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financial
ommerriH
INCLUDING
Bank & Quotation Section
Railway Earnings Section
Railway & Industrial Section
Bankers’ Convention Section
VOL. 90.
SATURDAY, JANUARY 22 1910.
Slue
v
h
&
( .e
PUBLISHED WEEKLY.
Subscription includes following
n a nk AND Q u o t a t io n (m o n th ly)
Supplements—
I s t a t e a n d C it y tsem i nnn„ . n „ i
iirly )
Terms of Advertising— Per Inch Space
T ra n s ie n t m a tte r p e r inch space (14 agate linos)
* . 9n
( MnVO M,"u t' ,s(« tim es)...'.'.'.'.'.'.'.'.'.'.'.'.'" l a 00
S tan d in g Business Cards < T h re e M onths
(13 tim e s )............................. 20 00
) S ix M o n th s
(2 6 tim e s )............................... 50 00
87 00
L T w e lv e M o n th s (52 tim e s )___
S 8 m S * E ? t $ \
“ W
® 1? M onadnock Block; T e L H a r r is o n 4 01 2
L O N D O N O F F I C E - E d w a r d s & S m ith , 1 D ra p e rs ’ G ardens, E . c .
u
! * ‘ D A N A C O M P A N Y , P u b lis h e r s ,
F r o n t , P i n e a n d D e p e y s t e r S t s .,
N ew Y o rk .
P u biished eYory S a tu rd a y m o rn in g by W I L L I A M
B. D A N A C O M P A N Y '
^ ^ O S S S m tS O B a S S ^
CLEARING-HOUSE RETURNS.
h
t
m
n
i Z - r & X
K
,t<aV,l e’, ma,dC “ p b y tclc?raPh. & c „ Indicates th a t the to ta l
a ll clearing houses o fjth e U n ite d States fo r w eek end ing
£ o bfh e ^ e 1k9Va3s1t2 y6e8a4r . aga,nSt
Returns by Telegraph—
W e e k end. J a n .
22
*3 '858'083’942
w eek a n !
1910.
1909.
%
$2,322,068,659
179,049,544
136,955,679
27,143.990
239,455,485
65,552,619
25,583,794
$1,556,252,718
152,230,861
105,569,034
23,348,523
231,087,766
63,107,061
17,240,884
+ 4 9 .2
+ 17.6
+ 29.7
+ 16.2
+ 3 .6
+ 3 .9
+ 48.4
Seven cities, five days
Other cities, five d a y s ...
$2,995,809,770
495.498,627
$2,148,836,847
426,289,848
+ 3 9 .4
+ 16.2
Total all cities, five days.........
All cities, one day. .
$3,491,308,397
700,004,287
$2,575,126,695
500,287,825
+ 3 5 .6
+ 39.9
$4,191,312,684 j $3,075,414,520
+ 3 6 .3
New Y o rk ..............
B o sto n___
Philadelphia
B a ltim o re .............
C h icago..............
St. Louis......... ..........
New Orleans____
..............................
..................
Total all cities for week........................
Sm/MSSMS
C l e a r i n g s at —
New Y o rk ...........
Philadelphia___
Pittsburgh...........
B a ltim o re _____
Buffalo..................
Albany________
W ashington___
Rochester...........
Scranton.............
Syracuse______
Reading................
W ilm ington____
Wilkes-Barre . . .
Wheeling _____
H a rris b u rg .........
Trenton ..............
Y o r k ................
E r i e ......................
B ingham ton___
C h ester................
Greensburg.........
A ltoona................
F r a n k lin ..............
Total M id d le..
Boston ................
Providence.........
H a rtfo rd .............
New Haven.........
Springfield...........
W orcester...........
P o rtla n d ..............
Fall R iver...........
New Bedford___
L o w e ll_________
; Holyoke...............
Total New Eng.
■ ^ W s year’s eh arings considerably Increased by out-of-town clearings department
Chicago________
Cincinnati............
C leve lan d ...........
D e tro it..................
M ilwaukee...........
Indianapolis___
Colum bus.........
Toledo..................
Peoria ........... ......
Grand R a p id s ...
D a y to n _______
Evansville .........
K alam azo o____
Springfield, H I . .
Lexington......... ..
Fort W ayne___
Youngstown___
A k r o n ...........
Rockford ___
Bloomington___
Quincy...........
Canton_____
D e c a t u r ___
South B e n d .. _
Springfield, O . . .
Jackson......... ......
Mansfield______
Danville................
yacksonvllle, 111.
Ann Arbor__
Adrian .........
L i m a ..............
T o t. M id. West.
San Francisco__
Los Angeles.........
Seattle ...............
Portland ........... I
Salt Lake C ity __
Spokane...............
Tac o m a .............
Oakland_______
Helena ________
Sacramento.........
San Diego_____
Stockton __
Fresno____
San Jose................
B illin g s ________
North Y a k im a ..
Pasadena..............
Total Pacific..
Kansas C ity ___
Minneapolis____
O maha___
St. P a u l . . . .........
D e n v e r................
St. Joseph_____
Des Moines___
Sioux C i t y . . .
W ic h ita _____ . I
L in c o ln ______
Topeka ................
D a venpo rt..
Cedar R a p id s ...
Colorado Springs
Pueblo ................
F re m o n t..............
Fargo . .
’
Sioux F a lls ..I ”
D u lu th .........
Tot. oth. West
St. Louis...........
New Orleans___
Louisville
H o u s to n ...........
G alveston.........
Richmond ___
A t la n t a ......... ..
Memphis . .
Fort W o rth ____
Savannah ...........
Nashville ____
N o rfo lk ................
Birm ing ham ___
Augusta_______
Jacksonville___
Knoxville . .
L ittle Rock.........
Charleston...........
Chattanooga . . .
M o b ile ..................
O klahom a___ .
M aco n ..................
Beaumont .........
A u s tin ..................
Vicksburg_____
Jackson _______
W ilmington, N. C
M e rid ia n ..............
Total Southern
NO. 2326
W e e k ending J a n u a r y
C l e a r i n g s at —
1910.
F o r OnoT Y o ™ S ° f SubscriPtio“ — 1Payable in Advance
F o r S ix M onths.'.'.'.................................................................................................... ..
00
Eu ro pean S u bscrip tion (in c lu d in g postage)................................................. i a
* 5 m?S a2 Subscrip tion six m o n tlis^ In clu d in g p o s ta g e ).......................... H no
^ u i u a l SubseriptH u, in London (in c lu d in g postage)
.......................... e l { L
o Subsorip tioii in London (in c lu d in g p ostag e)........................ £ 1 l i s '
Canadian S u bscrip tion (in c lu d in g postage) . . . . . . ___ 50 '
„ _
P .O .B o x 0 5 8 .
Electric Railway Section
State and City Section
Inc. or
Dec.
1909.
269,559,038
26,809,700
21,551,387
17,202,542
12,890,692
9,613,147
7,011,600
4.782,116
3,163,883
3.002,283
2,259,345
2,559,124
1.641.968
1,168,472
1,283,946
1,014,042
1,226,151
814,000
780,834
499,702
729,691
1,014,085
309,381
542,104
602,184
474,545
381.862
387,962
352,200
216,248
40,454
316,597
394,201,285
267,256,351
30,815,200
16,435.795
13,702,860
12,269,121
8,893,779
5,832,200
4,154,064
3.112,295
2,457,166
1,869,332
2,286,122
1.219,464
932,253
749.484
873.108
768,798
650.000
686,714
462,964
527,378
660.895
435,095
433,678
526,235
350.000
325,322
323,551
260,957
202,644
32,141
298.895
379,803,861
1908.
1907.
%
+ 0.9
— 13.0
+ 3 1 .1
+ 29.2
+ 5.1
+ 8.1
+ 20.2
+ 15.1
+ 1.6
+ 22.2
+ 20.9
+ 11.9
+ 34.6
+ 2 5 .3
+ 71.3
+ 16.1
+ 59.5
+ 25.2
+ 13.7
+ 8.0
+ 3 8 .3
+ 53.4
— 28.9
+ 25.1
+ 14.4
+ 3 5 .6
+ 17.4
+ 19.9
+ 3 4 .9
+ 6.7
+ 25.91
+ 5.9
+ 3 .8
44,490,807
38,945,164 + 14.3
15,019,299
12,782,731 + 17.5
12.593,939
9,250,695 + 3 6 .1
10,463,876
7.011,917 + 49.2
7,815,890
7,050.895 + 10.9
4,869,451
3.620,284 + 34.5
5,852.800
4,560,850 + 28.3
2,184,506
1,995,890
+ 9 .5
1.200,000
908,199 + 32.1
1,378,124
985,828 + 39.9
1,366,000
1,065,000 + 28.3
565,387
579,306
— 2.4
683,535
492,179 + 38.9
546,896
470,636 + 11.9
201,207
172,540 + 16.6
420.000
300.000 + 40.0
928.000 N ot Included In total
109,651,717
15.
220,554,920
26,709,650
16,420,317
13,961,283
11,260,902
6,688,318
4,690,700
4,012,850
3,014,895
2,212,820
1,673,560
1,661,067
1,002,116
857,281
996,921
650.667
615,901
600,000
546,860
488.126
480,762
426,847
429,470
382,517
345,129
344,503
275,016
294.127
232,621
190,110
27,000
275,000
237,552.658
32.064,250
18,519,444
15,000,828
11,602,391
9,669,198
5,420,200
3,906,895
2,736,856
2,607,829'
2,057,591
1,856,246
1,122,952
887,221
880,830
786,953
677,592
889,149
624,869
419,872
457,289
584,505
403,426
565,447
422,582
352,671
377,345
222^695
153,507
290000
322,322,256
353,113.290
35,111,478
9.450,000
7,328,649
5,418,931
4,244,833
2.598,884
3,782,557
1,615,487
627,851
1,256,672
850.000
408,580
46.129,150
14,055,010
8,598,292
6.513,746
7,200,541
2,516,168
4,811,255
3,626,364
793,660
’ ’ 450'o66
225.000
' 2A
066
90,192,014| + 2 1 .6
73,368.572
94,519,186
50.110,808
45,808,721
+ 9 .4
24,895,156
18,311,799 + 36.0
17.390,693
13,959,660 + 24.6
10,094,653
10,274,714
—1.8
9.650.000
9,104,226
+ 6.0
7,224,466
6,699,446
+ 7.8
3,775,658
3,556,285
+ 6.2
3.200.000
3,028,647
+ 5.6
2.925.000
1,696,205 + 72.5
1,686,654
1.457,807 + 15.7
1,298,669
1,411,135
— 8.0
1,564,156
1,138,230 + 3 7 .4
1,386,667
1,028,823 + 3 4 .8
824,966
826,094
—O.l
SS9,9S,">
744,471 + 19.5
429.378
370,985 + 15.7
1,103,142
759,851 + 4 5 .3
950,000
525,000 + 80.9
3,503,725 Not Included in total
35,832,284
22,304,046
12,118,365
9,096,234
7,941,926
5,809,283
2,695,436
2,086,092
1,332,044
1,147,684
933.181
841,477
741,096
766.952
665,872
399,766
581.500
460,000
33,635,614
17,871,581
10,623,817
8,675,288
8,130,992
6,500,647
2,680,404
2,205,776
1,211,348
1,270,861
1,008,899
925,087
735,541
850,836
787,364
342,649
579,231
421,950
139,400,051
120.702,099
+ 15.5
76,881,694
73,877,666
+ 4.1
34,672,556
21.609,848 + 60.9
14,491,451
15,169,652
— 4.5
15.021,311
15.206,632
— 1.2
7,552.500
6.916.000
+ 9.2
8,371,995
7,440,140 + 12.5
♦14,868,319
6,487,129 + 129.2
8.384.162
6,270,648 + 32.1
7,727,610
6,370.541 + 21.3
5.196,454
4,442,080 + 17.0
4,351,254
3,409,960 + 27.6
3,101.808
2,532,612 + 22.5
3.497,377
2,494,734 + 40.2
2,492,024
2,244,786
+ 2.1
2,694,521
1,883,493 + 43.1
1,621,875
1,737,375
— 6.7
1,970.627
1,713,010 + 15.0
2,104.055
1.675.000 + 25.6
2,020,190
1,604,327 + 25.9
1,612,548
1,567,127
+ 3 .0
2.197.162
1.297,904 + 69.3
1,500,000
1,012,391 + 48.2
659,953
627,562
+ 5.2
1,077,753
- 576.536 + 8 6 .9
392,341
' 535,322 — 26.7
650:000 , f 475,000 + 3 6 .8
'574,757
383,921 + 49.7
394,902 ot Included in total
225,686,297
189,561,496
+ 19.0
105.753,838
98,457,885
61,673,772
22,240,993
11.719.924
10,059,380
7,059,000
6.197,979
5,086,434
6,027,489
4,485,433
4,112.620
4.084.368
2,153.450
2,042.160
2.046,838
1.525,669
1,382,963
1,543,243
1.533,332
1,424.564
1,429,301
782,819
726,359
438,676
605,305
467,831
67,675,671
26,461,631
14,845,367
15,324,812
8,550,500
6 ,200,000
5,468,345
6,039,936
3,953,274
5.112,513
4,317,932
3,112.911
1,978.925
1.775,285
1,378,405
1.481,009
1,701,553
1,704,510
1,517,383
1,532,986
888,788
800,000
343,700
*396,066
410,000
161,239,872
182,595,436
T o t a U l L . ...........
,858,083,942 37422,333,848
+ 12/7 2,870,057,458 3,441,757,849
Outside N . Y . .
.400.908,578 1,255,493.346
+ 11.6 1,099,973.184 1,259,912.693
Note.—For Canadian clearings, see "Commercial and Miscellaneous News."
186
THE CHRONICLE
[VOL. L X X X X .
the speculation in cotton was a much more serious af
fair and involved infinitely greater dangers to the world
OUR R A IL W A Y EARNINGS ISSUE.
W e send to our subscribers to-day the January at large. Only a relatively few persons were involved in
number of our “ Railway Earnings” Section. In this the Hocking pool; the speculation in cotton had its ram
publication we give the figures of earnings and expenses ifications all over the country. Moreover, it paralyzed
for the latest month of every operating steam railroad the cotton goods trade, compelling mills throughout
in the United States, big and little, which is required the world to stop work and reducing many operatives
to file monthly returns with the Inter-State Commerce to idleness or putting them on short-time, and it also
Commission at Washington— altogether over 800 roads interfered seriously with the country’s export trade.
or systems, comprising an aggregate of more than Within the present month spot cotton in this market
has declined from 16.15 cents to 14.15 cents, with a
230,000 miles of line.
recovery to 14.45 cents, and the May option has
dropped from 16.46 cents to 13.50 cents, with a re
THE FINANCIAL SITUATION.
covery to 14.38 cents. Now that the bubble has
The financial markets have continued in a more or
burst the financial and commercial community will
less turbulent and a highly sensitive state. The col
breathe easier. As many persons are just now in a
lapse of the notorious pool in Columbus & Hocking
censorious frame of mind, it is well enough to note, in
Coal & Iron stock (the shares on Wednesday dropping
passing, that, however wicked the Hocking Coal per
from 883^ to 25 and subsequently having sold even
formances may have been, our Southern and Western
lower, at 22,) with the failure of the three Stock Ex
friends are hardly in a position to point the finger of
change houses which had been chiefly identified with
scorn at Wall Street in connection therewith, so long as
the movement, naturally had a widely depressing in
this cotton speculation remains fresh in mind, to their
fluence. Coming at a time when confidence in se
own discredit. At one of the Southern cotton ex
curity values generally had been greatly weakened by
changes the dealers are still so wedded to the idea that
President Taft’s special message, proclaiming very
the artificial price created through speculative manipu
radical policies for regulating and controlling the ac
lation should be looked upon as the real, the genuine
tivities of our great business corporations as well as
price, that they refused last week to post the reduced
the country’s transportation lines, it gave the stock
prices that have come with the failure of manipulation
market a hard knock, driving prices down still further
to exercise any further efficacy. Thoughtful persons can
and keeping the market in somewhat of a quiver there
readily understand what disaster would ultimately have
after, notwithstanding the sharp upward rebound
beenin store if it had been found possible to continue the
which has occurred the last two days.
speculation longer or to carry it further, lheie is
Nothing too severe can be said in condemnation of
distinct reason for encouragement in the circumstance
what appears to have been nefarious manipulation of
that such a possibility no longer lies ahead of us.
the market price of Hocking Coal & Iron stock, but it
is important not to lose sight of the fact that occur
Many other developments of the week have also been
rences of this kind are exceedingly rare and are not in
of a favorable nature. The Bank of England on
the remotest degree symptomatic of a lack of merit in
Thursday made a further reduction in its minimum
security values generally. It may truthfully be de
rate of discount—this time from 4% to V/^% while
clared that the case is an isolated one. The Stock
the Bank of Germany yesterday reduced its rate from
Exchange has begun an investigation into the matter,
5% to 4 ^ % . At the same time our foreign exchange
which there is every reason to believe will be thorough.
market has been weak, in part as a result of a freer
Steps will undoubtedly be taken intended to prevent
outward movement of cotton following the drop in the
a recurrence of anything of the kind in the future—
price of the staple. At .the beginning of the week
that is, so far as it lies within human ingenuity to de
there was more or less gloom in London, attended by a
vise effective means calculated to afford protection
decline in consols, owing to the fact that the earliei
against evils of that kind. Past experience is a guar
elections showed smaller gains for the Unionists oi
anty that the Stock Exchange authorities will not dea]
Conservatives than had been expected. Each day’s
lightly with the offenders. Their action in the much
elections since then, however, have recorded further
less culpable transaction in Rock Island stock last
gains for the Conservatives, and now it is clear that
month is still fresh in mind.
even though the Liberal Party may be returned to
In the meantime it is a point gained to have such
power, it will be by a relatively small majority and its
an unsettling event as this Hocking Coal & Iron shake
hands will be pretty effectually tied, so that the
down out of the way, for it is now very evident that
chances of Premier Asquith being able to carry through
the collapse was bound to come sooner or later, and so
Lloyd-George’ s Socialistic Budget will be very slim.
long as it hung over the market as a threatening cloud
This prospect is making London more cheerful.
no one could tell what disaster it might bring to the
In the railroad world here, there have also been
general list when the inevitable break occurred.
some auspicious happenings. The New York Chicago
In that sense this week’s development has a favorable
&*St. Louis, or Nickel Plate, one of the smaller Van
aspect. The same is true in even greater degree of the
derbilt roads, has declared an initial dividend of 3 ^
pricking of the speculative bubble in cotton the present
on its common stock. It is announced, too, that the
month.
Southern Railway has arranged to take care of its
Those who have been rigging the cotton market
$15,000,000 of notes which mature Feb. 1 by a sale of
for months past have been engaged in practices not a
$10,000,000 of new 5% notes to J. P. Morgan & Co.
whit less reprehensible than the members of the pool
and the payment of the remaining $5,000,000 in cash.
in Hocking stock. The aim was the same in both
The Lackawanna Steel Co. has completed negotiations
cases, namely the establishment of an artificial and a
with a syndicate headed by Speyer & Co. for under
highly inflated price. There is this difference, that
J a n . 22 1010.
THE CHRONICLE
writing convertible bonds or debentures so as to
provide the funds to take up the $15,000,000 of
notes of the company which mature March 1.
At a time ‘when there is so much talk of possible
labor troubles through demands for higher wages, it
should not escape notice that on Thursday an agree
ment was reached in the controversy between the
Chicago railroads and their switchmen. The agree
ment provides for the submission of the questions at
issue to arbitration. This controversy has nothing to
do with the strike of the switchmen on the roads running west from St. Paul and Duluth, which is now a
thing of the past. It is a wholly separate and dis
tinct labor dispute, possibility of trouble from which
had loomed large on the railroad horizon for some
time. As an indication, too, of a modification of the
public attitude adverse to the railroads, reference
should be made to the report of the Joint Board ap
pointed in Massachusetts a year ago to consider the
State’s relations to the New York New Haven & Hart
ford Railroad. This Joint Board consisted of the State
Railroad Commission, the Tax Commissioner and
the Bank Commissioner. The Board was appointed
to consider the allegations contained in the annual re
port of the Attorney-General of the Commonwealth,
issued in January of last year, that the New Haven
Company had violated the laws of Massachusetts, and
that its charter and franchises were subject to forfeit
ure. The question presented for determination was
whether forfeiture should actually be declared. The
violations alleged related mainly to the exercise of
franchises and privileges granted by the State of Con
necticut which were in conflict with the laws and pub
lic policy of Massachusetts. The Joint Board re
ports unanimously against forfeiture. It calls atten
tion to the action of the State, since then, in authoriz
ing the creation of the Boston Railroad Holding Co.,
under which the New Haven has been able to take
over the Boston & Maine, subject to certain powers
reserved by the State of Massachusetts, and urges that
the New Haven’s charter in Massachusetts should not
be repealed, nor should proceedings for its forfeiture
be begun. It recommends that if the New Haven
company is to continue as a corporation of Massachu
setts, the Commonwealth should, as in the Boston &
Maine case, be secured in effective control and super
vision of such franchises and powers as do not fall
within the exclusive jurisdiction of any other State.
This is obviously a wise policy.
187
property is prohibited by the Constitution, and the
company could not be required to surrender its right
of exemption for the privilege of doing business in the
State. He rejected the theory that this was within
the reserved powers of the State. It is easy to per
ceive, he said, that if every State had passed such a
statute the business of the whole country would be
thrown into confusion and the previous decisions of
the Court nullified. The State cannot tax property
existing beyond its borders, he declared.
.
For the second time within eight months the Phila
delphia Rapid Transit Co. is threatened with a strike.
Demands for increased wages, disagreements with com
mittees representing labor unions regarding questions
of discipline, and possibly to some extent politics, are
the causes of the present troubles. To encourage
loyalty on the part of the employees the company on
the first of the year announced a pension system
which not only provided for retirement on part pay
upon arriving at a certain age, but for the payment of
a $500 death benefit upon the death of any employee.
The company also announced that wages would be
gradually increased.
Already since Jan. 1 two
death benefits have been paid to families who were
almost destitute. Anything which savors of benevo
lence is as a fire-brand to a labor leader, and so the
company’s good intentions were not well received in
certain circles. The city authorities of Philadelphia
gained experience during the last strike, when trans
portation was at times almost absolutely abandoned.
The police, and if necessary the State militia, will be
called upon, it seems likely, in the present emergency,
to keep all lines open if a strike occurs, and to pro
tect passengers and crews.
Gradually the older and more conservative element
in the board of the Lehigh Valley Railroad Co. is
being displaced. Of the twelve men who constitute
the board five of the more recent additions may be said
to stand for progressive methods which may bring
a greater distribution of earnings to the shareholders.
The first innovation was made a few years ago when
Edward B. Smith was admitted to the board. Shortly
after he took his seat the dividend was increased.
Last year Peter A. B. Widener was given a seat and
although advanced in years he applied himself to the
duties of a member of the executive committee, which
place he now relinquishes to make a trip abroad. At
the annual meeting this week three more new members
were admitted to the board, William II. Moore,
Daniel G. Reid and Edward S. Moore. The Morgan
influence in the Lehigh Valley board is still dominant,
but the advocates of greater dividends have their
friends at court ready to urge the cause as opportunity
affords. E. B. Thomas remains as President, which
fact is taken as an indication that the plan to connect
the Lehigh Valley with the Rock Island system is not
ready for execution. The board on Wednesday cre
ated a new office, that of Third Vice-President, and
elected L. D. Smith to the position, Mr. Smith for
some years having been Assistant to the President.
No narrative of the encouraging events of the week
would be complete that did not advert to some of the
decisions handed down by the U. S. Supreme Court on
Monday. In the case of the Macon Grocery Co. vs.
the Atlantic Coast Line et al., involving freight rates,
the railroads won a victory. In another case,what is
known as the Bush law of Kansas under which that
State seeks to exact a charter fee based on the entire
capital stock of outside corporations, as a prerequisite
to receiving permission to do business within the State,
was held to be void as far as the Western Union Tele
graph Co. is concerned. Justice Harlan, who wrote the
prevailing opinion, pointed out that while in form the
Meetings of the National Civic Federation in dis
Bush law does not interfere with inter-State commerce,
since it does not tax the stock outright, yet in effect cussion of uniform State laws, of the Associated Life
it does levy a tax on the entire property of the com Insurance Presidents to consider mainly the same
pany in and out of the State.
A tax on outside subject, and of the so-called House of Governors, also
188
THE CHRONICLE
mainly upon that subject, have been closely con
current this week in Washington. Of the chief
objects discussed by these meetings, especially of
greater uniformity in laws and policies among the
States, it is beyond doubt that they are all most de
sirable; yet such meetings always encounter a trouble
in attempting to cover too much. Courtesy and
apparent fairness leave the floor open to all the per
sons who have a theory to air; too many subjects are
brought in, as if a world which was created in six of
the days of Genesis could be made over in three.
The effect which might perhaps be had from concen
tration is lost by being scattered. This is the first
and the principal criticism which is suggested. The
same fault of trying to do too much and too quickly
runs through nearly all of our extraordinary national
activity of late years, both in propositions and in
legislation. One would almost suppose that all which
has been done in the development of this great and
expanding country had been discovered to be so
wrong that it is unendurable and must be changed
sweepingly without delay. Such meetings of organiza
tions which talk about reforming and transforming
suggest anew how great is the need of more patience
and of more faith in time.
This is not to say that no good is likely to come from
these meetings; considerable good may come, especially
from the meeting of Governors, and the error of dif
fusion may be expected to cure itself, the meeting
being still so new. The first step to securing more
uniformity in action by States is certainly to present
to public view the evils of non-uniformity. A sug
gestive incident of this occasion is the veiled insistence,
in the addresses of several speakers, upon the doctrine
of State.sovereignty. Thus Gov. Hughes suggested
what condition would arise “ if all our local instru
mentalities derived their authority from a central
source,” and said that permanent national success is
possible because natural evolution “ has developed a
system of local governments . . .
so that we
have a number of foci of governmental authority.”
He also said that “ even more important, because less
recognized, is the maintenance of the system of gov
ernment in our States.” The successor to the place
of the late Gov. Johnson of Minnesota presented reso
lutions urging Congress to expressly provide that in
relation to common carriers the Federal Courts shall
have no jurisdiction until final action by the highest
courts in a State. Whatever be said of this, it seems
to agree with other signs which indicate that State
rights are likely to become a more active subject.
The United States Government has begun to adjust
its tariff relations with other countries in the hope of
avoiding the necessity of imposing the maximum duty
(of 25% above the minimum duty) on imports. The
task is beset with difficulties and delicacies that only
the most adroit diplomacy on the part of our own Ad
ministration and foreign governments will succeed in
preventing from developing into serious ruptures.
The prejudices of foreign peoples even more than the
desires of foreign Cabinets must be taken into con
sideration, a fact that American Ministers can readily
appreciate in view of the awkward situations that have
occasionally arisen here in handling Japanese prob
lems. Governments are not always free agents, and
tariffs are so essentially matters of special and di
[VOL. L X X X X .
versified interests that trouble almost inevitably arises
when changes are proposed. Happily, President Taft,
by temperament and from his personal acquaintance
with various foreign nations, is disposed to avoid
disputes whenever and wherever possible, so that com
mercial interests in this country can rest assured that
every endeavor will be made to avoid widespread
disruption of our over-sea trade.
An encouraging beginning has been achieved. Offi
cial announcement was made on Tuesday that six
countries are entitled to the minimum rates embodied
in the new tariff law. These countries are Great
Britain, Italy, Russia, Spain, Turkey and Switzer
land. Other countries are expected to be named
very shortly; according to trustworthy advices from
Washington, “ some 75 to 100 proclamations are looked
for within the next two and a half months.”
Neither Germany nor France, it will be at once
noted, is included in the first list. American manu
facturers, importers, exporters and others directly
interested in trade agreements with the two leading
industrial nations of Continental Europe are following
with some anxiety the negotiations now in progress
between our own Government and these two countries,
more particularly Germany, as the attitude of Berlin,
dictated by the Agrarian forces, threatens, unless
modified between now and Feb. 7, to lead to a tariff
war. After that date Germany will be in a position to
apply its “ general” tariff rates upon goods imported
from the United States, although no retaliation can be
instituted by us until April 1. All hope of arriving
at an amicable arrangement has not been abandoned,
although each side is willing to have the impression con
veyed that the proffered concessions represent its
final terms. The Imperial Consultative Commercial
Board, a German organization composed of financiers,
manufacturers and economists, is scheduled to meet
on Monday next, when the Government will explain
in detail what has been done and will welcome sugges
tions calculated to avert a crisis. The stumbling
block may prove to be, not the treatment of German
goods proposed by the United States, but the restric
tions placed by Germany upon the importation of
American meat and meat products. An intimate
understanding of the powers exercised by the landed
and other agricultural interests throughout the Ger
man Empire is necessary to enable a proper deduction
to be drawn as to how complicated the situation thus
involved really is. By claiming that they are actuated
solely by a determination to preserve, not the pros
perity, but the health of the Fatherland, the opponents
of American exporters of meat can win the most en
thusiastic support. However, a modus vivendi may
be drawn up before the present status expires, a
fortnight hence.
The danger of upsetting our trade with France was
recognized at the time the higher duties were imposed
by Congress upon French wines and the other luxuries
that mainly comprise France’s exports to America.
Senator Aldrich, it may be recalled, pacified to some
extent the sensitive Gauls during his European visit
last year by assuring them that our Government had
no intention of discriminating against France, but that
the revision adopted was inspired by a desire to raise
the revenue requisite to meet our growing expendi-
JAN. 22 1910.]
THE CHRONICLE
tures. The American Consul-General in Paris this
week addressed the American Chamber of Commerce
there for the purpose of demonstrating that France
will not suffer under the new schedules; after sub
mitting a series of statistics and calculations, he ex
pressed the earnest hope that “ a deplorable calamity,”
brought on “ through a misunderstanding of FrancoAmerican commercial relations,” would be carefully
avoided. France is not defenceless; her new tariff
provides ample weapons for retaliating should our
maximum duties be imposed upon her exports.
Statesmen there as well as here are striving to adjust
matters peacably. Indeed, the French Minister of
Commerce has publicly announced that he will ask
the Senate to reduce the tariff schedules fixed by the
Chamber of Deputies so as to bring that country
within the operation of our minimum rates. Inci
dentally, French foreign trade is expanding, imports
($2,296,850,000) having increased $92,000,000 and
exports $66,400,000 during 1909.
The future of our commercial relations with Canada
is another subject which, though temporarily somno
lent, is causing some concern. Whatever fears may
have been entertained of a tariff war between the
United States and Great Britain in the event of a
Unionist victory at the polls have been set at rest, for
the present at least, by the election results already
to hand. Japan has prepared a new tariff bill which
will be submitted to the Diet to-day, but it contains
nothing likely to interfere with the friendly arrange
ments now existing between that country and the
United States. Brazil has just manifested its good
will towards us by ordering the continuance of the
differential tariff of 20% in favor of this country on
certain of our exports.
The Bank of England has in six weeks reduced its
official discount rate three times, from 5% to 4 % %
on Dec. 9, to 4% on Jan. 6 and to 3 % % on Thursday
of this week. The Imperial Bank of Germany, not
withstanding normal political tranquillity in that
country, has felt compelled to retain a minimum charge
of 5% ever since Oct. 11 up to yesterday, when it
announced a change to 4 % % , whereas a 4% rate had
been looked for. In the one case the monetary posi
tion has improved with a rapidity that none would
have dared to predict three months ago, while in the
other the recovery has been surprisingly tardy, meas
ured by the course of the Bank rate. What has been
the extent of the London institution’s improvement?
On Oct. 21 its supply of coin and bullion had fallen
below $165,000,000 and its reserve to $111,600,000,
although even then the proportion of reserve to lia
bilities (47% % ) was 3 % % better than it was in the
previous week, under the 4% official rate. By Dec. 8
the bullion holdings had increased to $179,500,000 and
reserve to fully $130,000,000, or 5 6% % , so that a
ower rate was thoroughly warranted. On the 6th
nst. the position was not quite so strong, the yearend demands having pulled down the stock of coin and
bullion to $168,500,000 and the reserve to $116,500,
000, or 3 9% % , but the directors’ hands were virtually
forced by the weakness in the open market discount
rates. This week’s statement disclosed specie on hand
of $182,500,000 and a reserve of almost $135,000,000,
or 5 0 % % ; hence the reduction to a 3 % % discount
189
rate is entirely logical, especially in^view of a private
charge of only 2 % % . No further change is looked for
until after Parliament has settled down to business.
The Reichsbank’s action is extremely conservative
inasmuch as its note circulation and loans have beendrastically curtailed since the end of December and
the open rate for spot bills is the same as in London,
2 % % , although bills to arrive are quoted at 3% .
The British Treasury has succeeded in borrowing on
very reasonable terms the large sums necessary for
carrying on Government during the interim between
the rejection of one Budget and the time for the sub
mission of another measure. True, the whole inter
regnum has not yet passed, but the readiness shown by
the money market in absorbing the Treasury bills,
combined with the comfortable state of private (and
official) discounts, leaves no room for doubt that all
the funds needed will be supplied, even without pro
ducing any firmness in rates. The most sanguine
hopes have been fulfilled in this respect and also with
regard to the conduct of taxpayers during the hiatus.
This week’s offerings were readily taken, and though
further demands of extensive amount are pending,
the abundance of funds at London, as disclosed by the
reduction in the Bank of England rate, the fall in dis
counts to below 3% and the weekly Bank statement
insures the continuance of a healthy market. Be
tween now and the end of February a total of $77,500,
000 Treasury bills will mature, and, in addition, the
shortage in revenue now being experienced will have
to be provided for by regular six months’ bills, three
months’ bills or the now popular two months’ (Ed
wardian) issues. On Jan. 27 $15,000,000 six months’
bills fall due and on the following day $2,500,000 three
months’ obligations mature. Next month four issues
have to be met, each of $15,000,000, the exact dates
being Feb. 9, 10, 17 and 22. It will thus be realized
that the prospects of easy money rates are of no slight
importance at a time so fraught with unusual and
unsettling circumstances. John Bull, in short, is
enjoying his proverbial good fortune.
Two gold movements of some importance have been
and are now in progress, namely,the shipment of coin
from New York to Argentina and the sending of the
metal from London to Paris and thence by French
parcels post to India, an innovation that is causing
comment abroad, inasmuch as certain nice points con
cerning international postal methods are involved.
The outflow from New York is occasioned by Great
Britain’s heavy imports of Argentine grain, and as
the foreign exchanges favor the shipment of gold from
this centre rather than from London, the movement
may assume extensive proportions. This week alone
$1,600,000 has been engaged without causing any sharp
break in sterling— the moderate fall in rates here has
been caused more directly by other influences, includ
ing export sales of cotton since the price fell a couple of
cents per pound from the recent maximum. How far
the European demand for foreign, and particularly
Argentine, wheat will be affected by the decline in
quotations for the United States product remains to
be seen; but it may be noted here that early in'the week
a fair business was done for British account. How
ever, the probability is that South American exports
will continue on a pretty large scale and that the New
190
THE CHRONICLE
York representatives of London bankers will be called
upon to settle the bill in part by remitting coin. The
advantages and .disadvantages of such an arrangement
(for it involves both) need not be enlarged upon at this
•time, but a proper understanding of the position is
necessary in viewing the foreign exchange situation,
present and prospective.
India took no less than $4,375,000 gold from the
Bank of England in the first week of January, although
the full extent of the drain was not at once reflected
in the Bank’s statement. Since then additional
amounts have gone forward. It will be recalled that
gold was sent from Egypt to India in considerable
volume when it was found that the former country’s
cotton crop would be lighter than anticipated. Paris
was drawn upon by Egypt, the metal being forwarded
at extremely low rates by means of the parcels post, a
thoroughly safe form of transport for small packages,
such as the gold was wrapped in. Then some one con
ceived the idea of using the same system for trans
mitting gold from Paris to India direct, and this plan
is now being followed. The Indian Council has re
duced its weekly offering of drafts from 100 lacs to
80 lacs of rupees. This does not reflect any falling
off in the activity of India’s trade; as a matter of fact,
affairs in that empire, both industrial and political,
are improving. The cotton crop is expected to be at
least half a million bales larger than that of 1908-09.
The staple is being hurried to market earlier than
usual to take advantage of the highest prices obtained
during the present generation. Before 1909 ended
shipments were made to America. India’s demands
for gold,
already large,
may
therefore, in
common with those of the Argentine Republic,
continue a factor to be taken into active considera
tion.
Japan and Russia not unexpectedly have decided
that Secretary Knox’s suggestion that the railroads
of Manchuria be sold to an international syndicate
is not compatible with the dignity and interests of
these two nations. The course adopted by Secretary
Knox, in laying his proposal before other governments
prior to discussing it informally with the parties most
directly concerned, has apparently given umbrage to
both Japan and Russia, who profess to see in the project
a veiled form of international coercion for which they
hold China more responsible than America. The inci
dent, as it now stands, promises to bring Japan and
Russia into warmer accord and to react unfavorably
upon China. Of course, the official refusals to enter
tain the principal part of the program outlined by
Secretary Knox and endorsed by Great Britain, China
and other nations, will be couched in the most polite
language, and a readiness to consider the advisability
of constructing new roads may be professed, but all
this will not disguise the underlying fact that the rail
roads of Manchuria are apparently to remain under
the dominance of China’s nearest neighbors, who will
thus occupy an advantageous position in competing
for trade in that potentially rich part of the world.
The great attention that has been directed to the
situation, however, will serve, at all events for some
time, to prevent the exrecise of undue discrimination
against foreign goods and to preserve in practice as
well as in theory the “ open door” policy, to which
both Japan and Russia are ostensibly committed.
[V O L . L X X X X .
The affair may likewise be productive of useful sug
gestions in statecraft.
Discount rates in Europe have again weakened
during the current week, no important centre having
failed to lower its quotation. Thus, London is now
on a 2 )4 % basis, against 3}/$% a week ago; Paris re
ports 2 7-16%, Berlin 2 % % , a reduction of )4 of 1%
for the week, while Amsterdam, on the liquidation of
American stocks, has fallen below 2% — to 1)4% to be
exact— contrasted with a Bank rate of 3% . The
Bank of England on Thursday lowered its official
minimum discount rate from 4% to 3 )4% , while
yesterday the Imperial Bank of Germany announced
a reduction from 5% , which had been in force since
Oct. 11 1909, to 4)4 % . According to our special
cable from London, the Bank of England gained
£1,714,288 bullion during the week and held £36,
465,276 at the close of the week. Our correspondent
further advises us that the gain was due almost wholly
to receipts from the interior of Great Britain. The
details of the movement into and out of the Bank
were as follows: Imports, £156,000, wholly bought
in the open market; exports, £80,000 to South America,
and receipts of £1,638,000 net from the interior of
Great Britain.
The New York money market, after two weeks of
distinct firmness in the call-loan division, receded to
normal at the close of last week and on no day this
week has the rate for call funds exceeded 4% or for
regular time accommodation 4 )4 % . Relatively speak
ing, call money has steadily tended lower since the
publication of last Saturday’s bank statement, with its
actual gain in surplus reserves of $13,332,425, while
time facilities have reflected an increased demand.
In the first half of the week 60 and 90-d ay loans were
available at a minimum of 4% and longer maturities
at 434%, but since then lenders have insisted as a rule
upon 4)4% for 60 and 90-day loans and 4)4% for four,
five and six months, although some money has been
secured for four and five months at 4 )4 % . Yesterday
the range was 4 @ 4 )4 % for short periods and 4)4 @
4 )4% f°r f°ur months and upwards. The supply is
adequate, even abundant when lenders’ terms are
accepted, but there is now less disposition to grant
concessions. Call money opened the week at 4%
and has not exceeded that figure at any time during
the week. Loans have been made every afternoon
well below the top (4% daily), the average rate for
the week being 3)4% , at which quotation all renewals
have been made. The minimum was (on Monday)
2 )4% • Yesterday the range was 3 )4% to 4% .
Commercial paper has been drawn quite freely during
January by all classes of mercantile houses, including
those of the highest standing. Rates, however, have
failed to decline to 4)4% , the figure that was hoped
would be named after the new year, and there has been
some holding aloof by those who are not in urgent
need of accommodation. In a money market such as
the present, when regular loans are not always avail
able under 4)4% , a commercial paper rate of 4)4%
or 5% is not out of the way, so that drawers may be
obliged to recede from the position they have adopted.
The absorption is moderately active locally and else
where, but not so active as it would be were the ques
tion of terms settled to the satisfaction of all parties.
JAN. 22 1910.1
THE CHRONICLE
The choicest grades of four to six months’ single names
are quoted 4 % @ 5 % , with 5 % @ 5 % % for less at
tractive bills. Sixty to 90 days’ endorsed bills re
ceivable range from 4% to 5% .
191
On Thursday forenoon a break of % c. Per pound was
experienced, but there was a rally late in the day to
4 8385@4 8395 for 60 days, 4 8640@4 8645 for de
mand and 4 8670@4 8680 for cable transfers. On
Friday the decline continued, rates falling % c.
Foreign exchange has been depressed by several
The following shows the daily posted rates for ster
influences at home and abroad, the principal being ling exchange by some of the leading drawers:
shipment of securities from New York to London on
Mon.,
Tucs.,
W ed., Thurs., F r i . ,
Fr i . .
J a n . 14 J a n . 1 7 J a n . 1 8 j / a n . 1 9 J a n . 2 0 J a n . 21
fears that the new Government may impose a heavier
8 4 (3
S
8 4 (3
8 4 (3
8 4 (3
8 4 (3
stamp tax on foreign bonds, now taxed % of 1%; lower B r Bo wr ons . & C o ................. . - (/S6 0i g dh aty. s. 44 88 74 (y2
8 7 (3
8 7 (3
8 7 (3
8 7 (3
8 7 (3
K id d e r , P e a
8 4 (3
J6 0 d a y s 4 8 4 ^
8 4 (3
8 4 (3
8 4 (3
8 4 (3
bank and private discount rates at all the large Euro
8 7 (3
b o d y & C o ________ . . ( S i g h t - . 4 8 7 ^
8 7 (3
8 7 (3
8 7 (3
8 7 (3
B a n k o f B r it is h
J60 d ays 4 8 4 K
8 4 (3
8 4 (3
8 4 (3
8 4 (3
8 4 (3
pean centres; the reappearance of finance bills drawn
N o r th A m e r ic a ..
4 8 7 (3
8 7 (3
8 7 (3
8 7 (3
8 7 (3
8 7 (3
Bank of
8 4 (3
16 0 d a y s 4 8 4 ( 3
8 4 (3
8 4 (3
8 4 (3
8 4 (3
M o n t r e a l ____________ - - ( S i g h t . . 4 8 7 ( 3
by bankers interested in the stock market or in the
8 7 (3
8 7 (3
8 7 (3
8 7 (3
8 7 (3
C a n a d ia n B a n k
8 4 (3
S6 0 d a y s 4 8 4 ( 3
8 4 (3
8 4 (3
8 4 (3
8 4 (3
. .- ( S i g h t .. 4 8 7 (3
8 7 (3
8 7 (3
8 7 (3
8 7 (3
8 7 (3
flotation of new capital; the offering of cotton, and, H eotfd eCl bo amc hm, eIrccke e_____
l/ 6 0 d a y s 4 8 4 (3
8 4 (3
8 4 (3
8 4 (3
8 4 (3
8 4 (3
8 7 (3
8 7 (3
8 7 (3
8 7 (3
8 7 (3
to some extent, grain bills in consequence of British L alzi ea lrmd e r & C o _______ . . - (1S6 0i gdhaty. s- 44 88 74 (( 33
8 4 (3
8 4 (3
8 4 (3
8 4 (3
8 4 (3
F r e r e s _ . ________ . - ( S i g h t . . 4 8 7 ( 3
8 7 (3
8 7 (3
8 7 (3
8 7 (3
8 7 (3
purchases on the radical break in prices on our ex M e r c h a n t s ’ B a n k
J 60 d a y s 4 8 4 (3
3 4 (3
8 4 (3
8 4 (3
8 4 (3
8 4 (3
o f C a n a d a . ................ . . ( S i g h t . . 4 8 7 ( 3
8 7 (3
8 7 (3
8 7 (3
8 7 (3
8 7 (3
changes; the issuance (latterly) of stock bills repre
senting the demand that has sprung up abroad for
The market closed on Friday at 4 8390@4 84 for
American securities since our market slumped, and, 60 days, 4 8625@4 8635 for demand and at 4 8660@
finally, the resumption on a fairly large scale of gold 4 8670 for cables. Commercial on banks was quoted
shipments to South America. The decline has at 4 8350@4 8360 and documents for payment at
amounted to almost % c. per pound—not a serious 4 82% @ 4 83%. Cotton for payment ranged from
fluctuation; yet it has created much comment becuase 4 82% to 4 83 and grain for payment from 4 83%
of the confident expectations of higher rates that had to 4 83%.
been formed earlier in the month. The market has
been neither excited nor active. The supplies of re
The following gives the week’s movement of money
mittance are not abnormal, nor are extensive new to and from the interior by the New York banks.
offerings in sight, so that operators hesitate to specu
Received b y
Shipped by
N e t Inte ri or
W e e k e n d i n g J a n . 21 1910.
N . Y. Banks. N . Y. Banks.
Movement.
late on the short side; indeed, the mania for gambling
Currency________________________
811,606,000
$3,540,000 Gain $8,066,000
in foreign exchange has appreciably abated since pub Gold .........................................................
2,994,000
824,000 Gain
2,170.000
Total gold and legal tenders............ 814,600,000
lic attention was drawn to it.
$4,364,000 Gain $10,236,000
Early in the week four engagements of gold were
With the Sub-Treasury operations and gold exports
announced for Argentina, the total amount involved
the result is as follows:
being $1,600,000. Since Jan. 1 New York has sent
Into
Out of
N e t C h an ge s in
$3,350,000 to South America, and London has also
W e e k e n d i n g J a n . 21 1910.
Banks.
Banks.
B a n k Holdings.
been a shipper on a considerable scale—$500,000 was Banks' Interior movement, as above. $14,600,000 $4,364,000 Gain $10,236,000
Sub-Treas. oper. and gold exports..
40,600,000
38,300,000 Gain
2,300.000
sent on Thursday last. The sum of $210,000 gold coin
Total gold and legal tenders...........
$55,200,000 $42,664,000 Gam $12,536,000
has also this week been taken for Toronto. The official
The following table indicates the amount of bullion
statistics of our foreign trade and specie movements dur
ing 1909, just issued, show that both in point of total ex in the principal European banks.
ports and the.adverse balance, the gold returns consti
J a n . 20 1910.
J a n . 21 1909.
B a n k s of
tute new high-water marks.
The outflow aggregated
Tota l.
Gold.
SUver.
SUver.
Gold.
T o ta l.
£
£
£
£
£
£
$132,880,821, against $81,215,456 in 1908 and $121,
E n glan d.. 36,465,276
36,465,276 33,058,065
33,058,065
. . 139,039,920 3», 003,466 174,043,320 143,454,464 35,366^.351 178,820,815
211,827 in 1904, the previous high record, while the GFrance
erm any. 39,390,800 13,174,900 52.565.700 43,033,750 11,623,850 54,657,600
Ilussla . . 140,890,000 7.062.000 147,952,000 120,403,000 6,028,000 126.431.000
12 months’ excess of exports over imports reached $88, Aus.-Hun
56.549.000 12.714.000 69.263.000 49.446.000 12.454.000 61.900.000
___ 16.127.000 30.803.000 46.930.000 15.821.000 32.370.000 48.191.000
793,855, against $30,939,163 in 1908 and an import SItap alyin.........
38.650.000 4.058.000 42.708.000 37.664.000 4.600.000 42.264.000
Neth’lands 10.082.000 2,936,700 13.018.700 8,974,200 4,065,100 13,039,300
balance of no less than $108,870,222 in 1906 and $88, Nat.Belg.
4,268,667
2,134,333
6.403.000 4.202.000 2.101.000 6.303.000
Sweden . .
4.468.000
4.468.000 4.344.000
4.344.000
182,391 in 1907, when gold was hurried hither from Sw itz’land 5.058.000
5.058.000 4.748.000
4.748.000
Norway . .
1.777.000
1.777.000
1.674.000
1.674.000
all parts of the world to supply our urgent needs.
Total week 492,765,663 107,886,333 600.651,996 466,822,479 108,608,301 575,430,780
Much depends this year upon the effect the British Prev .week 488,481,241 107,059,977j 595,541,218 460,533,209 107,626,132 568,159,341
election will have upon investors there; if capital be
comes frightened, American securities will be purchased
THE ENGLISH ELECTION.
in large amounts, but if, on the other hand, the social
In an. English general election, where the polling at
istic doctrines be checked, and British money remains the various constituencies is spread over a full fort
at home, we may again have to remit gold to Europe.
night, actual results and actual pluralities are naturally
Compared with Friday of last week, sterling ex not obtainable until near the end of the voting. In
change on Saturday was easier for 60 days and cable the case of the present election, balloting will continue
transfers at 4 8390@4 84 and 4 8720@4 8725, respec up to the end of next week. This makes it impossible
tively, but a shade higher for demand at 4 8690@ to say at the present moment what is, or is to be, the
4 8695. On Monday demand fell to 4 86% bid and precise result of the election of 1910. Political ex
cable transfers to 4 87%, the close being quite weak perts in Great Britain are accustomed to judge of
and unsettled. Another decline occurred on Tues eventual results through the increase or decrease in
day, the range then being 4 8390@4 84 for 60 days, number of seats obtained by one or the other party
4 8670@4 8675 for demand and 4 8695@4 87 for cable in certain typical constituencies, and in a certain
transfers. Wednesday brought no recovery; demand number of such constituencies. Manchester, for ex
closed at 4 8655@4 8660 and cable transfers at 4 8685 ample, is commonly taken as a fair indication of the
@ 4 8695, offerings of cotton bills having increased. general trend of things, and it was with the vote at
192
THE CHRONICLE
[V O L . L X X X X .
that neither the contest against the House of Lords
nor the contest for what in England is called “ tariff
reform ” has evoked the popular following which each
had counted on. As regards the so-called constitu
tional issue, the judgment of the electorate on the
refusal by the House of Lords to concur in the House of
Commons’ budget, it is all but impossible to trace the
influence in the balloting. Beyond this general con
clusion, it is much less easy than usual to determine
what are actually the issues on which the British voters
have expressed their mind. This was not a not un
natural result from the singular variety of such issues
at the outset of the campaign.
There was, first, the Budget itself, in regard to which
it will doubtless be concluded that the public verdict
is not favorable. Second, there was the canvass for
protective taxes, which had positive results in Cham
berlain’s stronghold of Birmingham and perhaps in
certain sections of London, but which cannot well be
said to have evoked any great response in other quar
ters. Third, there was the issue of a larger navy,
regarding which, whether fortunately or unfortunately,
both parties took the ground at the close of the cam
paign for a large increase in outlay. Fourth, there
1895.
1900.
1006.
was the natural reaction which in any case was to be
C onservatives an d U n io n is ts _________________________
411
402
158
expected after a huge Parliamentary majority had
177
180
587
L ib e r a l s ____________
Iris h N a tio n a lis ts ________________________
82 82 84
taken the political bit in its teeth— a reaction which,
L a b o r a n d Socialists____________________________________
--41
as we have said, was clearly enough foreshadowed
670
670
670
It should be noted that the Liberal-Unionists were through the by-elections.
Judging results by these latest returns, it may be
included in the Liberal combination at the election
of 1906 and are not so included now; also that the said that the outcome of the election presents some
Liberal plurality of something like 370, at the election undoubtedly favorable aspects. The Liberal Party’s
of 1906, had been cut down substantially through apparently much diminished majority is the first of
subsequent by-elections, even before the voting of these. This is so, indeed, not only because of the
rebuke to radical legislation, but because in England,
this month.
In other words, the indications of the moment, as as indeed in all other political communities, the best
interpreted by political experts, appear to be that the and safest legislative work has always been achieved
Liberal Party will remain in power, but by so heavily when the dominant party commanded a small majority,
reduced majority as to make their tenure precarious. and when, therefore, legislative proposals, such as
Supposing this to be the actual result, the question would drive to the other side even a few of the thought
arises, as in all political events of the sort, What is the ful anil independent members of that .party, would
jeopardize its control of Parliament.
meaning of the vote?
Again, the results at hand to date show marked
In the first place, a gain in position by the Conserva
tive and Unionist Party is manifest from the figures. falling-off in the so-called Labor members. We re
That such a gain was apprehended, even by the Liberal gard this result as of the highest practical importance;
leaders, might have been judged from the efforts in the first, because the Liberal Cabinet had bid somewhat
closing days of the campaign by Asquith and Winston unscrupulously for the labor vote, with the result of
Churchill to increase the inducements to the voters losses in both Liberal and Labor representations, but
whom they feared to lose. Whatever else may be said also because a labor party is distinctly and on its face
of this campaign, it is impossible not to regard most repugnant to sound representative institutions. Let
unfavorably the eleventh-hour promise of Irish Home one imagine for an instant a labor party in complete
Rule by the Premier and of insurance against unem control of a national legislature, and it may easily be
ployment by Mr. Churchill. These incidents were, seen how mischievous is the situation suggested even
however, as we have said, a plain indication to the mis by the party name. Such factional divisions are a
plain appeal to the issue of class against class. Where
givings of the leaders.
A heavily reduced majority in Parliament, following so much is made of the English Labor Party, one is
on a Ministry’s career of bold and ambitious experi sometimes tempted to ask, what would the proletariat
ment has a very distinct meaning in English politics. have to say if a Capital Party were to be organized.
Its always accepted significance is that the people are Yet the English have a maxim that turn about is
not willing to go to the lengths of their public leaders; fair play.
That no strong and absolute trend of public opinion
that they mean to express deprecation of such policies,
and that, taken as a whole, the vote is a warning that generally towards protection has been manifested in
if the policy of rash political experiment is persisted the voting is a reassuring fact. Our own opinion has
in, then an even more decided rebuke will be presently been, from the beginning of Mr. Chamberlain’s agita
tion for abandonment of free trade, that a change of
given at the polls.
When one endeavors to discover more in detail the this sort in the British trade system would in
motives for the vote, the one rather obvious fact is volve a shock and disturbance to industrial interests,
Manchester last Saturday that ideas regarding control
of the new Parliament began to shape themselves
distinctly.
Up to the present writing, the members returned
for Parliament by the four parties in the election are
as follows: Liberals, 150; Unionists, 181; Laborites,
30; Irish Nationalists, 58. As compared with the
last election, the Unionists have thus far gained 80
seats and the Liberals 11. Since the Labor Members
are assumed to vote with the Liberal party, and since
he Irish Nationalists have been reckoned with them
n the recent Parliament, it will be seen that up to
date, with about one-half the Parliamentary member
ship elected, the Liberal Party and its allies still com
mand a voting majority. Even supposing, however,
that the combined majority of 57 over the Unionists
n the above returns were to be doubled on the basis
of the final figures—which is not the least likely, for
the latest returns were distinctly less favorable to the
Liberals and the popular pluralities very close— it
would still be manifest that the Liberal majority obained in the vote of 1906 has been heavily cut down.
These are the figures of party representations, as re
turned in the three past general elections:
J a n . 221910.
THE CHRONICLE
not only in Groat Britain but throughout the world.
Finally we may point out the strong probability, indi
cated by the reduced majority of the Liberals, that no
effort will be made to abolish the House of Lords.
Whether or not a plan for remodeling that House, on
lines of greater responsibility and efficiency, will follow
the controversy of the past few months, is another
question. But such reforms, if they are to come,
will not be introduced on the arbitrary mandate of a
Cabinet returned to power with irresistible majorities,
and will in all probability, if they appear at all, origi
nate from the House of Lords itself.
THE FEDERAL T A X ON BUSINESS
CORPORATIONS.
The time has arrived when managers of business and
other corporations throughout the country must under
take the task of making a return to the Government of
their gross and net income under the law (grafted on
the Tariff Bill) imposing a tax upon the net income
of corporations generally. We are among those who
think grave doubts exist as to the constitutionality of
this measure. We cannot get ourselves to believe that
a tax which would be unconstitutional if given its true
name of an income tax will be held valid by reason of
ihe attempt to conceal its nature and call it an “ excise”
tax. But inasmuch as the tax clause provides severe
penalties for failure to make a return where the cor
poration is subject to the tax, and likewise penalties
for non-payment of the tax, it would not be wise to
proceed on the assumption that the law is invalid until
it has actually been so declared by the courts. Suits
were begun this week in Vermont, Illinois and Massa
chusetts to test the legality of the law, as noted in
a subsequent column— see page 208.
The Secretary of the Treasury and the Commissioner
of Internal Revenue, together with the collectors of
internal revenue, have been active since the enact
ment of the tax clause in devising measures for its
enforcement, and doubtless there are few, if any,
corporations that have not already been supplied with
the necessary blank forms on which to make their re
turns. It seems important, nevertheless, to point out
that the law applies to corporations, joint-stock com
panies and associations of every character and de
scription— barring only certain benefit and fraternal
societies, and labor, agricultural or horticultural or
ganizations specifically mentioned in the Act. The
intention is to reach every corporation organized for
profit, whether banks, or other financial institutions,
insurance companies, transportation companies, manu
facturing companies, mercantile companies or miscel
laneous companies. The Commissioner of Internal
Revenue is within the mark when lie says that the tax
applies to all corporations without reference to the
kind of business carried on. The return required for
the purpose of assessing the tax must be filed on or
before March 1. The corporations are to be notified
of the amount of their tax (the annual returns being
for the purpose of levying the tax) on or before June 1,
and the tax itself must be paid on or beforeJune 30.
One question which comes up at the outset is
whether a company whose net income is less than
$5,000 is obliged to make any return, since only the
income above $5,000 is taxed. The Commissioner of
Internal Revenue in his circular of instructions lays
193
down the rule that every corporation, joint-stock
company, association or insurance company not spe
cifically enumerated as exempt “ shall make the return
required by law, whether it may have net income liable
to tax or not.” But the wording of the statute hardly
bears out this view. The third clause of the Tax
Section provides that a return shall be made “ by each
of the corporations, joint-stock companies or associa
tions and insurance companies subject to the tax im
posed by this section.” Obviously, where the net
income amounts to only $5,000 or less, the corporation
is not “ subject” to the tax, at least for that particular
year, and it would seem, therefore, that it is not obliged
to make a return. The matter is of importance
chiefly because of the publicity feature of the law,
which provides (Clause 6) that the returns “ shall be
filed in the office of the Commissioner of Internal
Revenue and shall constitute public records and be
open to inspection as such.” In the case of the num
erous private corporations throughout the land, this
is perhaps the most objectionable feature of the whole
law— more objectionable than the tax itself— since it
compels disclosure of the business secrets of such cor
porations, many of which are mere family affairs and
differ only in form from the ordinary private partner
ship. Strong representations are being made to the
Government by business men in various parts of the
country to have the law amended in that particular.
In a resolution adopted Jan. 14 at Chicago, for in
stance, by 250 delegates, representing 60 important
commercial and industrial organizations of the coun
try, Congress was requested to abolish the publicity
feature.
Here, again, corporation managers will doubtless
deem it inadvisable to withhold the return, even when
the net income falls below $5,000, owing to the penalty
that might be visited upon the corporation for failure
to render a return in the event that the courts should
hold that the return was required, no matter what the
amount of the net income. Very stringent penalties
are provided for disobedience of any kind to the law.
It is provided that in case of any return made with
false or fraudulent intent 100% shall be added to the
amount of the tax. In the case of a refusal or neglect
to make a return, 50% is added to the tax. Of course,
if the net income did not reach $5,000, and the cor
poration did not have any tax to pay, this 50% addi
tion would be of no account. But there are other
penalties, some of which it might be impossible to
escape. By the Eighth Clause it is provided that if
any corporation shall refuse or neglect to make a re
turn, or shall render a false or fraudulent return, such
corporation “ shall be liable to a penalty of not less
than $1,000 and not exceeding $10,000.” By the
same clause imprisonment features are added in cases
where an official shall make a false return. This part
of the law reads as follows:
Any person authorized by law to make, render
sign or verify any return, who makes any false or
fraudulent return or statement, with intent to defeat
or evade the assessment required by this Section to
be made, shall be guilty of a misdemeanor, and shall
be fined not exceeding $1,000 or be imprisoned not
exceeding one year, or both, at the discretion of the
court, with the costs of prosecution.
There are also penalties for delay in the payment of
the tax. By the Fifth Clause it is provided that “ to
any sum or sums due and unpaid after the 30th day
194
THE CHRONICLE
[VOL. L X X X X .
of June in any year, and for ten days after notice and there would appear to be no warrant, in view of Mr.
demand thereof by the collector, there shall be added Wickersham’s emphatic declaration to the account
the sum of 5 per centum on the amount of tax un ants. In indicating how the item of gross income is
paid and interest at the rate of 1 per centum per to be arrived at, the Treasury Department says: “ It
month upon said tax from the time the same becomes is immaterial whether any item of gross income is evi
denced by cash receipts during the year, or in such other
due.”
With reference to the form of the report, we print manner as to entitle it to proper entry on the books of
below the form devised by the Commissioner of In the corporation from Jan. 1 to Dec. 31 for the year in
ternal Revenue and the Secretary of the Treasury to which return is made.”
In like manner, in dealing with the expenses, it is
meet the special exigencies of the case. We use the
expression “ exigencies of the case” advisedly, because stated that: “ It is immaterial whether the deductions
the wording of the statute is such that, if literally are evidenced by actual disbursements in cash, or
adhered to, it would be incapable of execution as to whether evidenced in such other way as to be properly
the great majority of business corporations. The acknowledged by the corporate officers and so entered
Secretary of the Treasury in getting up the form of re on the books as to constitute a liability against the
turn took cognizance of practical business conditions, assets of the corporation, joint-stock company, asso
and sought to frame regulations and instructions that ciation or insurance company making the return.”
would make the law harmonize with such conditions. This, it will be seen, is far from a statement based on
In carrying out his purpose, the Secretary of the Treas actual receipts and disbursements, as contended for
ury has laid down the rule “ that the law is a rev by Mr. Wickersham. Furthermore, in stating how
enue measure, and should be construed liberally gross income is to be computed in the case of manu
for the purpose of producing revenue for the Govern facturing companies, it is pointed out that “ Gross in
come received during the year from all sources will
ment.”
The results of such construction are rather curious, consist of the total amount, ascertained through an
and bear striking testimony to the force of the objec accounting, that shows the difference between the
tions to the wording of the law made by a body of price received for the goods as sold and the cost of
the leading firms of accountants, headed by Deloitte, such goods as manufactured.” It is also stated that,
Plender, Griffiths & Co., when the bill was under con “ The cost of goods manufactured shall be ascertained
sideration by Congress, and which objections Attorney- by an addition of'a charge to the account of the cost
General Wickersham refused to heed. In specifying of goods as manufactured during the year of the sum
the items to be enumerated in the annual return, the of the inventory at the beginning of the year and a
law provides that the gross amount of the income re credit to the account of the sum of the inventory at
ceived during the year shall be stated, the total amount the end of the year.” Obviously, in this way the
of all the ordinary and necessary expenses actually Secretary of the Treasury, who is a business man, has
paid, the total amount of all losses actually sustained, produced a workable scheme, but where is the warrant
the amount of interest actually paid, the amount paid for all this in the law itself, and what becomes of the
for taxes, &c., &c. The accountants pointed out contention of the Attorney-General?
The Treasury Department has also found itself
that in the case of the bulk of corporations, the render
ing of a return for taxation purposes, based merely on obliged to take cognizance of the differences in the
the cash book, and showing simply receipts and pay character of the business of different classes of cor
ments, was altogether out of the question. They hence porations and to treat the several classes in separate
declared that the law as framed was absolutely im and distinct ways. In the case of manufacturing and
possible of execution, and suggested that in place of mercantile companies, the rule for computing gross
expenses “ actually paid,” the statute should read income is that just described. On the other hand,
“ actually incurred” ; in place of losses “ actually sus in the case of all other kinds of corporations, the in
tained,” it should read “ actually ascertained” , and in structions are that “ Gross income consists of the gross
place of “ interest actually paid” it should read “ in revenue derived from the operation and management
terest actually accrued.” Attorney-General Wicker of the business and property of the corporation mak
sham, in reply to these criticisms, took occasion to ing the return,” &c. In this last instance, it will be
make these emphatic declarations: “ The bill was pur seen, we get actual gross income, as called for in the
posely framed to deal with receipts and disbursements law, while in the cases of manufacturing and mercan
made within the year for which the tax was to be im tile comp nies where, according to the Secretary’s
posed, and the words ‘actually paid’ were employed instructions, the difference between the price received
advisedly. The same may be said with respect to and the cost is taken, we get really what is equivalent
losses actually sustained and interest actually paid. to net income under the des gnation “ gross income.”
The theory of the frame)'s of the bill in this respect differs This shows how the law has had to be stretched and
twisted, and how new things had to be interpolated
from that which you advocate.”
into
it in order to make it a workable scheme. We
But the instructions which the Treasury Department
has issued for the guidance of the tax collectors are should think all this would furnish additional grounds
directly contrary to the utterances and the stand taken for attacking its validity.
Without further comment, we now print the form of
by Mr. Wickersham, the framer of the law. In draw
ing up the form for the returns, the Treasury Depart return devised by the Treasury Department, adding
ment follows the phraseology of the statute quite both the note showing how gross income is to be con
closely, though not entirely, but construes the same strued in the case of manufacturing companies (which
in a manner utterly at variance with the contentions is substantially also the form for mercantile companies)
of the Attorney-General, and reads into the same a and how it is to be construed in the case of other com
meaning that cannot be found there and for which panies.
J A fl. 22 1910.J
THE CHRONICLE
RETU RN OF ANN U AL NET INCOAIE
(Section 38, A ct o f Congress approved A ugust 5 1009.)
M A N U FA C TU R IN G C O R P O R A T IO N S .
R E T U R N
19------------- b
N E T I N C O M E r e c e i v e d d u r i n g t h e Y e a r e n d i n g D e c e m b e r 31
---------------------------------------------------------------- --------------------------------
O F
y
a c o r p o r a t i o n , t h e p r i n c i p a l p l a c e o f b u s i n e s s o f w h i c h is l o c a t e d a t - .........................
........................... - - i n
t h e S t a t e o f ________________________
__________ _________
1. Total am ount o f paid-up stock outstanding at close of y e a r .. ? __________
2. Total am ount of bonded or other Indebtedness outstanding
at close of year____________________________ _
_
................
3. GROSS INCOMF. (see Note A ) _____________ ______________ ___________
Deductions.
4. Total am ount o f all the ordinary and necessary
expenses o f maintenance and operation o f the
business and properties of the corporation (see
N ote B )----------------------------------------------------------- $ . ............ ..
5. (a) Total am ount o f losses sustained
Jan. 1 to D ec. 3 1 _____________ $ __________
(b) Total am ount o f depreciation
Jan. 1 to D ec. 3 1 _____________$___________
T O T A L (see N ote B ) ___________________________ $ ________________
0. T otal am ount o f interest Jan. 1 to Dec. 31 on
bonded o r other Indebtedness to an am ount
not to exceed am ount of paid-up capital at
close o f year (see Note B )_____________________$ __________
7. (a) Total taxes paid Jan. 1 to Dec. 31
Imposed under authority of the
United States o r any State or
Territory thereof_____________ $
.............
(b) Foreign taxes p a id _____ ______..........................
T O T A L (see Note B ).................. ...............$ ...................
8. A m ount received b y w ay o f dividends upon
stock o f other corporations, join t-stock com
panies, associations and Insurance companies
subject to this ta x ____________________________$ __________
TO TAL
9. N E T
D E D U C T I O N S ............................................................ $ ......................
I N C O M E ................................................................................ ......... $ .....................
10 . Speciflc deduction from net Income allowed b y law _________
11
5,000 00
A m ount on which tax at one per centum Is to be calculated $
S T A T E O F ______ __________________
l
C o u n ty o f____________________________ . . J T O
W IT
[H e re fellow s fo rm o f a ffid a v it to be m ade b y P residen t a p d T re a s u re r.]
N O T E A .— ( F o r M a n u f a c t u r i n g C o r p o r a t i o n s .) — T h e gross Incom e re
ceived d u rin g th e y e a r fro m a ll sources shall In th e case o f a m a n u fa c tu rin g
co rpo ra tion consist o f th e to ta l a m o u n t ascertained th ro u g h an acc o u n tin g
t h a t shows th e difference betw een th e price received fo r th e goods as sold
an d th e cost o f such goods as m a n u fa c tu re d . T h e cost o f goods m a n u fa c
tu red shall bo ascertained b y an a d d itio n o f a charge to th e acc o u n t o f th e
cost o f goods as m an u fa c tu re d d u rin g th e y e a r, o f th e sum o f th e In v e n to ry
a t beg inn ing o f th e y e a r an d a c re d it to th e account o f th e sum o f th e I n
v e n to ry a t th e end of th e y e a r. T o this a m o u n t should be add ed a ll item s
of incom e received d u rin g th e y e a r fro m o th e r sources, In c lu d in g d ivid ends
received on stock o f o th e r corpo rations, jo in t-s to c k com panies a n d associa
tions sub ject to this t a x .
I n th e d e te rm in a tio n o f th e cost o f goods m a n u
factu red an d sold as a b o ve, such cost shall com prehend a ll charges fo r
m aintenance an d o p e ra tio n o f m a n u fa c tu rin g p la n t, b u t shall n o t em brace
allow ances fo r d ep re ciation o r losses, w hich Item s shall be ta k e n ac c o u n t
of und er th e p ro p e r heading abo ve as a d ed u ctio n .
N O T E A . — ( F o r M i s c e l l a n e o u s C o r p o r a t i o n s .) — Gross Incom e shall con
sist o f th e to ta l o f th e gross reven ue derived fro m th e o p e ra tio n an d m a n
agem ent o f its business an d p ro p e rties, to g eth er w ith a ll am o u n ts o f In
come fro m o th e r sources, in clu d in g divid ends on stock o f o th e r o rg a n iz a
tions sub ject to this special excise t a x , received, as shown b y entries upon
Its books fro m J a n . l to D e c. 31 of th e y e a r fo r w hich r e tu rn Is m ad e.
N O T E B .— T h e deductions au th o rize d shall inclu de a ll expense Item s
und er th e various heads acknow ledged as lia b ilitie s b y th e co rp o ra tio n
m a k in g th e re tu rn an d entered as such on Its book 3 fro m J a n . 1 to D e c. 31
of th e y e a r fo r w hich re tu rn Is m ade.
N O T E C .— T h is fo rm , p ro p e rly filled o u t a n d exe cu ted , m u st be In th e
hands o f the C ollector o f In te rn a l R evenue fo r th e d is tric t In w h ich Is lo
cated tho p rin cip al office o f th e corpo ration m a k in g th e re tu rn , on o r before
M arch 1 .
THE HIGH COST OF LIVING.
Much is said of the rise in the cost of living, a fresh
mention of it appearing every few days, and we lately
had an official mention whose aim seemed to be to
defend the tariff from any suspicion of being in fault.
One of the city dailies printed, not long ago, a com
parison of prices of a definite quantity of a dozen
articles of food on a given date in 1909 and back
by decennial terms to 1869; the articles are made
out as lowest in 1899 but as now having returned
almost exactly to where they were in 1869, at the
time of paper money inflation. That there is a rise
in the prices of commodities is both familiar and un
pleasant, and Mr. James J. Hill talks warningly on
the theme of diminishing food products and increasing
food requirements. Corn is high, he says, because the
percentage of those who raise corn is constantly de
creasing while the percentage of those who use it
and its products is increasing. As he puts the case
0ach typical 70 persons in cities depend for food upon
195
30 farmers somewhere outside; to pay the 30, the 70
perform some task of manufacture or distribution.
Competition among the 70 will keep their wages low,
while the great demand created by them for the
products of the 30 farmers will keep farm products
high.
The subject is not so readily dismissable. It can
not be compassed in a paragraph, much less in an
epigram, since the changes in the purchasing power
of money, as measured in commodities, are a complex
problem; yet the real question concerns the purchasing
power of wages, and against pessimism we have the
certainty that the average scale of living and of com
fort has been rising for many centuries. The increase
in wages is in itself an important factor in the rise in
prices, labor forming such a large proportion of the
cost of everything; farm laborers even are receiving
greatly enhanced rates of pay. Mr. Hill declares
that we are ceasing to be exporters of food and
will ere long become dependent upon the world for
subsistence. He cites the abandoned farms of which
so much has been said, the decline in rural popula
tion and the decreased productiveness of the soil be
cause of imperfect methods. He repeats, by impli
cation, the old cry of “ back to the land,” and his solu
tion is better methods of culture, closer study of crop
growing and increased productiveness per acre.
In the last week or two propositions for a legislative
inquiry have been offered in this and several other
States, and even in Congress. It seems enough to say
of these that while dogmatizing is easy the rise in
costs of living is probably due to many causes, some
of which depend upon obscure factors; that probably
a number of investigators would reach a variety of
conclusions; and that (most important of all) even if
the causes were positively ascertained, there is no
reason to suppose that either Congress or any legisla
ture could reach them. The movement in the last few
days to apply the boycott remedy to meat seems to
have started in Cleveland and is reported as spreading
through Ohio and other States; introduction of a
resolution in the Legislature calling upon the people
of Ohio to abstain from meat for the next sixty days
gives a grotesqueness to the situation. Such a
remedy is interesting as a phenomenon; but absten
tion from one class of food must throw emphasis upon
others, and any permanent effect from a spasmodic
and emotional action can hardly be expected
Much more is likely to be accomplished, only gradu
ally, by the operation of natural forces. High prices
will stimulate production, and the signs of increased
and more intelligent agricultural work multiply at
every hand. Thus, the first lecture in a new course
on the subject was given at Columbia a few days ago.
The Pennsylvania .RR. bas undertaken a vigorous
prosecution of its educational campaign. It is operat
ing agricultural trains and steamboats, and is issuing
booklets on such topics as the use of lime on land,
growing alfalfa, and so on. President Brown of the
New York Central, in a recent address at Cornell Uni
versity, announced plans of his road to buy several
abandoned farms and put Cornell men upon them; when
brought up to condition they would be sold, and others
would be bought in the next county. The key to this
movement is suggestive; that it is not meant for
philanthropy but in obedienoe to the law of self
preservation.
THE CHRONICLE
196
So if we only have patience, and if we trust to
natural laws without attempting to improve them by
statutes, distressing forebodings can be dismissed.
The lure of the city will remain, despite all which may
be said; but as an offset the many changes which
are proceeding will gradually produce a lure of the
land. While soils were new and rich it was humanly
natural to work them lazily and not reflect; as they
grow less in return, men must study methods, and
they are doing it with large results, some of which
have been shown on near-by Long Island. Exhaus
tion of the native forests is lamented, and there has
been much waste; but that is inevitable in a new
country, and will correct itself. The scarcity of tim
ber is already forcing use of other materials, such as
concrete, and one sign is a description, in the latest
issue of a mechanical journal, of a huge machine,
13 feet high and weighing 35 tons, which produces
40,000 enameled concrete blocks per day of ten hours.
Buildings torn down in our great cities are almost
always replaced by construction of others with better
fire resistance, and this substitution of other material
for the wood which was used at first because of its
superabundance will gradually lessen the enormous
fire waste that has now brought fire insurance into so
■difficult a situation. There is a lament over the
possible exhaustion of coal, but the water courses are
being more and more utilized for electric power
(something we did not know about twenty years ago),
and the ice on the mountains near Seattle and in
Switzerland, for example, is now called by the ex
pressive name of “ white coal.”
Not to multiply instances, the signs are everywhere
(if one only looks for them) which show that exigencies
as they arise produce their own means of escape. It
is groundless pessimism to imagine that the end of the
world or of tolerable living (which might be taken to
mean the same thing) is near at hand. There are
troubles in abundance, certainly; but even the ex
cesses in the line of unwise public policies and perver
sions of governmental functions are deplorable because
of the waste and suffering which they involve, not be
cause they will be permanent. Like most other
troubles, they will work their own cure in time.
THE
EXPANSION OF COMMERCIAL
EDUCATION.
By
HENRY
A.
S T IM S O N .
Once more Germany is leading the way in develop
ing the education of business men. We arc making
rapid progress in America. Commercial high schools
are spreading, and fine schools of this kind just opened
in New York are duplicated elsewhere, Cleveland,
Ohio, opening a new one last autumn with a full cur
riculum, a four-year course andacompleteequipment.
The High School of Commerce of Boston, Mass.,
through the public spirit of certain business men, has
established traveling scholarships, and during the
summer of 1908 sent two young men on a trip of visi
tation and observation to the east coast of South
America, and has secured the opportunity of placing
its students during the summer months in business
establishments.
Tufts College has received a bequest of $500,000 for
the purpose of establishing a school of commerce, ac
counts and finance, which it is expected will be opened
next year.
[VO L. L X X X X .
The University of Wisconsin is offering this year
seventy-eight courses in business organization and
methods in its university extension department,
which is conducted by correspondence. These include
credits and collections, salesmanship, advertising,
office methods, business correspondence, markets and
buying, accounting and commercial law.
Business men of Chicago have also organized the
Northwestern University School of Commerce, assum
ing all financial responsibility for a term of years. It
is done in co-operation with the Northwestern Uni
versity at Evanston, and its purpose is to maintain
university standards, but, at the same time, to keep
the instruction in close touch with actual business life
and modern commercial methods. At the end of its
first year, in which it registered 255 students, it has
greatly increased its faculty and more than doubled
the amount of instruction that is offered.
It is soon to
grant a definite degree, for which a special course will
be established, and for which the requirements will be
at entrance at least two full years of credit in a college
of recognized standing. This is an attempt to do
what has been the aim of the merchants of Berlin— at
the outset to put commercial education on the high
plane of genuine university study.
The new movement in Germany is to make attend
ance upon the commercial Continuation Schools com
pulsory. There is in Germany a strong movement
to develop the school system in the direction of even
ing schools, adapted to continuing the education of
pupils who have left school to go to work. These are
largely industrial schools, but 357 commercial schools
with 44,000 students are now in operation. The nota
ble fact is that in recent years the trend is to make
attendance at these schools compulsory, even where
they are largely self-supporting. The community
and the State unite to insure support where the ad
mission tuition fee is inadequate. Of the 357 such
schools in their last report, all but fifty-eight are now
compulsory.
The connection between this movement and the
rapid development of German commercial enterprise
is clear. It is sure to produce in time a class of busi
ness men as thoroughly educated and as competent
as the new class of industrial workers of every grade
who are doing so much for German industry.
While the new commercial universities are turning
out high-grade men, these lower schools arc aiming to
give them the kind of assistance which will make their
work most efficient. The five higher institutions of
learning devoted to business education already estab
lished will be increased in the near future by at least
two, as Mannheim on the Rhine, a great commercial
center, and Solingen, the headquarters of the cutlery
industry, are making great efforts to found such uni
versities.
Hamburg, which has maintained for a number of
years lecture courses for advanced commercial stu
dents, and has had special schools for them, has for
ten years been agitating the question whether it should
not also establish a university, and, if so, whether it
should be a distinctively commercial university, like
the one in Cologne, or a university of the conventional
pattern. As Hamburg is a free city, the influence of
its merchants is dominant, and it has officially been
decided that it shall be a new type of school especially
fitted for young men, preparing them for the foreign
Jan . 22 1910.J
THE CHRONICLE
commerce, of which for many centuries Hamburg
has been a chief center. It was opened a year ago
with thirty-six students, and “ is now rapidly develop
ing,a curriculum based on the idea that immediate
and practical advantage must not be aimed at, so
much as free theoretical interest in all that tends
toward the progress of science, experience having
taught that scientific work is ultimately serviceable
and beneficial to practical life.”
The course of study includes law, political economy,
philology, history, geography, something of medicine
and the natural sciences, but in all cases adapted to the
special needs of the colonies with which Hamburg
deals. The instruction will be supplemented by ex
cursions to warehouses and factories where colonial
produce is prepared for the European market, and the
study of imported produce will extend even to the
methods of its cultivation.
P'rance is agitated by the manifest efficiency of the
commercial agents who come out of Germany, and is
pushing her new special schools in competition. The
new demand in France grew out of the unsatisfactory
condition of French industry that was revealed in the
Paris Exhibition of 1878. It was recognized that the
signs of a decline in the technical qualities of work
manship was also connected with relative inefficiency
in definite business commercial training, and the ef
fort was made to develop both- technical instruction
and commercial education side by side. This has now
been placed under the sole charge of the Minister of
Commerce.
The new system of schools referred to includes five
State institutions of wide scope, besides many minor
ones. In one respect the recent testimony of the Minis
ter of Commerce is interesting. He says in regard to
these technical and commercial schools in comparison
with the ordinary schools of the same grade:
197
“ 1. Scientific investigation and the transmission of
its results must, according to their purpose, be inde
pendent of any consideration not inherent in their own
scientific method—hence independent, especially of
tradition and prejudices of the people, independent of
governmental authorities and social groups, as well as
independent of monetary or other interests.
“ 2. This demand lies as much in the interests of the
State as in those of science, because the increase and
spread of knowledge can never injure society, but will
always promote its best interests.
“ 3. This absolute independence needs no specific
law to guarantee it, any more than other constitutional
rights need special legislation for'their protection.
“ 4. No limitation of the right to investigate and
teach can be derived, directly or indirectly, from the
official position of an investigator and teacher.
“ 5. Conditions coupled with ancient endowments,
if they conflict with the liberty to investigate and teach,
cannot limit the right defined in the foregoing state
ment, because such conditions have become invalid
by the law of custom. Furthermore, because all ex
isting German universities have become State insti
tutions, whose maintenance would be utterly impossi
ble if dependent alone upon ancient endowments, their
public character may not be limited by private pur
poses.”
This unqualified assertion of the right of every
teacher to seek the truth wherever it may be found,
and when found, to teach it without reserve or fear of
loss of his position, is interesting as coming from a coun
try of the Kaiser, a country which in so many ways is
coming to the front and setting the pattern for other
lands.
RAILROAD GROSS AND NET EARNINGS FOR
NOVEMBER.
In a subsequent article we deal with the returns
of railroad gross earnings for the month of December
and show that, owing to some special unfavorable
circumstances which existed in that month, results
“ The conclusion seems inevitable that the practical are not so good as in other recent months. These
schools equal the higher primary schools in respect to December figures, however, relate only to the roads
general education, and that they are very much su which make it a practice to furnish early preliminary
perior to the latter in regard to technical education, estimates of their revenue, comprising about one-third
because they are better equipped and especially or
the railroad mileage of the country, and of course they
ganized for this work.”
do not show net results at all, as not enough time has
This testimony is of importance, as we are starting elapsed since the close of December to afford completed
in this country commercial high schools side by side statements of expenses and net earnings in the case
with the regular high school, and we have not sufficient of any but a very few companies which are excep
experience to know how the product of the new school tionally prompt in auditing their accounts and giving
will compare with the young men who graduate from out the totals.
the old ones. The French Minister goes so far as to
In the present article we are able to present nearly
say that their experience already seems to show that in complete tabulations for the month of November with
France, “ which owes its welfare in great part to its reference to both gross and net earnings for almost
commerce and its industry, the practical schools the entire railroad mileage of the country. In this
ought to hold the chief place.”
instance the improvement displayed by the compari
We have also from Germany an item of especial sons with the preceding year is fully as noteworthy
interest in view of the discussion which continually as in previous months— in fact more so; and this
breaks out with us as to whether our university in remark applies with equal emphasis to gross and net
struction is free from improper restraint. The charge alike. There is a large augmentation in expenses, but
is often made that professors teaching political econ the gain in gross earnings was of such magnitude as
omy, or free trade, or particularly some forms of social still to leave an addition to net of imposing propor
economics, and even theology, are not allowed, or tions. Our compilations for this month are based
ought not to be allowed, to speak their mind, because entirely upon the returns which the railroads are
required to file with the Inter-State Commerce Com
their teachings are not welcome to certain interests.
The German University Teachers' Congress, which mission at Washington each month. As previously
met recently at Jena, passed resolutions which are stated by us, we have transcripts made of these
remarkably bold in the assertion of what is in Germany monthly reports as soon as they are placed upon le
the established principle of freedom in both teaching |
i by the Commission. Such transcripts come to us in
and learning. They are as follows:
I large numbers from day to day and about the 20th
THE CHRONICLE
198
of the month we bring them all together in a special
upplement called our “ Railway Earnings Section.”
One of the monthly numbers of the “ Railway Earnings
Section” accompanies to-day’s issue of the “ Chronicle”
and in it the reader will find the November figures in
detail for every railroad which had rendered its return
for that month up to yesterday morning. The sum
maries we present in this article are the aggregates
derived from the statements of these separate roads.
We have already indicated that the November
totals are very comprehensive. Altogether we have
returns from 756 separate roads or systems, comprising
in the aggregate 226,204 miles of road, or about 97%
of the railroad mileage of the United States. No
Canadian or Mexican companies are included, except
so far as they may operate roads lying in the United
States. The gain in the gross on this mileage reaches
no less than $34,299,610, or 16.51%. Expenses were
increased $15,550,126, which still left a gain of
$18,749,484, or25.59% — obviously a gratifying exhibit.
November (756 roads) —
1909.
1908.
Miles of road________________
226,204
222,966
Gross earnings.......................... $242,115,779 S207.816.169
134,549,295
Operating expenses_________ 150,099,421
Net earnings.........................$92,016,358
$73,266,874
— Increase or Decrease—
Amount.
%
Inc.
3,238
Inc. $34,299,610
Inc. 15,550,126
1.45
16.51
11.56
Inc. $18,749,484
25.59
Nor must it be supposed that this represents merely
a recovery of what was lost in the corresponding
month of the previous year. In Nov. 1908 the
country was already experiencing the benefits of trade
revival and the loss in gross earnings for that month
was relatively small, while in the case of the net
earnings there was actually a very large gain then,
owing to the reduction in expenses which the roads
had been able to effect. Our summaries at that time,
covering 200,937 miles of line, showed a decrease in
gross of only $7,950,305, or 3.71%. In the net there
was $7,419,391 gain— nearly 12%. The Inter-State
Commerce Commission has since then given out its
own figures for that month in complete form, covering
231,875 miles, showing general results practically the
same as our own early compilations, the decrease in
gross being $8,839,935 and the increase in net $8,144,181.
Prior to 1908 our November compilations recorded
uninterrupted increases year by year back to 1896. In
the net earnings, however, there had been several de
creases; and particularly was this true of the results in
1907 when, notwithstanding the further improvement
in gross, a loss of $6,942,084 was revealed, owing to
the fact that expenses had been rising in a prodigious
way. In the following we furnish the November
summary for the past fourteen years. For 1908 we
use the Inter-State Commerce totals, but for preceding
years we give the results just as registered by our own
tables each year— a portion of the railroad mileage
of the country being always unrepresented in the
totals, owing to the refusal of some of the roads to
give out monthly figures for publication.
[VOL. L X X X X .
In the case of the separate roads we have a very
long list of gains, both in the gross and the net, not
a few of which are of very noteworthy extent. As far
as the gross is concerned, the gains pretty generally
follow losses in 1908, though there are exceptions to
the rule where the 1909 improvement succeeds im
provement also in 1908. On the other hand, in the
case of the net there are more instances where there
has been improvement in both years than where there
was a loss in 1908; and even where net actually fell
off in 1908 the gain in 1909 as a rule runs well above
the loss in that year. The Pennsylvania RR. on its
lines directly operated east and west of Pittsburgh
and Erie in 1908 had $2,716,100 decrease in gross
with $73,900 decrease in net; for the month in 1909
there is an addition to gross of no less than $4,220,834
and an addition to net of $2,524,420. The New York
Central for 1909 has $1,072,214 addition to gross and
$571,005 addition to net. This follows only $21,897
decrease in gross and no less than $1,000,583 gain in
net. For the New York Central System, comprising
all the auxiliary and subsidiary roads between Chicago
and St. Louis and Boston and New York, the result for
1909 is a gain of $3,791,059 in gross and $2,382,482 in
net, against $791,710 decrease in gross in 1908 and
$980,854 gain in the net. In the table we now give we
show all changes for the separate roads for amounts in
excess of $100,000, whether increases or decreases, in
both gross and net. It will be observed that there is
no decrease for that amount in the gross and only
one in the net, namely the Northern Pacific. This
latter has fallen behind $414,527, but the loss follows
entirely from agumented expenses, gross having in
creased $272,083.
P R I N C I P A L C H A N G E S IN GROSS E A R N I N G S IN N O V E M B E R .
Increases.
Increases.
$ 2 8 0,16 7
P e n n s y lv a n ia ____________ y$4,220 ,834 D e n v e r & R io G ra n d e ___
272 ,083
B a ltim o re & O h io _______
1 ,403,590 N o rth e rn P a c ific ________
256 ,077
S ou th ern P a c ific _________
1,352,808 D u lu th & Iron R a n g e ___
250 ,507
C h ica go Burl & Q u in c y - 1,319,565 S e a b o a rd A ir L in e _______
246 ,897
A tch T o p e k a & San F e . .
1 ,208,970 S p o k a n e P o rtl & S e a ttle .
2 28 ,287
U n io n P a c ific ____________
1 ,084,205 E lgin J o lie t & E a s t e r n ..
224 ,268
N Y C ent & H u d R i v e r . , a l , 072,214 C ldc S t P M inn & O ____
2 22 ,719
C h ica go & N o rth W e s t - 931,808 BufI R o c h & P it t s _______
2 18 ,035
827,391 C en tral o l N ew J e r s e y ___
C h ica go MIlw & St P a u l.
204 ,1 9 2
R o c k Is la n d _____________
766,759 D elaw aro & H u d s o n ------200 ,943
L a k e S h ore & M ich S o u .
730 ,109 P ere M a rq u e tte __________
103 ,984
L o u isv ille & N a s h v ille ..
677 ,315 CIn H a m & D a y t o n ______
178,866
E r i e _______________________
667 ,327 C h ica go <& A l t o n ________
173 ,600
P itts & L a k e E r ie ----------657,189 D elaw are L a ck & W e s t . .
172,236
M issouri P a cific __________
653,003 CIn N ew O rl & T e x P a c . .
163 ,480
S ou th ern R a ilw a y ----------624,082 W h e e lin g & L a k e E r i e ..
158,968
N o rfo lk & W e s t e r n --------579 ,145 U n ion R R ( P a ) . . . . ...........
153,534
N Y N ew H a v & H a r t f. .
550 ,690 N orth ern C e n tra l________
151,732
P h lla & R e a d in g ________
546 ,340 C h ic & E astern Illin o is . _
135,550
C h esapeake & O h io _____
539 ,305 L o n g Is la n d _____________
132 ,624
B o s to n & M ain e__________
508 ,328 C o lo ra d o & S o u th e r n ____
130,308
A tla n tic C oast L in e _____
499 ,069 H o ck in g V a lle y __________
122,289
D u lu th M Issabe & N o r . .
484 ,078 P h lla B a lt & W a s h ..........
117,578
G reat N o rth e rn __________
461 ,903 N Y C h ic & S t L o u is ____
115,377
S t L o u is & San F r a n ____
460,411 M issouri K an sas <Sj T exa s
100,363
W a b a s h ___________________
448 ,062 Cen tral o f G e o rg ia _______
101,273
C le v c CIn C h ic & S t L ___
435 ,556 L a k e Erie & W e s te rn ___
100,870
M ich igan C e n tra l...............
408 ,4 3 6 M aine C e n tra l____________
L e h ig h V a l l e y . ....................
400,542
R e p re se n tin g 59 road s
Illin ois C e n tra l....................
321 ,7 4 9
In o u r c o m p ila t io n . .$ 3 0 ,1 4 1 ,0 4 0
B essem er & L a k e E r i e ..
284 ,4 5 0
N ote ,— All the figures in th e a b o v e are o n th e basis o f th e returns llled
w ith th e In te r-S ta te C o m m e rce C o m m issio n .
W h e re , h o w e v e r , these re
turns d o n o t sh ow the to ta l fo r a n y s y s te m , w e h a ve co m b in e d th e sep arate
ro a d s so as to m ake the results co n fo rm as n e a rly ns possib le t o th o se given
in th e sta te m e n ts fu rn ish ed b y th e co m p a n ie s th em selves.
a T h ese figures c o v e r m e re ly th e o p e ra tio n s o f the N ew Y o r k Cen tral Itself.
In c lu d in g the va rio u s a u x ilia ry an d co n tr o lle d r o a d s , like the M ichigan C en
tral, the L a k e S h o re , the “ B ig F o u r ,” th e “ N ickel P la t e ,” & c ., th e w h o le
g o in g to fo rm th e N ew Y o r k C entral System, the result I s a gain o f $ 3 ,7 9 1 ,0 5 9
V T h ese figures represent the lines d ir e ctly o p e r a te d c a s t an d w e st o f
P itts b u r g h , Eastern lines sh o w in g $ 2 ,2 7 3 ,5 0 5 Increase an d the W e stern
lines $ 1 ,9 4 7 ,3 2 9 .
F o r all lines o w n e d , leased, o p e ra te d a n d controlled the
result fo r th e m o n th Is a gain o f $ 4 ,9 9 2 ,0 9 9 .
P R I N C I P A L C H A N G E S IN NET E A R N I N G S IN N O V E M B E R .
Increases.
Net Earnings.
Gross Earnings.
Year.
Given.
Nov.
1896 . .
1897 . .
1898
1899 _ _
1900
1901 __
1902 _.
1903 . .
1904 . .
905
1906 . .
1907 . .
1908
1909
Year.
Inc. (4 -) or
Preceding.
Dec. (— ).
$
55 ,297,917 61,137.081
72 ,815,681 61,978,481
79 ,0 S 6 , 6.-, 1 76,616,017
73 ,062,397 65,872,002
91 ,073.64S 87,724,016
107 ,769,028 95,618,077
106 ,144,534 99,638,088
115 ,874,619 111,303,371
126 ,357,962 115,108,874
133 ,101,559 120,692,062
140 697,123 131,123,621
138, 079,281 133,284,422
211 , 472,717 220.312,652
242, 115,779 207,816,169
$
— 5,839,
+ 10.837
+ 2,470
+7,190,
+ 3,349,
+ 12,150
+ 6,506,
+ 4,571,
+ 11,249,
+ 12,412,
+ 9,573,
+ 4,794,
— 8,839,
+ 34,299,
Year.
Given.
18,853
27,565
28,951
27,496
3 3 .7 4 4
40,629
36,051
38,380
44,280,
47,419
18,065,
39,171,
74,306,
92,016,
Year.
Inc. ( + ) or
Preceding. Dec. (— ).
S
,275,149 — 3,421,921
,737,851 + 5.827.673
,533,158
+ 421,486
,882,036 +2,614,307
,154,551
+ 589,614
,200,311 + 5,428,822
,992,904
— 941,729
,962,778
— 582,146
,588,516 + 6,691,843
,232,243 + 5,187,518
506,160 + 1,559,127
113,471 — 6,942,084
,162,251 + 8.144,181
,266,874 + 18,749,484
.vole — In 1896 the number of roads Included for the month of November was 127:
In 1897 134; In 1898. 130; In 1899, 122: In 1900, 122; In 1901, 109; In 1902, 107;
In 1903. 106; In 1904, 102; In 1905, 96; In 1906, 97; In 1907, 87; In 1908, 804; In 1909,
756.
'
P e n n s y lv a n ia -------------------y $ 2 ,524 ,420
$83,762
S ou th ern P a c ific --------------° '1
762 ,386
E r i c ________________ ■,-------a57 1 ,0 0 5
N Y C en t & H u d R i v e r . .
533,312
P itts & L a k e E r ie .......... ..
529,078
C h ic B u rl & Q u in c y ------525,626
L o u isv ille & N a sh v ille —
521,618
N Y N ew H a v & H a r t f . 512 ,050
M issouri P a c i f i c ------------503,812
B a ltim ore & O h io ----------429,958
U n ion P a cific .......................
412 ,3 2 0
D u lu th M Issabe & N o r ._
411 ,134
L eh lgh V a lle y .......................
391 ,684
R o c k I s la n d .........................
364 ,005
C lev CIn C h ic & St L ____
362 ,663
S o u th e rn R a ilw a y .............
354 ,772
P h lla & R e a d in g ...............
354 ,588
C h ica go MIlw & St P a u l.
341 ,849
A tla n tlc C oast L in e --------334 ,703
W a b a s h ___________________
332,781
A tc h T o p & San F e ...........
323,302
N o rfo lk & W e s t e r n ______
306 ,715
C h esapeake & O h io ---------
L a k e S h ore & M ich S o u .
M ichigan C e n tra l________
B o s to n & M a in e_________
B essem er & L a k e E r i e ..
S e a b o a rd A ir L i n e ______
D u lu th & Iro n R a n g e ___
D elaw aro & H u d s o n ____
B u ffalo R o c h & P i t t s . . .
C entral o f N ew J e r s e y ___
W h eelin g &, L a ke E r i e . .
D e n ve r & R io G ra n d e ___
N orth ern C e n tra l------------Cin H am & D a y t o n ...........
U n ion R R ( P a ) --------------E lgin J o lie t & E a s t e r n ..
N Y C h ic & S t L o u is ____
L o n g I s la n d _____________
C o lo ra d o & S o u th e r n ___
$28 5,69 6
2 81 ,472
254 ,5 0 8
218 ,3 3 5
186,496
174,795
172,226
154,094
153,144
148 ,422
140 ,017
132,036
122,794
117,876
113,803
1 1 1 ,538
109,730
104,612
R e p re s e n tin g 41 roads
In o u r c o m p ila t io n . .$ 1 5 ,5 6 9 ,1 4 6
N o rth e rn P a c ific ...............
$41 4,52 7
a T h e se figures c o v e r m e re ly th e o p e ra tio n s o f the N ew Y o r k C entral
Itself. F o r th e N ew Y o r k C en tral System th e result is a gain o f $ 2 ,3 8 2 ,4 8 2 .
THE CHRONICLE
JAM. 22 1910. j
199
V T h ese figures represen t th e lin es d ir e c tly o p e r a te d east a n d w e st o f
P itts b u r g h , th e E a stern lines sh o w in g $ 1 ,4 3 9 ,3 0 6 Increase a n d th e W e ste rn
lines $ 1 ,0 8 5 ,1 1 4 Increase. F o r all lines o w n e d , le a se d , o p e r a te d a n d con
doned th e result Is a gain o f $ 2 ,9 5 8 ,2 3 2 .
When arranged in groups, every group, without
any exception, records improvement in gross and also
every group, without exception, improvement in the
net. In the previous year all the groups except one
had shown losses in gross but gains in the n e t barring in this last instance two minor groups. Our
summary by groups is now annexed.
SU M M ARY B Y GROUPS
--------------------- Gross
Section or Group—
1909.
November—
$
Group 1 (30 roads). New England____ 11,030,209
Group 2 (141 roads). East & M id dle.- 58,547,920
Group 3 (102 roads). Middle W est____ 34,230,983
Group 4 & 5 (138 roads), Southern____ 29,360,696
Groups 6 & 7 (116 roads), Northwestern 53,600,690
Groups 8 & 9 (167 roads), Southwcst’ n 40,508,240
Group 10 (62 roads). Pacific Coast------ 14,837,041
Total (758 roa d s)......... ...........
------- Mileage------1909.
1908.
7,786
26,707
26,422
39,258
57,008
53,369
15,654
7,777
26,391
26,220
38,438
56,549
52,814
14,777
$
+1,383,247
+ 8,462,614
+6.894,961
+ 4,332,327
+ 6,853,623
+ 4.397,640
+ 1.975,198
%
14.34
16.89
25.22
17.29
14.60
12. 19
15.34
242,115.779 207,816,169 + 34,299,610 16.51
1909.
S
Group No. 1........... .
Group No. 2 ........... .
Group No. 3 ........... Groups Nos. 4 & 5. .
Groups Nos. 6 & 7. .
Groups Nos. 8 & 9 . .
Group N o. 10......... -
ml no3-----------Inc. ( + ) or
te c . (— ).
1903.
§
9,646,962
50,085,306
27,336,022
25,028,369
46,747,067
36,110,600
12,861,843
3,826,825
22,522,122
12,732,216
11,125,841
21,228,899
13,077,389
6,903,060
-Net EarningsInc. ( + ) or
1908.
Dec. (— ).
$
2,787,127
17,112,224
8,312,974
8,306,892
18,948,493
11,664,492
6,134,672
+
+
+
+
+
+
$
1,039,698
5,409,898
4,419,242
2,818,949
2,280,406
2,012,897
+ 768,394
%
37.30
31.61
53.16
33.93
12.04
17.29
12.48
T o t a l .................... .226,204 222,966 92,016,358 73,260,874 + 18,749,484 25.59
N O T E .— Group I. Includes all of the New England States.
Group II. Includes a ll of N ew Y ork and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey. Delaware and Maryland, and
the extreme northern portion of W est Virginia.
Group III. Inc ludes all of Ohio and Indiana: all of Michigan except the northern
peninsula, and th at portion of New Y ork and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV . and V. com bined Include the Southern States south of the Ohio and
oast of the Mississippi River.
Groups VI. and VII. com bined Include the northern peninsula o f Michigan, all of
Minnesota. W isconsin, Iow a and Illinois; all South Dakota and North Dakota, and
Missouri north of St. Louis and Kansas City; also all of Montana, W yoming and
Nebraska, together with Colorado no rtli of a line parallel to the State line; passing
through Denver.
Groups VIII. and IX. com b ined Include all of Kansas, Oklahoma, Arkansas and
Indian Territory; Missouri south o f St. Louis and Kansas City; Colorado south of
Denver; the whole of Texas a n d the bulk of Louisiana; and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Ee and east of a lino running from Santa Fe to El Paso.
Group X . includes all of W ashington, Oregon, Idaho, Claifornia, Nevada, Utah
and Arizona, and the Western part of New Mexico.
As stated by us in previous months, in grouping the
roads we conform to the grouping or classification
adopted by the Inter-State Commerce Commission.
The only departure we make from the Commission’s
arrangement is that we have combined Groups 4 and
5, so as to bring all the Southern roads together under
one head; also Groups 8 and 9, so as to bring the
Southwestern roads together, and have likewise com
bined Groups 6 and 7, these latter comprising the
systems running west and northwest of Chicago, the
mileage of most of which spreads over the territory
covered by both groups. We do not include any of
the Canadian lines in our figures except, of course, so
much of the same as lies within the United States, and
for which returns are filed with the Commission.
The confines of the different groups are indicated in
the footnotes, to the above table, but it is important
to note that where a road or system covers more than
one group, or overlaps into others, we have necessarily
been obliged to place it in some particular one of the
groups, as no way exists of dividing it up among the
two or more groups where it may be located. Qur
plan in such cases has been to place the road or system
in the group where the bulk of the revenues is appar
ently obtained. In their annual statements to the
Inter-State Commerce Commission, the companies are
required to show the amounts earned in each of the
groups,but of course no such division is attempted in
the case of the monthly returns.
RAILROAD GROSS EARNINGS FOR DECEMBER.
Our early returns of railway gross earnings for De
cember, comprising chiefly Western and Southern
roads— that is, grain carriers and cotton carriers—
reflect the presence of the unfavorable influences which
those classes of roads had to contend with in the month
in question. The improvement over the year pre
ceding is not as large as in other months, while several
of the roads have actually sustained quite consider
able losses. T he chief of the adverse influences were
the falling off in the cotton traffic in the case ofSouthern roads, and the Switchmen’s strike, the bad weather
and the contraction in the grain traffic in the case of
trans-continental and Western roads. Furthermore,
the trans-continental lines, more particularly those
running to the Pacific Northwest, are also meeting
with new competition in the operation of the Puget
Sound line of the Milwaukee & St. Paul P R .
Doubtless the Great Northern Ry. suffered from all
the causes mentioned, namely the switchmen’s strike,
new competition, a diminished grain movement, and,
in some degree also, from severe weather. At all
events, the system reports a loss in gross earnings for
the month of no less than $420,756. What gives
added significance to the falling off in this instance is
that it follows an equally noteworthy shrinkage in the
previous year, so that the total of the gross at $3,
704,799 for December 1909 compares with $4,589,195
in December 1907. As a matter of fact, we would
have to go back to 1903 to find a December total smaller
than that for the month just passed. As concerns
the influence of the switchmen’s strike, which affected
all the roads west from St. Paul and Duluth to the
Pacific Coast, this was inaugurated on the night of
Nov. 30, and for the first two or three days of December
placed a serious embargo upon the movement of freight
over the roads affected. One of the results was the
shutting-down of the flour mills in Minneapolis, for the
time being, owing to the inability of the roads to de
liver the necessary supplies of wheat, and another was
the partial discontinuance of copper-mining and smelt
ing operations in Montana. But these extreme draw
backs did not last very long. After a very few days
the delivery of freight was once more resumed in vol
ume, enabling the plants and establishments which
had been shutdown to begin operations again, and
eventually the roads seem to have found it possible
to fill the ( laces of all the strikers with non-union men.
Perhaps it would be making too strong a statement
to say that by the end of the month the roads had
overcome all the hindrances occasioned by the strike
and were conducting operations with the customary
freedom, but certainly conditions had become nearly
normal again. We refer only to the loss in earnings
shown by t e Great Northern, since the Northern Pa
cific and the other roads in that section of the country
do not furnish early returns of their gross, and hence
we have r o knowledge of what the result was in their
case.
As concerns the weather, this seems to have been
quite generally bad the latter half of December and
thus far in January in the whole of the territory be
tween the Mississippi River and the Pacific Coast. To
just what extent any particular road or system may
have been affected it would be difficult to say, but all
doubtless experienced some setback from that cause.
THE CHRONICLE
200
Severe storms obviously operate unfavorably in a
double way: first, in reducing the volume of traffic
and, secondly, in increasing expenses by adding to
the cost of keeping the lines open. Dispatches from
Chicago the latter part of December quoted the Rock
Island officials as saying that operating expenses were
heavy every day because storms were continuing to
make December the worst in years.
With reference to the falling off in the cotton traffic,
there has seldom been a period where the shrinkage
between one year and another has reached such dimen
sions as in the case of December 1909 contrasted with
December 1908, though this great shrinkage is in part
due to the circumstance that in 1908 the movement
had been of extraordinary proportions. The gross
shipments overland for the month reached only 177,099
bales, against 322,609 bales in 1908, while the receipts
at the Southern outports were also nearly cut in two,
being but 844,200 bales, against 1,651,810 bales. The
shrinkage extended to nearly every leading outport,
both on the Gulf coast and on the Atlantic. At Gal
veston the receipts were only 338,064 bales, against
605,238; at New Orleans, 141,875, against 386,009;
at Mobile, 32,363, against 62,584; at Savannah, 111,
587, against 228,591; at Brunswick, 18,805, against
102,613, and at Norfolk, 69,167, against 111,908 bales.
The following shows the port receipts in detail for each
of the last six years:
R E C E IP T S O F COTTON A T SO U TH E RN PO R T S IN D ECE M BE R FO R S IX
Y E A R S , 1904 TO 1909. IN C LU SIVE .
December.
G alveston-.........bales
Port Arthur, & c .........
New Orleans......... .......
Mobile ______________
Pensacola, & c _______
S avannah.................. B ru n sw ick ..................
Charleston . . ..............
Georgetown .................
Wilmington - ...............
N o r f o l k ...................... .
Newport News, & c ...
1909.
1908.
1907.
1906.
1905.
1904.
338,064
41,882
141,875
32,3.63
27,448
111,587
18,805
24,418
177
33,141
69,167
5,273
605,238
26,849
386,009
62,584
54,620
228,591
102,613
24,124
644
48,405
111,908
225
482,844
22,709
455,202
69,118
28.466
252,304
42,987
27,043
160
82,108
114,663
1.171
534.046
47,266
458,444
53,076
31,468
251,890
22,160
22,458
272
36,428
104,142
4,608
327,323
46.191
244,445
32,177
20,577
169,431
48,781
16,773
150
32,959
98,315
3,743
339,367
47,754
446,467
52,718
50,861
225,953
48,564
25,632
222
29.733
89.416
1.388
844,200 1,651,810 1,578,775 1,566,258 1,040,8651,358,075
Total
The Western grain receipts, as already stated, also
failed to equal those of the previous year. Here the
switchmen’s strike doubtless had some influence in
reducing the movement, as the loss is chiefly at Minne
apolis and other Northwestern points, while at the
primary markets not affected by the strike the deliv
eries in some cases are larger than they were in the
previous year. Taking the Western primary points,
as a whole and combining the different cereals, namely
wheat, corn, oats, barley and rye, it is found that the
receipts for the five weeks ending Dec. 31 were only
57,424,751 bushels, against 64,277,161 bushels in the
corresponding five weeks of 1908. This is a loss, it
will be observed, of nearly 7,000,000 bushels, which is
further emphasized by the fact that it comes after a
considerable shrinkage in the previous year. In the
five weeks of 1907 aggregate grain deliveries were
68,622,556 bushels, as against only 57,424,751 bushels
in the five weeks of 1909. The details of the Western
grain movement in our usual form are set out in the
table we now annex.
W E S T E R N F L O U R AN D G R A IN R E C E IPTS.
Five weeks
Flour.
end.D ec.31. (bbls.)
Chicago—
1 9 0 9 ..-..
660,505
1908.........
874,431
Milwaukee—
1909.........
351,000
247,475
1908.........
SI. Louis—
1909.........
233,570
291.755
1908.........
Toledo—
1909.........
1908.........
Wheat.
(bush.)
Corn.
bush.)
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
2,026,120
1,449,225
11,008,850
13,131,115
6,208,582
7,455,821
2,166,638
2,728,636
159,500
179,071
495,200
755,842
311,300
1,259,000
571,500
1,014,400
1,162,200
1,453,200
80,940
134,100
1,472,619
1,245,595
3,632,935
2,464,040
1,378.575
2,057.600
293,000
562,900
29.000
20,090
575,000
321,600
1,006,000
371,200
265,600
145,000
900
13,000
12,500
[VOL. LXXXX.
Wheat.
(bush.)
Flour.
(bbls.)
Five weeks
e n d .D e c.3 l.
Detroit—
Corn.
(busli.)
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
_____ _
1909.........
1908.........
19,067
27,400
557,025
288,438
460,380
301,834
225,292
276,721
- ______ _
_________
1909.........
1908.........
Peoria—
1909.........
1908_____
Duluth—
1909.........
1908_____
3,460
5,106
23,616
18,960
1,038,920
559,050
438.747
377,327
10,642
28,001
380,650
123,500
84,850
41,127
1,817,957
1,858.246
669,550
677,500
206,660
405,000
20,150
39.000
75,330
86,500
4,435,771
4,987,865
32.880
482,866
496,419
1,150,212
1,008,771
50,614
58,144
1 9 0 9 ............................
1908....... ......................
7,326,070
7,931,183
425,050
1,085,960
811,990
1,955,820
1,102,570
1,697,330
156,410
144,000
1909.............................
1908.............................
1,687,650
1,915,950
1,095,600
909,700
290,700
421,000
____
.......
18,683,921
18,955,785
20.794,992
21,973.025
11,343,402
14,877,608
6,092,822
7,883,838
Cleveland—
Minneapolis—
Kansas City—
Total o f all—
1909......... 1,723,582
1908......... 1,656,167
____
______
......
509,614
586,905
G R A IN AN D FL O U R R E C E IPTS A T S E A B O A R D FO R 52 W E E K S .
Receipts of—
1909
1908.
1907.
1906.
1905.
F lo u r ____bbls. 17,805,785
18,816,390
19,779,188
17,888,922
14,353,049
W heat . .b u s h . 101,316,741 120,018,501
44,981.837
C o r n .................. 47,356,213
43,450,996
O a t s .................. 44,650.82.3
6,804,685
B a r le y ................ 7,406.015
2,909,411
R y e ........... ........... 1,141,318
Total grain-.201,871,110
218,165,430
130,795,240
88,236,754
53,486,594
4,853,480
2.464,411
107,716,156
96,472,906
77,231,982
6.158.005
1,569,882.
51,669,067
112,906,317
72,856,536
14,038,883
1,465,366
279,836,479
289.148.931
252,936,169
With such a combination of unpropitious influences
and events, it is noteworthy that the effect on earnings
should not (speaking of the roads as a whole) have
been a great deal more marked, and that the cases of
individual roads with losses should not be more
numerous. Our early compilation comprises 50 roads
operating 86,137 miles of line, or somewhat over onethird the railroad mileage of the country. On this
mileage the collective result is a gain of $3,886,980,
or 6.15%. These early tabulations never include any
of the great East and West trunk lines running through
the manufacturing and mining districts, like the Penn
sylvania and New York Central, where the gains in
gross earnings must be large by reason of the activity
of trade and industry. It seems likely, therefore,that
when our final compilations for December are pre
sented, some four or five weeks hence, the ratio of im
provement will be larger than now disclosed. It is
i roper to say that for December we are not comparing
with diminished totals in 1908. December was the
one month of that year which recorded increased earn
ings. On the other hand, there had been a falling off
in December 1907. For 1908 our early statement,
comprising a somewhat smaller aggregate of mileage
than our present statement, showed an increase of
$2,679,882, or 5.42%. In December 1907, when the
mileage represented was somewhat larger, there was a
decrease of $3,092,739, or 4.28%. In the following
we give the December summaries, as shown by our
early statements each year, back to 1896.
Mileage.
December.
Year.
1896 - -
1897 - -
1898 . . .
1 8 9 9 --
1 90 0- -
1 90 1- -
1902 . . .
1903 . . .
1904 . . .
1905
1 9 0 6 ...
1907 . . .
1908 . . .
1909 . . .
Year.
Given.
|Roads Miles.
130
133
129
113
101
99
80
71
67
57
65
61
49
50
93,075
99.418
96,285
98,508
96,447
103,496
100,638
89,279
84,143
81,238
95,936
88.234
74,744
86,137
Year. In
Prec’g. cr’se.
Gross Earnings.
Year
Given
Year
Preceding.
Increase ( + )
or
Decrease (— ).
Miles.
92,282 0.86
98,122 1.32
95,191 1.15
96,637 1.93
93,002 3.70
100,694 2.78
98,801 1.86
87,067 2.54
82,607 1.86
79,804 1.76
93,553 2.55
87,040 1.27
73,180 2.14
84.391 1.90
%
40,895,711 41,791,251
50,020,193 44,542,149
49,630,312 46,474,701
55,557,813 51,661,909
59,606.431 54.271,094
64,922,983 62,104,946
70,769.049 64,416,412
61.868,261 59.114,002
59,429,656 55,069,547
62,469,679 57,027,847
83,796,332 79,327,117
69,070,466 72,163,205
52,154,203 49,474,321
67,096,709 63,209,729
— 895,540
+5,478,044
+ 3,155,611
+ 3,895.904
+ 5,335,337
+ 2,818,037
+ 6,352,637
+ 2.754,259
+ 4,360,109
+ 5,441,832
+ 4,469,215
—3,092,739
+ 2,079,882
+ 3,886,980
2.14
2.29
6.78
7.54
9.83
4.53
9.85
4.66
7.91
9.54
5.64
4.28
5.42
6.15
Note .— Neither the earnings of the Mexican roads nor the mining operations of
the anthracite coal roads are Included In this table.
Our compilations include some of the Canadian roads,
and particularly the Canadian Pacific, which, as in pre
ceding months, is distinguished for an unusual amount
of gain, namely $1,234,000. The Baltimore & Ohio has
$631,155 increase on top of $357,588 increase in 1908.
Among the other roads recording large improvement,
those two leading Southern systems, the Louisville &
Nashville and the Southern R y., take a prominent
Jan . 22 1910.'
THE CHRONICLE
place. The one has added $450,001 to its earnings
of the previous year and the other $278,404. In
both instances the increase follows a noteworthy
recovery in 1908 succeeding the great slump in earnings
which came in December 1907 immediately after the
panic in October and November of that year. Both
roads show the largest December earnings in their
history; that, too, notwithstanding the great contrac
tion in the cotton movement. The result, of course,
is indicative of the revival of general trade and the
wonderful activity of the iron and steel industry.
As one gets away from the Southern iron and steel
districts, the effect of the loss in the cotton traffic becomes more apparent. The International & Great
Northern, the St. Louis Southwestern, the Yazoo &
Mississippi Valley, the Texas & Pacific, the Texas
Central, the New Orleans & North Eastern and the
Vicksburg Shreveport & Pacific are all obliged to re
port losses in earnings, presumably from the cause men
tioned. The Iowa Central and the Minneapolis &
St. Louis fall behind, we should judge, by reason of a
diminished grain movement.
In the following we
have brought together all changes for the separate
roads for amounts in excess of $30,000, whether in
creases or decreases.
P R I N C I P A L C H A N G E S IN Q RO SS E A R N I N G S
Tnrrrn
IN D E C E M B E R .
«
C a n adian P a c ific _________ $ 1 .2 3 4 .0 0 0
B a ltim ore & O h io ________
631 ,155
L ou isv ille & N a s h v ille ___
450,001
G rand T ru n k ( 4 ) _________
379,093
S ou th ern R a ilw a y ________
278 ,404
C a n adian N o r t h e r n .............
2 32 ,400
199,414
W a b a s h ____________________
C h esapeak e & O h io ______
195,428
M issouri P a c ific ___________
141,000
B u lla lo R o c h e s te r & P it t s .
117,542
Cine N ew O rl & T e x P a c . .
111,222
M inn S t P aul & S S M ____
104,747
M issouri K ansas & T e x a s .
89,378
D en v er & R io G ra n d e ____
8 5 ,500
A la b a m a G rea t S o u th e r n .
48,044
N ote .— F igures In p arenthesis a fte r
lin es o r c om p a n ies fo r w h ich s e p a ra te
Increases.
C h ica go In d & L o u is v ille M obile & O h io ____________
K ansas C ity M e x So O rien t
$47,701
38,433
32,955
R e p re se n tin g 21 roads
In o u r c o m p ila t io n ___$4,4 1 6 ,4 1 7
G rea t N o r t h e r n ____ ______
Y a z o o & M ississippi V a lle y
S t L ou is S o u t h w e s t e r n ...
In te r n a t’l & G t N o rth e r n .
Decreases.
$420,756
95,557
70,718
47,0 0 0
R e p re s e n tin g 4 ro a d s In
o u r c o m p ila t io n _____
$634,031
n am e o f ro a d Indicate th e n u m b e r o f
retu rn s are g iv e n In o u r c o m p ila t io n .
To complete our analysis, we add the following
six-year comparisons of the earnings of the more
prominent roads, arranged in groups:
E A RN IN G S O F SO U TH E RN G RO U P.
December.
Ala Great Sou.
Ala N O * T P —
N O & N E ..
Ala & Vicks.
Vicks ShrAP
Atl Blrm A Atl
Cent of Georgia
Chesap. A Ohio
Cln N O & T P
Loulsv Sc Nash
Mobile & Ohio.
Southern R y ._
Yazoo A M V .
1909.
1908.
1907.
1906.
1905.
1904.
S
355,191
•8
319,541
S
311,613
7-280,047
7-143,050
7-151,856
7-127,800
7-147,563
141,044
124,261
7-1,012,536 1,104,875
2,142.139 2.051,651
7-593,562
666,868
7-3,358,314 7-4,090,990
7-802,047
913,129
7*4,133,264 4,886,017
a l , 068,381 1,001,671
257,184
137,960
127,913
81,359
1,028,244
2,047,828
670,190
3,593.321
776,311
4,602.596
930,523
216,081
145,375
152,998
87,994
996,523
1,721,082
603,509
3,358,834
715,674
4,239,515
1,029,178
$
7-367,909
S
7-319,865
S
7-280,855
7-292,773
7-160,751
7T39.948
7-220,431
7-1,109,000
7-2,451,022
7-756,168
7-4,428,010
r930,434
7-4,994,934
a l .070,672
7-305,169
7-160,544
7-145,673
7-203,985
7-1,079,400
7-2,255,594
7-644,946
7-3,978,009
7-892,001
7-4.716,530
a l , 166,229
t-267,109
201
E A RN IN G S O F M ID D LE AN D M ID D LE W E S TE R N G RO U P.
December.
1909.
1908.
S
7-717,193
7-444,730
1907.
S
7-599,651
7-397,029
1906.
1905.
1904.
S
7-634,516
7-466,852
S
673,205
476,082
645,446
445.209
3,691,371
3,401,472
3,185,857
4,976.390
108,905
361,523
2,138,645
4,654,564
116,947
363,193
2,061,847
4,493.103
127,509
346,211
2,032,400
S
7-611,596
7-345,147
Buff R och A 1>
Chic Ind & Lou
Gr Trk of Canl
Gr Trk W es} 3,564,380 3,185,287 3,659,296
DetGH &M .
Canada Atl. j
Illinois Central. a5,238,646 05,211,186 a5,076,506
Tol Peo& West
7-105,468
7-92,194
103,987
Tol St L & W .
r312,104
7-291,431
313,205
Wabash ......... 7-2,338,687 7-2,139,273 2,008,227
T o t a l ______ 12,721,208 11,916,051 12,117,9-
%
-.378,202 11,747,310 11,275,735
a Embraces some large Items of income not previously Included In monthly returns .
r Figures are on the new basis of accounting prescribed by the Inter-State Com
merce Commission.
G R O S S E A R N IN G S A N D M IL E A G E IN D E C E M B E R .
Gross Earnings.
Name of Road.
1909.
A la N ew O rl & T P —
.
.
V icks S h rcv & P a c A tla n ta B lrm & A t l.
B a ltim o re & O h io ___
B e lle fo n te C en tral . .
)
C h icago & A lt o n .
v
c
D e n ve r N W & P a c . .
D e tro it & M a c k in a c .
l
A n n A r b o r ________
D u lu th S o Sh & A t l .
G eorgla S ou & F l a . .
G rand T ru n k o f C a n .
G rand T r u n k W e s t
D e t G r I la v & M _ .
C an ada A t l a n t i c ..
G rea t N o r t h e r n _____
Illinois C e n tra l_____
I n te rn a t & G t N orth
Io w a C e n t r a l___ ____
L ou isville & N a s h v .
M ineral R a n g e _______
M ln neap & S t L o u is .
M inn S t P & S S M .
M o K an & T e x a s ____
M issouri P a c ific _____
M o b ile & O h i o _______
N e v a d a - C a llf-O regon
S ou th ern R a ilw a y .
Texas C e n t r a l.-..
T e x a s & P a c ific ___
W a b a s h ________
Y a z o o & Miss V a lle y .
T o t a l (50 r o a d s ) . .
1908.
M ileage.
Inc. ( + ) or
Dec. (— ) .
1909. |1908.
$
3 67 ,909
$
'3 1 9 ,8 6 5
$
+ 48,044
292,773
160,751
139,948
220,431
6,8 3 6 ,7 8 7
7,989
717,193
1 ,160,300
8 ,1 1 2 ,0 0 0
1,109,000
2 ,451,022
1,090,327
4 44 ,730
756 ,168
1 ,412,488
1 ,759,700
61,621
86,565
132,470
167,902
235 ,080
213,635
3 0 5 ,1 6 9
160,544
145,673
203 ,985
6,2 0 5 ,6 3 2
5,718
599,651
927 ,900
6 ,8 7 8 ,0 0 0
1 ,079,400
2 ,255,594
1,078,414
397 ,029
644 ,946
1,409,607
1 ,674,200
41,358
82,871
132,739
154,258
223,671
185,889
— 12,396
+ 207
— 5,725
+ 16,446
+ 631 ,155
+ 2,271
+ 117,542
+ 232 ,400
+ 1 ,2 3 4 ,0 0 0
+ 2 9 ,600
+ 195,428
+ 11,913
+ 47,701
3 ,5 6 4 ,3 8 0
3,1 8 5 ,2 8 7
3,7 0 4 ,7 9 9
5,2 3 8 ,6 4 6
747 ,000
249,254
149,960
4 .4 2 8 ,0 1 0
13,148
72,484
342 ,320
1 ,586,729
2,298,254
4 ,2 6 5 ,0 0 0
930,434
32,628
43,984
938,276
4 ,994,934
106,874
1 ,625,875
105,468
312,104
2 ,3 3 8 ,6 8 7
1 ,070,672
4,1 2 5 ,5 5 5
5 ,211,186
794 ,000
262,635
117,005
3,9 7 8 ,0 0 9
12,678
68,408
368,927
1,481,982
2,2 0 8 ,8 7 6
4 ,1 2 4 ,0 0 0
892,001
31,999
51,500
1,008,994
4 ,7 1 6 ,5 3 0
132,864
1 ,636,053
92,194
291,431
2,1 3 9 ,2 7 3
1 ,166,229
6 7 ,0 9 6 ,7 0 9
309
309
+ 2,881
+ 85,500
+ 20,263
+ 3,694
— 269
+ 13,644
+ 11,409
+ 27,746
196
142
171
641
4,198
27
568
3,160
9,916
1,915
1,933
998
615
336
1,980
2,5 5 5
214
347
441
300
593
395
196
143
171
641
3,9 9 2
27
568
2,994
9,4 2 6
1,9 1 5
1,895
998
615
336
1,951
2,552
184
347
441
300
591
395
+ 379,093
4,5 2 8
4,528
+ 111,222
— 420,756 7,037 6,851
+ 27,460 4 ,551 4,551
— 47,000 1,159 1,159
— 13,381
558
558
+ 32,955
733
543
+ 450,001 4,542 4,3 6 5
+ 470
105
105
+ 4,076
126
128
— 26,607 1,027 1,0 2 8
+ 104,747 3,523 3 ,3 3 0
+ 89,378 3,072 3,072
+ 141,000 6,491 6,4 8 8
+ 38,433 1,114 1,114
+ 629
184
184
— 7,516
180
180
— 70,718 1,470 1,4 7 0
+ 278,404 7,0 5 0 7,0 1 4
— 25,990
268
268
— 10,178 1,885 1,885
+ 13,274
247
247
+ 20,673
451
451
+ 199,414 2,514 2,514
— 95,557 1,371 1,371
63,2 0 9 ,7 2 9
+ 3 ,8 8 6 ,9 8 0
elu d e d In to tal) —
566,406
566,436
760,261
546,981
684,200
608 ,500
116,220
107,689
4,3 0 3 ,5 1 7
4 ,1 9 2 ,1 6 0
— 30
+ 213,280
+ 75,700
+ 8,531
+ 111,357
6,137 84,391
734
905
340
263
5,262
736
917
321
263
5 ,1 6 0
V T h e se figures are fo r th e first th ree w eeks o n ly In b o th years.
T o t a l ........... 16,922,052 15,867,945 14,076,101 15,774,119 14,578,976 13,578,376
a Jjjplhdes solne large Items of Income not previously Included In monthly returns.
r These figures arc on the new basis of accounting prescribed by the Inter-State
Commerce Commission.
EA RN IN G S O F SO U T H W E STE R N G RO U P.
December.
1909.
1908.
Colo & Sou ♦
Denv. A RioGr
Int & Gt N or.
Mo Kan & Tex.
Missouri I’ a c ..
St Louis & S W
Texas A Pacific
S
r l,412,488
rl,759,700
1 7 4 7 ,0 0 0
1-2,298,254
4,265,000
r938,270
r l,625,875
S
r l,409,607
r l,674,200
r7 9 1,000
r2,208,876
4,124,000
r l,008,994
r l,636,053
1907.
1906.
1905.
S
S
$
r l,389,838 1,193,290 1,050,578
r l,760.527 r l,791,009 1.634,352
r671,424
834,931
625,134
r l,920,378 2,319,014 1.875,685
3,577.857 4.123,067 3,855,530
r781,711
r979,856
828,682
r l,627,901 1,889,946 1,496,520
1904.
$
800,321
1,447,717
605,271
1,652,922
3,752,161
874,577
1.556,905
T o t a l ............ 13,016,593 12,855,730 11,729,636 13,131,113 11,366,481 10,689,874
& Brazos Valley ItR . For 1901 we have combined Colorado & Southern and Fort
W orth & Denver City.
r Figures arc on the now basis of accounting prescribed by the Inter-State Com
merce Commission.
EA RN IN G S O F N O R TH W E ST E R N
1909.
Canadian P a c.
Dul S Sh & Atl
Great Northern
Iowa Cen tral..
Minn & St L ._
M S tP & S S M .a
8
8 , 112,000
r235,080
3,704,799
r249,254
r312,320
1,586,729
1908.
AN D
1907.
N O R TH
1908.
PACIFIC G RO UP.
1905.
$
$
I
$
I
s
0,878,000 0,418,576 5,992,098 5,619,182
r223,671
7-211,212
r 2 18,326 253,792
64,125,555 64,589,195 3.891,856 4,357,842
r262,035
r251,856
268,023' 273,009
r368,927
r313,717,
319,101
307,274
1,481,982 1,616,189 1,515,819 1,472,870
1904.
S
4,562,142
207,113
3,710,297
220,528
232,443
1.267,050
T o t a l ........... 14,230,182 13,340,770 13,400.745 12,238,223 12,283,969 10,109,573
“
Dlvlslo,‘ *a 1909 and 1908; tor previous years we have
combined Minn. St. Paul A S. S. M. and Wisconsin Central.
b Actual figures of earnings are now used for comparison.
rF
are 011 ncw basls of accounting prescribed by the Inter-State Com m erce
LISTINGS ON NEW YORK STOCK EXCHANGE
DURING THE YEAR 1909.
The listings on the New York Stock Exchange
during the calendar year just closed bear striking
testimony to the extent of the revival of credit that
has swept over the country in reaction from the
recent period of uncertainty and depression. Not
only is the total amount of the listings for the year
of stocks and bonds of all classes far in excess of
the total for any previous year, excepting only the
year 1901, during which the share capital of the great
Steel Corporation was listed, but the additions to
the list on account of new capital aggregate for the
first time only somewhat more ($9,988,000) than one
thousand million dollars. This amount is larger than
the total of any earlier year, even after allowing for
the issues of stock of the St. Paul and Northern
Pacific, together aggregating 191 millions, which were
paid up in installments in an interval of two years,
and are only now listed.
202
Following is our usual 10-year comparison:
LISTINGS ON N EW Y O R K STOCK E X C H A N G E .
Issues for New Old Issues
Capital, &c. Now Listed.
Bonds.
1900
. . . ........... - ............
1908 .....................................
1907 .................................1906 _________ _________
1905
.................................
1003
...... ..................
1902 . . .................................
1901 -
1600
Stocks.
1000
1908 ...................... ...... ........
1907 ...................................
ioofi
.............
1905 - - ................— ..........
1903
1902
1901
1900
......... ........ ............
...............................
.................................
..................- ............
Replacing
Old Secnilies.
Total.
§
S
8,479,000
712,734,963
95,794,000
648,869,500
72,362,000
246,733,914
12,304,500
r 303,112,000
20,000,000
569,079.000
429,810,500
12,798,000
a 191.515,050
2.878.000
l< 7 516,313
21,270,100
220.. ’ f00
147.678..
. i 6.287.000
S
§
377,742,537 1,098,956.500
128,294,500 872,958,000
101,717,086 420,813,000
256,482,000 x 571,898,500
390,947,650 980,026,650
105,269,100 535,079,600
376,975,750 581,288,800
333,124,987 a 533,519,300
681,568,300 923,010,100
289,747.403
443,713,000
363,701,600
248,780,200
321,056,300
16,440,700
99,889,200
664,571,448 1,325,526,085
141,169,350 513,927,450
95,869,506 576,032,050
408,849,150 662,769,450
308,422,400 533,434,900
175,866,800
55,231,750
215,154,495 426,890,295
521,500,895 784,032,595
1,136,385,665 1,642,013,715
194,179.428 620,935,000
297,253,037
123,977,900
159,106,244
237,479,600
125,123,300
120,635,050
172.944,200
251,069,400
429,537,450
296,550.572
38,791,600
11,462,300
76,090,600
130,205 000
Note .— Applications for the listing of Trust Company receipts and of securities
marked "assented" (If preparatory to reorganization), or of securities stamped
"assum ed” or "assessment p a id "— the securities themselves having previously been
listed— are not Included in this table.
a Not Including S I ,155,000,000 Imperial Russian State 4% certificates of rente.
x Excludes 8425.000,000 Japanese Government bonds.
STOCKS.
BONDS.
Year.
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
...
...
...
...
...
...
...
...
...
...
JVOL.
THE CHRONICLE
Railroad.
Street Ry.
Miscell.
Railroad.
Street Ry. | Miscell.
S
§
S
S
8
S
770.500,700 37.339.000 291.116.800 742,508,115 14.002.500 569,015,470
2,417,600 311,007,250
506,160,000 65.076.000 301.722.000 200,502,600
267.992.000 16.072.000 136.749.000 146,750,S00 20.443.400 408,837,850
305.727.500 126,231,000 (U39940 000 248.180.550 188,210,100 226,372.800
538.584.000 29.650.000 411,792,650 176,922,800 58.274.400 298,237.700
54,951,250
343.036.500 17.118.000 174.925.100 120.915.550
200,874,895
270.759.000 52.042.000 258.487.800 226,015,400
434.612.000 12.780.000 z 8 6 ,127,300 390,388,340 54,479,850 339,164,405
667.006.000 65.321.000 190.683.100 284,584,515 62,000,000 21295429200
269.303.000 17,000,000 157.410.000 381,205.200 16.806.500 222,923,300
a Excluding §425,000,000 Japanese Government bonds, z Omitting Russian
bonds, §1,155,000,000
z Includes United States Steel §1,018,688,000.
The second of these tables shows the large prepon
derance of railroad securities in the listings of the
year, a result contributed to by all of the capital trans
actions that a restoration of confidence and activity in
spire, namely, the raising of funds for new undertakings
and additions, the funding of floating debts, the
refunding of maturing bonds, the retirement of short
term notes, the exchange of convertible bonds for
stock, the completion of consolidations and amal
gamations, &c. The passing of the Unlisted Depart
ment has also brought to the regular list such wellknown but previously modest and retiring stock issues
as the shares of the sugar, lead and woolen combina
tions, Smelters Securities, Republic Iron & Steel Co.,
&c.
