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fittantital
11le
amide
tillimerci31
INCLUDING
Bank and Quotation Section (Monthly)
Railway and Industrial Section(Quarterly)
State and City Section(Semi-Annually)
Electric Railway Section(71.7 Tirs)
Week ending December 26.
Thranicte.
Clearings at
1908.
PUBLISHED WEEKLY.
$
Terms of Subscription-Payable in Advance
Chicago
215,980,875
$10 00
21.282,800
Cincinnati
For One Year
11,881,731
6 00
Cleveland
For Six Months
12,109,590
Detroit
13 00
European Subscription (including postage)
.
9,467,103
Milwaukee
7 50
European Subscription six months (including postage)
6,610,774
Indianapolis
____
£2 14s.
Annual Subscription in London (including postage)
5,000.000
Columbus
118.
£1
Months
in
London
Six
Subscription
(including postage)
4,781,895
Toledo
$11 50
Canadian Subscription (including postage)
2,309,994
Peoria
1,829,453
Grand Rapids
Subscription includes following Supplements1,829,213
Dayton
1,895,457
EWE AND QUOTATION (monthly)
Evansville
STATE AND CITY (semi-annually)
1,121,194
RAILWAY AND INDUSTRIAL(quarterly) I ELECTRIC RAILWAY(3 times yearly) Kalamazoo
987,582
Springfield, Ill _.
533,848
Fort Wayne ___.
Terms of Advertising-Per Inch Space
538,118
Lexington
94 20 Youngstown
Transient matter per Inch space(14 agate lines)
963,016
00
22
650,000
times)
(4
Akron
Two Months
00
29
700,809
Rockford
Three Months (13 times
Standing Business Cards
50 00 Canton
626,507
(26 times
Six Months
375,702
87 00 Bloomington..
Twelve Months(52 times)
341,329
South
Bend
CHICAGO OFFICE-P. Bartlett,513 Monadnock Block; Tel.Harrison 4012. Quincy
425,000
428,430
Springfield, 0_
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, 81.0.
336,105
Decatur
.
Publishers,
COMPANY,
367,303
WILLIAM B. DANA
Mansfield
225,000
Jackson
New York.
P.O.Box 958, Front. Pine and Deveyster Sts.,
286,174
Jacksonville, Ill_
125,000
Ann Arbor
COMPANY.
DANA
B.
by
283,941
WILLIAM
mommy
every
Saturday
Published
Danville
Arnold
Sec.;
16,962
Adrian
William B. Dana,President; Jacob Seibert Sr.,Vice-Pres. anti
G. Dana,Treas. Addresses of all,Office of the Company.
Tot. Mid.West. 304,319,847
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates
that the total bank clearings of all clearing houses of the U.S
for week end. Jan. 2 have been $2,719,156,296, against $2,805,862,432 last week and $2,300,506,907 the week last year.
1909.
1908.
$1,265,449,626
105,829,163
88,208,810
26,714,552
170,820,678
43,409,554
12,330,509
$1,058,315,324
93,928,399
92,256,076
19,301,724
147,566,924
49,592,568
15,700,517
+19.6
+12.7
-4.4
+38.0
+15.8
-12.3
-21.5
Seven cities, 5 days
Other cities, 5 days
$1,712,762,892
392,119,785
$1,476,721,532
336,274,819
+15.9
+16.6
Total all cities, 5 days
All cities, 1 day
$2,104,881,677
614,274,619
$1,812,996,351
487,510,556
+16.1
+26.0
Total all cities for week
$2,719,156,296
$2,300,506,907
+18.2
Clearings-Returns by Telegraph Jan. 2.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
%
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, Dec. 26, for four years.
Week ending December 26.
Clearings at
1908.
1907.
Inc. or
Dec.
1906.
1905.
$
$
$
$
1,838,256,657 983,675,645 46.9 1,722,704,035 2,108,690,626
New York
95,681,633 +11.8 136,443,127 132,919.314
Philadelphia _ _ _ _ 107,004,420
45,761,243
47,969,291
38,018,253
41,859,967 -9.2
Pittsburgh
24,964,218
25,274,787
18,410,146
18,909,298 -2.6
Baltimore
5,801,051
6,850.152
7,758,661
5,653,438 +37.2
Buffalo
4,298,198
5,990,961
5,132,502
3,669,543 +40.0
Albany
4,178,496
5,070,429
5,380,182
3,774,902 +42.5
Washington
3,339,912
2,911,914
2,781,359
2,420,024 +14.9
Rochester
1,925,163
1.881,351
2,277,658
1,905,667 +19.5
Scranton
1,346,002
1,555,266
1,550,622
1,584,229 -2.1
Syracuse
1,073,964
1,199,809
970,262
1,030,554 -5.9
Wilmington
1,030,408
1,201,773
1,140,294
1,146,926 -0.6
Reading
1,204,589
1,261,673
+23.0
1,116.217
1,026,158
Wilkes-Barre _ 720,117
1,416,771
830,944
Wheeling
1,029,789 +37-8
937,934
747,780
776,835 +20.7
Harrisburg
644,035
617,936 +4.2
York
501,803
581,882
656,886
519,098 +12.1
Erie
373,056
381,596
454,279
413,280 -7.7
Chester
432,060
510,653
445,598
462,540 +10.4
Greensburg
436,300
499,700
497,100
323,300 +54.5
Binghamton __ 261,817
235,570
266,685
185,947 +26.7
Franklin
342,606
366,725 -6.6
Altoona
1,119,503 Not included in total
Trenton
Total Middle__ 2,035,493.436 1,166,633,919 +74.5 1,964,077,389 2,339,248,337
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford _ _
Lowell
Holyoke
Total New Eng.
NO. 2271.
SATURDAY, JANUARY 2 1909.
VOL. 88.
126,564,605
6,365,800
2,794,909
1,826,047
1,472,719
1,334.501
1,378,834
899,447
697,464
392,082
393,108
98,333,157
5,253,300
2,344,859
1,660,159
1,820,519
1,464,748
1,207,280
829,663
709,953
399;959
415,854
144,124,516
114,439,446 +25.9
+28.7 133,627,652
7,258,600
+21.2
• 3,919,032
+19.2
2,083,657
+10.0
-19 1
1,517,553
1,289,059
-8.9
1,368,076
+14.2
989,561
+8.4
529,269
-1.8
424,562
-2.0
434,674
-4.3
153,441,695
135,183,490
7,500,200
3,143,459
252,918
1,610.783
1,585,728
1,264,580
773,675
647.211
445,395
348,273
154,955,712
1907.
Inc. or
Dee.
$
162,579,748
17,758,550
12,798,954
10,333,931
9,037,530
4,660,272
3.799,700
3,979,567
1,749,981
1,592,147
1,488,927
1,007,622
705,428
787,171
506.161
546,545
525,579
417,000
627,112
468,957
343,715
235,590
344,389
311,430
234.509
204,505
182,145
184,333
101,722
228,061
14.973
42.8
'
+7
+19.8
-7.2
+17.2
+4.8
+42.0
+31.6
+20.2
+32.0
+14.9
+22.9
+88.1
+58.9
+25.5
+5.5
-1.5
+83.2
+55.9
+11.8
+33.6
+9.3
+44.9
+23.4
+37.6
+43.3
+79.6
+23.5
+55.2
+22.9
+24.5
+12.9
237,756,254
1906.
1905.
$
208,706,739
22,339,300
15,334,186
11,418,488
8,945.746
7,003,556
4,754,600
4,963,453
2,800,821
1,995,130
1,728.316
1,969,006
1,023,974
829,431
723.096
609,489
569,375
757.502
733,767
474,647
380,945
364,459
448,416
369,017
291,019
375.558
243,864
282,059
96,229
$
199,368,972
24,887.950
13,763,641
10,339,276
8,801.928
6,008.130
5,579,100
3,363,293
2,793,629
1,776,476
1,588,375
1,479,071
796,286
656,140
673.895
716,282
759,083
425.400
651,381
351,015
340,885
305,341
407.064
276,918
331.990
242.013
204,802
212,289
89.399
+28.0
300,532,788
287,189;464
23,420,543 +25.5
San Francisco__ _29,383,431
6,066,752 +52.9
9,277,560
Los Angeles
6,029,499 +41.7
8,541,183
Seattle
2,539,658 +126.6
5,756,492
Salt Lake City
3,661,790 +45.3
5,318.869
Portland
4,1-47,339 +39.3
5,820.255
Spokane
+3.4
4,084,605
4.224,788
Tacoma
1,073,461 +54.2
1,655,193
Oakland
593,606 +74.0
1,032,913
Helena
539,794 +40.6
758,882
Fargo
450,000 +2.2
460,000
Sioux Falls
250,000 +36.9
342,257
San Jose
625,622 +43.9
900,000
Sacramento
400,000 +12.5
Stockton
450,000
San Diego
' Not included in total
Fresno
538,803 Not included in total
North Yakima
Not Included in total
174,378 +34.8
235,025
Billings
36,479,056
9.239,933
8,101,646
5,413.508
5,738,854
4,669,780
4,235,362
2,921,876
632,463
516,314
316,533
234,279
33,179,167
7,903,245
5,809,268
5,122,259
3,948,529
3,133,539
3,500,796
78,499,604
64,597.577
25,499,316
+43.6
19,890.945
-22-8
9,288,622
+25.9
8,488,197
-17.9
6,806,405
+17.7
+43.9
4,238,703
+22.7
2,451,897
+27.0
1,723,588
1,099,131
+94.1
855,107
+8.9
+54.9 , 1,118,926
794,358
+43.2
650,000
-6.7
517,667
+22.0
+28.4
638,973
+42.1
403.563
21,340,173
18,356.307
8,004,345
6,450,661
5,611,797
3,883,630
2.224.117
1,448.317
867,825
786.447
82,185,516 +15.4
84,565,398
71,389,369
+17.5
-24.8
+59.9
+59-7
+2.5
+12.9
-17.1
+13.0
+11.8
+60.8
-4.7
+39.8
+29.8
-16.1
+30.5
-11.2
+0.0
+21.9
+59.2
+34.8
+145.2
+48.1
+90.9
+26.9
+4.9
-9.2
55,871,611
22,457,139
10,640,795
10,921,000
7,382.000
4,780.901
4,326.095
4,617,599
4,442,066
3,731,193
2,991,693
2.446,290
1,777.969
1,551,089
1,154,243
1,536,837
1,445,538
1,279,845
1,284,996
1,156,637
929,868
637,875
250,000
400,000
50,785,312
21,388,390
10,079,714
8,113,590
6,532,500
4,865,910
5,687,484
4,833,444
3,678,346
2,637,621
3,602,578
1,917,087
2,008,452
1,341,695
1,232,124
875,749
1,113,203
1,038,746
916,566
937,818
133,225,633 +14.8
148,012,229
134.409,105
Total Pacific
79,156,848
54,087,047 +37.1
Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Davenport
Lincoln
Topeka
Colorado Springs
Pueblo
Cedar Rapids
Fremont
36,218,592
15,384,492
10.924,768
7,897,578
7.690,738
4,470,043
2,577,763
2,016,704
1,771,833
852,168
1,469,351
1,312,062
560,058
611,130
700,000
385,594
25,156,561
19,930,233
8.678,227
9,617,066
6,530,241
3,107,585
2,100,390
1,587,399
913,004
782,831
948,279
916,258
600,000
500,808
545,221
271,413
Tot. oth.West_
94,842,874
58,278,520
16,211,000
12,112,798
13,042,692
6,149,000
5,782.286
3,659,732
5,314,997
4,370,440
5,500,000
3,200.000
2,784,571
2.176,113
1,394,098
1,631,664
1,200,000
1,343,981
1,483,596
1,653,955
1,477.287
1,376,803
937,821,
525.000
333,998
573,315
416,294
49,694,030
21,543,903
7,622,359
8,168,417
6,000,000
5,120.478
4,410,279
4,704,251
3,909,796
3,421,206
3,358,828
1,991,997
1,676,536
1,662,837
1.250,000
1.352,024
1,343,905
1,217,423
1,038,952
1,095,793
561,517
633,379
275,000
264.306
550,000
458,917
St Louis
New Orleans
Louisville
Houston
Galveston
Richmond
Savannah
Memphis
Atlanta
Fort Worth
Nashville
Norfolk
Birmingham -Augusta
Charleston
Mobile
Knoxville
Little Rock
Chattanooga
Jacksonville __
Oklahoma
Macon
Beaumont
Wiltnington,N.C.
Austin
Vicksburg
Total Southern
Total all
Outside N.Y
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
London
Victoria
St. John
Edmonton
Total Canada_
152,924,911
867,327
862,355
271.188
682.554
590,844
336,768
544,686
260,898
693,426
254.960
420,000
2,805,862,432 1,788,327,310 +56.9 2,729,129,09813,051.789.624
967.605.775
804,651,665 +20 2 1,006,975,063
943,098,998
28.000,000
23.500.000
13,200.000
4,000,000
2,900,248
1,850,000
1,450,000
1,390,706
1,822.651
992,319
1,200,000
1,403,972
700,000
25,113,749
18,777,632
11,917,778
3,500,000
2,702.969
1,737,700
1,435,107
1,419,953
1,236,061
1,076,309
1,053,890
1,007,714
589.389
-4-11.5
+25.2
+10.8
+14.3
+7.3
-I-6.5
+1.0
-20.6
+47.4
-7.8
+13.8
+39.3
+18.8
25,797,733
21,509,406
10,544.128
3,358,020
2,548,163
1.665,191
1,600.000
1,573,968
1.390,253
1,078,887
847.087
1,126,948
805,522
21,843.888
19,185,209
7,939.998
1,873,207
2,135,148
1,635,802
1,612.886
1.348,445
82.909,896
71,568,251
+15.1
73,845,306
59.955.828
961,762
501,577
917,906
2
THE CHRONICLE
[VoL.
explanation has been received. Mail advices to hand,
however, partially confirm this report, stating that
the issue is of Credit Foncier bonds, but the amount
given is in francs. In discussing the budget, the Senate, at the session of Dec. 27, reached the conclusion
that, after providing for offsets, the deficiency would
be £1,420,000 sterling that would have to be borrowed.
It is inferred, therefore, from the small deficiency that
the proposed internal loan is for francs and not dollars.
An issue in Paris of 150 million lire of Italian 33/2%s
CHRONICLE INDEX.
for conversion was reported a fortnight ago as about
The index to Volume 87 of the "Chronicle"—which to be negotiated in France. In view of the necessity for
volume ended with the issue of Dec.26—will be sent to large borrowing incident to the earthquake disaster,the
our subscribers with the number for Saturday,Jan. 16. contemplated loan will doubtless be greatly increased.
On subsequent pages of the "Chronicle" we print
to-day our usual annual review of the events and
incidents of the year, and also give elaborate tables
of prices of stocks and bonds by months.
On account of the pressure on our columns occasioned
by the large amount of extra matter, it has been found
necessary to contract the space devoted to our various
departments, notwithstanding a considerable addition
to the usual size of the paper.
THE FINANCIAL SITUATION.
The current weekly cycle, the closing week of the
old year, covers the happening of the fearful calamity
in Southern Italy and Sicily, the most destructive of
life and property of any similar catastrophe within the
world's records. An article discussing leading features of the event will be found on a subsequent page.
The losses accompanying the disaster have been so
severe as substantially to have swept bare of property
and life the sections visited. There is hardly a country
within the civilized world that has not been more or
less bereft as a result. Among the number killed are
the American Consul at Messina, Arthur S.Cheney, and
his wife. Great concern has been felt by many in our
own cities who have been anxious and disturbed with
regard to the safety of friends and families, tourists
supposed to be in the vicinity of the catastrophe. No
considerable effect on commercial affairs is to be noted.
America is one of the leading outlets of the silk and
lemon industries of Italy, which lead all others, but
those products are locally so scattered as to prevent any
material interruption or inconvenience. The silk
exports reached $18,000,000 a year ago (1906-07), of
which silk (raw or as reeled from the cocoon) was $17,199,508) and manufactured $1,000,000. A further
fact of interest is that our foreign trade with Italy has
enjoyed a material increase in recent years; our imports having grown- 164% in the last 10 years and our
exports to Italy 187% in the same period.
Details of the new Russian loan issue continue
meagre. It is reported in Paris that the Banque de Paris
will be charged with the issues of the Russian bonds in
the French capital, and a rumor on the Bourse to this
effect caused a sharp rise in the shares of that institution. It seems to be expected that some of the
German holders of Russian Treasury bills, which, it
is said, will be offered for exchange for the newloan,
may prefer that the bills shall be paid;in that case, gold
may be sent to Berlin, on French account, out of the
proceeds of the loan; It is understood that about twothirds of the issue will be a conversion of existing debt
and that the payment of the balance of such debt will
be extended over a long period. This,it may be noted,
was the understanding very long ago, when the loan
issue was first talked of; then 250 million dollars was
expected to be the aggregate of the loan,160 millions
of which would be for conversions.
A recent Paris cable reported a contemplated issue
of a 400-million-dollar French internalloan to liquidate
the floating debt and for other purposes connected with
the army and navy. Since this news was cabled no
The news of the disastrous earthquake in Italy had
more or less of a sentimental influence upon the European bourses,causing selling of securities and an advance in open market discounts. Exchange at Paris
on London fell 2M centimes, compared with last week,
indicating that though Paris secured all of the $5,000,000 South African gold that was offered in the
London bullion market on Monday, more will be required, and next week's consignment will probably be
absorbed. It has been expected that after France's
requirements for gold incident to the Russian loan negotiation have been satisfied, French bankers will
cease accumulating gold; such expectations will probably not be]realized if Italy's needs for relief and for reconstruction of destroyed property shall be urgent. The
losses are already estimated at hundreds of millions.
The bank statement of last week, as was the case
in the previous week, showed a large contraction in
loans—making the total average for the fortnight 629'I
millions—and a decrease in deposits amounting for
the two weeks to 86 1-3 millions. The average cash
loss last week was $4,776,500, but owing to a reduction in deposits of $46,760,500, and hence in reserve
requirements, there was an increase of $6,913,625 in
reserve to $16,923,325. The statement of actual conditions disclosed a cash loss of $3,580,700 and a decrease of $30,665,300 in deposits, so that the reserve
increased $4,085,625, to $18,269,675; computed upon
the basis of deposits less those of public funds, the
surplus was $20,467,875. Preparations for the distribution of an estimated amount of 200 millions interest and dividends next week were expected to be
indicated in increased deposits in the current week's
statement.
The market for money was easy during the week,
though the stock speculation was active at generally
advancing prices. The demand was chiefly for money
on call; this was, however, in abundant supply • from
banks and trust companies, whose deposits, as above
noted, had been temporarily augmented. Time contracts were offered in liberal amounts and on attractive
terms;lenders were not insistent upon choice collateral,
even for long maturities, and many of them accepted
industrials that were of a substantial character. One
feature was the offering of foreign money, through
finance bills, the drawing of which was encouraged by
the relatively higher rates for money for short fixed
peribds in New York than for discounts for corresponding maturities in London. Moreover, the indications
abroad seemed to point to lower discounts after the
turn of the year, and to firm rates for money here,
JAN. 2 1909.j
THE CHRONICLE
thus giving opportunity for the continued profitable
negotiation of finance bills.
Money on call, representing bank and trust company
balances, loaned at the Stock Exchange during the
week at 332% and at 2%%, averaging about 331%;
the minimum rate was quoted by all institutions. Time
loans on good mixed Stock Exchange collateral were
3@31.4% for sixty to ninety days, 314% for four
months and 332@,4% for five to six months, with some
transactions at 39 1%for seven months on exceptionally
good security. One incident recorded was the loaning of a round amount for ninety days at 3%, while
call loans were quoted at 3%. Contracts on industrial security were placed at 3370 for four and
3% for seven months. Commercial paper continues
in good request and considerable business was done in
long single names, which have latterly not been sought
1@4% for sixty to
by buyers. Quotations are 3Y
ninety day endorsed bills receivable, 4% for prime and
43'@5% for good four to six months' single names.
The Bank of England rate of discount remains unchanged at 2M%. The cable reports discounts of
sixty to ninety day bank bills in London 2%.
The open market rate at Paris is 25
4% and at Berlin
4%. According to our special
and Frankfort it is 27
cable from England, the Bank of England lost n10,251 bullion during the week and held £30,732,402
at the close of the week. Our correspondent further
advises us that the loss was due wholly to exports to
South America, which were in excess of receipts from
the interior of Great Britain. The details of the movement into and out of the Bank were as follows: Imports,
nil; exports, £329,000 (wholly to South America), and
receipts of £119,000 net from the interior of Great
Britain.
The market for foreign exchange was easy this week
until the close, when it grew firm, and business was in
limited volume. It had been expected that there
would be an urgent demand for exchange, and especially for cables, incident to the end-of-the-year settlements of contracts, not only in exchange but in
securities on the London Stock Exchange. There
was, however, no urgency in the inquiry for any class
of sterling or Continental bills, and fluctuations were
within an extremely narrow range. It was represented a fortnight ago that a large amount of sellers'
options in exchange would be offered toward the end
of the year provided the market should then be in a
favorable condition; the prospective manipulation of
sterling to effect such sale of options at high rates
seems to have induced remitters to make early provision with sight exchange for their requirements, and
the options were not offered. The London Stock Exchange settlements indicated a small American account,
and in the absence of demand for adjustments rates for
cables receded. The easy tone that has prevailed
for money in our market had much to do with the
light demand for exchange for remittance on mercantile account; maturing obligations were anticipated,
whereas formerly at this season they have been deferred until the last week of the year in order to take
advantage of monetary conditions. On Wednesday
bidding for remittance by next week's mail contributed
to an irregular, though slight, advance, which made
the market higher on Thursday.
3
Compared with Thursday of last week, exchange on
Monday was 15 points lower for long at 4 8490@4 8495,
5 points for short at 4 8680@4 8685 and 5 points for
cables at 4 8735@4 8740. On Tuesday long and cables
were 5 points lower at 4 8485@4 8590 for the former
and 4 8730@4 8735 for the latter; short was 5 points
higher at 4 8685@4 8690. On Wednesday long rose 25
points to 4 85@4 8515, short 10 points to 4 8690(4)
4 87 and cables 5 points to 4 8725@4 8740. On
Thursday long, short and cables were 10 points higher.
The following shows daily posted rates for sterling
exchange by some of the leading drawers:
Fri., Mon., Tues., Wed., Thurs., Frt.,
Dec. 25. Dec. 28. Dec. 29. Dec. 30. Dec. 31. Jan. 1.
Brown
Brothers & Co
Kidder,
Peabody & Co
Bank British
North America
Bank of
Montreal
Canadian Bank
of Commerce
Heidelbach, Ickelheimer & Co
Lazard
Freres
Merchants' Bank
of Canada
-
560 days 4 86
jSight— 4 88
560 days 4 86
iSight_ 4 88
560 days 4 86
1Sight__ 4 88
160 days 4 86
ISIght_ 4 88
160 days 4 86
Wight__ 4 83
560 days 4 86
iSight — 4 88
560 days 4 86
1Sight„ 4 88
160 days 4 86
1SIght__ 4 88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
86
88
HOLIDAY
rt
'e
Ratesfor exchange on Thursday were 4 8510@4 8520
for long, 4 8705@4 8710 for short and 4 8735@4 8745
for cables. Commercial on banks 4 8480@4 8490
and documents for payment 4 84%@4 8531. Cotton
for payment 4 843/
8@4 8431, cotton for acceptance
4 8480@4 8490 and grain for payment 4 85@4 8531
The following gives the week's movement of money
to and from the interior by the New York banks.
Week ending Dec. 31 1908.
Received by
Shipped by
N 1'. Banks. N. Y. Banks.
Currency
Gold
Total gold and legal-tenders
Net Interior
Movement.
$9,335,000
894,000
54,283,000 Gain $5,052,000
678,000 Gain
216,000
1510,229.000
$4,961,000 Gain 56,268,000
With the Sub-Treasury operations the result is as
follows.
Into
Banks.
Week ending Dec. 31 1908.
Banks' interior movement, as above_
Sub-Treasury operations
Total gold and legal tenders
[Out of
1 Banks.
Net Change in
Bank Holdings.
$10,229,000
24,300,000
84,961,000 Gain $5,268,000
22,800,000 Gain 1,500,000
$34,529,000
$27,761,000 Gain $6,768,000
The following table indicates the amount of bullion
in the principal European banks.
December 31 1908.
Banks of
Gold.
England_ - 30,732,402
France — 139,529,620
Germany_ 37,660,000
Russia _ _ 121,451,000
Aus. Hun_ 49,146,000
Spain
_ 15,806,000
Italy
37,467,000
Netherrds 8.417,800
Nat.Belg._ 4,282,667
Sweden _ _ 4,239,000
Switzerrd. 4,707,000
Norway
1,656,000
Total.
January 2 1908.
Gold.
30,732,402 32,543,661
35,314,185 174,843,805 107,047,471
15,608,000 53,268,000 24,893,00C
6,876,000 128,327,000 118,210,000
12,148,000 01,294,000 45,837,000
32,424,000 48,230,000 15,654,006
4,500,000 41.967,000 36,457,000
4,110,300 12,528,100 7,649,400
2.141,333 6,424,000 3,535,333
4,239,000 3,906,000
4,707,000 3,019,000
1,656,000 1,702,000
Total.
32,543,662
36,702,81i 143,750,286
10,316,000 35,209,000
5,369,000 123,579,000
11,721,000 57,558,000
25,679,000 41,333,000
4,700,000 41,157,000
4,567,000 12,216,400
1,767,667 5,303.000
3,906,000
3,019,000
1,702,000
Tot. week 455,094,489 113,121,8181568,216,307 400,453,866 100,822,482501,276,34
Prey. week 455,802,406 113,865,052 569,667,458 404,032,008 101,606,727505,638,7358
THE ITALIAN DISASTER.
The extraordinary disaster of last Monday in Sicily
and the southern end of Italy is one of those calamities
which,so impress the mind with vague and helpless
horror that its narrower aspects do not at once invite
reflection. The fact that 50,000 to 200,000 lives have
been lost—it is not impossible that the larger figure
may represent the exaggeration natural to such an
occasion—supersedes all considerations of the effect
of the calamity itself on the world's finance and industry. Such comment as has been made in this last
direction has generally assumed that the ill-effects
will not be formidable, and this judgment may be
correct, seeing that the disaster occurred, not in a
4
THE CHRONICLE
[VOL.
Lxxxvin.
been no similar outburst by the volcano of
great commercial centre such as San Francisco, but in there has
and the slope of that historic mountain
an outlying and provincial community. Yet the oc- Vesuvius,
re-populated. San Francisco and Valcurrence cannot be wholly ignored as a financial factor. was long ago
te the plain evidence of 1906 that they
When the $400,000,000 destruction at San Francisco paraiso, despi
onted with the possibility of another disaster
in April 1906 became known to the world, and the were confr
theless set to work at once, not to
smaller, but still very serious, wreck of property in of the sort, never
theii inhabitants and property to an apparValparaiso four months later, the first impulse of transfer
locality, but to re-build their cities on
financial markets, it will be remembered, Was to jump ently safer
the same spot.
to the conclusion that trade and industry would not exactly
doing
were not altogether without precedent in
They
t
the
urgen
by
d
be disturbed, but possibly be helpe
er
disast
a
n,
Lisbo
at
ago,
half
century and a
and unforeseen demand which must ensue in the so. A
the
red;
occur
week
nt
prese
r to that of the
markets for manufactured products. The fallacy of quite simila
of a city shaken down by earthquake,
on
omen
phen
so
has
on
opini
and
this view was soon pointed out,
rushing in from the ocean to engulf it,
far changed since then that the two earthquakes of of a tidal wave
three clays of rapine and plunder by the
1906 are frequently assigned as among the contributory and of two or
element, duplicated in almost every particular
causes of the panic of 1907. It is certainly an incident lawless
er at Messina. Yet no earthquake shock
worthy of note that the shock of the world-wide the disast
red at Lisbon in two centuries prior to 1755,
financial collapse of last autumn was more acutely had occur
has occurred there since. The inference
felt in the United States and in Chili—the countries and none
Sicily,
t, perhaps, be applied so confidently to
where the earthquake devastation of the preceding canno
quake
, even as recently as 1905, a severe earth
year had occurred—than in any other quarter of the where
ng
warni
some
gave
n,
uctio
destr
le
ng shock,with considerab
world. That both these calamities had some beari
be
what has occurred this week. But it would
on the events of the following year is quite presumable; of
be
to say how the lesson of such warnings could
so, also, it will scarcely be disputed, that the influence hard
able
ed, short of actual abandonment of a favor
of the Chicago fire of 1871 and the Boston fire of appli
ht of.
- harbor, which is not at all likely to be thoug
1872 served to aggravate the conditions of the much
Straits
na
It is not,indeed, improbable that the Messi
disturbed markets of the ensuing years.
e,
natur
of
been the scene of similar convulsions
That the Italian catastrophe is not expected to have have
of
rs
Reade
back into the legendary periods.
any serious effect, is indicated by the absence of any far
the
c literature could not fail to be interested in
response by a fall in price of important European classi
shock
tches, testifying that Monday's earthquake
securities. Those markets have remained unruffled. dispa
which
had visibly altered the contour of the straits
In the case both of the San Francisco and the Valtions,
altera
ate Sicily from the mainland. Such
paraiso disasters, the question of the insurance money separ
e
befor
red
occur
a similar cause, may well have
which had to be conveyed to property owners in the from
nt
prese
the
of
er
would explain why the travel
ruined cities was a matter of prime importance for they
the Scylla of
day, looking across from what was
the financial world at large. In both of those cases
has always
bdis,
Chary
, Homer's day to what was his
the burden of raising the immense indemnity, which
and quiet
safe
the
ify
n found himself perplexed to ident
as a whole, ran well beyond a quarter of a billio
Ulysses
when
was
el with the story of what it
dollars, fell in the main on the English insurance chann
d his boat through it.
companies, and must be presumed to have had a guide
are not many inferences of value which can
There
considerable hand, both in the subsequent strain on
perhaps
be drawn from such an episode as this week's;
English capital generally and in the weakness of highying, is
gratif
most
the most obvious, and certainly the
grade English securities, through the sale of which the
bring
iably
invar
s
the testimony which such occurrence
insurance companies in farge measure raised the
good
and
liness
friend
to the real spirit of international
of
money required for remittances. In the case ,the
exto
itself
ned
confi
of the will. Such sentiment has not
Sicilian disaster, we should suppose that most
of
ons
ibuti
contr
to
even
pressions of sympathy, or
insurance loss will fall on French concerns, and it is
ty
digni
added
Italy
of
King
- money; the action of the
reasonably certain that in the process of reconstruc
to
ip
h
warsh
Britis
a
of
ing
sary to his office, and the order
tion France will contribute most of the neces
ies and medical
e proceed at once to Messina with suppl
since
Franc
material. On the whole,this is fortunate,
old question
the
to
ng
colori
ing
in the world appliances gave a pleas
is at the moment best able of any country
the time of
at
did
it
as
just
of national armaments,
to face such sudden requisitions on capital resources.
been
forgotten
have
not
will
It
the Jamaica disaster.
So much for the narrower aspect of this week's
it
was the
that
sort
this
of
s
rence
in the face of occur
catastrophe. When one turns to the larger consideratial
its
impar
with
1889,
g
durin
tornado in Samoa
ons involved in such an event, it is at once apparent
ent
y
differ
widel
of
e
peopl
and
destruction of ships
that we are dealing with factors on which markets
n
and
a
sudde
to
ht
broug
which
s,
races and nationalitie
can never calculate, with unknown forces of nature,'
ht
peaceful end a situation which at the time was thoug
of
overng,
warni
capable, in an instant and without
of
le
capab
easily
ities—
nal
hostil
natio
menace inter
turning the plans and achievements of years. Since to
ns
natio
rival
three
of
ips
warsh
the
breaking out when
such an event can neither be averted nor prepared for,
In
had arrived at the spot to assert their rival claims.
n
into
huma
ht
broug
it is impossible that it should be
s
all
point
of
tment
adjus
iate
immed
and
the subsequent
reckoning of the future.
hing
like
somet
was
there
time,
that
at
of differences
It is not as if these subterranean outbursts were
nce of these
recognition of the fact that in the prese
they
als;
interv
lar
recurrent at regular or even irregu
nd
mysterious and awful forces of nature, which manki
are separated, in a given locality, often by a lapse
petty
time for the
and can neither resist nor subdue, it was
of centuries. Since the destruction of Pompeii
be laid aside.
to
ns
natio
the
of
sies
jealou
era, strife and
Herculaneum at the beginning of the Christian
JAN. 2 1909.1
THE CHRONICLE
5
The remarkable special message which he sent to ConRETROSPECT OF 1908.
gress on Jan. 31, embodying propositions for new legisIn trade and mercantile affairs the year 1908 was lation and attacking men of wealth, was one of the
one of intense depression, relieved only by partial most extraordinary documents ever sent to a legislative
recovery the latter part of the year. It is probably body. The President's action was also seriously disno exaggeration to say that the industrial paralysis turbing when in February, at a time when the railroads,
and prostration was the very worst ever experienced in by reason of the frightful losses in earnings which they
the country's history. The iron trade is one illustra- were experiencing, were considering the matter of retion; there the output month after month ran only ducing wages, he sent a letter to the Inter-State Coma little in excess of 50% of what the monthly lotals merce Commission making threats of hostile action by
had been in 1907 when at their maximum.
the Government in case they took steps of that kind.
On the other hand, in financial circles and in mone- Again, it was very disturbing the following July when
tary affairs, and on the Stock Exchange, the year was he directed the Inter-State Commerce Commission to
one of steady revival of confidence, almost from begin- avail of its powers to prevent an advance in freight
ning to end, forming in that respect a sharp contrast rates on the Eastern trunk lines. This placed these
with that complete loss of confidence which distin- lines in an awkward dilemma. Their earnings were
guished 1907, and which eventuated in the financial falling off in an appalling way, but they could neither
upheaval in the closing months of 1907 that threw reduce wages nor advance rates.
the whole civilized world into confusion. The revival
There were other occasions when the action of the
of confidence during 1908 made steady headway, not- National Government, and its manifestation of the
withstanding the tremendous depression in trade, the old spirit, tended to keep in check the revival of confilack of employment for labor, the loss of profits every- dence, but it is unnecessary to enumerate them here.
where and the unparalleled shrinkage in the revenues The all-controlling fact was that the President's tenure
of the country's rail transportation lines.
of office was getting shorter and shorter, and that he
We shall understand the reasons for the recovery in had utterly failed to get Congress to enact new radical
1908 Af we bear in mind the reasons for the antecedent laws. The National Legislature had adjourned the
loss of confidence. Adverse legislation, national and previous May after a refusal to put on the statute
State, directed against railroads primarily, but also books the measures especially desired by the Presiagainst corporations generally; political attacks against dent regarding labor and trust legislation. In parmen of wealth and against organized capital; the ticular the Anti-Injunction Bill, limiting the power
serious advocacy of political and economic doctrines of the courts to issue injunctions, and the bill for
which would completely change the theory of our amending the Sherman Anti-Trust Law so as to give
Government and revolutionize social relations—these the Federal authorities absolute and arbitrary control
and kindred matters had threatened the security and over all corporations engaged in business between the
stability of investment values. More than that,they had States, were kept off the statute books—not even
served to reduce the earning capacity ofimportant under- having come to a vote. There were also some inditakings and were threatening to reduce the same still cations, off and on, that public sentiment was changfurther, and had made investors and capitalists fearful ing. One case was the defeat at the primaries in
about entering upon new ventures,or extending further Georgia of Governor Hoke Smith for re-election
aid to existing undertakings; in a word, had induced because of his radical course towards the railroads.
a withdrawal of capital from the ordinary and cusMost important of all, one Court decision after
tomary channels and had brought enterprise to a halt. another was being handed down, all going to show
During 1908 this movement, so detrimental to the that the courts would not give sanction to attempts
country's industries,received a severe check,or at least to undermine or disregard Constitutional safeguards
it became plain that it could not be carried much fur- and privileges. The decision January 6 of the U. S.
ther. The courts made it clear that there was a limit Supreme Court holding the Employers' Liability Act
set by the Constitution beyond which the legislator of Congress unconstitutional was not, perhaps, very
could not go, and the legislator himself showed by his important, except that it showed that the Court
course that he was unwilling to go much further in would insist on careful observance of Constitutional
the wrong direction. As far as the States are con- provisions, even in small details. The Act was held
cerned, there was relatively little additionallegislation invalid because it failed to distinguish between traffic
of the type which proved so disturbing during 1907, among the States and traffic within the State. The
and in some of them the 2-cent passenger rate laws condemnation on January 27 of Section X of the •
were considerably modified. As far as the Federal Erdman Law of 1898, which sought to impose upon
Government is concerned, President Roosevelt kept inter-State carriers conditions regardingthe employment
up his activities, and showed in many different ways of labor, was of wide significance and bearing. The
that he had experienced no change of heart and that in Court held that the provision referred to was an invasion
his attitude and conduct he was still controlled by the of personal liberty, an interference with the freedom of
same spirit and animated by the same desires as in the contract, and beyond the scope of Congress, inasmuch
past. But the effects of his action were entirely as there is no connection between membership or nondifferent from what they had been before. They were membership in a labor organization and the regulation
no longer productive of results. His arguments and of inter-State commerce. The next month,February 3,
urgings fell upon deaf ears. Congress could not be got there came the ruling that a boycott by labor
to enact the laws which he so vehemently demanded.
unions was an unlawful conspiracy in restraint of
There were many manifestations of the President's commerce under the provisions of the Anti-Trust
activities and at times these served for the moment to Law of 1890. This judgment was concurred in by all
put a damper upon the growing feeling of confidence. the members of the Court. On March 23 the U. S.
6
THE CHRONICLE
[VOL.
Lxxxvm.
In the general trade depression the railroads suffered
Supreme Court disposed of two of the celebrated
ies. A statement published
cases where States had sought to impose upon carriers beyond all other industr
26 shows a loss in gross
Dec
of
issue
non-compensatory rates and charges, and had at- bY us in our
ending Oct. 31 of $244,months
ten
tempted to deny access to the courts by extraordinary earnings for the
road, from which it is
of
miles
fines and penalties. The Court by a vote of 8 to 1 419,145 on 159,743
d system, comprising
railroa
whole
the
evident that for
condemned these laws.
loss for these ten
the
road,
of
miles
In July there came another Court decision of the over 230,000
orhood of $350,neighb
the
in
been
have
highest importance. This was by the U. S. Circuit months must
g in magnitude
growin
ge
.kept
shrinka
The
Court of Appeals at Chicago. It set aside the fine 000,000.
and June the
May
in
and
months
six
first
of $29,240,000 imposed on the Standard Oil Co. of during the
a year.
0,000
$600,00
of
rate
the
at
was
Indiana by Judge Landis in August of the previous falling off
hed,
diminis
ly
gradual
losses
the
r,
howeve
year. All of the three judges concurred in the de- After that,
g
runnin
roads
the
on
large
still
were
cision and Judge Landis was reversed on practically though they
Pennsyl
the
like
s,
district
turing
every leading point. In September the U. S. Circuit through the manufac
Court of Appeals at Philadelphia declared un- vania RR.
At first the railroads found it difficult to offset the
constitutional what is known as the Commodin part by economies
ity Clause of the Hepburn Rate Law of 1906. heavy losses in gross receipts even
latter part of the
the
but
s,
account
e
expens
In December the U. S. Supreme Court declared that in their
s and, beginning
expense
their
of
control
got
the Inter-State Commerce Commission could not year they
ements overdisburs
the
in
ons
reducti
ber,
compel answers to questions which had been put to with Septem
them
enables
This
.
receipts
gross
in
losses
the
E. H. Harriman and Otto H. Kahn in a general topped
than
months
twelve
the
for
g
showin
better
a
investigation the previous year. This decision was to make
were
there
rily
Necessa
.
possible
seemed
time
one
of great moment, inasmuch as it showed that the at
number
the
but
ions,
suspens
ons
and
reducti
d
dividen
Commission had no general inquisitorial powers. Nor
was smaller than appeared likely.
should we omit mention of the severe penalty imposed and extent of these
were less than had been feared.
in December upon certain labor leaders by the Supreme Receiverships also
aside from the Seaboard Air Line and the
Court of the District of Columbia for violating in- These latter,
Chicago Great Western, which came very early in the
junction orders.
ed chiefly the minor Gould roads, like the
There has been still another circumstance that year, compris
urgh Terminal Ry., the Western Marycontributed in a most powerful way to the restoration Wabash-Pittsb
and the Wheeling & Lake Erie.
of confidence. It has been the attitude of the country's land
matters there was world-wide ease, which
money
In
a
h
s.
Throug
leading banking and financial interest
to saying that business depression, so
long course of adverse legislation the credit of the is tantamount
States, extended to all the
railroads had been almost destroyed. The bankers conspicuous in the United
thus limiting and restricting the
proceeded to build it up. They had monetary ease in civilized countries,
At the beginning of 1908 the
their favor, but on the other hand a shrinkage in rail- demand for money.
of the Bank of England was still
road revenues was going on that has no parallel any- official minimum
Bank of Germany 73% and that of
where. In April Mr. E. H. Harriman came to the 7%, that of the
4%. These rates were successassistance of the Erie RR. at a most critical juncture, the Bank of France
until the Bank of England miniaverting a receivership for that property—a movement ively marked down
that of the Bank of Germany 4%
in which J. P. Morgan & Co. co-operated. The next mum reached 23/2%,
Bank of France 3%. At no time
month the latter firm came to the rescue of the South- and that of the
was there an increase in the official
ern Ry. and organized a syndicate which took $15,- during the year
leading banks. It unfortunately
000,000 3-year 6% notes of that company to provide rate of any of these
once that there was a recurrence
for its very urgent needs. These were among the happened more than
n France and Germany regarding
most important railroad events of the year. It of friction betwee
and of course the upheaval in the
showed not only that leading financial interests were Casablanca affairs;
came in the autumn, when Turkey
willing and ready to help embarrassed railroads, but, Balkans, which
d all of a sudden of her suzerainty over
as a necessary corollary, that they had faith in the was deprive
and Herzegovina, was one of the
future of railroads and that they felt that there was Bulgaria, Bosnia
ned momentous consequences,
little likelihood of further harm from political quarters. events which threate
reflected on the European
In a way the outcome of the Presidential election and which, therefore, was
s.. Fortunately, war was
was also encouraging. Mr. Taft professes the same bourses and money market
ce of this occurrence
influen
views and opinions as Mr. Roosevelt, but at least he averted, so that even the
in money circles
ance
import
has a judicial temperament, is believed to be much less never assumed any great
,
away.
her
altoget
impulsive,and furthermore he was so immensely to be and quickly passed
year was the
the
of
pments
develo
g
One of the strikin
preferred to Mr. Bryan that the whole country breathed
s made
holding
bullion
their
to
ns
a sigh of relief when Mr. Bryan's defeat was made cer- noteworthy additio
merlimited
The
banks.
an
by the leading Europe
tain.
course
of
money
for
demand
l
The satisfactory agricultural yields were undoubted- cantile and financia
The Bank of France
ly an aid in promoting the revival of confidence. The facilitated this movement.
nt bidder for the
persiste
a
was
h
year
the
cotton crop will be 13@2 million bales in excess of all throug
in London, and
arrivals
gold
other
and
African
the crop of 1907-08, while the aggregate production of South
£32,000,000
over
added
months
twelve
the
corn, wheat, oats, barley and rye is figured at 4,339,- during
y made an
German
of
Bank
The
s.
holding
gold
000,000 bushels, against 4,166,000,000 bushels in 1907. to its
£13,000,000. The Bank of England
Prices, too, are ruling fully as high as a year ago, addition of
At
shows a loss for the twelve months.
except in the case of cotton.
I
JAN. 2 1909.1
THE CHRONICLE
all the European banks combined there has been an
increase during the fifty-two weeks from £400,453,866
to £455,094,480.
At New York there was never the slightest flurry in
money. After the latter part of January the rate for
call loans on the Stock Exchange never got higher
than 3% until December, and during the summer,
when there was extreme congestion of funds, call loans
for days at a time ruled no higher than WI of 1%
per annum. In December the rate on one day got
as high as 4 2%. Congress, just before adjournment,
passed the Aldrich-Vreeland Currency Bill, providing
for an emergency currency in times of stress by means
of a sort of double-barreled action—on the direct
initiative of the banks with State and municipal
bonds as security and through local currency
associations secured by segregated portions of the
There was, however, never the
general assets.
slightest occasion for availing of these new facilities
for issuing banknotes. On June 27 surplus reserves
of the New York Clearing-House banks were $68,233,025—the highest figure in fourteen years. Money
holdings at that time were $396,480,200; by August
22 they had increased to $412,523,100, which was
the maximum for the year. Surplus reserves at that
date, however, were only $65,170,050. By Dec. 26
money holdings were only $344,911,300 and the
surplus was $18,269,675. It is important to note
that under new laws passed by the New York Legislature, trust companies and also banks of loan and
discount are obliged to hold larger cash reserves in
their own vaults and that on December 26 the total
of the money holdings of the State banks and trust
companies, outside of those in the Clearing House,
aggregated $108,401,800, as against $49,025,700 on
February 8 1908, when these weekly returns were
first furnished by the State Banking Department.
On account of the business depression there was a
great shrinkage in Government receipts, while on the
other hand the disbursements were largely increased.
As a consequence, there was a deficit reaching for the
eleven months ending Nov. 30 no less than $104,373,000. The Government made large recalls of deposits
of public funds from the banks on repeated occasions
during the year, so that on December 30 1908 the
deposits of public funds with the banks aggregated
only $121,431,154, as against $256,920,155 on January
1 1908. Government money holding in Sub-Treasuries December 30 were $313,596,909, against $274,506,495 January 1. In November the Government
sold $30,000,000 of 2% Panama Canal bonds, reinforcing its cash holdings.
On the Stock Exchange the revival of confidence
was reflected in a most pronounced way. As 1907
was marked by frightful collapses in security values,
so 1908 was distinguished by recoveries hardly less
noteworthy in extent. The upward movement may
be said to have been in progress all through the year,
gaining force and impetus with the favorable court
decisions that came one after another and with the
success attending the numerous large new loan flotations by railroad and other corporations, and with
continued ease in money. In the closing months of
the year, after the defeat of Mr. Bryan, the upward
movement assumed the proportions of a veritable
boom. There were really only two months in the
year when the upward course was seriously inter-
7
rupted, namely in February and in September.
On both occasions the causes were entirely political.
In February prices suffered from the ill effects of
President Roosevelt's special message of Jan. 31 and
also from the President's letter to the Inter-State
Commerce Commission concerning reductions in the
wages of railroad employees. The feeling of depression at this time was intensified by the action of
various public men and political leaders in renewing
their attacks on corporate interests. A fear then
began to spread that the crusade, so destructive in the
two years preceding, would be continued, but cumulating evidence going to show that the courts would
uphold Constitutional guaranties soon dispelled these
fears. In September despondency again settled over
the market, owing to the fact that Mr. Roosevelt injected himself so prominently into the campaign as
champion of Mr.Taft,and that he and Mr.Bryan were
vying with each other in advocating radical policies
and doctrines. On the latter occasion the break in
prices reached serious proportions,and the fluctuations
in prices were so wild and erratic that they have
rarely been paralleled except in times of actual panic.
The market was suffering from a genuine political
scare. In October, however, hope again revived and
it never thereafter disappeared.
The foreign exchange market pursued an uneven
course throughout the year, but its main characteristic
was strength, and exports of gold reached considerable
proportions in April to July inclusive, and there was
another outflow in December. Money rates often
were lower here than abroad, facilitating gold exports. Numerous large loans by railroad and other
corporations were brought out in the United States
and in the case of not a few of such issues considerable
amounts were placed abroad. Furthermore, in the
early part of the year, when values on our Stock Exchange were still ruling low, there were probably
considerable purchases of the better class of share
properties for foreign account. On the other hand,
in the latter part of the year sales for foreign account
to realize the enormous profits which had accrued as
the result of the rise in values appear to have been
equally heavy. January saw a sharp rise in exchange
rates from the low figures reached in December 1907,
when gold was still flowing this way from Europe.
In February some weakness developed on offerings
of drafts against purchases of American securities for
European account. The latter half of the month,
however, the market was strong again. The strength
was well maintained through March, and in April a
large outflow of gold began which, continued through
the next three months. In June some weakness developed the latter part of the month, a prominent
feature being a good supply of bills against the
placing abroad of a large block of the new Union Pacific loan for $50,000,000.
The latter half of July there was again weakness
and the inducing cause appeared to be much the same,
namely the drawing against credits which had been
established at London and Paris through the previous
negotiation abroad of considerable blocks of American
railroad and other securities. On the other hand,
exchange was then being gradually accumulated to
meet the requirements in connection with the maturity
the following November of $25,000,000 New York
City revenue bonds negotiated in Europe the previous
8
THE CHRONICLE
[VoL.
beginning of the month. Treasury money holdings were increased from $274,506,495 to $292,085,948. Govt. deposits
in the N. Y. Clearing-House banks were reduced from $78,889,100 Dec. 28 1907 to $61,024,000 Feb. 1 1908; the improvement in the condition of these institutions, noted above,
occurred in face of this withdrawal of Govt. money. The
banks throughout the country began actively to retire banknote circulation; the amount of notes secured by bonds Jan.
31 was $641,919,664 against $643,459,899 at the beginning of
the month, affording apparently little evidence of retirement;
but, on the other hand, the notes afloat on legal tenders increased from $46,670,996 to $53,483,098, indicating large deposits of lawful money for retiring circulation. Various currency measures were presented in Congress, the most prominent being the Aldrich bill reported by the Senate Finance
Committee, providing for an emergency circulation based on
municipal and railroad bonds; the bill of Chairman Fowler of
the House Banking and Currency Committee, providing for
the entire reconstruction of the country's currency system,
and the measure advocated by the American Bankers' Association, which differed from both of these. Notwithstanding
the monetary situation so decidedly improved, some further
bank suspensions occurred. Outside of N. Y. these were not
of great consequence. In this city, however, as an aftermath
of the disturbances the previous Oct. and Nov.,several banks
were forced to succumb—all being institutions previously
weakened and which had been carried through the crisis of the
autumn by the Clearing House. These bank failures arose
out of the effort of the N. Y. Clearing House to compel the retirement of the few millions of Clearing-House certificates still
outstanding with a view to the resumption on Feb. 8 of the
detailed bank statement showing the separate condition of
each bank, which had been suspended on Nov. 2 1007. This
GENERAL SUMMARY FOR TWO YEARS.
directed attention anew to the banks which had received aid
during the crisis and induced large further withdrawals of de1907.
1908.
posits from such institutions. The National Bank of North •
3,349,223,380 America was the,first to feel the strain, and on Sunday, Jan.
$ *3,392,136,961
Coln and currency in U.S Dec. 31
$ a132500 000,000 144,888,663,955 26,it appearing irery likely that it would the next day be subBank clearings in United States
x220,787.939
197,385,225
$
Business faliures
197,206,346
196,438,824 jected to a serious run, which it would be impossible to meet
Sales at N. Y. Stock Exchange__ _shares
453,443,450
645,353,800 without further aid from the Clearing House, the officials
Grain and flour at Produce Exchange bush
1,330,927,836
$ 1,004,490,191
Imports of merchandise (11 mos.)
charge. This
$ 1,564,493,165 1,716,306,209 asked the Comptroller of the Currency to take
Exports of merchandise (11 mos.)
28,751,846
344,738,317 suspension caused uneasiness on the part of depositors in other
$
Net exports of gold (11 mos.)
Gross earnings of 97 roads (10 mos.)- - - -$ 1,497,141,986 1,741,561.131 banks still holding loans on Clearing-House certificates.
5,500
3,500 (est.)
miles
Railroad constructed
664,602,000
634,087,000 Hence,though on Tuesday, Jan. 28, the Clearing House decibushels
Wheat raised
2,592,320,000
2,668,651,000
bushels
Corn raised
cancel the cer754,443,000 ded to allow the banks more time in which to
807,156,000
bushels
Oats raised
(1)
11,581,829 tificates, such banks were forced, one after another, owing to
bales
Cotton raised
25,781,361
Pig Iron produced (tons of 2,240 lbs.)__ _. 15,800,000(est.)
succumb. The New
42,300,000 the large withdrawals of deposits, to
25,900,000
Lake Superior ore shipments (gross tons)_
932,000,000
Amsterdam Nat. Bank closed Jan. 29,the Mechanics & Trad868,096,491
lbs.
Copper production in U. S
64,500,000
67,109,393
(tons of 2,240 lbs.)
Anthracite coal
(which had a few months previously taken over a Brook33,474,874 ers
30.500,000
bbls.
S Petroleum (runs) production
364,316
1,267,592 lyn bank and had many branches in the borough of Brooklyn)
Immigration Into U. S. (11 mos.) __ _ _No.
(1)
17,770,464 on Jan. 30 and the Oriental Bank on Jan. 31. At the close of
Public land sales (yr. end'g June 30) acres
Jan. practically all Clearing-House certificates issued in N. Y.
* Figures for Dec. 11908; result for Dec. 31 not yet aval able. A revised 'had been retired except those representing loans to these susof
1
Aug.
adopted
reduction
a
1907,
was
$135,estimate of stock of gold coin
of Clearing000,000 being made. x Last few 'days of December estimated. a Esti- pended banks. At its highest the aggregate
mated. S These are the statistics of the pipe-line companies handling the House certificates taken out by the N. Y. banks was $88,420,oils produced in the States of Pennsylvania, West Virginia, New York,
000, but the maximum used at any one tune was only about
Ohio, Indiana and Kentucky. h Net Imports.
$74,000,000. There were two small suspensions on the Stock
JANUARY.—C urrent Events.—Business continued exceed- Exchange, namely Robert Maclay & Co. and Whitney &
ingly depressed, with reports showing about 350,000 idle Kitchen; also a small suspension in Boston. The Pittsburgh
after having been closed
freight cars on the railroads and with railroad earnings record- Stock Exchange re-opened Jan. 27 New Orleans Stock Ex
.The
23.
Oct.
previous
the
since
ing enormous losses. In monetary affairs, however, there change resumed dealings in stocks Jan. 15; previously busiwas an almost complete return to normal conditions. The ness had been confined to trading in bonds. The Hamilton
premium for currency, or cash money, disappeared with the Bank of this city, which had been closed since Oct. 24, reaffairs everyold year; the condition of the N.Y.Clearing-House banksim- opened Jan. 20. As already noted, industrial the paralysis
cases
most
in
a
though
at
low
ebb,
were
where
proved with great rapidity, the deficiency below reserve re- was not so complete as it had been the preceding December.
quirements having passed away with the statement for Jan. The make of iron in the U. S. during Jan. was computed by
11, and by the end of the month the surplus reached $40,526,- the "Iron Age" at only 1,045,525 tons, against 1,234,279
2,336,972
725; Clearing-House certificates in this city and throughout tonsin the previous Dec.,1,828,125 tons in Nov.andofficials of
executive
the
of
auspices
the
Under
Oct.
tons
in
money
the country were rapidly reduced or altogether retired;
the U. S. Steel Corp., conferences were held among the manurates dropped to low figures and discounts abroad were facturers of steel,and it was agreed to maintain prices for finwere
sharply reduced. In brief, as far as monetary affairs
ished products of iron and steel (after the concessions already
concerned, all traces of the disturbance and distrust which made in that respect after the panic),with the view to preduring
re1907 were
had prevailed in Europe and America
venting demoralization and encourage consumers to feel that
moved. The after-effects—in intense business depression, purchases could be made with reasonable confidence. In the
and
profits—relack of employment, dwindling revenues
cotton goods trade some drastic reductions in prices were anmained,and were felt in every industry throughout the land. nounced, but they failed to stimulate buying to any great exS.,
U.
the
though
for
No further gold was taken in Europe
tent. An extensive lockout of cotton mill operatives in Lansome more gold arrived previously engaged; in fact, owing to cashire, Eng., had been threatened,but was averted at the
talk
of
was
possible
there
the rise in foreign exchange here,
moment by the withdrawal by the employees of their degold exports from this side. This removal of the American last
The following Sept. a lockout occurred. Print
mands.
to
England
make
very
of
demand for gold enabled the Bank
Fall
River, which had dropped the previous month
at
cloths
gold
in
arrivals
through
holdings
large additions to its bullion
1c., declined still further to 43c. Middling
5
to
M
from
43
flow
return
to
Lonlarge
a
London, besides which there was
in
cotton
this market fluctuated between 11.30c.
upland
the
posiBank's
that
so
circulation,
of
don gold from internal
and
Jan.
Jan. 17, with the close Jan. 31 at 11.65c.
7
12.25c.
begin
to
the
able
rewas
it
was
and
tion
greatly strengthened
option at Chicago droppayment to the Bank of France of the $15,000,000 gold bor- Wheat sharply declined, the May
Jan.31. On account of
rowed during the crisis in 1907. In the five weeks to Jan. 30 ping from $1 083/ Jan.4 to 953 cts.
of the largest diamond importin
four
depression
the
business
than
X7,762,less
no
stock
of
Bank's
increased
gold
was
the
and their affairs were
304. On Jan. 2 the Bank's discount rate was reduced from 7 ers in this city became embarrassed
for liquidation. The railroads
the
trustees
of
placed
in
hands
Bank
of
The
Ger4.
16
5
to
Jan.
to
on
and
23
on
Jan.
6%,
to
of the year the Seamany on Jan. 13 reduced from 73 to 6M and Jan.25 to 6%. suffered severely. At the very beginninghands, and later the
The Bank of France cut its rate from 4 to 3V2 on Jan.9 and to board Air Line Ry. went into receivers'
Gt. Western had the same experience,and on Feb. 1 the
3 Jan. 23. All this caused a great improvement in English Chic.
& Ironton also passed to receivers. The Chic. &
consols the latter part of the month and the price Jan. 31 was Det. Tol. RR.
met alike fate. The Southern Ry.announced
Mil.
Elec.
Mr.
the
Treasury,
of
83%
Sec.
Jan.
against
2.
The
9-16
86
take effect Feb. 1 of 10% in the salaries of the
Cortelyou, by degrees recalled Govt. deposits. Such deposits a reduction to other
high officials. The B. & 0. made a cut
and
Jan. 31 were only $238,190,042 against $256,920,155 at the President
year, and small amounts of gold continued to go out
that month. In August exchange was weak almost
the entire month, owing to the drawings against
credits abroad which had been established in the way
already mentioned. In September the course of exchange was once more completely reversed and rates
again got up close to the gold-export point. The upheaval in the Balkans kept it high in October, though
offerings of bills against securities placed abroad prevented any actual gold shipments that month. In
November some buying of American securities, following the result of the election, weakened exchange the
early part, but realizing sales the latter part of November produced a renewed rise which resulted in a
fresh outflow of gold in December.
Below we bring together some general statistics for
1908 and 1907, affording an interesting contrast between the two years. The data for 1908 are necessarily largely estimates, as the year' has only just
closed. The same table is incorporated in our annual
"Financial Review" and there the 1908 figures will
appear in their final corrected form.
JAN. 2 1909
THE CHRONICLE
9
of 10% in the pay of all officers and employees receiving $166 year touching the purchases
a month or more, also effective Feb. 1. In the political de- Union Pac. Mr. Harriman, of stocks of other roads by the
however,
velopments affecting the railroads there were some new un- swering questions regarding purchases was excused from anfor himself. The folfavorable happenings. The very first business day of the lowing Dec. the U. S. Supreme
Court held that none of the
year (Jan. 2) Washington dispatches announced that the U.S. questions were within the
power
Govt. contemplated legal proceedings against the Union Pac. The Sovereign Bank of Canada of the Commission to ask.
became embarrassed, but the
or Harriman combination of roads. This was confirmed later other Canadian banks took
its business and protected the
and on Jan. 25 Attorney-General Bonaparte made official an- depositors. In Chicago Johnover
R. Walsh, the former head of the
nouncement that a bill in equity would be filed by the Govt. Walsh banking institutions which suspended
in Dec. 1905,
under the Sherman Anti-Trust Law to set aside control by the namely the Chicago Nat. Bank,the
Union Pac. and its subsidiary corporations of the Southern the Home Savings Bank, was found Equitable Trust Co. and
Pac. and of the San Pedro Los Angeles & Salt Lake RR.; also on the charge of misapplying the guilty Jan. 18 by a jury
to have declared illegal the ownership of stock in the Atch. Bank. The N. Y. Clearing-Housefunds of the Chicago Nat.
Top. & Santa Fe and the Gt. Northern and the Nor. Pac. action providing for the admission Association Jan. 13 took
of trust companies to full
companies. The stock holdings in Ill. Cent., N. Y. Central, membership in the Association on condition
they mainB. & 0., Milw. & St. Paul, &c., were not attacked. Gov. tain a cash reserve in their own vaults of 25%that
Hughes in his message to the Legislature Jan. 1 urged extend- nothing ever resulted from the step. The of deposits, but
N. Y. State Supt.
ing the functions of the two Public Service Commissions in of Insurance, Otto Kelsey, notified
this State so as to br:ng telegraph and telephone companies that they must regain possession at the insurance companies
once of all bonds loaned
under their supervision. As it happened,too,the Public Ser- to national banks during the panic to
vice Commission for the Second District intimated in its an- bank-note circulation or as collateral forbe used as a basis for
nual report that it might be deemed advisable to order the stated that under the law the Insurance Govt. deposits. He
Dept. could not counrailroads in N. Y.State to adopt passenger rates of 2c. a mile tenance the loaning of bonds
the companies. The latter
—a threat which was not carried out during 1908. The Ten- were also notified that in theirby
annual statements they would
nessee Railroad Commission ordered all roads to put into op- be allowed to make up
eration a flat rate for passengers of 23'c. a mile on April.1— of an average for the their security valuations on the basis
thirteen months instead of taking
the reason assigned was that the Southern Ry. had just en- market values at
tered into a compromise with the authorities in Georgia and agreement betweenthe close of the year. A new trade
agreed to accept a 23 -cent rate in that State, and had also proclaimed, applying the United States and France was
promised to give the same rate to other States. A conference Dingley Tariff Act to the minimum rate of duty under the
French champagnes in return for the
of railroad operating officials with Pres. Roosevelt took place French minimum rate
on Jan. 27, one of the subjects for consideration being the vanilla, &c.,and mineralof duty on coffee, cocoa, chocolate,
question of legalizing pooling,but the conference had no tangi- Porto Rico. Race riots oils coming from the U. S.,including
ble results. On Jan. 31 Mr Roosevelt sent a most extraor- occurred at Vancouver, between the whites and the Japanese
B. C. The District Court of Appeals
dinary special message to Congress couched in very intemper- at San Francisco
ate language. Its ostensible purpose was to urge the enact- on the charge of set aside the conviction of Mayor Schmitz
extortion.
ment of a new employers' liability law, but it was devoted
Railroad Events and Stock Exchange Matters.—A decided remainly to denouncing those who had opposed Mr. Roosevelt's vival of activity occurred
policies and methods,and was exceedingly bitter in tone and with a large and general on the Stock Exchange during Jan.,
advance in prices. The controlling
in spirit. The President again advocated the numerous radi- circumstances
cal doctrines to which he had committed his administration, market and a were the development of ease in the money
restoration
of confidence in financial circles in
argued in favor of some control of the physical operations of this country and in Europe.
Bonds shared in the improvethe railroads and for Government valuation of the roads, and ment, notably the U.
S. Steel sinking fund 5s, arid also some
took an incursion into a new field by denouncing margin deal- low-priced semi-speculative
issues
like Brooklyn Rapid Tranings in stocks and in commodities and suggesting denial of the sit refunding 4s and
Interb.-Met. coll. 43's. The floating of
use of the mails and telegraphs and telephones to those en- some large new issues,
in
particular
the $30,000,000 5% ecluipgaged in speculative dealings. A number of encouraging ment trust certificates
of the N. Y. Cent. and subsidiary lines, •
court decisions came as a counterpoise to these unfavorable tended
impart
to
additional
strength
to the market. Returns
political developments. On Jan. 6 the U. S. Supreme Court of railroad
earnings were in most cases exceedingly poor, but
declared unconstitutional the Act of Congress approved June these
were large measure ignored in the belief that a revival.
11 1906, known as the Employers' Liability Act, and which of businessin
activity would come in the near future—an expecmade railroads responsible in damages to their employees for tation which
was not realized. The railroad receiverships
injuries resulting from the employees' own carelessness or the mentioned
above were also an unfavorable feature. Stock
negligence of fellow-employees. The Act was declared illegal values,
nevertheless, remained strong, with more or less irbecause it failed to distinguish between traffic among the regularity
on special days and in special stocks, and this irregStates and traffic within a State. On Jan. 27 the U. S. Su- ularity became
more pronounced towards the close of the
preme Court held unconstitutional Sec. 10 of what is known month as
it appeared from the dispatches from Washington,
as the Erdman Law, approved June 1 1898, and which Albany and
sought to prevent inter-State carriers from refusing to employ to railroad other State capitals that the spirit of antagonism
members of labor unions. This provision was condemned as & Refin. interests had by no means died out. Amer.Smelt.
shares were one of the weak specialties, from causes
an invasion of personal liberty, an interference with the free- peculiar
to that property, the common dropping from 793
dom of contract and as being beyond the scope of Congress,in- Jan.
15 to 625% Jan. 23, with the close 67%. Atch. com.sold
asmuch as there is no connection between membership or non- up from
membership in a labor organization and the regulation of 7234. 683/i Jan. 8 to 74 Jan. 18, with the close Jan. 31 at
Milw. & St. P. corn. advanced from 103 Jan. 2 to
inter-State commerce. Another highly important decision 117 8 Jan.
2. Del. & Hud.sold up
by the U. S. Supreme Court came early the next month (Feb. from 147 18, closing Jan. 31 at 1133/
Jan. 2 to 168 Jan. 10, with the close Jan. 31 at 152.
3). In this a boycott which had been instituted by a labor Great
Nor. rose from 1153 Jan. 2 to 125%
3 Jan. 18, closing
organization against a firm of hat manufacturers doing trade
1215
%. N. Y. Cent. from 90% Jan. 2 advanced to
in several States was declared (all the members of the Court at
103 Jan. 14, closing at 97. Pennsylvania from 1083
%
concurring) an unlawful conspiracy in restraint of commerce Jan.
under the provisions of the Anti-Trust Law of 1890, and it Union2 got up to 117% Jan. 20, with the close 112 8.
Pac.
corn.
rose
from
1163
Jan.
2 to 1285
% Jan.
was held that under Section 7 of the law the injured concern 18,
122%. U. S. Steel pref. from 873's
2
could recover damages in triple the $80000 claimed. On rose closing
%
3 Jan. 14 with the close Jan. 31 92%. Jan.
to
95
Amal.
Jan. 20 Judge Smith McPherson in the U. S. District Court Cop.
after
moving
%
3
up
from
45%
Jan.
2
to
53
Jan. 15,
declared void the Missouri statute of 1907 forbidding corpor- closed at
52. Can. Pac. stockholders were offered $24,336,ations organized in other States from transferring suits from 000 new
corn.
stock
at
par.
The
Chic.
R.
I.
&
Pac.
Ry.sold
the State Courts to the Federal Courts. The Penn. Supreme $6,000,000
of its 1st and ref. 4s. The Mo. Pac. sold $6,000,Court Jan. 20 affirmed the decision of the Common Pleas 000 2-yr. coll.
tr.
cony.
6%
gold
notes
to
take
up
the
$6,000,Court of Philadelphia and held the Dunsmore Two-Cent Pas- 0005%
senger Rate Law passed by the Penn. Legislature in 1907 il- It was notes issued in 1906 and which matured Feb. 10 1908.
announced
that
$38,585,400
6%
cony.
debenentures
legal so far as the Penn. RR. was concerned on the ground had
been subscribed for by shareholders of the N. Y. N. H.
that the rate was unremunerative. In the U. S. District & H.
RR.
It
was
stated
that
the
syndicate
which had
Court at Dallas, Tex., Judge Edward R.Meek on Jan. 14,in a underwritte
n $14,576,000 cony, bonds of the Norf. & West.
case in which the Pullman Co. was a party, restrained an order Ry. had
of the Texas RR. Commission reducing sleeping car rates. parativelyexpired by limitation Dec. 31 1907 and that comfew of the bonds had been sold. Consol. SS. Lines
This decision was affirmed the following Nov. by the U. S. (the unfortunate
Morse combination of steamship lines) deCircuit Court of Appeals at New Orleans. On Jan. 16 the faulted in the
Texas RR. Commission dismissed the application for a reduc- well as some int. on its coll. tr. bonds, and the company, as
of the steamship companies controlled, went into
tion in passenger rates from 3c. a mile to 23'c on Texas roads. the hands of receivers.
The long protracted litigation concernAt tbe same time the order made May 20 1906 establishing a ing the trolley
lines of Chicago wasfinally terminated,enabling
23/
2c. fare on the Houston & Texas Central, against which an the carrying out
of the plan for the rehabilitation of the propinjunction had been obtained in the Federal courts, was also erties under the name
withdrawn and canceled. In New Jersey the Court of Errors RR. distributed its of the Chicago Rys. Co. The L. & N.
holdings of stock in the "Louisville Prom
and Appeals on Jan. 7 unanimously upheld the Perkins Main erty Co." (controlling
Stem Tax Act of 1906 increasing railroad taxes in that State. 1% div. to L. & N. coal and other lands)in the shape of a
. This was with the view to
On Jan. 16 Judge Hough in the U. S. Circuit Court held that prepare for the goingshareholders
into effect on May 1 1908 of the provision
Pres. E. H. Harriman,of the Union Pac.,and Otto H.Kahn, of the Hepburn
of Kuhn, Loeb & Co., must answer certain questions put to porting over theirRate Law forbidding railroads from translines any products in which they may hold
them by the Inter-State Commerce Commission the previous any interest.
The Clev. Cin. Chic. & St. L. reduced its semi
10
THE CHRONICLE
annual div. on the coin. stock from 2 to 1%. On the other
hand, the N. Y. Chic. & St. L. made the annual div. on its 2d
pref.
. stock 5% against4% in 1907. Amal.Copper made a further cut in its div., reducing the quar. payment to only M of
1%. Anaconda Copper, controlled by the Amal., and some
other copper companies also again decreased their div. rates.
The Cripple Creek Cent. RR. passed divs. on both corn. and
pref.
.shares. The U.S. Cast Iron Pipe & Fdry. Co. passed the
div. on its corn. stock. The Homestake Min. Co., which the
previous May suspended divs., owing to a fire in its mines, resumed regular monthly payments.
The Money Market.—In the money market there was a
complete restoration of normal conditions and the latter part
of the month rates dropped to low figures and the market
really became congested. At the opening, pending the distribution of the large 1st of Jan. int. and div. payments, quotations still ruled high. On Thursday, Jan. 2, the quotation
for call loans at the Stock Exch. got up to 20% and time loans
were quoted at 10 for 60 to 90 days, 7 for 4 to 5 mos. and 6 for
6 mos. A loan of $500,000 at 6% for 8 mos. was actually
recorded at that time. On Jan. 31, on the other hand, the
range on call at the Exch. was only 1 32@2 and trust cos.
were out of the call loan market, since they could get 2% by
leaving their money on deposit with the banks. Time loans
were then quoted at 3@332for short maturities, with no busi4 and some
ness recorded, while the rate for 4 mos. was 41
money was placed at this figure on loans for 6 mos. Mercantile borrowers were advantaged most by the change in conditions, as previously they had had to submit not only to
high discounts but in many instances to pay large commissions for obtaining loans. Early in the month the quoted
rate for paper was still 8%. At the close quotations were
@6 for 60 to 90 days endorsed bills receiv. and for prime
4 to 6 mos. single names; good single names were quoted at
6@.63/2. The demand for short-term coll. notes issued by
railroads and other corporations diminished somewhat, owing
to the receivership announcements. In their first weekly
statement of the year, Jan. 4,the N. Y.Clearing-House banks
still showed $11,509,550 deficiency, but the next week a surplus of $6,084,050 was reported, and by Feb. 1 this surplus
had increased to $40,526,725. Money holdings increased
from $250,606,900 Jan. 4 to $325,152,100 Feb. 1. Deposits
between the same dates rose from $1,048,465,800 to $1,138,501,500. Loans were $1,132,871,800 Jan. 4, $1,117,149,600
Jan. 11,$1,135,569,700 Jan. 25 and $1,133,786,100 Feb. 1.
Foreign Exchange, Silver, &c.—Foreign exchange developed great strength and rates for sterling sharply and almost
continuously advanced until the last few days,when some recession occurred. As noted above, all anxiety regarding
monetary affairs abroad was removed and the leading European banks made successive reductions in their discount
rates. Open market discounts fell away even more sharply.
Gold engagements for the U. S. not only ceased, but the latter
part of the month, with the rise in exchange, there was talk
of possible gold exports from N. Y. Merchandise exports
were on an exceptionally large scale, but there was a scarcity
of commercial bills nevertheless, and it was suggested that
the exports had been drawn against in advance of their actual
shipment. Exchange rates were at their lowest figures on the
opening day, at 4 7975@4 80 for 60-day bills; 4 8470@
4 8475 for sight and 4 8575@4 86 for cable transfers. Sixtyday bills were at their highest Jan. 24 at 4 8390@4 84 and
this was also the figure Jan. 31. The high point for sight
bills was 4 8720@4 8725 Jan. 27, with the close Jan. 31
4 8695@,4 8705. The high point for cable transfers was
4 8755@4 8765 Jan. 24, with the close Jan. 31 4 8735@
4 8745. • Open market discounts at the beginning of the
month were 5 at London; 4@43 at Paris and 6@63-i. at
Berlin and Frankfort. On Jan. 31 the rate at London was
33/@3; at Paris 2 and at Berlin and Frankfort 43, @4%.
Silver at London showed some recovery and from 24%d.
Dec. 31 1907 there was an advance to 27d. Jan. 7, but the
2d.
close Jan. 31 was at 253/
FEBRUARY.—Current Events.—The month opened in
gloom, and closed in gloom, relieved only by the success of
the N. Y. City $50,000,000 offering of 4% bonds on Feb.
14. It was known beforehand that the J. P. Morgan syndicate would put in a bid for the whole issue and this was an
important influence in insuring the success of the sale. As
it was,the syndicate got none of the $47,000,000 long-term
stock due 1957 and only $1,101,880 of the $3,000,000 assessment bonds due in 1917. Altogether 1 168 proposals were
received for an aggregate of $271,242,650. The 1957 bonds
were placed on an interest basis of about 4.29% and the
$3,000,000 assessment bonds on a basis of about 4.38%.
The disturbing events which served to revive the feeling of
gloom in financial and industrial circles were wholly political.
The more that Pres. Roosevelt's special message to Congress
on Jan. 31 was pondered,the more discouraging it appeared
to make the outlook, inasmuch instead of relief from the
political.attacks which had been such an important element
in bringing about the prostration of the country's industries,
it seemed to indicate a renewal of these attacks. Other
political developments were of like character. William J.
Bryan,Democratic candidate for the Presidential nomination,
in the week following the President's message, delivered a
number of addresses, in which he made attacks of his own on
the railroads,.on men of wealth,and on Wall St. Then,too,
the views and utterances of the candidates at that time most
[VOL. Lxxxvni
generally mentioned in connection with the Republican nomination gave cause for concern. Sec. Taft made an address
Feb. 10 in which he referred to the President's special message
as a "bugle call" to renewed support of the policies of the
Administration, and Feb.13 made another address in which
he declared that "we have not quite enough regulation of
railways. Other powers ought to be conferred upon the
Inter-State Commerce Commission." He also advocated a
new anti-trust law, made "more specific to bring all within
its provisions." Senator Knox delivered an address Feb. 11
lauding the Administration and expressing approval in
particular of the Hepburn Rate Law. He also urged that
the law must be rigorously enforced, saying "we must not
forget that the efficiency of all law lies in the efficacy and
persistence of its enforcement." Governor Hughes sent a
special message to the State Senate at Albany again demanding the removal of State Supt. of Insurance, Otto Kelsey,
on the report of Matthew Fleming,a special Commissioner
appointed by the Governor, the grounds being very unsubstantial (see "Chronicle" of Feb. 15 1908, p. 372),and he
also granted the request of Att.-Gen. Jackson that Dist.
Attorney Jerome be superseded in the conduct of the so-called
ice trust cases and that he, Jackson, be delegated to conduct
the prosecution himself and infuse new vigor into it. The
State Senate Feb.26,by a vote of 30 to 19 refused to endorse
Mr. Kelsey's removal, this comparing with a similar vote of
rejection the previous year of 27 to 24. The most depressing
incident of all was the letter which Pres. Roosevelt sent to
the Inter-State Commerce Commission on Feb. 18 concerning
reductions in the force of railroad employees and prospective
reductions in wages. The railroads at the time were suffering
frightful losses in revenues, and retrenchment and economy
were essential to escape bankruptcy. The President in his
letter directed inquiry to determine if there was cause for
any reductions and he indicated as one of the things which
the Commission must look into the question whether the
plight of the.railroads had not been caused "by misconduct
in the past financial or other operations" of the companies.
Employees had previously shown a disposition to acquiesce
in wage reductions as unavoidable. Now they began to
.vhich
assume an attitude of opposition. The L. & N. RR.0
was singled out for special mention in the letter, later in the
month rescinded its order reducing the pay of engineers and
conductors 10%, which was to have gone into effect Mar.1.
The conductors had already accepted the cut. A similar
reduction by the Nash. Chatt. & St. Louis was also recalled.
Feb. 15 it developed that the U. S. Government in prosecuting its suit under the Anti-Trust law against the Un.
Pac. RR.had asked that the latter be enjoined from receiving
dividends on the So. Pac. shares held by it. This last would
have deprived the U. P. of aggregate income of $7,822,000
per annum. About the same time it was also announced
that the Inter-State Commerce Commission had placed information in the hands of U. S. Dist. Attorneys throughout the
country tending to show violations of the Inter-State Commerce Act by the So.Pacific in the granting of rebates. It
was stated that in these actions the Federal Government
intended to co-operate with the State authorities in California,who claimed to have under consideration 4,000 alleged
illegal transactions on the part of the company,and that if
convictions were secured in all cases fines might be levied
aggregating $80,000,000. The developments in some of the
States were of like unfavorable character. though with
occasional exceptions to the rule. The North Carolina Legislature enacted the 2 cent passenger fare bill (with mileage
books at lowerrates)agreed upon between the Governor and
the railroads, and to pass which the Legislature had been
called in special session in Jan., thus replacing the 214cent
rate of the previous year. The Kansas Legislature, which
had been convened in special session Jan.6, adjourned Feb. 4
without enacting either the 2c. fare bill or the law for the
guaranty of bank deposits recommended by the Governor.
On the other hand, the Kansas State Board of RR. Commissioners on Feb. 14 ordered Kansas roads to put into effect
Apr. 1 a new schedule of freight rates involving a reduction
in various articles averaging,it was said,15 to 20%. Some
additional receiverships were announced, prominent among
them being the Intern. & Gt. No. RR. One of the reasons
given for the step in this case was that the company had
been called upon by the Texas RR. Commission to make
additions and improvements involving expenditures of several million dollars.There were many other disturbing influences. One feature in particular waslegislative propositions in
various States and in Congress intended to prohibit margin
dealings in stocks and in commodities, or else to impose
heavy taxes on the same; that movement was stimulated by
the President's special message on Jan.31, with its reflections
on speculation. In the Southern States particularly antioption legislation and agitation were prominent. Developments regarding trade were somewhat mixed. In the iron
and steel industry some slight reaction occurred from the
previous extreme depression. Pres. Corey of the U. S.
Steel Corporation was quoted Feb.7 as saying that while in
Dec. the mills of the company had been producing to only
36% of their capacity, they were now working on the basis
of 45% to 50% of their production. On the other hand,
some of the equipment companies were obliged further to
reduce their working forces; at the Baldwin Locomotive
Works of Phila. only 9,000 hands were at work against 15,800
Jan. 1 1908 and 18,000 October 1907. In copper a further
JAN. 2 1909.i
THE CHRONICLE
drop in pr.ce to 123/2c. occurred, and advices from Butte
the early part of the month stated that labor conditions(owing
to the suspension of copper-mining) had become so bad that
soup kitchens had been started at that point by the Salvation
Army and Sen. Wm. A.. Clark to feed the large masses of
unemployed. Fortunately the low price induced enormous
exports of the metal (though no improvement occurred in
the domestic demand)and at the very close of the month the
welcome announcement was received that the Amal. Copper
Co. would resume work in the Butte district Monday, Mar. 2.
The make of iron in the U. S. during Feb. (29 days) was
1,079,721 tons,which, though only half the normal output,
compared with 1,045,250 tons in Jan. (31 days.) In the
dry goods trade , wholesale reductions in prices were made,
without stimulating purchases, and the New England mills
decided to continue for an indefinite period the curtailment
begun the prey ous Dec. when an agreement had been entered
into by about 75% of the spindkage of New England providing for a curtailment of 25% between Dec. 25 and Mar. 1.
Print cloths at Fall River dropped from 43" to 35
/c.; cotton
Feb. 29 was 11.45c. for middling uplands in this market
against 11.65c. Feb. 1. Wilson, Colston & Co., a very old
banking house in Baltimore, announced its failure. A. N.
Chandler & Co. of Philadelphia, a firm interested in street
railway properties, also made an assignment. The Home
Bank of Brooklyn Borough, a very small institution, was
closed by the State Banking Dept. Feb. 1. On the other
hand,the First Nat. Bank of BrooklYn, which had suspended
the previous Oct., re-opened for business Feb. 10. The N. Y.
Clear;ng House ,in resuming on Feb. 8 the publication of the
condition of the separate banks, began an innovation by
giving in the case of the grand aggregates (but not in the
case of the separate banks) figures to indicate the condition at
the end of the week in addition to the averages for the week.
The State Supt. of Banking at the same time began to give out
totals showing the condition of the banks and truss companies under his supervision—both those in the Greater New
York and those in the rest of the State. Owing to large
Argentine shipments, there was a sharp break in wheat prices,
the May option at Chicago declining from 98% cts. Feb. 5
to 903
% Feb. 19; but there was an equally sharp recovery and
by Feb. 29 the price was up to 993/i cts. The Sec. of the
Treasury Feb. 24 announced that national banks holding
$100,000 or more of Government deposits would be required
to return 25% of the same (calling for about $35,000,000),
10% to be due Mar. 9 and the remaining 15% Mar. 23.
Government deposits in the banks Feb. 29 were $230,515.443 against $238,190,042 Jan. 31. Government money holdings Feb. 29 were $304,225,160 against $292,085,948 Jan. 31.
Bank circulation secured by bonds was reduced from $641,919,664 to $632,458,712. A financial crisis at Copenhagen
was one of the events early in the month. One bank suspended and runs occurred on several others. It was dealt
with by the passage by the Folkething of a bill introduced by
the Govcrnment authorizing the State to guarantee the liabilities of certain of the banks. In Japan, also, financial
tension was reported. A political incident in Europe was a
military demonstration by Russia against Turkey which had
for its object the forcing of the Sultan to withdraw his troops
from the Persian frontier. Later, harmonious relations were
re-established. Some political unrest was also manifested
at the Continental centres, owing to a misunderstanding between the Russian and Austrian Governments concerning
Austria's plans for the construction of the Vienna-SalonicaAthens RR. The matter appears to have been quickly
adjusted however. As a result of internal political dissensions King Carlos of Portugal and his eldest son, the Crown
Prince Luiz Philippe,were both assassinated on Feb. 1. The
second son, the Infante Manuel, became King. Later the
new King inaugurated a different policy and Premier Franco.
who, during the reign of the former King exercised a sort of
dictatorship, was superseded. The Supreme Court of Ohio,
having affirmed the conviction the previous June of the
officials of certain ice companies for having violated the
State (Valentine) Anti-Trust Law, they were sentenced to a
term of imprisonment. The Appellate Division of the N. Y
Supreme Court, First Department, on Feb. 14 affirmed the
decision of Justice McCall refusing to grant permission to
Att.-Gen. Jackson to annul the charter of the Consolidated
Gas Co. of N. Y. on the ground that it was a monopoly in
violation of the State Anti-Trust Law and also that it was
operating on illegal or lapsed franchises. The Court of
Appeals at Albany Feb. 19 reversed the decision of the
Appellate Division of the Supreme Court, Third Department,
which had sustained the order of the former Gas and Electricity
Commission reducing the price of as and electricity in Saratoga Springs. The right of the Legislature to delegate its powers to determine rates was upheld, but the Court declared unconstitutional that part of the former statute which provided
that the prices fixed by the Commission should be the maximum for three years,or until upon complaint new rates were
designated by the Commission. The U. S. Supreme Court
sustained an Oregon statute forbidding employment of
females in any mechanical establishment or factory or
laundry more than ten hours during any one day. The
decision was to the effect that under the so-called police power
of the State restraints upon the rights of a woman to work
may be placed not alone in her own interest but for the welfare of posterity through the children she gives to the world.
The Russian Military Court, which had been trying Gen.
11
Stoessel, who was in command at Port Arthur when the fortress was surrendered to the Japanese at the opening of 1905,
passed sentence of death upon him, but with the recommendation that this Sentence be commuted to ten years imprisonment in a fortress. The Czar subsequently acted in
accordance with such recommendation. A three-years
agreement was entered into between the leading transAtlantic steamship lines ending the passenger rate war, which
in Jan. had increased in intensity and which had been in
progress since the previous August. The northern section
of the McAdoo Tunnel under the Hudson River, built by the
Hudson Companies, from Hoboken, N. J., to Morton St.,
N. Y., thence northeasterly to Sixth Ave. at 19th St., was
opened-to traffic on Feb. 26. The First National Bank of
this city announced the establishment of a security company
under the name of the First Security Co. with a paid-up
capital of $10,000,000 (the stock to be held by six trustees
in the interest of the bank),for the purpose of acquiringreal
estate, securities, stocks and other properties owned by the
bank. Payment for the stock was made by the declaration
by the bank of a special dividend of 100%. Pres. Roosevelt
sent a message and report to Congress urging the improvement of the country's inland waterways and suggesting a
bond issue for that purpose.
Railroad Events and Stock Exchange Maters.—Influenced
by the depressing circumstances narrated above, the stock
market was weak the greater portion of the month. , Bonds
of the semi-speculative class,like Brooklyn Rapid Transit 1st
ref. 4s, Interb.-Met. coll. 43/
2s, Chic. R.I. & Pac. RR.4s and
of some of the industrial companies, were also prominent in
the downward movement. This continued until about the
middle of the month ,when a partial recovery ensued, but with
the Gould Southwestern properties and more particularly Mo.
Pac. and Deny. & Rio Gr., andalso West. Un. Tel., developing renewed weakness. The latter part of the Month the
course of prices was irregular, but with transactions on an
exceedingly small scale. Returns of railroad earnings continued vgry poor, the increase in railroad receiverships was
unpleasantly suggestive,and this,with th e continued political
agitation,seemed to remove all inducement for the purchase
of securities. At the close the copper shares displayed strength
on the large export shipments of the metal. The Steel
shares manifested great firmness throughout; Steel pref.
from 93% Feb. 4 sold down to 89% Feb. 10 ex div. of 13%%
but closed Feb. 29 at 92x; B. & 0.corn. sold down from 843/2
Feb. 5 to 763/2 Feb. 10 with the close 783%. Milw. & St. P.
corn. from 1133% Feb. 1 dropped to 1053% Feb. 13 and closed
at 1093%. Extremes for Gt. Nor. were 121% Feb. 1 and
1133
4 Feb. 10 with the close 1173%; for Nor. Pac. 1263(
4; for Un. Pac.
Feb. 1 and 1173' Feb. 10 with the close 1203
123% Feb. 1 and 110% Feb. 29 with the close 111%. N.Y.
Cent. dropped from 973' Feb. 5 to 92M Feb. 19 and closed
% Feb. 1 to 283/2 Feb. 19
at 94. Mo. Pac. fell off from 435
with the close 313; Amal. Cop.,which was 523% Feb. 1 ,fell
to 453 Feb. 19 and closed at 503
4. Among the roads which
went into receivers' bands were the Det. Tol. & Ironton, the
Macon & Birm., the Chic. Cin. & Louisv. and the Int. c!.. Gt.
North. Texas & Pac. made the annual div. on its income
bonds only 33/2 against 5 previously. The Federal Min. &
Smelt. Co. omitted the div. on its corn. stock. West Jersey
& Sea Shore made the s.-a. div. on corn. only 2as against 3%.
The Erie omitted the s.-a. div. payable in April on the 1st
pref.
. usually declared in Feb. The Atl. Coast Line of Conn.
made its guar. div. only 2%,against 23/2%. The Int. Silver
.stock. The Associated
Co. reduced the guar. div. on its pref.
Merchants Co. of N. Y. declared the regular quar. div. of
13
4% on corn. but omitted the M% extra. In the litigation
by Stuyvesant Fish concerning the election of Ill. Cent. directors, Judge F. Q. Ball in the Superior Court of Cook County,
Ill., on Feb. 20 dissolved the injunction restraining the Un.
Pac.and the RR. Securities Co. from voting on the Ill. Cent.
stock held by them. Judge Ball held that a foreign corporation may own stock in a company organized under Illinois
laws. B. & 0. sold $6,000,000 5% 1-yr. notes. The Chicago City Ry.soldan additional $4,000,000 of its 5% 1st mtge.
bonds and the Chicago Rys. Co. sold $2,500,000 of 1st mtge.
5s and the next month sold $2,500,000 more of the same issue.
The Money Market.—Ease prevailed in money the entire
month, II ough time loaris were at one time fractionally
firmer, owing to some discrimination against the collateral
offered. However, there was comparatively little inquiry for
loans for the longer periods, commission houses relying quite
generally on the call loan branch. The range on call during
the month was only 13/2@23%%. Time loans at the close
were 4 for 60 to 90 days, 43% for 4 months and 432@4% for
5 to 6 mos. The demand for commercial paper was good,
though the local inquiry was comparatively light. Rates at
the close were 43/2@5 for double names and 5@53/ for prime
and 53/2 ®6for good single names. The N.Y.Clearing House
with the statement of Feb.8 began to give out figures showing
the actual condition of the banks at the end of the week in
addition to the averages for the week. The statement of
averages for Feb. 1st reported a surplus of $40,526,725. For
Feb. 8th the averages showed a surplus of $29,832,175 and
the actual figures a surplus of $30,378,750. From this latter
there was an increase to $33,072,000 Feb. 21; Feb. 29 the
surplus,a ccording to actual figures, was down to $27,789,075.
Money holdings dropped from an average of $325,152,100
Feb. 1 to $314,178,300 Feb. 8 with the actual at that date
$313,301,500. From this there was an increase to $323,327,-
12
THE CHRONICLE
800 (actual) Feb. 22 with a decrease to $321,993,700 Feb. 29.
Deposits were $1,138,501,500 Feb. 1 (average), $1,131,691,000 (actual) Feb. 8 and increased steadily thereafter to
$1,176,818,500 (actual) Feb. 29. Loans fluctuated somewhat but were $1,166,988,400 Feb. 29 (actual), against
$1,133,786,100 (average) Feb. 1.
Foreign Exchange, Silver, &c.—Foreign exchange was weak
the first two weeks, with a sharp decline in prices,and strong
the last two weeks, with an equally sharp recovery. The
weakness was due to a good supply of commercial bills, especially against cotton,and to considerable offerings of bankers'
drafts arising in part from some purchases of securities for
European account, but mainly out of speculative selling of
exchange on the idea that the Morgan syndicate would get a
large part, if not the whole, of the $50,000,000 offering of
N. Y. City bonds, in which event a considerable amount of
such bonds, it was expected, would be placed abroad. But
this expectation was not realized, the syndicate being awarded none of the long-term bonds, and the second half of the
month there was an urgent demand to cover the speculative
sales referred to. Some demand also then developed for bills
to remit for securities sold here for European account because
of the unsettled state of the stock market. A slight easing
off in exchange was recorded the last two days, caused by
offerings of bankers' bills against credits supposed to have
been created through the placing abroad of some choice investment securities. Sixty-day bills dropped from 4 8370@
4 8375 Feb. 1 to 4 8230@4 8240 Feb. 15, with the close Feb.
29 at 4 8350@4 8360. Sight bills declined from 4 8685@
4 8690 Feb. 1 to 4 8580@4 8590 Feb. 14 and were 4 8670()
4 8675 Feb. 29. Cable transfers fell off from 4 8730@4 8735
Feb. 1 to 4 8615@4 8625 Feb. 14, with the price Feb. 29
4 8720@4 8725. Money at the European financial centres
was easy,with open market discounts Feb. 28 at London 3%,
5
at Paris 231 and at Berlin and Frankfort 4%.
The Bank of
England continued to increase its holdings of bullion. The
Bank of Belgium reduced its rate of discount from 5 to 4%.
Early in the month there was a shipment of $500,000 gold
from this side to Argentine. Silver in London recoltered the
early part of the month on buying for India, the price advancing to 265
/
8d. Feb. 10, but subsequently there was a
sharp decline again, and the close Feb. 29 was at only
25 9-16d.
MARCH.—Current Events.—A more hopeful feeling developed during March, which was reflected in a sharp rise in
prices on the Stock Exchange. Rumors gained currency
that President Roosevelt would place no obstacles in the
way of an advance of 10% in railroad freight rates if thereby
a reduction in railroad wages could be averted. Furthermore, all through the month reports were current that he
would send another special message to Congress, and that
this would breathe a different spirit from the startling document of Jan. 31. The new message came March 25, and in
language was certainly in marked contrast with the previous
message. When analyzed, it became apparent enough that
the President had not experienced any change of heart. He
insisted that the Inter-State Commerce Commission be given
the power to pass upon the issuance of all securities, and that
a law be passed providing that whenever a Federal court
should determine to place a common carrier or other public
utility concern under the control of receivers, the AttorneyGeneral should have the right to nominate at least one of
the receivers. As to amending the Anti-Trust law, the proposal was that "labor organizations, farmers' organizations
and other organizations not organized for purposes of profit"
should be exempt from the operation of the statute, provided
they registered under the law, but that business and manufacturing concerns were to enjoy immunity only if they acceded to certain conditions which, in effect, would give the
Federal Government control over all corporations engaged
in inter-State business. The disposition, however, was to
ignore the substance of the message and to regard only the
change in tone. Some favorable court decisions of great importance were of a more enduring character, and helped along
the improved feeling. On March 23 the U. S. Supreme
Court announced its conclusions in two of the celebrated
cases where States had sought to impose upon carriers noncompensatory rates and charges, and at the same time had
attempted to deny access to the courts by the levy of such
heavy fines and penalties that no carrier could afford to take
the risk of making itself liable to them. A conflict of authority between the Federal courts and the States had arisen
the previous summer out of the question, and had then provoked some wild and inflammatory talk. The one case was
that of the State of Minnesota and the other that of North Carolina. The U. S. Supreme Court disposed of both cases by
an almost unanimous vote (8 to 1), Justice Harlan alone being in dissent. The claim had been set up that suits to restrain a State official from enforcing a. State law are suits
against the State, preventing it from carrying on its governmental functions, and that under the Eleventh Amendment to the Federal Constitution this was forbidden. The
Supreme Court, however, held that this amendment did
not apply in cases like those under review, but that the
Fourteenth Amendment governed, and that by the terms
of this amendment no'State can deprive any person of life,
liberty or prorerty without due process of law, nor deny to
any person within its jurisdiction the equal protection ot the
laws. The Court also held that the authority of the Federal
[VoL. Lxxxvin.
Courts was supreme in such cases. In trade matters, some
fractional advances in the price of copper attracted attention,
and enabled Thomas W. Lawson to dispose of 700,000 shares
($5 each) of Yukon Gold stock by his usual spectacular
methods of advertising. A somewhat more hopeful view of
the immediate future of the iron and steel trades was also
taken, and some remarks in the annual report of the United
States Steel Corp., issued March 20, seemed to afford ground
for this feeling. There were, however,many trade developments of the opposite nature. In the cotton goods trade,
pretty general reductions in wages were announced (outside
of Fall River, where the operatives were working under a
sliding wage-scale with adjustment every six months), the
cuts generally amounting to 10%. Further curtailment of
production was also decided upon. Even at the mills in
Fall River owned by Mr. Borden, the American Printing
Co. and the Fall River Iron Works, half-time running was
entered upon March 23. Print cloths at Fall River were suc4c.
cessively reduced from 3%c. to 33c., to 39/
8c., to 3Y
There was also a sharp decline in cotton, middling uplands in New York March 31 being 10.50c., against
11.65c. March 2. In the matter of railroad wages, a
proposed reduction on the Southern Ry. had been referred
to Chairman Knapp of the Inter-State Commerce Commission and Commissioner of Labor Neill, as mediators, under
Section 2 of the Erdman law; the mediators made a recom
mendation, which was accepted, that the schedule of wages
then in force in the operating, mechanical and roadway departments be continued unchanged for the time being.
The Norfolk & Western employees rejected a proposition
wihch would have permitted a return to the wage scale in
effect prior to the last advance, if earnings dropped to a certain figure. The new Federal law requiring that railroad,
telephone and telegraph operators should not be kept on
duty more than nine hours in any day went into effect March
4, the Inter-State Commerce Commission having denied the
application for an extension of time on account of business
depression. It was estimated that the new law would add
$10,000,000 a year to the expenses of the roads. The last
of the N. Y. Clearing-House loan certificates taken out by
failed banks were canceled March 28; the last of those taken
out by solvent institutions had been canceled Jan. 27. One
of the favorable developments this month was the progress
made in the reinstatement, through reorganization, of suspended banking institutions. The Knickerbocker Trust Co.
of this city, after having remained closed since Oct. 22 1907,
reopened March 26. In the case of the Oriental Bank of
this city, which had closed Jan. 31, the depositors received
payment under an arrangement with the Metropolitan Trust
Co. The National Bank of Commerce of Kansas City,
which had suspended Dec. 5 1907, reopened March 30,
Comptroller of the Currency Ridgely having resigned to
accept the presidency of the bank; later in the year change
in the control of the bank induced him to relinquish his position. The Aldrich Currency Bill passed the Senate March
27 by a vote of 42 to 16, after it had been radically amended,
more particularly by eliminating the provision allowing the
use of railroad bonds as security for the proposed emergency
notes—see V. 86, p. 825,829. Government deposits in the
banks were reduced from $230,515,443 to $202,6621623 as a
result of repayments (estimated at $35,000,000) into .the
Treasury, in response to the Secretary's call of the previous
month. Treasury money holdings increased from $304,225,160 to $326,842,842. Bank circulation secured by
bonds was reduced from $632,458,712 to $628,834,336.
Government deposits with the N. Y. City Clearing House
banks were reduced from $55,386,500 Feb. 29 to $43,510,200
March 28. The Government report on stocks of grain in
farmers' hands showed small reserves March 1, but the wheat
figures were somewhat larger than had been expected, and
wheat sharply declined, the May option at Chicago March
31 being only 92 cts, against $1 01 8 March 4. In the case of
corn there was a sharp advance. New York State offered
$5,000,000 4% 50-year highway bonds and the subscriptions
reached $81,535,000; the awards were on an interest basis
of 3.694%. In Europe there were further evidences of
plethoric money markets in a reduction in the Bank of England rate of discount March 5 from 4 to 33% and March
19 to 3, and a reduction March 7 by the Bank of Germany
from 6 to 5 2%. In Copenhagen, one of the banks taken
over the previous month, namely the Detailhandlers Bank,
was declared to be insolvent, and had to be liquidated. Several more railroad receiverships were announced—among
others, the Western Maryland RR. Congressman Hepburn
introduced a bill in the House of Representatives intended
to check dealings in stocks. It was part of the general attack on the stock and mercantile exchanges which was becoming so common all over the country. The bill proposed
to place a tax of 50c. on each share of stock sold, this comparing with 2c. a share imposed under the laws of New York
State. Fortunately, the bill never made any progress in
the House. In the U. S. Senate, Senator Tillman had a resolution adopted directing the Committee on Finance to make
an inquiry•into the conduct of national banks. A delegation of labor leaders, headed by President Gompers of the
American Federation of Labor, submitted a petition to the
two Houses of Congress, criticizing the U. S. Supreme Court
decisions with reference to the Employers' Liability Law
and the application of the Anti-Trust Law in cases of a labor
boycotkactingiin_restraint of trade, and demanded new legis-
JAN. 2 1909.1
THE CHRONICLE
lation in redress of these so-called grievances. Most of their
recommendations were incorporated in the special message
which President Roosevelt sent to Congress on March 25,
and referred to above, though Mr. Roosevelt would not go
so far as to urge legalizing the boycott which the Supreme
Court had condemned. The message was understood to
have been written in support of the bill prepared by Seth
Low, President of the National Civic Federation, and which
was introduced in the House of Representatives by Congresman Hepburn on March 23. The Civic Federation bill itself had been drafted after extended conferences with the
President. The Venezuelan Government again rejected the
offer of the United States to arbitrate the disputes between
the two countries over claims of American citizens and corporations, and the President sent to the Senate the documents and correspondence relating to the matter, with a
view to the taking by Congress of such steps as that body
The House of Representatives on March
might think fit.
16, by a vote of 255 to 5, passed a bill restoring the motto
"In God We Trust," which President Roosevelt had had removed the previous year from gold coins. This action was
taken after one of the Representatives had stated that the
President had given assurance that if Congress directed the
restoration of the motto he would not veto that action. An.
invitation was extended by the Japanese Government, asking that the American battleship fleet, which had completed
its trip from the Atlantic to the Pacific, and which was to
make a cruise from San Francisco to the Philippine Islands,
be allowed to visit Japan. The invitation was promptly
accepted, and the following autumn the American fleet was
enthusiastically welcomed in Japanese waters. Some friction developed between Japan and China on account of the
seizure the previous month by the Chinese customs authorities of the Japanese steamship Tatsu Maru, having on board
arms consigned to revolutionary parties in the southern provinces of China. Japan sent a peremptory demand for the
release of the steamship and cargo, and this China was forced
to comply with. • In the Supreme Court of the District of
Columbia an order enjoining the American Federation of
Labor from engaging in a boycott, or, more specifically,
from publishing the name of the Bucks Stove & Range Co.
of St. Louis in the "Unfair List" of the Federation's monthly
magazine, was made permanent. James F. Shaw & Co. of
Boston, promoters of street. railway enterprises, were placed
in receiver's hands. In the case of the American Ice Company, where Attorney-General Jackson, at his own request, had been substituted by Governor Hughes as prosecuting officer in place of District Attorney Jerome,the special
Grand Jury to whom the Attorney General submitted his
evidence, tending to show a violation of the State Anti-Trust
laws, voted not to indict. The Attorney-General also got
into difficulties with reference to his action concerning the
receiverships of various State banking institutions, some
serious allegations against his office having been made, leading to crimmations and recriminations. The Appellate Division, First Department, of the New York Supreme Court
rendered a decision holding unconstitutional that part of
the Stock Transfer law giving the State Comptroller the right
to examine the books of brokers. The Court held that the
Legislature could not compel a citizen against his will to
submit to asearch of his private books and papers in order
that incriminating evidence against him might be found.
Judge Holt in the U. S. Circuit Court sustained the demurrer
of the American Sugar Refining Co. to the complaint in an
action brought by the Receiver of the Pennsylvania Sugar
Refining Co., alleging violation of the Sherman Anti-Trust
Law. Judge Holt based his decision on the opinion of the
U. S. Supreme Court in the case of the United States against
the E. C. Knight Co. ,where it was held that manufacture
was not trade or commerce. The following December, however, the U. S. Circuit Court of Appeals at New York reversed this decision and remanded the case to the lower
Court for trial—see V. 87, p. 1608.
Railroad Events and Stock Exchange Mattcrs.—The stock
market displayed great strength most of the month. The
moving causes are outlined in what has been said above.
The reduction Mar. 18 in the N. Y. Central dividend from
6 to 5% per annum gave a temporary check to the upward
movement, which, however, was soon resumed. The latter
part of the month the favorable decisions of the U. S. Supreme Court and the President's special message, so much
more temperate than the last preceding message, were powerful
influences in stimulating a further advance. The splendid
annual report of the Steel Corporation also had an influence
in the same direction. All through the month the Steel
shares were prominent for their strength. The copper shares
were helped by the somewbat improved outlook in the copper
market. The last three days prices sharply re-acted, owing
to the practical certainty of a strike at the bituminous coal
mines throughout the country on Apr. 1, the difficulty of
the Erie Railroad in providing for its maturing short-term
notes, and the prospect of a reduction in the Atchison dividend. Mil. & St. P. com. advanced from 1083 Mar. 2 to
120% Mar. 16 and closed Mar. 31 at 115; Nor. Pac. rose
4 Mar.2 to 129% Mar. 24 and closed at 126%; Gr.
from 1203
Nor. from 117 advanced to 124U and closed at 1223; Un
Pac. corn, rose from 1103 to 129, closing at 123%; N. Y.
5 to
Cent. from 03% to 101M, closing at 97; Penn. from 1114
%, closing at 115%. Among the industrial shares U. S.
1183
Steel pref. rose from 92( to 100, with the close 98, andAmal.
13
4, with the close 58%. Consol. Gas on
Cop.from 499 to 623
favorable Court action spurted up from 96 to 1173t, with the
close 11214. The Public Service Commission for the Second
District denied the Erie RR. authority to issue scrip for the
dividends declared payable the previous Oct. on its two issues
of pref. stock and April 1908 on 2d pref. Cal. & Hecla, Mining
Co. declared $5 per share div. against $10 in Dec. 1907, $15
in Sept. 1907 and $20 per share at previous quarterly dates
The Amer. Smelting & Refining Co. reduced its quar. div.
on com.from 2 to 1%. Other copper companies also further
reduced. West. Un. Tel. again made its quar. div. payable
in stock. The Pac. Coast Co. reduced its quar. div. on both
com.and 2d pref. On the other hand,the Minn.St.P.& Sault
Ste. M. advanced the semi-annual div.on com.from 2to 3%.
Crucible Steel of Amer. passed its pref. div. Chic. R. I. &
Pac. Ry. extended for one year at 6% its $6,000,000 twoyear 43'% notes maturing Apr. 11908. U. S. Rubper Co.
floated $8,000,000 of 5% notes due Sept. 15 1909 to refund
a like amount of notes maturing Mar. 15 1908.
The Money Market.—Continued ease prevailed notwithstanding the withdrawal of Government deposits from the
banks. Call loan rates never got above 231, with the range
Mar. 31 1% ®1%. Time loans at the close were 3 for 60days, 331@33 for 90 days, 3%@4 for four mos. and 4@431
for five to six mos. Commercial paper was quoted at 53®6
for double names and for prime single names. Surplus
reserves of the Clearing-House banks rose from $27,789,075
Feb.29 to $42,040,050 Mar.21 and were $38,395,625 Mar.28.
Money holdings rose from $321,993,700 Feb. 29 to $339,153,500 Mar. 28. Loans fluctuated from week to week and were
$1,175,122,400 Mar. 28 against $1,166,988,400 Feb. 29.
Deposits declined from $1,176,818,500 Feb.29to $1,174,517,300 Mar. 7 and then increased to $1,203,031,500 Mar.28.
Foreign Exchange, Silver &c.—Foreign exchange was devoid of any special features most of the month and the fluctuations were compassed within a relatively narrow range.
The first half there were larger or smaller offerings of bankers'
bills, reported to have been drawn against corporation collateral notes that had been placed abroad, and some against
N. Y. City revenue bonds. It was also then expected that
the successful bidders among large bankers for the $5,000,000
4% N. Y. State issue of Highway Improvement bonds would
find a market for some of them in Europe, thus bringing
further' offerings of exchange. Towards the close of the
month, on attempts to obtain cover for short sales, a sharp
recovery ensued, and this, together with a fall in rates for
sterling at Paris on London,led to a discussion of the possibility of early gold exports to France. On Mar. 2 quotations were 4 8370(0,4 8375 for 60-day bills, 4 8665()4 8670
for sight bills and 4 87@4 8705 for cable transfers. On Mar.
17 prices were respectively 4 8305®4 8310, 4 8580®4 8585
and 4 8605@4 8610. On Mar. 31 the figures were 4 8415()
4 8425, 4 8640@4 8650 and 4 8670®4 8675. As noted
above, the Bank of England rate of discount was reduced
from 4 to 3% and then to 3%,and the Bank of Germany from
6 to 5%. Except at London, however, there was some firmness in open market rates. At Paris the rate advanced to
2. At Berlin and Frankfort it at one time was 4% but
the close was 4%. At London discounts dropped to 2% ®
23/2. Silver in London fluctuated within a narrow range
and Mar. 31 was 25 9-16d.
APRIL.—Current Events.—While trade continued exceedingly depressed, there was, nevertheless, further distinct improvement in the tone in financial circles and further
appreciation in values on the Stock Exchange. Certain
events furnished substantial grounds for a better feeling,
chief among which was the favorable outcome of the negotiations for financing the pressing obligations of the Erie
Railroad. This came early in the month. Up to the last
moment it had seemed almost certain that the negotiations
must fail, and the fact that an adjustment was reached
came as an agreeable surprise. The Erie had $5,500,000 of
one-year notes maturing April 8th. To take these up the
directors had created an issue of $15,000,000 new 3-year
6% notes,of which $5,500,000 were to be exchanged for the
old notes and $5,000,000 sold at par, the remainder to be
reserved for future uses. An offer of the new notes for the
old notes was made and a syndicate headed by J. P. Morgan
& Co. agreed to underwrite the $5,000,000 of new notes
to be disposed of for cash (without commission or cost to
the company), but the sale was expressly conditioned on
the exchange of all of the $5,500,000 old notes, par for
par, for the new notes. The old note holders, however,
evinced a decided disinclination to make the exchange.
Mr. E. H. Harriman, a director in the road, then stepped
into the breach and offered to purchase $5,500,000 of the
new notes to provide the cash to pay off the old notes.
This offer was at once aceepted and at the same time the
J. P. Morgan syndicate took the other $5,000,000 of notes
in accordance with the original plan, thus providing in full
for the company's necessities. The signifiance of this
event can hardly be exaggerated, for the belief had widely
prevailed that a receivership for the company was inevitable.
Another important event was the offering ,through Kuhn,
Loeb & Co., of $40,000,000, or 0,000,000, 40-year 4%
bonds of the Pennsylvania RR., secured by the consol.
mtge. of 1873. A simultaneous issue (of one-half the
amount) was made in London through N. M. Rothschild &
Sons and Baring Brothers & Co., Ltd. The bonds being
14
THE CHRONICLE
gilt-edged and offered at 96, success was a foregone conclusion; but no such enormous subscriptions as were actually
received had been looked for. It was estimated the loan
had been subscribed for over twenty-five times. Conditions
being more favorable, various other loans were also brought
out, as noted below, under "Railroad Events". Investors
took kindly only to first-class loans, but even this was
evidence of reviving confidence. Mr. Roosevelt sent another
special message to Congress—the third within a brief period
—urging labor and trust legislation along the lines previously
advocated by him, but it was practically ignored. Congress passed a new Employers' Liability bill, which the
President approved, to overcome the objections of the
U. S. Supreme Court to the old Liability Act, declared
unconstitutional in January. The bill for amending the
Sherman Anti-Trust Law, however, prepared by the Civic
Federation, was strongly antagonized by mercantile bodies
and others, and made little progress. Governor Hughes
sent a special message to the N. Y. Legislature, urging,
among other things, the making of an investigation into the
subject of speculation in stocks and commodities. The
Legislature adjourned April 23 without having • acted on
this suggestion , and also without having passed the law,
desired by Mr. Hughes,giving the Public Service Commission
authority over telephone and telegraph companies. The
Anti-Race Track Gambling Bill, so strongly advocated by
the Governor, had been defeated in the Senate. Within
three hours after adjournment, Mr. Hughes issued a proclam.ation convening the Legislature in extraordinary session
on May 11 at 8:30 p. m. A pretty general suspension of
coal mining occurred in the bituminous regions throughout
the country beginning with April 1, but this attracted
very little attention in view of the prostration of business
diminishing the demand for coal. The suspension arose
out of the fact that the old wage schedule had expired
April 1 and no agreement.had been reached on a new schedule. By degrees, however, matters were arranged. At a
joint inter-State conference of operators and miners from
Indiana and Ohio and the Pittsburgh district of Pennsylvania, held on April 17, an agreement was reached to
continue the old mining rates for two years until April 1
1910. This was subject to a vote of the miners and work
was not resumed to any great extent until May.. In the
Southwest the old mining scales were also extended for
-two years. In Iowa an agreement was reached extending
the scale for a year. In Illinois progress was more slow,
but here too a settlement was reached early the next month.
Where work, therefore, was not fully resumed some time
the next month, it was chiefly because depression in trade
had limited the demand for coal and there was a desire
to avoid overstocking the market, though it is proper to
say that in and around Evansville, Ind., some miners went
on strike May 14. Government disbursements largely
exceeded Government revenues and cash in sub-Treasuries
fell from $326,842,842 to $319,129,853, notwithstanding
that Government deposits in the banks were drawn down
from $202,662,623 to $200,713,219. On April 28 Mr.
Cortelyou made a call for $45,000,000 more of Government
deposits, $20,000,000 to be surrendered by May 9 and the
rest by May 23. National bank circulation secured by bonds
was further reduced from $628,834,336 to $625,425,375. The
outstanding volume of notes, however, continued slowly to
increase, owing to the fact that deposits of legal tenders to
retire the notes were large and the notes came in for redemption very slowly. The Government report on winter wheat
was very satisfactory, the condition, Apr. 1, being given 91.3.
This, with rains in the Southwest, breaking the drought
which had existed in that section, caused a decline in wheat,
the May option at Chicago on April 8 getting down to
89 cts. Later in the month reports of dry -weather were
again received, and there was also considerable manipulation
of the May option, and by April 30 the price had advanced
• to 993
4 cts. Middling upland cotton in New York declined
from 10.50c. to 9.90c., but the close April 30 was at 10.30c.
• Print cloths at Fall River remained nominal all the month
at 33c. Two Brooklyn institutions, which had closed the
'previous October, re-opened for business, namely the
'Jenkins Trust Co., whose name was later changed to the
Lafayette Trust Co., and the Borough Bank; the Lafayette
Trust Co., however, was forced to close again Nov. 30.
