Full text of Commercial and Financial Chronicle : January 16, 1909, Vol. 88, No. 2273

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Ocink. and Quotation Section

Railway and Industrial Section
V O L / mT "

"

otatc and City Section (semi-Annually ,;

(Monthly)
(Quarterly)

Electric Railway Section (ThYeJ/™68)

SATURDAY, JANUARY 16 .909.

2ptje ©hrauxde.

Clearings at—

NO. 2273.
Week ending January 9.

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W I L L I A M II. D A N A C O M P A N Y , P u b lis h e r s ,
P. O. Box 9 5 8 .
Front, Pine and Depeystor Sts.,
Now Y ork.
Published every Saturday morning by W I L L I A M B. D A N A C O M P A N Y .
W illiam B. Dana, President; Jacob Seibert J r., Vico-Pres. and Seo.; Arnold
G. Dana, Treas. Addresses ol all, Oilice of tho Company.

The following table, made up by telegraph, &c., indicates
that the total bank clearings of all clearing houses of the U. S
for w e e k end. Jan. 10 have been $3,413,977,285, against $3,­
773,331,799 last week and $2,870,942,718 the week last year.
1909.

1908.

New Orleans______ _____ _____ _____

$1,758,544,194
147,290,658
109,379,224
25,153.116
226,941,967
63,135,692
19,576,304

$1,408,736,072
149,463,388
107,249,313
22,069,019
189,393,377
54,137,823
17,560,609

+ 19.8
— 1.5
+ 2.0
+ 14.0
+ 19.8
+ 10.4
+ 11.5

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

$2,350,021,155
405,187,243

$2,008,610,241
390.004,611

+ 17.0
+ 19.3

Total all cities, 5 days......... ...............
A1 cities, 1 d a y .......................... .................

$2,815,208,358
598,768,927

$2,398,014,852
472,327.860

+ 17.4
+ 2 6 .8

Total all cities for week....... .................

$3,413,977,285

$2,870,942,718

+ 18.9

B altim ore...................................................

%

The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon, Jan. 9, for four years.
Week ending January 9.

Clearings at—
1909.
New Y o rk ______
Philadelphia____
Pittsburgh...........
B a ltim ore______
Buffalo................Albany ..............
W a sh in g ton ____
R o c h e s te r ______
S cra n ton _______
S yra cu se _______
Heading................
W ilm ington_____
W llk es-B a rro___
Wheeling ...........
Ilar.-lsburg_____
Y o r k ....................
E r i e ......... - ..........
B ingh am ton -----C h e s te r ................
G reensburg.........
F ra n k lin ..............
A lto o n a ................
Trenton _ ............

1908.

Inc. or
Dec.

S

.459,233.739 1,397,075,202 +fl>.0
143,710,554
116,322,939 + 23.5
40,110,297
42,264,915
+ 9.1
32,503,080
25,140,136 + 29.3
9,900.770
+ 9.5
9,039,566
0,800,747
5,163,790 + 3 3 .0
7,857,828
5,693,969 + 3 8 .0
5,150,281
3,556,503 + 44.8
3,217,206
2,358,753 + 3 6 .4
3,025,218
2,338.508 + 2 9 .4
1,503,518
1,250.444 + 20.2
1,521,079
1.132,965 + 34.3
1,423,780
+ 8.9
1,306,023
1,623,705
1,366,810 + 18.6
1,473,409
1.101,553 + 3 3 .8
877.807
705.474 + 2 4 .3
762,701
595,051 + 28.1
581,400
+ 9.3
531,900
668,956
521,433 + 28.3
091,555
521.066 + 3 2 .7
326,144
351,850
— 7.6
388,427
331.762 + 17.1
1,907,314 Not included In total

Total M id dle.. 2,729.429,990 1,618,670,612
Boston ................
P r o v id en ce .........
H a rtford _______
New H aven_____
Springfield............
P o r tla n d _______
W o rcester...........
Fall River_____
New B e d fo r d ___
H olyok e________
Low ed ..................

186,371,501
8,887,800
4,097,354
3,312,763
2,549.807
2,014.352
1,848.423
1,198,710
833,059
613,775
457,006

144,558,510
7,091,300
4.400.060
3,083,304
2.004,685
2,123,517
1.338.060
999,552
743,660
541,674
526,390

Total New Eng.

212,784,610

167,410,712




1907.

S

,223,955,208 2,594,337,802
146,916,994
156,876.804
54,515,886
54,916,004
31,171,346
30,851,900
8,859,319
7.835,927
7,674,127
5,645,548
6,779,436 g 6,483,939
3.799,561
4,173,040
2,353,239
1,999,175
2,077,474
1.875.408
1,362,212
1,231,026
1,422,566
1,350,294
1,386,388
1.079.409
1,031,656
951,130
1 , 000,000
683.971
630,000
539,121
554,961
314,967

KVIII- 1

___

<r '
az > -----Springfield. M l..
Fort W a y n e ____
Lexington
Y ou ngstow n____
Akron . .
Rockford
South Bend_____
Springfield, Ohio
Canton
Quincy
Bloom ington____
Decatur _______
Mansfield......... ..
Jackson ________
Jacksonville, 111.
Ann Arbor............
Danville......... —
Adrian ________
T ot. M ld.W cst.

CLEARING-HOUSE RETURNS.

Clearings— Returns by Telegraph Jan. 16

Chicago . .
Cincinnati
C le v e la n d ............
D etroit________
Milwaukee_____
Indianapolis___
C o lu m b u s_____
Toledo .............
Peoria ...............
Grand R a p id s ..

002,573
624,100
714,215
455,018
315,773

San Francisco___
Los Angeles.........
Seattle ................
P o r tla n d _______
Spokane________
T a co m a ................
Salt Lake C l t y ..
O ak lan d..'............
Helena ................
Fargo ..................
Sioux F a lls .........
San Jose________
Sacramento_____
S to c k to n ..............
San D ie g o ............
F re sn o ..................
North Yakim a . .
B illin g s ................
Total P a cific..
Kansas C i t y -----Minneapolis_____
O m a h a ................
St. P a u l...............
D enver..................
St. Joseph______
Des Moines ____
Sioux C ity...........
W ich ita......... ..
Lincoln ................
D avenport............
Topeka ................
Colorado Springs
Cedar R a p id s ___
Pueblo ________
F r e m o n t_______
T ot. oth.W est.
St. Louis..............
New Orleans-----L o u isv ille---------H o u s t o n _______
G a lve sto n ---------Richm ond .........
A tla n ta ------------M em phis_______
Savannah ...........
N a s h v ille ---------Fort W orth.........
N o r fo lk ________
Birm ingham ----A u g u s t a ............
Little R o ck .........
K n o x v ille ............
Charleston............
J ack son v ille-----Chattanooga —
Mobile ______
O k la h om a...........
M a c o n ..................
Beaumont .........
A u s tin ..................
V ick sb u rg --------Total Southern
Total ail............
Outsldc'N. Y ._

+ 13.3
— 13.1

206,504,566
9,011,100
4,824,158
2,957,460
2,114,202
1,985,169
1,033,952
1,172,454
888,727
623,215
577,783

187,418,684
8,875,300
3,997,318
2,070.369
2,204,308
2,172,527
1,623,004
1,030,947
753,408
460,307
603,030

Canada—
M ontreal_______
Toronto ______
W innipeg.............
Vancouver...........
O tt a w a ------------Q uebec..... ............
H a lifa x ________
Hamilton.............
St. John________
C a lg a ry ...............
London ________
Victoria _______
E d m onton......... .

+ 2 7 .1

232.292,846

211,869,162

Total Canada.

+ 68.6 2,497,028,432 2,872,310,085
+ 28.9
+ 25.3
+ 6 .8

+ 7 .4
+ 27.2
— 5.0
+ 3 8 .1
+ 19.9

+ 12.1

79,539,329

122

THE CHRONICLE

[V O L . L X X X V I I I .

tive to the matter. He says the natives of the German
colony of Togo, West Africa, have adopted the pursuit
The week opened with a somewhat more unsettled of growing and exporting cotton. Guides for cotton
feeling in Wall Street, and a like condition has growing in Togo have been printed in the several lan­
T H E F IN A N C IA L S IT U A T IO N .

prevailed ever since.
That is not because trade
prospects were as a rule less favorable. Dry goods
are in improving request. The foreign demand is bet­
ter, and now that the Near Eastern question is settled
and the Russian loan is announced, there ought to
be a further improvement in export trade. Leading

guages of the native tribes, and are being distributed
by wholesale, while more often than not the cotton

larly true of cotton goods.

manner as has the agricultural school at Nuatjae.
The cotton industry in Togo was begun in 1902, in

seed also is supplied free of charge. To further stimu­
late interest, premiums in cash or tools are awarded
by the committee for the best results in cotton grow­
ing. In Northern Togo it is proposed to establish
merchants report the volume of business in the early another experimental cotton plantation, which is
weeks of the new year as encouraging. This is particu­ expected to develop in the course of time in the same
The ginners’ report issued

this week gives assurance that the 1908 crop of the

staple was so abundant, and prices so moderate, that which year 80 bales of 250 kilos each (kilo, 2 1-5 lbs.)
spinners are likely to feel greater freedom in dealing were exported. The following year’s crop permitted
in cottons and in turning out goods. There seems like­ of 128 bales being exported. In 1904-05 the number
wise a disposition of spinners the world over to take was increased to 519. In 1905-06 the exports totaled
advantage of the present situation. The number of 867 bales. In 1906-07 they were 1,203 bales and in
spindles now in Europe and America is so large that
a banner crop can be made away with, and, judging

1907-08 they reached 1,674 bales. This, of course, is
a very small product. Hope is encouraged by sug­
gesting the infancy of the industry. The growth,

from the course of values, profitably. Reports as
to better trade have been issued by our two leading however, will *have to become far more rapid and
distributing concerns— H . B. Claflin Company and reach much larger proportions before the African effort
Marshall Field & Company— showing good and de­ will make much of a figure or succeed in establishing
veloping business in progress, and the prospects for a rivalry to the American planter. Still the Togo
the future also promising, unless disturbed by tariff competition is one of the factors in the situation.
revision.
As showing the feeling in the South respecting this

And in the meantime the work done and the results
reached illustrate the persistency with which these

tariff business, Mr. D. A. Tompkins’s address at the
meeting of the Cotton Manufacturers’ Association of
South Carolina, held at Charleston Jan. 9, is well worth
reading. We can only make room for a brief extract

experiments are being pushed.
It was announced on Tuesday, in a cable from Con­
stantinople, that the Austrian Ambassador had been

from it; the extract relates to the important point formally advised of the acceptance by Turkey of Aus­
million lurkish pounds ($10,800,000)
of the advantages Europe enjoys over our own manu­ tria’s offer of
facturers in the South. Formerly, the South had a in compensation for the annexation by Austria of
monopoly on coarse goods. That position, he says, Bosnia and Herzegovina. Probably as a result of
has chiefly been lost, while “ the advantages” England the development of this more peaceful situation, there
enjoys he summarizes as follows:
(1) Vast accumulated capital at cheap interest rates.
(2) A vast working force of trained textile workers
with a heritage of special knowledge and skill.
(3) A Royal Exchange, where the world’s buyers of
textiles, or their representatives, meet and trade eco­
nomically.
(4) Banking facilities in all important foreign mar­
kets.
(5) Regular and adequate ship lines to all important
markets.
He adds: “ If the matter should be left to me, and
the American textile worker could have the choice
between these and other advantages now held by
England (and there are many others), and the tariff
we now have, I should promptly surrender our tariff
and take the English advantages by preference. In­
deed, if we could only get the banking facilities and
ships we would find these alone more advantageous
than our present tariff.
<
“ The cotton-spinning industry in the whole United
States is yet in the ‘infant’ stage. Here in the South it
scarcely dates back ten years. The development of
coarse goods production in the South has driven the
North into finer goods, and in this new field the North­
ern industry is only ten years old.”

were active preparations this week foi the flotation
at Paris of the Russian loan for 240 million dollars
at U / 2 % . This announcement was made on Wednes­
day in a Paris cable, which, however, was confirma­
tory of previous dispatches— that the Russian Finance
Ministry had closed an arrangement with a syndicate,
including the principal banking houses of Paris, for
the above-mentioned loan. A part of the issue, it is
stated, will probably go to other Continental countries,
in what proportion, though, it is not disclosed. About
150 million dollars of the proceeds of the emission will
be applied to the conversion loan, which will mature
in May, and out of the remainder the deficit of $76,­
100,000 will be paid. The Government has, it is said,
determined upon an extraordinary expenditure of
78 million dollars, chiefly for the construction and bet­
terment of railways and for the improvement of the
army; this would seem to indicate new internal bor­
rowing.
There were shipments this week by two New York
banking houses of $4,380,000 gold, chiefly coin, to

In the meantime, the extreme efforts Europe is Paris; this makes a total of $5,930,000 since the move­
making to supplant the monopoly in cotton raising ment began this year, and as it seems unlikely that these
which we enjoy are continued. The high cost of these shipments will satisfy requirements, more of the metal
efforts and the slow progress which appears to have will presumably go forward. Only a small portion of
been hitherto attained find recent illustration in a state­ the gold that has been exported consisted of bars; the
ment Mr. Fee, American Consul at Bremen, has made
to the German Colonial Agricultural Committee rela­




demand was so urgent that coin was accepted more
readily than heretofore when shipments to Paris have

J an . 16 1909. J
been in progress.

THE CHRONICLE

123

It appears, according to a Paris

valuation of 75 million dollars; the capital employed in

cable, that the Bank of France has thus far encouraged
the movement through arrangements which the Bank
has made with Paris banking houses. This statement
indicates that these bankers have been enabled to offer
inducements to their New York correspondents to
ship the gold by making advances on the metal while

the business directly and in its many subsidiary indus­
tries is put at 200 millions, and the number of persons
engaged therein is estimated at one or more hundred
thousand. The total number of cars in use in the
country has been recently estimated at 175,000, and it
is expected that another 75,000 will be added in this
year, at various prices ranging all the way up to
$10,000 for the extreme of luxurious vehicles.

it was in transit to Paris. If such, or other facilities,
have been extended, that fact will go far to explain

why the sale of bills incident to the export made so
One may discount these estimates if he chooses, but
slight an impression on the market. If the move­ the observed facts do not allow any great discounting.
ment of gold hence to Paris shall be solely on account The old jest that the autocar goes out by its own
of the Russian loan issue, it has been suggested that power and is hauled back by a horse, long ago lost
it will cease this week, for further exports cannot be all point. The various “ troubles” which used to be
made available before the subscription books for the encountered in the mechanical operation have nearly
loan shall be opened. On the contrary, it is possible ceased. The record of drives across the United States
that consignees of the gold may be unwilling to forego and even almost around the globe, together with
the present opportunity for procuring the metal, under continuous or “ non-stop” runs of many days duration,
the existing favorable conditions, and they may at­ the motor itself keeping up although the car comes
tract additional sums, which will be employed for other to a halt, has become so long that it has ceased to
purposes.
attract any attention. As a general statement, it k
1he relative rates for discount abroad and for mcney fully correct to say that the motor car now runs, under
in New York should be taken into consideration in de­ conditions favorable or the contrary, with a regularity
termining the extent and duration of the gold move­

and certainty which is not matched by any existing

ment. Low rates for money here seem likely to pre­
vail, while the tendency for discounts abroad is de­
cidedly upward. The Secretary of the Treasury has
sought to correct the New York monetary situation
by recalling from the depositary banks 25 millions of
public funds— 15 millions Jan. 23 and the remainder
Feb. 10. Surrenders of such funds will doubtless
be prompt; indeed, New York City depositories are

form of propulsion except the railroads.
It is the
vehicle of town use, of touring use through the country,
and for strictly commercial work it is steadily, although
slowly, displacing the horse.
Now the point we wish to make is that all this
development of a new thing during a single decade
has come about by sharp contest in the open market
of competition. Compounds of steel and bronze and

already anticipating the maturity of the first install­ aluminum, which are particularly suited to particular
ment of the call. Presumedly country depositories will parts of the vehicle, have been wrought out; the details
effect their surrenders through their New York cor­ of frame, running-gear and body have been perfected,
respondents, so that local banks will be chiefly affected. specialized and standardized; it has been discovered,
There will, however, be an offsetting influence of the by costly experience, what weaknesses need removing
result of the Treasury call through the excess of dis­
bursements over revenues of the Department, so that
fiscal deficits, which for this month will exceed 10
millions, will more than balance withdrawals of public
funds.

and where simplification can be effected, the result
being that the car of to-day hardly resembles that of
1898 except in the mechanical principle which drives it.
Every man engaged in the growing industry has been

keenly alert to lessons from his own experience and
A bill has been introduced in the Senate which pro­ from that of others; every man has watched his rivals,
vides for increasing the limit of bonds that may be and has been spurred to his best by the certainty that
issued in aid of the construction of the Panama Canal unless he kept at least in the front rank of progress he
from 130 millions to 500 millions. Inasmuch as this was commercially gone.
proposition has been made by an influential member
Now let us imagine that a paternal government
of the Senate Committee on Interoceanic Canals, the
report from Washington adds that the proposal en­
courages the presumption that the committee realizes
the fact that it may be necessary to change the type
of the canal from a lock to a sea-level structure.

had discovered a decade ago that the motor car is a
good thing whieh ought to be transplanted here from
Europe, and that a government bureau had forthwith
undertaken to develop and popularize ft on America*
soil. With the public treasury as a cushion by which

to ease the blow of failures; without the sharp spur
The first of the two automobile shows of the season of individual interest and hope of profit; without the
was held about a week ago, and the other one, which is quick reward held out before individual discovery and
ordinarily the more spectacular, opens Thursday or energy; and, more than perhaps all else, without the
thereabouts. Even for persons who have neither competitive work of many producers in ereating pub­
present nor prospective interest in the subject, these licity and a demand for the article, how much would
exhibitions are attractive as such. But there is a have been accomplished in ten years in developing the
quite timely moral in the development of this groat car and gettii g it into private use? The new thing
industry. A decade ago— or, to be more precise,
eleven years ago, just as the late war was beginning—
this industry was beginning to take root in the United

had to be made practical and also to be so made kn©wn
that the public would buy it; how much would a
government have done in ten years in either of these
directions?

States. According to the latest figures, approximately
25,000 cars are in use in this city alone and 14,000
Much is said nowT-a-days about government by com­
were registered in this State in 1908. In that year mission, and new commissions for producing a millen­
some 45,000 were made and sold in the country, at a nial condition in this or that field are proposed, go




124

THE CHRONICLE

it is timely to point out again, lest we may forget,
that this country, in all it stands for and comes to,
has been produced by the operation of individual ini­
tiative, under the hope of individual reward, and not

[V O L . L X X X V I I I .

created in part by division of subscribers to existing

by operations of any government, State or Federal.

ones. This work is vast in its details, and it requires
very careful forecast for keeping up with and not
getting in advance of the business and social growth
of the city. Probably there is nothing in general

In the exchange of communications between the
Public Service Commission and the receivers of the

use about which there is, on the whole, so little com­
plaint— at least, so little just complaint. Is it reason­
able to suppose that anything outside of a private

/•surface lines of this city, the latter appear to have corporation could serve the public so well in all re­
.dearly the best of it in so far as they interpose the spects ?
;plea of non possumus as answer to the demand for
The facts regarding the surface lines in this borough
.certain additional service. We are rendering the
best service in our power, say the receivers, and are so plain that there is absolutely no reason for any
neither executive orders nor any statutes can compel misunderstanding or even for serious differences of
anything more. An ordinary unlettered Chinaman opinion. A year ago last September and October
•once met a demand from a creditor by, “ if no havee, these lines were all thrown into the hands of receivers.
ihow can ? "
And when the plea of financial inability Since then the Public Service Commission has been
is offered in a given case, that certainly must be almost continuously bombarding them with orders
taken as final, unless it can be shown by figures that for increased facilities and accommodations, requiring
on the one hand the raising of much new capital and
the plea is unfounded.
It may give animation to the correspondence, but on the other hand greatly increasing the running
it does not aid a solution, to suggest that when a expenses of the roads. The receivers, acting under
corporation cannot obey a law “ it should withdraw, orders of the Federal Court, have, as already stated,
surrender its franchise, or allow others to manage sought to comply within the limits of reason. What
its affairs." For in this instance the company has they have done to improve the service of the various
withdrawn, in the financial sense, inasmuch as it is parts of the old Metropolitan Street R y . system— for
in receivership and the receivers say they are trying the system itself has been disrupted, and many of the
their best (short of working miracles) to do their parts are now under separate Court management
duty towards all parties concerned, under direct can be judged when we say that on the Metropolitan
orders from the Court which appointed them. Nor lines proper $3,500,000 of receivers’ certificates have
does it held matters any to repeat something which been issued, on the Third Avenue R R . $2,500,000 of
has often been said, and is more or less believed by the same kind of receiver’s obligations have been put
many persons: that the lines in this city came into their out, while various smaller amounts of receiver’s
financial trouble because of mismanagement in the certificates have been issued by the minor lines like
past. If it were admitted that they did, the past is the Dry Dock East Broadway & Battery and the
past, and citing the past does not help the present Yonkers R R . As a result of the expenditure of these
When a man large sums of money, the service rendered by the lines
is struggling in the water, the problem presented is has unquestionably been much improved, though, on
not advanced to solution by discussing how he came the other hand, the effect of the issuance of such large
amounts of Court obligations, taking priority of rank
to fall in.
to
most of the existing bond issues, has been to
Just now, Governor Johnson of Minnesota has made
weaken
the position of these latter. The Commission,
in his message to the Legislature an urgent plea for a
however,
persists in issuing new orders requiring the
law putting all public utilities under direct State
expenditure
of still more money and raising running
eontrol, and he cites the example of New York as
proving that this could be of great service all around expenses still higher. The receivers, on their part, are
and would incidentally add to the security and at­ at a loss to know where any more money can be
tractiveness of investments. Inasmuch as the scheme obtained. Their letter to the Commission was merely
in this State is just beginning to get into its real to apprise the latter of this situation and to demon­

or offer a prospect for the future.

test, including therein the certainty that it must
ere long get into the courts for judicial review, it
seems a very optimistic assumption that the useful­
ness of it all has been established. But close by
us in New Jersey— where a scheme of this sort was
unsuccessfully sought, about a year ago, and the
strange plea was advanced for it that it had been
undertaken here, and what was good in New York
was good enough for New Jersey without further
examination— Governor Fort has just advocated
the thing anew. So effective is a bad example.
As for bringing under it the telegraph and tele­
phone, we may well remember that the latter is in
the nature of the case a virtual monopoly, as the
city directory is. And for an instance in the operation
we all know that the use of the telephone grows
rapidly, the number of telephones in this city being

strate that its orders and requirements were becoming
oppressive and confiscatory. The sum and substance
of Chairman Willcox’s reply is that the Commission
will continue to issue its orders, nevertheless, and, if
the receivers fail to comply, will see what can be done
about it.
The case which the receivers make out for them­
selves and against the Commission is an exceptionally
strong one.

The particular subject of controversy in

the present instance was the requirement for increased
service on the Eighth Street Crosstown line. The
receivers say that the additional cars required for the
purpose would involve an outlay of from $375,000 to
$450,000, and that the increase in operating expenses
would amount to over $100,000 per year. They point
out that at the recent hearing on the proposed FiftyNinth Street joint-rate matter “ the testimony estab­

now over eight times what it was in 1898. New lished beyond any doubt that the properties in our
1‘exchanges" are opened from time to time, being (their) care, under the present method of operation,




Jan . 16 1909.]

THE CHRONICLE

125

are earning substantially no return whatever upon the contrast with the utter failure attending the work of
assessed valuations nor any amount approximating the Public Service Commission in this district. One
such return.” Continuing, they say:
reason for this, of course, is found in the fact that Mr.
“ You certainly must understand that these roads Williams was thoroughly equipped for the duties, his
cannot continue to be operated in a satisfactory previous training as a trust company official having
manner without the expenditure of large sums of money given him precisely the experience and knowledge
in excess of the revenue which they now yield. We needed at such a critical juncture. In addition, he
know of no method of obtaining the necessary funds
has demonstrated that his mind does not run in
except by resorting to the financial markets of; the
country and availing of money seeking safe invest­ narrow grooves. Though a trust company man, his
ment. Your policy of oppression, maintained and horizon has been wide enough to take in the needs
persisted in, notwithstanding the indisputable evidence and requirements of all classes of financial institutions.
submitted to you, constitutes such a menace that any Hence, the wise banking legislation of 1908, in large
attempt on our part to' procure the requisite cash
part as the result of his efforts and recommendations.
to enable us to carry on operations successfully would
There
has been, however, still another reason for his
be utterly futile. If you intend that orders of the
great
success.
He has taken great pains to avoid
character of those you have issued with reference to
the Eighth Street line shall be complied with, you being an official meddler. He has not hesitated to
must point out to us some practical method of raising step in when occasion required such a course, and
the necessary funds.”
he has been resolute in whatever action he deemed
This being the situation, the receivers ventured to necessary, but otherwise he has kept his hands off.
express the hope that the Commission might see fit The rule of conduct that has guided him is indicated
to modify its orders. Chairman Willcox in reply in a paragraph in the present report in which he
writes a letter indulging in much invective and sar­ discusses the relations that he conceives should
casm and insists that the orders of the Commission exist between State banking institutions and the
must be obeyed. Oren Root, the General Manager Department. The Banking Department, he well
of the Metropolitan Street R y ., is quoted as saying says, should not become a criticising machine. “ It
that the Metropolitan needs $15,000,000 more at least, should be a responsive, helpful agency, co-operating
and including the receivers' certificates now out and with the institutions under its supervision for their
other pressing obligations, it needs fully $25,000,000. absolute safety and efficiency of service to the public.”
Such improvements as the receivers have made, he
says, have exhausted all their resources. Where the
additional money is to be obtained he does not know,
and it may be it cannot be obtained at all, he declares.
Obviously, when things reach such a pass as this,the
whole matter begins to border on the ridiculous. Mr.
Willcox thinks he is making a fine point against the
receivers when, as noted above, he suggests that they
get out and abandon their hopeless ‘ task, sacrifice
the interest of the mortgage bondholders and make
room for some one else. But suppose this advice
were followed. Suppose that Mr. Willcox himself
were given the management of the property and
could ignore the existing equities in the property and

It is decidedly refreshing to have a public official
express himself in this way at a time when the general
inclination is to think that government must have
a hand in anything and everything, and it is gratifying
that this policy has in Mr. Williams's case been attended
by such satisfactory results.
The suggestions and recommendations which the
State Superintendent makes are also deserving of
commendation.

H6 reviews at length the banking

reform measures enacted in 1908, pointing out the
character and purpose of each of the twenty bills
which became laws, and then expresses the opinion
that the remedial legislation having been so thorough

and far-reaching, it would seem wise to test thoroughly
had no task to perform except the’single one of raising the provisions of the new laws before contemplating
$15,000,000 to $25,000,000 for the purpose of making radical further amendment. He accordingly advises
provision for the improvements now ’ demanded or that banking legislation at the present session be kept
required. Would any group of financiers lend him at a minimum. He expresses the belief that a strict
$15,000,000, even though given an absolute first lien observance of existing laws, coupled with the reason­
on the whole property, with the knowledge that a able business judgment under intelligent and helpful
month, or six months, or a year hence, the Commission supervision, will absolutely prevent failure, and will
might again swoop down on the property, demand render our State institutions generally stronger than

additional improvements requiring the raising of those of any other existing system, State or Federal.
further large sums, and also adding further to running He makes only two main suggestions of amendment.
expenses, thus wiping out what small margin of profit He thinks that where banks or trust companies
might have been developed in the mearitime? The solicit savings deposits— inasmuch as those who avail
Commission may not know it, but in this matter it is of such facilities may be under a misapprehension
acting childish.
as to the character of the institution with which they
deposit and the extent of the protection afforded—
The annual report made to the Legislature this week the law should require that such institutions inform the
by Clark Williams, State Superintendent of Banks, is public by appropriate notice that they are not savings
a sensible document all through. Mr. Williams banks. He also thinks that department stores should
has held his post only a little over a year (having not be allowed to hold themselves out as depositaries
entered office at a most critical period, at the time for savings funds. In the stores which resort to this
of the panic the latter part of 1907) but during his practice, he points out, high rates of interest are
short tenure has accomplished so much that his name allowed on small balances, and the proprietors claim
will always be remembered in connection with the to be private bankers. “ It would seem’ to be wise
State Banking Department. The success attending to curtail this evil,” he says, “ by the enactment of
the administration of his Department is in sharp laws limiting the amount of the deposit upon which




126

THE CHRONICLE

interest may be paid, and if that should not prove
effective, I would favor a law so phrased as to pro­
hibit absolutely the receiving of deposits upon which
interest was promised directly or indirectly in con­
nection with any business enterprise which included
dealing or trading in goods, wares or merchandise.”
The Legislature should give close heed to what Mr.
Williams says in this regard.
Whenever the Two-cent Fare Law of the State of
Pennsylvania has come before a court for construc­
tion it has always been held to be invalid as to the
complaining railroad. Both the lower courts and the

[V O L . L X X X Y I I I .

then prevailing would be strongly reflected in the
statements of condition of the national banks for
Dec. 3, and the publication of the statements was
somewhat anxiously awaited. They gave proof, how­
ever, of general strength and recovery of condition.
We do not mean that the returns then submitted did
not reflect the changed state of affairs which the
October panic introduced. They certainly did reflect
it, but not to such an extent as to cause any doubt
as to the ability of the banks as a body to safely
weather any prospective strain.
Recent growth in number of institutions has not

been so noticeable as in earlier years, the demand for
Supreme Court of the Keystone State have taken this banking facilities in smaller communities now being
view and the latest decision rendered on this question iess urgent, but in the volume of deposits, the loan
is the opinion of Judge Scott of the Court of Common account, the condition of the reserves in the various
Pleas of Northampton County, P a., in the case of the cities and States— in fact in all the different important
Central Railroad of New Jersey. Holding in favor of
the railroad company, Judge Scott said that the whole
legislative regulation is obnoxious to the fundamental

items— evidence is disclosed of features that help to
make of this final abstract for 1908 a very satisfactory
exhibit.

The growth in number of banks, as already

law of Pennsylvania so far as it affects the company. stated, has not developed as in previous years, but it
The Court also found that the passenger business alone has been continuous, not a week passing in which
of the Central Railroad of New Jersey in Pennsylvania the organization of new institutions has not been
since the Act of April 5 1907 became effective has reported. The increase in the aggregate paid-in
been unprofitable, the profit of the railroad being capital of the banks, moreover, has concurrently been
comparatively moderate, owing to the preponderance
made upon freight traffic.
One rather singular feature of the litigation in Penn­
sylvania growing out of the Low-Fare Act is that no
case has been presented upon lines broad enough to
enable the Court to nullify the Act as to all railroads
doing business within the State. Owing to delay in
bringing some cases to trial, a peculiar condition re­
sults, as the law now is effective against some rail­
roads and is void as to others. All of the lines of the
Pennsylvania Railroad save one were enabled, through
the decision of the Supreme Court, to restore passenger
fares to the old rate of 2 l/ 2 cents per mile. The ex­
ception is the Philadelphia Baltimore & Washington

of small institutions among those organized. Thus,
during the period from Dec. 3 1907 to Nov. 27 1908
the average^capitahof new banks was only a little over
$85,000, whereas in the preceding similar period it
was over $127,000. Within the last year the actual
net number of new banks organized was 240, which
compares with 426 in the previous year and 366 in
1906. But we must go back a little further to gain
an adequate idea of the phenomenal expansion of the
national system. According to the tabulations of the
Comptroller of the Currency, the number of national
banks in existence on March 14 1900 was only 3,617,

Railroad, on which 2 cents per mile is still charged
within the State of Pennsylvania and no effort has

with capital of $616,398,095; now (Dec. 31 1908)
there are 6,889, with authorized capitalization of

yet been made to have this changed. Another singular
circumstance is the competition between the Schuyl­

$933,020,275. In a period of eight years, therefore,
growth in number has been over 9 0 % and in capitali­

kill Valley division of the Pennsylvania Railroad and
the Reading. After the decision of the Supreme Court

zation 5 1 % .
A noticeable feature of the latest national bank

the Schuylkill Valley division restored its fares to

statement (that for Nov. 27) is the important further
augmentation in the volume of individual deposits.

2)4 cents per mile.

But this division of the Pennsyl­

vania Railroad is paralleled by the Reading, which At its highest point before the panic of last fall, that
is still compelled to comply with the terms of the law, item stood at slightly in excess of 4,300 millions of
no decision having yet been rendered in a case affecting dollars, dropping to 4,177 millions Dec. 3 1907 and
the Reading. The Reading having the lower fare 4,106 millions Feb. 14 1908. Since then there has been
naturally obtains the greater amount of the passener constant recovery, the total May 14 having been 4,312
millions, in July 4,374 millions, in Sept. 4,548
traffic.
The injustice of having a State law which some millions and on Nov. 27 1908 4,720 millions.
railroads are compelled to obey and from whose pro­ Loans exhibit a fairly large gain during the year,
visions others are exempted is so apparent that it is rising from 4,585 millions Dec. 3 1907 to 4,840 millions
expected that the Legislature at its present session in the current statement, a total of 162 millions of
will repeal the Two-cent Fare Act. If this is done it dollars greater than the previous record made in Aug.
1907. The actual cash holdings of the banks, while
will put an end to the pending litigation.
moderately less than at the close of Sept., were on
The completed abstract of the condition of the Nov. 27 very greatly in excess of the same time in the
national banks dated Nov. 27 1908, made public last previous year. Retirement of circulation to the extent
week, is in all its leading items favorable.

Indeed, it

furnishes all needed proof of the satisfactory condition
of the national institutions as a whole, and is therefore
calculated to remove the last remaining vestige of

of 14 millions of dollars has released from the Treasury
a like amount of U . S. bonds, and a small reduction in
Government deposits has returned to the banks 5)4

doubt as to general solvency of the whole system.

millions of securities other than U. S. bonds. The
volume of circulation as it now stands, virtually 600

In the fall of 1907 fears were expressed that the distress

millions, is practically the same as a year ago, but




THE CHRONICLE

Jan. 16 1909. j
much

higher than

at

any time theretofore.

The

aggregate available banking capital of the institutions,
comprising capital, surplus funds and undivided
profits, stood on Nov. 27 1908 at 1,700 millions of
dollars, a record total, and comparing with 1,651
millions about the same time in 1907 and 1,535 millions
in 1906.

127

cording to our special cable from England, the Bank of
England gained £483,547 bullion during the week and
held £31,656,183 at the close of the week. Our corre­
spondent further advises us that the gain was due
wholly to receipts from the interior of Great Britain,
exports having exceeded imports by £972,000. The
details of the movement into and out of the Bank were
as follows: Imports, nil; exports, £972,000 (wholly
to South America), and receipts of £1,456,000 net
from the interior of Great Britain.

The bank statement of last week showed, as the
most important feature, an increase of $11,597,075
in reserve, to $26,301,450, according to the report of
The foreign exchange market was strong until
actual conditions; computed upon the basis of deposits
less those of $8,717,700 public funds, the surplus was Wednesday,when there was a slight recession in rates,
$28,475,875. Average loans increased $23,815,000, indicating a lighter demand for the mid-week and the
while there was an actual increase of $14,157,000 in French mails. Expectations of an advance in the
this item. The average gain in deposits was $37,­ official discount rate of the Bank of England had
482,200; the actual increase was $32,050,900. Aver­ some influence in restricting business; the firm open
age holdings of cash were augmented $11,106,200; the market rate at London was reflected in a partial
actual increase was $19,609,800. There was a gain of decline in long sterling. An unusually strong tone
$1,627,700 in cash reserve, against deposits of trust developed on Saturday of last week, which was attri­
companies, and of $19,133,500 in deposits in banks and buted to covering of short contracts and to evidence
of a small supply of bankers’ bills. On Monday there
trust companies.
was a somewhat urgent demand for remittance to
The market for money on call was even easier this pay for securities that had been sold for European
week than in the previous week, largely because of account; this inquiry was partially satisfied by offer­
increasing supplies from interior banks, chiefly those ings of bills against the New York City revenue bonds
in Chicago and Boston, and a limited inquiry as the

that were sold last week and had been placed abroad.

result of liquidation on the stock market. The above­

The early engagements of gold for shipment by Wednes­
day’s steamer indicated the resumption of gold
exports in volume this week; the fact that coin was

noted call by the Secretary of the Treasury for the sur­
render of public deposits did not have more than a
sentimental effect; neither did the withdrawals of
gold for shipment to Paris and indications of their con­
tinuance and possible diversion to London, in response
to relatively higher rates of discount there than in New
York. Offerings of short-term collateral loans were

freely accepted by shippers to Paris seemed to show
that high rates for exchange would be maintained,
at least until ^French demands were satisfied. Though
additional engagements of gold coin wrere effected on

Tuesday, the market did not reflect offerings of bills
less liberal this week, influenced by expectations of incident to the intended shipment, and a strong tone
firmer rates because of withdrawals from banks by continued to prevail. There was a special demand for
trust companies, towards the end of the month, of cash cables in connection with the pending settlement on
for the reinforcement of their reserves in vault, which the London Stock Exchange and such drafts sold at
withdrawals have already begun, as indicated by last 4 8775, continuing strong at that rate to the close.
week’s trust company statement. The time loan mar­ On Wednesday the market was less active and easier.
ket was also affected by the placing this week of 10 The steamer service for the remainder of the week,
millions ten months’ revenue bonds by the City of New until Saturday, consisted of comparatively slow boats,
York, in addition to a like amount of such obligations and as the mid-week mails carried a large volume of
last week. One feature was a somewhat urgent de­ remittances, the inquiry for bills was small. The
mand for commercial paper, not only by New York in­ business during the day was chiefly for Saturday’s
mail and the buying to remit for securities that had
stitutions, but by those in the interior.
Money on call, representing bank and trust company been sold for London account. The advance in the
balances, loaned on the Stock Exchange during the Bank of England rate on Thursday was largely dis­
week at 2 % and at 1 )4 % , averaging about 1 M % ; all counted; after opening firm there was a sharp fall and
lending institutions quoted 13^ % as the minimum. the tone was feverish at the close. A report was then
Time contracts on good mixed Stock Exchange col­ current that $2,000,000 gold bars that had been
lateral were 2 J ^ @ 2 M % for sixty and 2 % % for ninety exported to Paris on Wednesday were procured at the
days to four months, and 3 )^ @ 3 3 ^ % for five to six Philadelphia Mint. The fact that the demand for
months. One transaction reported was for a round gold for Paris was so extraordinarily urgent as to
amount for six months at 3 % , the lowest rate recorded
in several months. Commercial paper rates ruled at

cause shippers to incur the additional cost of procuring
bars from the Mint contributed to the feverish market.

4 % for sixty to ninety day endorsed bills receivable,
4 @ 4 3 ^ % for choice and 4j^j for good four to six months

Compared with Friday of last week the market on
Saturday was 5 points higher for long at 4 8 5 @ 4 8505,
10 points for short at 4 8 7 2 5 @ 4 8735 and 10 points
for cables at 4 8 7 5 0 @ 4 8760. On Monday short rose
10 points to 4 8 7 3 5 @ 4 8740 and cables 10 points to
4 8 7 6 0 @ 4 8765; long was unchanged. On Tuesday
long advanced 5 points to 4 8 5 0 5 @ 4 8510, short 10

single names.
The Bank of England’s rate of discount was ad­
vanced Thursday from 2 > £ % , at which it had stood
since May 28 1908, to 3 % .

The cable reports dis­

counts of sixty to ninety day bank bills in London
2 % % . The open market rate at Paris is 2 }4 %
and at Berlin and Frankfort it is 2 % @ 2 / 4 % .




Ac­

points to 4 8 7 4 5 @ 4 8750 and cables

10 points to

4 8 7 7 0 @ 4 8775. On Wednesday long fell 15 points
to 4 8 4 9 0 @ 4 8495, short 5 points to 4 8 7 4 0 @ 4 8745

THE CHRONICLE

138

[ V O L . L X X X V I I I.

As regards the action by Turkey, its effect on the
and cables 5 points to 4 8 7 6 5 @ 4 8770. On Thursdaylong rose 15 points to 4 8 5 @ 4 8510, short fell 15 points general situation, political and financial, cannot be
and recovered to 4 8 7 2 5 @ 4 8745, while cables declined otherwise than favorable. Austria appears to have
5 points to 4 8 7 6 0 @ 4 8775. On Friday long was offered Turkey the sum of $10,800,000 in settlement
unchanged, while short and cables were 10 points of Turkey’s claim on Bosnia and Herzegovina. It is
not stated how this sum was arrived at; we presume
higher.
The following shows daily posted rates for sterling the process employed was to capitalize the annual
exchange by some of the leading drawers.
tribute paid by these provinces to Turkey, under
the
old and very unsatisfactory arrangement stipu­
F rl.,
M on ., Tues.,
Wed , Thwrs., F rl.,
Jan. 8 Jan. 11 Jan. 12 Jan. 13 Jan. 14 Jan. 15 lated by the Treaty of Berlin.
From every point of
86
i 60 days 4 86
86
86
86
86
Brown
view,
the
Turkish
Government
was
wise in accepting
88
88
88
83
Brothers ----------- . /S ig h t .. 4 88
88
/GO days
K idder,
P eabody & C o------ ./S i g h t . .
j60 days
Bank British
North Am erica - - . ./ S i g h t ..
/ 60 days
M ontreal..............- ..'/S ig h t ..
/6 0 days
Canadian Bank
of Com m erce------ . ./ S i g h t ..
/6 0 days
Heldelbach, Ickelhelracr <fc C o-------- . ./ S i g h t ..
/ 60 days
Lazard
F reres.................... ..'/S ig h t ..
Merchants’ Bank
J60 days
ot Canada----------- . ./ S i g h t ..

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

86
88
86
88
86
88
86
88
86
88
86
88
86
88

86
8814
86
88}4
86
88}4
86
88/S
86
88J4
86
88^
86
S8K

86
88)4
86
88/4
86
88/4
86
88 <4
86
88/4
86
88/4
86
88/4

86
88/4
86
88/4
86
88/4
86
88/4
86
88/4
86
88/4
86
88/4

86
88/4
86
88/4
86
88/4
86
88/4
86
88/4
86
88/4
86
88/4

86
88/4
86
88/4
86
88/4
86
88/4
86
88/4
862
88/4
86
88/4

this offer, and the fact that notice of acceptance was
given at just this time is pretty clear evidence that the
new Turkish Parliament agrees with the Government
in the matter. The truth of the situation is that
Turkey does not need, and has never needed, these
two remote, alien and unruly provinces, but that it

does very seriously need ready money. It therefore in
Rates for exchange on Friday were 4 8 5 @ 4 8510 for effect gets rid of a troublesome burden and at the
long, 4 8 7 3 5 @ 4 8740 for short and 4 8 7 7 0 @ 4 8775 same time makes a substantial step toward that
for cables. Commercial on banks 4 8 4 5 5 @ 4 8465 and rehabilitation of its finances which is a point of first
documents for payment 4 8 4 @ 4 85}4 • Cotton for importance in the program of the new Legislature.
payment 4 8 4 @ 4 843^, cotton for acceptance4 8455@ It is as fortunate as Spain was when she accepted
our $20,000,000 indemnity of 1898 for the Philippines.
4 8465 and grain for payment 4 8 5 @ 4 85)^ .
Turkey’s ready acceptance of the Austrian offer
The following gives the week’s movement of money
to and from the interior by the New York banks.
Shipped 6y
Received by
N . Y . Banks. N . Y . Banks.

W eek ending January 15 1909.
C u rren cy__________________________
Gold .........................................................
Total gold and legal tenders

Net Interior
Movement.

$9,898,000
1,621,000

$3,810,000 Gain $6,088,000
498,000 Gain
1,123,000

$11,519,000

$4,308,000 Gain $7,211,000

With the Sub-Treasury operations and gold exports
the result is as follows:
Out ot
Banks.

Inte
Banks.

Week ending January 1 5 1 9 0 9 .
Banks’ Interior m ovem ent, as above.
Sub-Treas. oper. and gold exports. .

$ 1 1 ,5 1 9 ,0 0 0
4 7 ,1 0 0 ,0 0 0

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

$ 5 8 ,6 1 9 ,0 0 0

Net Change in
Bank Holdings.

$ 4 ,3 0 8 ,0 0 0
4 3 ,3 0 0 ,0 0 0

Gain $ 7 ,2 1 1 ,0 0 0
Gain 3 ,8 0 0 ,0 0 0

$ 4 7 ,6 0 8 ,0 0 0 G a in $ 1 1 ,0 1 1 ,0 0 0

speaks well for the judgment and conservatism of
the new government at Constantinople; more than
this, it removes the most awkward obstacle to a
settlement of the various disputed questions arising
from last year’s events in the Balkans, and paves
the way to an international conference which should
be able to settle the various problems involved without
the clash of international jealousy and misgiving
which was lately apprehended.
The new Russian loan was to this extent connected
with the Austro-Turkish negotiations, that the
bankers having the matter in hand Avere obviously
disinclined to ask the financial markets for the very

The following table indicates the amount of bullion large sum required so long as any question of diplo­
in the principal European banks.______________________ matic collision should arise. Whether there is, or is
Jan. 16 1908.
not, any sense in the London theory that Germany
Jan. 14 1909.
Banks of

E n gla n d ..
F ran ce___
Germany *
Russia . . .
Aus.-H un.
S p a in ____
Ita ly _____
Netherl’ds
Nat.Belg.Sweden . .
Swltzerl’d.
Norway . .

Gold.

Silver.

Total.

Gold.

Silver.

Total.

and Austria have purposely blocked the Russian loan

£
31,656,183
141,427,440
41.383.000
120,403,000
49.345.000
15.816.000
37.664.000
8,628,600
4.298.000
4.344.000
4.710.000
1.703.000

£

£
31,656,183
176,635,240
52.293.000
126,431,000
61.579.000
48.091.000
42.264.000
12.700.000
6.447.000
4.344.000
4.710.000
1.703.000

£
35,791,426
106,966,009
30.648.000
117,235,000
45.885.000
15.667.000
36.660.000
7,652,200
3.580.000
3.905.000
3.075.000
1.652.000

£

£
35,791,426
143,616,760
41.934.000
122,678,000
57.031.000
41.380.000
41.360.000
12,040.700
5.370.000
3.905.000
3.075.000
1.652.000

negotiations through their dislike of the entente
between England, France and Russia, the fact never­
theless remains that a loan for $240,000,000 could

35,207,800
10.910.000
6,028,000
12.234.000
32.275.000
4.600.000
4,071,400
2.149.000

36,650,751
11,286,000
5.443.000
11.746.000
25.713.000
4.700.000
4,388,500
1.790.000

Total week 461,378,223 107,475,200 568,853,4231408,716,635 101,717,251 510,433,886
Prev. week |455,839,209 108,565,767 j564,404,976-403,625,797 101,571,787 |505,197,584
* The Bank ot Germany now makes regular statements o f Its gold stock.

not advantageously be placed in a market where
any serious question remained as to international
relations. It must be remembered that this Russian
loan has been repeatedly proposed and talked of in
the markets, ever since the early months of 1906; it
was inevitably postponed, first, on account of the
great strain then existing on the whole world’s money
markets; again, in 1907, because of the well-known

THE B A L K A N R E A D JU STM E N T.
After a series of weeks distinguished chiefly by the panic conditions throughout the financial world.
absence of any important financial event on the Efforts were made on two or three occasions during
world’s great markets, three such events have almost 1908 to bring the matter to a head, but were defeated
exactly coincided with one another during the present through the circumstances to which we have referred.
week. Taken either singly or in connection with one
This being the case, it must be clear, not only (hat
another, they are of such a character as to exert the successful flotation of the loan next week would
unquestionable and considerable influence. on the throw a favorable side-light on the diplomatic situa­
future of finance in Europe, if not in the United tion, but that it would relieve the Russian Government
States. The three events to which we refer are the from an embarrassing financial position. The loan is
agreement of Turkey to accept the indemnity proffered very large, and is issued on no particularly favorable
by Austria for the Balkan provinces annexed by the basis, the issue price of 89% for a A% per cent govern­
Vienna Government; the announcement of the long- ment loan being far below what an important govern­
postponed Russian Government loan.in Paris, and the ment ordinarily has the right to expect, but not, on
rise in the Bank of England rate.
the whole, much if any lower than the rate at which




J an . 1G 1909. i
Russia has had to pay in recent years.

THE CHRONICLE

129

As for the

the coming twelvemonth; but,on the other hand, due

reception of the two announcements— the AustroTurkish agreement and the Russian flotation— on
Europe’s financial markets, that has been commonly
described as disappointing, because prices did not
rise. It is only fair to ask, however, whether the
natural feeling of financial reassurance arising from

importance must be allowed to the very extensive
plans for new capital issues which have already
been announced, on the European markets par­
ticularly. Russia’s $240,000,000 loan is only a
foietaste of what is likely to follow on those markets in

time when cash reserves at almost every important
banking centre have been increasing by leaps and

welcome.

the way of borrowing, both by governments and
settlement of the Balkan dispute would not neces­ coiporations.
I he story in this country, supposing
sarily be offset by hesitation incident to the appli­ further revival of industry and railroad traffic, is
cation in a single loan for a quarter of a billion dollars not unlikely to be similar. It is an open problem,
of the market’s capital.
then, just how far the extreme ease of 1908 can be
It remains to say how, if at all, last Thursday’s expected to continue throughout the coming year. Very
increase in the Bank of England rate from 2 ^ per few financiers, however, would be likely to predict an
cent to 3 is connected with these other incidents of actual return of high money rates so soon after the
the week. It may have no legitimate connection, for thorough-going liquidation of the two past years; and
a rise in the London bank rate has been tentatively in so far as a moderate increase of rates were a sign
discussed during many weeks as a sequel to the and symptom of improvement, both in trade activity
relative weak position of the Bank’s reserves. At a and in financial confidence, it would be altogether

bounds, the Bank of England, in its report of last
Thursday, showed a reserve smaller by nearly $25,­
000,000 than at this date in either 1907 or 1906, and
a ratio of reserve to liabilities smaller, with one
exception, than has been reported at this time in

THE

J U D IC IA L

TREND REGARD ING

PUBLIC

SER VICE CORPORATIONS.
The matter of the attitude of the United States Su­
preme Court towards laws or public orders which un­

dertake to regulate public service corporations con­
tinues to excite much discussion. Two recent de­
cisions of that Court throw considerable light on the
London bank gives some ground for the contention
question— that is, afford an indication of the views
that the Bank’s position may be in a way related to
of the Court with reference to the extent to which
continental politics. It is no secret that the lowness
public regulation of such corporations may be carried
of the English Bank reserve is due to the fact that,
in prescribing rates to be charged for their products
whereas ordinarily at this season all the new gold
or for their services. They also embody declarations of
delivered at London from the Transvaal flows autom­
principles and rules which must be observed in ascertain­
atically into the Bank of England, the story of the
ing the value of the investment in the property upon
past four or five months has been that every penny
which the corporation is entitled to earn a return. Of
of these large consignments has been regularly diverted
these two decisions, one is that rendered in the case of
to the Paris market and the Bank of France.
the Consolidated Gas Co. of this city,[and to which we
Into the much-discussed question of how far this
lefened at length in these columns last week. The
accumulation of gold by the Bank of France was
opinion of the Court in that case was handed down
purely an automatic movement, due to that market’s
the present week, and serves further to elucidate the
position as an international creditor, and how far it
views held. The other decision is that rendered in
represented, as has been variously alleged, a deliber­
the case of the City of Knoxville against the Knoxville
ate purpose of the French Bank to accumulate gold
Water Co., which was likewise decided on Monday of
with a view to the coming Russian loan, or to possible
last week. In both these instances, as it happens,the
political complications, we shall not at present enter.
highei Court reverses decrees which the lower courts
On the face of things, the automatic theory would
had granted restraining the enforcement of public
seem to have the greater weight, because the French
acts or orders. It is perhaps natural, under these
Bank, according to report, has made no special offer
circumstances, that a feeling of some uneasiness
of interest or premium to attract the gold until the should have grown up.
current week, and because the movement has been
Both these are undoubtedly highly important ad­
a normal response to an exceptionally low rate for Paris
judications, and, based on the conclusions reached
exchange on London. But however this may be, the
therein, and the opinions handed down in support of
effect on the Bank of England’s position was the
these conclusions, the trend of comment, in the news­
same, and it is not in the least unreasonable to suppose
paper world at least, seems to be to think that re­
that the rise in the English Bank rate was not merely
straint upon legislative authority in regulating rates,
due to belief in the enhanced value of money, but
or in fixing other conditions to be observed by such
represented also an effort, through the offer of better
corporations, will be greatly weakened, making it
terms in London, to arrest this persistent flow of the
easier for the legislator to give effect to legislative acts
new Transvaal treasure into France.
of an oppressive nature. The suggestion is that the
The somewhat broader question which arises in
courts are not likely to interfere in protection of the
connection with this move by the Bank of England is,
rights and interests of those having investments in
whether the world-wide and abnormal ease in money,
these properties. The sensational press—-the yellow
which prevailed throughout the world during 1908, is
journals— are doing their utmost to cultivate the idea
to be a continuing influence in 1909. Experience in
that the public authorities have gained a great vic­
other previous periods of this sort, following closely
tory over the corporations, and to such an extent that
an era of world-wide liquidation, fails to suggest
such corporations will hereafter be completely at the
any great enhancement in the value of money during
meicy of the legislatures and of public regulating bodies.
any year since 1901. But further inquiry as to the
reason for this exceptionally poor showing by the




130

THE CHRONICLE

Our review last week of the propositions laid down
by Justice Peckham in the Gas case served to make it
clear, we think, that there is no real basis for the fears
that the judgment in that case was a blow at the in­
tegrity of capital invested in such undertakings, and
the opinion handed down this week by Justice Peckham in the same case tends further to confirm this view.

[VOL. L X X X V III.

property, and cannot be taken and used by others
without compensation,” and he cited several cases
in support of that statement. The Supreme Court,
as appears from Justice Peckham’s reasoning and argu­
ments, merely holds to the view that the franchises
were valued high enough in the first instance— that
is, in 1884, at the time when the different gas compan­

ies were merged into the new and larger company—
read, also sustains the conclusion that no substantial and that there is, hence, no justification for adding to
property right in such corporations is assailed by these this original amount. Justice Peckham injects a
decisions. We may admit that it seems likely as a result of further word of caution by again emphasizing the
these decisions that the lower courts will be more circum­ statement that “ what has been said herein regarding
The opinion in the Knoxville Water case, if carefully

spect in issuing decrees restraining the enforcement of
rate orders, since the Supreme Court has made it plain
that such decrees will not be upheld unless the grounds
for the same are incontrovertibly established; but it

the value of the franchises in this case has been neces­
sarily founded upon its own peculiar facts, and the
decision thereon can form no precedent in regard to

the valuation of franchises generally where the facts
are not similar to those in the case before us.”
The position taken is clearly epitomized in another
that such injunctions will be withheld when there is
good ground for their issuance. Each of the two cases paragraph of the opinion, in which Justice Peckham
was determined upon its own peculiar facts, and there says that where the rate complained of shows in any
may be other cases which upon their own state of event a very narrow line of division between possible
facts will be decided in the same way. As concerns confiscation and proper regidation, and the division
the principles laid down and established— which is the depends upon opinions as to value which differ con­
matter of most concern to the general investor— there siderably among the witnesses, and also upon the re­
is equally true that there is no warrant for thinking

seems to be absolutely no cause for the least disquietude sults in the future of operating under the rate objected
upon the part of those having money at stake in such to, so that the material fact of value is left in much doubt,
undertakings.
What was the reason for the Court’s action in re­
versing the injunction order in the Gas case, and what

a court of equity ought not to interfere by injunction
before a fair trial has been made of continuing the
business under that rate, and thus eliminating, as far

the reason for the similar action in the Water case?

as is possible, the doubt arising from opinions as op­

It was not that the Court refused to restrain a clearly
confiscatory measure or Act, but that there were strong

posed to facts.
In the Knoxville Water case the position of the

doubts in the minds of the members of the Court that
the acts complained of would, upon test and experi­
ence, really result in confiscation. In his opinion in
the Gas case, Justice Peckham points out that the
value of real estate and plant is to a considerable ex­
tent a matter of opinion, and the same may be said of
personal estate when not based upon the actual cost
of material and construction. Deterioration of the

Court was precisely the same. There the opinion was
by Justice Moody. He argues that there can be at
this day no doubt on the one hand that the courts,
on constitutional grounds, may exercise the power of
refusing to enforce legislation, nor on the other hand

value of the plant, mains and pipes is also to some ex­
tent based upon opinion. All these matters, he says,
make questions of value somewhat uncertain; while

puted questions of fact, the invalidating facts must
be proved to the satisfaction of the Court. In view of
the character of the judicial power invoked in such

added to this is an alleged prospective loss of income

cases, it is not tolerable, he declares, that its exercise
should rest securely upon the findings of a master,
even though they be confirmed by the trial court.

from a reduced rate, a matter also of much uncertainty,
depending upon the extent of reduction and the proba­

that that power ought to be exercised only in the clear­
est cases. The constitutional invalidity should be
manifest, and where that invalidity rests upon dis­

This obviously means that the Supreme Court will re­
here a problem as to the character of a rate which is view questions of fact as well as of law in such cases,
difficult to answer without a practical test from actual and certainly no sound reason can be adduced for
operation of the rate. To guard against erroneous in­ finding fault with such a course.
It appears, too, that in the matter of the value of the
ferences, however, and to show that the Court will not
ble increased consumption. Hence, he urges, we have

countenance any legislative measure clearly violative

Water Company’s property, as in that of the Gas Com­

of constitutional rights, he goes on to say: “ Of course,

pany, the facts were peculiar.

Justice Moody says

there may be cases where the rate is so low, upon any that all or substantially all the preferred and common
reasonable basis of valuation, that there can be no stock was issued to contractors for the construction
just doubt as to its confiscatory nature, and in that of the plant, and the nominal amount of the stock
event there should be no hesitation in so deciding and issued was greatly in excess of the true value of the
enjoining its enforcement without waiting for the property furnished under the contracts. This being
damage which must inevitably accompany the opera­ so, the further statement necessarily follows that
tion of the business under the objectionable rate.” “ bonds and preferred and common stock issued under
There is certainly no ground for the slightest feeling such conditions afford neither measure of, nor guide to,
the value of the property.”
of uneasiness in such declarations as these.
Assuming the actual value of the property to have
Furthermore, while the Court would not agree with
the lower court in attributing an increase in the value been ascertained according to the rules laid down by
of the franchises over that originally fixed, Justice the Court, what return or profits is the corporation
Peckham took particular pains to state that “ it could entitled to make? In this regard what Justice Moody
not be disputed that franchises of this nature are says is in the highest degree assuring. He states that




Jan. 16 1909.)

THE CHRONICLE

131

before coming to the question of profit at all, the to invade it will soon discover the error in the disaster
Company is entitled to earn a sufficient sum annually which follows. The slight gain to the consumer
to provide not only for current repairs but for making which he would obtain from a reduction in the rates
good the depreciation and replacing the parts of the charged by public service corporations is as nothing
property when they come to the end of their life. compared with his share in the ruin which would be
“ The company is not bound to see its property gradu­ brought about by denying to private property its just
ally waste without making provision out of earnings reward, thus unsettling values and destroying confi­
for its replacement. It is entitled to see that from dence."
These words, it should be remembered, come from
unimpaired,so that at the end of any given term of the newest member of the Court, who, if any one,
years the original investment remains as it was at might be expected to be permeated by the current
the beginning." Ho goes on to add, however, that if every-day doctrines that public service corporations
a company fails to perform this plain duty, and to are legitimate prey for vicious legislative action. It is
exact sufficient returns to keep the investment unim­ very encouraging to have our highest judicial tri­
earnings the value of the property invested is kept

paired, whether this is the result of unwarranted
dividends upon over-issues of securities or of omission

bunal evidence a determination to protect constitutional
rights and at the same time reveal a clear perception

to exact proper prices for the output, the fault is its
own. Accordingly, when a public regulation of its

of the harm that must inevitably follow if a contrary

course should be permitted or encouraged.
prices comes under question, the true value of the
property then employed for the purpose of earning a
return cannot be enhanced by a consideration of the
B U ILD IN G CONSTRUCTION IN 1908.
errors in management which have been committed in
With such conditions as prevailed in general mercan­
the past.
tile and industrial circles during the greater part of
All this leads Justice Moody to the conclusion that if 1908 throughout the United States, the fact that
a public service company chooses to decline to observe there should have been a let-up in activity in the
a municipal ordinance or a legislative Act and prefers construction of buildings for dwelling and business
rather to go into court with the claim that the ordinance is purposes occasions no surprise. We have compiled
unconstitutional, it must be prepared to show to the the returns from the various cities, and find that in
satisfaction of the Court that the ordinance would the aggregate for the 112 municipalities from which
necessarily be so confiscatory in its effect as to violate we have been able to secure comparative data, the
the Constitution of the United States. He asserts falling off in expenditure covered by the 1908 contracts
that in the present instance the Court cannot know was only 1 1 .9 % . Such an exhibit cannot be deemed
clearly that the revenue would be insufficient, and it an unsatisfactory one. This is particularly true
does not feel called upon to determine whether a when we consider the fact that in almost every case
demonstrated reduction of income would or would not the material used in building construction— steel,
amount to confiscation. He adds: “ Where the case brick, lumber, cement, &c.— ruled appreciably lower
rests, as it does here, not upon observation of the in the year recently closed than in 1907, making
actual operation under the ordinance, but upon possible a considerable saving in the cost of building.
speculation as to its effect based upon the operations On the other hand, it is quite beyond question that
of a prior fiscal year, we will not guess whether the the comparative cheapness of material acted more or
substantial return certain to be earned would lack some­ less as a stimulus to operations in the closing months
thing of the return which would save the effect of of the year, swelling the total contemplated expendi­
the ordinance from confiscation."
ture under the contracts entered into in the last
This last quotation is cited with great gusto by those quarter much beyond the average for the period.
who have been assailing public service corporations Certainly, indications are not wanting that a consider­
and seeking to undermine investments in the same, able amount of work now under way would have been
as going to show that the public authorities may deferred until the spring but for the desire to take
hereafter do as they please about reducing rates and advantage of the low values. Recent activity in
that the poor corporation will have no alternative but to Greater New York, however, has also been as­
comply, and make an actual test of the reduced rate cribed in part to a desire to get an income from
before entering Court and asking for relief. But, vacant land. Such erections are consequently called
obviously, this sentence cannot be separated from its “ taxpayers."
But from all these influences combined, building
operations this fall have been on a phenomenal scale.
that plainly confiscatory legislation will be enjoined The year opened, of course, with building severely
by the courts without question at the very outset. In restricted, the anticipated expenditure covered by
fact, Justice Moody himself says that “ the courts in January contracts having been little more than half
clear cases ought not to hesitate to arrest the operation what it was in 1907. Succeeding months, down to
of a confiscatory la w ." He insists, however, that July, also made unfavorable comparisons with the
they ought to refrain from interfering in cases of any previous year; but the percentages of loss were
gradually decreasing. In July signs of activity began
other kind.
context, and the numerous other quotations and ex­
tracts we have given above establish incontrovertibly

Justice Moody makes one other very striking observa­ to be apparent; that month’s operations were approxi­
tion which we cannot forbear quoting because, besides mately the same as in 1907 and only moderately less
embodying some wholesome truths, it shows a clear than in 1906. The fact that the exhibit for August
perception of the issues involved: He says: “ Our social did not continue along the more favorable lines
system rests largely upon the sanctity of private shown in the July compilation caused doubts to be
property and that State or community which seeks expressed as to whether any permanent improvement in




133

THE CHRONICLE

the building industry was yet at hand; but these were
dispelled by the September data. That month con­
struction work arranged for an aggregate outlay not
only in excess of the corresponding period of 1907 but
also of 1906, and the October and November exhibits
were even more favorable. In November the con­
templated outlay under contracts entered into showed
for 91 leading municipalities an increase of 133.5%
over the like month of the previous year, and a gain
of nearly 6 0 % as compared with November 1906. The
closing month of the year— December— was smaller in
percentage of increase than for the similar period
immediately preceding, and yet it was the most satis­
factory showing of all, in that with two or three
unimportant exceptions all the cities reporting exhib­
ited gains over December of 1907, and in many in­
stances the percentages were phenomenally heavy,
running as high as 1 ,7 0 0 % , with the general average
only a little below 100. Greater New York shows up
exceedingly well in the compilation, with an augmenta­

[V O L . L X X X V I I I .

1908.
1907.
S
N ew Y o r k —
5
91,7 2 3 ,7 9 9
M a n h a t t a n ____ . . 95,5 1 6 ,1 7 7
O th er B o r o u g h s ._ _ 78,6 4 1 ,4 4 2 1 0 4 ,694 ,91 6
____ .1 7 4 ,1 5 7 ,6 1 9 196 ,418 ,71 5
T o t a l ____
6 ,4 3 9 ,5 8 0
B a l t i m o r e ________ . _ 6 ,374,653
8 ,4 1 1 ,0 0 0
6 ,8 4 7 ,0 0 0
B u ffa lo _____________ .
59,0 9 3 ,0 8 0
. 07,2 3 4 ,8 0 0
C h ic a g o _________
7,7 3 7 ,0 6 2
6,4 2 8 ,8 8 8
C in c in n a t i___________ .
1 5 ,8 8 8 ,4 0 7
C le v e la n d ____________ . .
9,8 9 6 ,8 6 9
6,3 4 9 ,6 0 4
1 0 ,098,020
D e n v e r _______________
14,2 2 3 ,3 0 0
___________ _ 1 0 ,6 8 2 ,1 7 0
D e tr o it9 ,611,922
K a n sas C it y ___ ______ .. 10,562,041
11,7 9 5 ,6 2 0
M ilw a u k e e___________ . 10,436,566
M in n e a p o lis___ ______ . 1 0 ,091,615
1 0 ,0 0 6 ,4 8 5
L o s A n g e le s .- ............. _ 9 ,9 7 5 ,0 0 0
13,851,154
N e w a rk , N . .1_______ .
9,5 4 6 ,7 2 5
7 ,1 0 1 ,6 6 8
N e w O rlean s________ .
4,7 1 0 ,5 2 3
5,744,311
O a k la n d , Cal . ___ .
8 ,243,983
6,3 5 6 ,3 1 4
P h ila d e lp h ia ____ . 2 8 ,3 7 8 ,5 8 0 3 6 ,3 5 2 ,0 7 5
P it t s b u r g h ________ . . 1 3 ,244,147
1 4,809,586
P o r tla n d , O re _______ . 10,5 2 8 ,0 6 6
9,446,982
S t. L o u is ____________ _ 2 1 ,1 9 0 ,3 6 9
21,8 9 3 ,1 6 7
S t. P a u l _______ . . .
7 ,6 2 5 ,6 3 5
9 ,7 5 0 ,0 0 0
San F r a n cis c o _______ . 31,673,341
5 6,578,844
S e a t t l e _______________ . 1 3 ,777,329
1 3,572,770
S p o k a n e _____________ .
5 ,927,538
5,778,876
W a s h in g to n . . ____ 9 ,153,403
13,166,166
8 8 O th er C ities_____ .1 3 9 ,3 5 4 ,9 5 9 154 ,260 ,90 5

1908
Com pared
with
1907.
%
+ 4 .1
— 24.9
— 11.4
— 1.0
— 18.6
+ 13.8
— 16.9
— 37.7
+ 58.9
— 24.9
+ 9.9
— 11.5
+ 0.8
— 28.0
— 25.0
+ 21.9
— 22.9
— 21.9
— 10.0
+ 11.5
— 3.2
— 2 1.8
— 43.8
+ 1.5
4-2.0
— 3 0 .5
— 9.7

1900.
$
120 ,075 ,56 5
114,988,893
2 4 1 ,064 ,45 8
8 ,611,708
8,6 6 8 ,0 3 0
64,8 2 2 ,0 3 0
7,101,866
12,972,974
7 ,000,996
1 3,275,250
1 0 ,765,480
9,713,284
9 ,406,150
18,502,460
10,411,328
5 ,563,437
7 ,6 9 0 ,1 9 5
4 0 ,7 1 1 ,5 1 0
17,952,101
6 ,902,032
2 9,938,693
0,5 3 7 ,4 4 9
3 4 ,9 2 7 ,3 9 0
1 1,920,488
3 ,7 0 1 ,8 5 9
1 2 ,101,876
1 6 0 ,7 4 7 ,8 5 0

1908
Com pared
w ith
1900.
%
— 24.2
— 31.6
— 27.8
— 27.1
— 21.0
+ 3.7
— 9.5
— 23 ,7
+ 44.3
— 19.5
— 1.9
+ 7.4
+ 0.6
— 46.8
— 31.2
+ 3.3
— 17.3
— 30.3
— 26.2
+ 52.5
— 29.2
— 20.0
— 9.3
+ 15.6
+ 60.1
— 24.4
— 13.3

T o t a l, 112 C it ie s .. .6 3 2 ,9 0 0 ,8 2 1 717 ,936 ,53 1 — 11.9 7 54 ,070 ,90 6 — i e . i

As regards the outlook for 1909 in the building indus­
try, it is to be said that current reports are favorable
for a continuation of activity in the near future. Im­
portant construction work now under consideration

tion in contemplated expenditure, as compared with

in various sections of the country will call

December 1907, of nearly 150% , Manhattan Borough's
gain being 1 9 3 % .

siderable volume of material and an important labor
force. Among the most recently mentioned projects
are large office buildings at Chicago, Pittsburgh, San
Francisco and New Orleans, a new plant for the CraneBest Co. at Oakmont, Pa., school-houses at Newark,

As a result of the revival of activity in construction
work in the last quarter of 1908, the exhibit for the
full year is much better than had been looked for.
We have collected returns from 112 municipalities
located in all sections of the country; the aggregate
outlay covered by the permits issued in 1908 reached
$632,900,821, which compares with $717,936,531 in
1907, or a falling off of 1 1 .9 % , and, contrasted with
1906, the loss is 1 6 .1 % , the total then having been
$754,070,966. It is, of course, impossible to enter
largely into the details of the compilation or to present
it in its entirety, owing to lack of space, but some
brief reference to important centres of building activity

for a con­

N. J., Philadelphia, Boston, Wilkes-Barre and Passaic,
and the Ives Memorial Building at New Haven.
Nothing has been done yet, apparently, toward making
arrangements for the construction of the enormous
new building for the Equitable Life Assurance Co. in
this city, but much work of an important character,
including additions to present large office buildings,
is in contemplation here.
In addition to securing building construction data

cannot be avoided. Noteworthy in this connection is
the showing made by Greater New York. For the

for United States cities, we have also obtained returns
from a number of Canadian municipalities. The re­
ports from the Dominion are in line with our own

combined boroughs the construction work entered
upon in 1908 showed a decrease from 1907 of 1 1 .4 % ,

industry in 1908.

country in showing a falling off in activity in the
In some localities more was done in

but in Manhattan alone there was an increase of 4 .1 %
and a gain of 3 .0 % was recorded in the Bronx. Brook­
lyn, on the other hand, exhibited a loss of 3 7 .9 % and

the year just closed, as witness the large increase in
construction outlay at Fort William, St. Thomas,
Vancouver and Halifax. But at Montreal, Calgary
the decreases in Queens and Richmond were 12.5% and Hamilton important declines are shown. For the
and 1 3 .5 % respectively. Compared with 1906 each eleven cities included in our compilation, which is
borough shows a falling off. Of other prominent cities given below, the expenditures arranged for in 1908
exhibiting greater activity in building operations in aggregated $38,312,145, as against $44,315,576 in
1908 than in 1907 may be mentioned Chicago, with a 1907, or a decline of 1 3 .5 % , and compared with the
gain of 1 3 .8 % , and there is also a small increase over $44,251,392 total of 1906, the loss is 1 6 .5 % . The
1906.
At Denver operations in 1908 exceeded those table follows:
1908,
1908,
of the previous year by 5 8 .9 % and 1906 by 4 4 .3 % .
Com Com with
with
Kansas City shows an increase of 9 .9 % over 1907, but
1906.
1907.
1906.
1907.
1908.
a loss of 1 .9 % compared with 1906. Minneapolis
records gains over both earlier years and the same is
true of New Orleans., Portland, Ore., Seattle and
Spokane. On the other hand, at Baltimore, Buffalo,
Cincinnati, Cleveland, Detroit, Milwaukee, Los An­
geles, Newark, Oakland, Philadelphia, Pittsburgh, St.
Louis, St. Paul, San Francisco and Washington, the

%
Canada—
$
/•
S
1 ,7 4 5 ,2 2 0 — 52.1 * 1,000,000 — 16.3
C a lga ry, A lb e r t a _____ .
836 ,950
1 ,868,069
+ 11.8
2 .2 8 0 ,2 1 0
+ 36.5
E d m o n to n , A l b e r t a .. . 2 ,5 4 9 ,8 4 7
+ 23.3
735,175
+ 11.6
665 ,455
H a lifa x , N . S ________ .
820 ,465
2 ,7 6 1 ,3 8 5 — 47.9 *2,0 0 0 ,0 0 0 — 27.6
H a m ilto n , O n t ----------- . 1 ,448,357
8 ,4 0 6 ,8 2 9 — 3 9 .S 8 ,6 3 9 ,3 8 8 — 4 1.4
M o n tre a l. Q u e _______ . 5,0 6 2 ,3 2 6
779,090 + 100.3
748,733 + 108.4
F o rt W illia m , M a n ___ . 1 ,5 6 0 ,7 3 5
+ 67.9
150,000
+ 78.0
159 ,000
S t. T h o m a s, O n t ___. .
2 67 ,000
— 7.5 13,160,398 — 0.03
T o r o n t o , O nt
____ . .1 3 ,1 5 6 ,6 5 2 1 4 ,225.800
4 ,3 0 8 ,4 1 0
+ 38.1
+ 58.3
5,622,744
V a n c o u v e r , B . C . ___ . 5,950,923
6 ,3 0 9 ,9 5 0 — 13.7 1 2,625,950 — 56.9
W in n ip e g , M an_______ . 5 ,4 4 4 ,6 5 0
624 ,300
+ 92 .9
V ic to r ia , B . C________ . 1,2 1 4 ,2 4 0
1,3 9 0 ,2 5 0 — 12.7
T o t a l, 11 C ities____ .3 8 ,3 1 2 ,1 4 5 4 4 ,3 1 5 ,5 7 6
• Estimated.

— 13.5 4 5 ,8 9 0 ,7 8 0

— 16.5

1908 figures are below those for either 1907 or 1906,
and in a number of cases largely so. Altogether, 68 RAILR O A D GROSS EAR N IN G S FOR DECEM BER.
of the 112 cities included in our compilation exhibit
Our preliminary compilation of railroad gross earn­
losses compared with 1907, and contrasted with 1906 ings for the month of December, covering the roads
there are 75 in the same category. Lacking space to which
furnish
early estimates of the results,
give complete details, we subjoin a table showing the reflects the improvement in traffic and income which
results for three years for 24 cities and the total for came with the closing month of the year. Our totals
the remaining 88 municipalities.
this time actually show an increase, being the only




Jan. 1G 1909.

133

THE CHRONICLE

month of the year as to which such an asseveration can latter also having had decreases in 1907. In the fol­
be made. The improvement, as compared with the lowing we have brought together all the changes for
corresponding month last year, reaches on the roads the separate roads, whether increases or decreases, for
reporting $2,679,882, or 5 .4 2 % . What is still more amounts in excess of $30,000:
P R I N C I P A L C H A N G E S IN GROSS E A R N I N G S IN D E C E M B E R .
noteworthy is that out of the forty-nine roads
In crea ses.
In crea ses.
P a cific ( 2 ) _______ $63 7,00 0 CIn N O & T e x a s P a c ____
$52,948
that contribute returns, only ten fail to share in the SMoissouri
u th e rn R a ilw a y ________
591 ,945 Illin o is C e n tra l____________
51,439
L o u isville & N a s h v ille ___
561,156 C h ica g o I n d & L o u is v ille 50,510
improvement, though these ten include three or four C an adian P a c ific _________
523 ,000 M in n e a p o lis & S t L o u i s . .
3 7 ,9 0 6
ou is S o u th w e s te r n ___
182,941 A la b a m a G rea t S o u t h e r n .
3 3 ,5 5 7
important systems. Our tables do not comprise any CS tanLadian
126 ,800
N o rth e r n _______
C h ica g o G rea t W e s t e r n ..
118,686
R e p re s e n tin g 24 ro a d s in
of the ve y large east-and-west trunk-line systems run­ W a b a s h ...................................
99,386
o u r c o m p ila t io n ______$ 3 ,6 8 1 ,9 5 4
In te rn a tio n a l G rea t N o r . .
93,000
D ecrea ses.
85,483 G reat N o rth e rn ( 2 ) _______ $506,191
ning through the manufacturing and mining districts, M ob ile & O h io ____________
D e n v e r & R io G ra n d e____
8 4 ,700 G ra n d T ru n k ( 4 ) ..................
4 58 ,672
7 5 ,870 T e x a s & P a c i f i c . - ................
4 6 ,8 7 5
such as the Pennsylvania R R . or the New York Cen­ A tla n ta Illrm & A t la n t ic .
74,466
C h ica g o & A lt o n _________
A
la
N
O
&
T
e
x
a
s
P
a
c
(3)
73,424
R e p re s e n tin g 7 ro a d s in
tral, and in fact cover, roughly, only about one-third C en tral o l G e o rg ia ________
66,700
o u r c o m p ila t io n ---------$ 1 ,0 1 1 ,7 3 8
& M ississippi V a il.
6 1 ,037
the railroad mileage of the country— being all for Y aNz oo ote .—
F igures in paren th esis a fte r n am e o f r o a d In dicate th e n u m b e r o f
which early returns can be obtained. It may be, lines o r co m p a n ie s fo r w h ich sp earate retu rn s are g iv e n In o u r c o m p ila t io n .
With reference to the Western grain movement,
therefore, that when, several weeks hence, our final
the receipts at the ten leading primary markets, for
statement for the month is made up, the result will
the five weeks ending Jan. 2 1909,of wheat, corn, oats,
not be fully as good as indicated by the present pre­
barley and rye combined, aggregated only 64,277,161
liminary compilation. In any event, however, the
bushels, against 68,622,556 bushels in the correspond­
showing is certain to be a decided improvement over ing five weeks of the previous year. There was a
that for all other recent months.
large shrinkage in the wheat deliveries, the loss falling
While the roads reporting embrace chiefly grain and chiefly on the roads running to Duluth and Minneapolis,
cotton-carrying roads, neither the cotton movement and also a shrinkage in the receipts of oats and rye;
in the South nor the grain movement in the West while, on the other hand, the deliveries of corn and
played such a prominent part in swelling traffic and barley increased very considerably, the advantage
earnings as in the months immediately preceding. in these latter instances accruing mainly to the roads
The Western grain traffic, indeed, treated as a whole, running to Chicago. We insert here our usual table
giving full details of the grain movement:
did not quite come up to the dimensions of that of last
W E STE R N F L O U R A N D G R A IN RE CE IPTS.
year, while the increase in the cotton traffic in the Five weeks end­ Flour.
Wheat.
Corn.
Oats
Barley.
R ye.
(bush.)
(bush.)
ing Dec. 31
(bbls.)
(bush.)
(bush.)
(bush.)
South was relatively small. On the other hand, for Cfl icarjo
1908.................. 874,431 1,449,225 13,131,115 7,455,821 2,728,636
179,071
1907.................. 905,377 1,478,246 9,951,000 9,679,075 1,665,650
December we are comparing with decreased earnings
153,000
Milwaukee—
755,842 1,259,000 1.014,400 1,453,200
1908.................. 247,475
134,100
in the previous year, so that for most roads the present
971,000
459,000 1,132,400 1,777,100
1907.................. 250,815
157,900
Louis—
year’s gains represent merely a recovery, in whole or St.1908..................
562,900
20,090
291,755 1,245,595 2,464,040 2,057,600
480,138
22,000
1907.................. 273,710 1,249,982 2,075,590 2,033,550
in part, of the losses sustained in 1907. In none of Toledo—
the previous months was the comparison with dimin­
ished totals in the preceding year. For December, our
statement in 1907 comprised 88,234 miles of line, on
which the loss was $3,092,739, or 4 .2 8 % . The fol­
lowing gives the December summaries back to 1896,
since which year, it will be observed, 1907 has been
the only period recording a loss:
Mileage.

Gross Earnings.

December.
Year.
Year.
Olven. Prec'g.
Year.
1890 -----1897 ____
1898 ____
1899 ____
1900____
190 1____
1902 ____
1903 ____
1904 ____
1905 ____
1 9 0 0 .. .
1907 ____
1908 ____

Roads M iles.
130
133
129
113
101
99
80
71
07
57
05
01
49

93,075
99,418
90,285
98,508
90,447
103,490
100,638
89,279
84,143
81,238
95,930
88,234
74,744

Miles.

Increase ( + )
or
Decrease (— )

Incr’se.

Year
Given.

Year
Preceding.

%

$

5

$

%

41,791,251
44,542,149
40,474,701
51,601,909
54,271,094
62,104,946
64,416,412
59,114,002
55,009,547
57,027.847
79,327,117
72,103,205
49,474,321

— 895,540
+ 5,478,044
+ 3,155,011
+ 3,895,904
+ 5,335,337
+ 2,818,037
+ 6,352,637
+ 2,754,259
+ 4,360,109
+ 5,441,832
+ 4,409,215
— 3,092,739
+ 2,079,882

2.14
2.29
0.78
7.54
9.83
4.53
9.85
4.66
7.91
9.54
5.64
4.28
5.42

92,282 0.86 40,895,711
98,122 1.32 50,020.193
95,191 1.15 49,030,312
90,037 1.93 55,557,813
93,002 3.70 59,006,431
100,694 2.78 64,922.983
98,801 1.86 70,769.049
87,007 2.54 61,868,261
82,007 1.86 59,429.050
79,804 1.70 02,409,679
93,553 2.55 83,796,332
87,040 1.27 69,070,400
73,180 2.14 52.154,203

___

321,600
201,000

371,200
633,500

145,000
290,000

27,400
23,400

288,438
138,350

301,834
199,820

276,721
238,059

5,106
4,447

18,960
54,709

559,050
407,532

377,327
321,559

28,001
3,932

123,500
86,000

41,127
104,900

1,858,246
2,381,900

677.500
951,000

405,000
265,400

39,000
57,500

86,500
65,750

4,987,865
7,078,497

32,880

490,419
512,715

1,008,771
222,776

58,144
59,199

__ _

7,931,183

. . . . . . 10.678,401

1,085,960
533,680

1,955,820
2,660,920

1,697,330
2,470,880

144,000
200,680

......

909,700
2,186,000

421,000
312,000

____
.........

___
......

Total ol all—
1908.................. 1,656,167 18.955,785 21,973,025 14,877,608
1907.................. 1,609,499 24,118,085 18,828,028 18,131,288

7,883,838
6,886,876

586,905
658,279

1908..................
1907..................
Detroit—
1908..................
1907..................
Cleveland—
1908..................
1097..................
Peoria—
1908..................
1907..................
Duluth—
1908..................
1907..................
Minneapolis—
1908..................
1907..................
Kansas City—
1908......... ........
1907..................

......

1,915,950
2,163,000

1,000

____

12,500
8,000

___

With reference to the cotton movement in the South,
the shipments overland for December 1908 aggregated
322,609 bales, as against only 164,525 bales in Decem­
ber 1907, but as against 347,523 bales in 1906. South­
ern port receipts, however, increased only slightly over
1907 and 1906, the comparison being 1,651,810 bales,
as against 1,578,775 bales and 1,566,258 bales. At
New Orleans there was actually a large falling off in
Note.— Neither the earnlnusjot the Mexican roads nor the mining operations of the
cotton receipts, which may account for the loss in
anthracite coal roads are Included In this table.
In the case of the separate roads, we have some gains earnings reported by some of the Texas roads, and
there was also some decrease from last year at several
for quite large amounts, led by Southern and South­
other ports, notably Wilmington, Norfolk, Charleston,
western roads, which the previous year were distin­ Savannah and Mobile, as may be seen from the follow­
guished for heavy losses. The Missouri Pacific has ing.
a gain of $637,000, the Southern R y. of $591,945 and RE CE IPTS O F COTTON A T SO U TH E RN PO RTS IN D ECE M BE R F O R S I X
the Louisville & Nashville of $561,156. All these, with
the exception of the Missouri Pacific, suffered a heavier
reduction in 1907 than the present increases. On the
other hand, the Canadian Pacific, which this time
has $523,000 gain, also had a large gain in the previous
year, and gains successively for many years before
that. The losses for large amounts come from the
Great Northern, which reports $506,191 decrease, and
which had a large gain last year, and from the Grand
Trunk of Canada and the Texas & Pacific, both of these




Y E A R S , 1903 TO 1908, INCLU SIVE.
December.

Ports.
G alveston......... bales.
Port Arthur, & c.........
New Orleans................ ;
M o b ile ........................... !
Pensacola, & c..............
Savannah ....................
Brunswick---------------Charleston....................
Georgetown..................
W ilm in gton .................
N o r fo lk ...................... Newport News, & c . . .

1908.

1907.

| 1906.

605,238
26,849
386,009
62,584
54,620
22S.591
102,613
24,124
644
48,405
111,908
225

482,8441
22,709,
455,202
69,118
28,466
252,304
42,987
27,043
160
82,108!
114,663 i
1,171

534,046
47,266
458,444
53,076
31,468
251.S90
22,160
22,458
272
36,428
104,142
4,608

i

1905.

1904.

1903.

327,323
46,191
244,445
32,177
20,577
169,431
48,781
16,773
150
32,959
98,315
3,743

339,367
47,754
446,467
52,718
50,861
225,953
48,564
25,632
222
29.733
89,416
1,388

454,106
17,674
428,827
30,068
44,108
221,148
22,781
19,801
166
55,233
95,476
2,717

T o t a l ........................ 11,651,810| 1,578,775 j l , 566,258 1,040,865 1,358,075 j 1,398,105

THE CHRONICLE

134

To complete our analysis, we furnish the following
six-year comparisons of the earnings of the more im­

G ross E a rn in g s.
N a m e o f R oad.

December.

1908.

1907.

1906.

1905.

1904.

1903.

S
320,412

S
286,855

$
355,191

S
319,541

$
311,013

S
272,557

Alabama Gt Sou.
Ala NO ifeTexP—
New Orl & N E r.305,169 7267,112
Ala & V lc k s b .. 7160,544 7143,050
Vicks Shrev&P 7145,673 7127,80(1
Cent o f G eorgia.. 1,079,200 1,012,500
Cine N O & Tex P
646,510
593,502
Loulsv & Nashv b 73,919,470 73.358,314
Mobile & O hio__
886,881
801,398
Southern R y ____ 4,725,186 4,133,241
Yazoo & MissVall a l , 129,417 a l , 008,380

257,184
214,673
7280,047
216,081
137,966
145,375
131,S12
7151,856
139,992
152,998
7147,563
127,913
996,523
926,891
1,104,875 1,028,244
603,509
666,868
676,190
529,597
74,090,990 3,593,321 3,358,834 3,186,465
715,674
776,311
665,495
913,129
4,880,017 4,602,596 4,239,515 3,916,072
930,523 1,029,178
846,215
1,001,071

T o t a l ................ 13,318,402 11,792,212 13,598,207 12,449,789 11,769.300 10,829,769
1
a Includes some large items of Income not previously Included In m onthly returns.
b Includes earnings of Atlanta K noxville & Northern In 1904, 1905, 1900, 1907
and 1908.
r These figures are on the new basis o f accounting prescribed by the Inter-State
Commerce Commission.
E A RN IN G S OF SO U T H W E STE R N G RO U P.
December.

1908.

1904.

1905.

1906.

1907.

$
$
S
Colorado & S ou*. 71,388,057 71,389,778 1,193,290
Denver & Rio Or 71,674,200 71,589,500 r 1,791,009
834,931
Internat & Gt No 7765,000 7672,000
Mo Pac & CcntjBr 4,217,000 3,580,000 4,123,067
St Louis Southw . 7964,652 7781,711 7979,856
Texas & P acific. . 1,581,027 1,627,902 1,8S9,946

1903.

8
S
S
1,050,578
800,321
685,050
1,634,352 1,447,717 1,237,888
625,134
605,271
597,658
3,855,530 3,752,161 3,692,352
828,682
874,577
768,787
1,496,520 1,556,905 1.416,722

T o t a l ________ 10,589,936 9,640,891 10,812,099 9,490,796 9,036,952 8,398,457
1
* For 1908, 1907, 1906 and 1905 Includes all affiliated lines except Trinity &
Brazos Valley R R . For previous years we have com bined Colorado & Southern
and Fort W orth & Denver City.
7 Figures are on the new basis of accounting prescribed by the Inter-State Com­
merce Commission.
E A RN IN G S

O F N O R T H W E ST E R N

December.

AND

N O R TH

1906.

1907.

1908.

1905.

PACIFIC G RO U P.
1904.

!

1903.

$
$
$
$
6,878,000 6,355,000 5,992,098 5,619,182 4,562,142 4,264,815
781,182
662,186
7728,9101 7610,224 7739,279
685,208
253,792
207,113
7223,671 7225,142 7248,326
190,925
4,080,032 64,586,223 3,894,856 4,357,842 3,710,297 3,270,563
273,009
268,023
220,528
7234,024 7251,856
191,113
319,101
307,271
7351,624 7313,718
232,443
257,141
914,690
920,498
896,491
735,761
894,387
531,982
c 6 ,121,548 6,121,548 5,758,729 5,276,154 4,351,763 3,799,122
s

Canadian Pacific.
Chic Gt Western*
Dul So Sh & A tl.
Gt Northern Syst
Iowa Central-----Minn & St Louts.
Minn St P & S SM
N orth’n P a cific.*

T otal1................ 19,512,196 19,360,202 18,140,910 17,783,125 14,682,233 13,190,869
* Results are based on 111 miles less road beginning with 1905.
a Proprietary lines not Included after June 1906.
b Actual figures of earnings are now used for comparison.
c Month of N ovem ber not reported; taken same as last year,
r Figures are on the new basis of accounting prescribed by the Inter-State Com­
merce Commission.
E A RN IN G S OF M ID D LE AN D M ID D LE W E S TE R N G RO U P.
December.

1908.

1906.

1907.

1905.

1904.

1903.

8
S
S
$
$
645,446
673,205
Buff Roch & Pitts 7597,489 7576,057 7634,516
476,082
445,209
7397.029 7346,519 7466,852
Chic Ind & L o u ..
Grand Tr o f Canl
Grand T rW est) 63,200,624 3,659.296 3,691,371 3,401,472 3,185,857
D e tG r ll &M11J
Illinois Central- - a 5 ,127,945 a5,076,506 4,976,390 4,654,564 4,493,103
92.918
103,987
127,509
116,947
108,905
Toledo Peo & W .
286,738
346,211
363,193
312,853
361,523
Toledo St L & W
Wabash _______ 2,107,613 2,008,227 2,138,645 2,061,847 2,032,100
345,726
356,543
461,795
488,059
Wheel&Lake Erie <345,726

$
511,818
405,913
(2,479,638
1 388,755
l 110,388
3,806,150
105,636
258,615
1,881,094
348,880

T o t a l ________ 12,156,082 12,429,171 12,866,261 12,209,105 11.632,278 10,296,887
a Includes some large Items o f Income notjprevlously Included in monthly returns.
b Includes Canada & Atlantic beginning with October 1901.
c Month In 1908 not reported; taken same as last year.
t Figures are on the new basis of accounting prescribed by the Inter-State Com­
merce Commission.
G RO SS

E A R N IN G S

AND

M IL E A G E

IN

DECEM BER.
M

G ross E a rn in g s.’ ]
N a m e o f R oad.
1008.

1907.

tin
320 ,412

$
286 ,8 5 5

A la G reat S o u th e r n ___
A la N ew O rl & T e x P a c
N ew O rleans & N or I267 ,112
3 05 ,169
A la b a m a & V icksburg
143,050
160,544
V icks S hrove & P a c
127,800
145,673
A tla n ta B lrm & A tlan tic
202,045
126 ,175
B c llefon te C en tra l_______
5,718
5,603
D u fia lo R o c h & P lt t s b .
597,489
576,057
C a n adian N o rth e r n _____
927,900
801 ,100
C anadian P a c ific ________ 6 ,8 7 8 ,0 0 0 6,3 5 5 ,0 0 0
Cen tral o f G e o rg ia _____
1.079.20C 1,012,500
C h a tta n o o g a S o u th e rn .
6,775
5,908
C h ica go & A lt o n ________
1,048,368
973,902
C h ica g o G reat W e s te rn .
728,910
610,224
C h ica g o Ind & L o u ls v .
346 ,519
397,029
Cin N ew Orl & T e x P a c
593,562
646,510
C o lo r a d o & S o u th e r n ___ 1,388,057 1,389,778
D en ver & R io G ra n d e.
1,674,200 1,589,500
D etroit & M a c k in a c . . „
80,861
82,871
131 ,937
D e tr o it T o le d o & I r o n t .
139,739
A n n A r b o r -----------------155,851
154,241
225,142
D ul S ou th S hore tc A t l . .
223,671
169,301
G eorgia S o u th & Florid a
177,239
G rand T ru n k o f C anadal
G rand T ru n k W e s t . . i 3,2 0 0 ,6 2 4 3 ,6 5 9 ,2 9 6
D et G rand H a v & Mil
C anada A tla n tic ____ j
G reat N o r t h e r n ________ 1
E astern o f M i n n ___ i
4 ,0 8 0 ,0 3 2 4 ,5 8 6 ,2 2 3
M on tan a C en tra l____ J
Illin ois C e n t r a l_________
5 ,1 2 7 ,9 4 5 5,0 7 6 ,5 0 6
In tern a t & G reat N orth
7 6 5 ,0 0 0
672 ,000




I n c . ( + ) or
D ec. (— ).
S
+ 3 3 ,5 5 7

at

1908.! 1907.
309

309

38.057
17,494
17,873
75,870
+ 115
+ 2 1 ,4 3 2
+ 126,800
+ 523,000
+ 66,700
+ 867
+ 74,466
+ 118,686
+ 50,510
+ 52,948
— 1,721
+ 84,700
+ 2,010
+ 7,802
— 1,610
— 1,471
+ 7,938

196
143
189
640
27
568
3,224
9,426
1,916
105
998
818
616
336
1,952
2,603
348
392
202
595
395

196
143
189
488
27
568
2,874
9,230
1,013
105
970
818
599
336
1,952
2,552
344
392
292
591
395

— 458 ,672

4,528

4,528

— 506,191

6,636

+ 51,430
+ 93,000

4,5 1 0

6,498
MO?
4,3 7 7
1,159

+
+
+
+

a

1907.

1908.

portant roads, arranged in groups.
E A RN IN G S O F SO U TH E RN G RO U P.

[V O L . L X X X V I I I .

I o w a C e n tra l____________
L o u isv ille & N a s h v ille ..
M acon & B ir m in g h a m ..
M ineral R a n g e ___________
M in n eapolis & St L o u is .
M in neap St P aul & S S M
M issouri P a c & Ir o n M t .
Cen tral B r a n ch _______
M obile & O h io ___________
N e v a d a -C a llfo r n ia -O r e g .
R io G ra n de S o u th e r n ___
S t L o u is S o u t h w e s t e r n ..
S ou th ern R a ilw a y _______
T e x a s C e n tra l___________
T e x a s & P a c ific _________
T o le d o P e o ria & W e s t _ .
T o le d o St L ou is & W e s t .
W a b a s h _________________
Y a z o o & Miss V a lle y ___

$
234,024
3 ,9 1 9 ,4 7 0
12,135
68,408
351,624
897 ,387
4 ,0 8 6 ,0 0 0
131,000
886,881
3 1 ,999
964,652
4 ,7 2 5 ,1 8 6
132,863
1 ,581,027
92,918
286,738
2,1 0 7 ,6 1 3
1 ,129,417

M ilea g e.

In c. ( + ) or
D ec. (— ) .

$
251 ,856
3 ,358,314
13,184
61,993
313 ,718
896,491
3 ,4 6 5 ,0 0 0
115,000
801,398
24,847
48,8 1 9
781,711
4 ,133,241
119,638
1,627,902
103,987
312 ,853
2 ,0 0 8 ,2 2 7
1 ,068,380

T o ta l (49 r o a d s )_____ 5 2,154,203 4 9,474,321
N e t increase ( 5 . 4 2 % ) ___
M exica n R o a d s (n o t Incl u d e d In to t al) —
662,750
I n te r o ce a n lc o f M e x i c o ..
537,024
M exica n C entral ............... 2,8 1 2 ,1 2 6 3 ,1 4 6 ,9 7 7
529,412
724,581
M exica n I n te r n a tio n a l. .
M exica n R a i l w a y _______
1/408,600
1/503,300
M exica n S o u th e r n _______
J/70,934
1/69,857
N a tio n a l R R jfoff.M exIco- 1,194,252 1,338,522
81,781
H ld a lg o . & .N o rth e a st KB 61,659

8
— 17,832
+ 561,156
— 1,049
+ 6,415
+ 37,906
+ 896
+ 621,000
+ 16,000
+ 85,483
+ 7,152
+ 2,681
+ 182,941
+ 591,945
+ 13,225
— 46,875
— 11,069
— 26,115
+ 99,386
+ 61,037

1908.

1907

558
4,386
105
128
1,027
2,289
6,098
388
926
184
180
1,470
7,294
311
1,885
248
451
2,515
1,371

558
4,347
105
128
799
2,262
6,091
388
926
164
180
1,4 54
7,279
311
1 ,848
248
451
2 ,5 1 1
1,279

+ 2 ,6 7 9 ,8 8 2 74,744 73,180

— 125,726
— 334,851
— 195,169
— 94,700
+ 1,077
— 144,270
— 20,122

736
3,225
918
321
263
1,752
152

736
3,2 2 5
918
321
263
1,731
152

V T h ese figures are fo r three w eeks o n ly .

ITEMS ABOUT BANKS, BANKERS AND TRUST CO.’S.
— The public sales of bank stocks this week aggregate 173
shares, of which 163 shares were sold at auction and 10 shares
at the Stock Exchange. The transactions in trust company
stocks reach a total of 80 shares. A sale of 6 shares of stock
of the Bowling Green Trust Co. at 376 shows an advance of
50 points over the price recorded for the last previous sale,
which was made in September 1908. Fifty shares of Law­
yers’ Title Insurance & Trust Co. stock were sold at 238>4240, as compared with 223 in December 1908, when the last
previous sale was made. A sale of 25 shares of Hanover
National Bank stock was made at 540, as against 521 for
the last previous sale in December.
Shares. B A N K S — N ew Y o rk .
Lone. H igh . Close.
10 Chemical National B ank____ 427
427
427
*31 Commerce, N at. Bank o f___ 195
197
195
56 Gallatin National B ank____ 352 M 352 H 3 5 2 )4
25 Hanover National B ank____ 540
540
540
51 Merchants’ National B a n k .. 16 0 )4 1 0 0 ) 2 1 0 0 Yi
T R U S T C O M P A N IE S — N ew Y ork.
5 Bowling Green Trust C o____ 376
376
370
50 Lawyers’ Title Ins. & T r . Co. 238 )$ 240
240
25 M ut’l Tr. Co. of W ’chesterCo. 124
124
124

L a st previous
D e c . 1908—
J a n . 1909—
N o v . 1908—
D e c. 1908—
D e c. 1908—

sale.
421
196
350
521
161 H

S e p t. 1908— 326
D ee. 1998— 223
.......................................

* O f this amount 10 shares were sold at the Stock Exchange.

— A New York Stock Exchange membership was reported
transferred this week for $75,000.
— The Inter-State Commerce Commission has denied a
motion to dismiss the complaint brought by the American
Bankers’ Association against the American Express Co. and
others, underwhich it is charged that the latter trespass upon
the business of the bankers. Arguments for the dismissal
of the motion, made on behalf of the express companies,
were presented at a hearing of the case at Washington on
Oct. 15, but the decision in the matter is only now rendered.
The Commission also denies the request of the American
Bankers’ Association for the issuance of a subpoena duces
tecum requiring the production of the books of the express
companies. It states that as the information thereby sought
does not at this time seem to be necessary to a showing of
unjust discrimination in the transportation of money, it
does not appear that it would be proper to impose the large
expense that preparation of the information would involve.
It is further stated that unless the Commission is advised by
complainants of their desire to dismiss the proceedings, the
case will be set down in due time for hearing.
— Comptroller of the Currency Lawrence O. Murray has
appointed Edwin F. Rorebeck of Marietta, Ohio, a national
bank examiner at large. The appointment, it is stated, is
made with the approval of the Secretary of the Treasury,
George B. Cortelyou. It is understood that Mr. Rorebeck,
who had been employed in the Comptroller’s office for the
last eight years, will not be assigned to any particular dis­
trict, but will be called upon to lend his services wherever
most needed.
— We are informed on good authority that the newspaper
rumor which emanated in Chicago that Joseph T. Talbert
had been offered a vice-presidency in the National City
Bank of New York is erroneous. Mr. TalberCholds ajvery

■Z&uJtZ'r

Jan . 1G 1909.]

THE CHRONICLE

prominent position in Western banking circles as First Vice­
President of the Commercial National Bank, Chicago.
— The resignation of Otto Kelsey as New York State Super­
intendent of Insurance was tendered to Governor Hughes
on Wednesday, and on the following day he assumed his
new office as Deputy State Comptroller. Mr. Kelsey had
been at the head of the Insurance Department since^May 2
1906, and his retirement was marked by the presentation to
him by his associates of a loving cup.
—The postal savings bank plan embodied in the Carter
Bill now pending in the United States Congress was the sub­
ject of discussion by John Harsen Rhodes of Rhodes & Co.,
before the Banking and Investment class of the West Side
Young Men’s Christian Association on Wednesday night. In
closing his remarks Mr. Rhodes said:
“ I w ou ld a d d th a t the b e n e v o le n t savings ban k f o r b e a r s has been the
llow er o f ou r b a n k in g s e rv ice .
N o sy ste m Is p e r fe ct, a n d n ew law s m a y be
essential t o Its w elfare.
It Is a s y s te m , h o w e v e r , th a t was fo u n d e d u p o n
p h ila n th r o p y , a n d th os e w h o c o n tr o l It are m en w h o , as a cla ss, are the
m ost h on ora b le a n d r e s p e cte d In the c o u n tr y . T h a t a t tim es th e y need
t o be arou sed t o a h igher realization o f th eir respon sibilities co n v e y s n o
rep roa ch , a n d s o t o -d a y , w ith the postal savin gs b a n k at th e ir d o o r s , I
b eliev e th a t th e y s h ou ld be called t o arm s t o ligh t th e in tro d u c tio n o f a
m e th o d w h ich is n o t o n ly in ferior t o th eir o w n , b u t w h ich is n o t ad a p ta b le
to o u r fo rm o f g o v e r n m e n t.
L et us p e r fe ct a n d e x te n d the b e n e v o le n t
sa vin gs b a n k S y stem . If n eed be using the P o s t O ffice fo r th e c o lle c tio n Of
dep osits, a n d w e m a y h ave a s o lu tio n to the postal savings ban k q u e s tio n .”

— Clarence M. Cohen of the Stock Exchange firm of Cohen,
Greene & Co., 45 Broadway, was expelled from membership
in the New York Stock Exchange on Thursday. The action
of the Exchange, according to a statement issued by that
body, is based on an alleged “ misstatement upon a material
point" made by him when he applied for admission in Sep­
tember 1900. The following is the announcement regarding
the expulsion made by the Exchange:
T h e C om m ittee on A d m is s io n s , h a v in g m a d e In vestig ation o f th e m a tte r,
rep orted to the G ov ern in g C o m m itte e on D e c. 23 1908 th a t it a p p e a r e d to
a m a jo r ity o f said c o m m itte e th a t a m is-s ta te m e n t u p o n a m aterial p o in t
was m a d e t o It b y C laren ce M . C o h e n , a m e m b e r o f th e E x ch a n g e , In his
a p p lic a tio n fo r m em b ersh ip on S e p t. 27 1900, a n d said co m m itte e re p o r te d
th e fa cts t o th e G o v e rn in g C o m m itte e u n d er S e ctio n 3 o f A r tic le X V I I .
o f th e co n s titu tio n o f th e E x ch a n g e .
T h e G o v e rn in g C o m m itte e c o n s id e re d said r e p o r t a t a m e e tin g h e ld
y e s te r d a y , a t w h ich C larence M . C oh en a p p e a re d .
A fter a full h e a rin g
the fo llo w in g w as a d o p te d :
“ W h ereas, T h e G ov ern in g C o m m itte e has g iv e n said C larence M . Coh en
an o p p o r tu n ity to b e heard an d present su ch te s tim o n y , de fe n se o r e x p la n a ­
tion as ho m ig h t d eem p ro p e r, a n d th e G o v e rn in g C o m m itte e , a fte r s u ch
hearing, bein g satisfied th a t said C larence M . C oh en did m a k e a m ista tem en t u p on a m aterial p o in t w hen he a p p e a re d b e fo r e said C o m m it te e
on A d m ission s as an a p p lic a n t fo r a d m ission on S e p t. 27 1900;
" R e s o lv e d , T h a t said C larence M . C ohen b e an d h e re b y Is e x p e lle d .”

Mr. Cohen was admitted as a member of the Exchalige
in October 1900. The firm in which he is a partner was
formed in March 1902, his associates being John II. Greene
Jr. and Harold L. Colton.
— It is announced that the firm of Langley & Lawrence of
this city, formed in June to take over the business of Grannis
& Lawrence, has been dissolved, and has been succeeded
by the new firm of William C. Langley & Co., with William
C. Langley and Clinton M. Hall as partners. Arthur E.
Grannis, who was a member of the old firm of Grannis &
Lawrence, was suspended last week from the New York
Stock Exchange for three years.
— Only two changes of importance occurred at the annual
meetings of the local banks on Tuesday— the resignation of
George F. Baker as President of the First National Bank,
which came unexpectedly, and the retirement of James Still­
man from the presidency of the National City Bank. The
contemplated withdrawal of the latter was heralded some
weeks ago, and was therefore among the looked-for events.
Mr. Baker will continue in the management of the First Na­
tional, with which he has so long been identified, in the ca­
pacity of Chairman of the board, a post especially created
for him. He is succeeded as President by Francis L. Hine,
who had been Vice-President of the bank for ten years past.
Mr. Hine entered the service of the First National as Cashier
in 1896, and two years later became Vice-President. He
had previously been President of the Astor Place Bank
(which was taken over by the Corn Exchange Bank), organ­
ized by him in 1891. Mr. Hine is connected as director
with a number of organizations, including the Rock Island
Company, the Chicago Rock Island & Pacific R y., the Kan­
sas City Fort Scott & Memphis R y., the St. Louis & San
Francisco H R., the Chicago & Eastern Illinois R R ., the
American Cotton Oil Co., the U. S. Rubber Co., the Liberty




135

National Bank, the Brooklyn Trust Company, &c., &c.
Thomas W . Lamont, lately Second Vice-President of the
Bankers Trust, who on Jan. 1 succeeded Henry P. Davison
as a Vice-President of the First National, has been elected
a director of the latter. A. B. Hepburn, President of the
Chase National Bank, was also elected a director of the First
National at Tuesday’s meeting, and the relations between
the Chase and the First were further strengthened through
the addition of Mr. Hine to the board of the Chase.
— The resignation of Mr. Stillman as President of the Na­
tional City Bank on Tuesday and the election of Frank A.
Vanderlip as his successor were in line with announcements
of the past month. Mr. Vanderlip, upon whom has fallen
of late the active management of the bank, has been con­
nected with the institution since July 1901, at which time
he became a Vice-President. Up to 1897 Mr. Vanderlip
had been engaged in newspaper work in Chicago. In that
year, when Lyman J. Gage was made Secretary of the Treas­
ury, he went to Washington as Mr. Gage’s private secretary,
and a month later was made an Assistant Secretary. He
resigned that post several months prior to his election to the
management of the National City. Another change made
by the directors of the bank this week is the election of John
E. Gardin as a Vice-President. Mr. Gardin has been man­
ager of the foreign exchange department of the institution
since January 1904. Mr. Stillman, the retiring President,
has been chosen Chairman of the board of directors.
— Some of the changes in the directorates of the other city
banks are as follows:
Z ohethH Freeman, who several months ago was elected
Vice-President of the Liberty National Bank, has been elected
a director of that institution, succeeding the late E. F. C.
Young.
Henry W . De Forest has been added to the board of the
National Bank of Commerce.
John W . Castles, the new President of the Union Trust
Company,'and J. William^Clark of the Clark Thread Co.,
have become members of the board of the Hanover
National Bank.
Albion K . Chapman, Cashier, is a new member of the
directorate of the Citizens’ Central National Bank.
F.
B. Fiske replaces J. L. Morgan, resigned, as a director
of the Market & Fulton National Bank.
In the Merchants’ Exchange National Bank, Edward V.
Gambier, Cashier, and George H. Ackerman are new direc­
tors, one of them filling a vacancy.
E.
C. Evans has been added to the board of the Bank of
the Metropolis.
The following are additional directors of the Lincoln Na­
tional: Henry J. Luce, William Brewster and H. C. Phipps.
C. C. Marshall takes the place of A. D. Bcndheim, retired,
on the board of the National Butchers’ & Drovers’ Bank.
William P. Chapman Jr. has become a member of the board
of directors of the New Netherlands Bank.
The Aetna National reduced the number of its directors
from twenty-five to twenty.
— Joseph W. Harriman, who was already a member of
the board of directors of the Merchants’ National Bank of
this city, became a Vice-President this week. J. Archibald
Murray has been elected an additional director of the bank.
— Adrian Iselin Jr., a director of the Gallatin National
Bank of this city, was elected Vice-President of the institution
on Tuesday, to succeed Alexander H. Stevens.
— Henderson M. Wolfe has resigned as Vice-President of
the Corn Exchange National Bank to engage in business for
himself.
— Richard C. Corner has been elected a Vice-President of
the Battery Park National Bank. The board of directors
of the institution has been reduced by two.
— The European-American Bank, at Greenwich and Dey
streets, this city, has applied to the State Banking Depart­
ment for permission to change its name to the Security Bank.
The stockholders of the institution will also take action in
the matter at the annual meeting on Friday, the 22d inst. A
proposition to increase the capital of the bank from 8100,000
to $200,000 was ratified in November.
— John Robinson, for about twenty years in the employ
of the Mechanics' National Bank, was this week made an
Assistant Cashier of the institution.

