

* In clu d in g m o v e m e n t b y rail to C an ada.

The
T o ta l Visible s u p p ly ..............................................5 ,0 1 7 ,7 0 0 5,4 5 0 ,3 4 0 4 ,8 7 3 ,4 6 8 5,2 2 4 ,5
7 7 foregoing shows the week’s net overland movement
O f the a b o v e , totals o f A m e rica n an d o th e r d e s crip tio n s are as fo llo w s :
has been 26,091 bales, against 40,660 bales for the week
Am erican —
last year, and that for the season to date the aggregate net
657 ,0 0 0
711 ,000
831 ,000
L iv e r p o o l s t o c k ---------------------bales. . 952,000
43,000
38,000
62,000
3 5 ,000
M an ch ester s t o c k ---------------------------.
overland exhibits a decrease from a year ago of 257,916 bales.
515,000
591 ,000
731 ,000
C on tin en tal s t o c k ---------------------------. 784 ,000
-1 9 0 9 -1908940 ,080
819 ,6 3 7
. 511,852 511,852
957 ,568
A m erica n a llo a t for E u ro p e -------------------------Since
In Sight and Spinners'
Since
809,671 1,070,700 1,041,329 1,2 9 2 ,5 3 5
U . S . p o r t s t o c k s --------------------------. 800,671
W eek.
Sept. 1.
Takings.
W eek.
Sept. 1.
935,102
558 ,095
713 ,804
U . S. Interior s t o c k s _____________. 799,068
709,068
266
,7
7
2
6
,2
5
4
,1 5 5
R
e
ce
ip
ts
a
t
p
o
rts
to
D
e
c.
3
1
________
170,789
5,069,271
.
29,118
41,979
21,964
55,601
U . S . e x p o r ts t o -d a y -------------------4 0 ,6 6 0
732 ,1 9 6
N et o v e r la n d to D e c. 3 1 ____________ 26,091
474 ,280
50,000
796 ,0 0 0
S o u th e rn c o n s u m p tio n t o D e c. 3 1 . . 52,000
910 ,000
,91177,7
,70009 ■4,602,349 3 ,8 3 0 ,4 6 8 4 ,1 6 7 ,5 7 7
T o ta l A m erica n — ............... — .3
3 ,9
East Indian, Brazil, & c .—
„„„„„„
3 57 ,432 7 ,7 8 2 ,3 5 1
.2 4 8 ,8 8 0 6,453,551
106 ,000
113,000
92.000
Liverpool stock_________________. 102,000
102,000
.
8,781
715 ,905
20,449
8 2 0 ,1 7 7
10,000
15,000
.
6,000
6,000
L o n d o n s t o c k _______________
9,000
11,000
.
8,000
9,000
M an ch ester s t o c k ____________
___ _
.2 5 7 ,6 6 1
377,881
79,000
47,000
41,0 0 0
C on tin en ta l s t o c k _________________ .
32,000
7 ,1 6 9 ,4 5 6
8 ,6 0 2 ,5 2 8
78,000
75,000
139,000
In d ia a lloa t fo r E u ro p e ___________. 144,000
78,000
58,000
.
3 5 ,000
76,000
E g y p t , B razil, & c., a l l o a t . .
N o rth , sp in n ers’ takings to D e c . 3 1. 66,7 4 5 1 ,2 0 0 ,8 5 2
6 2 ,2 0 2 1 ,4 2 3 ,0 8 8
253,000
293 ,000
249 ,000
. 239,000
S to c k In A le x a n d r ia , E g y p t
4 16 ,000
259,000
4 4 5 ,0 0 0
S to c k In B o m b a y , I n d ia _________ . 504,000
Movement into sight in previous years:
857 ,000 1,0 4 3 ,0 0 0 1 ,0 5 7 ,0 0 0
T o ta l E a st In d ia , & c ......................1
1.0
.0 7 0 ,0
.0 0 0
.3,94
T o ta l A m e r i c a n ............... ..............3,9
4 77,7
,7 009
9 4 ,6 0 2 ,3 4 9 3 ,8 3 0 ,4 6 8 4 ,1 6 7 ,5 7 7
T o ta l Visible s u p p ly ------------------- 5 ,0 1 7 ,7 0 9 5,4 5 9 ,3 4 0 4 ,8 7 3 ,4 6 8 5 ,2 2 4 ,5 7 7
M id d lin g U p la n d , L iv e r p o o l...........
8 .5 0 d .
4 .0 9 d .
6 .1 3 d .
5 .8 7 d .
M id d lin g U p la n d , N ew Y o r k ------1 6 .1 0 c.
0 .3 5 c .
1 1 .4 0 c .
1 0 .7 5 c.
E g y p t , G ood B row n , L i v e r p o o l ..
1 4 }$ d . 8 13-1 0 d .
1 0 J jd . 10 1 1 - 16d.
P e r u v ia n , R o u g h G o o d , L iv e r p o o l
9 .5 0 d . 7 7 5 d .
11.5 0 d .
9 .2 0 d .
B r o a c h , F in e, L iv e r p o o l..................7 1 1 - i o d . 4 l l - 1 6 d . 5 l l - 1 6 d . 5 l l - 1 0 d .
T ln n c v c lly , G o o d , L iv e r p o o l------7>*d. 4 ll-1 6 d .
5J^d.
5 7-16(1.

& Continental imports for the past week have been 149,000
bales.fcy.i
p The above figures for 1909 show an increase over last week
of 75,109 bales, a loss of 441,640 bales from 1908, an
increase of 144,241 bales over 1907, and a decrease of
206,868 bales from 1906.




Since Sept 1—
Bales.
Week —
Bales.
1908— Ian . 3 ................- ..............424 ,610 1907-08— Jan . 3 ....................... 6 ,7 7 2 ,7 6 8
1907— Ja n . 4 .................................431 ,9 2 5 1906-07— Ja n . 4 . . ................8 ,1 7 2 ,5 5 7
7 ,0 9 7 ,2 9 6
1906— Ja n . 5 .................................201 ,746 1905-06— Jan . 5 ..............
1905— Jail. 6 ............................
266,2071904-05— Ja n . 6 ...................... 8 ,0 8 6 ,1 0 7

W EATHER REPORTS BY TELEGRAPH.— Advices to
us by telegraph this evening from the South indicate that
while rainfall has been light as a rule during the week, the
temperature has been lower the latter portion.
Galveston, Texas.— Rain has fallen on one day of the week
the precipitation being inappreciable. The thermometer
has averaged 42, ranging from 28 to 56. December rain
fall, 1.63 inches.

60

THE CHRONICLE

Abilene, Texas.— Dry all the week. The thermometer
has ranged from 26 to 58, averaging 42. December rain­
fall, forty-seven hundredths of an inch.
Corpus Christi, Texas.— We have had a trace of rain on
one day of the past week. Average thermometer 46, high­
est 60, lowest 32. Month's rainfall, twenty-four hun­
dredths of an inch.
Fort Worth, Texas.— It has rained on one day during the
week, to the extent of four hundredths of an inch. The
thermometer has averaged 42, the highest being 56 and the
lowest 28. December rainfall, 2.32 inches.
Palestine, Texas.— It has rained on one day during the
week, the rainfall being fifty hundredths of an inch. The
thermometer has averaged 42, ranging from 26 to 58.
December rainfall, 1.26 inches.
San Antonio, Texas.— There has been rain on one day
during the week to the extent of four hundredths of an inch.
The thermometer has ranged from 32 to 70, averaging 51.
December rainfall sixty-eight hundredths of an inch.
Taylor, Texas.— We have had rain on one day of the past
week, the precipitation being twelve hundredths of an inch.
Average thermometer 44, highest 60, lowest 28. December
rainfall, fifty-two hundredths of an inch.
New Orleans, Louisiana.— We have had rain on one day
of the week, the precipitation reaching three hundredths of
an inch. The thermometer has averaged 43.
Shreveport, Louisiana.— We have had rain on one day of
the past week, the rainfall being ninety hundredths of an
inch. The thermometer has averaged 40, ranging from
25 to 56.
Vicksburg, Mississippi.— There has been rain on one day
of the week, to the extent of one inch and seventeen hun­
dredths. The thermometer has ranged from 21 to 56,
averaging 39.
Helena, Arkansas.— There has been rain on one day during
the week, the precipitation reaching one inch and fifty
hundredths. Average thermometer 32.6, highest 45, lowest
16. December rainfall, 7.22 inches; year, 47.22 inches.
Memphis, Tennessee.— The week’s •rainfall has been
seventy-four hundredths of an inch on two days. The ther­
mometer has averaged 31.7, ranging from 16.6 to 49.8.
Mobile, Alabama.— Coldest weather of the season latter
part of week. There has been rain on two days of the week,
the rainfall reaching sixty-two hundredths of an inch.
Average thermometer 44, highest 64, lowest 2 2 .
Montgomery, Alabama.— There has been rain on two days
of the week, the precipitation reaching eighty-five hundredths
of an inch. The thermometer has averaged 38, the highest
being 55 and the lowest 18.
Selma, Alabama.— Rain has fallen on two days of the week
to the extent of seventy-seven hundredths of an inch. Aver­
age thermometer 33, highest 51, lowest 15.
Madison, Florida.— There has been rain on one day of the
past week, the rainfall being one .inch and fifty hundredths.
The thermometer has ranged from 21 to 69, averaging 44.
Savannah, Georgia.— We have had rain on three days of
the week, the precipitation reaching forty hundredths of
an inch. The thermometer has averaged 40, the highest
being 58 and the lowest 17.
Charlotte, North Carolina.— We have had rain on two days
during the week, the precipitation reaching fifty-two hun­
dredths of an inch. The thermometer has ranged from 12
to 47, averaging 31.
Charleston, South Carolina.— We have had rain on two days
during the week, the rainfall being forty-one hundredths of
an inch. Average thermometer 38, highest 58, lowest 18.
INDIA COTTON MOVEMENT FROM ALL PORTS.
December 30.

1909.

Receipts at—

1 Since
Week. | Sept. 1.

Bom bay

Exports
from —

114,000]

962,000

Week.
81,000

For the Week.

1907.

Since
Sept. 1.

Since
Sept. 1.

Week.

452,000

95,000

543,000

Since September 1.

Great Conti- Japan
Britain, nent. &Chlna Total.

Bom bay—
1909___
2.000 14.000 21,000 37.000
1 9 0 8 ..
..
2,000
8,000 16,000 26.000
1907___
1,000 12.000 20,000 33,000
Calcutta—
1 9 0 9 ..
..
1,000
1,000
. 1908____
2,000 2,000
1 9 0 7 ..
..
Madras—
1 9 0 9 ..
..
1 9 0 8 ..
..
' R1907___
All others—
1 9 0 9 ..
..
2,000
2,000
4.000
1 9 0 8 ..
..
3.000
3.000
1907___
6.000
6.000
Total a l l 1 9 0 9 -...
1 9 0 8 ..
1 9 0 7 ..

1908.

4.000 17.000 21,000 42.000
..
2.000
11.000 18,000 31.000
..
1,000
18,000 20,000 39.000

Great
Britain

Continent.

Japan
& China.

Total.

13.000
4.000
6.000

167.000
133.000
156.000

207.000
125.000
98,000

387.000
262.000
259,000

2,000
4.000

10,000
11,000

14,000

1.000

8,000

29.000
9.000

4.000
3.000

8.000

4.000
7.000
16,000

16.000
5.000
7.000

37.000
60.000
55,000

8.000

54.000
70.000
70.000

35.000
16.000
21,000

218,000
211,000
235,000

209.000
146.000
106.000

462.000
373.000
362.000

12,000

1,000

9.000

12.000

2,000

24.000

1,000
5.000

A LE XA N D RIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
December 29.

1909.

1908.

1907.

105 ,000
4 ,0 6 4 ,9 2 0

2 90 ,000
4 ,1 9 3 ,9 2 0

280 ,000
4 ,5 8 8 ,5 8 2

Receipts (ca n ta r s )—
T h is w e e k _____________
Sin ce S e p t. 1 ___________




[VOL. XC.

Export (b a le s )—
To
To
To
To

L iv e r p o o l______________
M a n c h e s t e r ___________
C o n tin e n t - A m e rica _

This
Since
Week. Sept. 1.

This
Since
Week. Sept. 1.

2,000 8 4 ,469
7 1 ,310
4 ,5 0 0 141,069
800 37,682

6,5 0 0
5,700
6,250!
2,250

This
Since
Week. Sept. 1.

86,561
79,186
115,688
25,383

T o ta l e x p o r t s --------------- 1 7,3 0 0 3 34 ,530 20,750 3 06 ,818
1

5,500 129 ,270 '
108 ,520 '
143,651
2,250 3 0 ,047

6', 500

14,250 411,488

W ORLD’S SUPPLY AND TAKINGS OF COTTON.
C o tto n T a k in g s .
W e e k a n d S eason .

1909.

Week.