Two Stock Exchange houses in this city, T. A.,McIntyre
'& Co. and Coster, Knapp & Co., announced their suspension.
'Among the laws passed by the New York Legislature during
the session was a comprehensive scheme of banking reforms
embodied in 21 separate bills, increasing the powers of the
Superintendent of Banks and providing for a much more
rigid supervision of banks and banking by the State. One
of the measures increases the cash reserves required to be
'held by trust companies. Under the law of 1906 trust
companies in cities having a population of over 800,000
(applying, therefore, to all the boroughs in the Greater
New York) had to keep a reserve fund equal to 15% of their
deposits. Only one-third of this, namely 5%, needed to
consist of cash in vaults. Another 5% might consist of
Ti. S. bonds and New York State and municipal bonds,
while the remaining 5% had to consist of money on deposit,
subject to call, in certain other banking institutions. Elsewhere in the State a reserve of 10% was required, of which
3% had to be cash in vault. Under ;the new law, the whole
Of the 15% in the case of Manhattan Borough (any borough
[VoL. Lxxxvm.
having a population of 1,800,000) and 10 per cent in the
case of the other boroughs, must consist of cash on hand,
and the balance be on deposit with other institutions.
Elsewhere in the State 5% out of the 10% must be cash on
hand (instead of only 3% previously) and 5% on deposit.
In the computation of the reserve, however, important
deductions from the deposits are allowed, the law saying
that the deposits shall be figured "exclusive of moneys held
by it (the trust company) in trust which are not made
payable under the conditions of the trust within thirty
days and also exclusive of time deposits not payable within
thirty days, represented by certificates showing the amount
of the deposits, the date of issue, and the date when due,
and also exclusive of deposits which are secured by outstanding uninatured bonds issued by the State of New
York"—the purpose evidently being to rest the reserve
requirements on the demand deposits. The new law allows
the additional cash to be accumulated gradually, the full
amount not being required until Feb. 1 1909. The Legislature also increased the reserve requirements of the State
banks of loan and discount. Instead of a reserve of 15%
for the banks of this city, of which one-half had to be cash
in their own possession, the law has been changed so as to
increase the reserves to 25% in boroughs having a population of 1,800,000 or over, to 20% in boroughs having a
population of 1,000,000 or over and less than 1,800,000, and
to 15% in banks located elsewhere in the State. Two-fifths
of the 25% may be on deposit with other institutions in the
case of Manhattan Borough; one-half of the 20% required of
Brooklyn Borough and one-half of the 15% required in
other boroughs may be so kept on deposit and three-fifths
of the 15% required elsewhere in the State (or 9%) may
be kept on deposit. Under the old law State banks outside of this city were required to keep only 10% reserve,
of which one-half had to be cash in vault. The New
York Legislature also passed what was known as the
Cassidy Anti-Bucket Shop Bill. Sir Henry CampbellBannerman died after having previously resigned the office
of Prime Minister. He was succeeded by Mr. Asquith,
who had held the office of Chancellor of the Exchequer.
An Imperial German 10-year 4% loan for $160,000,000 and
$100,000,000 Prussian 4% consols were brought out in
Berlin and largely over-subscribed. A disastrous fire
occurred at Chelsea, Mass., Sunday, April 12, burning over
one square mile of territory in the manufacturing, tenement
and retail business sections and resulting in a fire loss
estimated at $13,000,000.
Railroad Events and Stock Exchange Matters.—Continued
strength prevailed in the stock market and further large and
general advances in prices occurred. Returns of railroad
gross earnings for April were exceedingly poor, but a feature
of some importance was the fact that the returns of net
earnings coming in for March made it manifest that the
roads were at length getting better control of their expense accounts. Mil. & St. P. coin. from 1151
4 April 4
advanced to 1293-i April 28 and closed at 127%. Nor Pac.
rose from 1253 April 4 to 134%x April 28 and closed at
131%. N. Y. Cen. moved up from 9634 April 3 to 101%
April 28 and closed at 993
4. Penn. was 1153/ April 3 and
1214
3 April 28 and closed at 1193
4. Union Pac. coin. from
1235
/i April 4 reached 1383/ April 28 and closed at 135.
U. S. Steel coin. ranged between 325A and 37 and closed at
3532, and Amal. Cop., after fluctuating between 565
% and
623/
8x, closed at 59 8. Among the local traction shares
Third Avenue stock rose from 1834 April 1 to 39 April 13,
with the close 31%. We have referred above to the success
of the $40,000,000 loan of the Pennsylvania RR. J. P.
Morgan & Co. and Drexel & Co. offered at 91 $15,150,000
of Chic. Ind. & So. 50-yr. 4% bonds, guar. by the L. S. &
Mich. So. The Norf. & WI est. sold $7,500,000 2-yr. 5
secured notes. Bost. & Alb. disposed of $7,000,000 4/
25-yr. bonds guar. by N. Y. Cent. The Interb. Rap. Tran.
Co. brought out $25,000,000 3-yr. 6% notes. They were
underwritten by J. P. Morgan & Co. and the loan proved a
great success. Atch. Top. & Santa Fe on April 1 reduced
the s.-a. div. on com.from 3% to 2%,and the Norf. & West.
on April 23 announced 2% s.-a. on coin., against the previous
23-. Int. Paper Co. reduced its pref. div. from a basis of
6% to 4%. The United Metals Selling Co. cut its div. from
a basis of 30% to 20%. The U. S. Express Co., which the
previous November, on the complaint of dissatisfied stockholders, had increased its s.-a. div. from a basis of 4% per
annum to 6%, returned to the former rate.
The Money Market.—There was continued congestion of
funds, notwithstanding the gold exports. Call money April 30
was 134@2, while time money was 23©23/2for 60 days,23'
©3 for 90 days,3(03 for 4 moi.,3%©34
3 for 5 to 6 mos.,
and 41
/
20)43
4 for over the year. Commercial paper was
4@43/ for double names and the best single names and
43'©5 for good single names. Money holdings of the Cl.earing-House banks increased from $346,264,800 April 4
(actual condition, not averages) to $377,006,400 May 2,
while surplus reserve rose from $42,671,350 to $61,736,525
April 25, and then fell off to $60,810,875 May 2. Deposits
increased from $1,214,373,800 to $1,264,782,100. Loans
fluctuated more or less and were $1,194,148,800 May 2,
against $1,179,474,700 April 4.
Foreign Exchange, Silver, &c.—Gold exports were the chief
event in foreign exchange, about $12,000,000 being engaged
or Paris and $2,500,000 going to Montreal. Exch ange
JAN. 2 1909.
THE CHRONICLE
15
ent parts of the United States was held on May 21 in the
offices of the United States Steel Corporation. It was again
decided to maintain the existing schedule of prices. After
the close of the month, however,on June 1, it was announced
that a cut of $4 a ton in bar steel had been authorized on
that day by a committee of manufacturers of bar steel, the
basing price at Pittsburgh being reduced from $1.60 per 100
pounds to $1.40. It appeared that some of the smaller
manufacturers of steel bars had forced this action. The
price of bar iron was at the same time reduced from $30 a
ton to $27, and in June reductions in other forms of steel were
made. At Fall River a wage agreement involving a
cut in wages of 17.94% went into effect May 25. Mr. M. C.
D. Borden, though not a member of the Manufacturers'
Association, posted notices of a similar reduction at the mills
of his Fall River Iron Works Co., and also announced that
there would be an immediate resumption of full-time working. by his plant. Quite a few mills elsewhere in New Engcloths
MAY.—Current Events.—The tone in financial circles land also decided to resume working full time. Print
4th, when there was
the
to
4
31
cts.
up
were
River
Fall
at
init
became
progressed,
month
the
As
improved.
further
4 cts.; but on the 22d the price again recreasingly apparent that much of the threatened harmful a reduction to 31
a sharp advance occurredrn
legislation would fail notwithstanding the pressure which covered to 33t. In cotton
and Texas. - MidPres.Roosevelt was bringing to bear. Congress adjourned part as the result of floods in Oklahoma
in New York were 10.20 cts. May 1 and 11.50
May 30 after having passed an Emergency Currency bill, dling uplands
May 29 at 11.40 cts. Commissioner
but a number of other measures which the President had cts. May 25, with the close
of Corporations issued
insisted on did not even come to a vote. Among these Herbert Knox Smith of the Bureau
of the cotton exchanges of
measures were the two which had been particularly feared, his report on the investigation
of grading cotton at the
namely the Anti-Injunction Bill, limiting the power of the the country,in which the method
was criticised. Under the Treasury
courts to issue injunctions, and the bill for amending the N. Y. Cotton Exchange
of Government deSherman Anti-Trust Law, intended to give the Federal call of the previous month $45,000,000
disbursements
authorities absolute and arbitrary control over corporations posits were surrendered, but Government
cash holdings inengaged in inter-State business. It seemed certain,too,that largely exceeded receipts, and Treasury
$345,416,802, while
Secretary of War Taft would get the Republican nomination creased only from $319,129,853, toran
down from $200,the banks
for President; talk of stampeding the Convention for Pres. Government deposits with
Roosevelt for a third term having almost ceased. The 713,219 to $164,912,412. Bank notes outstandingtosecured
$624,Emergency Currency Bill, which was enacted, was a com- by bonds were further decreased from $625,425,375
numerous. J. P.Morgan
posite measure. The House Committee on Banking and 714,147. New loan flotations were
Chic.
Currency had the previous month (the 17th) unanimously & Co. offered $16,000,000 gen. mtge. 50-yr. 4s of the overtabled the Aldrich Bill as it had come from the Senate and Burl. & Quincy at 9532, and the loan was so largely
advanced to
had also tabled on Apr.20 by a vote of 12 to 3 the bill offered subscribed that the price almost immediately
Trust Co. of this
by Congressman Vreeland providing for the creation of 97. Redmond & Co. and the Equitable
associations of banks and the issuance of emergency notes city offered at 983/2 $17,000,000 1st lien 5-yr.6% guar. gold
over-subbased upon commercial paper and other assets. It accord- notes of the Tidewater Co. and these also were
which at the
ingly seemed as if all currency legislation would fail, but scribed. It also developed that the syndicate
Rap.
Speaker Cannon was very active and at a conference of the close of April had offered $25,000,000 Interborough
Republican members of the House on May 6th, the Repub- Trans. 3-yr. cony. 6% notes had not been obliged to take
the syndicate
licans, by a vote of 115 to 21, placed themselves on record as any of the issue itself and the members ofwithout
having
4% on their subscriptions
approving "recognition of comercial paper through Clearing- received about 23
any cash. Perhaps the most exHouse associations as a safe and logical asset for emergency been obliged to advance news
which came the first half of
currency;" a committee of five was appointed to draft a hilarating event was the
Ry. for the immediate
bill along these lines. The bill as prepared was accepted the month that the needs of the So.notes
maturing in June
by a Republican conference May 11 by a vote of 128 to 16. future (including some 5% sterling
through the sale to a syndiIt was then rushed through the House and passed May 14 by and July) had been taken care ofCo.
of $15,000,000 3-yr. 6%
184 to 145. The Senate the next day promptly rejected this cate headed by J. P. Morgan & succeeded
in placing $38,House Bill and substituted for it the original Aldrich Bill, cony, gold notes. New York City
at low interest ratesafter eliminating from it certain provisions against which 527,000 of its current revenue bondsan
option on $7,000,000
strong objections had been raised. The matter then went 3%@33%. A syndicate also took only
4% interest, being
to conferees of the two Houses. The views of the conferees of the city's long-term bonds bearingAugust of the previous
were so wide apart that again it seemed as if all currency the rentnant of an offering made in
had to be
legislation would fail. A compromise was finally reached year, subsequent to which the rate of interest
0. The Federal Government May 22 began
by adopting the distinctive features embodied in the bill of raised to 437
RR. under the
each House. This compromise bill was agreed to by the an action against the N. Y. N. H. & Hart. the
Bos. & Me.
Senate and House conferees May 27 and was promptly passed Anti-Trust Law because of its acquisition of
Two weeks
by the House the same day by a vote of 166 to 140. In the RR. and about 1,500 miles of trolley road.
in a suit brought
Senate fillibustering tactics were employed by Senator La before the Supreme Judicial Court of Mass.,
down
Follette (who spoke almost continuously from 12:30 May 29 by the Att. Gen. of that Commonwealth, had handed
exceeded its powers
until 7 o'clock in the morning of May 30) and two or three a decision holding that the company had
roads. One of
other members,but the bill passed in the afternoon of May 30 in acquiring control over the Mass. trolley
was the conference at
and was immediately approved by the President. It provides the important events of the month
a call of Pres. Roosevelt)
for a maximum of $500,000,000 of emergency notes to be Washington (held in response to States, together with the
obtained in two ways:(1) on the direct application of a bank of the Governors of the different
S. Senators, Conon the offering as security of State and municipal bonds and leaders in the industrial world, and U.
and Cabinet
(2)on the application of individual banksthrough national cur- gressmen and Justices of the Supreme Courtwas
to secure
rency associations composed of bankseach having an unimpair- Ministers. The purpose of this conference
State officials, and
ed capital and a surplus of not less than 20% and consisting of co-operation on the part of Federal and
the country's natural
not less than ten banks with an aggregate capital and surplus all those in authority, in husbandingdissipation
of the same.
of at least $5,000,000, the collateral to be offered in this case resources, and preventing waste and
special session
being "any securities including commercial paper." The The New York State Legislature convened inall his projects
notes are to be taxed at the rate of 5% per annum for the first on May 11, and the Governor urged anew
of these being
month they are out increasing 1%per annum foreach additional which had failed at the regular session, oneto
inquire into
s
month they remain out, until 10% is reachd. The law also the appointment of unpaid commissioner
securities and comprovides for the payment by the banks of interest on Govern- "the facts relating to speculation inmatter
of race track
the
ment deposits, the rate to be at the discretion of the Secretaly modities," but did not refer to
purpose in calling the Legisof the Treasury, but not less than 1%a year. The banks gambling,which was the main was
held over for a later date
need not hold any cash reserves against such Government lature together. This subject
of an Anti-Gambling Bill
deposits. The law expires by limitation on June 30 1914 and when the chances for the passage vetoed the Act passed at
under it a monetary commission has been created composed would be better. The Governor
to provide a five
of nine membersfrom each House to consider the whole question the regular session which was intended
also vetoed
of currency legislation. This Commission is now actively cent fare from Manhattan to Coney Island, and he
Law,which would
at work studying the subject. Attempts to revive trade the Bill for amending the Rapid Transit
were made by a number of business men in St. Louis who have authorized the construction of rapid transit subways
bill
organized what was called a National Prosperity Association, by private capital. The Governor said that the latter city
the
in
believe
did
not
he
and
for
grants
provided
50-yr.
the
country.
throughout
to
branches
have
being
the idea
Efforts were devoted mainly to inducing manufacturers and losing control over its highways for rapid transit purposes
R.I.,
producers to agree to a general resumption of work on June 1. for so long a period. The Union Trust Co.of Providence,
business
resumed
Oct.,
the
previous
had
which
suspended
diswas
business
in
of
evidence
improvement
little
Very
Bank of
cernible. A reduction in the price of Southern iron led to May 4. On the other hand,the Allegheny Nat.
Cashier, was
its
of
defalcation
large
a
Pittsburgh,
through
in
the
prices
cuts
fairly
and
orders,
some
liberal
of
the giving
failure was supposed to
of cotton goods had the same effect in the dry goods market. obliged to close its doors. This
Another_meeting of leading steel manufacturers from differ- have had extensive political ramifications. James Carothers
was strong most of the month. Offerings of bills were in
limited volume,and there was a dearth of commodity drafts,
reflecting, chiefly, the small export movement of cotton,
while there was an active demand for bills, said to be to
furnish cover for contracts for future delivery of exchange
made early in the year, and which were now maturing.
At the close the tone was somewhat easier, one feature
being offerings of bills agaInst 'purchases of securities here
for European account. The high point was April 21, when
long sterling was at 4 85@4 8505 ; sight 4 8735@4 8740
and cable transfers 4 877504 8785. April 30 prices were
4 8460@4 8470, 4 87@4 8705 and 4 8730@4 8740, respectively. The Bank of Germany reduced its discount rate
April 27 from 5 to 5%. In the open market discounts
% at London, 25A at Paris and 4 Yi at Berlin
April 30, were 23
and Frankfort. The course of silver in London was downward, with the quotation April 30 24 5-16d.
16
THE CHRONICLE
& Co., a Pittsburgh Stock Exchange house, was placed in
receiver's hands, as also the firm of George W. MacMullen &
Co. of the same city. A number of Cleveland institutions also
went to the wall, namely the Euclid Trust Co., the Reserve
Trust Co. and the American Savings Bank Co. Inman &
Co., cotton commission merchants of Augusta, Ga., with
liabilities of over 13% million dollars, were also forced into
bankruptcy. In this city the N. Y. Stock Exchange firm of
Mayer & Co., which had assigned the previous Oct.,resumed
business. The month was exceedingly wet,and in Montana
Kansas, Texas and the Southwest generally extensive floods
and washouts were reported. Considerable manipulation
of grain prices took place, based in part on the flood situation,
and at Chicago a corner in the May option in corn was engineered under which the price of that option at that point
at one time was advanced to 823
4ets. The British Prime
Minister Mr. Asquith, submitted the annual budget to the
British Parliament, and one of the features in it was a provision for old-age pensions. A rumored invasion of India
by a large force of Afghans which attacked the British frontier
posts caused a sharp fall in consols early in the month, but the
Afghan demonstration was quickly checked by the prompt
action of the British forces,and consols accordingly recovered.
Later in the month they sharply advanced, closing May 30
at 88 as against only 85 3-16 May 4. Some more arbitration
treaties between the U. S. and foreign countries were ratified
by the U. S. Senate, making twelve such arbitration conventions altogether approved;namely with Denmark,France,
Great Britain, Italy, japan, Mexico, the Netherlands, Norway, Portugal, Spain, Sweden and Switzerland. Eleven
of the Hague conventions entered into the previous year at
the Hague Peace Conference were also ratified by the Senate
during the session. Considerable changes were made by the
Rhode Island Legislature in the laws regulating the investments of savings banks; the next month the Mass. law also
was changed. The long contest between Mayor Tom L. John.son and the trolley lines of Cleveland eventuated in the
turning over of the lines to the Municipal Traction Co., a
company supposed to have been organized in the interests
of the city. Complaints immediately began regarding the
service and the employees also became dissatisfied and extensive strikes were inaugurated. Later in the year the
electors refused to approve the franchise granted, and the
whole scheme fell through. The Appellate Division of the
Supreme Court of this State (First Department) unanimously
denied the application of Att. Gen. Jackson to bring suit to
forfeit the charter of the Interborough-Met. Co.,and Justice
• McCall in the Supreme Court in this city denied the application of the Att. Gen. for permission to bring action against
the West. Un. Tel. Co. and the Postal Tel. & Cable Co.,to
annul their charters, on the ground of the violation of the
State Anti-Trust Law. The U. S. Supreme Court, in a test
case against the Galv. Har. & San Ant. Ry.• by a vote of
five to four, held unconstitutional the Texas Law passed in
1905 imposing an annual tax on railroads equal to 1% of
their gross earnings in such proportion as the length of the
line within the State bears to the total length. It was held
that the tax was an interference with inter-State commerce.
Governor Hughes signed the bill providing for registration
of land titles based upon the Torrens, or Australian, system.
Railroad Events and Stock Exchange Matters.—The speculation for higher prices made further noteworthy progress.
The rise proceeded in face of continued heavy losses in railroad gross earnings, though, on the other hand, comparisons
as to net earnings were in many cases very much better than
they had been. About the 20th the market became topheavy and on the 22d the announcement from Washington
that the Government had determined to begin an action
against the N. Y. N. H. & H. RR. under the Anti-Trust Law
dealt prices a staggering blow, leading to a severe and general
collapse. After a few days, recovery again took place,
though Mo. Pac. and other Gould stocks proved weak features on the news of a receivership for the Wabash-Pittsburgh Terminal Ry. Mo. Pac. sold up from 453 May 1 to
643; May 20 and closed at 473 May 29. Mil. & St. Paul
com. advanced from 1273 May 1 to 140 May 19, with the
close 1303. Nor. Pac. sold up from 131% May 1 to 138%
May 19; in the break the latter part of the month it declined
to 129 May 27, but closed May 29 at 1343. So. Pac. corn.
was 78 8 May 1, 893
4 May 19 and 841
/
4 May 29. Un. Pac.
corn, was perhaps the most pronounced feature of all, rising
from 1345
/i May 1 to 151M May 19. It closed at 141. Amal.
Cop. was 59% May 1, 693
4 May 19, with the close 643
4.
U. S. Steel corn. was 35% May 1, 399 May 18 and 373j May
29. The plan for the merger of the several Mexican roads
having proved a success, a syndicate of bankers in this country and Europe offered at 94 $13,750,000 of the new company's (National Railways of Mexico) prior lien 4% bonds,
due in 1957. Subscriptions closed June 3 and the loan was
said to have been over-subscribed. Ill. Cent. shareholders
authorized $28,512,000 new stock and $14,256,000 was offered to shareholders at par. Receivers were appointed for
the Wabash-Pittsburgh Terminal Ry., the company being
unable to meet the interest due June 1 1908 on its $30,200,000
1st mtge. 4s. The Oklahoma Central Ry. was placed in the
hands of a receiver. The Pennsylvania RR. reduced its
semi-annual dividend from 31 to 3%. The Quincy Copper
Mining Co. again reduced its dividend, making a quarterly
declaration of only 4%, against quarterly payments of 18%
at'the beginning of 1907. On the other hand, the North
[VOL. Lxxxvin.
Butte (Copper) Mining Co. resumed dividends after an intermission of six months.
The Money Market.—Money rates remained extremely low
notwithstanding the large gold exports and the surrender
of $45,000,000 Government deposits. Call loans at one time
dropped to 17
0 and trust companies were in active competition with the banks. Only choice grades of commercial paper were in demand. Good ordinary grades appeared to be
plentiful, but did not seem attractive to buyers. Money
holdings of the Clearing-House banks rose from $377,006,400
May 2d to $386,268,800 May 9, and then dropped to $368,589,000 May 29. Surplus reserves the first week increased
from $60,810,875 to $67,112,725, and then declined to $46,262,950 May 29. Loans increased from $1,194,148,800
May 2 to $1,220,089,300 May 23 and were $1,218,677,900
May 29. Deposits increased from $1,264,782,100 May 2
to $1,302,135,100 May 23 and were $1,289,304,200 May 29.
Time loans at the close were 2Y), for 60 days, 23
4@3 for 90
days, 3@3/
14 for 4 mos. 3M for 5 mos., 3y2()33
4 for 6 mos.
and 43%@4 for 7 to 8
'mos. Rates for paper were 33%@4
for choice double names and 4@43 for prime single names.
Foreign Exchange, Silver, d:c.—The foreign exchange market was strong almost throughout the whole of May and gold
exports were on a very large scale, the engagements in one
week reaching $13,455,000, so that the supply of gold bars
at the Assay Office became exhausted. The gold was destined chiefly to Paris and Berlin, though one lot of $500,000
went to Switzerland. The demand for bills was stimulated
by the existence of a short interest of some magnitude. There
was also a more or less urgent demand to remit for American
stocks sold for European account, with a view to realizing
the profits that had accrued as a result of the boom in our
stock market. The Bank of England rate waN reduced from
3 to 23% May 28. Rates for 60-day bills were at their highest on the closing day, May 29, namely 4 855500 8565,
and sight bills were at their highest May 12 at 4 8730@4 8735,
with the close May 29 at 4 8715@4 8720, while the high point
for cable transfers was reached on May 9 at 4 8770@r4 8775,
with the close 4 8740@)4 8750. Open market discounts
got down to 1% at the close at London 1%@)2 at Parisand
33
4 at Berlin and Frankfort. Silver at
'London fell to 24d.
May 6 but recovered to 24 7-16d. at the close.
JUNE.—Current Events.—The overshadowing event during June was the Republican National Convention. It was
held at Chicago and resulted in the nomination of William
Taft, Secretary of War in Roosevelt's Cabinet, for President. Mr. Taft was nominated on the first ballot. James
S. Sherman of New York was named for Vice-President.
President Roosevelt dominated everything connected with
the Convention, and the platform adopted by it embodied
nearly all the ideas and policies for which he had been contending, including a demand for measures which Congress
had failed to pass. Mr. Taft's nomination had been accepted
as a foregone conclusion, and in financial circles a disposition
had grown up to think that he would make an acceptable
President, but the nature of the platform caused keen disappointment. At the Convention determined opposition
developed against the insertion of an anti-injunction plank,
and some change in the wording of this plank was made. As
adopted, it involved a concession to labor leaders, inasmuch
as it declared that "the rule of procedure in the Federal
courts with respect to the issuance of the writ of injunction
should be more accurately defined by statute, and no injunction or temporary restraining order should be issued without
notice except where irreparable injury would result from the
delay, in which case a speedy hearing thereafter should be
granted," but at the same time declared in favor of upholding the authority and the integrity of the courts. This, and
the expression in the platform of adhesion to the Roosevelt
doctrines, created an unfavorable impression, as did the fact
that Mr. Taft seemed anxious to identify himself completely with the Roosevelt policies. Indications also pointed
more strongly with each succeeding day to the nomination of
William J. Bryan at the Democratic Convention at Denver
in July. There were, however, some other occurrences indicative of the development of a public sentiment opposed
to further radical Government action. At the Georgia primaries at the beginning of the month, Governor Hoke Smith,
who had taken office only the year before (June 1907), and
had then been elected by a very large majority, was defeated
for renomination for a second term. During his brief period
of administration, Mr. Smith had shown great hostility to
railroad interests, and he was opposed at the primaries by
the man whom he had removed from the Board of Railroad
Commissioners, namely Joseph M. Brown. Mr. Brown,
it appears, did not make a single speech, though wielding a
trenchant pen, and he gained his victory because he stood for
a more conservative policy and had declared himself in favor
of abrogating the jurisdiction which had been given the Board
of Railroad Commissioners over local public service corporations. The death of former President Grover Cleveland on
June 24 served as a reminder of the days'when it was not
the fashion on the part of high Government officials to yield
to the dictates of unreasoning public clamor. Mr. Cleveland's death brought splendid tributes to his worth from the
press and from persons in all walks of life and all shades of
political belief. Other instances of a more conservative
spirit were also in evidence. Thus in Louisiana bills providing for anti-option legislation like that enacted inlmany
JAN. 2 1909
THE CHRONICLE
of the other Southern States, so as to prevent dealings in
cotton for future delivery, met with setbacks at the hands of
the committees of both Houses, and early in July the bills
were voted down by decisive majorities in the two Houses.
In Indiana the Railroad Commission gave a decision in favor of a trolley road in a case where fares had been advanced,
and in Wisconsin the Supreme Court ruled against the Attorney-General in an action brought for the removal of the officers of the Mil. Elec. Ry. &, Light Co. for the alleged corrupt
use of money in securing the extension of the company's franchises in 1900. The Court held that the State had not sufficient interest in the matter to justify it in bringing such a,
suit, and also declared that the right to call men to the witness stand (under the so-called "discovery" statute of 1898),
and examine them as to their private affairs, was a mostserious invasion of their liberties, if not, indeed, a deprivation
of property in many cases, and could be justified only on the
ground that courts are entitled to the information in aid of
a proper judicial proceeding. The resumption of full time
by many cotton goods manufacturers and the starting up of
business concerns in some other lines had the effect of making the tone in trade circles a bit more cheerful. Encouragement was also derived from the fact that the number of idle
cars on the railroads appeared to be diminishing. On the
other hand the dry goods market, after its activity early in
the month, began to halt again. The price of print cloths
at Fall River remained unchanged at 34 cents. Middling
uplands cotton in New York advanced from 11.30 cents
June 1 to 12.20 cents June 19 and closed at 11.50 cents June
30. In the steel trade an important incident was the action
of the steel manufacturers in reducing prices after a downward movement had been resisted for many months. On
June 1, as noted above, a cut was made in both bar steel
and bar iron. It was then explained that this action would
not affect iron and steel prices generally, hut on June 9 reductions were also announced in steel billets and certain
classes of finished material—billets being marked down from
$28 a ton to $25, Pittsburgh sheet bars from $29 to $27 and
plates from $1 70 to $1 60. Crop advices were not uniformly
favorable, but were on the whole good, and as it appeared
that early reports of damage to the crops from rains had been
exaggerated, prices declined. The latter part of the month,
however, recoveries again ensued. The condition of winter
wheat June 1 was given as 86, against 89 May 1 and against
77.4 June 11907; and the condition of spring wheat was 95
June 1, against 88.7 June 1 1907. New York State was
able to place a batch of 3% canal bonds which the previous
year had gone to the State sinking fund and were still held
by it. A number of Brooklyn banking institutions which
had suspended during the panic of the previous autumn resumed, more particularly the Williamsburgh Trust Co. and
the Brooklyn Bank. The Home Bank of Brooklyn, which
suspended Feb. 1 1908, also resumed. Two of the banks in
this city, the Amer. Exch. Nat. and the Chemical Nat., surrendered their holdings of Government deposits because the
Aldrich-Vreeland Currency Law makes obligatory the payment of interest on Government deposits, except such as are
held for the transaction of Government business. Aggregate Government deposits in the banks July 1 were $165,219,315, against $164,912,412 June 1. Money holdings,
however, in Sub-Treasuries were reduced from $345,416,802
to $339,612,920. National bank circulation afloat on bonds
stood at $623,250,517 June 30, against $624,714,147 May 29.
The extraordinary session of the New York State Legislature
ended June 11, and Governor Hughes, through delay in presenting the subject for the consideration of the Legislature
(so as to allow a vacancy in the Senate to be filled and also to
allow for the convalenence of another Senator, who was
absent on account of severe illness) succeeded in having the
bill providing for the abolition of race-track gambling passed.
Some of the other measures recommended by him, however,
failed, among the m the one which would have placed telephone and telegraph companies under the jurisdiction of the
Public Service Commission. Commissioner of Labor Neill
was delegated by the Secretary of Commerce and Labor at
Washington to conduct an investigation of telegraph and
telephone companies, in accordance with the resolution introduced by Senator La Follette and passed by the U. S.
Senate before its adjournment. Bills in equity were filed
by the U. S. Government in the U. S. Circuit Court at Philadelphia against the anthracite coal roads, to test the constitutionality of the commodities clause of the Hepburn Rate
Law. In compliance with this same clause, the Hocking
Valley Ry. Co. divested itself of its interest in coal properties
along the line of its road—see Vol. 86, p. 1409. Julius Christensen & Co., a well-known Philadelphia bond house, was
obliged to make an assignment, owing to the difficulty of
negotiating traction securities in which it was very largely
interested. A visit of King Edward of England to the Czar
of Russia at Reval was one of the incidents of the month.
Following very close upon the visit of the President of France
to King Edward, the event was looked upon in Germany as
an attempt to isolate Germany, but apparently the object
was simply to promote continued peace. In the recount proceedings of William R. Hearst and the State Attorney-General, to determine Mayor McClellan's title to his office, all the
votes cast at the election in November 1905 were re-canvassed in the Supreme Court, and the final'result showed a
plurality for Mr. McClellan only a few hundred short of the
figures reached when the vote was originally counted. In the
17
case of the operation by receivers of the Metropolitan Street
Ry. and New York City Ry. lines, some further dismemberment of the system occurred, resulting in the cutting off of
more free transfer privileges. Mr. Taft after his nomination
resigned his post as Secretary of War, to become effective
June 30, and he was succeeded July 1 by Gen. Luke E. Wright
who had held the post of Governor of the Philippines. A
grand jury in the Supreme Court on June 20 returned four
indictments against the American Ice Co. for alleged violation of the anti-trust laws in contracts made with independc nt companies. The jury acted in accordance with the
views expressed by Judge Goff. Two previous grand juries
had refused to indict. Judge Trieber in the U. S. Circuit
Court at Little Rock granted a permanent injunction restraining the Arkansas RR. Commission from imposing the
nalties prescribed by the Barker Demurrage Law passed
by the last Arkansas Legislature, for alleged failure to furnish coal cars to the Denning and Coal Hill mines, as demanded by independent shippers. In Texas, Attorney-General Davidson instituted suit against the American Book
Co. of New Jersey and the American Book Co. of New York
to obtain judgments of ouster from the State and collect
penalties aggregating over $3,000,000 for violation of the
anti-trust laws of the State.
Railroad Events and Stock Exchange Matters.—Business on
the Stock Exchange dwindled to small proportions. A
sharp rally at the very beginning of the month carried
prices of practically all the active issues up from 3 to 7
points, but this movement culminated on the 2nd day of the
month. A sharp decline then ensued, influenced by the cut
in steel prices, and thereafter the market became very
sluggish, with transactions on many days the smallest in
months. Alter the holding of the Republican Convention,
some increase in activity was observable, but this was at
the expense of values. Dividend reductions or suspensions
by a number of important companies served to add to the
weakness. But the market soon became inert again, with
the movement of prices sluggish,except in special stocks,
and the course more or less irregular. The tone at the
close was, nevertheless, fairly good. Mil. & St. P. corn.
% June 2, dropped to
advanced from 131M June 1 to 1375
1303/ June 23 and closed June 30 at 1339. And the course
of this stock reflects pretty well the course of the general
market. L. & N. reduced its s.-a. div. from 3 to 234%
and the s.-a. div. on Lake Erie & Western pref. and that on
Clev. Cin. Chic. dr St. L. corn. were both passed. The
Mo. Pac. also omitted its semi-annual declaration, the
previous payment having been made in stock. Amer. Car
& Foundry reduced its quar. div. on corn. from 1% to 34%.
Republic Iron & Steel suspended the quar. payment on pref.
Texas Central omitted the ordinary annual div. on corn.
West. Un. Tel. declared a quar. div. of 34% in cash after
having paid the two previous dividends of 14% in stock.
Chic. & Alt. RR. declared an initial div. of 1% on its corn.
stock. Wheeling & Lake Erie RR. was placed in the
hands of a receiver. The property of the Brooklyn Ferry
Co. was sold at foreclosure sale. The Erie RR. arranged
with J. P. Morgan & Co. for the purchase of the coupons
due July 1 1908 and Jan. 1 1909 on its $35,000,000 prior
lien 4s and its $44,012,000 gen. lien 4s. The syndicate
organized in Feb. 1906 to underwrite $100,000,000 4%
30-year cony, bonds of the Amer. Tel. & Telegraph Co.
was dissolved, and it was stated that close to $90,000,0'00
still remained in the hands either of the primary or junior
underwriters. The syndicate organized in 1906 to underwrite $7,000,000 Superior & Duluth Div. & Term. 4s of the
Wis. Cent. expired by limitation and it was understood
that very few of the bonds had been sold to the public.
Pittsb. Cin. Chic. & St. L. Ry. sold $6,000,000 of its 4%
cons. intge. bonds due in 1957. Kuhn, Loeb & Co. brought
out $50,000,000 of the new issue of "first lien and refunding
mtge. 4% bonds" due June 1 2008 of the Union Pacific RR.
The issue price was 95M. The loan was heavily oversubscribed. The Manhattan Ry. sold $11,712,000 cons.
mtge. 4s, mainly to retire $10,818,000 6% bonds of the
Metropolitan Elev. RR. maturing July 1. A banking
syndicate, headed by J. P. Morgan & Co., made an offering
at 9132 of $13,000,000 4% deb. bonds due in 1934 of the
N. Y. Cent. & Hud. Riv. RR. Balt. & Ohio sold $7,610,000
of various issues of bonds. The Hudson Companies made
a new issue of $5,000,000 1-yr. 6% notes secured by $10,000,000 of Hud. & Manh. • RR. (Hudson River Tunnel)
432% bonds.
The Money Market.—There was a superabundance of
loanable funds, otwithstanding that the trust companies
were reinforcinjtheir cash reserves in preparation for the
higher reserves falled for by July 1 under the new State
law. Money h( dings of the Clearing-House banks ran up
from $368,589,(J00 May 29 to $396,480,200 June 27, but
dropped to $377,087,500 July 3 as a result of withdrawals
by the trust companies. Surplus reserves rose from $46,262,950 May 29 to $68,233,025 June 27 (this being the
highest figure since 1894) and then fell to $47,585,350
July 3. Deposits fluctuated more or less and were $1,318,008,600 July 3, against $1,289,304,200 May 29. Loans
also fluctuated from week to week, but were at their highest
point on July 3 at $1,245,557,000, aghinst $1,218,677,900
May 29. The range for call loans for the whole month was
i@1 32%. The
only 1@1%%, with the rate June 30 1 y
trust companies were out of the market the latter part of the
18
THE CHRONICLE
month on account of the excessively low quotations. Time
loans at the close were 2@23I for 60 days; 234 @23 for
90 days; 3@33 for 4 to 5 mos.; 334 for six mos.,and 4 for
over the year. Commercial paper then was 334 for choice
double names and short single names and 434 for choice to
good six months single names.
Foreign Exchange, Silver, &c.—Irregularity was the
distinctive feature of foreign exchange during June. At
first the market was lower because of speculative selling,
then it became generally strong, influenced by a demand to
cover short contracts and to remit for stock sold for European
account and to meet maturing obligations or provide for
half-yearly settlements. The latter part of the month the
course of piices was lower again, one feature being a good
supply of bills against the placing abroad of a large block
of the new Union Pacific loan for $50,000,000. Gold
exports continued the first three weeks, but thereafter no
further shipments were made until June 30, when $300,000
was taken. The gold all went to Germany and the shipments, it is understood, were not conducted through exchange operations, but by cable order. Altogether about
$8,000,000 was exported during June. The Bank of France
reported the largest gold holdings on record, but nevertheless kept bidding for the gold arrivals in London; as open
market discounts were higher at Paris than at London, it
succeeded in getting most of these gold arrivals. The Bank
of Germany reported the largest gold holdings in recent
years and on June 18 reduced its rate from 432 to 4%.
Prices for bankers' sterling were generally at the highest
figure of the month on June 1, when quotations were 4 8560
@4 8565 for 60-day bills; 4 8715@4 8720 for sight and
4 8740(4)4 8745 for cable transfers. On June 30 the prices
for the three classes of bills were respectively 4 8560@
4 8575, 4 8690(4)4 8695 and 4 8715(0)4 8720. Open market
discounts June 30 were 1 3-16@13 at London, 19 at Paris
and 39/i at Berlin and Frankfort. The price of silver in
London from 2414d. June 2nd advanced to 259/
8d. June 23;
but the close June 30 was only 243id.
JULY.—Current Events.—The National Democratic Convention at Denver nominated William J. Bryan for President
and John W. Kern of Indiana for Vice-President and formulated an extremely radical platform. This action had been
looked for and was interpreted as having at least one favorable aspect, namely that it removed doubts as to the
outcome of the Presidential contest, making the election of
Mr. Taft a certainty. The other important political event
of the month was Mr. Taft's speech of acceptance on July 28.
The speech proved a disappointment, as Mr. Taft declared
unqualified adherence to all of the Roosevelt doctrines and
policies, and promulgated radical views throughout. It was
couched, however, in temperate language and marked by a
judicial tone in sharp contrast with the customary utterances
of Mr. Roosevelt. Overshadowing these political happenings, there was one event of transcendent importance. It
was the decision of the U. S. Circuit Court of Appeals at
Chicago July 22, setting aside the fine of $29,240,000 imposed on the Standard Oil Co. by Judge Landis in August
of the previous year for having accepted, as alleged, concessions from published freight rates on shipments of oil over
the Chicago & Alton RR. Judge Landis was reversed on
practically every leading point, and, most important of all,
every one of the three Judges (Peter S. Grosscup, Francis E.
Baker and William H.Seaman) concurred in the reversal.
As Judge Landis's action the previous year had played such
a prominent part in unsettling confidence and in bringing
about the financial collapse the following October and
November, so this decision overruling him had a mostsalutary effect. The only thing to qualify the feeling of satisfaction was the action of President Roosevelt with regard'to
the matter. Mr. Roosevelt issued one of his characteristic
statements in which the Attorney-General wa s directed to take
immediate steps to have the case against the oil company retried, and in which he said that there was "absolutely no
question of the guilt of the defendant or of the exceptionally grave character of the offense," and declared that
"the President would regard it as a gross miscarriage of
justice if, through technicalities of any kind, the Standard
Oil Co. escaped the punishment which would have unquestionably been meted out to any weaker defendant who had
been guilty of such offense." This ebullition of wrath had
no effect beyond temporarily weakening the stock market.
Another very important development was the continuation
of efforts to secure some advance in railroad freight rates,
this being considered the only alternative to a reduction of
wages, in view of the tremendous losses in earnings which
the roads were sustaining. In the Southwest, a quite generr I advance, effective Aug. 10, was announced, and some
increase in rates on sugar and on coffee from the Atlantic
seaboard and New Orleans to Chicago, Duluth, St. Paul, &c.,
was made. In the South,advances of 2(0)4 cents per 100 lbs.
on flour, grain, meat and other food products from Western
points into the Southern States was scheduled to go into
effect Aug. 1. In this case, Judge Emory Speer,in the U. S.
Court for the Southern District of Georgia, on July 25 issued an injunction restraining the advance as far as Georgia
points were concerned, and July 30 decided to continue the
restraining order until the new rates should first be passed
upon by the Inter-State Commerce Commission. Early the
next month, however (Aug. 5), U. S. Circuit Judge Pardee
{VOL. LXXXVIII.
of Atlanta dissolved the order of Judge Speer, thus allowing
the roads to put the higher rates in effect in Georgia the same
as in other States. The trunk lines between Chicago and the
seaboard also discussed the question of advancing rates, but
in that instance shippers made a vigorous protest and finally
appealed to President Roosevelt. This induced Mr. Roosevelt to issue an order much like that promulgated by him
the previous February, when there was talk of reducing
wages. He plainly intimated that the roads would take such
a step at their peril, and the Inter-State Commerce Commission, at his direction, gave out a statement saying it would
avail of its powers of investigation for the purpose of keeping advances in check. Indications of better trade conditions
were a marked feature during July. Railroad earnings
showed only about 15% decrease in gross, against 18347
0
in June and 223/
2% in May. The fortnightly return for
July 22 showed only 308,171 idle freight cars and for July
8 but 303,042,against 349,567 June 10 and 413,338 April 29.
The copper trade, too, gradually got into better shape, while
decidedly increased activity was reported in the iron and
steel trades. The quarterly report of the United States
Steel Corporation, issued July 28, showed for June 30 a
smaller aggregate even of unfilled orders than for March 31,
the comparison being 3,313,876 tons, against 3,765,343
tons; this compared with 7,603,878 tons orders on the books
on June 30 1907. Officials of the SteelCorporation,however,
authorized the statement that during the first 24 days of July
new orders had been coming in at a rate to engage 72% of
the capacity of the plants of the Steel Corporation, against
only 50 to 55% previously. Some questions of wages were
satisfactorily adjusted in the iron and steel trades. The
wage scale of the sheet and tin workers was arranged for
the year ending June 30 1909 by the Amer. Sheet & Tin Plate
Co. (a subsidiary of the U. S. Steel Corp.), on the basis of a
reduction of 2% for sheet workers and of 6% for the tin plate
men. At a conference in Detroit between the Western Bar
Iron Association and the Amalgamated Association an agreement was reached July lion the wage scale for iron mills on
the basis of an average reduction from 8 to 10%. The Republic Iron & Steel Co.also reached an agreement regarding
wages in a number of different departments and started up
some of its mills and furnaces previously idle. Cotton declined, middling uplands July 31 at New York being 10.70c.,
against 11.50c. June 30. Prospects for the growing grain
crops became somewhat impaired, and active speculation
carried prices materially higher. At Chicago Sept. wheat
advanced from 85% to 92%; the Sept. option for corn from
703/i to 77c., and the Sept. option for oats from 39% to
463'c., the high figures being reached generally the latter
part of the month. In financial circles an event which had
considerable influence in promotin* confidence was the action
of the Balt. & Ohio RR.(at the instance of Mr. Harriman
it is believed) on July 9, in declaring the regular semi-annual
dividend of 3% on the common stock notwithstanding that
net earnings for the year ending June 30 had decreased $7,900,000 and notwithstanding that the 6% dividend for the
year had not been earned by $1,300,000. It was decided to
draw upon accumulated surplus for the deficiency. The
Southern Ry. management again deferred the question of
wage reduction with its employees. The brokerage firm of
Cameron, Currie & Co. of Detroit went into the hands of a r.eceiver. Government revenues fell $24,870,000 below disbursements, and the deficit would have been greater by
$5,879,322 except for the payment by the Central Pacific
Rwy. of two semi-annual notes aggregating that sum—this
last completely settling the indebtedness of the Central Pacific to the United States. The Sec. of the Treas. on July 2
issued a call upon the banks for the surrender by July 15 of
$45,000,000 Government deposits, but the amount was subsequently reduced to $33,279,270 by Mr. Cortelyou because
certain interior depositories protested against further recall.
Government deposits in the banks during the month fell
from $165,219,315 to $130,660,745. Cash in Sub-Treasuries increased from $339,612,920 to $347,212,665. Bank
circulation secured by bonds increased for the first time during the year, rising from $623,250,517 June 30 to $625,360,982 July 31. Justice Erlanger of the New York Supreme
Court on July 2 sustained the demurrer interposed by the
Consol. Gcs Co. of New York to the complaint in the suit
brought by State Attorney-General Jackson to oust the cor.npany from the use of the city streets on the ground that its
franchises had expired. Judgment absolute was directed in
favor of the company, it being held that no amendment of
the complaint could cure the defect. On July 7 Mr. Jackson brought suit in the N. Y. Supreme Court to restrain the
American Ice Co. from doing business in New York State on
the ground of alleged violation of the Anti-Trust and Stock
Corporation laws. Attorney-General Herbert S. Hadley of
Missouri on July 30 instituted two suits against the so-called
Yellow Pine lumber trust, one being a quo warrant° proceeding brought before the Supreme Court at Jefferson City
against 43 lumber concerns, asking that they be ousted and
their property confiscated, and the other being brought before the St. Louis Circuit Court, in which an injunction was
asked to restrain 11 corporations and 20 individuals from entering into a trust agreement in restraint of the trade in yellow pine lumber. Similar suits were filed the same day in
Topeka by the Attorney-General of Kansas, and it was the
intention to begin like actions in Guthrie, Oklahoma and
Austin, Texas; but the filing of suits in these latter States was
JAN. 2 1909.J
THE CHRONICLE
19
temporarily postponed. These various actions were the out- Germany early in July while on July 16 $1,000,000 gold
bars
growth of evidence taken the previous March by the Attor- were exported to Paris. Otherwise there was no outflow
to
neys-General of Missouri, Texas, Kansas and Oklahoma. Europe. Rates were at their highest about the middle
of the
Merchants on the Pacific Coast became greatly exercised by month, when 60-day sterling was 4 8575@4 8585; sight
the announcement that the trade of the United States with 4 8710©4 8715 and cable transfers 4 8735(4)4 8740;
July 31
the Orient and Australia and New Zealand was likely to be prices were 4 8530@4 8540, 4 8685(4)4 8690
and 4 8705@
dealt a severe blow by the action of the trans-continental 4 8715. Open market discounts stiffened at London
and
railroads in giving notice that on Nov. 1 they would be July 31 were 13/2@i,but on the Continent rates fell off and
obliged to abandon a large portion of the business referred July 31 were 13 at Paris and 2% at Berlin. Silver in Lonto, owing to a ruling of the Inter-State Commerce Commis- don fluctuated irregularly, with the price July 31 24
3-16d.
sion requiring the railroads to publish the inland proportions
of their import and export rates and not to change these rates
AUGUST.-Current Events.-The American Railway Asexcept after stipulated notice. An Old Age Pension Bill sociation reported for Aug. 5 only 281,621 idle cars and for
was passed by the British Parliament, to become operative Aug. 19 but 253,003,as against 308,680 on July 22 and
413,Jan. 1 1909. French rentes enjoyed a sharp advance on the 605 on April 29. One of the unfavorable events was the
apadjournment of the French Parliament without having pointment on Aug. 8 of receivers for the Pillsbury-Washburn.
enacted the Income Tax proposal, which had been pending Flour Mills Co., Ltd. In the cotton goods trade severe curfor several successive years,and which would have taxed tailment of production continued to be practiced, and
rentes. As a result of a revolutionary movement carried was a common complaint that goods were selling below it
through by the Young Turks, Abdul Hamid II, the Sultan, of production. Depression was also a feature in the cost
cotwas compelled to grant the Turkish people a legislative as- ton-spinning industry of Great Britain, and the Lancashire
sembly and to decree a constitution for the Turkish Empire. Federation of Cotton Spinners, after having severely
curThe new Parliament met the following December.
tailed the output of yarn, decided on
19 to give notice
Railroad Events and Stock Exchange Matters.-The stock of a reduction of 5% in wages. ThisAug.
led
market showed great strength throughout a lmo§t the whole of next month, as noted under September.to a lockout the
July. The factors in this strength are indicated in the cir- there was fear at one time of possible friction At Fall River
cumstances narrated above. The tone remained good even atives, but mill owners accepted the propositionwith the operof the unions
when reactions were in progress or when some special incident, as represented by the Textile Council that in future
in the aplike Mr. Roosevelt's cricitism of the U.S. Circuit Court of Ap- plication of the sliding scale wages should rise
or
peals in the Standard Oil case, served temporarily to weaken variation of 23/2 points (instead of 5 points or 10fall with a
points) in
prices. Towards the close the volume of business was re- the margin between the price of a cut of
cotton
duced and there were recessions,induced in part by sales to cloth and its equivalent in weight of rawstandard
cotton. Print
realize profits. The Gould stocks were strong features the cloths were reduced Aug. 24 from 33 to
latter part on the arrangements for taking care of the $8,000,- 25 to 3 cts. An unsettling feature as the 33 cts. and Aug.
month progressed
000 Wheel. & L. E. 3-yr. 5% notes maturing Aug. 1 and on was a sharp break in the price of cotton.
A speculative
rumors that as part of these arrangements the differences be- clique headed by Jesse L. Livermore, a
daring young operatween the Harriman and the Gould interests had been or tor, had been conducting a campaign for higher
prices in
would be reconciled. Mil. & St. P.com.sold at 1333j July 2, the October option and came to grief. Early
in the month
143% July 23 and closed at 1413
% July 31. U. P. co.
corn. ad- this option was advanced fully a half a cent, getting up
vanced from 145 July 1 to 155% July 23,with the close 1553.; Aug. 7 to 9.85 cts. Then a severe slump
So.Pac. corn. from 86x July 3 rose to 93% July 23,with the Aug. 21 the price was down to 8.51 cts. occurred, and by
On Aug. 31 a still
close 93. Gt. Nor.sold at 1373/2x July 23 against 131 July 1, lower point was reached, namely, 8.43 cts.,
with the close,
and Nor.Pac.at 142%x July 23,against 136% July 1. N.Y however, 8.55 cts. Spot cotton at New
York advanced
Cent.fluctuated between 1033/
2 and 1103 and Penn. between from 10.60 cts. Aug. 1 to 10.85 cts. Aug. 6, but closed Aug.
120% and 1263. Amal.Cop.rose from 654 July 1 to 778x 31 at only 9.50 cts. The latter part of the
month heavy
July 31. U. S. Steel corn. displayed continued strength, ris- rains, long-continued, resulted in extensive
floods in a numing from 373% July 1 to 45% July 23 with the close 4532• ber of sections in Georgia and the Carolinas-A
ugusta,Ga.,
Del. & Hud.sold $13,309,000 1st & ref. mtge. 4s. Cent.Pac. particularly suffering quite severely,
Ry.,as noted above, paid the last of the notes given the U.S. the streets of the city reaching a depththe water in some of
of 4 ft. and the propand bankers sold $18,000,000 of the company's 1st ref. mtge. erty loss being estimated at about $1,000,000.
Some damage
4s at 953/2. Chic. So. Ry. defaulted in the int. due July 1 on to cotton in that part of the
South resulted, without, how$4,000,000 1st mtge. 5s; the Cin. Ham. & Day. on its $2,000,- ever, bringing any recovery in the
price of the staple. In
000 43/2s of 1907; the Cin. Ind. & West. on its $4,672,000 1st grain, also,some impairment of prospects
occurred, without
and ref. 4s and on $3,162,000 Ind. Dec. & West. 1st 5s; the furnishing ground for fears of crops
less than the average
Tol. Rys. & Lt. on its $4,866,000 4% cons. and on $1,250,000 in size. Grain prices advanced
early
Tol. & West. Ry. 1st mtge. Receivers were appointed for the wheat subsequently eased off when it in the month, but
appeared that damage
Norf. & So.; also for the United Box Board & Paper Co.; and in the Northwest from adverse weather
for its subsidiary, the Amer. Stmwboard Co. Buff. Roch. & greatly exaggerated. December wheatconditions had been
at Chicago from
Pitts. declared only 2% s.-a. on corn., against 2% in Feb. 923, cts. Aug. 1 rose to
993/è cts. Aug. 5, but subsequently
Pitts. & L. E. made 5% s.-a .,against 6%. Nashv. Chatt. & got down again to 93 cts.
(Aug. 17) and closed Aug. 31 at
St. L. reduced from 3% s.-a. to 23/2. Hunt. & Broad Top 953 cts. Corn and oats were at or near the
Mtn. passed on pref. Pac. Coast declared only 1% quar. on at the close, the December option for corn highest figures
at Chicago closcorn. and 2d pref., against 13.% in May and 13/2% previ- ing Aug. 31 at 67% as., against
613% cts. July 31 and,
ously. The N. Y. N. H. & Hart. RR. sold its $10,994,900 December oats Aug. 31 49% cts., against
44 cts. July 31.
stock in the Bos. & Me. RR. to John L. Billard of Meriden, A favorable event was the success attending
an offering by
Conn.
J. P. Morgan & Co. of $17,000,000 Trans-Continental Short
The Money Market.-Extreme ease continued notwith- Line 1st mtg. 4s of the Atch. Top.
&
Santa
Fe. On the
standing the further recall of Govt. deposits and the additions Stock Exchange, the further rise in
prices developed the
to trust co. reserves. Call loans did not get above 13%% and existence of a very large short interest.
To
resist the admuch of the time were down to 1%. Time contracts were a vance and facilitate a covering movement,
flagrant manipulittle firmer at the close. Quotations July 31 were 2% for 60 lation of the market on the part
of
this
interest
resulted.
days, 23@23/2 for 90 days, 33j©33/2 for 4 mos., 33/i for 5 On Saturday, Aug. 22, the manipulatio
n became so bold
mos. and 3%@4% for 6 mos. In the paper market one fea- and uncoucealed that the Stock Exchange
authorities at
ture was the reported buying for European investors. Some once began an investigation. The
60 to 90-day double names were sold for foreign account at Exchange house of A. 0. Brown &operations of the Stock
Co.
of
this city, one of
3006
.)3 but the paper was exceptionally choice and very little the largest brokerage firms in the United States, with branch
could be obtained; 4 to 6 mos. high-grade single names were offices at numerous points throughout
country,
the
particumore plentiful and the European inquiry was in great part larly came in for criticism, and
met by acceptable offerings at 4@43%. After the drop in Aug. 25, this house announced on the following Tuesday,
suspension
its
,after
having
the money holdings and surplus reserves of the Clearing- made delivery of only 277,000 shares
out of about 750,000
House banks in the statement of July 3,owing to the trust co. shares, supposed to have been sold
by the firm on the prewithdrawals, both items again very rapidly increased. vious Saturday. One incident
growing out of the rise in
Money holdings rose from $377,087,500 July 3 to $399,790,- stocks was the advertising campaign
carried on by that noted
900 July 25, and were $398,429,200 Aug. 1. Surp. reserves Boston speculator, Thomas
increased from $47,585,350 July 3 to $58,407,725 July 25 and vertisements the usual air ofW. Lawson. He gave his admystery, but finally ended his
were $57,263,475 Aug. 1. Deposits increased from $1,318,- campaign in the recommendation
to everyone to buy the
008,600 July 3 to $1,365,532,700 July 25 and were $1,364,- stock of the Bay State Gas Co., just
662,900 Aug. 1. Loans increased from $1,245,557,000 July 3 hands, and of which he had a short taken out of receiver's
time before been elected
to $1,273,551,100 July 25 and were $1,273,106,400 Aug. 1.
President. He called it "National" stock. This company
Foreign Exchange, Silver, &c.-Foreigh exchange, though had an authorized capital of
$1,000,000,000 (20,000,000
showing considerable irregularity, was on the whole firm the shares of $50 each), and had at that
time apparently $184,first half of the month, with the tendency of rates upwards. 587,500 stock outstanding. He
The latter half of the month ,however,rates eased off, mainly it would henceforth devote itself toin effect announced that
as the result of drawings against credits which had been estab- market. New stock was to be speculations in the stock
lished at London and at Paris through the previous negotia- prices, and the proceeds used inissued at gradually rising
aggressive operations in
tion abroad of considerable blocks of Nat. Rys. Of Mexico, the stock market "with and against"
what he termed "the
Del.& Hud., &c. On the other hand, rumor had it that system." At a special meeting of
the stockholders of the
exchange was being gm dnally accumulated to meet N.Y.City Bay State Gas Co., President
Lawson was authorized in his
revenue bonds negotiated in Europe the previous year and discretion to dispose of $14,350,000
additional stock, and
which were to mature in Nov. $300,000 gold was shipped to the directors were instructed
to make further issues should
20
THE CHRONICLE
Lxxxviii.
•
unsold balance, approximately $15,000,000,
Mr. Lawson at any time deem it convenient or necessary. disposed of the
local investors. Tho Grand Trunk Ry.of Can.
of
coterie
a
to
per
$2
to
1
Aug.
share
per
cents
54
from
up
sold
stock
'The
usual interim div. on 1st and 2d pref. Cent.
share Aug.21, and closed Aug. 31 at $15%. Meadows,Will- omitted the the div. on all the three classes of incomes.
passed
Ga.
of
a
memY.,
with
N.
Buffalo,
of
ge
house
brokera
a
Co.,
&
jams
& Coke Co. was placed in the hands of a
bership in the N. Y. Stock Exchange, suspended. The The Penn. Coal to the failure of the Penn. Beech Creek &
Mechanics' & Traders'Bank of this city,which had suspended receiver, owingCo:, the lessee of the property, to meet it.;
the previous January,resumed Aug. 17 as a purely Brooklyn Eastern Coal
The two Walsh roads, namely th
institution under the name of the Union Bank of Brooklyn. rental obligations.
the Chic. South., were placed in the hands
Besides giving up its Manhattan offices, it discontinued two South. Ind. and
of its Brooklyn branches. National bank circulation secured of a receiver. Market.—Call loans on the Stock Exchange
The Money
by bonds increased from $625,360,982 July 31 to $625,986,3 of 1%, and at no time ruled
got down to %
993 Aug. 31. Government deposits in the banks were re- several times1317
0. Time loans were more liberally offered,
duced from $130,660,745 to $128,907,343, and Treasury higher than
withdrawn from abroad, through the recall
money holdings fell off from $347,212,665 to $320,899,584. and the money balances
, as noted below under exchange,
and
Judge Richard L. Hand, appointed Commissioner by Gov. of creditscompeti
tion with domestic supplies. Trust comHughes to examine into the charges of neglect and wrong- came in
reported to be large purchasers of commercial
doing made against the District Attorney of New York panies were
ent. The supply of the best names was
County, William Travers Jerome, submitted his report with paper for investm
rates for paper fell to low figures. Time loans
the finding that not one of the charges against Mr. Jerome was limited and were 2% for 60 days; 232 for 90 days; 3 for 4 mos.
proved, but that all were disproved upon the evidence. V.87, at the close for 5 to 6 mos. Paper was quoted at 3%@4
p. 509. State Attorney-General Jackson began proceedings in and 331@3
names and 431(4)43 for prime and 43/2@
the N. Y. Supreme Court at Albany against the various an- for choice double
names. Money holdings of the Clearingthracite companies, charging them with having entered into 5 for good single from $398,429,200 Aug. 1 to $412,523,100
banks rose
an agreement which in effect constituted a monopoly of the House22
and were $410,948,300 Aug. 29; surplus reserves
hard coal business of the State. The Federal Government Aug.
$57,263,475 Aug. 1 to $65,170,050 Aug. 22
had the previous year begun a similar suit. The Inter-State increased from ,650 Aug. 29. Deposits were $1,396,826,Commerce Commission issued an order in the case of the and were $61,741
$1,364,662,900 Aug. 1 and loans
Cattle Raisers' Association of Texas against the Mo. Kan. &- 600 Aug. 29, against
$1,213,106,400.
Tex. Ry. Co. and 58 other carriers, directing the roads to $1,294,766,100, against
Foreign Exchange, Silver, &c.—Exchange was heavy al-.
reduce rates from one-half cent to 5 cts. per 100 lbs. on ran0
in
n
the whole of August and sterling bills sharply declined
most
reductio
cattle in the Southwest, and also directed a
in part occasioned by the gradual recall
the terminal charge at Chicago from $2 per car to $1. The The weakness was
sight sterling and cable transfers,
through
Europe,
from
to
artisans
law passed by Congress granting compensation
credits representing the proceeds of
and
'
balances
of
bankers
the
United
and laborers for injuries sustained in the service of
within preceding months. It
abroad
ed
s
negotiat
te
securitie
States went into effect Aug. 1. Attorney-General Bonapar
e of $30,000,000 was availaggregat
an
that
d
estimate
was
banks
at Washington gave an opinion holding that national
representing the proceeds
time,
the
at
way
this
in
for
able
scheme
in Oklahoma could not legally take part in the
RR. and other securities
Penn.
Mexico,
of
Rys.
National
of
a
the
Oklahom
guaranteeing bank deposits enacted by
temporarily loaned out
been
had
which
and
abroad,
placed
on
to
permissi
Legislature. The Brazilian Congress granted
the Continent. There
on
e
elsewher
and
Paris
in
London,
tion
the State of Sao Paulo, as part of the coffee valoriza
bills against exports
ty
commodi
of
pressure
some
also
was
ate
existconsolid
scheme, to raise a loan of £15,000,000 to
future deliveries of
against
of
s
drafts
offering
and
wheat
of
the
surraise
to
ty
ing issues of bonds,and also gave authori
1 when 60-day
Aug.
highest
their
at
were
Rates
cotton.
bag
per
gold
francs
5
to
tax on coffee exported from 3 francs
8685@4 8690 and
4
bills
sight
8535,
4
8525@4
were
bills
in
into
effect
went
tax
Aug.
of 60 kilos (132 lbs.). The higher
tion cable transfers 4 8705@,4 8715 and at their lowest on 8595.
Oct. 1908. Purchases of coffee under the valoriza
4 8585@4
and
8575
4
8570(4)4
8425,
4
8410@4
at
25,
The
coal
nued.
disconti
In the
scheme had been previously
and which The close Aug. 31 showed only a trifling•recovery. held
for
miners' strike in Alabama, begun on July 6,
had been
which
gold
000
£1,000,
England
of
Bank
the
by
g
firing
includin
,
had been marked by much violence
It developed that
arked".
"unearm
,
was
account
India
g
resultin
men,
on
non-uni
a.
the strikers upon a train carrying
Germany had for some time been taking gold from Australi
In the killing of several of them, was on Aug. 31 called off,
n centres were 1 7-16
Europea
the
at
s
discount
market
Open
r."
ional
surrende
,
uncondit
4 at
the union making "an absolute
@,1 9-16 at London Aug. 31 and 131 at Paris, and 23
The new English patent law, under which foreign patents Berlin and Frankfort. Silver in London suffered a further
is
tured
article
manufac
d
patente
may be revoked unless the
m, decline and closed Aug. 31 at 235%d.
or the patent process is operated in the United Kingdo
went into effect Aug. 28.
SEPTEMBER.—Current Events.—The political situation
Railroad Events and Stock Exchange Matters.—There was a
disquieting. This was mainly by reason of the action
became
high
new
and
e
Exchang
Stock
the
further noteworthy rise on
Roosevelt in taking an active part in the Presidential
of
Pres.
the
upward
though
hed,
establis
records for the year were
focused
n on behalf of Mr. Taft. At first interest
of
campaig
part
the
the
latter
setback
movement experienced a
elections in Vermont and Maine.
State
Sept.
the
on
chiefly
nal
very
exceptio
reached
which
month. In the early rise,
election occurred Sept. 1 and proved entirely
proportions, the copper mining and industrial shares were The Vermont
As it is a tradition that when the plurality for
tory.
satisfac
com.
Refining
&
Smelt.
n
especially prominent,and America
candidate for Governor in that State exceeds
can
Republi
the
for
special
out
singled
had
(which Thomas W. Lawson
can party is certain of victory in the naRepubli
the
25,000,
20
points,
nearly
up
spurted
mention) and Nat. Lead, com.
as the actual plurality was 29,000, the
n,
and
campaig
tional
Pac.,
So.
like
es,
properti
but the best class of railroad
Taft's victory. The Maine showing,
Mr.
dowed
foresha
result
nt.
moveme
in
the
ated
particip
also
&c.,
Un. Pac., Reading,
The election occurred Sept. 14 and
.
different
was
,
however
from
on
oppositi
ned
determi
with
met
The rise eventually
y for the Republican ticket of only 7,700,
pluralit
a
in
resulted
large
for
ding
outstan
s
contract
short
plurality in a
interests having
stated to be, with one exception, the smallestvote, however,
amounts. The market had begun perceptibly to weaken
since the Civil War. The
year
tial
Presiden
al22,
y
Aug.
Saturda
on
ation
manipul
issue. As the
when the flagrant
how- happened to be based on the liquor prohibition
ready referred to, created a very uneasy feeling, which,
had been proceeding in an apathetic
election
tial
Presiden
the
by
prompt
extent
able
consider
a
Washington after his
ever, was allayed to
days manner, Mr. Roosevelt on his return to
action of the Stock Exchange authorities. For a fewsharp
Sagamore Hill announced his determinaat
vacation
summer
n,
with
some
uncertai
very
was
nity had
after Aug. 22 the tone
tion to infuse some "ginger" into it. The opportu
declines in prices, there being fears that the effect of the come a few days before and Mr. Roosevelt was quick to avail
the
to
market.
g
damagin
very
ning the cause of the
disclosures would prove
and of it. Mr. William R. Hearst in champio
The upward movement, however, was soon resumed
the Independence Party, sought to make it apof
te
candida
high
new
records
with
again
swing
both had affiliations
the close found it in full
and Southern pear that the two old political parties
for the year for such stocks as Union Pacific ,
or large corporations,and that those
trusts
d
the
so-calle
with
well
closed
however
shares,
of
the IndependPacific. The generality
St. Paul corn. who would destroy these trusts must dsupport
below the best figures of the month. Mil. &1473
accordingly publishe some correspondence
He
ticket.
ence
%
11,
Aug.
to
1
Aug.
opening
Archbold of the
sold up from 142 at the
alleged to have passed between John D.Ohio several years
then got down to 140%x Aug.20 and closed Aug. 31 at 144%;
and Sen. J. B. Foraker of
Oil
d
Co.
Standar
to
13,
dropped
Aug.
140
to
rose
of
Gt. Nor.,from 1373 Aug.1
and also made the allegation that Gov. C. N. Haskellee,
135 Aug. 20 and closed Aug. 31 at 1373%; N. Y. Cent. from ago,
a, Treasurer of the Democratic National Committ
Oklahom
and
at
closed
20
Aug.
100
to
down
1103 Aug. 10 sold
Co.,and had been
their was a tool and agent of the Standard Oilinfluence Attorney10631; So. Pac. corn. and Un. Pac. corn. both touched
with an attempt to bribe or
ed
connect
923/
to
from
up
sold
having
Pac.
So.
31,
highest Aug.
pending several
Amer. Smelt. General Monnett of Ohio to dismiss suits
t, ac1075% and Un. Pac. from 1543 to 1643%;
before against the Standard Co. Mr. Roosevelnt
years
with
7,
the
Aug.
107
and
3
Aug.
885
%
was
corn.
say
& Refining
stateme
a
out
gave
true,
as
charges
the
Hearst
%; Nat. Lead corn. was 72% Aug. 1, 92 cepting
influclose Aug. 31 983
the
ted
represen
Foraker
Sen.
and
Haskell
Mr.
that
Aug. 7 and closed at 8631; Amal. Cop. advanced from 7831 ing which had been arrayed against his policies and his Ad3 Aug. 15 and closed ences
been reAug. 1 to 835% Aug. 8, got down to 74%
ministration and contended that Mr. Foraker had
at 813; Steel corn. from 4531 Aug. 1, moved up to 48 pudiated by the Republican Party, while Gov. Haskell still
Among
4731.
at
closed
and
15
Aug.
44
to
receded
10,
Aug.
and the supad- retained the confidence of the Democratic Party to
the specialties Con. Gas of New York, which had been
of Mr. Bryan. Mr. Bryan asked for proof show that
port
1475%
at
mark
high
new
a
touched
months,
many
for
vancing
Mr. Haskell had been connected with the Standard Oil matter
Aug. 31; in January it had sold at 96 and in Oct. 1907 as in Ohio, and in this way the controversy continued, each try1906
June
in
which
e,
syndicat
Cent.
Mex.
The
74.
ow as
y ing to make it appear that the opposing candidate could not be
had bought $33,000,000 5% col. tr. notes of that compan
JAN. 2 1909.1
THE CHRONICLE
21
trusted to carry out radical policies. Business interests natu- operating in Arkansas, issued an injunction restraining the
rally viewed the prospect with alarm. In the end Mr. Haskell Arkansas RR. Comm.from enforcing the 2c. fare rate on the
resigned his post as Treasurer. An incidental development ground that the rates were unreasonable and non-compensawas that Gen. T. Coleman du Pont of Delaware tendered his tory. In Pennsylvania Judge Bouton of the Court of Comresignation as head of the Speakers' Bureau and also as mem- mon Pleas on Sept. 17 issued a perpetual injunction restrainber of the executive committee for the East of the Republi- ing the county officials from enforcing penalties against the
can National Committee. Gen. du Pont was interested in the Buff. Roch. & Pitts. Ry. under the 2c. rate law passed by the
so-called Powder Trust, against which the Federal Govt. had Penn. Legislature in 1907. In Massachusetts, in the case of
a suit pending, and it was understood that Mr. Roosevelt had the Fitchburg & Leominster St. Ry., the RR. Comm. deinsisted on his resignation. Trade appeared to be slowly clined to allow the issue of new stock at par where the shares
mending. The Amer. Ry. Assn. reported a decline in idle were selling at a premium, as it might have done under a new
freight cars from 253,003 Aug. 19 to 222,600 Sept. 2, to Mass. law. For the purpose of effecting an improvement in
173,587 Sept. 16 and to 133,792 Sept. 30 The cotton mills the system of bank examinations,Comptroller of the Currency
in Lancashire, Eng., were shut down, owing to the failure of Lawrence 0. Murray called conferences at Washington of nathe operatives to agree to the 5% reduction in wages deter- tional bank examiners and the next month also called the
mined upon by the spinners the previous month. The cut national bank receivers together. A plan was promulgated
was not to go into effect until Jan.11909, but the manufac- in Oct. for the grouping of national bank examiners into disturers wanted the operatives to indicate agreement in advance, tricts, each district being in charge of a chairman with meetand when this was not forthcoming locked out the workers. ings at stated periods, which each examiner must attend, one
The stoppage affected about 200,000 hands and some 40,000,- object being the getting of information concerning doubtful
000 spindles. Middling upland cotton in N. Y. closed Sept.30 credit and doubtful paper.
at 9.30c., after having been 9.60c. Sept. 17. Print cloths at
Railroad Events and Stock Exchange Matters.—A sharp and
Fall River remained at 3c. A circumstance of a highly en- general break in prices occurred, owing mainly to the
developcouraging nature was the decision Sept. 10 of the U. S. Court ment of political uneasiness. The result of the Maine
elecof Appeals for the Eastern District of Pennsylvania (com- tion and the suspension of dividends on Amer. Locomotive
posed of Judge George Gray of Delaware and Judges George corn. were the original provoking cause. The news of
the
M. Dallas and Joseph Buffington) declaring unconstitutional decision of the U. S. Circuit Court declaring unconstitutional
what is known as the "Commodity Clause' of the Hepburn' the commodity clause of the Hepburn Law came on the
same
Rate Law of 1906. Wheat prices further advanced sharply. day as the dividend suspension referred to, namely
The Govt. crop report showed a further impairment in spring Thursday, Sept. 10, but, beyond strengthening for the
time
wheat, continued dry weather over much of the winter-wheat being the anthracite shares, had little effect on the
area delayed planting operations of fall-sown wheat, and As the month progressed the increasing prominence market.
given to
there was an urgent demand for cash wheat by millers in the the radical policies which both the Presidential
candidates
Northwest. The movement of spring wheat to market, ap- were favoring became more and more disturbing until
evenparently induced by the high prices, reached record-breaking tually a sort of political scare developed. After each downproportions, but this had little effect in satisfying the de- ward movement there was usually more or less recovery.
mand. Rains in the winter-wheat belt the latter part of the The market almost the whole month, however, remained in
month caused some reaction in prices at the close. Dec. a highly sensitive and excited condition, and,seldom,except
wheat at Chicago from 953c. Sept. 1 rose to $1.02% Sept. 21 in times of panic, have prices fluctuated so widely or the
and closed Sept. 30 at 9934c. Dec. corn at Chicago, after get- course been so erratic. The latter part of the month the
ting up to 703Ac. Sept. 11, sharply declined on hot forcing tone improved,leading to an upward reaction. Mil. & St.
P.
weather over the corn belt, placing most of the corn crop be- corn. from 146 Sept. 2 got down to 1273 Sept. 22 and closed
yond danger from frost, and closed Sept. 30 at 65%c. Bank at 1333
4; Gt. Nor. dropped from 1393 Sept. 9 to 12534 Sept.
circulation secured by bonds increased from $625,986,993 to 22 and closed at 1303; Nor. Pac. was 1463
/i Sept. 9, 13034
$626,972,885. Govt. deposits in the banks increased from Sept. 24 and closed at 1363; Un. Pac. corn. declined from
$128,907,343 to $129,925,200. Treasury money holdings were 168% Sept. 9 to 149% Sept. 22 and closed Sept. 30 at 15834;
reduced from $320,899,584 to $310,001,850; this reduction So. Pac. corn. was 1103
/i Sept. 9, dropped to 96% Sept. 22
apparently followed largelyfrom the redemption of bank notes and closed at 1033
4 Sept. 30. Consol. Gas of N. Y. reached
out of deposits of legal tenders made in previous months, the 154M Sept. 9, then dropped to 136 Sept. 22 and closed at 147
Redemption Bureau having for many months been much in Sept. 30. U. S. Steel corn. was 48% Sept. 8, then sold at
arrears in its work; for Sept. 30 the total of bank notes still 413ix Sept.22 and closed at 453
4. The Copper shares were
afloat against which deposits of legal tenders had been made weak and Amal. Cop. fell away from 81% Sept. 1 to 68%
for retirement was only $48,639,442, comparing with $59,- Sept. 22, but closed at 75 Sept. 30. Amer. Smelt. & Refin.
339,115 Aug. 31, $66,728,009 July 31, $75,083,400 June 30 corn. fell from 993 Sept. 2 to 79 Sept. 22 and closed at
8434;
and $46,670,996 Jan. 1. Forest fires, as a result of long-con- Erie corn. was one of the strong features,and after selling
up
tinued drought, were a feature of this and the previous month. from 233
4 Sept. 1 to 313.. Sept. 10 closed Sept. 30 at 30.
These fires were noted nearly everywhere in the northern part Boston & Maine reduced div. on corn. stock from 134%
of the U. S.—in Michigan in the Adirondacks and in the guar. to 1
Ry. Steel Spring Co. reduced on corn. from
White Mountains. In the'
Adirondacks, when the situation 4% per annum to 2%. A. Booth & Co., Chicago, suspended
had become seriously threatening, the drought was broken on on both corn. and pref. and later passed into the hands of a
Monday,Sept. 28, by heavy rain, and there was likewise some receiver. The Amer. Agri. Chem. Co. sold $8,000,000 of
rain in other parts of the country. These rains, however, its 1st mtge. 5% cony. bonds.
were not prolonged and dry weather continued over large
The Money Market.—Money in Sept. ruled slightly firmer.
areas for some weeks subsequently. In Europe there was There was, however, a superabundance of loanable funds.
Some revival of political unrest wth reference to the Algeciras The customary movement of currency to the West was
controversy growing out of Germany's suggestion of the im- noted, but it was more moderate than usual. Call loans on
mediate recognition of Mulai Hafid, the new Sultan of Moroc- one occasion (the 10th) reached 23%. Sept. 30 the range
co, who had overthrown the old Sultan. France and the was 1 ®2%. Time loans at the close were 23i for 60 days;
other signatory Powers insisted that Mulai Hafid must first
®3 for 90 days, 33 for 4 mos. and 32@334 for 5 to 6
give assurances that he would carry out the obligations of mos. Failures of Western houses involving
some relatively
Morocco. Eventually the matter was settled on that basis. large losses to banks holding paper, particularly A. Booth &
As a result of the satisfactory progress of the monsoon, the Co.,Chicago, made buyers of mercantile notes conservative,
India Council for the first time in many months was able to and the inquiry was confined to choice names. Choice double
sell the whole amount of its Council bills and transfers, re- names for 60 to 90 days at the close were quoted at 4 ®4M
moving the necessity of the further sale of English consols and prime 4 to 6 months' single names were 434(45. Money
from among its investments, which sales had served to holdings of the Clearing-House banks were reduced from
weaken the market for consols. No recovery, however, oc $409,037,600 Sept. 5 to $386,719,400 Oct. 3 and surplus
curred, consols being quoted at the lowest figure since the reserves fell from $56,741,375 to $38,889,300. Deposits
previous Jan. The Trust Co. of America of this city at the rose from $1,409,184,900 Sept. 5 to $1,422,868,700 Sept. 12
beginning of the month made the final payment on the $25,- and then decreased to $1,391,320,400 Oct. 3. Loans
Were
000,000 loan which it had obtained from the Associated Trust $1,308,029,300 Sept. 5, $1,326,280,600 Sept. 12 and
$1,311,Cos. at the time of the unprecedented run on it the previous 329,000 Oct. 3.
autumn. Two Pittsburgh financial institutions were closed
Foreign Exchange, Silver, &c.—The course of foreign exnamely the Cosmopolitan Nat. Bank and the Mt. Washing- change was completely reversed. Rates moved up sharply,
ton Say. & Trust Co., and some sensational incidents atten- and where previously there had been talk of early gold imded the closing; the latter, however, was subsequently re- ports, there seemed now some likelihood of gold exports.
opened and paid off its depositors. As a result of the inves- Political unrest in Europe, caused by Germany's attitude
on
tigation by the special committee appointed the previous the Moroccan question, had not a little to do with the rise,
month by the Board of Governors of the N. Y. Stock Ex- inasmuch as it led to extensive selling here of securities for
change, Albert 0. Brown and Lewis G. Young, the Board foreign account, though the break in the stock market may
members of the failed firm of A. 0. Brown & Co., were ex- also have induced selling. At the close commodity bills
pelled from the Exchange. The Cassidy Anti-Bucket-Shop against grain and cotton appeared to be in good supply, and
Law in this State went into effect Sept. 1. In Rhode Island, this, with the elimination of the short interest, led to a realso, a law prohibiting the operating of bucket shops became cession in rates. The high points were on the 16th or 17th,
operative on the 1st. A portion of an issue of$14,000,000 of when 60 days' sterling was 4 8525 ®4 8535; sight 4 8670®
Republic of Santo Domingo Customs administration 5% gold 4 8680 and cable transfers 4 8705@4 8710. Sept. 30 quobonds was offered by bankers in this city. N. Y. City placed tations were 4 8485@4 8490, 4 8625@4 8635 and 4 8660@
some revenue bonds at 2@2% int. In the U. S. Circuit 4 8665. Open market discounts were higher at all the
Court at St.Paul, Minn., JudgeNan Deventer on Sept. 3,at European financial centers, when fears developed regarding
the instance of the St. L. Iron Mt. & So. and other roads renewed tension concerning Morocco, but subsequently eased
22
THE CHRONICLE
[VOL. Lxxxviii.
elected President. The copper shares were strong on the
rise in the price of the metal and the steel shares on the
gradu 11 revival of activity in the iron and steel trade.
An encouraging feature was that the railroads showed
diminishing ratios of decrease in gross earnings, while net
earnings in not a few instances recorded substantial gains
in the
OCTOBER.—Current Events.—Unexpected troubles de- because of savings in expenses. The disturbances part
of
early
veloped in the Balkan regions of Europe. On Monday, Oct. Balkans were an untoward development the
securities
5, the startling news was received that Bulgaria had declared the month. Considerable selling of American
moment
its independence of Turkey and that Prince Ferdinand had for foreign account occurred, occasioning for the
Exchange.
been proclaimed Czar of the Bulgarians. Next it appeared a decided weakening of prices on our Stock recovered,
that Austria had determined upon the annexation of Bosnia After a few days, however, the market again
leading stocks
and Herzegovina, whose affairs it had been administering and the latter part of the month a number of time, among
under the Berlin Treaty of 1878, but which nominally were sold at the highest figures of the year up to that shares and
Turkish principalities. Shortly afterward the Island of Crete, others the Atchison shares, the Union Pacific
to
also a Turkish Treaty dependency, declared its independence Steel corn. Atch. corn. sold up from 863 Oct. 9com.9334
adof Turkey and asked for union with Greece. Thesituation Oct. 30 and closed Oct. 31 at 93. Mil. & St. P.closed at
was rendered still more dangerous by the fact that the other vanced from 1323/ Oct. 9 to 14434 Oct. 27 and
Turkish principalities, in particular Servia and Montenegro, 1423; Un.Pac. com.rose from 1583 Oct. 1 to 173% Oct.30,
regarded their interests as being jeopardized, and threatened closing at 171%, and So. Pac. com. rose from 100 Oct. 9
%; Nor. Pac. com. was
to take up arms against Austria and Bulgaria. The critical to 1093/i Oct. 30, with the close 1075
2; Gt. Nor.
state prevailing was reflected in a decline in English consols 1353/i Oct. 1, 146Yix Oct. 30 and closed at 1443/
closed at 13234;
and French rentes and a precipitate fall in Turkish, Russian, com. was 129% Oct. 1, 134% Oct. 5 and
Servian and Bulgarian securities, while all the European Penn. rose from 121% Oct. 1 to 127349Oct. 30, closing
%; Amal. Cop. sold up from 72 Oct. to 80% Oct. 27
bourses became more or less disturbed. Large sales of Amer- 1265
moved up from 45
ican securities for European account were made here and in with the close 793, while Steel com.
Third Ave. stock
London. The strenuous efforts exerted by the English and 'Oct. 5 to 48% Oct. 28, with the close 473/2;from
405
% Oct. 7
the French governments prevented an outbreak of hostilities. was one of the weak features, dropping
in April had reduced
The hands of the Turkish Govt. were in a measure tied by the to 27 Oct. 23. Int. Paper Co., which 1%, made a further
. from 13/i to
fact that the revolution the previous July by the Young Turks the 'guar. div. on pref.
& Pac. Ry. concluded
had shorn the Sultan of his power, and the Turkish Legisla- reduction to only %. Chic. R. I.
sale of $9,000,000 first
ture was not to convene until Dec. The attitude of the Ger- negotiations with bankers for the
banking houses placed
man Govt. remained more or less of a mystery throughout. and ref. mtg. 4s. New York City ref. mtg. 4s. St. Louis
1st
RR.
imPac.
Southern
steadily
0
affairs
$14,000,00
financial
and
In the U.S. the tone in trade
$7,100,000 notes maturing
proved, on the idea that Mr. Taft's election was a foregone & San Francisco RR. financed its 1st mtg. 5% cony, bonds
the
of
An
1.
$8,000,000
of
Dec.
offering
the
interests
in
distinctly
was
conclusion and that this
was made. The Va.-Car.
general welfare. The number of idle freight cars kept dimin- of the Amer. Agr. Chem. Co.15-yr. 5% debentures.
of
0
for
Oct.14
$12,000,00
sold
Co.
115,036
30,
Chem.
Sept.
for
133,792
ishing, being reported
The Money Market.—Notwithstanding the Balkan disand 110,912 for Oct. 28. The return of the U. S. Steel Corp.
decidedly
no spurt occurred in money,and call loans on the
revealed
27,
turbances,
Oct.
public
made
for the Sept. quarter,
at no time got above 2%, with the range
quarters
preceding
Exchange
two
Stock
the
of
either
for
better earnings than
orders
day 1%®2%. Time loans at the close
for
unfilled
business
the
of
last
aggregate
larger
and also a slightly
a
60 and 3 for 90 days; 334 for 4 and 334®
noteworthy
for
trade
23
®3%
4
were
copper
the
In
30.
June
Sept. 30 than for
Commercial paper was then 4 for choice
likemos.
6
trade,
3%
goods
to
dry
5
the
for
In
occurred.
revival of activity
names and 4(4)4% for prime 4 to 6
double
print
cloths
days
60
and
90
noted,
to
was
nt
improveme
wise, gradual
Loans of the Clearing-House banks
the
of
new
names.
single
movement
large
months
The
33ic.
to
3c.
moved up from
17 increased from $1,311,329,000 to
Oct.
and
cotof
in
3
price
the
rise
Oct.
great
between
very
any
against
crop militated
Oct. 31 were down again to $1,by
but
de300,
having
after
market,
this
$1,342,975,
in
uplands
middling
Still,
ton.
from $1,391,320,400 Oct.
increased
ly
adDeposits
.
9,
subsequent
Oct.
328,436,000
9c.
to
30
Sept.
9.30c.
from
clined
declined to $1,404,706,100
then
17,
Oct.
The
3
,600
31
to
9.35c.
Oct.
close
$1,423,151
the
with
28,
Oct.
9.45c.
to
vanced
reduced from $386,719,400
Bulgarian situation caused a renewed advance in wheat and Oct. 31. Money holdings were increased to $388,056,700
10,
Oct.
023;
to
00
$1
again
up
$383,768,8
got
12
3
Oct.
to
Oct.
on
Chicago
at
option
Dec.
the
00 Oct. 31. Surplus reserves
as the prospect of war diminished, the price eased off and Oct. 24 and were $384,675,5
$31,576,850 Oct. 10, and then
to
3
Oct.
to
0
serious
damage
of
fell
$38,889,30
from
reports
on
but
c.,
4
973
only
was
20
Oct.
Oct. 31. The money holdings of
5
$33,498,97
once
stiffened
to
price
the
increased
frost
by
crop
wheat
Argentine
the
companies not in the Clearing
more, the close Oct. 31 being at $1. Dec. corn at Chicago the State banks and trust
0 Oct. 3 to $102,889,400
$99,270,00
remfrom
last
of
the
increased
One
30.
House
.
65%c.Sept
against
63Uc.,
closed at
institutions increased from
these
of
loans
dissoluthe
formal
and
the
31
in
Oct.
removed
was
1907
of
panic
the
nants of
tion of the Committee of Trust Cos. of N.Y. City, which at the $958,208,400 to $976,105,400.
developForeign Exchange, Silver, &c.—The unfavorable early in
time of the panic contributed about $30,000,000 for the relief
advance in exchange
sharp
a
inbanks
caused
abroad
in
the
ments
deposits
Govt.
companies.
d
embarrasse
of
selling of securities
creased from $129,925,200 to $131,693,493 and Treasury October. These events led to liberal
for exchange,
money holdings were reduced from $310,001,850 to $200,- for European account, creating a demand
as to the possible
464,703. Bank circulation secured by bonds stood at $626,- besides which, owing to the uncertainty
to draw freely, thus
778,555 Oct. 31, against $626,972,885 Sept. 30. There was outcome, bankers were indisposedOfferings
of grain and
a joint offering in this country and in Europe of $20,000,000 diminishing the supply of bills.
did not serve alto(out of a total issue of $25,000,000) of 35-year 432% s. f. gold cotton drafts, while liberal in amount,
tendency. Very possibly
bonds of the "Institution for Encouragement of Irrigation gether to check the advancing
of exchange to comWorks and Development of Agriculture S. A." guar. by the also there were some further purchases in connection with
Mexican Govt. The loan was over-subscribed. At the Can- plete the requirements of New York City 0 New York City
adian elections which turned largely on the question of sus- the payment in November of $25,000,00
cable transfers adtaining the policy of the Govt. in furthering the construction revenue bonds held abroad. French sight franc drafts
of the Grand. Trunk Pac. Ry. and other Canadian trans-conti- vanced to the gold-export point and
exports.of the
nental railway enterprises by Govt. aid on an enormous scale, later also did, leading to rumors of probable
however, against an
the Liberal party and the Premier, Sir Wilfrid Laurier, metal to Paris. Offerings of exchange,
Mexico placed in
achieved a sweeping victory, insuring a continuation of the installment of bonds of the Nat. Rys. of tendency. On
development of the vast unsettled area of the Dominion. Paris earlier in the year checked the upward
European account
The Comptroller of the Currency, with the view to enforcing re-buying of securities previously sold on
affairs was
greater responsibility upon the directors of national banks, and on indications that friction regarding Balkan
31 sterling bills
framed a series of 29 questions which bank examiners are to diminishing, exchange weakened and on Oct.
The high
put to the directors hereafter in making examinations, and were at or near the lowest figures of the month.
8510@4 8535,
ordered that the directors be immediately convened by the point was Oct. 9,when 60-day bills reached 4
8710;
examiner when entering upon his work. A receiver was ap- sight 4 8675©4 8685 and cable transfers 4 87@4
8615 and
pointed for the banking house of E. H. Gay & Co. of Boston in Oct. 31 prices were 4 84@4 8405, 4 8610@4
in London rose .
an involuntary petition in bankruptcy. At a referendum 4 8640(0 8645. Open market discounts
y as there
vote the electors of Cleveland refused to confirm the franchise sharply, owing to the unsettled feeling, particularlcountries.
which Mayor Tom L. Johnson and the City Council had was a demand for gold for ,4.y.ypt and other
At Paris there was an
Ceil2 /w
14 ,,--98,0*
granted the Municipal Trac. Co. to enable it to operate all the Rates Oct. 30 were 2/
t, but at the German centres discounts
trolley lines in Cleveland. This caused chaos in street rail- advance to 23/s ®23!
4. ®2%%. Silver in London
/
way matters in that city and the next month receivers were were lower at the close at 23
31.
appointed for the Municipal Co. At Gulfport, Miss., Judge fell to 23 1-16d. Oct. 30 and was 233cl. Oct.
Wood in the Chancery Court on Oct. 6 in the case of the L. &
realNOVEMBER.—Current Events.—Expectations were
N. RR. held unconstitutional the Mississippi law penalizing
decisive
very
a
by
President
was
in
Taft
elected
Mr.
originating
ized
suits
and
Courts
carriers for removing to the Federal
327 electoral votes
the State Courts. The strike of the mechanics of the Can. majority, he carrying States having
effect was to. bring
The
Bryan.
by
Mr.
156
early
only
collapsed
have
against
Pac. Ry., begun Aug. 4, was reported to
Exchange and to still furStock
on
the
buoyancy
great
about
in October.
been making slow
Railroad Events and Stock Exchange Matters.—The stock ther stimulate trade revival, which had
firm belief that Mr.
market displayed strength throughout October on improving headway before the election on the
made by Mr. Taft
trade conditions and on the belief that Mr. Taft would be Bryan would be defeated. A short speech
4,
off again. At London the rate at one time was 1 %@13
t ®13A. At Paris the rate advanced
but Sept. 30 it was 1 y
to 2 1-16 and closed at 2%. At Berlin and Frankfort there
was a rise to 3%®3%, with the close 314. Silver in London
kept very close to the lowest figures and Sept. 30 was 23%.
JAN. 2 1909.1
THE CHRONICLE
before the Commercial Club at Cincinnati two days after
the election greatly strengthened the growing feeling of
confidence. In this he gave assurance that enterprises
"within the statutes" might proceed without fear of being
molested, and stated that legitimate business would not be
prevented from enjoying fair profits. There were also,
however, other favoring developments. On Nov. 6 the
great lockout of cotton operatives at Lancashire was settled,
the employers having agreed to defer until the first pay-day
in March the 5% reduction in wages. Furthermore, on
Nov. 19 the Fall River Cotton Manufacturers' Association
decided to continue through the next six months the existingschedule of wages,instead of making a further reduction as
they would have been entitled to do under the sliding scale.
There was a large influx of buying orders in the dry goods
trade. Print cloths at Fall River were first marked up from
35' to 3144 cts. and then to 3%. Middling upland cotton at
New York closed Nov. 30 the same as Oct. 31, namely 9.35
cts.; the range for the month was 9.25 cts. to 9.55 cts. The
copper market became somewhat excited and Lake copper
from 133/2 cts. in October got up to 14% by Nov. 10, with
the close 14%©14% cts. Some noteworthy disturbing incidents occurred in Europe without, however, exercising
any great influence here. Early in the month there was a,
revival of friction between France and Germany in connection with Casablanca affairs, but this was soon smoothed
over, as it involved merely the question how far the German
Government had the right to extend its protection over Germans who had enlisted in the foreign legion of the French
army and deserted. A seriously unsettling situation, however,
followed as the result of the publication in the London "Daily
Telegraph," at the close of the previous month, of a remarkable interview alleged to have occurred between Emperor
William of Germany and a retired British statesman, supposed to be Lord Rosebery. This interview was full of
indiscreet references and utterances. In it the Kaiser resented as a "personal insult" the intimation of hostility on
his part towards England, declaring that he entertained the
most friendly feelings for England. He also said, however,
that in this he was in a minority in his own country, as the
sentiment of large sections of the middle and lower classes
in Germany was antagonistic to England. At the time of
the South African War, the German Government, he stated,
had been invited by France and Russia to join in compelling
England to end the war, but that he had refused. He furthermore stated that he had worked out a plan of campaign
for ending the Boer War and had dispatched it to Queen
Victoria. This interview failed to placate English public
sentiment. Indeed, the British people looked upon it as
an attempt to disturb the accord which had developed between Russia, France and Great Britain by recalling incidents which had happened many years before, when these
countries were still at cross purposes. In Germany the
results were equally unfortunate for the Emperor. When
the Reichstag met, a storm of protests against his course
arose. Eventually Chancellor von Buelow was forced to
ask the Emperor to endorse a statement to the effect that
hereafter his aim would be "to insure the stability of the
policies of the German Empire under the guardianship of
constitutional responsibilities." The Emperor yielded with
apparent good grace. The Emperor had also given an interview to an American journalist the previous July, and this
was to have appeared in the "Century Magazine" for December. The German Foreign Office succeeded in having that
interview suppressed. To meet deficiencies in revenues,
a new scheme of taxation was laid before the Reichstag,
providing among other things for taxes on newspaper advertisements and upon gas and electricity used in household
service. Another important event was the announcement
on Sunday, Nov. 15, of the death of the Dowager Empress
of China, Tsi-An, and the death the day before of the young
Chinese Emperor, Kwang-Hsu. An edict placed upon the
throne Prince Pu-Yi, the 3-year-old son of Prince Chun, who
became Regent of the Empire. The $13,936,500 3% U. S.
Treasury certfs. of indebtedness issued during the panic
of 1907 were redeemed Nov. 20, and as these had all been
held as security for bank notes, the aggregate of notes secured by bonds diminished during the month from $626,779,350 to $614,907,265, while the deposits of legal tenders
for notes in process of retirement rose from $39,065,637 to
$52,270,912. On Nov. 18 Sec. Cortelyou invited proposals
until Dec. '5 for $30,000,000 2% Panama Canal bonds.
On Nov. 25 he asked for the surrender on Nov. 30 by the
800 national bank depositories throughout the country of
$5,000 each of their deposits of public funds, involving altogether $4,000,000. Government deposits diminished from
$131,693,493 to $130,111,806. Government revenues continued much below Government disbursements, and *cash in
Sub-Treasuries declined from $290,464,703 to $281,981,409.
Wheat further advanced, notwithstanding more favorable
accounts regarding the Argentine crop. The latter part of
the month, on reports of the breaking of the dcought in the
Southwest, a slight downward reaction occurred. December wheat at Chicago ranged between 993. Nov. 5 and 1045
%
Nov. 21, and closed Nov. 30 at 1033/
2@%. New York City
was very successful in a sale of $12,500,000 4% bonds, this
being the first public offering of 4s since the resort to 432%
issues the previous year. The bids aggregated $148,266,360 and the long-term bonds went on an interest basis of
3.89%. There were several important court decisions. On
23
Nov. 7 the U. S. Circuit Court of Appeals for the Southern
District of New York, in the suit of the U. S. Government,
held the American Tobacco Co. an illegal combination in
restraint of trade under the Anti-Trust Law of 1890. This
decision went further than any previous Court ruling, the
majority opinion, written by Judge Lacombe, saying that
under the Anti-Trust Law it would be illegal even for two
individuals engaged in inter-State trade to enter into a partnership, since they thereby restrained competition which
might otherwise exist between them. The U. S. Circuit
Court of Appeals for the Seventh Circuit, sitting at Chicago,
denied the application of Attorney-General Bonaparte for a
rehearing in its ruling setting aside the $29,240,000 fine imposed by Judge Landis against the Standard Oil Co. The
Government later in the month applied to the U. S. Supreme
Court for a writ of certiorari. The same Court of Appeals
granted an interlocutory injunction restraining the InterState Commerce Commission from enforcing its order reducing freight rates on commodities shipped from the Atlantic
seaboard to the Missouri River. The Commission's order
was an attack on the long-established system of ratemaking
under which Minneapolis and St. Paul, enjoying the benefit
of water competition, had been getting more favorable rates
than Kansas City and other Missouri River points. Judge
Grosscup, who wrote the opinion, stated that as the order
disturbed commercial conditions that had grown up through
a long term of years, it was proper that the Commission
should be restrained until the facts could be judicially determined. On Nov. 30 the U. S. Supreme Court reversed
the action of U. S. Circuit Judge Pritchard in declaring the
passenger rate of 2 cents a mile, fixed by the Virginia Corporation Commission, void because confiscatory. The decision, however, was not on the merits, but on the ground that
the method of procedure had been erroneous, and that an appeal should first have been taken to the Virginia Court of
Appeals. The strike of the motormen and conductors of
the Chester (Pa.) Traction Co., begun the previous April 13,
was terminated by the men on Nov. 23. The strike had
been broken some time before; during its progress it had been
attended by many extraordinary incidents, such as the dynamiting of cars, &c. In the trial in the U. S. District Court
in this city of Charles W. Morse and Alfred H. Curtis of
the failed National Bank of North America of this city, both
were found guilty, and Morse was sentenced to fifteen years
in prison, but in the case of Curtis sentence was suspended,
he having been regarded as a tool of Morse, and the jury
having made a recommendation for mercy. Hamilton Fish
resigned as U. S. Asst. Treasurer at New York and was succeeded by George S. Terry. A State Clearing-House Association was formed in California, the object being to provide
a thorough system of examination into the affairs of the
banks. The new Uniform Bill of Lading recommended for
adoption by the Inter-State Commerce Commission went
into effect Nov. 1 on 416 roads in official classification territory extending west to the Mississippi River and south to
the Ohio. With the view to reducing the stock of legal tender 5-franc silver pieces, the French Government and the
other members of the Latin Union agreed to melt down a
certain portion and to coin the metal into token money of
the denominations of 50 centimes and one and two francs—
see V. 87, p. 1383. There was a further decline in silver,
the price in London getting down to 22 5-16d. (and the next
month still lower, to 22d.). The reasons assigned •were
diminished consumption in the arts because of business depression and selling of the metal by China and India. At the
November election Michigan adopted a new State Constitution. The French Government granted an application for
the official introduction into France of bearer certificates
representing 50,000 shares of the first preferred stock of the
U. S. Rubber Co. The Jenkins Trust Co., one of the failed
Brooklyn institutions; which had resumed in April and
adopted the name of the Lafayette Trust Co., was compelled
on Nov. 30 to go into liquidation.
Railroad Events and Stock Exchange Matters.—With the
news of Mr. Taft's election, great buoyancy developed on the
Stock Exchange and continued throughout the month.
All classes of share properties participated in the rise and
the vast preponderating proportion of all the stocks dealt in
on the Exchange reached the highest figures of the year
up to that time, and Steel com. reached 583
/
1, the highest
point in its history. The latter part of the month, with the
realizing sales growing in volume, and with some adverse
features, like the American Tobacco decision and the suit
against the American Sugar Refining Co. to recover customs
duties, recessions of larger or smaller importance occurred
and there was likewise some diminution in activity; but the
tone remained good. U.P. com. sold up from 1723, Nov. 2
to 184% Nov. 27 and closed Nov. 30 1843/2; So. Pac. com.
advanced from 1073/i to 1203/2 and closed at 11934; N. Y.
Cent. from 1051
/
1 to 1183/2, closing at 1173
4; L. & N. from
1083/2 to 1223
4,closing at 121; Mil. & St. P. corn. from 142%
4; Penn. RR.from 126% to 1313/2,
to 151 4
3 , closing at 1503
5 to 883
closing at 1293/2; Amal. Cop. from 79%
%, closing at
2x (Nov. 11) to 1673, closing at
843
%; Consol. Gas from 1423/
163; and Steel com. from 473/2 to 583
%, closing at 553..
Nor. Pac. declared 11.26% extra out of the profits of a
subsidiary company, namely the Northwestern Improvement
Co. Col. & So. declared an initial div. of 2% on coin,
Mass. Electric Companies, after an intermission of four years;
declared 1% on pref. Ill. Cent, sold to Kuhn, Loeb & Co.
24
THE CHRONICLE
$20,000,000 ref. 4s, all of which were quickly re-sold, partly
in Europe. Deny. & Rio Gr. sold $17,500,000 of its ref. 5s,
a portion of the proceeds being used to take up $15,000,000
of coll. tr. notes taken by the same bankers some months
previously. To finance its needs for 1909 and 1910, the
Amer. Tel. & Tel. Co. sold to a syndicate $50,000,000 more
of its 4% cony. bonds. Chicago City Ry. sold $6,000,000
more of its 1st mtge. rehabilitation 5s. Bankers invited
subscriptions for $4,000,000 Philippine Ry. 4% bonds guar.
as to interest by the Philippine Government, the amount
being largely over-subscribed.
The Money Market.—The revival of Stock Exchange
speculation increased somewhat the demand for money and
call loan rates on one day got as high as 3%. Time money
also advanced, but the latter part of the month rates were
marked down to lower figures than before. Nov. 30 quotations were 2/
1 ®3 for 90 days, 3 for
2@24 for 60 days, 2y
4 for 5 to 6 months and 33 for 7 to 8 months.
4 months, 31
The range for call loans that day was 1®2. Commercial
paper rates were also lower, being 32@4 for choice double
names and 4 ®4 M for the best single names. There was no
demand for merely "good" paper and very little was made.
Money holdings of the Clearing-House banks fell from
$384,675,500 Oct. 31 to $379,330,400 Nov. 7, rose to $386,013,500 Nov. 21 and were $381,960,200 Nov. 28. Banks
and trust companies outside the Clearing House kept adding
to their cash holding and Nov. 28 held $105,950,600, against
$102,889,400 Oct. 31. Surplus reserves of the Clearing
House banks were only $23,81,125 Nov. 28, against $33,498,075 Oct. 31. Loans were reduced from $1,328,436,000
Oct. 31 to $1,318,234,700 Nov. 7 and then increased to
$1,348,282,700 Nov. 28. Deposits fell from $1,404,706,100
Oct. 31 to $1,391,422,600 Nov. 7 and rose to $1,432,316,300
Nov. 28.
Foreign Exchange, Silver, &c.—Foreign exchange was
lower early in November and strong and higher the latter
part. The early weakness was occasioned to some extent
by the buying of American securities following the election.
The subsequent advance was due in part to speculation, in
part to the near maturity of option contracts for the delivery
of exchange that had been sold several months before and
in part to considerable selling of American securities induced
possibly by a desire to realize profits. The advance brought
exchange to the gold-export point, but no exports occurred
until the beginning of December. The low point was
Nov. 10, when 60-day bills were 4 8335@4 8345; sight
4 8560(D4 8565 and cable transfers 4 8585(4)4 8590. The
high figures were Nov. 30 when prices were 4 8440@4 8450,
4 8665@4 8675 and 4 8695@4 8705. Open market discounts at London advanced to 2 2, with the close 2/
3 s@
2 9-16; at Paris discounts Nov. 30 were 23 and at Berlin
and Frankfort2IA. As noted above,silverfurther declined and
Nov. 30 was 22 5-16d.
DECEMBER.—Current Events.—Some further important
court rulings, for which the year was distinguished, were
handed down. In the attempt of the Inter-State Commerce
Commission to compel E. H. Harriman and Otto H. Kahn
to furnish answers to certain questions put to them in a general investigation of the Harriman roads, the U. S. Supreme
Court held that the Commission had exceeded its powers in
undertaking such an investigation of its own motion, and
could not compel witnesses to testify. In the Supreme Court
of the District of Columbia, in the case of the Bucks Stove &
Range Co., the executive officials of the American Federation of Labor were sentenced to varying terms in jail for
having violated an injunction of the Court forbidding the
continuance of a boycott in inter-State trade against the
Stove & Range Co. Samuel Gompers, President, got a year;
John Mitchell, Vice-President, nine months, and Frank Morrison, Secretary, six months. As one effect of these sentences
the Federation of Labor decided to discontinue, by advice of
counsel, the publication in future numbers of the Federationist" of the "We don't patronize" list. In the Supreme
Court of Missouri (the Court of last resort in that State) a
unanimous decision was rendered Dec. 23 in what were
known as the ouster cases, the Court holding that the Standard Oil Co. of Indiana, the Republic Oil Co. and the WatersPierce Oil Co. had conspired and combined to monopolize
the oil business in Missouri. The Court decreed that the
Waters-Pierce Co., in which the minority interest had been
contesting for control, might continue in business if by Jan.
15 it could show that it was to be operated as an independent
concern. The other companies were given until March 1
1909 to close up their affairs and get out of the State. After
the marked spurt of activity in November, following the defeat of Mr. Bryan, there was some slowing down in trade and
business, but the tone remained very confident. Print cloths
at Fall River were advanced Dec. 2 from 3% to 3 7-16 cents.
Middling upland cotton Dec. 31 closed at 9.35 cts. (after
having been 9.10 cts. Dec. 11), against 9.35 cts. Nov. 30..
Wheat prices advanced still further early in the month, the
May option in Chicago touching $1.11 Dec. 4,but the winterwheat condition figures issued by the Department of Agriculture Dec. 7, though showing an average condition of only
85.3, with acreage reduced 5.6%, were somewhat better
than had been expected, and by Dec. 15 the price was down
to $1 04 8; the close Dec. 31 was at $1 033/2. An important
event was the announcement that on Jan. 1 1909 commodity
rates on trans-continental traffic over the railroads were to
[VOL. Lxxxvm.
be advanced 10%. The advance related to the portion of
the rate applying west of Chicago. No definite action was
taken with reference to trunk-line schedules between New
York and Chicago. President Roosevelt in his annual message to Congress, in discussing a change made by Congress
in the measure relating td the Secret Service, providing that
there should be no detail from the Secret Service and no
transfer therefrom, made the statement that "the chief
argument in favor of the provision was that the Congressmen
did not themselves wish to be investigated by Secret Service
men." This remark was resented in both Houses of Congress, and .the House of Representatives adopted a strongly
worded resolution asking the President to transmit to it the
evidence upon which he based his statements. A letter was
also made public written by Mr. Roosevelt, dealing with unfounded allegations against Mr. Taft's brother and the President's brother-in-law in connection with the $40,000,000
payment for the Panama Canal some years ago. In this
letter a savage attack was made upon Mr. Delavan Smith and
the "Indianapolis News," and also (in connection with another matter) upon Mr. Wm. M. La,ffan and the "New York
Sun." Later, Mr. Roosevelt sent a special message to Congress defending the canal purchase, and making an equally
bitter attack upon Mr. Joseph Pulitzer, the proprietor of the
"World," and suggesting his prosecution for libel by the
Government. With the view to having a tariff bill ready
for the extra session of Congress, to be called after the 4th
of next March, the Committee on Ways and Means of the
House of Representatives conducted tariff hearings at which
Andrew Carnegie appeared, also Judge E. H. Gary of the
U. S. Steel Corporation and Charles M.Schwab of the Bethlehem Steel Corporation. The two latter argued in favor of
continued tariff protection, though Mr. Gary stated that the
Steel Corporation would be able to take care of itself, but that
the effect of a radical reduction in the tariff would be disastrous to the smaller steel concerns. Mr. Carnegie insisted
that steel needed no protection whatever. Notice was given
of a definite understanding reached between Japan and the
United States (by the formal exchange of notes on Nov. 30)
for the preservation of the status quo in the Pacific Ocean
and the Chinese Empire—see V.87, p. 1450. The new Turkish Parliament was definitely opened amid great enthusiasm
on Dec. 17. After the holding of a second conference of
the Governors of the different States, for the conservation of
the country's natural resources, President Roosevelt addressed letters to the Governor General of Canada and to
President Diaz of Mexico, inviting their co-operation in an
international conference for conserving the natural resources
of North America, to be held Feb. 18 1909. President Castro
of Veenzuela went to Europe, and during his absence
the Dutch warships seized certain coast guard ships as a reprisal against Castro's Government for having refused to give
satisfaction for unfriendly acts against Holland. An uprising then occurred, whereupon Gen. Juan Vicente Gomez,
the Vice-President, who had been acting President during
Castro's absence, assumed the full reins of Government (after
he had frustrated an attempt on his life), and constituted a
new Ministry. The new Administration revoked the decree
prohibiting the trans-shipment at Willemstad, Island of
Curacao, of goods destined for Venezuelan ports, which
had been the main cause of the difficulty between Holland
and Venezuela, and the Dutch accordingly suspended naval
operations. The new Government also permitted the resumption of trade between Venezuela and Columbia at all
frontier points. President Nord Alexis of Hayti was deposed
as a result of a revolution carried through by Gen. Antoine
Simon, and the latter subsequently became President. The
U. S. Government on Dec. 5 sold $30,000,000 2% 10-30-year
Panama Canal bonds and awarded the whole issue at an
average price of 102.4368. The bids aggregated $102,808,800. Government deposits in banks Dec. 29 were
$121,431,154, against $130,111,806 Nov. 30, and Government money holdings in Sub-Treasuries $313,596,909, against
$281,981,409. Bank note circulation secured by bonds was
Dec. 31, against $614,907,265. The State of
Sao Paulo, Brazil, floated £15,000,000 ($75,000,000) 5%
gold bonds in connection with the coffee valorization, to refund loans previously put out. The bonds were guaranteed
by the U. S. of Brazil and $10,000,000 of the same were
offered in this city and largely over-subscribed. The loan
has a lien on 7,000,000 bags of coffee and provision is made
for the disposition of this coffee in stated amounts from year
to year. See V. 87, p. 1619. The bond and stock brokerage
house of H. W. Poor & Co. of New York announced its suspension Dec. 26. This was followed on Monday, Dec. 28,
by the suspension of the house of the same name in Boston.
It appeared that Mr. Poor was the sole member of the New
York house, though the Stock Exchange had not been notified of the retirement of the other members. In the Boston
house Mr. Poor held only a minority interest. The two
board members of Marshall, Spader & Co. of this city
(Thomas W. Moorehead and William H. Martin) were suspended from,the Stock Exchange for three years in connection with transactions with Coster, Knapp & Co., which failed
the previous April. Later in the month the firm decided togo
into liquidation. The trial of John G. Jenkins Jr., formerly President of the failed Jenkins Trust Co. of Brooklyn,
on an indictment charging misuse of funds, resulted in his
acquittal. The firm of Phelps, Dodge & Co. was incorporated with $45,000,000 capital to take over the mining
JAN. 2 1909.]
25
THE CHRONICLE
properties and metal selling business of the old firm. The
International Smelting & Refining Co. was organized with
$50,000,000 authorized capital (present issue $20,000,000 to
$25,000,000) by interests identified with the Amal. Copper
Co. Gov. Hughes refused the investigation into life insurance legislation of this State asked for in a resolution adopted
by the Committee on Insurance of the N. Y. Chamber of
Commerce. He carried out, however, his determination to
have an inquiry made into speculation in securities and commodities and appointed a committee for that purpose, to
serve without pay,and consisting of a number of eminent men.
The Chamber of Commerce empowered its Committee on
Finance and Currency to associate with themselves other
members of the Chamber with a view to making an investigation of the financial affairs of New York City. The Union
Ferry Co. raised its passenger fares between New York and
Brooklyn to 3 cts. for all hours of the day. Prior to April 12
1908 the rate had been 1 cent during the rush hours and 2 cts.
the rest of the day. , The New York Terminal Co., which
succeeded to the property of the Brooklyn Ferry Co. at foreclosure sale, discontinued the operation of five of the ferry
lines across the East River. A dreadful earthquake
on Dec. 28 destroyed Messina in Sicily and obliterated Reggio,
Bagnaro and other towns in the Department of Calabria in
Southern Italy, causing a loss of life estimated at 100,000 to
150,000.
• Railroad Events and Stock Exchange Matters.—While
maintaininc,its strength and tone, the stock market during
December °displayed a great • deal of irregularity. Some
stocks made new high records for the year, while others
showed a reactionary tendency. Fluctuations were wide
from week to week and from day to day. The low-priced
shares were again a striking feature and some of these were
whirled up with great rapidity. About the middle of the
month some demoralization was caused by a sharp break
in Amer. Smelt. & Ref. stock, induced by the announcement
of the organization of the opposition company referred to
above. The market soon recovered its tone under the
leadership of the low-priced shares, the traction properties
being particularly prominent. Amer. Smelt. & Ref. com.
sold down from 943 Dec. 1 to 769 Dec. 18 and closed at
83% Dec. 31. Amal. Cop. followed a closely similar course,
3 Dec. 21 and closing at
declining from 85% Dec. 1 to 75%
83%; Steel coin. was 56% Dec. 9, 513jx Dec. 21 and 53%
Dec. 31. Among the low-priced specialities Chic. & Alton
31 and closed at
com. sold up from 48% Dec. 3 to 68% Dec. '
68; and B. R. T. rose from 54% Dec. 3 to 69% Dec. 28,
%; Mil. & St. P. corn. dropped from 152%
with the close 673
Dec. 2 to 1433/i Dec. 21 and closed at 151. So. Pac.
com. touched 121% Dec. 11, got down to 1153 Dec. 21
then rose to 122% Dec. 30, and closed at 120%x.- One
strengthening feature was the large reduction in expenses
shown in the monthly returns of some leading roads. Atchison was conspicuous in this respect, and the corn. stock,
3 Dec. 21, advanced to 101%Dec. 29
after declining to 94%
and closed at 1009. N. Y. Cent. advanced from 1163/i
4. Wis. Cent.
/
Dec. 3 to 126x Dec. 31 and closed at 1253
declared its initial div. on pref. stock and W. U. Tel. made
its quar. div. %%,against %%. Fed. Min. & Smelt. Co.
resumed on corn. On the other hand, Mich. Cent. and Lake
Shore & M. S. declared only the regular dividends, omitting
the extras, and the Rutland RR. omitted its dividend
altogether. An important event was the acquisition of the
Col. & So. by the Chic. Bur. & Quincy. The Lake Shore
disposed of its entire holdings of Lehigh Valley RR. stock.