136

THE CHRONICLE

— C. Stanley Mitchell, heretofore an Assistant Cashier of
the Century Bank of this city, was this week appointed
Cashier.
— The annual statement of the Coal & Iron National Bank
of this city, issued on Dec. 31 last, shows a very good in­
crease in its business for the year. Deposits are reported
at $5,888,903, as against $4,265,601 at the beginning of the
year, a gain of $1,623,302. Surplus and profits advanced
from $658,983 to $722,008 and aggregate resources from
$6,061,992 to $7,396,678. John T. Sproull is President;
A. A. Lisman and David Taylor, Vice-Presidents; Addison
H. Day, Cashier; and H. J. Dorgeloh, Assistant Cashier.
Mr. Alfred A. Cook, of Leventritt, Cook & Nathan, attorneys,
was elected to the board of directors this week.
— One of the noteworthy trust company statements
filed with the Banking Department at Albany is that of the
Central Trust Company of this city. The gain made by
this institution in 1908 places it in the $100,000,000 class,
there being only one other trust company which has attained
larger proportions. The Central Trust closed the year on
December 31 last with aggregate resources of $102,367,032,
of which $85,749,341 were deposits in trust and on demand
and $15,449,283 the net amount of its profits exclusive
of $1,000,000 capital, on which dividends of 80% were
paid during the past year. Six months ago (June 30 1908)
deposits were $68,160,076, the surplus stood at $15,001,691,
while total resources were $84,362,796; twelve months ago
(December 31 1907) these items were as follows: deposits,
$33,961,798; surplus $14,527,374; and total resources but
S49,614,252. Against $85,749,341 deposits on December 31
1908, the company carried cash reserve of $9,029,207 in
vault and $21,123,962 in bank. The Board of Trustees is
one of the most prominent and influential among the city’s
financial institutions and includes in its membership, F. P.
Olcott, Chairman; James N. Wallace, President of the
company; John S. Kennedy, Samuel Thorne, Adrian Iselin
Jr., E. F. Hyde, Henry Evans, Dudley Olcott, Chas. Lanier,
A. D. Juilliard, James Speyer, Henry D. Babcock, Geo.
Macculloch Miller, Cornelius N. Bliss, Jas. N. Jarvie, William
A. Read and George Bertine.
— New trustees of the Franklin Trust Co. are Stephens.
Palmer, President of the New Jersey Zinc Co.; Union N.
Bethell, President of the New York & New Jersey Telephone
Co.; Henry Hentz, of Henry Hentz & Co., and James II.
Post, of B. II. Howell, Son & Co. Messrs. Palmer and
Hentz are trustees of the Farmers’ Loan & Trust Co., inter­
ests in which secured control of the Franklin some months
ago.
— In the Windsor Trust Co. the following are new directors:
Theodore P. Shonts, President of the Interborough Metro­
politan Co; Oscar L. Gubelman, of Knauth, Nachod &
Kuhne; Frederick C. Stevens, President of the Commercial
National Bank of Washington, D. C.; John H. Storer, of the
State Street Trust Co., Boston; H. Ward Ford and A.
Gordon Norrie. The two last named are respectively Vice­
President and Treasurer and Vice-President and Secretary.
— The following were this week elected members of the board
of the Mutual Alliance Trust Co. Austin H. Watson, of
Watson, Porter, Giles & Co.; Thomas W. Lauderdale, Vice­
President of the Winnesboro (S. C.) Bank. The annual
meeting of the trust company will be held on the 20th inst.
' — John G. McCullough has been chosen to the board of
directors of the Standard Trust Co. of this city.
— Seven directors were elected to the board of the Carnegie
Trust Co. of New York at the annual meeting of the stock­
holders last week, making the membership 35. The new
directors are: Martin J. Condon, President of the American
Snuff Co.; George M. Courts, President of Clarke & Courts,
Galveston, Tex.; George D. Crabbs, President of the Carey
Mfg. Co. of Cincinnati; John Cudahy of the Chicago Packing
House; Samuel II. Kress of S. II. Kress & Co.; Charles
Arthur Moore Jr., Vice-President of Manning, Maxwell &
Moore, and Joseph B. Reichmann, President of the National
Starch Co. and Vice-President of the Corn Products Co.
— B. II. Fancher, Secretary of Group V III., New York
State Bankers’ Association, comprising the entire banking
fraternity of this city, announces that the annual banquet
will be held Monday evening, Jan. 25, in the grand ball-room
of the Waldorf-Astoria Hotel. Mayor George B. McClellan




[V O L . L X X X V I I I .

and the Hon. Martin W. Littleton of New York ar d Samuel
J. Elder, a prominent Boston lawyer, will be the Lrinci al
after-dinner speakers. Applications for this year’s affair
have been so large-that instead of limiting the dinner to 450
covers as heretofore, accommodations have been extended
to take care of nearly 700 guests. The plan of seating the
guests in small parties at round tables, tried on the two past
occasions, is to be repeated again, as this arrangement
promotes sociability and seems to have met favor with the
bankers. The Chairman of the Group, J. G. Cannon, Vice­
President of the Fourth National Bank, will preside as toast­
master. Mr. Fancher, the Secretary of Group V III., is
Cashier of the Fifth Avenue Bank, 44th Street and Fifth Ave.
— The Broadway Trust Co., Broadway corner Eighth
Street,this city,is in a stronger position than it was Dec. 31
1907. Its deposits have increased from $2,424,689 13
Dec. 31 1907 to $3,338,591 51 on Dec. 31 1908, surplus
and profits from $354,044 to $400,379, while its cash in
vault is now $1,216,212 and the total resources are $4,454,­
062 77. Its capital stock is $700,000.
— The Mount Morris Bank of this city has declared a
quarterly dividend of 2)^ % , payable Feb. 1 to holders of
record Jan. 20. Since 1903 the institution has paid 8%
yearly— 4% each May and November— but the present declar­
ation raises the rate per annum to 10%, besides making the
distribution quarterly instead of semi-annually.
— The new building of the Equitable Trust Company of
New York at No. 618 Fifth Avenue (near 50th Street) is
nearing completion, and the institution announces that it
will open its up-town office for business early in February.
The company further states that “ clients and depositors
will find there, under the general supervision of Vice-Presi­
dent Lawrence L. Gillespie, the same constant and detailed
attention to their interests which characterizes the conduct
of the down-town office.”
— The Lincoln Trust Company of this city, the appointed
depositary of the endowment of the Lincoln Memorial
University at Cumberland Gap, Tenn., is now receiving
subscriptions to the $500,000 fund. This movement is
backed by a number of New York bankers and business
men, who are endeavoring to raise a Lincoln memorial fund
of $500,000 before the hundredth anniversary of Lincoln’s
birthday, Feb. 12. Frederick Townsend Martin is Chair­
man of the committee and Gen. Thomas II. Hubbard and
Gen. O. O . Howard are working with Mr. Martin to extend
the organization to other cities and States. Subscriptions
are solicited from those who personally desire to aid this
work. Full particulars can be obtained by interested
parties by writing Edwin C. Gude, Secretary of the Lincoln
Centennial Endowment Committee, care of Gude A Winmill,
bankers, 20 Broad St., New York.
— The deposits of the Fidelity Trust Co., corner Chambers
St. and West Broadway have increased from $3,016,523 o »
Dec. 31 1907 to $5,177,550 on Dec. 31 1908. In addition
to a capital and surplus of $1,500,000, undivided profits
are $133,040, after paying its initial dividend of 3% on the
latter date. The company commenced business May
22 1907.
— The banking and bond house of Megargel & Co., 5
Nassau St., this city, announces the admission of J. J.
Jermyn of Scranton, Pa., into the firm as a special part­
ner. Mr. Jermyn is said to be the largest independent
anthracite coal operator in Pennsylvania, and is an officer
and director in several banks and trust companies. He is
considered one of the wealthiest and most influential men of
that section.
— J. G. Ilemerich, who had been Vice-President of the
failed New Amsterdam National Bank of this city, has been
elected Secretary of the Commercial Trust Co., succeeding
Ames Higgins, resigned.
— The deposits of the Brooklyn Trust Company, of which
Theodore F. Miller is President, during the year 1908 in­
creased nearly six million dollars; on January 1st 1908
the amount was $11,681,339, while on Dec. 3lst the figure
was $17,034,798. Undivided profits on Jan. 1st 1908 were
$1,950,250 as compared with $2,177,984, at the end of the
year; aggregate resources had risen from $14,846,790 to
$20,444,440. This institution was chartered 1866 and is

Jan . 16 1909.]

TIIE CHRONICLE

one of the oldest trust companies in the country. Besides
its offices in Brooklyn the company has New York quarters
at 90 Broadway (2 Wall Street). Associated with Mr.
Miller in the management of the institution are Samuel W .
Boocock and Alexander M. White Vice-Presidents; David
H. Lanman, Treasurer; Stanley W . Ilusted, Secretary,
and F. J.W . Diller, Willis McDonald Jr. and Horace W .
Farrell, Assistant Secretaries.
— William F. Wyckoff has been elected President of the
Homestead Bank of Brooklyn Borough to succeed Solomon
Rubin. E. L. Rockefeller, takes the place of Mr. Wyckoff
as First Vice-President.
— Edwin E. Jackson has been chosen to the board of the
Hamilton Trust Company of Brooklyn Borough to fill a
vacancy.
— John Lewis Childs and Charles I. Debevoise succeed
Edward Kauffmann and Oswald G. Villard as directors
of the Home Trust Company of Brooklyn Borough.
Authority to increase the capital of the Queens County
Trust Company of Jamaica from $500,000 to $600,000
has been granted by Superintendent Clark Williams of
the State Banking Department.

137

— The resignation of Alfred J. McGrath as Vice-President
and director of the Western National Bank of Philadelphia
was tendered on the 11th inst. Mr. McGrath’s address
hereafter will be Cynwyd Road, Cynwyd, Pa. He is sue
ceeded on the board by Charles F. Wignall.
Alfred E. Burk has been chosen to the board of the
Market Street National Bank of Philadelphia to take the
place of the late Thomas F. Jones.
— Joseph Wharton, prominent in the commercial life
of Philadelphia, and a director of the Farmers’ * Mechanics’
National Bank of that city, died on the lis t inst. Mr.
Wharton was eighty-three years of age. He was identified
primarily with iron and steel interests and was President
of the American Iron & Steel Association. He also founded
in 1881 the Wharton School of Finance & Economy of the
University of Pennsylvania.
— The following are new directors of the Merchants’
National Bank of Cincinnati: Assistant Cashier, Charles A.
Stevens; M. L. Sternberger and Samuel Pogue, the lastnamed succeeding the late Joseph S. Trevor.

— Charles A. Paine, Cashier of the Central National Bank
of Cleveland, Ohio, since its organization, was this week
— In the board of the National Newark Banking Company elected a director and active Vice-President of its affiliated
of Newark,, N. J., the only change is the election of Peter institution, the Superior Savings & Trust Co. Mr. Paine is
Campbell to take the place of James R . Sayre Jr.
succeeded as Cashier of the bank by Louis J. Cameron,
— Col. Robert If. Taft was this week elected President of heretofore its Assistant Cashier. J. J. Sullivan is at the
the Merchants’ National Bank of Providence, R . I., to head of both institutions.
succeed Edward D. Pearce, who declined re-election, owing
— William G. Mather has been chosen to take the place
to his recent election as President of the Providence Institu­ of the late Joseph Colwell as President of the National Com­
tion for Savings. The new head of the Merchants’ is a son mercial Bank of Cleveland.
of former Governor Royal C. Taft, who held the presidency
— E. R . Fancher has been promoted from the post of
of that bank for over forty years. The latter retired from Cashier to a vice-presidency of the Union National Bank of
the post a year ago, but still continues as a member of the Cleveland, George A.Coulton being chosen as his successor in
board of directors. Col. Taft, the present executive, is a the cashiership.
director of the New York New Haven & Hartford R R . Co.,
— In Chicago nearly all the banks at their annual meetings
the Rhode Island Hospital Trust Co., the Narragansett
re-elected their officers and boards of directors, but the fol­
Electric Lighting Co., the Provident Telephone Co. and a
lowing changes may be noted:
trustee of the Providence Institution for Savings. Moses
In the First National Bank, H. H. Heins was elected As­
J. Barber has been re-elected Cashier of the Merchants’
sistant Manager of Division “ B ,” A. C. Timm Assistant Man­
National and Frank A. Greene continues as Assistant
ager of Division “ F ,” John F. Hagey Assistant Attorney and
Cashier.
Charles P. Clifford Assistant Manager of the Foreign Ex­
— At the annual meeting of the National Shawmut Bank change Department. No permanent appointment was made
of Boston, the membership of the board was increased from to fill the managership of the Foreign Exchange Department,
thirty to thirty-two. Jacob F. Brown, Charles Hayden, formerly in charge of Fred. I. Kent, who lately resigned
Albert Stone and William H. Wellington were chosen to the to become a Vice-President of the Bankers’ Trust of New
board this week. The resignation of Eben S. Draper and York. John J. Arnold, Chief Clerk, is now acting Manager
Horatio O. Newhall occurred during the year, together of the department. A. W. Newton has been appointed
with the election of Charles A. Vaille to the directorate. Manager of Division “ D ,” to succeed R. J. Street, who re­
President William A. Gaston, in his annual letter to the tired last month.
stockholders, states that the average deposit for the
Two changes were made in the organization of the First
year has been $72,575,000, for the past six months Trust & Savings Bank, Frank
Gordon being chosen As­
$82,453,000 and for the past three months over $84,000,000. sistant Manager of the Bond Department and John F. Hagey
The average deposits in 1907 were $55,600,000. In April Assistant Attorney. A statement in' the annual report of
last the bank took over the business of the National Bank the First Trust & Savings Bank says:
of the Republic.
“ F r o m th e s ta n d p o in t o f earnings th e y e a r 's w o rk has a v e ra g e d u p satis­
— E. V. R . Thayer is an additional director on the board, fa c to r ily betw e e n th e tw o b a n k s (F irst N ation a l a n d F irst T r u s t & S a v ­
in g s ).
I t has en a b le d th e d ire cto rs , a fte r a p p ly in g th e usual d iv id e n d o t
of the Second National Bank of Boston.
1 2 % o n th e s to c k o f th e F irst N ation a l B a n k , t o a d d $ 48 3,07 5 08 to its
— Edwin U. Curtis has been elected to succeed the late
James T. Phelps as Vice-President of the United States
Trust Company of Boston. Charles W . Gammons replaces
Mr. Phelps on the board.

p r o fit a n d loss a c c o u n t. T h e n e t profits fo r th e y e a r In th e F irst T r u s t &
S av in gs B a n k , a m o u n tin g t o $85 0,38 6 8 2 , has m a d e it p o ssib le t o a d d
$ 1 ,0 0 0 ,0 0 0 t o th e surplus a c c o u n t, m a k in g th e la tte r equal t o th e c a p it a l,
a n d t o le a v e a b a la n ce o f $ 20 5,43 0 35 t o th e c r e d it o f th e p ro fit a n d loss
a c c o u n t ."

The Continental National Bank voted to place $1,000,000
— The directors of the Puritan Trust Co. of Boston have
to the surplus account, making that item $3,000,000. The
elected William B. Smith Vice-President to succeed the
capital stock is $4,000,000 and the undivided profits$600,000.
late James T . Phelps.
No change was made in the official roster of the Continental.
—William B. Littlefield has been elected President of the
In the National City Bank election, H. E. Otte, Cashier,
Manufacturers’ National Bank of Lynn, Mass., to succeed was advanced to a vice-presidency, and L. H. Grimme, an
the late Benjamin W . Currier. Mr. Littlefield had held the Assistant Cashier, was chosen Cashier. Both these men have
vice-presidency of the institution since its organization had a varied and efficient banking experience, mainly in
in 1891.
connection with successful Chicago institutions.
—The stockholders of the Corn Exchange National Bank
In the American Trust & Savings Bank, William J. Hen­
of Philadelphia at their annual meeting on Tuesday ratified ley was elected a director in place of Benjamin Thomas,
the proposition, referred to December 5, to increase the whom Mr. Henley recently succeeded as President of the
capital from $500,000 to $1,000,000. The additional stock Chicago & Western Indiana R R. Other directors elected
will be disposed of at par, namely $100 per share, and pay­ were John J. Abbott (Vice-President) and James O. Heyment is called for on March 1.
worth to fill places left vacant since 1907 by the death of
— Henry D. McCarthy, Cashier of the Tradesmen’s Charles H. Deere of Moline and V. A. Watkins of Chicago.
National Bank of Philadelphia has been elected to mem­
The only change made in the board of the Metropolitan
bership in the board of that institution.
Trust & Savings Bank was the election of Henry Scherer




138

THE CHRONICLE

[V O L . L X X X V I I I .

in place of D. M. Lord, who is selling out all his Chicago hold­ Mutual’s stock; it simply sells the assets, and the stockholders
ings to remove permanently to California. J. F. Lindquist of the latter will be given their pro rata share of the proceeds
was made a Vice-President and Calvin F. Craig has become thus realized.”
— The remaining assets of the Federal National Bank of
Cashier. Robert T. Nelson, Secretary and Trust Officer
of the Metropolitan, tendered his resignation, to take effect Chicago (except $75,000 in securities contributed towards
the liquidation of the Walsh banks), recently offered for public
immediately.
sale, have been disposed of for $42,250 to I. N. Perry,
T.
C. Neal, formerly Cashier of the People’s National Bank,
Sistersville, W. Va., was elected First Vice-President and organizer and former President of the institution. The face
director of the Monroe National Bank of Chicago, to succeed value of the assets sold is about $83,000.
S. K . Martin, who resigned a short time since to engage in
— T. S. Chapman, President of the Jersey State Bank
diplomatic service. Edward Clifford was also made a di­ of Jerseyville, 111., reports that the bank increased its
rector of the Monroe National. M. PI. Kilgallen and E. B. capital on Dec. 26 from $25,000 to $50,000 out of surplus
Mix resigned as directors of this institution.
and undivided profits, and still has $14,000 of undivided
In the Union Trust Company, G. M. Wilson, who had been profits. The institution was organized on Feb. 28 1903
Cashier of the bank for thirty-three years, was made Second and has paid 5% semi-annual dividends since. A surplus
Vice-President. F. P. Schreiber, Assistant Cashier, was of $5,000 was created with its organization.
made Cashier after thirty years of service with the bank.
— The directors of the Mechanics-American Bank of St.
The Drovers’ Deposit National Bank elected L. B. Patter­ Louis this week elected Jackson Johnson a Vice-President
son a director, vice W. II. Brintnall, resigned. An addition of the institution. The other officers were re-elected as
of $27,000 was made to the surplus of the institution.
follows: Walker Hill, President; H. P. Hilliard and Ephron
The Oakland National Bank of Chicago increased its board Catlin, Vice-Presidents; L. A. Battaile, Cashier; and J. S.
of directors from five to seven, the additional members being Calfee, J. A. Berninghaus, G. M. Trumbo and C. L. Allen,
Robert Jones and F. II. Wickett. Mr. Jones was formerly
Assistant Cashiers.
President of the First National Bank of Fargo, N. D.
— At the annual meeting of the Illinois State Trust Com­
Anton Liver becomes a director of the Chicago City Bank,
pany Bank of East St. Louis, 111., on the 4th inst., F. T.
succeeding Louis H. Rathje.
Joyner was elected President to succeed J. C. Van Riper.
The Western Trust & Savings Bank has]two new directors
James P. Combs has been chosen Cashier, succeeding Mr.
in Ira G. Rawn, Vice-President of the Illinois Central R R .,
Joyner and Robert P. Munger has become Secretary. The
and B. F. Peek.
institution recently took over the business of the City Na­
At the Chicago Title & Trust Co. Charles L. Bartlett was
tional Bank, and R . E. Gillespie, Cashier of the latter,
elected a director to fill a vacancy.
Prentiss L. Coonley has been chosen a member of the board became a Vice-President of the trust company. Paul W .
of the Chicago Savings Bank^&lTrust^Co., to succeed Ralph Abt is its First Vice-President.
C. Otis, resigned. Chas. H. ReQua retires as Vice-Presi­
dent but retains his membership in the board.
Henry J. Thayer has been elected to succeed the late
Charles H. Deere as director of the Farwell Trust Company.
Albert Pick has been added to the board of the Hamilton
National Bank.
A. J. Kowalski succeeds Theodore Ostrowski as a director
of the Northwestern Trust & Savings Bank.
Sterling Morton takes the place of B. F. De Muth on the
board of the Railway Exchange Bank.
J. J. Dau has been added to the list of directors of the State
Bank.
The directorate of the National Produce Bank has been
increased from nine to eleven, with W. C. ShurtlefF and Wal­
ter McBroom as the new members.
Thomas J. O'Donald replaces George D. Uebeleas director
of the Calumet National Bank.
— Henry S. Henschen, Cashier of the State Bank of
Chicago, has been appointed Vice-Consul for Sweden in
that city to fill the vacancy caused by the recent promotion
of John R . Lindgren, now Consul in a district comprising
the States of Illinois, Indiana, Ohio, Michigan, Wisconsin,
Missouri and Arkansas. Mr. Henschen has been an officer
of the State Bank of Chicago for many years and is widely
known as among the most genial bankers in the West.
— The Mutual Bank of Chicago, organized in 1905 under
a profit-sharing plan, went out of existence on the 4th inst.
Its accounts have been taken over by the American Trust &
Savings Bank. With the establishment of the Mutual
Bank it was announced that it was intended to pay 3% on
savings accounts, 3% to stockholders, and to divide the
remaining profits equally between depositors and stock­
holders. In a notice to depositors announcing the merger,
President Lawrence Hey worth stated that the stockholders
and directors “ have felt for some time that the mutual plan
of dividing profits with depositors, beyond the regular 3%
on savings deposits, could not continue, and the bank
be operated on conservative lines, unless the capital stock
be largely increased, which was not an easy task, owing to
the small promise of dividends to investors who might
otherwise feel disposed to buy additional stock, and your
stockholders therefore voted to discontinue the profit-sharing
plan.” The bank was organized with a capital of $250,000
and a surplus of $50,000. The deposits are in the neighbor,
hood of $2,500,000. President Potter of the American
Trust & Savings Bank states that the absorption is “ merely
a liquidating transaction; the American does not buy the




*M,aiu l* \g<£o nuu cucm l% n tins aisiu.uKB
London, Saturday, January 2 1909.
Although the Stock Exchange was closed yesterday and,
furthermore, the usual requirements at the end of the year
compelled the outside market to borrow largely from the
Bank of England, the Stock markets have been quite cheer­
ful during the week and look forward to the future with
great confidence. M. Isvolski’s speech in the Douma on
Christmas Day has had a very reassuring effect all over
Europe. His frank admission that Russia is not prepared
for war and that Russia is more or less tied by secret engage­
ments entered into with Austria-Hungary years ago have
made a most favorable impression, have raised his prestige
abroad, and have brought about a general conviction that
peace will be maintained. Therefore, although business
has not materially increased, markets have been very firm
and there has been an upward movement in almost every
department of the Stock Exchange. The Continental
Bourses have also been very favorably impressed. It is
true that the note issued by the Austro-Hungarian Govern­
ment is less reassuring than M. Isvolski’s speech and for a
day or two rather checked the improvement. But the
optimistic feeling has returned and the old year closed with
a very good market.
.
There is some anxiety here at the immense number ol new
issues that are coming out. On Monday the Messrs.
Rothschild will bring out a new Chilian loan for 3 millions
sterling. The loan bears 5 per cent interest and is to be
issued at 96)^, which is considerably under the market
price of the old 5 per cents. The loan has been under­
written with great eagerness. But it seems doubtful
whether the public will show equal eagerness to apply for it,
for Chili has been passing during the past year through a
very grave crisis. The finances are disordered, population
is growing but slowly, and the currency is in a very un­
satisfactory state. Nevertheless, the fact that the loan
is brought out by the Messrs. Rothschild will have great
weight with the market In any case, the loan is under­
written, and therefore Chili will get the money. It is
understood that a number of other issues are in preparation.
About the 22d of the month the new Russian loan will
come out. The greater part, of course, will be taken in
Paris, but it is expected that London will participate. No
doubt is entertained that the loan will be a marked success.
Here in London fears are expressed that the rush of new
issues will prevent any rise in old securities, that, in fact,
all the money available will be mopped up by the new
issues. It is forgotten by those who so complain that the
new issues are applied for by investors abroad as well as by
investors at home. And, as the accumulation of unem­
ployed money is unprecedentedly large, both at home and
abroad, the new issues can well be taken up without affect­
ing the market for the old securities. For example, there
has hardly ever before been such a vast accumulation of
unemployed money as there is at the present moment in
Paris. Paris almost throughout the whole year has been
withdrawing money from London, Berlin, New York and

139

THE CHRONICLE

Jan . 16 1009. |

Breadstuffs Figures Brought from Page 169.— The state­
other great centres, where it had been financing business on
a large scale. The result is that the Bank of France at the ments below are prepared by us from figures collected by
present time holds more gold than it has ever held before. the New York Produce Exchange. The receipts at Western
Therefore, Paris alone can not only provide the money which lake and river ports for the week ending last Saturday and
Russia asks for, but can also buy up most of the new issues since August 1 for each of the last three years have been:
offering here in London, if once assured that peace will be
maintained and that she herself will be free from the brow- Receipts at— Flour.
Wheat.
Corn.
Oats.
Barley.
R ye.
bating to which she has been subjected by Germany for
bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu. 56 lbs.
the past year or two. The real question is not whether C h ica g o ------ bbls.l96lbs.
149,221
68,000
1,964,809
1,473,021
430,300
28,000
the new issues are too many, but whether the peace of M ilw aukee..
34,300
81,000
179,000
195,200
216,000
25,200
286,467
38,080
73,127
5,688
59,620
Europe is assured. If it is, there will be no lack of funds Minneapolis.
1,204,190
155,270
170,000
263,620
26,790
............
to take up the new issues. Besides, if the new issues really
21,000
47,400
31,500
2,000
3,800
15,864
83,514
33,144
prove too large, the remedy will be found in a sharp rise in C le v e la n d ...
1,025
2,970
61,890
72,830
the rates of interest and discount.
St. Louis___
44,140
180,000
550,775
305,600
84,500
5,000
7,000
32,328
254,086
160.500
Money during the week has been in very strong demand, P e o r ia .........
51,000
14,000
443,100
194,700
109.500
not because there has been any great increase in business, Kansas City.
T o t.w k /0 9
264,814
2,309,591
3,529,524
2,624,422 1,105,040
although there are signs that trade at last is beginning to
106,678
wk. '08
3,303,557
3,952,400
290,691
3,022,663 1,384,839
83,944
improve, but simply because of the usual requirements at Samo
267,841
4,885,244
Same wk. '07
3,746,241
3,448,081 1,374,269
149,342
the end of the year. The outside market has borrowed
Aug. 1
from the Bank of England immense sums, but nevertheless Since
1 9 0 8 -0 9 ... 10,447,638 156,342,641 64,589,345 89,612,436 51,212,915 4.169,086
money is so cheap in London that the French banks con­
1 9 0 7 -0 8 ... 8,874,722 140,094,841 88,433,477 95,830,152 41,407,464 4,233,289
1 9 0 6 -0 7 ... 10,919,205 130,852,351 88,872,432 106,891,253 41,262,339 4,581,409
tinue to withdraw the balances they have so long been
s4
employing here. On Monday last, for example, almost all
the gold offering in the open market was bought for French
Total receipts of flour and grain at the seaboard ports for
account.
the week ended Jan. 9 1909 follow:
The India Council offered for tender on Wednesday 150
Wheat,
Corn,
Oats,
Flour.
Barley,
R ye,
lacs of its bills and the applications amounted to 983
lacs
Receipts at—
bush.
bush.
bbls.
bush.
bush.
bush.
at prices ranging from Is. 3 29-32d. to Is. 3 31-32d. per New Y o r k _______ 141,045
292,800
599,325 158,100
280,750
1,150
B o s t o n ___________
35,591
144,603
124,146
57,892
rupee. Applicants for bills at Is. 3 15-16d. per rupee and Portland,
Me_____
4,700
256,105
8,500
44,858
for telegraphic transfers at Is. 3 31-32d. per rupee were P h iladelphia_____ 57,297
76,930
221,469
104,735
2,000
Baltimore________
41,226
12,681
367,240
73,083
3,049
allotted about 33.02 per cent of the amounts applied for.
R ic h m o n d _____ .
English Financial Markets— Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Week ending Jan. 15.
Sal.
M on.
Silver, p e r o z ........................ d - 23 M
24 44
Consols, new, 2'A per cents . 83 7-16 8354
For account____ .
8344
French Rentes (In Paris).fr . 96.85
96.85
Amalgamated Copper C o .. - 8544
8354
((Anaconda Mining Co
10
. 1044
Atchison Topeka & Santa F c .10244
10244
P referred...........
10444
.10144
Baltimore * O hio.
-113 M
113
Preferred - .
. 9544
96
Canadian Pacific.................... ..18144
18044
Chesapeake & O hio............... . 5944
59
Chicago Great W estern.......... 854
854
Chicago Mllw. * St. P a u l... .15344
15244
Denver & Rio Grande, com ■ 3944
39
83
P referred.............................. 83
Erie, com m on............... ........... 3344
3244
First Preferred__________ . 5044
4854
38
Second P referred............... 39
149
Illinois Central— - ............. .150
Louisville * Nashville........... .12844
12644
24
Mexican Central......... - ......... . 2444
Mo. Kansas & Texas, c o m ... 45
4354
76
P referred ________________ . 7644
44
National R ll. o f Mexico------. 44
N, Y . Central & Hudson IUv.13144
12954
N. Y . Ontario & W e stern ... . 4844
47 M.
Norfolk Ac Western, co m ------. 89
8844
Preferred...... ........................ 90
90
Northern Pacific------------------ .14544
14444
P ennsylvania.......................... 6854
68
oReadlng Com pany................. 7244
71
aFirst Preferred........... ..
4744
4744
nSecond Preferred............. 4744
4744
Rock Island C om pa n y.......... 2654
2544
Southern Pacific____________ 12244
12054
Southern Railway, com m on. 2744
2644
63
P referred ................... .......... 64
Union Pacific, com m on......... 185
18244
P referred.............................. 99
9844
U. S. Steel Corp., com m on .. 5444
5344
Preferred . . ........................ 11644
11544
W a b a sh .................................... 1954
1944
51
Preferred ....................... — 5244
Extended 4s-------------------- 76
7544
a Price per share.

b £ sterling,

Wed.
Frl.
Tues.
Thurs.
24
24 3-16 2444
2444
83 7-16
8344
8344
8344
83 9-16
83 9-16 8354
8354
96.8244
96.7244
96.65
96.65
8354
8344
8254
8244
10
954
954
954
102
101
10054
10054
101
104
103
103
114
11254
11254
11254
9544
9544
9544
9544
is o
18044
18044
17954
5844
5844
5844
5844
8
8
844
844
152
152
15144
15144
40
40
3944
3944
S2
82
82
82
3144
2954
3154
3054
4654
4044
4544
4444
3644
3544
3544
3544
147
148
147
11644
126
126
12644
12644
22 54
2344
2344
2344
44 44
44
4444
4144
76
7544
7544
7544
43
4344
4344
4344
133
131
12844
12844
47
4744
4744
4744
88
88
88
8744
90
90
90
90
143
14444
11444
14244
6754
07'54 • 68
6744
70
7044
7044
C0954
47
47
47
4744
47
47
47
4744
25
25
2544
2444
11954
12044
12054
12244
27
2 0 14
2644
2044
6344
0344
0344
0344
18244
18244
18244
18344
9844
9844
9844
9844
5254
5344
5344
5344
11544
11544
11544
11544
19
1844
1844
1944
50
50
4844
4844
75
7544
7544
7544

c Ex-dlvIdcnd.

(ftxrmmevcial im rtiXU s ceXltuuxms IXcidb
National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department.
A P P L I C A T I O N T O C O N V E R T IN T O N A T I O N A L B A N K A P P R O V E D
B a n k o f H o rr y , C o n w a y , S . C ., Into " T h e C o n w a y N a tio n a l B a n k .”
C a pital, $ 5 0 ,0 0 0 .
•
N A T IO N A L B A N K S O R G A N IZ E D .
C ertificates Issu ed from J a n . 4 to J a n . 0.
0 ,3 1 1 — T h e S ou th w est N a tio n a l B a n k o f K ansas C ity , M o . C a pital, $1,
000 ,0 0 0 . F . P . N eal, P res.; E . W . Z e a an d J . M . M oore, V .- P s .;
J . M . M oore. C ashier; E . P . D a v is , A s s t. C ashier.
0 ,3 1 2 — T h e First N a tion a l B ank o f L a n d lsv llle, P a . C a p ita l, $25 ,0 0 0
A m o s H . H olTm an, P re s.; Sam uel N . R o o t , H a r v e y W . M ln nlch
an d E llas F . N o lt, V .- P s .; J a c o b N . S u m m y , Cashier.
9 ,3 1 3 — T h e First N a tion a l B a n k o f P la ln v lllc, C on n . C a pital, $ 2 5 ,0 0 0 .
J . I I . T r u m b u ll, P res.; E d w in H ills, V .- P . ; A . A . M c L e o d , C ashier.
0 ,3 1 4 — T h e U n ited S tates N a tio n a l Bank o f L a G ra n d e , O re. C a pital,
$ 10 0,00 0. N . K . W e s t. P re s.; W m . M iller, V . - P . ; T . J . S cr o g g ln ,
C ashier; H . E . C o o lld g e , A s s t. Cashier.
9 ,3 1 5 — T h e M erch ants N a tio n a l B ank o f S p rln glleld , M o . C a p ital, $ 2 0 0 ,­
000 . L ou is S . M eyer, P r e s .; M ilton C. B a ker, C ashier.
R E S U M P T I O N O F B U S IN E S S .
4 ,0 1 3 — T h e F irst N a tion a l B a n k o f N ew K e n sin g to n , P a , p la ce d In ch arge
o f a receiv er N o v . 0 1008, resu m ed business J a n . 7 1009.
L IQ U ID A T IO N S .
8 ,7 0 0 — T h e First N ation a l B ank o f A l t o n , O k la ., w as p la c e d In v o lu n ta r y
liq u id a tio n D e c. 10 1008.
0,8 5 1 — T h e C lin ton N a tion a l B a n k, C lin ton , O k la ., w a s p la c e d In v o lu n ta r y
liq u id a tio n D e c. 10 1008.
8 ,0 0 2 — T h e B a n k ers’ N a tion a l B ank o f K ansas C ity , K a n ., w as p la c e d In
v o lu n ta r y liq u id a tio n J a n . 2 1009.
IN S O L V E N T .
0 ,3 4 1 — T h e F irst N a tion a l B a n k o f R u g b y , N . D ., w as p la ce d In ch arge o f
a r e c e iv e r J a n . 4 1000.




5,205
20,768
2,473
8,715

New Orleans * ____
Newport News____
Galveston......... ......

10,764
7,000

6,300
345,000
300

20,000

252,000
4,000
7,426

38,564

5,077

1.653.489
1.555.374
1.653.489
1.555.374

060,111
878,622
960,111
878,622

173.077
164,788
173.077
164,786

Montreal__________
St. John__________

’ T .io o
7,742
18,970

2,500
472,657

Total week.
Week 1908..
Since Jan. 1 1909-Since Jan. 1 190 8..

347.832
413.311
347.832
413.311

1.296,640
2,633,732
1,296,640
2,633,732

15,812
70,700

802

5,001
40,512
5,001
40,512

* Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending Jan. 9 1909 are shown in the annexed statement:
Corn,
bush.
203,848
44,858
51,428
102,856
656.960
249,313
300
268,056
4,000

Wheat,
Exports from—
bush.
New Y o r k ............ 464,516
Portland, Me____ 256,105
B o s to n ......... ........ 235,944
Ph iladelphia____ 562,832
Baltim ore_______
57,673
New O rleans____
97,266
Newport News.....
............
Galveston..............
32,160
M obile.....................................
N orfolk__________
______
St. John, N. B__ 472,657
Total week____2,179,153
Week 1908______ 3.834,276

Flour,
bbls.
54,521
4,700
14,556
63,837
25,394
11,407
2,475
11,776
4,100
8,715
18,970

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

,581,619 220,449
,411,568 358,704

28,063
29,888

Oats,
bush.
27,916

R ye,
bush.
17,000
.........
.........

Barley, Peas,
bush. bush
16,995 3,780
8,500 8,382
17,000
..........

132
15

387

17,000
68,857

42,495
..........

12,549
12,240

The destination of these exports for the week and since
July 1 1908 is as below:
----------Flour------------------------Wheat--------------------------- Corn------------Since
Since
Since
Week
July 1
Week
July 1
Week
July 1
Exports for week and Jan. 9.
1908.
Jan. 9.
1908.
Jan. 9.
1908'
since J uly 1 to—
bbls.
bbls.
bush.
bush.
bush.
bush
United K in g d o m ...1 0 8 ,357 3,290,960 1,353,619 39,701,959 1.124,453 6,691,583
C o n tin e n t................. 61,234 1,532,052
824,859 39,492,259
436,799 5,868,274
So. & Cent. Amer__
12,833 357,918
675
184,532
1.815
22,474
W est Indies.............. 37,396 789,860
150
16,662
643,461
Brit. N o. Am . Cols...............
59,536
............
................................
6,400
Other Countries____
629 189,739
51,488
1,890
14,562
T o t a l.................... 220,449 6,220,065 2,179,153 79,430,388 1,681,619 13,246,754
Total 1907-08...........358,704 6,463,808 3.834,276 76,540,522 1,411,568 25.996,296

The world's shipments of wheat and corn for the week
ending Jan. 9 1909 and since July 1 in 1908 and 1907 are
shown in the following:
Wheat.
Exports.

1908-9.
Week
Jan. 9.

Com .
1907-8.

Since
July 1.

Since
July 1.

1908-9.
Week
Jan. 9.

1907-8.

Since
July 1.

Since
July 1

Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 4,234,000 117,667,700 110.408,000 2.345.000
R u ssian ____
496.000 38.560.000 50.792.000 238,000
Danublan . .
424.000 25.808.000 19.912.000 1.232.000
Argentina . .
952.000 30.515.000 10.648.000
81,000
5,624,000
A u stralian..
9.096.000
336.000
Oth. countr’s 112.000
7.730.000 18.440.000
............

Bushels.
Bushels.
12,870,400 23.382.000
8,393,500 14.240.000
14.265.500 31.208.000
42.185.500 34.648.000

T o t a l ____ 6,554,000 229,376,700 215,824,000 3,896,000

77,714,900 103,478,000

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

.........

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom.
Bushels.
Jan. 9 1 9 0 9 .. 15.040.000
Jan. 2 190 9 .. 14.080.000
Jan. 11 1 9 0 8 .. 21.280.000

Corn.
United
Kingdom.

Continent.

Total.

Bushels.
Bushels.
Bushels.
5.760.000 20,800,000 4.250.000
6.080.000 20,160,000 3.400.000
8,160,000 29,440,000 3.800.000

Bushels.
4.930.000
5.100.000
4.680.000

Bushels.
9.180.000
8.500.000
8.480.000

Continent.

Total.

The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and
seaboard ports Jan. 9 1909, was as follows:

THE CHRONICLE

140

B o s t o n ______
Philadelphia
Baltim ore___
New Orleans
G alveston—
B u ffa lo .........

D etroit Chicago-

St. Louis - .........

M ontreal-............
Fort William —
Port Arthur-----Other Canadian-

AM ERICAN G R A IN STOCK8.
Wheat,
Corn,
Oats,
bush.
bush.
bush.
___ 2,159,000
412,000
916,000
...
606,000
119,000
35,000
272,000
82,000
___
651,000
752,000
___
503,000
189.000
680,000
___
380,000
124,000
500,000
___
320,000
1,754,000
____ 3,304,000
18,000
____ 7,828,000
524,000
____
494,000
255,000
214,000
___
70.()()()
___
______
____
546,000
310,000
165,000
____ 5,287,000
1,687,000
871,000
___
140.000
______
___
508,000
527,000
261,000
71,000
1,087,000
___ 6,383,000
413,000
2,503,000
___ 14,679,000
776,000
757,000
___ 2,531,000
364,000
334,000
. . . 3,766,000
809,000
...
1,000
74,000
296,000
95,000
----263,000
1.. .50,479,000
7,325,000
7,165,000
.51,759,000
CA N AD IA N G R A IN
Cam,
Wheat,
bush.
bush.
26,000
..
38,000
.. 2,959,000
.. 1,709,000
.- 1,960,000

10,921,000
10,629,000
STOCKS.
Oats,
bush.
189,000

6 666,000

189,000
26,000
219,000
26,000
SU M M ARY .
Oats,
Corn,
Wheat,
bush.
bush.
bush.
7,325,000 10,921,000
.50,479,000
189,000
26,000
.
,

,
Total Jan. 9 1909- . .
Total Jan. 2 1909. _ 0,415,000

American
Canadian .
Total
Total
Total
Total
Total
Total

6 666,000

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

9
2
11
12
13
14

1909
1909
1908.
1907.
1906.
1905.

.57,145,000
.53,174,000
.47,881,000
.46,299,000
.47,021,000
.39,585,000

7,351,000
7,191,000
4,771,000
6,499,000
13,761.000
11,279,000

11,110,000
10,848,000
8,498,000
12,567,000
27,242,000
20,300.000

Rye,
bush.
92,000
19,000
26,000
196,000

Bartel/,
bush.
519,000
4,000

159,000
79.000
52,000

963,000

lV.OQO

85,000
55,000

1 , 010,000

35,000
36,000
119,000
34,000

283', 000
575.000
1,327,000
204.000

25,000

"if,666

1,012,000
1,022,000

5,082,000

Rye,
bush.
.........

Barley,
bush,
79,000

......

79,000
64,000

Rye,
bush.
1,012,000

Barley•
bush.
4,905,000
79,000

1,012,000
1,022,001)
897,000
1,751,000
2,353,000
1,773,000

4.9S4.000
5,146,000
5,780,0)0
2,923,000
6,038,000
6,371,000

Auction Sales.— Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H. Muller & Son:

iStocfcs

[VOL. LXXXVIII
Per
Cent.

Name of Company.
Miscellaneous.
American Cement (N o. 19)....... ............ —
American Chicle, com m on (m on th ly)-----Common (extra )______________________
Preferred (quarterly) — ...........................
American District Telcg. of N . J . (quar.)
American Glue, preferred--------------- -------American Light A Traction, c o m m o n ...
Preferred (q u a r.)........... ............ ...............
American Locom otive, preferred (quar.).
Anaconda Conner Mining (au.) (N o. 3 3 ).
Bond A Mortgage Guarantee (quar.)------Butte Electric A Power, pref. (quar.)------ren t. Dlst. A Print. Telegraph (q u a r .)..
CommnmccaUh-Edlson (quar.)------ -------Consolidated Icc, Pittsburgh, pref. (quar.).
Consolidation Coal (quar.)............................

When
Payable.

Jan.
3
Jan.
1
Jan.
1
J-B Jan.
1
Jan.
$4
Feb.
Fob.
2
I B Feb.
I B Ja n .
50c. Jan.
Feb.
3
I B Feb.
Jan.
2
I B Feb.
I B Jan.
Jan.
2
Jan.
Jan.
1
B Jan.
3 B Feb.
I B Jan.
2 B April
2 B Feb.
I B April
I B Feb.
3 B Eel).
2
Jan.
I B Feb.
I B Jan.
l.B Feb.
I B Feb.
6
Jan.
Jan .
3
1
Jan.
2 B Jan.
I B Mch.
B May
Feb.
IB
2
Feb.
Feb.
3
I B Ja n .
Jan.
3
Jan.
2
I B Jan.
2 B Feb.
Jan.
54
1
Feb.
I B Feb.
Feb.
1
I B Feb.
I B Jan.
Jan.
1
B Jan.
1
Feb.
Jan.
7
1
Feb.
2
Jan.
I B Jan.
I B Feb.
I B Jan.

Distilling Co. of America, pref. (q u a r.)-Distillers’ Securities Corp. (q u .)(N o . 25)
Dominion Coal, Ltd., preferred___________
du Pont (E .I .)d e N em oursP ow d.pr.(qr.)
Eastman Kodak, common (quar.)------------Common, e x tr a ....... ....................................
Preferred (quar. ) . . ...................................
Electric Bond A- Share, pref. (quar.).........
Electric Company of Am erica......................
Fairmont Coal (annual).................................
Federal Su/ar Refining, pref. (quar.)-----Harblson-Walker Refractories, pref. (qu.)
International Nickel, pref. (qu ar.)...........
Internal. Steam Pump, pf. (qu.) (No. 39)
Knickerbocker Ice, preferred (No. 2 0 ) ..
La Rose Consolidated Mines (qu ar.)-----Louisville Gas ............. ......................... ........
Michigan Slate Telephone, com. (quar.) —
Preferred ( q u a r . ) , ----- -----------------Preferred (quar.) (N o. 2 0 )____________
MInneap. Gen. E lec., com . (N o. 7 ) -----Preferred (N o. 20).__ .............................
Monongahela RIv. Cons. Coal A Coke, pfNlplsslng Mines (qu ar.)__________________
Oklahoma Gas A Electric, pref. (quar.)__
Omaha Electric Light A Power, pref____
Osceola Mining.......................... .....................
Pacific Coast Co., common (q u a r .)______
First preferred ( q u a r . ) . . ........................
Second preferred.......................................
People’s Gas Llqht A Coke ( q u a r .).............
San Diego Consol. Gas A Elec., pref. (qu.)
Shawlnlgan Water A Power (qu ar.)_____
Street’s W est. Stable-Car Line, com . (qu.)
United Cigar Mtrs., com mon (N o. 1)-----United Cigar Stores, preferred (annual)..
( ’ . S. Really A Improvement (quar.).........
United States Rubber, llrst pref. (quar.).
Second preferred (qu ar.)...........................
U. S. Telephone, pref. (qu ar.)......... ..........
Vulcan Detlnnlng, pref. (qu ar.)................

Books Closed.
Days Inclusive.

22 Jan. 10
Jan. 22
to
20 D ec. 29
Jan. 20
to
20 Dec. 29
Jan. 20
to
20 Dec. 29
Jan. 20
to
22 Jan. 13
Jan. 21
to
1 Jan. 2 9
F eb . 2
to
Jan. 31
to
1 Jan. 21
Jan. 31
to
1 Jan. 21
Jan. 21
21 Jan. 5 to
20 Holders of rec. Jan. 9
15 Holders of rec. Feb. 6
1 Holders of rec. Jan.15a
Jan. 31
to
30 Jan. 24
Jan. 31
to
1 Jan. 21
Jan. 20
to
20 Jan. 9
Jan. 30
to
30 Jan. 24
Jan. 30
to
30 Jan. 24
29 Holders of rec. Jan. 9
30 Holders of rec. Jan. 9a
Jan. 31
to
1 Jan. 22
25 Holders of rcc. Jan. 15
1 Holders of rec. Feb. 27
1 Holders of rec. Jan. 13
1 Holders of rec. Feb. 27
Jan. 31
1 Jan. 17
to
Feb. 3
to
3 Jan. 21
Jan. 31
to
30 Jan. 24
1 Holders of rec. Jan.29a
20 Holders of rec. Jan. 10
Feb. 1
1 Jan. 10 to
Feb. 1
1 Jan. 21
to
Jan. 20
20 Jan. 10
to
Jan. 20
20 Jan. 3
to
Jan. 20
to
20 Jan. 3
Jan. 12
11 Dec. 28
to
1 Holders of rec. Feb. 15
1 April 18 to
May 2
1 April 18 to
May 2
1 Holders of rec. Jan. 11
1 Holders of rcc. Jan. 11
Jan. 24
to
25 Jan. 13
Jan. 20
20 Jan. 1 to
Jan. 20
20 Jan. 1 to
16 Holders of rec. Jan. 6
1 Holders of rec. Jan.20a
29 Holders of rec. Jan. 8
Feb. 1
to
1 Jan. 17
Feb. 1
to
1 Jan. 17
Feb. 1
to
1 Jan. 17
25 Holders of rcc. Jan. 20
15 Holders of rec. Jan. 7
Jan. 25
to
20 Jan. 20
Jan. 25
25 Jan. 15 to
1 Holders of rec. Jan. 27
Jan. 20
20 Jan. 3
to
1 Holders of rcc. Jan. 21
30 Holders of rec. Jan. 15a
30 Holders of rec. Jan. 15a
15 Holders of rcc. Jan. 30
20 Holders of rec. Jan. 9a

Stocks.
75 M e x ica n Su g ar R e lining Co.
M erch an ts’ N at. B a n k ------ 1 6 0 H
o f L o u is ia n a ------------------ $ 1 5 0 lo t
C on ey Is l.& B k ly n .H K .C o .* 81 B
1,400 W r lg h ts v llle H d w . C o ,$ 1 8 ,0 0 2
M utual Gas L ig h t C o ---------131
7,675 H a rd w a re & W o o d e n w a re
P itts. B ess. & L a k e E . R R .
M fg. C o ., c o m m o n __________5110
C o ., 550 e a c h . .5 3 5 H p er share
12,500 H ardw a re & W o o d e n ware
7 C on tin en tal In s. C o ----------1450
M fg. C o. 2d p r e f__________ 51,600
56 G allatin N a t. B a n k ---------------352 B
2,8 5 0 H ardw a re & W oo d e n w a re
21 N at. B a n k o f C o m m e r c e .-1 9 5
M fg. C o. 1st p r e f--------------- 53,800
8 N at. F u el Gas C o --------------- 179
a Transfer books not closed.
25 M u tu al T ru st C o. o f W e st­
25 H a n o v e r N a t. B a n k ----------- 540
ch ester C o ________________ 1 2 4
10 C h em ical N a t. B a n k . . ------ 427
5
B
o
w
lin
g
G
reen
T
ru
st
C
0
I
I
3
7
6
50 L a w y e r s ’ T itle In s. & T ru st
Imports and Exports for the Week.— The following are
Bon ds.
Co
______________ 2 3 8 M -2 4 0
5 C ellu loid C o ----------------------------- 131B 52.000 C o lo . S prings & Cripple
the imports at New York for the week ending Jan, 9; also
C rk. D lst. R y . 1st 5s, 1930,
1,800 M ines Secu rities C o rp .,
totals since the beginning of the first week in January:
J . & J ------------------------ 105 B & ln t.
55 e a c h _________________ 571 lot
52.0 0 0 N ew O rleans T e r m ’l C o.
635 T h e
G eorge
V.
F o w le r
1st 4s, S er. A , 195 3____________ 84 B
R e a lt y C o ---------------------- 5100 lo t
536 .0 0 0 S e co n d A v e . R R . d e b .
350 N . Y . & C u ba M all SS. C o.
1900.
1907.
1908.
1909.
For Week.
5s, Ja n . 1 1909: J u ly 1908
te m p o r a r y c t f s ____ $5 per share
c o u p o n s a t t a c h e d ______________ 7 8 B
17 T h e O m aha W a te r C o. c t f.
$3,572,499
$3,271,067
$3,926,786
83.977,280
520 .000 p ro m isso ry n otes o f
o f benellclal Interest In the
13,577,891
8,287,914
7,247,262
11,307,135
S h o rt M fg. C o ., due Ja n . 14
1st p r e f--------------------------------- 22
1909, 51,000 e a c h __________515,200
15 T h e O m a h a W a te r C o. c t f.
$17,150,390 $11,568,981
$11,174,048
815,344,424
$3,000 E q u lt. Gas & L t. C o. o f
o f benellclal Interest In the
Since January 1.
N . Y . 1st c o n s o l. 5s, due
2 d p r e f_____________________
6
$3,271,067
$3,572,499
$3,926,786
83,977,289
Dry G oods............. - .................
1 9 3 2 .......... ........................106 X & ln t.
8,287,914
13,577,891
7,247,262
11,367,135
General Merchandise..............
51
19
17
11

DIVIDENDS.
The following shows all the dividends announced for the
future by all large or important corporations:

Dividends announced this week are printed in italics.
Name of Company.

Railroads (Steam).
Atch. Toneka & Santa Fe, pref. (N o. 21)
Atlantic & North Carolina........................
Baltimore A Ohio, common........................
Bret erred ...................................- ...............
But/alo Rochester A- Pittsburgh, com .........
P referred____________________________
Canada Southern.......................... ...............
Central R R . of New Jersey (qu ar.)-----Chicago A Alton, common..........................
Prior lien and participating.-............- Chic. Mtlw. A St. Paid, com. A p r e f . . .
Clevo. Cine. Chic. & St. L.. pref. (q u a r.).
Delaware A Hudson (quar.)....................... Delaware Lackawanna &Western (quar.)
Great Northern (quar.)............. - .................
H ocking Valley, com mon and preferred.
Lake Shore & Michigan Southern..............
Guaranteed (Mich. S o . & N o .In d .) - ­
Louisville & Nashville__________________
Mahoning Coal R R ., com m on----------------Michigan Central........................................ - ­
Nashville Chattanooga A St. Louis..............
Norfolk & Western, preferred------------- North C a rolin a ,............ - -------- ---------------Northern Pacific (qu ar.)__________
Plttsb. Cine. Chic. A St. Louis, common
Pittsburgh & Lako Erie..... ...................
Reading Company, com m on________
St. Louis & San Fran., 1st pref. (quar.)
V a n dalla.......................... .........................
Street & Electric Railways.
Auburn A Syracuse Electric RR., pf. (qu.)
Columbus R y., preferred (quar.) (N o. 37)
East St. Louts A Suburban, p r e f . . ......... ..
Grand RapUls R y., pref. (quar.) (No. 3 3 ).
Havana Electric R y., common (No. 1)____
Preferred (N o. 12)....................................
Jacksonville Electric Co., common (N o. 9 ).
Preferred (N o. 13)........... .........................
M tlw. Elec. Ry. A Light, pf. (qu.) (No. 37)
Montreal Street R y. (quar.)....... ...................
New Hampshire Electric Rys., pref.............
Philadelphia Comnanv. common (nunr.).
Railway A Light Securities Co., pref.........
United Traction, Pittsburgh, p r e fe rre d ...
Banks.
Mount Morris (quar.)...................................
Fire Insurance.
Home (N o. 1 0 7 ) ......... ............ ............ ..........




Per
Cent.

When
Payable.

1 Holders of rcc.
to
20 Jan. 1 1
1 Holders of rec.
1 Holders of rcc.
15 Holders of rec.
15 Holders of rec.
1 Holders of rcc.
1 Holders of rec.
15 Holders of rcc.
15 Holders o f rec.
1 Feb. 2
to
20 Holders of rec.
20 Holders of rec.
20 Holders of rcc.
1 Holders of rec.
18 Holders of rec.
29 Holders of ree.
1 Jan. 1 to
10 Jan. 21
to
1 Holders of rec.
29 Holders of rec.
1 Jan. 24
to
18 Holders of rec.

Dec.30a
Jan. 19
Feb. 1
Feb. 1
Feb. 5
Feb. 5
Dec. 31
Jan. 20
Feb. 6 a
Feb. 6a
Mch. 1 2
Dec. 29
Feb. 27
Jan. 4
Jan.12a
Dec. 28
Dec. 31
Feb. 1
Feb. 10
Jan. 15
Dec. 31
Feb. 1
Feb. 3

1 Jan. 13
15 Holders
1 Holders
1 Holders
2 Holders
15 Holders

to
of rec.
of rec.
of rec.
of rcc.
of rec.

Feb. 1
Feb. 5
Jan. 2
Jan. 15
Jan.16a
Feb. 5

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

15 Jan. 1 to
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
to
15 Jan. 25
to
15 Jan. 25
1 Holders of rcc.
1 Holders of rec.
31 Holders of rec.
1
30 Jan. 21
to
1 Holders of rcc.
1 Holders of rec
20 Holders of rec.

Jan. 15
Jan. 15
Jan.
Jan. 15
Feb. 23
Feb. 23
Jan. 15
Jan. 15
Jan.20a

IB
IB
IB
IB
1
IB
3
3
IB
2B
1
IB
3
2B

Jan.
Feb.
Feb.
Jan.

2B

Feb.

12B

S17,150,390

811,558,981

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Jan. 9 and from Jan. 1 to date:

Books Closed.
Days Inclusive.

Feb.
Jan.
Mch.
Mch.
Feb.
3
Feb.
Feb.
IB
2
Feb.
Feb.
2
Feb.
3B Mch.
I X Jan.
2 X Mch.
2B Jan.
I X Feb.
Jan.
2
Jan.
6
Feb.
6
2B Feb.
Feb.
6
Jan.
3
2B Feb.
Feb.
2
3 B Feb.
I X Feb.
Feb.
Feb.
5
Feb.
2
Feb.
1
2 'A Feb.
2B
IB
3
2

$11,174,048

$15,344,424

Jan. 31
Jan. 2
Jan. 18
Jan. 9

1 Holders of rcc. Jan. 20

On dem. Holders of rec. Jan.

1

1909.

1908.

1907.

1906.

For the W eek...................... ..
Previously reported................

310,950,993

$15,434,749

$12,981,302

$14,186,952

Total 1 week........................

$10,950,993

$15,434,749

$12,081,302

$14,180,952

The following table shows the exports and imports of
specie at the Port of New York for the week ending Jan. 9
and since January 1, 1909, and for the corresponding
periods in 1908 and 1907
E X P O R T S AND IM PORTS OF SPECIE AT N EW Y O R K .____ _
Imports.

Exports.
Week.
Great Britain.........
F r a n c e ___________
G e rm a n y .................
West Indies_______
M e x ico .....................
South Am erica-----All other countrles.
Total 1909_______
Total 1908. - .........
Total 1907. - .........
Silver.
Great Britain______
F r a n c e ........................
Germany - .................
West Indies________
Mexico - -----------------South Am erica.........
All other countries..
Total 1909Total 1908Total 1907-

Since Jan A

$5,500
$5,500
5,925
210,815

19,025
210,815

$719,275
163,000

8719,275
163,000

1,025
25,100
$908,400
087,593
059,615

8882,275
884,643
933,280

Week.

JDice J an .l

$13,470
23,220
86,604
55,321

$13,470
23,220
86,004
55,321

$178,615
3,633,385
40,832

$178,615
3,633,385
147,812

$75,713
2,411
11,333

$75,713
2,411
11,333

$89,457
151,680
80,543

$89,457
151,680
180,872

Of the above imports for the week in 1909 $1,330 were
American gold coin and $1,330 American silver coin. Of
the exports during the same time,
----- were Amercan gold coin and $ ___ were American silver coin.

Jan . 16 1909. J

THE CHRONICLE

Statement of New York City Clearing-Houso Banks.— The
detailed statement below shows the condition of the New
York City Clearing-House banks for the week ending Jan.
9. The figures for the separate banks are the averages of
the daily results. In the case of the totals, the actual fig­
ures at the end of the week are also given.
W e omit two ciphers (00) in all cases.
Banks.
OOj omitted.
Bank of N. Y .
Manhattan C o.
Merchants’ ____
Mechanics’ ... .
P h c n lx _______
City . . .............
C h em ical..........
Merchants’ E x .
G a lla tin ...........
Butch. .C D rov.
Greenwich —
Amer. E x ch __
Commerce.........
M ercantile____
Pacific ________
Chatham ______
People’s ...........
H an over______
Citizens’ C e n t..
N a s s a u _______
Market & Ful’n.
Metropolitan Corn Exchange.
Imp. A Traders’
P a r k ..................
East ltlvcr____
F o u r t h .............
S e c o n d _______
First _________
Irving E x ch __
Bowery ----------N. Y . C ou n ty ..
German-Amcr
Chase_________
Fifth A v enue..
German E x c h ..
G erm ania.........
Lincoln .............
G arfield----------F if t h ..................
M etrop olis____
W est Side_____
Seaboard............
L ib e rty ..............
N. Y . Prod. Ex.
S t a t e ___ _____
14th Street____
C o p p e r ..............

Capital.

Surplus.

Loans.
Average.

Specie.
Legals. Deposits. ReAverage. Average. Average. s’ve.

%
2,000,0
2,050,0
2,000,0
3,000,0
1,500,0
1,000,0
25,000,0
3,000,0
600,0
1,000,0
300,0
500,0
5,000,0
25,000,0
3,000,0
500,0
450,0
200,0
3,000,0
2,550,0
500,0
1,000,0
2,000,0
3,000,0
1,500,0
3,000,0
250,0
3,000,0
1,000,0
10,000,0
2,000,0
250,0
500,0
750,0
5.000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
l.o p o .o
1,000,0
2,000,0

$
3,382,8
3,479,7
1,645,0
3,716,3
5,032.4
620,1
25,531,3
5,832,2
533,0
2,418,9
150,3
733,7
4,968,0
15,546,3
2,521,7
852,4
1,009,1
466,5
9,989,6
1,400,7
392,3
1,619,9
1,207,5
5,241,2
7.416,4
9,584,6
100,3
3,363,1
1,753,0
17,072,2
1,375,2
792,1
1,137,4
055,0
5,617,5
2,108,1
892,5
993,6
1,278,2
1,137,4
464,4
2,000,3
929,5
1,665,1
2,512,0
670,6
827,7
319,8
2,490,8

$
21,032,0
35,100,0
20,478,0
29,447,0
27,793,S
7,567,0
183,536,9
31,015,C
6,648,9
9,619,3
2,203,6
6,548,7
31,423,8
158,812,1
13,102,7
3,707,6
6,681,7
1,809,2
70,793,0
24,141,5
4,900,9
7,817,6
12,052,7
43,007,0
27,312,0
88,250,0
1,281,3
26,217,0
10,918,0
129,721,3
19,360,1
2,318,9
7,540,4
4,031,6
78,463.4
13,472,5
3,282,6
4,635,6
15,534,0
7,220,3
3,122,7
12,130,3
4,096,0
20,588,0
15,502,9
7,132,0
10,756,0
5,012,7
19.64S,9

$
4,082,(1
8,785,(1
4,060,(1
9,224,(1
5,522,7
1,340,0
44,759,3
5,952,1
1,550,7
1,212,9
601,4
1,836,7
4,702,9
23,308,1
1,849,7
656,7
791,9
057,0
11,935,3
6,036,0
586,8
1,381,2
3,203,4
7,143,0
4,897,0
24,692,0
352,2
4,876,0
2,551,0
31,419,2
4,348,7
767,0
1,418,8
906,7
18,381,8
3,198,5
540,0
772,2
3,274,4
1,045,5
443,9
2,152,0
799,0
5,570,0
4,024,5
2,088,4
3,374,0
829,2
4,622,6

$
1,238,0
1,818,0
1,891,0
2,380,0
3,538,3
279,0
7,745,0
2,108,2
464,9
702,1
07,5
200,0
1,637,8
12,993,6
940,8
504,7
1,119,9
78,9
11,371,6
323,8
702,2
993,3
196,2
5,737,0
1,814,0
1,472,0
186,2
2,516,0
437,0
1,553,4
1,047,9
74,0
709,4
201,6
5,319,2
1,0.80,9
693,0
698,9
1,274,7
406,0
323,9
1,066,1
261,0
1,570,0
280,5
128,7
241,0
589,6
114,2

$
%
19,974,0 26.7
41 ,S00,0 25.3
22,125,0 27.1
35,079,0 33.0
31,484,6 28.7
0,678,0 24.7
187,588,1 28.3
30,912,6 26.0
7,242,3 28.3
7,713,1 25.9
2,420,7 27.0
7,501,1 27.1
25,187,1 25.4
141,755,2 25.7
9,916,3 28.5
3,665,3 31.0
7,067,6 27.3
2,420,7 30.3
85,338,1 27.0
24,804,1 25.9
5,257,4 24.o
8,209,6 28.6
12,043,0 26.9
50,598,0 25.4
25,879,0 26.0
101,514,0 25.8
1,596,2 33.7
28,060,0 26.4
11.919.0 25.0
129,476,9 25.6
20,749,0 26.1
3,275.0 25.6
8,383.2 20.1
4,011,9 27.6
88,383,3 20.9
15,104,9:27.7
4,421,8 27.8
5.472.7 26.8
17.169,0 26.6
7,397,9 28.1
3,140,8 24.8
12,634,2 25.4
4,418,0 24,0
25,323,0 28.3
15,338,3 28.2
8,500.4 20.0
13,923,0 25.9
5,585,4 25.4
18,991,1 25 1

Totals, Average 126,350,0 105,447,7 1297,035,7 279,129,4 83,151,0 1358,319,8 20.8
Actual figures

Jan. 9.
.........

1307,650,0 284,378,1 86,069,8 1376,585,8 27.0

On the basis of averages, circulation amounted to $50,254,200 and United States
deposits (Included In deposits) to $8,791,200; actual figures Jan. 9: circulation,
$50,038,000;
United States deposits, $8,717,700.

141

$8,717,700, an Increase of S18.300, over last week; averages include United States
deposits o f $8,791,200, an Increase of S19.200 over last week.
"Reserve on deposits" includes, for both trust companies and State banks, not
only cash items but amounts due from reserve agents. In addition the Trust
Companies also on January 9 held a bond reserve of $25,334,800. Trust Com­
panies 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 per­
centage of reserve required Is computed on the aggregate of deposits, exclusive of
moneys held In trust and not payable within 30 days, and also exclusive of time
deposits not payable within 30 days, represented by certificates, and also exclusive
of deposits secured by bonds of the State of New York. The State Banks are
likewise required to keep a reserve varying according to iocatlon, but In this case
the reserve Is computed on the whole amount of deposits, exclusive o f deposits
secured by bonds of the State of New York.
R E SE R V E R E Q U IR E D FO R T R U S T COM PANIES & ST A TE BA N KS
-----Trust Companies----- -------------------Stale Banks---------Total OI which in Cash.
Total OJ which in Cash.
R e s e r v e ------------------------- R e s e r v e -------------------------------Location—
Required. Now. B y F e b .l.
Required. Now. B y F eb.l
Manhattan B o r o u g h ............. 15%
10%
16%
*25%
11,>4% 15%
Brooklyn Borough..................15%
7H %
10%
*20%
8 ? i%
10%
7 'A %
10%
15%
7K %
7 )S %
Other Boroughs......................15%
Elsewhere In State..................10%
4%
5%
*15%
5M %
6%
* This Is the aggregate reserve required on and after Feb. 1 1909. According to
the State Banking Department, the present aggregate reserve requirement for Man­
hattan Is 2 0 % ; for Brooklyn, 17)4% . for other boroughs, 15% , and for the rest of
the State, 1 2 )4 % .

Reports of Non-Member Banks.— The following is the
statement of condition of the non-member banks for the
week ending Jan. 9, based on average daily results:
W e omit two ciphers (00) in all cases.

Banks.

Capi­
tal.

Specie.

Legal
Tender
arul
Bank
Notes.

5
1,080,C
1,517,8
4,444,7
6,182,0
926,7
3,215,5
2,241,0
3,363,2
3,996,3
4,130,0
1,557,7
7,413,4
3,31G,G
4,381,0
1,703,0
1,102,5

5
86,0
33,2
473,7
079,0
69,8
27,9
333,2
32,3
80,8
283,0
184,4
85S.0
57,4
862,0
148,0
171,2

$
39,0
239,3
270,3
036,0
28,7
323,7
48,9
440,6
528,3
222,0
62,4
650,0
737,1
212,0
50,0
39,3

S
112,0
112,2
500,3
570,0
195,4
267,7
505,4
630,1
333,9
574,0
252,6
567,5
244,1
803,0
321,0
03,4

2,843,3
5,727,2
9,563,2
0,463,0
4,451,0
1,561,0

20,2
369,5
170,2
571,9
288,2 1,671,6
591,0
316,0
006,0
117,0
111,6
147,0

244,9
766,3
1,182,2
1,349,0
866,0
139,7

3,958,7
2.408.7
1,940,7

202,5
203,7
61,7

413,1
2.8,7
143,8

2,619,1 1,960,0
420,5
697,1
20,7
401,1

7,532,7
2,990,7
2,473,7

2,545,3

135,8

39,8

248,3

2,425,0

Loans,
Dlsc’ls
and
Invest­
ments.

Sur­
plus.

N. Y. City.
Boroughs of
M an .& B rx.
t
$
Wash. Hgts
100,c
214,3
Century ___
154,3
200,C
C o lo n ia l___
400,C
231,3
Columbia . .
300,C
430,9
F id e lit y ___
200,(1
174,7
JelTerson___
685,3
500, C
Mt. Morris.
265,3
250,0
M utual____
200,0
319,6
19th W ard.
478,9
300,0
Plaza .........
397,4
100,0
23rd W ard.
92,0
200,0
Union E x . .
828,0
750,0
Yorkville . .
100,0
420,6
Coal A I. Nat
500,0
705,5
NewNethl’d
230,4
200,0
Batt.Pk.Nat
144,4
200,0
Borough of
Brooklyn.
Broadway .
462,2
150,0
Mfrs’ N a t ..
252,0
782,1
Mechanics' . 1,000,0
918,1
Nassau Nat.
750,0
946,3
Nat. C it y ..
300,0
591,0
North Side.
200,0
132,7
Jersey City.
First N a t . .
400,0 1,228,2
Hud.Co.Nat
250,0
770,7
'1 bird N at. .
200,0
365,7
Hoboken.
First N a t ..
220,0
608,4
Second Nat.
125,0
224,5

Deposit with
Clear­
ing
Agent.

Other
Net
Banks. Deposits.
&c.

$
357,3
360,0
295,1
117,3
5,1
871,3

180,0
15,0

S
1,029,0
1,894,4
5,523,1
7,578,0
889,5
3,382,9
3,064,9
4,030,0
5,412,8
4,672,0
1,885,0
7,608,0
4,231,3
5,022,0
1,779,0
891,8

160,3 3,367,4
183,0 6,404,7
175,6 12,711,6
7,029,0
231,0 5,992,0
240,2 1,960,5

__

233,5

1,953,5
63,0
71,0
124,6
373,1 2,545,0
The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its T ot. Jan. 9 8,347,0 12,838,8 93,993,5 6,456,9 8,749,9 14,471,5 0,490,4 114332,0
T ot. Jan. 2 8,347,0 12,838,8 93,975,1 6,449,2 8,540,0 14,130,7 5,373,4 111S72.S
charge. These returns cover all the institutions of this class T ot. D ec. 26 8,347,0 12,838,8
94,237,5 6,506,9 8,509,5 12,706,3 4,873,1 110387,6
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York City, Boston and Philadelphia Banks.— Below is
New York) and those for the rest of the State. Further­ a summary of the weekly totals of the Clearing-House banks of
more, in the case of this city, besides reporting the results for New York City, Boston and Philadelphia. The New York
the State banks and for the trust companies, separate figures figures do not include results for non-member banks.
W e omit two ciphers in all these figures.
are presented to indicate the totals for the State banks and
Capital
trust companies in the Greater New York not in the Clearing
and
Specie.
Legals. Deposits, a Circu­ Clearings.
lation.
Surplus.
House. In the following we give all the different sets of
figures, indicating by plus ( + ) or minus (— ) sign the changes New Vork
5
D ec. 1 2 .. 291.672.7 1339,547,4 289,966,8 79,082,3 1408.597.9 46.489.0 2.004,408,5
from the previous week. To make the statement as com­ D ec. 1 9 .. 291.797.7 1315,980,1 272.S48.2 79.389.6 1368,912,4 46.612.1 2.142,183,8
D ec. 2 6 .. 291.797.7 1276,745.3 269,198,6 78.262.7 1322.151.9 49,129,6 1.838.256.7
prehensive as possible, we start with the totals of the Clearing Jan.
2 . . 291.797.7 1273.220.7 271,626,1 79,548,1 1320,867,6 50,360,9 1,780,143,4
9 . . 291.797.7 1297.035.7 279,129,4 83,151,0 1358,349,8 50.254.2 2.459.233.7
House banks as contained in the above, giving both the Jan.
Boston.
averages for the week and the actual figures at the end of Dec. 1 9 .. 41.790.0 216.489.0 24.673.0 4.151.0 259.473.0 8.756.0 165,336,7
Dee. 2 6 .. 41.790.0 212.378.0 22.814.0 4.431.0 247.035.0 8.945.0
126.564.6
Jan. 2 . . 41.790.0 207.079.0 24.064.0 4.567.0 252.527.0 9.163.0
168.195.6
the week.
N EW Y O R K C IT Y BA N KS AN D TR U ST COMPANIES.
Week ending January 9 1909.
Loans and
Reserve on
00s ornUted.
Investments.
Specie.
Legals.
Deposits.
Deposits,
5
5
$
%
$
Clearing-House
Banks— Actual 1,307,059,0 2S4,378,1 80,069,8 1,376,585,8 370,447,9
+ 14,157,0 + 14,402,0 + 5 ,1 4 7 ,8
+ 32,050,9 + 19,009,8
Clearing-House—
Banks— A v e r .. 1,297,035,7 279,129,4 83,151,0 1,358,349,8 362,2S0,4
+ 23,815,0 + 7,503,3 + 3,6 0 2 ,9
+ 37,482,2 + 11,100,2
State Banks—
A v era ge............ 295,340,4
343,814,3
49,722,9 a20,114,4
95,069,3
+ 1,834,8 + 2,145,9
+ 894,9
+ 5,514,7 + 3,483,3
Trust Companies—
A v era ge............ 963,070,5
80,852,5 al0,230,4 1,035,803,4 273,289,3
— 4,217,3
+ 794,1 + 833,7
+ 17,542,9 + 18,898,4
State Banks and
Trust Co’s— not
In Clear,-House.l,056,502,9
92,820,2 nl8,474,9 61,145,490,8 303,284,1
— 4,958,5
+ 597,5
+ 90 2 .7
+ 16,911,5 + 19.407.7

P. C.
o/ Reserve.
27.08
26.84

Jan. 9 . .
I’ ll il.-i.
Dec. 1 9 ..
D ec. 2 6 ..
Jan. 2 . .
Jan. 9 . .

41.790.0

204.702.0

54.390.0
54.390.0
54.390.0
54.390.0

249.348.0
250.526.0
251.101.0
251.873.0

1909.
Deposits.
$S6,382,100
+ 259,800
135,563,500
+1,410,900

28.4

256.507.0

9.379.0

186.371.6

301.959.0 13,614,0
295.598.0 13,904,0
300.579.0 14,093,0
304.764.0114.346.0

135,870,1
107,004,4
129.505.6
153.799,3

gsmMtig anil fin a n c ia l.

28.8

2S.7

% of
Reserve.
Res.
$19,090,300 22.0
+1,077,000
24,109,700 18.4
+ 1,226,000

+ Increase over last week. — Decrease from last week.
a Includes bank notes. 6 After eliminating the Item "D u o from reserve deposi­
tories and other banks and trust companies In New York City,’’ deposits amount
to $978,003,900, a decrease of $2,575,700 from last week’s figures.
Note.— In the case of the Clearing-House banks, the deposits are “ net” both for
the average and the actual figures; In all other cases "gross” deposits are shown.
The Clearing-House actual figures Included United States deposits amounting to




4.311.0

75.486.0
69.778.0
72.876.0
76.703.0

a Including Government deposits, and for Boston and Philadelphia the Item
“ due to other banks.” At New York Government deposits amounted to
$8,791,200 on Jan. 9, against $8,772,000 on Jan. 2; at Boston to $1,556,000 on
Jan. 9 and $1,553,000 on Jan. 2.

W e shall be pleased to furnish to institutions and investors copies
of our special circular describing
43 R A IL R O A D BONDS
Listed upon the New York Stock Exchange

Spencer T rask & Co.

STATE BA N KS & TR U S T CO’S O U TSIDE OF G R E A T E R N EW Y O R K .
Week ending January 9
Joans.
State Banks.............................................$79,930,000
— 1,003,100
Trust Companies.................................... 125,540,000
+ 203.700

25.873.0

W IL L IA M AN D PINE STS..
N EW YORK
Branch offices: Chicago, ill., and Albany. N. Y

M

o

f

f

a

t

&

W

h

i

t

e

Atembers New York Stock Exchange.
5 N ASSAU S T R E E T .

HANOVER

BANK

B U I I D IN G .

D EA LER S IN INVESTM ENT SE C U R IT IE S.
Commission Orders Executed for Cash Only.

142

THE CHRONICLE

[V O L . L X X X V I I 1 .

per $1,000 discount. Chicago 20c. per $1,000 premium.
St. Louis 25c. per $1,000 premium. San Francisco 75c.
per $1,000 premium.
State and Railroad Bonds.— Sales of State bonds at the
Wall Street, Friday Night, Jan. 15 1909.
The Money Market and Financial Situation.— Business at Board are limited to $1,000 Virginia 6s d ef. trust rects. at 48.
The market for railway and industrial bonds has, as noted
the Stock Exchange has become largely reduced in volume
after a somewhat protracted period of unusual activity. above, been dull as compared to its recent activity. The
This is due in some degree, no doubt, to the fact that the transactions averaged about $5,000,000, par value, per day.
January 1st disbursements of interest and dividends have
United States Bonds.— Sales of Government bonds at the
in part found a lodgment— more or less permanent; and Board include $10,000 2s reg., 1930, at 102 36; $5,000 3s
further, perhaps,to a feeling of caution growing out of tariff coup., 1908-18, at 101% and $10,000 PanamaCanal 2s,coup.,
discussion. The latter is likely to have a somewhat re­ at 1 0 2 3-® The following are the daily closing quotations:
stricting influence upon certain lines of business until the
tariff schedules have been revised.
Jan.
Jan.
Jan.
Jan.
Jan.
Interest Jan.
From whatever cause, the daily transactions this week,
14
15
13
12
11
9
Periods
in both bonds and stocks, have fallen to less than one half
102J4 *10254 * 1 0 2 5 4
*103
*103
2s, 1930 ....... .......... registered Q— Jan *103
their recent average, and prices have been drooping.
*103
*103
*103
*103
*103
1930........................ coupon Q— Jan *103
An event of the week of considerable importance has 2s,
3s. 1 9 0 8 -1 8 ........... registered Q— Fob *100?4 *10054 *10054 *10054 * 1 0 0 5 4 * 1 0 0 5 4
10154
been the advance of the Bank of England’s discount rate 3s, 1908-18 ................ coupon Q— Feb *10054 *10054 *10054 *10054 * 1 0 0 5 4 *100
*100
*100
*100
*100
1908-18____small coupon Q— Feb *100
from 2 % to 3 per cent. The former rate has been main­ 3s,
4s, 1925 ...............registered Q— Feb *11954 *11954 *11954 *11954 *11954 *11954
tained since May last,during which time, as is well known, 4s, 1925........................ coupon Q— Feb *120>4 *12054 *12054 *12054 * 1 2 0 5 4 * 1 2 0 5 4
the Bank of France has steadily drawn gold from the English 2s, 1936.Panama Canal coup Q— Nov *102 *102 *102 *102 *10154 1 0 2 5 4
market. Presumably this movement was in anticipation
♦"Tills Is the price buTat"the morning board; no sale was made.
of Russia’s needs, and now the announcement has been
Railroad and Miscellaneous Stocks.—The stock market
made that the Russian loan, amounting to $240,000,000 has been less active than for some time past and shown a
will be brought out before the end of the month. The decided tendency to weakness. Some little resistance to
local money market is practically unchanged and $4,380,000
this tendency was in evidence on Thursday and to-day, but
gold has been engaged for export.
The open market rates for call loans at the Stock Exchange previously there had been practically no change.
The Erie issues were leaders of the downward movement
during the week on stock and bond collaterals have ranged
from 1 % % to 2% . To-day’s rates on call were 1 % @ 2 % . early in the week on rumors that the Public Service Com­
would decline to permit the proposed new
Commercial paper quoted at 4% for 60 to 90 day endorse­ mission
ments, 4 @ 4 % % for prime, 4 % % for 4 to 6 months, single issue of bonds. Accompanying these rumors the first presferred declined over 8 points, the second preferred 6 points
names.
The Bank of England weekly statement on Ihursday and the common nearly 4. At the same time North West,
Missouri Pacific and Reading declined over 4 points, Union
showed an increase in bullion of £483,547 and the percentage Pacific 4 and New York Central, Illinois Central and several
of reserve to liabilities was 43.26, against 36.42 last week.
industrial issues nearly 4. In the somewhat firmer tendency
The rate of discount was advanced Jan. 14 from 2 % % , of
the market on Thursday and to-day a part of the loss
as fixed May 28, to 3% . The Bank of France shows an of the early days of the week has been recovered. Wis­
increase of 17,500,000 francs gold and a decrease of 2,­ consin Central has been notably strong on the prospect of
825,000 francs silver.
a change in control, the preferred selling to-day over 10
N E W Y O R K C IT Y C LEA RIN G -H O U SE BAN KS.
points higher than last week and the common, at 43, was
up 6 points. Duluth South Shore & Atlantic and the
1908.
1909.
1907.
Averages for Averages for
Dtllerences
“ Soo Line” issues were strong in sympathy.
Averages lor
week
ending
from
week ending
week ending
For daily volume of business see page 152.
Jan. 11.
previous week.
Jan. 9.
Jan. 12.
The following sales have occurred this week of shares not
•S
$
$
$
126,350,000
129,100,000 124.050.000
C a pital-----------------------165,447,700
163,396,900 155.654.000
Surplus......... - .................
Loans and discounts— 1,297,035,700 Inc. 23,815,000 1,117,149,600 1,048,808,700
106,700
50,254,200 Dec.
72.295.300
53,690,900
C ir c u la tio n ----------------Net deposits.......... — - 1,358,349,800 Inc. 37,482,200 1,051,651,000 1,008,922,400
19,200
8,791,200 Inc.
73,172,700
16,510,300
U . S. dep. (lncl. above)
279.129.400 Inc. 7,503,300 206,732,500
177.601.600
Specie ............- ...............
83.151.000 Inc. 3,602,900
62.264.300
83,269,700
Legal tenders--------------362.280.400 Inc. 11,106,200
339,587,450 Inc. 9,370,550

Reserve h e ld -------25% of d e p o s its ...
Surplus reserve
Surplus, excl. U .S. d ep .

268,996,800
262,912,750

260,871,300
252.230.600

22,692,950 Inc.

1,735,650

6,084,050

8,640,700

24,890,750 Inc.

1,740,450

24,377.225

12,768,275

Note.__The Clearing House now Issues a statement weekly showing the total
of the actual figures on Saturday morning. These figures, together with the returns
of separate banks, also the summary Issued by the State Banking Department
showing the condition of State banks and trust companies not reporting to the
C learin g-H ou se, a p p ea r o n the p re ce d in g page.

Foreign Exchange.— The market was quite strong until
Wednesday. Then slow mail service until Saturday con­
tributed to a lighter demand for remittance, but the tone
was steady; the market closed firm. Gold engagements
and exports for the week $4,380,000, making $5,930,000
thus far for the year.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 86 or sixty day and 4 88% for sight. To-day’s
(Friday’s) actual rates for sterling exchange were 4 85@
4 8510 for long, 4 8735@4 8740 for short and 4 8770®
4 8775 for cables. Commercial on banks 4 8455® 4 8465
and documents for payment 4 84@4 85% . Cotton for
paym nt 4 84@4 84% , cotton for acceptance 4 8455®
4 8465 and grain for payment 4 85® 4 85%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 17% a@ 5 17% for long and 5 15% d@ 5 15% for
short. Germany bankers’ marks were 94 13-16®94%
for long and 95% @ 95 3-16 for short. Amsterdam bankers’
guilders were 40 34@40 36 for short.
Exchange at London on Paris to-day 25f. 113'®.; week’s
range 25f. 13c. high and 25f. 113®. low.
The week’s range for exchange rates follows:
-Low iSterling, Actual—
@ 4 8510
H ig h ... . . . 4 8505
@ 4 8495
L o w ___ . . . 4 8400
Baris Bankers' Francs—
@ 5 17 >3
H ig h ... . . . 5 U '4 i
@ 5 47%
Low — . . . 5 48%a
Germany Bankers’ Marks—
H ig h ... . . . 94 13-16 (<i>9 4
@ 9 4 11-10
Low — . . . 94%
Amsterdam Bankers’ Guilders—
High............................. @
..........
L o w ______
- .......... @
..........
Less:
____
Plus:

a 1-16 of 1% .
________
.. .
1-16 of 1%

k

-Cables14 8745
14 8725

@ 4 8750
@ 4 8735

14 8770
14 8750

15 15%
|5 15% d

@ 5 15a
@ 5 45%

|
|

.....
....

| 95 %
| 95%

@ 9 5 1-16
@ 9 5 3-16

|
|

-------------

40 38
40 33

d 1-32 of 1 % .
_________
x 1-32
of 1% .

@ 4 8775
@ 4 8760

@ 4 0 40
@ 4 0 35

h 3-32 of 1% .
v 3-32 o l l % .

The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah
buying 50c. per $1,000 discount; selling 75c. per $1,000
premium. Charleston selling $1 per $1,000 premium.
New Orleans bank 75c. per $1,000 discount; commercial $1




STOCKS.
Week ending Jan. 15.

Sales
for
Week.

RangeYear 1908.

Range for W eek.
Lowest.

400 $2%
Alice M in in g------150 76%
Amer Teleg & Cable-----50 105"
Cent & So Amer T e le g ...
200 17i4
Chic Term ’l Trans, pref.
100 24c.
Comstock Tunnel
120 16%
Des Moines <t Ft D odge.
200 92%
H ock Val pf J P M rects
27 87
Homestake Mining-----10 51
Kan * Mich tr rects—
100 6%
Keokuk & Dcs Moines 100 2%
Manhattan B each.........
300 41 %
Nat Mex. pref tr rects.
200 45%
New Central C o a l.........
90 113
N Y it N J T elephon e..
1,307
2%
Rights ........................
f> 905 4 "
Ontario Silver M ining..
Quicksilver Mining____ 10 475 2%
2 000 4k4
Preferred
............. 20
St Joseph it Grand Isl'd.
400 51
1st preferred_______
200 30
2d preferred________
355 99
United Cigar Mfrs, pref
119
U S Leather, pref.........
85
V a n d a lla ........................
100 8
Vulcan Detlnntng___ t
250 51
P referred....................

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Jan

Lowest.

Highest.
11 $2%
15 77
15 105
11 18%
13 24c.
12 \o%
12 92%
12 87
12 51
12 c>%
2%
la
14 41%
15 45%
13 113
11 2 H
12 5%
9 2%
11 9%
15 20
15 51
15 30
11 99%
11 120
14 85
13 8
9 51%

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

15
13
15
15
13
12
12
12
12
12
13
11
15
13
11
15
15
15
15
15
15
11
12
11
13
9

54%
50
100
8%
20c.
5
70
67
29
3%
2%
43
30
90
2%
2
%
4%
13
38
21
80
95
85
3
25

Highest.

Feb 52%
Mel) 78
Apr 108>4
Mch 20
Mch 44c.
Mch 49%
Jan 91
Jan 96%
Jan 56
July 10
Dec 2%
Dec 54%
Feb 50
Feb 122
Dec 3
Jan 6
Apr
4%
Jan 3%
May 19
May 53
May 2734
Jan 98
Jan 120
Sept 85
Mch 40%
Apr 5014

Jan
Dec
Dec
Dec
Apr
Dec
Dec
Nov
Dec
Apr
Jan
Nov
Oct
Nov
Dec
May
Dec
Dec
Dec
Nov
Oct
Dec
Dec
Oct
Nov
Dec

uutsiae MarKet.— uuro swck.
~
“
regular this week, prices for the general run of secuiities
showing losses. Special activity is noted in several issues,
accompanied by wide fluctuations in price. Standard Oil
tumbled 40 points to 636. Chicago Subway dropped from
28 to 263® closing to-day at 273® *he bond department
continues a good feature of the market. Atlantic Gulf &
West Ind. 5s sold down from 63 to 58 and back to 60. Ches­
apeake & Ohio 5s started at 1003® moved down to 100 and
recovered to 10036. Consolidated SS. 4s, receipts, lost
half a point to 1736,and recovered to 18. Denver & Rio
Grande 5s from 92% sold off to 92% and up to 93,and to-day
fell to 92% . The new Massachusetts Gas 4%s were traded
in for the first time from 9736 to 99 and down finally to 98% .
St. Louis & San Francisco 5s weakened from 90 to 89 36.
U. S. Rubber 6s advanced from 10236 to 102% and fell to
102%. In the mining list Giroux Mining was conspicuous
for activity, the price jumping from 8 to 10%, then dropping
to 7 % , with the close to-day at 836- Cumberland Ely also
attracted attention, going down from 8 7-16 to 8 3-16 and
up to 9% - It ends the week at 836- Boston Consolidated
declined from 16% to 14% and recovered to 15% . Butte
Coalition sank from 2636 to 25% . Greene Cananea fell off
from 12% to 11% and closed to-day at 11%. Nevada Con­
solidated, after an advance from 1836 to 18%, rose to 19%
and closes to-day at 1936- United Copper common dropped
from 1636 to 14%, rose to 15 and weakened to-day to 1436Goldfield Consolidated, after a decline from 8 7-16 to 836,
receded to-day to 736, closing at 7 15-16.
Ouside quotations will be found on page lo2.

New York Stock Exchange—Stock Kecord, Daily, Weekly and Yearly
OCCLU’ Y I N j;
STOCKS— HIGHEST A N D LOW EST SALE CHICKS
Saturday
Jan. 9

Monday
Jan. 11

Tuesday
Jan. 12

Wednesday
Jan. 13

1757«
*62
230
6678
671"
*75
8
*59%
$31%
10
147%
*164
*143%
*160
176
*215
*153
*168
6
15%
70%
*101
64%
81%
79
178
*535
38
80*4
*53*4
17
31%
31*.(
47%
37
145
71%

100%
991.1
101% 101
109% *110
110% 109%
931" *92
69
671.4
()4
176*1 175%
00%
65
232
230
56%
67*4
68
07%
77
*75
8%
8%
*60
66
34% $32
10%
11
149% 147%
160 *164
145% 144
161% 161%
177% 175
225 *215
150 *153
175 *163
6
5*4
15% *14*4
70%
69%
105 *101
06%
05
82
82
81%
801.1
178% 176
650 *535
3!)7S 38%
80*4
7978
*53*4
17% $ 1 0 %
31% $31
32%
29
41
48%
33
37%
145% 144%
73
70

99%
993,1 98
101% 101%
101
110% 108% 108%
110% 109% 110%
93%
*92
94
6878 67% 71
04
04 *
170% 175% 176
65
60% *61
232 233
231
56% 57%
57%
06% 69
67*s
77
*75
77
8%
8%
7%
64
*55
66
32
30% 32%
10%
9% 10%
148% 147% 149%
166 166
166
144% 144%
144
161% 161*4 163
176% 174 175*4
225 *210 225
158 *153 158
175
175 *168
5*4
6
5*4
*141.j 15*4
10
69% 69%
70
100% 100%
G078 60
67
83
82
83%
80% 81%
83
17G*4 177%
177
550 *545 550
38% 39'>s
39*4
79’8 SO
80%
*55
17%
17
16%
31
31
31
29% 30%
31*4
42
45
47%
34
36%
35
145-% Xl42% 143%
70
70%
71%

97%
100%
108
108%
*92
68%
* __
174%
*61
233
56%
64%
75
7%

167S
39%
+S4
105
*91%
14434
14%
40
31
56*4
*74
41
72%
22%
52%
+00
123%
150
35

10 %
40
40
88
*85
105 *
95
*91
146% 143
16"8
H%
45
40%
32
31
57%
50%
76
*74
42%
40%
73
70%
22% *20
52% *49
63
*58
124% 122%
150 *149
36
3434

16*4
40%
86%
100%
95
144%
15%
43%
32
57%
70
41%
723.)
22%
53
66
123
151
34*4

*15%
40%
♦80
* ___
+91
142
14*4
42%
31
56
*73
40
71
*10
*50
+57
122%
149
*30

22%
23%
60*4 *59
91
*88
148
143%
150% *150
44
41*4
74
73%
72%
08%
125 *120
128% 124%
56
*52%
110 *102
87
*82
102
163
45%
47
807$
85%
90
*87
141% 140%
140*4
141
84
*80
100
*90
05
*80
133% 131%
88% *87
108 *103
141
137%
02
*90
93
90%
24%
25*4
00%
03%
70
*60%
3978
40%
21%
23%
52%
5134
118*4 11078
120% *120
201"
26%
01
02%
30
34%
38%
38%
12
12
49
48%
70-% 69*4
98*4
99%
180% 170%
90
*95%
39
36
*55
66
19%
18%
18 * 4
48%
49% 51%
21%
22%
22

23%
65
90
1461"
158
43%
74
70
125
120%
56%
110
87
1021"
40%
80%
90
142
141%
83%
100
95
182%
89%>
100
139
91%
91
25%
02%
70
40%
22%
51*4
117*4
121
20
62
35%
39%
12
40
70%
99%
178%
96
36
56

*

99%
101%
1091"
109%
93%
67"

23%
00
+89
144%
1567S
4178
73*4
69%
+120
120
♦63
*102
+80
162
46%
857S
+80
140%
♦ 140%
*80
*90
*80
132%
88%
+ 103
13734
♦90
*92
24%
61%
♦66%
40%
*22
62%
1107*
120%
25%
61
35%
36%
12
48
69%
98%
177%
96
*35
*54

__

10%
40
*80
105
92
143
14%
42
31%
57%
*73
40
71%
20
*48
*57
122%
$149
*29

16%
40
88
106
92
144%
15*s
43%
32
57*4
76
41%
72%
20
53
65
123
149
30

*55

25
9%
146*4
*104%
143%
162
174
*215
*150
168
5l4
15
68%
*100
66%
8234
80%
176
*535
38
79*4
*55
17%
*31
28%
42%
33
141%
70

22% 2234 21%
60% *59
60
$88
88
*88
144% 140
143
*154
42% 43%
42%
73
73%
73*4
68% 69%
67%
*120 123 *120
125% 126*4 125
*52
56
53
*103 110 *104
88
*82
*83
161% 161% 1 0 1
45
45% 46%
8534 86
85
*86
90
Xl38% 139% 138
113834 138*4 *138
80
*80
83
*90
*90 100
95
*80
*80
181% 132% 131%
88%
*88% 89%
*102 106 *104
130% 138% 136%
*90
91% *90
*90% 95
*91
23%
24% 24*4
58%
59*4 60%
70
*06
67
40% 40%
39%
*21% 23
23
*50
52%
49
116*4 117*4 116%
120% 120% 120
25%
25-% 26%
61%
01% 62%
34% 35%
33*4
38
39
40*4
11%
12
12
50%
50%
49
72%
71%
70
100 100*8
99%
170%
176*4 179
96% 96%
96%
+35
36
♦35
+54
55
*54
18 *4 *18*4 19
18%
50
48% 49%
46%
21%
21% 2 1* 4
20

-- .

Thursday
Jan. 14.

Friday
Jan. 15.

Wees.
Shares.

99
*100
*108
110*4
*92
67%
*
176
*61%
*234
57%
06
74%
7%
60%
*26
9%
148%
*165
*144%
$102%
175%
*215
*152
*167
5%
15%
*69
*100
66*4
66%
84
82%
82*.|
81
1703.! 170%
550 *535
38%
381"
79*4 *79%
571"
1734
17%
321,f
33
30%
30%
45*4
45
36%
34%
142% 142%
71
71

9934
101
108%
111%
93%
69
04
177%
65
237%
58%
67
7434
8%
00%
34
10%
149
107%
146%
102%
176%
225
158
175
5%
15%
70

17 *
40%
40%
88
*80
107% ♦
95
*91%
143% 142%
14*4
15%
42%
43
3178 31%
50%
56
*73
76
40%
40*4
71%
72%
*19
24
*49
52
65
*55
122% 123
149
150
*28
36

16%
40%
88
1071"
95
143%
15%
43%
31%
50%
76
40%
72
22
61%
65
123
150%
35

15%
39%
*80
*104
93
143%
14%
42%
31
66%
*73
40%
71
*19
*49
*55
*123%
150
*28

16
40
88
108
93
144%
16%
43%
3234
6834
76
40%
72%
22
62
65
126%
150
36

22%
61
91
145
155%
43%
74
68*4
125
127%
53
110
88
161
46
85%

23%
58%
91
145
168
43%
73%
69
125
129%
53
110
86
161*4
40
85%
90
139%
139
80
100
95
132%
89
107
138%
91%
93%
24%
00%
68%
41
23%
53%
118*4
120%
25%
62
34%
39%
11
53%
71%
100%
178%
96%
35
65
18%
47%
201"

22%
58
*88
144%
156%
42%
73%
69
+ 123
128%
*53
*102
85
161%
46%
85%
*87
138%
*138%
*77
*90
*78
132%
*87
*102
rl35%
91%
*91
24
58%
*65
38%
*22
5234
1185s
120
251.1
6134
34%
39%
1134
51%
7138

16,880
23
1,600
59%
50
91
145% 18,475
350
157%
43% 108.710
73%
2,770
70
24,450
125
130% 113,166
56
400
110
86
100
102
1,310
46% 10,980
88
19,200
90
13934 28,780
1,200
139
84
200
100
95
66.806
133
89
600
106
137 513,950
91%
100
94
200
24% 37,090
59% 64,485
70
310
39%
2,970
23%
1,250
531"
3,100
119% 204,130
121
1,400
20
30,500
62% 10,450
34% 11.500
3934 21,600
11%
700
52% 26,500
72
13,150
1,700
179 511,730
3.000
9612
39
240
66
18%
6.500
47% 60,710
20%
6,900

95%
101%
108%
109%
93%
70%
64
175*4
65
233
57%
68%
75
8
64
29
9%
148%
167
144*4
162%
174%
225
158
168%
5%
15%
69%

__

67
83%
81%
176
550
39
79*4
58
17%
32%
30%
44
34
1427,
70%

98%
100%
107%
109%
*92
6734
175%
*61%
234
56%
64<8
*74%
7%
§60%
*20%
9%
147%
*105
14434
162
$174%
*215
*150
167
5%
*14%
*09%
*100%
66
83
80%
176
*545
38%
79*4
*54%
17*4
32%
29*4
4478
35
142
71

_

__

22%
68
♦88
143%
*152
42%
73%
68
+122
127%
53
*102
*83
161*4
45*4
85
*87
139
138%
139
138%
80
80
100
*90
95
*75
132% 131*4
88% *80
108 *103
138% 137%
91% *91
93
+91
24%
23%
60%
58%
68
67
40
*3934
23% *22%
513.|
52%
117% 117%
120% + 120
25*4
26%
62%
01%
35
34
39
39%
11
11%
63
52
71
72%
109% 100%
178% 170%
96%
96%
35
39
67*4 *54
17*4
18*4
49
45*4
20
21

98%
100%
108
H03.|
9.5%
69%
64
176
65
234
57%
66%
75
8
60%
29
10%
149
167
146%
102
174%
225
158
167
5%
15*4
70

__

177%
96
♦35
+52%
17%
46%
20%

26.129
1,250
8u0
37.800
100
139.395

___

8,450
100
1.770
31.000
7.400
300
19.110
110
1,124
7,525
90.300
300
2,752
2,302
5,166

450
1.300
000
1.700
100
6G5S 13,230
4,900
83%
82% 19,005
1707S 2,850
550
383. 15,570
1,280
80

18,070
21
30% 10,510
30% 171,790
45% 17.025
5,000
34%
46,175
143
4,700
71%
19
2,410
68
400
300
14,700
52,835
106,920
7,330
8,315
29.925
13,620
200
100
3,800
743
700

__

TW O

PAGES

STO C K S
N E W Y O R K STOCK
EXCHANGE

R a n g e ;o r

On ta r ts

of

190S .
lO P -saare

rear

to.

Range lor t remove
year (1907)
Highest

R a ilroads
A tch T o p e k a & San taFe
66 F e b H
LxD o p r e l ___________
83% F e b 17
5 9 1 ; Mch 2
A tla n tic Coast Line R I L .
76*2 F e b 111
B a lt im o r e & O h io .
n r e t _____
80 Jan 3
Do
pret
37% F eb li.
B rook lyn R a p id T r a n sit.
Bu ffalo & S usque, p r e f . . $593.1 O ct 23
( s anadlan P a cific _______ 14U F e b 1 ,
54 M ch 4
" ' a n a da S o u th e rn _____
Central o t New J e rse y ___ 160 F e b 11
25% F e b 19
C hesapeake & O h io _____
10 F e b 13
C h icago & A lto n R R ____
47 Mch24
D o pref _____________
3 % F eb 8
C h icago G reat W e s t e r n ..
33% M ch 19
D o 4 % d e b e n tu re s___
15% F eb 15
D o 5 % pref “ A ” ______
6 F e b 11
D o 4 % pref “ B " ______
C h icago M llw (e St P a u l. 103% Jan 2
D o pref _______________ 138 Jan 3
98% Jan 3
D o com installm ’ t ctfs
D o pref Installm ’ t ctfs 125% Jan 2
C h icago & N o rth W estern 135% Jan 2
D o pref _______________ $186 Jan 11
C h ic St P M inn & O m aha 114 F e b 25
D o p ref _______________ 140% Jan 3
% Apr 3
Chic Un T r a c ctfs stm pd
4 A p r li
D o pref ctfs s t m p d ___
4712 J ’n e l .
Cleve Cln C h ic & St L ___
85is F eb 19
D o pref _______________
21 F e b 19
C olorad o & S o u th e rn ____
50% Jan 2
D o 1st p re fe rr e d _____
3 9 % F e b 19
D o 2d p re fe rre d _______
elaw are & H u d s o n ___ 141% F e b 1 0
elaw are L a ck & W e s t . 420 Jan 6
14% F e b 19
D enver & R io G ra n d e ___
39% M ch 2
D o pref _______________
82% A p r 15
D etroit U n ite d ___________
(i F e b 11
D ulu th So Shore & A tlan
11% F e b 13
D o p r e f________________
12 M ch 6
24% M ch 4
t i rleD j - 1st p r e f________
16 M ch 6
D o 2d p r e f_________
113% F e b 16
G reat N orth ern p re t_____
48% Jan 2
Iron O re p ro p e rtie s ___
71 M ch 19
G reen B a y & W , d eb c tfA
8 Jan 14
Do
deb ctf B
Mch24
a v a n a E le c tr ic________
$70 Jan >■
D o p r e f_____________
62 F e b 16
H o ck in g v a lle y tr r e ts ___
69 M ch 19
D o p r e f________________
llinois C en tral___________ 1 2 2 % F e b 17
6% Jan 4
n te r b o r o -M e tr o p o llta n .
17% F e b 19
D o p re t_______________
10 F e b 19
Io w a C en tral_____________
27% F e b 19
D o pref
67 A u g 19
C Ft S & M trcfs.pref
18 F e b 25
ansas City Southern__
40 F e b 19
Do pref.
12 Jan 4
ake Erie & W e s te rn __
34 M ay 2
Do p r e f____________
30
F eb 6
Long Island_______________
87% F e b 19
Louisville & Nashville___
M a n h a tta n Elevated___ 120 Jan 4
15 F e b 24
m etrop olitan Street____
14% Jan 2
Mexican Central_________
14% M ay 1
Do Trust Co certfs____
20 Alch 2
Minneapolis & St L o u is ..
61 F e b 29
Do pref_____________ _
79% Jan 2
Minn St P & S S Marie___
Do prof________________ 123% F e b 1 1
17% Alch 2
Mo Kansas & Texas_____
46 F e b 19
Do pref________________
28% F e b 19
Missouri Pacific_________
97% Jan 2
ash Chatt & St Louis.
90% Jan 2
Y Central & Hudson.
24% Jan 3
N Y Chic & St Iiouls____
90 Jan 14
Do 1st pref____________
60 F eb 8
Do 2d pref____________
128t>s J an 6
N Y N II a Hartford____
29% F e b 19
N Y Ontario & W estern.
58 F e b 19
Norfolk & Western_____
74 Alch 24
Do adjustment pref__
1167$ Jan 2
Northern Pacific_________
Do subscrip rets______ 103 F e b 10
65 Sep 22
acific Coast Co________
90 M ay2b
Do 1st pref________
79 Alch27
Do 2d pref_________
108% Jan 2
Pennsylvania_________ _
59 Jan 7
Plttsb Cln Chic & St L . .
81% M ch 3
Do pref_________. . . .
92% F e b 17
I ) eadlng_________________
78 Jan 2
w
1st pref_____________
76 Jan 6
2d pref_____________
10% F eb 3
Rock Island Company___
2034 F e b 3
Do pref ______________42 J ’ne24
St L <Je San Fr, 1st pref__
19% F e b 19
Do 2d pref____________
10 Alch 7
St Louis Southw estern..
2412 F e b 19
Do pref________________
66% F e b 17
Southern Pacific Co_____
106-% Jan 2
Do pref ___________ . . .
9% Jan 10
Southern v tr cfs stm pd.
251 •>M ch 6
Do pref
do
12 » 4 F e b 29
’ Pexas & Pacific________ _
15% Alch 23
1 hlrd Avenue (N Y ) ___
6% O ct 9
Toledo Railways & Light
12 F e b 6
Toledo St L & W e ste rn ..
33 F e b 3
Do pref________________
78% F e b 7
Twin City Rapid Transit.
nion Pacific___________ 110% Alch 2
79% A p r 2
Do pref_____________
15 Jan 24
Unit R ys Inv’ t of San Fr
27% J an 22
Do p r e f . . . . . . . . . . .
6*4 Alch 3
abash . . . ---------------13 M ch 3
Do pref............... .
5 M ch 14
Western Maryland_______

D

H

I

K
L

N

P

U

W

101%
104
H l%
I l l 's
94

D ec 29
66%Nov
D ec 29
78 N ov
D ec 1
58 N o v
D e c 14
75% NovD e c 29
75 N ov
6 6 34 D e c : 8
:<;%Nov
64% Alch 21
74%Nov
1 8 0 % N o v 18
138 N ov
68
N o v l7
52 N o v
229 D e c 17 144 N o v
593$ D e c 22
z23% N ov
6878 D e c 31
8% N ov
79 D e c 10
48 Sep
14% N o v i?
67s Nov6 8% Aug 4
46 D ec
43 D e c 2 i
21 D ec
17% N o v 17
8% D ec
1521" D e c 2
93% N ov
1 6 434 D e c 2u
130 N o v
147% D e c 11 *85 N o v
16i% D e c 1
111 O ct
185% D e c 29
126 O ct
224 D e c 2 8
185 O ct
160 D e c 22
106 Oct
174 D e c 29
137l"Dec
7% D e c 29
1% O ct
18 D e c 28
8 D ec
70% D e c 14
48 N ov
997s D e c 30
86 D ec
59 D ec 9
17 N ov
79 D ec 22
41 N ov
76 D e c 23
291"N o v
1813g! D e c 29 123%Oct
575 N o v 10 369%Oct
40U D e c 30
16 N ov
83% D e c 10
53 N o v
56 N o v 17
3134D ec
18% N o v 18
6% O ct
3 3 3 4 N o v 18
10 N o v
36 N o v 11
2 % N ov
513s D ec 31
28 N o v
41 D e c 1 0
20 N ov
148% D e c 29 107%Oct
76% N o v l3
37 O ct
84 N o v i.
75 O ct
17% D e c 24
634O ct
40 D e c 30
24% O ct
84 D e c 3
72 A p r
104% D e c 14
63 N o v
93 D e c 24
04 N o v
14U34 N o v 17
n o N ov
20 D e c 2<
47gO ct
49% D ec 28
14 N o v
32% D e c 28
9% N ov
57 D e c 2 8
29 D ec
75% D e c 23
60 O ct
4 2 3 s D ec 28
18 Alch
72% D e c 28
45 M ch
2 b D e c 11
11 N ov
68 D e c 7
::u%Nov
563s D ec 30
26 D e c
12 5 3 4 D e c 31
85%Nov
15 4 3 4 D ec 2 8
100% O ct
4 4 U D e c 28
23 D ec
20i" Jan 28
12 * 4 N ov
24%' D ec 23
66% D e c 31
23%Dec
90 D e c t
*62l"D ec
13a N o v lo
60 O ct
151% D e c 29 HO O ct
43% D e c 23
2034N ov
75% D e c 23
53 N o v
67% D ec 6
44 % D ec
12 2
N ov28
97 D e c
12 6
D e c 31 a89 D e c
57% D e c 24
1934O ct
105 N o v 7
So N o v
85 D e c 14
41 O ct
16 1
N ov 9
12738N o v
477s D e c 10
28 O ct
86% N ov 28
66 O ct
88 D e c 31
70 O ct
15734 N o v 18
100%Oct
9 1 % N ov
145 N o v lS
93% Jan 14
6b N ov
90 May20
66 N o v
97 Jan 13
85 D ec
132% D e c 30 M 03% Nov
881s D e c 7
61 O ct
10834 N o v 5
69% O ct
113% D e c 11
701" O ct
92 D e c 6
73 O ct
99 D e c 5
67 N o v
25% D e c 2
ll% N o v
62% D e c 28
26% N ov
69 D e c 29
68 O ct
42% D e c 30
24 N o v
24 D e c 9
11 N o v
557s D e c 10
25 N o v
122% D e c 30
63% O ct
125% M ay 13 100 O ct
27% D e c 29
10 N o v
631" D e c 28
29%Nov
37% D e c 30
1 7 % N ov
47 A u g 10
16 N o v
9 D ec
16% D ec 31
1 6 »4D eo
60 D ec 31
2034N ov
73% D ec 28
68*4N ov
96% D ec 29
1847g N o v 27 100 O ct
75 A u g
98 N o v l7
10%Nov
40 D e c 12
59% D ec 10
20 N o v
2 0 % D e c 22
8 O ct
6 2*4 D e c 22
14%Nov
6 O ct
24 D e c 23

08*2

2271" Jan
510 " J a n
4 27 8 Jan
837* Jan
80% Jan
iyi« Jan
39 ' Jan
4 4 % Jan
757g Jan
67 Jan
189*4 Jan
85 Jan
75 O ct
141, Jan
47 "J a n
8 6 % Jan
114 Alch
04 Jan
172 Jan
39 Jan
75% Jan
287s Jan
51 Jan
80 Jan
" 0*4 Jan
0 1 % Jan
281" Jan
67% A p r
6 7 1 " Jan
145% J an
146 F eb
107 Jan
27% Jan
59
Jan
90 J an
140% Jan
108 Jan
4 4 % M ch
7234 Jan
92 *4 Jan
147 Jan
134*4 Jan
631" Jan
110 " Jan
« 1* 4 Jan
189 Jan
48% Jan
9 2 % Jan
90% Jan
189% Jan
134 Feb
124% Jan
76 N o v
125 M ch
141% Jan
78 Jan
106% Jan
139% Jan
92 J an
94 J a n .
30% Jan
64% J an
70 J an
48% Jan
26% Jan
62% F eb
96% Jan
118% Jan
34
Jan
94% Jan
3 7 % Jan
123 J » n
29 Jan
3 3 * 4 Jan
547* Apr

108% Ja n
183
96
62
71%
18%
381"
30i»

Jan
Afay
Jan
Jan
Jan
Jan
Jan

BANKS AND TRUST COMPANIES— BROKERS' QUOTATIONS.
Bid
A ik
Ask
Bid
Ask
Bid
Ask
Bid
Banks
B anks
Banks
B anks
B anks
Banks
290
310
M utual S —
F ifth A v cII. 3800
185
Plaza 1 ------C h d s c a E x H 200
Irvin g N Ex 180
200
300
t427
Fifth
..........
350
182%
New York
New N e th ’ d
Seab oard . .
First . . . . . . 775
205
177% C itizen s’ Ctl 1571- 165
L ib e r t y ____ 600
A etn a ______ 170
750
200
C it y ............... 357
360
14th St U . . 160
420
435
A m erica 11-- 600
2 10
N ew Y o rk . 325
332% Sherm an - .
255
Coal <Sc Iron 230
F o u r t h ____ 205
330
250
A m or E x ch . 250
Manila ttflttl 320
N ’ ht AD ayli 200
C olonial 11.. 6300
G allatin . . . 1352%
220
State li------270
M ark’ t& F u l 260
B a tte iy P k . 130
200
12th W a rd H
335
C olu m bia 11. 400
G a r fie ld ___
500
257% 19th W a r d 1: ____ 475
B ow ery li . . 320
M echanics’ . 255
. . . . . 135
C om m erce . 1195 1197
N orthern . .
23d W a r d 1
Germ A m 1] 140
•Mercantile . 190
B ronxB oroli 300
600
U nion ExcH
100
C on sol’ t ’ d . . 125
O riental D -.
170
G erm ’ n Exll 475
B rya n t Pk T 150
M erch E xch 160
____ M erchants’ . 1160%
260
W ash H 'tsU
Pacific U___ 230
G erm ania 11 525
235
B u tch & Dr 152% 157% C op p er . . . . 230
W est Side 1!
200
480
175
G reenw ich H 260
P a r k ............. 470
Corn E x 11.. 3371M etropolis 1 375
C en tu ry H -. 165
____ M e tro b o l’ nll 175
_____ P e o p le ’ s H -. 300
YorkvIUe U
310
Hast R iv e r . 125
H anover . . 1540
136
Chase ______ 290
506
Ph e’n l x ____ 165
175
315
Chatham
305
F id elity 11.. 165
175
Im p 6c Trad 555
—
Mt Atorrlsll- 245
f Bid and asked prices: no sales were m ade on this day. : Kx-rtghts. $ Less than 100 shares. 1) State banks, a -Kx-divldead and rights,
* Bale at Stock Exchange or at auction this week. . It First Installment paid, n Sold at private sale at this p
Bid

Ask




__

Bid
610
155
305
360
135
250

Ask
625
165
380

. . . .