V isib le s u p p ly D e c . 2 4 _________ 4 ,9 4 2 ,6 0 0
V is ib le s u p p ly S e p t. 1 _______ . . .
A m e r ic a n In s ig h t to D e c. 3 1 ___
257,661
B o m b a y r e ce ip ts t o D e c. 3 0 ____
114,000
O th er In d ia s h lp ’ ts to D e c . 3 0 . .
5.000
A le x a n d r la r e ce ip ts to D e c . 2 9 . .
14,000
O th er s u p p ly t o D e c. 29 * ...........
8.000

1908.

Season.

Season.

Week.
5,277,356

1 ,9 3 1 ,0 2 2
7 ,1 6 9 ,4 5 6
962 .000
7 5 ,000
542.000
115.000

1 ,7 1 4 ,9 8 2
8,60 2 ,5 2 8
452 .000

377,881
81,000
5.000
38,000
5.000

111.000

559 .000
126.000

T o ta l s u p p ly ___________________ 5,341,261 10,794,478 5 ,7 8 4 ,2 3 7 11,56 5 ,5 1 0

Deduct—•
V isib le s u p p ly D e c . 3 1 .................. 5,017,709

5,01 7 ,7 0 9 5,45 9 ,3 4 9

5,459,349-

T o ta l takin gs t o D e c . 3 1 _______
O f w h ich A m e r ic a n ....................
O f w h ich o t h e r ________________

5 .7 7 6 .7 6 9
4 .6 7 5 .7 6 9
1 , 101,000

3 24 .888
255 .888
6 9,000

6 ,106,161
4,97 7 ,1 6 1
1,129,000-

3 23 .552
223 .552

100,000

* E m b ra ce s r e ce ip ts In E u ro p e fro m B ra zil, S m y r n a , W e s t In d ie s , & c.

NEW ORLEANS OPTION M ARKET.— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sat'day,
Dec. 25.

Monday, Tuesday, Wed’day, Thursd'y, Friday,
Dec. 27. Dec. 28. Dec. 29. Dec. 30. Dec. 31.

December —
R a n g e .............
C losin g_______

— @ — — @ — — @
15.77 * 15.86 * 15.97

January —

R a n g e _____
C losin g_______
February —
R a n g e _______
C l o s i n g . . ___
Alarch —
R a n g e _______
C losin g...........xi. p n y— ■
Hnnffp
XVUllgv - - - - - ­
C losin g.............
M ay—
R a n g e _______
C losin g.............
J line—r
R a n g e _______
C losin g.......... ..
July —
R a n g e .......... ..
C losin g_______
September—
R a nge _______
C losin g _______
October—
R a n g e .............
C losin g ----------Tone —
S p o t ________
O p t io n s ______

— —
*

® —

15.7 0 -.8 0 15.6 7 -.8 7 15.8 6 -.0 2 15.9 0 -.0 3
15.7 7 -.7 8 15.8 6 -.8 7 15.98-.0 0 1 5 .9 9 -.0 0
— @ — — @ — — @ — — @ —
1 6.01-.0 2 16.11-.1 3 1 6.27-.2 8 16.2 0 -.2 2
16.12-.2 4 16.14-.3 4 16.3 3 -.5 2 1 6 .3 5 -.4 T
16.21-.22 1 6.31-.3 2 16.4 7 -.4 8 16.40-.41
__ @ __ __ @ __ __ @ __ 16 50- 581 6 .2 3 -2 9 1 6 .3 3 -.3 5 16.4 9 -.5 2 16!54-]56.
H O L I­
DAY.

H O L I­
DAY.

16.50-.6 3 16.33-.7 3 16.73-.9 1 1 6 .7 6 -.8 5
16.5 9 -.6 0 10.70-.71 16.87-.8 8 1 6 .7 9 -.8 0 '
— @ — — @ ■
— — @ — — @ —
16.1 6 -.6 3 16.72-.7 4 16.8 9 -.9 2 16.8 7 -.9 2
16.70-.8 3 16.72-.9 2 1 6 .9 1 - .i l 16.97-.05.
16.78-.7 9 16.91-.9 2 1 7 .0 7 -.0 8 1 6 .9 8 -.9 0
14.4 9 -.6 0 14.50-.7 0 14.7 2 -.8 5 14.65-.701 4 .5 3 -.5 5 14.6 9 -.7 0 1 4 .7 8 -.8 0 14.7 2 -.7 5
13.7 5 -.8 5 13.78-.9 3 1 3 .8 9 -.0 4 13.8 8 -.9 7
13.8 3 -.8 5 13.92-.9 3 13.9 9 -.0 0 13.90-.91
S te a d y .
S te a d y .

F irm .
S te a d y .

S te a d y .
S te a d y .

F irm .
F irm .

N om in a l.

MANCHESTER M ARKET.— Our report received by
cable to-night from Manchester states that the market
continues quiet for both yarns and shirtings. The de­
mand 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:
1909.
32 s Cop

Twist.

d.
Nov
19 10%
26 10%
Dec.
3 10*<

10

17
24
31

10%
10%
10%
10%

d. s. d.
@
@
@
@
@
@
@

1908.

8 H lbs. Shirt­ Coin.
ings. common Mid.
Upl’s
to finest.

11H
11
11

11%
11%
11%
11%

5
5
5
5
5
5
5

6

5

s. d.
@ 9 11
@ 9 10

5% @ 9 11

6 @10
6 @10
6 @10
6H ®10

0
0
0
1

d.

Twist.

d.

7.72 8
7.62 7%
7.72
7.94
8.03
8.26
8.50

8% lbs. Shirt­ Cot.n.
ings, common Mid.
Upl’s
to finest.

3 2s Cop

d. s. d.

©
@

7%
®
7 9-16 @
@
@

7%
7%
7%

@8

8. d.

8% 4 10% @8
8% 4 10 @8
8% 4
8% 4

8H

4
8% 4
3-16 4

9 @8
@8
6 @8
6 @8

7%

0% @ 8

fd.

6

5.07
5.08

4%
4%

4.97
4.86
4.82
4.92
4.99

5

3

3%
4%

S H I P P I N G N E W S .— A s s h o w n o n a p r e v io u s p a g e , th e
e x p o r t s o f c o t t o n fr o m th e U n ite d S ta te s th e p a s t w e e k h a v e
r e a c h e d 1 6 6 ,1 7 0 b a le s .
T h e s h ip m e n t s in d e t a il, a s m a d e
u p fr o m m a il a n d t e le g r a p h ic r e tu r n s , a r e a s fo llo w s :

Total bales.
N E W Y O R K — T o L iv e r p o o l— D e c. 24— C y m ric, 2 4 0 _______ _______
240
T o M an ch ester— D e c . 29— T h e sp is, 1,098 u p la n d , 50 Sea Isla n d
4,148
T o L o n d o n — D e c. 24— M in neapolis, 1 ,9 9 4 ________________ ______
1,994
T o H avre— D e c. 24— F lo rid e , 60 Sea Isla n d , 8 fo re ig n ; B r e c o n ­
shire, 543 u p la n d , 451 S ea Is la n d ________________ ______________
1,062
T o D u n k irk — D e c . 24— B recon sh ire, 4 0 0 ------------------ ----------------400
T o B rem en — D e c. 29— P rlnzess Ire n e , 1 4 ------------------------------------14
T o G enoa— D e c . 27— V irg in ia , 1 5 0 ______________________________
150
T o N aples— D e c. 24— C a labria, 1 0 0 -------------------------------- ................
100
T o T rieste— D e c. 28— M artha W a s h in g to n , 1 0 0 ------------------------100
G A L V E S T O N — T o L iv e r p o o l— D ec 23— K In gston lan , 1 5 ,8 2 5 ____ 1 5 ,825
T o H a v re — D e c. 28— C a rlfornian, 1 1 ,1 5 8 ------------------------------------ 11,158
T o B rem en — D e c. 23— In k u m , 13,880; K o ln , 8 ,5 4 6 ___ D e c . 27
— P a rk lan ds, 9 , 4 5 3 - - - D e c . 30— C raster H all, 1 9 ,9 7 1 _______ 5 1 ,8 5 0
T o H a m b u rg — D e c . 28— B a va ria , 1 ,7 8 6 --------------------------------------1,786
T o A n tw e r p — D e c . 28— B a v a ria , 1 ,0 6 6 __________________________
1,066
T o B a rce lo n a — D e c . 28— SIcanIa, 2 ,9 7 0 .......... .................................
2,9 7 0
T o G en oa— D e c. 28— SIcanIa, 6 ,7 4 9 _____ ___________ ___________
6 ,7 4 9
T o N aples— D e c. 28— SIcanIa, 7 0 0 _____________ _______ __________
700
P O R T A R T H U R — T o L iv e r p o o l— D e c. 24— M ed ian , 6 ,2 2 7 ...............
6,2 2 7
T o H a vre — D e c. 24— V a l S allee' 5 ,6 9 9 __________________________
5,699
T E X A S C I T Y — T o M e x ico — D e c. 31— C ity o f M e x ico . 6 5 0 _________
650
N E W O R L E A N S — T o L iv e rp o o l— D e c. 29 — A le x a n d ria n , 1 ,8 5 0 . .
1,850
T o H avre— D e c . 24— H o n d u ra s, 6 ,4 3 2 __________________________
6,432
T o B rem en — D e c . 28— O cean P r in ce , 1 1 ,7 2 5 .................................. 11,725
T o H a m b u rg — D e c . 29— H o e rd e , 2 ,0 4 9 ---- --------------- -----------------2,049
T o R o t t e r d a m — D e c 28— H a m ilto n , 2 0 2 ___ D e c . 30— E liza­
b e th v o n B elglen , 1 0 0 ........................... ____________________________
302
T o A n tw e r p — D e c. 31— E v e sh a m , 1 0 0 .................................................
100
T o G enoa— D e c. 30— Cerea, 3 ,4 0 0 ................. ......................................
3,4 0 0
P E N S A C O L A — T o G enoa— D e c. 31— M o n v lso , 5 1 2 . . _____ _______
512

Total bales.
S A V A N N A H — T o L iv e r p o o l— D e c . 24— D ir e c to r, 8 ,1 6 4 ; B o llv la n la, 2 ,5 0 7 -----------------------------------------------------------------------------------T o M an chester— D e c. 24— P o m a r o n , 1 ,6 6 4 ---------------------------- - T o R e v a l— D e c . 28— W est P o in t, 1 ,7 0 0 .- - D e c . 30 — S an ta F e,
200
____ _________________________ _________i ,yuu
T o B rem en — D e c ’ "20 — S an ta ~Fc,~ V .8 5 8 - -----------------------------------T o H a m b u rg — D ec. 30— S an ta F e, 2 ,3 4 3 ---------------------- -----------C H A R L E S T O N — T o B rem en — D e c. 24— C llv eg rov e, 9 , 1 5 0 . - - . . .
N O R F O L K — T o H a m b u rg — D e c. 23— B a rcelon a , 3 5 ---------------------B O S T O N — T o L iv e r p o o l— D e c. 28— V ic to r ia n . 4 9 ---------------------------B A L T I M O R E — T o B rem en — Dec. 24— B reslau, 4 0 0 ---------------------P H I L A D E L P H I A — T o M a n ch e ste i— D e c . 22— M an chester C o m ­
m erce. 022 _______________________________________________________
S A N F R A N C I S C O — T o J a p a n — D e c. 28— T e n y o M aru, 9 2 2 ---------T A C O M A — T o J a p a n — D e c. 28— B e lle re p h o n , 2 3 8 -------- ----------------T o ta l

1.664
\ .858
2,343
» .1 » 0
•]•>
4U
4UU
"2 2

0-2

LIVERPOOL.— By cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, &c., at that port:
Dec. 10.
Sales o f th e w e e k _____________
58,000
O f w h ich sp ecu la tors t o o k . .
6,0 0 0
O f w h ich ex p o r te r s t o o k . . .
3 ,0 0 0
S ales, A m e r ic a n _______________
4 8 ,0 0 0
A c tu a l e x p o r t _________________
7,000
F orw a rd ed
6 1 ,000
T o ta l s to c k — E s tim a te d _____ 1 ,0 0 0 ,0 0 0
O f w h ich A m e r ic a n — E s t - - 9 10 ,000
T o ta l Im ports o f th e w e e k ____
120 ,000
O f w h ich A m e r ic a n ------------- 104 ,000
A m o u n t a llo a t _________________
2 55 ,000
O f w h ich A m e r ic a n ..............
187,000

D ec, 17.
4 2 ,000
3,0 0 0
1,000
3 2 .0 0 0
10.000
0 0,000
1 ,0 4 8 ,0 0 0
947 ,000
118 ,000
82,000
192 ,000
139 .000

Dec. 24.
22,000
800
, - 800
16,000
1 ? ,0 0 0
41,000
1.01 4 ,0 0 0
928 ,000
1 ®*992
11.000
226,000
165 ,000

Dec. 31.
3 4 .000
600
1,900
2 4 .000

11.000
49.000
1 ,0 54,000
952 .000

100.000

57.000
209.000
184 .000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:

Market,
12:15
P . M.