St. L. & San Fran. RR. sold $30,000,000 of its gen. lien
5s and the Chic. R. I. & Pac. Ry. sold $9,000,000 1st and
ref. 4s. U. S. Rubber Co. sold $15,000,000 6% col. tr.
bonds. Ches. & O. sold $11,000,000 gen. fund. and imp.
5% bonds. The B. & M.sold $11,700,000 20-yr. deb. 43s.
The Money Market.—Money became firmer in Dec. and
call loans on the Stock Exchange at one time got up to 4%,
with the rates Dec. 31 2%®3. The advance followed from
the reduction in money holdings and surplus reserves of the
Clearing-House banks, due to the Treasury's absorption of
cash by reason of the sale of $30,000,000 Panama Canal bonds
and to the additions to the money hodings of the trust companies. Rates for time loans at the close were 3@3% for 60
to 90 days, 33 for 4 mos. and 3%®4 for 5 and 6 months.
The money holdings of the Clearing House banks were
reduced from $381,960,200 November 28 to $344,911,300
Dec. 26. Surplus reserves dropped from $23,881,125 Nov.
28 to $14,184,050 Dec. 19 and were $18,269,675 Dec. 26.
Loans were reduced from $1,348,282,700 Nov. 28 to $1,264,616,800 Dec. 26. Deposits fell from $1,432,316,300 to
$1,306,566,500 Dec. 26. The money holdings of the State
banks and trust companies outside the Clearing House increased from $105,950,600 Nov. 28 to $108,401,800. December 29.
Foreign Exchange, Silver, &c.—Foreign exchange the first
half of the month was almost uninterruptedly strong and the
highest rates for the season were reached, with a renewal of
gold exports for the first time since the previous July. Indications then seemed to point to an advance in the Bank of
England minimum, with the probability of higher discounts
in London than rates for money in New York. The effect of
this was to promote selling of American stocks for foreign
account. There were also some transfers of loans from
London to New York. The advent, however, of dearer
money here, together with the negotiation of American
securities abroad, occasioned ,a downward reaction, bringing
sterling below the gold-export point. The latter part of the
month an urgent demand for remittance for settlements
maturing at the end of the year caused a renewed advance,
and the market remained strong with rates at or close to the
gold-export point, and some further small shipments of gold
occurred. The high figures for exchange as a rule were on
Dec. 14, when 60-day bills were 4 8505®4 8515, sight 4 8710
(4)4 8725 and cable transfers 4 8745®4 8770. Some decline
then ensued, but quotations Dec. 21 to 23 were again close
up to these figures and cable transfers Dec. 23 were 4 8750®
4 8765. The close Dec. 31 was at 4 8510@4 8520, 4 8705@
4 8710 and 4 8735(4)4 8745. Open market discounts at
London tended lower and were 2% Dec. 31; at Paris, however, the tendency was upward, with the closing quotation
2%. At Berlin and Frankfort rates Dec. 31 were 2%. Silver
touched the lowest figure of the year on Dec. 2 a* 22d.
Recovery ensued, with the price Dec.31 23 3-16d.
PRICES IN 1908 AT THE NEW YORK STOCK EXCHANGE.
The tables on the following pages show the highest and lowest prices at the New York Stock Exchange
of Railroad, Industrial and Miscellaneous bonds and stocks, and also of Government and State securities, for
each month of the past year. The [tables are all compiled from actual sales. In the stocks one-hundred-share
lots form the basis of compilation, except in the case of those few stocks which sell almost entirely in small
lots. Following a rule adopted by the Stock Exchange in April 1896, sales which are not for "regular" delivery
—that is, where the buyer or seller stipulates for three or more days' time, or where delivery is to be made
)—are disregarded.
the same day (the sale in this last instance being for "cash"
COURSE OF PRICES OF RAILROAD AND
MISCELLANEOUS BONDS FOR THE YEAR 1908.
1908.
July
Aunts! September October November Decembor
.7unt.
May
April
March
January February
Low High Low High Low High Low High Low High Low High Low Hfoh Low IP ih Low High Low High Low High Low Hifk
Ann Arbor—lst 1995 gold.._480 80 79 8112 7812 7812 78 78 8012 8012 8012 8012 79 8014 AO 8012 80 85 82 84 84 8512 85 86
Atch Topeka & Santa Fe—
991 9634 9712 9714 9918 973/3 981: 9734 9918 9878 100% 10058 10112 99 1005g 100 101 10014 10124
7 1001
4 9578 1011
General gold 1995
9634 97 98 98 98 093.1 99 100 99 99 99 100 9834 100
Registered
4 9512 100 - ------ ------ 90 98 __
4 83 8814 86 -88 8534 865; 86 8712 go 9812 8614 89 88 91 88 9218 9112 9412 94 9518 91 917, 9114 93
Adjustment gold 1995
4 8212 89 8614 8712 86 8634 8614 8734 8514 87 8612 87 8612 8812 8738 90 90 9212 9218 93 91 92 9134 94
Stamped
50-year cony gold 1955_4 8612 8912 8534 8812 86 8812 87 8934 8912 9334 8934 9134 0012 05 95 9734 95 9734 9512 1004 10012 105 10114 104
5 9412 9834 96 9812 96 1/75g 9738 101 101 103 9912 10012 9912 1021, 10214 10414 10112 10414 103 1053g 10518 108 105 107
10-year cony gold 1917
--- --- -- --- 4
-Deben series 11 1910
981 961 - Eastern Oklahoma Div lst-4 -------------------- 96 It; (-JET4 -97- 55 If 55T4 "ii38 ii lif 55 11 554 "ii 55 "tiii13 9812 9812
- ---10912
t-IO9t
1s
San Po Pres dc Pheit
____ 109_ -- 109- _— ..._ ____ ___ ___ ____ ____
__. -------- ---__. -----------6 -------Chicago & St Louis 1st
-- ---- -- 95,8 9512 9514 97- 9612 97 963$ 9738
- - - --- - -St• ,rt Line (J P M rec) lst-4 - --- - --- - -- -_ - ---7 - - -- 95 0412 96 9534 9612
Allan Coast 1-1st 1952 g..4 k12 -90- 55 893, 5434 1834 3412 -1714 88 9-3- 9014 la 91 9934 94 -96 93 9514 9418 88
8538 87 8534 8711
83 8012 821: 8112 83 8414 88 8634 8878 8612
761 '
74 75 '
4
7
'
Lou & Nash coil 1952 g
-------___
__
_
4
3
2
1
____
--11113
11112
-----------..
Say Fin & West 1st '34 g _6 ____ ____ __
-- ---- ---- _7..7..
- --__ 9;1-2 -9112 ____ --- ----- ---- - - --- -- - -. - S S Ocala & (lull gu 1918 g -4 5
B & 0—Prior lien g 1925.-3 3i 1-)(31-R -9-312 55 9214 55 "8"1" C614 12 ;W., -‘312 92 -9-4- 9112 93 9212 93 9234 -9312 9312 -9-414 943s -9-43-4 9412 -90;
_ — _ .. _ __ _ __
- - -_ 90 90 . —
_ __
3% 8912 8912 __
Registered
1
l0i)
6
4
003
1
4
1191
1
1
6
3S;9
1-4
34
3
9
4
3
-1
0
1
3
10014
9
1
4183g
00
1
004
1
9i1
9
"0
wit
5734
66
081
01
102
1
9812
)
101
Gold 1943
4- ------------ 9512 901 -------- 95 95 ---- ----- 9514 9514 --- -------------------- --------98 98
Registered
90
90
8914
14
9
8
8712
--------83
_
87
.
83
_
88
86
_
8312
86
----------------------------;-e,
_3
Iliv__
Pi t ts J u n c Cc Al
Pitts L E & W Va Syst-em-4 87 -9212 1)0 1112 85 90 89 -9012 8812 9018 9012 9034 9134 92 93 93 9434 9534 9518 90 94 lei 9614 97
BONDS
•
THE CHRONICLE
26
Lxxxviii.
I90S-Continued.
BONDS
January February
March
August September Octoier No:ember Dec:Taber
April
May
Jug
June
Low High Low High Low High Low Hi?' - ^w High Low High Low High Low High Low Wyk Low High Lcw High Low HigA
I & O-(Conc..)
Southwestern Div 1st g_33- 833 89 851 83
873
5 88 8712 8934 8918 8934 8112 8917 8834 8912 8912 9212 9118 9134 9153 9214 9173 9314
__ -------- -----_ ---Ohio Riv 1st 1936 gold _-__5 ----- ..
----_ 110 110 110 110 __-- ____ ---- -__ 10s14 111
- -- -----5
Cieneral gold 1937
Pitts & %Vest 1st 1917 g _4....__
_
_
101 101
3uff Roch & Pitts-Gen '37-5 ------------_ ----108 1-0-8- ii0i.
2 1-10-12 ---- -----------___ ____ ____ 11313 11312 ------------------------116 116
Consol 19571011210112
_
Clear & Mahon 1st gu '43 g.5 ----------------------------------------------103--1-03- ---- -- - - -- ---- --. -- ......- ---- --Roch & Pitts 1st 1922
6 114 11-4- ---------------- 11514
. 1-1-514 -------__-- --_, 118 1.1-8 ----------------11913 11912 ___- ---- -_-- --..
03
Cons 1922
12018 1215
4 ---------91_
luff & Susque-lst ref
91 --------- --------------------------------______ ____ ____ __ ___ ____ __ 8712
-17-12 .--__ 88 -80 _.-- -- ---.. -;anada Southern-lst gu _5 10458 104-58 ____ ____ _..... ____ ____ ____ --___ __-- ____ __-- ____ ____
J P Morgan & Co certificates 1021 1051 15--li- 1-00 105 166 10578 1-0-712 - -__
__ ___ ___
..
-6 ----- ---- ----- ------------ 10718 10734 10
1st extended 1913
-678 1-0713 -10634 1-0712 10715 1-68 15758 1-635-8 1051216914
-:/331-6818 10838 111 10718 1-6712 1-0
2d 1913
5 981 101 17 1
1 99
1 993 1001. 1011 121 101 103 10312 10412 105 10112 1021 1011
1
3 021 0212 10314
;entral of Georgia-1st 1945.5 ----- ----------------------___
___
12
,t 112 - -------- --------_ --------114 114 - ----------------.. 1163411634
5 9714 10214 59 go" 99 1-02 10212 foi 10378 10518 10414 1-0514 0434 1738 106 10934 108 10934 1081. 110.5, -108 1-00 10834 1097g.
Consol 1945 gold
5 65 70 62 62 55 6212 65 6912 70 73 71 71
1st preference income
71 73 6413 75 55 65 64 64 65 78 78 81
Stamped65 65 70 7112
Trust Co certificates.-__ _
_ _ _
__ _
_
__ ------- 78 80
5
- -------- ---------45 16 ,I. -48 iil iti- ii- 1614 4738 II 4-i78 542d preference income
;5 -4-51 i1;1-3 64- 6112 64
44 45 --------441, 451
Stamped
481
50
_ 4934 6012 63 63
1 50 5212 53 ---------------Trust Co certificates ----------- -------- ------ ---- -- ---- -- -------- ------ 52 53 ----------------48 63 63 63
-------------------------------------------------------- 52 52 ----------------60 60 63 63
Stamped
5 2712 3734 27 21.1- 27 30 53 1912 37 :ICC 5934 -3-634 38 li 3913 40 39 39 38 45 4012 57 52 53
3d preference income
Stamped
33 33 27 30 3112 36 38 3912 36 4013 _-- ---- 3838 3838 3912 3912 ----------------41 41
5214 5214
Trust Co certs stamped _ ___ ___ _
4012 45
4
Chattanooga Div 195L
893
__ _89
-10013 10013 -----------------------Macon & Nor Div 1st
5
-- -- - 1047s iiiiis
- - - - -- - --- ---- -- ;entral RR & Banking Ga_5 100 100 92 92 95 100 --------_ 9834 -0834 100 100 99 fof 15558 foi 10612 106113 10
-5
-14 1-06-14 10312 10312 106 107-12
.entral of New JerseyGeneral 1987 gold
5 117 123 12112 12212 12212 124 122 124 124 12458 124 1245 12112 123 22 123 1231 1243 125 1261 12612 12734 12914 13014
Registered
12018 12018 1211 1211 122 122
5
_ ---- -------- 12414 12414 ---- --__
121 121 12012 12034 121 12114 ---107 1081 ---- ----_ -------- -------- 169 109
Amer Dock & Impt
5
1 10' 1 --------10934 1093- 11013 1101 111 111
Lehigh & W-B Coal 1912_5 98 98 --------_ --------98 98 -------------- --------------------- 101 101 - --------10013 1661z
Cons ext 1910 gu
434 9912 9912 9834 9834 9812 9812 9914 100 9912 100 984 -00 100
100 Iowa
- 55 1-6614 10038 loos is o
- 3766 iii5 fOci 1
:hesapeake & Ohio6 101 102 102 10212 103 103 10013 10058 10034 101 1
Series A 1908 gold
10
_ _ -- -- - ---- --- ------- - - - 6
103 103 10518 10518 102 10218 10238104 ---- --- ---------------Mortgage 1911 gold
105 103 ----------------10313 10:02
--5 10712 11134 10812 112 10812 110 11914 11414 11118 112 112 1-1214 112 11334 1334 11518 115 116 115 1162 11413 115 115 1155
1st consol 1939 gold
9
11
981
436 96 1015 91
General 1992 gold
1013
1 1013
10012
10214 10114 10312 10234 105 10434 10734
1 1021 0112 10278
4 --------------------------------------------------8914
Big Sandy 1st 1944
8912 8958 90 90 9214 9112 9214 90 9214
-- ---- ---- ---- ---- -___
-- 95
-- , 941- 94
- -95 9714 9812 99 96 96 97 99 _ __ _ ___ 99 100 100 101 10014.10012
951. 933
R & A Div 1st cons 1989 g_4 9112 9612 9413
91
9212 9212 ___ ____ 9312 9312 ___ ____ .. _ . _ ___
2d cons 1989 g
4
92 92 - ----- ---- 89_
_ ____ ____ ---- ---_ _ _ _ ___ _ .__ - _ _ ____-_ _
_ t-i' iii
_ ___ ___
Greenbrier 1st gu 1940
4_ _
- 70- 74 74
-5
- -7-6- 70
- 78- 6734 -70- 70
hicago & Alton-Ref '49 g_3 7
7214 -7-4: iE" -7-714 77 7734 761-2 /7-12 75 /8- 784 /938
Chic St Alt Ry 1st '50 g..33 6214 64 60 63 60 6114 62 6312 62 68 66 68 6414 -6712 67 68 6812 7213 71 7612 76 773 7612 7712
hic Burlington & Quincy97 9734 07 98 9738 9834 9812 10078 9858 9934 98 101 10018 1015 10138 10314
General 1958
4
Denver Division 1922-_...4 98 10012 97 97 9758 98 98 9878 9J12 100 100 10014 100 10912 9912 9912 99 9914 9934 100 10018 10012 101 101
Illinois Division 1949-33i 86 901 881 901 88 8834 88 8914 8812 90 8812 8912
1 911
903
5 93 93 9334
5 881
921
Registered
:
.
_
334 -------- ----- ----- ------------------------8634
-8634 ------ ---- -..
. ------ - ---_ ---___ --9134 9134
Illinois Division 1949 ____4 9718 1015; 9938 10 12 9812 9912 9914 10014 100'8 0 14 101 10134 9953 19-0-12 0914 .
1..62 91.i.2 19-212 .0134 163 10234 1031
.10312 105
____ ____ ____ ____ ........ ..,.... _____ .. 1_6i.1;
Registered
4
:
11
!________ ____-_-_
,7.
:
118 10
10
__ .-- --_.. 1_6.,;3_4:
_
Iowa Division 1919 s f.. 5 106 106 ---------------------------------------10512
---- ---- --98 98 ---------98 -9813 10012 10012 ----------------10434101
Iowa Division 1919 s f
4 96 9834 9814 99129978 100 lutP4 10-014 - -- - ---101
Nebraska Ext 1927
4 99 997 10018 1001 9912 10014 10014 10134 100 1013-4 99 99
, 1 99
- 1011
1 101 102 10212 10058 1005s 10034 10112
_ ------4 -------- -------- ----------------10112 10112 ---- __ _ ---- --------Registered
. 10158 10158 - r
-- ---- ---5 971,1 101 100 10114 101 1011 10212 10312 101 10134 10118 102 _
Debenture 1913
10
13 1-0-13 - - - 1021 1021.
-6 ____ ____ 10558 105% --------_ 10478 10478 ____ __ ___ ____ ___- -___ __-- ____ 10414 1045 ----- ---- 105 1-0-512
Hannibal & St Jos coas
4
- hic & East Ill refund
8214 83 85 87 87 88
6 --------------------------------------------------------122
1st consol 1934 g
5 10612 111.2 11012 112 10912 111 110 11212 110 112 11112 fI-2-12 111 1-1-2-12 13 11333 ii.3 1-1118 1.15 11618 114 114 11533 11534
General cons 1st 1937
_.
2_ ._ _ „:. __ _-_
5 10934 10934 ____ ____ _ .... ..2._
Chic & Ind Coal Ry 1st
107 107
hic Ind & Lop-Ret '47 g 6 11712 11712 --------11714- I-18 12
-014 12-014 12
-234 125 -------- 124 1,
614 24-514 17361. 12912 130 129 130 13013 13053 - --- ---Refunding 1947 g
- -------------------------------------------- ---- 106
Lou N A & Chic 1st 1910_6 100 10012 10112 10112 10034 10112
-514 1-0-2-3-J _ _ _ _ _ _ _._ - ._ _ _ 16i38 1-04-33 -- _ - ---10178 10938 0
hic Milwaukee & St Paul10312 10312 --------10518106 --------10314 10314 --------10414 10414 ----------------10673 10678
5
Terminal 1914 gold
Gen series A 1989 gold --.4 100 102 102 103 103 103 103 103 102 103 102 10212 101 10114 0114 102 102 10312 10231 1334 104 1044 104 10414
__
4
Registered
_ 10312 10312 ____ __ _
- --- --_-_- - r
- -- -2
- -9-2
Gen series 8 1989 g__334 87 9034 89 89 87 88 8514 88 8812 8914 ,
1 -'1- 88/8 iii 8634 -1;1-12 91 9153 92 -95 9
- E11 893
110 111 11134 11134 ------ -------- 1103811114112 112 .--- ---- - 5
Chic & Mo River Div
---104 104 --------10434 10434 10412 10412 - ____------------------------ .__ --------6
Chic & Pacific Div
.10414 164-14 1041-4 1-6412
5 10838 110 10812 110 1081 109 109 10934 1 5 1101
Chic & Pac West Div
3
11012
111 11112 11134 112
---10612
10612
1041
5
1045
1041
----1045
Southern_
108 108
Dakota & Cit1910_
105 10514 106 106 ...- _- ____
--------------- _
11 & D Div 1st
-----------------------------------------10434
-- 1-0-43-.1 10438 10438 --------10512 1-0512 10538 1-0-5-3-4 10534 10578
5 ---- ---- ----------------1013810134 - -- r..- - ---- ---- ________ ____ .......
1st 1910
--- -_-81 1-081 .
10912 -____
La Crosse S:. Day 1st 1919-5 --------1063410634 --------10712 1071 10
5 10012 0034 100% 10038 ---------------------------------------------10212 IO2-7-s . . _ - _ - - Mineral Point Div
-_
178
-10
07
8
6 10014 102 1021 103 131 10418 104 18 --------1045
-73 1-0-418 1-0:133 1-04-%
So Minn Div 1st 1910
8 1645-8 103 103 10173 103 10218 10273 10334 10378 11-13
7
_- 10314 10312 10318 1031 __
118 110:1318 1_0_3_12 1_0_3_4.:
Southwest Div 1st 1909_6 101 101 ---- -----------1°092;; _10_2_7_8 1_0_2_7_8 1 103
1- (
5 108 108 10818 10818 10812 10812 10814 10814 --------i
- -------.
Wisc & Minn Div
109- 199-1_
6
10518
Mil & No 1st m I 1910
_1O5
1s
------------------------------------814 1-0-812 ----------------------------------------109
10-iC3 1-67-58
6 10
1st consol 1913
-- --1-69- 11978 1-1-018 _ .. _.
- -- ------ --hic & Northwest-1915
7 116 118 117 117 117 1-1-8 118 1-1812 1.1.7 1-1-i 1153811734 iii- if7-3-_, ----- -16_
11712 1173g1175 11614 1-1-8-5-3 11714 11712
4 -------------------------------- --------99 '31)
Exten.ion 1386-1926
---- ---- ---- ---- - •-- •
4 9834 9834
Registered
334 90 90 . i -9-134 5i -91 9234 9234 9134 02 9134 9134 9112 921. 89 9212 9210 95 9412 9412 95 96 .--- -General 1987 gold
Registered
89 89
Sinking fund 1879-1929-6 -Registered
_
iasi2 161;12 jo.:51, f6il2
Sinking fund 1879-1929-5 ----------------108 1-0-0 __
_
__
..... -- -_ _ _ ___---2 1-0-2-1 10018 1-6034 10034 10034
Debenture 1909
5 10018 01 --------101 102
1 1013 --------1017 - 7- 1023 1-0234 10083 10112 1011.1 10138
Registered
5 ----------------10112 1011 -------- 10014 1001 101 1001 ---------------------- ----- --- -91312 9934 10034 101
105 10518 ---------------------------------------------108
_ ----108 108
Debenture 1921
5
- --108 108341083! ---Sinking fund deb 1933
5 _-_ ____ 10812 10812 ---------------- 109 1-69 ---- ------- 109 109 ---- ----112 112 11314 1133s 11134 1134 110 110
Registered
5
Northern Illinois 1st
...._ .-----------10218 i(iii4
5 --------------------------------10134 l:0134 ---- --------------------------------Ottumwa C F & St P 1st5 --------------------------------1013810138 -------------------------------- 101 101 ____ ---- ---- -----------------------118
1163
118
118
118
--------118
Mil L S & W 1st 1921 g
6
1198211934 ____ ____ ..__ ___ ___ ____ 11912 1203s
E,xt & imp 1929 g
5 ----------------110 11012 111 111 ----------------- 11314
hic Rock Is! & Pacific R Y115
1 1151 1212 11212 ___
Mortgage 1917
6 112 112 11212 113 112 11214 11318 1131
---115 115 115 11514 11573 116 116 11618
115 ------- -------11212 11212 _ -_ - __ ___ ___-__ ___ __ ____ ___ ___
:
Registered
6 ------------------------115
1003410214
3 10
General 1988 gold
901
4 941 1001 95 99 94 06 9514 98 973 99 971 -68
5 '71
96
1 -6.6
1 9734
Registered
4 ----- ---- ------------------------9612 97 --------- --------------- -------- ---- --- -971_
8,112 92
Refunding 1934 gold
4 8312 8718 86 8618 86 87 8434 8612 8614 88 8.- W..,. 84 8512 8414 66 8538 8914 8612 8712 8712
Registered
4851
3 851,,
Collat trust ser 0 1917
_
_ _ _ 90 90
_ _
4 - - ---- - -- - -- - - ---- - - -... - -0,2 .- 6,,S ;
-41-8 -69- 60-i-12 -6-812 6
-7
- 6312 51
CRI&PRR 2002
-534 -6-134 5
-9
-78 643 5
4 5
4 .
6611
6412 -ii..1-3 -lin - -7217 711-4 7-4-14 7012 7478 74 iti.
Registered65 65
Coll trust 1913 gold----5 68 76
-312 7334 75 -7i 63
5972 -7-2- 6-172 0-7- 6
- -7-2 6 -6i 61 681., 651-* /112 63-4 -ii 7:17 7791, 751, 9112
Bur C R & No 1934 g
.
____ 116 1163;, 116 11678 11512 11512
5 106 111 111 111 1107 1107 --,. ---- --- ____ --_
Choc 0 & Gulf 1.919 g
5 10412 10413 ------------ ---- -------------------------------- 102
Conso! 1952 g
199
- 1-0-6 -10
-71 1-0-7-1
- - - _
__ 19014 10014 ---------------- 10113 1011.2 ------------ ----- -Keok & Des Moines 1st
101 104-14
5 9834 100 -- --- ---- --.
-- 4 1-2-7- 1
--281 1-2- 1
h iC St P Minn & Omaha_ 6 121 1261 ----------------1263
1 127
-1 f2 -1 12'112E8 ..- -___ 17913 29 1:311-4 132 12812 130
_
Chic St P St Minn 1st g
6 124 124 ------------------------------------------------12714
_ 12P12 130
.
19714 ___ __ ______
St Paul & Simix City 1st g-6 11612 1171 11.7 ffiip 1-113 110 19 116 11t; 115
117- 117 118
-12 1151: 11E38 1153-8 11934 1163.1 ----------------117
hic & West Indiana-1932.E --------_ 112 113 ---- ----_ --------112
112
21/03 .___ ____ 112%; 413
_
01 94
4 94 9514 9514 951.1
Consol 50-year 1952
9434 --------------------------. ---- - -,-- 97 103
--- --- ......_ .
94 -9-51$
Cln Ham & Dayton Cin Day & I 1st gu '41 g
5 ----__ --- ---- ____ ____ ____ ____
_- _-_ -__ ____ .----------------------- 83 J6
Chi Intl & W 1st 811'53 g -4 -------------------------------------------------- ---- ---- - 70 70 70 70 _ __
---- --- ---- ---- ---- ---..1:'2 : 112
.1 10,
5 10914 no 1.12 not?.
11012 111i8
----
-----------------------------10913
------------
JAN. 2 1909.1
THE CHRONICLE
27
190S -Continued
January February
March
A pr il
May
June
Auyttst September October
July
Nov:mber D:czniber
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
ievein Chi & St L—'93 g--4 94 98 9312 97 9212 94 95 9633 9512 9735 92 95 94 9714 9414 9513 95 9634 9614 9712 97 9912 9714
9814
Cairo Div 1st 1939 2.
4
C'n Wab & Mich Div 1st g..4 _--- ---- ---- ---- - -- -- - - - - - ---- ---- -- - ---- -- __ _ _
_ 981.4 -9514 - -.- -- St Louis Div lot 1990 g--A ----------------90
90- 9
-3
- 9-3- _ _ _ _ _ _ _ 1,1 1 9134 93
- 18 -9-318 93 935k 9
-6
-14 -9614 96 9634 9513 -9673 96 -9612
492 92
Spring & Col Div 1st
C I St L & C 1st 1936 g_-_4 ------------------------93
.14 9:-,14 ------ ---- ---- 9'714 6/14 oi :
--------991
-)
-7..
2 -6612 99T2 -99-12 - --- ---4
Re gistere d
-- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- __-- ---- --Cm :an
an & Ci cons 1st g —5 ..--- -- --- ---- ---- ---- ---C C C & I cons 1914
7
6 ------------------------120 121 ----------------12414 1211:: 12414 124.14 1251:12312 126
(ien cons 1934 gold
- 1-29 iiio 13-6
Ind B & NV 1st pref __-_ _4 --------------------------------94
94 94
90 8812 S81: 87 882 87 (10 89 90 89
Pco & East 1st cons 1940-4 8
-14 91-3., 9034 91
9178 6214
_ 96 -9-358 931-. -96 93 9-312
46
50
55
49
60
4214 45 44 48 45 47 35 39
4 45
Incomes 1990
39 41 .-404112
-4018 4018 45 5512 5518 57
607s 6215 62 63 62 62 63 65 66 68 66 6814 6818 7414 73 84
olorado Midland-14t g- - _4 5512 62 59 6134 5812 5912 59 61
8912 91 8934 93 9034 921: 92 9414 94 96 05 1.6 96
C.10 & SOU—lst 1929 g--- A 82 9078 8512 8812 86 88 87 8934 88 90
9912
7673 8214 7812 8034 7812 7934 7814 8078 81 8434 S4 8613 S6 883s 853j
Refund & exten 1935_4M 7512 7712 7338 77 73 77
tqie'., 8)34 9734
6 104 110 10812 109 100 10778 10612 108 19812 110 146 10612 108 10912 11019 11114 11214 11412 113 11519
Ft Worth & D C lot
115 11534 114 51514
elaware Lacka & Western—
Morris & Essex 1st 1914 7 1141 1181 __- --__ 1171s 1171 ------------------------117 117 --------11713 77 _ __
- 11453 115 11412 115
7 ----- ---- ---------------- --------12014 1202 ---- ---- 11818 11818 ----------------119141st cons gu 1915
___
1-1-9-1 12012 12018
___
_
_-- ..- ---------121 121 12119 12412 ----N V Lack & NVest 1st'21-6 1161 1161 ----__ 117 117
---- 125 125
__
Construction 1923
5 ---- ---- ----------------108
- 58 1-0-9- -------- ---- -----11214 1121
12
112
112
_
__
_
-_ ___ ___ ____ ____ 9718 971s 99 -9-9- ---- ---- 98 100 ----- --- -------- 100
4 _ _
Terminal & imp 1923
102 10
- '4 1-0014
- 4)4 1-4'.)-14 IGO
-3
- 1-2-3- ____ ___ __ ____ 12112 12112 ____ ____ ____ ____
7 12
el & Hudson—Penn Div
4
1243
refunding
1st ec
I..
a9614 -61--138 39
-S
- /3 1-00,
8
1-6112 .6073 16214 10o1.1-61-1, itii 16112
4 0412 9878 95 97 96 97 9612 99 93 100 9612 100 97 9914 9914 101 itiiis
Convertible, 1916
991.
,10238 100 101 192 104 101 105
_ _ _
—4 3 96 9614 _ _ ____ g7 97 _
1st lien eauft 1922
_
___
_
_
--- g..3 %9134 9712 9i12 96 04 93 53 -0-6-38 91,,, 96 95 -9-534 95 -9534 9534 -96- os iS3,,, 6314 -97 1037s 10412 10314 104
Aft & SUSq cony 1946
-12 9638 99 9834 100
Registered
33-5
Rcnss & Sara
Elenver & Rio Grande4 93 95 92 9512 9012 92 9014 9014 9034 9334 9112 9213 89 92 9212 93 9212 94 9234
1st con sol 1936 gold
9'7
9618 9'7 97 9914
Consol 1936 gold
43 98 98
-10534 10333
Improvement 1928 gold-5 100 100 -------------------___
-------- 94_
_ ---_
-9-4- 9412 95 96 9712 9
9
10031
100 103
Rio 0 Junc 1st gu g
5
Rlo 0 Sou 1st 1940 guar 4 ----------------85 95Rio G West 1st 1939 g
4 8312 901 891 901 8813 90 io -66 ii5 -9-9 8612 -6'7 64 -1512 87 -8-- i7f2 - 0
.-9 -3g -91- -9-3- - -61-2 -1;6-1-3, -iiir; -sitiMtge & colt tr A 1949 2.4 75 75 - ---- ---- 70 74
72 72 7258 7258 74 7412 75 75
74 74
76
74 7 7
6 75
SO 80
et & Mackinac—Gold 1995_4 80 83 --------_ --------85 85 ____ _______ ____ 8712 8712 76
8912 891., -----------------_ --------90 90
etroit Sou—Ohio Sou Div _ _4 7734 7734
_
__
84
4
84
84
84
84
ul & Iron Range—lst 1937 5 102 10712 10712 168 1Ws IV; -154
-341-6434 i56 1603-8 158121681-2 ------------------------ 112 11212 11219 11212 114 115
Registered
5
ul S S & Atlan-1937 g
5 ---- ---- 108 108 1077$ 109
'gin Jol & East—lst '41 -5 - -ric—lst ext 1947 gold------39 1-0-5 -- -_- - - ---- - - 9912 9912 ---- ---2d ext 1919 gold
____ ___ ___- —__ ___ ____ ____ ___ __ ____
-- 1-0-4- 104 1-0418 ____
5 10112 10112 ---_ ----104
3d ext 1923 gold
— 9334 99 ___- --__ ....._ _ _ ___ ____
43•i 1001210012 - -103 104
4th ext 1920 gold
10
-6121-0-612 10418 105 --------104 1-04- -------- -------------------------5
____ ____ ____ ____ ___ ____ _ ------ 10518 1-651s ---- ---5th ext 1928 gold
4 -------- ---- --- - 98
98
1st consol 1920 gold
- 1-1912 -119
1-712 1-1-712 117 1-1-812 1-i9
121 1-2-2 1- 1-1-9 11912 11-91. 12212 1-224 --------121 122 1.2514 1-2514 .125 1-27-7
1.s cons fund 1920 gold
7 120 12014 - --- - -- - - -- - --- 121 121 __-- -_- -- 1st cons prior lien 1996 g 4 8312 8613 8
-213 -8-614 8
-2
- -8-4-18 83
-12 8-612 8
-612 -90
-- 80
-- -90
-- 81 8518 fth -88- 86 17-3-4 86 8714 87 -8912 8914 c9012
Retestered
4 79 79
1st cons general 1996 g
4 67 7212 55 -6-8- LO 6-8-12 94 -7-2 6672 -ii 6512 if 52 -6812 6612 -7-612 081-4 /2-4 71 /4- 73 .7-612 7314 c-76-12
4 73 77 72 77 70 73 6734 7812 7712 8438 8212 8412 80 8212 80 8338 8112 83 82
Penns coll tr 1951 g
8234 83 8612 8619 8753
50-yr cony ser A 1953 g 4 56 61 44 56 43 5414 4614 5712 55 6178 54 6278 5519 6634 61 C)478 64 72 6912 74 '73 8019
77 79
Coupon
on6813
7112
-0
- -4-8 15 5-2-34 5
50-yr cony ser B 1953 g__ A 53 -5-6- 55 -5-0- 4
-1i8 -5-6- 49 -5-6- i1 -5-7-3i i.5T2 -ii14 5714 63 ..iiT4 iii2 isi 16 6i -69
Coupon on
---59
6213
Buff N V & Eric 1st 1916--7 118 118
Chic & Erie 1st 1982 g__5 10814 111 112 1-1-2- iii in- 1101.3 110-34 1951-3 11-6 115 1-10 112 11-2 ____ ____ ____ ____ 114 fig iii
if318 iiifs 11134
121 121
Jefferson 1st 1909 gu g---5 - -- ---- —_---- OiT2 -9-8-12 ---------------- ---------------- 100 166
- 1 1-2-25- 124 1-2-4- -_- ----- --- --- ---- ---- ---- ---- --- ---- ____ 12412 128 ------------ ----128
Long Dock cons 1935 g___6 12
___
128
Dock & impt 1st 1913
106 ..-- --__---- 6 -------- --------106
---- ---- ---- --- --__ ---- ---_ 106 106
5 - - -- . - -- _ __ ___. ____ —
N Y Sus & W 1st ref g
General 1940 gold
-- 4 9-413 1-J0 9-0 89 89 _ _ _ _ _ _ _ _ _ _ _ _ _ _ 89 8914 i-5 9-412 96 -951,
- 92- Z.)1 9-212 _ _
5 9
-2
Terminal 1st 1943 gold 5 110 110 —_- —_- -- ---- ---- ---- -- ---- --__
_ _
11212 113 11419 11412
Mid of N J 1st 1910 g
6 102 1023 ------------------------101
1-0-2- 102 1-02 102 102 ----------------101 101 10218 10218 103 -103
Wilkes & East 1st gu g_5 --------_ 101 101
5ll 1001 --------100 100 -------100 102 102 ___ ____ __-- ___.
----------------110
v & Ind—lst cons gu g
----------------108
6
110 11 4
11034 11034 ---- ---- _--- ---- --- ---- ---- ----V & T 1-1-1st cons 1921 g6 112 112
1st general 1942 a
Sullivan Co Branca_
5
_ 95 95 ____ _____ ____ _
_ _ _
- -- - - -- ----t Worth & Rio (i-1st g
4 --78 78 -76 --78 ----74 -761
- 75 --80 8
-1 --85 ---- ---- ----------------80 so 8212 83 85 8712 86 88
41 H & Ii of 1882-1st
------------------------ ------------------------96
t North—C B & Q coil tr .4 9214 9753 93 9814 93 954 942
1 9614 9538 97
12 99 9534 -66-34 991k ii 98 100 971. -9834 9t-i -9918 98ii4 1-6032
Registered
4 923 963 9312 9419 9212 9212 9312 95 94 9514 9412 WA 9558 9612 96 9712 97 98 9619 9718 9634
9734 9634 9712
St P Minn & Man 2d 1909.6 ----- ----- 10414 10114 10412 1015h 10214 10214 104 104 1031 1033 104 104 ______
10614 10614 103 1031 10338 1033s 103. 103%
1st cons 1933 g
6 --------12618 128 12612 12612 12834 12834 12812 12834 ----- ---- 12733 12734 ---12912 1291., --------_ 13178 13178 --,,
Reduced to
4% 102 10619 105 105 105 10534 1053411)7 107 108 1712 I8 106 10718
107 10812 108 1081; 10818 10914 10912 10934 11014 1113a
Dakota Exten 1910 a
6-------- --------10434 10434 10512 1053 114 1041 1037 1037
5 1051 0512 10512 10512 10512 10714 10714 10333 10313 10334 10114
Mont Ext 1st 1937 g
4 94 9812 9812 9812 9812 9812 99 99 -- ------- ---- ----------- ---- ---- 9898 ---- ---- 9914 9912 101 101 101 101
East R y 1st div, 1st g
5 10114 1011 --- ---- ---- - - - --- ---- ---- ---- ---- ----- -- ----—_- --- --- --Mont Cent 1st gu 1937 g6 128 128 - ------------ ---- 130
- 1-30--- -- ---- 1st gu 1937 a
5
---------------- ------------------------ 11318
41f & S 1-1st ref 1952
5 - -- - --- - - -- ---- -95 95 ____ _ ---- ---ock i n g 'all—lst cons g_4% 9
-812 1-0-3- 9
-912 1-0-214 9
-9
-1 2 1-0213 -1-00
- 1-0-213 -10218 10-358 10
-218 10-3-13 Ica;foil. io:3 103'2 104 10611 105 10612 10612 10714 107 10718
Registered
43-5
BONDS
------933
----------------100
Col St Tot 1st ext 1955
linois Centra —
1st 1951 gold
4 102 102 102 103 1031210312 -------- 102 102 -------- -------- 10213 10212 ------------------------101 101
1st refunding 1955
4.
_..... __ ___ __ ____ ____ —. __ _ $ -8 1
19934 10012
lot 1951go
ld
5134
..914
935
9334
Reg:otercd
•
Extended 1st 1951 a - — -U4 ----------------------------------------------- -------- 94 94
--—
_
_—___
_—
---Collateral trust 1952 g-....4 97 1012 0112 1012 --------98 98
99 99 -------_ 102 102 102 1-02 ,.__ ____ _,. ____ 151 161
4 9814 9814 _ __
L N 0 & T 1953 2
_ 101 101 101 101 __ __ 100 10.) i5i. 1-61- __-- ____ __ _
_ 9912 9912
____ _
Lou Div & Term 1953 g-U.i .----- ;15 95- ------------------------5734 81)14 8718 8814 —_ ___ 88
- -8-8 ____ ____ 66;73 -993-4 _
Western Lines 1st 1981___ -4
St L I)iv & Term 1951 g 3 -------- ---------------__ --------_
7614
- -7-6-14 ---- ----------------------------------------79 7914
-------- -------- --------8734 87- ' 1
1951 gold
01
' -837_
_ _
_ 8912 892 ---------9012 9034
3M------------------------ ------- ------- ---- --- -------- 100
:.hie St L & N 0 1951 a —5 ----------------2
Memphis Div 1st 1951 a -4
-
---
------------
---------------1121
InId Illinois & la-1st g----4 -------------------------95 -63
-__
Intternat Cc (It Nor—lst'19 g 6 109 109 ___
_ 101 10:/ _ -- - 10
-3 1-64- 104 1-04
I 106 --------106 166 108 fio 110 110
2d 1909 gold
5 88 9018 89 -69- 70 75 7
-3 -80- 80 8012, 80 80 -------------- -79 81 81 8112 85 85 ---- ---frust Co tee:jots
80 8018 ____ - - --_ ___ 79 82 82 85 ___. ___- 8714 1714
%II Central-1st 1933 g___5 10014 10812 - -- _ . 102 103 10312 10312 10512 10512 10412 10612 10412 1-07-12 107 10812 10814 10814 10812 110 110 11212 108,
3 10878
Relunding 1951 g
4 70 75 7
-5 7-i 7414 75 74 7614 7534 78
7558 7534 73 73 73 7412 7312 76 7512 76 7513 79 7812 821g
ansas C Sott—lst 1950 g 3 69 7014 70 71
70 701 70 701 70 71 71 72 72 7212 73 74 72 72 72 73 7234 735g
7012 71
17e Erie & ‘V-1st 1937 g_5 107 110 10612 107 11013 1101 10912 110 - -------- --------107 109 1091 11112 112 112
_ _
_ _ _ _ _ 11412 11412
2d 1941 gold
100 100 10012 1111 - ------------------------------------ ----_ --------10312 1-6313 10
5
-3
-13 10-312 106 106
North Ohio 1st an 1945 g 5 ----------------105 105 105 105 10519 10512 ---- ---- -------- ------ - 105—
105
_ _ 110 110
ahigh Val (N Y)—1st gu-414 1 18 1024 10212 103 103 10414 10434 105 10412 105 10512 1-0512 104 164 105 106 10614 108 108
4
108
34 1-09:),3 ---- --.....
Rt.g stlred
435
108
1083-ti.1
:11"gh Va (Pa)— .003 g___4 8712 891
-9-5-- - 1 --1
i -9-3-3 ---- ---- - -- ---- ---- --- - ---- ---- ---- ---- ---- ---:.;- gh Val Term—lst all g_5 108 108 - ---- ---- --------- _ -------- ------_
_—- 11413 11411 --------11713 11713 ___--- _--- ---- -- ...-..
dilgit Val Coal-4 st an g--5 ---- ------ --__
55 10-6 19734 /0-7-34 --------10712 10712 ____ ___ ___ ____ ____ ___ ____ ____ ____ ___.
:high & N Y-1st an '45 g-4 ---------------- ----------951, 9519 97 97 -- - — -- ---- — ---- --- ---- ---- --- ---- --- —.... --...
a Interest from Mar 1
-1 om Nov. 1.
0-And int. (
c Coupon an.
[VOL. LXXXVIII.
THE CHRONICLE
28
190S—001111
Novcm5er December
Aumwt September alober
July
June
Apra
Mau
March
January Februaru
Low High Low MO Low Lity,, r,O;) Ingti
Low High Low 111:3 Low High Low Htqh Low High Low Htgh Low High Low High
114
18
1112 18
21548 18
17
_ 11 18
01342 ----------------112 11212 1121 1 11214 --------1
12
41,
tio 0-3
ii
012
8i4 88 -------11
--------____
--------------97
Long Is1-1st cons 1931 g-...5 105 110
-----------------------8712
8314
4
102
102
gold
_ 101 102
General 1938
---- ---- ---- ____ ____ ____ ____ ____ ____ ____ 93 9312 92 -9-3-1-2 -0.21-4 -0-214 94 94
434 ---- -_-_
9410 9412
Ferry 1922 gold
4 Si 82
---- ---- ---- ---- ____ ____ ____ ____
1041, 1041.
Unifi(A 1949 gold
__
_----_---_-_-_
-___
5
081971;
Vs"'
-5
97
0:11
Deben :934 gold
97
951
1
411 95 - 1
-9514 90 I/5
---- --- -------____ 10014 10014 __ ___ 10138 10158
Guar refund 1949 g
------ -----__
___
-------- ---- -- ------Bid yn & Montauk 1st '11 5 ------------_
---93 '-"tHi" ficr iiii:i fiti—
Lou"slana & Arkan—lst'27-9
_ __
116 Hi III- H512117-4 iiii, 1184 ___ ____ iitii.2 I-2-61"7"" --------11238 1"125 ---------116
Louisv & Nah—Gen '30 .._6 iii- 1------------ ---- ---------- 11012 1107,, _ _ __
-:14 1-0-2- - -15172 1-0-3—
-.09
8
95,
9
8
-01
-9
4
uotd 1931 ----------------993
9-9
-712 -9-9
..6-_-1..3 :9_8_1:8 -9
9 i9
925
i -9731 99 9812 1100
4 951 100 96 100 95
•_
_
Unified gold 1940
---- ---- ---- ---6 ---------------------------------------105
1-07-- i 09.14 10934
7
.
-------10
Si n k fund 1910 gold
--------crii"
_______ i5:1
--- 102
--------7
102
09
1
---105
104
104
104
5
g
9613
1931
93
9513 93 9614 95 0610 96'2 9634
Collateral trust
88 9112 921 94 9214 -09- 91 -62 93 9312 9314 9412 9412 9514 9514
5-20-year colt tr 1923 g_4 10314
____ ____ ______-___
____
::::
__:_
104
----::::
----104
10314
V,
g..--4
1931
Lex
2- f2TiLou Cin &
____ ---- 1.1-.3.
ii01.1 1-1-9-1; ---117
N 0 & Mobile 1st 1930 g6 11534 891, 86 89 -87
7;3 -8-9 8834 0078 92 -9-3-1-8 93 9411 - - -- ---- -0--1T4 -1;1;../
7
1 -8
-- -8-8- -SS- -981-2 86 88 -83- 89;
4 871
96 96 961 9610 971 973.1
Atl Knox & Cm Div
921
____
___
921
9712_
9418
94
903
935
90
933
91
00
92
88
- iiii—
Kentucky Central 1987 g 4 ---- ----_
---- ---- --------------------- ---- ---- ----100
__- 9713
------------------------_ ----88 87 8812
....„
L & N & Mob & Mist g_434 -------2 82 84 84 ---------83
82 79,
_..._.
87 ____ ____
113
113
11234
34
------112
--------L & N-Sou-Monon joint- 487
--------------11014 11014
--------- ------____
Nash F & Shelf 1st '37 g 5 ---------------...— _-_- ___. ____ ____ ____ ___- ____ ____ ____ ____ _____ ____
--- --__
____ ____ ii3" fiiii
Pens & All 1st gu 192/ g 6 13 113Sou & Nor Ala con gu '36_5 ---- ____ •
9113 ---- ---Louis & Jeff Ildge--Gu g- - —4 9112
--11, -1212 -8i- -821; -81- -8-2-1; 82 83 -821-2 -99-4
-0- -8-5:3-4 -83i-2 -813; -8i- -8-3-- -8
-.8112 -3-4-- -75-i8 -8-3-34- -8
Mexican Cent—Cons 1911 g_4 7414 85 79 83
8114 8312 82 821. 81 8210 Si 81 82 86
8014 8538 84 8512 82 83
Trust Co certfs deP
4 1814 16 1712 10 1733 1812 19 20 24,4
163
-------2014
c3
201;
1612
1812 2014 -1.81- 8 1712 1614 1713.
1614 18% 1778 19,1! 18 2510,
1st consol income 1939 g-_3 1412 2012
10 18
1 181
, 163
1518 18
Trust Co certfs dep
--------1634 163! 1714 1714 18 18
---------------_
1T
1.
114
8
1
171
18
161
1612
18 2312
15
1712 17 18
614
1
2d consol 1ncome 1939 --3 10 157 133
16
3
07
1
14 15 151634 15 15
--------1434Trust Co certfs dep------------------------80 80
Mex Internari—StamPed ---4 ---- ---Minneapolis & St Louis____ 12712 12712 ____ _____
--_11_4 1_0_1_14_
0
6. 1__
.
_
.
128 12
3--------2701 .---90 71i
3.90
6,i _
1
01101
_
12514 1251
-------1
4-------7
1-5-1- 1-0-1-_
1st gold 1927
3
0
-1
7
g
1909
0113 1-05-12 10612 11012
1st
Iowa Ext
- -- -,- --238 1-02% 10314 105 158- 1-0-512 --------1
101 23
8 1023 1-0
5 109 100 ----------------1
---- 00- ---0
841 8113 113
64
)03
793
79;/
78
5
1st consol 1934 gold
78
7838
1)7
801
--------7
0
803
-------8
82
0
-------8
4
---- 1034_
1st & refunding 1949 g
------_--9673 9734 98 98 - --------_ 100 100 - ------_ - -97
-- --- ----- --------M St P & S S M—Cons'38 g-4 ---- Missouri Kansas & Texas98 9912 9918 100 9911;101 9812 9912
4 94 9734 04 98 94 96 9512 97 9614 99 96 97 9614 98 9712 93
8738 87 90
1st 1990 gold
13182 1(8
84)
778 10
0131 8314 84 83 85 8212 8312 8312 86 85 8578 8573 10614
1 183
78
,0
8 8
8012
79 82 7712 8
4 81 84
10412 10614
10612 10178
2d 1990 gold
1001, 102 101 104 10418 106 10412 106 105
98 98 98
79 79 8318 8312 87
73
80
77
1st extension 1944 gold — 5 95 98 75
81'2
7718
___
____
77
7612
75
7512
75
7478
7478
7633
78
4 -------8812 06
88
83
8318
8138
• 1st & refunding 2004
8212
12 80 82 8012
79
9.
70
7.
.
21. 8
.
.8_ .
77188 8218
80 .
58.
81_7
.
.
8
7.
.
71 77 72 7414 7;4. 1.0
86 86
• Gen sinking und 1936-434 74 7712
83 8318 8312 841, 83 83 8:3 84
--- --- ---. St Lou Div 1st 2001 god 4 83 83 ---- ---103
103
105 105
. _ __
... _
._ _66
_ -----10212
167
_
--38 86 -1-E-2T:I -1911- -5--1T2 15 • Dallas & Waco 1st gu g 5 -----------6
_8
___ ____ ____ ____
8'7 87
--90
__
__
-------------------- 111 112
__
• Kan City &Poe 1st '90 g 4 -----_ 108 108 - ---108
10712
0
_
1
.G
_
F053
8
105
3
05
--------1
5
g
108 109 107 10914
M o K & E 1st gu 1942
0234 104 - --------102- 1-0-3-- 10212 104 i55" 1-09 103 10434 1-0i- 1-0-7-- 1-0i1 1-06-1 1013 109 10614 10714 10714 108
105
• hlo K & 0 1st gu 1942-5 --------1
10738
---3 104 10534 ---.
.2_78 10
. 1_661; 10
9712 103 103 103 100 10012 9912 102 1021 1061
- MK&Tof Texas 1st gu g_5
------------ ---- 10018
-- 1-0-8-3-4
Sher Shrev & S 1st gu g 5 ------------------------ 103 103 103- 103 - 10212 10212 1-03- 1-04-- --------1043
-i- 1-0-7-1-2 108- 1-0-814 1-08
1 1-94-3; 1-0
-- - _ 5
Tex & Okla 1st gu g
115
11312
11:312
11212
115
Missouri Pacific11312
113
113
106 10712 10718 10718 10658 109 11112 112
6 106 106 10412 105 105 106 108 110
10112 10112 102
1st consol 1920 gold
9134 97 96 97 9612 9814 0898 10212 0812 9912 9812 1110 9934 10114
5 94 97 9214 99 88 90 91 95
10114
10313
99
,
981
Trust 1917 g stamped
9612
9712
971.2
98
5 93 9713 93 98 8778 90 88 95 94 96 97 97 9533 9712 9518
- 74 7834 7812 8014
1st collat 1920 gold
7812 7412 76 74 7478
4 -------- --------68 7612 69 72 69 7312 6912 7158 7012 761, 7618 ___
____
____
40-year gold loan 1945
___
____
____
____
____
___
-05 95-____ ____ ___ ____ ___ ___
--------______
__ ....._
• 3d 7s 1938 extended at 4 -------...... _ __-- ____ 88 88
------ ---- ---- --- ---- --, Ii3:9:1.4- ....
_-__ ___ ---- ---___ ____
Cent Branch Ry 1st 1919 g..4 ---- ---......_ ____
14
i..
::::
_ _ ::::
.
._
8312
841
g-4
'48
1st
P
U
Branch
Cent
- -9914 1W1-4 :--- --:- ---: --:- ---: :-:111
Pac of Mo 1st ext 1938 g 4 ----------- iii------;1- ---- ---- ---- ---- ---- ---- ----- ---- ---- ---- ---- ---- ---- ---- -1
5
2d ext 1938 gold
3 1111 11013 111)., 11034 1141.1 11158 113
St Louis Iron Mtn & So- 104 110 10414 1083 103 10514 103 10612 10618 108
8 09
.08
1
_ _
Gen cons ry lk i a 1931 g-5 -------------------------100 10312 106 106 --------------- ---- --- ------ 110 11012 ____ __
9
-12 -8913
-7
Stamped
7512 80 7614 "5;
7ii4 -7 -80 -87 85 8612 86 87 87 8875 -8
5 -.
4 7478 78 74 78 88 76 74 76
89
83
88
8912
8812
85
Unifying & ref 1929 g
87
85
861
84
3 84
83
4 85 8614 83 8512 76 8012 80 82 8018 84 8
12312 124 124 12118 122
Riv & (I Div 1933 g
11312 113 113 _---___ 11312 11312 11634 119 - - - - - - - - - - 12 - --- Mobile &Ohio—New 1927 g_6 113
6 1051 1051
1st extension 1927 a
------------------------------------8212 -99- -8.-4- 8611 -88- -8-8-- -If/ 81---- ------------- --- -8414 -8-414
4 ---- ---'. General 1938 gold
------- 105" ilii ---- ----11212 11212 11238 11238 1121011212
7.- foil; -------------------10213
----------------------- ---- ---- ---g_5
'47
1st
Dv
: Montgomery
_ -75 75
------------ ---- ---- ----------- 4 -10
-3 114)38 11538
0:
1-0.
5112
4 1-0
• St Louis & Cairo 1930
- 11312 11414 11072 1-1-41-2 11234 1E3- iiii. flit iiii1"4 1141; 11418 115 1-0
---- -- --- -- 114 1-1212 112/4 1-1-278
38 1103 110.34 1103, 112 11212
-Nash Chatt & St L—lst '13_7
5 107 10714 --------10712 108 10512 108 108 10818 10818 110 111 111 - ---- ----_ 112 11212 110
- - 1-st consol 1928 gold
312
00
02012 18
18
',- National of Mexico—
100 10018 100 100
-1
-8
Prior lien 1926 gold----4M 99 99
-- -8-1-14
2
4 77 81 81 82 80 80 _--- --__ "iOT2 15.2 -ii" W" 81 -9-1-1-3 -8172 -8-11
1st consol 1951 gold
96
92
9312
93
927s
94
9114
9318
4
' N Y Cent & Hud Riv913
9118
9234
9114
9012
89
8914
9314
91
9014
88 897 881 893
Gold mortgage 1997—.3M 8712 01
9013 9012 91 91
.- 8812 8812 8838 8914 90 90
- ---3M 8858 8838 --------- ---Registered
-3-4 -93-78- 9212 93 9312 95 9413 9531 9312 94% 94 9434
-2
4 91 9312 94 941, 94 90 94 9412 9112 9312 93 94 -9
Debenture 1934 gold
101 101
4
Registered
-3214 -gli- -8234 84 85
7973 8-2- 8014 8112 82 -84 - 81 83 -1:
82 75 7914 7512 7714 77 80
861 8°
414
Lake Shore .coil g 1998-334 77
512 8
8:4314 86
- 81 80 8112 82 8218 8114 83 8
807812 8012 7814 8012 -73 7534 75 79
78
73
7714
4
743
3M
•
1 821
821 8412 8612 8512 8512
83
77
77
75
.
791
7
.
:
7712
.
81
!
.
7512
81
7412
---------__
------------------ Micli Cent col g 1998_3A
8212
82
--------,
::: ::::
........--_
-- ------------------------76 76 ____
Registered
___- ____ _--- --__ _-__ ____ --- ---—.... __ .._
•-• Beech Creek 1st gu 1936-4 ---.iii.4 -8w1,.1. ---- -___ -------- -_-----. ________ _8
_— — _--- ---- .......1-_—
8
9
-98
""
--------------g__4
gu
1st
- Mohawk & Mal
_----- ---- ----- ---- ---- ---- N If & Harlem 2000 g 334 ---- ---- ------ ---- -----------10713
1-07-1-2
--- ---------0_
___--------------11
____
---------------------------N Y & Northern 1st g----5----- ---- ----co"6"
--_
i55"
""""
-_—
. N116: Putnam 1st con gu g4 --- 1101; Hi' fir ii.3- 112— 11113 11112 11178 ups ii5:74 11631 110)3 11012 HUI ffi9-- 160
.
-78 1-0-9-7; iiiiii8 10
-9
- 1-1-1-1-2 i0
, Rome W & 0 cons lst---5 5 106
____
....__
____
____
____
____
____
____
____
____
__
-----. Oswego & Rome 2d gu g_5
_ 165 1"1;;"
. Rutland 1st cons 194/ g-4 M ---4 ----- 8718 8814 -861-8 -861;--------89 -9-1)
7
8(
. - -8i- -8
0
.
-13...
82
843 --- --7-Ogd & Lake C 1st gu'48g.4 843
----0
-------------9
- ---- --- --------------------- ---- --- __-- -- ---- ------- ---- -- ___
Rutrd-Can 1st gu g---4 85 85
E -- -St Law & Adir 1st g
------- ---- iiF III- ---- 117374
---- ---5
125
---2
1
---..:::
--------::::
::::
-------____
........
---- -----C --------125 125 -----------------------_ iiiit
2d 1996 gold
_— --__ -9934 I.34
------- -------4 ---------96 9412 95
"Ili"
Utica & B River gu
95i"4
55T2
1412
"
3
-iii
9
:
--0
9;
2r2
-9112
93
92
93
91
8934 9212 92 02
9312
. 1. S & M S gold 1997____3
92 92 9318 9318 93 93 9234 93 0312
334 90 9214 -------- -------- ---- --- 9212
3
Registered
96 9334 95 94 95 9434 9612 9614 973
96
4 8878 95 92 94 -6534 -9-i- 5712 -6.2.12 8958 925)2 -5:2E8 13-3-4 -.5.3T2 -9-- 95
9518
9534
4
933
96
Debenture 1928 a
95
931
9034 921 913 927
7 927 9134 94 9334 9434 9412 9534
93
,
901
941
3
885/
4
25-year 1931 g
- ---- -- ------ 9214 9214
- ----- ---4 ---- ---- ----- ------------_-_-_-_ ____ ___
Registered
____ ___-_-_-_-_ -_-_-_-_-_-_-_-_ ::::: ;..."; "":" -_-_-_-_ -___
100
____ .—
5 -------------------------------- - f6O- _7_ ::::..--__ ___ ___
t 44.4 1143-4 .--Pitts & L E 2d 1928
---- ---- _.. ____
------- ---- ---Michigan Central-1931-5 --- ---- ----_ ---_
--_-_- ---__90
90
---__
-------4
I
M
3
• Jack L & 8 1951 gold_3
---------90
___ -88 83
---------------- -------91
1
8 1-0
12
11
9-2
3
:4
-71.-3,-1- ;0
-i2 10
-5
10
0 1--(C-1--::
5:
1st 1952 gold
•
2-2 18.11-4 1T 1-02- 0 3-4 11
i03 993 551 9914 991 101 9758 100 100 1-:1- -" iiiii" -848.-34 /0
• N V C & St L 1st 1937 g__4
100
------100
------__-- ___
-___
_
-------___
--------------4---- ---- ----- -------• Registered
4
333 1023-8 1-0331 10338 105
°3
212 10
03
25-year deben 1931
312 10
63
212 10
62
2 1-00
--- 1-073- 11i3" 1-0-4-- 10
0012 1-0-1-11.114 iiii" 102 10318 10
-- 1-0-0-78
-- 1-0-2-14- -1-00
• West Shore 182 2361 gu 4. 98 103 100 10078 99 100 9912 10012 100 102 10112 102 100 102 101 102 101 10212 10114 102 10158 10212 10034 103
90
101
9613
4
Registered
N Y Central Lines10212 10212 ---- ---- ---- ---- ---- ---- ---- — —
---- ---5 ---- ---- _-_- -_-_
Equipment trust 1910
---- ------- ---- ---- ---- ------- ----:::: -----:LT
---- ---5 9918 9918 --- ---' Equip Trust 1911
----i(-)272 1-62-1-2 ---- -- ---- ------------ --C ____ ____ _—_ _--_
Equipment trust 1912
_----- _-- .— ---- ------- ---- ---- -5 9838 0914 -- ---Equip Trust 1915
•
---_— --- --- .— ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- -5 9914 99% ---- --'
Equip Trust 1918
---------__..100
993
4
b
1910
Equip Trust
:112 136 13534 13712
3(
• -NY New Haven & Hartford—
412 10
35
938 19
34 13014 129 13012 112)2
2
0l..
iia
C 11512 12414 11812 12334 11834 1233c 120 126 123 12718 12312 127 1243312818 126
U Oii.,11_0
... ij
0
.
0
- Cony deben
873 88 9012 9034 93
1
881
87
61
334
— Cony deben 1956
88
-88
-----___
-___ ----_.
__
__ -- ------------ ----- _
1.3'2 ---------------- Non-convert 1954
_
__ -------112 112 __ ____
91-4 9014 10012
95
1-3r4 -8
55
- Housatonic cons 1937 g__5 --------:: -8
iiii
:
t.,i
14 -7
9:
V-:
:1 -sii,1-8 -08i-2 97 97111-3 -iii
-6- 17-3-8 -;
,
98 94 9418 94 96 -9
N V Ont & W—ref 1st g_-_4 t,212 9712 95
------------------------------ 9912 9912 --------------------------Noriolka South-1st 194L--t ---- ---- ---- ---- ---- ---- ---BONDS
----89
-------
-------
1 Ltri. 2 1009.1
THE CHRONICLE
29
HMS -001111111 lied.
PONDS
May
April
January February
March
June
Jul?
A ugisst September
October
November December
Low High Low High Low High Low High Low High Low Htgh Low High Low High Low 11;,•11 Low High Low High Low HigA
Norfolk 6: it cst- en 1931_6
Impt & exten 1934 ::
6 11712 11712 ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ____ ____ ____.
_ ___ 1291.12911
New
93
0-6
04-12 9334 9-5
-6 4 0
N & V Ry 1st cons 1996
-5 -9
9.-11-8 -9-5- 9
-418 -9- 31 9
- _4 9-2C4 - - - - - - - - - - - - - 3-712 9
-7
-E4 -9-9- 9
-8, -9-9:34 9
-7
- -9-8- 931. 991, 9i,2 -59-14
8818 881i 8812 00
Div :sional 1st lien
4 8414 S878 87 8312 8712 88
_ 8938 90
90 9118 9234 9373 93 94 _ __
__ 9518 96
10-2J-yr cony 1932- _ _4 78 8433 8012 8314 8012 8178 7934 8231 8238 87
8
-2
-14 --85
8314 8714 87 9038 89 91
89 9112 9114 -9538 92
4
8512 86
8414 8534 8434 851s 84 865s 83 8412 83 8458 89 87 87 871., 89 92 o 90 9112 90 933
Pos ih n C & C joint
4 77 84
9018
9153 95
Scioto V & N Ii 1st r;i: 5_4 8712 95
90 0112 9012 905s 9112 9314 9312 9414 94 94
9618 98
98 9812 98 99
9612 9612 96 9812
Norther a Pacific-4 9912 10134 9931 10111 0934 10012 99 101 10034 1015s 101 102 10114 1021. 10134 10334 10212 10414 10134 10234 10234 104 103 10418
Prior lien 1997 gold
09 9934 9734 1003s 9912 10012 101 101 101 101 101 101
4 98 9912 98 100
Reg istored
9912 9912 10012 10012 103 103 10112 10118
3 68 72
7012 7111 70 71
70 73
703 721 7118 711 7112 721 , 7214 74
acre;ii lien 2047
73 74
73 74
73 7412 73 7334
3 -------- 70 70 ____ ____ 6812 6812 ----- ----_ --------_ 6812 71
Reg istered
71 71 ____ ____ ____ ____ ____ ____ ____ ___Div g 1996 4 SO 9612
St Pa
-1
16
117
1
-16
117
---------------------------6
-----------116
St P ': No Pac gen g
--- 1-1-6 ------------ ---- 121 fif 1'25 fiii.,
Reg istered
St P & Duluth 2d 1917-5 --------------------------------102 102
4------------------------------------------------100 100
1st :onsol 1963 e
_
_
_
_ 115 115
North I'ac 'fermi 1st 1933 g_fi 114 114 112
_ 11512 11512 117 117
_
5 10112 105 10434 112---10478 199 10410
--218 10312
--- 104 10634 -----Pacific Coast Co 1st g
10314 105 104 104 10812 10934 105 109 159 110- 111 fff 105 109
Pcnnsy vania RR1st re
6
Coo so1 gold 1919
1151 1161
4___
Con soI 1943 gold
-__
__
__ 10112 10112
- _ _
__ 106 106
4. --------------------------------100 10134 1-9078 10112
ConsoI 1348 a
-- 10138 10278 1025
--- 1043s
- - 103
_-- 8 104
-- 10414 10512 10
-938 104- 153
-3, 1.-0g
1912
9473 9612 94 0512 95 9538 9512 9678 97 9834 97 08.5s 9753 9814 9634 99
3 M 9114 9412 0258 94
93 95
10-yr COHN'
9812 99
33.1 88 9112 8858 9012 89 911s 0034 92 9153 9334 9114 9218 92 9312 9312 95 94 951 9414 951. 65:18 6612 641., 65
10-yr COHN' 1913 g
14
10'234
4
10412
1st
1023
g
syl
43.5
10314
Co-go
Penn
1023.1 10314 104 105 10453 10538 10478 1055s 10373 10434 10434 10514 --------_ 10573 106 - 1061 1061 1061; 10618
.. 861. 861 --------8612 861 _ --_ 921 941 ____ ___ __ _
Gu co II tr cif's 1: 1941_31,6 ____ ____ _
8812 8812 ----- ----_ 91 91
-2
- 1-2 -9-2-12 ----- ----_ ---------------Tr Co ctfs 2U 1916 g-3 ____ ____ 9
-9-5 ---- ----_ --------91
_ 95
- 91 98 9814
971. 971
Ou co :1 tr ctfs C 1942-3
8414 8414 --------------------------------------------- ----8734 8734 - - ---- ---15-25-yr guar g 193L___4 55 -6ic 935
1 91
1
21 ----------------9713 971. --------90 96 9
-7
-34 -9-7-34
1
--12
00 1-0-01;
3% ----- -------Clcv : Pitts I) 1950
_ ---------_
__ --_ ---- ----_ 90 0
____ __
..: 99 99
Or Rair) & 1 ext 1st gig- 4M ---Pitts I,t W & Ch 3d 1912
- _ _7 _ _
_ 1
--07
- 1-01- 1-68-- P C C & St L gu A 1940-43510
-8
198
- - 1-0-3- ----------------10012
---- ---- ---- - -- --- 1-0-7-34- 1-9874 1-0-8-14
- ----------------109
- --- --- - ---- - - ---- 169 _
--_-_-_ 155; 169-1;
Seri .,s II guar 1942-4% --------108 1031071210713 10714 10714 --------109 109
.
Seri s I) gusts 1945434
Seri :s 11 guar 1949__33.'i ------------------------90 -9- -- --------------------------------941. 14-1, 99 -9-8 95 -9-5
90 -191
I & P 1st 1932
C St .
--5 _09 109 ------------------------112 112 --------11312 11312 113 1141. 116 116 --------- 11612 1163
Pere M ruuetteFlint k I'M 1920 g 6_
- _ - __
_ ___ ____ --- -- ... -___ ____ ___ __-_ ___ _ 110 110 110 110 ----------------112 112
1st :onsol 1939 g
5
- ---- --- ____ -__ ____ ---- ---- ---- ---_ ---- ---- ---- ---- ---- --- _ 105 105 --------1041. 105
Pt luron Div 1st
___ ____ ____ ____ ____ 10034 10034 10012 10012
5
. ----------------------------------------106 106 - _
Philip p1 no Ry-1st s f
4 ------------------------9612 9612 97 97
96 96 9614 9614 --------9612 9778 5514 -6712
Pitts Shenango & L E-1st g 5 --------10014 114 --------------------------------110 110 __ _ _
•
_ 114 114
Readin :-5c11 1997 g
071 9
90
4 9
981
9712 9318 96
...
-768 9H
981
----30334 9514 95 ..
4 9H
• 4 99 97
--i4 -91
-- 1 -I
,1 "
97
- At -- "
=(
.
.74
'1---3-.4 1°2
100
_7.7-12
3 ::::8
inn
' '''''
Regis bred
---- 95 95
4 91 91
__
90 90
93 03 9414 911.i- _ --- -- 97 9712 ---Jersey• Con coU 1951 g_ __ _4 So 94
94 95 95 96
92 941 90 92 92 9318 9312 -9-4- 9314 94
55 -9-ti- 953. -6-919 ii -9-8-13 5; 9-812
St Jos k (id IsId-lst g
4 85 85 -------_ 82 8212 83 83 85 85 --------87 87 87 88 88 9134 ----- ---_ 92 92 93 9413
St Loui 1 & San FranciscoGcner al 1931 gold
6 113 11434 113 11312 --------11412 11412 -- ------------115 115
(loner al 1931 gold.
-6 10712 107 10812 105 107 154 10-5 15412 166 15812 10812 159 1-06 1i 1:ss 11-1-52
5 103 10514 10312 10512 10412 10412 104 107 1-0
RR-C msol 1996 g..,.
S W Div 1947 g
5 --------------------------------100
4 73 75 60 7278 6812 6034 6714 7014 69 7412 0; /4-12 5414 -66 55 -7-234 59 /512 7412 -7-7-5s 751., 16 -752s -S.- 5' Refiinding 1951 g
K C t S & M cons 1928 g-6 111 114 11412 11412 113 113 - - - - __ ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ____
__ -___ ._ _
4 68 7234 67 71
723 76
Ref inding 1936 a
7412 -7-914 80 -8-; '
577 70 56 -7-458 70 73 68 70 6838 7112. 7014 75
6634 71
Ozark & Cher C 1st gu g- -5 -- - _ _ _ - _ _ _ _
_ _ __ - _ - - _ _ - - --- ---- - -- ---- ---- 93 95 ----- ----95 95
8712 8-912 89 9312 91 92
-7
-12 -89
-7
-12 -80- 8
9112 9312 92 9313 52 -9-3-13
St Loui s Southwest-1st g_4 8:112 9-0- 5-712 8-9-34 8
-5
- -8-7- 8
-512 0-0- 8
7212 7612 7612 77
4 70 70 65 67 ___ ____ ___ _--_ 70 70 --------71 75
2d in: bond ctfs g
7778 70
80 81
81) 8212
6413 6812 66 67 65 6812 6812 76
4 6112 67 60 66
7312 7512 743g 7612 7534 SO
751g 7914
CotisoI 1932 gold
56 6014 5978 65
78 80
7814 8214 82 80
84 85
82 8512 84 8614 8534 87
San Ant Ec Aran P-1st gu g 4 78 8334 78 83
8612 88
88 91
8978 92
51
5312 5514 5714 5812 601 5812 59
45 4912 431 461 48 50
4958 54
Sea boar d Air Lino-1950 g..4 50 55
55 54
55 60
60 68
114 NO04 ---- ---- ---- ---_ 90 90 - -------90
_ ---_
_ --------8614 8614 8712 88 _ _
Coll t r refund 1911 g---5 ------------------coils
1st
g
4
Cent
ia
Caroli
.
-95(fa & Ala 1st cons 1945-5 ----------------9
92 95
Oa Ca
Souther n Pacific Co8514 86
4 833 87 84 86
Cent '11c coil 1949 g
8512 8634 8612 8912 89 92
85 86 851 8612 86 88
911 92
913 94
91 9134
4 ----- -----0112 9112 ------------ - - -9_
2-5-yr coil trust 1910
09 ----- --------- -----99 99
9634 9734 97 9814 9518 97
4 94 96 95 97
Ccn Pac 1st ref utt g
95 9734 971s 977s 9738 9814 9778 99311
9412 96 95 9612 13512 97
8512 86
8412 8514 8512 8512 8534 86 -- _ 87 8712 88 8838 8614 89
33.5 80 82 83 8314 8312 85 84 86
Situe guar g
Thr nigh St L 1st gu g4 ____ ____ 88 88 __ ___ 1 __ --- 9114 9014 --------991 9034 6238 96
54 9114 9212 94
Gal !I
Alex & Pac Div 1st g._5 107 107
_ 5 --------------------------------10112
Gila V 0 & N 1st gu _
---1011. _ __ _______ ____ -105 105
--- ------------------------10314 10314
_- - 10 101
lions E & W Tex 1st 1933.5
__
_ ____ __ , __ -_- _ __ ---- ----- ---- ---- ---- ---- - - ---- ---- 1 10 1.-1-0-18 __
-__ - 12_ -Ilotts & Tex Con 1st 1937-5 10914 110 1-1-2- _- _ -10910 1-1-01. ----------------111
-- 1-1-1-14 _
1121-2 1-1-211
_ 4 88 88 ____ ____ ____ __ I
Gen eral 1921 g
--------9312
--01
1
--- 9414 9411
---1.;t
gti
1941-5 _ ____ ____ ___ ___ __-_-_I___ ____ __ ___ - ---- ---------------Aus : N W
-----___
---- ------ --10912 10912
___
_
Mora 1/1'4 I.n r.: lexSS lst_7 ____ ____ ____ ____ ____ ____:
Orcgo n &Cal 1st gu g
5 ------------------------102 16212 --------103 103 - --------107;18 10738 ----------------106
---106
So I'ac Ariz gu 1st g '09-6 9812 981. ----------------10212
;
- 10138 1013g ----------------10214 10214 ____ --10212. 103 103 --------1011. 1012
6
r 1st 1910 gold
__ ____ ____
10214 10212 10212 10314 10314 ---- ---- ---- ---- ---- --So l'a cific of Catiferniai
6
1st 1912 E & F
_ ---- 104
_ _6 -------------------So Pa:New Alex 1st
g_- 5 0514 9114 0 90
9734 9734 9312 9812 - Tex . N 0 cons g 1943
__ ____ ____ ___- ---- --_- ---- ---- ----- - - -- Son P ric RR 1st ref 1955_4 8712 93 88 0134 88 8912 8853 0012 8
-9
9114 -9-2-3-4 9
-58 -9-312 -0
-21-• -9-434 9412 951. 9518 9534 9514 96
- -9-3- 9
9534 9712
Souther 3-1st 1994 g
5 85 97
8613 8834 8212 03
8878 97
97 103
99 10014 97 100 994 102 101 1031-2 10112 10734 107 10(1 107 11012
4
Dcv)1 )p & gen Ser A
- _ __
...--------75 70as 7312 7412 -------- -------- 72 72 70 73 7212 7612 7412 7811
4 75 77 --------751.
Mobil t & 0 coll tr g
- , --5-1 7512 751 793 82
8212 8314 ____ ____ 83 85.14 83 84
84 8534 80 8712 8612 88 .
_ ----- 90 09 - ----- ---- 103 103 --------101 101 103 107 --------107 107
Mcmphis ()iv 1st g-4514-5 100 10210 -----------4 72 70 - --------70 7012' 69 7434 8012 82 82 82
St Lo lis Div 1st g
79 7934 80 80 84 84 813 8434 85 88
6
Aus Cc rit 1st 1918 At! Ur.
E T 'a & Oa
Di vismolt 1930 gold_ _5 -------------------------------------------------100 10012 ------------------------109 109 ....--5 105 10513 105 105 102 10434 10414 10558 04.108 1 , 12 1051. 105 10812 10812 110 10912 10934 10912 103, 1101 1111 11212 113
Con 5 1st 1956 g
97 97
E Ten n reorg lien g
98 09 ____ ____ 91.118 10212 105 105 10212 10212 104 104 -- ----- ---_ 10413 10412
1946_3
-- __-_- ---_ ____ ____ ____
_ __
1st
Midland
ii
,
Georg
_ __- ---- ---- - -- ---- ---- - -- 62 62 6712 68
Oa
-6 1-0-6 106 1-0-7- ___ ____ ____ ____ 10912 1-0;912 _--- (--__ 1
- 96 1-06
kcific 1st 1922 g_-G 10
-- 110 11-01 111 117 1 -1512 1-1-5-1
---- - - - -Knox v& 01st 1923 g_6107 108 ____ ____ ____ ___:__ ____ ___ ____ ____ ___ 107 107 --------_ --------117 117 ----- ----118
-- 11-8
Mobil
Rich k Dam. cons g
- 1-03
-- 1-0-7 _ _ _ _ _ _ _ -1-03
1
- 07
-1. 10712 108 10834 10912 10912 ____ ___6 107
Dely.11 stm pil 1927
5
Rich
So Ca:r & (ht 1st g
98 (38 ____ __
5
, Va-Mid-Scr 13 1916
6_
-- ---- -______ ___
1.511 101)
Seri •;.s I= 1931
10412 1-0-412
5 ------------------------ - ------------------------107 107 -------- ---- ----_ --(ten:.)ra, 1936
10512 10512 155T 1-651
ranned guarante2d_3 ___ ____ ---- ---- ---- ----I---- ---- ---- --__ ___- _-__ --- ____ ---- ____ 105 10512 10514 10514 ---- ---- 105.34_ - 1-65341
West N C 1st cons 1914 g_ _6
-- ---- ---- ---1.--- ---Term! A 5511 St Lottis-lst 43i -------1
_- 02 1-0-5 ------------------------------------------------ 108 108711
- ------------------------- --1st c ns 1944 a
5 10514 11-1 11018 11034 ------------------------------------------11313 1131 --------115.34115.34 11612 1101
:
refund 1953 g
4 9012 001, 9214 9214 -----------------9213 9312 9412 9412 ---------------- ---- ---- 97 9712 9712 971, 9734 9733
Texas : Pacific-lst g
5 199 11218 106 11212 00 10534 104 4
14 10934 11214 104 10812 1081. 110; HO ifolz o 10371 113 11612 117 118 11412 118
2d ;tic mie 2000 golii
Toledo ,.; Ohio Cent-1st s_S 11(2 10333 1(131, 1021,
5 9512 93
Oener II 1935 gold
- 1J-_ _ _ _ _ 97
-1- -6'-1 ------------ -------- --------------------10
--4 1-64- -- ......
4 84 89 -------- --------- ---Kan : Mich gu g
--------- -----_ ----------------8712 8712 88 83 8812 8812 9012 9012 54 94
_
Tot Pea :ia & F. est-lst g- -4 7634 8112 .1/i.:! 17 TiO 83 .
82T2 8234 82 8212 --------80 83 85 85 83 8414 85 85
8412 8512 88 88
Tot St L& W-Prior lien-_33; 30 SO
8312 8312 82 85
87 8712 88 8912 91 91
9112 9211
87 87 ----------------87 87
83 86
4 67 73
60-ye 4* 1950 gold
70
12
7512 7814 7512 763s 76 7918 7978 8414
7 12 7512 7478 76
69 72 70 71
70 7312 7212 74
ti-Pu
------------------------10214
[VoL.
THE CHRONICLE
30
190S—Continued.
AUOU::: September October November December
July
June
Aprit
May
March
January February
Low High Low High Low HUM i_.dra High Low Htgh
Low Wyk Low High Low High Low Illoh Low High Low High Low High
4 10734 --------107 107 109 109 -------•
105 ----------------104 105 --------103 103 19,412 105 1073
Ulster & Del—lst con g---5 104
•
g
1952
refunding
1-03- 152 iiii 152i.8 1-0-3- 10258 10334 153;1i05.
1st
9918 10112 9914 10014 9912 101 105 1-0-2 151C2 10-2-34 1501-2 1-02- 1513
_ ------------10113 10118 10134 102 102 10212
Union Pac—RR & I g 1947-4 99 102 1001 1001 98 98 99 9
1 991 0012 10012 901.10134 ---4 981 991
957
Registered
9438 97 95 95% 9513 9638 9638 97 9673 9818
----------------951_ 8 9538 93
__
_- ---- ----- ---- -------1st & ref(when iss) 2008-4
9438 9378 99 998 99 9712 10334 10234 10634 10412 10814
4 4 877; 84 88 83 8634 84 8819 iii -913; 1)013 92 8978
20-yr cony 1927
98 98 99 99 100 1003 10114 988 9938
9634 9438 96 94 9938 95 96 9612 971 9512 961 96 97 9634 118
11812 12014 12013 121 121 12114 12118 12112
Oregon RR & Nay con g 4 91 1203
120 117
4 116 11812 117 11812 118 11912 121 122 - -------- 120_
6 115
11514 11612 11614 11814
Oregon Sh Line 1st g
111 11218 113 11414 113 1418 111 113 111 11118 114 11412 113 11433
11112
111
11113
11014
110
9412 95
106
5
g
1st cons 1946
0013 89 91 91 94 94 95 9414 9478 9412 97
4 8512 8978 87 89 86 89113 8878 8978 8912 93 89
Guar ref 1929 g
5
1926
g
Utah & Nor
...
4
__
..
Vandalia cons 1955 g
_ ._ _ 115 ITO ____ ________ ____ i5a 1-68-13 ..10
-- 15'7i-2 110.._ _ __
-- - --8;111- 1091-2 1-1-4
Va & Southwest—lst 2003-5 99 99 ____ 1-0-8 10
-5 1-0-814 10312 10534 -1-03
-12 1-05 10312 108 109 10912 109 11012 10014 111
-214 1-0-534 10
100 9914 105
5 10514 10934 102
9512
9512
95
Wabash-1st 1939 g
96
96
9512
9314
96
8814
9212
8412 87 87 9218 02 9312 8934
5 90 94 8712 91
__ 62 62 80 90
2d 1939 gold
62 _
100
6 44 45 3814 40 37 47 4914 49 5(1 56 ---_-_ --_-_- _60 .
Deb 1939 "B" income
_ --- ---- ---- ---- ---- — -_-- __ _ 100
__ __
__ _ __
____
102
102
100
100
5
1 651 6418 7738
g
601
1921
lien
'7
equip
603
1st
62
i- -59
-50
8;3-312 -4-93
3712 -4-6 4
4 43 471 38 44
------ ---- ----_ 10513 11012
--------1st & refund 1956 g
--------___
------____
_
__ _-__
5 -------- ----------------100 100
Det & Chic Ext 1941 g
90 91
Omaha Div 1st 1941 g__3
_ _ ..-._ -- —_-_- -- —_-_- —
__ _
- ---- --- - -- . --Tot & Chic Div 1st 1941 g-4 ----1* -5-578 46 -62 - -47- 11--50- -65-- 5112 56
-;938 43 -i93; 49
:
.
1
.
2
7
4
4
5114
14
44
45
41
4
53
4
—4278
6
5
45
4
_ 50 54 51 5614
__
_ ---Wab-Pitts Terml—lst g
__ -- _ _____ _
-- __
- ---- - - -- - _ -- - - - -- —712 -1-018 8 1112 1034 1434
Trust Co certificates
- 1414 978 10-78
11-53 934 1318 9
4
1112
934
10
-3
9
812
1
12
4
3
8
2
1
0
1
9
1
18
1
i
4
121413
2d gold 1954
icates13
Trust Cocertif
----------------9012 9019
_
-----------------------------------1945_3M
-712 7412 183-4 -7712 -00 —7513 -84-3;
Wash Term—lst gu
65 70 70 74 7112 75 74 -7
4 0313 66 55 6213 49 66 66 67 65- -7-9-- -------West Maryland-1st g
91 9113 4112 45 4018 43 42 42 44 5219 51 65
40
35
3312
35
34
30
42
4
303
47
40
4
g
43 .. _ ___- 54 65
1952
(len & cony
------ ____ ____ _-- ___ 41 41 ____ ____ 43
Trust Co certificates----- ---- --- ---- ---- ---- ---- ---- ------- ---- -- ---- -__ 105 105
---- ---- ---- ---- ---- ---- --------------------------114
114
Pitts
1165
3 _ -- ___ ___—
g
&
114
1st
Cent
Va
W
---------------21-1-1 --------1103311034 ____ ___ 11412 11412 -------7
West N V & Pa—lst 1937 g-5 i08
_ ____ ____ ____ ____ ___ ___ 931 9319 95 9534 96 96
105106 10712 10712
4 871s 873 ---- ---- ---- ---- _...,_ 0 ___
------General 1943 g
-------(- 1-0-2- 152 1-0-2- -----------------------100 1--2 -1)
-Wheel & L E—lst 1926 g 5 103 107 - -------95 95
BONDS
_3_4
__12 R
5
3
,_ 82
.
-09 67 71 75 76 74 74 80 80 8012 -ii
__
95 99
4 71 7213 71 71 60 6314 62 63 6312 -09- -55T2
_ __
9814
9814
887
8
893;
5
9214
- -i14174 -8-6-3-4 -;aSi
2
1.
1
:
8
514
8
33
-iiir,
6—
8
-5599-0
-8
02;
03
3
--Si85-012 -8-3-- -.
4 8034 85 8
•
100 101 10134 10212
STREET RAILWAY.
100 99 100 99 102 101 10112 98 10114
5 91 9834 94 9712 9512 97 9512 97 100 100 99
7234 7738 7334 7973 7414 7912 7838 8614
7638
Brooklyn Rap Tr-1945 g
8
3
72
7333
71
7318
711
7412
7113
7333
4
3
69
4
103 10318 10313 104
4 6512 75 6758 7334 6814 713
----1st refund cony 2002 g
--------9978 100 102 102 --------------------------91..._.,„ :. _ _,, :.„.
__ _ 90
Brooklyn City 1st cons_ -5 ---- --- ---- ---- ---- ----- - 7___ ---- ---s 424 ---- ---_
-- -- -- 7
9934 102- 10118 1-03
10012
99
1011
101
B Queens Co& Sub gu g_ _5 ---- - - - -- -9-712
02
1
4
998
100
-12 -9-7- 56 1-0-0 --1 1-011
93
-4
4-5 9512 1-01-1 9
.100 100 10012 10012 -------Bklyn-Un El 1st g
-993410212 ---------- -_
------ ----;4-5 -------- ----------------98 98 -8119
_-:- -,-,:;
-::.7.
Stamped guar
:77
14
11
--8114_
:
-------- -9112 ---------------------.
4-----------------------83- NI -8o 8.'4 -8-6'2
Kings Co El 1st g
8013 813 so 8078 8013 83 81)58 8138 81 83 81.2
78 80 79 82
7712
4 77 8212 7712 8012 79 80 78 8114
7514
7614
75
75
Stamped guar
75
7612
75
-------_ 7612 7812 7712 80 4 75 78 77 77 _ Nassau Elec gu g
i
- -6-9- 70 70 - --------80 -8Stamped guar
---- ---- ---- -___ 69
- ---- ---- ---- ---- ---- ---- -- —__ -- -Dct United—lst con '32 g.4,)4 - 258
8
3 Flil -1
15
4
&i
94
3
E
6714
65
_5
78
g_
6
ons
55;
8
Havana Electric—c
-5i-4 -6-97
4-118 -68 5572 -07-12 6
-3-33 -6-8-18 6.
-.5 -6-0-12 5- 5 -6-7-78 6
4li 571 6338 457-8 81-38 5
10112 al01 10178 00078 10112 al01 102 102 104
Interboro-Met—coll
70
6912
---- 100 10012 100 10012 a0018 10012_ 00014
-------68
-------6412
-------6312
----6
6312
1911
6412
6412
cony
3-yr
T
6512
R
6514
In terboro
-- . --- 62 62
61 61 60 6112 -9914 9812 0913
lnternat Tract—coil tr --__4 i3312
9612 56 -97- 9612 98 9712 9912 9712 98 99 10033 l0018 10034
-534 -9234 95 9612 9
92 -94 9434 -Manhattan Ry—cons g____4 9218 98 9412 96
9834 98 973.1 9912 9918 10014 9778 100 100
------------.r_.---------_
4--------------Stamped tax exempt
1014 10134 10238 10238 10234 10234 10278
71111-8 -8312 8234 -69
6 9934 101 10034 1038 10114 76
Metropol Eley 1st g
7418 84 78 80 78 8134 77 -01., 80 -8219 78 "fil 78 1812
89
70
8412
8212
68
82
85
8114
85
6
Metropol St-1997 g
- 8112 82 78 80 7613 7812
- --- ,- -- - -- ---- -- - --5258 5255 55 60 60 6812
- ---,- -48 4-8- — _ . 51 51
Trust Co certificates
11)5
40 4-214 50 56- 50 -5-2- 50 -50- ----9734
49
--43
9912
9912
47
----47
4
100
99 9912 98
Refunding 2002 g
___ 93 100 99 102 ____ _-__ 100 100 100 101
97 9838
94 07
5 100 100 _ . .-_-..
Bway & 7th Av 1st g
____ ___ 9514 09 ___- ____ 95 99 95 96 04 95 95 95
9595
100 102
5 --------98 -98
98 ...-- _ . 06 95 96 0(1 95 96 65 75
97
Col & 9th Av '1st gu g
____
96
96
__
--,--.
____
5814 6612
Lex Av & Pay p 1st gu g_g __ _ ___ _ _ -533-4 5
2 -5-7-1 54 561 60 -6,1 62 64 60 031_ 64
--1 -5134 52 -6-3 56 57
66 6412 7314
114
--12 -55 5
4 49
3d Av 1st gu 2000 g
------- --------_ --------_ -----------------------58 61i 6412 7:3
51 5238 50 52 4814 5018 -------63
58
6312
59
6
5412
56
52
52
Cent Tr Co certfs
.5178
_ 50 62 56 591.
_
10818 111
_
..
_
108
_
10712
10612
1J0
10614
10614
___ _—_
do do stamped __ 106 106 10312 10534
0 101 10312 106 __ _
- 1-0313 -1-1
- 1-0118 10
-3
5 10
1st gold 1937
9114
----------------------5
Portland Ry—lst ec ref.--
Ext & impt 1930 gold
1st cons 1949 g
'20-yr equip 1922 g
Wiscon.in Cent-181 geu
-8-312
Underground Electric of Lon5don—profit sharing
1933
7.
-,7•
84 84 .- 'Income 1948
10073 100
-- -------------------------------- -101 101
-- - -78 _ 32 823-4 83 8444
5 --------------- Union El (Chic)-1st g•
8282 ---- ---- 82 82 80 8012 7914 7912
8212
3212
80
--812
7
85
79
781::
76
79
United Rys St Louis-1st g-4 7734
7,) 69 70 7012 7234 70,14 7314 7234 75 73 7514
S;: I Trans gu imp
66 67 65 -i;i 6414 6614 6533 733s ____ _-_- 69
4 59 6812
United RRs San Fran
7 10514 10512
1031: 10234 104 104 107 105 10634 106 107 105 1051
GAS AND ELECTRIC.
150 19378 14913
5 9213 99 98 9913 95 102 101 10217 100 103 10234
Bldyn Union Gas—lst
_ ___ 119 120 125%1371: 130 139 135 135 136
_
_
--_ 63 03
_
_
_
_
_
.
-91
56
56 56
convert deben 1909
5612 -561: 56 56 5638 Al
--4- ---5 -55 __545
- -5-8- 5
012 58
65 5512 58 58 -6-Buffalo Gas-1st g
163 16912
4
1683
8
1457
14813
140
1543s
Confoiidated Gas (N Y)—
123 1273 125 191 135 14812 13814
6 103 10812 103 10578 104 11712 113 129 12114 130)2 98 98 - -------_ -9912 9912 100 100 10012 10(134 102 10214 10234 103
Czrivert deben 1909
97
97
07
96
9512
'8
05
95
---- -95
9412
---9312
---5
Gas
---City
--1923 g
Detroit
---- --- 9518 93.5 ---...,.:._
---- ---- ---- - - ---- ---- ---_ _--- --- ---- ---Detroit Uas—cons 1st '18 g_5 ---- ---- ------0-6-__
96
84 84
83'4
83
-03
8212
5
-83
-7-0--------83
79
Vi;
Equitable (las(N l')—g
i5
141
134
„„
79
)
-72it5
136
79
-------_.
- -8-0
-0
8
2413 1118 123 120% 124 127 12534
11834 129
General Elect—dcben g-3
1 11
1 1-2-2
-5 10612 10934 108 10912 (0812 110 11312 118)3 -------------102 102
:'_C-'0* deben 1917 g
-10112 10112
Hudson Co. (1as—lst g__5 ----------------------110
110
10312
0312
--------1
in
in
m
nu
Kings County Elec L& Pow—
107 108 --------110 111)
— - --- - --6 107 107 --------104 100 103 1061 --------1
,834 NO, 90 90 - ----------------88 88 1013
Purchase money 1997
8 1-02 102 10212
4 ----------------83 83 -------Ed El 10 (Bkiyn) 1st
104., 102 10214 10212 103 101 102 10112 1112 102 102
0
101.
101
102
101
12
101
4
3
10
5 99
Laclede Gas—lst 1919 g
---,- -9-55
Ret ec cxt 1st 1934 g
- - ---- — 8972 -9-0 95
10112 102.2
- - -- -- - - - - - - - — --- -0))
-(I,- 12 1-0-2 101 10134 101 10212 111212 10'1
Milwaukee Gas Light--1st 4 - - - -- -9
-12 1-02- 9712 - 9714 1-0-0-1 j 1-0
-7
-38 -98- 9
-2
8514 87 85 8612
-0 94- 9
9
6
9
-4
86
812
9
8
8
6
85
P
&
88
Heat
8414
8514
84
Lt
El
(ias
87
81
V
N
7612 797 7814 8113 81 8234
100% 10112 101 10113 10112 10112
4 75 82 7518 7912 75 77 99
02 10214 1031
Purch money colt tr g
H2
99 10014 10014 101 101 10
--10712 1071. 10812 11213 112
__
5 ----------------9813 9878
------- --_
Ed El III 1st 1910 g
108 108 ---- ------__ 95 95
----------------------------5 ----------- __-_ ---- --- ---- , 100 10014
1.s; cons 1995 gold
People's Gas L & Coke1st cons 1943 g
Refunding 1947 g
Chic (I L & Coke 1st
Consumers Gas 1st
Mutual Fuel bas 1st
--------1121311212 115 115
6 107121071 111 111 11218 11212
10278 10273
9714 10013 -5 94 95 - --------97 97 _ 101
-- 104 10378 10376
101 103
5 98 98 99 0013 -------95 95 ___
91 97
_-__
__-5
Westchester Light-1950
6 ---- ------ ---- ---- ---- ---- ---- ---- ---- ----
_ US 118 119 12012
_ _
__
__-_ _
;10314 10334 199 10412
.174 1-6114 153r4 1-623
10278 1-02-/,-c -1031-8 1-03-14 10
10333 104 105 10:: 10517 10534
-- — - — _ -- _ _
-------102 102
103
1023.1
1g
2
0
1
15014 1-0014 101--_
MANUFACTURING AND
7912 8453
__ __--- 78 7914 11411 97
INDUSTRIAL
-- --___ ____ -_-___ -- .... -- __
__ 94 945;,
—
Allis-Cbalmers—lst 1936_5 ---- ---- ---- ---- ---- --___ __-- ____ _
—
-.
----9278 9512
94
—
4
31 -9-3-:: -6-134 94 933
Am kgric Chem-1st cons 5. ..-...
7
13-4 - *. 1 ._ 91 14 93 ;2
-12 -9
.
93 97
-- -11-0 90 9112 1012 9134 9134 -0-2-8
-6 -9-2-14- -8
Allnr Cotton Oil—deben __43,3 8
90 88 90 8912 90 - 8814 90 91 991
85 .
82
8012
81
SO
80
80
75
7012
80
71
76
80
69
6 7512
Amer Hide 6: Leath--lst
62 70 67 7618 68 70 /0 72 70 73 73 731;
6 62 65 60 6112 5812 63
Amer Ice Securities--deb
97
97
100
100
97
91
6
Amer Spirits Mfg—lst
_. 8z-i
- _._
84 85 -8-6 -t31-3 -8-6 861i2 Z -.0
,Q 105
109,
4 83 83 84 84 84 10613
Amer Thread—lst
1023 106 10473 1063s 10413 10534 105 I-0-7-/8 1073 1-0-9) 083 11144 10712 108,.) 10611 111•:,12
100 10312 101
_ _
----1.0814
Amer Tobacco-40-year- ---6 9634 105 --------1
105 107 ---- --------10534
105
!
--------105
1061.
10213
8
005
7912
7512
7:338 7933
6 9612 10112
Registered
08 67 725 7118 725s 715 7212 7214 7334 73 745, 7253 75
4 601 6914 62 6614 02 6658 --------_ 7214 7214 ----- ----75 75 7338 7379 75 75 7334 78.3 7512 7614
Gold 1951
4 ---- ----63 03 6638
Registered
a And Int Pr.?
8214 86
u 8 0738
'1 99
1,5
9612 100
69 78
9212
r4 -88-14 ---------------- -0617 10012
11213
-__ 7538
- -81)
---- ----
JAN. 2 1909 I
THE CHRONICLE
31
90—Cone ud ed.
April
March
May
January February
June
Angus; September Oc.:oacr
Jug
Nov.m:cr D,7;mber
Low High Low High Low High Low High Low High Low High Low High Lozo High Lcto Higz Low Mgt Low Hap. Low High
—
Bethlehem Steel-1926.-5 -------------------------------- 95 95 ----------------85 85 83 84 85 85 85 85,4 85 8714
9312 9512 94 95 95 98 9612 971: 97 98 9334 96 95 97:: 3614 93
2 93 90 924 8978 94 91 94
Central Leather-20-year —5
7112 72 7112 7614 73 74
Con sol Tobacco-50-year_ - -4 63 63 62 6212 6634 6634 6834 721 7158 72
74 7412 7312 774 7633 7813 78 7 15g
85 88 88 85 89 91 91 93 955i, 92 91 95 ti5
Corn Products Refg—s f--_ _5 70 76 77 7718 7812 7812 80 87 - --------8214
6912 7214 71 7434 71 73 72 7434 7313 7512 6712 741y 68 70 6912 78 74 8)
Distillers Securities—conv-5 66 75 64 72 67 74
5Illinois Steel--1910
_International Payer-10-5 102 105 la 1-0-3- iVa1-4 10214 101 10-2-12 102 10212 -15/12 1-02 IK iiij 15213 feT; 1-521. iiiii,, iiii 1-0212 9914 104 10534 10534
1. 80 8112 79 81 80 8114 80 81 78 80 7912 8412 82 84 82 8212 89 8534 :034 90
5 8434 86
,1
Consol conv s 1
Internal Steam Pump—deb t 90 9212 -------90 947 90 9314 93 9318 94 96 9212 95 9512 97 97 9734 98 9934 9914 10012 100 103
Lackawanna Steel--lst con E 84 85 85 -89 8514 8514 90 90 90 91 90 9012 9018 9112 92 95 94 941. 9314 9412 9912 98 9634 98
E
91 9414 87 93 8912 9514 95 99 9612 993; 9714 10314 10038 114 110 115
N Y Air Brake—Cony
Republic Iron & Steel—lst....5 --------------------------------9212 983 931 95 94 95 951 951 971 971 9514 9514 9634 97 981. 100
6 101 11 103 1038 105 106 --------105 107 - ---- ----105 10518 ---- ----_ ---- ----_ 1061210612 105 106 105 10512
U S Leather—deben
79 81 77 80 80 80
U S Realty & Imp—deb„ _5 6512 70 6412 69 65 7014 67 73 71 81
791-8 80 80 8514 8412 8731 sa 3918
5 8512 8918 8678 885g 8734 9518 933 9712 9412 9612 96 9658 9658100 9934 10112 101 10218 10134 10338 10012 10318 1021s 10318
U S Steel—s f 10-60-yr
5 8534 891 867 883 8778 9514
Registered
3 953
14 965 9534 9678 97 100 9938 101 100,
8 1021 99%10214 100%103 1021s 103
Va-Carolina Chemical-----5 89 89 - ---- ---- 9412 9412 ------------10014
-- -- ---10014 ---- ____ 10078 10214 --------_ 10412 10514 10514 10512 ____
_,
_ __
5
_ 95 9514 94 -9-5
1st 15-year 1923
Westing El & Mfg—cony 5 70 75 67 7-3 67 75 7312 8014 77 81
79 8312 7912 88 8312 8412 80 86 8414 8834 8814 9414 91 9458
BONDS
COAL AND IRON
Buff & Susq Iron-1932
Debenture 1926
Col Fuel & 1—s f 1943
Convert deben 1911
Colorado Industrial—
First & coll trust 1934
Tenn Coal, 1 & R R —lien_
Birmingham Division
Tennessee Division
Cahaba Coal 1st guar
De Bard C & 1 gu_ ..
Va Iron Coal & Coke—Ist
5 --------------------------------92 98 95 9512 96% 1)&58 9678 9678 ------ 9673 99 --- -- --- -_
55 82 82 7912 7912 80 -86g 82 82 8234 83 - --------85 -8618 90 VO _L.. ____ 54 Ili' ELS Id ___ __
5-56 05
5 45 51
3834 45 40 5212 5138 5812 58 63 6012 63 62 6934 68 7212 7212 75 74 75 7434 77 747/3 7612
5 8212 89 8814 89 86 90 9012 94 97 978 97 9712 9514 971 971 991 99 100 9912 100 10078 10312 104 10514
6 99 102 10212 104 103 104 104 106 107 107 10734 1083 1081 107 - -----_ 108 1.08 10712 10912 108 110 10918 10918
____ 1053 1053 106 106 - ---- ----106 106 __.
6 100 10178 103 10312 103 104
106 10712 107 107
103 103 -102 1-02 ----- ---- ---------------------------6_
----_-_ 108 108
_6 100 100 ------------------------101 11 ---------------------------------10113 103 102 176314 _ _ ,__,...
.5 81 8712 83 86 80 85 83 87 86 8812 87 88 90 94 9312 97 95 10012 95 98 96 97 9
-6
- -9712
TELEGRAPH.
1 71 ----------------81 81 801 86 86 8814 875g 8812 88 90 90 91
9078 9258 -------- 93 9312
Convertible 1936 gold
4 ---- ------------- ------------------- ----_ 8414 86 8478 8978 8912 9458 91 9414 917g 9378 9278 9658 9334 9518
Installment rcts for conv 4 ----- ---- ---- --- ---- ---- ---- ---- ---- ---- ------ ---- ---- ---- ---- ---- ---- ---- ___ 39212 94
Commercial Cable 1st g
4 ----------------8534 -8-53
-- ---- ---- ---- ---- ---- ---- ---- --.
5
Mich State Teleplt 1st
4 914 l2 i 2 -------------------------------96 8 -9-6.58 ------------------------998
i "9-9-73__
West Union Teleg-1938-5 88 94 85 89 84 -8412 84 -85 85 -85 85 -87 8412 8414 8514 90 87 9334 93 96 9512 97 98 foci
Fund & real est 1950 g__44 88 88 85 86 83 84 8312 85 81 853 82 861 8634 89 88 8812 8734 9078 9112 9212 90 9158 9112 97
Cony 1936 series A
83 75 8212 8212 85 8434 86 84 8618 8414 8612
4 76 7678 75 7718 76 76 78 78 7512 81 - -------- 79_
Mutual Un s f 1911
6
MISCELLANEOUS
Adams Express—Coll tr__..4 83 9014 88 8938 8712 8914 8612 8812 8712 8878 88 88% 8734 92 9212 96 93 944 92 94 92 93 9214 93
5 100 100
Chic Junc & Union S V
Detroit M & M I 0—Income_ ---- ---- ---- ---- —__ ___
Inst for Encouragement of kr
Wks & Dew! of Agric- _4 54 -- - ---- ------, — - — --- —_ ____ ___ __-__ _ - 9214 93 9212 9234
-- ---- - -- 6512 63i4 -6-414 6378 72- 671-2 6914 6
-834
- -711 681 -701 6813 -7-0 6
-71 -6-91 623 -6-63- 631g 71
Internet Mere Marine____4% 63
-8
- -6-9- 6
6834 7714
80 82
Internal Navigation-1st-5 75 76 7734 773 751 80
2 - ---- ---- 84 86 84 85 ---- ---- ----- ----- 8434 85 84 89
5 ----------------_ ---- ---------------- __-- --------____ -------96 96 __
Newp News Ship & D D
_ _ __ _ _ __ _ .
__ ____
New York Dock-50 year__ _4 85 86 87 89 87 871 88 88 -.-- _
9() 90 901-2 -9-2 91 -9-3- 9
-3 -93- 92
-12 -9-234
Provident Loan Society---434 -------------------------- ---- --- ---- ---- ---- - - ---- - - ---- ---- 95 9512
.. --------85
22
U S Reduction & Refining- _6 ----------------78 85 84 85 ---- --- ---------------- - 89_
-92- 90 9-0- 90 90 — — -a And Into rest.
Am Teleah & Tel con tr___ _4
COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS FOR THE YEAR 1908.
190S.
STOCKS
January February
July
March
June
May
August September October
April
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
RAILROADS.
Atchison Topeka & Santa Fe_ 6818 7412 66 7278 6734 76 7313 81
79 8478 7934 8334 8118 8818 8634 9134 8418 9134 8618 9314 931 9938 9434 10114
Preferred
8414 8712 8338 87 8312 8578 8512 8934 8918 9234 9114 95 92
9314 93 9312 9412 9512 9434 9614 9678 10112 10012 104
6734 7518 5934 68 5912 7514 7034 84 8134 94 8412 93 8812 96 90 9334 8112 93 87 9312 93 111 104 11112
Atlantic Coast Line RR
81 9012 7612 8412 78 8412 82 8734 8558 9414 8334 9134 8534 9458 9112 96 93 10178 9458 9934 9834 10934 10634 11173
Baltimore & Ohio
80 8534 80 83 8178 82 82 8434 8412 88 86 87 83 83 83 84 8512 89 8612 89 8812 911. 92 94
Preferred
Buffalo Rochester & Pittsb .- 7512 7512 7512 77
9012 9012
Preferred
---- --- ---- ---- ---- -- — _ 105 105 --- --- ---- ---- -- ---- ---- ---- --__ -___ ---- ------ -____
Bufralo Susquehanna, pref
6434 6434 ------------------------------------------------5934 5934_1 7315-83
Canadian Pacific
1511 14212 15414 14978 15818 15412 161 15712 16236 15912 17458 16812 17714 168g 177% 169 179 17314 1104 1737g 1794
----------- -- 140 150 14634 15312 1531215612 ____ ____ --- ---- 16912172 173 173 176 17714 ____ __---- --Subscription receity..
813 87
Rights
658 9
58 62 55 58
Canada Southern
b:1 -i9-1,8 6 "ii iii -6-6-18 ii -61 ii "till
s a -614 iiii4 iii iii "eT.3" 6.5 14Z ii.5 -4.14
165 183 160 170 162 175 17114 18212 180 188 185 185 190 195 196 20312 197 20912 196 205 206 21134 21158229
Central of New Jersey
2834 3234 2512 297 2934 3378 3013 3412 3318 468 37 4658 3934 44 4012 4438 3818 4412 40 4414 4234 6113 4812 5958
Chesapeake & Ohio
13 141 10 12 10 121 1214 1734 1712 2318 21 27
Chicago St Alton
2314 26 23 2514 22 2812 2712 41 38 5112 4834 8878
Preferred
-------- ----------------_ 48 52 54 60 5812 5934 58 5812 57 57 5812 60 61 70 67 71 7114 79
Chic Burl & Quincy
—__ ...._ -___ -- --__ __- _________ __-_ ____ ____ ____ ____ ____ ____ ____ ____ ____ _______ 200 210
Chicago Groat Western
458 818 318 5
334 512 414 558 434 758 6
738 614 712 t118 71. 534 73g
3 71
718 1458 1012 135g
4312 4912 38 404 3312 39 41 41
4% debentures
45 50 4978 4978 50 50 5118 6814 5934 5934 ----- ---- 57 65 60 65
21 31
5% preferred A
1512 2058 17 1714 1714 18
2018 25 20 23 2112 24
20 2714 25 30 26 2831 2778 39 34 43
6 10
5
4% preferred B
612 512 734 612 758 Mt 978 7
978 1718 1318 1638
938 738 934 834 1138 712 1034 978 11
_ ___
___
_ __
__ __ _ _ __ _ _ _
Chic lndianap & Louisv prof- ____
____
___
_.
_ 50 50
Chicago Milwaukee & St Paul 10312 1-17-73 10514 1-1314 10812 1-2-078
- 11514 1-2-912 12718 140 13012 1-37-5-g 13
-31-4 1-4318 14014 1-4-738 12714 1-43 13
-212 1-14-14 14238 15134 14312 1-52i
138 145 13814 144 13914 145 145 152 150 157 150 151 15112 158 156 16034 1494 157 155 15834 158 164 161 16434
Preferred
Common instalment certfs - 9812 10912 9878 10312 101 11214 111 12112 12134 12978 12253 12512 12512 13458 132 138 126 138 12912 1401g 1403 14558 14318 14712
Preferred instalment certfs.. 12558 136 12612 13278 129 13534 131 14314 141 148 142 145 145 151 14914 15212 14612 153 150 155 15478 161 157 16114
Chicago & North Western
13512 15212 13(3 14512 143 149 14518 15214 150 160 148 15612 15112 16078 1571.1631. 15414 16412 15714 1625 1621 177 17314 18512
185 195
__
Preferred
195 195 19.5 200 200 20412 200 205 201 205 206 210 200 201 210 216 -- ----- ----21513224
Chicago St P Minn & Omaha. 123 13212 114 12112 121 129 121 12978 1274 138 13014 132 136 139 136 140 135 13612 135 137 138 153 153 160
1404 153 137 145 18 150 15 155 160 165 159 160 160 160 155 162 15978 15978 158 158 163 170 16712 174
Preferred
la ----------------5
1
- 4 43
-.3
-Chicago Terminal Transfer.— 43
8 ----------------3
4
- 5
6
5
4
4
534
11 12 - ---_ -----873 1018 --------15 15 -----------Preferred
_ ----12 12 ---- ---- 12 12 15 1812 20 20
4812
62
.__
Louis
4818
5i
St
Chic
&
Cleve Cin
484 56
5218 5814 50 6158 4712 512 5314 59 5414 59 52 b514 5178 5534 54 6934 65 7012
89 92 8518 8518 ____ ____ 8512 94
Preferred
88 9512 90 901g -- --- 97 98 9112 9112 4)6 9614 96 99 9978 9973
Cleveland Lorain 6t Wheeling 100 102
Preferred
Cleveland & Pittsburgh. ffU - 16812 16812 168 168 13-5
. iii --------16512 169 -------------------------170 1T-6 172 1-7-2 --------175
175
2318 2635 21 2514 2212 2534 2434 3218 2934 33 2934 3178 3034 3314 32 363g 3514 40 304 4378 4178 4938 4834 59
Colorado & Southern
5038 5278 5114 52 52 5612 54 8034 58 60 57 5914 5834 6212 613 65 64 6634 6414 6714 67 7038 6912 79
1st preferred
411 441 3934 423 40 473 44 511 48 511 461 501 483 521 52 58 57 5912 57 5978 5912 6412 6234 76
2d preferred
---- ---- -------- -------- -------- -------- ---- ---- ----- ---- 30
Cripple Creek Central
_ ___
__
_ ___ ___ _____
__ _ ___
__ 53 65 it3 -611 ____
Preferred.- _
_
14
-7 1-6-8 1411 15-2-3 14512 1-5814 15218 16-1-7Delaware & II-u-d soit
8 156 1-6-63-4 157 1-62- 100 1-6-9 167 174 16014 17478 165 1-6-9- 16712 1-7-814 175 1-1138
Delaware Lecke & Western .420 500 ---- ----_ 475 480 475 490 485 540 520 524 500 519 49934 524 500 535 510 53534 535 575 550 56712
1934 2138 1414 2012 1438 2114 1838 21
2112 2734 2412 2714 2558 2734 26 2778 2612 2878 27 3014 29 3514 3234 4012
Denver & Rio Grande
597
1 58 3914 56 511 541 57 70 6078 66 62 67 6514 681 65 671 66 707 71 78 78 834
Preferred
9 ---- ----_ 10 1134 ----------------11 14 - --------_ --------_ 14 17
_ ---512 512 5
Des Moines Ec. Fort Dodge -----1334 1913
Preferred
90 90
-Detroit & Mackinac pref
9812 9812 ____
_—__
_ _ __ ___
7
Du.uth South Shore ic Atl
618 -1-034 934 1614 1318 15 1112 12
1112 1512 1414 15 12 -1-5- 1414 1-612 .15
74 878 6
-.12 1-83-4 1-5 -1734
1434 1814 1134 1412 1214 1934 1812 26 20 2434 1912 22 21 25 2112 2438 20 2412 23 28 26 3334 29 33
Preferred
1434 1718 1212 1518 12 1718 1334 1918 1773 2358 1758 2334 19 254 2214 25 2334 3114 2958 3278 307 236 317 3534
Eric
3114 3534 2534 3134 2438 35 2934 36 33 44 3234 42 3414 411g 3634 4112 3914 464 4214 4612 438 50 4634 5138
1st preferred
2214 2614 1938 22% 16 25 1914 2514 2312 3012 223 30 24 31 28 31
2d preferred
2912 3678 341 377 3614 401 3738 41
Evansville & Terre Haute
---- ---- ---- -- - Preferred -------------------------------8-0 "81 --------------------------------82. -------------------------------------------------604--------79 65
Great Northern, preferred
1514 12534 11334 1278 117 12434 . 58 1291 2 12514 13418 128% 13414 131 13712 135 140 12514 13912 12973 13478 133 14158 139 1181;
1151412358 114 11838 11814 12338 12212 126 -- ___ _ -Subscription receipts
— - -- - ---- - - -- -- --- ..