250

lOo
200
230
500
400

21(7*

■stock.

144

.N e w

Y o r k

S tO C K

STOCKS— HIGHEST AN D LOW EST SALE THICKS
Saturday
Jan. 9.

Mondaii
Jan. 11.

Tuesday
Jan. 12.

§12
12
24% 241.
*14
15
3614 3712
707g 723,-

1134 12
23
233,
131.1 14
37U 383
7H - Ti\

1134 1 1 3
23lg 231,
13
133
381g 391
73% 773

Wednesrlay
Jan. 13.
11% 12
2134 23
13
133
37% 39--I;
77% 791.

Thursday
Jan. 14.
11%
21%
13
37%
79%

11%
22
1.3
38%
83

Friday
Jan. 15.

f l e C O I 'C t — C o n c l u d e d - - P a g e

%

vScues 0/
ST O C K S
He
N E W Y O R K STOCK!
Week
EXCHANGE
Shares

11
*21%
*12
38%
81

1111,900 W h eelin g & Lake E rie___
1,960
23
1,950
Do 1st pref________
13
1,800
D o 2d p r e f____________
451. 66,350 W isconsin C en tral_______
D o p r e f_____________
83% 119,351
In d u s tria ls M is ce lla n e o u s
*187 200 n s 7
200 *187 200 -187 200 *187 190 *187 190
dam s E x p r e ss ________
15
15
15
15
1434 147, *14% 147v *1434 14 7 ,
15
15
Uls-C,'lia inters
J .000
§481- 48*2
471g 48
46% 463,
47
471 *45
47
46
46%
1,320
D o p re f___
813g 83%
S05g 821.
79% 80%
81
821
793g 813
793,$ 803. 150,745 A m algam ated C o p p e r___
35
35 >f
3434 351
3 5 14
3C»
30% 37%
30% 373
381,$ 887, 15,000 Airier A g ricu ltu ra l C h e m .
*941i 95
*94
95
*94
951
*9414 95
*94% 97
*9H - <)o
D o p r e f________________
211-1 2H.
20% 21
2Ug 2H
21
21% *21
20% 201
2112,200 A m erican B eet .'sugar____
*82
85
*82
85
*82
85
*S2
85
*82
85
*81
85
D o p ret________________
*834
9*2
8
8%
SI4
S3
8
81
8
81.
8%
81,
8,100 A m erican C an____________
721- 73
721.1 726
723g 723
*72
73
72% 73
D o p re f_________
72% 721
1,400
4812 4934
481- 48747% 4 SI
4734 481
48
481
48
48% 10,480 Am erican Car & F o u n d ry
*108 111 *108 111) *108 110
108 1083 *108 111
109 109
D o p r e f________________
400
431- 433.1
421- 436 *423i 43142-34 44
43
431
43% 45% 18,815 A m erican C otton O il____
*98 100
*96 100
991- 1 0 0
*96 100
§99% 995f *97
D o p r e f________________
10 0
205
*205 215 *205 215 §210 210 *205 212 *205 212 *205 212
20 A m erican E x p re ss_______
1
73g
6-3.1 7
634
f-3
*G34
7 1.
6%
6%
07g
7
7 0 0 ' m erlcan H ide A T earlier
361- 30%
36
36%
361- 36130% 3614 361.t 3 6 I?
3‘:3g 3fil,
D o p r e f.
1,619
20*- 21%
201- 21%
1934 20
21
2H
19
21
201,$ 227$ 10,115
*13
141123, 1378
13%
131- 133.1
12% 121- *12
12% 133,
2,000 Am erican L in se e d ____
*29
34
*29
341*20
33
29
29
*26
34
D o p r e f_____________
*20
32
100
50*4 67*4
55lfl 561?
55% 50
551g 557g
55% 56
50
50
8,915 A m erican L o c o m o t iv e ___
111 111
in
in
113 *110 112
1 1 0 1 -1101- *110
111 111
D o p r e f_____________
520
*6
8
*6
71*6
7
1
*
(■
>
71*6
8
m erlcan M alt C o r p . . .
♦6
71"
423, 4234 *42
44
*42
44
*41
44
*42
44
D o p r e f_____________
44
44 ■
300
8 B 4 811.|
81-3g 813g
813g 8U- *81% 813.1 SI
811- 811811"
1,089
841- 87 1 ,
841- 86184% 85%
841- 861,
8-1% 853j
83% 8-13.1 107,490 K m erSm eltln g & R efining
103 101
10 3 14 1 0 1
102% 1021., 1015g 1023g
IO3 I4 1033.| 103 103
D o p r e f_____________
4,635
*200
____ *200
.
____ *200
____ *200
____ *200
*190
.
*90
97:- *90
971- *90
97% *90
971- *90
971- *90
D o p r e f________________
97
*38
39
*38
39
*37
38
37
38
38
38
*37
38
GOO A m er Steel F o u n d (n e w ).
*45
50
*45
50
*40
50
*45
50
*40
50
*40
50
D o o ld p ret___________
127 128
128 128 *128 129
12714 128
128 12S
121 % 128
2.G05 A m erican Sugar R e fln
*125 130 *125 130 *127 130 *126 130 *126 130 *126 130
D o p r e f____________
120% 127
1261,8 1263g 126 1263.| 125% 126% 12534 126
1257$ 126%
8,570 A m erican T elep h & Teleg
*92
9314
921 •> 9 2 I2
§93
93
921- 92193
93
92% 93
870
29
30*4
2734 29
30
28
28
28% 281, *28
*28
29
1,3 0 0
94
943.1
*93
95
933| 933,
*93
94%
94
94
D o p r e f________________
*93
95
800
477g 4 8 -I4
48
481.4
473j 48
47% 48
4034 48
47% 473j 1 0 , 2 0 0
31g
3>g
3
3%
3 I4
3U
31g
31g
*3
3%
3
3
1,000
243.1 2534
24
24
24
24%
*23
241.1 *23% 20
24
24
1.00U Jdethleiiem S teel________
*50
53% *50
5134 *50
50
50
54
d o p r e f_____________
50
50
*50
61
'2 0 0 **
*125 135 *125 135 "125 135 ■
‘ 125 135 *125 135 *125 135
14% 14-'f
14
14
*133,i 143j
13
133, *12% 13%
coo
297g 297g
291g 291g
27% 28
291- 29%
28
287s
27% '2711,595
31
317g
301- 31
30
30
30% 31
303S 303g
'e n tra l l.e a t h e r .
2934 31
8,600
§1013.1 10134 101 101 *1001- 1013.5 1 0 0 % 1 0 0 1 - *9934 101 *100 102
D o p r e f______
215
39-% 40%
4 0'- 417g
401- 43
40% 41%
393,| 40% 45,700
39% 41
253.1 2712534 26%
2012 28
257$ 263$ 11,700
26
263,
261- 27
125% 126% 1 201- 1 2 9 1 , 1261.5 129% 120% 1271- 127 128% 1273.1 1231, 20,570
183.i 19
18
IS
181- 187g
181- I 8-4
18
1S34 5,800
IS
18%
*721- 7 3
74% 75
*731- 75ig *721- 7 5
D o p r e f ..
75
75
74
74
940
*44
50
*44
49
*44
49
rex C a rp et.
*44
50
*44
50
*44
50
I c H l I o r c ' Wn
35% 36%
371.1 371.1 36% 37
361,5 3610
35% 30
36
36%
4,100
*71
75
*71
75
*71
SO
*71
75
*71
75
*71
75
2
*81% 84
*80
83
D o p r e f____________
*81
S3
81% 84
§81
81
*81
84
201
ederal Sugar R e f ot j
*85
95
*85
95
D o p r e t____________
*85
95
*85
95
*85
95
1561- 1561- 154”4 15 5% 1531- 155% 154 154% 153% 1543., 154% 15H4,2,80
*106 110
105 105
*106 108 *105 108 *105 110
10 0 (
63
63
*64
65
64
64
*62% 61
6312 64
*63
64
nt H arvester stk tr c t fs .
600
1093.1 1097$
1097, 1097g 1097g 110
D o pref stlt tr e tts ___
109-3$ 1093) §10934 1093, 110 110
1,425
8^1
83lS *S14
Sit
8%
8*4
87g
8%
8%
S%
8%
834 4.360 1
24% 24-%
25
257g
25
25124% 247g
25
25%
24% 25%
D o p r e f.
0,450
12 13
12 1g
12
1I 2 I4 1 2 l.|
12
12% *111- 121- *11% 12%
1,0 0 0 1
58
*56
____ *56
D o p r e f.
553 1 50% *55% 66% *55% 57
553$ 56
600
391.1 39139% 40
3912 4014
39% 39%
393g 40
39
39%
5,050 ltern a t St<
841- S47g
847.$ 8518 -II4 8534
841- 84%
84
843,
857$ 863$ 3,650
D o p r e t.
*731751*75
76
7.5
75
75
75
*73% 75%
*73% 751200
691- 691- *65
71
*68
71
*091-1 "07g *69% 707$
D o p r e f________
70
70
200
1013: 101 1013., 101% 107
107%* 1081- 106% 1071- 11,695 J atlonal B is c u it.
991- 1001g 100
♦113
____ 11S1- 11812 * 1 1 8 1 -____ *118% 1193, *118% 1191- 119% 1191D o p r e f_____
800 ”
13% 131.1
*14
141- *131- 141- *13% 14% *13% 14%
14
14
400 r
*80
86
*80
86
*79
85
*80
84
*80
85
*79
85
D o p r e f.
763.1 78
7034 77%
77
77%
761- 77176
76%
771.1 7734 0,500
atlonal Le
*1053.1 107 :=10534 1061- *100 10(3- 1003g 1063, §107 107
D o p r e f.
106 106
260
538
512
5 14
515%
53s
*51.i
5%
5%
53$
4,425
90
90
*87
91
86
801-> 86% £0%
87
87
86
87
1,015
737g 74%
73
73
73% 73% *72% 74%
73
737g
72
73
2,800
34
343s
34% 341- *34
33% 33%
35%
34% 34%
33
34
2,250
103 1031- 1021- 103'- 103 103% 101% 1023i 102% 103
102% 103
4,410
14
*1212 131- *12
*12% 131.1 *12% 13% *11% 13
1
*12
13
*46
49
*46
48
*46
49
*46
48
*46
48
D o p r e f.
*46
48
4H - 42
42
42141% 41%
41
41
*41
41%
40% 41
1,600 I ressed Ste
102 102 §102 102 *101 102
102 102 >101 102
D o p r e f.
101 101
636
*170 173 *168 173
172 172 *169 173
170 170
170 170
302 r
461- 461*46% 47
46
46146
46% *45% 47
4R1- 461900
•1011- 103
1 0 1 % 1 0 1 1 ? *9S% 101
1021- 103
101 101
*98% 101
v
D o p r e t.
400
24-% 2I34 *24
25
25124% 25
251,8 253)
243.1 243|
25
1 , 2 0 0 r cn u b llc Iron
863.1 863,
861-1 80% *86
80%
85% 86
80
86
86
86
D o p r e f___
1,500
*77
781, *76
*7 7 1- 7 8 f
77
78
78
771.5 77% *76% 78
620 S ' loss-S h efflcl
____ *108 n o
109% 109% n o g
* 1 0 7 1 4 ____ *1071.1____ *107
112
D o p r e f.
101) 8 '
44% 45
46
40%
45
46
437g 4435
437g 437g
44
44
5.800 C
*82
85
*82
85
83
85
*82
85
*82
85
831- 831700 '1
101g 10-3.5
10% 11%
97g 101*107g 11
11
11%
11
11
12,500
67
68
69
69
*68
69
*64
68
681- 0S12
69
69
D o p t e f.
1.160
28-% 28%
301,
29
29
30
30% *29
28% 291.1
28% 291.1
2,68b L S Cast I Pipe
*75
77
75-% 7534 *75
§77
77
76
*75
77
*75
77
D o p r e f____
255
*75
89
*75
89
*75
89
*75
89
*75
87
........... 1
*75
88
*60
62
60
60
*60
62
*60
62
61
01
01% 01%
300 l
*12
14
*111- 13% *11
121- *11
*1112 14
131- *11
13
....
C
*28
32
*28
35
*28
32
*28
32
D o p re t.
*28
32
30
30
ICO
32
321331- 331?
331- 33132% 325$
33
33
33
33%
2,101) l
1061- 10078 1067g 107
106 106-3, 106% 1001- Zl()4% 104%
Do
1st p r e f___________
106-% 107
3,650
*70
74
72
72
*71
73
71
71
D o 2d p r e f____________
72
72
*70
72
COO
5134 627*
5U2 521s
513s 52%
51% 52%
511.| 52%
51% 621.1 263,227 t
1123,1 1131.1 1123.1 1131., 11235 113
112% 1123, 112% 112-% 112% 1133, 10,930
D o p r e f.
4534 46%
44
45% *44
441g 45
44% 44%
46
44% 4412,225 <l
P a r S10
441,1 443.| 433, 411433, 45%
44
44%
44% 453$ 11,800 V
43Ji 44
1121- 115 *112% 115 *112% 115 '-•112% 115 H12% 115
*1121? 115
D o n r e f____
61
61
*62
66
*61
66
*61
66
§61% OB*61
66
no V
*290 325
290 325 *280 325 *2S0 325 *280 325 1280 325
.•’auto & C o _____
______ 1
67% 671,$ *66% 69
*68
69
*67
09
GG^s 07 3.1
*67
08
650
n i nlon T e l e g ..
*84
85
79% 80184
S4U
79% 82
79
83
79
so
0,470
120 120
115 120 *115 120 *115 120 *115 125 1115 125
Do 1st p r e f___________
100

A

[V O L .
Year 1908
IUU-S' 7-. lot
Hi-/lev

F e b 27
33

104 Jail
5 Mch
14 Mch i
-15is F eb 1
13 Jan
781? Jan
9% F e b l 1
05 " Jail 22
4 F e b 20
44 Jan
251- F e b 13
84i.t Mch
2434 F o b 19
LSI) Jan 10
170 F e b 20
234 F eb 20
121- M ch 4
1 2 1 5 F eb 8
0 M ch J
17 M ch 5
ol-is F e b 25
85% Jan 3
3 Meli 2
21
Jan 1:1
70 Jan 17
651- F e b 17
S7-ij F e b 20
180 Aug21
SO M ch 23
2S Sep 29
200s F e b 14
9834 Jan 2
105 F e b 18
10 1
Jan
721--Inn
151-F e b Vi
78)4 F ob 19
S-27% F e b 19
821- Jan 2 3
12 Jan 13
Apr
35
135 F e b 21
6 Jan
§10 F e b
151- F eb 10
7584 Jau 2
15r>s F e b 11
14 34 M ch 0
90 J an
10 34 F eb 1 0
50 Jan '
4712 O ct 10
27 14 F eb 19
721- N ov21
69 F eb 10
55 J ’ly 28
731-F e b 3
i l l Jan
7S34 Jan 2
62 J 'u e ll
J ’n e i i
O ct 20
F e b 25
Apr
O ct
Jan
Jan 10
F eb 25
697g F e b 25
08 Jan
102 J an
71- F e b i 1
§70 F e b 2
30 F e b 10
871-Jan
S4% O ct 2
50 Jan 2
42i« M ch
24 A p r 20
80 Jan 2
8l2 Mch 17
301- F eb 14
17 14 F e b X0
69 J An 3
147 Jan 3
23-Tj F e b 8
75 Jan 29
1434 F e b 11
03
J ’ne 19
30 J an 2
871-Jan /
$2 5 1 - F eb 1 7
45 F e b 1 1
4 F e b 21
447$ Jan 0
17*2 F e b 26
50% J an 2
70 F e b 18
36% F eb 5
4 F e b 21
10
F eb 10
l/3j F eb 10
7
F e b 19
42 F e b 21
2584 Jan 2
37% Jan 2
-.20 Jan 2
10 F e b 27
ar87 Jan 2
43 Jan 7
250 F e b 13
41 F o b 19
38 M o b il
88 Vfrl-24

13
I 6 I4
163.,
38i4
721-

L X X X V III.

tiaiiQi irrr t'revtous
Year <1907)
1.ouest

D ec 8 3
D ee 21:
N ov 17
D ee 3:
D ec 31

§260 A u g 25
I63,s D e c \A
5234 D e c 1 1
88% N o v 7
35 N o v 25
90 N ov23
247s A pr
813, D e c 31
10>.( NovTH
76's N o v 27
503.1 D ec 28
JU9 D ee 9
443.1 N o v 26
97 N o v i !
§224
M a y ll
81- D e c u
37 34 D e c 28
317.1 A l i g n
17% D e c 4
36 14 D ee 4
59% A u g 13
113 D ee 31
8% Bop 10
5! Sep 17
84% A u g 7
107 A u g 7
110 's A u g 5
200 A p r 30
971- Sep 1 ,
41 N o v 18
471- D ee 2
13 734 A u g 31
131 N o v J i
132% N ov21
971? J 'ly l l
32^3 D e c u
97 N o v 14
1531- N o v HI
80
M ch !
2 7 14 Nov 2 1 .
57 N o v 13
152Li N 0 v 2.17 N ov25
§25 Jan 15
33 D ee 29
102 D e c 29
42 D e c 5
271- D ee 5
107 D ee 12
201- A U g 1
80 A u g 0
3334 D e c 10
94 A ug 10
89 N o v .12
0SI2 J ’ue20
KX) J ’ly 7
1023| D ee 2
1091" J ’ly 30
07% N o v 2 l
110 * 4 N o v i l
9 M a y ll
2G7g D ee 31
131.- N ov IS
65 Jan lo
39’ g D e c 31
84% D e c 31
78 N o v 10
7I34 N ov30
97 D e c 28
U'lil- D e c 28
1 5 1 4 D ec 2s
x82% D ee 11
92 A u g 7
IOOI4 N o v 18
S9<« J an 2U
98 N ov25
73 N ov30
40i.i D ee 8
H1OI2 D e c 23
14% D e c in
50 D ee 4
•15 D e c 1
102*4 D e c 29
174 N o v 10
4 9 I4 D ec 28
103 D e c 2
29 N o v 13
89>2 N o v 13
Sl34 N o v 17
U 0 I4 D ec 7
562*4 N o v 10
84*- D e c 7
U"6 N o v 23
61)34 N o v 27
307$ D e c 11
787g A u g 111

04 N o v 17
I 5 I4 A u g 3
39 A u g 1
371- A u g 7
103 D ec *
75*- N ov27
6f.3| N o v 13
I l f 's N o v 1
8523) N o v 9
•f 34 D ec 29
115 N o v U
08
N ov 9
325 N ov 10
7134 N ov 30
94 N ov 17
125 N ov 24

0
13
8
11
28

I

H hjhev

O ct
O ct
O ct
N ov
O ct

103.| .Jan
37 34 Jan
213.1 Jan
5H2 Jan

§150 Aug
330 J ’ no
• A ug
lG7g Jan
14 N ov
433, Jan
A l l 3, O ct
12178 Jan
1 0 Oet
253s Jan
75 O ct
95 F eb
2:ii- Jau
734 N ov
75 M ch
80 Jan
3 O ct
7i2 A pr
601- A p r
34 N o v
4 514 Jan
243s O ct
103 Jan
78 O ct
361- J ’ ly
21 N ov
90 Jail
70 N ov
247
Jaa
175 Oet
UI4 Jan
2% N ov
3 0 1 ., Jan
10 Oet
8s Jan
Ms Oet
()3tsOct
19% Jan
36 Jan
llil-O nt
753.i Feb
32*4 N ov
1 Hi-. Jan
S3 Oet
21? J ’ ne
§7 1 - A pr
17 N ov
40 F eb
60 O ct
93*s Jan
5 8 I4 NOV rl55
Jan
8134O ct
1173g Ja*i
150 O ct
205 Jan
{70 N ov
102 J ’ “ °
20 N o v
92-VDco
rlOO N ov
88 Oet
60 O ct
11 Oet
68 N ov
*26lgOct
S3 Oet
8 N ov
23 N ov
to N ov
G O ct
27 O ct
ID gN ov
G8 N ov
14 N ov
14 D ec
74 Oet
8 Oet
40 O ct
25 D ee
60 O ct
47 O ct
42 F e b
70 Feb
891-Out
60 O ct

4/in Jan
1371- F eb
131 “ Jan
133 Jan
0834 Jan
3Gi2 Jau
1027g Jan
3023, F eb
t9ig M ay
201- Jan
66 “ Jan
125 M ay
I 41 - Jan
49i,s Jau
40 Feb
102 Feb
577g Jan
283.s A pr
1401., Meh
2434 Jan
88 Jau
78
163
97
621100
163
152

Feb
Jan
Jau
J ’ne
M ay
Jan
F eb

_____ _______
_____ _______

_____ ______ ---------

4% Oct
1 0 N ov
7 1 -N o v
61 N ov
8 O ct
50 O ct
40 O ct
50 O ct
SKl-Oet
U0 N ov
OlgNov
{75 Sep
33 N ov
SO O ct
35 D ec
47l2D ec
37 N ov
19 N ov
yoi4Oet
7 N ov
37 N ov
15%Nov
64 N ov
135'i N ov
21% Oct
72 N ov
12 O ct
5012O ct
26 O ct
80 O ct
C17 O ct
42 D ec
4 O ct
3934 N ov
17 O ct
49 N ov
70 N ov
3<> N o v
5 1 -N o v
1 8 % D ec
131-N ov
02 O ct
39 Nov
217gOct
79% N ov
$13 O ct
1 2 *(i N ov
75 N ov
31 O ct
I to M ay
5 4 D eo
32 N o v
n D ec

8% J ’ne
24 A p r
18i2 Jan
81 F eb
41 Jan
81
Jan
7 5 14 Jan
71 Jan
SOU Jan
1173s Mon
153g Jau
87 Feb
7Gi4 Jan
103 Jan
5 2 0 -*.) A p r
1411- Jail
89?. Jau
4 ii2 Jan
9S5s Jan
l()/jj J clll
go»\s
67 Jan
997g Jau
181% Jan
6 7 1 - Jan
9 9 1 ? F eb
41 Jan
100 Jan
7734 Jan
10 7
Jail
«53% Mch
85 Jan
8>g Jau
61 Jan
4yi2 Jan
89 Jan
117
Jail
901- Jan
3 0 14 Jan
68 Jau
521? F eb
I097g Jan
78ig Jan
6038 Jau
1073, Jan
839% Well
39*g Jan
108 Jan
97
Jan
300 J ’ne
85 Jan
154 Jan
Hill
M »v

__

BANKS AND TRUST COMPANIES— BANKERS' QUOTATIONS
Banks
Brooklyn
B orou g h 11.
B rooklyn
B roa d w a y 1
i lrst _______
HlUsldeli___
H om e Bk 1 .
H om estead l
M a n u fac’rs
M echanics’!
M ontauk . .
N a s s a u ____
N at C it y ___

Hid

Ask

__
__

110
145

39 1
240
lid

no

10 )
40)
230
140
240
280

__

255
130
'25
'25
S25
240
14a
270
V20

B anks
Brooklyn
N orth Side !
Peopl e’s____
P rosp’c t P k !
Terminal 11.
CJnlonH____

Bid

Ask
175

150
140

1 rust C o’ s
N Y C ity
A stor _____ 300
Hankers’ T i 500
B ow l’ g G r’ n 1376
B’ w a y T r _ . 130

165
130
15J

Bid
Ask
lru s t C o’ s
N Y CUy
C arnegie . . 185
Central T r . 1825
C olunibla _ . 232% 210
C om m ercial
145
90
C o m ’w ealth
E m pire . . 5240
Eqult b le T r 410
Farm L o & T
1200 1250
F i d e l i t y ___ 195
206
Fifth A v Tr 300
P u l t o n ____ 270
G u a r’ ty T r . 540
555

__

<15
525
135

__

1rust C o’ s
H u d s o n ___
K n ick e rb ’kr
Certs A . .

Hid
170
130
303

.-Lit
ISO
325

f23M- 1240
19)
195
350
400
M ercantile - 725
•540
M orton T r . 425
M u tu a l____ f 124
140
Mut A ll’ ncc
Lincoln T r .

Ask
T ru st Co’ s Bid
1125
N Y Ll te &Tr 1100
570
N Y T r u s t . 60)
325
T ltleG u & Tr 430
Tr Co o f Am 307%
Union Trust 1100
380
US M tg &Tr 305
1176
1125
250
260
400
140
150
130

BUI
1rust Co’ s
B rooky In
B rooklyn T i 400
120
Citizens’ . .
Flatbush . . 5200
Franklin . . 193
i lam ll ton . . 260
H o m e _____ m o
Kings C o . . •160
f. Isl I. & Ti 295
N a ssa u ------ 1M)
270
P eop le's —
85
W llllam sb g

Ask
410
130

_*

205
275

no

- --310
175
280
190

* Bid and asked prices; no sales on tills d a y . § Less than 100 shares, 1 K x-rlghts. 6 N ew s to c k , c E x -d lv . anil ri tilts. 1 N ow m in ted dollars per sh a re.
is « j« .r s n m i/
o r a t a u ctio n this w eek, s T ru st C o. certificates. H B inks m arked w ith a paragrap h (II) are State ban ks.




New York Stock Exchange—Bond Record. Friday. Weekly and Yearlv
beginning Jan. 1 1909, the Stock Exchange method of quoting bonds has been changed, and all prices now are quoted^—“ and interest.'
BONDS
K . ¥. STOCK E X C H A N G E
W e e k E n d in g J an 15

Ertce
iYidav
Jan 15

Week’s
Range or
Last Sale

3

II

Koreiipi Governm ent
Imperial Japanese Governm't
Sterling loan 4 4 s ........... iJ fo
gel aenes 4 4 s .................f
Sterling loan 4 s .............. 1931
Bepub ol Cuba 5a exten debt..
U S <>t Mexico a 1 g 5a of 1899
Gold 4a of 1904..................1954

Ask
10o S
.........
1014
Sale

» 90 78 Hale
I 9 0 4 Sale
j 8 0 a4 sale
} 102*4 Salt
9 9 4 Salt
92 4 _____
hese a re pr

S ta te am i City Securities
Alabama curr fund 4 s -----1930
Diet of Columbia S’Oos___ 1934
Louisiana now consul 4 s ..1914
New York City—
4% Corporate Stock — 1958
4% assessment bonds .,1918
Now 4 4 a ............................ 1957
New 4 4 a ............................ 1917
4 4 % corporato Stock ..195 7
4 4 % asBesamt bonds___ 1917
49o Corporate StoCK___1957
NowYoric state— Highway
Improvem’ t 4 s ..................1958
8 o Carolina 4 4 » 30-40.........1933
Tenu new aottlemeut 3 a ..l 913
Virginia tund debt 3 -3 a ...l9 9 i
6a deferred llrowu Bros ctfa.

100
100
90

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

102*8 Sale
112 4 Sale
D>4 .........
112 112 4
* ......... 101*4
103 103*4
110
101
94
92
45

.........
.........
..........
.........
48

Kuilrond
labama Cent bee So By
A laba
M nil bee A t Coast Line
Albany A Susa See Del A Hud
Allegheny Valley See Penn KB
AUeg * W est See B u i B A 1
84
85
Ann Arbor 1st g 4a......... A1905 (J-J
A tell T A S Fe— Gou g 48.1995
100*8 Sale
Begistered...........................1995
.....................
Adjustment g 4a........... /il995
92 4 «alb
Kogiatored................... A1995
9 2 4 Sale
Stamped.........................A1995
103 Sale
Conv g 4a............................ 1955
100 *2 saib
10-year conv g 5 a ......... 1917
9 8 4 .........
Debentures 4s Serieall.1910
90*4.........
dories 1.............................1911
94 .........
Series K ............................1913
97 ..........
East Okla Div 1st g 4 s ..1938
94 4 96*4
Short Line 1st 4s J 1’ 51 recta
Atl Knox * N See L & A
95 Sal©
Atlantic Coast 1st g 4 s ./il9 5 2
130 .........
Charles A Sav 1st g 7a..1930
120 _____
Sav E A W 1st gold Os.. 1934
109 .........
lac gold 5a.......................1934
108 .........
Ala .Mid 1st gu gold o a ..1938
94 .........
Bruns A W l a t g u g 4 a ..1 9 3 8
87 Sale
L A N coll g 4a............... ol963
90 .........
311 Sp Oca & G gu g 4a .. 1918
Atlantic A Danv See South By
Austin & N W See Sou Pac UK9 3 7s 94
all A Ohio prior l g 3 4 s . 1935
♦ 93 .........
Bogiatered................. A1935
l o i Sale
Gold 4 a ..............................A1948
99 .........
B egistered................... £1948
.....................
* Pitts J unc 1st gold O a ...1932
89 4 Sale
PJun A 51 D i v l s t g 3 4 a l926
95 4 9 6 4
P L E A VV VaSya ref 481941
91*4 Salo
Southw d iv 1st g 3 4 s . . .1935
Bogiatered................... £1926
104 .........
Mellon uiv 1st gu g 58..1919
102 4 .........
Cen Ohio B 1st c g 4 4 s ..l 9 3 u
108 .........
Cl Lor A W con 1st g 5a 1U33
HI
.........
Ohio Blver B it 1st g 6 a .l930
1 1 1 4 .........
Oeueral gold 6a..............1937
llo
.........
Pitta Clev A Tol lat g Oa 1923
97 .........
Pitts A W est 1st g 4 s ...191 7
.....................
Stat lsl By 1st g u g 4 4 a 1943
Bat Creek A >s See Mich Cent
Beech Creek See N IT C A 11
Bollov A Car see Illinois Cent
Bklyn A Moutauk See Long 1
B ru u a A W o a t see A tl Coast L
Bullulo N V A Erie See Erie
110*4.........
Buitalo B A P gen g 5 a ...193 7
109 ‘a Sal6
Consol 4 4 s ......
..195 7
98*4_____
• AH A W est l a t g 4a g u .,1998
110 .........
Cl A .Mali 1st gu g 5s___ 1943
ltocli A Pitta 1st g da...192 1
113*4.........
121
.........
Consol lat g da..............1922
Buttalo A Southwest See Erie
89
90
Bull A Suaq lat ref g 4a.til951
Bur C B A N Sec C B 1 A P
100 4 Sale
lan do lat ext O a..............1913
......... 101
'2d 5a................................... 1913
Begistered.......................1913
Caro A dhawn See 111 Cent
Carolina Cent ArgSeab Air L
Carthage A Ad see N V C A 11
Ced B la P A N See U O B A N
Cen Branca By see Mo Pao
Cent ol Ga B B 1st g 6 a ..p l9 4 0
114*4.........
Consol gold 6a................... 194&
109 Sale
Bogiatered.......................1045
lac pret income g Oa___ p l 945
.......... 76
Stam ped............................ .
. . . . 80
2d prei income g 5 s___ p l945
00 *4 02 4

B

C

W

eek

E n d in g J a n 1 5

3*

Ao Low H igh Cent of Ga B B —( Con)
10 103 4 104 ‘v
2d p- ef income g Oa stamped
. . .. 104 104 4
3d pret income g 5a___ p l945 (jet
3d pref income g 5 s atampoa.
100 10 l 76
b toO *4 102
Chatt iu v pur moil g 48.1951 J-il
Mac & Nor Div 1st g 5s. 1940 J-J
Mid Ga A A tl Div 6 s___ 1947
100*4 101 4
... U 8 4 1 2 2 4
Mobile luv 1st g 5a........1940 J-J
120*4 123 4 Cen Hll A L of e>a cot g 5a 1937 VI- *\
2 1034 103 4 Cent of N J gon’ l gold 5a. 1987 j - j
B egistered................... /tl987 y-J
Am Dock A Imp gu 5 a ..1921 j - j
Le A H ud B gen gu g Oa 1920 J - J
Leh A W ilks ii Coal 5 s ..1912 M-N
92
004
9 0 7g 105 85
89*»
90*4 7 2 83 78 91*8
Con ext guar 4 4 s ....0 l9 1 U Q-M
4 75
80*4
80S,
N Y A LongB r g o n g 4 s 1941 M-S
S2*(
77 100*4 105*4 Cent Pacihc *«e do Pacific Co
1 0 2 4 103
b6 90 101
CentVermont 1st gu 94s.el920 Q-F
99*4 100
92*4
92*4 in 90 4 94 4 Clias A dav sec A tl Coast Line
ices 0 n the 0 CISis of $5 to £ . Cnea A Ohio gold 6a..........al91J A -0
let consol g os................... 1939 M-N
Begistered.......................1939 M-N
111 Mar’ 02
110 X o v ’Ob
General gold 4 4 a ..............1992 IW- s
110 110
Begistered.......................1992 ,Vi-S
106 4 D ec’04
Big dandy 1st 4 s .............. 1944 J-D
Craig Valley la t g 5a___ 1940 J-J
102*a 1 0 2 78 34 102 7s 103*4
101*4 D ec’Ob
B A A Div istco n g 4 a ..l9 8 9 J-J
101*4 101*8
111*4 112*4 480 105 112*4
2d consol g 4 s..................1989 J-J
104*8 104 *4 01 101*4 104*,
Warm Spr Vai la t g 5 a ..1941 .VI-s
111*8 112*8 01 105*8 112*8
Greenbrier By l s t g u g 4s ’40 M-N
104*8 Jan ’09 __ 101*4 104*4 Chic A Alt B B ret g 3 a ...1 9 4 9 A-O
1 I01*b 103*4
Railway 1st lien 3 4 s . ..1 9 0 0 J -J
103*4 103*4
Bogiatered....................... 1950 J-J
110 Aug’08
Clue Burl A y — Denv D 4a 1922 F-A
L09 110
120 Mar’oo
General 4a...........................1958 M-S
95 4 J a n '09
Illinois Div 3 4 s ............... 1949 J-J
94
90
9 3 4 Nov'08 ___ 90
Begistered.......................1949 J-J
93 4
1 22 4 47
48 .
48
Ills Div 4 s ..........................1949 J-J
Iowa Div arnic lund 5 a ..1919 A-O
Sinking fund 4a..............1919 A-O
Nebraska Extension 48.1927 M-N
Bogiatered....................... 1927 M-N
Southwestern Div 4 s ___ 1921
Joint bonds See Great North
Debenture 5 s ..................... 1913 M-N
£ 78
844
85
86
Han A St Joaconsol 6a.. 1911 M-S
1 0 0 4 1 0 0 *-. 156 95 7g 101*4 Clue A E 111 ref A im pg 4s 1955 J -J
4 9 5 4 100
99
99*4
1st consol g 6a................... 1934 A-O
6 83
92 4
92 4
General consol J.at5»___ 1037 M -N
95 >s
Begistered....................... 1937
29 82 4 94
92 4
93
Cine A Inu O B y 1st 5 a .1930 J-J
Chicago A Erie See Erie
102 4
103*4 20 ri 85*4 105
Chic In A l-iouisv ret 0 s ...1 9 4 7 J o
100*8 100*8
94 4 103
90 4 M ai’Oo . . . . yoH* yoHi
Belundiug gold 5s........... 1947 J-J
98 4 Nov’ 04 . . . .
LouiavN A A Ch la t 0s . 1010 J-J
94 N ov’OO
Clue MU A S t P term g 5a 1914 J-J
97 J a n ’09
General g 4 a aeries A.-rloaO J -J
96 4 9 8 4
Begis tereu.....................«1980 O-J
944
94 4 30 96 4 97*8
Generalg 3 4 s aeries B.elOoO J-J
Clue A L Su Div g 5 s ___ 1921 J-J
94 4
95*4 I3f 80
904
.... ........
Chic A Mo B iv D iv 5 a ...1 9 2 0 J-J
123*4 J’no’Oo . . . . 1 1 1 4 124
Chic A Pac Div 0s........... 1910 J-J
Chic A P W l a t g 5 a ........1921 J-J
114*» Nov’05 . . . .
Dak A G t So g 5s..............1910 J-J
99 4 Mar’OO
Ear A Sou asau g 0s........1924 J-J
H ast A D D iv 1st 7a........1910 J-J
80*.,
67 4 32 74
88 7e
93 4 Sep ’ Ob
lat 6s..................................1910 J-J
93 4 93 4
Lacrosse A D 1st 5a___ 1919 J-J
Mineral Point D iv 5a___ 1910 J-J
33
So Minn D iv lat 6 s ......... 1910 J-J
90
95*4
93 7s
94
12 89 4 90
93
93
Southwest Div l s t o a ___ 1909 J-J
52 90 4 1 0 2
W is A Minn D iv g 5a___ 1921 J-J
100*8 101
98 Dec ’08
96
98
M il A N o lat 51 L 0 s . . ..1 9 1 0 J-D
120 Oct ’01
la t consol Oa................... 1913 J-D
5
89 4
89 4
S3
90
Chic A Northw cons Vs___ 1916 y -F
1 87
95*8
95 4
97
Extension 48.......... 1880-1920 E - A
‘JlAi L10 83*4 9 3 4
E-A
89 Oct ’00
General gold 3 4 s ..............1987 M-N
105 7a Eeb’OV
Begistered................... jj19 s 7 y-E
109 " A p r ’06
Sinking lund 0 a ... 1879-1929 A-O
109*4 J’ho’ 07
Begistered........... 1879-1929 A-O
111 S e p ’Ob . . . . 110 111
Sinking lund 6 s ...1879-1929 A-O
1 100*4 109
Begistered........... 1879-1929 A-O
110 4 110 4
Debenture 5a..................... 1909 M -N
101 Nov’08
Begistered.......................1909 M -N
101 101
100 N ov’04
Debenture 5a..................... 1921 A-O
Begistered....................... 1921 A-O
Sinking lund deb 5a........1933 M-N
Begistered....................... 1933 M-N
North lUinois la t os___ 1910 M-S
Ott C E A St Paul lat 5s 1909 M-S
MU L S A W est lat gOs 1921 M-N
110*4 110*4 22 108 110
E x t A Imp a fund g 6a 1929 F-A
109
109*8 22 1 0 1 4 1 0 0
Ashland Div lat g Os.. 1926 .VI-fe
98 Deo’ 07
Mich Div la tg O a ..........1924 j - j
103 j ’l y ’08
In co m e s...........................1911 M-N
103 103
119 4 8**P ’Ob
114 1 1 0 4 Ohio Bock ls l A Pac 0 a ...l9 1 7 J-J
121
121
i 117 121*8
Begistered....................... 1917 J-J
J-J
89 Oct ’08 —
J-J
87 4 91
Belunding g 4 a ................1934 A -O
100 4 100 4 28 106*4 H I
CoU truat SeneaU 4a .. 1910 M-N
1 9 3 4 105
102 4 102 4
J 4a....................................1912 M-N
100*4 May’07
M -.S................................... 1915 M-N
N 4a................................... 1910 M-N
O 4a.................................... 1917 M-N'
P 4a....................................1918 M-N
Chic B 1 A Pac B B 4a ..2002 M-N
Bogiatered...................... 2002 M N
Coll truat gold 5a......... 1913 M-S
110*4 D cc’ 08
112 116*4
Bur Ced B A Northern—
108 4 109
24 9 7 4 1104
113 A p r’00
Con 1st A col trg 5a...1 9 3 4 A -O
79 J a n ’09
Begistered....................1934 A -O
55
81
(55
78
78 D oc’08
C B1E A N W latgu oa .1921 A-O
0 1 4 D ec’08
M A St L la t gu g 7 a ..1927 J-D
4 4 4 04

.U 1 8 C h b l,A M iO b a

A-O
J -J

J-J
M-N
F-A
F-A
E -A
E -A

J-J
J-J
J -J

A-O
J -J
F-A
A -O

J-J

M-N
M-S

•No,pr.ou F i nlay; latest price tins




<5
N. Y. STOCK E X C H A N G E

Low
High
102 7s 102 7s
104 J’l y ’OS
101 D eo’ 08
101*4 1014
107 J’ne’02
100 ......... 100*4 N ov’U8
119 4 1204 120*8 N ov’Oa
120 4 ......... 122 Nov’OS
102 4 Sals L02 4
102 4

Rid
1 0 2
103
UlO’ i
10 1 4

C. s . G overnm ent
U S 2s consul registered.dl930
U 3 Via consol coupon___ c/1930
U S 3s registered..............£1918
U 8 3a coupon..................... kl918
U S 3a reg small bonds..*1918
U 3 3s cou aniall bonds..£ 1 0 1 8
U S 4 s registered............1 9 3 6
U S 4a coupon........... ......... 1935
U S Pan Can 10-30 yr 2s.£1930

s»irct*i iwuil\vu>
B rook lyn Bap T r g 5a ........1946
l e t relu iul c o n v g 4 s ___ 2002
B k C ity l a t c o n 6 s . 1910.1941
Uk y Co A S cou g u g 68.1941
B k ly n U 11 E l la t g 4-58.1950
Stam ped gu ar 4 -5 S ....1 9 6 0
K in g s Co El 1st g 4 a ....1 9 4 9
S tam ped gu ar 4 s ......... 1949
N assau E lec gu g 4s ....1 9 5 1
C on n B y A L 1st A rot g 4 4 s ’ 51
Stam ped gu a r -t 4 s ......... 1051
D on Con T r Co 1st g 5 s . ..1 9 3 3
D ot U nited 1st cou g 4 4s. 1932
H avan a E lec con sol g 5 s .1952
In te r-M e t coll -1 4 s ............. 1050
I n t e r B ap T 3-yr c o n v O s.1911
In te rm it T ra o coll tr 4 s ..1949
M anila F.lec 1st A coll 5s. 1953

Range
Year
1908

Rrice
tr id a v
Jan 15

Week’ s
Range or
Last Sale

U
•> <

Rnnae
Year
1908

Sia
Ask Loin
Jity/i Ao L<tw Jiigfi
0 0 4 03
00
00
0 41
03
50
55
52 D eo’Ob
tl
67
50 ......... 52 4 Dec ’Ob
27
62 4
89*8 F eb ’ Ob
89*8 89*8
103 ......... 1047s J ’ne Ob
100 4 104 4
108 .
1 0 3 4 .........
128 Sale
1 2 0 4 12 7 4
1094 n o
......... 1 0 4 4
9 9 * 4 .........
9 9 4 100 4
9 7 4 .........

105 D ec’ 07
107 4 D ec’08
127
128
127
127
109 4 109.4
99*4
09*4
9 9 7s Jan ’09
88

1

103 4 D e c ’08
110
117
113 4 Jan ’09
104
104*4
104 May’OO
904
00*4
112 Fob’00
1O0 4 DeC’ b8
03 4 J ’l y ’bb
113 4 F eb’06
96 Sep ’ Ob
784
79*8
75
75
80*8 May’06
99 4 100
101 D e c’ 08
lOO dale 100
100
9 1 4 Salo
914
91*4
91 ___
91*4 LCC’bb
102 4 Sale 1 0 1 4 102 ‘4
100 .
104*4 Oct 'Ob
10U ......... 10 0 4 N ov’Ob
1 0 1 4 Sale 10 1 4
1014
100 ......... 101*8 Oct ’Ob
90 ......... 90 Oct ’07

102 105 4
i i 107 4 1 1 0 4
n

90

33

89 4

70

87 4 sale

924

49
10

95
07*4
OO

95
79*4
774

97 101
97 1 0 3 4
80
93*4
80*4 91*4
17 9 7 4 1 0 6
1 u 4*4 100
90 101
iO 9 8 4 1 0 2 4
1 0 1 4 101*8

21
42

102
102
974 1034
7 101 4 i 0 o ®8
103*4 103*4
btiJ4
by h* 40 8 2 4 88
129*4 Jan 09
122 122
114-4 115
27 IUO 4 1 1 0 4
118 4 Feb'oil
114 J a n ’09
107 109*4

93
90
sale

107*4

9 1 4 101
89
93 4

1 2 7 4 Sale 127
1274 lb
109 ......... lb8 S e p ’ bb
104 *8 N ov’Ob
i 0 4 4 iuo*-. 10a J a n ’09
102*4 .
102*4 102*4
4
10L .
103 *-. Oct ’Ob
y2*ti
i
,« »
03 4 y ^
109*8
115 4 Oct ’ 06
112*4
112 Sep ’08
lO l*,
104 4 D eo’bb
109 4 i 104 109 4
1094,
4
105 4
10a 4 J a n ’09
122 4
137 4 J ' l y ’9!.'
102*4 .
107 4 J a n ’09
l0U*4 . . .
lol*4 Apr'Ob
109 4 Nov Ob
1 0 8 4 ..
101*4 Sale 101*8 101*8 10
101*4 102
101*4 1 0 1 4 15
100*4 aai0 100*4 100*4
6
i l y bale 109*4 110
12
1024
105*4 N ov ’08
1074
107 *8 D oc’Ub ___
llo
110*8 117 4 D ec’ 08
99 J’ne’Ob
1 0 0 4 1U4
98 4 A p r’OS
..........104
9 4 4 95
94-4
9 4 “b 5
89 Atig’Ub
1 lb 4
1 1 1 4 Jday'Ob
109 4
110 Aug’Ob ___
101
103 J a n ’09
10.1*4
994
io D 4 D ec’ob
l o l D e c ’os
ioa Bale 108
108
15
103 J ’ne’o7
I l l ’s ......... i l l 78 Jan ’ 09
......
1U9 J ’l y ’Ob
101
102 4 D ec’Oc
loo
101 Oct 'Ob
119 4 1 .2 0 4 H9*4 Jan ’ 05
1 13*4 .
liu
116
tn
123
142 4 F t b ’02
123
4
122 4 ........ 123
102
109 Sep '03
HO D e c ’Ob __
1U*4 . . .
1L
..
1 1 2 4 J’i y ’oe
10U*8
LOO
100 4 31
98
97*4 D ec’Ob
01*4 sale
91*8
92 496
97 J’l y ’04

_____

98 101
9 8 4 101

May’07

103 .........
117 Salo
......... 113 4
104 1044
*..........101
90*4 Sait
107 .........
9 8 4 100
94 4 ........
105*8.........
......... ..
79
794
......... 75

103 .........
1 0 3 * 8 ...
89 4 Salt
my ......
11441164
113-Sj __
1 1 3 4 .........

92 107 4
in 117 1 3 0 4
5 120 4 1 2 4 4
(j 107 111

May’Ol
N ov’Ob

75 4
77 4 307
05 A u g’Ob
87 4
b’J 4 .

112 4 1 1 0 4 1 1 5 4 D ec’ OS
L20 4 M a i ’()3
1073*
126 ..........

117 4
100
IbO
103 4
100
103 4

130*a
108
101*8
10078
101*4
1 0 3 -J

iiO
101
108*8
10 1 4

112
101*4
112
108

1 0 2 4 lo 5 '4
101*8 101*4
106*4 1 0 9 4
100*4 1 0 2 4
10H4 101*8
101 1 0 3 4
108 111
105 4 105 4
10741104
115*8 118*8
99
99
9 8 4 98*4
89
90
89
89
1 07 4 1 1 1 4
1 0 8 4 110
108 1 0 9 4
100 4102*4
99 4 1 0 1 4
105 108*4
1084 113*8
107 109
101*4 1 0 2 4
101 101*4
t lb 120**
no
1134

112 1 1 0 4
1124115
94 102 4
y6*a y7a4
83 4 92

yu

yu

55
02 4
oysi

7y
ti5
yi Uj

100

1104

H O N D .-*— C o n t i n u e d o n .Next Piute.

9 91 1 0 2 4
1 0 2 4 Sale L 024 1 0 3 4
83®, Sale
814
83*4 986 05 4 8 0 4
102 4 ......... 103 D e c ’Ob
9U7s 104
91 G et ’ Ob
90
92*8
......... 100*4
1 0 1 4 s i 03 4 103
101 4 sale 101
1 0 0 4 N o v ’0 U
98 102 4
83
......... 8 1 4 Sep ’ 08 . . . . 8 1 4 8 L*2
86 Side
86
b5
11 77
80 4
82
......... 80
784
7 9 4 39 75
100*4 . . . .
95
95 M a r’ Ob
95
101*4 . . .
l o o 4 O ct ’08
93 4 1 0 0 4
95 J ’ n e’ OO
7 9' 4 ......... 8 1 4 D e c ’ Ob
09
83
80 O ct ’ 08 ___ 80
94
.......... 96
77*4 Sale
704
78 2683 4 9 7s 82*8
103*4 sale 103 4
103 \ 348 100 104
70 . . .
70 D e o ’ 08
•30
70
98 .vlav’ OO
......... .........
week. a u u eo a n a Due .\p r su ite .n a y

s t r e e t K n im - a y
M et S t B y g e n c o l tr g 5 s . 1997
K e f g 4 s ............................... 2002
B w ay A Vtli A v 1st e g o s 1943
Col A 9 til A V 1st g u g 5 s .1993
L e x AV A P E l s t g u g 5 s 1993
T h ird A v o B it c o u g u 4 s 2000
C e n t T r Co c e r tfs s tm p d ...
T h ird A v e B y 1st g 5 s ..1937
M et W S E l (C hic) 1st g 4 s . 1938
N O r l lty A L t ge n 4 4 s .. 1935
S t J o s B y L t II A P 1st g 5s ’ 37

F A

A

MS
J J

jF AJ
J J
MN
J J
U n dergrou n d o f L o n 5 s . . . 1920 MN
4 4 s ........................................1933 J J
In c o m o Os........................... 1948
U nion El (C h ic) 1st g 5 s . .1946
U m ted l il t s sau E ra 4 s . 1927
00
UiutcMi liy s S t L le t r 4 s . 1984 J J
a l i a s .. ly

86

99*4
10 0 4

.........
08 .........
0 8 4 Sale
109 4 1 1 0
78
99

79 4
.........

k .tu o

88 Jan ’ 09
68
89
40
8 4 4 J a n ’09
084
103
103
3 93 105
98*8 D e c ’ 08
9 4 4 09
yo
100 J a n ’ 09
102
494
73 D e c ’ Ob
75
73
68
OO*, 173 50
101 111
109 7e Jan ’ 09
93 4 J 'l y ’ 00
90 4 Sep ’ 00
98 N o v ’08
98
98
40 A u g ’ 08
73*4
70 4
22
23
84 O ct ’<j S

A
A

1

g xiao .. n o

.........

5 5 ‘s 08
J OD lOO
.........
MS *
.........

6

79
11

84 4 Sale
ouuo .m l

84 4
g D u o.

814

40
70
20
84

5y

7tf

414
73 4
23
101
754
85

New York Bond Hecord—C on tin ued—

146
U U .N U s
N . Y . STOC K E X C H A N G E

W

bek

Frice
Friday
Jan 15

E n d in g J a n 15

» tex ts
Hange or
Lart Sale

H anot
Fear
190S)

U\a
H ig/.
M ia Low
Chie Rock i db Pac— (Con)
Low High
102 Aug’Oh
Choc Ok & G gen g os .01919 J •J 102 4
102 104 ^
Consol gold 6 s............... 1952 M-N 10G4 109 *s 107 4 Nov’ OS
107 4 1 0 9
Xeok db U ts M 1st o s ....1 9 2 3 A-O 102 4
103 J a n ’ 09
98% 1044
Chic St L db N O See 111 Cent
Clue S t L & Pitts See Penn Co
Clue at P M & U con O s...1930 J-D 1 3 0 4 . . . .
130
1304
121 132
■ Cons 6s reduced to 3 4 s . 1930 J-D
93 D eo’03
9 - “a . . . .
129 4 J a n ’ 09
. e h St P * Minn 1st g Os 191s M-N 1 3 0 4 . —
124 130
1
2
0
4
.
.
.
.
12
9
4
Mar’04
Nor Wisconsin 1st Os...1 9 3 0 J-J
11 6 4 117 l i d D eo’Oh
St P db S City 1st g ds__ 1919 A -0
1154 i l 8
. Chiodb W est Xnd g e n g d s 91932 Q-M ......... 1 1 3 4 1124 D ec’OS
112 113
( Consol 50-year 4a............. 1952 J . J - ......... 99
97 Jan ’09
91 100
! Chic db W Mien. See Pere Marn
: Choo O & Gull See C H U P
113
Oct.
’(M
i
Oln H. •& D 2d gold 4 4 s . ..193 7 J-J
95
95
Cin D db I 1st gu g 5 s ...1941 M-N
95
96
90
C h’mdife F t W ) s t g u 4 s g .’ 23 M-N
70
70 Aug'OS
Cln 1 db VV lac gu g 4S.1953 J-J
70
90
96% D ee’ Uh
: la d Dec db W 1st g 5 S ...19 35 J - j
96 4
107 4 Dec 02
1st guar gold 5 s............. 1935 J-J
C J IS tL d b O See C C C db St L
Cln S db C See C C C St 9
, Olearhela & Mali See B R db P
98% # 8 4 97%
984
; Olev Cm C & St L geng 4s 1993 J-D
92
994
90 _____ 90
98
Cairo Div 1st gold 4s___ 1939 J-J
96
96
93 . .
9 6 4 Oct ’OS
l Cln W * M D iv 1 s t g 48.1991 J-J
95% 95%
9 4 4 9 7 4 97% J a n ’Oy
V St L D iv 1st col tr g 4 s .. 1990 M-N
90
96a<
91 Oct ’07
.Registered.......................1990 U-n
92 Feb'Os
Snr db Col Div 1st g 4 s .. 1940 M-s
92
92
98 Sep ’00
W W Vai Div I 8 t g 4 a ...l 9 4 0 J-J
924 .
105 J a n ’ 04
O l b t n * ( J consol d s.,1920 M-N 104 .
9
3
4
.
9
9
%
N
o
v
’08
' 1st gold 4a..................... /d 936 Q-9
95% 99 4
97 Oct ’0a
R egistered................kl93d q - f
97
97
110 D ec’ 08
Cm Sdb Cl con 1 s t g 5 s .. 1928 J-J
1064 n o
114%
S
e
p
’03
0 0 Odb 1 cousol7s..........1914 J-D
114 114%
Consol sink lund 7 a ....1 9 1 4 J-D
130 N ov’ OS
General consol gold da. 1934 J-J 1 2 6 4 .
120 130
Registered................... 1934 J-J
94 J’ly ’08 . . . . 94
IndBldb W ls tp r e t 4 s .1940 A -0
96
O ind db W 1st pf 5 s ...1(1931? y .J
94%
1
03
94% Sale
Peo db East 1st con 4 a ... 194o A -0
63
1
Incom e4s........................ 1990 Apr ......... 51% 63
Clev db Marietta See Penn Kit
Clev db Pitts See Penn Co
82
83 5 5 4 84
8 1 4 Sale
804
Col Midland 1st g 4a......... 1947 J . j
98*11 93 82
98
99 Sale
Colorado 3b Sou 1st g 4 a ...1 9 2 9 F-A
994
98% bale
99 1136 73
Relnnd <& ext 4 4 » .......... 1935 M-N
07%
97%
Coluin db Greenv see So Ry
Col db iiock Val See Hock Vat
ColdbToi See Hock V al
Col Conn dfc Term See N db W
Conn <ib Pas Rivs 1st g 48.1943 A-O
95 J a n ’ 09
Cuba R R 1st 60-yr 5 g . . . . 1952 J - J
01
91 ,
ak db Gt So A sb O M d bS tP
alias 3b Waco See M K 3b ’1
Del Hack & W estern—
114% 114%
Morris & Essex 1st 7 s . . .1914 M-N
114% 1 1 8 4
1st consol guar 78........ 1915 J-D l u l l s ' 1 2 0 4 N ov’U3
11841204
Registered................1 9 1 6 J-D 1 1 6 4 ....... 127 J ’ne’05
1st rel gu g 3 4 s ............2000 J -D
121
N Y Lack db W 1st O s...1921 J - J 120 1 2 1 4 121
1164125
112 Oct ’08
Construction 5 s............1923 F-A 1 1 1 % ..
108% 1 1 2 %
1 0 0 4 D eo’OS
Term 3b Im p rov e4s....1 9 2 3 M-N
974102
92 ........ 102 F eb’03
Warren 1st ret g u g 3 *26.2000 F-A
1 2 1 4 A p r’08
Del Jb Hnd 1st Pa D iv 7 s.l9 1 7 M-S 121
1 2 1 4 123
149
Aug’
01
1
1
9
4
........
R e g is te r e d ...................1917 M-S
1st dbref 4 s ......................... 1943 M-N 1 0 1 4 Sale 1 0 1 4 101%
98% 102 4
10-yr conv deb 4s........ ..1 9 1 0 J-D 102 bale 1 0 1 4 1 0 2 4
94 4 106
1st lien equip g 4 4 s ___ 1922 J-J 102 102 4 104 D eo’ 08
96 104 4
98%
9 3 4 99% 98
A lb 3b Sue conv 3 4 a ........ 1940 A -0
91% 100
129 Nov'U8
Rena 3b Saratoga 1st 7 s. 1921 M-N 1 2 8 % . .
1 2 8 4 129
Del R iv R R Bridge See Pa RR
98 Sale
98
98
Denv 3b R G r is t con g 4 s .l9 3 0 J-J
116 89
99%
Conaol gold 4 4 s . . ............1930 J-J 102 4 ......... 103% D eo’08
98 103%
101%
Improvement gold 5 a ...1928 J-D 101 % 1 0 2 4 101%
94 103
98 F e b ’Ob
Rio Gr June 1st g u g 5 a .1939 J-D 104%
97
98
70 D ec’05
R io g rS o la t gold 4 a ....1 9 4 0 J-J
85 Mar’ Os
Guaranteed..................... 1940 J-J
85
85
95 4
96
9 5 4 Sals
83 4 98
Rio Gr W est la t g 4a___ 1939 J-J
87
8 7 4 ......... 83
70
80
M ge and col trust 4 s A .1949 A -0
97 J a n ’02
Utah Cent l s t g u g 4 s al917 A -0
Des 41 oi 3b F t D See M 3b St L
Sep ’01
no
D esM oi Un Ry 1st g 5 s . . 1917 M-N
95 100
92 MaF07
Det db Mack 1st Ren g 4s. 1995 J-D
88
90
90 Jan ’09
Gold 4s..................................1995 J-D
80
90
Detroit Southern—
84 Deo'OS
Ohio Sou Div 1st g 4 s ...1 9 4 1 M-S
77% 84
115% Jan ’09
Du 13b iron Range 1st 5 a .. 1937 A-O
102 115
R e g i s t e r e d ................... 1937 A-O
1 0 6 4 M ar’ Ob
10641064
2d Os........ ............................ 1910 J-J
Dul Short Lino See N or Pac
Dal So Shore 3b A ti g 6 s ..1937 J-J 107 112 108 Mar’08
1074109
C*ast of Minn See S t P M db Ai
-Fjaet Ten Va 3b Ga See So Ry
-N / H I
1 0 6 4 May’ 08
Elgin Jol 3b East 1st g 5s. 1941
1 0 6 * a l0 0 4
Elm Cort & N o See 1-oh & N 5
99 4 May’08
99 105
Erie la te x tg o ld 4 s ..............1947 M-N 100*8......
1 0 1 4 1044
2d ext gold 5s..................... 191; M-S 100 ........ 104 4 A p r’ ob
93% 104
3d ext gold 4 4 a ................. 1923 M-s 1 0 3 4 ........ 104 D ec’Ob
104 100 4
4th ext gold 6a................... 1920 A-O 100 ......... Ida 4 Nov’ 08
93 ......... 9b Get ’ US
98
98
6th ext gold 4 s ................... 1923 J-D
117 127
1st consol gold 7 s..............1920 M-S 1 2 4 4 Hale 124 4 124%
121 Oct ’Oe
120 121
lat consol g land 7 s ........1920 M-S ..........124
85
88 4
85 Sale
80
904
Erie 1st con g 4s prior..1990 J-J
79 J a n ’Os
79
79
Registered.......................1990 J-J ........... 88
70 4
72
7 1 ’ e H a le
1st consol gen Ren g 4s. .1990 J-J
55
704
85 4 F eb ’07
Registered.......................1990 J-J
85 4
07% 87%
Penn coR tr g 4 s..............1961 F-A ......... 85 4 85 4
714
73
7 1 4 Sale
50-year conv 4a A ..........1958 A-O
43
804
04
00
40
70
do
Series B . . . 1953 A -0 * . . . . . . 64
115 118
, Bull N Y * Erie 1st 7 s .. 1910 J-D 1 1 0 4 ......... 11a Aug’Oh
115% 115%
108% 115%
Ohledb Erie 1st gold o s .. 1982 M-N 115 117
121 121
Clev 3b Mahon Val g 5s. 1938 J-J 107 4 ......... 121 D e c ’Ob
D ec’Ob
98 4 100
Jeff R R 1st gu g 5s___ al909 A -0
Dec ’08
121 128
Long Dock consol g Os..1936 A-O 1 2 0 128
Sep
’00
Coal Jb R R 1st cur gu Os. 1922 M-N
110
D ec’ 08 . . . 100 100
D o c k * im p 1st c u rd s..1913 J-J
F eb’OS .. 100 100
N Y 3b Green E gu g 5s. 1940 M N 106 110

D

.....

lU lS O E h lu tS K O U M
t«n» and Electric Light
Atlanta U L Co la t g o s ...1947
Bklyn U Gas la t con g 5a. 1946
Conv doben Oa.................. 1909
Buflalo Gas 1st g 5 s........... 1947
C’oaaoiG ascouvdeb Oa___ 1909
Detroit City Gas g 6a..........1923
Det Gas Co con la t g 6 s ...191 8
Ed K LU SeeH Y G db E L H db p
G L A Y la t con g a s . .1932
Gaadb E lec B ergC oc g 5 a .l9 4 9
Gen Electric deb g 3 4 s . .1942
10-yr g deb 5a.................... 191
Gr Rap G L Co la t g 6 a ...1 9 1
Hudson Co Gas la t g o s ..1949
Kau City (Mo) Gaa 1st g 5s 1922
Kings Co El Ldb P g 5 a ... 1937
Purchase money O a ...... i997
Ed El II Bkn lstcon g 4a 1939

J-D
M-N
M-S
A-O
J-J
J-J
F-A
M-S
J-D
F-A
J-D
F-A
M-N
A-O
A-O
A-O
J-J

104% J a n ’ 09
92% 107
146% D ec’08
119 150
54
03
03 D eo’08
165 D ec’08 . . . . 103 lgi) 1.
934103
1 0 0 % ...... 1 0 0 % 10 0 4
95% Sep ’ Ob
05% 95%

84
85
......... 140

96 Mar’ O,'
96
96
0 1 % u c t ’01
84
84
) '79
84
138% 139% 26 1 0 6 4 141
107% D ec’ UO
102 J ’l y ’ob
i b l 4 i ’0’2 ' '
99 Deo’ OO

..........104
100
88

100
Sep ’08

1 103
83

RO N DSN . Y. STOCK E X C H A N G E
W eek E nding J a n 15
Erie— (Con)

[VOL. LXXXTIII.
Frtce
Friday
Jan 15

j -j
F-A
F-A
M-N
M-N
Mid HR or N J I s t g 0 s .l9 1 i A-0
J-l
WUki& Ea l s t g u g o s .l
•Svdb Ind 1st con g u g O s .,1
6 J-J
Erie Ob Pitta See Penn Co
J-J
A -0
, A-C
, A -0

7
'
,
j
{

iiee/t'i
Hange or
Last Sale

hange
Year
:u t 3

A*- Low
H ii/■ -W
109
104 D ec’ os
104 107
100% D ec’Ot
91 Sale
91
92
'i 85*
95 4
1 1 3 % ........ 1 1 4 4 D e c’Ot
LIU 114 4

Hia
107

102 4 J a n ’01
101
101
109 “5 J a n ’ 01

101
.01)
108

103
102
113%

Ill
........ 112 J a n ’Oh
101 ......... 1 0 2 4 J ’l y ’0b
100 ........ 114 A p r’06
9 6 % ......... 95 J ’no’ Uo

112
90
___
95

112
103

1 0 1 4 .......
1 0 1 4 ........
110 ........

96

L Rnti&PereM
a

i 'a i
VT;vl

,

J-J
J-D
J-J

, A -0

105 Mar’9h
1 1 6 4 Sale 115 4
11 6 4
50
85 ......... 85
.........

994

96

lv 104
J 74

Sep ’08

96

115%
88
96

Ga Car dfc Nor See Sea A L
Georgia Pacitic See So Ry

j j
Q-J
Greenbrier Ry See Oh us db O
J-J
G u R d b S lls tr e fd b tg o s 619"
an db St J o See C B dfc Q
ousatonio See H Y N H ■&
Hock Vai la t consol g 4 *33. 19m.1 J-J
ltegiatered..........................199; . J-J
A-O
. F-A

H

97% Hale
.....................

97%
97%
96

08 625
07%
~
Oct ’0.- . . . .

1 0 4 4 1 0 5 % 104% 106
1 0 0 4 Sop ’U8
98 ......... 96 D ec’Oh
9 8 % ......... 97 J un ’09

8

92% 100%
92 4 98
95

96

!

9 8 4 107%
100 4 100 4
90
90
96 100

J-J 102 ......... 101 D eo’Oh
101 103%
J-J 1 0 1 % ......... 107% Apr ’oi
99% Sale
09%
99% o il 9 9 4 li)(>%
M-N
9 1 % .......... 93% D eo’0 e
J-J
91% 98%
9 0 % .......... 91% Aug 08
J-J
9 1 4 91%
9 3 % ......... 94%
94%
A -0
4
70 Oct ’04
M-S
101
D
eo’08
A -0
98 Muy’07
A-O
99 4 D oc’Ob
M-N
99 101
os *4 ioa
07 Muy’oi
M-N
J-D
99 ......... 102% Jan ’ u7
00% Nov’Ofe
J-J
89% 91
85
*90%
F-A 101 .......... 123 Muy’99
78 4 A p r’00
F-A
78% 79% 79% D eo’ 08 ___ 70% 70%
J -J
J-J
77 % ..........
89 ......... 9 0 4 D cc’08 . .. . 70 4 90%
J-J
j -J
8 7 4 ......... 101 *a Oct ’ 99
J-J
8 8 % .......... 100 Nov’OO
F-A
1 i.06% ioo%
98% 100% 100% 1 0 0 %
J-D 110 ......... 122 D ec’ UO
97 Sep ’Oe
M-S
07 ibo
J-D 118 ......... U 7 O c t ’ Ob
112 4 117
119% Mar’04
J-D
Registered............. ........
88% F eb’07
Gold 3 4 s .......................... 1951 J-D
100 M ar’Ob
100 io o
Meinpli D iv 1st g 4 a ..,1 9 5 1 J-D
98
98
St L. Sou 1st gu g 4a___ 1931 M-S ..................... 08 J ’l y ’Ob
. nd B1 db W est See O C C db St L
97
5 95
96
97 4 ......... 90
Ind XU db la lat g 4a......... 1960 J-J
V
j
n
o
n
o
M-N
101
n
o
107 4 1 1 0
Intdb Great N or la t g Os..1919
70
90%
87 .......... 85 Nov’ 08
2d gold 5s............................ 1909 M-S
00 Oct ’Oi
30
40
3d gold 4 s ............................ 1921 M-S
100% 112*9
Iowa Central 1st gold o s ..1938 J-U 1 0 8 4 ......... 109% 109 4
80%
81% 4 . 70
82%
81 bale
Gold 4 s..................................1951 M-S
JettersonRR see Erie
al A db G R See L S db M S
an da Mich See Tol & O C
K C Ft S db M See St Ldb 8 F
K C db AI R db B See St L db S F
Kan C db Paoiiio See M K db T
73
73% 92 69
74
73% Sale
Kan City Sou 1st gold 3 s .. 1960 A-O
03 Oct ’ 00
Registered.......................... 195u A-O
.....................
Kentucky Cent See E db N
Keok db Des Mo see C R IdbP
KnoxviUe db Ohio See So Ry
1064114%
ake E r i e * W 1 s t g 5 s .. 1937 J-J 113 113% 112% J an ’ 09
2 100 106
2d gold os.........................1941 J-J 107 4 HO
107% 1 0 7 4
114
tc 105 110 1
North Ohio 1st gu g 6s .. 1945 A-O ......... 114*6 114
L Sho db Mich S See N Y Cent
102% 109%
Eeli Val N Y 1st gu g 4 4 s . 1940 J-J 107 108 1 0 6 4 J a n ’09
108 Uet ’08
108 103
Registered...........................1040 J-J
8 7 4 96
Lehigh Vai (Pa) eons g I s . 2005 M-N
97 % ......... 07% Jan ’(h
1 108 117%
Len V Ter Ry 1st gu g 6s. 1911 A-O 1 1 6 % ......... L10% n 0 %
L09*2 Oct ’*>1)
Registered...........................1941
107 4 J’l y 'Oe
ibo io7%
LeU V Coal Co 1st gu g 6a. 1933 J-J * ......... I l l
96 4 97
9 3 % ......... 97 May’Ob . . . .
Leh db N Y lat guar g 4 s .. 1945 M-S
Registered...........................1945 M-S
El C db N 1st pIOs ........ 1914 A-O 1 0 0 % ......... ii.3% J a n ’OO ___ ......... . . .
Gold guar os................... 1914 A -0
9 8 % ......... 106% Jan ’00
......... •••••*
Leh A) Hud R See Cent ot N J
Leh db Wilkesb See Cent of N J
Leroy db Caney Val See Mo P
Long Dock See Erie
105 113%
110 Jan ’09
Long Isl’d— 1st con g 5a.A1931 Q-J 109 111
1)7*4
1st consol gold 4 s..........A1931
3 83% 97%
90%
96%
Ueneral gold 4 s..................1938 J-D
Ferry gold 4 4 s ................. 1922 M-S 1 0 0 4 ......... L02 D ec’08 . . . . 101 102 |
99% Oct ’00
Gold i s ..................................1932 J -JL)
94 4 D eo’08
81
» !%
Uuilied gold 4 s ................. 1949 M-S
LU4 4 DeO’08
104% 104%
Debenture gold 5s............ 1934 J -1)
98 D eo’08 . . . . 90
98%
Guar ref gold 4 s . . . ...........1949 M-S
Bklyn & Mont 1st g Os..1911 M-S
1st 5 s ..................................1911 oh- S 100 ......... 101% D eo’ Oe . . . . 100% 101%
l 10% Nov’OO
N Y Bdb M B ls t c o n g 5 s 1935 /V-O
N Y db R B 1st g 6s ........1927 M-S
yyog......... 105 A p r’07
N orSh B lstco n g g u o so l9 3 2 Q-J 1 0 2 4 ......... 109 Nov’ OO
98 A p r’ 08 . . .
98
98
Louisiana db Ark 1st g 5a. 1927 M-S

K

L

,

1114
90

G a s and E lectric Light
Lac Gas L o f Bt L 1st g 5a.sl919
Ref and ext 1st g 5s........1934
Milwaukee Gas L 1st 4 s ..1927
N Y G E L H d b P g 5s. ..1 9 4 8
Purchase money g 4 a ...1 9 4 9
Ed El IU la t conv g 6 a ..1910
lat consol gold 5 s ......... 1995
NYdbQKl LdbP lat con g 5sl93U
N Y db Rich Gas lat g o s .1921
Pat db Pas G <&E con g 5 s .1949
Peo Gas db C 1st con g 6s. 1943
Refunding gold os........... 1947
U H G -L db C k elatgugos 1937
Con G Co of Ch 1st gu g a s .’36
Alu Fuel Gas 1st gu g os. 1947
Syracuse Lighting 1st g 6 s .’51
Trenton G db El 1st g a s ..1949
W estchester Light’ g g 5s.l9 50

L i* N ° p r ic e F rid ay; la te s t bid and asked th is w eek .® D u e J a n 5 D u e F e b liD u e A p r « D a o M » y A D a e J ’iy




2

BONDjjr—Continued on Next P age.

105 106
..........125

100% .

Page

99 103
Q-F 103 103% 102% Jan '09
6 100%1011
A -0 100*4 ......... 1U04 100%
M-N
89 4 95;
9 1 4 94% 95 Oct ’08
J-D 101 sale 101
101
26 88 104
88 \
10 76
84
84
F-A
84 Sale
984130
M-S 100 100% 100 J a n ’09
1 0 7 4 112%
J-J 111
112 D ec’08
89
95
F-A
95 D eo’08
92
99 100%
M-N
100 D eo’08
M. S
104% Nov’OO
107 % 120 %
A -0 1 1 8 % ......... 119 Jan ’09
3 94 1 04%
M-S 102 % ....... 102% 102%
1 98
J-J 103 ......... 103
103
1)5 103
J-D 101% 104
103 Jan ’ 09
92 101 1
M-N 101 ......... 101 N ov’OS . . . .
J-D
07 .........
M-S
110
J-D
103 J’ l y ’ 08 . . . . 101% 104 |
k D u o A a g o D a e U o t g D u o D eo J 0 p b i,s& & 4 *

_

T_

‘1

147

New York Bond EeCOrd ^Continued— Page 3

JAN. 16 1909 j
h o is i »
i N . Y . STOCK E X C H A N G E

Week's
R ange or
Last Sale

tr ic e
trid .au
J a n 15

W k k k e n d in g j a n 15

H anye
Year

iy o S

Low H iyh
Higtx
ASh. Lov>
llux
12 4 12 0
1 1 ? 4 D e o ’08
117
L o u ls v & N ash v gen g 68.1930
1 0 4 lld tj,
115
.......... i 1 0 4 J ’ n e '0 8
G old 58..................................1837
95 103
1
0
0
4
191
10
0
4
Salo
U nllieit gold 4 s ................. 1940
9
9
...........
f
0
1
4
J
’ly
'96
R e g is te r e d ....................... 1940
1 0 5 "io s "
10 1
......... i 0 5 J ’ n o ’ 0 8
S in k fund gold 6 8 ..............1910
10 2
1094
1 0 9 4 D e c ’08
108
111
C oll tru s t gold 5 s ..............1931
88
98
9
7
4
D
e
c
’
0
8
96 ® s 9 7
6-20-yr co l tr deed g 4 8 . 1 9 1 3
1 1 0 4 ........... H I
111
o
K H * N a sh 1st g 6 s . . . . 1919
104
M ar 08
1034104
1
0
7
4
...........
Jj Cin & L e x gold 4 4 s . . .1931
L154 122
O ct ’08
123
........... 1 2 2
N O <S> M 1st gold 6 s . . ..1 9 3 0
1 2 2 4 M a r’ 06
115 4 1 2 0
; N O A M 2d gold 6 s ...1 9 3 0
1 0 7 4 A u g ’ OO
P en sa cola D lv gold o s . ..1 9 2 0
M » y ’0 7
1 1 0 4 ........... 1 1 7
S t 1. D lv 1st gold 6 s ........1921
0 2 4 A u g ’ O7
63
75
2 d gold 3 s .........................1980
86
95 4
95
9a 4
944 951
A t l K n o x & Cm d iv 4 s . .1965
J ’l y ’06
........... 1 1 6
107
A t l K n ox & N or 1st g 581940
110
J a n ’09
H en d er B d ge 1 st s l g 6 s . 1931
88
974
064
964
96® g 9 7
' K e n tu c k y Cen t gold 4 s .. 198^
9 7 4 103
1 0 2 4 ........ 1 0 3 D e o ’ 0 8
L * N * M * M 1st g 4 4 s 194
D e c ’08
79 4 8 8 4
.......... 87 4 8 7
L & N -S ou th M join t 48.1962
D e c ’08
1 1 0 4 113
1 1 1 4 ........... 1 1 3
N F la * S 1st g u g 5 s . . .1937
9 5 4 .........
' N & C B d ge gen gu g 4 4a 1945
1 1 3 " i V :i"
i o i T J a n ’09
1
0
8
4
.........
P en s * A t l 1st gu g b s ..l9 2 1
112 112 4
112 D ec'08
I ll
...
8 * N A la c o n g u g 5 s .. 1936
9 1 4 J a n ’08
914 914
9 1 4 ..
L & J ell B dge C o g u g 4 s ..1945
L N A & Oh See 0 1 & L
„
ahon Coal Nee L 8 & M S
13 92
994
9 8 4 99
984
99
auhnttan Ky c o n s o l4 s . 1990 A - 0
104
A p r ’05
95
....
.R egistered.................. 1990 A - 0
9 9 4 J a n ’09
9
6
4
1
0
04
99
994
A
-O
Stm ixl ta x e x e m p t .. 1990
M c K ’ p t * B V See N V Cent
84
88
86
86
7 4 4 394
J-J
H e x C en t co n s o l gold 4 s ..1911
26
25
2 3 4 25
1 4 4 244
1st con sol in com e g 3s.<*193J J’ly
18
D e c ’ 08
10
184
2d c o u s o lin c o m e g 3 s . .<*1939 J’ly
9 0 4 J ’i y ’o i
M
-S
M ex in te rm it 1st con g 4s. 1977
80
80
80
F e b ’08
M
-S
Stam ped g u a ra n teed — 19 < '
105
M a y ’ OO
M ex N orth 1 st gold 6 s ----- 1910 J -D
M ich C ou t See N Y C ent
M id ot N J See l in e
M U liS & W
See O hio & N W
MU * N orth See CU M * » t *
127 4 O c t ’ 08
,2 5 4 1 2 8
M inn & St L 1 st gold 7 s ..1927 J -D 1 2 5 4 .
101 D e c ’ 08
101 103
Io w a E x 1st gold 7 s . . . ..1 9 0 9 J -D
118 J a n ’ O’
1054 .
A
0
P a cillo K x 1st g old
J f1
113 4 M ar’ 05
; South W est E x l s t g 7 s . 1910 J
1 0 » 4 ....... 109 4 Jan ’ 09
100 110 4
1 st con sol gold O s . . . . . . -.13 34 M-N
8 4 4 Sale
78
86
84 4
1 st and refu n d gold 4 s ..19411 M-S
97 A p r ’ 00
lie s M * F t D 1st g u 4 a ... 8 6 J.
M in n * St L g u S e e ll C R * N
99
1 0 0 4 D e c ’ 08
96 7s 1 0 0 4
M S t P * S S M c o n g 4 in t g u 38 -J
102 J ’n e'o7
M S S M * A 1st g 4 in t g u 1920 -J
M inn U n See S t P M & M
99
100
94 101
9 9 4 S a le
M o K an * 'l e x 1st g 4 s . ..1 9 9 0 J -D
7 7 4 90
3 7 4 Sale
874
33*4
2d gold 4 s ................................. 99 F -A
95 1 0 6 4
i l s t e x t g o l d 5 s ................... 1944 M-N 1 0 4 4 1 0 6 4 lu 6 Jan ’09
7 4 4 87
844
35
8 4 4 s a le
1 1st & return! 4 s ................. 2004 M -S
93
93 4
71
96
93
s a le
J
G en s t 4 4 s ............. . ...1 9 3 6
86 D e c ’ 08
85 4
80 4 8 6
O
1 S t L D iv 1st ret g 4 s ___ 2001
102 4 105
i Dal & W a 1st g u g 6 S ...1 9 4 0 M-N 1 0 4 4 " * " ' 103 O ct ’08
8 6 4 95
95 D c c ’ Ob
, K an O * Pao 1st g 4 S ...1 9 9 0 F -A . . . . . . 9 4
10*4112
, M o K * K 1st g u g 6 s . . . 1942 A -O 1 0 9 4 ......... 112 D e o ’ 08
1084
10 2
1094
f M K & O k 1st g u 5 s ........1942 M-N 1 0 8 4 S a le 108
97 4 1 0 8
.106
..
109
1054
. M K * T o f T 1st g u g S s . 1912 M10 0 4 1004
1 Slier S h & So 1st g u g 58.1943 J -D 1 0 5 4 " . . . 1 0 0 4 J ’ n e ’08
102 4 108 4
103
T e x * O kla l s t g u g o s . ..1 9 4 3 M -S 1 0 7 . . . . 108
1044H 5
H6
M o P a c illc l s t c o u g 6 s ...1 9 2 0 M-N 115 Safe 1 1 4 4
1
0
0
4
Ja
n
’09
88
102 4
........
1
0
1
M
-S
, T r u s t gold 5s s ta m p e d .a l9 1 7
104 4 F e b ’ 07
R e g is t e r e d ................... «19 1 7 M -S
87 7» 1 0 3 4
101
l- 1st coll gold 5 s ................... 1920 F -A 191 i o 2 4 101
794
304
68
804
89
b a le
40-year gold loan 4 s ........1945 M-S
96
96
95 M ar’ 08
9 2 4 .........
3d 7 b e x td at 4 % ................1938 M-N
85
83
89 J a n ’ 09
90
96
-A
C en t B r R y 1st g u g 4 s . 1919
89
4
Sep
’
08
8
3
4
394
Cen B ran ch U P l s t g 4 s . l 9 4 b •D ........... 9 0
110 M ar’05
............. 101 *
L e r o y * C V A N l s t g 5a 1926 J - J
9 9 4 F e b ’ 08
9 9 4 99 4
9 8 4 .........
; P a c R of M o 1st e x g 48.1938 F -A
111 111
J 1 0 9 4 ......... 111 D e o ’ 08
2 d e x ten d ed gold 5 s. ..1 9 3 8
103 1 1 4 4
1114 1114
112
[ S t L Ir M & S g e n c o n g 6 sl9 3 1 A - 0 I l l
110
O
c
t
’
Ob
100 110 4
A
-O
G en con stam p gtd g 5a 1931
86
39
89 4
86
S a le
!
U n ified * ref gold 4 s . . 1929 J - J
894
884
39 4
8 9 4 S a le
R lv & G I)IV 1st g 4 s . .1933 M-N
1
0
7
4
A
p
r
’06
M-S
V erd i V I * W 1st g S s.1926
98 D e c ’ 06
M obJ * K C i s t con s g 5 s . 1953 •J
113 124
1124 1124
-D 1 2 1 4
■M ob * O hio new gold 6 s ..1927
117
117
105 4 106 4
-J
1
1
5
4
1
1
6
1st ex ten sion gold 6S..A 1927
88 D e o ’ 08
82 4 8 8
85 4 8 6 4
G en eral gold 4 s . . .............1938 a: 8
112 4 D c c ’ Ob
1024112 4
M on tgom D iv 1st g 6 s ..1947 F-A 1 0 9 4 . .
75
76
75 M ay’ 08
' S t L * C airo coU g 4 s ..« 1 9 3 0
101 N o v ’ 04
t
G u aranteed g 4 s ........... 1931
M & O coU 4s See Southern
M oh aw k * M ai 5 t e b N Y C * l i
M onougaliela R lv See B <£> O
M on t C en t £ e « S t P M * M
.M organ ’ s La * T See S P Co
M orris * E ssex Sec D el L * W
1 1 0 4 116
j
‘ KT ash C hat * St L i s t 78.1913
H 24
112 41 1 34 1124
112 D e c ’ 08
105 4 112 4
1st con sol gold 5 s .......... 192a A - 0 1 1 2 4 . .
116 4 M ay’ 07
J a s p er Branoli 1st g 6 s ..1923 -J
117 4 M ar'06
-J
MoM. M W & A1 1st 6 s ..1917
113 J ’ l y ’ 04
-J
T & P B ran ch 1st 6 s . . ..1 9 1 7
N ash F lor * Shot See L * N
! 0 0 4 N o v ’ 08
99 1004
N a t o f M ex p rior Hon 4 4 s . 1926 .J 100 *,
77
83 4
80 4
1st con sol 4 s...................... 1951 A -O
8 0 4 80
N e w H & D See N Y N l i * U
iN J J u n e R R See N Y C en t
H o w * Oiu B d g e See L o u & N
N Y B k ln * M an B ell See L I
93
934
8 7 4 96
9 3 4 3al<
: N V C e n t * 11 R l v g 3 4 8 .1 9 9 7
934
92 4 93
8 8 4 91
92 4
R e g is te r e d .......................1997
94
03®,
91
954
93
sale
• D eb eii g 4 s ........................1934
84
75
86
8 4 4 Sale
844
Lake Sh ore c o U g 3 4 s . ..1 9 9 8
83
73
85
83
81
83
i R e g is te r e d ........................1998
85
4
D
e
o
’08
7
4
4
864
...........
8
5
4
M ich C en t coU g 3 4 s . . . . 1998
82 4 N o v ’08
76
82 4
R e g is te r e d ....................... 1998
99 O ct ’ 08
99
99
994 .
B eech C reek 1st g u g 4 s . 1936
102 M ar’04
R e g is te r e d .......................1936
. 2d g u gold 6 s .................. 1936
1024.
B e e c h C r E x t l s t g 3 4 s 61951
Cart & A d 1st g u g 4 s . ..1981*

M

fa

BOMS
N . Y. STOCK E X C H A N G E
W bkk E nding J a n 15
N Y C e n t * H R—( C on tinued
G o u v * O sw e l s t g u g 5 s 1942 J-D
Moh * M ai 1st gu g 4 s ..1991 M-S
N J J u n e ft gu 1st 4 s ...19.80 F-A
N y * H arlem g 3 4 s . . .2 0 0 0 M-N
N Y * N o rth 1st g 5 s ...1 9 2 7 A-O
N Y * Pu I s t c o n gu g 4 s 1993 A-O
N o r * M o n t 1st gu g 5 s . 1916 A-O
Puie C ro ck re g guar 68.1932 J-D
R W & O co n l8 t e x t 5 s .A 1 9 2 2 A -0
O sw e * R 2d gu g 5 s ...« 1 9 1 5 F-A
R W * O T R 1st g u g 5s. 1918 M-N
ftutland 1st co n g 4 4 s . .1941 J -J
O g * L C h a m l s t g u 4 s g l9 4 8 J-J
R u t-C anad 1st g u g 4 s . 1949 J-J
J
St L a w * A d ir 1st g 5 s. 1996
2d gold 6 s .........................1996 A-O
U t i c a * B lk R lv g u g 4 s . 1922 J-J
L a ke S h ore g o ld 3 4 s ___ 1997 J-D
R e g is te r e d ................... 1997 J-D
D e b e n tu re g 4 s ..............1928 M-S
25-year g 4 s ................... 1931 M-N
J
K a A * G R 1 s t g u c 5 s . 1938
J
M ahon C’ l R R 1st 5 s . .1934
P itts * L E rie 2 d g 5 s .«1 9 2 8 A-O
P i t t s M c K * Y l s t g u 6 s . 1932 J-J
1
2d g u a r d s .........................1934
4
M c K e e s * B V l s t g 6 s 1918
M ich C en t 1st c o n s o l 6 s . 1909 M-S
5 s ........................................ 1931 M-S
-M
R e g is te r e d ...................1931
-J
4 s ........................................ 1940
R e g is te r e d ...................1940 J-J
J L * S 1st g 3 4 s ........... 1951 M-S
1st g 3 4 s ........................... 1952 M-N
B at C & S tu r 1st g u g 3 s . 1989 J-D
N Y C h i c * St L 1st g 4 s 1937 A-O
K e glste re d ...................... 1937 A-O
D e b e n tu re s 4 s ............... 1931 M-N
W e s t S hore 1st 4s g u ...2 3 6 1 J-J
R e g is te re d ...................... 2361 J-J
N Y * G reen w L a ke See E n e
N Y * l ia r See N Y C * H ud
N Y iste k & W See D L & W
N Y L K & W See E rie
N Y * L o n g B r See C e n t o f N J
N V N H * H —C on v 6 s ..1 9 4 8 J-J
C o n v d e b e n 3 4 s .............. 1956 J-J
lio u s a t o m c R co n g 5 s ..1937 M-N
N H * D e rb y con c y 5S.1918 M-N
N Y * N o rth See N Y O * H
N Y O & W r e f l s t g 4 s ..tfl9 9 2 M-S
R e g is 95,0 0 0 o n ly ..........g l 992 M-S
N Y * P u t See N Y C * H
N Y * R B See L o n g Island
N Y S * W s e e E rie
N Y T e x & M See So P a c Co
N or & Sontli 1st g 6 s ......... 1941 M-N
N o rf & W e s t g e n g 6 s ........1931 M-N
I m p r o v e m ’ t * e x t g 6 s .. 1934 F-A
N e w R iv e r l s t g 6 s ........1932 A -0
N * W R y 1st c o n g 4 8.1996 A-O
R e g is te r e d .......................1996 A-O
D lv ’ l 1st 1 * gen g 4 s . .. 1944 J-J
10-25 y ear c o n v 4 s . . . . 1932 J-D
P o c a h C * C jo in t 4 s ..1941 J-D
C C & T 1st g u g 5 s ..........1922 JM-N
S olo V * N K 1 st gu g 4
N orth Illin o is See CU1 * N W
N o rth O hio See L E rie * W
N or Pac— P r io r lie n g 4 s .,1 9 9 7 q J
R e g is te r e d ....................... 1997
G eneral lien g o ld 3 s ....a 2 0 4 7
R e g is t e r e d ................... a2047
S t Patil-D ui D iv g 4 s ___ 1996 t o
D u l S h o rt L 1st g u 5 s . . 1916 M-S
C B & Q co ll tr 4s See G t N or
S t P & N P gen g 6 s . . . .19 2 3 F-A
R e g is te r e d c e r u flc ’ s .. l 9 2 3 O-F
St P aul * D u l 1st 5 s___ 1931 F-A
2d 5 s ..................................1917 A-O
1st c o n s o l gold 4 s ......... 1968 J-D
W a sh C en t 1st g 4 s ..........1948
N o r P a c T e r C o 1st g 6 s ..1933 W
N o r R y Cal See S o Pac
N or W is See C S t P M * O
N or * M o n t See N Y C ent
ln d * W See C C C & St L
liio R iv R R See Balt & O
O re * Cal See S o P a c Co
O re S h ort L in e See Un P a c
O sw e g o & R om e See N Y O
O C F & St P See O * N W
ac Coast C o 1st g 5 s . ...1 9 4 6
a c o t M isso u ri See M o P ac
Penn R R 1st real e s t g 4 s . 1923
C on sol g o ld 5 s ................... 1919
C ou sol g o ld 4 s ................... 1943
C on sol gold 4 s ................. 1948
C o n v e rtib le g 3 4 s . .......... 1912
C o n v e rtib le g 3 4 s ............1915
A llo g Val gon g u g 4 s . ..1 9 4 2
D R R R * B g e l s t g u 4 s g . ’36
P h i i a B a l * W 1st g 4 s .. 1943
Sod B a y * So 1st g 5 s . . .1924
U N J R R * Can gen 43.1944
Penn C o—G uar l s t g 4 4 s . 1921
R e g is te r e d ...................... 1921
G uar 3 4 s coU tru st r e g . 1937
G u a r 3 4 s c o U t r ser B ...1 9 4 1
T r Co c e r tit’ s g u g 3 4 8 .1 9 1 6
G u 3 4 s tr c t fs C ................1942
G u 3 4 s tr c tfs D ................1944
G uar 15-26 y e a r g 4 s ___ 1931
Cl & M ar 1st g u g 4 4 s . .1935
Cl * P g en g u g 4 4 s ser A . ’42
S eries B ............................ 1942
S e rie s C 3 4 a ................... 194b

tr ic e
tr id a v
J a n 15

Week's
Range or
Last Sale

98
105
964
107 4
100

10934

-Hi yd

Low ji lyn

9 6 4 *‘ 6 4
10741074
100 lv d

124 ......... 107 N ov’u
1 1 0 4 ......... U 0 ® 8 1 1 0 ® 8
102*4 ........ 105 Jan ’0 ;
03
93
90

Sep ’ os
D e c ’ Oe

1 1 3 4 ......... 109
10 0
102 . ..
124 130 4 130
124 . ..
110 . ..
104
9 9 4 ...

O ct ’ 07
M ayO S
J a n ’ 03

914

Y ear
jy o 8

M ar’ 08
O ct ’ 02
O ct 'Os
A u g ’08
Sep ’08

Low
9834 .
9 4 :4 .

H anae

A u g 'u s

N o v ’ Os
112
125 F e b ’ 08
......... 135
1013s 102
1 0 3 4 D e c ’08
9 4 7g
9 4 7g
94®s . . . .
93 . . . .
93 4 D e c ’ 0
95 4 95*4 95 4
95*4
95 34 Sale
95 4
96

10b 7g 1 1 2
105 105
103 103
82
93
85
90
12 113
125 125
99*4 1 0 3 4
89*4 96
90
93 4
8 8 4 973,
88®g 96

1 0 9 4 .........

1 1 2 4 ...

99
91

92

D e e ’ 06

1 1 4 * 4 O c t '0 8

119

J ’ ue’ 06
100*»4 Jan ’ 0?
1 0 6 4 N o v ’ 00
90 J ’n e ’Oe
92 J a n ’ 09

101 4 1 0 2 * 4 1 0 1 4

1014
S e p ’ Ob

9 3 4 .......... 93
103
103 . .
10 1
..
1014

93
103 4
102 4

100

144 1114

90
92 4
96*4 102
100 100
92
93
98 105
964103

135*4 Sale
99 4 Sale
11 7 *4 ........
106 *4........

135
1354
100*4
994
1 1 8 4 D e c ’Oc

1 1 5 4 1S7 4
'
100 4
112 1 1 8 4

9 8 4 Sale

984
98®b
1 0 1 4 J ’ n e’Oo

9 2 4 1004

99 4 J ’ n e’ 08
1 2 7 4 Jan >09
1 2 9 4 D e c ’Ob
126 N o v ’ ob
98
Ub®b
91 Sep ’ Oi
93*4
9 3 7s
Sale
nale
93®»
95
90*4
90*4 90
109 4 F e b ’ 06
___
964
964
98

994 994
120 1 2 8 4
117 4 129 4
26 126
924 694

......... 105
1 2 7 4 ........
126 ........
126 ........
9 8 4 Sale
93*4
9 4 7»
90
103 4
964

96
964
92

87 4

99

Sale
1 0 2 * 4 Sale
74 4 Sale

103
10 2
1024
733*
744
71 A u g O b
9 6 4 Jan 08

1 2 0 5s . . . . .
120
110
____
103 105

1 2 3 4 D e c ’O:
120 G et ’08
117 4 J ’l y ’ u7
1 0 3 4 J ’l y ’os
l o o J ’l y ’o b
92 4 J a n ’ 09
117 A u g ’ ob

116
U6

1234
120

102
100

1034
100

112

117

1 0 9 4 T a n ’ 09

1.014111

103

__

93

........

1024

844
78
77

99 1 0 4 4
9 7 4 103
68
744
6 8 4 71
89
964

O

P

110

1 1 1

105
105
1 0 8 * 4 1 0 9 4 1 1 0 4 D e c ’ 08
......... 1 0 3 7i 106 G et ’08
1 0 1 4 104 4
1 0 4 4 S a le
99
994
99
S a le
944
95 4
9 6 4 S a le
99
J ’ ne'oV
9 9 4 ......... .
9 3 * 4 ......... .

GCt ’ Ob
Jan *03
Sep hi4
J a n ’ 09
J ’l y ’ 07
J ’ n e’ 06
89 4 ......... 97 4 9 1 D e o -08
8 9 4 ......... 9 8 4 O c t ’ 08
87*4 s e p ’ Ob
90 4 M ar’ 06
1 0 0 4 D e c ’ 08
......... 100
9 8 4 ------ 110 J a n ’ 05
1 0 3 4 A u g ’ 03
1 1 0 4 ___
1 1 0 4 ..........
9 8 4 D e o ’05
9 3 4 ..
90 M ay’08 . . .
9 3 4 ..

95 4 .
103«8 .
104 4 .

107 4
102
1104
101
1U3 4
90 4

102
1104
1014
LOO
914
88

105
1104
106
1054
99
964

1 02 4 1 0 6 4
864
924
844
90

944
984
87*4
1004

dUSsCKLL ANEOLISs ItOMOS— Continued on N ext I’ lige
T e l e g r a p h a n d T e le p h o n e
764 984
A m T e lo p * T e l coU tr 4s 1929 J - J
Bl®*
9 1 « g ......... 9 1 4
96 Jan ’09
7 9 4 96
8 4 4 06®,
924
934
92 7, Sale
C o n v e rtib le 4 s ................... 1936 M-S
56
77
77 A u g ’ 08
02«8
9341
9 2 4 94
92*4 Sale
In sta lm e n t c e rtifica te s —
107 4 O ct ’ 04
854 864
85*4 M ar’ 08
Com m C able Co 1st g 4 s ..2397
102®8 A p r ’ Oli
92 4 9 9 4
98 .......... 9V7# N o v 0 8
M ic h . State T elep. 1st 5 s . 1924 n
95 A p r '0 2
84 100
98
984
98*4 Salo
W est U nion c o l tr cu r 5 s . 1938 j - j
74
75 4 " 13 ‘ 8 8 4 " 7 7 "
7 4 4 Sale
81
97
M-N
96
4
9
6
4
Fd
and
real
est
g
4
4
s
.
..1
9
5
0
.........
95
4
107®gD ec’ 04
75
864
84 *F
C on v 4s, S e n e s A ........... 1936 M-N ......... 8 4 4 8 4 4
107 M ay’ 97
10 0
10 0
95 Jan ’09
M-N
M
u
t
U
u
T
e
l
s
fu
n
d
6
s
...1
9
1
1
94
.........
1
0
5
4
D
o
c
’
06
97
t
ln
n
u
ln
c
tu
r
in
g
A
In
d
u
s
tria
l
105 O ct ’00
88
114 78
83
82
A U ls-clia lm e rs 1st 6 s ........1936 J - J
824 ^ le
78 F o b ’ 07
974
97
9 7 4 99 94
97 Sale
A m A g C hem 1st o 5 s ........1928 A-O
1 8 2 4 106
103
103 Sale 103
27
86
96
9
«
96
96
Sale
4
F
Am
C
ot
OH
e
x
t
4
4
s
............1916
100 107 4
1 0 6 4 ........ 107 N o v ’08
21 7 5 4 1 0 0
98
9 7 4 Sale
Am H ide * L 1st s I g 6 s ..1919 M-S
964
99 110
1 0 0 4 H 0 4 109 4 D e o ’ 08
69
12 6 8 4 78
67
A m e r I c e s e c u r dob g 6 s ..l9 '2 5 A-O
6 7 4 Sale
no
no " ' i 102 108
106 ...
91 10*
99 10 0 4 95 N o v ’ 08
LOO 103 4 Ain S p irits M lg l s t g 6 s . .19 1 5 M-S
103 N o v ’ 08
186 9 6 4 1 1 1 4
107
954
95* ” 'i 80 100 4 A m T o b a c co 40-yr g 6 s -----1944 A-O 1 0 6 4 Sale 1 0 6 4
95
96
293
6 0 4 80
F
-A
4
S.......................................
...1
9
5
1
7
7
4
Sale
7
7
4
7
8
4
93 4 F ob ’0
......... 87
♦No p rice Friday; latest bid and asked. a D u e J a n o D ue F eb « D u e Jiur 2 U » « A p r a D u e j Ur * D u e A u g a D a e c c t p D u e N o v « D u e D eo ( O p t i o n !

Coal amt Iron
C ol F & 1 Co g en s I g 6 3 ..1 9 4 3
C o n v ertib le deb g 6 s ___ 1911
C ol F u el Co geu g o ld 0 » .1 9 1 9
G r R iv Coal * O 1st g 6 s l ‘J 19
C lear! B it Coal l s t s 1 4 s ...1 9 4 0
C o l l n d u l s t * c o ll 68 g u .,1 9 3 4
O on tln ’ talC 1st s i g u 6 s g ,1 9 5 2
J ell * C lear C * 1 1st g 5 s .1026
K a n * H C * O 1st s 1 g 58.1951
P lea s Val Coal 1st g s 1 58 .192 8
S u n day O reea Co g 5 s -----1944
T e n n C oal gen 6 s ............1951
T en n D iv 1st g 6 s ....... <*1917
B lrm D iv ls t c o n s o l 6 s ..1917
Call C M Co 1st g u g 68.1922
De Bar C * I Co g u g 68.1910
V a lr o n C o a l * C o l s t g 6 s .1949
V ic t o r F u el 1st s t 5 s ......... 1953




F-A
F -A
M-N
A-O
J-J
F-A
F-A
J-D
J-J
J-J
J-J
J-J
A -0
J-J
J-D
F-A
M-S
J -J

97

874

Hew York Bona

14S
<

H rice
lYU tav
Jan 15

W e ek E nding J a n 15
Perm C o—(C o n tin u e d )

P oo ife East

P h il B & W

s e e P en n H it

Pitta (Jin Jfc a t L
Pitta C leve & T ot

See B ifc o

40 J
40 J 41 J12 J 12 J 12 A-(
27 M-i
40 A-<
42 A-< i
42 M-rJ
15 M-r
19 F
53 J-C
i2 A-C
sh
Li
71 Q- F
21 M-N
J -c
70 A-C
19 M-N
59 A-O
51 F-A
1 J-D
17 J -J
;o

Jo
u
Pitta Sli i& D E 1st g 5s.
0 A-O
1 s t con aoi g old 6 a.........
3 J -J
P itts & Wear. See li & O
D fa d in g Co gen g 4a.......19977 J -J
*-V (reg istered ..................... 1 9 9 7 7 J -J
J e r s e y C en t coll g 4 a . „ 1 9 ( 1 A 0
K enuseiaer Jfc Sar See U & h
Etch & Dan See South B y
Blcli •(> M eek See Southern
Bio G r W eat See Den dfc U1 0 C r
K och & Pitta See B U & P
Koine W at <Sfc Og See X Y Cei t
K utland s e e is Y C ent
C a g 'I’ ua & 11 See P ere M an.
O t J o Jfc D r Isl 1st g 4 a .. . 1 9 471 J-J
St li dfc C airo See M ob & Dili 0
St D Jfc Irou M ount See M P
St D K U <fc X See W abash
St D M Br See T H it A o t St L
St L ou is dfe S a n F ra n cisco—
1 J -J
i J -J
6 J -J
7 A-O
1 J -J
^ J -D
9 J-D
3 M-N
6 A-O
9 A-O
3 A-O
St lam ia S o See Illin o is C ent
J M-N
1 J -J
2 J-D
7 J -D
c
St P a u l & D ul K eeH or.
9 t P a u l M <£> M an 2d da.
V A-O
i J -J
> J-J
i J -J
■ J -J
D akota e x t gold 6 s ....
1 M-N
M ont e x t 1st gold 4a..
7 J-D
K egiatered...................... 1 9 3 ' J-D
£ Alin n is or D iv 1st g
A-O
M in n U nion 1st g 6 s..
J J -J
. J -J
J -J
J -J
J-D
St P Jfc X* or Pao s e e INo r Pao

Week's
lla n y e or
L a st Sale

Bia
As
91 * 4 ........
9 1 * 4 .......

hoto

Kecord-"Concluded.— Page 4

3 'C

Hitjl No

Sow

98*4 A p r ’ O 1 . . . .
. 106*4 D e c ’ O
10 8 0 s........ . 127*8 O ct ’ 0 )
1 0 8 °8 ........
. 107 O ct ’0 . . . .
i i ) 9 % .......
10sv8 ........ 109 *8 D e o ’0
‘
108*8....... 109 D e e ’O
108*8....... 112Hi I’ ne’ O
100*4 . . . . . .
99 A u g ’O
96 D e c ’ O . .. .
lU 0 l4 .......
115 ....... 116 Hi X o v ’O! . . . .

109

........

102 *a........
112 ........
104 Hi 107
106 ........

123*8 Jan ’ 0.
100*4 D e c ’ O.
109 A p r ’ O!.
112 D c o ’ Ufc
104*4 uan ’ os
106 X o v ’Ofc

94*4 Sale

115 Hi M ar’ Ot
04*4
96

92*a.........

107

107

106 >-2 109
107 >4 109

109

116

....
....
. .. . 110 112
- - 4. 194 Hi 105
100(2 106

li

96

977,

lOSD* 114

99*4 100 232
95 A u g ’ O!
98 *a D e c ’ 08

93 Hi

Hxo

106*4 100

115 ......... 114 O c t ’08 _ .
..................... 93*8 J ’ l y ’ 97
100 Sale
......... 99*4
96
U6 *-i

102 V,
97
99 \

0

94*4

82

122*4......... 122*a 122H, 11
110 111
111*8 D e o ’ OS . . . .
8 9 * 4 ......... U2*4 D e c ’ 08
190*4......... 100 M ay’ 08
85
85 472
85 *8 Sale
98 X o v ’ OO

94 >2

115

111",

92
100
C4>4 88

1 16 *4......... 113 M ar’ Os • •• 1U
114*2
83 ‘4 sale
83*8
83 Hi 27 6 6 * 4 85
i 5 * 4 .........
93 ......... 95 K o v ’08 . . . .
93 Sale
8 l l4 Sait:
79 Sale

J -J
M-S
S F Cfc X l' 1 st sin k l g 6 a . l u l l j j
a a v F«fe W est See A t l Con
Scioto Val ca X E Sec X o r Jfc \\
A-O
M-N
M-S
Car C en t la t con g 4 a ...1941 J-J
J -J
J-J
J-J
J -J
J -J
J .J
Slier Shr & So See A1 K & T

9 2 Hi
93
4
80
81*4 13b
74
78*8
79
101 ‘t A p r ’07

84*2 9 3 * 2
65
8 2 (,
56
80

102 .........
130*4.........
129 *4.........
109 111
108 .
103 .........
10 0
.........
................
9 2 * 4 .........
no
.........
132 134
................
115 .........
U 6 *s.........

102 Jan ’09
131 J a n ’ 0 9
134 D e o ’ ou
109
111
116*8 A p r ’01
104*4 D e o ’ Ob

89
112

89
89 Hi lo
109 Hi D oc ’ 0 8
.. 1
UO u c t ’ 05

Sale
119

63
64
94 .. ..
.....................
i' 0' 6 "
................
103
106

106
........

10 0
10 0 * 4

6 1

10 0

1

O ct ’ 06
...................
124 M av’05
130 A p r ’ 08 . . . . i
136*4 Muy’OO
113*s O ct ’08 . . . . i
115 Hi D e c ’ 0 6

65
05
8
90 *« O ct ’ 08
J a n ’ 07
85 J ’ ly ’ 08 ...
107 *4 A u g ’ UO

94

101

130

CO
90*

88

oy
.05
.9 3
.0 6

85

M >11*1)5
D e c ’ 08 . . .
D e c '9 8 . .. u
M ar’ 07

105
103

So Car iSc D a See S outhern
Sou th ern P acitlo Co—
J -D
K e g ia tered .................../c l 9 4 ii J -D
F-A
fc’ -A
J-D
T h rou g h S t D 1st g u 4a ’ 64 A-O
Gal l i a r * s A la t g 6 a ..l9 1 u F-A
A lex <fe Pao la t g 5 s. . 1931 M-N
G ila V l l & X l s t g u g O a l i y / l M-N
H oua it >& W T 1st g 5 a .1933 M-N
l a t gu ar 5s r e d ........... 1 9 3 3 M-N
H Jfc T C 1st g 5s int g u .,1 9 3 7 J -J
C ou sol g Us in t g u a r . .. 1912 A-O
G eu gold 4s int g u a r ..1921 A-O
WacoJfc X W d lv ls t g Os ’3u 71-N
A «fe X' W lat urn a 5 s ___ 1941 J -J

01 Salt
......... 89
9 7 7s Sale
3

b u 5 91
93 *4 Salt
1 0 1 Hi.........
111*4 111*4
1 04 *4.........
10 1
.........
l o o Hi.........
139 *4.........
Iu 8 *a.........
93 Hi 91
114
.........
1 0 7 * 4 .........

90*8
91*s
84 J ’ ue’ o7
97 ‘a
98
94 *a O ct ’ 08
99
9 0 ‘a
93 *4
93 *4
01*4 A n g ’08
1 2 * 4 Deo ’08
03*4 D e c’ Ob
; 01 Jan ’08
; 04 A u g’ 06
1 2 Hi D e c ’ 9 8
07*8 X ov ’07
94*4 D eo’ 9 8
;
07 Hi 107 *-i

6 fc

8 3 :j4 94

,0 .

99'**.
95
89
95*4
1101*4
1 1 2 s4
1 105
101
1

1

H
. .
. ..
. ..
...