Russia is also said to be very good. The stock at Minneap­
olis is steadily increasing, and there at least the receipts are
not only liberal but are expected to increase in the near fu­
ture, whatever may happen elsewhere. The December op­
tion has now expired, and thus a fruitful source of perplexity
is removed, to the satisfaction of pretty much everybody.
To-day prices were irregular but in the main firm, though
Chicago closed weak. Private Argentina advices were very
bullish, but an official crop estimate made the yield about
the same as last year. Receipts were liberal and the cash
demand light.
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN

............................................................................... ....................... ................ 166.170

Saturday.

Spot.

Monday

1
)
J

Wednesday. Thursday.

Tuesday.
Moderate
demand.

Fair
business
doing.

Moderate
demand.

Friday.
Dull.

Mid. Upl’ds

8.42

8.40

8.49

8.50

S a le s _____
Spec.&exp

7,000
500

14,000
500

10,000
1,000

10.000
500

Steady at
6 @ 1 0 pts.
advance.

Steady at
3 )4 @ 6 )4
pts. adv.

H O L I­
DAY.

H O L I­
DAY.

Market
opened

1
J

Strong and Steady at
lrreg.at 9 ® 2 @ 3 pts.
15 pts. adv. advance.

Market,
4
P . M.

1
1
J

Quiet at Steady, )4 Steady at Sty.,u n ch .
to 4)4 pts.
9 )4 @ ll
3 )4 @ 1 2 )4 pt. dec. to
advance.
pts. adv. 4 pts. adv. pts. adv.

Futures.

The prices of futures at Liverpool for each day are given
below.
Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100 ths.
Sat.
D e c. 25
to
D e c. 31.

H O L I­
DAY.

d.

1 2 )4
p .m .

d.

H O L I­
DAY.

8
8
8
8
8
8
8
8
8
7
7
7
7

d.
22
22
22
25
27
2 7 )4
28 )4
28
2 6 )4
9 7 )4
4 6 )4
2 0 )4
10

Thus, 8 22 means 8 2 2 -1 0 0 d .
W ed.

T u e s.

M on .

4
12 ^ » 1 2 H 1 2 ^
p .m .Ip .m . p .m . p .m .

d. 1 d.
D e ce m b e r
D e c.-J a n ..
J a n .-F e b ..
F e b .-M c h .
M c h .-A p r.
A p r.-M a y .
M ay-Ju n e
J u n e-J u ly
J u ly -A u g A u g .-S c p S e p .-O c t .
O c t .-N o v N o v .-D e c .

61

THE CHRONICLE

JAN. 1 1910.]

Fri.

T h u rs.

4 12“H
4
4
12^
4
12 K
p .m . p .m . p .m . p .m . p .m . p .m . p .m .

d.
19
19
19 )4
22
2 4 )4
25
26
25 )4
24
9 6 )4
45
2 0 )4
10 )4

d.

d.

19 )4 18)4
19)4 18)4
20 )4 19)4
23
22 )4
26
24 )4
20
27
2 7 )4 27
2 7 )4 2 6 )4
26
25
9 7 )4 98
49
46
2 0 )4 23
10)4| 12)4

d.

d.

d.

d.

2 8 )4
28)4
29)4
3 2 )4
36
37
3 8 )4
38
3 6 )4
10
59
32
22

28 )4
28
29
32
3 4 )4
36
37
37
3 5 )4
08
58 )4
34
23

3 0 )4
30
30
33
3 0 )4
3 7 )4
39
39
38
11 )4
01
36
24 )4

29
29
32
35
37
39
39
3 7 )4
11 )4
63
3 7 )4
26

Sat.

M on . Tues.

N o . 2 red w in te r, f . o . b . _ ............- H O L I - 1 2 7 ^
D e ce m b e r d e liv e ry In e le v a t o r -------D A Y . 125
M a y d e liv e ry In e le v a t o r ___________
1185-6
J u ly d e liv e ry In e le v a t o r ---------------10954

NEW YORK.

Wed. Thurs. F ri.

126H
125
118
109H

120 H 127
1 2 7 )*
1 2 5 M 128
128
1 1 8 )4 1 1 9 )4 119J4
1 0 9 )4 110
110

CHICAGO.

D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S I N

Sat.

M on .

Tues.

Wed. Thurs. F ri.

D e ce m b e r d e liv e r y In e le v a t o r ____ H O L I - 1 1 8 )4 118
1 1 7 )4 1 1 8 )4 112
M a y d e liv e ry In e le v a t o r ___________D A Y . 1 1 1 )4 1 1 0 )4 11154 112)4 H I H
J u ly d e liv e ry In e le v a t o r ___________
1 0 1 )4 1 0 1 )4
1 0 1 )4 102
101 H

Indian com futures in the local market have been entirely
nominal. At the West the speculation has been active.
Prices have been very irregular, owing to the operations of
large interests on opposing sides of the market. James A .
Patten has sold heavily. He is said to be largely short,
and other prominent interests are arrayed on the same side
of the market. On the other hand, strong bull interests,,
ling some elevator concerns and large commission
is, have given powerful support. The news from day
j
y has had little weight. Public speculation, however,
active, with sentiment among outsiders in the main
J een
h. To-day prices declined with wheat and on liquida
Sat.

M on .

Tues.

e r y In e le v a t o r ____ D A Y .
e le v a t o r ........ ...........

7 0 )4
7 5 )4

7 0 )4
7 0 )4
75 H

(

\

D A I L Y C L O S IN G P R I C E S O F C O R N

Sat.

Wed. Thurs. F ri.
7 0 )4
7 0 )4
7 5 )4

Tues.

ecem ber d e liv e ry In e le v a t o r ---------H O L I- 63
a y d e liv e ry In e le v a t o r --------------------D A Y . 67
d y d e liv e ry In e le v a t o r _____
6 6 )4

71
7 0 )4
7 5 )4

CHICAGO.

F U T U R E S IN

M on .

71
7 0 )4
7 5 )4

Wed. Thurs.

62 54 62 56
6 6 )4 66 54
6 6 )4 6 6 )4

62
6 6 )4
6 6 )4

F r i.
6154
6 6 )4
6654

Oats for delivery in the Western market have been quiet.
Prices have been irregular, reflecting in some measure the
erratic corn market. But during much of the time the un­
dertone of the market has been rather firm. There has been
a good shipping demand at Western points at strong prices.
Elevator interests have sold at times, but on the other hand
commission houses have bought. The receipts have shown
some increase of late. To-day the market was dull at a
small decline, due to the depression in wheat and scattered
liquidation.

—

D A I L Y C L O S IN G P R I C E S O F O A T S I N

Sat.
N a tu ra l w h ite H O L IW h it e clip p e d D A Y .

NEW YORK.

M on .

Tues.

W ed.

Thurs.

48-51
49-53

48-51
49-53

48-51
49-53

48-51
49-5 3

D A I L Y C L O S IN G P R I C E S O F O A T S F U T U R E S IN

Sat.

M on .

D e ce m b e r d e liv e ry In e le v a t o r ------ H O L IM a y d e liv e ry In e le v a t o r ___________ D A Y .
J u ly d e liv e ry In e le v a t o r ___________

F ri.
48-51
49-53

CHICAGO.

Tues. Wed. Thurs.

4 4 )4
4554
4 3 )4

4 4 )4 44
4 5 )4 4554
4 3 )4 4 3 )4

F ri.

44 )4 4354
4554 4 5 )4
43 54 4 3 )4

The following are closing quotations:
FLOUR.

B R E A D STU F FS.
Friday, Dec. 31 1909.
Prices for wheat flour have shown little change during the
week. Some spring grades have advanced, owing to the rise
in wheat. On the other hand, certain winter brands have
been inclined to weaken at times. But whatever changes
have occurred have been of a merely nominal character as a
rule, as trade has continued on a very small scale. Local
dealers are well supplied. The mills at the Northwest have
done a fair business. Rye flour and corn meal have been
quiet and steady.
Wheat has advanced, mainly owing to unfavorable crop
reports from Argentina. Further heavy rains have occurred
in the southern part of that country,where harvesting is in
progress, and arrivals of new wheat at Buenos Ayres are
said to be small, though free receipts are predicted there by
Jan. 20. The exportable surplus of Argentine next year is
estimated at only 72,000,000 to 80,000,000 bushels, against
96,000,000 for this year. These low estimates have had a
good deal of influence, especially as they coincided with a
sharp advance in prices in Buenos Ayres. European mar­
kets have also advanced. Cash markets in this country
have been strong, owing partly to the fact that the switch­
men’s strike is still going on. Also considerable holding for
higher prices is reported among the farmers of the central
portion of the belt. Some are predicting a falling off in the
receipts ere long for this and other reasons. The idea is that
there is plenty of wheat in this country, but that farmers
have marketed enough to be in an independent position and,
infected by the hopes of bullish speculators, are loath to
sell at current prices. On the other hand, export trade
continues dull, advices in regard to the winter-wheat crop in
this country are favorable, and the outlook for the crop in




K ansas s tra ig h ts, s a c k .5 5
K ansas clea rs, s a c k s ___ 4
C ity p a te n ts --------------------- 6
R y e f lo u r . .............................. 3
G raham flo u r ____________ 4
C orn m eal, k iln d r i e d - . 3

W in t e r , lo w g r a d e s -------54 40(j
W in t e r p a te n ts _________ 5 85<j
W in te r str a ig h ts________ 5 35(j
W in te r c le a r s ___________ 5 00 (
S p rin g p a te n ts ................. 5 50 ?
S p rin g stra ig h ts............... 5 3 0 (j
S p rin g c l e a r s ___________ 4 50 (

00@ 55
50@ 4
7
85
4
90
50
3
15

25
75
15
60
20

G R A IN .
C orn , p e r bu sh el—
C en ts.
W h e a t , p e r b u sh e l—
N o . 2 m ix e d ............e le v .
71
N . D u lu th , N o . 1............. - - 5 1 2 6 )4
N o . 2 y e llo w ________f . o . b . N o m in a l
N . D u lu th , N o . 2 _________ 1 2 4 )4
N o . 2 w h it e _________ f . o . b . N o m in a l
R e d w in te r, N o . 2 ___ L o . b . 1 27 )4
R y e , p e r bu sh el—
H ard w in te r, N o . 2 ............... 1 2 7 )4
N o . 2 W e s te r n ------f . o . b .
79
O a ts, per b u sh el—
Cents.
S tate a n d J e r s e y .. .
N o m in a l
N atu ral w h i t e ...............4 8
@51
B a rley— M a l t i n g ____
68
@ 75
@ 53
W h ite c l i p p e d . . . ........49
F e e d in g , c .l . L . N . Y .
63
@ 65
M ix e d ................. ................
47

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at—

Flour.

Wheat.

|

Corn.

Oats.

Barley.

Rye.

bbls.lOOlbs. bush. 60 lbs. bush 56 lbs. bush. 32 lbs. bttsh.4Slbs. bu.56 lbs
C h ica g o____
M llw aukee.p n |i i t h

102,385
30,100
11,290

Minneapolis.
T o le d o _____
D etroit.........
Cleveland
St. Louis___
P e o r ia _____
Kansas City.

" 2,468
631
35,610
94,750

T ot.w k .’09
Same wk. '08
Same wk. ’07

277,234
239,271
344.734

120,000
30,800
400,175
1,429,710
20.000
8,693,
5.5211
374,849
14,000
391,650

1,259,200
2.022,500
76,500
39,600
107,388
........... 1
167,470
82,730
16,500
102,000;
55,979,
21,418
232,701
68,272
817,100
308,775
414,706!
166,200
60,000
324,5001

321,026
165,100
73,317
262,740

______
______
24,700
39,600
............

16,000
8,000
4,036
23,280
4,000
______
______
5,000
1,100
............

2,795,398
2,246,157
3.884.900

4.091,816
3,765,672
4,662,088

2,251,723
2,696,345
4,496,422

886,483
1,120,212
1,403,341

61,416
100,381
115,490

Since Aug. 1
1909_____ 9,848,905 152,663.111 67,160,625' 82,366,781 42,114,056 3,961,813
1908 ___ 9,801,637 151,634,636 56,529,357 83,994.451 48.559.718 3,946,437
1907......... 8,326,602 124,138,320 81,233,360 89,418.891 38,892,220 4,046,400

Total receipts of flour and grain at the seaboard ports for
the week ended Dec. 25 1909 follow:

62

THE CHRONICLE
Wheat,
bush.

Corn,
bush.

Oats,
bush.

188,400
198,018
756,000
161,561
81,309
27,678

293,625

Barley,
bush.