—_- --4812 5534 50 53 5112 5934 5534 597g 673 -6338 in 123-8 581-4 W 6518 1812 5212 -67-58 5738 -63 83 7518 70 -7-434
Ore certificatesc ex-rights
[VOL. Lxxxvm.
THE CHRONICLE
32
190S- C011iii111t1Cd.
STOCKS
January February
August September October
July
November Dec:rnber
June
May
March
Aprtt
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Green Bay & WesternDeb certfs, Ser A------------------71 71
7712 771,-----------------------------------------------84 84
6
14 1634 1434 1712
8 1314 9 ao34 934 12
14
14 15
14 15
1012 12
111 14
Deb certfs, Ser B
1014 1438 13 14
8b 85 38 8912 90 93
70 80
70 7012 69 69 69 77 85 85 82 82 ---- ----81 8412 83 83
flocking Valley preferred
82 85 85 85 90 95 97 10412
85 8814 85 87
J P Morgan & Co. corn rec_ 68 75 62 69
1 73 '
7
7412 90 82 88
- 8018 8018 ------------------------89 91
J P Morgan & Co. pref rec. 70 70 --------------------- -79_
8033 -_- - .-_- _--123 133 12212 12838 124 12834 123 13634 5129 142 12578 13-534 12812 14-234 13512 14312 13312 146 13634 14112 13913 14934 14212 14953
Illinois Central
....„ 1281 1371 1357 139 1401 1453 _....- ---- ---- ...._ ___- -Subscription receipts
_ ---9914
- ---------------- -------- ------------ ---_ -------- ----_ 9612_
Leased lines stock
----------------------------------334
Rights
1038 1314 1
15 -12716-3; 243 3134 28 -3-212
Iowa Central
16 1734 16 18
8 167-2 -178-4 512.
12
11 1258 1214 1618 15 19
28 31
2713 2914 28 34
3314 3613 34 36
4312 4834 4435 57
Preferred
3434 3834 38 46
311 363 3012 3614 32 35
46 56
35 35 36 37
4312 47
29 29
3718 3718 3718 44
29 29 ---- ---_ 39 42 35 35
Kanawha & Mich Tr receipts_ 29 31
62 70
60 6312 65 66 --------60 62 57 62 58 59 60 68 6712 6913 70 7512
5973 66 60 60
K C F S & M. tr eds. pref
22 2373 18 21
2813 3238 3213 4238
22 26 2312 2434 24 2578 24 28
2412 29
Kansas City Southern
2618 29
18 2334 2233 24
54 5712 57 . 5812 5814 6312 61 62 6134 66
61 54
6458 7218
Preferred
46 51
4 38
4718 5614 51 561
577
------334 6 ---- ---- ---- -__ 4
41, 5
5
612
8
Keokuk & Des Moines
8 10 - ---- -- -.
____
. ___
_ --------27 32
Preferred
. 20 25
25 --------2514 26 ___
12 14
12 1512 1312 .1513 15 1514 14 193 ----------------1612 -1-713 15 -1-5- 16 -1-8
22 26
Lake Erie & Western
17 25
36 38 34 45 - --------4212 4212 43 43
45 45
Preferred
41 4312 41 56
49 58
_ .._ __
Lake Shore .Sc Michigan So
330 330 --------274 274
ii W ,,..,..
-4-(i ii -4F7
34
33 3434 30 3-0 30 30 32 -4-0- 35 -3-5 --------40
Long Island
:: -i6" -i:c 65 16.
9714 10534 10312 113 101 1134 103 11138 107 11178 11014 11034 1031211-014 10813 12234 11812 12534
Louisville & Nashville
9034 10312 8714 9734 89 101
Manhattan Elevated
120 13213 12012 13034 125 128 120 13434 132 13912 135 139 136 13878 137 139% 13314 13934 137 13712,138 148 147 15434
_
1514 1512 15 1514 1812 18341714 1912 1413 1914 1412 1714 1513 1678 151R 1518 1512 17
.Mexican Central
1412 2012 16 19
1412 1534 15 1714 1513 1613 1514 1734 1613 1814 1658 -2-4-12
Trust Co certfs of deposit ---- ---- ---- ---- --.-- ---- ---- 1412 1718 15 17
____ ___--- ---- -- ___ 165 165 156 155
Michigan Central
- 24 2614 2034 2412 20 2413 2212 2514 2534 32
2512 2912 261-2 2-934 28 3014 2612 2914 2812 3934 3810 52
4712 5612
Minneapolis & St Louis
6212 67 61 6412 61 63 63 67 67 6913 6612 6634 6412 6612 66 69 63 6634 64 75 77 85 85 90
Preferred
7914 9473 8614 96 9334110 1081 1143 111 115 108 11334 109 117 116 12438 116 125 120 .126 12234 135 12812 13373
MinnStP&SSM
12412 13134 12312 130 135 13634 ---- ---- 234 13512 13014 13612 136 144 1391.1 14912 143 14878 114 148 14512 149 14714 15112
Preferred
23 2713 1753 2312 1712 2514 21-3 263-4 2534 3078 261s 29
Missouri Kansas & Texas
267s 3134 3034 3314 285g 3338 2834 3113 3038 3834 3738 4312
55 5912 46 5514 4612 56
54 5978 5814 6333 5812 6233 59 6412 63 657g 6214 6678 64 6614 65 7112 7013 7512
Preferred
281 433 297 43 40 471 4514 641 447 41 48 563 541 60 50 5834 521 573 5638 6414 6112 6712
4112 47
Missouri Pacific
- -----------165 170 ---- ---- ---_ 180180 - ---. ----_ ---- ----------------- ----184 184
- -------Morris & Essex
9734 11414 99 108 105 109 10612 110 108 113 110 110 115 115 110 110 109 109 --------112 122 12213 12-212
Nashville Chatt & St L
49 52 4612 5112 49 5038 --_- _ - ____
4334 4978 4713 50
..,- -, - _-____
National RR of Mex. met
-- 4958 4958 __-- - - ---,
- ---49 49 51 -51-78 5014 -5-014 46 -4-814 49 51
1
50
Tr Co ctfs of deposit
2d preferred
- __ft
_ _
___ ____
_ 15F2 -1-7-12 151-2 -1814 --------1935 1E54
Trust Co certs of deposit- - -- - - --- ---- -- - --2
-53 -9718 9378 1-0134 9
-612 1-0-1-78
9
-0
-ig 1-0-3 9
-100 1077.N Y Cent & Hudson River
g 1-0034 105-73 10312 1-11114 100 1-1-014 10014 10818 103 10678 10514 11812 11612 126
30 341 321 387 36 407
2412 3334 2612 31
N V Chicago & St Louis
411
9 417 363 407 3414 3913 37 3834 3812 5214 49 5712
.. 10_
90 90 85 85 -------- ----- ---102 - -------98 ____ _ 100 103 ---1st preferred
_ -------- ---- ---. 98_.
647 70
60 69 60 6612 65 71
71 75 '7334 75 7012 7412 '71 74 '7112 72 7214 7-2-14 72 8112 80 -8-524 preferred
_ _ ____ __ ___ ---- ____ ___ -- ____ __. __ __,_ _-__ ____ ___ ___ 335 335 345 345
.New York & Harlem
N V New Haven & Hartford .128%13912 13015135 132
- 13478 132 138 134 14114 134 13812 135 142 140 14434 138 14513 140 14714 14712 161 156 191
338
5--Rights
4312 4778
3213 36 291-5 1234 2334 -3-4-18 3313 -3412 332 -413-4 37 4112 39 4313 4113 44
3812 4314 3914 4173 4075 45
N Y Ontario & Western -58 6518 5912 6512 63 661 6513 '723
6334 70
Norfolk & Western
3 7038 6814 7473 73 7534 71 7578 7158 7533 7412 8614 8.3 8578
79 81 ___- _ _ 74 7934 7853 80 - --- --- ----_ -- 80 80 82 82 8012 81
8058 8213 3,5 8738 86 88
Preferred
11678 12912 117 126
12034 12918 12514 13413 12913 33878
- 133 1-3814 13638 1423g 14035 14631 13034 14633 13512 14614 13934 15734 13712 144
Northern Pacific
105 112 103 10814 10412 11112 10973 12038 11833 12512 121 125 12412 12934 12778 13373 125 13538 129 13638 13512 145 137 14312
Subscription receipts
75 8478 7112 7634 7514 8178 7814 7934 76 7734 72 7634 65 7314 6534 75 7314 8234 81 813
80 9312 79 90
Pacific Coast Co
--------------------------------90
1st preferred
65.
112
80 39 85
85 97 82
_ ____ _... ..._
__ ____ ____ ____ ___ il5 W
2 preferred
10834 11773 10914 113 11153 11834 11512 12134 11814 12412 1191212314 12038 12614 12275 12034 11912 1257 1217 1271 12612 13112 12818 13214
Pennsylvania RR
13 15
14 18
14 14
16 21
15 15
1513 17
15 15
1513 1734 16 16 - ---- ---- 1913 2418 2318 2912
Peoria & Eastern
65 691.2 69 72 70 7112 72 74
59 70 6538 66
74 7612 71 7613 7312 78 75 80 81 88 8512 8812
Pitts Cin Chic 45: St Louis
8478 90--------8118 89 87 8913 88 93 91 98 90 9412 9234 9331 90 94 94 9814 10834 10831 104 104
Preferred
1114 50 8 1.'2 .5 67'2
Railroad Securities, Ill Cent
9012 94 --------8912 9212 8934 92
80 80 -------79 79 8014 8014 ------------ ----83 83 84 93
stock trust certificates
9413 111
9213 10358 9414 10778 10233 112 10734 1114 10953 11714 112/5 12218 12114 13038 12034 13733 12634 13412 13134 14114 1355 14314
Reading
78 84 80 8318 84 84 80 82 8214 8713 8013 8214 82 8310 8433 87 86 88 8714 89 8714 8934 8812 92
1st preferred
76 8212 7613 7812 7613 8013 80 8134 8134 8612 8112 84
8314 8412 84 8812 85 88 86 8813 86, 8912 88 99
2d preferred
_ _ _ ___ 194 194
_ _ __
.___,
__ _ ___ _ _ _ __
-- ---- ---- ---- ---- - -- - -- - Rensselaer & Saratoga
1012
1334
11
1512
1
3.34
19
-% -2418 22 2514
1-633 1-312 1534
151
--3 -1-912 1.5.
-7 -2-0- 1834 -2-053 -414 -1-9- 1
-3g -1814 Rock Island Co
1512 -1-3- 1
2612 3034 2034 267 22 287 26 34
405
Preferred
1 38
27 3433 28 3738 3113 4175 407 50 45:2 531 5314 6253
---------11414
_
115
115
-------11414
- 1241312412
__ 1191311918 ---- ------------Rome Watertown & Ogdens - ------ --114141141 ___
24 -28 2512 251 30 30 30 30
241 291 2
-2 -------- 28 -2-8 25 26 24 25131 28 28 33 3714
Rutland. preferred
19
181
181
18
13
--------13
--------19
-----------------13
--------1712
- --------- -------- 35 17
St Joseph & Grand Island
_ ----_ --------38 42 ---------------- 43 45 --- -__ 45 48 53
3 50 53
1st preferred --------------------------------21
21
-----------------------26
----------2d preferred
2734 ----22 25
597 6134 45 57 48 51
St L & San Fran. 1st prof
48 48 51 57 42 143. 5310 5312 4538 5012 52 55 60 .62 62 69
4 43 -4-9
271 3014 191 27 21 271 2412 291 271 3
2d preferred
2112 32
2412 2710 20 291 2514 293 2833 32 30 36 3514 .4214
. Chic & E III stk tr ctfs --------- --------- ------------_ 100 100 - ------- 125 125 __- ----_ --------_ -------- --------149 149 _--- ---Preferred
do
do
_ ___ ..... 645 -t57 io -53. 49 15-2- 6612 -ii 65- -(iii 65 -16ii 65 16 57 6634 65 W
_:._ ....,_
Cec E III. new stk trctfs .,..
14 -1-512 11 -1-4
10 1412 1312 143 1312 1778 16 1634 16 1833 17 1833 16 18
1634 1918 19 2'25p 21 24
St Louis Southwestern
29 3212 2412 3013 2714 34
33 3512 32 41
4918 5434 49 5578
Preferred
3514 3812 3814 4112 3814 4318 4134 445 445R 50
918 1614 13 1535 1453 1912 1612 1834 1634 1912 1838 20% 1933 2373 2014 23
2234 2034 2334 2714
Southern vot tr ctfs std ext. 9% 1314 914 11
5738 6312
Preferred do do
2978 37 2712 33 2512 42 36 42 40 471
12 48
51 547 54 61
503 4734 5134 50 55
---60 60 7712 7712 - -- -- 70 75 --------_
- ---- -- 70 70 70 70 --------_ 82 82 80 80
M & 0 stock trust certfs
11514
12013
12212
7233 81
-7 -77
7833 893; 8433 -8813 86 9378
7034 7812 6614 7453 6
Southern Pacific Co
- 9212 10718 9638 11038 100 10912 10712
10638 112 108 11112 109 11113 11114 115 115 12513 118 120 117 120 118 12034 116 12018 11778 11813 118 12314 12012 125
Preferred
3114 3714
2273 26
1814 21
1234 1912 1273 1734 1634 1914 1812 26 2134 25
24 2711 2613 33
Texas & Pacific
2413 2614 22 26
14 1912 1612 1833 1712 21
14 15 12 15
19 2034 197 2378 2212 2712 25 27
26 3134 3012 4034 3913 50
Toledo St Louis & Western
5733 6213 5712 65 63'8 7312
34
33 351 3334 4214 40 43 40 46 4312 4434 4334 50 4914 5914 55 61
Preferred
11614 12833 11073 12333 11012 129 12358 13812 13453 15112 14173 150 145 15573 15413 16434 14975 16873 15815 173/3 17212 18478 17413 18434
Union Pacific
9413 9612
7914 8113 8012 8518 82 8312 8214 8312 8234 8612 35 90 8634 9338 9334 OS
80 8434 80 83 7913 81
Preferred
174 174 ____ ..... 17512 17512
Utica re Black River
----------------85
85
85
Vandalia
85
. 3
10 1414 11 1258 1031 1312 12 14
812 103
1112 1313 1218 1318 234 1538 1.5 20
Wabash
778 834 634 1134 10 11
,
s :35 523
15 1812 1414 16 1 3 1912 17 1973 1813 29
2134 2513 22 2878 25 2935 24 2778 2518 2833 28 36
Prefer ed
r4
12 1414 12 1512 13 24
734 6 16
9 1134 5
812 7
9 1134 1012 1313 1113 1414 10 13
Western Maryland
1138 13
51
9
513 512 412 712 512 -;14 618 1014 512 834 612 1033 9 1011 8
912 814 9
9 1134 1./18 1:3
Wheeling & Lake Erie
18 2414 2018 2614
16 18
1212 2012 13 15
1413 19
14 15
1213 18
1st preferred
13 16
15 2138 1514 2134 1514 17
814 1034 10 1534 12 1512
614 11
6
7 10
834 1314 8 10
712 6
8
8 12
1012 1314 812 11
2d preferred
2878
28
:3134 2934 :3814
26
1412 1714 1312 1334 14 1512 1414 17
1613 1912 15 1778 1678 2134 2115 27
24 2917
Wisconsin Central
36 4312 33 36
3912 4312 3812 4178 3912 44
36 3912 36 41
41 4518 4334 5112 4534 5411 5112. 64 60 7212
Preferred
38
EXPRESS
Adams
American
United States
Wells. Fargo & Co
164 185
190 200
8014 90
_
_
--- -__
167 175 165 166 167 167 165 168 --------173 180 200 200
15513 2-0-0 199 200
190
9034 203 195 210 170 185 17934 180 190 190 190 224 1
70 80 80 85 80 80 ---------------- - 78 78 81 85 --------80 8s
250 250 257 260 ---------------.. 250
- 250 ----------------290 295 300 300
190 190 190 190
19/ 200 202 20214
85 90 88 90
302 325 310 310
COAL AND MINING
Prices of mining stocks of par
value of $25 or less are dollars
per share, others p. C. Par.
312 114 3
2
5 3
212 238 25R 232 25s
Alice Mining
Amalgamated Copper ___100 4533 5333 4518 5214 4934 6234 5653 6218 5914 6934
American Coal
25
Anaconda Copper
25 281 34- 2712 3334 32 4034 3614 3938 571 1 7814
25
Balaklala Copper
10 173 414 2
138 -1
5 -ifs
Batopilas Mining
20 212 378 234 314 233 -f-•
70
Central Coal & Coke
100 ----------------60 60 ---- ---- 7016
247
20
2275
25
3
;
2213
24
1533
Colorado Fuel & Iron
3134
100 19
. 4914 4914 35
SO
Preferred
100 -------- 40 40 -------1714 1913 1734 24
15 1612 1434 11
Columb & flock Coal & WOO 1512
Comstock Tunnel
2 210. 30c. 25c. 27c. 20c. 26c. 20c. 44c 35c. 40c.
1st income 4s
8913 8912
100 90 90 ----------------90 90
Consolidation Coal
Granby Cons Min Sin & P_100 7834 92 8012 8912 85 9813 90 ;:412 92 92
t,
h ent-rloht
23
23/1 258
312 214 2% 233 3
273 312 234 3
212 3
6434 6812 6538 7775 7434 838 6378 8138 72 5078 79% 8833 7534 8512
5
401-4 -4.114 91; 4813 41.
Hi -i12
2533 2918
__
20 -2-3
30c 35c.
-5013 5-038 1834 4113 4634 48
212 -3-38 - 5174 1
21%
50
2012
21c.
-3-3-73
50
2314
32c.
32
611
2033
22c.
3-81
GO 2318
25C
23
.
4 -3-34
7
30' -3-7-7
---- ----_
.0 2178
20c. 25c.
371., 171, 9-6 16
92 105 903310912 1.66; 16712 10013 105
ii.1
.
1
58
212
3334
65
19
220
3734
65
2034
53c.
3614
6514
1934
280.
16
531? 4514 5073
314
27g 334
.
...... -,7 w
4078 26 2
75 7212 7212
25 2412 2712
35c. 2543. 320.
16 ____
101 1-0434 9934 109
103 107
JAN. 2 1909.]
33
THE CHRONICLE
190S-Continued.
STOCKS
April
March
May
January February
June
July
August September October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
70 7312 7312 74
7412 75
72 72
74 76
Homestake Mining
100 6'7 72
76 85 92 02 85 88 86 8912 92 9612
Horn Silver Mining
25
Iron Silver Mining
-- ---- ---- ---_
30 -ii; 30 35 ----------------------------20
New Central Coal
:45 75- ____ _ _ 55 16 ____ _ _
87
634 814 633 712 7
978 7
-8
41, -7-78
10 7
5
-714 5
Newhouse Mines & Sm
-71. 6
738 518 -6-34 438 53
-------_
3
314
3
412
2
-100
43
514 4
4
4
5
5
558 4
41: 41s 418 37
Ontario Silver Mining 412 6
5
912 812 10
1438 1113 135 1112 1278 1114 13
938 1134 11
Pitts Coal of New Jersey -100 918 1038 9
1018 1112 1012 1 114 1012 14
38 4212 41 4712 42 4214 43 4434 43 48 39 4314 40 403 44 493t
3773 42
100 40 4278 3612 40
Preferred
100
Quicksilver Mining
___- __---- ___-___
Preferred--------------------------------------------------------------___
14
2
34 1.512 34 ---- ---- 1.81 1.5.;
4
10 112 112
Standard Mining
2.10 2
2
2
2
2
25 26 3212 2512 3012 26 4234 3612 4238 3513 -3014 3514 3758 35 103612 4018 3634 4038 40 47
Tennessee Copper
4312 5214
327
3
2712
2314
3412
29
2814
33
20
27
2478
3012 3412 3318 4012 3934 461. 37 4638 4012 44-34 4214 5234
10
Utah Copper
12
34 ---- ---- -------- ---- ---- ---Rights
45 5J
48 56 48 5212 5112 90---5
-3 5312 45 47 49 51
Virginia Ir Coal Ec Coke - 100 -4
-9
-- 95-12
- -5
-6
-- -51- -LW', 12--
9614 9614
65 Id
514 614
344 3%
1234 145g
4734 59
33g 313
1.90 1.90
4312 4614
4318 4958
6- 2-1-4 -65
--
VARIOUS
614 5
812 71
914 814 978 9 1 138 1078 12
6
673 6
11 12
Allis-Chalmers
10 1112 1014 1211 1173 1478 1419 1638
19 22
1618 1814 14 2112 1838 2212 2014 2578 2434 3473 33 36 34 3633 30 3512 32 40 3914 50 48,3 5234
Preferred
16 1834 17 181 1634 2114 18 22 2012 2478 2334 26
24% 2534 2512 2912 27 2912 2875 35 3114 34
American Agricultural Chem- 13 18
7812 8412 8013 8012 -------_ 8213 86 85 86 86 87 87 945F 92 9212 91 9534 9012 92
Preferred
91 06
9412 9534
10 13
912 11
1014 314 1114 2478 17 2212
201 18 2178 1934 221, 17 2012 1758 22
American Beet Sugar
20 2334 1914 2234
Preferred
65 65 65 65
7212 75 75 78 7778 7778 ----------------80
- - --, - - ---.. _.-_
80 76 80 7612 8134
414 512 4
5
412 5
434 538 47 514 412 -5
434 -635 53g -6-73 514 --6American Can
534 738 7 1014 812 978
44 523s 4434 50
457 5118 4912 56
5414 5634 5314 57 5434 62 60 62
Preferred
5712 621. 60 6973 63 7678 72 7678
2914 3238 2512 30
34 4014 3913 4214 36 4114 39 43
2612 3334 31 3614 3414 3838 33 38
American Car Ec Foundry
42 4734 4514 5034
8414 9312 9212 .9612 93 98 96 9812 98 104 102 10353 10213 105 0113 10314 1(3314 108 107
88 9034 8434 89
Preferred
109
2934 345 243
27 2514 291 265 291 283 2 301 313 3038 3434 3312 3633 3234 36 3414 3712 35 4434 4014 4373
American Cotton Oil
80 80 - ----- ----_ 82 85 - ---- ---_ ----------_
90 90 90 0012 92 92 93
Preferred
- -------8
_ 8_
9234 97
9312 9634
378 412 4
-412 412 6
534 912 714 -814 7
712 75$ 734 873 7
8
American Grass Twine
834 734 1038 _ __
__ ---414 418 41. 4
318 378 234 338 278 312 318 412 312 418 312 334 4
American Hide St Leather
5
41. 47s 434 -614 558 812
1318 1534 13 14
1212 1612 1513 1912 18 2012 18 18
18 21
21 23 - 20 2514 231ig 25
Preferred
24 2934 2812 3734
1578 1978 1212 1778 1318 2134 1913 2558 2113 2912 2512 2878 261, 2834 2758 317 2313 2978 21 2734 24 28
American Ice Securities
21 2733
578 773 7 1012 9 1134 873 1012 9 1012 1038 1313 101$ 1114 10 1012 1114 1514 14 1712
714 833 614 7
American Linseed
1912 22
1812 181. 17 1834 1834 23
2312 24
Preferred
20 2612 1813 2112 20 2213 23 26
24 24
30 32 30 3614
3434 4134 3138 374 32 48 4214 4838 461g 5238 4073 5112 4714 5614 5334 5958 44 571: 4534 5078 50 59 5353 5873
American Locomotive
813 9014 9012 9.134 9114 10014 100 10312 100 103 0012 106 106 109 10012 107 104 10612 10613 1107 1091. 113
8512 92
Preferred
8
312 434 - -- --- 3
734 858 734 8
American Malt Corporation
634 57 573 5
534 412 71, 7
6
5
7
734 5 - 712
21 321s 2i13 -2518 2578 3412 29 3.1
2953 33
45 5113 45 4933 44 4612 41 45
2912 32112 38 38 46
Preferred
7412 78
76 7812 78 • 8214 78 7934 78 8378 7958 8411 79 8218 8018 8214 8214 8418 7934 84
American Smelt Sec. pref B. 70 8024 73 go
625g 7914 5513 6814 58 745 66 7234 6914 7858 73 7714 76 9014 83344 107
79 9914 8312 9431 9134 987 7634 9412
American Smelt & Refining
8734 9112 90 98 9412 97 953 101
8914 96
Preferred
977 1007 100 108 106 11033 100 10914 10234.10573 10514 1091. 98 10734
----------180 180 180 185 1901 200 200 200
American Snuff
- 200 200 ----- -------- ---. --_- _ - ----_
8
-5 85 81 -81- 80 -81 88 06 92 02 9012 9012 ---Preferred
95 95 95 9713 ------------931., 97
1)
- 6 -9-712
514 614 678 7
534 7
412 512 512 6
American Steel Foundries
9
9
-813 8
712 712 9 10
9
678 712 8
29 34
261 31 30 313 31 34
Preferred
843 40 40 41 41
1 35
4212 4253 ___
35
_ i712 -4-712
------------ ---- -------_ -------------___ _ _ ---- _ _ ------__
-32 3714 28 32
New stock
2912 31012 -41 3858 4014
412 6
4 578 5.34 634 6
Tr Co ctfs deposit
-638 6
-712 73-4 -814 8
9 --- • ---- ---- ---- - - -- - --- ---- ---___
_
33 351:
32 3478 3312 3734 3634 41
Pref Tr Co ctfs deposit ------------2738 3012 30 3178 30 33
American Sugar Refining Co_ 98,4 15 10712 11478 112 128 123 129 12612 13218 12112 13012 12518 1331, 3113 13734 1261-8 1-3/ 1291-2 13414 13134 1-3-7-13 12534 13-37;
108 11418 105 113 114 11931 12012 123 123 12514 1241g 125 123 1283; 1261 19 125 127 126 129 12858 131 129 131
Preferred
53 63 5334 54
American Tel. & Cable Co
50 50
_ 58 6012 65 65 64 641.----- ----68 70 71 71
72 751, 771, 78
11013 120 117 11878 116 12018 11512 1223-8 1212 12738 12538 13134 12614 1281. 12673 13238 12634 12975
101 110 105 10612 10634 112 ----American Telep. & Teleg Co
American Tobacco (new) pref 7212 8178 77 8018 77 8512 85 92 90 9212 8813 9112 90 9714 0113 96 91
951
. 93 947 91 9711 9034 9534
1534 2012 1512 1914 16 2113 1814 21
American Woolen Co
22 2434 2314 2634 231. 2434 2134 24
2018 24
24 317 2758 3238
1934 24
841 861 7814 8414 7914 8414 8314 85
Preferred
91 9234 91 92 9112 97
9412 9534
8414 9018 8734 89
8773 9314 9214 94
----100 100
Associated Merchants' 1st pf ------------..----------------------- - -----------_ --1333 1513 1312 1634 314 1534 1414 21
22 2714 21 2618
1312 14
12 14
Bethlehem Steel Corporation_ 12 16
1913 1434 18 233i 20 23
3812 3912 3512 3512 35 38
3512 40
Preferred
5: 66
4612 52 4512 49 49 57
44 50
40 44
3913 44
4973 55
447 5014 47124 5012 5712 44 5514 4612 503$ 4812 5613 5473 6934
3838 4712 3714 4673 3934 48
Brooklyn Rapid Transit
4414 483 457 54
90 96 85 94
89 109 110 110 - ---- ----112 112 115 136 128 138 13434 146 13814 140 137 15214 146 151
Brooklyn Union Gas
773 8
6
7
13,
3 1658
8
934 9 1134 ---------1013 1131 1112 1234 12 13/8 12 1414 1314 17
Brunswick Dock & C Impt
6
7
20 25
1215 15
18 1812 1612 2:3
19 2034 19 2234 19 2134 1858 2178 21 2358 2118 2278
18 24 20 21
Butterick Co
1615 1912 1512 1812 167 2058 1933 2518 2312 2712 2312 2612 25 2914 2734 .1038 2334 2914 2413 2638 2473 3033 2734 33
Central Leather
9413 967 97 1011 9918 102
7812 84
92 951 923 9554 9378 9712 9612 98 93 99
7534 86
8212 8778 87 91
Preferred
Cent & South Amer Teleg
-- - - _ ____ ___ ___ __._ 100 100 105 105 --------iir 01 10712 ----------------107 107 ------- 107 10812
---- ------------114Chicago Union Traction
1212 1212
Preferred
i% ii
2
-3-58 212 -35T2 -3-34 5
234 212 -'
3
lig -4;It 2-12 279 -41
1
-i12
58 -3.
.4.14 7-18
Trust Co ctfs deposit
934 13
11 13 11 1238 10 12 1058 133.1278 18
4
9
7 1434 9 11
10 10
6
6
6
6
Pref Trust Co ctfs deposit
_
_ 72 72
.. .
. .
_
- --_
.
_ --- --_
_ - Connecticut Ry & Liz pref - 1-21 i16 ii 12112 126 12
-4 1-4-1-14 124 1-413. 126 114-12 .1.55 1-413-4 iiii2 itin, 15734 167
.
9-r3 11514 5i i.63
Consolidated Gas
.
1073 1434 1034 1312 1114 1434 127 1533 1413 181 1534 1718 1612 1958 1858 2012 17 1934 171s 18% 18 2038 1614 WS
Corn Products Refining
57 63
5714 66 65 7012 68 7314 6712 7034 6934 7512 76 80 73 7734 73 7458 7318 7814 7112 76
56 66
Preferred
4713 4814 48 48
.
49 4934
Crex Carpet
39 42 39 39
5334 55
8 38 3912 45 45 56
38 3814 33 33 --------3213 33 3314 38 35
Detroit United Ry
2714 33
2838 35 3014 3458 32 3734 33 353 3338 3714 3518 3812 28 3534 2038 • 32 303$ 361 3414 3834 .
2914 35
Distillers' Securities Corp
791 791. 80 80 7212 90
____
. 80 80 80 80 7934 79347512 80 88 94
Federal Mining & Smelting ---- _ _ ___
---. 83 843.r 6412 89 8014 8614
64 -69-1 59 --6 66 -7-4- 70 723 691 761 71 77180 85 84 8834 78 841-2
Preferred
.__--------------------------------- ------6413 68155 63 60 62
Federal Sugar Refining
_---------90
90
9514 100 95 98 9314 -953--__
4 -75 85
Preferred
7312 8612 85 87 89 90 89 90 91 98
6014 ,-6014
_ .... 52 -52 _ _... _
--65 65 ------50 50 55 58 60 60
General Chemical
_ 921g -- g 96 98 95 95 97 -97- 99 99
00 90 89 90 97 991_ _ _ _
Preferred
111 125 113 119 11412 12834 12812 136 13212 192 13078 1383 13012 1-4812 142 148 13412 148 37 14512 144 16034 15512 10LN
General Electric
0 217 217 23 23 - - - - 23 23 26 3273 3112 3413 3113 3238 32 35 34 40
Havana Electric
70 70 -------- ---- ------- ----_ 70 '74
___ 77 77 7978 798 80 8014 SO 80 84 84
74 -'/4
Preferred
-----------------50
Ingersoll-Rand
_
_
_
____ _ _
8412 8412
Preferred
80 80 84 84
lnte:boro-Met vot trust ctfs
634 874 C78 834 678 812 738 1112 034 1238 1018 -1-21 11 ii 1113 -13-!? 10 1214 934 if 10 -1-51_ 14 "2-6
1814 2314 1713 2212 1712 2134 20 30
Preferred
27% 3312 2714 333 2914 3234 31 3814 2978 35
2773 3234 2914 3714 3412 4912
54 56
5312 67 62 66
International Harvester
5912 5912 56 5812 57 57
---- ----- -- -- ..„. --- ____ ______ 5z 60
------------------------------------------99 1011 10134 10538 10312 10613 103 105103 105 104 1101 10834 110
Preferred
---------------_
_ 7
71, 873
612 618 87
738 6
8 --------712 9
7.2 734 7
Internet Mercan Mar stk tr ctf
7
8
714 8
1612 18
16 -1-614 18 21
2114 2673
1838 201. 1873 24
1912 23
Preferred
1834 2018 20 2334 2014 231 20 2212 20 '23
855 1214 9 1078 858 10
8 1012 918 1178 914 11
10 1073 1018 1158 834 1012 812 1013 10 1314 1112 1233 ,
International Paper
52 65 57 6112 53 681 523 56
5212 5833 58 591 501. 587 47 533 5318 60 561
! 5512
5478 58
60
Preferred30
35 35 - ----- --------------29_
321 31 3178 -------- ----- ----_ --------_ 30_
International Power
13 2114 1714 2014 19 26
2173 25c3 2134 24582214 243 22% 247 2278 2712 20 2516 23 3031 2912 3418 3019
International Steam Pump
65 7318 65 6758 6758 7438 70 7114 69 7434 7312 77 7612 8038 77 81
78 8313 79 8234 7912 8273 797 8414
Preferred
_
__ __
_ ____
__ .___ _ _ _ __
60 7412 ------------70 70 _
Laclede Gas. preferred
55 60 52 65 5534 57
-8 -7-5 73
-18 -7-8- 74 -7-6
57 6234 2 66 65 -66 64 70 66 -7-014 67 -69-14 6
Mackay Companies
61 64
65 69
6734 6934 6712 701 68344 704 6973 7134 60 71
5978 6212 6112 64
62 6612 6334 6'734 6412 '66
Preferred
--213 21g
214 214
Manhattan Beach Co
30 4412
20 25
1.
5 165; 111
ci. i
15
ii 16 ii 18-3- ii 16 55 "43- 25 16 Zi ii 25 -3-4
Metropolitan Street Ry
72 7614 75 8212 78 8634 84 88 8358 8518434 9134 8813 92 8714 8934 87 90 877 021. 8912 97
68 76
National Biscuit
102 10612 107 10712 110 11312 11512 116 115 116 11458 1145116 120 116 120 11734 11734 11612 118 11712 11911 11734 12012
Preferred
10 1218 918 1058 912 1012 1034 1212 1112 1514
912 11
914 10
918 1034 914 11
8
934 712 712 814 10
Nat Enameling & Stamping
77 7733 76 761s 76 811. 82 8214 .
75 80
74 75
-__ _ . 73 77
75 76
7714 7714 77 77 _ _
Preferred
38 4212 36 455$ 44 60
-3
-13 883 6433 -73- 7278 92 74 8614 79 8513 82 8613 75 841
5334 6013 5758 6853 6
National Lead Co
89 91
8812 9612 05 97
8712 91
Preferred
9612 10034 9834 997 9912 1(1414 102 105 10158 10212 10214 104 104 10614 104 106
74 8314 6713 82 7012 7914 771 98 87 9612
50 72
56 62 56 691 6412 7312 66 7212 65 681, 66% SO
New York Air Brake
Rights --------------------------18
28 30
New York Dock
_ .
.___ __ _ _ __
_ ___
_ __ __
_ _ _ _ .. i71i3 -7-4-78 _ _.
-5 -7-3- 14
. -7-470 71
7
-01-4 -iiii - 7
Preferred
-16 1-1-7- 116 1-22 112 1-1-6
98 10134 90 100 - 99 10078 105 MI 105 105 103 106 10712 11214 1101:, 11412 113 1-1-612 1
N Y & N J Te1ephone
214
:s
__
Rights
7158 7712
59 6338 60 663i 6133 6633 591. 6458 6212 6614 6534 78
North American Co,new stock 43 5412 4218 4814 '218 5338 50 5912 57 64
2534 2912 25 2814 26 3312 24 291. 25 32 2412 2631 2412 2712 2414 2613 243; 2814 2434 2613 26% 3312 33 40(4
Pacific Mail Steamship
997g 11)4313
84 8612 8534 9034 8813 923-4 8912 9334 91 9214 92 9612 9413 9734 9318 971. 9412 9612 95 102
People's itas-Lt & Coke. Chic 80 89
3814 45
1912 2312 1714 2078 1934 2512 23 3034 2612 312512 2914 2813 3434 33 3613 2813 353; 3114 3414 3352 41
Pressed Steel Car
69 80
85 9514 95 9714 9234 96 92 95 95 9934 9712 10214
71 8112 76 86 84 87 82 84
6978 78
Preferred
147 160 149 15014 150 154 151 16112 157 1597 15514 15912 15814 16812 165 16613 16013 165 162 16534 169 174 10811 173
Pul,man Co (The)
4012 4614 4234 4914
1 23 361 321 371 3412 3958 36 3834 3618 4512 4112 4638 34 4414 3634 41
25 293 23
Railway Steel-Spring
75 80 - ---- ---- ---95 95 9518 9912 100 100 100 V.)018 97 98 9612101 160 103
91
.... --- ---- ----_ 85_
Preferred
241g 29
74 2733
2013
21
2453
2438
16 1834 1434 17
1614 10
17 201g 1639 1934 1753 2153 2034 2534
1514 20
Republic Iron & Steel
6614 7112 65 (38
65 75 64 7134 66 72 63 7112 6634 7814 7333 82'13 75 82 78 817s 8114 5917 83(,( 8733
Preferred
-
-
-
-
5 fiyii4 il212
--------------
IA .
[VOL. Lxxxvm.
THE CHRONICLE
34
190S —Concluded.
STOCKS
Sears-Roebuck. preferred_-__
Sloss-Sheffield Steel & Iron-Preferred
Texas Pacific Land Trust
Third Avenue
Toledo Railways & Light
Twin City Rapid Transit
Preferred
Union Bag & Paper
Preferred
United Cigar Mfrs, pref
United Rys Inv of San Fran
Preferred
U S Cast-Iron Pipe & Fdry
Preferred
U S Leather preferred
U S Realty & Imprvvement—
U S Reduction & Refining
Preferred
U S Rubber Co
1st preferred
2d preferred
U S Steel Corporation
Preferred
Virginia-Carolina Chemical
Preferred_
Vulcan Detinning
Preferred
Western Union Telegraph_
Wesehouse El & Mfg,asseneg
1st prefeired
January February
November December
May
March
AprU
July
August September 07.1ober
June
Low High Lotoi High Low High Low High Low High Low High Low High Low High Low Hilh Low High Low Ili;* Low High
—
.___ ----------------------------8612 90
9312 974 ._ ____
9012 9012 --------92 92
91 91
90 90
36 42
41 52
38 42
43 48
4434 5214 49 63
6113 6314 6013 6514 59 6514 6014 723; 7232 813: Mg 7934
8713 92
90 92
9113 93
88 8934 12 95
1 961. 961, 99 100 10213 103 103 10214 108 107 10914 110 11014
45 5013 49 59
52 58
58 60
76 8412
57 60 ---- --- 58 - 60
6413 7212 6972 721: --------70 76
43
18 2234 1714 22
1512 20
27 4038 2412 3814 31
1834 39
30 3478 293 3434 2912 3373 3213 47
3938 47
912 1314 914 1013 9 10
81, 612 878 814 912 812 1512
8
878 10
9 1014 838 10
934 1514 913 10
84 8734 8614 9214 89 9112 89 9214 88 9114 85 90
8413 8914 7814 8412 8212 85
8834 9112 90 9513 94 9638
120 124
938 834 9.3
413 5
4
438 4
812 8
6
6
7
6.58 5
612 5
618 534 77$ 734 9
638 8
51
55
5 5'
4478 50
47 50
5618 58
60 613 59 6014 61 6634 6414 6613
57 57
553 591 59 64
96 97
98 98
80 84
82 83
81 85 ---------88 90
9178 92 ----- ----_ 93 93 --------_ 91 95
40
15 2113 15
20
16
33 3431 31
1878 16 2413 21 24
24 34
20 23
2134 24
2013 22
2014 24
3712 3378 373 34 43
2712 3818 34
39 4173 3538 40
47s 4912 47 591'2
43 50
36 3934 304 3938 38 42
19 2118 1713 20
2713
271,
2333
26
283
3
.2313
2512
3014
243
247s
26
307
8
2634
2334
8
29
2534
1834
1913 2734 21
5638 69
631 68
7134 7013 7434 7712
6338 7114 68 72
70 72
72 76
7234 7873 71 73
6412 7434 6573 73
95 100
95 96
95 95
9712 1)8
98 101 10414 10414 102 10414 115 115 ____ ____ 114 118 11313 115 115 120
37 4212 3614 3934 38 41
40 41
40 5233 4534 50
5534 5433 64
49 51
51
5734 6334
46 52
4934 52
7
9
1412 13 14
434 612 9
814 1314 9 10
9
873 10
10
4
11
1514 9
513 7
12 14
18 2014 16 18
2973 32
19 25
20 22
28 35
2214 3333 2212 23
24 28
25 27
2514 3233 33 39
20 26
1734 22
18 2338 1813 2213 2012 2633 24 26
30 3518 3214 3714 3134 36
243g 31
31 3712 2873 35
77 8812 76 81
77 86
80 85
8214 95
99 10134 0912 107 105 108
93 9932 9712 10234 9514 101
9014 94
4613 6114 42 50
45 56
49 54
51 61
58 60
68 69(7 70 7512 72 7512
65
70 74
63 73
61
2534 3114 2613 2914 2814 3614 325 37
3513 3938 3614 3915 3734 4578 44 43
411,2 4818 45 4832 4712 5834 5114 5614
973 10134 100 10334 10034 103 10234 1091 10678 11212 10518 11213 10734 111 11034 11432 11013 11334
8712 951 8918 9334 9214 100
4214 4534
1712 1612 2033 1914 2134 2013 2534 2214 2512 2373 2631 25 30
17
1314 16
301s 3418 32 45
2714 30
87 90
8934 9414 9012'9312 94 10012 9912 10114 9934 10212 103t110 107 1097 1083 112 11013 115 11313 115
87 91
----713
912
8
1012
--- ---- ---- ---- 3
3
318 31
1
1
. -------- ----1
-----------35
25 28 - -------___ ---_ -----------_
__ ----------_.._
__
5038 4814 5013
5012 6113 5112 5778 5412 5734 541, 5814 551., 62
5912 713.1 6538 /1
41
54 60
5534 4634 5434 4834 54
5814 61
46 ,178 4312 58
8213 94
8334 9112
521 3913 435 38 58
41
7112 84
44 5712 5312 8112 65 8012 6612 70
58 80
68 77
70 77
70 70
64 72 65 80
98 100 10012 125 115 120
88 95
92 95
79 98
COURSE OF PRICES OF GOVERNMENT SECURITIES FOR THE YEAR 1908.
[Compiled from sales made at the New York Stock Exchange.]
COUPON BOVDS.
2s,
CO.
1930.
REGISTERED BONDS.
Pan.
3s,
2s,
3s,
1918,
4s, Canal
1918. small. 1925. 23,'36. cons.
January.
104%
Opening
104% 10134
120%
121%
104% 1013-4
FIlghest
1043/3
104%
104% 101%
1203
Lowest
%
104%
121%
Closing
104% 101%
February.
104
Opening
101% 1013/3 121
104
101% 101% 1223/3
Highest
104
101% 121
101
Lowest
104
Closing '
10134 1013/s 122%
March.
1223/3 103% 104%
101%
Opening
122% 1033/3 10444
Highest
10134
101
Lowest
12234 103% 104
122% 10334 104
101
Closing
April.
123
10334
10134
Opening
104
102
12334
Highest
103%
123
101%
Lowest
104
123
102
Closing
May..
10331
Opening
10134
101%
10334
Highest
101%
10334
Lowest
103%
1013/,
Closing
June.
122%
103%
Opening
122%
103%
Highest
122%
103%
Lowest
129%
103%
Closing
118%
118%
118%
118%
101%
101%
101%
101%
119
119
119
119 '
101%
10134
10134
10134
122
122%
12034
120%
REGISTERED BONDS.
COUPON BONDS.
35,
1918, 43,
3s,
1918. small. 1925.
July.
Opening
Highest
Lowest
Closing
August.
Opening
Highest
Lowest
Closing
September.
Opening
Highest
Lowest
Closing
October.
Opening
Highest
Lowest
Closing
November,
Opening
Highest
Lowest
Closing
December.
Opening
Highest
Lowest
Closing
3s,
45,
1918,
3s,
1918. small. 1925,
2s,
cons.
1930.
Pan.
3s,
33,
1918,
43, Canal
1918. small. 1925. 2s, %Pi
2s,
cons.
104
104
104
104
100%
10034
100%
100%
104
100
104
100%
103% 100
103% 100%
122
122
122
122
100%
10034
10034
100%
103%
103%
10334
10334
101%
10134
101%
101%
121%
121%
121%
121%
104
104
104
104
101%
101%
101%
101%
121
121
121
121
1223/3
12234
12234
122%
100%
10034
100%
100%
122
122
122
122
103%
103%
1035/3
103%
120%
120%
120%
120%
1033/3
103%
103%
103%
121
121
120%
120%
101
101
101
101
10074
10074
100%
100%
DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT NEW YORK STOCK EXCHANGE.
190S.
November December
March
April
May
January February
June
JUll/ 1 August September October
Low High Low High Low High Low High Low High Low High Low High Low High Low High Law Iligl. Low Mgt 1,o,,. litgl
---
BONDS.
Im_perial Japanese. Govt.—
Sterling loan, 1925—.4% 36 9034
2d series, 1935
4% 8378 89
Ste1iing Loan, 1931
4 75 80
Rep of Cuba, 1931 loan----5 102 104
U S of Mexico 1399 £ loan 5 96 9834
Gold debt a.' 1904
4 9012 9414
911: 92
90 91
9014 11151
8831 90
8013 823s 8214 823,
10214 10234 10212 10339834 9834 0834 1111
9312 937i 921? 14 .
_
Note.—In case 01 bonds of tore go governments Issued in Pounds sterling, the usage or the Stock Exchange is to consider live dollars as the eco lvalent WI one round
sterling. and the above quotations are on that basis. With the exception of the Republic of Cuba 53 of 1904 and the U. S. of Mexico 4s of 1904 (which are Issued la
the denomination of dollars), the bonds In the foregoin4 are all sterling Issues.
8514 8714 85 8610 8533 8814 8833 8934 8918 90
85 91
87 903s 9014 9112 89 907e
8418 8734 8412 8634 8515 8614 8638 88
8833 8943 8573 8914 8012 8913 8914 901* 8712 8913
775 80
77 78
7912 8078
7638 7733 7673 7913 7918 8114 7813 7914 76 8018 8013 81
10234 10334 10014 10114 101 10214 10212 10314 10314 104 10319 105 10412 10614 10214 10312 10212 103
9812 9912 9814 9918 9734 9814 9812 9834 99 9912 987i 9934
981.2 9834
99 101
93 9334 92 93
92 93 I 9213 93-14 9334 9414 943 943
9314 9412 93 9312 93 94
COURSE OF PRICES OF STATE SECURITIES DURING THE YEAR 1908.
November December
Oe!ober
April
March
May
July
Augu:4 September
January February
June
Low High Low High Low High Low High Low High Low High Low High Low High Low Ht-h Low H:qh Low High Low High
BONDS
Dist. of Columbia 3.65s .1924
_ ___ __
New York City—*
Corporate Stock 4%s.May 1957 105 10812 1053 107 10618 10712
As:et bonds 43/3s._..May 1917 10312 10414 1011.1 10312 10134 103
(New)Corp. stk.4%sNov. 1957
105 1075s 10612 1077s
(New)Ass't 4Ms----Nov. 1917 --------102
_—
10418 102 10314
__
Corporate stock 4s_.Nov. 1958
110
--
—
11078 11258 1113.1 11212
104 111438 10414 104%
Ill 11234 112 112%
104 10.114 10412 10.112
10314 10314 ,.0278 10318
10134 10178 10134 10175
Coiporate *stock 4s__May 1957 — ___ __ --- ----- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- 10.1E8 161-78 ioNs 11T/5s 10134 10318 10234 10314
New York State—*
1117nway Imp. 4s..._Mch. 1958 ---- ------------109 10934 10938 10912 109%10912 10938 10912 109%1091:109 110---•---Tennes.:2c--Sew settiecn't 3s.1913 __ ____ _— —__ _.. .,... 94 95
96 90 _
_ _ 95 95
__-Virginia—Funded debt 2.3s
---------94
.
90 91 ----IS 32 1,2 -551.2971.
Uo IC° ---- ---- ---- ---- 92- -92
6s dercrml Brown Bros. & Co.
certillcat-23 26
27 27
2212 26
2612 371s 3612 43
38 4014 3614 33
3714 39
27 39 3612 33 37 43 45 47
*Fo: all New York City and
NON
107 10814 10714 110 108
10212 1031 10312 10413 104
10;58 10134 106,
8 111
108
102% 10312 10312 10412 104
110
10412
10912
10412
10734 10914 109 11114
10413 10438 10438 10458
10734 10914 10914 11131
104 10412 10412 10434
York Stat2 bonds buyer nays accrued Interest in addit cn to price Indicated.
11035 1113
104 10434
11034 11134
- - - — ---
Ill 112
10338 10434
111 112
10414 10434
THE CHRONICLE
JAN. 2 1909.1
35
QUOTATIONS OF STERLING EXCHANGE FOR EVERY DAY OF THE YEAR 1908.
(Compiled from posted rates of leading bankers.)
May.
June.
July.
March.
April.
August.
November.
December.
September.
October.
January. 1 February.
60 d. Sight.60 d. Sight.60 d. Sight.60 d. Sight.60 d. Sight.60d. Sight.60 d. Sight.160 d. Sight.60 d. Sight.60 d. Sight.60 d. Sight.60 d. Sight.
I
86
4
884 8612 4 88 4 8612 4 87124 85-12 8612-74 8512-6 87-12 Sunday. 4 85 4 8712
1... Holiday. 1 84-12 4 88 Sunday. 4 8412 4 87128512-6 4 88-124
4 884 8612 488! Sunday. 485-12 8612-74 8512-6 87-124 85-12 4 87124 85 4 8712
2___ 80124 8612-7 Sunday. 14 8412 4 884 8412-5 87128512 6 4 88-124 86
4 884 8612 4 884 8612 4 87124 8542 8612-74 8512-6 87-12 Holiday. 4 85 4 8712
3_80i24 8612.71 84-12 4 884 8412 4 884 8412-5 8712 Sunday. 4 86
4.... 8012-1 8612-7 1 84-12 4 8814 8412 4 884 8412-5 87124 8512 4 884 8612 4 88 Holiday. 4 86 4 87124 85-12 8612-7 Sunday. 4 85 4 87124 85 4 8712
5.__ Sunday. 1 84-12 4 8814 8412 4 88 Sunday. 4 8512 4 884 8612 488 Sunday. 4 86 4 87124 85-12 8612-74 8512-6 87-124 85 4 87124 85 4 8712
Sunday.
6__.80121 861.-7 1 84-12 8712-814 8412 8712-8 4 85 4 87124 8512 4 88 4 8612 4 88 4 8612 4 88,4 86 4 8712 Sunday. 48512.6 874214 85-12 487
7___ 80124 861i'-7 1 84 4 8712-8,4 8412 8712-84 85 4 87124 8512 4 88 Sunday. 4 8612 4 8814 86 4 8712 Holiday. 4 8512-6 87-1214 85-12 4 87 4 85 4 8712
8._ 8012-1 861.-7 1 84 4 8712-8 Sunday. 4 85 4 87124 8512 4 884 8612 4 884 8612 4 884 86 4 87124 85-12 8612-74 86 4 8712 Sunday. 4 85 4 8712
9_ _.8012-1 8612-7 Sunday, 14 84-12 87-124 85 4 87124 8512 4 884 8612 4 884 8612 488! Sunday. 4 8512 4 874 86 4 87124 85-12 4 874 85 4 8712
10._ 481-2 8612-7 1 84 487124 84-12 8742 4 85 4 8712 Sunday. 4 8612 4 884 8612 4 88,4 86 4 87124 8512 4 87-124 86 4 87124 85-12 4 874 85 4 8712
11___ 4 81-2 8612-71 84 487121484.12 87.12185 4 87124 86 4 88124 8612 4 884 8612 4 88'4 86 4 87124 8512 4 8742 Sunday. 485.12 4 874 86 488
Holiday. 4 84-12 87-12 Sunday. 4 86 4 88124 8612 4 88 Sunday. 14 86 4 87124 8512 4 87474 86 4 87128412-5 8612-74 86 4 88
12___ Sunday.
13... 482 4 8612 1 84 4 87124 84-12 87.12485 4 87124 86 4 88124 8612 4 884 8612 4 88,4 86 4 8712 Sunday. 4 86 487128412.5 8612-7 Sunday.
14 _ _.482 4 86124 84 4 87124 84-12 87-124 85 4 87124 86 4 8812 Sunday. 4 8612 4 88'4 86 4 87124 8512 487.124 86 4 87128412-5 8612-74 86 4 88
IL__ 4 82 4 8612 4 84 4 8712 Sunday. 185 4 87124 86 4 8812 4 8612 4 884 8612 4 884 86 4 87124 8512 4 87-124 86 4 8712 Sunday. 4 86 4 88
16...4 82 48612 Sunday. 484.12 7_i248
85 4 87124 86 4 88124 8612 4 884 8612 488 Sunday. 4 8512 4 87424 86 487128412_S 8612-74 86 4 88
17...4 83-12 8612.71 84 4 871214 84-12 87-124 85-12 8712-8 Sunday. 4 8612 4 88 4 8612 4 884 86 487174 5512.687.1214 86 4 87128412-5 8612-78512-6 8712-8
18___ 4 83-12 8612-74 84 4 87124 £'4.12 87-124 85-12 8712-84 86 4 88124 8612 4 884 8612 4 884 86 4 871714 8512-6 87-171 Sunday. 485
4 878512-6 8712-8
19___
Sundly. ,4 84 4 87124 8442 87-12 Sunday. 486 4 88124 8612 488 Sunday. 486 4 871214 8512-6 87-124 86 4 87124 £$
4 87 85112-6 8712-8
20...4 8312 4 87 1214 84 4 87124 84-17 87.1285126 4 88424 86 4 88124 861. 4 88 4 8612 4 88,4 86 48712! Sunday. '4 86 4 87124 85
4 87 Sunday.
21...4 8312 4 87124 84 4 87124 8442 87-128512-6 4 88-124 86 4 8812 Sunday. 4 8612 4 884 8512-6 87-124 8512-6 87-1214 86 4 87124 85
4 874 86 4 88
22___ 4 8312 4 8712 Holiday.
Sunday. 8512-6 4 88-124 86 4 88124 8612 4 88 4 8612 4 88'4 8512-6 87-12,4 8512-6 874214 86 4 8712 Sunday. 4 86 4 88
23... 4 8312 4 8712 Sunday. 4 84-12 8'7-128512-6 4 88424 86 4 88124 8612 4 884 8612 4 88' Sunday. 14 8512-6 8742'4 86 4 87124 85
4 874 86 4 88
24_ a 8717.8174 8412 4 884 84-12 87-128512-6 488-12 Sunday. 4 8612 4 88 4 8612 4 884 8542 8612-714 8512-6 87-1214 86 4 87124 85
4 874 86 4 88
25... a 8712-8124 8419 4 88 4 84-12 87-128512-6 488.124 86 4 8812 4 8612 4 884 8612 4 884 85-12 8612.714 8512-6 87-17, Sunday. 485
4 87 Holiday. .
26--- Sunday. 4 84-12 88424 84-12 87-12 Sunday. 4 86 4 88124 8612 4 88 Sunday. 4 85-12 8612-74 8512-6 8744 86 4 8712 Holiday.
Holiday.
27... 484.17 4 884 8412 4 884 84-12 87.12486 4 8812 4 86 4 88124 8612 4 884 8612 4 87124 85-12 8612-71 Sunday. '486 4 87124 85
487 Sunday.
28-.4 84-1.2 4 88 4 8412 4 884 84-12 87-124 86 4 88124 86 4 8812 Sunday. 4 8612 4 87124 85-12 8612-7'4 8512-6 87-1214 86 4 87124 85
4 874 86 488
29-- 4 84-12 4 884 8412 4 88 Sunday. 8512-6 4 88-124 86 4 88124 8612 4 884 8612 4 871:14 85-12 8612-74 8512-6 87-12,4 85-12 4 87121S
unday. 4 86 4 88
30...4 84-12 4 88
Sunday. 4 8512-6 87.124 8542 4 87124 85 4 87124 86 4 88
4 844. 87-128512-6 4 88-12 Holiday. 4 8612 4 884 8612 4 871
31._ _ 4 84-12 4 88
Sunday.
:4 85-12 4 8712
4 84-12 87-12
4 8612 4 87124 85-12 8612-7
4 86 4 88
Range-.
HIgh.4 8412 4 8812 4 8412 4 88124 8412 4 884 86 4 88124 86 4 88124 8612 4 8814 8612 4 88 4 8612 4 87124 86 4 8712!4 86 4 87124 8512 4 8712486 488
Low 4 8012 4 86124 84 4 87124 84
4 884 8612 4 87124 85 4 86124 85 4 86124 85 4 87 4 8412 4 8612,4 85 4 8712
4 874 8412 4 87124 8512 4 88 4 86
1
1
I
a 4 8312-412.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S.
-The public sales of bank stocks this week aggregate
257 shares, of which 232 shares were sold at auction and
25 shares at the Stock Exchange. The transactions in trust
company stocks reach a total of 63 shares. A sale of 20
shares of Chemical National Bank stock was made at 421,
4 points over the price paid at the last
an advance of 203
previous public sale in April. Ten shares of stock of the
Metropolitan Trust Co. were sold at 53532, as compared
with 500 in June, when the last previous sale was made.
Shares. BANKS-New York.
Low. High.
10 Aetna National Bank
170
170
20 Chemical National Bank
421
421
5 City Bank, National
3603% 3603%
*77 Commerce, Nat. Bank of...
_ _ 196
19634
15 Market & Fulton Nat. Bank 26534 26534
17 Merchants' National Bank
161% 161%
13 N. Y. Produce Exch. Bank_ 1603% 160o3%
100 Northern Bank
19834 19834
TRUST COMPANIES-New York.
50 Carnegie Trust Co
1853% 1.85 34
3 Guardian Trust Co
170
170
10 Metropolitan Trust Co
53534 53534
Close.
170
421
3603%
19634
26534
1613%
1603%
198%
Last
Sept.
April
Dec.
Dec.
Nov.
Dec.
Dec.
18534 Dec.
170
Oct.
535% June
previous sale.
1908- 170
1908- 4003%
1908- 350
1908- 197
1908- 2623%
1908- 184'%
1908- 160
1908- 181
1908- 175
1908- 500
*Of this amount 25 shares were sold at the Stock Exchange.
-As stated last week, a change in the method of quoting
bonds on the New York Stock Exchange becomes effective
the beginning of the new year. Heretofore it has been the
practice to quote prices flat, that is accrued interest has
been included in the price. Hereafter no account is to
be taken of the interest, all prices being now "and interest",
the buyer paying the accrued interest in addition to the
price.
-At a special meeting of the members of the Philadelphia
Stock Exchange on Tuesday, a proposition to amend the
constitution so as to reduce the commission for buying
3 to 3. of 1% was, it is stated,
and selling bonds from 4
defeated.
-The banking and brokerage house of H. W. Poor & Co.
of New York made an assignment on Saturday last to Mark
T. Cox, as assignee, and on Monday announced its suspension
to the Stock Exchange. Although the New York firm was
generally believed to have been composed of four members,
the notice of the assignment indicated that the business had
for some time been conducted solely by Mr. Poor. This
statement, issued in behalf of the assignee and "certain creditors," through their attorneys, was as follows:
Henry W. Poor, transacting business In the State of New York under
the name of H. W. Poor & Co., has made a general assignment for the
benefit of creditors to Mark T. Cox, of Robert Winthrop & Co. There
are no preferences beyond such as the statute gives to employees.
A superficial examination justifies the belief that If the creditors, who
are few In number, will co-operate in enabling the assignee to effect a
favorable liquidation of the assets, a large sum will be realized for their
benefit. Written assurance of important financial assistance to such
creditors as will co-operate to that end has been given.
Neither Mr. Cox, the assignee, nor Robert Winthrop & Co. are interested
as creditors, or otherwise. In the assigned estate.
The Boston house of H. W. Poor & Co. was also placed in
charge of,an assignee on Monday, James F. Jackson, former
Chairman of the Massachusetts Railroad Commission, being the appointee. It is stated that while the two firms are
connected through Mr. Poor, they are entirely separate as to
organization. H. W. Poor, according to the "Boston Transcript," had individually about a one-third interest in the
Boston firm, the other two-thirds being owned by the Boston
partners. Besides Mr. Poor, the members composing the
Boston firm are Frederick A. Farrar, Charles F. Cushman
and Franklin L. Hunt. The last number of the New York
Stock Exchange Directory also gave the foregoing as'members of the New York firm, and it is reported that as no notice of their withdrawal had been given the New York body,
the matter of the dissolution of the firm will be the subject
of an investigation by the Exchange authorities. The announcement of the assignment occassioned little surprise
locally, the firm having of late played an unimportant part
in financial affairs. Some difficulties had been encountered
by it during last year's panic, and it is also stated that a suit
recently brought against Mr. Poor for some $200,000 by
Howard Willets, concerning an investment in railroad bonds,
had resulted in the withdrawal of a number of its important
accounts. Mr. Poor in 1865, with H. V. Poor, began the
publication of Poor's Manual of Railroads. While he is
President of the company issuing that publication, the assignment of H. W. Poor & Co., it is announced, in no way
affects the Manual, it being published by a separate corporation, namely, Poor's Railroad Manual Company. Mr. Poor
entered the banking business in 1880 as a partner in the firm
of Anthony, Poor & Oliphant. The firm later became successively, Poor, Oliphant & Co., Poor, White & Co., Poor &Greenough,and since 1899 had operated as H. W.Poor & Co.
Winterfeldt on the 1st inst. became a partner
in the banking house of Speyer & Co. of this city. Mr.
Winterfeldt is a son of Max Winterfeldt, a leading business
man of Berlin, where he is prominent as a director of important banking and industrial corporations. Young
Mr. Winterfeldt came to this country about four years ago
and was until recently managing partner of Hallgarten &
Co. The Speyer house, one of the oldest in the United
States, was established in 1837.
-Official announcement of the admission of Henry
P. Davison as a partner in the firms of J. P. Morgan & Co.
of this city, Drexel & Co. of Philadelphia, and Morgan,
Harjes & Co. of Paris, was made under date of December
31. Mr. Davison retires as a Vice-President of the First
National Bank of this city, a position occupied by him for
the past six years. Prior to his connection with the First
National he was identified with the Liberty National Bank
which he served successively as Assistant Cashier, Cashier,
Vice-President and (in 1901-02) as President.
THE CHRONICLE
36
etarg]Toum ercialWnglisixgrivs
Name of Company.
[Vol, Lxxxviii.
Per
When
Cent. Payable.
Railroads (Steam)—Goncluded.
2
Chic. & Alton, pref. & prior lien & panic
2
Chicago Burlington & Quincy (quar.)_
Chicago & Eastern Illinois, pref. (guar.). 134
3%
Chicago & North Western, common
2
Preferred (quar.)
Chicago Rock Island & Pac. Ity. (guar.). 1
(quar.)
1%
Indiana
Western
Chicago
&
London.
4
Cincinnati & Muskingum Valley
Sot
Mon.
Week ending Dec. 31.
Tues.
Wed. Thurs.
Frt.
(guar.).
L.,
pref.
1%
One.
Chic.
&
St.
Cleve.
22 15-16 22 15-16 23%
23 3-16
Silver, per oz
5
Cleveland & Marietta
Consols, new, 23 per cents_ _
83%
83%
83%
84 1-16
2
Cumberland Valley, all stock (guar.)
83 13-16 83 11-16 83 13-16 84 1-16
For account
4
Delaware
96.723 96.573 96.62% 96.70
French Rentes (in Paris)_fr_
234
Delaware Lackawanna de Western (quar.)_
843
Amalgamated Copper Co_ _ _ _
85%
863.
853
(guar.)
Hudson
Delaware
&
234
bAanconda Mining Co
10%
10%
lox
lox
2%
Denver & Rio Grande, preferred
loox 103% Dm% 102%
Atchison Topeka & Santa Fe
2%
Detroit & Mackinac, preferred
Preferred
105%
106
106%
103
2%
Georgia Railroad & Banking (quar.)___ _
112%
Baltimore & Ohio
114
113%
113%
Great Northern (guar.)
Preferred
95
96%
96
953
2
Hocking Valley, common and preferred_
Canadian Pacific
181%
182
181%
1813(
2%
Interborough Rapid Transit (quar.)
Chesapeake & Ohio
59
59%
59
583
Kansas City Southern, preferred (guar.). 1
Chicago Great Western
13
13
12
133,1
6
Michigan Southern
Lake
Shore
&
Chicago Milw. & St. Paul_ _
155
154%
1543
1543
Guaranteed (Mich. & So. & No.Ind.)_
Denver & Rio Grande,corn. _
3934
40
383,
403,
2
Lehigh Valley, common
Preferred
8434
83
83%
843,
1
Common
(extra)
common
Erie,
35%
353
353
353,
5
Preferred
First Preferred
52%
521,1
52
503,
234
Little Schuylkill Nay. RR. et Coal
Second Preferred
40
413,
413
41
2%
Louisville & Nashville
Illinois Central
1511,
152
1503
1513,
Mahoning Coal lilt., common
Louisville & Nashville
125%
127
127
1273,
2%
Preferred
Mexican Central '
24
24
2414
243,f
NI line Central (quar.)
2
Mo. Kansas & Texas, corn. _
43
4314
45
441,j
Manhattan ,guar. (guar.)(No. 99)
134
• Preferred
7614
7634
76
75
Michigan Central
National RR.of Mexico_ _ _ _
54
5445
Mine Hill 8, Schuylkill Haven
231
N.Y.Central & find. River
128
12834
12-612831
MinneapolIs & St. Louis, preferred
2%
N.Y. Ontario & Western_ _ _
4634
4734
4714
4834
Morris & Essex
334
Norfolk & Western, corn__ _
87
8734
88
8734
N. Y. Central & Hudson River (guar.)._
134
Preferred _
89
90
90
88
New York & Harlem
Northern Pacific
145
14634
14834
14634
N.
Y.
Western
(quar.)_
Lackawanna
&
134
Pennsylvania
6614
8731
6734
6734
Norfolk & Western, preferred
2
aRes.ding Company
73
7234 . 7251
72
Northern Central (No. 88)
4
aFirst Preferred
4731
4754
4751
4734
Northern RR. of New Hampshire (guar.) 1%
aSecond Preferred
4754
48
48%
4834
Northern Securities
4
Rock Island Company__
25
25%
25
2434
Norwich & Worcester, preferred (guar.). 2
12334
Southern Pacific
123
122%
12334
Pittsb. Cinc. Chic. & St. Louis, common 2
Southern Railway, common
26%
27
2834
2734
Preferred
2%
8334
Preferred
6134
64
64
Pittsburgh & Lake Erie
5
Union Pacific, common
188
18734
18834
18734
Reading Company, common
2
98
Preferred
98
98
973-4
Renssalaer & Saratoga
,4
55
U.S. Steel Corp., common_
56
5534
5634
St. Louis & San Fran., 1st pref. (quar.) 1
115%
Preferred
11534
11534
11534
Chic. & East. Ill, corn. stk. tr. etfs_ _
6
1934
Wabash
1954
19
1934
Preferred stock trust etfs. (quar.)
134
51
5034
49
Preferred
4934
K. C. Ft. S. & M. pt. tr. Ms.(quar.)_ _
7734
Extended 4s
77
7734
773-4
Southern Pacific, corn. (guar.) (No. 9)... 1%
Preferred (No. 9)
3%
a Price per share.
b £ sterling.
Southwestern of Georgia
2%
Texas Central, preferred
2%
Union Pacific, common (quar.)
234
Vandalla
234
Vermont Valley
White Pass & Yukon
2
Worcester Nashua & Rochester
2%
Street Sc Electric Railways.
Auction Sales.—Among other securities the following, not
Amer.CIties Ry.S, Lt.,pref.(qu.)(No.10). 1%
regularly dealt in at the Board, were recently sold at auction: Athens
Electric Ry., preferred
3
Aurora Elgin & Chicago, common (quar.)_
By Messrs. Adrian H. Muller & Son:
Preferred
1%
(quar.)
Stocks.
Stocks.
Bangor Ry. & Electric (quar.)(No. 10._
134
1,000 Fraser Mtn. Copper Co.,
110 Greene Cananea Copper
_
Light et Power, pre/
Birmingham
Ry.,
3
$1 each
$10 lot Boston & Worcester Elec. Cos., pref.__
Co., $20 each_ _ _ _31,235 lot
100 Western Ice Co_ _ _ _$111 lot Capital Traction, Washington, D. C.(qu.) El
10 Dominion Copper Co.,$10
134
$1 per share 1,020 Mitchell Min. Co. Standeach
Mc. Newport & Covington, cam. (quar.)_
34
ard Tr. Co. rects_
_$113 lot
52 Davis Daly Estates CopPreferred (guar.)
151
200 Bay State Gas Co. N. Y.
per Co. ctfs. dated Jan. 6
Cincinnati Street Hy. (quar.)
134
cas
$44
lot
1908, $15 each
134 Ctly.
Ry.(Dayton, 0.). tom.(glum)
1%
100 Eastern Steel Co. pref.,
200 King Edward Silver Mines
Preferred (guar.)
15,4
with $419 70 int. & div.
93c. per sh.
Co., $5 each
Columbus
,pref.
3
(Ca.)
Elec.
Co.
(No.
5).
adjustment certificate_ _$5 lot Columbus
600 Gold H111 Copper Co., $10
Newark & Zanesv., pref. (guar.) 134
350. per sh.
10 Aetna Nat. Bank
each
170
Columbus Ry. & Light (quar,)
34
20 Chemical Nat. Bank_ _ _ _421
110 Manhattan Transit Co.,
Consolidated Traction of N J
20 Bond. & Mtge. Guar. Co_400
$2 per sh.
$20 each
Duluth-Superior Traction, pref. (guar.)
52 Nat. Bk. of Com_ _196 %-196
100 Alaska Mines Securities
El Paso Electric Co.. pret.(No. 13)
3
31c. per sh.
5 National City Bank_ __ _360% Halifax El.
Co., $5 each
Tramway, Ltd.(qu.)(No. 48) 154
15 Market & Fult. Nat. Bk_265% Holyoke Street
25 Colonial Silver Mines, $5
4
Ry
$11 lot
17 Merchants' Nat. Bank...181
each
Indianapolis Street Ry
3
13 N. Y. Prod. Exch. Bk18031 Lancaster
50 Portland Copper Mining
County Ry. & Lt., common__
2
$6 lot
3 Guardian Trust Co
Co., $1 each
170
Preferred
151
14 Wm. Cramp & Sons Ship
35 Nat. Beet Sug. Co. com_311 lot
Louisville
de
Nor.
Ry.
&
Ltg.,Class
A
(qu.)
13,6
dc Engine Bldg. Co
10 Nat. Beet Sug.Co. pref,$9 lot
1534
Class B
1
17 Lawyers' Mtge. Co_ _233-234% Manchester(guar.)
25 N. J. & Penn. Concen(N. H.) Tr., L. & P.(quar.)_
2
$2 lot
10 United Cities Realty Corp.,
trating Works
Massachusetts Electric Companies, pref._ $1
pref
10 International Elevating
953-4 Memphis St. Ry., pref. (guar.)
1%
863 per sh.
50 Carnegie Safe Deposit Co.187 3-4 New England
Co
Invest. & Security, pref. _
2
50 Mortgage Bond Co
1 N. Y. Prod. Exch. Safe
98% Northampton (Mass.) Street Ity
234
303
10 Metropolitan Trust Co_ .53534 Omaha &
Deposit Co
Council Bluffs Ry., common.... _
2
50 Carnegie Trust Co_ 185%485%
1 Louisville Property Co.,
Preferred (guar.)
131
100 Amer. Piano Co., corn
$100 each
15
Philadelphia Company, common (guar.). 1%
100 Northern Bank, N. Y.....19834 Portland
$50 Loulsv. & Nashv. RR. 5934
(Ore.)Ry.L.&P..pf (qu.)(No.10) 1%
Bonds.
Co.
Loulsv. Property
Public Service Corp. of N.J.(guar.)
1
$2,000 Penn. Canal Co. gen. 6$,
div. scrip
Public Service Ry.(N.J.)
2-3
1910, J. & J
1 Clinton Hall Association_ 48
734 Puget Sound Electric Ry., pref.(No.6).. 3
$2,500 Nat. Sugar Co. 1st 6s,
1 Ctf. membership N. Y.
Reading Traction
750.
1933
Metal Exch., subject to
$50 lot Ridge Ave. Pass. Ry., Phila. Ottani
$3
$2,500 Nat. Sugar Co. 2d 45,
rules of Exchange
Rockford de Interurban Ry., corn. (quar.)_ _
1
1933_
126 Oxford Iron & Nall Co_ _
$10 lot
Preferred (guar.)
;1.000 Oxford Iron & Nall Co.
$50 Standard Milling Co.
St. Charles Street RR., New Orleans
3
corn. scrip
1st M. 6s, 1913, July
$6 lot St.Joseph Ry.,L.II.&P..pf.(qu.)(No.25). 1%
$50 Standard Milling Co.
1894, coupon attached
$10
Sao Paulo Tramway, Lt. & Power (quar.) 254
pref. scrip
50 Lehigh Crane Iron Co., lot
$23 lot Sctoto Valley Traciion, pref.
.(guar.)
1%
$50 each
$600 Atlantic Coast Line RR.
Seattle Electric Co.. common (No. 2).... 2%
ctfs, of indebtedness ___ 78 54 Springfield (Ills.) Ity. & Light (quar.)_
12 Crane Iron Co, $50 each
1
$1,920 Winona & Southwestern
35,000 Consumers' Brew. Co. of
Stark Electric RR.. Canton, 0.(guar.)._
'11
By. Co. ctfs
N. Y. Ltd. 2d 5s, 1911.
Syracuse Rapid Transit, preferred (quar.) 1%
$600 Winona 84 Southwestern
J. & J
100
Toronto Railway (quar.)
154
Hy.Co.lstM.6s bd. scrlp_
$5,000 Bankers' Realty & SeTr -City Ry. & Light., pref. (guar.)
134
$1,000 Winona & Southwestern
curity Co. deb. 5s, 1932.10334 Twin City Rapid 'Fran,, Minn., pf.(qu.). 1%
Ry. Co. 65, 1928
Union Elec. Co., Dubuque,In., pf. (,n'thly)
36
Union Passenger Ity., Philadelphia
$4.75
Union Traction, Philadelphia
3
United Electric Co. of New Jersey
DIVIDENDS.
134
United Rys. of St. Louis, pre/. (quar.)_
1%
The following shows all the dividends announced for the United Traction, Pittsburgh, preferred_
2%
United Trac. & Elec.. Providence (guar.) 134
future by all large or important corporations:
Vika de Mohawk Valley Jig., pref. (glum) 134
Dividends announced this week are printed in italics.
Washington Alexandria & Mt. Vernon—
1
Washington Water Power, Spokane (qu.)
West End Street Ry.. Boston, pref
$2
Books Closed.
Per
When
West India Elec. Co., Ltd. (qu.)(No. 4)
Name of Company.
Days Inclusive.
Cent Payable.
West Philadelphia Passenger Ry
$5
Banks.
Railroads (Steam).
Aetna National (quarterly)
2
Albany & Susquehanna (quar.)
1 Dec. 10 to Jan. 1 America. Bank of
434 Jan.
13
Allegheny & Western, guaranteed
Jan.
2 Holders of rec. Dec. 21 Broadway, Brooklyn
3
7
rec.
Atch. Topeka & Santa Fe, pref.(No. 21). 234 Feb.
Holders
of
1
Dec.30a Butchers' & Drovers', National
3
Atlantic Coast Line RR., common
234 Jan. 11 Dec. 19 to Jan. 11 Century (quarterly)
154
Beech Creek, guaranteed (quar.)
2 Holders of rec. Dec. 23 Chase National
1
Jan.
of
Chicago
close.
Railway
(quar.)
1 Do not
Belt
Jan.
2
Chatham National (attar.) (No. 152)
4
Boston & Lowell
2 Nov. 26 to Dec. 1 Chemical National (bl-monthly)
Jan.
4
234
Boston de Maine, corn. (quar.)(No. 173)
1 Holders of rec Dec. 9a Citizens' Central National (guar.)
134 Jan.
134
Boston Revere Beach & Lynn
Jan.
1 Holders of rec. Dec. 15 City, National (Brooklyn)
3
Canada Southern
151 Feb.
1 Holders of rec. Dec. 31 Coal & Iron National (quar.)
254
HOLIDAY
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:
asinnyc=tat anti'OtiscatantonsRextls
Jan.
Jan,
Jan.
Jan.
Jan,
Jan.
Jan.
Dec.
Jan.
Dec
Jan.
Jan.
Jan.
Mch.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan,
Feb.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan
Jan.
Jan.
Feb.
Jan,
Jan
Jan.
Jan.
Feb.
Jan.
Feb.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan,
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Books Closed.
Days Inclusive.
15 Holders of rec. Dec.31a
1 Dec. 27 to Jan. 3
2 Holders of rec. Dec.18a
2 Holders of rec. Dec. 3
2 Holders of rec. Dec. 3
1 Holders of rec. Dec.18a
1 Do not close.
31 Holders of rec. Dec. 30
20 Holders of rec. Dec. 29
31 Holders of rec. Dec. 30
1
2 Holders of rec. Dec. 5a
20 Holders of rec. Jan. 4
20 Holders of rec. Feb. 27
15 Dec. 27 to Jan. 3
2 Dec. 16 to Jan. 3
15 Jan. 1 to Jan. 14
1 Holders of rec. Jan. 12a
18 Holders of rec. Dec. 28
2 Dec. 20 to Jan. 1
15 Holders of rec. Dec. 31
29 Holders of rec. Dec. 31
1 Jan. 1 to Feb. 1
9 Holders of rec. Dec. 28
9 Holders of rec. Dec. 26
9 Holders of rec. Dec. 28
15 Dec. 24 to Jan. 14
10 Jan. 21 to Feb. 10
1 Holders of rec. Jan. 15
2 Holders of rec. Dec. 19
1 llolders of rec. Dec. lb
2 Dee. 12 to Dec. 23
29 Holders of rec. Dec. 31
15 Dec. 22 to Jan. 14
15 Holders of rec. Dec. 31
2 Holders of rec. Dee.10a
lb Holders of rec. Dec. 22
2 Holders of rec. Dec. 15
1 Holders of rec. Dec.15a
18 Holders of rec. Feb. 3
15 Holders of rec. Dec. 81
1 Holders of rec. Dec. 7a
11 Dec. 31 to Jan. 11
1 Dec. 20 to Dec. 31
15 Holders of 'cc. Feb. 5
15 Holders of rec. Jan. 5
1 Holders of rec. Jan. 2
1 Holders of rec. Jan. 15
1 Dec. 16 to Jan. 1
2 Holders of rec. Jan.16a
2 Dec. 17 to Jan. 3
2 Dec. 17 to Jan. 3
2 Holders of rec. Dec.188
2
15 Holders of rec. Dec. 31
5 Dec. 16 to Jan. 5
15 Jan. 6 to Jan. 15
2 Holders of rec. Dec. la
15 Holders of rec. Feb. 5
1 Dec. 16 to Jan. 1
15 Holders of rec. Jan. 1
1 Dec. 20 to Dec. 31
Jan.
1 Dec. 22 to Jan. 1
Jan.
2 Holders of rec. Dec. 31
Jan, 11 Dec. 25 to Jan. 11
Jan. 11 Dec. 25 to Jan. 11
Jan.
1 Dec. 21 to Dec. 31
Dec. 31 Dec. 25 to Jan. 1
1 Holders of rec. Dec.26a
Jan.
1 Dec. 13 to Jan, 13
Jan.
Jan. 15 Jan. 1 to Jan. 15
Jan. 15 Jan. 1 to Jan. 15
Jan.
1
Jan.
1 Dec. 23 to Dec. 31
Jan.
1 Dec. 23 to Dec. 31
Jan.
1 Holders of rec. Dec. 21
1 Dec. 25 to Dec. 31
Jan.
Jan.
5 Holders of rec. Dec. 24
Jan. 15 Jan. 1 to Jan. 15
1 Dec. 26 to Dec. 31
Jan.
Jan. 11 Holders of rec. Dec. 30
Jan.
2 Dec. 21 to Jan. 2
1 Dec. 30 to Dec. 31
Jan.
Jan.
1 Dec. 24 to Jan. 1
1 Holders of rec. Dec. 24
Jan.
Jan.
1 Holders of rec. Dec. 24
1 Dec. 21 to Dec. 31
Jan.
1 Dec. 21 to Dec. 31
Jan.
Jan. 15 Holders of rec. Jan. 1
Jan.
1 Holders of rec. Dec. 5
Dec. 31 Dec. 23 to Jan. 1
Jan.
1 Holders of rec. Dec.19a
Jan.
1 Holders of rec. Dec. 31
1 Dec. 20 to Jan. 11
Jan.
Jan.
1 Dec 20 to Jan. 11
1 Holders of rec. Jan. 2
Feb.
Jan.
2 Holders of rec. Dec. 15
Dec. 311 Dec. 27 to Jan. 1
Dec. 3 Holders of rec. Dec. 31
1 Holders of rec. Dec. 15
Jan.
1 Dec. 12 to Jan. 3
Jan.
Jan.
1 Dec. 10 to Jan. 1
Jan.
1 lIolders of rec. Dec.31a
1 Holders of rec. Dec.31a
Jan.
1 Holders of rec. Dec. 31
Jan.
1 Holders of rec. Dec. 15
Jan.
1 Holders of rec. Dec. 21
Jan.
1 Holders of rec, Dec. 24
Jan. 15 Holders of rec. Jan. 1
2 Holders of rec. Dec.23a
Jan.
1
Jan.
Jan.
1 Holders of rec. Dec. 24
2 Holders of rec. Dec.15a
Jan,
2 Holders of rec. Dec. 22
Jan.
2 Holders of rec. Dec. 15
Jan.
1 Holders of rec. Dec. 31
Jan.
1 Holders of rec. Dec. 15
Jan.
1
Jan.
1 Holders of rec. Dec. 31
Jan.
Jan. 11 Dec. 24 to Jan. 10
Jan. 20 Holders of rec. Jan. 9
2 Dec. 9 to Jan. 3
Jan.
Dec. 31 Holders of rec. Dec. 31
Jan.
2 Dec. 25 to Jan. 2
2 Holders of rec. Dec. 21
Jan.
Jan.
1 Dec. 24 to Jan. 1
Jan,
2 Dec. 25 to Jan. 1
Jan.
1 Holders of rec. Dec. 15
Jan.
Jan.
Jan.
Jan.
Jan,
Jan,
Jan.
Jan.
Jan.
Jan.
Jan.
2 Holders of rec. Dec. 24
2 Dec. 19 to Jan. 3
2 Dec. 23 to Jan. 1
2 Dec. 22 to Jan. 1
2 Dec. 27 to Jan. 1
2 Holders of rec. Dec. 31
2 Dec. 24 to Jan. 1
2 Dec. 25 to Jan. 1
2 Holders of rec. Dec. 28
2 Dec. 24 to Jan. ft 1
1 Holders of rec. Dec. 9
JAN. 2 1909.1
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
37
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Banks—Concluded.
Miscellaneous (Concluded).
Colonial (guar.)
1 Holders of rec. Dee. 21 National Biscuit, corn.(guar.)(No.41).. 15' Jan. 15 Holders of rec. Dec.28a
Jan.
Columbia
Jan.
2 Dec. 17 to Jan. 1 NationalLead, common (guar. )(No. 20) 13( Jan.
6
1 Dec. 12 to Dec. 15
Jan.
Commerce, National Bank of (quar.)--.- 2
2 Dec. 24 to Jan. 3 National Light, Heat & Power, pref. (qu.) 1,),I Jan.
2 Dec. 29 to Jan. 1
8 Jan. 1 to Jan. 12 National Sugar Refining, pref.(guar.)._
Jan.
Consolidated National
3
1;.6 Jan.
2 Dec. 23 to Jan. 13
Dec.
23
2
to
Jan.
Jan.
3
East River National
3
National Surety (guar.)
2
Jan.
2 Dec. 22 to Jan. 1
25 Jan.
1 Holders of rec. Dec. 31 New England Cotton Yarn corn.(quar.). 1% Jan.
Fifth Avenue (quarterly)
1 Dec. 19 to Dec. 31
2 Holders of rec. Dec. 31 New Eng. Telep. & Teleg. (guar.).
3
Jan.
Fifth National (quarterly)(No. 134)— _
1% Jan. 15 Jan. 1 to Jan. 14
2
Holders
Jan.
of
rec.
Dec.
31
5
First National
New Orleans Gas Light
Jan. 15 Holders of rec. Dec. 31
$3
3
2 Holders of rec. Dee. 31 New York Mutual Gas Light
Jan.
First Security Co
Jan.
3
9 Holders of rec. Dec. 28
2
2 Dec. 23 to Jan. 1 N. Y. & N. J. Telep. (guar.)(No. 101)... 1% Jan. 15
Jan.
Fourth National (quarterly)
Holders of rec. Jan. 5
10 Jan.
2 Dec. 23 to Jan. 1 Nipissing Mines (guar.)
German Exchange
Jan. 20 Jan. 1 to Jan. 20
3
4
Jan.
2 Dec. 23 to Jan. 1
Hanover National (quarterly)
Extra
2
Jan. 20 Jan. 1 to Jan. 20
10 Jan.
2 Dec. 23 to Jan. 1 Nova Scotia Steel dr Coal, Ltd.,pf
Importers' & Traders National
Jan. 15 Jan. 1 to Jan. 5
(guar.) 2
2
Jan.
2 Dec. 23 to Jan. 2 Old Dominion Steamship (No. 66)
Irving National Exchange (guar.)
Jan.
3
2 Dec. 21 to Jan. 2
Jan.
5
2 Holders of rec. Dec. 17 Osceola Mining
Jefferson
$4 Jan. 29 Holders of rec. Jan. 8
5
Jan.
2
Holders
Dec.
of
31
rec.
Liberty National (quar.)
Otis Elevator, preferred (guar.)
15 Holders of rec. Dec. 31
Jan.
1%
5
Jan.
2 Holders of rec. Dec. 31 Pacific Coast Power (No. 2)
Extra
Jan. 16 Holders of rec. Jan. 6
2
Jan.
2 Dec. 31 to Jan. 1 Peoria Light, preferred
Manhattan Co., Bank of the (No. 205)._
1% Jan.
2 Holders of rec. Dec.18a
2
Jan.
2 Dec. 31 to Jan. 1 Procter dr Gamble, preferred (quar.)
Extra
2
Jan.
15 Holders of rec. Dec.31a
Jan.
Manufacturers' Nat., Brooklyn (guar.). _
2 Dec. 25 to Jan. 1 Quaker Oats, common (guar.)
1;1 Jan. 15 Holders of rec. Jan. 46
2
Jan.
2 Dec. 25 to Jan. 1
Extra
Common (extra)
Jan. 15 Holders of rec. Jan. 4a
3
Jan.
2 Dec. 23 to Jan. 1 Reece Button Hole Mach. (guar.)(No. 91) 2)i Jan.
Market & Fulton National (guar.)
15 Holders of rec. Jan. 5
Mechanics', Brooklyn (No. 113)
6
Jan.
2 Dec. 27 to Jan. 1 Sears. Roebuck & Co., pref. (quar.)
1% Jan,
1 Holders of rec. Dec.17a
3
Mechanics' National (Guar.)
Jan.
2 Holders of rec. Dec. 19 Securities Company
234
Jan. 1 to Jan. 15
Jan.
15
3
Merchants' Exchange National
Jan.
2 Dee. 23 to Jan. 1 Shawinigan Water & Power (guar.)
1
Jan.
Jan. 20 to Jan. 25
Merchants' National (No. 211)
Jan.
2 Holders of rec. Dec. 24 Sloss-Sheffield Steel & Iron, pref. (guar.) lx Jan. 20
Holders of rec. Dec.I8a
2
Metropolitan (quar.)
Jan.
Jan.
1
to
20
2 Dec.
Standard Screw, common and preferred_ 3
1 Holders of rec. Dec. 15
Jan.
Mutual
4
Jan.
2 Dec. 25 to Jan. 3 Standard Underground Cable
3
Jan.
9 Holders of rec. Jan. 4
Nassau National, Brooklyn (guar.)._
Jan.
3
2 Dec. 27 to Jan. 1
Extra
10
Jan. 9 Holders of ree. Jan. 4
New York County National (No. 113). _
20 Jan.
2 Dec. 28 to Jan. 2 Stetson (John I3.), common
15 Jan. 15 Jan. 10 to Jan. 15
New York, N. B. A., Bank of (No. 250).
Jan,
2 Dec. 22 to Jan. 1
Preferred
4
Jan. 15 Jan. 10 to Jan. 15
NorthSide, Brooklyn (NO. 29)
3
Jan.
2 Dec. 16 to Jan. 3 Street's West. Stable-Car Line, corn.(guar.)
% Jan. 25 Jan. 15 to Jan. 25
Park, National (qua.)
4
Jan.
2 Holders of rec. Dec. 18
Preferred (quar.)
3% Jan.
1 Dec. 22 to Jan. 1
Peoples (No. 115)
5
2 Dec. 27 to Jan. 1 Swift dr Company (guar.)(No. 89)
Jan
1% Jan.
4 Dec. 17 to Jan. 7
Phenix National
1
Jan.
3
Jan.
2 Dec. 25 to
Tett, Weller Co., pref. (guar.)(No. 30)
1% Jan.
1 Dec. 22 to Jan. 5
Plaza
10 Jan
2 Dec. 24 to Jan. 3 Torrington Company, preferred
334
Jan.
1 Dec. 19 to Dec. 31
Prospect Park, Brooklyn
3
1 Dec. 30 so Jan. 1 Union hag & Paper, pref. (auar.)(No.39) 1
Jan.
Jan. 15 Holders et rec. Dec 31
Seaboard National
Jan.
5
2 Holders of rec. Dec. 26 Union Switch dr Signal, corn. & pf. (qu.) 3
Jan. 11 Jan. 2 to Jan. 11
Second National (guar.)
Jan.
3
2 Dec. 28 to Jan. 1 United Bank Note Corp., pref.(Guar.)._
1%
Jan.
2 Dec. 17 to Jan. 3
State
5
2 Dec. 12 to Jan. 1 United Cigar Stores, preferred (annual)._ _ 7
Jan.
Jan, 20 Jan. 3 to Jan. 20
West Side
2 Dec. 18 to Jan. 3 United Fruit (guar.)(No. 38)
Jan
2
Jan. 15 Holders of rec. Dec. 26
rrust Companies.
United Gas Improvement (quar.)
2
Jan. 15 Holders of rec. Dec. 31
Bankers' (quarterly)
Jan.
4
2 Holders of rec. Dec. 26 United Shoe Machinery, common (quar.) 2
Jan.
5 Holders of rec. Dec. 12
Bowling Green (guar.)
2 Dec. 27 to Jan. 13
Jan
5
Preferred (guar.)
1% Jan.
5 Holders of rec. Dec. 12
Brooklyn (guar.)
Jan.
5
2 Holders of rec. Dec 21 U. S. Finishing, pref. (qu.)(No. 38).... 1% Jan.
1 Holders of rec. Dec. 22
Central (quarterly)
1
Jan.
15 Tan
2 Dec. 16 to
United States Leather pref (guar.)
1% Jan,
2 Holders of rec. Dec. 10
Equitable (guar.)
3
Dec. 31 Dec. 30 to Jan. 5 United States Printing of Ohio (guar.)._ 16-16 Jan.
2 Dec. 20 to Jan. 2
Flatbush (Brooklyn)
Jan
4
2 Dec. 22 to
U. S. Smelt. Ref & Mining. corn.(guar.) 1
Jan. 15 Holders of rec. Dec. 31
Fulton (No. 33)
Jan.
5
2 Dec. 22 to Jan. 1
Preferred (guar.)
1% Jan. 15 Holders of rec. Dec. 31
Hudson
Jan.
2 Dec. 25 to Jan. 3 U. S. Telephone, pref. (guar.)
3
134 Feb. 15 Holders of rec. Jan. 30
Lawyers'Title Insurance & Trust (guar.) 3
Jan.
2 Dec. 17 to Jan. 3 Utah Consolidated Mining
50e. Jan. 15 Dec. 22 to Dec. 30
Long Island Loan & Trust, Bklyn.(guar.) 3
Ian.
2 Holders of rec. Dec. 19 Virginia-Carolina Chem.,pf.(qu.)(1,
70.53). 2
Jan. 15 Jan. 1 to Jan. 15
Manhattan
3
Jan.
2 Dec. 3 to Jan. 1 Vulcan Detinning, pref. (guar.)
131 Jan, 20 Holders of rte. Jan. 9a
3
Extra
Jan.
2 Dec. 3 to Jan. 1 Waltham Watch ,common
1)4 Jan.
1 Holders of rec. Dec. 21
2
Mount Vernon (guar.)
Jan.
2 Holders of rec. Dec. 28 Wells, Fargo & Co
Jan. 15 Jan. 1 to Jan. lb
5
Jan.
Extra
2 Holders of rec. Dec. 28 Western Union 'telegraph (qu.)(No. 159)
3.4
% Jan. 15 Holders of rec. Dec.19a
(monthly)
People's, Brooklyn
Jan.
2 Holders of rec. Dec. 31 Westinghouse Air Brake (guar.)
2% Jan.
9 Dec. 31 to Jan. 8
12% Jan.
Union (quarterly)
9 Jan. 6 to Jan. 8 White (J. G.) & Co., pref. (guar.)
1}.5 Jan.
2 Holders of rec. Dec. 20
25
United States
Jan.
1 Wilkes-Barre Gas & Electric (guar.)._
2 Dec. 20 to Jan
1
Jan.
2 Holders of rec. Dec. 17
(quarterly)
Washington
3
Jan.
2 Holders of rec. Dec. 24
Miscellaneous.
American Beet sugar. pf. (qu.)(No. 38).
a Transfer books not closed. d Correction.
Jan.
2 Holders of rec. Dec. 19
American Can. preferred (guar.)
Jan
2 Holders of rec. Dec.16a
Amer.Car & Fdry., corn.(guar.)(No.25)
Jan.
1 Dec 12 to Dec. 20
Imports and Exports for the Week.—The following are
Preferred (guar.)(No. 39)
1% Jan.
1 Dec. 12 to Dec. 20
American Caramel, pref. (guar.)
2
Jan.
1 Dec. 12 to Jan. 1 the imports at New York for the week ending Dec. 26; also
American Cement(No. 19)
3
Jan. 22 Jan. 10 to Jan. 22 totals since the beginning of the first week in January:
American Chicle, common (monthly)
1
Jan. 20 Dec. 29 to Jan. 20
Common (extra)
FOREIGN IMPORTS AT NEW YORK.
Jan. 20 Dee. 29 to Jan. 20
Preferred (quarterly)
1% Jan. 20 Dec. 29 to Jan. 20
Express
American
3
Jan.
2 Holders of rec. Nov.30a
For week.
American Glue, preferred
1908.
1905.
1907.
1906,
$4 Feb. 1 Jan. 20 to Feb. 2
Amer. Iron dr Steel Mtg., com.&pf.(qu.). iq Jan. )Holders of rec. Dec.19a
American Locomotive, preferred (guar.).
$3,349,306 $3,042,367 $4,032.669 $2,783,027
Jan. 21 Jan. 5 to Jan. 21 Dry Goods
American Plano, pref. (quar.)(No. 3).. 1% Jan.
8,721,700
7,416,807 14,902,85(1 10,151,579
1 Dec. 11 to Jan. 9 General Merchandise
American Pipe Mtg.(guar.)
2
Jan.
1 Holders of rec. Dec. 15
Total
Amer. Smelt. & Ref.,com.( qu.)(No. 21) 1
112,071.006 $10,459,174 $18,935,525 $12,934,606
Jan. 15 Dec. 25 to Jan. 1
Since January 1.
Preferred (guar.)(No. 38)
1% Jan.
2 Dec. 12 to Dec. 17
American Snuff, common
129,955,150 $185,409,765 $164,964,717 $142,717,654
4
2 Holders of rec. Dec. 12 Dry Goods
Jan.
Preferred
499,743,526 644,132,246 619,972.156 565.595,321
1% Jan: 2 Holders of rec. Dec. 12 General Merchabdise
Amer. Sugar Ref., corn. and pref. (guar.)
2 Dec. 3 to Jan. 3
Jan.
American Telephone & Telegraph (guar.) 2
Total 52 weeks
$629,698,676 $829,542,011 $784,936,873 $708,312,975
Jan. 15 Holders of rec. Dec. 31
American Tobacco, preferred (quar.)_
1% Jan.
2 Holders of rec. Dec. 12
American Type Founders, common (qu.) 1
Jan. 15 Holders of rec. Jan. 11
Preferred (guar.)
The following is a statement of the exports (exclusive of
Jan, 15 Holders of rec. Jan. 11
American Woolen, pref. (qu.)(No. 39)..
Jan. 15 Dec. 27 to Jan. 4
Anaconda Copper Mining (quar.) No. 33) 50c. Jan. 20 Holders of rec. Jan. 9 specie) from the port of New York to foreign ports for the
Baltimore Electric, preferred
2 Dec. 29 to Jan. 3 week ending Dec. 26 and from Jan. 1 to date:
Jan.
Bell Telephone of Canada (guar.)
2
Jan. 15 Holders of rec. Dec. 24
EXPORTS FROM NEW YORK FOR THE WEEK.
Bell Telephone of Missouri (quarterly)... 2
2 Dec. 25 to Jan. 3
Jan.
Bell Telephone of Philadelphia (quar.)_
1% Jan. 15 Jan. 6 to Jan. 15
1908.
1907.
1906.
1905.
Bliss (E. IV.), common((guar.)(No. 65)._
2% Jan.
Dec. 31
2
MIPreferred kquar. (No.65)
2
Jan.
Dec. 31
2
$7,623,440 $13,324,017 $10,556,954 $12,206,629
Butte Elec. & Power, corn.(qu.)(No. 17) 1% Jan.
2 Holders of rec. Dec. 20 For the Week
623,276,947 642,034,277 614,506,077 546,741,033
Canadian General Elec., Ltd., corn. (qu.) 1% Jan.
1 Dec. 15 to Dec. 31 Previously reported
Canton Company
Jan.
2 Dec. 23 to Jan. 2
Total 52 weeks
$630,900,387 $655,358,294 $625,063,031 $558,947,662
1% Jan. 15 Jan. 1 to Jan. 15
Central Coal & Coke, common (guar.)._
1% Jan. 15 Jan. 1 to Jan. 15
Preferred (quar.)
Cent. Dist. & Print. Telegraph (guar.)._ 2
Jan. 30 Jan. 24 to Jan.31d
The following table shows the exports and imports of
Central Leather. preferred (guar.)
Jan.
2 Holders of rec. Dee. 10
1% Jan.
Central & S. A. Telegraph (guar.)
8 Holders of rec. Dec. 31 specie at the Port of New York for the week ending Dec. 26
Jan.
Ch. June.ltys.& Un.Stk.Yds.. corn (qu.) 2
2 Holders of rec. Dee. 14
1% Tan.
2 Holders of rec. Dec. 14 and since January 1, 1908, and for the corresponding
Preferred (quar.)
13-16d Jan.
Cincinnati Gas de Electric (guar.)
2 Dec. 15 to Dec. 21 periods jn 1907 and 1906
1% Jan.
Columbus Gas & Fuel, pref. (guar.)
1 Holders of rec. Dec. 14
EXPORTS ANT) IMPORTS OF SPECIE AT NEW YORK.
Jan.
Col. & Hock. Coal & Iron, pref. (guar.)
1 Holders of rec. Dec. 21
1
Tan. 11 Holders of rec. Dec. 31
Corn Products Refining. pref.(quar.)_
Tan.
1 Dec. 20 to Jan. 1
Cumberland Telep. & Teleg.(nu.)(No.101) 2
Exports.
Imports.
Jan. 29 Holders of rec. Jan. 9
1
Distilling Co. of America, pref. (guar.)"
BOIL
Jan. 30 Holders of tee. Jan. On
Distillers' Securities Corp. (qu.)(No. 25)
Week. Since Jan.1
Week. Since Jan.1
Jan,
2 Dec. 22 to Jan. 1
Dominion Coal, 1.td., common (quar.).
Duluth Edison Elec.. pref. (go.)(NO. 11) 1% Jan.
1 Holders of rec. Dec.12a Great Britain
$1,913 $3,720,329
$2,524,737
du Pcmt (1(.I.)de Nern,,ursPowd.pr.(gr.) 1% Jan. 25 Holders of rec. Jan. 15 France
$699,010 29,844,414
2,123 1,087,055
2% Jan.
Eastman Kodak. common (guar.)
1 Holders of rec. Nov. 30 Germany
19,017,343
36,183
1% Jan.
Preferred (quarterly)
1 Holders of rec. Nov. 30 West Indies
28,400 5,237,299
1,347,900
2
Electric Boat, pref.(guar.)(No.22)
Jan.
1 Holders of rec. Dec. 21 Mexico
404
4,000
524,839
Electric Storage Battery. com.& pt. (gti.)
2 Holders of rec. Dec. 23 South America
5' Jan.
72,354 2,976,222
202,000 2,153,936
Empire Steel & Iron, pref.(No. 20)
114 Jan,
1 Dec. 20 to Jan. 1 All other countries
66,634 3,503,532
10,235
Evansville Light, preferred
134 Jan.. 2 Holders of rec. Dec.23a
Federal Mining & Smelting, common.... 1)4 Jan. 15 Holders of rec. Dec. 31
Total 1908
$901,010 $54,901,565 $171,828 $17,085,459
1)1 Jan.
GeneralChemical, pref. (guar.)
2 Holders of rec. Dee. 23
Total 1907
36,788.772 4,115,667 99,222,493
General Electric (guar.)
2
Jan. 15 Holders of rec. Dec. 3
Total 1906
290.410 6,828,146
310,126 95,098.996
Gorham Mfg., pref. (guar.)
1;4 Jan,
2 Dec. 211 to Dec. 31
Silver.
Jan. 2 Dec. 16 to Jan. 2 Great Britain
Great Lakes Towing, preferred (guar.)._
$683,500 $36,880,594
$389
$74,701
Guggenheim Exploration (quar.)(No. 24) 234 Jan.
2 Dec. 19 to Jan. 3 France
4,914,000
68,514
Ingersoll-Rand, preferred
3
Jan,
1 Holders of rec. Dec.12a Germany
41,900
118,785
Jan. 15 Holders of rec. Jan. 5 West Indies
Int. Button Hole Sew. Mach.(qu.)(Na.45) 1
267,593
507
800
188,334
International Nickel, preferred (guar.)._
134 Feb.
1 Jan. 10 to Feb. 1 Mexico
27,104
1,922,983
International Paper, preferred (guar.).
Tan. 15 Holders of rec. Jan. 5a South America
3,870
11,721
1,372,727
Jan.
1
International Silver, preferred (guar.)._
1 Dec. 12 to Jan. 19 All other countries
350
24,085
769,899
3
Jan. 20 Jan. 3 to Jan. 20
La Rose Consolidated Mines (quar.)_
Jan. 20 Jan. 3 to Jan. 20
Extra
$684,907 $42,108,307
Total 1908
$64,099 $4,515,943
1
(No.
Jan.
14)
(go.)
Mackay Cos., coin. & pref.
2 Holders of rec. Dec.12a
Total 1907
386,460 48,806,791
28,804 3,954,305
Jan. 16 Holders of rec. Jan. la
Massachusetts Lighting (guar.)
Total 1906
1,168,335 46,890,428
23,453 2,889,155
Jan. 15 Holders of tee. Dee. 31
Mexican Telegraph (quar.)
1
Jan.
Michigan Light, common (quar.)
2 Holders of rec. Dec.18a
Preferred (quar.)
134 Jan. 2 Holders of rec. Dec.18a —Of the above imports for the week in 1908, !!30,523 were
Michigan State Tel., pref.(guar.)(No.20)
Feb. 1 Jan. 17 to Feb. 1
American gold coin and $800 American silver coin. Of
2
Minneap. Gen. Elec., corn. (No. 7)
Feb.
1 Holders of rec. Jan. 11
3
Feb. 1 Holders of rec. Jan. 11 the exports during the same time, $202.000 were AmerPreferred(No. 20)
Jan,
Monongahela Etc. Cons, Coe& Coke, of
25 Holders of rec. Jan. 10 ican gold coin and 8..__ were American silver coin.
13
THE CHRONICLE
38
Statement of New York City Clearing-House Banks.-The
detailed statement below shows the condition of the New
York City Clearing-House banks for the week ending Dec.
26. The figures for the separate banks are the averages of
the daily results. In the case of the totals, the actual figures at the end of the week are also given.
We omit two ciphers (00) In an cases.
Banks.
00.1 omitted.
Capital. Surplus.
Loans.
Average.
Specie. Legals. Deposits. ReAverage. Average. Average. s've.
2,000,0 3,382,8 10,995,0 3,905,0 1,154,0 18,526,0 27.3
Bank of N. Y.._
2,050,0 3,479,7 37,550,0 10,962,0 1,669,0 46,200,0 27.3
Manhattan Co_
2,000,0 1,645,0 18,820,0 3,374,0 1,763,0 19,567,0 26.5
Merchants' ____
_ 3,000,0 3,716,3 28,342,0 5,386,0 1,968,0 29,078,0 25.3
Mechanics'
1,500,0 5,032,4 27,274,6 4,323,7 3,179,0 29,374,0 25.5
America
620,1
1,000,0
7,314,0 1,358,0
6,519,0 26.8
Phenix
353,0
25,000,0 25,531,3 182,754,4 41,842,1 8,240,0 183,890,1 27.5
City
3,000,0 5,832,2 29,726,0 5,904,8 1,834,9 29,344,0 26.3
Chemical
600,0
6,838,0 26.1
Merchants' Ex_
533,0
6,594,7 1,295,0
458,1
7,528,1 25.1
1,000,0 2,418,9
Gallatin
9,527,0 1,125,6
743,4
2,429,0 29.4
300,0
150,3
2,178,5
649,2
67,1
Butch.& Drov_
7,582,2 26.3
Greenwich
500,0
733,7
6.695,9 1,795,9
200,0
5,000,0 4,968,0 30,574,4 4,970,2 1,251,4 24,147,1 26.0
Amer. Exch__ _
25,000,0 15,546,3 156,601,9 23,579,6 11,414,3 137,330,1 25.7
Commerce
8,818,5 27.3
Mercantile
3,000,0 2,521,7 12,389,6 1,592,5
787,0
3,541,6 38.1
500,0
852,4
881,2
471,3
Pacific
3,355,9
7,325,2 27.1
Chatham
450,0 1,009,1
6,855,8
834,6 1,138,2
2,325,2 24.7
People's
200,0
65,2
466,5
1,854,3
510,0
Hanover
3,000,0 9,989,6 65,943,7 10,144,5 10,234,1 77,316,6 26.6
324,8 22,886,0 25.7
Citizens' Cent_, 2,550,0 1,400,7 22,831,4 5,507,0
5,047,4 25.1
Nassau
500,0
4,730,1
416,1
853,3
392,3
8,477,9 30.2
Market & FuIt _
1,000,0 1,619,9 .7,979,3 1,492,0 1,061,8
Metropolitan
195,1 11,697,6 27.0
2,000,0 1,207,5 11,381,3 2,970,6
Corn Exchange. 3,000,0 5,241,2 43,154,0 6,650,0 5,746,0 50,169,0 24.7
Imp.& Traders' 1,500,0 7,416,4 28,829,2 5,178,0 1,647,0 27,200,7 25.2
Park
3,000,0 9,584,6 87,079,0 25,084,0 1,439,0 100,440,0 26.4
1,608,9 32.2
331,6
188,8
East River_
1,331,9
250,0
100,3
Fourth
3,000,0 3,363,1 25,277,0 3,033,0 2,700,0 26,187,0 25.4
334,0 12,013,0 26.2
Second
1,000,0 1,753,0 11,014,0 2,820,0
10,000,0 17,072,2 129,341,9 34,423,3 1,796,4 134,489,7 27.1
First
902,7 20,404,8 26.9
Irving Exch__ _
2,000,0 1,375,2 18,947,2 4,573,9
3,270,0 25.3
71,0
758,0
792,1
2,216,5
Bowery
250,0
8,145,2 26.4
696,5
7,465,5 1,393,0
500,0 1,137,4
N. Y. County_ _
3,821,2 27.5
819,1
234,9
3,938,2
655,0
German-Amer _
750,0
Chase
5,000,0 5,617,5 73,952,6 15,517,6 4,704,7 81,029,7 25.1
994,0 14,721,0 26.3
12,904,7 2,883,4
Fifth Avenue
100,0 2,108,1
670,7
4,190,6 25.0
380,2
3,368,7
892,5
German Exch.
200,0
669,7
5,470,4 26.7
735,8
4,707,4
993,6
Germania
200,0
1,000,0 1,278,2 16,391,1 3,612,8 1,072,4 18,266,8 25.7
Lincoln
7,444,4 28.2
628,0
7,279,3 1,547,5
1,000,0 1,137,4
Garfield
453,3
330,0
3,265,9 24.2
3.215,5
464,4
250,0
Fifth
1,000,0 2,000,3 12,257,8 2,144,5 1,053,0 12,703,6 25.1
Metropolis
252.0
4,583,0 26.3
954,0
4,117,0
929,5
200,0
West Side
1,000,0 1,665.1 20,147,0 5,419,0 1,458,0 24,547,0 28.1
Seaboard
278,3 14,897,5 26.1
1,000,0 2,512,0 15,648,6 3,572,5
Liberty
140,1
8,116,0 25.1
6,956,0 1,903,8
670,6
N.Y.Prod. Ex. 1,000,0
247,0 13,681,0 27.1
827,7 10,454,0 3,463,0
1,000,0
State
961,3
509,3
5,502,5 26.7
4,860,4
319,8
1,000,0
14th Street__
173,2 20,194,4 25.1
2,000,0 2,490,8 20,621,0 4,866,4
Copper
-Totals,average. 126,350,0 165,447,7 1276,745,3 269,198,6 78,262,7 1322,151,9 26.4
--1264,616,8 267,577,6 77,333,7 1306,566,5 26.5
Actual figures Dec. 26_
[VOL.
$8,792,900, a decrease of $69,300 from last week; averages include United States
deposits of $9,265,500, a decrease of $1,030,000 from 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 December 26 held a bond reserve of $27,893,700. Trust Companies In New York State are required by law to keep a reserve proportionate to
their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the aggregate of deposits,exclusive of
moneys held in trust and not payable within 30 days, and also exclusive of time
deposits not payable within 30 days, represented by certificates, and also exclusive
of deposits secured by bonds of the State of New York. The State Banks are
likewise required to keep a reserve varying according to location, but in this case
the reserve is computed on the whole amount of deposits, exclusive of deposits
secured by bonds of the State of New York.
RESERVE REQUIRED FOR TRUST COMPANIES & STATE BANKS
State Banks--Trust CompaniesTotal Of which in Cash.
Total Of which in Cash.
Reserve
Reserve
Required. Now. By Feb.l. Required. Now. By Feb.1
Location*25%
11(% 15%
10%
15%
Manhattan Borough
15%
*20%
834% 10%
Brooklyn Borough
15%
734% 10%
15%
fli%
Other Boroughs
734%
15%
734% 10%
*15%
5%
534%
6%
4%
Elsewhere In State
10%
* This is the aggregate reserve required on and after Feb. 1 1909. According to
the State Banking Department, the present aggregate reserve requirement for Manhattan is 20%; for Brooklyn, 1734%, for other boroughs, 15%, and for the rest of
the State, 1234 %•
Reports of Non-Member Banks.-The following is the
statement of condition of the non-member banks for the
week ending Dec. 26, based on average daily results:
We omit two ciphers (00) in all cases.
Banks.
Cap1tat.
Surplus.
Loans,
Disc'ts
and
Investments.
N. Y. City.
Boroughs of
Man.&Brx
214,3 1,089,0
Wash. Hgts 100,0
154,3 1,655,6
Century _ _ _
200,0
Colonial _- 400,0
231,3 4,470,5
300,0
Columbia
430,k 6,101,0
174,7
Fidelity _ - 200,0
887,8
500,0
685,3 3,162,1
Jefferson_ _ _
250,0
Mt. Morris_
265,3 2,291,4
200,0
319,6 3,456,4
Mutual __
300,0
19th Ward _
478,9 3,832,9
100,0
Plaza
397,4 3,782,0
92,0 1,549,3
23rd Ward - 200,0
Union Exch 750,0
828,0 7,439,9
100,0
420,6 3,380,1
Yorkville
705,5 4,502,0
Coal& I Nat 500,0
236,4 1,681,0
New Neth- - 200,0
144,4 1,092,9
Batt Pk.Nat 200,0
Borough of
Brooklyn.
462,2 2,860,8
150,0
Broadway 252,0
782,1 5,965,7
Mfrs.' Nat_
948,1 9,693,5
Mechanics'_ 1,000,0
946,3 6,596,0
Nassau Nat. 750,0
300,0
591,0 4,296,0
Nat, City
132,7 1,531,7
200,0
North Side_
Jersey City.
First Nat- - 400,0 1,228,2 3,870,5
770,7 2,487,8
On the basis of averages, circulation amounted to $49,129,600 and United States Itud.Co.Nat 250,0
200,0
365,7 2,012,5
deposits (included in deposits) to $9,265,500; actual figures Dec. 26; circulation, Third Nat_ _
Hoboken.
$50,318,700: United States deposits, $8,792,900.
608,4 2,572,6
First Nat
220,0
The State Banking Department also now furnishes weekly Second Nat. 125,0 224,5 1,976,5
Specie.
91,0
32,5
493,6
587,0
78,4
27,2
365,6
37,2
69,6
236,0
151,6
988,7
65,6
914,0
145,0
143,2
Legal
Tender
and
Bank
Notes.
Deposit with
Net
Other
ClearBanks. Deposits.
trig
Agent.
dec.