The financial operations of the Union PacificSouthern Pacific System, as disclosed by the listings
now under consideration, easily outstrip in magnitude
and variety the record for the year of any other
company. They embrace (1) for extensions, additions
and improvements, U. P. first lien and ref. 4s, 30
millions; S. P. Co. convertible 4s, over 81% millions;
So. Pac. R R . first refunding 4s, 13 1-3 millions; (2)
for refunding So. Pac. R R . first refunding 4s, 13
millions; (3) for conversion of bonds into stock, U. P.
common stock, 20% millions; (4) for conversion of
preferred stock into common stock, S. I . Co.common,
13% millions; (5) for extension at 4% of the Utah &
Northern division first 7s of the Oregon Short Line
R R ., $4,991,000. The completion or approaching com
pletion of important extensions to the Pacific Coast is
called to mind by the listing of 27% millions of the
new first and refunding 4s of the Denver & Rio
Grande (largely on account of its Western Pacific
Division) and of 28 millions of debenture 4s of the
St. Paul, the last-named company having issued also
LX X X X .
25 millions of general 4s, nearly half of these to refund
bonds bearing a high rate of interest.
A complete statement of the new accessions to the
bond list, including alike railroad, electric railway and
miscellaneous issues, and the purposes for which each
was made, is embraced in the following:
L IS T IN G S O F R A IL R O A D
Company and Title ot Loan —
BO N DS.
Purpose of Issue.
Am ount.
A t c h . T o p . A S. Fe c o n v . 4 s ,’ 0 0 8 2 5 ,2 9 7 ,0 0 0 . S u b scr. b y s to ck h o ld e rs a t 104
A t l. C oast Line R R . 1st co n s .4 s
5 ,0 0 0 ,0 0 0 . A cq u isitio n s A Im p ro ve m en ts
A tla n tic A D an ville 2d 4 s--------7 5 0 ,0 0 0 .. R etire preferred s t o c k .
B . A O .— P .L .E .A W .V a .,r e f .4 s 1 ,0 4 5 ,0 0 0 . R e tire u n d erlyin g b o n d s.
do
do
10 , 808 ,000 . . Im p r o v e m e n ts .
B u ff. I lo c h . A P itts, c o n s . 4 Ms
6 4 5 ,0 0 0 .. R e tire o ld securities.
C entral o f G eorgia co n s . 4 s ------3 00 ,000 . Im p r o v e m e n ts A e q u ip m e n t.
C h cs .& O .— g e n .fu n d A im p . 5s 8 ,0 0 0 ,0 0 0 . R etire 6 % co llateral n otes.
do
do
1 ,5 0 0 ,0 0 0 . R etire e q u ip m e n t o b lig a tio n s .
do
do
1 ,5 0 0 ,0 0 0 . G eneral pu rposes.
S e co n d m ain tra ck , & c.
do
d o general 4 M s . 840 ,000
d o C oal R i v . R y . 1st gu .4s 2 ,2 5 0 ,0 0 0 . C o n stru ctio n o f r o a d .
C h ic. A A lt o n — 50 y e a r re f. 3 s .
8 ,0 0 0 ,0 0 0 .. E x ten sion s A im p ro v e m e n ts .
C h ic. B u rl. A Q u in cy gen . 4 s . - 1 3 ,7 2 4 ,0 0 0 . A cq u ire C ol. & S o . c o m . s to c k
do
do
2 7 0 ,0 0 0 . .R e tir e o ld 7s.
do
do
6 ,0 0 0 ,0 0 0 . C on stru ction A im p r o v e m e n t s
do
do
6 ,3 0 7 ,0 0 0 . E x ch a n g e o ld b o n d s.
C h ic. A E . 111. ref. A im p . 4 s . .
3 ,4 6 7 ,0 0 0 . .A d d itio n s and Im p ro v e m en ts.
C h ic. I n d .& S o . 50-yr. gu ar. 4s 1 5 ,1 5 0 ,0 0 0 . .A c q u ls ’ n A co n stru e , o f r o a d .
C h .In d .A L o u .— I .A L .l s t gu.4s
1 ,1 7 2 ,0 0 0 . .C o n s tru ctio n o f ro a d .
Ch. M il. & S t. P . 2 5 -y r. d e b . 4s 2 8 ,0 0 0 ,0 0 0 . .C o n s tr .o t b r a n ., im p . A eq u ip
do
d o gen. 4s, S cr. A 1 2 ,357,00 0 - . R etire o ld b o n d s.
do
do
do
1 2 ,8 0 8 ,0 0 0 . .N e w lines, 2d track A e q u ip ’ t.
C h ic. & N orth W e st. gen . 3 M s .
5 ,9 6 4 ,0 0 0 - , R etire o ld b o n d s.
do
do
4 ,0 3 6 ,000 - .I m p ’ ts, a d d itio n s A e q u ip m ’ t.
d o M an. G r. B . & N . W .
1st guar. 3 M s --------- 3,750,0001 .C o n s tr u c tio n o f ro a d .
d o M .& S .L .ls t g u . 3 M s .
2 ,5 0 0 ,0 0 0 /
C h i. R . I. & P a c . R y . re fu n d ’g 4s 3 ,5 0 0 ,0 0 0 . A d d itio n s an d Im p ro v e m en ts.
do
do
1 ,4 9 4 ,0 0 0 . R e fu n d in g o ld b o n d s.
do
do
2 2 0 ,0 0 0 . R etirin g e q u ip m e n t b o n d s .
C h ic. R . I . & Pacillc R R . 4 s . . .
1 5 0 ,0 0 0 . E x ch . C. R . 1. & P . R y . s to c k
C h ic. S t. P . M . & O . co n s o l. 6 s .
8 9 ,0 0 0 . E x ch a n g e o ld b o n d s.
do
do
1 4 0 ,0 0 0 . C o n stru ctio n o f ro a d .
C h ic. A W e s t. In d ian a c o n s . 4 s . 1 2 ,2 7 1 ,0 0 0 . Im p ro v e m e n ts an d a d d itio n s .
do
do
2 5 4 ,0 0 0 . R etire general m o rtg a g e bd s.
C ol. A S o u th , ref. A e x t . 4 M s9 8 3 ,0 0 0 . Im p ’ ts A s e cu r’s su b sh l. cos.
C u ba R R . 1st 5 0-ycar 5 s ----------9 5 7 ,0 0 0 . E x te n sio n s & Im p ro ve m en ts.
D el. A H u d . 1st & ref. 4 s --------2 3 0 ,0 0 0 . A cq u ire T r o y A N ew E n g .R R
D e n v . A lU o G ra n .1st & ref. 5s 7 ,0 1 1 ,0 0 0 . E q u ip m e n t, Im p r o v ’ ts, A c .
do
do
2 0 ,5 0 0 ,0 0 0 . P u rch . W e st. P a c. 2d M. b d s .
D u l. M Issabe & N o r. gen . 5s—
5,.3.31,000 - E x te n sio n s , im p ’ ts A c q u lp ’ t.
do
do
3 ,9 4 3 ,0 0 0 . R e tire o ld con sols.
E lgin J oliet A E astern 1st 5 s . .
1 ,5 0 0 ,0 0 0 . Extensions, improv. A equip.
E v a n s v . & In d ia n . 1st co n s. Gs_
2 6 2 ,0 0 0 . .Retire old bonds.
G t. N o r.— S t. P .M .A M .c o n s . 4s 5 ,1 6 7 ,0 0 0 . .E x c h a n g e o ld 6s.
H o u sto n B elt A T e rm . 1st 5 s . .
2 ,2 2 5 ,0 0 0 . .A cq u ire p r o p ., co n s tr. & Im p.
Illinois Central refu nding 4 s . . . 2 0 ,0 0 0 ,0 0 0 . .A d d itio n s an d im p ro v e m e n ts .
P u rch a se & Im p ro v . o f roa d .
d o p u rch . lines 1st 3 M s . 12,000,000
850
° ='' .0r"0' 0r‘ . A d d ’ ns, Im p r o v ’ ts & e q u ip m ’ t
Io w a C entral 1st A ref. 4 s --------2
.5
0
0
.0
0
0
.
.Additions and equipment.
K an aw h a A M ich. 2 0 -y r. 2d 5s.
231 .000
Improvements A equipment.
K . C. F t. S. A M em . gu . re f. 4s
166.000
.
Retire
old bonds.
do
do
5 .100.000 .R e t ir e co ll, n otes J u ly 1909.
K a n . C ity S ou . ref. & Im p. 5 s . 4.900.000. -Improvements.
do
do
1.100.000 .C a r tr. p a y ’ ts A stk. pu r. b d s .
L eh igh V a lle y gen. co n s o l. 4 s . .
1 .9 0 0 .0 0 0 . . R etire o ld b o n d s.
do
do
500.000 .O ld b o n d s Just listed.
L o u . A Jeff. B r. 1st gu ar. 4 s —
1 .0 0 0 .
0 0 0 . .Im p r o v e m e n ts A e q u ip m en t.
do
do
14,6
1 4 ,0 0 0 A c q u is ’ ns, Im p r o v ., e q u ip ,A c .
L o u is v . A N ash v. unit. 50 -y r.4 s
3.586.000. .Retire old bonds.
do
do
2 4 5 . 000. . New properties, cqulpm t, Ac.
A t l. K n o x . A C .d iv .4 s
do
7 .6 3 4 .0 0 0 _ Acct.c o n s t r .t u n n .u n d e r D e t .R
M ich . C entral 20-year d e b . 4 s . 1 .0 1 5 .0 0 0 . . R etire o ld b o n d s.
M in n .& S t .L .ls t & r e f.5 0 -y r .4 s .
3 5 0 .0 0 0 . .1 m p r o v e m e n ts .
do
do
1 .0 0 0 .
0 0 0 . C on stru ct 50 m iles o f r oa d .
M in n .S t.P .A S .S .M .1st co n s. 5s.
5.000 . .R e t i r e o ld b o n d s.
do
do
3 .1 7 0 .0 0 0 _ R etire e q u ip , n o te s, I m p .A e q .
M o. K a n . & T e x . general 4 % s_
4 .8 1 0 .0 0 0 .E q u i p ’ t, a c q u is ’ ns A Im p rov .
do
1st A ref. 4 s .
do
4 .2 5 5 .0 0 0 . .Improvements A extensions.
M o .P .—-co ll.4 0 -y r .4 % loan ’ 4 5 .
S t. L . I. M. A S o .I t.
do
4 8 5 . 000 .
. 1mprovements A additions.
A G . d lv s . 1st 4 s _ .
Exch. Mexican Central bonds
N a t. R y s . o t M ex. pr. lien 4 M s . 7 0 ,294,962
6 .0 0 0 .
0 0 0 . .M e x ic a n G o v t. a c c t , g u a r .,A c
do
do
10.000. 0 0 0 ..501d for cash under plan.
do
do
2,930,038
Improvements A equipment
do
do
do
gu ar. gen . 4s 3 8 .5 6 5 .0 7 5 .. E x ch a n g e M ex. C en t, b on d s.
do
2
.4
5
0
.
000
.
. M exica n C en t, a c c t., g u a r .,A c
do
do
6.7 5 0 .0 0 0 . ..Sold fo r cash u n d er plan.
do
do
4 ,9 8 0 ,2 2 5 .Im p r o v e m e n t s A e q u ip m en t.
do
do
5
.0
0
0
.
0
0
0
.
.E
q
u
ip
m
e
n
t
A
Im
p
rovem
en ts.
N .Y .C h lc . A S t .L .2 5 -y r . d e b . 4s
7,17 1,900 S u b scr. at p ar b y sto ck h old ers
N .Y .N .I I . A II. c o n v . d e b . 6s
1 0 .0 0 0 .
000 .C o n s t r u e ., t m p r o v ’ ts A e q u ip ,
1.898.000 ..Construction of road.
O regon R R . & N a v . co n s . 4 s . .
3.0 0 0 .Retire old bonds.
do
do
•4,991,000
.O ld b o n d s e x te n d e d .
O re .S h o rt L .—-U .A N .ls t 4s e x t .
6 .2 3 0 .0 0 0 . . R etire u n d crl’g b d s .,n o te s ,A c .
P ere M arquette refu n d in g 4 s . 6.0 0 0 .
0 0 0 . -Im prov’ts, equipment, Ac.
do
do
1.5 7 5 .0 0 0 .Construction of road.
P h ilip p in e lt y . 1st 3 0 -y e a r 4 s . .
S t .L .& S .F .gen .tlen 1. 55-20 yrs 10,000,000 Improvements.
o ld b d s . A e q u lp .o b llg .
do
do
36,052,000. " ARdetire
d itio n s A Im p rovem en ts.
do
do
refu n d in g 4s
1,000,000. " R e tir
e u n d e rlyin g b o n d s.
do
do
22,000.
tge. In com es.
S t. L o u is S ou th w estern co n s . 4s
55,000 .R e t ir e seencotsn dAmIm
p rovem en ts
do
do
1,295,000. BR eetterm
tire b o n d s due 1903.
S o u th A N o r. A la . co n s . g u . 5 s .
L 327,000
I
Subscr.
by
stockholders
for
S o u .P a c.C o .2 0 -y r .c o n v 4S.1929. 81,814,000
S ou th ern P a cific R R . 1st ref. 4s
do
do
S ou th ern R y . 1st co n s . 5 s . - - - do
do d e v . & gen . 4s.
do
do
do
do
S p o k . In tern at. 1st 5 0 -y r. 5 s . .
U nion P a c . 1st lien A ref. I s . . .
V a A S. W . 1st co n s . 5 0 -yr. 4 s .
W a t ) .R R .1st r e f.& e x t.5 0 -y r.4 s .
W a s h . T e rm . 1st 4 0 -y r. gu . 4 s .
W estern M aryland 1st 4 s ----------W iscon sin Central 1st gen . 4s . _
d o S u p .A D .d lv .A t e r .1st 4s
do
d o 1st & te f. 4 s _ .
'3 ,3 6 5 ,0 0 0
1 3 ,154,000
2,1 8 6 ,0 0 0
16,0 0 0 ,0 0 0
o , 000 ,000
333 ,000
''-2 0 0 ,0 0 0
29,8 9 6 ,o 0 0
4,5 7 0 ,0 0 0
3,6G 0,000
2 ,000,000
7,2 2 5 ,0 0 0
46,000
7,5 0 0 ,0 0 0
2 ,500,000
extensions, Improvem’ ts.Ac
Extensions, Improv’ts A equ’ t
Refunding old bonds.
.R e t ir e Chari. C ol. A A u g .ls t 5 s
.R e t ir e collateral trust 5s.
.B r a n c h e s , e x te n ., Im p’ ts, A c .
..C o s t T a llu lah F . R y . IstM .bds
..C o n s tr u c tio n o f road.
..E x te n s io n s A Im p ro vem en ts.
. .A c q u is ’ ns, Im p ’ ts A e q u ip m ’ t.
.R e t ir e e q u ip , b o n d s, d e b s .,A c
.C o n s tr u c tio n o t term inal.
.A d d it io n s A Im p ro v e m en ts.
..I m p r o v e m e n t s .
.Construction ot road.
"
A c c t , e x te n sio n to D u lu th an d
S u p e rio r, e q u ip m e n t, A c.
T o t a l .......................................5 77 0,50 0,7 00
L IS T IN G S O F E L E C T R IC R A I L W A Y
Company and Title of Loan —
Amount.
BO N DS.
Purpose of Issue.
.terh R T (N Y ) 4 5 -v r 5s s 11 ,6 5 5 ,0 0 0 .. R etire o u ts ta n d in g g o ld n otes.
Wt/ .R y_.o f N .Y
1, .r. 'e- '.f.lO
T aO
S -y
. . .r .ls
b o nbdos.
186 .non
000 . R e- Rtire
e t irold
e o ld
n d s.
le t. .S
le w O r l. R y . A L t.C o .g e n .4 Ms- 3 ,5 4 3 ,0 0 0 . - I m p r o v ’ ts ,flo a tin g d e b t , A c .
323
.
000
.
.R
e
t
ir
e
u
n
d
erlyin
g b o n d s.
do
do
I llw .E l.R y . A L t .r c f. A e x t . 4 Ms 4 . 967 . 000 . -F lo a t .d e b t,I m p r o v ’ ts A e q u ip .
1. 500 .000 . - R e t ir e o ld b o n d s.
do
do
Jan . 22 1910.]
THE CHRONICLE
Company and Title of Loan — Am ount.
Purpose of Issue.
T r l-C lty R y . & L ig h t C o. co ll.
tru st 1st lien 5s_______________ $ 7 ,3 0 7 ,0 0 0 .- I m p r o v ’ ts, e x te n s io n s , & c.
do
do
6 2 1 ,0 0 0 ..E x c h a n g e o ld b o n d s.
U n ited R y s .o l S t .L .ls t gen . 4 s .
1 ,5 0 0 ,0 0 0 ..R e t ir e o ld secu rities.
W ash.V V aterP . 1st r c f.3 0 -y r . 5 s.
1 ,0 0 0 ,0 0 0 . .A d d it io n s a n d Im p rovem en ts
do
do
4 ,6 7 7 , 0 0 0 . . R e tir e n o te s & co n .M .& co l.tr.5 s
T o t a l _________________________ $ 37 ,339 ,00 0
L IS T IN G S O F M IS C E L L A N E O U S B O N D S .
Company and Title of Loan —
Am ount.
Purpose of Issue.
A llls-C h alm ers C o.10-30 yr.s.f.58
$ 2 5 0 ,0 0 0 ..E x t e n . , w o rk in g c a p ita l, & c.
A m e r . A g r lc .C h e m .ls t c o n v . 5s 8 ,0 0 0 ,0 0 0 ..R e t ir e o u ts ta n d in g n otes.
A m e r . T e le p . & T e le g . c o n v . 4s 2 5 ,0 0 0 ,0 0 0 ..R e t ir e 3 -y e a r notes.
do
do
6 ,0 0 0 ,0 0 0 ..R e t ir e W e s t T . & T . n otes,
do
do
1 1 ,6 1 2 ,0 0 0 .. A cq u is itio n s .
A r m o u r & C o. real estate 1st
3 0 -y ea r 4 H s _________________ 3 0 ,0 0 0 ,0 0 0 .- P a y fio a t.d e b t& w o r k .c a p lta l.
B k ly n . U n ion G as 1st c o n s . 5 s.
4 ,5 0 0 .-R e t ir e o ld b o n d s.
3 ,2 9 5 ,0 0 0 --C o n s t r u c ., Im p ro v e m e n ts , & c.
B u sh T erm in al C o. 1st 4 s _____
do
do
c o n s o l. 5s . .
5 ,6 4 1 ,0 0 0 ..A c q u is it io n s & Im p rovem en ts,
do
do
3 7 1 ,0 0 0 .-R e t ir e o ld b o n d s.
C ity o f N . Y . 4 % c o r p . s t o c k . . 6 0 ,0 0 0 ,0 0 0 ..V a r io u s m u n icip a l pu rposes.
d o 4 % assess’ t b d s . 1918 2 ,5 0 0 ,0 0 0 ..S t r e e t Im p ro ve m e n ts.
C orn P r o d .R e f .C o .2 5 - y r .ls t 5 s .
5 ,0 2 0 ,0 0 0 . .C o n s tr .p la n t a t A r g o , 111., & c.
C u b a lR e p u b llc o f )4 'As d u e l9 4 9
5 ,5 0 0 ,0 0 0 ..G e n e r a l p u rp oses.
D e t. E d ison C o .1st & co ll.tr .5 s _
7 ,9 7 9 ,0 0 0 .-O ld b o n d s ju s t listed.
D u P o n t d e N em ou rs P o w d e r
/R e t ir e s u b s ld . b d s ., p u r. D el.
C o. 3 0 -y ea r 4 >$s_____________ 1 4 ,452,000 \ S e c .s t k .& r e p u r .c o .’s p r e f.s tk .
In s t, fo r E n co u r. o f I r rlg ., & c.,
W k s . In M ex ico gu ar. 4 H s _ _ 2 5 ,0 0 0 ,0 0 0 ..Ir r ig a t io n , & c ., loan s.
K e y s to n e T e l. C o. o f P h lla .ls t5 s
1 ,0 4 5 ,0 0 0 . .E x t e n s io n s , Im p ro v e m e n ts,& c
M ich igan S ta te T el. C o. 1st 5s. _ 1 ,7 0 0 ,0 0 0 . .E x te n s io n s & im p ro v e m e n ts .
M t g e .B d .C o .o f N . Y . 10-60 y r .4 s 2 ,0 0 0 ,0 0 0 .. B d s. s e c. b y 1st real e s t .m t g s .
N . Y . A ir B rake C o . 1st 6 s ___
3 ,0 0 0 ,0 0 0 ..I m p r o v e m e n t s .
N . Y . & R ic h m . G as C o. 1st 5 s .
7 4 , 0 0 0 . -Im p r o v e m e n ts .
P a c .T .& T .C o .ls t & c o ll.3 0 -y r . 5s 2 0 ,0 0 0 ,0 0 0 . .A c q u is it io n s , lm p r o v e ’ ts, &c.
P o c a h o n ta s C on sol. C oll. 1st 5s 3 ,2 3 7 ,3 0 0 .. E x ch .P o c .C o ll.s e c .& lm p r ’ ts.
San P a u lo (S tate o f) 5 % trca s.b d 8 ,3 5 5 ,0 0 0 ..G e n e r a l pu rposes.
S ta te o f N . Y . h ig h w a y Im p. 4s 5 ,0 0 0 ,0 0 0 ..I m p r o v e m e n t o f h igh w ays.
U n ion B a g & P . C o. 1st 2 5 -y r.5 s
8 6 1 ,0 0 0 . - I m p r o v e m e n ts & a cq u isitio n s.
U .E l.L .& P .C o .o fS t.L .re f.& e x t 5s 2 ,5 0 0 ,0 0 0 .. P a y floatin g d e b t.
do
do
3 , 0 0 0 , 0 0 0 . . R e tire colla tera l tru st notes.
U .S .R u b b e r C o .c o ll.t r .6 s ,1 9 1 8 . 1 4 ,0 0 0 ,0 0 0 ..R e tire n o te s & B .R .S .d e b .b d s
do
do
1 ,0 0 0 ,0 0 0 ..G e n e ra l pu rposes.
V a .-C a r . C h em . C o. 1st 1 5 -y r.5 s 5 ,0 0 0 ,0 0 0 ..R e t ir e o ld co lla te ra l 5s.
do
do
7 ,0 0 0 ,0 0 0 .. W o rk in g ca p ita l.
W e s tln g .E .& M fg .C o .lO -y r.co l.5 s
2 ,7 2 0 ,0 0 0 ..P u r . securities o th e r c o s .
T o t a l ________________________ $ 2 9 1,11 6,8 00
The great Mexican railway reorganization and
consolidation, which has been effected with the cooperation and under the control of the Mexican
Government, has led to the listing of about 295 millions
of stock and bonds of the new National Railways of
Mexico. The first annual report of this company was
published in our issue for Dec. 18 1909 (pages 1601,
1674). The Chicago & Great Western, Cincinnati
Hamilton & Dayton, Seaboard Air Line and Western
Maryland railways have also been reorganized during
the year, but, with the exception of some 86 millions
of voting trust certificates of the Chicago Great Western
their new securities, stocks or bonds, or both, have
not yet been listed.
Like the Union Pacific System, the Atchison has
both issued and listed new convertible bonds ($25,
297,000 in amount) for additions and improvements
and has had a large amount (no less than57millions)
of its old convertible bonds surrendered for exchange
for a like sum of new common stock, which has also
been listed. The exchange in the Atchison’s case was
stimulated by the desire to participate in the right to
subscribe for the new convertible bond issue. The
Pennsylvania R R . also in November last granted to
the holders of its stock the privilege of subscribing for
new securities (25% in new capital stock), and in
consequence its convertible bond holders in large
numbers made haste to present their bonds for con
version into stock; the conversions for the year have
caused an increase of over 75 millions in the amount
of Pennsylvania stock listed. Another case in which
bonds have been turned into stock is afforded by the
American Telephone & Telegraph Co., more than 75%
millions of its stock having been issued and listed for
this purpose during the last twelve months. Instances
of this kind are unquestionably the best evidence of the
confidence prevailing in financial circles.
New bond issues made in order to take up short-term
notes will be noted under the captions of the Chesa
peake & Ohio and Kansas City Southern railways and
the Telephone (31 millions), Rubber and Agricultural
Chemical companies. Refunding operations of signifi
cance have been arranged for, not only by the St. Paul
203
and Southern Pacific, but by the Chicago Burlington
& Quincy, the North West., the St. Louis & San
Francisco and the Southern Ry. Indeed, with the
aid of Speyer & Co., the St. Louis & San Francisco
(which near the end of the year changed hands) placed
36 millions of bonds for funding or refunding purposes
and 11 millions for improvements, vastly improving its
financial status. The Southern R y., besides listing 1&
millions of bonds for refunding, has sold and listed 5
millions for branches, &c.
Other notable listings of issues for improvements,
additions, &c., are the 20 millions of Illinois Central 4s
(with 12 millions of old “ purchased lines” 3%s only now
placed in the list), 14% millions Louisville & Nashville
unified mtge. 4s, 10 millions Norfolk & Western 4s,
12 millions Chicago & Western Indiana 4s and 11
millions Baltimore & Ohio 4s. In this category may
also be mentioned the 62% millions of securities of the
City of New York. The amalgamation of the Colorado
& Southern with the Chicago Burl. & Quincy System
caused an increase of 13% millions in the listed in
debtedness of the last-named company, while improve
ments and construction on the Chicago Burlington &
Quincy added a further 6 millions. The sole repre
j sentative of the numerous irrigation bond issues floated
i in 1909 is seen in the 25 millions of a Mexican company
brought out by New York bankers.
The several stock issues and the object of each are
embraced in the following compilation:
I
L IS T IN G S O F R A IL R O A D S T O C K S .
Company and Class of Stock—
Am ount.
Purpose of Issue.
A tc li. T o p . & S a n ta F c , s t o c k . .$ 5 7 ,2 7 5 ,0 0 0 . .E x c h a n g e fo r c o n v e r t, b o n d s.
C a nadlan P a cific , s t o c k ________
5 ,1 1 2 ,4 0 0 . -Im p r o v e m e n t s , e q u lp m ’ t , &c.
C h lc .G t .W e s t .c o m .s t k .t r .c e r ts . 13,60 4 ,2 8 0
E x c h . C h ic. G t. W e s t . Rail
do
do
preL stk .tr.certs 3 0 ,8 8 4 ,7 9 8
way secu rities u n d e r p la n .
do
do
co m .stk .tr.ce rts 31 ,6 4 1 ,3 3 3
S u b s crib e d b y o ld sh a re h o ld
do
d o preL stk.tr.certs 10,136,604
ers o r sy n d ic a te .
C h ic. M ilw aukee & S t. P ., p r e f . 66 ,2 1 4 ,4 0 0
S u b s crb e d b y s to c k h o ld e r s a t
par.
do
do
c o m m o n ____ 3 3 ,2 4 1 ,1 0 0 /
C leve.& P Itts.4 % s p .g u .b e t t e r ’ t .
5 8 3 ,7 5 0 . .I m p r o v e m e n t s & e q u ip m e n t.
D el. L a ck . & W e s te rn , s t o c k . .
4 ,0 7 7 ,0 0 0 . .1 5 % s t k .d lv .& m e r .2 s u b s .c o s .
D u l. S o . S h ore & A t l., c o m m o n 12,000,0001 O ld s to c k ju s t listed .
do
do
1 0 ,0 0 0 ,0 0 0 /
M in n. S t. P . & S . S . M ., p r e l . .
2 ,0 1 6 ,0 0 0 ( S u b s cr .a t p a r, $ 3 ,3 6 2 ,0 0 0 t o
do
do
c o m m o n ..
4 ,0 3 2 ,0 0 0 ] p u r.m a j.W .C .c o m .s tk .a n d $ 2 ,
6 86 ,000
im p r o v ’ ts & e q u lp ’ t.
d o 4 % lsd. line stk . c e r t s . . 1 1 ,0 3 9 ,3 0 0 . .E x c h . f o r W Is. C en t, p r e f .stk .
M issouri P a c . (new c o . ) , s t o c k . 8 3 ,0 4 4 ,4 0 0 . .E x c h a n g e s to c k s o ld c o s .
N a t .R y s .o l M e x .n .-c .4 % 1st p f. 2 8 ,8 3 0 ,2 0 0 - . E x c h . N a t . R R . o f M e x . s to c k
do
do
n .-c .5 % 2 d .p i . 1 2 3 ,8 3 5 ,6 0 0 . . E x c h . M e x . C. & N a t .R R .s e c .
N . Y . N . H . & H a r to r d , s to c k .
1 ,5 9 0 ,5 0 0 . .E lim in a t e g rad e crossin gs.
N o rth e rn P a cific , s t o c k ________ 9 2 ,8 9 8 ,0 0 0 . .S u b s c r . b y s to c k h o ld e r s a t p ar
P cn n sy lv a n ia R R . , s t o c k _____ 7 9 ,1 4 1 ,9 5 0 . .E x c h . fo r c o n v . b o n d s , & c.
P lt t s .F t .W .A C h lc .,g u a r .s p e c ..
1 ,5 5 2 ,8 0 0 - .I m p r o v e m e n t s & e q u ip m e n t.
R o c k Isla n d C o ., c o m m o n ____
2 6 3 ,7 0 0 ) E x c h a n g e C h ica g o R o c k Is l'd
do
do
preferred . .
1 8 4 ,6 0 0 /
& P a cific R y . s t o c k .
S o u th e rn P a cific , c o m m o n ____ 1 3 ,5 2 0 ,5 0 0 - .E x c h a n g e d fo r p referred s to c k
do
do
c o m m o n _____
6 9 4 ,9 0 0 . .E x c h a n g e S o . P a c. R R . s t o c k .
T e x a s C en tral, p re fe rre d _______
1,324,5001 O ld s to c k ju s t listed .
do
do
c o m m o n _____
2 ,6 4 9 ,3 0 0 /
U n io n P a cific, c o m m o n ------------- 2 0 ,2 0 4 ,0 0 0 . . E x ch a n g e d f o r c o n v e r t .b o n d s .
W a b a s h R R ., c o m m o n ------------457,6001 E x ch a n g e d e b e n tu r e “ A ’ and
” B ” b o n d s.
do
do
p r e fe rr e d ____
4 5 7 ,6 0 0 /
T o t a l ________ ______ _________$74 2,50 8,1 15
L IS T IN G S O F M IS C E L L A N E O U S S T O C K S .
Company and Class of Stock —
A m erica n B eet S u gar C o ., p r e f.
do
do
do
do
c o m m o n _____
A m e rica n Ic e Secu rities, s t o c k .
A m e rica n M alt C o r p ., c o m m o n .
do
do
p re fe rre d —
A m e r. S m e lt. S ecu r. C o s ., B .
A m e r. S u g ar R efln . C o ., c o m . .
do
do
p r e fe r r e d ...
Amer*. T e l. & T e l. C o ., s t o c k . .
A m e rica n W o o le n C o ., p r e f____
do
do
do
do
c o m m o n _____
B a to p ila s M in ing C o ., s t o c k
B u t t e r lc k C o ., s t o c k ____________
C o n s o lid a tio n C oal C o ., s t o c k . .
do
do
'''
'
D e tr o it E d iso n C o _____________
D u P o n t de N e m .P o w .C o .,p r e f.
G eneral C h em ical C o ., p r e f____
M ergcn th aler L in o . C o ., s t o c k .
M e x ica n T e le g ra p h C o ., s t o c k . .
N a tio n a l L e a d C o ., p r e f.............
do
do
c o m m o n ------do
do
p r e fe r r e d —
N a tio n a l S u re ty C o ., s t o c k ------N e w Y o r k A ir B ra k e, s t o c k —
N . Y . & N . J . T e le p h . C o .,s t o c k
P a c lf lc T e l. & T e l. C o ., c o m m o n
do
do
p r e fe rr e d —
P e o p le ’s G as L igh t & C ok e C o.
o f C h ica g o , s t o c k ____________
P h e lp s , D o d g e & C o ., s t o c k ___
R e p u b lic Iro n & Steel C o ., c o m .
do
do
do
do
p re fe rre d ____
S o .P o r t o R I c o S u g .C o .,8 % p r e f .
(a lso e x c h . c o n v e r t, b o n d s ) . .
do
do
c o m m o n ____
T en n essee C o p p e r C o ., s t o c k . .
Amount.
Purpose of Issue.
$ 9 1 0 ,0 0 0 ..Im p r o v e m e n ts .
4,090,0001 O ld s to c k ju s t listed,
1 5 ,0 0 0 ,0 0 0 /
2 , 5 0 0 . . E x ch . A m erican Ic e securities.
100,6001 E x ch a n g e fo r sto ck s o f A m eri3 0 ,1 0 0 /
can M alt C o.
3 0 ,0 0 0 ,0 0 0 ..O ld s to c k ju s t listed .
45,000,000 1 O ld s to c k Just listed,
4 5 ,0 0 0 ,0 0 0 /
7 5 ,6 3 9 ,5 5 0 ..E x c h a n g e c o n v e r tib le b o n d s.
5 , 0 0 0 ,0 0 0 ..S o ld fo r w o rk in g c a p ita l.
35,000,0001 O ld s to c k Just listed,
2 9 ,5 0 1 ,1 0 0 /
8 , 9 2 9 , 9 2 0 . . E x c h . s to ck s 6 c o n tr o lle d co s .
2 , 541 , 000 . - E x c h . R ld g w a y C o . s t o c k .
6 ,1 5 0 ,0 0 0 .- 6 0 % s to c k d iv id e n d .
2 ,6 2 6 ,0 0 0 /P u r c h . m in o r ity s tk s .F a lrm ’ t
l a n d S o m e rse t C oa l c o s .
5 ,0 0 0 ,0 0 0 . .O l d s to c k ju s t liste d .
1 3 ,6 9 2 ,9 0 0 ..O ld s to c k ju s t listed .
1 ,5 0 0 ,0 0 0 ..A d d it io n s a n d Im p ro v e m e n ts,
1 ,7 8 5 ,7 0 0 .. A cq u ire c o n tr o l fo re ig n c o s .
7 5 0 ,0 0 0 . . 2 5 % s to c k d iv id e n d .
20,713,6001 O ld sto ck s Just liste d .
2 0 ,7 5 0 ,0 0 0 /
,
3 ,7 5 0 ,0 0 0 ..A c q u ir e M agnus M etal C o .
2 5 0 ,0 0 0 ..5 0 % s to c k d iv id e n d .
1 0 ,0 0 0 ,0 0 0 . .O ld s to c k Just listed.
4 ,9 8 4 ,6 0 0 . .S u b s c r ib e d b y s to ck h o ld e rs.
18,000,0001 A cq u ire p r o p e rtie s o f co n stlt1 8 ,0 0 0 ,0 0 0 /
uen t co m p a n ie s.
1 ,0 7 3 ,1 0 0 . .S u b s c r .b y sto ck h o ld e rs a t par
4 4 , 9 8 8 , 6 0 0 .. E x ch . sto ck s co s . a cq u ire d .
27,352,0001 O ld s to ck ju st listed,
2 0 ,8 5 2 ,0 0 0 ]
4 ,1 4 8 ,0 0 0 ..S u b s c r . at p a r (Im p r o v ’s , & c.
3,288,5001 A cq u is itio n o f s u b sid ia ry co m 3 ,2 7 1 ,0 0 0 /
pan ies an d im p ro v m e e n ts .
5 , 000 ,000 . . O ld s to c k ju st listed .
THE CHRONICLE
204
[V O L .L X X X X .
Company'and cla ss of Stock — Amount.
Purpose of Issue.
U n ite d D r y G ood s C o s ., p r e f . . $ 1 0 ,0 0 0 ,0 0 0 ..S o ld t o a cq u ire 4 p r o p e rtie s .
do
do
c o m m o n _____
1 ,3 5 0 ,0 0 0 ..S o U l f o r cash a t par.
do
do
do
9 ,7 9 1 ,6 0 0 .. E x ch . s t o c k . A s s o c . M ercll.C o.
U n ited F ru it C o ., s t o c k . . ..........
2 ,1 3 1 ,0 0 0 .. 1 0 % e x tr a d iv id e n d .
U ta h C op p er C o ., s t o c k ________
6 ,7 5 0 ,0 0 0 ..O l d s to c k ju s t listed.
do
do
5 8 5 , 2 5 0 . . E x ch a n g e c o n v e r tib le b o n d s.
W e s t in g .E l.& M fg .C o.,a ssen tin g 2 ,8 3 3 ,8 5 0 . . P a y d e b ts & s u b s cr.u n d e r p la n .
conference should be held. Furthermore, an agree
ment between France and Germany respecting Morocco
— far fairer than most people were prepared for—was
reached, and since then Europe has felt relieved from
the apprehensions that have weighed upon her for
T o t a l ________________ _______ $ 5 6 9 ,0 1 5 ,4 7 0
so many years. The fall of Prince Buelow contributed
L IS T IN G S O F E L E C T R IC R A I L W A Y S T O C K S .
to the more reassured feeling, for though few really
Company and Class of Stock —
Am ount.
Purpose of Issue.
believed that the Prince desired war, yet while he re
B r u n s w .T e r m .& R y .S e c .C o .,s tk . $ 5 ,0 0 0 ,0 0 0 ..E x c h .B r .D k .& I m p . s to c k .
N o r. O h lo T r a c . & L t . C o ., s t k .
8 ,0 0 0 ,0 0 0 ..O l d s t o c k ju s t listed .
mained in office nobody was sure that something quite
do
do
1 ,0 0 0 ,0 0 0 . .S u b s c r ib e d b y s to ck h o ld e rs.
U n ited R y s . o f S t. L o u is , p r e f .
2 , 5 0 0 . . A c c t .a c q u is .S t .L .& S u b .R y .
unexpected and unpleasant might not happen. The
T o t a l .............................................. $ 1 4 ,0 0 2 ,5 0 0
settlement of the Balkan question and the arrangement
The bright prospects existing in 1909 gave rise to between France and Germany had a stimulating
the offering to shareholders for subscription of new effect upon all forms of business throughout Europe.
Unfortunately, in this country domestic politics then be
stocks, together aggregating more than 237 millions, came disturbed, and have kept the United Kingdom more or
less
in a ferment ever since. The Budget introduced in April
by the Canadian Pacific, North Western, New York
last aimed at laying the burden of taxation upon those best
Central, New York New Haven & Hartford and the able to bear it. Naturally, therefore, it was disliked by the
Pennsylvania; but no part of this amount figures in wealthy, and by them has been stigmatized as Socialistic.
Of course, it is Socialistic in a sense; in the sense, that is to
the year’s listings, although the subscription receipts say, that the English Poor Law, the English Factory laws,
of the New York & New Haven and the Pennsylvania and the feeding of school children are Socialistic. But in
the sense in which the term Socialistic is generally under
R R ., respectively 25% and 30% paid in, are being stood, the Budget is clearly not Socialistic. It does not
dealt in on the Exchange. The conversions, however, aim at putting an end to private property. On the contrary,
it rather aims at strengthening the foundations of private
already mentioned have added to the list new stock property by imposing upon the wealthy a proportionate
to a total of about 230 millions. The transfer of the share of the cost of the Government. However, it has been
very strongly denounced by the wealthy, by all interested
control of the Wisconsin Central to the Canadian in the liquor trade and by the extreme Church of England
Pacific interests is marked by the listing of the new party. Backed up by these, the House of Lords threw out
the Budget. But in so doing, it brought into question the
stock and 4% leased line certificates of the Minneapolis powers of the House of Lords, and the general elections which
St Paul & Sault Ste. Marie. The Missouri Pacific has are now being held are largely fought upon the question of
the respective powers of the House of Lords and the House of
put in operation its plan for a new bond issue providing Commons.
The climatic influences of the year have, likewise, been
for its capital requirements for many years to come,
rather unfavorable. The winter and spring were cold and
but as yet the 83 millions of stock issued for old shares dry, in consequence of which the hay crop was short and most
in the preliminary merger of the parent company with of the corn crops were also adversely affected. Wheat suf
fered less than any other grain, and in the districts specially
its subsidiaries have alone been listed. The important suited to it, it promised well when the summer began, espec
dry goods amalgamation has already found a place in ially as there was a fair amount of rain in June. July was
again wet, but with the beginning of August there came a
the list, as also the Phelps, Dodge & Co. copper merger. burst of real summer weather, when, in the earlier parts of
The year ended with a buoyancy of expectation that the country, cutting became general. Had the fine weather
lasted, the wheat crop, at all events, would have repaid the
promises well for the flotations and listings of the labors of the farmers. Unfortunately, the weather broke
again the middle of August and continued so unsettled
New Year.
BUSINESS IN ENGLAND IN 1909.
(Communicated by our London correspondent.)
London, January 8 1910.
The year 1909 was a checkered year. When it be
gan there was widespread fear of war in Eastern Europe.
It was known, indeed, that neither this country nor
France nor Russia intended war. But the relations
between Turkey and Bulgaria were strained, and still
more so were those between Austria-Hungary and
Servia. Indeed, not a few people were persuaded that
the Austro-Hungarian Government was on the watch
for an excuse to fall upon and crush Servia. If a
struggle either between Turkey and Bulgaria or be
tween Austria-Hungary and Servia were to begin,
most people were apprehensive that Russia would be
unable to hold aloof; and if Russia interfered, there
was grave danger that the war might become general.
Happily, the Turkish Government acted with the
same great prudence which has been shown by the
Young Turk's consistently. It agreed to accept a
money indemnity from Bulgaria. The latter haggled.
But Russia happily suggested a means which finally
brought about a satisfactory and peaceful arrange
ment between Turkey and Bulgaria. The Russian,
French and British Governments in the long run
brought pressure to bear upon Servia and Montenegro.
Finally, Servia made explanations and gave promises
which satisfied the Austro-Hungarian Governemnt,
and peace was preserved, the German Government
making representations in St. Petersburg which led
to Russia dropping her demand that an international
throughout the remainder of that month, and September and
October that harvesting was protracted longer than for
any year since 1879. The hay crop, already short, was
largely damaged by the absence of sun and the frequent
showers. Wheat in many parts of the country could not be
gathered in for weeks together, and consequently was, much
of it, spoiled. Oats, under any circumstances, would have
been a very medium crop. The bad weather made it worse,
and barley likewise suffered. The losses of farmers were
somewhat alleviated by the higher prices that have prevailed;
but the year, when everything is said, was an unfavorable
and exceedingly anxious one for farmers. Potatoes pro
mised to be a very fine crop, but the incessant rains brought
early disease. Even the grass crop, though after the heavy
rains it looked luxuriant, is described as wanting in nourish
ment. Cattle farmers, however, did well, because prices
were good, especially the prices for all kinds of horned cattle.
In spite, however, of the unseasonable weather and anxious
politics, the year has seen a, revival in trade. The revival
has, of course, been kept somewhat in check, firstly, by the
fear of war, and recently by the apprehensions excited by
the Constitutional struggle between the two Houses of Par
liament. Still, it has made way. Furthermore, it has been
tried in the last quarter of the year by an entirely unexpected
rise in the value of money, a rise which came so suddenly that
the Bank of England in a single fortnight put up its rate of
discount from 23^% to 5% . The rise was mainly due to the
coffee legislation of the State of San Paulo in Brazil, a legis
lation which allows coffee to be exported at a very low export
duty of 5 francs per bag until 9 million bags of Santos coffee
and 800,000 bags of Minas coffee are reached, when the duty
is suddenly raised to 20 francs. The result is that coffee
planters have rushed the coffee to market as quickly as they
possibly could, and the sales so accumulated in a very brief
time that the only means of paying for the purchases was by
exporting gold. In consequence gold was shipped from Lon
don and from New York in large quantities. There were
other demands, of course, but this was the principal one for
the time being, and, taken with political anxieities and the
rest, did undoubtedly slacken the trade improvement. As a
whole, however, the indications show that in spite of set
backs trade has improved and is still improving. One other
circumstance is to be borne in mind, and that is the short
cotton crop not only in the United States but also in Egypt.
At first the Egyptian crop promised to be one of the finest
ever grown. The earlier estimates were that it would reach
about
million can tars. Later it was discovered that
worms were destroying the bolls. The estimate at present
JAN. 22 1910.]
is that the yield will be only from about 534 to
million
cantars. Unquestionably the. cotton industry is adversely
affected. A good deal of speculation in Liverpool has so
swelled the returns of the Liverpool Clearing House as to
make its totals misleading. That trade, however, is steadily
improving, is demonstrated by the Clearing-House returns,
the railway returns and the Board of Trade returns.
The revenue figures this year are not as good a guide to the
condition of the country as they usually are. The practice
in this country is for the taxation proposed in the Budget to
be collected from the time the Budget is introduced under a
simple resolution of the House of Commons. Until the
Budget was thrown out the usual practice was followed.
Since then people have been anxiously watching what would
be the result. Beyond all question there is no law justifying
the authorities in collecting the proposed taxes. On the
other hand, the banks and joint-stock companies have agreed
amongst themselves to pay the proposed income tax, and all
the great trades have likewise agreed to pay the other new
taxes. But if any person chargeable to the income tax
chooses to move the courts, it is certain that the new taxes
cannot be enforced. That being so, nobody can judge what
the result will be, although it is universally taken for granted
that as soon as the new Parliament meets, whatever may be
the constitution of the House of Commons, it will immediately
proceed to pass such measures as will regularize the collection
of the new taxes for the whole year. Still, no opposition
has so far been made to the payment of the new taxes. It
is to be noted that the revenue returns for the first nine
months of the year— that is to say, for the nine months ending
with Dec. 31— amounted to £94,295,547, which compares
with a total revenue for the corresponding period of 1908 of
£92,868,347, an increase of £1,427,200.
The returns of the London Clearing House for the whole
year amounted to £13,525,446,000, an increase compared
with the preceding year of £1,405,084,000, or 11.6%. The
returns of nine of the provincial clearing houses amounted to
£833,072,142, an increase of £34,042,873, or 4.2% over the
previous year. It is to be borne in mind, however, with re
spect to the clearing-house returns, firstly, that prices are
decidedly higher this year than they were last year, and that
particularly the price of cotton has been nearly doubled, and
speculation has been very active in Liverpool, which swells,
therefore, the Liverpool clearings. On the other hand, the
rise in cotton is somewhat counterbalanced by the falling
off in cotton manufactures, which lessens the Manchester
clearings.
For the first half of the year the receipts from goods traffic
of 17 of the principal railway companies of the United King
dom amounted to £25,213,000, being a decrease of £403,000,
or 1.6% . The receipts from passenger traffic amounted to
£18,860,000, a decrease of £236,000, or 12.3%. Adding the
two together, the aggregate traffic amounted for the first
half of the year to £44,073,000, being a decrease compared
with the first half of 1908 of £639,000, or 1.4% . The goods
traffics were very disappointing in the first half of the year,
for the improvement in trade did not begin to manifest itself
until very nearly the end of the half-year. Towards the end,
it is true, there was an increase in goods traffic; but never
theless the result, as above stated, was very unfavorable.
For the second half of the year the receipts from goods
amounted to £27,128,000, an increase of £427,000, or 1.6%.
The receipts from passengers amounted to £23,829,000, a
decrease of £353,000, or 1.4% . For the six months the total
receipts, goods and passengers, amounted to £50,957,000,
an increase of £74,000, or 0.1% . At the beginning of the
half-year the goods traffics fell off heavily, but during the
lqist fourteen weeks of the year there were almost unbroken
increases in goods. It is natural that the railway returns
should be slower in giving indications of the trade improve
ment than trade reports and clearing-house returns, for, of
course, an interval of time must elapse between the placing
of orders and the delivery of goods. On the other hand, it
is not to be forgotten that there has been a general rise in
prices; but the rise in prices does not much affect the traffic
returns. The traffic returns, taking them altogether, are
perhaps the surest indications of the movement of trade, and
they show that, in spite of dear money, anxious politics and
disappointment regarding cotton, the goods traffic steadily
improved during the last quarter of the year.
The total value of the imports into the United Kingdom
for the year amounted to £624,740,517, being an increase
over the preceding year of £31,787,030, or 5.3% . The total
value of the exports of British and Irish produce and manu
factures for the year amounted to £378,379,897, an increase
of £1,275,620, or 0.3% . The total value of the re-exports
amounted to £91,365,465, an increase of £11,741,768, or
14.7%.
The British imports since Jan. 1 have been as follows:
Imports—•
January...........................................
February.........................................
March .............................................
April ...............................................
May ...............................................
Juno.................................................
July .................................................
August........................................
September.......................................
October...........................................
November.......................................
December....................................
1909.
£
1008.
£
53,511.359 56,303,379
50,468,197 52,428,122
52,034,063 52,115.379
40,193,978 47,094,711
44,851,086 44,258,315
51.721,282 46,135,319
50,310,588 46,769,015
48,410,21242,739,700
49,473,546 48,014,655
52.051,756 50,740,279
61,605,222 49,904,477
60,785,883 56,825,984
! Year............................................624,740,517
205
THE CHRONICLE
592,953,487
Difference.
£
Per Cl.
— 2,852,020 — 5.1
— 1,959,928 —3.7
—81,316 —0.1
+2,099,267 +4.4
+592,771 +1.3
+5,585,063 +12.1
+3,547,573 +7.6
+5,670,500 +13.3
+1,458,891 +3.0
+1,905,477 +3.7
+11,700,745 +23.5
+3,959,899 +6.9
+31,787,030
+5.3
The exports since Jan. 1 have been as follows:
1909.
Exports—
£
J a n u a r y ...........................................____
F e b r u a r y ........................... ............. ____
_
M arch ___________
____
A p ril .............................................. ____
M ay ......................
J u n e .......................
J u l y ..........................................
____
A u g u s t _______ ________ ______ ____
S e p t e m b e r ..................................... ____
O c t o b e r .....................................
N o v e m b e r ______
____
D e c e m b e r____________________ ___
2 8 .8 0 3 ,0 4 6
2 8 .0 2 4 .4 5 2
3 1 ,9 0 4 ,6 7 3
2 8 ,9 5 8 ,4 5 8
3 5 ,4 8 7 ,2 4 0
3 2 ,1 1 4 ,7 0 0
3 2 ,8 0 1 ,0 2 4
3 3 ,3 2 1 ,4 5 5
3 3 ,7 8 9 ,8 9 7
Y e a r ____________
1908.
£
3 4 ,4 0 7 ,7 6 7
3 1 ,9 4 9 ,5 1 4
3 2 ,9 1 0 ,7 6 0
3 0 ,7 0 5 ,3 3 8
3 1 ,0 6 6 ,8 7 7
2 8 ,9 5 3 ,1 3 9
3 3 .7 0 5 ,7 2 5
3 0 .3 4 2 ,6 7 6
3 1 ,6 2 1 ,2 0 6
3 3 ,0 0 7 ,5 8 6
2 9 ,1 4 7 ,4 1 5
2 9 .4 0 1 ,5 7 6
Difference.
£
PerCt.
— 5 ,6 0 4 ,7 2 1
— 3 ,9 2 5 ,0 6 2
— 1 ,0 0 6 ,0 8 7
— 1 ,7 4 6 ,8 8 0
— 1 ,5 4 1 ,1 3 1
+ 7 6 4 ,8 3 6
+ 1 ,7 8 1 ,5 1 5
+ 1 ,7 7 2 ,0 2 4
+ 1 ,1 7 9 ,8 1 8
+ 9 2 3 ,1 9 2
+ 4 ,1 7 4 ,0 4 0
+ 4 ,3 8 8 , 3 2 1
— 1 6 .3
— 1 2 .3
— 3 .1
— 5 .7
— 5 .0
+ 2 .6
+ 5 .3
+ 5 .8
+ 3 .7
+ 2 .8
+ 1 4 .4
+ 1 5 .0
3 7 7 ,1 0 3 ,8 2 4
+ 1 ,2 7 5 ,6 2 0
+ 0 .3
The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:
Re-exports —
January ..........................
February.......................
March ...................... ..... ...............
April ________________ - .............
M ay____ _____ _______ ..............
June................................ ..............
July................................ ..............
AUgUSt . .......................... ..............
September...................... ..............
October .......................... ..............
November____________ ..............
December........................ ..............
1909.
£
7,540,319
8,631.006
7,251,248
7.965.605
7.374.231
6,990,059
6,464,143
7,601,053
6,751,890
9,634,921
1908.
£
6,599,209
7;497,673
5,965,255
6,773,228
6,431,654
6,029,605
6,310,928
6,819,707
5,287,814
7,082,070
6,682,193
8,186,526
Difference.
£
P erC t.
+88,342
+ 975,961
+ 1.575.064
+ 1,857,778
+ 819,594
+ 1,936,293
+ 1,063,303
+ 170,352
+ 1,176,329
+ 518,983
+ 69,697
+ 1,448,395
+ 1.0
+ 13.0
+ 26.4
+ 27.4
+ 12.8
+32.3
+ 16.9
+ 2.5
+ 22.2
+ 7.3
+ 1.0
+ 17.6
Year.................. ......... .............. 91,365,465
79,623,697 + 11,741,768 + 14.7
They Indicate that slight adjustments
have been made In the monthly returns as Issued.
N ote .—The aggregate figures are official.
The complete trade figures of imports and exports into
and from Great Britain for three years are as follows:
EXPORTS AND IMPORTS.
Exports.
Imports.
Excess of Imports over exports___
1909.
1908.
1907.
£
378,379,444
91,365,465
£
377,103,824
79,623,697
£
426,035.083
91,942,084
469,744,909
456,727,521
517,977,167
624,740,517
592,953,487
645,807,942
154,995,608
136,225,966
127,830,775
The chief feature of the coal trade in the past year was the
coming into effect on July 1 of the Eight Hours Act. There
followed a time of unsettlement. The boys, particularly,
were difficult to manage, and at several pits they went on
strike. It is said that, in consequence of the Act, and the
disturbances it brought, there had been in many cases re
ductions in the output of as much as 10%. It would seem,
however, that those reductions were very temporary, for,
as a matter of fact, the exports of coal for the twelve months
exceeded those of the year before by 529,624 tons, or 0 .8% .
Whether there is an increase in the cost of working is a mat
ter that is much disputed, the employers insisting that there
is, and the men denying it. The facts will not be quite clearly
established until some more time passes. During the year
there have been complaints that in some foreign markets,
especially the Mediterranean, keen competition was en
countered both from the United States and from Germany.
As regards the United States, that competition no doubt will
grow, although when trade is really active in the United
States its own coal is all required at home. With reference
to the German competition complained of, that was proba
bly due to the extreme depression in every branch of German
trade last year. When German trade is active, as, for ex
ample, in the early part of 1907, there is a very strong de
mand for British coal. Indeed, in 1907 there were loud com
plaints that German coal was neglected, and the demand for
British coal keen. Last year the demand for German coal
at home was so small that Germany was compelled to seek
new markets. Whether her competition will be able to
continue as strong as when her trade becomes prosperous
once more remains to be seen.
During the first half of 1909 the falling off in all branches
of the iron and steel trades, which was persistent throughout
1908, continued.. But in the second half of the year there was
a slow recovery. More work was done, and business in
creased as the end of the year drew nigh. It is true, of
course, that the Cleveland pig in Connal’s public store showed
an increase up to the end, and it is also true that many con
tracts were taken at prices which left little or no profit.
Upon the whole, however, the second half of the year was an
improvement upon the first, and the last couple of months
were the best of the year. There was a marked improve
ment in the pig iron trade with Canada, which took as much
as 93,435 tons of British pig iron, against 36,316 in the cor
responding period of the year before. Japan also bought
more freely, and the Italian demand, which for some time
past has been growing, was larger than ever last year. On
the other hand, the German demand fell off. Prices con
tinued very low to the middle of the year. In the last half
of the year they tended upwards, though slowly. Wages
declined somewhat, though the fall upon the year was only
from 2 to 3% , whereas it was as much as 10% in the year
206
THE CHRONICLE
before. In the manufactured branches of the industry,
railmakers were the most fully employed, and shipments
were good, especially to Argentina, India, Australia, China,
Canada and Africa. Generally speaking, steel workers
were better employed than iron workers. In the iron trade
proper, the year is said to have been one of the worst in
the memory of any one living.
The exports of iron and steel from Great Britain have been
as below each year since 1876, inclusive.
EXPORTS OF IRON AND STEEL FROM GREAT BRITAIN.
1909....................................
1908.......... ......... .............
1907....................................
1900 ................ ..................
1905..................................
1901....................................
190.1....................................
1902....................................
1901.............................. .
1900 ______ ______________
1899___________ ________
1898....................................
1897 ...................................
1896 ............................ .......
1895....................................
1894 ....................................
1898 _________ __________
1892 ....................................
1891............................ .......
1890........ ...........................
1889 ....................................
18S8.................................. .
1887....................................
1886 ............ ......................
1885....................................
1884 ...... ......... ..................
18S3..................................
1882....................................
1881....................................
1880............................ .......
1879 ....................................
1878 .............................. .
1877 ............ .......................
1876 ....................................
Pit7 Iron.
Ralls.
Other
Descriptions.
Tons.
Tons.
Tons.
1,141,754
1,296,521
1,943,939
1,665,809
982,876
810,934
1,065,380
1,102,566
839,182
1,427,525
1,380,342
1,042,853
1,201,104
1,000,165
866,568
830,985
840,294
767,053
840,055
1,145,268
1,190,371
1,036,319
1,158,174
1,014,257
960,931
1,269,576
1,564,048
1,758,072
1,480,196
1,032,343
1,223,436
924,640
881,442
910,905
583,127
452,521
429,161
460,328
546,569
525,371
604,076
716,210
572,724
463.731
590,667
609,403
782,045
747,062
457,552 .
425,242
558,375
468,003
702,247
1,035,431
1,0S9,892
1,020,002
1,011,779
739,651
714,276
728,540
971,105
936,949
820,671
693,690
403,878
441,384
497,924
414,556
2,493,182
2.347,479
2,779,127
2,556,003
2,191,937
1,927,171
1,895,145
1,759,248
1,485,813
1,649,433
1,746,171
1,592,094
1,702,957
1,782,571
1,511,421
1,393,771
1,457,905
1,504,223
1,697,844
1,820,731
1,905,919
1,910,242
1,973,075
1,605,289
1,455,475
1,497,439
1.508,095
1,658,531
1,517,458
1,466,055
1,196.170
933,193
965,285
899,809
Total.
Tons.
4,218,063
4,096,521
5,152,227
4,682,200
3,721,382
3,262,842
3,564,601
3,579,104
2,897,719
3,540,689
3,717,180
3,244,350
3,686,106
3,550,398
2,835,541
2,649,998
2,856,574
2,739,279
3,240,140
4,011,430
4,186.182
3,966,563
4,143,028
3,385,197
3,130,082
3,495,991
4,043,308
4,353,552
3,820,315
3,792,993
2,883,484
2,296,860
2,346,370
2,224,470
The shipbuilding trade, though still depressed, has re
covered very materially during the year just ended. There
had been good relations maintained all through between
employers and employed, there has been a material increase
in the outturn compared with the preceding year, and the
profits have also been better. Moreover, the improvement
was more marked in the later months of the year, and the
trade is looking forward to a much more prosperous year to
come.
Lloyd's return is not yet published, and therefore
it is impossible to give full figures for the whole United King
dom. But we may take it that the Scottish returns fairly
represent those of the whole country. And while the Scot
tish returns show a decrease of 251 vessels compared with
1908, there is an increase in tonnage of 27,131 tons, and in
horse power of as much as 109,438. There was a small
falling off on the east coast of Scotland, but then shipbuild
ing on the east coast is a small matter. On the Clyde there
was a decided increase.
The cotton trade has been decidedly the worst of any
branch of our industry during the past year, owing mainly to
the bad crops and the consequent rise in the prices of raw
materials. The rise began as early as March. It was con
tinued in April, indeed, up to mid-summer. There was a
slight setback in August. But prices rose again, and when
it was discovered that the Egyptian crop would be more of a
failure than the American, there was a very sharp rise. The
result, unquestionably, has been serious for Lancashire,
where hopes had been high because of the good monsoon in
India this year, the excellent promise of all the Indian crops,
and the reasonable certainty, therefore, that the buying
power of India would be very greatly increased. The pros
pects, both in China and Japan, were also good. In Lanca
shire, as a consequence, hopes were high that the year just
closed would usher in a new period of prosperity. Unfor
tunately, the great rise in the price of the raw material has
checked consumption. It is feared that the check will con
tinue all through the new year, for although India will be
very much more prosperous than for some years past, it is
not thought at all probable that she will buy at the high
prices now ruling on anything like the scale to which she
has been accustomed in past times of prosperity.
Compared with the cotton trade, the woolen has been ex
tremely prosperous throughout the year. There has been a
very large increase in the quantity of wool offered for sale
at the public auctions in London. Nevertheless, the prices
of merino wool have risen about 20% , while there has been a
rise of from 30% to 50% in cross-breds. The sales in Aus
tralia have also been very large. But it is to be recollected
that the shipping of goods from Australia was greatly hind
ered by the coal strike, which rendered it difficult for ships
to get a sufficient quantity of coal. The buyers of wool
were thus largely dependent upon sailing vessels, and natur
ally the arrivals, both in Europe and America, were greatly
delayed. No doubt this had its influence upon the later
sales of the year in London, the more especially as the com
petition, both from the United States and from the Conti
nent of Europe, was extremely keen. The spinning branch
of the trade has been good, profits have been fairly satisfac
tory, and work has been continuous. The weaving branch
has also been decidedly prosperous.
The quantities and values of textile exports from Great
Britain for the last three years are given in the following table:
[ VOL. L X X X X .
EXPORTS OF TEXTILE FABRICS.
Years' Exports.
1909.
1908.
1907.
Quantities.
Cotton y a m .......................... — lbs.
l’ lcco goods....................
Jute yarn......... ...................
Piece goods......................
Linen yarns..........................
Piece goods____________
W oolen yarn_____________
Woolen tissues...................... ..y d s .
W orsted tissues___________ ..y d s .
Values.
Cotton y a r n .. ....................
Piece goods____________
Jute y a r n ........................... ..
Piece goods............. ........
Linen yarn ...................... ....
Piece goods......... ............
W oolen y a r n ......................
W oolen tissues_____ _____
W orsted tissu es....... ..........
215,238,600
5,722,328,100
54,346,700
188,023,600
15,532,900
223,958,400
58,268,100
78,685,700
85,098,600
£
11,822,110
68,279,769
655,103
2,105,988
952,874
5,728,994
5,004,427
10,205,787
6,581,971
214,7G2,200
5,530,SOS,500
50,075,200
167,011,300
13,705,900
151,893,900
50,911,900
75,659,700
74,180.500
£
12,844,700
70,231,486
713,291
2,024,540
903,467
4,265,080
4,608,556
9,644,812
5,932,674
241,076,700
6,297,707,900
67,518,600
179,376,600
16,442,000
184,999,100
58,098,600
84,881,100
99,011,700
£
15,416,971
81,049,207
1,232,238
2,748.755
1,242,638
5,526,979
6,014,107
10,311,046
7,393,489
In the shipping trade, the depression, which was so very
great during 1908, continued for the greater part of the year
just closed. Early in the year, nevertheless, the more far
sighted shipowners began to perceive signs of improvement.
Still the return on freights remained disappointing. The
fact was that a greater amount of business was done all
through 1909 than in 1908, that a greater number of ships
was employed, and that, therefore, there were evident signs
of revival. On the other hand, freights remained disap
pointingly low. In addition to this, it is to be added that
business in the Atlantic trade did not increase as much as
had been expected. The competition there remained too great
throughout the year. It was also reported that in the Mediter
ranean trade the revival was less than had been looked for.
In the more distant trades, and especially in the trade with
the Far East, there was unquestionably an improvement.
Freights did not rise much, but they gave a profit and a
larger number of ships was employed. Over and above
this, the great depression in 1908 had checked shipbuilding.
There was, therefore, a smaller addition to the number of
ships afloat than for a great number of years preceding: and,
on the other hand, several worn-out ships had to be laid up.
The improvement has been most marked in the latter weeks
of the year, which seems to encourage the hope that matters
are quickly mending and that the new year will be more pro
pitious to the shipping trade than its immediate predecessor.
Upon the Stock Exchange business, speaking generally,
has been slack. In some departments the losses incurred
have been very heavy. Yet there have been other depart
ments in which a fair amount has been done all through the
year, and there has been great activity and very consider
able profits have been realized. For the first three or four
months the fear of war in the Balkans deterred operators
from engaging in new risks, and for the most part business
was slack. Nevertheless, even then there was great activity
in the industrial department. A multitude of new rubber
companies had been formed at the end of 1908 and a still
larger crop sprang up in the beginning of 1909. They were
received with great favor by the public, and prices were
rushed up to a considerable height. During the year busi
ness in these properties has continued with, of course, many
fluctuations. But as the year closed the rubber market
came again into favor and prices generally improved. When
the danger of war in southeastern Europe passed off, and
more particularly when the arrangement between Germany
and France became known, a new spirit was infused into all
the stock markets, and foreign government securities and
foreign industrial securities likewise generally improved.
Paris is the largest market for foreign government securities,
and money has been abundant and cheap in Paris. Besides,
the arrangement between France and Germany created the
belief everywhere that for some years, at all events, peace was
assured. The strength of Paris and the general belief in
peace all helped to advance international securities. Purely
British securities, on the other hand, have been in disfavor
throughout the greater part of the yoar. The opponents of
the Government allege that the Budget frightened investors
away from British securities, and that this led to the general
demand for foreign securities; that, in fact, the foreign mar
ket benefited from the discredit of the British market. There
is in reality little foundation for the statement. For nearly
a century the British investing public has passed through
alternating fits of eagerness for foreign investment and dis
like for them. Generally it is attracted to foreign countries
by the soundness of their condition and the large profits that
can be made. It loses its head in the end and invests money
recklessly. Then it becomes dissatisfied with the conse
quences of its own rashness, and it turns away from foreign
investment and confines itself to home investment. It
overdoes home investment after a while, and then it takes
up foreign investment again. During the nineties the British
public could scarcely be induced to purchase a foreign se
curity of any kind. Therefore it drove homo securities to
exaggerated prices, and now it is in one of its cool fits regard
ing home securities and devotes itself entirely to foreign in
vestments. It looks, however, as if British investments
were again coming into favor, for British railway stocks,
which have been greatly depressed for nearly ten years, have
decidedly recovered during the past few weeks, and every
thing seems to indicate that a large investment is going on
in them at the present time.
J a n . 22 1910. j
THE CHRONICLE
BANK OF ENGLAND IN 1909*— (00.000$ omUled).
201
For the first three months of the year money was very
abundant and cheap. In the first half of the year the aver
Bullion
Deposits.
Securities. Res'rvt
Market
age rate for three months’ bank bills was only £1:17:11
Note in both
Rate
■ of
1909.
Cir
De
Govthe lowest since 1897. Indeed, Treasury bills in May
Notes Bank 3 Months'
cula part Public. Other. em Other. and Rale.
Bank
were placed at a trifle over 1M % . Money continued very
tion. ments.
inent.
Coin.
Bills.
easy during the following three months, but in October
£
£
£
£
£
£
£
%
%
there was a dramatic change, the Bank of England raising J a n . 6 ____ 29,6
31,2
7,5
47,3
17,6
35,2
20,0
2A a
2A
13___ 29.1
its rate of discount on Oct. 7 to 3%; a week later it raised
31,6
5,7
611.2
42,9
15,3
21,0
3b
2a
20___
29.1
33,0
7,6
41,1
14,8
29,5
22,4
2 11-16
the rate to 4 % , and at the end of another week to 5% , thus
27___ 28,7
34,3
6,8
43,2
24,0
14,8
29,2
2 11-16
causing a rise in a single fortnight of from 23^% to 5% . The Feb. 3 ___ 29.1 34,7
7.4
43,3
29,9
24,0
14,8
2 5-16
10___
28,9
36,2
10,5
41,3
14,8
29,3
2 1-16
25,8
causes of this sudden change in the money market were
17___ 28,5
37,0
12,1
41,2
14,7
29,6
2 3-10
26,9
numerous. First amongst them undoubtedly was the ap
24----- 28,6
37,9
14,3
43,2
14,7
33,2
2A
27,7
Mch.
3
___
29,1
38,2
15.8
40,7
15,1
32,0
27,6
2A
prehensions created by the fear that the House of Lords
10___ 28,7
39,2
17,3
39,9
15,1
31,3
28,9
2A
would throw out the Budget, that the country, in conse
17___ 28,7
40.0
18,8
41,3
15,1
33,6
2H
29,7
24___ 28,7
40,9
20,0
42.5
15,1
quence, would be left without any financial law, and that
35,1
30,7
31___ j 29,4
41.7
19,2
44,2
15,3
35,6
1 9-16
30,8
2Ac
serious trouble in the money market might ensue. Secondly, April 7___ 30,0
39,5
14,2
44.8
16,0
32,9
27,9
1A
14___ 29,5
39,0
14,2
43,1
at the beginning of October the Egyptian cotton crop was
16,0
31,2
1 5-16
27,9
21___ 29,1
39,4
12,7
45,1
15,4
31,4
28,8
1 5-16
expected to be very large. Owing to the short crop in Amer
2 8 . . . . 29,0
39,5
12,8
44,7
15,4
30,9
28.9
IX
ica, however, the price of cotton rose rapidly, and in conse M ay 5___ 29,2 38,5 11,9 43,9 15,4 30,5 27,7
IX
12___ 29,1
38,1
40,8
15,4
14,8
30,0
27,4
1 5-16
quence Egypt was able to take a good deal of gold. As a
19___ 29,2
38,5
14,9 • 41,0
15,4
30,6
27,7
IX
26___ 29,4
matter of fact, it has taken somewhat under 4 millions
38,1
14,5
42,3
15,4
32,0
27,2
1 9-16
June
2___
29,6
37,3
13,5
43,9
15,4
33,5
26,2
IX .
sterling. But at the beginning of October the general esti
9 ____ 29,4
38,3
13,9
42,3
15,4
31,1
27,4
1 15-16
mate was that the requirements of Egypt would be very
16___ 29,1
39,9
13,0
44,7
15,4
30,8
29,3
IX
23___
29,4
40,9
13,4
44,9
15,4
30,7
1 11-16
much larger. A third cause was the heavy and rapid sales
29,9
30___ 30,2
12,3
58,5
15,4
43,8
29,3
IX ■
of coffee by Brazil, which enabled that country to take gold J u ly 7----- 30,2 41.1
41,1
10,3
49,8
16,9
31,8
29,4
1 3-16
14___ 29,9
41,0
8,4
48,1
from London on an unprecedented scale. Fears were enter
15,4
29,5
29,5
1 7-16
21___ 29,9
40,7
8.3
47,9
15,4
29,6
29,3
IX
tained that other countries would require the metal on a
28___ 29,8
39,2
8,5
45,7
15,4
29.0
27,9
IX —
7,2
large scale. Then it was known that a considerable amount Aug. 4----- 30,2 38,6
45,6
15,4
28,7
1 7-16
26,8
11___ 29,8
39,1
9,3
44,3
15,4
28,4
1 7-16
27,8
of loans negotiated in London and Paris on American ac
18___ 29,5
39,9
10,2
44,8
15,4
28,8
1 7-16
28.9
25___ 29,5
count in previous years was about to fall due. The amount
40,3
9,8
45,2
15,4
23.5
29,2
1 9-16
29,7
40,2
8 .9
40,5
15,3
29,3
28,9
1 7-16
of the loans was grossly exaggerated, and the fears that Sept. 81___
____ 29,3
40,3
8,1
47.8
15,3
29,3
29,4
1A
difficulties might arise were no doubt spread for “ bear” pur
15___ 29,0
40,3
8,2
47,5
15,3
28,9
29,7
1A
22___ 29,0
39,4
9,0
45,7
15,3
28,8
28,9
1 13-16
poses. But, acting with all the other influences referred to,
29___ 29,7
37,2
8.8
42,7
15,2
28,6
26,0
2
3-16
the effect was that the Bank of England found it necessary Oct. 6___ 29,7 34,9
7,0
45,2
17.7
28,6
23,6
3d
2X
13___ 29,3
33,8
5,6
46,4
17,7
29,1
to double its rate of discount in a single fortnight. Happily,
4s
22,9
3X
20___ 29,0
32,9
6.4
40,5
16,8
25,5
22,3
5/
3X
gold began to flow in in large amounts. The Bank of France,
27----- 28,8
32,4
7.1
40,8
16,8
26,9
22,0
4X
to relieve the London money market, took a very consider N o v . 3 ___ 29,2 32,2
6,4
40,8
10,4
27,1
21,5
4A
10___ 28,8
33,2
5.9
39,2
10,2
23,7
22,8
4A
able amount of sterling bills on the understanding that the
17___ 28,4
35,3
6.3
40,2
22,9
16,0
25,4
4X
gold paid for them should be returned when the bills became
24___ 28,5
36,5
6,9
40,4
14,4
24,2
26,5
3X
1___ 29,0
36,3
5.3
40,7
14,4
23,5
25,8
3X
due. Above all, it was found that there was no difficulty on Dec. 8___
28,4
35,9
7,2
38,6
14,4
23,1
3 13-16
26,0
4Aa
the part of American debtors, to meet their obligations in
15___ 28,3
34,5
7,9
37,4
14,4
24,0
24,7
3 15-16
22___ 29,1
33,4
9 ,8
41,0
14,5
31,2
22,8
3X—
Europe, while the anxieties caused by the prospective rejec
29___ 28,9
32,6
50,2
14.7
10,8
41.8
22,2
3A
tion of the Budget gradually died out. Indeed, when the
Budget was rejected it caused scarcely a ripple on the surface
a Date when this rate was made was May 28 1908. 6 Jan. 14 1909. c April 1
of the market. The leaders of all the great trades met to 1909. d Oct. 7 1909. e Oct. 14 1900. /O ct. 21 1909. a Dec. 9 1909.
gether and agreed to go on paying the new taxes until the
The situation of the Bank of France as to its stock of gold
new Parliament meets. The banks and other institutions and silver, according to the last returns of each month of
which receive money on account of customers agreed to pay 1907, 1908 and 1909, was as follows, stated in pounds sterling:
the new rate of income tax, and the public has acquiesced _____ GOLD AND SILVER IN BANK OF FRANCE— (00,000s omUled).
in what has been done, the result being that on Dec. 9 the
1901.
Gold.lSitv'r Total) 1908.
Gold. Stlu'r Total
Bank of England was able to lower its rate of discount to
1907. Gold \stlv'r\Tolal
4J^%. As we write, the rate has been reduced to 4% .
£
£
£ - £
£ £ |£
28. 145,4
4
8 Jan. 30. 107,4 36,31143, ’ Jan. 31. 105.8 39,4145,2
During the year there have been six changes in the Bank rate. Jan.
Feb. 25. 145,6 35,5
1 Feb. 27. 110,6 36.2 146, I Fob. 28. 105,5| 39,4144,9
On Jan. 14 it was put down from 3% to 2 j/j% ; on April 1 it Mch. 25. 144.1 ■ e
7jjMch. 26. 110,6 36.3 146, i Mch. 28. 104,2; 39,2143,4
29. 144.5
G 1 April 30. 113,9 36.2 150, IApril 25. 103,5' 39,2 142,7
was raised from 2 % % to 3%; it remained at the latter rate April
May 27. 147,4
o
0i May 29. 121.7 36,6 158,,3|May 30. 105,9i 39,5145,4
until April 1, when it was put down to 2 Yz%. On Oct. 7 it June 24. 148,3
3] June 25. 126,1 36,8162:,9 June 27- 110,5 39,7150,2
was raised from 2
to 3%; on the 14th to 4% , and on the July 29. 148,0 io 184 o! July 30. 127.7 36.3 164 ,O'July 25. 112.4 39,3 151,7
26. 148.2
3i Aug. 27. 129,0 36.2 165;',2 [Aug. 29. 111.8 38,8150,6
21st to 5% . It was put down again to 4 ^ % on Dec. 9. Aug.
Sept. 30- 145.3
.3: Sept. 24. 129.8 36,01651.8 ;Sept. 26. 111.5 38,5150.0
In spite of these changes and the high rates during the final Oct. 28. 144.8
,6, Oct. 29. 131.8 35,61167 ,4 Oct. 31. 111,4; 37,5148,9
Nov. 25. 142.6
5|Nov. 26. 135,3 35,6:1701.9 Nov. 28. 108,0' 37.3145,3
quarter of the year, the average Bank rate for the whole year Dec.
30. 139.8
8 Dec. 31. 139
35.3 174 ,8’Dec. 26. 107.6 37,0144,6
was £3:1:10, comparing with £2:19:10 for 1908. The
I
1
average rate in the open market for three months’ Bank bills
The total amount of capital applied for in the London mar
was £2:5:9, comparing with £2:0:0 in the preceding year.
ket by means of public issues during the year amounted to
_____________ BANK OK ENGLAND HATE O F INTEREST.
_________
£206,865,651, an increase over the preceding year of £2,
238,746, or 1.1%, and an increase over 1907 of £80,458,837,
Hale Number
Hate Number
Year.
Year.
o/ da ys.
of days,
%
%
or 63.7% . Of the total, the home issues amounted to £24,
442,994, colonial to £68,755,805, Indian to £15,884,581 and
1900.
1906.
Jan. 1 to Jan. 11........ 6
11 days Jan. 1 to April 5........ 4
95 days foreign to £97,782,271.
Including foreign, home and colon
Jan. 11 to Jan. 18........ 5
7 days April 6 to May 3
28 days ial, railways applied for £63,859,592; governments for £55,
3A
Jan. 18 to Jan. 25......... 4 A
7 days May 4 to June 21........ 4
49 days
Jan. 25 to May 24........ 4
119 days Juno 22 to Sept. 13____ 3 A
84 days 052,372, and municipalities for £20,279,146.
May 24 to Juno 14........ 3 A
21 days Sept. 14 to Oct. 11........ 4
28 days
The total gold imported during the year amounted to
June 14 to July 19........ 3
35 days Oct. 12 to Ocl. 19___ - 5
8 days
July 19 to Dec. 31........ 4
165 days Oct. 20 to Dec. 31........ 6
73 days £54,691,829, and the total exported to £47,249,536; so that
Q/i 365 days
o•».yo
Year’s average_______ 4.27 365 days it would appear that there remained in the country at the
1901.
close of the year £7,442,293. But it is to be borne in mind
Jan. 1 to Jan. 3 ........ 4
2 days
Jan. 3 to Feb. 7........ 5
35 days Jan. 1 to1907.
Jan. 17........
17 days that considerable sums are brought into the country and
Feb. 7 to Feb. 21........ 4 A
14 days Jan. 18 to April 11........ 6
84
days
5
taken out of the country in the pockets of visitors, of which
Feb. 21 to Juno 0 ........ 4
105 days April 12 to April 25........
14 days
A
June 6 to Juno 13........ 3H
7 days April 28 to Aug. 15____ 4
The total
4
112 days no account is taken in the Board of Trade returns.
June 13 to Oct. 31........ 3
149 days Aug. 16 to Oct. 31........
77 days of silver imported during the year was £11,814,889, and the
Oct. 31 to Dec. 31........ 4
62 days Nov. 1 to Nov. 4........ 4 A
4 days
5A
Year’s average_______ 3.72 165 days Nov. 5 to Nov. 7
6
3 days total exported was £12,785,182, so that the exports exceeded
1902.
Nov. 8 to Dec. 31........ 7
All through the year there was a
54 days the imports by £970,293.
Jan. 1 to Jan. 23____ 4
23 days
The first de
Jan. 23 to Feb 6........ 3A
14 days
Year's average_____ 4.92 365 days good demand for gold in the open market.
Feb. G to Oct. 2 ........ 3
mand was almost exclusively for France. The French de
>38 days
1908.
90 days
Oct. 2 to Dec. 31........ 4
Jan. 1 to Jan. 2........ 7
2 days mand, however, fell towards the end of January, and most
Year’s average_______ 3.33:305 days Jan. 3 to Jan. 16........ 6
14 days of the gold for the next few months offering in the open mar
1903.
5
Jan.
17
to
Jan.
23........
7
days
Jan. 1 to May 21........ 4
In May an Austrian
140 days Jan. 24 to Mch. 5 ........ 4
42 days ket went into the.Bank of England.
May 21 to Juno 18........ 3A
28 days Mch. 6 to Mch. 19........ 3 *
14 days demand sprang up, and in September a Russian demand.
Juno 18 to Sept. 3 ........ 3
77 days Mch. 20 to May 28........
70
days
That was checked by the strong demands for Egypt and South
Sept. 3 to Dec. 31........ 4
120 days May 29 to Dec. 3 1 ___
2 A 217 days
Ycur’s average
America in the latter part of September, after which the im
3.7: 365 days
1904.
Year's average . __ 3.01 366 days ports of gold immensely exceeded the exports.
In the sil
Jan. 1 to April 14........ 4
105 days
ver market, the year has been little eventful. A large busi
1909.
April 14 to April 21........ 3A
7 days
13 days ness has been done, but the range of prices has been exceed
April 21 to Dec. 31........ 3
254 days Ia n . 1 to Jan. 13........ 2X
Jan. 14 to Mch. 3 1 ........
77 days
Year’s average_______ 3.29 366 days April 1 to Oct. 6 ____ 3
ingly narrow. China was a large buyer, and as usual there
2 A 189 days
1905.
a
Oct. 7 to Oct. 13
7 days was a certain amount of speculation in India, prompted by
67 days Oct. 14 to Oct. 20____ 4
Jan. 1 to Mch. 8 ........ 3
7 days
M ch. 9 to Sept G........ 2 X 182 days Oct. 21 to Dec. 8 ........
Germany and Russia in the latter part
49 days the good monsoon.
Sept. 7 .to Sept. 27........ 3
21 days Dec. 9 to Dec. 31____
23 days of the year bought, but neither the United States nor France
4A
Sept. 2 8 to Dec. 3 1 ......... 4
95 daysl
did
much.
'A
^
>
4
W
A*
Year’s average............ 3.10 365 days
Year’s average.......... 3
305 daysj
The following are the bank and open market rates of in
The appended table, made up from the official statements terest at a number of the principal Continental cities on the
offthc Bank of England, shows the position of the Bank as first day of each month during 1909 and on the closing day
regards bullion, reserve, &c., each week of the year:
of the year:
THE CHRONICLE
308
1909.
Rates o f interest at—
Jan. Fet). Mch Apr. May J’ne. July Aug Sep. Oct. Nov. Dec. Dec.
1
1
1
1
1
1
1
1
1 31
1
1
1
P a r is —
R a n k r a t e --------O p e n m a r k e t __
B e rlin —
B a n k r a t e .............
O pen m a r k e t- ..
H a m b u rg —
B a n k r a t e .............
O p en m a r k e t __
F r a n k fo r t —
B a n k r a t e . ..........
O pen m a r k e t.- .
A m s te rd a m —
B a n k r a t e . ..........
O p e n m a r k e t __
B ru ssels —
B a n k r a t e _____
O pen m a r k e t- ..
V ie n n a —
B a n k r a t e ______
O p e n m a r k e t - .S t. P e te rs b u rg —
B a n k r a t e ______
O pen m a r k e t- ..
M a d rid —
B a n k r a t e ______
O pen m a r k e t . . .
C ope n h a g e n —
B a n k r a t e ---------O p e n m a r k e t __
N .— Nominal,
3
2K
3
2
4
4
2
2K
3
1
3K
3
IK
3
IK
3
IK
3
IK
3 12 2 V, 3 Vi 3 K
IK 2 K 2K
2% 2 K
3
IK
3
2K
3
2K
3
2K
3
2K
3K
2K
3K
2K
4
3K
5
4K
5
4K
5
3K
3K
2K
4
5
5
5
3K
4K
4K
3K
5
k
3
IK
4
4 '
2H 2
3 K 3 Vi 3 Vi 3 K
2 % 2K IK 2K
3 Vi 3 K
2K 2K
4
3 Vi
2K
3K
2K
4
d
5
5
4K
4K
3
2
2K
IK
2K
2K
e
3
2K
3
2K
2
IK
IK
3
2
3
IK
3
IK
3
2K
3K
3K
3K
2K
3K
2K
4
2
4
c
4
4
4
4
4
3
3K
6
3K
3K
4
3K
5K
5K
5K
5K
N
N
5K
5K
5K
4K
4
4K
3K
4K
3
4K
3K
4K
4
4K
4K
4K
4K
5
5
4K
4K
5
5
5
5
5
5
4
2 Vs
2V, 3 V} 3 Vi 3 K
a 2K 1
2K
3K
2K
3
2K
3
2K
3
2
3
3
2K
3
IK
3
2K
3
2K
3
2K
3
2
3
IK
3
IK
4
4
4
3K
4
b
4
3K
3K
3K
5K
5K
5K
5Vi
5V 5 K
4 Vi
3K
4V, 4 K
3K
3
3
3
4K
3
5K
5
5
5
5
5
5
N
N
N
4V, 4
N
N
4V, 4 K
4
4
M
4
c
M
4
N
4
3K
a 2 7-16: 6 3 1-16: c 2 11-16: <*37-16:
4
N
N
2K
N
e 1 11-16; A 3 15-16.
PR IC E O F S IL V E R FO R T H R E E Y E A R S .
1 9 0 8 . ESS23
1909.
High.
d.
Jan 24 K
Feb 24 K
Mch 2 3 K
Apr 2 4 7 -1 6
May 24 K
J’ne 24 K
July 23 K
AUg 24
Sep 23 K
Oct 2 3 1 3 -1 6
N ov 23 K
Dec 2 4 5 -1 6
Y ’r 2 4 K
Low.
Aver. j High.
d.
d.
2 3 7 -1 6 2 3 1 3-1 6
23 9 -1 6 2 3 1 1 -1 6
2 3 1-1 6 2 3 3 -1 6
23 K
23 K
24 5 -1 6
24 K
23 1 5-1 6 2 4 K
23 %
23 K
2 3 7 -1 6 23 9 -1 6
23 11-16
23 K
23 1 -16 23 K
23 K
23 5 -1 6
2 3 9 -1 6 24
Low.
d.
27
24 K
26K
25K
2 5 1 3-1 6 2 5 7 -1 6
24 5 -1 6
25 K
24 13-16 24
25K
24 K
2 4 3 -1 6
24 K
24K
23K 1
24 3 -1 6 23 9 -1 6
24
23 1-16
23 5 -1 6 2 2 K x
23 3 -1 6 22
d.
2 3 1-16 23 11-16 27
22
1907.
Aver.
High.
Low.
Aver.
d.
2 5 1 1-1 6
2 5 1 3-1 6
2 5 9 -1 6
25 K
24 5 -1 6
24 K
24 K
23 13-16
23 K
2 3 11-16
2 2 1 5-1 6
22K
d.
d.
d.
3 2 7 -1 6 31 5 -1 6 3 1 K
31K
31K
32 K
3 2 1-1 6 3 0 7 -1 6 31 5 -1 6
30
30K
30K
2 9 1 5-1 6 3 0 7 -1 6
31K
|3 1 1-16 3 0 K
3 0 15-1 6
|3 1 1 5-1 6 31
3 IK
!3VA
31K
31K
!31 9 -1 6 31 1 -16 31 5 -1 6
27 7 -1 6 2 8 K
|3 0 K
128 1-16 2 6 K
27 K
24 3 -1 6 2 5 3 -1 6
26 K
24 K
3 2 7 -1 6 24 3 -1 6 31 3 -1 6
m
ITEMS ABOUT BANKS,£BANKERSfAND TRUST|CO.’S.
— The public sales of bank stocks this week aggregate 145
shares and were all made at the StockJExchange. The’ transactions in trust company stocks, all auction sales, reach a
total of 127 shares. A sale of 20jshares of Morton Trust Co.
stock was made at 620, an advance of 89% points over the
price paid at the last previous public sale, which was made
early in December. One share of£stock of the First National
Bank was sold at 900, the lastjprevious sale having been
made in December at 841.
Sh ares. B A N K S — N ew Y ork.
L ow . H ig h . C lose.
196 K
•131 C o m m e rce , N a t. B a n k o f . . 196 K 204
900
900
*1 F irst N a tion a l B a n k _______ 900
202
202
•8 F o u rth N a tion a l B a n k ____ 202
270
270
•5 M ech a n ics’ N a tion a l B a n k . 270
T R U S T C O M P A N I E S — N ew Y o rk .
304
303
105 L a w y e r s ’ T itle In s. & T r . C o.303
620
620
20 M o r to n T ru st C o - . ............... 620
1236
1236
2 U n ited S tates T r u s t C o ------- 1236
• S old a t th e S to c k E x ch a n g e .
Last
Jan
D ec
Jan
Jan
previou s sale.
1910— 203
1909— 841
1910— 202
1910— 270
Jan
D ec
Jan
1910— 310
1909— 530 K
1910— 1260
[VOL.LXXXX.
T h a t th e v o lu n ta r y c o m p lia n c e w ith th e p ro v is io n s o f th e c o r p o r a tio n
ta x 'w IU X e x p o s e lth e ltru s t c o m p a n y t o th e d a n ge r o f a m u ltip licity o f suits
b y Its s t o c k h o l d e r s . ^ ^
In Vermont a test case against the law has been brought
by Stella P. Flint of Windsor, as general guardian of the
property of Samuel N. Stone Jr., a minor, against the Stone,
TracyJCo., Frank B. Tracy, Ida S. Tracy and L. B. Hay
ward, directors of the company. To quote from the “ New
York'Sun, "^the bill in this case sets forth:
F T h a t t h e lc o m p a n y u n d er Its ch a rte r has be e n ca r r y in g o n a retail m er
ca n tile business. U n d e r th e p ro v is io n s o f th e C o r p o r a tio n T a x la w It
b e ca m e necessary f o r th e firm t o file s ta te m e n ts o f th e In d eb ted n ess o f th e
c o r p o r a tio n an d g iv e In fo rm a tio n as to all d e p a rtm e n ts o f its business an d
p a y a t a x o f 1 % u p o n th e en tire n e t In com e o v e r $5 ,0 0 0 .
T h e bill states th a t th e o r a to r belie v e s th a t th e p r o v is io n s o f th e ta x o n
co r p o r a tio n s re qu irin g th e filing o f s u c h In fo rm a tio n are null a n d v o i d ,
an d th e requ irem en ts to p a y th e t a x a r c bu rd en s u p o n th e ch a rte r gra n ted
b y th e S ta te o f V e r m o n t a n d are a t a x u p o n a fu n c tio n o f s o v e r e ig n ty b e
lo n g in g t o th e S ta te w h ich w as n e v e r a g re e d to e ith e r, e x p re s s ly o r b y In v o
ca tio n , b y th e S ta te o r b y Its p e o p le w h e n V e r m o n t w as a d m itte d t o th e
U n io n .
I t Is alleg ed th a t th e said A c ts o f C on gress are In v io la tio n o f t h e F ifth
A m e n d m e n t t o th e C o n stitu tio n , as u n d e r th e p ro v isio n s o f th e la w th e d e
fe n d a n t c o r p o r a tio n w ill b e d e p riv e d o f Its p r o p e r t y , th ro u g h p u b lic it y
o f Its business the p r iv a c y o f Its affairs w ill b e la rge ly d e s tr o y e d , a n d th a t
Its ch ie f c o m p e t it o r a n d all o th e r person s w ill b e a b le t o gain a n In tim ate
k n o w le d g e o f its affairs a n d Its trade s e cre ts, a n d th e assessm ent If m a d e
w ill b e laid u p o n th e d e fe n d a n t c o r p o r a tio n a n d n o t u p o n Its ch ie f c o m p e t i
tor.
The'foregoing Vermont case has already reached the U. S.
Supreme Court. The Federal District Court dismissed the
bill of complaint, and yesterday the record was filed in the
Supreme Court. The case will undoubtedly be advanced
on the application of the Government, so as to ensure a
prompt hearing.
In Boston the law has been attacked in a suit brought by
Anna Cook in behalf of Catharine C. Cook, Harriet H. Cook
and Elmore R. Cook, minors, against the Boston Wharf Co.,
of which the Cooks are stockholders. An injunction is
asked for to restrain the company and its officers from mak
ing the returns called for in the Act, and from paying any
taxes imposed thereunder. The Act is attacked on four
grounds, as follows:
I t Is cla im e d t o b e u n co n s titu tio n a l b ecau se the law o rig in a te d in th e
U n ite d S tates S en a te a n d n o t In th e H o u s e .
I t Is a lle g e d also* to b e In v io la tio n o f A r tic le 14, S e c tio n 1, b ecau se It
d e p riv e s s to ck h o ld e rs In th e c o r p o r a tio n o f p r o p e r ty w ith o u t d u e pro ce ss o f
ja w a n d becau se It denies e qu a l p r o te c tio n to a ll, as c o r p o r a tio n s are ta x ed
a n d Individuals are n o t .
I t Is fu rth e r co n te n d e d t o b e In v io la tio n o f A rticle 1, S e ctio n 9 , w h ich
p ro v id e s th a t n o d ire ct taxes shall b e Im p o se d .
F in a lly , Itlls^clalm ed th a t It th e t a x fix e d b y the A c t Is n o t a d ir e ct t a x ,
It m u st be a t a x ’o n the fra n ch ise o f th e w h arf c o m p a n y , w h ich w as g ran ted
b y M assachusetts, a n d hen ce Is v o id , as Con gress has n o p o w e r t o ta x th e
fra n ch ise o f a c o rp o ra tio n d e riv e d fro m th e S ta te.
The publicity feature of the tax is being strongly objected
to all over the country. A resolution was adopted on the
14th inst. by delegates representing 60 commercial and indus
trial organizations of the country, in attendance at a meet
ing in Chicago held under the auspices of the Illinois Manu
facturers’^ Association, requesting Congress to abolish the
publicityjprovision of the Act and recommending that a
committee’ oreleven be appointed to devise ways and means,
with full power to carry out the spirit of the resolution and
test the constitutionality of the law if deemed advisable.
It is stated that it was the sense of the meeting that the
whole law should be repealed.
At a meeting of the Newark (N. J .) Board of Trade on the
20th, a resolution’ was adopted urging the Senators and Rep
resen tativesJfrom^New Jersey to use their influence in bring
ing about a "repeal of the provision of the. law which imposes
a tax on corporations. Its repeal is asked for on the ground
that it interferes unduly with the rights of the States, forces
corporations to expose unnecessarily their private business
affairs and causes a ctu a tion which makes a just, equitable
and consistent enforcement of the law impossible.
r — A number of suits have been instituted during the past
week to test the constitutionality of the Federal Corporation
Tax law. Of particular interest to the financial community
are the actions started in Chicago to restrain the directors
of the Northern Trust Company Bank and the Corn Ex
change National Bank from complying with the provisions
of the statute, and to have the Court pass upon the consti
tutionality of the measure. The Chicago “ Tribune" inti
mates that all the Chicago banks have an implied under
standing that they will be guided by the outcome of these
suits. The suit against the Northern Trust Company was
filed on the 15th inst. by Fred W . Smith, who owns $40,000
of the institution's stock. The Smith suit charges that the
provisions of the corporation tax conflict with the Consti
tution of the United States. It also charges that, although
denominated in the Act as an excise tax, the tax is in reality
one on the income of corporations, and for that reason its
— Contrary to information previously given out, interest
provisions are unconstitutional. Some of the allegations on United States bonds is to be subject to the provision
in the bill, as outlined in the “ Tribune,” are:
of the tariff law which imposes a tax of 1% on the net income
T h a t th e c o r p o r a tio n ta x Is a d ir e ct ta x in re s p e ct o f th e real e state held
of corporations. A ruling to this effect is reported in the
.a n d o w n e d b y th e c o m p a n y a n d In re sp e ct o f Its person al p r o p e r t y , a n d th at
New York “ Tribune” of the 19th inst. to have been rendered
th e d ir e ct t a x Is n o t p r o p o r tio n e d a m o n g the several S ta te s a c c o r d in g to
th e ir p o p u la tio n , as req u ire d b y the C o n s titu tio n .
by Attorney-General G. W . Wickersham to Secretary of the
T h a t If th e law Is h eld n o t t o b e a d ir e ct t a x , b u t a " s p e c ia l e x c ise t a x ,”
Treasury Franklin MacVeagh. Early in Decemberj£°ur
as It is ca lled In th e A c t , th en It is also u n c o n s titu tio n a l, as It Is n o t u n iform
contemporary stated that a deduction was to be allowed
th r o u g h o u t th e U n ited S ta tes.
T h a t th e law Interferes w ith th e reserved rig h ts an d s o v e r e ig n ty o f S tates
on money received as interest on United States bonds, the
b y w h ich c o r p o r a tio n s h a v e been cre a te d .
Treasury Department having decided that inasmuch as the
T h a t th e law is u n co n s titu tio n a l be ca u se It w ill c o m p e l c o r p o r a tio n s
bonds themselves are exempt from taxation by law, it would
o d isclose th eir p r iv a te b o o k s a n d pap ers In s u ch a m a n n e r th a t t h e y b e c o m e
p u b lic re co rd s o p e n t o h ostile e x a m in a tio n . ! H E H i !a S H B £ 8 & l $ 3 ;3 .L .B S
not be properJto^tax the income thereon.
JAN. 22 1910.]
THE CHRONICLE
209
— Three New York Stock Exchange houses were carried
On the 10th inst. it was stated at Albany that proceedings
down this week with the collapse in the common stock of were to be instituted against certain officers and directors
Columbus & Hocking Coal & Iron Co., which occurred on of the insurance company for the recovery of moneys
Wednesday,. The firms involved are Lathrop, Haskins & (amounting to 8110,000) alleged to have been accepted in
Co. of 60 Wall Street, J. M. Fiske & Co. of 42 Broadway, violation of the insurance laws, in connection with the pur
both of which suspended on Wednesday, and Roberts, Hall chase of the company by John Tevis, of Louisville Ky.
& Criss of 52 Broadway, which failed on Thursday. The The money is said to have been disbursed by Mr. White,
suspensions were the outcome of a break of 6 3 ^ points in who, it is stated, received 820,000 thereof. The following
the Hocking common stock, in which manipulation by a statement with regard to Mr. White’s position in the matter
pool managed by James R. Keene is alleged. The shares, was given out by his secretary, Stanley Wells, on the 12th
which recently sold as high as 9 1 ^ , having risen from 20 in inst.:
M r. W h i t e a p p e a r e d a s c o u n s e l f o r h i s c l i e n t , t h e F i r s t N a t i o n a l D a n k o f
less than a year, dropped from 8 8 ^ to 25 on Wednesday,
bringing about such confusion that the Stock Exchange Sp ay rr tamc uesnet. s h To wh es tuh na ct ot nh ter amd iocnt ee yd d ties sbtui mr s eo dn yb y t aMk r.e n W bhyi t et hwe a sI nt hs ue rsaonlec ep rDo pe
issued a notice stating that its Committee on Arbitration e r t y o f J o h n T e v i s o f L o u i s v il le , a n d n o t t h e m o n e y o f t h e P e o p l e ’s M u t u a l .
would take up the question of the settlement of disputes T h e u n c o n t r a d i c t e d t e s t i m o n y a ls o s h o w s t h a t e v e r y d o l l a r o f t h e m o n e y
h i t e w a s In p a y m e n t o f a lo n g s t a n d i n g o b l i g a t i o n o w i n g
which had arisen. It is understood that an investigation rt oe c he iivme db yb yMMr.r.TW
e v is.
M r. W h i t e In n o w a y r e p r e s e n t e d e i t h e r M r. T e v i s
into the proceeding which brought about the failures has o r t h e P e o p l e ’s M u t u a l .
already been begun by the Stock Exchange. The upward
An announcement concerning the sale of the company was
movement of the stock during the past year had been viewed made on the 19th inst. by Mr. Hotchkiss, State Superintend
with considerable surprise, more particularly in view of the ent of Insurance, and we quote it in part herewith:
J o h n T e v i s , a p r o m o t e r , w h o s e s p e c i a l t y Is t h e p u r c h a s e o f lif e I n s u r a n c e
fact that the stock had paid no dividends since 1904. The au
thorized issue of common stock is 87,000,000, and there is 86, cMo omr ap na n &i e sC, os .e eomf sN, ebwy tYh eo rekx p2 5e n, 0d0i0t u sr eh aorfe so nolfy t $h 2e , 3c5a0p, i ttaol hs at ovcek r eonf t et hd e f rDo m
ig
900,400 outstanding. The pool which is said to have been in V e in C o p p e r M in e C o . , w h i c h h e c la i m s t o b e w o r t h u p w a r d s o f $ 1 5 0 , 0 0 0 ,
terested in the stock is reported to have consisted of 30 mem a n d w i t h s u c h r e n t e d s t o c k t o h a v e s e c u r e d w h a t h e c la i m s t o h a v e b e e n a
bers, the floor manager of the pool being the suspended firm of l o a n t o h i m f r o m t h e F a r m e r s ’ D a n k o f C a n a d a o f $ 1 5 0 , 0 0 0 , w i t h w h i c h s u m ,
a f t e r t a k i n g o u t $ 1 0 , 0 0 0 f o r p e r s o n a l u s e , h e p a i d c e r t a i n o f h is o b l i g a t i o n s ,
Lathrop, Haskins &Co. It is stated that on the day of the col a n d b y a d i s b u r s e m e n t o f $ 1 1 0 , 0 0 0 a c q u i r e d c o n t r o l o f a f r a t e r n a l b e n e
lapse the firm continued to support the stock, buying block f ic ia l s o c i e t y w i t h l i q u i d a s s e t s o f p r a c t i c a l l y $ 3 , 0 0 0 , 0 0 0 .
T h e p r e s e n t t r a n s a c t i o n s e e m s t o h a v e s t a r t e d w i t h t h i s a ll e g e d l o a n , t h e
after block until it had exhausted its resources. It is
s a m e b e in g r e p r e s e n t e d b y C a n a d i a n c u r r e n c y b r o u g h t t o S y r a c u s e I n a
said that J. M. Fiske & Co., while not a member of the pool, s a t c h e l b y G e n e r a l M a n a g e r T r a v e r s o f t h e F a r m e r s ’ D a n k (T o r o n t o ) o n
carried considerable of the stock for customers, and the fail t h e e v e n in g o f D e c . 1 8 . a n d b y h i m t a k e n t o t h e F i r s t N a t i o n a l D a n k o f
ure of these to respond to calls for additional margins after S y r a c u s e o n t h e m o r n i n g o f D e c . 2 0 , t h e r e c o u n t e d In t h e p r e s e n c e o f t h e
C a s h i e r , p l a c e d a g a i n i n t h e s a t c h e l , t h e s a t c h e l b e in g l o c k e d a n d p l a c e d
the break is assigned by its attorney as one of the reasons for I n s i d e t h e d o o r o f t h e b a n k v a u l t . T h e r e t h e s a t c h e l r e m a i n e d u n t i l t h e
its failure. Many of the buying orders of Lathrop, Haskins e v e n i n g , w h e n I t w a s o p e n e d , t h e e x i s t e n c e o f t h e c u r r e n c y i n s i d e n o t e d ,
& Co. were executed through Hugh F. Criss, of the firm of t h e s a t c h e l a g a i n lo c k e d a n d t a k e n b y M r. T r a v e r s b a c k t o C a n a d a .
T h e c la i m is m a d e b y M r . T r a v e r s t h a t h e b r o u g h t t h e c u r r e n c y e x p e c t i n g
Roberts, Hall & Criss, and a specialist in the stock of the t h a t h e w o u ld b e m e t I n S y r a c u s e b y o n e H e r d o f N e w Y o r k , w h o w o u l d
Columbus & Hocking Coal & Iron Co. Mr. Criss’s orders, g iv e h i m a c e r t if i e d c h e c k f o r $ 1 5 0 , 0 0 0 In e x c h a n g e t h e r e f o r . A c r e d i t o n
it is stated, were for a time practically the only ones made t h e b o o k s o f t h e F i r s t N a t i o n a l D a n k w a s , h o w e v e r , n e c e s s a r y . H e n c e , a s
p a r t o f t h e a r r a n g e m e n t , a r e s o l u ti o n d r a w n , I t Is u n d e r s t o o d , b y L i e u t e n a n t at Wednesday’s session of the Exchange, and it is said that G o v e r n o r W h i t e w a s a d o p t e d b y t h e d i r e c t o r s o f t h e P e o p l e ’s M u t u a l o n
probably between 20,000 and 25,000 shares were purchased t h e m o r n i n g o f D e c . 2 1 , w i t h t h e r e s u l t t h a t $ 1 8 0 , 0 0 0 o f I ts s e c u r i ti e s w e r e
p u r c h a s e d b y th e F ir s t N a tio n a l D a n k , a n d $ 1 5 0 ,0 0 0 o f th is s u m p a s s e d to
by him during the exciting period of the day.
th e c re d it o f L ie u te n a n t- G o v e r n o r W h ite a s t r u s te e .
W h e re u p o n th e c e r
The firm of Lathrop, Haskins & Co. succeeded that of t i f i c a t e o f d e p o s i t w a s d e li v e r e d t o t h e P e o p l e ’s M u t u a l .
I n t h e o p i n io n o f t h e D e p a r t m e n t , t h e r e f o r e , If t h e F a r m e t s ’ D a n k r i g h t
Lathrop, Smith & Co. The partnership consists of L. C.
Lathrop, Henry Stanley Haskins and Henry Stanton Lev- f u l l y r e p u d i a t e s t h e C e r tif ic a te t h e t r a n s a c t i o n n a r r o w s I ts e lf i n t o a s m a l l
c o m p a s s o f a s a le b y t h e P e o p l e ’s M u tu a l o f I ts o w n s e c u r i ti e s t h a t t h e a v a i l s
erich, the first two being members of the Stock Exchange. o f s u c h s e c u r i t i e s m i g h t b e d i s t r i b u t e d a m o n g t h e o f f i c e r s o f t h e P e o p l e ’
Following the suspension of the firm a petition in bankruptcy M u t u a l I n c o n s i d e r a t i o n o f t h e i r r e s i g n a t i o n s .
E. B. Judson, President of the First National Bank
was filed against it, and on Thursday Judge Holt appointed
Henry D. Hotchkiss receiver. Its liabilities are estimated of Syracuse, died on the 16th inst. of pleuro-pneumonia.
Owing to his illness he had not been present at the meeting
at 83,400,000.
The firm of J. M. Fiske & Co. consists of Josiah M. Fiske, at which Mr. White’s resignation was tendered. Mr. Jiidsqn
Arthur C. Sherwood, Dudley T. Humphrey and Clifford M. was born in Dec. 1854. He succeeded his father in the
Washburn, the last named being the board member. The presidency in 1902.
— But feiv amendments to the existing banking laws are
liabilities in this case are said to be about 82,000,000. Irving
recommended in the annual report of New York State Super
L. Ernst has been appointed receiver for Fiske & Co.
The partners in Roberts, Hall & Criss are Walker P. Hall, intendent of Banks, Orion H. Cheney, for the year ending
J. Nevin Roberts, H. F. Criss (the Exchange member) and Stfpt. 30 1909. Changes of a substantial character, Mr.
Thomas B. Criss. The firm has a Cincinnati office, of which., ''Cheney states, seem neither necessary nor desirable at this
time, the amendments adopted in 1908 having been compre
John R. Holmes has been named as receiver.
— Horace White, Lieutenant-Governor of New Y<^rk hensive in their scope and prepared with intelligence and care.
State, resigned on the 15th inst. as a director of thetfirst The suggestions he makes are that amendments be made
National Bank of Syracuse, N. Y ., his withdrawal having which will provide for the segregation of savings deposits
followed the complications which have arisen in the transac from commercial deposits in banks and trust companies,
tion involving a change in the ownership of the/People's the authorization of State banks to issue time certificates
Mutual Life Insurance Association & League of Syracuse in of deposit, the revision of the laws relative to savings and
December. A statement announcing Mr. White's resigna loan associations and the amplification of details of the law
governing the liquidation of banking institutions. In his
tion was issued as follows by the directors of the/bank:
recommendation with regard to the issuance of time certifi
A s p e c i a l m e e t in g o f t h e b o a r d o f d i r e c t o r s o f t h e F i r s t N a t i o n a l D a n k
o f S y r a c u s e w a s h e ld a t t h e o f fic e o f t h e b a n k a t 1 1 : 3 0 a . m . A t t h i s m e e t cates of deposit by State banks, Superintendent Cheney
[
i n g H o r a c e W h i t e p r e s e n t e d h is r e s i g n a t i o n a s a d i r e c t o r o f ; th e b a n k , a n d
says: “ The trust companies of this State may issue time f
th e s a m e w a s d u ly a c c e p te d b y th e b o a rd o f d ire c to r s .
A resolution passed by the directors at the mcicting on the certificates of deposit and are not required to carry a reserve 1
against the sums represented by certificates not payable *
15th inst. says:
within thirty days. There can be no reason for continuing
Whereas, O n t h e 2 1 s t d a y o f D e c e m b e r 1 0 0 9 , u p o n t h e J l r c c t l o n o f t h e
P r e s i d e n t o f t h e F i r s t N a t i o n a l D a n k o f S y r a c u s e , N . Y . , t h d s u m o f $ 1 5 0 , this discrimination, and unless some legal impediment exists,
;
0 0 0 w a s p a s s e d t o t h e c r e d i t o f H o r a c e W h i t e , o n e o f I ts d i r e c t o r s , a n d b y
it is only just and equitable that State banks be given the 1
h i m u s e d i n c o n n e c t i o n w i t h c e r t a i n t r a n s a c t i o n s o f t h e P e o p l e ’s M u t u a l
same privilege now enjoyed by trust companies. I therefore
L if e I n s u r a n c e A s s o c ia t io n & L e a g u e o f S y r a c u s e , s a id W h i t e h a v i n g s t a t e d
t o t h e P r e s i d e n t t h a t t h e t r a n s a c t i o n s w e r e le g a l a n d p r o p e r , a n d t h a t t h e
recommend that the law be so amended as to permit State
b a n k w o u l d b e c a lle d u p o n t o r e n d e r v a l u a b l e s e r v i c e s i n c o n n e c t i o n t h e r e
banks to issue time certificates of deposit, provided no such
w ith ; n o w , u p o n c o n s i d e r a t i o n o f t h e m a t t e r b y t h e b o a r d o f d i r e c t o r s o f
certificate shall be issued except as representing money ac
t h i s b a n k , i t Is h e r e b y
Resolved, T h a t t h e a b o v e a c t i o n b e a n d Is h e r e b y d i s a p p r o v e d . I t Is tually on deposit.”
On the question of interest rates the
fu rth e r
report says:
Resolved, T h a t t h e s u m o f $ 5 , 0 0 0 r e c e i v e d b y t h i s b a n k In c o n n e c t i o n
t h e r e w i t h b e h e ld s u b j e c t t o t h e o r d e r o f t h e p e r s o n , c o r p o r a t i o n o r a s s o
c i a t i o n a d j u d g e d l e g a l ly e n t i t l e d t h e r e t o .
A k e e n e r a p p re c ia tio n o f th e d a n g e rs in c id e n t to th e p r a c tic e o f b id d in g
f o r d e p o s it s b y o f fe r in g e x c e s s i v e r a t e s o f I n t e r e s t h a s a ls o b e e n a p p a r e n t .
310
THE CHRONICLE
[ VOL. L X X X X .
1910, published elsewhere in this issue, the institution shows
a deposit line of $117,592,813, while its undivided profits,
exclusive of $1,000,000 capital, are $7,110,561, with aggre
gate resources of $126,131,255. The company’s bonds and
stocks on the same date were $28,615,388; real estate, $3,
093,442; real estate mortgages, $2,139,367; loans, $65,036,
791; cash on hand and in bank, $26,410,662, and accrued
interest, $835,602. The institution recently purchased the
The report states that the resources of the savings banks
corner building at 41st Street and Fifth Avenue adjoining
in this State increased upward of $71,000,000 from July 1908
its branch at 475 Fifth Avenue. The offices will be enlarged
to July 1909; thoseofthe trust companies $318,000,000 from
to include the space in the corner building, which will give
August 1908 to September 1909 and those of the State
the company more convenient street frontage on 41st Street
banks of deposit and discount nearly $44,000,000 in the
for waiting automobiles and carriages of its uptown patrons.
latter period.
— At the meeting of the stockholders of the Columbia
— The members of Group V III. of the New York State
Trust Co. of this city on the 19th inst. all of the directors were
Bankers’ Association at their annual banquet on Monday
re-elected, and at the directors’ meeting on the 21st inst. the
at the Waldorf-Astoria listened with interest to an address
officers were re-elected.
on currency problems by Franklin MacVeagh, Secretary
— The purchase of 5,000 shares of stock of the United
of the Treasury. Mr. MacVeagh at the outset referred to
the development of the United States to a world power, or a States Mortgage & Trust Co. of this city by Kuhn, Locb &
world nation, the extension of our governmental sphere, he Co. interests has been effected. The stock was acquired
declared, involving great reciprocal world-wide trade, and from the Mutual Life Insurance Co., which, it is understood,
a world banking system. We must be in a position, he thus disposes of all its interest in the trust company. The
A year ago a block of
contended, to share not only in the profits but in the respon latter has a capital of $2,000,000.
sibilities of world finance. Our wealth, our trade, our terri 4,536 shares of its stock was sold to the late C. C. Cuyler,
torial possessions, our specific interests in various smaller whose associates in the purchase included Mortimer L. Schiff
countries, make it inevitable that we must have a world of Kuhn, Locb & Co.
banking and financial system. Continuing, he said:
— The interest amounting to $100,000 which the Mutual
B u t o f c o u r s e t h e b a s is f o r a w o r ld b a n k i n g s y s t e m Is t h e d o m e s t ic
Life Insurance Co. had retained in the American Exchange
b a n k in g s y s te m .
B a n k i n g , lik e c h a r i t y , b e g in s a t h o m e . A n d u n l e s s a
National Bank of this city is also understood to have been
n a t i o n h a s a s o u n d , u s e f u l a n d w is e n a t i o n a l b a n k i n g s y s t e m a n d f a c i li t ie s
t h e r e is n o t h i n g u p o n w h ic h t o b u i ld l a r g e ly a n d s a f e l y a w o r ld s y s t e m .
A
disposed of. The company owned $200,000 of the stock
n a t i o n t h a t Is, f o r I n s t a n c e , s u b j e c t t o s u d d e n a n d u n f o r e s e e n p a n ic s o r ,
of this bank, and about a month ago disposed of one-half
I n d e e d , to a n y p a n ic s a t a l l , c a n n o t p r e t e n d to b e a s a f e l e a d e r o r s a f e r e
l ia n c e f o r t h e w o r l d .
U n t i l w e g e t r i d o f p a n i c s , w h i c h a r e w h o lly u n n e c e s of the same.
T h e a v e ra g e r e a d e r of th e p u b lis h e d s ta te m e n ts o f b a n k in g In s titu tio n s
u s u a l l y n o t e s t h e g a i n In r e s o u r c e s , a n d , d i s r e g a r d i n g t h e i n e v i t a b l e I n
c r e a s e In l i a b i l i t i e s , b e lie v e s t h a t t h e g a in s r e p r e s e n t p r o f i t s .
H ow ever
m u c h b a n k e r s m i g h t w is h t h a t t h i s b e lie f w e r e J u s ti f i e d , t h e f a c t Is t h a t t h e
d iv id e n d d i s tr ib u tio n o f e a rn in g s of th e S t a te b a n k s d u r in g th e 12 m o n th s
e n d i n g w i t h J u n e l a s t w a s a b o u t $ 4 , 0 0 0 , 0 0 0 , a n a m o u n t le s s t h a n 5 % o n
th e ir c o m b in e d c a p ita l a n d s u rp lu s .
A fte r p a y m e n t o f th e s e d iv id e n d s
t h e r e w a s , h o w e v e r , a n I n c r e a s e In t h e a g g r e g a t e s u r p l u s o f t h e s e I n s t i t u
t io n s a p p r o x i m a t i n g $ 3 , 0 0 0 , 0 0 0 , a t t r i b u t a b l e t o t h e a p p r e c i a t i o n In v a l u e
o f th e s e c u r itie s o w n e d r a t h e r th a n to b a n k in g e a rn in g s .
s a r y a n d r e a d i l y a v o i d a b l e , w e c a n n o t c la i m f o r a m o m e n t t o h a v e a d o m e s
t i c f in a n c ia l s y s t e m t h a t t h e w o r ld c a n r e l y u p o n o r t h a t w e o u r s e l v e s c a n
r e l y u p o n . A n d w e c a n n e v e r h a v e t h e c o n f i d e n t b u s in e s s r e s p e c t o f t h e
w o r l d a s lo n g a s w e p r o v i d e In o u r f in a n c ia l s y s t e m — a s w e d o p r o v i d e —
f o r t h e s e d e v a s t a t i n g a n d d i s c r e d i t a b l e u p h e a v a l s w h ic h r i g h t l y b e lo n g to
t h e d a r k a g e s o f b u s in e s s .
.
N o r c a n w e I n d u lg e in n a t i o n a l o r I n t e r n a t i o n a l p r e t e n s i o n s a s lo n g a s w e
h a v e n o b a n k i n g r e s e r v e t h a t Is w o r t h y o f t h e n a m e .
O u r r e s e r v e is a r e
s e r v e o n l y In t e r m s .
O u r s y s t e m Is d i r e c t e d r e a l l y t o t h e p r e v e n t i o n o f a
rese rv e .
B y re s e rv e I m e a n , of c o u rse , a re s e rv e to m e e t a d e q u a te ly th e
s p e c i a l e x ig e n c i e s o f t h e b u s in e s s w o r l d — a r e s e r v e t h a t Is r e s e r v e d f o r a n y
a n d a ll n e e d s a t a n y t i m e a n d a ll t i m e s .
A n d w e c a n n o t h a v e t h i s r e s e r v e , o r a n y o t h e r p r o t e c t i o n a g a i n s t t h e s tr e s s
a n d s t o r m o f o u r f in a n c ia l l if e , a s lo n g a s w e r e f u s e t o lo d g e s o m e w h e r e
t h e p o w e r o f c o n t i n u o u s e x p a n s i o n a n d c o n t r a c t i o n o f t h e c u r r e n c y In a c
c o r d a n c e w i t h t h e n e e d s o f b u s in e s s , n o m a t t e r h o w g r e a t t h e s e n e e d s a r e
a n d n o m a t t e r h o w e x p e c te d o r u n e x p e c te d th e y m a y b e .
I t m u s t a lw a y s b e re m e m b e re d re s p e c tin g b a n k in g re s e rv e s a n d c u rr e n c y
r e s e r v e s t h a t a l m o s t t h e m o s t I m p o r t a n t t h i n g Is t h e a b s o l u t e c o n f i d e n c e
t h a t t h e y a r e a v a i l a b l e a t a n y a n d a ll t i m e s .
I f t h i s c o n f i d e n c e Is o n c e a n d
f o r a ll e s t a b l i s h e d , t h e n t h e a c t u a l n e e d s w h ic h d r a w u p o n t h e s e r e s e r v e s
a r e r e d u c e d t o t h e n o r m a l a n d a r e s h o r n o f a ll t h e i r d a n g e r s .
B u t t h i s c o n f id e n c e c a n n o t b e e s ta b l is h e d a n d m a i n t a i n e d w i t h o u t a s y s
te m o f b a n k in g re s e rv e s a n d c u rre n c y re s e rv e s t h a t a re re a l a n d n o t f a n c ifu l
— t h a t a r e a c t u a l a n d n o t o n l y t h e o r e t i c a l . P a n i c s , w h ic h o u r f in a n c ia l
s y s t e m — o r o u r f in a n c ia l n o - s y s t e m — b r e e d s , J u s t a s c e r t a i n d i s t r i c t s u s e d
t o b r e e d s p a s m s o f y e llo w f e v e r , w o u ld p a s s a w a y If t h e c e r t a i n t y w e r e
e s ta b lis h e d t h a t s o m e w h e re t h e r e w a s th e a b ility to m e e t a n d m a s te r e v e ry
e x ig e n c y .
— The stockholders of the Guaranty Trust Co. of this city
ratified on Wednesday the proposal to increase the capital
from $2,000,000 to $3,000,000. As announced heretofore,
this issue of stock will be offered pro rata at par to the
company’s shareholders of record Jan. 19. A further in
crease to $5,000,000 is to be made in the capital, upon which
action will be taken on the 25th inst., and the issuance
of which will be in pursuance of the plans for the consolida
tion of the Guaranty, the Morton and Fifth Avenue trust
companies.
— Charles C. Tegethoff gndM artin Vogel have been elected
directors of the Night and Day Bank of this city, succeeding
the late E. 11. Harriman and Albert D. Bennett, resigned.
Mr. Tegethoff was private secretary to Mr. Harriman, and
Mr. Vogel is a member of the law firm of Vogel & Vogel.
Reports have been prevalent this week that Mrs. Harriman
has recently taken over a majority stock interest in the
bank. As a matter of fact the Harrimans and their friends
have long been dominant and will continue to maintain con
trol. Joseph W. Harriman and J. Borden Harriman are
re-elected members of the board. Samuel S. Campbell is
.
In alluding to Government bonds Mr. MacVeagh stated President of the institution.
— Benjamin F. Werner, Cashier of the Irving National
that we have outstanding $730,000,000 of 2% bonds
“ though 2% was and is very much below the Government's Exchange Bank of this city, has been elected a Vice-Presi
credit J’ Practically all, he said, are in the national banks, dent of the institution. With Mr. Werner’s advancement
because they cannot be anywhere else, having no investment Harry E. Ward, an Assistant Cashier, has been made
Cashier, and Richard F. Faust Jr. and J. Franklyn Bouker
standing whatever. lie added:
N o w , In I s s u in g n e w b o n d s , e i t h e r to r e p l e n i s h t h e c a s h In t h e T r e a s u r y
have become Assistant Cashiers. David II. G. Penny
w h e n t h a t b e c o m e s n e c e s s a ry , o r to fu n d th e p r e s e n t d e b t o f th e P a n a m a
continues as First Assistant Cashier.
C a n a l t o t h e T r e a s u r y , o r t o p a y f o r t h e c a n a l ’s f u r t h e r c o n s t r u c t i o n , m y
f e e l in g is t h a t w e a r e b o u n d t o s e c to I t t h a t t h e n e w b o n d s , If w e I s s u e t h e m
— a n d I h o p e w e m a y b e a b le to Is s u e t h e m If w e h a v e t o i s s u c a n y t h l n g —
s h a l l n o t b e p e r m i t t e d t o p ile t h e m s e lv e s o n t h e t o p o f t h i s I n e r t , t h i s s t a g
n a n t, m ass of $ 7 3 0 ,0 0 0 ,0 0 0 of 2 % b o n d s .
. . .
T h e r e f o r e I m a i n t a i n t h a t t h e G o v e r n m e n t s h o u l d s e c to I t t h a t a n y n e w
I s s u e o f b o n d s m a y g o , o r h a v e a t a n y r a t e f a i r o p p o r t u n i t y t o g o . I n to t h e
h a n d s o f r e a l I n v e s t o r s . A n d t h i s c a n o n l y b e d o n e , I b e li e v e , b y I s s u in g
t h e m u n d e r s u c h c o n d i t i o n s o f c i r c u l a t i o n p r iv i le g e s a s d o c s n o t d i s c r i m i n a t e
a g a in s t t h e 2 % b o n d s ,a n d a t a r a te o f In te r e s t w h ic h m e a s u re s a s a c tu a lly
a n d a c c u r a t e l y a s p o s s ib le t h e c r e d i t o f t h e G o v e r n m e n t In t h e I n v e s t m e n t
m a r k e t , a n d w h ic h w ill n o t o f I ts e lf e n c o u r a g e t h e n e w b o n d s to g r a v i t a t e
t o t h e o ld to b e p i le d o n t o p o f t h e m .
— Philip Lehman, of Lehman Brothers, and James A.
MacDonald have been elected members of the board of the
Corn Exchange Bank of this city to fill vacancies.
— James A. Stillman has been elected Vice-President and
a director of the Fidelity Bank of this city to take the place
of his father, James Stillman.
— Robert W. De Forest and Robert Goelet have been
chosen trustees of the Title Guarantee & Trust Co. of this city
to replace the late John Stewart Kennedy and the late W. M.
President Woodrow Wilson, of Princeton, was another
Ingraham. Charles C. Dickson has become Assistant
prominent speaker at the dinner. Senator Aldrich, who was
Treasurer of the company.
also to have addressed the members, was unable to be present.
— Ogden Mills was this week elected a director of the
— The Farmers’ Loan & Trust Co. of this city has declared
Metropolitan Trust Co. of this city to succeed his father,
a quarterly dividend of 12*^%, payable Feb. 1 to holders of
record Jan. 25. This is an increase in the yearly rate from the late D. O. Mills.
— Robert L. Gerry has been elected a trustee of the Fulton
40% to 50%, previous quarterly distributions having been
10% each since 1901. In its statement of condition Jan. 1 Trust Co. of this city in plaqe of Harrison E. Gawtry, resigned.
Jan 22 1910.]
THE CHRONICLE
211
— Amos L. Prescott and Charles E. Finlay have been
added to the directorate of the Guardian Trust Co. of this city.
but one branch in operation, that at Broadway and Stockton
Street, known as its Broadway Branch.
— S. B. Brown has been elected a member of the board of
the Mutual Alliance Trust Co. of this city.
— Charles II. Duffy and M. F. Gleason have been elected
to succeed Alfred Hamilton and H. A. Howell,, resigned, as
directors of the Borough Bank of Brooklyn Borough.
— Kneeland Moore, John F. Galvin and Vincent Loeser
have been elected directors of the Commercial Trust Co. of
this city.
— C. O. Brinckerhoff, Manager of the Bedford Branch of
the Brooklyn Trust Co., of Brooklyn Borough, has been
elected an Assistant Secretary of the institution. The com
pany announces that the appointment was made to carry
into effect its policy to have its officers interchangeable and
available at the main office or either of the branches.
— An initial dividend of 2 % has been declared by the
directors of the People’s National Bank of Brooklyn, pay
able March 1. The institution began business in August
1908 with $200,000 capital and $100,000 surplus, this latter
item having been advanced to $120,447 as of Nov. 16 1909.
The deposits in the same time have risen to $1,094,321.
Gates W . McGarrah, President of the Mechanics’ Na
tional Bank, has been elected a member of the executive
committee of the Mercantile Trust Co. of this city.
— It is reported that the bankruptcy proceedings against
the New York Stock Exchange firm of Smith & Holran have
been dismissed by Judge Hand. An assignment was made
by the firm on June 22 1909. It is stated that its creditors
were notified by Frank P. Holran that if the bankruptcy
proceedings were discontinued and his seat in the New York
Stock Exchange was not sold, there would probably be
sufficient assets to pay the firm’s creditors in full, as well as
— Third Vice-President Frederick W. Egner of the Fidelity
Mr. Holran’s individual creditors.
Trust Co. of Newark, N. J., has been relieved of the duties
— At the annual meeting of the trustees of the Franklin of Secretary and Treasurer, in order that he might direct
Trust Co. of New York and Brooklyn on Wednesday the more of his attention to the institution’s bond department.
retirement of George H. Southard Jr. as Vice-President was James H. Shackleton, heretofore an Assistant Secretary and
announced. The trustees adopted a resolution accepting Treasurer, has been appointed to succeed Mr. Egner as Secre
the resignation with regret and recording their appreciation tary and Treasurer.
of Mr. Southard’s faithful and efficient services during the
F. W. Knolhoff has been elected Secretary and Treasurer
period of nearly fifteen years he has been connected with the of the Bloomfield Trust Co. of Bloomfield, N. J., succeeding
company. The following officers were elected at the meet Joseph H. Dodd, who has become a Vice-President.
ing: Arthur King Wood, President; William H. Wallace
— The comparative annual statement of the Plainfield
and J. Herbert Case, Vice-Presidents; Clinton W. Ludlum,
Trust Co. of Plainfield, N. J., is a record of prosperity and
Secretary; Thornton Gerrish, Trust Officer; Herbert Welling
growth for the past twelve months. In deposits the insti
ton, Treasurer; Clarence S. Weller, Henry C. Low Jr., Wil
tution gained $717,050, increasing them to $2,815,204
liam J. Montgomery and George Switzer, Assistant Secre
Dec. 31 1909, and likewise adding $46,478 to surplus and
taries; Frederick W. Richt, Manager Fulton Street office.
profits, which at $202,502 is more than twice the amount
Mr. Wood has been President of the company since July 1908,
o f the capital stock, $100,000. The directors reduced the
when a controlling interest in its affairs was obtained by the
Farmers Loan & Trust Co. William H. Wallace, who was figure by $5,000 to $85,000, at which its; new banking house
re-elected Vice-President, has held the position of honorary has been carried. The company was incorporated seven
Vice-President of the Franklin since its organization in 1888. and a half years ago. The executive staff is composed of
O. T. Waring, President; A. V. Heely and Henry A. McGee,
J . Herbert Case, the new Vice-President, has been since 1902
Vice-Presidents; J. Herbert Case, Secretary and Treasurer,
the Secretary, director and chief executive official of the
and Edward F. Feickert, Assistant Secretary.
Plainfield Trust Co. The following trustees were elected
— The statement of the City Trust Co. of Newark, N. J.,
members of the executive committee: Edwin S. Marston,
President of the Farmers’ Loan & Trust Co.; Charles A. Pea shows resources Dec. 31 1909 of $1,337,521 and deposits of
body, President of the Mutual Life Insurance Co.; Charles $1,149,572. The capital stock is $100,000 and the surplus
J. Peabody, of Spencer Trask & Co.; James H. Post, Crowell and profits $77,718.
Hadden and Arthur King Wood. Mr. Hadden, the new
— Van Marter W. Suydam, Vice-President of the National
member of this committee, was one of the founders of the Bank of New Jersey, at New Brunswick, of which he had
Franklin Trust in 1888. He was elected in place of Colonel some time ago been President, died on the 16th inst. He
Robert B. Woodward, who, while remaining a trustee, desired was sixty-eight years old.
to be relieved of the more arduous duties of membership on
— Edwin M. Thorn has been elected Cashier of the Broad
the executive committee.
Street National Bank of Trenton, N. J., to take tlje place
— A quarterly dividend of 4% has been declared by the of Robert J. Brace, who has resigned both becahse of im
Kings County Trust Co. of Brooklyn, payable Feb. 1 to paired health and advancing age. George A. Katzenbach
holders of record Jan. 25. This places the stock on a 16%- has been chosen to the post of Assistant Cashier, which Mr.
per-annum basis and is the second increase within the short Thorn vacates.
space of a year. The company in 1909 paid 14%, previous
— Alfred K. Leuckel has been elected a Vice-President of
to which the annual distribution had been 12%.
the Mercer Trust Co. of Trenton as successor to the late
— At a special meeting of the trustees of the Nassau Trust E. D. Cook.
Co., Borough of Brooklyn, held this week, it was unani
— The Marine National Bank of Buffalo, N. Y ., has called
mously decided not to accept the offer of purchase made by
a meeting of its stockholders to vote upon the issuance of
the Mechanics’ Bank of Brooklyn tending toward the merger
$500,000 of new stock, raising the capital from $1,500,000
of the two institutions. The matter was given thorough
to $2,000,000.' In addition to the regular dividend of 12%
consideration, as the offer to purchase two-thirds of the
paid last year, the directors have decided to declare out of
capital stock at a large advance over the last previous sale
earnings an extra dividend of 33 1-3%, which will furnish
was said to be a flattering one. The directors thought, how
the stockholders all the money necessary to subscribe for
ever, that in view of its increasing business and its excellent
the additional stock, which will be offered them at par, this
prospects at both offices, the company ought to maintain action being equivalent to a stock dividend of $500,000.
its own identity. Upon the removal of the Williamsburgh
When the capital of $2,000,000 becomes available, the
Trust Co. from the Bridge Plaza the Nassau will be the only
bank will still have surplus earnings of $1,100,000. In July
trust company in the entire eastern district of Brooklyn.
1906 the bank increased its capital from $230,000 to $1,500,
It has a capital of $600,000, surplus and profits of $476,068
000 through a dividend to its stockholders of 552% paid out
and deposits of $6,374,000. Andrew T. Sullivan is Presi
of its earnings. The proposed dividend of 33 1-3% is thus in
dent, II. F. Burns is Secretary and Francis Weekes and C.
line with the former policy of the institution of enlarging its
Woodworth, Assistant Secretaries.
capital out of earnings, and shows an increase of nearly ten
— The Williamsburgh Trust Co. of Brooklyn Borough has times the original capital, all of which was effected through
decided to abandon its Williamsburgh Plaza office, which the earnings. On Nov. 16 last the institution had deposits
has heretofore been its headquarters, and to locate its main of $22,000,000 and aggregate resources of $26,500,000.
office at its present branch at 391 Fulton Street, opposite
The officials of the Genesee Valley Trust Co. of Roches
the Borough Hall. With this change the company will have
ter, N. Y ., have filedjwith the Secretary of State a certificate
212
THE CHRONICLE
indicating that the capital has been increased from $300,000
to $400,000.
— At the annual meeting of the Merchants’ National Bank
of Providence, R. I., on the 11th inst., Horatio N. Campbell
was elected Vice-President. The post had been vacant for
some time past.
__Thomas P. Beal Jr., who has been an Assistant Cashier
of the Second National Bank of Boston, has been elected
a Vice-President. Charles F. Fairbanks is the other Vice
President of the institution.
— Eugene V. R. Thayer has been elected a Vice-President
of the American Trust Co. of Boston, Mass.