291,275
79,836

43,350
3,796

58*026

3*,666

Flour,
Receipts at—
bbls.
New Y o r k .............. 159,329
B o s t o n .....................
38,634
Portland, M e.........
10,500
P h iladelph ia.........
57,791
Baltim ore_________
48,856
R ic h m o n d ________
3,250
11,122
New Orleans * ____
Newport N ews____
8,871
N orfolk....................
7,000
G alveston..................................
15,066
M obile......................
Montreal..................
9,666
St. John..................
65,000

12,200

12,000

141,663
904,661
35,028
831,400

10,891
27,518
34,500

62,000
34,000
2,065

1,620
33,059

25,000
103,816
544.000

bush.
—

4,505
2,154

35,894
4,000

The exports from the several seaboard ports for the week
ending Dec. 25 1909 are shown in the annexed statement:
Wheat,
bush.

Corn,
bush.

Flour,
bbls.

Oats,
bush.

230,008
756,000
299,990
550,000
191,160

206,338

2,350

40,000

232,000
34,000

92,182
10,500
19,604
38,000
24,800
6,560
8,871
9,000
15,066
7,000

102,857
79,100
204,143
723,000

24,000
544,000

Rye,
bush.

Barley,
bush.

Peas,
bush.

27,799

3,679
432
2,144

42,000
6,825
1,620
•

65,000

............

Total w e e k ... .2,635,158 1,581,438 296,583
Week 1908_____ .1,742,949 1,216,053 146,021

52,795
7.233

4,000

.........

31,799
61,323

6,255
1,533

The destination of these exports for the week and since
July 1 1909 is as below:
-FlourSince
July 1

Week
Exports for week and Dec. 25.
since July 1 to—
bbls.

1909.

bbls.

-WheatWeek
Dec. 25.
bush.

Since
July 1

Since
July 1

Week
Dec. 25.
bush.

1909.

bush.

United K in g d o m ...127 ,12 5 2,803,908 2,282,498 32,969,740
C on tinent.................. 72,104 1,111,381
327,960 18,738,039
So. & Cent. A rn er.. 24,561
424,973
2,000
204,934
W est Indies.............. 29,584
689,560
............
1,675
Brit. No. Am . Cols...............
74,114
125,513
Other Countries____ 43,209
91,655
22,700

685,857
686.552
150,200
57,507
" 1,322

1909.

bush.

3,056,570
3,441,736
391,154
1.032,377
29,991
16,063

T ota l...................... 296,583 5,229,449 2,635,158 52,006,043 1,581,438 7,967,891
Total 1908............1 4 6 ,0 2 1 5,728.707 1,742,949 75,828,606 1,216,053 10,069,245

The world’s shipments of wheat and corn for the week
ending Dec. 25 1909 and since July 1 1909 and 1908 are shown
in the following:
Wheat.
Exports.

Com.

1909.

1908

Week r Since
Dec. 25. 1 July 1.

Since
July 1.

1909.

Week
Dec. 25.

Bushels. ! Bushels.
Bushels.
Bushels.
North Amer. 3.927.000 83,173.000 110,579,700 1,754,000
R u ssian ____ 1.888.000 120,616,000 37.208.000 646.000
Danubian . .
192.000 10,880,000 24.688.000 884.000
Argentine . .
528.000 14,312,000 28.919.000 927.000
Australian...
592.000
5,892,000
8,120,000
Oth. country
7,498,000
712.000 25,608,000

gg
ft T o t a l ____
P

1908.

Since
July 1.

Since
July 1.

Bushels.

Bushels.

25
18
26
28
29
30
31

1909..36.350.000
1909..37.851,000
1908..57.431.000
1907..46,661.000
1906..44,727,000
1905..42,951,000
1904..40,619,000

7,839,000 260,481,000 217,012,700 4,211.000 83,957,000

71,815,900

( New York to Dec. 25—

Wheat.

Bushels.
1 9 0 9 ..
1 9 0 9 ..
1 9 0 8 ..
1 9 0 7 ..

17.600.000
16.720.000
15.072.000
17.160.000

Total.
Bushels.

7.280.000
9.600.000
8.160.000
8,160,000

United
Kingdom. Continent.
Bushels.

24.880.000 5.865.000
26.320.000 5.185.000
23.232.000 4.420.000
25.320.000 3.360.000

Toted

Bushels.

Bushels.

6.460.000
6.545.000
5.780.000
4.800.000

12.325.000
11.730.000
10.200.000
8,160,000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Dec. 25 1909, was as follows:
AM E RICA N G R A IN STOCKS.

Wheat,
bush.

Corn,
bush.

New Y o r k ....................... 1,524,000
“
afloat..............
95,000
B o s t o n . . . ......................
581,000
P h iladelphia..................
895,000
B a ltim ore........................
727.000
New O rleans..................
101,000
G alveston.........................
196,000
B u ffa lo ......... ......................4.191,000
“
afloat............. 4,971,000
T o l e d o .............................
866,000
"
afloat.............
104,000
Detroit .............................
518,000
Chicago...................
3,082,000
M ilwaukee.......................
484,000
D u lu th ............................. 1,651,000
M inneapolis_____ ______ 2,698,000
St. L o u is ......................... 1.717.000
Kansas City..................... 2,622,000
P eoria ............ .................
4,000
Indianapolis....................
335,000

Oats,
bush.

470.000

Rye,
bush.

Barley,
bush.

1,171,000
335,000

16,000

232,000
9.000

144*000

100.000

*Too6

1.000

1,000

1.673.000
1.118.000
341.000
287.000

42,000
226,000
170.000

141,000

1.000

1,060,000

151,000

1,339,000

165,000

103.000

25.000

112*666

*

281*666

70*666

109.000
279.000

3.168.000
562.000
875.000
1.033.000
304.000
735.000
1.017.000
193.000

fc Total Dec. 25 1909..27,362,000 7,387,000
Total D ec. 18 1909..28.019,000 6,619,000
L Total D ec. 26 1908..51,676.000
6.994,000
CA N AD IA N G R A IN

11,106,000
11.520.000
10.248.000
STOCKS.

807.000
809.000
1,080,000

Oats,
bush.

Rye,
bush.

1,605,000
34,000

6,000

481.000

:>i 1,000

70.000
53.000

22.000

2.000

51*666

*

251,000
6,000

421.000
781.000
86,000

2.923.000
2.906.000
5.396.000

Wheat,
bush.

Corn,
bush.

458,000
Montreal...........................
Fort W illiam .................. 2,377,000
pf.”
afloat..............
70,000
Port Arthur.................... 1,645,000
Other Canadian.............. 4,440,000

38,000

481.000

126,000

Total Dec. 25 1 9 0 9 .. 8,988,000
Total Dec. 18 1 9 0 9 .. 9.832,000
Total Dec. 26 1 9 0 8 .. 5,755,000

38.000
37.000
25.000

481.000
492.000
206.000

126,000
119,000
51,000




Oats,
bush.

Rye,
bush.

11.106.000
481,000

807,000

2,923,000
126,000

7.425.000
6.656.000
7.019.000
3.485.000
4.619.000
11,877,000
9.577.000

11.587.000
12.012.000
10.454.000
7,586,000
13.012.000
28.053.000
22.892.000

807.000
809.000
1,080,000
1.055.000
1.702.000
2.386.000
1.983.000

3.049.000
3.025.000
5.447.000
5.870.000
3.475.000
6.310.000
0,908.000

Barley,
bush.

Barley,
bush.

.
-1 9 0 9 -

Corn.

Bushels.

Com,
bush.
7,387,000
38,000

New York, Friday Night, Dec. 31 1909.
The last week of the year has been a quiet one in most
textile markets. Buyers generally are not disposed to oper­
ate extensively between the holidays, and the recent heavy
storm which interrupted communication with mill centres
was an additional factor contributing to the dulness, especial­
ly in the early part of the week. The semi-annual clearance
sales held by jobbers were the principal feature; the sales
were well attended by local and out-of-town merchants
and the limited offerings were readily disposed of, especially
cotton goods; jobbers generally are closing the year with
stocks of many cloths well cleaned up and have been busy
preparing for the opening and showing of spring lines in all
departments next week. Reports on the results of inven­
tories so far show that supplies in first hands are compara­
tively light and apparently are becoming smaller, owing to
curtailment of production. Although retailers visited the
market primarily to take advantage of the clearance sales,
they were in evidence in all quarters and operated conserva­
tively wherever stocks were available for prompt delivery;
the business done was confined mostly to small lots. Prices
of cotton goods have ruled firm, and the further advance in
the staple has made sellers more determined than ever to
hold for the higher values asked. Buyers have continued
cautious in operating for the future, pending a clearer out­
look for a satisfactory distribution of goods at the advanced
levels, rather than because of any expectation of lower prices
for some time to come. It is quite evident, however, that
many large distributers’ stocks of staple cottons are low,
and it is confidently expected that an improved demand will
develop after the turn of the year. A slightly better call for
silk piece goods has come forward for near-by shipment, but
the outlook for spring is reported as disappointing to pro­
ducers. Markets for dress goods and men’s wear fabrics
ive ruled quiet and featureless.
DOMESTIC COTTON GOODS.— The exports of cotton
i
’

United
Kingdom. Continent.

SU M M ARY.

T H E D R Y GOHDS T R A D E .

9,659,400
7,849,500
12.362.500
41.944.500

----------------------------------------------------i

25
18
26
28

D ec.
D ec.
D ec.
D ec.
D ec.
Dec.
D ec.

8,088.000
8,944,000
10.964.000
55.961.000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:

Dec.
Dec.
Dec.
D ec.

Total
Total
Total
Total
Total
Total
Total

1,000

* Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.

Exports from—

Wheat,
bush.

319,, American ____________ 27,362,000
C anadian----------- . . . . . 8,988,000

537,725
90,040
6,978
Total w eek......... 435,085 2,097,782 2,316,642
W eek 1908.............. 325.196 1,754.750 1,169,078
521,661 160,153
6,692
Since Jan. 1 1909.17,478,373 99,455,675 45,291,948 44,148,899 7322,077 1138,592
Since Jan. 1 1908.18,442,808 118700,758 42,121,166 42,977,448 6717,318 2728,271

New Y o r k _____ .
Portland, M e .. . .
B o s t o n ................ .
Philadelphia . . . .
Baltim ore............ New O rlean s___
Newport N e w s ..
G alveston............ .
Mobile......... ........
N orfolk________
Port Arthur____ .
St. John.............. .

[VOL. XC.

Week.
.

27
8

Since
Jan. 1.

-1 9 0 8 -

Week.

I n d i a . . ___________
. 508
A r a b ia .......... .............................. .....................................
A f r i c a _____________________________________. 208
W
e s t I n d i e s .....................
. 465
J
M e x i c o ________________ '____________
.
15
C entral A m e r ic a .............................................. .
07
S o u th A m e r ic a ____________________________. 495
( th er C ou n tries___________________________. 139
O

80
893
45
188
477
154

897
1,529
25,164
15,484
32,778
10,079
29,341
1,802
15,395
40,084
21,989

,9 6 2
1,962
T o t a l.............. : ................................................1

3 64 ,116

2,6 3 5

105,442

.

10
20

S in e.
Jan. 1

2,024
1,102
160,644
17,282
25,512
16,036
3 9,523
1,719
13,783
53,855
23,636

750

_

The value of these New York exports since Jan. 1 has been
ffl 20,140,387 in 1909, against $12,013,147 in 1908.
*
Ticketed bleached goods are firmly held, but rather quiet
so far as new business is concerned. Ginghams have con­
tinued in steady request and buyers have shown more con­
fidence in prevailing prices than recently; the call for some
descriptions is said to exceed available supplies. Prints
have not been very active, but a large volume of business
is expected to be charged up shortly. Wide sheetings,
drills, denims, tickings, shirtings and napped fabrics are in
a strong position, although prices on many lines are still
below a parity with the present cost of cotton. Export
trade generally has remained quiet, but a few orders were
received from miscellaneous ports, including Manila, Cuba
and Australia. Trading in print cloths has been light and
mostly in small lots, the interrupted communication with
mill centres having restricted business; prices are firmly held
and unchanged.
WOOLEN GOODS.— Comparatively little new business
developed in dress goods, most interests preferring to hold
off until fall lines are opened next month. The men’s wear
market has also been quiet and featureless. Some fall suit­
ings, both woolens and worsteds, are being shown, and initial
orders booked by a number of mills are reported as satis­
factory on woolens; worsteds apparently have not done so
well. As m the preceding week, most of the business on
overcoatings has been confined to fancies.
FOREIGN D R Y GOODS.— Imported woolens and
worsteds have ruled quiet in common with domestic fabrics.
In linens also, outside of a demand from retailers for spot
lots of housekeeping goods, the market has displayed little
activity; prices, however, have continued strong. Burlaps
have been dull and unchanged.

S tate

63

THE CHRONICLE

.Tan. 11910. ]

C ity

and

d epa rtm en t.