33,0
252,0
271,2
546,0
26,0
312,8
31,1
425,6
565,7
362,0
46,7
600,0
754,4
220,0
46,0
28,4
107,0
118,1
474,7
817,0
122,0
331,9
361,7
603,3
257,8
445,0
212,3
507,2
133,1
402,0
216,0
12,8
19,6 369,9
643.4 136,0
272,3 1,565,9
303,0 577,0
104,0 645,0
87,3
148,9
203,6
770,4
1,229,9
897,0
757,0
168,5
177,1
162,9
53,8
119,6
70,1
179,1
198,6
264,6
70,1
5,1
965,8
171,5
15,0
1,019,0
2,035,9
5,381,4
7,504,0
838,2
3,315,7
2,945,0
4,067,9
5,226,5
4,283,0
1,786,1
7,976,5
4,190,7
4,776,0
1,702,0
880,6
119,6 3,245,0
171,3 6,588,3
150,4 12,644,7
6,454,0
263,0 5,679,0
189,9 1,871,9
370,8 2,484,5 1,403,0 6,350,0
247,0 281,9 2,399,2
23,8
578,2
47,7 2,636,8
141,1
16,9
54,9
145,2
103,1
89,2 2,182,8
283,8 2,398,4
12,706,3 4,873,1 110387,6
returns of the State banks and trust companies under its Tot.Dec. 26 8,347,0 12,838,8 94,237,5 6,506,9 8,509,5 16,568,4
6,422,6 114472,7
Tot.Dec, 19 8,347,0 12,838,8 93,513,8 6,586,4 8,694,7
tharge. These returns cover all the institutions of this class Tot.Dec. 12 8,347,0 12,838,8 92,369,6 6,417,0 8,750,8 16,084,7 6,093,4 113261,9
in the whole State, but the figures are compiled so as to
New York City,Boston and Philadelphia Banks.-Below is
distinguish between the results for New York City (Greater
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.
We omit two ciphers in all these figures:
are presented to indicate the totals for the State banks and
trust companies in the Greater New York not in the Clearing Banks. Capital
and
Loans.
Specie. Legals. Deposits. a Circu- Clearings.
Wiwi.
Surplus.
House. In the following we give all the different sets of
$
New York
i
$
$
$
$
figures, indicating by plus(+)or minus(-)sign the changes Nov
.28_ 290,070,1 1340,537,1 304,427,2 80,047,2 1425,375,0 45,542,1 1,689,110,2
from the previous week. To make the statement as com- Dec. 5_. 290,070,1 1347,145,3 296,706,8 79,498,1 1424,132,5 45,959,7 2,190,116,0
Dec. 12__ 291,672,7 1339,547,4 289,966,8 70,082,3 1408,597,9 46,489,0 2,004,408,6
prehensive as possible, we start with the totals of the Clearing Dec. 19-- 291,797,7 1315,980,1 272,898,2 79,389,6 1368,912,4 46,612,1 2,142,183,8
26_ - 291,797,7 1276,745,3 269,198,6 78,262,7 1322,151,9 49,129,6 1,838,256,7
House banks as contained in the above, giving both the Dee.
Boston.
Dec.
41,790,0 211,596,0 25,138,0 4,521,0 261,205,0 8,763,0 173,359,1
actual
figures
of
at the end
averages for the week and the
41,790,0 214,761,0 25,327,0 4,330,0 261,588,0 8,795,0 170,323,0
Dec. 12
Dee, 19.. 41,790,0 216,489,0 24,673,0 4,151,0 259,473,0 8,756,0 165,336,7
the week.
Dec. 26_ - 41,790,0 212,378,0 22,814,0 4,431,0 247,035,0 8,945,0 126,564,6
NEW YORK CITY BANKS AND TRUST COMPANIES.
Phila.
Dec. 5- 54,390,0 245,965,0
306,379,0 13,243,0 133,967,7
82,366,0
Week ending December 26 1908.
Reseive on P. C. Dee. 12__ 54,390,0 247,543,0
304,504,0 13,961,0 121,531,4
80,860,0
Loans and
Deposits.
301,959,0 13,614,0 135,870,1
Legit's,
75.486,0
Deposits. of Re- Dec. 19. 54,390,0 249,348,0
00s omitted. Investments. Specie.
295.598.0 13,904,0 107,004,4
serve. Dee. 26_ - 54,390,0 250,526,0
69.778.0
S
Clearing-House
26.58a Including Government deposits, and for Boston and Philadelph a the item
Banks-Actual_1,264,616,8 267,577,6 77,333,7 1,306,566,5 344,911,3
"due
other
banks."
At
to
New York Government deposits amounted to $9,265,-23,693,9 -1,265,2 -2,315,5 -30,665,3 -3,580,7
500 on December 26, against $10,295,500 on December 19; at Boston to $1,554,000
Clearing-House
on
December
26
and
$1,549,000
on December 19.
Banks-Aver_1,276,745,3 269,198,6 78,262,7 1,322,151,9 347,461,3 26.46
-39,234,8 -3,649,6 -1,126,9 -46,760,5 -4,776,5
State Banks342,449,4
49,617,3 a25,256,7
93,093,5 28.1
Average
295,578,0
-2,830,4 -1,036,7
-87,3
-246,8
-1,875,2
Trust Companies85,174,7 a9,143,5 1,005,842,4 249,501,9 27.1
Average
963,222,3
-8,895,1 -.15,352,9
-,5
-403,6
9,513,1
We shall be pleasA to furnish to institutions and investors copies
State Banks and
of our special circular describing
Trust Co's-not
43 RAILROAD BONDS
61,115,026,6
a17,134,8
Clear.
278,464,4
-House
91,267,0
27.1
In
1,057,049,2
Listed upon the New York Stock Exchange
-9,634,4 -16,192,2
-356,7 -210,9
+9,706,6
A)aulttitg and g.Ttualictitt.
STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW YORK.
Week ending Dec. 26 1908.
% of
Deposits.
Reserve. Res.
Loans.
State Banks
$82,193,100 $86,942,600 $18,121,600 21.5
-729,400
-736,900
-80,900
22,374,900 17.4
Trust Companies
125,035,000 133,098,700
+546,800
-517,600
+434,500
+ Increase over last week. -Decrease from last week.
a Includes bank notes. b After eliminating the Rem "Due from reserve depositories and other banks and trust companies in New York City," deposits amount
to $971,940,600, an increase of $5,903,300 over last week's figures.
Note.-1n 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
Spencer Trask & Co
WILLIAM AND PINE STS.. NEW YORK
Branch offices: Chicago. III., and Albany, N. Y
MOFFAT & WHITE
Members New York Stock Exchange.
5 NASSAU STREET.
HANOVER BANE BUILDING
DEALERS IN INVESTMENT SECURITIES.
Commission Orders Executed for Cori, Poly.
39
THE CHRONICLE
JAN. 2 1909.]
The market for railway and industrial *Fonds was again
very active early in the week. On Monday the transactions at the Exchange amounted to about 9% millions,
par value, but these have steadily dimin'shed as the year
311908.
Dec.
?'Tight,
Wall Street, Thursday
to a close. Last week's prices have generally been
draws
The Money Market and Financial S tuation.-Although maintained and several issues show a substantial advance.
or
there have been liberal sales for foreign account and more
United States Bonds.-No sales of Government bonds
less liquidation on account of the approaching ho'iday period,
portion have been reported at the Board this week. The following
the stock market has been relatively firm,and a large
week. are the daily closing quotations; for yearly range see third
of the active list closes substantially higher than last week,
page following.
Some of the railway traffic reports given out this
notably those of the Atchison, Union Pacific and Southern
'
Interest Dec. Dec. Dec. Dec. Dec. Jan.
Pacific companies, have had a tendency to increase confidence
of
two
least
at
of
1'
31
shares
30
29
26
the
28
Periods
and
securities,
of
class
this
in
H
H *103 *103 *103 *103
the companies mentioned have advanced to new high-record 2s, 1930
registered Q-Jan
0
0 *M4 *104 *104 *104
coupon Q-Jan
2s, 1930
prices.
L
L *101% *101 *101 *101
registered Q-Feb
1908-18
The bond market has continued very active and the Is,
I
I
*1013 *101 *101 *101
Q-Feb
coupon
1908-18
Is,
D
enormous transactions in this department recently have Is, 1008-18_._small coupon Q-Feb D *100 *100 *100 *100
A
A *1204 *1204 *1204 *1204
registered Q-Feb
1925
carried the total for the year up to the largest in the history 4s,
Y
Y *121 *121 *121 *121
coupon Q-Feb
4s, 1925
*102 *102 *102 *102
of the Exchange. Such a market of course encourages 28, 1936_Panama Canal coup Q-Nov
new issues. Several such have recently found a ready
*This is the price bid at the morning board: no sale was made.
sae and it is reported that others will soon appear.
There is very little change in money market conditions
Railroad and Miscellaneous Stocks.-As noted above the
at home or abroad and rates in all the principal markets
high
stock market has been strong,and in several cases new'
remain practically the same as for some time past.
The open market rates for call loans at the Stock Exchange levels have been reached.
Among the issues to which the latter applies are New York
during the week on stock and bond collaterals have ranged
Chicago &
from 2%% to 3%%. Thursday's rates on call were 2Y2© Central, Pennsylvania, Del ware & Hudson,
3%. Commercial paper quoted at 3%014% for 60 to 90 day Alton, Chicago Great Western, Chicago & North Western,
City Southern, Great
endorsements, 4% for prime, 43@5% for 4 to 6 months Atchison, Southern Pacific, Kansas
Northern Brooklyn Rapid Transit and Inter-Met. preferred.
single names.
the early part of the
The Bank of England weekly statement on Thursday These high prices were recorded during
a steadily declining volume
showed a decrease in bullion of .£210,251 and the percentage week, since which there has been
of business, and a moderate reaction in prices generally.
of reserve to liabilities was 31.60, against 38.30 last week.
proportion of the
The rate of discount remains unchanged at 23%,as fixed Notwithstanding this reaction a large
from 2 to 4
May 28. The Bank of France shows a decrease of 150,000 active list closes with a net gain averaging
points.
francs gold and 6,775,000 francs silver.
Among the issues which have shown a tendency to weakNEW YORK CITY CLEARING-HOUSE BANKS.
ness are the local transportation sto ks, which, it will be
1906.
1907.
remembered, were recently conspicuous for a rather sharp
1908.
Averages for Averages for
Differences
Averages for
advance. Chicago & Alton is exceptional in an advance of
ending
week
ending
week
from
ending
week
Dec. 29.
Dec. 28.
over 6 points. North West sold up 63' points and has held
previous week.
Dec. 26.
a large p rt of the gain. New York Central and Union
$
$
$
$
129,100,000 123,150,000 Pacific have been strong features . American Car & Foundry
126,350,000
Capital
163,396,900 156,632,300 and International Pump have been unusually active and
165,447,700
Surplus
1,147,694,400
1,032,973,000
39,234,800
Loans and discounts... 1,276,745,300 Dec.
53,670,800 reached the highest quotations of the year. Smelting &
71,736,000
Inc.
2,517,500
49,129,600
Circulation
981,301,100 Refining has recovered somewhat from its recent decline
1,050,925,400
Dec.
46,760,500
1,322,151,000
Net deposits
16,529,000
78,889,100
9,265,500 Dee. 1,030,000
U.S. dep.(incLabove).
practically all the active industrials ar higher than
269,198,600 Dec. 3,649,600 187,874,300 179,323,000 and
Specie
71,371,500 last week.
54,686,700
78,262,700 Dec. 1,126,900
Legal tenders
For daily volume of business see page 47.
347,461,300 Dee. 4,776,500 242,561,000 250,694,500
Reserve held
330,537,975 Dec. 11,690,125 262,731,350 245,325,275
25% of deposits
The following sales have occurred this week of shares not
5,369,225 represented in our detailed list on the pages which follow:
16,923,325 Inc. 6,913,625 df.20,170,350
Surplus reserve __
Illanitere (15azette.
Surplus'excl.U.S.dep.
19,239,700 Inc. 6,656,125 df.
448,075
9,501,475
the total
Note.-The Clearing House now issues a statement weekly showing
together with the returns
of the actual figures on Saturday morning. These figures,
Department
Banking
State
of separate banks, also the summary issued by the
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the preceding page.
Foreign Exchange.-The market was easy early in the
week, influenced by an absence of demand for remittance,
much of which had been satisfied in the previous week;
the tone was firm on Thursday and it so closed.
To-day's (Thursday') nominal rates for sterling'exchange
were 4 86 for sixty day and 4 88 for sight. To-day's
(Thursday's) actual rates for sterling exchange were 4 8510
(4)4 8520 for long, 4 8705(:44 8710 for short and 4 8735@,
4 8745 for cables. Commercial on banks 4 8480@4 8490
and documents for payment 4 843@4 853. Cotton for
payment 4 843'@4 843; cotton for acceptance 4 8480©
4 8490 and grain for payment 4 85(0 85k.
To-day's (Thursday's) actual rates for Paris bankers'
8d
/
s@5 173a for long and 5 15%a@5 155
francs were 5 183/
for short. Germany bankers' marks were 94 13-16@94%
for long and 95 3-16d695 3-16 for short. Amsterdam
bankers ‘guilders were 40 36()40 38 for short.
Exchange at Paris on London to-day 25f. 123.c.; week's
high and 25f. 93-c. low.
range 25f. 12
The week's range for exchange rates follows:
Cables-Short
----Long
Sterling, Actual04 8710 14 8735
04 8520 14 8705
4 8510
High
(.48685 14 8725
@48400 14 8680
4 8485
Low
Paris Bankers' Francs05 15%d
05 1734a 15 1534a
5 184
High
05 1534
1
15 1534d
05 1734
5 184
Low
Germany Bankers' Marks1 95 3-16 a 0 95 3-16 11
94 13-16 0 9434
High
94 9-16 0 94 11-161 95 3-16d 0 95 3-16
Low
Amsterdam Bankers' Guilders1 40.38 0 40.38
High
1 40.35 0 40.36
Low
Less: a 1-16 of 1%. d 1-32 of 1%. ii 3-32 of 1%.
1%.
Plus k 1-16 of 1%. r 1-32 of 1%. y 3-32 of
04 8745
@48740
on
The following were the rates for domestic exchange
Savannah
New York at the undermentioned cities to-day: per $1,000
buying 50c. per $1,000 discount; selling 75c. premium.
premium. Charleston selling $1 per $1,000
l $1
New Orleans bank 75c. per $1,000 discount; commercia
premium.
per $1,000 discount. Chicago 35c. per $1,000
Francisco $1 per
St. Louis 15c. per $1,000 premium. San
$1,000 premium.
bonds have
State and Railroad Bonds.-No sales of State
been reported at the Board this week.
STOCKS.
Week ending Jan. 1.
Sales
10r
Week.
,Range for Week.
Lowest.
Highest.
75 $2 Dec 31 $2 Dec
Alice Mining
500 5 Dec 29 5% Dec
Chic Terminal Transfer_
120 175 Dec 28 175 Dec
Cleveland & Pittsburgh..
Colorado Fuel & I., pref. 400 7234 Dec 28 7234 Dec
Des Moines & Ft Dodge. 1,335 1734 Dec 29 1934 Dec
100 604 Dec 30 604 Dec
General Chemical
300 54 Dec 29 544 Dec
Kan & Michigan tr recta_
100 634 Dec 28 64 Dee
Keokuk & Des Moines_ _
500 27 Dec 28 32 Dec
Preferred
200 43% Dec 30 4334 Dec
Nat of Mex pref tr recta_
NY&NJ Teleph rights 696 2% Dec 28 234 Dec
500 27 Dec 28 27 Dec
Peoria & Eastern
10 94 Dec 30 194 Dec
Rensselaer & Saratoga_
100 19 Dec 29 19 Dec
St Joseph & Grand IsPd.
50 Dec 29 53 Dec
400
First preferred
500 49% Dec 28 5034 Dec
Vulcan Detinning, pref_
1
Range Ytar 1908.
Lowest.
31 $14
30 134
28 135
28 35
29 5
30 50
29 29
28 334
29 20
30 43
30 24
29 13
30 194
29 13
28 38
30 25
Highest.
Feb $334
Feb 8
Mch 175
May 75
Mch 1934
Feb 65
Jan 56
July 10
Apr 32
Dec 5434
Dec 3
Apr 2931
Dec 94
May 19
May 53
Apr 5034
Jan
May
Dec
Nov
Dec
May
Dec
Apr
Dec
Nov
Dec
Dec
Dec
Dec
Nov
Dec
Outside Market.-Trading in "curb" stocks was in only
moderate volume this week and irregular, though prices
held fairly steady. Copper shares were helped by the advance in the price for the metal. Boston Consolidated from
to-day at
163
% eased off to 16%, then rose to 17, and closedbut
moved
4. British Columbia weakened from 83 to 8
163
up to 83. Butte Coalition sold up from 27 to 273 and
%. It reached 2734 to-day. Greene Cananea
down to 265
4 to 12%. Miami Copwas prominent, moving up from 113
per was a firm feature, gaining 1% points to 15%. The close
to-day was at 1534. Nevada Consolidated went up from
2, receded to 19 and ends the week at 19k.
193/i to 193/
United Copper common was active and ran up from 12%
to 15, subsequently declining to 14k, the close to-day being
s. Goldfield Consolidated advanced from 9 1-16 to
/
at 145
93,reacting to 8 13-16. Nipissing after fluctuating between
103 and 103/i went down to-day to 10. There was little
activity among the industrials. American Tobacco sold up
5 points to 350, then dropped to 340, recovering to 345.
Standard Oil, after an advance of 8 points to 698, weakened
to 693 and ends the week at 694. Standard Milling common
opened the week at 153/ and sold down to 15. The preferred
lost a point to 483 but recovered to 4932. Chicago Subway from 30 advanced to 303 and fell to 29. In bonds an
active addition to the list was the new U. S. Rubber 6s,
which advanced a point to 103 but closed to-day at 1023(.
Transactions in the new Chesapeake & Ohio 5s have been
%. Consolidated SS. 4s, receipts,
large at from 1003 to 1003
ranged between 18 and 18g. St. Louis & San Francisco
new 4s were reported sold to-day at 89%@904.
Outside quotations will be found on page 47.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING 'MO PAGES
Sl'OCKS-HIGHEST AND LOWEST SALE PRICES
sacurday
Dec. 26
Monday
Dee. 28
21iesclay
Dec. 29.
W ednesday
Dec. 30
2'hursday
Dec. 31
Friday
Jan. 1.
10014 10114 100 10078 100 10034
9714 101
103 10314 10353 104 x10013 101
10113 10158
1082 10812 109 10913 10812 10834 10812 110
10934 11112 11012 11113 11018 111
11038 11078
93
93
93
94
*92
95
*9113 94
6713 6934 6714 6858 6714 6878 6734 6813
64 *_ 64 *
64 *_ _ 64
17614 17814 177 17758 17614
__- 17718 17634 177
60
*63
*65
68
65
65
*65
67
22712 228
220 229 *225 228
228 228
5773 5812 5718 5813 5612 5734 5634 5714
6273 6514 6334 65
6312 66
67
6878
7678 78
77
77
*70
76
*65
75
1212 1318 1234 1318 1158 1258 1114 12
65
65
*60
66 *54
66
*58
60
39
43
4014 41
40
40
39
397s
16
1653 1512 1612 15
16
14
1478
1491$ 15078 1497$ 15138 14978 15078 1403; 151
§163 163
164 16434 *16214 16413 164i3 16438
§14353 14353 14578 146
14534 14534 146 146
159 160
16012 16078 16012 16012 16014 16013
17934 18412 18253 18512 18312 18418 18312 184
224 224 *220 22634 4 220 226 §225 225
*155 160
160 160
160 160 *158 160
17078 174 *170 180 *170 175 *170 175
631 7
634 71s
614 673
612 678
1634 18
17
1714 1612 1612 17
17
6834 6913 6914 7n 69
7014 70
70
*99 • - *98 100
9978 9978 *98 100
5712
57 -571
. 5714 5758 5714 571.2 57
761, 767g 76
76
76
7638
7612 75
7412 7412 74
74
7412 731, 7312 73
17934 18114 180 18138 180 18034 180 181
555 559
559 559 *560 660
550 550
38
39
3813 3978 3914 4012 3912 4033
8112
80
80
8114 814 8178 81
81
*52
57
*533
.._ *5334 - *533f :,1512 1712 1713
4-1-734 1534 -1612, 1014 1-614
321. *3034 3112
*31
Ms 3278 3213 33
3414 3514 3414 3478 3412 3434
3433 35
4 1. 501, 5012 5114 5013 51
5034 5138
393-4- 401-2 4013 4058 3934 3978 4034 4012
14614 14758 14(158 14814 14618 14758 14614 14714
7234 7312 7253 7312
73
7334 7314 74
-1
A
:74
0
<1
g
E-:
,-.
I
A
01
0)
0
.4
t..)
61
0
Z
6
13:1
0
04
41
,
.
'
.
*Hi
,
. __ 7it171-4__
1U2 if ;1612 17
3914 40
3912 3912
3812 3853 -S9
38
86
*8412 88
*80
*85
*8412 86
86
*___
104 *102 104
.._
103 103
;93" -93 - *91 9412 *9112 95 *9113 96
147 14712 14634 14814 14634 14878 148 149
20
1812 1938 1778 1812 1718 1778
19
4734 4912 4612 4814 4578 4678 4512 46
3134 3212 3114 3218 3114 3178 31
3153
5512 57
5434 5512 55112 5614
55
57
7412 7412
*74
76
76
75
75
*74
4114 3953 4033 40
4078 4238 40
4038
7112 57013 71
7178 71
7138 7218 70
24
2358 2378 *22
*22
25
2378 2378
5212 *52
5412 *51
5212 5234 52
55
5638 *56
57
65
55
56
*55
58
1231.3 12373 123 12434 12314 12413 124 12534
15234 153
15412 15434 15212 154
15338 15338
45
*40
45
40
421. 4412 *42
40
---- ---- ---- ---- ---- ---- ---- -2314 2334 2312 2412 2358 2414 2312 2378
53
55
53
5312 52
5313 5412 5612
*87
91
86
86
*96
91
§89
89
13138 13358 13212 13378 13212 13234 13112 13314
14913 15053 15012 15112 151 151
151 151
4214 4314 4214 4338 4134 4234 4178 4214
7312 7212 7314
7414 7412 7414 7414 73
67
6512 67
65
6533 6678 66
67
*118 125 *118 125 *118 125 *118 125
123 12438 12214 12412 12213 12334 12378 126
57
57
56
5634 *55
57
55
5634
*103 108 *103 108 *103 103 *103 108
88
*83
88
*82
*82
88
*82
88
160 161
160 16012 161 161
15912 160
4558 4758 4613 4714 40
4634 4618 4612
85
8514 8558 8558 8512 8578 8.558 8578
*85
90
*85
88
8738 8738 88
88
14112 14278 14234 144
14218 14333 14214 14234
14112 14218 14213 14313 14134 14234 142 14214
86
*82
86
*82
*82
86
*82
86
*90 100
*90 100
*90 100
*90 100
*84
95
95
*84
*84
95
*84
95
13014 13133 13114 13218 13114 13214 13113 13218
87
87
88
88
88
*87
*8613 88
*104 109 *104 100 *104 106 *104 109
140 14138 14034 14218 14014 14212 14134 14234
92
92
92
*91
92
92
92
93
9413
9412 95
*94
9512 9312 9312 *93
2438 25
2414 2434 2414 2458
2378 25
6112 6258 6034 6218 6012 6112 6058 6112
68
67
69
*6713 70
69
65
67
4112 4138 4214 4034 42
4012 41
41
2314 2312
2314 2378 2314 2378 2313 24
5538 5.314 5418
5314 5434 5438 5512 54
11978 12134 12078 12218 12073 12212 512014 121
12214
512112
12313 125
12434 125
12438 125
2658
2534 2673 2614 2714 2578 2634 26
6214
63
62
6312 6212 6312 62
60
3658
35
3678 3538 37
3534 3714 36
3778 39
4012 43
3712 40
40
42
1512
914 1114 1114 1212 1178 1214 12
50
4634 49
48
4914 4614 4712 48
72
71
7212 7313 7114 7314 71
72
95
9713 *9614 98
95
9514 9638 *96
18112 18412 183 18434 18234 18418 18234 18334
9514 96
9533 9578 9534 9534 9573 96
*3612 39
3712 3712 37
37 *3612 38
56
56
57
*53
58
57
58
*55
1914
1878 1938 1873 1958 1878 1912 19
4712 4914 4814 5078 4912 5034 4013 5038
213t 23
99
993.
913. 991.
261. 21
Sales 01
STOCKS
uie
NEW YORK STOCK
Week
EXCHANGE
Shares.
Ranoe lor year 1908.
f,tt basis or 100-8h07e 10,
Lowest
LOWe-11
dsSantaFe 66 Feb 11
94,060 A tch TR
op
ae
illrfo
aa&
8338 Feb 17
3.250 I'S. Do pref
3,100 Atlantic Coast Line RR.... 591f Mch 2
34,910 Daltimore Se Ohlo
600 Li Do pre
7'
471 42j
F
Fae1°
1)
3 10
3
84.665 Brooklyn Rapid Transit_
t2
13
7
F
Oecb
Buffalo & Susque, pref__
12,100(1 anadian Pacific
§34
14
100 k anada Southern
54 Mch 4
400 Centrai of New Jersey...... 160 Feb 11
18.628 Chesapeake & Ohio
2512 Feb 19
14,220 Chicago & Alton RR
1,400
Do pref
.0
5731 Feb
MFe°bh 218
4:1
9,195 Chicago Great Western
331. Mch19
te..
nt
Aujes_ _ _
pdreeb
Feb 15
2,000
12 Ib1
Do 45%%
18,50) Do 4% pref "B"
79,911 Chicago Milw & St Paul_ 10312.Jan 2
580
Do pref
138 Jan 3
1,760
Do com instailm't ctfs 9812Jan 3
2,216
Do pref Installm't ctfs 12558Jan 2
12,911- Chicago & North Western 13512 Jan 2
11.,
Do orel
1185 Jan 11
300 Chic St P Minn & Omaha 114 Feb 25
400
Do prof
14012 Jan 3
4:7
3
000 Chic Un Trac etts stmpd
58 Apr 3
Do prel ctfs stmpd
4 Apr 10
3.500 Cieve Cin Chic & St L....- 471, J'ne 17
300
Do pref
851g Feb 19
8,440 Colorado & Southern
21 Feb 19
2,405
Do 1st preferred
5033Jan 2
1,200
Do 2d preferred
3934 Feb 11)
6,000 flelaware Fc Hudson
14112 Feb 10
500 5 felaware Lack & West_ 420 Jan 6
35,905 Denver Fc Rio Grande
1414 Feb 19
1,830
Do pref
Mch
Detroit United
39
2142 Apr4
2
5
3
2:3
76
90
3 Dup
lu
oth4:
f
&Shore Atlan
6 Feb 11
1134 Feb 13
42,410 Uric
12 Mch 6
11,600 11, Do 1st pref
2438 Mch 4
1.8600
845
16 Mch 6
62,670 GreatljNooridhePrrnerpref
11334 Feb 10
Iron Ore properties
4812 Jan 2
Green Bay & Vii, deb ctfA 71 Mch19
3
Do
8 Jan 14
Electrt0
ceb
B
2,500 Li avana
20 Mch24
10114 Dec 29
104 Deo 29
11112 Dec 1
31173 Dec 14
94 Dec 29
ate.te,28
1
)4
6031 De
6638Nov
78 Nov
58 Nov
7538N ov
75 Nov
1.634Nov
7412Nov
18018 Nov lb 138 Nov
52 Nov
68 Nov17
229 Dec 17 144 Nov
5938 Dec 2: z2314Nov
8i8 Nov
6878 Dec 31
79 Dec 10
98 Sep
67 Nov
6
181
458
4N
Au
og
v 14
7
46 Dec
43 Dec
21 Dec
814Dec
1718 Nov17
15212 Dec 2
9312Nov
16434 Dec 2: 130 Nov
14712 Dec 11 -85 Nov
16114 Dec I 111 Oct
18512 Dec 29 126 Oct
224 Dec 5.8 185 Oct
10(3 Oct
20
'9' 1371:Dec
17
87
°
412 Dec 2
134 Oct
1:
1,78
S Dec
7012 Dec 14
48 Nov
Dec It
86 Dec
59 Dec 9
17 Nov
2
pe
ec
c 23
9 D
41 Nov
76
2912Nov
18138.Deo 29 12358Oct
575 N o% lu 36912Oct
4012 Dec 30
16 Nov
53 Nov
°
8 353. Dec
141 D
Neocvv1:7
8
6
16
8
3z
to Oct
18
0
1
'
oc
ceo v 3:
111)38
34 I
D
DN
Ne
3
25
43
1J Nov
_214 Nov
28 Nov
20 Nov
14814 Dec 29 10712Oct
37 Oct
7518 Nov13
75 Oct
34
5340ct
1712 Dec 24
24120ct
40 Dec 30
84 Dec
72 Apr
63 Nov
16
70
2 'II
F
.aenb 10
8 10412 Dec 14
69 Mchlio 93 Dec 24
64 Nov
12212 Feb 17 14934 Nov17 116 Nov
4780ct
634 Jan 4 20 Dec 24
2177112s
9 4913 Dec 18
14 Nov
10 Feb 19 3212 Dec 28
912Nov
57 Dec:8
Feb
24 Dec
57 Aug 19 7513 Dec 23
Go Oct
18 Feb 25 4238 Dec 28
18 Sten
46 Feb 19 2
11
72618 Dec 28
45 Mch
Dec
12 Jan 4
11 Nov
24 May 2 68 Dec 7
2934Nov
30 Feb (8 5638 Dec 30
26 Dec
8512N ov
12
87
1)14 Feb
J la 19
4 12534 Dec 31
15434 Dec 28 100780ct
15 Feb 24 4412 Dec 28
23 D'ec
201,• Jail 2,
1234Nov
23
1
Dec
c3
612 D
54
114
41;M
"aay
n 2
1 2
171-213-e7j
20 Mch 2
61 Feb 29 90 Dec 9 5621:Dec
2 ida Novio
60 Oct
7114
2
:
J:
1
7
19
12312 Feb 11 15112 Dec 29 110 Oct
4317 Dec 23
2034 Nov
7512
Dec
5.3
b3 Nov
46 Feb 19
4418Dec
2812 Feb 19 6712 Dec b
97 Dec
11734 Jan 2 122 Nov2.3
9018 Jan 2 126 Dec 31 xsu Dec
19340ct
2413 Jan 3 5712 Dec 24
86 Nov
90 Jan 14 106 Nov 7
41 Oct
60 Feb 8 85 Dec 14
ocv10
U 12738Nov
4778 D
Ne
12833 Jan 6 161
28 Oct
2918 Feb 19
8614
28
1
o 3
8D
Ne
56 Oct
58 Feb 19 8
70 Oct
74 Mch 24
100180ct
11673 Jan 2 15734 pi ov
9112Nov
103 Feb 10 145 Nov18
Jan
50 Nov
65 Sep 22
0 Ay2
n16
4
65 Nov
90 May26 09312
85 Dec
.Jan
79 Mch27
17
0
3 c10312Nov
ce 3
2 Dec
10834 Jan 2 183982714
51 Oct
69 Jan 7
69120ct
8118 Mch 3 10834 Nov 5
70120ct
9218 Feb 17 14314 Dec 11
5
73 Oct
2 92 Dec
J an 6
76
8 J
09 Dec 5
67 Nov
1114Nov
1012 Feb 3 2514 Dec 5.
28
2612Nov
2034 Feb 3 6258 Dec
58 Oct
42 J'ne24 62 Dec 29
24 Nov
1914 Feb 19 4214 Dec 30
1 Nov
10 Mch 7 24 Dec 9
Dec
25 Nov
2412 Feb 19
10
6314Oct
22
51782 Dec 3
6614 Feb 17 15
%te
l
e
y2
i
8
3
5:: D
100 Oct
16
23
10 Nov
109
8:18
18J
jan 141
2 2714 Dec 29
2912Nov
251., Mch 5
3714
Dec 30
1712Nov
1234 Feb 29
16 Nov
5112
2 c)
Mecth 2
,
3
16
1
45
713 D
A°
9 Dec
m3
g 1l
u
1
29
1634Dec
56
03 Dec 3
12 Feb 6 9
2934 Nov
33 Feb 3 7312 Dec 28
Dec
6834 Nov
7814 Feb 7
11013 Mch 2 18478 Nov 27 100 Oct
75 Aug
7914 Apr 2
10
2
e0
v 17
N°
10
8
912 D
1018Nov
4
15 Jan 24 9
20 Nov
27i2 Jan 22
2058 Dec 22
8 Oct
1418Nuv
13
634 ille3
Mob 3 5234 Dec 22
6 Oct
6 Mch 14 24 Dec 23
12
'
,
.
6
A
.9
14
.4
61
li
61
Z
18,10
31 110
55 Hocking
i- l D tlraelfley tr rctsIlDlino0is
Central
39,375 tnterboro-Metropolitan_
32,570
13,960 Iowa
Do
pref
ref
450 prf C Ft S & M tr cfs,pref
40,890 11..ao Central12,765D
City Southern
14,700
Do pref
200
ake Er
Western
400 Li
4_20 Long Island
39
63
5 Louisville & Nashville
0
1:v
t
eet
1,400 1,"
Street..
Le
atnrh
ptotia
ltnan
ElS
e
oa
4,327 Mexican Central
28,550
Do Trust Co certfs_
256 MiD
n0
neapproeltis & St Louis
4,960 Minn St P & S S Marie
1,020
Do pret
50
1:6
20
00 Mo Kansas & Texas
pref
25.700 NIIsso
D ourtPacifIc
%!ash Chatt Fe St Louls.
90,000
Y Central Fe Hudson1,700 N Y Chic & St Louts__
Do 1st pref
Do 2d
1,416 N Y
&"rleitartford____
17,350 N Y Ontario & Western..
4,710 Norfolk & Western
200
Do adjustment pref
56,380 Northern Pacific_
7,606
Do subserlp rets
Pacific Coast Co
Do 1st pref
03,450 Penns
2d
nia
pyolva
Pref
400 Plttsb Chi Chic & St L
21,100 DD
:adIPnrgef
1,200 IA. 1st pref
600
18,320 Rock2
Id
slanrd
erCompany-32,200 Do pref
850 St L Fc San Fr, 1st pref
6,300
Do 2d pref
2,500 St Louis Southwestern....
8,800
Do pref
66,700 Southern Pacific Co
5,280 Do pref
38.405 Southern v tr cfs stmpd15,970
Do pref
58,340 Texas & Pacific do
28,950 -11- hird Avenue (N Y)
6,785 Toledo Railways & Light
11.050 Toledo St L & Western....
11.900
Do pref
1,290 Twin City Rapid Transiti 39,090 I jnion Pacific
1,715 I-)
3
40
50p
0 UnitoR
D°rse
ile
n'
t of San Fr
pref
13,100 Wabash
3!
85,450
11,500 Western
Maryland
Pary
refland
D M
Range V? Precious
Year (1907)
Highest
10814 Jan
10158 Jan
1331s Jan
122 Jan
941, Jan
835; Jan
553j Feb
10513 Jan
651, Jan
220 - Jan
6(1 Jan
2712 Jan
69 Jan
18 Jan
79 Feb
711. Feb
2614 Jan
15712 Jan
16512 Jan
141 Jan
149 Jan
205 Jan
234 Jan
170 Jan
165 Jan
334 May
17 J'ly
9278 Jan
mi.Jan
387; Jan
691. Jan
581i Jan
2271,
,Jan
510 Jan
4278 Jan
8373 Jan
8018 Jan
igi- Jan
39 Jan
4414 Jan
7578 Jan
67 Jan
18934 Jan
t)5 Jan
75 Oct
341.. Jan
47 - Jan
8613. Jan
114 Mch
94 Jan
172Jan
39 Jan
751, Jan
287:: Jan
bi Jan
80 Jan
L0:.•4 Jan
6134"
4
281.Jan
G71: Apr
671; Jan
1451; Jan_
Feb
146 1
1 7Jan
0
2755. Jan
57tii
in) Jan
14014 Jan
168 Jan
4438
7234 Jan
923.1 Jan
147 Jan
13434 Jan
631., Jan
110 Jan
9134 Jan
189 Jan
483, Jan
9214 Jan
9013 Jan
18912 Jan
134 Feb
12418 Jan
76 Nov
125 Moll
14138 Jan
78 Jan
10512 Jan
13918 Jan
92 Jan
94 Jan
3018 Jan
6412 Jan
70 Jan
4838 Jan
2512 Jan
6219 Feb
9614 Jan
11818 Jan ;
34 Jan
9412 Jan
3713 Jan
123 Jan
29 Jan
3334 Jan
5478 Apr
10812 Jan
183 Jan
96 May
62 Jan
711s Jan
1812 Jan
3812 Jan
301. Jan
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Bid
Ask
Ask
Banks
Bid
Bid
Ask
Bid
Ask
Ask
Bid
Btd Ask
Banks
Banks
Banks
Banks
__ Fifth Avel- 3800
ChelseaEx 1 200
---- Irving N Ex 175
185 Mutual V___ 290 310 Plaza ¶___ 610 625
New York
300
Fifth
__-350 Jefferson 9 _ 175 185 Nassau I1___ 200
Chemical __ t421
---- Prod Exchl 116014 ---t170
Aetna
775
165 First
Citizens' Ctl 155
---- Liberty---- 500
---- New Netki'd --- 205 Seaboard __ 350 370
America 1 _ _ 550
570 City
150 200 Lincoln---- 463 New YorkCo 750
136014 ____ 14th St 1
---_-_- Second.._.... 360
Amer Each_ 250 255 Coal & Iron 225
205
Fourth
210
-Manhattatill 320 330 New York.. 320
____ Sherman __ 135
--Battery Pk_ 118
350 375
126 Colonial II_ 265
..... Gallatin
Marlet&Ful 126518 ---- N'ht ScDay1 LOO
220 State V____ 250
--Bowery V
320 335 Columbia 1_ 400 500 Garfield_ 290
Mechanics'- 255
260 10th Ward
--- 500
12th Ward ii ---- 300
; 138
145
BronxBorl 300
100
-.
---- Commerce - f196 11961: Germ Anil
Mercantile _ 165 ---Northern -_ t19812 __ 23d Ward
Bryant Pk
150
160 Consol't'd
125
_ -. Germ'n Ex 475
500
Meren Exeh 160
170 Oriental 11____ __.... un(on Exe
'200 210
Butch & Dr 15212 1571; Copper
525
230 235 Germania
--....
---- Merchants_ f16134 -- Pacific ii___ 230
254)
Wash H't. li 230
11
165
175
Century
Corn Ex IL- 335 340 Greenwich 11 260 265
.......
Metropolis li 375
---- Park
460
___ West Side 11 500
Chase
290
--- East River_ 125
135 Hanover
530
---- Metropor n11 170
175 People's 1
300
310
Yorkville 11
400
---.
Chatham _ _ 305 315 Pidelltv II
1/5 Imp & 'rrad 555 565
165
Mt Morris11_ 220
170
....... Phenix
160
V Bid and asked prices: no satcs were made on this day. I Ex-tights. § Less than 100 shares. 11Stato banks. a Ex dividend and rights. 0 New stock.
Sale at Stock Exchange or at auction this week.First installment paid. aSold at private sale at this Price.
Banks
JAN. 2 1909.
liew York Stoat &cora-Concluded-Page S
PRICES*
STOCKS-HIGHEST AND LoW EST SALE
Friday
Thursday
Wednesday
Tuesday
Monday
Saturday
Jan. 1
Dec 31
Dec. 30
Dec. 29
Dec. 28
Dec. 28
1214
1218
1214
1212
1212
1212
1234 13
2534 2412 2578 *2412 2534
25
26
25
15
15 *13
1512 *14
1514 1538 *15
3634 38114
3334 37
35
3234
3218 3234
7213
7114
72
6813 6913 6812 7033 604
*181 200
*181 200 4,181 200 *181
1638 -15-3-4 11334 1534
1573 16
1534 16
50
5014 5012 4918 30 *49
4953 50
8378
8212 8413 8278 8453 8212 8414 8318
3312 3353 3378 3312 3434
3338 33
33
9534 953i
06
9534 *90
95 *90
95
2138 2112 2212 2218 2134
2073 2114 21
8112 8134 8134
80
80
80
80
*75
*853 914
834 9
914
834 9
9
7314 7378 7133 7:312 7273 7333 7314 7312
48/3 5034 401. 5013 4913 5014 4912 5013
109 109
*108 110 410912 10912 108 108
4214
42
4313 4212 43
4313 4378 43
96
*95
9634 904
*9212 96
96
*94
210
*205
210
*205
210
*197
*197 210
712 734 3714 714
733 778
3612 37
37
3733 37
3612 3734 37
2212 2333
2114
2114
2218
21
14
1413 *1314 1414
22
1434 2138
1412 1412 *14
34
428
34
*29
34
*30
32
*26
5878 5712 5812 5718 5814 5714 5773
58
113 113
112 112
*111 112 *111 112
7
634 534 *534 7
*5
*512 7
44
*42
44
*42
45
45 *42
*42
8034 80
8014 8012 8012
8013 80
SO
8314
8112
8112
8114
8512
8238
8412
8112
10112 10238 101 10153
10238 103
10113 102
1,200
*200-- - *200
3200
- *90 -97-12
97-12 *90 -9712
*80 -9712 *90
3933 3933 *3812 3914
40
3912 *39
39
*45
*45
50
50
50
60 *45
*45
131 132
1204 13258 13212 13213 131 132
13014 13014 *129 13014 *129 130
129 130
129 12913 129 12914 12853 129 x127 12753
94
9414 *93
9373 9428 9414 9414 *93
2912 30
2973 2973 2853 30
30
*29
9478 95
95
9513 9518 9412 9413 95
5034 4914 5034 4914 5014 4913 50
49
312
314 338 *3
314 314
314
*3
25
2312 2312 2313 2412
8
255 2553 24
54
*50
54
64
54
*50
55
*54
14734 148 4147 148 *147 148 ),147 148
1614
441312 1434 1434 1518 1515 151? 15
2234 2234 52373 2373
2233 213, 32214 23
33
3112 3218 3138 3218
3114 3234 32
10112 10112 10112 102
10112 10112 10112 102
4014 4112 3973 4118 3012 4012 3912 4C14
3 26
,
2634
2512 257
2512 26
2534 26
163 16434 16214 163.. 16234 16413
16273 165
1712 *1714 18
1753 1734 1733 1734
17
75
7512 *72
7512 *73
*73
*73
75
*45
50
50
*45
60
*45
*46
54
3712 381:. 3713 3814 378 3712 3712 3734
80
82
*70
82 *72
82
*72
*72
84
*80
8112 82
83
83
*8112 84
4
71
;55" 93 ;OF 93 ,7,56"
iEir 16034 169 16012 15734 15912 15712 159
106 106 *107 109 *106 10638 3106 108
9312 6312 64 64 94 8412 6412 66
10912 No, 10934 10078 1C372 101178 1C012 110
811 878
8 1,:s vs 514 773 8
267
2373 2414 24
2414 2331 2413
2
2 4 1218
12 *1
12
12
1213 1238 12
5612 5612
57
57
57
5613 67
157
3553 3512 3978
3414 3431 3334 3414 34
8232 8414
82
8112 8134 *8012 8112 81
70
76
76
76
76
*75
*7331 74
6943 70
*6953 7038 6953 6071, *6834 7038
9512 9578
x9412 97
9614 05% 96
96
12012 12012 *11713 11978 *11712 11912 *115 11012
1434 1514 1434 15
1412 1473 1434 1434
85
385
90
90
*82
*80
90
*80
7714 7814 7712 7758
7778 7918 7813 79
10512 10512 *105 10578 10553 10534 10573 106
614
0
8
6
534 6
634 613
93
93
94
9012 91
04
94
94
7412 7412 7413 7478 *7353 7413
12
7514
36
11
:
3612
36
3634
3638
36
3612
34
0
4
2 1(11:
44
12
10
*
10434 10533 105 10512 10412 105
*1212 1334
14
13
1314 *12
49
49
*4712
49
4873
4812 4834 48/8
4:112 4434 4358 4414 4234 4378 4338 4358
102 102
10114 10112 10134 10214 10? 102
170 171
170 170 *168 171
*168 172
4812
4914 4734 4832 48
49
4914 48
10212 10213 10212 1021. 10212 10212 10213 10212
2534 2534
2531 267'3 2512 26
2534 26
86
8714 86
8714 8733 86
8612 87
7712 771. *7613 78
78
7834 78
78
5109 109 *109 112
*109
934 -4514
44
45 1E3; 45
4512 4412 4612 "0
85
8312 84 *84 8473 *83 85 *83
9
9
914 914
10
9
9
*9
66
*64
66
*65
67
66
68
2
613 6
26
29
914 2914 2913
2853 2933 29
77
*75
76
*7512 77
7712 76
475
90
*80
90
92
02 *85
*80
*85
62
*61
62
*6113 6212
62
1412
*11
15
14
14
*11
*11
*11
32
*28
:12
32
*28
35
*28
*28
351 1363
3414
34
3538 3514 36
33
4 10613 10634
106 10073 *1 1;1,
105 106
74
73
73
7318 *72
73
73
*71
55
5314 5418
5413 5478 5458 5514 54
11273 11318 11231 11318 11278 11314
11212 113
4678
4653 4712 46
47
4712 4712 48
4373 4538 4434 4534 4412 4514 *4412 45
114 114 *11312 115 *11312 11412 *111 115
66
*63
*63
66
66
*63
04
*62
*290 325 *290 325 *290 323 *290 325
6734 6833 6812 6812 6812 6914 6834 69
8512 8334 85
8334 8434
8512 8634 85
*117 125 *117 125 *117 125 *115 125
'71
---- NEW YEAR'S DAY
714
sates oi
he
Week
SPare
STOCKS
NEW YORK STOCK
EXCHANGE
hang, lor Year 19'8
On Davis 01 100-share
41
learwt lor Pro:toys
Year (1907)
Highest
Lowest
Htghest
Lotcesi
1634 Jan
6
Oct
'53
Dec
13
7
412
Erie___
Mel]
&
Lake
1,200 Wheeling
3734 Jan
13 Oct
614 Dec 23
1218 Apr 16
Do 1st pref
1,800
2134 Jan
8 Oct
1634 Nov17
• Feb 27
Do 2d pre!
300
2573 Jan
5814 Dec 3:
11 Nov
1312 Feb 28
33,110 Wisconsin Central
5112 Jan
28 Oct
33 Feb 19 7212 Dec 31
38,003 Do pref
Industrial&Miscellaneous
J'ne
1330
Aug
25
Aug
4150
4200
1:2
FebJmacn
16455412
A darns Express
1678 Jan
• Aug
1633 Dec 14
1.600 d Ills-Chalmers
4334 Jan
14 Nov
6234 Dec 11
14 Mch
Do pref
1,900
52178 Jan
24134 Oct
9838 Nov
82,857 Amalgamated Copper
2533 Jan
10 Oct
4 35 Nov25
enb 10
Fa
312 J
19
2,400 Amer Agricuitural Chem_
95 Feb
No
66
Oct
23
75
4
Jan
7817
pret
200
Do
2312 Jan
.\nr
71iNov
2478
0.560 American Beet Sugar_
80 Jan
76 bleb
69 Jan 23 8134 Dec 31
Do pret
400
71. Apr
Oct
Nov13
3
1014
20
Feb
4
2,050 American Can
601; Apr
14 Nov
4 7673 Nov 2i
enb 13
412 .JFa
45
2
Do pref
5,000
4514 Jab
24380ct
28
Dec
5034
&
Foundry
Car
-lean
met
34.535
103 Jan
78 Oct
8414 Alen 4 109 Dec 9
250
Do prct
21 Nov
3612 J'1Y
'2434 Feb 19 4434 Nov25
3.760 American Cotton 011
00 Jan
70 Nov
Nov11
97
it,
Jan
480
pref
Do
100
Oct
247 Jab
175
May11
1224
American Express
634 Jan
I. Dec 9
212Nov
1;e
eb 2
26
234 1
1,472 American Hide & Leather 171'
3013 Jab
10 Oct
1212 Men 4 3134 Dec 28
Do pref
6,620
88 Jan
8i8
Oct
11
Aug
31s
9
1213 Feb
5,742 American Ice Securities6380ct
1914 Jan
• bich 5 1719 Dec 4
400 American Linseed
36 Jan
16120ct
17 Mch 5 36(4 Dec 4
Do pref
4 Feb
753
Nov
3214
13
Aug
5952
3133 Feb 25
13,650 American Locomotive
83 Oct
11112 jan
8532 Jan 3 113 Dec 31
Do pref
350
212J tie
‘1)r
4712
16
854
Sep
2
Mch
•
100 American Malt Corp
40 Feb
17 Nov
21 Jan 13 6118 Sep 1/
Do pret
9318 Jan
60 Oct
7 8418 Aug 7
1,,eb 117
312 Jan
70
2,251 Amer Smelters Sec pret B 5
58I4N ov x155 Jan
107 Aug 7
153,900 AmerSmelt'ng & Refining
11738 5au
8114Oct
8734 Feb 20 11038 Aug 5
Do pref
3,900
205 Jail
180 Aug24 '200 Apr 30 150 Oct
American Snuff
"-le
Nov
1/
470
Sep
9712
23
Mch
#0
Do lord
500
28 Sep 29 41 Nov18
425 Amer Steel Found (new)_
20 Nov 1024/12 Jan
'2613 Feb 14 4712 Dec 2
Doold pret
9234Dec 18712 Feb
Aug31
4,900 American Sugar Refining 9834 Jan '2 13/34 Noy
24 r106 Nov 131 J.115
105 Feb 18 131
Do pref
550
aU
133
88 Oct
Nov24
13258
6
Jan
101
&
Teieg
Teleph
7,720 American
9834 Jan
60 Oct
J'ly 14
1,200 American Tobac (new).11.. 7232 Jan 2 971. Dec
Jan
3612
9
11 Oct
1512 Feb 17 3234
700 American Woolen
68 Nov 10278 Jab
7914 Feb 19 97 Nov14
Do pret
752
Nov13 $25180ct 30234 Feb
15,430 dAnacondaCopper Pat625 $2713 Feb 19 $5312
9918 May
$3 Oct
116 Mch 9
900 (413atopilasMinng Par$20 9212Jan 23 2714
101, Jan
9 Nov
Nov213
12 Jan 13
000 Wethlehem Steel
Jan
65
Nov
23
35 Apr 8 57 Nov13
do pre(
200 I
90 Nov 125 May
16214 Nov2,
21
Feb
r95
Gas
Union
Brooklyn
200
1412 Jan
6
Oct
Nov25
17
Jan
6
3,710 Brunswick Dock&C Imp
4918 Jan
27 Oct
410 Feb 7 326 Jan 15
560 ButterIck Co
40 Feb
1178Nov
1512 Feb 10 83 Dec 2v
entre! Leather
27,730
102 Feb
Nov
29
68
Dec
4
753
102
Jan2
Do pret
2,0(10 k
5778 Jan
14 Nov
1558 Feb 11 42 Dec 5
19,800 Colorado Fuel & ron_
2938 APr
14 Dec
1434 Men 6 2712 Dec 5
2,1E0 Col & Hock Coal & Iron_
Oct
74
12
14014
Dec
167
hieh
3
Jan
32,090 Consoildated Gas (N VI.. 96 Feb 10 2012 Aug 1
Jan24 .
8 Oct
4
3
1034
800 Corn Products Refining
88 Jan
Aug 9
46 Oct
30
Jan
Do pret
20
Oct
4914
2
16
Oct
712
46
6
:rex Carp t
7tr Feb
1 •.834 Dec 10 -726 Dec
19
ov 2
2 1%;Feb
714
72
4,904 Distiller' Securities Corp :
Jan
50 Oct 163
94 Aug 10
Federai Mining & Smeit'g
97 Jan
Oct
47
Nov13
89
10
99 Feb
Do pret
420
6812 J 11e20
42 Feb
6212 Joe
Federal Sugar Ret ot N Y
100 May
76 Feb
3 100 J'1Y 7
7312 FeO'lY 28
55
Do pret
163 Jan
89120ct
ill Jan It 16234 Dec 2
8,200 encrat Electric
tiu Oct
152 Feb
10912 J'ly 31i
2
Jan
4
3
78
140 GranbY Cons M S &
8
676
Nov28
1
1
J
52
1,750 nt Harvester stir tr ctts110,4 Nov11
39
2,945 1 Do pre( stk tr
bis J ne
4120ct
9 Mayll
6 Oct 26
17,300 Int Mer Marine stk tr etts
'24 Apr
10 Nov
16 Feb 25 '2673 Dec 31
Do pref
23,300
Jan
1812
712Nov
1314 Nov18
• Apr 1
400 International Paper
81 Feb
51 Nov
t,f, Jan It
47 Oct 1
Do pret
1,070
Jun
41
8
397
Oct
8
Dec
31
13 Jan 2
'22,750 Internat Steam Pump
81 Jan
50 Oct
414 Dec 31
65 Jan 10
Do pret
3,300
Jan
7514
Oct
40
i'.ovlO
79
25
Feb
52
700 Mackay Companies
71 Jan
50 Oct
5973 Feb 25 7134 Nov10
Do pref
300
8614 Jan
591.0ct
97 Dec 28
ationat
rk1
Biscuit
2,367
90 Nov 11738 mch
1 12012 Dec 23
4
12
etnbi '
Fa
J
212 j
8
67
10
Do pref
110
1533 Jan
613Nov
1514 Dec 28
2,300 Nat Enameit & Stamp'g
la Feb
Sep
28234
11
Dec
176
25
Feb
pref
Do
50
7614 Jan•
Nov
33
7
Aug
112
86 Feb 10
12,500 National Lead
103 Jab
80 Oct
8712 Jan 6 10614 Nov18
Do pref
505
Dec $204. Apr
$5
20
Jan
3
,
$9
22
Oct
$433
6,980 Newhouse M & S_Par$10
47I2Dec 14112 Jan
50 Jan 2 98 Nov25
400 New York Air Brake
80:'. Jan
37 Nov
4218 Mch 5 78 Nov3u
600 North Anierlean Co, new
4112 Jan
8
19 Nov
Dec
4014
14
2
r
)
nt
p
ae
F
A
J
12
8
2
3
:
2,200 'pacific Mall
9853 Jan
70140ct
23
Dec
10612
topic's G L & C (Chic)
6,515
1618 Jan
/ Nov
8 Dec io
145
17
12
9
itch
Co
Coal
Pittsburgh
300
6068 Jan
37 Nov
50 Dec 4
Do pret
800
Jan
67
1558Nov
14
Dec
1714 Feb 10 46
4,420 Pressed Steel Car
9978 Jan
64 Nov
ts9 Jan 3 10214 Dec 29
Do pref
1,080
18518 Jan
4Nov
1351
Nov16
174
3
Jan
147
500 Pullman Company
671, Jan
21120et
2334 Feb 8 4914 Dec 28
3,700 f)allway Steel Spring
(39). Feb
/2 Nov
75 Jan 29 103 Dec 2
400 l%, Do pret
41 Jan
Oct
12
Nov13
29
11
1434 Feb
3,800 Republic Iron & steel
100 Jab
WI2Oct
63 J'ne 19 9913 Nov13
Do pref
2,400
7734 Jan
Oct
26
Nov17
9134
2
Jan
36
Jr
&
Steel
1,100 Qloss-Shetfield
80 Oct 4107 Jan
11014 Dec 7
b72 Jan
20 k.•3 Do pret
Alch
15:02
35214 Nov16 917 Oct
4,900 dTennesseeCopper Par$25 i'2513 Feb 17
85 Jan
8412 Dec /
42 Dec
500 Texas Pacific Land Trust 45 Feb 11
Jan
818
Oct
23
4
Nov
4 Feb 21
Mon Bag & Paper
600
61 Jan
3934 Nov
4478 Jan 6 6634 Nov2;
Do pref
300
4912 Jan
17 Oct
3073 Dec 14
1.000 (J S Cast 1 Pipe & Foundr
89 Jan
Nov
10
Aug
49
51358 Jan2 7918
Do pref
397
Nov 111i Jan
6
70
Jan
90
18
Feb
70
Express
States
United
9012 Jan
30 Nov
5 64 Nov17
e b 26
1
7:
161
200 12 S Realty & Improvem't 3
3014 Jan
512Nov
1514 Aug 8
4 Feb 21
LT 5 Reduction & Rant
1814Dec
68 Jan
39
Aug
lo
Feb
16
Do pret
5212 Feb
13i2Nov
7
Aug
3712
0
19
71/34
4,500 United States Bobber_
10972 Jan
62 Oct
108 Dec 2
Feb
Do 1st pre/
1,300
7812 Jan
39 Nov
Nov27
7512
21
Feb
42
Do 2d pref
800
5038 Jan'
21.780ct
2534 Jan 2 504 Nov13
208,475 United States Steel
/018Nov 10734 Jan
Nov 4
11453
Jan
8712
pref
Do
11,145
$392 Mch
4 Nov 0 513 Oct
3,610 dUtali Copper_....Par $10 -.20 Jan 2 $523
3938 Jan
1238Nov
16 Feb 27 4134 Dec 29
13,275 VIrginla-Carollna Chem _ _
75 Nov 108 Jan
113 Nov14
2
Jan
21,7
pref
Do
100
97 Jan
Oct
31
9
Nov
01
7
Jan
93
Coke
Ivrinia Iron Coal &
J'1115
1250 Feb 13 :25 Nov16 250 May 300
ells Fargo & Co
85 Jan
54 Dec
7134 Nov30
19
Feb
41
Teleg_
Union
estern
3,000
Jan
154
Nov
17
32
ot
04
A14.1111
89
4,420 Westingh'seEl&Mfg nssen
60 Dec 4160 May
69 Mei'24 125 NON'24
Do 1st pref
V\
IONS
BANKS AND TRUST COMPANIES-BANKERS' QUOTAT
Ask
Ask
trust Co's Eta
Ask
Trust Co's Bid
'trust Co's Bid
Ask
Trust Co's Bid
Ask
1314 Ask
Banks
Bid
Banks
Brookyin
1125
---. NY LIfe&Tr 1100
Guardian Tr I170
Y City
410
N
400
Tr
Brooklyn
___
BrooklUn
675
Brooklyn
- .. N Y Trust..
175 Carnegie -- 118514 §18/34 Hudson __ 130
North Side11 150
__. Citizens' --12t) 126
Standard Tr 3:,5
Borough 11. -_ 110
326
__ Knickerblicr 300
160 Central Tr- 1800
....
Pcoplc's....... 150
____ Flatbush __ 3200
Brooklyn l',.. ..- 145
80 TitleGudc Tr 435
Certs A__ 75
i40
Columbia
155
140
206
1;
Prosp'ctPk
Franklin __ 193
_
___
300
Broadway 11 33)
250 'rr Co of Ani
..... 160 Law I` I &Tr 240
276
2-75
l'erminal 11- ---- 155 Comercial
2,9.1
Trust 1100 . __ Hamilton __ 260
Union
FIrgt
180--Tr_
8,,
____
Lincoln
h
110
1140
130 (1111001____ ____ 150 Com'wealt
US litg &Tr 3 0 3/5 Home
400
HillsIde11-,- 110
-_ Manhattan- 350
limplre ___ 240
--...
450
125
1175 Kings Co
Home Ilk 11_ 110
--- Unit States_ 1125
___ Mercantile . 725
Equit ble Tr 400
125
I. Isi L & Tr 290 310
Trust Co's
260
r
250
VanN'd'nT
Homesteadl: I0.)
___
(53511
n
Farm Lo&T 1200 1250 Metropol't
180
166
N Y City
____
Nassau
___.
n
400
WashIngta
..
Manufae'rs 400 425
205
Morton Tr_
Fidelity -,. 195
280
300 315
Astor
III People's _ . 270
Westchester 140
Mechanics'11 230 '250
120
110
Mutual- __ 426__ 425
Fifth Av Tr
525
100
85
Bankers' Tr 500
160
140 Williamsb-g
Windsor __ 135
MontaUk __ 140
I
. Rut All'nce ____ 140
.... Fulton ___ '2-7-5
Bowl'ir Gen 335
Nassau......_ '240 '270
.
__565
133 Guar'ty Tr_ 546
n'waY Tr- - 130
Nat City__ 280 320
sham
per
dollars
quoted
Now
41
rklits.
shares. f Ex-rights. It New stock. c Ex-div. and
• Bid and asked prices' no sales on this day. 5 Less than 100
13 Banks marked with a paragraph (hi) are State banks.
1 Sale at Stock Exchange or at auction this week. s Trust Co. certificates
--230
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
OCCUPYING 10011it PAGES
BOND,.
N. Y. STOCK EXCHANGE
WEEK END1Nd DEC 31
E
*/
1
4
Price
Thursday
Dec 31
Week's
Range or
Laet Sale
SZ'
Ranee
Year
1908
BONDS
N. Y. STOCK EXCHANGE
WEEK ENDING DEC 31
Price
Thursday
Dee 31
Week's
Range or
Last Sate
h47),Q11
Year
1908
But
.4ax Low
U.s. Government
High No
SiC
_High
As/ Low
Cent of us ItR-(Uon)
Low litioA.
U 828 consolregustered.4193., Q-J 103 103: 103
103:104:
60
63
63
63
21 ;at et income g Os stamped
44
63
U 8 2s consol coupon....4193u
104 J'ly'08
104
104 1041
52
62
3d prer income g
(rei. 52 Sale
/
4
27
57
k1.91: 4-k 101 1013, 101 Deo'08
U S 3s registered
100 101%
52
521
/
4 Dec'01,
3d pref income g Os stampe
27
52',
U 38 e,oupon
k1918 Q-F 101 10134 10034 Deo'Ob
100% 102
89%
k'eb'ob
90
Chan Div pur mon g 48.1931
89% 89%,
U S 35 reg small boads k1918 44(
107 J'ne'02
105
10478J'ne'08
Mac & Nor Div 1st g 50.1946 j•
100:104781
U 83s cou small bonds 1C1918 4-F IOU
1001
/
4 Nov'08
10014 101:
109 111 115 Nov'05
58.-1947
Mid
Atl
J
Div
Gs
&
-J
1922
1201
U 8 48 registered
/
4 121 120% Nov't1a
118:1221
105 Deo'07
/
4
Mobile Div 1st g Os
1946 J -J 110:
1923
U 4s coupon
121
122 Nov'08
120% 123: Oyu RR ds B of Oa col g 551937
1071
/
4 Sale 106
107
10 91 107:
/
4 Mar'08
17SPan Can 10-30 yr 28.k1/136 Q•N 1021
/
41031
/
4 1031
103:103: Cent of N J gen'! gold 58.1987 J • J 129:130: 130
130
117 130:
127 12414 Nov'08
Registered
51087
120:124:
Foreign Government
111% ill Nov'08
Am
58..1921
Dock
&
Imp
107
gu
•J
111
Imperial Japanese Governm't
Le & kind it gen gag 58 1920 J.J 104%
Sterling loan 4:8
1023 F -A ; 92 Sale 91%
92
42 85
92
10012 Dec'Ob
Leh & Wilks B Coal 68..1912 M-N
98 101
9934
2.1 series 4128
1025 J.I
91%
91
91% 9138
1 83% 91%
Con ext guar 412
1210 41-34 100¼ 100: 100: 100: "IS 98:101
Sterling loan 4s
1931 J.J 1 82% Sale. 82%
823
, 10 75
82.4 N Y& Long Br gen3.-9
9714
g 48 1941 11.8
Repub ol Cuba 5s exten debt.. 31.5 j103'Sale 103
10334 18 10014 10514 Cent Pacitio See So Pacific Cu
U s ot Mexico s I g 58 of 1899
100
99: 99:
96 101
es Iday'07
Q.J.
CentVermont
61920
1st
gu
948
Gold 48 of 1904
1954
92% 94
92: 92% 14 U012 941
, Chas& Say See AU Coast Line
7 hese are pr tees on the t ash' of $5 to B. Cites & Ohio gold 68
103:Dec'08 ..• 102 105:
21911 5.0 103
State and City Securities
107:116:
1st consol g 5s
1939 M.N 116¼115%1i5% 115:
Alabama curr fund 48
192u J -J
98:
131 Mar'02
101 12 Deo'07
Registered
1939 111.N 113:
Dist ot Columbia 365s
1924 F-A 110
110 Nov'08
110 110
10612 Sale 100
107
42
General
M-8
1111 R1734
1992
gold
4128
Louisiana new coning 48-1914 J -J
105:Deo'U4
97
9034 02 1111
04,s 5189
y2
'06
Registered
New York CityBig bandy 1st 48
12
891
/
4 92:
42
4 VI
J
199
Corporate
103
Stook
103
1958
103
io31-N
103 10314
4°b
112 Feb'06
Craig Valley 1st g 5s
1940 J J 110
% assessment bonds _1918 M-N 10138 101% 10134 Doc'08
1013.4 101%
/
4 101: iti
/
1
1
4
4D
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,:o6
l/
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/
4 1.42 105%112%
'957 m-N 112:esate 112
1121
96:
2d consol g 4s
89
93:
New 4:8
1917 M-N
104:Dec'Ob
101L4 1043
,
1131
/
4 b'eu'05
Warm Spr Val 1st g 55_1
j
:j
S 107
10
941 3/1
412% Corporate Stock 1957 M-N 112 Salt 11.134 112
26 105 112%
95 Sep'05
92
95
95
Greenbrier By lstgug 4s'40 31-N
/
4 Dec'98
412% assemamt bontis
104% 1041
1917 m-N
102 104: Chic & Alt Bit ref g 38 1949 5-0 79
Deo
'Ob
801* 79%
6734 79%
4% Corporate Stock
/
4 102% 103
1957 M.N 103 1031
6 101% 103¼
77'4 31 60
77 Salo 77
Raitway
773
4
1st
J.
J
lien
3:8-1950
New York State-Highway
Registered
Improvem't48
1958 M.S 112:
110 Aug'08
109 110
l0
"
V1
10
80
1 19 Ma
101
Chic Burl& Q Deny 1)4s 11122
97 101
j
F:j
A
950
Carolina
Mar'08
4
j.j
1933
102
So
42s 20.40
120
4
93
;
93
3/
1
4 10
/
1
4 10
lO
ai
t
,
03
13
%
4s
4 97 1031
/
4
General 4s
1928 M.S 1
Tenn new settlement 38 1913 jr95 100
95 J'Iy'Ob
94
96
31 86
9334
Illinois Div 3/
51941)
1
4
Virginia fund dent 2.38-1991
/
4
93: 951
/
4 931
90
9134Deo'08
93:
89%6
8634 91%
RegisteracJ
•
j
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j
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Dec
'08
47
47
45
22: 47
DA 104; 105
97:105
Ills Div 4s
105
Oct:0b
0,
..• 1043
4 106
Iowa Div sank fund 5s-1
5:0 107[04° N
94V .1j
1919
Railroad
96 101
•--•
1
102
01
3
4
8101 1[014
Sinkuigfund 48
A laoama Cent Bee So Ry
Deo'Ob.••- 98:102:
101:
1011
/
4
Nebraska
5
M:
Extension
8
0
9
7
9
92
1
48
1
6111.1aba Midi See At Coast Line
101% Oct 'Lib •-•• 101:101%
100%
Registered
Albany & Suso See Del& Huu
90 Oct'07
..
97:
Southwestern Ifly 48-.192
MN
:S
31
921
Allegheny Valley Dee Penn RE
Joint
bonds
See
Great
North
Alleg & West See Brut R disk
971
/
4 103:
Debenture 58
1913
M-14
Ann Arbor 1st g 48
141995 4•J
86 Sale 86
86
78
56
lian &
104: 10538
05
73 18
!
J os eousol 68 1911 M-S 1:5
08
0 18008513% Nov'08I)e0850
&Loh T& S Fe-Gen g 48.1995 A-0 10138 Sale 101: 10134 167 95% 101% Chic& St
82: 88
Ill rot& imp g 48 1955 J-J
98:+4 Dec'08
Registered
1995 A-0 98%
95:100
'0
.
.
b
u15
1st consol g 68
11
1.2:
5
9/
1
411
15
2% Ai
32
51$.4
122 122
4 12
1934
Adjustment g 45......../11995 Nov
10 83
9234
93
93
961
/
4
General consol 1st 5.3
10 106:1108
5
31:0
N
Registered ......-...h1995 Nov
86 Apr'07
113
Registered.
11 82: 94
9334 Sale 92: 94
51995 31-N
Stamped
Chic & Ind 0 By let 54.1
1
4
11
0712
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i'
re
107 109./
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bt
37 M
J:N
J
19
146
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1955 J-D 103% Sale 102: 104 761 85% 105
Chicago & Erie See Erie
/
4 107 219 94:108
10-year cony g 58
1917 J-1) 1008 Sale 1081
08
Chic lu & Louisv ref 6a 1947 J
,,
117:130%
13
010
:
413 131 110
30
838 1^ie.";;0
98:Miu'Ob
Debentures 4s Series11 1910 F-A
96: 96:
106 108
Refunding gold 58
98:Nov'04
Series I
1911 F-A
u bbb
104:
v:'uu
i:
jij0t.,
0043
iN
1040
Loamy N A & Ch lat 68.1911
100 104%
1940 .7:I
J
94 Nov'06
Series K
. 1913 F -A
Ohio Mil& St P term g5s 1014 J.J 106%
103: 106%
981
/
4Deo'08
East Okla Div 1st g 48..1928 M-S
97:
951
/
4 98:
General g 4s series A...41.989
100 104:
97 Sale 97
Short Line 1st 451PM recta
la
2. 95
9738
103:193-5,
111724451
9;
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11:1001,
9
e1989
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li2 1/W0.3
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96:
96%
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261'. 46 80
115:0000o
Ciao & L Su Div g 58....1921 J-J
Charles & Say 1st g 78_1936 J -J 130
112 Sep '08
Chio & MoRiv Div 52...1926 J -J
110 112
12311
/
4.1'ne'Ob
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111:124
o
:
0
u
:
1,e
i
y
1
34_:1:
0
Chic & Pao Div 6s
104, 10434
1910 J
112% Jan'04
1st gold 58
1934 A-0 110
112
112
Chio & P W lat g 58
108%112
1921 J-J
11439N01'05
Ala Mid 1st an gold 58 1928 31-N 1081
/
4
108 DC0'Ob
Dak & Gt So g 5s
104: 108
1916 -.I
891
/
4 Mar'06
96
Bruns& W lat gu g 48 -1938 J -J
124:
Far & Sou assu g 68
1924 J -J
8.3
8714 87
o1952 31-N
87
L & N coll g 48
74
88%
Hi
aat
st5
105% Dec'08
&
8 D Div 1st78
1910 J -J 111100013025;488
10518'
97
93:Sep'OS
811 Sp Oca & gug 4-s ..1918 J -J
93: 93:
lul% Aprq/6
1013.1
Atlantic & Danv See South tty
109% Nov 08
106% 109%i
LaCrosse & 1) 1st 58- 19
910
9
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j:j
J
Austin & N W SeeSoa Pacific
1011% 1027,"
Mineral
Point
1910
Div
J
J
58
9534 40 90
9534 Sale 95
1
43.1925 J-J
Dalt& Ohio prior 1 g3/
953,
08
/b
Oco4
33
78 Det
41064, 104
2%
So Minn Div 1st68
1011% 104%,
1910 J -J 104
90 Apr'08
51925 q•J
IL/ Registered
89: 90
103: pec'Ob
101 1.0312!
Southwest1)1v 1st68
190/ .1- J
/
4 41 90:102
1011
Gold 45
51948 A-0 101% Sale 101
111 NOV'Ob
111%
108 111
Wis & Minn Div g 58
5.1
1921
Registered
51948 (..14
98
98 Deo'Ob
95
98
105%105%,
120 uot '01
Pitts Juno 1st gold 68...1922 J -1 109
°
:
0b
ov:(1
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eo
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y5
734
i
l07
:
l0
1
1is o
107%110%.
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N
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5
3 JD
68
t1
: 191°
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F
31
e.
0:
17
891
4
Dec
'08
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91:
90
83
90
111.00167258:
L1538 118%
PLE& W Va Sys ref 481941 M.N
9534 96: 9614 DeO'Ob
87
1001
/
4 105
97
99 J'ne'08
99
99
93:Sale 93
filouthw Div lat g 3/
931/4 15 8334 931
1
4
s...1925 J -J
/
4
08:Apr'08
105
98% 98%
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e
r
o
ed
in
/
1
4e
11
3g66-11292268
89
Oct
'06
Registered
51925
94
0
112
3
95:Nov'08
89
96
Motion Riv 1st gu g 58-1919
Aug'Ub
/
4 105% Feb'07
A 106 1081
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.. 88
Registered
23111
8
31 34•:111
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109 Apr'05
111:May'08
/
4
09
1,2
107%1113s
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Ci Lor & W con 1st g Us 1931 5.0 111:
10934 J'ne'01
110 Aug'Or108 La 110
110
Registered
Ohio River RR 1st g 58 1936 J
111 113 1081
/
4 Sep '0S
1081
109:J'Iy'Ob
/
4 111
11./8 109%.
Sinking num 55.-1
1879
879
:92
1929 5:00
General gold 58
109 Sep'08
1937 A-0 108
v'a
ou
100% 109
138 X1
04
ioi ,, 10
idn
o
Registered
1879.1929 5-0 l
119:Mar'04
Pitts()ley & Tot 1st g 65 1922 A-0 109
Debenture 58
31-N
1009
Pitts & West 1st g 48 191'7 J J
101 Nov'08
101
101 101
101
99110112.
Registered
1909 1,1-N 100%
Stat 1st Ity 1st gug412.5 1943 J-D
IOU Nov'04
105 10834
108 Deo'Ub
107
Debenture 58
Bat Creek & 6 See Mich Cent
103 J'ne'07
Registered
Beech Creek See NYO&H
110
110
1 108's113%Sinking fund deb Os
19
993
223
11 NA:
I-N
O° 110:
Bellev do Car See Illinois Ceni
109 J'Iy'Ob
107 109
Registered
1933 M-N
Bklyn & Montauk See Long 1
1021
North Illinois 1st 58
/
4 Deo'On
101¼102¼
1910 M-S 1011.4
Bruns & West See Atl Coast L
Ott0 F & St Paul let Os 1900 NI- S 10138
101 Oct'08
101 101%
Butialo N Y & Erie See Erie
Mil L5& West 1st g ds 1021 NI-N 10
111:
2
1100
120% 120% 6 118 120%.
0
1 11
2
1
7
Buffalo It & P gen g 68.-1937 ‘i•s 11714
116 Nov'08
108 116
113/
1
4 J'ly'08
Ext & Imp stand g 5s 1929 F-A
110 113:
11157 M-N 107
Consol 4:8
106 Dec'Uo
101:106
1421211'01'U::
/
4
Ashland Div 1st g 68 1925 NI- S 1241
pg Dec Vi
All & Westlatg 48 gu 199b 5-0 9934
12812.6'ob'06
MichD
eisv 1st g 6s
1924 J -J 12434
Cl & Malt 1st ;gut g 5s
1943 J -J 119¼
103 J'13"Ob
103 103
Incomes
109 bey '03
1911 M.N
Roch & Pitts 1st g 66 1921 F-.A 12138 122 119:Sep'08
114 119: Chic Rock DU& Pao 68.-1917 J
116 Deo'06
112 116:.
Cousol 1st g 68
1922 -D 121%121% 12112 Deo'08
117 121%
Registered
112:.... 112:J'Iy'uts •..• 112:115
1
9
8
1
8
7
J
J
Bullalo & Southwest See Erie
General gold 45
19
91 1021
07
13
%4 102%10214 10114
/
4
Bull & Susq 1st ref g 4841951 J -J
90
87: 91
89 Oct'08
97% Deo'l/r3
9612 9734.
Registered
1988 J •J
BurCR&N .S'ee CR I&P
92 Sale 90: 92
83: 92
Refunding g 44
elan So lat ext 63
1913 J.J 100 109: 106
1091
/
4 16 107:111
'04
J'ly
97
Coll trust Seriesli 4s 191t' NI
-N
l..12d 58
103:Dec'Ob
.1913 M-S *103:
981
/
4 105
92¼ Nov'06
J 48
...
911
/
4
1912 M-N
Registered
1913 M.5
10034 May'07
90:Jan'07
M 4s
.....
Carb ife Shawn See Ill Cent
93 Alay'04 .. ......
N 48
Carolina Cent See Seab Air L
90 Nertk .... 90
0 48
110
1917 M-N
Carthage & Ad Bee N Y 84
4 Aug'01
79
841
77/
......
P 45
Cod R la I& N Bee BO Rob Z.
Chi
Ro
55% 79
78 Sale
egR
iste
I ds
1).
;
red
13
a
Pao RR 48 2
Gen Branca Ry See Mo Pao
65 Aug'08
621
/
4 65
Cent of Oa RR 1st g 5s-p1946 F-A 116% Sale 11634 116%
5 112 110%
al 12 Ilk; 59: 9112.
UV% Sale 00
1:Col 9!11.8
trust gold 58
Consol gold Os
1091
/
4 109: 16 1,7¼110¼
1945 31-14 10914
Bur Jed R
Northern
Registered
113 Apr'09
1945 31.14
(Ion
Con 1st & col trg 58 1934 A-0 115% 116% 115:Deo'08
106 116%
1st pretincome g 68....p1946 Oct
81 Deo'l/b
81
81
55
120:Mar'03
A-0
Registered
Stamped
78 Deo'08
78
65
CRIF& NW letgu 58 1921 5.0 105,
111 Nov'05
4
2u pre' income g Os....p1945 Oct
61:Dec'08
60
45
65
51 Al St L 1st gu g 78 1927 1.1)
t
.1
f2 ,1:11
aw
AliSCELLA'SKI US HON0"8--Continued on Next Page.
Street Railway
Brooklyn Rap Tr g Os
1945 5.0
1st refund cony g 48
2002 5.1
J3k City tat con 58.1916 1941 J-1
13k141 Co & con gu g 58 1941 M.N
Bkiyn Un El 1st g 4.55 1950 F -A
Stamped guar 4-5s
1950 F-A
Kings Co El 1st g 48
1941 h'.A
Stamped guar 48
1949 F-A
Nassau Elec gu g 48
1951 J -J
Conn Ey& List& ref g 4:3'51 J -J
Stamped guar 41-25
1951 J -J
Den Con Tr Co 1st g 58.-1933 5-0
Det United 1st con g 4:4.1932 -J
Havana Elec consol g 58.1952 F-A
Inter-Met coil 4:s
1956 A-0
Inter Rap T 3-yr cony Us 1911 M.N
Internac Trao coil tr 48-1949 .1
Manila Elec 1st & coll 6.3.1953 '*1-S
.No price b'riciay; latest price thus
Street Railway
Met St By gen col tr g 66 1997 F-A
Ref g 48
2002 A.0
Rwayds7thAv lst o g 5s 1943 J-0
Col& 9th Av 1st gu g 55.1993 blLox Av & P F 1st gu g 5a 1993 M-S
Third Ate RR con gu 48 2000 J -J
Cent Tr Co certfs stmpt1...
Third Ave Ity let g 6s 1937
Met W8 El(Chic)lat g 48 1938 F-A
N Orl By & Lt gen 412s 1035 J -J
St Jos RyLtH & Piat g 58'37 11-N
St Paul City Cab con g 65.1937 J •J
Undergroimd of Lou Os. .1920 31-N
4:8
193.1 J -J
Income 138
1948
Union El(Chic) 1st g 543 1146 A-0
United Rita San Fr 48 1927 A-0
United Rye St L let g 43 1934 J -J
C Due Ayr 54)00 ° -y o Due .1'110 Alh1.4/ .1 17 auue...ug
102: 102: 1 91 1021
102:
/
2
/
4 1034 651
85 Sale 84: 861
/
4 861
/
4
103 Deo'Ob •... 99%104
104
10144 91 Oct'08 •... 91
821i
10234 sale 102: 103
64 93:103
100:Nov'08
98 102:
/
4 Sep'08 .•.• 81: 81:
811
83
b7 Dec'08 •..• 77
85
87
82
42 75
8134 Sale 81
82
95 Mar'08
95
95
10134
Oct
'08
100:
•
..•
93:100:
10134
95 J'ne'00 ...• ......
81: 81:
139
83
131¼
86 Oct '08
86
94
82% 2628 49% 82%
80% Baja 80
103% Sale 103% 104 101 100 104
70 Deo'Ob ..• 00
09:
70
88% 98 M '06 •..•
week. aDue Jan
881$
8814 1
88
68
89
68:De0'08
68:.
40
100 103¼ 101
104
14 93 104
100:101: 9838 Deo'08
99
95
100:101: 102
102
8 96 101
70
73
75
2 49: 76
Sale
091
/
4
69
73
7234 365 50
110 112 111
111
1 101 111
93:.Ply'06 -•- ......
80: 82
90.2 Sep'06
98
98:
08 Nov'08 • - -• 98
110:Nov'06
40
41:
40 Aug'Ob
731
/
4.
72: 73: 73: 73: 26 70
20
23
22: 214 Dec'08
84 101
84 Oct 'ub
59
751
/
4.
74
74 dale 74
86
76
84% Deo'08
8434 .
ziov aUDtloa eats
ol)ae Oct
i)
New York Bond Record-Continued-Page 2
J'A.N. 2 1909.1
BOND:,
N. Y. STOCK EXCHANGE
WEEK Exuma DEC 31
t;
Prioe
Thursday
Lice &
Rano4
Year
2908
Week's
Range or
Last flats
Jliqfl NO how Hull.
Out
Chic Rock k& Pae,-(Con)
48,1 Low
102 104-2
102 Aug'08
()hoc ok 86 (.4 gen g 58.o1919 •J 105
1071
/
4 109
/
4 Nov'08
/
4 110 1071
Consol gold 68
1952 M.N 1061
11834 1041
/
4
Keok & Des AI 1st 58.. 1923 A-0 103
104 Dec'08
Ohio St 1,36 .N 0 Bee 11f Cent
()hie St L & Pitts flee Penn Co
1294
129% 129% lb 121 132
Ohio St P IL & 0 con 63 1930
93 Dec'03
tons 6s reduced to 3/
1
4s 19310 .1) 92%
124 130
130 Dec'08
Cli St P & Mum 1st g Os 1918 M•N 121)4
129% Mar'04
/
4
Nor Wisconsin 1st 6s 193u J -J 1291
1151
/
4 118
St P da S City 1st g 6s 1910 A.0 11712 11814 118 Dec'08
112 113
112% Deo'08
Chic& West Ind gen g Os 8193',. Q•31 112%
49 01 IOU
100
Consol 50-year 4s
1952 1. J 100 Sate 90
Chic & W Mien Nee Pere Mani
Choc0& Gulf See 0 RI P
113 Oct '00
Olo H & 1) 20 gold 41
/
4s 1937 J -J
96
96
95
96.-2 96 Dec'08
Cm D & list gu g 5s 1041 M•N
Find & Ft W 18t gu 4s ir.'23 11-N
70
70
70 Aug•08
71
Cin 1 & W lit gu g 48.1953 .1•J
901
/
4 Dee
90
961
/
4
961
/
4
Ind Dec & W 1st g 5s 1935 J •.1
...
1071
/
4Dec'02
1st guar gold Si
1035 J -J
0 I St L & 1; bee (.; 0 Si: St 1.
Oln 8 & (J See C 0 St
Clearfield & Mali flee B B & P
9814
2 92
991
/
4
981-, 08
Olev Cm C & st L gen g48 1993 J •1) 98
96 May'08
96
96
961
/
4 08
Cairo Div 1st gold 411., 103 3-i
951
1)71
/
4 9514 Oct'O/
4 9514
1)4
Oin W & 51 Div 1st g 4s 19111 J -J
90
11079
9611
/
4
9014 Dec'08
8t L Div 1st col tr g4s 19110 71-N
91 Oct '07
Itegt8tereit
1990 11-N
92 Feb.08
94
92
92
Spr & Col Div 1st g 4s 1040 11-S
08 Sep '06
1144 .
W W Val Div 1st g 4s 1941) J • J
105 Jan '04
O 1 St L 86 C consul t3s 102(. M•N 103
991
/
4 Nov'08
954 99;
(1-1, 0912
1st gold 48
981
/
4
117 Oct 'Oa
97
97
k.11130
Registered
109
110
Dee
'08
1
1)614110
5s..11128
,
OnS & CI con 1st g
11934 Sep '08
114 114%
1914 J.1) 11218
0 CC & 1 C0118017s
1014 J -D
Cousolaink fund 70
/
4
130 Nov'08
120 130
General consul gold 08 1934 3-3 1271
1034 J -J
Registered
94 J'ly'Ob
05
94
Ind 131 & W 1st pret 48 1940 A-0
0 lutl & W 1st pf 58-.41038 Q•J
1)3
931
/
4 Dec'08
/
4
85
941
Peo & East 1st con 45 194t, A.0
55
111110
504 28 35
63
561
/
4 56
Income 48
Cloy 86 Marietta See Penn ER
Clev & Pitta See Penn Co
8234 Salo 81
1947
84 126 551
/
4 84
Col Midland Sat g 4s
9914 Sam 98
,205 82
9113
/
4
991
OW/EMU 6}3 Sou lst g 4s 1021. •A
971
/
4 bale 904
11)36 M-N
/
4s
97%
071
/
4 11171 73
. RO/Ull(1 & ext 41
Colum & Oreenv Ste 80 By
Col & Dock Val See Hock %rid
Col & Tot See Hock Val
Col Conn 86 Term See N & W
Conn 3ro Pas Miro let g 48.11)43 A •0
Cuba 1414 1st 50-yr 5 g. -1052 J J
91
91 Apr'08
91
ak & (it rio see C AC& St P
allaa & Waco See M K '1
Del Lack 84 WesternMorris do Essex 15t75 1914
115
115
115
1144 1181
/
4
lat consol gnarls
1915 J.0 118 11914 12018Nov08 • - 11131412014
Registered
110
127 J'ne1/5 •
11115 J •
let ref gu g 312s
20(8) 1-0 94
N Y Lack Jo W 1st 6s 1921
125 Nov'08
11012 125
J 122%
Construction 68
112 Oct '08
108%1124
/
4
1923 F•A 1131
Term & improve 48
1004 Dec'01
1923 M•N 10014
9714102
931
/
4
Warren lit reign g /
1142 F01)103
1
4s3 2000
1211
/
4 Apr'08
Del .14, lind 1st Pa Div 78 1017 -8 123
1211
/
4 123
1411 Aug'01
Registered
1 1 17 0•S 1214
1st &ref 4s
102% 102 Dec'08
9814 102%
1943 M.N 4,
101•14
10-yr cony deb 48
94 9414105
Sale 101% 102
1(11b J -D
1st hen equip g 4/
104 Dec'08
96 104;
1
45
1922 J -J *104
42 91% 100
Alb & Sus cony 312s
1940 A•44 100 Sale 9934 100
129 Nov'08
12814121)
Rens & Saratoga 1st 78 1921 ,v1-N 12916
Del Riv RR Bridge Nee Pa lilt
9914 50 89
904
094 Sale 981/4
Deny & It Or 1st eon g 48 1036 J -J
10314 Dec'08
98 103%
1036 J .J 10334
Consul gold 412s
103 Dec'Us
94 103
Improvement gold 5s 11128 3-0 10214
98 Feli'08 • -• 97
08
Rio Or Juno 1st gu g 5s1 111311 J -D 105
713 Dee'05
1040 J J
Rio gr So 1st gold 4s
85 Mar'08
85
Guaranteed
1940 J -3
86
1/7
95
97
12 831
1930 -J
/
4 98
Sale
Rio Or West 1st g 4s
80 Dec'08 ••/
4
SO
70
Olge and col trust 48A 1949 A.0 811
97 Jan'02
......
Utah Cent 1st gu g 4s a1917 A-0
st, i.
Des Moi & it 1) see M
110 Sep '04
Des Alm tin By 1st g 5s 11117 11-N
92 Mar'in
.......
Det & Mack 1st lien g 45 1995 3.1) 1)0
In) Sale 90
90
00
191)5 J -D
80
Gold 48
Detroit 8outhern84 Sale 84
84
8 7734 84
Ohio Sou Div lit g 94) 1941 M-S
115 Dec'08
102 115
Dui & Iron Range 1st 58-11137 A.0
1061
/
4 Mar'U8
Registered
1937 A-0
1061410614
1010 J -J
20 Os
Dui Short Line Sep Nor Pao
/
4
108 Mar'08
1077b 100
Dal 130 Shoro & Atl g 58 1037 J -J 1091
Utast ot Minn See StP 31&111
Ten Vis & Oa Bee So Ity
1061
/
4 May'08
Elgin J ol & East 1st g 68 11141 M.N 108
10612 1002
Elm Cort & No Bee Leh& N Y
0912 May'08
11)47 M-l-. 100
Erie 1st ext old 45
99 105
1041
/
4 Apr'08
1911) 1I.S 105%
2d eat gold 5s
101141(1414
104 Dec'08
1023 M-8 103
9334 104
3(1 ext gold 412s
111518Noy'103
192(1 A.-0 10534
/
4
104 1061
4th ext gold 6s
93
98 Oct '08
1928 J -D
08
98
tith ext gold 4s
126
1920 31.S 1264
126
117 126
let consol gold 7s
121 Oct'08
1920 31-S 124
120 121
1st commit g fund 78
91)1
/
4 sale 1/0
/
4
80
901
Erie 1st con g 4s prior 101/0 J.J
901
/
4
Registered
79 Jan'Os
•
79
1900 J -J
79
701
/
4Sale 70
761
/
4
761
/
4 182 65
let con8ol geu lien g 4s 1990 J -J
Registered
1996 J -J
851
/
4 Feb'OT
86 12 871
/
4 87
1951 F-A
Penn coll tr g 48
87
11 6734 (3738
1953 A.() 78 Sale 78
78
801
/
4
It 43
50-year cony 41 A
. 683, 127 40
Series 11 1953 A-0 6834 Sale
70
•
do
116 12
115 Aug'U,
115 118
Bull NY & Erie 1st 78 11116 •3
115%
11534 11.534 10 108,
Ohic A., Erie 1st gold 58 1982
4 116%
121
Ciev itt Al alum Val g 55 11(38 3-_i 110
121
10 121 121
106
106
Jett 1114 1st gu g 58....a11109 A-0 106
1 98 12 106
128 Dec'08 •• 121 128
Long DOCK CO11801 g 138 1035 A-0 126%
Coal & lilt 1st cur )0.68 1022 M.14
118 Sep '00
bock .9 Imp 1st cur 6s 1913 J-J 100%
106 Dec'08
106 106
N T & Green I. gu g 65 1946 Vi N 10212
100 b'el,'081
IOU 100
D
"Wi
BO N1..
Z•42 ,%- .N. Y. STOCK EXCHANGE 71 t•
;a.
WEEK ENDING DEC 31
Price
Thursday
Dee 31
43
iz
Weee8
Range or 3z,
:
, :.
Last Sate ,
Rance
Year
2908
.1110 A t bow II ig/t
Ask Low
Bia
Erie-(Con)
ol Y Sus & W bat ref 55 1937 3-i 104 Sale 104
104
1 109. 107
10014 Dee'06
20 gold 414s
1937 F -A
951
/
4
General gold 5s
9514 Nov'08.. 89
95
1940 F.A
/
4
1141
/
4 1141
/
4 4 110 1141
Terminal 1st gold 5s 11)43 M-N 113
Regis 85,600 each 1043 M-N
Mid RR of N J 1st g 68 1910 A-0 103
163 Dec'08 .... 101 10$
Wilk & Ea 1st gu g58 1942 J -I) 102 104 102 Oct'08 ... :00 102
v& Ind Lat eon gu g 65 1920 J -J 1.11
110% Atig'08 .... 108 1134
Erie & Pitta See Penn co
Evans & I` 11 1st cons 66 1921 J -J 114
112 Jan '08 .... 112 112
1st general gold 58
1042 A-0 1024104 1021/4,Ply'08.... 1)6 103
Mt Vernon 1st gold 66 1023 A•0 102
114 A pr'05 .... ...:.
..
..
95
Sall Co Branch 1st g 58 1930 A-0 981
95 J'ne'08,.... 95
/
4
tjargo & So See Ch 111 & St 1'
lint& Pere Itt See Pere Mar
•
Fla C & Penni flee Sea Air Line
Fort St U D Co 1st g 41
105 MarTh
/
4s.1941 3-3
-D
J
1154
115%
Ft W & Den C 1st g 6s
Sabi 1151
/
4 11514
04
11)21
Ft W & 1410 Gr let g 48. 192b J -3
87
88
'137 Dec'08 ----74
i • al Ear & S A See So Pac Co
96 Sep '08 .... 913
96
k 'Jai H & 11 of 1882 lat 53.1913 A.0 100
Georgia & Ala Bee Sea A Line
Ga Car & Nor Bee Sea A Lme
Li eorgui Pacific See So By
Gila V G & Nor Bee So Pat; Co
Gouv 85 Oswegat See N Y Cent
Grand Rap & Ind see Penn RR
Gray's Pt Term flee St L 8 W
/
4 100% 25
Gt Nor-C B& Q coil tr 48 1921 J - J 100148510 1001
92141 100%
97'-., Dec'08 .... 921
Itegistered.h.
/
4 98
1921 1)-J
Greenbrier By See Ches & 0
100
95
Oct'03 .... 95
93
Gulf & S I 1st ref & t g 5s 81952 J -J
it_11 an & 8t J o Bee C 13 & Q
I I ousatonic See N Y .N H& li
107
lu 1)31410714
Hock Val 1stconsol g41
/
48 1999 J -J 10841O9 107
10012Sep '08 .... 1001
/
4 1M/1
Registered
/
4
1999 J-.1
96 .Dee'll, .... :JO
96
Col & 11 V 1st ext g 46 1.1)4b A-0 97 101
100 Dec'08 .... 06 100
Col & Vol let ex 4s
1955 F-A 100
[boast E & W Tex See So Pac
['joust 86 Tex Cen See So Pac Co
101 Dec'Ob .... 1.01 1031
/
4
I 11111018 Central let g 48 1951 J.J 1031
/
4
1073* AP:'07 -- •
1 Registered
1951 J•J
091
/
4
/
4 10014 ..vi• 99% 1001
/
4 Sale t001
/
4
1st ref 4s(when 188)
1951 31-14 1001
93% Dec'08 .... 1104 113%
1st gold 31
/
4s
031
/
4
1951 J -J
Aug
lib
'31
-14
....
913
4
1/i
Registered
1951 J -J
0014
89 Noy'o ,
I/434 1:17
Extended 1st g 31
/
4s
1951 A•0
70 uct '0,
1st gold 38 sterling
1961 Al- S
101 Dec'08 ..... 07 102
11)52 A-0 '3914
Coll Trust gold 4s
1.8 MayV,
Registered
1052 A -0
1
4 Del;'08, ... 984 102
119/
102
L N 0& Tex gold 4s _1053 M-N
Alay'ul
97
Registered
1953 11-N
114234 Jan 'u7
Cairo Bridge gold 45
195u J -V lc()
904 Nov'08 .... 86
90%
1/04
LoutsvDiv&Term g3128 1953 J -J
1921 FA 103
123 Jisy'ur
Middle Div reg 5s
79
7812 Apr'00
Omaha Div 1st g 35
1951 F-A
'7914 Dec'ub ..... 7614 7144
St Louis Div&term g3s 11151 J -J
78%
11)01 J -J
704
Registered
90%
/
4 901
/
4
1961 J-J
901
/
4
901
/
4 li 791
Gold 312a
864
Registered
.10114 Oct '99 •
1061 J -J
1(.10 Nfov'uu
Spring Div 1st g 8128 1951 J -J
9(04
1U03., Dec'ids..... 10034 101434
Western Lines 1st g 4s 1951 F-A 1014
122 Dec'05
Bellev & Car let Os
1923 J -D 114
97 Sep 'Ot ...._ 97 100
Carb 84 Shaw let g 48. 1932 31-5
111)
117 Oct
x12'5117
/
4
) 1171
Chic St Ia.lc o g 58 1951 J -I
.... ....... ......
'08....
111)34 Mat'u4
Registered
1951 3-1)
88,
4 Feb'07
/
4s
Gold-31
1951 Jr•D,
100 Mar'08 .... suu 100
Diemph Div 1st g 4s. 1051 ds.-....
98 J'Iy'ob ,... '38
98
St L Sou 1st gu g 4s. 1931 •`(''
Ind 13160 West See C0e 86 St L
1950 J-J
96 Apr'08 ... 95
99 101
95
Ind Ill & Ia 1st g 4s
lilt & Great Nor 1st g 6s 1910 -‘1-11 10912 115 110 Dec'08 .... 101 110
70
Si)
85 Nov'Uo.
20 gold 55
001
/
4
1909 M'S
89 Oct'0,
30
40
3d gold 48
1921 M-S
/
4
10838 Dec'ut .... 10014 1111
Iowa Central lat gold 5s 11138 J -D 101/
821
/
4 41, 70
Gold 48
/
4 Salts 81%
1951 A-8 821
1314
Jetterson RR See Erie
alA&GR See L88,51S
au & Mich See Vol & 00
Kl3Ft1834s.M. SseStL&Sle
K(,'&M It& B SesStL&SF
Kan C & Pacific Bee M k 4,1
73% 37 69
Kan City Sou let gold 38 1060 A-0 731
/
4Sale 734
74
Registered
63 Oct '18,
1115u A-0
Kentucky Cent See 1.86 N
Keok & Les Mo flee C It I&P
Knoxville & Ohio See So Sty
/
4 Dee'08 .... 1061
1141
/
4114/
ake Erie & W 1st g 5s 1937 J -J 115
1
4
106 Dec'08 ..... 100 106
20 gold Os
/
4
1941 J -J 1031
/
4 110 Dee'lk ..... Bib 114)
North Ohio 1st gu g 58 11)45 A•0
1121
L Sho & Mich 8 See N Y Cent
/
4 109%
Leh Vs
-IN Y 1st gu g 41
/
48 1941) J -J 10834 110 1094 Nov'Ob ..... 1021
108 Oct '08 .... 108 103
Registered
1940 J -J
1/334 J'ne'08 .... 8712 95
Lehigh Val(Pa)eons g 48 2003 M-N
11712 Sep '08... 108 1171
Len V Ter Ry 18t gu g 58 1941 A-0 117
/
4
Registered
10912 Oct '90
1941 A-0 1I6'
107/
1
4 J'ly'08 .... LW 10734
Leh V Coal Co 1st gu g 68 1933 J -J 1011
97 May'ob .... 951
/
4 97
Leh & N Y 1st guar g 4s 11/46 M-S
95
Registered
1945 M-S
11378 Jan'06
El C 80 N 1st p168
1914 A-0 102
......
...
1054Jan'00......
Gold guar 55
/
4
1914 A-0 991
Leh So liud It See Cent of N J
Leh & Wilkes b See Cent of N J
Leroy & Caney Val See Mo P
Long Dock See Erie
Long 181%-lst con gbs ft1931 Q-J in
Ill Dec'08 .... 105 1121
/
4
Dit contol old 4s
1(814
/41931 9-3
General go it 48
961
/
4 Dec'ub .... 831
/
4 971
1938 3-b 96¼.
/
4
101 102
Ferry gold 41
102 Dec'
/
4s
1922 M-S 102
(told 48
08....
01.114 Oct '00
1032 J -D
90
Dialled gold 48
114
11412 Deo'08 .... 81
1)41
/
4
1949 M-S
Debenture old 58
1041
/
4 Dec'08 .... 104141(6414
11134 J-1)
Guar ref gold 4s.
1181
/
4
118 Dec'08 .... 90
1/812 09
1941/ M-S
ilklyn & Mont 1st g tis 11111 M-S 1021
/
4
1st68
/
4101%
10138Dee'08.... 1001
1911 M-8 101%.
N Y R&M B lstcon g bs 1935 A-0 105
111)14 Is ov'06
N Y & It B 1st g 5s
105 Apr'07
1927 11-S 101
Nor Sh B let con ggu58o1932 (4-J 102
109 Nov't/ii
Louisiana & Ark 1st sr 5s 1027 11•S
98 Anr'08 .... 98
100
98
I
ik
L
IISUELLANROUS BONDs-Continued ou Next Page.
Gas and Electric Light
Gam and Electric Light
Atlanta 0- L Co 1st g 68...1947 J-D
Lac Gas LofSt List g6461919 Q-F 10334
1021
/
4Dec'08
99 103
Bklyn U th.18 13C con g 513 11445 M-N •
0214107
Ref and ext let g 58
1001
/
4 1054 Dec'08
1934 A-0
100%101
102 10034 Nov'08
Cony sleben 68
1901 M•S
Milwaukee Gas L 1st 48..1927 M-N
1481
/
4 1467b Dec'08
119 150
92
8914 95
931
/
4 95 Oct'08
64
6:1
13uttalo Gras 1st g 68
1947 A-0 63
65
63 DWI/8
N YGELII&Pg 58..1948 J -D
/
4
88 104
1011
/
4 10112 1011
Consul Gascony deb 63- 1009 J -J
Purchase money g 4s...1949 F-A
165
167
28 103 1O9'
88
851
/
4 86% 8578
861
/
4 29 76
Detroit City Gas g 6s
931
1923 J -J 102%
/
4103
Ed El III 1st cony g 5s..1910 M-S 101.1
10$
10$
981
/
4130
/
4102 101 12 Dec'08
Det Gail(Jo con let g 68-1018 F-A 102
08% 98%
1st e,onsol gold 58
98% Sep '08
1995 J -J 112
112 Dec'08
10714112%
4dE11.1 c'eriN YOI&ELli&P
NY&QE1 L&P 1st con g 531930 F-A 94
05
95 Dec'08
89
Eq GLNY 1st con g 58 1032 M-S 102
06
96
96 Mar'08
N Y& Rich Gas let g 58.1021 M-N
99 10014
100 100 Dec'08
Gas& Itleo Berg Co c g 68 10411 .1-1)
611
/
4 Oct '01
Pat & Pals 11 drE con g 56.1949 M- S
..
104% Nov'05
971
/
4
Gen Electric deb g 31
/
48 1942 F.A
88
84 Dec'08
Peo Gas & 0 1st con g 68.1943 A-0 1201
/
4 (1 1074120%
79
84
/
4
1201
/
4 1201
10-yr g deb 5s
1917 J-D 141 sale 13834 141
Refunding gold bs
10614141
104
1041
/
4 53 94 1041
/
4
1947 3I.S 103%
Ur Rap U L Co let g Os..J915 F-A
10734 Dec'00
Ch G-L& Cke latgug 58 1937 J-J 1061
105% Dec'08
98 105%
/
4
Hudson Co Gas 1st g 5s 1941) M-N 1021
/
4
102 J'ly'OS
Con G Coot Cb 1st gu g 58.'36 J-D 10114
102
95 1034
10114102
102
Kan City(Mo)Gas let g 58 1922 A-0
99 Deu'06
Mn Fuel Gas let go g 58.1947 3I-N 1014 103 101 Nov'08
92 101
Rings Co El L 86 P g 55-1937 A-0
106
Syracuse Lighting let g 68.'51 J -D
95
Purchase money 68
1997 A-0 1131
/
4
103 1111
110 Dec'08
/
4 Trenton G & El let g 58..1949 M-6
110 May'05
Ed El II liku lstcon g 48 1.11311 J -J
83
88 Sep'08
00
Westchester Light'g g 58.1950 J-D
MI;
107 103 J'ly'08
'No price Friday; latest bid and asked this week.a hue Jan 5 Due r et) d Due Apr dl-hue
is Due J'13
, JC Due Aug °DUO 00$ qflue Dee a Orition Saki
57-
44
New York Bond Record-Continued-Page 8
1SW% De.
N.Y.STOCK EXCHANGE
NA tom kN0jNl Do 91
Thursday
Dec 31
Week's
Icange or
Last Sale
Range
Year
19446
Rign No tow ittun
Bid
43/1 Lois
11258 120
D 1 i5i2 118 11776 Dec00(1
-s
.1.
7 f4
Lonisv & Nashv gen g 68.1930
4J'ne-08
/
1101
1101
4 1107,
/
Gold 5s
103
1940 J-J 102 103 102
(3S 95 103
Unified gold 48
11)114
'00
,
J'13
J
J.
1941)
4
/
981
Registered
105 J'ne'08
1910 A-0 10214
105 105
Sink tund gold Os
102 10934
193-1 M.N 108 114 100% 10934
Coll trust gold 5s
2
/
971
9712
A-0
973
88
98
4
1923
98
48
g
deed
tr
6-20-yr col
111 Nov'07
4
/
1919 J -0 1101
X H & Nash 1st g 6s
104 Mar'08
111314 104
L CBI & Lex gold 4 1.2s...1931 5144 1064
122 Oct'08
115% 122
N 0 & M 1st gold 68...A930 J -J 126
4 Mar'08
1930 J -J
N 0 & M 28 gold 138
1074 A ug'06
Pensacola Div gold 6s...1920 M-8
117 May'07
1921 M•S 109
tit L Div 1st gold 68
63
6212 Ang'07
198( M.S
28 gold Os
2
/
4 951
/
951
2
/
951
4
951
86
2
M-N
/
251
48..1955
div
Cin
&
Knox
Atl
116 Ply'00
......
Au Knox & Nor 1st g 581940 J -0 104
108',Jan '08
Hender Edge 1st a f g 68.1931 kl-S
97% Nov'08
88
973
,
2
/
981
Kentucky Cent gold 46_1987 J -J
103 Dec'0
9712 103
48 1945 M-113 .10314
/
L&N & M & M 1st g41
87
87
88
2
/
4 881
/
791
L& N.:South DI Iona 48.1952 J.J •
113
113
11014 113
4
/
N Fla 8,8 1st gu g 5s....1931 F-A 1131
98
N&C Bdge gen gu g 41281945 -I - J
113 Jan '08
113 113
4
/
Pens & AU 1st gu g 68..1921 F.A 1091
112 Dec'08
112 11218 ek. N Ala con gu g 58..1939 F-A 12',•
9112Jan'08
911
2 911
/
2
/
1+3
L & Jell Bilge Co gu g 43-1945 M-8
4 A & Ch See C I & L
,
L1
VA ahon Coal See 1..8& M 8
99
4
/
991
2
/
991
4 Sale
/
7 92
lIkanhattan Ry cons.ol 48.1990 A-0 991
104 Apr'05
1994) A-0 983
Re giatered
Stmpd tax exempt..1990 A-0 10034 Sale 10014 100% •-11 96'e h00,
McK'pt .1 14 V See •N A Cent
2 89% 41 7414 89 1„
/
8914 Sale 881
Max Cent c,onsol gold 43..1911 J -J
4 243
/
,
141
251g 2434 Dec'08
26
1st consol income g 3a.a1939 Ply
Dec'Ob
10
11323
4
/
231
28 couso1income g 38..a1939 •I'ly
'Ul
94
8.1.
905
M-S
g4s.1977
con
1st
Internal
&lex
80 Feb'08
80
80
Stamped guarantee&...1977 M-S
99', 106 May'Ot)
............
hiex 11 orth 1st gold 08....1910 J •0
Cent
I
N
See
Mich Cent
Mitt of N J See Erie
Mil L S & W See Chic & N W
Mil & North See Cli Al & St P
1254 128
12412 Oct'08
Minn & St L 1st gold 745-1927 J-D I2358
101 Dec'u8
101 103
1909 J-D 100
Iowa Ex 1st gold 7s
'011
Jan
118
107
Pacific Ex lat gold 6s...1921 A-0
1134 Man*
......
South West Ex 1st g 78.1910 J-D
11014
100
110
1934 hl-N 1094
1st cionsol gold 5s
4 85, 21 78% 86
/
851
Sale
4
/
let and refund gold 48..1949 11.11-8 851
97 Apr'043
......
Des M SG Ft D 1st gu 48-'35 J.J
Minn & St L. gu See 11 0 it& N
10U34 Dee'08
410034
1
96/
114 StP &Id 8 M con g 4 int gu'38 J-J 100%
102 J'ne'07
DISSM &A Dag 4 int gn 1926 J -J
&DI
M
P
Minn Cu See 8t
994 45 94 101
Mo Kan & Tex 1st g 4s...1990 J-D 9914 Sale 99
90
4 90
/
2. 771
90 Sale 90
gi990 F-A
28 gold 48
4
/
106
106
96 1061
1064
31•N
1944
let ext gold 5s
4 87
/
4 854 2 741
/
861
86
2004 M.S
1st & refund 48
04 232 71
ifti
l)27 Sale 0314
1030 J -J
48
/
Gen 8 f 41
4 86
/
801
86 Dec'08
2
/
2001 A-0 871
St L Div 1st ref z 4s
4 106
102,
103 Oct'08
Dal & Wa 1st gu g 5s...1940 51-N 105
95
95
95
6 87
95
Kan C & Pac 1st g 48...1290 F-A
112
105%112
112
A-0
1104
Mo K 51, h. lat gu g 5s...1942
102 10914
4 Dec'Oe
/
1091
1942 M-N 108
Di K & Ok 1st gu 5s
4108
/
971
108
ll K & T ol T 1st gu g 58.11142 3I-S 106%108 108
4J'ne'08
1
100/
4
/
LOU',1001
Sher 8h & hoist gug 58.1943 J -D 105
4 108%
/
1021
108
108
Tex & Okla 1st gu g 5a...1943 M-S 108
3 1141
4
/
4115
/
1041
114
115
4
/
1141
Di-N
-.1920
Os
g
eon
&to Pacific 1st
2
/
88 1021
4 102
/
1011
Trust gold 58 stamped.a1917 M-8 102
104,Feb'07
......
al917 Al - s
Registered
102
41031
/
4
/
4
871
1013
......
101%
F-A
11120
tat coil gold 68
4
/
68
801
1945 M-8 7912 bale 7012 804
40-year gold loan 48
95
95
95 Mar'Ob
91
1938 33-N
$d 7s extd at 4%
88
Dec
'08
88
86
95
89
-A
F
48.1919
Cent Sr By 18t gu g
8914 Sep'us
2 8914
/
831
92
Oen Branch U Plat g 48.1948 J -.0
......
105 110 hlar'05
Leroy & C VA Llstg5s 1920 J -J
Feb'08
91114
1194
4
/
991
994
k'-A
Pao [tot Mo latex g4&1938
111 Dec'08
111 111
2d extended gold 58...1938 J -J 112 113 1121
4 113
/
103
1144
6
4
1121
A-0
5s1931
g
con
Sgen
Al&
Lir
St
110 Oct'OS
2
/
100 1101
Gen con stamp gtd g 68 1931 A-0 11019
88; 44 68
4
/
891
88',bale 8814
Unified & ref gold 48-1929 .1- J
4
/
76
8111
09', 2
8834 8614 89
Hay & li Div 1st g 48..1933 M-N
10712 Apr'Ou
Verdi V 1 ...4, W 1st g 58.1920 M-8
98 Dec'06
lio9J & K C 1st e0118 g58.1951 J -J
122 Dec'08
120
113 124
J.D
08-1927
gold
new
01110
Mob &
Jan '4)8
2
/
2 1051
105,
1st extension gold thi..41227 Q-J 117 nsi, 10514
88 Dec'04
2 88
/
821
4
/
19/18 11.13 871
Genera' gold 48
2
/
1121
1121
2
/
4
/
4
/
41121
/
1121
1021
15
F.A
63..1947
g
lat
Div
Montgom
75 May'ut
75
79
75
St L & Cairo coil g 48..e19341
101 Nov'04-1(
1931 1-J
Guaranteed g 4s
Southern
DI & 0 coll 46 See
Mohawk JO Dial See N Y C& H
Monongahela Riv See B & 0
Mont Cent See St P 31 & M
Morgan's La & T See B P Co
Morris & Egietix See De/ L & NV
11538 Deo'0,13
2116
/
1101
ha1.61 St List 78.1913 J J 11558
V ash Ct1
112 Dee'08
1(1514112',
1928 A •0 11214
1.let consol gold 5s
11612 May'01
, Jasper Branch let g 68..1923 .1-J
1174 Mar'/5
? Moll M W & Al 1st 6s..1917 J •J
113 J'ly'04
T & P Branch lat Oa_ .1917 J -J
Nash Igor & *lief See 1;& N
4 Nov'08
/
1001
99 10034
48.1926 .1.J 103
/
Nat of Mex prior lien 41
83',
8114 _16 77
81
81
1951 A•0
1st cousol 48
11
&
H
N
Y
.l1
See
New 11 & D
N J June RR See N Y Cent
New & Citi Bilge See Lou& N
N Y Skin & Man Bch See L 1
2 96
/
871
1
2 96
/
4 951
/
2 061
/
kil Y Cent& ri Riv g 3128.191/7 J.. 931
91 Oct'08
S8'- 91
4
/
911
1997 J.J
Registered
,
95,
9438 •ii 90
4 944
/
941
94
1934 M-N
Deben g 414
86
86
41 76
86 Sale 8534
Lake Shore colt g 310_1098 F-A
84
134 1,
73
84
1998 F-A 82
Registered
74' 91,
4 861
/
851
4 831
/
4 Dec'08
/
48....1998 F-A
1
Mich Cent coil g 3/
82'-.
76
42',Nov'08
1098 F-A
Registered
09
99
4...... 99 00.'08
/
Beech Creek Lit gu g 48.1930 J • J 1001
102 Mar'04
1938 J -J
Registered
28 gu gold 53
193ti J -J 105
Beech Cr Kit 1st g 3/
4861951 A-0
1
Cart & Ad 1st g-u sr 4s...1981 J -0
BON ON
Z4-4
2,- ,,,N. Y. STOCK EXCHANGE (
:a.
4
WEEK ENDulv MC 31
Price
Thursday
Dec ,1
Lxxxvin.
144eeic's
Range or
Last Sale
'
*----al
4
Range
Year
1908
..4sA. Low; .High lio Low Nigh
Sid
N Y Cent & H R-(Continitecti
Gouv& °ewe lstgur 58 1942 J-1)
4
/
98 Mat'08
98
118
Moh & Mill lst gu g 48-1991 31-S 1001
105 oct '02 ...
90
N J Juno It gu 1st 4s...1988 F-4
08 ......:
utg:0.
Ac
O
96
98
N Y & Harlem g 312s...2000 M-N
110
9
10
6
7
'4
'8
2
614
97
L4 10
1
4
6/
1/7
1:9
N Y & North 1st g 58...1927 A-0
100 Sep '08
100 100
N Y & Pti lat eon gu g4m 1993 A-0 98
Nor & Mont 1st gn g 58.1918 A •0
107
.