— F. W . Ayer declined re-election as President of the
Merchants’ National Bank of Philadelphia at the annual
meeting of the directors on the 14th inst., and was elected to
the newly-created post of Chairman of the board. William
A. Law, heretofore Vice-President of the bank, has been
chosen to the presidency. Mr. Law has been an officer of
the institution since 1903. Five years ago he was promoted
from the post of Assistant Cashier to the cashiership, and in
January 1907 was advanced to the next higher office, the
vice-presidency. Thomas W. Andrew continues as Cashier
and Freas B. Snyder as Assistant Cashier.
— The Tradesmen’s National Bank of Philadelphia has
moved from its old quarters in the Drexel Building, at 424
Chestnut Street, to 431 Chestnut- Street. The offices just
vacated were occupied by the bank for twenty-one years.
The building in which the bank now makes its home was
purchased by it from the Finance Company of Philadelphia.
The interior of the new quarters has been remodeled to meet
the bank’s requirements. The Tradesmen’s National entered
the Federal system in 1864. It is under the management of
Edward Earle, President; A. B. Loeb and Howard Loeb,
Vice-Presidents, and H. D. McCarthy, Cashier. The insti
tution has $500,000 capital, $778,000 of surplus and profits
and total resources of over $7,000,000.
__J, K. Cuming, on account of his advanced age, has
retired as President of the Tenth National Bank of Phila
delphia and of the Columbia Avenue Trust Company of
that city. In the Tenth National he is succeeded in the
presidency by Walter Scott, lately Cashier. John F .
Bauder has been elected to the cashiership and Walter G.
Scott, son of the new President, has become Assistant Cashier
of the bank.
Sylvester A..Leith, Vice-President of the Columbia Ave
nue Trust Company, will succeed Mr. Cuming as President
of that institution.
__H. E. Schuchler was elected Assistant Cashier of the
Northern National Bank of Philadelphia on the 12th inst.
E. P. Balderston, whom he succeeds, became Cashier several
months aga— James Fenhagcn, Cashier of the Maryland Nationa
Bank of Baltimore, Md., has been elected a Vice-President
of the institution. Mr. Fenhagcn will also continue in the
cashiership. F. C. Seeman has been elected Second Vice
President, succeeding Herman S. Platt.
— W. S. Smith retired as President of the Union Nationa
Bank of Pittsburgh last week after a service of fifty years
with the institution. J. R . McCune, one of the Vice-Presi
dents of the bank, and son of its first President, has been
elected to the presidency. J. D. Miller has been elected
Vice-President of the bank.
— H. W. Ludebuehe has been elected Cashier of the City
Deposit Bank of Pittsburgh, succeeding J. D. Miller, who has
become a Vice-President of the Union National Bank.
— John H. Jones, heretofore First Vice-President of the
Federal National Bank of Pittsburgh, has been elected Presi
dent of the institution, to succeed Col. Hugh Young, who has
been chosen Chairman of the board of directors. Mr. Jones
is President of the Pittsburgh-Buffalo Coal Co.
— An order discharging the members of the failed firm of
Whitney, Stephenson & Co. of Pittsburgh as individuals
and as a firm from the bankruptcy proceedings filed against
them on Dec. 7 1907 was issued by Judge Orr in the U. S.
Circuit Court at Pittsburgh on the 12th inst. The local
papers report that the liabilities were placed at $11,000,000,
and the receipts of the receiver showed that only $100,000
was realized from the assets.
[ VOL. L X X X X .
— E. C. Morey, Manager of the bond department of the
Bank of Pittsburgh at Pittsburgh, Pa., for the past few
years, has been elected an Assistant Cashier of the institu
tion.
— Frederick Fichtel has been elected President of the Hill
Top Savings & Trust Co. of Pittsburgh, succeeding the late
Harry Moore. Mr. Fichtel’s place as Vice-President is taken
by Charles F. Barr.
— David Z. Norton has been elected President of the Citi
zens’ Savings & Trust Co. of Cleveland, Ohio, to succeed
Harrison It. Newcomb, who resigned the presidency on the
10th inst., owing to ill-health. Mr. Norton advances from
the post of First Vice-President.
— Harris Creech, heretofore Secretary and Treasurer of
the Garfield Savings Bank Co. of Cleveland, Ohio, has been
elected a Vice-President and director of the institution.
Other changes are the election of Horatio Ford as Secretary,
J. W. Meriam as Treasurer, C. N. Osborne as Assistant Secre
tary and L. H. Cook as Assistant Treasurer.
— The stockholders of the Cincinnati Trust Co. of Cincin
nati, Ohio, approved a proposition to increase the capital
from $500,000 to $1,000,000 at their annual meeting on
the 12th inst. The additional stock, it is stated, is offered
to the existing holders at $200 per $100 share.
— The merger of the business of the Dollar Savings Bank &
Trust Co. of Toledo, Ohio, with the Ohio Savings Bank &
Trust Co. was effected on the 15th inst., the consolidated
institution beginning business on the 17th. The absorbed
bank, the Dollar Savings & Trust, had a capital of $500,000.
Its stockholders ratified the consolidation on Dec. 10, while
action by the stockholders of the Ohio Savings Bank & Trust
Co. was taken on the 11th inst. The latter at the same time
took steps toward increasing the capital of their institution
from $600,000 to $850,000. The officers of the enlarged
Ohio Savings Bank & Trust Co. are David Robison Jr.,
Chairman of the board; James J. Robison, President; John
Cummings, William Hardee and Clark A. Browning, Vice
Presidents; Edward II. Cady, Cashier; C. Edward Kirschner
and C. A. Frease, Assistant Cashiers. Mr. Browning, one
of the Vice-Presidents, was President of the Dollar Savings
& Trust. Ambrose A. Moody, Cashier of that institution,
who retires from official management, is a director of the
consolidated bank.
— The Citizens’ National Bank of Evansville, Ind., sus
pended business on the 17th inst., an announcement on its
doors stating that it had been cl osed temporarily by order of
the directors, pending an examination of its affairs. The
institution is in charge of National Bank Examiner J. C.
Johnson. It is reported by the Indianapolis “ News” that
the action taken by the directors is the result of an investiga
tion of the loans of the institution made by the examiner.
The “ News” also says “ the suspension is due to the discovery
of bad loans of long standing and of such an amount as to
seriously impair its capital. At this time no certain estimate
of the loss can be made, as many of the loans now regarded
as weak may be collected.”
The I^ov. 16 statement of
the institution showed capital paid in of $200,000, a
surplus fund of $40,000 and undivided profits of $27,360;
the deposits were given as $1,453,554 and the total assets
as $1,919,615. The City of Evansville and Vanderburgh
County are said to have $40,000deposited in the institution.
The bank was established in 1873 as successor to the
private banking house of W. J. Lowry & Co. S. P, Gillctt
has been its President since 1883.
__At the a n n u a l meeting of the stockholders and directors
of the Union Trust Co. of Chicago on Jan. 11, II. A. Wheeler,
formerly President of the Credit Clearing House, and a mem
ber of the bank’s board of directors since 1908, was elected
to the office of Vice-President, and becomes actively as
sociated with the bank at once. For many years Mr. Wheeler
has been prominent in Chicago business and financial circles,
as well as in civic activities. C. B. Hazlewood has been
elected an Assistant Secretary of the trust company. Except
for these additions, the list of officers and directors remains
the same. During the last year $200,000 has been added
to capital account out of earnings, making the combined
capital and surplus $2,200,000. Deposits are reported as
having increased about $1,500,000 during the year.
JAN. 22 1910.]
THE CHRONICLE
— The First National Bank of Chicago announces the ap
pointment of John F. Ilagey as Assistant Manager of Divi
sion “ F ,” succeeding the late Herbert W. Brough.
213
— At the annual meeting of the Commercial National
Bank of Chicago all the retiring officials were re-elected,
except Robert W. Wells, who resigned as Vice-President to
take up other interests.
— W. Irving Osborne, one of the Vice-Presidents of the
Central Trust Co. of Illinois, will be President of the Com
— The position of Third Vice-President has been created
mercial Trust & Savings Bank of Chicago, to be started in in the Union Trust Co. of Detroit, and B. S. Colburn has
April under the auspices of the Commercial National Bank. been chosen to fill the new office.
The trust company will have a capital of $1,000,000, to be
— I . F . Cotton has resigned as an Assistant Cashier of the
provided out of the proceeds of $1,000,000 of new Commer Northwestern National Bank of Minneapolis, having been
cial National stock, to be offered soon to old stockholders at elected Cashier of the Minnesota National Bank.
$220 a share. Mr. Osborne was born in New York fifty
— Lyman E. Wakefield has become an Assistant Cashier
years ago. He came to Chicago in 1893. There being two
of the Northwestern National Bank of Minneapolis, succeed
other Vice-Presidents of the Central Trust Co., Mr. Uhrlaub
ing I. I . Cotton, resigned. The directorate of the institu
and Mr. Mack, no new appointment to the vacancy created
tion has been increased from twenty-seven members, the new
by Mr. Osborne’s resignation is at all likely.
directors being F. W. Clifford, W. A. Durst, E. A. Merrill
— II. B. Kilgour has resigned from the service of the Illi and H. L. Moore.
nois Trust & Savings Bank of Chicago, with which he has
I he First National Bank of Minneapolis has increased
been associated for twenty years, to become Vice-President
the membership of its board from twenty-two to twenty-four,
of the La Grange State Bank in one of the Chicago suburbs.
the two new members being Isaac Hazlett and Charles S.
— Hiram Holbrook Rose, President of the Colonial Trust & Pillsbury.
Savings Bank of Chicago, died suddenly on the 11th inst.
The becurity National Bank of Minnepaohs has five new
of heart failure. Mr. Rose was born in La Porte, Ind., in directors in A. S. Brooks, S. T . McKnight, Morris McDon
1850. He was a Harvard graduate of the class of ’79, went
ald, F. B. Snyder and J. R. Van Derlip, these additions en
to Chicago in 1881, and there achieved a successful business
larging the board from nineteen to twenty-four members.
career as a real estate agent, mortgage broker and banker.
— The fortieth annual statement of the Royal Bank of
He organized the Colonial Bank in 1902 and was a director in
Canada (head office, Montreal) reveals considerable expan
several important local financial institutions.
sion for the year. Deposits have advanced from $37,576,544
— Charles C. Adsit and James II. Barnard have been (Dec. 31 1908) to $50,822,130 (Dec. 31 1909), and aggregate
elected directors of the Hibernian Banking Association of resources show an increase of over sixteen andahalf millions
Chicago, the one succeeding Charles F. Spalding, deceased, for the twelve months, having risen from $50,470,210, as
and the other taking the place of William A. Heath.
against $67,051,102. The institution, which was incorporated
— John R. Walsh, the veteran Chicago banker, after a in 1869, has an authorized capital of $10,000,000, a capital
legal fight of nearly four years against the prosecution by paid up of $5,000,000 and a reserve fund of $5,700,000. It
the Government for violation of the national banking laws, has over one hundred branches throughout Canada and New
has lost on his appeal to the U. S. Supreme Court, the foundland, besides numerous branches in Cuba, Porto Rico
latter having on the 17th inst. denied the application for a and the Bahamas. H. S. Holt is President, E. L. Pease is
writ of certiorari. His final fight to obtain a new trial on Vice-President and General Manager, and C. E. Neill and
the ground of alleged misconduct on the part of the jurors F. J. Sherman arc Assistant General Managers. S. H. Voorwho had convicted him was also unavailing, the U. S. Cir hees is the New York agent at 68 William Street.
cuit Court of Appeals at Chicago having refused on the i8th
D E B T
S T A T E M E N T
D E C E M B E R
31 1909.
to grant the motion. Mr. Walsh, who was convicted on
The following statements'of the public debt and Treasury
charges of misapplying funds of the Chicago National Bank,
entered upon his five-year term of imprisonment in the cash holdings of the United States are made up from official
figures issued Dec. 31 1909. F o r s t a t e m e n t o f N o v . 30 1909,
Federal penitentiary at Ft. Leavenworth on the 19th. We s e e i s s u e o f D e c . 25 1909, p a g e 1638; t h a t o f D e c . 31 1908, s e e
subjoin a statement made by him on the train en route to J a n . 23 1909, p a g e 208.
prison:
INTEREST-BEARING DEBT DEC. 31 1909.
I ’m glad It's all o v e r . T w o years a g o t o -d a y I w as c o n v ic te d , a n d e v e r
sin ce th a t d a y I ’ v e been ligh tin g hard t o p r o v e the In ju stice o f th at a c t .
N o w th a t I ’ ve fa iled It d o c s n o t p r o v e th a t I ’m g u ilty o f a n y w ro n g d o in g .
I t look s as If I ’ v e lost, b u t a m an m a y Just as w ell be a g o o d loser.
I ’m
feelin g g o o d , fo r I kn ow I have fo u g h t a gam e b a ttle .
The agreement under which a settlement of Mr. Walsh’s
indebtedness to the Clearing-House banks is effected (the
particulars of which were detailed fully in these columns on
Jan. 1) was signed by Mr. Walsh on the 14th inst. and by the
banks and guarantors on the 17th.
— John Farson, banker and head of the well-known bond
house of Farson, Son & Co. of Chicago and New York (for
merly Farson, Leach & Co.), died on the 18th inst., after a
short illness, at his home (known as “ Pleasant Home” ) in
Oak Park, a Chicago residential suburb. Heart disease was
the cause of his death. Mr. Farson, who was the son of a
minister, was born on Oct. 8 1855. With the death of his
father he was forced to leave school when about thirteen
years old, but was able later to attend the University of
Illinois for several years. Ilis first position was in a tailor
shop. Subsequently he became associated with S. A. Kean.
In 1889 the firm of Farson, Leach & Co. was established,
and with its dissolution several years ago Mr. Farson formed
the firm of Farson, Son & Co. Mr. Farson was Vice-Presi
dent of the Rockford & Interurban Ry. Co., trustee of the
American University at Washington, and was interested
in the Calumet & South Chicago Electric St. Ry. Co.
— As expected, William A. Heath was elected President
and a director of the Live Stock Exchange National Bank
of Chicago at the annual meeting last week. He succeeds
S. R. Flynn, resigned.
— The Illinois Trust & Savings Bank of Chicago has added
$500,000 to its surplus, making the total surplus now
$8,000,000.
Title o f Loan —
2a,
3a,
-la,
2s,
2s,
Interest
Payable.
Consols of 1930 ...........Q.-J.
Doan of 1908-18 ......... Q.-F.
Loan of 1925
Q.-F.
Pan. Canal Loan 1906.Q.-N.
Pan. Canal Loan IS03.Q.-F.
-‘l r/iuui/c
Issued.
S
646,250,150
198.<92.600
162,315,400
54,631,980
30,000,000
--------- s i m u u n i is u u s iu r u u n y -
Registered.
Coupon.
■ -
Total.
8
$
s
641,277,500 4,972,650 646.250.150
41,561,100 22,384,360 63,945,460
97,424,900 21,005,000 118,489,900
54,600,500
31,480 54,631,980
29,452,520
547,480 30,000,000
Aggregate lnt.-bearing debt..1,091,990,190 864,316,520 49,000,970 913,317,490
N ote .—Denominations of bonds are:
Of 820, loan of 1908, coupon and registered.
Of $50, all Issues except 3s of 1908: of 8100, all Issues.
Of 8500, all issues; of 81,000, all Issues.
Of 85,000, all registered 2s, 3s and 4s; of 810.000. all registered bonds.
Of S50.000, registered 2s of 1930.
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
Nov. 30.
Dec. 31.
Funded loan of 1891, continued at 2% . called May 18
1900, Interest ceased Aug. IS 1900.............................
$32,000 00
$32,000 00
Funded loan of 1891, matured Sept. 2 1891.......... .......
23.750 00
23.750 00
Loan of 1904, matured Feb. 2 1904...............................
18.750 00
18.750 00
Funded loan of 1907, matured July 2 1907........ ........... 1,377,150 00
1,364,750 00
Refunding certificates, matured July 1 1907..............
17,540 00
17,340 00
Old debt matured at various dates prior to Jan. 1 1861
and other items of debt matured at various dates
subsequent to Jan. 1 1861.............. ..... .....................
909,135 26
909,135 26
Aggregate debt on which Interest has ceased since
maturity................................................................. 82,378.325 26 82,365,725 26
DEBT BEARING NO INTEREST.
United States notes...... ............. ............................................................ $346,681,016 00
Old demand notes......................... ................. ......... ............... .............
53,282 50
National bank notes—Redemption account............ ..................... ...... 26,9431-473 00
Fractional currency, less $8,375,934 estimated as lost or destroyed..
6,859/712 28
Aggregate debt bearing no Interest..................................................$380,537,483 78
RE CA PITU LA TIO N .
Classification —
Interest-bearing debt............
Debt Interest ceased_______
Debt bearing no Interest-----
Dec. 31 1909.
S913,317,490 00
2,365,725 26
380,537,483 78
Not). 30 1909.
$913,317,490 00
2,378,325 26
380,022,941 78
Total grass debt................. $1,296,220,699 04 SI,295.718,757 04
Cash balance in Treasury
234,048,865 69
231,935,124 90
Increase ( + ) or
Decrease (—).
— $12,600 00
+ 514,542 00
+ 8501,942 00
+ 2,113,740 79
Total net debt....................SI.062,171,833 35 81.063,783,632 14 — 81,611,798 79
* Including S150,000,000 reserve fund.
The foregoing figures show a gross debt on Dec. 31 of
$1,296,220,699 04 and a net debt (gross debt less net cash
in the Treasury) of $1,062,171,833 35.
.
TREASURY CASH AND DEMAND LIABILITIES.—
The cash holdings of the Government as the items stood
Dec. 31 are set out in the following:
214
THE CHRONICLE
1909..
1908..
1907..
1906..
1905..
1904 . .
Merchandise.
Ex
ports.
S
.
939,410
.
875,038
.
982,976
.
940,401
.
886,122
777,593
Im
ports.
Excess
Ex
ot
Exports ports.
S
$
757,523 181,887
593,923 281,115
671,891 311,085
683,143 257,258
589,203 296,919
527,572 250,021
S
69,047
27,697
18,915
15,098
6,963
52,762
Gold.
Silver.
Excess
Ex
Im
ot
ports. Exports ports.
Excess
Im
ot
ports. Exports
$
$
23,952 45,095
23,868 3,829
121,929 /103011
93,041 /77 ,943
33,084 /26 ,721
37,039 15,723
$
28,232
26,323
32,407
27,520
32,432
23,768
$
$
23,279 4,953
21,082 5,241
23,517 8,890
20,551 6,969
20,760 11,666
12,312 11,456
/ Excess of Imports.
In these tables of totals, gold and silver in ore for all years
are given under the heads respectively of gold and silver.
The following shows the merchandise balance for each year
back to 1882:
EXCESS OF M ERCH AN DISE IM PO RTS O R E X P O R T S.
12 months ending Dec. 31—
6 months ending Dec. 31—
Exports $54,575,4691882
1882
Exports $15,138,439
1883
__
Exports 62,059,081 1883
Exports 108,143,100
188 4._____
Exports 109,348,733 1884
Exports 120,104,568
1885
__________________________, . Exports
1885 45,067,432
.....
Exports 100,381,125
1886
________ Exports 50,953,570 1886
...............Exports 49,974,832
1887
.E xports 33,572,693 1887
...............Exports 6,482,566
1888
...............Exports 27,924,979 1 88.....................
Imports 33,650.321
1889
..E x p o rts 87,239,638 1889
...............Exports 56.5S4.382
1890
________ Exports 52,826,185 1890
.............E x p o r ts 34,104,822
1891
...............Exports 155,450,274 1891
.
Exports 142,188,703
1892
...............Exports 50,064,293 1892
......
Exports 97,489,702
1893
Exports 170,037,663 1893
...............Exports 109,592,005
........
Exports 148,789,307
1894
...............Exports 80,303,235 1894
............. .Exports 27,925,824 1895
1895
...............Exports 23,190,789
1896
________ Exports 250,301,245 1 8 9 6 . . . . ......................Exports 324,257,685
Exports 357,113,816
1897
...............Exports 320,121,917 1897
1898
________ Exports 325,301,059 1898
...............Exports 620,581,818
1899
...............Exports 271,926,804 1899
Exports 476,500,561
1900
............. .E xports 376,181,301 1900
Exports 648,796,390
1901 ........................... -Exports 296,544,432 1901
...............Exports 584,955,953
1 9 0 2 ..
. .............Exports 209,515,042 1902
Exports 391,369,069
1903__________
Exports 304,351,356 1903
Exports 489,258,756
1 9 0 4 ..
............... Exports 250,021,006 1904
Exports 415,409,550
1905.............................. Exports 296,918,656 1905
..............Exports 447,846,245
1906.
........... ..E x p o r ts 257,258,464 1906
..E x p o r ts 477,741,892
1907.
.........................................................................E xports 5
............... Exports 311,085,196 1907
1908
________ Exports 281.115,002 190 8............................Exports 636,461,360
............... Exports 181,887,045 1909.................
1909
Exports 251,862.923
.
Tot. In Sub-Treas’ les. 158,096,509 43
In Nat. Bank Depositaries—
Credit Treasurer of U. S .
35,324,066 85
Credit U. S. dts. officers.
12,602,810 26
m
------------------------Total In b a n k s ...........
47,926,877 11
In Treas. of Philippine Islands—
Cash Balance and Reserve—Credit Treasurer of U. S .
2,462,587 95
Credit U. S. dls. officers.
3,168,595 66 Total cash and reserve.. 234,048,865 69
Made up of—
Total In Ph ilippin es..
5,631,183 61 Available . . 84,048,865 69
and
Reserve Fund—
Reserve Fund Holdings—
Gold coin and b u llio n ... 150,000,000 00 Gold&bull. 150,000,000 00
Six
Months.
_
Total trust llab illtles-l,366,089,869 00
Total trust fund.1 ,366,089,8G9 00
Gen. Fund Liabilities—
General Fund Holdings—
27,767,547 69
Gold coin and bullion___
7,103,538 72 National bank 5% fund.
Gold certificates_
84.885.S00
00 Outstanding checks and
d r a f t s . . . ...................
11,371,236 30
Silver certificates______
12,965,542 00
Sliver dollars____
2,216,644
00 Disbursing officers’ bal
a n c e s ............ ...............
81,829,895 01
Sliver bullion____
2,959,631
06
United States notes____
7,814,753 00 Post Office Department
5,089,930 75
Treasury notes of 1 89 0..
8,162 00 a c c o u n t _____________
1,547,094 71
National bank notes____
23,240,419 21 Miscellaneous Items___
Fractional sliver coin __
15,832,549 08
T otalgen ’llia b ilitie s.. 127,605,704 40
Fractional currency____
109 88
Minor coin______
1,060,530
83
Bonds and Interest paid.
S',829 65
Similar totals for the six months since July for six years
make the following exhibit:
. .
L IA B IL IT IE S .
$
Trust Fund Liabilities—
$
Gold coin.............................. 874,792,869 00 Gold certificates_______ 874,792,869 00
Silver dollars.................... 487,355,000 00 Silver certificates______ 487,355,000 00
3,942,000 00
Silver dollars of 1 8 9 0 .-3,942,000 00 Treasury notes o f 1890. -
.
ASSETS.
Trust Fund Holdings—
[V O L . L X X X X .
Grand total..................1,727,744,439 15
TREASU RY CURRENCY HOLDINGS.— The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury on the first of October,
November and December, 1909, and January 1910. S t a t e
o f
is s u e
c o r r e s p o n d in g
o f J a n .
d a tes
23 1909,
in
p r e v io u s
g e a r s
w ill
b e f o u n d
in
209.
p a g e
Total cash In Sub-Treasuries..309,331,807 308,794,235 302,347,155d308,096,509
Less gold reserve fund___ .'____..150,000,000 150.000,000 150,000,000 150,000,000
r‘ Cash bal. In Sub-Treasuries...159,331.807
Cash in national banks__________ 50,604,523
Cash In Philippine Islands......... 4,800,898
158,794,235 152,347,155 158,096,509
49,497,654 49,069,718 47,926,877
6,107,046
5,863,024
5,631,184
Net Cash In banks, Sub-Treas.214,737,228 214,398,935 207,279,897 211,654,570
Deduct current llabllltles.a........ 120,531,114 125,295,857 125,344,772 127,605,701
, Available cash balance_______
94,206,114
89,103,079
81,935,125
84,048,866
a Chiefly "disbursing officers’ balances.” (/Includes $2,959,631 silver bullion
d $1,089,470 minor coin, A c., not Included In statement “ Stock of M oney.”
I M
P O R T S
A N
D
E X P O R T S
F O R
D E C E M
B E R .
The Bureau of Statistics at Washington has issued the
statement of the country’s foreign trade for December, and
from it and previous statements we have prepared the
following interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are In all cases omitted.)
-------------------1909------------------- -------------------1908------------------Exports. Imports.
Excess.
Exports. Imports. Excess.
Merchandise.
$
$
$
$
$
$
January-March . . . 422,056 355,104 +66,952
515,460 ' 258,864 +256,596
Aprll-June.............. 365,917 362,894
+3,023
362,337 263.587 +98,750
J u ly........................ 109,337 112,488
— 3,151
103,200 86,436 +16,764
August___________ 109,752 117,094
— 7,342
110,443 91,183 +19,260
September________ 153,963 121,015 +32,948
139,327 98,428 +40,899
October_________ 200,697 127,674
+73,023
171,985 102,041 +69,944
November.......... 193,999
140,509 +53,490
161,253 103,915 +57,338
December........ .
171,662
138,742 +32,920
188,830 111,920 +76,910
Total.................. 1,727,383 1,475,520 +251,863
Qold and Qold In Ore.
January-March... 37,978
Aprll-June............
25,856
July...........................
16,662
August..................
9,230
September............
7.547
October...... .........
9,380
November...............
15,649
December_________
10,579
1,752,835 1,116,374 +636,461
12,158
7,977
3,270
5,349
2,351
7,034
3,864
2,084
+25 820
+17.879
+13,392
+3,881
+5,196
+2,346
+11,785
+8,495
3.859
49,659
4,845
6,600
3,974
1,953
2,968
7,357
17,296 — 13,437
9,112 +40,547
2,949 +1,896
4.304 +2,296
4,767
—793
3,786 — 1,833
2.910
+58
5,152 +2,205
132.581
44,087
+88,794
81,215
50,276
+30,939
Silver and Silver in Ore.
January-March... 14,474
Aprll-June............
14,886
July........................
5,049
August..................
4,495
September............
4,385
October ................
4,054
November............
4,951
December..............
5,298
10,453
12,419
3,916
3,191
3,261
4,049
4,695
4.167
+4,021
+ 2,467
+1,133
+1,304
+1,124
+5
+256
+1,131
12 586
12 928
4.931
4,138
4,198
4,378
3,952
4,726
10,831
10,311
3,039
3,241
3.371
3.746
3,276
4,409
+1,755
+2,617
+1,892
+897
+827
+632
+676
+317
51,837
42,224
+9,613
Total..................
Total..................
57,592
+
+Excess
Excess of exports.
46,151
+11,441
— Excess of Imports.
We subjoin the totals for merchandise, gold and silver for
twelve months since January 1 for six years:
Twelve
Months.
1909..
1908..
1907..
1906..
1905..
1904..
Merchandise.
Ex
ports.
Imports.
: Excess
\ o/
Ex
JExports ports.
Qold.
Silver.
Excess
Ex
Im
ot
ports. Exports ports.
Excess
Im
ot
ports. Exports
i
*
S
I
s
%
1,727,383
!,475,520;251,863 132,881 44,087 88,794
.
1,116,374636,461 81.215 50,276 30,939
1,752,835
.
1,423.170 500,256 55.216 143,398 /88.182
1,923,426
.
1,320,502+77.741 46,709 155,579 /1 08870
1,798,243
.
1,179,145 447,846 46,795 50,294 /3 ,499
1,626,991
.
.
1.035,909415.410 121,212 84,803 36,409
1,451,319
/Excess of Imports.
S
57,592
51,837
61,626
60,957
57,513
50,135
$
46,151
42,224
45,912
44,228
35,939
26,087
*
11,441
9,613
15,714
16,729
21,574
24,048
_ _
_
_
T R E A S U R Y N ET HOLDINGS.
Oct. 1 ’09. Nov. 1 ’09. Dec. 1 '09. Jan. 1 ’ 10.
$
S
$
$
Net gold coin and bullion...242,873,342
254,735,467 250,567,638 241,989,339
12,113,630 12,393,467 18,141,817
Net silver coin and bullion_ 14,975,568
Net United States Treasury notes
7,165
12,465
4,530
8,162
Net legal-tender notes......... 4,278,924
4,501,054
4,459,267
7,814,753
Net national bank notes..... 23,641,951
17,944,644 17,709,371 23,240,419
Net fractional s ilv e r ........... .......... 21,577,880
17,952,453 15,963,589 15,832,549
Minor coin, .fee....................... 1,976,977
1,534,522
1,249,293
1,069.470
Holdings in Sub-Treasuries—
.
.
o u r
_
m e n ts
.
_
Grand t o t a l . . ..............1,727,744,439 15
ptotxctarvjg(Cow nrcrctal^u
(From our own correspondent.]
L o n d o n , S a t u r d a y , J a n . 8 1910.
On Friday evening of last week the members of the Stock
Exchange broke up in a hopeful, not to say sanguine, spirit.
The preceding month had turned out much more profitable
than had been expected. Trade was improving decidedly,
and everybody hoped the New Year would bring all sorts of
good things. Saturday the Stock Exchange was closed, and
on Monday, the first working day of the New Year, the
members came together only to receive a great disappoint
ment. For nearly all departments gave way. There was
no improvement on either Tuesday or Wednesday. Prices
tended all to go lower. On Thursday the directors of the
Bank of England lowered their rate of discount from 4 j^ %
to 4% , and that gave some more courage to the Stock
Exchange. But it effected little more. It steadied markets.
But that is the most that can be said. The causes of the
change are no doubt many. One, the near approach of the
general elections, and the nearer they come the more the
City begins to doubt whether, after all, the opposition will
be able to win. Secondly, last month, when the hopes of an
Opposition victory were great, professionals ran up a con
siderable “ bull” account, and the outside public does not
seem inclined to follow their lead. There is, of course, a
considerable and a steady investment. But the outside
public is not speculating on any considerable scale. There
fore, many professionals are beginning to sell.
But the most powerful of all causes was the setback in
New York. The influence of New York upon European
markets is growing every day, and unfortunately it must
be added that members of the Stock Exchange, taken as a
body, are singularly ignorant of America, its resources and
its ways of doing business. Therefore, there is a notion in
the Stock Exchange that because prices since the panic at
the end of 1907 have been run up to nearly as high as they
were before the panic, the pace has been altogether too quick,
and therefore the markets are not as stable as might be de
sired. Every setback in New York, therefore, awakens
fears in the apprehensive. And it must be recollected that
the nerves of the Stock Exchange arc very sensitive just now
when the House of Lords has staked its very existence and
when, therefore, nobody knows what the political situation
will be a month hence. Probably there will be a recovery
from the present activity. It will be helped if there is a
decided recovery in New York. It will be delayed if New
York continues unsteady. But there is no probability that
there will be much activity until the elections are over. The
writs for the elections are to be issued on Monday next, and,
according to the general belief, the first elections will take
place on the following Saturday. Within a fortnight from
Monday it is expected that nearly all the borough elections
will be completed, and within three weeks practically the
result will be known. During these three weeks little atten
tion will be given to business. Money will pour out from
Londonrto the interior. Candidates, their agents and their
friends,''will bejbusily engaged in canvassing electors, and,
in a word, the main attention of the whole country will
215
THE CHRONICLE
J a n . 22 1910. i
1909-10.
1908-09.
1907-08.
1906-07.
be given to electioneering. In the city the belief is that if Wheat Imported.................... ewt.30,223,040
30,442,700 31,622,300 29,331,700
the Opposition wins there will be a great boom, whereas if Imports of (lour.................
4,934,300
4,899,700 5,448,000 5,250,100
the Government wins there will be a fall. Quite possibly, Sales of home-grown_____________ 10,648,767 13,237,588 12,554,105 10,959,007
there may be a rise in prices for a few days if the Opposition
Total ..................................-,..51,S06,107
48,579,OSS 49,624,405 45,540,807
32s. Od.
35s. Id.
26s. Od.
price wheat, week_______33s. 2d.
wins and there may be a fall in prices for a few days if the Average
Average price, season.............. ..... 32s. lid.
31s. 7d.
34s. Od.
26s. 3d.
Government wins. But the likelihood is that within a week
The following show's the quantities of w’heat, flour and
people will submit to the inevitable and will console them
maize afloat to the United Kingdom:
selves by giving their very best attention to their business.
week. Last week.
1909.
1908.
Money was very easy and plentiful. The outside market W heat.................................... qrs. This
2,055,000
1,9S0,000
1,590,000
1,990,000
is repaying the Bank with ease, and rates are surprisingly low. Flour, equal to...... ......... ....... qrs.
205,000
215,000
170,000
320,000
700,000
690,000
395,000
435,000
But the probability is that they will not remain low very Maize .......... ........................ qrs.
long. The Indian Government is bringing out a loan for
English Financial Markets— Per Cable.
millions sterling. The rate of interest is 3j^% and the
The daily closing quotations for securities, &c., at London,
issue price is 9 0 India, moreover, has surprised the city as reported by cable, have been as follows the past wrcek:
by taking this week as much as £875,000 in gold, £375,000
London.
was taken at the beginning of the week, and is included in
Week ending Jan. 21.
Wed.
Sat.
Mon.
Thurs.
Frl.
Tues.
per o z _____________ d. 24 3-16 24%
24%
24% 24% 3-16 24%
the Bank return. £500,000 has been taken since the Bank Silver,
Consols, new, 2% per c e n ts ... 82 13--16 82%
82%
82%
82%
82%
return was issued. £200,000 also has been taken for Argen
F’or account . . .
.
. 82 15-16 82 13-16 82 9-16 82 9-16 82 1-16 82 15-1
tina since the Bank return. These loans and these with French Rentes (In Par.) fr .. 99.15 99.15 99.10 99.20 99.10 99.15
Copper C o . . . ■ S5%
85
85%
87%
85%
85%
drawals together are likely to steady rates, especially as the bAmalgamated
Anaconda Mining C o___
10%
10%
10%
10%
10%
10%
122%
121
121%
British Government will probably have to borrow consider Atcli. Top. & Santa F e_____ 121% 123% 122
Preferred .............................106%
106%
106%
106%
106%
106%
able amounts because of the throwing out of the Budget.
Baltimore A O hio................... 119%
120
119
119%
119%
118%
P r e fe r re d ............................ 96
95%
95%
95%
96%
The India Council offered for tender on Wednesday 100
. 95%
Pacific____________ 184%
185
184%
185%
185%
185%
lacs of its bills and the applications amounted to nearly Canadian
Chesapeake & O h io ............. . 89
90%
89
86%
86%
096% lacs at prices ranging from Is. 4 1-lGd. to Is. 4% d. per Chicago MIlw & St. Paul____ 151% 153% 152
152%
151%
151%
& Itlo G ra n de.. . . . 46
40%
45%
46
45
44
rupee. Applicants for bills at Is. 4 1-lGd. and for tele Denver
Preferred ............................. 82
82%
82%
82%
82
82%
graphic transfers at Is. 4 3-32d. per rupee were allotted about Erie ........................................... 32%
32%
31%
32%
31%
32%
First preferred................. 50%
51
50%
50%
49%
50
2% ; and above in full.
Second preferred________ 40%
40
40
40%
39%
39
The following returns show the position of the Bank of Illinois Central______ ______ 146
147
140%
147
147
147%
& Nashville........... 158
158
155%
156
155
155%
England, the Bank rate of discount, the price of consols, Louisville
Missouri Kansas & Texas__ 47%
47%
46%
40%
45%
465-1
&c., compared with the last four years:
Preferred ............................ 75
75%
74%
75
75%
to
1907.
1906.
1909.
1908.
Jan. 6.
Jan. 8.
Jan. 9.
Jan. 10.
£
£
£
£
Circulation.............. 28,865,720 29,631,590 28,948,020 28,085,445 29,432,270
5,208,056
Public deposits___ 9,930,777
7,551,371
6,410,573
8,090,486
Other deposits........ 49,139,180 47,310,290 45,080,619 47,127,057 47,972,805
Governm’t securities 17,507,945 17,590,865 16,332,136 17,358,510 18,339,473
Other securities___ 30,211,089 35,197,131 27,763,949 32,842,040 37,015,725
Reserve,notes&coln 23,288,123 19,991,040 24,273,388 21,418,555 18,815,588
Coln&bull.,both dep 33,703,843 31,172,630 34,771,108 31,654,000 29,797,858
Prop, reserve to lia
bilities......... p. c.
39 7-16
36 7-16
33%
40
48%
Bank rate____ p. c.
4
6
6
4
2%
Consols, 2% p. c . . .
82%
83%
84
87 1-16
89 3-16
Sliver ......................
24%d.
20 7-10d.
32%d.
23 %d.
30%d.
Clear.-house returns 334,315,000 295,184,000 254,311,000 255,131,000 228,921,000
1910.
Jan. 5.
£
The rates for money have been as follows:
Dec. 31.
Jan. 7.
4%
4
Bank of England rate...........
Open Market rate—
Bank bills— 60 d a y s .........
— 3 m onths___
— 1 months____
— 6 m onths____
Trade bills— 3 months____
— 1 m onths____
3%
3 % (3)3 5-10
3% @ 3 5-10
3 3-16
3%
4
Interest allowed for deposits—
By Joint-stock banks.........
By discount houses:
At c a ll............................. ■
7 to 14 days......................
3%
3% © 3 7-16
3 5-16
3%
4
4@ 4%
Dec. 23.
Dec. 17.
4%
4%
4 1-10
3%
3 15-16
3%
3 % @ 3 7-10
3 11-16
3% © 3 3-16
3%
4% © 4%
4% @ 4 %
4% @ 4%
4% @ 4 %
2%
3
3
3
2%
2%
3
3%
3
3%
3
3%
The bank rates of discount and open market rates at the
chief Continental cities have been as follows:
Rates of
Interest at—
Paris ....................
Berlin....................
H am burg............. .___
F r a n k fo r t........... ___
Amsterdam .......... . . .
Brussels ________ . . . .
Vienna ................. . . . .
St. Petersburg . . . ___
Madrid.................... - - Copenhagen _____
Jan. 8.
Bank Open
Rate. Market.
5
5
3
3%
4
5
4%
2%
4%
4%
4%
2%
2%
3%
nom.
4%
5
Jan. 1.
Bank Open
Rate. Market.
3
5
5
5
3
3%
4
5
4%
5
2%
4%
4%
4 3-16
2%
2%
3%
no in.
4%
5
Dec. 25.
Bank Open
Rate. Market.
5
3
5
5
5
3
3%
4
5
4%
5
2%
3%
3%
3 5-16
2%
2%
3%
nom.
4%
The quotations for bullion are reported as follows:
GOLD.
Jan. 6.
London Standard.
S. (/.
Bar gold, line, oz___ . 77 9
U. S. gold coin, oz__ . 70 5
German gold coin, oz. . 76 5
French gold coin, oz. . 76 5
Japanese yen______ . 76 4
SILVER.
Jan. 6.
Dec. 30.
s . d.
London Standard.
d.
77 9
Bar silver, fine, oz.. .24 13-16
70 5
“ 2 mo. delivery, oz .24 5-16
76 5
Cake silver, oz.......... .26%
70 5
Mexican dollars____ .nom.
76 4
Dec. 30
d.
24%
24%
26 3-16
nom.
Messrs. Pixley & Abell write as follows under date of
Jan. 0:
COLD.— Paris has been able to secure this week all the available supplies of bar
gold after the Indian requirements, amounting to about £200,000, had been satlsfled. The arrivals amounted to about £700,000, and there was also available about
£200,000 left over from last week, which had not been dealt with. Next week we
expect £061,000 from South Africa. Since our last circular the Bank has received
£504,000 In bar gold and has lost In sovereigns £250,000 to the Argentine and £875,
000 to the Continent, but we believe that probably about half of this latter amount
will be sent on by post to India. In addition to these withdrawals, £54,000 has been
set aside for the Straits Settlements gold and notes reserve. The Bank rate, which
has stood at 4% % since Dec. 9, was to-day lowered to 4%. Arrivals—South Africa,
£539,000: India, £108,000; New Zealand, £30,000; West Africa, £5.000; Brazil,
£30,000; total, £712.000. Shipments—Bombay, £158,000; Madras, £15,000; total,
£173,000.
SILVER.—-Quotations have not moved more than l-10d. during the past week;
24%d. has been the highest and 24 3-10d. the lowest and also the closing price for
both spot and forward. The Indian Bazaars have been good buyers for prompt
shipment, but this demand has been met by sales from China and by rather larger
American sales. An Important amount will go out by this week’s mall to Bombay.
The Indian price Is Its. Ol 1-10 per 100 Tolahs. The market at the close to-night Is
quiet and rather dull. Arrivals— New York, £220,000. Shipments— Bombay,
£0,000; Shagnhal, £67,000; total, £73,000.
The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
IMPORTS.
Eighteen weeks—
1909-10.
1908-09.
1907-08.
1906-07.
Imports of wheat.................. cwt.36,223,040 30,442,700 31,022,300 29,331,700
Barley ............................................ 11,155,000
11,459,300 13,573,100 10,555,300
Oats................................................... 7,020,700
4,549,300 3,040,800 4,217,100
Peas...................................................
729,917
580,520
857,020
831.310
Heans ............................................. 1,487,080
629,030
519,910
435,720
Indian corn........................................13,118,400 12,992,900 18,072,500 17,090,600
Flour .............................................. 4,934,300
4,899.700 5,448.000 5,250.100
Supplies available for consumption (exclusive of stock on
September 1):
a Price per share,
02%
20%
123%
47%
100%
92
140%
08%
83%
47%
53
47%
130%
32
71%
200%
103%
88%
120%
23
51%
76%
64
27
121%
40%
100%
92
130
08%
83%
47 %
52
45
135%
32
69%
198%
104
87%
126%
23
51%
70
63%
26%
122
40
100
92
138%
68%
83%
47%
52%
47
134%
31%
70%
197%
103
80
126
22%
51
70
64%
27%
121
46
99
91%
130
07%
82
47%
52
43%
133%
31
09
190%
103%
SG%
125
21%
50
75%
66
29%
122%
46%
99%
92
139%
68%
83%
47%
52
45%
133%
31%
70%
197%
103%
80%
12654
22%
51%
75%
b £ sterling.
Comm ereuil and
*sc cl\aucon s ijeurs
BANK NOTES— CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.— We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement for December
1908 will be found in our issue for Jan. 30 1909, page 274.
Dec. 18.
Bank Open
Rate. Market.
3
2%
5
3%
5
3%
3 15-10
5
3
2%
3%
2%
4
3%
nom.
nom.
4%
4%
5
Nat. l t R .o f Mexico, 1st prof. 02%
Second preferred......... ...... 25%
N. \ . Central & Hud. River. 123
N. Y . Ontario & W estern__ 47%
Norfolk & W estern________ . 99
Preferred ............................ . 92
Northern Pacific.......................139%
a Pennsylvania......... .............. . 68%
a R ea d in g................................ • 82%
a F’lrst preferred................. • 47%
a Second preferred............. . 53
R ock Island............................ . 46
Southern Pacific______ _____ 134
Southern Railway....... .......... 31%
Preferred ............................ . 71
Union Pa Iflc.......................... 198%
Preferred ....... ..................... 103
U. S. Steel Corporation......... 80%
P r e fe r r e d ..... ....................... 120
W 'abash____________________ 22%
P r e fe r re d ............. ...... .... . 50
Extended 4s_____________ 76
Bonds and Legal-Tenders
on Deposit for
1908-09.
Dec.
Nov.
Oct.
Sept.
Aug.
July
June
May
April
Vlcb.
Feb.
Jan.
Circulation Afloat Under—
LegalTenders.
3 1 ...
30----3 0 ...
30----31___
.31___
30___
31___
30----3 1 ...
2 8 ...
3 0 ...
S
683,437,240
081,689.370
079.545,740
070,380,040
072,925,700
667,652,650
660.6S9.070
657,972,970
653,901,910
651,267,130
640,769,140
035,214,500
S
26,952,730
26,438,190
25.595,793
26,776,006
20,581,779
27,845,433
20,240,666
31,914,847
34,243,657
38,265,225
42,090,715
46,303,455
LegalTenders.
S
683,401,523
680.995.267
678,344,903
670,031.393
672,263,696
607,508,731
659,073,408
650.205.268
653,104,570
640,142,390
635,588,885
630,300,037
S
20,952,730
26,438,190
25,595,793
20,776,066
25,5.81,778
27,845,433
30,240,666
31,914,847
34,243,657
38,205,225
42,696,715
40,363,455
Total.
S
710,354,253
707,433,457
703,940,756
702,807,459
098,845,474
695,354,164
689,920,074
688,183,115
687,408,227
684.407.615
678,285,600
076,673,092
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on Dee. 31.
Bonds on Deposit
Dec. 31 1909
2% Panama Canal, 1916-1936............
4% Loan of 1925______ ______ ______
3% Loan of 1908-1918..........................
2% Coasols 1930 ........ ...........................
2% Panama Canal 1918-1938............
3.05% District of Columbia, 1924........
State, city and railroad bonds________
Hawaiian Island bonds....................- - -
Total
.................. - ............. .......
U. S. Bonds Held Dec. 31 to Secure—
Bank
Circulation.
PublicDeposits
in Banks.
Total
Held.
50.326,320
10,013,350
14,713,940
575,807,450
26,576,180
2.905.000
3.611.300
3.822.300
23.743,700
1.353.000
780.000
9,123,500
654.000
4.266.000
399.000
136.000
S
S
53,231,320
19,624.050
18,536,240
599,551,150
27,929,180
780.000
9,123,500
654.000
4,266,000
399.000
136.000
683.437,240
50.793,800
734,231,040
S
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Dec. 1 and
Jan. 1 and their increase or decrease during the month of
Decern ber.
National Bank Notes— Total Afloat.
Amount afloat December 1 1909.............................. ..................................$707,433,457
Net amount Issued during December................................................. .......
2,920,796
Amount of bank notes afloat January 1 1910..........................s.........S710,354,253
Legal-Tender Notts.
Amount on deposit to redeem national bank notes December 1 1909.. $26,438,190
Net amount of bank notes Issued In December........................................
514,540
Amount on deposit to redeem national bank notes January 1 1910.. $26,952,730
316
THE CHRONICLE
FOREIGN TRADE OF NEW Y ORK— MONTHLY
STATEMENT.— In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our New
York Custom House. The first statement covers the total
imports and exports of merchandise and the Customs re
ceipts for the twelve months of the last two years:
Merchandise Movement to New York.
1
*Month.
Imports.
*&
January .
February..
M a r c h ___
A p r i l -----M a y .........
June-------J u l y .........
August . . .
September
O ctober -
Novem ber
December
Total
Customs Receipts
at New York.
Exports.
1909.
1908.
1909.
1908.
%
61,789,335
73,074,545
80.729.503
75,898,544
69.230.504
73,252,301
68,687,013
68,295,105
73,362,959
76,749,472
85,658,842
84,103.875
%
47,489,941
50,359,343
52,625,828
53,605,913
50,255,042
50,604,930
49,729,151
50,445,780
58,374,355
58,624,468
59.748,093
68 634,111
$
50,812,004
45,319,475
58,684,184
51,709,272
48,571,972
52,404,342
50,583,478
49,212,360
50,779,347
55,899,327
55,953,006
58,606,172
$
62,531,690
59,999,726
58,116,795
57,436.142
47,529,637
51,137,522
47,489,381
45,107,352
49,671,985
52,462,041
46,064,833
59,150,532
1909.
$
15,795,700
17,775,728
19,064,331
18,802,924
16,846,056
17,318.187
20,728,717
19,732,558
17,906.343
19,793,908
17,575,847
16,223,356
1908.
$
14,640,440
15,241,056
14,086,404
13,787,445
12,303,743
13,108,456
14,417,036
14,517,500
17.115,157
15,329,452
15,134.288
16,129.492
[V O L . L X X X X
C O R P O R A T E E X IS T E N C E OF N A T IO N A L B A N K S E X T E N D E D .
4 ,2 0 8 — T h e G ib b s N a tio n a l B a n k o f H u n ts v ille , T e x a s .
4 ,2 3 0 — T h e S u ffo lk C o u n ty N a tio n a l B a n k o f R Iv e rh e a d , N . Y .
4 ,2 8 0 — T h e F irst N a tio n a l B a n k o f V an A ls ty n c , T e x a s .
4 .2 1 0 —
T h e F irst N a tio n a l B a n k o f W y m o r e , N e b .
4 ,2 1 8 — T h e N a tio n a l H o w a rd B a n k o f B a ltim o re , M d.
L IQ U ID A T IO N S .
9 .1 7 8 —
T h e F o a rd C o u n ty N ation a l Bank o f C ro w e ll, T e x ., D e c . 11.
965— T h e M e rch a n ts’ N a tio n a l B ank o f N ew A lb a n y , I n d ., D e c . 21.
8 ,1 3 0 — T h e First N ation a l B ank o f W a ln u t S p rin gs, T e x a s , D e c e m b e r
30 1909.
9 .1 7 8 —
T h e F oa rd C o u n ty N ation a l B ank o f C row ell, T e x ., D e c. 11 1909.
5 ,4 2 0 — T h e F irst N a tio n a l Bank o f N ew L o n d o n , Io w a , D e ce m b e r 31 1909
2 ,5 6 3 — T h e N a tio n a l S e cu rity B a n k o f L y n n , M ass., J an u ary 3 1910.
3 .2 1 0 —
T h e C ity N ation a l B ank o f K a la m a zo o , M ich ., J a n u a ry 1 1910.
6 .2 1 1 —
T h e First N ation a l B ank o f P h ilo , Illin ois, J a n u a r y l 1910.
8 ,0 3 3 — T h e First N a tio n a l B ank o f E d w a rd s v llle , P e n n ., J an u ary 3 1910.
8 ,9 5 8 — T h e C on nell N a tio n a l B a n k , C on n ell, W a s h ., D e ce m b e r 15 1909.
3 ,9 1 9 — T h e F irst N a tio n a l B a n k o f U n ion C ity , T e n n ., Ja n . 10 1910.
R E S U M P T I O N O F B U S IN E S S .
8 ,9 0 3 — T h e F irst N a tio n a l B a n k o f B u rn sid e , K y ., p la ce d in ch arge o f a
re ce iv e r on S e p t. 17 1909; resu m ed business D e c . 23 1909.
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
890,831.998 650,496,958 628,534,933 536,697,636 217,563,655 175,810,475
The im ports and exports of gold and silver for the twelve
months have been as follows:
Silver— New York
Oold Movement at New York.
Name o f Company .
Railroads (Steam ).
Atchison Topeka & Santa Fe, com . (quar.)
Preferred (N o. 2 3 ).....................................
Per
Cent.
\X
2X
IX
Baltimore & Ohio, com m on ........................
3
2
Preferred ......... ..........................................
Beliefonto Central......... ...............................
l
Canada Southern....................................... ..
IX
2
Central R R . of New Jersey (q u arterly).66,925
641,580 3,937,649
714.693 7,585,759 7.843.125
January _____
Chicago (t Alton l ilt ., com m on...............
2
819,731 1,300,840 8.818,220
636,087
612,183 3,904,913
F e b r u a r y ____
Cumulative prior lien and partlc. sto ck .
2
135,985
606,421 3,767.344
M a r c h _______ 2,728,363 1,925,862 21,173,385
2
Clove. CIn. Chic. & St. Louis, co m --------550,733 3.968.915
900,777 6,269,450 11,677,173
742,911
A p r i l ________
619,503 1,471,272 11,094,572 25,568,226
Cuba R R .. preferred........... ....................... ..
707,120 3,486,494
M a y ..................
IX
Delaware & Hudson Co. (q u a r ,).......... ..
578,263
989,058 5,233,050 7,987,653
844,364 4,144,201
June ................
2 'A
Great Northern (qu ar.).................................
569,791 13,405,800 1,059,656
470,018
567,942 4,068.843
lX
J u l y ......... ........
600,563 1,100,130 2,847,470
Illinois Central (N o. 110).............................
8,400
August..............
523,787 3,609,187
3X
491,945 1,353,973
Lake Shore & Michigan Southern......... ..
6
335,620
424,670 3,624,993
Septem ber-----506,125
6
Guaranteed stock(M ich.Sou.&Nor.Ind.)
732,077 2,723,840
685,147 1,044,600 1.974.125
O ctober - .........
50,125
Louisville & Nashville___________________
693.410
849.774
N ovem ber____ 1,083,967
851,299 8,877,100
794,980
■AX
Mahoning Coal RR., common .................. .
6
640,994 3,646,397
515,727 1,343,259 8,017,750 6,445,285
D e ce m b e r -----Common (extra) ................ — .................
50
Michigan Central............................................
3
Total - - - - - - 10,050,831 20,436,620 95,889.667 54,936,620 7,701,645 40,676,204
3
Nashville Chattanooga & St. Louis...........
N . Y . Chic. & St. Louis, common (N o. 1).
3
5
First preferred ............ ....... .....................
National Banks.— The following information regarding
5
Second preferred ........ .................... .......
national banks is from the office of the Comptroller of the Norfolk & Western, preferred.................... 2
Northern Paclllc (quar.) --------- -------------IX
Currency, Treasury Department:
Plttsb. Cine. Chic. & St. Louis, com m on.
2X
A P P L I C A T I O N S T O C O N V E R T IN T O N A T I O N A L B A N K S
Pittsburgh & Lake Erie------------------------5
APPROVED.
Extra ................— ....................... ............ 40
3
Reading Company, com m on ......................
T h e B ra n ch B a n k in g C o ., W ils o n , N . C ., Into “ T h e S tate N a tio n a l B a n k
2
First preferred_________ _______ ________
o f W ils o n .”
C a p ita l, $10 0 ,0 0 0 .
IX
T h e G eorgia B a n k in g C o ., o f A lb a n y , G a ., Into “ T h e G eorgia N a tio n a l Rome Watertown & Ogd., guar. (quar. ) . . .
Vandalia
------------------------------------------------2X
B a n k o f A lb a n y .”
C a p ita l, 510 0 ,0 0 0 .
Street & Electric Railways.
N A T IO N A L B A N K S O R G A N IZ E D .
3
Boston Elevated R y . ------- ------------------Boston it Northern Street R y ., preferred.
3
December 30 to January 11.
9 .6 1 9 —
T h e L anclm ands N ation a l B a n k o f K lm b a llto n , I o w a .
C a p ita l, Columbus (O .) lty ., pref. (quar.)(N o. 41)
IX
1
525 .0 0 0 .
H ans M adsen, P resid en t; H ans J . J o rg e n se n , V ic e Connecticut Ilg. ifc Ltg., com. it- pref. (qu.)
Dartmouth & Westport S l.R u. (quar.)____
2
P resid en t; A lm a M adsen, C ashier.
9 .6 2 0 —
T h e F irst N ation a l Bank o f A lle n , O k la . C a p ita l, 5 2 5 ,0 0 0 . C has. East St. Louis it Sub., pref. (q u .)(N o .l5 )
IX
E . H ea d , P residen t; C. M . M eans, V ice -P r e s id e n t; W . M . P e g g , Georgia Rg. it Electric, pref. (quar.).........
IX
Grand Rapids R y ., pref. (qu.) (N o. 3 7 ) ..
IX
Cashier.
_
„
,
3
9 .6 2 1 —
T h e P a ja r o V a lle y N ation a l B ank o f W a ts o n v ille , Cal. C a pital, Harrisburg (P a .) Traction ...... ...................
Havana Electric R y ., com . (qu.) (No. 5)
1
510 0 .0 0 0 . W arren R . P o rte r, P res.; N . A . U ren and Ja m e s W a te rs ,
V ic e -P r e s id e n ts ; J oh n J. M o re y , C a sh .; Charles A . P a lm ta g , A sst.
Prefered (quar.) (N o. 16)......... ............
IX
C ash. C on version o f th e P a ja r o V a lle y B ank.
Helena Light & Rg., com. (quar.) ..............
1
9,622 T h e C ity N ation a l B ank o f B ism arck , N. D ak. C a p ita l, 5 5 0 ,0 0 0 .
P referred (quar.) . - ---------------IX
P . C. R e m in g to n , P res.: E . P . Q u ain , V lc e -P r e s .; W a lte r G raham ,
Jacksonville Electric Co., com . (N o. 1 1 )..
3
C ash.; J. A . G ra h am , A s s t. C ash. C on version o f T h e M e rch a n ts ’
3
Preferred (N o. 1 5 ) . . _____ ____________
Metropolitan West Side EL, pref. ( q u .) ..
X
S ta te B a nk.
9 .6 2 3 —
T h e F irst N a tion a l B a n k o f B u tt e , N e b .
C a p ital, 550 ,0 0 0 .
E lm er M exico 'Tramways______________________
IX
E B o y n t o n , P res.; H enry A . O lericli, V lc e -P r e s .; M ax L . H o n k e ,
Milwaukee Elec. R y . it Light, pref. (qu.)
IX
Montreal Street Ry. (quar.) — ......... ........
Cash. C on v ersion o f th e B ank o f B o y d C o u n ty .
2X
3
9 .6 2 4 —
T h e F a rm ers’ N a tio n a l B ank o f O d e ll, 111. C a p ita l, $2 5 ,0 0 0 . J oh n Old Colony Street Ily ., preferred................
Philadelphia Company, com . (qu ar.)-----W . B a k er, P res.; G eorge H . B ron son , V lc e -P r e s .; P . E . K a n e , Cash.
IX
9 .6 2 5 —
T h e H u tto N ation a l B a nk, H u t to , T e x .
C a p ita l, 525 ,0 0 0 .
J . S.
P referred .................... ...............................
2X
Public Service Investment, com . (No. 1).
H o lm a n , P res.; R . B. H u tto , V lce -P re s; A . B. W a llin g , Cash.
IX
Preferred (N o. 3 ) ....... ................................
9 .6 2 6 —
T h e First N ation a l B ank o f F o rt B ra g g , C al. C a pital, $5 0 ,0 0 0 .
IX
Railways Company General (q u a r.)____
1
H . A . W eller, P resid e n t; W . P. P lu m m er, V ice -P re s id e n t; J n o . E.
2
Railway & Light Securities, com . (N o. 1)
W e lle r , C ashier; Chas. II. W e lle r, A ssistant C ashier. C on version
3
P referred ......... ................. - .....................
o f the B a n k o f F o r t B ragg.
1
9 .6 2 7 —
T h e First N a tion a l B ank o f W a r tr a c e , T c n n . C a p ita l, $25 ,0 0 0 . lllo de Janeiro Tram ., I.t. it Power, L td.
J . E . S h offn er, P residen t; H . A . C lark, V ice -P re sid e n t; W . II
Twin City Rap. T ran., Mlnneap., com .(qu)
IX
2
H o o s e r, Cashier; C ly d e H . S h o ffn e r, A ssistant Cashier.
Union St. Ilg., New Bedford, Mass. (qu.).
9 .6 2 8 —
T h e F ou rth N ation a l B a n k o f J a c k s o n v ille , F la. C a p ita l, $40 0 ,0 0 0 . West Penn R ys., pref. (quar.) (No. 1 7 ) . ..
IX
W . C P o w ell, P residen t; J o h n H . P o w e ll, V ice -P re s id e n t; E . D .
Banks.
3
W a lt e r , C ashier.
Bowery (quar.) — .................... .. ...............
5
0 ,0 2 9 — T h e O ld N a tion a l B a n k o f U n io n C ity , T e n n . C a p ital, $75 ,0 0 0 .
Extra ........... ................... - .......................
L . S . P a rk s, P resid en t; J . S. R o b e rts a n d Seld W a d d e ll, V ic e -P r e s i Copper. National (quar.) (N o. 4 ) ..............
2
4
d en ts; W a lter H o w e ll, Cashier; E . V . C aldw ell an d J . A . H e fle y ,
Corn Exchange (quar.) ...............................
G erm an-Am erican ........ ....................... —
3
9 .6 3 0 —
T h e F irst N ation a l B ank o f L o u isv ille , O h io . C a p ita l, $25 ,0 0 0 .
21
L . C. B o n n o t, P resid en t; M ac J o h n so n , V ice -P re s id e n t; J . H . B air,
Nineteenth Ward (monthly) (No. 4 3 ) ____
IX
Cashier; W . S. G ib s on , A ssistant Cashier.
Pacific ( q u a r .).. .............. .............. .........
9 .6 3 1 —
T h e E llen dale N a tio n a l B a n k , E llen dale, N . D . C a p ita l, $ 25 ,000 .
2
Extra ...................... .......... .................
2
B . W . S h ou w eller, P resid en t; F . A . B o b b e , V ice -P re s id e n t; I I . C.
People’s National (Brooklyn) (N o. 1 ) ___
P eek , Cashier; F ran k K o o b , A ssistant C ashier. C o n v e rsio n o f the
3
Twenty-third Ward ...... ...............................
B ank o f E llen dale.
Trust Companies.
9 .6 3 2 —
T h e F irst N ation a l B a n k o f N e w p o r t. T e n n . C a p ita l, $ 25 ,000 .
Broadway (quar.) --------------------------------IX
J . A . S u son g , P resid en t; L . S. S m ith , C ashier. C o n v e rsio n o f the
Farmers' Loan it Trust (quar.) .................. 1 2 X
C ock e C o u n ty B a n k .
2X
Hamilton, Brooklyn (quar.) -------------------4
9 .6 3 3 —
T h e F irst N ation a l B a n k o f C lark sville, A rk . C a p ita l, $25 ,0 0 0 . Kings County, Brooklyn (quar.) .......... —
C. E . R o b in s o n , P resid e n t; W . J . B a sh a m , V ic e -P r e s id e n t; A . N .
Miscellaneous.
Amalgamated Copper (quar.) ......................
R a g o n , C ashier. C on v e rsio n o f the J o h n so n C o u n ty B a n k.
Yi
i
9 .6 3 4 —
T h e W h itle y N a tio n a l B a n k o f C o rb in , K y . C a p ita l, $ 25 ,000 . American Cement (No. 21)...........................
i
J oh n W . H a rt, P resid en t; E . H . S teele, V ice -P re s id e n t; J . F .
American Chicle, common (monthly)........
i
Amer. District Teleg. of N. J. (q u a r .)..
W ild e r , Cashier.
9 .6 3 5 —
T h e N ation a l B a n k o f H e rn d o n , V a . C a p ita l, $ 2 5 ,0 0 0 .
E rnest American Gas & Elec., pref. (qu.)(N o. 12)
i x
American Glue, preferred (N o. 8 ) . _ ...........
4
L . R o b e y , P residen t; J . F . R y a n , V ice -P re s id e n t; C. N . F lo re n ce ,
C ashier.
American Light & Traction, com . (auar.)
2
9 .6 3 6 —
T h e C herok ee N a tio n a l B a n k o f R o m e , G a. C a lp ta l, $10 0 ,0 0 0 . Common (special)....... .......... - ................
2
H . E. K e lle y , P resid en t; B . T . H a y n e s, V ice -P re s id e n t; B . F . H ale,
Preferred (qu ar.)............................ ..........
iX
Bond it Mortgage Guarantee (quar.) _____
C ashier. C on version o f the C h erok ee B a n k o f R o m e .
3
9 .6 3 7 —
T h e F irst N a tion a l B ank o f C a d d o M ills, T e x a s . C a p ita l, $ 25 ,000 . Butte Elec, it Pow ., pref. (quar.)(N o. 34)
IX
G eo. L . V a n C leave, P residen t; W . C. W e lch a n d L . T . J o h n s to n ,
Cambria Steel.............. ....... ............... .......
2X
V ice-P resid en ts; M. L . J o h n so n , Cashier.
Claflin (If. B .), first preferred (qu ar.)____
IX
9 .6 3 8 —
T h e H op ew ell N a tio n a l B a n k , H o p e w e ll, P a . C a p ita l, $ 25 ,000 .
Second preferred (qu ar.)........................
IX
U . F . R o h m , P residen t; F . S. C a m p b e ll, J . A . B e n n e r, W m . L a u der, Commonwealth-Edlson (quar.) ....................
IX
V ice -P re s id e n ts ; Jam es B . M an n in g, Cashier.
Consolidated Car Healing ............................
IX
Consolidation Coal (quar.) ............ .............
IX
C H A N G E OF C O R P O R A T E T IT L E .
Distillers’ Securities Corp. (quar.) (No. 29)
X
8 .2 4 1 —
T h e L u m b e rm a n ’s N ation a l B ank o f B e m ld jl, M in n ., to “ T h e d Distilling Co. of Am er., pref. (q u a r .)..
1
N orth ern N a tion a l B ank o f B e m ld jl.”
Dominion Coal, Ltd., preferred................
3H
C H A N G E O F T IT L E O F N A T IO N A L B A N K .
duP ont(E .I.)deN em oursPow d.,pret.(qu.)
IX
Eastman Kodak, common (extra )_______
I X
December 29.
2X
8 .2 4 1 —
T h e L u m b e rm e n ’s N a tio n a l B a n k o f B e m l d j l,. M in n ., to “ T h e Edison Elec. III., Boston (qu.) (No. 8 3 ) ..
Elec. Bond it Share, nref. (quar.) (N o. 19)
IX
N orth ern N a tion a l B a n k o f B e m ld jl.”
Month.
Imports.
1909.
1908.
Exports.
1909.
|
1908.
Imports.
Exports.
1909.
1909.
When
Payable.
Mch.
Feb.
Books Closed.
Dags Inclusive.
Mch.
Mch.
Feb.
Feb.
Feb.
Feb.
Feb.
Mch.
Feb.
Mch.
Feb.
Mch.
Jan.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Mch.
Mch.
Mch.
Feb.
Feb.
F eb.
Feb.
Feb.
Feb.
Mch.
Feb.
Feb.
1 Holders of rec Feb. 7a
1 Holders of rec. Dec.30a
15
1 Holders of rec. Feb. 1
1 Holders of rec. Feb. 1
15 Holders of rec. Feb. 1
1 Holders of rec. Dec. 31
1 Holders of rec. Jan.21a
15 Holders of rec. Jan.31a
15 Holders of re . Jan.31a
1 Holders of rec. Feb. 7a
1 Holders of rec. D ec. 31
21 Holders of rec. Feb. 26
1 Holders of rec. Jan 10a
1 Holders of rec. Feb. 1
2.8 Holders of rec. Dec. 31
1 Holders of rec. Dec. 31
10 Jan. 21
to
Feb 10
1 Holders of rec. Jan. 14
1 Holders of rec. Jan. 14
28 Holders of rec. Dec. 31
1 Jan. 22
to
Feb. 1
1 Holders of rec. Feb. 18
1 Holders of rec. Feb. 18
1 Holders of rec. Feb. 18
18 Holders of rec. Jan. 31
1 Holders of rec. Jan.12a
15 Holders of rec Feb. 5
1 Holders of rec. Jan. 26
1 Holders of rec. Jan. 26
1 Holders of rec. Jan.15a
10 Holders of rec. Feb. 19
15 Holders of rec. Jan. 31
15 Holders of rec. Feb. 5a
Feb.
Feb
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
F eb.
Feb.
Feb.
Feb.
Feb.
Feb.
Mch.
Feb.
Jan
Feb.
Feb.
Feb.
Mch.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
15 Feb. 6
to
1 Holders of rec.
1 Holders of rec.
15 Holders of rec.
1 Holders of rec.
1 Holders of rec.
20 Jan. 16
to
1 Holders of rec.
to
1 Jan. 21
14 Jan. 24
to
to
14 Jan. 24
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rcc.
1 Holders of rec.
1 Jan. 24
to
31 Holders of rec.
1 Holders of rec.
1 Holders of rcc.
1 Holders of rec.
1 Holders of rcc.
1 Holders of rcc.
1 Holders of rcc.
to
1 Jan. 22
1 Holders of rcc.
1 Holders of rec.
to
1 Jan. 17
15 Holders of rec.
1 Holders of rec.
to
1 Jan. 25
Feb. 15
Jan. 15
Jan. 15
Feb. 1
Jan. 20
Jan. 15
_______
Jan. 15
Jan. 31
Feb. 14
Feb. 14
Jan. 25
Jan. 25
Jan. 15
Jan. 15
Feb. 15
Jan. 31
Jan. 20
Jan. 13
Jan. 15
Dec. 17
Feb. 10
Jan. 15
Jan. 15
Jan. 31
Jan.15a
Jan. 15a
Jan. 31
Jan. 21
Jan. 20
Feb. 17
Feb.
Feb.
Jan.
Feb.
Feb.
to
1 Jan. 28
to
1 Jan. 28
29 Jan. 1 to
1 Holders of rcc.
1 Holders of rcc.
Jan.
Jan.
Jan.
Jan.
Jan.
31
31
17
22
28
Jan.
Feb.
Feb.
Mch.
Feb.
31 Holders of rec.
1 fan. 19 to
to
1 fan. 19
1 Holders of rec.
to
1 Jan. 29
Jan.
Jan.
Jan.
Feb.
Jan.
27
31
31
20
31
Feb.
Feb.
Feb.
Feb.
to
1 fan. 22
1 fan. 26 to
1 Holders of rec.
1 Jan. 26
to
Jan. 31
Jan. 31
Jan.25a
Jan. 31
Feb.
Jan.
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Jan,
Jan.
Feb.
Jan.
Feb.
Feb.
Feb.
28 Holders of rcc.
22 Jan. 9
to
19 Feb. 15
to
22 Jan. 13
to
to
1 Jan. 23
to
1 Jan. 26
to
1 Jan. 20
to
15 Jan. 20
to
1 ja n . 20
15 Holders of rec.
1 Holders of rec.
15 Holders of rec.
1 Holders of rcc.
1 Holders of rec.
1 fan. 21
to
1 Jan. 16 to
31 fan. 23
to
31 Holders of rec.
29 Holders of rec.
1 Jan. 22 to
25 Holders of rec.
1 Holders of rcc.
1 Holders of rcc.
1 fan. 16 to
Jan. 27
Jan. 23
Feb. 20
Jan. 21
Feb. 1
Feb. 1
Jan. 31
Jan. 31
Jan. 31
Feb. 8
Jan. 15a
Jan.31a
Jan. 21
Jan. 21
Feb. 1
Feb. 1
Jan. 31
Jan. 10a
Jan. 8a
Jan. 31
Jan. 15
Jan. 15
Jan. 15
Feb. 1
29
THE CHRONICLE
J a n . 22 1910.]
Per
Cent.
Name of Company.
When
Payable.
Books Closed.
Days Inclusive.
Miscellaneous— Concluded.
Electric Company of Am erica....................
3)4
Federal Sugar Refining, pref. (qu ar.)-----1)4
Gorham Manufacturing, com. (quar.)-------2)4
Guanajuato Pow. & E l., pf.(qu .) (N o. 6)
1)4
Harblson-Walker R efract., pref. (q u a r.).
1)4
International Nickel, com m on (qu ar.)___
1
Common (extra)................ .........................
)4
Preferred (quar).........................................
1)4
Internat. Steam Pump, p f.(q u .) (N o. 43 ).
1)4
Kansas City Stock Yards (quar.)________
1)4
Lehigh Coal & Navigation (special)......... 15 scr.
Michigan State Teleph., com. (quar.)_____
1)4
Preterred ( q u a r . ) .....................................
1)4
Preferred (quar.)..........................................
1)4
Minncap. Gen. Elec., com . (qu.) (N o. 10)
1)4
3
Preferred (N o. 2 2 )................................. ..
Montreal Lt., lit. & Pow. (quar.) (No. 35)
IX
New England Cotton Yarn, pref. (quar.)..
1)4
Omaha Elec. Eight & Power, preferred. .
2)4
Osceola Consolidated Mining......... .
Pacific Coast Co., com mon (quar.)
1)4
First preferred (q u a r.)................
IX
Second preferred (q u a r.)_______
1)4
People’s Gas Light & Coke (q u a r.)......... ..
IX
Pittsburgh Coal, preferred..........................
IX
Pope Manufacturing, preferred (q u a r .)..
1)4
Procter & Gamble, com. (quar.)....................
3
Pullman Company (quar.) (No. 172)____
2
1
Quincy Gas, Electric & Heating____
Sears, Roebuck & Co., com . (qu ar.)____
IX
Siegel Stores Corporation, pref. (q u a r .)..
IX
Street’s W est. Stable-Car Line, com . (qu.)
1
Torrington Company, common____
4
1
Trenton Potteries, pref. (quar.) (No. 4 0 ). .
United Cigar Mfrs., com . ( q u a r ) ______
1)4
United D ry Goods Cos., com . (quar.)L___
2
U. S. Bobbin de Shuttle, pref. (quar.)-------IX
United States Realty & Im prov't (qu ar.).
IX
United States Rubber, 1st pref. (q u a r .)..
2
Second preterred (q u a r.)........... ............
1)4
W ells, Fargo & Co., e x t r a .. ........................ $300
2)4
Western Telep. & Teleg., preferred...........
White (J.C..)& C o.. In c., p f.(q u .)(N o . 27)
1)4
a Transfer books not closed,
d Correction,
Feb.
Jan.
Feb.
Feb.
Jan.
Mch.
Mch.
Feb
Feb.
Feb.
Mch.
Mch.
Feb.
May
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
Jan.
Jan.
Feb.
Feb.
Feb.
to
Feb. 3
3 Jan. 21
31 Holders o f rec. Jan. 28a
10 Holders of rec. Feb. 7
to
F'eb. 1
1 Jan. 21
29 Holders of rec. Jan. 10
to
Mch. 1
1 Feb 10
to
Mch. 1
I Feb. 10
to
Feb. 1
1 Jan 13
to
Feb. 1
1 Jan. 21
1 Holders of rec. Jan.15a
1 Holders of rec. Jan. 31
to
Mch. 1
1 Feb. 16
to
Feb. 1
1 Jan. 19
to
May 2
1 April 17
1 Holders of rec. Jan. 8
1 Holders of rec. Jan. 8
15 Holders o f rec. Jan. 13
1
1 Holders of rec. Jan.20a
°t)
1 Jan. 22
to
Feb. 1
to
Feb. 1
1 Jan. 22
to
Feb. 1
1 Jan. 22
25 Holders of rec. Jan. 20
25 Holders of rec. Jan. 10
31 Holders of rec. Jan. 21
15 Holders of rec. Jan.3 la
15 Holders of rec. Jan 31
25
15 Holders of rec. Feb. 1
1 Holders o f rec. Jan. 15
Jan. 25
25 Jan. 16 to
to
Jan. 31
1 Jan. 21
25 Holders of rec. Jan.20a
1 Jan. 27
to
Feb. 3
1 Holders of rec. Jan. 24
to
Feb. 1
1 Jan. 21
1 Holders of rec. Jan. 21
31 Jan. 16
to
Feb. 1
to
Feb. 1
31 Jan. 16
10 Holders of rec. Jan. 3
to
Jan. 31
1 Jan. 21
1 Holders of rec. Jan. 22
______ __
e Payable In com m on stock.
Auction Sales.— Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian H. Muller & Son:
Bonds.
Stocks.
10 Electric Vehicle Co. co m ____$2 lot
20 Dominion Mining & Chemical
350 W ar Eagle Consol. Mining Co.
Co., p r e f .. -----------$6 lot
pref., $50 each........................... $8 lot
20 Dominion Mining & Chemical
Co. com m on _________________ $1 lot
1,342 W ar Eagle Consol. Mining Co.
com mon, $50 each __________$10 lot 1.000 Funtcr Bay Min. Co., SI ea_.$3 lot
100 Goldfield Hub Mining & Mill
1,370 Consol. R y . Elec. Lighting &
ing Co., SI each______ _______ $1 lot
Equipment C o.......................$520 lot
100 Texas, Itlo Grande Canal Co.$20 lot
230 Ohio & Indiana Consol. Nat.
& Illuminating Gas C o......... -34 lot
105 Lawyers' Title Insurance &
Trust C o.........................
303-304
167 Canadian N or. Que. lty.C o.$225 lot
250 A. Booth & Co. old c o m . . . $10 lot
2,000 Underground Elec. R ys. Co.
400 Cincinnati Northern R R . C o .$45
of London, Ltd., trust certf.,
£1 each....................................S200 lot
10 W om an's Hotel C o..................70)*
625 Orleans County Quarry CO.S329 lot
2 U. S. Trust C o ..............
1236
20 Morton Trust C o____________ 620
4,076 United Breweries Co. (of Chi
10.000 Dominican Placer Mining
cago) preferred......... ..............
1
Co., SI each...................
$300 lot
781 Beaver Land & Irrigation Co.
10 N. J. Zinc C o________ _______411)4
(C oloradoC o . ) . .................. 33,500 lot
25 Stamford Manufacturing Co.,
3,537 Pitts. Westmoreland & Som
$25 each........... .......... S80 per share
erset ItR . C o......... ............. $1,200 lot
67 Pennsyl.Cent. Brew. Co., p f . 4
10 W orld Securities C o .................. 90
68 Pennsyl.Cent.Brow.Co.com .$15 lot
5 Phenlx Ins. Co. of B k lyn____300
200 R . T . Davis Mill & Mfg. C o . . $2 lot
Bonds.
140 Clinch Valley Coal & Iron Co.
$42,000 Beaver Land & Irrlg. Co.
com mon, par value $96_______ $650lot 1st 6s, 1917.......................... ............ 90
70 Clinch Valley Coal & Iron Co.
$71,000 Pitts. Westmoreland & Som
pref., par value $96.................... S360lot erset R R . Co. 1st 5s, 1935, with
68 K entucky Union Co. com .,
Int. notes, 1908 and 1909 int.,
$10 e a c h .................
$100 lot
and with coupons from April 1910
13 6-10 Kentucky Union Co.
a tt a c h e d ............... ................ S7.100 lot
pref., $8 50 per share............$80 lot $17,000 Pennsyl. Cent. Brew. Co.
1st 6s, 1927...............
63)4
70 N. Y. Phonograph Co. (trust
certificates)....... ......................$400 lot $8,000 Consol. Rubber Tire Co. 4%
deben., 1951................................... .. 36
17 X Ensley Land Co.(new s t k .) . l l l %
$81 Indiana Lighting Co. scrip c t f. 30
310 Osceola Placer Mining Co.
com m on, $1 each......................$2 lot $854 Indiana Lighting Co. 1st 4s,
140 Conneaut Water W orks &
scrip certl.......................... - ............ 73 J*
Supply C o ........................................ $10lot
$80,000 La France Copper Co. 6s,
1932, Jan. 1908 coups, attached. 41
20 U. S. Medicine Co. of N. J.,
$50 each.................... $250 per share $55,000 C. K . Davis Coal Co.
137 United B ox Board Co. of
1st 5s......... ....................... ............ $110 lot
N. J .......................... S l l 50 per share $46,000 Alma Coal Co. 1st 5s__ $150 lot
40 Norwich & W orcester R R .
$12,000 Pitts. Bing. & East. lty .
Co. pref------------------ --------------209)*
Co. 1st 5s, 1956; April 1909 cou
1 Clinton Hall Association___ $56
pons o n .......................... .............. $500 lot
70 Westchester & Bronx Title &
5120.000 Independent Teleph. Co.
Mtge. Guar. Co ................165-166
of Omaha 1st 5s, 1937, A .A O .$325 lot
20 GuanajuatoAm al.Gold Mines,
$100,000 North Ga. Elec. Co. 1st
$5 each......... .......... ...................$12 lot
ref. 5s, with March 1907 cou
12 Indiana Lighting C o . . ......... .. 33
pons attached________________1S50.000
200 Camden Land C o., S3 e a c h ..$6 lot $75,000 North Ga. Elcc. Co. 1st
lot
60 Dominion Copper Co., Ltd.,
6s, Ser. B, with May 1907 cou
pons attached_______ ________
$10 each......................................$7 lot
a
C L E A R I N G -H O U S E
R E T U R N S .
Canadian Bank Clearings.— The clearings for the week end
ing Jan. 15 at Canadian cities, in comparison with the same
week of 1909, show an increase in the aggregate of 33.1% ,
1910.
M ontreal..............
Toronto ..............
W innipeg.............
Vancouver...........
O tt a w a ................
Quebec..................
H a lifa x ........... ..
H am ilton.............
St. John................
Victoria ..............
London ................
C a lga ry ...............
Edm onton............
Regina ................
Total Canada.
1909.
Inc. or
Dec.
$
$
%
45,708,449
34,725,563 + 3 1 .6
32,275,371
26,766,389 + 20.6
18,083,055
11,497,015 + 57.3
6,933,107
3,362,480 + 106.2
3,645,787
3,659,804
— 0.4
2,366,085 + 2 3 .2
2,916,988
1,752,901 + 31.4
2,803,835
1,889,937
1,481,637 + 27.5
1,535,431
1,330,090 + 15.4
1,303,745 + 20.5
1,570,537
1.408,104
1,259,498 + 11.8
1,140,843 + 98.1
2,259.164
1,311,826
866,006 + 5 1 .5
1,203,521 Not Included In total
121,841,681
91,512,056
+ 3 3 .1
Statement of New York City Clearing-House Banks.— The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending Jan. 15.
The figures for the separate banks are the averages of the
daily results. In the case of the totals, the actual figures
at the end of the week are also given.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
Capital.
Surplus.
$
$
Bank of N. Y ._
2,000,0
3,465,5
Manhattan C o.
2,050,0
4,126,6
M erchants'____
2,000,0
1,693,7
Mechanics’ ____
3,000,0
3,851,2
America ...........
1,500,0
5,894,9
P h e n lx _______
1,000,0
685,5
City .................. 25,000,0 28,853,0
Chemical______
3,000,0
6,183,0
Merchants’ E x .
600,0
568,2
Gallatin_______
1,000,0
2,443,1
Butch. A D rov.
153,4
300,0
G re e n w ich ____
500,0
777,4
American Exch.
5,000,0
5,095,1
Commerce_____ 25,000,0 15,694,3
M erca n tile____
3,000,0
2,570,8
Pacific _______
500,0
897,6
Chatham...........
450,0
1,026,2
People’s ______
200,0
477,5
H an over...........
3,000,0 11,101,1
Citizens' C e n t..
2,550,0
1,486,6
N a ssa u ........... ..
500,0
464,8
Matket & Fult’ n
1.000,0
1,668,0
Metropolitan . .
2,000,0
1,392,9
Corn Exchange
3,000,0
5,254,1
Im p. & Traders’
1,500,0
7,504,0
P a r k __________
3,000,0
9,912,5
East R iver____
250,0
105,2
F o u r t h ..............
3,000,0
3,543,1
S e c o n d ..............
1,000,0
1,899,3
F i r s t __________ 10,000,0 19,808,6
Irving E x ch ___
2,000,0
1,516,3
Bowery ...........
250,0
802,0
500,0
N. Y . County. .
1,642.4
German -A m er.
750,0
667,5
Chase....... ..........
5,000,0
7,040,4
Fifth A v e n u e ..
100,0
2,069,9
German E x c h ..
200,0
894,0
200,0
1,006,5
G erm ania.........
1,000,0
1,408,9
L in co ln ..............
1,147,1
1,000,0
Garfield..............
483,5
250,0
Fifth ..................
1,000,0
2,020,2
M etrop olis____
200,0
1,139,0
W est Side.........
1,821,6
1,000,0
Seaboard______
Liberty .............
1,000,0
2,704,4
N. Y . Prod. Ex.
1,000,0
705,4
State ..................
1,000,0
863,0
14th S treet____
1,000,0
334,5
C o p p e r ________
2,000,0
2,834,3
Coal & I r o n ____
1,000,0
326,3
Loans.
Average.
Specie. Legals. Deposits. ReAverage. Average. Average. s’ve
$
19,286,0
29,450,0
17,333,0
25,235,0
23,716,1
7,031,0
161,397,0
28,876,3
6,493,5
8,242,0
2,201,7
7,346,0
30,069,1
136,806,0
14,614,7
4,103,0
6,702,9
1,927,0
63,887,9
22,842,2
6,402,5
7,945,7
12,852,1
42,768,0
26,275,0
79,054,0
1,597,2
20,901,0
12,680,0
96,465,5
21,970,4
3.608,1
8,010,7
4,393,6
67,684,0
13,796,2
3,625,7
4.757,1
17,357,1
7,827,2
3,433,1
12,053,8
4,336,0
18,669,0
16,631,2
7,779,3
13,995,0
5,540,7
24,562,4
5,727,0
$
3,439,0
6,508,0
2,788,0
3,899,0
4,327,6
1,319,0
38,887,5
5,102,0
1,483,4
1,194,7
494.9
1,759,3
4,860,6
17,724,3
2,252,4
589,8
892,6
484,2
10,882,2
5,581,9
505,2
1,327,5
3,183,9
7,676,0
4,053,0
22,455.0
358,4
4,270,0
2,618,0
23,504,8
4,694,6
(60,0
1,519,8
896,6
18,587,8
2,817,7
625,1
878,9
4,108,4
1,852,3
604,3
1,063,4
880,0
4,180,0
3,971,3
2,026,5
3,940,0
917,9
6,076.2
928,0
S
1,098,0
2,017,0
1,563,0
2,465,0
2,164,7
326,0
5,115,0
2,006,3
165,6
478,0
92,9
200,0
1,588,5
10,936,2
785,6
477,1
1,081,9
134,3
7,841,0
324.4
1,196,2
984,2
233,2
'5,104,0
2,244,0
1,433,0
96.1
2,050,0
573,0
2,121,0
1.297,1
51,0
759,9
212,4
4,305,8
1,151,3
455,7
530,4
730,9
302,9
312,9
1,932,8
248,0
1,557,0
963,1
240,6
282,0
650,2
448,9
500,0
$
17,196,0
33,300,0
17,058,0
25,218,0
24,163,1
6,133,0
152,427,1
27,338,0
6,527,6
6,404,9
2,329,6
8,027,2
24,027,0
111,640,4
11,444,7
3,912,8
7,215,8
2,430,3
72,512,7
22,838,1
7,070,3
7,936,5
13,305,6
50,528,0
24,338,0
89,564,0
1,818,0
23,143,0
12,471,0
87,511,4
23,478,5
3,790,0
8,469,6
4,363,9
76,483,0
15,684,8
4,192,8
5,499,4
19,112,4
7,918,1
3,641,8
12,137,5
4,637,0
21,609,0
16,932,3
9,155,2
17,122,0
6,104,9
24,908,7
5,623,0
%
26.3
25.5
25.5
25.2
26.8
27.4
28.8
26.1
25.2
26,1
25.2
24.4
27.0
25.7
26.5
27.2
27.3
25.4
25.8
26.0
24.0
29.1
25.6
25.2
25.8
26.7
25.1
27.3
25.5
29.2
25.5
24.0
27.4
25.4
29.9
25.3
25.7
25.6
25.2
27.2
25.1
24.6
24.3
26.5
29.1
24.7
24.6
25.6
26.1
25.4
Totals, Average 127,350,0 180,024,4 1190,259,0 245,851,0 73,828,1 1190,694,0 26.8
Actual figures
Jan. 1 5 ..
......... 1194,716,/ 254,328,8 74,881,9 1205,316,2 27.3
On the basis of averages, circulation amounted to S51,950,800 and United States
deposits (Included In deposits) to $1,642,800; actual figures January 15, circulation,
$51,742,500; United States deposits. $1,649,700.
The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
STATE BA N K S AN D T R U S T COM PANIES.
Week ended Jan. 15.
Capital as o f N ov. 16____
Surplus as of N ov. 16-----Loans and Investm ents-.
Change from last week.
Stale Banks
Trust Cos.
Slate Banks
Trust Cos.
outside of
in
in
outside o f
Greater N. Y. Greater N. Y. Greater N. Y. Greater N . Y.
S
26,075,000
$
63,425,000
38,586,700
167,632,400
10,719,766
10,652,950
298,141,000 1,070,327,000
+ 1,605,200 — 21,340,300
88,802,100
+ 14,100
134.468.200
+ 1,302,900
Specie __________________
Change from last week.
46,498,300
— 526,800
115,507,500
— 2,030,200
Legal-tenders & bk. notes
Change from last week.
26,085,600
+ 977,800
13,564.900
— 395,700
S
8,758,000
S
7,975,000
----------- I l l
...........
93,220,000
— 805,700
141,736,600
— 307,500
134,373,100
— 2,699,600
18,390,000
— 1,101,500
18,205,400
— 1,124,500
15.5%
15.6%
20.4%
21.4%
13.4%
14.2%
•H
Deposits .......................... ..
Change from last week.
340,066,900 1,110,220,500
+ 1,336,100 — 23,317,000
Reserve on deposits.........
Change from last week.
90,463,200
•— 115,800
P . C. reserve to deposits..
Percentage last w e e k ..
27.1%
27.3%
+ Increase over last week.
Week ending January 15.
Clearings at—
317
— Decrease from last week.
Note.— “ Surplus” Includes all undivided profits.
1907.
1908.
$
30,127,031
24,943,888
9,471,016
2,745,235
3,215,946
1,826,313
1,864,999
1,519,614
1,323,695
881,691
1,205,259
1,209,737
767,708
$
27,830,352
20,545,905
10,247,614
3,154,008
3,096,481
1,944,456
1,840,013
1,566,754
1,206,136
1,200,011
1,152,741
1,022,899
598,540
75.405,910
81.102,137
i
‘ Reserve on deposits” In
cludes, for both trust companies and State banks, not only cash items, but amounts
due from reserve agents. Trust companies In New Y ork 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 com puted on
the aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payabie within 30 days, repre
sented by certificates, and also exclusive of deposits secured by bonds of the State
of New York. The State banks are likewise required to keep a reserve varying
according to location, but In this case the reserve Is com puted on the whole amount
o f deposits, exclusive o f deposits secured b y bonds of the State o f New York.
Reserve Required for Trust Companies
and Stale Banks.
Location—
— Trust Cos.—
— State Banks—
Total
Of
Total
Of
Reserve
which Reserve
which
Required in Cash.Required, in Cash.
Manhattan Borough................................................... .15%
Brooklyn Borough (without branches In Manhat.)..15%
Other Boroughs (without branches In Manhattan) .15%
Any Borough with branches In Manhattan............. ■15%
Elsewhere In State.........................................................10%
15%
10%
10%
15%
5%
'
25%
20%
15%
25%
15%
15%
10%
7X%
15%
6%
218
THE CHRONICLE
The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing
House banks. In addition, we have combined each corre
sponding item in the two statements, thus affording an aggre
gate for the whole of the banks and trust companies in the
Greater New York.
N E W Y O R K C IT Y BA N KS AND T R U S T COM PANIES
Clear.-House
Banks.
ActualFigiires
W eek ended Jan. 15.
Total o f all
Clear.-House State Banks A
Trust Cos. not Banks A Trust
Banks.
in C .-H . Aver. Cos. Average.
Average.
Capital as of N ov. 1 6 ..
$
127,350,000
S
127,350.000
S
73,550,000
S
200,900,000
Surplus as of Nov. 1 6 ..
180,024,400
180,024,400
176,431,300
356,455,700
Loans and Investments 1,194,716,700 1,190,259,000
Change from last week + 12,239,500
— 7,737,600
1,166,049,200 2,356,30S,200
— 21,253,000 — 28,990,600
D e p o s it s _____________ 1,205,316,200 1,190,694,000 « 1 , 127,831,200 2,318,525,200
Change from last week + 36,333,500 + 11,620,900 — 19.6S5.600
— 8.064,700
[VOL. L X X X X
We omit two ciphers (00) in all these figures.
Banks.
B oston.
Dec. 2 4 ..
Dec. 3 1 ..
Jan. 8 . .
Jan. 1 5 ..
Phlla.
Dec. 2 4 ..
Dec. 3 1 ..
Jan. 8 . .
Jan. 1 5 ..
Capital
and
Surplus.
Loans.
Specie.
Legals. Deposits, a Circu
lation.
S
40,300,0
40,300,0
40,300,0
40,300,0
$
189,256,0
188,936,0
190,296,0
189,482,0
$
21,554.0
21,698,0
23,299.0
23,533,0
$
4,387,0
4,631,0
4,726,0
4,915,0
56,315,0
56,315,0
56,315,0
56,315,0
258,694,0
258,618,0
259,350,0
201,084,0
1910.
367,916,200
+ 13,354,300
General Merchandise..............
Legal-tenders................
Change from last week
74,881,900
+ 4,981,300
73,828,100
+ 4,695,500
622,336,000
— 346,400
96,164,100
+ 4,349,100
Since Jan. 1.
Aggr’te money holdings
Change from last week
329,210,700
+ 22,415,800
319,679,100
+ 20,145,500
cl44.401.200
— 2,442,100
464,080,300
+ 17,703,400
20,849,500
— 896,700
20,849,500
— 896,700
484,929,800
+ 16,806,700
319,679,100
+ 20,145,500
165,250,700
— 3,338,800
Percentage to deposits
requiring reserve____
Percentage last w e e k ..
27.34%
26.27%
26.87%
25.43%
16.9%
16.9%
Surplus reserve.______
27,881,650
22,005,603
S
149,704,3
186,145.6
221.566,9
202,785,8
304,814.0
303,852,0
309,307,0
307,598,0
16,802,0
16,819,0
16,815,0
16,780,0
134,406,2
146,632,1
202,189,6
165,786,1
FO RE IG N IM PO RTS A T N EW Y O R K .
For week.
122,065,200
— 2,095,700
329,210,700
+ 22,415,800
S
7.083.0
7,089,0
7,134,0
7,110,0
Imports and Exports for the Week.— The following are
the imports at New York for the week ending Jan. 15; also
totals since the beginning of the first week in January:
245,851,000
+ 15,450,000
Total reserve......... - Change from last week
S
235,360,0
239.143,0
241,979,0
242,901,0
a Including Government deposits and the Item “ due to other banks.” At
Boston Government deposits amounted to 33,029,000 on January 15. against
S3,023,000 on January 8.
254,328,800
S p e c i e -----------------------Change from last week + 17,434,500
Money on deposit with
other bks. & trust cos.
Change from last week
66,068,0
66,748,0
69,401,0
68,464,0
Clearings.
Total 2 weeks......... ............
1909.
1907.
1908.
*2,082,456
9,903,882
$3,381,795
12,322,298
$2,513,119
7,587,050
83,969,145
10,800,714
$12,886,338
$15,704,093
$10,100,169
$14,769,859
S6.279.380
25,124,167
$7,359,084
23,689,433
$6,439,905
14,834,312
$7,541,644
24,378,605
$31,403,547
$31,048,517
$21,274,217
$31,920,249
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Jan. 15 and from Jan. 1 to date:
E X P O R T S FROM N EW Y O R K F O R T IIE W E E K .
...........
.....................
....................
+ IncreaseJovor last week. — Decrease from last week.
|5ra These are the deposits after eliminating the item “ Due from reserve depositories
and other banks and trust companies In New York City” ; with this Item Included,
deposits amounted to S I,224,097,100, a decrease of S23,924,400 from last week. In
the case of the Clearing-House banks, the deposits are "n e t” both for the average
and the actual figures. 0 Includes bank notes, c Of this amount State banks held
S15.328,800 and trust companies 3129,072,400.
The averages of the New York Clearing-House banks
combined with those for the State banks and trust companies
in Greater New York outside of the Clearing House compare
as follows for a series of weeks past:
1910.
1909.
1908.
1907.
For the week....... .....................
Previously reported................
$14,774,887
10,078,871
$15,442,553
10,950,993
$19,940,800
15.434,749
$13,557,452
12,981,302
Total 2 weeks......................
$24,853,758
$26,393,536
$35,375,549
$26,538,574
TheJ following table shows the exports and imports of
specie at the port of New York for the week ending Jan. 15
and since Jan. 1 1910, and for the corresponding periods in
1909 and 1908:
EXPO RTS
AN D
IM PO RTS OF SPECIE
AT
N EW
Exports.
YORK.
Imports.
Odd.
Week.
SinceJ an. 1.
Week.
COM BINED RE SU LTS O F BA N K S AN D TR U S T COM PANIES IN
G R E A T E R N EW Y O R K .
SinceJan. 1.
$588
$972
3,086
14,955
56,253
25,559
5,440
14,955
104,809
37,501
We omit two ciphers in all these figures.
Week
Ended.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Loans and'
Investments.
Deposits.
S
2.408.090.7
2.389.978.6
2.381.234.4
2,371,455,0
2,381,734,9
2.400.207.6
2.401.557.5
2.385.298.8
2,356,308,2
$
2.338.048.8
2,310,511,4
2.296.068.3
2,287,814,6
2.306.845.1
2.327.891.3
2.326.424.3
2.320.589.9
2.318.525.2
2 0 ..
2 7 ..
4 ..
1 1 ..
1 8 ..
2 4 ..
3 1 -.
8 ..
1 5 ..
Specie.
$
359.133.4
354,661,9
348.861.8
348.630.4
352.494.6
356.082.2
354.160.6
354.561.9
367.916.2
Tot. Money Entire Res.
Holdings. on Deposit.
Legals.
s
89,784,9
89.617.2
91.137.3
91.157.5
93.113.6
91.086.3
89.809.7
91.815.0
96.164.1
$
448,918,3
444.279.1
439.999.1
439.787.9
445.608.2
447,168,5
443.970.3
446.376.9
464.080.3
$
471,633,4
465.572.1
461.180.6
461.271.6
467.258.3
468.252.6
468,862 5
468.123.1
484,929,8
Reports of Non-Member Banks.— The following is the
statement of condition of the non-member banks for the
week ending Jan. 15, based on average daily results:
We omit tico ciphers (00) in all thesefigures.
Banks.
Capi
tal.
Sur
plus.
Loans,
Disc’Is
and
Invest
ments.
Legal
Tender
Specie. and
Bank
Notes.
Deposit with
Clear
ing
Agent.
Other
Net
Banks, Deposits.
Ac.
Wash. H ’ ts
Century . . .
C o lo n ia l__
Columbia . .
Fidelity . _.
J effe rs o n ...
Mt. .Morris.
M utual____
Plaza .........
23d W ard -.
U n.E x.N at.
Yorkvllle - New Neth’d
Bat. Pk. Nat.
Aetna Nat-
Borough of
Brooklyn.
8
100,0
200,0
400,0
300.0
200,0
500,0
250,0
200,0
100,0
200,0
1.000,0
100,0
200,0
200,0
300,0
200,0
Broadway .
252,0
Mfrs.’ N atMechanics’ . 1,000,0
Nassau Nat.
750,0
300,0
Nat. C it y ..
200,0
North Side.
First N a t ..
300,0
Jersey City.
First N a t ..
400,0
Hud.Co.Nat
250,0
Third N a t ..
200,0
llobok cn .
First N a t ..
220,0
125,0
Second Nat.
s
247,4
151,8
311,0
458,9
159,3
586,9
287,6
328,5
412,4
103,9
959,3
446,0
243,5
150,3
315,9
S
S
$
1,220,0
137,0
37,0
1,455,9
22,0
153.0
5,425-,7
703,7
437,4
704,0
6,299,0
645,0
1,180,3
115,7
72.0
3,563,3
16,9
560.6
2,540,0
466,2
39,8
28,4
3,724,0
583,4
4,247,0
326,0
487,0
1,776,9
191,9
61,0
8,430,8 1,171,9 1,000,0
46,9
4,023,9
740,7
227.0
77,0
2,175,0
216,7
28,0
1,186,6
442,5
22,3
1,933,3
S
130,0
50.0
602,4
624,0
14.8,9
202,9
315,3
422,8
676,0
220,8
144,4
243,4
234,0
71,8
127,2
350,8
33,0
251,0,
589,8
343,5 1,300,7
304,0
616,0
579,0
109,0
138,2
102,3
314,0
83,0
202,6
796,6
1,452,0
1,166,0
485,0
153,4
47+ 0
541,1 3,369,6
798,7 5,968,7
934,7 10,742,8
966,4 6,609,0
607,5 3,993,0
144,0 1,875,7
573,0 3,351,0
1,237.1
745,6
384,8
4,828,6
3,175,0
2,135,4
330,1
161,0
65,8
372,6
58,2
121,1
623,7
249,6
2.560.4
2,614,9
131,0
85,9
19,3
92,6
S
140,3
231,0
282,0
118,1
5,2
253,5
10,0
_____
33,4
S
1,158,0
1,580,0
0,802,1
7,667,0
1,254,9
3,075,7
3,263,1
4,299,9
5,210,0
2,061,4
8,583,0
5,139,3
2,286,0
1,129,8
1,803,1
91,5 3,703,1
138,7 6,654,1
249,8 13,959,2
6,898,0
201,0 5,111,0
108,9 2,130,4
70,0 3,259,0
4,591,3 2,372,0 10,557,7
313,8 3,100,3
208,5
10,0 2,411,3
401,1
130,5
92,0
79,9
199,3
2,155,3
3,023,2
Tot. Jan. 15 8.447.0 12,968,9 100405,8 7,734,1 8.578,8 14,431,5 4,915,0 118875,9
T ot. Jan. 8 8,147.0 12,395,9 96,029,5 7,217,0 8,394,8 12,845,9 3,048,8 112172,8
Tot. D ec. 31 8,147,0 12,395,9 95,830,8 7,095,0 8,318,0 12,440,9 2,838,4 110080,9
S40.000
766,500
1,266,500
$806,500
5,930,000
12,000
$1,306,500
5,930,000
31,925
$100,441
237.526
559,938
S103.677
416,141
4,193,323
$670,939
52,600
$1,547,507
78,800
$1,464
$1,530
153
1,000
73,886
103,391
31,399
153
1,257
73,886
116,124
32,231
$211,293
109,044
54,449
$225,181
258,501
206,129
All other countries..............................
Total 1910............. ...........................
Total 1909...............................
Total 1908............................
Silver.
Total 1910.........................................
Total 1909................................
Total 1908.........................................
4,172
3,215
$727,711
1,010,000
557,054
$1,629,522
1,892,275
1,441,697
Of the above imports for the week in 1910, $4,290
were American gold coin and $1,002 American silver coin.
Of the exports during the same time, $806,500 were Ameri
can gold coin and $200 were American silver coin.
latiliiiig and Financial.
N. Y. City
Boroughs oj
Man.A Brx.
$40,000
IN V E S T M E N T SE C U R IT IE S
O u r eig h t-p ag e circu la r N o . 687 describes several Issues o l sound
In ve s tm e n t bonds y ield in g a b o u t 4 H to 5 ) 4 % .
Spencer T ra sk & Co*
WILLIAM AND PINE STS..
NEW YORK
Branch offices: Chicago. ILL.. Boston. Mass., Albany, N. Y.
M
o f f a t
&
W
h i t e
BANKERS
Members New York Stock Exchange
5 NASSAU S T R E E T .
NEW YORK
TH E ROOKERY
C H IC A G O
B A N K IN G and E X C H A N G E of ev e ry d es crip tio n In con nection w ith
EXPORTS & IMPORTS
International B an k in g C orporation
60 Wall St„
New Y o rk .
CAPITAL & SURPLUS. $6,500,000
B R A N C H E S and A G E N C IE S th ro u g h o u t th e W O R L D .
THE INTERNA t Fo NAL BANK
Boston and Philadelphia Banks.— Below is a summary of
the weekly totals of the Clearing-House banks of Boston
and Philadelphia.
Organized under the Laws of N. Y. State.
60 Wall St.. New York.
Deposits.
THOMAS H. HUBBARD President.
Accounts in v ite d .
In te re s t p aid on T e r m
219
THE CHRONICLE
J a n . 2 2 1 9 1 0 .]
iB a u X ie t s r
buying, 75c. per SI,000 discount; selling, 75c. per $1,000
premium. Montreal, 31%c. per $1,000 premium.
State and Railroad Bonds.— Sales of State bonds at the
Wall Street, Friday Nigh', Jan. 21 1910.
Board are limited to $3,000 Virginia fund, debt, 1997, at
The Money Market and Financial Situation.—The stock 90% and $35,000 Virginia 6s, def. trust rects., at 49 to 50.
market has experienced another shock this week, caused by a
The market for railway and industrial bonds has, in sym
precipitous decline of Columbus & Hocking Coal & Iron pathy with the shares market, been somewhat more active
shares from 90 to 22. This stock advanced from 21% in and shown a general tendency to weakness.
February last to 91% in December, and its sudden collapse
United States Bonds.— Sales of Government bonds at the
to the former price caused considerable disturbance, includ Board include $5,000 4s, coup., 1925, at 114%, $1,500 3s,
ing the failure of three Stock Exchange houses. The whole coup., 1908-18, at 102, and $1,000 2s, reg., 1930, at 100%.
affair will be thoroughly investigated by the Exchange.
The following are the daily closing quotations; for yearly
The event seems to have cleared the atmosphere, however, range see third page following.
______________
as immediately following it the stock market reversed its
Jan. Jan.
Jan.
Jan. Jan.
previous weak tendency and prices have been steadily mov
Interest Jan.
21
18
19
20
Periods
17
15
ing towards a higher level.
A further substantial decline this week in the price of 2s, 1930 . . . --------- registered Q— Jan *100% *100% *100% *100% 100% *100%
2s, 1930____ ------------- coupon Q— Jan *100% *100% *100% *100% *100% *100%
cotton is an incident of considerable importance. This 3s,
1908-18 --------registered Q— Feb *101% *101% *101% *101% *101% *101%
movement and the Stock Exchange episode referred to are 3s, 1908-18 ............... coupon Q— Feb *101% 102 ♦101% ♦101% *101% *101%
190S-18. — small coupon Q— Feb
the logical outcome of a series of speculative operations 3s,
4s, 1925 . . . ............registered Q— Feb *114% *114,% *114% * 114% *114% *114%
which have been, to a greater or less degree, a menace to 4s, 1925____ ................coupon Q— Feb *114% 114% *114% *114% *114% *114%
2s, 1936-Panama Canal regis Q— Feb *100 *100 *100 *100 *100 *100
legitimate business in both markets for some time past.
2s, 1938.Panama Canal regls Q — Nov *100
*100
*100
*100
*100
*100
The Bank of England makes a favorable weekly statement,
showing a larger percentage of reserve than is usually held
at this season, and has reduced its official discount rate from
Railroad and Miscellaneous Stocks.— After a more or less
4% to 3 % % .
substantial recovery during the short session on Saturday
The local money market is easier, a condition to which the the stock market again developed weakness on Monday and
liquidation in stocks and cotton has undoubtedly contributed, continued to decline for several days. This movement
and $1,600,000 gold has been engaged for Argentina.
carried practically the entire list to a level from 2 to 5 points
The open market rates for call loans at the Stock Exchange below that at the close last week and steadily increased the
during the week on stock and bond collaterals have' ranged volume of business until it reached a total of 1,665,600
from 2% to 4% . To-day’s rates on call were 0 % @ 4 % . shares on Wcdnesda3r.
Commercial paper quoted at 4 % @ 5 % for 60 to 90-day en
As stocks had, with almost no interruption, steadily de
dorsements, 4 % @ 5 % for prime 4 to 6 months’ single names clined for several weeks, traders on the short side of the
and .r)% @«5% % for good single names.
market took advantage of the low prices then prevailing to
The Bank of England weekly statement on Thursday cover their contracts and there was undoubtedly some
showed an increase in bullion of £1,714,288 and the percent buying for long account. The demand from both sources
age of reserve to liabilities was 50.75, against 47.54 last week. was sufficient to start an upward movement , which has con
The rate of discount was reduced Jan. 20 from 4% , as fixed tinued, and which in many cases has more than offset the
Jan. 6, to 3 % %
The Bank of France shows a decrease of decline earlier in the week.
12,700,000 francs gold and an increase of 2,650,000 francs
The sensational feature of the market has been, as noted
silver.
above, Columbus & Hocking Coal & Iron, which dropped
N EW Y O R K C IT Y CLEA RIN G -H O U SE BA N K S.
from 90 to 22. The latter is about the average price of this
stock for a series of years up to within a few months and is
1909.
1910.
1908.
undoubtedly much closer to its intrinsic value than the
Averages for Averages for
/I verages for
Differences
week ending week ending
week ending
from
higher figure. Consolidated Gas has covered a range of
Jan. 18.
Jan. 15.
previous week.
Jan. 10.
nearly 11 points and closes with a fractional net gain.
S
S
S
8
For daily volume of business see page 227.
129,100,0(10
127,3.">0,000
120.350,000
The following sales have occurred this week of shares not
105,447,700
103,396,900
180,024,400
Loars .md discounts__ 1,190,259,000 Dec. 7,737,000 1.329,110,000 1,120,677,700
represented in our detailed list on the pages which follow:
(G a z e tte .
70,910,400
400,800
49,434,100
51,950,800 Dee.
Circulation____________
Net deposits---------------- 1,190,694,000 Inc. 11,620,900 1,101,459,700 1,090,1.88,500
72,027,100
35,800
1,642,800 Inc.
7,685,200
U. S. den. (Incl. above)
245,851,000 Inc. 15,450,000 293,314,000 229,027,200
Speole . . ........................
00,155,400
73,828,100 Inc. 4,095,500
83,358,500
Legal ten d ers................
Reserve held_________
25% of d e p o s its...........
319,679.100 Inc. 20,145,500
297,673.500 Inc. 2,905,225
376,703,100
351,114,925
295,182,000
272,547,125
Surplus reserve.........
22,005,600 Inc. 17,240,275
25,588,175
22,635,475
Surplus excl. U. S. d cp .
22,416,300 Inc. 17,249,225
27,509,475
40,642,250
Note.— The Clearing House now Issues a statement weekly showing the total
of the actual figures on Saturday morning. These figures, together with the returns
of separate banks, also the summary issued by the State Banking Department
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the se c o n d page preceding.
Foreign Exchange.— Foreign discounts have again de
clined at all the leading centres, and at both London and
Berlin the Bank rate has been lowered % of 1%. Foreign
exchange rates here have moved steadily downwards, but
not radically, throughout the week, closing at the lowest.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 84% for sixty-day and 4 87% for sight. To-day’s
(Friday’s) actual rates for sterling exchange were 4 8390(5)
4 84 for sixty days, 4 8625(5)4 8635 for cheques and 4 8660(5)
4 8670 for cables. Commercial on banks 4 8350(5)4 8360
and documents for payment 4 82% @ 4 83%. Cotton for
payment 4 8 2% @ 4 83; grain for payment 4 83 % @ 4 83%.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 19% less 1-16(5)5 19% for long and 5 17% less 1-16(5)
5 17% less 1-32 for short. Germany bankers’ marks were
94 11-16(3)94% for long and 95 1-16 less 1-32(5)95 1-16 for
short. Amsterdam bankers’ guilders 40 08(5)40 10 for short.
Exchange at Paris on London, 25f. 18% c.; week’s range
25f. 18%c. high and 25f. 17%c. low.
Exchange at Berlin on London 20m. 47%pf.; week’s range,
20m. 47%pf. high and 20m. 44%pf. low.
The range of foreign exchange for the week follows:
STOCKS.
Week ending Jan. 21.
|j Range for Year 1909.
Sales 1
Range for Week.
for |--------------------------------------Week.
Lowest.
i Highest.
250110
Assoc. Merchants, 1st pf.
100101
Buffalo Roch & P lttsb -.
64 18%
Cent & So Amcr T eleg..
Chlcago & N W rights..;'.24,205 14
200 2%
Chicago Terminal Transt.
Colo Fuel * Iron, p re f..
600 12%
Evansv & Terre II, pref.j
100 82%
150 94
(ieneral Chemical______
415 .04
P referred......... ............
40 85
Ilomestake Mining_____
Missouri Pacific r ig h ts.. 45,558 1-16
N Y N H A H subscrip-1
tlon receipts 1st paid. 2,905' 145
North Ohio Trac <fc Light)
200 30
Pennsylvania subscrip
tion receipts 1st paid.; 2,200 129%
300l 55
St Jos
Gr Isl 1st p r e f..
605! 82
South Porto Hlco Sugar.
100109
United Cigar Mfrs, pref.
U S Rubber rights_____ 7,300; 5c.
201) 50 %
West Md warr’ts 4th paid
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
15 112
19 101
20 120
15 14 %
19 3
20 120
20 82%
20 94
18 104
17 85
20 7-32
Lowest.
| Highest.
105
90
105
15%
2
67
83
01
98%
73%
Aprillll4
J line
Dec
Janl 105
Jan 115
June
D ec: 16% Dec
Mav 4% Jan
M chlllS
Nov
May 85
Feb
Jan 95
Aug
Jan 108
Aug
Novj 94% Apr
Jan 20 146% Jan 15 147%
Jan IS 36% Jan 17 23%
Dee! 149% Dec
Dec
Apr! 38
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
15
10
21
17
18
19
20
20
18
17
19
Dec 134
20 131 % Jan 21 134
20 55 Jan 201 49 3* Mchi 00 %
21 85
21 109
Jan
Jan
20
% Jan
17 52 % Jan
18 79%
21! 99
17
%
191 48
Dec 83
Jan 111
Dec’
%
DOC; 55
Dec
Dec
Dec
Dec
Dec
Dec
Outside Market.— Renewed weakness attended dealings
in outside securities this week and culminated in a sharp
break in prices Wednesday in sympathy with the situation
on the Exchange. Thereafter a better tone was in evidence
with some recovery in prices. Boston Consolidated moved
down from 19% to 19 and up to 20% , then dropped to 17%,
with a final recovery to 18%. British Columbia advanced
from 7% to 8 and sank to 7, the close to-day being at 7% .
Butte Coalition from 25% reached 26% and fell to 24% ,
transactions to-day carrying the price back to 26% . Gila
dropped from 10 to 8% and sold up finally to 9% . A loss of
a point to 10% was registered by Giroux, with the close to
day up to 10%. Greene Cananea declined from 10% to
9% and ends the week at 10%. Miami was very active,
losing about 3 points,to 22% , but made almost a complete
recovery, the'closing price to-day being 25% . Nevada Con
Sterling, Actual—
Sixty Days.
Cheques.
Cables.
solidated rose from 25% to 26% , broke to 23 and ends the
High for tile wee ...................... 4 84%
4 8740
4 8690
Low for the w eck_....................4 83%
4 860 )
4 86%
week at 25. Chino Copper continues an active feature; aftqr
Paris Hankers' Prunes—
advancing from 13 to 14% and reacting to 12%, the closing
High for the w e e k ............... __5 18% less 1-1 (i
5 I d 's
5 16%
Low for the week .................... 5 20
5 17 Vs less 1-10 5 17%
quotation to-day was 13%. Goldfield Consolidated lost
Germany Bankers' Marks—
about a point to 6% , but improved later to 7% . Kerr Lake
High for the w e e k .................... 94 %
95%
94 % less 1-32
Low for tlie week .................... 94 %
95 %
95 1-10
declined from 9 9-16 to 8% and recovered to 9 7-16. Among
Amsterdam Bankers' Guilders—
industrial shares American Tobacco after an early advance
11lgh for the w e e k .................... 40 1-1(5
40 3-16
40 X
from 425 to 430 sold down to 410%. Standard Oil dropped
I.ow for the week ___________ 40
•10*8
40 3-16
The following are the rates for domestic exchange at the from 660 to 640, with the final quotation to-day 648. United
undermentioned cities at the close of the week: Chicago, Cigar Mfrs. com. moved down from 90 to 86% and up to 88%.
par. Boston, 5c. per $1,000 discount to par. San Fran Chicago Subway declined from 5 to 4% and closed to-day at
cisco, $1 per $1,000 premium. New Orleans, commercial, 4 % . Bonds were dull, with the listing of the Missouri Pacific
par; bank, $1 per $1,000 premium. Charleston, buying, 5s on the Stock Exchange. Western Pacific 5s wfere traded
par; selling, 1-10 premium. St. Paul, 70c. per $1,000 in up from 97% to 97% and down finally to 97%.
Outside quotations will be found on page 227.
premium. St. Louis, 25c. per $1,000 premium. Savannah,
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
Jan 15
Monday
Jan 17
Tuesday
Jan 18
Wednesday
Jan 19
Thursday
Jan. 20.
Friday
Jan. 21.
TW O
FAKE*
STOCKS
Sales ol
the
Week
Shares.
N E W Y O R K ST O C K
EXCHANGE
Range 1or Year 1000
On basis of 100-share lots.
lianas lor Previous
Year (1908).
H ighest
R a ilroads
A tch T o p e k a & SantaFe
07% Jan 13 125-Xs O ct 2
103lj
T\- D o p r e f_____________ 10014 Jan 20 10034 J ’ne 29
132
A tla n tic C oast Line U R . . 107i.> Jan 14 143*0 A u g 12
1171.
a ltim ore & O h io ____
103% F e b 2 ' 122*4 J ’ly 29
931'
D o p r e f___________
91 " N o v 2
96 A p r 12
757a
B ro o k ly n R a p id T ra n sit.
67 Jan
82% J ’lie 7
1793.
TTanadlan P a cific .
rl6 5 Meh
189-Xs O ct 5
70
____
vd a n a d a Southern
6
OI4 Jan 1
70*4 N o v l6
310
Central o f N ew Je rse y___ 215 F e b 2
323*2 Sep IS
87%
55% Jan
C hesapeake & O h io _____
91*4 D e c 31
64%
743.1 A pr 1
C h icago & A lto n R R ____
57% F e b 2
71
D o p r e f________________
78*2 M ch 27
70 N o v
ZiS A u g 20
Chic G W es ctfs dep 3d pd
21% D eo 30
D o p re f " B ” ctfs 3d p d . AI3 I4 A u g 23
317s D e c 30
317g 32%
32% 33
32*4 33
30% 3234 30<s 32
321. 33
14,840 Chic G t W est trust c t fs __
373S D ec 29
3
U 2 D e c 23
60
60%
597s 61
6034
60
60
60
59% 60'%
59% (J05.S 4,300
D o pref trust c t f s ____
64% D e c 30
5814 D e c 23
14/14 150
140% 149% 14634 149
146*2 1483s 147-% 149*4 162,850 C hicago M llw & St P a u l . . 141 F e b 23 165*8 Sep IS
14553 148
168 168 *168 169*2 §168 168
167% 167*9 *10738 I 6SI0
167*2 168
750
D o p r e f________________ 158*2 M ch 15 181 A u g 16
15612 159*8 157 159% 15734 158% 156% 158*4 157 15'J34 159 160
9,231 C h icago & N orth W estern 173*s F e b 24 198*0 A u g 18
*195 215 *210 215 *210 215 *205 215 >200 2121o *204 215
D o p r e f________________ 208 M ch 15 5230 " A u g 7
*148 160 *148 155 *145 155
145 145 *145 155
150 150
400 Chic St P M inn & O m aha 148 A p r 22 167 A u g 13
*160 175 *160 175 *160 175 *160 175 *160 175 *100 175
D o p r e f________________ 166i-> Jan 30 §189 J ’ly 27
4%
41o
4%
*4*2
5
4%
*4
5
4%
4%
*4
5
700 Chic U n T ra c ctfs stm pd
31* D e c 16 7 J a n 4
*10
13
*912 12
*10 12% 10 10 *10 13
9*2 10*o
100
734 D e c 7 18*4 Jan 27
D o pref ctfs s t m p d ____
7912 7912
80
80*2
79*4 79%
78
79
77
78
79
79
2,200 Clove CIn Chic & S t L ._ ,
68 Jan 29
83% D e c 27
104 104 *1033.i 108*2 *10334 108*2 *10334 108*2 1033., 10334 + 1021.1 1031.
300
D o p r e f_______________
100 Jan 4 105 Mch2~
5734 58*3
56*2 57*2
57*4 58*o
56
5634 58
57
58
59
6,375 C olorado & S ou th ern ____
51 O ct 23
68*4 Jnn
80*4 81
8 U4 8 U4 *81 8 U? 81 81% 80 81% 81% 81*i 3,200 D o 1st p re fe rre d ______
76*9 Jail 2
86 M ay
80
80
*80
81
80
80
80
80*. 80*.
80
80*4
80*2
1,300
D o 2d p re fe rre d ______
73% Jan 2
84% Jan
1743, 177
176*2 178*2 177% 178 §177*2 177*2 174 178
5,890
175 176%
elaw are & H u d s o n .,
I 6734 F e b 24 200 M a y l
*590 600 *550 610 *550 610
590 590 *550 600 *550 600
100 elaw are L a ck & W e s t . 535 F e b 6 680 A p r 22
44*2 45*8
44% 46
44*4 45%
42
45%
42*9 433S 43% 44*o 20,175 D enver & R io G ra n de___
54 A p r 20
S i's Jan
79*i 80*4 §81
80
81
79%
80
80*o
79
80%
80
80%
3,845
D o p r e f____
90 F e b 10
79*2 Jan 6
* ____
65
*5934 05
61
61
62% 62%
*60
65
736 D etroit U nited
7134 A u g 13
_____
56 Jan 30
16
16
15% 1534 *15
15
15
*16
17*2
16%
15
15%
1,325 D uluth So Shore & A tlan
21 Jan 15
1414
N ov 9
§30
30
*30*4 32%
30
80
283
4
283j
28
29*o
29
29*o
1,045
36*2 Jan 15
D o p r e f________________
28 Feb 23
31% 32*4
3034 3134 30
3034 32 *s
31%
29% 31%
30% 31% 33,570
223* M ch 11 39 J ’ ne 7
4834 493.1
49
49*;
48*.t 49
4734 49
48
47
48% 48*o
9,150 E rI °D o i s t 'p re f i : : : : : : :
563i A u g 9
36*2 M ch 11
383g 38%
3834 39
383.i 39*4
36*o 37
38
38*o
3,800
37
38%
2812 M c h ll
46 A u g 2
D o 2d p r e f_________
135 136*: 133 136% 131 13334 1303.| l321o 131% 134
133 135% 88,650 G reat N orthern p r e f_____
136X8 F e b 24 15778 A u g 12
73
73*4 75
75
73*2 76*i
71% 7334
71*2 74%
74
76
22,225
88
*o A u g 12
65*8 M ch 12
Iron Ore p ro p e rtie s ___
14^4 15
15
15%
15
16
15
15*4 15%
15%
110 G reen B a y & W , d eb ctfB
1312 N ov26
21 D e c 13
90
90
*89
92
90
90*2
* 88*0 91
88*9 88*2 3*88*2 88*2
600
avan a E le c tr ic ----------39 F e b 1 103 D e c 27
*94*4 99% *90
96
*93
97
*96
97
*94% 99%
300
83% F e b 5 100 D e c 21
D o p r e f____________
+____ 120 * ____ 120
*108 120 *108 120 *I6s 120
100 H o ck Val J P M 4 Co rets 97 M a y 3 126 A u g 14
118 118
* ____ 90
90
90 *
90 * ____ 90
00 ■____ 90
300 H o ck in g V a lley p r e f_____
88 A pr 27
91*o J ’ne 11
141% 14234 141% 143 §142 142
14134 I423g 142*.i 143% 143*4 145%
4,335 Illin o is C e n tra l_________ 137 F e b 23 162*8 A u g 12
23% 24P
23Xs 24%
23*4 243S 20
2338
19% 2H9
21 22%
ln t c r b o r o -M c tr o p o llta n .
11% M ch 23
257s D e c 8
59% 62*0
60*2 621o
60*4 Ol's
55
60Sg 54
57%
5612 5858
D o p r e f______________
3634 M ch 23
6358 D eo 8
26's 26's
26
20% 26 26
25
2)600 Io w a C en tral_____________
25
26
26*2
25
26%
2634 N ov27
36 A p r 15
50
5034 *49
*49*2 50
50
*44
48
4G'g 4734
1,650
47% 48
D o p re f
48 S ep 9
62 A p r 15
*77
80
*77
80
80
*74
*77
78
*76
80
*77
80
C F t S & M tr cfs, pref
7434
F eb 2
82 Sep 11
4012 41?8
401s 4134 39% 40*o
30% 40'% 14,135
40
38 *o 40*.| 39
ansas C ity S o u t h e r n ..
37 F e b 23
50*4 A u g 18
69
695g 69
69 *
69
69*8 70
68
2,000
D o p r e f.
67*4 68*2 68
67‘ 8 F e b 24
75*2 A u g 18
*21
24
*22
25
*21 25 *23 24 *20 24 *22 25
ake Erie & W estern ___
19*2 F e b 25
29*2 A u g 2
61
61% *61
62
61
61
61
61
61
61*2
61
61%
2,200
D o p r e f_____________
48 Jan 23
64% J ’n c 11
*05
69
*65% 60
64*4
64
64
04
*65*2 69
05
65%
2,200 L on g Isla n d ______________
71*o D ee 21
59 J a n 4
1503.1 153
152 153% 150*4 154
14934 153 *146% 147% 14758 148*9 20,850 L ou isville & N ash ville___ *121 Jan 29 162*2 A u g 12
1373.1
13734
137 137
1363
4
137 137%
137 137
136*2
137*4 137%
950
a n h atta n E le v a te d ___ 137 D e c 2 153*2 Jail 4
*20
25
*20 25*2 *20 25 *20 25 *20 25
*20
25
e trop ollta n S tre e t___
18 J ’Jy 2 42 J an 5
* ____ 49
*47% 49
4734 473,
45*2 48*o
48
48
47-% 47%
1,690 M inneapolis & St L o u 's ..
51 Sep 16
65 J a n 8
*80
S8
*80
88 *80 89 *82 80 *75 83
D o p r e f_____________ _ .
81
M ch in
90 Jan 8
I .3434 136
*135 137
135*4 136
130% 133*2 132 13334 134% 13534 'If.OSU Minn St I> & S S M arie___ 132*2 Jan 2 l 49*o Jan 8
151% 152
152 152 • 150*4 1513,t 152% 1521o 150 150
151 153
1,405
D o p r e f______________ _ 147 A p r 13 101*0 A u v 9
92
‘2
*913.i 92*8 *91% 923s
91% 91% *915,8 92*8
92
02
1,200
D o leased line c t fs ____
94 D eo 23
80 J 'ly 22
45*4 46*8
44% 46%
45
46*4
421. 45
43*s 4534
44% 45% 67,271. M o K ansas & T e x a s ____ _
35% F eb 23
50*o O ct 18
*72
74%
73% 7334
73
73
*72% 7358 72% 72%
73
73
600
D o p r e f______________ _
F eb 23
71
78*4
O ct 18
66 67
66*2 68*2 66% 67% 167*2 70
09*4 70
69% 72
44,850 M issouri P a cific .......... .......
65 E'cb 24
77*2 A u g 5
*138 145 *138 145 M35 145 *138 145
135% 135% >130 140
100
ash C hatt & St L o u is, 122*2 Jan 5 142 D e c 17
*60
61
6134 63
*61 63 *62*o 63*2 63&4 64 *61 64
900
a t Itys o f M ex 1st pref
64 D ec 3 1
•14*2 A p r 5
2438 25*2
25*o 26*o
25
26*o
2733 28% 27io 28% 49,922
26% 27
Do 2d p r e f_________
21 D e c 1 2GXs M a y 22
1183s 120
113% 12034 117-ft 111)38 11534 118'% 117 11934 118% 120
96,684 N Y Central & H u d s o n .. 120*9 F e b 24 1473.1 A u g 18
*57
63
*59
63
59
63
61
65
58
59
*00
65
1,400 N Y C ldc & St L ou is____
48*5 M ch 15
69 N o v 19
*105 110 *105 110 M05 111) >105 110 >105 110
109% 10934
100
D o 1st p r e f____________ 100 F e b 20 100 F e b 20
* 8/
95
*90
95
*90
96
*92 100
98
98
*92
98
100
D o 2d p r e f_____________
76*4 A p r 6 95 N o v 19
155 156
155*4 156
155 155% 154% l u l l ; 155 155
155 156
1,907 N Y N H & H a rtfo rd ____ .154 N o v 13 1713.1 J ’ne 14
453.1 46%
413i 46%
4353 453.1
44
4Ho 45*2
45
45
453.1 22,815 N Y O ntario <tc W e s te rn .
42*4 F e b 24
5558 J ’ne 12
96% 97 7g 97*4 08*4
9734
97
96
96*4 97%
96-% 975;. 10,250 N orfolk & W estern _____
973s
84*4 Jan 6 102 D e c 10
____ ____ *S9
91
*88 92
90
88*3
88*3
90
*S8
90
200
D o ad ju stm e n t p r e f . . .
85*s
M
eh26
M
13534 13734 13373 137% 1313.1 135
131% 134
132*2 13 o'j8 134% 137% 06,960 N orthern P a cific________ _ 133*4 F e b 24 159*2 J’ly
Atlg 12
115:3.| ll;;3 4 *113 117
*115 118
112 112 110 n o i i n % i m .
400 IT acific Coast C o ________
76 M eh 3 l l 6*o D ec 31
*101 110 n o v ion n o o 108 *100 108 >100
no
noo
110
1D o 1st p r e f_________
100 M ch30 ,100 Sep 28
*116 117
113 111*
114 114
1121. 11219 111) n o >108 111
300
Do 2d p r e f_________
88 M ch 27 114 D eo 31
132% 134
132%) 134% 132% 133% 131*4 133% 132 1333, 13.'i33 134% 182,121 P e n n s y lv a n ia ____________
126's F e b 23 151*4 Sep 29
97% 93
98
963.i 98* t *9734 98*'
98
95*2 97*2
97
98
3,25( P lttsb Cln C ldc & St L . _
86*^ J a n 5 997s D ee 22
*195 120 *105 120 *100 120 *100 120 >100 120 >100 120
D o Dref________________ 101 F e b 10 110*4 S ep 21
100% 163
16033 163’ o 1607g 1633s 15834 162% 159*4 1621,, 101% 163%
I l e a d i n g _________________ 118 F e b 23 173% Sep 21
§92
92
+92*4 081.1
92*9
93
93
92*4 92% *92
92% 921"
Got I V
1st p r e f____________ _ 89 M ch 22 96 A tig 23
lOUo 102
993.1 100
101% 101%; 100% l o l l - 100 101
lOOlo 105
7,92i
2d p r e f_____________ 90 F e b 1 U 7 ‘ o D ec : 3
44
46
43*i 46" J
40% 4419 385s 44%
45% 47%
4234 44*9 89,60.1 D ock Island C o m p a n y ...
207s F e b 24
81 D e c 27
84% 86
8G £ ;i
84%
82
84
84%
85*.
4,300
85
85%
D o p r e f________________
94 *4 D e c 27
67Xs F e b 24
*70
721,1 *70% 70% *70
71% *70
7 U 2 *60 71% *68 72
100
t L & San Fr, 1st p r e f ..
65*4 M ch 29
74 D e c 8
56
57
55*2 58
55*3 i.ti'o
63% 661s
53% 54
54% 50
6,100
D o 2d p r e f___________
003,| Sep 11,
36 F o b 23
3t)7g 313, *3034
30
31
28% 31
28% 293s
30*4 303.1
6,60' St L ouis S ou th w estern ___
35*s D eo 7
20*2 F e b 26
7312 74
74
74
*74
76
7234 74
723. 741;
74*8 75*,
3,40.
D o p r e f________________
47*"Jan 0 82 D e c 7
1293j
1353•
1313.,
130% 13^2
129%
128 132
128*3 130% 129.% 13H
12,41t Southern P a cific C o _____
114% F e b 24 139*8 A u g 16
30% 31*
30*8 91
30
50% 31
30
31
301;
30
31% 2o,60t Southern v tr cfs s tm p d .
34 A u g l l
22 F e b 24
60
69%
08% 70
07*2 6934
66% 69*3 63 68.% 68 68% 12,32
D o pref
do
75*2 D ec 15
60 Jan 6
33
o238 oo’xi
o2>3 33%
31
30% 33
32
32*s 33% 12,30 'T e x a s & P a cific_________
40*o A u g 23
30
F
e
b
24
15
16*4
15*2 16'
1534
16*8 I 6I4 15
15*s
15% HR, 12,14'.’ JLhlrd A v e n u e |.\ Y ) ___
12*4 D e c 8 42*2 Jail IS
1212 I 0 I4 13 13**; 13% 14% 18 13% 123S J5's
123g
12*9 121
2,400 T oledo H allways & L ight
1538 Jail 2
7 M a y 12
50
50
49 51
46s | 48*2 50
49
48
49
50
50
3,600 T oledo St L (c W e s t e r n ..
43 F e b 26 ,5473 O ct 19
*00
70
09% 70%
69,8 69%
6512 08
073.1
67
68% 685) 2,500 Do p r e f............................. 6434 F e b 24 74*4 Jan 4
113*2 113*2 113lo 113’.' 113
113*4 113 113% 113 113Io >;112l9 11212,477 Twin C ity R a pid Transit
97 Jan 2 110*4 D ec 29
192*2 1947s 1913a 19 V, 191% 193 3
193% 189-% 1921! 191% 193*2 .63,5. 0 I l n l o n P a cific___________ 172*2 F e b 24 219 A u g ll,
100% 101 100*2 101*- 100% 101 1887s
99% 100% 100 100% 100*2 10119,560 vJ
D o p r e f........................ *91 M ch 1 118*2 A u g hi
40*> 40%
40
401'
3934 40
*39
41
39
39
800 Unit R y s I n v ’ t o f San Fr
30 F o b 25
47 Sep 13
♦____ 71
*70
72
*68 70 >____ 70
70
>____ 70
50
D o p re f________________
50*4 F e b 25
77 Sep 11
21% 223fi 22
23*4
22% 223j 21 22*9 21 22
22*4 22% 29,410
a b a s h ________________
2 / 7g D e c .0
15 F e b 23
48% 50
49% 52
481.1 50*'
49*2 51
49% 513.i 55,75(
47% 50*2
D o p r e f___________
6134 J ’n c 15
41 F e b 23
497g 51*o
48*2 503s
51% 52*4
493.1 50
49
62%
50
50*- 37,750 W est M d reels 4th p a id .
9 56 D e c 1
534
6
5*4
6
534 63,
5*4
5%
5%
5*2
6% 0*. 5,000 W heelin g & Lake E r i e .. 225L JO ct
127s Jan
ly 13
1J io% 10% 12
11 11
11*2 12% 11*0 121' 12% 12% 3,210 D o 1st p r e f____________ 15*4 j ’iy
25% Jan
13
512 0
>
’ "1 6„s
0*2 7*? 7
7
8*3
85;
6*2 7*5,70.