N ew s Item s.
Council Bluffs, Iowa.— Sale of Water Bonds Enjoined.— We
are advised under date of Dec. 23 1909 that all action to­
wards the issuance of the $600,000 bonds voted in October
1908 for a municipal water system “ is still blocked by re­
straining orders of the Federal Court.” See also V. 89, p.
1176.
Dallas County (P. O. Buffalo), Mo.— Court of Appeals Af­
firms Judgment Granted by Circuit Court.— The St. Louis
“ Globe-Democrat” of Dec. 2 2 1909 has the following to say
regarding a recent ruling of the U. S. Circuit Court of Ap­
peals in the suit of John B. Henderson Jr. of Washington to
revive judgment on old railroad bonds of this county:
T h e $ 1 ,0 0 0 ,0 0 0 Jud gm en t o f th e U n ited S tates C ou rt a t S p rin gfield , M o .,
In fa v o r o f Joh n B . H en derson J r ., son o f fo rm e r S e n a to r J o h n 13. H e n d e r­
s o n , a gain st D allas C o u n ty , M o ., was a ffirm e d fro m the b e n ch b y Judges
S a n b orn , A d a m s a n d A m lu o n In the U n ited S tates C ircuit C ou rt o f A p p e a ls
here y e s te r d a y . T h e su it w as a m o tio n to r e v iv e a p re vio u s ju d g m e n t.
T h e d e fe n ce c o n te n d e d as th eir su m m on s had been d a te d A p ril 15 1909,
an d su m m o n e d th em to a p p ea r a t the n e x t A p ril term o f c o u r t, It w as v o id .
T h e C ou rt allow ed a co r re c tio n o f the d a tin g .
O n O ct. 7 1908 H en derson o b ta in e d ju d g m e n t fo r $1,0 2 3 ,1 0 2 17, w ith
Interest fro m d a te , In the C ircuit C ou rt,
l i e sued th e c o u n t y on railroad
b on d s assigned him b y M arianno A rn o ld o f C a n ada. H e was represen ted b y
G . M . S cb ree o f S prin gfield, M o.
D allas C o u n ty w as represen ted b y J o h n
S . H ayn es o f B u ifa lo , M issouri.

See “ Chronicle” for Oct. 17 1908, page 1039.

Haverhill, Mass.— Purchase of Light Plants Proposed.—
On Dec. 23 1909 orders were unanimously passed by the
Municipal Council for the purchase by the city of the plants
of the Haverhill Gas Light Co. and the Haverhill Electric
Co. The orders will be presented to the Council a second
time, and if finally passed it is expected that the Mayor will
issue a call for a special election in February, when the propo­
sition will be submitted to the voters. It is estimated that
the acquisition of these plants will cost the city at least
$1,500,000.
.
Hazlehurst, Miss.—Litigation.— An injunction was issued
Dec. 20 1909 restraining the city from taking further action
towards the issuance of the $8,000 bonds voted on Nov. 26
1909 for the purchase of Lake Hazlehurst and adjoining
property for use as a public park.
Monett, Barry County, Mo.—Litigation.— A temporary in­
junction has been obtained by the Monett Electric Light,
Power & Ice Co. from the United States Court at Joplin
restraining this city from installing a municipal light plant.
An issue of $35,000 bonds for this purpose was awarded on
Aug. 2 1909 to the Mercantile Trust Co. of St. Louis. This
award has been rescinded, however. Should the city win
the suit, which, it is expected, will be decided Jan. 4, the
bonds will be re-offered.
Montana.— Extra Session of Legislature.— The Legisla­
ture of this State convened in extra session on Dec. 27 to
consider the character of material to be used in the new
wings to the capitol, the construction of which was authorized
at the last regular session.
New Jersey.— Plan to Consolidate Certain Towns in Hud­
son Comity Defeated.— The voters on Dec. 28 1909 defeated
the plan to consolidate into one city the towns of West New
York, Guttenberg, North Bergen, Union Hill, Weehawken
and West Hoboken. The total population of the towns in­
terested is estimated at 90,000. The vote on consolidation
is reported as follows:
"F o r ." "A g a in st.’

" F o r ." "A g a in st."
361
219
492

1,051
1,098
1,121

T o ta l v o t e __________________________________________________ 1,062

4,007

W e s t N ew Y o r k ___ 185
G u tte n b e r g __________ 130
N o rth B e r g e n ______ 275

527
219
591

U n ion H ill.......... .......
W e e h a w k e n _______
W est H o b o k e n ____

Wichita, Kan.— Purchase of Water Plant Proposed.— This
city is considering the advisability of purchasing the plant
of the American Water Company. It is said that this com­
pany has offered to sell its plant to the city for $950,000
plus the cost of improvements made since last August.

B o n d P ro p o s a ls and N egotiations this week
fM.ro boen as follows 2
Pi’Anson, Jones County, Tex.— Bond Sale.— The NoelYoung Bond & Stock Co. of St. Louis recently purchased
the $50,000 5% street-improvement bonds registered (V. 89,
p. 1683) on Dec. 2 1909 by the State Comptroller.
D en om in a tion $500.
D a te D e c. 4 1909.
In te re st a n n u a lly a t th e S ta te
T reasu rer's o ffic e In A u s tin .
M atu rity D e c. 4 1919, $7,500 be in g s u b je c t
to call a fte r 1919.

Areola School District, Madera County, Cal.— Bond Offer­
ing.— Proposals will be received, it is stated, until 10 a. m.
Jan. 5 by the Board of Supervisors for an issue of 6 % bonds.
Babylon, Suffolk County, N. Y.— Bond Election.— A propo­
sition to issue $8 ,0 0 0 bonds to build the Pensacola Shore
Road will be submitted to a vote of the people, it is stated,
on Jan. 6 .
.
Baltimore, Md.— Temporary Loan.— The City Register has
made arrangements with several of the city depository banks
to borrow $500,000 at 4 j^ % , subject to call, with which to
pay $496,000 interest due to-day (Jan. 1 ).
Beatrice, Gage County, Neb.— No Bonds Sold.— We arc
advised that there is no truth in the reports that $5,000
bonds were sold on Dec. 15 1909 (V. 89, p. 1684) to Spitzer




& Co. of Toledo. Our informant adds, however, that the
city may issue bonds in the spring for a water plant, “ if
voted.”
Beaver County (P. O. Beaver), Pa.— Bond Sale.— An issue
of $54,000 4% bridge bonds was awarded on Dec. 28 1909 to
J. S. & W. S. Kuhn Inc., of Pittsburgh at par.
D e n o m in a tio n $ 1 ,0 0 0 .
tu rity 1940.

D a te Ja n . 1 1910.

In te re st se m i-a n n u a l.

M a­

Bellaire School District (P. O. Bellaire), Belmont County,
Ohio.—Bond Offering.— Proposals will be received until 12 m.
Jan. 3 (dated changed from Dec. 15 1909) by H. A. Lichtenberger, Clerk of the Board of Education, for $9,000 4% school
bonds.
D e n o m in a tio n $ 1 ,0 0 0 .
D a te S e p t. 15 1909.
In te re st s e m i-a n n u a l.
M a tu rity 7 years. C ertified ch e ck fo r 5 % o f b o n d s b id fo r , p a y a b le to th e
B o a rd , Is re a u ire d .

Belvedere School District, Los Angeles County, Cal.—Bond
Offering.— Proposals will be received, it is stated, until 2
p. m. Jan. 3 by the Board of Supervisors for $35,000 4
bonds.
D e n o m in a tio n $ 1 ,0 0 0 .
D ate Ja n . 3 1910.
In te re st a n n u a l.
$1,000 y e a r ly o n Jan . 3 fro m 1911 to 1945 In clu sive.

M a tu rity

Bucyrus, Crawford County, Ohio.—Bond Offering.—
Proposals will be received until 12 m. Jan. 7 by H. A.
Barth, City Auditor, for the $16,000 4)^ % coupon streetimprovement (city’s portion) bonds mentioned in Y. 89,
p. 1439.
A u th o r it y S e ctio n 2835 e t s e q ., R e v is e d S ta tu te s .
D e n o m in a tio n $ 5 0 0 .
D ate D e c. 1 1909.
In terest s em i-an n u ally a t th e C ity T re a s u re r’s o ffic e .
M a tu rity $1,000 ea ch six m on th s fro m S e p t. 1 1910 to S e p t. 1 1913, $500
o n M arch 1 an d $1,000 o n S e p t. 1 fro m 1914 to 1919 in clu s iv e . C ertified
ch e ck fo r $100, p a y a b le to G . G o ld sm ith , C ity T reasu rer, Is re q u ir e d .
B o n d s will be d e liv e re d t o purch aser o n J a n . 17 1910. P u rch a se r to p a y
a ccru e d in terest.

Burleson County Improvement District No. 1 (P. O. Cald­
well), Tex.—Bond. Offering.— Proposals will be received at
once for the $215,320 5% levee-building bonds registered
by the State Comptroller (V. 89, p. 1294) on Oct. 26 1909.
D e io m ln a t lo n $ 1 ,0 0 0 .
In te re st o n A p ril 1 a n d O ct. 1.
M a tu rity 40
y e a rs, s u b je c t to call a fte r 20 y e a rs.
R . J . A le x a n d e r Is C o u n ty J u d g e .

Castle Dale, Emery County, Utah.—Bond Election
Postponed.— A $35,000 bridge bond election which was to
have taken place Dec. 14 1909, was postponed until Jan. 8 .
Cavalier County (P. O. Langdon), No. Dak.—Bond Offer­
ing.— Further details are at hand relative to the offering on
Jan. 5 of the $7,200 6 % coupon Roseau Lake Drain
No. 1 bonds mentioned in V. 89, p. 1495. Proposals will be
received until 2 p. m. on that day by J. K. Hamilton, County
Auditor.
A u th o rity C h ap ter 23, C od es o f 1905, a n d C h ap ter 93, L a w s o f 1907.
D e n o m in a tio n $500.
D ate J a n . 5 1910. In te re st a n n u a lly a t th e C o u n ty
T re a su re r’s o ffic e .
M a tu rity $2,400 on J a n . 5 In each o f th e years 1915,
1920 an d 1925. C ertified ch e ck fo r $50 0, p a y a b le t o T h o s . S h eeh an ,
C o u n ty T reasu rer, Is re q u ire d .

Chicago Sanitary District, 111.— Bond Offering.— Proposals
will be received until 1 p. m. Jan. 10 by I. J. Bryan, Clerk
Board of Trustees, for the $2,500,000 4% coupon bonds.
D e n o m in a tio n $ 1 ,0 0 0 .
D a te D e c . 1 190 9. In te re st s e m i-a n n u a lly a t
the o ffic e o f th e T re a su re r.
M a tu rity o n D e c. 1 as fo llo w s: $ 2 5 0,00 0 In 1911
an d $12 5,00 0 y e a r ly fro m 1912 to 1929 In clu sive. C ertified c h e ck (o r cash)
fo r 5 % o f b id , d ra w n o n a C h ica go b an k an d p a y a b le t o th e C lerk , is r e ­
q u ire d . T h e b o n d s w ill b e d e liv e re d b y Ja n . 15 1910.
P u rch a ser t o p a y
a ccru e d Interest. T h ese secu rities w ere o ffe r e d o n N o v . 24 1909, b u t all
b ids re ce iv e d o n th a t d a y w ere r e je c t e d . See V . 89, p 1495.

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Cottage Grove, Lane County, Ore.—Bond Offering.—Fur­
ther details are at hand relative to the offering on Jan. 3
of the $100,000 5% gold coupon gravity-water-system bonds
mentioned in V. 89, p. 1366. Proposals will be received
until 8 p. m. on that day by C. H. Van Denburg, City Re­
corder.
A u th o rity S pecial L e g isla tiv e A c t 1903. D e n o m in a tio n $ 1 ,0 0 0 .
D a te
M arch 1 1910. In te re st p a y a b le Jan . 1 an d J u ly 1 w here p u rch a ser desires.
M a tu rity 1935.
B on d s are e x e m p t fro m ta x e s . C ertified c h e ck fo r $100,
p a y a b le to B . R . J o b . M a y o r, Is re q u ire d .
B o n d e d d e b t , In clu d in g this
Issue, $14 5 ,0 0 0 . F lo a tin g d e b t , $ 10 ,000 . A ssessed v a lu a tio n 1909,
$57 5 ,9 9 5 .