U
11

It
11

. . . 1109*4
C
112 C
...

a

95

i 109*2
ic
109 *•;

lll8 C L L IiA A iiO (J 8

A m T h rea d 1st co l tr 4s.
C on sol T o b a c c o 6U-y r g 4s. 1951
Diatil S ec Cor c o n v l s t g 5 s .’ 27
In t Paper C o 1st con g 6s. 131s
C on sol c o n v a f g 5a........1335
In t St P u m p 10-yr con v . 6s ’ 13
L ack aw Steel 1st g 5 s___ 1323
X Y A ir B ra k e 1st c o n v 6s ’ 28
R e p u b lJ fc S l s t & c o lt r u s . 1934
U s Death C o a 1 deb g 6 a .,1 9 1 3
U S R ea lty <fc I con v deb g 5s ’ 24
U S s t e e l C orp — ( cou p .<71963
St 10-60 y r u s . | re g ..<71963
Va-C ar Chem co l . r 0 3 g . .! 9 1 2
1st 15-year u s..................1 9 2 3
W estin g house E Jfc A ls t 5s ’ 31

J -J
J-J
A-O
F-A
A-O
F-A
J .J
J -J
A-O
M-N
A-O
M-N
J .J
M-N
M-N
A-O
J-D
J .J

’ X o p rice F riday; la test bid and ;i




92*a D e o ’ 08
83
84 Hi 35
9 6 7n 103
96*a
77Hi Jan ’ 09
78
76
7
7 OH, 73*a
104
104
1
104
88
87 7a
88
3
Salo
1
0
1
1
0
1
31
lo t
95
95 Salo
94
14
113
16
113 Sale 1 1 2
10 0
99
52
99 1 0 0
103 105 Hi 105*2 D e c ’ 08
159
80
Salt
85*2
80
1 0 S 7« sale 1 0 2 * 8
104H, 798
104*i Sale 1 0 2 * 8
104H
7
104H i......... 105 Hi X o v ’ 0 8
94 Sale
9 3 7s
94*6 181
92 Salt
91*4
03*4 399
90*
83* j Sale
96®b Sale

is w eek.

m iN O s
X . Y. ST O C K E X C H A N G E
W eek E nding J a n 15

A'anoe
Year
VJUS

aq-c

a D u * Jan

[V o l . l x X x v i i i .
iSrlce
tV id a v
Jan 15

Week's
Ka n</e or
Last Sale

A’anr/e
Y ear
ll)US

O <;

Bia
a s i Low
H iu 1 Ac
so u th e rn Pao Co— (C o n tin u ed )
121*4 123 „ 122 >8 A u g ’O < ... 121*2 122*«
M o rg a n ’ s La Jfc T 1st 7 s . 19.18
314. .......
1st gold 6 a....................... 1920 J -J
.................. *
.1 1 2
K eb’ i)
N o ot Cal gu ar g 5 a ......... 1938
O re & Cal 1st gu ar g 5s. 1927 J - J i ’1 3 Hi....... 106 X o v ’O 5 . . . 102 107*8
So P of A r g u l s t g 6 s ...c l9 0 9 J -J 100*8 100* 2 100*4 Jai. ’ 0 J . . .
98*a 103
la t guar g 6 a............... c l9 1 0 J - J 101 ........ 101 *2 101
s o P a o o f C al— 6 s K Jfc F ...1 9 1 2 A-O 103 H......... . lOJH jJ’ n e’O
104*2 104*2
1 1 4 Hi D e c ’ O 1 . ..
1st g o ld 6 8 .......................1912 A-O
........ . 1 1 6 M ay’ O . . .
la t co n gu ar g o a ......... 1937 M-N I l l
104 A p r ’ O . . . 104 104
S P a o o f N A lex la t g 6 s ..1911 J-J
...
So P a c Coast la t g u l a g . 1937 J -J
...................
.....................
107 *2 F e b ’0
T e x A N O S a b D lv la t g C s .lO l'j M-S
Cou gold 5 s..................... 1943 J -J
97 ........
98 Hi A p r ’ O . . .
0 P a c Itll 1st re f 4 s ......... 1955 J -J
95 Sale
95
96 48t 87 *a 97 h
yt 82*a 110*2
s o u t h e m —l a t con g 5a___ 1994 J •J 107 ........ 106*2 107*
K egiatered ......................1991 J -J
77 Sale
7 6 'a
77 H 41.
D e v e lo p Jfc gen 4s Ser A . 1950 A-O
70
78*a
8 0 7S a7
86
86 H
6
M o b Jfc O hio c o ll t r g 4 s .. 193S M-S
75
88
M em D ly 1st g 4*a-5s... 1996 J-J 107 ....... 107 X 'ov’ ot
96 107*4
83 H, 90
88 X o v ’Ot
S t Lotiia (liv 1st g 4 s ___ 1951 J -J
69
88 ’
107
A la C ou K 1st g 6 s ......... 1918 J -J
108 Sep ’ Ot ___ !0 8 108
yo ___
01 D e o ’ Ofc
A tl Jfc D au v 1st g 4 s ........194o J -J
87
91
2d 4 a ................................. 1948 J -J
A t l & Yiul la t g gu ar 48.1949 A-O
»i
...
Col Jfc G r e e n v la t 6 s ........1916 J-J
108 . . . .
111 F’e b ’ O'
E T V a Jfc Ga D iv g 5 s .. 1930 J -J
1 0 7 * 4 m s 109
N o v ’ llb
100 109
C ou la t gold 5a............. 1956 M-N ; ....... 1 1 1 * 4
112 Hi D ec ’ 0 1 L02 113
193
E T e n reor lien g 5a........1938 M -s
1 0 4 Hi D e c ’ O.U7 105
66
oa
G a Alidland 1st 3a........... 1946 A-O
68 D e e ’ Ot
62
68
G a P a o K y la t g 6 a......... 1922 J - J
1 1- ‘a ........ llu H iU cc ’ Ot
106 117
K n o x * O hio la t g 6 s . . . 1925 J -J 1 i 5 .
118 D e c ’ ub
107 118
■nob Jfc K ir p rio r lien g 5s 1945 J -J ............
115*8 A p r ’ Ot . . .
------ . . .
M o rtg a g e gold 4 s. J .... 1945 J -J
82 X o v ’Oe
78
82
U)8 .
108*4 Jan ’ 09
R ich Jfc Dan co n g 6 s ___ 1915 J-J
103 109*2
99 ........
92 J’ n e’Ob
D e b 5 s s t a m p e d ............. 1927 A-O
92
92
75 OcO ’Ot
R ich Jfc A leck 1st g 4 a ... 1948 Al-N
So Car Jfc Ga la t g 5 a ....1 9 1 9 M-N 102*4 ..
101*2 101*2
1 U5 h US
V irg in ia A lid a e r C 6 a . . . l 9 l t M-S 106 .
112 O c t ’ 91.
.................
S eries D 4-5a................. 1921 M-S 106*2
1 0 8 * 2 l l e c ’ Ol
.........
113 D e c ’O.
S eries E 5 s.......................1926 M -s lUo *u ..
107
107
G en eral 5 s .......................1936 M-N 107 . . . .
b 1 0 1 *.) 1 0 5 4
106*4 Duo ’Ot
G uar stam ped........... 1936 M-N 107
105 105*4
83 . . . .
W O Jfc W la t c y g u 4 s . . 1924 F-A
96*b.iau ’ 0?
105
W eat X C l a t co n g 0 a ..l9 1 4 J
108 D e c ’ Ob . . . . iotSHi i o a
8 & N A la See D Jfc X
117 J ’ l y ’ Oil
S p ok Fails Jfc X o r 1st g 6 s . 1939 J
I 'e r A o f S t D la t g 4 *3 8 ..1 9 3 9 A-O io5*a . . .
108*6 D ffc’ 08
l la t c o n gold 5 s ___ 1894-1944 F
1 1 4 * 8 ...
116 Hi D e c ’ Ot . . . 109*4 116*2
G en refu n d a t g 4a......... 1953 J -J
96
96
93 . . . .
19 UOHi 07*4
St L, Al B g e T e r g u g 5s. 1930 A-O
111 D e o ’ 09
Lex * Nr O See So P a c Co
Lex Jfc P a c la t gold 5a........2000 J-D 117 Sale 117
118
11 99 118
2d gold in c 5 s .................. 17 2 0 OU Mill
70 Jan ’ Ot
65
70
65
65
Da D lv B D 1st g 5a........1931 J
i 1U M ur’ Ol
Us Hi
W Alin W ds X W 1st gu 5a ’ Jo F-A
112
Lol Jfc O C 1st g 5a___ ____ 1930 J
1 102 109*2
111*8 i n :,s
W estern D iv la t g 5 s . . .1936 A-O n o *« 1 1 1 l, 1 1 i Muy ’9 i
G en eral g old 5a.................1935 J-D 103
104 X o v ’ 9t ___ 95 Hi 104
K an Jfc Al la t g u g 4a___ 1390 A-O
- 84
i ) ...
94 D e c ’ 08
94
Lol P Jfc W 1st gold 4a___ 1917 J
88 D e c ’ Ob
76*4 88
88
T o lS t D Jfc W p r lle n g 3 ’aa. 1925 J . J
91
14 80
92 Hi
91
91 Hi 91
50-year gold 4a.................i9 6 0
0
83Hi
88 *y 103 67
87*4 Sale
84*4
Lor H am Jfc B ull l s t g 4 a ./il9 4 li J-D
95 D e o ’ uc
39*4
lster Jfc D el 1st c<m.' g 5s 1928 J-D 107*8......... 109 X o v ’ Ofc
103 109
1st refu n d g 4 s A ......1952 A-O
81 X o v ’O?
81
81
Un P ac KK Jfc 1 gr g 4s ...1 9 1 7 J -J 102*8 Sait 102*8 10fc*2 i x ri 99 105
R e g iste re d ......................1947
J
3
08 102*2
100*4 100*4
1st Jfc ret 4s (W 1 )........... (/2008 M-S
9 6 7g
97 Hi 4J6 94*4 98 *»
97*8 Sait
20-yr c o n v 4 s ....................1027 J .J
104 Sale 1U3 G 104',, M l 83 108*4
o r e Ky As X a v con g 4s. 1946
D
99
U-U(J 10 91 101*4
99 Hi Sale
115 122
Ore s h o r t Dine l s t g 6 s . . 1922 F-A
120*2 120 H,
1st co n s o l g 6 s ...............194b J -J
115 J a n ’ 01
106 118*4
115
G uar reiu u d 4 s ............. 1 9 2 0 J-D
94*4
94 H, 87 8 0 * 2 9 7
94Hi sale
R e g is te r e d .................. lujju J -D
.....................
87*4 M a i’ O J
... .
Utah Jfc X o r 1st la ......... 1908
100 O o t ’ O/
J _____
G old 5 s ............................. 1926 J . J
106 ......... 107 *2 Sep ’ 08 . . . . 107*2 107*2
Um X J KK dc 0 Co See Pa K ll
Utah Cen tral See Kto G r W es
Utah Jfc X o rth , See Uu P acific
U tica Jfc Biaek K See X Y Cent
/ a no alia con sol g 4 s ___ 1956
93*4
98 X 'o v ’OJ;
98
98
1 era Cruz JfcPlslgu4*v.sl934
98 Sep ’ 01
Ver Val Inu Jfc W See Aio P
V irgin ia And See South Kv
Va Jfc South w ’ t 1st g u 6 s .2003 J-J
2 99 n o
117*2 120
117 Hi 117*1
c \ f ubaali 1st gold 5 s ........1 3 3 9 ivl-N 11*2*4 SaJo 112*4 1D5
5/ 102 114
*»
2U goal 6 s................... 1339 F-A 192*4 Sale 102*4 102*4
84Hi 105
3
D eben tu re s e n e s A ........1 3 3 9 J -J
Berms B ............................ 1339 J -J
84 *8 90 ” 86
86
90
Ob 37
1st lion eg m p s m g 6 s . .1321 71-S
.00 D c c ’ 08
100 102
1st lieu 5o y e g term 4 s. 1354 J-J
.....
93 .viai’ Ot.
..
•
1st re f and e x t g 4s ___ I35u
J
72*4
73 \ 13% 3/*2 77*6
73*8 Sale
D e l Jfc Cu a x t l s t g 5 s .. 13 11
J 1 0 9 * 2 i n * . .10*8 H i * , 1 1 loo n o Hi
D es .O0 1 1 1 D iv 1st g 4 s .. 1333
J
86*2
07 X o v ’ Oi
Um D iv 1st g 3*aa........... 1341 v-o
'll
80 D e e ’Ot
80
83
T o ! Jf CU D iv 1st g 4 s __ 1341 M-S ......... 95
91 D e o ’ Ot
90
9lHl
W ho P itts T e rm 1st g 4 s . 135* J-D
61
64
66
1 > •ll
ol
03
T ru s t u o c e r t f s .........................
61
53
0. 48
66*4
2 \( gold -is............................ 1 3 6 4 J-D
7 Hi 19
11
12 H. 5o
W arren s e e D el Dac Jfc W est
W ash C ent Ned X o r Pao
W ash u Jo W See Southern
W ash T e rm ! 1st gu 5 *2 3 . . 1345 F-A
90 Hi A u g ’Ob
90*2 90*2
W eat Atarylanil 1st g 4 s . . . 1362 A-O
40
84**
83**6
85
83 Hi sale
G en Jfc c o n v g 4 s .............. 1302
O
05
64
60 *t 8'< 30
63
64
W Va Cent Jc p 1st g 6s 1311
J
105 105
105 Dec '08
W est X V Jfc Pa l s t g 6 s .. 1337 J-J
16 U ct ’ Ot
08H) 1 10 %
il'2 Hi .......
G en gold 3-4s..................... 1343 A-O
87*8 90
94 Hi......... U6 Dcc'»)<v
Ineom e 5 s........................ <11343 Nov
34 F eb 07
25
30
....................
W eat X o Car See South Ky
W heel’ g Jfc D E 1st g u s ...1 3 2 6 A-O 105 ......... 07
4 100 107 Hi
107
W heel D iv 1st gold 6 3 ..1 3 2 8 J -J
..
06
103
95 J ’ ly ’ 08
E x ten Jfc Hup gold u s ...1 3 3 0 F-A
05*a D e o ‘Os ... OuH. lo5*a
K K 1st c o n s o l 4 s ............... 1343 M-S
GO
8 3 ;,4
153*4 sale
83*4
81*4 l i
20-year eq u ip a f 6s ...1 3 2 2 J-J
90 D e o ’ 08
95
99
W ilkes Jfc East See E rie
W i l l i S io u x F See St P Al Jfc ai
W isC e u t 50-yr 1st gen 4s I 3 4 3
04 *2 Salo
89 *2
0 4 7b 1331 80
92*4

U

llO A U S — L ioneluded .

iH is c clh u ie o iis
83
92Hi
35
95
85Hi 99
62
70\
64
80
90*4 106
78
90
90 103
84
98
87 116
92Hi 100
101 107
64*2 89*6
8 6 H1 103 *b
8 u*i 103
80 105*2
94*4 95*4
67
94*8
u Due neb

C ldc J c Jfc
In stitution lo r I r r lg W k s
Jfc D e v e l o l A g r ic u l a f

Man Bch H Jfc D g e n g 4a
X e w p N e Ship Jfc D D 5a <71990
X Y D ock 50-yr la t g 4 s ..1951
P ro v id e n ce s e c d eb 4 a .. . 1957
P roviden t Doan S o c 4 * a s .l9 2 1
St J oseph Stk Y ds la t 4 'as. 1930
U S Red Jfc K ef 1st a f g 6a. 1931
<7 D ue A p r *D u a.v lay

M-S
F-A
J .J
A-O
M-N
A-O
F-A
-M-N
J -J
F-A
M-N
M -S
J-J
J -J
M-S

92*2 Salo

92
72H

87

i

Salo
Salt
87*2

97 .........
91
.........
83 Hi.........
92
95
.....................
89

95

.iiie .i’ly

02
41
100
47

92 *.,
O c t ’ 06
Jan Mb
A p r ’ 08

38

02
92
19
72*4
74*4 367
;•<
87
87
50 F o b ’ ll'.
96 A u g’ Ob
U1 Hi J an M)U
85 <id >0 .
95 Hi DCO’ OH
100 Hi >ep ’ 05
112 J ’ ly ’ 04
113 Hi 1'lv ’09
b9 J a n '09
p uue Nov

83

96

100
42*-j

ibo
47

92*a
62*4
75

03
77*4
89

96
85

96
93

85
.....

95 Hi

......... .........
78

dilution sal*

UH1CAG0 STOOK EXCHANGE—Stock Record-Gaily, Weekly aod Yearly
Sates

STOCKS— HIGHEST A N D LOW EST SALE FRICES

01 the

Saturday
Jan. 9
*180
*21•>
*7
*115
443$
*29
*13
271i
*40
*79
*17
*43

Monday
Jan. i t

Tuesday
Jan. 12

42
80
18
52

87g
8%
7212 73
*200
*125 128 ’
58
*50
*104
105

*41
*79
*10%
*48

42
80
171;
52

*21
*04
*55
30%
*98

24
70
58
30%
99

*1

Last
190 ♦ISO 190
*2
*2
3
3
Last
*7
10
10
Last
110 *115 110
*44
44% *44% 45
*20
28
27?$ *27
Last
13% *12% 13%
27
20% 27
27
Last
Last
Last
*41
42
*41
42
*78
80
80
*79
80
Last
*101- 17% *10% 18
47
*48
62
*48
52
Last
*2 2
*2 2
24
25
*2 2
Last
*05
67
70
*05
54
54
54
50
55
30%
30
30%
30
30
Last
99
*98
99
*98
Last

8%
83g
8%
9
8%
8%
721.1 727f| 72% 73%
72% 72%
*200
200 % 200 % *2 0 0
*125 128 *120 128” *120 128"
*57% 59
*57% 59
*57% 59
*104 100 *104 100 *104 100
*34
3

*2

l's

*127'2 128

*1

1%

+2
3
20 %
*25
127% 128

90%
99%
119% 119
84%
85%
112 *111
1031$ 102 %
55% *54
102
102
101 % 1007$
121 *120
99%
99
*1
*1
1'4
*5%
534
6
*15
10

1
3
52%

1
3
52%

*1

1%
*2
3
20 % 20 %
127% 127%

118
118 118 *117 118
10734
107% 10S
10712 108
117 119-lf 118% 119% 119
*39
40
40
41
*40

99
11912
*8412
*11112
10212
551.1
101%
10012
*120
99

Thursday
Jan. 14

190 *180 190 *180
3
*2
*2
3
10
*7
*7
10
110 *115 110 *115
447$ *44% 45
4434
.
277g
28
28
*12%
1312
27%
27% *27*14 2034

22
22
*04
05
*55
00
30<g 3014
*101 102

*20

Wednesday
Jan. 13

101
102
119% 119%
85
84%
112 *111
104
103
55%
55%
102%* 103
100%
101
121 *113
99%
99
1
1%
9
5%

*%
*3
*52

1
3%
53

*1
1%
*2
4
20
20
127% 1277$

118 *117 118
107% 107% 1073
1191­ 119%
40
*39
40

120

102
103
119% *119
84% *82
112 *111
1031­ 102
50 '
55%
103 *103
101
100%
123 *118
99
99
*1
1
5%
5-%
*14

107%
120
84%

112
103%

50
103%
101
123
991.1

1%

5%
15

Sale
4
Salt
Sale
45
28
Sale
27
Sale
Sale
Sate
80
Sale
47%
Sale
24
Sale
54
30%
Sale
Sale

8
8%
72% 73
200 200
Last Sale
*58
00
Last Sale
Last Sale

1%

*%

*213
* 5 0 " 52
Last Sale
Last Sale
Last Sale
20
26?$
127% 1273,8
Last Sale
*117 118
10734 107%
120 120
*39% 40%
Last Sale
Last Sale
Last Sale
100% 108
*119 119%
82
82

111

111

102% 10278
50
57%
103 1031­
100% 100%
120 121
99
99%
*3.1
1%
51.| 5%
Last Sale
Last
Last
Last
Last

Week
Share.

Friday^
Jan. 15.

183
Jan’09
3
3
7
Dec-OS
11534 Jan’09
*44145
170
*273g
30
00
13%
Jan’09
l',005
27
27
7
D ec’08
18
July'07
43
D ec’OS
*78
80
7
17
Jan *09
"l5 0
*40
50
46% M ay’08
*22
24
""25
03
Jan’09
234
52
55
900
30%
.SOl­
OS
Jan’09
28
Juno’08

8%

8% 2.370

72%
72%
*200
200 %
125
D ec’OS
58
58
105
Jan’09
10
July’08
*%
1
*2%
3
*51
63
147 M ay’08
1
D ec’08
2
D ec’OS
20
26%
127
127
2%
Mch’08
*117
118
107% 107%
120
121
*39
40
43
Jan'09
2%
Junc’07
20
July’08
100% 107%
119
120
*82
84
110
110
102% 103
57%
58%
103% 105
101
101%
1203j) 120%
99%
99%
*%
1%
5%
8%
15
D ec’OS

Sale 32%
Sale 10
Sale 10
Sale

997
30

300
385
7

024
305
"4 4
170
1,290
20

1,592
57
245
250
3.057
2,067
329
1,011
50
364
28
650

Jan’07
N ov’06
M ay’07
N ov’06

inter­
est
Terlod

A m er S tra w b ’d 1st O s.1911
Cass A v & F G (St I.) 5s; 12
Chic Board 0 1 T ra d e 4sl927
C h icago C'.ty R y 5 s . . . 1927
Chic Consol Br& M It 0s____
Chlo Consol T r a c 4 t 4 s .l!)3 l)
Uhlc A u ditorium 1st 0 sl929

-

_

- J
- A

71%
1025$ 102%
94 " Sale
85% Sale
803$ 90
102

J
J
J
P
J
J
F
A
Chic N o Shore Elec 6 s . 1912 A
Chic Pneum T o o l—
1st 5s_____________ a l921 .1
Clile R v 5s
1927 F
Chic R y s 4-5s series “ A "
Chlo R y s 4 -5s series ” II”
C h ic R ys 4-5s series ” 0 ”
C h ic R ys coll Os__1913
Chic R ys F u nd 6 s ____ 1913
Chlo R y s Tern C tfs 1st 5s.
Chic R l & P R R 4 s . .2 0 0 2 M

l1rice
Friday
Jan. ] 5

Week's
liange or
Last Sale

H'ds
Solti

liange
1or
Year 1908

Hid
Ask Low
High No. Low
Higi.
J
100 Mch’07
.1
100%Sep’ 08 _ _ _
99% 101%
D
100 May’07
A 104% 194% 1043$ 105
94% 1047$
71
J
103 Apr’04
m
.
55 Aug’07
l>
A
90-% Jan’00
- O
- O
87 l'e i/o t

{102% Sale
- N

Com m onvv’a lth -E d ison —
Chin E d ison d e b 6s 11) 13 J - J

100

101

72%
73
1021- 1023,
93-%
95%
85
85%
89%Dec'08
102
102
101%Nov OS
1023$ 102%
60%Aug’08
66% JT y’OS
10 0

__
__ __
__
__ __
__ __
__ __

6
17
47

157
5
0
-

June’08 . . . .

D ebenture 5s-------1926 M - S 102% Sale 102% 102%
Comtnonvv E lect 5sf) 11) 1 ;■ M - 8 10234 Sale 102% 102%
,J - J)
80 D e c'08
90 Oct'O*
K an C ity R y & L tC o 5s 1013 M - N
90 Jan’ 09
K n lc k ’ b ’ ker Icc 1st Ss-1028 A - O
73
73
Lake St El — 1st 5 s . . . 1 9 2 8 J - J
73% 75
10 May’05
Feb
In com e 5 s.......... .........1025
M etr W Side El—
84% Sale
83
847$
1st 4 s ______________ 1038 F - A
E xten sion g 4s_____ 1938 J
83% Jan’09
.1 82
83%
N orth Chic St 1st 5 s . .10 0 9 J - J
99 D cc’00
1st 5s______________ 1910 J - .1
R efu n d in g g 4J^s__1931 A - O
79 Aug’ 00
N o Chic C lt y R y 4 H s l» 2 7 M - N
75 Feb'07
05% Sale
N orth W est El 1st 4 s . .1911 M - S
04
95
O gden Gas 5s_________ 1945 M - N
92% 94%
94 Jan’ 09
99
P ea rson s-T a ft 5 s _____ 1910 J - D
99 A iir'OS
94
4.40s .................................. M - S
91 Sen'08
90
M - N'
971M- N
120
P c o Gas L&C 1st 6 s . .1 0 4 3 A - O 118
113%Dec'08
R efu n d in g g 5s____ 1947 M - S 102
103% 103
103
104%
Chic Gas L& C 1st 5s 1937 .) - J 104
1041- 104
Consum Gas 1st 5 s . 1030 J - 1) 102
194
lli2% Dec’08
____
____
M ut’ l Fuel Gas Ist5 s l9 4 7 M - N
100 Scp’ 08
95
04 7$ 95%
South Side E lev 4 ) { s . l 9 2 4 J - J
Sale
102
S w ift <5o C o 1st g 5 s___1914 J - J 101
101
101
92
U nion El (L oop ) 5s — 1945 A - 0
92 Jan’ 09
U nion P a cific c o n v 4s_1011 M - N
114 N ov’01
U nited B ox Board c o iC s ’ 20
47 Oct’ IIS
W est Chic St 1st 5 s . - .1 9 2 8 M - N
1)0 May’07
F - A
081- Scp’06
D eben tu re 0s_______ 1914 J - D
73 Juno’07
M - IS
W es D Iv C lty R y 4 M sl0 32 J - J
87 Dee’OO
W estern S tone C o 5 s . . 1909 A - O
85% Jtv’OS
N o te .— A ccrued interest m ust b e a d d e d to all C h icago

Uanyt /or
Year 1908
Lowest

R a ilroad s
C h icago C ity R y ______100
C h icago & O ak P a r k . 100
D o p r e f_____________100
Chic K ys part ctr ’ 1” ___
C lilc l i y s part rtt " 2 " ___
Chic R y s part c t f , ‘ 3 ’ ’ ___
Chic R ys part e l f * 4” ___
C h icago S u b w a y _____ 100
Chic U nion T r a c t i o n .100
D o p r e f__________ . .1 0 0
Kans C ity R y & L t-.lO O
D o p r e f____________ 100
M etropol VV S E le v ___ 100
D o n r e l____________ 100
N orth C h icago Street-101)
N orthw estern E le v ___ 100
D o p r e f____________ 100
South Side E l e v a t e d ..1 0 0
Streets VV S table C L .1 0 0
D o p r e f____________ 100
W est C h icago S t r e e t .. 100
M iscella n eou s
A m erican C a n _________100
D o p r e f____________ 100
A m erican R a d ia t o r .. 100
D o p r e f____________ 100
A m er S h ip b u ild in g ___ 100
D o p r e f____________ 100
A m er S traw H oard___ ___
B ooth (A) & C o _____ 100
D o p r e f____________ 100
Cal * C h ic Canal & D .1 0 0
Central T ru st B a n k ..1 0 0
Chic B rew ’ g & M alt’ g ___
D o p r e f_____________ . . .
Chlo P n e u m a tic T ool-lO O
C h icago T e le p h o n e ...1 0 0
D o r i g h t s _________
Chlo T itle He T r u s t___ 100
Com m on w ’ t h - Kd Ison . 100
D iam ond M atch ______100
Illinois B rick __________ 1 0 0
M asonic T e m p le ___ ______
Mllw & C h lc Brew in g —
D o p r e f________________
N ational B iscu it______100
D o p r e f____________ IOC
N ational C a rb o n ______100
I)o p r e f . . __________ 100
P eop lc'sG a sL & C o k e _ _ 1 0 0
Sears-R o e b u c k c o m . . l o o
D o p r e f____________ 100
Sw ift te C o ____________ 100
The Q uaker O ats C o . .1 0 0
D o p r e f__________ i.lO U
Unit B o x Bd * P C o .1 0 0
D o p r e f____ . . . . . . 1 0 0
W estern S t o n e _______ 100
M in in g
B ingham C on M in in g . 50
Black M o u n tain ____
D a ly -W e s t______________ 2 0
H u n b ard- Klllut r

160 Jan 24
]% F e b 3
6% D ec 4
38 O ct 3
20 N o v 0
9% Sep 2 2
15 F e b 10
2 % M ch2?
30 O ct 9
68 Sep 2 8
12% N o v 2
42 Jan 6
44 M ay 5
13% A u g 6
46 A u g IS
42 A u g 24
26% A p r 16
85 A p r 20
25 A p r 13

Karejt :ot Feetnous 4 ear
(1907)

Highest

Lowest

185 D e c - 1
. 3% A u g 31
10 Aug2S
119

150 Mch
1% N ov
10 O ct

205
5
10

A pr
Jan
Apr

47

28
13%
30%
7

D e c 22
D e c 11
D ec: 8
D ec 2

4734

N o v 13
N o v 11
Jan 22
MayltM ay 2 :
D e c 17
D e c 17
Jan 12
N ov 17
J ’ne 18
M ay 4

86%
19
64
47
22
62%
71
34
103
31

20 JT y 24
97 D e c 28
120 A u g £
87 D e c 11
115 N'OV
100 D e c 23
56 D ec 30
102 D e c 14
10634 Sep u
134 Jan 29
100 JT y 30
1% Jan 4
12 Jan 15
17 A p r 11

11 O ct
2% D ec

401- Jan
6% A p r

28
68%
17
43
34%
20
68
60
26

N ov
N ov
D ec
N ov
Apr
Sep
Apr
N ov
O ct
Apr
Mch

05
87
28
72
47
25%
00
90
34
99
35

O ct
Nov
D ec
N ov
N ov1
Nov*
Jan
D ec
D ec
O ct
F eb
Jan
Aug
D ec
O ct

7%
60
149%
130
80%
109
40
40
llT
54
165

95
20

4 F eb 13
10% N o v 13
767s D ec 2
41% Jan 2
125 Jan 10 200 D ec 1(3
116 A p r 22 128% N o v lu
63 N o v l l
37 M ch l9
91 Jan 2 •104 N o v 17
10 J ’ly 1
42 Jan «
7$ D e c 24
30 Jan 1 1
3 D e c 23 100 M ayl
67% D e c 2
40 F eb 20
147 M ay •■ 147 M ay 6
1% A u g 22
1 O ct 6
2 N ov20
4 A p r 13
301- A u g *
20 D e c 23
100 Jan 3 153 Sep 1)
:34 Feb 21
3, Feh 25
10 0
Jan 4 116 D e c 29
80 Jan 3 111) O ct 1
113 Jan 2 137 A u g 31
30 Jan 22
42% D ec 16
38 J ’ne i:
40 JT y
19 J'ne23
70 Jan 3
10134 Jan 2
51 M ch 3
91 Mcb23
80% Jan 3
24 Jan 24
72 Jan 10
88% Jan 2
11434 Jan 3
87 Jan 3
% JTy 17
1% JT y 17
11% O ct 30

Highest

2
34%
120
112
:o
80
30
2ft
90
45
105
1
5
21
'.5

Jan
.lan
Jan
Jan
JTv
Jan
JTy
Jan
Jan
Alav
Apr

Apr
Apr
Sep
Apr
Jan
Jan
M cb
J ’ ne
F eb
Jan
F ob
1
Jan
(0 - J 'n e
51 F eb
134% A pr

V’5 O ct
O ct
77
108% N o v
34 Nov;
41 Aug
21- Jan
25 F eb
58% O ct
91 N ov
50 No\
97% N o v
72 Nov
20 Nov
67 Nov
75% N ov'
100 Nov
85 O ct
% N ov,
6 Jan
D ec
10

112% M ay
875* O rt
129% M ay
57 Mnv
40 Jan
21- Jan
27 Mch
86 Jan
117% Jan
84% Jan
12.) Jan
92% A p r
67 Jan
95 Jan
1131- Jan
1731- May
1 0 2 % Jan
2% A p r
12 3 4 A pr
30 F eb

321- Jan

32% Jan

1UU ADr

Chicago Banks and Trust Companies

Chicago Bond Record
BO N D S
C H IC A G O ST O C K
EXCHANGE
Week nul’ua Jail. 15.

ST O C K S
C H IC A G O ST O C K
EXCHANGE

8
6

76%
68
llMi 1021n
867$ 94%
78
86190
75
1-7 M 101-%
100% 101%
09% 102164
06%
62% 74
100

100%
till
98-% 10n%
93 103%
80
80
93
o.i
85% 92%
70
88%

____
____
5
____

_. ,

19
5

80%
76%

88%
86

80
80%
99
94
£0
97%
109%
94
97%
94%
98
92
93
85

92%
95109
95
90
971*>
118%‘
103%
104%
103
10O
00%
100192

47

08

____
84

__

ii

20

36
I

721-

__
bon

76
861d prices

:ia m f .

Outstand
lng
Slock
r

Surplus

a id

Frofll:
r

Dlelaend llecora
In
1907

in
1908

Fee'S Last Fata
10(1
%

8
Q-M. Dee '08, 2
8
Bankers N a t io n a l_______ $2,000,000 *1,282,055
0
An Dec ’07. 6
100.000
C alum et N a tio n a l_______
38,112
(?)
500,000
182,623
10
j - i Dec ‘08. 5
10
C h icago C i t y - . -------------12
12
3,000,000 4,318,182
Q-J Jan '09, 3
C om m ercia l N a tio n a l—
8
8
C on tinental N a tio n a l___ 4,000.000 3,529,242
Q-J Jan 09. 2
0
Q-U Sept 08, 1%
50,000
5,950
0
C ook C o S tate S a v in g s ..
12
12
C orn E x ch a n g e N ational 3,000.000 5,018,668
Q-J Jan '09, 3
ej , Q-i Jan '09. 1%
6
200,000
60,956
D rexel S t a t e . . ___________
600,000
8
390,588
Q-J Jan •09, 2%
200.000
6
6 ^ Q-I Ian •09, 1%
E n glew ood ‘ S ta te ---------34,927
12
Q-.M Dec 31 '08. 3
12
First N a tio n a l---------------- 8,000,000 8,029,283
Q-M Dec '08. 2%
150,000
10
10
169.581
First N at E n g le w o o d ____
1,000,000
644.401,
Prlv ate B;l nk
Q-,l Jan 09. 2
8
8
F ort D earborn N a tio n a l- 1,000.000
450,553
500.000
•I-.I Jan 09, 2%
160,626
6
5
H am ilton N a tio n a l_____
855,61,
8
8
y - l Jan ’09, 2
. Ibernian B ’ k’ g A s s n ___ 1,500,000
-1-1 Jan '09. 6
200,000
10
10
117,631
K asp ar S tate B a n k _____
420,202
1 0 + 2 Q-M, Dec ■08, 4%
L ive S to ck E x ch a n ge Nat 1,250.000
300,000
4
Q-+ Nov 03, 1
61,044
4
M onroe N a tio n a l— ____
250.000
86,251
M utual B a n k ____________
4%
4H Jan Jan ■08. 4%
8
2,000,000
Q-J
3
'484,545
N ational C it y .......... ........... l',500^000
Q-J Jan ’09. 1%
250,000
60,633 Began businn ss
Aug 20 1907
N ational P r o d u c e ---------W a Q-J
60,000
0
6
Q-I Jan '09. 1%
10,646
N orth Side S tate Savings
100,000
6
6
41,021
O akland N a tio n a l---------Q-I Jan '09. 1%
250,000
85,587
500,000
69,094
8
8
Q-M’ Jan '09. 2
Prairie S ta te........................
250,000
____ Jan ‘08, 2
4
2
7,010
R ailw ay E x ch a n g e -------300,000
Oct 12 1906
129,869 Organ Red
S e c u r i t y _________________
200,000
79,232
Q-J Jan 09. 1%
6
6
S ou th C h ica go S a v in g s ..
1,000,000 1,338,910 9 + 1
Q-I Jan ’09, 3
11
S tate Bank o f C h icago —
J-D Dec •08. 4
250,000
175,887
(i
S to ck Y ard s S av in gs____
7
200,000
M-N Nov ’08. 3
6
39,9(X,
6
U nion Bank o f C h ic a g o ..
200,000
6
60,476
6
Q-I Jan ’09. 1%
U nion S to ck Y ards State
8
8
A m erican T ru st & S a v e s- 3,000,000 2,471,410
Q-J Dec ■OS. 2
Q-I fan ’09, 1%
860,976
7
7
Central T ru st C o o f I I I .. 2,000,000
nSOO.OOO
98,310 ____
C h icago Sav Bk & T r ____
I X 0-1 Jan ’09. 1%
0
6
Q-J Jan '09, 1%
C h icago T itle & T r u s t___ 6,000,000 {1,428,335
50,000
4
3
A -O Oct '08, 2
s6,960
C itizens T ru s t & Savings
600,000
8 + 2 Q-J Jan '09, 2%
10
499,088
C olonial T ru st & Savings
200,000
6
92,579
D rovers T ru st & Savings
7 X Q-I Jan ’09, 2
1,500,000
Apr. 13 1907
163,101 Organ Ized
2,000,000 2,163^696
200,000
782 Incorp orated 1908 V. 87.n .1138
G uarantee T ru st & S a v .
713,570 ____
6
Harris T ru st & S a v in g s . 1,250,000
Q-I Jan '09, 2
Illinois T ru s t & S a v in g s . 5,000,000 8,317,985 16 + 4 16 + 4
<7 Dec ’08, 4
200,000
46.232
6
6
K en w ood T ru st & Savgs
Q -l Jan ’09. 1%
200,000
2
32,479
Lake V iew T ru st & Savgs
* X Q-J Jan '09, 1%
12
12
M erchants' L oan & + r ( j o 3,000,000 4,869,746
Q-I Jan •09. 3
750,000
255,658
6
0
Q-J Dec ’08, 1%
M etrop olitan T ru st & Sav
8
8
Q-J Jan '09, 2
N orthern T ru st C o _______ 1,500.000 1,865.592
200,000
52,421
6
J-J Jan -oo; 3
N o rth -W e ste rn T r & Sav
0
200,000
90,686
6
0
J-I Jail •09. 4
P e o p le 's T r u s t & Savings
£600,000
163,485
*8
8
Q-J Jan ’09, 2
P u llm an T ru s t 5s Savings
500,000
£00,297
Q-F
8
8
’08, 2
200,000
24,167
6
6
J-I
an •09, 2%
S to c k m e n ’s T ru st & S a v 1.000.00U 1,144 720
8
‘08, 2
Q-M
219,486
Q-J Jan ’09, 1%
W estern T ru st & Savings 1,000,000
6
0
200,000
65,834 Began buslne S 3
Sept 5 1905
W est S id e T r & Sav Bank
200,000
6
0
30,789
W o o d lawn T r & S a v Bank
Q-J Jan 09. 1%

* Bid and asked prices: n o sales were m ade o n this (lay . T N o v . 27 (cl is ot business) tor nation al banks anu N o v . 28 (o p e n in g o f business) lo r
S ta te Institutions, t N o price F rid ay: latest price this w eek, a D uo D e c. 31. 0 D uo Jun o, k C apital Increased fro m $30 0 ,0 0 0 ; a s to ck d iv id e n d
b f 33 1 -3% being declared In part p a y m e n t th erefor, n Capital an d surplus to bo Increased.
q D ividen ds are paid Q -J. w ith e x tr a p a y m e n ts Q -F ,
I A s of d a te Sept, t 1908.
s A s o f Sept- 23 1908.




BOSTON STOCK EXCHANGE—Stock "Record. Daily, Weekly and Yearly
UM TRICES
Sanardau
Jan 9.

Monde't
Jan. 11.

Tuesday
Jan. 12.

Wednesday
Jan. 13.

Thvr SC'CJ
Jan. 14.

Fiidav
Jan. 15.

ates
«; du
1VffJ
Shares

ST O C K S
BO STON STO C K
EXCHANGE

Range jor Year
1908

R a ilroads
993* 99*2
9834 983,
987* 99
98
67‘s F e b 11
405 A tc h T o p & San ta F c.lO G
100 100*2
081*
99
99
Do
pref ____ - ___ 1 0 6
M ch 3
5
*99*2 100*2 *100*2 101*2 *997* 1001* + 1001* 101*8 * 10 0 * 4 1 0 1 * 4 10034 1003.,
262 B oston & A lb a n y _____100 IN ]!?.fan 2
235 235
230*.i 230*4 230 230*4 230 2301, 232 235
235
237
126*2 12S1.| 126*2 1-33* 127*2 12M&8 128 1283- 1 2 8 I4 128*4 128*2 128*9 3,612 B oston E le v a t e d ______ 100 ,l 2 llo D e c 28
225
224 225
1-220 225 *220
80 B oston & L o w e ll--------- 100 200 *4 F e b 1 1
231 231 *234
225 230
235
136 136
135 1851? 135 136
136 1363, 137
136 136
525 B o sto n & M ain e______ 100 114 O ct 22
140
Do
p r e f___________ 100 136 F e b 13
D ec’08
Last Salt 150
*301
301 301 *301
301 301
” l4 B oston & P r o v id e n c e - 100 284 Jan 10
____ *301
*301
15
15
9 M ch I
*14
16
*11
14*4 14*4
*14
15
090 H ost Sub u rban El C os—
16
"l412
14
63
45_ Jan 31
63
Do
p r e f_______________
*61
63
63
63
330
64
64
*62*2
65
05
*10*2 ____ *10*4
8 i 2 N o v 19
50 B o sto n CcWor E l e c C o s . . .
13
*10*2
* 11
13
____
13
13
Do
p r e f_______________
521* 52*2
4'IU D ec 18
52*2 5212 53
53
190
55*4 55*i *55
557*
5578
____
*
126 Jan 2
1 0 C hic J u n e R y & U S Y .1 0 U
145
143 143
Do
Dref.....................100 1 0 2 Jan 10
2
120 120
____ C on & M o n t. Class 4 - -1 0 0 163 D e c 18
Last Sait 163
D cc’08
Conn & Pass R.’ v p r e l-1 0 0 13314 Sep 25
__
Last Sate 139
Jan’09
____
____
•4-1 Jan 14
25 Connecticut. I t lv e r ___ 100
267
267
132 132
►132 133
132 132
117 F itch b u rg , p r e f----------- 10U 117 Jan 2
134
132 132*9 13212 133
134
78
A p r 27
79
79
208 Ga R y & E le ctric____ 1 0 0
79
78
78
78
*77
78
78
78*2 78
M O ct 16
Do
p r e f____ ______ 100
*81
83
83
16
83
*80
79
79
*82
83
*80
83
83
2 0 0 Maine C en tral________ r 10U 19
N o v 27
H5S 115*
8*4 Jan 2
12
12
235 Mass E le ctric C o s - - -_ 1 0 0
12
12
12
*11* 2 12
IU 4 11*4 *11
D o p r e f____________ 100
40 Jan 2
60 * _
548
59
59*2 *59
59 *
59
59
58*2
59*2
162 162R 1613.1 1623, 161 162
842 N Y N H A Hart fo rd .100 128 Jan 6
162*2 164
162 162
162V,
162
____ N orth ern N H ________ 100 140 Jn e 29
Last Salf 144
Dec’ 08
____ N o rw ich & W o r p r e t -100 200 A p r _
l ast Sal: 205
O ct ’ 08
26 O ld C o lo n y .....................100 175 Jan 11
197 197
196*2 198 + 198 200
200
200
197 197 *199 £ 0 0
r& Jan 15
____ ____ —
____
75 R u tla n d p r e f__________ 100
30
30
30
29 * ___
29
70 F e b 17
1 1 2 Seattle E l e c t r c _______ 100
92*2 9219 *913, 923,1
9210 92*2 *9134 923, *9 Ml
92
*91*2 Mil*
D o p r e f____________100
883* Jan 2
100 100
103
*99*2 1 0 0 1 , *99*2 10012 100 100*2 10019 10 0 * 2 1 0 1
10 1
177>* 179** 17ut)* 178*2 177 17S34 I763i 178
177 178*? 1783* 17812 5,109 U nion p a c ific ................ 1 0 0 110*2 M ch 2
D o p re f____________ 100
7 8 *4 A p r 4
41
Oi-h 9o3i 95*4 9534
97*4
96
96
*96*s 97*8 *957* 967* *96*4
V erm on t & M ass.......... 100 150 Jail 13
Last Sale 161
tfov’08
76 Jan 2
90
1 . 1 2 0 W est E n d S t___________ 5o
89
89*2
90
93
93
90*i 90*4
90*2 91*4
81*4 92
D o p re f___________ 50
96 Jan 2
243
106*4 106*4 106*4 106*2 * ____ 106*2 * ____ 106*2 +___ 106*9 106*2 107
W ore N ash & i t o c b __lu o
138 J ’ly 9
Last Sale 140
Sep’08 —
M iscellaneous
343., 35D
13 Jan 3
34*2 35*?
30*2 3 7 1 ?
39 11,033 Araer A g rlcu l C h cm __100
303* 37*2
37*2
35** 36*2
D o p r e f____________100
77 M ch 17
0434 95
95
95
431
*94*4
94*2 95*1
95
95
95
94*2 95
6
4
F e b 10
578
6
534
57*
534
53., 1,679 A m e c P n eu S ervice___ 50
6
6*4
6
61*
6h
D o p r e t_ _ ..............
50
475
9*2 F e b 25
+13*2
1419
14*4
13
13
131"
14*2 14*o *14
13
13*2 14
99*4 Jan 2
585 A m e r Sugar R e fin ____ 100
1 2 7 3 4 128
128 129
128 128*4 127*2 128
128L 128*4
128 128
D o p re f____________100 1 0 0 F e b 18
147
127 128
1283,
128
127*2 128
12S*2 128*2 127 128*-* 127 128
99 Jan 2
127*4 126*4 1267* 126 12634 125*2 126*2 1253, 126*4 126
126*4 7,264 •Vmer T elep & T e le g _ .1 0 0
16 Jan 2
1 0 0 A m erican w o o le n ____ 100
+281.1 29
30
30
29*2 2919 *28
*28
29
29
*28*4
30
7734 F e b 19
D
o
p
r
e
f____________100
406
94
94
93*2
94194
94
93's
91*2 943,
94
94*2
3 Jan 7
B oston L a n d _ _ .................10
*4
Last Salt 4
9=4
*4
Jan’09
4*4
4*4
4*4
*4
4*4
96l2 Jan 11
1 C u m b T elep & T e le g .1 0 0
►126 127 +125 127 *125 127 *125 127 *126 127
12G
126
1434
Jan U
D
om
in
ion
Iron
&
S
t
e
e
l-35
*19
2
0
*19
2
0
19*2
*18*2
1S12
20
*19
*18*2
18*2
4 I4 M ch 13
7*9
2 1 0 East B o sto n L a n d _____
8
7*2
*7*o
71?
7*2
7*2
7*2
7'2
7*2
7*2
443 E d ison E lec Iliu m ___ 100 201 M ch 17
►241 2473, 2-17 2477, 246 247
248
247*4 24/*2 246*4 24 61•> 24G
111 Jan 2
149 G eneral E le c tr ic_____ 100
156 156
154 154
156 156
153*2 154D 155
155
155 155
49
M ch 23
02
6934 60*8
60
6 H4
597, 60
597* 597*
61*2 12,443 AlassachusettsG asCos 100
59*2 601*
77 Jan 2
D o p r e f____________ 100
90
90*o 3.751
91
901* 90*2
90**
90*2 91
90*4
90*4 903*
192
A
p r 16
M
ergentualer
L
in
o
___
100
208
73
208
2081* 209
208
208
►207 210
207 208 *2071 ■>208
1 M ch 2
L’l,
2 1,
150 M exican T e l e p h o n e .. 10
2*4
*2
*2*s
241
2*s
2D *21*
2**
N K C o tto n Y a rn ____ 100
40 M ch 6
72lo
72*2
58
►. .
♦72 *2 73
7
21
2
7212
721?
72*2
72*2
73
72*2
75 M ch 23
D o p ret____________ 100
98
98
98
98
71
98
98
97*- 98
97*2 971* *97*2 SIS
105 Jan 4
131 131
717 N E T e le p h o n e _______ 100
130*2 1301? 130
131
129*2 129*2 130 131
130 131
61*2
J ’ne27
<
>
lor
st
P
oW
or-.lO
O
_
Las
77
*<5*2
1
*Sale
78
77
Jan’
09
77
77
.
*75*2
*75*2
*75*2
17034 171
169 170
75 Pullm an C o ----------------- 100 .47 Jan 2
170
170 1/1
170U
171 171
169 169
9 A pr 10
m u * 10
10
60 R e e c e B u t t o n - H o le .. 10
10 *4
10 *4
*10
*10
IOI4
*10
8 8 i 2 Jan 2
10034 101*8 A1 0 1
10 1
2,536 S w ift & C o ....................... 100
10 1
10 1
100*2 101*1 1 0 0 1 2 101
10 0
101
20 Jan 3
23*9 * 2 2
2 0 lo r r ln g to n , Class A _ _ 25
23*2 * 2 2
*22
23*2
23*2
23*2 23*2 *22
23*2 *22
23
May22
Do
Dref........................ 25
26*2 *25
26*9
10
26*2 *25
*25
26*2 *25
26*2 *25
25
1*4 M c h 23
600 U n ion C o p L 'd & M 'g . 25
*1*2 ____
1*2
1*2 *1*2
*1*4
1*2
1*2
12612 127*4 12678 1271o 127
1,188 U nited F r u it.................. 100 114i2 Jan 2
128
127 129
130 130*2 129*2 130
38*2 Jan 4
60*4 60*2
6012 6034
5,681 Un Shoe M ach C o rp _ _ 25
61
62
60*4 601.,
60*4 6034 60*2 603,
24'* Jan 3
D o p r e f_____________ 25
29
29
29
29
29
29*4 *29
29
1,197
29
29*1
20
29
20 Jan 2
513* 52**
51*8 52
51&* 621*
5218 16,827 U S Steel C o rp ------------- 100
52*o
513* 52*4
51*4
62
87*2Jan 2
D o p r e t - . _ ............ -1 0 0
747
112*4 112*8 113
1133s
112*2 1133* 1125* 1131.1 1123* 113*4 11234 113
4 F eb 3
VVest
T
e
le
p
<
5
c
T
e
le
g
.,1
0
0
7
7
618
6**
8
*7
8
90
8
*7
♦7
*7;H
8
59 Jan i
Do
p r e f - _ .............. -1 0 0
80*2 81
*80
85
85
*81
*81
85
5
*80
85
*80
85
19 ?8 F e b 18
W estin g El & M ig -------50
La:t Sale I578 N ov'08
347* F e b 19
Do
p ret_____________ 50
Last Saic 44
Sep'08
M ining
U 2 F e b 21
2,124
A
d
ven
tu
re
C
o
n
------------25
9*2
0>8
9
9
9*4
_
_
9*4
91
2
9*2
9*2
91.1
9'1
24 A p r 23
10 A l i o u e z ------------------------- 25
____ 38
*35
38
* ____ 37
45 F e b 19
7938 803S 41,833 A m a lga m a ted C op p er 100
8078 82** 8 H3 823a
79*2 813S 79*2 803s
815$ 83%
20*4 Ja n 13
241; “2 41
•*2
2,051 A m Z in c L e a d & S m _ _ 25
2478 2 5
24U 24*4
24*4 2412
24i4 24i2
28 F e b 19
5 A n a c o n d a --------------------- 25
48
48
3 D ec 9
892 A r c a d ia n ----------------------- 25
*3
3
3
3
“ 314
14 Jan 2
353.,
1,620
A
rizon
a
C
o
m
m
e
rcia
l25
*36
36V,
3612
36
3f>
35*2
36*4
36*4
36
3534 38
.40 F e b 14
1
120 A rn old ------------------------- 25
*.50
*.50
1
1
.65
.65
*.50
.50
.50
*.50
1
8
A p r 22
163, 1 7
17
l(.-3, 163.
173.,
173, 1,750 A t l a n t i c ............................25
17*2
17*J IS
17
17
.25 O ct 7
B on anza (D e v C o )___ 10
.60
*.50
.60 *.55 .60
Last Sale .55
Jan'09
*.55
.80 *.55
10 *4 A p r 13
151,
1538 151-2 2*708 B o sto n C o n C & G (rets) £1
157s 16
153, 153j
I d s 1 ">*_ 15
I d s 16*2
1 * 4 A p r 14
20-3., 20-3,
2034 21
20*4 2034 2012 203*
203, 21
2012 203., 1,876 B os& C orbC op& S lIM g 5 115*2
Jan 2
2512 253.
26
263g
26ly 2(!33 253g 26
25H 20-3s
2512 2534 4.330 B u tte C oa lition ------------- 15
93 F e b 20
462 C alum et & A r iz o n a - - 10
1147s 116
115
11412 115
116 11G12 115 117
115*2
117 117
665
M ch 5
670
1
1
C
alum
et
<
S
s
H
c
c
la
-------25
670
6?0
670
670
670
*065
675
-605
675
005 665
21 F e b 10
32
32
195 C en ten nial--------------------- 25
32V]
3214
*32
33
31*2 31*2
*32
33
*32
33
.31
1 .25 M ch 6
.31
*.31 .35
.33
.35 1,825 Cons M ercu r G o ld ____
.33
.33
.33
.33
.33
*.32
56** F e b 18
3.805 C op per R a n g e C on Co 100
78*4 783.,
7812 7 9
79
78*2
78*2 79
78*2 791s
80
79
7
Jan 3
766 D a ly W e s t......................... 20
10U 101.
10*2
IOI4 11
10
10
I d s 10*4 *10
10
101g
25<
238
23S
2*4
212
*2
21s
2%
2
212 2.920 Elm R iv e r______________ 12 .99 M cli 6
2
6*2
A p r 22
151;
15
1,1
SO
F
r
a
n
k
lin
_______________
25
15
lot 2 1534
15*2
15*2 15*2
16*4 15’ j
80 Jail 2
150 G ra n by C o n s o lid a te d . 100
106 106
105
106 106
106
108 11IS - *107 107*2 ►106
078
Jan
2
11,904
Greene
C
ananea...........20
1134
11*2
11*2
H
r
>8
11*2
11*2
11/*
11*2
11*2
1178 121,
l-\s J ’ ly 2
____G uan aju ato C o n s o l____
6
Last Sale 2
Dec'08
1734 F e b 17
2414 24*4
24*,
261? 4,495 Isle R o y a le (C o p p e r ). 25
24is 2112
24
24
24
24
24
10
S ep 22
2,912 Lake C o p p e r----------------- 25
2 1 U 21*3
2 1 U 2 H4
21*2
22
21*4 21*2
21*4 22
21*4
12 * 4 Jan 2
133., 14
1,255 La Salle C o p p e r______25
11
14
1334
14
14
•141, 14*2
14*8
14't
2*4 M ch 0
534
102 Mass C on sol___________ 25
*512
*512 6
6
5*2 512
5 11
6*4
6*2
*5*2
5*2
D ec’08 ____M a flo w e r ------------------------- 25 .25 Jan 10
*.50
.70
Last Sale .60
.70
.70 * 5 0
*.50
.70 *.50
3*o D e c 28
43s
*4*i
41L 1,095 M exico Cons M & S __10
412
•13$
4l 2
4*l
43*
4 1,
4*9
4*2
4*2
£**4 Sep 22
5
14U
143fc 14,170 M iami C o p p e r________
14
14
14
141s
14M
14
15*8
14*4 15
15
7*4 F e b 25
140
M
ic
h
ig
a
n
_______________
25
12
12
1312
13
131, * 1 2 * 2 13* ♦1 2 * 2
13
13
46 F e b 19
587 M o h a w k ......................... 25
69
G9
C8
6934 70
it68
6934 6934 70
70
69
69
3,050 M ontana C on sol C & C 10 .23 D e c 30
.28
.25 *.25
.28
.25
.30
.25
.25
.25
.25
.35
*.25
83* J a n 2
1958 1 . 3 3 0 N e v a d a C o n s o lid a te d . 5
10*8 191,
195s
1812 183.,
183* 18*?
18*2 18*9
1 «S1 2 1 SI2
43 a O ct 2 2
300 New house M ines & S . 10
512
5*2
534
6l2
512
512
6
63,
6 **
*5*2
5%
4 W4 F e b 19
12,072
N
orth
B
u
tte
..........
..........15
.
81
81
801*
80
80i8
80i8
813
4
8212 81*4
R25, 83
.50
Jan 15
____O
ld
C
o
l
o
n
y
.
.
.
_____
_
25
Last Sale .60
*.60
Jan’09
*.60
*.60
*.60
28 Jan 2
5434 5 5
5434
55U
5 5 14 2,547 O ld D o m in io n --------------- 25
5534 6 6
55*2
6534 56*,
77
F e b 19
721
O
s
c
e
o
l
a
------------------------25
132
131
132
131
134l2
‘
129
131 132 *130
132 132
10 * 2 Jan 11
431 P a rro tt (Sliver & C op) 10
2812
2912
28’ 2 28*2 *28*2 29
29
29
29*2 29*2
28*4
*3 M ch 11
150 P h o e n ix C on solidated 25
1
1
*1
77 F e b 19
95 Q u in cy ______________
25
92
98*2 *93*
93*2
*93“ 94
93
*94
93
95
93*2 93*?
2 Alch20
840 R h o d e Is la n d --------------- 25
*5
5
5*8
*412
518
5
6
5
5
5
5 ',
5*S
1®* A p r 3
410
Santa
F
e
(G
o
ld
&
Cop)
10
*23*
234
*2*4
2*4
si?
*2 12
*2*4
23,
2
1
?
2>2
2'3
2*8
9*4
F e b 19
1.533
S
h
a
n
n
o
n
............................
10
16G
16*2
1612
1612
lo
'a
16:}8
16*2
17
16*2 1634
17
14 A p r 3
3634 36/*
393, 8.806 S u p erior......................... 25
37
3534 37
3534
34
35
36
34*4
14*8 O ct 17
16
17
10*2
16'a 1634
17*2 2.938 S u p e rio r& P ltts C o p p . 10
17
17
16>*
17
17
56 M ch 20
221 T a m a ra ck ______________ 25
*78
81
80
80
80
*78
80
80
81
HI
80
78
12*8 F e b 19
1,831 T r in ity .................................25
16
15*2 16
15*2
157# 16
16
16
16
1512 10
16
4&* M c h 24
143* 142,,
14*2 1,020 U nited C o p p e r-----------100
1412
143S 14*2
147* 15
14-3*
*15*4 15*2
2334 A p r 16
Last Sale 36
Do
p r e f__________ 1 0 0
Nov'08 ____
9 M ch 31
281*
29** 1.460 U nltedS tatesC oal& O ll 25
28U 2819
29
28
28>4 28*-> 28*4 2819
29
28
28 M cli 6
44
44
6,064 U S S m elt R e f & M in . 50
45
44M
4434
4412 44*2
45
45*2
44'2 45*4
37 F e b 10
46*4
46
Do
p r e f......................50
46
46*4 1,270
46*2
46
40
46
463*
46*4
46
433 S ep 10
534
2,097 U ta h -A p e x M i n i n g .. .
5
57g
6
6
57*
<i
534
534
W«
6
*534
534
2 0 * 2 Jan 3
433.1 44*4
5
44
451., 2,882 U tah C o n s o lid a te d ___
4334 44
4414 45
44
4419 45
441
287* M ay 8
4434
4434
69 U tah C op per C o . — . 10
44*2 44*2
44-* 4 4 5
*4534 46*4 *44*4 45
44*2 45
2 * 2 A p r l(
5
185 V c t o r l a -------,.--------------25
*412
434
5
4*2
4*2
*434
4
5
5 ',
*4*4
334
6*9
4*2 Jan 2
57*
6'*
500 W i n o n a ________________ 25
5*2
6*2
6*8
5U
6 **
6*8
«>»
152
152
104 W o lv e r in e .................... - 25 115*2 Jan 2
152 *152
151 151
149*2
151 151
.60
31
2 14,105 W y a n d o t ____
31,
83*
3
7-10
3*2
3
3
3*4
2
-’s
2 <>*
23*
> l ild a n a asked arises,
a a\ u w itocit.
e Aj s t paid, j E x - 3 to o k d iv .




” ;V "3

2*4

1212 1212

. 5i2

*5^2

amjc lot Trevtous Year
<1907'

Jiitjhesi

H inhesi
f',71 2Nov
7934 Nov
180 D ec
ir/3 Nov
200 J ’m
129 Nov
15J O ct
O ct
8 J Ty
50 Au
16 Nov
55 Nov
128 D ec
9934 O ct
170 O ct
152 J Ty
244 D ec
110 Nov
69*2 D ec
73 O ct
190 Aug
7 D ec
37 O ct
12712 Nov
145 D ec
205 Nov
175 O ct
25 Nov
82 Aug
S3»4 N ov
160*2 O ct
783, Nov
1451* Nov
74 D ec
94 Nov
140 A u g

107*2 Jan
1013* Jan
240 F eb
152 Jan
231 Jan
170 M ay
165 Jan
301 F eb
15 F eb
65 Jan
28-li Jan
80 Jan
160 Jan
120 Jan
188 F eb
156 Mcli
280 Jan
135 Jan
114 Men
88 Mcli
198 Jan
20*2 Jan
71*2 Jan
19012 Jan
160 Jan
226 F eb
20 0 *4 Jau
45 Jan
94
Jan
103 Jan
182*2 Jan
03 Jan
170 Jan
95 Jan
110 Mch
147 Jan

N0V24
N o v 26
D ec 7
D ec 7
137*** N o v 9
132 N o v 9
132*2 N o v 16
323s D ec 10
U6 I2 N o v 2 /
4*2 D e c a
128 N ov 2/
2 1 1 4 D ec 2
8*8 N o v 14
253 N o v 28
16 2
D ec 2
60 D e c 31
90 N o v i
215 N o v 7
3 O ct 8
78 N o v 2 93 D e c 31
128 N o v i .
, „ D e c 24
79
174lo N o v Id
10l2 N o v 25
108*2 J ’ ly 31
24 O ct 17
26*2 D e c 1/
2 * 2 Jan kb
148 J ’ l y l 4
023* N ov 13
50 N o v 0
5 8 S4 N o v 13
114 N o v 13
9 I0 N o v 13
86 *4 D e c 18
46 i i o v 9
44*8 Sep 17

10 O ct
7212 Nov
3*2 N ov
Ulo O ct
93 D ec
105 D ec
89*4 Nov
12*4 Nov
69 O ct
3 Mcli
031? Nov
1219 O ct
312 O ct
186 N ov
91 O ct
43 O ct
75 N ov
185 N ov
1*4 D ec
46 J ’ ne
80 O ct
96 N ov

26 Jan
95 Feb
1434 Jan
33 Jan
137*4 F eb
1 3 1 3 4 Jan
I 3 4 I0 Jan
36*o Jan
102*2 Jan
4 “ Jan
115 Jan
25 Feb
9*4 Jan
230 Jan
10 2
Jan
0 0 &s Jan
86 *2 A p r
215 Mob
434 Jan
75
J ’ly
90
Jan
126 Jail

137: Nov
9
N ov
70*2 Nov
20
J ’ ne
24*2 N ov
1 O ct
10U 2 O ct
36 O ct
235* N ov
22 O ct
7 9 * 2 Nov
4 Nov
50 N ov
26*4 N ov
70 May

18 2

12*4 A u g 19
41*2 N'OV 25
88*8 N o v 7
30 «i ’ne 2
53 N o v 13
6 Jan 16
4oh D e c 11
.90 A u g 7
19*2 N o v 7
.75 N o v 13
1818 N o v 11
25 N o v 25
30 A u g 4
130 A u g 1
700 Jan 16
3G34 N o v 7
.45 J ne 9
8378 N o v 9
117* N o v 9
N ov 0
19*2 N ov28
110 J ’ ly3U
131* A u g 3
27* Jail 22
26*4 Jan 27
24*4 D e c 5
17*4 Jau 14
b»* A u g 19
.76 J ’ly 3 0
8 Jan 18
1&12 D e c 29
15*2 N o v 9
73 N o v 7
138 Jan 24
2034 N o v 13
8 M ay 19
SO3* N o v 7
1
J ’ly 31
G0*2 D e c 4
136*2 D e c 3U
31** D ec 2
1*4 Jan 26
100 A u g 1
6*8 N ov28
33* N o v 19
19*4 N o v 9
36*2 N ov23
20** N o v 27
88 N o v 7
26 A u g 10
16*2 N o v 11

5* N ov
20 O ct
421* D ec
19 N ov
26 O ct
234 O ct
?34 O ct
.35 vScp
6*2 O ct
.35 Sep
8 s* N ov

l01*i D ec 2
104*4 D e c 2
v30 D e c K
j 40 Jan 2i
228 D e c 9
140 Jan 2^
156 Jan 22
3U1 N o v 1 >
13 M ch 2 /
58 N o v W
17 Jan 25
GOigJ-an in
151*4 D e c H
lk0*2 D e c 2 2
16 6
Men
138 A p r 2 1
263 D e c o
133 N ov27
D ec 16
86
85 D e c 16
193 N o v 2 7
13 3 .1 i\ov25
64 N o v "
161 N o v
145 A p r
206 F eb
196*8 D ec
34 D ec
95 D ec
] 02 D ec
18638 N o v 297-4 N o v 17
16 1
N o v 30
91*2 Sep 19
110 D e c 4
140 Moil3 I
35
96
12
23

36
N O V 20
3t**4 N O V 13
467* N O V 17

47 N o v l l
7 N ov 7
50 A u g 7
53 N o v 9
„ N o v 16
6
e7;MN o v 27
155 N o v 10
33* O c t 3
.. Ex-rlgnts-

Jan
11 Jan
113 Jan
22*9 Jan
27*2 J 'ly
6?* Jan
120 Deo
69 Jan
29 Jan
603* Jan
10734 Jan
9
Jan
82 Jan
78*2 Jan
8 0 “ F eb
Feb
Jan
Jan
63 Jan
75 Feb
153* Jan
28*-» May
2 Jan
22 F eb
.80 Jan
3 3 1 4 Jan

6*2
7 4*4
12 1

O ct " 3 9 ^3" Jan
198 Feb
O ct
O ct 1000 F eb
47 Feb
O ct
.62 Jan
O ct
105 Jan
O ct
2 0 * 2 Jan
D ec
4 ** Jan
N ov
29*4 Mch
O ct
151 F eb
O ct
176* A p r
O ct
5*4 Jan
2
D ec
8 6 * 2 Jan
IU 2 O ct

10
89
535
16
.25
44*4
7 I0
34
6
65
6i4

8
O ct
2 3* N ov
.40 N ov
534 N ov
""58 4

37
1
534

O ct
O ct
N ov
N ov

30 F eb
9*4 Jan
134 Jan
15 * 4 Jan
’ 24"2" ja n ’
96*2 Jan
3*2 M ay
2 0 * 2 Jan
Jan
2*2 Jan
03 Feb
18 1
F eb
35 Jan
e3 Jan
148 F eb
el234 Jau
7 *2 Jan
243* Jan

30

O ct
12 Sep
18 O ct
71 O ct
83.1 O ct
I2 D ec
70
O ct
2 O ct
112 N ov
7*8 O ct

12 0

61 O ct
9** N ov
7
D ec
22 O ct
7i*> N ov
243.1 O ct
277* O ct

170

25*2 O ct

79

Jan
Jan
M ch
91 M ay
13*4 Jan
70 Jan
49 Jan
42*4
7 7* 4

Jan

3*2 O ct
T A 'm
14 Jan
r2l2 N ov
198 Feb
93 O ct
38.9 Jan
.10 N ov
•r-div, and r ig h t *

J-AN. 16 1909.1

Boston Bond Record.

..u i>
BO STON STOCK K X C H ’GE
WKEK ENDINO J an j 5
A m T e le p & T o l coU tr 4 s .1929
C o n v e r tib le 4 s ................... 1936
A m W rit P a per 1st s t 6s u 1919
A r i* C om C op 1st c o n v 6s 1918
A ten T o p * 8 F e g e n g 4 s .. l 9 9 5
A d ju s tm e n t a 4 s ___ J 'ly 1996
.............J ’ ly 1995
Stam ped
60-year c o n v 4 s.............1955
10-year c o n v 5 s .............1917
B o s t o n E le o t L c o n s o l 68.1924
B oston & .Lowell 4 s ........... 1910
B oston * M a m e 4 ^ a ......... 1944
B oston T erm in a l 1813*28.1947
B u r * M o R lv e x 6s........... 1918
N o n -e x e m p t Os................. 1918
S in k in g fund 48................1910
B n t t e * Huston 1st 6 s___ 1917
Cedar Hap & M o R 1st 7 s .1910
2d 7 s ..................................... 1909
Cent. V erm t 1st g 4 s ..M a y 1920
OB &
Iow a D iv 1st 58.1919
Io w a D iv 1st 4 s ................ 1919
, D eb en tu re 5 s ..................... 1913
D en v er E x ten 4 s .............1922
N ebraska E x te n 4 s ........1927
B * 8 W s t 4 s ................... 1921
Illin ois D iv 3 * 2 8 ................1949
J o in t bonds See G t N orth ern
Ohio j o R y * Stk Y ds 5 s . 1916
C oll tru st refu n d in g k 4 s 1940
Oh M il & S t P D u b D Os.. 1920
Oh M <6 S t P W is V d iv 0S192U
O hlc «ss N o M ien 1st gu 5 s . l 9 3 i
Ohio & W M l oh gen 6 s .. ..1 9 2 1
C on cord & M o n t con s 4 s .. 1920
C onn * Pass R 1st g 4 s . . . 1 943
C on s S S L c o ll t r g 4 s c t f s 1957
C u rren t R iv e r 1st 5 s ......... 1927
D e t G r R a p * W 1st 4 s . .. 1916
D om inion C oal 1st s t 6 s . . 1 9 4 0
F iton b u rg 4 s ......................... 1915
4 s .......................................... 1927
ITremt E l k * M o V 1st O s..1933
U n stam ped 1st Os........... 1933
G t N o r O B * <4 c o ll tr 4s 1921
R eg istered 4 s .....................1921

trice
Friday
Jan 15
J .J
M-S
J -J
M-S
A-O
N ov
M-N
J-D
J-D
M-S
J -J
J-J
F-A
J -J
J -J
J -J
A -0
M-N
J-D
Q -F
A-O
A-O
M-N
F-A
M-N
M-S
J -J

Weekfs
R ange or
Last Sale

M igh Av
ASh Low
Sale
91V
02 V 108
92 V
93 V 137
Sale
11783, M ar’ 08 ....
165 D e c ’ oS
100
100'-. 15
1 0 0 * 2 Sale
1
92%
923,
92 ........
91 S e p ’ OH
92 ........
J
102V 102 V
105 V D e c ’08 ....
104 Si ,
110 *60*04
101 Sep *00
104 V O ct ’Oe
112 V Jan ’ 03
104 O ct ’07
102 Sep ’05
98 V A p r ’08 ....
100 J ’ ue’ 01
117 J ’ ue’ 08
111 V J ’l y ’05
4
81V
81
8 1 a, 81
V103 O c t ’ 07
100 D e c ’ OH
100 A p r ’ 08
99% Jan ’Ou
lO O V O ct ’OH
97 V M ay’07
1)93 D e o ’08 ....

Bid
92
93

J-J
A-O
J -J
J .J
M-N
J-D
J-D
A-O
J -J

A-O
A-O
M-N
M-S
M-S
A-O
A-O
J -J
Q-J

Jtant/e
Y ear
1BU8

1-S
§S
**

boston
wbkk

151

di ­
STOCK K X C H ’ GK
E nding J a n 15

Low H igh
78V 92 V
80% 1(90''V
’ !7834 1i78%
112 170
VJ6 1U‘2 1
92%
85
91
91
1(83% H06%
95% 107 V

Illin ois Steel d eben 5 s___ 191c
N o n -co n v e rt deben 6 s ...1 9 1 3
la F a lls * S io u x C i s t 7 s .. 1917
Kan C Clin * 8 pr 1st 5s. ..1 9 2 6
Kan C F t S * G u lf e x t 5 s .. 1911
Kan C F t S c o t t * M Os. ...1 9 2 8
Kan C M * B gen 4 s ........... 1934
A sse n te d in co m e 5 s........1934
K an C & M R y * B r 1st 5 s l9 2 9
M aine Cent co n s 1st 7s. ..1 9 1 2
C ons 1st 4 s .........................1912
104 104 V M aro H ou gh & O nt 1 st Os.1925
M exica n C entral c o n s 4 s .. 1911
1st co n s in c 3 s .......... Jan 1939
2d con s in o 3 s .......... Jan 1939
97
98 V M t c h T e le p l 8 t 6 s ................. 1917
M in ne G en E le c c o n g 5s 1929
N e w E n g C ot Y a m 5 s___ 1929
117 117
N e w E n g T e le p li 6 s ........... 1915
5s............................................ 1916
76
82 V
N e w E n g la n d c o n s g 6 s ... 1945
B oston T e rm 1st 4 s ........1939
N Y N II & H con deb 3 * 1 8 1 9 5 6
100
10 0
C o n v d eb Os ( c t f s ) ......... 194s*
98 V 99*4
98% 100 V Old C olon y gold 4 s ..............1924
G reg R y * N a v con g 4 s .. 1946
O reg Sh L in e 1st g Os........1922
80 1193
R ep u b V a lle y 1st s 1 O s...1 9 1 9
14 99 103 V Rutland 1st co n ge n 4 *2 8 . 1 9 4 1
85
89
R utlam l-C anadian I s t 4 s l9 4 9
Savannah E lec 1st co n s 5s. 1952
118 118
S eattle E le c 1st g 5 s ......... 1930
8 95 100
i ’e rro H a u te E le c g 5 s ___ 1929
8 97 102
T o rrin g to n 1st g 6 s ........... 1918
U nion P ao R R * l g r g 4 s . l 9 4 7
2 0 -year co n v 4 s ................. 1927
8 i i v 1SV U nited F ru it co n v ge n b s. 1911
U S C oal * O il 1st s f O s.. 1938
*2 80
90
U S Steel C orp 1 0 -0 0 y r 5 s . 1903
.... 90
W est E n d S tre e t R y 4 s ___ 1916
G old 4*28.............................. 1914
G old d e o e n tu re 4 s ........... 1910
90
90
G old 4 s ..................................1917
.... 128 128 V
W estern T e le p h * T e l 5s. 1932
04 92 V 1199% W isco n sin C en t 1st gen 4 s l9 4 9
.5 92
9 8 a, W iscon sin V a lley 1st 7 s ..190:

_

.....

_

102% 10234
9 L Jan ’ 09
118 J ’l y ’ 08
120 F e u ’05
101
101
101
I02*a 103
103
91 D e o ’07
112 V J a n ’ 03
17%
18
104 N o v ’ OO
87
87
91 N o v ’ 08
103*8 A p t ’ 06
90 A p r ’ OH
128 V A p r ’ 08
140 A p r ’ 06
97% Sale
97%
97%
9 7 % ........
97 V
97 V
102 Si Bale
90 ........

N oth — Bu yer pays a ccru ed in te re st lu a dd ition to the p u rch a se price tor ail B oston B onds.

tr io ;
tV id au
J a n 15

lit

Bin
J -J
A-O
A-O
A-O
J-D
M-N
M-S
M-S
A-O
A-O
A-O
A-O
J -J
J ’ ly

W
J -J
F-A
A-O
A-O
J -J
A-O
J-J
J -J
F-A
J-D
F-A
J -J
J -J
J -J
J-J
F-A
J-J
M-S
J -J
J -J
M-S
M-N
M-N
F-A
M-S
M-N
F-A
J -J
J -J
J-J

B anne
Y ear
w '8

Wecic’s
B unge or
hast s a l e

ask

Sale
1003s Sale

10 0 * 2

Low

10
0*% M10iff/1
0
1003s 100*2

High.
100*4
100%
117
90

A p r ’ UJ a n ’ o.
A u g ’O.'
119 ......... 1 1 0 * 2
lrO -.
90 ......... 90 Jan *09
80*2 Sals
86*2
e0 %
103 ......... 103 V 103
113% N o v ’ OO
101*4 8ep ’ 06
110 J’ n e ’ 0 8
l| 82 % D ec’ 0H
1 10 A p r ’Oh
1(15V A p r ’ O

.1 3 116
74 1)86
n o
5 10 *
615*4 1115’

102*2 Aug’ 04
102 *9 102 %
100 *s Jan ’07
100 *2 Sep ’ Ob

100*2 100*2

" 9 5 " "95**2

103

117
95
lo o

Low
97*4
95
117
90

1100’s D e o ’ o s
1134 V N o v ’ 08

98*2 J ’ly os
1(90*4 J ’l y ’ 08

G e t ’ Os
105 D e o ’ 08
107*2 N o v ’ 05
102
M ai’ 02
98*2 M ay’OO
104 D e c '08
97 A p r ’ 01
99*2 N ov’ 03
1023*, J a n ’ (19

11120

105

100

1 ) 1 0 0 % N o v ’ Oh

110 J a n ’ 08
120 D e o ’Ue
1023, 102
96*4 F eb’U8
1 0 1 *8 s o p ’ 08
99=8 D e o ’ 08
98

Sale

98*4 co t ’08

97*2
98
Sep ’ 05
109% Aug’ 05

100 100

109*2 116*4
■
s 7 *2 91
80
88*0
100*4 102*4

93

102

79*4 11101
1934 1134*4
98*4 98*2
1190*4 1190*4
103 11120
105 105

100*4 105
1 9 9 7s 1103-s
1184**6111083,
HO 117
102*8 127
1180 103**
90*4 90 4
101 *, 101 V
99% 9 9 \
98*4 90-s
79
98

1 19 4 * 2

* N o prioe F r id a y ; latest bid and asked.

1i F lat price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Dally, Weekly, Yearly
s im r e
S atu rd a y
Jan 9

83

’ r ic e e — Mot P o r C e n tu m P r i c e .

M on d a y
Jan U

83

100
14
1 4 V 14 V
26
25
26
♦10 V 103, * . . . . . .
46V
3S%
•11
17
•65
15V
90
74 V

45 V
38»,
11 V
173,
66 V
15 V
90
753,

66%a
43
11V
26 V
69 V

07
43
11%
25%
70%

•40
52
91V

47
62 V
92

14
26 V
103,

Tuesday
J a n l 'j

83
101
14
*24
10

45 V 45 V
3 8 V 88%
11
11
17
17V
54 V 55
16
16 V
90 V 90 V
74 V 76

‘ 45
38 V
*11
17
54V
16
90 V
73%
2
66% 00% 05»3la
42 V 43
43 V
113,
113,
u v
253,
26% 20
6 8 ‘4
08%

•45 V 46
613, b 2 ‘»
91% o l 3,

P H I L A D E L P H IA
in a c tiv e S t o c k s

A lle g h e n y V al p r e £ ....6 0
A m erica n C em en t........69
A m o r P ip e M lg ......... 199
B ell T ele p h o n e ( P a ) . 109
C am bria I r o n ................. 60
O entral Coal * C ok e. 109
O o n s o lT r a o o l N J ...1 0 9
D iam ond S ta te S t e e l.. 19
P r o t o r r e d ..................... l o
E a ston Con E le c tr ic 0.60
K leo S tora ge B att___ 199
P r e le r r e u ................... 109
F t W a yn e * W V ........109
G erm a n to w n P a ss........59
In dian ap olis S t........... 199
In dian a U nion T r -----109
In s u r a n c e C o ot N A . . 19
In te r 8 m P o w & C hem .60
K eyston e T e lep h on e ..6 9
P r e le r r o d ..................... 59
K eyston eW a tch C ase.199
L it B r o th e r s ................... 19
L ittle S c h u y lk ill........... 59
M lnehiU * S cliu yl H ..6 0
N H a v e n I r o n * S t e e l.5
N orth ern C en tra l......... 6 0
North Pennsylvanla..50‘
Pennsylvania sa lt........60
Pennsylvania sieo L .100
Preferred.................. 100
Plilla Co (Pitts) pref...6 0
Phil Gorman * Norris.50
Phila Traction...............50
Railway* General........10
Snsqueh Iron & S te e l..6
Tld^iy^iLt^f
TT__ 10
Preicrreil ...•••••••••lo
Tonopali M ining of Novi
Uninn Tr of In«l
_100
United N J UR <&C ..100
Unit Trao Pitts pret..6 0
Warwick Iron A Steel. 10
W est Jersey <£> SeaSh.50
W ilkes tins cC Flic. ..lo t

83
101
14
i6 v

10*2
14
24
24
10V l o v

*45
40
40
38 V
38 V 38 V
u v
UV
11%
17
17 V 17 V
•55
55
60
14% 15 V
15V
90 V
96 V 96 V
74 V
73% 74 V
2% l * 5ia l* 5ifl
66 V 06*»i8 60 l4
43%
4 2 ‘ 4 43
113,
11% u %
20%
25 V 26
08% 09
09*1b

•45 V 40 V
5DV 62
91V 913,
B id

W ednesday
J a n 18

A sk

•46 V 40
6 U 4 61%
9 1 V 91V

T h u rsd a y
J a n 14

Sales

0/ the

35
*25
83
*81
U)A
•107 109
14*>; +1334 14 V
*13
‘ 23 " 25
26
-9 34
10
10 V 10 V
45V
38 V
*11
17
50
143,
90V
7334
l 15ifl
0&a4
*42
u v

45V *45
38 V
38 V
•11
UV
18%
18 V
6 734
67 V
15
14%
90V
90 V
73%
74 V
2
2
00%
oe*.
•42 V
43
UV
u%
2534
25%
25 V
08j4 09% *G7*%e
*46
45% 45% *45 V
5T \ bt34
61 V
913, 92
92
*27

P H IL A D E L P H IA

B onds
A1 V a l E e x t 7s 1910 A-O
41*2 A lt & L V E le o 1 V s’ 33.F -A
A m R y s c o u v o s 1 9 1 1 .J -D
192
A t ! C ity 1st 68 g ’ 1 9 .M -N
40
Balls T o r 1st 6s 1 92 0. J-D
Berg<feEBrw 1st Os’ 21 J-J
73
Betide Steel Os 1998.Q -F
Ch oc * M o 1st 5s 1949 J-J
Ch O k & G go n 6s ’ 19 J-J
Col S t R y l s t o o n 6s 1932
43
C o n T r a o o t N J 1st 5 s .’ 33
E * A 1st M 6s 1920 .M-N
E le c & P e o T r stk tr etts
12 6 '
E q 11 G as-L 1st g 5s 192b
H & B T o p c o n 6s ’ 25 A-O
Indianap olis R y 4 s . 1933
21
21*2 In te rsta te 4s 1943 . .F - A
L o h lg liN a v 4*as ’ 14. Q-J
"**8 % l 6 "
H its 4s g ........1 9 1 4 .<4-F
G en M 4 * 2 8 g-1924.<4-F
Leli V C 1st 58 g ’ 3 3 ..J-J
Loh V e x t 4s 1st 1948. J-D
2d 7s 1 91 0................. M -S
C on sol Os 192 3........J-D
A n n u ity Os............... J-D
1 0 2 >a
G on c o n s 4s 2 0 0 3 .M -N
Loh V T ran con 4s ’35 J-D
......... N o w C on G as 5s 1948 J-D
N ew ark Pass co n 5s 1980
104
N Y P h * N o 1st 4s ’ 39 J-J
In c o m e 4s 1 9 3 9 ....M-N
43V 433,
N o O h io T r a o c o n S s ’ lO.J-J
90 V 91
P en n g e n Os r 1 9 1 0 .. V ai
7%
8V
C on sol 5s r 1 9 1 9 ...V a t
P en n * M d S teel c o n Os.
P a * N Y Can 5s ’3 9 .A-O
C on 4s 1939..............A-O
63,
6*4 P en n Steel 1st 6s ’ 17 M -N
P eop le’ s T r tr ce rts 4s ’ 43
263% 264V P C o 1 s t * c o l tr 6s’49 M-S
C o n * c o lt r 5 s l9 6 1 M - N
8
8 V Phil E lec gold tru st otts.
43%
T r u s t c e r tifs 4 s ...............
P * E g e n M 6 g ”2 0 . A-O
.....................
uen
U
Gen ji
M 4M
4 s g li9» 2ju
0 ..A
. . AiS
*O

105
94
07*2

llb V
itw v

93*,
107
39
103*2
108*2

120%
08V
69
1

U6

A sk

110

*,

106
98>a

102

P H IL A D E L P H IA

B id

H igh est
20
05
80
4
lo

Jan 15
Mar26
Jan 2
F eb 12
Feb lb
Jan h

423, M ar 1
26*8 F eb 16
8 * 4 Jan 25
3 Si J an 9
1 9 7s J a n 6
3« b F eb 29
78*4 J a n 2
5 2 3 g F e b 29
15io Jan 29
54uie Jan 2
34 >2 -Mar 3
5 * 2 Feb 2'
112*8 J ’ ne i
48*18 F e b 1'
39 J a n 3
37 *2 Jan 2
E44V J ’ nt
73*8 Jan
25 J ’ne22
ASK

P h & R ead 2d 5s ’3 3 . A-O
—
Cou M 7s 191 1........J-D 107 v
E x Im p M 4s g ’ 4 7 .A-O
loo
T erm in al 5 s g l 9 4 1 .Q - F 120 1 2 1
112
P W & B e o l t r 4 s ’ 21.J-J 100
P ortlan d R y 1st 5s 1930.
Roeh R y * L e o n Os’ 54J-J
97 % 9 9 %
Spanish -A ra I r Os ’ 27 J-J 1013,
i f T r a c In d g e n o s ’ lh .J -J
Un K ys T r otts 4s’ 4 9 J * J
U n ited R y s I n v l s t c o l l t r
s t b s 1 92 6................. M-N
8 1 V 82%
U T ra o P it g en 5s ”J7 J-J
70
93*2 W e lsb aoli s t 6 s 1 93 0.J-D
76V
W lks-B G * E c o n 5 s ’55J-J
B A L T IM O R E
I n n c t iv o S t o c k s
40
A la C on s C o a l* l i on.100
38
P r e r .............................. 100
80
io*2 *a A t l a n t a * C h a rlo tte ..1 0 0
A tia u C oast L in e HK.IOU
i' 1 '6
A tla n Coast L (C ou n )lU o 240 249
C anton C o .....................100
92 V 95
C ons C ot D u ck C o r p ... 6 u
ov
7V
24% 26%
P r o t e r r e d .................... 50
160
G eorgia S o u * F l a ...1 0 0
22
98*4
1 s t p r e t.......................1 0 0
86
96
01
2 d p r o f........................ 1 0 0
06
68
G -B -S B r e w in g ........... 100
3%

1U4

110

lt n lliiu o r e
O on.Gafl EL It. As Pow.lOC)
D o p r o f.................... 100
120
95
50
523
10 0
935
D o 2d p r e f............. 1 0 0
120 U nited R y * E le c t r ic .. 60

P h ila d e lp h ia
42 A m erican R a ilw a y s___ 50
45V
38 V 1,164 Cam bria S t e e l................. 50
316 E le e t n o Co o f A m e r ic a 10
u v
1 9 ‘, 6,997 G en A sp h a lt tr c t l s ___ 100
593, 4,372
D o pref tr c t f s ___ 1U0
16V 1,635 Lake S u p e rio r C o rp ___ 100
643 L eh igh 0 * N a v tr ctfs. 5P
97
74% 15,036 L eh igh V a lle y ................. 50
2
1 .2 /6
100
fiG%« 1.049 P e n n sy lv a n ia H R ......... 50
286 P lnladelp’ aC o ( P lt t a o ). 50
43
5,354
P h iladelphia E le c t r ic ! 25
11%
2 6 a4 11,741 Phila R apid T r a n s it . . . 50
03% b 37,650 R e a d in g ........................... 50
40
6u
40
D o 2d pi o f............... 60
613, 6,760 U nion T r a c t i o n ............. 60
92
3,013 U nited G as liu p t ........... 50
30
W elsbaoli C o ................. 100

B id

M ange lor
Y ea r 19 o 8

A C T I V E -S T O C K .*

W eek ( t o r B o n d s a n d In a ctive
Stocks see below )
Shares

t r id a u
Jan 15

74

102*4
74*4

.......

.......

R onds
A n a co stla * P o t 5 s........... 103 V 103%
A t l * Ch e x t 4 *28 ’ 1 0 .J-J
99 8 4
A tla n O L R R 4s 1952M -S
96
97 V
A t l C oast L (O t)ctts 6 s J-D 100
1U0
Ctts o t iu d e b t 4 s ___ J-J
8u% 8 1 %
6-20 y r 4s 192 6......... J J
85
B a ltC P a s s 1 s t 5 s ’ l l M-N 101% 102%
B alt F u n d g 58.1910 M -N 108
109
E x ch a n g e 3 >23 1930 J-J 100 100%
B alt * P 1 st Os m 1’ l l A -u
B alt T ra o 1st 5 s .. ’29 M-N 109
N o B a lt D iv 5s 1942 J-D l l'J
C en t’ l R y c o n 5 s l9 3 2 M-N 108
E x t * Im p 58.1932 M >
Chas C ity tty
Ry iscos
1st 5s ”23
vmasuity
s . uJ--J
j iiuu
o o " :.........
:::::

30
81*4
102
15

D eo 7
D eo 3 9
D e c 39
D eo 2 :
D eo 2 .
N o v l7

Bange /or l*reviout
■
Year ( i y u ? )
Lowest

H ighest

3 3 * 9 Jan
80 31 ay
7 8 *2 N ov
10 N ov
24 D ec
s % Get

35 Jan
85 Jan
97 Jan
23*4 Jan
48 Jan
16 J ’ u e

40*2 N o v i'.
43*s Dec
40 *4 Deo 14 22 O ct
7 % O cl
11*4 Deo 14
193* Dec 21
3 O ct
69*2 Dec2S’ 1334 Nov
4 Dec
17 D eo24
97% Dec l .
09 Oct
76*4 Deo 3.
48*2 Oct
2*8 A p r 2 i
3, N ov
6 6 * 18 DeC36 JS52 N ov
4 4 J, D eo li
33*4 N»v
1238 N ov !
6 *je N ov
25 *4 D eo 3 1 < m N ov
r i* * ia D e o i4
3 5 3 0 Out
45 s D e o S
30 V N ov
43 V D ec 6 32 *2 Got
50*4 Apr 23 4 1 * 8 N <>'
U434 D eo 26 06 *2 O ct
28 N ovlH 25 May

51 Jan
47*i Jan
11*8 Jan
8
Jan
36 Jan
16 Jan
103 Jan
7 a 7s J a n
2 *2 J an
70**16 J an
48 St Jan

20

12

9

Apr

{20*8 May
6 9 -V Jan
453s Jan
47 Jan
00% Jan
90 V Jan
3t) Feb

l l A I / l ' l . l l O d I'.

liiu

Chas R y G * E l 5 s ’99 M-S
Chari C * A ext 6 s .’09 J-J
2d 7 s.................1910 A-O
C it y * Sub 1st 5 s. . ’22 J-D
C it y * S u b (W a s)lst6 s’4b
Cool * 1 Ry 1st 6s ’20F-A
CoLfeGruv IstOs.lOlOJ-J
Consol Gas Os...1 9 1 0 J-D
5s......................1 9 3 9 J-D
G a & Ala 1st cou 5s ’46 J •J
G a C a r * N l s t 5 s g ’29J-J
Georgia P 1st Os.. . ’22 J-J
G a S o * Fla 1st 5sl945J-J
G-B-S Brew 3-4s 1951M-S.
2d income 5s 1951 M-N
Knoxv Trac 1st 5s '28A-U
LakeR El 1st gu5s’42M -s
M aconR y*LtlH t5s’53J-J
Memphis St 1st 5s’ 45 J-J
MetSt( Wfash )lst5s’25F A
Mt Ver Cot Duck 1st 6s.
N p t N * O P l s t 5 s ’3SM .N
General 5 s ....1 9 4 1 M -S
Norfolk St 1st 5 s ’4 4 ..J-J
North Con14 *2 8 1926 A-O
Series A 5s 1920__ J-J
Series B 6s 1926___J -J
Pitt Un Trao 5s 1997-J J
Polo Val 1st 6s 1 9 4 1 ..J-J
Sav F l a * W e s t 5 s ’34 A-O
Seaboard A L 4s 1950 A-O
Scab & Roan 5s 1920. J-J
South Bound 1st 5 » .. A -o
U El L * P 1st 4 *2S”29 M-N
Un Ry & El 1st 4 s '49 M-S
income 4s 1949........J-D
Funding 5s 1936...J -1)
V aM ld 2d ser Os ’ l l . M - s
3d series 0s 1 9 1 0 ..M -S
4th ser 3-4-58 1 9 2 1 .M-S
5lh series 5s 19 2 0 .M -s
Va (State) 3s new ’32.J-J
Fund debt 2-3* 199l.J-1
W est N C cou 6s 1914 J -J
W es Vu C& P 1st 6g' 1 1 J -J
»v a oc
n m u u&S..1935.J-J
8. . i » , w . j - j
Wtl
* Weld

89%
1U0
109
102

ASK

106

100

108

112

102 % 102 V

111
102
104

112

111 V
103
106

109 109 V
45
16 V
14a, 15
105
109
96
110
793,
105
107

90

106 ■a

112*2
113 S
104
105 V
1 0 2 *a
106
03 % 04
106
102
103
94*. 95V
85
85 V
&1*« 5l*v
78
78 V
100
105
91
93
91
93
107*4 110
102 V 103
10s ji110
ivo
iv

• B id an a oaaoU; n o sa les on tills day. u K x -rig h ts. U4*7.60 paid, t #12 V paid. f #13 *4 paul. i #35 paid, a R e c e ip ts . 0 #25 paid. 0 # 30 paid, a ,>42 v paid.




152

THE CHRONICLE

Volume of Business at Stock Exchanges
TRANSACTIONS AX TH E NEW YO RK STOCK EXCHANGE
DAILY.' W EE K L Y AND YE AR LY.

Week ending
Jan. 15 1900.

Par value.

Haltroad,
d c ..
Bonds.

$59,444,300
81.491.300
61,886,000
68.549.300
53,165,600
54,459,400

$3,605,500
5.080.500
4.681.000
5.118.500
4.758.500
4.115.000

Stocks.

Slate
Bonds.

Electric Companie<
C h icago E dison Co See Ch
e K ings C o El L & P C o lo o
N arragan (P rov) El C o . 50
N Y & Q El L & P o w C o -1 0 i
Preferred __________ 100
U nited E lec o f N J _ _ .lo o
1st g 4s 1949...........J-D

|V o l , l.X X X VIII
Bin
oaet
124
85
37
65
50
571‘ 2

Ask
'1st
23
90
40
70
05
!134

industrial and tliscei
Ask
tflrt
Consol Gar H e a t in g .. 10.
25
20
Cans tty E g t& K e tr lg .lO ,
Consol R u bber T ire__lot
‘ *5*
Pretcrred __________ lot
20
271*
D e b e u m re as 1951 A & G
3912 4H2
Cons Steam shln Lines 100
2c
4C.
Coll tr 4s 1967 rets J&J
171- 18
Corn Prod R ef Seo Stock E xc list
•Crucible Steel_______ lo o
714
812
e P r e fe r re d __________ 1 0 1
57
58
C um berland Ely C o p p e r .5 *87io
812
•D iam ond M atch C o .lO i
119 121
D om inion C op p er______ 10
*716 u19
Douglas C o p p e r________
*134
2U
G con’ y L t & P (J o lie t, III)
1st M s 1 g 5s 1 9 5 6 .J-L 1 921 ■ 95
E lectric B o a t_________ 1 0 0
25
30
60
Preferred __________ lo u
75
E lectric V eh icle______lou
3
P refertcd __________ 1 0 0
5
Em pire S teel_____ . . . l o o
12
7
45
£0
P r e f e r r e d ___ ______ 1 0 0
Stk
E
x list
Federal Sugar o f N Y Se
60
•General C h em ical___ lOo
63
98
• P re fe rre d __________ l o o
*778
G oldfield Consol M in e s -10
G old H ill C o p p e r_______
Greene C auanea_______ 2 0
•‘11*4 1 1 3 4
G uggenheim K xp lor’ n 10u 170 180
• H ackensack W ater Co
88
89
R e f g 4s '52 op '1 2 . .J -J
Hall Signal C o _________lOu
34
38
H avana T o b a c co C o ..lO o
9
7
20
Preferred ______
.1 0 0
IS
53
1st g 5s June 1 2 2 -J -D
60
H eck er-Jones-Jew ell MU.
1st 6s 1922_________M -s 100
36
ile r ’ g-H a ll-M ar, n e w .lO o
46
H oboken Land & Im plO u
•5s 1910___________ M-N
101*“
834
H ouston O il__________ io o
912
P r e f e r r e d ___ . . . . . 1 0 0
36
45
100 110
H udson R e a lty _______ lo o
65
' In gersoll-R an d c o m -iu u
87
•Preferred ______ . . 1 0 0
95
90
ln tern at'l B a n k 'g C o .lO J
In t’nl Mor Mar See Stk
E xo list
98
ln te rn a t’l N ick e l____ 1 0 0
85
Preferred __________ luu
88
88
1st g 6s 1032____ A&O
85
Internation al S u it___ lu^
17
15
1st g 5s. 1951______A-O
50
58
ln tern a t’ l S ilve r______lo u
10
1212
Preferred _______ __1UU
66
68
1st 6s 1948_________J -L §107
110
L a ckaw anna Steel___ 1 0 0
50
40
Lanston M o n o t y p e .. 2 0 *111; 1212
Law yers’ M tge C o ____ 100 235 245
£Lch dc W ilkes-B Coal uu
90 105
Lord & T a y l o r . ____ .lu u
100 n o
P r e f e r r e d ____
_iu u 100 105
^ o rlU a r d (P) p r e t ..l u u 125 135
M adison Stj G a r d e n ..lu u
20
30
2d 6s 1910____ ._M-iN
?;80 100
sM anhut Beach C o___ luu
»2
6
M anhattan T ran sit___ _ 2 U
17S 2
M itchell M in in g .. . . . . lu
M onongahela It C o a i.I iu
Preferred ___________ 5u K 2434 6>8
M ortgage B on d C o___ luu HU 10*5*"
N at Bank o f C u b a ___ luu
95
98
N ational S u rety______lo u
190
N evada C on s’ d C o p p e r..) +19T 79*1*2
N e v-U ta h Min & S i n . - l u 2n ie 213rs
•New Central C o a l____ 20
40
63
N J T er D o ck & i m p . luu
N Y A ir Brak e 6s See Stck E x c
N Y B iscu it 6s 1U11.AV-S 100
•New Y ork D o c k ____ 100
30
34
• P re fe rre d __________ lo u
70
76
N Y M tge & S e c u r it y .100 150
N Y T r a n sp o rta tio n ___ 2 u
412 ” 5 "
N lle s-B e m -P o u d c o m .l u o
99 102
N lplssiug M i n e s . . . . __.5 * 934 10
•Ontario S l i v e r . . . ___ luu
468 478
Otis E le v a to r c o m ___ luu
42
45
P referred __________ 10U
94
97
P ittsburgh B r e w in g ...5 0 *18
Preferred . . . ______ .5 0 *38
Pittsburgh C o a l.S ’ee Stk E xc
P op e M an u factu rln g.lO u
1st p r e f e r r e d ..__. . l u u
25
30
2d preferred______. 1 0 0
2 I4
1* 2
P ratt & W hltn p re f__luu
95 1 0 2 1 ?
R ea lty A ssoc (B k ly n ) lo u 1 1 2
147
R o y a l Bak P o w d co m lo u 150 160
P re fe rre d ___________ luu 105 108
S afety Oar H eat & L t . l o u 124 128
Seneca M in in g ..______ 2u * 50
65
Singer M fg C o_______ _luu 450 480
Standard C o r d a g e .._ 1 0 u
*4
1<4
1st M g 5s '31 r e d .A -O
24
26
A d ju s t M 5s A p r 1 1931
3
4
S tand ard C ou pler comlOU
20
30
P r e f e r r e d ___ ___ _ . 1 0 u 100 n o
S tandard M illing C o __lo u
14
15
P referred __________ 10u
45
47
1st 5s 1930..............M-N
U4
S6
Standard Oil o l N J..1U U 636 642
S w ift & C o -S e « H ost Stk Kxe list
1st 0s 1 9 1 0 -1 9 1 4 .. . J - j §101 102
• T exas& P a cific C o a l-lU o
85 100
Title Ins C o o f N V ___ luu
135 145
T o n o p a h Mlu ( N e v a d a ). 1
*UT
61;
Trenton P otteries comlOU
»>
8
P referred , n e w ____ lou
50
60
Trow D ir e c to ry _______ lou
30
40
Union T y p e w rite r c o m lu o
69
62
1st p re fe rre d _______ luu
U012 113
2d preferred____ ___ lo u
109 n o
U nited Bk N ote C o r p ._ 5 u *53
55
P referred ___________ 5u *52 lj 541?
•U nited Cigar M lg .pf.lU U
90 100
U nited C o p p e r_______ 100
14*8 147s
P referred __________ 1 0 0
.... •35
U S C a su a lty__________ 100
201)
U S E n velop e c o n i . . .1 0 0
35
42
• P re fe rre d __________ 100 101 10312
U S S te e l C o r p o r a tio n —
C ol tr s f 6s ’ 51 o p t ’ l l }11312 114
C ol tr s f 5s '51 n o t op t §11312 114
U S T it Gu & ln d e m -1 0 0
50
60
• U tah C op per C o-S e e Stk E xo list
W aterbury C o, c o m — i o o
Preferred . . . ______ 160
W estch ester & B ro n x 'l i t
& Mtge G u a r_______ 100 150 165
W estern I c e . . ___ . . . . l o o
W estlngh A ir B r a k e .. . 5 0 u i i 2 fl '2 1 4
W est El & M fg 5s-S e e St Exo list
W hite K n o b M in .. . . . 1 0
* l t«
<1
Preferred ___ - — - - - 1 6
*3*
>4
W o rth in g P u m p pref.lO O 107 112

F erry C om pa n ies
B rooklyn Ferry s to ck 100
590
B & N Y 1st 6s 1911,1 -J
$58,000
30
N Y & E R Ferry s t k . 100
50
1st 5s 1922_______ M-N
269.500
153,000 $ 10,000 N Y & H ob 5s May 46 J-D §93
H ob F y 1st 5s 1946A1-N 510512
76,000
94
144.500
15*000 N Y & N J 5s 1946____ J-J
25
10th & 23d Sts F e r r y .100
T o t a l ........................ 4,089,747 $378,995,900 $27,359,000
$943,000' $25,000
1st m tge 5s 1 9 1 9 ..J -D 560
26
•U nion Ferry s t o c k . .1 0 0
100
•1st 5s 1920............M -N
Sales ax
Week ending Jan. 15.
Jan. 1 to Jan. 15.
New York Stock
Short-T erm N otes
Exchange.
1909.
1908.
1908.
Am Clg ser A 4s '1 1 ..M -S 5071s 98
Ser B 4s Mch 15 12AV S 59612 97
Stocks— No. shares..
4,763,837
4,089,747
10,139,429
9,603,514
Par v a lu e ________
$378,995,900 $413,343,675
$930,092,225
$821,113,675 Viner L ight & T r 6s— See Gas Sec
Bank shares, par____
$4,500
$2,500
S9,000 Am T e l & T el g 5s 10 J-J 5100's lORs
Atlan Coast L 5s '10.AV-S jlOOSs IDII4
Bonds.
I 0 OI4
Government b on d s..
$20,000
$25,000
$25,000
$54,000 Balt & O nto >s 1 9 0 9 .Al-S §100
Clies & O hio 6s JK 1 ‘ 10J-J 510234 10 3 14
State b o n d s ________
1,299,500
943,000
1,554,500
3,239,000 Chic & A lto n 5s lO iy .J -J 5100
101
21,002,500
R R . and inlsc. bonds.
27,359,000
62,664,500
44,547,900
Chic U i & P a c 6s '09 A-O >10018 10034
looig
Chic
&
W
in
d
5s
1
0
.F
&
A
5100
Total b o n d s _______
$28,327,000 $22,322,000
$64,244,000
$47,840,500
68
55
Cln H a m & D 4 H s ’08 M-S
C C C & St L 5s, June ’ l l )1 4)3, IOU4
D AILY TRANSACTIONS AT TH E BOSTON AND PH ILA D E LPH IA
Consol Gas 6s 1 9 0 9 .. F-A UOO 10 0 14
EXCHANGES.
Erie 6s, A p r 8 1 9 1 1 ..A - O
tnterb R T g 6s 1911 Al-N 5 " * . 10 3 7 5
5s Mch 1910_______ AV-S 5 100 10012
Boston.
Philadelphia.
K C R y & L igh t 0s ’12M -S §96.i| 98
Week ending
Kan C So g 5s A p r ’12.J -J }9M4 100
Listed Unlisted
Bond
Jan. 15 1009.
Listed
Unlisted
Bond
Lack Steel g 5s 1 9 0 9 .AV-S 5997g IOOI4
sales.
-hares.
chares.
shares.
shares.
salci.
5s g 1910..............A V -S 59018
Lake Sh & M So S s 'lo F A ilOUg l()13g
14,160
16,900
$38,000
Saturday___________
18,035
$30,722 Lou * Nash g 5s T O .Al-S 5101
3,853
UH3g
17,114
Monday_____________ 23,961
67.000
19,396
4,736
26.500 Mex Cent 5s July 1 1910 599T 100
14,163
T u e sd a y ___________
34,037
97.000
15,956
4,819
60,700 Mich Cent 5s 1910___ F-A 5101
I0l3g
34,630
22,019
W ednesday_________
18,442
119,000
3,731
36,590 Minn & S t L g 5s ’l l . F-A §961; 971
24,930
T h u rsd a y __________
66,100
13,508
47,100
4,891
53,100 Missouri P a cific—■
84.000
23,207
Friday______________ 25,143
18,070
4,836
45.500
os FeblO T O c o n v o p F -A § 1 0 1 1 4 10134
N atofM cx 5 s c x t t o ’ 00 A-O §100 10 0 1
Total ......................
136,999
26,866 $253,112 N Y C ent 5s 1910____ F -A §101 1 0 1 3 3
64.30 3.90
N Y C L in e s E q p 5 s TO
N Y N H & 11 5s ’ 10-T2 64.30 3.80
10111
N o rf & W est 5S 1910A1-N §101
Pa R U 5s M ch 15 T o Al-S §10Ug 10138
P u b lic Service Corp 5s— See St Rys
A w eekly review of the Outside M arket w ill be found on a preceding vago.
10035
S tL M S ’east 4 Ha ’0 9 . J-D 11 0 0
1001 )
S o u th ’n c o ll tr 5s ’0 9 . A-O iiu o
Street R a ilw a y s
Street R a ilw a ys
Bid
Ask
Ask South R y g 5s 1 9 1 0 ..F - A 5 9 4 12 9612
ntd
Pu
b
S
crv
Corn
N
J
(Con)
N ew York C i t y
Southern R y 0s 191 1.M-N ?98>- 100
20
J C H o b & P aterson—
14
Bleeok St & Ful F s t k ____
1’ld c w a tc r 6s, 1913, guar § 1011- 102
65
75
4s a 1949.......... _M -N 572
e 1st m tge 4s 1950.J-J
U S R u b b e r g 5s ’0U .M -S §100*4 10034
73
So J Gas El& T r a c .1 0 0
e B’ y & 7th A v e s t k . .1 0 0 128 148
W abash 5s, M ay 10 1909 > 9978 10.38
119 121
Gu g 5s 1953___ AV-S 596
e 2d m tge 5s 1 9 1 4 ..J -J 100 103
W estlngh El& M 0s 1910 §991- 100198
N o H ud Co R y 6 s ’ 14 J-J 51061; 107
Con 5s 1943 See Stock Exc list
R ailroad
53 1928..................... j . j 510412 1 0 7 j C h ic P e o & S t L p r o f . 100
B 'w a y S urf 1st 5s gu 1924 §99 104
E x t 5s 1924____ M-N 5101 102 |
80 120
e C en t’ l C rosst’ n s t k . .1 0 0
D eposited s t o c k . ______
U;
P a t C ity con Os '31 .J -D 5118
95 110
e 1st m tge 6s 1 9 2 2 .M-N
li*
U ndeposlted s t o c k ____
30
60
2 d 6 s . .19 1 4 o p t A-O 5100
95
e Cen Pk N & E R stk 100
87
P rior lien g 4 H s ’3 0M & s
80
56
So Side El (Chic)
See Ch Icago list
55
e C h r't’ r & 10th St stk 100
48
Con m tg g 5s 1 9 3 0 .J &J
Syracuse R T 5s '46.AV&S §101 10 234
Col A 9th A v e 5s See S tock Exo list
512
In com e 5s, Ju ly 1 9 3 0 ..
T ren t P & H 5S 1943. J-D §95 1 0 0
D ry I) K B & B —
26** 2712
Chic S u b w a y __________ 100
92
96
U nited R y s o f St L—
e 1st gold 5s 1 9 3 2 ..J -D
F t W & Den Cy std__100
97155
60
C om v o t tr c t fs ____ 100
e Scrip 5s 191 4____ F -A
201; 2212 N at R y s o f M exico—
e P r e f e r r e d _____
io o
Eighth A v en u e s t o c k . 100 200 270
0258 03
Prl lien 4 H s ’ 57 (w l)J -J §9112 92l2
95 102
e Scrip 6s 1914____ F-A
Gen 4s 1 9 3 4 ..S e e S tock E xc Ust
8412
Gen M 4s 1077 (w l) A-U 5 S3
e 42d & Gr St F’ y s t k . 100 200 250
U n ltR v s San Fran See Stk E xc list
N o rth ’ n Securities S tu b s . 1120 125
30
W ash R y & El C o____ 100
42d St M & St N A v e . 100
36
P itts Bess & L E _______ 50 *33
41
40
09
P referred __________i o o
e 1st m tge 6s 1 9 1 0 .AV-S 595
70
85
86
Preferred ___________ 50 *65
4s 1951____________ j - d
00
60
2d Incom e 6s 1 9 1 5 .J-J
8712 8 SI2 • R ailroad Securities C o —
9 2 14
In ter-M et— See Stk E xch anije list
83
1U
C
stk
tr
cfs
ser
A
'52
G as Securities
L ex A v & P a v F 5s See Stlt EXC list
Seaboard C o m p a n y —
N ew York
50
M etropol St Ity — See Stk Exo list
45
1st p referred _______ 100
Cent U nG as 5s g ’ 27 .J & J
N inth A venue s t o c k . .1 0 0 160 19J
C om & 2d p r e i-6 ’ee Balt E xc list
99 101
Con Gas (N Y ) — See Stk E xc list
20
49
Secon d A ven u e s t o c k . 100
fSeaboard A ir Line—
e M utual G as__________lo o —
05 100
e 1st m tge 5s 1 9 0 9 .M-N
97
Coll 5s e x t M ay ’ l l M-S
•131
N ew A m sterdam Gas—
82
80
Consol 5s 1948____ F-A
Union P a cific 4s See Stk Excb list
1st con sol 5s 1 9 4 8 ..J-J i U012 1001;
* S ixth A ven u e s to c k -1 0 0 118 125
Industrial
and
Aliscei
N Y & E R G a s 1st 5s’ 44 J-J >102 108
Sou B ou lcv 5s 1 9 4 5 ..J-J §60
85
Consol 5s 1945_____ J-J §90 100
So Fer 1st 5s 1 9 1 9 .. .A - O §85
Adam s E x p g 4s 1947 J-D §9H4 911­
95
N Y & R ic h m o n d Gas lo o
Third A v en u e— See Stock Exc list
Ah m eek M in in g___ . . . 2 5
145 150
33
38
N or Un 1st 5s 1927__M-N §95 100
T a rry W P & M 5s 1928
70
00
Alliance R e a lty ______.1 0 0
lTJlg 11712
e S tand ard Gas c o m __l o o
Y k e rs S lR R 5 s 1946 A-O
80
85
A llls-Cbalniers Go 1st m tg
80
25
e
P
r
e
f
e
r
r
e
d
__.
.
.
.
.
l
o
o
28th & 29th Sts 1st 0s '96
35
s J 5s 1936— See Stock E x ch list
90
60
1st 5s 1930................Al-N 5102 106
e T w e n ty -T h ird S t s t k 100 200 250
A m erican B o o k ___ . . . 1 0 0
146 155
Ollier C ities
95
U nion R y 1st 5s 1942 F-A §90
A m erican B r a s s . . ___ 100
112 12)
570
Atner
L
ight
&
T
r
a
c
t-1
0
0
W estch cst 1st 5s '43 J-J
80
120 12712 A m erican Cnlcle c o m . 100 185 190
Brooklyn
P r e f e r r e d ___ ______ 100
P r e f e r r e d ____ . . . . 1 0 0
9012 WOI4
93 100
C ol tr g 6 % n o t e s -A -O § 1
A tlan A v e 5s 190 9— A-O 500 101
Am G ra p h op h on e comlOU
16
99
Bay State G as__________ 50
597
Con 5s g 1931______A-O
60*78
P referred
___ . . . . . l o o
54
1*8
1*8
95
B lngh’ t'n (N Y) Gas W ks
102
B B & \V E 5s 1 9 3 3 .. A-O
A m er H ard w a re______10U 124 130
1st g 5s 1938____ A& O § 95
B rook lyn C ity s t o c k — 10 18J 193
Am M alting 6s 1 9 1 4 .-J -D
100 105
98
Con 5s— See S tk Exch E xo Ust
A m er Press A s s o c ’u . . l o u
B rook lyn U nion G as deb
921; 100
95 100
<6s 1909 See S tk E x ch list
B kn H gts 1st 5s 1941 A-O
Am S oda F ou n t c o m . 100
1*
Buffalo C ity Gas stocklOO
Blcln Q Co & Sub See Stk E xo list
1st p r e f e r r e d ..____ 100
16*
5 1S
7*2
1st 5s 1947— See Stock E xc list
B k lyn R a p T ra n — See Stk E x c list
2
2 d preferred _______ 1 0 0
85 109
e C oney Isl & B k ly n ..1 0 0
Con Gas o f N J 5s 3 6 . J-J §90
Ant St F ou n d n e w ___luu
95
**«*
82
7/
Consum ers’ L H & P o w —
1st con s g 4s 1 9 4 8 ..J -J
99*’
0s U 3 5 ...................... A&O
94
93 100
5s 1938.......................J-D §102
Brk C & N 5s 1 9 3 9 .J-J
D eb 4s 1923 ( w l ) . F A A 558
65
D enver G as & E c c .- l O O
G r’p t& I.o rS t 1st 6 s . A1 &N
!10
04
A m erican S u re ty ______50 200
95
Gen g 58 1949 op.A\-N § 90
K in gs C El 4s— See Stock E x c list
*4
921; A m erican T h rea d p r e f . . 5
Elizabeth Gas L t C o ..lO U 275
Nassau E lec p ref____ 100
Am T o b a c c o C o c o m . 100 330 350* *
96
Essex & H udson G a s . 100 126 127
5s 1944....................... A-O
39
A m o r T y p e fd e r s c o m . l 00
36
Gas & El Bergen C o . . 100
61
1st 4s 1951— See Stock E x c list
Preferred __________ 1 0 0
03
94
99
e Gr R a p G 1st 5s 1 5 -F -A
99
03
N W ’ b g & F la t l s t c x 4 H s
Am er W ritin g P a p e r .100
234
2
110
H udson C o G as_______ 100 n o
S teinw ay 1st 6s 1922-J-J §i05
Preferred __________ 100
19
16
118
Indiana
L
tg
Co
(w
.
1
.)___
20
Other C ities
1st s f g 5s 19 o p ’ 0 9 .J -J
84
25
83
4s 1958 op (w . 1.) .F - A 565
B u ffalo Street R y —
55
68*2 B arney & S m ith C a r.1 0 0 n 52
Indianapolis G as______50
1st con sol 5s 1 9 3 1 ..F -A 51061- 108
P r e fe r re d ___________ 100 n 921- 130
30
1st g 5s 1052_______ A -O 5831; 95
108
Deb 6s 1917..............A-O §100
B etbl m S te e lC o rp -S e e S tk Ex list
Jackson Gas 5s g 3 7 . A-O §91
96
C olum bus (O) St R y . 100
Bliss C o m p a n y c o m __50
118 125
96
K ansas City G as______100
P referred __________ 100 104 100
Preferred ___________ 50 118 125
e L aclede G as________ 100
Colum R y eon 5s— »Se«Pb. la list
90
Bon d & Mtge G u a r___ 100 385 395
c P r e f e r r e d ________ 100
C rosst’ wn 1st 5s ’ 33 J-D §102l2 105
B ord en ’ s C on d M ilk__100 128 132
85
95
M adison Gas 6s 1 92 6. A-O 5971; 1051;
72
•Conn R y & L t g c o m .1 0 0
P r e f e r r e d ___ . . . . . 1 0 0
70
104 108
N ew ark Gas 6s 1 9 4 4 .-Q -J 5130 132
*S4
• P referred__________ 100
80
British Col C o p p e r___ . . 5
*8
8*4
N ew ark C on sol G a s ..1 0 0
G rand R a pid s R y ____ 100
59
923< 031? B utte C oa lition M ining 15 ♦25
57
26
e
Con
g
5s
1
9
4
8
..
.
.
J
l
)
Preferred __________ lo o
85
80
51041; 1U5'4 Casein C o o f A m c o m . 100
3
2
e L ou ls v St 5s 1 9 3 0 .. J&J 5108 10811 N o H udson L I U P o w —
P referred __________ 100
60
50
L yn n & B os 1st 5s ’24 J -I) §104
5s 1938.......................A-O 5 95
100
C asualty C o o f A m e r . 100 135
« N ow Orl R y s & L g t.1 0 0
Pat
&
Pas
G
a
s
*
E
le
c-1
0
0
SO
C elluloid C o ___________ 100 129 131
85
18 T 10T
• P r e f e r r e d ________ lo o
e Con g 5s 1949___ Al S 5101 102
441;
Cent Firew orks c o m . .1 0 0
9
712
Gen M g 4 H « ’35 See S tk Ex list St Joseph Gas 5s 1 9 3 7 .J-J 593
Preferred __________ 100
96
70
60
N orth C h ic Street See Ch Icago list
le le g r & te lep h on e
Central F o u n d r y ______i o o
258
2l4
P u b Serv Corp o f N J .100
eA m cr T e le g & C a b le .100
98
95
76
P r e f e r r e d ____ _____ 100
80
16
15
T r ctfs 2 % to 6 % perpet
.’ Cen tral & S o A m e r .,1 0 0 105 n o
74
70
Deb 6s 1919 o p ’01 Al-N
O8 I2 70
C oll 5s g n otes ’09.51- N 59812 991- C om tn ’ l Un T e l ( N Y ) . 25 110 1 2 0
C en tu ry R e a lt y ___ . . . 1 0 0
185 195
N orth .Jersey St R y 100
Em p & B ay S tate T e l 100
30
40
60
C h csebrou gh M fg C o . 100 525 575
70
1st 4s 1948........... M-N 57H2 74
Franklin . . . ______ . . . 1 0 0
46
C ity In v e stin g C o ____ l o o
50
65
70
. Cons T r a c t o f N J . .1 0 0
73
•Gold & S to c k T e le g .1 0 0 105 112
75
eCUQIn (H B ) , c o m . .1 0 0
95 105
1st 53 1933........... J-D 51041; 1051; H udson R iv e r T elep h 100
•1st p referred . . . . . 1 0 0
65
95
91
N ew ’ k P a s R y 0s '30 J-J 5108
«N Y & N J T e l e p h .. .1 0 0 n o
115
e2d p r e f e r r e d . . 100
92
97
R a p id T ran St R y .1 0 0 245
•N orthw estern T e le g __50 1 0 a 114
C ol & H o ck C o a l* I p f 100
76
65
1st 5s 1921............A-O 5100
Paclflo & A tla n t ic ___ . . 2 5
00
70
1st g 5s 1917..............J-J § 82
05
Southern & A t l a n t i c ..2 5
90
98
C lo tr 6s O ct 1 9 5 6 ..J -, 5 95 101
* B u y e r p a y s accru ed Int. a E x -r ig h ts , b B asis, a Sells o n Stk. E x ., b u t n o t v e r y a ctiv e , n N o m . a Sale p r ice . a E x -d !v .
Saturday _________
Monday ___________
Tuesday____________
Wednesday _______
Thursday________ -_
F r id a y ______ . _____




Shares.