No•'07
Pine Creek reg ituar 63.1932 J .0 12,
112
1 10- 8 I VA
112
It W&0con latext5s./i1922 A-0 11114
105 Jai:1'09
105 105
ORWO & R 28 git g 58....e1915 F-A 102
R W&OT R let gu g 58.1918 M-N
103 103
Rutland let con g 4128_1941 J -J 10012 ------103 Sep'us
82
93
/10
113 Dec'08
Og&LCham 1st en 4s g1949 J -J
85
90
90 Aug*Us
Rut-Canad lat gu g 48.1949 J 4
112 113
112 Nov'08
St Law 80 Adirist g 5s 1908 J -J
125 125
135 125 Feb'08
1998 A-0
241 gold 68
991410314
10014 Dec'08
Utica & Bik Rivgn g48 1922 J -J 10314
2 2 8934 96
/
941
114½
Ws
1997 .1-D
Lake Shore gold 3128
4
/
931
9312 Dec'08 .„. 90
1997 J -I) 1131-,
Registered
97%
22 84
97
0634 Sale 9814
1928 m-S
Debenture g 48
4
/
8aie
964
951
96
136
984
8814
M-N
g
1931
25-year 4s.
KaA&GRlstguo58.1938 J -J 1104
.-...
109 Oct '07
Mahon C'l RR 1st 58_1934 J -J 115
100 100
1110 Mar08
, A.0 102
&
58.a1928
L Erie 241 g
Pitts
130 Jan '113
Pitts McK& Y 18t go 613.1932 J-J 122
241 guar13.8
1934 J -J 124
McKees& 13 V 1st g Os 1918 J -J 113
104 Dec'00
9934
Mich Cent 1st copse/ 66 1909 31-S
114% Oct -08 .... 114% 11434
55
1931 M-8 114
119 J'ne'Oti .... ......
4
/
1031 Q-M 1081
Registered
10034 Jan '07
48
1440 J-J 1003e
10812 Nov'00 ....
1940 J -J
Registered
90
110 Pueile .... 90
jL & S 1st g 3128
1451 34-S
112 )2 Deo-08 .... 88
4
/
921
2
/
921
48
1
bit g 3/
1952 M-N
Bat C & Stur lst gu g 38 1989 J -D
4 b 9514102
4 1011
/
/
N Y Chic & St L let g 48 1937 A-0 101 102,- 1011
WO Sep '08 .... 100 10158
1447 A.0
Registered
93
93 Oct'08 .... 91
02
1931 M-N
Debentures 4s
2 98 106
105
West Shore let 48 gu 2361 Jul 10434 105 1, 105
4103
/
4 14 961
/
10112 1011
2
/
2361 J -J 1011
Registered
4 Y & Greenw bake See Erie
i Y & liar See N Y C & Hint
i Y Lack & W See I) L & W
4 YLE&W See Erie
1 Y8,Long Br See Con t of N J
2 49 1151,16719
/
137
1371
1 Y N H & H Cony 6s 194S J-J 13634
4
/
63 85 1001
1958 J.J 100 Sale 9934 100
4s
/
Cony deben 31
11812Dec'08 .... 112 1184
Housatonic R con g 58 1937 51-N 116
N H & Derby con cy 58 1918 M-5 107',
; ir & North SeeNIC& H
4
/
21001
/
4 lb 921
/
1001
I Y 0& W ref let g 4s..g1992 81-S 100 10034 100
101 12 J'ne'lni
4992 31-8
Regis 35,000 only
4 Y & Put See N -Y C & 11
I Y & Eli See Long Island
1 YS&W See Erie [1 Tex & 5.1 See So Pao Co
•
4
/
4 991
/
105
9912J'ne'08 .... 991
for & South lst g 58
1941 311-N
4 Det-'08... 120 12834
/
1271
1431 M.N 12714
fort & West gen g 68
412912
/
2 -13 1171
/
2 1291
/
12111
4
1
Improvem't & ext g 68 1934 F.A 128/
128 Nov'08 . 120 126
1432 A-0 12514
New River 1st g 6a
9'114 9934
.1
99 ..-4
15 8.7 W Ry 1st con g 48 1996 A-0 9d Au -•,ale 0812
91 Sep '07 ,
199i; A-0
Registered
1)514 10
; 96
- 841
1/5%8ale 9514
1044 J •J
DiNt'l 1St I& gen g4a
9538
9334 169 78
9334 93 .
10-25 year cony 48- 1032 1-11 93
92
4 4 77
1
9u/
90
91
Pocah C .47 C Joint 48 1941 J -D
.
4 fren'06. ..
1
10 /
CC& T 1st gu g 6s
1922 J 4 105
4 93
/
..98 Dec'08 .... 871
97
Scio V & N E 1st gu g 4s 1989 •il•N
forth Illinois See Chi & N W
11forth 01110 See L Erie & W
4 70 99 1044
/
Ifor Pac-Prior hen g 48_1097 Q J 104 1041,10314 1041
4 Dec'ub ...• 9734 1U3
/
1011
Registered
1997 (4-J
9,,1/2
7412
7334 26 08
General hen gold 38....a2047(4-F 10,‘"
', .
-1 74
„,,
7338
2 71
/
71 Ang'08 .... 081
Registered
a2047(44. '4
9612
4Jan 08-..- 89
/
100
961
St Paul-Dul Div g 48....1990 .1-0
Dul Short L 1st gu 58-191t H-S
C B& Q colitr 48 See Gt Nor
4
/
4 Deo'08 .... 116 1231
/
1231
4
/
lit P & .N ..P gen g681923 F-A 1231
120 vet '08 .... 116 120
Registered certilic's..1923 Q- F 120
•Ply'07
4
/
1174
St Paul & Dul 1st 5s....1931 k -A 1111
4
/
4.1'ly'08 ... 101 1031
1
4 107 1.113/
/
1917 A-0 1021
2d 58
1u0 J'ly'08 .... 100 100
lat consol gold 48
1968 1-1.1 93
93 MaY'00 95
Wash Cent 1st g 4s
03
1948 (4-m
117
117 Aug'08 ..... 112
for Pac Ter Co 1st g 68 1933 J -J 116%
for Ry Cal See So Pac
;or Wis See C St P Ai & 0
for & Mont See D1 Y Cent
i Ind & W See C C C & St L
/hi° Riv RR See Balt & U
ire & (...10. See SoPite Co
re Short Line See Un Pac
iswego & Rome See N IC
,0 1.1' & St P See O & N W
4111
/
109 Dec'08 .... 1011
1940 JD 109
Jac Coaxt Co lot g 5s
i no ot Missouri See Me Pat:
103 J'ne'us .... 102 105
ienn RR 1st real eat g48 1923 +.4-N 103
4
1
4110/
/
11012 Dec 08 .... 1101
Consol gold 5s
19111 .11-6 110
41011
/
, 106 Oa '08 ,. 1011
1943 •-i-s Mkt 104,
Consot gold 48
1054
100
9s
105
45
WI%
gold
Sale
104%
Consol
1948 M N
99 124 914 99
2
/
Convertible g 312s.
1:9 Sale 981
1912 444
2
/
954 320 88 • 961
95',3a1,, 9434
1916 J -D
Convertible g 3 Luis
.... ......
J'ne'07
lit)
Alleg Val gen gu g 48 1942 Pil- S
911'u
95
D It R R& lige liitgu 48 g.'30 F-A
4 Oct '0t.
/
1071
PhilaBal& W 1st g 48 1043 31-N 100
102 J an'03
98
Sod Bay & So 1st g 6e 1924 J • r
• ...,
11012848p '»4 ... •
U N J RR &Cau gen 48 1944 M.8 10458
10614 Deo'08 .... 10214106',
48 1921 J...1 100
/
'enn Co-Guar lst g 41
'07
J'ly
4
/
1031
Registered
1921 J -J
9014.rue'06 ... .
Guar 3125 colt trust reg 1937 31-S 88%
4 91 Dec-08-..- 864 944
/
921
48 coll tr 8er 13 1941 F.A
1
Guar 3/
91
4 9814
/
48 1916 ll-N
/
97, 984 Oct'08 .... 921
Tr Co certira gu g 31
8734 Sep'08 .... 844 87%
1942 J -D
28 tr ct•fs C
/
89
On 31
......
...,
....
2
00,
Mar'99
D
ctfs
tr
931,
8.9
J
312a
1944
-D
GL.
4Deo'08 .... 90 10012
/
2 1001
1
1931 A.0 98/
4100/
1
Guar 15-25 year g 48
110 Jan '06 .... ......
4s 1935 M-N
/
971
4
/
Cl & liar 1st gu g 41
10814 Aug'03
4sserA.'42 J -J 111 '
/
Cl & P gen gug41
1942 A-0 11018
Series B
2 Dec'05
/
981
4s
/
1948 ll-N
4
/
Series(1 31
931
90
DO Diav'08 ...• 90
OA in
19511 W.A
Series D3128
118/CELL ALNEOUS 1.30NO..--Cautiuued on Next Page
kelegraph and Telephone
Uoat and Iron
7512 9312
93 Dec'08
Uol F & 1 Co gen s / g 5s..1943 F -A
4 96
/
791
9338
Am Telep & Tel con tr 48 1929 J-J
96 Nov'08
97
99
4 98%
/
841
4
/
951
4
/
Aug'08
Convertible 48
77
56
9618 Male 941
Convertible deb g 513....1911 F • A
1936 M-8
75
9334 568 9338 93%,
In4ta1ment certificates ....
9334 Sale 93
Col Fuel Co gen gold 68.1919 M-N
4Oct'04
1
107/
4 8634
853
.
•
Mar'08
85%
1st
Co
g
Cable
Apr'06
85
Or 111v Coal & C 1st g 681919 A-0
10258
Comm
4s..2397
4
/
924 9111
4Nov-08
/
991
Clearf Bit Coal isIs 14:4...19.49 1-1
9912 101
95 Apr'02
Mich. State Telep. 1st 58.1924 -A
84 100
100
1110
tr
col
cur
Union
383
70
100
43
4
-J
Vol Indu 1st& colt 5s gu...11934 F•A
J
77
2
/
West
751
58.1938
75
97
81
29
97
g
4
eat
953
41
48.-1950 M-N
/
97 Sall:,
Contin'tal C lst8 I gu 5s g.1952 F -A
Fd and real
10714 Dec'04
4:
/
801
75
86
4
/
4 851
I ett & Clear C if, I 1st g 58.1926 I-D
/
851
1936
Cony 48, Serie8 A
107 May'97
100 Ang'08 •.•• 100 100 ,
Ran& H C & C lsts tg5s.1951 -J
4 Dee'00
/
95
1051
Mut Uu Tel a fund 6s. .1911 +41-N
99.4
Pleas Val Coal lat g 8 f 68.1928 J -J
ilandlacturing .11; industrial
105 Oct '00
SO .
86 151 78
Sunday Creex Co g 5s....11/44 J.I
8534 Sale 85'2
Allis-Chalmers 1st 5s' 1930 J -J
78 Feb'07
80
68
97%1
97% 102 94
4
/
105
2 8112105
Tenn Coal gen 58
97% Sale 961
Am Ag Chem 1st c 58(rots)'28
1951 J-J 104 105 LOS
96 1
88
10
96
90
48
/
4 Am cot Ott ext 41
/
109 1071
Fenn Div 1st g Os
1915 Q-F 951
4
/
a1917 A-0 10'7 109 107 Nov'08
2 10 7612100 1
/
991
99 110
9834
Birm Div 1st conaol 68..1917 J -J 109 110 10919 Dec'08
Ain lilde & L lat f g 68 1911, Al-8 99 Sale
681
78 i
2
/
11
70
'Os
69
1st
Co
0...t
102
deb
108
Sale
gu
M.
Secur
70
g
C
g6s..1925 A-0
Cah
Amer Ice
65.1922 J -D
110 108
91 100 ;
95 Nov'08
1.00 10114 Am Spirits Mfg 1st g 68..1915 51-s
95
103 Nov'08
De Bar Ode 1 Co gu g 68.1910 F -A 1021
4
/
41
/
109 127 9034 1111
80 100 12 Am Tobacco 40-yr g 68-.1944 A-0 1084 Sale 108
Vs Iron Coal &Colmt g 5/5 10411 M-8
1181 97 Dec'08
96
4 80
/
80 237 601
2 Feb'07
/
931
1951 F- A
80 Sale 794
1953 J -J
Victor Fuel 1st s t 5s
48
87
'No price Friday: Latest 111,1 a1li aske,I. aDtle Inn o Due iyeu o Due .,ar 4 Due -pr A Due J'ly iC Due ..ug u Due Jet p Due ..Nov q DneD00 •Option SAW
New York Bond Record-Concluded-Page 4
JAN. 2 1909.1
.2
g
Price
Thursday
Dec 31
Week's
Range or
Last Sale
cs
BONDS
1.1
N. Y. STOCK EXCHANGE '
1.4 L.
:
-.,z;
WEEK ENDING DEC 31
Rance
Year
190.5
Price
Thursday
Dec 31
Week's
Range or
Last Sale
31.e
Rano*
Year
1908
I
HON Hsi
N.Y.STOCK EXOFIA NOE
WEEK LNDIN
,
DEC 31
45
-,
117 J'ly '00
111818 Sale 108114 108.4
116/
1
2Deo'08
1164
9734 Dee'usi
9734
111 Dec'Uti
104
6 102 10874
10941161
/
2
9019 9734
......
118
1171
/
2Sale 117
60
70
65 Dec'08
110 Mar'Uti
1061
/
2 Nov'04
1091
/
2 Aug'08
11238
111 MISY'Vl
10719
104 Nov'uo
10319
94
94
94
19
88
88
8612
6
924 921
/
2 9234
921
/
2 1
84 Sale 84
81
17
'3,5 Dee'uu
86
109 Nov'08
1051
/
2
81 Novi.e6
811
/
2
105 Sale 10344 lig,
102.2 1021
/
2 5
9J19
99 Sale 94'4
SS', 37
4,10778 salt 1064 10a3
0938
9938 4.
UV 4
1211412'2 1214 12119
-----11814
,4. 19
16
6 -4
,4% 6a,,
11619
2
34
6734 blar'07
100 Oct '07
1081.2 ___ 1.07/
1
2Sep 't/6
•
LLOOL6.ELm.-c-oetco
U
Bid
kJ ign So how
Ask Low
121
1224 Aug'08
1211
/
21221
/
2
116 Nov'06
114
115
112 Feb'411
106
Nov'08
10319
102 106
/
2 1024 Nov'08
981
/
2103
10234 1031
111314
10314 Sep'08
10214 1034
1061
104142'ne'lk6
/
2
1041410414
10114
11419 DOC'04
......111
116 May'07
105 ------104 Apr'Ob
104 104
86
10714 Feb'07
100
981
/
2 Apr'08
951
; 98/
1
2
97 4 Sale 9714
97,
2 151 871
/
2 971
/
2
10944 Sale 10934 1101
/
2 43 821
/
2110/
1
2
106 114 Nov'la,
78 Sale
7814 H07 71
7619
781
/
2
88 Sale 89
88
6 75
88
107 Nov't.es
1071
/
2
96 107
88 Novals
* 85
69
88
109
08 Sep 'Lie
108 108
140/
1
2 ----- -01.
91
87
91
92 rne'06
85
82
......
109
111 Ireb'07
109 Nov.011014
100.. 10
113 1121
/
2 1127.
102 113
1041
/
21064 1041
/
2Dee't)c
97 105
88 Dec'08
63
62
69
I ial2uot '00
11718
106 117
118 Dec 08
118
107 119
102
11638 Apr'06
85
82 Nov'Oo
773.. 82
ill ----101119 Nov'ub
103 1091
/
2
92 J'ne'08
10114
92
92
73 Oct '116
75
75
102%10414 98 Nov'08
951
/
2 98
112 Oct'08
1061
/
2
.....
1081
/
2Dec We
104
.....
113 Dec'01
104
108 109 11.15 is Nov'tal
1011410519
10634 Deo'1)6
109
106 10534
0614Jan '07
841
/
2
108 Dec'08
10734
19612108
98
118
95
120
113
140
Nov'08
Sep '06
108
113
105
Oct'06
114
64
Dec'er
th) J'ne'07
1)0 Dec,'
88
1())) Dec'08
97
93 .11.ai'Ut.) ,
7641 IC
7114 Sale 75
1104 1101
/
2
106
117 Nov'ui
81-.
60 Deo'06.
011
/
2sale 111
01
56
5614 50 Li 56
5,314 04
354, Sala 5519
11
13 sale 13
CL.Obf,
W
LÔ
4s
Southern Pac Co-(Cont(nued)
Morgan's La & T 1st 75.1918
1st gold Os
1920
No of Cal guar g 5s
1938
Ore & Cal let guar g 30.1927
So Pot Ar gu 1st g 68...811)01)
1st guar g as
811110
So Pao of Cal-Os E & F. .191.2
1st gold 6s
1912
1st can guar g 58
1937
8 PacotN Mex 1st g 68-1911
So Pao Coast let gu 4s g.1937
Tex& NO-SabDivlst gas.1912
Con gold Os
1943
_:o Pac RR 1st ret 4s
1955
Southern-Istvan)g 58-.1994
Registered
1994
Develop & gen 4s SerA.11)56
Mob 380111p colltr g 48..1936
/
2-5s...1996
Mein Div 1st g 41
St Louis dm 1st g 4s....1951
Ala Cell It 1st g Os
19181
ALL & Danv 1st g 4s
1948
20 48
1948
Atl & lad 1st g guar 413.1949
Col & Greenv let 68
1916
E T Va & Gs Div g 5s..1030
Con 1st gold Os
1956
E Ten reor lien g 5s
1938
Ga Midland let 38
1946
Oa Pao Ity 1st g 68
1922
Knox & Ohio let g 68. .10'25
.r1o0/3813ir prior lien g 5s194&
Mortgage gold 4s
1945
Rich & Dan con g 6s....1915
Deb 18 otampett
1927
Rich & Meek 1st g 4e...194b
So Car & Gra 1st g 5s....10113
Virginia Mid set C6811/16
Series D 4-5s
1921
Series h.58
1926
General 514
193t;
Guar stamped
1936
W 0 as W 1st cy gu 45..1924
West N C 1st con g 644_1914
8 & N Ala See 1. al; N
Spok Falls as Nor let g 68.1930
• I'tar A 01 51 L Ist g 4/
1
2s..10311
I- 1st con gold ea.-1894.1044
Gen refund 8 t g 98
1953
St L 5.1 lige Ter gn g 53.1030
Tex & N 0 See So Pao 0o
Tex & Pao let gold Os
2000
q2000
2d gold Inc 5s
1931
La Div B L let g 58
W Min Was N Wlstgu 5s'30
Poi & 0 01st g 5s
1935
Western Div 1st g 5s. .11/35
General gold 5s
1935
ban & M 1st gu g 4511)00
Vol P & W 1st gold 48---- -317
l'olStLas Wprheng3,2s.1923
1950
50-year gold 48
For Ham & Bun let g 48./411146
leer& Del 1st con g Os 1112/3
1952
lst refund g 48
Un Pao RR & 1 gr g 4s -1947
Registered
1947
g2008
1st as ret 4f4(w i)
20-yr cony 48
1027
Ore 11,y & Nav con g 48 1946
()re Short Line 1st gas-1922
lat cousol g 58
1940
Guar refund 4s
1929
Registered
1921)
Utah & .a.ior let 7s
1006
Gold 55
1926
UM N- J RR & C Co bes Pa RR
Utah Central See Rio (Sr Wes
Utah & North See On Pacint
Utica 84 Black it see N I Cent
ai lindens ounsol g 4s
.11150
V era CITUZS,P181,14u41.2811,34
Ver Vm Ind & W see Aso 2
Virginia Mid See South BY
Va & Southwit 1st gu 68.2003
abash 1st gold Os
1031/
24. gold be
1939
Debenture series A
11.068
Series B
11139
hen
let
equips Id g 5s..1921
1st lieu 50 yr g term 48.1954
let ref and ext g 48 ....11)5t,
Det & Cli Ext 1st g be..1941
Des Moiu Div 1st g 45_1939
OM Div list g 312s
1041
Tol & Cli Div 1st g 4s...1941
arab Pitts Term let g 413.1054
Trust Co certfs
2d gold 4s
1954
Warren See Del Lae ,il West
Waell Ceut See Nor Pau
Wash 0 ,il W See southern
Wash Term'lst gu 31
/
28 1041
West Maryland let g 4s...1952
Gen & cony g 4s
1952
W Va Cent as P lat g tat Dill
West N I & ka 1st g 644-103/
Gen gold 3-4s
1043
income Os
d1.1143
West No Car See south By
1VheePg & L E let g 58. 1926
Wheel Div 1st gold 58 1928
Exten & lbap gold 5s. 11130
RR,1st coneol 45.
.19410
20-year equip is t Os
1922
Wilkes & East See Erie
Wil & Sioux V See SL P IL & 51
Wie Cent 50-yr 1st gen 48 1134i1
114
106
96
901
/
2Aug'08
831
/
2 Sale 83
b3,
4
62
65
04
641
/
2
105
10134
105
11544
116 Oct 'us
93
U71
/
2 96
96
34 Feb'07
1071
/
2
99
65
102
DS
65
1091
/
2
9519104
84
94
7634 88
80
921
/
2
67
844
103 109
81
81
99 105
98 1021
/
2
9434 984
83 106
91 1011
/
2
115 122
106 11814
851
/
2 97
1071910714
98
98
99 110
102 114
841
/
2105
37
100
90
102
3712'Via;
100 110'2
83
90
41
48
7
83
91
56
564
19
9012 901
/
2
49
8438,
30
65
105 105
1081
/
2 11638
974 96
1071
/
2 1071
/
2 '2 100 1071
/
2
93 J'ly'us
95 103
1051
/
2Dec 06
9814 10512
6334
8334 22 60
834
139 Dec'08
93
91)
83
L
iligh No Low High
Bid
Ash Low
Penn Co-(Continued)
93
92 Apr'lYi
Brie &i Pitts gu g 3/
1
28 B.1940 J J
98.4 Apr'04
93
Series r
1940 J -J
1665; 10634
10634 Dec'08
Gr R& L ex lst gu g 4 las 1941 J J 10738
12738Oct'02
Pitts Ft W & C 1st 7a 1912 .1 J 10934
119 J'ne'00
1912 -J 10938
2075
107 107
107 Oct '08
h1912 A-0 10634
Sd 78
116 May'05
Pitts Y& Ash 1st con 58.1927 11-N 1104
/
4
109 le Deo'08
10619109½
PCC&StLgu412sA....1940 A-0 1091
10714 109
109 Dec'08
1942 A-0 10938
Series 13 guar
......
11212J'ne'05
1942 11-N 10738
Series C guar
99
99
99 Aug'08
1945 M-N 100
Series D 45 guar
98
00
95 Dec'08
9414
1949 F -A
Series B 31
/
2guar g
1053 J-D 100
Series F 9s guar
109 11634
/
2Nov'08
1161
C St L & P 1st con if 58 1932 A-0 11534
Pensacola & ALL See L & Naafi
St 1,
Peo & East See C C
1232s Jan'Oo
110
Peo & Pelt Uu 1st g 66.-1921
10034 Dec'05
1)7
b1921
2u gold 41as
..
..
109 Apr'02
5s 1921 *J -D 101
Pore Marq-Ch & W
.
0 112
11
11314115 112 Dee'08
Flint as M g 68.... .....1020
10414105
1939 M-N 10538 10634 103 Nov'08
1st consol gold 5s
106 Nov'08
10014106
Pt Huron Div 181 if 58 1939 A-0 1084
Sag Tufo& H 1st gu g 48 1931 If-A
Phil 13 & W See Penn HR
Mar'06
1151
/
2
Phila & Reading cons 78.1911 J
i161
/
2 971
9778
/
2 69 96
971
/
2Sal
Philippine By 1st 30-yr 8146'37 J -J
Pitts um& ist L See Penn Co
Pitts Cleve& TO. .See B dis 0
Pitts Ft W & Cli See Penn Co
Pitts McKeee & Y See N Y Cen
114 Oct '08
10914 114
Pitts lah & L B let g 5s 1940 A-0 116
9378 J'ly '97
/
2
1st consol gold Os
1943 J -J 1141
West
See
&
B &0
Pitts
/
2
/
2Sale 10138 10214 87 93 1021
D(lading Co gen g 48
1997 J -J 1021
9938 95 Aug'08
90
1)714
la/Registered
1097 J -J
1
2Dec'08
991
/
2
984 93/
86
Jersey Cent coil g
1031 A0
Rensselaer a, Sat. See 1)& IL
Rich & Dan S'ee South By
Rich & Meek See southern
(SrRio
West See Den & Rio Gr
Rog% & Pitts See B P.& P
Rome Wat cva Og See N Y Cent
Rutland See N Y Cent
,27
11
1
.
.5
t
,
ef P
g ere
'1181
Stm0
94
/
2 1 82
941
/
2 911
/
2
J -J
941
St L Cairo See Mob 3: Ohio
St L & Iron Mount See 51
Wabash
BILKOSeN See
St L M Br See T lilt A ot St L
St Louis & San Francisco12314
1931 J •
115 J'ly 08
113 115
General gold Os
1931 .14 111% sale 111.8 111,4 1 103 11138
General gold 5s
48..'96
112.,
J
eons
J
•
9234 Dec'08
lilt
F
90
S
9234 03
L
&
St
if
100 May'ub
Southw Div lst g 58 1047 A-0 97
100 100
1951 J -J
Refunding g 4s
88 663 6414 88
88 Sale 8634
1
J • ID
99 Nov'06
6-year gel,' notes 4.2-1006
StLM & So East gu 4;40909 J•11
(1 Ft & M eou g 614-1028 M-N 114
113 Alar'06
/
2
Ill 1141
li()FtS& 11 ityretg4s1930 A-0 8434 bale 8434
20 6034 85
85
K 0,il la 1L& ii Istgu5s.11)21) A-0 117
Oz'rk /SS Ch U 1Lgu6a g.11113 A-0 93
95 Nov'06
95
93
St Louis So See Illinois Cent
9312 Sale 93
St L S W 1st g 4s bit etfa.19811 M-N
931
/
2 21 841
/
2 931
/
4
20 if 48 me bond etta...p1981) J -J
8214
82' 11 65
8114 82
8214
Consul gold 48
1032 •I) 7814 Sale 77
7914 358 56
80
Gray'sPtTer let gu g Os 1947 J -0 100
1014 Apr'0/
at Paul & Dui See Nor Pacific
at Paul M & Man 2d 6s 1909 A-0 10234 10412 10338 10334 1, 10214 10614
1st cousol gold as
1933 J • J 1334 136 13178 Nov'08
/
213174
1201
Registered
1933 J -J 12914
134 Dec'09
Reduced to gold 41
/
28-1033 -J 11034
11134 Dec'08
102 11134
Registered
1933 J .J 10738
11618Apr'01
Dakota ext gold Os
1910 7,1•N 1044
104,4 1014 6 1031410714
Mont eat 1st gold 48_,_1937 J
94 101
101 101 Deo'06)
Registered
11137 J-1)
11.1014 Out'IX
EC Minn Nor Div 1st g 481948 A.0 93.4
sawn Union let g Os
1922 J • J 113
124 May'05
Mont C 1st gu g Ils
193? J • J 133
130 A praie
128 130
Registered
1937 J -J
13614 31a)'06
1st guar gold Os
1937 J -J 1164
11318 Oct'06
11114114
Will & S 1 1st gold 5s 1936 J.1) 116
1151
/
2Dec'uti
at P & Nor Pao See Nor Pao
Stk.& S'x City Seee St P 32L)
8 A & A Pass lstgug4s 1943
J
9114 gab. 914
92
92
1
78
Jfe Pree & ELLA g be-11142 m-6 1091
/
2
1091
/
2 1091
/
2
/
2 24 1001
/
21001
& N P lot sink g 58.11119 J J
110 Oct '05
Sav F ifa West See Atl Coast L
Scioto Val & N It AS'ee Nor W
Seaboard Air Line if 45 1950 A-0 654 Sale 6334
(36
65 431
/
2 66
Coll tr refund g Os
92
1911 M-N
11034 Oct '08
8614 0044
Atl.Birm 30-yrlot g 48.81933 51-S
WS Jan '117
Car Cent 1st con g 48 1'349 J -J
83 J'ly 'Ub
85
81'
1)8
Fla Con ab Yen let g
J-J
1074 Aug'06
1st land gr ext g Os -.Mu J -J
99
Consul gold 514
1943 J -J
1091
/
2 Mar'05
(In & Ala By 1st con 5801945 J -J 103
'101 Dec'08
92 105
Ga Car & No let gu 014 11129 J - J •104
103
103
it)2 103
scab & Boa 1st Os
192t, J •J 10214
194 Mar'07
Slier Slit & So See M It Se T
dilSpOca&U See Atl Coast L
So Car & Gs See Southern
Southern Pacific Co91
G old 48(Cent Pao coll) k1941) J -D
911
/
2 9114
9134 23 8334 94
Registered
84 J'ue'u7
k1040 J
9948 Sale 9918
Cent Paz 1st ref gu g 4141949 F-A
9:134 168 94
99%
Registered
941
/
2 Oct'08
1941' F.A
9412 95
Mort guar gold 31
Si) Sale 871
/
2
89
/
2s..k.1929 J •D
80
54 80
Through St L 1st gu
14'4 A-0 94
9514
9414 'J4 Oct 'Ob •..• 88
Ual liar & A 1st g as 1911) F -A 10338 105 10134 Aug'0e8 •. • 10134 101%
Mex & Pee 1st g
/
2 11244 Ded'08 •.•• 107 112%
M-N 112 1131
Gila VU&N 1st,gu g 50.11)24 51-N 10334
1034 Dec'08
10114105
Hotta B Se W T lot g 5s 1933 fri-N 10014
101 Jan 't183
1st guar 58 red
104 Aug'00
1933 M-N 1111114
IOU 104,
H & T()1st g 5s int gu 1937 J -J 11134
1121
/
2 1121
/
2
1 10131411214
Condo' if 6s int guar 1912 A-0 1011
10768 Nov'07
Gen gold 48 tot guar 1921 /1-0
941
/
2 861
/
2 9414
0414
1 97
96
Waco& N W div let g 68'30
117
110 Dec'1m
A & N W 1st gu g
J -J 10934
1091
/
2 OW08
1091410914
9214 Sale
8134
9214 02 80
924
EMUS 150N DS--Concluded.
Manufacturing Sc I nduntrial
Am Thread let col tr 48.-1919 J -J
921
/
2
921
/
2 Dec'08
Beth Steel 1st ext si 08-11/215 -.1
88
/351
/
2
b71
/
2 47
Cent Leather 20-year g 58.1925 A-0 96 Sale 971
/
2
98
76
Consul Tobaceo 50-yr g 48.11)51 F-A
781
/
2Dec'08
theta Sec Cur cony let g 514.'27 A-0
78
80
71134 74
Int Paper Co 1st con g t1s 1918 F -A 104%
10534 10534
coneol cony's f g 58
1935 J -J
5(3
'JO
90 Salt 89
Int bt Pump 10-yr cony. tie '13 J -J 103 Sale 102
103
14
Lackaw Steel 1st g 58-.1923 A-0
1)678
97
10
97
'28
cony
65
M-N 113 Salt 111
N i Air Brake 1st
113
5
Repub I & S 1st& coltr Ls.1934
100
9078 100
41
U S Leath Co s!deb g681913 M-N 10434
/
2 Dee'06
1051
U S Realty& I convileb g5s'24 J.J
8918 Salt 8734
8
7/
/
2Sale 10214 103 1,, 928
U n steel Corp-j coup .cilfaRs 51•N 1031
MN 10014102 10278 1024
St 10.60 yr Os.1 reg
1
/
2
Va•Car Chem col tr Os g 1912 A-0 1051
105/
1
2 Nov'06
1023 J 420 9438 Sale
1st 15-year Os
944
94% 51
J.
J
Westinthouse B & Met Os '31
9312 Sal.
113/
1
2
91 119
•No price Friday; latest nul and asked this week. a Due Jan
Miscellaneous
Adams Ex col it g 48
1948 M.S
li'krn FerryCo 1stcons g 58'48 F-A
ClacJo& t Yard col g 58.11)15 J -J
Dot & Slhtgr incomes-1911 A-0
Institution for Irrig Wee
& Devel of Agricul s 1
4198 (ctfe)
1943 51-N
Int Merest' Marine 4198-1922 A-0
lut Navigation 1st s f 56.1112i F-A
51an Bch IL & L gum g 48 1040 M-N
N ewp No Ship & D 1)5s allh10 J -J
N Y Dock 50-yr 1st g 4s-1951 F-A
Providence Sec deb 41E
1907 SI-N
Provident Loan Soo 41
/
28 1921 11.5
St J osepli 8th Ids 1st41-40 103t) J -J
Yuba Wat Co con g
J -J
Sp Val Wat Works 1st 614.1900 M-S
S Red & Ref 1st s t g 68.1931
Due Ala' a Otte xiav a
no
021
/
2
83
87i
85
851
/
2 99
7934
62
ia)
04
994 100
90
78
90 103
118
84
87 115
/
2100
921
101 107
/
2 89 14
041
861410334
8534 10334
81) 10014
944 135 14
9438
67
ol)no
92
45
774 salt
8578 sale
97
921
/
2 133
84
9512 Sale
93
92
a lAna
9214 Dec'08
41 (Jet '06
100 Jan'08
47 Apr'08
921
/
2Dec'08 ...
2041
711
/
2
871
/
2 89
21
50 Feb'w
9(3 Aug'08
/
2
921
/
2 921
1
85 Oct'07
1)5
U5
5
/
2Sep '01
1001
112 J'ly'04
1131
/
2J'iy'09
130 .Nov'08
83
96
100 100
421
/
2 47
921
/
2 93
43
7714
89
75
116
83
96
1/3
83
95
75 .92..
NIala
CIIICAGO STOCK EX.OFIA.N.GE-Stock liecorcl-Daily. Weekly and 'YearlySTOCKS-HIGHEST AND LOWEST SALE PRICES
••
EieCILANGE CLOSED.-EXTRA HOLIDAY
. turdav
Lee. 26
Monday
Dec. 28
2'ue4aa),
Dec. 29
i)/eanesday
Dec. 30
Friday
Jan. 1
Thursday
Dec. 31
Sates
01 the
Week
Sham
,
Interest
Period
Price
Thursday
Dec. 31
Week's
Range or
Last Sale
180 Jan 24 185 Dec '4
313 Aug 31
158 Feb 3
10 Aug23
812Dec 4
8434 )11630 119 Nov25
38 Oct 3 47 .1'ne
20 Nov 6 28 Dec 22
1312 Dec 11
934 Sep 22
15 Feb 10 3013 Dec 28
7 Dec 2
2123,1c1127
21) Oct 9 4734 Nov 12
68 Sep 28 861. Nov 11
1214 Nov 2 19 Jan 2'2
42 Jan 6 54 May13
94 May 5 47 51.1%,7:
22 Dec 17
1334 Aug 6
98 Aug18 6212 Dec 1/
42 Aug24
71 Jan 1.!
2612 Apr 16 31 Nov17
85 Apr 20 103 .1'ne 18
25 Apr 13 31 May 4
4 Feb 13
4112 Jan 2
125 Jan 10
116 Apr 22
37 Meh 19
91 Jan 2
10 J'iy /
78 Dec 24
3 Dec 23
40 Feb 20
147 May
1 Oct 6
2 Nov20
20 Dec 23
106 Jan 3
34 Feb 25
100 Jan 4
80 Jan 3
113 Jan 2
30 Jan 22
38 J'ne 15
1038 Nov13
7678 Dec 2
200 Dec 16
12814 Novi()
63 Nov11
104 Nov17
42 Jan 9
30 Jan 11
100 May):'
5714 Dec 2
147 May 6
Ps Aug2:/
4 Apr 13
3012 Aug
153 Sep 11
"34 Feb 21
116 Dec .?.9
110 Oct 1,
137 Aug 31
4212 Dec 16
46 J'ly •
10 J'ne23
70 Jan 3
10134 Jan 2
51 Sich 3
91 Mch23
8012Jan 3
24 Jan 24
72 Jan 16
8812Jan 2
11434Jan 3
87 Jan 3
14 J'iy 17
112 J'ly 17
1134 Oct 30
20 J'iy 94
97 Dec 28
120 Aug 5
87 Dec 11
115 Nov 1.
106 Dec 23
56 Dec 30
102 Dec 19
1053.1 Sep it
134 Jan 29
100 J'iy 331
134 Jan 4
12 Jan 15
17 Apr 11
Lowest
Highest
150 Mch
134 Nov
10 Oct
205 Allr
5 Jan
16 Apr
11 Oct
214 Dec
14 Apr
28 Nov
6834 Nov
17 Dec
43 Nov
3412 Apr
20 Set/
58 Apr
60 Nov
26 Oct
95 Apr
20 Mch
961, Jan
614 Apr
1914 Jan
65 Jan
87 ,Ian
28 Jan
72 Jan
47 J'ly
2512 Jan
66 J'IY
90 Jan
414 Jan
99 May
35 Apr
3 Oct
3412 Nov
120 Dec
112 Nov
.0 ,Nov
811 Nov
30 Jan
2a Dec
00 Dec
45 Oct
165 Feb
1 Jan
5 Au'3:
21 Dec
65 Oct
714 Apr
60 Apr
14018 Sep
130 Apr
8012 Jan
IOU Jan
4f) Mch
40 J'ne
111 Feb
54 Jan
165 Feb
1 Jan
612 J'ne
51 Feb
13412 Apr
65 Oct
77 Oct
:Nov
1081
34 Nov
91 Aug
212 Jan
25 Feb
5813 Oct
01 Nov
50 Nov
0734 Nov
72 Nov
20 Nov
67 Nov
7612 Nov
100 Nov
85 Oct
34 Nov
6 Jan
16 Dec
11212 May
3753 Oct
12912 May
57 May
46 Jan
212 Jan
27 Mch
36 Jan
11734 Jan
8414 Jan
120 Jan
Apr •
57 Jan
95 Jan
11312 Jan
17312 May
1023i Jan
214 Apr
1234 Apr !
30 Feb '
3212 Jan
3212 Jan
1614 Apr
20 Jan :
Chicago Banks and Trust Companies
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Jan. 1.
hiltest
LOU'eS!
86 Ch I ci'laneiolrZaltdys R5'
100
185 185 *180 190
*180 200 *180 200
Dec'08 ---- Chicago & Oak Park_100
Last Sale 2
4
*2
*21, 3
*212 3
Dec'08
10
Last Sale 7
*6
100
*612 8
Do pref
*612 8
11512 115 .,
11512 116 *115 116
116 116
-i6.-1 °hie Rys part ctf ,'l"___
NEW
686 Chic Rys part ctt "2"-__
4434 4512 4534 4573 *4512 48
*4514 453i
•
3 Chic Rys part ctf .'3"___
YEAR'S
27
35
27
35
*28
*27
30
*28
DAY
18! Chic Rys part elf'4"___
1312 1312 1310
1314 1312 1313 1312 *12
2878 2114
100
30
3,480 Chicago Subway
2913 3012 2934 3012 29
Dec'08
Last Sale 7
Chic Union Tractlon_100
---- ---- ---- ---_ ___- -__100
July'07
Last Sale 18
Do pref
43
--E,o, Kans City Ry & Lt 100
iri;i" 14- ;:ii- 473- ;:ii- -,i-g- 43
15
1(0
80
Do pref
30
81
80
80
*78
80
80
...0_ Metropol W S Elev.. lt0
(
19
19
18
1712 1712
*17
*17
*17
Dec'08
100
Do pref
Last Sale 53
55
52
55
*50
*50
*50
Last Sale 4613 May'08 ---_ North Chicago Street-100
---- ---- ---- ---- ---- ---Dec'08;
1_22
Last Sate 20
22
*20
*20
Northwestern Elev-100
22
*20
100
Do pref
Last Sale 6212 Dec'08 --65
*61
*61
65
65
*60
Dec'08 ......_ South Side Elevated 100
Last Sale 59
60
60 *--__ 591, *58
*58
Streets W Stable C L-100
3038
3 3018 3058 30
3138 3033 30730
100
Last Sale 101 Dec'08
Do pref
*98 101
99
99
*98
*97
June'08 --__ West Chicago Street 100
Last Sale 28
---- ---- --- ---- ---- --._
Miscellaneous
100
975 American Can
878
834
834 87s
878 9
834 9113
100
1,060
Do pref
73
7378
73
7312 73
7312 73
73
8_ American Radlator-100
4_0
ii:i
*190 200 *190 200
200 200 *200
100
Last Sale 125 Dec'08
Do pref
125 130 *125 1-30 *125 130
100
58
*5(3
Amer Shipbuliding
5713 5712 *57
5612 57
57
100
Last Sale 103 Dec'08
Do pref
103 105 *103 106 *103 105
July'08 -.
t Ste 10
i- 5i Amer Straw Board 100
Doh o
A)r & Co
(re
264 Boot
--i- -1- --;84 --f- --i- --f" 'las
100
318 4
3
312 4
3
314 314
54
*52
5212 53
68 Cal & Chic Canal & D-100
*52
5134 52
53
Last Sale 147 May'08 -- Central Trust Bank-100
Dec'08 ..
Last Sale 1
118
Chic Brew'g dc Malt'g -118 *1
118 *1
*1
Dec'08
Last Sale 2
4
*2
Do pref
3
*2
3
*2
2712 2712
1,024 Chic Pneumatic Tool-100
2278 2414 2412 2712 2712 28
12713 128
115 Chicago Telephone-100
128 128
12712 12712 128 128
Last Sale 214
Mch'08
Do rights
--i8 Chic Title & Trust-100
11-572 1-1-51; iin- ill *115 117 *116 117
10712 108
2,072 Commonw'th-Edison_100
107 10712 10714 10712 1074 108
100
_2_923 Diamond Match
12212 12278 122 12212 122 12238 122 122
40
_ 100
41)
40
110 Illinois Brick
4012 40
41
*40
*40
Dec'08 ---_ Masonic Temple ______
Last Sale 43
Last Sale 212 June'07
Milw & Chic Brewing
July'08
Last Sale 20
Do pre(
100
96
*95
National Biscuit
-iii- -67. -OW -ii- -66 -96
100
295
Do pref
119 1191. 119 119 *119 126
119 119
90
100
*85
90
301 National Carbon
85 - *85
85
85
84
101)
Last Sale 112 Dec'08
Do pref
111 114 *111 114 *111 114
1-,i9i People'sGasLecCoke 100
10412 105
105 1051, 10518 10534 10434 105
uck
56
com-100
612
55
*5512
Sears-Roeb
5612
5534
*55
5512
5514
100
284
Do pref
10018 10013 10038 10012 10012 101
101 101
100
616 Swift & Co
10114 10112 10133 10112 10114 10133 10118 10133
Co-100
12078
1204
Oats
124
Quaker
100
*122
The
12231
12234
0)122 124
100
31
Do pref
9813 9831 9834 9834 9834 9831 *9812 09
750 Unit Box Bd & P Co-100
112
114 *1
34
78
73
78
34
6
6
100
1.572
Do pref
518 6
514 514
512
*5
100
Dec'08•
Last Sale 15
17
Western Stone
16
___ ____ *14
*13
Mining
50
Jan'07
3212
Con
MiningSale
Last
Bingham
___--Nov'06
Last Sale 10
Black Mountain_
____
20
•
May'07
Last Sate 16
Daly-West
-- -__--- -- ---- ---_
Nov'06
Last Sale 4
Fl U bhard- liott
-66
Range 10r Previous l'ear
(1907)
Range Since
Jan, 1 11)08
STOCKS
CHICAGO STOCK
EXCHANGE
B'ds
Sold
Range
since
Jan, 1 1904
NAME.
Ournanding
Stock
Surplus
and
Profits
Dividend Record
In
1907
in
1908
Per. Last Paid
fed
8 Q-NI Dec '08, 2
8
52,000,000 $1,282,055
High IVo. Low
Ask Low
Hid
HtOi Bankers National
An. Dec '07, 6
6
(2)
100,000
38,112
_
Calumet National
Amer Strawb'd 1st 8s_1911 J - J :95 ____ 100 Mch'07- __
Dec '08, 5
10
500,000
182,623
6:
9912 10Chicago City
Cass Av & F G (St L) 58'12 J - J ------- 10012Sep'08 ---Jan '09, 3
12
3,000,000 4,318,182 12
National
Commercial
100
May'07
--_
-D
J
481927
Chic Board of Trade
Jan '09, 2
8
9,000,000
8
3,529,292
Q-J
National
73
104
94/3
Continental
123
10412
Chicago Clty Sty 5s___1927 F - A 104) Sale 10414
6 (4-S1 Sept '08.
5,956
50,000
Apr'04 -- ___
Cook Co State Savings_
Chic Consol Brdellit Os__ I - J ---- ----103
Jan '09. 3
12
National 3,000,000 5,018,668 12
Q-J
Exchange
55
Corn
___
Au5'07
-___
D
J
Chic Consol Trac 434s-1930
6
6
200,000
60,355
Q-J Jan '00. 112
Droxel State
..11alc Auditorium ist 551929 F - A _----- 9634 Jan'06
600,000
390,584
8
National
956 (3-J Jan '69, 212
'Chic Dock Co 1st 4s_ _1929 A - 0 ---- ---- ---- ---- ---- ---- -- Drovers DepState
Q-.1 010 '00, 112
6
200,000
34,927
Englewood
)hic No Shore Eiec 8s-1912 A - 0 --------7 Fen'06
12 -3-B Sept '08, 3
8,000,000 8,029,283 12
First National
)hic Pneum Tool150,000
160,581 10
10 (1-Si Dec '08, 212
Englewood
761:
Nat
4
3
17
68
72
7113
First
Sale
72
J
J
a1921
3s
1st
599,406
Priv He Ba ale
16
102
9514 102t2 Foreman Bros B'k'g Co_ 1,000,000
1027 F - A 102 1024 102
Chic Sty 5s
Jan '09, 2
8
8
450,553
8678 9414 Fort Dearborn National_ 1,000,000
9313 94
13
94 Sale
Chic Rys 4-5s series"A"
J-.1 Jan '014 212
6
160,526
5
500,000
8612 Hamilton National
78
23
85
8
847
85
---_
"B"
series
4-5s
Chic Rys
Q-.1 Jan '09, 2
8
855,514
8
1,500,000
Assn
B'k'g
.-lbernian
90
75
8912Dee'08.00
8
5
86
_
Chic Rys 4-55 series "C"
.1-1 July '08, 5
10
117,631 10
200,000
9734 1015 Kaspar State Bank
10112 Sale 10108 1011, 14
Chic Rys coil 63.._. 1913
10+2 Q-11 Dec '08, 412
420,202
_
10114Nov11$ ___ 1004 10114 Live Stock Exchange Nat 1,250,000
Nov '08, 1
Male Ry.3 Fund 6s____1913
4
4
300,000
61,014
National
10212
3
993
10
Monroe
102
102
Sale
5102
)hic Rys Tern Ctts 1st 6s_
250,000
86,251
43-8 Jan Jan '08, 44
64 6612 Mutual Bank
'01), 2
Jan
Thic RI &P RR 4s_2(.102 35- N ---- ---- 6612Aug'08 ___
Q-J
8
2,000,000 1,272,630
Nat Bank of Republic
6212 74
Coliat Trust g 5s_1913 NI - S --- ---- 6612.1'4'08 ---3
Q-3 Jan '09, 113
484,545
1,500,000
National City
as
Aug 26 1907
busme
:ommonw'aith-Edison-g
ise
;n
250,000
60,633
Produce
_- 100 June'08 ---- 100 1001; National
Chic Edison deb 651913 J - J 100
23-8 Q-3 Jan '09, 114
65,325
200,000
North Avenue State_
101
97 101
2
___ 101
(4-3 Jan '09. 112
lit g 5s ___July 1926 A - 0 101
60,000
10,045
9834 10033 North Side State Savings
Ii
Debenture -55_-__1926 31 - S 10013 . _ 10013Dec'08
Q-J Oct '08, 112
100,000
41,021
National
93 10314 Oakland
Commonw Elect 5551943H - S 10258 10-3- 103 Dec'08 ---250,000
85,587
National
Prairie
80
Dec'08.80
80
--51 Sept '08, 2
---Q
[Illinois Tunnel 5s____1928 J - D
8
69,094
500,000
State
93
93
Prairie
-.....
Jan '08. 2
2
Kan City Ily&LtCo51 1913 M - N --- -__- 96 Oct'08
4
7,010
250,000
854 921. Railway Exchange
11010Aug'08 .___
Oct
12 1906
Iced
lnicic'b leer Ice 1st 55_1928 A - 0 ---- - __
Organ
300,000
129,869
3381 Security
70
2
713.3 7134
6
Q-J tan '09, 112
...ake St 51-1st 34 _ _ _1928 3 - .1 7134 Sale
Ii
70,232
200,000
Savings
Chicago
South
1925 Feb .....- - 10 May'05
Jan '09, 3
11
Income 5s
Q-J
'3+1
1,338,910
1,000,000
Chicago
State Bank of
Dec '08, 4
7
Ifetr W Side El6
175,881
260,000
864 881, Stock Yards Savings
16
8478 85
-N Nov '08, 3
1038 F - A :5478 Sale
1st 4s
30,90o
200,000
Union Bank of Chicago25
7512 85
83
1938 J . J 83 Sale 82
Q-J
Jan
'09, 112
Extension g 4s
60,470
200,000
State
Union Stock Yards
04 Dee'06
8
Q-J Dec '08, 2
Iforth Chic St lit 55_1009 J - J ---- __
American Trust & Savgs- 3,000,000 2,471,410
19161-3
7
Q-J Jan '09. 134
7
1st 5s
860,970
III_
2,000,000
of
Co
Trust
Central
'ii; Aug.56
Refunding g 430_1931 A - 0 --- ..-__
08,310
13-8 (.1-J Jan 'W. 112
n500,000
Chicago Say Bk & Tr
--75 Fe13'07
Q-J Jan '00, 112
No Chic CityRy4;01927 31- N -.,5,000,000 (1,428,335
86 -9-2,, Chicago Title & Trust
111
9214 38
4 A -0 Oct 'OS, 2
3
36,960
iorth West Si 1st 4s 1911 H- 8 921-4 Sale
50,000
Savings
de
Trust
951,
Citizens
6014
9213 94
1045 DI - N 93 Sale
5
Q-J
8+2
10
Jan '09, 2(2
409,088
Jgden Gas Is
000,000
99 - Colonial Trust & Sayings
09
1916 J - D 99 ---- 09 Aug'0,---6
73i (41)2,579
'earsous-Taft 5s
) Jan '09, 2
200,1)00
95
94
Drovers Trust & Savings
94 Sep'03 .._
---M - S 94
Apr. 13 1907
Organ ized
4.403
163,101
1,500,000
Co
Trust
66
06
Farwell
96 Nov'08 ---96 Ni - N
4.604 Series E
2,000,00(1 2,16,696
9712 9712 First Trust dc Savings_
NI - N 9712 ---- 97138ep'03 _
.
4.805 Series 5'
.
;i
782 facet") o;
ed 1908 V. 87,p.1138
200,000
103)12 11814 Guarantee Trust & Say_
'eo Gas L&C 1st 8s_1943 A - 0 51195s ---- 11814Dee'08 ____
713,570
Jan '09, 2
1,250,000
Savings_
10314
de
'rrust
4
64
Harris
10234 10314 10318 10318
Refunding g Is___1947 M - S 104
8,317,985
16-5-4
16+4
5,000,000
q Dec '08, 4
& SavingsTrust
971,
10414
10434
Dec'08
Illinois
10414
--J
J
1937
-55
lst
I,
Chic Gas &C
46,232
200,000
1-14 Jan '09, 112
Saygs
&
Trust
102
103
103
9434
Kenwood
---D
10212Dec'08
Consult' Gas 1st 5s.1936 J
2
200,000
32,479
43-8 1.14 Oct '08, 114
98 10) Lake View Trust & Says
---_ 100 Se1)'03 ---Mut", Fuel Gas Ist5s1947 NI - N 5101
12
Q-J Jan '09, 3
061; Merchants' Loan &Tr Co 3,000,000 4,869,746 12
92
9414 9412 It
iouth Side Elev 43is_1924 J - J 3412 Sale
750,000
255,658
Q-3 Dec '08. 14
Say
&
Trust
;
1001
93
Metropolitan
-___
-___
10038Dee'08
8
:1003
J
iwift & Co 1st g 5s-1914 J 8
1,500,000
Q-J Jan '09, 2
1,865,592
8
Co
11
92
94
Sale
85
92
Northern Trust
inion Si (Loop) 5s___1945 A - 0 Ou
J-J Jan '09; 3
200,000
52,421
6
North- Western Tr & Say
jnion Pacific cony 4s_1911 in - N --------114 Nor04 ____
J-J Jan '09, 4
200,000
6
110,686
ii -)3; People's Trust & Savings
47 Oet'08
__-- -___
Jnited Box Board cot 65'26
Oct '08, 2
8
Q-J
/3500,000
k8
16:3,485
Savings
s))) May'07
Pullman Trust &
iVest Chic St 1st 5s...._1928 in - N ---. ____
Nov '08,2
8
500,000
8
300,29/
Sep'05
Co
.
681
Trust
Royal
------A
F
Si
1909
1st
Tunnel
J-J July '08; 212
5
200,1100
24,167
Saydc
Trust
73
June'07
Stockmen's
1914 J - 1) ---- ---Debenture 05
Q-11
Dec
'08, 2
8
1,000,000
1,144,720
8014 Jae•o8 .--721-2 -a61-4 Union Trust Co
Consol g Is rcts.. _1936 M - N ---- ---6
Q-J Oct '08. 112
219,486
Western Trust & Savings 1,000,000
Wes DivCityRy 4101032 J - J --------87 Dee'Citi
5 190S
as
Sept
buslne
Began
55,834
200,000
Bank
851,
70
Say
8512
&
-Jtv'08
Tr
....,
West Side
Vestern Stone Co 5s.....1909 A - 0
0-.1 Jan '09. 112
30,789
200,000
-ro all Chlesto, -him d nriree - Woodlawn Tr&Say Bank
-NOM..-Averiterl intern.. ',nat. heroided
for
of
business)
of business) for national banks and N3Y. 28 (opening
13Id and asked prices; no sates were made on this day. :Noy. 27
from 3300.000; a 3tocic dividend
State Institutions. :No price Friday; latest prize this week. a Due Dec. 31. t) Due June. qk Capital increased
Q-F.
payments
extra
vvIth
Q-J„
pald
Dividends are
of 33 1-3% bein,;* declared In Dart payment therefor. it Capital and sUrplus to be increased.
A.-.! of date Sept. 1 190S. s As of Sept. 23 1908.
-_
_,
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks
Week ending
Dec. 31 1908.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sates at
New York Stock
Exchange.
47
THE CHRONICLE
JAN. 2 1909.1
Shares.
Par value.
Railroad.
&c..
Bonds.
U.
Bonds
Smm
Bonds.
HOLIDAY..
$9,572,000
8,927,500
6,402,500
6,084,000
HOLIDAY_
$65,000
06,000
90,000
45,000
3,300,706 $307,306,350 831,046,000
$296,000
1,014,755 $97,481,750
898,880 83,203,000
823,251 74,539,100
563,820 52,022,500
Week ending Dec.31.
Jan. 1 to Dec. 31.
Electric Companies
Bia
Chicago Edison Co See CO cagu
e Kings Co El L&PCo 100 126
Narragan(Prov) El Co_50 x 84
37
NY &Q El L dePowCe..10
100 65
Preferred
United Elec of N J__ _10., 65
1st rr. 4s 1949
7112
J-I)'
Ferry Companies
Brooklyn Ferry stock 100
B & NY 1st Os 1011.1..1
N Y de E 11 Ferry stk_100
1st 5s 1923
N
N y & Hob 5s May 96 J-D
Hob Fy 1st 5s 1046M-N
NY &NJ os 1946____J-.1
10th & 230 Sts Ferry_100
1st mtge 5s 3919._i-I)
eUnion Ferry stock_100
elst 5s 1920
6/1-ts
2
495
30
50
493
1115
Ask
list
28
a00
40
70
___.
72
:1
98
.p
i:5
95
107
595-55
20
5
6
35
027
90
*32
95
Industrial and Miscel
Hu) As
Consol Car Heating...10u
20
25
r.3ons fly Let&Refrig_10t,
Cov
n
TIre-100
4
s
r°
212
e fIernre
100 20
udbber
Debenture 4s 1951A&O 391. 4112
:
Cons Steamship Lines 101, -_ 2.
Coll tr 45 1957 rctsJ6e.1
18
1814
Corn Prod Ref See Stock Exc 1st
?Crucible Steel
812
8
101
ePreferrecl .____
10(
27
'8
Centherland Ely eopper.5 *814 S503
- Dianiond Match Co_10i, 121 1221.
Dominion Copper____lt
*12
31
Douglas Copper
2 *212 3
Econ'y Lt SIP (Joliet, Ill)
1st AI s f g 5s 11150...)-1 4 921; 95
F:lectric Float
1013
22
26
100 ......
60
Preferred
75
EleetreVe hide
101(
3
Preferred
100
5
Empire Steel
100
12
Preferred
1013 48
52
eFederal Sugar of NY See Stich x list
eGeneral Chemical__ _100 60
65
100 91 100
ePreferred
Hilldlic i Cd
on
ps
po
elrIlines_1CI, '
11.
„3:
,i 87
;
1
Gold
Greene Cananea
2U ,
' 12
1212
Guggenheim h:xplorn 101. 170 185
eHackensack Water Co
Ref g 4s '52 op '12__J-. 36
89
Hall Signal Co
10). 34
38
Havana Tobacco
8
baccu Go lou
10
the __ __ 20
1st g 5s June I '22-J-L 50
55
Hecker-Jones-Jewell Mil:
1st 6s 1922
Ni-, 100
[berg-Hall-Mar new_100
35
Hoboken Land'
& Imp100
-;-;2
e5s 1910
M-N 166Houston 011
100
834
F'referred
100 35 7
5;
1
Hudson Realty
100 100 110
elng-ersoll-Rand com.100 55
SI
ePreferred
10(3
Internat
'
. Bank'g Co..103 90
9Int'n1 Men Mar See Stk
Exc list
In ternael NIckel
100 93 101
Preferred
100 85
/48
Short-Term Notes
Am Cie- ser A 4s '11 111-S 1973) e7/3.,
Ser
B 45 /deb 15 '1281 S 0658 97
196,438,824
197,206,346
3,300,70G
Stocks-No. shares...
2,186,630
kiner Light & T r Gs-See Gas Sec
Par value
$307,306,350 $179,017,250 $17,694,247,800517,006,377,125 Am Tel & Tel g 55 10 J-J 410078 101113
$418,700
$226,500
Bank shares, par
51,000
$2,500
Atlan Coast L 5s '10_111-S 410014 100'•
Bonds.
1909_11-S 4100 100i2
$858,050 Bait & Ohio 5s
$521.820
Government bonds
$500
Ches
&Ohio 6s Jivl 10J-J 410234 10314
69,196,100
81,713,500
State bonds
764,800
$296,000
Chic
&
Alton
5s
1912-J-J §947, 1001.
456,116,300
RR.and misc. bonds
31,046,000 10,699,500 1,999,025,800
Chlc R I &Pac Gs '09A-0 410018 '005;
Chic
&
W
Ind
5s
1.0_F&A 3100 10014
$526,170,450 Cln
Total bonds
$31,342,000 511,464,800 $1,080,351,120
70
Harn&D44is '08 141-8 60
0
C C C & St L 5s, June '11
PHILADELPHIA
DAILY TRANSACTIONS AT THE BOSTON AND
03
1 E
Consul Gas 6s 1909_ _ F-A
34 1100
._
Erie Is, Apr 8 1911 A-0
EXCHANGES.
Interb B T g Gs 1911 M-N 1-0-3-3:: 194-14
5s Mch 1910
11-S 49 Kt. 10014
Philadelphia.
Boston.
K C Ry &Light 63'12 M-S 4961., 97
Iveek ending
Ban C So g 5s Apr '12_J-J 39734 es14
Bond
Unitsted
Listed
Bond
Jan. 1 1909.
Listed Unlisted
Lack Steel g 5s 1909.311-1 1997) i.0018
sale:.
shares.
shares.
sales.
.hares. shares.
5s g 1910
111-1 49612 •,..713,
Lake Sh & AI So 5s'10 F A 410072 10118
HOLI DAY
Saturday
Lou & Nash g 5s '10-111-S 410118 10138
$32,980 hex Cent 5s July 1 1911 40812 100
15,692
56,835
36,496 $180,000
Monday
37,638
46,728
11,067
84,000
52,000 Mich Cent 3s 1910.-F-A 410078 1))1It
23,279
33,844
Tuesday
9,592
142,500
36,234
75,600 Minn & St L g 5s '11-F-A 496
19,829
20,879
97
Wednesday
8,339
66,400 Missouri Pacific226,000
40,853
13,521
26,133
Thursday
_HOLI DAY
ris Feb10'10 convop
Friday
Natof?.lex 55 ext to'O9 A-0
45,2901 $226,980 N Y Cent Os 1910
In te
lsrn
11824911 93,125 $632,500 181,6.50
t fitO
ls
ou1
11)
°
,, 8
213S
9 alt-A-&
15
5
5
1612
Total_
F-A
Ose
.d1951
P
1srtefgerr
8
A
10
0
0 60
IS
N Y C Lines Eqp 5s '10-27 54.30 4.1,
% Internat'l Silver
NINH & H 5s'10-'12 541
WU 61
65
Noel & West 5s 191081-N §54411110
80:0
°
07
:
1784 10
E141111
1st Os 1948
Pa RR 5s Mch 15 '10 111-5 410078 1011,
J-1) 410612 103
10(3 45
50
Public Serv.ce Corp 5s- See St Rye Lackawanna Steel
A weeks), review or the Outside Market will 08 found on a preceding 19d48•
StLMS'east 4 Hs '09_J-D 4997$ 1004, Lanston Monotype-.30 *1 234 13
100 235 240
South'n coil tr 5s '09-A-0 0078 1001, Lawyers' Mtge Co
Street
49434
eLeh
&
Railways
(3512
Wilkes-B
Railways
5()
Bid
Coal
90 105
Bid Ask South Sly g 58 1910 F-A
Ask
Street
Taylor
100 100 115
Pub Serv Corp N J (Con)
Southern By Os 11/11./11-N 199 103
New Y ork Citv
Preferred
‘
luu 103 103
20
J C Hob & PatersonTidewater Gs, 1913, guar 510014 10114 "rci6cl
Bleeck St & Fut stk_100 14
eLorillard
(P), pref 100 123 135
75
47112 7212 I/ 5 Rubber g 5s '09_141-3 310(114 10012
65
4s g 194')
MO 1st mtge 41 1950-J-J
40
So J Gas El& Trac_100 x120 122
Wabash 5s, May 10 1909 1100 'ail.? Madison Sq Garden_100 30
e D'y & 7th Ave stk__100 125 140
3d 6s 1919
63.-3N r.80 100
98
Westingh El &M Os 1910 1100 10012
Gu g Is 1953
M-S 497
3d intge 55 1914__J-J 97 1(31
eManhat
Beach
Co....-lou
2
6
No Bud Co Ity6s'14 J-J 4105 10712
Railroad
Con Is 1043 See Stock Exc Itst
Manhattan Transit_....20
2
233
Chic Peo do St L pref-100
5s 1928
J-J 4104 106
B'way Surf 1st 5s go 1934 499 104
1„ 117 Mitchell Mining
10
18
34 ,
Deposited stock
Ext 5s 1924____M-N §101 102
e Genet Crosst'n stit_100 80 120
518
*
117
Monongahela
_50
It
Coal
12
UndeposIted stock
_Pat City con Gs '31-.11-1) 4118
(3 let mtge Gs 1922_M-N 96 110
Preferred
50 * 24
95
GO
Prior lien g4 W3'30M&S 80
Zd 6s_1914 opt A-0 4100
e Con Pk N & E 11 stk 100 30
Mortgage
Co__ -10U 100 165 55
48
Con mtg g Os 1930-J &J
90 So Side El (Chic) See Ch icago ilst
e Chr't'r & 10th St stk 100 75
51, Nat Bank of Cuba_100 95 103 1:
Income 58. July 1930_
Syracuse R'I' 5s'4081&S 101 10134
Col & Oth Ave 5s See Stock Exc list
- 30 National Surety
10i) 150
Chic Subway
100 -2-9
Trent P & 11 5s 1043_ J-D §95 100
Dry D E B & BFt W & Den Cy std_100 97 -_ Nevada Cons'ff Copper-5 *1914 -iiili
96
United Itys of St Le 1st gold 5s 1932 _J-1) 92
Nev-U tali Min & Sin_10 * 2;4
2214 Nat Rys of Mexico-3
Com vol tr cds
100 22
GO
55
e Scrip Os 1914_
Prl lien 4;is'57 (w1)J-J 39112 9212 eNew Central Coal_ -_20 40
e Preferred
53
100 6114 6112
Eighth Avenue stock_100 2(30 270
N J Ter Dock & Imp_100
Gen tti 4s1977(w1) A-41 431
83
Gen 4s 1934...See Stock Exc list
e Scrip Os 1914____F-A 05 102
NY
Air
Brake
Os
See
Stelt
Ell- GC
North'n Securities Stubs_ 125 1371:
Unl tRys SanFran See Stir Exc list
e 42d & Gr St ry stk_100 2u0 250
N Y Biscuit 6s 1911-M-S 100
Pitts Bess & L B
40
36
50 *33
100 30
_ Wash By & El Co
42d St NI & St N Ave_100 3o
York Dock
1011 ---_
70 eNew
Preferred
S6
ePreferred-31
50 *65
100 85
Preferred
139
e 1st !Mee 65 11310_111-S 195
ty-100 _ _
80
Si) e katlroad Securities Co4s 1951
60
5,1
J-D 88
3d income Gs 1915..J-J
100 150
111 C stk tr cfs ser A '52 89
155
9214 N Y Mtge ,.1e Secur
Inter-Met--See Stk Exch ange list
Securities
Gas
N
Y
TransportatIon__Zu
4
5
Seaboard
CompanyLox Av &Pavlo Is See Stk Exc list
Slles-Bem-Pond com_luu
1st preferred
99 102
New York
100 45
50
Metropol St tly-See Stk Exc list
Nipissing Mines
Com & 3d pret-See Ball Ec
x list
'4 10
Ninth Avenue stock100 160 193 Cent UnGas Is g '27_J&J 100 103
'
100 * 9
eOntarlo Silver
Stk
31. 414
Seaboard Air LineExc list
4) Con Gas (N 1)-See
Second Avenue stock _1011 20
Otis Elevator coin
100 40 - 44
Coll 55 ext May 'II
100 147 155
95
94
05 100 e Mutual Gas
e 1st in tee 55 1909-M.-N
Preferred
1()U
94
Union Padflc 4s See Stir Each list
97
New Amsterdam Gas52
81
Consol 5$ 1948_ __
Pittsburgh BrewIng..-31) .4 18
1st consol Os 1048 J-J 102 103
1814 ,
e Sixth Avenue stock-100 113 135
Industrial and Miscel
Preferred
50
N Y &ERGas 1st 53'44 J-J 4104 108
39 ;
85
Sou Boulev 5s 1945-J-J 400
Adams Exp r. 4s 1947J-D ow, 9112 Pittsburgh Coal_See Stk Bic Ilst ,
J-J 493 100
Consol 5s 1945
95
So For 1st Is 1919_ _ A-0 §85
Pope
Alanufacturing_10
0
Ahmeek
Mining
25 130 141
N Y & Richmond Gas 100 33
38
Third Avenue-See Stock Exe list
1st preferred
100 -i57- 3o14
Alliance Itealty
10(1 11212 11712
Nor Un 1st Os 1927-M-N §98 102
90
Tarry W P & M 55 1928 70
2d preferred
100
Allis-Chalmers Co 1st mtg
112 214)
35 8 Standard Gas com 100 n 90
YkersStR11.58 1946 A-0 75
s 1 Os 1936-See Stock Exch list Pratt & WIetn pref_10t) 95 10212
e Preferred
100 n 90
40
28th & 29th Sts 1st 55 96 25
Realty Assuc (13klyn) 10, 145 150
American Book
100 142 150
1st 58 1930
111-N §102 106
e Twenty-Third St stk 100 200 250
Royal Bak Powd corn 1(3,3 148 160
American Brass
100 112 116
95
Other Cities
Union By 1st 5s 1942 F-A 490
Preferred_
lv..3 105 110 ,
American Chicle com.100 185 190
Sc) Amer Light & Tract_100 119 121
Westchest 1st Is '43 J-J 465
Preferred
100 139 loU
100 91
Preferred
irrookiun
98 Safety Car Heat & Lt-100 125 130
25
Seneca
Mining
Am
Cu)
411812
5
880 .
Graphophone
tr
notes_A-0
com100
6,,
102
g
--Atlan Ave Is 1909._ A-0 499
1812
Iehr
'
5 465
0 490 ,
Preferred
50
Bay State Gas
100 56
A-0 497
99
60 Singer Mfg Co
Con 5s g 1931
112 10s.
38
100
Anion Hardware
100 124 130 Standard Cordage
BIngh't'n (N Y) Gas Wks
33
B 13 & W E Is 1933 A-0 95 102
1st 141 g Os '31 red-A-0 ::312 2412
AniMaltlug 6s 1914-J-D 100 105
1st g 5s 1038____A&O 495 100
Brooklyn City stock.. _10 192 193
Adjust 311 5s Apr 1 1931
Amer l'ress Assoc'n 100 9213 100
Brooklyn Union Gas deb
Con Is-See Stk Each Exc list
Am Soda Fount com-100
e65 1009 See Stk Exch. list
1.,
:
ii. ---- Standard Coupler combo
1858'
Blin flirts 1st Is 1941 A-0 95 100
Preferred
1st preferred
Buffalo City Gas stock100
WO lta) 110 ,
IOU
5
15
Min Q Co & Sub See SUr Exc list
112 712
2 Standard Milling Co_N0
O 48
15
3d preferred
1512 ,
100
1st 5s 1947-See Stock Exc list
Bitlyn Rap Tran-See Stk Exc list
Preferred
iu, -H1-2 3914
12 .
93 . Am St Found new
e Coney 1st & 131rlyn_ _100 85 100 Con Gas of N J Is '36..J-J 490
1st 5s 1030
Os 1.335
11-N
82 Consumers' L 11 & Pow14
A&O 1 98 100
71
86
1st cons g 9s 1948_ -J-J
Deb 4s 1023 (wI)_F&A • 463 65 Standard Oil of N J__100 693 698 ,
Is 1938
J-1) §102
Irk C & N Is 1939_J-J 03 100
50 200 210 Swift ec Co-See Bost Stk Exe list
Denver Gas & Eee _100 92
95 - American Surety
Gept&LorSt 1st Gs_M&N
1st is 1910-1914___J-J §10038
Gong Os 1940 op_M-N § 90
9212 American Thread pref_.5 4,1
41,1
Kings C El 4s-See Stock Exc list
Am Tobacco Co com_10o 340 350 eTexas& Pacific Coal-IOU 85
Elizabeth Gas Lt Co..100 275
Nassau Elec pref.-100
Title
Ins Coot N I ___100 1
Amer
Ty
pefders
emu
_1
Ou
Essex
Gas_100
ir20
&
Hudson
12()
A-0
39
130
fli
'
36
1944
Os
Preferred
1013 94
Gas & El Bergen Co_100 61
63
93 Tonopah Mtn (Nevada)_1 *638 642:
1st 4s 1951-See Stock Exc list
Amer Writing Paper_1(11)
e Gr Rap G 1st Os 15_F-A
5
8
U0
214 21, Trenton Potteries corn IOU
N W'bg &Flat 1st ex 44s 90 101
Preferred, new--__1(30 60
Preferred
100 18
Hudson Co Gas
100 115 111
55 ,
20
Steinway 1st es 1922-J-J 4103 110
lUu 30
1st s I g 59 19 op'09-.1-.1 57
Indiana Ltg Co (w. 1.L.... 20
40
24
88 Trow Directory
Other Cities
65 ,
Union Typewriter corn= IN
Barney de Smith Car-100 - 60
45 1958 op (w. I.) _F-A 62
65
Buffalo Street Ry1st preferred
Preferred
100 90 - 120
50 25
Indianapolis Gas
30
1st consol Is 1931_ _F-A 410612 168
Zd preferred
100 108 lit !'
Be thl•ni Steel Corp--Sea S tk Ex list
1st g as 1053
A-0 48312 95
Deb Os 1917
A-0 4106 107
United Bk Note Corp_5() *53 65 :
Bliss Company corn. 50 118 125
Jackson Gas 58 g '37- A-0 491
Columbus (0) St Ity_10u 9614
96
Preferred
10 *5'21: 541s!
Preferred
50 118 125
Kansas City Gas
100
Preferred
10'3 104
)
t)0 ir
Bond & Mtge Guar___100 31)0 8m eUnited Cigar Mfg,pf-1(
e Laclede Gas
Colum Sty con 5s-SeePh. la list
414 Me
100 80
85
United Copper
Borden's Gond Milk. 100 125 130
e Preferred
100 85 100
Crosst'wn 1st Os'33 .1-1) 4100 101
100
Preferred
Preferred
100 103 106
eConn fly & Ltg com_ 100 70
Madison Gas 6s 1026-A-0 49712 1051:
72
100
es38 es, US Casualty
British Col Copper
ePreferred
Newark Gas Gs 1944- Q-J 4130 132
:
AC
84
100 80
2712 U S Envelope cortt....../00 3
Newark Consol Gas_100 9212 931p Butte Coalition Mining 15 *27
Grand Rapids Ry
50
100 58
59
ePreferred
100 1-00
3
Preferred
101
e Con g 5s 11348
100 83
2
3
F6
J-1) 4105 1051: Casein Co of Am com-100
U SSteel Corporation100 50
Preferred
60
No Hudson L H & Powe Loulsv St Os 1930_ _J &J 1109 110
Col tr 8 f 5s '51 opt '11 411312 114 '
Casualty Co of Amer-100 120 130
5s 1938
A-0 95
Lynn & Bos 1st Is '34 J-1) 4101 106
Col tr s f Is '51 not opt 511312 114 :
100 128 132
1734 1814 Pat & Pas Gas& Elee-100 80 7E- Celluloid Co
I New On ltys & Lgt-100
Cent Fireworks corn 100
100 4314 44
s 10 U S Tit Gu & Indem_100 50 60
e Con g 5s 1949_31 S 4102 104
e Preferred
eUtah Copper Co-See Stk Exe list '
Preferred
100 55
70
95
Gen lEg 4 s '35 See S tk Ex list St Joseph Gas 5s 1937-J-J 402
Co, com-1130 --100
Central Foundry
234 3
!deer & telephone
North Chic Street See CO leagu list
Preferred
100 .-100 1612 17
referred
Preferred
98 eAmer Teleg & Cable..100 77
80
Pub Serv Corp of N i_100 96
Westchester
& Bronx 'DI
6812
70
es
1919
op
'01
M-N
Deb
%perpet
74
100
76
to
6
So
Arner
x104
107
eCen
tral
&
%
Tr ctfs 2
,
100 160
100 135 195
& Mtge Guar
9884 91)12 Comm'l Un Tel (NY)_20 110 120 Century Realty
Coll 5s (g notes '00_61-N
100
Western Ice
Vanp & Bay State Tel 100 6(1
70 Chesehrough Mfg Co-100 540 580
North jersey St Ry 100 20
Brake.....50
_._100
Westlneh
Air
,sill
Investing
Co_
City
573
74
1948__-M-N
100
45
60
77
72
Franklin
1st 4s
West El & Mfg 5s-Ses St lexe Ilst.
B), com-100 95 105
76 eGold & Stock Teleg _100 105 112 eClitaln
Cons Tract of N J 100 75
*18
10
100 91 95
White Knob Mln
elst preferred
J-D 5104 10410 Hudson River Teleph 100 63
69
1st 5s 1033
10
*14
114
100
preferred__
108
eN
97
Preferred
eZd
92
Y & N Teleph _1011 112 116
New'kPasIty 58 '30 J-J 4107
75
Worthing Pump pref-100 108 113
Col & Hock Coa.l&I pf 100 65
Rapid Tran St Ry-100 240 250 eNurthwesteni Teleg_50 106 114
25 60
1st g Os 1917
J-J 482 95
Pacific & Atlantic
70
A-0 4104
1st 5s 1921
Col tr Os Oct 1956-J-J § 95 101
Southern & Atlantle_25 85
98
* Per share. 4 Buyer pays accrued Int. a Ex-rights. b Basta. o Sells on Stk. Ex., but not very weave. a Nom. s Sale price. zEx-div.
1908.
1007.
1908.
1907.
(%0
Outside Securities
BOSTON STOOK EXO liA.NGE--Stook Record.. Daily, Weekly and Yearly
s11 A MS PRICES-N02'PER CEN 7'U Al PRICES
...Saturday
Dec. 26
Monday
Dec. 28
Tuesday
Dec. 29
Wednesday
Dec. 30
Thursday
Dec. 31
Friday
Dec. 25
10033. 10114 10038 10034 10033 10033
10414 10414 *10014 10114 10114 10114
225 223
222 222
225
226
123 12312, 12234 12314 123
127
223 223 *____ 225
225
132
132 132
132 132
13234
Las( Sale 150 Dec'08
*295 ___ *295
---29713 2971 *295
*10
11
*10 -1-111
*10
11
11
*58
59
*56 . 59
*66
59
59
56
*10
Last Sale 10
Dec'08
*10
*50
52
51
51
52
63
52
*50
148
148
120" 1":06- 120 120 120" 120
Last Sale 108 De-c-'3;
Last Sale 13314 Oet'08
*iiig 140
Last Sate 2.3 Dec'08
1311 13513
13114 --- 132
132
83
83
83
83
84
*33
*8212 5312
Last Sak ,35
*83
83
Dec'08
*82
83
_
Last Satr 198 Nov118
12
12
3 T511.54 1212 *1112 12
121 -1-/150
59
59
59
59
53
*53
58
160 101
160
101
160 161
153 160
Last Sate 144 Dec'08
---_
Last Sat( 205
Oct'08
104
194
199 194
30
29
29
32
30
32
941: 9134 9134
9414 9414 9412 -0-4-1-2 *94
Last Sal: 10034 Dec'08
*100 10034 *100-183
183
18438
-- 183 134
18134 18414
Last Sate 9518 Dec'08
59512 9612 *9514 9014
Last Sate 161 Nov'08
SS
87
83
*87 ___ *37
10612 10612 1081: 10612 10612
10612
Sep'Ob
Last Sege 190
3312
34
3352 34
3312 33
33
9512 9612 5;
95
95
9414 95
95
618
,
612 718
614 65e
612 7
1434
15
15
15
13
1.534 14
1:•':
130
132 13238 *131 132
12934 /32
129 12978 *129 130 ,:12812 12.
129 130
12;1,
12878 12914 129 12914 12834 129 x127
3017
2
10
30
2973 30
2912 2912 30
95
9934 9458 93
95
04
93
95
Dec'08
Last Sale 412
*414 412 *414 412
-_
126 126 *123
*123 ---- *125
Dec'08
*113 -2-612
Last Sale 21
8
712 7 2
712 734 *714 734 *714
243
242
242 242
241 241 5240 241
*15712 15812.
15938 16012
57 1138 5714 5712 -5719 16"
5613 67
89
83
8034
8714 8714 8713 S758 88
Last Sale 20612 Dec'03
*20638 200 *20612 20912
2
212
212 21,
,212
721
,
73
72
570
73
9212 9214 9212 93
93 0112 911, 92
12631 12634 12612 12634 12612 127 *12512
*7812 7912 *7812 7912 *7812 7912 7813 -7812
170
169 170 *109 170
171
169 170
_
10 *10
*1018 ____
101.2 101,
10
4 10112 10158 10114 10112
101 1017310114 102
2312 *22
2312
2312 23
*72
2338 *22
2912
*25
Last Sale 2613 Dec'08
2612 *25
Dec'08
*112 178 *112 173
Last Sale 178
13012 131
130 131
13012 13012 13012 131
6078
60
6012 0112 6012 61
6012 60
2014 29
29
2918 2918 29
2914
29
L478
5338 5418
5414 5434 5458 5518 54
113
11214 11278 11234 11318 11212 11314 113
*73, _
8
8
*734 -- *734
85
Dce'o;
530
83 *30
Last Sale 80
Last Sale 9578 Nov'08
Sep'08
Last Sale 44
-------
018 014
914 914
9
914
914 93:3
3714 3714 3712 371, 3712 3712 3814 30
8258 8412 83
8458 8234 841$ 8318 8334
*25
2518 2512 251,2 2514 2514 26
2678
5018 5018
314 314
314
318 314
318 -I14
318
3834 3914 3734 3814 3712 38
39
38
1
.50 • 1 5,50
Dec'08
Last Sale .60
1612 1712 1712 1758 17
17
17
17
.55 .55 5.35 .60
5.60 .75
.55
.56
1633 1612 1658 17
1634 17
1634
1634
2212 2278 2234 2314 2212 2258 2214 2212
2714 27
2712, 27
27
27
27
2738
118 119
117 118
117 118
11712 11812
675 675
*668 675
675 675 *675
680
3314 3314 3314 3314 3334 3334
3253 33
.38 .40
5.33 .40
.33
.35
.36
8112
8112
8212
8114
8112 8112 8214
8012
1013 1()18 1013 1018 10
10
1014 1014
2
214 *218 23- *218
233
*2
214
1612 1612 17
1634 1712 1678 17
17
107 103
107
10612 10734 10612 109
10712
1178 121: 1218 1258 1214 12.8 1238 1258
*158 2
Las:. Sale 2
Dec'08
2412 2514 2434 23
-251.2 -251-2 2514 26
2212 2312 2214 2278 2212 2314
2238 23
1458
1418
1418
1413 1412
1412 1412 1412
614 612
6
814
578 614
578 578
.70
.60 .60 * .55 .65 5.55 .70 5.55
378 4
4
4
4
4
312 438
1514 1538
151* 15
1512
1414 1538 15
1312 1334 1338 1312 1312 1312 1338 1338
69
69
69
7018 69
70
7012 70
.30
.2
.25 .33
.33 .45 5.35 .45
1938 1934 1938 1938 1918 1918 1914 1914
618 614
6
6
6
6
534
6
8434 8512 8434 8514
8512 8514 86
84
Dec'08
Last Sale .60
5,60
5.60
5814
58
58
5831 58
5712 58
134
131 134
134 13434 13434 13512 133
29
2912 2912 30
2938 2934 2934 30
Dec'08
*,3O
/ 5.60
1
Last Sale .60
96
94
*95
93
96
95
95
95
612
*512 6
6
6
512
558 558
3
212 212
234
212 212
212 212
1734 18
1738 1738 1738 1731
1714 13
3414
34
3434 3538 34
34
35
34
1714
1753 18
1714 1758 17
1712 18
82
80
82
85
82
81
82
85
17
1712 17
1712 17
1712 1678 17
1333 1414
13
143p
13
1358 1334 13
Nov'08
Last Sate 36
"ici" "26-1; 7572T31-2 2912 *2814 2914 27 27
4434 45
45
9412 45
4414 4458 x44
4614 4612 4634 463.1 4678 4678 x4533 4618
578 618
6
612
6
6
534 6
4534 4658 47
4612 4612 4612 4634
47
4714 4711 *4714 471, 47
4714 4714
47
4
4
312 312
4
4
4
4
612
612
614 614
614 614 *614 61"
150 150
152
152
150 152 *150 152
234
212 212 *212
212 212 *212 234
c Before pay-"C or assessla called n 1907. 5 Bid and asked prices.
ST()C KS
BOSTON STOCK
EXCHANGE
Range for Year
1908
Lowe:a
11ighese
roaandt
R
p a&IIs
1 Fe_100 6738 Feb 11. 1011, Deo 2
1,031 Atch To
100 8712 Mch 3 40414 Dec 2
1
6
Do pre:
100 18117 Jan 7. 730 Dec it
103 Boston & A I ha ny
100 .12112 Dec 28 140 J n 28
2,532 Boston Elevated
- Feb 11 228 Dec 1.1
100 7(8,14
2 Boston & Lowell
100 114 Oct 2:: 140 Jan 2:
367 Boston & Maine
Feb 13 156 Jan 2*,
136
100
Do pret
Boston & Pro viuence_100 784 Jan 10 101 NOV!•
13• 51,112,
9 Mci, •
80 Bost Suburban- Et Co!).._ _
45 Jan:; 58 Nov 1 ,
15
Do pret
312 Nov li, 17 Jim 2t.
13oston & Wor Eiec(..0:_ _ _
9712 Dec 18 6012 .1-, It 11
-S85
Do pret
15 Chic June It:. & USN. _100 126 Jan 7 15114 Dec ;1
100 102 Jell lc 171.112 Dec 22
25
Do nret
-..._ Con & Mont. Ctais 4_ _1 OC 163 Dec Is 100 .21c.,4
Conn & Pas. It;v pret_100 13314 sep 73 138 Apr I!)
..i. Connecticut, River„-100 244 Jan 14 :163 Dec
.,
or 2i
135
100 117 Ja41 .
Fitchburg, pre:
100 8/ Apr 27 86 Dec 16
Ga By & Electric
100 51 Oct 16 515 Dec It,
met
Do
100 193 Nov27 193 Nov7;
Maine Central
8934 uv28
10)
"i3
.Ii Mass Electric Co814 Jan 2
100 40 Jan '2 64 Nov:25
124
Do pret
.42
.4_ A Y N H & Harttord-100 128 Jan 6 161 Nov
145
Apr j
100 140 Jne 79
Nortnern N B
705 Feb Lb
Norwich & War pret_100 700 Apr
100 1/5 Jan 11 19618 Dec
2S Old Colony
100 :5 Jan 15 34 Dec
105 Rutland pre:
100 70 Feb 17 95 lice
Seattle Electr c
100 b838 Jail 2 102 Dee s
Do pret
4,079 Cnion Pacific
100 11012 Men 2 18,558 Nov14
100 7834 Apr 4 974, A ov ii
Do
pre:
100 150 Jan 13 161 Nov3L,
Vermont de Mass,
Si) 76 Jan 2 9112 Sep 19
60 West End St
60
Do pre(
50 96 Jan 2 110 Dec v
Wore Nash de itue8_1110 133 J'ly 9 140 5.4e513
Miscellaneous
3,575 Amer Agri= Chem_100 13 Jan 3 35 Nov29
531
Do
pret
100 77 51ch 17 96 Nov25
3,320 Amer Pneu service
4 Feb 10 12 Dec 1
60
912 Feb 26 23 Dec 7
536
Do pret
60
504 Amer Sugar Itelin
100 9914 Jan 2 13753 Nov 5
129
Do pref
106 Feb 18 132 Nov
6,704 Amer Telep & Teicx_1
100 9) Jan 2 13212 Nov 16
474 American Woolen- _108 16 Jan 2 3238 Dec
525
Do pre:
100 7734 Feb ls 9612 A v
412 Dec
Boston Land
3 Jan 7
10
--15 Cumb Teiep & '1 eieg_100 9612Jan 11 128 Au% 2,
Dominion Iron 6:S. 1434 Jan 0 2114 Dec 7
838 A (5%• 1.,
--1.-ii East Boston
414 Alch13
Ed1son Elec Illum
Land_ 167
100 701 Alc1117 253 No% '2
165 General Electric
100 111 Jan 2 162 Dec
3,311 51as.sachusettsGasOos 100 43 Mon 2:3 60 Dec31
1,301
100 77 Jan 2 ot) Nov ;
Do !Act
IOU 192 Apr 16 215 Nov ;
526 Mergenthaler Lino
3 Oct s
1 Mch 2
10
Mexican Telephone
100 90 Mei% 6 78 Nov2
144 N E Cotton Yarn
100 15 Alch24 93 Dec 31
247
Do
pret
100 105 Jan 4 128 Novi.
198 N E Telephone
79 Dec 24
22 )1,,,;. c L uast vuwAr_ _10u 5112 J'ne 27
136 Pullman Co
100 47 Jan 2 17412 Auv is
Apr 1U 1612 Nov25
70 Reece Button-Hole_ 10
10812 J'ly 31
268 Swift & Co
100 8812 Jan
24 lorrington, Class A
25 20 Jan 3 24 Oct 17
21412 Deo 1,
26 23 May21
-- Do pref
212 Jan 78
114 Alch23
Union Cop L'd do Arg_ 25
100 11412 Jan 2 148 J'ly 14
-56:i United Fruit
623
8 Nov13
•
4
Jan
3512
3,811 Un Shoe Mach Corp
25
274
Do pre(
26 2478 Jan 3 30 Nov 3
8,781 U S Steel Corp
100 24 Jan 2 5834 Nov13
712 Jan '2 114 Nov13
450 Do pre:
100
512 Nov13
4 Feb 3
10 West Tclep de Teleg_100
Do pref
100 60 Jan L 804 Dec Is
Auv
40
lb
Fob
P478
westlng El de ML___.. 50
60 3478 Feb /9 4418 Sep 1.
Do pret
Mining
1214 Aug IL
112 Feb 71
786 Adventure Con
25
281 Alionez
26 24 Apr 23 4112 Nov25
27.370 Amalgamated Copper 100 46 Feb Ps 8818 Nov
1,640 Am Zinc Lead & Sm
25 2034 Jan 13 LO Jib 2
6 Anaconda
25 '28 Feb 10 53 Nov13
Ii Jan 13
3 Dec $1
1,457 Arcadian
26
14 Jan 2 4053 Dec 11
2.582 Arizona Cominerclai_ 26
Arnold
26 .40 Feb 14 .90 Au.4;
Apr 22 1912 Nov 7
"
Atlantic
3:ii8
25
200 Bonanza (Dev Co)_,._ 10 .25 Oct 7 .75 Nov13
1014 Apr 13 1813 Nov 11
2,005 BostonConC&G (rats) El
5 1114 Apr 14 25 Nov1.5
2,277 Bos&CorbCop&Slillg
5,469 Butte Coal!tion
15 15'2 Jan 2 30 Aug
430 Calumet & Arizona
10 93 Feb 20 130 Aug 1
3 Calumet & Hecia
26 r563 Etch 5 700 Jan 15
407 Centennlal
26 21 Feb 1U 3634 Nov ;
200 Cons Alercur Gold
1 .25 Meta 6 .35 J
4,253 Copper Range Con Co 100 5513 Feb 18 s3,-s Nov 9
1
7 Jan 3 1178 Nov .
75 Daly West
20
234 Nov i;
25 Elm River
12 .99 Mob 6
25
Nov28
1912
612
Apr
22
83,5 Franklin
1;5o
320 Granby Consoildated_ 100 So Jan 2 110 J 'ly
20
678 Jan 2 1318 Aug 4
21.75S Greene Cananea
278 Jan 22
158 J'1Y 2
5
Guanajuato Consoi
5
Isle Royale (Copper), 25 1734 Feb 17 2614 .(an 21
5,455 Lake Copper
'6 lu Sep 22 2414 Dec o
1214 Jan 7 1714 Jan 14
26
660 La Salle Copper
838 Aug 1,
214 Mch
26
1,115 Mass Consol
125 Matiower
25 .25 Jan 10 .75 J'ly 30
8 Jan 18
312 Dec 28
2,395 Mexico Cons It & S
10
834 sop 22 1512 Dec 2,
5
24,042 Miami Copper
25
714 Feb 25 1512 Nov 1)
645 Michigan
617 Mohawk
25 45 Feb 19 73 Nov 7
13s Jan 24
3.880 Montana Consol C & C 10 .25 Dec 30
838Jan 2 '2034 Nov13
820 Nevada Consolidated- 5
Si 3lay19
433 Oct 22
590 Newhouse Alines & S. 10
8,366 North Butte
15 4034 Feb 19 8934 Nov 7
I J'ly 31
Old Colony
25 .50 Jan 15
1-,ii6
1 Old Dominion
25 23 Jan 2 6012 Dec 4
78 Osceola
25 77 Feb 19 13512 Dec 3:
3118 Dec 7
1012 Jan 11
3,275 Parrott (Sliver & Cop) 10
Mch 11
114 Jan 26
Q uo
Ph
tn
ee
n3i Consolidated 25
"i5g
25 77 Feb 19 101) Aug 1
638 Nov78
9 Alch26
247 Rhode Island
26
338 Nov17
1,730 Santa Fe(Gold 6: Cop) 10
153 Apr 3
1914 Nov 1)
934 Feb 19
1,670 Shannon
10
1.793 Superior
25 14 Apr 3 361, Nov23
1.780 SuperiordePitts Copp_ 10 1418 Oct 17 2018 Nov:.7
1,087 Tamarack
26 66 Mch20 88 Nov 7
1,969 Trinity
25 1218 Feb 19 26 Aug p,
"53 Mch24 1612 Nov11
565 United Copper
100
Do pref
100 2334 Apr 16 36 Nova
"ii UnitedStatesCoal&011 25 9 Alcii31 434 Nov13
2,256 U S Smelt Re( & Min_ 60 28 lich
4678 Nov 12
1.278
Do pref
37 Feb 10 47 Novli
3.35.5 Utah-Apex Mining
7 Nov 7
938 Sep 10
550
2.652 Utah Consolidated
6 2913 Jan 3 50 Aug
8
16
0:
5
4 lvitcath
iaopper Co
orC
10 2878 10ay 8 53 Nov 5
5 Nov16
212 Apr IC
25
(734Nov 27
35 Winona
25
412 Jan 2
50 Wolverine
25 11512 Jan '2 155 Nov le
338 Oct 3
105 Wyandot
25 .50 Afav2.3
a New stock. e Ass't paid. o Ex-stock dIv.
Ex-rtirbt.s.
2i....,_
-- NEW YEAR'S DAY
EXCHANGE CLOSED-EXTRA HOLIDAY
9712 100
*10278 10378
220 720
12113 123
225
13112 132
Sates
ol the
Fl/eel,
Shares
ange we Previous Ye
11907'
at
Lowest
11tghest
6712 N
7$134 No'.
180 Dee
11734 Nov
201) Jot.
129 No'.
150 Oct
285 Oct
8 J'iv
50
11;
No%
Dee
tiy34 oct
170 Oct
152 J'ly
244 Dec
116 Nov
6912 Dec
73 Oct
190 Auli,
7 Dec
37 Oct
12712 Nov
145 Dee
206 No'.
175 Oct
25 Nov
52 Aug
• 334 Nov
I :012 Oct
?8,3,1 Nov
145i8 No%
/4 Dec
94 No'.
140 Au.:
10712 Jan
10138 Jan
240 Feb
152 Jan
231 Jan
170 may
165 Jan
301 Feb
j5 Feb
65 Jan
2834 Jan
50 Jan
160 Jan
120 Jan
158 Feb
156 Men
280 Jan
135 Jan
114 Alch
88 Etch
194 Jan
2012 Jan
7113 Jan
10012 Jan
160 Jan
226 Feb
20014 Jan
45 Jan
94 Jan
103 Jan
18212 Jan
03 Jan
170 Jan
95 Jan
110 Mch
147 Jan
26 Jan
10 Oct
95 Feb
7212 Nov
313 Nov
1434 Jan
43 Jan
912 Oct
93 Dec 13714 Feb
1115 Dec 13134 Jan
8914 Nov 13412 Jan
3612 Jan
1214 Nov
89 Oct 10212 Jan
4 Jan
3 Ma
9312 Nov 115 Jan
1:412 Oct
25 Feb
312 Oct
914 Jan
183 Nov 230 Jan
91 Oct 162 Jan
6658 Jan
93 Oct
8612 Apr
75 Nov
185 Nov 215 Etch
114 Dec
434 Jan
75 irlY
46 Joe
90 Jan
80 Oct
6 No, 126 Jan
131 No'.
9 No'.
7612 No'.
2t).I'iic
2412 Nov
1 Oct
1011. Oct
36 Oct
2358 Nov
22 Oct
7912 Nov
4 Nov
50 Nov
7614 Nov
76 May
182 Jar;
11 Jan
113 Jan
2212 Jan
2712 J'1Y
673 Jan
120 Dec
69 Jan
29 Jan
5033 Jan
10734 Jan
9 Jan
82 Jan
7812 Jan
80 Feb
58 Nov
20 Oct
4213 Dec
10 Nov
26 Oct
234 Oct
134 Oct
.35 Sep
612 Oct
.35 Sep
358 No'.
612 Feb
7414 Jan
121 Jan
53 Jan
75 Feb
1538 Jan
2812 May
2 Jan
22 Feb
.80 Jan
3314 Jan
3913 Jan
10 Oct
89 Oct OS Feb
5:15 Oct WOO Fel)
47 Feb
18 Oct
.'25 Oct .52 Jan
4414 Oct 105 Jan
712 Dec
12012Jan
418 Jan
34 No'.
6 Oct
2914 Nich
63 Oct 151 Feb
514 Oct
1758 Apr
2 Dec
514 Jan
1112 Oct
061,Jan
8
'238
.40
534
Oct
Nov
Nov
Nov
634 Oct
37 Oct
1 Nov
134 Nov
Feb
914 Jan
134 Jan
151.4 Jan
2413 Jan
1612 Jan
312 May
2013 Jan
30 Oct
12 Sep
18 Oct
71 Oct
834 Oct
12 Dec
70 Oct
2 Oct
112 No'.
713 Oct
120 Jan
212 Jan
63 Feb
181 Feb
33 Jan
e3 Jan
148 Feb
(1234 Jan
71 Jan
2438 Jan
51 Oct
938 No'.
7 Dec
2'2 Oct
712 Nov
1434 Oct
2778 Oct
170 Jan
4214 Jan
7714 Mch
!,1 May
1314 Jan
70 Jan
.19 Jan
26,12 Oct
,U
Jan
312 Oct
11% Feb
14 Jan
(212 Nov
93 Oct 198 Feb
Nov
353
Jan
.10
a Ex-div. and rightist
Boston Bond Record.
.IAN. 2 1908.1
BON Ds
BOSTON STOCK EXCIPGE
Wiita ENuiNu JAN 1
4a,
Am Telen & Tel coil tr 43.1929 .1.3
1436 m-S
Convertible 4s.
Am Writ Paper lat 1 fis g 1919 Arlz Corn Cop 1st cony 68 1918 31.3
Ate:Clop & S Fe gen g 4s..1995 A-0
Adiustment g 48.....Ply 1995 Nov
J'ly 1995 31-N
Stamped
1935
60-year cony 4s
1917 J -D
10-year cony Os
Boston Elect L cousol 66 1924 141-S
1916 J -J
Boston & Lowell 43
1944 J -J
Boston & Maine 41244
43 19 L7 F-A
/
Boston Terminal 1st 31
1918 3-3
Bur a. Mo Iciv ex Os
1918
Non-exempt 63
1910
Sluicing Lund 48
Butte & Boston 1st 60.-1917 A-0
Cedar Rap & Mo B 1st 743 1916 M-N
1909 J-D
267s
Cent Vermt lat g 4s..May192u Q-F
O B 41444 Iowa Div 1st 68 1919 A-0
1919 A-0
Iowa Div 1St 4s
1913 M-N
Debenture 643
1922 F-A
Denver Exten 48
1927 M-N
Nebraska Eaten 45
1921 M-S
B & S W s 1 45
1949 J -J
Illinois Div 3193
Joint bonds See(A Northern
0810 20 By & Slit Yds 58.1916 -.1
Coll trust refunding g 44319411 A-0
Oh Mil & St P Dub D 611..1920 J -J
Oh M & St P W18 V (11V 651.920 J -J
Chic ee No Mien 1st gu 58.11)3i
Ohio & W Mich gen 643.-1921 J-D
Concord & Mont cons 413-1920 3-I)
Conn & P/1,88 R 1st g 4s...1943 A-0
Cons S S 14 0011 tr g 4s ctts 11157 24
1327 A-0
Current itiver 181 513
Dot Or Rap & W 1st 4s 1946 A-0
Dominion Coal 18E 8 f 643-1940 M-N
11)15 M-3
Fitenburg 45
1927 31-S
48
Fremt.Elk & Mo V DA 6s 1933 A-0
1933 A-0
Unotampeo lst Os
Gt Nor C B & Q 000 tr 4s 1921 J -J
1921 Q-J
Registered 444
Price
Thursday
Dec .11
Week's
Range or
Last Sale
49
BON Ds
BOSTON STOCK EXCH'GE
Wickic ENutzio JAN 1
Rauge
Year
1908
Price
Thursday
Dec a/
Week's
Range or
Last Sale
4
Renee
Year
1908
-
Bigli
High A t/ Low h tali
Low llign
Al Low
iiia
Ask' Low
inc
Illinois Steel deben 5s....1910 J -J 100% Sale 10018 10011 20 971910019
4 8. 7819 92
/
921
92 Sale 91'9
Non-convert
deben
6s...1913
1001._
33:
937,
95 14)058
A-0
10014
80%11961
.
93
2102
,
100
Sale
93%
117 117
117 Apr'017834 1753 in Falls &sloux Clat 78..(917 A-0
'
4 Mitr'03
.
1178
Kan C ClIn & Spr 131 5s...1925 A-0
90 3tar'08
96
112 170
90
165 Dac'08
100 100
100 Aug'08
4 Sale 10014 1004 21 943 18102. Kan C Ft 8& Gull ext 0)4..1911 2-1)
100,
6s....1925 A-31
4 1164
/
1091
92% Kan C Ft Scott &
116 14 Dee 08
92 Dec'US ...• 85
92
Kau At
B gen 4s
91
1934 M-S
3712 91
90
90 Dec'08
91 Sop '08 ...• 91
92
. Assented income Os
1934 M86
4
/
55
881
56
110678 111067, 2 11837811067
86
4 1024
/
4 Kan C & 31 ity& Br 1st 581929 A-0 1024
1
1001
1024 Dec'05
10514 Dec'08 •... 9558 107 /
105/
4
1
Maine Cent cons 1st 78 1912 A-0
113% NOT'Oli
110 Eau'04
Cons 1st 45
1912 A-0
4 Sep '05
101,
101 Stfg)'06
4 Moro Hough & Out.1st 68 11125 A-0
/
113 115
104 1041
115 J'ne'01-,
4 Olt '08
1
104/
Mexican Central cons 4s 1911 J-J
Dec'074 1185
4 ain '03
/
1121
Jan 1931) J'ly
latcons ulc 3s
146 11619
1.. 16 Apr'63
104 046 '07
Jan 1939 Ply
241 cons inc .3s
11,15 14 Anew
102 Scg)'05
'21519
1917
ich Teleplst 58
J
931..
07
984 Apr'05
A1111118 Gen Elec con g Os 1929 J -J
4 Aug'04
/
1021
100 .1.11e'01
1929 F-A 101 Sale 1904 101
New Eng Cot Yarn 5s
3 93 102
117 117
117 .1'ae'4)8
1913 A-0
Um /
4 Jan '07
1
New Eng Teleph 58
11118.7W, '05 •
1916 A-0
Os
4
1
1004 Sep '05
100; 104)/
1
82,
81;
76
4
/
811
8114 82
New England cons g 513. 1945 .1-2
11103 (1St '07
1933 A-0
Boston Term 1st 4s
9634 11001,
100 Doc'05 •
con
5193o
deb 31
4, 11100/
/
11001
NYNH&H
4
/
4
1
791.01101
100 100
100 Apr'03
1943 J -J ......
Cony deb Os (UN)
08
4
/
4 Nov1
/
11341
i 1934 11341
4
/
4 9914
/
981
9919 Oit
2
iota 4J'ly 08
1924 F-A
4 96,
/
981
4 Oat 'OS
/
10431
9s1,100,, Old Colony golu 48
lita3 J'Iy'08
()mg Ry& Nay con g48-194o J
1;1.6 14 li11614
4 May'07
/
971
103 1;120
1922 F-A
Greg Sh Line 1st g Os
1,120 ()et '08
86 1193
1193 Dee'08
100 106
Repub Valley 1st a f Os. 1919 .1-3 104 .....105 Dec'08
L07; '2ov'05
99 1034 Rutland 1st con gen 44,1 1941 J -J
. 1025$
102% Sale 1025
Rutland-Canadian 1st 481949 J -J
102 31:41'02
89
85
90
89 J'ty'08
Savannah Elec 1st cons Os 1952 J -J
4 Alay'06
/
981
118 118
118 J'iy
Seattle Elec 1st g Os
1930 F-A 105 106 104 Dec 05
10019105
126 Filo'06
1929 -I-li
rerre Haute Elea g 68
91 Apr'03
4
1
100/
95 100
100'2
100
4 Noy'043
/
991
1913 31-S
Torrington 1st g 5a
97 102
101 Doc 08
1014
.199%1103%
410358 Noy'08
Union Pac RR & 1 gr g 443 1947 J -J
91 D5c'07
1927 j.j
111066s N ov'03
1184%1110658
20-year cony 4s
1124 Jan '03
116 Jan '08
116 117
184 Sale
1778
1119 1814 United Fruit conv gen os 1911 31-S
,
181
126 Deo.4)5
S Coal & OUlstsf 68 1938 M.N
10238 127
104 Nby'UO
M-N
8 11102% 26 1186 1031
1102,
4
/
US Steel Corp 10-641 yr Os
90
80
88
90
90
91
1915 F- A
9614 Fel.4'05
West End Street By 45
964 964
90 1192
91 ny'08
1914 M-S
101 18 3eif '05
43
/
Gold 41
101 Ls 101%
4Apt'05
1
103/
9958 Dec'UtS
1916 M-N
9964 9934
Gold depenture 45
96
96
96
9814 Oct '08
1917 F-A
4
/
984 991
Gold 4s
128 12812
r'08,
4
1
128/
99
9334 LW; 99
98
11 79
Western Teleph & Tel 55 1932 J.J
r'05
140
4Sep'05
/
.,941
1121411993$ Wisconsin Cent 1st gen 481949
934
4
/
981
10958 A ny'05
92
98,4 Wisconsin Valley 1st, 7s 1903 J.j
137 Dbc'05
ar'0,
/Nark-Buyer PaY5 accrued nterest in addition to theipurchase price for all Boston Bonds. .No price Friday; Latest and and asked.
1, 5' at price.
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
share 'races-Not Per ()maim Prices
Saturday
Dec 28
Telcutlu
7tiesday
Dec ?l)
Wednesaay
Dec 30
Thursday
Dec 31
Iriclay
Jan 1
ACTIVE STOCKS
Sales
of the
Week (For Bonds and Inactive
Stocks see below)
Shares
Baltimore
Con.Gas EL L. a. Pow
Do pret
107
105 Northern Central
667 Seaboard(new)
Do 2i1 pref
768
25 United By (35 Electric
35
.30
81
4 .80
/
4 811
/
811
81
79
81
79
4
/
4 102 *102 1021
/
41011
/
1011
101 101
4 1011
/
15
'144 14% .14; 15
15
1414
14
'2534 2534 .2512 26
26
26
23
'25
4 11
/
.101
11
.1.) 11
104 1011
.46
39%
11
154
52
4
/
161
96,4
7454
4
/
451
3971,
1119
1819
4
/
571
17
97
764,
4
/
651
43%
11%
2212
70
65%
44.
11%
231,
70.4
.474 48
4 50.
/
491
9338 'JS38
PH I LA I)ELPII IA
46
46
46
4512 454 *45
3958 3934
3111, 40
3958 4014
1L'4 114
4 114 1114
/
4 111
/
111
4 1714
/
161
4 1938 1714 18
/
171
65
564
5734
4 69; 66
/
561
16
16
161,
164
4 16%
/
151
9614 9134
4 91
/
961
06.4 97
4 76.8 75% 7638 75% 76.4
/
751
his hue
2 211.
2
2
6058 66
4 601e 65148 66
/
651
44
44
44
4 44
/
441
44
1118 12
4 11% 11% 11.,
/
111
2338 243$ 2454 25;
4 2334
/
231
701r. 71518
4 71118 703113 71318
/
701
47;
45 42 45'9 *47
47
46.4 4614 .4(354 4714
474
Out. 5134
6058 5078
004 51.
9358 1.01
4)354 9434 x1)44; 934
28
*27
Bid
Ask
Bonds
Inactive Stocks
Al Vol E ext 75 1910 A-0
Allegheny Val pref....5C
Alt.1.14V Elam i /
60 4219
413'33.1-A
1
Amerwan Cement
Am Rya cony 55 1911.J-1)
100
Amer Pipe Mfg
Atl City 1st Os g'19.31-N
103
Bell Telephone(Pa) 100
Balls Ter 1st 15a 1920.J.D
60
Cambria Iron
Berg&ElIrw let(33'21 j4
Central Coal & Coke.100
13ethle Steel 65 1998.Q.le
Consol Trim of N j...100
Choc& Me lat581949 J-J
Diamond State Steel 10
Ch Ok & G gen 5a 11.1) J-J
le
Prelerred
Col St By 1st con 5s 1932
Easton Con Electric 0 50
; Con Trac of N J 1st 08.'33
,
Sloe Storage Batt....100 46 41 401
100
E& A lst M Os 1920 .31-N
Preferred
100
Elec & Peo Tr stk tr ctfs
Ft Wayne &W V
60
Eq Il Gas-L lat g Os 1925
121
Germantown Pass
100
ii & B Top con Ss'25 A-0
Indianapolis St
Ey 4a.1933
Indianapolis
100
Tr..
Union
Indiana
21; 22
Interstate 4s 1943 ..F-A
Insurance Co of N A..10
4s '14.Q4
/
Lehigh Nay 41
Inter SID POW & Chem.50
1914.(14
84„,
Rita 4s g
Keystone Telephone -541
48 g 1924.Q-F
/
50
Gen 31 41
Preferred
Leh V C 1st 55 g '33..J14
KeystoneWatchease.100
17
10 15
Leh V ext 4s lat1948.J-D
Lit Brothers
M-S
60
2d 7s 1910
Little Schuylkill
J-D
,
Consol Os 1923
P1Inehlll & Schuyl H 50 611
.1-1)
Annuity Os
N Haven Iron & Stee1.6
,
60 1013
Gen cons 4s 2003.31-N
No'thorn Central
Lou V Tran con 40185J-1)
North Pennsylvania 50
New Con Gas 5s 1948 J-D
60
Pennsylvania Salt
Newark Pass con Os 1030
Pennsylvania 3ieel..100
l03% NY Ph& Nolat4s'39J-J
100
Preferred
Income 45 1939...M.N
Phlla Co(Pitts) pref...54) 43';, 44
NoOhloTrac con644'11124
Phil German & Norria 50
. Penn gen Os r 1910 Var
50 9019 907
Phila Trautaou
715
10
Consol 68 r 1919 Var
8
Railway,General
Penn & 316 Steel con (94.
8usqueit Iron & Steel..5
10
Pa & NY Can 43s '39.A.-0
Tidowat er Steel
A-0
Con 4s 1939
Proterred
4
/
61
, Penn Steel 1st 65'17 3I-N
133
Tonopah Mining of Nevi
100
People's Tr tr carts 45'43
Union Tr of Ind
P Co lst& col tr 6s'49 M-S
United N J RR 6.0_100
45
Condi:cot tr 5s 195131-N
Unit Trac Pitta pref..50
Phil Elec gold trust ars.
734 8
Warwick Iron & Stee1.10
Trust certifs 4s
West Jersey & Sea 311.60
P & It gen. M 6 g'20.A-0
Westmoreland Coal .50
Gen M 4s g 1020..A&O
Wilkes Gas & Elec 100
vs
100
100
50
100
100
00
Range for
Year 1908
Lowest
Highest
20 Jan 13 30 Dec 't
4 Deo.30
/
65 Mar25 811
80 Jan '2 102 Dec 3v
4 F431)12 15 Dec .r;
10 Feb Is 26 Dec2,
10 Jan 8 12 Nov17
Lange For PreviouS
Year(1907)
Lowest
Highest
3312Jan
80 May
7512 Nov
10 Nov
24 Dec
81,Oct
35 Jan
85 Jan
97 Jan
234 Jan
48 Jan
15 J'n•
Philadelphia
434 Dee 51 Jan
11 American Railways
4 Novi
/
461
50 4234 Mar
6,823 Cambria Steel
50 2678 Feb l( 4012 Dec 14 22 Oct 4711Jan.
433 Electric Co of America 10 81
4 Jan 23 114 Dec14
/
.Oct 11% Jan
77
8 Jan
28,940 Gen Asphalt tr ctIs
3 Oct
4 Jan 9 191, Dec2I.
/
100 31
4 Dec214 1334 Nov 36 Jan
/
12,176
197.Jan b 1391
Do pref tr ctfas
4,459 Lake Superior Corp
100 358 Feb29 17 Dee 24
4 Dec 16 Jan
489 Lehigh 0& Nay tr Ufa 50 781
Jan 2 14738 Dec 12 439 Oct 103 Jan
.
4 Oct 77 Jan
/
481
18,565 Lehigh Valley
50 5219 ifeb21. 7634 lieo3
212Jan
91.0 Marsden Co
100 Ibie Jan 2u
27sApr24
19 Nov
2,035 Pennsylvania RR
50 51518Jan r 6611. Dec 31.) .r52 Nov 701i Jan
419 Pluladelp'aCo(Pitts0) 60 11419 mar 3 44.4 Dec 11 3334 Nov 484Jan
9 Apr
4 Feb27 1238 Nov 9 6318 Nov
/
7,37J Philadelphia 14116etric5 25 51
4 May
/
55,403 Phila Rapid Transit
50 d12,8 J'ne 9 25 12 Dec3 812 Nov 3261
Feb 17 711118 Dec 14 35% Oct 69.4 Jan
14,7214 Reading
50
41Jec34 3(11
1
4 Nov 4538Jan
/
00 39 Jan 3 45 /
2
Do 1st prof
2 Dee 5 3219 Oct 47 Jan
50 3712Jan 2 48,
Do 241 pier
300
4J'nel0 5014 Apr23 4178 So, 6038Jan
1
50 44/
18,204 Union Traction
44 Dec 2.9 661
4 Oct 9)319 Jan
/
94
1.