Cousort Bayou Drainage District, Jefferson County, Ark.
— Bonds Offered by Bankers.— The Mercantile Trust Co. of
St. Louis is offering to investors $10,500 of an issue of $35,­
0 0 0 6 % bonds.
D e n o m in a tio n $50 0.
D a te J u ly 1 1909.
In te re st sem i-a n n u a lly a t th e
M ercantile T ru st C o. In S t. L o u is . T h e $10 ,5 0 0 b o n d s m atu re o n J u ly 1
as fo llo w s: $500 In each o f th e years 1918, 1920 and 1928, $1,500 In ea ch o f
the years 1921 an d 1929, $2,500 In 1923 an d 1927 an d $ 1 ,0 0 0 in 1022

Covington, Kenton County, Ky.—Bond Offering.— Pro­
posals will be received until 5 p. m. Jan. 3 by H. G. Klostermann, City Clerk, for the following 6 % street-improvement
bonds: $613 8 6 Leslie Ave., $349 38 Michigan Ave., $484 85
Church St., $735 28 Tracy Ave. and $336 6 6 Catherine St.
bonds. Denomination $100.
Duluth School District (P. O. Duluth), Minn.—Bonds
Voted.— An election held Dec. 21 1909 resulted in favor of a
proposition to issue $200,000 4
bonds for the purchase of
sites and the erection of school buildings. Maturity 30
years, subject to call after 20 years. The vote was 797
“ for” to 127 “ against.”
Elgin Township Union School District No. 46 (P. O. Elgin),
Kane County, 111.— Bonds Awarded in Part.— On Nov. *18
1909 $45,000 of an issue of $115,000 4% high-school-build­
ing bonds were sold to N. W. Halsey & Co. of Chicago at par
and accrued interest, less $384 75 for expenses. Thei,remainder of the issue will not be sold until the money is
needed.
J i

64

THE CHRONICLE

D e n o m in a tio n $ 1 ,0 0 0 .
D a te J u ly 1 1909.
In te re s t sem i-a n n u a l. T h e
b o n d s d isp osed o f m atu re $ 15 ,000 In e a ch o f th e years 1916, 1917 a n d 1918.
T h ese b o n d s w ere offe re d o n S e p t. 2 1909 (V . 8 9 , p . 5 5 0 ), b u t all bids re ­
c e iv e d o n th a t d a y w ere r e je c te d .

El Reno, Canadian County, Okla.—Bonds Voted.— The
election held Dec. 21 1909 (V. 89, p. 1496) resulted in a vote
of 243 to 76 in favor of the propositions to issue the follow­
ing 5% 20-year bonds: $50,000 for a^ city-hall, $10,000 for
water works and $20,000 for a fire station. We are informed
that a meeting of the City Council will be held to-day (Jan. 1)
to fix the date for receiving bids for these bonds.
Greenville, Meriwether County, Ga.—Bond Offering.—•
Proposals will be received until 12 m. Jan. 4 by C. R.
Williams, Mayor, for the following 5% bonds:
$ 2 ,0 0 0 ele ctr ic -lig h t bo n d s d u e D e c . 1 1919.
6.0 0 0 e le ctrlc-llg h t b o n d s d u e D e c . 1 1929.
6 .0 0 0 sew erag e bon d s d u e D e c . 1 1929.
16,000 w a ter-w ork s bon d s d u e D e c . 1 1939.
A u th o r it y v o t e o f 109 to 1 a t e le ctio n held N o v . 11 1909.
D e n o m in a tio n
$ 1 ,0 0 0 .
D ate D e c. 1 1909. In te re st se m i-a n n u a lly In N ew Y o r k C ity .
B on d s h a v e been reg u la rly v a lid a te d u n d er th e law s o f G eorgia. Certified
■check fo r $ 1 ,5 0 0 , p a y a b le t o th e M a y o t, Is r e q u ire d . T o ta l d e b t , these
ues. A ssessed v a lu a tio n , $ 45 3,84 4. R e a l va lu e (e s tim a te d ), $ 8 0 0 ,0 0 0 .

Hamilton, Butler County, Ohio.— Bond Sale.— On Dec. 28
1909 the $25,000 street-improvement and $10,000 fire-de­
partment 4% coupon bonds described in V. 89, p. 1685,
were awarded to the Union Savings Bank & Trust Co. of Cin­
cinnati for $35,368 (101.051) and accrued interest. The
street-improvement bonds are due Sept. 1 1924 and the
fire-department bonds Oct. 1 1924.
Hickman County (P. O. Centreville), Tenn.—Bond Sale.—
An issue of $45,000 4% % funding bonds was awarded on
Dec. 15 1909 to S. A. Kean & Co. of Chicago at par.
D ate D e c . 1 1909.
In te re st se m i-a n n u a lly a t th e C o u n ty T r u s te e ’s
o ffic e .
M a tu r ity D e c . 1 1929, s u b je c t t o call a fte r D e c . 1 1914.

Klamath County School District No. 1, Ore.— Bond Offer­
ing.— Proposals will be received until 2 p. m. Jan. 3
for $20,000 6% coupon school-building bonds.
A u th o r it y s u b d iv is io n 31 o f S e c tio n 338 9, B e llin g e r & C o tto n ’s A n n o ta te s
C od es a n d S ta tu tes.
D e n o m in a tio n $ 1 ,0 0 0 . In te re s t se m i-a n n u a lly a t the
C o u n ty T rea s u rer’s o ffic e In K la m a th F alls. M a tu r ity A p ril 1 192 9, s u b ­
je c t to call a fte r 10 y e a rs. O fficial circu la r sta te s th a t th e d is tric t has
n e v e r d efa u lted In p a y m e n t o f Its o b lig a tio n s , the le g a lity o f this issue h ad
n o t been q u e s tio n e d a n d th e prin cip a l a n d Interest o f pre vio u s Issues h a v e
alw a ys b e e n p r o m p t ly p a id . C laude H . D a g g e tt Is C o u n ty T re a su re r.
T o ta l d e b t , In clu din g this Issue, $ 4 5 ,0 0 0 . A sssesed v a lu a tio n 1908,
$ 1 ,0 8 7 ,8 1 4 .

Knoxville, Tenn.—Bond Election.— The proposition to
issue the $50,000 park bonds (V. 89, p. 1497) will be sub­
mitted to a vote of the people on Jan. 15.
La Grande, Ore.— Bond Sale.— The $50,000 5% 10-20year (optional) refunding water-works bonds offered on
Dec. 9 1909 (V. 89, p. 1440) were disposed of to A. B. Leach
& Co. of Chicago at 100.44— a basis of about 4.95% . De­
nomination $1,000. Date Jan. 1 1910. Interest semi-an­
nual.
Lakewood, Cuyahoga County, Ohio.—Bond Offering.—
Proposals will be received until 12 m. Jan. 3 by B. M.
Cook, Village Clerk, for the following 5% sewer-construction
(assessment) bonds:
$3,614 00 D e tr o it S tre e t b o n d s . D e n o m in a tio n $361 4 0 . M a tu rity $361 40
y e a r ly o n O c t . 1 fr o m 1011 t o 1920 in clu siv e .
8 ,3 8 0 00 D e tr o it S tre e t b o n d s.
D e n o m in a tio n $ 83 8. M a tu r ity $838
y e a r ly on Oc.t. 1 fro m 1911 t o 1920 In clu sive.
D ate d a y o f sale.
In terest s e m i-a n n u a lly a t th e C levelan d T r u s t C o . o f
C lev ela n d . C ertified c h e c k fo r 5 % o f gross a m o u n t b id is re q u ir e d .
P u r­
ch aser t o p a y a c c r u e d Interest.

[VOL. XC.

Michigan.— Temporary Loan.— We are informed under
date of Dec. 29 1909, that during the past few months
$200,000 was borrowed to pay salaries, &c. The loans were
made at various times in amounts of $25,000 each and
were placed with several Detroit banks. The notes are all
due “ on or before Feb. 1 1910.”
Morristown, St'. Lawrence County, N. Y .— Bond Sale.—
The $15,000 coupon water bonds described in V. 89, p. 950,
were awarded on Oct. 16 to the St. Lawrence County Sav­
ings Bank of Ogdensburg for $15,100 (100.666) for 4s. Ma­
turity $500 yearly from 1910 to 1939 inclusive.
Nashville Township Road District, Nash County, No. Car.
— Bond Offering.— Proposals will be received by Bunn &
Spruill, County Attorneys (P. O. Rocky Mount), for $20,000
30-year road-improvement bonds.
Newark, N. J.— Bonds to be Offered Shortly.— The Common
Council on Dec. 27 authorized the sale of $1,289,700 4%
bonds for the acquirement of school sites and the construc­
tion of new school buildings. It is stated that while the
bonds will be issued as of Dec. 31 1909, the actual sale will
not take place for two or three weeks. The bonds will be
offered in two lots, one issue of $ 1 , 1 2 0 ,0 0 0 for construction
and additions and the other of $169,700 for land. Maturity
50 years, subject to call after 40 years.
New Rochelle, N. Y .—Bond Sale.— On Dec. 28 1909 the
$39,000 4)^ % sewer registered bonds due part yearly from
1920 to 1923 inclusive, and the $46,700 4% grade-crossing
registered bonds due 1939, were sold to the Yonkers Savings
Bank of Yonkers at 101.223. See Y . 89, p. 1687, for a
description of these bonds.
Certificate Sale.— The $43,000 5% sewer certificates also
offered on the same day (V. 89, p. 1687) were bought by
Ferris & White of New York City at 100.441. Maturity
Dec. 1 1914, subject to call after Dec. 1 1910.
Niagara Falls, N. Y .— Bond Offering.— Reports state that
the City Clerk has been authorized to advertise for proposals
for $60,000 city-hall-site-purchase bonds.
Petrolia Independent School District (P. O. Petrolia),
Clay County, T ex.—Bonds Offered by Bankers.— The $10,000
5% 10-40-year (optional) school-house bonds registered by
the State Comptroller on Oct. 4 1909 (V. 89, p. 1026) are
being offered to investors by the Noel-Young Bond & Stock
Co. of St. Louis.
D e n o m in a tio n $ 1 ,0 0 0 .
D ate J u ly 1 1909.
In te re s t a n n u a lly In A u stin
o r P e tro lia . T o ta l d e b t , this Issue. A ssessed v a lu a tio n , $ 6 5 0 ,0 0 0 .
R ea l
va lu a tio n (e s tim a te d ), $ 1 ,0 0 0 ,0 0 0 .

Philadelphia, Miss.— Bond Election.— An election will be
held Jan. 4 to vote on the question of issuing $40,000 water
and sewer bonds.
Pike, Wyoming County, N. Y .— Bond Offering.— Proposals
were asked for until 8:30 p. m. yesterday (Dec. 31) by A. M.
Thomas, Village Clerk, for the $15,000 coupon water-system
bonds voted on Sept. 27 (V. 89, p. 874):
D e n o m in a tio n $50 0.
D ate J a n . 3 1910.
In te r e s t (ra te n o t t o ex c e e d
5 % ) s e m i-a n n u a lly a t th e S t a t e B a n k o f P ik e.
M a tu rity $ 1 ,0 0 0 y e a r ly on
J u ly 1 fro m 1914 t o 1928 In clu sive. T h e re su lt o f this o ffe rin g w as n ot
k n o w n t o us a t th e h o u r o f g o in g t o press.

Princeton Borough School District (P. O. Princeton),
Mercer County, N. J.—Bond Sale.— On Dec. 21 1909 the
$22,000 4J^% school bonds described in V. 89, p. 1557, were
Las Vegas, Lincoln County, Nev.—Bond Offering.— awarded to Howard K. Stokes of New York City for $22,­
Further details are at hand relative to the offering on Jan. 3 469 26. A list of the bids received follows:
to k e s _ _ ...........- .1 0 2 1331 Jo h n I ). E v c r lt t & C o . ..............100.66
of the $30,000 6% gold sewerage bonds mentioned in V. RH .owM.ardG raKn. tS &
C o ____________ 101.33
A . B . L e a ch & C o .........................100.57
89, p. 1686. Proposals will be received until 1 p. m. on that H . L . C raw ford & Co ........101.272 I K o u u tz e B ros _______ _________100.12
___________100.08
|
N
.
VV.
H
a
lse
y
&
C
o
day by Harley A. Harmon, County Clerk.
T h e a b o v e b idders are all o f N ew Y o r k C ity . M a tu r ity p a rt y e a r ly on

A u th o r it y C h ap ter 152, L a w s o f 1909. D e n o m in a tio n $ 50 0. D a te
M arch 7 1910.
In terest a n n u a lly a t th e C o u n ty T re a su re r’s o ffic e .
M a­
tu r ity $ 2 ,5 0 0 y e a r ly fro m 1913 t o 1924 In clu sive. Certified c h e c k fo r
1 % o f b id , p a y a b le t o th e C o u n ty C lerk, Is re q u ire d . N o b o n d e d o r flo a tin g
d e b t a t p resen t.

Jan . 1 fro m 1915 t o 1928 in clu siv e .

Rahway, N. J .—Bond Sale.— The sale of $75,000 4% new
high-school bonds to the State of New Jersey at par and
accrued interest was completed on Dec. 7 1909. The bonds
were awarded to the State last May (V. 8 8 , p. 1334), but it
was found necessary to go through all proceedings again;
hence the delay in completing the transaction.