640,718
884,848
678,903
741,543
569,781
573.894

212,000

Outside Securities

__
__

__

--__-

__

__

__

_

__

102

__

__

Jan . 16 1909.]

53

THE CHRONICLE

Ittwestmml and Railroad |utelltgjettJC£,
K AILROAD

GROSS

EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period

The returns of the street railways are brought together separately on a subsequent page.
Latest dross Earnings.
Week or
Month.

Current
Year.

July 1 to Latest Date.

P reviou s
Year.

Current
Year.

Previous
Year.

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

A h N O A T ex P a c.
N evada C en tral____ N o v e m b e r .
,617,109
N Y C A H ud R iv e r N o v e m b e r .
267,112 1,530 ,815
N O A N E a st__r December
305,160
821,777
813 ,678
L a k e Shore A M S N o v e m b e r .
143,050
A la & V ic k s ____ r December
160,544
725 ,109
818,059
L a k e Erie A W est N o v e m b e r .
127.800
V ick s Sh A P a c .r D ecem ber
145,673
15,215
19 333
Chic In d A South N o v e m b e r.
4,202
A la Ten n & N o rth . O cto b e r . .
6,025
,599,140
k A tch T o p & S F e . N o v e m b e r . 8,387,270 8,021,125 39,014 207
M ichigan C en tral. N o v e m b e r.
890,270
C leve C C A St L . N o v e m b e r .
40,702 1,008 ,617
A tla n ta D lrm & Atl 4th w k D ec
59,337
,890,118
P eoria A Eastern N o v e m b e r.
A tla n tic Coast Line November. 2 ,2 4 7 ,2 2 ' 2,365,278 9,690 508
C incinnati N o rth . N o v e m b e r.
,230.491
B a 'tlm o r e & O h lo .. N o v e m b e r . 5,948,085 6,008,553 30,952 .040
1,180 511
P itts A L ake Erie N o v e m b e r .
227,403
B a n g or & A roostook N o v e m b e r .
33,207
37 ,159
R u t l a n d ................. N o v e m b e r.
~~5~003
5,718
B ellefon te C e n tr a l.. December
,916,009
N Y Chic A St L . N o v e m b e r .
B o s to n & M a in e ., .r N o v e m b e r . 3,238,298 3,438,282 17,283 ,373
T o t a l all l i n e s ___ N o v e m b e r.
23 , 150
27,941
5,925
3.077
B rid geton & S aco R N o v e m b e r .
N c vada- C a l-O regon . 4th w k D ec
,634,780
112,287
121,161 3,875 ,053
B u ll K och A P it t s .r 1st w k Jan
N Y O n t A W estern N o v e m b e r .
773 ,177
782,745
223,617
206,458
BufVal'> A S usq____ O cto b e r - ,449,100
145,300
N Y N H A H a r t-_ r N o v e m b e r .
141.200 5,780 ,400
C anadian N orth ern . 1st w k .Tan
N Y Susa A W e s t .. N o v e m b e r .
,898,017
Canadian P a cific ___ 1st w k Jan 1,098,000 1,077,000 41,731 ,783
N orfolk A W e s te rn . N o v e m b e r .
182,000
,535,690
180.800 6,160 ,633
C entral of G oerg la . 1st w k Jan
,431,904
N orth ern C e n t r a l__ N o v e m b e r .
Central o f N Jersey N o v e m b e r. 2,238,919 2,418,375 10,944 032
2,137
N orth ern P a cific ___ N o v e m b e r .
44 ,920
2,015
06,766
C h atta n ooga S o u th . 4th w k D ec
P a cific C oast C o ___ N o v e m b e r .
,833,958
C hesapeake A O h io, N o v e m b e r. 2,118,133 2,458,010 11,147, 327
4,654
27,931
2 0 , 922
P en n sylva n ia C o . . r N o v e m b e r .
5,712
Chesterfield A Lane N o v e m b e r.
217,671
U P e n n — East P A E N o v e m b e r .
,787,749
208,061 6,880 840
C h icago A A lton R y 1st wk Jan
it W est o f P A E . N o v e m b e r .
,375,127
Ohio Burl A Q uin cy N o v e m b e r. 6,632,670 6,764,384 34,860, 273
141,057
,452,030
Pere M a rq u e tte — r O c t o b e r __
125.201 4,534, 140
C h icago G reat W est 1st w k Jan
77,500
P h lla B a lt A W a s h . N o v e m b e r .
,961,087
70,188 2,829, 648
C h ic In d A L o u is v . 1st w k Jan
Pitts Cln Ch A St L N o v e m b e r .
C h ic I iid A Southern — See New Y ork Ceil tral.
R a leigh A S o u tlip ’ t N o v e m b e r .
C h ic Mllw A St Paul N o v e m b e r. 5,129,361 5,004,601 27,573.907 26,770,885
R e a d in g C o m p a n y . N o v e m b e r .
C h ic A N orth W estr N o v e m b e r . 5,054,874 5,574,138 30,098,781 31,544,023
Coal A Iron C o__ N o v e m b e r .
C h ic St P aul M A O N o v e m b e r . 1,20.1,068 1,225,545 5,087,387 0,181,879
T o ta l b o th c o s ___ N o v e m b e r .
527,102
34.953
C h ic T erm T ran R R 2d w k O ct
494,507
36,50b
R ich F red A P o to m N o v e m b e r .
604.702
Cln H am A D a y t .r November.
707,707 3,531,870 4,018,243
R io G rande J u n e ___ O cto b e r . .
Cln N O A T e x a s P ac — See Sout hern Rail w ay.
Cincinnati N orthern — See New Y ork Cen tral.
R io G rande S o u t h .. 1st Wk Jan
Clev Cln Chic A St L — See New Y ork Cen tral.
R o c k Island System N o v e m b e r.
e St L A San Fran N o v e m b e r .
C olorad o M id la n d .r N o v e m b e r .
,106,467
225,753
206,163 1,034 ,464
/» C ol A S outh S y s t . 1st w k Jan
t E v a n sv A T e r H N o v e m b e r .
,151,418
310,002
307 ,666 8,377 ,105
Col Newt) A L a u r .. O cto b e r . .
T o ta l o f all lines. N o v e m b e r.
07,328
01 ,657
23,616
31,987
St Jos A G rand I s l. N o v e m b e r .
C op p er R a n g e --------- Septem ber
253,102
221 ,729
74.700
77,144
C o r n w a l l ___________ Novem ber.
84,404
St L ou is S o u th w e s t. 1st w k Jan
29 ,255
7,335
5,073
C ornw all A L ebanon September
119,836
San P ed L A A S L .r O cto b e r . .
71 ,330
36,281
24,798
C u ba R a ilr o a d -------- N o v e m b e r .
S eab oard A ir L ln e .r 3d w k D ec
719,607
673 ,261
142,034
117,210
l D elaw are A H u d . N o v e m b e r . 1.634,274 1,074,165 8,045 .677
A tlan ta A B lr m . 3d w k D ec
,239.818
D c ‘ hack A W e s t .r N o v e m b e r. 3,058,999 2,931,363 14,442 ,804
F lo rid a W e s t S h . 3d w k D ec
,436,400
D en ver A R io G r._ 1st w k Jan
S ou thern I n d ia n a ., A u gust —
,050,894
297,900 11,255 ,567
340,400
D et T o l A Iron t Sys 4th w k D ec
c S ou thern P a c C o . . N o v e m b e r .
080,714
881 ,581
35,278
41,246
,091,829
Ann A r b o r ---------- 4th w k D ec
S ou th ern R a il w a y .. 1st w k Jan
51,429
47,948 1,008, 0 66
D etroit A M ackinac 1st w k Jan
650,270
675 ,812
M obile A O h i o . . . 1st w k Jan
19,588
17,712
Cln N O A T e x P . 1st w k Jan
D ill A Iron R a n g e .r N o v e m b e r .
,033,103
596,402
715,704 4,506 ,167
D ul So Shore A A t l. 1st w k Jan
A la G reat S o u t h . 1st w k Jan
,787,686
41,835
42,708 1,436 ,135
2,158 083
El P a so A So W es t.r O cto b e r . .
G eorgia S ou A Fla 4th w k D ec
589,640
E r i e ...................... —
T exa s C en tral_____ 4th w k D ec
N o v e m b e r . 4,298,643 4,294~239 22,186 053 23,855,349
E v an sville A l'er H — See R o c k Island S ystem .
T e x a s A P a cific ____ 1st w k Jan
8,162
F a irch ild A N orth E N o v e m b e r .
T id e w a te r A W e s t . N o v e m b e r .
8,445
1,768
2,008
F on d a John s A G lov N o v e m b e r .
387,115
T o le d o A O hio Cent N o v e m b e r .
341,057
54.953
61,669
G eorgia R a ilr o a d -. N o v e m b e r .
T o le d o P o o r A W est 1st w k Jan
245,061
265,611 1,232,760 1,345,248
G eorgia S outh A Fla —S ee Sout hern Rail w ay.
T o le d o S t L A W e st 1st w k Jan
G rand T ru n k S y s t . 1st w k Jan
,528,330
T o m b lg b e e V a l l e y . . N o v e m b e r .
536,240
667,238 21,467 ,683
G r 'Trunk W e s t .. 4th w k D ec
,359,688
151,528
T o r H am A Buffalo August —
162,681 2,854 ,500
D e t Gr H a v A Mil 4th w k D ec
U n ion P a cific S y s t . N o v e m b e r .
882 ,092
36,713
,004,123
58,223
45,039
991 ,746
,191,693
Canada A tlan tic 4th w k D ec
40,926
V a n d a lla __________ r N o v e m b e r .
Virginia A Sou W est N o v e m b e r .
G reat N orthern Syst D ecem ber 4,080,032 4,586,223 30.749 ,943
,502,898
2,066 ,328
1st w k Jan
G ull A Ship Isla nd. J u n e _____
,483,545
W a b a s h _________
H o ck in g V a lle y ____ N o v e m b e r .
,280,623
M 0 ,601
W estern M arylandr O cto b e r . .
625" 213 3,010 ,052
,013,206
Illinois C e n tr a l____ D ecem ber . 5,127,045 5,076,500 10,159 ,588
W Jer A S e a s h o r e .. N o v e m b e r .
W heel A L ake Erie r N o v e m b e r .
128,000
,800,786
In tern a t A G t N o r . 1st w k Jan
119,000 4,451 ,326
111,178
,978,599
133,521 3,221 ,278
a In terocea n lc M e x . 1st w k Jan
W iscon sin C en tral.r N o v e m b e .
,677,255
43,303
W rlg h ts v A T e n n . . N o v e m b e r .
58,170 1,549 ,786
I o w a C en tral_____
1st w k Jan
045,968
107,172
Y a z o o A Miss V a il. D ecem ber .
106,294 1,044 017
K an aw h a A M ich- N o v e m b e r.
766.702
358,160
812,473 3,748 086
K ansas C ity S o u th . N o v e m b e r .
K C M ex A O .l e n c .. O cto b e r - ­
Various F iscal Years.
L a k e Erie A W est’ n — See N ew York Cen trai.
L a k e Shore A M Sou — See New Y ork Cen tral.
Jan
B ellefon te Central
L ehigh V a lle y ------ r N o v e m b e r . 2,901,678 3,202,789 14,416,341 16,739.974
23,536
l D elaw are A H u dson
252,272
164,817
40,325
L e x in g to n A E a s t .. N o v e m b e r.
D ec. 53, 400
Jan
739
D ec. 49 I ,
L o n g Isla n d .............- N o v e m b e r .
Mantst,‘ que
1,144.521 1,216.837
Jan
L ou isiana A A ru a n . J u n e _____
M exica n R a ilw a y
Jan
813,835
M exican Southern
L ou is v A N a sh ville. 1st w k Jan
004*, 576 24,204,022 25,255,800
12,135
M acon A B lrm tng’ m D ecem ber
N ew Y o rk Central A H ud R ive r Jan
70,462
82,988
13,184
654,307
L a k e Shore A M ich Southern Jan
731,517 3,722.082 4,126,640
M aine C en tra l------ r N o v e m b e r .
22,854
3,907
L ake Erie A W e s te rn ________ Jan
3,131
M a n lstlqu c_________ N o v e m b e r .
28,002
170,264
20,622
M aryland A P e n n .. N o v e m b e r.
34,815
C h icago Indiana A S o u th e rn . Jan
184,968
a M exlca n C en tral. . 1st w k Jan
678,506 15,871,870 19,078,451
013,666
M ichigan C en tral_____________ Jan
a M exica n In te r n a t. 1st w k Jan
159,287 3,475,624 4 ,5 79,027
113,651
C leve Cln Chic A S t L o u i s . . . Jan
172,600 3,218.300 3 ,8 34,900
133,500
a M exica n R a ilw a y . 3d w k D ec
P eoria A E a stern _____________ Jan
25.252
a M exica n Southern 3d w k D ec
25.909
569,845
C incinnati N o r t h e r n _________ Jan
505.755
M ichigan C entral— See New Y ork Centr al.
P ittsbu rgh A L a k e E rie --------- Jan
M ineral Range
12,296
443,670
1st w k Jan
R u t l a n d ......................................... Jan
12,759
433,529
N ew Y o r k C h icago A St Louis Jan
Min neap A S t L ouis 1st w k Jan
64,316 2,325,633 2 ,233,127
04,947
T o ta l all lin es-------------------------- Jan
M inn S t P A S S M . 1st w k Jan
159,171
166,973 7,164,880 0 ,756,225
N orth ern C en tral........................ .. Jan
381,084
M issouri K an A T e x N o v e m b e r . 2,318,061 2,018,050 11,583,493 I I ,
a P en n — East o f P itts A E r i e .. Jan
M o P a c A Iron M t .o 1st w k Jan
520.000 23.970.811 24.883.465
705.000
ti W est o f P ittsb u rgh A E r i e .. Jan
912,000
21,000
847,000
25,000
Central B r a n c h .o 1st w k Jan
P h lla B a ltim ore A W a s h ln g to n . Jan
541.000 24.882.811 25.730.465
730.000
T o ta l s y s t e m . . . o 1st w k Jan
771,332
P ltts Cln C h icago A St L o u is— Jan
805,600
30,504
38,062
bM ob llc Jack A K C W k D ec 20
D eo
R io G rande J u n ctio n
N ash v C hatt A St L N o v e m b e r .
930,237
001,128 4,633,750 4,029.653
Jan
a N at R ys o f M e x .. 1st w k Jan
287,033
279,922
T exa s A P a c ific ________
Jan
W e st Jersey A Seashore

113,00J

July 1 to Latest Dale.

Previous
Year.

C urrent
Year.

Current
Period.
to
to
to
to
to
to
to
to
to
to
to
to
to
X to
1
to
1
to
to
1
to
1
1
to
to
1
1
to
to
1
1
to
1
to
to
1

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

D eo
N ov
N ov
D ec
D ec
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
O ct
Jan
N ov

Year.
$65,700
31
30 16,780,866
50,699
30
7,168,000
21
1,222,952
21
30 81,065,417
30 36,384,902
30 4,130,927
30 2,629,281
30 22,782.415
30 22,316,184
30 2,502,283
30
894,774
30 9.471,874
30 2,534,113
30 8,543.637
30 19325722!)
30 10,409,208
30 124030773
30
D ec . 18,9
30 14,790,446
30 23,047,431
31
719,598
7
247,626
30 5,011,884

P reviou s
Year.
504,688
18,486,735
59,222
7 ,8 0 7 ,2 0 0
1,298,744
90,036,995
11.645,463
4,722,514
2,744,972
26,438,378
24,480,143
2,77 9 ,8 9 9
937,804
14,188,363
2,84 8 .1 4 6
9,597,421
221345103
12,358.008
152901773
72,300
15,072,746
30,159.848
775,536
250,088
5,410,784

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly,
W eekly Sum m aries.
(45 r o a d s )------(45 r o a d s )-----( 4 4 r o a d s )------limnlr!
IVT
AV
lf yoit
( 0(1 VAtlti
q\
WCvlf il
U
remus;-----w eek N o v ( 4 4 r o a d s )------w eek D eo (44 r o a d s )------w eek D ec (41 r o a d s )____
w eek D ec (40 r o a d s )____
w eek D eo (48 r o a d s )____
w eek Jan (37 r o a d s )____

4th w eek O ct
1st w eek N o v
2d w eek N ov

0/1
t>
U

4th
1st
2d
3d
4th
1st

CuFnt Yeai F reV s Year
i
15,771,498
10.078,178
10.965.461
10 045 953
13!469.'011
10,308,692
10,418,634
11,037,636
14,887,895
8 ,4 .9 ,3 1 1

$
16,918,106
11,032,992
11,068,062
O Q9<) SlOA
14,168,503
10.168.413
9 906,448
10,428,083
13,926,254
8,104,844

Inc. o r D ec.
$
— 1,146,608
— 354,814
— 102,601
-F216 1 2 0
— 608.592
+ 1 10,279
+ 512,180
+ 609,553
+ 9 6 1 ,6 4 1
+ 2 3 4 ,4 6 7

%
6.77
3.22
0.0 2

? SO
4.93
1.38
5 17
5.85
6.91
2.8 6

M onthly Sum m aries.
M onth M ch 1008 (126 r o a d s ).
M onth A p r 1908 (119 r o a d s ).
M onth M ay 1908 (120 r o a d s ).
MnnH)
onx n
. ’iroAfis)
VIilu
lUClUO/ M
UI1U1 uTlinp
UHL 1IvuO
M on th Ju ly 1008 ( 97 roads) M onth A u g 1908 (105 r o a d s ).
M onth S ept 1008 (114 roads) M onth O ct 1908 (119 r o a d s ).
M onth N o v 1908 ( 51 r o a d s ).
M onth D ec 1008 ( 49 roads) .

Cur’ nt Year P eer’ s Year
$
162,495,089
154,137,168
153,112,628
146 270 130
15C’, 1 0 3 ’,H83
179,781.772
210,014,059
223,931.291
59.940,539
52,154,203

$
187,435,350
190.046,166
198.146,871
179 397 094
1G3',365!o ^3
200,690,782
223,964,945
240 ,652,757
61,744,772
49,474,321

Inc. o r D ec.

%

5
— 24,040.261
— 35,908,988
— 45,03 4 ,2 4 3
__ 3 3 126 964
— 27’, 2 6 2 ,. 110
— 29,909,010
— 13,950,886
— 16,721,466
— 1 ,804,233
+ 2 ,6 7 9 ,8 8 2

13,37
18.89
22.67
18 47
14.87
16,64
6,23
6.95
2.92
5.42

a M exican cu rren cy, b Inclu des earnings o f G ulf A C h lc a g o D ivision , c Inclu des the H o u sto n A T e x a s Central a n d Its su bsid iary lines In both
years, il C overs lines d ire ctly o p erated , a Inclu des the C h icago A Eastern Illinois in b oth years,
f Inclu des E van sville A Indiana R R .
7» In clu des
earnings of Col. A S ou th ., F t. W o rth A D en ver C ity and all affilia te d lines, e x c e p tin g T r in ity A Brazos V a lle y R R . k Inclu des In b o th years earnings
o f Denver E n id A G ulf R R ., P e co s V a lley S ystem a n d San ta Fe P r e s c o tt A P h o c n lx R y .
l T h e se figures d o n o t Inclu de receipts fro m sale o f coal
o Figures here are on the o ld basis o f a cc o u n tin g — n o t the new o r In te r-S ta te C om m erce C om m ission m e th o d , r T h e se figures are o n the n e w basts
prescribed by the In ter-S ta te C om m erce OwasrUMlpBi.




154

THE CHRONICLE

Latest Gross Earnings by Weeks.— I n th e ta b le w h ic h fo l­
lo w s w e s u m u p s e p a r a t e ly th e e a r n in g s f o r th e first w eek
o f Jan u ary.
T h e ta b le c o v e r s 37 r o a d s a n d s h o w s 2 .8 6 %
in c r e a s e in th e a g g r e g a t e o v e r th e s a m e w e e k la s t y e a r .

T otal (37 roads)...........................
N et Increase ( 2 .8 6 % ) ___________

$
58,453
112,287
145,300
1,098000
182,000
217,671
141,057
77,590
134,584
310,002
340,400
19,588
41,835

S
50,734
121,161
141,200
1,077,000
180,800
208,061
125,201
70,188
115,618
307,666
297,900
17,712
42,708

536,240

667,238

128,000
111,178
43,303
813,835
613,666
113,651
12,759
64,947
159,171
705,000
25,000
141,304
279,922
11,162
169,759
863,583
247,626
53,349
15,920
441,169

119,000
133,521
58,170
694,575
678,506
159,287
12,296
64,316
166,973
520,000

8,429,311

8,194,844

21,000

140,457
287,033
11,239
149,877
831,361
250,088
60,537
18,288
395,133

S
7,719
4,100

$
8,874

21,000
1,200

9,610
15,856
7,402
18,966
2,336
42,500
1,876

873
130,998
9,000
119,260
463
631
185,000
4,000
847

___

19,882
32,222

____
46,036
549.906
234,467

22,343
14,867
64,840
45,636
7,802

7,111
77
2,462
7,188
2,368
315,439

Previously reported (36 roads).
Alabama Great Southern----------Ala New Orl tc Texas Pac—
New Orleans & North E a s t ..
Alabama & Vicksburg----------Vicks Shreveport & P a cific..
Atlanta Birmingham & Atlantic
Chattanooga Southern--------------Chicago Great W estern--------------Cln New Orleans & Texas P a c.
Detrolt Toledo & Ironton-------Ann Arbor ------------------------------N e v a d a -C a ltfo r n la -O r c g o n --------Texas Central.....................................

Increase. Decrease.

1907.

1909.

94,112
52,050
49,800
40,702
2,015
173,567
185,268
35,278
47,948
6,880
46,181

124,169
60,544
61,673
59,337
2,137
219,511
218,574
41,246
51,429
8,108
47,528

30,057
8,494
11,873
18,635
122
45,944
33,306
5,968
3,481
1,228
1,347

Total (48 roads)----------------------- 14,887,895 13,926,254 1,507,467
961,641
N et increase ( 6 .9 1 % )

545,826

------ Gross Earnings------ ------------ Net Earnings--------Current
Previous
Current
Previous
Y ea r.
Y ea r.
Y ea r.
Year.
$

$
5,603
60
64,688
1 1,620
715,391
5 2 ,6 7 9
3 ,7 1 6 ,6 1 1
6 83 ,017
4 1 7 ,2 6 0
113,062
2 ,5 4 5 ,3 7 9
667,424
1 ,2 2 5 ,5 4 5
507 ,620
6 ,1 8 1 ,8 7 9 2 ,2 9 7 ,8 1 3
70 7 ,7 0 7
161 ,069
4 ,0 1 8 ,2 4 3
8 45 ,124
71 5 ,7 0 4
3 24 ,926
5 ,0 3 3 ,1 0 3 3 ,1 9 1 ,5 7 2
6 0 6 ,2 1 7
22 0 ,8 2 5
3 ,0 9 9 ,7 8 6
981 ,914
65 9 ,7 0 0
20 0 ,9 0 0
3 ,3 3 1 ,6 0 0 1 ,0 4 0 ,7 0 0
<5,476
2 ,410
3 7,673
11,144
15 5 ,1 9 5
50,882
848,641
22 5 ,1 6 5
121,723
4 1 ,7 9 7
7 4 0 ,7 1 3
2 85 ,793
1 1 2 ,3 0 5
63,219
5 3 1 ,6 5 0
175 ,015
9 3 ,0 3 7
14,698
1 03 ,987
19,941
6 35 ,814
139,834

5
1,443
19,642
112,673
755 ,124
6 5,488
759 ,697
433,758
2 ,0 3 6 ,8 3 7
75,406
7 97 ,514
441 ,334
3 ,4 76,392
56,912
2 97 ,606
300 ,600
1,31 5 ,1 0 0
561
4,272
3 6 ,415
230,653
43,968
312,688
4 4 ,335
168,514
7,644
17,763
119,550

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 earnings here g iv en are be fo re d e d u ctin g ta x e s .

Interest Charges and Surplus.
— Int.. Rentals. A c .—
Current
Previous
Year.
Year.

3
«
Roads.
. 303
257
Bellefonte Central_____ ..D e c
3,636
3,084
Jan 1 to Dec 3 1 ..
2,584
2,584
Texas C en tra l_________ -N o v
12,290
12,920
July 1 to N ov 3 0 ..
28,775
24,723
Toledo Peo & W estern . .N o v
24,711
23,568
December _ ______
143,171
140,945
July 1 to Dec 3 1 .
x After allowing for other Income received.




Current
Year.

Previous
Year.

Jan. 1 to latest date.
Current
Year.

P revious
Y ea r.

237,419 231,671 .2,79 8 ,0 9 6 2,940,673
A m e rica n R y s C o — December
c A u r E lgin & C h i R y Novem ber. 109,912 108,653 1,289,352 1,306,396
41,445
41,025
B a n g o r R y & E le c C o October . .
B irm R y L t & P o w e r N ovem ber. 188,414 202,141 1,968,510 2,020,031
9,057
105,973
9,767
103,912
B r o c k to n & P ly S t R y October . .
97 424
62,975
11,284
6,962
C a m a g u e y C o ............... October—
203,988
201,876
22,166
22,878
C ape B r e to n E le c C o . October . .
647,213
680,091
56,000
57,975
C en tral P en n T r a c — Novem ber.
680,461
653,021
63,912
62,550
C h ariest Con R y G & E Novem ber.
C h ica g o R a ilw a y s C o . October . . 968,542 937,041
269,414
21,858
263,757
22,473
C leve P a ln e s v & East N ovem ber.
134,140 125,771
D allas E le ctric C o m . October . .
1*11*879
121,007
f D e tr o it U n ited R y . 1st wk Jan 121,007 111,879
14,767
16,144
14,767
16,144
D u lu th Street R y ___ 1st wk Jan
E ast S t L ou is & S u b - N ovem ber. 170,739 187,955 1,837,237 1,976,865
409,469
44,913
46,473
431,432
E1 P a so E le c t r ic ____ October . .
301,726
34,655
33,264
322,387
F a lr & C la r k s b T r C o . O c t o b e r ...
F t W a y n e & W a b a sh
V a lle y T r a c tio n Co Novem ber. 111,794 115,089 1,203,884 1,167,594
94,348
873,484
89,940
887,002
G a lv -H o u s t E lec C o . October . .
74,220
72,596
G rand R a p id s R y C o Novem ber.
35,009
34,137
071*621
a 7 1 ,044
H a v a n a E le ctric R y . W k Jan 10
H o n olu lu R a p id T ra n
34,010
30,207
316.558
301,785
& L a n d C o ------------ October . .
21,654
20,652
210,151
210,360
H o u g h to n C o T r C o . . October . _
Illin o is T r a c tio n C o . . Novem ber. 360,679 335,880 3,712,953 3 ,427,210
33,696
38,509
354,989
327,978
J a ck s o n v ille E le c C o . October . .
K an sas C ity R y & L t N ovem ber. 543,514 518,424 5,698,450 5,518,229
50,713
47,968
522,149
549,745
K n o x v ille R y & L t C o Novem ber.
69,835
68,352
L a k e S h ore E lec R y . N ovem ber.
52,538
520,320
53,731
473*321
L e x & In te r R y s C o . . O ctober___
57,754
610,195
59,091
581,543
L ittle R k R y & El Co Novem ber.
M em phis Street R y . . Novem ber. 136,376 125,979 1,484,286 1.471,071
M etrop W e s t Side El December _ 229,192 228,970 2,572,842 2,714,056
M llw E le c R y & L t Co Novem ber. 337,234 326,953 3,538,735 3,488,990
790,472
63,933
766.632
63,295
M I lw L t H t & T r a c Co Novem ber.
86,875
63,355
82,681
67,531
M on treal Street R y . . W k Jan 9 .
1,447,947
139,559
1,438,160
138.590
N ash ville R y & L igh t N ovem ber.
537,768
482,051
33,236
38,518
N J & H R R y & F yC o December
N o rth O h io T r & L t . Novem ber. 151,934 146,123 1,731,015 1,761,196
119,298 114,459
N o rth T e x a s E le c C o . October . .
N o rf & P o rts m T r Co Novem ber. 156,732 202,006 1,708,762 2,4*37*818
N o rth w estern E le v . . December . 189,197 164,235 1,956,014 1.755,035
242.506 251,958 2,324,992 2,310,498
O a k la n d T r a c tio n C o . October . .
239,412
260,529
18,622
'23,845
O k la h o m a C ity R y . . N ovem ber.
347,598 3,964,885 3 ,641,839
370,378
November
P o rtla n d R y L & P C o
319,408
342,611
30,947
32,745
P o r t o R ic o R y s C o . . N ovem ber.
R io d e J an eiro T ra m
5,721,093
6,519.384
540,128
627,640
Novem
ber.
L ig h t & P o w e r ____
667,450
747,784
72,411
74,400
San F r O ak & San J o . October . .
St J o se p h (M o) R y L t
870,286
009,965
83,259
74,172
H e a t & P o w e r C o . December
S a o P a u lo T r L t & P . Novem ber. 194,993 182.704 2 ,059.139 1.807,338
497,713
486,868
51,071
51,313
S a v a n n a h E le ctric Co October . .
S e a ttle E le ctric C o . . October . . 401,934 374,379 3,702.152 3,370,481
S o u th Side E le v a te d . D ecem ber. 192,276 185,671 2,130,180 2 ,006,530
141,315
142,933
12,504
12,767
S ou W iscon sin R y Co N ovem ber.
77,100
78,058
S p r ln g f’d (lll) R & L Co Novem ber.
933.122
962.598
119,110 119,078
S yra cu se R a p T r R y . September
429,548
453.333
45,572
47,354
T a m p a E le c tr ic C o . . October . .
T o le d o R y s & L lg h t . Novem ber. 219,761 220,019 2,302,658 2 ,328,255
80,930
85,643
61,392
65,811
T o r o n t o R a ilw a y ------- W k Jan 9 .
T w in C ity R a p T r a n . 4th wk Dec 181,720 161,790 6,393,058 6,053,371
<c U n dergrou n d El R y
o f L on don—
T h re e tu b e l i n e s . . . W k Jan 2 . £13,195 £11,790
£8,733
£9,618
M e tro p o lita n D ls t. W k Jan 2 .
£4.966
£4,433
U n ited T r a m w a y s . W k Jan 2 .
609,042 431,582 5,677,343 3,812,097
U nited R R s o f San Fr October . .
£4,966
£4 ,433
U n ited T r a m w a y s .W k Jan 2 .
910,288 870,002 10,593,165 10,828,737
U n ite d R y s o f S t L . . December
287,031
32,379
291,926
31,757
W h a tc o m C o R y & L t October . .
a These figures Include receipts for four days of December in both years,
c These figures are for consolidated company. / N o earnings for Detroit
Jackson A Chicago R y . tor Jan. 1907 Included in these figures.

____

___

Net Earnings Monthly to Latest Dates.— T h e ta b le f o l­
lo w in g s h o w s th e g r o s s a n d n e t e a rn in g s o f S T E A M ra ilro a d s
r e p o r te d th is w e e k .
A fu ll d e t a ile d s t a t e m e n t , in c lu d in g all
r o a d s fr o m w h ic h m o n t h ly r e tu rn s c a n b e o b t a in e d , is g iv e n
o n c e a m o n t h in th e s e c o lu m n s , a n d th e la te s t s ta t e m e n t o f
th is k in d w ill b e fo u n d in th e issu e o f D e c . 2 6 19 0 8.
The
n e x t w ill a p p e a r in th e issu e o f J a n . 23 1 9 0 9.
%
R oads.
$
5,718
B elief o n to C e n tr a l, b ____ D e c
5,718
65,700
J a n 1 t o D e c 3 1 . ...........
6
5 ,7 0 0
685,151
^ C h icago G t W e s t e r n .b .N o v
J u ly 1 t o N o v 3 0 _______ 3 ,6 6 4 ,1 7 3
C h ic I n d & L o u i s v - a - - - N o v
43 3 ,7 8 5
J u ly 1 t o NOV 3 0 _______ 2 ,3 5 5 ,0 2 8
z C h lc S t P aul M & O . b . N o v 1 ,2 0 2 ,9 6 8
J u ly 1 t o N o v 3 0 _______ 5 ,9 87,388
x C ln c H a m & D a y t o n .b - N o v
694 ,702
J u ly 1 t o N o v 3 0 _______ 3 ,5 3 1 ,8 7 9
x D u lu th & Iron R a n g e b N o v
596,492
J u ly 1 to N o v 3 0 _______ 4 ,5 9 6 ,1 6 7
rrlnternat & G t N o r . b - . N o v
8 34 ,642
J u ly 1 t o N o r 3 0 _______ 3 ,5 5 8 ,3 2 6
M exica n R a i l w a y . . .
.N o v
5 2 7 ,2 0 0
J u ly 1 t o N o v 3 0 _______ 2 ,8 3 8 ,8 0 0
N e v a d a C e n t r a l.b ________ N o v
7,20 2
J u ly 1 t o NOV 3 0 _______
3 5 ,2 3 7
R ic h m o n d F red & P o t . . N o v
151 ,227
J u ly 1 t o N o v 3 0 _______
720 ,771
S t J os & G rand I s l . b _____ N o v
131 .946
J u ly 1 t o N o v 3 0 _______
736 ,098
T e x a s C en tra l____________ N o v
1 48 ,167
J u ly 1 to N o v 3 0 _______
524 ,114
T o le d o P e o & W estern b N o v
8 8 ,533
D e c e m b e r _______________
9 2,918
J u ly 1 t o D e c 3 1 _______
580,892

Week or
Month.

Increase. D ecrease.

F o r th e f o u r t h w e e k o f D e c e m b e r o u r final s ta te m e n t
c o v e r s 48 r o a d s a n d s h o w s 6 . 9 1 % in c r e a s e in th e a g g re g a te
o v e r th e s a m e w e e k la s t y e a r .
Fourth Week of December.

Latest Gross Earnings.
Name of
Road.

— Bal. of Net E 'ngs.Current
Previous
Year.
Year.

%
i
def 197
1,140
8,536
16,006
60,635
41,751
162,095
155,594
£def7,358 Zd cfl5,189
zd e fl,1 2 7
Cdef2,742
2:9,851
2:9,506

____
___
_

Street Railway Net Earnings.— T h e f o llo w in g ta b le g iv e s
th e retu rn s o f S T R E E T r a ilw a y g r o s s a n d n e t e a r n in g s
r e p o r te d th is w e e k .
A fu ll d e t a ile d s ta t e m e n t, in c lu d in g a ll
r o a d s fr o m w h ic h m o n t h ly r e tu rn s ca n b e o b t a in e d , is g iv e n
o n c e a m o n th in th e se c o lu m n s a n d th e la te s t s ta t e m e n t o f
th is k in d w ill b e fo u n d in th e issu e o f N o v . 28 19 0 8. T h e n e x t
w ill a p p e a r in th e issu e o f J a n . 3 0 1 9 0 9.
------ Gross E am ingsPrevious
Current
Year.
Year.
$
$

--------Net Earnings-------Current
Previous
Year.
Year.

S
Roads.
291,181
937,041
Chicago Railways C o-------Oct
2,436,698
8,025,171
Feb 1 to Oct
3 1 8,189,893
242,548
518,424
Kan City R y & Lt C o .b .N o v
543,514
1,406,495
June 1 to N ov
3 0 3,232,639 3,166,072
46,411
74,172
St Joseph R y Lt H t & P . Dec
83,259
454,058
9 0870,286
9 ,96o
Jan 1 to Dec
3 1 __________
354,858
United Rys of St L . a . - . D e c
910.288
8 7 0 ,0 0 3,855,704
Jan 1 to Dec 3 1 _____________________10,593,165 10,828,737
_

A la b a m a G rea t S o u th e r n ----------B u H ao R o c h e s te r & P itts b u r g h
C a n adian N o rth e r n --------------------C a n adian P a c ific — .......................
C en tral o f G e o rg ia ----------------------C h ica g o & A lt o n ------------------------C h ica g o G rea t W e s t e r n --------------C h ica g o In d ia n a p o lis & L o u ls v .
Cln N ew O rleans & T e x a s P a c . .
C o lo r a d o & S ou th ern — .......... D e n v e r & R io G ra n d e --------------D e tr o it & M a c k in a c ------------------D u lu th S o u th S h o r e & A tla n tic
G rand T ru n k o f C a n a d a -----------‘
G rand T ru n k W e s t e r n ----------D e t G rand H a v e n & M U w ..
C anada A t la n t ic --------------------I n te r n a tio n a l & G rea t N orth ern
In te r o ce a n lc o f M e x ic o -------------I o w a C e n t r a l ------------------------------L ou isv ille & N a s h v ille -------------M ex ica n C en tra l--------------------------M e x ica n I n te r n a tio n a l-------------M ineral R a n g e ----------------------------M in neapolis & S t L o u is ------------M ln n eap S t P aul & S S M -----M issouri P a cific & Iro n M t n . . .
C entral B r a n c h ...........................
M ob ile & O h io ----------------------------N a tio n a l R y s o f M e x ic o -----------R io G ra n d e S o u t h e r n ................
S t L o u is S o u th w e s te r n ...............
S ou th ern R a ilw a y _______________
T e x a s & P a c ific --------------------------T o le d o S t L ou is & W e s te rn ____
T o le d o P eoria & W e s t e r n _______
W a b a s h -----------------------------------------

1908.

STREET RAILWAY AND TRACTION COMPANIES.

-

1909.

F irst Week of January.

[V O L . L X X X V III

$
292,672
2,51 4 ,5 7 5
242,394
1.545.854
38,002
428,017
312,095
3 .784.855

a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.

Interest Charges and Surplus.
Roads.

— Int., Rentals. Ac..—
Current
Previous
Year.
Year.
$
S

Kansas City R y & L t — N ov
153,899
June 1 to N ov 3 0 _______
931,252
United Rys of St L .......... Dec
233,866
Jan 1 to Dec 3 1 _______ 2,788,746

ANNUAL

151,099
924,565
231,494
2,778,023

Bal. of Net E ’ngs.—
Current
Previous
Year.
Year.

5
88,649
475,243
120,992
1,066,958

$

91,295
621,289
80,601
1,006,832

REPORTS.

Northern Securities Co., New York.

{Report for Fiscal Year ending Dec.

31 1 9 0 8 .)

P r e s id e n t J a m e s J . H ill D e c . 31 w r o t e in s u b s ta n c e :
During the year the Crow’s Nest Pass Coal Co. Increased Its capital stock
and ollcred to the holders of Its outstanding stock, at par, an amount of
new stock equal to 66 2 -3 % of their respective holdings of the old. A t
about the same time the coal company made to Its stockholders a distribu­
tion of surplus arising from premiums received by lt on prior stock issues,
amounting to 66 2 -3 % . All the stockholders of the coal com pany. Including
this com pany, availed themselves of their right to take the new stock.
These transactions left stockholders In the same relative position as before;
consequently. In this company’s accounts no change In the book value
ot Its holdings of the coal stock has been required by reason of them , the

155

THE CHRONICLE

Jan . 16 1909.J

o n l y ch an ge In th a t a c c o u n t b e in g th e c o s t o f o n e -th ir d share p u rch a sed
t o even, o u r h o ld in g s .
, , , .
.
.
_
,
I n p rio r years, since th is c o m p a n y has been a sto c k h o ld e r In th e Grow s
N est Pass C oal C o ., th a t c o n c e r n has p a id d iv id e n d s q u a rte rly , at dates
e n a b lin g us t o b rin g the en tire a m o u n t o f th o se d iv id e n d s Into o u r a c c o u n ts
fo r o u r llscal y e a r .
In th e sp rin g o f th e p resen t ye a r, h o w e v e r, th e co a l
c o m p a n y , d eem in g sem i-a n n u a l d iv id e n d s m o re su ita b le t o a co a l-m in in g
bu sin ess, d e c id e d to a c t o n th a t pla n In fu tu re a n d t o h ave d iv id e n d dates
f o llo w the e x p ir a tio n o f th e h a lf-y e a r at Intervals su fficie n t t o p e rm it the
w ritin g up o f a c c o u n ts c o v e r in g th e p e r io d .
In A u g u s t last th s co m p a n y
r e c e iv e d fro m th e coal: c o m p a n y a d iv id e n d fo r th e h a lf-y e a r e n d e d Jun e JO
1008 at a rate co rre s p o n d in g to th e usual o n e .
T h e d is trib u tio n t o Its sto c k h o ld e r s m a d e b y th is c o m p a n y fo r th e y e a r ly
p e r io d en d in g D ec. 31 1908, th e r e fo r e , c o u ld p r o p e r ly Inclu de n o in co m e
fr o m Its coa l s to c k fo r the la tte r half o f th e presen t y e a r, an d In c o n s e ­
q u e n c e has been llx e d at 4 % Instead o f at 5 % , as has b e e n usual fo r a
n u m b e r o f years.

Treasurer L. A. Carton presented a financial statement
saying:
A d d e d t o th e d iv id e n d s p a id y o u u p o n y o u r $ 5 0 ,0 0 0 ,0 0 0 o f c a p l___
ta l s t o c k , a g g re g a tin g ( 7 % ) _______________________________________$ 3 ,5 0 0 ,0 0 0
th e su rplu s has been Increased______________________________________ 2 , 8 0 0 , 0 0 0
an d th e reserve f u n d _________________________________________________ 1,30 0 ,0 0 0
s h o w in g a to ta l o f ____________________________________________________ $ 7 , 6 0 0 , 0 0 0
o f th e e arn in g p o w e r o f y o u r c o m p a n y fo r th e tw e lv e m o n th s e n d in g O c t . 3
1008, a fte r ch a rg in g o ff $ 1 ,7 0 0 ,0 0 0 fo r d e p r e c ia tio n — re fle ctin g a t u r n -o v e r
o f m o re th a n $ 2 4 0 ,0 0 0 ,0 0 0 . W e h a v e fu rn ish e d e m p lo y m e n t th a t rep re­
sen ts $ 2 0 ,0 0 0 ,0 0 0 o f w ages p a id o u t d ir e c tly ; $ 1 0 ,0 0 0 ,0 0 0 fo r freigh t
ch arges.
O P E R A T IO N S FO R F IS C A L Y E A R S E N D IN G O CT. 3.
1 90 7-0 8.
190 6-0 7.
1 9 0 5 -0 6 .
190 4-0 5.
B u siness
)
“ O ver
“ O ver
“ C o n s id e ra b ly o v e r
“ O v er
d o n e ______J$2 40,0 0 0 ,0 0 0 ’ ’ $ 2 5 0 ,0 0 0 ,0 0 0 ” $ 2 0 0 ,0 0 0 ,0 0 0 ” $ 2 0 0 ,0 0 0 ,0 0 0 "
D lv s . ( 7 % ) . . $ 3 ,5 0 0 ,0 0 0
$ 3 ,5 0 0 ,0 0 0
$ 3 ,5 0 0 ,0 0 0
$ 2 ,4 5 0 ,0 0 0
A d d e d to surp
2 ,8 0 0 ,0 0 0
2 ,7 0 3 .9 9 5
2 ,5 0 0 ,0 0 0
1 ,7 5 0 ,0 0 0
A d d e d t o r e s .fd
1,306,114
9 6 ,824
5 01 ,883
157,031

R ESU LTS FOR C A LE N D A R YE A R S.
1908.
1907.
1908.
1907.
Deductions—
%
* _0
Dividends from—
$
$
3,587
3,578
T a x e s _______________ C. B . & Q. HU.
(re g .)......... . . ( 8 % ) 119,698 *112,215 Administration expenses 20,881 24,887
T o t a l _______
$ 7 ,6 0 6 ,1 1 4
$ 6 ,3 0 0 ,8 1 9
$ 6 ,5 0 1 ,8 8 3
$4 ,3 5 7 ,0 3 1
do
(extra) 0 % ______
89,772 Interest on loans- - - - - - 7,383----- - - - - - ­
Dividend Jan. 10, 5 %
197,015
Crow’s Nest Pass Coal
B A L A N C E S H E E T O CT. 3.
Co., L td ..................a82,443 al50,841
1907.
190 6.
1908.
Interest and exchange.
40
5,803
$
$
220,080
A ssets—
5
Total deductions____31,851
2 8 ,2 0 3 ,7 0 3 1 19,236,614
R
e
a
l
e
s
ta
te
,
A
c
________________________
2
8
,7
5
1
,0
2
6
132,611
Balance,
surplus------170,330
Total receipts.............202,181 358,691
7 ,9 9 7 ,0 3 8
/
In v e s tm e n ts , In clu d in g b ra n ch e s____
128
,466
1
44
,196
H o rs e s , w a g o n s a n d h arn ess_________
132,378
* 7 K % - a Includes In 1908 dividends on 25,483 shares for six months at 6 %
Q u ic k assets—
per annum and on balance (2,009 shares) subscribed for and partly paid for period
1
1
,4
9
8
,8
00
1
2
,2
3
3
,9
9
9
.Sundry
s
to
c
k
s
a
n
d
b
o
n
d
s
_________
1
3
,4
8
6
,8
0
0
to which the latter are entitled to participate; In 1907 the dividend was at 10%
3 ,1 9 0 ,6 9 2
3,358,991
3 ,1 0 7 ,6 0 1
C a s h _________
for entire year on 14,464 shares and on 2,067 partly paid shares.
2 9 ,3 3 0 ,8 6 2
3 1 ,9 9 2 ,0 7 9
A c c o u n t s r e c e iv a b le ________________ 3 3 ,4 1 8 ,7 3 4
B A L A N C E SH EET D EC. 31.
L iv e c a ttle , s h e e p , h o g s , dressed
2 4 ,7 3 5 ,5 6 4
2 1 ,3 3 4 ,3 7 5
b e e f, A c ., o n h a n d ________ ^_____ 2 2 ,1 6 9 ,0 0 3
1908.
1907.
1908.
1907.
Debits—
S
S
Credits—
$
* nAO
T o t a l a s s e ts ..............................................1 0 1 ,0 6 5 ,5 4 2 1 0 0 ,6 6 8 ,5 3 3
9 2 .7 1 6 ,8 4 7
Organization expen .
85,048
85,048 Capital stock............... 3,954,000 3,954,000
Liabilities —
In v estm en ts........... aQ,000,949 6,600,711 Bills payable............... 190,000 210,000
C a pital s t o c k p a id In ................................ 5 0 ,0 0 0 ,0 0 0
5 0 ,0 0 0 ,0 0 0 5 0 ,0 0 0 .0 0 0
Accounts receivable.
- .........
19.000 Surplus......... ............... 2,718,850 2,746,135
B on d s _________________________________
5 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
C a s h ......... ................... 176,853
214.376
R e s e rv e fo r b o n d In terest_____________
6 2 ,5 0 0
6 2 ,5 0 0
62,500
B ills p a y a b le .......... ...............
2 1 ,7 1 6 ,8 4 3
2 3 ,8 7 6 ,2 3 9 1 9 ,7 5 5 ,1 3 0
X otal ........................ 6,862,850 6,910,135
T o ta l.........................6,862,850 6,910,135
A c c o u n t s p a y a b le ______________________
3 ,6 8 6 ,4 1 5
5 ,2 3 6 ,1 2 4
4 ,2 0 6 ,3 6 6
R e s e r v e fo r ta x e s , 6cc__________________
2 ,5 9 9 ,7 8 4
1 ,2 9 3 ,6 7 0
1 ,1 9 6 ,8 4 6
a The item o f Investments Includes In 1908 14,963 shares Chic. Bur. A Quincy RIG,
S u rp lu s ________________________
1 8 ,0 0 0 ,0 0 0
1 5 ,2 0 0 ,0 0 0 1 2 ,4 9 6 ,0 0 5
valued at $2 858.788: 27,552 shares Crow’s Nest Pass Coal Co., L td., $3,741,160
and $1,000 N? P.-G . N. C. B . & Q . Joint 4% bond, $995.— V. 87, p. 1664.
T o ta l lia b ilitie s ..........................
1 0 1 ,0 6 5 .5 4 2 1 0 0 ,6 6 8 ,5 3 3 9 2 ,7 1 6 .8 4 7

American Ice Company,

York.
31 1908.)
A statement issued in connection with the report says:
jz ;e w

Report for Fiscal Year ending Oct.

T h e Issuance o f th e T re a s u re r’s s ta te m e n t has b e e n d e la y e d pe n d in g an
a u d it o f the c o m p a n y ’s a c c o u n t s .
T h e c o m p a n y ’s c o n d itio n has n o t m a­
teria lly ch a n ged since O c t . 31 190 8, e x c e p t th a t $ 71 5,00 0 o f bo n d s have be­
c o m e du e. T h e In d e b te d n e ss fo r m e r ly e v id e n c e d b y these b o n d s has been
c o n v e r te d Into floa tin g d e b t s ecu red b y th e m .
A s h ere to fo re , the c o m p a n y
stan ds In gra ve need o f w o rk in g c a p ita l, a need w h ich a t th e m om en t Is
em p h a siz ed b y th e y e a r ly r e c u r rin g n e ce ssity o f b o rro w in g m o n e y to be
used In h arvestin g Ice, a n d It o u g h t a ls o t o arran ge fo r the fu n d in g o f Its
u n d u ly large floatin g d e b t .
,
[P resid en t O ler has Issued a s ta te m e n t In w h ic h h e denies th a t the
floa tin g d e b t Is as b u rd e n so m e as has b e e n r e p o r te d an d th a t a re o rga n d
z a tlo n Is In evitable.
H e sh ow s, a m o n g o th e r th in gs, th a t th e cu rre n t lia ­
bilities o f th e A m erican I c e C o. h a v e d ecreased d u rin g th e y e a r fr o m $2,17 3 ,8 0 1 to $ 1 ,0 8 7 ,2 2 9 , o r $ 1 ,0 8 6 ,5 7 2 .— I'M.]

E A R N I NOS, E X P E N S E S , & c., FOR Y E A R E N D IN G OCT. 3 1 .
Earnings and expenses — 100 7-0 8.
1906-07.
1905-06.
190 4-0 5.
G ross r e c e ip ts ____________ $8,118,592
$7 ,9 4 1 ,5 2 5
Less co s t o f m erch andise
$2 ,6 8 3 ,9 0 7 $2,709,851
L ess op era tin g exp en ses
3 ,8 9 7 ,3 3 9 3 ,9 3 1 ,3 3 8

$10 ,3 0 3 ,4 7 0
$2,871,106
4 ,4 7 0 ,3 5 3

$ 7 ,3 1 1 ,0 6 0
$ 2 ,0 3 9 ,3 6 0
3 ,9 8 1 ,0 u 7

$6 ,6 4 1 ,1 8 9
$ 1 ,3 0 0 ,3 3 6
39,908

$7,341,459
$2,962,011
42,716

$6,020,418
$1,290,642
22,889

$1 ,3 4 0 ,2 4 4

$3 ,0 0 4 ,7 2 7

$1,313,531

$210,152
73,727
161,631
209,631
352,708

$211,279
110,679
169,576
2 00 ,299
497 ,078

$208 803
57,366
176,382
138,175
467 ,137

$208,869
57,283
142,961
121,645
328 ,197

$1,00 7 ,8 4 9
N et g a in _______________
$550,024
N et profits o f su b co s. In
excess o f d lv s. fro m sam e
61,308

$1,188,911
$151,333

$1,047,864
$1,956,863

$858,956
$45 4,57 5

R e c e iv e d fro m s u b . c o s .

$6,58 1 ,2 4 6
$ 1 ,537,346
20,527

G ross ea rn in g s-----------$ 1,557,873

Distributed as follows—

•Bond Interest____________
I n t . on floatin g d e b t . - .
R e n ts --------T a x e s a n d In surance------M aln t. a n d im p r o v ’ t s - .

T o t a l n et p r o fit .............

$611,332

34,032

43,738

3 2 ,509

z $ 1 8 5 ,3 6 5

$2,000,601

$487,084

x A d iv id e n d o f 9 % ($ 1 ,3 5 0 ,0 0 0 ) o n the preferred s to c k w as d eclared In
O c t . 1906, p a y a b le D e c. 15 1906 (see V . 83, p . 105 8). T h e A m erica n Ice
S ecu rities C o ., as o w n e r o f a b o u t $14 ,3 0 0 ,0 0 0 o f the preferred s t o c k , re­
c e iv e d fro m this d istrib u tio n a p p ro x im a te ly $ 1 ,2 8 7 ,0 0 0 a n d fro m the sam e
p a id three q u a rterly d iv id e n d s o f 1 X % ea ch on Its o w n $10 ,0 3 0 ,0 0 0 s to c k
In J a n ., A p ril a n d J u ly 1907. T h e la s t-m e n tio n e d d is trib u tio n c a lle d fo r
a b o u t $ 1 ,0 0 0 ,0 0 0 .
N o d iv id e n d has been p a id s in ce .
B A L A N C E SH EET OCT. 31.
1908.
1907.
1908.
1907.
$
Liabilities—
$
$
$
Assets—
Property account. 41,794,077 41,953,660 Preferred s t o c k .. . 14 ,920,200 14,920,200
Invest, securities. . 2,637.162 2,669,965 Common stock___23 ,871,100 23,871,100
030,000 1,795,475
125,694
226,452 Bills payable.........
Cash and n o t e s ...
5,500 Underlying bonds. 1 ,665,050 1,620,050
Loans ...................
100,105
100,605 Coll, trust bonds
Bonds and mtges.
Amer. Ice C o . . . 1 ,959,000 1,970,000
11,903
12.447
Insur. prem iums..
405,330
448,690
533,769
820,472 Real estate m tges.
Ice, coal, A c ------457,230
378,326
A ce., A c., payable
A cc’ts receivable
836,348
802,853 Profit & loss (sur.)*2 ,137,592 1,587,568
Ice, coal, A c -----

6,000

T o t a l ..................46.045,502 46,591,410

T o t a l .................. 46,045,502 46,591,410

* The above surplus, $2,137,592, does not include $61,308 profits of subsidiary
companies not yet paid Into the treasury. See new directors on a following page.—
V. 87, p. 1606.

Swift & Company.

{Report for Fiscal Year ending Oct.

3 1908.)
At the annual meeting held in Chicago on Jan. 7, Presi­
dent Louis F. Swift said:
D u rin g th e p ast y e a r o u r v o lu m e , w h ile g o o d , show s a slight decrease In
to n n a g e . T h is w as p a r tly d u e t o th e re lu cta n ce o f farm ers an d feeders
t o feed as m a n y ca ttle as usual, o w in g to th e h igh p rice p re v a ilin g In th e
c o u n t r y fo r co rn an d o th e r fe e d .
T h e financial results o f th e business h a v e p r o v e d q u ite s a tisfa c to r y . T h e
g o o d sh ow in g Is largely d u e to th e e fficie n t o rg a n iz a tio n p e r fe cte d to
han dle the op e r a tin g an d c o m m e rcia l bran ch es o f the business. T h e
o p e r a tin g exp en se sh ow s a m aterial r e d u c tio n , d u e p rin cip a lly to the
a m o u n t ex p e n d e d t o keep o u r plants up t o date In e v e r y re sp e ct, en a b lin g
us to get b etter yie ld fro m all p r o d u c ts an d t o han dle th em In th e m ost
e c o n o m ic a l m an n er. W e h a v e a d d itio n a l Im p ro v e m e n ts, c o n te m p la te d
a n d un d er w a y , th a t w ill still fu rth e r redu ce o u r c o s t o f p r o d u c t io n .
F rom
o p e r a tio n s since th e clo se o f o u r fiscal ye a r, I feel th a t o u r o u t lo o k Is g o o d ,
a n d th at w e w ill p a rticip a te In th e p ro s p e rity o f the c o u n tr y .
T h e n u m ber o f e m p lo y e e s w h o are sto c k h o ld e r s Is Increasing fa s t. S w ift
& C o .’ s e m p lo y e e s ’ B enefit A s s o c ia tio n , o r g a n iz e d In J u ly 1907, w h ic h I
In form ed you at th e last annual m e e tin g h ad 5 ,000 m em b ers, n o w has a
.m em bersh ip o f o v e r 14 ,0 0 0 .




An official pamphlet describing the enterprise and its
export connections, affords the following data:
Locations and Floor Space (Acres) of Company's Packing PlantsC h ic a g o ........ 90 % IK an sas C ity 3 1 H I O m a h a ____ 2 8 J * | S t. L o u is ............. 21
S t. J o s e p h . 3 0 K | S t . P a u l . . . 23
|Fort W o r t h . 20M IT o ta l---------------245
O n Jan 1 1909 there w ere o v e r 1 0 ,000 s to c k h o ld e r s . T h e c a p ita l
s t o c k — $ 5 0 , 0 0 0 ,0 0 0 — Is fu lly p a id u p , th e c o m p a n y h a v in g r e c e iv e d p a r In
cash fo r ea ch an d e v e r y share, a n d ann ual d iv id e n d s h a v e been p a id since
In c o r p o r a tio n , th e d iv id e n d fo r th e p a s t te n years b e in g 7 % p e r an n u m ,
p a y a b le .q u a r t e r ly .— V . 88, p . 105.

H. B. Claflin Go.

{Report for the Season ending Dec.

31 1908.)

President John Claflin says:
P re c e d in g th e P re sid e n tia l e le ctio n , th ere w as a s te a d y b u t s lo w Im p r o v e ­
m e n t In tra d e.
T h e m o re ra p id progress w h ich fo llo w e d th e e lection Is
s h o w n b u t s lig h tly In th e figures o f this sea son , as th e business o f N o v e m b e r
a n d D e c e m b e r Is la r g e ly co m p o s e d o f ord ers fo r sprin g d e liv e ry .
W e sh ou ld
e x p e c t e x c e lle n t results fo r th e o p e n in g season If n o ch a n ge In tariff w ere
Im m in en t.
A low' tariff w o u ld stim u la te th e im p o rta tio n s o f o u r c o m p a n y
and w o u ld p r o b a b ly Increase o u r p ro fits o n su ch ad d itio n a l m erch a n d ise
as co u ld then sa fe ly b e Im p o rte d , b u t this g ain m ig h t b e m ore th a n c o u n te r ­
b a la n ce d b y th e h a ltin g o f In du stry w h ich w o u ld b e lik e ly t o fo llo w radical
re d u c tio n In th e r a te s o f Im p o st.

IN C O M E AC C O U N T H A L F -Y E A R E N D IN G DE C . 31 1908.
Balance,
— Interest and Dividends —
Net
Surplus.
Com. Stock.
P ref. Stock.
Earnings.

6 Months to
D ec . 31—

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

$31 0,68 6
5 04 ,999
409 ,118
503,493
3 20 ,937
315 ,852
3 12 ,185
3 47 ,457
3 02 ,045
640 ,819

$14 2 ,1 2 6
1 42 ,126
142,126
142,126
142,126
142 ,126
142 ,126
142,126
142,126
142,126

(4) $ 15 3,16 4
(4) 1 53 ,164
(4) 153,164
(4) 153,164
(4) 153,164
(4) 153,164
(4) 153,164
(4) 153,164
(4) 153,164
(4) 153,164

$15 ,397
2 09 ,709
113,829
208 ,204
25,647
20,563
16,895
52,167
6,7 5 5
3 45 .529

IN C O M E A C C O U N T Y E A R E N D IN G DEC. 31.
1908 ................................... $30 3 ,2 5 0
1907
959 ,274
lOOO"’ "
7 61 ,377
1 9 0 5 * _______
8 21 ,427
1904
. . . __________
63 1 ,6 9 7
1 90 3’
61 9 ,8 4 7
62 9 ,5 6 3
1 90 2___________________
1901 _________________
6 5 0 ,5 5 5
1 9 0 0 ___________________
914 ,354
1 ,2 4 7 ,8 5 1
1 8 9 9 ___________

Assets—
Cash ......................
D iv id e n d s..............
Bills receivable___
Open a cco u n ts ___
M erchandise_____
Store property . . .
Stable......................
Horses, trucks, A c.

$284,252
284 ,252
284 ,252
284 ,252
284,252
284,252
284,252
284,252
284,252
284,252

(8 ) $306,328 d e f.$ 2 8 7 ,3 2 9
368 ,694
( 8 ) 306 .328
170 ,797
306.328
( 8)
2 30 ,847
306 .328
( 8)
4 1 ,117
( 8) 306 .328
2 9 ,269
306.328
( 8)
38,983
306.328
( 8)
59,975
( 8) 306 .328
323 ,774
( 8) 306.328
67 6 ,4 4 7
( 7 ^ ) 2 8 7 ,1 5 2

B A L A N C E SH EET DEC. 31.
1908.
1907.
I
1908.
$
| LlabllUles—
$
$
3,147,902 2,225,7031First pref. s t o c k .. 2 .600,300
171,3321Second pref. stock 2 ,570,600
171,332
3 .829,100
2,142,294 5,114,567 Common s t o c k
4 ,526.244
1,668,862 4,113,250 Open a cco u n ts
490,000
6,146,010 7,540,706 Foreign exch., A c .
2,739,182 2,739,182 Surplus reserve__ *1 ,770.058
310,686
27,198 Profits during fall.
27,197
44,360
54,210

T o t a l .................. 16,096,989 21,976,298

1907.

$

2,600,300
2,570.600
3.829,100
5,990,351
4,617,873
1,863,075
504,999

T o t a l .................. 16,096,989 21,976,298

* Adding $15,397 surplus for full season, leaves $1,770,058 surplus after providing
for Interest on preferred stocks to D ec. 31 and dividend on com m on stock to be de­
clared In Jan., payable Jan. 15 1909. “ Total dividends to date, $10,507,415.’
— V. 87, p. 1422.

Inland Steel Co., Chicago.
W O RKS:

I N D I A N A H A R B O R A N D C H ICAG O
O R E M IN E S : H IB B IN G , M IN N .

H E IG H T S .

{Report for Fiscal Year ending June

30 1908.)
This company, a block of whose first mortgage bonds is
being offered by Eversz & Co. of Chicago, has made for the
fiscal year ending June 30 1908 a report, signed by President
A. W. Thompson, under date of July 27 1908, saying in
substance:
General Results.— T h e n e t p rofits sh o w o v e r 1 2 % e a rn e d o n o u ts ta n d in g
ca p ita l s to c k o v e r all fix e d ch a rge s, b o n d Interest, a n d reserves fo r exh a u s­
tio n o f ore m in es, re-lin in g fu rn a ce s, a c c id e n t insu ran ce, A c .
W h ile th e
p r o d u c tio n sh ow s an Increase o f 10,561 to n s o v e r th e p re v io u s y e a r , v e r y
little o f the e x te n s iv e Im p ro v e m e n ts h a v e a d d e d as y e t t o th e en larged
c a p a c ity o f th e p lan ts.
In m a k in g co m p a r is o n w ith th e y e a r 190 6-0 7
there w as a decrease o f p ro fits o f $33 2,48 0. T h e financial d is tu rb a n ce*
c o m m e n cin g e a rly In O ct. 1907 a c c o u n t fo r this.

156

THE CHRONICLE

A d d itio n s .— T h e b la st fu r n a c e b lo w n In A u g . 31 1907 has been in c o n ­
tin u ou s su ccessfu l o p e r a tio n , a n d sin ce the lirst o f th e presen t y e a r the
d ecrease In the c o s t o f m a n u fa ctu rin g p ig Iron a id e d m a teria lly in keepin g
th e steel w ork s In op e r a tio n .
T h e oth er Im p orta n t im p ro v e m e n ts — s h e e t-b a r m ill, w h ich w ill su p p ly
m aterial fo r the sheet d e p a rtm e n t, a n d co n tin u o u s ro llin g m ill fo r m erch an t
b ars__ w ere b o th tried o u t b e fo re o u r ann ual sh u t-d o w n J u ly 3d . T h e
Initial op era tion s w ere v e r y sa tisfa c to r y , a n d w e lo o k c o n lld c n tly fo r
g r a tify in g results d u rin g th e co m in g y e a r.
T h e steel plan t w as c los ed J u ly 3 fo r the Installation o f the new b lo o m in g
m ill, w h ich w ill be In op e r a tio n A u g. 1. T h e ch an ges In the o p e n -h e a r th
d e p a rtm e n t to ta k e care o f h o t m etal d ire ct fro m the blast fu rn ace w ill
a lso be in op e r a tio n a t th e sam e tim e.
W ith these new Im p rovem e n ts the pla n t will be r o u n d e d u p as orig in a lly
la id o u t b y y o u r d ire cto rs , g iv in g an increased to n n a g e o f o v e r 5 0 % in the
s te e l-m a k in g d e p a rtm e n t.
H o t m etal fro m the blast fu rn ace d e p a rtm e n t
w ill be transferred to the op e n -h e a rth d e p a rtm e n t, Insuring a s u b sta n tia l
s a v in g In the c o s t o f m a n u fa ctu re .
F in a n c e s .— 'T h e ex p en d itu re s fo r new co n s tr u c tio n J u ly 1 1906 to J u ly 1
1908 agg reg a ted 5 3 ,473,034 as fo llo w s:
B la st fu rn a ce site, real esta te, d o c k s , u n lo a d in g m a ch in e ry ,
& c., at Indiana H a r b o r _________ ______________________________51,8 0 6 ,3 8 7
E n la rg in g o p en -h ea rth steel pla n t, sheet a n d con tin u ou s b a r
m ill, & c ____ __________ ___________ _______ _______________________ 1,666,647
T o p r o v id e a d d itio n a l w o rk in g capital th e d irectors th o u g h t best to
re fu n d the 5 % m o rtg a g e , $2,5 0 0 ,0 0 0 o u ts ta n d in g a t last re p o rt, Into
5 3 ,0 0 0 ,0 0 0 first m ortg a g e re fu n d in g 6 % b o n d s. T h is has been d o n e an d
a ll o f th e 5 % b on d s have been ca n ce le d , a n d th e m o rtg a ge th a t se cu re d
sa m e satisfied .
B y the term s o f the new m o rtg a g e the cash an d Quick
assets m ust n ot be less than $ 1 ,5 0 0 ,0 0 0 until the Issue Is re d u ce d to 5 1 ,5 0 0 ,­
000 a n d th erea fter n ev er less than the a m o u n t o f the Issue ou tstan d in g.
F rom th e balan ce sheet h erew ith, the net q u ic k assets o r cash w ork in g
ca p ita l, as d eterm in ed b y P rice, W a terh ou se & C o ., are sh ow n to be $ 1 ,8 0 7 ,­
207 .
T h e in ven tories are a t c o s t p r ic e ,a n il co n s id e ra b ly less than m arket
p rices.
T h e deferred ch arges, In clu din g all expen ses o f b o n d Issue, as
w ell as all oth er d o u b tfu l assets, h a ve been w ritten o ff an d ch a rg e d to
" p r o fi t a n d lo s s ."
O u tlook.— All o f th e new co n s tr u c tio n a n d Im p rovem en ts are co m p le te d
a n d n o fu rth er ex p en d itu re s o f a n y co n se q u e n ce are at presen t c o n te m ­
p la te d .
W ith a w ell-rou n d ed p la n t, w ith a d d itio n a l steel ca p a c ity a n d a
m u ch larger d iv ersity of p ro d u cts than h e re to fo re , w ith a fair v o lu m e o f
ton n a g e b o o k e d , a n d Increasing business, th e en su in g y e a r ’s results sh o u ld
be en cou ra g in g .
E A R N I N G S F O R Y E A R E N D I N G J U N E 30 t908
Sales (5 6 ,3 5 4 ,4 3 6 0 7 ), less d is co u n t a n d e x ch a n g e ($36,937) _ .$ 6 ,3 1 7 ,4 9 9
C ost o f sa les__________________________________________________________ 5,575,169
G ross earnings fro m o p e r a tio n s --------------------------------------------------O th er In com e— R en ta ls a n d m iscella neous c r e d its -----------------------

574 2,33 0
12,49 3

T o t a l earnings a n d In com e fr o m all s o u r c e s ------------------------------D e d u c t — In terest (5 3 9 ,9 0 9 ): b o n d Interest ( 5 6 3 ,0 7 2 ) ....................

5754,823
102,981

N et In com e fo r the y e a r _____________________
5651,842
B A L A N C E SH EE T JU N E 30 1908.
Liabilities—•
Assets—
Capital stock ------ $6,000,000
Plant, & c., July 1
Issued___________ 5,160,000
1907 .................... $4,620,291
Les3— Employees’
Net additions since 1,930,729
su bscrip ts pay­
$6,551,020
able out of fu­
Mine leasehold____ S722.569
ture dividends - .
59,875
Less amortization
61,514
$5,100,125
f u n d . . . .............
-------- *------661,055 First ref. M. 6%
b o n d s __________ $3,000,000
Finished product, raw mate­
In
treasury_________________
103,000
rial and supplies________
1,153,821
2,897,000
Customers,accounts (after de­
40,445
ducting reserves)__________
793,665 Trade acceptances----------------391,264
Bills receivable
................. 67,034 Accounts payable....................
75,325
Inland Coal & Washing C o . .
11,658 Unpaid and unclaimed wages
21,643
28,982 'l'axes, & c„ accrued------------Miscellaneous_______________
10,751
Cash .....................
286,476 M iscellaneous......................—
43,455
Insurance unexpired, & c-----12,459 Bond Interest accrued--------Reserves for rc-llning furnace.
■Vc________________________
23,005
T o t a l......................................... $9,571,171
Surplus July 1 1908................
968,150
T otal-------------------- --------------$9,571,171

— V. 87, p. 1162.

L a w y e r s ’ M o r t g a g e C o ., N e w Y o r k .

(Report for Year ending Dec. 31 1908.)
The report of President Richard M. Hurd for the late
fiscal year is published in the advertising pages of to-day’s
“ Chronicle.” The report shows:
'IO N S F O R C A L E N D A R
1907.
1908.
$
$
2 0 ,3 1 6 ,6 7 7
2 7 ,1 5 2 ,5 5 8
11,091,102
14,5 5 3 ,3 4 9
G uar, m tg es . p a id o l f —
G u ar, m tg es. o u t s t a n d ’g
6 3 ,6 7 0 ,7 2 5
77,2 7 7 ,9 3 4
In com e from —
296 ,3 1 0
3 4 0 ,3 0 0
P rem iu m s fo r gu aran tiesi
199,372
219 ,619
In terest on m o r t g a g e s ..
8 ,1 3 0
10,012
R en ts, com m ission s, & c .

1905.
$
19,922,009
7 ,155,625

5 4 ,4 5 4 ,1 5 0

40,876,781

234,909
183,025
4,054

166,325
202,382
6,194

569,931

503,812

421 ,9 8 9

374,902

12,984
71,910
10,671
3,111
21,057

8,562
64,889
8,5 9 5
2,914
17,031

6,053
53,788
8,894
2,708
17,095

6,343
46,670
5,462
3,238
31,522

119,733
450,198
0 % )2 5 0 ,0 0 0

102,622
4 0 1 ,1 9 0
(1 0 )2 5 0 ,0 0 0

8 8 ,599
333 ,389
(8 )2 0 0 ,0 0 0

93,237
281 ,665
(7 )1 7 5 ,0 0 0

G ross e a r n in g s _______
E x p en se s —
R e n t _____________________
S a l a r i e s _________________
A d v e rtis in g ____________
S ta tio n e r y _____________
T a x e s an d gen . expen ses
G ross expenses
N et ea rn in g s____

YEARS.
1900.
$.
2 2 ,9 5 9 ,0 8 5
9,3 8 1 ,7 1 6

B a la n ce, su rp lu s_____
2 00 ,198
151,190
133,389
106,665
N ote.— In a d d itio n to th e cash earnings are th e unea rn ed prem iu m s,
w h ich c on sist of th e c o m p a n y 's c o n t r a c t p ro fit o f H o f 1% per an n u m on
o u ts ta n d in g m ortg a g es fro m th e d a te o f th e ann u al s ta te m e n t t o the m a ­
tu r ity o f the m ortg a g e s . T h e se unea rn ed p re m iu m s, w h ich as fu tu re prolits
are n o t carried as assets, h a v e Increased as fo llo w s : J a n . 1 1903, S103.555;
Jan . 1 190 1, $14 9,25 7; Jan . 1 1905, $ 27 9,94 8; Jan . 1 1906, $ 44 9,20 0; Jan . 1
1907, $591,508; Jan . 1 1908, $ 70 1,20 4; Jan . 1 1909, $ 83 6,11 5; to ta l n et
Increase sin ce Jan . 1 1903, $73 2 ,5 6 1 .
B A L A N C E SH EET D EC. 31.
1908.
1907.
1908.
1907.
Assets--—
$
$
Liabilities—
$
S
.....................2,500,000 2,500,000
N. Y . City m t g e s ...3,638,460 3,653,522 Capital
Co’s Bklyn bldg..cost 175,000
175,000 S u r p lu s _____________2,000,000 1,750,000
Undivided prolits__ 129,568 179,370
•Heal e s t a t e ..............
14,264
_________
99,384
Cash ....................... ..1,219,829
700,232 Mtgs.sold.not dellv’d 417,985
T o t a l ...................... 5,047,553 4,528,754
T o t a l .............. ........ 5,047,553 4,528,754
T h ere are 5,870 gu aran teed loan s o u ts ta n d in g (see "o p e r a t io n s ” a b o v e ),
th e a v e r a g e loan In M an h a ttan a m o u n tin g t o $ 3 0 ,0 0 0 , In B ro o k ly n to
$ 5 ,7 0 0 a n d In th e B r o n x to $ 1 2 ,7 0 0 .— V . 8 7 , p . 221 .

M id v a le S te e l C o ., P h ila d e lp h ia .

(Report for Fiscal Year ending Oct.

31 1908.)

R ESU LTS FOR YE AR S E N D IN G OCT. 31.
1907-08.
1906-07.
Profits over all costs, charges and expenses,
_
. „„„
including depreciation— ..............
$306,272
8914,9>9
Deduct— Dividends ..................................(10% )$75,000 (27^ )82 06,250
Adjustm ent value
o f bar steel------------------- 162,751
167,122
i
Balance, surplus for year.............................$68,521




$541,557

1905-06.
$962,167
(50)8375,000
(?)

$587,167

[V O L .

L X XXVIII.

For net profits of previous years, see Y. 86, p. 283.
A ss els—

Property& cqulp’t .
Patjerns__________
W orked m aterials.
Raw m aterial-----Merch’se, coal, &c.
Bills & acc’ ts r e c ..
Investments In bds
Cash .......... - - - - - -

B A L A N C E SH EET OF OCT. 31.
1907. |I
1908.
1907.
1908.
$
| Liabilities—
$
$
$
750,000
750,000
9,814,419 9,987,014(Capital stock _____
200,0001Bills payable_____
875,000 1,200,000
200,000
395,590
788,225
1,657,751 1,839,4561Accounts payable.
389,1321M iscellaneous____
168
375
378,400
398,6551Surplus ...................11,310,464 11,241,943
362,803
982,960|
785,827
44,480
183,3261
87,542

T o t a l ......... ........ 13,331,222 13,980,543| T o t a l __________ 13,331,222 13,980,543
A t the annual meeting of the com pany, held Jan. 1 1, the following named direc­
tors were rc-clcctcd: Charles I. Harrah, James F. Sullivan, Charles B . Dunn, Axe
E . Pctre and Howard Sellers.— V. 86, p. 283.

C o n s o lid a t e d G a s C o m p a n y , N e w

Y ork .

(Preliminary Report for the Half-Year ending Dec. 31
. not 1908.)

1907

The preliminary report made to the Public Service Com­
mission for the half-year ending Dec. 31 1907 shows in
substance:
I N C O M E A C C O U N T F O R H A L F - Y E A R E N D I N G D E C . 31 1907.
G ross o p e ra tin g reven u es (on basis o f 8 0 c. gas t o p r iv a te c o n ­
sum ers) ---------------------------------------------------------------------- ------------------ $ 5 ,8 6 0 ,4 3 9
O p e ra tin g e x p e n se s, $ 5 ,0 2 9 ,7 2 5 ; u n co lle ctib le bills, $87 ,4 8 5 ;
ta x e s , $502,024; to ta l ...................... .......................................... ............
5 ,6 1 9 ,2 3 4
O p era tin g In com e_________ _______________________________________
A d d — D lv ’ ds declared on sto ck s ow n ed o r co n tro lle d $ 1 ,5 3 0 ,6 9 9
In terest a ccru ed on b o n d s o w n e d o r c o n t r o ll e d - .
136,770
In terest on oth er secu rities, loan s an d a c c o u n t s - .
798 ,690
32,617
R en ts ($24,892) an d m lscel. In com e ($ 7 ,7 5 5 )-------

$ 2 4 1 ,2 0 5

2 ,4 9 8 ,8 0 6

T o ta l clea r In co m e ______________________________________________ $ 2 ,7 4 0 ,0 1 2
In te re st on fu n d e d a n d o th e r d e b t ------------------------------$861,179
D iv id e n d s ( 2 % ) _______ ________________________________
1,600,020
Expenses elsewhere unprovided for ---------------- ---------28,341
2 ,4 8 9 ,5 4 6
Su rplu s fo r h a lf-y e a r -------------------------------------------------------------------5250,471
M a n n e r in W hich the O perating R evenues, as above, were D erived.
o f gas, 6,8 7 7 ,6 1 6 M . cu . f t. (in ci. 215,480 M. to c it y a t 9 0 c.) $ 6 ,848,388
D e d u c t 20 cen ts per 1,000 reserved , p en d in g d e cisio n as to
rig h t to ch arge $1 fo r gas (V . 8 8 , p . 1 0 3 )______________________
1 ,3 3 1 ,0 2 5

S a le s

T o ta l on basis o f 80c. gas to p riv a te c o n s u m e rs ........................... $ 5 ,5 1 7 ,3 6 3
M iscella neous— R esidu a ls, $ 13 6,28 3; ren t o f gas s to v e s , $ 72 ,631 :
p r o fit on sales o f s to v e s , & c., $1,268; la m p m a in te n a n ce In­
3 4 3 ,0 7 4
c o m e , $ 12 9,89 4; t o t a l............... ................................................................
T o ta l gas re v e n u e s------------------------------------------------------------------------ $ 5 ,8 6 0 ,4 3 0
D etails o f O perating E xp en ses as above ($ 5 ,0 2 9 ,7 2 5 ).
M a n u fa ctu re — w a ter g a s . $ l , 326,294 I D istrib u tion e x p e n s e --------- $049,808
M a n u fa ctu re— coa l g a s —
255,46 1 General exp en se ---------------0 6 9 ,6 5 ;)
P u rch a sed g a s*, g ro s s ------- 1 ,4 4 0 ,7 4 6 [C on tin gen t e x p e n s e ----------087,76*.
* N o te .— T h e “ pu rch a se d g a s ,” $ 1 ,4 4 0 ,7 4 6 , represents th e p u rch a se o f
2 8 6 7 . 3 1 7 , 7 1 9 cu . ft. fro m th e fo llo w in g cos. o n the basis sh o w n :
A
v . P rrice.
ic e . T ota
otal,
A v . P r ic e. Total.
A*
l,
cts.
$
cts.
$
N ew A m sterd am G . C o .35.04 318,096 A stro la L ig h t, H e a t &
„
P ow er C o _____________ 69.88 8 9 8 ,6 2 2
S ta n d a rd G as L g t. C o .32.76
19,641
N . Y . M u tu al G . L t .C o .33.44 189,693 C entral U n ion G as C o .3 1 .6 6 14,694
B A L A N C E SH EETS OF DEC. 3 1907 A N D JU N E 30 1907.
Dec. 31 ’07. J u n e s 0 ’07
Dec 31 ’07. June 30 ’07.
S
Liabilities Side—
$
„
Assets Side—
S
$
Funded d e b t . .. 21,244,100 21,249,100
Franchises------- 1
Cur. liabilities.
Land devoted to I
9,053,298
m at’d & unpaid 9,859,801
gas operations)4S,690,272 48,573,461
Current liabilities
Other fixed gas(
69,904
Unmatured . .
5.12S.S19
3,058,884
Mat .*& supplies.
701,497
732,458 Gas sales susp.(6) 4,3S9,909
Cash . . . . . ____
499,616
432,567 Renewal and con­
2,917,681
tingency acct. 3,312,906
Accts. rec’ ble__ 6,857,325
6,361,139
271,390
Other reserves..
271,390
Funded debt of) .
oth. corp’n s .. (■53,967,13 d o3,891,135 Stocks— capital
80,000,000
,
stock
.............
80,001,000
Stocks of other|
Stock and bond
corporations _J
p rem iu m s__ 13,951,397 13,951,397
Advances to sub.
1,989,489
and affil. c o s .
25,588,724 19,833,724 Corporate surplus 2,239,959
Prepayments___
2,650
..................
Reserved (a )__
4,075,366
2,736,662
Gen. susp. a cct.
16,698
...........
Grand t o t a l..140,399,282 132,561,144

Grand t o t a l.. 140,399,282 132,561,144

(a) Amount deposited with the United States Court against a reserve of 20c. per
M. cubic feet of gas sold, as opposite.
(b) Am ount reserved at the rate of 20c. per M. cubic feet of gas sold since May j.
1900 which, under the order of the Commission of Gas A' Electricity, must b e're­
turned to the consumers in case the decison In proceedings, now pending, snail
not be In favor of the com pany. (V . 88, p. 103.) (Compare V. 80, p. 1854, looiL
1910.)— V. 88, p. 103.

general

investm ent

news,

RAILROADS, INCLUDING ELECTRIC ROADS.
Amador Central R R .— Reorganized Company—Bond Issue.
— This company, incorporated in California on Sept. 24
1908 as successor of the lone & Eastern R R ., foreclosed
(V. 87, p. 544) has filed a first mortgage in favor of the
Union Trust Co. of San Francisco, as trustee, to secure an
issue of $300,000 5% 30-year gold bonds of $500 each,
dated Nov. 2 1908 and due Nov. 2 1938.
T h e in terest Is p a y a b le M. & N . at o ffice o f tru stee.
A n n u al^sin kin g
fu n d , b e g in n in g F e b . 1 1913, an a m o u n t equa l to 2 % o f o u ts ta n d in g D onas,
but the b o n d s, it is s ta te d , are n o t s u b je c t t o c a ll T h e ro a d e x te n d s f r o m r o n e
to M artel C a l., 13 m iles.
P r e s ., Charles E rickson; S e c ., J . A. M c l lie is o n .
A d dress, care S o lln s k y & W e h e , M o n a d n o ck B ldff., San F ra n cisco .

Atlanta Birmingham & Atlantic RR.— Deposit of Terminal
Newman, in the United States Court
at Atlanta, on Jan. 8, issued an order directing that the
stock of the Georgia Terminal RR. Co., $1,500,000, and
the stock of the Alabama Terminal RR. Co., $3,000,000, the
entire amount in each case being owned by the railroad
company, be turned over to the Old Colony Trust Co.,
Boston, as trustee, under the first mortgage of the Atlanta
Birmingham & Atlantic.'

Co’s. Stock.— Judge

T h e c o m p a n ie s in q u e stio n ow n term inal lines, the fo rm e r a t A t la n t a ,
th e la tte r a t B essem er and B irm in gh am , on w h ich th ey h a v e issu ea re­
s p e c tiv e ly , $ 3 ,0 0 0 ,0 0 0 an d $2,4 4 5 ,0 0 0 b o n d s .
T h e p e titio n In th e A . U
&, A . receiversh ip suit gives in su bstan ce the fo llo w in g I n fo r m a t io n . 1 no
G eorgia T erm in al in clu d es a line o f railroad 3 miles lo n g, re a ch in g n o in
H o w e ll’s S ta tio n to the heart o f A tla n ta , en a b lin g th e A. B . & A . to re a cn
the U nion S ta tio n .
Its p r o p e r ty w as m ortg a ged to the O ld Colony tr u s t
C o . o f B o s to n o n J a n , 1 1907, to secu re an Issue o f $4,0 0 0 ,0 0 0 5 % g old

Jan . 10 1909,.

THE CHRONICLE

b o n d s, o f w h ich $ 3 ,0 0 0 ,0 0 0 , due J a n . 1 1927, arc n o w o u ts ta n d in g . (I n ­
terest p a y a b le J a n . 1 a n d J u ly 1 ).
O n J u ly 31 1907 the A tla n ta B ir­
m in gh a m & A tla n tic en tered in to a lease w ith th e G eorgia T e rm in a l C o.
fo r 99 yea rs, the A tla n ta B irm in gh am & A tla n tic gu aran teein g the p a y ­
m en t o f the G eorg ia T erm in a l llrst m o rtg a g e b o n d s an d the p a y m e n t
o f th e Interest a c c r u in g on these b o n d s a t a n y tim e o u ts ta n d in g d u rin g the
lease, a n d fu rth er t o p a y s em i-a n n u a lly a sum equal to 2 'A % on Its ca p ita l
stock .
T h e A tla n ta B irm in gh am & A tla n tic Is now In the e n jo y m e n t o f
th e p r o p e r ty o f th e G eorgia T erm in al a n d has gu a ra n te e d th e p a y m e n t
o f th e $ 3 ,0 0 0 ,0 0 0 b on d s a n d a ssu m ed th e p a y m e n t o f the Interest.
A sim ilar 9 9 -y c a r c o n tr a c t w as e n tered in to w ith A la b a m a T erm inal
R R . , w h ose 5 % b o n d s, d u e In 1927, w ere t o h a ve their Interest p a ya b le
J.
& J . at th e O ld C o lo n y T ru st C o ., tru stee.
T h e a u th o rize d issue o f
b on d s In this la tter case also Is $4 ,0 0 0 ,0 0 0 a n d their prin cip a l a n d Interest
•are g u aran teed a n d d iv id en d s a t the rate o f 5 % w ere to be p aid o n the
s to c k b y th e A . B . & A . T h e A la b a m a T erm in al R R . Is in process o f
co n s tr u c tio n fro m R eed ers G a p , v ia B essem er, to B irm in gh am , w ith a
b ra n ch th rou g h th e c o a l fields In Je lle rso n C o u n ty , A la ., to M ulga.

Further Defaults.— The bill of complaints in the receiver­
ship suit discloses the following defaults in addition to the
default January 1 as to payment of semi-annual interest
on the first mortgage 5s of the A. B. & A.:
In t. D efau lted J a n . 1909—
P rin c ip a l D efaulted—
E q u ip , tr. series “ B ” _______ $38 ,000 E q u ip , tr. series “ B ” d u e
G eorgia T e rm . C o. 1st M ____ 7 5,000
Jan . 1 ______________________ $86, 000
A la b a m a T e r m . R R . 1st M __ 6 1 ,125 E q . tr. (1906) d u e N o v . 1008 0 0,000
T h e a m o u n t o f A . B. & A . first 5s o u ts ta n d in g , In clu din g, p erh ap s, $ 6 ,­
00 0 ,0 0 0 p led g ed as p a rt colla te ra l fo r th e jo in t n otes o f. 1900— V . 8 4 , p.
290; V . 8 3 , p . 35— Is sta ted as $ 1 4 ,4 4 3 ,0 0 0 : the a m o u n t d u e J a n u a ry 1
b y w a y o f in terest th ereon is g iv e n as S3 1 1 ,825. T h ere Is also ’ “ a d d itio n a l
o v e r -d u e In terest” , [p res u m a b ly on th e iloa tln g d e b t, o f w h ich th e to ta l
a m o u n t Is n o t I n d ica te d .— E d .]

157

Boston, Mass., sold at auction, for the company, to Lee,
Higginson & Co., 2,150 shares of its stock at 230% and
to II. C. Wainwright & Co. 350 shares at 231K . Compare
V. 88, p. 52.
B r o o k ly n

R a p id T r a n s it C o .—

Contract Terminates.—See

American Express Co. under “ Industrials” .— V. 87, p. 1604.
C a n a d ia n P a c if ic R y . —-Purchase.—-See Wisconsin Central
Ry. below.— V. 87, p. 1007.
C en tra l R a ilr o a d o f N e w J e r s e y . — Decision.— Judge Scott
in the Northampton County Court at Easton, Pa. on
Jan. 11 held that the Pennsylvania 2-cent rate law’ of April 5
1907, as applied to the company’s lines, is illegal, and that
fines for violation thereof cannot be enforced.
T h e C o u rt finds th a t th e passen ger business a lo n e in P e n n s y lv a n ia sin ce
th e A c t b e c a m e e ffe c tiv e has resulted In a d e fic it a n d th e p ro fit m a d e w as
o n m e rch a n d ise a n d tra n s p o rta tio n o f co a l fro m th e m in ts .
I t w as cla im ed
b y th e c o u n t y as a d e fe n c e th a t there has b een n o su bstan tial d im in u tio n
in r e c e ip ts b e y o n d th ose fo r 1907. w h en th e ra te w as fix e d b y th e b o a rd
o f m a n a g e rs a t 2 ^ ce n ts, b u t th e C ou rt h o ld s th a t if b y reason o f business
c o m p e t it io n th e c o m p a n y v o lu n ta r ily e le cte d to o p e ra te th e passen ger
s e r v ic e in th e S ta te a t a loss, w h ile p ursuing m a in ly th e c h ie f p u r p o s e fo r
w h ich th e ro a d w as co n s tr u c tie d , v iz ., th e tra n s p o rta tio n o f co a l, It c a n n o t
b e co m p e lle d to a d o p t a leg isla tiv e ra te o f carriag e th a t p ro d u ce s th e sa m e
r e s u lt a n d w h ich th e y m a y n o t alter w h e n e v e r, un d er ch a n gin g Industrial
c o n d it io n s , th e y b e lie v e it e x p e d ie n t.— V . 87, p . 736

C h e s a p e a k e & O h io R y . — Circular.— In a circular announc­
ing a meeting of the shareholders for Feb. 9 to act on the
bondholders’ committee, consisting proposed $30,000,000 bond issue, President Stevens refers
of Sewall H. Fessenden of F. S. Moseley & Co., Philip to the expansion of traffic and earnings during the last
Stockton, President of the City Trust Co., a n d F .A . Farrar twelve years, and remarks that as a result of the plan “ the
of H. W. Poor & Co., all of Boston, request the deposit of company will be able to distribute to stockholders a more
the first mortgage bonds of 1930 of the Atlanta Birmingham satisfactory share of its future surplus earnings.” He
& Atlantic R lt. on or before Feb. 1 1909 with the City further says:
Trust Co., of Boston, as depositary.
T h e p h y sica l c o n d itio n o f th e p r o p e r t y is e x ce lle n t; Its business is large

Deposits Asked.— The

Receivership Not Connected with Failure of H. W. Poor A

Co.— A member of the Boston firm of H. W. Poor & Co. writes:
otliln
O u r fa ilu re h ad n oth
in g w h a te v e r t o d o w ith th e a p p o in tm e n t o f reta B irm in gh am & A tla n tic R R . T h e clo se p r o x im it y
celv ers fo r th e A tla n ta
O ur-----o n ly
Interest
o f th e tw o even ts m a y h
1 a v e „g iv e n rise to th a t im p
. ression.
-----------------J ______
H
In th e A . B . & A . s itu a tion con sists In th e ow n ersh ip o f a c o m p a r tiv e ly
sm all a m o u n t o f th e b on d s a n d also th e fa c t th a t w e o r ig in a lly p la ced
a b o u t $ 4 , 0 0 0 , 0 0 0 o f the b o n d s.
W e w ere n e v e r iden tified In a n y w a y w ith
th e C on stru ction C o m p a n y , w h ose tro u b le s p r e c ip ita te d the re ceiversh ip .
— V . 88, p . 09.

Baltimore & Ohio R R . —Earnings for Half-Year.—-The
report is confirmed that the operations for the half-year
ending Dec. 31 1908 show a surplus of $2,235,000 after the
payment of semi-annual dividends of 2% on the preferred
stock and 3% on the common.— V. 87, p. 1532.
Boston & Maine R R.— Bonds Offered.—Wm. A. Read &
Co., New York, Boston, Baltimore and Chicago, are offering
at 105}/, and interest (yielding 4.10% income), by adver­
tisement on another page, the unsold portion(abt.$2,000,000)
of the issue of $11,700,000 4 % % 20-year bonds, due April 1
1929. Interest payable in New York or Boston April 1
and Oct. 1, coupon bonds, $1,000, exchangeable for registered
bonds; denominations 81,000, $5,000, 810,000 and $50,000.
‘ “ Legal investment for savings banks and insurance com­
panies in Massachusetts, Connecticut, Maine and New
Hampshire. Available for circulation issued under the
Emergency Currency Law of May 30 1908, and acceptable
by the Treasury Department at Washington as security
for Government deposits in national banks, when being
ncreased.”
Extracts from Letter of President Lucius Tuttle, Boston. Jail. 5 1909.
S aving by R ef u n d in g.— T h ese $ 1 1 ,7 0 0 ,0 0 0 o f 4 'A % b o n d s a r c Issued
ch ie fly fo r refu n d in g s h ort-tim e notes an d o th e r m a tu rin g secu rities,
an d also fo r th e reim b u rsem e n t o f th e tre a su ry fo r ex p e n d itu re s fo r p e rm a ­
n en t a d d itio n s , e q u ip m e n t, se c o n d track a n d o th e r im p ro v e m e n ts c o m ­
p leted o r arran ged fo r.
A m aterial sa vin g In Interest ch arges, a p p r o x i­
m a te ly $ 11 0,00 0 p er a n n u m , w ill a c c r u e to th e c o m p a n y on a c c o u n t o f
this refu n din g.
N o Additional Jlonds N ow Issu able.— U n d er the p resen t law s o f M assa­
ch u setts, a d d itio n a l b o n d s m a y b e Issued b y the ro a d o n ly to an am o u n t
equal to th e p ar v a lu e o f its ca p ita l s to c k hereafter Issued, plus the prem iu m
th a t It receives th ereon . T h e b o n d s p u rch ased b y y o u w ill fu lly p ro v id e
fo r all p resen t financial req u irem en ts, a n d w c d o n o t e x p e c t th a t a n y fu r ­
th er Issues o f Its b o n d s w ill b e m a d e fo r a t least t w o years.
T h e B oston & M aine has n o m o r tg a g e b o n d s o f Its ow n ou tsta n d in g ,
a lth ou g h there is a first m ortg a g e o f $ 1 ,0 0 0 ,0 0 0 u p o n th e p r o p e r ty o f th e
P orts m ou th G rea t I''alls & C o n w a y R R . C o ., purch ased M ay 9 1890.
M ortgage F ea tu re.— U nder th e law s o f M assachusetts n o m o rtg a g e can
be m a d e w ith o u t In clu din g this new Issue o f 5 1 1 ,7 0 0 ,0 0 0 o f b o n d s und er the
lien eq u a lly w ith a n y o b lig a tio n s au th o riz e d un d er such m o rtg a g e .
D ividends fo r 70 Y ea rs.— T h e B o s to n & M aine has p aid d iv id e n d s In
e v e r y year fo r 70 years (p a y m e n ts b egan O ct. 1 1838), an d It Is n ow p a y ­
in g a t th e rate o f 6 % p er a n n u m o n preferred a n d c o m m o n s to c k to a to ta l
o f $ 3 0 ,292 ,80 0.
$7,00 0 ,0 0 0 In com e in T en Y ears fo r I m p r o v e m e n ts .--I t has been th e
p o lic y o f the m a n a g em en t t o m ain tain an d Im p ro v e th e p r o p e r ty b y liberal
charges t o cu rren t o p e ra tin g e x p e n se an d again st surplus in c o m e .
In the
last ten years the a m o u n t so e x p e n d e d fo r n ew e q u ip m e n t a n d fo r p erm an en t
im p ro v e m e n ts in a d d itio n to o rd in a ry repairs has e x ce e d e d $ 7 , 0 0 0 , 0 0 0 .
Growth in D a rn in gs.— T h e gross earnings fro m o p e r a tio n , w ith p ra ctica lly
u n ch a n ged m ilea ge, Increased s te a d ily fro m $ 3 4 ,894 ,00 8 in 1904 to $ 4 1 ,­
125,256 In 1907. T h e net r e v e n u e fo r N o v e m b e r 1 1908 show s a gain o v e r
N o v e m b e r 1907 o f $1 1 5 ,2 3 1 , a n d fo r the three m o n th s fro m S e p t. 1 to
D e c. 1 there has been an increase in n e t reven u es o f $ 3 0 7 ,6 8 6 , equ a l to
abou t llir ,.
In th e first five m o n th s en d ed N o v . 30 1908 th e c o m p a n y
earned a surplus o v e r all charges again st Incom e o f $ 1 ,7 0 6 ,8 4 2 , the sam e
b ein g w ithin $11 0,51 5 o f th e a m o u n t re q u ire d t o p a y a full y e a r's d iv id e n d
a t 0 % on th e ou ts ta n d in g c o m m o n s to c k an d the reserved 0 % o n th e p r e ­
ferred s to c k .

a n d there Is e v e r y re a so n to lo o k fo rw a r d t o a c o n tin u a n c e o f th e r e m a rk a b le
g r o w th th a t has b een a lm o st co n s ta n t In th e p ast.
T h is g r o w th , w h ile
e x t r e m e ly s a tis fa c to r y , has been a n d w ill b e a tte n d e d w ith u rg e n t re q u ire­
m en ts fo r Increased facilitie s an d new Im provem en ts.
T h e b o n d s set asid e In th e general 4
m o rtg a g e o f 1892 fo r e q u ip m e n t
an d a d d itio n s , im p ro v e m e n ts an d b e tte rm e n ts o f the p r o p e r t y , o th e r th an
d o u b le -t r a c k , w e re e x h a u ste d tw o years a g o , an d n o w a y w as le ft t o m eet
su ch e x p e n d itu r e s e x c e p t fro m surplus net in c o m e an d b y Issuing e q u ip ­
m e n t tru st ce rtifica te s .
Y e a r ly p a y m e n ts fro m in co m e fo r re d e m p tio n an d
e q u ip m e n t ce rtifica te s h a v e av e ra g e d $90 5,00 0 fo r fiv e ye a rs, an d p a y ­
m e n ts fr o m In com e fo r o th e r e q u ip m e n t a n d fo r Im p rovem en ts h a v e a v e r ­
a g e d $ 1 ,1 1 9 ,0 0 0 In th e sam e p e rio d . T h e annual p a y m e n ts u p o n e q u ip ­
m e n t ce rtifica te s n o w o u ts ta n d in g w ill b e $ 2 ,0 1 0 ,0 0 0 u n til th e y e a r 191 1,
a fte r w h ich th e y w ill b e re d u ce d a n n u a lly u n til 1917. w h en the last p a y ­
m e n t b e co m e s d u e .

Listed.— The New York Stock Exchange has listed
$250,000 additional general mortgage 4 % % bonds, due
1992, making the .total listed to date $43,823,000; also
$2,250,000 Coal River Ry. first mortgage 4% bonds, due
1945 (V. 80, p. 2219; V. 83, p. 693.)
T h e pro ce e d s o f th e $25 0,00 0 general m o rtg a g e b o n d s w ere u se d fo r th e
co n s tr u c tio n o f a d d itio n a l m ain tra ck .

Earnings.— For

4 months ending Oct. 31:

4 M os.
G ross.
N et.
T a x es.
Oth. I n c . C harges.
B a l., S u r.
1 9 0 8 -------$9,029,194 $3,663,682 $26 4,80 0 $ 17 4,22 9 $1 ,9 8 6 ,1 4 9 $ 1 ,5 8 6 ,9 6 2
3 ,8 6 3 ,9 8 8
_______
____
’
1 90 7____ 1 0 ,3 7 5 ,9 3 9
F rom th e surplus fo r th e 4 m on th s as a b o v e in 1908 there w a s 'p a id
$480,51 1 fo r a d d itio n s a n d b e tte rm e n ts a n d $ 3 3 5,00 0 fo r car tru st p a y ­
m en ts, le a v in g a b alan ce o f $77 1,44 8.

Trustee of New Mortgage.— The United States Mortgage
& Trust Co. has been appointed trustee of the new $30,000,­
000 general funding and improvement mortgage.— V. 88,
p. 99.
C h ic a g o & A lt o n R R . —Second Semi-Annual Dividend on
Common Stock Increased to 2 % .— The directors on Tuesday
declared “ a dividend” of 2% on the $19,542,800 common
stock, payable Feb. 15 to stockholders of record Feb. 6
“ out of the earnings for the six months ending Dec. 31” .
While this is a semi-annual distribution in the sense that it
is paid from the earnings of a half-year, the management,
it is stated, do not intend to convey the impression that
the common stock has been established on a 4% basis, this
depending on future earnings. Dividend No. 1, 1% , was
paid on the common shares on Aug. 15 190S. Of the
common stock outstanding $14,420,000 is owned by the
Toledo St. Louis & Western R R .
The following statement
was given out by the company.
A 4 % d iv id e n d o n th e a m o u n t o f A lto n c o m m o n h eld b y th e T o le d o
S t. L ou is & W estern is e q u iv a le n t t o 5 .8 % o n th e t o t a l c o m m o n s to c k
o u ts ta n d in g o f the C lo v e r L e a f.
T h e d iv id e n d s o n th e preferred s t o c k o f th e
C lo v e r L ea f h ave been h e re to fo re m ore th a n co v e r e d b y Its o w n earnings
fro m o p e r a tio n . T h e 2 % d eclared Is p a id o u t o f earnings fo r th e last six
m o n tn s •

The cumulative 4% participating and prior lien stock
($879,300) is entitled to receive in addition to cumulative
dividends at the rate of 4% per ann., additional dividends
equal to the rate of dividends declared on the common
stock. Consequently along with its semi-annual dividends
of 2 % each paid in January and July, the prior lien stock
received an extra 1% last August and will now (on Feb. 15)
receive a further 2% to correspond with the payment made
to the common stockholders.— V. 88, p. 99.
C h ic a g o B u r lin g t o n & Q u in c y R R . — Bond Issue.— An issue
Purpose of Issue.— The expenditures made and to be made
with the proceeds of the aforesaid issue of refunding bonds of $20,000,000 4% bonds will be announced shortly through
J. P. Morgan & Co., the proceeds from the sale of which will
and the notes funded therewith are described as follows:
N ew eq u ip m en t, 16 m on th s
be used to finance the purchase of the Colorado & Southern,
E q u ip m e n t u n d er c o n tr ’ t . $ 1 ,8 3 5 ,191
to N o v . 30 190 8__ $6,22 1 ,1 4 7
N ew s h o p s near B o s to n ___ 1,25 0 ,0 0 0
it is also expected that the Colorado & Southern 4% s, of
E llm . g rad e g rossin g s____
294,071 N ew b rid g e o v e r P isca ta ­
R eal e s ta te __________
50,026
which $23,899,000 have been listed on the New York Stock
qu is R iv e r a n d changes
R e fu n d . ’ 0 6 -'0 7 — b a la n c e .
312,543
o f l i n e . _________________ 1,25 0 ,0 0 0
Exchange, will be redeemed at ah early day under the terms
I m p ’t b d s ., less sin k , fu n d
2 37 ,730 N ew b lo c k sign a ls________
4 97 ,680
of the mortgage at 101, and be replaced by another issue
B lo c k signals, sta tion s,
S e co n d t r a c k _____
.. .
323 ,624
b rid ges, & c _______
537,004
M iscellaneous __
631,782
earning a lower interest rate and using the C. B. & Q. credit.
P u rc h . D an vers R R ., & c .
558 ,000
Frank Trumbull, it is understood, proposes to retire from
G rand t o t a l.................. ...................... ........................................ .............._ 5 1 3 ,9 9 9 .100
H ie ‘ eq u ip m en t un d er c o n t r a c t,” It is said, in clu d es 21 lo co m o tiv e s ,
the presidency of the Col. & So., and it is generally believed
20 passenger cars a n d 1,200 fre ig h t c a r s .— V. 8 8 , p. 99, 52.
that the road will be operated as part of the C. B. & Q.
Boston & Lowell RR.— Stock Sold.— On Wednesday, system, earlier reports to the contrary notwithstanding.
Jan. 13, R. L. Day & Co., auctioneers, No. 4 Liberty Square, — V. 87, p. 1663.




158

THE CHRONICLE

Chicago Great Western R y.— Plan.— It is currently
reported that the reorganization plan, shortly to be made
public from London, will include an assessment of at least
$10 a share for the preferred “ B ” and common stocks and
the com m on receive two-thirds as much as pref. “ B ” .
Calculations are being made by some persons on the assump­
tion that the com m on stock is to receive 40% and the pre­
ferred “ 13” 60% in new stock. An interest, however, that
would naturally receive early information on the subject
discredits entirely these particulars and expresses the belief
that they are pure guesswork.— V. 8 7 ,'p . 1663
Chicago & Milwaukee Electric R R.— Deposits— Earnings.
— The protective committee for the Illinois Division bonds
(see V . 88, p. 99; V. 87, p. 1663, 1604) announces that
upwards of $1,600,000 of said bonds (two issues) have
executed the agreement made Aug. 4 1908. Further de­
posits will be received prior to Feb. 15. A circular says:
T h e receiv ers a p p o in te d Jan . 27 1908 re p o rt:
E a rn in g s o f Chicago & M ilw a u k ee E lectric H R. C o. from J a n . 27 1908 to
D ec . 1 1908 (R eceivers’ R ep o rt).
T o t a l e a rn in g s______________ $52 3,30 8 |D educt— T a x e s ______________ $40,844
N e t, in c l. m isc. in c . ($278) _ 150,816 [N e t i n c o m e _________________ 109,972
T h e net earnings a v a ila b le fo r in terest on th e b o n d s are th erefore less
th a n $11 0 ,0 0 0 (for the 10 m o n th s an d 4 d a y s ) . T h e annual Interest ch a r g e
on th e Illinois D ivision b o n d s is $25 4 ,0 0 0 , v iz .: $ 1 ,0 8 0 ,0 0 0 , 1 9 1 9 ,ra ilw a y
b on d s a t 5 % , $54 ,000 ; $ 4 ,0 0 0 ,0 0 0 , 1 9 2 2 ,railroad b on d s at 5 % , $ 2 0 0 ,0 0 0 .
In a d d itio n the Illin ois co r p o r a tio n is bu rd en ed w ith a large floatin g d e b t:
a n d is gu a ra n tor on $10 ,0 0 0 ,0 0 0 b o n d s o f the W iscon sin D iv is io n —em barrassm en ts w h ich can be a v o id e d o n ly b y a foreclosu re o f the Illin o is
m ortg a g es.
T h e co m m itte e in ten ds to ta k e all steps n ecessary t o secu re
legal p r o te c tio n fo r th e b o n d s d e p o s ite d an d to fo rm u la te a plan o f r e o rg a n iz a ­
tio n sep a ra tely — if it shall b e fo u n d e x p e d ie n t o r necessary— as t o the
p r o p e r ty o f the Illin ois c o r p o r a tio n s .— V . 8 8 , p . 99.

Chicago

Railways.— Payment

Trusts.— The

of Receivers’ Equipment

com pany, as successor in interest under equip­
ment trust agreements dated Feb. I 1907, securing receiver’s
equipm ent obligations of the West Chicago Street and North
Chicago Street railroads, gives notice that it will redeem
at 102)^ and interest on Feb. 1 1909 the obligations issued
thereunder as follows:
W e s t C h icago S treet R R ., all o f scries C, N os. t to 71, an d series D , N os.
1 t o 73, Inclusive: N o rth C h ica go S treet R R ., all o f series C. N os. 1 to 3 8 ,
an d series D , N os. 1 to 4 0 . b o th In clu sive.— V . 88, p . 99, 52.