D o 2d p r e f_____________
6*2 j '» y 13 15*8 Jan
49 49
45
43
48
48
50
50
50
47% 47*2 *47
800 W isconsin C en tra!_______
357.2 J a n * 037,3 A n r 2>i
D o pret T ru st Co c it s .
86*1 M ch 8 917* M av
118*2
10333
130
115*4
93*o
74*3
178*8
* 68*4
♦300
80*s
64
♦____
1201,
118*2
103%
130*2
11534
93
74
179*4
* 68*4
*309
86%
64
* ____
1203; 118*2
10334 10334
132*; 131
117% 115%
93
93
76%
75
180*. 178%
70
§ 68*4
312 *300
88% 86*2
053.
6338
70 * ____
1103)
1033,
1313,
116*
93
76*i
179*j
115% 119*8 116,%
103*4 103% 103*8
129 1313. 129
11473 llo*" 115
94
93
93
72
713S 753
178?8 1803 17G*s
68*4 70 70 *68
312
300 306 *295
873,
80*4
83
87*2
64
61
6034 64
70 *____ 69 fr____
118*. 1173.1 119% 187,300
103% 103% 104
2,200
130% 131
131
7,600
no
115% 11634 30,570
94
*93*o 941.
500
74
733S 75
41,502
180% 180 180%
0.S70
70
*63
721.
125
310 *300 308
1,000
84
83% 80% 161,420
62
02
G258 0,140
69 * -----69
B
D
H
fr
K
L
M
N
02*2
S
W
BANKS AND TRUST COMPANIES— J R
Banks
Hid
Ask
Ask
Bid
182
610
258
138
130
_
B anks
Bid
F ifth A v e lf. 130*
Fifth .......... 300
F ir s t _______ 1900
14th Stlf___ 155
F o u r t h ____ 1202
G a lla t in ___ 330
G a r fi e ld ___ 295
G erm -A m 1 140
Gerrn’ n E x ’,1 450
G erm ania If. 550
G reenw ich 1 260
H a n o v e r ___ 050
Im p & Trad 505
____________________
180*s N o v
08 N o v
229 D ec
593s D ec
6S78 D eo
79 D ec
14*8 N o v
17*8 N o v
103*2 Jan
138 Jan
135*0 Jan
185 Jan
111 F eb
140*o Jan
*% A p r
4 Apr
47% J ’ne
85*8 F eb
21 F eb
503s Jan
393.j F eb
14llo F eb
420 Jan
1414 F eb
39*4 M ch
32*o A pr
6 F eb
1184 F eb
12 Meh
24% Mch
10 Meh
1133.| F eb
48*2 Jail
8 " Jan
20 Meh
§70 Jan
62 F e b
69 M ch
122io Feu
6**4 Jan
17*8 F eb
10 F eb
27*o F e b
57 A u g
18 F e b
46 F e b
12 Jan
31 M ay
30 F eb
87*4 F eb
120 Jan
1.5 F eb
2,) M ch
61 F e b
79*4 Jan
123*0 F eb
152*0 D ec
10134 D ee
185*2 D ec
224 D ec
100 D ec
174 D ec
7*8 D ec
18 D ec
7012 D ec
997s D ec
59 D ec
79 D ec
70 D eo
1813S D ec
575 N ov
40*2 D ec
83*4 D ec
50 N o v
1834 N ov
3334 N o v
36 N o v
513S D ec
4 1 D ec
1451.1 D ec
75*8 N o v
17*2 D ec
40 D eo
84 D ec
104*2 Dec
93 D ec
14934 N o v
20 D ee
49*o D ec
32lo D ec
57 D ec
78*2 D ec
42*8 D eo
72*8 D ee
20 D ec
58 D ec
56*8 D ec
1253.1 D ec
15434 D ec
44% D ec
66*2 Dec90 D ec
135 N ov
151*2 D ec
‘17% M ch
43% b e e
75% D ec
67*2 D ec
122 N o v
9***8 Jan
2 Ho Jan
90 " J a n
(il) F eb
1283s ,Jan
29*8 Feb
58 F eb
74 M ch
11073 Jan
65 Sep
90 M ay
79 Meh
108% Jail
59 Jan
81*3 Meh
92*3 F eb
78 Jan
76 Jan
10*2 F e b
20% F eb
42 j ’ne
19*4 Fe!)
10 Mch
24*2 F e b
C0*.| Feb
9*s Jau
25*2 Moll
12*4 Feb
15*2 Mel!
6*2 O et
12 F eb
31 F eb
78*.| F eb
119*0 M ch
79*4 Apr
15 Jail
27*2 Jau
03.1 Mch
13 Men
126
57*2
105
85
161
46 Fell
28*o F eb
97*4 Jil*i
4%
12*8
0
13*2
M ch
Apr
Feb
F eb
Dec
DecN ov
D ec
N ov
4773 D ec
86*4 N o v
88 Dec
I 0734 N o v
9312 Jau
90 M ay
97 Jan
132*4 D ec
88*2 D ec
10834 n o v
143*4 D ec
92 D ec
99 D ec
25*4 D ec
62% D ec
69 D eo
42*4 D ec
24 Dec5578 D ec
122*2 D ec
27*4 D ec
63*0 D ec
37*4 D ec
47 Aug
15*2 D eo
60 D ec
73*2 D ec
96*8 D ec
1847s N ov
98 N o v
40 D ec
5912 D ec
20% D ec
5234 D ec
13 D ec
26*4 D ec
I 534 NOV
38i.i D ec
KERS' QUOTATIONS.
Ask
B anks
BUI . 1st
BUI Ask
B anks
C hatham . . 340
350
1500
Irvin g N Ex 205
210
Mutual 1|___ 2S_l
290
Chelsea E x!f 200
650
.Jclferson lf.. ____ 190
Nassau
1|___
6 0
C hem ical . . 445
4;;o
L ib e r ty ____ 575
N ew Neth’d 200
’ 2b’ "
A m e r E x e h . 254
C itizens’ Ctl 160
165
Lincoln____
430
N ew Y ork C i, 750
A u d u b o n . . 130
C ity ............... 420
425
M anhattan!! 345
355
N ew Y o r k . '320
3*3‘ )" ’
B a ttery Pk_ 125
Coal & Iron 145
155
M
ark’
t&
F
ul
26!)
345
265
N
’
lit
&Day1,
2 75
B o w e r y !)___ 375
C olonial I f . . 300
M echanics’ t270
30J
19th W a r d .
420
B ronxB oro-, 300
C olu m bia §[.
3 SO
M ercantile . 180
N orthern _ . 100
190
111)
B ron x N at
217
225
C om m erce . T190* 9 1204
Merch
E
xcli
160
465
P
acific!!___
_
240
230
B ry a n t I'k 1 1571? 102% C o p p e r ____
M erch ants’ . 180
575
190
P a r k .......... .. 465
475
B u tc h & D, 140
150
Corn E x I f . . 32)
330
M etropolis • 390
265
410
P eop le’s i f . . 280
295
C en tu ry If
170
175
East R iv e r . 125
135
M e tro p o l’ ni; 1971
070
Ph enlx _ .
17 7* 187*'
C h a s e ___
430
465
F id elity !f_ . 165
175
Mt M orris’,I. 250
575
Plaza!|___
625
.
”0 saies were m aue o n tins d a y E x - r i g h t s . 3Less than 100 shares. ’ .m a te banks, a E x -d lvld em l and
(S a le a t S tock E x ch an ge o r a t a u ctio n this w eek
h Eirst Installm ent paid
n Sold a t prlv; to sale a t this price, 2 I’ d paid.
New York
Banks
101*4 D ec
104 D ec
111U D eo
1 117S D eo
94 D ec
0934 D eo
06 F eb
833g F eb
59*o M ch
76*2 F e b
80 Jan
37*4 F e b
140 F e b
54 Meh
160 F e b
25*2 F e b
10 F e b
47 M ch
3*8 F eb
5 F eb
1 a tills
Prod E x cli If
R e s e r v e ___
seaboard . .
S e c o n d ____
Sh erm an___
State 1|____
12th Vvard.
23d W a r d ..
U nion E x e .
W ash l l ’ ts 11
W est Side !i
V o rk v lh o 1|.
im
Ask
170
14 .
350
40.)
135
295
175
IT)
190
275
500
500
rights, h N ew sto ck .
.„ 3d p a id .
300
1.5
New York Stock Record— Concluded— Page 2
J a n . 22 1910.1
STOCKS— HtOHRST A H O LOW EST SALE PRICES.
Saturday
Jan 1 5
♦250
14
60
827s
45*2
*99
421o
*93
12*g
78
0 6 '(
11712
63
103
*275
Monday
Jan 1 7
300
14
60
85*4
40
. . .
44
94
12*8
79*67 *2
1171
04
103
300
*250
*141i
5 0 'g
82-*s
45 1
*99
431
*93
1212
7834
0512
§11712
631s
*102
*275
7%
71
4212 43
2334 2 5
14 3 4
1534
431i
4412
E 0 "l
5712
*113
114
714
44
24
15 3 4
4312
*6*8 8
3734
*8812
93U
10912
*250
*95164
121
*121
1371*
95
34
55*2
11334
*63g
3 7 l2
89*8
9314
109*2
*250
*96
6412
37~8
89U
95 5 g
1091_____
100
64
12214
123
*121
138
137*2
95 :
94
34
3234
10U 2
50< g
4 9 -8
3212
32
67
*60
156*i
157*2
18
*15
3234
327g
44
423j
IO 8 I4
108
4434
4312
8934
8834
34c
35c.
15114
150*4
Thursday
Jan 2 0 .
300
*245
300
*245
15
13*2
14*8
13
60
50
5034
49
82*2
843g
85*2
‘
‘
46
45
45 *4
45
*101
4334
44
41*4
44*2
94
*92
94
*93
1234
1212
127g
79*2
79
793g
77
67*2
65*4
67
64*8
117*2
116*2 11 7
117
65
62
63
6 3 5s
107
*101
107
300
*275
300
280
71 2
7 *4
7 *8
7*4
44U
42
*43
45
2512
237g
2 4 14
2312
16
10
16
15*4
45
44
44
4 0 »i
6234
55*8
60
58
11334 1 1 3 1 4 1 1 4
113
8
0
3778
35*2
30
34
8912
89*4
8 912 89*2
93*4
95
9 6 lg
91*4
10934 10934
110*2
109
_____ * 2 5 0
. . .
*250
100
*9512 100
*96
6434
65
65
6234
1 2 2 1 2 123 3 4
120
123
* 1 2 1 1 2 122*2 * 1 2 1
1
3
7
*
4
1
3
7
3
4
138*2
95
94
94
3312
33
33
102
10158 10178
4 9 5s
50*2
50 7 g
*31
32*2
32*8
64
67
65
1_____
152
16)
157*2 159*2
18
15
*15
18
3234 *3212 33
*32*2
44Sg
43*8
44
1 0 7 3 4 10734
10 8 * 4
106*4
4212
4514
43*8
45*4
90
25
87*4
89
35C .
3 3c.
3 3 c . 35C .
1541g
151
153
143*2
20*2
2034
19 * 4
8434
84
84
84
61
*54
61
*54
35
34
34*
33*2
77
*
75
* _____
85
8 4 i 2 84*2
83*2
156
16 3 *2 1545g
153
*101 ...
11S8 12*
♦101 100
*6*2 8
S35g
61
3 l7 g
86
86
-
84*8
*54
34*2
*
75
* --------85
15334
153*4 1545g
*
_
201- £1*2 201- 2112
83*8
*54
34*8
_________
>__ 112 * 112
119
121
1257S 1257s
61 2
612
207g
2134
13 1 4
14
56*8
56 *8
50
51
89
89
106*8
*8817612
*113
♦123
23*8
*95
841110
88
7 9 l2
3234
39
1 1 2 ’>8
§250
250
13
3
12*4
50
40
47*4
8H 4
83*8
*44*4
45
45
104
*101
101
44
42
40*4
*
94
94
12
2
U>2
7778
78* 8
77*4
66' 4
04105*2
*116
117
117
OI-34
64
(it
*101
107
280
277*2 2 8 5
7* 4
7
7*4
42
40*4
43
2 334
23
24
15
15* 8
15
4134
421?
44
541?
60
63*4
113
1 131 2
113
6* 2
0*4
6
35
36* 2
33
89
89* 4
89
93190*2
95
108*4 1097s
110
. . . . *250
99
*96
100
64* 6210312
123' 4
120*4 1 23
123
*110
1 22*2
8
1 3 5 * 2 1 3 8 34
4
9234
03
S
3212 3212
2
100*4 101
4
49*4
50*2
33
2
30*8
6 312 63*2
4
15212 154
15
15
3213214
8
4U -
122U 12212
loaig 1025r
49*8
31
*61
15712
*15*8
3278
43
10714334
8914
34c.
149*4
Tuesday
Jan 1 8
107
893s
7012
115
125
2414
99
8514
IIO I4
901797s
34
40
113*2
102 102
211- 23
7 5 lg
77
46
463g
104 1 2 104*2
1891- 1891*314
37g
*4
4146
47
♦106
108
40
1 2 134
126
0>>8
2 0 -s
*13*2
*56
61
89
106*4
85
77
113
125
24 I4
*95
853g
107
45* 4
88* 2
35c .
153
20*
84* 1
61
345 8
70
831 2
154
121* I
118
126
+125
2
<»\J
*
20
S *13156
54*8
50
48
8 9* 1 * 8 7
107* 1 104*2
88
87*2
*701114
>110
>121
125
22 7 8
6;;g 6*
6*2 6-8
*121
110 110*2
96
s
110
87*
79*
35
40
113*
10012 101*2 100*2 101 *•100*2 102
2 2 I4
23 7 g
227g
23*2
76*78 7 g
76
7734
45*4
47 *4
46
46*2
104
104
* 1 0 3 * - 104*2
189*4 1 9 0
190
191
*3*4
37g
33g
33g
*4
+3rs
4I4
46
473g
<64
47
10034 1 0 7
106*2 106*2
40*2
42
40
407g
8 3 14
*118
36*4
88
117S
*60
*119
§112*8
28*8
*82
125
*80
*8*3
♦24
44-*|
1101♦80
84*8
3223i
5212
64*8
124
75
44
10.3
189
*3*4
79
*378
45
100 101
83 *4
80183*2
84
119
*118
119
3678
367g
367s
"3 7 "
88
*80
90
117S
1 134
12*8
73
73
73
*09
1 2 0 * - §1 2 0 -* s 1 2 0 * 8
112*8
112
11212
287,
29
31
84
82
82
§82
124
125
124
*122
82
*80*80
8112
*0
10*2
12 * 2
*9*30
*24
32
*24
40
40*47*46*8
112
1 1 2 * 8 113*
82
*80
*80
85
85 7 g
8334
86*g
8 3 I4
124*4
1 2 2 1 - 123*4
122154
53*4
5512
5212
55
5534
53
5 3 -g
124
124
124
*122
70
*69
§25
25
>21
>76
♦180
180
186
180
180
7317 4 14
73174
71*4
,6 9 3 4
74
72
74
72**122
135
*120
138
12.3
8234
37"
*86 9 0
*11 12*2
74
§1201- 120*112 112*-
100
1013
80
80*
115
115
36*4
37
*87*2
90
113s
113
70
70
....
*90
83*8
107
80*8
77
33y
39
110*2
102
19171
44
10312
191
*3*4
37s
44
105
37
99
80
*114
36
*87*2
10*C978
§119**111*4
27-* [
82
> 80
130
125
8OI4
78
12
*9
* _____
32
40-*4
‘ IT
70*4
§125*2
78*8
*3
v _____
43*8
111*1
112 II234
....
33*4
*83*4
1521-
_________
'__ 112 112
122*2
12134 12212 1 1 9
*126
127*4
126
124*634
2034 £ ll g
2U 2
14*- *13*2
14*2
5 8‘
*56
58
5412
60
5H 2
48
517g
9034
89
89
8 9 -8
10134
107
108*4
10858
89
8 0 "g
87
87*77*8
77*4
77*2
1 1 3 3 4 11334 * 1 1 3
113
*121
125
125
24 5 g
23
24*8
24*4
99
96*2
9G12
90
8634
85*4
86*4
109
109
*108
897g
S 9 78
86
88*8
89
76*7 9 l 2 81*2
78*8
7912
34
35
33135*8
33*2
39*4
40
3934 4 0
38*1 1 2 3 4 113*4
1 1 2 -8 11 3 3 4
112
4114
102 IO2I4 100 102
107
4238
22
3 3c.
143119
8378
*54
>245
12147*2
81*s
45
*101
42
*93*8
11 *4
78
65*4
117
64
*101
*275
*7
41*4
23*15*4
4234
54
*112
6*3578
8812
927g
STOCKS
Sales of
the
Week
Shares.
N E W
Range for Year 1 9 0 9
On basis o f 100-share lots.
Y O R K
STO C n.
E X C H A N G E
/TO ml l l o _ o 1 n«..i
100
1,120
6,200
2,000
2,200
C
C
C
C
C
o l o r a d o F u e l & I r o n ____
ol & H ock C oal & Iro n .
o m s to c k T u n n e I .R a r $2
o n s o lid a te d G a s (N Y ) .
o r n P r o d u c t s R e f i n i n g __
D o
p r e f ______________________
C r e x C a r p e t . . ..............................
D is tille r s S e c u r it ie s C o r p
F e d e r a l M in in g & S m e lt ’ g
D o
p r e f __________________
G e n e r a l E l e c t r i c __________
G ra n b y C ons M S & P
n t H a r v e s te r s tk t r ctfs
D o p r e f s t k t r c t f s ____
I n t M e r M a r in e s t k t r c t fs
D o
p ref
I n t e r n a t i o n a l P a p e r . . . __
D o
p r e t ______________________
I n t e r n a t S t e a m P u m p ____
D o
p r e f ____________________
L a c le d e G a s ( S t I .) c o m .
M a c k a y C o m p a n i e s ______
D o
p r e f ______________________
a tio n a l B is c u it
D o p ret . . . .
______
N a t E n a m e l’g & S t a m p ’ g
D o
p r e f __________________ _
N a t i o n a l L e a d _________________
D o
p r e f ______________________
N e w Y o r k A i r B r a k e ______
N o r t h A m e r ic a n C o , n e w
a c i f i c M a l i __________________
a c ific T e le p & T e l e g ..
P e o p le ’s G L * C (C h ic ).
P h ila d e lp h ia C o ( P lt t s b ’ h )
P i t t s b u r g h C o a l C o ________
D o
p r e f ______________________
P r e s s e d S t e e l C a r ___________
D o
p r e f ______________________
P u l l m a n C o m p a n y _________
Q u i c k s i l v e r M i n i n g __________
D o
p r e f ______________________
] > a l l w a y S t e e l S p r i n g __
1C
D o p r e f __________________
R e p u b l i c I r o n & S t e e l ____
D o
p r e f ______________________
C lo s s -S h e tfle ld S te e l & Ir
O
D o
p ret
d T e n n e s s e e C o p p e r P a r t 25
T e x a s P a c ific L a n d T r u s t
n i o n B a g & P a p e r ______
D o p r e f __________________
U n i t e d D r y G o o d s C o s __
D o
p r e f ______________________
U S C a s t I P ip e & F o u n d r
I)o
p r e t ______________________
U n ite d S ta te s E x p r e s s ..
U S R e a lty * I m p r o v e m ’t
U S R e d u c t io n & R e fin in g
D o
p r e f ______________________
U n i t e d S t a t e s R u b b e r ____
D o 1 s t p r e f ___________ _____
D o 2d
p r e f _________________
U n i t e d S t a t e s S t e e l ________
D o
p r e f ______________________
d U t a h C o p p e r ____ P a r 5 1 0
V lr g ln la -C a r o d n a C h c m . .
D o
p r e f ____________________ _
V ir g in ia I r o n C o a l & C o k e
V u l c a n D e t l n n i n g ___________
D o
p r e f ______________________
e l l s F a r g o & C o ________
e ste rn ' U n io n T e l e g ..
W c s tln g h ’s e E I * M fg a s se n
D o 1 s t p r e f _________________
1,000 I
10,100
12,100
200 N
100
P
1,200
200
1,000
100
200
-----
....
200
110
50
175
>180
18 0
7214
73 *4
7317 5 *4
134
>120
100
6 ,8 0 0
1 9 ,3 1 0
180
Range lor Previous
Year ( 1 9 0 8 ) .
Highest.
I n d u s t r ia ls M is c e lla n e o u s .
300
15 A d a m s
E x p r e s s ___________
yi e r s _____________
3 , 1 0 0 •1f x I l l s - C h a ltm
13
3 ,9 0 0
D o p r e f ________________
48
C o p p e r ____
8 H 4 2 5 5 ,2 0 0 A m a l g a m a t e d
2 ,7 0 0 A m e r A g r i c u l t u r a l C h e m .
45 *8
D o
p r e t ______________________
104
42-*4
9 , 8 8 0 A m e r i c a n B e e t S u g a r ______
04
D o
p r e t ____
12
9 ,2 5 0 A m e r i c a n C a n
D o
p r e f ______________________
3 ,8 0 0
78
2 4 ,4 5 0 A m e r i c a n C a r & F o u n d r y
66 *8
D o
p r e f ______________________
830
11719 , 5 7 5 A m e r i c a n C o t t o n O i l ______
05
D o
p r e f ___________
107
300
E x p r e s s _________
350 A m e r ic a n
A m e r ic a n H id e & H e a th e r
7*?
4134
D o
p r e f ______________________
3 ,3 0 0
23*2
A m e r ic a n I c e S e c u r it ie s ..
A m e r i c a n L i n s e e d ________
1512
43
D o
p r e f ____________________
3 ,4 0 0
65
1 8 ,9 0 0 A m e r i c a n L o c o m o t i v e . .
114
D o
p r e f ____________________
795
7 0 0 A m e r i c a n M a l t C o r p ____
612
D o
p r e f ______________________
37
2 ,7 0 0
89
8 7 0 A m e r S m e l t e r s S e c p r e f B95L
6 3 ,2 5 0 A m e r S m e l t i n g * R e f i n i n g
D o
p r e f _______
5 ,5 2 0
109*8
A m e r ic a n S n u ff
9934
D o
p r e f ______________________
64
4 ,1 0 0 A m e r S t e e l F o u n d ( n e w ) .
122
1 1 ,5 0 5 A m e r i c a n S u g a r R e f i n i n g
D o
p r e f _________________ _
12212
13734 2 0 ,1 7 1 A m e r i c a n T e l e p h & T e l e g
2 ,6 6 0 A m e r i c a n T o b a c ( n e w ) , p f
93
1 ,6 0 0 A m e r i c a n W o o l e n
3312
D o
p r e f ______________________
102
4 0 ,1 5 5 d A n a c o n d a C o p p e r P a r t 2 5
51*2
33
1 ,6 0 0 | > e t h l e h e m S t e e l ________
D o p r e f _______________
65
450 * *
158 3 4
5 . 8 0 0 B r o o k l y n U n i o n G a s ______
15
35 0 B r u n s w ic k T e r m & l t y S e c
33
4 0 0 B u t t e r i C k C o __________________
433,
2 8 , 6 0 0 ( ' e n t r a l L e a t h e r ___________
109*4
*250
*95
64
1211*119
13034
9234
331102
49 7 g
31
65
152
15
33
43*8
107*8
1 ,4 0 0
107*8 107*2
44
44*8
4512 2 6 ,9 5 0
22
27
25
7 5 ,0 2 0
33e.
5 ,6 0 0
148*1 4 6 3 4 1 5 0 *2
9 7 ,4 0 5
2 )
1978
1 5 ,8 8 4
2 0 l4
84*2
1 .8 0 0
84-*8
8 4 *8
61
*50
01
34*2
3 ,1 0 0
3412 3 4 l2
*
75
75
90
85
150
85
154
155
6 ,3 2 7
15312
112
11 9 * 4
122
122
6 .5 9 9
126*2
1 2 0 * - 126*2
6*i
2 .9 0 0
6*2
6*4
2134
21
20*4
14*4
14
14
900
55
50
1 ,8 0 0
1 6*2
5234
49
48*87
1 ,7 8 0
57
87
10511 0 5 * 4 l( ) 0 7 g 3 1 , 5 0 5
87*2
89
2 ,3 0 0
89*s
78
950
77
77
11434
115
*110
125
*121
125
24
2215 ,3 2 5
22*2
100
*92
100
300
84
1 3 ,4 4 8
8-1*4
85*8
107
110
600
*10/
2 ,3 1 0
89
87
87
9 .4 5 0
79*79-*s
78*3-17g
3 4 -8
4 .9 0 0
34
40
2 .6 0 0
39
39
111*1 6 ,4 0 0
111
1 1 2 *4
102
* 1 0 0 ’ - 103
21 * 4
3 1 ,8 0 0
2 1 '23
76
9 ,2 0 0
76*70*2
4 5 I4
4 1*5 .4 5 0
40*2
1031103 - 101
1 ,1 2 6
190
1 5 ,5 9 0
19-1*2 1 9 9 3 4
31 O
3*4
3*400
♦33J
4
37S
45
5 ,5 0 0
45 *2
47
105
105
105
39*4
2 8 .9 0 0
3S
38*2
101
100’ - 102
5 ,7 7 5
81
3 ,8 0 4
81*i
83
*11
300
6 3 • 30 ^ 4
3 .6 0 0
30*8
90
♦87 2 9 0
11
1 ,6 2 0
11G
11
697«
1 ,0 5 0
70
70
1 19*2
435
119*2 121
112
1117s 1 1 2
1 ,2 5 4
28*2
4 ,3 5 5
2 8 '3
29 *4
80
1 ,3 4 0
70 4
77*8
131
131
131
725
70*80
1 .6 0 0
*78
12
10
10
30
32
*23
46*4 12*360
45 *8
45*3
1121,
in
1 L12*4
1 1 ,8 7 5
80
81
* 7 :)
400
84’8C34 r
83*4
'7 7 5
.2 3 '.,
123
124
1 9 .5 0 0
53*4
517s
53*8
3 2 ,6 8 5
54
53155
3 1 .5 0 0
122
85
78*s
85 1 S
81-*i
123*4
121*4 1 23
121*1
54
61
53 *4
51*4
55
52
55
51*2
12234
*119
70
67
67
26
26
§24
24
85
§70
70
77
70
186
*175
+ 180
180
727;
733.
73'
7 1 ’2 73
73*,71
74
71
7 1 "f
134
128
128
128
*120
*122 120
*21
186
Friday
Jan 2 1 .
221
U
W
I9 0
J a n 20 §250
N o v 20
164
Jan
I234 F e b 24
167g A u e 3
5
M ch
38
F e b 24
14
M ch
5 7 * - N o v 17
G5
F e b 26
9 6 's N o v 19
45*8 F e b
33*2 J a n
50
A u g 12
13
Jan
95*2 J a n 18
10.3
A u g 3
78*2 J a n
20*4 J a n 13
91- F e b
49*- A u g 2
82
Jan
65
Jan
98 " O c t
4
7 i2 F e b 23
4
F eb
15 *8 N o v l S
71*2 F e b 23
44
Jan
86
J ’n e 4
4 1*4 F e b 24
251- F e b
76*- N o v 4
107*2 F e b 23
M ch
124*4 A u g 3
42*8 J a u
2 4 *4 F e b
79*4 N o v 6
08
Jan
§80
Jan
107*4 N o v 3
§205
F eb
300
D e c 31
170
F eb
0*4 F e b 2 5
10
Sep
3
2*4 F e b
34
F e b 24
517g A u g 3
121- M c h
4 2 *4 A p r 13
18^ Jan
1 2 i2 F e b
20
J ’ n e 14
12
F e b 25
6
M ch
4734 J ’ n e 14
29
J a n 12
17
M ch
49
F e b 23
69 *4 A u g 4
31*g F e b
122
A u g 4
109*4 F e b 24
85*2 J a n
5 i2 J ’l y 16
1 1 * -J ’n e 1
3
M ch
59
S e p 20
21
Jan
38
N ov30
80
Jan
9 2 * 8 A u g 27
70
Jan
7734 F e b 24
1 0 5 1 - N o v 20
55*- F e b
101
Jan
11<>34 A u g 6
S 7 *4 F e b
225
M ch 9 §285
N o v 23
180
A ug
105
M ay22
95
M ch 1
SO
M ch
3478 F e b 24
6 6 3 s N o v 19
28
Sep
11538 N O V 3 0
136*8 S e p 24
98*4 J a n
131
A p r
8
118
N o v 15
105
F eb
125
F eb
145*8 S e p 2 9
101
Jan
0 0 i2 F e b
104
M a y lO
7 2 i2 J a n
26
F eb
40*- A u g 2 7
151- F e b
9334 J a n
1 0 7 3 4 J ’ n e 14
78*4 F e b
537*4 F e b 26
J543g D e c 31
$271- F e b
18*4 M c h 9
30*4 S e p 21
12
Jan
47
F e b 24
691- S e p
3
35
A pr
118
J a n 28
1 6 4 * - D e c 31
*85
F eb
17 7 s D e c 24
1 9 * 2 D e c 24
237g J a n
2
37
N o v l3
§10
F eb
25*2 M c h 2
5134 O c t
1 5 l2 F e b
99*4 A p r
5
111
Sep
2
75*4 J a n
29
F e b 23
53
D e c 14
1 5 *8 F e b
213s F e b 23
9 H - D e c 31
1434 M c h
2 1 c A p r 24
37c' O ct
20c M ch
1 1 4 1 -F e b
4
165*4 J a n
96
Jan
1 6 *2 F e b 2 4
26*2 J ’ n e 2
1034 F e b
7 3 *4 F e b 2 4
93*- J ’n e 1
56
Jan
45
Jan
5
6 3 ' D e c 14
4712 O c t
3 2 i2 F e b 23
4 H - J a n 25
2714 F e b
55
M ch 2
9 5 1 2 M a y 11
72*- N o v
80
F e b 24
9 4 “ A u g 11
59
F eb
150*8 F e b 23
1 7 2 3 4 A u g 12
111
Jan
91
M e n 12
110*2 D e c 2 9
78*4 J a n
62
J a n 30
118*4 D e c 31
52
J ’nc
128
D e c 21
99
J 'n e
109*4 J a n 16
9
O ct
2
538 J ’ l y
9
6
O ct
1834 J ’ l y
9
F eb
2 7 5s J a u
2
16
9 *2 M c h 13
19*4 J a n 2 4
A p r
8
6934 A u g 3
O ct
4 7 3 4 M c h 18
47
331- F e b 25
54*- N O V 12
Jan
13
821- J a n 30
gi
S e p 20
Jan
65
104
J ’n e 25
113 *8 D e c 31
70
J a n 21
95*- N o v lS
52
F eb
69*- J a n
9
77-*x D e c 2 7
597,8 F e b
9612 J a n
2
120
S e p 27
Jan
68
1 1 8 1 - J a n 11
130
S e p 21
102
Jan
12 5 g F e b 2 4
3 0 *4 D e c 14
7^2 F e b
82
Jan
5
9 9 i2 S e p
2
§70
F eb
71*4 F e b 2 5
94
A u g 13
Feb
3G
10234 A p r 21
1 1 3 * 4 A u g 12
87*2 J a n
80
F e b 23
Jan
50
97*4 N o v 9
72
J a n )3
8 7 * - J ’ n e 14
4 2 * 8 .M c h
29*8 F e b 24
24
A pr
48*2 N o v 2 7
4 5 *4 N o v 1 0
6 4
O ct
4
IO U 2 J a n 13
Jan
120
A u g 16
80
99*2 D e c
7
103
D ec
9
10
A p r 21
2 9 *8 N O V 9
8*- M c h
40
F e b 25
87*- D e c 28
36*- F e b
3 0 * - F e b 23
5 6 “ A u g 3
1 7*.| F e b
96
F e b 26
l l l - * 4 A u g 11
Jan
69
169
J a n 30
200
A u g 6
Jan
147
158 J a n
4
lo A p r
9*s J 'l y
6
10
M a y l3
3
M c h 29
1*- J a n
54*- A u g 4
23*4 F e b
32*2 M c h 8
977g F e b 24
Jan
1 0 9 ' A u g 11
75
1 6 -8 F e b 2 3
14*4 F e b
49*2 S e p 2 9
.J ’ l i e
67*g F e b 24
63
110*4 J ’ l y 2 8
* la n
68
F e b 23
36
9 4 -s O c t
4
1073g F e b 2 0
120
Sep
1
871- J a n
$ 3 3 1 - O c t 13
$251- F e b
$49
Jan
4
F eb
80 *- F e b 23
45
0 3 7 g J l y 10
4
9*4 F e b 2 4
F eb
15 *8 J ’ n o 1 8
447s J a u
66
Jan
8
8 1 *4 J ’ n e 2 9
115
O c t 28
1 2 5 1 - D e c ’.
r l0 9
Sep
1
114
D e c 30
213g F e b 24
3 5 i« J ’ n e 5 " 1 7 1 V F e b *
70
M ch 2
87*2 A u g 18
56*8 J a n
F e b 10 § 1 1 1
82
70
D e c 31
F co
F e b 23
64
87
S e p 17
36*4 F e b
M c h 12
4
1 7 * - J ’ n e 17
F eb
24
F e b 24
16
3 9 * 2 A u g 12
F eb
F e b 24
17-*j F e b
27
5 7 -s A u g 19
J a n 29
98
1231- A u g 2 4
76
F eb
42
89*2 A u g 23
F eb
67*2 F e b 2 5
41*1 F e b 23
9 4 7 8' O c t
4
25-*4 J a n
107
F e b 23
131
O ct
4
8 7 '2 • Ia n
Jan
$39*8 F e b 26
$20
$07*4 N o v 2 0
40 7 g F e b 2 4
F eb
56*3 D e c 2 8
10
114
J a n 19
Jan
123
D e c 27
XS7
Jan
43
57
F e b 23
7 5 's S e p 17
3
M ch
F eb
1
37*4 N o v 3
A pr
25
45
J a n 30
91*4 N O V 3
F eb
Jan
5 j6 7 0
D e c 28 §250
300
41
Feb
85 *4 N o v 16
01
F e b 24
90
A u g 7
38
M ch
74
F e b 24
58
145
S e p 30
M ch
H i)
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10
6
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A ug
16*s D e e
0 2 *4 D e c
88*8 N o v
35
N ov
96
N ov
247g A p r
81*4 D e c
10 *4 N o v
767K N o v
5 0 *4 D e c
109
D ec
41*4 N o v
97
N ov
§224
M av
8 *2 D e c
37*4 D e c
3 1 >8 A u g
17*- D e c
36*4 D e c
59*s A u g
113
D ec
8*8 S e p
5 1 *8 S e p
84*s A u g
107
A u g
1 1 0 *s A u g
200
A pr
97*2 S e p
41
N ov
137*4 A u g
131
N ov
1 3 2 -s N o v
97*- J ’ ly
32*8 D e c
97
N ov
$ 5 3 i2 N o v
27*4 N o v
57
N ov
I5 2 I4 N o v
§25
33
102
42
2712
44c
167
20*2
80
4 8 *4
38*4
94
89
162 3 4
Jan
D eo
D ec
D ec
D ec
A p r
D ec
A u g
A u g
O ct
D ec
A u g
N ov
D ec
10912 J’ly
67*8 N o v
110*4 Nov
9
207s
13*4
65
397g
8 4 i4
78
7 134
97
120*2
15*4
t 82*4
92
100*4
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78
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Jan
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50
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325
71*4
91
125
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Jan
N ov
A ug
A u g
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N ov
N ov
N ov
N o /
D ec
N ov
N ov
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N ov
N ov
X OV
N ov
BANKS AND TRUST COMPANIES— BANKERS' QUOTATIONS.
B anks
B rooklyn
Borough
B roa dw a y §|
B ro o kly n §[.
F irs t ______
H ills id e ^ ___
H o m e B k If.
Hom estead^
M an u fac’rs’
Mechanics ’§]
M on ta u k
N a s s a u ____
N at C ity ...
B anks
Bid.
A sk
100
158
150
_____
90
190
_____
T ru st C o ’s
Brooklyn
375
100
425
1 )5
290
110
110
100
130
125
125
415
240
140
240
295
250
150
270
305
N o r t h S i d e §1
P e o p l e ’ s ____
P ro sp ’o tP lc
T e r m i n a l § f.
U n io n
______
160
105
100
1ru st C o ’s
N Y C ity
A s t o r ________
B an k ers’ T r
B ’w ay T r ..
380
690
148
400
710
155
* B ld a n d a s k e d p r ic e s : n o s a le s o i l t in s d a y , i L e s s
♦ S a l e a t S t o c k I• - x c h a n g e o r a t a u c t i o n t h i s
w eek
Bid
A sk
N Y C ity
C a r n e g ie . .
155
C e n tr a l T r . 1015
C o lu m b ia . .
320
C o m m e r c ia l
120
C o m w e a lth
15)
E m p i r e ____
300
E q u lt ’ b le T r
COO
F a r m L o & ’l 1 8 0 0
F i d e l i t y ____
200
F ifth A v T r
125
F u l t o n ______
290
165
330
130
310
1850
210
435
_____
T ru st C o’s
Bid
G u a r ’ t y T r . 1050
G u a r d ia n T r
170
H u d s o n ____
175
K n ic k e r b ’k r 340
L a w T I c Y l 'r 1 3 0 3
L in c o ln T r .
150
M a n h a tta n
425
M e r c a n tile .
740
M e t r o p o l.t ’n
530
M orton
T r . 1620
M u t u a l ______
130
M u t A U ’n ci
130
th a n 100 sh a res. tE x -r ig h ts .
s T r u s t c o m p a n y c e r tific a te s
b
Ask
360
1304
550
140
T ru st C o ’ s
Bid
Ask
N Y L lfe & T r
1290 111)
N Y T ru st.
070
S ta n d a rd T r
400
T itle G u & T r
38)
T r Co of A m
350
O ti)
U n io n T r u s t 1350
1 !UO
U S M tg & Tr
490
U n i t .S t a t e s . 1 1 2 3 ,
V an N orden
235
250
W a s h in g to n
370
360
W e stch e ste r
130
W in d s o r
140
135
T ru st C o ’s
Bid
Ask
Brooklyn
B r o o k ly n T i
F la tb u s h . .
F r a n k l i n ____
H a m ilto n . .
H o m e ________
K in g s C o . .
L Isl L & T r
N a s s a u ______
P e o p l e ’ s ____
Q ueens
C o.
W illia m s !) ’g
435
133
20J
215
260
115
500
310
18)
300
115
80
145
225
230
270
125
320
190
125
100
N ew sto ck
c. E x ■ d l v a n d r i g h t s , d N o w q u o t e d d o l l a r s p e r s h a r e ,
§] B a n k s m a r k e d w i t h a p a r a g r a p h (V ) a r e S t a t e b a n k s -
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan.
I 1909,
th e E xch a n ge m eth o d o f qu otin g bon d s w as ch a n ged , an d p rices are now a ll—" a n d in ter e s t” —ex cep t lo r in com e an d d e/ a u lled bonds.
-ko 0
BONDS
N . Y. ST O C K
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A rg e n tin e — In te rn a l 5s ot 1909
im p e r ia l J a p a n e s e G o v e r n n r [
S t e r l i n g l o a n 4 * 2 8 ................. 1 9 2 5
2 U s e n e s 4 l a s .........................1 9 2 5
S t e r l i n g i o a n 4 s ....................1 9 3 1
R e p u l) o l C u b a 5 s e x t e n d e b t ..
S a n P a u lo (B r a z il) t r u s t 5 s 1 9 1 9
0 S o i .M e x ic o s t g o s o t 1 8 9 9
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R a n ge or
L a st Hale
P r ic e
F r id a y
Jan J L
E X C H A N G E
City S ecu rities
D ls t o t C o lu m b ia 3 '6 6 s . . . . l 9 2 4
U o u lsia n a n e w c o n s o l 4 s .. 1914
N e w Y o r k C ity —
4 % C o r p o r a t e S t o c k ............1 9 5 9
4 % C o r p o r a t e S t o c k _____ 1 9 5 8
N e w 4 H i s ....................................... 1 9 6 7
N e w 4 * 4 8 ....................................... 1 9 1 7
4 *9% C o r p o r a t e S t o c k ..1 9 5 7
4 la 9 o a s a o s s m t b o n d s ____ 1 9 1 7
4 % C o r p o r a t e S t o c k ____ 1 9 5 7
N Y S ta te — H ig h w a y 4 s .. 1 9 5 8
C a r o l i n a 4 2 , s 2 0 - 4 0 ............1 9 3 3
T e n n n e w s e ttle m e n t 3 s .. 1915
V ir g in ia tu n a d e b t 2 - 3 s ... 1 9 9 1
Os d e t e r r e d B r o w n B r o s e t t s .
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l l e g h e n y V a l l e y Hee P e n n K i t
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S t a m p e d ................................../ i l 9 9 6 <\r-N
J -D
C o n v 4 s is s u e o l1 9 0 9 ... 1955
C o n v g 4 s ....................................... i 9 6 0 J - D
J -D
1 0 - y e a r c o n v g 5 s .............. 1 9 1 7
D e b o u lu r e s 4 s S e r ie s H .1 9 1 0 F -A
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............................. .................................
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.............................
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K a ilw a y
M e t 8 t B y g e n c o l t r g o s . 1 9 9 7 E -A
R e f g 4 s .......................................... 2 0 0 2 A - O
B w a y i b 7 t h A v l s t c g 5 s 1 9 4 3 J -D
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J a n . 22 191<> j]
New fork Bond Kecord
Continued— Page 2
223
—
B O N D S
N . Y . ST O C K
W kkk
£•2
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E X C H A K G K
E nd in s JA N
21
P rice
P r id a v
Jan 21
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R ange
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1909
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H ig h
O h i o H o c l c £ A P a c — (C o n )
E r i e — (C o n )
106
102
A u g ’ 0 9 . . . . i....................
C h o c O k A G g e n g 6 s ,o l9 1 9 J - J
N V A G r e e n D g u g o s . 1 9 4 6 M -N
1 0 2 * 2 ............. 1 0 3 * 2
103*2'
6 108
108
C o n s o l g o l d 6 s ................... 1 9 5 2 M - N
I l l *e A u g ' 0 9 . . . . I l l
111**
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104
107
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106
2 d g o l d 4 * 2 S ............................. 1 9 3 7 F - A
00*4
C h ic y t b J i N O
Sec 111 C e n t
G e n e r a l g o l d 6 s ................... 1 9 4 0 F - A
93
93
J a n ’ 1 0 ______ 8 9 * «
92
O h io S t h A P it t s
See P e n n C o
110
111
f i 1 4 * 2 D e c 0 8 .........................................
T e r m i n a l 1 s t g o l d 5 s . . . 1 9 4 3 M -N
1 2 6 \ 1 2 7 34 1 2 7 * 4 J a n ’ 1 0 . . . J 1 2 6 0 8 1 3 0 78
C h ic S t P M * O c o n 6 s . ..1 9 2 0 J -D
B e g i s $ 5 , 0 0 0 e a c h . . . 1 9 4 3 M -N
9 0 * 2 ............
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93
D e c ’ 0 3 ____ 1 ....................
1 0 1 *« S a l e
M id B B o f N J I s t g 6 s . l 9 1 0 A -O
126
............. 1 2 7
C h S t P A M i n n l s t g O s 1 9 1 8 M -N
N o v ’09 ...J l 2 7
129*s
.............1 0 5
W U k A E a 1 s t g u g 5 s . 1 9 4 2 J -D
1 0 5 *2 N o v ’ 0 9 ____ 1 0 1
105*2
126
..
N o r W is c o n s in 1 s t 6 s ...1 9 3 0 J - J
1 2 0 58 M a y ’ O O j . . . . 1 2 9 ^ 1 2 9 ' * 8
E v A In d la t c o n g u g 6 s .,1 9 2 6 J -J
108
...........
114
O c t ’ 0 9 ....... 1 0 9 * 2 1 1 5
S t P A S C it y 1 s t g O s ...1 9 1 9 A - 0
1 1 4 >4 . .
1 1 4 "8 D e c ’0 9 . . . . 1 1 4
119
E r ie A P it t s
See P e n n C o
109
110*2 110*2 D e o ’0 9 . . . . ! 110*4 112*2
C l n c A W e s t l n d g e n g 6 8 i ) 1 9 3 2 Q -M
112*4115
E v a n s <fc T H 1 s t c o n s 6 8 . 1 9 2 1 J - J
115
D e o ’ 0 9 ____ 1 1 2
l i e 's
19
9 2 9 * B a te
0 2 34
93
C o n s o l 5 0 - y e a r 4 s ................. 1 9 5 2 J . J
9 2 s4 9 8
101
............ 1 0 0 * 4 D e c ’ O il ! ____ l O O t , 1 0 4 * 2
1 s t g e n e r a l g o l d 5 s ............. 1 9 4 2 A - O
C h i c A VV M i d i s e e P e r e M a r q
114
A p r ’0 5 '. . . .
M t V e r n o n 1 s t g o l d 6 s „ 1 9 2 3 A -O
C h o c O A Q u it
See C I t I A P
S o i l C o B r a n c h 1 s t g 5 e .l 9 3 0 A -O
95
J ’n e ’0 3 . . . .
113
O c t . >00
101
.
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2 d g o l d 4 H a s .. . 1 9 3 7 J - J
L * a rg o <t S o
See C h A l A S t P
95
109*2
107*2 .
C i n D A 1 1 s t g u g 5 s . . . 1 9 4 1 M -N '
*- l i n t i t P o r e A l
See P e r e M a r
C F i n d A F t W l s t g u 4 s g . ’ 2 3 M -N
F l a C i t P e n i n See S e a A i r D i n e
4
87
87*i
87*4
87*4!
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sa
C in U W l s t g u g 4 8 .1 9 5 3 J - J
F o r t S t U D C o 1 s t g 4 * 2 8 .1 9 4 1 J - J
89*4
105
A ta r’ 9 8
105
96*2 105
105
J a n ’ 10
I n d D e o * W 1 s t g 5 s . . .1 9 3 5 J - J
F t W i t B io G r 1 s t g 4 s . . .1 9 2 8 J - J
N o v ’09
87
86
1
0
7
*2
D
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2
1 s t g u a r g o l d 5 s ................... 1 9 3 5 J - J
( * a l H a r i t 8 A See S o P a c C o
C l St D A O
See C C C A S t L
97
99
97
J ’l y ’ 0 9
v * a l H A H o f 1 8 8 2 1 s t S s .1 9 1 3 A -O
C in b A U
See C O C S t D
G e o r g ia A A la
See S e a A D i n e
" I
C le a r h e ld A M a li
See B R A P
G a C ar A N o r
See S e a A D i n e
17
94
S a le
94
9 5 3i
95*.
99*8
C le v C in O A S t D g e n g 4 s 1 9 9 3
G e o r g ia P a c itio
See S o B y
93*2
95*2
9 4 * 2 A u g ’ OO ___
94*2
97
C a i r o l > l r 1 s t g o l d 4 s ____ 1 9 3 9 .
G ila V G A N o r
See S o P a c C o
9 1 *2 J a n T O
95
............
94*2
C i n W it M D i v I s t g 4 s . l 9 9 1 J
... | 94
G o n v A O s w e g a t See N Y C e n t
94
S a le
4
94
94
9 7 34
94
S t D D l v 1 s t c o l tr g 4 s .. l 9 9 U M
G r a n d B a p A I n d See P e n n B B
1
91
O c t ’07
H e g i a t e r e d .................................1 9 9 0 i i
G ra y’s F t T e rm
See S t D S W
96
D e e ’0 9
S p r A C o l D lv 1 s t g 4 s . .1 9 4 0 M
96
96
G t N o r — C B A Q c o ll t r 4 s 1921
9 7 * s S a le
96*a
97*s 521
99*4
95
98
S e p ’0 6
W W V a l D iv 1 s t g 4 s ...1 9 4 0 J
R e g i s t e r e d . A ........................... 1 9 2 1
96*s
97
99
96*4
9 6 7a 1 6 8
104*2 ,
1 0 3 7t D e c 0 9 ! ____ 1 0 3 's 1 0 6
C 1 S t D St C c o n s o l 6 s . . 1 9 2 0 M
S t P a u l A l A M a n 4 s ____ 1 9 3 3 J J
100
1 0 0 * 4 '.
9
8
*
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99
98*4 J a u ’ 10 . . . . J 9 8 * 2 1 0 0
1 s t g o l d 4 s ............................/C 1 9 3 6 ! Q
1 s t c o n s o l g o l d 6 a .............1 9 3 8 J - J
I 2 8 3s s a l t | 1 2 8 » i
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128
1 3 2 s*
98*4 .
93
A u g ’ O U j... .
98
98*2
R e g i s t e r e d ..................... f c l ' J 3 d "
R e g i s t e r e d ......................... 1 9 3 3 1J - J
A p r ’0 9
1 2 6 * 2 ............. 1 1 3 2
132
13j
108
.
1 0 9 * 8 S e p ’ 0 9 ____ 1 1 0 9 * * 1 0 9 * 2
C lli S A C l c o n 1 s t g 6 s . .1 9 2 8
B e iu o e d to g o ld 4*28 1 9 3 3 ' J - J
107
1 0 7 *4 1 0 7 * 4 J a n ’ 1 0
106
111
109*4 .
109*4 D e c ’0 9
109*4 111*2
C C O 1S1 l c o n s o l 7 s ................1 9 1 4 J
R e g i s t e r e d .................... 1 9 3 3 ' J - J
.............................1 U 8 34 J ’ n e ’ 0 9
1 0 8 * 4 1 0 » 34
C o n s o l s i n k f u n d 7 s _____ 1 9 1 4 : J
D a k o t a e x t g o l d 6 s ____ 1 9 1 0 M - N
l O l 3^ 1 0 3 * 2
125
N oV U 9
125
126
U e n e r a t c o n s o l g o l d O s . 1 9 3 t 1J
M o n t e x t 1 s t g o l d 4 s . .1 9 8 7 1 J -D
98
88V
9 8 5s
9 8 * ls
9 7 34 1 0 1
R e g i s t e r e d ......................... 1 9 3 4 ' J
R e g i s t e r e d ..........................1 9 3 7 J - D
.............
98 *8 1 0 0 *4 O c t ’0 0 '. . .
94
J ’i y ’ 0 8
l n d D1 A W 1 s t p r e t 4 8 . 1 9 4 0 A
K M in n N o r D lv l e t g 4 s l 9 4 8 A -O
9 4 34 ............. | 9 9 34 J a n ’ 1 0 ' . . .
9 8 * 4 1 0 1 *2
0 I n d ib W 1 s t p t 6 s . ..( 1 1 9 3 8 , Q
............. 1 1 3
J a u ’ 10 ...J 117 “
114
M i n n U n i o n 1 s t * 6 S . . 1 9 2 2 1J • J
117
04
S a le
93*2
98*2
P o o A C a s t 1 s t c o n 4 s . ..1 9 4 0 A
1 2 7 7s 1 3 0
1129
J a u ’ 10 . . . J 130
M o n t C 1 s t g n g 6 s . . ..1 9 3 7 J - J
1 3 2 5a
65
S a le
65
i n c o m e 4 s ................................. 1 9 9 0 A p r
67*2
B a g l a t e r e i f . ....................... 1 9 3 7
.............................1 3 0 * 4 t l u y ’ 0 6 1. . . . ' 1______
C le v A M a r ie tt a
Sec P e n n U l (
l s t a u u r g o l d 6 s ...........1 9 3 7
1 1 3 * 2 1 1 4 * 4 n 3 * 2 O c t ’ u » ! . . . .1 1 1 1 3 * 2 1 1 7
C le v A P it t s
See P e n n C o
113
W i l l A 8 if 1 s t g o l d 5 s 1 9 3 8
116
J ’ n e ’ 0 9 ____ 1 1 6
110*4
80
Sah.
80
C o l M i d l a n d 1 s t g 4 s ............. 1 9 4 7 J J
80
87*2
G r e e n b r ie r R y
See C h e s A O
9 0 34
97
96*,
C o lo r a d o A S o n 1 s t g 4 s . ..1 9 2 9 F A
96<*8
96*4
99
G o lf A S 1 1 st ret A t g 5 s 6 1 9 5 2
95
97*s
7
9 7 ^ S a le
98
U 6 34 1 0 0 * 8
B e m u d A e x t 4 * a s ............. 1 9 3 6 M - N
an A S t J o
See C B A (4
1 1 2 7 * 1 1 3 * 4 1 1 3 34 J a n T O
F t W * D e n C l e t g 6 s . . 1 9 2 1 J -D
113
117*,
o u s a t o n i c So* U Y N H & 11
C o lu in A Q r e e n v
see S o R y
H o c k V a l l s t c o n s o l g 4 * 2 8 .1 9 9 9 ! J - J
C ol & iio c k V al
See l l o c k V a l
R e g i s t e r e d ..................................1 9 9 9 J - J
C ol A T ol
See H o c k V a l
C o t A H V l e t e x t g 4 s . .1 9 4 8 A -O
9 8 *s 9 8 * 4
C o l C o n n ifo T e r m
See N & W
9 /
C o l So T o l 1 s t e x 4 s ..........1 9 5 5 F - A
99*4
C o n n A P a s l t i v s 1 s t g 4 8 .1 9 4 3 A -O
H ou st E A W T ex
See S o P a c
9
5
J
a
n
’
0
9
C u b a B i t 1 s t 6 0 - y r 5 g ____ 1 9 5 2 J - J
95
95
H o u s t A T o x C o n See S o P a c C o
' l a k &- U- t B o
r a C il A St P
1 0 5 34 J a n ’ 1 0
1 0 3 5b 1 0 6
I llln o is C e n tr a l 1 st g 4 s . . 19 5 1
D a lla s * W a c o
See M K A T
1 0 7 **8 A p r ’ 0 7
1- R e g i s t e r e d ............................. 1 9 5 1
D el H ack A W e s t e r n 90
S ep ’09
1 s t g o l d 3 * 2 8 ............................. 1 9 5 1
88*2
94*2
111
1 1 3 * 2 1 1 1 *4 J a n ’ 1 0
M o r r i s A K a s o x I s t 7 s . . . l 9 1 4 M -N
. . . I l l » a l l 4 as
94
S ep ’09
94
94
R e g i s t e r e d ............................. 1 9 5 1
3 114
1 1 7 Bi
1 1 4 's
lH V
1 s t c o n s o l g u a r 7 e .......... 1 9 1 5 ' J - D ' 1 H * S S a l e
9 3 *2 S l a y ’ 0 9
93*2
94*4
E x t e n d e d 1 s t g 3 *2S..........1 9 5 1
R e g i s t e r e d .........................1 9 1 5 - J - D
..............................1 3 7
J ’n e ’0 5
8U
J ’l y ’ 0 9
80
80
1 s t g o l d 3 s s t e r l i n g .............1 9 5 1
O S 3* 9 6
1 s t r e f g u g 3 * 2 * ................2 0 0 0 J - D
93
............. 1 9 4
S o p 'u ;
1 0 0 * 4 ............. 1 0 0 * 4 J a n T O
100*4 102*2
C o l l T r u s t g o l d 4 s ...............1 9 5 2
N Y J j a c k it W 1 s t 6 s . . . 1 9 2 1 J - J
116*2120
1 1 7 76 N o v ’ o y
- . 1 1 7 * 8 121
99
99
R e g i s t e r e d ..............................1 9 5 2 A O
............. 1 0 0 *s 9 9
J ’n e ’09
C o n s t r u c t i o n 6 s ................1 9 2 3 F - A
H * 9 ' B 1 1 0 * 2 1 0 9 78 D e c '0 9
. . 1 0 9 Si l l l i 8*
1 s t r e f 4 « ..................................... 1 9 5 5 A l- N
05
99*4
9*J®8 0 9 * 4
99*2
98*2 101*2
1 0
T e r m A I m p r o v e 4 s . . . . 1 9 2 3 M -N
199
.............
99**4 D e c ’ 0 9
D N O A T e x g o l d 4 s . . . 1 9 5 3 -M -N
9 J J4 ............. 1 0 0
Jan TO
9 9
1 0 1 »s
W n r r o n 1 s t r e f g u g 3 * 9 8 . 2 0 0 0 F - A 1 ............................ T 0 2 *s F e b ’ 0 3
R e g i s t e r e d .............................. 1 9 5 3 ' M - N
.............
99*2
97
A lu y ’ o ?
So l l u d 1 s t P aD De li v 7 e . l 9 1 7 M - S 1 3 0 1 2 0
118*2 D e c ’09
8
C a i r o B r i d g e g o l d 4 s ____ 1 9 5 0 J - D
............................. 1 0 0
A p r ’0 9
99*2 1 0 0
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8 8 *2 S a l e | 8 8 * 2
88*v
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88*2
92
1
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105
.............. 1 2 3
A lu y ’ 9 9
1 0 1 ' B 1 0 2 *8 1 0 2 *2
1 0 2 ?B 2 6 1 0 1 2 1 0 3 na
1 s t l i o n e q u i p g 4 * 2 8 _____ 1 9 2 2 J - J
O m a h a D i v 1 s t g 3 s ...........1 9 5 1 ' F - A
.............
79*2
79
A p r ’ Ob
79
79
100
S a le
lo o
99*b
103
10 100
1 s t A r o t 4 s ..................................1 9 4 3 M - N
S t L o u i s D i v A t e r m g 3 8 .1 9 5 1 J - J
.............................
7 9 * 4 D e C ’ US
9 9 *4 6 8 1 9 7
9 8 * 4 ............
93
107
A l b A S u a c o n v 3 * 2 8 ............1 9 4 6 A - O
.............
79
I..................................
R e g i s t e r e d .............................. 1 9 5 1 1J - J
1 2 0 * 4 ............. 1 2 8
N u v ’09 ....' 128
128*4
B e n s JJ S a r a t o g a 1 s t 7 s . 1 9 2 1 M - N
.............
89*2
89*2 D e o ’09
G o l d 3 * 2 3 ................................... 1 9 5 1 J - J
89*2
90*a
D e l l t l v B i t B r i d g e See P a B l t j
R e g i s t e r e d ......................... 1 9 6 1 >* - J
.............................1 0 1 ‘ s O c t ’ 9 9
0 6 ‘4 S a l e
G O *,
96
5 ! 95
98*2
D e n v A B O r 1 st co n g 4 s . 193 6 J -J
.............
89*4 1 0 0
N o v ’ O O ____
S p r in g D iv 1 s t g 3 * 2 8 ...1 9 5 1 J -J
lU l
. . . . . . 1 U 3 34 J a n ’ 1 0 . . . . ' 1 0 3
106
C o n s o l g o l d 4 * 2 8 ..................... 1 9 3 6 , J - J
9 7 34 1 0 0
| 96
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85
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90
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90
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94*4
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83
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1 0 /
............ 1 0 7 * 2
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90
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82
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111*4
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76
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id A A G B
See D s A M s
ll
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a n A M ic h
See T o l A G O
D u l S h o r t D in e
A t# N o r I ’ a o
K O F t S A Al
See S t D A S F
O ct ’09 . . . A 1 0
.............1 0 9
n o
D u l S o S h o r e & A t l g 6 s ..1 9 3 7 J -J
110*2
K O A M R A B
t o M D & S I
/ a s t o l A tin n
see S t P A l A A l
K a n C A P a c it io
See A l K A T
-fa s t T e n V a A U a
See S o B y
7 3 * 2 S a le
73
71*4
75*4
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73*2
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113
G IS
D c c ’09 ...J T I Q
115
63
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R e g i s t e r e d .................................. 1 9 5 0
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See D e h < t N V
102' 1
i ( j 2 34 S a l e
1 0 0 *s 1 0 3
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102*4
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.............................. '1 0 1
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K e n tu e K y c e n t
t>ee D A N
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N ee O B I A P
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K n o x v ille A O h io
Set S o B y
4 t l i e x t g o l d 6 s .......................................1 9 2 0 A - O
1 0 6 * 2 l u u ‘4 J a n ’ 1 0
.... 106
107E
1 1 4 7s 1 1 2 cb J a n T o
1 1 2 3s 1 1 5 *s
| a k e E r ie A W l s t g 5 s .. 1937 J -J
J a n '0 9 . . . . ' I 9 7
6 t l i e x t g o l d 4 s .......................................1 9 2 8 J -*l * 9 9 34 ............. 1 9 7
97
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............. 1 2 0 34 1 2 4
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122
124
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See N Y C e n t !
6*2 86
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76
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76
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D eh V T e r R y 1 s t g u g 5 s . 1911 A -O
1 1 5 *B 1 1 5 * 2 1 1 5 *B O c t ’ 0 2
115*4 113*4
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86*8
80*4
P e n n c o l l t r g 4 s ................... 1 9 5 1 F - A
75*
90
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72
71
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97
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96
1 1 0 *a A u g ’ 0 9
115
115
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R e g i s t e r e d ................................... 1 9 4 5 - M - s
..............
9 5 V ..................................
114
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C i n e A K r t e 1 s t g e l d 6 s . . 1 9 8 2 M -N
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i0 1 * 4 1 0 1 * 4
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126*4 D c o ’u t,
:: * 2 0 " i 'i s s
126
128
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See C a n t o t N J 1
'
C o a l i t B B l s t c u r g u 6 s . 1 9 2 2 M -N
114
J ’ n o ’ o 'J
.. 112*2 120
113
D o h A W i l k e s b See C e n t o f N J
D o c k it im p l s t c u r 6 s . . l 9 1 3 lJ .J
102
..
103> 2U ot ’68
. . 103*2 n o
L eroy & C aney V al
See M o P
102
1111*
.............. jl
Dec’06.....................
I0l*t I01*a 2 100\ 102*2
05*2
95*4
95*4
101 sale 1101
101
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112*2 111*1
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J llS C D D D A N D O U c j
G a s
n m l E le c tr ic
L ig h t
A t la n t a G D C o l s t g 5 s . ..1 9 4 7
B k ly n U G a s 1 st co n g 5 s .1946
B u t t a l o G a s 1 s t g u s .................1 9 4 /
C o l u m b u s G a s 1 s t g 5 s _____ 1 9 3 2
D e t r o i t c i t y u a s g 6 s .............. 1 9 2 o
D e l u a s C o c o n 1 s t g 6 s ...1 9 1 s
K q u D N Y 1 s t c o n g 5 s .. 1932
U a s A E l e c B e r g C o c g 5 s . 1941
U r H ap U D C o 1st g 6 s ...l9 F r
H u d so n C o U as l s t g 6 s . 1949
K a u C it y (A lo ) U a s l s t g 6 s 1 9 2 2
K in g s C o E l D A P g 6 s . . . 19 3 ,
P u r c h a s e m o n e y 6 s .............. a 9 9 7
E d E l H B K n 1 s t c o n g 4 s* 1 9 3 9
L a c U as D ol b t D 1st g 5 s .e l919
R e i a n d e x t 1 s t g 6 s ...........1 9 3 4
M i l w a u k e e G a s 1 . 1 s t 4 s . . H 1 2 ',
N o w a lk C o n G a s g o s . ..
194-
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105
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93
92
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74
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E d E l 111 1 s t o o i i v g 6 s . . 1 9 1 0
1 s t c o n s o l g e l d 6 s ............. 1 9 9 6
N Y A Q E 1 D A P 1 st c o n g 6 s l9 3 0
N Y A R ic h U a s 1 st g 6 s .1921
P a t A P a s u A E co n g 5 s . 1949
P eo G as A C 1st co n g o s . 194.
R o f u n d i n g g o l d 6 s . . . ____ 1 9 4 7
C llG -D A CKO l s t g u g 6 s 1937
C o n G C o o f C h l s t g u g o s .* 3 r
1 m l N a t G a s A O U 3 0 -y r 5 s ’30
M u F u el u a s 1st gu g 6s. 194,
S y r a c u s e L i g h t i n g 1 s t g 6 s . ’ 61
T r e n t o n U A E l 1 s t g 6 s . . 1 9 4 '.
U n lo n E l c c D A P 1s t g 5 s . 1 9 3 1
U t ic a E l D A P 1st s f g 5 s . I 9 6 0
W e s tc h e s te r L ig h t ’ g g 6 s .l9 5 t
J -D
F -A
M -S
J -J
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M -N
M- S
A -O
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J -J
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104
1 0 4 5„
101*2 103
..........
90
101
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99
..........
102
96
..........
105
102*4
1 0 2 7B
8 - *4
81
100
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110
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9 3 * 2 A la y ’ o o
97 K J ’ly ’09
1 0 4 34 N o v ’ 0 5
119
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1 U 3 *4 D e o ’ o i
104*4 J a n T O
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M
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101
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96
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3
34
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32*4
86*8
100
1 0 0 7»
110
112
97
98*2
97*2
97*2
119
102*4
103
101 ’ g
86*4
101
9 6 'a
121
104
104*2
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9 9 34
............................
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102
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*No price Friday; latest bid and asked this week, o Due Jan bDue Feb d.Due Apr «Due .May hDua l ly kDue vug 0Due Oct gDue Deo 3Option Sale
New York Bond Eecord — Continued-Page
224
B O N U S
N . Y . ST O C K
R rice
F rid a y
J a n XI
E X C H A N G E
W k h k E n d ih o J a n 21
L on g D ock
See E r i e
L o n g I a lM — 1 s t c o n g 5 s ./il9 3 1
l e t c o n s o l g o l d 4 s ............. / i l 9 3 1
G e n e r a l g o l d 4 s .......................1 9 9 8
F e r r y g o l d 4 4 s .......................1 9 2 2
G o l d 4 s ............................................ 1 9 9 2
U n i l l e d g o l d 4 s .......................1 9 4 9
D e b e n t u r e g o l d 5 s ................1 9 9 4
G u a r r e t g o l d 4 s ........ ............1 9 4 9
B k ly n A M o n t 1 s t g 6 s ..1 9 1 1
1 s t 5 s .............................................1 9 1 1
N Y B A M B I s tc o n g 5 s 1995
N Y A R 11 1 s t g 5 s ...........1 9 2 7
N o r SU B 1st con g g u o s o l9 3
L o u is ia n a & A r k 1 s t g 5 s . 1 9 2 7
L o u l s v A N a s i i v g e n g O s .1 9 3 0
G o l d 5 s ............................................. 1 9 3 7
U n i l l e d g o l d 4 s ........................1 9 4 0
R e g i s t e r e d ............................... 1 9 4 0
S i n k f u n d g o l d 6 s .................. 1 9 1 0
C o l l t r u s t g o l d 5 s ................... 1 9 3 1
E H * N a s h 1 s t sc 6 s . . . . 1 9 1 9
L C in * L e x g o l d 4 4 s - ..1 9 3 1
N O * M 1 s t g o ld 6 s . . ..1 9 3 0
N O A M
2 d g o l d 6 s ...........1 9 3 0
P e n s a c o la D iv g o ld 6 s . . .1 9 2 0
S t L D i v 1 s t g o l d 6 s ...........1 9 2 1
2 d g o l d ....................................... 1 9 8 0
A t l K n o x * C ln d iv 4 s . . 1 9 5 5
A tl K n o x * N o r 1 st g 5 s l9 4 6
H en d er B d g e la t a lg 6 s .l9 3 1
K e n tu c k y C e n t g o ld 4 s .. 1 987
L A N A M A M 1st g 4 4 s 194 5
L A N -S o u t li M j o i n t 4 s . 1 9 5 2
N F la A 8 l s t g u g 5 s . ..1 9 3 7
N A O B d ge g en gu g 4 4 s 1945
P e n s A A t l 1 s t g u g 6 s . .1 9 2 1
S A N A la c o n g u g 5 s .. 1 9 3 6
L A J e tt B d g e C o g u g 4 s ..1 9 4 5
L N A A C h
See C 1 A L
\ /1 a h o n C o a l
See L S A M S
Iv X a n h a tta n R y c o n s o l 4 s . 1 9 9 0
R e g i s t e r e d ...........................1 9 9 0
S tm p d t a x e x e m p t .. 1 9 9 0
M oK ’p t A B V
See N Y C e n t
M o x C e n t c o n s g 4 s ............... 1 9 1 1
1 s t c o n s in o g
3 s .............a l 9 3 9
2 d c o n s m o g 3 s t r u s t r e c t s ..
M ex In te rn a t 1st co n g 4 s. 1977
S ta m p e d g u a ra n te e d —
1977
M e x N o r t h 1 s t g o ld 6 s . . . .1 9 1 0
M io h C e n t
See N Y C e n t
M id o t N J
See E r i e
M i l L S A YV
See C h i c A N YY
M il A N o r t l i
See C h M A S t P
M in n A S t L 1 s t g o ld 7 s . . 1 9 2 7
P a c iflo E x 1 s t g o ld 6 s ...1 9 2 1
S ou th W e s t E x 1 st g 7 s . 1 9 1 0
1 s t c o n s o l g o l d 5 s ................... 1 9 3 1
1 s t a n d r e fu n d g o ld 4 s .. 1 9 4 9
D e s M A F t D 1 s t g u 4 s .. . ’3 5
M l n u A S t L g u See B C R A N
M S tP A S S M c o u g 4 in t g u ’38
M S S M A A 1st g 4 in tg u 1926
M in n U n
See S t P M A M
M o K a n A T e x 1st g 4 s ... 1990
2 d g o l d 4 s . . . - ............................ 0 1 9 9 0
1 s t e x t g o l d 5 s .......................... 1 9 4 4
1 s t A r e f u n d 4 s ....................... 2 0 0 4
G e n s f 4 4 s ............................ 1 9 3 6
S t L D iv 1 s t r e f g 4 s . . ..2 0 0 1
D a l A YVa 1 s t g u g 5 s . ..1 9 4 0
K a n C A P a o 1 s t g 4 s . . .1 9 9 0
M o K A E 1 s t g u g 5 s . . .1 9 4 2
M K A O k 1 s t g u 6 s ...........1 9 4 2
M K A T ol T 1st gu g 5 s .1912
S lie r S h A S o l s t g u g 5 3 .1 9 4 3
T e x A O k la l s t g u g o s . . .1 9 4 3
fc lo P a c i f i c 1 s t c o i l g O s . . . 1 9 2 0
T r u s t g o ld 6 s s t a m p e d .o l9 1 7
R e g i s t e r e d ..........................a l 9 1 7
1 s t c o l l g o l d 5 s .......................... 1 9 2 0
4 0 - y e a r g o l d l o a n 4 s .......... 1 9 4 5
3 d 7 s e x t d a t 4 % ..................... 1 9 3 8
1 s t A r e f c o n v 6a lu ll pu . 1959
C en t u r R y 1st g u g 4 8 .1 9 1
C e n B r a n c h li P 1 s t g 4 s . 1 9 4 3
L eroy A C V A L is t g 5s 1926
P ao R o f M o 1st ex g 4s. 1938
2 d e x te n d e d g o ld 5 s ...1 9 3 b
S t L I r M A S g e n c o n g 5 s lU 3 1
G en co n s ta m p g t d g 5 s 1931
U n ille d A r e f g o l d 4 s . .1 9 2 9
R lv A G D iv 1 s t g 4 s .. 1 9 3 3
V e r d i V I A W 1 s t g 5 s . 10!
M ob J A K C 1st co n s g 6 s. 1953
I I O b A O h i o n e w g< I d 6 s . . 1 9 2 7
1 s t e x t e n s io n g o lu 0 S ..A 1 9 2 7
G e n e r a l g o l d 4 s ........................1 9 3 8
M o n t g o m D iv 1 s t g 5 s . .1 9 4 7
S t L A C a ir o c o ll g 4 s . . # 1 9 3 0
G u a r a n t e e d g 4 s ................1 9 3 1
M A O c o ll 4 s
See S o u t l i o r n
M o h a w k A A la i
See N 1 C A 11
M o n o n g a h o la R lv
See B A O
M ont C ent
See S t P M A M
M organ ’ s L a A T
See S P C o
M o r r i s A E s s e x See D e l L A YY
ash C hat A S t L is t 7 s. 1913
1 s t c o n s o l g o l d 5 s ............. 1 9 2 8
a a p er B ra u ch 1 st g 6 s .. 1 923
t O M M YV A A l 1 s t 6 s . . 1 9 1 7
T A P
B ra u ch 1st 6 s ....1917
N a s h F lo r A S h e f
See L A N
N a t R ya o f M e x p r 14 4 s 1957
G u a r g e n 4 s ................................ 1 9 7 7
N a t o t A le x p r io r n e n 4 4 s . 1 9 2 6
1 s t c o n s o l 4 s ............................... 1 9 6 1
N
t
N ew H A D
Bta
Q-J
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M -S
J -D
M -S
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M -S
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J -J
J -J
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J -D
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J -J
J -J
M -S
M -S
M -S
M -N
J -D
M -3
J -J
M -S
J -J
F -A
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F -A
F -A
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A -0
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A -0
J -J
J’iy
M -3
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J -D
J -D
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M -N
M -S
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Week? e
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Last S a le
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Year
1909
N . Y . S T O C K
W
Low
High,
110
112*.
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See N Y C e n t
t f Y B k l u A A la n B o ll
See L I
N Y C en t A H R lv g 3 4 s .l9 9 7 J -J
97
D e o ’09 . . . . | 9 6
9 8 4
R e g i s t e r e d ............................... 1 9 9 7 J - J
97
....
D e b e n g 4 s ..................................1 9 3 4 M-N
98
1 0 0 4 1 0 0 4 A p r ’09 . . . . 1 0 0 4 1 0 0 4
9 9 4 O ct ’06
L a k e S h o r e c o i l g 3 4 s . . . 1 9 9 8 F-A
90
97
9 1 4
9 4 4
1.1 9 4
98
R e g i s t e r e d ............................... 1 9 9 8 F - A
94
_____
l0 4 4 D e c ’03
M ic h C e n t c o ll g 3 4 s . . ..1 9 9 8 F -A
97 4
93
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4 1 97
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R e g i s t e r e d ............................... 1 9 9 8 F - A
100 4
B e e c h C r e e k 1 s t g u g 4 3 .1 9 3 6 J - J
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R e g i s t e r e d ............................... 1 9 3 6 J - J
1 1 0 4 N o v ’0 6 ,
106
_____
2 d g u g o l d 5 s ........................ 1 9 3 6 J - J
A p r ’0 7 ‘
B e e c h C r E x t 1 s t g 3 4 s 6 1 9 5 1 A -0
103
1004 105
II
109
N o v ’ OG
102*4
C a rt A A d 1 s t g u g 4 s ... 1981 J -0
97
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M o ll A M a i 1 s t g u g 4 s . . 1 9 9 1 M -S
116*4....... 1 1 6 D c c ' 0 9 : . . . 1 1 5 4 1 1 7 4
1 1 4 4 D e o , 09| . . . 1 1 1 )
114
116
117
N J J u n o R g u 1 s t 4 s . . . 1 9 8 6 F -A
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110
n o | 1 1084 1104
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106
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120
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107
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116
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2 d g o l d 6 s ..................................1 9 9 6 A - O
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97
98
97
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1954
R e g i s t e r e d .......................... 1 9 9 7 J - D
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92
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22
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112
113
2 5 - y e a r g i s ...........................1 9 3 1 M-N
101
...........
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109
........... 1 1 0 4 N o v ' 0 9 1 . . . . H 0 9
1104
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2 d g u a r d s ..................................1 9 3 4 J - J
M cK e e s A B V 1 st g 6s 1918 J -J
9 7 4
9 3 4
9 7 4
97 4
9 2 4 1 9 0
M i c h C e n t 1 s t c o n s o f 6 s . l 9 0 9 M jrS
104
A p r '0 5
6 s ........................................................1 9 3 1 M - S
9 9 4 S a te
99
9 9 4
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9 9 ” 100*4
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9 7 4 S a le
9 7 4
9 7 4
51
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31
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27 4
31
42
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60
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2 0 - y o a r d e b 4 s ..................... 1 9 2 9 A O
80
80
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F e b ’0 8 . . . .
B a t U A S tu r 1 s t g u g 3 s . 1989 J -D
LOO4 May’00 . . . . L 0 0 * g 1 0 1
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R e g i s t e r e d ...............................1 9 3 7 A - O
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1 3 2 4 J ’n o ’ 0 9
130
132
1 3 2 4 1 3 3 4
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see E r ie
113
J a n '0 7
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See N Y C A H u d
1 0 9 4 ..........
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N Y L a c k A YV See D L A YV
101*4 1 0 3 4
107
1 0 8 4 107
D e o '0 9
N Y L E A YV See E r i e
107
1L14
80
82
8 3 4 N o v ’ OO8 3 4
N Y A L o n g B r See C e n t o r N J
87 4
8 8 4
92
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9 1 4
9 1 4
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9 9 4
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9 8 4 J a n ’ lO . . . .
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99
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See N Y C A H
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104
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N Y A P u t
See N if (J * i l
103*4 1 0 9 4
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& 44
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N Y A R B
See L o n g I s l a n d
8 3 4
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89*4
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N Y S A YV See E r i e
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8 9 4
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See S o P a o C o
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110
104 ......... 1 0 5
105
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93
92
92 4
91
............. 9 2 4
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J a n ’ 10
108
............. 1 1 3
113
1 1 4 4
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166^
1 0 6 *8 ......... 1 0 6 4
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1 1 0 4 A p r ’ 00,
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108
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1104 1104
. . . . ,1 0 4
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.............1 1 0
109
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1014
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S c i o V A N E 1 s t g u g 4 s 1 9 8 9 M -N
lt J i
81
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80 4
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34
N o r t h I llin o is
See C h i A N YV
78*4
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95*4
90 4
N o r t h O h io
See L E r i e A YV
; 9 5 4 S a le
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N o r P a c — P r io r lie u g 4 s .. 1 9 9 7 ; Q J
9 4 4
94 4
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............. 1 1 0 4
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90
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See S o P i
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108
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112 4 1 1 2 4
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See C S t P 5 1 A O
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N o r do M o u t
see N Y C e n t
101
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90
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In o R iv R R
see u a lt A G
O re A C al
Sea S o P a o C o
O r e S h o r t L in e
s e e II u P a o
O sw ego A R om e
See N Y C
L la c C o a s t C o 1 s t g 6 s . . . . 1 9 4 6 J -D
L a o o t 5 1 is s o u n
See A l o P a o
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109 4 J a n TO
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108*8 1 1 2 4
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1134
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G1I8CELL 1NEOUS BONUS—Continued on Next P ago
C on i an d
T e le g ra p h and T elephone
Iron
B u f lA S u s q I r o n a t 5 s . . ..1 9 3 2
Debenture 5a............... #1926
Col i Jj h j o gen s t g 5 s .. 1943
C o n v e r t i b l e d e b g 5 s ____ 1 9 1 1
C o L I n d u ls tA c o ll 6 s g u ..l9 3 4
C o n tln ’ ta l C 1 s t s f g u o s g . 195k
B r R iv C oa l A C 1 st g 6 s .. 1919
le fT A C le a r C A 1 1 s t g 5 s . 192*'
K a n A H C A C 1 s t s f g 5 8 .1 9 5 1
P o o a h C o n C o llie r i s t s t 5 s .’ 5 i
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r e n u C o a l g e n 6 s ...................... 1 9 5 1
T e n n D i v 1 s t g 6 s ...........« 1 9 1 7
B lr m D i v 1 s t c o n s o l 6 s . .1 9 1 7
G a h C 51 C o 1 s t g u g 6 s . 192k
. D e B a r C A I C o g u g 6 s. 1916
F l o t o r F u e l 1 s t s f 5 s ............. 1 9 5 3
f a Iro n C oal A C o ls t g 5 s. 1949
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A m e r I c e a e c u r d o b g 6 s .. 1926 A -0
A m S p i r i t s M f g 1 s t g 6 s . . 1 9 U M -S
A m T h r e a d 1 s t c o l t r 4 s . . 1 9 1 9 J -J
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New York Bond Record— Concluded— Page 4
J a n . 22 1910.1
BONDS
X.
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G u a r 1 6 - 2 5 y e a r g 4 s ___ 1 9 3 l l A O
C l A M a r 1 s t g u g 4 * a s ..l9 3 5 !M -N
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S e r ie s E
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W M in W A N W l s t g u 6 s ’ 3 0 F -A
T o l & O U 1 s t g 5 s .................... 1 9 3 5 ! J - J
W e s t e r n D iv 1 s t g 5 s ...1 9 3 5 , A -O
G e n e r a l g o l d 5 s ........................1 9 3 5 ; J - D
li a n A 51 1 s t g u g 4 s . ...1 9 9 0 A -O
T o lP A
W i s t g o ld 4 s . . ..1 9 1 7 J - J
T o i S t L A W p r l i e n g 3 * a s .l 9 2 5 'J - J
5 0 - y e a r g o l d 4 s .......................1 9 5 0 A - O
T o r H a m A B u l l 1 s t g 4 S .A 1 9 4 0 J -D
ls t e r A D e l i s t c o n g 5 s 1 9 2 8 J -D
1 s t r e f u n d g 4 a ................1 9 5 2 A - O
U n P a o itR A
I g r g 4 s ...1 9 4 7 1 J - J
R e g i s t e r e d ...............................1 9 4 7 J . J
2 0 - y r c o u v 4 s ............................ 1 9 2 7 J - J
1 s t A r e f 4 s .............................. p 2 0 0 8 M - S
O r e R y A N a v c o n g 4 8 .1 9 4 0 J -D
O r e S h o r t L in o ls t g O s .,1 9 2 2 F -A
1 s t c o n s o l g 6 s ..................... 1 9 4 0 J - J
G u a r r e f u n d 4 s ..................1 9 2 9 J - D
R e g i s t e r e d .......................... 1 9 2 9 J - D
U ta h A N o r g o ld 5 s .. 1 9 2 0 J -J
U n i N J R R A C C o bee P a R R
U ta h C o n tr a !
bee R i o G r W e s
U ta h A N o r t h
b ee U n P a c i l i o
U t i c a A B l a c k R b ee N Y C e n t
a m l a l i a c o n s o l g 4 s ____ 1 9 5 5 F - A
era C ru z A P ls tg u 4 * a s l9 3 4 J -J
V e r V a l ln d A W
bee M o P
V ir g in ia M id
b ee S o u t h R y
V a A S o u t h w ’ t 1 s t g u 5 8 .2 0 0 3 J - J
1 s t c o n s 5 0 - y e a r 6 s ............. 1 9 5 8 A - O
a b a s i i 1 s t g o l d 5 8 ............1 9 3 9 M - N
2 d g o l d 6 s .......................... 1 9 3 9 F - A
D e b e n t u r e s e r i e s B ...........1 9 3 9 J - J
1 s t lie n e q u ip s f d g 6 s . , 1 9 2 1 M -S
1 s t h e n 5 0 y r g te r m 4 8 .1 9 6 4 J - J
1 s t r e l a n d e x t g 4 s ____ 1 9 5 0 J - J
D o t A O h E x t 1 s t g 5 s ..1 9 4 1 J - J
D e s M o m D iv 1 s t g 4 s ..1 9 3 9 J - J
C m D i v 1 s t g 3 * a s ................1 9 4 1 A - O
T o ! A C h D iv 1 s t g 4 s . . . 1 9 4 1 M -S
W a b P itts T e r m 1 s t g 4 s . 1 9 5 4 J -D
T r u s t C o c e r t f s ...................................1
2 d g o l d 4 s ...................................... 1 9 5 4 J - D
T r u s t C o c e r t i s ..............................
W arren
bee D e i L a c A W e s t
W ash C en t
bee N o r P a o
W ash C A W
bee S o u t h e r n
,
W a s h T e r i n l 1 s t g u 3 'a s . . 1 9 4 5 F - A
W e s t M a r y la n d l s t g 4 s . . . 1 9 5 2 A -O
G e n A c o u v g 4 s ................... 1 9 5 2 A - O
T r u s t C o c o r t f s ................................ 1
W V a C e u t A P 1 s t g Os 1 9 1 1 J -J
W e s t N Y A P a 1 s t g 6 s . .1 9 3 7 J -J
U e u g o l d 4 s ..................................1 9 4 3 A - O
I n c o m e 6 s ................................. < 1 1 9 4 3 N o v
W est N o C ar
bee S o u t h R y
W lie e l’ g A L E 1 s t g o s . ..1 9 2 0 A -O
W h e e l D iv 1 s t g o ld 6 s ..1 9 2 8 J -J
E x t e u A im p g o ld 6 s . ..1 9 3 0 F -A
R R 1 s t c o n s o l 4 s .....................1 9 4 9 M - S
2 0 -y e a r e q u ip s f 6 s ...1 9 2 2 J -J
W ilk e s A E a s t
bee E r i e
.
|
W i l A S i o u x F bee S t P M A 51
V V is C e n t 5 0 - y r l s t g e u 4 s 1 9 4 9 J . J
S u p A D u i d i v A t e r m l 8 t l s ’ 3 0 M -N
U
V
W
B id
W e e W s
R ange
R ange or
Last b a le
;y (j9
Year
ASK Low
H igtl R o
112
F e b ’ <>7
104
M a r 09
lO O t , D e o ’ 0 9
104*9 J ’n e ’0 8
102*9
114*9 D e o ’04
110
5 Ia y’07
104
A p r ’ OS
1 0 0 >8
83
90
J ’ l y '0 9
102*9 J a n T O
.............1 0 3 * 4
100
...........
102
N o v '0 9 . . . .
9 4 * 8 S a le
91*V
9 4 V 117
109
S a le
109
1 0 9 7J 2 7
110
M a y ’0 9 . . . .
8 0 'a Sale
80
8 0 7s
89*4
89
8 9 * 4 ........
1 1 0 * 4 ..........
110
Jan TO
80 *9 Sale
8 0 *9
87
1 U 8 4 ..........
108
S ep ’08
fcO Si 9 2 *n 9 2 * i U c t ' 0 9
92
J ’n e’06
.............
87*4
Low
95
103*4
100*8
100
110
104*9 . . . .
............. 1 1 0
114
S a le
100
....
.............
05
1 1 3 * u _____
114*8 . . . .
_____
106
81*4 . . . .
lU 6 * a 1 0 7
100
107
75
....
103
______
1 0 7 * 8 ..........
114
104
..
1 0 7 * * ..
1 0 0 > 8 ..
90
..
100
..
114
107
05
113
114*9
115*8
82
107**
106*8
75
lo 3 > *
112
108*9
107*4
107*9
107
90**
106
A p r ’0 0
N o v ’08
N o v ’09
106*s
O c t ’o s
J a n TO
U c t ’Ob
D e o ’00
D e o ’0 9
l o 7 *9
D e o ’oy
J a n '0 7
Jan TO
104
107*4
1 1 4 *9
97*4
109
106*4
107*9
1 1 5 *4
97*4
..
106*4
1 0 6 78
116*8
97
109
Sep
N ov
OCt
J a a
D eo
Ill
112
70
100
80
..........
111
A p r ’09
N o v ’ u9
D e o ’ U9
114 *9
..
2
”
98
00
1 111
J
05
,.1 0 3
47*4 S a le
7 * 4 S a l*
9 0 * 9 S a le
85
M a le
...... ......
70*9
73
.................
.............1 1 2
y o ‘4, 0 2
90*9
84*4
73
71
1 0 0 *9
112
90*4
34
101*9 105
105*4
l b O H i............. 1 0 4
00
............ 1 0 3 * 9
87
86*9 87H .
99
9 4 * 8 9 4 7,
0 2 *a S a l e
80*9
85
Jan T o
72
N o v ’09
D CO’ O !
Jan T o
F e b ’07
1 0 6 t8
109
117
93
H O **
119
75
105
iio "* 9 ii2 * J
.. 112
..
112
101
105
01*9
95
80*4
04*4
89
79*8
8 8 '4
01*8
...
01*4 91*4
...
....
138
....
2175
VO
l l !
0
3
74
N o v ’ OS
O ct ’09
O c t ’09
98
Jan TO
111
111*4
1 0 2 7a
103*9
J00
D e c ’O y
101
Jan TO
87
M a y ’ Oi*
72*s
75
1 lo * * A u g ’ 0 9
83
D e o ’ On
78*9 D e c ’o y
90
J a n ’ 10
47
J a n ’ 10
47
*8*4
0*4 J a n T O
0*«
7 ‘4
1 0 7 *« 1 1 1
100*9 103
i ' 0 '7 " i b '9 * i
105*9
30
101*4
100*4
102
96*4
97
117
112*,
108*4
89
101*4
103
1 2 4 't
100
0 9 7g
120*9
118
02*4
90*4
94
04
09** 10 7 **
00
110 112H) 1 1 0
97
93
111*9 112**
102*4 . . . .
80
105
.............................
...... ......
74
M a le
1 0 7 * 9 ............
85
80
70
82
83
00
110*4
112*4
114**
107
68
117
106*4
1 0 0 7*
115
| 00
109
110*8
98*4
109
109*4
110*9
105
64
113
107*4 10 9
107
110*9
107
109*9
110*9 112
’00
92*9
..1 ,1 0 1 * 9 1 0 3 * 8
HI
04*4
92*9
H 118*4 118*4
’09
’o y
’09
’10
’09
83
N o v ’ 09
103
S e p ’09
100*9 N o v ’0 4
1
0
7
*9
J
an TO
.............1 0 9 -v
107*9 112
112
S e p ’09
............. 1 0 3
101
D e o ’09
89*8 9 3
90*9
00*9
9 2 » » D e o ’0»
92*4
92*8
8 9 *4 S a l *
89
39*4
80*9
81
80>a 81
...........
91
90
J a n ’ lO
1 0 5 * a ........... 1 0 0
J a n ’ lO
...........
80
80
O ct ’u9
1 0 1 * 4 M a le
101*9
102
102
N o v ’09
i 1 1 * 4 M a le
9 7 *» M a le
9 7 “a
97
9 7 *4 s a l e
07*9
97
H 0 * 4 116*4 110*4
112*4 113*9 113
113
91*4 s a le
94
Jau
94
107*8.
1 0 7 *8 D e o ’ 0 9
96
91
93*4
90*8
100
113*8
109
110*9
76
85
85*9
00*9
110
113*8
86
91
110
110
lost*..
88*9
92
102*9 1 0 3
102 102
J ’n e ’0 9
109
H tg \
104
104
100*4 101*9
00
110
1 1 7 4
9 7 *9 1 0 0
111*9114*8
101
103
00 101
....
....
102*9 102*9
8 7 >9
87
80*8
111*4
.... 108
9 1 *9
____
68*8
____
7 0 -9
80
....
87*9
91*9
. ..
42
353
4 iq
....1
l
14*9
132
7*4
U l4
4
02*i
03*4
105
82**
83
73**
....
01
73*4
13
62
____ 1 0 0 * 9 1 0 2
117
.... n o
05*1
....
87
|l
D C O ’ Ot* . . . .
J a u 10
D e C 'U o
87
5
D e c ’0 8
93*4
04*8
92*9
02*9
93
15
105
109
83
00
89*9
02
9 0 7*
05
iUm CELLAN EOU fii BON 0 8 —C oncluded.
M a nu factu ring «Sc Industrial
A r m o u r A C o ls t r e a le s t 4 S ;s ’3y
B eth S te e l 1 st e x t s i 5 s ..l9 2 b
C e n t L e a t h e r 2 0 - y e a r g 6 3 .1 9 2 6
C o r n P r o d R e f 8 f g 5 s ____ 1 9 3 <
D i s t i l s e c C o r c o u v 1 s t g 5 s . ’ 27
G e n E l e c t r i c u e b g 3 * 9 8 ..1 0 4 ..
1 0 - y r g d o b 5 s ........ ...................1 9 1 7
I n t P a p e r C o 1 s t c o n g O s .l0 1 t
C o n s o l c o u v s t g 5 s ...........1 9 3 5
I n t S t P u m p 1at s t o s ....1 9 2 9
L a c k n iv M te o l 1 s t g
____ 1 9 2 3
N Y A ir B ra k o 1st c o u v Os ’ 28
R e p u b I A S 1st A e o lt r S s . 1934
U n io n B a g A P 1 st st 0 s ..l9 3 o
U a L o a th C o s f d e b g 0 s .. 1013
U S R e a lt y A I c o n v d e b g 5 s ’ 24
U S R e d A R e f 1 s t s f g O s .1 9 3 1
U S R u b b e r iO .y r c o llt r 6 s .T 8
M anu factu ring & Industrial
J -D
J *J
A -O
M-N
A O
F -A
J -D
F-A
J.J
M -S
A O
M-N
A-O
J .J
M -N
J .J
J .J
J -O
94
89
9 9 *9
.............
7 2 '*
S a le
sa le
S a le
90
M a le
03*8
88*4
99*4
07
72*9
82
1 4 3 -9 S a l e
143*9
104
105
104*9
87
89
87
0 5 *4 S a le
95*4
09
113
............. U 3 S
1 0 3 *8 S a le
I0 3 *s
............. 9 5 H,
U 0*9
1 0 1 * 4 S a le
104*4
9 3 * » M a le
9 2
83
90
83
1 0 3 7* S a l e
103 ’a
........ 09*4
* N o p r i c e F r id a y ,- l a t e s t b i d a n d a s k e d t h i s w e e k ,
52
94
89
91
9 0 S 104
9 /
4
7 4 ;H
4.
J a n ’lb
1 4 5 *» i l "
7
104H
J an ’ lb
li
90*4
6
99
113
0
103*4
7
Jan T o
104h
8
91
250
Jan TO
104
9V
....
a D ue Jan
92*4
77
90*9
05
73*9
80
136
10 L
85
90*4
93
108
98
91*4
104*9
84*4
89
102*4
96*9
00*4
101
1U 0
7 o 78
81
1 5 5 '4
i0 0 * «
01
97
99*e
110*9
103
93
100*8
02
95
100
0
o o t e e i C o r n — ( c o u p .< f l9 6 3
» t 1 0 -6 0 y r o s . ( r e g ..c flJ O N
/ a -C a r C h e m 1 s t i o - y r 6 s 1 0 2 3
v V 'e s t i n g h o u s e E A M s t 6 s ’ 3 i
M is c e lla n e o u s
A d a m s E x c o i t r g 4 S ............. 1 9 4 ,
U u s h T e r m i n a l 1 s t 4 s ______1 9 5 .
C o n s o l o s ........................................1 9 3 5
C h ic J o A
t Y ard co l g o s .lh i y
U e t M A M h l g r i n c o m e s . .1 9 1 1
i i i s t i t f o r I r r i g W k s ,1 *93 1 9 4 3
l i l t .M e r c a u M a r i n e 4 * 9 3 ..1 9 2 2
in t N a v ig a t io n 1 s t s f 5 s . 1 9 2 ;
N e w p N o M U ip A D D 5 s d l ' J 9 i
N Y D o c k 5 0 -y r 1 st g 4 s . . 1951
P r o v i d e n c e M e o d e b 4 a ____ 1 9 5 ,
P r o v i d e n t L o a n M oc 4 * 2 3 .1 9 2 ,
8 Y u b a W a t C o c o n g O s .. 1 9 2 5
U
D ae A p r
« D ue M ay
M -N
A i-N
J -D
j . j
A -O
J -J
J - J
A -C
M -IS
A -O
F -A
J -J
F -A
J !.N
-V I-S
J -J
« D n e J ’ue
1 0 4 * 9 S a le
104
10 4 '9
09
b a le
9 1 * 4 M a le
03
91*9
9 2 7s Sale
92*4
.............
90
............. 9 >
9 5 *e l o 5
............. 4 0
0 9 * 4 M a le
..........
82
1 0 1 7, o f) 4
1 0 5 *4 5 o
i'o
^J
02
y3
*t
93
3.
D ec oi
t'O
9 6 * 9 o c t 'in * ____
J a n ’ us
100
4)
40
9 5 '9 D e c o .
08*4
09*,
83
’It
U5
D e c ’ Ol
93*4 J a il ’ l l
90
’ >,!■
vo J ’ l y ’ u y
112
J ’ l y ’04
Jau
1
05
Jau
A D u e J ’ly
V
D ue N ov
4C
102*8 1 0 3
101*8 1 08
100
9 0 *4 9 5 *
03*4
il J
94
90
93
93
91*9
37
92*4
ij{$ Hi
8 3 Hi
05
91
90
95
DtlOU
38
90
77
83
05
95
90
95
s a lt
OHIOAG-O STOCK EXOHAN'G-E—Stock Record—Daily, Weekly and Yearly
Monday
Jan. 1 7 .
Wednesday
Jan. 1 9 .
Tuesday
Jan. 1 8 .
195
195
*185
195
*185
195
*185
♦183
*2
2*?
*2
*2
*2
2*2
21 ?
212
*6
10
10
*6
10
10
*6
*6
109
*107
109
*107
100
109
*107
*107
31
30
33
31
31
3112 *31*o
31
*15
17
*15
17
*15
17
*15
17
*812
9*2
*8*2
91 ?
9* 2
*S D
*S12
9*2
4D
*434
5
5
4 /r
5
4 ‘8
* '8
32
32
*33
*33
36
36
36
*33
*
7
2
7
3
70
70
*70
71
*70
71
17
*15
17
*15
17
*16*2
17
17
53
54
2
54
53
53*4
54
*53
18
18
*17
*17
*17
18
♦ 17 • 1 8
68
*60
*60
*60
68
68
68
*60
*54D
*541o
551o
*54*2
55*2
5512
55
40
4112
38*2
3934
4034
40
39*5
36*2
+ 101
105
103
103
105
*101
105
*101
12*2
12*a
79*8
78
*214
*130
133
77
77*2
*112
*1 3 7 * 4 13734
12%
12---8
7 8 3 .i
79%
*214
*130
133
77
77
*112
*138
138*2
37
71
52
1*8
3
40*o
37*o
70*o
52
37
*70
*48
*1
*2
40
130
130D
12
12 1 2
1278
78*4
70*4
79*4
*214
*214
*130
*130
133
*76
77
77
*110
*110
112
136
138
*137
37*2
*60*2
*48
*1
U8
*2
3
40
40
12934 13 0
*143
145
143
144
120
120
120*2 1201o
134
134
1*2
1 '8
20*2
124
70
*43
12412
70D
122
77
*43
124
79
. . . .
144
120
1*2
144
120
134
112
119
7934
81
*43
—
12212
82
119
79
*43
—
*18
*18
20
20
20
*18
20
*18
114
111
*113
111
114
*113
114
111
*123
125
*123
124
*123
124
125
125
10834 10834 *1 0 7 1 2 10912 * 1 0 7 1 2 10912
*1071- 100D
121 121
*120 121 *120 121 *120 121
1123s II3 I4
113
11334
II3 I4
156*4 1 605s
1 2 H .i 1 2 1 1 4
108
100
121
158
160
I2 II4
158*8 1 5 9
*10078 165
* 1 0 4 3 4 10512
1234
*10
13
20
10 8 I2
100
105
105
165
105
11314
*30
Sale
Sale
Sale
Sale
31
Last Sale
Last Sale
*4
*30
*68
*16
*53
5
31
71
18
54
Last Sale
Last Sale
*54
37D
•102
55
39
104
185
2 i2
7 i2
107*2
*30
15 *2
D c c ’09
J a n ’ 10
J a n '1 0
J a n ’ 10
31
J a n '1 0
J a n ’ 10
4 i2
4 l2
*30
32
72
16
*15
54
*53
D e c '0 9
18
70
A u g '0 9
55
55
39*4
40*2
104
104
10812 10834
II2 I4
II3 I4
150
159*4
101
1 0 7 3 4 IO 8 I4
163
105
165
105
121.1
20D
1212
20
I2 I3
78
O c t ’09
D e c ’09
78
112
138
J u n e ’09
J u n e '0 9
3334
37
34%
35
J a n ’ 10
Last Sale 7 1
J a n ’ 10
Last Sale 5 0
N o v ’0 9
Last Sale 1
N o v ’09
Last Sale 2 D
40
40*2
3 8 i2 3934
130
130
130
130
M ch ’08
Last Sale 214
142D
14212
*142
145
118
1 2 0 t2 12012 117*2
112
158
1*2
134
*20
21
O c t ’09
Last Sale SGVi
108
110
8034
82
78*2
80
J a n ’ 10
Last Sale 4 6
J u n e ’07
Last Sale 2 i 8
N o v ’09
Last Sale 2 0
*113
115
*113
115
*123
125
*123
125
108
108
*106
110
*115
*115
119
111
i l l 's
11034 113
Last Sale 1 1 - 1 6 M c h ’ 0 9
154
158
151
153*2
*20
163
105
121g
2134
22
101 111
120
1 121
12H8 12HS 121 12Us 12
10738 108
*163
*68
112
143
120
1%
Last
Last
Last
Last
Last Sale
163
105
163
105
Last Sale
Last Sale
Last Sale
11
20D
11' 8
20D
120*2 121
108
1083.1
7
F c i) ’09
*160
163
*104*2
10512
112
A p r ’ 09
3
A p r ’09
734
A p r ’09
IH 4
12 1 2
20
22
R a ilr o a d s
C h i c a g o C i t y R y _______ 1 0 0
C h ic a g o A O a k P a r k ..1 0 0
D o
p ref
.................1 0 0
C h i c R y s p a r t e t t “ 1 ” ____
C h i c R y s p a r t e t t ‘ 2 ” ____
C l i t c R y s p a r t c t f ’ ’ 3 ’ ’ ____
C h i c R y s p a r t e t t " 4 ” ____
4 3 0 C h i c a g o S u b w a y ________ 1 0 0
2 0 K a n s C ity R y A L t - .1 0 0
1
D o
p r e f ...........- - . 1 0 0
2 M e t r o p o l W S K i e v _____ 1 0 0
450
D o
p r e f ..............................1 0 0
_____ N o r t h w e s t e r n K i e v ______1 0 0
_____
D o
p r e f ________________ 1 0 0
25 S o u th S id e K le v a t e d ..lO O
3 .8 9 4 S t r e e t s W S t a b l e C L . 1 0 0
6
D o
p r e f _________________ 1 0 0
M is c e lla n e o u s
1 , 8 8 3 A m e r i c a n C a n ___________ 1 0 0
1 ,1 3 5
D o
p r e f _________________ 1 0 0
_____ A m e r i c a n
R a d ia t o r ..100
_____
D o
p r e f _________________ 1 0 0
7 1 A m e r S h i p b u i l d i n g ____ 1 0 0
14
D o
p r e f _________________ 1 0 0
300 A m e r T e le p A T e lc g —
_____ B o o t h ( A ) & C o --------------- 1 0 0
_____
D o
p r e f _________________ 1 0 0
4 4 2 B o o t h F is h e r ie s c o m . .
_____
D o p r e f ___________________
_____ C a l & C h i c C a n a l A D . 1 0 0
_____ C h i c B r e w ’ g A M a l t ’ g _______
_____
D o p r e f ________________________
1 ,4 9 5 C h i c P n e u m a t i c T o o l . 1 0 0
2 0 5 C h i c a g o T e l e p h o n e ____ 1 0 0
____
Do
r i g h t s ___________________
4 5 C h i c T i t l e A T r u s t ____ 1 0 0
351 C o m m o n w ’ t h -K d is o n .1 0 0
2 ,1 4 7
D o
r i g h t s ...........................
1 0 0 C o r n P r o d R e f C o c o m __
_____
D o
(io
p r e f ---------1 , 8 9 8 D i a m o n d M a t c h _______ 1 0 0
3 , 8 1 6 I l l i n o i s B r i c k --------------------1 0 0
M a s o n i c T e m p l e ------------. . I . M ilw A C h ic B r e w i n g .
D o p r e f ---------------------------110 N a tio n a l
B i s c u i t _______1 0 0
5
D o p r e f _________________ 1 0 0
70 N a tio n a l
C a r b o n ______ 1 0 0
5
D o p r e f __________________1 0 0
1 ,3 9 3 P e o p l e ’s G a s L A C o k e . 1 0 0
_____
D o r i g h t s ___________________
9 ,2 2 7 S c a r s - R o e b u c k c o i n . . 1 0 0
766
D o p r e f _________________ 1 0 0
2 , 5 3 9 S w i f t A C o ________________ 1 0 0
_____
D o r i g h t s ____________________
200 T lic Q u a k e r O a ts C o .-lO O
183
D o p r e f ..................... . . . 1 0 0
_____ U n i t B o x B d A P C o . 1 0 0
_____
D o
f u l l p a i d _____________
_____
D o
p r e f _______________1 0 0
4 ,4 5 2
D o
f u l l p a i d _____________
180 W e s te r n
S t o n e ________ 1 0 0
BO N DS
Price
Friday
Jan 2 1
Inter
est
Period
Did
A
A
A
C
m e r S t r a w b ’d 1 s t 6 3 .1 9 1 1 F - A
•D
r m o u r * C o 4 M s ____ 1 9 3 9 J
u r o r a E lg ln A C h lc 5 .1 9 4 1 A - O
a l A S o C h ic R y C o
1 s t M 5 s . . . .....................1 9 2 7 F - A
C a s s A v A F G ( S t I .) 5 s ’ 1 2 J - J
C h ic B o a r d o f T r a d e 4 s l9 2 7 J - D
C h i c a g o C i t y R y 5 s ____ 1 9 2 7 F - A
C h ic C o n s o l B r & M lt 6 s . . . J - J
C l d c C o n s o l T r a c 4 Ms 1 0 3 9 J - l)
C h ic A u d it o r iu m I s t 5 s l9 2 9 F - A
C h ic D o c k C o 1 s t 4 S ..1 9 2 9 A - 0
C h ic J c R R 1 s t M g 5 s . 1 9 1 5 M - S
C h ic N o S h o r e I iie c 6 s .1 9 1 2 A - O
C h ic P n e T o o l 1 s t 5 s .u l9 2 1 J - J
C l d c U y 5 s ............................... 1 9 2 7 F - A
C ld c R y s 4 -5 s s e r ie s “ A ” A - O
C h ic R y s 4 - 5s s c r ie s " B ” J - D
C h ic R y s 4 -5 s s e r ie s “ G ” F - A
C ld c R y s c o ll 6 s . ..1 9 1 3 F - A
C h ic R y s F u n d 6 s . .1 9 1 3 F - A
C h ic R y s T e r n C tfs 1 s t 5s
C h i c Jt I A P R R 4 s . . 2 0 0 “ M - N
U - S
C o l l a t t r u s t g 5 s ____ 1 0 1 3
C h i c T e l e p h o n e 5 s ______ 1 9 2 3
C o m m o n w -K d ls o n 5 s . 1943 U - s
C h ic E d is o n d e b 6 s . 1 9 1 3 J - J
1 s t g 5 s ______ J u l y 1 9 2 0 A - O
D e b e n t u r e 5 s ______ 1 9 2 9 AV - S
C o m m o n e r E le c t S S 919 43 Al - s
I l l i n o i s T u n n e l 5 s ______ 1 9 2 8 J - D
K a n C ity R y A L ig h t
C o 5 s ......................................1 9 1 3 AV - N
K n le k ’ b ’ k e r I c e 1 st 5 s .1 9 2 8 A - O
L a k e S t E l— 1 s t 5 s . . . 1 9 2 8 J - J
Feb
I n c o m o 5 s ______________ 1 9 2 5
M c t r W S id e E l—
1 s t 4 s ...................................... 1 9 3 8 F - A
E x t e n s i o n g 4 s ______ 1 9 3 8 J - J
M o n i , A C o . 4 M ______ 1 9 3 9 I - J
N o rth W e st E l 1st 4 s .1911 M - S
N o W G -L & C o k e C o 5 s’ 28 Q - M
O g d e n G a s 5 s ____________ 1 9 4 5 A l - N
l ’ e a r s o n s - T a t t 5 s ________ 1 9 1 6 J - 1)
4 . 4 0 s ___________________________ VI - S
4 . 6 0 s S e r i e s E _______________ M - N
4 . 8 0 s S e r i e s F _______________ M - N
I eo G as L & C 1st 6 s . 1943 A - O
R e f u n d i n g g 5 s ______ 1 9 4 7
M - S
C h i c G a s L A G 1 s t 5 s 1 9 3 7 J - .1
C on su m G as 1st 5 s .1936 r - d
M u t’l F u el G a s I s t5 s l9 4 7 M - N
.S o u t h S id e E l e v 4 J $ s _ 1 9 2 4 J - J
S w i f t & C o 1 s t g 5 s ____ 1 9 1 4 .1 - J
U n io n E l (L o o p ) 5 s . . 1 9 4 5 A - ()
»l - N
U n io n P a c i l l c c o n v 4 3 .1 9 1 1
U n i t e d B o x B o a r d c o l 6 s ’ 2C
G e n e r a l m t g c 6 s ___________ j ' - ' j
W e s te rn S to n e C o 5 s .. 1909 A - O
N o te . — A c c r u e d i n t e r e s t m u s t
194"
Ask Low
s a le
___102
1 0 2 7 8 1 03*8
10138 S a l.
95*
831;
r-D
* B id a n d a s k e d
I n s titu tio n s .
JN o
D iv id e n d s a r c p a
A S a v in g s B a n ’:.
0
1109
102*2
. . .
103
__ 100
83
Week’s
Range or
Last Sale
. . .
100
94
--- -
D ’ds
Sold
High No.
M c h ’07
94
___
6
----- —
102
101*4
100
103*8
103
50
963.1
J ’ n c ’09
O c t '0 9
M a y ’ 07
103*8
A p r’d i
A p r ’0 9
J a n ’O j
9 ID
87
84**.|
101
95
851.|
913 (
101
1U 1D
101*8
6612
OO D
103
102=8
100
100
100*8
10212
80
D e c ’0 9
F e b ’06
80
101*4
D o c ’0 9
85*4
D o c ’09
D C C ’ OU
J u l y '0 9
D c c ’ 09
A u g '0 8
J u ly ’08
103*4
10 27s
J ’ n c ’ OS
100
A u g ’ O’J
10-*3|
D e c ’08
96*4 D e c ’ 09
96
M ch ’09
85
85
16
M a y ’05
___
___
24
___
___
—
___
___
9
4
___
___
___
___
___
___
___
14
16
___
2
___
0
—
___
___
1
—
81
___
___
___
___
___
___
___
___
1021.1 ...
__ 102
___
___
__ _
___
___
NAME
Range
for
Year 1 9 0 9
Low
High
___ _____
93*2
96%
--------------------
5
S 3*s
81*2
8 0 -3 D e c ’ 0 9
3
93
93*8
4
953.1
9534
9S34 D c c ’ 0 9
5
94
94
1 0 ()3 8 M e h ’ 0 9
99*2
96
N o v ’ OS
96
98
J ’n c ’09
97
100
M c h ’09
1213i M a y ’0 9
103*4 D e c ’ 0 9
1
101
101
tlO l
S al
102*" J a n ’ 10
1 0 U - D e c ’0 9
1
94
94
94
Sal
1
100*2
100%
88
N o v ’ OO
114
N o v ’0 1
t 79
81
80
D e c ’ 09
SO
N o v ’ OO
t _____
78
8 5 D J u l y 'O S
b e a d d e d t o a ll C h i c a g o h o n d
80
102
101
102*1 01*4
10234 1 0 5
________
50
50
----- ------94*2
72
1 0 ()3 s
93%
84*t
89
1 Hoi’s
101*2
100 3 .t
94%
__ _
8 5 *8
1023|
96 *4
8 9 *2
92D
1023s
1 023,8
102*2
___ _____
___ ___
10234 10334
101
1 0 3 *4
___ ___
100
10134
100=8 102*8
102
1 03= 8
.........................
96*.|
95
73
9S 3 4
96
91
...................... 82*4
80*2
8G *o
81*4
92*4
98
93
100*4
96
98
100
120
1027s
1 0 3 3 .,
102
lO U o
93*2
100
88
96*2
99
98
100*2
98
997s
10 0 *8
122
101
105
1 023.,
102
963.4
102
96
___ ____
___ __
70
70*4
__ _
81
81
C a l u m e t N a t i o n a l ________
C h i c a g o C i t y -------------------------C o m m e r c ia l N a t i o n a l..
C o n tin e n ta l
N a t io n a l..
C o rn E x c h a n g e N a tio n a l
D r c x e l S t a t e ______________ _
D r o v e r s ’ D e p N a tio n a l.
K n g l e w o o d S t a t e ________F i r s t N a t i o n a l -------------------F i r s t N a t E n g l e w o o d ____
F o r e m a n B ro s B ’k ’g C o .
F o rt D e a r b o r n N a tio n a l
H a m ilto n
N a t i o n a l ______
H ib e r n ia n B ’ k ’ g A s s ’ n . .
K a s p a r S t a t e B a n k ______
L iv e S t o c k K x c h ’g c N a t
M o n r o e N a t i o n a l _________
N a t B a n k o f R e p u b lic ..
N a t i o n a l C i t y _______________
N a t i o n a l P r o d u c e __________
N o r t h A v e n u e S t a t e ____
N o r t h S id e S t a t e S a v ’ gs
N o r t h W e s t S t a t e ________
P e o p le ’ s S tk Y d s S ta te
P r a i r i e N a t i o n a l _________ P r a i r i e S t a t e -------------------------R a ilw a y
E x c h a n g e ---------S e c u r i t y ______________________
S o u th C h ic a g o S a v in g s .
S o u t h S i d e S t a t e ------------ -S ta te B a n k o f C h ic a g o .S to c k Y a rd s S a v in g s ..
U n io n B a n k o f C h ic a g o .
W e n d e l l S t a t e ____ . . . . .
A m e r ic a n T r u s t A S a v s
C en tra l T ru st C o o f I I I ..
C h i c a g o S a v 1 5 k A T r ------C h ic a g o T it le A T r u s t .
C it iz c n s ’T t u s t A S a v in g s
C o lo n ia l T r u s t A S a v in g s
D r o v c r s ’ T r u s t A S a v in g s
F a r w e l l T r u s t C o --------------F ir s t T r u s t A S a v in g s ..
G u a ra n tee T ru st A S a v .
H a r r is T r u s t A S a v in g s .
I llin o is T r u s t A S a v in g s
K en w ood T ru st A Savgs
L a k c V lc w
T ru stA S a v g s
M e rch a n ts’ I-o a n A T r C o
M e t r o p o 11t a n 'T r u s t A S a v
N o r t h e r n T r u s t C o ..............
N o rth -W e ste rn T rA S a v .
P u llm a n T r u s t A S a v g s .
S h e r id a n T r A S a v B a n k
S to c k m e n ’s T ru s t A S a v
U n i o n T r u s t C o ___________
W e s t e r n T r u s t A S a v in g s
W e s t S id e T r A S a v U a u k
W o o d la w n T r A S a v B a n k
p r ic e s .
p r ic e s ; n o s a te s w e r e m a d e o n t h is d a y .
T N o v . 16 (c lo s e 1
p r ic e F r id a y ; la t e s t p r ic e th is w e e k ,
a D u e D ec. 31.
id Q -J , w it h e x t r a p a y m e n t s Q - F .
r A s o f d a t ( A p r il
(A s o f d a te D e c
31 1909.
u S t o c k I n c r e a s e d In 1 9 0 9 .
180
112
5
9778
30
10 *2
8
3*4
30
78
15*8
47
17
63
50
29*4
97
M ch
O ct
O ct
D eo
D ec
D ec
D eo
D ec
D ec
D ec
Sep
J a il
N ov
Jan
Jan
A pr
F eb
8
22
21
7
13
13
1
1
21
11
13
14
l7
6
25
13
15
190
4
15
119*2
4 534
30
13D
2 9 *4
52
F eb
3
J a n 22
J a n 22
.T’ l y 2 8
Jan
2
J a n 29
Jan
2
Jnn
2
J ’ly
7
M a y lS
19*2 D e c 17
D e c 20
59
M ay 6
25
M ay 7
73
M ay 7
61
54*2 D e c 13
D ec
1
108
160
1%
<>D
8 1 3 .(
38
20
934
15
30
68
12 *4
42
1334
46
42
26*2
85
Jan
F eb
D ec
J ’n e
O ct
N ov
S ep
F eb
O ct
Sep
N ov
Jan
A ug
A ug
A ug
A pr
A pr
185
3<8
10
119
47
28
13*•»
30*2
4734
86*2
19
54
22
02 D
7 1
34
103
J ’n o
D eo
D eo
D ec
N ov
N ov
Jan
M av
D ec
D ec
J an
N ov
J ’n e
?78
7 l 34
200
126
5 4 *8
101
139
*8
*4
10
48
51*4
1
2*s
20
127
J a n 30
.I a n
6
J a n 14
J a n 21
A p r 21
F e b 24
A ug27
J ’ n c 10
M ay22
,M a y 2 4
J ’n e lO
Jan
8
A p r 27
A p r 27
M c h 24
Jan
4
15 *4
86
225*4
132
81*s
112
145
1
5
40
75D
58
1
2*2
42
140
4
41*2
125
116
37
91
F eb
Jan
Jan
A p r
M ch
Jan
103s
7678
200
1 2 8 *4
63
104
N
D
D
N
N
N
30
100
Jan
M ay
117
107
Jan
Jan
152
O ct
121*2 J ’ l y
F eb
O ct
N ovD ec
Jan
3.1 F e b
100
Jan
80
J a il
57*i
Us
4
30*2
153
234
116
110
D ec
A ug
A pr
A ug
Sep
F eb
D ec
O ct
17 *8
70*4
117
38
43
F e b 25
M c h 25
Jan
9
J a n 26
Jan
5
25*8
8SU
13034
88*"
47
A ug
M a y lO
A u g 13
D e c 28
S e p 16
113
30
38
Jan
Jan
J ’n e
137
A ug
4 2 i2 D e c
46
«i’ l y
20
97%
118*4
82
110
102
*2
55
101
100*2
6
119
98*2
5S
2 i4
334
10*2
15
N ov
Jan
F eb
Jan
Jan
Jan
F eb
Jan
Jan
Jan
F eb
Jan
Jan
F eb
F eb
M ch
M ch
F eb
21
119*4
130
108*2
124
119%
1
169*2
1213,
1 1 4 *4
20
162
105
1%
3*8
9*2
20
25
J ’n e2 8
S e p 27
S e p 21
D e o 31
N o v 16
A u g 16
M ch 20
D e c 11
O c t 20
A ug 6
J a i l 18
D e c 23
D e c 29
M c h 26
M c ll 2
Jan
4
N ov 4
M ch 1
19
70
10134
51
91
80*2
J ’n e
Jan
Jan
M ch
M ch
Jan
20
97
120
87
115
106
18
21
17
2
15
14
15
25
5
9
5
19
26
10
9
16
86*2
N o v 19
J ’no 4
O c t 29
J ’ l y 21
D e o 11
S e p 13
N ov20
Jan
2
Jan
5
D e c 27
D e c 27
A p r 16
A p r 27
N o v l8
D e c 24
S e p 23
7
1
3
% D oc
D ec
40
1
2
20
106
D eo
A u g
A ug
Nov-
ov
ec
ec
ov
ov
ov
J ’ly
D ec
A u g
D ec
N ov
D ec
24
Jan
72
Jan
88*2 J a n
56
D ec
102
D eo
105 3 4 S e p
1143.) J a n
87
Jan
131
Jan
100
J ’ly
134 J a n
14 J ’ l y
1*2 J ’ly
m
" o c t
17
A pr
Chicago Banka and Trust Comnanies
Chicago Bond Record
C H IC A G O S T O C K
E X C H A N G E
Week, ending Jan. 2 1
( 1 9 0 8 1.
Highest
Last Sale
Last Sale
3 6 78
3 6 's
*70
71
*48
52
*1
1*8
*2
3
3934
40*4
130
13012
143
120
20.
12
12%
11 7 S
ID s
78
7 7 "8
77*8
79*4
Last Sale 2 5 5 * 4
_____
Last Sale 1 3 0
133
77
* 7 6 i2 7 7 i2 * 7 6
*111
115
112
1 3 5 3 .! 1 3 6
136
*137
*36
37*?
*70
72*2
52
*48
*1
U8
*2
3
39*2
39*2
12934 13 0
1<2
Jan.
C H IC A G O S T O C K
E X C H A N G E
Friday
Jan. 2 1 .
Range for Previous Year
Range lor
Year 1 9 0 9
STO C K S
STOCKS— HIGHEST A N D LOW EST SALE PRICES
Saturday
Jan. 1 5 .
Dividend Record
Outstand
ing
Stock
Surptu3
and
Vrofits
In
In
1
1
1003
1000
$ 1 0 0 ,0 0 0
5 0 0 .0 0 0
7 .0 0 0 .
9 .0 0 0 .
3 .0 0 0 .
200.000
6 0 0 ,0 0 0
200,000
8 .0 9 0 .0 0 0
1 3 0 .0 0 0
1 .0 9 0 .0 0 0
1 .0 9 0 .0 0 0
5 0 0 .0 0 0
1 .5 0 0 .0 0 0
200.000
1 .2 5 0 .0 0 0
3 JO , 0 0 6
2 .0 9 0 .0 0 0
1 .5 0 0 .0 0 0
2 5 0 .0 0 0
200.000
5 0 .0 0 0
200,000
3 0 0 .0 0 0
2 5 0 .0 0 0
5 0 0 ,0 0 9
2 5 0 , OOJ
3 0 0 .0 0 0
200.000
200,000
1 .5 0 0 .0 0 0
2 5 0 .0 0 0
200.000
5 0 .0 0 0
3 .0 0 0 .
2.000.
( 1 5 0 0 ,0 0 0
0,000,000
5 0 .0 0 0
6 0 0 ,0 0 0
200.000
1 .5 0 0 .0 0 0
2,000,000
200,000
1 .2 5 0 .0 0 0
5 .0 0 0 .
2 0 0 ,0 0 6
200,000
3 .0 0 0 .
7 5 0 .0 0 0
1 .5 0 0 .0 0
200.000
5 0 0 ,0 0 '
200,001)
200,000
1 .2 0 0 .0 0 0
1.000.
200,000
200,000
$ 1 3 ,0 2 9
2 0 7 ,6 8 6
030802 , 1 7 2
090109 , 6 8 6
030100 , 1 8 3
2 9 ,2 1 7
3 8 2 ,0 8 7
3 2 ,0 9 3
2 5 4 ,4 5 1
1 6 7 ,0 1 1
5 6 3 ,6 1 8
3 7 7 ,0 8 7
1 5 7 ,0 0 9
8 3 7 ,0 1 5
1 3 2 ,4 5 8
4 6 7 ,2 8 9
6 4 ,0 9 1
.1 5 3 ,6 5 5
5 0 6 ,7 2 5
6 9 ,0 7 9
6 0 ,0 3 7
1 8 ,7 9 7
1 0 ,8 2 7
’6 5 , 3 0 5
7 4 ,8 3 1
6 0 ,2 2 1
(1 3 ,2 8 8
1 6 0 ,9 2 0
8 0 ,0 0 0
5 ,0 1 3
,5 5 7 ,1 3 5
1 7 7 ,3 5 6
3 7 ,7 6 1
9 ,1 7 7
0 0801 , 8 3 1
8 1 1 ,7 4 0
1 0 3 ,6 9 1
,3 7 3 ,3 9 7
6 ,9 5 9
5 0 7 .0 5 6
1 0 3 ,0 6 9
2 0 9 ,3 8 7
,0 8 3 ,5 1 9
1 4 ,6 1 3
,1 6 7 ,3 6 0
000
1,460,042
5 5 ,5 1 2
000
30,747
> 0,30001 ,2 6 2
252,0 -1 .1
’ ,1 6 0 ,7 6 2
5 7 ,6 7 0
1 8 9 ,9 6 7
2 1 ,9 7 - i
3 2 ,1 3 8
1 , 0 7 7 ,9 1 2
2 1 0 ,8 3 1
7 0 ,1 0
3 9 .2 3 9
000
L*cr1o:l
Last Paid
%
'()*, 6
6
A il 1
TO, 5
J -J J
10
_____ J
’ ll), 2
till
T O , 21 2
8
Q -J J
TO, 4
12
Q -J 1
■09, 5
9
A -0 (
T O , 2I2
(J -J 1
10
9M
0
0
(J - J J
T O , 1*2
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12s
12
10
10
ij-M 1
l ’ r l v a t o B a il k
8
8
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1
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10
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8
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6
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3
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TO, U 2
5M ( J - J .
6
0
(J -J
Q -J .
B e g . b u s. N o v ’09
_____
_____
(J -.M
6
8
.’ 0 8 , 2
N one —
2
1 ’ 0 9 ,1 * 2
U % _____
(J -J .
(i
1 0 , 1*2
6
B e g . b u s . S e p t . ’ OO
TO, 3
Q -J
12
a
Q -M
8
7
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6
6
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7
7
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6
US
TO, U j
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6
6
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4
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4
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8 + 2
8 + 2
Q -J
8
TO, 2
Q -J
3
(J -.l
TO,
16
Q -M D e c 3 1 ’0 9 , 4
I n c o r p o r a te d 190 8 V .8 7 ,p .1 1 3 8
T O , 7I3
6
O'A Q - J
TO, 4
fa n
10+4
10+4
'/
TO, D4
6 5 1 (J -J J a n
0
T O , 1U
(J -J J a n
5
4J4
TO, 3
12
12
Q -J J a n
T O , 1*2
(J - J J a n
0
0
TO. 2
8
Q -J J a n
8
TO, 3
J -J
6
6
TO, 2
8
(J - J J a n
8
B eg
b u s. J ’ l> 1 2 ' 0 9 V . 8 9 , p . 1 4 1
Jan
T O , 2 io
J -J
5
5
18 + 2
Q - M D e c 3 1 ’ o 'J ,2
8
(J - J J a n
T O , l* a
0
6
1998
B egan
b u stn e ss S c
T O , 1*2
6
0
Q -J
6
10
W l2
8
12
0
1*2
Jan
J a n . 22 1910.
THE CHRONICLE
Volume ot Business at Stock Exchanges
Ulectric Companies
T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K E X C H A N G E
D A IL Y , W E E K L Y A N D Y E A R L Y .
/iailroad,
Week ending
Jail 2 1 1 U 1 0
S a t u r d a y __________
M o n d a y ____________
T u e s d a y _____________
W e d n e s d a y _______
T h u r s d a y ____________
F r i d a y ...........................
Par value.
8 5 9 ,2 0 0
' .1 8 5 ,4 1 9
1 ,1 7 0 ,4 3 0
J ,0 3 5 ,0 1 4
1 ,1 5 5 ,0 2 8
1 ,0 1 4 ,5 4
T ota l
7 ,0 3 0 ,8 4 3
Sales ai
Ncto York Stock
Exchange.
S t o c K s — s . s . i a r e s ____
P a r v a l u : _____________
B a n k s h a r e s , p a r _______
3 ,5 8 7 ,0 4 9
3 3 4 4 .1 8 5 ,4 0 0
§ 7 ,5 0 0
9 9 3 ,0 0 0
2 2 ,1 4 4 ,0 0 0
$ 1 2 ,0 0 0
7 1 9 ,5 0 0
3 1 ,7 3 0 ,0 0 0
b o n d s . . .............
D A IL Y
.....................
8 2 3 , 1 1 4 ,5 0 0 |
T R A N S A C T IO N S
8 3 2 ,4 9 2 ,0 0 0
A T TH E BOSTON
EXCH AN G ES.
Unlisted
shares
Listed
shares
S a t u r d a y ____________. . .
M o n d a y __________________
T u e s d a y ________________
W c d n - d a y _____________
T h u r s d a y _______________
F r i d a y ____________________
2 4 ,7 1 0
4 3 ,2 7 1
3 5 ,0 3 6
5 2 ,2 2 0
4 0 ,5 3 0
4 8 ,1 8 7
T o t a l ..............................
3 3 ,7 5 <
4 2 ,1 8 2
4 9 ,2 2 8
5 5 ,1 2 7
3 7 ,7 3 3
3 3 ,9 9 5
2 5 2 ,0 1 9
§ 7 ,6 0 0
$ 9 9 3 ,0 0 0
1
to Jan.
21.
1909.
1 7 ,1 5 7 ,1 4 2
S I , 5 8 0 ,9 2 5 ,2 7 5
8 4 4 ,6 0 0
1 3 ,7 2 0 ,9 7 8
$ 1 ,2 7 4 ,2 7 7 ,0 2 5
$ 2 ,5 0 0
$ 3 2 ,5 0 0
2 .0 0 7 ,0 0 0
0 1 ,1 5 0 ,0 0 0
8 3 7 ,0 0 0
2 ,3 0 4 ,0 0 0
9 4 ,3 9 5 ,0 0 0
8 0 3 ,8 4 9 ,5 0 0
$ 0 6 ,7 3 6 ,0 0 0
AN D
P H IL A D E L P H IA
boston
Week ending
Jan. 2 1 1 9 1 0 .
211.000
1910.
7 ,0 3 0 ,8 4 3
> 6 0 2 ,8 8 2 ,4 2 5
$ 1 4 ,5 0 0
G o v e r n m e n t b o n d s ____
S t a t e b o n d s _____________
R R . a n d m ls c . b o n d s .
T ota l
11.
1,000
bond
sales.
Unlisted
shares.
Listed
shares.
$ 2 0 ,0 0 0
5 7 ,0 0 0
1 0 2 ,4 0 0
1 1 5 ,0 0 0
5 3 .5 0 0
9 2 .5 0 0
$ 5 0 0 ,4 ) )
bond
sales.
2 2 ,4 3 2
3 8 ,3 0 i>
3 0 ,7 0 o
4 1 ,0 5 0
3 4 ,8 2 5
1 .8 ,3 5 7
8 ,6 5 0
8 ,8 7 1
9 ,7 4 1
1 0 ,0 9 3
1 3 ,5 9 8
1 3 ,5 5 9
$ 2 7 ,0 0 0
4 3 ,5 0 0
3 7 .4 0 0
3 8 .4 0 0
9 0 ,0 0 0
7 2 ,8 0 0
1 9 2 ,2 8 6
6 5 ,1 1 2
* 3 0 9 .1 0 0
Outside Securities
All bond prices are now "and interest” except where marked "f.
Street Railways
bid
New York CUu
B l e e c k S t A F u l 1>’ s t l c .
s 1st m tg e 4s 1950
« B ’y A 7 th A v c s t lc ..
D ry D
15
00
130
9912
10 x c
102
_____
'
/ 80
30
80
IO x c
Ask
39
70
140
101
lis t
105
95
51)
90
lis t
E 1! & B —
97 D 100
50
45
250
300
100
/ 95
) 200
220
_____
9 9 1 ; 10OI.I
_____
1 50
i ange
lis t
!
IO xc li s t
E xc
lis t
'
109
I /O
I t
18
90
101)
/ 05
70
1US
118
00
85
92
88
roxc
lis t
!■/ 5 0
80
85
95
/ -------20
200
220
1001.1 i o n 00
75
/
e
S c r ip
0s
1 9 1 4 . .T
f
In te r - M e t-
C onsol
5s
1 9 4 8 ______ 1 '-
S o F o r 1 s t Os 1 9 1 9 . 1
T h i r d A v e n u e — See
A tla n
b r o o k tun
A ven u e K U -
O o n 5 s — S e e S tic E x c
B k ln I lg t s 1 s t 5s l o l l A B U ln Q u e e n s C o A S u b -
■
*
'*
*
'■V X
Vn u
o IW
U
i/.d
-J
G r ’p ’ t& L o r S t 1st 6 s ..M -N
5s
1 9 4 4 ................................A - 0
1 s t 4 s 1 9 3 1 — See S t o c k
N W ’ b g & F la t 1 st ex
S te in w a y 1st 6s 1922
93
07
195
ange
<9/
98
IO xc
IO xc
65
78
75
95
101
100
198
lis t
102
1001lis t
lis t
75
82
85
100
IO x c
lis t
103
IO xc
00
102
1041.
lis t
95
105
104
104
08
107
108
s 9 J l|
1044.1
Other CUtcs
B u H a lo S t r e e t R y —
1 st c o n s o l 0s 1931
D e b ( is 1 9 1 7 . .
C r o s s t 'w n
"
i-/i
-O
a
1 s t Os ’ 3 3 J - D
la li s t
7 6«2
82
E xc
120Q
Prercrred__________
$81.1
r I . o u l s v S t Os 1 9 3 0 ____ J - J
1061L y n n A B o s 1 s t 0 s '2 4 J - I )
105
• N e w ()r l R y s A L g t .1 0 0
2,S i)
e P r e f e r r e d ____________ 1 0 0
0 2 lo
( « c : i A ! k 4 M s • 3 0 — Sec S t k E x
P u b S c r v C o rp o f N J .1 0 0
123
1 r e lls 2 % t o 6 % p e r p e t
104
N o rth J e rse y S t lt y .1 0 0
50
1 s t 4 s 1 9 4 8 ________A l - A
79
100
100
78
85
lis t
_____
•SOI.,
1001.)
107
28>«
0231
lis t
124
100
. . . .
SI
■
t
s
m re
a
L x -r tfir h ts .
5 B a s is ,
Street Railways
bid
P u b S c r v C o r p N J (Con)
C on s T ra ct o t N J ..1 0 0
7 0 i2
1 s t 5 s 1 9 3 3 _______ J - I )
1 0 4 12
N e v v ’ k P a s R y 5 s '3 0 J - J
103
R a p id I r a n S t R y ._ 1 0 0
240
1 s t f .s 1 9 2 1 ________A - O
100
J C H o b A P a terson —
4s
g
1919.