8Jan
731
1
541°
Gas
United
hupt
16,097
30 Feb
25 May
1130 '25 J'ne22 28 Novl
Welabach Co
Ask
PHILADELPHIA
Bid
Ask
8s
uriam
so
1041
4
/
99
104
i)814 .98;
4 1013
/
1011
,
74
,
744
Bonds
Anacestia & Pot 5s
Atl & Ch ext 44a '10 J4
Atlau 0 L ItR481952M-3
Atl Coast L(Ct)ctfs5s J-D
Ctfs of indebt 4.s. J-J
J4
6-20 yr 4s 1920
Bait CPass 1st5s'11 31-N
Bait Fundg 58.1916 31-N
Exchange 319s 1930 J-J
Balt& P lat6amI'll A-0
Bait Traci 1st 543.229 31-N
No Bait Div 081942 J-D
Cent'l By con5s1932 31-31
Est& Imp 55.1932 M-S
Chas CityIly 1st68'23J4
ISA LT11.1141ICE
ChaaRyO& 51158'99 31-s
Chart C& A ext 5s.'09J-J
1910 A-0
20 Is
City& Sub 1st 5'3.222 3.1)
City& Sub( Was)lat Eas'43
Coal & I By 1st Os'201.A
Col ei.Urny 1st68.1916J-J
Comm'Gas 68-1910 J-D
.1939 J-D
Oa
Ga& Ala lateen 58'45J4
UaCar&N lst5sg'29J4
Georgia P 1st 68. '22 J-J
OlaSo& Fla 1st ria 1945J -J
G-B-S Brew 3-4a 195131-5
26 income 5s 1951 31-N
Knoxv Trac lst 5a'28A-0
LakoR El 1st gu5s'4231-3
Macon Ry&LtIst5s'33J-J
Memphis St tat 53'43 J-J
AleLSL( Washilst0s'25F A
Mt Ver Cot Duck 1st 5s.
IsIpt.N&UP latbs'38.31-N
General 543.-1941 ALS
Norfolk St 1st 58'44 J-J
North Cent41281925 A-0
Series A 5s 1026. .J4
Series B 65 1926..J4
Pitt iln Trao 58 1997.J4
Polo Val let Os 1941..J4
Say .Fla& West Os'34 A-0
Seaboard AL 48 1950 A-0
101% 10219 Saab & Roan 5s 1926.J4
South Bound 1st Os..A-0
100
98% 9634 U El L&P lat4128'29 31-N
4 1011
/
1001
4 en Ry & El 1st48'49 M-S
/
JD
Income 461949
4
/
311
81
Funding Os 1936...J-D
84
88
4 1021
/
1011
4 Va Mid 26 tier 64s'11 31-S
/
3d series Cs 1916.-M-S
107 108
4th aer 3-4-541021 M-S
4 100
/
991
5th aeries Os 1926.M-S
101 108
Va (State) 35 new'32.J4
1114 112
Fund debt2-3431991.J-J
114
West N C con 60 1914 J-J
109
WeeVa C&P let8g-i1 J4
108
10/ 1071
4 Wil & Weld 5s..1935.J4
/
Ph & Read 241. 58'33.A-0
J-D 10654
Con 31 78 1911
104;
Ex Imp M 451g'47 A-0
94.
Terminal 5a g 1941 Q-F 120
4 100
/
971
119½
P W & B col tr 48'21 J4
Portland My 1st 5t3 11130.
Koch Ry& L con 58'54J4
Spanish-Am Jr 68'27 .114
4
/
1101
U Trac Ind gen 55'19..14
Un Rya Tr othi 41e413J&J
7634
106'4
United Rys Inv lat cell tr
4
/
841
sf 5s 1926
31-N
1041
4
/
U Trac Pit gen 58'97 J4
751,
93 4 931
4 Welsbach s 108 1930.J-D 74
/
Wlks-B G&Econ5s'56.1.4
RE
BA
85
Inactive Stocks
41
42
35
Ala Cons Coal& Iron 100
4 78
/
Prof
100 721
Atlanta,& Charlotte 100
4
/
1031
Atlan Coast Line BR 10(1
Allan CoastL (Conn)100 245 249
(35
100 92
Canton Co
106
4
/
61
Cons Cot Duck Corp...50
11912
50 24
26
Preferred
'22
Georgia Sou .:13 Fla...100 20
(38
9814
90
100 85
1st pref
69
70
100 66
26 pref
4 4
/
31
100
0-B-8 Brewing
Bid
Ask
103
107
105
109'-. 110
103 1031
4
/
100
110 112
104% 1.05
112; 113
1041
4 1054
/
,1071
1063
4
/
115
110 Ell
46
4614
1534
16
104 106
108 110
95
4 97
/
961
107
4 79%.
/
791
95
90
108
103
115
116
108
102
113', 120
6558 66
108
105 1061
4
/
96
94
4 851
/
861
4
/
4 6134
/
511
79
79%
104
105
104
105
94
4
/
941
94
107
105 1051s
110 112
a43,0
los
4 paid. 1 535 paid. a Receipts. b $25 paid. a $50 paid. d 414219paid 1
/
.1, Bid and asked; no sales on this day 11 Ex-rights. 347.50 paid. t $124 paid. 5 $131
THE CHRONICLE
50
Lxxxvni.
ciunestinent and iqatirciaci
RAILROAD GROSS EARNINGS.'
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month; and the last ,two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
Ala N 0 tic Tex Pac.
56,000
53,000 1,281,646 1,402,997
N 0 & N East.-r 1st wk Dec
29,000
30,000
682,134
708,727
Ala ec VIcks_ -r 1st wk Dec
24,000
25,000
715,259
603,436
Vicks Sh & Pac_r 1st wk Dec
6,025
4,202
19,333
15,215
Ala Tenn es North.. October __
k Atch Top & S Fe_ November_ 3,387,279 8,021,125 39,014,297 40,599,146
46,860
895,207
28,491
827,077
Atlanta Birm do Atl 2d wk Dec
Atlantic Coast Lin November_ 2,247,222 2,365,278 9,690,508 10,890,118
Baltimore ec Ohio_ _ November.. 5,948,085 6,908,553 30,952.040 37,230.401
227,403
1,180,511
Bangor & Aroostool November_
31,441
6,241)
6,161
27,694
Bellefonte Central.._ November_
Boston & Maine.... r October -- 3.602.371 3,871,025 14,045,075 15,478,627
20,378
4,884
4,445
22,017
Bridgeton & Saco R October __
Buff Roch & Pitts-r 3d wk Dec 139,718 130,078 3,575,925 4,327,801
223,617 200,458
773,177
October _ _
782,745
Buffalo de Susq_
Canadian Northern. 3d wk Dec 225,100 185,700 5,380,500 5,072,000
Canadian Pacific___ 3d wk Dec 1,597,000 1,423,000 38,423,783 38,847,91,
0,648,933
246,500
255,500
Dec
6,053,290
3d
wk
Central of Georgia..
Central of N Jersey November.. 2,238,919 2.418,375 10,944,032 12,431,904
42,782
1,405
84,751
1,935
Chattanooga South. 3d wk Dec
Chesapeake do Ohio.. October___ 2,332,158 2,777,100 9,029,199 10,375,939
20,922
27,931
5,712
4,654
Chesterfield & Lane November_
Chicago & Alton By 3d wk Dec 285,843 273,496 6,394,256 6,339,786
Chic Burl & Quincy October.... 7,688,451 8,270,655 28,227,597 30,610,743
Chicago Great West 3d wk Dec 170.385 144,345 4,189,768 4,045,781
70,688 2,613,838 2,777,518
88,970
Chic Ind & Loulsv_ 3d wk Dec
Chic Ind de Southern -See New York Cen tral.
Chic MIlw ec St Paul October -_ 6,346,803 5,890,935 22,444,545 21,766,103
Chic & North West.. November.. 5,654,874 5,574,138 30,098,781 31,544,023
Chio St Paul M & 0 November_ 1,202,968 1,219,897 5,987,387 6,176,231
527,162
494,597
36,505
34,903
Chic Term Tran RR 2d wk Oct
735,922 821,804 2,837,176 3,310,536
Clnc Ham & Dayt_r October___
Cln N 0&Texas Pac -See Sout hem Rai! way.
Cincinnati Northern -See New York Cen tral.
Clev Cin Chic & St L -See New York Cen tral.
900,304
808,711
207,685 240,203
Colorado MIdiand-r October- _
h Col & South Syst_ 3d wk Dec 354,387 365,105 7,634,656 7,463,451
97,328
91,657
31,987
23,616
Col Newb & Laur_ _ October _
221,729
253,102
77,144
74,709
Copper Range
September
29,205
84,404
5,073
7,335
Cornwall
November_
119.836
71,330
36,281
24.798
Cornwall & Lebanon September
577,573
556,051
October... 133,195 134,118
Cuba Railroad__
7
,b65,653
6,411,403
1,898,007
1,725,797
1 Delaware do find- October __
Del Lack do West.. r October-- 3,124,764 3,214,235 11,383,806 12,505,037
Denver do Rio Gr_ 3d wk Dec 369,700 351,500 10,355,877 11,243,215
951,436
847,976
27,205
30,808
Det Tol ec Iront Sy 3d wk Dec
958,395 1,043,880
34,145
34,767
3d wk Dec
Ann Arbor
605,291
528,427
17,557
18,164
Detrolt & Mackinac 3d wk Dec
Dul do Iron Range_r October _ _ 1,066.565 1.176,674 3,999.675 4,317,399
50,322 1,326,155 1,683,848
52,120
Dul So Shore Fe Atl 3d wk Dec
2,158,083
589,640
El Paso do So West.r October
November_ 4,298,643 4,294,239 22,186,053 23,855,349
Erie
Evansville & Ter. if -See Rock Island S ystem.
6,154
6,677
2,043
1,820
Fairchild & Nor. E October...._
387,114
341,057
61,669
Fonda Johns do Glov November..
54,953
Georgia Railroad.... November.. 245,061 265,611 1,232,760 1,345,248
Georgia South & Fla -See Sout hern Rail way.
Grand Trunk Syst_ 3d wk Dec 748,283 835,528 19,905,476 22,687,207
Gr Trunk West_,_ 2d wk Dec 109,038 110,274 2,596,221 3,097,273
902,350
807,377
43,550
Det Gr Hay & Mil 2d wk Dec
38,825
921,401 1,119,603
33,904
33,578
Canada Atlantic_ 2d wk Dec
Great Northern Syst November._ 5,531,776 6,093,537 26,528,125 29,916,659
2,066,328 2,483,545
Gulf do Ship island_ June
October.... 661,505 658,935 2,455,450 2,655.410
Hocking Valley
Illinois Central ___ November.. 4,982,622 5.313,028 23,940,100 26,836,790
lnternat do Gt Nor. 3d wk Dec 118,000 154,000 3,990,603 3,550,560
a Interoceanic Mex_ 3d wk Dec 125,090 140,590 2,047,596 3,601,083
3d wk Dec
55,886
59,670 1,403,274 1,536,562
Iowa Central
899,674
,s46,s4,
Kaaawh-L Co Mich. _ October
228,685 221.q24
Kansas City South_ November. 766,792 812,473 3,748,086 4,358,160
113,000
October
-Orient....
&
Alex
KC
LakeErie & West'n -See New York Cen
Lake Shore 4: M Sou -See New York Cen tral. •
3,227,458 3,526,233 11,514,663 13,537,185
Lehigh Valley_ - r October
211,947
33,152
59,906
141,281
Lexington & East... October
November.. Dec.53, 400
Dec.49 1,739
LongIsland
1,216.837
1,144,521
Louisiana ec Arkan June
Louisv do Nashville. 3d wk Dec 930,750 792,075 22,222,521 23,626,690
69,804
11,337
12.001
58,327
Macon & Birming'm November _
757,458 828,150 3,068,675 3,395,128
Maine Centre.: -_--r October
28,002
November_
3,907
3,131
22,854
Ilanistique
150.153
36,390
43.595
140,642
Marylawl & Penn.._ October
a Mexican Central.... 3d wk Dec 663,351 727,559 14,361,330 17,408,299
a Mexican Internat. 3d wk Dec 130,764 159,942 3,213,224 4,192,313
a Mexican Railway_ 2d wk Dec 128,800 169,600 3,084,800 3,622,300
569,846
22,648
22,541
544,503
a Mvican Southern 2d wk Dec
Micouran Central- See New Y ork Cent, Si,
407,147
16,140
15,328
413,847
3d wk Dec
Mineral Range
71,633 2,132,141 2,075,539
79,377
Minncap & St Louis 3d wk Dec
Minn St P do S S
3d wk Dec 215,204 206,952 6,728,971 6,356,730
2,571
,418 9,265,432 9,363,025
2,824,64i
.
Missouri Kan & Tex October......
Mo Pan & Iron Mt_o 3dwit Dec 921,000 . 757,000 21,923,736 23,205,964
27,000
792,000
31,000
844,000
Central Branch-o 3d wk Dec
Total system.-..o 3d wk Dec 952,000 784,000 22,767,736 23,997,964
29,768
775,036
733,268
38,810
b Mobile Jack ec K C Wk Dec 19
Nashy Chatt Ro St L October.._ _ 1.014,390 1,022.929 3,703,519 4.028.525
a Nat RR of Mex._ 3d wk Dec 281,217 312,883 6,570,650 7,684,102
19.113
400,777
485,109
6,837
3d wk Dec
Hidalgo Fe N E
July 1 to Latest Date.
&West Gross Earnings.
July 1 to Latest Date.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
31.197
28,035
8,113
7,49
Nevada Central-- October N Y C & Hud River rctober -- 8,609,676 9,059,633 32,547,170 36,129.361
Lake Sh ec M S__ October -- 3,868,745 4,315,713 14,592,526 16,338,841
Lake Erie & West October -- 432,865 512,331 1,705,506 1,898.306
962,615 1,001,982
Chic Ind de South October -- 259,868 261,575
Michigan Central October -- 2,444,959 2,837,508 8,867,161 10,252,401
2,388,831 2,587,212 9.131,21i, 9,832,314
Cleve C C & St L. October
985,534 1,102,258
Peoria ec Eastern October - 261,258 336,691
378,312
408,527
111.273 104,524
Cincinnati North.. October
Pitts& Lake Erie October -- 1,192,582 1,508,300 4,408,779 5,868,942
October -- 273,956 307,188 1,065.920 1,201,373
Rutland
N Y Chic & St L- October -- 882.204 990,377 3,132,325 3,566,507
October -- 20726217 22821142 77,763,082 87,520,592
Total all lines
5,376
195,538
186,117
7,883
Nevada-Cal-Oregon. 3d wk Dec
680,987 698,976 3,064,250 3,118,742
N I Ont do Western October
NYNH& Hart.. r November_ 4,611,179 4,747,680 23,295,704 25,324,838
November_ 266,573 291,006 1,300,130 1,469,924
N Y Susq & West
Norfolk & Western. October...... 2,529,666 3,073,025 9,912,381 11,974,813
NorthernCentral .._ November. 1,004,537 1,118,937 4,978,114 6,011,714
November_ 6,088,797 6,715,672 31,675,019 34,485,426
Northern
636,697 707,601 2,387,909 3,028.924
Pacific Coast Co..... October
Pennsylvanla Go--r October___ 3,971.243 5,040,257 15,033,293 19,412,024
d Penn-East P & E November.. 12199817 13825617 60,010,024 73,760,124
Dec.7,75 8,100
Dec.1.0 90,300
d West of P & E.. November_
1,381,244 1,357,982 4,908,494 5,032,499
Pere Marquette- -_r October
7,794,535
7,050,135
1,475,359
1,387,159
Phlla Bait do \Vasil_ November_
Pitts Cm Ch & St L November.. 2,335,331 2,617,287 11,722,890 14,224,071
54,180
51,292
10,379
11,711
Raleigh & Southp't November..
Reading Company. November_ 3,524,607 3,878,055 16,553,330 19,884,248
November.. 3,657,764 4,097,949 13,761,804 17,263,583
Coal & Iron Co
Total both cos__. November._ 7,182,271 7,976,004 30,315,133 37,147,809
693,446
560,545
Rich Fred & Potom October -_ 151,220 169,033
311,147
304,503
lito Grande Juno
82,324
82,504
October __
321,028
807,580
11,702
10,309
Rio Grande South_ 3d wk Dec
5.632,499 5,886.793 21,336.109 22,254,467
Rock Island System October
e St L & San Fran October _ 4,453.787 4,794,404 16,229,378 18,364,315
863,523
198,323 223,648
777,981
Evansv & Ter H October
Total ot all fines_ October -_ 10282600 10904845 38,343,468 41,482,306
St Jos & Grand Isl.. October -_
166,118 149,408
604,151
(518,990
St Louis Southwest.. 3d wk Dec 226,104 182,807 5,146,581 5,181,656
649,717 784,879 2,304,577 2,767,720
San Fed LA dc SL..r October
Seaboard Air Line-r 3d wk Dec 338,134 319,511 5,146,912 5,210,383
18,824
18,090
442,512
447,947
Atlanta & Birm_ 3d wk Dec
3,655
3,048
46,641
46,024
Florida West Sh_ 3d wk Dec
297,275
245,570
August...... 129,211 160,005
Southern Indiana
C Southern Pao Co.._ November._ 11085203 11537870 52,188,195 57,322,880
Southern Railway... 3d wk Dec 1,093,844 974,450 25,490,306 27,576,581
Mobile de Ohio... 3d wk Dec 189,157 170,140 4,593,029 5,100,688
Cin N 0 do Tex P. 3d wit Dec 146,533 135,056 3,668,080 4,231,232
66,436 1,898,309 1,928,655
72,317
Ala Great South_ 3d wk Dec
887,915 1,012,621
37,622
38,881
Georgia Sou do Fla 3d wk Dec
26,709
609,448
605,106
28,484
3d wk Dec
Texas Central
3d wk Dec 341,614 365,892 7,261,575 7,597,464
Texas & Pacific..
29,451
8.145
41,673
5,368
Tidewater & West.. November..
Toledo & Ohio Cent October -- 483,826 429,159 1.825,451 1,802,162
545,610
25,000
19,882
509,233
Toledo Peer & West 3t1 wk Dec
73,901 1,643,393 2,045,279
75,237
Toledo St L & West 2d wk Dec
4.500
29,421
27,736
7,286
Tombigbee Valley_ November..
79,501
128,14...
153,154
61,650
For Ham & Buffalo August
36,057,368
7,406,654
36,389,213
7,241,813
November..
Syst_
Pacific
Union
October...... 841,112 U97,915 3,088,516 3,652,760
Vandalla
529,949
029,203
98,941
Virginia & Sou West November.. 105,741
3d wk Dec 484,650 476,911 12,642,942 13,544,373
Wabash
541,804 590,733 2,086,234 2,197,424
Western Marylandr October
W Jer & Seashore.._ November.. 324,763 383,563 2,739,532 3,083,432
547,199 627.038 2.115,30b 2,503,173.
Wheel & Lake Erie r October -3,528.353
Wisconsin Central-r November.. 590,459 603,030 3,308,816
119,775
27,375
126,414'
24,608
Wrightsv do Tenn.... November..
4,135,702
996,107
4,284,328
1,119,167
Yazoo & Miss Val_ November_
Current
Year.
Period.
Various Fiscal Years.
Jan
Bellefonte Central
Jan
I Delaware de Hudson
Jan
ManIstlque
Jan
Mexican Railway
Jan
Mexican Southern
Jan
New York Central
Lake Shore & Mich Southern J r,n
Jan
Lake Erie & Western
Chicago Indiana & Southern. Jan
Jan
Michigan Central
Cleve Cln Chic ec St Louis..... Jan
Jan
Peoria& Eastern
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie..
Jan
Rutland
New York Chicago & St Louis Jan
Jan
Total all lines
Jan
Northern Central
d Penn-East of Pitts & Erie_ Jan
Jan
d West of Pittsburgh & Erie
Phila Baltimore & Washington_ Jan
Jan
Pitts Cln Chicago ..10 St Louis
Dec
Rio Grande Junction
Jan
Texas & Pacific
Jan
West Jersey & Seashore
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Nov
Oct
Nov
Dec
Dec
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Nov
Nov
Nov
Nov
Nov
Oct
Dec
Nov
Previous
Year.
30
$59,982
$59,084
31 15,1415,592 16,812,570
50,690
30
59,222
14 7,035,400 7,634,60G
31 1,197,700 1,272,835
31 73,210,577 83,060,258
31 32,032,742 37,928,378
31 3,746,175 4 330,843
31 2,356,932 2,501,480
31 20,602,450 24.086,381
31 20,147,195 22 272,083
31 2,256,308 2,544,181
805,60s
858,116
31
31 8.504,527 12,910.986
31 2 293,966 2,587,869
31 7,739,052 8,787,528
31 174596954 201 893118
30 10,409,208 12,358.008
30 124030773 152901773
30 Dec.18,9 72,300
30 14,790,446 15,972,746
30 23,947,431 30,159,848
31
719,598
775,536
21 13,259,133 15,901,205
30 5,011,884 5,410,784
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
TVceko Summaries.
2(1
3d
4th
lit
2d
3d
4th
1st
2d
3d
week Oct (40 roads)._
week Oct (42 roads)._
week Oct (45 roads)._
week Nov (45 roads).......
week Nov (44 roads).......
week Nov (39 roads)---.
week Nov (44 roads).........
week Dec (44 roads)--week Deo (41 roads).week Deo (46 roads)._
Cuent Year Prev's Year Inc. or Dec.
I
10,403,97:
10,838,445
15,771,498
10 678,178
10,965,461
10.045,953
13,469,011
10,308,692
10,418,634
11.037.836
%
s
$
-445.156 4.10
10,849,138
-519.799 4.58
11,358,294
18,918,106 -1.146,608 6.77
-354.814 3.22
11,033.962
11,068,063
-102,601 0.92
9,829,824
+218,129 2.20
14,108,503
-698.592 4.93
+140,279 1.38
10,168.413
+512,186 5.17
9,906,448
10.428.083
+609,553 5.85
Montlity Summaries.
Guent Year Prey's Year Inc. or Dec.
$
Month
Month
Month
Month
Month
Month
Month
Month
Month
Month
Feb
mch
Apr
May
June
July
Aug
Sept
Oct
ryn,t
s
s
1908 (123 roads) .. 141,256,206 160,150,610 -18,894,404 11.79
1908 (126 roads) .. 162,495,080 187,435,350 -24.940.261 13.37
1908 (119 roads). 154,137,188 190,046,156 --35,908,988 18.89
1908 (120 roads). 153,112,028 108,146,871 -45,034,243 22.61
,4 18.47
1908 (113 roads). 146,270,130 179,397,094 -33,136.66
1908( 1)7 roads). 156,103,183 153,365,993 -27.262.110 14.87
16.64
.
010
1008 (105 roads).. 179,781.772 209,690,782 -29,909
1908 (114 roads). 210,014,059 223,964,945 -13,950,886 6.23
1908 (119 roads). 223,931,291 240,652,757 -16,721.466 6.95
1006( m rnAtig)
50.0 in.an9 61.744.772 -1.804,233 2.93
I Mexican currency. b Includes earnings ot Gulf &Chicago Division. c Includes toe Houston ed 'texas Central and its subskilarY lines In WW1
Includes Evansville & Indiana RR. if Inelnd
Covers lines directly operated. e Includes the Chica"to & Eastern Illinois in both years.
years.
earnings ot Cot. & South., Ft. Worth & Denver City and all affiliated lines, excepting Trinity Si Brazos Valley RR. It Includes in both years earn',
of Denver Enid 83 Gulf RR., Pecos Valley System and Santa Fe Prescott &Phoenix Ry., 1 These figures do not include receipts from sale of instil
o FITures here are on the old basis of accounting-not the new or Inter-State Commerce Commission method. r These figures arc on the new
prescribed by the Inter-State Commerce Commission.
Latest Gross Earnings by Weeks.-In the table which follows we sum up separately the earnings for the third week
of December. The table covers 46 roads and shows 5.85%
increase in the aggregate over the same week last year.
Third Week of December.
Alabama Great Southern
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Central of Georgia
Chattanooga Southern
Chicago & Alton
Chicago Great Western
Chicago Indianap & Louisville
CInc New On & Texas Pacific
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Detroit Toledo & Ironton_ _A. _ -_
Ann Arbor
Duluth South Shore & Atlantic_
Georgia Southern & Florida_ _ _ _
Grand Trunk of Canada
Grand Trunk Western
Detroit Gr Hay & Milw_ _ _ _
Canada Atlantic
International & Great Northern
Interoceanic of Mexico •
Iowa .Central
Louisville & Nashville
Mexican Central
Mexican International
Mineral Range
Minneapolis & St Louis
Minn St Paul & S S M
Missouri Pacific de Iron Mtn_
Central Branch
Mobile & Ohio '
National Railroad of Mexico__
Hidalgo & Northeastern...Nevada-California-Oregon ---Rio Grande Southern
St Louis Southwestern
Seaboard Air Line
Atlanta de Birmingham
Florida West Shore
Southern Railway
Texas Central
Texas & Pacific
Toledo Peoria & Western
Wabash
Total (48 roads)
Net Increase (5.85%)
1908.
1907.
$
$
66,436
72,317
130,078
139,718
185,700
225,100
1,597,000 1,423,000
246,500
255,500
1,405
1,035
273,496
285,843
144,345
170.385
79,688
88,970
135,056
146,533
365,105
354,387
351,500
369,700
17,557
18,164
27,205
30,808
34,145
34,767
50,322
52,120
37,622
38,881
748,283
835,528
188,000
125,090
55,886
930,750
663,351
130,764
16,149
79,377
215,264
921,000
31,000
189,157
281,217
6,837
7,883
10,309
226,104
338,134
18,824
3,655
1,093,844
28,484
341,614
19,882
484,650
154,000
140,500
59,670
702,075
727,559
150,042
15,328
71,633
206,952
757,000
27,000
170,140
312,883
19,113
5,376
11,702
182,807
319,511
18,090
3,048
974,450
26,709
365,892
25,009
476,916
11,037,636 10,428,083
Increase.
$
5,881
9,640
39,400
174,000
9,000
530
12,347
20,040
9,282
11,477
18,200
607
3,603
622
1,798
1,259
34,000
138,675
821
7,744
8,313
164,000
4,000
19,017
2,507
43,297
18,623
734
607
119,394
1,775
24,278
5,127
7,734
894,926
609,553
- -Net Earninfa-Gross Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
7,392
6,018
Raleigh & Charleston_a_Nov
28,348
31,562
July 1 to Nov 30
Reading Company-Decrease.
Philo, & Reading_ b__ _Nov 3,524,507 3,878,055
16,553,330 19,884,248
July 1 to Nov 30
$
Coal & Iron Co_ b_ _ _ _Nov 3,657,764 4,097,949
13,761,804 17,263,563
July 1 to Nov 30
Total both Cos_ b__Noy 7,182,271 7,976,004
30,315,133 37,147,809
July 1 to Nov 30
Reading Company. Nov
July 1 to Nov 30
Total all companies .Nov
July 1 to Nov 30
10,379
11,711
Raleigh & Southport_a_Nov
10,718
54,180
July 1 to Nov 30
51,292
82,324
82,504
Rio Grande Junction __Oct
775,536
Dec 1 to Oct 31
719,598
Southern Pacific-a
Nov 11,085,203 11,537,870
July 1 to Nov 30
57,322,889
52,188,195
Southern Railway Co_ b_Nov 4,570,108 4,622,207
July 1 to Nov 30
22,265,078 24,691,729
87,245
Tidewater & Western_ b_Nov
8,145
5,368
July 1 to Nov 30
29,451
41,673
Nov
Tombigbee Valley
,
4,500
7286
15,500
July 1 to Nov 30
27,736
29,421
3,784 Union Pacific_a
Nov 7,241,813 7,408,654
July 1 to Nov 30
36,057,368 36,389,213
64,208
105,741
98,941
29,178 Virginia Southwest'n_b_Nov
July 1 to Nov 30
529,949
529,203
541,804
590,733
x Western Maryland_ b_ _ Oct
2,086,234 2,197,424
July 1 to Oct 31
324,763
383,563
West Jersey dc Scash_b_Nov
5,011,884 5,410,784
Jan 1 to Nov 30
590,459
603,030
31,666 x Wisconsin Central_ b. _Nov
3,308,816 3,528,353
July 1 to Nov 30
12,276
z24,608
227,375
Wrightsv & Tennille_b_Nov
1,393
2126,414
2119,775
July 1 to Nov 30
285,373
Net Earnings Monthly to Latest Dates.-The table following shows the gross and net earnings of STEAM railroads
reported this week.
a.r
ye-Gross Earnings-- -Net Earnings
Previous
Current
r
ea.
Previous
Current
Year.
Year.
$
$
$
$
Roads.
Atch Top & Santa Fe_ b_Nov 8,387,279 8,021,125 13,279,493 j2,017,749
j12,076,946
114,781,751
30,014,207
40,590,146
July 1 to Nov 30
761,150
608,338
Atlantic Coast Line_a__Nov 2,247,222 2,365,278
0,690,508 10,890,118 2,507,266 2,157,779
July 1 to Nov 30
72,572
b_Nov
227,403
Aroostook_
Bangor de
1,180,511
409,072
July 1 to Nov 30
201,645
547,945
150,732
754,546
Buffalo Roch & Pitts_ b_Nov
940,875 1.336,700
3,166,177 3,937,568
July 1 to Nov 30
268,300
412,600
957,400
Canadian Northern__ _ __Nov 1,156,900
4,707,200 4,506,800 1,472,800 1,365,700
July 1 to Nov 30
Nov 7,303,303 6.953,067 2,221,080 2,445,039
Canadian Pacific_ a
33,755,783 34,466,017 11,844,427 12,353,833
July 1 to Nov 30
268,056
203,693
Nov 1,008,005 1,130,379
Central of Georgia
4,809,433 5,342,300 1,348,006 1,277,602
July 1 to Nov 30
1,028,412
2,238,918
New
1,048,185
of
Central
Jersey_ b_Nov
2,418,375
10,944,032 12,431,904 4,806,653 5,509,761
July 1 to Nov 30
136
288
def1:6
def3,628
6,940
10,793
Chattanooga Southern..a_ Oct
31,794
52,030 def10,009
July 1 to Oct 31
x Chic North Western_ b_Nov 5,654,874 5,574,138 2,104,827 1,751,865
30,098,782 31,544,024 11,882,776 10,895,091
July 1 to Nov 30
2,269
923
7,335
5,073
Nov
Cornwall_ a
44,782
29,255
5,504
84,404
July 1 to Nov 30
4,620
4,566
10,671
10,239
Nov
Demerara Elect Co
46,145
47,751
108,025
110,945
Jan 1 to Nov 30
22,192
29,241
100,374
85,480
Detroit & Mackinac_a__Nov
138,785
135,567
551,608
473,353
July 1 to Nov 30
960,777
449,644
Nov 4,298,644 4,294,239
Erie_ a
22,186,052 23,855,340 5,959,108 5,096,200
July 1 to Nov 30
27,749
61,669
29,177
54,953
Fonda Johnst & Glov___Nov
196,761
387,114
213,382
341,057
July 1 to Nov 30
49,272
265,611
48,175
245,061
Nov
Georgia RR.I,
220,694
262,725
1,232,760 1,345,248
July 1 to Nov 30
126,889
679,020
207,180
g Interoceanic of Mexico_ Nov 479,891
767,307
846,563
2,573,076 3,182,328
July 1 to Nov 30
3,379
71,981
253,047
233,685
Nov
Iowa Central_ a
267,300
440,276
1,272,458 1,367,229
July 1 to Nov 30
Inc 80,700
Nov
Dec 53,400
Long Island_ b
Inc 781,200
Dec 304,500
Jan 1 to Nov 30
220,071
204,801
426,901
450,059
Mexico Tramways Co_ _ _Nov
2,308,559
1,955,635
Jan 1 to Nov 30
4,866,300 4,485,145
829,506
853,254
,021
Nov
Central
2,437,205 3,014
g Mexican
12,446,078 15,252,068 4,492,159 4,241,269
July 1 to Nov 30
213,606
205,460
561.121
701,050
OiMexicanInternational_Nov
2,832,561 3,61)5,159 1,108.734 1,003,383
July 1 to Nov 30
114,543
106,087
363,531
351,208
Minneap & St Louis_ a- -Nov
678,825
838,626
1,909,002 1,855,093
July 1 to Nov 30
435,767
460,956
g National RR lf Mexico.Nov 1,065,196 1;269,128
5,765,507 6,774,337 2,100,827 2,343,516
July 1 to Nov 30
6,483
16.197
66,288
77,047
&
Northeast_Nov
Hidalgo
48,705
359,963
99,650
428,894
July I to Nov 30
1,421,433
4,611,179
1,632,247
4,747,660
x N Y N H Fc Hartf _ b_ _Nov
23,295,704 25,324,838 7,781,877 8,212,708
July 1 to Nov 30
69,200
77,271
266,575
291,003
N Y Susq & Western_a_Nov
380,810
1,300,130 1,469,924
365,029
July 1 to Nov 30
225,661
230,661
Northern Central_ b __ _ _Nov 1,004,537 1,118,937
10,409,208 12,358,008 2,470,339 2,588,039
Jan 1 to Nov 30
Pennsylvania-Lines directly operatedEast Of Pitts R. Erie_ b_Nov 12,190,817 13,825,617 3,063,714 3,984,614
124,030,773 152,901,77335,608,002 42,311,702
‘,... 1 to Nov 30
53,000
Dec
Dec 1,090,300
West of Pitts & Erie_ _Nov
Dec 2,691,500
Dec 18,972,300
Jan 1 to Nov 30
405,049
420,949
Phila Ilalto & Wash.b- _Nov 1,387,159 1,475,359
14,790,446 15.072.746 3,739,071 3,723,971
Jan 1 to Nov 30
51
THE CHRONICLE
J.N. 2 1909.1
2,568
9,892
887
5,216
1,335,774 1,499,271
6,604,870 7,806,389
405,246
271,837
755,927 1,454,572
1,607,611 1,904,517
7,360,797 9,260,961
129,429
134,012
643,006
636,272
1,741,623 2,033,946
7,997,069 9,903,967
4,646
2,875
14,665
16,064
24,697
n24,751
n215,890 n232,659
4,136,045 3,369,583
19,120,799 16,057,420
y1,450,520 y1,164,519
y7,485,199 y6,241,011
1,258
def 197
3,590
321
778
2,763
6,459
10,518
4
176
14
15:307:
3 10
5,5197
9764
3,86
8
18
36,103
80
6924
9,
10
16
218,108
224,180
208,145
845,239
857,275
0
15
20
72:0
205 1,246
6 4
1,1642:10
180,367
1,233,356
8,322
41,042
535
8
1,83
73
18
1,2
9,339
40,164
Milli
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
g These results are in Mexican currency.
The company now Includes the earnings of the Denver Enid & Gulf RR.,
Pecos Valley system and Santa Fe Prescott Fe Phoenix fly. In both years.
For Nov. taxes amounted to $60,011, against $238,008 in 1007; after
deductng which, net for Nov. 1908 was $3,219,482, against $1,779,741
last year. For period from July 1 to Nov. 30, taxes were $1,276,383
in 1908, against $1,202,516 in 1907.
n These figures represent 30% of gross earnings.
V After allowing for net revenue from outside operations and deducting
taxes, operating income Is $1,312,540 in Nov. 1908, against $1,004,218 last
year, and from July 1 to Nov. 30 is $6,753,617 in 1908, against $5,439,994.
z Includes $150.other Income for November 1908, aganst $118 In 1907; the
earnings of the Dublin & Southwestern RR. are included in both years.
Interest Charges and Surplus.
-Int.. Rentals. &c.
Previous
Current
Year.
Year.
Roads.
81,641
Bangor & Aroostook__ _Nov
410,933
July 1 to Nov 30
492,060
Central of New Jersey_ _Nov
2,562,001
July 1 to Nov 30
55,560
Nov
Georgia RR
276,192
July 1 to Nov 30
868,625
Nov
Reading Company
4,343,125
July 1 to Nov 30
8,333
Rio Grande Junction...Oct
91,665
Dec Ito Oct 31
373,070
2,326,588
58,378
282,314
870,742
4,353,710
8,333
91.665
-Bat. of Net E'ngs.Previous
Ctorent
Year.
Year.
x1,166
x47,300
675,114
536,352
2,244,651 3,183,173
x2,917 xdef7,184
xdef6,544 rdef14,995
872,998 1,163,204
3,653,944 5,550,257
16,364
16,418
140,994
124,225
x After allowing for other income received.
Street Railway Net Earnings.-The following table gives
the returns of STREET railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns and the latest statement of
this kind will be found in the issue of Nov. 28 1908. The next
will appear in the issue of Jan. 30 1909.
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
i
Roads.
$
45,461
44,993
108,653
109,912
Aurora Elgin & Chic- __Nov
22,174
325,268
673,627
671,467
July 1 to Nov 30
22,876
22,376
41,025
41,445
Bangor fly & Elec Co-- _Oct
9,489
8,308
22,473
21,858
Clev Painesv & E'n_a_ _Nov
123,256
109.121
263,757
269.414
Jan 1 to Nov 30
52.470
52,798
115,089
111.794
Ft Wayne & W V Tr Co_Nov
484,091
531,488
1 203,884 1,167,594
Jan 1 to Nov 30
35,883
40,295
72,596
74,220
Grand Rapids Ry Co__ _Nov
140,294
164,297
335,889
360,680
Illinois Traction Co-a- -Nov
,E3,712,953 3,427,210 1,592,456 1,498,689
Jan 1 to Nov 30
27,636
23,168
69,835
68,352
Lake Shore Elec Co_a__ _Nov
59,327
52.377
139,559
138,599
Nashv fly & Lt Co_a__ _Nov
582,396
578,959
1,447,947 1.438,160
Jan 1 to Nov 30
18,636
12,852
30,947
32,745
Nov
Porto Rico Rys Co
153,770
132,437
319,408
342,611
Jan 1 to Nov 30
197,546
540,128
256,846
627,640
1110 de Jan Tr L &P Co_allov
6,519,384 5,721,903 2,504,795 1.906,163
Jan 1 to Nov 30
220,019
103,062
102,389
219,761
Nov
Tot Rys & Lt Co_b
996,760
2,302,658 2,328,255 1,045,480
Jan 1 to Nov 30
497,428
233,018
266,794
526,574
Twin City R T Co_ b_ _ _ _Nov
5,846,542 5,552,879 2,948.824 2,852,445
Jan 1 to Nov 30
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bal. of Net E'ngs.Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
Roads.
27,723
Aurora Elgin & Chicago_Nov
138,481
July 1 to Nov 30
32,507
Nov
Nashv fly & Lt Co
352,127
Jan 1 to Nov 30
71,960
Nov
Tol Rya & Lt Co
779,657
Jan 1 to Nov 30
143.667
Twin City Rap Tran Co.Nov
1,427,456
Jan 1 to Nov 30
28,033
138,549
31,232
325,309
67,925
726,391
131,141
1,300,525
x After allowing for other Income received.
17,219
186,787
26,820
230,269
x30,55$
x269,207
123,127
1,521.388
17,427
183,625
21.145
253,650
x35,872
x280,444
101,877
1,551,920
52
THE CHRONICLE
Lxxxviii.
GENERAL INVESTMENT NEWS.
May 29; Sept. 20 on stock of record Aug. 30, and Dec. 20 on
stock of record Nov. 29.
NOTICE.
Since Jan. 1 1909 all interest-paying bonds dealt in on the
New York Stock Exchange are quoted 'and interest" instead
of "flat," as heretofore. In other words the purchaser must
pay the accrued interest in addition to the price. This has
been the practice in other parts of the country and it avoids the
misleading rise and fall in quotations due to the varying
amounts of interest accrued at different times in the year.
Annual Dividend Record Since 1885.
1886. 1887. 1888. '89 to '96. '97 to '00. '01 to '06. 1907. 1908. 1909.
5
5 y'rly.
7 y'rly.
9
9
5
6
7 y'rly.
9
—V.87, p. 1604, 1418.
RAILROADS, INCLUDING ELECTRIC ROADS.
Annual Reports.—The index will be found in the issue
of Dec. 26. The next will appear in that of Jan. 30.
Atchison Topeka & Santa Fe Ry.—Bond Sale.—The
National City Bank, N. W. Harris & Co., Potter, Choate &
Prentice and Moffat & White, all of New York, offered this
week at 953-i and interest, and have largely sold,
$4,000,000 of the present issue of $17,000,000 Transcontinental Short Line first mortgage gold 4s, dated July 1 1908
and due July 1 1958, but redeemable at 110 and accrued
interest after three months' notice on any interest payment
date. Limit of mortgage $30,000,000. Compare V. 87
p. 479, 543, 1662.
Boston & Lowell RR.—Stock at Auction.—On Wednesday,
Jan. 13, R. L. Day & Co., auctioneers, No.4 Liberty Square,
Boston, Mass., will sell for the company 2,500 shares of
its stock at auction in lots of not less than 25 shares.
Refunding Bonds.—The shareholders will vote Jan. 6 on
authorizing an issue of $350,000 of bonds to be dated April 1
1909 and to be payable in not less than twenty years from
date, to bear interest at a rate not exceeding 4% per annum,
payable semi-annually, to provide for the retirement of
$350,000 of 4% bonds dated 1889 and due April 1 1909.
—V. 86, p. 227.
Boston & Maine RR.—Bonds—Further Facts.—The $11,700,000 432% bonds awarded last week to Wm. A. Read &
Co., New York, &c., are described as follows:
Dated April 1 1909, due April 1 1929, without option of earlier redemption. Interest payable in New York or Boston April 1 and Oct; 1. C. & r.,
but not Interchangeable. Legal Investment for savings banks and insurance companies in Massachusetts, Connecticut, New Hampshire and Maine.
Issued In large part for refunding short-time notes and securities bearing a
higher rate of interest. Compare V. 87, p. 1663, 1604, 1532.
Denver & Rio Grande RR.—Offering of "First and Relax?.
ing Mortgage 5% Gold Bonds."—Blair & Co., William Salc.
mon & Co. and Wm. A. Read & Co. will on Jan. 7 offer
the unsold portion of the present issue of $17,500,000 "first
and refunding mortgage" 5% gold bonds, due Aug. 1 1955,
at 923 and interest. The subscription will be closed on
• the 12th and probably earlier because of the large advance
applications.
These bonds are secured by a mortgage upon the properties (over 2,500
miles) of the consolidated Denver & Rio Grande and Rio Grande Western
railways, and are further secured by the pledge of the entire outstanding
Issue of second mortgage bonds and two-thirds ($50,000,000) of the stock
of the Western Pacific Sly., making the issue in effect a lien on The Denver
& Rio Grande-Western Pacific system of about 3,556 miles.
The entire mortgage debt of the D. & R. G., including these $17,500,000
bonds, Is at the rate of about $38,000 a mile—a small bonded debt for a
mountain railroad and an Important trans-continental route. Dividends
of 5% per annum have been paid since 1901 on substantially the amount of
preferred stock now outstanding, $45,779,000.
Subscriptions will be received by Brown Brothers & Co. In Philadelphia.
Estabrook & Co. In Boston, First Trust & Savings Bank in Chicago and
Francis, Bro. & Co. In St. Louis. See further facts In V. 87, p. 1419, 677,'
618, 544; V. 86, p. 1224, 1284.
Erie RR.—Eight-Hour Telegraphers' Law Held Valid.—The
State Attorney-General on Dec. 17 announced that Supreme
Court Justice Keogh at New Rochelle had, in a test case,
sustained the constitutionality of the Eight-Hour Railroad
Telegraphers' law passed last year.
The validity of the law was questioned in an action brought by AttorneyGeneral Jackson against the company to recover the penalty of $100
provided in the statute for each violation. The particular offence
charged was that a tower man at Sterlington had been employed for
12 hours. The case will, It is stated, be carried to the United States
Supreme Court.—V. 87, p. 1605, 1478.
Gainesville (Ga.) Electric Ry.—Sale Feb. 20.—Judge William T. Newman, in the United States Circuit Court at Atlanta on Dec. 23, ordered the sale of the property under foreclosure of the mortgage,for which the Knickerbocker Trust
Co. of New York acts as trustee.
The sale, It is stated, will take place in front of the Court-House In Hall
County, Ga., on Feb. 20. The amount due under the mortgage is reported
as $279,702.—V. 87, p. 1010.
Haverhill & Amesbury Street Ry.-70% of the $200,000
5-year Debenture 6% Notes, Due Dec. 1 1911, Deposited.—The
committee, consisting of Frederick J. Bradlee, Arthur Wainwright and William C. Williams, under date of Boston, Mass.,
Central Pacific Ry.—011ering of Guaranteed Bonds.—The Dec. 24, makes the following announcement:
Guaranty Trust Co. of New York is offering, by advertiseThere have been deposited over 70% of the outstanding issue and after
ment on another page at 973
4 and interest, paying over Jan. 14 1909 the committee disclaims any further responsibility to the noteholders
have not deposited their notes with them, and will act with
4.10%, $3,000,000 first
'refunding mortgage 4% guaranteed referencewho
only to the interests of the deposited notes. See V. 87, p. 1089.
gold bonds, dated Aug. 1 1899 and due Aug. 1 1949. AuRailways, Philadelphia.—Interest Payment.—
thorized, $100,000,000; outstanding, $99,801,000 (closed AllInterstate
interest payments due Jan. 1 on bonds of subsidiary
mortgage); retired by the sinking fund, $199,000. Guaranit is announced, have been provided for and will
teed by endorsement as to both principal and interest by companies,
promptly. Besides the United Railways 4s, these
the Southern Pacific Co. These bonds are a first mortgage be paid Lebanon Valley
5s, Trenton Street Ry. 5s, and
on about 1,347 miles of road, a large proportion of which include
eighteen other companies.—V. 87, p. 1420, 1238.
forms part of the through trans-continental line of the Union sixteen or
Houston & Texas Central RR.—Called Bonds.—The numPacific System.—V. 87, p. 479, 285.
bonds, aggregating $200,000,
Central Railway Syndicate.—See New York State Rail- bers of consolidated mortgage
which will be redeemed at 110 and interest on presentation,
ways below.—V. 87, p. 613.
interest ceasing Feb. 24 1909, will be found in an advertiseChicago Cincinnati & Louisville RR.—Offering of Receiver's ment in last week's "Chronicle." The last previous call for
Certificates.—Geo. A. Fernald & Co., New York and Boston, bonds of this issue was made July 23 1908, covering 150 conoffer this week at 100k and interest, by advertisement on sols (not first mortgage bonds), payable Sept. 211908.—
another page, $250,000 6% prior lien coupon receiver's cer- V. 87., p. 873.
tificates due July 1911 but optional any interest date. A
Kansas City Mexico & Orient Ry.—Line Opened.—
circular says:
The above certificates are part of an issue of $1,000,000, authorized by Through train service between Wichita, Kan., and Sweetthe Court In May 1908, which declared them the first Len upon all the water, Tex., 432 miles, will, it is announced, begin on Jan. 3.
assets of the company prior in equity to the rights of each of the respective
mortgages. The road is the short line between the cities of Chicago and Compare V. 87, p. 1420, 1301.
Cincinnati. Its total bonded debt Is $6,520,000, the cost of the road being
Mattoon City (Ill.) Rallway.—Receiver Discharged.—A
largely in excess of this amount. The gross earnings have very largely
increased of late and the improvements and betterments now bring made press dispatch on Dec. 28 announced the discharge of the
should materially reduce operating expenses. The above certificates are receiver by the Coles County Circuit Court, the company rean absolute first lien upon the entire road, 264 miles in length, valuable
terminals in Cincinnati and other property. Over $700,000 of these suming possession with Marshall E. Sampsell of Chicago as
certificates have been sold by the receiver. We own and offer theremalnder. President. Compare V. 87, p. 1664.
New Equipment.—An agreement has been filed covering the
Mexican Central Ry.—Payment of Interest on Bonds of New
purchase for $372,076 of 460 cars, to be built by the Haskell Company.—See National Railways of Mexico below.—V. 87,
& Barker Car Co., Michigan City.—V. 87, p. 1237, 285.
p. 1664, 1530.
Chicago Railways.—Earnings.—For eight months ending
Nashville Chattanooga & St. Louis Ry.—Bonds Called.—
Sept. 30:
Twenty bonds of $1,000 each, Tracy City branch, Nos.
Eight
Gross
Net
30% of Int. 5% Balance, To City, To Co.. 341-360, inclusive, which matured Jan. 1, will be paid on
Mos.
Income. Earns.
Gross.
on Inv. Divisible. 55%. 45%.
Jan. 2 at the Hanover National Bank, New York.—V. 87,
1908 .,7,221.351 2,145,517 2,166,403 1,117,678 1,048,725 576,798 471,927 p. 808, 678.
1907 --7,088,130 2,221,903 2,189,717 1,031,529 1,158,188 637,003 521,185
—V. 87, p. 1532.
National Railways of Mexico.—Payment of Interest on Prior
Cincinnati Hamilton & Dayton Ry.—Receiver's Certifi- Lien Bonds.—The semi-annual interest due Jan. 1 on the
cates.—The authority of the Court has been obtained to ex- prior lien 4s will be paid on and after that date at the office
tend receiver's certificates dated Jan. 1 1906, amount out- of the company, 25 Broad St., on presentation of the temstanding $391,830, and receiver's certificates dated July 2 porary bonds for notation of such payment.
Holders of Central Trust Co. certificates of deposit for Me.tican Central
1906, amount outstanding $460,000, to July 2 1909, with fly.
bonds under the plan of amalgamation and of 'I rust Company, interim
privilege of payment at any time on ten days' notice, with certificates for National Railways of Mexico prior lien bonds will be paid
the interest due on the new bonds at the office of the trust company on
interest at 6% per annum.—V. 87, p. 1357, 1237.
presentation of the certificates of deposit.—V. 87, p. 1533, 1160.
Cleveland & Marietta Ry.— Dividend Increased.—This
New England Investment & Security Co.—Change in
company, belonging to the Pennsyl vania RR. system, has Trustees.—Nathaniel Thayer of Boston and William Skinner
declared a dividend of 5% on its capital stock, payable of Holyoke (both directors of the N. Y. N. H. & H. RR.)
Dec. 31. This contrasts with 4% paid in 1907 and 3% in have resigned as trustees, their places being filled by A. Wil1906. The Pennsylvania Company owns $1,788,500 of the lard Damon of Springfield and Henry L. Higginson of Boston.
$2,000,000 stock.—V. 70, p. 1045.
These changes are explained as due to the recent decree of
Delaware & Hudson Co.—Dividend Rate Remains 9%.— the Supreme Court of Massachusetts directing the N. Y.
The directors have declared an annual dividend of 9%, paya- N. H. dc H. RR. Co. to relinquish its interest in sixteen
ble in quarterly installments of 23.1.% each as follows: March trolley lines in Massachusetts(compare V.86, p. 1590, 1285).
20 on stock of record Feb. 27; June 21 on stock of record —V. 87, p. 167, 1664.
JAN. 2 1909.1
THE CHRONICLE
53
times the amount of the diviissue, annually have equaled at least 1
New Jersey & Hudson River Railway & Ferry Co.—Re- to
dend charge on such first preferred stock in each of the two years immedemption of Dividend Scrip.—A copy of a circular at hand diately preceding the issue of such additional bonds.
Controlled P*operties.—The Rochester & Eastern Rapid Ry. Co. lately
states that the scrip issued in lieu of the dividend for 1907 (V.
87, p. 286) increased its capital stock from $1 500,000 to $15,290.200,
on the preferred stock was redeemable at the office of the and with such increased stock, namely, $13,790,200, purchased of the
New York Central & Hudson River RR. Co. and the Central Railway Synafter
and
on
city,
this
Co.,
Trust
&
Mortgage
United States
dicate, at par, the stocks of the—
$2,050,000— 50% thereof
Nov. 30, with interest at 6% from Jan. 1; or the holders, at Schenectady Railway Co
"
Utica & Mohawk Valley Railway Co
7,500,000-100%
to
entitled
were
30,
Nov.
from
days
30
their option within
Oneida Railway Co
1,922,700— 96 13% "
payable
amount
total
the
to
par
at
stock
Syracuse Rapid Transit Railway Co_
receive preferred
2,317,500— 57 94% "
Such stock ownership, now held by the Rochester & Eastern Rapid Railon the scrip certificates, principal and interest. Compare
way Co., will, on the consummation of the consolidation, pass to the conV. 87, p. 1479.
solidated company. (The aforesaid blocks of stock were owned by the
Mohawk Valley Co., and in the liquidation of that comnany were turned
New York Central & Hudson River RR.—Consolidation of over
to the N. Y. C. & H. R. RR. and the Central Railway Syndicate.
Trolley Interests.—See New York State Railways below. Compare V. 87, p. 545.—Ed.)
Control of Company.—The N. Y. C & H. R. RR. Co. and the Central
—V. 87, p. 1664.
Railway Syndicate, as the owners of all of the common stock, namely.
of the Rochester & Sodus Bay By. Co., and all the stock,
New York New Haven & Hartford RR.—Two Representa- 31,100,000,
namely, $15,290,200, of the Rochester & Eastern Rapid By. Co., will,
England
New
of
Trustees
as
Resign
Company
tives of the
under the terms of the consolidation agreement, take the common stock
of the new corporation in exchange therefor, so that the first preferred stock
Investment dc Security Co.—See that company above.
the new corporation will have back of it the entire investment of the
Purchase of Bonds of Tarrytown White Plains & Mamaro- of
N. Y. C. & H. R. RR. Co. and the Central Railway Syndicate, not only in
the consolidating companies, but also In the Schenectady, Utica, Oneida
neck Electric Ry.—See that company below.
Agreement as to N. Y. Terminals.—A new agreement has and Syracuse properties
(Signed) HORACE E. ANDREWS, President.
been practically reached, though not as yet signed, between
Public Service Commission in July
Plans.—The
Further
RR.
River
York
Hudson
&
New
Central
the
and
this road
Co., V. 87, p. 545):
regarding the terminal charges to be paid to the latter for the 1908 said (see also Mohawk Valley
next step (after the merger with the N. Y. State Rys. of the Rochesuse of its tracks between Woodlawn and 57th St., N. Y. City, terThe
& Suburban By.,stock $420,000; the Rochester El. Ry.,stock $200,000;
of
and also for the use of the Grand Central Station after its and the Ontario Light & 'fraction Co., stock $100,000: and the increase
the stock of the N. Y. State Rys. from $23,140,200 to $23,860,200 in exenlargement. The "New York Sun" of Dec. 28 said:
those companies.—Ed.) is to be as follows:
payments for the trackage mentioned are to be on a pro rea basis, readjustable from time to time, and amounting tA. a payment of about 7 cents
a passenger. The rental payments for the Improved terminal are to be based
upon the number of cars of the New Haven Co. using that terminal. Hitherto the New Haven road had to pay one-third 3f the maintenance charges
for the Grand Central depot terminal, although not consulted about the
vast improvements, which Increased its one•third very materially.—
V. 87, p. 1605, 1479.
New York State Railways.--Consolidation-5% Preferred
Stock Underwritten by Speyer & Co.—The Guaranty Trust
Co. has issued a circular addressed to the holders of Rochester Railway Co. 5% preferred stock, quoting a letter from
Horace E. Andrews, President, informing holders that the
consolidation of the various trolley lines which have been
acquired by the New York Central & Hudson River RR. Co.
and the Central Railway Syndicate is being perfected, with
the approval of the Public Service Commission; the name
of the new company will be the New York State Railways.
The Rochester Railway Co. preferred stockholders will
on or before March 31, receive 1073/
2% in the new 5%
cumulative first preferred stock of the new consolidated
company, or par and accrued dividend in cash (the exchange having been underwritten* by Speyer & Co.), provided the certificates of stock, properly endorsed, shall be
deposited with the Guaranty Trust Co. of New York, as depositary, or with the Fidelity Trust Co. of Louisville as the
latter's agent, not later than Jan. 15.
The earnings of the consolidated company available for
dividends on the new first preferred stock for each of the
last two years, it is stated authoritatively, have been equal
to about five times the amount required to pay same.
Abstract of Letter from Pres. Horace Andrews, New York, Dec. 18 1908.
lri-s In compliance with your request,iI beg to enclose herewith copy of consolidation agreement between the Rochester By. Co., the Rochester &
Sodus Bay Railway Co. and the Rochester & Eastern Rapid Railway Co.,
consolidating the three companies Into one corporation to be known as the
New York State Railways.
A stockholders' meeting of the Rochester Railway Co. has been called
for Jan. 18 1909 for the purpose of submitting said agreement of consolidation to the stockholders for their action thereon.
The amount of capital stock of the new corporation Is the aggregate of
the capital stock of the three consolidating companies, namely, $23,140,200,
to be issued as follows:
First Preferred Stock—Entitled to receive dividends at the rate of
5% (per annum), payable quarterly, such dividends to be cumulative; and to be first preferred both as to principal and dividends. Said first preferred stock may be increased only with
the consent of the holders of two-thirds of the first preferred
Issued and outstanding, and it so increased the then owners of
said first preferred shall have the right to take their proportionate shares of such increased stock. Said first preferred stock
to be redeemable at option of company at 110 upon any divi$3,862,500
dend day after 30 days' previous notice to stockholders
(a) In exchange for each share of the ($3,000,000)
pref. stock of Roch. Ry. Co., stock to the amount
$3,225,000
of $107 50. or
(b) In exchange for each share of the ($750,000)
pref. stock of Roch. & Sodus Bay Ry Co., stock
637,500
to the amount of $85, or
4,500,000
Second Preferred Stock.
In exchange for each share of the ($3,000,000) common stock
of the Hoch. By. Co. (all except $1,300 of which is owned by
Hoch. Ry. & Light Co —Ed.), stock to the amount of $150,
making amount above stated.
14,777.700
__ -------- - Common Stock __-_
stock of Roth.HOW. & Sodus_common i
forall ofIn exchange--By. Co. ($1,100,000, of which $660,000 owned by N. Y
Central RR. and $440,000 by Central Railway Syndicate.—
Ed.), and all of the stock of the Roch. & Eastern Rapid By.
Co. ($15,290,200, of which $9,174,120 owned by N. Y.
Cent. RR.and $6,116,080 by Central Ry. Syndicate.—Ed.).
[Note.—The Rochester Railway & Light Co., the present owner of the
(common) stock (I. c., $2,998,700 out of $3,000,000.—Ed.) of the Rochester Railway Co., heretofore (in 1904) executed a general mortgage (for
$16,000,000) upon all of its property, including the stock in question.
This (common) stock Is now deposited with the trustee named in such
mortgage, and Is subject to the lien of that mortgage. To meet this situation, It is proposed that the purchase price shall not be paid until the (common) stock Is free from the lien of this mortgage, but that such purchase
price shall be placed In escrow ready to be delivered whenever the proper
arrangements can be made freeing the stock from Its present lien. The
Mohawk Valley Co is the owner of 80.41% of the stock of the Rochester
Railway & Light Co., and the New York Central & Hudson River RR.
Co. as the owner of 60% of the stock of the Mohawk Valley Co., is to a
large extent dealing with itself In this matter Condensed from statement
made by Public Service Commission In July 1908.—Ed.]
To those accepting the first preferred stock of the new corporation in
exchange, adjustment of Interest to be made so that they shall suffer no
loss in dividends. (Any dividends declared on the Rochester Ry. Co. preferred stock In the meantime to be paid as usual to the registered holders.)
New Mortgage.—Except with the consent of the holders of two-thirds
of the said first preferred stock, the bond issue of the consolidated company
shall not exceed $35,000,000, and no part of such bond issue exceeding
$5,000,000, except for refunding existing mortgage bonds, shall be issued
unless the net Income of the consolidated corporation shall,after deducting
all charges, plus the Interest on any additional bonds that it may be desired
change for the $720,000 stock of
The consolidated company (the New York State Railways), succeeding to
the Rochester & Eastern Rapid Ry. Co.,would be the owner of the total
capital stock of the Oneida By. Co. and the Utica & Mohawk Valley RR.
Co., except $300 In amount of the Oneida Ry. Co., which it is proposed
to acquire. Upon the acquisition of this stock by the consolidated company, it then being the owner of the total capital stock of the two companies, it is proposed to merge the same with the consolidation and thus extinguish these two companies and reduce the number of companies to three.
namely, Schenectady, Syracuse Rapid Transit and the Consolidated.
The results of such merger are shown graphically In the table hereto annexed. This completes the series of operations definitely projected,
although it Is understood that after the consolidation mentioned, the consolidated company will apply for leave to issue a general first lien refunding
mortgage upon its consolidated properties.
Table Showing Names of Companies, Capital Stock of Each,and Ownership of Same
after Consolidation of the Rochester dc Eastern Rapid Ry. Co., Rochester Ry. Co.,
Rochester & Suburban Ry. Co., Rochester & Sodus Bay Ry. Co., Rochester
Electric Ry. Co. and Ontario Light & Traction Co.
Amount Held by
Total
Capital
N. Y. State
N. Y.C.& Central Ry.
H.R.RR.Co. Syndicate. By Others. Railways.
Stock.
Name—
$2,050,000 $2,050,000
Schenectady Ry.Co. $4,100,000
300
1,922,700
2,000,000
Oneida Ry.Co
7,500,000
Utica & Mohawy Ry. 7,500,000
Syracuse R. T. Ry_ 4,000,0001,600,572 2,317,500
N. Y. State Rys__ _ 23,860,200 $13,276,180 $6,826,320 3,757,700
$41,460,200 $13,276,180 $6,826,20 $7,408,572 $13,790,200
Total
Note.—Of the total stock, the Oneida Ry. treasury will hold $77,000 and
the Syracuse Rapid Transit treasury $81,928.
Table Showing Names of Companies,Capital Stock of Each,and Ownership of same
after Merger of Utica de Mohawk Valley Ry. Co. and Oneida Railway Co. with
Consolidated Company (New York State Railways Co.).
Amount Held by
Total
N. V. C. & Central Ry.
Consolid'd
Capital
H. R. RR. Slimikate.
Others.
Company.
Stock.
Name—
Schenectady Ry.Co. $4,100,000 $2,050,000 $2,050,000
1,600,572
Syracuse R. Tr. Co_ 4,000,000 2,317,500
3,757,700 $13,276,180 $6,826,320
Consolidated Co__.._ 23,860.200
$31,960,200 $4,367,500 $7,408,272 $13,276,180 $6,826,320
Total
Note.—$81,928 Consolidated stock will be in the Syracuse Rapid Transit treasury. The Central Railway Syndicate holding, $6,826,320, it is understood, will be
wholly common stock.—Ed.
Norfolk & Southern Ry.—Receivers' Certificates Authorized.
—Federal Judge Waddill at Norfolk, Va., on Dec. 29 authorized the receivers to sell, at not less than 98%,$1,000,000
6% receivers' certificates having a prior lien on the property,
for the purposes stated in V. 87, p. 1414, 1479, 1605.
Proposed Offering—Earnings.—Swartwout & Appenzellar,
New York, have purchased the entire issue of $1,000,000
one-year 6% receiver's certificates, and will shortly offer the
4 and interest.
unsold portion to the public, probably at1003
These certificates are due Dec. 29 1909, but are subject to call
after six months on 30 days' notice at par and interest, or
may be renewed for one year, at the option of the receivers.
Denomination $1,000. Interest J. & D. A circular says:
Authorized by the Circuit Court of the United States and by court order
expressly placed ahead of the $14,000,000 outstanding "first and refunding"
5% bonds and all subsequent liens, and made a charge on the surplus revenues of the company. The orderfurther provides that any subsequent issue
of receiver's certificates in excess of $500,000 additional shall be subordinate
in rank and lien to this $1,000,000 issue.
The only securities which rank ahead of these receiver's certificates are
$3,617,997 prior liens and equipment obligations, the interest charges
on which are about $215,000 per annum. The report of the receivers show:
Net Earnnigs (after taxes) for Three Months Ended Nov. 30 1908.
Total 3 Months.
November.
October.
September.
$174,888 78
364,204 56
$57,764 59
$52,910 63
This would indicate $699,555 net for a full year, or more than three times
the interest charges on the securities which outrank the receiver's certificates.
Compare V. 87, p. 1414, 614.—V. 87, p. 1605
Old Colony RR.—New Stock.—The Massachusetts Railroad Commission has been requested to sanction the issue of
$500,000 additional capital stock to provide for improvements and for floating debt incurred therefor.—V.86, p.1101.
Public Service Corporation of New Jersey.—First Dividend
by Subsidiary.—See Public Service Ry. below.—V. 86, p.
1410.
Public Service By. (New Jersey).—First Dividend by
Subsidiary of Public Service Corporation.—"A dividend" of
2-3 of 1% was paid Dec. 31 on the $37,114,800 stock to
holders of record on that day. The company is controlled
by the Public Service Corporation through ownership of
stock.—V. 85, p. 406.
Railways Co. General.—Stock Reduced.—The stockholders
voted Dec. 28 to decrease the capital stock from $700,000 to
$500,000. Compare V. 87, p. 1664.
g Rochester & Eastern Rapid Ry.—Consolidation.—See
New York State Railways above.—V. 87, p. 545.
54
THE CHRONICLE
Rochester Railway.—Offer to Holders of Pref. Stock.—See
New York State Railways above.—V. 79, p. 213.
Rochester Railway & Light Co.—Merger of Controlled
Property.—See New York State Railways above.—V. 86,
p. 1345.
Rochester & Sodus Bay Ry.—Consolidation.—See New
York State Railways above.—V. 75, p. 395.
St. Louis & San Francisco RR.—Bond Offering.—Speyer
& Co., New York, announce, by advertisement on another
page that, having sold a large amount of the present issue
of $30,000,000 General Lien 15-20-year 5% gold bonds, dated
May 1 1907, they offer the balance at 893 and accrued
interest to date of delivery, to net about 6%. The subscription lists will be opened on Jan. 5 and will be closed
at 3 p. m. or earlier on the same day. The total issue of
these bonds is limited to $109,850,400, and they are to be
issued chiefly for refunding purposes. It was stated on
Thursday that in view of the large advance sales, Speyer &
Co. could not make any more firm sales, and would only
receive applications for the bonds subject to allotment on
Jan. 5. The new bonds are quoted on the curb at 90k, or
i% premium over the issue price .
y
Bonds dated May 1 1007 and due May 1 1927, but redeemable as an
entire Issue, but not any part thereof, on sixty days' notice at 1023i and
Interest on any interest day prior to May 1 1922; and at par and interest
on May 1 1022, or,on any interest day subsequent thereto. Interest payable May 1 and Nov. 1. Principal and interest payable in New York in
U.S. gold, or, at the holder's option, in London. In sterling, at the rate of
$4 86 per pound sterling; in Frankfort-o-M or in Berlin, In reichsmarks,
at the rate of M. 420 per dollar; in Amsterdam, In guilders, at the rate
of fls. 2.48 per dollar; and in francs, at the rate of fr. 5.16 per dollar,
Principal and interest payable without deduction for any tax or taxes
which the company may be required to pay thereon, or retain therefrom,
under any present or future law of the United States, or of any State,
county or municipality therein. Denomination $1,000 (also at co's option,
*100 )c*&r*. Bankers' rrust Co., N. Y., and N. A. McMillan, trustees.
Subscriptions will be received simultaneously in London and in Amsterdam, and also by the Mercantile Trust Co., A. G. Edwards ec Sons and
Francis Bro. & Co. St. Louis; Henry & West and Newburger, Henderson
& Loeb, Philadelphia; Alex. Brown & Sons, Baltimore; Citizens' Savings
& Trust Co., Cleveland; P. J. Goodhart & Co., Cincinnati; Union Trust
Co., Pittsburgh, and Illinois Trust & Savings Bank, Chicago.
Abstract of Letter from 8. F. Yoakum, Chairman Executive Committee,
Dec 24 1908. (Compare V. 84, p. 1488.)
These $30,000,000 bonds are issuable under the mortgage as follows:
Reimbursement of capital expenditures (including payment of
$10,000,000
floating debt incurred for improvements, &c.)
Refunding like amount of St. Louis Memphis & Southeastern RR.
15,530,000
Co. bonds maturing June 111)09
Being part of $6.500,000 for refunding like amount of St. Louis
3,470,000
& San Francisco RR. 2 3. -year 5% gold notes
To aid in refunding under Section 3, Article Two,of the mortgage 1,000,000
upon
become,
On or before June 1 1909 the "general lien" bond will
redemption of the St. Louis Memphis & Southeastern RR. Co. 4 %
to
miles,
subject
665.20
on
mortgage
first
a
same,
bonds now covering the
only $489.125 existing bonds, for the redemption of which "general lien"
bonds are reserved. The main line of the St. Louis Memphis & Southeastern, extending from St. Louis to Memphis, is rapidly becoming one of
the most Important and profitable of the Frisco lines, owing to its density
of traffic and economy of operation. The mortgage covering this mileage
is also a first lien on 37 locomotives, 29 passenger and 1,272 freight and
other cars.
Purposes for Which the Remaining $79,850,400 General Lien Bonds May
Be Issued (Compare V. 84, p. 1488).
Refunding outstanding bonds and notes (all but $1,065,500 11
$26,070,400
maturing on or before Oct. 1 1013)
11,539,000
Refunding outstanding equipment notes
To aid in refunding outstanding bonds and notes above men4,000,000
tioned (Sec. 3, Art. Two)
Refunding after June 1 1909 future issues of equipment notes
at 60% of their face value (remaining 40% to be paid out of
5,000,000
Income)
Additions and improvements subsequent to July 1 1909 ($2,
500,000 per annum until June 30 1011, $3,000,000 per annum
28,241,000
thereafter)
New mileage after June 1 1909 (at not exceeding $1,000,000
5,000,000
per annum)
Mileage Covered by General Lien Mortgage (See map, pages 118 and 119 of
"Railway and Industrial Section."—Ed.)
On or before Oct. 1 1913 this mortgage will practically become a first
lien on 1,526.45 miles, made up as follows:
St. Louis Memphis & Southeastern RR. ($16,000,000 bonds ma665.20
turing June 1 1909)
St. Louis San Francisco & New Orleans RR. ($6,125,000 notes
232.74
maturing Dec. 1 1900)
Hope, Ark., to Ardmore, Okla., on the Rock Island and
Santa Fe lines. Also a first lien on 30 locomotives, 16
passenger and 51 freight and other cars.
Colorado Southern New Orleans & Pacific RR. ($7,500,000 notes
309.36
maturing Jan. 1 1911)
Houston, Tex., via Beaumont, to Port Alien, opposite Baton
Rouge, with branches to !lune, Tex., and Crowley, La..
with trackage rights over the Illinois Central RR. from
Baton Rouge into New Orleans. Includes 7 locomotives.
4 passenger and 276 freight and other cars. and trackage
rights over 148.20 miles of road.
Arkansas Valley & Western By. ($4,000,000 notes maturing
175.25
Feb. 1 1912)
A. V. & W. Junction to Avard, Okla., with 5 locomotives,
and 454 freight and other cars.
Ozark do Cherokee Central RR.($2,880,000 bonds maturing Oct. 1
143.90
1913)
Fayetteville, Ark. to Okmulgee, Okla., with 3 locomotives,
47 freight and other leers.
2 passenger and'
Total m'les
The "general lien" mortgage is also a lien (subject to not exceeding 1,526.45
2,604.42
$85,000,000 refunding 4% bonds) on additional
[VOL.
At the present time business is showing a steady improvement; the estimated gross earnings for the first three weeks of December being $230,400
in excess of the same period last year. There is every reason to believe
that this will continue. Even in 1007-08, a year of the most adverse
conditions, the earnings were in excess of all fixed charges, while in years
of normal activities the company has always shown a large surplus. This
will grow larger as the country develops. It is in this section that the
growth of immigration and of agricultural development is most marked.
It should also be borne in mind that a portion of the new mileage is only
now coming Into full operation.
Speyer Representative for Board.—It is understood that
Hans Winterfeldt of the firm of Speyer & Co. will shortly
be made a director.
Offer to Holders of St. Louis Memphis dc Southeastern 4
Bonds due June 1 1909.—The bankers are prepared to accept
these bonds maturing June 1 next at par and accrued interest
in payment for the bonds now offered.—V. 87,p. 1480, 1421.
Schenectady Railway.—Control.—See New York State
Railways above.—V. 83, p. 214.
Seaboard Air Line Ry.—Offering of Prior Lien Receivers'
Certificates.—Sutro Bros. & Co.,New York, are offering, by
advertisement on another 'page, at 99 and interest, at which
price the yield is 5 8%, the unsold portion (about
S500,000) of an issue of 5% receivers' certificates, series
"C," dated Jan. 1 1909, and having a lien prior to the
$12,775,000 first mortgage bonds. These certificates mature
Jan. 1 1912 and are redeemable at:any,time after July 1 1909
at par and interest upon order of Court; interest payable.Jan. 1 and July 1. The total amount authorized is
$4,250,000, but all except the amount now offered have been
sold. Certificates rank equally in every respect with the
series "A," amounting to $3,000,000, and series "B,"
amounting to $260,000. See receivers' statement, V. 86,
p. 1591.
Receivers' Statement.—Income of Seaboard Air Line properties for calendar years:
Gross earnings
Operating expenses
Year 1000
Year 1008
(2 Mos. Est.). (Est.).
$15,107,942 $16,000,000
11,260,599 11,600,000
*3,037,343
$700,000
346,780
1,504,400
233,200
$4,400,000
$700,000
300,220
1,504,400
233,200
Balance applicable to Interest on all receivers' ctfs_ $1,152,963
106,430
Interest on receivers' certificates issued
Interest on receivers' ctfs., incl. present issue
$1,662,180
Surplus (estimated or partly estimated)
—V. 37, p. 1605. 1480.
$1,254,080
Net earnings
Deductions—Taxes and rentals
Interest on car trusts
Interest on underlying bonds
Interest on 3-year collateral trust 5s
$1,046,533
408,100
Syracuse Rapid Transit Ry.—Control.—See New York
State Railways above.—V.,87, p. 546.
Tarrytown White Plains & Mamaroneck Ry.—Notice to
Holders of First Mortgage 5% Bonds.—Sutro Bros. & Co.,
44 Pine St., New York City, referring to the previous advertisements on the above bonds, urgently request all
holders of the same to communicate with them without
delay with reference to a proposed plan.
Purchase of Bonds.—We understand that it is true that
the New York New Haven & Hartford RR. Co., by purchase
of a majority of the bonds, has practically acquired control of
this former subsidiary of the Third Avenue Street RR. of
New York.—V. 87, p. 1239, 1012.
Toledo (0.) Railways & Light Co.—Former President ReElected.—Albion E. Lang, who in November 1902 withdrew
from the presidency in favor of Henry A. Everett, has again
been elected President.
Interest Payment.—The committee, which now represents
about $4,400,000 of the $4,800,000 first 4s (in default since
July 11908), has provided the funds, about $150,000, required to meet the January interest on the underlying bonds.
—V. 87, p. 416, 347.
United Power & Transportation Co.—Officers.—Remi
Remont having resigned as Vice-President, Secretary and
Treasurer T. W. Grookett has been elected Treasurer;
W. A. Rosen, Assistant Treasurer and John W. Goodwin,
Secretary. No Vice-President elected. Compare Interstate Railways above and V. 87, p. 677, 812, 873, 1238.
—V. 86, p. 338.
Utica & Mohawk Valley Ry.—Control.—See New York
State Railways above.—V. 81, p. 508.
Wabash RR.—Dividends on A and B Debentures.—The
directors have declared a (semi-annual) dividend of 3% on
the debenture "A" bonds and a dividendlof 1% on the "B"
bonds, payable Jan. 2. Six months ago no payment was
made on either issue.
Dividend Recordjol A and B Debentures (Per Cent.)
1896. 1897-90. 1900-04. 1905. 1006. 1907. 1908. 1909
Total
July, 6 Jan.,3 Jan., 3
0
0
6 yearly. 0
bonds_ 1
"A"
It is a further lien on the stock of, and leasehold interest of the4130.87 "B" bonds.. 0
July, 1 Jan., 1 Jan., 1
0
0
0
None.
company in the Kansas City Fort Scott & Memphis By.' and
Compare V. 86, p. 53.—V. 87, p. 1665, 1609.
_1,199.62
Kansas City Memphis ec Birmingham RR. Co., aggregating_
5,330.49
Grand total miles
Note.-0Wor before Jan. 1 1911 the trustees, but only with the approval
of Speyer &tCo. may r. lease the main line and branches of the Colorado
Southern New &leans & Pacific RR. from the lien of the mortgage, in
which event $8,094,000 of the "general lien bonds" reserved for refunding
the underlying securities upon said main line and branches, instead of being
used for such refunding, will be added to the aggregate amount of bonds
issuable for additions, improvements and betterments, but will only be
issued after July 1 1918 at a rate not exceeding $3,000,000 per annum.
The "general lien" bonds are further secured (subject to $11,539,000 of
serial equipment notes) on equipment costing originally $18,911,907, and
comprising 311 locomotives, 84 passenger and 14,051 freight &c. cars,
The surplus of the company ((exclusive of the Chicago & Eastern Illinois
RR ) for the year ended .tune 30 1003 (a period of universal depression),
after providing for all,, fixed charges, taxes, rentals, &c., amounted tz
$459.066; for the year ended 'rune 30 1',07 it amounted to $4,158,583. The
average surplus for the four fiscal years 1905 to 1908, both inclusive, was
$1,987,728
Washington WaterPower Co ,Spokane,Wash.—$3,000,000
Notes Called for Payment.—The $3,000,000 6% gold notes
dated July 1 1908 and due July 1 1911 have been called for
payment at par and interest on July 1 1909 at the Bankers'
Trust Co., 7 Wall St., New York City.
Offer to Exchange Said Notes for First Refunding 5s.—Lee,
Higginson & Co., Boston, New York and Chicago, and Moffat & White, 5 Nassau St., New York, having bought from
the company $3,000,000 of its proposed new issue of first
refunding mortgage 5% gold bonds, to be dated July 1 1909
and due July 1 1939 (described in V. 87, p. 1358), announce,
by advertisement on another page, that they will exchange
said notes (called for payment) for an equal amount of the
JAN. 2 1909.)
THE CHRONICLE
lievr bonds, dollar for dollar, the noteholder to receive a
bonus of $15 in cash additional for each $1,000 of notes.
Noteholders who desire to accept this offer must present their notes to
either of the undersigned on or before Jan. 31 1909. On such presentation,
the bonus of $15 on each $1,000 of notes will be paid and the note Itself
stamped with the agreement between the holder and the undersigned to
effect the exchange of notes for the new bonds or temporary certificates
therefor on July 1 1909. Compare V. 87, p. 1534. 1358.
Western Maryland RR.-Receiver's Certificates Sold and
Re-sold.-Judge Morris in the United States Circuit Court
at Baltimore on Dee. 28 authorized the sale of $536,000 5%
receiver's certificates to J. S. Wilson Jr. & Co. of Baltimore,
who quickly disposed of the entire amount without a public
offering. The receiver will apply the proceeds toward the
cost ($635,845) of new rolling stock, which is to be delivered
by April 11909. A press report says the receiver will spend
in all about $1,250,000 for new equipment.
These $536,000 receiver's certificates are dated Jan. 1 1909 and will
mature in semi-annual installments July 1 1909 to Jan. 1 1919, both Inclusive, the first four payments being $26,000, the others $27,000, but subject to call at 102 and interest on any interest date upon 30 days' notice.
Denomination $1,000. Coupons payable J. do J. at Mercantile Trust Co..
New York City.
In addition to being a direct obligation of the rece vet', these certificates
are secured by a first lien on new standard railroad equipment costing
$635,845, and consisting of: 500 steel hopper cars, 100,000 lbs. capacity;
12 caboose cars, 2 mall and express cars, 2 baggage cars, 10 consolidation
engines and 3 switch engines. There is nothing stated in the order about
the certificates having a lien prior to the bonds on the road and the coal
properties.-V. 87. D. 1090. 874.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Smelting & Refining Co.-Called Bonds.-One
hundred and twelve of the Omaha & Grant Smelting Co.
first mortgage 6% bonds drawn for the sinking fund will be
paid at the Central Trust Co. of New York on March 1 1909
at 105 and accrued interest.-V.87, p. 1481,624.
British-Canadian Asbestos Co., Ltd.-Earnings.-For
half-year ending Nov. 30 1908:
55
BALANCE SHEET OCT. 31 1901.
Liabilities ($8.144,414)Assets ($8,144,414)$19.071 Capital stock (par $100)_ _ _2,500,000
Cash
1,958,164
Accounts rec'ble(book val.) 915,139 Surplus
11,352 Accts. payable (incl. acc'd
Notes receivable
$140,176
interest)
Inventories-Lumber,logs,
449,619 Notes payable
1,686,072
&c
Stocks In corporations_ _ _ _ 103,649 Mortgage bonds,
Logging equipment, teams,
1933,-6%___/3.000,000
In treasury,
108,307
doc
not outstand'g 1,800,000
Real estate and water power
286,831
unencumbered
1,200,001
4% bonds (since retired)
Timberlands, mills, &c.,
660,000
6,250,446
subj. to mtge
Note -Since the above statement was compiled, the $960,000 4% mtge.
bonds. Including $300,000 In the treasury, have been retired.
Directors-George Van Dyke of Lancaster. N. H., President; James J.
Phelan of Boston, Mass., Vice-Pres.; George S. Lewis of Holyoke, Mass.,
Treasurer; G. Fred Smith of Hartford, Conn.. Secretary; George S. Scott
of New York, Charles R. Forrest of Hartford, Conn., Thomas H. Van
Dyke of Beecher Falls, Vt. Office of company, 19 State St., Boston.
Consolidated Arizona Smelting Co.-Successor Company.
-A company with this title and $9,200,000 of authorized
capital stock was incorporated in Maine on Dec. 22 to succeed
the New Jersey corporation of the same name, per plan in
V. 87, p. 1665.
Consolidated Gas, Electric Light & Power (Jo., Baltimore.
-Bonds Guaranteed, Not Assumed.-The Baltimore Electric
Co. bonds are guaranteed, principal and interest, by the
terms of its lease, and are so stamped by the trustee.
The bonds in question, aggregating $3,093,000, were Issued under a
$7,500,000 mortgage made in 1907,1and are due June 11 1947, with Interest
p_ayable J. & D. at office of trustee, Northern Trust Co., Philadelphia.
The oversight of an official of the Baltimore Electric Co. to whom our
?p lw
vS
:
yannutraeolatie)enwer
submitted,Wa accountablefor the erroneous r ue san11a 13i
and had been assumed by the Consolidated Gas, Electric Ligkt 4 Power Co.
St Baltimore.-V. 87. p. 937. 741.
Consolidated Railway Lighting & Refrigerating Co.-Deposits.-More than 142,000 shares of the total of 211,158
shares of capital stock, it is announced, have been deposited
under the plan,and no further deposits will be accepted See
plan in V. 87, p. 1239, 1360, 1666.
Consolidated Rubber Tire Co., New York.-Interest on InOperating
Balance,
Gross
Net
Bond
Expenses.
Earnings.
Earnings.
Surplus. comes.-The directors have declared an annual interest payInterest.
$141,299 08
$243,563 48
$77,263
$102,263 50
$25,000
Dividend.-A quarterly dividend of 1M%, has been de- ment of 3% on the $2,850,500 income bonds, payable
clared on the $1,000,000 stock, payable Jan. 27 to holders of April 1 next, contrasting with 2% in 1908, 3% in 1907, 2%
1906, 13.% each in 1904 and 1903.
record Jan. 20 1909. The half-yearly surplus above is equal inBesides
increasing the interest distribution,the management,it is stated,
expended in 1908 about $85,000 in building a factory at Akron, 0., for
to 7.7% on the stock.-V. 87, p. 41.
the manufacture of pneumatic tires, for which there is a good demand.
Commonwealth-Edison Co., Chicago.-Sale of Bonds.- -V. 87, p. 345.
President Samuel Insull at Chicago on Dec. 29 announced the
Deschutes (Ore.) Irrigation & Power Co.-Coupon Paysale of $10,000,000 5% first mortgage gold bonds to a syn- ment.-The "Ohio State Journal" of Columbus, 0.(where a
dicate of local bankers headed by the First Trust & Savings large interest in the property is held) said on Dec. 23:
Bank and the Harris Trust & Savings Bank, as syndicate
The company is now paying the past-due interest of last March on Its
managers, and including the Illinois Trust & Savings Bank, bonds which were not deposited with the committee of bondholders.
three-fourths of the bonds were deposited and the interest on these
the Merchants' Loan & Trust Co., the Northern Trust Co., About
was paid last fall, but the Interest on the coupons not deposited Is now
N. W. Halsey & Co. and Russell, Brewster & Co. The sale being paid at the Deshler National Bank (Columbus, 0.). The Interest due
September has not yet been paid on either class of coupons. News from
provides for extensions and improvements as well as for re- In
central Oregon is still quite encouraging; arrangements are being made to
funding. The bonds will be issued under the mortgage start work on the new Harriman railroad line and the company has paid
all its floating debt and also done much improvement work during the
(dated 1898) of the former Commonwealth Electric Co., as off
year.-V. 87, p. 742.
contemplated in the plan of consolidation (V. 85, p. 163),
Edison Electric Co., Los Angeles.-Proposed Increase in
making $18,000,000 bonds outstanding thereunder
The proceeds will be used in part for extensions and im- Capital Stock.-As a preliminary step to the authorization
provements and to retire $6,983,000 old bonds named below, of the new $30,000,000 mortgage (V.87,p.1666), the shareall of which are subject to call, leaving outstanding as the holders will vote Jan. 4 on increasing the capital stock from
only underlying issue the $6,000,000 Chicago Edison first $13,000,000 (consisting of $4,000,000 pref. and $9,000,000
common) to $30,000,000, by the creation of $17,000,000
5s, which may be called on and after April 1 1911.
additional common stock.
The $6,083,000 bonds to be retired in 1900 are as follows: $5,000,000
President John B. Miller is quoted as saying:
Chicago Edison Co. 3-year 5% debentures, subject to call at 101, which
p
will be called for payment on Sept. 1 1909; $1,483,000 Chicago Edison Co.
6% debentures, redeemable at par, to be paid off on July 1 1909, and $500.000 Commonwealth Electric Co. 5% debentures to be called for payment
at par on Aug. 1 1909.-V. 87, p. 1298, 1013.
This is a measure designed to enable the company to keep pace with the
increased demand for gas and electricity in all of its districts. The company
has prepared a program Involving the expenditure in Southern California
during 1909 and 1910 of several million dollars, but the money for these
expenditures will be provided from the sale of bonds, the stock remaining
In the treasury. These bonds will be marketed in the East, as money
is needed for extension's here.
The Increase of stock is necessitated solely by the fact that the law
requires that the authorized capital stock shall at least equal the authorized
bond Issue.-V.87, p. 1666, 1481.
Connecticut Valley Lumber Co.-Bonds Offered.-Interests
indentified with the company having taken $2,000,000 of
the issue of 1st M. 6s at par and interest, Hornblower &
Weeks, Boston, New'
York, Chicago, &c., are offering, by
advertisement on another page, the remaining $1,000,000 at
the same price. Bonds dated Aug. 15 1908. Due Aug. 15
1933, but redeemable as an entire issue at 105 and interest
on any interest date and for the sinking fund at 102 and
interest. Annual siiking fund $3 per 1,000 ft. of timber
cut, not to be less in any one year than $100,000. Interest
payable Feb. 15 and Aug. 15 at Federal Trust Co., trustee,
Boston. Denomination $500 and $1,000 (c*). A circular
says in substance:
Holders of receipts of the Boston committee, of which Jas. R. Hooper
is Chairman, may be given the privilege of depositing said receipts under
the agreement with the New York committee, in lieu of bonds, and be entitled to all the benefits thereof.-V.87, p. 1607, 1423.
These bonds are the first mortgage of the Connecticut Valley Lumber
Co., which company has been in existence since 1898, when It succeded
to the business of the Connecticut River Lumber Co. (organized 1872) and
the Connecticut River Mfg. Co. (organized 1891). Its business is the
manufactuirng of lumber and the sale of pulp wood. Its mills are located
at Mt. Tom, Mass., In the heart of one of the best lumber markets In the
country, and constitute one of the most powerful plants in New England.
The company is incorporated in Connecticut and owns title to about
300,000 acres of timber lands In Coos County, N. H., and in Essex County,
Vt., upon which there are about 2,376,860,000 feet of marketable spruce
timber, which, at $8 per 1,000 ft. stumpage,is worth approximately $19,014,880. There are at least 500,000,000 feet of accessible hardwood
(birch and maple), worth,approximately, $1,500,000. Located upon the
Connecticut and Androscoggin Rivers and their tributaries, the timber
can be delivered to the lumber mills and markets situated on these rivers
at the lowest possible cost of transportation.
Extracts from Letter of Treasurer Geo. S. Lewis, Boston, October 31 1908.
In addition the company owns property at Hereford and Auckland,
P. Q.. and Dixville, N. H., upon which there is considerable timber of great
value, not included in this mortgage. The company also owns valuable
water powers on the Connecticut River, very profitable farms,and other
real estate. During the past five years earnings have averaged $226,000 and
a contract for sale of stumpage has been made for a long term of years
at a price exceeding the estimate placed on the company's entire stumpage
($8 per 1,000 feet), the annual income from this contract to be not less than
$96,000 per year. The company is now negotiating for additional sales
of stumpage from Its lands, which would produce an additional yearly
revenue of $200,000 to $250,000.
Record of Annual Earnings.
1907.
1906.
1904.
1905.
1903.
Avv. 5 vrs.
$257,142
;202,473
$264,622
$148,408
$226,000
$167,948
International Mercantile Marine 0o.-Officers.-Horace
G. Philips, Assistant Treasurer, has been elected Treasurer
to succeed James F. Fahnestock Jr., and E. Edgar Heston,
Cashier, succeeds Mr. Philips as Assistant Treasurer.-V.87,
p. 1091.
Lake Superior Corporation.-Robert Fleming, of London,
the Purchaser.-Robert Fleming, of London, it is announced,
was the purchaser of the stock and bonds of this company,
sold recently in Philadelphia through Horatio G. Lloyd.
Who is associated with Mr.Fleming is not made public.
See V. 87, p. 1423.
Montana Water Co., Billings, Mont.-Bonds Offered.P. W. Brooks & Co., New York, are offering for sale first
mortgage 6% 30-year sinking fund bonds dated Dec. 11908,
amount authorized $500,000, issued $225,000, covering a
plant in continuous operation since 1886. Further facts
another week.
Montreal Steel Works Co.-Common Dividend Reduced.The directors have declared a dividend of 2% on the $700,000
common stock, payable Jan. 30. This makes 4% for the
year (an interim dividend of 2% having been paid in July
Hudson River Water Power Co.-Notice to Bondholders.The New York committee of first mortgage bondholders,
F. J. Lisman, Chairman, announces that proceedings to
foreclose the mortgage will be promptly instituted, as a sufficient number of bonds for that purpose have already been
deposited.
56
THE CHRONICLE
last), comparing with 7% paid in 1907. The company in
1905 paid 5%; ever since 7% annually.—V. 86, p. 1592.
New York Transportation Co.—Bond Issue.—The directors, we understand, have under consideration the advisability of placing on the property a first mortgage for an
amount between $2,000,000 and $3,000,000,to provide for
the equipment of the company's plant and cabs for the use
of gasolene instead of electricity as the motive power.—
V. 80, p. 2224.
North Georgia Electric Co.—Purchased.—The "Atlanta
Constitution" of Dec. 10 said:
the meeting of the Board of County Commissioners
It was learnedtheatproperty
of the North Georgia Electric Co. has been
yesterday that
purchased from the receivers by C. Elmer Smith, of the S. Morgan Smith
Mr. Smith the right to install
Co. of York, Pa. The County Board grantedare
near the city limits. Mr.
poles and furnish power to factories which
the Iluli Sluice plant.—
owns
which
company
the
of
President
the
Smith Is
V. 85, p. 1272.
Osceola Consolidated Mining 0o.—Dividend Increased.—
The directors have declared a semi-annual dividend of $4 a
share, contrasting with $2 six months ago. A year ago the
dividend was passed.—V. 87, p. 1014, 938.
Phelps, Dodge & Co., Inc.—Consent of Stockholders Obtained.—The holders of more than 99%,of the stock of the
constituent companies have sent in their certificates to be
exchanged, per plan in V. 87, p. 1536, 1608, 1667.
Pope Manufacturing Co.—Payment of Notes Anticipated.—
The company will on Jan. 2 anticipate the payment of the
$267,000 6% mortgage notes issued under the plan of reorganization(-V. 87, p. 350) due Aug. 1 1911. This will leave
$533,000 notes outstanding, of which $266,000 mature
Aug. 1 1909 and the balance on Aug. 11910. Subscribers
tolthe notes are called upon for the payment of the balance
of their subscriptions on Jan. 2 1909.—V. 87, p. 1608, 1360.
St. Charles & St. Louis County Bridge Co.—Successor
Company.—See St. Louis & St. Charles Bridge Co. below.
—V. 86, p. 669.
St. Louis & St. Charles Bridge Co.—Reorganized Company.
—This company was incorporated on Dec. 22 with $200,000
capital stock in shares of $100 each as successor of the
St. Charles & St. Louis County Bridge Co., whose tollatbridge
foreover the Missouri River at St. Charles was bid in
closure sale on Feb. 29 1908 for $300,000, for the bondholders. (V. 86, p. 669). "St. Louis Globe Democrat" says:
organize. The stock of
The stockholders will meet in a few days to issue of $200,000. The
$200,000 will later be supplemented by a bond $400,000
worth of bonds.
former company had $400,000 worth of stock and
The bridge cost about $400,000 to build.
United States Rubber Co.—Bonds Offered.—J. & W.Seligman & Co. of New York and Kidder, Peabody & Co. of
Boston offered this week (see advertisement on another page)
6%
a portion of the present issue of $15,000,000 of 10-year
collateral trust sinking fund gold bonds, dated Dec. 1 1908
and due Dec. 1 1918, but redeemable at 105 and interest
on any interest day on 21 days' notice. Annual sinking
fund,$500,000. Denominations: coupon bonds,$1,000; registered bonds, $5,000 and $10,000 each. Central Trust Co.
of New York, trustee. The greater part of this issue having been sold, the balance were offered at 101M and accrued
interest, at which price they yield 5.80%. Interest payable June 1 and Dec. 1. It was announced on Wednesday
that the subscriptions had been so large that no further applications would be received. The bonds are selling at about
13% premium, and it is believed that applicants will be
allotted only a small proportion of the amount applied for.
The advertisement is inserted in the "Chronicle" as a matter
of record.
23 1908
Abstract of Letter from John J. Watson Jr.. Now York. Dec.
issue. The
Of the $20,000,000 bonds, $5,000,000 are reserved for future
applied to the
be
to
proceeds
the
sold;
been
have
$15,000,000
remaining
5% collateral funding
repayment of $8,000,000 United States Rubber Co.
of $4,500,000
gold notes (to be called for payment on March 15 1909) and
also to be called for
are
(which
debentures
5%
Boston Rubber Shoe Co.
payment on March 15 1909); the remainder of the proceeds will go to increase the working capital of the company and its subsidiaries.
It owns
The company owns the stocks of various subsidiary companies. the
Co.;
other
also two-thirds of the capital stock of the General Rubber
which
latter
of
Co.,
Mtg.
Goods
Rubber
the
by
owned
being
one-third
of
company substantially all of the common stock and over three-fourths
Co. The value
the preferred stock is owned by the United States Rubber
the
Goods
and
Rubber
Co.
Rubber
S.
U.
the
of
plants
and
real
the
estate
of
Mfg. Co., and their subsidiaries, Is estimated at upwards of $21,000,000.
its
The quick assets of the U. S. Rubber Co. and subsidiaries (including
its subproportion of the quick assets of the Rubber Goods Mfg. Co. with
new
the
bonds,
except
kind,
sidiaries), after deducting all liabilities of every
will exceed $26,000,000.
The surplus net earnings of the company and its subsidiaries applicable to
dividends for fiscal years ending March 31 were:
$4,590,38311006
$3,553,55611907
1908
These figures include only such part of the earnings of the Rubber Goods
annual
Mfg. Co. as has been paid out In dividends; if its undistributed
surplus earnings be taken into consideration, the above earnings would
be increased from $500,000 to $900,000 per annum.
The interest on the $15,000,000 new bonds amounts to $900,000 per
annum; for the fiscal year ending March 31 1909 we estimate that the net
earnings of the U. S. Rubber Co. and its proportion of the earnings of its
subsidiaries will exceed $5,000,000, being over five times the amount of
the annual interest thereon.
Stock, &c., Pledged to Secure the $20,000,000 New Bonds.
$44,426,a. Shares of stock of certain subsidiary companies aggregating
300 par value. The combined book surplus of these companies aggregates
a further sum of $13,602,164.
b. $2,000,000 stock of the General Rubber Co.: subject, however, to the
prior pledge thereof as security for an Issue of $9,000,000 General Rubber
Co. bonds, and for any refunding thereof.
c. All additional shares of stock of any of said subsidiaries hereafter
acquired by United States Rubber Co.
companies of
d. All obligations, mortgages and liens of the subsidiary
the trust indenwhose capital stock the greater part shall be pledged under
States Rubber Co.
ture, so far as such obligations are owned by the United
(except the $9,000,000 General Rubber Co. bonds or any securities issued
to renew the same.)
The company covenants that, except with the consent of the trustee,
dispose
(1) no company of whose shares the greater part is so pledged will
of, mortgage or encumber any of its real estate or plants, or will permit
of
any lien or charge to be placed thereon,unless the proceeds of the sale or
suchlpropertykbeideposited_with.the trustee or unlessouch mortgages
Lxxxvui.
liens shall be subjected to the lien of said indenture; (2) that none of said
companies shall market or dispose of any bonds, notes or obligations made
or guaranteed by it, except for the acquisition of additional properties, or
except in the case of notes or obligations in the usual course of business,
and also that none of said companies will increase its capital stock, unless
the proportionate part of such increase be delivered to and pledged with
he trustee. The U. S. Rubber Co. covenants, further, that its quick
assets and those of its subsidiary companies determined under the trust
indenture shall at all times exceed the aggregate indebtedness of the said
companies, similarly determined, other than these new bonds, by an
amount equal to 130% of the face of such bonds at the time outstanding.
Notes and Debentures to Be Paid March 15 1909—Offer to
Holders.—The firms above named inform the holders of the
United States Rubber Co. collateral funding 5% gold notes
and Boston Rubber Shoe Co. 5% debentures, both of which
issues are to be called for payment on March 15 1909, that
said securities, with all unmatured coupons attached,will be
accepted in payment from purchasers of above bonds at
par and accrued interest to March 15 1909, less discount for
the unexpired time to March 15 1909 at the rate of 3% per
annum.—V. 87, p. 1483, 1425.
United States Steel Corporation.—Officers.—William B.
Dickson, Second Vice-President, has been elected First VicePresident to succeed James Gayley, who resigned. Mr. Dickson is succeeded by David G. Kerr of Pittsburgh.—V. 87,
p. 1538, 1425.
Youngstown (0.) Sheetp Tube- Co.—Increase of Capital
Stock.—A press dispatch from Youngstown says that the
directors have decided to increase the capital stock from
$6,000,000 to $10,000,000.
—Moffat & White, New York, and Lee, Higginson & Co.
of Boston, New York and Chicago, jointly offer $3,000,000
of Washington Water Power Co.'s new issue of firstrefundin
mortgage 5% bonds, due 1939, retiring a like amount of 6%
notes due 1911,called for payment July 1st 1909. Full particulars are printed in the advertisement on another pap
and detailed reference is made to the company's action in
our "Investment News" department to-day.
—N. W. Harris & Co., bankers, this city, advertise choice
bonds for conservative investment in to-day's issue which
will appeal particularly to the requirements of investors,
banking institutions and trustees of estates. The selection is
taken from over one hundred issues which the firm owns,
and includes municipal, railroad and corporation bonds yielding a return of 3.45% to 5.08%.
—The list of corporations upon the securities of which the
Trust Company of America, as fiscal agent, will pay interest
and dividends on Jan. 1, or during that month, is especially
large, and means the disbursement of several million dollars.
It is interesting to note that this list of the Trust Company of
America is constantly increasing in length. See advertisement on another page.
—J. K. Rice Jr. & Co., of :33 Wall St., New York, are
advertising in to-day's issue a special January list of a
hundred or more securities which they will buy, sell or quote.
Inquiries are invited. The firm are specialists in guaranteed
stocks, bank and trust company stocks, unlisted and inactive
securities.
—Swartwout & Appenzellar, bankers, 44 Pine St., and
First National Bank Building, Chicago, are making a specialty of railroad terminal bonds yielding the investor from
4 to 532%. Their special "Terminal Circular M" will be
mailed upon request. See advertisement on another page.
—Spencer Trask & Co., this city, have prepared four useful
circulars which they will be pleased to mail individual investors and institutions upon application. The contents and
purpose of these circulars are described in the advertisement
of the firm elsewhere in this issue.
—The firm of J. Thomas Reinhardt, 34 New St., this city,
announces that it has opened a new department for the
transaction of business in railroad notes, all unlisted securities, guaranteed stocks, bank and trust company stocks
and investment bonds.
—Wm. W.Lucas, 421 Chestnut St., Philadelphia dealer
in investment securities, and a member of the Phila:delphio.
Stock Exchange, is sending to his fiends copies of a handsome diary in undressed leather for the year 1909.
—Miller & Co., bankers and brokers, 29 Broadway, have
removed their Chicago branch office from the Board of Trade
Building to the ground floor of the Woman's Temple,186
La Salle St. Benbury B. Hunter is Manager.
—Frederic H. Hatch announces that Mr. Arthur C.
Badeau and Mr. Charles N. Daly have been admitted as
partners, and the business will hereafter be conducted under
the name and style of Frederic H. Hatch & Co.
—C. E. Hovey, San Francisco, Cal., is offering for sale
San Francisco, American
bonds of the Palace Hotel
Co.,& Pacific Grove Ry. and
River Electric Co., Monterey
Oakland Traction Co. •
—The attention of our readers is invited to the list of
railroad and industrial bonds offered in to-day's advertisement of Lee', Higginson & Co. of Boston, New York and
Chicago.
—It is announced that John W.James Jr., heretofore connected with Wrenn Bros. & Co., has become manager for
Megargel & Co.
—Rhoades & Co., members New York Stock Exchange,
announce the removal of their office from 7 Wall Street to
45 Wall Street, second floor.
—Mr. E. Bunge, dealer in investment securities, has removed from 42 Broadway to enlarged offices in the Cornmercial_CablelBidg., 20_Broad St.
JAN. 2 1909.1
THE CHRONICLE
Iu Tomutercial
COTTON.
COMMERCIAL EPITOME.
Thursday Night, December 31st 1908.
Practically the same conditions as recently have existed
during the past week. Holiday trade has been good.
Regular wholesale business has been somewhat slow, as
usual towards the close of the year. Merchandise transactions during 1908 were smaller than in 1907 or 1906,
but since the Presidential election, and'even before that
event, confidence has been slowly growing. Crops are
good and prices generally steady.
LARD on the spot has been stronger, with a somewhat
larger demand, partly, however, on speculation. Offerings
have been light and the strength of the grain markets has
also had a bracing effect on lard. A firm future market at
the West has also had some influence. Some sales have
been reported of late for export. Prime Western 9.90c.
and City 93Ac. Refined lard has been stronger for Continent
and unchanged for other grades. There has been a moderate demand and offerings have been light. Refined
Continent 10c., South America 10.60c. and Brazil in kegs
12c. The speculation in lard futures at the West has been
moderately active, with prices firm in the main with grain.
Packers have bought at times and there has been more or
less commission-house buying.
DAILY CLOSING PRICES
Sat.
Hollday.
January delivery - May delivery
July delivery
OF LARD FUTURES IN CHICAGO.
Mon.
Tues.
Wed. Thurs,
Fri.
9.5214 9.50
9 473
9.45
9.75
9.70
0.673
9.70
Holt9 85
9.80
9.825
9.82% day.
PORK on the spot has been quiet but firm with offerings
light. Mess $16 50@$17, clear $20@$23 and family
$17 50@$18 50. Beef has been extremely dull, but with
offerings and supplies light, prices have remained firm'
Mess $12 50@$13, packet $14®$14 50, family $16@$16 50
and extra India mess $24 50©$25. Cut meats have been
moderately active and generally steady. Pickled hams
9c. and pickled bellies 8/
3
4®10e. Stearines have been
fairly active and firm. Oleo 103/
2c. and lard 10M ®11c.
Tallow has been dull but strong at 5 8e. for City. Butter
has been moderately active and firmer; creamery extras
323/
2®33c. Cheese has been quiet and steady; State, f. c.,
small, Sept. fancy, 14e. Eggs have been dull and easier;
Western firsts 31c.
OIL.-Cotton-seed has been irregular, but on the whole
steady, with a larger demand. Winter 45@46c. and
summer white 403'@44c. Linseed has been stronger,
owing to a larger demand and a rise in the price of seed.
City, raw, American seed, 50®51c., boiled, 51@52c., and
Calcutta, raw, 70c. Lard has been dull, but stronger,
owing to small supplies and the strength of the raw material.
Prime 76@78c. and No. 1 extra 51@53c. Olive has been
quiet and firm at $1@$1 40. Cocoanut has been dull but
firm on light offerings. Cochin 7@7c. and Ceylon 6%
®7c. Peanut has been quiet and steady at 65@80c. Cod
has been moderately active and firm; domestic 38@40c.
and Newfoundland 40@42c.
COFFEE on the spot has been quiet but firmer. Rio
No. 7 6%66%e. and Santos No. 4 7% ®8c. West India
growths have been more active, with prices steady; fair to
1 ®9Y
le. The speculation in future contracts
good Cucuta 8Y
has been more active and prices have risen moderately,
owing to buying by commission houses on the cheapness of
the price and also because there is believed to be an extensive
short interest in existence on hedges which will be forced to
cover should prices advance much further. Strong cables
have also had some effect and so has a report that there is a
possibility that an import duty will be imposed.
The closing prices were as follows:
January
February
March
April _
6.50c.
5.55c.
5.60c.
5.60c.
May
June
July
August
5.60c.
5.50c.
5.450.
5.40c.
57
September
October
November
December
5.35c.
5.30c.
5.30c.
Thursday Night, Dec. 31 1908.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
292,837 bales, against 301,871 bales for six days last week
and 403,352 bales the previous week, making the total reeeiptssince the 1st of September 1908,6,230,355 bales, against
5,102,306 bales for the same period of 1907, showing an increase since Sept. 1 1908 of 1,128,049 bales. Receipts at-
Fri.
Sat.
Mon.
Tues.
IVey.
Thurs. Total.
Galveston
11,099 8,178 17,'780 31,323 13,589 14,066 96,035
Port
CorpusChrlsti,&c
--------------------2,481
2,481
New Orleans
15,381
1.073 12,234 18,544 17,9'71 16,847 82,050
9,052
Gulfport
------ 9,052
266 1,903 2,730 1,713
Mobile
1,390
322 8,324
1,475 5,900
Pensacola
438
-------------730
10
192
-_-528
---Jacksonville, &c.
Savannah
,0 8,069 2.66 3,24 3,973 27,702
-----------_
----6,492
__
Brunswick
18,898
25,390
322
' .
Charleston
__
132
-----------104
-------Georgetown ---___
----- -_
104
3,240 1,937 1,326
764 7,416
Wilmington
_--149
Norfolk
4,135 4,672 2,310 1,748
1,3'73 14,238
Newport N., &c..
------ -- - ----- - - ---New York
353 1,109
238
64
120 2,684
800
99
454
204
Boston
129
__
____
888
Baltimore
---------------4,883
1,140
__
023
----------152
Philadelphia_ _ _ _
100
52
Totals this week_ 49,865 40.278 49,895 61,037 39,960 51,802 292,837
The following shows the week's total receipts, the total
since Sept. 1 1908, and the stocks to-night, compared with
last year:
1908.
Receipts to
December 31.
Galveston
Port Arthur
CorpusChristl,&c.
New Orleans _ _
Gulfport
Mobile
Pensacola
Jacksonville, &c_
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
NewportNews,&c
Ne wYork
Boston
Baltimore
Philadelphia
Total
1907.
This Since Sep This Since Sep
we, k. 1 1908. week. 1 1907.
96,035 2,379,461 115,993 1,398,859
36,511
7,555
60,559
2,481
35,927
734
11,139
82,050 1,196,845 107,341 1,080,493
9,052
9,052
8,324 244,448 7,105 220,936
7,438
90,686 12,350
88,946
730
21,806
416
5,762
27,702 1,086,514 33,184 1,142,461
23,390 212,976 23,649 155,464
2,132 147,898 2,782 165,667
44
160
104
1,293
7,416 294,969 5,842 370,579
14,238 383,537 17,316 355,246
5,372
2,731
297
2,684
12,930
234
2,283
886
9,043
810
3,271
6,023
31,234
61,581
4,288
152
300
3,805
2,147
Stock.
1908.
1907.
190,006
262,286
339,084
287,820
70,419
61,261
159,208
39,587
19,985
160,380
34,867
25,564
12,800
28,879
6,337
43,125
14
188,584 135,652
7,863
6,256
28,355
15,781
2,578
1,986
-202.837 6.230.355 340.240 5.102.306 1.087.34R 1.041.329
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1904.
1907.
1906.
26,965
115,993
8,289
107,341
7,105
33,184
23,649
2,826
5,842
17,316
297
18,398
113,812
17,722
89,834
8,671
41,783
2,487
1,752
5.546
17,564
3,768
9,006
45,859
3,985
39,405
2,887
21,514
11,389
1,259
2,181
7,928
526
9,434
40,353
11,735
71,651
5,447
27,280
5,169
1,223
2,138
9,464
388
25,339
74,394
8,105
81,256
5,554
34,089
3,267
1,439
2,291
15,840
438
9,255
292,837
340,240
311,945
146,367
200,167
235,918
1908.
Galveston ._ _
Pt.Arthur,&c.
New Orleans
Mobile
Savannah _ _ _
Brunswick..
Charleston,&c
Wilmington
Norfolk
N'port N., &c
All others_ _ _ _
96.035
2,481
82,050
8,324
27,702
25,390
2,236
7,416
14,238
Total this wk_
1905.
1903.
Since Sept. 1_ 6,230,355 5,102,306 6,069,988 5,200,840 6,040,428 5,474,953
The exports for the week ending this evening reach a total
of 284,569 bales, of which 155,025 were to Great Britain,
16,874 to France and 112,670 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1908:
Week ending Dec. 31 1908.
From Sept. 1 1908 to Dec. 31 1908.
Exported toExported to
SUGAR.-Raw has been quiet and easier. Centrifugal,
Exports
96-degrees test, 3.67c.; muscovado, 89-degrees test, 3.17c.,
ContiGreat
fromGreat I
Contitest,
89-degrees
molasses,
2.92c. There has been a
and
BrUain.!Fr'rice neat. Total. Britain. France. nent.
Total.
done
of
business
late
in
small export
refined and prices have Galveston _ _ _ _
42,939163,736 966,940312,527 705,1421,984,609
been firm. Granulated 4.50@4.55c. Teas have been firm Port Arthur_ 120,797
15,517
20,994
36,511
2,559
2,559
and in good demand. Spices have been firm with a moderate Corp.Chris.,&c
New Orleans__ 23,000 1,250 9,243 33,493 429,058 118,7481 292,905 840,711
demand for small lots. Hops have been dull and steady..
Mobile
9,321
9,321
40,040 53,526
42,046 135,612
5,963 5,963
21,145 29,288 42,496 92,929
PETROLEUM.-Refined has been firm and active. Pensacola
Gulfport
4,132 4,92
9,059
4,132 4,920
9,052
Barrels 8.50c., cases 10.90c. and bulk 5c. Gasolene has Savannah
14,347 14,347 100,907 69,310 413,830 584,047
been inYgood demand and firm; 86-degrees, in 100-gallon Brunswick..
6,826 6,826 83,402
67,909 151,311
5,725
50,239 55,964
drums, 19e. Naphtha has been moderately active and Charleston..
Wilmington_
21,500 21,500 72,373 8,731 201,215 282,319
steady; 73©76 degrees, in 100-gallon drums, 16c.; drums Norfolk
50
1,393
23,993
50 22,600
Newport News
88 50 extra. Spirits of turpentine has been quiet and easy New
York__ _ _ 4,707 1,383 4,005 10,095 86,403 21,726 82,17
190,307
at 41c. Rosin has been quiet and steady; common to good Boston
2,389
50 2,439 53,033
7,368 60,401
Baltimore
15,668 2,800 43,915 62,383
straned $3 25.
Philadelphia _
4,474
27,075
22,601
TOBACCO.-The demand for domestic leaf has been light, Portland,
Me_
Francisco..
28,001
28,001
as usual at this time of the year, manufacturers of cigars San
Seattle
33,748 33,748
3,480 3,48
being closed down for inventory taking. There is a general Tacoma
7,265
7,265
4,267 4,267
feeling in the trade, however, that sales of leaf will show a Portland, Ore_l
distinct improvement early next year, as manufacturers in Pembina
Detroit
most cases are supposed to be carrying unusually small
Total
155,02516,874 112,670284,569 1,939.5441621,5702,047,6774,608,797
supplies. Sumatra and Havana have been quiet. Prices
generally have been steady.
Total 1907____ 130,75546,635 147,054324,4441,659,969486,939 1,775,6943,922,602
COPPER has been quiet but firm; Lake 14%®143c.,
electrolytic 1434c. Lead quiet at 4.17Me. Spelter quiet
In addition to above exports, our telegrams to-night also
at 5.10 ®5.15c. Tin has been quiet and easier at 28.90e. give us the following amounts of cotton on shipboard, not
Iron has been moderately active and steady; No. 1 Northern cleared at the ports named. We add similar figures for
$17@$17 50; No. 2 Southern $17 25(017 50.
NewAYork. ,
On Shipboard, Not Cleared forOther CoastGerGraz
Dec. 31 at- Britain. France many. Foreign wise.
Total.
Leaving
Stock.