Hamilton & Dayton R y.— New Receivers
Harmon having resigned as receiver,
because of the commencement this week of his term as
Governor of Ohio, to which he was elected in November last,
Judge Lurton in the United States Circuit Court on Tuesday
announced the selection of ex-Governor Myron T. Herrick
of Cleveland and Edward Colston, Mr. Harmon’s law partner
(the latter by suggestion of Mr. Harmon) as co-receivers of
the road. As there was doubt expressed whether one or
both of the men named would be willing to serve except as
sole receiver, Judge Lurton delayed signing the order of
appointment until next Monday, Judge Harmon continuing
in office meanwhile.— V. 88, p. 52.
Colorado & Southern R y .—Proposed Retirement of Refund­
ing Bonds, (fee— See Chicago Burlington & Quincy R R .
above.— V. 88, p. 100.
Delaware & Hudson Co.— Listed;— The New York Stock
Exchange has listed $230,000 additional first and refunding
mortgage 4% bonds due 1943, making the total listed to
date $13,539,000.
Cincinnati

Named.— Judson

T h e p roceed s o f th e b o n d s ju s t listed w ill be ap p lie d to the c o s t o f p urchase
o f secu rities o f the T r o y & N ew E n gla n d R R . C om pa re V . 87, p . 1604.
E A R N I N G S F O R N I N E M O N T H S E N D I N G S E P T . 30 1908.
Railroad O perations—
$
Coal & Sales D e p t.—
$
O p era tin g r e v e n u e . . ............ 1 3 ,4 2 0 ,7 9 5 G ross r e c e ip t s ........................1 7 ,4 6 3 ,2 7 7
O p era tin g ex p e n s e s _______ 8 ,2 6 4 ,5 2 0 G ross e x p e n s e s -------------------- 16,732,278
Less t a x e s . . . .................... ..
3 1 1 ,280 Less t a x e s -------------196,000
N e t co a l & sales d e p t . .
O p era tin g In c o m e ______ 4 ,8 4 4 ,9 9 5
534 ,999
T o t a l o p e r . Incom e, railro a d a n d co a l d e p a rtm e n ts
15,379,994
O th er In com e: all d e p a rtm e n ts.......................................
1,0 7 0 ,9 3 0
T o t a l In com e ______________________________________________________ $6,450,924
In teres t a n d ren ta ls---------------------------------------------------- - ........... ............ 3 ,1 4 2 ,2 2 6
N et In c o m e _______________________________________________________ $ 3 ,3 0 8 ,6 9 7
— V . 8 8 , p . 52.

Detroit United R y.— Reported Sale of Bonds.— Negotia­
tions, it is reported, are in progress for the sale of a block
of consolidated mortgage 5% bonds, of which $2,500,000
are in the treasury, to Coates & Co. of London.
I t Is n ecessa ry to m a k e p r o v is io n fo r ta k in g up $ 1 ,0 0 0 ,0 0 0 3-y e a r 5 %
n otes w h ich m atu re M arch I .
W h e th e r or n o t the deal w ill b e closed
w ill d e p e n d , it Is s ta te d , on th e p rice a t w h ich the b o n d s can b e so ld .
U nless a g o o d p rice can be o b ta in e d , It is p ro p o s e d to use th e b o n d s as
colla tera l fo r a b a n k lo a n t o p r o v id e m o n e y fo r retirin g th e n otes.
S in ce th e c o m p a n y su spen d ed d iv id e n d p a y m e n ts In S e p t. 1907, the
floa tin g d e b t . It Is r e p o r te d , has be e n r e d u ce d fro m $ 2 ,0 0 0 ,0 0 0 to a b o u t
$ 3 0 0 , 0 0 0 , th rou gh p a y m e n ts o u t o f earn in gs, so th a t th e m an agem en t feels
th a t It w ill h ave no d iffic u lt y in o b ta in in g th e m o n e y requ ired to p a y o il
th e n o te s .— V . 8 6 . p . 794.

Georgia Railway & Electric Co.— Proposed Bond Issue.—
The shareholders will vote Jan. 26 on a proposition to make
a new blanket mortgage to secure $20,000,000 bonds ,of
which $11,000,000 will be set aside to retire at maturity
all underlying bonds, and the remainder will be issued
from time to time, providing for the company’s requirements
for extensions and additions over a long term of years.
President Arkwright is quoted as saying:
T h e p r o p o s itio n ‘ ‘ Is fo r th e p u rp o se o f se cu rin g th e rig h t to Issue b o n d s to
refu n d th e o u tsta n d in g Issue o f a b o u t $ 1 1 , 0 0 0 , 0 0 0 an d to allow a m argin
w ith w h ich we can e x te n d the system an d m a k e such a d d itio n s from tim e
to tim e as m a y be necessary.
N o t o n e c e n t o f the p ro p o s e d b o n d Issue will
b e a llow ed fo r p a y in g floatin g d e b t , fo r w e d o n ’ t need a n y m o n e y fo r th a t
p u r p o s e , as ou r last y e a r has been p r o b a b ly o u r b e st.
B u t su p p o se w e
s h o u ld w a n t to ex te n d the B u ck h e a d line t o R o sw e ll, th e W e s t P ea ch tree
1 n e t o th e Junction o f P ea ch tree an d W e s t P e a ch tre e ; the M arietta line to
lth e In m a n yards: the D eca tu r line to S to n e M ou n tain — w e w o u ld need
a d d itio n a l fu n d s fo r this p u r p o s e .—-V . 86, p . 1339.

Georgia Terminal Co., Atlanta.— Status.— See Atlanta
Birmingham & Atlantic R R. above.— V. 84, p. 1551.




[V O L . L X X X V I I I.

New York New Haven & Hartford R R .—New Director.—
Alexander Cochrane of Boston has been elected a director
to fill a vacancy.— V. 88, p. 101, 53.
Havana Electric Railway.— First Common Stock Dividend.
— The directors on Jan. 13 declared, along with the regular
quarterly dividend of lj'3 % on the $5,000,000 preferred
stock, an initial dividend of 1% on $7,500,000 common
stock, payable Feb. 15 to holders of record Jan. 23.— V.
86, p . 918.
Hudson Companies.— New Director.— William H. Varnum
has been elected a director to fill a vacancy.— Y. 87, p. 1160.
lone & Eastern R R.— Successor.— See Amador Central
R R. above.— V. 87, p. 544.
Manistee (Mich.) Light & Traction Co.— Receivership.—
Judge Knappcn in the Federal Court on Jan. 12, on appli­
cation of the New England Trust Co. of Boston, trustee
of the first mortgage, appointed John P. Reynolds Jr., as
receiver. President Edward M. Deane represents the
interests of E. H. Gay & Co. in the property.
T h e bill o f c o m p la in t alleges th a t the c o m p a n y has d e fa u lte d In th e p a y ­
m e n t o f taxes an d Interest a n d has a llo w e d th e p r o p e r ty to d e te r io r a te In
v a lu e , an d oth erw ise v io la te d the p r o v is lo n s o f th e m o r tg a g e .— V . 85, p . 864 .

Minneapolis St. Paul & Sault Ste. Marie R y.— Purchase.—
See Wisconsin Central Ry. below.— V. 87, p. 1664.
Missouri Kansas & Texas R y.— Listed.— The New York
Stock Exchange has listed (1) $3,170,000 additional general
mortgage 4 3^% sinking fund bonds, due 1936, making
the total listed to date $13,170,000; (2) $1,500,000 additional
“ first and refunding mortgage” 4% bonds, making the total
listed $6,682,000, with authority to add to the list prior
to July 1 1909 $3,310,000 additional on notice of distri­
bution, the total authorized to be listed $9,992,000.
T h e $ 3 ,1 7 0 ,0 0 0 general m o rtg a g e b o n d s Just listed w ere used t o re ­
im burse the c o m p a n y fo r the p urchase o f 15 m o gu l fre igh t engines, 2,000
b o x cars, 900 g o n d o la s a n d 100 side d u m p co a l cars. T h e $1,5 0 0 ,0 0 0
general m ortg age b o n d s represent a p o r tio n o f the $ 3 ,4 1 0 ,0 0 0 bon d s Issued
fo r the a c q u isitio n o f 20 m ogu l fre igh t en gin es, 10 passenger en gin es, 5
s w itch in g en gin es, 1,700 b o x cars, 300 fu rn itu re cars, 300 fru it an d v e g e ­
table cars, 6 tan k cars, 10 bagg age cars, 10 ch air cars, 8 postal cars, 1
o ffic e r s ’ car an d 100 ballast cars.
P u rp o ses fo r W hich the $ 3 ,3 1 0 ,0 0 0 A d d ition a l F ir s t and R efu n d in g Bonds
M a g be Listed .
T o reim bu rse the c o m p a n y f o r ex p e n d itu re s In th e a c q u is itio n and
c o n s tru ctio n o f new sh ops a n d term inals at P a rson s, K a n s a s - . $98 0,00 0
T o p artially reim bu rse the c o m p a n y fo r e x p e n d itu re s In the a c ­
q u isition o f the a b o v e -d e s c r ib e d e q u ip m e n t ____________________ 1 ,9 1 0 ,0 0 0
T o reim bu rse the c o m p a n y fo r ex p e n d itu re s m ade b y It in th e
a cq u is itio n and c o n s tru ctio n o f term inals a t K an sas C ity , M o .
4 2 0 ,0 0 0
C om p a re b o n d sale V . 88, p . 101.

Now York Central & Hudson River R R .— J. P. Morgan <fc
Co. to Continue Financing of Company.— It was announced
on Monday that the directors have formally designated
J.'P . Morgan & Co., who for many years have been identified
with the company’s finances, as its bankers. The announce­
ment, it is stated, was intended to dispel the belief that the
election of E. H. Harriman to the directorate, which it is
currently reported will take place shortly, might lead to
any lessening of the close relations of J. P. Morgan & Co.
with the financial matters of.the company.— V. 88, p. 101,53.
Oklahoma Central R y.— Receivers’ Certificates.— F. J.
Lisman & Co., New York, &c., have placed the present
issue of about $200,000 6% receivers’ certificates, dated
Nov. 15 1908 and due Nov. 15 1911. Interest payable
May and Nov. 15 in New York City. Issued under authority
of the Federal Court as a first lien on the entire property
and earnings. A circular says:
T h ese certificates h a ve been Issued fo r balla stin g, p a y in g la b o r c la im s ,
t r a ffic balan ce a n d o th e r a ccru e d In debtedness; as w ell as fo r Im p rov e­
m e n ts, co n sistin g o f c o t to n p latform s, s to c k -p e n s , & o. T h e tota l a u th o r ­
ized a m o u n t Is $50 0,00 0, o f w h ich a b o u t $ 2 0 0,00 0 are Issued; It Is not
be lie v e d th at m ore than $3 0 0 ,0 0 0 are e v e r lik ely to c o m e o u t .
In a d ­
d itio n to a first lien o n 130 m iles o f ra ilro a d , laid w ith 7 0 -lb . steel anil
b u ilt w ith .6 grade, as w ell as o n 10 h e a v y B a ld w in lo co m o tiv e s an d 200
fre igh t cars, th e y are secu red b y lan d n o te s, bo n u s n otes a n d tow n lots,
v a lu e d at a b o u t $ 60 ,000 .
,
,
. . ,,
T h e line, e x te n d in g fro m P u rcell to C h lckash a, th ro u gh a c o a l field
an d agricu ltu ral c o u n tr y , w as c o m p le te d a b o u t M arch 1 1908, at an e x ­
p en d itu re o f c o n sid e ra b ly o v e r $ 2 ,5 0 0 ,0 0 0 .
Its financial d ifficu lties
w ere d u e t o the w eakness o f the C o n stru ctio n C o ., w h ich w as u n a ble to
p a y laborers, <Scc., an d part o f the re ce iv e rs’ certifica tes are Issued fo r the
p u rp ose of ciea rln g o fl these d e b ts , ta k in g as se c u r ity th erefor th e assets
o f the C o n stru ctio n C o m p a n y , co n sistin g , as m e n tio n e d a b o v e , o f lands
an d n otes.
,
,
T h e earnings w ere e stim a te d t o be $3,000 p er m ile fro m the beginning,
an d w ere e x p e c te d to run u p t o tw ice th a t a m o u n t, th a t is to $800,000,
f o r the third y e a r, an d the p u rely loca l passenger business in d ica tes th at
these estim ates are n o t fa r w ro n g . T h u s fa r the c o m p a n y , o w in g t o its
financial w eakness, has been u n a ble to d e v e lo p Its b u sin ess.— v . 8 7 , p . n o o .

Philadelphia Coatesville & Lancaster Passenger R y.—
Dec. 30 the property was sold to the bondholders’
committee for $126,000. Under the $600,000 mortgage
Integrity Title, Insurance Trust & Safe Deposit Co. of
Philadelphia, trustee, $380,000 bonds, it is understood,
had been issued. As to reorganization matters address
Sharpe & Elder, attorneys at law, 158 E. Market St., Chambersburg, Pa. Compare Y. 87, p. 1534; V. 79, p. 734;
V. 78, p. 1782.
Port Jervis (N. Y .) Electric Light, Ga3, Power & R R .—
Report of Committee.—The holders of the first mortgage
bonds will meet Jan. 19 at the office of Wheeler, Cortis
Haight, Battery Building, No. 21 State St., New York
City, for the purpose of receiving report of the bondholders’
protective committee and taking such further action as may
be deemed necessary.

Sale.— On

T h e re arc $28 5,00 0 first m o rtg age b o n d s o u ts ta n d in g , w ith Interest In
d e fa u lt since a n d Inclu din g J u ly 1 1907.
fo r e c lo s u r e safe Is set fo r
Jan . 27. T h e c o m m itte e , w hich ‘ ‘represents p r a c tic a lly all o f the ou to -----------------------------------f F . R . R e m b e r to n , T h o m a s W a tts , D . R .
s ta n d in g b o n d s " ,. _consists
,.
D e p o s ita r y , M an h a ttan
T h o m a s , J o h n E . D a lly a n d T h o m a s H . M Uson.
T ru s t C o ., N . Y .
S e cre ta ry a n d T reasu rer, C. R . H o rn , 26 C o rtla n d t S t ., N . Y .
C apital
s t o c k , $45 0 ,0 0 0 , In $100 shares. C om pa re V . 74, p . 380 ; V . 73, p . 1163.

Jan . 16 1909. j

THE CHRONICLE

S a g in a w -B a y C it y R a ilw a y

of Opinion.— The

&

L i g h t C o .—

Full Abstract

“ Progressive Age” of Dec. 15 contains
a “ full abstract” (about 5 pages in length) of the opinion of
Judge Gage, rendered Nov. 23, holding the 90-cent gas
ordinance to be illegal. Compare V. 87, p. 1421.
S a n d u s k y N o r w a lk & M a n s fie ld E le c t r ic R y . —

Control— Possible Consolidation.— On

Change of

Jan. 2 the control of
this road, extending from Norwalk, Ohio, to Shelby (see
pages 79 and 80 of “ Electric Railway” Section), was taken
over by the Bartholomew-Stentz syndicate, including, with
others, G. A. Bartholomew of Cleveland, President of the
Massillon Wooster & Mansfield Traction Co., and Mrs. Anna
M. Stentz of Monroeville. “ Cleveland Finance” of Jan. 9
says:

T h e B a rth o lo m e w -S te n tz sy n d ic a te has an o p t io n o n th e M ansfield &
S h e lb y line (M anslleld R a ilw a y , L ig h t & P o w e r C o . ) , a n d n e g o tia tio n s are
n ow pen d in g fo r th e closin g o f th e o p t io n an d ta k in g o v e r o f th a t line.
W h e n this is d o n e , th rou gh tr a ffic w ill b e establish ed b e tw e e n this c ity
a n d M ansfield.
„
,,
,
„
,
T h e M assillon W o o s t e r & M ansfield r o a d has b e e n fin a n ced an d c o n s tr u c ­
tio n w ill begin In the sp rin g. T h e interests th a t n o w c o n tr o l th e S . N . & M .
lin e an d th ose b a ck o f the M . W . & M . line are frie n d ly , an d as s o o n as the
la tte r roa d Is c o m p le te d a c o n s o lid a tio n w ill b e e ffe c te d , m a k in g a s y ste m
fro m this c it y to M assillon, 04 m iles In le n g th . T h e ro a d p u rch a s e d gives
con s id era b le business t o th e L a k e S h ore E le ctric.

S an F r a n c is c o G a3 & E le c t r ic C o . — Judge Van Fleet
in the United States Circuit Court at San Francisco last
month granted an injunction, to remain in force during
the pendency of the suit brought by the company, restraining
the city authorities from enforcing the 85-cent gas rate
fixed by the ordinance passed this year.

159

P u rp o se s fo r W hich 51 9 ,0 2 2 ,0 0 0 B on d s H a v e been L isted .
A g ain st d e p o s it o f $ 5 ,1 5 2 ,0 0 0 o u t o f a to ta l o f $ 5 ,1 5 6 ,0 0 0 o u ts ta n d ­
in g N o rth e rn R y . llrst m tg e . 0 % b o n d s, w h ic h m a tu re d Ja n .
™ 1( 1? 0 7 -„-............... - ...............................- ...................- ....................................$ 5 ,1 5 2 ,0 0 0
F o r re fu n d in g p u r p o s e s ............................................................
.
500 ,0 0 0
A g ain st d e p o s it o f a like a m o u n t o f S ou th ern P a cific R R . o f Cal.
5,000
llrst M . 6 % b o n d s ____________ ______________ _______ _
A g a in st th e e x p e n d itu r e o f $1 3 ,3 0 5 ,4 4 5 fo r c o n s tr u c tio n o f
a d d itio n a l n ew lines, b e tte rm e n ts, a d d itio n s a n d e q u lp m e n t - .1 3 ,3 6 5 ,0 0 0

Earnings.— For 12 months ending June 30 1908 and 4
months ending Oct. 31 1908 and 1907.
P erio d Covered—
G ross.
N et.
Charges.
B a l., S u r.
12 m o s .c n d . Ju n e 30 1 9 0 8 .$ 4 5 ,9 0 8 ,4 3 7 $ 1 8 ,4 4 4 ,3 0 7 $ 9 ,2 1 3 ,2 2 1 $9 231 086
4 m o s .e n d . O ct. 31 1908. 1 4 ,0 5 3 ,9 4 5
6 .3 6 0 .3 0 4
4 m o s .e n d . O ct. 31 1907. 15,3 7 8 ,5 7 0
4 ,9 6 1 ,3 4 4
C harges as a b o v e fo r th e y e a r e n d in g J u n e 30 last in c lu d e s - "taxes"
$1 ,4 9 0 ,2 5 8 ; lan d d e p a rtm e n t e xp en ses and ta x e s , $10 7 ,7 9 9 ; hire o f e q u ip ­
m e n t, $ 1 ,5 5 7 ,5 2 4 ; Interest on fu n d e d d e b t , $ 5 ,5 7 9 ,1 3 5 - s in k in g fu n d
co n tr ib u tio n s an d In co m e , $ 42 3,37 0; rentals a n d o th e r c h a rg e s, $ 5 5 ,1 3 5 .
- V . 87, p . 1012.

T a r r y t o w n W h it e P la in s & M a m a r o n e c k (E le c t r ic ) R y . —

—Permanent Receiver.— J.

Addison Young of New Rochelle,
who on Jan. 21 1908 was named as temporary receiver, was
on Jan. 13 last appointed by Justice Morschauser in the
Supreme Court at White Plains as permanent receiver.
— V. 88, p. 54.
T e x a s M id la n d R R . — New Bonds to be 4s.— The company
having amended its application by reducing the rate of
interest on the 82,000,000 proposed bond issue to 4 % , the
Texas Railroad Commission on Jan. 7 granted permission
to issue the bonds as 4s instead of 43^s as fixed in the order
of August last.— V. 87, p. 347.

T e x a s S h o r t L in e R y . — Receivers Discharged.— A press
report announces that the property was taken out of the
receivers’ hands on Jan. 4 and that the following new officers
have been elected: John B. Christensen, President; J. A.
Germany, Vice-President and General Counsel; T . B.
S e a b o a r d A ir L in e R y . — Engraved Certificates of Deposit.— Meeks, Treasurer and General Manager and C. F. Christensen,
The bondholders’ committee, William Salomon, Chairman, Secretary. It is proposed by the new management to extend
representing Atlanta-Birmingham first mortgage 4% 30-year the line to Quitman.— V. 87, p. 1605.
bonds, announces that engraved certificates of deposit are
T o le d o (O h io ) T e r m in a l R R . — Bond Offering.— Procter &
now ready for delivery at the Standard Trust Co., N. Y ., in Borden, New York City, recently offered at 96 and interest a
exchange for the certificates in temporary form issued by limited amount of the first mortgage gold 4)^ % bonds dated
the Standard Trust Co. of New York, depositary, or its Nov. 1 1907 and due Nov. 1 1957. Interest payable May
agent, the Bank of Scotland. Application will be made and November. Columbia Trust Co., New York City,
to list the engraved certificates on the New York Stock trustee. Authorized, 86,000,000, of which 84,000,000 issued
Exchange. Compare V. 87, p. 615, 679, 814, 1089, 1480; and 82,000,000 reserved for future requirements. A circular
says in substance:
V. 88, p. 54.

T h e in ju n c tio n o rd e r pro v id e s th a t all m o n e y , In e x ce ss o f th e o rd in a n ce
rate paid b y con su m ers shall be p la ce d In a d e p o s ito r y a p p r o v e d b y the
C ou rt, t o draw Interest, a n d to be d isbu rsed at th e te rm in a tio n o f the a c tio n
c ith e r to the con su m ers, a c c o r d in g t o th e list fu rn ish ed m o n th ly b y the
gas c o m p a n y , o r it a d verse to th e co n te n tio n s o f the c it y , th en to the
gas c o m p a n y .— V . 8 7 , p. 545.

S o u th e r n C o lo r a d o P o w e r

& R a i l w a y .— Bonds Offered.—

Wollenberger & Co., 206 La Salle St., Chicago, are offering
at 90 and interest, yielding 5.87% , by advertisement on
another page, the unsold portion (8316,000) of the present
issue of 81,000,000 “ first and refunding mortgage” 5%
gold bonds, dated August 15 1908, and due August 15 1928,
but subject to call at 105 and interest on and after August
15 1913 upon 60 day’s notice. Denominations: 81,000 and
8100 (c*). Interest payable Feb. 15 and August 15 at
office of trustee, St. Louis Union Trust Co. A circular says:
A u th o riz e d , $ 1 ,5 0 0 ,0 0 0 , an d lim ited to this a m o u n t u n d er th e m ortg age.
Issu ed , 5 1 ,0 0 0 ,0 0 0 as follo w s: 5 5 5 0,00 0 In e x ch a n g e fo r u n d e rly in g 5 %
a n d 0 % first m o rtg a g e b o n d s o f c o n s tltu te n t co m p a n ie s: 513 1 ,0 0 0 reserved
t o e x c h a n g e , as soon as p ossible, fo r a lik e a m o u n t o f T rin id a d E le ctric
I tR . C o. 5 % b o n d s , w h ich are th e o n ly u n d e riy ln g b o n d s n o t y e t e x ch a n g e d ,
531 0 ,0 0 0 fo r Im p orta n t a d d itio n s to ta k e care o f n ew business co n tr a c te d
fo r , as set fo rth b elow .
S inking f u n d — B eginlng A p ril 15 1913 a sum
equ a l to 5 % o f th e previou s 12 m o n th s ’ gross earnings .
T h e c o m p a n y w as organ ized Ja n . 2 1908 u n d er the law s o f C o lo ra d o
t o a cq u ire an d co n s o lid a te the T rin id a d L ig h t & R ow er C o. (e le ctric ligh t
a n d p o w e r ), T rin id a d E lectric R R . C o. (c it y an d In te ru rb a n ), Las A n im as
L ig h t P o w e r & M fg. C o. (gas a n d e le c t r ic ). S to n e w a ll V a lle y E le ctric
R R . C o. (In teru rb a n ), all o f w hich had been In su ccessfu l o p e ra tio n fo r a
n u m b er o f years.
T h e c o m p a n y does th e c ity lig h tin g , furnish es ele ctric ligh t an d p o w e r
a n d gas to the p eo p le o f T rin id a d , op e ra te s a line o f e lectric ra ilro a d , 19
m iles In len g th (0 5 -lb . rails) w ith in the c it y o f T r in id a d an d t o th e co a l
ca m p s a t S ta r k v lllc , S op rls and C o k cd a le an d Interven in g p o in ts .
It also
furnish es p ow er from Its central p o w e r sta tio n to th e va rio u s coal m ines
In th e su rrou n d in g c o u n t r y , w h ich business Is o f v a s t Im p orta n ce and
c a p a b le o f m u ch d e v e lo p m e n t.
T h e c o m p a n y m a n u fa ctu res a b o u t 15,­
0 0 0 ,0 0 0 c u b ic fe e t o f gas per ann um an d has a b o u t 11 m iles o f m ains. T h e
electric p ow er h ouse (o f stone) co n ta in s 2,0 0 0 h .p . In new ele ctrica l and
steam gen era tin g c a p a c ity . T h e c o m p a n y Is free fro m co m p e titio n .
It Is n ow pla n n ed to exp e n d a b o u t 527 0,00 0 to Install a c o m p le te t u r b o ­
g en era tor o f 1,500 k .w . ca p a c ity , to co n stru ct a b o u t 75 m iles o f high
ten sion transm ission lines, to furnish p o w e r an d ligh t to the c o a l-m in in g
plants an d ca m p s o f the A m erican S m e ltin g & R efin in g C o ., C o lo ra d o
Fu el & Iron C o ., V ic to r F u el C o ., a n d all o th e r m in in g p r o p e r t ie s an d
ca m p s In the T rin id a d , VValscnburg, and R a to n [m ining d istricts,' a n d
th e tow n s o f W a lsen b erg , A guilar, S ta rk v llle an d R a to n ; t o Increase the
c a p a c it y o f the gas p la n t, to p ro v id e a d d itio n a l ro llin g s to c k a n d to b u ild
certa in exten sion s an d sw itch es.
T h e gas anti e le ctric franchises In T rin id a d a r c liberal, run fro m 20 to
25 years fro m A u g. 15 1908, and p r o v id e fo r 12 'A cen ts p er k .w .fo r ele ctric
ligh t: $1 50 per 1,000 cu . ft. fo r gas ligh tin g an d 51 per 1,000 ft . fo r fuel
gas. Street ra ilw a y fra n ch ise In T rin id ad runs fo r 50 years fro m A u g. 13
1903. 5 ce n t fares.
T h e Interurban fra nchise Is p e rp e tu a l, th e line be in g
on p r lv a to rig h t o f w a y .
Fares, 5. 10, 15, 20 a n d 25 ce n ts. T h ere dre
n o u n fa v o ra b le restriction s In a n y o f these fra n ch ises.
A 10-year c o n tr a c t
d a te d A p ril 1 1908 p rov id e s fo r ligh tin g o f th e streets o f T rin id a d on a
basis o f 590 p er a rc lig h t per an n u m ; 100 lam ps are n o w In o p e ra tio n .
E a rn in g s fo r Y ears.
Y ea r ending—
G ross.
N et.
Jiond In t. S u rp lu s
D lv s . B a l., S u r.
D e c. 31 1908-------5143,882
502,140 534 ,200 527,940 515,750 512,190
D e c. 31 190 7____ 131,342
51,352
........................
.............................
M ay 31 1900____ 120,202
41,799
____
____
____
____
A d d ition a l business under c o n t r a c t a m o u n tin g to 570 ,332
sh ou ld
result In net earnings fo r 1909 c a lcu la te d a t 5 1 1 4 ,0 1 6 , n o t co u n tin g new
assured bu siness.
P resent bu siness, c o n tr a c te d business a n d assured
bu sin ess, It Is b e lie v e d , will result In ann u al n e t earnings w ith in less than
tw o years estim a ted a t 5175,800.
D ir e c to rs — K . C. S ch u y le r, G eneral C ou nsel C o lo ra d o T e le p h o n e C o .;
J osejih J . H e n r y , V Icc-P rcs. C h eyen n e L g h t Fu el & P ow er C o .; H e n ry
M . S elg frled , M anager S ou th ern C o lo ra d o P o w e r & R y . C o .; F ran k P .
R e a d , R a ilroad C o n tra ctor; C. L . H cn d e r s h o t, L o c a l C ou nsel, C o lo ra d o
F u el & Ir o n C o .— V . 8 7 , p . 545, 410.

R R . — Listed.— The

New York Stock
Exchange has listed 819,022,000 additional first refunding
mortgage 4% bonds due 1955, making the total listed to
date 8101,910,000.
S o u th e r n

P a c if ic




A v a lu a b le term in al p r o p e r ty In th e c it y o f T o le d o , O h io .
C o n trolled
th ro u g h s to c k ow n e rsh ip b y th e fo llo w in g ra ilro a d s, w h ich s e v e ra lly g u a r­
an te e th e Interest o n th e b o n d s in th e p r o p o r tio n o f th e s to c k held b y e a ch ,
v iz .: P e n n s y lv a n ia C o m p a n y (P e n n sy lv a n ia R R .) , 1 2 % : L a k e S h o re &
M ich igan S o u th e rn R y ., 1 2 % ; M ichigan Cen tral R R ., 1 2 % ; G ra n d T ru n k
W e s te rn R y ., 1 2 % ; T o le d o S t. L ou is & W estern R R ., 1 2 % ; P e re M ar­
q u e tte R R ., 2 0 % ; C in cin n ati H a m ilto n & D a y to n I t y ., 2 0 % .
C on sists
o f a b e lt lin e o f 28 H m iles In e x te n t , en tirely en circlin g th e c it y , co n n e c tin g
w ith all steam ra ilw a y s , an d a d o u b jc track line 2 K m iles In len gth fro m
th e o u te r b e lt lino to th e cen tral fre ig h t an d passenger s ta tio n o f th e c o m ­
p a n y ; also v a lu a b le real estate, b u ild in g s, d o c k p r o p e r t y . & c. T h e new In­
terests In c o n tr o l Indicated th eir o p in io n o f th e v a lu e o f th e p r o p e r ty b y
n o t r e d u cin g th e b o n d e d d e b t a t the tim e o f r e o rg a n iz a tio n , so th a t th e
o ld h old ers, w h o b o u g h t b o n d s w hen th e p r o p e r ty w as ow n e d o n ly b y th e
Cln. H a m . & D a y to n R y . an d th e Pere M a rq u e tte R R ., suffered n o loss
o f p rin cipa l b y th e re o rg a n iz a tio n .
T h e C h airm an o f th e b o a rd o f d ire ctors
o f th e M ich igan C entral R R . Is P re s id e n t.— V . 8 6 , p . 287 , 170.

V ir g in ia & S o u t h w e s t e r n R y . — Listed.— 84,570,000 first
consolidated mortgage 5% 50-year bonds (V. 87, p. 1606.)
Bonds Offered.— Redmond & Co., having sold to investors
82,570,000 of the aforesaid bonds, offer by advertisement
on another page the unsold balance at 9 8 ^ and interest,
yielding about 5.10%. See full particulars in V. 87, p. 1606.
Earnings.— For 5 months ending Nov. 30:
5 M o s .—
G ross.
1908 _________ $529,949
1907 ________ 520,203
—-V . 87", p . 1006.

N et.
T a xes.
Oth. I n c . Charges. B a l., sur.
$218,108
$19,803
$41,683
$107,702
$13 2,22 6
169 ,920
.............................
........
_ ..

W a b a s li- P it t s b u r g h

T e r m in a l

Second Mortgage Bonds.— The

R y . —Time

Extended on

bondholders’ committee, John
W. Castles, chairman, announce that a majority of the bonds
having been deposited with the Guaranty Trust Co. of New
York, under agreement dated June 2 1908, the time for de­
posit has been extended to Jan. 20, after which date no
bonds will be received except upon payment of penalty of 85
per bond.— V. 87, p. 1421.
W is c o n s in C e n tra l R y . —Sale Understood to Be at Hand,—
The securities of the company have rapidly advanced th is
week on the credited reports that the negotiations with the
Canadian Pacific interests, which have been pending f o r
some months, have been practically concluded. Mr. Ne man Erb, it is understood, is in position to turn over the
control, and the preferred stock, it is said, will be guaranteed
4% dividends. The direct parties in the purchase, it is
stated, will be the Minneapolis St. Paul & Sault Ste. Marie
R y., which connects at several points with the Wisconsin
Central.—V. 88, p. 102.
IN D U S T R IA L , G A S A N D M IS C E L L A N E O U S .
A c m e H a r v e s t in g M a c h in e C o . — Re-incorporated.— In Octo­

ber last the Acme Marvesting Machine Co. of New Jersey,
with plant at Peoria, 111., was re-incorporated under the laws
of West Virginiawith83,500,000 of authorized capital stock,
all outstanding, in shares of 8100 each, of which 8500,000 is
6% cumulative pref. No bonds.
T h e o ffice rs an d d ir e cto r s o f the o ld c o m p a n y h a v e been e lected to th e
sam e o ffic e s In the W est V irginia c o r p o r a tio n .
In a d d itio n to the N ew J er­
se y c o m p a n y ’s assets, $ 5 0 0 , 0 0 0 In cash has been paid Into the treasury to
p ro v id e fu rth e r w o rk in g ca p ita l fo r the gro w in g business
O f the new
s t o c k the $50 0,00 0 p referred an d $1,0 0 0 ,0 0 0 o f the c o m m o n was Issue
fo r $50 0,00 0 new cash; the rem ain in g $ 2 ,0 0 0 ,0 0 0 new c o m m o n w as e
ch an ged ,[sh are fo r sht&rc, fo r s t o c k o f N ew Jersey c o r p o r a tio n . T h e b u s l

THE CHRONICLE
w as esta b lish ed in 1859. P . D . M id d lek au ff is P resid en t a n d P . P . C o o le y ,
T reasu rer a n d G en. M a n a g e r.— V . 8 1 , p . 728.

Acme White Lead & Color Works, Detroit, Mich.— I n ­
o f C a p i t a l S t o c k .— The com pany (incorporated in
Michigan in December 1884) on Dec. 21 1908 increased its
com m on stock from $500,000 to $1,250,000; par of shares $25.
One-third of the new issue was subscribed in advance at
$37 50 per share (50% above par), and it is expected the
remainder will be sold at an advance.
crease

T h is Increase w as m a d e necessary b y th e s te a d y g ro w th o£ the c o m p a n y
a n d to p ro v id e c a p ita l fo r th e fu rth e r d e v e lo p m e n t o f the new w hltel ca d
c o r r o d in g d e p a rtm e n t. T h e c o m m o n sto c k h o ld e r s. It Is sta te d , m a y re a ­
s o n a b ly e x p e c t 1 V i% qu a rte rly a d d itio n a l cash d iv id e n d a t th e end o f each
y e a r a n d o cca s ion a l s to c k d iv id e n d s .
T h e re Is also ou tsta n d in g $75 0,00 0
<y% c u m u la tiv e preferred s t o c k , par $25 , “ s u b je c t t o r e d e m p tio n in 1928” ;
also red eem a b le in an d a fte r 1912 a t 110. T h e properties ow n ed in fe e
a r c p u t d o w n a t $ 3 ,3 3 8 ,8 2 0 .
P re sid e n t, W in . L . D avies; S e creta ry, T h o m a s
N eal; T reasu rer, A . E. W h ite .
O ffic e . D e tr o it.

American Agricultural Chemical Co.— L i s t e d .— The New
Y ork Stock Exchange has listed $8,000,000 first mortgage
5,% convertible bonds, due 1928, recently sold (Y . 87, p.
874), with authority to add to the list $4,000,000 additional
from time to time, but prior to July 1 1909, on notice of
sale and distribution, making the total authorized to be
listed $12,000,000.— V. 87, p. 1665.
American Cement Co.— R e p o r t .— For years ending N ov .30:
b.

D ividends
F is c a l
N et o f In t. & c ., Xnt., & c .,
B a lan ce,
P a id .
Y ear—
oper. cos. A m .C e m .C o . S u b.C os.
surplus.
( %) $
sur. $9,280
$65 ,575 $73,324
1 9 0 7 -0 8 ________$20 8,18 0
(7 % ) 140,000 sur. 191,039
1 9 0 6 -0 7 _______ 4 8 1 ,8 1 0
07,9 7 5
82,796
(7 % ) 140,000 sur. 147,659
1 9 0 5 -0 6 _______ 420 ,183
84,471
48,053
(6 % ) 120,000 d e f.
14,731
1 9 0 4 -0 5 _______ 208 ,815
84,0 4 0
19,500
— V . 87, p . 1665.
A m e r ic a n E x p r e s s C o . — C o n tr a c t f o r U s e o f B r o o k l y n T r o l l e y
C a r s T e r m i n a t e s . — On Jan. 1 the contract under which the

6

120,000

com pany has been using the system of the Brooklyn Rapid
Transit Co. for the distribution of express matter expired
without renewal. The cost of the service was found unauly
burdensome, but efforts to obtain better terms were un­
availing. As a result of the change, an officer of the ex­
press com pany says:
T h e busin ess a t the o ffice s a t C o n e y Is la n d , B a th B e a ch , F a r R o c k a w a y
a n d a t J a m a ic a , E lm h u rst, F lu sh in g an d R ic h m o n d H ill w ill n o t ju s tify
k eep in g th em o p e n .
T h e re w ill also b e s o m e r e s trictio n o f te rrito ry in o th e r
d ir e ctio n s , an d w e w ill c o v e r w h a t rem ain s b y w a g o n ."
R e p o r t . — For balance sheet of June 30 1908 see “ Annual
Reports” on a preceding page and compare V. 88, p. 102.
A m e r ic a n G lu e C o . — P r e fe r r e d S t o c k O f f e r e d . — The d i­
rectors having voted to issue the remaining $262,900 preferred
stock, the holders of preferred and com m on shares of record
Feb. 2 are offered the right until Feb. 15, to subscribe
for the now preferred stock to the extent of one-eighth of
their holdings, at $115 per share,payable one-half on March
1 and the remainder b y April 1. See annual report V. 87,
p. 284.
T h e p ro ce e d s w ill be used t o retire bills p a y a b le Incurred du rin g the last
fo w years fo r ex ten sion s a n d d e v e lo p m e n t.
A new plant a t Des M oin es, l a .,
w as c o m p le te d r e c e n tly a n d th e gelatin e f a c t o r y a t P e a b o d y , M ass., e n ­
larged last y e a r .— V . 87, p . 1161.
A m e r ic a n I c e C o . — F i n a n c i a l P l a n s U n d e r C o n s i d e r a t i o n

— See “ Annual R eports” on a preceding page.
N e io D i r e c t o r s . — William A. Tucker, Franklin Q. Brown
and G. Louis Boissevain have been elected directors, to
succeed H . C. Ide, J. A. Sleicher and Charles E. Bedford.
Directors re-elected: Guy R . Johnson, Wesley M. Oler, Ashbel
H . Barney, John R . Bennett, R obert M. Thom pson.—
V . 87, p. 1606.
A m e r ic a n I c e S e c u r itie s C o . — R e p o r t o f O p e r a tin g C o m p a n y —
F i n a n c e s — D i r e c t o r s . — See
American Ice Co. above and
under “ Annual R eports” on a preceding page.— V. 87,
p. 1606.
A m e r ic a n L i g h t & T r a c t io n C o . — R e p o r t . — For year ending
P ec. 31:

P r e f.D tv .
Com m on
B a lan ce,
N et
Other
(6 % ).
D ivid en d .
P r o fits .
S u rplus.
lSKlS^ $2^452(873 $270,191 $ 2 ,6 7 8 ,0 6 1 $854,172 (7 % )$ 4 9 5 ,0 8 2 $ 1 ,328,810
1907 2 ,236,261
228 ,897
2 ,4 2 6 ,5 9 5
854 ,172 (5 % ) 388 ,7 4 0
1,183,683
F rom th e surplus fo r th e y e a r 1908 w as d e d u cte d $68 1,00 0 fo r “ re -co n s tru ctlo n reserve f u n d ,” le a v in g a su rplu s o f $64 7 ,8 1 0 , a gain st a surplus o f
$502,683 fo r the cor re s p o n d in g p eriod o f th e p re vio u s y e a r .— V . 88, p . 102.

C a l. E a rn s, from

A m e r ic a n P ip e M f g . C o ., P h ila d e lp h ia . — B o n d s

[V O L . L X X X V I I I .

O p e r a tin g e xp en ses in clu d e m a in te n a n ce charges and ta x e s , a m o u n tin g
to $ 3 ,2 0 5 ,0 0 0 In N o v e m b e r 1908, again st $ 2 ,9 9 7 ,7 0 0 in N o v e m b e r 1007; an d
$ 3 5 ,2 8 8 ,2 0 0 fo r th e eleven m o n th s in 1908, a gain st $ 3 2 ,5 1 1 ,1 0 0 fo r th e
s a m e p e r io d in 1 90 7.— V . 88, p. 103.

Arnold Print Works, North Adams, Mass.— R e c e iv e r s
D i s c h a r g e d .-—The

receivers o f the Arnold Print Works and
its subsidiary corporations were discharged on Jan. 10 and
the property turned over to the creditors’ com m ittee, con­
sisting of Chas. W . Jones and Daniel G. W ing of Boston
and Simeon B. Chase of Fall River.
C h a n g e i n P l a n . — The aforesaid com m ittee on or about
D ec. 29 1908 sent a circular to the different classes of creditors
of the Arnold Print W orks, North Pownal M fg. C o., Gallup
& H oughton, and Williamstown Mfg. C o., which said in part:
W e h a ve arran ged t o p a y creditors 5 5 % o f th eir cla im s in cash a n d 4 5 %
In b o n d s in stead o f 5 0 % in cash a n d 5 0 % In b o n d s, as sta te d in th e plan
o f re o rg a n iz a tio n as first p ro p o se d .
It has been d e e m e d b e st t o h ave
o n e c o m p a n y a cq u ire all th e properties, an d all b o n d s a re , th erefore,
b o n d s o f th e A rn old P rin t W o r k s , the new c o m p a n y o rg a n iz e d f o r this
p u rp o se .
W e a re sen din g y o u herew ith a c h e ck fo r 3 0 % o f y o u r cla im
figu red as o f D e c. 1 1908, s u b je c t to a d ju s tm e n t as h erein a fter s t a t e d .—
(T h ere w as a p re vio u s d istrib u tio n o f 2 5 % in c a s h .— E d .)
S ee o r ig in a l
plan in V. 87, p . 3 4 8 .— V . 87. p . 1481.

Atlantic Gulf & West Indies Steamship Lines.— N o t e s
O ffe r e d — S t a t u s .—

Hayden, Stone & Co., Boston, New Y ork,
& c., who are offering a block of the com pany's 6 % serial
collateral trust notes, at par and interest, have issued an
officially revised circular dated Jan. 1909, saying in substance
T h is c o r p o r a tio n Is o rg a n iz e d u nd er the law s o f M aine a n d has a cq u ired
(com pare. V . 87, p . 1422, 160 6 ); (1) A ll e x c e p t $ 1 ,7 6 8 ,2 0 0 o f the $ 5 6 ,­
000 000 o f Issued ca p ita l s to c k o f the fo llo w in g -n a m e d steam sh ip c o m p a ­
nies fo r co n v e n ie n c e called th e S ou th ern com p a n ie s:
C lyd e S team sh ip C o . (V .8 4 , p . 999) I N .Y .& C u b a Mall S S .C o. (V .8 4 , p . 1371)
M a lloryS tc a m s h lp C o . (V .8 4 ,p . 999) I N .Y & P o r t o R ic o S S .C o . (V .8 4 , p . 871)
also (2) $ 2 ,4 0 0 ,0 0 0 6 % serial n otes m ade b y the several S ou th ern C om ­
pan ies a n d secu red b y a d e p o sit o f first m o rtg a g e u n d erlyin g b o n d s o f the
S o u th e rn c o m p a n ie s — less, h o w e v e r, $83 4,00 0 retired Jan . 1 1909;
(3) 6 563 shares o f E astern S team sh ip C o ., o r a lm ost 2 2 % o f the to ta l
ca p ita l s t o c k o f th a t c o m p a n y (V . 87, p . 1607); an d (4) to g e th e r w ith the
S ou th ern c o m p a n ie s It o w n s a su bsta n tia l Interest In the M etrop olita n
S team sh ip C o . (V . 86, p . 1470, 3 4 0 ).
C a pitaliza tion o f A tla n tic G ulf & W est In d ie s Steam ship I.in es.
A u th orised . In T rcasu rg. Outstand'g.
$ 5 ,0 0 3 ,6 0 0 $14 ,9 9 6 ,4 0 0
P referred s t o c k ........................................... $2 0 ,0 0 0 ,0 0 0
C o m m o n s t o c k ............................................ 2 0 ,0 0 0 ,0 0 0 5 ,0 0 0 ,8 0 0
14,090,2.00
5 % c o ll, tru st b o n d s (secu red b y
p le d g e o f all shares o f the S ou th ern
C o s . o w n e d at d ate o f trust d e e d ) . . 1 5 ,0 0 0 ,0 0 0
...................... 1 2 ,9 9 7 ,1 2 0
2 ,4 0 0 ,0 0 0 (p d .8 3 4 ,000)
1,5 6 6 ,0 0 0
6 % serial n o t e s -----------------------------------T o t a l ca p ita liz a tio n o u ts ta n d in g in the han ds o f th e p u b l i c . -$ 4 4 ,5 5 8 ,7 2 0
Issu ed again st shares and secu red n o te s o f an a ggregate p a r v alu e o f ,
a p p r o x im a te ly , $ 5 5 ,7 9 7 ,8 0 0 .
T h e c o m p a n y has no k n ow n cu rrent liab ilities, an d It has o n h an d free
assets, In cash , o r e q u iv a le n t, o f o v e r $53 2,00 0 in a d d itio n to the a b o v e m e n tio n e d shares o f E a stern an d M e tro p o lita n SS. co m p a n ie s .
P r o v is io n Is m ade w h e re b y the p a y m e n t o f the sin kin g fu n d requ irem en ts
o f th e fo u r S ou th ern co m p a n ie s w ill a u to m a tica lly d isch arge at o r b efore
th eir m a tu r ity the entire a m o u n t o f serial 6 % n o te s o f th e S o u th ern C om ­
p a n ies, all o f w h ich are held b y the A tla n tic C o m p a n y ; an d fro m the p r o ­
ceeds d e riv e d fro m the p a y m e n t o f those S ou th ern c o m p a n ie s serial n otes, the
A tla n tic C o. w ill c o ln cid e n tly p a y the en tire a m o u n t o f Its o w n serial n otes.
B on d s and S in kin g F u n d o f Southern C o s.— T h e S o u th e rn c o s . h a ve In the
han ds o f th e p u b lic $ 1 8 ,8 9 1 ,0 0 0 5 % first m o rtg a g e b o n d s , v iz . (su p p lied
f o r “ C h ron icle ” ) :
Tot. A u th .
B on d Issu e.
N . Y . & C u b a M all SS . C o _ $ 1 2 ,0 0 0 ,0 0 0
N Y & P o r t o R ic o SS. C o .) 5 ,000,000
u l S . & P o r to R . N a v -------J (tw o Issues.)
M a llory SS. C o ......................
6,000,000
6,0 0 0 ,0 0 0
C lyd e SS. C o ...........................
T o t a l.................................... ..$ 2 6 ,5 0 0 ,0 0 0

$ 18 ,891 ,00 0 $ 1 ,8 0 3 ,0 0 0

* O f this a m o u n t ($ 9 ,9 3 2 ,0 0 0 ), the C lyd e SS. C o . o w n s $48 ,000
r jv o fe — The b o n d olferin gs w ere n o te d as fo llo w s : C ly d e , V . 82, p.. o u r ,
M a llo ry , V . 83, p . 1594. T h e b on d s held In the treasu ry are a v a ila b le
f o r s a l e , b u t n o t u n til the n ote Issue has been p a id .— E d .]
T h e m o rtg a g e s securin g said first m o rtg a ge b o n d s p r o v id e fo r annual
sinking fu n d p a y m e n ts w h ich are, at the p resen t, equ a l t o , a p p ro x im a te ly ,
4 .4 % o f th e a m o u n t o f th e b o n d s In th e han ds o f th e p u b lic ,
i n oth er
w o rd s, th e 1909 sinking fu n d requ irem en ts are $83 4,00 0 a n d th e fixed
ch arges due to the u n d erlyin g b o n d s If n o t a lre a d y held in th e treasuries
o f th e co m p a n ie s are an n u ally re d u ce d In an a m o u n t e q u a l to $4u,uuu o r
over, per annum .
A n n u a l fix e d Charges o f A tla n tic and Controlled C om p a n ies fo r 190J.
F ix e d charges to r interest and sin k in g fu n d requ irem en ts o f th e
fo u r S ou th ern co m p a n ie s fo r the y e a r 1909 (Interest ch arge,
$91 4 ,5 5 0 ; sinking fu n d req u irem en ts, $ 8 3 4 ,0 0 0 ) - - - -----------------’ ' ’ ‘ ' S ’ ® ;”
O ne y e a r ’s interest on the serial 6 % n otes o f A tla n tic C o m p a n y ..
j j . uoo
S ix m o n th s ’ Interest o n 5 % collateral trust b o n d s (th ese b on d s
d o n o t begin to draw Interest until J u ly 1 1 9 0 9 )...........................
a z o.uuu

of Sub­

S t a t e m e n t .—
below.— V . 8 7 , p.

See Springfield Con­
solidated Water Co.
937, 1161.
A m e r ic a n S u g a r R e fin in g C o . — A n n u a l M e e t i n g .—-At the
annual meeting held on Jan. 13 President Thomas said in part
s i d i a r y C o m p a n y — O f fi c ia l

T h e year 1908 has been on e o f rather unu su al tra d e co n d itio n s . S tartin g
w ith rela tiv ely high prices fo r raw su gar, w h ich c o n tin u e d fo r som e m on th s,
th e m a rk et g ra d u a lly de clin e d , an d rem ain ed a t m o r e n orm al prices du rin g
th e v e r y a c t iv e season . T h e diffe re n ce b e tw e e n th e p rice o f raw and
refin ed sugar has b een a b o u t n o rm a l.
t
"
.
T h e d irectors b e lie v e th a t in v ie w o f e x is tin g co n d itio n s it w o u ld be
m ost unw ise to w eaken o u r financial p osition b y a n y re d u c tio n in o u r cash
resources b y increased d iv id e n d s a t the pfe se n t tim e. W e h a ve a c o n ­
siderable surplus, n o t larger, h o w e v e r, than th e requirem en ts o f the c o m ­
p a n y d em a n d .
, „
,
.
T h e refineries are in b e tte r sh ape than a ye a r a g o an d fu rth e r im p ro v e m e n ts
are u n d er con sid era tio n .
It Is h o p e d to b e r e a d y t o be g in op e ra tio n s at
th e new refinery In N ew O rleans a b o u t M arch o f th is y e a r.
I he pla n t is
eq u ip p e d w ith th e m o s t m o d e rn m a ch in e ry a n d is a d v a n ta g e o u sly located .
I t has been assum ed b y m a n y th a t th e refin er r e ce iv e s th e p ro te c tio n
g iv e n b y th e d u t y on raw su gar. T h is is In correct. T h is d u t y is the
p r o te c tio n to th e d o m e stic ca n e an d b e e t su gar grow ers.
I he refiners’
p r o te c tio n is v e r y sligh t an d is su b sta n tia lly n o m o re than ^ o f a c e n t per
P° T h e totftl n u m b er o f s to ck h o ld e rs Is 1 8 ,7 2 0 , th e a v e r a g e h o ld in g be in g
48 3
A Shares.— V . 8 7 , p . 1606, 1481.
.
A m e r ic a n T e le p h o n e & T e le g r a p h C o . — E a r n i n g s o f Asso­
ciated O p e r a t in g C o m p a n i e s .” — For the month of November

and the first eleven months in 1908 and 1907:
O ne
T elephone
M on th —
R even u e.
1908
$ 1 0 ,3 2 3 ,6 0 0
1P071111111
9 ,8 8 0 ,2 0 0
1908 iUO,i</!;’ sT 0 9 .4 9 2 ,2 0 0
1 9 0 7 I I I I I I I 10 3 .7 7 3 ,2 0 0




N et
O ther
Interest
B a lan ce fo r
(o v e r ta x es ) .
In com e.
Charges. D ividends.
$ 3 ,0 1 4 ,5 0 0 $ 4 4 6,10 0
$62 3,60 0 $ 2,837,000
2 ,8 3 4 ,2 0 0
3 8 2 ,0 0 0
6 5 4 ,6 0 0
2 ,561,600
$2 9 ,6 6 7 ,7 0 0 $ 4 ,7 4 2 ,7 0 0 $ 7 ,0 1 2 ,0 0 0 $ 2 7 ,398 ,40 0
2 7 ,3 1 3 ,8 0 0 4 ,1 8 8 ,9 0 0 6 ,5 8 1 ,5 0 0 2 4 ,9 2 1 ,2 0 0

[O ne e _ E d
1 9 p lx e d ch arges fo r th e y e a r 1910 w ill be Increased in an a m o u n t o f $ 3 2 5 ,­
000 becau se the 5 % co llateral trust b o n d s w ill draw a full y e a r s Interest,
be decreased b y a p p ro x im a te ly $ 5 0 , 0 0 0 th ro u gh the p a y m e n t
o f $814,000 o f 6% notes o f the A tlantic com pany.
P r o p e r ty .— In a d d itio n t o sto ck s In o th e r co m p a n ie s , su n d ry e q u ip m en ts ,
&c
an d the va lu a b le g o o d -w ill a n d o rg a n iz a tio n o f these fo u r S ou th ern
Steam sh ip lin es, the fo u r S ou th ern c o m p a n ie s o w n :
N o.
P a ss es B a rg es,T u gs, A p p r a is e d
of
N et
L icensed to Lighters,
or Book,
SS.
T on n age.
C a rry.
& c.
v a lu e .
N Y & C u .M a llS S .C o .l9
49,151
2,237
41
$ 1 2 ,7 4 7 ,0 0 0
N Y
& P . R - S S . C O .12
21,913
708
2
4 ,3 5 7 ,9 7 0
C ly d e S S . C o . ............. 20
43,1 6 7
2 ,6 8 0
17
6 ,0 8 8 ,5 5 5
Mallory SS. C o -------- 12
3 1 .525
1,274
15
5,9 4 5 ,1 6 2

a n d ’ sh o u ld

T o t a l ____________ 63
*145.756
6,899
75
$3 0 ,0 3 8 ,6 8 7
T h e term inals o w n e d , o r leased o n lon g te rm , are also v a lu a b le, and
m a n y o f th e m , esp e cia lly those In N ew Y o r k C ity , c o u ld n o t now be d u p li­
c a te d . T h e fieets are r e p o rte d to bo in e x ce lle n t c o n d itio n .
In c lu d e d In the fo re g o in g are th e fo llo w in g n ew steel steam sh ip s a d d e d
to th e fleet w ithin th e past tw o years:
,
1 C lyde L in e—
N et T o n . Cost abt. |2. M a llo r y L in e — N et T o n . Cast apt.
SS K a ta h d ln . . . 2 , 1 5 5
$25 6,00 0 | SS . B r a z o s _____ 3 ,9 8 0 $ 1 ,0 0 0 ,0 0 0
SS. D elaw are . . .1 ,3 8 2 180.000 |3. N .Y .& C u b a l.in e —
-----SS. P a w n e e ............ 1,382 1 80 ,000 | SS . H a v a n a ------J ’ ilnn’ ono
SS. M o h a w k ---------- 3,475 650 ,000 | SS . S a ra to g a - - - 3 , 0 6 4 1 ,3 0 0 ,0 0 0
T h e M o h a w k an d B razos are ju st c o m p le te d . T h e B razos w a s en tered in
se rv ice be tw e e n N ew Y o r k and G alveston In O cto b e r 1908.
O utlook.— T h ese fo u r S ou th ern steam ship c o m p a n ie s o p e ra te lines o f
stea m sh ip s fo r freigh t and passenger s e rv ice , b u t ch ie fly fo r freigh t, b e­
tw e e n N ew Y o r k at the n o rth , and P h ila d e lp h ia , W ilm in g to n , C h arleston ,
J a c k s o n v ille , T a m p a , M obile, G a lv e s to n , V era C ruz, as w ell as to o n e o r
t w o m in o r M exica n p o rts, and to th e B a ham as, C u ba an d P o r to R ic o
T h e y have been lo n g establish ed an d w e c o n fid e n tly e x p e c t th a t these

THE CHRONICLE

Jan . 16 1909.]

stea m sh ip lines w ill And th e ir e q u ip m e n t t a x e d , as tim e go e s b y , t o m e e t the
Increasin g tr a ffic n eeds o f the territories s erved b y th e m . A t n o tim e
sin ce th eir c o n s o lid a tio n has o p p o r t u n it y been presen ted fo r a ch ie v in g the
best resu lts In th eir o p e r a tio n ,
i f th eir a d m in istra tio n shall c o n tin u e In
th e h an ds o f p eop le fam iliar w ith th e business, w e feel th a t. In tim e , w e
shall w itn ess v e r y m u ch b e tte r p rices fo r securities o f th e A tla n tic , G u lf &
W e s t In d ies S team sh ip L in es.
H e n r y It. M allory o f N ew Y o r k , fo rm e r ly
h ead o f th e M allory line, Is P re sid e n t, a n d A . It. N l co l o f N ew Y o r k Is
S e cre ta ry a n d T reasu rer. N . Y . o ffic e , i l l B r o a d w a y .— V . 8 7 , p . 1 6 0 6 ,1 4 2 2 .

161

Independent Brewing Co. of Pittsburgh.— Plan to Convert
Common Stock into Preferred Stock Held in Treasury—Bond
Sinking Fund.— Vice-President Justus Mulert has issued a

circular in support of his request that the holders of the out­
standing common stock (amounting to $3,918,950) consent
to the exchange of their stock for the preferred stock held
in the treasury ($534,850 on Oct. 31 1908) on the basis of
B o s t o n R u b b e r S h o e C o .— Debenture Bonds Called.— The
7}/> shares of common for one of preferred.
Compare
$4,500,000 5% debenture bonds have been called for pay­ annual report in V. 87, p. 1418. This exchange would re­
ment March 15 1909 at the American Trust Co., Boston ,at quire $522,527 of the preferred stock.
par and interest. The United States Rubber Co. announces
I t Is p r o p o s e d to resu m e d iv id e n d s o n th e 7 % c u m u la tiv e p re fe rre d s to c k
that, prior to March 1 1909, it will purchase any of said In N o v e m b e r 1909 a n d t o p a y 1 % a d d itio n a l p e r an n u m b e g in n in g n o t la ter
bonds, at par and interest accrued to date of presentation, than 1910 fo r a p e rio d o f 7 years, to ta k e up th e a c c u m u la te d u n p a id d iv i­
t o p r o v id e a sin kin g fu n d fo r th e r e tir e m e n t o f th e first m o r tg a g e
at its office, 42 Broadway. (Compare U. S. Rubber Co. bd oe nn dd ss; also
a fte r re s u m p tio n o f d iv id e n d s .
H old ers o f c o m m o n s to c k are r e q u e s te d t o d e p o s it th eir s to c k w ith th e
V. 88, p. 56.)— V. 86, p. 1161.
C o lon ial T r u s t C o ., P itts b u r g h , n o t la te r th an F e b . 6 , in e x c h a n g e fo r n e ­
B r id g e p o r t (C o n n .) Gas L i g h t Go.—New Stock.— Appli­ g o tia b le re ce ip ts , fo r w h ich p referred s t o c k a n d p referred s to c k n o n -d lv ld b earin g scrip fo r fra ctio n a l lo ts w ill b e g iv e n o n o r b e fo r e J u ly 1 1909
cation has been made to the State Legislature for authority do re nth
e c o m m o n s to c k re tu r n e d .— V . 8 7 , p . 1418.
to increase the capital stock from $1,300,000 to $2,000,000.
Compare V. 82, p. 571.
Inland Steel Co., Chicago.— Bonds Offered.— Eversz &
B u s h Terminal C o . — Bonds Listed on Stock Exchange.— Company, 206 La Salle St., Chicago, are offering the unsold
The consolidated mortgage 5% gold bonds due 1955 were portion (about $1,000,000) of the total issue of $3,000,000
listed this week on the New York Stock Exchange. The first mortgage 6% gold bonds, dated April 1 1908, and
official statement made to the Exchange describes the maturing serially $150,000 per annum, April 1 1909 to 1928.
property, the purposes for which the bonds are issuable These bonds are a first closed and only lien on blast and
and gives the earnings; also balance sheets as of October 31 open-hearth furnaces, steel works, sheet and finishing mills,
1908. The statement is given at length on a subsequent real estate, harbor and docks at Indian Harbor, Ind., a
page. First mortgage 4% bonds due 1952 to the amount steel plant at Chicago Heights, 111., and large deposits of
of $3,295,000 were also listed on the Exchange.— V .88' iron ore on the Messabe Range at Hibbing, Minn., a total
cash investment of $7,184,752. For further particulars see
p. 103.
C i t i z e n s ’ Gas C o . o f I n d ia n a p o lis .— Proposed Bond Issue.— the annual report of the company on a preceding page
The Union Trust Co. of Indianapolis has undertaken to float and article in “ Iron Age” of New York for Aug. 27 1908.
Also compare V. 87, p. 1162.
an issue of $500,000 of 6% bonds.
A b o u t $ 1 ,2 5 0 ,0 0 0 In all w ill b e re q u ire d to p a y fo r th e p r o p e r ty p u r ­
c h a s e d fr o m th e C on su m ers’ G as T ru st C o. an d co m p le te th e co n s tr u c tio n
o f th e p la n t a n d reh a b ilita tio n o f th e m ains.
O f th e s to c k o ffe re d so m e
tim e a g o a t p a r $ 8 6 7,00 0 had been su b s crib e d fo r o n D e c . 31 la st, on
a c c o u n t o f w h ich $ 71 2,00 0 had been p a id .
I t Is p r o p o s e d t o cease th e
sale o f s t o c k , o n w h ich It Is h o p e d to p a y 10 % d iv id e n d s , as so o n as th e
a m o u n t reaches $ 9 0 0 ,0 0 0 , a n d t o re ta in $10 0,00 0 e a ch or s to c k an d b o n d s
In th e trea s u ry fo r exten sio n s a n d b e tte r m e n ts .— V . 8 5 , p . 1271.

(H . B .) C la flin C o . — New Vice-President.— L o u is Stewart,
a director, has been elected a Vice-President.
Report.— See “ Annual Reports” on a preceding page.
— V. 87, p. 1422.
C o m m o n w e a lt h -E d is o n

erly.— See

C o .,

C h ic a g o

.—Controlled Prop­

Economy Light & Power Co., Joliet, below.—
V. 88, p. 103, 55.
C o n s o l id a t e d A r iz o n a S m e lt in g C o .—

Extended.— A

Plan Operative— Time

large majority of the stock having been de­
posited, the plan has been declared operative, and the time
for making deposits has been extended until Feb. 1. See
plan V. 87, p. 1665; V. 88, p. 55.
C o n s o l id a t e d G a s C o . o f N e w Y o r k . — Full Opinion Filed.—

The full opinion of the United States Supreme Court in the
80-ccnt gas suit (given in the “ New York Law Journal” of
Jan. 15) was filed on Monday of this week. See editorial
remarks on a preceding page.
N o r e fe r e n c e Is m a d e In th e o p in io n t o th e d isp o sitio n o f th e d ep osits
t o secu re t o con su m ers th e retu rn o f 20 cen ts p e r 1,0 0 0 c u b ic feet In case
th e 8 0 -c e n t gas law w as held In v a lid . T h e vie w s o f co u n se l w h o h a v e been
con sid erin g th e m a tte r are e x p e c t e d t o b o m a d e p u b lic s h o r tly .
R ep ort— See “ . n n u a l i e p o r t s ’ ’ o n a p re c e d in g p a g e .— V . 8 8 , p . 103.

C o n tin e n t a l R u b b e r C o . o f A m e r i c a .—

Exchange of Stock.

— See Inter-Continental Rubber Co. below.— V. 84, p. 1250;
V. 87, p . 482.
C r o w ’ s N e s t P a s s C o a l C o . — Dividends.— See Northern
Securities Co. under “ Annual Reports” on a preceding page.
— V. 87, p. 228.
D e t r o it E d i s o n C o . — Report.— For years ending Oct. 31
1908 and Dec. 31 1907:
Y ea r
G ross
E x p en ses,
N et
E n d in g —
E a rn in g s. T a x es, & c. E a rn in g s.
O c t . 31 1 9 0 8 ________ $1 ,5 7 1 ,2 0 0 $90 7,99 7 $003,209
831,213
6 23 ,270
D e c . 31 100 7________ 1,45 4 ,4 8 3

Interest
Charges.
*$421,887
3 62 ,067

B a lan ce,
S u rp lu s.
$241,322
260,603

* T h e an n u al Interest o n first m o rtg a g e an d c o n v e r tib le b o n d s n o w o u t ­
sta n d in g Is $445,4 5 0 .— V. 87, p . 350.

E c o n o m y L i g h t & P o w e r C o ., J o lie t , 111.— Earnings.— For
years ending April 30:
Y ea r—
1907-08
190 6-0 7
1 9 0 5 -0 0 ______________

G ross.
E x p en ses.
$276,881
$119,892
230 ,882
108,912
2 13 ,130
9 4 ,7 8 0

N et.
$156,989
121,970
118,350

In terest.
$64 ,145
40,234
3 8 ,097

S u rp lu s.
$92,844
81,730
7 9 ,350

Control.— Redmond & Co., New York, in a recent circular
offering at a price to yield 5)4% a block of first mortgage 5%
gold bonds due 1956 (authorized issue $3,000,000, outstand­
ing $1,290,000), say:
T h e c o m p a n y Is c o n t r o lle d b y th e C h ica g o C o m m o n w e a lth -E d iso n C o .
a n d S a m u el In su ll Is P re sid e n t o f b o th co m p a n ie s. T h e c o m p a n y likew ise
ow n s an electrical transm ission lin e to C h ica g o , a n d has a w ritten agreem en t
w ith th e C h icago C o m m o n w e a lth -E d iso n C o. assuring It o f an u n lim ited
m a rk et there In case m o re p o w e r Is ge n e ra te d th an ca n b e so ld in J o lie t.
C om p a re V . 8 4 , p. 125 0.— V . 8 7 , p . 42.

F itc h b u r g

Sold.— A

(M a s s .)

G as

&

E le c t r ic

L ig h t

C o .—

Control

controlling interest has passed into the hands of
the Tenny-Royce syndicate, which already controls various
gas and electric plants, including the following:
M alden E lectric C o .. M alden & M elrose G as L ig h t C o ., H averh ill E le ctric
C o ., S u b u rb a n G as & E le c tr ic C o ., R e v e re , M a ss., S prin gfield Gas L ig h t C o.

The syndicate, it is said, has a capitalization in excess
of $5,000,000.— V. 81, p. 34.
H a r r is o n

B ros.

&

C o ., I n c . —

Report.— F o r

y e a r e n d in g

Oct. 31:
Fiscal
Year —

Net
Earnings.

1907-08 ............................ $102,784
1000-07 .......................... 130,107
— V. 86. p. 166.




Int. on
Bonds.

Im p ro ve­
m ents, t&C,

$65,000
65,000

$30,655

Bal
Sur.
$37,784
34,452

Intercontinental Rubber Co.— Exchange of Stock.— The
stockholders of the Continental Rubber Co. of America
have generally agreed to exchange their stock for shares of
the Intercontinental on the basis of $200 of the former for
$100 of the latter.
The Continental Rubber Co. was Incorporated in Jan. 1906 with $30,­
000,000 of authorized capital stock In shares 'of $100 each, all o f ore
cla and all > utstandl ig, and •w is a plant at Torreon, Mexico, atw hlch
It Is producing rubber on an extensive scale through the grinding up of
guay le shrubs.
The Intercontinental Rubber Co. was Incorporated In N . J. on Dec.
6 1906 with $40,000 ,000 of authorized capital stock, n $100 shares, of
which $10,000,000 Is 7 % cumulative preferred. If the aforesaid exchange
Is accepted by all the shareholders of the Contlne tal the Intercontinental
Rubber Co. will have outstanding $30,000 ,000 common stock and $ 4 ,­
000,000 preferred stock.
No bonds or mortgage.
Besides the Continental
Rubber C o., the company controls the American Congo Co. The officers
of the Intercontinental arc; W m .C .S h erw oo d , 35N assau S t ., N . Y . , Presi­
dent: II. A . Bingham, Secretary: J. P. Travers, Treasurer. Office of
Company, i l l Broadway. Compare United States Rubber Co. in V . 84,
p. 1244, and see further particulars In V . 84, p. 1251.

Knoxville Water Co.— Decision.— The United States Su­
preme Court on Jan. 4 unanimously reversed the decision
of the lower Court which restrained the enforcement of a
city ordinance reducing water rates on the ground that the
latter are confiscatory. The opinion is given at some length
in the “ New York Evening Post” of Jan. 8. See editorial re­
marks on a preceding page.— V. 82, p. 104.
Massachusetts Gas Companies.— Bonds Oversubscribed,
— The books for the subscription to the $6,000,000 of 4 ^ %
bonds which were opened last Monday were at once closed,
the issue being, it was said, many times oversubscribed.
Compare V. 88, p. 104.
There were over 1,500 separate subscriptions for the 6,000 bonds. Sub­
scribers for $1,000 and $2,000 In bonds will receive the full amounts of
their subscriptions, but the larger subscriptions will be scaled down, the
largest to receive less than 5 % of the amounts requested. This arrange­
ment will ensure the placing of the bonds with permanent investors at the
outstart.— V 88, p. 104.
•

Michigan State Telephone Co.— Dividend Increased.—
A quarterly dividend of l}4% has been declared on the
common stock, payable March 1 to holders of record Feb. 15
(increasing the annual rate to 6 % ), as against 1% quarterly
paid for the four preceding quarters. Compare V. 86, p. 984.
Lines Leased.— The company has leased the property of
the Northeastern Telephone Co., extending into 15 counties
north of Bay City and east of the Michigan Central R R .
to the Straits of Mackinac, including about .4)00 miles of
lines.— V.. 87, p. 291.
*
National Lead Co.— Listed.— The New York Stock Ex­
change has admitted to the regular list $24,463,600 7%
cumulative preferred stock and $20,750,000 common stock,
formerly quoted in the unlisted department.— V. 87, p. 1667.
New York State Steel Co.— Reorganized—Change in
Control.— The reorganization has been effected by the sale
of an issue of $1,000,000 7% cumulative preferred stock
(with voting power, but without the right to participate
with the $2,500,000 common stock in further dividends),
and the sale of a controlling interest in the company to
various stockholders in the Union Drawn Steel Co. of Beaver
Falls, Pa. On Jan. 2 1909 the receivers were discharged
and the coupons due Oct. 1 1908 on the $1,500,000 first
mortgage bonds (V. 84, p. 1371) were paid. The April
1908 coupons were paid in May. We have been favored
with the following:
The following directors have been elected: Spencer Kellogg, John D .
Larkin, Seymour H . K nox of Buffalo. Frederick N . Bcegle of Beaver Falls,
P a ., George Davidson of New Brighton, P a ., Louis It. Davidson of Beaver
P a ., and Frederick Davidson of Pittsburgh, Pa. The officers are: Fred­
erick N . Bcegle, President; Frederick Davidson, Viee-Prest.; Louts R .
Davidson, Sec. and Treasurer.
Executive Committee: Frederick N .
Beeglc, Spencer Kellogg and Louis R . Davidson.

163

THE CHRONICLE

[VOL. L X X X V III.

0 T h e n ew m a n a g em en t w ill p r o c e e d t o co m p le te th e blast fu rn a ce n ow
w ell u n d e r w a y , a n d It Is h o p e d th a t In the co u rse o f a v e r y fe w m on th s
th e^ w ork s w ill be In fu ll o p e r a tio n . T h e c o m p a n y w ill m an u factu re p ig
Iron a n d billets a n d likew ise c o n tin u e to o p e ra te Its o re m ines In M in n esota.
— V 8 6 , p . 606.

ized to be listed $36,738,900. Compare V. 87, p. 1531
and readjustment plan, V. 86, p. 922; V. 87, p. 101, 875.
— V. 87, p. 1668.

|HN o r t h w e s t e r n Y e a s t C o ., C h ic a g o . —Extra

— A. S. Michener, Comptroller of Stone & Webster, Bos­
ton, has compiled a comparative statement contrasting the
capitalization and earning power of the 14 street railway
companies managed by Stone & Webster (these companies
having an aggregate outstanding capitalization of $77,939,­
246, of which $35,499,186 is funded debt, and showing total
gross earnings in 1907 of $12,284,529) with street railways
generally in the United States. In brief the results are:

Dividend.— A
press dispatch announces the declaration of the usual quar­
terly dividend of 3% and an extra dividend of 12%, payable
Feb. 1 to holders of record Jan. 19.— V. 86, p. 232; V. 82,
p. 164.

P h e lp s , D o d g e & C o . — Output.— The following is pro­
nounced approximately correct:
C op p e r P rod u ction (in pounds) fo r C alendar Y ea rs (1908 Partlu E s t .)
1908.
1907.
1906.
C o p p e r Q u een (2 m o s . In 1908 e s t . ) - - 9 1 ,0 2 6 ,4 0 5 89,1 1 4 ,9 4 1
9 6 ,481,904
D e tr o it C op p er C o. (1 m o .l n 1 9 0 8 e st.) 2 4 ,6 5 5 ,0 3 6
1 8 ,806,026
16,906,348
I
-------------------- ------------------- ---------------------T o t a l _________________________________ 115 ,681 ,44 1 1 0 7 ,920 ,96 7 113,388,252
“ C o p p e r Q u een ” In 1908 In clu des, besides Its o w n A rizon a ores (76,619,423
l b s .) , M on tez u m a ores, 13,2 0 0 ,9 2 5 lb s .: o th e r ore s, 1 ,206,057 lb s. C o m ­
p a r e V . 8 7 . p . 1536, 1608, 1667; V . 88, p . 56.

S t . L o u is C ar C o . —New Mortgage.— A blanket mortgage
has been filed with the Commonwealth Trust Co., as trustee,
to secure an issue of $3,000,000 6% bonds dated Jan. 1 1909,
of which $1,000,000 will be issued only to retire a like
amount of first mortgage 6s, due May 21 1923, but now
subject to call at 105 (V. 76, p. 1252). The capital stock,
it is said, is still $3,000,000.— V. 85, p. 725, 473.

s . & W .C o s. O ther C o m p a n ies
R a tio o f o u ts ta n d in g to t a l ca p ita liz a tio n to
gross e a rn in g s---------------------------------------------------6.3 t o 1
8.4 t o 1 (129 c o s .)
R a tio o f o u ts ta n d in g fu n d e d d e b t to gross
4.2 t o 1 (126 cos.)
e a r n in g s _______________________________________ 3 .0 t o 1
R a t io o f n e t earn in gs to Interest c h a rg e s.......... 2.1 to 1
1.5 t o 1 (114 c o s .)
P e r ce n t earn ed o n o u ts ta n d in g pret. s t o c k ___ 1 2 .5 %
8 .1 % ( 55 c o s .)
P e r c e n t earn ed o n o u ts ta n d in g c a p ita l an d
c o m m o n s t o c k _________________________________
4%
2 .4 % (125 c o s .)
P e r ce n t Increase In gross e arn in gs, 1907 o v e r
1906 .................... ........................................................... 1 9 .8 %
9 .7 % (134 c o s .)
P e r c e n t o f Increase In gross earnings fo r first
h alf o f 1908 o v e r sam e p e rio d in 1 90 7............. 7 .2 5 %
2 .9 1 % ( 32 c o s .)
F o r th e first six m o n th s o f 1908 the gross earnings o f 141 ste a m railroad s
sh o w e d a fallin g o ff o f 1 6 .5 8 % .

— The organization of a new corporation under the name
of Barroll & Co., with offices in the II. W. Heilman Bldg.,
Los Angeles, is announced. H. C. Barroll, formerly of II. C.
Barroll & Co., Chicago, is President of the company; W. J.
S p r in g fie ld C o n s o lid a t e d W a t e r C o ., P e n n s y lv a n ia .—
Schmahl, formerly Manager of the California offices of N. W .
Bonds Offered.— This company, owned and operated by the Harris & Co., is Vice-President, and C. E. Woodside, for­
successful American Pipe Mfg. Co. of Philadelphia (V. 86, merly Manager of the bond department of the Los Angeles
p. 479; Y. 87, p. 937, 1161), recently made a mortgage to Trust Company, is Secretary. J. R. Mason, formerly with
the Columbia Avenue Trust Co. of Philadelphia as trustee to N. W. Harris & Co., will represent Barroll & Co. in San
secure an issue of not exceeding $25,000,000 first mortgage Francisco and Northern California, pending the opening of
50-year 5% gold bonds. Denominations $1,000, $500 and San Francisco offices. The new organization has a capital
$100 (c*). Dated Nov. 2 1908 and due Nov. 1 1958, but of $100,000; it will make a specialty of bonds issued through­
subject to redemption on and after Nov. 1 1913 at any out the Pacific Coast States and adjacent States and Territories
interest period at 102
and interest Interest payable
— At the annual meeting of the Dominion Securities Corpora­
May 1 and Nov. 1. At the present time about $1,750,000 tion of Toronto on Jan. 11 the Vice-President, Mr. E. R.
o f the bonds have been sold. There has been no banker's
W ood, delivered his annual speech on the Canadian bond
circular issued, but the company, in a short circular offering business. The review for 1908 has been prepared for the
the bonds at 97)^ and interest, said:
first time in pamphlet form and contains numerous valuable
S pringfield C on solid a te d W a te r C o. Is In co rp o ra te d und er the law s o f
facts given for the purpose of comparing the general condi­
P en n sy lv a n ia fo r th e s u p p ly o f w a te r to the p u b lic , and has a cqu ired b y
lease all the p r o p e r t y , righ ts and fra n ch ises o f the Springfield W a te r C o .,
tions existing last year with those of the previous years. In
N o rth S prin gfield W a te r C o ., E d d y s to n e W a te r C o. and C on sh oh ock en
addition to tables showing the Bank of England rates, the
G as & W a ter C o ., an d su pplies th e entire su b u rb a n s ection su rrou n din g
pamphlet also contains statistics covering the government,
P h ila d elp h ia .
[T h e S p rln glleid C o n so lid a te d W a te r C o. w as In corporated
as the R y d a l W a te r C o. Jan . 25 1905, nam e ch a n g e d as now J u ly 27 1908,
municipal and corporation issues placed both last year
an d s to c k Increased fro m ? 5 ,0 0 0 to $ 2 ,5 0 0 ,0 0 0 a b o u t O ct. 5 1908. T h e
and in previous years and classifies the same so as to show
a foresa id leases are d a te d S e p t. 28 1908 and run fo r 99 years, the lessee
co v e n a n tin g t o p a y p u n c tu a lly th e p rin cipa l and Interest o f the b o n d s o f
the respective amounts placed in the Canadian, British and
th e lessor c o m p a n ie s , also all ta x e s, & c ., and to Issue b o n d s o f this Issue a t
United States markets.
p a r fo r p u rch a se a t p a r o f s to c k o f th e Springfield W a te r C o ., to ta l Issue
$ 1 ,5 0 0 ,0 0 0 , o f w h ich $78 0 ,2 0 0 w as o w n e d b y A m e rica n P ipe M fg. C o .,
— The Hand-Book of Securities, compiled by the pub­
an d fo r p u rch a se, a t 1 0 % o f p a r v alu e s to ck o f N orth Springfield W a te r
C o ., tota l Issue $ 1 ,0 0 0 ,0 0 0 , o f w h ich $94 3,60 0 w as ow n e d b y A m erican
lishers of the “ Commercial & Financial Chronicle," is now
P ip e M fg. C o.
F rom these tw o u n d erlyin g co m p a n ie s the lessee re ce ive d
ready. The book contains in a small compass very full
th e en tire share c a p ita l o f the E d d y s to n e an d C o n sh o h o ck e n C o s.— Ed ]
information concerning the various railroads and the leading
T h e c o m p a n y , b y rig h t o f e m in en t d o m a in , has a cq u ire d the best stream s
In the v ic in ity o f P h ila d e lp h ia , and has thus secu red an am ple su p p ly o f
industrials whose securities are dealt in on the New York,
w a ter to p r o v id e fo r Its fu tu re g r o w th .
T h e p u m p in g station s are e q u ip p e d
Boston, Philadelphia, Baltimore, Chicago and Pittsburgh
w ith the latest Im p rove d m a ch in e ry . T h e w a te r su pplies are o f the best
q u a lit y , and the w a ter Is filtered b y th e m o s t a p p ro v e d m e th o d s . T h e
Exchanges. It shows their earnings, dividends, &c., for a
fo llo w in g b orou g h s and d istricts are su p p lie d .—
series of years, present fixed charges, and the amount of
S ection sou th w est o f P h ila d e lp h ia : E d d y s to n e , R id le y P a rk , P ro s p e ct
P a rk , N o r w o o d , G len old en , F o lc r o ft , Sh a ron H ill, D a r b y , C o lw y n , F ernthe different issues of bonds outstanding, their rates of
w o o d , Y e a d o n , L a n sd o w n e , C lifto n H e ig h ts, S e ca n e , B u rm o n t, M o rto n ,
interest, &c. There is also given the monthly range of
S w a r th m o rc , R u tle d g e , M llm o n t, L la n w e lly n , G ollln gdale, M U lbourne,
K Ir k ly n , L la n crch , G rassland an d B ro o m a ll.
stocks and bonds, together with a yearly range for four years.
W estern S e c tio n : O v e rb ro o k , M erlon , N a rb e rth , W y n n e w o o d , A r d m o r e ,
Price one dollar, or to “ Chronicle” subscribers 75 cents.
H a v e r fo r d , B ryn M aw r, R o s e m o n t , V illa N o v a , R a d n o r , St. D a v id s , W a yn e ,
S tra ffo rd , D e v o n , B erw y n , D a y le s fo r d , P a o ll, G reen T r e e , G len L o c h ,
— The New York Life Insurance Co. publishes its 64th
B a la and C y n w y d .
annual report in unusual form on another page. The “ Plain
S ection north an d n o rth e a st o f P h ila d e lp h ia : C o n s h o h o c k e n , P ly m o u th
M eetin g , W y n d m o o r , F lo u r to w n , V a lle y G reen , S t. T h o m a s, W h ite M arsh,
Talk with Policy-holders,” which precedes the usual balance
F o r t VVashlngton, O ak L a n e, M elrose, A s h b o u r n e , E lkin s P a rk , O gon tzsheet, is interesting in itself, and shows the figures of the
M c K In le y , C h elten h a m , R o c k L e d g e , J c n k ln to w n , W y n c o t e , G lenslde,
E d g e h lll, O rela n d , A r d s le y , W e ld o n , H illside, M o o re to w n , W illo w G ro v e .
latter in their true significance. Nearly fifty million dollars
T h e se b o n d s are secured b y a m o rtg a ge u p o n the entire p r o p e r ty and
was paid policy-holders during the year in death claims,
fra n ch ises now ow n ed o r h ereafter acqu ired b y the c o m p a n y (also b y pledge
o f Its s to c k and Interest In the leased p ro p e r tie s .— E d .)
$ 6 ,0 0 0 ,0 0 0 o f
annuities, dividends, matured endowments and for deferred
this Issue has been d ep o s ite d w ith the trustee to retire the b o n d s o f the
dividend policies and contracts surrendered. The com­
leased c o m p a n ie s as th e y m a tu re .
[T he u n d e rly in g b o n d s, w e learn,
Inclu de S prln glleid W a te r C o. first 6s, $ 42 3,00 0, d a te d 1892; B ryn M aw r
pany's accumulated funds now exceed 550 million dollars.
W a te r C o. first 6s, $ 1 8 0 ,0 0 0 , d a te d 1894: Sprlnglleid W a te r C o. co n so l,
As President Kingsley says: “ Our assets are large because
m ortg a g e 5s, d a te d 1896, au th o riz e d Issue $ 3 ,0 0 0 ,0 0 0 , o f w h ich $: 62,000
our
liabilities are large. Our liabilities are large because we
reserved to retire f r eg o ln g b o n d s; L a n sdow n e W a te r C o. first 4s, $ 25 ,000 ,
d a te d 1899; O ak L a n e W a te r C o. first 6s, d a te d 1894, $ 15 0,00 0; B erw yn
are doing a large work of the kind I have described.”
W a te r C o. first 6s, d a te d 1895, $50 0,00 0; N orth S prln glleid W a te r Co.
(V . 8 1 , p . 512) first 5s, $ 2 ,0 0 0 ,0 0 0 , d a te d 1898; W a y n e W a te r -W o r k s Co.
— The semi-annual statement of the Home Fire Insurance
first M 4 H s , $15 0 ,0 0 0 , d a te d 1903; C on sh oh ock en Gas & W a te r C o. first Is,
Co., 56 Cedar Street, appears on another page. The policy­
$ 1 0 0 ,0 0 0 , d a ted 1899; E d d y s to n e W a te r Co. first 6s, $ 2 9 ,0 0 0 , d a te d 1894.
[Several m on th s a g o R o b e r t G len d en n ln g & C o ., P h ila d e lp h ia , offered
holders’ surplus for the year is $13,682,821, against $10,­
a t 101 a n d * Interest $ 2 0 0,00 0 co n s o lid a te d m o rtg a ge 5s o f the o ld S p rin g­
203,211 last year. The assets have increased from $20,­
field W a te r C o. , d en o m in a tio n s $ 10 0, $20 0, $500 and $ 1 ,0 0 0 , d ated
1896 an d d u e S ep t. 1 1926, c o u p o n s M. & S ., a u th o rize d Issue $ 3 ,0 0 0 ,0 0 0 ,
862,697 to $24,856,499. The directors have declared a
See S pringfield W a ter C o. V . 6 9 , p . 119 7.— E d .]
12}^% semi-annual dividend on the capital stock, 'Ihis is
U n it e d S ta te s R e a lt y
I m p r o v e m e n t C o . — Earnings.— an increase from a basis of 20% to 25% per annum. The
company holds as one of its reserves a “ conflagration sur­
For December and eight months ending Dec. 31 1908:
plus,” which now amounts to $800,000.
Consolidated P relim in a ry In co m e A ccou n t fo r D ecem ber and E ight M onths
ended D ecem ber 31 1908
— The firm of Langley & Lawrence has been dissolved and
D ec .
8 M os.
D ec .
8 M os
D ed u c’ ns (con cl.)— $
$
a new co-partnership formed under the name of W . C.
R ec’ts from —
$
5
237,632
I n t e r e s t - . . ............... 16,137
143,265 E x p . o f m a n a g e ’ t . 30,0 7 8
Langley & Co., consisting of W. C. Langley and Clinton M.
442 ,800
I n v e s t m e n t s _______ 159,003 1,214,868 lu t . o n d eb en tu res 55,350
Hall, the latter a member of the New York Stock Exchange.
P ro fit on b u ildin g
T o ta l d e d u c t ’ ns.145,513 1,283,957
c o n t r a c t s ________104 ,455 650,753
The New York office is at 10 Wall Street,with branches in
B a la n c e .................... 306 ,998
882,091
P r o fit on real e s t.,
Brooklyn, Boston, Hartford and Buffalo.
323,256
157,162 D iv id e n d s , 6 m o s .................
&C., sales............... 172 ,016
— “ Stock Fluctuations,” the well-known compilation by
B a la n ce , su rplu s306,998
T o ta l gross-------452,511 2 ,166,048
U n re a liz ’d p r o f. a c c t . —
D ed uct—
Frank A. Ruggles, 53 State St., Boston, was issued this
I n t . o n m tg e s ., & c. 60,085
603,525
week. It is an invaluable publication for New England
550,7
Surplus 8 m o s -------306 ,0 9 8
financial interests.
B ills p a y a b le D e c. 31 1908, $ 8 9 0 ,0 0 0 , a gain st $ 2 ,0 0 0 ,0 0 0 o n April
1908; to ta l su rplu s, as per balan ce s h e e t, $ 3 ,4 5 1 ,8 5 0 , a gain st $2,893,0:
— The “ Ticker Book and Manual of the Tape” gives
— V . 8 7 , p. 1538, 1305.
much useful and convenient information. It is published
W e s t in g h o u s e E le c t r ic & M a n u fa c t u r in g C o . — Listed.— bv the stock and Bond Quotation Co., 25 Broad Street.
The New York Stock Exchange has listed $3,240,000 ad­ Price two dollars.
— Graham & Co., Bankers, Philadelphia, have returnedJ;o
ditional assenting stock to be added to the list from time to
time, but prior to July 1 1909, on notice that it has been their former address, 435 Chestnut Street, Philadelphia,
issued and paid for in full, making the total amount author- occupying the ground floor of the new Lafayette Building.




&

J an . 10 100!).]

163

THE CHRONICLE
S te w a rts

a m i

D o x m r r e tx fe o

B U SH T E R M IN A L C O M P A N Y .

OFFICIAL STATEMENT TO THE NEW Y ORK STOCK EXCHANGE IN CONNECTION W ITH THE LISTING OF
THE CONSOLIDATED MORTGAGE FIVE PER CENT GOLD COUPON BONDS.

New York, January 4 1909.
The Bush Terminal Company hereby applies to the New
York Stock Exchange for the listing of its $6,012,000 Con­
solidated Mortgage Five Per Cent Gold Bonds, due Jan. 1
1955, numbered from 1 to 6,012, both inclusive.
The Bush Terminal Company was organized under the
Business Corporation Law of the State of New York on
Feb. 10 1902.
m.it
The Consolidated Mortgage is dated Dec. 31 1904 to Title
Guarantee & Trust Company of New York, as Trustee, for a
total authorized amount of $10,000,000. The interest is
payable Jan. and July 1 at the rate of Five Per Cent per an­
num. The bonds are for $1,000 each and may be registered
as to principal only. Coupons arc payable at the olfice oi
the Company, No. 100 Broad Street, New York.
The bonds were originally redeemable at par and interest
on Jan. 1 1915 or on any coupon day thereafter, but by action
of the Stockholders on Dec. 4 1905 the Company waived this
privilege of redemption and filed on April 27 1908 a supple­
mentary declaration to that effect with the Recorder of
Deeds and with the Trustee, and a certificate properly signed
by the officers of the Company was bound in with each bond
subsequently, or engraved upon the bonds, and such bonds
as do not bear this certificate may have same bound in on
presentation of the bonds at the office of the Company, in
the following form:
“ T h e I3usli T erm in al C o m p a n y , p u rsu an t to r e so lu tio n o f Its D ir e c to rs ,
a p p r o v e d b y the S h a reh olders, an d p u rsu an t t o ag re e m e n t w ith th e T itle
G uarantee & T ru st C o m p a n y , d a te d D e c. (1 1905, h e re b y ren o u n ce s a n d
w aives the rig h t to p a y tne p rin cipa l sum secu red b y this b o n d o n o r a fte r
Ja n . 1 1915, and h ereb y c o v e n a n ts w ith th e h o ld e r th a t It will n o t e x e rcis e
su ch reserved rig h t t o p a y this b o n d b e fo re the m a tu r ity th ereof on Jan . 1
1055.
H USH T E R M IN A L C O M P A N Y ,
•
“ By
, V ice-P resid en t.

The $10,000,000 bonds of the Company are issuable as
follows, in accordance with Paragraph^ of the Mortgage:
S ection A . Issu a b le fo r a c q u is itio n o f the p r o p e r ty o f th e Hush
C o m p a n y , L im ite d , a n d all th e s to c k o f th e Hush T erm inal
R a ilroa d C o m p a n y a n d th e Hush L a n d C o m p a n y --------- ■- - - - 5l.oO U .ouu
S e c tio n H. F o r ex c h a n g in g , re tirin g or r e fu n d in g th e I>Irst M o rt­
g a g e F ou r P e r c e n t B on d s, d u e 195 2.......... ........................- - - .........
j,4oU ,u u u
S e c tio n C. B on d s t o b e used fo r th e p u rp o s e o f disch argin g a
M ortg a g e o f 5 3 0 0 ,0 0 0 , d a te d M arch 15 1898, o n a certa in p a r­
cel o f land ow n ed b y th e C o m p a n y , w h ich M o rtg a g e w as paid
an d disch arged o f record S e p t. 29 1908--------------------------------------3 0 0 ,0 0 0
S ection D . F or th e p u r p o s e o f ta k in g up a $70 0,00 0 M ortg age
on the p r o p e r ty o f the Hush L a n d C o m p a n y , In w h o le o r part
t h e r e o f ----------------------------------------------------------— — ..........
7 00 ,000
S ection E. R em a in in g b o n d s an d also such o f th e b o n d s as m ay
n o t b e n ecessary und er th e S u b d iv is io n B , C an d D o f this
A rticle, reserved fo r Im p rovem en ts a n d acq u isitio n s o f add ltlon al p r o p e r t y ------------------------ ------------------------------------------'----------- 4 ,0 4 1 ,0 0 0
$

10 , 000,000

There have been issued:
U n d er p rov ision s o f P a ra gra ph A ---------------------------$ 1 ,5 0 0 ,0 0 0
“
“
“
“
H ____________ __ _________________
88,000
C .............................................................
300 ,0 0 0
D ___________________________
83,000
E _________________________________ 4 ,0 4 1 ,0 0 0
$ 6 , 012,000

This Mortgage is a lien on the property of the Bush Termi­
nal Company (subject to a First Mortgage to the Knicker­
bocker Trust Company, as Trustee, dated April 1 1902, for
a total amount of $3,500,000, of which $3,295,000 is out­
standing), and is a first lien on the Capital Stock of the Bush
Land Company of the par value of $10,000, and on the Capi­
tal Stock of the Bush Terminal Railroad Company of the
par value of $20,000, this being the total Capital Stock of
these companies.
The Bush Terminal Company owns, including the prop­
erty acquired in December 1904 from the Bush Company,
Limited, all the property in the Borough of Brooklyn, City
of New York, bounded easterly by First Avenue, southerly
by Fifty-first Street, westerly by New York Bay and north­
erly by Fortieth Street, except a lot one hundred (100) feet
by one hundred and fifty (150) feet on the southerly side of
Pier 6, and situated at the northeast corner of the bulkhead
and the south side of Pier 6, together with all land and land
under water extending from Thirty-ninth Street to Fiftyfirst Street, from high water line to the outer pier-head line
established by law, a total distance of 3,100 feet of continu­
ous water front, located on a forty-foot Government channel.
All the streets between First Avenue and New York Bay and
between Fortieth and Fiftieth Streets, both inclusive, have
been legally closed.
.
.
The Mor gage also covers six city blocks located in said
Borough, between First and Second Avenues, Forty-fourth
Street and Fiftieth Street; also the northerly half of the city
block between said First and Second Avenues and Fiftieth
and Fifty-first Streets. Also ten city blocks constituting
the westerly portion of the city block located between Fortyiirst and Forty-Second Streets, and fronting on the easterly
side of First Avenue; also the property located between First




and Second Avenues, Fortieth Street and Forty-first Stree t
as well as the westerly five-sevenths of the block between
First and Second Avenues, Thirty-ninth Street and Fortieth
Street, being a total of 164.06 acres of real estate owned in
fee, together with all buildings and other improvements
thereon.
The improvements consist of six large piers (seventh in
course of construction), each about one-quarter of a mile
long and one hundred and fifty (150) feet wide, with an in­
tervening water space of approximately two hundred and
seventy (270) feet. These piers are leased for long periods
to responsible steamship lines, and also furnish accommoda­
tions to many transient steamers.
The warehouse plant erected on the property includes
one hundred and fifteen (115) modern fire-proof or slow com­
bustion warehouses, ranging from one to seven stories in
height, with a total capacity of about 25,000,000 cubic feet
of storage space.
.
There is also located on the property about twenty miles
of railroad track, extending the whole length of all the docks,
to all the warehouses, including the necessary storage and
switching yards.

All the piers and buildings of the Company, except the
reinforced concrete stores Nos. 51 to 56, are protected by an
automatic sprinkler system, which represents an expendi­
ture of $500,000, and greatly reduces the insurance rate on
the property of the Company and that of its tenants.
The Company also owns railroad and harbor equipment,
including six locomotives, several car floats, tugs, barges
and lighters.
The Bush Land Company was organized in 1904 as an aux­
iliary corporation to the Bush Terminal Company for the
purpose of affording facilities to manufacturers and whole­
salers, who, being heavy freight shippers, were desirous of
obtaining facilities at a reasonable rent and a low rate of
insurance, where they could save the expenses of trucking,
and, if possible, be located on more than one railroad.
The Bush Land Company owns the nine city blocks in
the Borough of Brooklyn located between Twenty-eighth
and Thirty-seventh Streets, between Second and Third
Avenues, excepting only the easterly one hundred (100)
feet of the block between Thirty-sixth and Thirty-seventh
Streets and a plot of seventy-five feet by one hundred feet
on the northwest corner of Thirty-sixth Street and Third
Avenue. The portion of the property lying between Twentyeighth Street and Thirty-sixth Street, Second and Third
Avenues, is subject to a purchase money mortgage dated
April 15 1904 for $616,450. This Company’s property has
been partially improved by the erection of three model loft
buildings, each containing approximately 300,000 square
feet of floor space, 600 feet long by 75 feet wide, built of steel
reinforced concrete and absolutely fireproof. There is also
located on the plot between Thirty-second Street and Thirtythird Street a freight station and freight yard to accommo­
date the freight business of the neighborhood, and a power
plant, erected at a cost of $125,000, upon the northeast cor­
ner of Thirty-third Street and Second Avenue.
The Bush Terminal Railroad Company owns a double­
track railroad laid with 137-lb. steel rails, extending from
Twenty-eighth Street and Second Avenue, Borough of
Brooklyn, southerly to Second Avenue and Forty-first Street;
thence westerly on Forty-first Street to First Avenue; thence
southerly along First Avenue to Sixty-fifth Street. It is
operated by overhead electric system, and owns two electric
locomotives. Its charter is for twenty-five years, from Feb.
14 1905, with privileges of renewal for further period of
twenty-five years upon a fair re-valuation.
The railroad line penetrates the property of the Bush
Land Company and the Bush Terminal Company, and
through arrangements entered into with all the trunk lines
having terminals in New York Harbor, it acts as their
terminal railroad agent, thus giving to the tenants of the
Bush Terminal Company and Bush Land Company equal
facilities at the same rate as they would pay after hauling
their goods to freight stations of the various companies.
The Company reports earnings for the years ended Dec. 31:
1900.
Total gross earnings:
From docks, storage, & c., and net Income
from R R. departm ent.......... . . . _________ $885,025 37
Less— Operating expenses.......... .. . ___________ 377,247 75

1907.
$1,014,316 99
415,573 98

_________ $507,777 62

$598,743 01
68,698 31

Total net incom e............... .............. ____________ $507,777 62
From which deduct:
Interest on bonded d e b t________ ____________ $300,390 00
64,881 67
Taxes ------------------------------------------- _____________

$667,441 32

Total d e d u c tio n s .._____ _______ _____________ $365,271 67

$498,384 46

Surplus for year................................ ........................ $142,505 95

$169,056 86

Net earnings from op eration.. . .
Other Income-------------------------------

$425,942 83
72,441 63

164

THE CHRONICLE

The Company reports for the ten months ended Oct. 31
1908:
T o t a l gross earnings:
1908
F r o m sto r a g e . & c . . a n d n e t In co m e fro m R R . d e p a rtm e n t____ $75 8,00 2 02
L ess— O p era tin g ex p e n s e s...................... .................. ................................. 236,953 06
N e t earnings fro m o p e r a tin g ............................................................... .$ 5 2 2 ,0 4 8 96
O th er In c o m e . .......................................................................................... ..
59,892 24
T o t a l n et In c o m e .................................................................................... $580,941 20
F r o m w h ic h d e d u ct:
In teres t o n b o n d e d d e b t.
T a x e s _________ __________

$361,982 63
. 7 1 ,569 88

S u rplu s fo r ten m on th s
L ess sin k in g fu n d ______

$147,388 69
27.653 33

$433,552 51

N e t su rp lu s__________

$11 9,73 5 36

B A L A N C E S H E E T O F B U S H T E R M I N A L C O . A S O F O C T . 31 190 8.
C a pital A ssets.
R ea l e s ta te -----------------------------------------------------------------I m p r o v e m e n ts a n d e q u ip m e n t_________ __________ _
E x p e n s e s d u rin g an d In cid en t to c o n s t r u c t i o n .. .
C a pital s to c k s u b sid ia ry c o m p a n ie s a n d g o o d w ill.
T a n g ib le e q u ip m e n t________________________________
A d v a n c e s t o B ush T erm in a l R R . C o _____________
A d v a n c e s t o Bush L a n d C o _______________________
F u rn itu re an d fix tu res, N ew Y o r k a n d B ro o k ly n .
R eserv e fu n d , repairs a n d ren e w a ls________________
T o t a l c a p ita l assets.

$ 1 ,7 4 2 ,3 9 9
5,26 4 ,8 9 5
283,126
5,00 0 ,0 0 0
228,319
282,617
1,48 4 ,9 2 4
6,524
23,853

81
85
79
00
31
87
28
55
86

$235,223
71,486
40,372
2,1 1 9
1,858
198,206

84
18
34
89
66
53

477 40

15,245
115,307
242
7,457

04
91
73
27

$687,998 69

G ra n d to ta l a ssets__________________________________________ $15 ,004 ,66 1 01
C a pital L ia b ilities.
P referred S t o c k __________________________________________________
C o m m o n S t o c k ------------------------------------ ----------- ---------------------------F irst M ortg a g e F o u r P er Cen t B o n d s, d u e 1 95 2----------------------C on solid a ted M ortg a g e F iv e P e r C e n tB o n d s, d u e 1 95 5-----------

$ 1 ,5 0 0 ,0 0 0
3 ,5 0 0 ,0 0 0
3 ,2 9 5 ,0 0 0
6 ,0 1 2 ,0 0 0

00
00
00
00

T o ta l ca p ita l lia b ilitie s.......................................... ................ ............$ 1 4 ,3 0 7 ,0 0 0 00
C u rrent L ia b ilities.
A cco u n ts p a y a b le ......................................................- ...............................
E x p en ses a c c r u e d a n d n o t p a id --------------------------------------------------In te r e s t a c c r u e d , b o n d e d d e b t --------------------------------------------------Sun dries ----------- --------- - ............- ..............- ........................- - - ..............
A p p r o p r ia tio n fo r repairs a n d ren ew als n o t e x p e n d e d .......... ..
E s tim a te d la b o r lo s s ---------------------------------------------------------------------

T o ta l curren t a ssets_________ __________ _______ _______ ______
P r o fit a n d lo s s...................................... ................... ..................... .........

$144,618
10,394
115,960
16,474
6,379
20,000

11
44
11
28
83
00

$96 ,072
1,565
6,423
427
3 ,752

83
41
54
61
40

$108,241 79
3 5 ,9 7 0 2 5

G ra n d to ta l assets____________________________ ______ __________ $2,77 3 ,3 0 8 83
C a pital L ia b ilities.
C a pital S t o c k _______________________________________________
A d v a n c e d b y B u sh T e rm in al C o _____________________________
M o rtg a ge on p r o p e r t y __________________________________________
F iv e an d O n e-h a lf P er Cen t F irst M o rtg a g e B o n d s _________
T o t a l ca p ita l liab ilitie s............... ..................................
.
Current L ia b ilities.
A cco u n ts p a y a b le ____________
In te re s t a c c r u e d ______________

G rand total o f liab ilitie s.....................

$ 14 ,316 ,66 2 32

T o ta l cu rren t a ssets............... .............................................................

C u rrent A ssets.
Cash a n d a cco u n ts r e c e iv a b le _________________
D u e fro m co m p a n ie s an d In d ivid u a ls__________
E x p e n se s p aid an d n o t a c c r u e d -----------------------F uel s u p p ly a c c o u n t ___________________________
T a x e s p a id a n d n o t a c c r u e d ------------------------------

T o t a l cu rre n t liab ilitie s........................................

C u rrent A s s e ts.
Cash a n d a cco u n ts r e c e iv a b le ----------------D u e fr o m c om p a n ies a n d In d iv id u a ls_________________________
E x p en ses p a id a n d n o t a c c r u e d .......... ..................................................
In s u r a n c e losses r e c o v e r a b le ____________________________________
M aterials a n d s u p p lie s__________________________________________
A ccru ed s to ra g e a n d la b o r ................
Cash w ith T ru s tee S in k in g F u n d __________
T a x e s a c c r u e d ------------------------------------------------D u e fr o m agen ts a n d c o n n e c tio n s ____ ______
S to r a g e lo a n s ------------------------S u n d r y c la im s ____ ______

[V O L . L X X X V I I I.

$ 10 ,000
1,484,924
6 16 ,450
6 00 ,000

00
28
00
09

$ 2 ,7 1 1 ,3 7 4 28
$ 49 ,907 20
12,027 35
$ 61 ,934 55
$ 2 ,7 7 3 ,3 0 8 83

The Company has no floating debt and has not had any
since its organization.
B A L A N C E S H E E T O F T H E BU SH T E R M IN A L R A IL R O A D C O M PA N Y
A S O F O C T . 31 1908.
C apital A ss e ts.
T ra ck s an d sid in gs—
-------------------------------------------------------------$153,183 02
O verh ead c o n s tr u c tio n -------------------------------------------------------------14 774 39
P a v in g an d g r a d in g ...................................... - ............- ..........................
60,826 6 6
E q u i p m e n t . . . ...........................................................................................
3 1 ,1 5 9 70
O rga n iza tion e x p e n s e ________________ _______ __________ _________
3 957 53
n 735 43
T h lit y -t h lr d S treet fre ig h t h o u se — ...................................... .......
N e w Y o r k C ity b o n d a c c o u n t ........................... ............- .....................
5,5 2 5 00
T o ta l ca p ita l assets____________________________________________

$281,172 23

C u rrent A s s e ts.
D u e fro m co m p a n ie s a n d In d iv id u a ls_________________________
E x p e n se s p a id a n d n o t a c c r u e d ___________ __________________—

$ 10 ,634 31
453 08

T o ta l curren t assets__________________________________________
P r o ilt a n d lo s s -------------------------------------

$11,087 3 9
2,521 58

G rand to ta l a ssets..... ....................

$294,781 20

Capital L ia b ilities.
C apital s t o c k ------------------------------------------------------------------------------A d v a n ces fro m B u sh T erm in al C o ............. ...............

2 0 ,0 0 0 00
2 62 ,617 87

T o ta l ca p ita l liabilities........................................................................

$282,617 87

Current L ia b ilities.
A cco u n ts p a y a b le ------------------------------------------------------------------------E x p en ses a ccru e d a n d n o t p a id ____________________________
T a x e s a c c r u e d ___________________________________________________

$10,417 82
1,650 00
95 51

T o t a l cu rre n t liab ilitie s.......................................................................

$12,163 33

G rand to ta l lia b ilities.......................................................................

$ 2 9 4 ,7 8 1 20

The Company has no floating debt.
The Officers of the Company are: President, Irving T.
Bush; Vice-Presidents, William Shillaber, A. C. Woodruff
and J. A. Nash; Treasurer, R. G. Simonds; Secretary, H. W.
T o t a l c u rre n t lia b ilitie s ---------------------------------------------------------$313,826 77
S in k in g f u n d res e r v e ---------------------------------------------- --------------------78,033 33
Greene.
.
P r o fit a n d lo s s ............................................ ..................................................
30 5 ,8 0 0 91
The Directors of the Company are: Frank Bailey, E. T.
G ra n d to ta l o f lia b ilitie s ------------------------------ --------------------- $ 1 5 ,004,661 01
Bedford; Irving T. Bush, Wm. N. Dykinan, Edgar J. Levey,
F. J. Lisman, Otto E. Lohrke, Wm. Shillaber and R. G.
The Company has no floating debt and has not had any Simonds, all of New York City.
since its organization
BUSH TERMINAL COMPANY,
B A L A N C E S H E E T O F B U S H L A N D C O M P A N Y A S O F O C T . 31 190 8.
Irving T. Bush, President.
The Committee on Stock Lists recommends that the above­
C a pital A ss e ts.
described $6,012,000 Consolidated Mortgage Five Per Cent
C o st o f p r o p e r t y . ............................. ......................................................
$73 6 ,2 7 0 97
C o n s tru ctio n o f lo ft b u i l d i n g s . . . .................................. ..................
1 ,6 0 9 ,4 5 0 24
Gold Coupon Bonds, due 1955, Nos. 1 to 6,012 inclsuive,
E x p en ses d u rin g a n d Incid ent t o c o n s t r u c tio n ......................... ..
9 4,310 73
for $1,000 each, be admitted to the list.
P a v in g ...................... .....................................................................................
3,483 61
H e a tin g p la n t ---------------------------------------- ------------------------------------88,961 89
WM. W . HEATON, Chairman.
96,619 35
H e a tin g p la n t r e c o n s tr u c tio n ...................... .......................................
GEORGE W. ELY, Secretary.
T o ta l ca p ita l a s s ets ................................................ .............................. $ 2 ,6 2 9 ,0 9 6 79
Adopted by the Governing Committee Jan. 13 1909.
at attractive prices. A circular describing the security,
price and remaining amount for sale will be mailed upon
application to the firm's offices at 3 Broad Street, New
York, or 10 Post Office Square, Boston:
— Sanford & Kelly, bankers, New Bedford, Mass., have
issued their usual comprehensive report regarding the local
investment market and the industrial and financial history
of New Bedford and its leading corporations during the late
calendar year.
— Henry W. Brooks Jr. & Co., certified public accountants,
15 Wall Street, announce the recent association of Major
Edward Owen, C. P. A., with their firm. Major Owen was
for many years Commissioner of Accounts of the City of
New York.
— Eugene Purtelle & Company is a new Chicago house
dealing in stocks, bonds and grain, with offices at 222
La Salle Street. They are members of the Chicago Board
of Trade and have private wires.
-—The tabular statement showing capitalization, earning
— John II. Sonntag, for many years with the old bond power and quotations of active Canadian securities to
house of Farson, Leach & Company, both as seller and December 15 1908 has been issued in the usual clear form
buyer, and later with MacDonald, McCoy & Co., Chicago, by Baillie, Wood & Croft, 95 Bay Street, Toronto.
has opened an office for himself in “ The Woman’s Temple” ,
— We have received from Brouse, Mitchell & Co., 19
184 La Salle Street, under the firm name of Jno. H. Sonntag Colborne St., Toronto, a record of the transactions on the
& Co., and will confine his dealings to high-grade municipal Toronto Stock Exchange, giving the highest and lowest
and public service securities.
prices by months for the year 1908.
— The small unsold balance of a list of bonds recently
— The Philadelphia banking house of Charles C. Harrison
offered for January investment requirements by Millett, Jr. & Co. announces its removal from 136 South Third
Roe & Hagen of New York and Boston will be closed out Street to the Lafayette Building, atJFifth and Chestnut Sts. ;
— The Hand-Book of Securities, compiled by the pub­
lishers of the “ Commercial & Financial Chronicle,” is now
ready. The book contains in a small compass very full
information concerning the various railroads and the leading
industrials whose securities are dealt in on the New York,
Boston, Philadelphia, Baltimore, Chicago and Pittsburgh
Exchanges. It shows their earnings, dividends, &c., for a
series of years, present fixed charges, and the amount of
the different issues of bonds outstanding, their rates of
interest, &c. There is also given the monthly range of
stocks and bonds, together with a yearly range for four
years.
— As bonds on the New York Stock Exchange since Jan.
1st are quoted “ and interest” , Becker & Sterling, IS Wall
Street, will for this reason distribute their well known
“ Unique Bond Interest Tables” free this year. These
tables show at a glance the amount accrued, and are par­
ticularly useful at this time on account of the change in
the method of quoting bonds. Copy can be had upon
application.