M -N
78
S o J G a s El A T r a c . 100
144
G i l g n s 1 9 5 3 ____ M - S
99
N o l l u i l C o R y O s’ l-l J -J
102
5s
1 9 2 8 ........................... J - J
103
E x t 5 s 1 9 2 1 ______M - N
99
P a t C ity c o n 0 s * 3 1 .J -D
115
2 d 0s o p t 1 9 1 1 . . A -O
100
S o S i d e E l ( C h i c ) — See C t i I c a g O
S y r a c u s e R T 5s ’ 4 0 . M -S
103
l ' r e n t P A 11 0 s 1 9 4 3 - . J - D
100
C o m v o t t r e t f s ______ 1 0 0
c P r e fe r r e d
.............. .. 1 0 0
( J e n 4 s 1 9 4 l — See S t o c k
U n l t R y s S a n F r a n See S t k
W a s h l t y A I d C o ______ 1 0 0
P r e f e r r e d _______________l o o
4 s 1 9 5 1 . . . ................. . . J - D
A rn e r T e lc g A C a b le . 100
C e n tr a l A S o A m e r ._ 1 0 0
C o m m ’ l U ll T e l (N Y ) . 2 5
E m p A B a y S ta te T e l .100
F r a n k l i n ___________________ 1 0 0
e G o l d A S t o c k T e l e s '. 1 0 0
N Y A N J T e l e p h — See S t k
e N o r th w e s te r n T e le g . 50
P a c i l i c A A t l a n t i c ______ 2 5
« P a c T e le p A T e le g p f .1 0 0
S o u th e rn A A t la n t ic .. 25
Ask
7 7 *2
in
_
S e r B 4 s M c h 1 5 ’ 12 M -S
tla n C o a s t L 5s '1 0 . M -S
U e th le h S te e l 6s ’ 1 4 ..M -N
105
101
lis t
105
102
94
30
00
98
106
97
4 j
07
30
94
98>s
96 h
100
9 9 'j
97
1001_____
10314
90
E r ie 6 s , A p r 8 1 9 1 1 . . A - O
I n t e r !) I t T g 6 s 1 9 1 1 . M -N
K C K y A L l g h t 6 s ’ 1 2 . M -S
L a c k S te e l 5s g 1 9 1 0 .M -S
9978
L a k e S h A M S o 5 s '1 0 F - A
997f|
M i c h C e n t 5 s 1 9 1 0 ____ F - A
0 9 'a
M in n A S t L g 5 s ’ l l . F - A
99
N Y C e n t 5 s 1 9 1 0 ______ F - A
9 9 /8
N Y C L i n e s E q p 5 s ’ 1 0 - 2 7 6 4 .4 J
190
N Y N 11 A 11 5 s ’ 1 0 - T 2
N o r f A W e s t 5s 1 9 1 0 .M -N
100
100
P a R R 5 s M c h 1 5 ’ 1 0 . M -S
99
S t L & S a n F r g 5s ’ l l . J -J
9 5 '4 M /o B n o t e s ’ 1 2 o p _ F -A
S o u th R y g 5s 1 9 1 0 ..F -A
99 *8
l O F 's
T id e w a te r 6 s, 1 9 1 3
9 9 ’%
lO J S g
109
250
140
100
74
118
108
05
45
105
E xc
105
05
90
90
Ferry Companies
B A N Y 1 s t 6 s 1 9 1 1 . J -J
N Y
A E R F e rry s t k . 100
1 s t 0 s 1 9 2 2 ____________ A I - N
N Y A H o b 5s M a y ‘4 6 .J -D
l l o h F y 1 s t Os 1 0 4 6 M - N
N Y A N J o s 1 9 4 6 ______ J - J
1 0 th A 2 3 d S ts F e r r y .100
1 st m tg e 5s 1 9 1 9 ..J -D
e U n io n F e r r y s t o c k . .1 0 0
e 1 s t 5 s 1 9 2 J __________U - N
Railroad
M ile G t V v c o m t r c t l s l /
e P r e fe r r e d tr c tfs _ _ j
C h ic P e o A S t L —
P r i o r l i e n g I M s ’ 3 0 _ M ..
C o n m t g g 0 s 1 9 3 0 . . J -J
In c o m e 5s, J u ly 1 9 3 0 ..
C h i c a g o S u b w a y ________1 0 0
F t W A D e n C y s t d .-lO O
K a n s a s C ity S o u 5 s A p r 1
1 9 5 0 — Sec S t o c k
K xck
N a t R y s o f M e x i c o — See S
N o r t h ’ ll S e c u r it ie s S t u b s .
19-14 2 .9 :■
09
C914
I ll C s t k t r c t f s s e r A ’ 5;
E xc
lis t
S eaboard C om p a n y—
E xc
lis t
49
42
88
90
S e a b o a r d A ir L in e —
80
87
(ias SccuriPcs
S tock
lis t
/ S9
/ 53
/ -------4197>2
1 ge
t E xc
lu u
*30
*70
90
77
t E xc
9 9 '9 /1 -
Industrial and Miscel.
N ew York
I n d u s t r ia l a n d A lis c e l.
C on sol R u b b e r T ir e .. 100
..1 0 0
P r e f e r r e d _________
D e b e n tu r e 4s 1951 .A -O
C o n S te a m s h ip L in e s —
C o ll t r 4 s 1 9 5 7 r e t s ..J - J
C o r n P r o d R e f — See S t o c k
e C r u c i b l e S t e e l ________ 1 0 0
c P r e f e r r e d ___________ 1 0 0
e D ia m o n d M a tch C o . 100
d u P o n t (E I)d c N e m P o 100
e P r e f e r r e d ____ _______1 0 0
e G o l d 4 F>s 1 9 3 0 . . . J - D
78
E c o n ’ y L t A" P ( J o l i e t , I I I )
120
1 st M s f g 5s 1 9 5 6 .J -D
116
E l e c t r i c B o a t _____________ 1 0 0
P r e f e r r e d _______________ 1 0 0
E m p i r e S t e e l _____________ 1 0 0
_____
P r e f e r r e d _______________ 1 0 0
lis t
: G e n e r a l C h e m ic a l . . 1 0 0
e P r e f e r r e d ___________ 1 0 0
70
G o ld fie ld C o n s o l M in e s .10
98
G o l d H i l l C o p p e r ________
1
98
G r e c n e - C a n a n e a ________2 0
G u g g e n h e im E x p lo r ’ n 10 0
e H a ck en sack
W a te r
Co
90
K e f g 4s ’ 52 o p * 1 2 ..J -J
3 /
H a ll S ig n a l C o c o m . . 1 0 0
65
H a v a n a T o b a c c o C o . . 100
too
P r e f e r r e d ___________ . 1 0 0
_____
1 st g 5s J u n e 1 ’ 2 2 .J -D
100
lle c k e r -J o n e s -J e w e ll
M ill
_____
1 s t C s 1 9 2 2 ___________ M - S
72
H e r’g -I la ll-M a r , n e w . 100
35
H ob ok en L an d A Im p 100
90
e 5 s 1 9 1 0 . . .....................M a
H o u s t o n O i l _______________ 1 0 0
P r e f e r r e d _______________ 1 0 O
O S 's H u d s o n R e a l t y _________ 1 0 0
9712 e I n g e r s o ll-K a u d c o m . 1 0 0
100-Ss
1(H)
In tc r n a t’l H a n k ’g C o . 100
9 / 1- I n t e r n a t ’ ! M e r M a r — S e e s
101
I n te r n a tio n a l N i c k e l ..1 0 0
_____
P r e f e r r e d _______________ 1 0 0
111414
1 s t g 5 s 1 9 3 2 ________A - O
0 /
I n te r n a tio n a l S a lt . ..1 0 0
io o is
1st g 5s 1 9 5 1 ... ..A - O
l o o 's
I n te r n a tio n a l S i l v e r . . l o o
1001s
P r e f e r r e d _______________ 1 0 0
9934
1 s t 0 s 1 9 1 8 ____________ J - D
1001s I n t e r n a t S m e l t A l t e f g 1 0 0
4 .1 5
I n t e r n a t l i m e R c c o r c i.lO O
102
P r e f e r r e d _____________ 1 0 0
100*% J o n e s A L a n g h l i n S t e e l C o
1004s
1 s t s f g 5s 1 9 3 9 . M -N
991- L a c k a w a n n a
S t e e l ____ 1 0 0
901- L a n st M o n o t ’p e (n e w ) 100
1 0 0 's L a w y e r s ’ . M t g e C o ______1 0 0
102
e L e h A W i l k e s - 11 C o a l 5 0
9 9 I 4 e L o r i l l a r d ( P ) p r e f ____ 1 0 0
101
M a d is o n S q G a r d e n . . 1 0 0
2 d C s 1 9 1 9 .....................M - N
M a n h a t t a n T r a n s i t ____ 2 0
E x c M o n o n g a h e la It C o a l .. 50
P r e f e r r e d _______________ 5 0
M o r t g a g e B o n d C o ____ 1 0 0
91
N a t B a n k o f C u b a ______ 1 0 0
00
N a t l S u r e t y . .............. ......... 1 0 0
5
N e v a d a C o n s ’d C o p p e r
5
1 «-) N e v - U t a l i M i n A S i n . 1 0
102
e N e w C e n t r a l C o a l ____ 2 0
N Y A l r B r a k e C s— S e e S t k
lis t
N Y B is c u it 6 s 1 9 1 1 .M -S
lis t
e N e w Y o r k D o c k ______ 1 0 0
100
e P r e fe r r e d
________ 1 0 0
30
N Y .M t g e A S e c u r i t y . 1 0 0
75
N Y T r a n s p o r t a t io n .. 2 0
N lle s -B e m -P o n d c o m . 100
_____
N l n i s s l n g M i n e s _________
5
e O n t a r i o S i l v e r __________1 0 0
O t i s E l e v a t o r c o m ______ 1 0 0
lis t
P r e f e r r e d _______________1 0 0
P lt t -b u r g b
B r e w in g .. 50
P r e f e r r e d _______________5 0
9 /8 4
P itts b u r g h C o a l— S e e S tk
P o p e M f g C o c o m ________ 1 0 0
P r e fe r r e d ....
______ 1 0 0
93Q
P ra tt A W h itn e y p r e f. 100
225
P r o d u c e r s O H _____________ 1 0 0
125
R e a lt y A s s o c (B k ly n ).lO O
100
R oy a l B a k P o w d c o m . 100
121
P r e f e r r e d _______________1 0 0
230
S a fe ty C a r H e a t A L t .1 0 0
107
S i n g e r M f g C o ___________ 1 0 0
40
S o u th Iro n A S co m ..1 0 0
115
P r e f e r r e d _______________ 1 0 0
101
S t a n d a r d C o r d a g e ______1 0 0
100
1st M g 5s ’31 r e d .A -O
lis t
A d ju s t M 5s A p r 1 1931
10(1
S ta n d a r d C o u p le r c o m 10 0
7 /1 ?
P r e f e r r e d _______________ 1 0 0
235
S t a n d a r d M illin g C o . . 10 0
P r e f e r r e d _______________
514
115
1 s t 5 s 1 9 3 0 ________. M - N
50
S t a n d a r d O il o f N J . . 1 0 0
102
S w ift A C o — Se e B o s t S tk
10O
1 s t 5 s — S ee C b l o S t c k
3 1 - T e x a s C o m p a n y ________1 0 0
20
e T e x a s A P a c i l i c C o a l 10(1
88
T i t l e I n s C o o f N Y ____ 1 0 0
11
T o n o p a h M in ( N e v a d a )
1
26
T r e n to n P o tte r ie s c o m 10 0
70
P r e f e r r e d , n e w ________1 0 0
40
115
U n io n T y p e w r it e r c o m lO O
lis t
1 s t p r e f e r r e d __________1 0 0
110
2 d p r e f e r r e d __________1 0 0
13/
U n ite d B k N o te C o r p . 50
208
P r e f e r r e d _______________ 5 0
120
U n i t e d C i g a r A l f r s ______ 1 0 0
100
e P r e fe r r e d
___________ 1 0 0
744 U n i t e d C o p p e r ___________ 1 0 0
20?s
P r e f e r r e d _______________ 1 0 0
3
U S C a s u a l t y _____________ 1 0 0
70
U S E n v e lo p e c o m
.
100
140
lo t )
P r e t e r r e d ______ ___
131
U S F i n i s h i n g ___________ 1 0 0
7
P r e f e r r e d _______________ l o t
CO
1 s t g o s 1 9 1 9 ..................J - .!
C o n g 5 s 1 9 2 9 __________J - J
1*2
14
U S S te e l C o r p o r a t io n —
72
C o l tr s f 5s ’ 51 o p t ’ ll
700
C o l tr s f 5s ’ 51 n o t o p '
75
U S T it G u A I n d e m _ .1 0 (
102
e U ta h C o p p e r C o — See S tk
118
9S11
d a m s E x p g 4 s 1 9 4 7 J - D / 9212
h m e e k M i n i n g ____________2 5 * 2 1 3
l l i a n c e R e a l t y __________ 1 0 0
115
m e r i c a n B o o k __________ 1 0 0
150
100
110
m e r i c a n B r a s s __________ l o o
226
100
101
m e r ic a n C h ic le c o m . 1 00
103
106
P r e f e r r e d _______________ 1 0 9
101
100
10
07
A m G ra p h o p h o n c co m 100
32
42
30
P r e f e r r e d _______________ 1 0 0
140
A m e r H a r d w a r e ________1 0 0
101
1031- A m M a lt in g 6 s 1 9 1 4 . . J -D
102
100
97
A m er P ress A s so c’n ..l0 0
90
A m S t F o u n d n e w — See S I k E x
j i6 5
80
A -O
C s 1 9 3 5 ......................
101
102
100
D e b 4 S 1 9 2 3 ___________ F - A
7. 5 ' 2
A m e r i c a n S u r e t y ________ 5 0
225
Other C lues
A m e r ic a n T h r e a d p r e f
*
*114
A m ( ia s A E le o c o m . . 50
*441451410
P r e f e r r e d _______________ 0 0
*44
45
40
A m e r L ig h t A T r a c t . . 100 *2 7 8
285
99
P r e f e r r e d _______________t o o * 1 0 5 I 2 1 0 7
99
B a y S t a t e ( i a s . ______
50
34
94.)
B ln g h ’ t o n (N Y ) G a s W k s
23
1 s t g 5 s 1 9 3 8 __________ A - O
100
1 s t s f g 5 s ’ 1 9 o p T0 9 J - j
86
B r o o k ly n U n G a s— S eeS tk
EXC
lis t
A tlG f A W ln d S S L ln e s . 100
10
0
21
1 s t 5 s 1 9 4 7 — See S t o c k
E xo
C o l t r g 5 s 1 9 5 9 ______ J - „ / 0 7
lis t
C o n G a s o t N J 5s ’3 0 J -J
02
95
B a r n e y A S m ith C a r .. 100
35
C on su m ers’ L U A P o w —
P r e f e r r e d _______________ 1 0 0
10/
5 s 1 9 3 8 _____________
J -D
110
B c t l i l 'm S t e e l C o r p — S e e S t k E x
D e n v e r G a s A E le c .
100
153
B lis s C o m p a n y c o m . . 50
135
153
G en g 5s 194 9 o p .M -N
94
9 o 'P r e f e r r e d _________________ 0 0
____
132
E liz a b e th G a s L t C o . . 100
300
B o n d A M t g e G u a r ____ 1 0 0
226600
E ssex A H u d so n (ia s . 100
149
151
118
B o r d e n ’s C o n d M U k ._ 1 0 0
G as A E l B erg en C o ..1 0 0
81
85
101
P r e f e r r e d _______________ 1 0 0
e G r R a p 1 s t 5 s ’ 1 5 . F -A 100 101
B r i t i s h C o l C o p p e r ____
5
*71H u d s o n C o G a s _________ 1 0 0
140
150
B u t t e C o a lit io n M in in g 15
* 2 058
I n d ia n a L ig h tin g C o .-lO O
31
2
33
C a s e in C o o f A m c o m . 1 0 0
4 s 1 9 5 8 o p _____________ F - A / 6 7
09
00
P r e f e r r e d _______________ 1 0 0
I n d i a n a p o l i s G a s ________5 0
13
25
125
C a s u a lty C o o f A m o r . . 1 0 0
80
90
1 s t g 5 s 1 9 5 2 ________A - O
130
C e l l u l o i d C o ............................ 1 0 0
J a c k s o n G a s 5s g ’3 7 . A -O / 88
921- C e n t F ir e w o r k s c o m . .1 0 0
n5
e L a c l e d e ( i a s _____________ 1 0 0
1051- 108
n53
P r e f e r r e d _______________ 1 0 0
e P r e f e r r e d ................. . 1 0 0
1
90
100
C e n t r a l F o u n d r y ________1 0 0
.M a d is o n ( i a s 0 s 1 0 2 0 . A - O
103
10
103
P r e f e r r e d _______________ 1 0 0
N e w a r k G a s 0 s 1 9 4 4 . _ Q -J
132
130
D e b Cs 1 9 1 9 o p ’0 1 . M -N
G8
N ew a rk C on sol ( ia s .. 100
C h e s e b r o u g h A lfg C o . . 1 0 0
101
eoo
99
e C o n g 5s 1 9 1 8 .. . J - D
C i t y I n v e s t i n g C o ______ 1 0 0
107
65
100
N o H u d son L U A P o w —
P r e f e r r e d _______________ 1 0 0
„9 „9
5 s 1 9 3 8 __________________ A - O
110
c C la flln (H B ) c o m . .1 0 0 110
P a c i l i c G a s A E , c o m . too
53
c 1 s t p r e f e r r e d ________ 1 0 0 X 9 5 I 4
51
P r e f e r r e d ...................... . 1 0 0
88
e 2 d p r e f e r r e d ________ 1 0 0
801*
91 '
P a t A P as G as A E le c . 100
98
95
o l & H o c k C o a lA I p t lo i
80
95
e C o i l g 5 s 1 9 4 9 ____ M - .S
100
102
1 s t g 5 s 1 9 1 7 ..................J - ,
91
95
S t J o s e p h G a s 03 1 9 3 7 .J -J
90
921;
C o l t r 6 s O c t 1 9 5 0 __ J - ,
100
101
28
30
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a_____
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t vv * l ' - l l I K . 1UU . . . . . . .
C e n t IJn G a s 5 s 1 9 2 7 _ J - J
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Y ) — See S t k
c M u t u a l G a s _____________ 1 0 0
N ew A m sterd a m G as—
1 s t c o n s o l 5s 1 9 4 8 . _ J -J
N Y A E R G a s 1 s t Os ’ 4 4 J - J
C o n s o l 5 s 1 9 4 5 _______ J - J
iV Y A R ic h m o n d G a s . 100
N Y A W cstch e ste rL ’h t’g—
D e b g 5s 1 9 5 4 g u a r .J -J
N o r IJ n 1 s t 5 s 1 0 2 7 . . M - N
e S ta n d a r d (ia s c o m . .1 0 0
e P r e f e r r e d ___________ 1 0 0
1 s t 5 s 1 0 3 0 ___________ M - N
a S e lla
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102
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138
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107
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155
92
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75
102
10012 101160
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270
200
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00
85
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103
215
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30
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77
80
85
90
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105
155
145
120
135
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108
112
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132
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334
20
30
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19
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E xc
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_____ 1 0 3 1 4
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112
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21
29
215
50
55
114
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140
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115
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100
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_____
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A .M t g e G u a r __________1 0 l
W e s t l n g u ’s e A i r B r a k e . 5 C
W e s t E l A A l f g 5 s — SeeStls
W o r th in g P u m p p r e f. 100
__
S a le
b id
Ask
Telegraph and Telephone
Short-Term Notes
C i g ser A 4 s
1 1 ..
Philadelphia.
b id
C h i c E d i s o n C o — See C h i c a g o
lis t
Q r ’ t W e s t P o w 0 s ’ 4 6 . J -J
93
96
e K i n g s C o E l L A P C o 1 0 0 12.3 1 3 3
N a r r a g a n (P r o v ) E l C o . 50 * 92
94
09
70
N Y A Q E l h A P o w C o 100
80
P r e f e r r e d _______________ 1 0 0
75
U n i t e d E l e c o f N J ____ 1 0 0
1o
1 s t g 4 s 1 9 4 9 __________ J - D
8017944
371W e stern
P o w e r c o m . 100
3 8 l2
58
59
P r e f e r r e d _______________ 1 0 0
e
e
1 7 0 .0 0 0
Jan.
1909.
$ 6 ,5 0 0
102,000
8 2 2 ,1 4 4 .0 0 0
1910.
b o a t :.
§ 1 2 7 ,0 0 0
2 8 2 .5 0 0
1 0 0 .5 0 0
8 2 ,5 5 9 ,5 0 0
4 .0 5 8 .0 0 0
3 ,0 2 3 ,5 0 0
4 .0 0 7 .0 0 0
4 .7 0 5 .0 0 0
3 .0 4 1 .0 0 0
’ 0 5 2 ,8 3 2 ,4 2 .
ending Jan.
(F re t
Bonds.
;7 8 ,1 2 0 ,0 0 0
1 0 7 ,1 0 4 ,4 0 0
1 0 3 ,9 0 3 ,0 0 0
1 5 4 ,0 0 1 ,0 5 0
1 0 8 , 7 4 > ,4 2 6
0 5 ,2 7 2 ,3 5 0
U. S.
bonds.
Stan
bonds.
A c .,
Shares.
227
♦
i
104
____
16 J
E xc
100
1 4 :312
lis t
110
N ew
stock
BOSTON STOOK EXCHANGER—Stock Record, Daily. Weekly and Yearly
*7
Saturday
Jan. 1 5 .
1ARK PRICES— NOT PER CE N TU M PRICES
Monday
Jan. 1 7 .
11834
*103*"
*230
1341"
*225
148
1183.
1041"
232
134*2
*297
*15
*75
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16
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76
11 *2 * ____
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4/
lo ii
117
117
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_____
117
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* 104
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148
__
130
105*2
_____
19
*1814
81
81
1 5 5 1 " 156*2
♦ ______
119
104
231
134*2
*225
140
197
,
Jan
18.
Wednesday
Jan. 1 9 .
119
*118*2
103*"
104
232
230
13434
134
_____
225
149
148
1183
117*4
103*' *103*4
230
231
134 3 4
13334
225
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151
148
298
16
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76
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•
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11*2
_____
40
153
118
117
298
*297
16
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75*?
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1H » *
46
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156
lotS
118
117
1 2 9 * 4 12 9 * 1
130
129*8 1 3 0
104
104
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105*2 * 1 0 5
88
88
87
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1 1 5 * 2 * ____
+ 1 0 4 *4 104*2 *1 0 4 3 g
19334 1941s
193*8
♦ 10012 10112 *100*4
168
_____
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94*2
______
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108
200
18 *4
18 * 4
80
C 0*4
155
156
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115
115*2
10438
104*2
1923s
195
101*4 * 1 0 0 " s
168
94*?
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107
197
1187j, * 1 1 8
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232
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13 4 * 4
133
226
151
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298
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11 * 2
298
Last Sole
*75
75*2
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45*4
19
18*2
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156
155
197
118*.
1027,.
232
1333
226
150
46
156
117
130
_____
88
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155
156
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115*4 115*4
115*2
1 0 4 "8 * 1 0 4 1 2
190
193
193*4
9934
1 0 1 "s
99*4
115
10412
190*2
100*2
94*2
108
94*2
95
108
108
__
95
94*2
108
107
Sales
Thursday
Jan. 2 0 .
115
10458
1913,
100*2
Friday
Jan. 2 1 .
118
1181?
*103*"
1 04*2
230
2311?
133
133*"
225
225
148
148
152
J u l y ’ OC
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75
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.
_____
170
1:391*
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*129
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105
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271
12
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22
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312
123
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13412
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101
189
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113.,
108*?
108*2
84
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28
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16512 166
6834
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149
149
33S
33g
3*s
31 4
t
5V2
51*2
434
8
52
81*3
36
495g
8*8
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52
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4414
45^4
45*4
2
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1134
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1012
1012
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.5 5
19
19
173,
18 3 4
2134
23
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22
2534
26*s
24*2
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92
81
82
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664
660
660
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32
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1012
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106
106
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97g
10 *4
934
10
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24*2
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25*4
7
7
7
7
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71
69*2
7012
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44
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1
49
160
20
88
2*2
15*2
63
1534
14 3 8
65
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38*2
49
51
4 *2
41
25*?
97g
48 *4
19*4
1*1
49*2
161
20*4
88
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16
64*?
1634
15*4
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10
30
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51*?
4"’ g
42
52
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5
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13
145
147
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B e fo r e p a y ’ t o f a s s e s s e s c a lle d la 1 9 0 9 .
83 4
73,4
52
* _____
81*2
333,
84*8
36
"2 0
23
97s
4412
16
1
48
159
20
87*2
2*2
153S
62
15*2
14 *8
05
9*2
44
265
79
45*2
9 ,1 4 5
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11
3 ,3 5 6
.<30
400
19
3 ,5 4 1
221.,
3 ,8 9 0
2 6 7 g 1 3 ,7 1 1
8 5 *2
7 ,8 1 9
82
G 55
2 ,1 6 0
33
.1 5
500
8 21.,
4 ,6 5 8
93S
525
5 ,0 9 8
11*4
1 .6 4 0
1*4
8 ,4 2 4
19 * 4
1 07g 1 0 ,8 2 4
102
356
10
9 ,9 0 3
29*"
3 ,3 4 5
5
1 ,7 0 0
6 ,8 2 2
25
933 8 ,1 5 8
91
■>2,257
17*4
7 ,2 6 7
83.,
5 ,4 3 5
1*2
1 ,6 8 5
5
70
2 £ 3 , 2 2 ,6 9 2
812
1 ,0 1 9
9 ,3 2 2
75
15S
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* .5 0
19
2 1 3 .,
2453
84
655
32
* .1 0
803s
Sag
11 * 8
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187S
10*8
101
934
29
5
24
9 lj
8S 7 s
10 3 .,
7*2
1*2
*H 2
25
7*2
7 3 l2
.0 2 1 "
241o
24*4
J IO
10
4G*g
4512
17
17*2
1
1*8
50
4812
150
159
203,
20
88
23 S
212
1578
1512
623.,
03
16
153.1
14*2
14 *8
G5
65
9
9*2
3734
38*2
48*2
40
51
51*2
4*"
41?
40*4
41
5 1 ’s
52
4*2
5
11
11 *2
145
145
2*4
27s
38*s
40
5 1 34
4*2
40*2
I2
5
l(
2*
2a
5
N ov
4
Jan
9
F eb
3
N ov 4
M c h 12
O ct
7
J ’ne23
J ’ly
G
301
N ov
45
8*"
47 *"
126
102
Jan
N ov
D ec
Jan
Jan
58
17
001"
1 5 1 *4
1201"
N ov
Jan
Jan
D ee
D ec
Jan
A pr
O ct
133
86
8.5
N ov
D ec
D ec
2
8*4 J a n
40
Jan
128
Jan
13*4 N o v
64
N ov
161
N ov
200*8 J a i l 18
175
Jan
1 9 0 's D e e
A
A
A
A
A
A
A
M
70
SS*?
110*2
78*4
F eb
Jan
M ch
A pr
102
D ec
185*8 N o v
97*8 N o v
Jan
2
O c t 12
M c h 12
117*2
107
2183.|
117*4
175
98*8
112
146
70
96
138
Jan
Jan
J ly
91*2 S e p
111)
D ec
M is c e lla n e o u s
A m e r A g r ic u t C b e m ..1 0 0
3 3 *j J a n
2
J a n 18
94
D o
p r e f _______________ 1 0 0
5 5« J a n 2 6
A m e r P n e u S e r v i c e __ .
50
J a n 15
D o
p r e f _______________ 5 0
13
N ov30
A m e r S u g a r R e f l n ______ 1 0 0 j l 14
N ov30
D o
p r e f _______________ 1 0 0 * 1 1 7
A m e r T e le p & T e le g - - 1 0 0
125*4 F e b
1
A m e r i c a n W o o l e n ______ 1 0 0
27*2 F e b
4
D o
p r e f _________ . . . 1 0 0
9 3 1 ; J a n 15
B o s t o n L a n d _____________ 1 0
3*4 A p r
1
C u m b T e le p & T e le g .1 0 0
J a n 25
125
D o m in io n I r o n & S t e e l ..
18*"
E a s t B o s t o n L a n d _________
Jan
4
7
E d i s o n E l e c I l i u m ____ 1 0 0
Jan
2
245
G e n e r a l E l e c t r i c ________1 0 0
150*s F e b 24
M a ssa ch u settsG a sC os 100
Jan
5
59
D o
p r e f ........................... 1 0 0
Jan
5
8 !)
M e r g e n t h a l c r L i n o ____ 1 0 0
2 0 2 1 " M c h 12
M e x ica n
T e le p h o n e .. 10
Jan
6
2
N E C o t t o n Y a r n ______ 1 0 0
A p r 24
68
D o
p r e f _______________1 0 0
Jan
2
93
N E T e l e p h o n e _________ 1 0 0
126*4 J a n
5
P a c ific C o a s t P o w e r . . 1 0 0
F eb
6
75
P u l l m a n C o _______________ 1 0 0
J a n 30
168
R eece
B u t t o n - H o l e __ 1 0
9 *4 J a n 11
S w i f t & C o _________________1 0 0
Jan
9
100
T o r r i n g t o n , C la s s A . _
25
201" M a y 2 l
D o
p r e f _______________2 5
24*4 J a n 2 9
50*4
105
97s
2 2 i2
136
131
145*8
40*8
108
8*4
147*2
713,
137s
260
173
83*4
97
220*4
3*4
125
118
139
108
199
12
114*2
31
35
A u g 12
J ’ l y 23
F e b 23
N ov 1
A p r 8
A p r 13
S e p 29
A 11627
J ’ n e 11
O c t 26
N ov 9
D e c 11
J ’n o 9
A p r 7
A u g 7
D e c 22
A p r 23
D e e 10
O c t 15
O c t 20
O c t 16
S e p 20
O c t 13
A u g 7
S e p 29
A u g 6
D e c 27
N ov 8
13
77
4
9 *2
99 *4
106
99
16
7734
6
961"
Jan
M ch
F eb
F eb
Jan
F eb
Jan
Jan
F eb
Jan
Jan
35
06
12
23
137*s
132 "
1321"
32*8
9612
4*2
N ov
N ov
D ec
D ec
NOV
N ov
N ov
D ec
N ov
D ec
162
00
90
215
3
78
93
128
79
1741"
10*2
108*"
24
26*2
D ec
D ec
N ov
N ov
O ct
N ov
D ec
N ov
D ec
N ov
N ov
J 'l y
O ct
D ee
U n i t e d F r u i t __________J . 1 0 0
U n S h o e M a ch C o r p ._ 25
D o
p r e f _______________ 2 5
U S S t e e l C o r p ___________ 1 0 0
D o
p r e f _______________ 1 0 0
W e s t T e le p & T e le g _ _ 1 0 0
D o
p r e f _______________1 0 0
13
19
11
24
23
11
3
170
71
31*4
9 178
131
1 )
96
D ec
O ct
Sep
O ct
O ct
D ec
D ec
O ld
C o l o n y _______________ 1 0 0
W est
D o
A
A
A
A
E n d S t ________ ____ 5 0
p r e f _______________ 5 0
12 8 *
75
79
190
9 0 *4
97»
r l 7 2 's
93*
88
102
144
D ec
8
M ch 2
A p r
5
F e b 26
M ch 2
Jan
M ch
Jan
F eb
F eb
107
6*$ J a n
M ch
76
1 2 6 !"
Z54
2 8 !"
41*4
d v e n t u r e C o n ____ _____ 2 5
l l o u e z ______________________ 2 5
m a lg a m a te d C o p p e r 1 0 0
m Z i n c L e a d & S m __ 2 5
47s
34
65
23
O ct
Jan
F eb
M ch
28
29
26
27
10*2
62
96*2
40*"
A r iz o n a
C o m m e r c ia l. 25
A r n o ld
____________________ 2 5
A t l a n t i c __________________ 2 5
B o n a n z a ( D e v C o ) ____ 1 0
B o s to n C o n C & G (r e ts )
£1
B os& C orbC op & S U M g
5
B u t t e C o a l i t i o n ------------ _ 1 5
C a lu m e t & A r i z o n a .. 10
C a l u m e t & H e c l a ______ 2 5
C e n t e n n i a l _________________2 5
C o n s M e r c u r G o l d ______
1
C op p er R an ge C on C o 100
D a l y - W e s t --------------------------2 0
E a st B u tte C o p M in .. 10
E l m R i v e r ------------ ------------- 1 2
F r a n k l i n __________________ 2 5
C lr o u x C o n s o lid a t e d .
5
G r a n b y C o n s o lid a te d . 1 0 o
C r c c n c C a n a n e a ____ _
20
H a n c o c k C o n s o lid a te d 2 5
H e l v e t i a C o p p e r ________ 2 5
Is le R o y a l e ( C o p p e r ) . 2 o
K e r r L a k e _______________ _
5
L a k e C o p p e r _____________ 2 5
L a S a l l e C o p p e r ------------ 2 5
M a s s C o n s o l ______ ________ 2 5
M a y flo w e r
_____________ _ 2 5
M e x lr o C o n s M & S . . 10
5
M i a m i C o p p e r ___________
M i c h i g a n ___________________2 5
M o h a w k ____________________ 2 5
30
.3 0
8
.4 5
10*4
1718
213?
F eb
D ee
J ’ly
F eb
M o ll
J ’ly
F eb
26
11
16
10
15
14
24
51*4
1
18
.8 0
2 3 i2
24
335$
119
695
44*2
.3 5
86*4
12
1 6 *8
2*2
19
12*4
110*2
14 *8
38
7 *2
33*4
9*s
74*4
19*s
18 *4
1
6
28*3
13 *4
70*8
39 3 g
49*513.,
41"
41
d N ew
153
301
22
77*2
1 4 *2
65*4
162
123
li
F eb
M ol
Jan
D ec
F eb
O ct
D ec
D ec
D ec
Jan
D ec
Jan
67*8
83*?
181*"
12H "
200*4
114
19
O ct
1
84
N o v 3
1 7 4 7 S J ’ n e 14
25
4 ,0 5 2 U n i t e d S t a t f s C o a l & O U
8 , 1 2 0 [J S S m e l t R e f &, M i n . 5 0
D o
p r e f _______________ 5 0
1 ,8 8 7
5
1 ,1 1 5 U t a h - A p e x M i n i n g ____
.
1 ,9 6 4 U t a h C o n s o l i d a t e d ____
3 7 0 U t a h C o p p e r C o ________ 1 0
___________________2 5
3G 5 V i c t o r i a
25
1 2 3 s 1 1 ,5 3 8 W i n o n a ______ . . . . . . . .
149
1 2 5 W o l v e r i n e _________________ 2 5
3
3 , 2 5 0 W y a n d o t _________________ 2 5
* B id a n il a 3 k e d p r ic e s ,
O ct
2
J ’n e 7
A pr 8
D e c 30
11*4 J a n 1 2
58* J a n 1 5
1153
N ov £
__ __
__ __
n*2
147
2*4
125*8
106
239*4
135
117
67
81
5
25*g
. ,9 8 6 N e v a d a C o n s o l i d a t e d .
M in e s .....
5
10*4
2 ,1 2 9 N l p l s s l n g
B u t t e _____________ 1 5
47
.3 ,0 4 1 N o r t h
19*2 7 3 , 1 4 7 N o r t h L a k e ( $ 8 p a i d ) . 2 5
1 ,3 5 0 D i d C o l o n y _______________ 2 5
1*8
48*2
0 8 4 D i d D o m i n i o n ___________ 2 5
159
1 7 3 O s c e o l a ____________________ 2 5
2 U 2 2 ,2 6 5 P a r r o t t ( S i l v e r & C o p ) 1 0
____
3 9 1 Q u i n c y ______________________ 2 5
23S 1 ,5 0 0 S a n t a F e ( G o l d & C o p ) 1 0
15 *2
3 , 7 0 7 S h a n n o n ----------------------------- 1 0
G312 3 , 1 9 7 S u p e r i o r ____________________ 2 5
16
4 , 0 7 2 S u p e r i o r <5c B o s t o n M i n 1 0
141"
4 ,8 8 7 S u p e r l o r & P l t t s C o p p . 1 0
65
2 4 2 l ' a m a r a c k -------------------------- 2 5
10
2 , 4 2 2 T r i n i t y ______________________ 2 5
__
i:
K
Highest
1 0 1 *1
1 0 4 *4
230
140
228
140
136
F eb
5
103
D e c 22
8 8 * " S e p 15
3 5 S e a t t l e E l e c t r i c __________1 0 0
D o
p r e f _______________1 0 0
36
P a c i f i c ___________ 1 0 0
1 ,0 1 6 U n i o n
D o
p r e f _______________1 0 0
50
82$
0 ,5 7 3
53
46 )
841s 2 8 ,2 9 2
34*2
3 ,5 8 7
778
_
98
Jan
lo o * . J a n
225
Jan
124 i J a n
223 " D e c
132 " J a n
151
295
S ep
11*4 J a n
6 0* " J a n
M ay
10
46* " D e c
Jan
143
N ov
115
N o v 11
Jan
5
J a n 14
O p t. 1 1
'
95
81*4
3334
& P r o v id e n c e . 100
S u bu rban E l C os.
p r e f ____________________
& W o r e E le c C o _
p r e f ____________________
n e R y & U S Y .1 0 C
p r e f _______________ 10C
2 , 9 1 5 M a s s E l e c t r i c C o s ______ 1 0 0
D o
p r e f _______________1 0 0
277
1 ,7 0 3 N Y N H & H a r t f o r d . 1 0 0
44
45*2
45
447o
45
45*2
45
2 ,0 5 5
10212
102
102
103
102*2
102
103
596
7
7
7
7*2
1 ,8 0 5
7*4
7*2
7*2
*
19
19
1812
19
19
688
18*2
123*2
121
123
1223S
12112 123*2
12114
747
122*2
1 2 1 1 " 1221.,
12134 1 2 2
121
122
812
135*4 1383s
la »
1 3 5 3 4 13 0 3 .,
1 3 6 7s
1 3 734 1 2 ,6 6 7
33
*33
34
33*2
33*2
40
102
101
102
102
100*4 1 01
1 ,6 0 1
100*2
7
*6
7
*6
7
100
145
146
146
135
*147
_____
147
147
50
68*2
103,
10
10
10
2 ,1 9 5
10
10*.,
103?
24078
2 4 1 5 g 2 4 1 3 .,
243
241
2417s 2 4 2
1 ,0 2 7
235
154
153
154
15,5
155
*153
154
79
3 ,1 3 0
78
78
78*2
79*.|
79*8
78*2
95
95
744
96*4
90
95
95
90 *4
96*4
216
216
+216
216
215*2
216
17
215*2
*378
37S
4
4
4
1 ,0 8 9
33 4
3*2
S 58
12134
1213.
12134 1 2 2
1225s 12258 123
123
365
1141?
*113*4
114
113*? *1 1 3
11312 111
113
113
1341?
135
135
134
135
1361"
135
135
387
*
9 9 * ? * ____
99*?
Last Sale 1 0 0
J a n ’ 10
191
191
189
189
190
190
198*2
195
950
12
*U 12
12
1 134
1134
12
*1U 2
*11*2
117
108
108*? 108
1083,3
108
108
108
108
711
331"
*33
*33
33*2
32
*32
3212
32
90
28
27
27
*27
*27
28
29
4
*27
2
212
500
168‘
168
167
167
167
168 '
168
1 ,5 2 7
167*2
68
673}
67
G8
67
67
67*2
67*2
3 ,4 6 7
30
30
297g
297s
2978
30
2978
2978
511
833S 8 5
813,
833,
8G34 2 5 , 4 9 7
817s
817s
84
1227g
123
1221o 1227S 121 5 S 12234 1 2 1
123
611
18
16
16
*16
17
10
16 *2
198
17
93
394
93
93
93
3:9 0 *2
90*2
90*2
90*2
734
63
8414
B oston
B o sto n
D o
B oston
D o
C h ic J u
D o
(1 9 0 8 )
Lowest
Hlyhes:
Jan
4 4 '8
102*4
7
1834
123
122
137*2
33
101
*6
145
68*2
1 0 li
242
154
7933
7
53
8212
35*2
R a ilr o a d s
A t c h T o p & S a n t a F e .1 0 6
D o
p r e t _______________ 1 0 (
B o s t o n & A l b a n y ______ 1 0 C
B o s t o n E l e v a t e d ________1 0 (
B o s t o n & L o w e l l ________1 0 (
B o s t o n & M a i n e ________1 0 (
Range for Previous Year
1900
Lowest
3 2 5 F i t c h b u r g ’, p r e f _________ 1 0 0
6 0 G a R y & E l e c t r i c ______ 1 0 0
130
D o
p r e f _______________ 1 0 0
Last Sale
45U
*102
7
*18
121
12U 2
137
*3312
10212
*71,
*144
♦68U
11
244
_____
797S
9412
*215*2
31o
123
♦11312
13434
*98
♦ IS O
IH 4
108
*3312
*27*2
33
Range 7or Year
STO C K S
B O ST O N
ST O C K
E X C H A N G E
01 the
stock .
e
A s s ’ t p a id ,
b
96*4
585
29
.1 0
68*?
7 i2
7 *2
1
13
M ay 3
F e b 20
F eb
I
J ’n e 2 0
F e b 26
M ay28
F eb
1
O c t 29
F e b 25
7 So J ’ n e 1 6
F e b 26
90
F e b 26
9
8 * j S e p 10
D e e 23
2 2 ig A p r 2 7
16 *
10*4
4*4
.3 0
31?
12*|
534
Jan
J ’ly
M ch
A p r
A p r
F eb
O ct
3-57*2 J ’ l y
30
io
18
29
16
20
15
16
47
4 *2
.4 0
47*4
122
19
83
11"
13 *2
34
13 1 s
127?
62
9*4
16 *2 F e b
07»
D ec
M ch
J ’n e
F eb
F eb
D ec
D ec
N ov
F eb
Jan
N ov
A p r
J ’l y
D ee
26
K
24
22
2l
21
26
2s
6
15
26
5
6
27
lu
29
28
39
44
4
37* i
J a n 12
F e b 25
Jan
8
O c t 29
F e b 24
3
O c t 28
139
2
M c h 18
O ct
6
U s- s to ck d iv .
u g
u g
u g
u g
p r
p r
p r
ay
16
31
10
l6
1?
23
27
l9
22
7
21
4
4
22
20
S 8 *2
20 “
23
li4
1 i4 i2
38*"
247s
26 U
871?
4
59
Jah
Jan
M ay
M ch
Jan
Jan
Jan
Jan
Jan
F eb
Jan
ay28
ct
1
o v 19
e e 27
lt2
24
45
20*4
F eb
A p r
F eb
Jan
12 *4
41*2
88*i
30
D e c 30
F e b 17
Jan
2
M ay 7
D e c 13
D e c 30
N o v 19
Jan
4
A l l g 13
S ep
3
J a n 15
N o v 19
M c h 19
A p r 20
J a n 15
A u g 3
N o v 19
D e c 29
N o v 10
D e c 22
A u g 9
F e b 19
A u g 19
D e e 21
D e c 17
M a y ’- S
D e c 22
N o v It
D e c 3.
M ch 4
Jan
8
14
40
8
.2 5
1 0 *4
ll* j
15*"
93 "
r5 0 5
21
.2 5
55*8
7
8*4
.9 9
6*"
Jan
F eb
A p r
O ct
A pr
A pr
Jan
F eb
M o ll
F eb
M ch
F eb
Jan
D ec
M ch
A pr
405s D e c
.6 0
A u g
M
O
N
D
80
Jan
078 J a n
1 734 F e b
10
12*4
2*4
.2 5
3D
8*4
7*.i
45
30
N o v 19
13
S e p 21
8.5*4 J a n
2
1 178 A u g 9
90
D e c 22
59
A u g ll
1 7 .)
D e c 23
3014 J ’ n c 10
99
Jan
4
27g J a n
8
1773 J a n
4
07
D e c 17
18*" M a y 2 8
1 8 * " .E ly
6
8*s J a n
so
28
77
lo i"
77
Jan
Jan
F eb
Jan
F c l)
I ll's O c t
56
M ch
12*8 F e b
y
28
37
4*g
291"
287,9
N O V 16
S e p 21
O ct
4
J a n 26
N o v 20
N o '2 . ,
D e c 22
D e o 17
A u g 12
J a n 16
/» E x r i g h t s ,
Sep
Jan
M ch
Jan
D ec
Sep
F eb
F eb
148 " J ’i y
114 ' N o v
9*" N o v
80*4 D e c
837g
1 17g
10
234
19*"
111)
A ug
N ov
NOV
J ’n e
N ov
NOV
D ec
N ov
N ov
J ’ly
26*4 J a n
2 4 *4
17*4
8 *8
.7 5
S
15*2
1 5 *2
73
D ec
Jan
A ug
J 'l y
Jan
D ec
N ov
N ov
20*4 N o v
40* • F e b
1 7 *8 J a i l 2 3
39*"
59
54
6*4
4 9 *4
06
(i
f 13 *4
158
4
201
M ch
111
Jan
49
M ch
77
Jan
192
A pr
1
M ch
40
M ch
75
M ch
105
Jan
5 H " J ’n e
147
Jan
9
A pr
a
M ch
M o ll
F eb
S ep
Jan
M av
1
J ’l y
60*" D e c
135*2 D e c
31*8 D e c
20*8 N o v
88
NOV
25
A ug
47 ' N O V
.5 0 ’ M a y
3 *8 O c t
E x -d lv . a n d r lg h t s T
JAN. 22 1910.1
339
Boston Bond Record
ROADH>
B O ST O N ST O C K K X C H ’ UIi
W eek Enlhku J am 21
Week's
Range, or
Last Rale
I'rice
Jridau
Ja n 91
n l|
HOM »
B O ST O N ST O C K K X C H ’ GK
W bkk E nding J a n 21
Rano*
Year
1909
8*
Week's
Range or
Last Sale
Price
Friday
Jan 91
|Bia
Ask
|Ilia
Ask IjOw
Htgt i R * lxn o m a t ii
92 Sale I 92 V
5 8 . yiBH 9 G 4 ' Illin o is Steel deben 6a-----1910 J -J
91?
A m Telex) A T el c o ll tr 4s. 1 9 2 3 'J - J
N o n -c o n v e rtd e b e n 6 a ... 1913 A-O! ioo4 io i
C on v ertib le 4 s ____ ____1936 M-8
102 4 102 4 1 0 2 ',
1 0 3 4 47, 9 2 4 107 V
l a Falla A S io u x C la t 7 a ..L 9 1 7 A -O
M ar’ 09 . . . 83
A m W rit P aper la t a 1 5 s* 1919 J - J ! .....................! 82
83
A ria Com C op 1at c o n v 6s 1918 M-S .....................'204
D e c ’ 00 — 1180 204 I K an C Clin A S pr l a t 5 s . .. 1925 A -O
a n C F t S A G u l f e x t 5 a ..1911 J-D
A te n T op & 8 F e g e n g 4 a .. 1996 A -O
1004 io o «e 3 I 99 4 1014 K
A d ju s tm e n t g 4 s-----J ’ ly 1995 Nov94
i 94 DecM)9 . . . ' 92»8 94*8 K an C F t S co tt A M 6 a ....1 9 2 8 ,M -N 1 17 *8.........
93 4 Sale
C M A B ge n 4 s ........... 1934;M -S
Stam ped ................ J ’ ly 1995 M-N
94
1 93®* N o v ’ 09 . . . I 93 04 4 : K an
A ssen ted in co m e 5a........1934;M -S
91
92
50-year c o n v - is ..............1955 J-D
119 D e o '09; ...'1 0 2 4 1 2 1 8 8 '
103
104
K
an
C
A
M
R
y
A
B
r
la
t
6sl029|A-O
..."
1
0
7
4
1
2
0
4
10-year c o n v 5s ............1917 J-D
,1 2 0 4 A u g ’ 09
73 4 M aine Cen t co n s la t 7 a ...1 9 1 2 'A-O
A t l G u lf A W I S 3 L in e s 5 s .’ 59 j - j |
| 69 4
70 | 67:| 69
C ons la t 4 s ........................1 9 1 2 jA -0
It >aton E le c t L con sol 58.1924 M -S
,1 1 0
F e b ’ 04
It >8ton A L ow ell 4 s ........... 1916 J . J
,1 0 0 4 M ar’ 09 . . . . ' 1 0 0 4 10 0 4 Mara H ough A O n t 1st Gs. 1925 A-O
98*4 Sale
. It )8ton <fe M aine 4 4 * .......... 1944 J -J
,1 0 4 4 O ct ’ 0 8 '- - . . 1..................... M ass G as I ' a s ...................... lust) J -J
, 1 1 2 4 J a n ’ 03 . . . . ' ..................... M e x ica n C en tral co n s 4 s . .1 9 1 1 1J - J
B oston T erm inal 1st 3 4 a . 1947 F-A
la t c o n s i n c 3 s ........... Jan i9 3 9 J ’ly
,1 0 2 D e c ’ 09 . . . . '1 0 2 102
B it A M o K it c o n s 6a . . .19 1 8 J -J
2d co n s m e 3 s ........... Jan 1939 J ’ly
.! 99 4 J a n ’ 0 9 --..'I 9 9 4 99 4
J in k in g la n d a s ................1910 J -J
M ich T e le p la t 6 s ................. 1917 J- J
,1 0 0 J ’ ne’ OPB a t t e d B oston 1st 6 s ___ 1917 A-O
M in n e G en E le c co n g 5s 192 91J .J
J117 J ’ ne’ 08 • , I
(J^dar Rap A M o It l e t 7 s . 1916 M-N
N e w E n g C ot Y arn 6 s___ 1929 F-A 104 105
, H 1 1 4 J ’l F ’ 05 2(1 7b ..................................... 1909 J-D
81
9 0 4 N e w E a g T e le p h 6 s ........... 1915 A-O
87 (
C en t T e r m t 1st g 4 « ..M a y 1920 Q -F
85
86 I 87
6 s ........................................... 1‘J lli A-O
.HI103 O c t ’ 07j.
C It A u Io w a D lT la t 5s. 1919 A-O
.! 9 9 B8 J ’ l y ’ 0 9 . .. 9 9 « * 1 0 0 4 N e w E n gla n d c o n s g 5 a ...1946! J - J
Iow a DlT 1st 4 s ................ 1919 A -O
B oston T e rm 1st 4 s ........1939 A-O
l
1
0
1
4
1
0
1
4
.1 0 1 4
1014
D eben tu re 6 s..................... 1918 M-N
N Y- N II A H con d eb 3 4 s l 9 5 0 J -J
.100 O ct ’ 0 J|. ...'! 9 9 4 1 0 0
D en ver E x ten 4 s..............1922 F-A
1 3 4 1* Sale
C o n v d e b 6s ( c t l a ) ......... 1943 J - J
.'102 M uy’09 . . .J 1 0 1 4 102
N ebraska E x te n 4 s ........1927 M-N!
Old C olon y gold 4 s ..............1924 F-A
,| 99 O c t ’09... .. . I 9 8 4 99
8 A S W » t 4 s ................... 1921 M-S
O reg B y A N av co n g 4 a . .1 9 4 6 J-D
8 9 4 92
89 4 N o v ’09 .
Illinois D iv 2 4 s ...............1 9 4 9 'J •J
O reg Sh L in e la t g 6 a .....1 9 2 2 ; F-A
Join t bonus Fee G t N orthern!
R e p u b V a lle y la t a f 6 a . . . l 9 l 9 'J - J
1 0 1 4 12 101 104
C lie JC Uy «fe StK Yus 6a . 1015, J •J 101 > Sale 101
R u tland la t co n ge n 4 4 a . 1941 J .J
94
91
Coll trust relu m lin g g *31940 A-O
91 I l'| 91
91 Sale
Rutland-C anadlan la t 481949 J - J
1184
Oh M il A M P D ub D 6 s .. 1 9 2 0 'J - J
115 4 Jan ’ 10 . . . '1 1 6
Savannah E lec la t co n s 5s.l952| J-J
............
F e b rU5
Ch M A a t 1* W is V d iv 6s 1920. J - J
-'cn ’ 09 !!!’. ibT* ibT* S eattle E le c la t g 5a.........1930 F-A
C h it & N o M id i 1st gu 58.1921 M-N . . . . . ............
............
104 | 4 102 1 0 6 4 T e rro H a u te E le c g o a ___1929; J -J
Ohio A W M ich gen 6 a . . . .1 9 2 1 ' J -D
T o rrin g to n 1st g 5a...........1918 M-S
C on cord A M ont co n s 4 a .. 1920 J -1) ..................... 91 D e c ’ 07
U nion i 'a c R R A 1 g r g 4 a .19471J - J
Conn A P ass It 1st g 4 s . ..1 9 4 2 A-O
1 1 2 4 Jan ’ 03
20-year c o n v 4 s ................1927| J - J
.
.
.
.
96
96
96
F
o
b
’
09
C u rrent ttlver 1st 5 s ......... 1 9 2 / A-O
92 4 U nited F ru it gen a f 4 4 a .1 9 .-3 J - J
91 O ct ’ 09 ... 87
D et G r ltap A W 1st 4 s ... l ‘. '46 A-O
I 1 96 4 97 4 1 U S Coal A O il 1st a f 6 a .. 1938 M-N
98
D om inion Coal 1st s t 6 » . . 1910 M-N ' 98* Halo
V S Steel C orp 10-60 y r 5a. 1963 M-N
103 4 A p i '0 6 .
F tciibunr 4 s ........................1015 M-S
W est E n d S tre e t R y 4a. . . . 1915 F - A
96 A p r '0 3 .
4 s .........................................1927 M-S
133 | G old 4 4 s ............................ 1914 M-S
M ar’ 09 . . . . 1 3 3
133
JV eint Klk * M o V 1st Oh. .1 9 2 2 'A-O
G old deD enturo 4a.......... 1910 M-N
140 A p r ’ 05 .
U nstam ped la t 6 « ...........1922 A-O
97 4 129 ,* 9 5 4 ’ *99*’ [ G old 4 s................................1917 F-A
G t N o i C It A Q c o ll ti 4a 1921 J - J
97 4 Salo I 9 6 4
4 9 6 4 9 8 4 W e ste rn T eleph A T e l 5s. 1932! J -J
964
R eg istered 4a....................i 9 2 l ] o - J ,
96 4
9 6 4 .......
il
i W isc o n s in Cen t la t ge n 4 s l9 4 9 j J •J
N ote — B u yer paj'a accru ed Interest In a dd ition to the pu rch ase prioe fo r all B oston Bonds.
P h ila d e lD h ia
8liart)
B a ltim o r e
S t o c k
E x c h a n g e s —
I Sales |
P r ic e s —N ot F o r C e n tu m P r ic e s
Saturday I Monday
Jan 15 I Jan 17
85 4
a n d
Tuesday
Jan 18
I
85 4 1
+1*6 .........
25 4 25 4
Wednesday
Jan Id
119
*25
♦ 16
Th ursday
Jan 90
27
27
27
*2G
264
2 6 4 27
*47
*483* 49
43
48
* 4 8 4 49
f>0:»8 62
50
604
014 62V
6 2 s*
12
12 4 1 2 V
1 2 4 12 4 x n \ 1 1 4
6 0 S 62
604 0 1 4 0 0 4
60 4 62 4
31
3 1 4 ! 30 4 3 1 4
314
294 314
81 , 8 1 4
80
8L 4 83 j 8 0 4 » 1 4
12
IL
124 -1 2 4 124
124 124
26
26 I 2 5 4
26 4
* 2 6 4 27 I 26
IU
119
115 ll'J n 117 4 L l» I 118
102 104
93 4 1034
9 8 4 102 1 10 L4
66l l ia
66 4C6iai«
6 5 78*5015kj C61!*}
I 60 y 50 4 *60 4
60 4 60 4l 6 0 5 1
14
14 I 1 3 V 14 I 1 3 4 14 I 1 3 4
26
25 41 24 4 25 V
255
2 4 4 25 S
7 9 4 8 1 4 7 0^al6 3Ol3i0
80S 8 1 V
814
05
0=4
641
6 i4 o
W
0 “i flHie
504
604
60
50
61 I 60
60 4
93 | 0 3 4
9 3 4 94
92 4 93 4 1 92
l'illlAADliLl’ IlIA
Bid
A 8k
S t o c k
R e c o r d , D a ily ,
I 'l l H jA D E L P H I A
Bid
27
49
614
12
01
314
824
12
264
118 4
102 4
67sio
61
14
254
814
664
604
03 S
Low est
30
76
100
114
224
94
I 'l l ! L A D E L P H I A
Bid I Ask
. .. '! 94
:*7
. . . '1 0 0 101
1 2 '1 1 6 4 1 2 0 4
6, 90 94
2 I 86 4 92 4
...1 1 0 3 4 104
97 4 1 0 0
8 4 4 88
1 0 1*4 D e c ’ 09
1344 1314
LOi A p r ’09
9 8 4 Sep ’ 09
l l 7 4 N o v ’09
105 D e c ’ 08
1 0 7 4 N ov’ 05
102 M a i’02
98 4 Mav’OOj
104 4
101 4
97 A p r ’ 07
100 N ot ’ 09
1 0 2 4 D ec ’ 09
110 4 J ’n e’ 09
96
964
100
160
IO 44
104 4
1 0 0 4 A p r '09
10134 J’ ue’ 00
99 N o v ’ 09
1 0 0 4 o c t *09
084
99
I 95 4 A p r ’09
Highest
43 Jan 2
48 D eo31
4 9 4 D e c2 1
1 2 4 J ’iy U
63 4 J ’ly 3 0 ;
3 3 4 D e c 30
8 4 4 D e o 3 l'
15 A p r 19
33 4 May K
125 4 D e c 17
113 Sep i l l
75 4 Sep 29
5 1 4 D eo 9
14 4 D ec 22
30 4 A p r 28
8 6 Sep 21
7l8ia MarJO
5 8 4 May 4;
95 4 D e o 0
102
9 7 4 1094
131 142*4
101 101
984 984
1174U 94
104
1084
..." 1 0 0 102
. .." 1 0 2 4 1 0 3 4
... 1 0 2 * * 1 1 0 4
! 95«* 97
5 1 2 0 160
1 1 11024 1 0 8 4
..."1 0 0 4 1 0 0 4
. ..1 0 0 4 1024
. . . ' 99 1 0 0 4
, .. .' 9 9 4 100 S
30 96 1 0 0 4
8
934 954
1j F la t prioe.
e e k ly ,
M ar 81 48 D e c ‘4
M ar 16 89 May 18
Jan 4 l 2 l 4 D e c l 7 |
F eb 26 2 8 4 Deo 7
F eb 24 48 D eo 7;
F eb 3 14 4 D eo 3
IM iiladelpliin
9 5'A m erica n C e m e n t......... 60 25 D e c2 0
60 A m erica n R a ilw a y s .... 60 4 4 S J ’l y 8
40, 171 C am bria S t e e l................. 50 3 2 4 F eb23
605 E le c tr io Co o f A m e r ic a 10 x l 0 4 Jan 20
410 E le o S torage B a tte r y .. 100 43 Jan 30
,812 G en A sp halt tr ctla . .. .1 0 0 1 5 4 J a n 5
,02-1
J)o pref tr c t f a
100 53 Jan 6
60 K e y sto n e T e le p h o n e ... 50 9 4 J a n * :l
,850 Lake S u p erior C o r p ....1 0 0 1 4 4 Jan 6
,7t’0 Len igli C & N a v t r ctfa. 50 96 Ja n 6
,603 L eh igh V a lle y ................. 60 67
F *b 23
761 P e n n sylva n ia R R ......... 60 6 3 4 F e b 2 4
626 P h iladelp’ a C o (P it t s b ). 50 4 0 4 Feb'_4
,795 P h iladelphia E ie c t n c t - 25 1 1 4 F e b 23
,680 Phlla R apid T r a n s i t . . . 50 2 4 4 J a n 5
,3 /6 R e a d in g ........................... 50 6 9 4 F e b 2 3
,625 T on opah M in in g .........
1
6 4 Jan 10
,681 U n ion T r a c t i o n ............. 50 5 0 4 Jan 6
9 J4 U nited G as I m p t ........... 60 8 4 8§ M ayl3
Ask
W
High,
. . . . I 0 9 \ 101
ItlO O '* 1014
102 4 A u g’ 04
1044
101*a •;-ij
102 F e b ’Oy
102
1 0 0 4 S e p ’ 08
R ange to r Y ear
1909
A C T IV E S T O C K S
B a lt im o r e
......... 'Con. G as El. L. A P o w .1 0 0
................................*40 60
10
D o p r e f.................... 100
.....................1 *85
88
120 4 120 4' 122
1234 1,14 ? N orth ern C e n tr a l......... 50
7 .0 Seaboard ( n e w )...............100
24S
25 * 25 4
25 4
7 .0
D o 2d p r e f............. 100
464 454
+ 1 3 4 1 3 4 ......... U nited R y A E le c t r io .. 50
14
122
26
46
14
High A o L o i t
99*4 N o v ’ 09
100 4
IOOI4
117 A p r ’ 08
97 J a n ’ 10
100 S e p ’ 09
117^
1174
93 4
934
91
91
103 J a n ’ 10
1 1 3 8* N o v ’ Od
1 0 1 4 S e p ’ 05
115 J’ ne'08
984
68*4
86 M ar’ ()9
5116 A p r ’ 08
" N o p rice F rid a y ; latest bid and asked.
\ \Veek J ( l ° r Bonds and Inactive
S to c k s see b e lo w )
Shares^
irid a y
J a n 'll
Loir
Fan re
Year
19>/J
I®°I III
Y e a r ly
Range lor Previous
Y ear(1 90 8 )
Lowest
80
4
10
10
Highest
Jan 80
Mar 8 1 4
Jan 102
Feb 15
Feb 26
Jan 12
32 4 Mar
4 2 4 51 ar
2 6 4 Feb
8 4 Jan
24 4 Feb
3 4 Jan
194JHU
4 4 oan
3 fl* Feb
78 4 Jan
6 2 4 F eb
54u18 Jan
34 4 Mat
5 4 Feb
d l2 4 J’ ut
4t>al(S F eb
3 4 Jan
x44 4 J ’ ne
7 3 4 Jan
B A L T IM O R E
43 D eo
46 4 N o r
40 4 D eo
1 1 4 Deo
47 4 Doo
1 9 4 Deo
6 9 4 Deo
9 May
17 D ee
9 7 V D ec
7 6 4 Deo
W>ii* Dec
4 4 4 D eo
12 V N ot
25 4 Deo
T ttj* D eo
9 4 Apr
5 6 4 A pr
U44 Deo
Bid | Ask
Chaa C ity R y l8 t 6 a ’ 23 J-J 100
in a c t iv e M o d e *
90
1 0 3 V -'........| Clias R y G A E l 6a ’ 09 AI-8
lY ic e s a re a ll “ a n d
A lleg h en y Vnl p r e f ___ 50
......... T O lM Chari C A A 2d 7 a T 0 A -O ' 101
A m al A s b e sto s Corp.lUO
i n t e r e s t .”
30
30 4
C
ity
A
Sub
l
a
t
5
s
.
.
’22
J-D.
106
F r e l e r r c d ........ .........LOO
1
0
0
V
9 0 4 9 0 4 A l V al E o x t 7a 1910 A-O
C ity A S u b (W a s )la t 5 3 ’ 48 103
1004'
A m e tic a n .M illing........lo
A l t & L V E le c i 4a’ 33.F -A
92 4 93
14
Coal A 1 R y la t 5 s ’ 20F -A ' 101
99
98
A m er Ripe M lg ......... 100
A m R y a c o n v 5 a 1 9 1 1 . J-l>
Bell T elep h on e (I ’ a).lOO iYG "
A tl C ity la t 5a g ’ 19. M -N
o o v ......... ; C o lA G r n v la t0 s.l9 1 6 J -J | 107 4
106*
......... '103 *4 C onsol G as 6 s . ..1 9 1 0 J-D 1003*
Cam brlu I r o n ................. 60
46 4 B ergifcE B rw la t 0 a ’ 21 J-J
5 s .................... ,.1 9 3 9 J-D 110
93 I 91
C en tral Coal «fc C ok e.1 0 0
B etlilo Steel 6s 1 9 9 8 .Q -F 110 4 117
112
G a A A la 1st co n 5a '4 5 J-J 1 0 4 4
78
79
C h oc As M o 1st 6a 1949 J -J 1 10
C onsol T r a c of N J .. . 1 0 0
G a C a r A N l s t 5 a g ’ 29J -J 1 0 1 4
Eaaton C on E le c tr ic 6.60
C liO k A s G g e u 6a T 9 J-J 104V
8 4 4 ' 85 4 G eorgia P l a t 6 a . . . ’ 22 J-J, 113
60 4 61 | C ol St R y la t co n 5a 1932
Elec Storage B a t t ....l 0 0
G aSo A F la 1st 5a 1 9 4 5 J -J ; 107
......... 107
C on T r a c o f N J l a t 6 a .’ 33 1 0 4 4
P r e fe r r e d ................... 100
Eifc A l a t M 5a 1920 M -N j 1 0 / 4
F t W ayn o JsW V ........100
86 V ......... G -B -S B re w 3-4s 1951A1-8 4 1 4
914
G erm an tow n P a ss....... 60
E le c As P e o T r atk tr ctfa
125
10 1 4 '102 4 2d in com e 5a 1951 M -N ; 10
K u o x v T r a c 1st 5s ’ 28 A-O; iU4
D A L T lA lO l t E
Indianap olis S t ........... 100
Eq II G as-L l a t g 5s 1928 100
83
84
Inactive Stocks
L a k eK El 1st gu5a’ 42M -S | 108
Indiana U nion T r . . . . l 0 0
ludlan apolla R y 48.1933
M acon R y A L t la t 5 s ’ o3 J -J ! 95
25
6 6 4 Ala Cons Coal A Iron. 100
In su ra n ce Co of N A . . 10
In teratato 4s 1943 . .F - A
22 4 2 3 '
M em phis S t lat 6 s’ 45 J-J 100
103
Pref.......................... 100
L o liig h N a v 4 4 a ’ 14.Q J
In ter Sm P ow & Chem .50
76
A letSl( W aah)l8t5a’ 2 5 F A 108 4
Atlanta A Charlotte.. 100
K eyston e T elep h on e ..6 0 *V‘i
R R a 4s g ........1 9 1 4 .<J-F
M t V e r C ot D uck lat 5a.
76 4
Atlan
Coast
L
(Conn)
100
325
340
G en M 4 4 a g-1 9 2 4 .(J .F
P r e fe r r e d ..................... 50
93
N p t N A G P la t 58’ 38 M -N
Canton Co...................100 105 110
Leh V C la t 5s g ’ 3 3 . . J-J 10J4
K eyston e W atcliCaae.100
N o rfo lk S t la t 6 a ’ 4 4 ..J-J 105
Cons Cot Duck Corp...50
6
7
L o h V e xt 4 a l a t 1948. J-D 1064 108
L it B r o th e r s ................... l o
N o rtli Cent 4 4 s 1925 A-O 105
P r e f e r r e d .................... 50
20
23
2d 7a 191 0 ................. M-S 1014 101®*
L ittle S c h u y lk ill........... 60
67
Series A 5a 1 9 2 0 ....J -J 111
30
Georgia Sou A F la ...100
C o n s o le s 1 9 2 3 ........J-D 119
M in eluli & S ch u y l 11..50
61
S e n e s B oa 1 9 2 6 ___ J-J i l l
lat pref.................... 100
93
07
A n n u ity Os............... J-D 149 1494
N H a ven ir o n Aj S t e e l.5
Pitt U u T r a c 5 s 1997. J J
105
90 90 4 2d pref...................... 100 72
G en co n s 4a 2 0 0 3 .M -N
N o ith e i n C en tral......... 50
P oto V a l la t 5s 1 9 4 1 ..J-J 105
1
2
G -B -S B r e w in g ........... 100:
N orth 1'enns.yiVa it ia .. 60
L oh V T rail coil 4 s ’33J-D
S
a
r
Fla
A
W
e
s
t
a
s
’34
A-O
107
4
103
Bondi*
X’ ennayl R R r e c o ip t a ___
N e w C on Gas 5s 1948 J-D
Seaboard A L 4a 1950 A-O
83*4
P l ic e s a r e a l l " a n d
P etm syivauia S a lt........50 1 0 8 4
N e w a rk P a ss co n os 1930
S cab A R oan 5a 1 9 2 6 .J-J 105
100 I
in te r e s t
P en n sylva n ia -1e e l ..1 0 0
N Y Ph & N o 1st 4a ’ 39 J-J
Anacostia A Pot 5s..........1 103 103 4 South B o u n d l a t o a .. A-O 105 4
P r e fe r r e d ................... 100
115
In co m e 4a 1 9 3 9 ...M -N
U El L A P la t 4 4 a ’ 29 M-N
92
Atl A Ch ext 4 4s TO.J-J
P hila C o (P itts ) t>rer...50
45 4 N o O h io T ra c cou 5aT 9.J -J
804
Allan C L RR4al952M-S;
94 V Uu R y A El 1st 4 S ’49 M-S
15o
Phil G erm an & N o r r is .50
L’ cn n go n 6s 1910 . . . V a y 10 0 V '1 In co m e 4a 1 9 4 9 .........J-D 59 4
88
P hila T r a c tio n ................5o
1:8*4 ! C on sol 6s 1919........ Var 109 I. . J l Atl Coast L(Ct)ctfs 5s J -D 102 4
___ I
F u n d in g 5 s 1 9 3 6 ...J -D
97
83*4
Ctfa of indebt 4s....J-J
. ___ I
R ailw ay * (ie u e r a l........10
10
1l ’ oun As M d Steel c o d 6 s . ' 10 J V.............
I
92 4 93 4 V a M id 2a aer 0a ’ l l . M - S 1U1
6-20 yr 4s 1925........ J-J
SuHqueh Iron its S teel.
Pa As N Y Can 6s ’39. A-O
3d series 6s 1 9 1 6 ..M-S 101
1 Balt C Pass 1at 5s ’l l Al-N 1 0 0 4 100 3*
TUtrtwaier S te e l........... 10
1 C on 4s 193 9............. A-O;
106 I 4th aer 3-4-5s 1 9 2 1 .M-S 105
P c u t t r r e d ..................... 10
|P e n u s t e e l la t 6s T 7 M -N j i o i 4 .........1 Balt Fundg 6 s.1916 M-N 105
D7
5tli aeries On 1 9 2 6 .M-S i 0 6 4
Exchange 3 4a 1930 J*J
97 4
U nion T r of I n d ......... 100
Peo pi o ’a T r tr ce rts 4s ’43
96 4 ' ........ ;
90
Balt A P 1st 6a m i 'l l A-O 1014 102 | V a (S tate) 3s n e w *32.J-J
U n ited N J R R d fcU .,1 0 0
P Co latAs c o l tr o s ’ 49 M -S 104 41105
B 8 P A C 1st 4 48 ’63F-A
934 9 4 V F u nd d eb t 2-3s 1991. J-J 90
U n it T r a c P itta p r e f ..50
C on& c o l tr 5a 1951 M -N
984 99
100
W
e
a
t
N
U
c
o
n
6
s
1914
J-J
Balt
Trac
1
at
6s..
’29
Af
-N,
111
I
108
4
W a rw ick Iron A; S te e l. 10
1 1 4 1 1 4 P h il E lec g o ld tru st ctfs.l 1014 101*4
No Balt Div 5s 1942 * -D 110 ......... 1 W e a V a C A P l a t 6 g 'l l J-J l u l
W e s t J ersey * Sea Sh.6() ......... j 65
T r u s t c c r t ifs 4a................I 75 4| 75V
. , 1 W il A W e ld 5 s . . 1935. J -J u o
Cent’l Rvcon5sl932 At-N, 107
W eatm orelam t Coal ....60
P
E g e n AL 6 g ’ 20. A-O
95
90
Ext A Imp 58.1932 M-8 106 ......... |
G eu Al 4 s g l 9 2 0 ..AA- eA,n
\Yllke» G as As E l e c ..l o t )
....................II
O !i 1
00V.
H onda
♦ Bidan d asked; n o sales on tills day.
H E x-rlglita.
•157.50 paid.
Ph <fe Read 2d 6a ’33. A-O
Con M 7s 1911.... J-D
Kx Imp Al 4 s g ’47.A -0
Terminal 6s g 1941.Q-F
P W A B col tr 4 s'21. J-J
Portland Ry lat 5s 1930.
Rocli RyA L eon5s’54J-J
Spanisli-Am Ir 6s ’27 J-J
UTrac Ind gen5aT9.J-J
Un ltys Tr otfs 4s’49J AJ
United Rya Invlatcolltr
af 5a 1920.............. M-N
U Trac Pit gen 5s ’97 J-J
Wolabach a f 5s 1930.J-D
Wlks-B GAE con5s’55J-J
D eo
Deo
D eo
D eo
D eo
N or
92
107
1014
L08 4
100s
1104
105
104**
1164
108
41*4
12
105
90 4
1004
109
75 4
110
84
106 4
92 4
864
59*4
84
1U14
914
1064
1014
112
| $ 1 2 4 paid. * $ 1 3 4 paid, i $35 paid. ^ R e c e ip t s , b $25 paid. c $ 3 0 p a ld - d $ 1 2 4pai<L
230
im ie s tr a x n l
THE
C H R O N IC L E
and
R a ilr o a d
H A IL K O A D
G R O SS
[VOL. LXXXX
I n te llig e n c e .
EARNINGS.
The following table shows the gross earnings of every STEAM railroad Iron 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 electric railways are brought together separately on a subsequent page.
Latest Gross F.arninys.
Week, or
IMonllt.
Current
Year.
A la X O A T e x P a o
N O A N E a s t__r D ece m b e r
292,773
A la & V lc k s b ___ r D ecem ber
180,751
V ic k s S h r & P a c.r D ecem ber
139,948
A la Term & N o r t h . . N o v e m b e r.
7,240
fc A tclr T od & S Fe_ N o v e m b e r . 9,028,529
A tla n ta B lrm & A tl 1st w k Jan
43,595
A tla n tic Coast Lin N ov e m b e r. 2,740,292
(/B altim ore A O h io . D ecem ber 0,836,787
B a n gor A A r oos took N ov e m b e r.
244,083
B eilefon te Central
D ece m b e r
7,989
B o ..ton A .Viable___ r N o v e m b e r . 3,740,025
B rid g eton & S aco R N o v e m b e r .
3,424
B u ll R o c h A P i t t s .r 2d w k Jan
157,472
B u ffa lo & S u sq ___ r N o v e m b e r .
201,180
C a nadian N o rth e rn . 2d w k Jan
185,700
Canadian P a cific___ 2d w k Jan 1 ,342,000
C entral o f G eorg ia . . 2d w k Jr
221.900
Central o f N ew Jcr . io v e m b .
,150,180
Central V e r m o n t ._ r N o v e m b e r .
323,147
C h atta n ooga S o u t h . 2d w k D ec
1,551
Chesapeake & O h lo . 2d w k Jan
518,278
Cta'cago A A lton R y 2d w k Jan
251,903
Chic B u rlA Q u ln cy.r N o v e m b e r . ,052,241
p C h lesgo Gt W e s t . N o v e m b e r . ,004,993
C h ic In d & L ou lsv 2d w k Jan
83,472
C h ic I n d & Southern — See N ew Y o r k Cen
Chic Alll & St P a u l.r N o v e m b e r . 5,956,75.
1,014,75
Ch Mil A P u g S d .r N ov e m b e
C h ic & N or W e s t -_ r N o v e m b e r . 0,580,082
o v e m b e r . 1,427,237
C h ic St P M A 0 _ . r
C h ic T erm T r a r .3 ..r .o v e m b e r .
111,807
Cin H am A D a y ___ r . (O vem ber.
898,533
Clev Cln C h ic & St L — See N ew Y o r k Cen
C olora d o M id la n d .i .■i o v e m b e r .
255,253
ft C olorado & South 2d w k Jan
312,035
C oium ttcw l) A Lau O cto b e r ___
27,172
C op p er R a n g e _____ O cto b e r ._
04,101
C o r n w a l l __________ N ovem ber.
17,991
C ornw al A L e b a n .r N o v e m b e r .
40,807
100,448
C u ba R a ilr o a d _____ N ove m b e r
f D elaw are A H u d .r N o v c m b e r . 1,838,466
N o v o in b e r . 3,232,599
D el L a ck & W e s t.
D e n v A R io G rande 2d w k Jan
301.900
D e n v e r N W & P a c 1st w k Jan
17,580
D e t T o ! & Irou t Sys 1st w k Jan
24,756
43,371
A n n A r b o r ______ 1st w k Jan
D e tro it A M ackin ac 2d w k Jan
21,106
D ul A Iron R a n g e .r N ovem ber
852,569
D u l S ou Shore & Atl !d w k Jan
4 9 ,4 4
E l P a so A S cu V V ..r N o v e m b e r.
033,682
E r i e ........................... November. 4,970,993
F a irch ild & N or E . N o v e m b e r .
2,212
F on da John s A G lov N o v e m b e r .
06,191
G eorgia R a ilr o a d .. N o v e m b e r .
285,735
G eorgia Sou th & Fla — Sec S o u t hern R a il
G rand T ru n k S y s t . . 2d w k Jan
725,025
G r T ru n k W e s t .. 1st w k Jan
99,525
D e t G r I la v A Mil 1st w k Jan
34,204
C anada A tla n tic 1st w k Jan
27,987
G reat N orthern By.. D ece m b e r..
701,799
G ulf A Ship Is la n d - N o v e m b e r .
201,028
H o ck in g V a lley ____ N o v e m b e r .
090,909
Illin ois C en tral____ D ece m b e r 5,238,046
In tern a t A Gt N o r . 2d w k Jan
137.000
a In ter
>.nlc M e x . 2d w k Jan
100,908
Io w a Cc viral_______ 2d w k Jan
19,165
K a n aw h a A M ic h .. N ovem ber
248,030
K ansas C ity S o u t h . N o v e m b e r .
848,127
K C M ex A O rien t. _ 1st w k Jan
30,517
L eh igh V a lley _____ N o v e m b e r . 3,3 0 2 ,2 1 9
30,157
L e x in g to n A E a s t . . N o v e m b e r .
L on g is la n d ________ N o v e m b e r .
Inc 138,
108,997
L ou isian a & A rItan. N o v e m b e r .
L o u fie n d A S t L__r N o v e m b e r .
100,072
s L ou ls v & N a s h v .. 2d w k Jan
975,075
M a con & B Irm ’ ham D ecem ber .
13,148
M aine C e n t r a l____ r N o v e m b e r .
755,177
Man Is ..q u o ................. N o v e m b e r .
3,148
33,662
M arylan d A P e n n a . N o v e m b e r .
a M ex •v i In te r n a t. 2d w k Jan
171,812
a M e x 'c a n R a ilw a y . 1th w k D ec
206.000
a M exica n Southern 1th w k D ec
37,587
M ichigan C entral— 30 N ew Y ork Centr
M ineral R a n g e _____
d w k Jan
16,147
M Inneap A St L ouis 2d w k Jan
77,557
M inn St P A S S M 2d w k Jan
357,029
C h icago D lvlslo.
M ississippi C en tral. N o v e m b e r .
78,819
M issouri Kan A T ex D e ce m b e r .. ,298,254
M o P a c & Iron Mtl
Central B r a n c h .) 2d w k Jan
875,000
b M obile Jack A K i. W k J an 8
32,843
N ash v C hatt A St L N o v e m b e r .
989,554
a N at R ys o f M exic i 2d w k Jan
898,237
5,281
N e v a d a -C a l-O regon . 1st w k Jan
N ev a d a C en tral____ N o v e m b e r .
7,573
N O G reat N o rth ___ N o v e m b e r .
117,382
J u ly 1 to Latest Dale.
Previous
Year.
Current
Year.
Previous
Year.
305,169
160,544
145,673
0,464
3,403,247
39,177
2,247,222
0,205,632
227,404
5,718
3,233,298
3,077
122,991
191,278
117,200
970,000
199,300
2 ,2 3 8 ,9 !'
283,959
1,54
510,958
245,207
,032,670
915,490
77,101
tral.
5,129,301
1,714,017
873,518
753,594
31,337
4 4.507,705
1,335,897
11,080,800
44,070,620
1,195,234
36,134
19,319,827
22,604
5,006,727
1,085,592
7 ,150,000
52,479,753
6,709,719
11,632,545
1,693,612
35,70
16,645,070
7,066,889
!,849 ,13 0
5,043,451
3,210,003
1,530,815
813,078
725,109
25,797
3 9 ,114,925
1,049,733
9 ,690,508
39,1 4 7 ,0 0 7
1,180,512
37,159
17,283,373
23,455
4,011,808
964,455
5,897,600
42,701,783
6,363,132
10,944,032
1,550,781
40,847
4,390,094
7,164,338
4,800,273
2,907', 049
29,507,441 17,573,907
5,654 ,874 .3 ,82 4,7 26 30,098,782
1,202 ,969 6,688,690 5,987,388
101 ,479
514,726
484,503
704 ,549 4,234,783 3,590,037
tral.
225 ,753
,122,729 1.034.464
275 ,217
,231,861 8 ,635,895
91,780
91,657
23, ,017
29 4 ,G96
72 ,967
274,098
7 ,33
74,635
29,255
194,179
129,959
27 ,756
117 ,210
673,261
807,083
,034 ,27-.
,542,503 8,045,677
,058 ,999
,489,777 14,442,806
345 ,900
,995,946 11,001,467
9 ,901
569,306
427,216
23 ,709
859,943
898,289
34 ,970
985,165
964,071
19 ,985
638,688
595,797
590, ,492
,330,973 4,596,167
44, ,785
,810,335 1,480,921
626, ,123
,902,257 2,784,206
4,283 ,941
,371,534 .‘2,075,210
1 ,708
9,714
8,495
54 ,953
387,85
341.057
245 ,0G L
,298,536 1,232,760
w ay.
645 ,218
,246,977 22,137,071
35 ,650
,165,059 2.951.086
,083,710
25 ,383
935,709
21 ,106
,135,637 1,024,058
1,125, ,555
,783,420 .0 ,79 5,4 67
108, 013
899,631
758,690
560, 001
,353,991 3,010,052
5,211 ,18C
,988,423 29,242,829
145, 000
,777,903 4,621,320
139, ,544
,653,817 3 ,414,580
40, ,935
,825,314 1.629.464
197, 172
,185,156 1,044,017
766 ,792
,866,797 3 .748.086
27 ,182
622,175
910,956
2,901, ,077
,214,924 14,416,341
164,818
23, 536
187,549
85
Inc 637, 993
467,595
85, 052
536,818
430.500
78, 398
496,916
852, 000
,801,209 25,133,081
74,126
12, 078
77,438
054, 307
,007,329 3,722,982
22,855
3, 907
16,721
182,675
170,265
29, 022
151, 104
,408,979 3,652,971
,868,100 3,444,500
193, 900
36, 755
642,320
020,723
15,078
471,081
458,748
08,795 2,808,569 2,413,827
310,309 13,319,711 11,516,613
356,852
57,445
273,589
,208,876 14,150,840 13,792,309
775,000 28,730,354 25,537.810
32,457
829,817
863,660
930,238 4,7 8 0 ,1 8 0 4,633,757
989,352 25,797,087 24,711,007
5,864
209,515
271,370
7,202
35,237
32,888
45,778
218,332
547,539
ROADS.
c N Y C * H ud R Iv .
L ake Sh ore A M S
■ri L a k e E A W est
C h ic Ind A S ou th
M ichigan Cen tral.
Cleve C C & S i L .
P eoria A E astern
Cincinnati N o r t h .
P itts A L a k e Erie
_
R u t l a n d ____
N Y C h ic & S t L .
T o ta l all lines____
N Y O nt A W estern
N Y N H & I la r t f .r
N Y Susq A W e s t ..
N o rfo lk & S o u t h ._ r
N o rfo lk & W e s te rn .
N orth ern C e n tr a l..
N orth ern P a cific .
P a cific Coast C o___
P en n sylva n ia C o ._ r
d P en n — E o f I’ A E
d W est of P A E .
P ere M a rq u e tte ___r
Phila B a lt A W a s h .
P itts Cin Ch A St L .
R a le ig h A S o u th p ’ t
R e a d in g C o m p a n y .
P h ila A R e a d in g .
Coat & Iro n C o . .
T o ta l b o th c o s ___
R ic h Ereil & P o to m
lo G rande J u n e___
R io G rande S o u t h . .
R o c k Isla n d System
S t Jos & G r Is la n d .
St L A San F ra n ___
Chic A E ast 111..
/ E v a n sv A T o r IJ
T o ta l o f all lin es.
St L ou is S o u th w e s t.
San F e d L A A S L .
S e a b o a r 1 A ir L In e .r
A tla n ta & B ir m .r
F lo rid a W Shore r
S ou th ern I n d ia n a .r
c Sou th ern P a c C o . .
S ou th ern R a ilw a y . _
M obile C O h io ___
Cin N O <■,T e x P .
A la G rra l S o u th .
G eorgia So & F la .
T e x a s C e n t r a l_____
T e x a s A P a cific ____
T id e w a te r A W e s t .r
T o le d o A O hio Cent
T o le d o P ea r A W est
T o le d o St L A W est
T o m b lg b e o V a l l e / . .
U nion P a c .lie S y s t .
V a n d a lla ___________r
V irgin ia A Sou We U
W a b a s h .......................
W estern M aryland i
\V ost ,/er A Ser. ihore
W h eelin g A L E . . r
W h lt e R lv (V t )2 wks
W righ ts v id e & Tenn
Y a z o o & Miss V a il.
Various Fiscal Years.
B ellefon to C e n tra l______________
l D elaw are >.r x .u d s o n ___________
M a n ts ttq u c ______________________
a M exica n Rr.. Iw a y_____________
a M exica n S o u th e rn _____________
e N Y c e n t r a l io H u d son R iv e r .
L a ke Sh ore A M ichigan South
n L a ke Erie A W estern
_
C h icago Indian a A S o u tn e rn .
M ichigan C en tral_____________
C leve Cln C h icago A St Louis
l ’ c o r la A E a stern __
C in cin n ati N orthern
_______
P itts bur n A Lake E rie_____
R u t l a n d ______________________
N ew Y o rk C h icago A St Louis
T o ta l all lines_________________
N orth ern C en tral________________
d P e n n — E ast o f P Ittsb A E r i e ..
d W est o f P ittsb u rg h A E r i e ..
Phila B a ltim ore A W a s h in g to n .
Pitts Cln C h icago & St L o u is ___
R io G rande J u n ctio n ____________
T e x a s & P a cific
W est Jersey & S eashore
AGGREGATES OF GROSS EARNINGS—Weekiy and Monthly.
Weekly Summaries.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
N ov (43
N ov (45
N ov (44
N ov (42
D ec (43
D eo ( 4 1
Dee (40
D ec (42
Jan
(42
Jan
(35
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s )____
ro a d s )____
r o a d s )____
r o a d s )____
Cur’ nt Year Prev’s Year Inc. or Dec.
12,975,231
13,450,158
13,003,412
16.900,874
12,059,588
11,688,160
12,089,781
17,522,237
9,900,861
10,429,733
S
11,193,303
11,091,325
11,852,248
13,971,227
11,032,034
11 ,142,346
11,258,272
13,948,731
9,159,802
9 ,236,215
+
+
+
+
+
s
1,781,832
1,758,833
1,151,164
2 ,929,617
1,027,554
+ 545,814
+ 831,500
+ 1,573,506
+ 747,059
+ 1,143.520
%
15.92
t3 .0 5
9.71
20.97
9.31
4.89
7.29
0.83
8.16
12.31
Monthly Summaries.
M onth
M on th
M onth
M on th
M on th
M on th
M onth
M onth
M onth
M on th
M ch
A p ril
M ay
Jun e
J u ly
A ug
Sept
O ct
N ov
D ec
1903
1909
1903
1903
1903
1909
1909
1909
1909
1909
(800 r o a d s ).
(895 r o a d s ).
(893 r o a d s ).
(893 roads) .
(883 roads) .
(883 r o a d s ).
'8 8 2 r o a d s ).
(699 r o a d s ).
(756 r o a d s ).
(48 roads) .
Cur’ nt Year Vrco's Year Inc. or Dec.
S
205,703,319
197,011,539
201,625,122
210.357,226
219,064,739
230,559,877
246,005,956
251,187,152
242,115,779
59,858,521
s
183,453,908 + 22,254,413
173 002,618 + 2.008.801
171,473,411 1 2 7 ,1 1 9 ,7 1 1
183,983 829 + 20.3 7 3 ,3 9 7
193,245,055 + 21,710,034
206,377,014 + 29,032,303
219,013,703 + 27,052,233
223,109,822 + 28,077,330
207,810,1 1 + 34,299,010
56,G33,98'J + 3,220,441
%
12.13
12.50
15.53
t 1.33
12.60
14.35
12.35
11 58
10.51
5.09
u Mexican currency, b Includes earnings o f G ulf & C h icago D ivision , e In clu d es the H ou ston A T exa s Central and Its su bsid iary lines In b o th
yea rs. (/C o v e r s lines d ire ctly o p e ra te d , e Inclu des th e N ew Y o r k A O tta w a , the S t. L a w ren ce & A d ir o n d a ck and the O ttaw a A N . Y . R y ., the latter
or w h ich , being a Canadian road, does
n ot m ake returns to the In ter-S ta te C o m m e rce ComnrJssion. /'I n c lu d e s E vansville A Indian a U R .
a ln c iu d e 3
th e C leveland L orain A W h eelin g R y
in both years
li In clu d e s earnings o f C o lo ra d o A S ou th ern , F o r : W orth A D en ver CIt/ and ah afi'lli vtcd lines, e x
c e p tin g t r in it y A Brazos V alley H it. k In clu des In b o th years earnings o f D e n v e r E n id A G ulf
H R ., P ecos V alley S ystem and San ta Fo P re sco tt A
I hoeni.-. R y . / th e s e figures d o not
Inclu de receipts from sale o f coal, n In clu d es the N orth ern O hio R R . o Figures here are on the o ld Las!; o f a c
c o u n t in g — not the new o r In te r-S ta te C om m erce C om m ission m e th o d , p In clu d e s earnings o f M ason C ity A F t . D o d g e an d W ise. M inn. A P a cific. r l'heso
figures are on new basis nrescribed b y In te r-S ta te C om m erce C om m ission,
s In clu d es L ou isville A A tlan tic fro m J u ly 1 190J and the F ra n k fo rt A Cin
cin nati fro m N o v . 1 1909.
J an. 22 1910.]
THE
C H R O N IC L E
Latest Gross Earnings by Weeks.—In the table which fol
lows we sum up separately the earnings for the second week
of January. The table covers 35 roads and shows 12.31%
increase in the aggregate over the same week last year.
Second Week of January.
1909.
A la b a m a G reat S o u th e r n ____ _
B u ffalo R och ester A P ittsbu rgh
C anadian N o r t h e r n ___ . . .
.
Canadian P a c i f i c ____________ .
C entral o f G e o rg ia _______________
C h esapeake A O h i o _____
C h icago A A l t o n . . . ___.
C h ica p o In d ia n a p olis A L o u is v
Cin N ew O rleans A T e x a s P a c . .
C olora d o A S o u th e r n ___________
D en ver A R io G ra n d e ___________
D e tro it A M a c k i n a c ___ _______
D u lu th S o u th S h ore A A t la n t ic .
G rand T ru n k o f C a n a d a _______
G rand T ru n k W e s t e r n ___ _
D e tro it G ra n d H a v en A Mil
C an ada A t l a n t i c . .
_____
In tern a tion a l A G reat N orthern
In te r o ce a n lc o f M e x i c o . .
.
.
I o w a Cen tral _____ ________ _
L ou isville A N a sh v ille_____
M exica n In te r n a tio n a l________
M ineral R a n g e __________________
M in neapolis A St L o u is____ ._
M in neapolis S t P aul A S S M . . 1
C h icago D iv is io n ____________ j
M issouri P a cific _________________
M obile A O h io __________________
N ation a l R a ilw a y s o f M e x ic o ___
R io G ra n de S o u t h e r n . . ___ . .
St L ou is S o u th w e s te r n _____ . .
S ou th ern R a ilw a y _______________
T e x a s C e n tra l------------------ --------T ex a s A P a c lllc -------- --------------T o le d o P eoria A W e s te rn _______
W a b a s h __________________________
1908.
Increase.
5
78,220
157,472
185,700
1,3 4 2 ,0 0 0
221 ,900
518,279
251,903
88,472
175 ,456
3 12 ,635
361 ,900
21,166
49,443
$
59,156
122,991
117,200
970 ,000
199,300
510,958
245,267
77,401
139,138
275,217
345 ,900
19,985
44,785
S
19,064
34,481
63,500
372 ,0 0 0
22,600
7,321
6,636
11,071
■ 36,318
37,418
16,000
1,181
4,658
725 ,025
645,218
79,807
137,000
166,908
49,1 6 5
975 ,075
171,812
16,147
77,557
357 ,6 2 9
145,000
139,544
46,935
852 ,000
151,104
15,078
68,795
310 ,309
27,364
2,230
123,075
20,708
1,069
8,762
47,3 2 0
875 ,000
205,894
898 ,237
12,277
200,249
975,022
20,270
267 ,175
23,599
511,148
775,000
185,692
989,3 52
9,832
178,411
921,128
19,959
245,794
18,490
441,276
T o ta l (3 5 r o a d s ) ---------------------- 10,4 2 9 ,7 3 5
N et Increase (12 3 1 % ) ---------------
8,0 0 0
100,000
20,202
91,1 1 5
2,445
21,838
53,894
311
21,381
5,109
69,872
9 ,2 8 6 ,2 1 5 1 ,2 4 2 ,6 3 5
1,1 4 3 ,5 2 0
0 9 ,115
For the first week of January our final statement covers
42 roads and shows 8.16% increase in the aggregate over
the same week last year.
First Week of January.
P r e v io u s ly r e p orted (32 roads) .
A tlan ta B irm in gh am A A tla n tic
C h ica go A A lt o n .............................
D en ver N orth w est A P a c lllc ___
G eorgia S ou th ern A F lo r id a ___
K ansas C ity M ex ico A O r i e n t ..
M ineral R a n g e .. . ______ ._
.
N c v a d a - C a llfo r n la - O r e g o n ____
T o le d o S t. L ou is A W e s te rn ___
T ex a s C entral . . . ................. ....
T o ta l (42 r o a d s ) _____________
N et Increase ( 8 .1 6 % ) ___________
Increase. Decrease.
1910.
1909.
$
9 ,3 9 2 ,6 3 9
43,595
214,282
17,580
24,756
43,371
39,529
30,517
12,955
5,281
58,723
23,633
$
8 ,6 6 6 ,8 1 0
39,1 7 7
219,855
9,901
23,709
3 4 ,976
3 8 ,669
27,182
12,759
5,864
55,874
25,026
$
825,544
4,418
9,906,861
9 ,159,802
854,323
747 ,059
$
09,715
5,573
7,679
1,047
8,3 9 5
860
3,3 3 5
196
583
2,849
1,393
107,264
Net Earnings Monthly to Latest Dates.—In our “Railway
Earnings” Section, which accompanies to-day’s issue of the
“Chronicle” as a special Supplement, we print the November
returns of earnings and expenses (or in the absence of the
November figures those for the latest previous month) of
every steam-operating railroad in the United States which is
obliged to make monthly statements to the Inter-State
Commerce Commission at Washington.
The Inter-State Commission returns are all on a uniform
basis, both as to revenues and expenditures, and possess
special utility by reason of that fact. In a number of in
stances these figures differ from those contained in the
monthly statements given out by the companies themselves,
for publication, and in which the accounts are prepared in
accordance with old methods of grouping and classification
pursued in many instances for years. Wc bring together
here (1) all the roads where there is a substantial difference
between the two sets of figures, so that those persons who
for any reason may desire to turn to the company statements
will find them readily available. We also give (2) the re
turns of such roads (even where the figures correspond ex
actly with those in the Inter-State Commerce reports) which
go beyond the requirements of the Commission and publish
their fixed charges i n a d d i t i o n to earnings and expenses, or
(3) which have a fiscal year different from that of the Inter
State Commerce Commission in which latter case we insert
the road so as to show the results for the company’s own
year. We likewise include (4) the few roads which operate
entirely within State boundaries, and therefore do not report
to the Federal Commission, and (5) Mexican and Canadian
companies. We add (6) the roads which have issued their
own statements for November, but have not yet filed any
returns for that month with the Commission. Finally (7)
we give the figures of any roads that have already submitted
their^Dccember statement.
7loads.
-Gross Earnings —
Current
Previous
Year.
Year.
------- Net Earnings ------
Current
Year.
Previous
5
$
8
A laba m a T en n A N orth . N o v
7,240
3,770
3,9 5 9
0,404
J u ly 1 to N o v 3 0 . . ____
3 1 ,337
14,557
10,237
25.787
A tcli T o p e k a A San F c b N o v 9 ,6 2 8 ,5 2 9
8 ,4 0 3 ,2 4 7 J3,018 ,274 f t , 284 ,076
J u ly 1 to N o v 3 0 . .
.4 4 ,5 0 7 ,7 6 5 3 9 ,1 1 4 ,9 2 5 J16,9 5 3 ,2 5 9 J14,823 ,674
A tla n tic C oast L i n o . a . . N o v 2 ,7 4 0 ,2 9 2
2,2 4 7 ,2 2 2
1 ,0 9 7 ,4 9 9
7 0 1 ,1 5 0
J u ly 1 to N o v 3 0 . _ ____ 1 1 ,0 8 0 ,8 0 0
9 ,0 9 0 ,5 0 8
3 ,3 0 7 ,3 9 3
2 ,5 0 7 ,2 6 0
f B a ltim ore A O h l o . b . . .D e c 0 ,8 3 6 ,7 8 7 0 ,2 0 5 ,6 3 2 1 ,8 8 3 ,7 5 7
1,999,041
J u ly 1 to D e c 3 1 . .
4 4 ,0 7 0 ,0 2 0 3 9 ,1 4 7 ,0 0 7 14,8 8 5 ,3 8 9 1 4 ,176,593
B a n g o r & A r o o s t o o k . b .. N o v
244,683
227,404
99,927
72,572
J u ly 1 to N o v 3 0 . . ------ 1 ,196,234 1,180,512
4 75 ,146
4 0 9 ,0 7 2
B c llcfo n te C e n t r a l.b ___ D e c
7,9 8 9
5,718
2,142
00
fctB tJan 1 t o D e c 3 1 . . ------65,386 _V 65,700
7,531
11,620
231
----- Gross Earnings ------
Hoads.
Current
Year.
Previous
Year.
------- Net Earnings -------
Current
Year.
Previous
Year.
S
$
$
S
B rid g e to n A S a co R Iv b . N o v'
3,424
567
500
3,0 7 7
J u ly 1 to N o v 3 0 .
22,604
7,409
8,0 0 4
23,455
B u lla lo R o c li & P i t t s .b . N o vr
770,664
547,945
304 ,8 2 6
150,732
J u ly 1 t o N o v 3 0 ______
4 ,0 0 2 ,8 7 4
3 ,1 6 6 ,1 7 5
1 ,5 9 4 ,1 8 7
940,874
C a nadian N o rth e r n _____ N o ' 1 ,5 1 7 ,6 0 0
547 ,500
4 1 2 ,6 0 0
1 ,1 5 6 ,9 0 0
J u ly 1 t o N o v 3 0 _____
5 ,6 2 9 ,1 0 0
4 ,7 0 7 ,2 0 0
1 ,4 7 2 ,8 0 0
1 ,7 7 3 ,6 0 0
C a n adian P a c i f lc .a ..........N o
9,0 7 5 ,9 6 4
7,3 0 3 ,3 0 3
3 ,0 9 2 ,3 3 8
2 ,2 2 1 ,0 8 0
4 1 ,7 1 0 ,7 5 3 3 3 ,7 5 5 ,7 8 3 1 6,954,453 1 1 ,8 4 4 ,4 2 6
2 ,4 5 0 ,1 8 6
2 ,2 3 8 ,9 1 9
1 ,149,960
1,0 2 8 ,4 1 2
11,632,545 1 0,944,032
5 ,2 8 2 .7 8 0
4 ,8 0 6 ,6 5 3
C h a tta n o o g a S o u th e rn a O ct
6,627
6,940
d c f2 ,5 7 9
d e f3 ,6 2 8
J u ly 1 t o O ct 3 1 _______
26,226
3 1 ,794
d e f 11,328
deflO.OOO
1 ,064,993
915 ,490
367 ,9 0 6
145,213
3 ,1 6 2 ,1 7 4
3 ,0 6 0 ,5 1 6
1 ,0 7 9 ,8 5 9
690 ,2 0 9
C o lo ra d o M ld la n d .a ___ N o v
255,253
225 ,753
80,904
65,201
J u ly 1 t o N o v 3 0 _______ 1,1 2 2 ,7 2 9
1,0 3 4 ,4 6 4
241,393
241 ,012
C o lo ra d o & S o u t h e r n .b .N o v 1 ,570,545
1 ,4 3 7 ,2 6 7
651 ,104
544,111
J u ly 1 t o N o v 3 0 _______ 7 ,2 3 5 ,9 3 7
6 ,6 7 9 ,0 4 7
2 ,8 3 1 ,8 5 7
2 ,4 3 1 ,3 0 5
C o p p e r R a n g e , b _________O ct ;
64,101
72,9 6 7
27,1 5 7
2 0 ,8 7 0
J u ly 1 to O ct 3 1 _______
274 ,098
143,578
2 94 ,696
77,078
C u ba
R R ______________ N o v r
166,448
117 ,210
55,488
3 3 ,477
J u ly 1 t o N o v 3 0 _______
807 ,683
673,261
252 ,084
248 ,429
D e n v e r & R i o G r a n d e .a -N o vr 2 ,1 1 7 ,0 5 6
1,8 3 6 ,8 8 9
616,364
482 ,3 4 7
J u ly 1 t o N o v 3 0 _______ 10,5 5 5 ,4 4 6
9 ,2 4 0 ,9 6 7
3 ,3 8 1 ,8 2 5
2 ,9 9 2 ,4 2 8
D u lu th So Sh & A t L b - . N o v
270,968
232,191
77,7 8 0
7 3 ,436
1 ,483,378
1 ,1 7 0 ,6 3 0
4 98 ,396
3 4 6 ,7 0 5
4 ,9 7 6 ,9 9 3
4,2 8 3 ,9 4 1
1 ,6 7 7 ,8 7 9
947 ,334
2 3 ,8 7 1 ,5 3 4 2 2 ,0 7 5 ,2 1 0
5 ,8 5 7 ,3 3 6
7 ,1 4 8 ,0 9 3
F o n d a Joh n s A G l o v . a . N o v
66,191
54,953
35,8 8 0
27,749
J u ly 1 to N o v 3 0 _______
3 8 7 ,8 5 7
3 41 ,057
229 ,739
196,761
G eorgia R R . b ___________N o v
285 ,735
245,060
92,024
49,471
J u ly 1 t o N o v 3 0 .......... .. 1 ,298,539
1,2 3 2 ,7 6 0
364 ,2 5 0
220 ,694
G rand T ru n k o f C a n a d a —
G rand T ru n k R y ____ N o v 2,9 6 5 ,1 5 8
2 ,7 8 4 ,1 2 4
756 ,254
799 ,0 7 9
J u ly 1 to N o v 3 0 _______ 114,8 1 2 ,7 6 2 1 3,689,574
4 ,2 1 3 ,4 1 6
4 ,1 5 7 ,4 5 1
G rand T r u n k W e s te r n .N o v
4 92 ,489
4 37 ,498
99,763
8 5 ,6 5 0
J u ly 1 to N o v 3 0 _______ 2 ,5 8 6 ,0 6 8
2 ,3 8 7 ,2 9 6
687,151
6 0 2 ,9 6 0
D e t G r H a v A M Ilw _ _ N o v
172,761
148,429
4 9 ,639
2 6 ,2 8 0
J u ly 1 to N o v 3 0
'
860 ,3 9 7 . 7 62 ,362
217 ,776
1 90 ,280
C an ada A t la n t ic ______N o v
208,773
175,681
65,698
4 5 ,7 4 5
J u ly 1 to N o v 3 0 _______
940 ,207
850 ,6 6 3
159,621
59,371
G u lf A S hip I s la n d .a ___ N o v
201,028
168,013
59,804
4 4 ,3 7 2
J u ly 1 t o N o v 3 0 _______
899,631
7 58 ,690
256 ,482
148 ,784
690 ,909
H o ck in g V a l l e y . b ____ N o v . .
560,601
209 ,8 4 9
178 ,903
3 ,353,991
3 ,0 1 6 ,0 5 2
1 ,167,341
1 ,1 3 2 ,7 2 5
5 ,438,394
5 ,0 7 4 ,1 6 4
1 ,439,133
1 ,4 3 0 ,0 2 7
2 5 ,7 4 9 ,7 7 7 2 4 .0 3 1 ,6 4 3
4 ,9 8 2 ,7 0 8
4 ,8 7 5 ,9 2 3
543 ,005
479,891
0 I n te r o c e a n lc o f M e x ___N o v
154,381
126,889
2,5 7 3 ,0 7 6
J u ly 1 t o N o v 3 0 _______ 2 ,7 8 3 ,4 9 0
892 ,033
7 6 7 ,3 0 7
3 0 8 ,3 5 0
233 ,686
7186,027
I o w a C e n t r a l.a ................. N o v
h 3,379
1 ,2 7 2 ,4 5 9
J u ly 1 t o N o v 3 0 _______ 1 ,4 7 6 ,4 5 0
7i373,382
ft267,300
2 4 8 ,0 3 0
197,172
K a n a w h a & M ic h ig a n .a N oiv
79,298
3 4 ,3 5 2
J u ly 1 t o N o v 3 0 _______ 1,1 8 5 ,1 5 6
1 ,044,017
377,770
2 59 ,460
K a n sas C ity S o u t h , b ___ N o v
8 48 ,127
766 ,7 9 2
333 ,044
3 0 7 ,9 7 2
J u ly 1 to N o v 3 0 _______ 3 ,8 6 6 ,7 9 7
3 ,7 4 8 ,0 8 6
1,353,281
1,471,041
L o n g I s l a n d . . .......... ......... N o v
Inc. 138,485
Inc. 104 ,778
Jan 1 t o N o v 3 0 _______
Inc. 988 ,986
Inc. 799 ,3 0 5
L ou isia n a A A r k a n s a s .b N o v
108,997
85,052
18,415
42.951
J u ly 1 t o N o v 3 0 ____
5 3 6 ,8 1 8
4 6 7 ,3 9 5
109 ,062
200,051
M an istlqu e b ____________ N o v
3,148
3,9 0 7
d e f3 ,9 6 5
1,021
J an 1 t o N o v 3 0 _______
3 7 ,9 8 5
5 0 ,700
d e f4 ,0 9 2
d e f 1,381
33,6 6 2
M arylan d A P e n n a .a ___ N o v
29,622
9,253
7,968
J u ly 1 to N o v 3 0 .............
182,675
1 70 ,265
6 2 ,6 5 5
55,121
g M e x ica n I n t e r n a t io n a l.N o v
7 77 ,090
561,121
3 39 ,255
2 1 3 ,6 0 6
J u ly 1 t o N o v 3 0 . ........... 3 ,4 0 8 ,1 5 4
2,832,561
1,5 0 2 ,3 0 7
1 ,1 0 8 ,7 3 4
M ineral R a n g e , b ................N o v
70,838
66,326
11,132
1 1 ,6 0 0
J u ly 1 to N o v 3 0 .............
3 6 9 ,4 9 5
362 ,503
61,307
7 7 ,524
M Inneap A St L o u i s . a .- N o v
4 9 2 ,1 2 7
363 ,531
£ 1 5 9,18 8
£11 4 ,5 4 3
J u ly 1 t o N o v 3 0 . ........... 2 ,3 1 8 ,7 3 7
1 ,9 0 9 ,0 6 2
£ 8 1 7,89 2
£ 6 7 8 ,8 2 5
M inn St P aul A S S M .a .O c t 1,91 5,981
1 ,5 1 8 ,2 1 0
1 ,0 8 0 ,2 7 9
736,931
J u ly 1 t o O c t 3 1 _______ 5,934,041
4 ,9 2 8 ,1 4 4
2,8 3 5 ,2 7 6
2 ,0 9 6 ,9 2 2
C h ica go D lv l s lo n .a ___ O c t
8 02 ,660
701 ,957
277,308
221.803
J u ly 1 t o O ct 3 1 . ........... 2 ,9 8 3 ,4 6 9
2,7 4 6 ,0 7 3
1,0 3 0 ,8 1 6
939,598
M ississippi C e n t r a l.a ___ N o v
7 8 ,8 1 9
57,445
28,477
17,300
J u ly 1 t o N o v 3 0 .............
3 5 6 ,8 5 2
273 ,589
141 ,570
94,653
M issouri K a n & T e x . b . - N o v 2 ,4 3 3 ,4 3 9
2,3 1 8 ,0 6 1
722,451
689 ,1 0 5
J u ly 1 t o N o v 3 0 .............11,8 5 8 ,5 8 6 1 1 ,583,493
4,3 1 3 ,0 9 3
3 ,8 5 0 ,2 4 4
M issouri P a c i f ic .b .......... N o v 4 ,6 5 9 ,0 7 8
4 ,0 0 6 ,0 7 5
1 ,601,632
1 ,0 8 9 ,5 8 2
J u ly 1 t o N o v 3 0 ____ 2 2 ,8 2 1 ,3 5 4 1 9 ,9 3 5 ,8 1 0
7 ,5 4 9 ,4 1 4
6 ,3 8 9 ,5 3 7
N a sh v C h att & S t L . b . - N o v
989 ,5 5 4
930 ,238
287 ,014
2 12 .804
J u ly 1 t o N o v 3 0 . ........... 4 ,7 8 0 ,1 8 0
4 ,6 3 3 ,7 5 7
1,2 8 4 ,8 4 3
1 ,1 6 1 ,9 6 1
0 N a tio n a l R y s o f M e x .. N o v 4 ,1 6 9 ,7 4 5 3 .6 0 1 ,1 9 5 1 ,5 3 1 ,6 2 7 1,2 6 6 ,7 0 1
J u ly 1 t o N o v 3 0 _______ 19,741,714 1 8 ,6 1 2 ,8 7 5
7,286,511
6 ,7 1 3 ,0 2 3
27,508
N c v a d a -C a l-O r e g o n .b . - N o v
3 7 ,4 0 5
18,301
1 6 ,165
J u ly 1 t o N o v 3 0 _______
233,461
171 ,652
99,8 8 3
135 ,203
N e v a d a C e n t r a l-b .............O ct
6,866
8,113
291
2,711
J u ly 1 t o O ct 3 1 _______
25,315
28,0 3 5
8,7 3 4
1,859
c N Y C en tral A H R . b . N o v 8 ,5 2 0 ,9 3 7
7,434,521
2 ,8 1 7 ,5 3 8
2 ,2 4 3 ,6 4 7
Jan 1 t o N o v 3 0 _______ 85,1 5 9 ,4 0 8 76,6 5 5 ,9 7 9 26,2 8 6 ,2 4 1 2 0 ,8 3 6 ,6 0 4
L a k e Sh A M S . b . - . N o v 4 ,0 9 2 ,9 4 6
3 ,3 6 2 ,8 3 7
1 ,6 3 5 ,3 0 2
1,3 4 9 ,6 0 6
Jan 1 t o N o v 3 0 _______41,1 3 1 ,5 2 8 3 5 ,5 3 5 ,6 3 4 1 5 ,7 3 1 ,0 9 8 1 2 ,4 9 2 ,3 5 0
e L a k e E ric A W e s t .b N o v
471 ,5 4 8
370 ,2 7 5
144,323
77,609
Jan 1 t o N o v 3 0 _______ 4 ,548,781
3 ,9 7 7 ,4 1 5
1,0 2 2 ,2 5 9
620 ,047
C h ic In d A S o u . b ^ . - N o v
526,253
245 ,518
115 ,978
69,08
Jan 1 t o N o v 3 0 _______ 2 ,8 9 7 ,3 7 9
2,410,991.
690 ,6 3 0
470 ,1 7 3
2 ,1 1 8 ,3 2 6
M ich igan C e n t r a l . b - - N o v 2,5 2 6 ,7 6 2
922 ,073
640 ,601
Jan 1 t o N o v 3 0 _______ 2 5 ,0 7 0 ,4 1 0 2 2 ,1 2 2 ,7 8 9
8 ,2 4 8 ,4 5 0
6 ,8 1 1 ,3 0 4
2 ,1 4 8 ,9 4 8
C lev Cin Ch A S t L . b . N o v ' 2,5 8 4 ,5 0 4
8 3 1 ,4 7 4
4 6 7 ,4 6 9
Jan 1 t o N o v 3 0 _______ 2 5 ,2 1 9 ,1 2 5 2 2 ,0 3 9 ,3 4 5
7 ,3 8 6 ,2 9 9
5 ,5 9 2 ,7 3 1
241 ,645
P e o ria A E a s t e r n . b - .N o v
280,743
77,6 6 6
7 2 ,7 4 0
2 ,4 8 0 ,0 9 5
Jail 1 t o N o v 3 0 _______ 2 .743,444
8 11 ,567
664 ,6 7 9
8 8 ,875
C ine N o r t h e r n .b ____ N o v
106,336
18,261
d e f7 ,9 2 6
Jan 1 t o N o v 3 0 _______ 1,081,794
892 ,990
248 ,766
130 ,630
P itts A L a k e E r i c . b - . N o v 1,622,722
965 ,533
1,0 0 4 ,6 1 9
471 ,3 0 7
Jan 1 t o N o v 3 0 _______ 13,4 5 9 ,1 5 5
9 ,4 5 7 ,5 6 5
4 ,6 0 4 ,0 4 1
7 ,6 8 7 ,2 0 6
R u tla n d b ____________ N o v
287 ,916
241 ,6 9 9
86,363
80,3 0 5
Jan 1 to N o v 3 0 ............. 2,8 6 1 ,7 3 2
2 ,5 4 3 ,1 0 4
843 ,6 2 7
7 3 5 ,9 7 0
N Y C h ic A S t L ou is b N o v
908 ,126
790 ,547
357 ,6 0 5
246 ,0 6 7
Jan 1 t o N o v 3 0 ............. 9 ,117,873
8 ,3 4 8 ,1 0 2
2 ,9 8 7 ,5 9 3
2 ,3 9 3 ,2 2 5
T o ta l all l in e s .b ...........N o v 2 1 .728,813 18,0 0 8 ,7 2 4
7,9 1 1 ,2 0 2
5 ,7 1 0 ,5 0 5
Jan 1 to N o v 3 0 _______ 2 1 3 ,2 9 0 ,6 3 5 186 464,009 7 1 ,9 4 3 ,7 7 6 5 5 ,3 5 1 ,7 5 5
N Y O n t A W estern . a - - N o v
677 ,327
624 ,6 8 6
193,554
142,713
J u ly 1 t o N o v 3 0 ________ 3 ,8 1 2 ,3 0 8
3 ,7 0 5 ,2 3 7
1,1 8 4 ,9 2 7
1,221,531
N Y Susq A W e s t e r n .a . - N o v
3 07 ,807
266 ,1 6 9
90,269
76,891
J u ly 1 t o N o v 3 0 _______ 1,4 3 6 ,1 7 9
1 ,2 9 7 ,2 9 6
384 ,4 1 8
3 7 8 ,2 8 6
N ew O rl G reat N o r t h . b . O c t
117,863
48,821
41,182
12,1 4 0
J u ly 1 to O ct 3 1 _______
430 ,656
172,882
29,379
144,911
N o rfo lk A W e s t e r n .!)___N o v 2,9 9 0 ,3 5 3
2 ,4 1 1 ,2 0 8
1 ,293,540
970,238
J u ly 1 t o N o v 3 0 _______ 14,543,358
12,3 2 3 ,5 9 7
6 ,1 1 7 ,1 0 6
5,0 1 0 ,4 3 8
N o rth e rn C e n t r a l .b ____ N o v 1 ,158,437
1,0 0 4 .5 3 7
358,061
225,661
Jan 1 to N o v 3 0 ..............11,2 3 0 ,5 0 8 1 0 ,4 0 9 :408
2,5 0 0 ,1 3 9
2,4 7 0 ,5 3 9
232
THE
Current
Year.
Roads.
Earnings ------ ---------- Net E iarnings------Previous
Previous
Current
Year.
Year.
Year.
$
100,281
865,441
$
489 ,899
2 ,8 7 7 ,8 0 9
P a cllic C o a s t ............. ......... N o v
638,140i
J u ly 1 to N o v 3 0 _______ 3 ,6 6 8 ,7 9 7’
P e n n s y lv a n ia — L in es d ir e ctly o p e r a t e d —
E a st o f P itts & E r l e - b .N o v l 4 .4 0 7 ,717' 12,199,817
Jan 1 to N o v 3 0 .............139 .08 9 ,8 7 3 11124,033,073
2 4 ,0 3 3 ,0 7 3
W est o f P itts &E r i e - - N o v
Inc. 1,,947.300
J a n 1 to N o v 3 0 _____ .
Inc. 12,,080.800
P ere M a r q u e t t e ---------------- N o v 1 ,390,746. 1,189,803
J u ly 1 to N o v 3 0 _______ 6 ,9 4 0 ,6 4 8 ; 6 ,0 9 8 ,2 9 8
P itts Cln C h ic & St L _ a - - D e c 2,7 7 4 ,3 7 0
2 ,2 2 1 ,9 0 4
J a n 1 t o D ec 3 1 ______ 3 0 ,4 1 1 ,3 4 3 2266,1
,16699,3
,33377
P h lla B a lt <& W a s h . b ___N o v 1,5 0 9 .4 5 9 i 1,3 8 7 ,1 5 9
Jan 1 to N o v 3 0 _______16,1 4 0 ,8 4 6 114,790,246
4 ,790,246
R e a d in g C o m p a n y —
3 ,5 2 4 ,5 0 7
P h ila d elp h ia & R ea d b N o v 4 ,0 0 0 ,8 4 8
J u ly 1 t o N o v 3 0 _______18,3 14,232 1 6 ,5 5 3 ,3 3 0
3 ,6 5 7 ,7 6 4
C oal A Iron O o .b - . ___N o v 3 ,5 3 2 ,0 3 5
J u ly 1 to N o v 3 0 _______1 2 ,3 9 2 ,0 3 5 13,7 6 1 ,8 0 4
7,1 8 2 ,2 7 1
T o ta l b o th c o s . b ___- N o v 7 ,5 3 2 ,8 8 3
,31155,1
,13333
J u ly 1 to N o v 3 0 _______3 0 ,7 3 6 ,2 6 8 3300,3
R e a d in g C o m p a n y ____ N o v __________
J u ly 1 t o N o v 3 0 _______ __________
T otal all c o s ___________N o v ........... .......
J u ly 1 t o N o v 3 0 .................. ................
82,504
R io G ra n de J u n c t io n ___ O ct
11,2708 !
719 ,639
D ee l to O ct 3 1 _______
8 7 8 ,2 1 2 1
53,694
R io G ra n de S o u t h e r n - b - N o v
55,356
269 ,152
J u ly 1 to N o v 3 0 _______
2 0 7 ,9 6 5 i
5 ,1 0 5 ,2 0 7
R o c k Is la n d , b . .............. N o v 5,8 7 3 ,9 6 6
2 6 ,4 4 3 ,3 1 5
J u ly 1 to N o v 3 0 ___.-_ 2 9 ,6 5 l ,0 3 6
131,946
S t J os & G ra n d I s l- b . ..N o v
13 7,839
736 ,099
J u ly 1 t o N o v 30_ - . . .
7 53 ,747
3 ,3 3 2 ,1 1 7
S t L ou is & San F r a n . b - . N o v 3 ,7 9 2 ,5 2 8
6,105,150
J u ly 1 to N o v 3 0 _______1 8 ,1 2 0 ,1 6 7 116,105,150
920,784
C h ic & E ast I ll i n o i s .b - N o v 1 ,0 7 2 ,5 1 6
4 ,3 7 7 ,1 2 9
'J u ly 1 to N o v 3 0 _______ 4 ,9 7 2 ,1 0 5
173,972
E v a n sville & T er !i b . N o v
224 ,219
J u ly 1 t o N o v 3 0 _______ 1,0 8 5 ,9 9 8
951,953
4 ,4 2 0 ,8 7 3
T o t a l all lin e s , b ______ N o v 5,0 8 9 ,2 6 3
,43344,2
,23333
J u ly 1 t o N o v 3 0 _______2 4 ,1 7 8 ,2 7 0 2211,4
11,085,203
S ou th ern P a cific a _____ N o v 1 2 ,324,026 11,085,203
J u ly 1 t o N o v 3 0 _______5 8 ,6 3 5 ,9 4 7 52,1 8 8 ,1 9 6
1,022.037
S t L ou is S o u t h w e s t .a - N o v 1,082,449
J u ly 1 t o N o v 3 0 _______ 4 ,8 5 6 ,6 0 9
4 ,521,821
138,806
S t L R o c k y Mt & P a c a N o v
156,871
457,923
J u ly 1 to N o v 3 0 _______
725 ,8 3 0
148 ,106
T e x a s C e n t r a l .a _________N o v
115,598
524,114
J u ly 1 to N o v 3 0 _______
448 ,1 6 9
1,517,794
T e x a s & P a c l l i c . b - _____ N ov 1,599,684
Jan 1 t o N o v 3 0 ________1 3,305,484 12,2 8 1 ,2 6 0
372 ,157
T o le d o & O h io C e n t . a . - N o v
389,161
2,1 9 7 ,6 0 8
J u ly 1 to N o v 3 0 _______ 1,8 7 6 ,2 6 4
92,194
T o le d o P eoria & W e s - b - D e c
105,468
580,169
J u ly 1 to D e c 3 1 ----------598,768
7,286
T o m b lg b e e V a lle y ------------N o v
7,712
29.420
J u ly 1 to N o v 3 0 .............
32.834
U n ion P a c ific .a ___
N o v 8 ,3 4 1 ,7 8 3
7 ,241,813
J u ly 1 t o N o v 3 0 _______4 0 ,8 1 6 .0 0 5 3 6 ,0 5 7 ,3 6 8
324,763
W est Jers & S e a s h o r e .b .N o v
377,963
5,011,884
Jan 1 to N o v 3 0 _________5,419,384
1,146,398
Y a z o o & Miss V a ll e y .a .N o v 1,093,404
4 ,1 6 2 ,9 3 3
J u ly 1 to N o v 3 0 _______4 ,3 1 7 ,3 0 9
5
70,843
• 462 ,544
5,363,21 4 3.9 6 3 .7 1 4
4 2 .1 8 2 ,5 0 2 35.5 9 9 ,6 0 2
Inc.X ,140,100
/rcc.4 ,6 5 0 ,0 0 0
377 ,2 1 4
450,163
1,9 4 9 ,2 0 5
2 ,286,826
673 ,664
811 ,608
7 ,2 5 6 ,1 9 2
8 ,4 1 1 ,4 5 4
4 0 5 ,0 4 9
445 ,849
3 ,7 3 8 ,8 7 1
4,338,571
1,335,774
1 ,573,592
6 ,6 0 4 ,8 7 0
7 ,1 2 9 ,9 1 0
271 ,837
247,370
755 ,927
2 7 2 ,3 5 5
1 ,820,968
1,607,611
7 ,4 0 2 ,2 6 5
7 ,3 6 0 ,7 9 7
150 ,985
134,012
739 ,3 9 0
636,272
1,971,953
1,741,623
8 ,1 4 6 ,6 5 5
7 ,9 9 7 ,0 6 9
n.33,812
«2 4 ,7 5 1
n 26 3,46 4
n'l 15,892
25,170
21,424
62,369
113,510
1,725,464
1,333,780
1 0 ,077,074
8,170,841
20,498
41.797
192,209
285 ,7 9 4
989 ,0 3 0
943,873
4,8 4 9 ,8 5 2
5 ,4 1 9 ,6 8 5
363 ,4 9 6
273,464
1 ,303,639
1 ,806,428
91,925
53,908
4 6 9 ,8 5 5
362 ,747
1,4 4 4 ,4 5 0
1,2 7 1 ,2 4 5
6 ,5 1 6 ,2 3 9
7 ,6 9 5 ,9 6 7
4 ,9 8 8 ,4 8 7
4 ,1 3 6 ,0 4 5
2 3 ,4 8 7 ,4 9 5 19,1 2 0 ,7 9 9
3 0 5 ,7 8 5
308 ,702
1,1 6 4 ,3 2 7
1,490,414
43,9 3 7
45,0 0 0
203,403
121,805
51,770
63,219
110,773
175 ,015
630 ,369
589,252
3 ,3 8 1 ,1 2 4
2 ,8 5 9 ,5 7 5
147,463
96,823
653,777
830 ,077
24,535
18,800
156,198
138,693
2.716
2,763
10,962
10,518
4 ,2 3 2 ,5 9 0
3 ,895,197
21,343,141 18,867,564
79,910
64,410
1 ,162,305
1 .464.605
343 ,195
384 ,3 9 7
4 71 ,240
246,498
IN D U S T R IA L C O M P A N IE S .
Companies.
Gross Earnings
Previous
Current
Year.
Year.
—Net Earnings ------Current
Previous
Year.
Year.
$
$
$
$
ec
A b ln g to n & R o c k la n d E lec
8,414
7,153
3,053
L ig h t & P o w e r C o . . . D ec
3,754
76,487
58,812
28,566
24,367
Jan 1 to D ec 3 1 .
26,867
23,634
A tla n tic C ity E le c C o . . D ec
13,837
11,443
319 ,902
299,594
173,093
152,248
Jan 1 to D e c 3 1 .
89,568
98,485
50,678
B la c k s to n e V al G & E l . . DDeec
c
44,951
985,773
871,461
482,601
339 ,417
Jan 1 t o D ec 31.
25,426
2 l ,603
15,015
C a n ton E le c tr ic Co
. . . . D ec
10,043
234,373
192,003
120,718
88,031
Jan 1 t o D ec 31
30,298
25,765
16,361
12,182
E d El C o (B r o c k t o n ) — D ec
273 ,581
218 ,927
125,161
101,044
Jan 1 t o D ec 3 1 .
32,375
38,904
18,180
11,955
F a ll R iv e r G as W k s ------- D ec
407
,9
6
7
181,886
170,191
413,224
Jan 1 t o D e c 3 1 .
29,217
27,925
18,117
16,696
H o u g h to n C o El L t C o . .DDeec
c
246,401
2 62 ,345
139,024
126,073
Jan 1 t o D e c 3 1 .
36,768
32,639
18,491
.D
e
c
14,127
L o w e ll E lect C o r p . ........... D
361 ,2 0 9
340 ,6 8 0
159,500
143,858
Jan 1 t o D ec 31.
117,550
105,257
76,439
62,215
M inn G en E lec C o _______.D
Dec
1 ,088,415
044,681
Jan 1 t o D ec 3 1 _______ 1 ,108,756
575,487
. Deec
33,830
29,688
R o c k fo r d E le ctric C o . . . D
c
14,879
10,052
320 ,453
285 ,799
Jan 1 to D e c 3 1 .
119,001
87,799
16,449
D ec
14,379
W h eelin g C o m p a n ie s --------D
10,687
6,090
152 ,177
142,217
77,311
Jan 1 to D e c 3 1 .
57,110
a N et earnings here given are a fte r d e d u ctin g taxes,
N et earnings here given are b e fo re d e d u ctin g ta xes,
c In clu d es th e N ew Y o r k & O tta w a , the S t. L a w ren ce & A d ir o n d a c k and
th e O tta w a & N ew Y o r k R y ., th e la tte r o f w h ich , be in g a C anadian r o a d ,
d oes n o t m ak e returns to the In te r-S ta te C o m m e rce C om m ission .
e In clu d es th e N orth ern O h io R R .
f In clu d es the C levelan d L orain & W h e e lin g R y . In b o th years.
g T h ese resid ts are In M exican c u rre n cy .
h F or N o v . 1909 a d d itio n a l in c o m e Is g iv e n as s h o w in g a d etlclt o f 5 3 ,5 1 8 .
a g a in st a d eficit of $14 ,163 in 1908, an d fo r p eriod fro m J u ly 1 t o N o v . 30
was a d eficit o f $7,465 in 1909, again st a d eficit o f $38 ,318 last y ear.
} T h e c o m p a n y n ow Includes the earn in gs o f the D en ver E n id & G u lf R R ..
P e c o s V a lley sy s te m a n d San ta Fe P re s co tt & P h o e n ix R y . In b o th years.
F or N o v e m b e r ta xes an d rentals a m o u n te d t o $ 3 2 7 ,6 2 0 , a g ain st $60 ,362 In
1908; a fter d e d u ctin g w h ich , net fo r N o v e m b e r 1909 was $ 3 ,2 9 0 ,6 5 4 , against
$3,2 2 3 ,7 1 4 last y ea r.
F or p e rio d fro m J u ly 1 to N o v . 30 ta x e s an d rentals
were $ 1 ,4 9 8 ,5 8 9 In 1909, against $1,2 7 8 ,1 3 8 in 1908.
k F or N o v e m b e r 1909 a d d itio n a l In com e was $ 6 ,6 7 2 , again st $12,228 In
1908, and for p eriod fro m J u ly 1 t o N o v . 30 was $69 ,7 8 8 In 1909, against
$66,591 last. year.
n T h ese llgures represent 3 0 % o f gross earn in gs.
------- Gross Earnings ----------------- Net Earnings --------
Roads.
Interest Charges and Surplus.
Roads.
$
B a n gor 3: A ro o s to o !
.N o v
86,417
J u ly 1 to N o v
____
416,653
B ellefon te C e n t r l a . . -------D
- Dec
ec
243
____
2,916
ft!);* Jan 1 to D e c 31
.N
o
v
593
B rid g eton & S a co R iv e r .N o v
____
3,053
J u ly 1 to N o v 30
.N oovv
347,278
C en tral o f N ew .J e r s e y ,-N
____ 2 ,3 3 6 ,3 3 7
J u ly 1 t o N ovSO ..........
$
81.641
410,933
257
3,084
637
3,104
492 ,0 6 0
2,562,001
— Bal. of N etE 'n gs .—
Current
Year.
Previous
Year.
S
* 3 2 ,2 5 6
*1 3 3 ,2 8 1
1,899
4,6 1 5
d e f 26
4,356
802 ,682
2 ,9 4 6 ,4 4 3
$
*1,1 6 6
* 4 7 ,3 0 0
d e f 197
8,536
d e f 137
4,9 0 0
536,352
2,2 4 4 ,6 5 2
Previous
Year.
Current
Year.
Current
Year.
Previous
Year.
$
$
$
5
* 1 5 4 ,7 0 2 * d e f 143,395
289 ,452
C h ic a g o Gt W e s t e r n ___ . N o v
211 ,829
* 4 5 2 ,3 4 4 * d e f 190,111
884,273
S ept 1 to N ov 3 0 .
633 ,503
c 2 4 ,191
C o lo ra d o
M id la n d ------ . . . N o v
31,350
3 1 ,350
c33,922
C l4,359
e37,658
J u ly 1 t o N o v 3 0 .
156,750
156,750
C o lo r a d o & S o u t h e r n .. . N o v
c 3 13,215
256,529
C420.609
276,853
J u ly 1 t o N o v 3 0 . . —
1.274,660
1,296,054 C l,705,161 c l . 3 1 3 ,1 1 9
C o p p e r R a n g e ___________. .O c t
13,212
8,033
11,937
13,945
J u ly 1 to O ct 3 1 ..
4 9 ,0 2 5
29,328
4 7 ,750
94,553
C uba
R R . ___________ .N o v
36,666
981
32,496
18,822
J u ly 1 t o N o v 3 0 .
178,544
161,771
86,658
73,540
D e n v e r & R io G ra n d e . .N o v
457 ,581
343,593
<1289,519
(H 71.834
J u ly 1 t o N o v 3 0 .
2 ,1 6 8 ,4 5 0
1 ,640,904 (11,791,283 d l , 680 ,300
101,868
D u lu th So Sh & A t l ___ .N o v
89,241 * d e f2 0 ,0 7 5 * d e f l 2 , l 13
J u ly 1 to N o v 3 0 . .
469 ,878
441 ,700
*5 0 ,7 7 4 * d e f6 0 ,8 0 9
55,500
G eorgia R R ________ . . - N o v
60,053
*43 ,0 5 1
* 2 ,9 1 7
J u ly 1 to N o v 3 0 ..
3 01 ,587
275 ,592
* 1 1 1 ,2 3 0 * d e f .0,544
G u lf & S h ip Is la n d ____ .N o v
35,223
31,84 7
* 2 9 ,3 8 5
* 9 ,8 5 7
J u ly 1 to N o v 3 0 . .
158,746
170,793
* 1 0 2 ,8 4 2 * d e f.l8 ,7 2 3
137,379
* 2 3 1 ,5 0 5
H o c k in g V a lle y ____ __ - N o v
118,183
* 1 2 4 ,6 8 2
J u ly 1 t o N o v 3 0 .
598 ,090
595,403 * 1 ,0 4 3 ,7 8 3
* 8 5 1 ,9 0 4
K a n a w h a & M ic h ig a n . . .N o v
26,4 0 5
24,667
* 7 0 ,5 0 7
* 1 8 ,8 9 7
J u ly 1 to N o v 3 0 .
116,588
* 2 9 5 ,0 4 9
*1 8 0 ,1 3 1
132,931
L o u is ia n a & A rk a n sas. .N o v
25,586
*2 7 ,9 7 0
18,433
* 5 ,3 2 1
J u ly 1 to N o v 3 0 .
124,477
04,084
* 1 1 8 ,0 1 9
* 3 8 ,5 3 2
M arylan d & P e n n a _____
3,959
3,9 7 9
5,294
3,9 8 9
J u ly 1 to N o v 3 0 . .
19,793
19,793
42,862
3 5 ,3 2 8
M ineral R a n g e . . ______ .N o v
13,034
13,501
* d c f 465
* d e f 480
J u ly 1 to N o v 3 0 . .