418 43,733
9,385 3,137 10,193 20,620
New Orleans__
1,676
106,558
Galveston. ____ 22,844 21,207 60,831
12,220
1,360
10,880
Savannah 700
700
Oharleston_ _
1,000 22,800
Mobile -__-_- 11,100 6,000 4,700
10,485 10,985
500
Norfolk
4,600
700 1,000 1,400
1,500
New York
17,000 3,000
40,000
20,000
Other ports
295,351
83,448
146,988
10,285
47,619
17,894
183,984
51,183
Total 1008_ 65,309 31,044 104,584 28,056 12,603 241,596
Total 1007_ '114,094 34,103 91,325 36,425 40,455 317,302
Total 1906_ 132,472 49,603 55,635 27,429 56,132 321,271
845,752
724,127
071,264
Speculation in cotton for future delivery has been on a
narrow scale, but it has demonstrated the existence of afirm
undertone. A rapidly increasing stock here has had practically no effect. Neither have large receipts at the Southern
ports and interior towns. They have been large in spite of
some decrease. The slowing down of trade towards the
close of the year, the absence of the outside public and
some liquidation by discouraged longs have also failed to
make any deep impression. The dominant factors have
seemed to be the big absorption of cotton for consumption
and the relative cheapness of the price. Spot markets have
accordingly been reported firm. Exports have been liberal.
Liverpool has liquidated a good many of its straddles which
were originally made by selling New York and buying Liverpool, and which accordingly are closed out by buying in New
York and selling across the water. This has caused some
narrowing of the differences between New York and Liverpool,
but on the whole they have been remunerative. Certainly
the original straddles were made at much narrower differences
than have latterly existed between the two markets. Large
spot interests have been steady buyers of January and until
towards the close on Wednesday, December maintained a
premium over January of around 40 points. This premium
practically disappeared, however, under the selling of prominent holders of December. Manchester of late has sent
rather more cheerful reports about its trade and silver has
advanced. Though the crop movement has continued large,
there has been some decrease. Wall Street houses for the
most part have continued to buy, especially on recessions,
and some local and Southern shorts have covered. January
of late has shown especial strength, owing partly to buying
by spot interests and partly to covering of shorts rendered
nervous by the fact that the option was sparingly offered,
and that rumors prevailed that large interests would stop
the January notices however large they might be, and they
were expected to be large. To-day these rumors were verified by the prompt stopping of notices for January delivery
estimated at anywhere from 120,000 to 140,000 bales. This
was mostly done, according to common report, by large
Philadelphia cotton merchants. The result was an actual
advance in January in contrast with the usual decline on
days of heavy notices. This was the more striking from
the fact that the January notices this year are supposed to
have been the largest ever known in one day. Other bracing
factors were large spot sales in Liverpool, small estimated
receipts for Houston and New Orleans and buying by Wall
Street and spot interests. An increase in the local certificated stock of over 7,000 bales, making an increase of 111,000
bales for the month, had little or no effect. Spot cotton here
has been dull. Middling upland closed at 9.35c., an advance for the week of 5 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:
c 1.50 on
Fair
Strict mid. fair- __1.30 on
1.10 on
!diddling fair
Strict good mid _ _ _0.66 on
Good mIddling____0.44 on
Strict middling___0.22 on
Basis Good mid. ting'd_c_ Ever,
c
Middling
0.30 off Strict mid. tinged__0.20 oil
Strict low mid
1.00 off Middling tinged.. _0.30 off
Low middling
Strict good ord._ _ _1.50 off Strict low mid. ting.1.00 off
2.50 off Low mid, tinged...2,25 oft
Good ordinary
Strict g'd mid.tgd _0.35 on 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:
Dec. 25 to Dec. 31Middling uplands
Sat.
H.
Mon. Tues.
9.30
9.30
%ed. Thurs.
9.20
Fri.
.
NEW YORK QUOTATIONS FOR 32 YEARS.
1908_c
1907
1906
1905
1904
1903
1902
1901
[VoL.
THE CHRONICLE
58
9;35 1900_c
1899
10.65 1898
11.90 1897_
8.95 1806
13.50 1895
8.90 1894
8.44 1893
10.00
7.69
5.88
_ 5.94
7.19
8.38
5.75
7.81
1899 c
1801
1800
1889
1888
1887
1836
1885
9.88
7.81
9 31
10.25
9.75
10.56
9.50
9.19
1884_ c
1883
1882
1881
1880
1879
1878
1877.
11.06
'
10.44
10.25
12.00
11.94
12.56
9141
11
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Futures
Market
Closed.
Saturday
H OLIDAY_ _
Steady
Monday. Quiet
Steady
Quiet
Tuesday
W
Wednesday Quiet,
10 pts. dec.. Easy
Thursday _
15 pts. adv_ _ Very steady _
HOLIDAY_ _
Friday
Total
Sales of Spot and Contract.
Con- ConExport sum'n. tract.
Total.
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as followes:
rnfri-1--
II 21 21 21 .11
4
4 se 4 oe
el 01
01 01 @I 01 01 of of.
01 el @I....v.
.0
- 1 11 - 1 11
31 w l
001 II w l *6 1'
gl 21 21
oz
cr,4
g.
le)4)
4o;
4"
1303
1
0000
al Ra etC! ata" I a. Oh
C!C'D
co 00
000 COCO
ca
00
@ct
@)I
1
.
.
@)
01
01 0.
.
h0
oqo co. 0000
er1C,
CCI.Cp
c<a
000 pod 0.
'1 ww lw
ow WC NC*
001. CON
oqoq 0000
W OO
1
I :0.
CO. CO 0000 0000 5000
0000
@)I
ol
@I
@I
COM
00
NO
0300
hn
W.
hW
sq ec).
e°
0000
00 00
0000 0000
f OO
OW
rA0 MO 100 .1.01
COW to aa
COO; 0000
,0 00 00 00 0000
®I
el (Y)1
co @ CO
@
!
001.1-0100 0h
1.00
sq
R
00 00
0000
0000
0000
41 ON
:t:
4,
;
I! :16
00 00 0000
®I
€)
@I
NO 0)1 el ON
CO
Oh
h. 1.
1° OM
0;0; 0000
0000
0000
12
0.3
01
10,0
.6
1.6
WO
1 5°
12
0300
0000
00
0000
VN
WW
5050
0000
00
00000000
l a°
003
V0.0
00.0
0000
12
ISO
IC
01
00
ass
44
11-ia
44
m
'
4
Ei
03003
WOO
.01;
.10
SON
al
00
O ft
44
el el •1
00000000 000 00
00
00
4
Cl
00
I
"
452
f.-g
0'4
q
LIQ
b
.
be
0 v u 04
.
ggigtis
gg
0 IP
igjlicrl
IMq-,11011a
t
l
eolv45irga ga
ida
kg
u 4'urcs
1
g
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Wednesday
evening. But to make the total the complete figures
for to-night (Thursday), we add the item of exports from
the United States, including in it the exports of Thursday
only.
December 31Stock at Liverpool
Stock at London
Stock at Manchester
bales
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
44,000
1907.
824,000
15,000
54,000
1906.
1905.
749,000 1,089,000
6,000
11,000
47,000
48,000
091,000
14,000
406,000
275,000
3,000
34,000
42.000
4,000
893,000
16,000
309,000
203,000
4,000
20,000
18,000
24,000
802,000 1,126,000
11,000
11,000
359,000 372,000
160,000 223,000
2,000
3,000
9,000
13,000
72,000
85,000
2,000
1,000
778,000
594,000
632,000
1908.
91307:000000
691.000
Total European stocks
0000 1,487,000 1,434,000 1,817,000
9:0
65
1,77
138,0 0
78,000
India cotton afloat for Europe_ _ _
9 606,000
97
93
6
9'
American cotton aflt for Europe_ 928.385
940,080 81139
48,000
76,000
Egypt, Brazil, &c., alit. for E'pe
78,000
58,000
Stock in Alexandria, Egypt
293.000 253,000 249,000 205,000
Stock in Bombay, India
259,000 416,000 445,000 864,000
Stock in U. S. ports
1,087,348 1,041,329 1,292,535 1,095,248
746,851
Stock in U. S. Interior towns
558,095 713,804
033,658
45,481
55,801
u, S. exports to-day
69,128
21,064
Total visible supply
5,472,517 4,873,468 5,224,577 5,365,680
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales- 831,000 711,000 657,000 930,000
40,000
38,000
Manchester stock
35,000
43,000
7 680,000
00
k
1 :6 03
tc
90
o
a
51
t
o
s
lfi
a
a
t
i
00 8
l
08
i a
5:0
10
54
rin
5 0
00
38
1,0
28
3
Aomnet:
C
606,000
for Europe_ __ _ . 9
7
1,087,348 1,041,329 1,292,535 1,095,348
U. S. port stocks
1
746,851
604
5.8
13.
4 75
65
009
1:
58
U. S. Interior stocks
8 52
55
612
9:
63
93
45,461
U. S. exports to-day
Total American
East Indian, Brazil, &c.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
Total East India, &c
Total American
4,815,517 3,830.468 4,187,577 4,141,660
106,000
10,000
1000
7:
49
75,000
58,000
293,000
259,000
90
900
80
50
11113,
47186,000
2577389:S8g
0
9
900
90 0
,0
62:
99
41,000
139,000
78,000
:S83 IINg
130,000
11,000
8,000
22,000
138,000
48,000
205,000
864,000
857,000 1,043,000 1,057,000 1,224,000
4,615,517 3,830,468 4,167,577 4,141,660
Total visible supply
5,472,517 4,873,468 5,224,577 5,365,660
5.87d.
6.23d.
8.13d.
Middling Upland, Liverpool
4.90d.
10.750.
11.85c.
11.400.
Middling Upland, New York_ _ _ _
9.350.
8 Md.
10 Md. 1011-16(1.
Egypt, Good Brown, Liverpool_ _8 13-16d.
9.20d.
9.00d.
11.50d.
Peruvian, Rough Good, Liverpool
7.75d.
Broach, Fine, Liverpool
4 11-18d. 5 11-16d. 5 11-18d. 5 11-18d,
54d.
5Md. 5 7-16d.
Tinnevelly, Good, Liverpool_ __ _4 11-16d
Continental imports for the past week have been 164,000
bales.
The above figures for 1908 show an increase over last
week of 234,390 bales, a gain of 599,049 bales over 1907,
- an increase of 247,940 bales over 1906,and a gain of 106,857
900
51,900 517
bales over 1905.
10,900 10-,Sion
3,400 3,400
3,000 3,000
34,800 34,600
59
THE CHRONICLE
JAN. 2 1909.1
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year-is set out
in detal below.
0.1
FPKigigtIgiftlagiTP4MIT
Po*E-Oa.
P871,50a**g
F
53
a
Closing Quotations for Middling Cotton onWeek ending
December 31.
Sat'day. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans_ - _
Mobile
Savannah
Charleston
Wilmington_ _ - Norfolk - - - Boston
HOLIBaltimore
DAY.
Philadelphia - - _
Augusta
Memphis
St. Louis
Houston
Little Rock- -
8 13-16
8 13-16
8%
8%
9
9.30
8%
9.55
9
8 15-16
9 1-16
8%
831
83i
8 13-16
8 11-16
8%
854
9
9
9.30
9
9.55
9
8 15-16
9 1-16
83-i
834
8%
834
8
8 9-16
9
9
9.30
8 15-16
•
834
8 13-16
834
834
8%
9.
9.80
9
HOLIDAY.
9.55
9%
8 15-16
9%
834
834
NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
44,0
Sarday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Dec. 26. Dec. 28. Dec. 29. Dec. 30. Dec. 31. Jan. 1.
co
co
M
W
N $-.
N N.,,,,,..i,_,,
C 0. .
..
. ,,C. ON.. (.1
1.Pm7...0 ,
50 LIN.
7:.
)m.P.N.N.
00O00N0000.4. 0.1.2.
,m4000NN00000N00000=.0.40.4.000m..40p .''
N00.0M00.N0000000000N0N.00.0000.000
.
5.3
o
Iv
..
'6,
.4N.0053 .co.o owcab.qvoo ,
4 ocuommta00qm00.
00..1.4w.wo
.
,
.. A.../o..
,
4en.
l00
q....00.o.00...4A.P.00
,
m 0N0000.00ow0MN4NNN.400000.000,10e000
N W.P..cONN01-NW..*000010300000.0NOW0.4.4w.w
m
0
0
0
0.0. 00....w..
WNW WN..
N N.. ,
,,,, ;4,,
0 N.0Z0a .
00.1.V010.
00
...1 001,:cabco:1,..3
00 ..4,.. .0-4..
ou.00.e..00wqowoow.mo.e..w000v,tocoo
...1 ...le..
000zitvwoo.p.ouw..lo:owtoowo,000
.
.
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• 0,
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* This year's figures estimated.
•806I e ltAvnuvr 07 matuaaoll
0
The above totals show that the interior stocks have increased during the week 22,863 bales and are to-night 375,563
bales more than at the same time last year. The receipts
at all the towns has been 359 bales less than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing
the overland movement for the week and since Sept. 1, as
made up from telegraphic reports Thursday night. The
results for the week and since Sept. 1 in the last two years
are as follows:
December 31ShippedVia St. LouLs
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, doc
------1908-----Since
Week. Sept. 1.
20,460 351,001
9,239
198,437
2,365
10,169
3,116
44,287
2,297
28,459
7,624
92,045
11,347
136,648
--- 56,448 861,046
Week.
10,343
5,450
708
2,177
1,322
4,617
19,864
Since
Sept. 1.
172,704
83,996
5,807
26,918
15,690
36,947
97,845
44,481
439,907
85,701
27,379
17,486
5,832
3,042
2,899
40,663
41,256
31,038
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, &c_ _ _ 0,745
2,986
Between Interior otwns
1,223
Inland, &c., from South
Total to be deducted
13,954
Lavin total net overland*
42,494
130,566
730,480
11,573
32,908
112,957
326,950
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 42,49-1 bales, against 32,903 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 403,530
bales.
1908-----1907-----In Sight and Spinners'
Since
Since
Week. Sept. 1.
Takings.
Week. Sept. 1.
Receipts at ports to Dec. 31
292,837 6,230,355 340,240 5,102,306
Net overland to Doe. 31
42,494, 8
,908 326,950
Southern consumption to Dec. 31.... 48,000 7660000
47,000 866,000
Total marketed
Interior stocks in excess
383,331 7,726,835
22,883 818,733
420,148 6,295,256
4,462 477,512
Came Into sight during week
Total in sigh. Dec. 31
406,194
424,610
9,772,766
8,545,568
Northern spinn's takings to Dec. 31_. 67,287 1,426,001
44,372
730,670
Movement into sight in previous years:
Week1907-Jan. 4
1906-Jan. li
1905-Jan. 8
BaW.
Since Sept. 1431,925 1906-07-Jan.4
_ _201,746 1905-06-Jan. 5
266,207 1905-06-Jan, 5
Bales.
8,172,557
7,097,296
8,086,107
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of tie week.
DecemberRange
Closing
JanuaryRange
Closing
FebruaryRange
Closing
MarchRange
Closing
Range
Closing
MayRange
Closing
JuneRange
Closing
JulyRange
Closing
OctoberRange
Closing
ToneSpot
Options
8.87-.92 8.92-.96- @ -- @ 8.92*
8.82-.89
8.85-.90 8.87-.92 8.88-.94 8.92-.99
8.90-.92 8.90-.91 8.87-.88 8.98-.99
_ ® _ ___ ® __ ____ ®
___ ® _
8.90 * 8.90 * 8.89 * 8.99 8.87-.95 8.91-.94 8.90-.96 8.92-.03
8.95 - 8.92-.93 8.90-.91 9.02-.03
HOLI- - @ -- @ -- @ -- @ - HOLI
DAY. 8.98 * 8.94 * 8.92 * 9.04 - DAY.
8.96-.02 8.98-.02 8.98-.02 9.00-.11
9.02-.03 8.98-.99 8.98-.09 9.10-.11
___ ® _
...._ ® ___ ___ ® ___ _ ®
9.04 * 9.01 * 9.00 * 9.14 *
9.05-.10 9.06-.09 9.07-.10 9.09-.18
9.10-.12 9.07-.08 9.06-.07 9.18-.19
8.66-.72 8.64-.70 8.65-.68 8.68-.74
8.72-.73 8.67-.68 8.64-.65 8.73-.74
--d
Steady. V'y st'dy Steady. Firm.
Quiet. Steady. Steady. Steady.
t_a Nominal.
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph this evening from the South indicate a continuance of generally favorable weather during the week.
The movement of cotton to market continues quite free for
the season.
Fort Worth, Texas.-There has been rain on one day of the
week, the precipitation being one hundredth of an inch.
The thermometer has averaged 54, ranging from 36 to 72.
Palestine, Texas.-There has been rain on three days during the week, to the extent of sixty-six hundredths of an inch.
The thermometer has ranged from 48 to 70, averaging 59.
San Antonio, Texas.-It has rained on one day during the
week, the rainfall being six hundredths of an inch. Average
thermometer 58, highest 76, lowest 40.
Taylor, Texas.-Rain has fallen on one day of the week,
to the extent of three inches and sixty-nine hundredths.
The thermometer has averaged 50, the highest being 64 and
the lowest 38.
Abilene, Texas.-We have had no rain during the week.
The thermometer has averaged 52, ranging from 34 to 70.
New Orleans, Louisiana.-We have had rain on one day
during the week, the rainfall being one inch and thirty-five
hundredths. The thermometer has averaged 60.
Greenwood, South Carolina.-Dry all the week. Average
thermometer 47, highest 56 and lowest 38.
Vicksburg, Mississippi.-Rain has fallen on two days the
latter part of the week, the precipitation reaching thirtythree hundredths of an inch. The thermometer has averaged
57, ranging from 36 to 72.
Helena, Arkansas.-There has been rain (drizzles) on three
days during the week, the rainfall being eighty-four hundredths of an inch. The thermometer has ranged from
31 to 61, averaging 51.6.
Mobile, Alabama.-There has been rain on two days during
the week, to the extent of one inch and twenty-two hundredths. The thermometer has ranged from 30 to 73,
averaging 57.
Montgomery, Alabama.-The week's rainfall has been
twenty-eight hundredths of an inch on one day. Average
thermometer 55, highest 70, lowest 35.
Selma, Alabama.-There has been rain on two days the
past week, to the extent of five hundredths of an inch.
The thermometer has averaged 49, the highest being 68 and
the lowest 31.
Memphis, Tennessee.-It has rained on four days of the
week, the rainfall reaching one inch and fourteen hundredths.
. The thermometer has averaged 51.2, the highest being 60.4
and the lowest 35.9.
Madison, Florida.-We have had showers on one day
during the week. The thermometer has averaged 60,
ranging from 31 to 75.
Augusta, Georgia.-We have had rain on two days during
the week, the rainfall being two hundredths of an inch.
The thermometer has ranged from 34 to 66, averaging 51.
Savannah, Georgia.-It has rained on one day of the
week, the precipitation reaching twenty-eight hundredths
of an inch. Average thermometer 60, highest 77, lowest 44.
[VOL.
THE CHRONICLE
60
Charleston, South Carolina.-We have had rain on two
days of the week, the rainfall being six hundredths of an inch.
The thermometer has averaged 53, the highest being 66 and
the lowest 40.
Charlotte, North Carolina.-There has been rain on two
days during the week, the rainfall being forty-one hundredths
of an inch. The thermometer has ranged from 33 to 58,
averaging 47.
Galveston, Texas.-It has rained on one day of the week,
the precipitation reaching eighty hundredths of an inch.
Average thermometer 52, highest 70, lowest 34.
Corpus Christi, Texas.-We have had rain on two days
during the week, the precipitation being forty-five hundredths
of an inch. The thermometer has averaged 59, the highest
being 74 and the lowest 44.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1908.
Cotton Takings.
Week and Season.
1907.
Season.
Week.
Week.
Season.
4,705,720
5,238,127
Visible suppyl Dec. 24
1,714,982
2,291,844
Visible supply Sept. 1
American in sight to Dec. 31_ _ 406,194 8,545,568 424,610 6,772,768
95,000
452,000
81,000
543,000
Bombay receipts to Dec. 31_ _
90,000
6,000
3,000
Other India ship'ts to Dec. 31_ _
95,000
559,000
38,000
38,000
Alexandria receipts to Dec. 30.. _
648,000
126,000
10,000
5,000
Other supply to Dec. 30*
156,000
5,771,321 11,487,550 5,279,330 10,506,612
Total supply
DeductVisible supply Dec.31
5,472,517 5,472,517 4,873,468 4,873,468
298,804 6,015,033
231,804 4,907,033
67,000 1.108,000
Total takings to Dec. 31
Of which American
Of which other
405,862 5,633,144
332,882 4,278,144
73,000 1,355,000
• Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Lxxxvni.
Total bales.
NEW YORK-To Liverpool-Dec. 24-Baltic, 3,030 upland, 47
3,077
foreign
To Manchester-Dec.23-Camoens,988 upland,542 Sea Island 1,530
100
To Hull-Dec. 28-Galileo, 100
To Havre-Dec. 24-Oceano, 1,217 upland, 166 Sea Island.... 1,388
354
To Trieste-Dec. 29-Alice, 354
3,250
To Japan-Dec. 26-Dacre Castle, 3,250
401
To China-Dec. 26-Dacre Castle, 401
GALVESTON-To Liverpool-Dec. 23-Cara,6,898_ _ _ _Dec. 24Milwaukee, 22,104._ _Dec. 26-Cuthbert, 10,168; Irak, 23;
639_ -_Dec. 28-Magician, 12,408-- _Dec. 29-Etonian, 15.111,930
978; Mount Royal, 20,738
500
To Belfast-Dec. 23-Carrigan Head, 500
8,367
To Manchester-Dec. 29-Maria de Larrinaga, 8,367
To Bremen-Dec. 24-11111glen, 11,073_ __Dec. 28-Koln,
24,315
12,342
4,264
To Reval-Dec. 23-Carrigan Head, 4,264
676
To Riga-Dec. 23-Carrigan Head, 676
To Barcelona-Dec. 26-Dinnamare,675; F. S. Clampa,4,679_ 5,354
To Genoa-Dec. 26-Dinnamare,3,641; r. S. Clamps, 4,680._ 8,330
20,500
NEW ORLEANS-To Liverpool-Dec. 26-Armenian, 20,500_
2,500
To Belfast-Dec. 31-Glenarm Head, 2,500
• 1,250
To Dunkirk-Dec. 30-Silkworth Hall, 1,250
100
Dec.
100
To Rotterdam
30-Slikworth Hall,
4,975
To Barcelona-Dec. 26-Catalina, 4,975
4,168
To Genoa-Dec. 26-Catalina, 4,168
9,321
MOBILE-To Havre-Dec. 26-Aydin, 9,321
5,963
PENSACOLA-To Bremen-Dec. 26-Ernesto, 5,963
GULFPORT, MISS.-To Liverpool-Dec. 24-Conway, 4,132... 4,132
4,920
To Havre-Dec. 24-Conway, 4,920
5,570
SAVANNAH-To Bremen-Dec. 24-Jeserle, 5,570
128
To Hamburg-Dec. 29-Michael Ontchoukoff, 128
100
To Rotterdam-Dec. 24-Jeseric, 100
200
To Gothenburg-Dec. 24-Jeseric, 200
100
To Norrkoping-Dec. 24-Jeseric, 100
850
To Reval-Dec. 29-Michael Ontchoukoff, 850
200
To Riga-Dec. 29-Michael Ontchoukoff, 200
6,099
To Barcelona-Dec. 28-Soperga, 6,099
000
To Genoa-Dec. 28-Soperga, 000
200
To Naples-Dec. 28-Soperga, 200
6,826
BRUNSWICK To Bremen Dec. 28 Barenfels, 6,826
15,800
WILMINGTON-To Bremen-Dec. 31-Helena, 15,800
5,700
To Ghent-Dec. 29-Holmlea, 5,700
50
NORFOLK-To Hamburg Dec. 25 Karthago, 50
BOSTON-To Liverpool-Dec. 23-Sylvania, 719.. _ _ Dec. 242,380
Canadian, 648._ _Dec. 29-Ivernia, 1,022
50
To Yarmouth-Dec. 28-Boston, 50
3,480
SEATTLE-To Japan-Dec. 25-Adato, 3,480
4,267
TACOMA-To Japan-Dec. 30-Tencer, 4,287
Total..- ________________________________________________ 284,569
December 31.
1908.
1907.
1906.
Receipts at-
Since
Week. Sept. 1.
Since
Week. Sept. 1.
Since
Week. Sept. 1.
432,000 95,000
81,000
Bombay
Exports from-
Bombay1908
1907
1906
Calcutta1908
1907
1906
Madras1908
1907_
1906
All others1908
1907
1906
Great
Britain.
Total.
-
Continent.
Total.
2,000 8.000 10,000
1,000 12,000 13,000
3,000 32,000 35,000
4,00
5,000
10,000
133,000
156,000
273,000
137,000
161,000
283,000
1,000
4,000
1,000
2,000
11,000
8,000
17,000
15,000
9,000
19,000
3,000
8,000
1,000
7,000
16,000
7,000
10,000
24,000
8,000
3,000
6,000
2,000
5,000
7,000
4,000
60,000
55,000
44,000
65,000
62,000
48,000
;
2,000 11,000 13,000
1,000 18,000 19,000
6,000 32,000 38,000
16,000
21,000
17,000
211,000
235,000
341,000
227,000
256,000
358,000
1,000 •
____
3,000
6,000
____
2,000
Total all1908
1907
1906
684,000
Since Septembe r 1.
For the Week.
Great ContiBritain. nent.
543,000 84,000
WI ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
December 30.
Receipts (cantars)This week
Since Sept. 1
1908.
1907.
1906.
290,000
4,193,920
280,000
4,858,582
280,000
4,843,881
This Since
This Since
This Since
week. Sept. 1. week. Sept. 1. week. Sept. 1.
Exports (bales)-
5,500 129,270
_ 108,520
6,500 143,651
2,250 30.047
6,5001 86,561
5,710 79,186
6,250 115,688
2,250 25,383
To Liverpool
To Manchester
To Continent
To America
Total exports
20.750306.818
I
Note.-A cantar is 99 lbs.
I
9,000 126,936
5,000 102,660
7,250 150,404
6,750 46,028
14,250 411,488 28,000 426,028
Egyptian ha es weigh about 750 lbs.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
firm for both yarns and shirtings. The demand for both
yarn and cloth is improving We give the prices for today below and leave those for previous weeks of this and
last year for comparison.
1907.
1908.
328 Cop
Twist.
d.
83.( lbs. Shirt- Corn
trigs. common Mid.
to finest.
Uprs
d. e. d.
s. d.
32s Cop
Twist.
d.
834 lbs. Shirttags, common
to finest.
d. e. d.
s. d.
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, Sm., at that port:
Dec. 11.
bales. 47,000
Sales of the week
Of which speculators took__ 3,000
Of which exporters took_ __ _ 2,000
42,000
Sales, American
14,000
Actual export
77,000
Forwarded
mated
636,000
Total stock-Esti
Of which American-Est... _536,000
Total imports of the week.. _ _ .189,000
172,000
Of which American_
604,000
Amount afloat
542,000
Of which American
Dec. 18.
38,000
1,000
1,000
33,000
9,000
101,000
713,000
603,000
187,000
157,000
561,000
501,000
Dec. 24
30,000
100
400
26,000
4,000
62,000
769,000
663,000
121,000
110,000
561,000
495,000
Dec. 31.
37,000
100
33,000
17,000
113,000
937,000
831,000
,297000
260,000
376,000
331,000
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:
Saturday.
Spot.
Market,
12:15
P. M.
1
Quiet.
3
Mld.Upl'ds
Sales
Spec.&exp.
Monday.
HOLIDAY.
Tuesday. Wednesday. Thursday.
Dull.
Moderate
demand.
4.96
4.99
4.99
4.09
8.000
200
5,000
200
10,000
200
14,000
200
Quiet at
34851 pt.
decline.
Steady at
102 pts.
decline.
1
I
Steady at
2 points
advance,
Quiet at
102 pts.
advance.
Market 1
4
P. M. 1
Steady at
3856 pts.
advance.
Steady at Steady at Steady at
Ii@334 1 pt. dec.to 3401 pt.
pts. adv. 134 pts.adv decline.
Futures.
Market
pened
Friday.
Fair
business
doing.
HOLIDAY.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of u pland, good or ordinary
clause, unless otherwise stated.
The prices are given in pence and 100t8s.
Sat.
Mon.
Tues,
7'hus 4 78 means 4 78-100d.
Wed.
26
Thurs.
Fri.
51
4
4 1234 4 1234 4 123.1 4 12
12311234 1234
to
Dec. 31. P.m. P.m. P.m. p.m. p.m. p.m. p.m. p.m. p.m. P.M. P.m. P.m•
d.
d.
d.
d.
d.
d.
d.
d. d.
a. Ht.
a.
4 78 8034 83 84 8334 85
December
81-55
4 76 7734 79 8034 81
82 80 8134
Dec.-Jan
4 7534 77 78 79 .7834 80 78 7034
Jan.-Feb
4 75 7631 7734 78 17 78 76 7734
Feb.-Mch.
4 7434 76 7734 7734 77 7734 76 77
Meh.-Apr.
4 75 76 7734 7734 77 7734 78 77
Apr.-May
4 7534 7634 78 78 , 77 78 7634 7734
May-June
4 76 7634 78 78 77 78 7634 7734 HOLTHOLIJune-July
DAY.
July-Aug_ DAY. 4 '7534 76 7734 7734 7634 7734 76 77
4 6934 69 7034 7034 6834 6934 68 89
Aug.-Sep _
84
64
65
65
4
63
65 66 66
Sep.-Oct _
4 6134 6134 6234 62 5934 61 60 6034
Oct.-Nov_
4 5934 5934 6034 60 '5734 59 58 5834
Nov.-Dec.
4 59 59 60 5934 57 5834 5734 58
Dec.-Jan
4 5834 5834 5934 59 5634 58 57 5735
Jan.-Feb
Corn
Upt's
d.
BREADSTUFFS.
Thursday, Dec. 311908.
Prices for wheat flour have ruled firm and in some cases
have advanced moderately during the week. The strong
6.35
@8 4 9 08 43 4.97 1034 (4) 11A 6 134@9 6
7%
the trading has
6.38 tone has been due to the rise in wheat, as
79-16 0 83 4 73408 434 4.86 1034
1134 6 134889 6
83 4 6 08 3
4.82 107-160 11 6 0 09 434 6.10 continued on an exceedingly small scale in the local market,
7A,
6.08
11 6 0 09 3
all 84 4 6 08 334 4.92 10%
73/s
has been a moderately large business at.the
6.13 though there
08 3-16 4 63408 434 4.99 1034
7A
1134 6 0 09 3
large Northwestern markets, where some export transactions
SHIPPING NEWS.-As shown on a previous page, the have been reported of late. The output of the mills', however,
exports of cotton from the United States the past week have has shown a noteworthy reduction of late, as withdrawals
reached 284,946 bales. The shipments in detail, as made on old contracts have fallen off. Rye flour and corn meal
have been quiet and steady.
up from mail and telegraphic returns, are as follows:
Nov
20
27
Dec
4
11
18
24
31
8
71:
@ 8% 4 10A08 6
0 8% 4 10 08 6
5.07 loq
5.08 10%
6.00
1134 6 1 09 8
1134 6 1%09 734 6.18
JAN. 2 1909.1
THE CHRONICLE
Wheat has advanced, owing mainly to reduced estimates
of the Argentine exportable surplus, small receipts in this
country and fears of damage to the winter-wheat crop in
the Southwest from a cold wave, as the plant in many sections lacks snow protection. Estimates of the Argentine
exportable surplus received of late have been in the neighborhood of 100,000,000 to 105,000,000 bushels, the reduction
from higher figures having been caused by recent heavy rains
in that country, which appear to have caused considerable
damage. However that may be, Argentina has not been
offering to Europe as freely of late as it did a while back,
and this fact has had a stimulating effect on both sides of
the water. The receipts, particularly at the Northwest,
have fallen far below the arrivals of a year ago. The dimin
ished movement is, no doubt, due in some measure at least
to heavy snows in the spring-wheat region, but the belief
of very many close students of the situation is that supplies
in the hands of farmers and in country elevators have fallen
to so low a stage that there is no likelihood of any material
increase in the receipts during the remainder of the season
unless prices should advance sharply. Moreover, the cash
business has increased of late, partly for export, and bulls
contend that unless Argentine offerings and shipments to
Europe increase markedly in the near future, there is every
prospect of a still further increase in the export purchasesin
this country. World's stocks showed a strikingly small
increase last week as compared with the figures of a year
ago,and some express the opinion that from now on decreases
are to be expected. Leading Chicago interests have bought
and shorts have covered rather freely at times. On the
other hand, the action of the foreign markets has not been
very encouraging to the believers in higher prices. Foreign
crop reports, moreover, have been in the main favorable,
and it is argued that, regardless of the size of Argentine's
exportable surplus, increased shipments from that country
which are expected in the not distant future are certain to
have a depressing effect for a time at least. A statistician
issued a report during the week showing an improvement in
the condition of the American winter-wheat crop within 20
days of.about 4
To-day prices declined, owing to disappointing cables, favorable Argentine advices, predictions
of warmer weather in the Southwest, and liquidation.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red winter
10854 107% 10934
108
December delivery in elevator
Holl- 10954 110
110
10934 HollMay delivery in elevator
day. 11134 112
11234 112
day.
July delivery in elevator
10531 10654 10634 10634
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO
Sat. Mon. Tues. Wed. Thurs. Fri
December delivery in elevator_ _ _ _
103
103 34 104 4 104j
May delivery In elevator
Holl- 10654 10734 10834 10754 HollJuly delivery In elevator
day. 98'% 9954 100
983-4 day.
61 .
GRAIN.
Wheat, per bush.c.
Corn per bush.N. Duluth, No. 1
No. 2 mixed
11934
N. Duluth, No. 2
:1754
No. 2 yellow
Red winter, No.2
f.o.b.10934
No. 2 white
Hard "
"
11654 Rye, per bush.Oats, per bush.No.2 Western
Natural white
541155
State and Jersey
No. 2 mixed
54 ®5454 Barley-MnItinv.. __
Natural white clipped 5634 II. 58%
Feeding 1. o. b. N. Y
Of.7
C.
66
6634
ST
7154
Nominal.
65 ®70
69070
The satement of the movement of breadstuffs to market as
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts atChicago ____
Milwaukee
Duluth*
Minneapolis*
Toledo
Detroit*_......
Cleveland__..
St. Louis
Peoria
KansasCity*
Tot.wk.'08
Same wk.'07
Same wk.'06
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56lbs.
128,242
158,249 2,114,734 1,351,000
418,800
31,000
31,150
72,000
344,000
168,000
207,600
22,500
254,288
12,150
53,138
47,091
4,981
1,195,440
166,980
341,250
264,450
27,900
15,000
34,300
19,500
1,000
4,200
7,680
38,328
46,600
1,119
3,500
68,480
121,457
5,571
42,810
179,000
556,600
326,400
102,700
3,000
31,750
4,000
233,200
133,500
74,000
10,000
357,000
196,900
135,500
r
239,271 2,246,157 3,765,672 2,698,345 1,120,212 100,381
344,734 3,884,900 4,662,088 4,496,422 1,403,341 115,490
314,504 4,863,607 6,017.414 2,848,445 1,652,429 209,877
Since Aug. 1
9,861,837 151,634,636 56,529,357 83,994,451 48,559,718 3,948,437
1908
8,328,602 124,138,320 81,233,360 89,418,891 38,892,220 4,046,400
107
1906
10,362,466 132,270,326 78,407,506 100,074,030 38,180,673 4,189,865
*Four days only.
Total receipts of flour and grain at the seaboard ports for
the week ended Dec. 26 1908 follow:
:1
I Flour. Wheat,
Corn,
Oats, Barley,
Rye,
Receipts atNew York *
Boston
Portland, Me
Philadelphia
Baltimore
Richmond
New Orleans a*
Galveston*
Mobile
Montreal
St. John
bbls.
143,834
42,418
8,834
60,237
37,327
4,320
14,167
2,300
4,174
7,585
bush.
170,000
678,751
270,993
424,790
11,160
18,434
29,900
11,000
_.__
33,682
106,040
325,196 1,754,750
Total week
Week 1907
356,921 3,311,166
Since Jan. 11008.18,810,390 120018,501
Since Jan. 1 1907_19,779,188 130795,240
bush.
152,950
6,333
234,925
284,823
13,308
211,000
169,000
4,538
9,209
82,992
bush.
bush.
211,500 129,600
82,460
1,250
17,000
80,052
4,000
26,055
1,165
24,000
66,500
31,094
bush.
1,950
3,832
910
7,138
1,169,078
521,661 160,153
6,692
1,537,832
669,728 81,850 56,441
44,981,837 43,450,996 6804,685 2909,414
88,236,754 53,486,594 4853,480 2464,411
a Receipts do not Include grain passing through New Orleans for foreign ports on
through bills of lading.
*Four days only.
The exports from the several seaboard ports for the week
ending Dec. 26 1908 are shown in the annexed statement:
Wheat,Z. Corn, Flour,n; fOats,
Rye, Barley,
Peas,
Indian corn futures have been stronger, owing chiefly to
Exports frombush,
bush.
bbls.
bush.
bush.
bush.
bush.
New York
494,509 102,695 57,912
6,855
1,266
smaller country offerings and receipts coincident with an Portland,
Me.-- 270,993
8,834
17,000
increase in the cash demand. Large Chicago shorts have Boston
192,820 119,999 9,455
44,323
-- 582,587 160,959 39,802
covered freely during the week and there has been consider- Philadelphia
Baltimore
32,006 189,071
914
able commission-house buying, while cash interests have New Orleans ____ 64,000 211,229 17,199
267
378
344,570 2,020
also bought futures as a hedge against cash sales. Cash Galveston
Mobile
4,538 2,300
prices have been stronger. There has been a noteworthy St. John, N. B 106,040 82.992 7,585
increase in the export demand. A further decrease in the
1,742,949 1,216,053 146,021
Totat week
7,233
61,323
1,533
receipts is expected by reason of recent cold, stormy weather Week
2,733,915 885.534 277.467
1907
10,695 25,831
19,127
over many parts of the West. At times realizing and short
selling have caused setbacks in the price,but they have been W'45 'he destination of these exports for the week and since
only temporary. To-day the market was weaker early on July 1 1908 is as below:
-Flour
Wheat------- -Corn
the decline in wheat, favorable weather, selling by cash
Since
Since
Since
interests and realizing. Later an advance occurred on cover- Week
July 1
Week
July 1
Week
July 1
Exports for week and Dec.26.
1908. Dec. 26.
1908. Dec. 26.
1908.
ing.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
6534 6534 60
66
December delivery in elevator
Holl- 68
66
66
6654 HollMay delivery In elevator
day. 6754 67 N 68% 68 % day.
July dellvery in elevator
67% 67 % 68% 68 %
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_ _ _ _ _
57
573-4 5851 5751
May dellvery in elevator
Holl- 61
6i5-4 81 % 6154 HoltJuly delivery in elevator
61 94 62
day. 61
613-I day.
since July 1 toUnited Kingdom__
Continent
So. & Cent. Amer...
West Indies
Brit. No. Am. Cols_
Other Countries.__
Total
Tgtal 1907
bbts.
bbl-s.
bush.
bush.
88,711 3,032,465 1,093,970 37,182,590
19,265 1,407,522 648,979 38,410,521
11,826 338,229
183,857
26,132 732,250
150
59,536
87 158,705
51,488
bush.
bush.
768,618 4,714,215
420,958 4,715,944
1,409
20,455
25,068
599,559
6,400
12,672
146,021 5,728,707 1,742,949 75,828,606 1,216,053 10,069,245
277,467 5,853,416 2,733,915 69,418,729 885,534 23,735,892
The world's shipments of wheat and corn for the week
ending Dec. 26 1908 and since July 1 in 1908 and 1907 are
Oats for future delivery in the Western market have been shown in the following:
stronger with the rest of the grain list. Receipts have been
Wheat.
Corn.
small, the cash demand has increased and cash interests
have been good buyers. The speculation of late has been on
Exports.
1908.
1907.
1908.
1907.
a much larger scale than recently, as commission houses have
Since
Week
Strut
Week
Since
Since
in many cases taken hold on the long side and shorts have
Dec. 26.
July I.
July 1.
Dec. 26.
July 1.
July 1.
covered freely. Cash prices have been strong, feeling the
Bushels. Bushels.
Bushels. Bushels. Bushels.
Busheis.
effects of the larger demand. To-day prices were easier, North Amer. 2,879,000
110,579,700 98,112,000 1,496,000 9,659,400 21,318,000
owing to the depression in wheat, a falling off in the cash Russian
1,200,000 37,208,000 50,128,000 416,000 7,849,500 13,320,000
Danubian
1,464,000 24,688,000 19,008,000 969,000 12,362,500 29,640,000
demand and liquidation.
Argentina _ 520,000 28,919,000 10,016,000 246,000 41,944,500 33,944,000
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Wed.
7'hurs.
Tues.
Fri.
No. 2 mixed-54-5434
54-5434
54.543-4
54-543-4
White.clipped, HollHoll34 to 361bs_ day. 5054-5854 5634-5854 5634-5854 5654-58 54 day.
DAILY CLOSING PRICES OF OATS IN CHICAGO.
Sat. Mon. 7 ues. Wed. Thurs. Fri.
Decemlier delivery in elevator
493.4 4954 4954 493-4
May delivery in elevator
Holl- Si % 51 Ti 52
51 % HollJuly delivery in elevator
day. 463-4 4694 463-4 4634 day.
Australian__
0th. eountr's
384,000
144,000
8,120,000 5,000,000
7,498,000 17,944,000
Total ___ 0,591,000 217,012,700 200,208,000 3,127.000 71,815,900 98,222.000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
The following are closing quotations:
Low grades
Second clears
Clears
Straights
Patent, spring.
Patent, winter
Kansas clears
FLOUR.
$3 253$I 50 Icaneas mu/tights
3 25 .o 3 40 Iklended clears
4 25 .9 4 50 City patents.
4 80 tp 4 90 Rye flour
5 40
5 85 Buckwheat flour
4 85,1) 510 Graham flour
4 10V 4 45 Corn meal_
$4 751 .$4 90
5 30® _6 00 a) 6 40
$ 60 h a 50
2 35 @ 2 50
3 90
a 10
3 70 Z1, 3 90
United
Kingdom. Continent.1
Bushels.
Dec. 26 1908_ 15,072,000
Dec. 19 1908_ 16,080,000
Dec. 28 1907_ 17,160,000
Corn.
Total.
Bushels. Bushels.
8,160,000 23,232,000
8,720,000 24,800.000
8,160,000 25,320.000
United
Kirtodom. Continent.
Bushels.
4,420,000
5,440,000
3,360,000
Total.
Bushels. Bushels.
5,780,000 10,200,000
5,780,000 11,220,000
4,800,000 8,160.000
[VOL.
THE CHRONICLE
62
777,741 177,268,068
2,164,054
133,026,470
09,193,178
-----1908----
New York to Dec. 26.
Great Brita nOther European
China
India
Arabia _
'Vries
West Indies
calm,
Central America
South America
Other countries
Total
Week.
19
29
750
80
893
45
188
477
154
111E
-----1907----
SinceSince
Week. Jan. 1.
Jan. 1.
905
1,540
25,214
15,584
33,921
10,203
29,486
1,803
15,614
41,354
21,897
17
1:59d
24
1,510
2
4:0
26
9154
___
1
408
60
5
247
402
26,425
4,079
23,334
2,508
12,574
44,004
24,808
- 172,023
82,650
E.
cm
an
7.1
t
ta)
E.
'.635 107,521
-
706,495 129,955.140
13,078
E PERIOD.
The value of these New York exports since Jan. 1 has been
The visible supply of grain, comprising the stocks in
827 in 1908, against $10,664,996 in 1907.
$12,146,
and
at
lake
tion
of
accumula
points
principal
the
granary at
have been increased inquiries for domestic cottons
There
as
follows:
was
1908,
26
Dec.
ports
seaboard
orders actually booked have been light in the
new
but
AMERICAN GRAIN STOCKS.
demand for small lots for immediate delivery is
;
aggregate
Barley.
Rye,
Oats,
Corn,
Wheat.
bush.
bush.
still a feature and available supplies are limited. Prices
bush.
bush.
bush.
112,000
346,000 on prints and ginghams rule steady, but bleached goods
733,000
604,000
2,918,000
New York
6,000
38,000
36,000
81,000
524,000
Boston
are somewhat firmer on contracts. Some improvement is
26,000
73,000
286,000
1,001,000
Philadelphia
2,000 reported in the call for wash goods for spring. Linings
206,000
173,000
857,000
618,000
Baltimore
141,000
866,000
468,000
New Orleans
have continued dull, but shipments are large. Denims,
654,000
828,000
Galveston
202,000 1,473,000 sheetings, tickings, &c., have been only moderately active.
1,699,000
41,000
3,613,000
Buffalo
80,000
213,000
555,000
8,224,000
afloat
No business has been put through for China account this
67,000
214,000
284,000
530,000
Toledo
week, although, as noted, inquiries have increased and bids
70,000
afloat
75,000
170,000
309,000
737,000
Detroit
slightly, owing largely to the recent advance in silver;
55,000 1,016,000 raised
860,000
1,665,000
5,314,000
Chicago
ent, however,
37,000
380,000 trade is not expected to show much improvem
258,000
284,000
525,000
Milwaukee
25,000
485,000 until after the Chinese New Year in the latter part of Jan992,000
13,000
5,874,000
Duluth
113,000
1,273,000
2,249,000
208,000
13,914,000
Minneapolis
done with miscellaneous
20,000
197,000 uary. Some business has been
706,000
350,000
2,665,000
St. Louis
261,000
174,000
including Manila and the West Indies. The print
3,682,000
Kansas City
ports,
5,000
24,000
inquiry
803,000
145,000
Peoria
cloth market has been quiet, but with a little more
325,000
173,000
371,000
Indianapolis
converters for certain constructions; odd goods for
from
Total Dec. 26 1908_51,676,000 6,994,000 10,248,000 1,080,000 5,396,000 future delivery display a firmer tendency. Regulars remain
9,554,000 1.073,000 5,509,000
5,570,000
Total Dec. 19 1008_ _52,061,000
unchanged at 3 7-16c., and it is difficult to do anything in
CANADIAN GRAIN STOCKS.
wide goods under 4c.
standard
Rye,
Barley,
Oats,
Corn,
Wheat,
bush.
bush.
bush.
bush.
bush.
N GOODS-About the only noteworthy feature
WOOLE
206,000
51,000
25,000
36,000
Montreal
in dress goods is the increase in the number of repeat orders
Toronto
at
2,787,000
Fort William
for spring fabrics, with requests for deliveries by March
1,546,000
Port Arthur
the latest; owing to the lateness of the season, however, mills
1,386,000
Other Canadian
unable to accept much of this business. It has
206,000
51,000 have been
25,000
Total Dec. 26 1908_ 5,755,000
goods manufacturers
206,000
76,000 developed that some foreign dress
24,000
Total Dec. 19 1908__ 5,195,000
to
cannot make deliveries as desired, and this is expected
SUMMARY.
has been
little
Very
fabrics.
domestic
of
position
the
help
Rye
Oats,
Barley,
Corn,
Wheat,
the initial
bush,
bush,
bush.
bush,
bush.
done yet for the next fall season, aside frommohairs
and
6,994,000 10,248,000 1,080,000 5,396,000
staple
51,676,000
as
American
such
opened,
recently
lines
on
business
206,000
25,000
51,000
6,755,000
Canadian
busigrades of broadcloths; but the volume of such
cheaper
7,019,000 10,454,000 1,080,000 5,447,000
Total Dec. 26 1908._57,431,000
been up to expectations of sellers, who are now
5,594,000 9,760,000 1,073,000 5,585,000 ness has not
Total Dec. 19 1908..57,256,000
until purchasers appear. more inclined to
7,586,000
1,055,000
wait
5,870,000
to
3,485,000
1,00O
disposed
Total Dec. 28 1907..46,66
4,619,000 13,012,000 1,702,000 3,475,000 take hold. Men's wear lines for fall continue to be opened
Total Dec. 29 1906...44,727,000
Total Dec. 30 1905__42,951,000 11,877,000 28,053,000 2,386,000 6,310,000
secured a fair volume of initial
Total Dec. 31 1904_ _40,619,000 9,577,000 22,892,000 1,983,000 6,908,000 and some houses have already
orders, which is expected to increase from now on. Demand
for low-priced goods is a feature in this department.
THE DRY GOoDS TRAT)F_
FOREIGN' DRY GOODS-Some importers of dress goods
Net York, Thursday Night, Dec. 311908.
to
as
ns,
was
proportio
moderate
have declined additional orders for spring, being unable
New business has been of
expected during tho last week of the year. In the cotton guarantee new deliveries prior to March. Silks have congoods division the primary market has ruled steady, with tinued in good request. Linens are, if anything, in a stronger
a light volume of orders; the statistical position appears to
demand shows no abatement. Burlaps
be strong, as milk; are pretty well under orders for the next position, and the
be
to
had
that
disposed
lots
remain unchanged.
and
have been quiet
two months or so, and most
of have been well cleaned up. The tone of the market
of Dry Goods.
generally is somewhat firmer; in most quarters sellers are Importations and Warehouse Withdrawals
of dry goods
als
withdraw
holding closer to the advances named recently for forward
e
warehous
and
ions
The importat
business, and are accordingly asking full prices on contracts
Dec. 26 1908 and since
ending
week
the
for
port
this
lly
at
some
Occasiona
cottons.
for print cloths and domestic
periods of last year,
concessions are reported, but these are confined to small Jan. 1 1908, and for the corresponding
lots for immediate delivery; it is noteworthy that offerings are as follows:
010000000 00 o
by second hands are now very limited. New orders, as
NWhON
00
OS
000000000
.1HHoO0
0000
0.000 00
0009.40.000
indicated, have not materialized to any great extent, but
.°1
":"..00
es
/
.
..
N
1
9.71.C
.0.HH 00
gi
C'-o
400t
ship,
while
N
,
numerous
-,,
HO,
more
as
Ora,
hu3WHO
bids for goods are reported
0 0.,
0hONH
1,0
000000000
,-.13.400c1N.
0
. 00
.C)
. N
."1.'1 CO
eicI*3
ments of merchandise are unusually large, owing to small . ..-,
N. 00
040Nhor
::'s:2.2
:::
0000
00
.which
requests,
urgent
to
A
Her.ONH
stocks in merchants' hands and
NV
cO
are still being received, to anticipate deliveries. Prospects Z
g 4 000.0 .1.
Oh
.4 ,..,
00
W000”, h
0000
P.
for 1909 seem encouraging, especiallly as mills are not os
".
°W
.
.0*
".n
0.
o
NO
00
co ev Tr ed,' ce; Cl
burdened with stocks, and selling agents confidently expect 0
,-, "'-'
C.4.
.0
.41 1d2WW.
;
.
E
a steady and substantial volume of trade in the new year. .-, ,4.
W
in
1N
sales
1
01
40
clearance
1.
44.
11 0h
,,
During the past week the semi-annual
I
W ,
00NHO
HO
CO
•
00 ,f3. oo
0
.
,,
• •,r..
000
. is
M
'10
Cl
local jobbing houses were well attended by buyers from Z
.
.'"100
..4
GNI
WV
00
ow
OdolcS0
e
attractiv
at
..00
d
h0
offerings
,0=.,..
00
0000
near-by points, who readily purchase
• OWIN00
W. 0
0.
°).
on
glt2g4
preparati
in
of
goods
M22
prices and also took a fair quantity
4 .0
4
hi
zW.4
for the usual January "white" sales in retail establishments. ..
A,
VW
ogNot.NO
Cl
CO
WW
vi
omoom
holiday
Mc..i.
H
that
show
sections
NOON,1
all
ON
00
000.0
Reports from practically
0..00 hh
. 00
.0h0V
NoloiVh
O
.
0
.
t°
trade has been satisfactory. Outside of this seasonable pg4s.
00
CO
00
1
1:
a. 0:7;:f7:
Z
quiet.
rather
has
been
trade
jobbing
the
activity, however,
I
NW
A little better tone is noted in the export division, inquiries
• 00(100000NW
0-00000000 ON
00
raised
;
bids
been
have
numerous
0h.000
more
• 0000-400
N
from China being
c 0000
00
_
•
OONH.
0000
with
of
trade
views
sellers;
below
still
are
0.00
somewhat, but
00
.0.
00
7
01 .=
wog
.
C4
.gA
.
8
• 2
miscellaneous ports has been steady, but of moderate 5,1 Htl^00H.r.
000
000'3'0 .60;
o
are
00
mills
at
is
quiet
but
o30
trade
present,
silk
volume. The
00..
busy shipping spring goods and endeavoring to catch up
hi NhM10 mm
0.
00
OW
or.m.,,, .00
y
especiall
or
less
more
scarce,
are
that
lines
004 000000
on certain
. 0
HO
.0 00
0
.
0
for
goods
orders
dress
V.
In
duplicate
CO.-'
0.0000
goods.
satin-faced
ovcono
0000 0
HVIHNN 1 Coil
00000
00.-'
CO
more'
otherwise
0100
but
freely,
H
N.1.
forward
come
spring lines have
the situation shows little change. Further lines of men's
CO
NO
HO
WHOOh
Oh
ots
hi .0W00 oo
wear for fall have been opened, and fair initial orders booked,
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A
JAN. 2 1909.1
THE CHRONICLE
STATE ‘,."1D CITY
T1YTTr
Bond Calls and Redemptions.
Chicago, Ill.-South Park District-Bond Call.-Payment
will be made on Feb. 1 at the Illinois Trust & Savings Bank
of Chicago of the following 5% coupon bonds of the issue
of 1891:
Nos. 16, 27, 29, 34, 51, 54,,61, 73, 75, 98, 127, 132, 156, 161, 173, 175,
176, 195, 200, 203, 204, 209, 220, 238, 240, 249, 269, 275, 280, 289, 309,
331, 348, 358, 360, 372, 377, 385, 391, 396, 400, 421, 429, 452, 456, 461,
467, 480. 484 and 493.
The official notice of this bond call will be found among
the advertisements elsewhere in this Department.
Bond Proposals and Negotiations this week
have bean as follows:
Applecreek, Wayne County, Ohio.-Bond Sale.-A list of
the proposals received on Dec. 28 1908 for the $7,000 43/2%
2-21-year (serial) water-works bonds described in last week's
issue follows:
1
Barto, Scott do Co., Columb$7,213 00 W.J. Hayes de Sons, Clev_ _37,088 00
New First Nat. Bk., Columb.7,185 75 Hayden, Miller de Co., Cleve.7,083 00
Otis de Hough, Cleveland- _ 7,177 00 Citizens' Nat.Bk., Wooster. 7,070 00
Ashtabula, Ohio.-Bond Sale.-We are informed that
$60,000 4% Lake Street subway bonds were awarded on
Dec.29 1908 to Hayden, Miller & Co. of Cleveland for $60,562
-the price thus being 100.936. Denomination $1,000.
Date Oct. 1 1908. Interest semi-annual. Maturity part
yearly on Oct. 1 from 1909 to 1928 inclusive.
Blue Earth County (P.0. Mankato), Minn.-Bond Sale.The First National Bank of Mankato purchased $42,500
5% drainage bonds on Dec. 16 1908 for $42,760 (100.611)
and accrued interest. Denomination $1,000, except one
bond of $500. Date Dec. 1 1908. Interest semi-annual.
Maturity part yearly on Dec. 1 from 1909 to 1918 inclusive.
Cook County (P. 0. Chicago), Ill.-Bond Offering.-Proposals will be received until 8:30 a. m. Jan. 4 at the County
Comptroller's office for $100,000 4% infirmary Series "J'
bonds. Denomination $500. Maturity $5,000 yearly on
June 1 from 1909 to 1928 inclusive. Purchaser to pay
accrued interest. William McLaren is Superintendent Public
Service.
Crooksville, Perry County, Ohio.-Bond Offering.-Proposals will be received until 12 in. Jan. 6, by D. E. Giles,
Village Clerk, for $9,092 37 5% coupon Main Street paving
assessment bonds. Denomination $1,000, except one bond
for $92 37. Date Nov. 2 1908. Interest semi-annually
at the Crooksville Bank Co. in Crooksville. Maturity one
bond yearly on Nov. 2 from 1909 to 1918, inclusive. Certified check for 5% of bonds bid for, payable to W. H. Wilson,
Village Treasurer, is required. Purchaser to pay accrued
interest.
Decorah, Whmeshiek County, Iowa.-Purchaser of Bonds.
-We are now advised that the $5,000 5% funding bonds
sold on Oct. 15 1908 (V. 87, p. 1675) were purchased by
Geo. M. Bechtel & Co. of Davenport. Denomination $1,000.
Interest April and October. Maturity from 1914 to 1918
inclusive.
East Point, Fulton County Ga.-Bond Offering.-Proposals will be received until 8 p. m. Jan. 4 for the following
5% gold bonds voted on Oct. 28 1908 (V. 87, p. 1256): $50,000 for the water-works system $20,000 for the sewerage
and drainage systems and $15;000 for the electric-lightplant. Interest Jan. and July. Maturity 1938. Certified
check for 1% "payable to the Town of East Point, S. M.
McCowell, Clerk,' is required. Bonds will be payable in
Atlanta or New York City as the holder may desire.
East St. Louis-Lansdowne, Ill.-Election on Annexation.
-According to local papers an election will be held Jan. 5 to
vote on the question of annexing the suburb of Lansdowne
to the City of East St. Louis.
Ellendale, Dickey County, N. D.-Bond Sale.-On Dec. 21
1908 the Wells & Dickey Co. of Minneapolis was awarded
the $6,000 6% coupon water bonds described in V. 87, p.
1620, at 105.75 and accrued interest. Following are the bids:
Wells de Dickey Co., Minneap.$6,345 Trowbridge do Myer Co., Chic_$6,240
Thos. J Bolger Co., Chicago.. 6,325 Union Investment Co., Minn_ 6,183
Chas. H. Coffin, Chicago__ 6,301 S. A. Kean, Chicago
6,066
U.M.Stoddard de Co., Minn__ _ 6,270
Maturity $3,000 on Jan. 1 in each of the years 1924 and
1929.
Farmington, Fulton County, Ill.-Bond Offering.-Proposals will be received until 8 p. m. Jan. 4 by Wm. M.
Anderson, City Clerk, for $4,000 5% coupon water-workssystem-extension bonds. Authority Section 62, Article 5,
Chapter 24 of Revised Statutes. Denomination $200. Date
Nov. 2 1908. Interest semi-annually at the'Bank of A. C.
Steenburg & Co. of Farmington. Maturity on Nov. 2 as
follows: $400 in 1910 and $200 yearly from 1911 to 1928
inclusive. Certified check for $200, payable to Wm. M.
Anderson, City Clerk, is required.
Fayette, Jefferson County, Miss.-Bonds Not Sold.-No
bids were received on Dec. 15 for the $1,800 6% coupon
electric-light and water bonds described in V. 87, p. 1559.
Forrest County (P.0. Hattiesburg), Miss.-Bond Offering.
-Proposals will be received until 6 p. m. Jan. 4 by
63
T. E. Batson, Clerk Board of Supervisors, for $20,000 5%
road and bridge bonds. Denomination $500. Date March1
1909. Interest annual. Maturity March 1 1934. Certified
check for $500 is required.
Galveston, Texas.-Correction.-The 1908 figures of
assessed values of real and personal property for this city
given in our "State and City Supplement" for Nov. 28 as
$22,797,065 should have been $25,595,372. The lower
total was that for two years ago and the increase to $25,596,372 represents the growth '
that has occurred within
the two years.
Gary, Lake County, Ind.-Bond Sale.-On Dec. 8 1908
$45,000 432% 10-year police and fire-station bonds were
awarded to J. F. Wild & Co. of Indianapolis at 104.09.
Bonds will be dated Jan. 15 1909. Interest semi-annual.
Gaston County (P. 0. Dallas), No. Oar.-Bonds Offered
by Bankers.-In an advertisement on a preceding page,
H.T. Holtz & Co. of Chicago are offering at a price to net
about 4% the $200,000 4% road-improvement bonds mention
of which was made in V. 87, p. 1675. The bonds are dated
Oct. 1 1908 and become due Oct. 1 1938. Interest is payable
semi-annually at the National Park Bank in New York City.
Total bonded debt of the county, including this issue, is
$300,000. Assessed valuation $11,051,037. Actual value
(estimated) $25,000,000.
Green Bay, Brown County, Wis.-Bond Sale.-The
$150,000 4M% coupon bridge-building bonds described in
V. 87, p. 1559, were disposed of on Dec. 12 1908 at 105.4
and accrued interest to Fisk & Robinson of Chicago. Maturity on Jan. 1 as follows: $5,000 yearly from 1915 to 1918
inclusive, $10,000 yearly from 1919 to 1922 inclusive and
$15,000 yearly from 1923 to 1928 inclusive.
Hampton, Elizabeth City County, Va.-Bond Election.An election will be held Jan. 5 to vote on the question
of issuing $100,000 street and bridge bonds at not exceeding
5% interest and due in 40 years.
Hoboken, Hudson County, N. J.-Bond Sale.-On Dec. 23
the two issues of 4% 30-year coupon or registered school
bonds, aggregating $110,500, described in V. 87, p. 1492,
were awarded to A. B. Leach & Co. of New York City at
102.379-a basis of about 3.866%.
Hope, Hempstead County, Ark.-Bond Sale.-The Thomas
J. Bolger Co. of Chicago has purchased $75,000 6% sewer
bonds dated Dec. 1 1908. Interest semi-annually at the
American Trust & Savings Bank of Chicago. Maturity
from 1909 to 1938 inclusive; $3,000 and $2,000 being payable
in alternate years.
Houston,Tex.-Bond Offering.-Proposals will be received
until 12 m. Jan. 7 for the following 4
20-30-year
(optional) lionds voted on Oct. 22 1908 (V. 87, p. 1191):
$225,000 for drainage sewers; $225,000 for sanitary sewers;
$100,000 for water mains and $150,000 for wharves and slips
on Buffalo Bayou. Date Oct. 26 1908. Interest semiannually at the Union Trust Co. in New York City. Bid to
be made on each issue separately and be accompanied by a
certified check for 1% of each issue bid upon. drawn on any
Houston bank and made payable to H. B. Rice, Mayor.
Hudson, Columbia County, N. Y.-Bond Offering.-The
Finance Committee will offer at public auction at 12 in. Jan.
5 at the Mayor's office the following bonds:
35,000 4% coupon refunding school bonds to draw Interest from Feb. 1
1909. Maturity Feb. 1 1918. Delivery Feb. 1 1909.
5,000 4% coupon refunding street-Improvement bonds to draw Interest
from April 1 1909. Maturity April 1 1919. Delivery April 1
1909.
•
Authority Section 7, of Chapter 085 of the Laws of 1892.
Denomination $1,000. Certified check for 2% of bonds bid
for, payable to the City Treasurer, is required. Official circular states there has never been any default in the payment
of any obligation; also that there is no litigation pending or
threatened affecting the validity of these bonds.
Hyde Park, Norfolk County, Mass.-Bond Sale.-Kountze
Bros. of New York City were awarded the $26,000 4% coupon street bonds described in V. 87, p. 1675, on Dec. 29 at
102.311. Maturity $3,000 on May 1 in each of the years
1909 and 1910 and $2,500 yearly on May 1 from 1911 to 1918
inclusive.
Jefferson County (P. 0. Monticello), Fla.-Bond Offering.
-Proposals will be received until Jan. 5 by R. C. Parkhill,
Clerk of Circuit Court, for $35,000 5% coupon court-house
bonds. Denominations $100 and $500. Interest semiannually at the County Treasurer's office. Maturity forty
years, subject to call after twenty years. Certified cheek
for 5% of bid, payable to the County Treasurer, is required.
Knoxville, Tenn.-Bond Sale.-The Third National Bank
of Knoxville has purchased the $60,000 6% street-paving
bonds offered without success on Nov. 17 1908. See V. 87,
p. 1437.
Bonds Authorized.-The City Council on Dec. 10 passed
an ordinance providing for the issuance of the following
bonds:
31,965 45 6% 1-4-year (serial) coupon assessment Improvement District
No. 23 bonds. Denomination 3491 36. Date Dec. 8 1909.
Interest annual.
Oki 141
1,810 50 6% 1-4-year (serial) coupon assessment Improvement•District
No. 22 bonds. Denomination $452 62. DateigNov.‘25
1908. Interest annual.
64
THE CHRONICLE
[VoL.
semi-annual. Maturity oneLac Qui Pane County (P. 0. Madison), Minn.-Bond Date Jan. 6 1909. Interest
on Jan. 6 from 1910 to 1919 inOffering.-The County Board will offer at public auction at tenth of each issue yearly on
each issue separately.
4. p. m. on Jan. 7 $60,125 5% ditch bonds. Authority clusive. Bid to be made
Montana.-Bond Offering.-Proposals will be received until
Section 18, Chapter 230, Laws of 1905. Denomination
$1,000. Date Feb. 1 1909. Interest semi-annually at place 2 p. m. to-day (Jan. 2) by the State Board of Examiners,
to be agreed upon. Maturity from "five to ten years." Geo. A. Irwin, Clerk, at Helena, for $414,000 4% coupon
Bonds are exempt from taxes. Certified check for $500, bonds for the purpose of refunding certain bonds heretofore
payable to the County Treasurer, is required. Bonded debt, issued in the name of educational institutions of the State
not including the above issue, $36,494. Floating debt $58,- and subsequently declared void by the courts. Authority
303. Assessed valuation for 1908 $7,405,016.
Session Laws of 1907, Chapter 58. Denomination $1,000.
ly at the State
Laramie Valley Irrigation District, Albany County, Wyo. Date Jan. 1 1909. Interest semi-annual twenty years,
-Bonds Offered by Bankers.-The Trowbridge & Niver Co. Treasurer's office in Helena. Maturity
with a further option of reof Chicago is offering for sale an issue of $541,000 6% irri- subject to call after ten years,
payment of
gation bonds. Denomination $500. Date Oct. 1 1908. deeming any of the bonds in three years by the
payable to
Interest June 1 and Dec. 1. at the County Treasurer's office a 5% premium. Certified check for 1% of bid,
in Laramie or at the American Trust & Savings Bank of State Board of Examiners, is required.
Montgomery County (P. 0. Montgomery), Ala.-Bond
Chicago at the option of the purchaser. Maturity on Oct. 1
as follows: $27,500 in 1919, $32,500 in 1920, $38,000 in 1921, Election.-An election will be held Jan. 4 1909 to vote on the
$43,500 in 1922, $49,000 in 1923, $54,500 in 1924, $60,000 issuance of $150,000 50-year road and bridge-construction
in 1925,$70,500 in 1926,$81,500 in 1927 and $84,000 in 1928. bonds at not exceeding 4%interest.
Lawrence County (P. 0. Deadwood), So. Dakota.New Bern, Craven County, N. 0.-Bond Election.-An
Bond Offering.-Proposals. will be received until 10 a. m. election will be held Jan. 5 on the question of issuing the
Jan. 9 by Wm. McLaughlin, County Auditor, for $150,- following bonds: $42,000 for permanent pavement and $8,000
000 5% refunding bonds of the issue of Nov. 1 1907. De- for granite curbing for permanent pavement. If authorized,
0 interest and mature in thirty years.
nomination $1,000. Date Nov. 1 1907. Interest semi- they will carry 5'9
annually at the Fourth National Bank of New York or at
Niles, Ohio.-Bond Sale.-Dispatches report that on Dec.
the office of the County Treasurer. Maturity twenty years, 29 1908 three issues of 5% 7-10-year sewer and street bonds,
subject to call after ten years. Certified check for 1% of aggregating $7,000, were awarded to Seasongood & Mayer of
bid is required.
Cincinnati for $7,428 30-the price thus being 106.118.
Liberty, Amite County, Miss.-No Action Yet Taken.Norwood (P. 0. Cincinnati), Hamilton County, Ohio.We are informed under date of Dec. 22 1908 that no action Bond Sale.-The following award was made on Dec. 29 1908,
6%
the
ing
$10,000
re-offer
to
has yet been taken in regard
it is stated, of the three issues of bonds described in V. 87,
bonds which failed to sell (V. 86, p. 620) on May 7 1907.
0:4 % 1-10-year (serial) Silver Street macadam assessment bonds
02
42
96
2,31
13.
Lima, Allen County, Ohio.-Bond Offering.-Proposals $
awarded to the Provident Savings Bank & Trust Co. Of
Cincinnati for $2,449 06-the price thus being 102.299-a
will be received until 12 m. Jan. 7 by Fred. C. Beam,
basis of about 4.031%.
City Auditor, for $6,000 432% park bonds. Authority,
Montgomery Avenue improvement (city's portion)
25-year
4%
00
90,000
Sections 2835, 2386 and 2837 Revised Statutes. Denombonds awarded to the Western German Bank ot Cincinnati at 103.04-a basis of about 3.811%.
ination $1,000. Date July 11908. Interest semi-annually
1-10-year (serial) Highland Avenue Macadam bonds
at the office of the Sinking Fund Trustees in Lima. Ma- 10,002 45 434% awarded to the Provident Savings Bank Fc Trust Co. of
Cincinnati for $10,232 51-the price thus being 102.30turity $1,000 yearly on April 1 from 1910 to 1915 inclusive.
a basis of about 4.03%.
Certified check for 2% of bonds hid for, drawn on any Lima
Union
Free School District No. 1 (P. 0. Pelham),
Pelham
bank or any national bank outside of said city and made
payable to the City Treasurer, is required. Purchaser to Westchester County, N. Y.-Bond Offering.-Proposals will
be received until 6 p. m. Jan. 7 by K. S. Durham, Clerk
pay accrued interest from Oct. 1 1908.
Board of Education, for $50,000 building bonds and $20,of
Offering.
-Bond
Minn.
County,
Mahnomen, Mahnomen
school-site bonds at not exceeding 432% interest. Au000
0.
A.
by
9
Jan.
m.
p.
8
until
Proposals wil be received
Section 10, Title 8, Consolidated School Laws, and
thority
telectric-ligh
coupon
$5,000
for
Vachon, Village Recorder,
held Nov. 13 1908. Denomination $1,000. Date
election
interest.
6%
exceeding
not
at
plant-construction bonds
1908. Interest annually at the United States Mort1
Dec.
Denomina1905.
of
Laws
Revised
Authority Chapter 10,
gage & Trust Co. of New York. Maturity $1,000 yearly on
tion $1,000. Date, day of sale. Interest semi-annually at Dec. 13 from 1913 to 1982 inclusive. Certified check or
all
from
taxes.
free
are
Bonds
place to suit purchaser.
draft for 5% of bid, payable to the district, is required.
Maturity ten years. Certified check for $100, payable to bank
Purchaser to pay accrued interest.
required.
is
the Village Treasurer,
Poland Township (P. 0. Lowellville), Mahoning County,
Marks Creek Township, Richmond County, N. 0.-Bond Ohio.-Bond Offering.-Proposals will be received until
by
4
m.
Jan.
Offering.-Proposals will be received until 12
2 p. m. Jan. 7 by W. J. Maurice, Township Clerk, for
B. F. Reynolds, Clerk Board of County Commissioners $20,000 43A% coupon bonds. Denomination $500. Date
good
coupon
-road
(P. 0. Rockingham), for $15,000 6%
Jan. 7 1909. Interest semi-annually at the office of the
bonds. Denomination $1,000. Date Jan. 11909. Interest City Treasurer. Maturity $5,000 yearly on July 1 from
1
1939.
Jan.
semi-annually in Rockingham. Maturity
1909 to 1912 inclusive. Bonds are tax-exempt. Certified
Bonds are exempt from county, town and township taxes. check for $1,000, payable to the Township Trustees, is
Assessed
valuation
Thid township has no debt at present.
reqpuoinrt
for 1908, $633,975.
Huron,
uron, St. Clair County, Mich.-Bond Sale.-The
Maryland (State of).-Bond Offering.-Proposals will be $20,500 5% 10-year repaving bonds for which proposals
1622), have been
received until 12 m. Feb. 1 by Murray Vandiver, State Treas- were asked until Dec. 23 1908 (V. 87, p. at 106.448 and
to A. B. Leach & Co. of Chicago
awarded
privil(with
coupon
3%
$1,000,000
for
Annapolis,
urer at
accrued interest. A list of the bidders follows:
Cleveland $21,556 00
ege of registration as to principal) State Road Loan Series A. B. Leach & Co., Chic_ _$21,822 00 Otis & Hough,Co.,
Detroit 21,340 50
E.H.Rollins & Sons, Chic_ 21,730 00 W. E. Moss 80
Gen10
the
of
the
Acts
of
141
Chapter
Authority
&
"B" bonds.
Seasongood Fc Mayer, Cin_ 21,684 90 E. B. Cadwell Co., Det_ 21,037
Bank, Port
Savings
County
FirstNational
Clair
St.
.
semieral Assembly of 1908. Date Feb. 11909. Interest
Huron
Huron
Port
00
21,600
Bank,
n4g0
2
annual. Maturity Feb. 1 1924, subject to call, however,
Providence (P. 0. Lake Providence), La.-Bond Offering
exare
Bonds
$1,000.
-Proposals will be received until 5 p. m. Jan. 5 1909 by
after Feb. 1 1919. Denomination
coupon water and
empt from State, county and municipal taxation. Certified T. J. Powell, Mayor, for $27,000 5% gold of the General
funding bonds. Authority an Act
light
cheek for 10% of bid is required.
Assembly approved July 8 1908. Denomination $250.
The official notice of this bond offering will be found among Date March 1 1909. Interest annually in New Orleans.
.
Maturity on March 1 as follows: Two bonds yearly from 1910
the advertisements elsewhere in this Department.
1927 inclusive
Merrill, Lincoln County, Wis.-Bond Sale.-This city to 1920 inclusive, 3 bonds yearly from 1921 to5 bonds yearly
has sold $25,000 street-improvement and $25,000 park 4 bonds yearly from 1928 to 1933 inclusive, from 1939 to
bonds. These securities take the place of the $25,000 park from 1934 to 1938 inclusive, 6 bonds yearly check for.2%
and the $25,000 street-improvement 432% 10-19-year (serial) 1940 inclusive and 4 bonds in 1941. Certified is required.
coupon bonds awarded on Sept. 3 1908 to the Commercial of the bonds bid for, payable to Town Treasurer,
circular states
National Bank of Chicago for $51,153 and accrued interest Purchaser to pay accured interest. Official
threatened
(V. 87, p. 697), but which were subsequently refused by that there is no litigation or controversy pending or
concerning the validity of these bonds, the boundaries of
institution.
municipality or the titles of the officials to their respecMilton,'Umatilla County, Ore.-Bond Sale.-The $15,000 the offices; also that no previous issues have ever been conive
imt-plantelectric-ligh
5% 10-15-year (optional) coupon
provement and extension bonds described in V. 87, p. 1621, tested.
Pueblo County (P. 0. Pueblo), Colo.-Bond Sale.-An
were bought on Dec. 21 by E. H. Rollins & Sons of Chicago
of $350,000 4% 10-20-year (optional) refunding bonds
issue
follows:
The
as
were
other bidders
at par.
of on Dec. 10 1908 to James H. Causey & Co. of
disposed
was
90.00
Portland
Bros.,
par. I Morris
Knights of the Macabees
Denver at par and accrued interest. Denomination $1,000.
Trowbridge & Niver Co., Chic_ _97.50 I
.
Monona County (P. 0. Onawa), Iowa.-Bond Offering.- Date Feb. 11909. Interest semi-annual
Rockland, Plymouth -County, Mass.-Bond Sale.-This
Proposals will be received until 12 in. Jan. 6 by C. E.
Blanchard, County Auditor, for the following bonds at not town has disposed of $60,000 4% high-school bonds. A. B.
exceeding 6% interest: approximately $20,000 for the Leach & Co. of Boston, offering 104.370, are reported as
Maple River Drainage District No. 6 and approximately being the successful bidders. The bonds will be dated on the
$40,000 for the Young-Aldrich Drainage Dirstrict No. 4. day of issuance and mature $3,000 yearly.
JAN. 2 1909
THE CHRONICLE
• Russell County (P. 0. Lebanon), Va.-Bond Sale.-The
$50,000 road-improvement bonds offered on July 7 1908
(V. 87, p. 55) have been sold to A. B. Leach & Co. of New
York City.
St. Clair, Schuylkill County, Pa.-Bond Sale.-It is reported that $10,000 5% 12-year (average) improvement
bonds were recently awarded to E. S. Wheeler of Pittsburgh.
Bonds are tax-exempt. Total debt, this issue. Assessed
valuation $2,657,160.
St. Henry, Mercer County, Ohio.-Bond Offering.-Proposals will be received until 1 p. m. Jan. 5 by W. H.
9% water-works bonds
Romer, Village Clerk, for $13,000 43/
voted on Nov. 17. Authority Section 2837, Revised Statutes. Denomination $500. Date Feb. 1 1909. Interest
March 1 and Sept. 1 at the St. Henry Bank of St. Henry.
Maturity $500 each six months from March 1 1911 to Sept. 1
1923 inclusive. Bonds are tax-exempt. Purchaser to furnish blank bonds. Cash deposit of $300 is required.
Sandusky, Ohio.-Bond Sale.-The following bids were
received on Dec. 28 1908 for the $5,000 4 8-year Scott
Street Alley and Finch Street sewer bonds described in
V. 87, p. 1561:
65
4481 and 4482 of the Revised Statutes. Denominations
$50, $200, $300, $400 and $500. Date Jan. 11909. Interest semi-annually at the office of the County Treasurer.
Maturity as follows: $1,400 on July 11909, $3,100 on Jan. 1
1910, $2,600 on July 11910, $4,200 on Jan . 1 1911, $2,000
on July 1 1911,$3,300 on Jan. 11912,$2,000 on July 1 1912,
$2,200 on Jan. 1 1913, $1,500 on July 1 1913, $1,700 on
Jan 1. 1914.
Sussex County (P. 0. Newton), N. J.-Description. of
Bonds.-The $20,000 4% road bonds sold recently to local
individuals at an average price of 104 (V. 87, p. 1678) are
dated Oct. 1 1908 and mature in thirty years. Denominations $100 and $500. Interest semi-annual.
Syracuse, N. Y.-Bond Sale.-The $200,000 4% registered intercepting sewer bonds, a description of whic h was
given in V. 87, p. 1678, were purchased on Dec. 29 1908 by
E. H. Rollins & Sons of Boston at 101.573 and accrued interest. A list of the bids received follows:
E.H.Rollins&Sons,Bost. $203,146 00
Kountze Bros., New York 202,762 00
H.L.Crawford & Co.,N.Y.201,846 00
N.W.Harris & Co., N. Y. 201,836 00
O'Connor & Kohler, N. Y.201,715 23
Farson,Son& Co., N. Y_$201,710 00
Estabrook & Co., N. Y__ 201,666 66
Blodget,Merritt&Co.,N.Y.201.566 00
A. B. Leach & Co., N. Y. 201,440 00
Moffat & White, N. Y___ 201,236 00
All bidders offered accrued interest in addition to their
bids. Maturity $10,000 yearly on July 1 from 1909 to 1928
inclusive.
Tenafly, Bergen County, N. J.-Bond Offering.-Proposals
will be received until 8 p. m. Jan. 6 by J. Ostermann Jr.,
All bidders offered accrued interest in addition to their Mayor, for $12,000 OM coupon drainage bonds. Debids.
nomination $1,000. Interest semi-annually at the First
San Francisco, Cal.-Bond Offering.--According to local , National Bank of Tenafly. Maturity $1,000 yearly on Jan.
papers,proposals will be received until Feb. 8 for the fol- 2 from 1910 to 1921 inclusive. Bonded debt at
presen t
lowing 5% bonds: $2,000,000 for fire protection, $800,000
for sewers, $900,000 for schools, $400,000 for hospitals, $54,000. Assessed valuation $2,169,240.
The official notice of this bond offering will be found among
$660,000 for a Hall of Justice and $640,000 for the disposal of garbage.
the advertisements elsewhere in this Department.
Shelby County (P. 0. Sidney) Ohio.-Bond Sale.-On
Urbana, Champaign County, Ill.-Bond Sale.-On Dec.
Dec. 30 1908 $24,000 414% ditch-construction and improve- 26 1908 the $20,000 43i% coupon bonds described in V. 87,
ment bonds were awarded, it is stated, to the Piqua National p. 1678, for paying off the outstanding indebtedness,
Bank of Piqua at 100.90. Authority Sections 4479, 4480, awarded to the William R. Compton Bond & Mortgagewere
Co.
Toledo Fire & Marine Ins.
Co.. Sandusky
$5,034 50
Hayden, Miller & Co., Clev. 5,033 00
Third Nat. Exch. Bank,
Sandusky
5,030 00
S. Kuhn & Sons, Cincinnati 5,030 00
Seasongood dc Mayer, Cin_ 5,028 50
Citizens' Banking Co., Sand.5,025 00
Western German Bank,
$5,017 50
Cincinnati
Barto, Scott & Co., Columb. 5,015 00
Provident Savgs. Bank &
Trust Co., Cincinnati__ _ 5,010 00
American Banking Co...
Sandusky
5,008 00
W. It. Todd & Co., Cincin_ 5,000 00
NEW LOANS.
$250,000
City of Kansas City, Missouri
4% Market Improvement Coupon Bonds
NEW LOANS.
$1,250,000
WESTCHESTER COUNTY, N. Y.,
NEW LOANS.
$1,000,000
STATE OF MARYLAND
Treasury Department,
BONDS FOR SALE
Sealed proposals will be received by the under
Annapolis, January 1st, 1909.
signed, the Mayor and the City Comptroller, of
Sealed bids will be received by the Bronx Valley
Kansas City, Missouri, until JANUARY 11,1909.
at their office. No. 2 Grand
THE
STATE
ROADS LOAN
at 10 o'clock A. M., for the purchase of all or Sewer Commission
in the village of White Plains, N. Y. until
any Part of $250,000 four per cent Market Im- Street
provement Coupon Bonds of the City of Kansas 2 o'clock p. m. on the
The
Governor.
undersigned.
Comptroller and
5TH DAY OF JANUARY 1909
City Missouri; bonds to be of the denomination
Treasurer of the State of Maryland, in pursuance
of $1,000 each, to be dated January 1st, 1904 for the purchase of ONE MILLION TWO HUN- of an Act of the General Assembly of Maryland
DRED
FIFTY
AND
THOUSAND
($1,250,000) of 1908, Chapter 141, will receive proposals for
and to mature January 1st, 1924. Interest
payable semi-annually. Principal and interest DOLLARS Westchester County bonds, known as 51,000,000, Series "B," of the said Loan.
p_ayable at the office of the City Treasurer of The Sanitary Sewer District bonds of the County
"The State Roads Loan" will be dated February
Westchester,
of
which bonds are issued pursuant
Kansas City. Missouri. in Kansas City, Missouri,
1, 1909, bear interest from said date at the rate of
or at the Oriental Bank in the City and State of to the provisions of Chapter 648 of the Laws of three and one-half per centum per annum, payamended
1905,
by
as
Chapter
747
of
the
Laws able semi-annually on the first day of August and
New York, at the option of the holder.
The legality of the bonds will be approved by of 1907.
The said bonds mature and are payable at the February in each and every year, and the prinMessrs. Dillon & Hubbard of New York. whose
will be redeemable at the pleasure of the
Mechanics'
National
the
Bank
City
of
of New York cipal
opinion as to the legality, or duplicate thereof,
State after the first day of February in the year
will be delivered to the purchaser or purchasers in the City and State of New York, as follows:- 1919, and the whole debt will be payable on the
Twenty-live
Thousand
($25,000)
Dollars
on
of said bonds.
first day of February, 1924. The debt is exempted
Each bid must be made on a blank form January 1 1933 and Twenty-five Thousand from State, county and municipal taxation and
furnished by the City, and must be accompanied ($25,000) Dollars on the first day of January of will be issued in bond form, with coupons ateach
succeeding
year
to
and
including
the
year
by a duly certified check on a national bank
tached.
doing business in Kansas City, Missouri, payable 1982.
proposals must be delivered, sealed, to
Said bonds are in form coupon bonds, but with theSaid
to the order of the City Comptroller of Kansas
Treasurer of the State, at Annapolis. ON OR .
privilege
of
registration,
are
exempt
from all BEFORE 12 O'CLOCK
City, Missouri, for 2 per cent of the par value
NOON OF THE FIRST
of the bonds bid for. The right is reserved to taxation, and bear interest at the rate of
DAY OF FEBRUARY, 1909, and must have
FOUR PER CENT (4%) PER ANNUM.
reject any or all bids.
endorsed
on
the
of
back
the envelope "Proposals
from
the
first
day
of
January 1909, payable semi- for the State Roads Loan."
Delivery of the bonds will be made on January
Each bid must be
27, 1909, at 11 o'clock A. M., at the office of the annually on the first day of January and July of accompanied with a certified check on some
the
each
at
year
Mechanics'
National
Bank
of
the responsible banking institution for 10 per cent
City Comptroller of Kansas City, In Kansas City,
New
York in the City and State of New
Missouri. Bids will be received at the office City of
of the amount of such bid, and the same will be
of the Mayor of Kansas City. Missouri, in the York.
Said bonds are to be of the denomination of opened in the office of the State Treasurer, In the
City Hall in said City, but no hid will be entitled
city of Annapolis, at 12 o'clock noon, February
to consideration unless received by or before One Thousand ($1,000) Dollars each. Bids will 1st, 1909. in the presence of the undersigned.
be received for a part or the whole of said bonds.
the hour above set for receiving bids.
On the opening of such proposals so many of
All
bids
must
be
enclosed in sealed envelopes and said
Printed circulars containing more definite and
coupon bonds as have been bid for, not
detailed information with reference to said bonds, endorsed. "Bids for the Purchase of Sanitary exceeding, however, the amount for which proDistrict
Sewer
Bonds
of
the
County
of
Westand blank forms for bids, can be had on application
posals
are invited, may be awarded by said
chester,"
and
delivered to the Bronx Valley
to the City Comptroller of Kansas City. Missouri.
Sewer Commission at its office No.2 Grand Street Governor, Comptroller of the Treasury and Treasor to Messrs Dillon and Hubbard of New York.
urer, or a majority of them, to the highest reWhite
Plains,
N.
Y..
before
on
2
or
o'clock
p.
m,
THOMAS T. CRITTF.NDEN JR..
sponsible bidder or bidders for cash; and when
on the 5th day of January 1909
Mayor of Kansas City, Missouri.
The Commission reserves the right to reject any two or more bidders have made the same bid,
GUS PEARSON,
which bids are the highest, and if the amounts so
and
all
bids.
bid
Each
must
be
accompanied by
Comptroller of Kansas City, Missouri. a
by the highest responsible bidders are in
certified check on a bank or trust company for bid forof
the whole amount of the said bonds so
five per cent (5%) of the amount of the par value excess
of the bonds bid for. The successful bidder must offered for sale, then such bonds may be awarded
such
to
responsible bidders bidding the
highest
pay for bonds on the 19th day of January 1909 at
price in the proportion which the amount
10 o'clock a. m at the office of the County same has
each
bid for bears to the whole amount of
Treasurer, White Plains, N. Y., at which time said
bonds so offered for sale.
said bonds will be ready for delivery.
These bonds will be Issued in the denomination
December 4 1908.
of
51,000
and subject to registration as to prinWILLIAM ARCHER,
cipal, and no bid for less than par will be accepted.
JOHN E. ANDRUS,
The right is reserved to reject any and all bids.
J.
JOHN
BROWN.
AUSTIN L. CROTHERS,
Bronx Valley Sewer Commission.
Governor.
J. W. HERING,
Comptroller of the
reasury.
MURRAY VANDIVER,
reasurer.
MacDonald, McCoy & 0o.,
MUNICIPAL AND CORPORATIO0
BONDS.
ifix La Salle Street, Cbicztkrt
BLACKSTAFF 80 Co
Perry. Coffin & Burr,
INVESTMENTS
INVESTMENT BONDS.
1332 Walnut Street
PHILADELPHIA
60 State Street,
LIST OF SPECIALTIES ON REQUEST
BOSTON.
Established 1SS3.
C. Speer & Sons Co.
First Nat. Bank Building, Chicago
CITY COUNTY
AND TOWNSHIP
BONDS.
THE CHRONICLE
66
[VOL. Lxxxvni.
Denominations $1,000, $5,000 and $500. Date Jan. 1
1909. Interest semi-annual. Maturity .on Jan. 1 as follows: $1,000 yearly from 1910 to 1920 inclusive, $2,000 yearly
A. B. Leach & Company
Wm. R. Compton Bond &
$20,223 00 from 1921 to 1927 inclusive, $5,000 in 1928 and $5,500 in
Chicago
75
Mtge. Co., St. Louis__ _$20,342
00 E. H. Rollins ec Sons, ChIc.20,177 00
John Nuveen & Co., Chic. 20,330 00
e & Myer Co.,Ch.20,120 00 1929
H.T.Holtz & Co., Chic__ 20,268 40 Trowbridg
reChas. H. Coffin, Chicago_ 20,051 00
20,253
L.
St.
Co.,
Tr.
Wichita, Kans.-Bond Offering.-Proposals will be for
e
Mercantil
Bolger Co.,
J.
Thos.
Co.,
Clerk,
City
Dorr,
N.
MacDonald, McCoy&
R.
4
by
m.
Jan.
p.
5
00
20,000
until
ceived
Chicago
20,225 00
Chicago
xceeding
20,000 00
20,225 00 Farson, Son & Co., Chic
the $860,000 water-plant-construction bonds at note first on
Busey's Bank, Urbana
based
be
to
in
$1,000
Bids
1912,
in
voted.
recently
$3,000
,
follows:
as
interest
1
4M%
June
Maturity on
bonds due in twe nty
1913, $2,000 in 1914 and $1,000 yearly from 1915 to 1928 bonds maturing in ten years, second on fourth on bonds due
or
bonds
ear
on
thirty-y
third
years,
inclusive.
commencing five years after date of issue.
Wadena School District (P. 0. Wadena), Wadena County, $35,000 yearly
for $2,500 is required.
check
6
held
be
Certified
Jan.
will
Minn -Bond Election.-An election
4%
Wichita Falls, Wichita County, Tex.-Bond Sale.-The
to allow the voters to determine whether or not $40,000
-year (optional)
school-building bonds shall be issued. Maturity twenty $12,000 sewer and $3,500 city-hall 5% 10-40on Nov. 4 1908
bonds registered by the State Comptroller
ye.ars, but subject to call before that time.
1318) have been sold.
Watab Township, Minn.-Bond Sale.-On Dec. 5 1908 (V. 87, p.
were
day
awarded
that
County, Wis.-Bond Offering.-Proposals
on
Monroe
offered
Wilton,
bonds
bridge
6%
$1,500
$250.
8 p. m. Jan. 5 by the Village Clerk
ation
until
par.
Denomin
at
Rice
received
of
be
Bank
will
State
Rice
to the
y
water-works-construction bonds.
part
Maturit
coupon
nual.
5%
semi-an
$10,000
Interest
1908.
for
15
July
Date
and 36 "against" at an election
e.
'for"
63
of
inclusiv
vote
1918
ty
to
1913
Authori
from
15
July
on
yearly
$1,000. Date Jan. 11 1909.
ation
Denomin
3.
Oct.
.
-Proond
Offering
held
Wis.-B
Wausau, Marathon County,
Bankers' National Bank of Chicago.
y
the
at
annuall
use,
Interest
W.
by
Waterho
4
Jan.
m.
12
until
posals will be received
Maturity $1,000 yearly on Jan. 11 from 1915 to 1924 inCity Clerk, for the following bonds:
al.
semi-annu
Interest
bonds.
clusive.
tion
fire-protec
4%
320,000
Denomination $250. MaWinchester, Frederick County, Va.-Bond Election.15,000 4% coupon water-extension bonds.
1928 inclusive.
turity $2,500 yearly on Dec. 1 from 1923 tos office.
The Common Council has ordered a special election to be
Interest semi-annually at the City Treasurer'
held Jan. 7 at which time a proposition to issue $50,000
The above bonds will be dated Dec. 11908.
construction of small-pipe sanitary sewers
1
0.
(P.
White bonds for the ed
White Plains Union Free School District No.
to the voters.
submitt
be
will
this
district
Plains), N. Y.-Bond Sale.-On Dec. 29 1908
Cincinnati), Hamilton County, Ohio. -0.
(P.
g
Wyomin
of
&
Co.
disposed of $35,500 building bonds to N.W. Halsey
21 1908 the $2,000 4% 30-year coupon
Dec.
-On
Sale.
Bond
the
of
a
list
is
New York City at 100.414 for 4s. Following
-department-building-equipment bonds described in V.87,
fire
Cincinnati
bids received:
$35,645 86 P. 1441, were awarded to Seasongood & Mayer of
N. W. Halsey & Co., New York (for 4s)
35,507 10
of about 3.842%.
basis
-a
interest
accrued
and
102.81
at
Kountze Bros., New York (for 4s)
35,518 00
N. W. Harris ec Co., New York (for 4.05s)
35,537 00 Following are the bids:
60
York (for 4.10s)
ng
of St. Louis at 101.713 and accrued interest. Followi
are the bids:
,
Adams do Co., New
O'Connor do Mallet', New York (for 4.10s)
H. L. Crawford ec Co., New York (for 4.10s)
Edmund Seymour & Co.. New York (for 4.108)
Fenwick & Rogerson, New York (for 4.10s)
R. M. Grant & Co., New York (for 4.15s)
Parson, Son ec Co., New York (for 4.15s)
W. J. Hayes & Sons, Cleveland (for 4.25s)
35,533 70
35,521 00
35,512 00
35,571 00
35,501 00
35,500 00
35,507 10
Seasongood & Mayer
Atlas National Bank
$2,056 201Western-German Bank_ _ _ _52,032
2,038 75 Columbia Bk & Say. Co. _ 2,00000
The above bidders are all from Cincinnati.
Yuma County School District No. 1, Ariz.-Bond Sale.On Dec. 26 1908 the $10,000 6% 10-20-year (optional) gold
NEW LOANS
$966 940.90
$12,000
Ammaiancement
J
OTTAWA,ONTARIO
South Park Bonds Borough of Tenafly, N. CITY OF
BOND CALL,
To Whom It May Concern
of the
Take notice that the following numbersbearing
of 1801,
South Park Bonds of the issuehave
selected
been
interest at five per cent (5%),
ners in
and retired by the South Park Commissio
Sinking
conformity with the law, for the annual
Fund
98, 127,
16, 27, 29, 34, 51, 54, 61, 73, 75, 203,
204,
132, 156, 161, 173, 175, 176, 195, 200, 289,
309,
209, 220, 238, 240, 249, 269, 275, 280, 396,
400,
331, 348, 358, 369, 372, 377, 385, 391, 493.
421, 429, 452, 458, 461, 467, 480, 484, mbered
Interest will cease on the above-nu
bonds February 1st, 1909.
Bonds and coupons are payable at the Illinois
Trust & Savings Bank, Chicago, Illinois.
SOUTH- PARK COMMISSIONERS, . •
E. G. SHUMWAY, Secretary
Chicago, December 16. 1008.
T. W. STEPHENS &
BANKERS
Investment Bolicis
NEW LOANS.
DEBENTURES FOR SALE
BONDS
Board of
Tenders addressed to "The Chairman
Debentures,"
Control", and marked "Tender foron of the City
Corporati
will be received by the
,
of Ottawa until 12 o'clock, noon, on Thursday
purchase of
the 28th January. 1909, for the 90.
debentures amounting to $966,940. of the City at
These debentures are all a liability
is payable
large, and bear 4% interest, which
July.
half-yearly on 1st January and 1stabout
$417,000
years,
20
for
are
$445,000
About
40 years.
for 30 years and about $105,000 for
and must
All tenders must be on the official form
$5,000.
be accompanied with a marked cheque forthe rate
Accrued Interest will be added to
tendered.
Ottawa:
The bonds can be made payable In the
purNew York. or London, at the option of
suit.
to
ions
denominat
in
chaser: and
March.
31st
by
Ottawa
1909De11very will be made at
J. OSTERMANN JR.,
•
necessarily
Mayor.
The highest or any tender not
,41
MAURICE LINDSAY,
accepted
further conBorough Clerk.
Full particulars, together with
obbe
can
tender,
of
ditions, and official form
Treasurer,
tained on application to the City
Ottawa.
FINANCIAL STATEMENT
GNE.
CHAMPA
NAPOLEON
Total amount assessed, Real and PerMayor.
$2,189,240
sonal
54,000
Ottawa, 12th December, 19011.
Bonded indebtedness
Population, 2,700.
Bids will be received by the undersigned for
one or more of Borough Drainage Coupon Bonds
in denominations of $1,000 each. One bond
to mature on January 2, 1910, and one at the
expiration of each year thereafter until all the
twelve are retired.
BONDS TO BE RETIRED BY LOT.
The total issue being $12,000, at the rate of
4 3i per cent interest.
Interest payable semi-annually.
Bonds and interest payable at the First National
Bank of Tenafly, N. J.
All bids must be in before eight o'clock p. m.
January 6th, 1909, and such bids must state
amount of premium offered.
The right to reject any or all bids is hereby
reserved.
Bps' order of the Borough Council of Tenafly,
All bids must be addressed -to the Mayor and
Council of the Borough of Tenafly, designated
on the outside of envelope bids for bonds.
Blodget, Merritt & Co.
BANKERS
2 WALL STREET, NEW YORK
Albert Kleybolte & Co.,
409 Walnut Street,
STATE, CITY
AND
CINCINNATI, 0.
RAILROAD BONDS
Municipal,
Cuban Securities
County, State,
A SPECIALTY
and Iligis.Grade Public Service
Securities
Correspondence Solicited.
FRANCKE, THOMPSON & ROBB
Members N. Y. /Rock Exchange
43 Exchange Place
Telephone 8444 Hanover
BRANCH OFFICE
Bristol Building, 3th Ave. and 4t.id
Telephone 1608 Bryant
6o State Street, - Boston
30 Pine Street, - New York
MUNICIPAL AND RAILROAD
OTTO JULIUS MERKEL
BONDS.
BROKER
LIST ON APPLICATION,
41. AND 46 WALL ST., NEW
YOR
INVESTMENT SECURITIES.
Correspondence Invited
'
SEASO.NGOOD & MAYER
Mercantile Library Building
CINCINNATI.
67
THE CHRONICLE
JAN. 2 no.]
Lipton School District No. 1347, Sask.-Bond Sale.-An
school bonds dated Nov. 16 1908, and described in V. 87,
w as recently awarded to the
p. 1563, were awarded to the First National Bank of Yuma issue of $1,000 6% debentures Co.
at par.
Canada Landed ec Investment
:at 107. Following are the bids:
_410,399 00
School District No. 2077,Sask.-Debenture Sale.
Littleville
First Nat. Bk., Yuma__ _ _310,700 0 01E. B. O'Neil, Phoenix_
00
al0,681 00 Farson,Son&Co.,Chicago_ 10,375
Ulen Sutherlin & Co
,367 50 -On Dec. 1 1908 $1,200 7% 10-year building debentures
H. T. Holtz Si Co., Chic_ 10,617 00 Trowbridge deNiver0o.,Chle10
Tol_ 10,257 25 dated Feb. 1 1909 were awarded to the Manufacturers' Life
A. B. Leach Si Co., Chicago10,576 00 Sec.Sav.Bk.&Tr.Co.,
Bank, Clifton__ 10,250 00
for $1,207, the price thus being 100.583.
Seasongood & Mayer,eine. 10,528 80 First Nat.
Nuveen & Co., Chic_ 10,111 00 Insurance Co.
Chas. H.Coffin, Chicago_ _a10,501 00 John
& Co., Deny_ 10,101 50 Interest annual.
E. H. nollIns&Sons. Deny. 10,487 001 J. H.CanseyChicago
a9,700 00
S. A. Kean,
Wm. R. Compton Bond &
Mac Leod, Manitoba.-Purchaser of Debentures.-The
Mtge. Co., St. Louis_ _ _ 10,432 001
not con- purchaser of the $35,000 5% 40-year sewer debentures
therefore
check;
certified
allot accompanied by the required
recently disposed of (V. 87, p. 1680) was the Dominion
sidered;
A bid was also received from the Provident Savings Bank Securities Corporation, Ltd., of Toronto.
New Liskeard, Ont.-Debenture Sale.-G. A. Stimson dr
A Trust Co. of Cincinnati.
Co. of Toronto are reported as having purchased the $15,000
5% water-works-system debentures mentioned inV.87, p.1624.
Falls, Ont.-Debenture Election.-In addition
Canada, its Provinces and Municipalities. to Niagara
the propositions to issue the $3,000 debentures maturing
Aberdeen),
0.
(P.
1610
No.
District
School
Aberdeen
part yearly on March 1 from 1910 to 1919 inclusive, to
Sask.-Debenture Sale.-This district has disposed of the purchase a site for the public library and $8,300,debentures
debentures:
following
maturing part yearly on August 1 from 1910 to 1929 inclusive,
& James of Regina
$3,000 8% school-bulldIng debentures awarded to NayDate
for the construction and improvement of fire-halls, to be
Sept. 1 1908.
for $3,095-tke price thus being 103.166.
Canadian
the
submitted to a vote of the people on Jan. 4 (V.87, p. 1680),
1,500 8% school-bullding-completion debentures awarded tobeing
106.666.
Life Assurance Co. for 31,600-the price thus
the question of issuing $2,850 debentures maturing part
Date Jas. 1 1109.
yearly on March 1 from 1910 to 1929 inclusive, to purchase
Interest annual. Maturity part of each issue yearly for a site for an armory,will also be voted upon. The debentures,
ten years.
if authorized, will carry 5% interest and be dated on the day
Brantford, Ont.-Debenture Election.-It is reported that of their issuance. Interest annual.
isto
proposition
a
to
5
vote
on
Jan.
held
.an election will be
Port Arthur, Ont.-Debenture Election.-In addition to the
sue $20,000 4% 20-year electric-plant debentures.
propositions to issue the $28,500 debentures due Jan. 11
Echo Lake School District No. 2108 (P. 0. Fountain), 1939 for paying for the double-tracking of the electric street
Sask.-Debenture Offering.-This district is endeavoring to railway and the $6,712 debentures due Jan. 11 1929 for
dispose of $1,400 school-house debentures. Date March 1 grading Dufferin Street, to be submitted to a vote of the
1909. Interest is payable at the Northern Bank in Sheho. people on Jan. 4 (V. 87, p. 1680), the question of issuing
Maturity part yearly for ten years. Total debenture debt $9,500 debentures due Jan. 11 1939 for the extension of the
street railway will also be voted on. The debentures, if
this issue. G. Hanson is Secretary-Treasurer.
Lethbridge, Alberta.-Debenture Sale.-The Dominion authorized, will be issued in coupon form and will be dated
of
Securities Corporation, Ltd. of Toronto was recently awarded Jan. 111909. Interest Feb. 1 and Aug. 1 at the Bank
Toronto.
in
Montreal
and
works
water
coupon
20-year
of
5%
issue
$121,500
an
St. Mary's, Ont.-Debenture Sale.-An issue of $6,824 25
.sewerage debentures. Interest semi-annually at Lethbridge,
to H. O'Hara & Co. of
*Toronto and Montreal. Net debt $322,000. Assessed 444% debentures has been awarded
Toronto. Maturity part yearly for nine years.
valuation $3,664,608.
MISCELLANEOUS.
Adrian H. Muller & Son
AUCTIONEERS.
Regular Weekly Sales
OF
STOCKS and BONDS
MiSCEi
A r‘.FOUS.
OF
ATLANTIC MUTUAL INSURANCECOMPANY.
New York, January 21st, 1008,
statement of its affairs
771e Trustees, in conformity with the Charter of the Company, submit the following
on the 31st of December, 1007.
$3,440.427 06
1907
December,
31st
to
1907,
Premiums on Marine Risks from 1st January,
690,719 33
Premiums on Policies not marked off 1st January. 1907
84.131,146 39
Total Marine Premiums
$3,387,757 38
Premiums marked off from 1st January, 1907, to 31st December, 1007
EVERY WEDNESDAY.
$348,234 37
received during the year
Interest
124,935 70 $473,170 16
Office, No. 55 WILLIAM STREET, Rent less Taxes and Expenses
Corner Pine Street.
Losses paid during the year which were estimated in 1906
$607,375 70
and previous years
1,400,691 49 $2,008,067 19
Losses occurred, estimated and paid In 1907
PRIMROSE & BRAUN
New York City Bank, Trust and Fire
Insurance Stocks
48 EXCHANOE PLACE -
NEW YORK
Bankers & Commission
-
-
1801
1850
The United States Lifi
Insurance Co.
IN THE CITY OF NEW YORK
Issues Guaranteed Contracts
JOHN P. MUNN, M.D., President
Finance Committee
Leatbst
4AM1114 R. PLUM
CLARENCE H. KELSEY, Pres. TitleGuar.& Tr. Co.
WM. H. PORTER. Pres. Chemical National Bank
Good men,whether experienced in life insuranos
or not, may make direct contracts with this Corn
pany for a limited territory If desired, and occur.
tor themselves. In addition to first year's commis
sten. *renewal interest insuring an income for tb,
'future. Address the Company at its Home Ortkr
NO. 277 Broadway, New York City,
$126,595 24
302,387 66
428,982 90
$1,579,084 29
Returns of Premiums
Expenses, including offleb;:s salaries and clerks' compensation,stationery,
newspapers, advertisements, etc
$42,971 10
$348,854 83
ASSETS.
United States Si State of New York
Stock, City. Bank and other Se$5,483,622 00
curities
Special deposits in Banks &TrustCos. 650,000 00
Merchants
Real Estate cor. Wall Si WilllamSts.,
Si Exchange Place.$4.299,000 00
NEW YORK Other Real Estate Si
claims due the com75,000 00 4,374.000 00
pany
R. T. Wilson & Co.
13 WALL STREET
Less Salvages
Re-Insurances
Estimated Losses and Losses Un$2.058,160 Ot
settled
743,389 01
Premiums on Unterminated Risks_
Certificates of Profits and Interest
268,528 75
Unpaid
122.696 19
Return Premiums Unpaid
Certificates of Profits Ordered Refor
Unpaid
WItnheld
deemed,
22,334 50
Premiums
Certificates of Profits Outstand7,412,630 00
ing
Premium notes and Bills Receivable 1,376,916 51
270,000 00
Real Estate Reserve Fund
Cash in the hands of European
Bankers to pay losses under poli185,005 17
cies payable in foreign countries_
595,353 43
Cash In Bank
$10,897,743 47
Aggregating
$12,664,897 11
Aggregating
A dividend of Six per cent interest on the outstanding certificates of profits will be paid to the hold.
era thereof, or their legal representatives, on and after Tuesday the fourth of February next.
The outstanding certificates of the issue of 1902 will be redeemed and paid to the holders thereol.
or their legal representatives, on and after Tuesday the fourth of February next, from which date al/
interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent Is declared on the net earned premiums of the Company for the year
ending 31st December, 1907, for which, upon application, certificates will be Issued on and sites
By order of the Board,
Tuesday the fifth of May next.
0. STANTON FLOYD-JONES. Secretary.
TRUSTEES.
NICHOLAS F. PALMER.
HERBERT L. GRIGGS,
GUSTAV AMSINOK,
HENRY PARISH
A. GRISCOM,
CLEMENT
BACON,
FRANCIS M.
DALLAS B. PRATT.
ANSON W. HARD,
JOHN N. BEACH,
GEORGE W. QUINTARD.
MORRIS K. JESUP,
WILLIAM B. BOULTON,
A. A. RAVEN,
LEWIS CASS LEDYARD,
VERNON H. BROWN,
JOHN L RIKER,
FRANCIS H. LEGGETT,
WALDRON P. BROWN.
DOUGLAS ROBINSON.
CHARLES D. LEVIRICH.
JOSEPH H. CHAPMAN,
GUSTAV H. SCHWAB,
LEANDER N. LOVELL,
JOHN CLAFLIN,
WILLIAM SI.OANE,
GEORGE H. MACY,
GEORGE C. CLARK,
CHARLES If. MARSHALL, ISAAC STERN,
CLEVELAND H. DODGE.
WILLIAM A. STREET.
W. H. H. MOORS,
CORNELIUS ELDERT.
RICHARD H. EWART.
A. A. RAVEN. President.
CORNELIUS ELDERT, Vice-President.
SANFORD E. COBB, 25 Vice-President.
CHARLES E. FAY. 3d Vice-Presilent.
THE
68
Lxxxviii.
CHRONICLE
Trust(Companies.
4,;rnst 4E0114ia ivies.
NM Stales MU 00111j181111 01 110 Tort.
• it'
Manhattan
Chartered 1853.
45 and 4, Walk ,treel..
. .
.
CAPITAL.,
SURPLUS AND UNDIVIDED PROFITS,
$2,000.000.00
f1313., 2,4-3, 128.35
-
Trust
This Company acts as Executor, Administrator, Guardian, Trustee, Court Depositary and in
other recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or personal, for estates,
corporations and individuals.
Company
EDWARD W. SHELDON, President, JOHN CROSBY BROWN, Vice-Pres.
WILLIAM M. KINGSLEY, 2d V.-P.
HENRY E. AHERN, Secretary.
WILFRED J. WORCESTER, Asst. Sec. CHARLESA.EDWARDS,'2d Asst.Sec.
TRUSTEES.
JOHN A. STEWART, Chairman of the Board,
William II, Macy, Jr.,
John Minn,
William D. Sloane,
John J. Phelps,
Gustav H. Schwab,
John S. Kennedy,
Frank Lyman,
D. 0. Mills,
George F. Victor,
Lewis Cass Ledyard,
James Stillman,
Lyman J. Gage.
eohn Crosby Brown,
W. Bayard Cutting,
Charles C. Smith,
William Rockefeller,
Alexander E. Orr,
Payne Whitney,
Edward W. Sheldon
Chauncey Keep,
George L. Rives,
Arthur C. James,
20
Wan Street
Corner Nassau
NEW YORK
BANKERS TRUST COMPANY
7 WALL STREET, NEW
Surplus and Undivided Profits, $1,198,000
innuictr•,1-cs
eDuAR L. MARSTON.
Capital $1,000,000
STEPHEN BAKER.
Pres. Bank of the Manhattan Co., N. Y.
SAMUEL G. BAYNE,
Pres. Seaboard National Bank, N. Y.
EDWIN M. BULKLEY,
Spencer Trask & Co., Bankers, N. Y.
Blair ec Co., Bankers, N. Ir.
GEORGE W. PERKINS,
.J. P. Morgan & Co., Bankers, N. Y.
WILLIAM HI. PORTER,
Pres. Chemical National Bank, N. Y.
JAMES G. CANNON,
Vice-Pres. Fourth National Bank, N. Y.
EDMUND C. CONVERSE.
President, New York.
HENRY P DAVISON,
DANIEL G. REID.
Vice-Pres. Liberty National Bank, N. Y.
EDWARD F. SWINNEY,
Pres. First
National
.
. .Bank, Kansas City.
J. P. Morgan & Co., Bankers, N. It.
JOHN F. THOMPSON,
Vice-President, New York.
WALTER E. FRE
Vice-Pres. Cora Exchange Bank, N. Y.
Angiuters.
H.M.Byllesby & Co.
Incorporated
ENGINEERS
DESIGN.CONSTRUCT AND OPER,
ATE RAILWAY. LIGHT, POWER,
HYDRAULIC AND GAS PLANTS
GILBERT G. THORNE.
FREDERICK T. HASKELL,
V.-Pres. Illinois Trust & Say. Bank, Chicago.
A. BARTON HEPBURN,
Vice-Pres. National Park Bank, N. Y.
EDWARD TOWNSEND,
'P:XAMINATIONS and REPORTE
Pres. Importers' .!c Traders' National Bank, N.Y
President Chase National Bank, N. Y.
THOMAS W. LAMONT,
ALBERT H. WIGGIN,
GATES W. McOARRAH,
SAMUEL WOOLNERION,
V ee-Pres dent First Nat'onal Bank, N. Y.
President Mechanics' National Bank, N. Y.
Vice-Pres. Chase National Bank, N. Y.
President Gallatin National Bank, N. Y.
Particular attention is called to the personnel, character and strength of this
company's directorate. Interest is allowed upon deposits,
H. STRONG Jr.. V.-P.
J. F. THOMPSON, V.P.
E. C. CONVERSE. Pres.
F. N. B.CLOSE,Sce'y.
F. It. KENT, V.-P.
D. E. POMEROY, V.-P.
II. F. Wilson Jr., A,st. Soo's%
H. W.DONOVAN, Treats.
^
clineriean Trust Building, CHICAGO
Mobile Ala,
Oklahoma City, Oklahoma.
San Diego, Cal,
J. G. WHITE & CO.,
Engineers, Contractors,
43-49 Exchange Place, - NEW YORK
Investigations and Reports on Electric
Railway, Uas, Electric Light and Power
Transmission Properties for Financial Institutions and Investors.
IninoisTrust&SavingsBank
411111ICA444 •
Electric Railways, Electric Light and
Electric Power Plants Financed,
Designed and Built.
London Correspondent:
Capital and Surplus
$13,20a .0,q )4 )4,)
Pays Intere3t on Time Deposits, Current and Reserve Accoutit..,,
Deals in Investment Securities aud Foreign ExchanKt.
Transacts a General Trust Businesz.
CORRESPONDENCE INVITED
J. G. WHITE & CO., Limited,
9 Cloak Lane, Cannon St.. E C.
Canadian Correspondents:
CANADIAN WHITE CO., Limited,
Montreal
Principal Philippine Office, Manila, P. I
Established 1889.
& CO.
A. L. RECISTER
PEPPER & REGISTER
Successors to
Engineers & General Contractors
112 North Broad Street, - Philadelphia
intug
gnotnzers.
H. M. CHANCE
Conbulting Mining Engineer end (leologi,)
Wilkinson, Reckitty Williams & Co.
COAL AND MINERAL PROPERTIES
Examined, Developed, Manacfed
837 Drexel Bldg.
PHILADELPHIA, PA
CERTIFIED PUBLIC ACCOUNTANTS
NEW YORK
CHICAGO
PHILADELPHIA
52 Broadway
Marquette Bldri.
Mutual Life Bldo..
LONDON, ENGLAND
Leadenhall Bldr7s.
THE AMERICAN MEG CO.
MANILA, SISAL AND JUTE
CORDACE.
65 Wall Street,
-
New York
@FedFRASER