©

m

165

THE CHRONICLE

J an. 16 1909. j
m

u

m

i a

COTTON.
Friday Night, Jan.

i

15 1909.
THE MOVEMENT OF THE CROP as indicated by our
COMMERCIAL EPITOME.
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
Friday Night, January 15 1909.
A gradually increasing demand prevails for leading 236,829 bales, against 295,374 bales last week and 266,772
staples. Prices are pretty well sustained. Mills and bales the previous week, making the total receipts since
factories are slowly increasing their output, and the out­ the 1st of September 1908, 6,794,358 bales, against 5,637,473
look is considered hopeful. No one, however, is looking bales for the same period of 1907-08, showing an increase
*
for an increase in trade by leaps and bounds.
On the con­ since Sept. 1 1908 of 1,156,885 bales.
trary, improvement isalong conservative lines everywhere.
F
r
i
.
W
ed
.
T
otal.
\
R eceip ts a tT
h
urs.
Sat.
T
u
es.
M on.
LARD on the spot has ruled strong, though no important
___
G
a
lv
e
s
t
o
n
8
,8
4
8
8,752
11,891
80,271
8,074
29,863
12,843
changes have occurred in prices. Decreasing receipts of P o r t A r th u r .
8,901
8,901
hogs at rising prices, some increase in the demand and light C orpu s Christl[,&C
2 ,8 7 6
2,8 7 6
_
N
ew
O
rle
a
n
s.
4
,5
6
0
64,336
5",
2
53
15*734
11,143
9,988
17",658
offerings of product have been the principal strengthening G u lf p o r t ____ _
factors. A strong market for futures at the West has also M o b i l e ___ __
1,127
9,293
r ,4 4 9 | l",509
*862
1,605
2",741
__
a c o la ___ _
10,235
10,235
had a bracing effect. Prime Western 10c., Middle Western JPaecnksso
n v ille , & c.
616
"345
"254
~~17
9.75c. and City 9j^c. Refined lard has been moderately S a v a n n a h —
1,538
5,208 2 0 ,005
2,722
2", 6 72
5",136
2,7 2 9
12,901 12,901
active and generally firm, with offerings light. Refined B ru n sw ick . . _
arleston
"64
"7 9 5
344
1,731
” 37
" ’ 61
"466
Continent 10.15c., South American 10.85c. and Brazil Ch
__
._
175
G e o rg e to w n . _
175
980
8,8 4 7
1,740
1,320
1,880
1~387
in kegs 12.25c. The speculation in lard futures at the W ilm in g to n . _
1,540
N o r f o l k _____ _
1,829
1,798
1,245
1,859 12,924
3,5 1 8
2 ,675
West has been active. Prices have shown more or less N
__ __ __
964
'p o r t N ew s, n c
964
__
.
irregularity at times, but in the main the tendency has N e w Y o r k ___ _
40
*"46
____
B
o
s
t
o
n
_____
183
148
75
"
"
2
5
431
been upward, owing to lighter hog receipts, an improved B a lt im o r e ___ _
____
____
__ __ ____ 2",233 2,233
demand for products and buying by commission houses.
25
—
25
P h ila d e lp h ia . - - —
50
...I
—
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 I N CHICAGO.
T h urs. F r i .
S a t.
M on.
T u es.
W ed.
J a n u a ry d e liv e r y ...............9.42 J*
9 .4 0
9 .5 0
0 .5 0
9 .5 5
9.57V*
M ay d e liv e r y ____________ 9 .0 2 H
9.77V*
9 .77 Vi
9.0 0
9.7 0
9.7 0
J u ly d e liv e r y ...................... 9.75
9 .9 0
9.87V*
9.72 V *
0.82 V *
0.82 V *

T o ta ls this w e e k .
l l i c

10,370

lU ilU V V U l^

3 1 ,674

Q 1A W V O

7 1 ,416
D V /LIV O

4 0 ,8 8 5
u v ia i

3 0 ,899

4 2 ,5 8 5 236 ,829
U lC

t u ix t l

since Sept. 1 1908, and the stocks to-night, compared with
last year:

PORK on the spot has been firm. Smaller arrivals of
live hogs and light offerings of products have had a strength­
1 90 7-0 8.
S tock.
190 8-0 9.
ening influence. So has the firmness of lard and other
R eceip ts to
hog products. Trade has been moderately active. Mess
T h is 1S in ce S ep
T h is S in ce S ep
J a n u a ry 15.
190 8.
1 90 7.
w eek. | 1 1907.
1 1908.
w eek.
$16 75@$17 25, clear $19 50@$23 and family $17 50@
$18 50. Cut meats have been in fair demand and generally G a l v e s t o n . . .......... 80,271 2 ,5 9 0 ,5 6 7 75,038 1,585,676 130,498 2 18 ,471
66,752
—
82,257
firm. Pickled hams 9c. and pickled bellies, 14@10 lbs., P o r t A r t h u r .......... 8,901
.............
14,025
1,4 98
42,495
2,876
rp u sC h rlstl, & c .
8 % @ 9 }^ c. Beef has been dull and steady. Mess $12 50 CNoew
3 10 ,657
3 0 5 ,8 0 0
O r l e a n s ____
64,336 1,324,891 96,138 1,265,433
____ __ _
. ___
@$13, packet $14@$14 50, family $16@$16 50 and extra G u lfp o r t ________
9,052
51,653
65,287
242,498
o b i l e ___________
9,293
265,513
7,346
India mess $24 50 @$25. Stearines have been fairly active PMensanola
94,446
10,235
101,922
and firm; oleo l l ^ @ l l ^ c . and lard 11c. Tallow has been J a c k s o n v ille , & c .
"287
6,117
616
23,935
126,254
122',255
20,005 1,135,104 26,153 1,199,161
quiet and firm; City 5% c. Butter has been moderately SBarvuannsnwaichk________
26,018
3,684
166,396
2 0,073
_______ 12,901
253 ,139
active and firm; creamery extras 32@33c. Cheese has C h a r le s t o n _______ 1,731 150,743 2,372 171,129
19,959
17,866
,
__
175
1,591
176
G e o r g e t o w n _____
been quiet and firm; State, f. c., small or large, Sept., fancy, W
307,823 11,479
14,254
8,847
ilm in g t o n ______
38 9 ,4 3 8
9 ,8 2 0
1 4 ^ c. Eggs dull and firm; Western firsts 3 3 @ 3 3 ^ c .
409,231 13,909
35,614
2 ,0 6 0
N o r f o l k .................. 12,924
3 3 ,963
__ 3 8 5,372
964
4,881
14
e w p o rt N e w s ,& c
OIL.— Cottonseed has advanced, owing to a rise in seed N
13,561
2 ,979
120,897
40;
182,078
N ew Y o r k —
.
10,638
4311
"223
4 ,279
7 ,4 2 0
7 ,9 3 0
and speculative buying. Winter 46% @ 49c. and summer B o sto n .................
64,630
3,3 9 8
3 6 ,943
2 4 ,0 7 7
2,233
15,872
o re ------------white 4 2 @ 4 3 ^ c. Linseed has advanced, owing to a rise PB ha ltim
2,376
521
3,191
50'
4,593
1,455
ila d e lp h ia -----in the raw material at Duluth. Trade has been quiet, but
94 5 ,4 1 7
9 26 ,559
T o t a l .................... 236 ,829 6,79 4 ,3 5 8 242 ,130 5,63 7 ,4 7 3
offerings have been small. City, raw, American seed,
1
55@56c., boiled 56@57c. and Calcutta, raw, 75c. Lard
N o te .— 8,0 0 0 b ales a d d e d a s co r re c tio n o f r e ce ip ts a t G a lv e sto n sin ce S e p t .l
has been firm, with a moderate demand for small lots. Prime
In order that comparison may be made with other years,
75@78c. and No. 1 extra 51@53c. Olive has advanced we give below the totals at leading ports for six seasons:
to $1 30@$1 50 on small supplies. Cocoanut has been
1907.
1908.
1906.
190 5.
1904.
quiet and firm; Cochin 7 }^ @ 7 % c. and Ceylon 6 % @ 7 c. R eceip ts at—
1909.
Peanut quiet and steady; yellow 65@80c. Cod quiet and G a lv e s to n , . .
27.334
75,038
131,592
4 7,657
4 1 ,1 6 3
80,271
firm; domestic 37@39c. and Newfoundland 39@41c.
1,498
9 ,0 8 7
3,9 9 8
288
2,348
P t. A r th u r ,& c .
11,777
83,894
58,784
9 6 ,138
4 0 ,002
54,081
O rle a n s .
6 4 ,336
COFFEE on the spot has been firmer, with a larger NMew
9,534
7,3 4 6
4.1 6 8
3 ,8 8 5
o b i le _______
9.293
2 ,790
demand. Rio No. 7, 7J4c. West India growths have been S a v a n n a h ___
3 5 ,6 9 5
26,153
14,401
1 4 ,3 5 0
1 5 ,9 7 0
20,005
3,684
8,4 8 7
2,468
1,767
12,901
3,018
moderately active and firm. Fair to good Cucuta 9@10c. B r u n s w ic k ___
2,7 9 6
1,581
2,372
1,194
1,5 2 0
1,906
, &c
The speculation in futures has been less active and prices CWhiarleston
11,805
11,479
3 ,4 1 0
3 ,1 6 4
4 ,5 7 2
lm i n g t o n ..
8,847
17,737
13,999
12,924
4,5 7 7
8 ,4 0 2
1 1,195
have shown some irregularity at times, owing to realizing N o rfo lk . . . .
5,369
964
103
2,309
&c
by recent buyers. But the tendency of the market has ANll’ pootrht eNr s.,------23,483
4,429
16,262
8 ,068
13,605
18,986
in the main been upward and new high levels have been
reached for the present movement. The European cables T o t a l th is w k . 236 ,829 242,136 3 39 ,479 138 ,799 122,752 1 62 ,279
have shown noteworthy strength and foreign houses have S in ce S e p t. 1 . 6 ,7 9 4 ,3 5 8 5,637,473 6 ,7 2 2 ,4 0 3 5 ,4 9 9 ,7 5 5 6 ,3 4 4 ,5 3 4 5,81 6 ,6 9 1
bought here.
The exports for the week ending this evening reach a total
The closing prices were as follows:
of 351,311 bales, of which 195,747 were to Great Britain,
J a n u a r y ..................5 .7 5 c . | M a y— ................ ._ 5 .9 0 c. S e p te m b e r _______ 5 .5 5 c .
F e b r u a r y -------------5 .8 0 c . J u n e ----------------------- 5 .7 5 c.
O c t o b e r -----------------5 .5 5 c .
48,224 to France and 107,340 to the rest of the Continent.
M a r c h ___________5 .8 5 c. ( J u l y ............................5 .7 0 c.
N o v e m b e r _______ 5 .5 5 c .
Below are the exports for the week and since Sept. 1 1908:
A p r i l _____ ______ 5 .8 5 c . |A u g u s t ................... 5 .0 5 c.
D e c e m b e r _______ 5 .5 5 c .
SUGAR.— Raw has been quiet but firm. Centrifugal,
Week ending Jan. 15 1909. From Sept. 1 1908 to Jan. 15 1909.
96-degrees test, 3 .7 3 ^ c.; muscovado, 89-degrees test,
Exported to—
Exported to—
3.23 lAa., and molasses, 89-degrees test, 2.98J^c. Refined
|ContlGreat 1
Great
CorM- |
from—
has been quiet and firm. Granulated 4.55c. Teas have
nent. | Total.
Britain. F r ’ nce| nerd. |Total. Britain. F r ‘ nee.
been strong, with a moderate demand for small lots. Spices
G a lv e sto n ------ 66,290 42,814 I 31,771 110,875 1,078,544'340,496 812,0842,237,124
have been in fair demand and generally firm. Hops have Port A rth u r.. . 8,901 __
8,901
44,497 _____
82,257
1,000
___ _____ 37,760!
4,131
j "l"666
Corp.Chrls.,<S:c. ___
4,1311
been quiet and steady. Wool has been active and firm.
New O rleans.. 54,077 1 7,928 36,355 98,360 503,456 126.831 363,77 4 994,061
PETROLEUM.— Refined has been firm and active. Mobile _______
4 4 ,0 0 4 ! 156,734
49,4781 63,192
1 9,666 ! 2,018 11,684
10,235
21,146 39,523
42,490| 103,165
Freight room has been engaged for 180,000 cases for January- P e n sa co la ____
10,235
9,052
4,132 4,920
Gulfport
__
February shipment to Taku Bar. Refined, barrels, 8.50c., Savannah
____ 19,389 7,581;1 23,430 50,400 120,2901 76,891 450,17s' 647,365
21,675 140,629 .....
67,909 208,538
bulk 5c. and cases 10.90c. Gasoline has been fairly active Brunswick____ 21,675
50,239
55,964
5,725
and firm; 86-degrecs, in 100-gallon drums, 19c.; drums Charleston-----_____ 15,834
201,215 298,153
8 .7 31
W ilm ington.. . 15,834
$8 50 extra. Naphtha has been in moderate demand and N o r fo lk ........... __
..... __ 88,207
1,393]
23,993
22.600
■_,___
_
......I
firm; 73@76-degrecs, in 100-gallon drums, 16c.; drums $8 50 Newport News
3",399 111",984
98156 23.S94
87,327! 209,377
New Y o r k -----7,585
extra. Spirits of turpentine moderately active and stronger at Boston
500 ! 2,490
8,028
60,7171 _____
68,745
1,996 __
--------... J
19,337i 2,800
805
805
44,720,
66,857
44 J^c. Rosin quiet and firm; common to good strained $3 30. B a ltim o re------ _____
__ __ _____
25,001 _____
29,675
..
4,074
TOBACCO.— A somewhat larger inquiry is reported for Philadelphia
!
650
650 __
Portland, M e ..
l .........
______
__ 36",363 36,363
8,062 8,062
leaf. Manufacturers in some cases have increased their San Francisco.
_____
__ ..... _____ ______ . ____ 40,392! 40,392
______
running time. As yet, however, sales have in the main been TSeattle
__ __ _____ ......... ___ ___
7,265
7,265
a co m a ...........
limited to small lots. Manufacturers generally hold small Portland, O re. ..... __ ......... ......... ........... ......... ............ —
__ _____ ______ __ ______ 1 ______
_ _ - _ _ __
P e m b in a .........
supplies and it is believed that in the near future sales of leaf D
945
945 .........
etroit..............
............
will show a considerable increase. There has been a larger
T o t a l ........... 1 9 5 , 7 4 7 |48,224;107,340'351,311-2,283,51 *'|C93,278 2,304,012,5.280.806
demand for Havana. Sumatra has been moderately active.
COPPER has been quiet and easy, but without noteworthy Total 1907-08.; 140,826 10,808 164,558316,192 1,917,339'536,989,2,068,2904,522,618
|
1
1
1
- _
1
I
change. Lake 14%c. and electrolytic 14@14J^c. Lead has
In addition to above exports, our telegrams to-night also
been quiet and steady at 4.22J^c. Spelter has been quiet
and steady at 5.15c. Tin has been quiet and easier at 28.15c. give us the following amounts of cotton on shipboard, not
for Straits. Iron has been more active and firm. No. 1 cleared at the ports named. We add similar figures for
New York.
Northern $17@$17 50 and No. 2 Southern $17 25@$17 50.




166

THE CHRONICLE
On Shipboard, Not Cleared for—

Jan. 15 at—
New O rleans..
G a lv e sto n ------Savannah ------Charleston------M o b ile ...............
N o r fo lk ----------New Y o rk ------Other ports___
•

Great
Britain. France
14,429
33,791

6,350
6,065

ll'.OOO
1,750
1,500
15,000

Total 1 9 0 9 .. 78,070
Total 1 9 0 8 .. 88,650
Total 1 9 0 7 .. 118,822

Ger­
man!/.

Other
Coast­
Foreign wise.
14,948
10,369
500

2 ,336

3,194
18,881
5,366
3,000
5,100

'8 0 0
2,000

T.666
11,000

3",200

17,551
45,567
47,005

47,541
64,669
81,710

619
2,579
'2 0 0
800
13,000

29,017
27,242
48,513

Leaving
Stock.

Total.
39,540
71,685
5,866
3,200
19,836
14,750
6,500
28,000

737,182
690,569
940,789

Speculation in cotton for future delivery, though it still
lacks the vim of former years, is quite as certainly distin­
guished by a firm tone. If it lacks the aid of outside trad­
ing, the market for futures is buttressed by an excellent de­
mand for the actual cotton at home and abroad. Evidence
of this is given in the daily spot sales in Liverpool, and the
reports as to the state of Southern spot markets seem to
be quite as conclusive They speak of a sharp demand
and strong prices, of exporters and dealers under heavy com­
mitments for January, February and March shipment, and
of difficulty in securing supplies at current prices. Man­
chester, too, coincident with advancing prices for silver,
has reported a better demand for its goods from China, and
there are some indications of increased sales of goods to
China at New York. Cotton goods here have shown more
strength, and reports concerning other textile industries
on the whole appear to be favorable. The stock at New York
is beginning to decrease, and according to common report
some 35,000 or 40,000 bales are to be shipped out, freight
room already having been engaged for it. New England
spinners have been buying October, Liverpool has undone
straddles by buying March and May here, and New Orleans
and the South at times have bought both crops. Prominent
spot interests have been buying spring months, and though
Wall Street has liquidated some of its holdings, and has, in
fact, in some cases apparently taken the short side for a turn,
some houses in that quarter have continued to buy for long
account on reactions. Chicago has also been a buyer. At
the South, not only arc spot quotations firm, favored by a
brisk demand, but there is said to be some disposition to hold
back cotton, owing to dissatisfaction with present prices.
This feeling is said to be strongest among some of the larger
planters, and it is also said that some of the Southern banks
are not disinclined to finance, in a conservative way, cotton
thus held back. However this may be, the South has bought
futures somewhat more freely here, owing partly to the
strong spot situation and partly to the more cheerful advices
from Liverpool and Manchester. Though receipts have con­
tinued rather large, they are gradually decreasing. Spin­
ners’ takings make what is regarded by many as a very bullish
exhibit, exports are still liberal, and the bulls think that
whatever the size of the crop it will all be taken care of,
either for actual consumption or to set aside for future use.
The quality is generally considered exceptionally good, and,
compared with that of some other products, the price is
regarded by many as low. Indeed, there is already talk,
as usual when prices seem somewhat low, to the effect that
unless there is a material advance, thenext acreage is likely
to be considerably curtailed. The short interest here is said
to have become much reduced, bears being somewhat ner­
vous, owing to the firmness of prices in the teeth of a liberal
crop movement and the sluggishness of speculation. To-day,
prices advanced on strong and active spot markets, buying by
spot interests and Wall Street, New Orleans and Western
people, and covering of shorts. Spot cotton here has been
more active. Middling uplands closed at 9.65c., an ad­
vance for the week of 25 points.
The rates on and off middling, as established Nov. 18 1908
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
Middling..............c . Basis
'
F a ir .....................c .1 .5 0 o n .............
Strict ml<l. fair_____1.30 on Strict low mid...........0.30 off
Middling fair............. 1.10 on Low middling........... 1.00 oft
Strict good mid____ 0.00 on Strict good ord------- 1.50 off
Good middling____ 0.44 on Good ordinary------- 2.50 off
Strict middling____ 0.22 on Strict g’d mid.tgd.0.35 on

Good................
mid. ting’d.c_ Even
Strict mid. tinged..0.20 off
Middling tinged ...0.30 off
Strict low mid. ting. 1.00 off
Low mid. tinged— 2.25 off
Middling stained..1.00 oft

*■ The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 0 to Jan. 15—
Sat.
Middling uplands_______________ 9 .4 0

M on.
9 .50

Tues.
9.50

W ed . Thurs.
9.45
9 .00

Fri.
9.05

NEW YORK QUOTATIONS FOR 32 YEARS.
1 9 0 9 .c ___ . . 9 .65
1 9 0 8 .c . . . .1 1 .8 5
1907____ - .1 0 .8 0
19 0 6 ____ . .1 2 . 0 5
19 0 5 ____ . . . 7.20
19 0 4 ____ . . . 1 3 . 8 0
1 0 0 3 ____ . . . 8.00
19 0 2 ____ . . . 8,25

1901. c _____
1900________
1899...............
1898_______
1897________
1 8 9 6 ..............
1895...............
1894________

9.88
7.02
6.06
5.88
7.31
8.19
5.75
8.19

1893.C . ____ 9.62
1892. . - ____ 7.50
1 8 9 1 - .- ____ 9.50
1 8 9 0 .. 1 8 8 9 .- . ____ 9.94
1 8 8 8 .. . ____10.50
1 8 8 7 .- - ____ 9.50
1 8 8 6 .- - ____ 9.31

1 8 8 5 .c .
1 8 8 4 .. .
1 8 8 3 ...
1882. . .
1881 . . .
1 8 8 0 ...
1 8 7 9 ...
1 8 7 8 ...

Spot Market
Closed.

-------11.06
-------10.08
------ 10.19
-------12.00
____ 11.94
-------12.88
-------9.31
-------11.25

S a tu rd a y .M onday—
Tuesday . .
W ednesday
Thursday
Friday___

Steady.............
Steady, 10 pts. adv Very steady.
Barely steady
Quiet, 5 pts. dec___ Very stead y.
Quiet, 15 pts. adv .
Quiet, 5 pts. adv . . Very stead y.

Total .




Sales of Spot and Contract.
ConCon­
Export sum'n. tract.
f.I o o

Total.

“ goo

2,7o6

4,700

"166
200

"366
500

469
700

969

3,500

5,869

—
—

1,400

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THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and conse­
quently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from
the United States, including in it the exports of Friday
only.
January 15—
Stock at Liverpool.................
Stock at L o n d o n ---------------Stock at M anchester-----------

1909.
.1,06 8,0 00
.
10,000
.
58,000

1908.
939,000
13,000
58,000

1907.
1906.
790,000 1,159,000
12,000
13,000
57,000
52,000

<U,Total Great Britain stock
Stock at H am burg— ..........

.1 ,1 3 0 ,0 0 0 1 ,0 10 ,000
18,000
.
15,000
284,000
. 399,000
191,000
. 321,000
4,0 0 0
4,000
26,000
.
37,000
32,000
.
25,000
25,000
3,000

859,000 1,224,000
11 ,000
11,000
360,000
414,000
216,000
270,000
3,000
3,000
17,000
10,000
121,000
72,000
2,0 0 0
1,000

Stock at MarseillesStock at Barcelona
Stock at Trieste

Total Continental stocks_______.

804,000

580,000

729,000

782,000

1 ,590,000 1,588,000
99.000
"
900 ,1 0 0
64.000
251.000
....... ..
447.000
945,417 1,293,200
544,020
077,072
30,951
00,441)

Total European stocks________ 1
India cotton afloat for Europe___
American cotton afloat for Europe
Egypt, Brazil,& c.,aflt.for Europe Stock In Alexandria, E g yp t..........
Stock In Bom bay, In d ia ................
Stock In U . S. p o r t s --------------------Stock In U . S. Interior towns------U . S. exports to-day---------------------

937,488 5,403,427 5,440,131
Total visible supply------------------------ 5,490.729 4,
Of the above, totals of American and other descriptions are as follows:
American—
„
_
,026,000
811,000
811,000
Liverpool stock_____________ bales. 067,000
44,000
43,000
44,000
Manchester stock_________________
^‘4 *.000
502,000
689,000
745.000
Continental stock -------------------------- 700,000
966,100
902,100
557.000
American afloat for Europe--------- 913,495
945,417 1,293,206
947,492
U . S. port stocks.........................
926,559
544,020
677,672
721,646
U . S. Interior s to c k s _____________
882,872
30,951
60,449
14,993
U . S . exports t o - d a y ....................- 31,803
Total A m e ric a n ________ ______
East Indian, Brazil, A c .—
London

MARKET AND SALES AT NEW YORK.
Futures
Market
Closed.

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

271,117
58,813
116,389
14,666
45,451
19,213
175,578
35,955

17,198 189,377
28,720 254,848
56,367 352,417

[V O L . L X X X V I I I .

101 ,0 0 0
10,000
14,000
44,000
109,000
56,000
296,000
335,000

.842,488
■■si • ' ' ■ (Cli-i
W‘J‘ u
104,000
128,000
12,000
13,000
13,000
15,000
40,000
78,000
173,000
99,000
75,000
04,000
245,000
251,000
479,000
447,000

133,000
13,000
8,0 0 0
37,000
180,000
76,000
200 ,000
737,000

965,000 1,095,000 1,141,000 1,384,000
,525,729 3,842,488 4 ,352,427 4,056,131
Total visible supply_____ ______ 5,400,729 4,037,488 5,403,427 1,440,131
6.30d.
Middling Upland, Liverpool--------5.14(1.
0.50d .
. ’i 1®?.1*’
12.25c,
Middling Upland, New Y o rk ____
9.05c.
12.25c.
10.80c.
8 9-lfld .
Egypt, Good Brown, L iverp ool.. 8 15-16d.
10!4(1. 10 11-16d■ O.OOd.
Peruvian, Rough Good, Liverpool
7.7 5 d .
l t .2 5 d .
9.2od.
Broach, Fine, Liverpool_________ 4 13-16(1. 5 13-16<1. 5 11;10<} , _ _ . 5»Ad.
Tlnnevelly, Good, Liverpool____ 4 13-16d."V), ',5y&d, M ,x ^ o y ia . w o 9-16d.

ContinentaTlmports ifor the past week have been 229,000
bales.
The above figures for 1908 show a decrease from last
week of 76,126 bales, a gain of 553,241 bales over 1907,
a decrease of 2,698 bales from 1906, and a gain’ofjj50,598
bales over 1905.

J an . 1G 1909. j

THE CHRONICLE

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.

Week ending—
January 15.
G a lv e s t o n ______
N ew O rle a n s___
.M o b ile _______
S av an n ah ______
C h a r le s t o n -, .
W ilm in g t o n ___
N o r f o l k _____
B o s to n _______
B a lt i m o r e ______
P h ila d e lp h ia ___
A u g u s ta ________
M e m p h is _____
S t. L o u is ___
H o u s t o n _____
L ittle R o c k ____

167
Closing Quotations for Middling Cotton on —
Sat’day.
9
8
9
8
8

1-16
15-16

13-16
U
s *
a
o y&
0.4 0
9H
9.65
9H
0 14
o
9 1-16
8 Vi

14

Monday. Tuesday. Wcd'day. Thursd’ y. Friday.
0 3-16
9 3-16
0 1-16
8 14
8M
S%
0 3-16
9.40

9 3-16
0 3-16
9 3-16
0 \
8 14
SVs
9.50

9 5-16
9 3-16
9 3-16
9
8 14
8 14
9 14
0.50

9H

9)4

914

9.75
9 7-16
9 3-16
9 3-16
9%
8 14

9)4

9.75
o y2
0 3-16
0 5-16
9H
9

9.70
9 7-16
9 3-16
9 5-16

914

9

9 14
914
9 3-16
9
8%
SVs

914

9.45

914

9.85
9 14
9 14
9 5-16

9%

9 7-16

9*4

9 14
9 1-16
9
9
9%
9 .6 0
934
9 .9 0
9 14
9%
9 5-16

914
9

8 14

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,
Jan. 0.

<
Monday, Tuesday, Wed'day, Thursday, Friday,
Jan. 11. Jan. 12. Jan. 13. J a n . 14. Jan. 15.

January—
C)
CO

CJ

Co

R a n g e ____ _
C lo sin g _______

y

*00t^CDtO00CT»-*CT400
__ ____ _______
.
00ts5
Q0O<0C0Oi^OO<0,,'10>C0M05Ot-4MMN0eO

t\3 “vl *vj

.

iv K

“

February—

9 .1 4 -.1 6
9 .1 4 -.1 5

9 .1 7 -.3 5
9 .3 4 -.3 5

9 .2 8 -.3 7
9 .2 8 -.3 0

9 .2 9 -.3 6
9 .3 4 -.3 5

R a n g e _______ — @ — — @ — — © — — @ — — @
C lo s in g .......... .. 9 .1 2 -.1 5 9 .3 2 -.3 5 9 .2 1 -.2 5 9 .2 7 -.3 0 9.34

March—
h * -vj Cl W

M *«JCO O O *>1 50 2 ° O
O W O COtO C’l O O O C ■d t i o
W «D CO hJ tJ O
H ■'l w c i *-* <-* w
W Cl M
Cl O COO 00 CD00 W
OC 1C 3

W M M C l,

<t» 2 a*

M N N MO W
►
MClWO-dW M^^yiNOOO^OOOOOOCiOCiCTCiCOOOOCiO^MOJi
UO)

CO ►
—4 ►
—4

CO 00

4 t\5 ►
—4 tN5 t\3 t\5 H
M CO O O C O ^O O O ^

O M M -^ ^ O N O O ^ O O M ^

034*

o

— — © —
—
9.3 9 •

M a y—

R a n ge _______
C lo s in g _______

June —

lo cn-s|00 COMCO MboCOWo "‘IO COO CAO O fo 00-v| W o 00 00 ts3o Cl
‘ CK O W O O M C IO
‘
t\3W o H*© to O CO
- ■“

9 .3 2 -.5 0
9 .4 3 -.4 5

R a n ge _______ 9 .1 3 -.1 7 9 .1 4 - .3 1 9 .2 1 -.3 2 9.20-.31 9 . 2 3 .3 7 9 .3 1 -.4 6
C lo sin g _______ 9 .1 4 -.1 5 9 .2 9 -.3 0 9 .2 3 -.2 4 9 .2 9 -.3 0 9 .3 6 -.3 7 9 .4 1 -.4 2
A pril—
R a n ge _______ — © — — © —
— @ — — © — — @ —
C lo sin g _______ 9 .1 6 -.1 8 9 .3 1 -.3 4 9 .2 5 -.2 8 9 .3 1 -.3 4 0 .3 8 -.4 0 0 .4 3 -.4 5

MMOC,1WH*M^id00®OMO09O®*'lW00it‘ OMaNC000itk^M<0Oai

Ct O i-4 ^ O
O Cl O O 06

9 .2 7 -.3 7
9 .3 6 -.3 7

1Q °
? ^

9 .1 9 -.2 5
9 .2 1 -.2 2

9 .2 1 -.3 6
9 .3 5 -.3 6

9 .2 7 -.3 8
9 .2 8 -.2 9

9 .2 5 -.3 6
9 .3 4 -.3 5

9 .2 8 -.4 2
9.40 -.4 1

9 .3 6 -.5 0
9 .4 4 -.4 5

R a n ge _______ — @ — — © — — © — — @ — — @ — — @ —
C lo s in g _______ 9 .2 5 -.2 6 9 .3 9 -.4 2 9 .3 2 -.3 5 9 .3 8 -.4 2 9 .4 3 -.4 5 9 .4 7 -.4 9
July —
R a n ge _______ 9.26-.31 9.30 -.4 4 9 .3 5 -.4 6 9 .34-.44 9 .3 3 -.4 7 9 .4 1 -.5 6
C lo s in g -.......... 9 .2 7 -.3 0 9 .4 3 -.4 4 9 .3 6 -.3 7 9 .4 1 -.4 3 9 .4 6 -.4 7 9 .5 0 -.5 1

October—

M M M M hiM M M M M H-4► -* 3* (s£ K* <11—4 fs«

R a n ge _______
C lo sin g _______

© m c n c i o o b j ^ o w b - ^ i o c o ^ o c iw c iw m m m m 'm m m V o © £*u / <■$
C04d '- 4c O iU O ,' l * ‘lW O O C i O M C i M O O W C i C i O '- * C O C O O W i - ‘ lN J H O M >d O
00 4* 00 O C1oo M o r-4O •*-*Cl to Cl O to o >-4to M I-*© M H
-4 © 4* t\j O t\5W | *?»*

Tone—
S p o t - . _____
O p t i o n s _____

8 .7 7 -.8 0
8 .7 9 -.8 0

8 .7 9 -.9 5
8 .9 4 -.9 5

8 .8 7 -.0 0
8 .8 7 -.8 8

8 .8 6 -.9 6
8 .9 5 -.9 6

8 .8 8 -.0 4
9 .0 3 -.0 4

S te a d y .
S te a d y .

S te a d y .
S te a d y .

S te a d y .
S te a d y .

S te a d y .
S te a d y .

F irm .
F irm .

8 .9 7 -.0 9
9 .0 4 -.0 5
.Steady.
S te a d y .

MClWOOMCONM.UOOCJM Q
3C0"v|*4JOOb3i-4*^O»-i *sJb3 I
c\3b> o oo co m c i o <o

o co >p* o oo o co o

c i bo c-9 h* to o c i bo h* o o bo cn co i

C*3tO©COCOtOOOC‘3 © > -kC!COC!CO[\3COC!CO>&no«v|>-k*sJC>© C04*tO CJCO CO,o £ *

■sJW^OClH^CO^ItO^CiOOOMtOH^OotOtOOCOCi©-^©^©^©©^©
©

to

co i-* to co b* to ►-*

co

* to

©W et

<■&

55*

C« to -vl W 00 4* tfc* 00 4^. ©

M © GO£* © CO © © •*! £0 © M O I-4 --1 H-4 o to to .fcn-4Cl

©
H-4 t-4 M M to h4 M M W4 t-4
»-* ©
H* tO
to
• 7 ° . . to to CIMCD to
M © M W M W tO C i©
>^© 4^C O © O 04^© ©O 000C i
© -G o to © >-* © go c«
co © m
*>-4 co ci © toooH-4 oo ci c i ci bo oo to ci © © h* © I
C'l --I © 4^ © © k-4 Cl © Cl Cl © © GO Cl © lO ►-4 © Cl Cl © © © tO to to Cl O to h-4 4* I
COQ0Q0>-4© 4 > © © © » > l © © © 4 ^ © 0 0 © 4 ^ © © © - v | C O C O t o © © t O C O O © © 4 ^

!Ȥ
«** 3^

The above totals show that the interior stocks have de­
bales and are to-night 338,852
bales more than at the same time last year. The receipts
at all the towns has been 1,156 bales less than the same
week last year.
OVERLAND MOVEMENT FOR THE W EEK 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:

creased during the week 21,772

------- 1 0 0 8 -0 0 -------J a n u a r y 15—
S in ce
S h ip p ed —
W eek .
Sent. 1.
Via S t. L o u is ...................
17,272
383,518
V ia C airo — ......................................
7,603
212,600
V ia R o c k I s la n d .................................... 1,700
13,147
V ia L o u is v i ll e ......................................... 2,014
48,054
V ia C in c in n a t i.. . ..................................
505
3 0 ,067
V ia V irgin ia p o in t s ............................... 3,864
00,457
V ia o th e r r o u te s , & c ........................... 14,873
165,305

-1 0 0 7 -0 8 -------

Week.

Since
Sept. 1

13,417
4,031
002
1,500
602
3,084
17,843

202 ,0 0 5
04,477
8,206
30,4 1 6
18,220
43,018
132 ,180

.4 0 ,0 1 0

952,242

42,978

5 30,412

. 2,754
.
205
.
560

01,214
28,458
19,079

4,142
2,748
2,342

48,794
46,8 14
35,3 56

. 3,600
T o ta l to b e d e d u c t e d -----------------3,600

138.751

0,232

130,964

5 ,4 0 1
L e a v in g to ta l n et o v erla n d * ________.4
45,401

813,401

33,746

300 ,440

Deduct shipments—
B etw een Interior t o w n s ..
In la n d , & c., Irom S o u t h .

* I n c lu d in g m o v e m e n t b y rail to C a nada.

The foregoing shows the week’s net overland movement
has been 45,401 bales, against 33,746 bales for the week
last year, and that for the season to date the aggregate
net overland exhibits an excess over a year ago of 414,043
bales.
’
.

---------19080-9---------

In Sight and Spinners’
Takings.

R eceip ts a t p orts t o J a n . 1 5 ____
N et o v erla n d to J a n . 1 5 ...........
S ou th ern c o n s u m p tio n t o Ja n . i s .

C a m e Into sigh t d u rin g w e e k .

Week.

Since
Sept. 1.

---------1907-08---------

Week.

Since
Sept. 1.

236 ,829 6,704,358
45,401
813,491
4 8 ,0 0 0
870 ,000

242 ,1 3 6 5,6 3 7 ,4 7 3
3 3 ,7 4 6
3 99 ,448
4 7 ,0 0 0
960,000

8 ,477,840
767,857

322 ,882 6,9 9 6 ,9 2 1
•14,168
463 ,4 3 7

-3 0 8 ,4 5 8
0 ,245,706
>- 76,281

1,556,408

308 ,714
7 ,460,358
56,841

8 3 2 ,4 2 6

* D ecrease d u rin g w eek .

Movement into sight in previous years:
Week—

Bales. I

Since Sept. 1—

Bales.

1007— J a n . 1 8 ............................. 4 22 ,784 11006-07— Jan . 18 ....................0 .0 0 1 ,2 5 3
100 0— J a n . 1 0 .......... .................. 2 1 1 ,7 0 5 (1 0 0 5 -0 6 — J a n . 1 0 .....................7 ,5 2 5 ,1 3 3
100 5— J a n . 2 0 . . .........................145,222 11904-05— Ja n . 2 0 ...........
8 ,4 7 2 ,3 1 5

QUOTATIONS FOR MIDDLING COTTON AT O TH E R
MARKETS.— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.




W EATHER1REPORTS BY TELEGRAPH.— Our ad­
vices by telegraph from the South this evening denote that
the weather has continued favorable on the whole during
the week. The movement of cotton to market has been less
liberal, but fairly free for so late in the season.
Galveston, Texas.— Temperature down as low as 6 above is
reported from some sections of the State during the week.
There has been rain on one day of the week, to the extent
of two hundredths of an inch. The thermometer has aver­
aged 46, ranging from 28 to 84.
Abilene, Texas— There has been rain on two days during
the week, the rainfall being six hundredths of an inch. The
thermometer has ranged from 6 to 74, averaging 40.
Corpus Christi, Texas.— It has rained on one day during
the week, to an inappreciable extent. Average thermometer
48, highest 74 and lowest 26.
Fort Worth, Texas.— There has been rain on two days of
the week, the precipitation reaching eight hundredths of an
inch. The thermometer has averaged 41, the highest being
74 and the lowest 8.
Palestine, Texas.— We have had a trace of rain on two
days the past week, the rainfall being sixty-nine hundredths
of an inch. The thermometer has averaged 50, ranging
from 22 to 78.
San Antonio, Texas.— There has been rain on two days dur­
ing the week, to the extent of ten hundredths of an inch.
The thermometer has ranged from 20 to 72, averaging 41.
Taylor, Texas.— It has rained on one day of the week, the
precipitation being one hundredth of an inch. Average
thermometer 47, highest 78 and lowest 16.
New Orleans, Louisiana.— It rained on two days during
the week, the precipitation reaching thirty-three hundredths
of an inch. The thermometer has averaged 58.
Vicksburg, Mississippi.— There has been rain on three
days of the past week, the rainfall being sixty-five hundredths
of an inch. The thermometer has ranged from 22 to 70,
averaging 48.
Memphis, Tennessee.— There has been rain on two days of
the week, the rainfall reaching forty-two hundredths of an
inch. The thermometer has ranged from 15 to 62.7, aver­
aging 35.3.
Helena, Arkansas.— There has been rain, sleet and snow
on three days of the week, the precipitation reaching fiftyfour hundredths of an inch. The thermometer has averaged
37.4, the highest being 63 and the lowest 14.
Mobile, Alabama.— Active demand for cotton and liberal
sales at advanced prices. We have had rain on three days
of the past week, the rainfall reaching sixty-seven hundredths
of an inch. The thermometer has averaged 54, the highest
being 70 and the lowest 32.
Montgomery, Alabama.— Demand fair for good grades.
We have had no rain the past week. Average thermometer
50, highest 70 and lowest 32.
? Selma, Alabama.— It has rained on four days of the week,
the precipitation reaching thirty hundredths of an inch.
The thermometer has averaged 47, ranging from 33 to 66.
_ Augusta, Georgia.— We have had rain on three days of

THE CHRONICLE

168

the past week, the rainfall being fifty-four hundredths of an
inch. Average thermometer 45, highest 70, lowest 30. _
Savannah, Georgia.— We have had only a trace of rain
during the week. The thermometer has averaged 51, the
highest being 74 and the lowest 33.
'
Madison, Florida.— Dry all the week. The thermometer
has ranged from 48 to 7G, averaging 61.
Charlotte, North Carolina.— We have had rain on two days
o f the week, the rainfall reaching forty-seven hundredths
of an inch. The thermometer has averaged 41, the highest
being 65 and the lowest 28.
Stateburg, South Carolina.— It has rained lightly on two
days of the week, the rainfall reaching thirty-three hun­
dredths of an inch, and the weather is still foggy, cloudy and
threatening. The thermometer has averaged 46, ranging
from 27 to 71.
.
Charleston, South Carolina.— It has rained on two days of
the week, the precipitation reaching nine hundredths of an
inch. The thermometer has averaged 50, ranging from 32 to
69.
. ,
, „
Greenwood, South Carolina.— Rain has fallen on two days
during the week, the rainfall reaching thirty-nine hundredths
of an inch. The thermometer has ranged from 33 to 49,
averaging 41.
The following statement we have also received by tele­
graph, showing'the height of rivers at the points named at
8 a. m. of the dates given:
N ew O rlea n s.................... A b o v e
M e m p h i s ________ ______ A b o v e
N a s h v i ll e .......... ................ A b o v e
S h r e v e p o r t . . ....................A b o v e
V ic k s b u r g .........................A b o v e

z ero
zero
zero
zero
zero

of
of
of
of
of

gauge.
gauge.
gauge.
gauge.
gauge.

J a n . 15 1909.
F e e t.
4.4
7 .7
17.3
0.6
8.0

Jan. 17 1908.
F e e t.
9.7
18.9
16.6
1 1. 2
28.6

INDIA COTTON MOVEMENT FROM ALL PORTS.—
The receipts of cotton at Bombay and the shipments from all
India ports for the week and for the season from Sept. 1 for
three years have been as follows

R eceipts at—
B o m b a y ____________

1 90 7-0 8.

190 8-0 9.

J a n u a r y 14.

W eek .

S in ce
S ep t. 1.

85,0 0 0

W eek .
83,0 0 0

632,000

B o m b a y —“ 1 9 0 6 - 0 7 - - - .............
C a lc u tta — ■
1 9 0 8 -0 9 _______ - 1 0 0 7 -0 8 ___________
1 9 0 6 -0 7 ...................
M a d ra s—
, 1 9 0 8 -0 9 .......... .........
J 1 9 0 7 -0 8 ___________
1 9 0 6 -0 7 ............. ..
AH o th e r s —
1 9 0 8 -0 9 ...............
1 9 0 7 -0 8 ___________
1 9 0 6 -0 7 ....................
T o t a l all—•
1 9 0 8 -0 9 ___________
1 9 0 7 -0 8 ___________
1 9 0 6 -0 7 ___________

Con tiGreat
Britain . nent.

S in ce
S ep t. 1.

S in ce
S ep t. 1.

W eek .

703 ,0 0 0

90,000

Total.

Great
Britain*

Continent.

Total.

7,000
8,000
11,000

183,000
212,000
337,000

190,000
220 .000
348 ,000

______

18,000
4 0 ,0 0 0
21,000

20,000,
10,000
24,000

__

3,0 0 0

3,000

4,0 0 0
1,000
2,000

11,000
9,000
21,000

15,000
10,000
23,000

1.000
1,000
2,0 0 0

1,000
1,000
2,000

3,000
8,000
1,000

10,000
18,000
10,000

13,000
26,000
11,000

2,666

2,000

5,000
7,000
5,000

60,000
62,000
44,000

65,000
69,000
4 9 ,0 0 0

19,000
24,000
19,000

264,000
301 ,000
412 ,000

283 ,000
325 ,000
431 ,000

2,0 0 0

—

2,000
—

______

—

19,000
43,0 0 0
29,000

—

21,000
43,0 0 0
29,000

1908.

1909.
SH lbs. Shininns, common
to finest.

Twist.
d.
Dec
ta,
4 73/T
11 7 9 -id <a
IS
24
@8
31 7H
Jan
0
8
7}*
@
15

d. s. d .
81*
8>A
8 J*
8H
3-10

4
4
4
4
4

8 'A 4
8H 4

s. d.

Cot’ n
Mid.
Upl’s

d. H. (I.

d.

9 @8
7}* 0 8
6 @8
6 @8
6J* @ 8

41*
4J*
3
3J*
4}*

4.97
4.S6
4.82
4.92
4.99

7
8

5
6

5.07 10 7-10 ©
5.14 10** ©

@8
08

8M lbs. Shirttngs, common
to llnest

32s Cop
Twist.

10}*
0
101* 0
10 7 16©
Ul% 0
io }*
0

U%
n °A
m *
11*4
11}*

6
6
6
6
6

ll H 0
11}* 6

s. d.

Cot'n
M l'd.
Upl’ s
d.

1 }* © 9
1 }* 0 9
0 ©9
0 ©9
0 ©9

6
6
4}*
3
3

6.35
0.38
6.10
6.08
0 13

0
0

3
3

0.22
6.50

@9
©9

W ORLD’S SU P P LY AND TAKINGS OF COTTON.—
The following brief but comprehensive statement indicates
at a 'dance the world’s supply of cotton for the week and since
Sept? 1 for the last two seasons, from all sources from which
statistics are obtainable, also the takings, or amounts gone
out of sight, for the like period.
C o tto n T a k in g s .
W e e k and S ea son .

1907-08.

1908-09.
W eek .

S eason.

V isib le s u p p ly Jan . 8 ------------------- 5 ,5 6 6 ,8 5 5
V isib le s u p p ly S e p t. 1----------------308,458
A m e rica n In sig h t to Ja n . 15------85.0 0 0
B o m b a y re ce ip ts t o Jan . 14------1,000
O th er In d ia s h lp ’ ts to Ja n . 1 4 . .
27.000
A le x a n d ria re ceip ts to Ja n . 1 3 . _
4 ,0 0 0
O th er s u p p ly to Jan . 13 •-----------

W eek .

S eason.

4,9 4 8 ,5 2 2
1,714,982
9,2 4 5 ,7 0 0
632 .000
93,000
018 .000
135,000

308,714
83.000
3.000
25.000
6.000

2 ,291,844
7,460,358
703 .000
105.000
710 .000
170.000

12,438,088 5 ,374,236 11,440,202
T o ta l s u p p ly ----------------------------- 5 ,992.313
D educt—
V isib le s u p p ly J a n . 1 5 --------------- 5 ,4 9 0 ,7 2 9
T o t la takings t o J a n . 1 5 .
O f w h ich A m e rica n —
O f w h ich o t h e r . . . . . . .

501.584
419 .584
82,000

5 ,4 9 0 ,7 2 9 4,9 3 7 ,4 8 8

4,037,488

436 .748
344.748
92,000

6.502.714
4 .953.714
1,549,000

6,9 4 7 ,0 5 9
5 ,6 9 6 ,9 5 9
1,2 5 1 ,0 0 0

- E m b ra ces receip ts In E u ro p e fro m B razil, S m y rn a , W e s t In d ies, & c.

CENSUS BUREAU’S R E P O R T ON COTTON GINNING.
— The Division of Manufactures in the Census Bureau com­
pleted and issued on Jan. 9 the eighth of its series of re­
ports on cotton ginning the present season as follows (count­
ing round as half bales and excluding linters):

858 ,000

S in ce Septem ber 1.

F o r the W eek .
E x p o rts from —

1906-07.

[V O L . L X X X V I I I .

------------------ -----------------G inned to J a n . 1— —

G ins o p .
p rior to
100 6. .. a n .1 ’ 00
27,386
0 ,7 2 5 ,4 2 6
3,467
1,1 7 6 ,6 0 8
2,118
510,599
225
72,889
4,453
1 ,670,466

190 8.
1907.
State o r T e r r .—
1909.
11,741,030
9 ,9 5 1 ,5 0 5
U n ited S t a t e s .- .1 2 ,4 7 0 ,2 2 6
1,190,002
1 ,032,177
A la b a m a ________ 1 ,304,324
626,551
731 ,547
A r k a n s a s ----------9 11 ,123
50,085
59,011
F l o r i d a . . . ...........
66,808
1 ,725,965
1,571,582
G e o rg ia --------------- l ,9 3 3 ,5 o 0
K a n ., K e n tu c k y
6
1,218
1,422
1,362
an d N ew M e x .
1,672
1,691
456 ,339
836 ,459
560 ,780
456 ,188
L o u i s i a n a --------3,165
1
,033,794
1,2
3
0
,1
2
7
1,289,294
M is s is s ip p i---------L 5 1 8 .7 0 7
78
38,441
26,644
35,427
M is s o u r i------------2,741
565,207
571,028
029,344
N o rth C a ro lin a .
646.731
986
576,076
742
,042
701,814
O k la h o m a --------3,219
1 ,075,936
1 ,065,876
868 ,977
S o u th C a r o lin a .. 1 .176,743
646
241 ,838
240,565
2 ,2 5 2 ,2 0 2
T e n n e sse e----------4,147
2 ,2 3 1 ,6 8 0
3 ,6 2 6 ,1 1 7
2 ,0 9 1 ,6 6 7
T e x a s ____________ 3 ,4 ?S '?V a
114
14,470
7,6 7 0
12,907
V i r g i n ia ................
12,148
T h e s fit ls t lc s o f th e re p o rt Include 231,821 ro u n d bales fo r 1900, 170.694
. . i o n a n n fI ? 5 1 566 f o r 19 07. T h e n u m b e r o f Sea Isla n d bales Inclu ded Is
f t ni l? f o r 1909 73 ■1 2 5 fo r 1908 an d 54,275 tor 1907. T h e d istrib u tion o f
?,6 ,0 L6 ,r° L 1. ml m u o n fo r 1009 b y S tates Is: F lo rid a , 3 2 ,7 9 8 ; G eorgia,
Vi nv?
s m ith Carolina1 12,181. S tatistics In this re p o rt fo r 1909 are
4 b 0 3 7 . S o u th C aroi 1 j ‘ “
,
c h e ck e d against the Individual returns
s u b je c t t °
c o r ie c r io iw w o e
b y m aU . T h e co r re c te d statis­
tics o V u ie S n t l t y S f c o u o n g in n e d this season to D e c. 13 1908 are 1 1 ,9 0 4 ,­
269 bales.

AGRICULTURAL DEPARTM ENT’ S REPORL ON
According to the foregoing Bombay appears to show an CEREAL
AND OTHER CROPS.— The final revised esti­
compared with last year in the week’s receipts of
2.000 bales. Exports from all India ports record a loss of mates of the Crop Reporting Board of the Bureau of Statis­
22.000 bales during the week and since Sept. 1 show a tics, United States Department of Agriculture based on
the reports of the correspondents and agents of the Bureau,
decrease of 42,000 bales.
supplemented by information derived from other sources,
ALEXAN D RIA RECEIPTS AND SHIPMENTS OF indicate the acreage, production and value in 1JOS and 1907,
COTTON.— Through arrangements made with Messrs of important farm crops of the United States, to have been
Choremi, Benachi & Co., of Boston and Alexandria, we as follows:
— F a rm V al. D ec. 1—
now receive a weekly cable of the movements of cotton at
Total.
P e r bu.
P rod u ction
A crea ge.
Alexandria, Egypt. The following are the receipts and
C ents.
Dollars.
B u sh els.
n rn n
A.CTCS •
60.6
.6 6 8 .6 5 1 .0 0 0
1 .6 1 0 .1 4 5 .0 0 0
shipments for the past week and for the corresponding week C o rn , 190 8--------------------- 12 i* m u o O O 22 .5
51.6
9 2 .3 2 0 .0 0 0
1 .3 3 0 .9 0 1 .0 0 0
of the previous two y e a r s : __________________________
4 3 7 .9 0 8 .0 0 0
93.7
41 0 .3 3 0 .0 0 0
W in te r W h e a t. 1 0 0 8 . . . ^ ,3 4 9 .0 0 0

increase

S prin g W h e a t, 1 9 0 8 . -

A lexa n d ria , E g yp t,
J a n u a ry 13.

1 90 8-0 9.

1907-08.

R eceipts (ca n ta rs)—
T h is w e e k ......................... i
Since S e p t. 1 .......... .........

nnn
200 000
4 ,6 3 3 .9 2 0

180 ,000
5,3 2 8 ,9 5 5

E x p o rts (bales) —
To
To
To
To

S in ce
T h is
w eek. S ep t. 1.

250,000
,434,283

S in ce
T h is
T h is
S ince
w eek. S ep t. 1. w eek.- S ept. l .

8,5 0 0 144,555 1,500 134,125
8,5 0 0 96,561
L iv e r p o o l_____________
88,9 3 6 14.250 130,532 14,500 125,948
M a n c h e s t e r ___________
10,500
172,753 13,750 180,240
142,183
C o n t i n e n t ____________ 10^500
5,000 36,7 1 0 5,000
56,589
29,8 8 3
A m e r ic a _______________

T o t a l e x p o r t s --------------- 22,0 0 0 357 ,563 3 8 .250 484 ,550 34,750: 496,902
1
N o te .— A ca n ta r Is 99 lb s .

1 7 .2 0 8 .0 jj0

1906-07.

E g y p t ia n bales w e ig h a b o u t 750 lbs.

O a ts, 1 9 0 8 ---------------1 - 3 2 ,3 4 4 ,0 0 0
1007
3 1 ,8 3 7 ,0 0 0
B a rle y , 1 9 0 8 .............
6 .6 4 6 ,0 0 0
6 ,4 4 8 ,0 0 0
••
1 00 7___________
R y e , 1 9 0 8 - .........................
i1 ,026*000
“
1 9 0 7 - - ......................
1 ,9 2 6 ,0 0 0
B u ck w h e a t, 19 0 8 --------3 0 3 ,0 0 0
8 0 0 ,0 0 0
•*
10 0 7 _____
F la x s e e d , 1 0 0 8 ..............
f , 6 7 0 ,0 0 0
••
1007 .............
2 ,8 6 4 ,0 0 0
R ic e . 1 90 8--------------------“
190 7.......
027 ,3 0 0
P o ta to e s , 190 8--------------n ’ lo J 'n n n
••
1 90 7_________
3 ,1 2 4 ,0 0 0
H a y ; 1 9 0 8 _____________ 4 6 ,4 8 6 ,0 0 0
1 90 7_____ ______ 4 4 ,0 2 8 ,0 0 0
T o b a c c o , 190 8--------------3 7 5 ,0 0 0
8 2 0 ,8 0 0
••
1 9 0 7 ................
x Per

to n .

V P ou nds,

4 0 9 .4 4 2 .0 0 0
88.2
2 2 6 .6 9 4 .0 0 0 91.1
2 2 4 .6 4 5 .0 0 0 86.0
8 0 7 .1 5 6 .0 0 0 47.2
7 5 4 .4 4 3 .0 0 0
44.3
1 60 .756 .00 0
55.4
1 53 .597 .00 0
66.6
3 1 .8 5 1 .0 0 0 73.0
3 1 .5 0 6 .0 0 0 73.1
1 5 .8 7 4 .0 0 0 75.6
1 4 .2 9 0 .0 0 0
09.8
2 5 .8 0 5 .0 0 0 118.4
2 5 .8 5 1 .0 0 0 05.6
2 1 .8 9 0 .0 0 0 81.2
18.7 3 8 .0 0 0 85.8
2 7 8 .9 8 5 .0 0 0 70.6
29 7 .9 4 2 .0 0 0
01.7
$ 8 .98a:
* 7 0 ,7 9 8 ,0 0 0
*6 3 ,6 7 7 ,0 0 0 5 11.68a:
1/718,061,000 10.3ft
1/698,120,000
10 .2 ft

ft P er

poun d.

36 1 .2 1 7 .0 0 0
2 06 .496 .00 0
1 93 .220 .00 0
381 .1 7 1 .0 0 0
3 3 4 .5 6 8 .0 0 0
9 2 .4 4 2 .0 0 0
10 2 .2 9 0 .0 0 0
2 3 .4 5 5 .0 0 0
2 3 .0 6 8 .0 0 0
1 2 .0 0 4 .0 0 0
9 ,9 7 5 ,0 0 0
3 0 .5 7 7 .0 0 0
2 4 .7 1 3 .0 0 0
17.7 7 1 .0 0 0
16.0 8 1 .0 0 0
1 97 .039 .00 0
183 .8 8 0 .0 0 0
63 5 .4 2 3 .0 0 0
7 4 3 .5 0 7 .0 0 0
7 4 .1 3 0 .0 0 0
7 1 .4 1 1 .0 0 0

* T o n s . x r c i to n .
Ui
. ....
rppplvpfl
This statement shows that the receipts for the week were
T h e a v e ra g e w e igh t p er m easured bushel Is sh ow n b y r e p o r ts lL t c u t u
b y the B ureau t o be 57.3 p o u n d s fo r sp rin g w h e a t , 5 8 . 8 p o u n d s fo r w in ter
200,000 cantars and the foreign shipments 22,000: bales.
w h eat anil 29.8 p o u n d s fo r o a ts , as c o m p a re d w ith 5 6 .9 , o s .v anu z u .i
,7TTa NCHESTER M A R K E T — Our report received” by p o u n d s , re s p e c tiv e ly , last y e a r . Q u a lity o f c o r n , 8 0 .0 % , a gain st 82.8
cable to-night from Manchester states that the market is last y e a r.
SHIPPING NEWS.— As shown on a previous page, the
firm for both yarns and shirtings. The demand for home
trade and foreign markets is improving. We give the exports of cotton from the United States the past week have
prices for to- day below and leave those for previous reached 351,311 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
weeks of^this kind last year ior"comparison




Jan. 1G 1909]

169

THE CHRONICLE

Total bales.
Y O R K ^ T o L iv e r p o o l— Jan . 9 — G e o rg ic, 4,1 4 9 u p la n d , 3
fo r e i g n - ---------- --------------------------- ----------------------- ---------------------------- 4,152
T o M a n ch ester— Jan . 8— T in t o r e t to , 2,688 u p la n d , 745. Sea
I s l a n d ________________________________________ ___________ - ............ 3,433
T o B rem en— Jan . 13— B ran d en bu rg, 1,7 4 9 _____________________
1,749
550
T o B a rcelon a — Jan . 9— T h o rn le y , 5 5 0 -----------------------------------------"
T o J a p a n — Jan . 7— In d ra m a y o , 1 ,1 0 0 -------------------------------------------1,100
G A L V E S T O N — T o L iv e r p o o l— Jan . 8— C ivilian , 2 1 ,6 8 0 ..
Jan . 11
— M on arch , 1 5 ,3 3 9 ____ Jan . 13— M usician. 11,9 6 5 ___________ 48,984
T o M anchester— Ja n . 7— R a m o n d e L a rrin aga, 6 ,8 4 5 ____ Jan.
12— A n selm a d e L a rrln aga, 1 0 , 4 6 1 . . _____ ____________________ 17,306
T o H a v r e — Jan. 9 — E th y l, 5 ,2 9 6 ____ Jan . 12— M on ta u k , 7,518 12,814
T o B rem en — Jan . 9— S t. O sw ald, 1 0 ,0 3 6 ____ Jan . 11— Palatin la, 5 ,4 5 1 _______________________________________________________ 15,487
T o H a m b u rg — Jan . 12— A n tlo p e 1 ,9 7 2 .________________________
1,972
T o R o tte r d a m — Jan . 7— L o r d E rne, 2 ,5 5 1 ................. .......................
2,551
T o A n tw erp — Jan. 8— S k lp to n Castle, 1 ,4 9 2 ........ .................. - ...........
1,492
T o B a rcelon a — Jan . 8— M on cen lslo, 1 ,8 9 6 ______________________
1,896
T o G en oa— Jan. 8— M on cen lslo. 8 , 3 7 3 . . _______________________
8,373
8,901
P O R T A R T H U R — T o L iv e r p o o l— Ja n . 11 — R a lth w a lte . 8 ,9 0 1 -----N E W O R L E A N S — T o L iv e r p o o l— Ja n . 12— C o m m o d o re , 13.577
____ Jan . 13— P oliticia n , 1 4 ,0 0 0 ____ Ja n . 15— L ou isian ian ,
6,0 0 0 ; M em ph ian , 1 2 ,9 0 0 __________________________________
46,477
T o M anchester—-Jan. 13— M anchester M erch an t, 7 ,6 0 0 ------------- 7,600
T o H a v re— Jan . 9— F lo rid a , 7 ,9 2 8 _______________________________
7,928
T o B rem en— Jan . 13— M an h a ttan , 18,400;
W elsh P rin ce ,
3 0 ,1 0 0
11,700 ______________________
T o H a m b u rg — Jan . 9 — F a rrln g fo rd , 8 0 0 ____ Jan . 14— D e n a b y ,
2,000
. ...... ......... ............................................................. ............................
2,800
1,941
T o B a rcelon a— Jan . 12— D ln n am are, 1 , 9 4 1 . .. __________________
T o N aples— Jan . 12— D lnn am are. 1 0 0 . . ...................... ........................
100
T o G en oa— Jan . 12— D ln n am are, 1 ,4 1 4 _________________________
1,414
T E X A S C I T Y — T o M e x ico — Jan . 4— N o rh clm , 8 5 0 -------Ja n . 9—
M olin a, 150_______________________________________________________
1,000
M O B I L E — T o H a v r e — Jan . 8— In g e lb y , 9 ,6 6 6 ---------------------------------9,666
T o H a m b u rg — Jan . 13— M anchester In v e n to r , 2 ,0 1 8 ----------------2,018
P E N S A C O L A — T o H a v r e — Jan . 12 — M atteaw an, 1 0 ,2 3 5 .......... ......... 10,235
S A V A N N A H — T o L iv e r p o o l— Ja n . 13— S lam , 5 ,2 2 6 -------Ja n . 14—
G la d ia tor, 8 ,8 8 9 ............................. ..............................................................14,115
T o M anch ester— Jan . 13— S lam , 5 ,2 7 4 ----------------------------------------5,274
T o H a v re — Jan . 1 1 — N o rto n , 4 ,9 5 6 -------Jan . 13— H illm e re ,
2,625 ________ ______ ___________ _________- - - ...................................
7,581
T o B rem en— Jan . 9 — Ariel, 7 ,3 3 5 ------ Ja n . 13— H illm ere, 8 ,4 1 0 15,745
T o H a m b u rg — Jan. 9 — A lbuera, 1 , 6 6 0 . - . ................................ .........
1,660
T o A n tw erp — Jan . 9— A lbu era, 1 7 5 -----------------------------------------------175
T o R e v a l— Jan . 9— A lbu era. 1 , 2 2 5 . . ......................................... .........
1,225
T o G oth en b u rg— Jan. 9— A lbu era, 3 0 0 ----------------------------------------300
T o N o rrk o p ln g — Jan. 9 — A lbu era, 6 0 0 . -----------------------------------------600
T o A b o — Jan. 9— A lbu era, 3 0 0 ------------------------------------------------------300
T o B a rcelon a — Jun e 13— A u gu ste, 3 ,2 5 0 ............................................
3,2 5 0
T o FIrm e— Jan . 13— A u gu ste, 100..........................................................
100
T o S y ra — Jan . 13— A u gu ste, 7 5 ............................. .................................
75
B R U N S W I C K — T o L iv e r p o o l— Jan . 8— W o o d lle ld , 1 1 ,0 6 2 ________ 11,062
T o M anchester— Jan . 8— M ou n tflelds,
5 ,1 1 5 ____ Jan .
12—
G lades tr y , 5.498 _________ ___________ ______________ _______ _
10,613
W I L M I N G T O N — T o L iv e r p o o l— Jan . 8— C a rd iga n , 1 5 .8 3 4 ________ 15,834
B O S T O N — T o L iv e r p o o l— Jan . 11— S a g a m o re , 4 6 3 ............ J a n . 12—
C y m ric, 1,533 .................................
1,996
T o Y a rm o u th — Jan . 12— B o s to n , 5 0 0 ________ .
_______
500
B A L T I M O R E — T o 'B r e m e n — Ja n . 9— R h ein , 8 0 5 _ . _________________
805
8,062
S A N F 'R A N C IS C O — T o Jap an — Jan . 9— S iberia, 8 ,0 6 2 _____________

NEW

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 p rices are givep in p ence and. lOOths.

Jan. 9
to
Ja n . 15.
J a n u a ry Jan . - F e b .
F e b .-M cli.
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 ug.-rSep.
S e p t .-O c t .
O c t .-N o v .
N o v .-D e c .
D e c .-J a n J a n .- F e b .

S at.
12 %
p .m .
4
4
4
4
4
4
4
4
4
4

__
____
___ 4
___ 4
___ 4
— 4

T u e s.

W ed.

T h u rs.

Fri.

4
4
4
12 M
12%
12H\ 4
12 K
12 H
4
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .

12H
p .m .

d.

__
___
___

M on .

T h us: 4 95 m eans 4 .9 5 -1 0 0 d .

d.
95
93%
92
91 V4
90%
89%
89%
88%
80
74
70
68
67
66%

d.
90
89
87%
87
85%
85
85
84%
76
71 %
67 %
65%
64%
64

d.
94
92%
91%
91
90
89 %
89%
89
80%
75
;71
69
68
67%

d.
99%
98
96%
96
95
94%
94%
93%
85
79%
75%
73%
72%
72

d.
99
97
95%
95
93%
93
93
92
83%
78 %
74 %
72%
71 %
71

d.
96 %
94 %
93
92%
91 %
91
91
90
81%
76
72
70
69
68%

d.
97 %
94 %
93%
93
91 %
91
91
90
81%
76%
73
71
70
69%

d.
d.
9 9 % 95
97
93
91 %
91
95
90
94
93 % 8 9 %
93 % 8 9 %
9 2 % 89
84
80%
79% 76%
76
73
74
71
70
73
72% 69%

BREADSTUFFS.
Friday, Jan.

a.
98
97
95
94
93 %
93 %
92%
84 %
80
77
75
74
73%

rf.

97%
96%
95
94 %
93 %
93
93
92 %
84 %
80
77
75
74
73%

15 1909.

Prices for wheat flour have shown some irregularity during
the week, but as a rule the changes have been unim portant,
despite some depression in wheat. Sellers, encouraged by
reports of a noteworthy increase in the demand at the large
spring-wheat milling centres, have not been inclined to lower
prices. The increased business at the Northwest has been
partly for export. Not only has new business there been
larger, bu t there have been increased withdrawals on old
contracts. On the other hand,,buyers here have continued
to purchase sparingly. R ye flour and corn meal have been
quiet and generally steady.

Wheat, despite some factors in its favor, has declined,
though the decline has not been very severe. The smallness
of the receipts and support given to the market from time
to time by leading bull operators at the West have to some
extent neutralized the forces making for lower prices.
Besides, the cash markets have been strong, the visible supply
has decreased and export sales have of late increased. The
foreign markets have, on the whole, been steady,and even
at times quite firm. In unirrigated parts of India there is
T o ta l .
351,311
The particulars of the foregoing shipments for the week, said to be danger of diminished crops. All this has led to
covering of shorts by operators who in not a few instances
arranged in our usual form, are as follows:
were apprehensive of some bold stroke, some tour de force
Great French G er- - —Oth. E u rop e— M e x .,
Total.
by prominent bulls at Chicago. On the other hand, how­
B rita in . ports. m an y. N orth . South. A c . ,J a p a n .
10,984
1,100
N e w \ro r k ___ . . 7,585
550
1,749
ever, the ardor of many of the bull following has been chilled
110,875
G a l v e s t o n ___ _ .6 6 ,2 9 0 12,814 17,459 4,043 10,269
______
8,901
by increasing Argentine shipments, even though it be
P o rt A r th u r . _
8,901
1,000
1,000 ______
Texas C it y ..asserted in some of the foreign despatches that theArgentine
7,928 32,900
98,360
N ew O rlean s. ..5 4 ,0 7 7
3,4 5 5
exportable surplus is not likely to much exceed 104,000,000
11,684
9,666
M obllo
___
2,018
10,235
P e n s a c o l a ___
10,235
bushels, as against about 135,000,000 last year. The actual
50,400
S a v an n ah ___ ..1 9 , 3 8 9
7,581 17,405
2,600
3,4 2 5
increase in the Argentine shipments has cut more of a figure
21,675
B ru n sw ick . . . .2 1 ,6 7 5
W i lm i n g t o n .. . .1 5 ,8 3 4
15,834
than predictions as to what the total will be for the year.
1,996
B oston . —
2,496
500
Most of the time, too, the cash trade, whether for home
B a ltim ore —
805
805
S a n F ra n cis co .................
8,062
8,062
—
—
—
—
—
consumption or for export, has been dull. Snow has fallen
in the Southwest, where it was needed, the snow covering
T o ta l :-------- .1 9 5 ,7 4 7 48,224 72,336
6,643 17,699 1,500 9,162 351,311
The exports to Japan since Sept. 1 have been 83,520 bales having been somewhat scanty. The private crop reports
have been favorable. The snow covering has been sufficient
from Pacific ports and 9,450 bales from New York.
Cotton freights at New York the past week have been as ,to prevent any serious damage by a recent cold wave. More­
over, the foreign crop news has been, on the whole, cheerful
follows, quotations being in cents per 100 lbs.:
from France, Germany, Great Britain, Hungary and some
S a t.
M on.
T u es.
W ed.
Thurs.
Fn.
12
12
12
12
sections of India which have had timely rains. In Argentina
L i v e r p o o l ---------------12
12
.M a n c h e s te r -----------12
12
12
12
12
12
and Australia the outlook appears to be favorable. Our
15
15
15
15
H avre --------------------15
15
Northwestern States have been selling hedges against actual
18
18
18
B r e m e n -------------------18
18
18
H a m b u r g ....................
25
25
25
25
25
25
wheat. Now and then, too, the bears have been emboldened
A n tw e rp ....................
20
20
20
20
20
20
to attack the market. It is said that certain of the leading
26
G h e n t, via A n tw erp
26
26
26
26
26
34
34
34
R e v a l ----------------------34
34
34
Chicago bulls have liquidated some of their holdings. '1 here
30
30
G o th e n b u r g ------------30
30
30
30
is understood, however, still to be a large concentrated long
25
25
25
B a rcelon a , d ir e c t . 25
25
25
18
18
18
18
18
G enoa - ------------------18
interest in the market likely to vigorously oppose a decline
33
33
33
33
33
33
T r i e s t e --------------------at every opportunity. The convictions of many here, how­
45
45
45
45
45
Ja p a n ----------------------45
ever lean to the bear side, despite the admitted smallness of
LIVERPOOL.— By cable from Liverpool we have the fol­ the crop movement in this country. The sluggishness of the
lowing statement of the week’s sales, stocks, &c., at that port: export trade and the no less noticeable listlessness of the
D ec. 24.
D ec. 3 1 .
J a n . 8.
J a n . 15.
general speculation with the promise as it now seems at least
37,000
Sales o f the w e e k ________ b a le s . 30,000
71,000
7 2 ,000
O f w h ich sp ecu la tors t o o k . .
100
1 ,000
of ample supplies in competing countries, all militate against
100
O f w h ich ex p o r te r s t o o k ____
400
1,000
1,000
operations for a rise in prices and keep the speculation within
33,000
Sales, A m e r ic a n ________________ 26,000
68,000
6 4 ,000
17,000
A c t u a l e x p o r t ___________________ 4,0 0 0
13,000
10,000
a comparatively narrow groove. To-day prices declined on
._
. 62,000
F o r w a r d e d _____
113,000
104,000
102,000
larger shipments from Argentina and Australia, disappointing
937 ,0 0 0
T o a t l s t o c k — E s tim a te d _______769 ,000
1 ,068,000
1 ,0 2 4 ,0 0 0
831 ,0 0 0
O f w h ich A m e r ic a n — E st . 663 ,000
967 ,000
9 1 8 ,0 0 0
cables, a falling off in the cash demand, bear hammering
297
,000
T o t a l Im ports o f th e w e e k . . . 121,000
161,000
199,000
and liquidation.
O f w h ich A m e r ic a n __________ 110,000
260 ,000
139,000
174 ,000
A m o u n t a flo a t -----------------------O f w h ich A m e r ic a n ________

561 ,000
495 ,000

376 ,000
331,000

500,000
4 4 9 ,0 0 0

535 ,000
486 ;000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.

Saturday.

Monday.

Tuesday.

Wed'day.

Thursday

Friday.

Market,
12:15
P. M.

1
Good
't
j demand.

Good
demand.

Fair
business
doing.

Good
demand.

Fair
business
doing.

Good
demand.

5.08
15,000
500

5.18
10,000
500

5.15
15,000
500

5.18
10,000
300

5.14
10,000
300

Steady at
3 @ 4 pts.
decline.

Steady at
5 points
advance.

Quiet at
3 @ 4 pts.
decline.

Steady at
2 ® 3 pts.
advance.

Steady at
3 @ 4 pts.
advance.

MUl.Upl’ds
S a le s _____
S p e c .* exp

5.13
10,000
300

Steady at
Sutures.
Market
1 4 @ 6 pts.
opened
J advance.
Market,
»
P . M.

1 Steady at Firm at 1 B ’ly st’y at Easy at Easy.unch.
1 % @ 2 % to 2% pts.
1 4% @ 5 % pt. dec. to 3 @ 5 pts.
J pts. adv. 1 pt. adv. advance.
pts. dec.
pts. dec.




Quiet at
2% ® 4
pts adv.

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 N E W Y O R K .
S a t. M o n . T u es. W ed .T h u rs. F r i .
108
106 H 106 H 106
106 % 108
N o . 2 red w in te r ________
M a y d e liv e ry In e le v a t o r ____________111
1 0 9 % 1 0 9 % 1 0 9 % 110%
109%
J u ly d e liv e ry In e le v a to r ____________ 105
1 0 4 % 1 0 3 % 1 04 % 105
103%
D A IL 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 CHICAGO.
S a t. M o n . T u es. W ed. T h urs. F r i.
M ay d e liv e ry In e le v a t o r ....................1 0 6 % 106
1 04 % 106
106 % 1 0 5 %
J u ly d e liv e ry In e l e v a t o r . . ............... 98
97%
96%
97
97 %
96%
S e p te m b e r d e liv e ry In e le v a to r____ 9 4 %
93%
93%
94
94%
93%

Indian corn futures, have on the whole, been easier
though the fluctuations in prices from day to day have been
comparatively small. But reports of larger country offer­
ings, especially from Illinois and Iowa, have encouraged
short sales, and led to more or less liquidation, especially
as the cash trade has been dull and cash prices at the West
have weakened. The weather has been favorable for shell­
ing and marketing and at times the receipts have increased.
Yet there has been no very agressive selling for the decline.
Farmers are disinclined to sell on the declines,and there is

THE CHRONICLE

no prospect of a permanent'increase in the receipts in the
near future. Liverpool has exhibited considerable strength
at times. Argentine crop reports have been less favorable.
To-day prices weakened with wheat. Country offerings
were larger, the cash trade was dull and cash interests sold.
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D
Sat. M on .
68
68 )4
Cash c o r n
------------------------------68 %
M a y d e liv e ry In e le v a t o r ------------ - - 68 %
08 H
J u ly d e liv e ry In e le v a t o r ------------ - - 08 H

C O R N IN N E W Y O R K .
Tues. Wed. Thurs.
F ri.
07«
67 H 68
66%
68 %
68 %
68 y2 68 %
08 H 68 %
68%
68%

D A I L Y C L O S IN G P R I C E S O F C O R N F U T U R E S IN C H IC A G O .
Sat. M o n . Tues. Wed. Thurs.
F ri.
61 %
M a y d e liv e r y In e le v a t o r ________
oi x
61 >4 61 %
61 H 6 0 %
J u ly d e liv e ry in e le v a t o r ____ __ _ - - 61 %
61 H
61 H
61 %
61 H
61%
62
6 i%
S e p te m b e r d e liv e ry In e le v a t o r .. - - 6 1 %
61 %
61 H 6 1 %

Oats for future delivery in the Western market have been
somewhat easier of late, in sympathy with other cereals.
The cash demand has fallen off very noticeably at the West
and prices there have sagged. At times, too, the receipts
have increased, and while some cash interests have bought,
there has been more or less selling by other cash concerns.
Commission houses have also sold to some extent. On all
recessions, however, prominent interests have bought.
There has also been some buying by those wrho have sold
corn. To-day prices were easier, owing to the break in
wheat and 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 N E W Y O R K .
Sat
M on.
Tues.
W ed.
Thurs.
Fri.
N o. 2
m ix e d - 5 4 -5 4 H
54-5414
54-54J4
5 4 -5 4 )4
5 4 -5 4 )4
54-5 4 )4
W h i t e
clip p e d ,
34 to 36
lbs - . - 5 6 ) 4 - 5 8 ) 4 5 6 )4 -5 8 )4 5 6 )5 -5 8 )4 5 6 K - 5 8 M 5 0 ) 4 - 5 8 ) 4 5 6 )4 -5 8 )4
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 C H IC A G O .
Sat. M o n . Tues. Wed. Thurs.
51%
51 %
51%
5 1 )4
51 %
46%
46%
46%
46 n
46 %
39 %
3011 30
39%
39%
S e p te m b e r d e liv e r y In e le v a t o r ___

Fri.
51%
46
38%

The following are closing quotations:
FLOUR.
L o w g r a d e s_____________ 53 1 5 ® $2 50 K an sas s t r a ig h t s .-------- 34
S econ d cle a rs ___________ 3 2 5 ® 3 40 B len ded cle a rs.................. 5
C l e a r s ________ ______ ___ 3 8 5 ® 4 50 C ity p a te n ts ....................~ 6
3
S tra ig h ts ........ ..................... 4 70 ® 4 80 R y e flo u r ........ ................
P a te n t, s p r in g _________ 5 50 ® 5 85 B u ck w h e a t flo u r ------------- 2
P a te n t, w in te r _________ 4 90.® 5 15 G ra ham flo u r........ .............. 3
3
K ansas c l e a r s __________ 4 1 0 ® 4 60 C orn m e a l.....................
G R A IN .
C
orn
p
e
r
b
u
s
h
.—
W h e a t, per b u s h .—
c.
K IN . D u lu th , N o . 1...............
117 % N o . 2 m i x e d ___________
N o . 2 y e l l o w ....................
. N . D u lu th , N o . 2 ...........
116 %
N o . 2 w h ite ----------------R e d w in te r, N o . 2 --------- I .o .b .iO S
■H ard
"
“
...........
% R y e , per b u s h .—
N o . 2 W e s t e r n ..................
o a t s , per b u s h .—
S ta te an d J e r s e y .............
54 5 5 %
N atu ral w h it e --------------_ __
N o . 2 m ix e d ___________
54 @ 54 % B a rle y — M alting
F eed in g £. o . b . N . Y .
N atural w h ite clip p e d 5 6 % •* 58 %
F or o th e r ta b les u su a lly g iv e n here, see p a ge 139.

70 3 * 4 90
30® . . .
30 >9 (i GO
65 a 4 40
40 @ 2 50
90 <:n
10
35 3 4 10

0.
66)4

00 H

N om in al.

75
N om in al
73 .3.78
69 @ 7 0

Trade in most divisions has shown further improvement
during the past week, and in some lines a firmer tone has
developed. Demand has steadily increased, with requests
for prompt shipments, and in many cases earlier deliveries
than called for in contracts, still in evidence, and the move­
ment of merchandise from mills has continued large. In
cotton goods an important feature of the week was the ad­
vance of 34c. per yard in staple prints, which occasioned little
surprise in view of the strong merchandising conditions
which have prevailed on such goods for some time past; this
advance, together with more numerous inquiries and con­
tinued steady purchasing in the print cloth market, has im­
parted more firmness to the latter, especially on narrow
goods. Another noteworthy feature has been the sustained
activity in export trade, additional business amounting to
several thousand bales of sheetings and drills having been
booked during the week for shipment to China, and it is
significant that the demand has come from conservative houses.
Jobbers report a satisfactory trade in most lines, especially
on cotton goods recently opened for the spring season. The
semi-annual statement of the H. B. Claflin Company, show­
ing net earnings of $310,686, as against a loss of $7,500 in
the first six months of the year, attracted much attention,
and testifies to the steady recovery in trade during the last
half of 1908. Prospective tariff revision is coming to be
more of a factor, as there have been further evidences of
sellers being obliged to guarantee purchasers against possible
tariff changes in order to secure forward business. In men’s
wear the new fall lines have moved well, and demand for
dress goods has shown some improvement.
DOMESTIC COTTON GOODS.— The exports of cotton
goods from this port for the week ending Jan. 9 were4,748
packages, valued at $275,497, their destination being to the
points specified in the table below:
-------- a 909--------------------------1908--------S in ce
S ince
N ew Y ork to J a n . 0 .
W eek . J a n . 1.
W e ek .
Jan. 1
69
G rea t B r ita in ............................. ........................
69
1
4
l
O th er E u r o p e ......................... ............................
4
2,051
C h in a ............................................ _____ _______ 2,051
—
722
---

____
___




The value of these New York exports since Jan. 1 has been
$275,497 in 1909, against $98,816 in 1908.
Leading tickets of bleached goods are still in a strong posi­
tion, and, if anything, display a somewhat firmer tone in
sympathy with gray goods, and as a result of the inability of
finishers and bleacheries to make deliveries as promptly as
requested. Demand for fine and fancy cottons has steadily
improved, while staple cottons, both heavy and lightweights,
have been booked more freely, numerous duplicate orders
for spring goods being received. The continued steady call
for small lots of wide sheetings and other domestics for
prompt shipment has been a feature. Orders placed for
the new wash goods and other lines for spring recently opened
have in the aggregate reached good proportions. It is un­
certain what effect, if any, the advance in staple prints,
already noted, will have upon the demand for such goods.
In linings, current business consists for the most part of fillingin orders. Further sales of sheetings and drills were made
to China during the week on the basis of 6c. to 63^e. net,
bringing the total sales for China account since the first of
the year close to 40,000 bales. The print cloth market has
continued quite active; regulars and Standard wide goods
remain firm at 3 7-16d. and 4J^c., respectively.
WOOLEN GOODS.— In men’s wear leading producers
report a very satisfactory initial business on the new fall
fabrics; additional lines have been opened, including staple
worsted suitings and fancy woolens. Fancy worsted suit­
ings are expected to be shown presently. Prices named by
the American Woolen Company on men’s wear suitings for
fall, opened during the week, show that certain fine serges
are unchanged from a year ago, while clays, unfinished
worsteds and plain serges are in some instances from 2 YiO.
to 5c. a yard lower. Demand for overcoatings, especially
for medium-priced goods, has continued unabated. In dress
goods substantial duplicate orders for spring have been re­
ceived, and requests to anticipate deliveries are quite numer­
ous. Worsteds, mohairs, all-wool goods, cotton-warp
fabrics, Ac., for the fall season are expected to be opened
within the next few days.
FOREIGN DRY GOODS.— Demand for imported lines of
dress fabrics for both spring and fall has continued active.
Linens have also been in excellent request and rule strong.
Light-weight burlaps are in good demand and scarce, with
the price firm at 3.80c., but heavyweights have ruled dull
and unchanged at 5c. for 103^ ounce.
I m p o r t a t io n s a n d W a r e h o u s e W it h d r a w a ls o f

THE DRY GOODS TRADE.
New York, Friday Niyht, Jan. 15 1909.

33
M e x i c o ---------------------------------- .........................
C en tral A m e r i c a ____________ ......................... 177
......................
465
O th er C ou n tries-------------------- ........................ 250
’lil
T o ta l .................................. ........................ 4,748

[V O L . L X X X V I I I .

'5 7 7
33
177
465
250

200
54
211
823
10

"2 9 0
54
211
823
10

4,748

1,389

1,389

D ry G oods.

The importations and warehouse withdrawals of dry goods
at this port for the week ending Jan. 2 1909 and since
Jan. 1 1909, and for the corresponding periods of last year,
are as follows:
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171

THE CHRONICLE

Jan . 16 1900.]

Y

BfcfjWWENT,

News Items.

Porto Rico.— Loan Approved— The Executive Coun­
cil has approved a contract with J. & W . Seligman & Co.
of New York appointing that firm fiscal agents for a loan of
$3,000,000, the money to be devoted to irrigation purposes.

Council Bluffs,Iow a.— Temporary Injunction.— TheOmaho
“ Bee” of Jan. 6 states that Judge Smith McPherson of the
Bond Calls and Redemptions.
United States Circuit Court on Jan. 5 issued a temporary
injunction restraining the city officials of Council Bluffs,
De Soto, Jefferson County, Mo.— Bond Call.— This place
Iowa, from proceeding with the issuance and sale of the called for payment Jan. 5 at the Mississippi Valley Trust
$600,000 bonds voted last October for the construction or Co. in St. Louis refunding bonds Nos. 21 to 40, inclusive.
purchase of a municipal water-works system. V. 87, p. They are in denomination of $500.
1255. The Court also enjoined further proceedings in the
Gallatin School District (P. O. Gallatin), Daviess County,
suit brought in the District Court in the name of L. H. Mo.— Bond Call.— Interest will cease on Jan. 10 on school
Jensen to test the legality of the bonds until the questions building bond No. 4 of $500 denomination.
at issue in the United States Court are determined. The
Harnett County (P. O. Lillington), No. Caro.— Bond Call.
injunction was issued by Judge McPherson on petition of
the Catharine B. Nash Co. of Omaha which company, it — Call was made for payment on Jan. 1 at the Bank of
is understood, owns considerable real estate in Council Lillington of 6% court-house and funding bonds Nos. 5 to
Bluffs. The petition is said to contain the following allega­ 45 inclusive for S500 each.
Kansas City, Kan.— Bond Call.— Payment will be made
tions:
1st. T h e b o n d Issue Is Illegal fo r th e reason th a t th e In debtedn ess o f
Feb. 1 1909 in New York City at the fiscal agency of the
th e m u n ic ip a lity Is In exce ss of th e co n s titu tio n a l lim it.
T h e c o n s titu tio n
State of Kansas of 5% coupon refunding bonds, series of
o f th e sta te p roh ib its th e Incurring o f In debtedness In excess o f 5 per ce n t
o f th e a ctu a l v a lu e o f th e ta x a b le p r o p e r ty o f th e c it y .
I he v a lu e o f th e
Feb. 1 1898 and Aug. 1 1898.
.
ta x a b le p r o p e r ty Is give n In th e p e titio n as $ 4 ,2 1 2 ,8 1 0 , ■while th e In d e b te d ­

The official notice of this bond call will be found among the
advertisements elsewhere in this Department.
Bond Call.

ness o f th e c it y Is said t o b e 5 3 1 2 ,0 0 0 .
..
_
. ,
,
2 n d . T h a t th e section o f th e sta te law w h ich p erm its th e v o t in g o f b o n d s
In e x c c s s o f th e 5 p e r c e n t lim ita tio n f o r t h c p u rp o se o f p u rch a s in g , ere ctin g
o r m a in ta in in g an d o p e r a tin g ” w ater-w orlcs plan ts an d o th e r p u b lic utilities,
s u ch as ele ctr ic -lig h t p la n ts, gas w o rk s, p o w e r p la n ts , e t c ., Is a b s o lu te ly
Lincoln County (P. O. Troy), Mo.—
— Call has
u n c o n s titu tio n a l an d v o id , Insofar as It a tte m p ts t o au th o riz e th e In cu rrin g
been made for payment on Feb. 1 at the St. Louis Trust Co.
o f In debtedn ess In a n y m a n n er an d fo r a n y p u r p o s e In e x ce ss o f th e c o n ­
s titu tio n a l lim it.
,
, ,
.
,
in St. Louis of funding bonds Nos. 1 to 2 5 ,in denominations
3 r d . T h a t th e p e titio n s fo r th e su b m ission o f tire p ro p o s itio n to Issue
of $1,000 each.
b o n d s w ere in su fficien t. I t is alleged th a t th e y w ere sign ed b y less than
200 qu a lified persons, instead o f 214, th e n u m b e r o f signers c la im e d .
Montana.—
— The following bonds were called
T h e la w , as q u o te d In th e p e titio n , requires a m a jo r it y o f th e q u a lifie d
for redemption by the State Treasurer at his office in
electors t o sign .
, ,,
_ . ,
„„
,,,
,
_
4th
T h a t th e special e lection held
on O c t o b e r 27
w as illegal.
S
even
Helena on Jan. 8:
d is tin c t an d separate reasons fo r th e a lleg ed Illegality o f th e e le ctio n a rc
$ 4 5 ,0 0 0 6 % M on tan a A g ricu ltu ra l C ollege b o n d s N o s . fr o m 11 t o 55
s et fo rth in th e p e tition , as fo llo w s:
T h a t w om en v o t e d , c o n tr a r y to th e c o n s titu tio n .
Inclu sive.
D a te J u ly 1 1895.
T h a t th e sta tu te th a t perm its w o m e n to v o t e p r o v id e s fo r se p a ra te
5 ,0 0 0 5 % S tate N orm a l S ch o o l b o n d s N o s. fro m 16 t o 20 In clu sive.
returns o f th eir v o t e , w h ich w as n o t d o n e .
D ate M ay 1 1901.
T h a t w om en v o te d In o th e r p re cin cts th an th o s e In w h ich th e y resid ed .
5 0 .0 0 0 6 % S tate U n iv e rsity b o n d s N os. fro m 51 to 100 In clu sive.
D a te
T h a t th e polls w ere n o t k e p t op en In all cases fro m 7 a . m . t o 7 p . m .,
J u ly 1 1897.
3 3 .0 0 0 6 % d e a f-a n d -d u m b -a s y lu m b o n d s N o s . fr o m 4 t o 36 Inclu sive.
as requ ired b y law .
T h a t m a n y persons w ere p e rm itte d t o " e le c tio n e e r w ith in 100 fe e t o f
D ate J u ly 1 1897.
th e p olls, c o n tr a r y t o th e law .
The above bonds are in denomination of $1,000.
T h a t th e form o f th e b a llo t w as w ro n g .
T h a t “ a large nu m ber o f electors w h o w ere e n titled t o v o t e In th e S ixth
Plattsburg, Clinton County, Mo.—
— On Dec. 31
W a r d , a n d w h o w ere present a t th e p ollin g places fo r such pu rp o s e , w ere w h o lly
1908 this city called for redemption at the banking house of
p re v e n te d an d preclu d ed fro m ca stin g th eir b a llo ts b eca u se o f th e d is o r d e r ly ,
u n law fu l an d riotou s m anner o f co n d u c tin g said e lection w ith in such w a r d .”
Mason, Lewis & Co. of Chicago bond No. 2 for $500.
5th . T h a t th e c it y o fficia ls “ h a v in g k n o w le d g e o f th e Illegality o f the
p ro c e e d in g s ” h a v e c o m m e n ce d “ fictitio u s a n d co llu s iv e ” p r o ce e d in g s ,
Slater, Saline County, Mo.—
— Water-works
a n d b y an Im position “ on th e c o u r t ” are a tte m p tin g to h a v e th e b o n d s
bond No. 7 was called for payment on Jan. 1 at the National
d eclared va lid In ord er to assist In the Issuing a n d n e g o tia tin g o f said b o n d s.
6 th . T h a t th e law u nd er w h ich th e b o n d s a re p r o p o s e d t o b e Issued
Bank of Commerce in St. Louis. Denomination $500.
d oes n o t p erm it th e c it y to Issue b o n d s m a d e p a y a b le In m ore than seven ,
y ea rs, a n d th a t th e c ity o fficia ls an d C ity C o u n c il, unless restra in ed , p ro p o se
t o Issue b o n d s p a y a b le In fro m eight to tw e n ty years.

Bond Call.

Bond Call.

Bond Call.

The restraining order issued by Judge Smith McPherson
is returnable January 20.
New York City.— Real Estate Assessments for 1909.— The
tentative figures of real estate values given out by the De­
partment of Taxes and Assessments show an increase over
the final figures of ordinary real estate for 1908 of $139,021,­
040 and an increase in the assessment of real estate holdings
of corporations of $15,184,725. It is estimated that
the increase this year will be reduced, probably, to be­
tween $100,000,000 and $125,000,000, the figures be­
ing subject to reductions as the assessments of individual
ieces of property are reduced upon complaint. Taxpayers
ave until March 31 in which to file objections. The esti­
mated figures are as below, comparison being made with the
January estimate for 1908 as well as with the final figures
for that year:

E

J a n u a ry E stim a te.
F in a l llolls.
B oroughs.
1909.
1908.
1908.
M anfO r d ln ’ y real e s t. $ 4 ,2 7 8 ,0 2 1 ,6 8 0 $4,23 4 ,5 0 2 ,7 5 1 $ 4,207,003 ,431
h a t t a n . lC o r p . real e s t . 3 4 ,2 8 0 ,9 0 0
3 2 ,0 3 2 ,1 0 0
3 0 ,3 0 3 ,8 0 0
Tho
/O r d l n 'y real est.
4 1 1 ,8 4 4 ,7 0 3
3 9 3 ,0 5 0 ,7 0 8
392 ,0 7 8 ,0 9 3
3 1 ,4 0 8 ,5 7 5
2 0 ,9 7 4 ,1 2 5
2 5 ,5 3 9 ,7 2 5
B r o n x .l C o r p . real1 e s 't .
1 ,2 4 5 ,7 3 3 ,7 3 0
1 ,2 1 0 ,9 2 5 ,4 0 5 1 ,2 1 0 ,2 8 9 ,2 0 0
B rook i O rd ln ’ y real est.
2 3 ,5 2 3 ,7 0 0
2 1 ,3 9 0 ,6 5 0
2 0 ,0 7 5 ,4 2 5
I v n ___ [C orn . real e s t . .
2 8 1 ,1 3 4 ,4 4 5
2 7 2 ,3 1 5 ,4 2 5
2 7 0 ,7 4 0 ,0 1 0
Q ueens . . / O r d l n ’y real est.
1 2 ,0 7 0 ,2 0 0
1 1 ,4 5 3 ,4 2 5
9 ,8 1 0 ,3 0 0
lC o r p . real e s t . .
6 3 ,1 8 0 ,5 3 5
0 1 ,4 7 9 ,7 2 5
6 0 ,7 2 8 ,1 2 5
R ic h /O r d l n ’ y real e st.
2 ,2 7 6 ,5 5 0
2 ,1 4 0 ,4 2 5
2 ,0 8 9 ,9 5 0
m on d .( C o r p . real e s t . .

o r d i n a r y real estate $ 0 ,2 8 0 ,5 2 1 ,1 5 9 $ 6 ,1 7 8 ,2 7 4 ,1 3 4 $ 0 ,1 4 1 ,5 0 0 ,1 1 9
c o r p o r a t io n r e a l e s t . 1 0 3 ,6 1 9 ,9 2 5
9 3 ,9 9 6 ,7 2 5
8 8 ,4 2 5 ,2 0 0
G ra n d t o t a l o f real e s t— - $ 0 ,3 8 4 ,1 4 1 ,0 8 4 $ 0 ,2 7 2 ,2 7 0 ,8 5 9 $ 0 ,3 5 9 ,9 2 5 ,3 1 0

T o ta l
Total

Corporation franchises and assessments of tangible prop­
erty of public service corporations in streets and public places
are not included in any of the above. The assessments for
these are furnished to the Tax Department of the city in
March each year by the State Board of Assessors. They were
reported last year as follows: Manhattan, $346,569,200; the
Bronx, $23,610,300; Brooklyn, $103,900,150; Queens, $15,­
902,070, and Richmond, $2,508,750.
The relatively large decrease in the final assessment of
real estate holdings of corporations in 1908 as compared with
the estimated figures for that year is said to be due to the
fact that when the list of franchise assessments was returned
to the city officials by the State Board at Albany, it was found
to include some items which the city assessors had assessed
as corporation real estate. These items, therefore, had to
be eliminated.
Revenue Bond Sale.— During the week $10,000,000 revenue
bonds bearing 3 /^ % interest were sold to Goldman, Sachs&
Co. and Ileidelbach, Ickclheimer & Co., both of this city.
The bonds will mature Nov. 12 1909. As stated in V. 88, p.
117, the city last week issued a like amount of bonds bearing
3%% interest.




Bond Proposals and Negotiations this week

have been as follows:
A d a , O k la . — Bond Sale.— The Thos. J . Bolger Co. of Chi­
cago was awarded on Dec. 21 1908 six issues of 5% 20-year
bonds aggregating $82,000. Denomination $1,000.
A lb a n y C o u n t y ( P . O . A l b a n y ) , N . Y .— Bonds Voted.—
According to local papers the Board of County Supervisors on
Jan. 12 authorized the issuance of $500,000 highway-con­
struction bonds.
A s b u r y P a r k , N . J .— Certificate Sale.— On Jan. 11 the
three issues of 5% assesment certificates aggregating
$42,338 48, described in V. 88, p. 114, were awarded to the
Asbury Park and Ocean Grove Bank of Asbury Park at par
and accrued interest. A bid at par for part of the issues
was also received from the First National Bank of Barnegat.
Maturity part of each issue yearly for five years.
B e n t o n C o u n t y ( P . O . F o w l e r ) , I n d . — Bond Offering.—
Proposals will be received until 3 p. m. Jan. 20 by Frank
Pagett, County Treasurer, for the following bonds:
$12 ,0 0 0 6 % W a s h b u rn G ravel R o a d b o n d s .
4 ,9 4 0 6 % M cG ah an G ra vel R o a d b o n d s.

D e n o m in a tio n $630.
D e n o m in a tio n $247.

Date Jan. 4 1909. Interest semi-annual. The first bond
of each issue is payable on May 15 1910.
B e r g e n , G e n e s s e e C o u n t y , N . Y .— Bond Offering.— Pro­
posals will be received until 10:30 a. m. Jan. 19 by H. C.
Miller, Village Clerk, for $6,000 registered electric-light bonds
voted on Dec. 8 1908 (V. 87, p. 1558). Denomination $250.
Date Feb. 1 1909. Interest (rate not to exceed 5% ) payable
annually on Aug. 1. Maturity $250 yearly on Aug. 1 from
1913 to 1936 inclusive. Certified check for 5% of bid is re­
quired. Delivery Feb. 15 1909.
B r o c k t o n , M a s s . — Note Sale.— Dispatches state that
$200,000 1-year notes have been- disposed of to Bond &
Goodwin of Boston at 3.44% discount.
B u ffa lo , N . Y . — Bond Sales for the Year 1908.— In the
year ending Dec. 31 1908 the city of Buffalo issued bonds
aggregating $2,343,696 11, of which $2,028,867 75 were
long-term issues and 8314,828 36 temporary loan and
monthly local work bonds. Of the total of bonds placed
$1,552,550 53 were taken by the public while the remainder
($791,145 58) was sold at par to the city’s sinking funds.
The sales of city of Buffalo bonds reported in these columns
during the year amounted to 82,207,447 34, of which
$1,952,423 85 were permanent issues and $255,023 49 tem­
porary bonds. To make the record complete, we give below
all the different bond issues for the year of a permanent
character, though, with some minor exceptions, they were
all recorded in these columns at the time of their issue.

172

THE CHRONICLE

$ 5 0 0 ,0 0 0 00 4 % 20-50-yjear , (opttdnal) w a te r-w o rk s b o n d s d ated A pril 10
1908, aw a rd e d t o 'O ’ Cdnndr & K a h ler a n d M ack ay & C o .,
o f N ew Y o r k a t 100 .298 .
5 0 0 .0 0 0 00 4 % .2 0 -5 0 -y e a r . (o p tio n a l) w a te r-w o rk s bo n d s d ated O ct. 10
1908, a w a rd e d t o O ’Cortnor & K ithler o f N ew Y o r k a t
100.83.
17 3 ,1 6 8 53 4 % 1 -5 -y e a r t a x loan b o n d s d a te d O ct. 1 1908, a w a rd ed to
O ’ C on n o r & K a h le r o f N ew Y o r k a t 100 .002 .
79,-382 00 4 % 1 -2 0 -y e a r re fu n d in g w ater b o n d s d ated O ct. 1 1908,
a w ard ed t o O ’C o n n o r & K a h ler o f N ew Y o r k a t 100 .18.
2 0 0 ,0 0 0 .0 0 4 % 1 -2 0 -y ca r b o n d s fo r new s ch o o ls, lo ts , & c., d a te d D e c. 1
1908, a w a rd e d t o th e B u ttalo G erm an In surance C o. at
. 102 .81.
.
1 0 0 .0 0 0 4 % 1-2 0 -y ea r r e fu n d in g w a te r b o n d s d a te d D e c. 1 1908, aw a rd e d
to A . B . L e a ch & C o . d f N e w Y o r k a t 1 00 .65.
B O N D S P U R C H A S E D A T P A R B Y S IN K IN G F U N D .

"A m ount.
$ 16 ,443
9 ,6 4 7
3 7 ,3 7 3
6 0 ,0 0 0
5 7 ,5 0 0
10 0 ,0 0 0
, 5 0 ,0 0 0
2 0 ,0 0 0
2 5 ,3 5 2
10 0 ,0 0 0

Title Of Rond.

1 Int Rate

Grade, C rossings
90
41
do
: do
71
00
do
00 W a te r (refund ing)
do
00
00 . R e fu s e P la n t
00 P a rk
20 F ireh ou se C o n stru ctio n
A cq u irin g o ld P .O . site.
00

4
4
4
4
4
4
4
4
4
4

' Date.

. A pril 1 1908,
A u g. 1. 1908
N o v . 1 1908 >
D e c.
1 1908
Jun e 15 1903
A u g. 1 1908
J u ly
1 1908
J u ly
1 1908
A u g . L 1908
S ep t. 1 1908

M aturitu.
A pril
1 ,1928
A u g.
1 1928
N ov.
1 1913
D ec.
1 1928
June 15 ’ 0 9 -’ 28
A u g. i ; ’ 0 9 -’ 28
J u ly 1 ’ 0 9 -’ 13
J u ly
1 1928
A u g. 1 ’ 0 0 -’28
S ept. 1 ’ 09-'2 8

[V O L . L X X X V I I I .

C o w e ta ,
W agoner
C ou n ty ,
O k la .— Correction.— The
amount of 6% 25-year water-works and electric-light bonds
disposed of on Jan. 1 was $28,000 and not $30,000, as we
were at first advised. The securities were purchased by
Ulen Sutherland at 102.375. Interest Jan. 1 and July 1.
C ra ig C o u n t y S c h o o l D is t r i c t N o . 42, O k la .— Bond Sale.—
An issue of $1,200 6% school bonds has been disposed of
to the'Oklahoma Bond & Trust Co. of Guthrie. Denomin­
ations $500 and $200. Date Aug. 14 1908. Interest Jan. 1
and July 1 at the fiscal agency in New York City. Ma­
turity July 1 1928. Total debt ■this 'issue. ■Assessed
valuatioh $187,503.
C r o o k s v ille ,
P erry
C ou n ty ,
O h io . — Bond Bale.— The
Crooksville Bank Co. of Crboksville was the successful bidder
on Jan. 6 for the $9,092 37 5% coupon Main Street paving
assessment bonds described in V. 88, p. 63. The price paid
was $9,420 37 (103.607) and accrued interest Maturity
one bond yearly ort Nov. 2 from 1909 to 1918 inclusive.
C u y a h o g a C o u n t y ( P . O . C le v e la n d ), O h io .—

Bond Sale.—

California.— Bond Sale.— On Jan. 6 the $500,000 4% San The $500,000 4% coupon public-building bonds described
Frariciscb sea-wall bonds offered on Jan. 2 and described in in V. 87, p. 1674, were sold on Jan. 9 to C. E. Denison & Co..
V. 87, p. 1558, were awarded to James H. Adams & Co. of of Cleveland. ; Maturity $25,000 yearly on Oct. 1 from
Los Angeles at 101.005. Following are the bids:
1909 to 1928 inclusive.
Jas. I I . A d am s & C o !. L o s A -? 5 0 5 ,0 2 5 | F . H . P ie r c e , S a c r a m e n t o ..$501.550
Note Offering.— Proposals will be received until 11 a. m.
N .W .H a ls e y & C o ., San F r . 5O5,0OO|
Jan. 20 by William F. Black, Clerk Board of County ComMaturity Jan. 2 1924, subject to call after Jan. 2 1914.
missidners, for the following 5% notes:
C anton,Ohio.— Bond Sale —On Jan. 4 the following bonds $11 ,200 S ta te R o a d N o. 5 im p ro v e m e n t notes. D e n o m in a tio n $500, e x ce p t;
o n e b o n d o f $200.
M a tu rity $200 A p ril 1 1909; $500 O ct. 1 1909;
were awarded to Hayden)’ Miller & Co. of Cleveland at
$500 ea ch s ix m o n th s fr o m A pril 1 1910 t o O ct. 1 1915 Inclu sive;
$500 A p ril 1 1916; $ 1 ,000 O ct. 1 1916; $500 A p ril 1 1917; $1,000'
102.089:
$ 1,300 4 ) 4 % R u ssell A v e . a n d T y le r S t. san itary-sew er1 b o n d .
M atu rity
five years.,
800 5 %
O d d R o w s t o r m -w a te r-s e w e r -b o n d .
M a tu rity five years.
5,6 0 0 4 ) 4 % L in d e n A v e . s to rm -w a te r-se w e r b o n d s.
D e n o m in a tio n
$ 1 ,0 0 0 , e x c e p t o n e b o n d f o r $ 1 ,6 0 0 . M a tu rity ten years.
3.0 0 0 4 H % F ifth S t. Im p ro v e m e n t b o n d s .
D e n o m in a tio n $1,000. 1 M a­
tu r ity 51,000 o n M arch 1 in th e years 1911, 1913 an d 1914.
1.000 4 ) 4 % W est F ifth S t. Im p ro v e m e n t ( c it y ’s p o rtio n ) b o n d . M aturity
live years.
,
1 0.000 4 ) 4 % C ed ar S t. im p ro v e m e n t b o n d s . D e n o m in a tio n $1,000. M a­
t u r ity $ 1 ,000 y e a r ly o n M arch 1 fro m 1910 t o 1919 in clu siv e .
2.5 0 0 4 ) 4 % C ed ar S t. im p ro v e m e n t ( c i t y ’s p o rtio n ) b o n d s.
D e n o m in a ­
tion s $ 1,500 a n d $ 1 ,0 0 0 .
M a tu rity ten years.
1 5 .000 4 ) 4 % W e s t S o u th S t. Im p ro v e m e n t b o n d s. D e n o m in a tio n $1 ,0 0 0 .
M a tu rity o n M arch 1 as fo llo w s : $ 3,000 In 1911 and $4,000 In
th e years 1912, 1013 a n d 1914.
7 .0 0 0 4 ) 4 % W e s t S o u th S t. Im p ro v e m e n t ( c it y ’s p o rtio n ) . b o n d s.
D e­
n o m in a tio n $ 1 ,0 0 0 .
M a tu rity oh M arch 1 as fo llo w s : $ 1,000
in 1911 arid $ 2 ,000 in the years 1 91 2, 1913 a n d 1914.
4 ,3 0 0 4 ) 4 % R a p p e S t . Im p ro v e m e n t b o n d s.
D e n o m in a tio n s $1,300 a n d
$1 ,0 0 0 .
M a tu rity $ 1 ,0 0 0 o n M arch 1 In the years 1911, 1912,
1913 an d $ 1 ,300 In. 1914.
700 4 J4i % , R a p p e S t. im p ro v e m e n t ( c i t y ’s p o rtio n ) b o n d s. M a tu rity
five years.
3 .5 0 0 5 % R e x S t, im p ro v e m e n t' b o n d s. ' D en om in a tion s $ 1 ,500 a n d
$1 ,0 0 0 .
M a tu rity $ 1,000 o n M arch 1 in th e years 1911 an d
1913 a n d $ 1 ,500 In 1914.

The above bonds will be dated March 1 1909. Interest
semi-annual. A : list o f'th e bids received follows:
H a y d e n , M iller & C o ., C l e v e .$55,843 Jas. M . B lak e (fo r $5,600
H a r ry E. F if e _______ .________ 55,662
bond s) -------------------------------- $5,760
B r e e d & H a rrison , C in cin n ati,
F ire m e n t’s P en sion F u n d (fo r
(fo r $ 2 5 ,0 0 0 )_______________ 25,430
$4,000) .................................... 4,0 1 5

Carter County School Districts, Okla.—Bond Sales.—
The following 6% bonds have been bought by the Oklahoma
Bond & Trust Co. of Guthrie:

O ct. 1 1017; $500 A p ril 1 1918; $ 1 ,000 O ct. 1' 1918. C ertified c h e c k
fo r $1,000 is req u ired .
_
,
,
56,250 State R o a d N o . 5 im p ro v e m e n t n otes.
D e n o m in a tio n $ 1 ,0 0 0 ,
e x c e p t on e n o te o f $250.
M a tu rity $ l t250 April 1 1910 anil $ 3 ,0 0 0
o n O ct. 1 a n d $2,000 o n A p ril 1 fro m O ct. 1 1910 t o O ct. 1 1919
Inclu sive. C ertified ch e ck fo r $ 1 ,000 re q u ire d .
4 ,5 0 0 H a rv a rd R o a d Im p ro v e m e n t n otes.
D e n o m in a tio n $ 50 0. M a­
tu r ity $500 y e a r ly o n O c t. 1 fro m 1910 t o 1918 In clu sive. C erti­
fied ch e ck fo r $500 Is reqtilred.
28,500 H a rv a rd R o a d Im p ro v e m e n t notes.
D e n o m in a tio n $ 1 ^ 0 0 , e x c e p t
on e n o te o f $500. M a tu rity $500 A pril 1 1910; $ 1,000 O c t . 1 1910;
$1,000 each six m on th s fro m A pril 1 1911 t o O c t . 1 1914 Inclusive:
$ 1,000 A p ril 1 1915 an d $ 2 ,0 0 0 ea ch six m o n th s fro m O ct. 1 1915
t o O ct. 1 1919 in clu siv e . Certified ch e ck fo r $500 is r e q u ired .