66,018
65,472 * d e f 3 , l 78
* 1 3 ,5 6 2
M issouri K a n & T e x ___ . N o v
551,001
615,731
* 1 9 9 ,7 1 7
* 8 1 ,4 5 7
2 ,8 7 3 ,0 3 4 * 1 ,6 2 0 ,5 4 1 * 1 ,0 0 6 ,2 1 5
J u ly 1 to N o v 3 0 - . _____ 2 ,7 3 4 ,4 5 6
7,734
N e v a d a -C a l-O re g o n
. . . .N o v
3,721
* 1 5 ,8 4 4
* 1 3 ,4 8 6
10,918
18.081
* 1 2 2 ,0 8 2
J u ly 1 t o N o v 3 0 .
* 8 5 ,4 9 8
92,288
98,119
95,435
N Y O n t & W e s t e r n ____. N o v
50,425
4 6 3 ,5 1 7
479,271
705.656
J u ly 1 to N o v 3 0 . . ____
758,014
4 7 ,098
22,4 6 0
* 7 ,2 8 0
N ew O rl G t N o r t h _____ . O c t
* d e f 302
188,748
87,4 4 7
* 1 5 ,8 2 2 *d e f2 5 ,7 0 1
J u ly 1 to O ct 3 1 . .
470 ,4 6 0
431 ,427
823 ,080
5 3 8 ,8 1 1
N o rfo lk & W e s t e r n _____ . N o v
2
,3
2
6
,1
8
9
2 ,1 8 3 ,3 3 4
J u ly 1 to N o v 3 0 . .
3 ,7 9 0 ,0 1 7
2 ,8 2 7 ,1 0 4
N
o
v
3
5
1
,6
3
5
353,151
Pere M a r q u e tte _________
* 1 1 0 ,4 2 0
* 3 2 ,2 5 1
1 ,8 0 9 ,4 7 6
J u ly i to N o v 3 0 . .
1 ,805,166
* 5 0 9 ,1 4 6
* 1 8 6 ,0 9 9
R e a d in g C o m p a n y ---------..N o v
880 ,000
873,542
1,091,953
868,081
4 ,4 0 0 ,0 0 0
J u ly 1 to' N o v 30 . . —
4 ,3 6 7 ,7 0 8
3 ,7 4 1 ,6 5 5
3,6 2 9 .3 6 1
R io G ra n de J u n c t io n ___. - O ct
8,333
8,333
25,479
16,418
D e c 1 to O ct 3 1.
91,667
91,667
171,797
1 2 4 ,2 2 5
R io G ra n d e S o u t h e r n .- . N o v
18,878
19,670
* 6 ,5 6 5
* 1 ,8 3 5
J u ly 1 to N o v 3 0 . .
94,453
96,029 * d e f 2 3 ,835
* 2 3 ,3 7 9
S t L o u is S o u th w e s te s n . - N o v
172,862
164,665
* 1 8 0 ,2 1 8
* 1 7 8 ,4 4 2
J u ly 1 t o N o v 3 0 . .
864 ,1 6 6
8 3 9 ,2 0 6
* 8 4 4 ,2 3 9
* 5 1 6 ,5 3 3
T e x a s C e n tr a l_______ - - N o v
7,111
7,502
4 4 ,0 5 9
55,717
J u ly 1 to N o v 3 0 . .
27,426
25,254
8 3 ,347
149,761
T o le d o & O h io C e n tra l. .N o v
32,177
41,2 0 5
* 1 3 7 ,1 7 3
* 7 0 ,5 5 2
208 ,9 8 0
J i.ly 1 to N o v 3 0 . .
201 ,075
* 5 2 0 ,2 8 5
* 6 5 1 ,9 9 5
24,787
T o le d o Peoria & W e s t . _ D ec
23,228
*748 * d e f. 1,898
J u li- I to D ec 3 1 . .
144,433
140,604
* 2 2 ,5 5 8
* 8 ,7 3 4
I N D U S T R I A L C O M P A IK S
-I n t., Rentals, & c .—
— Bal. of Net E 'nos .—
Companies.
Current
Year.
Previous
Year.
Current
Year.
$
$
$
Previous
Year.
$
A b ln g to n & R o c k la n d L le c
L ig h t & P o w e r C o ___ .D e c
815
328
2,238
3,426
Jan 1 to Dee 3 1 . .
6,248
3,8 2 6
22,318
20,541
A tla n tic Cl ty E lec C o . . . D ec
5,331
5,911
8,506
5,533
64,197
Jan 1 to D e c 3 1 ..
60,110
108,897
02,138
2,889
C a n to n E le c tr ic C o ____ D e c
2,770
12,126
7,273
34,362
3 0 ,778
J a n 1 to D e c 3 1 . .
86,356
57,252
E d E l C o ( B r o c k t o n ) .. .D e c
3,9 4 6
3,294
12,415
8,888
Jan 1 to D e c 3 1 . .
41,728
34,213
83,433
67,431
1,667
2,450
Fall R iv e r Gas W k s ___ .D e c
16,513
9,5 0 5
Jan 1 to D e c 3 1 . .
26,2 5 0
2 8 ,6 6 2
155,636
141,529
5,846
5,428
H o u g h to n C o El L t C o . .D e c
12,271
11,268
58,689
Jan 1 to D e c 3 1 . . ____
52,704
80,335
73,369
4,161
L o w e ll E lect C o r p ______ .D e c
3,6 0 7
14,330
10,520
53,396
Jan 1 to D e c 3 l
51,316
106,104
92,542
32,335
M inn G en E lec C o _____ .D e c
32,981
44,104
29,2 3 4
366 ,886
Jan 1 to D e c 3 1 .
382 ,001
277 ,7 9 5
193,480
5,0 2 7
R o c k fo r d E le ctric C o . . _ D ec
4 ,4 6 5
9,852
54,392
49,096
Jan 1 t o D ec 3 1 . .
64,609
37,803
919
763
W h e e lin g C o m p a n ie s ___ .D e c
0,768
5,328
7,896
7,298
Jan 1 t o D ec 3 1 . .
68,415
49,813
c A fter a llo w in g f o r net m iscellaneous cre d it t o In co m e .,
d T h ese figures a r c a fte r a llo w in g fo r o th e r in c o m e an d fo r d is c o u n t an d
e x c h a n g e . T h e sum o f $10 ,000 Is d e d u cte d e v e r y m o n th fro m surplus
a n d p la ce d to the cre d it o f th e R e n e w a l F u n d .
e A ft e r a llo w in g fo r m iscella n eou s ch a rges to In co m e .
x A fter a llo w in g fo r oth er Incom e r e ce iv e d .
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross learnings.
Name of
Road.
b
-In t., Rentals, & c .—
Previous
Current
Year.
Year.
[VOL. LX X X X .
C H R O N IC L E
\mer C ities R y & L t .
A m c r lca n R y s C o ____
cA u r E lgin & C h ic R y
B in gh a m to n St R y _ .
Birm R y L t & P ow er.
B r o c k to n & P ly S t R y
C a m a gu ey C o _____ __
C ape B reton E lec C o .
C arollna P o w & L t Co
Cen tral P en n T r a c —
C hariest C on R y G & E
C h icago R a ilw a ys C o .
Cleve P a ln esv & East
D allas E le ctric C o r p .
D etroit U n ited R y . .
D u lu th -S u per T r C o .
East St L ou is & S u b .
El P a so E le c t r ic ____
Fair A C larksb T r Co
Ft W a y n e & W abash
V a lle y T r a c tio n Co.
G a lv -I fo u s E lec C o . .
G rand R a p id s R y C o .
H a v a n a E le ctric R y .
H onolu lu R a p id Tran
& L a nd C o .......... ..
H o u g h to n Co T r a c Co
Illinois T r a c tio n C o _ .
J a ck s o n v ille E leo C o .
K ansas C ity -W e ste rn
Lake S h ore E le c R y .
M llw El R y & Lt C o .
M ll w L t H t & T r Co
Week or
Month.
Current
Year.
Previous
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
5
024,706
O cto b e r . .
252,178
D e ce m b e r
N o v e m b e r . 122,788
25,91 1
N ovem ber.
188,364
S e p te m b e r
8,001
D e ce m b e r..
1 1,331
N ovem ber.
24,308
D e ce m b c r ..
16,616
D e ce m b e r..
66,741
D e ce m b e r..
65,368
N ovem ber,
O c t o b e r ___ 1109,640
25,900
N ovem ber.
D e ce m b e r .. 119,766
1st w k Jan 136,253
N ovem ber.
85,509
N o v e m b e r . 177,712
D e ce m b e r ..
59,667
N ovem ber.
37,032
$
481,001 4 .7 5 0 ,8 0 9
237 ,530 2,937,491
109,912 1,418,757
313,951
24,823
177,388 1,646,825
130,780
7,962
10,793
122,119
21,766
240 ,709
15,387
197,963
61,081
754,488
63,912
699 ,226
968,542 1 0 ,244,248
22,525
297,573
106,830 1,320,122
136,253
121,283
890,346
7 6 ,835
170,739 1 ,850,565
600,958
55,194
388 ,090
30,924
4 ,4 6 8 ,2 9 5
2,7 9 8 ,0 8 0
1,289,352
290 ,328
1.581,763
122,265
108,222
247,546
144,854
708 ,2 9 5
689,462
9,0 0 3 ,1 6 4
2 72 ,976
1,160,968
121,283
810 ,8 3 6
1,8 3 7 ,2 3 9
534,222
353,311
N ovem ber.
D e ce m b e r..
N ovem ber.
W k Jan 16
123,651
100,867
80.326
37,594
111,794
96,998
74,220
36,753
1,284,807
1,206,543
938,869
77,526
1 ,203,885
1 ,088,447
858 ,792
71,762
O cto b e r __
D e ce m b e r..
O cto b e r . .
D e ce m b e r ..
N ovem ber.
N ovem ber.
N ovem ber.
N ovem ber
36.375
20,083
4 57 ,995
49,011
29,725
90,705
378,546
73,127
34,0 1 0
24,833
406,172
3 8 ,905
28,103
80,4 7 0
337,234
63,295
341,989
319 ,906
3,8 8 5 ,8 4 4
486,778
330,288
1,020,021
3 ,8 7 1 ,7 8 6
856 ,952
316 ,558
265 ,576
3 ,6 0 5 ,6 0 2
430,838
31 1,325
955,364
3 ,5 3 8 ,7 3 5
700 ,472
J a n . 22 1910.
THE
Latest Gross Earnings.
Nam? of
Road.
Week or
Month,.
M on treal Street R y _ .
N ashville R y 6c Light
N orth O hio T r a c & Lt
N orth T e x a s Klee C o .
N orth w est Kiev C o N orf & P orts m T r C o.
O k la h om a C ity I t y . .
P a d u c a h T ra c& L t Co
P en sa cola E lectric Co
P ortl(O re) R y L & P C o
R io de Jan eiro Train
L igh t & P ow er
St Josep h (M o) R y Lt
H eat & P ow er C o .
S a o P a u lo T r Lt & P .
S av an n ah E le ctric Co
Seattle E lectric C o . .
S ou W iscon sin R y Co
T a m p a E lectric C o . .
T o le d o R y s & L ltfh tT o r o n t o R a ilw a ys —
T w in C ity R a p T r a n .
U n dergrou n d El R y
ol Lon don—
T h ree tu b e lin e s ___
.M etropolitan D Is t .
U n ited T r a m w a y s .
U n ited R y s o f St L _
U n ited R R s o f San Fr
V irgin ia R y & P o w Co
W ash Halt & A n n a n .
W h a tc o m Co R y & Lt
Current
Year.
C H R O N T C T .E
Previous
Year.
VVk Jan 8
N ovem ber.
D ece m b e r..
D e ce m b e r..
D e ce m b e r..
O cto b e r __
O cto b e r _D e ce m b e r ..
D e ce m b e r..
D e c e m b e r ..
$
$
73,086
67,533
149,426 138,598
182,912 100,454
108,483
97,448
184,679 183,689
156,540 dl 50,796
49,683
31,1 9 9
20,884
20,751
20,410
18,795
132,666 386 ,797
N ovem ber.
032,568
627,640
6,885,258
6,519,384
N ovem ber.
N ovem ber.
D ece m b e r..
D e ce m b e r..
D ece m b e r..
D e ce m b e r ..
.N ovem ber.
VVk Jan 15
1st w k Jan
82,296
221,064
50,288
481,893
14,226
56,389
246,185
74,021
129,017
75,963
194,993
54,001
415 ,079
13,182
50,063
219,761
65,935
117,399
887 ,467
2,202,481
003,813
5,8 5 4 ,1 7 5
162,184
596,303
2,4 6 6 ,9 9 6
148,436
129,017
826 ,706
2,0 5 9 ,1 3 9
595,819
4 ,5 2 0 ,4 8 9
156,156
552,574
2.3 0 2 ,6 5 8
131,747
117,399
VVk Jan 8
VVk J a n 8
VVk J a n 8
D ece m b e r..
N ovem ber.
A u g u s t ___
‘S eptem ber
D e ce m b e r ..
£13,550
£10,712
£5,499
918,328
619,313
165,334
58,789
39,149
£13,280
£9,925
£6,081
£6,502
£5,200
910,288 11,111,431 1 0 ,593,166
574,522 6 ,810,118 6 ,2 6 2 .9 0 0
1,348.720
55,938
362 ,252
406*867
37,353
c T a ese I'.eures are for c o n s o lid a te d c o m p a n y ,
the N orfolk C ou n ty Kerries.
S
77,490
1 ,447,946
1,890,473
1 ,080,577
1,950,030
11,552,029
226,614
209,183
4 ,3 5 1 ,6 7 6
d In c lu d e s earn in gs o
Electric Railway Net Earnings.—The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Dec. 25 1909. The
next will appear in the issue of Jan. 29 1910.
Current
Year.
Roads.
Previous
Year.
%
$
B o s to n S u b E lec C o s ___ . D e c
57,216
60,740
186,194
105,808
O ct 1 to D ec 3 1 . . . . .
A m e r L ig h t & T r a c C o . . D e c
391 ,822
3 1 0 ,3 4 2
Jan 1 to D e c 3 1 . ____ 3 ,3 4 5 ,4 4 0
2,7 2 3 ,0 6 3
B a to n R o u g e E lec C o . . .D e c
10,167
8,0 0 0
03,257
J an 1 to D e c 3 1 . _____
99,757
7 ,9 6 2
B lo c k & P ly m S t R y ___ . D e c
8,001
122,265
Jan 1 to D ec 3 1 . _____
130,780
C ape B reton El C o _____ . D e c
24,308
21,766
247,546
Jan 1 to D ec 3 1 . _____
240,709
61,081
66,741
Cen tral P en n a T r C o . . .D e c
Jan 1 to D ec 3 1 . ____ _
754,488
708 ,205
D allas E le c t C o r p ____ .D e c
119,760
106,830
1 ,169,968
Jan 1 to D ec 3 1 . _____ 1,320,122
59,667
55,194
El P a so E lect C o .......... - D e c
534,222
Jan 1 to D e c 3 1 . _____
600,058
96,098
G a lv -H o u s to n El C o . . . . D e c
100,867
1,088,447
Jan 1 to D ec 3 1 . _____ 1,206,543
H o u g h to n Co T r a c C o . .D e c
26,083
24,833
Jan 1 to D ec 3 1 .
...
319 ,966
265,570
In tern a tl R y Co ( B u f f a lo ) .b —
J u ly 1 to S ep t 3 0 ............. 1,390,889
1 ,348,538
Jan 1 to S ep t 3 0 . ______3,5 1 5 ,7 0 4
3 ,4 4 1 ,2 9 8
C rosstow n St R y . b 221,516
J u ly 1 to S ep t 3 0 . _____
167,933
Jan 1 to S ept 3 0 . ..........
626,487
4 77 ,695
Ja ck son v ille E le c t C o . .D e c
38.965
49,011
Jan 1 to D ec 3 1 . _____
430 ,838
486,778
304 ,881
M on treal S treet R y . h . . D e c
337,563
935 ,070
O c t 1 t o D ec 3 1 . . . . . 1,026,441
182,912
N or O h io T r & L t C o . . . . D e c
160,454
1,890,473
Jan 1 to D e c 3 1 . _____ 2 ,177,642
97,448
N o r T e x a s E lect C o . . . . D e c
108,483
Jan 1 to D ee 3 1 . _____ 1,259,551
1,080,577
P a d u ca h T r & L t C o . . . . D e c
20,751
20,884
Jan 1 to D ec 3 1 . --------226,614
227,344
P en sa cola E lect C o . . - D e c
20,410
18,795
Jan 1 to D ec 3 1 . ..........
209,183
210,604
P o r tl (O re) R y .L t <5eP.b .D e c
432 ,666
3 80 ,797
Jan 1 to Dee 31 -------- 4,8 1 8 ,0 2 2
4 ,3 5 1 ,6 7 6
P u g e t S ou n d El R y ____ .D e c
148,994
136,576
Jan 1 to D ec 3 1 . .......... 1.869,006
1,639,131
Sav an n ah E lect C o ____ - D e c
50,288
54,001
Jan 1 to D e c 3 1 . -------603,813
595,819
S eattle E lect Co _____ .D e c
181,893
415 ,0 7 9
Jan 1 to D ec 3 1 . _____ 5,8 5 4 ,1 7 5
4 ,5 2 0 ,4 8 9
T a m p a E lect C o .......... . . D e c
56,389
50,063
•■■Jan 1 to D ec 3 1 . - ____
596,303
552,574
U n ited R y s o f St L . a . . D e c
918,328
910,288
Jan 1 to D e c 3 1 . _____ 11,111,431 1 0,593,166
39,149
37,353
W h a t c o m Co R y & Lt . . D e c
362 ,252
406,867
Jan 1 to D ec 3 1 . _____
Current
Year.
$
5,453
41,372
3 82 ,260
3 ,2 3 9 ,1 7 9
3 ,2 7 6
29,906
1,149
3 7 ,8 3 7
11,738
98,207
17,449
195,077
44,661
498,631
27,039
240 ,8 5 5
4 2 ,385
4 97 ,510
11,849
147,415
Prevous
Year.
%
11,403
48,962
307 ,3 4 2
2,678,063
3,206
27,804
2,311
3 3 ,8 2 5
9,252
105,036
15,994
151,355
40,890
389 ,313
17,803
149,584
42,068
460 ,474
11,534
117,330
670 ,894
1,521,642
613,188
1 ,3 8 6 ,8 8 9
84,351
213,473
26,905
217 ,582
125,557
439,563
81,3 58
987 ,5 8 5
47,4 5 0
560,816
8,328
91,591
8,684
105 ,327
2 5 0 ,3 8 9
2 ,6 2 1 ,5 2 6
40,5 9 2
6 1 8 ,5 0 8
17,005
2 1 1 ,4 6 3
192,858
2,4 5 9 ,6 3 8
23,894
250 ,199
316 ,8 3 7
4 ,0 8 3 ,2 5 3
18,114
178,775
78,421
197,495
17,417
170,895
101,766
385 ,8 7 6
74,306
8 04 ,049
43,122
4 5 0 ,5 2 5
11,372
93,220
7,963
64,312
208,874
2 ,2 2 9 ,1 9 0
43,8 6 7
598 ,226
20,266
206 ,989
161,278
1,850,237
17,392
184 ,665
354 ,858
3 ,8 5 5 ,7 0 6
17,702
155,493
Interest Charges and Surplus.
B o s to n S ub E lec Cos _ . . D ec
O ct 1 to D ec 3 1 .
B rock & P ly m S t I t y . . . D e c
Jan 1 to D ec 3 1 .
C a p e B reton E lect C o . . . D e c
Jan 1 to D ec 3 1 .
D allas E lect C orp
..D e c
Jan 1 to D ec 3 1 .
E l P a so E lect C o . . . . . . D e c
Jan 1 to D e c 3 1 .
G a lv -H o u s to n El C o . . - . D e c
Jan 1 to D ec 3 1 .
H o u g h to n Co T r C o ___ . . D ec
flgJan 1 to D ec 31.
—Int., Rentals, &c. —
Current
Previous
Year.
Year.
5
13,752
40,998
1,808
21,668
5,064
60,441
27,075
337,811
9,410
98,224
23,059
203,899
7,106
73,325
$
13,341
3 9 ,9 5 0
2,153
26,755
4,9 5 9
59,402
27,720
3 4 8 ,0 2 6
7,7 6 5
86,894
20,696
245,277
5,805
59,632
Companies.
— llal. of Net E 'ngs .—
Current
Year.
Previous
Year.
$
(le t.8,299
374
d e f 659
10,169
6,674
37,7 6 6
16,986
160,820
17,629
142,631
19,326
233,611
4,743
74,090
$
d e f. 1.938
9,012
158
7,070
4,293
45,474
13,170
41,287
10,040
0 2 ,6 9 0
21,372
215 ,197
5,729
57,699
Current
Year.
Previous
Year.
$
$
In te r n a t R y Co (B u ffalo) —
282,611
J u ly 1 to S e p t 3 0 . .
851 ,073
Jan 1 to S e p t 3 0 . .
C rosstow n St R y —
63,1 3 5
J u ly 1 t o S ept 30 .
164,878
Jan 1 t o S e p t 3 0 . .
9,270
J a c k s o n v ille E le c C o ___ .D e c
112,866
J a n 1 to D e c 3 1 .
3 4 ,4 8 0
M ontreal S treet R y ____ D ec
9 6 ,3 4 4
Jan 1 to D ec 3 1 .
4 3 ,2 1 0
N orth ern O h io T r & L t .D e c
524,066
Jan 1 t o D e c 31 .
17,076
N o r T e x a s E le c t C o ____ .D e c
2 0 4 ,1 3 9
Jan 1 to D e c 3 1 .
6,711
P a d u c a h T r & L t C o ____ D ec
8 1 ,6 4 4
Jan 1 to D e c 3 1 . .
4,5 9 5
P e n sa co la E le ct C o _____ D e c
5 2 ,6 3 2
Jan 1 to D e c 3 1 . .
P o r tl (O re) R y , L t & P . D ec
129,81 2
1 ,4 9 3 ,0 3 9
Jan 1 to D ec 3 1 . .
P u ge t S o u n d El R y
. . . D ec
5 9 ,0 7 9
Jan 1 to D ec 3 1 . _
570 ,048
S av an n ah E le ct C o _____ D ec
17,599
Jan 1 to D ec 3 1 . .
209,693
Seattle E le c t C o ____ __
D ec
103, 709
Jan 1 to D e c 3 i _ _
1,2 4 2 ,6 6 4
T a m p a E le ct C o ._
D ec
4 ,8 1 6
Jan 1 to D e c 3 1 ._
55,968
U nited R y s o f S t L o u i s . . D ec
232,176
Jan 1 to D e c 3 1 . .
2,7 9 8 ,1 8 2
W h a tc o m Co R y & L t . . D e c
8,5 2 0
Jan 1 to D e o 3 1 .
99,800
A N N U A L
2 8 7 ,5 1 9
8 5 4 ,4 8 5
49,422
153 ,807
9,052
1 1 0 ,7 9 2
30 ,726
90,5 6 8
4 3 ,9 9 9
526 ,5 3 2
15,184
189,541
6,704
8 2 .5 4 9
4 ,2 8 2
51,181
116,606
1 ,384,542
4 3 ,3 5 4
5 1 5 ,1 4 0
17,077
2 06 ,615
95,313
1 ,0 9 0 ,6 4 6
5,211
3 9 ,7 7 4
233 ,866
2 ,7 9 8 ,7 3 8
8,8 4 7
99,692
— B a l.o f N etE 'n gs .—
Current
Year.
$
Previous
Year.
$
£ 3 9 6,60 1
£ 6 9 4 ,4 6 8
£ 3 3 3,08 3
£55 2 ,9 3 3
21,2 16
4 8 ,5 9 5
17,63 5
104,716
9 1 ,0 7 7
343 ,21 9
3 8 ,1 4 8
4 6 3 ,5 1 9
3 0 ,3 7 4
3 6 2 ,6 7 7
1,617
9,947
4,0 8 7
52,695
120,577
1 ,1 2 8 ,4 8 7
d e f8 ,4 8 7
4 8 ,460
G
1,770
89,149
1,216,974
19,078
194,231
84,661
1 ,2 85,071
9, 592
78 ,975
2 8 ,9 9 9
4 3 ,6 8 8
8 ,3 6 5
6 6 ,1 0 3
71,0 4 0
295 ,308
3 0 ,3 0 7
2.77,517
27,9 3 8
2 6 0 ,9 8 4
4,6 6 8
10,671
3,681
13,131
9 2 ,2 6 8
844 ,648
513
8 3 ,086
3 ,1 8 9
374
6 5 ,965
759,591
12,181
144,891
120 ,992
1 ,0 5 6 ,9 6 8
8 ,8 5 5
5 5,801
R E P O R T S .
Northern Securities Company, New York.
fo r
F is c a l
Y e a r
e n d in g
D e c .
31 1909.)
President James J. Hill on Jan. 10 1910 wrote in substance.
( .R e p o r t
C h eck s are tra n s m itte d h e re w ith fo r the d iv id e n d o f 2 H % , d e cla re d p a y
a b le o n this d a te . T ills r e d u c tio n o f d iv id e n d rate has been o c c a s io n e d b y
t h e fa c t th a t, In th e y e a r 1909 this c o m p a n y r e c e iv e d no in c o m e fro m its
h o ld in g s o f s to c k o f th e C r o w ’s N est Pass C oal C o ., fo rm in g a co n sid era b le
p a rt o f th is c o m p a n y ’s in v e s tm e n ts .
T h e te m p o r a r y s to p p a g e o f t h e c o a l c o m p a n y ’s m in in g o p e ra tio n s b y the
g reat llres w h ich sw ep t o v e r th e F ern le d is tric t in 1908 w as la te r fo llo w e d
b y d e v e lo p m e n t o f w eakness In th e r o o f s u p p o rts o f som e o f th e largest
w o r k in g s , n e ce ssita tin g th e te m p o r a r y a b a n d o n m e n t o f these w o rk in g s
u n til n e w an d safe entries c o u ld b e d r iv e n . T h e resu lt w as te m p o r a r ily
t o g r e a tly re d u ce th e o u t p u t o f th e m ines a n d c o rre s p o n d in g ly increase
m in in g c o s t p er to n .
R e o p e n in g o f th e clo se d m in es has been d ilig e n tly
p r o s e c u t e d , th e g re a te r p a rt o f th e cost p r o p e r ly fallin g u p o n o p e r a tin g
e x p e n s e , so th a t the c o a l c o m p a n y d e e m e d the de cla ra tio n o f d iv id e n d s ,
u n d e r th e cir c u m s ta n c e s , In ad visable.
T h e m ines are g r a d u a lly in crea sin g th e ir o u t p u t , w ith re d u c tio n In m in in g
co st p e r t o n , s o th a t r e c e n tly th e d a lly p r o d u c tio n has e q u a le d o r e x c e e d e d
th e largest in the h is to ry o f th e m in es. T h e present o u t lo o k Is p ro m is in g fo r
a large an d p r o fita b le b u sin ess. T h e e x te n s iv e h o ld in g s o f the c o a l c o m p a n y
in B ritish C o lu m b ia , rea ch ed b y b o th the G rea t N orth ern an d C a n adian
P a cilic railw ays, are k n o w n t o co n ta in large bo d ie s o f co a l o f a high q u a lity ,
m u ch o f it c o k in g .
RESULTS FOR CALENDAR YEARS.
1303.
1303.
Dividends from —
$
3
C. B . &. Q. U R .
res_______ (8 % ) 119,704 119,698
Crow's Nest Pas" Coal
C o.. L t d .............................. - 082,443
In te r e s t______________
40
40
Total receipts........... 119,744
a N et earnings here g iv e n a rc a fte r d e d u ctin g taxes,
b N et earnings here g iv e n are before d e d u ctin g ta x e s.
Roads.
— Tnt., Rentals, & c .—
Jan. 1 to latest date.
Previous
Year.
Deductions—
8
S
Taxes ............................ 3,509
3,587
Administration e x p 's .. 20.993
20.881
Interest on lo a n s .......... 5,499
7,383
D iv. __________(2>4% ) 98.807(4)158092
202,181
Total deductions____128,808
189,943
B a la n ce.................... def 9,054 sur 12238
a Includes In 1908 dividends on 25,483 shares for six months at 6?;, per annum
and on balance (2,0 )9 shares) subscribed for and partly paid for period to which the
iatter are entitled to participate.
BALANCE SHEET DEC. 31.
1903.
1908.
1909.
1908.
Debits—
$
3
Credits—
3
S
Organization e x p .
85,0 48
85,048 Canltal s tock ......... 3,954,000 3,954.000
190,000
190,000
Investm ents_____ d o ,600,949 a6,600,949 Bills payable_____
Cash .................... ..
108,504
176,853 S u rp lu s .................. 2,650,501 2.718,850
T o t a l .................. 0,794,501
6,862,850 I
T o t a l .................. 6,794,501
6,862,860
a The Item of Investments Includes 14,961 shares Chic. Bur. & Quincy U R ., valued
at 52,858.788; 27,552 shares Crow’s Nest Pass Coal C o., L td ., $3,741,166 and $1,000
N. P.-G. X ., C. B. A Q. Joint 4% bond, $995.— V. 89, p. 1668.
St. Louis Rocky Mountain & Pacific Co.
fo r F is c a l
Y e a r e n d i n g J u n e 30 1909.)
President Henry Koehler, Nov. 1 1909, says in substance:
(R e p o r t
General Results.— T h e Industrial d e p re ssio n fo llo w in g th e p a n ic o f 1907
w as e sp e cia lly em p h a size d In th e c o a l a n d c o k in g o p e ra tio n s o f th e U n ite d
S ta te s.
P r o d u ctio n o f these stap les su lfered a h e a v y r e d u c t io n , a n d m a rk et
p rice s fo r fuel d e clin e d In a still gre a te r r a tio .
I t w as n o t u n til near th e
c lo s e o f the fiscal ye a r th a t th e d e m a n d b egan t o Im p rove m a te ria lly .
C o n d itio n s th ro u g h o u t th e te r rito r y tr ib u ta ry to th e c o m p a n y ’s m in es an d
o v e n s w ere a ffe c te d a d v e r s e ly n o t o n ly fro m th is c a u se , b u t b y reason
o f th e e n o r m o u s a c c u m u la tio n o f P e n n sylva n ia c o k e a t A rizon a sm eltin g
ce n te rs, as referred t o In th e r e p o rt fo r the fiscal y e a r 1908.
D u rin g the
last h a lf o f th e ca le n d a r y e a r 1908 there w as little o r n o c o k e sh ip p ed fro m
y o u r o v e n s o n a c c o u n t o f these a c c u m u la tio n s o f E a stern c o k e , as th e
s m e itln g co m p a n ie s , fin d in g lt t o th eir Interest t o draw o n th is reserve
to n n a g e , w ere te m p o ra rily o u t o f the m a rk e t.
N o tw ith s ta n d in g th e a d
verse fa c to r s , th e p ro fits o f the past fiscal y e a r w ere m o re than su fficien t to
m e e t ail o p e ra tin g an d fixed Interest ch arges.
I f these resu lts can he a cco m p lis h e d d u rin g on e o f th e greatest period s
o f s ta g n a tio n w h ich th e c o a l, c o k e an d tim b e r Industries have e v e r k n ow n ,
th e s to c k h o ld e r s sh ou ld have e v e r y reason t o feel satisfied and lo o k forw a rd
w ith co n fid e n ce to a fu tu re u n a ffected b y su ch in flu en ces.
T h is c o n fid en ce
Is Justified b y the h e a v y Increase In p r o d u c tio n o f b o th co a l a n d c o k e since
th e clo se o f th e fiscal y e a r 1909.
D u rin g th e p e rio d fro m J u ly 1 1909 t o
N o v . 1 1909. co m p a re d w ith th e sam e p e rio d In 1908, th e Increases referred
t o a m o u n te d to 5 7 % In c o a l a n d fro m 8 .2 0 5 to n s t o 53,173 ton s In c o k e .
I t Is g r a tify in g to he a b le t o sta te th a t th e larger d e m a n d fo r co a l co m e s
fro m a w id e r te rrito ry th an fo r m e r ly , co m p r is in g K an sas, T e x a s , O k la h om a
a n d N ebraska.
As this c o a l Is fo r general co m m e r c ia l a n d d o m e s tic uses
an d so ld a t a d v a n c in g p rice s, it Is m ore p ro fita b le th an su p p ly in g e n g in e
fu el t o the ra ilro a d s.
Stock and Funded Debt.— 'T h ere w as n o ch an ge In c a p ita l s t o c k . T h e
a m o u n t o f first m o rtg a g e 5 % 5 0 -y e a r sin k in g fu n d g o ld b o n d s o u ts ta n d in g
on Ju n e 30 1909 w as $ 7 ,5 0 0 ,0 0 0 , an Increase d u rin g th e y e a r o f $ 3 5 0 ,0 0 0
b o n d s , w h ich w ere Issued t o reim bu rse th e c o m p a n y fo r e x p e n d itu re s fo r
Im p ro v e m e n ts. T h ere w as a u th o riz e d an Issue o f $ 7 5 0,00 0 6 % g o ld n o te s ,
d a te d A pril 1 1909 a n d m a tu rin g $15 0,00 0 A pril 1 1910, $ 3 0 0,00 0 A p ril 1
1911 an d $30 0,00 0 A pril 1 1912, secured b y th e c o m p a n y ’ s first m o r t
gage b o n d s In an a m o u n t e q u iv a le n t t o 133 1 -3 % o f th e par o f th e n o te s
o u ts ta n d in g (V . 8 8 , p . 8 8 4 ).
O n Jun e 30 1909 there w as o u ts ta n d in g
$72 3 ,0 0 0 o f these n o te s, secu red b y $ 9 6 4,00 0 first m o rtg a g e 5 % b o n d s ,
w h ic h are part o f th e a m o u n t sta te d a b o v e as o u ts ta n d in g .
234
THE
C H R O N IC L E
Improvements and Additions .— E x p e n d itu re s fo r Im p ro ve m e n ts an d
a d d itio n s d u rin g th e y e a r to t a le d 5 6 6 ,2 0 6 . T h e p rin cip a l e x p e n d itu re s
w ere fo r a d d itio n a l e q u ip m e n t a n d Im p ro v e m e n ts t o p o w e r pla n t a t th e
W illo w m in es a n d the K o e h le r m in es.
Replacement Reserve F un d .— It is the p o lic y o f the c o m p a n y t o m ake p r o
v is io n fro m cu rren t earn in gs fo r u ltim a te re p la ce m e n t o f p r o p e r t y a n d fo r
d e p r e c ia tio n o f its c o a l a n d c o k in g p la n ts , lo co m o t iv e s a n d cars.
T h is
ch a rg e , a m o u n te d in th e fiscal y e a r u n d e r re v ie w to 579,306 a n d m u st
n o t be c o n fu s e d w ith th e cu rren t ch arges fo r u p -k e e p , w h ich are tre a te d as,
a n d Inclu ded in. op era tin g co s ts.
Blossburg Mercantile C o .— T h e c o m p a n y u p on its o rg a n iz a tio n a cq u ire d
an in v es tm en t Interest In th e ca p ita l s to c k o f the B lo ssb u rg M ercantile C o.
to th e a m o u n t o f 551 ,000 p ar v a lu e .
D u rin g the y e a r e n d e d Jun e 30 1907
the B lossb u rg M ercantile C o. Increased its ca p ita l s to c k to 550 0 ,0 0 0 , all o f
w h ich w as issu ed an d o f w h ich 5 2 3 2 ,3 4 0 , p a r v a lu e , w as taken b y the c o m
p a n y in p a y m e n t o f va lu a b le privile ge s g iv e n , m a k in g a to ta l o f 5 2 8 3 ,3 4 0 ,
par v a lu e, o w n e d b y the S t. L . It. M . & P a c. C o. T h is a d d itio n a l s to c k w as
p u t u p o n th e b o o k s o f th e c o m p a n y a t a v a lu a tio n o f 51, o r a to ta l v a lu a tio n
o f 5 5 1 ,0 0 1 , rep resen tin g 528 0 ,3 4 0 , p a r v a lu e ,s t o c k . T h e m a rk e t v a lu e o f
this s to c k stan d s at m ore than par a n d It co u ld r e a d ily be so ld fo r cash at
prices rep resen tin g a su b sta n tia l p rem iu m .
In vie w o f this fa c t , the n o m i
nal llgu re at w h ich the a d d itio n a l s t o c k a c q u ir e d w as en te re d o n th e b o o k s
d id n ot In a n y sense represen t Its tru e v a lu e .
C o n s e q u e n tly , the d ire cto rs
d eem ed it p r o p e r to m a k e co r re c tio n b y p u ttin g u p o n th e b o o k s th is s to c k
a t p ar va lu e.
Swastika Fuel Co .— D u rin g th e y e a r th e en tire o u ts ta n d in g s to c k o f the
S w astik a F u el C o ., org a n ize d t o a c t as selling a g e n t fo r th e c o m p a n y , w as
a c q u ir e d .
P rior t o th e fo rm a tio n o f th e S w astik a F u el C o ., th e c o m p a n y
w as n o t in a p o s itio n to deal d ir e ctly w ith Its c u s to m e rs , o u tsid e interests
a c tin g as sales a g en ts. T h e p resen t a rra n g e m e n t brin gs th e c o m p a n y
d ir e ctly In t o u c h w ith its c u s to m e rs . T h e en tire p ro fits fo r th e y e a r h a ve
b een decla red as a d iv id e n d . S w a stik a F u el C o . has n o b o n d e d d e b t.
Below we give a combined statement of revenue from all
sources since the commencement of operations on July 7 1905,
earnings for the railway being included from its formal com
pletion, June 30 1907; also comparative balance sheet for
two years, the St. Louis Construction & Equipment Co. and
Swastika Fuel Co. being included in 1909 in addition to the
St. L. R. M. & Pac. Co. and the St. L. R. M. & Pac. lly:
IN C O M E ACCOU N T FOR YE AR S E N D IN G J U N E 30.
1908-09.
5
1 ,439,045
982,981
1907-08.
5
1,535,996
1 ,006,587
190 6-0 7.
$
1 ,1 2 7 ,2 3 4
6 50 ,735
1905-06.
5
7 64 ,039
500 ,796
N et in c o m e ___________
456 ,064
In terest ch a r g e s ________
377 ,619
O th er d e d u c t io n s _______
20,684
R eserv ed
fo r rep la ce
m en ts & d e p r e c ia tio n .
79,306
&•
-------------------S u r p l u s _______________d e l. 21,5 4 5
529,409
386 ,548
17,144
476 ,499
3 14 ,258
19,930
263 ,243
2 0 4 ,4 6 5
106,508
35,398
27,832
19,209
106,913
3 0 ,945
G ross r e v e n u e ..................
C o s t, ex p en ses a n d ta x es
[VOL. LXXXX.
o w n e d a r c th e M e tro p o lita n lin e , th e F o u rth a n d M adison ave n u e s lin es.
S ix th , E igh th an d N in th aven u es a n d 23d S tre e t lines, w ith lessor p r o p
erties.
W e are pre p a re d to la y o u t $ 1 0 0 ,0 0 0 ,0 0 0 in n e w c o n s tr u c tio n w o rk and
to g o to th e e x tr e m e lim it o f business ju d g m e n t in p ro s e cu tin g th is w ork .
T h e largest ban kers in the c o u n t r y are w illin g to b a c k us. J . P . M organ
& C o. h a ve ta k en up the p r o p o s itio n w ith three p o in ts In v ie w : a reason able
retu rn to the b an k ers, a re a son able return to th e In v e sto r a n d Im p ro v e m e n t
to th e transit fa cilitie s fo r the ben efit o f th e p u b lic .
W e h a v e been a lm o s t b e g g in g th e co m m issio n to let us sp e n d m o n e y .
W e are w illin g t o tak e up th e w o rk in se ctio n s an d t o g iv e p a rtia l relief a t
o n c e if w e are p e r m itte d .
O ne o f the earliest Im p ro v e m e n ts w e w ou ld
m ake w o u ld be to th ird -tr a c k th e 3d A v e . ele v a te d r o a d .
T ills w ou ld
increase th e c a rry in g c a p a c ity o f th at line b y 3 2 % o v e r Its p re se n t m a x i
m u m . W e h a ve re ce iv e d perm ission to len gth en th e s u b w a y p la tfo rm s
a n d w hen this is d o n e the c a p a c it y o f th e s u b w a y will lie in crea sed 28 > £% .
T r a ffic m u st be p r e t t y den se w hen w e can h au l a passen ger 16 m iles fo r
a n ick e l. T h e Increase in tra ve l is p h e n o m e n a l.
N ew s u b w a y s , I b e lie v e ,
c a n n o t a id th e situ a tio n in less than 5 o r 7 years a t the least. C ost o f their
c o n s tr u c tio n , I d o n o t th in k , co u ld b e less th an d o u b le th e c o s t o f the
present o n e .
T h e third step in th e d e v e lo p m e n t o f th e s y s te m w o u ld b e th e co n s tr u c tio n
o f a s u b w a y d o w n 7th A v e . an d up th e E a st .Side o n eith er M adiison o r
L e x in g to n a v e n u e s , w h ich co u ld be e x te n d e d o n J e ro m e A v e .
I t Is in ten d ed
to bu ild these e x te n sio n s in s e c tio n s .
P r o b a b ly the first s e ctio n to be
b u ilt If the plan goes th ro u g h w o u ld be th a t fro m L o n g A c r e S qu are t o
3 4 th S t. in o r d e r to tak e care o f th e p assenger t r a ffic w h ich is t o d e v e lo p
there as a result o f th e o p e n in g o f th e P e n n sy lv a n ia term in als.
T h e c o m p a n y Is o ffe rin g to turn the S te in w a y tunnel o v e r to the c it y a t
c o s t an d g iv e a 5 -cen t fare fro m Q ueens t o M an h a ttan , w ith transfers in
tills b o r o u g h , a n d to s e c o n d -tra ck the e le v a te d o n W illia m sb u rg B ridge,
ru n n in g a th ro u g h s e rv ice in c o n n e c tio n w ith it o n S e co n d A v e .
In o th er
w o rd s, w e o ffe r to d o u b le th e presen t s u b w a y facilities an d g iv e th e p e o p le
th e benefit o f it fo r th e sam e fa re. W e are n o w selling m ore tra n sp o rta tion
o f its kin d f o r a n ickel than a nickel w ill b u y a n y w h e re else in th e w o rld ,
an d we o fie r to d o tw ice as w ell b y th e p e o p le .
IN C O M E AC C O U N T FOR C A L E N D A R Y E A R S E N D IN G DEC. 31.
Receipts —
1909.
D lv . a t 9 % p er an n u m o n 3 39 ,128
shares o f I n te r b . It. T . C o. s t o c k . . $3,0 5 2 ,1 5 2
D Ivs. a ggregatin g 3 } 3 % o n 427 ,4 0 0
shares o f M et. S t. R y . s t o c k _______
_______
In terest o n ban k b a la n ce s, loan s, &c_
290 ,429
1909.
$
1908.
S
Property <fc equip
ment (co s t)____18,460,950 18,710,017
Other Investments
283,340
61,001
First m tge. bonds
p le d g e d _______ a915,800
240,437
Cash ____________
319,562
First mtgo. bond*
150,000
u n s o ld .............................. —
4,481
Notes receiva b le..
4,481
127,230
Accts. receivable.
186,455
Coal and coke on
11,951
hand___________
6,801
6,946
Sundry accou n ts-.
7,28#
Materials itsuppllos
76,500
35,624
Real estate......... ..
17,804
Other a ssets.........
35,214
10,095
T o t a l ..................20,314,193 19.407,782
1909.
1908.
Liabilities—
S
S
S t.L .R .M .& P .C o.—
Common s tock . 10.000,000 10,000,000
Preferred s tock . 1,000,000 1.000,000
First mtge. b d s. 7,500,000 7,150,000
Sec’r’d coup.notes 723,000
S t.L .R .M .& P .R y.
car trust n o t e s ..
143,000
185,000
Unpaid wages____
60,264
41,416
Notes payable____
20,000
95,000
Accounts payable.
55,836
35,632
Accrued Interest..
175,912
196,834
Sundry a cco u n ts ..
6,831
9,316
Deferred liabilities
............
367,779
Reserved for de
preciation ..........
244,874
169,7.38
S u rp lu s.................. 6384,476
157,067
T o t a l .................. 20,314,193 19,407,782
a P led g ed as collateral u n d er secu red co u p o n g o ld n o te s d u e A p ril 1 1910,
1911 a n d 1912.
6 A fter a d d in g a p p re c ia tio n o f s to c k o f th e B lo ssb u rg M erca n tile C o.
th ro u g h v a lu a tio n b y b o a r d o f d ir e cto r s , $ 2 3 2 ,3 3 9 — see t e x t a b o v e .
S t. L ou is R o c k y M ou n tain & P a cific R y . C o . gu aran tees prin cipa l
($1 2 0 ,0 0 0 ) an d Interest on first m o rtg a g e 7 % te n -y e a r g o ld b o n d s o f the
C im arron & N orthw estern R y . C o .— V . 88, p . 884.
Hudson Companies.
31 1909.)
At the annual meeting on Jan. 11 President Oakman
said in substance:
(S ta te m e n t
fo r
Y e a r
e n d in g
D e c .
Y o u r e q u ity in th e p r o p e r ty is r a p id ly in crea sin g in v a lu e . T u n n e l
tr a ffic fo r D e ce m b e r la st eclip sed a n y p re vio u s m o n th in th e h is to ry o f the
com pany.
Figures c o m p ile d thus fa r fo r J a n u a ry in d ica te th a t th e p re
v io u s m o n t h ’s record w ill be su rpassed.
I t Is to o m u c h , h ow ev er, to e x p e c t th a t th e tunnel t r a ffic w ill c o n tin u e
a t th e p resen t 1 0 % m o n th ly in crea se, w ith o u t the aid o f the ro u te s th a t are
u n d er co n s tr u c tio n .
W h en c o m p le te d , these lines w ill c o n tr ib u te an e n o r
m ou s tr a ffic to the tu n n els.
W ith the r e m o v a l o f the P e n n sy lv a n ia sta
tion u p to w n , the H u d son tunnels w ill b e p r a c tic a lly the o n ly m o d e o f a c
cess to low er M anhattan fro m Jersey.
T h e P en n sy lv a n ia p a y s us a t the rate o f 5 cen ts p er passen ger stra ig h t
T erm s will s o o n be c o m p le te d w ith the Erie C o m p a n y p r a c tic a lly th e sam e
as the P en n s y lv a n ia . T h en the o n ly co m p a n ie s th a t w ill n o t be in clu d e d
w ill be the L a ck a w a n n a , L eh igh V a lle y an d th e N . Y . S u sq u eh an n a &
W estern .
It Is reason able t o belie v e th a t these c o m p a n ie s w ill s o o n a c c e p t
th e sam e offe r , as it is c h ea p e r th an the m ain ten an ce o f fe rr y b o a ts .
T h e G im bel B u ildin g, a t 32d S t. will be re a d y fo r o c c u p a n c y A p ril 1 n e x t.
A lth o u g h th e store w ill n o t o p e n fo r business a t th a t tim e , the ren t w ill be
p a id to the H u d son C om pa n ies fro m th a t d a te .
B A L A N C E S H E E T DEC. 31, 1909.
Liabilities —
$
Assets—
$
H . & M . 14 14% b o n d s . - .2 7 ,0 3 2 ,0 0 0 P referred s t o c k ___________ 16,0 0 0 ,0 0 0
RR.
[P referred s to c k 2,2 3 0 ,0 1 8 C o m m o n s t o c k ____________ 5,0 0 0 ,0 0 0
(at par) J C om m on s t o c k . 27,1 8 6 ,6 9 8 G o ld n o te s —
5 % D u e A u g . 1 1 9 1 2 .. 3 ,0 0 0 ,0 0 0
G reeley S q .l B o n d s ----------- 2,2 0 0 ,0 0 0
6 % D u e O ct. 15 1 9 1 1 .-1 0 ,0 0 0 ,0 0 0
R e a lty C o .f P r e f. s t o c k . . 1,0 0 0 ,0 0 0
6 % D ue A u g . 1 1 9 1 0 .. 2,1 1 4 ,0 0 0
(at par) JC om . s t o c k . . 1 ,0 0 0 ,0 0 0
680 ,256 6 % s h o rt-te rm n o t e s ------- 1,440,500
R ea l estate (less m t g e s .) .
315 ,153
386,384 A c c r u e d in terest p a y a b le .
C a s h _____________________
450 ,000
Bills r e c e iv a b le __________
565,459
A c c o u n ts r e c e iv a b le -----12,505
D e p o s it s _________________
T o ta l .................................. 6 2 ,7 4 3 ,4 1 0
T o ta l ................................... 3 7,869,653
C om p a re m o n th ly p a ssen g e r tr a ffic .— V . 8 9 , p . 1280.
Interborough-Metropolitan Co., New York.
fo r F is c a l
Y e a r
e n d in g
D e c . 31 1909.)
r At the annual meeting on Tuesday President Shonts said
to the stockholders in part:
(S ta te m en t
T h e q u estion o f d iv id e n d s o n the preferred has n o t been discu ssed b y
th e b o a r d , a n d I cou ld n o t sa y w hen It w o u ld be co n sid e re d w ise to resum e
p a y m e n ts .
L a st O cto b e r a n d N o v e m b e r th e c o m p a n y had a ctu a l cash
w ork in g c a p ita l o n h an d w h ich p e rm itte d it to o p e r a to w ith o u t m a k in g
loan s.
T h e sy s te m o f su rface r a ilro a d s has been d is in te g ra te d , th e T h ird A v
enue R R . b e c o m in g an in d e p e n d e n t p r o p e r ty a n d the S e c o n d A v e n u e line
b e in g e lim ln a t ld th rou gh re ce iv e rsh ip . T h e m o st Im p o r ta n t lines n o w
1907.
$ 3 ,0 5 2 ,1 5 2
295,892
1 ,4 9 5 ,9 0 0
205 ,5 0 9
T o ta l re c e ip ts ________________ ______ - $3,342,581
Disbursements —
I n t. on $67 ,8 2 5 ,0 0 0 I n te r b .-M e tr o p .
collateral trust b o n d s ------------ $ 3 ,0 5 2 ,1 2 5
D iv id e n d s a g g re g a tin g 2 H % o n I n t .M et. preferred s t o c k ----------------------------------E x p en se a c c o u n t ................
215 ,839
T a x e s ----------------------------------------------------104,252
$3,3 4 8 ,0 4 4
$4,753,561
$ 3 ,0 5 2 ,1 2 5
$ 3 ,0 5 2 ,1 2 5
----------190,642
104,251
1 ,1 4 3 ,5 0 0
212,184
103,760
T o ta l d isb u rse m e n ts________________$3,3 7 2 ,2 1 6
B a l a n c e .................................. ....................... dcf. $29 ,635
Surplus b e g in n in g o f y e a r ......................
767,943
$ 3 ,3 4 7 ,0 1 7 $ 4 ,5 1 1 ,5 6 9
s u r .$1,027 s u r .$ 2 4 1,992
766 ,016
524,924
C O N SO LID A TE D B A L A N C E S H E E T J U N E 30.
Assets—
1908.
$ 3 ,0 5 2 ,1 5 2
T o ta l su rp lu s............................................
$738,308
$767,943
$76 6,01 6
B A L A N C E S H E E T D E CEM BER 31.
1908.
1909,
1907.
Assets —
$
$
$
I n te r b . R a p . T ra n . C o. s to c k a t c o s t.1 0 4 ,5 6 3 ,0 4 2 104 ,563,042 1 04 ,563 ,04 2
M e tro p o lita n S t. R y . C o . s t o c k a t c o s t 6 8 ,6 8 4 ,4 5 5 68 ,684,455
6 8 ,6 8 4 ,4 5 5
M e tro p o lita n S e cu r. C o. s t o c k a t c o s t 2 8 ,3 2 9 ,6 9 5
28 ,329,695
2 8 ,3 2 9 ,6 9 5
M et. S ec. C o. loans secu red b y 3 -y e a r
5 % lm p ro v . n o te s, s to ck s a n d b on d s
o f su b sid ia ry c o s . as co lla te r a l____
8 ,8 4 4 ,7 0 0
8 ,2 8 1 ,2 0 4
0,422,891
R ea l e s ta te ________________ _______ _____
642 ,509
594 ,465
M etrop . S ecu r. C o. s t o c k , full p a i d . .
36,7 7 4
36,773
36,773
O ffice fu rn itu re an d fix tu re s _________
6,902
6,487
5,461
E n gin eering in su spen sion (a d d itio n a l
su bw ays)
100,152
62,648
50,115
1 ,099,882
Cash and a c c o u n ts r e c e iv a b le ...............
811 ,428
1 ,835,803
T o t a l .............................................................2 1 1 ,1 0 2 ,1 0 5 2 12 ,559 ,92 8 2 1 2 ,9 4 4 ,5 1 0
Liabilities-
C o m m o n s t o c k --------------------------------------- 93,2 6 2 ,1 9 2
P referred s t o c k ________________________ 4 5 ,7 4 0 ,0 0 0
C ollateral trust A'A% b o n d s ...............
6 7 ,8 2 5 ,0 0 0
N o te s p a y a b le ...................... ..................... ]
2 ,773,573
A c c o u n ts p a y a b le ____________________j
In terest a c c o u n t ______________________
*763,031
In co m e a c c o u n t ________________________
738,308
03,2 6 2 ,1 9 2
4 5 .7 4 0 .0 0 0
6 7 .8 2 5 .0 0 0
/ 4 ,1 7 3 ,0 0 0
\
28,762
763,031
767,043
0 3 ,2 6 2 ,1 9 2
4 5 .7 4 0 .0 0 0
6 7 .8 2 5 .0 0 0
4 ,5 4 5 ,0 0 0
4 2 ,3 7 0
763,031
766 ,917
T o t a l............................................................ 2 1 1 ,1 0 2 ,1 0 5 21 2 ,5 5 9 ,9 2 8 2 1 2 ,9 4 4 ,5 1 0
* Inclu des a ccru e d Interest fo r three m o n th s to Jan . 1 n e x t fo llo w in g on
In te rb o ro u g h -M e tro p o lita n 4 H % b o n d s (co v e re d b y d iv id e n d o f In te r
b o ro u g h R a p id T ran sit C o. paid Jan . 3 1910.— V . 8 9 , p . 593.
Monongahela River Consolidated Coal & Coke Co.
(R e p o r t fo r
F is c a l
Y e a r
e n d in g
O c t.
31 1909.)
Pres. George W.Theiss onJan. 12 1910 wrote in substance:
O n D e c. 31 1909 w e retired fro m the sin kin g fu n d $16 7,00 0 first m o rtg a g e
b o n d s , le a v in g o u ts ta n d in g $ 7 ,7 5 6 ,0 0 0 .
Coal Production and Sales .— C o n siderin g th e c o n tin u e d general business
d epression w h ic h has e x te n d e d o v e r th e p ast tw o years, an d th e lo w -w a ter
p e rio d fro m J u ly to J a n u a r y , d u rin g w h ich tim e n o coa l w as s h ip p e d , o u r
p r o d u c tio n an d sales h a v e been m ain tain ed as w ill be seen b y the fo llo w in g :
Year ending—
Oct. 31 1909.
Oct. 31 1908.
P r o d u c t i o n . ........................ 6 ,0 3 2 ,3 9 2 ton s 6 ,0 9 6 ,1 1 0 ton s D ecrease .0 1 4 %
S a l e s . - . __________________ 6,2 7 8 ,8 9 6 tons 6 ,0 4 4 ,3 0 7 ton s
Increase .0 3 9 %
Coal Lands .— O u r a cre a ge o f P ittsb u rg h co a l O c t . 31 1908, 29,630 acres;
O ct. 31 1909, 28,849 acres; re d u c tio n fo r the y e a r , 781 acres; m in ed o u t an d
sold du rin g th e y e a r, 790 acres; a cq u ire d d u rin g the y e a r , 9 acres.
Extraordinary Losses by Storm .— C aused b y the g reat h u rricane o f S e p t. 20,
w h ich resulted in th e sin kin g o f all the coa l o w n e d o n the M ississippi R iv e r ,
b etw een N ew O rleans, L a ., a n d N a tch e z , M iss., a m o u n tin g to 323 ,193 to n s .
Inclu din g all th e h a rb o r e q u ip m e n t, such as p u m p b o a ts , lines, ch ain s, tu gs,
& c ., a ggre ga tin g $ 9 0 9 ,4 1 0 .
F ro m this a m o u n t w e h a v e d e d u cte d fo r s a lv
age $20 0 ,0 0 0 , le a v in g a net loss fro m this ite m as sh o w n b y the s ta te m en t
o f earnings o f 570 9 ,4 1 0 .
T h is a m o u n t m a y be slig h tly re d u ce d hereafter
b y increased recoveries o f su n k c o a l.
.
,
,
.
Net Earnings .— T h e clTcct o f the general business d ep ression o f 1908 w as
m anifest th ro u g h o u t, 1909 a n d , co u p le d w ith a general o v e r -p r o d u c t io n o f
bitu m in ou s co a l, cau sed severe c o m p e titio n an d lo w p rices. C o n d ition s
w ith resp ect to to n n a ge a n d prices are v e r y e n co u ra g in g a n d sh o u ld result
In a m arked im p ro v e m e n t o v e r the ye a rs 1908-1909.
E A R N IN G S , &C., FOR Y E A R S E N D IN G OCT. 31
1908-09.
Coal m in ed (t o n s ) ------------ £ 5 ,9 4 7 ,8 2 6
E a r n in g s ........................... -- $ 2 ,1 3 4 ,5 8 7
M a ln t.& re p .riv e r c r a f t . .
D e p re cia tio n ch a rged oft
R o y a lt y o n co a l m in e d . .
I n t. o n b o n d s , & c ----------Loss b y sto rm S e p .20 '09
T a x e s a c c r u e d ___________
Fire Insur. fu n d , surplus
C oal sin k, fu n d , surplus
D iv id e n d o n p re f. s t o c k .
405 ,548
1/834,927
1907-08.
5 ,985,486
$2,3 2 0 ,8 6 0
1906-07.
7 ,3 2 1 ,9 6 1
$3,2 7 7 ,0 8 3
1905-06.
6 ,5 0 9 ,7 3 7
$ 2 ,286,330
432 ,530
824 ,0 0 9
497 ,509
3 53 ,678
497 ,407
610 ,745
387 ,954
319,008
442 ,932
612,961
560,858
*709 ,410
T o t a l ................................ $2,5 1 0 ,7 4 3
N et b alan ce fo r y e a r ____ d e f$ 3 7 6 ,1 5 5
(Z4 ? i ) 475 ,000
" 57,595
" 70,881
93,728
103 ,365
( 7 )7 0 0 ,0 0 0 (4 ^ )4 5 0 ,0 0 0
$2,3 1 9 ,8 9 4
$ 2 ,9 1 4 ,0 2 7
sur$906 su r$363 ,05 0
$2,2 8 3 ,7 3 6
su r$ 2 ,6 0 0
* L oss o n c o a l, riv e r cr a ft an d h a r b o r e q u ip m e n t su n k d u rin g s to rm on
L o w e r .Mississippi R iv e r , x T h e O h io V a lle y C oal & M in ing C o . also m ined
8 4 ,566 to n s In 1909, again st 110,624 In 1908, 132,196 in 1907 a n d 127,399
In 1906. y D e p r e cia tio n , $83 4,92 7 in 190 8-0 9, in clu d es D e p re cia tio n o n
JAN. 22 1910.]
THE
m ine e q u ip m e n t, $ 19 1,87 3; d e p re cia tio n o n r iv e r c r a ft, & c ., $40 5,53 4; d e
p letlon o n c o a l a c rea g e, $2 3 7 ,5 2 0 . z D iv id e n d s In 1907-08 In clu d e 3 'A %
p aid J u ly 1908 an d 1 14% p a id J a n . 190 9. See an n u a l r e p o r t fo r 1 9 0 0 -0 7 ,
V . 8 5 , p . 157 5, an d V . 85. p . 1405.
B A L A N C E SH E E T OCT. 31.
1908.
1908.
1909.
1909.
S
Assets—
Liabilities—
$
S
S
411,490
347,837 Preferred s t o c k . . . 10,000,000 10,000,000
Cash on hand, & c.
Re-Investment fund
Common s t o c k . . . 20,000,000 20,000,000
with trustee-----118,776
63,755 B on ds____________ 7,923,000 8,211,000
199,804 Certificates of In
Bond sinking fund
193,910
48,142
Bonds purchased.
83,789
debtedness......... 1,305,000 1,440,000
286,000
Accts.& blllsrec.,&c 2,441,586 2,291,632 Car trust notes___
242,000
172,834
Stks.& bds.oth.cor.
586,995
165,818
496,083 M ortgages_______
Def.chgs.agst.oper.
20,016
42,128 Accounts and bills
Coal on hand......... 1,325,768 1,636,971
p a y a b le _______ 1,961,223 1,257,521
Supplies on hand.
84,562
80,186 Fire Insurance fund
95,239
Lumber, & c., su p .
505,177
s u r p l u s ............
95,239
482,579
Em pty coal boa ts.
118,878
115,344 Coal sinking fund,
104,761
s u r p lu s .............
104,761
Investm ents...........37,506,640 37,864,002
Undivided profits. 1,600,552 2,101,708
T o t a l .................. 43,397,593 43,669,063
—V, 89, p, 849.
T o t a l .................. 43,397,593 43,669,063
Standard Cordage Co., New York.
fo r F is c a l
Y e a r e n d i n g S e p t . 30 1909.)
President Chas. Wilson, New York, Jan. 4 1910, writes
in substance:
(R e p o r t
General Results.— T h e fiscal y e a r has be e n ch an ged so as t o en d S e p t. 30
Instead o f M arch 31, as h e r e to fo r e . T h e figures p re se n te d , th e re fo re , c o v e r
th e p e r io d fro m O ct. 1 1908 t o S e p t. 30 1909.
B riefly su m m a riz e d , the
o p e r a tio n s a g a in sh ow a loss eq u a l t o $23 1,33 4. T h is sum Inclu des $33,013
for m a in ten a n ce o f m ills n o t o p e ra te d a n d $14 0,30 0 fo r 12 m o n th s ’ Interest
on $ 2 ,8 0 6 ,0 0 0 first m ortg a ge 5s, a lth o u g h the 6 m o n th s ’ Interest d u e O c t. 1
w as n ot p a id an d Is still In d e fa u lt. T h e net loss fro m m a n u fa ctu rin g . In
clu d in g tn e c o s t o f m a rk etin g th e c o m p a n y ’s g o o d s , as w ell as th e exp en ses
o f a d m in is tr a tio n , a m o u n te d t o $ 5 9 ,5 7 2 , less $1,550 fo r Interest o n cash
b alan ces.
W h ile business has sh ow n m u ch Im p ro v e m e n t In o th e r lin es,
th a t o f th e co rd a g e tra d e has la g g e d . T h e m argin o f p ro fit also has been
g rea tly r e d u c e d ,a n d Is n o w m u ch b e lo w n orm a l, as fibres h a v e a d v a n c e d
w hile th e p rice o f m a n u fa ctu re d g o o d s has not k e p t p a ce .
As n e a rly all
o th e r lines o f business h a ve re co v e re d fro m th e late de p re ssio n , It Is o n ly
reason able t o su p p ose th a t th e c o rd a g e trade w ill also s o o n p ic k up.
Idle Plants, A c . — T h e Idle p la n ts n o t requ ired In th e c o n d u c t o f th e c o m
p a n y ’s business are y e t on o u r h an ds. T h e C annabis M fg . C o ., h o w e v e r ,
has d isp osed o f 12 lots in B r o o k ly n o n a d v a n ta g e o u s term s, a n d It Is th o u g h t
th a t a pu rch a ser has been fo u n d fo r th e 34 acres o f lan d a t C h elsea.
I f this
sale goes th ro u g h , th e o n ly p r o p e r ty left t o the C an n abis M fg . C o . w ill be
the pla n t a t S ou th B o s to n , a b o u t 2 a cres, w ith a b r ick b u ild in g su ita b le fo r
a sm all m a n u fa ctu rin g business. N e g o tia tio n s are n o w o n f o r th e sale o f a
p o r tio n o f this p r o p e r ty . T h e s to c k o f th e C annabis M fg . C o . has been In
v e n to rie d on o u r b o o k s at $ 15 4,59 7 an d the c o m b in e d pro p e rtie s o f th at
c o m p a n y w h en so ld w ill In all p r o b a b ility realize $10 ,000 In e x ce ss o f th at.
N o t v lt l u t v a lin e d lllg a it eIT>-•ts . we h a v e be e n u n a b le t o sell a n y o f
th e p la n ts c o v e r e d b y th e m ortg a ges.
A c o m p e te n t real e state m an has
been e m p lo y e d on a sa la ry basis f o r th e p a st e ig h t m o n th s , d e v o tin g p r a c
t ic a lly his en tire a tte n tio n t o th e m a tte r, b u t n o o ffe r has been re ce iv e d th a t
the d ir e cto r s w ou ld h a v e been Justified In a c c e p tin g . T h e o n ly p la n t w h ich
has been o p e ra te d Is th e Sew all & D a y , w h ich Is o f Itself c a p a b le o f tu rn in g
o u t a larger o u tp u t th a n ca n be r e a d ily m a rk e te d .
Outlook.— It goes w ith o u t s a y in g th a t business w ill h a v e t o p ic k u p c o n
s id era b ly a n d th a t y o u r c o m p a n y w ill h ave t o be relie v e d o f th e b u rd e n o f
m ain ta in in g a lo t o f Idle plan ts If It Is to be p u t o n a s o u n d p a y in g basis.
A first m ortg a g e b o n d h o ld e rs ’ co m m itte e , It Is u n d e rs to o d , has been In
co m m u n ic a tio n w ith the va rio u s holders o f the b o n d s w ith th e Idea o f f o r
m u la tin g som e^p lan w h e re b y th e Interest o n th e b o n d s c o u ld be d e ferred
fo r a tim e u n til co n d itio n s Im p ro v e .
It c a n n o t be learned a t this w ritin g
w h at a c t io n , If a n y , has been ta k e n b y th is c o m m itte e lo o k in g to w a rd th a t
resu lt.
As y o u r c o m p a n y has sp en t at least $ 2 0 0 ,0 0 0 , e x c lu s iv e o f b o n d
Interest, f o r th e p resen t g o o d -w ill, It Is t o be h o p e d th a t s o m e pla n satlsf a c t o r y jt o all w ill be e v o lv e d .
IN C O M E AC C O U N T.
*
12 mos tend. 6 mos. end. 12 mos. end. 11 mos. end
Sept. 3 0 '’09. Sept. 30 ’ 08. M ar. 31 ’ 08. Mar. 31 ’07.
"P ”
N et tr a d in g loss befc s
d e p r e c i a t io n _______ .
Add — M ain ten a n ce of
n o n -o p e r a tiv e m il l s ...
.
B on d In te r e s t------
nabls M fg . C o. a n d In
terest r e c . (n e t ).
D c f l c l t .............
235
C H R O N IC L E
$
$
$
$
50,572
9 1 ,239
54,671
12,506
33,013
140,300
17,844
70,150
3 4 ,0 1 0
140 ,300
14,044
140,300
232 ,885
170,233
228 ,981
166,850
*1,550
*1,190
15,832
62,252
231 ,335
178,043
21 3 ,1 4 9
104,597
In terest o n ly .
B A L A N C E SH E E T .
Assets —
i Sept. 30 ’ 0 9 . Sept. 30 ’0 8 . M ar. 31 ’08. M ar. 31 ’0 7 .
$6,83 3 ,1 8 6
$0 ,8 3 2 ,8 4 5
$ 6 ,8 3 2 ,8 4 5
P r o p e r ty a c c o u n t _______ $6 ,8 3 2 ,8 4 5
50,500
I n v e s t m e n t s ____________
£15 5 ,0 9 7
£ 15 5,09 7
£ 1 5 5 ,0 9 7
4 ,127
Im p ts.,& c., In VVat’ b ’ y mi
2 8 ,927
21,482
21,482
1,031
N . Y . o ffic e , fu r n .& flx t’s
1,213
1,213
1,213
930,161
M aterials an d s u p p lie s . .
3 43 ,536
510 ,359
62 0 ,6 2 2
A ccts. a n d bills re c e iv
174,627
a b le , less res e r v e _____
76,800
97,736
9 8 ,1 5 5
11,738
5,019
6,664
G o v t, rebates o n h e m p ..
8,7 8 3
46,347
25,777
3 9 ,9 4 9
Cash In b a n k ____________
8 8 ,5 5 0
A d v a n ce p a y m e n ts . In
su ran ce & e m p lo y e e s .
7,609
8,587
12,932
7,843
570
A ccru ed In terest...............
622,527
391 ,192
D e f i c it ..................................
£ 1 0 4 ,5 9 7
£ 2 1 3 ,1 4 8
$8 ,1 1 9 ,9 2 0
Liabilities —
C a p ital s t o c k ------------------ . $2,75 9 ,7 8 6
First m tg e . b on d s Issuedl 2,805,373
2,471,686
A d ju s tm e n t m tg e. b d s . .
83,075
C urrent lia b ilitie s ..............
$ 8 ,0 5 1 ,5 2 3
$ 8 ,0 4 7 ,7 3 8
$ 8 ,162,848
$2 ,7 5 9 ,7 8 6
2,805,373
2 ,4 7 1 ,6 8 7
14,677
$2 ,7 5 9 ,7 8 6
2 ,8 0 5 ,3 7 3
2 ,4 7 1 ,6 8 7
10,893
$2,75 9 ,7 8 6
2 ,8 05,373
2 ,4 7 1 ,6 8 7
126,003
, $8,11 9 ,0 2 0
$8,051,523
$8 ,0 4 7 ,7 3 8
$ 8 ,1 6 2 ,8 4 8
at 1 0 2 and int. Interest J. & J. Denominations $1,000
and $500 (c*). Authorized and outstanding, $1,500,000.
Abstract of LetterfromPresident J . J. S u lliva n , P h ila d e lp h ia , J a n . 171910.
T o ta l a u th o riz e d Issue, $ 1 ,5 0 0 ,0 0 0 .
T h e b o n d s are th e d ir e ct o b lig a tio n
o f th e A m e rica n R a ilw a y s C o ., a n d are se cu re d b y d e p o s it w ith th e R ea l
E state T itle , In su ran ce & T ru st C o. o f P h ila d e lp h ia , tru ste e , o f 3 5 ,737
shares o u t o f a to ta l o f 4 0 ,000 shares o f th e c a p ita l s to c k o f th e J o h n sto w n
P a ssen ger R y . C o . T h e rem a in in g shares, e x c e p t 25 t o q u a lify d ir e cto r s ,
w ill be d e p o s ite d as s o o n as th e y a re tu rn ed In t o this c o m p a n y .
Earnings of Johnstown Passenger R y. Co. for Calendar Year 1909.
G ross e a rn in g s_______________$ 4 9 1 ,6 1 0 IN e t f o r d iv id e n d s ___________$153,111
O per. e x p ., taxes & b d . I n t. 33 8 ,4 9 8 [In t. o n this b o n d is su e-------7 5 ,000
T h e J o h n sto w n P a ssen ger R y . C o . o p e ra te s u n d er p erp etu al ch a rte r and
fra n ch ises in J o h n sto w n , P a ., 25 m iles o f tra ck a n d 10 m iles o f ad d ition a l
tra ck t o W ln d b e r , P a ., m a k in g a to ta l o f 35 m iles o f e le ctr ic , s treet an d
ln teru rb an ra ilw a y .
(S ec also V . 8 9 , p . 1596, 1668.)
T h e A m e rica n R a ilw a y s C o . has b een p a y in g d iv id e n d s a t th e rate o f 6 %
o n its ca p ita l s to c k sin ce 1902. T h e a m o u n t o f Its s to c k fu ll p a id a n d o u t
sta n d in g is $ 6 ,1 9 9 ,5 0 0 .
L e a s e
o f J o h n s to w n
P a s s e n g e r
R R .—
L y n c h b u r g
a n d
R o a n o k e
—A company with $500,000 capital, it is stated, is
being formed in Johnstown for the purpose of leasing the
Johnstown Passenger RR. Co., control of whichwas recently
acquired by the American Railways Co. The “Philadelphia
New’SBureau” of Jan. 17 said:
P r o p e r tie s .
T h e lease p r o p o s e d b y th e J o h n sto w n s y n d ic a te is t o run f o r fiv e yea rs
a t a p rice w h ich w ill yie ld th e A m e r ic a n R a ilw a y s an a v e ra g e ren tal o f
$30 ,000 a n n u a lly . I t also p ro v id e s th a t w ith in th e fiv e y e a rs th e J o h n s
to w n s y n d ic a te can purch ase th e p r o p e r ty fro m the A m e r ic a n R a ilw a y s
a t a p rice , It Is u n d e rs to o d , w h ich w o u ld y ie ld a p ro fit o f $50 0 ,0 0 0 t o th e
A m e rica n R a ilw a y s o n th e w h ole tra n sa ctio n .
If th e J o h n sto w n c o m p a n y
e xercises th e o p tio n to pu rch ase w ith in th e five y e a rs , It w ill h a v e a n a d d i
tion a l tim e In w h ich t o m ak e fu ll se ttle m e n t.
T h ere has been d e p o s ite d to d a te o v e r 9 0 % o f th e s to c k s o f th e L y n ch b u r g
T r a c tio n & L ig h t a n d o f th e R o a n o k e T r a c tio n & L ig h t u n d er th e o ffer
m a d e b y th e A m e rica n R a ilw a y s C o . a n d m o re s to c k Is e x p e c t e d .
F o r the
$ 75 0,00 0 c a p ita l s to c k o f th e L y n ch b u r g C o . th e A m e r ic a n R a ilw a y s is
p a y in g tw o -th ird s o f th e p a r v a lu e per share in A m e r ic a n R a ilw a y s C o.
2 0 -y e a r co lla te ra l tru st b o n d s a n d o n e -th ird In A m e rica n R a ilw a y s C o. s t o c k .
F o r th e $ 1 ,0 0 0 ,0 0 0 s to c k o f th e R o a n o k e C o . th e A m e rica n R a ilw a y s C o . is
o ffe rin g $80 p e r sh are, o f w h ich $50 is in the new 2 0 -y e a r b o n d s a b o v e
m e n tio n e d a n d $30 in A m e rica n R a ilw a y s C o . s t o c k .— V . 9 0 , p . 165.
Arkansas Oklahoma & Western RR.—N e w P r e s i d e n t .—
J. D. Locke of St. Louis has been elected President (and also
General Manager) to succeed W. R. Felker, who built the
road, and who, according to press dispatches, which cannot
be confirmed in this city, has sold the road to Eastern parties.
—V. 86, p. 107.
Atlanta & West Point RR.—S t o c k A u t h o r i z e d . —The share
holders on Jan. 20 authorized an increase in the capital stock
from $1,232,200 to $2,500,000, the new shares to be offered
to shareholders at par, to provide for retiring the $1,232,200
6% debenture certificates.—Y. 89, p. 1595.
Atlanta Birmingham & Atlantic RR.—L a r g e D e p o s i t s —
T i m e E x t e n d e d t o F e b . 1.—
-Large amounts of the stocks, se
curities and obligations of the Atlantic & Birmingham Con
struction Co., Atlanta Birmingham & Atlantic RR., Georgia
Terminal Co., Alabama Terminal RR., Fitzgerald Ocilla &
Broxton RR., Brunswick SS. Co., Birmingham Coal & Iron
Co. and The Oglethorpe Co. have been deposited with the
protective committee, Edwin S. Marston, Chairman, under
the protective agreement of May 1 1909. It is therefore
announced, by advertisement on another page, that the
committee intends to proceed with the preparation of a
plan of reorganization which will be submitted as early as
practicable. Further deposits will be received under the
protective agreement on or before Feb. 1 at the Manhattan
Trust Co., New York, and Old Colony Trust Co. in Boston.
C o m p le tio n
o f R o a d . —The com
mittee states that the sev
eral properties have been well maintained and that the un
finished portions of the railroad are in process of completion
under orders of court.—V. 90, p. 165.
Baltimore & Ohio—Chicago Terminal RR.—S a l e o f O l d
C o m p a n y ’s
R o a d
C o n f i r m e d . —Judge Kohlsaat on Jan. 21
confirmed the sale of the property of the Chicago Terminal
Transfer to the Baltimore & Ohio, the objections of the
minority stockholders being overruled.
Officers .— Charles D . Clark has been e le cte d P residen t a n d E d w a rd R a w
lins S ecre ta ry a n d W illia m W . D ix o n T reasu rer o f th e n ew c o m p a n y .
V . 90, p . 166.
Beaumont & Great Northern RR.—M o r t g a g e . —The com
pany has filed a mortgage to the Guaranty Trust Co. of
New York, as trustee, to secure an issue of $1,000 30-year
5% gold bonds at $40,000 per mile dated July 1 1909, due
July 1, 1939, but subject to call at any time at 102^ and
interest.
T h e c o m p a n y w as In co rp o ra te d In T e x a s o n Jun e 22 1905, the s to c k
a t la st a c c o u n ts be in g $3 7 0 ,0 0 0 , In $100 shares. T h e ro a d e x te n d s from
T r in ity , T e x ., to L iv in g s to n , 3 3.43 m iles, an ex te n sio n be in g p ro je cte d
fro m L iv in g s to n v ia B e a u m o n t t o S abine Pass o n th e G ulf o f M e x ico . T he
T e x a s R a ilr o a d C om m ission o n D e c. 15 last a u th o rize d th e Issue o f the
b o n d s.
P residen t. W illia m Carlisle; S e creta ry an d T reasurer, Jam es H .
P e a rc y , b o th o f A tch is o n . K a n .
O ffic e , O nalaska, T e x .
Bloomington Pontiac & Joliet Electric Ry.— G u a r a n t e e d
O f f e r e d . —See Chicago Joliet &
St. Louis Electric Ry.
j Boston Elevated Ry.— R e p o r t o f J o i n t C o m m i s s i o n .—See
West End Street Ry. below.—V. 90, p. 105.
Boston & Maine RR.—S t o c k a t A u c t i o n . —At auction in
G E N E R A L
I N V E S T M E N T
N E W S ,
Boston on Jan. 19 5,699 shares of common stock, being the
portion of an issue of 42,037 common skares authorized by
RAILROADS, INCLUDING ELECTRIC ROADS.
American Railways, Philadelphia.— N e w D i r e c t o r . —R. D. the Massachusetts Railroad Commission in June 1906 and
Apperson of Lynchburg, Va., has been elected a director to offered stockholders at $165 per share, which remained un
fill a vacancy. Mr. Apperson is President and General subscribed for, were bid in by Frank Seabury & Bro. at 143
Manager of the Lynchburg & Roanoke properties recently per share. (Compare V. 83, p. 814.)—V. 89, p. 1346.
Buffalo & Lackawanna Traction Co.—G u a r a n t e e d B o n d s
acquired.
B o n d s
O f f e r e d . —New
burger, Henderson & Loeb and O f f e r e d . —Bertron, Griscom & Jenks, Philadelphia and New
Bioren & Co., Philadelphia, are offering at 95 and interest, York, are offering at 96 and interest this new company’s
yielding 5.4%, SI,425,000 “Johnstown collateral trust” first mort. 5% gold bonds, dated 1908 and due Dec. 1 1928,
• 20-year 5% gold bonds, tax free in Pa., dated Jan. 1 1910 but callable on or before Dec. 1 1911 at 105 and int. and
and due Jan. 1 1930, but redeemable at any interest period thereafter on or before Dec. 1 1913 at 110 and int. Principal
x B y resolu tion o f th e b o a r d o f d ire cto rs th e d e ficit o f M arch 31 1907,
$ 10 4,59 7, w as tran sferred to In vestm en t a c c o u n t; a d d in g c a p ita l s t o c k o f
C annabis M fg. C o ., $50 ,0 0 0 , a n d S tan d ard C orda ge C o ., $50 0, m akes to ta l
o f In vestm en ts since M arch 31 1908 $ 1 5 5 ,0 9 7 .— V . 90, p . 113.
B o n d s
236
THE
C H R O N IC L E
and interest guaranteed by Buffalo & Lake Erie Traction
Co., which owns the entire $1,500,000 stock and has leased
the property for 999 years as its entrance into Buffalo.
Bonds free of tax in the State of New York. Authorized
bond issue, $1,500,000; outstanding, $1,000,000; reserved
for 85% of cost of improvements, betterments and exten
sions, under restrictions, $500,000. A circular says in part:
A d o u b le -tra ck e d , m o r d e r n ly -e q u lp p e d e le ctr ic ra ilw a y sta rtin g a t L a
f a y e t t e S q u a re, th e c e n te r o f the business s e ctio n o f B u ffa lo , a n d e x te n d in g
th en ce o v e r c it y s treets a n d p r iv a te r ig h t -o f-w a y th ro u g h the sou th ern sec
tio n o f th e c it y a n d a lo n g th e lake fr o n t t o th e b o u n d a r y line b e tw e e n B u f
fa lo a n d th e C it y o f L a ck a w a n n a , a t w h ich p o in t th e large L a ck a w a n n a
steel w o rk s are l o c a te d , co n n e c tin g there w ith th e tra ck s o f th e B u ffa lo &
L a k e E rie T r a c tio n C o .’s s y s te m , w h ich e x te n d s w e st t o E rie, P a . T h e
p r o p e r t y c o n s titu te s a term in a l e n tra n ce f o r th e B u ffa lo & L a k e Erie T r a c
tio n C o. In to th e C it y o f B u ffa lo , the la tte r c o m p a n y o w n in g all the c a p ita l
s t o c k a n d g u a ra n teein g b o t h prin cip a l a n d Interest o f the b o n d s herein o f
fe r e d , a n d h old in g a 9 9 9 -y ea r lease o f the p r o p e r t y .
H as an u n u su ally f a
v o r a b le c o n t r a c t fo r ch ea p w a te r p o w e r a n d a fa v o r a b le fra n ch ise, w h ich
ru n s b e y o n d the life o f the b o n d s. T h e c o m p a n y e n jo y s u n iversal transfers
t h r o u g h o u t th e c it y th rou g h c o n tr a c t w ith the In te rn a tio n a l R a ilw a y C o .
E s tim a te d earn in gs f o r first y e a r a fte r c o m p le tio n : G ross, $ 20 2,72 0: n e t,
$ 9 1 ,2 2 4 : b o n d In terest, $50 ,000 ; b a la n c e , su rplu s, $ 4 1 ,2 2 4 .— V . 8 8 , p . 748 .
Burlington County Ry., Mt. Holly, N. J.—F o r e c l o s u r e .—The Mt. Holly Safe Deposit & Trust Co., mortgage trustee,
on Jan. 19 filed a suit in the Chancery Court' at Trenton to
foreclose the first mortgage of 1904.
T h e c o m p la in t states th a t holders o f $ 26 0,50 0 w o rth o f th e b o n d s h a v e
d e p o s ite d them w ith th e B u rlin g to n C o u n ty S afe D e p o s it & T ru st C o. und er
a b o n d h o ld e rs ’ agreem en t a n d h ave ve ste d In I . S n o w d e n H ain es, o f B u r
lin g to n , S am u el A . A t k in s o n , o f M t. H o lly , a n d W illia m A . S to k e s, as a
c o m m itte e , all n ecessa ry p o w e r t o tak e ste p s t o p r o te c t th e Interests o f th e
b o n d h o ld e rs , an d th a t h old ers o f $ 21 3,00 0 w o rth o f the b o n d s h a v e d ep o site d
th em w ith th e W est E n d T ru st C o. o f P h ila d e lp h ia , as d e p o s ita r y fo r th e
T a y lo r c o m m itte e ( V . 89, p . 2 8 4 ).— V . 89, p. 665.
[VOL. LXXXX.
Cincinnati Hamilton & Dayton Ry.—N e w B o n d s R e a d y .—
The Central Trust Co., 54 Wall Street, is now delivering per
manent engraved bonds secured by the new general mort
gage, in exchange for the outstanding temporary bonds.—
V. 90, p. 54.
Duluth Missabe & Northern R y . — C a l l e d B o n d s . —First
consolidated mortgage bonds dated Jan. 1 1893 to the amount
of $131,000 have been drawn and will be paid by the Central
Trust Co., New York, on Feb. 1 1910 at 105 and interestsay, $1,055 per bond.—Y. 89, p. 224.
Elizabethtown Terminal Ry.—A p p l i c a t i o n t o I s s u e B o n d s .
—The company on Jan. 14 applied to the Public Service
Commission, Second District, for authority to make a
mortgage to secure an issue of $175,000 bonds (of which, it is
said, $150,000 will be issued at once), and also $50,000
common stock. The proceeds are to be used in constructing
a line from Westport, Essex County, N. Y., at a connection
with the Delaware & Hudson, to Elizabethtown, 8 miles.
T h e c o m p a n y w as In co rp o ra te d in N ew Y o r k In S e p t. la st w ith $ 8 0 ,0 0 0
a u th o riz e d ca p ita l s t o c k . T h e ro a d is to b e o p e r a te d e ith e r b y ga so lin e
m o t o r o r o il-b u r n in g lo c o m o t iv e s . P re s id e n t, G . W . J e n k in s.
Fort Smith Light & Traction Co.—.Votes C a l l e d — B o n d s
—The $156,900 of outstanding 10% gold notes dated
March 1 1907 have been called for payment on March 1 1910
at 105 and interest at the office of the Knickerbocker Trust
Co., New York.
O ffe r e d .
H e n r y & W e s t a n d M o n tg o m e r y , C loth ier & T y le r o f P h ila d e lp h ia a r e
o ffe rin g a b lo c k o f th e first m o r tg a g e 5 % g o ld b o n d s a t 9 5 ^ an d in te res t,
Canadian Northern Ry.—N e w E q u i p m e n t B o n d s S o l d .— a t w h ich p r ice th e y y ie ld m o re th an 5 .3 0 % .— V . 8 8 , p . 505.
Georgia Railway & Electric Co.—B o n d s C a l l e d . — TwentyWm. A. Read & Co., New York, and the Dominion Securities
Corporation, Toronto, have placed a new issue of imperial five first consolidated mortgage 5% bonds of the Atlanta
rolling stock equipment bonds, $500,000 Series U 4 V > % Consolidated Street Ry. have been drawn for redemption
on Feb. 1 at 105 and interest at the Mercantile Trust &
dated Nov. 1 1910.
Deposit Co. of Baltimore, Md., trustee.—V. 89, p. 410.
In teres t p a y a b le M . & N . a t C anadian B a n k o f C o m m e rce , T o r o n t o , N ew
Y o r k a n d L o n d o n , E n g . P rin cip a l p a y a b le In in stallm en ts o f $ 50 ,000 p er
Hudson Companies.—R e p o r t . — See “Annual Reports.”
a n n u m o n N o v . 1 fr o m 1910 t o 1919. S e c u r ity , ro llin g s to c k co s tin g
$66 7 ,9 3 2 3 4 , t o b e d eliv ered In 1909 an d 1910. B o n d s g u a ra n te e d , b o th
N e w
D i r e c t o r s . —Arthur B. W
estervelt and P. G. Bartlett
p rin cip a l a n d In terest, b y C a nadian N o rth e rn . T ru ste e , N a tio n a l T ru st
were on Jan. 22 elected directors to succeed the late Dumont
C o ., L t d ., T o r o n t o .— V . 9 0 , p . 108.
Central RR. of New Jersey.—R e f u n d i n g . —See Lehigh & Clarke and fill a vacancy.—V. 89, p. 1280.
Kansas City Mexico & Orient Ry.—T r a f f i c A g r e e m e n t
Wilkes-Barre Coal Co. under “Industrials” below.—V. 89,
F o r m a lly
A p p r o v e d . —The
executive committee of both
p. 1410.
Chambersburg Greencastle & Waynesboro Street Ry., companies have formally approved the proposed 20-year
Pennsylvania.—N e w B o n d s . —The company has arranged to traffic agreement with the Chicago & Alton (Y. 88, p. 1500)
make a $1,000,000 bond issue, of which $000,000, it is sup which will become effective as soon as connections at Kansas
posed, will be reserved to retire the existing issues of the City can be made, affording the Orient direct connection
with Chicago and other Central Western cities reached by
same aggregate amount.—V. 85, p. 1338.
the Alton and its subsidiary, the Toledo St. Louis & , Western.
Chicago Joliet & St. Louis Electric Ry.—N e w C o m p a n y - See
report of experts in V. 90, p. 105, 110.
B o n d s o f C o n t r o l l e d C o m p a n i e s O f f e r e d . —This com
pany filed
Lake Shore & Michigan Southern.—N o t e s t o b e P a i d . —The
articles of incorporation at Springfield, 111., on Dec. 16 1909
with $100,000 of authorized capital stock, since increased, $15,000,000 of 3-year 5% gold notes due Feb. 1 1910 will be
it is stated, to $7,000,000, to control and finance the system paid at maturity at the office of the company in N.Y. City.
I n c r e a s e in
“ O t h e r I n c o m e . ” —See New York Chicago & St.
of roads projected by the Fisher syndicate, namely the Joliet
& Southern Traction Co., the Bloom
ington Pontiac & Joliet Louis and Mahoning Coal RR. below.—V. 90, p. 167.
Lehigh Valley RR.—N e w D i r e c t o r s . —At the annual meet
Electric Ry. and the Chicago Joliet &•Central Illinois Ry.
These roads when completed will aggregate 226 miles of ing on Jan. 19 the proposed three new directors were elected
main line and will extend from Chicago south to Bloomington, to represent the Moore-Reid-Rock Island interests, the fol
111., connecting there with the Illinois Traction system for lowing changes being made (total number of shares voted
St. Louis, with a partial belt line around Chicago from Aurora 581,000; total outstanding, 808,822):
via Joliet to Hammond. Of this mileage there is now being D ir e c to rs R e -e le c te d — G eorge F . B a er, G eorge F . B a k er, A lfr e d C. H a r
, A b ra m N e s b itt, E d w ard B . S m ith , Charles S teele, E d w a rd F . S to tc s operated 47 miles from Aurora via Joliet to Chicago Heights brison
, P . A . B . W Id en er, S im o n P . W o lv e rto n .
by the Joliet & Southern Traction Co., which succeeded in uNr yew
D ir e c to rs — W illia m H . M o o re . E . S. M oore a n d D aniel G . R e id .
rs R e tire d — R o b e r t C. L Ip p in c o tt, G eorge H . M cF a d d e n a n d
January 1905 to the property of the Joliet Plainfield & I r vDinireg cto
A . Stearns.
Aurora RR.; and 20 miles from Dwight to Pontiac by the
E x e cu tiv e a n d F in a n ce C o m m itte e — E . B . T h o m a s, E. T . S to te s b u r y
F . B a k er, C has. S teele, G eorge F . B aer, W . H . M oore and D an iel
B. P. & J. El. Ry. The parent company (184 La Salle GG eorge
Sti, Chicago) is placing at par with a stock bonus of 25% . R e id (P . A . B . W Iden er r e tir e d ).— V . 90, p . 54.
Los
Angeles Pacific Co.—N e w B o n d s . —The company has
in its own stock first mortgage 5% gold bonds of two of the
controlled properties, namely $250,000 of Joliet & Southern filed notice of the making of a blanket mortgage for $20,
Traction Co., dated Jan. 2 1907, and $100,000 of Blooming 000,000, a sufficient amount of bonds being reserved to retire
ton Pontiac & Joliet Electric Ry., dated Sept. 1 1905—both the existing bonds (some $10,000,000) at or before maturity.
lots guaranteed, principal and interest, by the Chicago Joliet —V. 89, p. 1411.
Los Angeles & Redondo (Electric) Ry.—B o n d s . —This
&
St. Louis. Further particulars follow:
company, control of which was acquired in 1905 by II. E.
Jol. & So. T rac.C o. Auth. Capitalization: Stock, $ 1 ,5 0 0 ,0 0 0 ; B ds., $ 1 ,5 0 0 ,0 0 0
Huntington, had issued to Jan. 10 1910 $4,320,000 5% 50O w ns a n d op era tes 45 m iles o f m ain line fro m A u ro ra to C h icago H eigh ts
a n d 2 m iles o f c it y lin e In J o lie t, a n d has 5 m iles o f a d d itio n a l c it y track
year bonds under its $5,000,000 mortgage of Oct. I 1908;
u n d er c o n s tr u c tio n .
T h ese lines w hen c o m p le te d w ill, It Is e s tim a te d , earn:
$500,000 bonds are reserved to retire a like amount of 1st 5s
G ross, $25 8,80 0; n et, $12 9,40 0; b o n d Interest (5 % o n $ 1 ,5 0 0 ,0 0 0 ), $75 ,000 ;
b a l., s u r ., $54 ,4 0 0 .
I t is p r o p o s e d also to e x te n d the road fro m C h icago
still out due Jan. 15 1932.—V. 87, p. 415.
H eigh ts to H a m m o n d , 14 m iles. T h e b o n d s are In $100, $500 a n d $1,000
pieces, d a te d 1907 a n d d u e F e b . 1 1942, b u t calla b le a fte r 1912 a t 105.
Mahoning Coal RR.—E x t r a D i v i d e n d . —An extra dividend
Bloom. Pont. & Jol.E l.R y. — Auth. Capital: Stk., $2,5 0 0 ,0 0 0 : B d s ., $ 2 ,5 0 0 ,0 0 0 .
of 50% has been declared along with the usual semi-annual
O w ns a n d op era tes fro m D w igh t t o P o n tia c , 111., 20 m iles, w ith 10 m iles
dividend of 6% on the $1,500,000 common stock, $865,000
fro m P o n tia c to C h en oa t o be re a d y fo r o p e r a tio n In M arch 1910.
W hen
fu lly c o m p le te d w ill e x te n d fro m J o lie t to B lo o m in g to n w ith b ra n ch e s to
of which is owned by the Lake Shore & Michigan Southern,
W ilm in g to n an d C oal C ity , 100 m iles In a ll, an d th en e x p e c t e d t o earn:
which leases the road in perpetuity for’ 40% of the gross
G ross, $ 51 6,40 0 (fr e ig h t, $ 1 0 0 ,0 0 0 ); n e t, $25 8,20 0; ln t. o n b o n d s (5 % o n
$ 2 ,5 0 0 ,0 0 0 ), $12 5,00 0; b a l., s u r .. $1 3 3 ,2 0 0 . T h e b o n d s , p a r $ 10 0, $500
earnings, payable Feb. 1 to holders of record Jan. 14.
an d $ 1 ,0 0 0 , are d a te d S e p t. 1 1905 a n d are calla b le a t 105 o n a n y ln t. d a te .
Chicago Joliet & Central Illinois Ry.
P r o je c te d t o e x te n d fro m C h icago (term in u s o f M e tro p o lita n E le v a te d
a t 5th A v e . a n d J a c k s o n B ou le v a rd ) to J o lie t.
Directors of Parent Company, Chicago Joliet & St. Louis Electric Ry.
H . A . F isher, P resid en t; S. A . S p r y , V ice -P re s id e n t: J o h n M . R a y m o n d ,
V ice-P res id en t; J o h n K . N ew h a ll, S ecre ta ry ; L e e D . F isher, T reasu rer a n d
C h ief E n gin eer; F . E . Fisher, G eneral M anager; F . E . P a rk s, M anager
b o n d d e p a rtm en t; H . G . H e tz le r, P res. M et. E lc v . R y ., C h ica go ; S. A .
S p r y , Pres. J oh n S p r y L u m b e r C o ., C h icago; E. C. P o t t e r , S ec. III. B rick
C o ., C h icago; T . A . M ason , P res. Jo lie t N at. B a n k , J o lie t: C. H . T a lc o t t ,
P res. W ill C o u n ty N a t. B a n k , J oliet; T . B. S te w a rt, Pres F irst N a t. B a n k ,
A u ro r a ; D a v id S. M yers, P res. P o n tia c S ta te B a n k , P o n tia c .
Estimated Results for Completed System (226 M iles of T rack).
G ross ($ 6 ,3 8 5 p er m ile )- . $ 1 ,4 4 3 ,1 0 0 1 5 % o n $ 6 ,5 0 0 ,0 0 0 b o n d s . $32 5,00 0
N et earnings ( 5 0 % ) ...........
7 2 1 ,5 5 0 1B a lan ce, surplus ...............
3 96 .550
Chicago Rock Island & Pacific Ry.—B o n d s O f f e r e d . —The
$3,500,000 “first and refunding mortgage” 4% gold bonds
referred to in our issue of Jan. 8 (V. 90, p. 108) were offered
in London to Jan. 11 by Speyer Brothers at 95% or £190
per bond of $1,000 and over subscribed. Compare V. 90,
p. 108, 166.
Previous Dividend Record on Common Stock (P er Cent) .
1891.
1892.
4H
8 'A
— V . 8 3 , p . 1524.
1893.
8
1894.
8
1895 t o A u g . ’ 06.
10 y e a r ly .
1907 to 1909.
12 y e a rly .
Memphis (Tenn.) Union Station Co.—S a l • o f N o t e s . —The
Equitable Life Assurance Society of New York has pur
chased $500,000 of the issue of $1,500,000 5% collateral
notes. Compare V. 89, p. 1411, 1542.
Metropolitan West Side Elevated Ry.—D i v i d e n d s R e
s u m e d . —-Dividends on the preferred stock ($8,707,900), w
hich
were suspended late in 1907, have been resumed at the old
rate, an annual distribution of 3% having been declared
payable in four quarterly instalments of % of 1% each,
the first March 1 to holders of record Feb. 15. See Presi
dent's statement, V. 90, p. 54.
Michigan Central RR.—Notes t o b e P a i d . — 'The $10,000,000
3-year 5% gold notes due Feb. 1 1910 will be paid at ma
turity at the office of the company in N.Y.City.—V.89.p.529.
Jan. 22 1910.1
\
THE CHRONICLE
Missouri Pacific Ry.— Mortgage, cfee., Authorized.— The
stockholders on Jan. 18 authorized the $175,000,000 refund
ing mortgage and ratified the leases of the Boonville St.
Louis & Southern Ry. and the purchase in whole or in part
of eleven subsidiary companies.
New Offices.— The company and its associated lines, also
the Denver & Rio Grande, St. Louis Southwestern, Texas &
Pacific and Wabash, will move in the near future from 195
Broadway to the City Investing Building, 1G5 Broadway,
where an entire floor has been taken on a 10-year lease at
an annual rental of about $45,000. It is expected that
George J. Gould’s private office will likewise be moved at
the same time.— V. 89, p. 1539.
New Hampshire Electric Rys.— Receiver.— Sec Portsmouth
& Exeter St. Ily. below.— V. 88, p. 1500.
New York Chicago & St. Louis RR.— First Dividend on
Common Stock.— The company has declared an initial divi
dend of 3% on the $14,000,000 common stock, $0,240,000
of which is owned by the Lake Shore & Michigan Southern,
payable March 1 to holders of record Feb. 18. The usual
annual distributions of 5% on the first and second preferred
stock have also been declared, payable at the same time.
Payments on the first preferred stock will be made semi
annually instead of annually.
New Directors.— W. H. Newman and L. C. Ledyard have
been elected directors, to succeed II. McK. Twombly and
D. Willis James, both deceased.— V. 88, p. 1062.
New York Central & Hudson River RR.— Notes to be Paid.
— The $25,000,000 3-year 5% gold notes due Feb. 1 1910
will be paid at maturity at the office of the company in N. Y .
New Directors.— William K. Vanderbilt Jr. and Lewis
Cass Ledyard have been elected directors, succeeding the late
H. McK. Twombly and I). O. Mills.
Traffic Alliance with Western Maryland RR.— See that
company below.— V. 90, p. 108.
New York Westchester & Boston Ry.— Consolidation.—
The agreement of consolidation with the New York & Port
Chester Rlt. Co. under the name of the New York West
chester & Boston Ry. with $5,000,000 stock, was filed on
Jan. 18 in the office of the Secretary of State at Albany,
N. Y . The officers and directors are:
231
T h e P a n -A m e r ic a n R R . o p e r a te s u n d e r a 9 9 -y e a r c o n c e s s io n fr o m
th e
M e x ic a n G o v e r n m e n t b e tw e e n S a n G e r o n lm o a n d th e b o r d e r o f G u a te m a la ,
w h e r e c o n n e c t i o n Is m a d e w it h t h e G u a t e m a l a n r a i l r o a d s .
A t th e tim e th is
c o n c e s s io n w a s g r a n te d , th e M e x ic a n G o v e r n m e n t s u b s id iz e d th e r o a d a t
t h e r a t e o f $ 1 0 ,0 0 0 p e r m ile a n d fix e d t h e t a r iff r a t e s f o r t h e e n t ir e life o f
th e c o n c e s s io n .
U n d e r th is s c a le , t h e r a t e o n c o f f e e f r o m th e G u a t e m a la
b o r d e r t o S a n G e r o n l m o Is p l a c e d a t $ 3 0 s i l v e r p e r t o n , a n d t h i s s i n g l e I t e m
s h o u ld s o o n p r o v e m o r e t h a n s u f f ic ie n t t o p a y a ll o p e r a t in g e x p e n s e s a n d
I n t e r e s t o n t h e fir s t m o r t g a g e b o n d s .
O w in g to th e la c k o f o t h e r a d e q u a t e
h a r b o r s , p r a c t i c a l l y a l l t h e c o f f e e o f G u a t e m a l a a n d S o u t h e r n M e x i c o Is
tr a n s p o r te d o v e r th e P a n -A m e r ic a n R R . t o S a n G e r o n lm o
and
th e n ce
o v e r t h e T e h u a n t e p e c r o a d t o C o a t z a c o a l c o s , t h e o n l y A t la n t i c p o r t In
th e c o ffe e b e lt w h e r e th e lo a d in g o f la r g e o c e a n s te a m e r s c a n b e e ffe c t e d
w it h o u t lig h te r in g .
(C o m p a r e V . 8 9 , p . 1 4 1 1 .)
S in c e t h e o r ig in a l $ 2 ,4 0 0 ,0 0 0 fir s t m o r t g a g e b o n d s w e r e I s s u e d , g e n e r a l
m o r t g a g e b o n d s t o th e a m o u n t o f $ 6 ,0 0 0 ,0 0 0 h a v e b e e n a u t h o r iz e d .
T h is
w h o l e I s s u e Is h e l d b y t h e P a n - A m e r i c a n C o m p a n y — $ 2 , 4 0 0 , 0 0 0 h a v i n g
b e e n s e t a s id e t o r e t ir e t h e o u t s t a n d in g fir s t m o r t g a g e b o n d s a n d t h e b a l
a n c e , $ 3 ,6 0 0 ,0 0 0 , w it h $ 9 ,6 0 0 ,0 0 0 o f t h e e n t ir e $ 1 0 ,0 0 0 ,0 0 0 o u t s t a n d in g
s t o c k o f th e r a ilr o a d c o m p a n y , h a v in g b e e n d e p o s it e d w it h th e ; A m e r ic a n
T r u s t & S a v in g s B a n k , a s s e c u r it y f o r th e $ 1 ,6 0 0 ,0 0 0 o f s h o r t -t e r m n o te s .
U n d e r t h e $ 6 ,0 0 0 ,0 0 0 g e n e r a l m o r t g a g e b o n d I s s u e , t h e in d e b t e d n e s s o f
t h e c o m p a n y Is $ 2 0 , 0 0 0 p e r m i l e , o r , f i g u r e d o n t h e b a s i s o f $ 2 , 4 0 0 , 0 0 0 f i r s t
m o r t . b o n d s a n d $ 1 ,6 0 0 ,0 0 0 s h o r t - t e r m n o t e s , t h e t o t a l I n d e b t e d n e s s Is a p
p r o x im a t e l y $ 1 3 ,0 0 0 p e r m ile .
T h e d ir e c to r s o f th e P a n -A m e r ic a n C o m p a n y in c lu d e D a v id E . T h o m p s o n ,
la t e U n ite d S t a t e s A m b a s s a d o r t o M e x ic o ; E . N . B r o w n , P r e s id e n t o f th e
N a t io n a l R a ilw a y s o f M e x ic o ; L ie . P a b lo M a c e d o , C h a ir m a n o f b o a r d o f
d ir e c to r s
an d
A tto r n e y -G e n e r a l fo r
N a tio n a l
R a ilw a y s o f
M e x ic o ;
G o.
G u ille r m o L a n d a y
E s c a n d o n , C h ie f E x e c u t iv e o f t h e F e d e r a l D is t r ic t ;
L ie . R a p h a e l D o n d o a n d L ie . R o s e n d o P in e d a , a t t o r n e y s o f M e x ic o C it y ;
L ie u t .-C o l. P o r flr lo D ia z J r ., s o n o f P r e s id e n t D ia z , a n d K e n n e th M c L a r e n ,
of N ew
Y ork
C it y .
T h e M e x ic a n G o v e r n m e n t h a s a lr e a d y a c q u ir e d a ll t h e lin e s o f r a ilr o a d
n e c e s s a r y t o c o m p le t e th e c h a in b e t w e e n th e U n ite d S ta te s a n d G u a te m a la ,
w ith th e e x c e p t io n o f th e P a n -A m e r ic a n R R . , a n d w e fe e l c o n fid e n t t h a t
u lt im a t e ly th e G o v e r n e m n t w ill t a k e o v e r t h is r o a d a s w e ll .— V . 8 9 , p . 1 4 1 1 ,
Pan-American R R.— Collateral Notes Offered.— See Pan
American Co. above.— V. 89, p. 1411.
Pennsylvania Company.— Increase of $450,082 Annually
in Other Income.— See Cambria Steel Co. under ‘ ‘Industrials”
below.— V. 89, p. 1668.
Pittsburgh & Shawmut R R .— New Director.— Edwin Haw
ley has been elected to the board of directors. Compare
V. 89, p. 847.
Portsmouth & Exeter St. R y.— Foreclosure.— The New
York Trust Co. trustee under the company’s mortgage,
having brought suit for foreclosure, David A. Belden was
on Jan. 20 appointed receiver. The New Hampshire Electric
Rys. Co. is said to own all or most of the $185,000 stock
and $145,000 1st M 5s.— V. 74, p. 884.
Quebec & Lake St. John R y.— Offer Withdrawn.— A press
report from London states that, owing to the opposition ex
O fficers— P re s id e n t,’ L e v e re tt S. M ille r , N e w Y o rk ; V ic e -P re s id e n t,
pressed by the bondholders at the meeting on Jan. 14, the
Tho m as D . Rhodes, Hast O range, N . J.; T re a s u re r, Augustus S. M a y ,
B rid g e p o rt, Conn.; S e creta ry, John G . P a rk e r, N e w H a v e n , Conn.
solicitors of the Canadian Northern formally withdrew the
D irectors— L e v e re tt S. M ille r, George M . M ille r, J. P le rp o n t M o rg an ,
entire plan of reorganization.— V. 90, p. I l l , 54.
Lew is Cass L e d y a rd , W illia m R o ckefeller, N e w Y o rk C ity ; Tho m as D .
R hodes, Hast O range, N . J .; Charles F . B ro o ker, A n sonia, Conn.; Charles
Southern R y.— $10,000,000 New Notes to Replace Notes
S. M ellon, Jam es S. H e m in g w a y , A . H e a to n R o bertson, N e w H a v e n ; John
H . VVhlttem ore, N a u g a tu c k , Conn.; E d w in M iln e r, M oosup, C o n n ., and
Due Feb. 1— Offer of Exchange.— J. P. Morgan Sc Co. on
R o b e rt T . T a f t , Providen ce, R . X.
Jan. 20 announced that the Southern Ry. Co., having paid
Norfolk & Western Ry.— Dividends Quarterly.— The direc and canceled $5,000,000 of the $15,000,000 5% 3-year gold
tors have voted to declare dividends quarterly in future on notes maturing Feb. 1 1910, had sold to their firm $10,000,000
both classes of stock instead of semi-annually.— V. 89, p. new 5% 3-year gold notes dated Feb. 1 1910 to provide the
1597.
funds required to meet the balance of said old notes now due.
Northern Central Ry.— Possible Lease.— The directors on The new notes are of the same character as the old; they are
Jan. 20, at the request of minority stockholders who for due Feb. 1 1913 and are not redeemable before maturity.
J. P. Morgan & Co. offer to the holders of the old 5% notes
some years past have been urging some action of the kind,
appointed a committee to consider whether a more perma maturing Feb. 1 1910 to exchange them at par for the new
x z- Holders desiring to make this ex
nent and remunerative operating arrangement or lease of 3-year notes at 98 /
change may now deposit their notes at the office of the firm,
the railway can be made with the Pennsylvania R R. Co.
ex the February coupon, and will receive therefor new notes
T h e c o m m ittee consists of Messrs. M ichael Jen kins, C h airm an ; H a r r y
W a lte rs an d N o rm a n Jam es of B a ltim o re an d A . Loudon .Snowden,
bearing interest from Feb. 1 1910 and 1 % % in cash.—
Sam u el R ea and I I . T a tn a ll of P h ilad elp h ia.
V. 90, p. 168.
As to the fe a s ib ility of a 2 5 % stock d ivid en d w ith an 8 % g u a ra n ty , I t Is
pointed o u t b y H a m b le to n & Co. th a t action b y th e M a ry la n d Leg islature
Southern Indiana R y.— Coupon Payment.— The committee
w ould be req uired before the necessary Increase In the stock could be m ade.
T h e " B a ltim o re S u n " of J a n . 21 said; " T h e stockholders now receive 8 % .
of holders of first mortgage 4% gold bonds, Anton G. HodenU n d e r a g u a ra n ty this w ill be Increased to n o t less th a n 1 0 % , and m a y ,
pyl, Chairman, 7 Wall St., New York, announces by circular
perhaps, be advanced higher to get the consent of the m in o rity to w h a te v e r
dated Jan. 17 that an order of court has been entered,
p la n the p aren t road has In v ie w ."
O f the $ 1 2 ,0 0 0 ,0 0 0 stock $1 0 ,5 7 7 ,2 0 0
on Ja n . 1 1009 was ow ned b y the Penn. R R . C o .—-V . 8 8 , p. 570 , 559.
directing the receiver to deposit with the Bankers Trust Co.
Northern Ohio Traction & Light Co.— Report.— For calen of New York sufficient funds to pay the installment of inter
dar years:
est which became due Feb. 1 1909 upon these bonds, together
C alendar
C ross
N et
F ix e d
D ivid en d s on
B a lan ce,
with one year’s interest upon said installment at the rate of
Y ear —
E a rn in g s.
E a rn in g s. Charges.
B lock.
S u rp lu s.
1 90 9-------------$2,1 7 7 ,6 1 2
$98 7,58 5 $521,066
(1 H % ) $1 5 7,50 0 $.100,019
0% per annum, said interest installment with interest
520 ,532
(.1 H % ) 134,151
143,360
190 8------------- 1,800,473 801 ,0 1 9
amounting to $21 20 per bond.
— V. 88, p. 1197.
C o u p o n s a t t a c h e d t o b o n d s d e p o s it e d u n d e r t h e p r o t e c t iv e a g r e e m e n t w ill
Northern Pacific Terminal Co.— Ronds Called.— Thirty-six b e p r e s e n t e d f o r p a y m e n t b y t h e d e p o s i t a r i e s , a n d o n a n d a f t e r F e b . 1 1 9 1 0
($30,000) first mortgage bonds of 1883 have been drawn for eb ay c h1 d dme, p uo sp iot no r p troe sreenctei inv ge otrh em aa mi l ionug n ht i sc ocl el er ct ti fei dc a tuep oo nf dt eh pe o sb iot n dd isr edc et p toos i tt eh de
redemption on Feb. 4 at 110 and interest at the office of the d e p o s i t a r y w h i c h I s s u e d I t ; t h a t I s , t o t h e B a n k e r s T r u s t C o . , N e w Y o r k ;
t h e G ir a r d T r u s t C o ., P h ila d e lp h ia , o r t o t h e A m e r ic a n T r u s t C o ., B o s t o n ,
Farmers’ Loan & Trust Co., N. Y ., trustee.— V. 89, p. 103.
a s th e ca se m a y b e .— V . 9 0 , p . 1 1 1 .
Pacific Gas & Electric Co., San Francisco.— Quarterly
Toledo & Indiana (Electric) R y .— Sold.— At the second sale
Dividends to Regin.— Notice is given that a meeting of the under foreclosure in Toledo on Jan. 18 former President
directors has been called for 3 p. m. Jan. 31 1910 for the pur S. C. Schenck, representing a majority in interest of the
pose of declaring a dividend of
($1 50 per share) upon bondholders, outbid D. J. Cable, acting for the Schoepf
the $10,000,000 preferred stock for the period beginning (Ohio Electric) syndicate, and purchased the property for
Nov. 1 1909 and ending Jan. 31 1910, payable by check on $1,058,500, or $138,500 in excess of the appraised value.—
Feb. 15 1910 to stockholders of record at 3 p. m. Jan. 31 1910. V. 89, p. 1069.
T h e f ir s t d i v i d e n d s o n t h e p r e f e r r e d ($ 1 M) w a s p a i d A p r i l 1 5 1 9 0 0 ; n o n e
Trinity Valley & Northern R y.—Ronds.— The stock
t h e r e a f t e r till A u g . 2 1 9 0 9 , w h e n $ 5 , 0 0 0 , 0 0 0 c o m m o n s t o c k w a s I s s u e d In
s e t t l e m e n t o f c u m u l a t i v e d i v i d e n d s ( 2 0 % ) o n b a s is o f o n e s h a r e o f c o m m o n
holders, it is reported, on Jan. 12 authorized the issue of
t o t h e h o l d e r s o f , a c h tw o s h a r e s o f p r e f , V . 8 9 , p . 1 0 4 . — V . 8 9 , p . 1 0 4 .
$150,000 bonds.
Pan-American Company.— Collateral Trust Notes Offered.—
T h e c o m p a n y w a s I n c o r p o r a t e d In T e x a s In J u n e
1 9 0 6 w it h
$ 2 5 ,0 0 0
Geo. D. Cook & Co., 25 Broad St., New York, are offering a u t h o r i z e d s t o c k t o b u i l d f r o m D a y t o n , T e x . , t o C l e v e l a n d , 2 5 m i l e s . O f
at 97X
A and interest, yielding 6.03% , the unsold portion tt hh ies T1e0x ams i l e&s Na reew I nO ro lpe ea rnast itoon Fe ox nt et sn. d i nPg r ef rs oi dme n Dt , a yL t. o nF o an tt sa; c Vo ni cnee- cPtri eo sn i dwe ni t th,
of a block of $300,000 0% 5-year collateral trust coupon A l t . B e n n e t t : S e c r e t a r y a n d T r e a s u r e r , W . P . C o t t i n g h a m . O f f i c e , D a y
notes, total and outstanding issue $1,000,000, dated Oct. 1 t o n , T e x .
Twin City & Lake Superior (Electric) R y.—Bonds.— The
1909 and due Oct. 1 1914, but callable at par and interest
on any interest date upon 20 days’ notice. Interest A. & O. company has issued $250,000 bonds under a $4,000,000 mort
at American Trust & Savings Bank, Chicago. Denomina gage, American Trust & Savings Bank, Chicago, trustee.
T h e c o m p a n y w a s I n c o r p o r a t e d In M a in e o n M a r c h 1 1 9 0 7 w it h $ 7 ,0 0 0 ,0 0 0
tion $1,000. The company was incorporated in Maine in
1909 and owns all except $400,000 of the $10,000,000 stock at rui tc h roorai zd e db e st wt oecekn IMn i$n 1n0e0a psohl ai sr easn, d t oS tb. uPi al du la, Md ionunb .l, e S- tur pa ec kr ieo dr , tWh i lrsd. -, r aa ni l d e Dl euc
of the Pan-American RR. Co. Of the proceeds of the notes, l u t h , M i n n . , 1 2 9 m i l e s , o f w h i c h . I t I s r e p o r t e d , a b o u t 6 0 m i l e s h a d b e e n
$500,000, it is stated, will be used at once for improvements. Jg r. a dHe d. BI nr aMd at ,y R1 o9 c0 k9 w. e l Pl rCe ist .y, , Ll .a N. ; . S Le co .o ma ni ds , TMr ei na ns .e, a Jp oo hl ins , BMa iinr dn ,. ; MV il nc en -ePa rpeosl .i ,s .
A circular says in substance:
, (
T h e $ 2 5 0 , 0 0 0 o f b o n d s Is t h e a m o u n t u n o n w h i c h t h e c o m p a n y h a s p a i d t h e
£38
THE CHRONICLE
m o r t g a g e t a x in M in n e s o t a .
P r e s id e n t L o o m is s a y s :
“ T he com p an y e x
p e c ts t o c o m m e n c e la y in g s te e l a s s o o n a s s p r in g o p e n s a n d ru s h th e w o r k
t o c o m p le t io n a s r a p id ly a s m e n a n d te a m s c a n d o th e w o r k .”
Underground Electric Railways of London.—Legisla
tion Asked.— Bills have been prepared for submission to the
English Parliament providing (see also authoritative state
ment, V. 89, p. 1669):
Consolidation of Controlled Tube Companies.— ( 1 ) F o r t h e a m a l g a m a t i o n
o f t h e B a k e r S t r e e t & W a t e r lo o R y . , C h a r in g C r o s s E u s t o n & H a m p s t e a d
R y . a n d G r e a t N o r t h e r n P ic c a d il ly & B r o m p t o n R y . fr o m J u ly 1 1 9 1 0 ; (2 )
fo r th e ch a n g e o f n a m e o f th e G re a t N o rth e rn C o m p a n y to “ T h e L o n d o n
E le c t r ic R y . C o . " ; (3 ) f o r t h e in c r e a s e o f t h e c a p it a l b y
£ 7 ,1 9 5 .0 0 0 t o
£ 1 2 ,6 0 0 ,0 0 0 , d iv id e d in t o
£ 3 ,1 5 0 ,0 0 0 4 %
p r e fe r e n c e s t o c k (d iv id e n d c o n
t in g e n t o n p r o fit s o f e a c h h a lf-y e a r ) a n d £ 9 ,4 5 0 ,0 0 0 In o r d in a r y £ 1 0 s h a r e s
(w it h p o w e r t o d iv i d e in t o p r e fe r r e d a n d d e fe r r e d h a lf-s h a r e s ); (4 ) f o r a n
I n c r e a s e In t h e a u t h o r iz e d a m o u n t o f 4 %
d e b e n tu re s to c k to
£ 4 ,2 0 0 ,0 0 0
(in t e r e s t J . & J .) ; (5 ) f o r t h e t e r m in a t io n o f t h e g u a r a n t e e ( A c t 1 9 0 8 )
b y t h e U n d e r g r o u n d R a ilw a y s C o m p a n y o f L o n d o n o n s h a re s a n d s t o c k o f
t h e B r o m p t o n C o m p a n y ; (6 ) f o r t h e c o n v e r s io n o f e a c h B r o m p t o n p r e fe r
e n c e s h a r e in t o £1 0 p r e fe r e n c e s t o c k a n d o f e v e r y £ 1 0 0 B r o m p t o n o r d in a r y
sh a re s in to
£ 1 7 1 2 s. 4 ^ d . p r e fe r e n c e s t o c k a n d
£82 7 s. 7 t $ d . o r d in a r y
s h a r e s ; (7 ) f o r t h e e x c h a n g e o f B a k e r S t r e e t p r e fe r e n c e a n d “ A ” o r d in a r y
s h a r e s (h e ld b y p u b lic ) in t o p r e fe r e n c e s t o c k In t h e p r o p o r t i o n s o f 1 0 0 a n d
7 5 % r e s p e c t iv e ly ; B a k e r S t r e e t " B ” o r d in a r y s h a r e s (h e ld b y U n d e r g r o u n d
C o m p a n y ) a n d C h a r in g C r o s s s h a r e s t o b e t r e a t e d in lik e m a n n e r t o B r o m p
t o n o r d in a r y s h a re s.
Metropolitan District Railway.— F o r t h e c r e a t i o n o f £ 1 8 7 , 5 0 0 a d d i t i o n a l
4 % g u a r a n te e d s t o c k r a n k in g p a r i p a s s u w ith th e e x is t in g s t o c k , a n d c a r r y
in g in te r e s t fr o m J u ly 1 1 9 1 0 .
O f t h is a m o u n t , £ 1 8 4 ,3 7 5 Is t o b e u s e d in
p a y i n g £ 1 4 1 5 s . in n e w s t o c k f o r t h e a r r e a r s o n t h e e x i s t i n g s t o c k a n d £ 2 ,0 5 8
Is t o b e g i v e n f o r a r r e a r s o n s o m e o f t h e B o w
& W h ite c h a p e l s to c k .
In
a d d i t i o n t o t h e a b o v e p a y m e n t In s t o c k , 1 0 s . Is t o b e p a i d In c a s h o n A u g . 1 5
1 9 1 0 , F e b . 15 1911, A u g . 15 1911 a n d F e b . 15 1912.
T h e m a x im u m d iv i
d e n d o n th e 5 %
fir s t p r e f e r e n c e s t o c k Is t o b e r e d u c e d t o 4 ! ^ % . — V . 8 9 ,
p . 1669, 845.
Union Pacific RR.— Reported Purchases.— The “ Boston
News Bureau" of Jan. 15 said:
W e ll p o s t e d fin a n c ia l a u t h o r it ie s In N e w Y o r k a r e a d v is e d t h a t U n io n
P a c if ic h a s r e c e n t ly a c q u ir e d b e t w e e n $ 1 6 ,0 0 0 ,0 0 0 a n d $ 1 7 ,0 0 0 ,0 0 0 a d d i
t io n a l S o u t h e r n P a c ific c o m m o n o r e n o u g h t o g iv e th e m a jo r H a r r lm a n
road 51%
o f S o u th e r n P a c ific s t o c k .
U n io n P a c ific h a s o w n e d fo r s o m e
years a b o u t 4 5 %
o f S o u t h e r n P a c i f i c ’s c o m b i n e d c o m m o n a n d p r e f e r r e d
sto ck s.
T h e s t o r y h a s t h is e le m e n t o f p la u s ib ilit y , t h a t th e le g is la t io n
w h ic h P r e s id e n t T a ft h a s r e c o m m e n d e d p r o v id e s t h a t w h e r e a r o a d a lr e a d y
ow n s 5 1 %
o f t h e s t o c k o f a n o t h e r c o m p a n y it m a y a c q u ir e th e b a la n c e .
O b v io u s ly , u n le s s U n io n P a c ific m o v e s q u ic k ly , it m u s t b e f o r e v e r d e b a r r e d
fr o m s e c u r in g a b s o lu t e c o n t r o l o f S o u th e r n P a c ific .— V . 9 0 , p . 1 6 9 .
Wabash RR.—-Part of Road Not to Be Sold.— The sale of
the road from Toledo to the Indiana State Line was on Jan. 19
again postponed, this time indefinitely, arrangements having
been made with the Compton heirs to settle their claim, it is
understood, in cash.— V. 90, p. I l l , 55.
West End Street Ry., Boston.— Report of Commissions
Adverse to Contentions of Stockholders’ Committee.— The report
made on or about Jan. 10 to the Massachusetts Legislature
jointly by the Massachusetts Railroad Commission and the
Boston Transit Commission decides adversely to the conten
tions of the stockholders’ committee on their three main
contentions and states in effect:
T h a t In m a k i n g a n e w le a s e t o t h e B o s t o n E l e v a t e d R y . t h e r e Is n o
s u r p lu s (o r fr e e a s se ts ) o n a c c o u n t o f w h ic h th e W e s t E n d s t o c k h o ld e r s
s h o u ld b e e n t it le d t o a s p e c ia l d is tr ib u tio n .
(2 ) T h a t t h e c o m m o n s t o c k
s h o u ld n o t b e e x c h a n g e d fo r a n 8 % In ste a d o f a 7 % 2 d p r e f. s t o c k o f B o s to n
E le v a te d .
(3 ) T h a t fu r t h e r I ss u e s o f t h e p r o p o s e d
fir s t a n d s e c o n d p r e
fe r r e d s t o c k s o f th e B o s t o n E le v a te d s h o u ld n o t b e fo r b id d e n , b u t s h o u ld
b e a u t h o r lz a b le b y a tw o -t h ir d s v o t e .
W h ile th e C o m m is s io n s d e c id e t h a t
It w o u ld b e a g a in s t p u b lic In te re st to a llo w th e E le v a t e d to fo r m a h o ld in g
c o m p a n y t o p u r c h a s e I n d is c r im in a t e ly s e c u r itie s o f o t h e r c o m p a n ie s , t h e y
s u g g e s t t h a t it w o u ld b e p r o p e r t o a u th o r iz e th e E le v a te d C o . t o a c q u ir e
a n d h o ld , p o s s ib ly th r o u g h th e m e d iu m
o f a v o lu n t a r y a s s o c ia tio n , th e
s e c u r it ie s o f o t h e r c o m p a n ie s u n d e r r e s t r ic t io n s a n d s u p e r v is io n w h ic h w ill
g u a r d p u b lic in t e r e s t .— V . 8 9 , p . 1 5 4 4 .
Western Maryland Ry.— Traffic and Trackage Agreement
•with N. Y. Central Auxiliary— Extension to Connellsville, Pa.
— An official statement given out on Jan. 18 says: “ A traffic
arrangement, covering a period of 99 years, has been con
cluded between the Western Maryland Ry. Co. and the
Pittsburgh & Lake Erie R R . Co. (a subsidiary of the New
York Central & Hudson River R R. Co.). The contract as
executed involves immediate extension of the Western Mary
land line from Cumberland, Md., to a connection with the
Pittsburgh & Lake Erie line at Connollsville, Pa., (58 miles
from Pittsburgh and 83 miles from Cumberland) and provides
for full through traffic arrangements between the two lines,
opening lines and terminals of each company to the traffic
of the other company and its through connections.” The
“ Baltimore Sun” of Jan. 17 said:
PRBy
th is t r a d e a n d t r a ffic a llia n c e th e
W e s te r n M a ry la n d b e c o m e s a n
E a s te r n t e r m in u s o f th e N e w Y o r k C e n t r a l’s M id d le W e s t e r n lin e s a n d th e
W e s t e r n M a r y la n d tr a in s w ill g o t o P it t s b u r g h .
W o r k o n t h e e x t e n s i o n Is t o
b e g in a t o n c e , a n d t h e o ffic ia ls e x p e c t t h a t t h e t r a in s w ill b e r u n n in g I n t o
P it t s b u r g h b y t h e fa ll o f th is y e a r .
(T h e e x te n s io n
w ill g o th r o u g h th e
A lle g h e n y M o u n t a in s , w it h n u m e r o u s tu n n e ls (o n e o f th e tu n n e ls t o b e
s o m e 3 ,6 0 0 fe e t lo n g ) a n d w ill c o s t , w it h t h e n e c e s s a r y n e w e q u ip m e n t a n d
o t h e r fa c ilit ie s , o v e r $ 1 0 ,0 0 0 ,0 0 0 .
C o n n e ll s v lll e Is l o c a t e d a c r o s s t h e r i v e r
fr o m N e w H a v e n .— E d .]
In th e m e a n t im e , th e W e s te r n M a r y la n d m u s t c o n s t r u c t s e v e r a l fr e ig h t
p ie r s a t P o r t C o v in g t o n t o h a n d le th e b u s in e s s .
I t Is s t a t e d t h a t , b e s id e s
th e t r a m p s te a m e r s w h ic h w o u ld b e a t t r a c t e d t o t h e p ie r s , th e N e w Y o r k
C e n tr a l I n te r e s ts h a v e I n tim a te d t h a t s e v e r a l s t e a m s h ip lin e s w ill b e e s t a b
lis h e d in t o B a lt im o r e t o c a r r y fr e ig h t n o r t h a n d s o u t h .
B y t h e a g r e e m e n t , b u s in e s s o r ig in a t in g in B a lt im o r e a n d a lo n g th e W e s t
e r n M a r y la n d r o a d w ill b e a c c e p t e d o n ly w h e n d ir e c t e d t o b e s h ip p e d b y
w a y o f th e N e w Y o r k C e n tr a l, if th e p o in t s o f c o n s ig n m e n t a r e o n t h a t r o a d .
T h e N e w Y o r k C e n t r a l w ill a ls o In t u r n h a v e a c c e s s I n t o a p r o lific c o a l c o u n
t r y , a n d p e r s o n s c lo s e ly a s s o c ia t e d w it h a ffa ir s o f t h e W e s t e r n M a r y la n d
s a y t h a t la r g e c a p i t a l w ill b e u s e d b y t h e n e w I n t e r e s t s t o d e v e l o p c o a l la n d s .
B a lt im o r e f r e ig h t f o r P e n n s y lv a n ia a n d N e w Y o r k w ill a ls o h a v e a d ir e c t
r o u t e .— V . 8 9 , p . 1 4 8 4 .
Western Railways & Light Co.—Preferred Stock Offered.—
Bodell & Co., Providence, R. I., arc offering at 94
and
interest this company’s 6% cumulative preferred stock,
dividends paid regularly since organization of company,
payments quarterly, Jan. 1, &c., by check on New York.
The firm say:
T h e c o m p a n y ( I n c o r p o r a t e d u n d e r t h e la w s o f M a in e ) o w n s f o u r t e e n g a s ,
e le c t r ic lig h t a n d s tr e e t r a ilw a y p r o p e r t ie s (c o n s o lid a t e d I n to s o m e s e v e n
c o r p o r a t i o n s — E d .) in s e v e r a l g r o w i n g c i t i e s o f t h e c e n t r a l W e s t , a ll e x
c e p t in g o n e p r o p e r t y b e in g l o c a t e d In I llin o is .
T h e c o m p a n y h a s n o flo a t
in g d e b t a n d n o d ir e c t b o n d e d d e b t .
I t a s s u m e s th e b o n d s o f Its c o n s t it u
e n t c o m p a n ie s .
A ll Its s t o c k w a s e it h e r p a id f o r In c a s h o r e x c h a n g e d f o r
s e c u r it ie s o f c o n s t it u e n t c o m p a n ie s .
B e fo r e th e p r e f. s t o c k c a n b e in c r e a s e d
f r o m Its p r e s e n t a u t h o r iz e d is s u e o f $ 2 ,2 5 0 ,0 0 0 , t h e s u r p lu s e a r n in g s a b o v e
e x p e n s e s a n d In te re s t fo r th e p r e v io u s y e a r m u s t b e e q u a l t o 9 %
a ll t h e
[VOL. L X X X X .
6 % p re f. stock o u ts ta n d in g a n d th e proposed a d d itio n a l Issue. A m a jo r ity
of th e com m on stock Is ow ned b y a large life Insurance co m pany.
(There
Is now o u ts ta n d in g $ 2 ,2 4 5 ,0 0 0 p ref. stock a n d $ 4 ,5 2 1 ,8 0 0 com m on, the
o u ts ta n d in g a m o u n ts h av in g been re c e n tly increased In connection w ith
recen t acq u isitio n s.— E d .)
E a rn in g s fo r 11 M o n th s ending N o v . 30 1909 and 1908.
1909.
1908.
I
1909.
1908.
Gross e a r n s ..$ 1 ,2 6 2 ,0 9 6 $1 ,0 8 6 ,1 7 5 I n t . on b o n d s. $26 3,48 8
$23 6,11 6
E x p e n s e s ------72 1 ,6 2 0
6 3 2 ,4 9 2 1S in k in g f u n d .
2 0 ,625
2 0,625
----------------- -------------------- it'r e f . d iv id e n d
105 ,762
94,551
N e t e a r n s .. $54 0 ,4 7 6
$453,6831
$150,601
N e t surplus a fte r p referred d iv id e n d ______ _____
$ 1 0 2 ,3 9 0
P rop erties O wned.
Q u in c y (111.) H o rse R a ilw a y & C a rry in g Co.— T h e e n tire (elec rlc) p la n t
r a ilw a y system (17 ^ miles) o f Q u in c y .
P rin c ip a l franchise Is u n
lim ite d , g ra n te d b y th e S ta te In 1865 an d exclusive fo r 50 years. O th e r
franchises m a tu re fro m 1922 to 1937. P o p u la tio n served a b o u t 4 0 ,0 0 0 .
G alesburg (111.) R a ilw a y & L ig h t Co. (o rig in a lly th ree p roperties, now o n e ),
com prising th e e n tire s treet r a ilw a y (20 m ile s ), gas an d electric lig h t
business of G alesburg.
Franchises of vario u s m a tu ritie s fro m 1919 to
p e rp e tu a l.
(Bonds understood to h av e been g u a ra n te e d .— E d .)
The
c ity has a p o p u la tio n of a b o u t 2 5 ,0 0 0 .
Chicago O tta w a & P e o ria R y . ( V . 8 7 , p . 8 1 2 ), In clu d in g the Illin o is V a lle y
R y . (ab so rb e d ), an In te ru rb a n r a ilw a y w h ic h runs thro u g h the v a lle y of
the Illin o is R iv e r fro m P rin c e to n , 111., v ia L a S a lle, P e ru , U tic a , O tta w a ,
M arseilles to Seneca, 58 m iles, w ith branches (a ll In o p e ration) fro m
L a d d to S tre a to r, 16 m iles, an d fro m Seneca to M o rris , 12 m iles; to ta l,
86 m iles. T h e p ro p e rty operates la rg e ly on its ow n p riv a te rig h t of w a y .
T h e franchises In the various tow ns m o s tly m a tu re a fte r 1950.
(T h e
bonds of bo th the C. O . & P . R y . a n d the Illin o is V a lle y R y . are u n d e r
stood to have been g u a ra n te e d .— E d .]
franchises In th e various tow ns m o s tly m a tu re a fte r 1950.
(T h e bonds
of both the C. O . & P . R y . an d th e 111. V a lle y R y . are understood to have
been g u a ra n te ed .— E d .)
C airo R a ilw a y & L ig h t C o ., w hich Is th e street r a ilw a y system an d elec
tric lig h t an d gas co m pany In C airo.
F o rm e rly th ree properties.