Lawrence, Nassau County, N. Y.—Bonds Not Sold.—The
two issues of gold registered bonds aggregating $50,000, de­
scribed in V. 89, p. 1497, failed to sell on Dec. 13 1909.
They will be re-advertised for sale.
D e n o m in a tio n $ 1 ,0 0 0 .
D ate O c t . 1 1909.
In te re s t se m i-a n n u a l.
M a­
Luna County (P. O. Deming), N. Me x . — Bond Offering.— t u r it y O c t. 1 1059.
St.
Clairsville,
Belmont
County,
Ohio.—
Bond
Sale.—
On
Proposals will be received until 2 p .m . Jan. 4 for the $25,000
street bonds were awarded to
5% court-house bonds voted on Dec. 9 1909. (V. 89, p. 1614.) Nov. 20 1909 $22,650 78 4
Hayden, Miller & Co., Cleveland; A. L. Bumgarner and
D e n o m in a tio n $ 1 ,0 0 0 .
In te re st se m i-a n n u a lly In D e m in g o r in N ew
J. P. McMonies, for $22,931 90, the price thus being 101.241.
Y o r k C ity .
M a tu rity 30 y e a rs , s u b je c t t o call a fte r 20 years. C crtllled
c h e c k fo r 1 0 % o f b on d s Is r e q u ire d .
o f C o u n ty C om m ission ers.

Lee O . L e ste r Is C lerk o f th e B o a rd

McAllen, Hidalgo County, Te x . — Bonds Offered by Bankers.
— The Noel-Young Bond & Stock Co. of St. Louis is offering
to investors $9,000 5% 20-40-year (optional) school-house
bonds dated Aug. 10 1909.
D e n o m in a tio n $100. In te re s t an n u a lly In A u s tin o r C h apin .
T o ta l
d e b t , this Issue. A ssessed v a lu a tio n $ 53 0,00 0.
R e a l v a lu a tio n (estim ated)
$ 7 5 0 ,0 0 0 .

Merkel, Taylor County, Tex.—Bond Sale.— The $25,000
5% 20-40-year (optional) coupon water-works bonds, dated
July 1 1909 and described in V. 89, p. 873, were sold on Oct. 9
1909 to the Commonwealth National Bank of Dallas at par
and accrued interest.

D ate N o v . 15 1909.
In terest In F e b r u a r y a n d A u g u s t.
ea ch s ix m o n th s b e gin n in g F e b . 20 1911.

M a u tr lty p a rt

San Francisco, Cal.— Water Bond Election.— On Jan. 14
the citizens will vote on the following propositions in connec­
tion with the city’s plan for a municipal water system:
N o . 1. T o a u th o r iz e th e Issuance o f b o n d s fo r th e a c q u is itio n b y orig in a l
co n s tr u c tio n o f a co m p le te w a te r s y s te m w ith s ou rce a t L a k e E lea n or In
th e Sierra N e v a d a M o u n ta in s, a t an e s tim a te d co st o f $ 4 5 ,0 0 0 ,0 0 0 .
N o. 2. T o a u th o riz e th e Issuance o f $ 3 5 ,0 0 0 ,0 0 0 b o n d s fo r th e p u rch ase
o f the e n tire w ater sy s te m , w ork s a n d p h y sica l p r o p e r ty o f th e S prin g V a lley
W a te r C o.

Voters are not limited to either one of these propositions
but may vote “ for” or “ against” both. It is provided,
however, that if the purchase of the Spring Valley Water
Company’s property (Proposition No. 2) is authorized by
Mexia School District (P. O. Mexia), Limestone County, a two-thirds vote, then only $23,000,000 bonds will be issued
Tex.— Bonds to Be Offered Shortly.—’We are informed under under the first proposition, instead of $45,000,000, it being
date of Dec. 24 1909 that the $10,000 school bonds recently estimated that a smaller amount will be sufficient to develop
authorized (V. 89, p. 1369) are being printed. As soon as the Lake Eleanor-Tuolumne system and connect the same
they are received from the printer, they will be submitted with the Spring Valley system. The approval of both
to the Attorney-General for approval. If approved by him,
ropositions would enable the city to acquire a system capathey will be placed on the market immediately.£|Bids at par
le, it is said, of supplying 65,000,000 gallons daily, or
have already been received from localjbanks.
nearly double the amount supplied at present.




J an. 11910.

THE CHRONICLE

Street Railway Taken Over and Bonds Voted.— Early returns
indicate that the election held Dec. 30 1909 resulted in favor
of the issuance of $2 ,0 2 0 ,0 0 0 bonds for the reconstruction of
the Geary Street Park & Ocean Railroad and the operation
of the same under the supervision of the city authorities.

65

(Jan. 1 ) for $100,000
nomination $500.

6%

warrant-funding bonds.

De­

T h e n n a lito U n ion S ch ool D istrict, B u tte C ou n ty , Cal.—

Santa B arbara C ou n ty (P . O. Santa B a rb a ra ), C al.— Bond

Sale.— The $ 1 0 0 ,0 0 0

6 % 1- 2 0 -year (serial) road-improve­
ment bonds mentioned in V .8 9 ,p . 1371, were sold on Nov. 26
1909 at 100.60 to the following banks, all of Santa Bar­
bara: $60,000 to the Santa Barbara County National Bank
and $40,000 to the Commercial Bank and the First National
Bank. Denomination $1,000. Date Oct. 4 1909.
South Milwaukee, W is.— Bond Sale.— On Dec. 28 1909
$15,000 5% water-works bonds were disposed of at public
auction to E. H. Rollins & Sons of Chicago for $15,955—
the price thus being 106.366. An offer of $15,945 was also
received from N. W. Halsey & Co. of Chicago. These
bonds were offered on Dec. 2 1 1909 (V. 89, p. 1615), but the
following bids, all of which were received on that day,
were rejected:
M cC oy & C o ., C h ic a g o _______515,753 S o u th M ilw au k ee H an k , S ou th
M ilw a u k e e _________________ 515,325
S . A . K ean & C o ., C h ic a g o .- 15,000
S ea son gooil & M ayer, C i n e . . 15,550 T h o s. J . I lo l g e r C o ., C h lo a g o . 15,172
J o h n N u veen & C o ., C h ic a g o . 15,501 P a rs o n , S o n & C o ., C h ic a g o .. 15,155

South O m aha, N e b . — Bond Offering.— Proposals will be
received until 8 p. m. Jan. 3 by John J. Gillen, City Clerk,
for the following coupon bonds:
521 ,600 5 % 5 -1 0 -y ea r (o p tio n a l) I m p r o v e m e n t D istrict “ P ” P a v in g D is­
trict N o . 30 b o n d s.
D e n o m in a tio n 5500, e x c e p t o n e b o n d o f
5000.
D ate N o v . 1 1909.
M a tu rity 10 y e a rs, s u b je c t to call
a fte r 5 years.
9.200 5 % 5 -1 0 -y ea r (o p tio n a l) P a vin g D is trict N o . 28 Im p r o v e m e n t D is­
trict “ N ” b o n d s.
D e n o m in a tio n 5500, e x c e p t o n e b o n d o f
5700.
D ate N o v . 1 1909.
45.000 5 % 5 -1 0 -y ea r (o p tio n a l) P a v in g D istrict N o . 31 Im p r o v e m e n t D is­
trict “ Q ” b o n d s .
D e n o m in a tio n 5500.
D a te N o v . 1 1909.
6.200 5 % 5 -1 0 -y ea r (o p tio n a l) P a v in g D istrict N o . 29 Im p r o v e m e n t D is­
tr ic t " O ” b o n d s .
D a te N o v . 1 1909.
25.000 4 % 5 -2 0 -y ea r (o p tio n a l) general llr c -d c p a r tm e n t b o n d s.
D e n o m i­
n ation 5500.
D ate J a n . 1 1910.
19.000 5 % 5 -1 0 -y c a r (o p tio n a l) G ra d in g D is trict N o . 100 Im p ro v e m e n t
b o n d s.
D a te D e c. 1 1909.
In terest sem i-a n n u a lly a t th e S ta te fiscal a g e n c y In N ew Y o r k C ity .
C ertified c h e ck on a n ation al o r S ta te b a n k fo r 5200, p a y a b le to th e C ity
T reasu rer, Is req u ir e d . P u rch a se r to p a y a ccru e d Interest.

Bond Offering.— The Board of Supervisors will receive pro­
posals until 1 p. m. Jan. 3 for the $10,000 5% 1-10-year
(serial) gold school bonds voted on Nov. 11 1909 (V. 89,
p. 1442). Denomination $1,000. Interest semi-annual.
T u sca lo o s a , A la .— Bond Sale.— The $30,000 school and
$25,000 sewer 5% coupon bonds described in V. 89, p. 1558,
were awarded on Dec. 20 to the First National Bank of
Cleveland at par and accrued interest, less $1,640 for ex­
penses. A bid of par and accrued interest, less $1,995 for
expenses, was also received from A. J. Hood & Co. of De­
troit. Sewer bonds mature in 20 years and school bonds
$ 1 0 ,0 0 0 in 10 years and $2 0 ,0 0 0 in 2 0 years.
W h a tco m C o u n ty (P . O. B ellin g h a m ), W a s h .— Bond Elec­
tion.— It is reported that an election will be held soon to
vote upon approximately $585,000 bonds to take up out­
standing warrants and bonds and repair bridges and roads.
W h ite P la in s, N . Y . — Bond Sale.— On Dec. 27 1909
Parkinson & Burr of Boston were awarded the $12,000
30-year water bonds described in V. 89, p . 1559, at par for
4.10s.
W ich ita , K an .— Bond Sale.— An issue of $29,000 5% 4-10year (serial) paving bonds was sold on Aug. 10 1909 to local
banks at 101. Denomination $500. Date Aug. 1 1909.
Interest semi-annual.
W ilm in g to n , N ew H a n ov er C o u n ty , N . C .— Bond Sale.—
The $ 1 0 0 ,0 0 0 4 ^ % 40-year coupon street improvement
bonds described in V. 89, p. 1559, were sold on Dec. 27 to
N. W. Halsey & Co. of New York City at 101.789 and accrued
interest. The following bids were also received:
U n .S a v .B k .& T r .C o .,C l n .5 1 0 0 ,8 2 7 0 0 IW e l l, R o t h & C o ., C t n ._ .5 1 0 0 ,1 6 0
S e c u r l t y T r . C o . , S p a r t ’ g . 1 0 0 , 2 5 0 0 0 1P a r s o n , S o n & C o . , N . Y .
1 0 0 ,0 1 0

00
50

Y a n ce y S ch ool D istrict (P . O. Y a n c e y ), M edin a C ou n ty,
Tex.— No Bonds Issued.— In reply to our inquiry as to

whether any action had yet been taken towards offering the
school bonds, which reports stated this district had voted
to sell, the Secretary of the Board o f Education writes us
“ no bonds issued here.”

Sutter C ou n ty L ev ee D istrict N o . 1, Cal.— Bond Offering.

— Reports state that proposals will be received until to-day

NEW LOANS.

NEW LOANS.

$ 25,000
PROPOSALS FOR

CITY OF MINNEAPOLIS,

$ 2 ,5 0 0 ,000.00

BO N D S

Worth of Four Per Cent Bonds of

The Sanitary District of Chicago
Being the Twenty-Fourth Issue Thereof
Sealed p ro p o s a ls , ad d ressed t o th e B o a rd o f T ru stees o f T h e S a n ita ry D istrict o f C h ica g o , a n d en ­
d orsed "P r o p o s a ls fo r P u rch a sin g B o n d s ,” w ill be re ce iv e d b y the C lerk o f said T h e S a n ita ry D istrict of
C h ic a g o , a t R o o m 1500, A m e rica n T ru st B u ild in g ,-C h ic a g o , Illin o is, u n til on e (1) P . M . (sta ndard
tim e) on M o n d a y , J a n u a ry 10, 1910.
T h e b o n d s fo r th e p u rch a se o f w h ich said b id s w ill be r e c e iv e d are th e tw e n ty -fo u r th an d present
Issue o f t w o m illion five h u n d red th o u s a n d (5 2 ,5 0 0 ,0 0 0 00) d olla rs w o rth o f b o n d s o f said T h e S a n ita ry
D istrict o f C h ica g o , In d e n o m in a tio n s o f on e th o u sa n d (5 1 ,0 0 0 .0 0 ) d olla rs e a ch , all t o be a r d a te o f the
first d a y o f D e ce m b e r, 1909, w ith Interest a t th e rate o f fo u r (4 % ) per ce n t p er a n n u m , p a y a b le sem i­
a n n u a lly on th e first d a y o f Ju n e an d th e first d a y o f D e ce m b e r o f ea ch y e a r u n til said b o n d s are p a id .
T w o hu n dred fifty th ou s a n d (5 2 5 0 ,0 0 0 .0 0 ) d olla rs o f th e p rin cip a l o f said t w o m illion five hun dred
th ou sa n d (5 2 ,5 0 0 ,0 0 0 .0 0 ) dolla rs w o rth o f b o n d s h e re b y o lle re d fo r sale are t o be p a y a b le o n the first
d a y o f D e ce m b e r , 1911, a n d on e h u n d red tw e n ty -fiv e th o u s a n d (5 1 2 5 ,0 0 0 .0 0 ) d olla rs o f th e prin cip a l
o f said b on d s are t o be p a y a b le o n th e first d a y o f D e ce m b e r o f ea ch su c c e e d in g y e a r , u p t o an d Inclu d­
in g th e y e a r 1029, b o t h p rin cip a l a n d Interest t o be p a y a b le a t th e o ffic e o f th e T reasu rer o f said Th e
S a n ita ry D is trict o f C h ica g o .
P rop osals w ill be re c e iv e d fo r tw o m illio n five hu n dred th o u sa n d (5 2 ,5 0 0 ,0 0 0 .0 0 ) d olla rs w o rth Of
said b o n d s, o r a n y p o r tio n th e r e o f, th e b o n d s t o be d e liv e re d a n d p a id fo r J a n u a ry 15, 1910, a ccru e d
Interest t o d a te o f d e liv e ry t o be p a id b y th e purch aser.
E ach p r o p o s a l m u st be a c c o m p a n ie d b y ce rtifie d c h e ck o r cash In a m o u n t e qu a l t o five (5 % ) per
ce n t o f th e a m o u n t o f th e b id .
A ll certified ch eck s m ust b e draw n o n so m e resp o n sib le C h ica g o ban k
an d m ust be m a d e p a y a b le t o th e o rd e r o f th e “ Clerk o f T h e S a n ita ry D is trict o f C h ic a g o .”
Said
a m o u n t o f five (5 ?6 ) p er ce n t o f th e a m o u n t o f th e bid w ill be h eld b y said T h e S a n ita ry D is trict o f
C h icago u n til all o f said pro p o sa ls h a ve been ca n va sse d a n d th e b o n d s h a v e been a w a rd e d .
T h e rig h t Is- reserved t o r e je c t a n y a n d all b id s.
T h e said b o n d s t o be p a id fo r a n d deliv e re d a t the o ffic e o f th e T reasu rer o f said T h e S an itary
D istrict o f C h ica g o.
F or fu r th e r in fo r m a tio n , a p p ly t o th e P resid en t or Clerk o f said T h e S a n ita ry D is trict o f C h icago,
o r th e C h airm an o f th e C o m m itte e o n F in a n ce , R o o m 1500, A m e rica n T ru s t B u ild in g , C h ica g o , Illin o is.