Notes to be prepared by the purchaser at his own ex­
pense. Date Jan. 1 1909.
D a y t o n a , V o lu s ia C o u n t y , F l a . — Bond Sale.—The $50,000*
5% 30-year gold water-works bonds described in V. 88,
p. 115, were bought on Jan. 11 by the Wm. R. Compton
Bond & Mortgage Co. of St. Louis at 101.53 and accrued
interest— a basis of about 4.902%. Following is a list of
the'bids received:
W m . R . C o m p to n B o n d &
[S e c u r ity S av in gs B a n k &
M ortg age C o ., S t. L o u is .-$ 5 0 ,7 6 5
T ru st C o ., T o l e d o -------------.$ 5 0 :5 5 0 '
C has. H . C o ffin , C h ic a g o ____ 5 0 ,6 5 1 1O tis & H o u g h , C le v e la n d -------50,128

D a y t o n , Ohio.— Sales for the Year 1908.— During the year
1908 the city of Dayton placed $639,120 bonds, particulars
concerning $598,840 of which were given in the “ Chronicle"
from time to time as the sales occurred. The bonds not
previously reported answer the following description:

A m ou n t
II
500
1 700
2 230
$6,0Q 0 S ch o o l D s tr ic t N o . 27 b o n d s, d a te d D e c . 18 1908.
D e n o m in a tio n
l|80O
$500.
A ssessed v a lu a tio n $ 27 4,76 3.
2 ,7 0 0 '
1,0 0 0 S c h o o l D istrict N o . 42 b o n d s, d a te d D e c . 12 1908. D e n o m in a tio n
3 800
$500. A ssessed v a lu a tio n $ 96 ,484 .
8 000
1,2 0 0 S c h o o l D istrict N o . 2 b o n d s, d a te d N o v . 7 1908. D e n o m in a tio n
"LOSO
$500 a n d $200. A ssessed v a lu a tio n $11 9,37 5.
3 800
Interest Jan. 1 and July 1 at the fiscal agency in New
700
3 000
York City. Maturity July 1 1928. The above districts
2 100
have no other debts.
4^000
2,9 0 0

Chelsea, Washtenaw County, Mich.— Bond Sale.—The
three issues of 5% cdupon bonds aggregating $20,000, de­
scribed in V. 88, p. 115, were sold on Jan. 11 to W . E.
1 Moss & Co. of Detroit at 104.087 and accrued interest. A
list of the bidders follows:

P u rp o se .
I n t .R a t e .
S ew er
- _____________
5%
S t r e e t . : ' . . . : ________________
5%
S e w e r ________________________
5%
S p r in k lin g ----------------------------6%
S t r e e t ------------------------------------•)%
d o __________________________
5%
F l o o d - c m c r g e n c y ----------------5%
S t r e e t ________________________
6%
9%
d o __________________________
d o ---------------------------’
d o ________________________
5%
d o ________________________
5%
B rid g e R e p a ir s --------------------5%
S t r e e t ________________________
6%

D a te.
M a y 1 1908
do
Ju n e 1 1908
do
A u g . 1 1908
do
do
O ct. 1 1908
do
5% do
do
do
D e c. 1 1908
do

M a tu rity.
M ay 1 1913
M ay 1 1912
Ju n e 1 1913
Ju n e 1 1909
A u g. 1 1913
va riou s
A u g . 1 1918
O c t. 1 1909
V a riou s
O ct 1 1913
V arious
O ct. 1 1913
D e c . 1 1910
D ec. 1 1 9 0 9

$40 ,280

The above bonds were all purchased by the Sinking Fund.
Bond Offering.— Proposals will be received until 12 m.
Jan. 25 by Edward Philipps, City Auditor, for $135,000 4 %
coupon
“ Public Service'Deficiency” bonds. Authority Sec­
W . E . M oss & C o ., D e tro it $20,817 501 W . J . H a y e s & S o n s , C l e v . $20,462 00
K e m p t C om m ercia l & S a v .
] W . A . H am lin & C o .,
tion 99 Municipal Code of 1902. Denomination $250
i ■B a n k , C h e ls e a __________ 20,734 0 0 1 D e t r o i t _________________ 20,457 50
Date Feb. 1 1909. Interest semi-annually in New York
W i l e y R . R e y n o l d s .J a ck so n 2Q.600 00 |S. A . K e a n , C h ic a g o ___ i - - 2 0 ,100 00
City. Maturity $9,000 yearly on Feb. 1 from 1910 to 1924
B u m p u s S tev en s C o ., D e t . 20,501 50|O tis & H o u g h , C le v e la n d - 2 0,100 00
Maturity part of each issue yearly on Sept. 21 from 1910 inclusive. Certified check on a national bank for 5% of
bonds bid for, payable to the City Auditor, is required.
to 1922 inclusive.
Delivery Feb. 1 1909.
Cherokee School District (P. O. Cherokee), Alfalfa County,
D e c a t u r S c h o o l D is t r i c t ( P . O . D e c a t u r ) , B e n to n C o u n t y ,
Okla.— Bond Sale.— During the month of Sept. 1908 this
district disposed of $35,000 6% school-building bonds Ark .—Bond Sale—On Nov. 10 1908 the State Bank of
through the First National Bank of Cherokee at 101. De­ Siloam Springs was awarded $5,000 6% school-building
nomination $500. Date Sept. 1 1908. Interest Jan. and bonds at 98. Denomination $500. Date Dec. 15 1908.
Interest semi-annual. Maturity Dec. 15 1918, subject to
July. Maturity July 1 1933.
call $1,000 yearly after five years.
Chicago, Ill.-^Safes for the Year 1908.— This city's total
D e n is o n , T e x . — Bond Election.— An election will be held
output of bonds for 1908 aggregated $4,850,000. This in- Jan. 20, it is reported, to allow the voters to determine
eludes $115,000 issued to pay judgments and bearing 4% whether or not $50,000 5% water-system-improvement
interest and dated Aug. 4 1908. These judgment bonds, bonds, maturing $2,500 yearly, shall be issued,
were sold at par to the Illinois. Trust & Savings Bank, the
D e n v e r S c h o o l D is t r i c t N o . 1 (P . O . D e n v e r ), C o l.— Bond
First Trust & Savings Bank, the Merchants Loan & Trust
Election.—The Board of Education has called an election for
Co. and the Harris Trust & Savings Bank, all of Chicago.
Jan. 16 to vote on the question of issuing $1,000)000
Clark County (P. O. Jeffersonville)/Ind.— Bond Sale).— coupon bonds for building additional schools.
On Dec. 21 1908 $62,000 4 y2% free-gravel-road bonds were
D e s h ie r , H e n r y C o u n t y ,' O h io .— Bond Sale—O n Jan. 11
awarded to Chas. C. Wedding Y& Co. of Indianapolis at par. the $2,000 4 % coupon sewer-construction bonds described
Denomination $1,000 and $550. Date May 15 1908. Inter­
in V. 88, p. 115, were aivarded to the Security Savings Bank
est semi-annual; Maturity part yearly for twenty years.
& Trust Co. of Toledo at par and accrued interest less $47 50
Clarksburg1, Harrison County, W . V a.— Borid Election.— for attorney’s fees and other expenses. A bid of par and
An election will be held Jan. 18 to vote on the question accrued interest, less $50 for fees and Other expenses, was also
of issuing $120,000 5% “ 30-year bonds for improvements to received from Hoehler & Cummings of Toledo. Maturity
$40(Tyearly on Dec. 1 from 1909 to 1913 inclusive.
the water-works and sewerage system.




THE CHRONICLE

J A N . 1G 190 9.1

E a s t c h e s t e r ( P . O . T u c k a lio e ) , N . Y —Bond Sale—On
. Jan. .14 $81,942 09 registered, ditch and drain bonds were
awarded, it is stated, to the people’s Savings Bank of 'Yon­
kers ,at par (or 3.95s. Denomination $1,000, except1 one
bond of $942 09. Date “ eb. 1 1909. Interest'semi-an­
nually at the First National Bank ot Mt. Vernon. Maturity
on Feb. 1 as follows: $3,942 09 in 1910 and *3,600 yearly
from 1911 to 1936 inclusive.
.
E d d y C o u n t y ( P . O . C a r ls b a d ), N e w M e x .—-Correction.—
The purchasers of the three issues of 6% 10-20-year (optional)
/coupon bridge bonds aggregating $24,500, disposed of on
Dec. 26 1908, were Mason, Lewis & Co. of Chicago and not
Mason, Leech & Co. as we were at first advised. The price
paid was $27,075 (110.51) and accrued interest— a basis of
about 4.673% to the optional date and about 5.145% io
full .maturity.
E v e r e t t , M a s s .— Note Offering—Proposals were asked
for until 5 p. m. yesterday (Jan. 15) by Nathan Nichols,
City Treasurer, for $60,000 notes, in anticipation of taxes.
Denomination to suit purchaser. Maturity $30,b00 on
Oct. .20 1909 and $30,000 on Nov, 20 1909. The resultof
this offering was not known to us at the hour of going to press.
F a r ib d u lt , R ic e C o u n t y , M in n .— Bond Sale—Oh Jan. 11
the $80,000 4% gold coupon water-works bonds described
in V. 88, pi 115, were awarded to thb Harris Trustt & Savings
Bank of Chicago. Maturity $5,000 yearly on gJanuary 1
from 1917 to 1926 inclusive and $10,000 on Jan. 1 in each
of the years' 1927, 1928 and 1929
Bids were also received from Woodin', McNear & Moore of
Chicago, John Nuveen & Co. of Chicago, Otis & Hough of
Cleveland, Minnesota Loan & Trust Co. of Minneapolis,
Kane & Co. of Minneapolis and Eugene M. Stevens of Minne­
apolis.
F a ir m o n t , M a r tin C o u n t y , M in n .— Bond Offeting —Pro­
posals will be received until 8 p. m. Jan. 20 by E. L. Lewis,
City Clerk, for $10,000 refunding bonds at not exceeding 5%
interest. Denomination $1,000. Interestiseirti-anhual. Ma­
turity twenty years. Certified1check for 5% of bid s re­
quired.
u
F a l l R i v e r , M a 3 s .—Bond Sales. for the Year 1908.— This
city during the year 1908 issued $415,000 bonds. We give
the list in full below, whether previously registered in this
column or not.

.

Amount. Purpose.
850.000 Sewer
170.000 Municipal
75.000 Hospital
70.000 School .
20.000 Sewer
20.000 Municipal
10.000
do
•,v«w
.uv,

Int.Rale
Date. ,
■i
Mch. 2 1908
4
do
4 % May 1 1908
4
June 1 1908
4
do
4
Aug. 1 1908
4
N ov. 2 1908

Maturilt/.
.
Purchaser.
,
'.Price.
Mch. 2 1928 Merrlll.Oldham&Co. 102.279
Mch. 2 1918 Private sale
Par.
May 1 ’09-28 H .W . P o o r & C o
107.483
; 1928
Tucker,Hayes & Co. 106.660
June 1938 Kstabrook & Co
107.15
Aug. 1 1918
do
do
102.35
N ov, 2. 1918 Sinking fund
Private

Temporary Loans.— The city negotiated'$568jOOO of tem­
porary lpttns, ,durfngv.thp: year.
F a r m in g t o n , F u lt o n C o u n t y , 111.— Bond.Sale.— The $4;000
5% coupon water-works-system-extensioh bonds /described
in V. 88, p. 63, were awarded on Jan. 4 to H. T. Holtz &
Co. of Chicago at 104.15 and accrued interest. Purchaser
to furnish blank bonds. A „„
list of the bids received follows:
I I . T . H o ltz & C o ., C h ic ._ d S 4 ,100 00
T h o s . J . B olg er C o ., C h ic .
4,161 00
S . A . K ea n , C h ic a g o -------- a 4,084 00
A . G. E d w ard s & S on s,
S t. L o u is .............................. 54,082 50

H arris T ru st & S av in gs
H ank, C h ic a g o ---------------a$ 4 ,0 7 5
P u tte r ,W a lle r & M a y , C h ic. a 4 ,0 5 7
C offin & C ra w fo rd , C h i c . . c4,053
J o h n N u v e e n & C o ., C h ic . 4,011

a F urnish b la n k b on d s a n d p a y a ccru e d Interest.
c A n d fu rn ish bla n k bon d s.

OO
00
33
00

5 A n d a c c r u e d Interest.

Maturity on Nov. 2 as follows: $400 in 1910 and $200
yearly from 1911 to 19^$ inclusive.
F le m in g , P in e C o u n t y , M in n .— Bond Offering^—Proposals
will be received until 1 p. m. Jan. 18 by the Board of Super­
visors, at the office of M. Bird, Town Clerk (P. O. Bruno) •
for $10,000 6% road and bridge-construction bonds. De­
nomination $1,000. Date Jan. 15 1909. Interest annual.
Maturity $1,000 yearly on Jan. 15 from 1919 to 1928 inclus­
ive. Certified check for $500, payable to the Town Treas­
urer, is required,
.
F o r r e s t C o u n t y ( P . O . H a t t i e s b u r g ) , M is s .—

Bond Sale.-.

On Jan. 4 the $20,000 5% 25-year road and bridge bonds
described in V. 88, p.,63, were awarded to the Commercial
Bank & Trust Co. of Laurel at 107.625 and accrued interest.
Purchaser..to furnish lithographed blank bonds.
G r a n d F o r k s , N . D . — Warrant Sale,— On Dec. 16 1908 the
$75,000 7% ', coupon, paving assessment warrants were
awarded to the Wells & Dickey Co. of Minneapolis at 103.08.
Date Jan. 1 1909. Maturity $5,000 yearly on Jan. 1 from
1915 to 1929 inclusive.
G r e e n s p r in g , S e n e c a C o u n t y , O h io .— Bond Election.—
A vote will be taken on January 23 on a proposition to issue
$ 16 ,0 0 0 waterrwprk$ bonds.
G u ilfo r d C o u n t y ( P . O . G r e e n s b o r o ) , N . C .—

Bond Offering.

173

been approved by J. H. Caldwell of New York City and John
N. Wilson of Greensboro, ‘ whose opinions will be delivered
to the successful(bidder.
G u t h r ie , L o g a n C o u n t y , Okla.— Bond Sale.— The $150,000
5% convention-hall-construction bonds yoted on June 23
1908 (V. 8 7 ,,p. 115.) have been sold to the Manhattan Con­
struction Co. and H. M. Fielding, Contractors, at par. De­
nomination $1,000.. Date July 27 1908. Interest semi­
annual. Maturity July 27 1933.
£ H o o d C o u n t y (P . O . G r a n b u r y ) , T e x . — Bonds Voted.—
Reports state that the proposition to issue the $29,000 bridge
bonds mentioned in V. 87, p. 1675, carried at the election
held Jan., 2.
H o u s t o n , T e x . — Bond Sale.— The four issues of 4 “ ;% 20­
30-year (optional) .bonds, aggregating $700,000, described in
V. 88,. p. 63, were sold on Jan. 7 to Weil, Noth & Co of
Cincinnati at 102.81— a' basis of about 4.29% to the optional
date and about 4.333% to full maturity. A list of the bid­
ders follows:
W e ll, R o th & C o .,C I n c in $719,671
E . H . R ollin s & S o n s, C h lc .$ 7 1 1 ,9 7 0
W m . R - C o m p to n B o n d
&
D e v it t . T re m b le & C o ,, Ch 1
A ltge. Co S t. L o u is
_715.5510 A . B . L ea ch & C o ., C h icago |
M a c D o n a ld , M c C o y & C o .,
O tis & H o u g h , C le v e la n d , ‘ 705,415
C h i c a g o ----------------------------- 71 2 ,2 2 5 S e a s o n g o o d & M a y e r, Clnc_J

These securities were registered by the State Comptroller
on Jan . 2.
Bond Election Proposed.—Petitions are being circulated
requesting the Mayor to call an election to vote on the
question of issuing $2,000,000 bonds to deepen the ship
canal to twenty-five feet.
I n d ia n a p o lis , I n d .—Bond Sale.— On Jan. 12 the $600,000
3 ^ % '30-year coupon city-hall bonds described in V. 88, p.
116, were awarded to Miller, Adams & Co., Indianapolis;
Breed & Harrison, Cincinnati, and E. H. Rollins & Sons’
Chicago,at their joint bid of $600,425, or 110.07. There were
no!other bidders.
. I n t e r n a t i o n a l F a lls ,

Election.—An

K o o c h ic h in g

C o u n t y , M in n .— ■Bond

election will be held Jan. 20 to vote on th e
question of issuing $22,000 6% 20-year water-works bonds.
I r v in g t o n (P. O . N e w a r k ), N . J . — Bond Sgle.— Repbrts
state that $27,000 4)/£% 50-year school bonds were sold on
Jan. 6 to the Merchants’ National*Bank of Newark at 108.
J e a n e r e t te

S ch ool

D is tr ic t,

I b e r ia

P airish ,

L a .—

Bonds

Offered by Brokers— Cutter, Waller & May of Chicago are
offering to investors $23,000 5% 10-year school-building
bonds dated Jan. 1 1909 Denomination $500. Interest
semi-annually at the Canal-Louisiaria Bank & Trust Co. in
New Orleans.
Total debt this issue. Assessed valuation
$1,039,965. Actual valuation (estimated) $4,159,860 .
J e ffe r s o n C o u n t y ( P . O . W a t e r t o w n ) , N . Y .—Bond Offer­
ing.— Proposals will be received until 12 m. Jan. 25 by F W
Mayhew, County Treasurer, for $70,000 4 % registered high­
way-improvement bonds. Authority Chapter 115, Laws of
1898, and amendments thereto, and Sections 5 and 7, Gen­
eral Municipal Law. Denomination $5,000. Date Feb. 1
1909. Interest annually at the County Treasurer’s office.
Maturity $5,000 yearly on Feb. 1 from 1916 to 1929 inclusive.
Bonds are free from taxation. Certified check for $1,500,
payable to the County Treasurer, is required.
J e r s e y C it y , N. J .—Bond Sale.—We are advised by tele­
graph that the $1,300,000 4% 40-year gold coupon refunding
bonds described in V. 88, p. 116, were sold yesterday (Jan.
15)/$800,000 to A. B. Leach A Co. of New York City at
102.333 and $500,000 to the Sinking Fund Commissioners
of Jersey City at 103.06.
J e w e ll S c h o o l D is t r ic t

(P .

O.

J e w e ll) ,

J e w e ll C o u n t y ,

Kans.— Bonds Voted.— At an election held Dec. 9 the voters
were in favor of issuing $25,000 15-year building bonds.
The vote was 335“ for” to 24 “ against.” These bonds will
be placed on the market about March i 1909.
K a n s a s .—

Bonds Purchased by the State During December.—

The following bonds, aggregating $67,900, were purchased
by the State Permanent School Fund at par during the
month of December, 1908:
P ow ell T o w n s h ip . C om an ch e C o u n ty — S14 .00 0 4
r e fu n d in g 1B onds
d a te d D e c. 2 1908 a n d m atu rin g S e p t. 1 1928.
Osage. C o u n ty S c h o o l D is trict N o . 6 9 — 3 1 ,0 0 0 5 % b u ild in g b o n d s d a te d
D e c , 3 190 8. M a tu rity o n J u ly 1 fro m 1910 t o 1918, s u b je c t t o call a t
p ar a t a n y In terest-p a yin g p e rio d .
Crawford County School District N o. 100— 3800 5 % building bonds dated
Dec. 9 1908. Maturity on Jan. 1 from 1910 to 1914, subject to call at par
at any Interest-paying period.
G o v e C o u n ty S c h o o l D is tr ic t N o . 4 3 — 3 1 ,2 0 0 6 % b u ild in g b o n d s d a ted
D e c . 0 1908.
M a tu rity o n J u ly 1 fro m 1911 t o 1919, s u b je c t t o call a t
p a r a t a n y in te re st-p a y in g p e r io d .
W o o d s o n C o u n ty S c h o o l D is tr ic t N o . 9— 3900 5 % b u ild in g b o n d s d a te d
D e c . 14 1908. M atu rity on J u ly 1 fro m 1910 t o 1914, s u b je c t t o caU a t
p a r a t a n y in te re st-p a yin g p e rio d .
m a tu rin g M ay116~19 3g ' 000 5 “^ re fu n d in g b o n d s d a te d D e c . 3 0 1908 and

— Proposals will be received until 12 m. January 18 by the
K a n s a s C it y , M o .— Bond Sale.—On Jan. 11 the $250,000
Highway Commission, John L. King, Chairman, for $55,000 4% coupon market-improvement bonds described in V. 87,
5 % .coupon highway-improvement bonds. Denominations p. 1676, were awarded to the Fidelity Trust Co. of Kansas
45 bonds of $1,000 each, 14 bonds of $500 each and 30 bonds City, Mo., at 102.55 and accrued interest, The bids received
pf . $.100 each, Bonds will be dated June 1 1903 and all were as follows:
coupons up to and including Jan. 1 1909 will be detached. F id e lit y T ru st C o ., K a n ­
H . P . W right Investm ent
; ,
sas City, M o . , -------------5 25 6,37 5 00 - C o . , K a n s a s ,C ity .______ 253 ,406 00
Interest semi-annually at the office of the County Treasurer
000 b o n d s
10,385 00 K o u n tz e B r o s ., N e w Y o r k 25 3 ,2 7 7 50
in Greensboro. Maturity June 1 1933. Bid must be un­ R .W .M o r - 10,000 b o n d s 10*413 00 E s ta b ro o k & C o ., B o s to n 2 53 ,275 00
conditional, made on a printed form furnished by the City rls o n & C o . 2 0 ,0 0 0 b o n d s 2 0,46 ) 00 O ’C o n n o r & K a h l e r .N .Y . 2 53 ,075 00
an sas
2 0 ,000 b o n d s
2 0 ,5 4 0 00 L e e .H lg g in s o n & c o .,C h fc . 2 52 ,938 25
Comptroller, and accbmpanied by a certified check on a CKity
,
2 0,000 b o n d s
2 0 ,6 2 0 00 F isk & R o b in s o n , C l j lc .-5 2 5 1 ,475 00
. .1. 2 0 ,0 0 0 .b o n d s 2 0 ,7 1 0 00 J o h p N u v e e n & C o ., C h ic. 2 50 ,937 50
national bank for 2% of bid, payable to Greensboro Loan &
W in . R . C o m p to n B o n d *
M erca n tile T r u s t C o . , S t.
.,
Trust Company.$ /Purchaser to pay accrued interest. The
M tge; C o .. St. L o u is ,. 255,781 25
L o u is _______. . . . . ___ 2 5 0 ,0 0 0 00
bonds have been certified to as to their genuineness by the R . L . D a y & C o ., B o s to n 254 ,122 50 Harris Trust & Savings
B la k e B ro s. & C o .'.B o s to n 2 5 3 ,9 0 0 00
B a n k , C h ic a g o ________ 25 0 ,0 0 0 00
United States Mortgagej& TrustiCo. and their legality has N
. W . H a lse y & C o ., C h L 2 53 .350 00




.

.

.. LAtfcj

THE CHRONICLE

174

[VOL. L X X X V III.

Dec. 28 1908. Proposals are again asked for these bonds
Maturity Jan. 1 1924.
PER. \Y. Morrison & Co. of Kansas City, Mo., contended that and will be received this time until 2:30 p. m. Jan. 27.
Meridian, Miss.— Bond Election Proposed.— It is stated
their bid for $100,000 of the $250,000 bonds, at an average
price of 103.128, should have been accepted, they claiming that petitions are being circulated providing for an election
that the notices of the sale of these bonds called for bids on to vote on the issuance of $250,000 water-works bonds.
all or any part of the entire issue. The Finance Committee
Milton School District (P. O. Milton), Umatilla County,
decided, however, that the bonds must go as a whole, and Ore.— Bond Sale.— This district has sold $35,000 5% 10-20therefore made the award to the Fidelity Trust Co.
year (optional) building bonds. Authority election held
L a c Q u i P a r le C o u n t y ( P . O . M a d is o n ), M in n .— Bond Dec. 29 1908. Interest semi-annual.
Sale.— On Jan. 7 the $60,125 5% ditch bonds described in
Minnesota.— Bonds Purchased by State During December.—
V. 88, p. 64, were awarded to the Minensota Loan & Trust During the month of December 1908 the following 4% bonds
Co. of Minneapolis at 100.914 and accrued interest. A list were purchased at par by the State Permanent Trust Funds:
of the bidders and the premiums offered by the same follows:
S o u th S t. P a u l, D a k o ta C o u n t y — $5,0 0 0 b o n d s d a te d D e c. 1 1908 an d

\

M in n . L o a n & T r . C o .. M in n .$ 5 5 0 .00| U . M . S to d d a rd & C o ., M ln n .$ 5 4 0 .0 0
T h o s . J . B olger C o ., C h ic___ 547.501 A . B . L e a ch & C o ., C h ica g o .. 4 9 5 .0 0
K a n e & C o ., M in n e a p o lis -- 542.501 U n io n I n v e s tm e n t C o ., M inn. 4 8 0 .0 0

b Bids were also received from S. A. Kean and John Nuveen
& Co., both of Chicago, bu t'w e are informed that these
were not considered. Maturity from “ five to ten years.”
L a C r o s s e , W i s . — Bonds Authorized.— The City Council
recently authorized, it is reported, the issuance of $85,000
sewer-extension bonds.
*
s- L e e C o u n t y ( P . O . S a n fo r d ), N . C .— Bond Sale.— MacDon­
ald, McCoy & Co. of Chicago have bought $40,000 5% bonds.
These securities take the place of the $40,000 5% 30-year
coupon court-house and jail-construction bonds awarded on
June 8 1908 to C. A. Webb & Co. of Asheville (V. 86, p.
1483), which sale, we are advised, was never consummated.

lU JaIc k s o n 7C o u n ty — $ 9 ,000 b o n d s d a te d D e c . 5 1008 a n d d u e In 1926
R e d w o o d C o u n ty — $ 8 ,000 D itc h N o . 7 b o n d s d a te d D e c . 14 1908 and
dUM arshal? C o u n ty S c h o o l D is trict N o . 52— $800 b o n d s d a te d D e c . 21 1908
anp ip e s t o n e C o u n ty I n d . S c h o o l D is trict N o . 1— $ 4 ,0 0 0 b o n d s d a te d D e c. 24
1908 and d u e In 1924.
.
,
_ ^
OQ inAQ
B e ltra m i C o u n ty — $492 S ta te D itc h N o . 52 b o n d s d a te d D e c . 28 1908
a llMorrIso1n C o u n ty S c h o o l D is trict N o . 118— $600 b o n d s d a te d D e c . 28
1908 an d d u e in 1927.
_
„„
M eeker C o u n ty I n d . S c h o o l D is trict N o . 9— $ 4 ,000 b o n d s d a te d D e c. 28
1 9 lfe n t o n 'c o u n t ^ S c ii o o l D is tr ic t N o . 37— $ 1 ,200 b o n d s d a te d D e c. 28 1008
an Tm’kso^n C o iin ty — $ 10 ,000 b o n d s d a te d D e c. 28 1908 and d u e in 1927.
K a n d r y o h i C o u n ty S c h o o l D is tr ic t N o . 147— $3,0 0 0 b o n d s d a te d D e c. 28
1 0 B8eltram 1UC o m it y 2S c h o o l D is tr ic t N o . 117— $ 1 ,4 0 0 b o n d s d a t e d D e c . 28
1908 an d d u e In 1924.

Minnesota Lake, Faribault County, Minn.— Bond Offer­
will be received until Jan. 22 for $3,500 5%
water-system-construction bonds maturing in 1915. Authroity vote of 57 to 11 at election held Dec. 29 1908.
Monona County (P. O. Onawa), Iowa. Eond Saler—On
Ja m es H A d a m s & C o .,L o s A .$ 5 ,1 3 7 I W m . R . S taats & C o ., L o s A n .$ 5 ,0 0 1
G . G . B ly m y e r & C o ., S an F r . 5 ,0 5 7 1F irst N a t. B k ., B a rn esvilie, O . 4,851 Jan. 6 the $20,000 Maple River Drainage District No. 6
Denomination $400. Date Dec. 9 1908. Interest annual. and the $40,000 Young-Aldrich Drainage District No. 4
1-10-year (serial) bonds described in V. 88, p. 64, were
L o s A n g e le s S c h o o l D is t r i c t ( P . O . L o s A n g e le s ), C a l.—
Bonds Voted.— The election held Jan. 6 resulted in favor of awarded to the Farmers’ Loan & Trust Co. of Sioux City for
the propositions to issue the following bonds mentioned in $61,000 (101.666) and accrued interest for 6s. Bonds to
The following bids,
V. 87, p. 1560: $480,000 for high-school purposes and be delivered as the money is needed
$240,000 for the use of common schools. The vote is re­ which provided that the bonds should be delivered as soon
ported in local papers as 7,965 “ for” to 3,006 “ against” the as their legality could be established, were also received.
T? P nm ntnn Rnm l &
I H . T . I lo ltZ & CO.» C h ic -----fl$61,082
former propositions and 8,099 “ for” to 3,098 “ against” the
latter proposition.
M a c o n , M a c o n C o u n t y , M o .— Bonds Voted.-—The election
held Nov. 27 resulted in a vote of 358 to 71 in favor of a T r o w b r i d g e & N lvcr C o .,C h i. a 6 l,1 0 0 | T ru s t C o ., l o l e d o ............. - 060,310
proposition to issue $18,400 bonds. These securities will
a F o r 6s. ft F o r 515s.
_ _
.
be placed on the market “ in the near future.”
All bidders offered accrued interest in addition to their bids.
M a h n o m e n , M a h n o m e n C o u n t y , M in n .— Bond Sale
M o n t a n a .— Bond Sale.— On Jan. 2 the $414,000 4% coupon
On Jan. 9 the $5,000 10-year coupon electric-light-plant refunding bonds described in V. 88, p. 64, were awarded to
construction bonds described in V. 88, p. 64, were awarded the State Board of Land Commissioners at par. A ind was
to the Wells & Dickey Co. of Minneapolis at 103.82 and also received from N. W. Halsey & Co. of Chicago. Ma­
accrued interest for 6s. Following are the bids:
turity twenty years, subject to call after ten years, with a
W e lls & D ic k e y C o ., M in n .a S 5 ,1 9 1 1C. H . C o ffin , C h ica g o -----------a $5 ,026
further option of redeeming any of them in three years by
K a n e & C o ., M in n e a p o lis. - -b par. J o h n N u veen & C o ., C h ic a g o . a 4 ,8 5 0
S . A ■ K e a n , C h ic a g o _______ a 5 ,095 (C om m ercia l In v e s t. C o ., D u lu th a par
the payment of a 5% premium.

i1 L it t l e

Lake

S ch ool

Bond Sale.— On

D is tr ic t,

R iv e r s id e

C ou n ty,

C a l.—

Jan. 6 James II. Adams & Co. of Los
Angeles were awarded $4,800 6% 12-year bonds at 107.02
—•a basis of about 5.207%. Following are the bids:

ing.— Proposals

—

C o ffin & C ra w fo rd , C h ic a g o . a5,093|
a fo r 6s.

b fo r 515s.

A m o u n t.
$ 1 0 0,00 0
* 1 00 ,000
150 .0 0 0
1 2 0 .0 0 0
f 5 0 ,0 0 0

W ith whom negotiated—
B o n d & G o o d w in , B o s to n
F irst N ation a l B a n k , B o s to n
E liot N ational B a n k , B o s to n
B lak e B ros. & C o ., B o s to n
F irst N ation a l B a n k , B o s to n

M o n t c la ir ,

M a ld e n , M a s s . — Temporary Loans Negotiated in Year 1908.
— The following loans were negotiated during the year 1908:
Hate o f D iscou n t.
M a tu rity
4-6;?%
8 m o n th s.
3-;>0%
N o v . 13 1908
5 m on th s
*}-*j8%
6 m on th s
3 .3 2 %
4 m o n th s

5 5 2 0,00 0

E ssex

C ou n ty ,

N.

J .—

Bonds Authorized

The Town Council has passed an ordinance providing to r
the issuance of $35,000 fire-house bonds.
M o n t g o m e r y C o u n t y , N . Y . — Bond Sale.—-The $33,000
4% 4-14-year (serial) registered highway-improvement
bonds advertised to be sold on Sunday Jan. 10, and described
in V 88, p. 116, were awarded to Lawrence Barnum & Co.
of New York City at 101.133— a basis of about 3.849%.
The bids received were as follows:
T

B a rn u m & C o ., N . Y o r k _ $ 1 0 1 .133 I K o u n tz e B r o s ., N ew Y o r k

100 .133

With but one exception we reported the above loans at W N C olor & C o .. N ew Y o r k 100.361 E . S e y m o u r & C o ., N ew Y o r k p a r 's j
various times during the year. The above is given as a mat­ F e n w ick & R o g e rs o n , N . Y . 100.31 [ E . H . R ollin s & S o n s, B o s . 99.9156
Bonds are dated Feb. 1 1909.
ter of record.
M o n t g o m e r y , A l a . — Bonds Voted.— The voters on Dec. 14
M a n a t e e , M a n a te e C o u n t y , F l a .— Bond Election.— An
election will be held Jan. 21 to determine whether or not the authorized the issuance of the following 5% 30-year bonds
voters are in favor of a proposition to issue $15,000 6% mention of which was made in V. 87, p. 1257. $140,000 for
rniblic schools, $25,000 for extending the sewerage system;
20-year street-improvement bonds.
$50 000 for a hospital; $10,000 for a wharf and store-house,
M a r k s C r e e k T o w n s h i p , R ic h m o n d C o u n t y , N . 0 . — Bond
Sale.__The $15,000 30-year coupon good-road bonds offered and’ $25,000 for improving the water-works.
M t V e r n o n , , K n o x C o u n t y , O h io .— Bond Sale—The two
on Jan. 4 and described in V. 88, p. 64, were awarded to
lpq‘ of 4V>°7r paving assessment bonds described in V. 88,
G. Edwards & Sons of St. Louis as 5%s at 100.81 and ac­
p 116 w e r e disposed of on Jan. 11, it is stated, as follows:
crued interest. Twelve bids in all were received.
$41 000 for the paving of High Street awarded to the Knox
Massachusetts.— Sales for the Year 1908.— The following County Savings Bank of Mt. Vernon at 102.25 and $8,000
bonds were issued by the State during the year 1908:
for paving East Burgess Street sold to the First National
P u rch a ser.
P r ic e P a id .
A m o u n t.
P u rp o se .
l o t . R ate. M a tu rity .
Bank of Mt. Vernon for $8,206.47— the price thus being
A . B . L e a ch & C o . - .1 0 1 .4 0
N o v . 1 1937
$ 4 5 0,00 0 G rade c ro s sin g 3
4 1 2 .0 0 0 A rm o ry
3 15 M ck. 1 19381
102.58.
1 1948
4 0 0 .0 0 0 Charles R iv e r
3 >5 Jan .
N o v . 1 1937
M u r d o , L y m a n C o u n t y , S . D . — Bond Offering.— Proposals
3 0 0 .0 0 0 H osp ita l
3 \i
1 1946 E . H . R ollin s &
Jan .
700 .0 0 0 S ew er
3w
will be received until 8 p. m. Jan. 20 by J. R. Guthrie, City
1928
Sons
1
101.40
Ja
n
.
125 .000 Park
315
Auditor, for $12,000 5% coupon water-works-system bonds.
2 0 9 .0 0 0 P rison & H o sp al3 15 N o v . 1 1937
A p r. 1 *09-’38
495 .000 H ig h w a y
3 >5
Authority Sections 1391, 1392 and 1393, Revised Political
*09-38
M
ch
.
1
180 .000 C ou rt H o u se
3 >5
Code of 1903. Denominations $1,000 and $500. Date
5 0 .000 G rade crossin gs 3 15 N o v . 1 19371
M ch. 1 1938
8 ,5 0 0 A rm o ry
315
Feb. 1 1909. Interest semi-annually in Murdo. Maturity
100
S e p t. 1 1938 S inking F u n d s
2 0 .0 0 0 A rm ory
315
Feb. 1 1929. Certified check for 5% , payable to the City
3 ,2 0 0 P risons & H o s p ’ s3 15 N o v . 1 1937
The above table, it will be noted, includes all the loan Treasurer, is required.
M u r r a y C o u n t y S c h o o l D is t r ic t N o . 9, O k la .— Bond Sale.—
reported in this Department during the year.
The following temporary loans aggregating
Qrrorro<Taf'T $6,850,000, The Oklahoma Bond & Trust Co. of Guthrie was recently
awarded $1,000 6% bonds. Denomination $500. Date
were negotiated during the year:
nnn nt.
4 % I $ 1 .0 0 0 .0 0 0 a t ____ 4 .5 0 % |$2,0 0 0 ,0 0 0 a t . .2 .5 0 %
August 31 1908. Interest Jan. 1 and July 1 at the fiscal
i ^ o i o o o at : : : : : 2 .o 6 %
5 0 0 .0 0 0 a t — - 2 .5 0 %
5 0 0 .0 0 0 a t. .
2%
agency in New York City. Maturity July 1 1928. lotal
’ 5 0 0 ,0 0 0 a t _____ 2 .7 5 % |
250 ,000 a t --------2 . o 0 / O|
Memphis, Tenn .—Bonds Not Sold—Bond Offering.—No debt this issue. Assessed valuation $211,868.
award was made of the $1,009,500 4% coupon (with privilege
of registration) refunding bonds offered (V. 87, p. 1621) on




N e w a r k , N . J .— Bond Sales for the Year 1 9 0 8 .— I n
th e c it v o f N e w a r k p la c e d $ 2 ,1 5 5 ,0 0 0 b o n d s as fo llo w s :

908

J an. 16 1909.)
Amount.
$ 1 ,2 8 6 ,0 0 0
£ 1 7 2 ,0 0 0
5 0 .000
1 30 .000
1 00 .000
10 0 .0 0 0
2 6 7 .0 0 0
5 0 .0 0 0

THE CHRONICLE

Purpose.
Int. rate. Date.
Sch ool
1
4
O ct.
T r a c k ele v a tio n
4
S e p t. 1
W a te r
N o v . 16
4
R efu n d in g
J u ly
4
1
W a ter
4
A u g. 1
" H i g h P ressu re1 4
S e p t. 1
S ch o o l
4
D e c. 31
R e fu n d sew er
4hS A p ril 10

Maturitu.
Purchaser.
1908
(*) K o u n t z e B r o s .,N .Y .
1908
(*) N . W . H a ls e y & C o.
1908
1928
1908
1923
1038 [S in k in g F u n d .
1908
1938
1908
1938
1908
1943
1908
1909

• " A f t e r 40 y e a r s .” ^ A m o u n t o f b o n d s r e p o rte d as $ 20 0,00 0 a t tim e o f
sale.

T h e a b o v e ia a c o m p le t e lis t, in c lu d in g , t h e r e fo r e , sales
a lr e a d y r e p o r t e d b y u s.

—Bond Offering—

F N e w b u r g h , O ra n g e C o u n t y , N . Y
P r o p o s a ls w ill b e r e c e iv e d u n til 2 p . m . J a n . 20 b y B e n ja m in
M c C lu n g , M a y o r , fo r S I 1 5 ,0 0 0 r e g is te re d s c h o o l-b u ild in g
bonds.
D e n o m in a t io n t o s u it p u r c h a s e r .
D a te F e b 1
1909.
I n t e r e s t (r a te t o b e n a m e d in b id ) p a y a b le s e m i­
a n n u a lly a t th e o f fic e o f th e C it y T r e u s u re r .
M a tu r it y
tw e n ty y ea rs.
O ffic ia l c ir c u la r s ta te s th a t th e c i t y h as
n e v e r d e fa u lt e d in th e p a y m e n t o f its o b lig a t io n s a n d th a t
th e r e is n o c o n t r o v e r s e y o r lit ig a tio n p e n d in g o r th r e a te n e d
a ffe c t in g th e v a lid it y o f th e s e b o n d s .

175

N.

W . Harris & C o .. New York (for 4 s ) . . . ............. .............................. 100.65
(for 4 s ............................................. 100.02
Edmund Seymour & C o., New York-jfor 4J£s on a 4 K % bas s.
............................. ...1 0 7 . 2 1 9
Ifor 4 H s
Geo. M . H ahn, New York (for 4 .0 5 s )..................................... ..................... .1 0 0 .0 7
R. M . Grant & C o., New York (for 4 . 0 5 s ) . . . ............... ..........................100.015
Par
Lawrence Barnum & C o., New York (for 4 .0 9 s ).....................................
Adams & C o ., New York (for 4 .1 0 s )_________________________________ 100.378
H . L. Crawford & C o., New York (for 4 .1 0 s )______________________ 100.067
W . J. H ayes & Sons, Cleveland (for 4 .2 5 s )----------------------- ------------------100.04
Farson, Son & C o., New York (tor 4 .3 0 s )____________________________ 100.125
O ’Connor & Kahler, New York ( f o r 4 J $ s ) ._ ............................................. 105.797

Philadelphia, Pa.— Bond Sale.— On Jan. 11 the $1,500,000
4% 30-year registered certificates described in V. 88, p. 117,
were awarded to Wm. A. Read & Co. of New York City at
103.841— a basis of about 3.785%.
A list of the bids received follows:

N e w H a v e n , F a y e t t e C o u n t y , P a .—
— O n J a n . 11
$ 1 2 ,0 0 0 5 % 7 -1 8 -y e a r (se r ia l) r e fu n d in g b o n d s w e re a w a r d e d
to P . S . B r ig g s & C o . o f P h ila d e lp h ia a t p a r .
D e n o m in a t io n
$1 ,0 0 0 .
D a t e J a n . 11 1 9 0 9 .
I n te r e s t s e m i-a n n u a l.

W m . A . R e a d & C o ., N . Y - . 103.841
( $ 2 5 0 ,0 0 0 ..1 0 3 .5 6 9
P h ila d e lp h ia S a v in gs F u n d
R . L . D a y & C o.,| 2 5 0 .0 0 0 ..1 0 3 .3 6 9
S o c ie t y , P h ila d e lp h ia ____ £ 10 3.76 3
5 0 0 .0 0 0 ..1 0 3 .1 9 9
B o s t o n .............
H . F . B a ch m a n & C o ., P h lla .1 0 3 .7 1 5
l 5 0 0 .0 0 0 ..1 0 3 .0 9 9
N e w b u rg e r,
H e n d e rso n
&
S in k in g F u n d Com -1 S 5 0 .0 0 0 -- 1 0 3 X
L o e b a n d W m . S a lo m o n &
m lssloners, P h ll a ./7 5 0 .0 0 0 - - 1 0 3 X
C o ........ .........................................103.691 H e y l & C o ., P h ila d e lp h ia (fo r
H a r v e y , F isk & Son s a n d
$ 50 0,00 0 b o n d s ) .......... .......... 103 .375
A . B . L e a ch & C o ________ 103.685 B la k e B ros.
& ($ 1 0 0 ,0 0 0 .-1 0 3 .7 7
O ’C o n n o r & K ah ler, a n d F a r­
C o ., N ew Y o r k 1 0 0 ,0 0 0 ...1 0 3 .6 1
s o n , S o n & C o ., N ew Y o r k . *10 3 .6 3 1
l 1 0 0 ,0 0 0 .-1 0 3 .5 4
N a tio n a l C ity B a n k ,a n d N . VV.
W ln t h r o p , S m ith
& C o .,
H arris & C o ., N e w Y o r k . o l 0 3 . 334
P h lla . ($ 2 0 0 ,0 0 0 )................ 103.54
K o u n tz e B r o s ., N e w Y o r k . . 103.231 In d e p e n d e n c e T r u s t C o .,P b Ila .
a “ A ll o r a n y p a r t .”
x “ A ll orl,
( $ 1 0 0 ,0 0 0 ) _______ __________ 103 .50
n o n e .”
[J“ o h n R o th w e ll,P h lla . ($5,000) 1 01.50

N e w L o n d o n , C o n n .—
— P r o p o s a ls w ill b e
r e c e iv e d u n til 1 :3 0 p . m . J a n . 18 a t th e o f fi c e o f F it c h L .
C o m s t o c k , C ity T r e a s u r e r , f o r $ 1 0 0 ,0 0 0 4 % c o u p o n g o ld
m u n ic ip a l-b u ild in g b o n d s .
D e n o m in a t io n $ 1 ,0 0 0 .
I n te r e s t
F e b . 1 a n d A u g u s t 1.
M a tu r ity F e b . 1 1 9 2 9.
C e rtified
c h e c k f o r 1 % o f th e b o n d s b id f o r is r e q u ir e d .
C o r p o r a t io n
C o u n se l t o fu rn is h s a t is fa c t o r y p r o o fs as t o th e le g a lit y o f
bonds.
S u c c e s s fu l b id d e r to h a v e o p t io n o f p a y i n g in fu ll
f o r th e b o n d s a llo t t e d t o h im o n d e liv e r y a s s o o n a s b o n d s
a r e p r in t e d , o r ta k in g th e m a t in te r v a ls o f o n e m o n t h , v iz :.
2 5 % F e b . 15, 2 5 % M a rch 15, 2 5 % A p r il 15 a n d 2 5 % M a y 15.

Am ount.
$22 0 ,0 0 0
2 ,8 4 7 ,8 0 0
.. i
8 0 0 ,0 0 0
2 5 .0 0 0

Bond Sale.

Bond Offering.

Bond Offering.

N e w P r a g u e , M in n .—
— P r o p o s a ls w ill b e
r e c e iv e d u n til 7 :3 0 p . m . J a n . 25 b y J o h n F . B r u z e k , C it y
C le rk , f o r $ 8 ,0 0 0 5 % c o u p o n g e n e r a l-fu n d b o n d s .
D e n o m i­
n a t io n $ 1 ,0 0 0 .
D a te F e b . I 1909.
I n te r e s t a n n u a lly a t th e
C it y T r e a s u r e r ’ s o f fic e .
M a tu r it y $ 1 ,0 0 0 y e a r ly o n J u ly 3
fr o m 1911 t o 1918 in c lu s iv e .
C e rtifie d c h e c k f o r $ 1 0 0 , p a y ­
a b le t o th e C ity C le rk , is r e q u ir e d .

.—Bond

Sale.

N o r m a n S c h o o l D is t r i c t ( P . O . N o r m a n ) , O k la
— D u r in g th e m o n t h o f S e p te m b e r 1908 a n issu e o f 5 %
2 0 -y e a r s c h o o l b o n d s w a s a w a r d e d t o A . J . M cM a h a n o f
O k la h o m a C it y a t p a r .
D e n o m in a t io n $ 1 ,0 0 0 .
D a te J a n . 1
1909.
I n te r e s t s e m i-a n n u a l.
N o r t h A d a m s , B e r k s h ir e C o u n t y , M a s s .—
— I t is r e p o r te d th a t th e C it y C o u n c il h as a u t h o r iz e d th e
M a y o r a n d C it y T r e a s u re r t o b o r r o w $ 2 0 0 ,0 0 0 in a n t ic i­
p a t io n o f t a x e s .

Loan Authorized.

Note Sale.

N o r t h a m p t o n , M a s s .—
— A c c o r d in g t o r e p o r ts ,
G e o r g e M ix t e r o f B o s t o n r e c e n t ly p u r c h a s e d $ 7 5 ,0 0 0 10m o n th s n o te s a t 3 .3 4 % d is c o u n t .

Bond Sales.

O k m u lg e e C o u n t y (O k la .) S c h o o l D i s t r i c t s .—
— T h e O k la h o m a B o n d & T r u s t C o . o f G u th r ie r e c e n t ly
p u r c h a s e d th e f o llo w in g b o n d s :

$800 7 % S c h o o l D istrict N o . 36 b o n d s.
D e n o m in a tio n s $50 0*an d' $30 0.
$ 1 ^ 8 5 0 * 1 190 8’ M a tu rlty J u ly 1 1028.
A ssessed v a lu a tio n

Bond Election Proposed.— The Board of Education on
Jan. 12 passed a resolution requesting Councils to authorize
the submission to a vote at the general election next Novem­
ber of the question of issuing $4,000,000 school-building
and site-purchase bonds.
Pittsburgh, Pa,— Bond Sales for the Year 1908.— The city
of Pittsburgh issued in 1908 $3,892,800 bonds as follows:
Purpose.
P a rk
V a riou s

•
F iltra tio n 1904
P u b lic H e a lth

Int. Bate.
Purchaser.
Price Paid.
4H
S in k in g F u n d
100
41$ I N . W . H arris & C o. a n d l ..1 0 4 .8 1 9
l K o u n t z e B r o s ., N . Y . J
3 « \
4 H J S in k in g F u n d
Par

T h e sa les r e p
, orted
1908 in the “ Chronicle” totaled
$4,328,000. The excess is accounted for by the fact that
the $2,847,800 sale given above was reported as $3,124,700
at the time of sale and that two issues amounting to $158,300
which we reported sold in November to the Sinking Fund
will not be issued, we are now informed, until 1909.
P h o e n i x , M a r ic o p a C o u n t y , A r i z . —

Bond Offering.— P r o ­

posals will be received up to and including Jan. 18 (to b e
opened Jan 19) by F. Thomas, City Recorder, for $60,000
5 % 'gold coupon water-works bonds. Denomination $1,000.
Date March 1 1904. Interest semi-annually at the American
Exchange National Bank in New York City. Maturity
March 1 1929, subject to call, however, $30,000 yearly after
15 years from their date. Bonds are tax-exempt. Certified
check on a national bank for $1,000, payable to H. A. Diehl,
City Treasurer, is required.
P o la n d T o w n s h ip ( P . O . L o w e l l v i l l e ) , M a h o n in g C o u n t y ,
O h io .— Bond Sale.— On Jan. 7 the $20,000 4 )^ % coupon

bonds described in V. 88, p. 64, were awarded to Hayden,
Miller & Co. of Cleveland at 107.41 and accrued interest.
Following are the bids:
H a y d e n , M ille r & C o .,C le v .$21,482 00
S e a so n g o o d & M ayer, C ln . 2 1 ,4 6 6 00
O tis & H o u g h . C le v e la n d . 2 1 ,344 50
W e ll, R o th & C o ., C i n e . . 2 1 ,342 00
C. E . D e n iso n & C o .,
C le v e la n d _______________2 1 ,1 1 4 25

N e w F irst N a tio n a l B a n k ,
C o lu m b u s ___________________$ 21 ,063 55
F irst N at. B a n k . C le v e ___ 2 0 ,7 6 7 00
S tru th e rs S av in gs & B a n k ­
ing C o ., S tr u th e r s ______ 2 0 ,5 7 5 00
W . J . H a y e s & S o n s, C le v . 2 0 ,5 1 4 00

1,0 0 0 6 % S c h o o l D istrict N o . 33 b o n d s .
D e n o m in a tio n $50 0. D a te A u g ,
1 8 1 908.
M a t u r lt y J u ly 1 1 928.
Assessed v a lu a tio n $64 ,0 1 0 .
1,5 0 0 6 % S c h o o l D istrict N o . 20 b o n d s.
D e n o m in a tio n $50 0. D a te O c t . 1
1008. M a tu rity J u ly 1 1023.
Assessed v a lu a tio n $1 5 7 ,3 5 2 .

Maturity $5,000 yearly on July 1 fr o m
inclusive.

I n t e r e s t J a n . 1 a n d J u ly 1 a t th e fisca l a g e n c y in N e w
Y ork .
T h e a b o v e d is t r ic t s h a v e n o o t h e r d e b t .

Bond Sale.— During

Bonds Voted.—

O r d , V a lle y C o u n t y , N e b .—
I t is s ta te d
t h a t a p r o p o s it io n t o issu e $ 4 0 ,0 0 0 h ig h -s c h o o l-b u ild in g
b o n d s w a s f a v o r a b l y v o t e d u p o n a t a r e c e n t e le c t io n .
P a r is , L a m a r C o u n t y , T e x a s .—
On D e c. 28
1 9 0 8 a n issu e o f $ 2 5 ,0 0 0 5 % 1 0 -5 0 -y e a r ( o p t i o n a l) s tr e e t im p r o v e m e n t b o n d s w a s s o ld to A . B . L e a c h & C o . o f C h ica g o
a t 1 0 5 .0 2 8 a n d a c c r u e d in te r e s t . T h e s e se cu r itie s w ere
re g is te r e d b y th e S ta te C o m p tr o lle r o n D e c . 17 1 9 0 8 .
D e­
n o m in a t io n $ 5 0 0 .
D a te N o v . 10 1 9 0 8 . I n te r e s t F e b . a n d
A u gu st.

Bond Sale.—

P a r is S c h o o l D is t r i c t ( P . O . P a r i s ) , B o u r b o n C o u n t y , K y .
s c h o o l-b u ild in g b o n d s
w a s d is p o se d o f o n D e c . 2 8 1908 t o S e a s o n g o o d & M a y e r o f
C in c in n a ti f o r $ 1 5 ,5 5 5 5 5 — th e p r ic e th u s b e in g 1 0 3 .7 0 3 .
D e n o m in a t io n $ 1 ,0 0 0 .
I n te r e s t M a y 1 a n d N o v . 1.
M a­
tu r it y $ 1 ,0 0 0 y e a r ly o n N o v . 1.

—Bond Sale.— A n issu e o f $ 1 5 ,0 0 0 5 %

Bond Offering.-

P a r k C re e k I r r ig a t io n D i s t r i c t , L a r im e r C o u n t y , C o lo .—
— P r o p o s a ls w ill b e r e c e iv e d u n til 10 a . m .
J a n . 18 b y th e B o a r d o f D is tr ic t D ir e c t o r s a t th e ir o f fic e in
F o r t C o llin s fo r $ 7 2 ,0 0 0 6 % b o n d s .
D e n o m in a t io n $ 1 0 0 o r
$ 5 0 0 t o s u it p u r c h a s e r .
D a t e D e c . 1 1 9 0 8.
I n te r e s t s e m i­
a n n u a l.
M a tu r it y o n D e c . 1 a s fo llo w s : $ 4 ,0 0 0 in 1919;
$ 4 ,5 0 0 in 19 2 0; $ 5 ,2 0 0 in 1921; $ 6 ,0 0 0 in 1922; $ 6 ,5 0 0 in 1923
$ 7 ,3 0 0 in 1924; $ 8 ,0 0 0 in 1925; $ 9 ,5 0 0 in 1926; $ 1 1 ,0 0 0 in
1 9 2 7 ,a n d $ 1 0 ,0 0 0 in 19 2 8.
R . Q . T e n n e y is S e c r e ta r y a n d
A . E . G o o d w in is P r e sid e n t B o a r d o f D is tr ic t D ir e c t o r s .

Bids.

P e lh a m U n io n F r e e S c h o o l D is t r i c t N o . 1 ( P . O . P e lh a m ),
W e stch e ste r C ou n ty , N . Y .—
— T h e fo llo w in g b id s w ere
r e c e iv e d o n J a n . 7 f o r th e $ 5 0 ,0 0 0 b u ild in g a n d $ 2 0 ,0 0 0
s c h o o l-s it e b o n d s a w a r d e d o n J a n . 7 t o N . W . H arris
of
N e w Y o r k C ity ^ a t 1 0 0 .6 5 _ a n d a c c r u e d in te r e s t f o r 4s ( V .
8 8 , p. 1 1 7 ):
~ ‘




Jr i

& Co.

R e d C lo u d S c h o o l D is t r ic t

(P . O. R ed

1 909

to

1912

C lo u d ) , N e b .—

December $25,000 4 %% bonds of this
district were sold to the State Permanent School Fund at
par. Securities are dated June 1 1907. Maturity June 1
1927, subject to call after June 1 1912.
R e d L o d g e , C a r b o n C o u n t y , M o n t .— Bond Offering.—
Proposals will be received until 8 p. m. Jan. 25 by F. P.
Whicher, City Clerk, for the $30,000 5% coupon sewersystem-construction bonds mentioned in V. 87, p. 1375.
Denomination $1,000. Date April 1 1909. Interest J a n . 1
and July 1 at the Red Lodge State Bank. Maturity twenty
years, subject to call after ten years. Certified check for
$500, “ on some financial institution known to the City
Council” , is required. Bonds are exempt from from a ll
tazes.

Bond Sale.

R e d w o o d C it y , S a n M a te o C o u n t y , C a l.—
— On
J a n . 4 $ 2 0 ,0 0 0 0
2 0 -y e a r w a te r -s y s te m -e x te n s io n b o n d s
w e re a w a r d e d to ~
W . H a lse y & C o . o f S a n F r a n c is c o a t
1 0 9 .3 0 7 . F o llo w in g a re th e b id s :
N .W .H a ls e y & C o ..S a n F r .$ 2 1 ,8 6 1
G . G . B ly m y e r & C o .,S a n F . 2 1 ,7 7 0
E H .R o llIn s & S o n s S a n F r. 2 1 ,5 2 4
W m . R . S taats & C o ., L o s
A n geles ............................. 21,253

50 Jas. H . A d a m s & C o ., L o s
...................... $ 21 ,425 00
An geles
00
00 B ank o f C o m ’ ce .S a n D iego 2 0 ,9 7 4 00
S ta te B o a rd o f E x am in ers,
S a c r a m e n t o ____________ 2 0 ,8 2 0 00
50

D e n o m in a t io n $ 1 ,0 0 0 .
D a te J a n . 2 19 0 9.
I n t e r e s t s e m ia n n u a l.
R h o d e I s la n d .—
— T h e o f fic ia l v o t e c a s t a t
t h e N o v . 3 e le c t io n , w h ich r e su lte d in f a v o r o f t h e p r o p o s i­
tio n s t o issu e t h e $ 3 0 0 ,0 0 0 b o n d s fo r im p r o v e m e n t s to th e
S t a t e in s t itu tio n s a n d $ 6 0 0 ,0 0 0 b o n d s fo r th e c o n s t r u c t io n o f
S t a te h ig h w a y s ( V . 8 7 , p . 1 2 5 7 ), w a s 2 1 ,5 1 4 “ f o r ” t o 9 ,4 0 9
“ a g a in s t ” t h e fo r m e r issu e a n d 2 6 ,9 9 4 “ f o r ” t o 8 ,0 8 4
“ a g a in s t ” th e la t t e r .
R o ch e ste r, N . Y .—
— T h is c i t y o n J a n . 13
n e g o tia t e d a lo a n o f $ 2 6 5 ,0 0 0 w ith B o n d & G o o d w in o f
N e w Y o r k C it y a t 3 .3 3 % in t e r e s t .
M a tu r it y J u n e 13 1 9 0 9
F o l l o w i n g j i r e th e b id s :

Official Vote.

Temporary Loan.

THE CHRONICLE

176

____________________ 3 .3 3 % interest
____________________ 3 .4 5 % Interest
.5 0 % in terest a n d $10 prem iu m
____________________ 3 .7 5 % Interest
____________________
4 % Interest
___________________3 .6 7 5 % Interest
\ 100 , 000 . . ___________________3 .7 3 5 % Interest
S u tr o B r o s ., N ew Y o r k ($ 1 0 0 ,0 0 0 )----------- __________________ 3 .8 7 5 % Interest
B o n d & G o o d w in , N e w J Y o r k --------------------A llia n ce B a n k , R o e h e s te r ................................
A . G . M o o re , R o c h e s t e r ___________________i
S a lo m o n <fc C o ., N ew Y o r k ------------------------E d m u n d S e y m o u r & C o ., N ew Y o r k ------S e c u r ity T ru s t C o ., R o c h e s t e r f $ 1 0 0 ,0 0 0 ..

Bond Sale.—
Anjissue of $5,000 5% coupon bridge bonds, proposals for
which were asked until Dec. 5 1908, has been awarded to
S. Heineman of Merrill. There were no other bidders.
Denomination $1,000. Date Sept. 15 1908. Interest
April 1. Maturity $1,000 yearly on April 1 from 1909 to
1913 inclusive.

JR R o c k F a lls T o w n s h i p , L in c o ln C o u n t y , W i s . —

[V O L . L X X X V I I I .

school bonds on Jan. 5 for $126,400— the'price thus being
105.333.
Springfield, Mass .—Bond Sales for the Year 1908.— This
city during the year ending Dec. 31 1908 sold $625,000 bonds.
Although the sales were almost all reported by us during
the year we give the entire list below so as to have the
record complete.
A m o u n t.
$125,000
270 .000
160 .000
50.0 0 0

20.000

P u rp o se.
M iscellaneous
W a ter
1
S c h o o l an d sew er
S tre e t
R iv e r

M a tu ritu .
D a le.
Interest H ate.
N o v . 1 1907
4
N o v . 1 1917
Ja n . 1 1911-1937
J a n . 1 1908
4
O c t . 1 1909-1928
O c t . 1 1908
4
do
4
do
do
do
4

$ 6 2 5,00 0

Bond Offering.—
Temporary Loans.— The following temporary loans were
Proposals will be received until 8 p. m. Feb. 11 by R . W . also negotiated in 1908:
Bassett, Village Clerk, for the following 5% coupon assess­ A m o u n t.
W ith w hom N eg o tia ted .
R ate o f D isco u n t.
D ate.
2 .9 5 %
J u ly 25 19081
$15 0,00 0
ment bonds:
M organ & B a rtlett
2 .8 0 %
A u g. 21 1908 1

p R o c k y R iv e r , C u y a h o g a C o u n t y , O h i o .—

$ 4 ,2 9 0
660
420
320
2 ,4 6 0
560
310

F ra zier d riv e -im p r o v e m e n t b o n d s.
D e n o m in a tio n $429.
B u ck in g h a m ro a d -im p r o v e m e n t b o n d s.
D e n o m in a tio n $66.
A rg y le O val s tr e e t-im p ro v e m e n t b o n d s .
D e n o m in a tio n $ 4 2 .
K en s in g ton O v a l s tr e e t-im p ro v e m e n t b o n d s.
D e n om in a tion $32.
F ra zier d r iv e -im p r o v e m e n t b o n d s .
D e n o m in a tio n $246.
B u ck in g h a m r o a d -im p r o v e m e n t b o n d s.
D e n o m in a tio n $56.
A rg y le O val str e e t-im p ro v e m e n t b o n d s.
D e n o m in a tio n $31.

150 .000

200.000
50,0 0 0

3 .2 3 %
2 .8 0 %

Ju n e 19 1908
S e p t. 12 1908 J

____
_ ..— Reports
,
state that the $1,080,000 3}4%
Sale
Bond _
3-29-year (serial) gold Westfield Little River Water Loan
bonds, a description of which was given in this Department
Authority Section 1536-210, 1536-211, 1536-222 of Revised last week, were sold on Jan. 13 to Merrill, Oldham & Co.,
Statutes. Date Jan. 1 1909. Interest April 1 and Oct. 1 Estabrook & Co. and R . L. Day & Co., all of Boston, at
at the Rocky River Savings Bank. Maturity one bond their joint bid of 102 19—a basis of about 3.323%.
of each issue yearly on Oct. 1 from 1909 to 1918 inclusive.
T a lla d e g a , T a lla d e g a C o u n t y , A l a .— Bond Sale.—T h e
Certified check for 5% of the bonds bid for, payable to the
Village Treasurer, is required. Purchaser to pay accrued $10,000 5% 30-year coupon refunding bonds described in
V. 86, p. 1608, have been awarded to the Standard Accident
interest.
Insurance Co. at 95.
R o s e b u d C o u n t y ( P . O . F o r s y t h ) , M o n t .— Bond Offering.—
T a u n t o n , M a s s .— Sales for the Year 1908.— During the
Proposals will be received until 10 a. m. Jan. 22 by R . J.
Cole, County Clerk, for $33,000 Forsyth Bridge and $40,000 year 1908 this city placed $51,000 bonds answering the f o lRosebud Bridge coupon bonds at not exceeding 4J^% 1 ? ™ I d e pCI r p o \ l ° n ‘
D a te .
Interest R a te.^ M a tu rity L
J a n . 1 1928
4%
interest. Denomination $1,000. Date Jan. 1 1909. Int­ $ 1 5 ,0 0 0
W a te r
J a n . 1 1908
D e c . 1 1927
4%
12.000
S
c
h
o
o
l
D
e
c
.
1
1907
erest semi-annually in Chicago or New York. Maturity
Ju
n e 1 1912
4
%
2 .0 0 0
M u n icipa l
Ju n e 1 1907
Ju n e 1 1913
4%
twenty years, subject to call after ten years. Certified
5.0 0 0
do
Ju n e 1 1908
Ju n e 1 1918
4%
12.0
0
0
d
o
Ju
n
e
1
1008
check for $2,000, payable to the County Treasurer, is re­
J u ly 1 1938
4%
5.0 0 0
W a te r
' "
J u ly 1 1908
quired .
With a few exceptions, the above sales were all reported by
R u s t o n , L in c o ln P a r is h , L a . — Bond Sale.— This city has us under the dates they took place.
sold $33,000 water-mains and electric-light bonds to a
Temporary Loans.— Temporary loans amounting to $49,­
Cleveland firm.
000 were also negotiated during the year.
S a lo , A it k in C o u n t y , M in n .— Bond Offering.— Proposals
T e n a fly , B e r g e n C o u n t y , N . J.— Bond Sale.— On Jan. 6
will be received until 12 m. Jan. 21 by John E. Suoja, Town the $12,000 4J/£% 1-12-year (serial) coupon drainage bonds
Clerk (P. O. Grayling), for $6,000 bonds at not exceeding described in V. 88, p. 65, were awarded to H. L. Crawford
6% interest. Authority Chapter 64, Laws of 1905. Denom­ & Co. of New York City at 102.383 and accrued interest—
ination $500. Interest annual. Maturity $500 yearly on a basis of about 4.079% . Following is a list of the proposals
July 1 from 1914 to 1925 inclusive.
received:
S a n B u e n a v e n t u r a , C a l.— Bond Offering—Proposals will H L C ra w ford & C o ., N . Y . 1 0 2 .3 8 3 1 R . M . G ra n t & C o ., N . Y -------100.69
J - D E v e rltt & C o ., N . Y . .1 0 2 .0 0 j P alisade T ru s t & G uar. C o -----------p a r
be received until 7:30 p. m. Jan. 18 by Edwin Isensee, City N . W . H a lse y & C o ., N . Y . . . 1 0 1 .2 7 1First N ation a l B a n k , T e n a fly -------par
Clerk (P . O. Ventura),for $23,000 5% gold coupon bonds.
Date Jan. 1 1909. Bonds are tax exempt.
Denominations: 20 bonds of $1,000 each and 5 bonds of $600
T e r r e b o n n e P a r is h S c h o o l D is t r i c t N o . 3, L a . — Bonds
each. Date Dec. 1 1907. Interest semi-annually at the
office of the City Treasurer. Maturity $4,600 yearly on Offered by Brokers.— The $27,000 5% coupon school-building
Dec. 1 from 1929 to 1933 inclusive. Certified check on a bonds for which bids were asked until Sept. 19 1908 are being
bank in California for 5% of the bonds bid for, payable to offered to investors by Cutter, Waller & May of Chicago.
the City Treasurer, is required. Purchaser to pay accrued The bonds mature on Oct. 1 as follows: $2,500 in each of
interest. The legality of the bonds has been favorably the years 1909 and 1910, $3,000 yearly from 1911 to 1915
passed upon by the attorneys for the Bankers’ Association inclusive and $3,500 injeach of the years 1916 and 1917, and
are described in V. 87, p.499.
of Ventura County.
U t ic a , N . Y . — Bond Sale.— On Jan. 11 $2,670 27 5%
S a n F r a n c is c o , C a l.— Bond Offering.— Further details are
pavin^ bonds were awarded to W. N. Coler & Co. of New
a t hand relative to the offering on Feb. 8 of the following York°City for $2,687 55— the price thus being 100.647.
5% bonds mentioned in V. 88, p. 65: $2,000,000 for fire There were no other bidders. Maturity part yearly from one
protection, $800,000 for sewers, $900,000 for schools, $400,­ to six years.
U t ic a D r a in a g e D is t r i c t , N e b .— Bond Sale.— On Dec. 26
000 for hospitals, $660,000 for a Hall of Justice and $640,000
f o r the disposal of garbage.
Proposals for these bonds, 1908 $12,600 6% drainage bonds were disposed of at par a s
follows: $6,300 to the Merchants’ Bank and $6,300 to Geo.
made on blank forms furnished by Dillon & Hubbard of L i^ e tt, both of Utica, Neb. Denomination $900. D a te
New York City or by the Clerk of the Board of Supervisors, Jan” 1 1909. Interest annual. Maturity $900 yearly.
W a g o n e r C o u n t y ( O k la .) S c h o o l D is t r i c t s .— Bond Sales.— •
will be received by John E. Behan, Clerk Board of Super­
visors. Denomination $1,000. Interest is payable in New The Oklahoma Bond & Trust Co. of Guthrie was the success­
ful bidder for the following 6% bonds recently disposed of:
York or San Francisco, at option of purchaser. Certified $2 000 S c h o o l D istrict N o . 56 b o n d s. D e n o m in a tio n $500. D ate N o v . 2
’
1 1 1 ns
Assessed vn lu fltlon $13 9,90 8.
check for 5% is required, but it need not exceed $10,000.
1,200 S ch o o l D istrict N o . 17 b o n d s.
D e n o m in a tio n $500 an d $200. D ate
The opinion of Dillon & Hubbard.of New York City as to
Amr 31 1908.
Assessed v a lu a tio n $ 15 0,94 6.
1.000 S ch o o l D istrict N o . 60 b o n d s.
D e n o m in a tio n $500. D a te A u g . 25
the legality of the bonds will be furnishedjtojthe purchaser.
1908.
Assessed v a lu a tio n $ 7 8 ,9 o 4 .

The official nolice of this bond offering will be found among
the advertisements elsewhere in this Department.
p Schenectady County (P. O. Schenectady), N. Y .—Bond
Sale—The $200,000 4 ^ % 1-20-year (serial) coupon (with

1,600 S c h o o l D istrict N o . 49 b o n d s.
D e n o m in a tio n $400.
1908
Assessed v a lu a tio n $ 0 7 ,2 1 3 .

D ate D e c. 8

Interest Jan. 1 and July 1 at the fiscal agency in New
York. Maturity July..l 1928. The above districts have
privilege of registration) funding bonds described in V. 88 no other debt.
W a lt h a m , M a s s . — Temporary Loan.— A loan of $500,000
p. 118, were awarded on Jan. 11 to Lawrence Barnum & Co.
of New York City at 105.666 and accrued interest— a basis of has been negotiated, it is stated, with the First National
Bank of Boston at 3.22% discount. Date Jan. 14 1909.
about 3.84%. The bids received were as follows:
L a w ren ce B a r n u m & C o .,N .Y . 1 05.666 N . W . H arris & C o ., N . Y . . . 104.801 Maturity Nov. 5 1909.
K o u n tz e B r o s ., N . Y ________ 104.611
N . W . H a lsey & C o ., N . Y . .1 0 5 .4 1 1
F a rs o n , Son & C o ., N . Y ___ 105.282
A . B . L ea ch & C o ., N . Y . . . 105.279
B lo d g c t , M e r ritt& C o .,B o s to n 105.179
D o m in ic k & D o m in ic k , N .Y .1 0 5 .0 3
E s te r b r o o k & C o ., N . Y ____ 104 .90
R . L . D a y & C o .. N . Y ...........104.8911

S e m in o le

Sale.— This

C ou n ty

F erris & W h ite , N . Y ............. 104.18
W . N . C oler & C o ., N . Y . ..1 0 4 .1 3
O ’ C on n or & K a h le r, N . Y . . 104.083
O tis & H o u g h , C le v e la n d ____ 103.762
E . H . R ollin s & S o n s, B o s to n 103.555

S ch o o l D is tr ic t N o . 2 5 ,

O k la . —Bond

W a terb u ry ,

N ew

H aven

C ou n ty ,

C o n n .—

Bond Sale.—

On Jan. 11 the $100,000 4% 1-10-year (serial) coupon o r
registered water bonds described in V. 88, p. 118, were
bo'u'dit by Blake Brothers & Co. of Boston at 100.495 and
accrued interest. Following is a list of the bids received:
Blake Bros. & C o ., B o s t o n . $ 1 0 0 ,4 9 5 1M errill,

O ld h am

&

C o .,

district recently disposed of $1,500 6% school \IofTqf it. vv h ltc N Y - ___ 100,2861 B o s to n — -------------------------- $100,079
bonds. The Oklahoma Bond & Trust Co. of Guthrie was O ’C o n n o r & K a h le r, N . Y - 1 0 0 ,2 0 0 [B lo d g c t , M erritt & C o ., B o s t. 100,037
W esson ,
C o p ia h
C ou n ty,
M is s .— Bonds Proposed.—
the successful bidder. Denomination $500. Date Dec. 12
1908. Interest Jan. 1 and July 1 at the fiscal agency in According to reports, this city proposes to issue $3,000 bonds
New York City. Maturity July 1 1928. Total debt this for liquidating a certain indebtedness and $5,000 bonds for
school purposes.
issue. Assessed valuation $89,440.
S h a w n e e S c h o o l D is t r i c t ( P . O . S h a w n e e ), O k la . —Bond

Sale.—John

Nuveenjft&iCo.|(of ChicagoAbought $120,000




W e s t O ra n g e
C o u n t y , N . J. —

S ch ool

D is t r ic t

BondiOffering.—

( P . O . O r a n g e ), E s s e x
P r o p o s a ls lw ill b e r e c e iv e d

Jan . 16 1909. |

THE CHRONICLE

177

until|8jp. m. Jan. 20 by the Clerk of the Board of Education tioned in V. 88, p. 66, carried by a vote of 406 t o 201 at th e
for the $30,000 4)/£% coupon school bonds mentioned in election held Jan. 7. Maturity 1929 to 1939.
V. 87, p. 967. Denomination $1,000. Date Nov. 1 1908.
W in t h r o p ( P . O . B o s t o n ) , M a s s . —
.— We a r e
Interest semi-annually at the office of the United States advised
that the price paid for the $60,000 4 % 20-year w a t e r
Mortgage & Trust Co. of New York City. Maturity $3,000
yearly on Nov. 1 from 1931 to 1940 inclusive. Bid must bonds disposed of at private sale on Jan. 9 was 105.37 and
not 106.52 as reported in last week’s issue. Denomination
be unconditional, made on a printed form furnished by the
$1,000. Date Jan. 15 1909. Interest semi-annual.
Board of Education or the United States Mortgage & Trust
W o r c e s t e r , M a s s .—
— This city during
Co., and be accompanied by a certified check for 2% of the
bonds bid for, payable to Frank L. Baldwin, District Clerk. the year 1908 issued $573,000 bonds and negotiated $850,000
Purchaser to^pay accrued interest. Bonds will be certified temporary loans as follows:
P ric e .
as to their genuineness by the United States Mortgage & Amount. Purpose.
Date.
I n i. Rate. M a tu rity , realized.,
Purchaser.
Street
Jan. 1 1908 4% Jan. 1 1918
102 \State Mutual
Trust Co. of New York City and their legality approved by 50.000
25.000 Sewer
do
do
do
]
Lite Ins. Co
do
Messrs. Delafield & Longfellow of New York City, a copy 15.000 School
do
do
do
do
12.000 Rifle Ranee
do
do
of whose opinion will be delivered to purchaser.
do
do
35.000 W ater
Apr. 1 1908 do
Apr. 1 1918
do |Sinking Fund
W ic h it a , K a n
— No bids were received 25.000 Sidewalk
do
do
do
do ^Commissioners.
Street
do
do
do
do
on Jan. 4 for the $860,000 water-plant-construction bonds 15.000
15.000
do
June 1 1908 do
June 1 1918 105.10
at not exceeding 4 ^ % interest. See V. 88, p. 66, for
5.000 Bridge
do
do
do
104.75
28.000 Sewer
do
do
do
description of these securities.
104.75
25.000 Sewer

Correction

Sales for the Year.

.—Bonds Not Sold.

.—Bonds

Offered by Brokers.

W illia m s o n C o u n t y S c h o o l D i s t r i c t N o . 1 3 , 111

— Cutter, Weller & May of Chicago are
advertising for sale $10,000 4 y2% school-building bonds.
Denomination $1,000. Date Sept. 1 1908. Interest semi­
annually in Chicago. Maturity $1,000 yearly on Sept. 1
from 1914 to 1923 inclusive.
W il k e s -B a r r e , P a
On Jan. 1 $26,500 5%
1-5-year (optional) street-paving and curbing bonds were
disposed of at par to local investors. Denomination $500.
Date Jan. 1 1909. Interest semi-annual.

.—Bond Sale.—

Bond Offering.— Proposals

W il lia m s b u r g S c h o o l D is t r i c t
W h itle y C o u n ty ,
K y .—

(P .

O.

W i l l i a m s b u r g ),

were
asked for until yesterday (Jan. 15) by It. L. Pope, Secretary
of School Board, for $19,000 school-building bonds. De­
nomination $500. Interest (rate to be made in bid), pay­
able at Williamsburg. Maturity, not to exceed twenty years,
$3,000 at end of third year “ and remainder as soon as school
can redeem them.” Bonded debt, this issue. Floating
debt $5,000. Assessed valuation 1908, $1,000,000.
W in c h e s t e r , F r e d e r ic k C o u n t y , V a . —
— The
proposition to issue the $50,000 4% sewerage bonds men­

do
do
do
105.10
4 . 0 0 0 Hospital
July 1 1908 do
July 1 1918 103.76
14.000 Rifle Range
do
do
do
do
1 0 . 0 0 0 Sidewalks
do
do
do
do i Sinking Fund
12.000 Sewer
do
do
do
do ^Commissioners.
10.000 Street
do
do
do
103.33
17.000 Fire D ept.
do
do
do
103.33
20.000 Street Paving
do
do
do
104.19
50.000 Street Paving
do
do
do
100.077
50.000 Crossings
do
do
do
do
Co., Boston.
100,000 School
do
do
do J
3H %
10.000 Catch Basin
Oct. 1 1908 4%
Oct. 1 1918 103.33
26.000 Playgrounds
do
do
do
do
Tem porary L o a n s.

*150,000 loan due Oct. 13T1908— Blake Bros. & Co., Boston, at 5.90% discount
and $1 premium.
200,000 loan due Oct. 15 1908— Loring, Tolman & Tupper, Boston, at 4.48%
discount.
100,000 loan due Oct. 15 1908— Blake Bros. & Co., Boston, at 4.04% discount
and *1 25 premium.
!oan due ° ct- 12 1998— First National Bank, Boston, at 3.45% discount.
359-999 oan due ° ct- 13 1908 at 3-20% discount Kissel, Klnnlcutt & Co.,
199-999 ,loan due ° ct- 15 1908 at 2-70% discount 1New York.
50,000 loan due Oct. 15 1908 at 2.30% discountj

Most of the above sales have already been reported in
the “ Chronicle” . The full list is given here in order to have
a complete record.
Y o u n g s to w n , O h io
The following bids
were received on Jan. 11 for the $5,800 improvement (city’s

Bonds Voted.

.—Bond Sale.—

N E W LOANS.

N E W LOANS.

$ 1,0 0 0 ,0 0 0
S TA TE O F M A R YLA N D

$ 70,000
C IT Y OF S P O K A N E

Treasury Department,
Annapolis, January 1st, 1909.

TH E STATE R O A D S LO A N
The undersigned. Governor, Comptroller and
Treasurer ot the State ot Maryland, In pursuance
of an Act: of the General Assembly of Maryland
ot 1908, Chapter 141, will receive proposals for
*1 ,0 0 0 ,0 0 0 , Series “ B ,” of the said Loan.
“ The State Roads Loan” will be dated February
1, 1909, bear Interest from said date at the rate of
three and one-half per centum per annum, pay­
able semi-annually on the first day of August and
February In each and every year, and the prin­
cipal will be redeemable at the pleasure of the
State after the first day of February In the year
1919, and the whole debt will be payable on the
first day of February, 1924. The debt Is exempted
from State, county and municipal taxation and
will be Issued in bond form , with coupons a t­
tached.
Said proposals must be delivered, sealed, to
the Treasurer of the State, at Annapolis, ON OR
B E F O R E 12 O ’CLO CK N O O N O F T H E F IR S T
D A Y O F F E B R U A R Y , 1909, and must have
endorsed on the back of the envelope “ Proposals
for the State Roads L oan.”
Each bid must be
accompanied with a certified check on some
responsible banking Institution for 10 per cent
of the amount of such Did. and the same will be
opened In the office of the State Treasurer, In the
city of Annapolis, at 12 o ’clock noon, February
1st, 1909. In the presence of the undersigned.
On the opening of such proposals so many of
•aid coupon bonds as have been bid for, not
exceeding, however, the amount for which pro­
posals are Invited, m ay be awarded by said
Governor, Comptroller of the Treasury and Treas­
urer, or a majority of them , to the highest re­
sponsible bidder or bidders for cash; and when
two or more bidders have made the same bid,
which bids are the highest, and if the amounts so
bid for by the highest responsible bidders are In
excess of the whole amount of the said bonds so
offered for sale, then such bonds m ay be awarded
to such highest responsible bidders bidding the
same price In the proportion which the amount
each has bid for bears to the whole amount of
■aid bonds so offered for sale.
These bonds will be Issued In the denomination
of *1,0 0 0 and subject to registration as to prin­
cipal, and no bid for less than par will be accepted.
The right is reserved to reject any and all bids.
A U S T IN L. C R O T IIE R S ,
Governor.
J. W . H E R IN G ,
Comptroller of the Treasury.
M U R R A Y V A N D IV E R ,
Treasurer.

E sta b lish ed 1 8 8 9 .

H . C. Speer & Sons Co
First Nat. Bank Building, Chicago
C IT Y C O U N TY
A N D T O W N S H IP




R O N D Q
-P U I N U O >

2 0 -Y e a r 4 j ^ % C r e m a t o r y B o n d s
^ S e a le d proposals will be received by the Sink­
ing Fund Commission of the City of Spokane,
Washington, at the office of the City Comptroller
of the said city, up to 10:30 O ’CLO CK A . M . of the
18T H D A Y O F F E B R U A R Y , 1909, for the pur­
chase of all or any portion of a $70,000 bond Issue
of said city.
Said bonds are Issued by said city to take up and
pay off the outstanding warrants issued against the
Crematory Fund, and bear date of Feb. 1, 1909,
and payable 20 years after date, and draw interest
at the rate of 4 ^ % annually, payable semi­
annually.
Said commission reserves the right to reject any
and all bids, and each offer must be accompanied
by a certified check for 2 % of the amount of the
bid, payable to Robert Fairley, City Comptroller.
All bids must be t o r at least par and accrued
Interest.
R O B E R T F A IR L E Y .
City Comptroller.

N E W LOANS.
$ 5 ,40 0,0 00
San Francisco, California,
MUNIC IP AL BONDS
Sealed bids will be received on February 8,
1909, for the purchase of Municipal Bonds of the
City and County of San Francisco to the amount
of $5,400,000.
Certified check of five per cent (5 % ) required,
but need not exceed $10,000.
Opinion of Dillon & Hubbard as to legality
furnished.
Present debt only $6,729,100.
Assessed valuation $454 ,00 0,00 0.
For forms of proposals and circulars giving full
Information, apply to Dillon & Hubbard, Attor­
neys, Western Union Building, New York City,
or to the undersigned.
JO H N E. B E H A N ,
Clerk of the Board of Supervisors,
San Francisco, California.

NOTICE OF REDEMPTION

KANSAS CITY, KANSAS
$ 966 ,940.90
CITY 0F0TTAWA, ONTARIO
DEBENTURES FO R SALE
Tenders addressed to “ The Chairman Board of
C ontrol", and marked “ Tender for Debentures,’ ’
will be received by the Corporation of the City
of Ottawa until 12 o'clock, noon, on Thursday,
the 28th January, 1909, for the purchase of
debentures amounting to $966,940.90.
These debentures are all a liability of the City at
large, and bear 4 % Interest, which Is payable
half-yearly on 1st January and 1st July.
About *445,000 arc for 20 years, about *417,000
for 30 years and about $105,000 for 40 years.
All tenders must be on the official form and must
be accompanied with a marked cheque for $5,000.
Accrued Interest will be added to the rate
tendered.
The bonds can be made payable In Ottawa.
New York, or London, at the option of the pur­
chaser; and In denominations to suit.
Delivery will he made at Ottawa by 31st March.
1909.
The highest or any tender not necessarily
accepted
Full particulars, together with further con­
ditions, and official form of tender, can be ob­
tained on application to the City Treasurer,
Ottawa.
NAPOLEON CHAM PAGNE,
Mayor.
Ottaw a, 12th December, 1908.

BONDS
Notice Is hereby given by the City of Kansas
City, W yandotte County, State of Kansas, to the
holders of the series of refunding bonds of said
city bearing date of Feb, 1st. 1898. and another
series of refunding boAqs Gated August 1st. 1898.
all bearing Interest at the rate of Uve per ceht per
annum, payable semi-annually ~1vt the Fiscal
Agency of the State of Kansas In the City of New
York, State of New York, that, pursuant to the
option reserved by said city to redeem said bonds
any time after ten years from their dates, said city
of Kansas City will redeem and pay all of the
bonds of said two series at the Fiscal Agency of
the State of Kansas In the City of New York on
th n js f. Ao.v nf Ffibruary, 1909, and that Interest
on said bonds will cease on m e 1st day of February,
1909.
The Interest accruing on said bonds to said
date of redemption will be paid with the principal
of said bonds upon the presentation, with said
bonds, of all coupons thereto belonging, whether
then due or not, at said Fiscal Agency In the City
of New York.
B y order of the Mayor and Council of the City
of Kansas City.
D. E. CORNELL,
J
Attest: Geo. Fo<rschler J r.,
C ity Clerk.

B a n k e r s & C o m m is s io n M e r c h a n ts
33 WALL STREET

-

•

NEW YORK

]

MacDonald, McCoy & Co.,
1UNICIPAL

R . T . W ilson & Co.

M ayo r.

AHD C0RP0RATI0K

BO NDS.
x8x La Salle Street,

Chicago

THE CHRONICLE

178

n o r t io n ) a n d th e $ 8 5 0 L in d e n A v e . s e w e r -o u tle t 5 % b o n d s
d e s c r ib e d in V . 8 7 , p . 1 6 2 3:
$5>800
5850
B on d s.

B on d s.
-----­
$858 50
----------857 00
----------00
850 00
857 09

Seasongood & M ayer, C in cin n ati-...................................... *$5,980 38
Firemen’s Pension Fund, Youngstown...................................
n E . Denison & C o., Cleveland------------------------------------First National Bank, Cleveland------------------------------------W ell Roth & C o ., Cincinnati----------------------------------------H ayden. Miller & C o., Cleveland— .....................................
Otis & H ough, C leveland----------------------------------------------Horace W illiam son, Youngstown......................... ................

5,976 50
5,961 00
5,960 00
5,957
5,950 00
5,938 04

• Successful bidders.

A ll b id s in c lu d e a c c r u e d in te r e s t.
T h e fo r m e r issu e
m a t u r e s $ 1 ,1 6 0 y e a r ly o n O c t . 1 f r o m 191 0 t o 1914 in c lu s iv e
a n d th e la tt e r issu e O c t . 1 1 9 1 0.
j*r Bond Election.— A n e le c t io n w ill b e h e ld J a n . 2 0 t o a s c e r ­
ta in w h e t h e r o r n o t th e v o t e r s a re in f a v o r o f issu in g $ 2 2 5 ,0 0 0
h ig h -s c h o o l-im p r o v e m e n t b o n d s .
Y o u n g s t o w n S c h o o l D is t r i c t ( P . O . Y o u n g s t o w n ) , O h io .—
Bond Election.— A n e le c t io n w ill b e h e ld J a n . 2 0 t o a s ce rta in
w h e t h e r o r n o t th e v o t e r s a re in f a v o r o f issu in g $ 2 2 5 ,0 0 0
h ig h -s c h o o l-im p r o v e m e n t b o n d s .

r

Canada, its Provinces and Municipalities
A lb e r t a ( P r o v in c e o f ) . — Debenture Sale.— T h e “ F in a n c ia l
P o st o f C anada” o f Jan . 9 says:
The'"Alberta “4 per’cent loan of £411,000 was successfully floated on the
London market this week. The Imperial Bank of Canada, Lloyd’s Bank,
Lim ited, and the Canadian Agency, Limited had the matter In hand,
the listsIbelnpr closed on Thursday, the 7th , with the issue fully subscribed.
The price was 99
the same as Saskatchewan. I h ls is the first loan
of the jie w province.

B e r lin , O n t .— Debentures Defeated— A n e le c t io n h e ld J a n .
4 re s u lte d in th e d e fe a t o f a p r o p o s it io n t o issu e $ 1 1 ,0 0 0 5 %
fir e -s t a tio n d e b e n tu r e s .
T h e v o t e w a s 371
fo r ’ to 934
“ a g a in s t .”
B r a n d o n , M a n .— Debenture Sale.— W e se e it s ta t e d th a t
W . ' A . M a c K e n z ie & C o . o f T o r o n t o r e c e n t ly p u r c h a s e d
$ 1 2 5 ,0 0 0 5 % d e b e n tu r e s is s u e d f o r th e fo llo w in g p u r p o s e s :
$ 1 0 ,0 0 0 d u e D e c . 31 1 928 f o r a c e m e t e r y ; $ 1 5 ,0 0 0 d u e D e c .
31 1 928 f o r r e g is t r y ; $ 2 5 ,0 0 0 d u e 193 8 f o r b r id g e s ; $ 2 5 ,0 0 0
d u e 1 923 f o r w a te r m e te r s a n d $ 5 0 ,0 0 0 d u e 1 934 f o r w a te r
w ork s.

IN V E S T M E N T S .
B lo d g e t, M e r ritt & C o .

Colchester North, Ont.— Debenture Sale.— An issue * of
$8,354 5% 10-year drainage debentures has been awarded
to G. A. Stimson & Co. of Toronto.
Fernie, B. C.— Debenture Offering.— Proposals will be
received until 5 p. m. Jan. 22 by G. H. Boulton, City Treas­
urer, for $50,000 5% electric-light debentures. Maturity
twenty
years.
852 00
Fort William, Ont.— Debentures Voted.— Ten by-laws
providing for the issuance of $367,000 debentures were
favorably voted upon Jan. 4. V. 87, p. 1679.
Galt, Ont.— Debentures Defeated.— The election held
Jan. 4 resulted in the defeat of the proposition to issue
the $10,000 4J^% 15-year street-improvement debentures
mentioned in V. 87, p. 1679. The vote was 208 “ for” to
808 “ against.”
Halifax, N. S.— Debenture Offering.— Proposals will be
received until 12 m. Feb. 10 by W. L. Brown, City Treasurer,
for $105,600 4% debentures, for the purpose of erecting and
equipping schools. Authority Chapter 07 of the Acts of
1907. Denomination coupon debentures of $1,000 each or
stock certificates of multiples of $100. Interest semi­
annually from Jan. 1 1909, payable at the office of the City
Treasurer. Maturity July 1 1940. Purchaser to pay ac­
crued interest. Official circular states that there has never
been any default in the payment of the city’s obligations
and that there has never been any litigation affecting the
validity of its bonds.
Hespeler, Ont .—Debentures. Defeated.— By casting a
vote of 115 “ for” to 158 “ against” the electors of this city
on Jan. 4 defeated the proposition to issue the $2,500 5%
15-year public-park debentures mentioned in Y. 87, p. 1679.
Kingston, Ont.— Debentures Defeated.— The election held
Jan. 4 resulted in the defeat of the proposition to issue the
following 4)^% coupon debentures described in Y. 88, p.
1679: $10,000 to aid Wormwith & Co. in reconstructing
their piano factory and $20,000 for improving the streets.
McNab Township, Ont.— Debentures Voted.— The election
held Jan. 4 resulted in a vote of 448 to 114 in favor of pro­
positions to issue the following 4J^% coupon debentures:
$4,300 to pay off an existing floating debt; $1,700 to repair
the Clay Bank bridge and $14,000 to rebuild the Stewart-

INVESTMENTS.

INVESTMENTS.

Albert K leybolte & C o .,

Cuban S ecu rities

409 W a ln u t

BANKERS

A S P E C IA L T Y

S treet,

C IN C IN N A T I, O.

M unicipal,
County,
S tate,

STATE, CITY
AND

RAILROAD BONDS

6o State Street, -

[V O L . L X X X V I I I.

and

H ig h -G r a d e
P u b lic
S ecu rities

Boston

FRANCKE, THOM PSON & ROBB
Members N. Y. Stook Exchange

43 Exchange Place
Telephone 6444 Hanover

S ervice

BRANCH OFFICE

Correspondence Solicited.

Bristol Building, 5th A ve . and 4iid St.

30 Pine Street, - New York

Telephone 1558 Bryant

P erry, Coffin & B u rr,
municipal and railroad

BO NDS.

IN V E S T M E N T

SEAS0N600D & MAYER,

CHELTEN TRUST COMPANY

A U C T IO N E E R S .

Regular Weekly Sales

BOSTON.

M e r c a n tile L ib r a r y B u il d in g
C IN C IN N A T I.

8LA C K STA FF

OF

& CO S T O C K S and B O N D S

IN V E S T M E N T S

5614 Germantown Avenue

1 332 W a ln u t 8 tr e e t

Philadelphia, Pa.
Sollotathebusln ss o f Corporations and Munici­
palities desiring th : service o f a Registrar. Trustee
or Financial Agent.

A drian H M u lle r & Son

State Street,

60

LIST ON A P P L IC A TIO N .

BONDS

EVERY W EDNESDAY.
Office, N o . 55 W I L L I A M S T R E E T ,
C orner 1*1 no Street.

P H IL A D E L P H IA

LIS T OF SPECIALTIES ON REQUEST

O TTO JU LIU S M E R K E L
BROKER

W ilkinson, Reckitt, W illiam s

&

Co.

44

AND 46 W ALL 8T..

NEW

YORK,

INVESTMENT SECURITIES.
Correa pondenoo Invited

C E R T IF IE D P U B L IC A C C O U N T A N T S
NEW YORK

CHICAGO

PHILADELPHIA

52 Broadway

Marquette B id *.

Mutual L if* B id *.




LON° ON, ENGLAND
Leadenhall Bld*s.

HUNT-, S A LTO N S TA LL

&

C O .,

Member* ol New York Slock Bicbenn

Investment Securities
60 S T A T E S T R E E T
BOSTON

Jan .

16 1909. J

179

THE CHRONICLE

ville bridge and the Dochert bridge. Date April 1 1909.
Interest annually at the Bank of Ottawa in Arnprior.
Maturity part yearly on March 31 from 1910 to 1929 inclu­
sive. John McGregor (P . O. Burnstown) is Clerk.
N o k o m is , S a s k . — Debenture Offering.— Proposals will be
received up to Feb. 1 by W . A . Armour, Secretary-Treasurer,
for $10,000 6 % 20-year town-improvement debentures.
O s h a w a , O n t . — Debenture Sale.— Steiner, Dunlop & Co.
o f Toronto were the successful bidders for the following
debentures recently disposed of:
$ 4 ,090 4 1 3 % 3 0 -y e a r lo ca l-im p ro v e m e n t de b e n tu re s.
0,8 0 0 5 % 2 0 -y ea r lo ca l-im p ro v e m e n t d eben tu res.

P r in c e A lb e r t , S a s k . — Debenture Sale.— Reports state
that the $40,000 5 % % high-school-debentures, proposals
for which were asked until Dec. 15 1908, have been awarded
to the Imperial Bank of Canada at 108.10. These deben­
tures mature part yearly for thirty years and are described
in V. 87, p. 1496.
Q uebec
( P r o v in c e
o f ) . — Debenture Offering.— Further
details are at hand relative to the offering of the $750,000
4 % jail-construction debentures mentioned in V. 88, p. 120.
Proposals for these debentures will be received until Jan. 26
by the Provincial Treasurer. Date Dec. 1 1908. De­
nomination to suit purchaser. Interest annually at the
provincial treasury department in Quebec. Maturity
Dec. 1 1958, subject to call after twenty-five years, upon one
year’s notice.
R e n fr e w , O n t .—Debentures

Voted—Debenture Offering.—

The issuance of the $5,000 5 % sewer-construction debentures
mentioned in V. 87, p. 1496, was authorized by a vote of 242
to 69 at the election held Jan. 4. Proposals for these deben­
tures will be received at any time.
S t . J o h n s , Q u e . — Debenture Offering.— Proposals were
asked for until 12 m. yesterday (Jan. 15) by J. A. Raym ond,
Secretary-Treasurer, for $70,000 4 y 2 % 40-year debentures.
Interest semi-annual. The result of this offering was not
k n o w n to us at the hour of going to press.
S t . J o h n , N . B . — Debenture Sale.—’Local papers report
that on Jan. 10 the following debentures described in V. 88,
p. 120, were awarded to J. M. Robinson & Sons of St. John:

$9,5 0 0
9.5 0 0
6 .5 0 0
53,0 0 0

4 % r e d e m p tio n s c h o o l d e b e n tu re s a t 97. M a tu rity N o v . 1 1946.
4 % r e d e m p tio n s c h o o l d e b e n tu re s a t 08. M a tu rity N o v . 1 1931.
4 % r e d e m p tio n s c h o o l d e b e n tu re s a t 98. M a tu rity N o v . 1 1931.
4 k i % r e d e m p tio n s c h o o l d eb en tu res at 1 04 .16. M a tu rity N o v . 1 1933

Purchasers to pay accrued interest.
S a s k a t c h e w a n . —Sale

of School District Debentures.—

Reports state that the following debentures have^been
disposed of to J. A . Reid of Regina: $500 of New Home
S. D . N o. 724; $400 of ICowalawha S. D . No. 1739; $1,200
of Lautier S. D . N o. 2198 and $300 of Ohioville S. D . N o .
1854.
S a s k a t o o n , S a s k . — Debenture Sale.— W ood, Gundy & C o .
of Toronto have been awarded $143,161 5 % 30-year d e b e n ­
tures.
S t r a t fo r d , O n t . — Debentures Voted.— The question o f
issuing the $15,000 20-year and the $40,000 30-year 4J^%
sewerage and park debentures was favorably voted u p o n
Jan. 4. They will be offered for sale, we are informed,
about April 1 1909.
T il ls o n b u r g , O n t . — Debentures Voted.— The proposition t o
issue the $4,000 5 % 20-year roadway debentures mentioned
in V. 87, p. 1680, carried by a vote of 337 to 66 at the Jan. 4
election. W e are advised that it is likely that these deben­
tures will be disposed of locally.
T r e n t o n , O n t . — Debenture Sale.— On Dec. 28 1908 th e
$28,267 34 5 % debentures offered on that day (V . 87, p .
1624) were awarded to the Ontario Securities Co. o f T o r o n t o
at 103.748 and accrued interest. Following are the bids:
O n ta rio S ecu rities C o .,
a$2 9 ,3 2 7
T o r o n t o --------------W . A . M a cK e n zie & C o .,
T o r o n t o . . . ................
a 2 9 ,2 5 2
B ritish A m e rica S e c. C o .
29,141
A . 12. A m es & C o ., T o r . . a 2 9 ,1 3 5
W m . C . B re n t, T o r o n t o . a 2 9 ,1 0 9
W o o d , G u n d y & C o ., T o r . a 2 8 ,8 0 0

00
00
06
00
00
00

D o m in io n Secu rities C or­
p o r a t io n ,L t d ..T o r o n t o a $ 2 8 ,751 00
H . O ’ H a ra & C o m p a n y ,
T o r o n t o ________________
28,6 9 6 99
A em lllus Ja rv is & C o .,
T o r o n t o ________________ a 2 8 ,4 1 7 00
Stein er, D u n l o p * C o .,T o r .a 2 8 ,343 00
G . A . S tlm so n & C o ., T o r . 2 8 ,2 0 0 00

a A n d a c c r u e d Interest.

Maturity part yearly for thirty years.
S a s k . — Purchasers of Debentures.— The p u r ­
chasers of the $20,000 6 % coupon water debentures disposed
of on Dec. 9 1908 at 104 ( V . 87, p. 1680) were N ay & J a m e s
of Regina.
Y ork ton ,

M ISC ELLA N EO U S.

ENG INEERS.

OFFICE OF THE

H .M .B yllesb y & Co. ATLANTIC MUTUAL INSURANCE COMPANY.
Incorporated

N ew Y o r k , Ja n u a ry 21st, 1908.

ENGINEERS
D ESIG N , CO N STR U C T A N D O P ER ­
A T E R A IL W A Y , LIG H T, PO W ER ,
H Y D R A U LIC A N D G A S P LA N T S

The Trustees, in conformity with the Charter of the Company, submit the following statement of its affair •
on the 31st of December, 1907.
P rem ium s o n M arine R isk s fro m 1st J a n u a r y , 1907, to 31st D e ce m b e r, 190 7____________ $ 3 ,4 4 0 ,4 2 7 0 i
690 ,7 1 9 3J
P rem iu m s o n P o licie s n o t m ark ed o ff 1st J a n u a r y , 190 7__________________________________ T o ta l M arine P re m iu m s________________________________________________________________________ $ 4 ,1 3 1 ,1 4 6 39
P rem ium s m ark ed o ff fro m 1st J a n u a r y , 1907, t o 31st D e ce m b e r , 1907____________________ $3,3 8 7 ,7 5 7

EXAMINATIONS and REPORT)

In te re st re ce iv e d d u rin g th e y e a r ______________________________ $348,234 37
R e n t less T a x e s an d E x p e n s e s _________________________________ 124,935 79

American Trust Building,

L osses p aid d u rin g the y e a r w h ic h w ere e stim a te d In 1906
an d pre v io u s y e a r s ___________________________________________ $60 7,37 5 70
L osses o c c u r re d , e stim a te d an d p aid In 1907_________________ 1,400,691 49 $ 2 ,0 0 8 ,0 6 7 19

CHICAGC

Oklahoma City, Oklahoma.
Mobile Ala,
San Diego. CaL

Less S a lv a g e s___________________________$ 1 2 6,59 5 24
R e -In su ran ces___________________________ 302 ,387 6 6

3S

$47 3,17 0 16

428 ,0 8 2 90
$1,5 7 9 ,0 8 4 29

J. G. W H I T E

<& CO.,

Engineers, Contractors,

43-49 Exchange Place, - NEW YORK
Investigations and Reports on Electric
Railway, Gas, Electric Light and Power
Transmission Properties for Financial Institations and Investors.

Electric Railways, Electric Light and
Electric Power Plants Financed,
Designed and Built.
London Correspondent:
J. Q. WHITE & 00 ., Limited,
9 Cloak Lane, Cannon S t., E C.

Canadian Correspondents:

CANADIAN WHITE 0 0 ., Limited,
Alontrcal
Principal Philippine Office. Manila, P. I

E stab lish ed 1889.

A- L. R E G IS TE R & CO.
Successors to PEPPER

*

R EGISTER

Engineers & General Contractors

112 North

Broad Street, - Philadelphia

p U u tn g g n ^ in ttvs.

H. M. CHANCE

C o n s u lt in g M in in g [E n gin eer a n d d e o l o g l i l

COAL AND M INERAL PR O PER TIES
Examined) Developed, Managed
8 S 7 D rexcl B ld g.




P H IL A D E LP H IA . PA

R e tu rn s o f P re m iu m s ______________________________________ ______ — ..............
E x p e n se s, In clu din g o ffice rs ’ salaries an d clerk s’ c o m p e n s a tio n , s ta tio n e ry ,
n e w sp a p e rs, a d v e rtise m e n ts, e t c ___________________________________________

$42,971 10
$348.854 83

L IA B IL IT IE S .

ASSETS.
U n ited S tates A S tate o f N ew Y o r k
S t o c k , C ity , B a n k and o th e r Se­
curities __________________
$ 5 ,4 8 3 ,6 2 2 00
S pecial d e p osits In B anks A T ru stC os.
650 ,000 00
R e a l E state co r. W a ll & W lllla m S ts.,
& E x ch a n g e P l a c e . $ 4 ,2 9 9 ,0 0 0 0 0
O th er R ea l E sta te &
cla im s d u e the c o m ­
p a n y ............................
7 5 ,0 0 0 00 4 ,3 7 4 ,0 0 0 00
P re m iu m n otes and B ills R e c e iv a b le 1 ,3 7 6 ,9 1 6 51
Cash In th e han ds o f E u rop ean
B ankers to p a y losses u n d er poli­
cies p a y a b le In fo re ig n co u n tr ie s .
185 ,005 17
Cash In B a n k .........................
595,353
43
A g g re g a tin g ..........................................$ 1 2 ,6 6 4 ,8 9 7 11

E stim a te d Losses an d Losses U n­
settled ____________________________ $ 2 ,0 5 8 ,1 6 5
P rem iu m s on U n term in ated R is k s .
7 4 3 ,3 8 9
C ertificates o f P rofits an d In te re st
268,528
U npaid __________________________
122 ,696
R e tu rn P rem iu m s U n p a id ________ C ertificates o f P rofits O rd ered R e ­
d e e m e d , W ith h e ld fo r U npaid
22,334
P r e m i u m s ________________________
Certificates o f P rofits O u tsta n d ­
in g -------------------------------- ------------------ 7 ,4 1 2 ,6 3 0
270 ,0 0 0
R ea l E sta te R eserv e F u n d __________

A g g re g a tin g ___________ . . . . . _____$ 1 0 ,8 9 7 ,7 4 3

6i

01

75

16

65
09

09

4T

A d iv id e n d o f Six per ce n t Interest o n the o u ts ta n d in g certificates o f p rofits w ill be paid to th e h old ­
ers th e re o f, or their legal rep resen tatives, o n an d a fte r T u e sd a y the fo u rth o f F eb ru ary n e x t.
T h e o u tsta n d in g certificates o f the issue o f 1902 w ill be redeem ed and paid to th e h olders th e r e o f,
o r their legal rep resen tatives, on and a fte r T u e sd a y the fo u r th o f F eb ru ary n e x t fro m w h ich d a te all
Interest th ereon w ill cease. T h e certificates to be p ro d u ce d a t the tim e o f p a y m e n t an d c a n celed .
A d iv id e n d o f F o r ty p er ce n t Is d eclared o n the n et earned prem iu m s o f the C o m p a n y fo r the yea*
e n d in g 31st D e ce m b e r , 1907, fo r w h ic h , u p o n a p p lic a tio n , certificates w ill b e Issued o n an d afteg
T u e s d a y the fifth o f M a y n e x t .
B y ord er o f the B oa rd .

G. STANTON FLOYD-JONES. Secretary.
.
G U S T A V A M S IN C K ,
F R A N C IS M. B A C O N ,
JO H N N. BE A C H .
W IL L IA M B. B O U LTO N ,
VERNON H. BROW N,
W A L D R O N P. B R O W N ,
JO SE P H H . C H A PM A N ,
JO H N C L A F L IN .
G E O R G E C. C L A R K ,
CLEVELAND H. DODGE.
C O R N E L IU S E L D E R T ,
R IC H A R D H . E W A R T .

TRU STEES.
H E R B E R T L . G R IG G S .
C L E M E N T A . G R IS C O M ,
AN SON W . H A R D .
M O R R IS K . J E S U P .
L E W IS CASS L E D Y A R D ,
F R A N C IS H . L E G G E T T ,
C H A R L E S D . L E V E R IC H ,
LEAN DER N. LOVELL,
GEORGE H . M ACY,
CH ARLES H. M ARSH ALL,
W . H . H . M OORE,

N IC H O L A S F . P A L M E R .
H E N R Y P A R IS H ,
DALLAS B. PR ATT,
G E O R G E W . Q U IN T A R D ,
A. A. RAVEN,
JO H N L R I K E R ,
D O U G L A S R O B IN S O N ,
G USTAV H . SC H W A B.
W IL L IA M S L O A N E ,
IS A A C S T E R N .
W IL L IA M A . S T R E E T .

A . A . R A V E N , President.
C O R N E L I U S E L D E R T , V ice-P resid en t.
S A N F O R D E . C O B B , 2d V ice-P resid es*.
C H A R L E S E . F A Y . 3d V ice-P resid en t.

180

THE CHRONICLE

[V O L . L X X X V I I I .

£
Tvust Companies.

Qxnst ©ompaxttes.

D ftfl States M Gompang ol Jem T oit
Chartered 1853.

45 a n d 47

Manhattan

W a ll s tr e e t.

C A P I T A L , ....................................................... $ 2 ,0 0 0 ,0 0 0 .0 0
SURPLUS AND UNDIVIDED PROFITS,
$ 1 3 ,4 1 2 ,5 6 4 .2 1

Trust

T h is C o m p a n y acts as E x e c u to r , A d m in is tra to r , G u ard ian , T ru ste e , C o u rt D e p o s ita r y a n d In
• th er r e c o g n iz e d tru st c a p a citie s.
I t allow s Interest a t curren t rates o n d e p o s its .
I t h o fd s , m an ages an d Invests m o n e y , secu rities a n d o th e r p r o p e r ty , real o r p e rso n a l, l o r e sta te s,
c o r p o r a tio n s a n d In d ivid u als.
r

Company

E D W A R D W . S H E L D O N , P r e s id e n t ,
J O H N C R O S B Y B R O W N , V ic e - P r e s .
W I L L I A M M . K IN G S L E Y , 2d V .-P .
H E N R Y E . A H E R N , S ecreta ry .
W I L F R E D J . W O R C E S T E R , A s s t . S e c . C H A R L E S ^ A . E D W A R D S , 2 d A s s t .S e c .
J oh n C rosby B row n ,
W . B a y a r d C u ttin g ,
C h arles S . S m ith ,
W illia m R o c k e fe lle r ,
A le x a n d e r E . O rr,

TRU STEES.
J O H N A . S T E W A R T , Ch airm an o f the Board
W illia m H . M a c y , J r .,
J o h n Claflln,
W illia m D . S lo a n e ,
J o h n J . P h elps,
G u sta v H . S c h w a b ,
J o h n S. K e n n e d y .
F ran k L y m a n ,
D . O . M ills,
G eorge F . V Ie to r,
L ew is Cass L e d y a r d ,
Jam es S tillm a n ,
L y m a n J . G age.

P a y n e W h it n e y ,
E d w a rd W . S h e ld o n
C h a u n ce y K e e p ,
G eorge L . R iv e s ,
A rth u r C. J a m e s,

2 0 W a ll Street
Corner Nassau

filMoisltast&SaviiigsBaiik

NEW

YORK

U 5IIC A O O

C a p i t a l and. S u r p lu s
& 1 3 ,3 0 0 ,0 0 0

Pays Interest on Time Deposits, Current and Reserve AccountB
Deals in Investment Securities and Foreign Exchange.
Transacts a General Trust Business.

UNITED STATES
MORTGAGE & TRUST
COMPANY
NEW YORK

C O R R E S P O N D E N C E IN V IT E D

CAPITAL,

M erchants national fj5anh
of ©incinnati
$ 1 ,200 ,000.00
$300,000.00
C A P IT A L

$ 4 ,000, 000.00

Invites Personal and Business
Accounts. Acts as Trustee, Ex­
ecutor, Administrator, Guard­
ian and in All Fiduciary
Capacities. Certifies Muni­
cipal and Corporation Bonds.

SU RPLU S FU N D

M E L V IL L E E . IN G A L L S , President
E D W I N O. G O S H O R N . V ice -P re s id e n t.
H E N R Y 0 . Y E R G A S O N , V ic e -P r e s id e n t.
W I L L I A M W . B R O W N , V ice -P re sid e n t.
W I L L I A M P. ST A M M Cashier
G E O . R . B A L O H , V ice -P r e s id e n t.
C H A S . A . S T E V E N S A sst. C ashier.
B OARD OF DIRECTORS
U . E . I N G A L L S , C h airm an B oa rd o f D ire cto rs H E N R Y N E W B U R G H T re a s . T h e L o u is New
O. O. O. & S t. L . R y . C o .
burgh C o ., H a m ilto n .’ O h io.
L B V I A . A U L T , P rest. T h e A u lt & W lb o r g C o . F R A N K L. P F A F F R u h r P f a H A C o .. W h o le
O L I V E R M . B A K E . V lce -P re st. M iami V a lle y
sale C on fection ers.
N a tion a l B a n k , H a m ilto n , O h io.
B. S T A N L E Y , A m . L a u n d ry M a c h 'y M fg . Go
G E O R G E R . B A L C H . V lc e -P r e s t. T h e C lnn.
S T E A R N S , T reas. Stearns & F oster Co.
R e a lt y C o.
P E T E R G . T H O M S O N , P rest. C h a m p io n C oated
J. R . C L A R K , P rest. U n ion C entral L ife Ins. C o.
P a per C o .. H a m ilto n . O
B D W I N C. G O S H O R N , M gr. N ation a l L ea d C o. J. S . T R E V O R , Sec.‘ ’ u “d T reas. H A S. P o g u e O o
W . B . M E L IS H . Prest- T h e B rom w ell Brush A H E N R Y C. Y F M S E R , P rest G lo b e W e rn ick e Oo
W ire G ood s C o .
n n r iT „ Nr
H E N R Y O. Y E R G A S O N . V ice -P re s id e n t.
W . W . B R O W N . V ic e President.

SURPLUS,

$ 2 ,000,000.00

55
7 3

C e d a r S t.

rd S t. & B ’ w a y

13 5

t h S t. & 8 t h A v e .

financial.

Accounts of Banks Firm s, Corporations and Individuals Solicited
upon the Most Liberal Terras Consistent with Good Banking.

I860

MELLON NATIONAL BANK

1908

T he United States Life
Insurance Co.

P IT T S B U R G H

IK THE CITY OF NEW YORK

One of the 20 big banks of the
country.
Thoroughly equipped to
handle the accounts of other banks
A. W. M E L L O N , Prest. W . S. M I T C H E L L , Cashier

THE

Trust Company of America

Issue* Guaranteed Contracts

JOHN P. MUNN, M.D., President
Finance Committee
IAME 8 R . PLU M ...................................................Leathw
C L AR EN CE H . K ELH EY, Pres. Title Guar. A T r. Oo
W M . H . P O R T E R . Pres. Chemical National Bank

G o o d m e n , w hether e x p e rie n ce d In life ln surano*
or n o t . m a y m a k e d ir e ct c o n tr a c ts w ith th is C o m ­
p a n y fo r a lim ite d te rrito ry If d e s ire d , a n d seonra
for t h e m s e lv e s . In a d d itio n t o first y e a r ’s c o m m is ­
s io n , are n cw a l Interest Insuring an In co m e fo r the
fu tu re .
A d d re ss the C o m p a n y at Its H o m e O ffice*
N o . 277 B r o a d w a y . N ew Y o r k C ity ,

37-43 W ALL ST R EET , NEW YORK.

GAPITAL AND SURPLUS COLONIAL BRANCH:

222 BROADWAY, New York.

-

-

EIGHT MILLION DOLLARS
LONDON OFFICE:

95 GRESHAM ST„ London, E. C.

NOW READY
h a n d

-b

o o k

OF

C U R IT 1 E S
Issues interest-bearing certificates cf deposit.
Receives deposit subject t:> check.




JANUARY, 1909,

ED IT IO N .

C o m m e r c ia l & F in a n c ia l C h r o n ic le ,
F r o n t , P in e a n d D e p e y s t e r S t s .