C e n tra l L ig h tin g C o ., w hich furnishes gas in P e ru a n d L a Salle, 111., and
electric lig h t in L a Salle. Franchises m a tu re 193 2. P o p u latio n served
a b o u t 2 0 ,0 0 0 .
(C a p ita liz a tio n a t la s t accounts $13 0 ,0 0 0 stock and
$ 10 4,00 0 bonds.
Bonds understood to h av e been g u a ra n te ed .— -E d.)
W ic h ita (K a n .) R R . & L ig h t C o ., the e n tire street r a ilw a y System of W ic h ita
(23 miles) and p a r t of th e electric lig h tin g , in c lu d in g th e c ity lig h tin g .
S tre e t r a ilw a y franchises m a tu re 1933 an d the lig h tin g 1919. Showed
an increase of n e a rly 4 0 % In n e t earnings fo r 1908 over 1907 a n d earned
a surplus above Its bond In te re st su fficien t to p a y th e e n tire W estern
R a ilw a y s & L ig h t p referred d iv id e n d an d leave a su b sta n tial surplus.
[C o n tro l, I t Is understood, w ill also be acq uired o f the electric lig h t and
street r a ilw a y system s In an o th e r c ity in Illin o is , w h ich has n o t been
p u b lic ly ann ounced .— E d .]
T h e W estern R a ilw a y s & L ig h t Co. and an o th e r system (Illin o is T ra c tio n
Co.) ow ned b y the same Interests w ill furnish th ro u g h service betw een C h i
cago a n d S t. Lou is.
(C om pare re p o rt of Illin o is T ra c tio n Co. In V . 88, p.
1369. See also pages 83 an d 84 of th e " E le c tr ic R a ilw a y ” S e ctio n .— Eel.)
— V . 8 7 , p. 814.
Winston-Salem Southbound Ry.— Mortgage.— The stock
holders will vote Feb. 4 on authorizing a mortgage to secure
an issue of bonds limited to $5,000,000. The bonds are to
be jointly guaranteed by the two proprietary roads, the At
lantic Coast Line and Norfolk & Western, as stated in V. 89,
p. 667, 598.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Adams Express Co.— Officers.— President William M.
Barrett has been elected a trustee to succeed the late Du
mont Clarke. Joseph Zimmerman was elected a member of
the board of managers, succeeding Mr. Clarke.— V. 89, p.
1342.
American Brake Shoe & Foundry Co.— Stock Offered—
Earnings.— Jones & Co., 30 Broad St., New York, being in
a position to supply a limited amount of both the common
and preferred stock, at prices to yield about 5
report:
In c o rp o ra te d in N e w Jersey Jan . 28, 1902.
A consolidation of Im p o rta n t foundries an d controls th e brake shoe
o u tp u t of th e co u n try .
H as shown re m a rk a b le e arn in g pow er even du rin g
th e recent In d u s tria l depression.
Bonded d e b t— first sinking fund gold 5s, d ated M a rc h 1902, due
M arch 1 1952, callable $20 ,000 a n n u a lly , fo r th e first 10 years
a t 110 an d In te re st, fo r the second ten years a t 105 an d Interest
and th e re a fte r a t 100 an d In te re s t_____________________
$85 7,00 0
C om m on stock, a u th o riz e d , $3 ,0 0 0 ,0 0 0 (p a r of shares $100);
o u ts ta n d in g -------- --------------------------------------------P referred stock, 7 % cum . an d e n title d to a ll th e earnings a fte r
th e com m on receives 7 % (p a r of shares, $ 1 0 0 ), a u th o riz e d and
a ll o u ts ta n d in g ---------------------------------------------------------------------------------- 3 .0 0 0 ,0 0 0
D ivid en d s on C om m on Stock.
1903.
1904.
1905 t o . Tan. 1909.
S in ce.
2 % ( J . & J . 1 % ).
1% (O c t.)
4 % y e a rly .
1 X % q u a r.
[O n D ec. 31 1907 1% e x tra was p a id .— E d .]
Treasurer's R eport fo r Y ea r ending S ept. 30 1900.
Gross earnings------------------ $4,03 9 ,8 7 3 I n t e r e s t ---------------------------------- $42,121
O p e ra tin g expenses, & c _ . 3,16 4 ,1 0 1 D iv id e n d on p referred stock 210 ,000
D iv id e n d on com m on s t o c k .. 116,000
N e t ___________________ $875,772
Surplus fo r y ea r a fte r d ivid e n d s -----------------------------------------------------$507,651
S urplus O c t. 1 1 9 0 8 ______________________________________ _______1 ,5 1 4 ,0 2 8
T o ta l surplus Sept. 30 1 9 0 9 ------------------------------------ ----------- --------- $ 2 ,0 2 1 ,6 8 0
T h e officers are a ll w ell kn o w n , conservative business m en an d th e recen t
a d d itio n of three new directors rum o red to be closely a llie d to th e U . S.
Steel C o rp oration should enhance th e v a lu e of these securities.
New Directors.— Two of the three new directors referred to
above are Gates W. McGarrah, President of the Mechanics’
National Bank, and Thomas W. Lamont, Vice-President of
the First National Bank of this city.— V. 88, p. 750.
American Chicle Co.— Acquisition.— The company, it was
reported this week, has acquired control of the Sen Sen
Chiclet Co., organized in June last (V. 89, p. 1286), through
the purchase of a majority of its $4,000,000 stock, the deal
having been concluded several months ago.
j
T h e acq u isitio n of th e new concern, I t Is said, gives the c o m p a n y contro
o f o v e r 8 5 % of the chew ing-gum produced In the c o u n try . T h e Sen Sen
C o ., It Is s ta te d , has under o p e ra tio n th e g reater p a rt o f the chicle-producing
lan d In M exico, a m o u n tin g to o ve r 3 ,0 0 0 ,0 0 0 acres. T h e term s on w hich
con trol was acquired have n o t been o ffic ia lly m ade p u b lic , b u t I t Is reported
t h a t a m a jo r ity of th e stock was ta k e n o v e r a t 77
th e stock hav in g sold
p r iv a te ly d u rin g last fa ll as high as 135, an d being now quoted aroun d
120@ 125.
P erio d C overed —
P ro fits.
P r e f. D iv s .
C om . D iv s .
B a l.,S u r .
Y r . en d . D ec. 3 1 ’0 9 .$ 1 ,5 3 0 ,0 0 0 ( 6 % ) $ 180,000( 1 8 % ) $ 1 ,080,000 $270,000
Y r . en d . D e c. 31 ’0 7 .
1,65 8 ,0 0 0 (6 % ) 180,000 (1 8 % ) 1,080,000 3 98 ,000
6 m o s.end.D ec.31 ’06
72 1 ,0 0 0 (3 % )
9 0,000 (9 % )
540 ,000
9 1 ,000
Y r . end. June 3 0 ’0 6 .
1,40 4 ,0 0 0 (6 % ) 180,000 (1 3 % )
7 80 ,000 4 44 ,000
T h e figures fo r 1908 were n o t m ade pub lic.
T h e directors have declared the usual a n n u a l divid ends of 1 8 % an d 6 %
on the com m on and preferred stocks, respectively, the divid en d on the
com m on to be paid In m o n th ly In stallm en ts of 1 % and 2 % a lte rn a te ly ,
a n d t h a t on the preferred q u a rte rly . T h e com p a n y has Just com pleted
th e con struction of tw o new factories, one In P o rtla n d , M e ., and the o th er
n Kansas C ity , w hich becam e necessary, ow ing to th e Increase of businessl
2,50 0
J a n . 22 1910.J
THE CHRONICLE
[A p o r t i o n o f t h e f o r e g o in g Is o f fic ia l y p r o n o u n c e d t o b e " w r o n g ,” a lt h o u g h
h a v i n g a n a p p a r e n t b a s is o f f i r u t h .— E d . ]
New Director.— E. R. Fansliawe has been elected a director
to succeed James Nicholl, deceased.— V. 86, p. 230.
American Light & Traction Co.—Report.—For year end
ing Dec. 31:
C al. E a rn s, from
Other
N et
P r e f. D iv . C om m on D iv .
B a lan ce,
Y ear. Sul). C os.
In com e.
P r o fits .
(6 % ).
(Cash).
S u rp lus.
1 0 0 9 _ $ 3 ,0 3 3 ,6 6 8 $ 3 1 1 ,7 7 2 $ 3 ,2 3 9 ,1 7 9 $ 8 5 4 ,1 7 2 (9 % ) $ 7 7 8 ,4 9 5 $ 1 ,6 0 6 ,5 1 3
1 9 0 8 . 2 ,4 5 2 ,8 7 3
2 7 0 ,1 9 1
2 ,6 7 8 ,0 6 4
8 5 4 ,1 7 2
(7 % ) 1 9 5 ,0 8 2
1 ,3 2 8 ,8 1 0
— V . 90, p. 107.
American Telephone & Telegraph Co.—Reimbursement bp
Subsidiaries.— The “ Boston News Bureau” of Jan. 18 saidT h e e n t i r e p r o c e e d s d e r i v e d f r o m t h e s a le o f t h e $ 1 0 , 0 0 0 , 0 0 0 W e s t e r n
T e l e p h o n e & T e l e g r a p h C o . 5 % n o t e s (s e e t h a t c o m p a n y b e lo w ) w ill g o
d ire c tly in to th e A m e ric a n T . & T . tr e a s u r y .
I n a d d i t i o n to t h e $ 6 , 3 6 0 , 0 0 0
o f W e s t e r n T e l e p h o n e n o t e s h e ld o n J a n . 3 1 1 9 0 0 , A m . T . & T . p a id d u r i n g
1 9 0 9 f r o m I ts o w n c a s h t h e $ 6 , 0 0 0 , 0 0 0 5 % W e s t e r n T e l e p h o n e n o t e s w h ic h
m a t u r e d M a y 1 . T h e s a le o f t h e $ 1 0 , 0 0 0 , 0 0 0 n o t e s , t h e r e f o r e , s ti ll le a v e s
W e s te rn T e le p h o n e In d e b te d to th e p a r e n t c o m p a n y b y s o m e th in g o v e r
$ 2 ,0 0 0 ,0 0 0 .
H a d A m . T . & T . e le c t e d to c a r r y o u t I ts o r ig i n a l p l a n s . It
w o u ld h a v e h a d a c a s h b a la n c e a s o f J a n . 1 t h i s y e a r o f f u ll y $ 3 5 , 0 0 0 , 0 0 0 .
T h e a c t u a l c a s h b a la n c e w a s , a s a m a t t e r o f f a c t , c o n s i d e r a b l y u n d e r $ 1 0 ,
0 0 0 , 0 0 0 , o w in g to t h e p u r c h a s e d u r i n g 1 9 0 9 o f s o m e $ 3 0 , 0 0 0 , 0 0 0 W e s t e r n
U n io n s to c k a n i l t h e a c q u i s i t i o n o f a n u m b e r o f s m a l l I n d e p e n d e n t t e l e p h o n e
c o m p a n i e s . A l r e a d y , h o w e v e r , i t h a s I n c r e a s e d I ts c a s h r e s e r v e s b y s o m e
$ 1 5 , 0 0 0 , 0 0 0 t h r o u g h t h e s a le o f t h e s e W e s t e r n T e l e p h o n e b o n d s a n d t h r o u g h
c a s h d e r i v e d f r o m a $ 5 , 0 0 0 , 0 0 0 n o t e is s u e o f a n o t h e r s u b s i d i a r y c o m p a n y .
(S e W e t e r n E l e c t r i c C >. b e lo w .— E d . ‘ ‘C h r o n ic le " )
I t is b e c a u s e o f t h e I n c r e a s in g a b i l i t y o f t h e s u b s id i a r i e s t o f in a n c e t h e m
s e lv e s t h a t t h e m a n a g e m e n t is s o e m p h a t i c in I ts s t a t e m e n t s t h a t t h e p a r e n t
c o m p a n y w ill n o t I s s u e a n y o f I ts o w n s e c u r i ti e s d u r i n g 1 9 1 0 a n d t h a t n o
f in a n c in g o f a n y s o r t w ill b e u n d e r t a k e n f o r 1 9 1 1 r e q u i r e m e n t s u n t i l v e r y
la te th is y e a r o r e a rly n e x t s p rin g .— V . 8 9 , p . 1 5 9 9
Arkansas & Territorial Oil & Gas Oo. of Fort Smith, Ark.—
Called Bonds.— President M. A.
nounced on Dec. 9 1909 that 25
bonds dated Jan. 1 1907, of various
had been called for redemption on
interest at the American Trust &
trustee.
Morrison, Chicago, an
first mortgage 6% gold
numbers from 14 to 246,
Jan. 1 1910 at par and
Savings Bank, Chicago,
British Columbia Packers’ Association, Vancouver, B. C.,
and Toronto.— Re-incorporation.— The shareholders will meet
in Jersey City on Feb. 8 1910 for the purpose of considering
the sale of the entire undertaking to a new company to be
incorporated under the laws of British Columbia.
T h e s h a r e h o l d e r s w ill r e c e i v e s h a r e s in t h e c a p i t a l s t o c k o f t h e n e w c o m
p a n y , p r e f e r e n c e a n d c o m m o n , t o t h e s a m e a m o u n t a s t h e s h a r e s n o w h e ld
b y t h e m , a n d t h e p r o v is i o n s o f t h e c h a r t e r o f t h e n e w c o m p a n y w ill b e a s
n e a rly a s c a n b e th e s a m e a s th o s e of th e c e rtific a te of in c o r p o r a tio n o f th e
a s s o c i a ti o n , e x c e p t t h a t t h e n e w c o m p a n y . In a d d i t i o n to t h e p o w e r t o r e
d e e m I ts p r e f e r e n c e s h a r e s a t 1 1 5 , w ill b e g i v e n p o w e r t o p u r c h a s e t h e m
o u t o f a n y r e s e r v e f u n d o f p r o l l t s o r o t h e r w i s e a t s u c h le s s p r ic e a s t h e y c a n
be o b ta in e d fo r.
P r o x ie s r e p r e s e n t i n g a b o u t 9 0 % o f t h e s h a r e s h a v e b e e n
r e c e i v e d In f a v o r o f t h e p l a n , w h ic h w ill a v o i d t h e i n c r e a s i n g b u r d e n o f t a x e s
u n d e r t h e N e w J e r s e y la w .
A c ir c u la r d a t e d D e c . 1 1 9 0 9 s a y s : ‘‘A s t h e a s s o c i a t i o n d i d n o t p a y r e g u
l a r d i v id e n d s o n t h e p r e f e r r e d s t o c k d u r i n g t h e f ir s t t h r e e y e a r s o f i t s e x i s t
e n c e , th e r e h a v e b e e n n o s u rp lu s e a rn in g s a v a ila b le f o r th e r e d e m p tio n of
p r e f e r r e d s t o c k , b u t in t h e n e a r f u t u r e t h e r e w ill In a ll p r o b a b i l i t y b e s u r p l u s
e a r n i n g s f r o m tim e t o t im e a v a i l a b l e f o r t h i s p u r p o s e , a n d I t Is o b v i o u s
t h a t t h e c o m p a n y w ill s u f f e r a l a r g e m o n e y lo s s If t h e s h a r e s m u s t b e r e
d e e m e d a t 1 1 5 , e v e n t h o u g h t h e m a r k e t p r ic e s h o u ld b e le s s t h a n t h i s . ”
W h ile t h e r e m a i n i n g b a c k d i v id e n d s o n t h e p r e f e r r e d s h a r e s , a m o u n t i n g
to 10 M % , h a v e n o t b e e n d e c l a r e d , I t Is e x p e c t e d t h e y w ill b e s h o r t l y .
— V. 89, p. 1143, 468.
Butler Bros., Chicago.— Stock Dividend, &c.— The direc
tors have voted to increase the capital stock from $4,500,000
to $10,000,000. Press reports state that of the new stock
$3,150,000 will be distributed as a stock dividend of 70%,
and the shareholders will be permitted to subscribe at par,
$100 a share, for $2,250,000, the remaining $100,000 to be
held for subscription by employees at a nominal figure. The
regular annual dividend of 10% and an extra cash dividend
of 7 H % were also declared. In Jan. 1909 the extra dividend
was 5% .— V. 86, p. 605.
Cambria Steel Co., Philadelphia.—Dividend Increased—
New Stock.— The directors on Jan. 20 declared a semi-annual
dividend of 2 ^ % , payable Feb. 15 to holders of record Jan. 31.
This increases the annual rate to 5% , contrasting with 3%
from 1902 to 1909, both inclusive. The Pennsylvania Com
pany owns $22,504,100 of the $45,000,000 outstanding stock.
Chairman E. B. Morris says:
A t t h e t im e o f r e o r g a n i z a t i o n In A u g . 1 9 0 1 i t w a s s t a t e d t h a t t h e e a r n i n g s
a b o v e a c o n s e rv a tiv e r e tu r n u p o n th e a c tu a l a m o u n t of $ 2 2 5 0 c a sh th e n
p a id In w o u ld t h e r e a f t e r b e a p p li e d In la r g e m e a s u r e to b u i ld i n g u p t h e
p ro p e rty .
D u r i n g t h e p a s t n i n e y e a r s o v e r $ 1 0 , 8 0 0 , 0 0 0 h a s a c c o r d i n g ly
b e e n d i s t r i b u t e d In d i v i d e n d s a n d o v e r $ 1 6 , 0 0 0 , 0 0 0 o f t h e e a r n i n g s h a v e
g o n e I n to I m p r o v e m e n t s , b e t t e r m e n t s , d e p r e c i a t i o n , I n c r e a s e o f I n v e n t o r y
a n d o th e r c o rp o r a te p u rp o se s of a d v a n ta g e to th e p r o p e r ty .
T h e d i r e c t o r s a r c o f o p i n io n t h a t t h e t im e h a s n o w c o m e w h e n t h e c o s t
of f u r th e r Im p ro v e m e n ts a n d b e tte r m e n ts n e c e s s a ry to red u c e m a n u f a c tu r in g
c o s ts c a n b e , a t l e a s t p a r t i a l l y , p r o v id e d o u t o f c a p i t a l s u b s c r i b e d b y t h e
s h a re h o ld e rs a s n e e d e d , a n d c o n s e q u e n tly a la rg e r p e rc e n ta g e of e a rn in g s
d i s t r i b u t e d In d i v i d e n d s .
T h e I m p r o v e m e n t s a n d b e t t e r m e n t s n o w a u t h o r i z e d a n d in c o n t e m p l a t i o n
f o r c o m p l e ti o n w i t h i n t h e n e x t t w o y e a r s , s u c h a s a d d i t i o n a l b y - p r o d u c t
c o k e o v e n s , n e w r o d a n d w ir e m ills , & c , , w ill r e q u i r e t h e e x p e n d i t u r e o f
a p p ro x im a te ly $ 7 ,0 0 0 ,0 0 0 .
T h e $ 5 , 0 0 0 , 0 0 0 s t o c k r e m a i n i n g u n i s s u e d w ill b e o f fe r e d t o t h e s h a r e
h o l d e r s f o r s u b s c r i p t i o n f r o m t im e t o t im e a s f u n d s a r c r e q u i r e d f o r p a y
m e n t of f u r th e r Im p ro v e m e n ts.
Dividends Quarterly.— The board has decided in the future
to declare dividends quarterly, instead of semi-annually.
— V. 89, p. 1350.
Canada Iron Corporation, Ltd.—Listed in London— The
London Stock Exchange has recently listed an additional
£30,800 6% first mortgage sterling bonds, making the total
listed £530,800; total authorized, £600,000. Compare V. 88,
p. 1131; V. 89, p. 1413.
Central Mexico Light & Power Co.—Bonds All Sold.—
William P. Bonbright & Co., London, New York and Colo
rado Springs, brought out on Jan. 8,at95 and interest with
20% bonus in preferred stock, and by the afternoon of Jan. 11
had sold the entire present issue, $800,000 first mortgage
6% 30-year gold bonds, dated Jan. 1 1910 and due Jan. I
1940, but callable at 105 and interest on and after Jan. 1
1915. Guaranteed as to principal and interest by the
239
Guanajuato Power & Electric Co. (V. 88, p. 1059). Interest
J. & J. in Boston, New York and London. Denominations:
$500 or £102 14s. 10d., and $1,000 or £205 9s. Sd. City
Trust Co. of Boston, trustee. A circular says in part:
Capitalization.
C o m m o n s t o c k (p a r o f s h a r e s $ 1 0 0 ) a u t h . , $ 1 ,5 0 0 ,0 0 0 : is s u e d
$ 1 ,5 0 0 0 0 0
P r e fe r r e d s t o c k (p a r v a lu e o f sh a re s $ 1 0 0 ) 6 % c u m . fr o m J a n . i
’
1 9 1 3 a n d r e d e e m a b le o n 6 0 d a y s ’ n o t ic e a t $ 1 1 5 a n d u n p a id
d iv id e n d s .
H a s e q u a l v o t i n g p o w e r w i t h c o m m o n a n d Is p r e
fe r r e d b o t h a s to a s se ts a n d d iv id e n d s .
A u t h o r iz e d , $ 1 ,5 2 0 ,
__
_
400 000
000;
t r u s t e e d , $ 8 5 0 , 0 0 0 ; o u t s t a n d i n g ______________________
F ir s t m o r t g a g e 6 %
b o n d s , a u t h o r iz e d , $ 2 ,5 0 0 ,0 0 0 ;
tru ste e d ,
$ 8 5 0 , 0 0 0 ; o u t s t a n d i n g ____________________________________________________________ _
800 000
A n n u a l s in k in g fu n d fo r b o n d s 1 9 1 5 t o 1 9 2 3 , a s u m e q u iv a le n t t o 1 %
o f th e b o n d s o u ts ta n d in g ; 192 4 to 1 9 3 2 , 2 % ;
1933 to 1939, 4 % .
I n c o n s id e r a t io n o f a ll o f th e c o m m o n s t o c k , & c ., th e G u a n a ju a t o P o w e r
& E le c t r ic C o . a g r e e s t o g u a r a n te e th e b o n d s b o t h a s t o p r in c ip a l a n d
in t e r e s t , a n d fu r t h e r a g r e e s t o g u a r a n te e th e d iv id e n d s u p o n th e p r e fe r re d
s to c k fr o m J a n . 1 19 1 3 .
T h e c o m p a n y h a s b e e n o r g a n iz e d u n d e r t h e la w s o f M a in e f o r t h e p u r p o s e
o f p u r c h a s in g , c o n s t r u c t in g , o w n in g a n d o p e r a t in g e le c t r i c lig h t a n d p o w -cr
p la n t s in t h e S t a t e s o f G u a n a j u a t o , M ic h o a c a n a n d a d j o i n i n g t e r r i t o r y In
M e x ic o .
T h e G u a n a ju a t o P o w e r & E le c t r ic C o . e n t e r e d th is fie ld a b o u t
s e v e n y e a r s a g o a n d h a s b e e n v e r y s u c c e s s fu l, h a v in g t w o la r g e p o w e r
p la n t s In o p e r a t io n a n d a t h ir d u n d e r c o n s t r u c t i o n .
T h e m an agers h a ve
d e c id e d t h a t t h e b u s in e s s c a n b e b e s t p r o m o t e d b y t h e fo r m a t io n o f a n e w /
c o m p a n y t o ta k e o v e r , a n d c o n s t r u c t w h e n n e c e s s a r y , lo c a l d is t r ib u t io n
s y s t e m s , t o w o r k in c o n ju n c t i o n w it h t h e G u a n a ju a t o C o ., h a n d lin g th e
d is t r ib u t io n o f th e p o w e r to c o n s u m e r s .
Estimated Earnings of Plants to Be Purchased, and Built with Proceeds o
$ 6 5 7 , 0 0 0 of the $ 8 0 0 , 0 0 0 Bonds.
Population. Gross.
Net.
L e o n ( a c t u a l e a r n i n g s ) -------------------------------------I r a p u a t o ( e a r n i n g s p a r t l y e s t i m a t e d ) ............................
S i l a o ( a l l e s t i m a t e d ) ________________________________
V .
i l e S a n t i a g o ( a l l e s t i m a t e d ) ........... ........................
P e n j a m o - A b a s o l o ( a l l e s t i m a t e d ) .............. _ ....................
7 0 ,0 0 0
2 5 ,0 0 0
1 6 ,0 0 0
1 7 ,0 0 0
1 0 ,0 0 0
$ 7 9 ,0 0 0
2 4 ,0 0 0
1 2 ,0 0 0
1 0 ,0 0 0
1 0 ,0 0 0
$ 4 5 ,0 0 0
1 2 ,0 0 0
4 ,0 0 0
4 ,5 0 0
4 ,5 0 0
1 3 8 ,0 0 0
$ 1 3 5 , 0 t)0
$ 7 0 ,0 0 0
T h e p la n ts a t S ila o , V a lle d e S a n tia g o a n d P e n ja m o -A b a s o lo a r e n o t y e t
c o m p le t e d .
T h e a b o v e p r o p e r t ie s w ill b e a c q u ir e d a n d c o n s t r u c t e d w it h th e p r o c e e d s
o f $ 6 5 7 ,0 0 0 o f t h e $ 8 0 0 ,0 0 0 in b o n d s a n d t h e r e m a i n i n g $ 1 4 3 ,< | )0 b o n d s
w ill b e r e s e r v e d f o r t h e p u r c h a s e o f a d d i t io n a l p r o p e r t i e s n o w u n d e r n e g o
tia tio n .
T h e c it ie s a n d t o w n s t o b e s e r v e d a r e a ll lo c a t e d In a p a r t o f
M e x ic o u n u s u a lly r ic h In n a t u r a l r e s o u r c e s , a n d , s it u a t e d s o m e 5 ,0 0 0 fe e t
a b o v e s o a le v e l, a lin e , h e a lth fu l c lim a t e p r e v a ils .
U n til r e c e n t ly la r g e ly
a g r ic u ltu r a l, t h e y
are
now
ta k in g
up
m a n u fa c tu r in g a n d
a re g r o w in g
s t e a d i ly In p o p u l a t io n .
T h e r e Is a l s o a s t e a d i l y i n c r e a s i n g d e m a n d f o r
p o w e r f o r p u m p in g f o r I r r ig a tio n , & c .
T h e p r e s e n t r a te o f e a r n in g s o f th e G u a n a ju a t o P o w e r & E le c t r ic C o .
s h o w s s u r p l u s p r o l l t s o v e r a ll o p e r a t i n g e x p e n s e s a n d l l x e d c h a r g e s a m o u n t
in g to liv e tim e s th e in te r e s t o n th e b o n d s o f th e C e n tr a l M e x ic o L ig h t &
P o w e r C o . w h ic h a r e t o b e is s u e d .
E x tr a c ts fro nt L e tte r of Leonard E . C u rtis , V ic e -P re s id e n t and T reas u rer,
G u a n a ju a to P o w er & E lectric C o ., Dec. 24 1909.
T h i s c o m p a n y is n o w o p e r a t i n g t w o l a r g e p l a n t s a n d h a s a t h i r d u n d e r
c o n s t r u c t io n w h ic h w ill b e fin is h e d w it h in 1 8 m o n t h s .
T h e s e p la n t s w ill
g iv e u s a t o t a l o f a b o u t 2 0 ,0 0 0 h . p . f o r s a le .
T h e a cco u n ts fo r th e y e a r
1 9 0 9 a r c n o t y e t m a d e u p , b u t th e e a r n in g s a t p r e s e n t s h o w n e t p r o fits
a b o v e a ll e x p e n s e s a n d fix e d c h a r g e s a t t h e r a t e o f a b o u t $ 2 0 ,0 0 0 p e r
m o n t h , o r $ 2 4 0 ,0 0 0 p e r y e a r .
Citizens’ Water & Light Co., Shelbyville, Ind.—Consoli
dation Plan.— Petry & Co. of Chicago are proposing to con
solidate this company (V. 81, p. 1438) and the Shelbyville
Gas Light Co. (stock $20,000) into a new company, which
shall be authorized to issue $250,000 capital stock (all com
mon) and $500,000 first mortgage 5% 20-year sinking fund
bonds. Of the bonds, $299,000 are to be issued for prop
erties and $125,000 for improvements, including new power
station, leaving $76,000 reserved for future requirements.
T h e S h e lb y C o u n t y
W a ter, G as
& E l e c t r i c C o . w ra s i n c o r p o r a t e d I n
I n d ia n a o n J a n . 1 7 1 9 1 0 w it h $ 2 5 0 ,0 0 0 a u t h o r iz e d c a p it a l s t o c k , t o fu r n is h
w a t e r , lig h t , h e a t a n d p o w e r , th e d ir e c t o r s b e in g H . L . O ld s , J . T . B a c o n ,
M .
O . S tr a ig h t, T . C . K e lly a n d A m b r o s e P e t r y .
T h e S h e lb y v ille W a t e r & L ig h t C o . a t la s t a c c o u n t s h a d o u t s t a n d in g
$ 8 0 ,0 0 0 c o m m o n s t o c k , $ 1 5 0 ,0 0 0 5 % c u m . p r e f . s t o c k a n d $ 3 5 ,0 0 0 g o ld 5 s;
t o t a l a u t h o r i z e d , $ 5 0 , 0 0 0 ; f o r e a c h $ 5 0 0 o f t h e p r e f . s t o c k a n d $ 5 0 c a s h is
o ffe r e d $ 5 0 0 o f th e p r o p o s e d n e w b o n d s .— V . 8 1 , p . 1 4 3 8 .
Columbia Gas & Electric Co.— See East Ohio Gas Co.
below.— V. 89, p. 723.
Diamond Match Co.— Reduction of Dividend Recommended.
— President Stettinius on Wednesday announced that he
recommended a reduction in the dividend rate from 8% (as
reduced in 1909 from 10%) to 6% yearly. An official state
ment given out in Chicago on Jan. 18 says in substance:
T h e r e Is a b s o l u t e l y n o t h i n g in t h e s i t u a t i o n t o w a r r a n t a n y a la r m o n t h e
p a r t o f th e s t o c k h o ld e r s .
T h e p r o f it s f o r t h e y e a r 1 9 0 9 w ill b e b e t w e e n
$ 1 ,8 0 0 ,0 0 0 a n d $ 1 ,8 5 0 ,0 0 0 a n d th e p r o s p e c t s f o r th e c u r r e n t y e a r . In th e
m a t c h b u s i n e s s a s wrc l l a s t h e l u m b e r b u s i n e s s , s e e m v e r y e n c o u r a g i n g .
I n r e g a r d t o r u m o r s t o th e e f f e c t t h a t th e c a p it a l s t o c k w ill b e in c r e a s e d ,
o r t h a t b o n d s w ill b e p la c e d , o r t h a t t h e d iv i d e n d w ill b e r e d u c e d , i t c a n
b e s a id t h a t w h ile n o a c t io n h a s b e e n ta k e n b y th e b o a r d , th e r e a r e a
n u m b e r o f th e d ir e c t o r s w h o a r e o p p o s e d t o b o n d in g th e p r o p e r t y o r in c r e a s
in g it s s t o c k , a n d b e li e v e t h a t It w o u ld b e b e t t e r if t h e d iv i d e n d w e r e
re d u ce d fro m 8 to 6 % .
W h e n th e d iv id e n d w a s c u t to 8 % a y e a r a g o , th e b o a r d w a s e n c o u r a g e d
t o l o o k f o r s u b s t a n t i a l p r o fit s In t h e c o m p a n y ’s lu m b e r o p e r a t i o n s In C a li
fo r n ia d u r in g th e y e a r 1 9 0 9 .
U n fo r tu n a te ly th e s e e x p e c ta tio n s h a v e n o t
b e e n fu lfille d .
T h e lu m b e r t r a d e s h o w e d little if a n y im p r o v e m e n t u n til
th e la s t fo u r m o n t h s o f 1 9 0 9 fr o m th e c o n d it io n s I m m e d ia t e ly fo llo w in g th e
p a n ic o f 1 0 0 7 , a n d p r ic e s , p a r tic u la r ly o f th e lo w e r g r a d e s , h a v e b e e n lo w .
H e n c e n o t o n ly d id th e c o m p a n y fa il o f th e a n t ic ip a t e d p r o fits fr o m t h a t
q u a r t e r , b u t it h a s b e e n c o m p e lle d t o u t iliz e la r g e s u m s In c a r r y i n g m a n u
fa c t u r e d lu m b e r a t Its y a r d s In S a c r a m e n t o V a ll e y .
In co n se q u e n ce , w e
w e r e u n a b le t o m a k e a s s u b s t a n t ia l a r e d u c t io n o f th e o b lig a t io n s d u r in g
1909 as w as h o p e d fo r a y e a r a g o .
A r e d u c t io n o f t h e d iv i d e n d r a t e f r o m 8 t o 6 % w ill p e r m it o f t h e a p p l i c a
t io n o f $ 3 2 0 ,0 0 0 p e r a n n u m t o w a r d s t h e p a y m e n t o f t h e c o m p a n y ’ s o b li g a
t i o n s , a n d w i l l . I t is b e l i e v e d , o b v i a t e t h e n e c e s s i t y o f e i t h e r I s s u i n g b o n d s
o r in c r e a s in g it s c a p it a l s t o c k , a n d w ill r e s u lt u lt i m a t e ly in e s t a b lis h in g t h e
c o m p a n y in a s e c u r e fin a n c ia l p o s i t io n in t h a t It w ill h a v e n o o b l l g a t i o n s o f
a n y c h a r a c te r w h a te v e r o u ts ta n d in g .
T h e c o m p a n y h a s e x p e n d e d $ 1 ,2 0 0 ,0 0 0 d u r in g t h e p a s t f o u r y e a r s in
a d d i t io n s a n d I m p r o v e m e n t s a n d t h e c o n s t r u c t i o n o f n e w f a c t o r i e s , a n d it s
I n v e s t m e n t s in C a li fo r n ia — r e p r e s e n t e d b y t i m b e r la n d s , p la n t s , lo g g in g
r o a d s a n d e q u ip m e n t , m a n u fa c t u r e d lu m b e r , a c c o u n t s a n d b ills r e c e iv a b le
— is In t h e n e ig h b o r h o o d o f $ 5 ,0 0 0 ,0 0 0 .
Its e x is tin g o b lig a t io n s , th e r e fo r e ,
a r e t h e d ir e c t r e s u lt o f e x p e n d it u r e s t h a t h a v e b e e n m a d e In t h e a c q u is it i o n
o f p r o p e r t y a n d t h a t a r e n o w r e p r e s e n t e d b y i n v e s t m e n t s in C a li f o r n ia a n d
p la n t a c c o u n t .
T h e d ir e c t o r s a r e a b s o l u t e l y In h a r m o n y In t h e ir c o n f id e n c e
In t h e u lt i m a t e o u t c o m e o f t h e C a lif o r n ia l u m b e r p r o p o s i t i o n , a n d In t h e ir
b e li e f t h a t t h e v a l u e o f t h e p r o p e r t y w ill In t im e b e d e m o n s t r a t e d .
A m e e t in g o f th e d ir e c t o r s w ill b e h e ld in N e w Y o r k o n J a n . 2 9 , a n d
d e fin it e a c t i o n w ill n o d o u b t b e t a k e n a t t h a t t i m e , a n d t h e r e a p p e a r s t o
b e lit t le d o u b t t h a t t h e y w ill a g r e e a s t o t h e w is d o m o f r e d u c in g th e d iv id e n d
fro m 8 to 6 % .
Report.— For year ending Dec. 31 (estimated):
F isca l
Year —
P ro fits
fo r Y ear.
1 9 0 9 (e s t.)_ . $ 1 , 8 2 5 , 0 0 0
1 9 0 8 (a c t u a l) 2 ,2 7 9 ,9 1 1
— V . 88, p. 1250.
D ividends
P a id .
( 8 % ) $ 1 ,2 8 0 ,0 0 0
(1 0 )
1 ,6 0 0 ,0 0 0
Charged
O ff.
(? )
$ 4 6 5 ,0 3 5
B a lan ce
S u rp lu s.
(? )
$ 2 1 4 ,8 7 6
Total
S u rp lu s.
(? )
$ 6 7 7 ,9 4 0
THE CHRONICLE
240
[ V O L . LX X X X .
East Ohio Gas Co.— Merger.— The directors of this sub- [ pMr ae sr ec hn t 1s t 1a 9n 1d 5a ,r dp,r iwn ictihp oa ul t a dn edd uI nc tt ieor ne s ft o r( Ma n. y& t aSx. ,) t po a by ea br el ed ei en m Ua b. l eS .I ng owl hd o ol ef
sidiary of the Standard Oil Co. on Jan. 18, in conformity o r I n p a r t a t o p t i o n o f c o m p a n y a t p a r a n d I n t e r e s t a t a n y t i m e a f t e r M a r c h 1
with the tentative agreement entered into some months ago t1h9 e1 3o pu tpi oo nn o6 0f tdhaey sh ’ o nl doet ri c ae t, aa nn dy tt oi m bee ac fot ne vr eMr tai br cl eh d1 o 1l l 9a 1r 2f,o ru nd toi ll l ar re daet mppatri oant
with the Columbia Gas & Electric Co. (V. 89, p. 723) touch o r p a y m e n t , I n t o 7 % c u m u l a t i v e p r e f e r r e d s t o c k .
ing the two Cleveland gas companies controlled by the latter, ( c ) $ 1 0 , 0 0 0 , 0 0 0 N e w P r e f e r r e d S t o c k , a l s o P o r t i o n o f C o m m o n S t o c k ,
f o r C o n v e r s io n P u r p o s e s .
namely the Cleveland Gas Light & Coke Co. and the People’s
T o p r o v id e fo r th e c o n v e r s io n p r iv ile g e t o b e g iv e n b y th e n e w d e b e n t u r e s ,
Gas Light Co., and other matters, called a shareholders’ t h e c o m p a n y I s t o c r e a t e i t s 7 % c u m u l a t i v e p r e f e r r e d s t o c k , o f w h i c h $ 1 0 ,
meeting for Jan. 31 to ratify the plan on, it is stated, the 0c o0 m0 , e0 0c0o mI s mn oo nw st to o cb ke . a u Tt hh oe r ipz reedf ,e rarne dd tsht eo c pk r eI ss etno t ba eu tehnotri itzl ee dd st to o cc ku mi su tl ao t ibvee
following lines:
d iv id e n d s a t th e r a te o f 7 %
p e r a n n u m , a n d n o m o r e , p a y a b le q u a r te r ly ,
A n e w c o m p a n y t o t a k e o v e r th e th r e e p la n ts , r e ta in in g th e n a m e o f th e
E a s t O h io -G a s C o ., a n d
h a v in g a c a p ita l s t o c k o f
$ 2 0 ,0 0 0 ,0 0 0 ;
a ls o a
b o n d I s s u e o f 5 2 5 ,0 0 0 ,0 0 0 3 0 - y e a r 5 s , o f w h ic h $ 1 5 ,0 0 0 ,0 0 0 w ill b e d i s t r i b u t e d ,
t o g e t h e r w it h t h e s t o c k , in t h e p a y m e n t f o r t h e p r o p e r t i e s .
T e n m illio n s
I n b o n d s w ill b e h e ld In t h e t r e a s u r y t o b e u s e d f o r f u t u r e e x t e n s io n s , I m
p r o v e m e n t s a n d th e a c q u ir e m e n t o f s u c h a d d it io n a l p r o p e r t y a s m a y b e
n ecessary.
T he
stock
w ill b e e q u a l l y
d iv id e d , c o m m o n a n d
p r e fe r re d
$ 1 0 ,0 0 0 ,0 0 0 e a c h , th e la t t e r b e in g a t 7 % .
Statem ent Attributed to Presid en t A t. B . D a ly .
T h e lo c a l m e r g e r h a s n o t h in g w h a t e v e r t o d o w ith th e r e p o r t e d I n te n tio n
o f c o n s o lid a tin g th e g a s In te re sts o f th e S ta te o r a n y b ig c o m b in a tio n to
c o n t r o l th e g a s o u t p u t o f W e s t V ir g in ia .
B o t h th e s e s to r ie s o f g ig a n t ic
c o m b in a t io n s a re w ith o u t fo u n d a t io n .
T h is m e r g e r w ill a ll e c t o n ly th e
C le v e la n d p r o p r t ie s , a n d a th ir d m in o r it y I n te r e s t n o t r e p r e s e n t e d h e r e
t o f o r e , r e p r e s e n t in g a c o n s id e r a b le a r e a o f g a s la n d s In W e s t V ir g in ia , f o r
w h ic h t h e c o m p a n y w ill m a k e p a y m e n t In s t o c k . — V . 8 9 , p . 1 3 5 1 .
Glenwood Springs (Colo.) Light & Water Co.—Purchase
by City.— See “ Glenwood Springs” in “ State and City” dept.
Guanajuato Power & Electric Co., Colorado Springs.—
Bonds, &c., of Distributing Company Guaranteed.— See Cen
tral Mexico Light & Power Co. above.— V. 88, p. 1059.
Helena (Mont.) Water Works Co.—Receivership.— Judge
Hunt in the Federal Court at Helena on Jan. 18 appointed
Vice-President E. C. Beckus as receiver of the property on
application by the Old Colony Trust Co. of Boston, the mort
gage trustee, interest on the $1,230,000 first mortgage 4%
bonds having remained unpaid for several years past. The
company’s franchise expired Jan. 15 and an ordinance fixing
rates has been proposed by the city.— V. 89, p. 414.
Hood Rubber Co.— Preferred Stock Offered.— The com
pany offers to stockholders the right to subscribe for $500,000
preferred stock at $125 per share, increasing the amount out
standing to $1,500,000.
T h e fir s t p a y m e n t ( t h e a m o u n t Is l e f t t o t h e d i s c r e t i o n o f t h e s u b s c r i b e r )
Is t o b e p a id o n o r b e f o r e F e b . 2 a n d t h e r e m a i n d e r o n o r b e f o r e A p r i l 2 8 .
T h e t o t a l s u r p lu s , a s p e r b a la n c e s h e e t o n
D e c. 31 1 9 0 9 , w a s a b o u t
$ 1 ,-1 0 0 ,0 0 0 , a n I n c r e a s e o f a b o u t $ 2 3 3 ,0 0 0 o v e r t h e s a m e d a t e In 1 9 0 8 ,
W h e n t h e a u t h o r i z e d I s s u e o f $ 1 , 5 0 0 , 0 0 0 p r e f . s t o c k Is a l l o u t , t h e p r o v i s i o n s
o n t h e p r e fe r r e d s t o c k c e r t ific a t e s w ill r e q u ir e t h e s u r p lu s t o b e a t le a s t
$ 3 7 5 ,0 0 0 a n d $ 1 0 5 ,0 0 0 w ill b e r e q u ir e d f o r th e d iv id e n d s o n t h e p r e fe r r e d
stock .
T h e r e Is t h e r e f o r e s u f f i c i e n t s u r p l u s o n h a n d t o p a y d i v i d e n d s o n
th e p r e fe r re d s t o c k fo r s e v e ra l y e a r s to c o m e .
T h e p o lic y o f th e d ir e c to r s
Is t o p a y n o d i v i d e n d s o n t h e c o m m o n s t o c k t h a t w ill r e d u c e t h e s u r p l u
b e lo w $ 1 ,0 0 0 ,0 0 0 .— V . 8 7 , p . 1 4 2 3 .
a n d i n c a s e o f l i q u i d a t i o n , d i s s o l u t i o n o r w i n d i n g u p , Is t o b e e n t i t l e d t o
p a y m e n t p r e fe r e n t ia lly t o th e c o m m o n s t o c k o u t o f a s s e ts .
T h e p re fe rre d
s t o c k m a y b e r e d e e m e d o r r e t ir e d in c a s h a t o p t i o n o f c o m p a n y a t 1 1 5 a n d
a c c r u e d d iv id e n d s o n 6 0 d a y s ' n o t ic e , a n d m a y b e In c r e a s e d o n ly w it h th e
c o n s e n t o f t h e h o ld e r s o f t w o -t lilr d s In a m o u n t o f t h e p r e fe r r e d s t o c k a t th e
tim e o u t s t a n d in g .
S u f f i c i e n t o f t h e p r e s e n t a u t h o r i z e d s t o c k Is a v a i l a b l e f o r t h e c o n v e r s i o n
p u r p o s e s o f t h e fir s t c o n s o ls . S e r ie s “ A , ” a n d t h e c o m m o n s t o c k n e e d n o t ,
t h e r e fo r e , b e n o w in c r e a s e d .
S e e s t a t e m e n t o f e a r n in g s f o r 6 m o t h s e n d in g D o c . 3 1
1909,
In V . 9 0 ,
p. 170.
It is understood that the demand both from here and in
Europe for participations in the $20,000,000 underwriting
syndicate is largely in excess of the amount available.—•
V. 90, p. 170.
Lehigh & Wilkes-Barre Coal Co.— Refunding.— The share
holders will meet on March 25 to vote on authorizing a
mortgage to refund the funded obligations, which include
4j/<2% consols, $12,175,000, and 5% gold bonds, $4,821,000,
all due June 1 1910, and the 5% loan, $2,091,000 due Nov. 1
1912.— V. 89, p. 1414.
National Refining Co., Cleveland.— New Stock.— The
shareholders will vote Feb. 10 on a proposition to increase
the authorized issue of 8% cumulative preferred stock fro m
$3,000,000 to $4,000,000. Of the new stock, about $300,00 0,
it is stated, will be issued at present. There is also $2,000 ,
000 common stock. Par of shares, $100.— V. 89, p. 475.
Naumkeag Steam Cotton Co.— Report.— The annual report
for the year ending Dec. 31 shows:
Y r.en d .
Yards
D e c .S i. Produ ced.
Yards
Sold.
190 9 ..1 8 .0 8 2 .0 1 0
1 9 0 8 _ _ 1 8 ,3 4 3 ,6 7 6
1 8 ,1 2 1 ,7 9 6
1 9 ,1 8 7 ,4 6 7
R e c e i p t s ---------- Status on D ec. 3 1 1 9 0 9 . ----------from Sales.
A ssets.
L ia b ilities . T o ta l S u r.
$ 2 ,7 3 9 ,0 5 0
2 ,3 4 9 ,0 5 4
$ 1 ,9 9 0 ,8 2 3
1 ,3 1 9 ,8 6 4
$ 9 4 5 ,6 1 2
3 2 1 ,0 7 1
$ 1 ,0 4 5 ,1 8 1
9 9 8 ,7 9 3
Niagara Falls (N. Y.) Power Co.— Bonds for Refunding, &c.
— Application has been made to the Public Service Commis
sion, Second District, for permission to issue not exceeding
$10,091,000 bonds, of which $9,070,000 is to be used for re
funding of obligations and the remainder for extensions and
improvement of its plant. Compare V. 89, p. 1441.
Ottawa Light, Heat & Power Co.— Extra Dividend.— The
George W. Jackson Inc., Chicago.—First Dividend on
Common.— The directors, it is stated, have declared an initial company paid on Jan. 1, in addition to the quarterly dividend
dividend of 4% on the $1,000,000 common stock, payable of 1M % , an extra dividend of 1%, making 6% for the year.
1% quarterly, beginning March 1 .JlComparejV. 89, p. 414.''Jj
T h e C o n s o lid a t e d E ig h t, H e a t & P o w e r C o . o f O t t a w a , a n a m a lg a m a t io n
Lackawanna Steel Co., New York & Buffalo.—Financing. IGna sA uCgou. ,s t f i 1l e9d0 8o n( VJ .u 8l y8 , 1 4p . 13980 19 ) wo ift ht h teh eO tSt ea cwr ae t aEr lye cot fr iSc t Ca toe. oa fn dC at nh ae d Oa tat ac we ra
— It was announced yesterday that the payment of the $15, tb ief irc al at se t otfh ce h caonmg ep ao nf yn ao mb tea itno e Od tpt ae rwma i sEs ii go nh t ,t oH l ei sat t o &n tPhoew Me r o Cn tor. e a lI nE xNc oh va en mg e
000,000 5% gold notes maturing on March 1 has been pro $ 1 , 6 0 0 , 0 0 0 o u t o f i t s t o t a l a u t h o r i z e d $ 2 , 0 0 0 , 0 0 0 c o m m o n s t o c k , b u t o n l y
vided for in a comprehensive plan, which not only takes $t h1 e 5o1u1 t. s5 t0a0n, d iitn wg acsa ps ai tiad l, sht ao dc k t hweans b$e1e,n3 6 I1s ,s2u0e 0d ,; pb ea irn g$ 1e0q0u. a l Ot on t Dh ee ca. g 3g1r e 1g 9a 0t 8e
care of these notes, but also makes adequate provision for p a r v a l u e o f t h e s t o c k h e l d I n t h e O t t a w a E l e c t r i c C o . ( $ 9 2 5 , 0 0 0 o u t o f
$ 1 ,0 0 0 ,0 0 0 ) a n d t h e O t t a w a G a s C o . ( $ 4 3 6 ,2 0 0
o u t o f $ 4 5 3 ,2 0 0 ).
T he
the future financial requirements of the company.
A meeting of the stockholders will be called for Feb. 15 hE ol ledc itnr igc oc no m Dp eacn. y 3 1a t1 9l0a8s t h aa dc c oo uu nt st tsa nhdaidn g I s( s1 u) e d$ 5 0n0o , 0 0b 0o n 1dsst. M .T h2 e0 - yOe at tra w5 sa,
and Messrs. Speyer & Co. will head the syndicate to under r e d e e m a b l e D e c . 1 1 9 2 0 a n d ( 2 ) $ 2 5 0 , 0 0 0 o f a n a u t h o r i z e d i s s u e o f $ 7 5 0 , 0 0 0
write the new securities to be issued. The $15,000,000 rh eafdu noduitnsgt a mn dt gi ne .g 5$s 1d1a5 t e3d3 1d9e0b8e,n dt uu re e 1 95 3s .3 r( eVd. e 8e 7m, apb. l e4 3J )a. n . T 1h e1 9G3a4s. C o m p a n y
notes will be paid off March 1 in cash. The present first con
Pacific Light & Power Corporation of Los Angeles.—■
solidated mortgage bonds now pledged as security for them Re-incorporation.—
The Pacific Light & Power Co., a majority
will be canceled and the company will issue $10,000,000 first of whose $10,000,000 stock was held by the Los Angeles
consolidated mortgage 5% gold bonds, Series “ A ,” and Ry. Co., which in turn is controlled by H. E. Huntington
$10,000,000 5-year 5% convertible gold debentures.
and the Southern Pacific Co. (owners of 55% and 45% respec
If authorized by the stockholders, the new $10,000,000 tively of its $5,000,000 share capital) was on Jan. 11 re
first consols, Series “ A ” and $10,000,000 5-year 5% con incorporated as the Pacific Light & Power Corporation under
vertible gold debentures are to be separately offered to the the laws of California, its authorized capital stock being
stockholders for subscription in proportion to their present $40,000,000. President Kerchkoff is quoted as saying:
holdings, the bonds at 85% of their face amount and the
T h e
in c o r p o r a t io n
Is s i m p l y
to
g iv e
u s a d d itio n a l c a p ita l.
O u r o ld
debentures at 95% of their face amount, subscriptions to be c o m p a n y w a s t o o s m a l l . W e h a d t h i s p r o p o s i t i o n o f t h e n e w p l a n t a t
payable, 25% of the face amount of the bonds or debentures sRt eo dc ko nf do ro , paunbdl i cn es ea dl ee,d a sm ot hr ee pn oe ww e cr o mt h pr oa un gy h Iso u ftu loluy r f il innaens c. e d Wf oer wt hi lel ph raevs ee nnt o.
subscribed for at the time of subscription and the remainder L a t e r w e m a y I s s u e b o n d s , b u t a t w h a t t i m e I d o n o t k n o w .
O u r g r e a t e s t w o r k w ill b e d o n e a t R e d o n d o .
W e a lr e a d y h a v e a n In v e s t
on March 1 1910. Subject to such right of subscription, the
directors have entered into an agreement with Speyer & Co., mg i ve en t u st hsei xr e u on fi t s$ 1o ,f 7 75 ,05 ,00 00 0h, . ap n. de a cwhi l. l pWu te wI ni l l $ a1 l,s5o0 0r u, 0n0 0n e wm ol irne e. s , Ta nh da t b uwi li ldl
New York, for the sale to them of both said $10,000,000 first n e w p l a n t s I n t h e m o u n t a i n s . T h e e l e c t r i c c a r l i n e s a r e b e i n g e x t e n d e d
consols, Series “ A ,” and the $10,000,000 debentures or to of spur ce hp aarni negx tfeo nr t t thhea tf uo tuurr ep. o w e r Is l i m i t e d , a n d w e h a v e t a k e n t h i s m e t h o d
so much of them as may not be taken by the stockholders.
[’ T h e I n c o r p o r a t o r s a r e : I I . E . H u n t i n g t o n , H o w a r d H u n t i n g t o n , W i l l i a m
President E. A. S. Clarke, in a circular dated New York, VG .. 8I O9 ,r c ph .k o4l7T5, . C a s p a r C o h n , G e o r g e S . P a t t o n a n d A . W . K e m p . — E d . ] —
Jan. 20 1910, describes the new securities in substance:
Pasadena (Cal.) Land & Water Co.— Proposed Purchase by
(a )
New First Consolidated Mortgage Limited to $35,000,000—Present
City.— See “ Pasadena” in “ State and City” department.
Issue to Be $10,000,000 Scries A 5% .
— V. 89, p. 924.
T h e t o t a l a u t h o r i z e d I s s u e Is t o b e l i m i t e d t o $ 3 5 , 0 0 0 , 0 0 0 b o n d s a t a n y
o n e tim e o u t s t a n d in g , o f w h ic h $ 1 5 ,0 0 0 ,0 0 0 b o n d s a r e to b e r e s e r v e d to
Rochester (Minn.) Light, Heat & Power G o . — Bonds
t a k e u p t h e o u t s t a n d i n g $ 1 5 ,0 0 0 ,0 0 0 fir s t m o r t g a g e b o n d s a t o r b e f o r e t h e ir
m a t u r i t y In 1 9 2 3 ; a n d $ 1 0 , 0 0 0 , 0 0 0 b o n d s a r e t o b e r e s e r v e d f o r f u t u r e I s s u e ,
Offered.— Sonntag, Decker & Co., the Rookery, Chicago, are
u n d e r r e s tr ic tio n s , fo r th e p u r c h a s e o f a d d it io n a l p r o p e r t y , I m p r o v e m e n ts ,
offering at par and interest the unsold part of $80,000 first
b e tte r m e n ts a n d o t h e r s p e c ifie d c o r p o r a t e p u r p o s e s .
mortgage 6% serial gold bonds. A circular says in substance:
T h e b o n d s a r e to b e s e c u r e d b y a m o r t g a g e t o th e U n io n
T ru st C o ., a s
t r u s t e e , c o v e r i n g th e r e a l e s t a t e a n d p la n t o f t h e c o m p a n y a n d a ll s t o c k s
a n d b o n d s o r o b lig a tio n s o f o th e r c o r p o r a t io n s n o w o w n e d b y th e c o m p a n y .
I n c lu d in g t h e s t o c k o f t h e E ll s w o r t h C o llie r ie s C o ., a n d o f a ll p r o p e r t y h e r e
a f t e r a c q u ir e d b y t h e u s e o f fir s t c o n s o l s .
T h e y a re to b e p a y a b le M a rch 1
1 9 5 0 , In te re st ra te a t n o t e x c e e d in g 5 % , p a y a b le M . & S ., p r in c ip a l a n d
I n t e r e s t p a y a b l e In U . S . g o l d o f t h e p r e s e n t s t a n d a r d , w it h o u t d e d u c t i o n
f o r a n y t a x w h ic h th e c o m p a n y o r th e tr u s te e m a y b e r e q u ir e d t o d e d u c t
t h e r e fr o m , a n d t o b e r e d e e m a b le , In w h o le o r In p a r t , a t t h e o p t i o n o f th e
c o m p a n y , o n o r a ft e r M a r c h 1 1 9 1 5 , a t 1 0 5 a n d in t e r e s t , u p o n 6 0 d a y s ’
n o tic e .
A f t e r t h e d is c h a r g e o f t h e fir s t m o r t g a g e o n t h e E ll s w o r t h C o llie r ie s ,
t h e s in k in g fu n d c r e a t e d u n d e r t h a t m o r t g a g e w ill b e c o n t in u e d f o r t h e b e n e
fit o f t h e fir s t c o n s o ls .
T h e d ir e c t o r s a r e t o b e a u t h o r iz e d t o Issu e a ll o r
a n y o f th e b o n d s w ith s u c h p r iv ile g e o f c o n v e r s io n In to c o m m o n s t o c k a s
th e b o a r d m a y d e e m a d v is a b le .
’T he $ 1 0 ,0 0 0 ,0 0 0 5 %
b o n d s n o w to b e
I s s u e d , S e r ie s A , a r e t o b e d a t e d M a r c h 1 1 9 1 0 , a n d a r e t o b e c o n v e r t ib le
a t th e h o ld e r s ’ o p t io n In to c o m m o n s t o c k , d o lla r fo r d o lla r , a t p a r , a t a n y
t im e b e tw e e n M a rch 1 1 9 1 2 a n d M a rch 1 1 9 2 2 .
(&) $10,000,000
T h e 5%
N ew Y ork
Five-Year
5%
Convertible
Gold
d e b e n tu re s a re to b e Issu ed u n d e r a tru s t
T r u s t C o ., a s tr u s te e , t o b e d a te d M a rch 1
Debentures,
a g r e e m e n t w ith th e
1 9 1 0 , to b e p a y a b le
D a ted F e b . 1 1910.
P a y a b le s e r ia lly o n F e b . 1 , $ 2 ,0 0 0 y e a r ly 1 9 1 5 t o
1 9 2 0 , $ 3 ,0 0 0 y e a r ly 1 9 2 1 t o 1 9 2 6 , $ 5 ,0 0 0 y e a r ly 1 0 2 7 t o 1 9 2 9 a n d $ 3 5 ,0 0 0
1 0 3 0 . R e d e e m a b le o n F e b . 1 1912|or o n In t. d a te s t h e r e a ft e r a t 102 a n d In t.
P r in c ip a l a n d in te r e s t ( F . & A .) p a y a b le a t C o lo n ia l T r u s t & S a v in g s B a n k ,
C h ic a g o , tr u s te e .
Par $500 an d
$100c*.
C a p ita l s t o c k a u t h o r iz e d a n d
is s u e d , $ 2 0 0 ,0 0 0 ; b o n d s a u t h o r iz e d , $ 2 0 0 ,0 0 0 ; is s u e d , $ 8 0 ,0 0 0 , I n c lu d in g
$ 3 0 ,0 0 0 f o r I m m e d ia t e la y in g o f a d d it io n a l m a in s , e r e c t in g a d d i t io n a l g a s
h o ld e r a n d I n c r e a s in g c a p a c it y o f p la n t ; th e r e m a in d e r ($ 1 1 0 ,0 0 0 ) c a n b e
ta k e n d o w n o n ly fo r b e tte r m e n ts a n d e x t e n s io n s a t 8 0 % o f th e c o s t t h e r e o f.
E a r n in g s ( f o r y e a r e n d in g S e p t . 3 0 1 9 0 9 )
G r o s s , $ 1 7 ,2 3 o ; o p e r a t in g e x
p e n s e s , $ 1 1 ,2 0 8 ; n e t e a r n in g s , $ 6 ,0 0 7 .
In terest on
th e
$ 8 0 ,0 0 0
bonds
w ill b e $ 4 ,8 0 0 ; b a E , s u r ., $ 1 ,2 0 7 .
P o p u la t io n s e r v e d , a p p r o x im a t e ly 1 0 ,
000.
T h e I m p r o v e m e n t s a n d e x t e n s i o n s , i t Is e s t i m a t e d , w ill r e s u lt in t o t a l
r e t e a r n in g s
fo r
1010
of
$ 1 0 ,0 0 0 .
Sears, Roebuck & Co., Chicago.— Acquistiion.— The com
pany has taken over the property of the David Bradley Mfg.
Co. at Bradley, near Kankakee, 111., one of the oldest
manufacturers of agricultural implements in the West.
J a n . 22 1010.
THE CHRONICLE
T h e p r i c e l i a s n o t b e e n m a d e p u b l i c , b u t t h e p l a n t , I t Is s a i d , is w o r t h
a b o u t 5 1 , 0 0 0 ,0 0 0 a n d I n s u r a n c e f o r $ 7 0 0 ,0 0 0 h a s b e e n t a k e n o u t b y .S e a r s ,
R o e b u c k & C o .— V . 9 0 , p . 1 7 1 .
241
Western Electric Co., New York & Chicago. —
N e w
B o n d s
— Of the new §15,000,000 first mortgage 5% gold
Sen Sen Chiclet Co., New York. — C o n t r o l l e d b y A m e r i c a n bonds, the present issue is §6,250,000, which has been de
posited as collateral security for an issue of $5,000,000 of the
C h i c l e C o . — See that company above.
I n i t i a l D i v i d e n d . — An initial dividend
of \ XA % has been company’s 2-year 4y2% gold notes dated Jan. 1 1910;
declared on the §4,000,000 stock, payable Feb. 1 to holders Manhattan Trust Co., N. Y ., trustee. The new bonds bear
date Dec. 30 1909 and are due Dec. 31 1922, but are re
of record Jan. 27.— V. 89, p. 1286.
Spring Valley Water Co., San Francisco. — P r o p o s i t i o n D e deemable by lot in any amount on any interest day beginning
Jan. 1 1912, on 60 days’ notice, at 105 and interest. Interest
f e a t e d . — Sec San Francisco in “ State and City” Department.
J. & J. at Merchants’ Loan & Trust Co., Chicago, the trustee
R e p o r t . — For year ending Dec. 31:
(Leon L. Loehr being co-trustee), and at Manhattan Trust
C al.
Total
O perating
D ivid en d s
B a la n ce,
Interest,
Co., New York.
Y ear —
R evenu e.
E x p en se s .
P a id .
S u rp lu s.
T a x e s ,& c .
1909
_____ . $ 2 , 7 7 3 , 0 0 7
$ 6 8 1 ,2 1 1
1 4 0 ,0 0 0
$ 5 9 6 ,9 2 6
$ 1 ,3 5 4 ,8 7 0
The new notes were taken by Lee, Higginson & Co. of
1908
_____ - 2 , 2 0 4 , 3 6 0
6 5 2 ,0 5 4
(1 % )
2 8 0 ,0 0 0
1 ,3 7 8
1 ,3 3 0 ,9 2 8
Boston and placed on about a 5% basis. The company is
— V . 90, i . 113, 56.
Standard Coupler Co.— N e w D i r e c t o r . — Geo. A. Post Jr. controlled by the American Telephone & Telegraph Co.,
has been elected a director to succeed J. E. French.— and this issue, it is understood, serves to liquidate most of
the floating debt (some §6,000,000) which was held by that
V. 89, p. 1600.
company.
J. Spencer Turner Co.— C a l l e d B o n d s . — This company, the
G r o s s E a r n i n g s . — For years ending Nov. 30 (official):
sales department of the Consolidated Cotton Duck Co., has
1909.
1908.
1907.
1906.
1905.
1902.
called for redemption at par and interest on Feb. 1, at its —$ 4 V0 ,.0 90 00 ,, 0p0 .01 1$43. 2 , 0 0 0 , 0 0 0 $ 5 3 , 0 0 0 , 0 0 0 $ 6 9 , 0 0 0 , 0 0 0 $ 4 4 , 0 0 0 , 0 0 0 $ 2 9 , 0 0 0 , 0 0 0
office, 86 Worth St., N. Y. City, or the Continental Trust
Western (Bell) Telephone & Telegraph Co. — N o t e s O f f e r e d .
Co., Baltimore, Md., seventy-seven (§77,000) of its 6% de
— R. L. Day & Co., Curtis & Sanger, Estabrook & Co., F. S.
bentures.— V. 86, p. 232.
Moseley & Co. and Kidder, Peabody & Co. offered at 99y2
United Box-Board Co.—I n d i c t m e n t . —A grand jury in the and
int., yielding 5 % % , and have already entirely placed
United States Circuit Court in this city, before Judge Hough, the unsold portion of §10,000,000 5% 2-yr. notes, dated
on Jan. 7 found an indictment against a number of manu Feb. 1 1910 and due Feb. 1 1912. The company has the
facturers of paper and box-board identified with the so-called right to retire the entire issue on any interest date, upon
Paper Board Association for al leged violation of the Sherman 30 days’ notice, on a '&A
l % discount basis. Interest F. & A.
Anti-Trust L aw .
Denominations §1,000, §5,000 and §10,000. “ Issued to
T h i r t y - n i n e c o r p o r a t i o n s w it h p la n t s In N e w Y o r k , N e w J e r s e y , I n d i a n a
retire existing debts.” See American Telephone & Tele
M ic h ig a n , M a s s a c h u s e tts , I llin o is , C o n n e c t ic u t , D e la w a r e , V ir g in ia , W e s t*
V ir g in ia , O h io a n d P e n n s y lv a n ia , a n d 54 o f th e o ffic ia ls o f th e c o r p o r a t io n s
graph Co. above. A circular says:
a r c s a id t o b e I n c lu d e d In t h e i n d i c t m e n t .
T h e P a p e r H o a rd A s s o c ia tio n w a s o r g a n iz e d S e p t. 1 1 9 0 5 , a c c o r d in g to
th e I n d ic tm e n t, to p r e s c r ib e th e o u t p u t a n d r e g u la te th e p r ic e o f p a p e r a n d
b o x -b o a r d m a n u fa c tu r e d b y th e m e m b e r s .
T h e o v e r t a c t s c it e d In t h e
I n d ic t m e n t I n c lu d e le tte r s w r it t e n b y J o h n H . P a r k s (w h o a ls o o r g a n iz e d
t h e F ib r e & M a n ila A s s o c i a t i o n , w h ic h w a s o r d e r e d t o b e d is s o l v e d In M a y
1 9 0 9 — s e e I n t e r n a t i o n a l P a p e r C o . I t e m , V . 8 8 ,| p . 1 2 5 7 , ) t o v a r i o u s o f f i c e r s ,
th e r e p o r ts o f th e T r e a s u r e r a n d th e p r ic e c o m m it t e e , a n d q u o t a t io n s fr o m
t h e m in u t e s o f q u a r t e r l y m e e t in g s d i r e c t i n g t h e m e m b e r s t o I lx t h e i r s e ll
in g p r ic e s , p o o l c o n t r ib u t i o n s , c o s t s c h e d u le a n d s a le s a llo t m e n t f o r t h e
e n s u in g q u a r t e r .
T h e I n d ic tm e n t s e ts fo r t h th a t th e r e h a s b e e n a n a n n u a l
e x t r a c o s t t o c o n s u m e r s o f $ 5 ,0 0 0 ,0 0 0 a b o v e w h a t t h e y s h o u ld b e r e q u ir e d
to p a y .— V . 8 8 , p . 1 3 7 7 .
United Copper Co.—Notes for La France Coupons.— Presi
dent F. Augustus Heinze, 74 Broadway, New York, on Jan. 8
1910 sent a circular addressed to the bondholders of the
La France Copper Co., saying in brief:
O w in g t o th e c o n t in u e d u n s a t is fa c t o r y b u s in e s s c o n d it io n s , w e a r c In
fo r m e d t h a t th e L a F r a n c e C o p p e r C o . w ill b e u n a b le t o m e e t th e c o u p o n s
d u e o n Its fir s t m o r t g a g e b o n d s J a n . 1 1 9 1 0 .
T h e p r ic e o f z in c , w h ic h w ill
n o w c o n s t it u t e t h e m a in v a lu e o f th e L a F r a n c e o u t p u t , h a s a d v a n c e d t o a
p o in t w h e re p r o fita b le m in in g o p e r a t io n s c a n b e u n d e r ta k e n , a n d a r r a n g e
m e n t s w e r e r e c e n t ly e ffe c t e d t o r e s u m e o p e r a t io n s o f t h e m ill a t B a s in .
A s a l r e a d y m a d e k n o w n , t h e U n i t e d C o p p e r C o . is a d v i s e d b y c o u n s e l
t h a t Its l i a b i l i t y a s g u a r a n t o r o f I n t e r e s t o n t h e b o n d s c o u l d o n l y b e e n f o r c e d
a ft e r fo r e c lo s u r e o f th e m o r t g a g e .
In o r d e r t o a v o id th e d e la y a n d e x p e n s e
I n c id e n ta l t h e r e t o , a n d s o t h a t th e L a F r a n c e C o p p e r C o . m a y r e a p th e b e n e
fit o f t h e r e c o v e r y o f t h e m e t a l m a r k e t , a s w e ll a s d e v e l o p Its t e r r i t o r y s t ill
fu r t h e r , th e U n ite d C o p p e r C o . m a k e s th e fo llo w in g o fie r :
F o r a ll u n p a id c o u p o n s d u e J a n .
1 19 0 9 a n d J u ly 1 1 9 0 9
th e
U n ite d
C o p p e r C o . w ill g iv e Its n o t e p a y a b le J u ly 1 1 9 1 0 f o r t h e f a c e v a lu e o f t h e
c o u p o n s , w ith I n te r e s t a t 6 %
fr o m th e d u e d a te o f s a id c o u p o n s .
I’ o r a ll u n p a id c o u p o n s d u e J a n . 1 1 9 1 0 a n d J u l y 1 1 9 1 0 , t h e U n i t e d C o p
p e r C o . w ill g iv e Its n o t e p a y a b le J a n . 1 1 9 1 1 f o r t h e fa c e v a lu e o f t h e c o u
p o n s , w it h In te r e s t a t 6 % fr o m th e d u e d a t e o f s a id c o u p o n s .
T h is p r o p o s a l h a s a lr e a d y r e c e iv e d th e a p p r o v a l o f a g r e a t n u m b e r o f
b o n d h o ld e r s .
T h e e x c h a n g e m e n t io n e d w ill b e m a d e a t th e o ffic e
of
F.
A u g u s t u s H e i n z e . 7 4 B r o a d w a y , a n y t i m e a f t c r J a n .| l 1 1 9 1 0 .— V .8 9 , p . 1 1 4 .
United Electric Securities Co., Boston.—Called Bonds.—
The American Trust Co. of Boston, trustee, has called for
redemption on Feb. 1 1910 at 103 and interest the entire out
standing bonds of Series 17 and 18 of the collateral trust 5%
bonds.— V. 90, p. 114.
United States Gypsum Co.—New Director.— Ilewett Boice
has been elected a director to succeed O. B. English.—
V. 89, p. 291.
United States Realty & Improvement Co.—Purchase of
Debentures.— The company, having cash on hand for the pur
chase and retirement of §500,000 of its debenture bonds,
requests tenders for the sale thereof on or before Feb. 2 at
the office of the company, 111 Broadway, N. Y .— V.90,p.l71.
Utah Copper Co.— Meeting Adjourned.— Owing to the
granting of a temporary restraining order returnable Jan. 24
by Judge Scott of the U. S. Circuit Court at Trenton, on the
application of E. A. Wall of Salt Lake City, the special meet
ing to vote on the increase of stock to provide for taking
over other properties was adjourned on Jan. 17 to Jan. 24.
a n d
N o te s .
S ecu rities D ep o site d as Collateral w ith Old C o lo n y Trust C o ., B o sto n , T ru stee
1 . Stock
2 . N otes —
$ 1 ,3 5 0 ,9 0 0
5 ,5 8 7 ,6 0 0
4 ,0 9 1 ,2 0 0
N o r th w . T e l. E x c h . C o .
S o u t h w . T e le g . & T e l. C o .
W is c o n s in T e le p h o n e C o .
« 1 n ' ^ n e rm JJl a t e c * m a r ^ e *; v a l u e
$ 1 U,7 5 0 ,0 0 0 .
of
$ 1 ,2 2 2 ,0 0 0 C le v e la n d T e le p h o n e
5 .4 2 2 .0 0 0 N o r t h w . T e le p h . E x .
1 .0 3 6 .0 0 0 S o u t h w . T e le g . & T e l.
t h e a b o v e s e c u r it ie s Is a p p r o x i m a
C
C
C
te
o.
o.
o.
ly
T h e W e s t e r n T e l. & T e l. C o . o w n s o v e r 8 0 %
o f th e s to c k s o f th e se fo u r
s u b -c o m p a n ie s , th e b a la n c e b e in g o w n e d b y th e A m e r ic a n T e le p h o n e &
T e le g r a p h C o .
A ll o f t h e s e c o m p a n ie s a r e p a y in g d iv id e n d s a n d n o n e o f
th e m
h a ; a n y bon d ed
In d eb ted n ess n o r a n y In d e b te d n e ss o f a n y o th e r
k in d th a n th a t o w e d t o th e W e s t e r n T e l. & T e l. C o .
T h e A m e r ic a n T e l. & T e l. C o . o w n s a b o u t 7 6 %
o f th e W e s te r n T e l. &
T e l. C o . p r e f. s to c k a n d 5 7 % o f th e W e s te r n T e l. & T e l. C o . c o m m o n s t o c k .
T h e c a p it a liz a t io n o f t h e W e s t e r n T e l. & T e l. C o . c o n s is t s o f $ 1 0 ,0 0 0 ,0 0 0
c o lla te r a l tr u s t 5 %
b o n d s d u e 1 9 3 2 , s e llin g a t a b o u t 9 9 ; $ 1 6 ,0 0 0 ,0 0 0 p r e f.
s t o c k (w h ic h h a s p a id 5 % d iv id e n d s s in c e 1 0 0 4 ) a n d $ 1 6 ,0 0 0 ,0 0 0 c o m m o n
stock .
A t c u r r e n t m a r k e t p r ic e s th e s e s t o c k s s h o w
an
e q u ity o f o v e r
$ 1 7 , 5 0 0 , 0 0 0 In e x c e s s o f a l l l i a b i l i t i e s .
In com e o f W e ste r n T e l. &. T el. C o . to r Y ea r E n d . J a n .
3 1 1 9 1 0 ( 1 M o n th E s t . ) .
T o t a l r e c e i p t s .................................................. ................................................... ................... ................$ 2 , 1 6 9 , 0 0 0
E x p e n s e s , I n t e r e s t a n d t a x e s ______________________
_
.
7 0 6 ,8 8 8
B a la n c e a p p lic a b le t o In te re st
C om pare V . 88, p. 1617.
on
th e se
Western Union Telegraph Co. —
n o t e s ..
$ 1 ,4 6 2
112
The
United States Supreme Court on Monday, by a divided vote
(three justices dissenting), declared invalid the “ Bush” Act
of the State of Kansas which imposed a charter fee— on cor
porations organized outside of the State— for the benefit of the
State schools as a condition of doing business in the State.
F a v o r a b le
D e c is io n .—
T h e c o n t r o llin g o p in io n , w r it t e n b y J u s tic e H a r la n , s ta te s t h a t " t h e
s t a t u t o r y r e q u ir e m e n t o f a g iv e n p e r c e n t o f th e a u t h o r iz e d c a p it a l o f a
t e le g r a p h c o m p a n y w h ic h r e p r e s e n t e d a ll Its b u s in e s s I n te r e s ts a n d p r o p e r t y
I n s id e a n d o u t o f t h e S t a t e w a s in Its p r a c t ic a l o p e r a t i o n a b u r d e n o n I n t e r
S ta te c o m m e r c e a n d a t a x o n p r o p e r t y b e y o n d th e lim its o f K a n s a s ."
T he
d e c i s i o n Is c o n s i d e r e d t o b e o f f a r - r e a c h i n g I m p o r t a n c e a s i n d i c a t i n g t h e
la c k o f p o w e r o f th e S t a t e s t o I m p o s e a t a x o n I n t e r -S t a t e b u s in e s s o r p r o p
e r t y o u ts id e o f th e S t a t e .— V . 8 9 , p . 1 5 4 6 .
Wichita (Kansas) Natural Gas Co.—R
e p o r t.
ending Dec. 31:
F isca l
Y ear —
G ross
O per.
E a rn in g s. E x p ., & c.
N et
In com e.
—For year
In t. on
Charged
B o n d s,& c.
O ff.
1 9 0 9 ............... $ 7 4 8 , 1 1 8
* $ 1 5 4 ,0 7 2
$ 5 9 4 ,0 4 5
$ 1 0 4 ,9 6 3
1 5 5 ,3 0 7
4 5 3 ,3 8 0
1 0 5 ,8 9 0
1 9 0 8 ------------ 6 0 8 , 6 8 6
* I n c lu d e s g a s p u r c h a s e d , $ 2 6 ,4 0 5 In 1 9 0 9 , a g a in s t
V . 88, p. 1434.
B a la n ce,
S u rp lu s.
$ 2 7 ,7 6 9
$ 4 6 1 ,3 1 2
4 3 ,3 1 0
3 0 4 ,1 8 0
$ 3 4 ,0 3 1 In 1 9 0 8 .—
“ Review of Bond Market in Canada in 1909.” — Under this
title the Dominion Securities Corp., Ltd., has issued a pamph
let containing the annual address of its Vice-President,
Mr. E. R. Wood, on the bond business in the Dominion of
Canada. Statistics are given showing the total issues put
out last year and the year before by the Dominion Govern
ment, the Provinces, municipalities, railways, public service
corporations, miscellaneous corporations and Canadian cor
porations operating in foreign countries. It is also shown
what portion of these securities was taken by investors in
Great Britain and in the United States.
The Dominion Securities Corporation has also issued its list
C o l . W a l l a n d h i s a s s o c i a t e s , I t Is s a i d , d o n o t c o n t r o l m o r e t h a n 1 ,0 0 0
of January bond offerings. One page is devoted to each
s h a r e s o f U t a h c o m p a n y s t o c k , b u t M r . W a l l Is t h e o w n e r o f a b o u t 1 5 , 0 0 0
s h a re s o f B o s to n C o n s o lid a te d C o p p e r C o . s t o c k .
T h e c o m p la in t a lle g e s
issue offered and the pamphlet is prepared so that any par
t h a t t h e p r o p o s e d c o m b i n a t i o n Is I n v i o l a t i o n o f t h e S h e r m a n A n t i - T r u s t
ticular page can be detached from the same without inter
A c t , a n d t h a t t h e b a s i s o f c o n s o l i d a t i o n Is u n f a i r t o t h e U t a h s h a r e h o l d e r s ,
a s t h e U t a h p r o p e r t y Is w o r t h m u c h m o r e t h a n I n d i c a t e d b y t h e e x c h a n g e
fering with the remaining issues.
b a s is p r o p o s e d .
M in o r i t y h o ld e r s o f t h e N e v a d a c o m p a n y ’s s t o c k o p p o s e
— The 1909 number of the Annual Statistical Review of
t h e m e r g e r o n t h e g r o u n d t h a t t h e N e v a d a s t o c k h o ld e r s w ill r e c e iv e t o o
li t t le f o r tlie lr p r o p e r t y .
A f t e r t h e a d jo u r n m e n t o f t h e m e e t in g It w a s a n
the Domestic and Foreign Metal Markets, represented in
n o u n c e d th a t th e m a n a g e m e n t o f th e U ta h c o m p a n y w a s p re p a re d to v o to
the annual statistical report of the New York Metal Ex
p r o x ie s a g g r e g a tin g a b o u t 8 0 % o f th e o u t s t a n d in g s t o c k o f t h a t c o m p a n y .
— V . 89. p. 1674.
change, has been issued. The review is compiled by C
Waltham Watch Co., Boston.— Subscription Rights.— A Moyer, Secretary of the Exchange, and is a convenient guide
circular dated Jan. 15 offers the §500,000 of unissued pref. to the production, prices, &c., of the various products to
stock to stockholders of record Jan. 20 1910 at par (§100 a which it relates.
— Battles & Co., 60 Broadway and Philadelphia, members
share) in the proportion of one share of the new stock to each
of the New York and Philadelphia stock exchanges, have
23 shares of present common or pref. The circular adds:
opened a branch office at 500 Fifth Ave., corner of 42d St.,
T h e A m e r ic a n T r u s t C o . o f B o s t o n w ill b u y o r s e ll f o r p r iv a t e a c c o u n t
a t $1 5 0 p e r r ig h t , s u c h r ig h ts a t t a c h in g t o s h a r e s o f o ld s t o c k a s a r e n e c e s
in charge of Mr. Louis Agostini.
s a r y t o o b v ia t e fr a c tio n a l s h a re s .
S u b s c r ip t io n s m u s t b e m a d e a t t h e s a id
— Edward V. Kane & Co., members of the Philadelphia
tr u s t c o m p a n y , 53 S ta te S t ., B o s t o n , o n o r b e fo r e M a rch 1 1 9 1 0 , w ith c h e c k
fo r th o a m o u n t o f th e s u b s c r ip tio n .
T h e s t o c k h o ld e r s o s u b s c r ib in g w ill
Stock Exchange, with offices in the North American Bldg.,
r e c e i v e f r o m t h o A m e r i c a n T r u s t C o . t h e s h a r e s o f s t o c k f o r w h ic h h e lia s
Philadelphia, solicit offerings of Peoria Light collateral 5%
s u b sc r ib e d
w ith in
a
r e a s o n a b le
tim e
a f t e r h is s u b s c r ip t io n
is
p a id .—
bonds due 1936.
242
THE CHRONICLE
— The January 1910 issue of the “ Hand-Book of Securi
ties,” compiled by the publishers of the “ Commercial &
Financial Chronicle,” is now ready. The book contains in
a small compass very full information concerning the various
railroads and the leading industrials whose securities arc
dealt in on the New York, Boston, Philadelphia, Baltimore,
Chicago and Pittsburgh exchanges. It shows their earnings,
dividends, &c., for a series of years, present fixed charges,
and the amount of the different issues of bonds outstanding,
their rates of interest, &c. There is also given the monthly
range of stocks and bonds to Jan. 1 1910, together with a
yearly range for four years. Price, one dollar; to “ Chroni
cle” subscribers, 75 cents.
— Frederick W. Gookin, author of the most excellent and
comprehensive “ Historical Review of Banking in Chicago,”
which appeared as the leading article in our “ Bankers’ Con
vention Section” of Sept. 25 ult., and for many years offi
cially connected (as Assistant Cashier and Cashier) with the
Northwestern National Bank of Chicago (since merged in the
Corn Exchange National Bank), has been appointed Asso
ciate Manager of the Chicago office of the United States
Fidelity & Guaranty Co. of Baltimore, with offices on the
sixth floor of the Corn Exchange National Bank Building.
Mr. Gookin was for two years in the Chicago City Treasurer’s
office after leaving the Northwestern Bank.
The
[VO L. LXXXX.
(C o m m e rcial
T im es.
C O M M E R C IA L E P IT O M E .
Friday Night, Jan. 21 1910.
Here and there a lull in business is noticed and the recent
drastic liquidation in stocks and cotton has given a check to
speculation. But the outlook is still considered hopeful,
a view which the exhibit of bank clearings and railroad earn
ings seems to encourage. In the main prices are well main
tained. Rates for money have declined at home and abroad.
LARD on the spot has declined. Consumers have bought
sparingly and offerings have increased. The movement of
live hogs to market lias been larger at weaker prices and
quotations of product in the future market have fallen.
Prime Western 12.95c., Middle Western 12.85c. and City
1 2 % @ l‘2 % c. Refined lard has been easy but without
quotable change. There has been a moderate demand.
Refined Continent 13.50c., South American 14.25c. and
Brazil in kegs 15.25c. The speculation in lard futures at
the West has been active with the trend of prices towards
a lower level, owing to weakness in live hogs due to larger
arrivals and a diminished demand. Liquidation has been
heavy, and there has been more disposition to sell for short
account, owing to the movement in various parts of the
— The New York Life Insurance Co. is the first among the country looking to curtailment of consumption of provisions
great insurance companies to publish a statement of its of all kinds on account of prevailing high prices.
business for 1909. Speaking in round numbers, the company
D A IL Y
C L O S IN G
P R IC E S O F L A R D
F U T U R E S
IN
CHICA(IO.
has two thousand million dollars of insurance in force; assets
Sat.
M on.
T u es.
W ed.
T h urs.
F ri.
to the amount of six hundred millions; an income during the J a n u a r y d e l i v e r y _________ 1 2 . 6 0
1 2 .6 2 H
1 2 .5 0
1 2 .4 5
1 2 .4 0
1 2 .4 5
M
a
y
d
e
l
i
v
e
r
y
...........................1
2
.
2
2
H
1
2
.
1
7
H
1
2
.
0
5
1
2
.
1
0
1
1
.
0
7
H
1
2
.0 0
year of one hundred millions, exclusive of increase in b o o k ' J u l y d e l i v e r y ........................... 1 2 . 1 5
1 2 .1 0
1 1 .0 5
1 2 .0 0
1 1 .8 7 1 3
1 1 .0 0
value of ledger assets; it paid fifty millions to policyholders
PORK on the spot has been quiet but firm, owing to small
and wrote new business to the amount of one hundred and
forty-six millions. The company reduced its expense rate supplies and offerings. Mess S24@$24 50, clear $25@$27
on both new and old business. Nearly all items show an and family $26@$26 50. Beef has been steady, with a
increase over those of 1908. See the statement in our adver moderate trade. Mess $12@$13, packet $13@$13 50,
family $15 50@$15 90 and extra India mess $21 50@$22 50.
tising columns.
— Stone & Webster of Boston opened offices in New York Cut meats have been quiet and generally steady; pickled
this week in the Hanover Bank Building, 5 Nassau St. hams, regular, light to heavy, 12%@13J4c.; pickled bellies,
light to heavy, 13® 13)® .; pickled ribs, light to
The Stone & Webster Engineering Corporation, which does clear,
a general engineering and construction business will be heavy, 1 3 @ 1 3 )® . Tallow has been quiet and firm at O j® .
represented also at these offices. Stone & Webster are for City. Stearines quiet and easy; oleo 17® 1 7 )® . and
identified with the management of a large number of electrc lard 13@ 13% c. Butter quiet and steady; creamery ex
34c. Cheese quiet and firm; State, f. c., Sept., fancy,
railway, lighting, power and gas companies in various parts tras
of the country in the securities of which they deal. Their 1 7 )® . Eggs dull and firmer; Western firsts 39@40c.
OIL.—-Linseed has been strong but without quotable
handsomely gotten up manual descriptive of their properties
change, despite a further rise in seed prices. Stocks are
may be had on request.
light, but consumers arc following a hand-to-mouth policy
— E. H. Rollins & Sons, of No. 21 Milk St., Boston, have in making purchases. City, raw, American seed, 77@ 78c.,
opened offices at No. 43 Exchange Place, New York, on the boiled 78@79c. and Calcutta, raw, 85c. Cottonseed has
14th floor of the Wall Street Exchange Building, under the been quiet and easier; winter 7.20@7.90c. and summer
management of Mr. E. L. Rhett, who had charge for many white 7.20@7.90c. Lard has been strong with an active
years of the bond department of Brown Bros. & Co. The request and supplies diminishing. Prime $1 25@ $ l 28;
firm also has offices in San Francisco, Los Angeles, Denver, No. 1 extra 65@G9c. Cocoanut has been quiet and firm;
Chicago, Baltimore and Philadelphia, and makes a specialty Cochin 10) ® - , Ceylon 9 )£ @ 9 > ® . Olive has been mod
of municipal, railroad and public service bonds.
erately active and steady at 7 5 ® 85c. Peanut quiet and
— The Atlantic Mutual Insurance Co. annual statement was steady; yellow 6 2 ® 67c. Cod has been steady with a mod
issued yesterday and will be found in full in our advertising erate trade; domestic 38@40c., Newfoundland 42@44c.
columns. The total marine premiums were $4,477,103 and
COFFEE on the spot has been quiet and steady; Rio No. 7,
the gross assets Dec. 31 were $12,921,890.
A dividend of 8% e.; Santos No. 4, 9 p 8 @ 9 )® . West India growths have
6% will be paid Feb. 1. The outstanding certificates of 1904 been dull and steady; fair to good Cucuta 1 0 @ 1 0 )® . The
will be redeemed on Feb. 1. A dividend of 40% is declared speculation in future contracts has been dull and changes
on the earned premiums for the year 1909, for which certifi in prices have been confined within very narrow limits.
The European markets have exhibited unexpected weak
cates will be issued May 3.
— Sanford & Kelley of New Bedford, Mass., members of ness at times and there has been liquidation on a small scale
tho Boston Stock Exchange, have issued their 1910 annual by Wall Street interests. On the other hand, some of the
folder of statistics relating to New Bedford’s cotton mills and crop reports of late have been rather unfavorable. Closing
other manufacturing corporations, national banks, savings prices were as follows:
.9 0 c .
S e p t e m b e r ................... 6 . 9 5 c .
banks, &c., for 1909. A brief financial review of business J a n u a r y ......................... 6 . 7 5 c . JM ua ny e ___________________6
__________________ 6 . 9 0 c .
O c t o b e r .............. ...........6 . 9 5 c .
r y ____________ 6 . 7 5 c .
conditions in New Bedford is included. Copies of it will be MF eabr rc uh a_________________
N o v e m b e r ..............
_ 6 .9 5 c .
-----------------------------6 . 0 5 c .
6 .8 0 c . J u ly
D ecem ber
__________ 6 . 9 5 c .
A
u
g
u
s
t
----------------------6
.
9
5
c
.
A
p
r
i
l
___________________
6
.
8
5
c
.
sent to all Interested inquirers.
been
dull
and
easier.
Centrifugal,
SUGAR.— Raw has
— Mackubin, Goodrich & Co., Baltimore, have issued their
annual booklet giving a two-year range of prices of stocks 96-degrees test, 4.08c muscovado, 89-degroes test, 3.58c.,
and
molasses,89-degrees test, 3.33c,. Refined has been quiet
and bonds on the Baltimore and New York Stock Exchanges.
The booklet also contains the “ rule” formulated by the and steady. Granulated 5.05c. Teas have been quiet and
Judges of the Supreme Bench for the investment of trust steady. Spices steady with a moderate jobbing demand.
funds coming under the jurisdiction of the equity courts of Wool quiet and firm. Hops firm and more active.
PETROLEUM.— Refined has been steady. Continued
Baltimore.
— A special letter and map on the Kansas City Mexico & weakness in crude has caused buyers to pursue a hand-toOrient securities will be furnished upon request by Seeselberg mouth policy. It is reported that large amounts of refined
& Banigan, bankers, 2 Wall St. The firm invites correspond are being stored until prices advance. Barrels 7.90c.,
ence from the present owners of its securities and future in bulk 4.40c. and cases 10.30c. Gasoline has been in moderate
demand and steady; 86-degrees, in 100-gallon drums, 18%c.;
vestors in this property. Telephone, 2020 Rector.
drums $8 50 extra. Naphtha has been fairly active and
— The New York Stock Exchange house of Tucker, An steady; 73 to 76-degrees, in 100-gallon drums, lG%c.; drums
thony & Co., 53 State Street, Boston, and 24 Broad St., $8 50 extra. Spirits of turpentine has been quiet and steady
New York, have opened a new office at 28 Shetucket St., at 62 @ 6 2 )® . Rosin has been quiet and steady; common to
Norwich, Conn. The firm also maintains a branch at 17 good strained, $4 35.
Pleasant St., New Bedford, Mass.
TOBACCO.— Trade in domestic leaf has been quiet and
— Arnold Gilissen, Rotterdam, and Gilisscn & Co., manufacturers of cigars seem inclined as a rule to adhere
Amsterdam, have issued a booklet of 50 pages showing the indefinitely to the policy of buying only from hand to mouth
highest andlowest prices each year during the last ten years despite the belief of many in the trade that supplies of leaf
of all securities listed on the Amsterdam Stock Exchange. are light. Prices have been firm. Havana has been quiet
The book will be sent free of charge to those interested.
and steady. Sumatra has been moderately active.
COPPER has been dull with slight changes in quotations.
— Frank A. Ruggles, 53 State St., Boston, has issued the
annual publication known as “ Stock Fluctuations.” It Lake 13)4® 1 3 )® ., electrolytic 1 3 ^ @ 1 3 % c. and casting
covers all the transactions on the Boston Stock Exchange and 1 3 )£ @ 1 3 )@ . Lead has been quiet and steady at 4.70c.
by auction during 1909, dividends paid, and other useful Spelter has been quiet and easier at 6.15c. Tin has been dull
and weaker; spot 32.40c. Iron has ruled steady.
statistics.
On S h ip b o a rd , N ot Cleared fo r —
C O TTO N .
Friday Night, Jan. 21 1910.
TH E 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
131,910 bales, against 159,414 bales last week and 107,337
bales the previous week, making the total receipts since
Sept. 1 1909 5,527,935 bales, against 7,045,910 bales
for the same period of 1908-09, showing a decrease since
Sept. 1 1909 of 1,517,981 bales.___________ _
W ed.
T u es.
M on.
Sat
R eceipts at —
243
THE CHRONICLE
Ja n . 22 1910.
Jan.
8,112
at —
C oastw ise.
Other
F oreign
G er
m an y.
7 ,0 6 1
3 6 .9 7 8
1 ,5 8 1
1 5 ,4 7 7
2 ,3 3 8
3 4 ,9 0 3
“ 600
6", 1 6 6
4", 6 5 0
'2 6 6
6 ,0 0 0
'5 6 6
'2 5 0
3 ,0 0 0
l '. i o o
T o ta l 1 9 1 0 ..
T o ta l 1 9 0 9 ..
T o ta l 1 9 0 8 ..
5 0 ,8 3 9
5 5 ,1 5 0
8 7 ,2 3 8
2 3 ,6 5 8
2 0 ,8 5 9
2 2 ,7 2 1
4 5 ,1 4 1
4 0 ,2 2 4
8 6 ,6 1 4
2 4 ,0 3 7
3 8 ,0 7 2
3 5 ,3 8 5
1
Total.
492
1 2 ,6 3 0
9 ,2 3 6
1 3 ,5 5 3
748
N e w O r le a n s ..
G a l v e s t o n --------S a v a n n a h --------C h a r l e s t o n --------M o b i l e . -----------N o r f o l k .................
N ew
Y o r k ______
O t h e r p o r t s ____
Total.
Thurs.
21
Great
Ilritain . F ra n ce
i',6 6 o
1 ,5 0 0
1 7 ,2 0 5
3 2 ,8 2 7
1 7 ,6 1 1
3 1 ,0 2 3
Leaving
S to c k .
2 0 ,7 0 8
1 1 3 ,5 4 1
748
1 ,0 0 0
1 2 ,8 5 0
1 7 ,2 0 5
2 ,0 5 0
9 ,0 0 0
1 9 5 ,1 9 9
9 0 ,8 3 4
1 0 6 ,1 4 2
3 2 ,4 4 0
2 4 ,2 9 4
1 8 ,6 1 2
1 7 8 ,7 2 3
3 1 ,7 7 0
1 7 7 ,1 0 2
1 7 1 ,9 1 6
2 6 2 ,9 8 1
6 7 8 ,0 1 4
7 5 2 ,5 0 2
6 4 6 ,2 7 6
6 9 ,1 1 6
Speculation in cotton for future delivery during the past
week has been very active, with erratic and violent fluctu
8 ,2 6 2
4 ,6 3 1
2 ', 6 6 7
8’,7 0 0
ations in prices. The upshot has been a net^ advance for
55
609
the week on covering of shorts and heavy buying by Liver
’ 600
l '.i s O
'3 2 7
'7 2 0
'7 3 0
pool and the Continent in liquidating straddles. Also there
1 ,1 5 0
"2 6 2
3
6
5
0
4
J a c k s o n v ille , & c.
has been buying on the theory that after so severe a decline
1 ,7 4 0
2 ,1 6 3
1 ,5 6 1
1 ,6 2 6
1 ,1 8 4
1 ,2 0 8
as that recently witnessed, a temporary moderate rally would
B r u n s w i c k -----------253
"
5
6
"
4
4
"
2
1
” 58
85 not be altogether surprising. Spinners have bought “ fu
85
G e o r g e t o w n --------421
'n s
47
" 6 2
43
" 5 4
tures,” some say rather freely, and spot interests have from
” 97
W i l m i n g t o n --------5 ,8 5 4
1 ,4 6 3
702
442
670
1 ,8 5 1
726
time to time purchased on a more or less liberal scale. rIhe
892
892
N c w p ’t N ew s, & c.
spot markets have shown a disposition to resist the down
N e w Y o r k ..................
- - - ’ 481
” 18
" 6 5
150
'2 4 8
ward movement of futures. Of late somewhat more cheer
1 ,5 8 8
1 ,5 8 8
—
—
B a ltim o r e
-----------75
ful advices have been received from Europe. Those who
—
______
P h i l a d e l p h i a --------believe in a further rally assert that the statistical position
2 4 ,8 9 2 1 3 1 ,9 1 3
2 6 ,1 2 4
2 4 ,4 5 7
1 6 ,4 7 1
2 4 ,1 7 6
T o t a ls th is w e e k .
is not unfavorable to such a movement of prices. At times
late the spot sales in Liverpool have increased. Some look
The following shows the week,s total receipts, the total of
for a rather bullish report on the ginning by the Census Bu
since Sept. 1 1909, and the stocks to-night, compared with reau on Monday next. Speculative liquidation has been on
last year:
a
1 7 ,0 5 4
9 ,0 0 5
1 1 ,2 8 3
1 3 ,8 3 5
P ort A rth u r. . . .
C o r p . C h r ls t l,& c .
N e w O r l e a n s ____
G u l f p o r t -----------------M o b ile
_____________
528
6 ,3 3 1
5 ,3 2 9
G a l v e s t o n ______ . .
P o r t A r t h u r _______
C o r p . C h r ls tl, & c .
N ew
O r l e a n s ______
G u lfp o r t
.
________
M o b i l e _____________
P e n s a c o l a . . _________
J a c k s o n v ille , & c .
S a v a n n a h -----------------B r u n s w ic k . . .
. .
C h a r le s to n . .
—
G e o r g e t o w n -----------W ilm in g to n . . .
.
N o r f o l k _______
N ’p o r t N e w s , & c_
N ew Y ork . . .
..
B o s t o n _______________
B a lt im o r e ----------P h i l a d e l p h i a ----------
T h is S in ce S ep
W eek .
1 1908.
T h is
W eek .
S in ce S ep
6 9 ,1 1 6
528
3 5 ,9 2 0
55
4 ,1 1 6
1 ,1 5 0
796
9 ,1 6 4
1 ,2 0 8
464
85
421
5 ,8 5 4
892
______
481
1 ,5 8 8
75
1 ,9 9 2 ,2 8 0
8 8 ,2 7 1
2 8 ,3 8 3
8 2 2 ,5 1 7
8 ,1 0 8
1 8 5 ,4 5 8
9 7 ,8 4 1
3 3 ,1 8 3
1 ,1 5 4 ,7 0 2
1 9 2 ,2 9 7
1 9 0 ,0 9 7
919
2 7 8 ,8 9 8
3 8 8 ,9 8 9
1 2 ,0 5 0
3 ,7 4 2
5 ,9 9 6
4 3 ,4 5 2
752
7 6 ,0 1 4
6 ,5 2 9
1 ,2 9 8
5 8 ,8 1 0
G ,9 3 5
1 0 ,5 8 5
1 3 1 ,9 1 3
5 ,5 2 7 .9 3 5
2 4 1 ,8 5 8
1
S to ck .
1 9 0 8 -0 9 .
1 9 0 9 -1 0 .
U eceipts to
J a n u a ry 2 1 .
1909.
’ 561
3 4 ,1 4 4
1 2 ,1 3 6
3 ,4 9 5
25
1 0 ,0 3 0
1 6 ,8 9 0
398
'5 2 8
3 5 ,9 2 0
55
4 ,1 1 6
1 ,1 5 0
796
9 ,1 6 4
1 .2 0 8
464
,6 6 6 ,5 8 1
8 8 ,7 8 6
4 3 ,7 9 3
,3 8 3 ,7 0 1
1 5 ,9 8 7
2 7 6 ,0 9 8
1 0 1 ,9 2 2
2 4 ,4 9 6
,1 6 9 ,2 4 8
2 6 5 ,2 7 5
1 6 3 ,9 3 8
1 ,6 1 6
3 1 7 ,8 5 3
4 2 6 ,1 2 1
5 ,2 7 9
1 3 ,5 6 1
'2 8 5
3 ,6 7 3
50
a
1910.
1909.
\
2 0 4 ,3 7 5
1 2 9 ,9 5 9
. . _____
1
|
2 1 5 ,9 0 7
850
3 7 ,1 4 4
2 9 4 ,6 2 2
______
1
6 3 ,4 4 5
■
1 0 6 ,8 9 0
6 ,8 6 4
3 3 ,4 4 0
1 2 ,2 3 7
3 5 ,8 1 7
1 3 8 ,2 3 9
1 5 ,4 0 7
2 7 ,5 4 1
__________
5 ,6 0 0
4 1 ,4 1 1
1 8 0 ,7 7 3
6 ,4 0 0
1 1 ,3 5 3
3 ,0 6 6
1 7 3 ,5 6 3
7 ,8 8 4
2 0 ,8 0 4
5 ,9 4 3
8 5 5 ,1 1 6
9 2 4 ,4 1 8
U
lllio ia tV L in j
ii^ c u u u u
a o
u u m o u
-staying the market. Paper profits have disap:e a dream over night. It is to be hoped that this
esson will not soon be forgotten. As already inti
le sweep of prices during the week has been wide
■nt. Failures in Wall Street have naturally not
mend matters, nor has the sharp fall in the stock
So far as the actual cotton is concerned, spinners,
s can be gathered, have still, as a rule, been buying
d to mouth. That is usually the case when prices
or unsettled. Local, Wall Street, Western and
Credits have stood the strain much bet
,...... ........ ...........eared might be the case. Stop orders
have been encountered in large numbers. Very little new
business is reported. Speculation has received a staggering
In order that comparison may be made with other years blow, one from which it is not likely soon to recover. Spinners
we give below the totals at leading ports for six seasons:
in most cases seem to feel encouraged to continue the policy
of buying only to supply immediate wants. It is said that
1905.
1906.
1907.
1908.
1909.
1910.
R eceipts at—
some 10,000 bales of the local stock are to be shipped to
2 8 ,4 4 6
3 6 ,0 1 9
1 3 3 ,0 9 5
6 1 ,1 8 6
7 6 ,0 1 4
6 9 ,1 1 6
G a lv e s to n —
Southern mills by a large Western operator, but this has had
9 ,7 5 5
948
1 3 ,3 6 2
7 ,8 2 7
528
P t .A r t h u r ,& c .
6 2 ,1 9 5
3 2 ,7 9 7
7 6 ,6 5 3
6 9 ,7 4 2
5 8 ,8 1 0
little or no effect. Meantime the universal belief is that
3 5 ,9 2 0
N e w O r le a n s .
4 ,8 2 8
5 ,3 7 2
8 ,0 0 2
7 ,0 3 3
1 0 ,5 8 5
4 ,1 1 6
M o b ile
________
the next acreage will be very large and that every effort will
1 9 ,0 3 9
1 2 ,6 2 2
4 0 ,6 3 0
3 3 ,3 5 3
9 ,1 6 4
3 4 ,1 4 4
S a v a n n a h ____
4 ,3 9 6
2 ,1 4 7
2 ,1 1 4
be made to raise the largest cotton crop in history. To-day
1 2 ,1 3 6
1 5 ,4 8 2
1 ,2 0 8
B r u n s w i c k ____
1 ,2 3 6
1 ,9 1 3
1 ,9 4 4
4 ,5 8 6
519
3 ,5 2 0
C h a r le s t o n ,& c
prices advanced on higher cables, generally firm spot mar
2 ,9 6 1
2 ,8 9 4
4 ,7 5 4
1 0 ,0 3 0
2 3 ,8 3 0
421
W ilm in g t o n ..
8 ,2 2 4
7 ,5 4 0
kets, buying by Liverpool, the Continent, spot interests,
1 6 ,2 8 0
1 6 ,3 1 5
1 G .8 9 0
5 ,8 5 1
N o r f o l k ________
3
1
9
1
,
0
1
9
1
,
1
2
6
3
9
8
892
N ’ p o r t N ., & c
spinners and commission houses and covering of shorts.
1 5 ,2 7 1
7 ,5 9 1
8 ,9 0 2
9 ,5 6 4
1 1 ,5 0 1
4 ,1 4 5
A l l o t h e r s ______
Spot cotton here has been quiet. Middling uplands closed
1 5 6 ,6 7 0
1 1 0 ,8 9 8
2 5 3 ,8 9 1
2 9 4 ,1 6 2
2 4 1 ,8 5 8
1 3 1 ,9 1 3
T o t a l th is w k .
at 14.45c., the same as last week.
5 ,6 1 0 ,6 5 3 6 ,5 0 1 ,2 0 4
S in c e S e p t . 1 . 5 ,5 2 7 ,9 3 5 7 ,0 4 5 ,9 1 6 5 ,8 9 1 ,3 6 1 7 ,0 1 6 ,5 6 5
The rates on and off middling, as established Nov. 17 1909
by the Revision Committee, at which grades other than
The exports for the week ending this evening reach a total middling may be delivered on contract, are as follows:
of 64,300 bales, of which 12,324 were to Great Britain, F a i r ................................ c . 1‘ . 5' *0 o n M i d d l i n g ................... c . B a s t e G o o d "m' i, 'd1. t i n g e d . c E v e n
i r ______ 1 3 0 o n S t r i c t l o w . m i d -------- 0 . 2 5 o f f S t r i c t m i d . t i n g e d . . 0 . 1 5 o i l
5,730 to France and 46,312 to the rest of the Continent. SMt irdi cdtl i nmgi df .a ifra..................1
M id d lin g t i n g e d . - . 0 . 2 5 o ft
. 1 0 o n L o w m i d d l i n g ---------- 0 . 6 0 o f f
S t r ic t lo w .M i d .t i n g .0 .6 0 o ff
Below are the exports for the week and since Sept. 1 1909S t r i c t g o o d m i d ______ 0 . 6 6 o n S t r i c t g o o d o r d _____1 . 0 5 o f t
T o ta l.
Week ending Jan. 2 1
Exported to—
Exports
front —
G a lv e s t o n —
P ort A rth u r.
C o r p . C h r 1st l , & c
N e w O r le a n s . .
M o b i l e _____
P e n s a c o la .
G u lfp o r t . .
S a v a n n a h -------B r u n s w i c k _____
C h a r l e s t o n _____
W i l m i n g t o n ____
N o r f o l k ................
N ew p ort N ew s
N e w Y o r k ---------B o s t o n .............
B a ltim o r e . . .
P h ila d e lp h ia . .
P o r t la n d , M e .
S a n F r a n c is c o
S e a t t l e ................
T a c o m a ________
P o r t la n d , O r e .
P e m b in a . .
D e t r o i t _____
T o t a l ................
T o t a l 1 9 0 8 -0 9
ContiGreat
ritain. Fr'nce nent.
4 ,6 6 6
4 ,1 9 6
1 ,1 5 0
—
From Sept.
Total.
Great
flrltain. France.
2 2 .0 4 0
3 ,8 8 7
1 3 ,0 1 4
2 ,3 7 1
2 0 ,9 0 1
6 ,5 6 7
1 ,1 5 0
1 ,8 4 3
951
2 ,7 9 4
25
25
"4 0 9
469
1 .4 0 C
2 ,2 6 7
501
1 ,7 8 5
70C
4 ,0 0 7
1 ,G2C
4 ,0 0 7
1 ,6 2 (
l ’, 8 5 8
35
385
7 0C
. . . .
1910.
2 2 ,0 4 6
—
—
—
—
7 ,0 4 5 ,9 1 6 |
1 1 9 0 9 to Jan.
Exported to—
5 5 2 ,3 3 0 3 5 3 ,1 0 4
2 3 ,0 0 7
1 5 ,3 9 8
____
2 9 6 , 9 9 3 1 3 6 ,0 8 1
2 5 ,9 1 7 5 1 ,3 5 7
3 8 .9 7 8 3 8 ,4 1 8
_____
7 ,2 5 8
1 9 3 ,5 3 6
6 8 ,2 0 8
1 1 ,8 2 0
9 2 ,2 6 5
4 ,8 0 0
8 3 ,9 9 1
5 ,4 9 8
8 7 " ,0 4 5
6 8 ,0 2 3
1 5 ,3 2 5
3 3 ,3 2 0
35C
3 6 ,5 4 1
—
1 5 ,7 0 0
—
3 ,7 8 0
—
Continent.
21
1910
Total.
6 5 1 ,6 8 0 1 ,5 5 7 ,1 1 4
4 9 ,8 6 6
8 8 ,2 7 1
1 3 ,1 4 0
1 3 ,1 4 0
1 6 3 ,7 4 3
5 9 6 ,8 1 7
2 0 ,2 8 5
9 7 ,5 5 9
2 2 ,4 9 2
9 9 ,8 8 8
7 ,2 5 8
3 6 0 .3 8 9
6 3 7 ,9 1 6
8 4 ,5 5 5
1 5 8 ,2 5 9
9 2 ,2 7 4
1 0 1 ,0 9 1
1 5 3 ,4 7 4
2 0 1 ,4 3 9
130
4 ,9 3 0
5 9 ,4 0 6
7 ,9 9 2
2 5 ,5 7 0
9 ,5 9 8
1 6 ,7 3 1
1 5 ,7 9 1
2 ,3 4 7
20C
600
1 8 2 ,9 9 1
7 6 ,0 1 5
4 4 ,6 7 9
4 2 ,9 2 4
350
1 6 ,7 3 4
1 5 ,7 9 1
2 ,3 4 7
200
600
i d ................................
. t i n g e d ____1 . 5...0 o-f t» .m
..™
G o o d m i d d l i n g ______ 0 . 4 4 o n G o o d o r d i n a r y .............1 . 7 5 o f f i >L. o» w
S t r i. c. .t. m i d d l i n g _____
______„ 0________
.2 2 o n S t r ic t g 'd m id . t g d . 0 . 3 5 o n [ M id d lin g s t a i n e d . . . 0 . 7 5 o ff
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
J a n . 1 5 to J a n . 2 1 —
M id d lin g
u p la n d s ..
5 ,7 3 0
2 0 ,8 7 7 3 5 ,3 9 0
4 6 ,3 1 2
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figuresl-for
New York.
T u es.
1 3 .8 5
W ed .
1 4 .4 0
T h u rs.
1 4 .1 5
F r i.
1 4 .4 o
1 8 8 6 . C ------------ 9 . 3 1
1 8 8 5 ------------------1 1 . 0 0
1 8 8 4 -------------------1 0 . 6 8
1 8 8 3 . ................. 1 0 . 1 2
1 8 8 2 . ................... 1 2 . 0 0
1 8 8 1 ..................... 1 1 . 8 1
1 8 8 0 ------------------ 1 2 . 6 2
1 8 7 9 ------------------ 9 . 4 4
MARKET AND SALES AT NEW Y O R K .
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
■
F u tu res
Spot M arket
Closed.
6 4 ,3 6 6 1 ,5 1 9 ,1 8 5 7 3 9 ,8 6 6 1 ,7 5 0 ,2 6 5 4 ,0 0 9 ,3 1 6
7 5 ,1 9 9 2 3 1 ,4 6 6 2 ,4 0 2 ,3 0 1 7 2 8 ,6 6 8 2 ,3 7 7 ,9 6 7 5 ,5 0 8 ,9 3 6
M on.
1 4 .2 0
1 9 1 0 C .............. 1 4 . 4 5 1 9 0 2 . C _________8 . 3 1
1 8 9 1 . C ................... 7 . 9 4
1 9 0 9 . ________1 0 . 0 0 1 9 0 1 _______ . .
9 . 9 4 1 8 9 3 ___________
9 .6 2
1 9 0 8 .................. _ . 1 2 . 1 0 1 9 0 0 . ...................... 7 . 8 8 1 8 9 2 . . ................... 7 . 6 2
1907
. . 1 0 . 8 0 1 8 9 9 ........................ 6 . 2 5 1 8 9 1 .......................... 9 . 3 8
1906
. . 1 2 . 2 5 1 8 9 8 ........................ 5 . 8 8 1 8 9 0 ........................... 1 0 . 8 1
1905
- 7 . 1 5 1 8 9 V . .................. 7 . 3 1
1 8 8 9 ..................... 9 . 9 4
1904
1 4 . 6 0 1 8 9 6 _____________ 8 . 3 1 1 8 8 8 ...........................1 0 . 5 0
1903
8 . 9 5 1 8 9 5 _____________ 5 . 7 5 1 8 8 7 --------------------- 9 . 5 0
. 1 -------1 2 ,3 2 4
S a t.
.......1 4 .5 5
NEW Y O R K QUOTATIONS FOR 32 YEARS.
S a tu rd a y . M o n d a y ____
T u esday . .
W edn esday
T h u rsday .
F r i d a y --------T ota l
Q
Q
Q
Q
Q
Q
C losed.
u i e t , 1 0 p t s . a d v . . S t r o n g ________
u i e t 3 5 p t s . d e c . . . S t e a d y __________
u i e t 3 5 p t s . d e c . . . F i r m ___________
u ie t 5 5 p t s . a d v . . . V e r y s t e a d y .
u ie t, 2 5 p t s . d e c ._
u l e t , 3 0 p t s . a d v . . F i r m .....................
Sales o f S p ot and Contract.
C on
S p ot. s t a n t .
l ',6 6 6
—
T otal.
2 ,6 0 0
2 ', 6 0 0
1 ,0 0 0
'4 0 0
2 ,5 0 0
'6 5 0
2 ,5 0 0
5,500
6,750
: : : :
'2 5 0
1 ,2 5 0
C on
tract.
k l
244
THE CHRONICLE
F U T U R E S— The highest, lowest and closing prices at
.New York the past week have been as follows:
51 SI SI
A I H IE INTERIOR TOWNS the movement— that is,
w tbLCeiptb fo r 1t \e week and since Sept. 1, the shipments
lot the week and the stocks to-night, and the same items for
the corresponding period for the previous year— is set out
in detail below.
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ci - 111E VISIBLE SUPPLY OF COTTON to-night, as
Illlllfe S S s ls illl.
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 Thurs
day evening. But to make the total the complete fig
The above totals show that the interior stocks have de
ures lor to-night (Friday), we add the item of exports creased during the week 26,565 bales and are to-night 109 651
from the United States, including in it the exports of Fridav bales less than at the same time last year. The receipts
only.
s
J
at all the towns have been 34,405 bales less than the same
J a n u a ry* 1—
1910.
1909.
1908.
1907.
week last year.
S t o c k a t L i v e r p o o l . .................... b a l e s . 1 , 0 6 8 , 0 0 0 1 , 1 1 7 , 0 0 0
9 8 0 ,0 0 0
8 2 2 ,0 0 0
S to ck a t L on d o n
------------ ---------------5 i0 o o
1 0 ,0 0 0
1 3 .0 0 0
11,000
OVERLAND MOVEMENT FOR THE W EEK AND
7 0 ,0 0 0
6 5 ,0 0 0
S t o c k a t M a n c h e s t e r ..................... .............
6 4 .0 0 0
6 2 ,0 0 0
SINCE SEPT. 1.— We give below a statement showing
S t 0 c k ------------ L 1 4 3 . 0 0 0 1 , 1 9 2 , 0 0 0 1 , 0 5 7 , 0 0 0
the overland movement for the week and since Sept. 1 as
8 9 5 .0 0 0
S t o c k a t H a m b u r g __________________ _
7 ,0 0 0
1 5 .0 0 0
1 8 ,0 0 0
1 1 ,0 0 0
made up from telegraphic reports Friday night. The results
S t o c k a t B r e m e n _______________________ I 2 8 5 | o o o
4 4 8 .0 0 0
3 1 8 .0 0 0
3 8 9 .0 0 0
S t o c k a t H a v r e ___________________________
467^000
3 0 7 .0 0 0
for the week and since Sept. 1 in the last "two years are as
2 0 3 .0 0 0
2 2 3 .0 0 0
S t o c k a t M a r s e i l l e s _____________________
3 ,0 0 0
4 .0 0 0
4 ,0 0 0
3 .0 0 0
follows:
S t o c k a t B a r c e l o n a ____________________ I
8 ,0 0 0
3 9 .0 0 0
S tock a t
S tock a t
G e n o a ___________________________
T r i e s t e _________________________
7 4 ,0 0 0
1 ,0 0 0
3 4 .0 0 0
3 .0 0 0
T o t a l C o n t i n e n t a l s t o c k s ---------------
8 4 5 ,0 0 0
8 5 0 ,0 0 0
Iota ! E u rop ean
I n d ia c o t t o n a flo a t
A m e r . c o t t o n a llo a
E g y p t B r a z il,& c a
S in
S to
S to
S to
U .
e r
ck
ck
ck
S.
s t o c k s - ................ 1 , 9 8 8 , 0 0 0
2 ,0 4 2 ,0 0 0
fo r E u r o p e -_ .
2 0 1 ,0 0 0
1 4 5 ,0 0 0
t fo r E u r o p e ..
3 5 9 ,8 6 3
8 9 2 ,0 1 8
flt .fo r E u r o p e .
4 5 ,0 0 0
5 2 ,’ o o o
In
-----------I n B o m b a y , I n d i a ! I ____ !
i n U . S . p o r t s _________ _________
I n U . S . I n t e r i o r t o w n s ______
e x p o r t s t o - d a y ___________________
^ 9 ,0 0 0
567 66J
8 5 5 a 16
744 871
4 ,4 8 5
2 9 7 ,0 0 0
3 4 7 ,0 0 0
9 2 4 ,4 1 8
8 5 4 ,5 2 2
3 9 ,5 6 6
T o t a l v i s i b l e s u p p l y ...............................4 , 9 9 4 , 3 3 5
^ V /n c r lc « n ° V e '
A m e r ic a n
L i v e r p o o l s t o c k .................................. b a l e s .
M a n c h e s t e r s t o c k . . ________ ____________
C o n t i n e n t a l s t o c k ____________
A m e r i c a n a l l o a t f o r E u r o p e ________
U . S . p o r t s t o c k s ________________________
U . S . I n t e r i o r s t o c k s ___________________
U . S . e x p o r t s t o - d a y ___________________
T o t a l A m e r i c a n _______________
E ast In d ia n , B ra zil, A c .—
L i v e r p o o l s t o c k ____________________
L o n d o n s t o c k __________________
_
and
5 ,5 9 3 ,5 2 4
2 9 .0 0 0
3 4 .0 0 0
21.000
6 2 7 ,0 0 0
1 7 ,0 0 0
1 2 6 .0 0 0
V ia
V ia
V ia
V ia
V ia
V ia
V ia
7 7 0 ,0 0 0
1 ,6 8 4 .0 0 0 1 6 6 5
105 000
175
854 718
8 9 1
5 8 ,0 0 0
66
000
000
’ in s
000
2 3 8 .0 0 0
245^ 00
4 7 1 ,0 0 0
4 9 4 ,0 0 0
9 0 9 ,2 5 7 1 ,3 2 2 ,4 8 6
5 4 3 ,8 6 6
6 6 1 ,3 5 9
5 3 ,6 4 5
3 2 ,2 3 3
4 ,9 1 7
J a n u a ry
S h ipp ed —
1.000
486
5 552
1 ,0 1 6 .0 0 0
- 1 ,’ 0 0 0
5
8 0 3 ,0 0 0
8 9 2 ,0 1 8
9 2 4 ,4 1 8
8 5 4 ,5 2 2
3 9 ,5 6 6
8 5 7 .0 0 0
5 1 ,0 0 0
5 5 0 .0 0 0
8 5 4 ,7 1 8
9 0 9 ,2 5 7
5 4 3 ,8 6 6
5 3 ,6 4 5
270
1 ,7 9 7 ,3 3 5
4 ,5 8 0 ,5 2 4
3 ,8 1 9 ,4 8 6
8 5 ,0 0 0
5 ,0 0 0
1 2 ,0 0 0
5 3 ,0 0 0
2 0 1 ,0 0 0
4 5 ,0 0 0
2 2 9 ,0 0 0
5 6 7 ,0 0 0
1 0 1 ,0 0 0
1 0 ,0 0 0
1 4 ,0 0 0
4 7 ,0 0 0
1 4 5 ,0 0 0
5 2 ,0 0 0
2 9 7 ,0 0 0
3 4 7 ,0 0 0
1 2 3 ,0 0 0
1 3 ,0 0 0
1 3 ,0 0 0
7 7 ,0 0 0
1 0 5 ,0 0 0
5 8 ,0 0 0
2 3 8 ,0 0 0
4 7 1 ,0 0 0
T n h ! 4 m l l n i l l a ' & C ........................... 1 , 1 9 7 , 0 0 0
t o t a l A m e r i c a n ---------------------------------- 3 , 7 9 7 , 3 3 5
1 ,0 1 3 ,0 0 0
4 ,5 8 0 ,5 2 4
1 ,0 9 8 ,0 0 0
3 ,8 1 9 ,4 8 6
5'5| Y o d
4 ’ B1« Y a "
7 3 8 .0 0 0
4 8 ,0 0 0
7 1 7 .0 0 0
8 9 1 ,1 9 8
1 ,3 2 2 ,4 8 0
6 6 1 ,3 5 9
3 2 ,2 3 3
8 4 .0 0 0
1 1 .0 0 0
1 4 .0 0 0
5 3 .0 0 0
1 7 5 .0 0 0
66.000
S e p t. 1 .
2 5 6 ,8 8 1
1 2 0 ,2 6 2
1 3 ,4 7 5
5 6 ,7 0 3
2 8 ,6 7 4
7 7 ,4 7 7
1 0 5 ,8 3 1
S t . L o u i s _______________________________ 1 6 , 7 6 0
C a i r o _____________________________________
pgg
H o c k I s l a n d . ............................... I I I I 1 , 0 3 4
L o u i s v i l l e ____________________
"
13 2 9 8
C i n c i n n a t i ____________________ ~~
1 ,3 5 5
V i r g i n i a p o r t s .....................
" ' 3 ,’ i 8 2
o t h e r r o u t e s , & c ______
6 218
-..
..
T o ta l
.c a v in g
’
to
be
1 9 0 8 - 0 9 ----------
S in ce
W eek .
D educt S h ipm ents —
o t h e r d e s c r i p t i o n s a r c a s f o l l o w 's
9 8 3 ,0 0 0
5 8 ,0 0 0
7 9 2 ,0 0 0
3 5 9 ,8 6 3
8 5 5 ,1 1 6
7 4 4 ,8 7 1
4 ,4 8 5
1 9 0 9 - 1 0 ---------21—
W eek.
1 7 ,0 0 5
8 ,6 3 5
1 ,3 0 1
2 ,0 8 6
840
5 ,9 7 8
8 ,2 4 3
U jd a n d , 'S w r p o o l H Z I ^
’^ 7?56cL
r m
t n G M i l lan m m
^ l Y ° r l< - V
E g y p t , u o o a B r o w n , L iv e r p o o l
1 4 .4 5 c .
1 4 lid
8
P e r u v ia n
R o u g h G o o d . L iv e r p o o l
B r o a c h , F i n e , L i v e r p o o l -------------------- 7
T i n n e v e l l,y , G o o d , t L i v e r p o o l ______
9 75d.
7 .7 5 c L
7 - ie d . 4 1 5 -1 0 d .
7 > s_d . 4 1 5 - 1 6 ( 1 ..
1 0 .0 0 c .
1 5 -1 fid
4 4 ,1 7 8
9 9 6 ,4 2 0
5 3 ,9 4 2
1 9 ,8 1 5
2 5 ,2 1 0
4 ,0 0 8
564
579
9 5 ,2 2 2
2 9 ,0 2 2
1 9 ,6 5 8
d e d u c t e d _______________
. . 4 ,47 ,17 41 4
9 8 ,9 6 7
5 ,1 5 1
1 4 3 ,9 0 2
5 6 0 ,3 3 6
3 9 ,0 2 7
8 5 2 ,5 1 8
I n c lu d in g
m ovem en t
b y
r a il
to
C anada.
The foregoing shows the week’s net overland movement
has been 38,099 bales, against 39,027 bales for the week
last year, and that for the season to date the aggregate net
overland exhibits a decrease from a year ago of 292,182 bales.
.
„ .
.
_
.
,
------------ 1 9 0 9 - 1 0 ------------- ------------------1 9 0 8 - 0 9 ------------ -
S in ce
S in ce
, .
.
T a kin gs.
W eek .
S ep t. 1 .
H c c e l p t s a t p o r t s t o J a n . 2 1 ----------------------1 3 1 , 9 1 3
5 ,5 2 7 ,9 3 5
N e t o v e r l a n d t o J a n . 2 1 ------------------------------- 3 8 , 0 9 9
5 6 0 ,3 3 6
S o u th e rn c o n s u m p tio n to J a n . 2 1 . . .
5 2 ,0 0 0
1 ,0 6 6 ,0 0 0
I n Sight and S p in n ers’
W eek.
S en t. 1 .
2 4 1 ,8 5 8 7 0 4 5 9 1 6
3 9 ,0 2 7
8 5 2 ’ ri l 8
5 0 ,0 0 0
9 4 o ’o0 0
.2 2 2 ,0 1 2
. * 2 6 ,5 6 5
1 ,1 4 2 ,0 0 0
4 ,4 1 0 ,2 7 0
7 ,1 5 4 ,2 7 1
6 6 1 ,7 0 8
.1 9 5 ,4 4 7
N o r t h 'n
l l '. O O c !
l O H d . 10- l- l - io d .•
1 1 .2 5 (1.
9 .4 0 (1.
5 1 3 -1 6 d.
5 1 - 16 (1.
5 ^d.
5 Hd,
Continental imports for the past week have been 103,000
bales.
.
for 1910 show a decrease from last week
of 5,083 bales, a loss of 599,189 bales from 1909, an in
crease of 76,849 bales over 1908, and a decrease of 557,935
bales from 1907.1
3 0 ,9 0 7
1 0 5 ,4 3 5
1 7 3 ,6 3 8
t o t a l n e t o v e r l a n d * ..................... 3 8 , 0 9 0
2 4 5 .0 0 0
4 9 4 .0 0 0
1 1 .7 5 c .
- - - - - -
4 0 0 ,6 0 8
2 2 1 ,2 4 4
1 4 ,4 4 8
5 0 ,1 4 0
6 5 9 ,3 0 3
2 ,1 4 4
1 ,0 2 4
1 ,5 4 6
3 3 0 ,8 8 5
* 2 7 ,3 5 0
s p in n e r s ’ ta k in g s
D ecrease
d u r in g
t o J a n . 2 1i
65
5 ,, 3
34
48
8
6
8 ,8 4 4 ,4 3 4
740|507
3 0 3 ,5 3 5
7 ,8 1 5 ,9 7 9
M id d lin g
S in ce
S ep t. 1 .
1 ,3 8 5 ,5 8 6
9 ,5 8 4 ,9 4 1
5 5 ,9 1 9
1 ,6 1 2 ,4 1 7
w eek.
Movement into sight in previous years:
W eek —
1
1
1
1
9
9
9
9
0
0
0
0
8
7
6
5
— Jan.
— Jan.
— Jan .
— fa n .
B a les.
2
2
2
2
4 ....................................... 3 3 0 , 3 9 3
5 ........................................3 7 2 , 3 5 7
6 ........................................1 8 0 , 9 0 7
7 . . .............................. . 2 1 0 , 9 3 7
S in ce S ept.
1 9 0 7 -0 8 —
1 9 0 6 -0 7 —
1 9 0 5 -0 6 —
1 9 0 4 -0 5 —
J
J
J
J
a
a
a
a
n
n
n
n
.
.
.
.
1—
B ales.
2 4 ---------------------7 , 7 9 0 , 7 5 1
2 5 . _________ . 9 , 3 7 3 6 1 0
2 6 _______________ 7 . 7 0 6 0 1 0
2 7 ................. ... . 8 , 6 8 3 ’, 2 5 2
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 the week.
' t*L. J
f
THE
JAN. 22 1910.]
345
C H R O N IC L E
S a v a n n a h , G e o r g i a .—There has been rain on three days
during the week, the rainfall being four hundredths of an
inch. The thermometer has ranged from 34 to 70, aver
15
15
15
15
15
aging 52.
G a lv e s t o n _____ 15
15
15
15
15
15
N ew O rlea n s___ 15
M e m p h is ,
T e n n e s s e e — It has rained on tw
o days of the
—
—
14%
14%
M o b i le _________ 14 %
week, the precipitation reaching ninety-six hundredths of
14%
—
14%
1 4%
14 %
S av a n n a h --------- 14%
—
—
—
—
14
%
14
y
»
an inch. The thermometer has averaged 44.1, ranging from
C h a r le s to n -------—
W ilm in g t o n -----14%
31.2 to 64.2.
,
,
14"
15
i l"
N o r f o l k ________ 15
14.15
14.40
13.85
14.55
14.20
14.45
N a s h v i l l e , T e n n e s s e e .—There has been ram the past w
eek
14%
14%
14%
14%
15
B a lt i m o r e _____ 14 %
to the extent of one inch and twelve hundredths. The ther
14.70
14.40
14.45
14.10
14.65
P h ila d elp h ia — 14.80
14 %
14 %
15
14 %
14 %
mometer has ranged from 28 to 60, averaging 44.
A u gu sta ----------- 15
15%
15%
15%
15%
15%
M e m p h is ----------- 15 %
M o b i l e , A l a b a m a — I t has rained on tw
o days during the
15 %
15%
15%
15%
15%
S t. L o u is _______ 15 %
14
%
14 %
week, the precipitation reaching forty-eight hundredths of an
14%
14%
H o u s t o n ----------- 1 4 %
14%
—
—
—
L ittle R o c k ____
inch. The thermometer has averaged 52, the highest being
74 and the lowest 34.
'
’ NEW ORLEANS OPTION MARKET.—The highest,
M o n t g o m e r y , A l a b a m a .—It has rained on tw
o days of the
lowest and closing quotations for leading options in the New week, the rainfall reaching sixty-six hundredths of. an inch,
Orleans cotton market for the past week have been as follows: and the weather is still foggy, cloudy and threatening. The
thermometer has averaged 49, ranging from 32 to 70.
Sat'day, Monday, Tuesday, Wed'day, Thursd’y, Friday,
C h a r l e s t o n , S o u t h C a r o l i n a .—We have had rain on one day
Jan. 15. Jan. 17. Jan. 18. Jan. 19. Jan. 20. Jan. 21.
of the week, the rainfall reaching ten hundredths of an inch.
January —
The thermometer has averaged 51, the highest being 69 and
R a n g e _______ 1 4 .1 5 -.3 2 13.87-.3 1 13.5 7 -.8 8 1 3.90-.0 0 13.93 — 14.08 —
the lowest 34.
C losin g ----------- 1 4 .2 4 -. 26 1 3 .9 l-.9 5 13.5 8 -.6 2 14.09 — 13.98 — 1 4 .2 7 -.3 0
February —
C h a rlo tte ,
N o r th
C a r o l i n a .—Planters show no disposition
— @ .40 — @ — — @ — — @ — — @ — — @ —
to sell. It has rained during the week, the precipitation
C losin g ---------- 1 4 .3 3 -.3 9 1 3 .9 3 -.0 0 1 3 .6 0 -.6 5 14.13 — 1 3 .9 6 -.0 0 14.2 4 -.2 0
reaching one inch and forty-eight hundredths. The ther
March —
R a n g e ----------- 14.36-.6 4 13.88-.5 7 13.4 5-.08 14.0 0 -.3 2 13.8 1 -.2 6 1 4 .0 9 -.4 5
mometer has averaged 45, ranging from 26 to 64.
C losin g ----------- 14.5 3 -.5 4 14 .1 6 -. 17 13.7 9 -.8 0 1 4 .3 1 -.3 2 14.1 6 -.1 7 14.42-.4 3
A pril —
— @ — — @ — — @ — — @ — — @ —
MEMPHIS COTTON EXCHANGE.—At the annual elec
C losin g............. 14.6 5 -.6 9 14.2 8 -.3 5 13.91-.9 2 14.4 4 -.4 6 1 4 .2 8 -.3 5 14.54-.5 8
tion for officers of the Memphis Cotton Exchange, held
M ay—
14.6 0 -.8 9 14.15-.8 4 13.60 .33 14.25-. 56 14.0 0 -.4 9 14.3 1 -.6 6
Jan. 12 1910, the following were elected to serve the ensuing
C losin g----------- 14.7 9 -.8 0 14.4 1 -.4 2 14.05-.0 6 14.55-.5 6 14.3 8 -.3 9 14.0 1 -.6 2
year: President, W. J. Abston; Vice-Presidents, H. M.
June —
— @ —
Neely Jr., Jno. R. Flippin Jr. and Geo. W. Fooshe; Treas
C losin g ---------- 14.8 7 -.9 0 1 4 .4 9 -.5 5 14.13-.2 0 1 4 .6 3 -.6 5 14.4 5 -.5 5 14.6 8 -.7 2
urer, N. C. Perkins. Board of directors: C. C. Selden, Thos.
July—
A. Goodwin, S. H. Stout, Chas. B. Brooks, Robt. Wilkinson,
R a n g e .......... - 14.75-.0 6 14.32-.0 2 13.8 7 -.5 0 14.43-.71 14.14-.6 2 1 4 .4 7 -.7 9
C losin g............. 14.96-.9 8 1 4.59-.6 0 14.21-.22 1 4.71-.7 2 14.50-.51 14.77-.7 8
I. H. Barnwell and C. A. Lacy. Mr. Henry Hotter was
ugust—
unanimously re-elected Secretary by the board of directors—
R a n g e _______ 14.18 — — @ — — @ — — @ — — @ — — @ —
C losin g---------- 14.1 5 -.3 0 13.88 — 13.60 — 13.90 — 13.92 — 14.13 —
a position he has held continuously since March 15 1881.
September—
Closing Quotations for Middling Colton on—
Week ending
January 21.
Sai'day,
Monday. Tuesday. Wed'day. Thursd’y. F riday.