TH E SANITARY DISTRICT OF CHICAGO.
B y R O B E R T R . M c C O R M IC K , President.
II. F . E ID M A N N ,

I. J. B R Y A N ,

Clerk.

Chairman Committee on Finance.

Bank and Trust Company Stock*
NEW

YO RK AND B R O O K LY N
BO UG HT AND SOLD

C L INT O N G IL B E R T ,
a wall

st.. new




York.

R. T. Wilson & Co.
Bankers & Commission Merchants
S3 WALL STREET

•

.

NEW YORE

Sealed b ids w ill b e re ce iv e d b y th e C o m m ittee
o n W a y s a n d M eans o f the C ity C ou ncil o f M in ne­
a p o lis , M in n esota, a t the o ffic e o f th e u n d ersign ed ,
T H U R S D A Y , J A N . 6 T H 1910, A T 2 O ’ C L O C K
P . M ., fo r the w h ole o r a n y p a rt o f T w e n t y -F iv e
T h ou sa n d (5 25.000 00) D ollars o f Fire D ep a rt­
m en t b o n d s, d a te d J a n u a ry 1, 1 91 0, a n d p a y ­
a b le J a n . 1 1940.
B o n d s to bear Interest a t th e rate o f fo u r (4)
p er c e n t p er a n n u m , p a y a b le J u ly 1st an d J a n u ­
a r y 1st.
T h e rig h t t o r e je c t a n y o r all b id s Is reserved.
A certified ch e ck fo r tw o (2) p er c e n t o f the
p ar valu e o f b o n d s b id f o r , m ad e to C. A . B loom q u ls t, C ity T reasu rer, m u st a c c o m p a n y each b id .
P a m p h le t c o n ta in in g fu ll p articu lars w ill be
m ailed u p o n a p p lic a tio n .
D A N C. B R O W N ,
C ity C o m p tro lle r,
M in n eapolis, M i n n .

PERRY. COFFIN & BURR
Investment Bonds
60 State Street, Boston

M cCOY & COM PANY
Form erly MacDonald, McCoy A Oa.

Municipal and
Corporation Bonds
181 La Salle Street, - Chicago

Charles M. Smith & Co.
CORPORATION AND
MUNICIPAL BONDS
HBST NATIONAL BABE BUILDIBB
CHICAGO

66

THE CHRONICLE

Canada, its Provinces and Municipalities.
A lg o m a , O n t.— Debenture Election.— An election will be
held to-day (Jan. 1) to vote on the question of issuing
$10,000 5% 20-year floating-debt debentures.
B ra ce b rid g e , O n t.— Debenture Sale.— An issue of $45,000
4 K % Power and light improvement debentures was awarded
on Dec. 21 1909 to G. A. Stimson & Co. of Toronto for $43,­
603, the price thus being 96.895.
D a te D e c. 20 1909.

Interest an n u al.

M atu rity 20 years.

B ra m p to n , O n t. — Debenture Election.— A proposition to

issue $40,000 4)^ % 30-year electric-light debentures will be
submitted to a vote of the people on Jan. 3.
G od erich , O n t. — Debenture Election.— The voters will be
given the opportunity on Jan. 3 of voting “ for” or “ against”
the question of issuing $15,000 5% 20-year electric-light and
water-works debentures.
H a lto n C ou n ty (P . O. B u rlin g ton ), O n t.— Debenture Offering.— Proposals will be received until Jan. 5 by M. C. Smith,
County Clerk, for $16,000 4% coupon house-of-refuge
debentures.
D e n o m in a tio n " n o t less th a n $ 1 0 0 .”
D a te D e c. 17 1909. In terest
a n n u a lly a t th e M etrop olita n B a n k In M ilton . M a tu rity part y e a rly o n
D e c. 17 fro m 1910 t o 1919 Inclu sive.
D eben tu res are e x e m p t fro m ta xes.
N o d eb en tu re o r floatin g d e b t .
Assessed v a lu a tio n 1909, $ 1 2 ,9 3 5 ,4 8 2 .

L o n d o n , O n t. — Debenture Election.— We see it reported
that propositions to issue $30,000 4% 30-year refuse-andgarbage-disposal debentures and $70,000 debentures to pay
for underground conduits and cables, will be voted upon
J a n . 3.
M ontreal Catholic S ch ool D istrict, Q u e.— debenture Sale.

— According to reports, $450,000 4% 40-' ,r debentures
were recently awarded to Hanson Bros, of Montreal.
N ew L isk e a rd , O n t. — Debenture Election.— The voters will
determine on Jan. 3 whether or not this town shall issue the
following 5% debentures: $28,000 for street improvements,
$20,000 due in 30 years for sewerage and $2,500 d e in 20
years for fire-protection.
N ew m a rk et, O n t. — Debenture Sale.— On Dec.
1909
the $20,000 5% permanent-improvement deber
„s de­

[ V o L . XC.

scribed in V. 89, p. 1618, were sold to Brent, Noxon & Co.
of Toronto. Maturity part yearly for 20 years.
N otre D a m e de G race, Q ue. — Debenture Sale.— Hanson
Bros, of Montreal are reported as having bought $400,000
4 Yi% 40-year debentures.
St. C atharines, C n t. — Debenture Election.— A proposition
to issue $15,000 4 Yz% 20-year hospital debentures will be
voted upon Jan. °
St. T h o m a s , O n t. — Debenture Election.— An election will
be held Jan. 3 to vote upon a proposition to issue $25,000
4 1 ^ % street railway extension debentures.
Maturity part
I yearly for 15 years.
Stu rgeon F alls, O nt. — Debenture Election.— A $20,000 5%
'
30-year floating-debt-debenture election will be held Jan. 3.
I W a lla ceb u rg , O n t. — Debenture Election.— A by-law pro­
viding for the issuance of $20,000 5% 30-year school deben­
’ tures will be voted upon at an election to be held Jan. 3.
j W a te rlo o , O n t. — Debenture Election.— Whether or not this
city s^all issue $8,000 market and $6,000 gravel-pit 4 yz%
20-year debentures, is to be decided by the voters at an elec­
' tion to be held Tan. 3.
j
W in ch es ter x o w n sh ip , O n t. — Debenture Election.— An
I election will be held Jan. 3, it is stated, to vote upon a propo­
sition to issue $5,000 5% 20-year debentures as a bonus to
j th Morrisburg Electric lty.
j
W ingham , O n t. — Debenture Election.— In addition to the
i proposition to issue the $6,000 water-works debentures to be
voted upon Jan. 3 (V. 89, p. 1691), the question of issuing
' $6,500 sewer debentures will also be submitted to a vote of
the people on the same day. Both issues, if voted, will
carry 4)^ % interest and mature in 20 years.
! W in n ip e g , M an . — Debentures Voted.— The propositions to
issue the $50,000 public-bath and gymnasium and the $150,­
000 conduit-construction debentures mentioned in V. 89,
p. 1444, were favorably voted upon Dec. 14 1909.
Debentures Defeated.— At the same election the voters de­
feated the proposition to issue the $50,000 art-gallery
debentures.

ACCOUNTANTS.

INVESTMENTS.

NEW LOANS.
$17,000

C A N A D IA N
MUNICIPAL BONDS

City of Burlington, N. J.,
im p r o v e m e n t B ond s
T H E C I T Y O P B U R L I N G T O N , N . J .. Invites
p rop osa ls fo r $17 ,0 0 0 In 4 M % C ity -H a ll I m p r o v e ­
m en t B on d s, 30 y ea rs, w ith S in k in g F u n d p r o ­
v is io n .
O p en ed o n T u e s d a y , J a n u a ry 4 th , 1910.
P a rticu la rs fu rn ish ed o n a p p lic a tio n to
T H E M A S S . M O O N E Y , C ity C lerk.

W.

A. MACKENZIE & CO.,
TORONTO, CANADA

Certified Public Accountants
(IL L IN O IS )

F. W M . K R A FT
LA W Y E R

HUNT, SilTONSTALl

&

CO.,

M em bers N ew Y e r k 8 te e k E x ch an g e

S p e c ia liz in g in E x a m in a t io n of
Municipal and Corporation Bonds
1312 FIR ST NATIONAL B A N K B L D d .l

B lo d g et, M e rritt

B O ST O N

&

C o.

BANKERS
60 S T A T E S T R E E T , BOSTON
3 0 P IN E S T R E E T , N E W Y O R K

BLACKSTAFF

&

CO.

STATE, CITY & RAILROAD BONDS

IN V E S T M E N T S

M U N IC IP A L A N D R A IL R O A D

1332 Walnut Streat
PHILADELPHIA

BONDS
LIST ON A P P LICA TIO N

LIST OF SPECIALTIES ON REQUEST S EA S 0 N G 0 0 D
W B OW N AN D O F FH R

MUNICIPAL BONDS
Tax Exem pt Anywhere la the United States
W rite fer Partlenlars

T JL E N , S U T H E R L I N

& 00.
• 17 F ir it N it. Bank B M J,C H IC A G O . I L L
E S T A B L IS H E D 1885

H .

C . S p eer

&

Sons C o .

First Nat. Bank Bldg., Chicago
CITY, C O U N T Y
A N D SC H O O L




UAYTHQ
DVJLN U D

N ew Y o r k . 3 0 F lu e S tr e e t
M i l w a u k e e , 0 3 3 W o l l i H id *
C h i o a c e , 1 3 1 3 M o n a d n o o k It le e k
K a m a * C it y , 1 1 0 0 C o m m e r c e B i d * .

OHIOAGO, ILft.

In v estm en t S ecu rities
60 S T A T E S T R E E T

Arthur Young & Co.

M ATER,

k

Mercantile Library Buildiag
CINCINNATI

F O R R E S T

Sc

O O .

B AN KERS

Municipal and Seasoned
Corporation Bonds
FREE OF T A X
M l CHESTNUT ST..

John

P H IL A D E L P H IA , PA

H. W a t k in s
MUNICIPAL

LYBRAND,
ROSS BROS &
MONTGOMERY
Certified Public Accountants
(Pennsylvania)

L a n d T i t l e ( l u l l d ln *
P H IL A D E L P H IA .
C it y I n v e s t in g H id * ., 1 0 3 B r o a d w a y
NEW Y O R K .
U n io n H ank B u ild in g
P IT T S B U R G H
F ir s t N a t io n a l B a n k B ld g .,
CHICAGO

J A M E S P A R K & CO.
O B B T IP IE D P U B L IC ACCOU N TANTS

New York,Chicago, Cincinnati and
London, England.
A U D ITO R S
FOR
F IN A N C IA L INBTITU*
T IO N 8 . IN D U S T R IA L AN D
M IN IN G COM PAN IES
Investigations. Financial Statements,
Periodical Audita and AoaaBating,

ALFRED ROSE & CO.,
CERTIFIED PUBLIC ACCOUNTANTI
56 Pine Street,

-

NEW YORK

Telephone 1261 John.

AND

LOOMIS, CON ANT & CO.

RAILROAD BONDS

CERTIFIED PU8LIC ACCOUNTANTS

No. 2 WALL STREET, NEW YORK

TeL 4058 Broad.

8 0 B r o a d S treet. N ew Y o r k