R a n g e _______ 1 3 .4 7 -. 58 13.0 5 -.3 6 1 2.70-.1 2 13.1 0 -.1 7 12.88 — 13.1 2 -.2 0
1 3.10-.1 2 1 3 .2 3 -.2 5
C losin g ---------- 13.16-.4 8 1 3.24-.2 5 12.90-.0 0
—
R a n g e ............ 1 2 .8 2 -.9 5 12.5 4 -.9 0 12.26-.6 4 1 2 .6 1 -.7 5 12.4 0 -.6 5 12.5 9 -.7 7
C losin g ---------- 12.63 — 12.69-.70 1 2.50-.5 2 1 2 .6 8 -.7 0 12.6 1 -.6 2 12.75 —
December—
R a n ge _______ __ («) __ — @ ,5C 12.28 — — @ .60 — @ — — @ —
C los in g _______ __ @ __ 12.49-.5C 12.30-.3 2 12.5 3 -.5 5 12.40-.4 2 1 2 .6 0 -.6 5
Tone —
S te a d y . N om in al. N om inal N om inal. N om in al N om in al
O p t io n s .......... V e r y sty. S te a d y . S te a d y . S te a d y . S te a d y . S te a d y .
EXPORTS OF COTTON GOODS FROM GREAT
BRITAIN.—Below we give the exports of cotton yarn ,
goods, &c., from Great Britain for the month of December,
and since Jan. 1 1909 and 1908, as compiled by us from
the British Board of Trade returns. It will be noticed that
we have reduced the movement all to pounds.
/tnn.
Yam & Thread.
Cloth.
Total of All.
uuu$
WEATHER REPORTS BY TELEGRAPH—Telegraphic omitted.
1909. ; 1908.
1909.
1909. 11 1908. ! 1909. j 1908.
1908.
advices to us this evening from the South indicate that rain
Lbs. ) Lbs.
Yds.
Yds. | Lbs. 1 Lbs.
Lbs.
Lbs.
has fallen in most localities during the week, but the precipi Jan
97,5251 123,553
78,049:
98,362
19,480 25,191 419,1231 528,294
100,185!
435,684!
506,125
81,133;
94,272
22,458
19,052
F
eb____
tation has been light or moderate as a rule. Temperature Mch . . . 22,013 22,595 492,867 473,70k 91,782; 88,198 113,795! 116,730
110,793
has been higher.
311,509;
351,076
280,832
1,347.6741,508.120]
250.964,
60.545
j
70,244
1st qr.
G a l v e s t o n , T e x a s .—It has rained on three days of the w
eek,
84,757 102,128 106,114
455,220!
82,523
the precipitation reaching twenty-six hundredths of an inch. April . . 19,605 21,357 443,149
84,899 102,129 104,751
82,105
May . . . 20,024, 19,852 440,902! 455,968
The thermometer has averaged 54, ranging from 42 to GO.
98,610
79,998 100.394!
80,210
June . . 20,184' 18,012 430,730; 429,442;
A b i l e n e , T e x a s .—Dry all the w
eek. The thermometer has
2d qr. 59,813 | 59,821 1,314,781 jl,340,630' 244,838! 249,654 304,651; 309,475
ranged from 28 to 60, averaging 48.
C o r p u s C h r i s t i , T e x a s — We have had rain on one day of
97,205 129,477 118,558
July . . . 22,362| 21,353 575,200! 522,102 107,115!
89,049 123,300 109,735
22,020 20,686 543,871! 478,272; 101,280!
the past week, the rainfall being four hundredths of an inch. SAugust.
85,698 109,588, 106.245
89,196;
e p t . . . 20,392! 20,547 478,984; 460,276|
Average thermometer 59, highest 74, lowest 44.
3d qr. 64,774 j 62,586 1,598,06l|l,460,650] 297,591 271,952 302,365| 334,538
F o r t
W o r t h , T e x a s .—We have had a trace of rain on one
day of the week. The thermometer has averaged 51, the Oct . . . 21.314 19,126 515,615 455,687; 96,018 84,844 117.3321 103,970
84,074
70,557 106,731
86,280
N ov . . . 20.451; 13,517 463,326, 378,952
highest being 72 and the lowest 30.
89,817
108,028!
P a l e s t i n e , T e x a s .—It has rained lightly on tw
o days of the D e c------ 18,108 17,506 482,872 388,373 j 89,920 72,311
week, the rainfall reaching sfcven hundredths of an inch.
4th qr ! 59,873| 50,149 1,461,813d,223,012] 272,218 227,712 332,091, 277,861
The thermometer has averaged 53, ranging from 34 to 72.
Total yr245,005;242,800 5,742,329!5,532,412|1,065,611 1,030,150 1,310,616;!,272.950
S a n
A n t o n i o , T e x a s .—Rain has fallen on one day during
676
1,048
Innra anti crtnlra
_ ____________________
the week to an inappreciable extent. The thermometer has Stnnlr
40.659,
36,300
Sundry t
. 1.
ranged from 38 to 76, averaging 57.
1,351,95111,310,298
T a y l o r , T e x a s .—It has rained on one day of the w
eek, the Total exports of cotton manufactures
precipitation being two hundredths of an inch. Average
thermometer 55, highest 76 and lowest 34.
The foregoing shows that there has been exported from
N e w
O r l e a n s , L o u i s i a n a .—We have had rain on one day of
the United Kingdom during the twelve months 1,351,951,000
the week, the rainfall reaching ninety-three hundredths of lbs. of manufactured cotton, against 1,310,298,000 lbs. last
an inch. The thermometer has averaged 55.
year, or an increase of 41,653,000 lbs.
S h r e v e p o r t , L o u i s i a n a .—We have had rain on three days
A further matter of interest is the destination of these ex
the past week, the rainfall being one inch and twenty-five ports, and we have therefore prepared the following state
hundredths. The thermometer has averaged 52, ranging ments showing the amounts taken by the principal countries
during Dec. and since Jan. 1 for each of the last three years.
from 32 to 71.
V ic k s b u r g ,
M i s s i s s i p p i .—There has been rain on three
Jan. 1 to Dec. 31.
December.
days of the week, the rainfall reaching ninety-nine hundredths
Piece Goods— Yards.
of an inch. The thermometer has ranged from 32 to 71,
1908. ! 1907.
1909. | 1908. | 1907. ; 1909.
(000s omitted.)
averaging 49.
. . .
232.255'l45.590 225.847; 2,379,897 2,448,6122 ,780.230
East Indies............................
H e le n a ,
A r k a n s a s .—Rain has fallen on tw
o days during Turkey,
65,180 75,612! 55,359 1,007,327 951,565 977,676
and Africa.
the week, the rainfall reaching two inches and one hundredth. China andEgypt
37,375 43,662; 45,454 686,390 612,187 674,614
Japan.................
31,292 21.02S 28,675 372,320 296,705 351,798
Europe (except Turkey) —
The thermometer has ranged from 29 to 64, averaging 43.7.
45,347! 37,695| 43,435 492,907 455,210! 587,759
Am erica......... ............
L i t t l e R o c k , A r k a n s a s .—We have had rain on tw
o days of South
34,750 30,470; 42,443 352,590 325,334 394,322
North Am erica.....................
the past week, the rainfall reaching one inch and thirty-four All other countries............... 36,673 34,316! 36,225 430,897 441,195; 531,309
hundredths. The thermometer has averaged 48, the highest Total yards....................... 482,8721388,3731477,438 5.722.328 5,530.808161,297,708
£6,022, £4,858 £6,372 £68,280 £70,23ll £81,049
Total v a l u e ........... ..........
being 64 and the lowest 32.
S e l i n a , A l a b a m a .—There has been rain on tw
o days during
Yarns— Lbs.
the week, to the extent of forty-eight hundredths of an inch.
(000s omitted.)
3,370 2,987; 3,966
47,735
39,313;
44,083
H ollan d.................................
The thermometer has ranged from 30 to 67, averaging 44.5.
67,082
4,624
42,460.
41,974
G erm an y........... .......... .. - - - - - - 3,623, 3.233
46,612
2,431
3,0271 4,513
44,208!
M a d i s o n , F l o r i d a .—There has been rain on one day of the
39.647
Other Europe(except Turkey)
32.408
2,785; 2,032 2,704
40,25437,434
East In d ie s ...................
week, the precipitation reaching ninety-two hundredths of China
6,411
41!
7,227
560'
5,471
259
Japan.........
an inch. The thermometer has averaged 59, the highest Turkeyand
15.059
652 1,297; 1,025
15,512|
16,308
and E g ypt....................
25.770
25,788;
2.4361 2,015
1,947
30,321
All other countries....................
being 76 and the lowest 32.
A v g u s t a , G e o r g i a .—It has rained lightly on one day of the
Total pounds.......................... 15,338! 15,15l! 19,038 215,238 214.762 241,077
£968| £857] £1,223 £11,822 £12,845] £15,417
\ eek, the rainfall reaching two hundredths of an inch. The Total v a lu e ................
ermometer has averaged 49, ranging from 28 to 71.
246
THE
C H R O N IC L E
WORLD’S SUPPLY AND TAKINGS OF COTTON.—
C o tto n T a k in g s .
W e e k a n d S eason .
1909-10.
Week.
V isible s u p p ly Jan . 1 4 ___________ 4 ,9 9 9 ,4 1 8
V isible s u p p ly S e p t. 1 _____
_
A m erican in sig h t t o J a n . 2 1 ___
195,447
B o m b a y receip ts t o J a n . 20
128 ,000
O th er In d ia s h lp ’ ts t o J a n . 20
3,0 0 0
A lex a n d ria receip ts t o Ja n . 1 9 . .
16,000
O th er s u p p ly _ to J a n . 1 9 ________
12,000
T o t a l s u p p ly .
190 8-0 9.
Season.
Week.
Season.
5,4 9 0 ,7 2 9
1,931,022
7 ,8 1 5 ,9 7 9
1 ,321,000
84,000
595.000
144.000
1 ,714,982
9 ,584,941
7 34 .000
123.000
647 .0 0 0
140.000
3 03 ,535
102,000
6,000
2 9 ,000
5,000
5,3 53,865 11,891,001 5 ,936,264 12,943,923
Deduct—
4 , 994,335
V isible s u p p ly Ja n . 21.
T o t a l takin gs t o Jan . 21.
O f w h ich A m e r ic a n ___
O f w h ich o t h e r ________
359 .5 3 0
264 .530
95,000
4 ,9 9 4 ,3 3 5 5,593,524
5 ,593,524
6 ,8 9 6 ,6 6 6
5,4 7 2 ,0 6 6
1,424,000
7 .3 5 0 .3 9 9
5.9 8 1 .3 9 9
1 ,369,000
3 4 2 .7 4 0
248 .740
94,000
• E m b ra ces receip ts In E u rop e fro m B razil, S m y rn a , W e s t In d ie s, & c.
INDIA COTTON MOVEMENT FROM ALL PORTS.—
January 20.
1909-10.
Receipts at—
Week.
B om bay............................... ..
1903-09.
Since
Sept. 1.
1907-08.
Since
Sept. 1.
Week.
128,000 1,321,000 102,000
Week.
734,000
Since
Sept. 1.
90,090
[VOL. LXXXX.
PENSACOLA— To
M ancheste — Jan .
The particulars of the foregoing shipments for the week
arranged in our usual form, are as follows:
Great French Ger- — Oth. Europe— M e x .,
Britain, ports, many. North. South. &c. Japan.
N ew Y o r k _____ 1,858
G a lv e s t o n _____
,. .
N ew O rlean s___ 4,000
M o b i le ___________ 4,196
P e n s a c o l a ______1,150
S av an n ah ______ ____
N o r f o l k ________
__
B o s to n ________
35
385
B a lt i m o r e _____
P h ila d e lp h ia ___
700
____
San F r a n cis c o . .
S eattle ________
_.
____
409
------- 16,545
3,887 8 ,1 0 8
------- 2,371
Exports
from —
Great Conti Japan
Britain nent. A China Total.
Great
Britain.
Bom bay
1909-10..
6,000 34.000 36.000 76.000
19080 9 .. 37.000 25.000 65.000
3,000
1907- 0 8 ..
6,000 35.000 41.000
Calcutta—
190919081907- 0 8 - .
Madras—
190919081907- 0 8 . .
All others—
190919081907-
Total all—
190919081907-08..
1 0 ..
09. .
1,000
2,000
2,000
1 0 ..
09.
1 0 ..
0 9 ..
1,000
0 8 ..
1,000
Conti
nent.
Japan
A China.
Total.
26,000
10,000
8,000
277,0001
220,000
218.000
293.000
174.000
159.000
596.000
401.000
385.000
2,000
1,000
2.000
4.000
2.000
2,000
4.000
2.000
13.000
13.000
9,000
2,00j
18,000
1,000
17,900
35,000
12,090
1,000
1,000
::::
1,000
1.000
4.000
3.000
8.000
6,000
11,000
18,000
1,000
2,000
11,000
16,000
26X00
3’,666
1",666
5.000
1 x66
16,000
6,000
8,900
39.000
60.000
65,000
1,000
6,000
10,000
56.000
72.000
83.000
10
6,000
37.000 36.000 79.000
0 9 .. 40.000 27.000 71.000
4.000
2.000 9,000 37.000 48.000
48.000
23.000
26.000
335.000
301.000
310.000
297.000
200.000
170,000
680,000
527.000
506.000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
January 19.
1909-10.
1908-09.
115,000
4 ,462,036
4 ,8 5 4 ,2 2 5
110,000
5 ,4 3 8 ,9 5 5
This
Since
Week. Sept. 1.
This ] Since
Week.'Sept. 1.
This
Since
Week. Sept. 1,
Receipts (ca n ta rs )—
T h is w e e k _____
S in ce S e p t. 1 ___
Exports (bales) —
To
To
To
To
L iv e r p o o l____
M an ch ester . .
C o n t i n e n t ___
A m e r ic a _____
2,250 97,522
7,000 85,834
13,000 177,217
2,500 4 5 ,5 2 5
T o t a l e x p o r ts .
1907-08.
220,000
10,000 106 ,752
3,000 147,555
10,250 99,331
130,532
8,7 5 0 160,913 l l" ,7 50 184,503
2,250 32,170
1,500 3 8 ,210
24,750 406 ,128 3 1 ,250 399 ,166
N ote .— A c a n ta r is 99 lb s.
16,250 500,800
E g y p tia n bales w eigh a b o u t 750 lb s.
The statement shows that the receipts for the week were
115,000 cantars and the foreign shipments 24,750 bales.
MANCHESTER MARKET.—Our report received 6y
cable to-night from Manchester states that the market is
steady for both yarns and shirtings. The demand for both
yarn and cloth is improving. We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison:
1909-10.
MS cop
1 IMSt.
d.
Dec.
10 10k
©
17
@
24 io h
@
31 10 k
@
Jan.
7 10M ©
IU 5-10F2)
IU
IS)
1908-09.
814 lbs. Shirt- Coin.
ings, common Mid.
to finest.
Upl’s
d. s d.
11 H 5
11 y* 6
ilk 5
iik 5
11 H
u
1 0k
5
0
5
s. d.
6 ©10
6 ©10
6 @10
6 f* @ 1 0
6
5
4
0
0
0
1
@10 0
@ 9 10k
@9 9
32 s Cop
Twist.
d.
d.
7.94
8.03
8.26
8.50
7 9-16 @
7k
@
7k
@
©8
7k
8.18 7 k
7.84 7 k
7.56 7 k
d.
8k
8 '4
8k
3-16
© 8k
© SK
@ 8k
8 k lbs. Shirtinas. common
to finest
s. d.
4
4
4
4
4
4
4
s. d.
7k® %
6 @8
6 @8
6H i@ 8
7
8
9
@8
@8
@8
4k
3
3k
4k
6
7k
1,843
200
25
654 10,730
L i v e r p o o l ___________
M a n c h e s t e r ________
H avre _____________
B re m e n ___________”
H a m b u r g ___________
A n tw e r p ____________
G h en t, v ia A n tw e rp
R e v a l _______________
G o t h e n b u r g ________
B a rce lo n a , d ir e c t ___
G en oa _____________
T r i e s t e _____________
J a p a n _______________
Sat.
M on .
..
14
Tltes.
14
12
18
18
22 k
20
26
25
34
25
18
28
45
12
12
18
18
22 k
20
26
25
34
25
18
28
45
4.86
4.82
4.92
4.99
5.07
5.14
5.30
N K W Y O I U C - T 0 L iv e r p o o l— J a n . 1 7 - W l n lf r e d l a n , 5 0 0 ............. * 8 0 0
M anchester— Ja n . 15— T e re n ce . 1 ,3 5 8 _________________________ 1,358
r \ t v 0i .'S T n v n ~TJ a n 19— PrInz F riedrich W ilh e lm , 4 0 9 ____________
409
G A L V L S IO N
T o B rem en— J a n . 14— C h em n itz, 8 ,1 8 9 ; C row n o f
LuSllIb, 0 ,u 0 0 _____ _______ _
|n r.iK
T o G en oa— Jan . 18— K n u tsfo rd 5 f>oT
* sm
N E ^ „ 0 2 ^ S ^ T i° ^ " d o n - - —Jan . 2 0 - O i o n l a n ; T ,o 5 o I 11111111 4 [ooo
T o H a v re— Jan . 14— L ou islan e, 3,8 8 7
3 887
T o B rem en — Jan . 19— S a x on P rin c e . 6 ,9 9 6 1 1 ............... I I I I Z :
6 990
T o H a m b u r g — Jan . 14— Illvrla . 1.118
i iii
T o R o t t e r d a m — Jan . 20— A th o ll. 329 ' ...................................................
'ioa
T o A n tw e r p — Jan . 20— O x o n ia n , l o o " ...............
inn
T o O p o r to — Jan . 14— C atalina, 1,527 .............* ...................................i P.oy
T o B a rcelon a — Jan . 14— C atalina, 2 ,9 5 0 ....................
.................. 2 0 ™
M O B I L E — T o L iv e r p o o l— Jan . 18— A rtis t, 4 ,1 0 0 ..................................... 4 '10 C,
T o B rem en — Ja n . 19— iMiguel de L a rrln aga, Y .6 1 4 ........................... 1 614
T o H a m b u rg — Ja n . 19— M iguel d e L a r ln a g a , 757 ............................. 757
468 5,6 2 7
64,366
Wed.
14
12
18
18
14
12
18
18
22 H
20
26
25
34
25
18
28
45
22 k
20
26
25
34
25
18
28
45
Thurs.
F ri.
14
12
18
18
14
12
18
18
22 k
20
26
25
34
25
18
28
45
22 k
20
26
25
34
25
18
28
45
LIVERPOOL.—By cable from Liverpool we have the fol
lowing statement of the week’s sales, stocks, & c . , at that port:
Sales o f the w e e k . ...................... D 34,006
J40,boo 42.000
JanO f w h ich sp ecu lators t o o k . .
600
1.000
O f w h ich e x p o rte rs t o o k . . .
1,900
2,6 6 6
2.000
Sales, A m e r ic a n ..........................
24,000
36,0 0 0
35.000
A c tu a l e x p o r t ............................
li.o O O
8,0 0 0
10.000
fo rw a r d e d
----------------------4 9 ,000
94,000
50.000
to t a l s t o c k — E s tim a te d _____ 1,0 5 4 ,0 0 0
1 ,052,000
1,0 8 4 ,0 0 0
O f w hich A m e rica n — E s t . .
952 ,000
960,000
998 .0 0 0
100,000
100 000
T o ta l Im ports o f th e w e e k ____
9 2 .0 0 0
O f w h ich A m e r ic a n ________
57,000
7 8 ,000
8 1 .000
A m o u n t a f l o a t ---------- -------------- 209 ,000
189.000
180.000
O f w h ich A m e r ic a n .............. 184,000
158,000
130,000
Uan.2 1 .
5 1 .000
'Y .0 0 O
45.0 0 0
4,0 0 0
70.0 0 0
1,0 6 8 ,0 0 0
983 ,000
56.000
39.0 0 0
149,000
9 9 .0 0 0
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P . M.
Saturday.
Monday.
Tuesday.
Dull.
Quiet.
Dull.
Wednesday. Thursday.
J
Good
demand.
Steady.
Mid. Upl’ds
7.73
7.80
7.61
7.59
7.61
S a le s .........
Spec.&exp.
9,000
300
7,000
500
6,000
300
12,000
500
500
Futures.
opened
Market,
4
P. M.
Friday.
)
Irregular at Steady at Steady at Steady at
15@20 pts. 11 @ 14 pts. 10© 13 pts. 4 @ 6 pts.
j decline.
advance.
decline.
decline.
1 Steady at
}
9 k @ l4
J pts. dec.
Easy at
Steady at
k@ 4k
I5 k @ l0
pts. adv.
pts. dec.
Steady at
6 © ll k
pts. adv.
advance.
Weak at
H k @ l3 k
pts. adv.
Quiet.
10,000
1,000
8 © 10 pts.
advance.
Steady at
10@ 12H
pts. adv.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100 ths.
fd.
- - - 4,0 0 7
- - - 1,620
751
1,400
5,730 28,833
Total.
2,267
22,046
20,901
0,5 6 7
1,150
2,794
25
504
1,785
700
4,007
1,620
The exports to Japan since Sept. 1 have been 34,584 bales
from Pacific ports and 200 bales from New York.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs:
Mid.
Upl’s
SHIPPING NEWS.—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 64,306 bales. The shipments in detail, as made
up from mail and telegraphic returns, arc as follows:
____
_
____
5,501
429 4,477
................. ..
793,000
Since September 1.
Total bales.
Merchant,
S A V A N N A H — T o H a v re — Jan". 17— B angor," L 8 4 3 11111 11 11............. 1 843
________
200
I o A n tw e r p — Jan . 17— B a n go r, 200 _ _ L . _________
l o T rie ste — Jan . 15— E u genia. 751
...........~
SiV
N O R F O L K — T o R nt.tnrrl.nm _T„t, ’ / 1 ' * 7 ' 7,7_VLILT" SS----------------------751
B n ^ r v ? i ^ K ^ Tx J n 0 hter/ lam ^ r J a n - 18— K u rd is ta n , 25__________
r ° M anchester— Jan . 14— B o s to n ia n , 35 . ...........
35
l o G en oa— Jan . 14— R o m a n ic . 1
...........
?
T o Y a r m o u th — Jan . 14— B o s to n , 468
.........................
a* s
B A L T I M O R E — T o L iv e r p o o l— Jan . 17— T eniD lem ore" 385
sst
T o B rem en — Jan . 20—R h e in , i.4 0 0 l c m p l c m o r c > 3 8 a ---------------, 383
7 nn
P H I L A D E L P H I A — T o L iv e r p o o l— Jan 14— FrRsfam l ""766 ...............
S A N F R A N C I S C O — T o J a p a n — Jan . 18— N ip p o n M aru 4 0 0 7 ........... 4 007
S E A T T L E —-T
T oo .T4n.iti
Tan . 18—
18
y ut
,7 aru, ?l ,“6*£“
07
J a p a n — Jan
Shlnan
o„ M
2 o •l -4- ,'-0 0 -7 --------- 4,0
1 620
T o ta l
..- 6 4 , 3 0 6
r io ta * - .......... -1 2 ,3 2 4
For the Week.
15— M anchester
. Sat.
Jan . 15
to
Jan . 21.
1 2H
p.m .
d.
J a n u a r y ..
J a n .-F e b .
F e b .-M ch .
M c h .-A p r.
A p r.-M a y .
M ay-June
J u n e -J u ly
J u ly -A u g .
A u g .-S e p .
S e p t.-O c t.
O c t .-N o v .
N o v .-D e c .
D e c.-J a n
J a n .-F e b
7
7
7
7
7
7
7
____ 7
____ 7
—
6
—
6
—
6
—
6
0
—
—
____
____
____
12'A
p .m .
d.
53
53
55
56 k
58
60
59 k
58 k
34 k
93 k
73
63
02
01 A
M on .
T u e s.
Thus, 7 53 means 7 53-100d.
W ed. ’
T h u rs.
Fri.
12H
4
12Vx 4
12K
4
4
4
12 M
12 X
p.m . p .m . p.m . p.m . p .m . p .m . p .m . p .m . p.m . p .m .
d.
62 k
62 k
64
65 k
67
69
69
68
44
03
82 k
73
72
71
d.
54 k
54 k
5o k
57 k
59 k
61 k
61 k
60 k
37 k
97
76 k
67 k
66
66
d.
43
43
44 k
46
47
50
50
48 k
25 k
85 k
65 A
56 k
55
55
d.
36
36
37 k
39
41
42 k
42 k
41 k
19
79 k
60 k
52
50 k
50 k .
a.
40 k
40 k
42
44
40
47 k
47 k
46 k
25
83 k
63 k
54 k
53 k
53 k
d.
d.
42
12
44
45 k
18
50 k
51
51
30 k
89
69 k
60 k
59 k
59 k
43
43
45
47
49 k
52
52
52
30
88
69
60 k
59
59
d.
29 k
29 k
31
33
35 k
38
39
39
17
75
56
49
48
48
d.
d.
38 k 42
38 k 42
40
43
42
44
44 IS 46 k
47
49"
47 k 49 k
47 k l 49 A
25
27
84 A 85^4
00 ”
58
00
57
57
59
59
BREADSTUFFS.
. _
F r i d a y , J a n , 21 1910.
Prices for wheat flour in the local market have beensteady
on the whole, with trade dull. There is a noticeable disposi
tion among not a few in the trade to take a more hopeful
view of the outlook. Stocks have latterly diminished some
what and there is an idea that any change in the situation
after the long-drawn-out stagnation can only be for the better.
The reports from the Southwest have latterly been more
Jan . 22 1910. i
H IE
cheerful. Some mills have resumed grinding. At the
Northwest sales have been rather liberal and the output of
the mills continues largely in excess of that of a year ago.
Rye flour and corn meal have been quiet and steady.
Wheat has declined, owing to increasing liquidation co
incident with large receipts, increasing stocks at the North
west and favorable crop reports, both domestic and foreign,
aside from those from Argentina. The Argentina news, how
ever, has been to a large extent discounted. Threshing re
turns, according to despatches from Buenos Ayres, are
unsatisfactory, and one estimate of the available quantityfor
export is as low as 64,000,000 bushels. But it is strongly
insisted upon that any decrease in Argentina will be more
than made up by Russia, Australia and India. It is true
that the world’s shipments last week fell off sharply. They
were 8,928,000 bushels, against 10,368,000 in the
previous week. On the other hand, however, they
were about a million bushels larger than those for
the same week last year. There is a growing belief
that the world’s crops are considerably larger than those of
last year. In fact, the London “Statist” puts the total at
3,592,000,000 bushels, against 3,251,000,000 last year, or
an increase during the present season of 341,000,000 bushels.
Foreign markets have latterly declined rather sharply.
Minneapolis flour interests have been'selling in Chicago.
The crop outlook in Oklahoma and Texas is said to be very
favorable. Flour prices at the West have been declining.
At times there has been a pretty good domestic demand from
millers at the Northwest, but the whole situation, viewed
from the standpoint of supply and demand, is regarded by
many as indicating that some further recession in prices is
not improbable. Whether such a prognostication is to be
realized remains to be seen. It is felt that from time to
time there may be sharp upward turns, owing to the over
doing of the short side, just as some time ago -there were
sharp reactions from over-speculation for a rise. But specu
lation lias shrunk to small proportions. Large operators
formerly very bullish, hold aloof. It is felt that whatever
there may be bullish in the situation has been largely dis
counted. Bull speculation has received a sharp check in
cotton and stocks and the general public is not buying
wheat. To-day prices advanced on light offerings, strong
cables, reports of a larger cash demand and covering of
shorts.
DAILY C L O S IN G
P R I C E S O F W H E A T F U T U R E S IN
Sat.
M on. Tues.
NEW YORK.
Wed. Thurs. F ri.
130
129
128
129
130
N o . 2 red w in te r, f. o . b ------------------ 130
M a y d e liv e ry In e le v a t o r ---------------- 1 1 8 % 1 17 % 1 1 0 % 110 % 117
118%
J u ly d e liv e ry In e le v a t o r ___________1 1 0 % 1 0 0 % 1 0 8 % 1 0 8 % 1 0 8 % 109%
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN CHICAGO.
Sat.
M on. Tues.
Wgd. Thurs. F ri.
M a y d e liv e ry In e le v a t o r ___________1 1 1 % 1 1 0 % 109
1 0 8 % 1 09 %
J u ly d e liv e ry In e le v a t o r ____________1 0 2 % 1 0 1 % 1 0 0 % 1 0 0 % 1 0 0 %
S ep tem b er d e liv e ry In e le v a t o r -------0 8 %
97%
96%
96%
96%
24:7
C H R O N IC L E
1 10 %
1 01 %
97 %
G R A IN .
C o rn , p e r bu sh el—
C en ts.
N o . 2 m ix e d _______ e le v .
74%
N o . 2 y e llo w ............. f .o . b . N o m in a l
N o . 2 w h ite ....................................f .o . b . N om in a l
R y e , p e r bu sh el—
N o . 2 W e s te r n ____f .o . b .
84
S ta te a n d J e r s e y ___
N o m in a l
B a rle y — M a l t i n g ____
75
@80
F e e d in g , c .l . L . N . Y .
N o m in a l
W h e a t, per bu sh el—
N . D u lu th , N o . 1 ................. $1 2 4 %
N . D u lu th , N o . 2 -------------- 1 22 %
R e d w in te r, N o . 2 — f .o . b . 1 30
H ard w in ter, N o . 2 . . ...........1 24 %
O ats, per bu sh el—
C en ts.
@ 55%
N atu ral w h ite _________ 53
W h ite c lip p e d _________ 54
@ 57%
M ix e d ___________________ N o m in a l
The statements of the’movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Flour.
Receipts at—
Corn.
| Wheat.
Rye.
Barley.
Oats.
bbls.l96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushA&lbs. bu.56 lbs.
2,046,250
6,600
Cleveland . .
St. Louis___
P e o r ia .........
Kansas City.
130,285
161,000
44,450
68,200
13,760
524,138
______ 1 2,308,950
____
25,500
245
3,299
613
13,407
46,340
392,854
78,000
8,000
______ |
609,000
T ot.w k .’ lO !
Same wk. ’09 i
Same wk. ’08
313,6931 4,114,348
283,434
2,264,684
299,2081 4,276,467
4,034,794
3,236,792
6,262,398
Since Aug. 1
1
'
1 9 0 9 -1 0 ... 10,907,291 165,677,483
1908-09.. . 10,731,072 158,607.325
1 9 0 7 -0 8 ... 9,173,930 144,371,308
1
1
79,632,541
67,826,137
94,695,875
C h ica g o ____
M ilw aukee..
pn]ilth
Minneapolis.
T^lpflo
1,058,400
58,500
140,121
378,560 ;
29,250
12,917
46,980 1
385,600
189,700
87,000
349,040
40,900
30,121
119,217
744,700
299,766
398,200
19,000
6,000
36,278
64,540
2,000
326,700
110,500
30,331
513,560
______
6,250
62,400
46,600
13,000
15,400
156,218
92,579
195,178
2,387,028 1,098,341
2,674,054: 1,612,195
3,398,354! 1,640,461
10,071,993 ^45,800,505 4,374,435
92,286,490 52,825,110 4,261,665
99,228,506 43,047,925 4,428,467
1
Total receipts of flour and grain at the seaboard ports for
the week ended Jan. 15 1910 follow:
Receipts at—
New Y o r k ......... . . .
..
Boston ....................
Portland, Me
..
..
P h iladelphia-------Baltim ore________. .
..
Richmond
..
New Orleans * -----G a lv e s t o n ............
Mobile____
Montreal. .
..
Total week 1910.
Since Jan. 1 191 0..
Week 1909..............
Flour,
bbls.
Wheat,
bush.
Corn,
bush.
Oats,
bush.
Barley,
bush.
127,635
42,787
7,000
56,140
31,256
4,284
14,156
200,400
100,246
364,000
18,294
17,637
12,644
1,200
10,000
237,375
135,240
335,500
72,225
21,675
4,195
16,100
—
21,393
437,741
45,398
727,200
133,000
11,000
1,526
70,787
45,310
79,818
85,200
1,000
2,577
_____
_____
_____
_ _ _.
31,143
2,000
15.467
_____
_____
_____
_____
1,749,873
4,069,390
1,084,872
2,738.321
758,077
1,433,781
735,265
1,695,376
60,590
169,208
80,784
253,861
33,567
59,180
10,345
15,346
' 8,480
23,000
79,096
507,000
319,725
748,271
241,909
589,741
1,310,517
2,716,745
1,169,649
2,466,289
’ 262
29,975
39,000
Rye,
bush.
* Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Jan. 15 1910 are shown in the annexed statement:
Wheat,
bush.
Com,
bush.
Flour,
bbls.
New Y o r k _____ . 123,246
Portland, M e ... . 364,000
B o s t o n ................ . 312,049
88,000
Philadelphia . . . .
Baltim ore______ _ ______
New O rleans__ _ ______
Newport N e w s .. _ ______
G alveston______ _ ______
M obile....... ..........
St. John, N. B - . : 507,666
93,284
35,648
7,000
4,695
23,000
9,226
10,400
_____
9,500
. 8,4S0
23,000
Exports from—-
Oats,
bush.
Bye,
bush.
1,100
____ - ...........
...........
______
> ---i- '
...........
______
262
39,000
Peas, Barley,
bush.
bush.
9,144
---- _____
----Indian corn futures in the local market have in the main
—
—
.........
—
—
—
______
been nominal. At the West speculation has been active,
—
—
—
745,627
with prices irregular. For a time early in the week the drift
—
—
- _____
177,000
—
—
______
.........
of prices was downward, owing to heavy liquidation and
_____
_____
_____
180,000
selling by cash interests and bears, who were encouraged by
_____
.........
11,000
—
the weakness in wheat. Also, country offerings increased
.........
for a time and cash prices weakened. On thedecline,how Total w e e k ...
40,362
9,144
1,206,911 130,949
ever, large commission houses bought. The country offer Week 1909......... .1,996,004 1,369,062
219,446
8,577
18,875 18~603 21,570
ings diminished at the lower prices. Leading shorts cov
The
destination
of
these
exports
for
the
w
eek
and
since
ered freely and prices rallied. To-day prices advanced on
as below:
unfavorable reports concerning corn that has not been husked, July 1 1909 is---------Corn------------Flour--------------------- --Wheat-----------commission-house buying and covering of shorts.
Since
Since
Since
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D C O R N IN
Sat.
M on . Tues.
NEW YORK.
Wed. Thurs. F ri.
Cash c o r n ............. ............. - ..................... 75
74%
73% 72%
73%
74%
M a y d e liv e ry In e le v a t o r -----------------7 8 %
78
76% 76%
77
77%
D A I L Y C L O S IN G P R I C E S O F C O R N F U T U R E S I N CHICAGO.
Sat.
M a y d e liv e r y In e le v a t o r ___________68 %
J u ly d e liv e ry In e le v a t o r ---------------- 6 8 %
S ep tem b er d e liv e ry In e le v a t o r ____ 6 8 %
M on .
Tues.
Wed. Thurs. F ri.
68 %
68
67%
67 %
67%
66%
67 %
67%
67
68 %
67%
67%
68 %
68%
68%
Week
Exports for week and Jan. 15.
since July 1 to—
bbls.
July 1
1909.
bbls.
Week
Jan. 15.
bush.
July 1
1909.
bush.
United K in g d o m ...
82,986 3,176,282 1,287,252 37,307,250
C on tin en t__________ 20,717 1,237,635
104,013 19, 55:3, 15:
216,91.1
3,000
So. & Cent. A m e r .. 5,056
460,071
3,675
West I n d ie s ............. 22,045
776,20.3
Brit. No. Am; Cols.
145
76,797
99,630
Other Countries.....................
126,483
Week
Jan. 15.
bush.
313,429
818,382
38,009
37,100
July 1
1909.
bush.
4,527,503
6,467,553
437,234
1,143,409
32,991
17,841
T otal..................... 130.949 5,853,476 1,394,295 57,183,630 1,203,911 12,626,531
Oats for future deliyery in the Western market have been Total 1908-09_____ 219,446 6,439,511 1,996,004 81,426,392 1,369,062 14,615,810
more or less irregular, but with the trend of prices in the
The world’s shipments of wheat and corn for the week
main towards a lower basis, owing to depression in other ending Jan. 15 1910 and since July 1 1909 and 1908 are shown
cereals. At times, too, the offerings from the country have in the following:
been larger. This has had a depressing effect upon the cash
market, as well as upon futures. Elevator interests have
Corn.
Wheat.
been conspicuous in the selling, and there has been rather
1908-09.
1909-10.
1909-10.
1903-09.
Exports.
heavy liquidation for account of commission houses. There
Since
Week
Since
Since
Since
Week
is a belief among many that very large amounts of oats are
July 1.
July 1.
Jan. 15. July 1.
Jan. 15. July 1.
being held back in the country, and that sooner or later they
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
must be marketed. To-day prices advanced on the recov
Amer. 2,421,000 92,046,000 120.241.700'1.081.009 12,638,000 13,955.400
ery in wheat and corn, commission-house buying and cover RNorth
8,631,500
u ssian____ 2,008,000 130,200.001 3 3 ,) 12.0)1 442,000 10,5 50.090
7 55,09 ) 12,05 5,000 14,809,500
568,000 12,9 5 .,011 2 5,50! .0 ) )
Danublan . .
ing of shorts.
31,8 13,0)1
57,847,000
D A I L Y C L O S IN G P R I C E S O F O A T S I N
Sat.
M on .
Tues.
Wed.
NEW YORK.
Thurs.
F ri.
N atural
w h i t e .-5 3 % -5 5 % 53 % -5 5 % 5 3 % - 5 5 % 52 % -5 5
5 2 % -5 5
53 -5 5 %
W h ite
Clipped 54 -58
54 -58
54 -58
53 % -5 7
53 % -5 7
54 -5 7 %
D A I L Y C L O S IN G P R I C E S O F O A T S F U T U R E S IN CHICAGO.
•
Sat. M on . Tues Wed. Thurs. F ri.
47%
47%
48%
M a y d e liv e r y In e le v a t o r -----------------48 %
48
47 %
43%
44%
44%
J u ly d e liv e r y In e le v a t o r ___________4 5 %
44%
44
41%
41%
42
S e p te m b e r d e liv e ry In e le v a t o r ------- 42
41%
41%
256,000
Argentine . .
Australian... 512,00)
Oth. countr’s 3,344,000
.
__ _____
43,111,500
________
—
5 1. ,74.70) ,2,023,090'j 9 5,0 51,000 80,507,900
The quantity of whe it and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
Untied |
Kingdom. \Continent.
FLOUR.
K ansas stra ig h ts, s a c k . $5 15
K ansas clears, s a c k s
4 30
C ity Jp”a te n ts ...................... 6 80
R y e llo u r ________________ 3 9 0 i„
G raham flo u r ___________ 4 50 @ ____
C orn m eal, kiln d r i e d . .
3 35
.548,000
11,144.00)
7,358,000
T o t a l ____ 9,109,000 289.0,'4. J 1)
The following are closing quotations:
W in te r, lo w g ra d e s -------$4 4 0 (
W in te r p a te n ts _________ 5 75(
W in te r str a ig h ts ............... 5 50 (
W in te r clears ................. 2 5 00«
S p rin g p a t e n t s . . . --------- 5 50(5
S p rin g s tr a ig h ts________ 5 3 0 (j
S p rin g c l e a r s _______—
4 50 (
15,038,01)
7 ,8 5 2 .0 ))
30, )52.01)
Bushels, i Bushe's.
Jan. 15 191 0..
Jan. 8 191 0..
Jan. 16 1909..
Jan. 18 1 90 8..
21.680.000
20,000,000
15.760.000
25,080,000j
Corn.
Total.
United
Kingdom. Continent.
Bushels. j Bushels.
6.720,000 28.400.000
7,520,000 27.520,009
6,1 50.000 121.920.000
8,880,000 j.43.960,000 j
5,695,090 ;
5,8 55,90) !
4,250,009 :
3,520,000 j
Bushels.
Total.
Bushels.
5,100,000 10,795,000
5,950,000 I f , 816,000
3,485,000 7.735.000
3,800.000 7.320.000
248
THE
C H R O N IC L E
[VOL. LXXXX.
The visible supply of grain, comprising the stocks in
The value of these New York exports since Jan. 1 has been
granary at principal points of accumulation at lake and $289,405 in 1910, against $583,051 in 1909.
seaboard ports Jan. 15 1910, was as follows:
In the market for domestic cottons conditions have shown
AM E RICA N G R A IN STOCKS.
Wheat,
Corn,
Oats,
Rye,
Barley, little change except that in some quarters, notably among
bush.
bush.
bush.
bush.
bush.
jobbers, business improves somewhat as a result of the in
718,000
New York ............... . . . 1,221,000
1,169,000
41,000
226,000
40,000
“
afloat____ . . .
185,000
9,000
creased attendance of buyers; orders for the most part have
...
434,000
264,000
6,000
1,000
232,000
9,000
P h iladelph ia............ . . .
52,000
1,000
been for prompt and near-by delivery. Prices have held
701,000
2,211,000
Baltim ore..... .......... .. . . .
150,000
119,000
12,000
New O rlea n s............ . . .
1,253,000
131,000
steady; occasional concessions are reported on spot lots,
...
121,000
320,000
B u ffa lo ......... ............ . . . 3,202,000
58,000
575,000
143,000
but sellers are firm on goods to be made. Staple prints have
780,000
. . . 4,623,000
756,000
T o l e d o _____ _____ . . .
174,000
not shown much activity, but a slightly better inquiry devel
84,000
18,000
............
...
104,000
oped for wash fabrics. Bleached goods have been quite
368,000
D e tr o it.................... - . . .
288,000
74,000
81,000
“
afloat____ . . .
369,000
steady,
with a light movement, and a fair demand continued
Chicago...................... . . . 3.031,000
2,627,000
2,680.000
64,000
M ilw aukee................ . . .
315,000
138,000
527,000
49,000
20,000
for ginghams, while napped goods for fall have been well
. . . 2,571,000
1.255.000
40,000
614,000
M inneapolis..............
patronized. Drills and sheetings have ruled rather quiet.
71,000
1.044.000
247,000
750,000
St. Louis ..................
1,619,000
893,000
105,000
6,000
74,000
Export trade generally has shown no improvement. In the
Kansas C ity_______ . . . 2,582,000
616,000
572,000
print cloth market trading during the week was light, both
P e o r ia ...................... . . .
18,000
86,000
706,000
4,000
............
Indianapolis_______ . . .
329,000
416,000
173,000
buyers and sellers apparently awaiting developments in the
cotton situation; prices of regulars and standard wide goods
Total Jan. 15 1910.-26,248,000 10,642.000
9,542,000
519.000 2,474,000
Total Jan.
8 1910.-27,077,000 9,406,000 10,367,000
795.000 2,591,000
show no change, being quoted at 4^c. and Gc. respectively.
Total Jan. 16 1909.-48,704,000 7,210,000 10,353,000
928.000 4,443,000
WOOLEN GOODS.—Some of the largest domestic manu
CA N AD IA N G R A IN STOCKS.
facturers opened lines of staple and fancy dress goods for
Wheat,
Com,
Oats,
Rye,
Barley,
bush.
bush.
bush.
bush.
bush. fall 1910; on certain fabrics prices show an advance of about
Montreal...........................
198,000
32,000
378,000
.........
55,000
5%, while others remain unchanged compared with last
Fort W i ll ia m ............ .. 2,167,000
.........
season’s close. Buyers have operated quite freely on the
“
afloat_______
160,000
______
_____ I
Port Arthur.................... 2,606,000
______
___
new lines of staples and on some fancies, especially where
Other Canadian * ......... 7,596,000
______
” ” ”
prices have been considered attractive. Outside of the
Total Jan. 15 1910..12,727,000
32.000
378,000
55.000
business done on fall goods shown by leading producers,
Total Jan. 8 191 0.- 8,538,000
39.000
434,000
102,000
the primary market has been quiet. On some lines of men’s
Total Jan. 16 1 9 0 9 .. 6,341,000
30.000
181,000
80.000
wear the market is much unsettled by competition and price
* Includes 3,171,000 bushels In Duluth and Buffalo elevators and 1,063,000 bushels
cutting, which has developed since the opening of new fall
afloat In Canadian harbors.
lines; the largest producer, for instance, announced a reduc
SU M M ARY.
Wheat,
Corn,
Oats,
Barley, tion of 5c. a yard on heavy-weight serges after a competitor
Rye.
bush.
bush.
bush.
bush.
bush. had named a price below the former’s opening; many buyers,
American ____________ 26,248,000
10.462,000
9,542,000
819,000
247,400
Canadian.........................12,727,000
therefore, are holding off until the situation becomes more
32,000
378.000
55,000
settled. In other directions the buying of staples has been
Total Jan. 15 1910.-38,975,000 10,494,000
9,920,000
819,000
302,400
well maintained.
Total Jan. 8 1910.-35,615,000
9,445,000 10,801,000
795,000 2,693,000
Total Jan. 16 1909.-55,045,000
7,240,000 10,534,000
928,000 4,523,000
FOREIGN DRY GOODS.—A better demand was in evi
Total Jan. 18 1908.-47,226,000
4,923,000
8,898,000
768,000 5,541,000
dence during the week for imported woolen and worsted
Total Jan. 11 1908.-47,881,000
8,498,000
897,000 5.780,000
4,771,000
Total Jan. 19 1907.-45,459,000
7,272,000 12,231,000 1,726,000 2,922,000 goods, especially for the fall season.
Linen importers have
been busy with shipments and have received additional
orders for dress and housekeeping linens for prompt delivery;
T H E DRY GOODS T R A D E .
jobbers are sorting up spring and summer stocks and dis
patching their road salesmen; prices of damasks and many
N e w
Y o r k , F r i d a y N i g h t , J a n . 21 1910.
In the primary cotton goods market trading has been com lines of dress linens on new contracts have been further ad
paratively light, unsettled conditions in the raw material vanced about 5%. Trade in burlaps was light; prices re
market inducing conservatism among both buyers and main unchanged, with an easy undertone, however, reflect
sellers. Numerous offers by the former below current levels ing the lower market at Calcutta.
have been reported, but with few exceptions manufacturers Importations and Warehouse Withdrawals of Dry Goods.
appear to have refused concessions on contracts on the ground
The importations and warehouse withdrawals of dry goods
that the recent declines in cotton futures have had no in at this port for the week ending Jan. 15 1910 and since
fluence on prices they have to pay for spot cotton. Business Jan. 1 1909, and for the corresponding periods of last year,
in heavy cotton cloths especially has been unsatisfactory. were as follows:
In jobbing houses more activity was noted, owing to the
arrival of many merchants from various sections of the
country who took advantage of the special buyers’ excur
sions. While trade among local jobbers cannot be called
brisk, leading houses report a better demand for seasonable
lines, the steady call for prompt shipment of all merchandise
due being a noteworthy feature. Owing to the recent slump
in cotton, buyers have continued to press for lower prices,
without, however, much success; the fact that, even at the
recently established levels, prices of goods generally are still
below the basis of 14c. cotton, largely explains the firm atti
tude of jobbers in the face of declines in cotton futures.
Cotton yarns have ruled dull, with prices of stock yarns
easier. The higher price schedule recently adopted by
Southern spinners does not seem to have been adhered to
generally; the unsettled raw material market has been an
adverse factor. Underwear and hosiery have moved steadily
and in better volume for fall and spring, numerous out-of
town buyers now in the market applying themselves more
freely; prices are firmly held with an upward tendency, but
reliable authorities state that this week’s report of an agree
ment among manufacturers to further advance prices 25%
should be taken with reserve. The principal dress goods
corporations have opened new staple and fancy lines for fall
1910. The prices named are not as high as had been ex
pected; initial orders are said to be generally satisfactory.
The men’s wear market |hows considerable irregularity and
unsettlement, owing to keen competition and price-cutting
on certain new fall lines.
DOMESTIC COTTON GOODS.—The exports of cotton
goods from this port for the week ending Jan. 15 were 1,772
packages, valued at $153,520, their destination being to the
points specified in the table below:
1009---------
1910---------
New York to Jan. 15.
G rea t B r it a in ..
O th er E u ro p e ____
C h in a ____________
I n d i a .........................
A r a b ia _______________
A frica ________________
W e s t I n d i e s ............... .........
M e x ic o ------------------------------C en tral A m e r i c a ____________
S o u th A m e r ic a _____________
O th er C ou n tries_______________
Bg
® T o t a l.................................................
W eek.
Since
Jan. 1.
Week.
Since
Jan. 1.
133
19
17
38
136
175
1,027
46
228
1,531
657
2,233
344
863
68
713
1,333
264
86
42
2,051
722
2,233
344
1,840
101
890
1,798
514
3,052
5,873
10,621
J an . 22 1910.1
THE
S tate
C H R O N IC L E
p it y
o n g r e s s
T a k e s
A c tio n
o n
S ta teh o o d
—The bill providing for the conversion of these two
territories into separate States was passed by the House on
Jan. 17. The measure now goes before the Senate.
Birmingham-North Birmingham, A l a . — “ G r e a t e r B i r m i n g
B ill.
h a m B i l l
D e c la r e d
Archer County Common School District No. 1, Tex.—
R e g i s t e r e d . —Bonds
of this district amounting to
$20,000 were registered on Jan. 14 by the State Comptroller.
They carry 5% interest and mature in 40 years, but are
subject to call after 5 years.
Areola School District, Madera County, Cal.— B o n d S a l e .—
The $4,000 6% school-building bonds offered on Jan. 5
(V. 90, p . 63) were purchased by James H. Adams & Co. of
Los Angeles at 100.25 and accrued interest. Denomination
$400. Date Sept. 20 1909. Interest annual.
Arkansas City, Desha County, Ark.—B o n d E l e c t i o n . —An
election will be held in February, it is stated, to vote upon a
proposition to issue $55,000 water-works extension bonds.
Arp Independent School District (P. O. Arp), Smith
County, Tex.—B o n d S a l e . —Bonds to the amount of $4,000
were recently disposed of to the State Permanent School
Fund at par and accrued interest. They carry 5% interest,
mature in 40 years, andwere registered on Jan. 5 by the State
Comptroller.
Ashland, Jackson County, Ore.—B o n d O f f e r i n g . —Propos
als will be received until 8 p. m. Feb. 1 by M. F. Eggleston,
City Recorder, for the following 6% coupon street-paving
improvement (assessment) bonds:
B o n d s
N ew s Item s.
A rizo n a -N e w M e x ico .— C
249
C o n s titu tio n a l
b y
S u p r e m e
C o u r t —
T h e
“Greater Birmingham” bill under which North Birmingham
and other municipalities were to become a part of Birming
ham on Jan. 1 1910 has been declared constitutional by the
State Supreme Court. See V. 89, p, 1363.
G le n w o o d Sp rin gs, C o lo .— W a t e r P l a n t B o n d s V o t e d . — An
election held Jan. 4 resulted in a vote of 124 “for” to 78
“against” a proposition to issue $125,000 bonds for a munici
pal water plant. A temporary injunction restraining the
issuance of these bonds was granted by Judge Lewis of the
United States Circuit Court on Dec. 30 1909 in an action
brought by the Glenwood Springs Light & Water Co. A
full hearing of the case will be had before Judge Lewis on
Feb. 7.
North Carolina.—G i f t o f R e p u d i a t e d B o n d s t o R h o d e I s l a n d
R e tu r n e d to
D o n o r s . —The
Rhode Island Legislature *has
passed a resolution providing for the return to the Committee
of Bondholders of the donation recently madejto that State
of repudiated special tax bonds of the State of North Caro
lina. See V. 90, p. 179. An amendment was also made to
the Act passed in 1909 (Chapter 448, Laws of 1909) (which
compelled the acceptance of such gifts and the bringing of
suit, when necessary, to establish the title to the same.
The Act as amended provides that the acceptance of.’such
gifts shall lie in the discretion of the Governor. That portion
requiring the General Treasurer to begin litigation when a
cloud should appear on the title to the gift, is repealed. '
$ 8 ,690 F o u rth S t. b o n d s .
D e n o m in a tio n $500 e x c e p t o n e b o n d o f $ 19 0.
JJ3.tc O c t . 1 1909.
24,668 M ain S t ^ bond s.^ D e n o m in a tio n $500 e x c e p t o n e b o n d o f $168.
s m U n riM n v
Sn
^Z3 0 ’ C h a p te r 5, B ellin ger & C o t t o n ’ s C o d e s. In teres t
Clt? T raa su rer’s O ffice. M a tu rity 10 ye a rs, s u b je c t to
Ala t c a fte r o n e y e a r - C ertified c h e c k f o r 5 %
p a y a c cru e d l n t e r a t .
° t0 th e C lty o f A s h la n d ’ Is r e t i r e d .
P u rch a ser to
P u r c h a s e r s o f B o n d s . —The purchasers of the $50,000 5%
refunding water-debt bonds of 1889, the sale of which was
mentioned in V. 89, p. 1612, were E. H. Rollins & Sons of
Chicago and Morris Bros, of Portland. The bonds were sold
on April 7 1909 and brought 102.166.
Athens, Henderson County, Tex.—Ronds R e g i s t e r e d . — The
State Comptroller on Jan. 7 registered the $30,000 5%
20-40-year (optional) water-works bonds voted ( V 89
R o n d P ro p o s a ls an d N egotiations this week p. 945) on Sept. 28 1909.
V
’
&S.V6 been as follows 2
Attleboro, Mass.—B o n d S a l e . —An issue of $15,000 4%
A b e rd e e n In d e p e n d en t S ch ool D istrict (P . O . A b e rd een ), coupon water loan 1908 bonds was disposed of on Jan. 20
B row n C ou n ty , So. D a k .— B o n d O f f e r i n g . —Proposals were to Estabrook & Co. of Boston at 101.65 and accrued int.
asked for until yesterday (Jan. 21) for $75,000 high-school
D cn om lnatU m $ 1 ,0 0 0 . D a te J a n . 1 1910.
In terest s e m i-a n n u a lly a t the
building bonds at not exceeding 5% interest.
Pclu
if* siv
£?•
iM aS
« ^ y $2>00° y e a r ly o n J a n . 1 fr o m 1912 to
1918 Tin
e a n d °.si
$ 1t0nnn
,000 in
1919.
A u th o rity S ection s 194 t o 201 In clu sive, C h apter 1315, L a w s o f 1907: also
v o t e o f 1,264 to 129 a t e le ctio n held D e c. 16 1909.
D e n o m in a tio n t o su it
A list of the bids received follows:
b u yer.
In terest s em i-a n n u a lly a t the A b erd een N ation a l B a n k In A b e r
deen
M a tu r ity 20 years. T h e resu lt o f .thls^olTcring w a s n o t k n o w n t o
us a t th e h o u r o f g oin g t o press.
A lh a m b ra , L o s A n g eles C ou n ty , C al.— B
o n d
E le c t io n .—
We see it stated that a $100,000 park bond election will be
held Feb. 7.
101 O il
E s ta b ro o k & C o ., B o s t o n -------1 0 1 .6 5 | A d a m s & C o ______________
E . M . F a rn sw orth & C o ---------1 01 .58 R . L . D a y & C o ” . . ...............100 789
B la k e B ro s. & Co
---------------101 .26 M errill, O ld h a m & C o
100 779
B lo d g e t, M erritt & C o ------------ 101.14 |B a k er. A y lln e & C o
”
in n ? n
T h e a b o v e b id d e rs are all o f B o s to n .
8
............. iu v . cu
Bainbridge (Town), Chenango County, N. Y . — B o n d S a l e .
—The $14,000 4% gold town-hall-construction bonds de
scribed in V. 89, p. 1494, were sold on Dec. 20 1909 at par
fo r
B o n d s . — The price paid for the $19,000 6%^4-22-year
to the First National Bank of Bainbridge, representing local
(serial) court-house bonds disposed of on Dec. 28 1909 to investors.
C. A. Webb & Co. of Asheville (V. 90, p. 180), was $19,500, M a tu rity $ 1,000 y e a r ly on J a n . 1 fro m 1915 t o 1928 In clu sive, s u b je c t t o
or 102.631. Denomination $1,000. U)ate Feb. 14 1910. call a t a n y In te re st-p a yin g p e rio d u p o n 60 d a y s ’ n o t ic e .
J
Interest annual.
Baltimore, Md.—B o n d S a l e s i n 1909.—Following is a
A liq u ip p a S ch ool D istrict (P . O. A liq u ip p a ), B eaver complete list of the bonds put out by this city during the
C ou n ty , P a. B o n d E l e c t i o n . —An election will be held Feb. 15 year 1909:
Purpose. Int Rate M aturity.
to vote upon a proposition to issue $45,000 4y 2 % new school
Purchaser.
Price.
$ 50 0,00 0 F ir e -H o u s e .. 4 %
J u n e 11957
building bonds.
50 0 .0 0 0 A n n e x I m p . 4 %
J u n e 1 1954 J. S. B a ch e & C o.
A lle g h a n y C ou n ty (P . O. S p a rta ), N o. C a ro.—
P r ic e
P a id
A llian ce C ity Sch ool D istrict (P . O. A llia n ce ), Stark
C o u n ty , O h io.— B o n d O f f e r i n g . —Proposals will be received
until 12 m. Jan. 24 by Edwin W. Diehl, Clerk of the Board
of Education, for the $120,000 4% school-building bonds
voted on Dec. 11 1909. (V. 89, p. 1683.)
« r ^ u t,i ° / 1^ S e ct! ° 1 s 3991 an d 3992 ■ R e v is e d S ta tu te s. D e n o m in a tio n s
S500, .5 1 ,0 0 0 an d S 2.000.
D ate M arch 1 1910.
In te re s t s e m l-a n m is i’
S-nOOO y e a r ly fro m 1925 to 1930 In clu sive, $1 0 ,0 0 0 In 1931 an d
S
S
C
' &
'M
M
. 1935 Inol“ ' v o -
A lto n , M adison C ou n ty , 111.— B
“ r t m c a % t a T o ,„ \ 1£
o n d
E le c tio n
k, 1S
P r o p o s e d .—
Reports state that the Park Commission has recommended
to the City Council that an election be held to vote on the
question of issuing $25,000 park bonds.
A n d e rso n S ch ool C ity (P . O. A n d e r s o n ), I n d .—
P u r c h a s e r s
Ihc purchasers of the $75,000 bonds disposed of
30
r909 fHie
f 89’ p‘paid
1612)
cre for
J- FWild & Co.
of Indianapolis.
price
waswpar
3 65s
o f
B o n d s .—
D e n o m in a tio n 51 ,0 0 0 .
D ate J u ly 15 1909. In te re st
M a tu rity p a rt y e a r ly fro m 1914 t o 1919 In clu sive.
sem i-a n n u a l
sem l a n n u a l-
A n g elin a C ou n ty C om m on S ch ool D istrict No. 4, T e x .__
S a l e . — 'The $1,200 5% bonds registered by the State
Comptroller on Dec. 4 1909 (V. 89, p. 1553) have been sold.
Maturity Aug. 9 1919.
( T ^ o ^ ^ t F ^ s a l s
will be received until to-day
(Jan. 22) for $700 5% bonds.
B o n d
a
S T B S T S . ¥ * « - » ,
& % Z y , ‘ Vd
A n g le to n In d e p e n d en t S ch ool D istrict (P . O. A n g le to n )
B razoria C o u n ty , T e x .— Ronds R e g i s t e r e d . — T h e State Comp
troller registered the $17,000 5% 20-40-year (optional) bonds
mentioned in V. 89, p. 1683, on Dec. 27 1909!
A n s le y S ch ool D istrict N o. 44 (P . O. A n s le y ), Custer
C ou n ty , N eb . — B o n d O f f e r i n g .—Proposals will be received
nno^/MJoym' Fcb< 10 by A‘ F- Pinkley, Director, for a $17,
000 41^% coupon school-building and equipping bond.
D a te ^ e ij
42 l 9 i o ° n3Tn/or18tt0
o th e r b o n d e d or floa tin g d e b t .
11339 C o b b e y A n n o ta te d S ta tu te s o f 1907.
A ssessed v a l u a t i o n , W S 8 . 1 4 4 ? '
N
50 0 .0 0 0 S c h o o l
4%
J u n e 1 1957 ■ an d L a w re n ce
25 0 .0 0 0 C o n d u it
4%
D ec. 1 1 9 5 8
B a rn u m & C o ____ 105.052
3 6,000
do
3 H % Jan
11928
3 96 .000 W a t e r
3 M % J a n . 1 1943 Commissioners of
74 5 ,4 0 0 B u rn t D lst. 3 V2 % J u n e 1 1954, ____________________
F in a n ce ___________p a r.
1 ,6 6 7 ,8 0 0 S ew er
3 J $ % O c t . 1 1980 S u n d r y person s & firm s.93& Int.
* I (lci,u d e d ln th is a m o u n t Is $ 75 0,00 0 o u t o f an Issue o f $ 1 ,000 000
aw arded In 1908, b u t o f w h ich o n ly $ 25 0,00 0 w ere d e liv e re d In th a t y e a r
th e rem ain der ($750,000) h a v in g be e n h e ld fo r 1909 d e liv e ry .
*
’
The above is given as a matter of record and to make the
record complete we include in the list those bonds also the
sales of which have already been reported in the “Chronicle.”
Bangor, Me . — T e m p o r a r y L o a n . — A loan of $8,500, due in
6 months, has been negotiated with the Eastern Trust &
Banking Co. of Bangor at 4y 2 % discount.
Baudette, Beltrami County, Minn.—B o n d S a l e —Issue of
$20,000 water and $5,000 sewer 6% bonds were awarded on
Oct. 5 1909 to the Commercial Investment Co. of Duluthat
par. ’
♦n
n ation $1 ,0 0 0 .
U iriiy oC pt. 1 lUZU.
D a te S e p t. 1 1909.
In te re st sem i-a n n u a l.
M a-
Beaumont Improvement Navigation District, Jefferson
County, Tex.—B o n d s R e g i s t e r e d .—The State Comptroller
registered the $498,000 5 % 10-40-year (optional) coupon
bonds mentioned in V. 89, p. 869, on Dec. 21 1909.
Bedford City, Bedford County, Va.—B o n d O f f e r i n g . —
Proposals will be received by W. R. Abbot Jr., City Attorney,
for the $100,000 5% hydro-electrical-power-plant construc
tion bonds mentioned in V. 89, p. 1612. Authority vote of
176 to 4 at election held Jan. 4. Maturity 10 to 30 years.
Big Stone Gap, Wise County, Va. — B o n d S a l e . — W e are
advised that the $4,000 sewer, $4,000 town-hall and jail and
$22,000 street and sidewalk 5% bonds, bids for which were
rejected on Dec. 4 1909 (V. 89, p. 1553), have beenidisposed of.
A
Birmingham, Ala. — B o n d E l e c t i o n P r o p o s e d .—ThereTis
an election to vote on the question ofjissuing
$100,000 bonds for the construction of a crematory/and a
plant for the manufacture of paving material.
250
THE
C H R O N IC L E
Blair School District No. 29 (P. O. Blair), Washington
County, Neb.—B o n d s V o t e d . —An election held Dec. 2 1909
resulted in favor of a proposition to issue $1,500 5% school
building bonds. Maturity 5 years. The vote was unani
mous.
Boone County (P. O. Lebanon), Ind.—B o n d S a l e . —The
$200,000 4% coupon court-house bonds described in V. 90,
p. 123, were sold on Jan. 15 to the Indiana Trust Co. of
Indianapolis at 103.675. Bids were also received from the
Fletcher National Bank, the Gavin Payne Co. and Joseph
T. Elliott & Sons, all of Indianapolis; the Citizens' State
Bank of Jamestown, Parson, Son & Co. of Chicago and Breed
& Harrison of Cincinnati. Maturity $10,000 each six
months from May 15 1911 to Nov. 15 1920 inclusive.
Boulder County (P. O. Boulder), Colo.—B o n d s P r o p o s e d .—
There is talk of issuing $500,000 bonds. The Clerk informs
us, however, that the question of issuing these bonds cannot
be decided before the next general election in November.
Bovina Common School District (P. O. Bovina), Parmer
County, Tex.—B o n d s V o t e d . —A recent election, it is re
ported, resulted in favor of a proposition to issue $12,000
school-building bonds. The vote was unanimous.
Brady Township (P. O. Bryan), Williams County, Ohio.—
B o n d S a l e . —The $5,000 4J^% coupon highway-im
provement
bonds described in V. 90, p. 123, were sold on Jan. 12 to
Otis & Hough of Cleveland at 101.76 and accrued interest.
Following are the bids:
O tis & H o u g h , C le v e la n d ..5 5 ,0 8 8
N ew F irst N . 15k., C o lu m - . 5,083
W e il, R o t h & C o ., C In ____ 5,054
M a tu rity 5500 y e a r ly on Aiarch
00 H oe h le r & C u m m in gs, T o l-5 5 ,0 5 1 50
00 O h io S a v in gs 15ank & T ru st
C o ., T o l e d o _______________ 5,025 50
50
1 fro m 1911 t o 1920 Inclu sive.
[VOL. LXXXX.
5 5 .000 C u tte r S t. b a th -lio u s e b o n d s d a t e d l O c c . 15 1908, p a y a b le
D e c. 15 1928.
2 .5 0 0 G arrard A v e . e x te n sio n b o n d s d a te d Ja n . 15 1909, p a y a b le
Jan . 15 1914.
15.000 b o n d s to p a y fo r c o n d e m n e d p r o p e r ty o n s o u th side o f C ross
L a n e , d a te d Jan . 15 1909, p a y a b le Jan. 15 1914.
2 5 .0 0 0 b o n d s fo r rem o v in g landslid es fro m s tre e ts, g u tte r s and sid e
w alk s, d a te d F eb . 1 1909, p a y a b le F e b . 1 1910.
500 W o r th S t. e x te n sio n b on d s d a te d A p ril 1 1909, p a y a b le A p ril 1
1910.
1 3 .0 0 0 r o a d w a y g ra d in g and p a v in g ( c it y ’s p o rtio n ) b o n d s d a te d A p ril 1
1909, p a y a b le A p ril 1 1911.
4 .5 0 0 L a F eu llle A v e . & Forbu s S t. e x te n sio n b o n d s d a te d A p ril 1 190 9,
p a y a b le A p ril 1 1911.
3 5 .000 park b o n d s d a te d Jun e 1 1909, p a y a b le Ju n e 1 1949.
150 .000 w a te r-w o rk s e x te n s io n and Im p rovem en t b on d s d a te d M ay 1
1909, p a y a b le M ay 1 1939.
100.000 stre e t-re su rfa cin g b on d s d a te d Ju n e 2 1909, p a y a b le Jun e 2 1910
8 .0 0 0 H u n t St. Im p rovem en t ( c it y ’s p ortion ) bon d s d a te d Jun e 1 1909,
p a y a b le Ju n e 1 1929.
1,675 s tre e t-o p e n in g b o n d s d a te d Ju n e 15 1909, p a y a b le Ju n e 15 1919.
4 .5 0 0 sew er r ig h t-o f-w a y b o n d s d a te d Ju n e 15 1909, p a y a b le Ju n e 15
1919.
7 4 .5 0 0 stre e t an d sew er ( c it y ’s p o rtio n ) b o n d s d a te d J u ly 15 1909, p a y
able J u ly 15 1949.
398 ,500 stre e t an d sew er (c it y ’s p o rtio n ) b o n d s d a te d J u ly 15 1909, p a y
able J u ly 15 1949.
7 5 0 .0 0 0 C incinnati S o u th e rn R y . r e fu n d in g b o n d s d a te d J u ly 15 1 9 0 9 ,
p a y a b le J u ly 15 1959, o p tio n a l a fte r J u ly 15 1939.
26,300 b on d s fo r c o m p le tio n o f e n g in e e r in g A n n e x , U n iv e rsity o f C in
c in n a ti, d a te d J u ly 15 1909, p a y a b le J u ly 15 1919.
1,8 9 9 ,0 0 0 str e e t-im p ro v e m e n t ( c it y ’s p o rtio n ) b o n d s d a te d J u ly 15 1 9 0 9 ,
p a y a b le J u ly 15 1929.
13.000 Jerom e S t. ( c it y ’s p ortion ) Im p ro v e m e n t b o n d s d a te d A u g . 1
1909, p a y a b le A u g . I 1929.
115.000 stre e t-im p ro v e m e n t ( c it y ’s p ortion ) b o n d s d a te d A u g . 2 1909,
p a y a b le A u g . 2 1929.
.
4 8 .000 s tre e t-e x te n s io n b o n d s d a te d A u g . 1 1909, p a y a b le A u g . 1 1949.
50.000 stre e t-re su rfa cin g bon d s d a te d S e p t. 7 1909, p a y a b le S e p t. 7 1910.
3,2 0 0 T h ird A v e . Im p rovem en t (e lt y ’s p ortion ) b o n d s d a te d S e p t. 1
1909, p a y a b le S e p t. 1 1929.
9.000 S u m m er S t. Im p ro ve m e n t b o n d s d a te d S e p t. 1 1909, p a y a b le
S e p t. 1 1949.
3 1 .000 s tr e e t-im p ro v e m e n t b o n d s d a te d O ct. 1 1909, p a y a b le O ct. 1
1929.
2 .0 0 0 B rice Hill B ran ch L ib ra ry Im p rovem en t b o n d s d a te d O ct. 1 1009,
p a y a b le O ct. 1 1929.
4 .5 0 0 G ra n dln H oad b o n d s d a te d O ct 1 1909, p a y a b le O ct. 1 1929.
3 5 .000 In w o o d P a rk im p ro v e m e n t b o n d s d a te d J u ly 30 1909, p a y a b le
J u ly 30 1919.
100 .000 hospital b on d s d a te d S e p t. 15 1909, p a y a b le S e p t. 15 1959.
2 5 .000 p a rk -im p ro v e m e n t b on d s d a te d S e p t. 1 1909, p a y a b le S e p t. 1
1949.
i o'
i
25.5 0 0 b o n d s to a cqu ire land fo r park p u rp o sse , d a te d S e p t. 15 1909,
p a y a b le S e p t. 15 1949.
550 .0 0 0 U n iv ersity o f C incinnati ad d ition al bu ild in gs b o n d s d a te d S e p t .15
1909, p a y a b le S e p t. 15 1919.
15.000 M cM illan S t. Im p rovem en t b o n d s d a te d O ct. 15 1909, p a y a b le
O ct. 15 1949.
3 .0 0 0 W o o d b r ld g e P lace e x te n s io n b o n d s d a te d O ct. 15 190 9, p a y a b le
O ct. 15 1929.
1.5 0 0 Ch apel S t. Im p rovem en t b o n d s d a te d O ct. 15 1909, p a y a b le
O ct. 15 1920.
10.000 M ohaw k P lace llft-b rld g e b o n d s d a te d N o v . 1 1909, p a y a b le
N o v . 1 1939.
1 35 .000 hospital b o n d s d a te d N o v . I 1909, p a y a b le N o v . 1 1929.
3 .0 0 0 Pearl S t. p la y g ro u n d b o n d s d a te d N o v . 15 1909, p a y a b le N o v . 15
1914.
700 B eech G ro v e A v e . e x te n s io n b o n d s d a te d D e c. 1 1909, p a y a b le
D e c. 1 1949.
4 .0 0 0 D o n h a m A v e . e x te n s io n b o n d s d a te d D e c. 1 1909, p a y a b le D e c. 1
1949.
17.500 se w c r -c o n s tr u ctlo n b o n d s d a te d D e c. 15 1909, p a y a b le D e c. 15
1924.
3.5 0 0 S c h o ll’s L a n e e x te n sio n b o n d s d a te d D e c. 15 1909, p a y a b le
D ec. 15 1929.
Brawley, Imperial County, Cal.—B o n d O f f e r i n g . —Pro
posals will be received up to and including Feb. 5 for the
$44,000 5j/2% gold coupon water-works bonds. Authority,
vote of 78 “for” to 32 “against” at election held Dec. 28
1909. Denomination $1,000. Date Jan. 1 1910. Interest
semi-annually in Brawley. Maturity Jan. 1 1930, with
privilege of prior payment. Bonds are exempt from all
taxes. Certified check (or cash) for 5% of bid, payable to
the “City of Brawley,” is required.
Brownwood, Brown County, Tex.—B o n d S a l e . —It is re
ported that the $20,000 5% 40-year coupon water-worksextension bonds described in V. 89, p. 1684, have been
awarded to Weil, Roth & Co. of Cincinnati.
Bucyrus, Crawford County, Ohio.—B o n d S a l e . —It is reEorted that the $16,000 4^% coupon street-improvement
onds described in V. 90, p. 63, were awarded on Jan. 7 to
Breed & Harrison of Cincinnati at 102.195. Maturity $1,000
each six months from Sept. 1 1910 to Sept. 1 1913, $500 on
March 1 and $1,000 on Sept. 1 from 1914 to 1919 inclusive.
All of the above issues bear 4% interest.
Chelsea, Mass.—L o a n O f f e r i n g . —Proposals will be re
Olairton, Allegheny County, Pa.—P r i c e P a i d f o r B o n d s . —
ceived until 12 m. Jan. 25 by Thomas B. Frost, City Treas We are advised that the price paid for the $25,000 4
urer, for the following loans:
coupon funding bonds awarded on Dec. 20 1909 (V. 89,
5 1 0 0,00 0 4 % c o u p o n b on d s to c o m p le te the c ity -h a ll a n d o th e r p u b lic
p. 1684) to J. S. & W. S. Kuhn of Pittsburgh was 101.50.
bu ild in gs. A u th o r it y C h apter 628 , A c t s an d R e s o lv e s o f 1908.
D ate F eb . 1 1910.
In terest s e m i-a n n u a lly a t th e U n ited States
T ru s t C o. in O o sto n .
M atu rity F e b . 1 1960. C ertified c h e ck fo r
2 % o f b on d s b id fo r is re q u ire d . T h e b o n d s w ill be r e a d y fo r
d e liv e ry a b o u t F e b . 18 1910.
9 0 ,000 n otes Issued In a n tic ip a tio n o f ta x e s.
D e n o m in a tio n o f n otes to
su it p u rch aser. M a tu rity N o v . 21 1910. C crtllled c h e c k fo r
51,000 requ ired .
T h e a b o v e loans are e x e m p t fro m ta x a tio n . T h e y w ill be ccrtllle d to as
to their genuineness a n d leg a lity b y th e U n ited S tates T ru s t C o. o f B o s to n .
C ertified ch eck s In th e a b o v e a m o u n ts m ust be d ra w n o n a natlpnal ban k
o r tru st c o m p a n y in c o rp o ra te d u n d e r the law s o f A lassachusetts.
D e n o m in a tio n $ 1 ,0 0 0 .
D a te Ja n .
1 1910.
In terest sem i-a n n u a l.
M a tu rity $5,000 y e a r ly o n J a n . 1 fro m 1915 to 1919 In clu sive.
Clayton, Jefferson County, N. Y.—P r i c e P a i d f o r B o n d s . —
The First National Bank of Clayton paid par for the $18,000
4% 1-18-year (serial) bridge bonds, the sale of which was
mentioned in V. 90, p. 180. Denomination $1,000. Date
March 1 1909. Interest annual.
Cleveland, Ohio.—B o n d O f f e r i n g . —Proposals will be re
ceived until 12 m. Feb. 18 by II. B. Wright, City Auditor,
Cherokee, Crawford County, Kan.—B o n d s V o t e d . —An for
the $275,000 4% coupon water-works-refunding bonds
election held Jan. 11 resulted in favor of a proposition to
in V. 90, p. 180.
issue $6,000 6% water-works-extension bonds. Maturity mentioned
D e n o m in a tio n $ 1 ,0 0 0 .
In te re st fro m M arch 1 1910, p a y a b le s e m i
part yearly from 1914 to 1920 inclusive.
a n n u a lly a t the A m erica n K xch a n ge N ation a l Bank In N ew Y o r k C ity .
M a tu rity M arch 1 1921. C crtllled ch e ck o n a n a tio n a l b a n k fo r 5 % o f b o n d s
Cheviot, Hamilton County, Ohio.—B o n d S a l e . —The three bid fo r , p a y a b le to the C ity T re a su re r, Is re q u ire d . P u rc h a se r to p a y a c
ed Interest.
B ids m ust be m a d e u p o n b la n k s fu rn ish ed b y th e C ity
issues of 5% coupon bonds aggregating $3,500 described in cru
A u d ito r .
V. 90, p. 123, were sold on Jan. 10 to the Atlas National Bank
B o n d
S a les
in
1909.—During the year 1909 this
of Cincinnati at 106.77—a basis of about 4.166%. The fol city
sold bonds aggregating $034,000.
Among the
lowing bids were received:
bonds disposed of were $76,000 street 5s dated May 1
A tla s N a t. B a n k , C ln cln ___ 53,737 00 O tis & H o u g h , C le v e la n d -.5 3 ,6 4 2 00
1909 and due from 1910 to 1913, taken by the Sinking
S ea s on g ood & M a y er, C in - - 3,7 3 6 60 W eil, R o th & C o ., C ln c ln - . 3,642 00
F’lrst N a t. B a n k , C levelan d 3 ,6 9 7 00 N ew F irst N a t. B a n k , C o l. 3,621 00
Fund Commissioners of Cleveland School District at par.
O h io S a v .B k .& T r .C o ., T o l . 3,6 6 2 75
The other issues awarded last year have already been referred
(ff A n o ffe r w as also receiv ed fro m the First N a tio n a l B a n k o f C h e v io t. A ll
M a tu r ity D e c. 7
to in these columns.
b id d ers olfered accru ed Interest In a d d itio n to th eir bids
1919.
Coalinga School District, Fresno County, Cal.—P r i c e P a i d
Chicago, 111.— S a l e s f o r t h e Y e a r 1909.—During the year f o r B o n d s . —We are advised that the price paid for the $60,
1909 this city sold two issues of bonds aggregating $1,700,000. 000 6% school-building bonds awarded on Jan. 4 to C. E.
The sale of one of these issues wo have already reported in Woodside & Co.of Los Angeles was 106.845 and not 106.833,
these columns. See V. 88, p. 1385. The other issue, which as reported in V. 90, p. 180. The bonds arc dated Dec. 17
was made in order to pay judgments, bears 4% interest and 1909 and mature $5,000 yearly on Dec. 17 from 1910 to
amounts to $200,000. They are serial bonds, dated July 1 1921 inclusive.
1909, and were sold at 100.77 to the First Trust & Savings
Coffeyville School District (P. O. Coffeyville), Mont
Bank of Chicago.
gomery County, Kan.—D e s c r i p t i o n o f B o n d s . —We are ad
The sales of short-time tax warrants in 1909 were as fol vised that the $32,000 5% building bonds awarded to the
lows: $2,550,000 43^% and $2,140,000 3% school warrants, First National Bank of Coffeyville at 104.796 (V. 89, p. 1684)
due in from 30 to 90 days; and $6,962,920 corporate tax are dated Nov. 1 1909. Denomination $1,000. Interest in
warrants due in one year. These warrants are issued in January and July. Maturity Nov. 1 1934.
anticipation of taxes and form no part of the city's consti
Comanche, Comanche County, Tex.—B o n d s R e g i s t e r e d . —•
tutional debt.
The State Comptroller registered $5,000 5% 20-40-year
Cincinnati, Ohio. — B o n d S a l e s i n 1909.—During the year (optional) sewer bonds on Jan. 12.
1909 this city disposed of $4,717,375 general bonds and
Cookeville, Putnam County, Tenn.—B o n d s V o t e d . —An
$378,168 59 assessment bonds. We give below a description election held Dec. 31 1909 resulted in favor of a proposition
of all the general bonds put out in 1909, including also the to issue $30,000 5% 20-year railroad-aid bonds. The vote
issues the sales of which we have already reported:
was 274 “for” to 8 “against.”
Jan . 22 1910.]
THE
C H R O N IC L E
Cottage Grove, Lane County, Ore.—B o n d s N o t S o l d .—
No bids were received on Jan. 3 for the $100,000 5% 25-year
gold coupon gravity-water-system bonds described in V. 90,
p. 03. It is said that the ordinance calling for bids did not
distinctly provide for a sinking fund for the payment of
principal and interest but called for a tax levy in case the
revenue from the system proved insufficient.
Conconully, Okanogan County, Wash. — D e s c r i p t i o n o f
B o n d s .—We are advised that the $5,500 w
ater-works bonds
recently sold to the State of Washington at par (V. 90, p.
123), carry interest at*the rate of 0%, payable semi-annually
in January and July.
D e n o m in a tio n $500.
M a tu r ity 20 years, s u b je c t t o call a t a n y tim e.
Cousort Bayou Drainage District, Jefferson County, Ark.
— B r i c e P a i d f o r B o n d s .—The Mercantile Trust Co. of St.
Louis paid par and accrued interest for the $35,000 6%
drainage-ditch bonds, the sale of which was mentioned in
V. 90, p. 03. The bonds were awarded to the trust company
on May 15 190.9. Denomination $500. Date July 1 1909.
Interest semi-annual.
'
Cozad, Dawson County, Neb.—B o n d s N o t Y e t O f f e r e d . —
No date has been set for the sale of the $35,000 water-works
and $5,500 electric-light 5% 5-20-year (optional) bonds
voted on Sept. 25 1909 (V. 89, p. 870). The record of the
issue was forwarded to the State Auditor on Dec. 25 1909
so as to secure his approval.
Dade County (P. O. Miami), Fla.— B o n d s V o t e d .—The
proposition to issue the $150,000 funding and road-improve
ment bonds mentioned in Y. 89, p. 1439, was favorably voted
upon Jan. 3.
Dallas County Common School District No. 32, Tex.—B o n d
O f f e r i n g .—The $0,000 5% 10-year bonds registered on Oct.
20 1909 by the State Comptroller (V., 89, p. 1295) are now
being offered for sale. Denomination $100. Date Sept. 15
1909. Interest annually in April.
Deaf Smith County (P. O. Hereford), T e x . — B o n d O f f e r
i n g . — W. H. Russell, County Judge, w
ill receive bids at any
time for $125,000 4% coupon court-house bonds.
A u th o rity , A rticle 877, R e v is e d S ta tu te s o f 1895, as a m e n d e d : also
*i0to ° f ,; o * to 167 a t e le ctio n h eld S e p t. 30 1909.
D e n o m in a tio n
$ 1 ,0 0 0 .
D ate D ec. 1 1909.
In terest a n n u a lly o n A pril 10, p a y a b le , at
o p tio n o f h old er. In C h ica g o , S t. L ou is, N ew Y o r k , A u stin o r H e re fo rd .
M a tu rity D ec. 1 1949, s u b je c t t o call a fte r D ec. 1 1919.
B on ds are e x e m p t
rrom taxes.
O fficial n o tice states th at the c o u n t y has n ever d e fa u lte d In
the p a y m en t o f a n y Interest o r o th e r o b lig a tio n an d th at there Is n o lltlgat on pen d in g o r threaten ed w herein the le g a lity o f this Issue ca n be ques-
Delano, Wright County, Minn.—Rond S a l e .—On Jan. 10
the $2,500 water-tower and tank bonds described in V. 90,
p. 124, were awarded to Kane & Co. of Minneapolis at 100.10
anti accrued interest for 5s. The other bidders follow:
1 . I .. M agraw , S t. P a u l-------- fo r 5 14s \I '. M. S to d d a rd & C o ., M in n ___ fo r 6s
S e cu rity I r . d o . , St. P a u l, . f o r 5 ‘A h l S tate Bank o f M o r g a n _______
fo r 6s
U nion I n v . C o ., M in n _________ fo r 6 s j
c il V a ft e r t ; i n '50l> I SI S* ° U Jttn‘ 1 fro m 1921 to 1925 In clu siv e , s u b je c t to
Delta, Fulton County, Ohio.— B o n d S a l e .—This village
sold $4,000 4 } 4 % water-works-extension bonds on Dec. 18
1909 to M. E. Read at 103.4375—a basis of about 3.45%.
t
$500.
D ate O ct. I 1909.
In terest sein l-an n u al.
ty 51.000 y e a rly fro m 1011 to 1914 Inclu sive.
M atur-
Dodge County (P. O. Mantorville), Minn.—B o n d s A u t h o r
At an adjourned session of the Board of County Com
missioners held Oct. 18 1909 a resolution was adopted pro
viding for the issuance of $40,000 5% 1-10-year (serial)
bonds for the construction of Judicial Ditch No. 1 in Dodge
County and Judicial Ditch No. 2 in Dodge and Steele coun
ties. The Count}’ Auditor writes us under date of Dec. 31
1909, however, that “although one ditch is completed and
the other well under way, workwill not be resumeduntil next
spiing.
He further states that it is expected that litigation
to test the legality of the proceedings in the establishment of
the ditches will be commenced in the District Court and
carried to the Supreme Court, which will further delay the
work. The county has no debt at present.
Du Bois County (P. O. Jasper), Ind. — B o n d S a l e . — A n
issue ot $68,000 4% lOj^-year (average) court-house bonds
was awarded on Dec. 15 1909 to Breed & Harrison of Cin
cinnati for $68,025, the price thus being 100.036.
iz e d .-
D en om in a tion
$500 anil $700.
D ate
D e c.
15
1909.
In te re st scm l-
Duluth Independent School District (P. O. Duluth
Minn.— B o n d O f f e r i n g .—Proposals will be received unt
7:30 p.m. Feb. 4 by Chas. A. Bronson, Clerk of the Boar
of Education, for $100,000 4) 4 % coupon school-buildin
bonds. These bonds are part of the issue of $200,000 vote
(V. 90, p. 63) on Dec. 21 1909.
D en om in a tion $ 1 ,000.
D ate F e b . 1 1910.
In terest s e m i-a n n u a lly ;
the A m erica n E x ch a n g e N ation a l B a n k In N ew Y o r k C ity .
M a tu rity :i
years, s u b je c t to call a fte r 20 years. C ertified c h e ck fo r 1 % o f am our
bid Is requ ired . O fficial n o tice states th at the d is trict has n e v e r (lefaulte
In the p a y m en t o f prin cipa l o r Interest.
]
Duquesne, Allegheny County, Pa.—Ronds P r o p o s e d . —
This borough is considering the advisability of issuing
$20,000 water and $35,000 building coupon bonds.
East Cleveland School District (P. O. East Cleveland),
Cuyahoga County, Ohio.— B o n d S a l e .—The $100,000 4^%
20-year coupon school bonds described in V. 90, p. 124, were
sold on Jan. 17 to the Cleveland Trust Co. of Cleveland at
108.07—a basis of about 3.915%.
East Palisade Irrigation District (P. O. Palisade), Col.—
B o n d
S a l e .—Henry W
ilcox & Son bought $15,000 6% irri
gation-plant-completion bonds on Dec. 22 1909 at 95.
^ D e n o m in a t io n $500.
D ate Jan . 1 1910.
tu r ity part y e a rly from 11 to 20 years.
l
Interest se m i-a n n u a l.
M a
251
Edmonds, Snohomish County, Wash.—B o n d E l e c t i o n .—
Reports state that an election will be held Feb. 8 to vote
on the question of issuing bonds to construct a system of
trunk sewers to cost about $17,000.
El Campo Independent School District (P. O. El Campo),
Wharton County, Tex.— B o n d s R e g i s t e r e d .—On Jan. 10
$4,000 5% 10-20-year (optional) bonds were registered by
the State Comptroller.
Ellisville, Miss.—B o n d s D e f e a t e d .—According to reports
the question of issuing $20,000 sewerage-system bonds was
defeated at an election held Jan. 10.
El Reno, Canadian County, Okla.— B o n d O f f e r i n g . —Pro
posals will be received until Jan. 26 for the $50,000 city-hall,
$20,000 fire-station and $10,000 water-works 5% 20-year
bonds mentioned in V. 90, p. 64. Certified check for $2,000
is required. J. A. La Bryer is Mayor.
Elsinore Union High School District, Riverside County,
Cal.— B o n d S a l e .—This district, it is stated, has awarded an
issue of $40,000 bonds to N. W. Halsey & Co. of San Fran
cisco at 100.0878.
Fallon, Churchill County, Nev—B o n d s N o t t o b e R e
a d v e r t i s e d .—The City C
lerk advises us that the $35,000 5%
gold coupon water-works bonds offered without success on
Sept. 15 1909 (V. 89, p. 871) will not be re-advertised for sale.
Fall River, Mass. — S a l e s i n t h e Y e a r 1909.—During the
calendar year ending Dec. 31 1909 this city sold $542,250
bonds and negotiated $539,000 temporary loans. While,
with a fewexceptions, we have already reported these loans,
we reprint the list below so that our records may be kept
complete.
Amount.
Purpose.
$17 7,25 0
50.000
8 5 .000
100.000
60.000
25.0 0 0
15.000
15.000
15.000
M unicipal
S ew er
S ch o o l
P la y g r ’ nd
S ch ool
H ig h w a y
M unicipal
S ch o o l
M unicipal
Amount.
Discount.
$10 0,00 0
100.000
25.0 0 0
100.000
* 3 .0 2 %
3 .0 5 %
3 .5 0 %
2.85 %
5
%
3H %
3H o
<3 lA %
3 J-3 %
3
%
3
%
4%
4 %
Purchaser.
M ch 1 ’ 09 10 yrs E s ta b ro o k & C o.
<lo
30 yrs C. E . D en lson & C o.
M ay 1 '09 (ser.) K o u n tz e Bros.
J u ly 1 ’ 09 30 yrs B lak e B ros. & C o.
do
20 yrs
do
do
Ju n e 1 '09 10 yrs E s ta b ro o k & C o.
J u ly 1 '0 9 10 yrs
do
do
S e p t . 1 ’ 09 (ser.) N . W . H arris & C o.
N o v . 1 ’ 09 10 yrsB lo d g e t, M erritt& C o
Temporary Loans.
Maturity. \Amount.
N o v . 17 19091550,000
O ct. 27 1909| 50,000
M ch. 19 1909 39,000
N o v . 2 1 9 0 9 1 75,0 0 0
* A n d 75 ce n ts p r e m iu m .
Discount.
2 .9 7 %
3.0 0 %
3 .0 0 %
3 .2 5 %
P rice.
102.099
105 .317
101.17
100.44
100.44
101.01
100.26
104.74
104.27
Maturity.
O ct.
O ct.
O ct.
O ct.
27
18
18
26
1909
1909
1909
1909
•
Favola County (P. O. Batesville), Te x . — B o n d O f f e r i n g —
Ibis county is offering at par and accrued interest the $12,
000 4% gold coupon road and bridge bonds which failed to
sell (V. 89, p. 1295) on Oct. 10 1909.
Festus, Jefferson County, M o . — B o n d S a l e .—The $8,000
5% electric-light-improvement bonds offered on Dec. 20 1909
and described in V. 89, p. 1613, have been sold to the Citi
zens’ Bank of Festus.
FisherJCounty (P. 0. Roby), Te x . — B o n d S a l e .—The $65,
000 5% 10-40-year (optional) court-house bonds voted in
Aug. 1909 and registered on Dec. 2 1909 by the State Comp
troller (V. 89, p. 1554), have been taken by the contractor,
W. C. Whitney of Beaumont.
Floyd County (P. O. New Albany), Ind.—B o n d O f f e r i n g . —
Bids for the $210,000 4% coupon funding bonds to be of
fered at 4 p . m. Jan. 27 must be made on blank forms
furnished by the County Auditor. For other details of
bonds and terms of offering see V. 89, p. 1613.
Fort Bend County (P. O. Richmond), Tex.—Ronds V o t e d .
—The election held Jan. 4 resulted in favor of the proposition
to issue the $150,000 4% road bonds mentioned in V. 89,
p. 1554. Details of bonds and date of sale will be decided
later by the Commissioners’ Court.
Fort Worth, Te x . — B o n d E l e c t i o n .—Papers state that
an electionjwill be held January 25 for the purpose of voting
on a proposition to issue an additional $100,000 for school
buildings.
Franklin County (P. O. Winchester), Tenn. — B o n d s D e
f e a t e d . — According to reports, an election held Jan. 3 re
sulted in the defeat of a proposition to issue $200,000 goodroad bonds.
B o n d s
W ith d ra w n
fr o m
th e
M a r k e t .—It is further stated
that $100,000 Middle Tennessee Normal School bonds,
which were being offered for sale, have been withdrawn from
the market, as this county did not secure the school.
Gilmer Independent School District (P. O. Gilmer), Up
shur County, Tex.—B o n d S a l e .—The $9,000 5% 5-20-year
(optional) bonds registered on Nov. 23 1909 (V. 89, p. 1496)
by the State Comptroller, were sold recently to the First
National Bank of Gilmer.
Glendale, Hamilton County, Ohio.—B o n d E l e c t i o n . — I t is
reported that an election will be held'Jan. 25 to vote
on the question of issuing $75,000 bonds for a sewer system
and disposal plant.
Grand Forks, No. Dak.—B o n d s V o t e d a n d S o l d .—The
following 4% 1-20-year (serial) bonds were authorized at an
election held Nov. 22 1909:
$75,000 l,a v ln S ( c it y ’s p o rtio n ) b o n d s ca rrie d b y a v o t e o f 243 t o 16.
16.000 ^ '^ ^ '^ ^ r k s - s y s t e m ( c i t y ’s p o rtio n ) b o n d s ca rried b y a v o t e o f
25.000 U ghtln g-system a n d p o w e r -p la n t b o n d s ca rrie d b y a v o t e o f 227 t o
3 5 .000 In tak e-pipe b o n d s carried b y a v o t e o f 226 t o 25.
We are advised that the above bonds have been sold to
the State Board of University and School Lands.
252
THE
[VOL. LXXXX.
C H R O N IC L E
' Grand Rapids, Wood County, Wis.—B o n d O f f e r i n g . —
Proposals will be received until 12 m. Jan. 25 by the Board
of Public Works, Frank Pomainville, Chairman, for the
following 43^% coupon bonds: $20,000 water-worksimprovement and extension bonds, $30,000 funding bonds
and $15,000 general street-improvement bonds.
D a te J a n . 1 1910. M a tu rity fro m Ja n . 1 1920 to Ja n . 1 1929. C ertified
ch eck fo r 3 % o f b on d s b id for is requ ired . T h ese b o n d s w ere ottered w ith o u t
su ccess as 4s o n O c t . 14 1909. See V . 8 9 , p . 1100.
S e a s o n g o o d & M a ye r, C In .$ 3 1 ,1 0 0
N . W . H arris & C o ., N . Y .Z 3 1 .0 7 7
W o o d ln , M cN e a r & M oore,
C h ica go _______ _________ 30,963
H o m e S . B k ., G r e e n sb o ro . 30,937
W e s te rn -G e rm a n B k ., C in. 30,931
W e il, R o th & C o ., C in ____ 30,8 3 0
A . J . H o o d & C o ., D e tr o it 30,682
S e cu r .T r .C o ..S p a rta n b u r g . 30,616
T h o s . J . B o lg e r C o ., C h ic . 30,606
x
00 C .E .D e n is o n & C o .,C Icv e _ $ 3 0 ,4 1 1 75
90 U len, Su th erlin & C o .,C h ic 30,351 00
D e v lt t , T r e m b le & C o .,
00
C h icago .............................. 3 0 ,3 1 7 00
50 Chas. H . C o ffin , C h ic a g o .. 30,301 00
15 O tis & H o u g h , C le v e la n d - 3 0 ,2 0 0 00
10 F a rson , S on & C o ., C h ic . 3 0 ,1 5 2 50
00 E .H .R o llin s & S o n s, B o s . 30,021 90
70 S. A . K ea n & C o ., C h ica g o 3 0 ,6 0 0 00
50 J oh n N u v een & C o ., C h ic .1)30,000 00
R e c e iv e d to o late t o be con sid ered ,
a
Less $750 fo r ex p e n se s,
b
Less
fo r e x p en ses.
W ith the e x ce p tio n o f the last t w o , all b id d ers o llered
Greene County (P. O. Catskill), N. Y.—B o n d O f f e r i n g .— a$450
ccru e d in terest In a d d itio n to their bids.
Judson A. Betts, County Treasurer, will offer $30,000 4%
Hollywood, Los Angeles County, Cal.—B o n d O f f e r i n g .—
coupon court-house and jail bonds at public auction at Proposals will be received until Jan. 26, it is stated, for
10 a. m. Feb. 1.
$100,000 bonds.
D e n o m in a tio n $ 1 ,000.
D ate F eb . 1 1910.
In te re st se m i-a n n u a lly a t the
Homerville, Clinch County, Ga.—B o n d s V o t e d . —The
C o u n ty T rea su rer’s o ffic e . M a tu r ity $10 ,000 on F e b . 1 In e a ch o f th e
y ea rs 1929, 1930 a n d 1931.
B on d s are e x e m p t fro m ta x e s.
$8,000 school-building bonds mentioned in V. 90, p. 180,
Grimes County Common School District No. 1, Tex.— were unanimously voted, it is stated, on Jan. 15.
B o n d s R e g i s t e r e d . —The State Com
ptroller on Jan. 10 regis
Hubbard County (P. O. Park Rapids), Minn.—B o n d S a l e .
tered $li,500 5% 10-20-year (optional) bonds.
—During Nov. 1909 the Union Investment Co. of MinncapoGuthrie, Okla.—B o n d S a l e . —The four issues of 5% 25-year list purchased $33,000 5% funding bonds at 101 and accrued
city improvement bonds, aggregating $125,000, described interest.
in V. 89, p. 1685, were sold Jan. 11, it is stated, to C. E.
D e n o m in a tio n $ 2 ,2 0 0 . D a te D e c. 1 1909. In te re st sem i-a n n u a l.
M a
Denison & Co. of Cleveland for $127,727, the price thus tu rity p art y e a rly fro m 1910 to 1925 in clu siv e .
Hudson,
Colum
bia
County,
N.
Y.—B
ond
S
a
l
e
.
—We
are
being 102.181.
Hamburg Union Free School District No. 1 (P. O. Ham advised that the Hudson City Savings Institution of Hudson,
offering par, was the successful and only bidder on Jan. 17
burg), Erie County, N. Y.—B o n d O f f e r i n g . —Proposals will for the following 4% bonds described in V. 90, p. 180:
be received until 7 p. m. Feb. 7 by the Board of Education $5,000 p u b lic-sch o o l refu n d in g b o n d s. M a tu rity F eb . 1 1920.
en t refu n d in g b on d s.
M a tu rity on F e b . 18 as fo llo w s : $900
at the office of A. L Stratcmeier, Clerk, for $45,000 4% gold 8,9 0 0 Judgm
In 1911 an d $1,000 y e a rly fro m 1912 to 1919 In clu sive.
5,000 stre e t-im p ro v e m e n t refu n d in g loa n b o n d s. M a tu rity A p ril 1 1921.
bonds.
Hudson School District, Los Angeles County, Cal.—B o n d
D e n o m in a tio n $ 1 ,5 0 0 .
D ate Jan . 1 1910.
In te re st a n n u a lly a t the
H a n o v e r N ation a l B a n k In N ew Y o r k C ity . M a tu rity $ 1 ,5 0 0 y e a r ly o n
S a l e . —The $4,000 41 4 %
11-14-year (serial) bonds offered on
Jan . 1 fro m 1911 to 1940 Inclu sive. C ertified c h e c k , cash d e p o s it o r ban k
Jan. 10 (V. 90, p. 125) were awarded, it is stated, to Jas. II.
d r a ft f o r 2 % o f b on d s b id fo r Is re q u ire d .
Adams & Co. of Los Angeles at 100.8375.
T h e o ffic ia l n o tic e o f th is b o n d o ffe r in g w ill b e fo u n d
a m o n g
Humboldt School District (P. O. Humboldt), Allen
th e a d v e r tis e m e n ts e ls e w h e r e i n
th is D e p a r tm e n t.
County, Kan.—B o n d s V o t e d . —An election held Jan. 3 re
Hamilton, Ohio.—B o n d S a l e . —On Jan. 18 twelve issues of sulted in favor of a proposition to issue $18,000 5% building
434 % sewer bonds, aggregating $16,859 10, were disposed of bonds. Maturity $2,000 yearly from 1911 to 1919 inclusive.
to the Ohio Savings & Trust Co. of Toledo for $17,160 35—
Huntington, Suffolk County, N. Y.—B o n d O f f e r i n g .—
the price thus being 101.786.
Hamler, Henry County, Ohio.*—B o n d O f f e r i n g . —Proposals Attention is called to the advertisement elsewhere in this
will be received until 12 m. Jan. 24 by J. A. Jackman, Village Department of the offering on Jan. 27 of $18,000 5% 1-9-year
Clerk, for $8,333 50 5% coupon Randolph and Marion streets (serial) road-improvement bonds. For other details of
improvement assessment bonds.
the bonds and terms of offering, sec V. 90, p. 181.
A u th o r it y , S ection s 61 an d 95, M u n icip a l C o d e , an d S e ctio n s 2703 and
2 70 7, R ev is ed S ta tu tes.
D e n o m in a tio n $833 35.
D a te N o v . 15 1909.
Hyde Park, Norfolk County, Mass.—B o n d O f f e r i n g .—
In te r e s t a n n u a lly a t the V illage T re a su re r’s o ffic e o r a t the H e n ry C o u n ty
Proposals will be received until 8 p. m. Jan. 25 by Gideon
B a n k in H am ler.
M a tu rity $833 35 y e a r ly o n N o v . 15 fro m 1910 to 1919
In clu sive.
B on d s are e x e m p t fro m ta x e s. C ertified ch e ck fo r $250, p a y
II. Haskell, Town Treasurer, for $30,000 4% coupon sewer
a b le to th e V illa ge T reasu rer, Is re q u ire d . P u rch a ser to p a y a ccru e d
age bonds.
In terest.
om in a tion $ 1 ,0 0 0 . D a te O ct. 1 1909.
Interest s em i-a n n u a lly a t
Harper Independent School District (P. O. Harper), theD Nenew
E n gland T ru st C o. In B oston .
M atu rity $3,000 y ea rly o n O ct. 1
m 1910 to 1919 Inclu sive.
B on d s are e x e m p t from taxes in M assachus
Gillespie County, Tex.—B o n d S a l e . —The $1,400 5% school- fro
an d will be certltlcd as to genuineness b y the C ity T ru st C o. o f B o s to n ,
house-completion bonds mentioned in V. 89, p. 1100, have etts
w h ich will fu rth er c e rtify th at the lega lity o f the Issue is a p p ro v e d b y S to r e y ,
been bought by the State Permanent School Fund at par and T h o rn d ik e , P a lm er & T h a y e r o f B o s to n , a c o p y o f w h oso o p in io n will be
accrued interest. Maturity Aug. 1 1949, subject to call after d eliv ered w ith o u t charge to the purch aser.
Jamestown School District (P. O. Jamestown), Chautau
Aug. 1 1929. They were registered by the State Comptroller
qua County, N. Y.—B o n d s V o t e d . —On Jan. 4 this district
on Jan. 5.
Harrietstown Union Free School District No. 1 (P. O. voted to issue $100,000 bonds.
Jeanerette School District (P. O. Jeanerette), Iberia
Saranac Lake), Franklin County, N. Y.—B o n d S a l e — -On
Jan. 18 $18,000 1-18-year (serial) coupon or registered school Parish, La.—B o n d s A u t h o r i z e d . —A resolution has been
building bonds dated July 1 1909 were awarded to Geo. M. passed providing for the issuance of $20,000 5% high-school
Hahn & Co. of New York City at 100.77 and accrued interest building bonds. Denomination $500.
for 4)^s. The following bids were received for 4j^s:
Kern County (P. O. Bakersfield), Cal.—B o n d O f f e r i n g .—
G eo. M . H a h n , N ew Y o r k . $18,138 6 0 (1 . W . S h errill, P o u g h k e e p .$ 1 8 ,0 3 0 60
Proposals will be received until 10 a. m. Feb. 7 by I. L.
W . N . C olor & C o ., N . Y _ . 18,076 00 A d a m s & C o ., N ew Y o r k . 18,005 00 Miller, Clerk of the Board of Supervisors, for $400,000 4)^%
E . S e y m o u r & C o ., N . Y . 18,051 00 |
coupon court-house-building bonds.
D en om in a tion $ 1 ,0 0 0 .
In terest is p a y a b le a t th e A d ir o n d a ck N a tio n a l
B a n k In S aran ac L a k e in N ew Y o r k e x c h a n g e .
Harris County (P. O. Houston), Tex.—B o n d s O f f e r e d b y
—Of the $500,000 4)^% road and bridge bonds
mentioned in V. 89, p. 1296, $150,000 are being offered to
investors by E. H. Rollins & Sons of Chicago.
B a n k e r s .
D e n o m in a tio n $ 1 ,0 0 0 .
D ate O ct. 10 1909.
In te re st sem i-a n n u a lly at
th e C o u n ty T rea su rer’s o ffic e in H o u s to n . M a tu rity O ct. 10 1949, s u b je c t
t o call a fte r O ct. 10 1919.
Harris County Common School District No. 14, Tex.—
S a l e . —The State Perm
anent School Fund recently
purchased at par and interest $4,000 5% 20-year bonds
which the State Comptroller registered on Jan. 5.
Harris County School District No. 25, Tex.—D e s c r i p t i o n
o f
B o n d s . —The $16,000 school-building bonds voted on
Nov. 17 1909 (V. 89, p. 1439) carry 5% interest, payable
annually on April 10. Denomination $400. Maturity 40
years, subject to call after 20 years.
Hawkins County (P. O. Rogersville), Tenn.—B o n d O f f e r
i n g . —Proposals w
ill be received until 1 p . m. Jan. 28 by J. R.
Sanders, Secretary Board of County Commissioners, for
$40,000 4K% coupon road and bridge bonds.
B o n d
, A u th o rity C h apter 518, A c ts o f 1907.
D e n o m in a tio n $ 1 ,0 0 0 . D a te
‘ A u g . 1 1908.
In terest sem i-a n n u a lly a t th e T r u s te e ’s o ffic e In R o g e rs v ille .
M a tu r ity $1,000 In 1950 and $3,000 y e a r ly fro m 1951 t o 1963. Certified
c h e c k fo r $ 1 ,0 0 0 , p a y a b le to th e S e cre ta ry o f the B o a rd o f C o m m ission ers,
Is req u ir e d . T h ese b on d s were o fle rcd o n D e c . 17 1909 (V . 8 8 , p . 144 0 ),
b u t th e b id s re ce iv e d on th at d a y w ere co n sid e re d t o o lo w .
Herrick, Gregory County, S. D.—B o n d S a l e . —C. II. Dillon
of Yankton has purchased from $8,000 to $10,000 of the 7%
water-works bonds offered on Sept. 25 1909 and described
in V. 89, p. 796. Maturity Oct. 1 1929, subject to call
after Oct. 1 1919.
High Point, Guilford County, No. Caro.—B o n d S a l e . —On
Jan. 12 the $30,000 5% 30-year gold coupon water and sewersystem-extension bonds described in V. 88, p. 1686, were sold
to Seasongood & Mayer of Cincinnati at 103.666 and accrued
interest—a basis of about 4.77%. Following are the bids:
A u th o ilt y S ection 408 8, P olitica l C od e.
D e n om in a tion $ 1,000.
D a te
S ep t. 27 1909.
Interest sem i-an n u ally a t the C ou n ty T rea su rer’s o ffic e .
M aturity $40 ,000 y e a rly , beginning ten years a fter d a te o f Issuance. Certllii d ch e ck fo r 5 % o f am ou n t b id , p a y a b le to the C h airm an o f the B oa rd , Is
requ ired .
O fficial circu lar states that there Is no co n tro v e rsy or litiga tion
pen d in g o r th rea ten ed a ffectin g the c o rp o ra te e x iste n ce or b ou n d aries; title
o f p resen t o fficia ls to th eir o ffic e s , o r th e v a lid ity o f these bon d s
Kiowa County School District No. 15, Kans.—B o n d S a l e .
—During December 1909 the State of Kansas purchased
$850 5% school-house bonds at par. The bonds are dated
Oct. 30 1909 and mature part yearly on July Lfrom 1919 to
1922 inclusive, but are subject to call at any interest-paying
period.
Kirkland Independent School District (P. O. Kirkland),
Childress County, Tex.—B o n d O f f e r i n g . —Further details
are at hand relative to the offering of the $8,000 5% coupon
building bonds mentioned in V. 89, p. 1368. Proposals will
be received at any time by J. M. Wilder, Secretary of the
Board of Education.
D e n om in a tion $100.
D ate S ep t. I 1909.
In terest a n n u a lly In K irk lan d
o r In A u stin .
M a tu rity S e p t. 1 1949, s u b je c t to call a fte r S e p t. 1 1919.
B on ds are e x e m p t fro m ta x e s. C ertillcd ch e ck fo r 2% o f b id , p a y a b le to
to O. W . F u rr, P resid en t, Is req u ired . Assessed v a lu a tio n 1909, $25 9 ,0 0 0 .
Klamath County School District No. 1, Ore.—B o n d S a l e . —
On Jan. 3 McCoy & Co. of Chicago were awarded the $20,000
6% coupon school-building bonds described in V. 90, p. 64.
The price paid was 108.06. Maturity April l 1929, subject
to call after ten years.
Krebs, Okla.—B o n d s V o t e d . —A proposition to issue $50,
000 5% water-works bonds due Feb. 1 1935 carried by a
vote of 93 to 63 at an election held Jan. 15.
Lamesa Independent School District (P. O. Lamesa),
Dawson County, Tex.—B o n d S a l e . —The State Permanent
School Fund has been awarded $10,000 5% 15-20-year
(optional) bonds which were registered by the State Comp
troller on Jan. 5. The price paid was par and accrued in
terest.
J a n . 22 1010.]
THE CHRONICLE
L a n ca ste r, L a n ca ster C ou n ty , P a .— Bond Offering.— P ro
posals will be received until 12 m . F e b . 2 b y J. II. R a th fon ,
C ity C om ptroller, fo r $05,000 4 % cou p on (w ith privilege o f
registration) street-im p rov em en t, sew er an d fire-departm ent
bon d s.
D en om in a tion s $100, $500 o r $ 1 ,0 0 0 , t o su it p u rch aser.
D a te A pril 1
1910.
In terest s em i-an n u ally a t th e C ity T re a su re r’s o ffic e .
M a tu rity 30
years, s u b je c t to call a fte r 20 yea rs.
B o n d s are e x e m p t fro m ta x to h old er,
th e c it y a greein g to p a y all ta xe s le v ie d . C ertified ch e ck fo r 2 % o f a m o u n t
o f b o n d s b id fo r , p a y a b le t o th e C ity C o m p tro lle r, Is re q u ire d . D e liv e ry
A p ril 1 1910.
L a n ca ste r, D allas C ou n ty , T e x .— Bonds Registered.—
W a ter-w ork s bon d s am ou n tin g to $1,999 w ere registered b y
th e State C om ptroller on Jan. 12. T h ey carry 5 % interest
a n d m ature in tw o years.
A u th o r it y C h a p ter 15, T itle 11, R e v is e d S ta tu tes o f 1899. D e n o m in a
tio n $ 1 ,0 0 0 .
D ate Ja n . 1 1910.
In terest a n n u a lly a t th e T o w n T re a su re r’s
o ffic e o r a t the F irst N ation a l Hank o f L a n d e r. M a tu rity 30 yea rs, s u b je c t
to call a fte r 15 years.
B on d s are e x e m p t fro m ta x e s. C ertified ch e ck
o n a n ation a l ban k fo r $50 0, p a y a b le to the T o w n T reasu rer, Is re q u ire d .
L a u rel, Y e llo w sto n e C ou n ty , M o n t.— Bond Election Post
poned.— T h e p roposed $10,000 w ater and sew er-bon d election
w h ich was to have taken p la ce in D ecem ber (V . 89, p . 1368)
w as p ostp on ed .
L a w re n ce , M a ss.— Temporary Loan.— D ispatches state
th a t on Jan. 20 this city b orrow ed $100,000 from G eo.
M ixter o f B oston at 3 .6 6 % discou n t and a prem ium o f 75
cents. M atu rity M ay 3 1910.
L e a v e n w o rth , K a n .— Bond Sale.— This city recen tly dis
posed o f an issue o f $22,144 11 5 % special and general in
ternal im p rovem en t b on d s, at prices ranging from 100.50
to 102.
D en om in a tion $500.
D ate D e c. 1 1909.
t y p a rt y e a r ly fo r 10 yea rs.
In terest se m i-a n n u a l.
M atu r-
L e b a n o n , L e b a n o n C ou n ty , P a .— Bond Offering.— P ro
posals will b e received until 12 m . F e b . 3 b y G eorge D.
K rause, Chairm an F in an ce C om m ittee o f Councils, for
$140,000 4 % co u p o n b on d s .
D e n o m in a tio n $ 1 ,0 0 0 .
D a te A p ril 1 1910. In te re st se m i-a n n u a lly a t
o ffic e o f C ity T reasu rer.
M atu rity $35 ,000 o n A p ril 1 In each o f the years
191.), 1920, 1925 and 1930.
B o n d s are ta x -fre e to h o ld e r. T h e Issue w ill
be certified as to genuineness b y the S e cu rity B a n k N o te C o. o f P h ila d e lp h ia .
D e liv e r y A p ril l 1910. C ertified c h e ck fo r 5 % o f a m o u n t b id fo r is requ ired .
B lan k s fo r b id d in g fu rn ish ed b y th e F in a n ce C o m m itte e o f C ou n cils o r
D a n M . S h a rp , C ity Clerk.
253
for the $250,000 5 % g old cou p on roa d -b u ild in g b o n d s due
Sept. 1 1939 an d d escribed in V . 89, p . 1687.
Marlboro, Mass.— Temporary Loan.— This c ity has b or
row ed $60,000 from F . S. M oseley & C o. o f B oston at 3 .9 8 %
discou n t an d $1 75 p rem iu m . M atu rity O ct. 14 1910.
Martinsburg, Berkeley County,W. Va.— Bond Offering.—
Proposals w ill be received until 12 m . F e b . 7 b y the Com
m issioners o f the W a ter-W ork s E xten sion F u n d , F . S.
E m m ert, Chairm an, E . R . Sigler an d G . W . M cK ow n , fo r
the $40,000 5 % b on d s v o te d on D ec. 14 1909. T h e proceeds
are to be used to ex ten d the present system o f w ater-w ork s
to new territory recen tly a d d ed to th e c ity . See V . 89,
p . 1614. M aturity 34 years, su b je ct to call a fter 20 years.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Marysville, Union County, Ohio.— Bonds Vdted.— R e
ports state th at the $3,000 arm ory site b on d s m en tioned in
V . 8 9 , p . 1687, w ere au th orized b y a v o te o f 532 to 53 at an
election held Jan. 5.
Massillon School District (P. O. Massillon), Stark County,
Ohio.— Bond Sale.— T h e $20,000 4 % sch ool-b u ild in g bon ds
m entioned in V . 89, p . 1687, w ere aw a rded on Jan. 14 to
Breed & H arrison o f Cincinnati a t 100.755. T h e follow in g
bids w ere also received:
D avies,B ertram & C o.,C In .$20,131 00 VV. E . R u sse ll, M a s s illo n .$20 ,050 00
H ayden ,M iller & C o .,C le v . 20,107 75 T lllo tts o n & W o lc o ttC o .,C l_ 20,037 00
S e a so n g o o d & M a ye r, C in . 20,084 00 W e ll, R o t h & C o ., C in ____ 20,021 10
B a rto , S c o tt & C o ., C olu m 20,062 50 U n io n S. B . & T r . C o .,C in . 20,010 50
F ie ld ,L o n g s tr e th & C o .,C ln . 20,0 6 0 00 I F irst N a t. I lk ., M a ssillo n . 20,000 00
N ew First N . B k ., C o lu m . 20,056 O O lM erchants’ N a tio n a l B a n k ,
O tis & H o u g h , C le v e la n d . 20,051 00 [ M a ssillon ________________ 20,000 00
D e n o m in a tio n $500. D a te M arch 1 1910.
In te re st s em i-an n u al. M a
tu rity $500 each s ix m o n th s fro m M arch 1 1911 t o S e p t. 1 1930 Inclu sive.
Melrose, Mass.— Temporary Loan.— R ep orts state that
$30,000 tem pora ry loan n otes h ave been aw a rded to the
State o f M assachusetts at 4 % d iscou n t. M atu rity $10,000
A u g . 1 1910, $10,000 A u g. 19 1910 an d $10,000 O ct. 4 1910.
Bond Sale.— On Jan. 14 $5,000 4 % su rface-drain age bon ds
w ere b ou g h t b y W m . A . R ea d & C o. o f B oston a t 103.517—
a basis o f a b ou t 3 .5 7 9 % . A list o f th e bids received follow s:
L eflore C ou n ty (P . O. G re e n w o o d ), M iss.— Bond Offering.
— Proposals will be received until 12 m . F e b . 7 b y W . 1'.
C h apm an , C ou n ty Treasurer, for $100,000 5 % cou p on bridge
bu ildin g bon ds.
W in . A . R e a d & C o ., B o s t o n .103.5171 E .M .F a rn s w o rth & C o ., B o s _ .1 0 3 .2 1
B lo d g e t, M erritt & C o ., B o s . 103.297 B lake B ro s. & C o ., B o s t o n ___ 103.18
P e r r y , C offin & B u rr, B o s to n . 1 0 3 .2 4 7 1A d a m s & C o ., B o s t o n ________ 103.13
D e n o m in a tio n $ 1 ,0 0 0 . D a te N o v . 1 1909. In te re st se m i-a n n u a l.
M a
tu r ity N o v . 1 1919.
A u th o r it y , S ection s 331 a n d 33 3 , C od e o f 1906.
D e n o m in a tio n $50 0.
D a te Ja n . 3 1910. In terest se m i-a n n u a lly a t th e F irst N ation a l B ank In
G re e n w o o d . M atu rity Jan . 3 1910.
B o n d s are e x e m p t fro m ta x e s.
Cer
tified c h e c k fo r 2 % o f b id , p a y a b le to the C o u n ty T reasu rer, Is r e q u ire d .
Bond Offering.— P roposals w ill be received until 2 p . m .
L in co ln , L a n ca ster C ou n ty, N e b .— Bond Sale.— O n Jan. 17
the $114,500 cou p on refun din g bon d s described in V . 89,
p . 1686, were sold to W . E . B a rk ley J r., o f L in coln , repre
sen ting N . W . H alsey & C o. o f C h icago, at 100.65 and accru ed
interest fo r 4j/£s. Purchasers to furnish b on d s. F ollow in g
is a list o f the bidders and the prem ium s olfered b y the sam e:
Mesa County Irrigation District (P. O. Palisade), Colo.—
Jan. 24 b y the B oa rd o f D irectors fo r $88,000 irrigation
bon ds a t n ot exceedin g 6 % interest.
A u th o r it y , A c t o f G eneral A s s e m b ly a p p r o v e d M a y 3 1905 a n d a m e n d
m en ts.
D e n o m in a tio n
$500. In te re st
sem i-a n n u a l.
M a tu rity
part
y e a r ly fro m 11 to 20 years in clu s iv e . C ertified ch e ck fo r 2 % o f a m o u n t
h id , p a y a b le to th e d is tric t, is r e q u ire d . N o bids fo r less th an 9 5 % o f the
fa ce v alu e o f b o n d s w ill be re ce iv e d .
O fficial circu la r states there is no
litig a tio n p e n d in g o r th reaten ed a lfe c tln g these b o n d s, o r th e titles o f th e
o fficers o r the b o u n d aries o f the d istrict; also th a t th ere has n e v e r been
N . VV. H alsey & C o ., C h i c . . *$714 7 5 1H arris T ru s t & S a v .I lk .,C h ic .*$004 10 a n y d e fa u lt In th e p a y m e n t o f prin cip a l o r Interest.
F a rw ell T ru s t C o ., C h ic ------- 830 00 | T h os. J. B olger C o ., C l d c . . .
583 95
Millburn Township School District (P. O. Millburn), N. J.
• A ls o fu rn ish b on d s.
M atu rity on e-ten th y e a rly o n F e b . 1 fro m 1920 to 1929 in clu sive , all
b on d s bein g s u b je c t to call a fte r F e b . 1 1920.
Live Oak County (P. O. Oakville), Tex.— Bonds Registered.
— On Jan. 12 the State C om ptroller registered $1,999 5 %
bridge-rep air bon ds o f this district. M aturity 10 years,
su b je ct to call after 5 years.
Livermore, Alameda County, Cal.— Bond Offering.— P ro
posals w ill be received until 8 p . m . Jan. 24 b y the B oa rd
o f T rustees for the $10,000 pu blic-pa rk bon d s m en tioned in
Y . 90, p . 125.
D e n o m in a tio n $500. D ate J a n . 1 1910.
In terest (rate n o t t o e x c e e d
5 % ) sem i-a n n u a l. M a tu rity $500 y e a rly fo r 20 years. C ertified ch e ck fo r
$200 Is req u ired . P u rch a ser to p a y a ccru e d Interest.
A . I, H e n ry is
T o w n C lerk. P resent b on d e d d e b t. $ 2 4 ,0 0 0 . Assessed v a lu a tio n , $ 8 5 5 ,0 0 0 .
Los Feliz School District, Los Angeles County, Cal.—
Bond Election.— An election will be held Jan. 29, it is stated,
to allow the voters to determ ine w hether or n ot $3,000 bon ds
shall be issued.
Louisville, Ky.— Bonds Proposed.— A p p lica tion has been
m ade to the General A ssem bly for a u th ority to issue $ 1 ,0 0 0 ,
000 hospital bon d s.
W e are a d vised , h ow ever, th at “ even
if this perm ission is gra nted, a v o te ca n n ot be taken until
N o v e m b e r.”
Louisville, Cass County, Neb.— Bonds Voted.— An election
held Jan. 4 resulted in fa v o r of a p roposition to issue $5,000
5 % 10-20-year (op tion a l) tow n-hall bon d s. T h e v o te was
110 “ fo r ” to 35 “ a g a in st.”
Luling, Caldwell County, Tex.— Bond Sale.— T his city has
sold the $10,000 5 % 5-40-year (op tion a l) sch ool-b u ild in g
cou p on bon ds, m ention o f w hich was m ade in V . 89, p. 1555.
T h e State Perm anent S ch ool F u n d , ofFcring par and accru ed
interest, was the successful bid d er. T h e securities were
registered b y th e State C om ptroller on Jan. 6.
Madisonville, Hamilton County, Ohio.— Bond Offering.—
P roposals will be received until 12 m . Jan. 26 b y J. A .
C on an t, Clerk, fo r the $3,500 4 % fire-departm ent-bu ilding
b on d s m en tioned in V . 89, p . 1440.
D e n o m in a tio n $500.
D ate J a n . 2 1910. In te re st se m i-a n n u a l. Ma
t u r lt y 25 yea rs. C ertified ch e ck fo r $100, p a y a b le t o th e V illa ge T reasure!
Is req u ir e d . P u rch a ser t o p a y a c c r u e d Interest.
Manatee County (P. O. Bradentown), Fla.— Bond Sale.—
A b id o f 101, su b m itted b y the N ew F irst N ational B ank of
C olu m bu s, w as the successful and on ly one received on Jan. 8
— Bond Sale.— W e h ave ju st been ad vised th a t $22,000 4 %
sch ool bon ds w ere aw arded on D ec. 16 1909 to th e M utual
B enefit L ife Insurance C o. o f N ew ark at par and interest.
D e n o m in a tio n $ 1 ,0 0 0 .
u r lty N o v . 1 1929.
D a te N o v .
1
1909.
In te re st s e m i-a n n u a l.
M a-
Miller City Village School District (P. O. Miller City),
Putnam County, Ohio.— Bond Sale.— C. E . D enison & C o. of
Cleveland purchased on Jan. 3 the $10,000 5 % cou p on sch ool
building and furnishing bon d s described in V . 89, p . 1687,
at 105.1375 and a ccru ed interest. T h e follow in g proposals
w ere received:
C .E .D e n is o n & C o . , C l e v . .$ 1 0 ,5 1 3 75 T . H . S au n d ers, C le v e __$10 ,433 00
T lllo ts o n & W o lc o ttC o .,C le v 10,507 00 H oe h le r & C u m m in g s ,T o l. 10,327 50
B a rto , S c o t t & C o ., C olu m 10,470 00 S ccu r. S. B . & T r . C o .,T o l. 10,307 50
H ayd e n ,M ille r & C o .,C le v . 10,466 00 W e il, R o t h & C o ., C i n . . . 10,151 20
C itizen s’ S afe D e p o s it &
F irst N a t. B a n k , B arnesT ru st C o ., T o le d o _____ 10,460 00
v i l l c ................................ ..
10,101 00
M a tu rity $500 y e a r ly on Jan . 1 fro m 1911 t o 1916 in clu sive a n d $500 each
s ix m o n th s fro m J u ly 1 1916 t o Ja n . 1 1923 Inclu sive.
Mingus Independent School District (P. O. Mingus), Palo
Pinto County, Tex.— Bond Sale.— T h e $8,500 5 % 20-40-year
(op tion a l) bon d s offered w ith ou t success on O ct. 4 1909
(V . 89, p. 126) h ave been sold a t par and accru ed interest to
the State Perm anent S ch ool F u n d . On Jan. 6 the State
Com ptroller registered this issue.
Minneapolis, Minn.— Bond Offering.— P roposals w ill be
received until 2 p . m . F e b . 10 b y th e C om m ittee on W a ys
an d Means o f the City C ouncil, a t the office o f D an. C. B row n ,
C ity C om ptroller, for $100,000 4 % g ra de-sch ool b on d s.
D ate Ja n . 1 1910.
In terest sem i-a n n u a l.
M a tu rity Jan . 1 1940. C erti
fied ch e ck fo r 2 % o f b o n d s bid fo r , m ad e p a y a b le to C. A . B lo o m q u ls t , C ity
T reasurer, is requ ired .
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Morehead City, Cartaret County, No. Caro.— Bonds Not
Sold.— N o sale was m ade on Jan. 17 o f the $20,000 5 %
30 -ycar cou p on w ater-w orks-system
V . 89, p . 1687.
b on d s
described
in
Morristown, Hamblen County, Tenn.— Bonds Voted.—
An election held Jan. 15 resulted in fa v o r o f a p rop osition to
issue $40,000 5 % 30 -ycar cou p on sew er b on d s. In terest in
January and Ju ly. T h e b on d s will m atu re in 1940. T he
v o te was 195 “ fo r ” to 56 “ a g a in st.”
W e are ad vised under
date o f Jan. 17 th at the issue will b e offered w ith in the
“ n ext 30 d a y s .”
THE CHRONICLE
254
[V O L . L X X X X .
M orton , D elaw are C o u n ty , P a .— Bond, Offering.— It is re
Nottingham, Cuyahoga County, Ohio.— Bond Offering.—
p orted that proposals w ill be received until Jan. 25 b y Irwin P roposals will be received until 12 m . Jan. 24 b y R a lp h G .
Miller,
V illage Clerk, for th e follow in g 5 % bon ds:
G . B en k ert, B orou gh S ecretary, for S3,500 5 % im provem en t
$11 ,453 40 s t r e e t-im p ro v e m e n t (assessm ent) b o n d s .
D e n o m in a tio n $500,
bon d s.
D e n o m in a tio n $50 0.
D a te F e b . 1 1010.
In terest se m i-an n u al.
M ou n ta in V ie w (P . O. K n o x v ille ), K n o x C ou n ty, T en n .—
Bonds Not Sold.— Up to Jan. 13 no sa tisfa ctory bid had y et
been receiv ed for the $20,000 o l/ 2% 30-year cou p on streetim p ro v e m e n t b on d s m en tioned in V. 89, p. 1555.
M t. P le a sa n t, T itu s C ou n ty , T e x .— Bonds Registered.—
W e are ad vised th at on Jan. 11 the State C om ptroller regis
tered $10,000 5 % 1-40-year (serial) w ater-w orks b o n d s .
M ou n t V ern on , W es tch e s te r C ou n ty , N . Y . — Bonds Voted.
— An election held Jan. 11, it is sta ted , resulted in fa v o r of
a p rop osition to issue $177,700 h igh -sch ool an d trad e-sch ool
site bon d s.
N ew B e d fo rd , M a ss.— Temporary Loans Negotiated in 1909.
— In clu d in g the loans w e h ave alrea dy reported in this
D ep a rtm en t, the city o f N ew B ed ford in the year 1909
b orrow ed $875,000 in an ticip a tion o f ta xes. T h e loans were
n egotiated as follow s:
Amount.
$ 100,000
50.000
50,000
100,000
100,000
Discount.
3 .2 1 %
3 .5 0 %
3 .5 0 %
3 .2 5 %
3 .1 5 %
M aturity.
N ov.
N ov.
N ov.
N ov.
N ov.
1
1
1
1
3
Amount.
1909 $ 100,000
100,000
1909
1909 200,000
50,000
1909
25,0 0 0
1909
M aturity.
Discount.
2 .7 5 %
3 .0 0 %
2 .9 0 %
5 .0 0 %
4 .5 0 %
N ov. 5
N o v . 10
N o v . 2.3
A p r. 1
Jun e 1
1909
1909
1909
1910
1910
e x c e p t o n e b o n d o f $453 4 0 .
D ate D e c. 15 1909.
M a tu rity
$953 40 o n J u ly 1 1911, $1,000 y e a r ly fro m 1912 t o 1917 In
clu sive a n d $1,5 0 0 y e a r ly fro m 1918 t o 1920 In clu sive.
1,0 0 0 00 s tr e e t-im p ro v e m e n t (v illa g e ’s p o rtio n ) b o n d s.
D e n o m in a tio n
$500.
D a te N o v . 15 1909. M a tu rity $500 o n J a n . 15 In each
o f th e years 1913 an d 1914.
In te re st se m i-a n n u a l. C ertified c h e ck fo r 5 % o f b o n d s b id fo r , p a y a b le
t o th e V illa ge T re a su re r, Is re q u ir e d . P u rch a ser t o p a y a c c r u e d Interest.
O akley (P . O. C in cin n a ti), O hio.— Bond Offering.— P ro
posals w ill be received until 12 m . F e b . 8 b y O scar K osch e,
Village Clerk, fo r $ 1 ,086 74 5 % W eb ster A ven u e sew ercon s tru ction assessm ent b on d s.
A u th o r ity , S e c tio n 95, M u n icipa l C od e o f 1902.
D e n o m in a tio n $108 67
D ate S e p t. 10 1909.
In terest a n n u a l.
M atu rity $108 67 y e a rly from
1910 to 1919 in clu siv e . C ertllled c h e ck f o r 5 % o f a m o u n t o f b o n d s bkl fo r ,
p a y a b le t o th e V illa ge T re a su re r, is r e q u ire d . P u rch a se r t o p a y a ccru ed
Interest.
In ad dition to the a b o v e , proposals w ill also be received
until 12 m . F e b . 15 b y Oscar K osch e, V illage Clerk, fo r
$3,306 65 5 % G ilm ore A ven ue im p rovem en t assessm ent
bon d s.
A u th o r it y S e c tio n 95, M unicipal C od e o f 1902.
D e n o m in a tio n $.3.30 67.
D a te D e c. 20 1909.
In terest a n n u al.
M a tu rity $330 67 y e a rly on D e c. 20
fro m 1910 to 1919 Inclu sive. C ertified c h e ck fo r 5 % o f b o n d s b id f o r ,
p a y a b le to the V illage T reasu rer, Is re q u ire d . P u rch a ser to p a y a c c r u e d
Interest.
Old River Drainage District No. 1 (P. O. Stilson), Liberty
County, Tex.— Bond Offering.— P roposals are asked b y I. B .
n o n a s a t e . — a i i issue ui .uiuu,uuu 0x 2/0 ol'uuul uulluo, U1U° Sim m ons, C ou n ty Judge, fo r $85,000 5 % cou p on drainagefor w hich w ere re jected on June 22 1909, was sold on Jan. 1 im p rovem en t bon d s.
A u th o r it y C h ap ter 4 0 , A c t o f 190 7, as a m e n d e d b y A c t s o f 1909.
D e
1910 to W illiam W . C rapo at p a r. T h e bon ds are dated
n o m in a tio n $ 1 ,0 0 0 .
D a te S e p t. 1 1909.
In te re st s e m i-a n n u a lly a t th e
Jan. I 1910.
C o u n ty T re a su re r’s o ffic e , L ib e r ty C o u n ty B a n k in L ib e r ty , o r a t th e
N a tio n a l B ank In N ew Y o r k C ity .
M atu rity $10 ,0 0 0 In 1919,
N e w b u rg H e ig h ts (P . O. C levela n d ), O h io.— Bonds Not Chase
$15 ,0 0 0 In e a ch o f the years 1924 a n d 1929, $20 ,000 In 1934 a n d $25 ,000
Sold.— O w ing to the d is cov ery o f an error in the offering of In 1939. T h is d istrict has no b o n d e d o r floatin g d e b t a t p resen t. A ssessed
the $ 5 ,000 5 % In d ep en d en ce R o a d im p rovem en t bon ds v a lu a tio n 1909. $45 0 ,1 9 5 .
Omaha, Neb.— Bond Sale.— On Jan. 20 the $179,000
describ ed in V . 88, p. 1687, all proposals received on Jan. 17
\ y2% cou p on im p rovem en t bon d s described in V . 90, p. 181,
w ere returned to the bidders.
w ere sold to B lod get, M erritt & Co. of B oston at 100.58.
N e w b u ry p o rt, M a ss.— Temporary Loan.— This city on
M aturity part y e a rly from 1912 to 1919 in clusive.
Jan. 10 n egotiated a loan o f $25,000 w ith F . S. M oseley &
Orange County Common School District No. 14, Tex.—
C o. o f B oston at 3 .9 8 % discou n t an d $1 25 prem iu m .
Bond Sale.— T he $7,000 5 % 10-40-year (op tion a l) bon d s
M atu rity O ct. 10 1910.
registered b y the State C om ptroller on D e c. 27 1909 (V . 90,
N e w B rig h to n , B ea ver C ou n ty , P a .— Bond Sale.— T h e
p . 127) h ave been disposed o f to funds o f O range C ou n ty at
$20,00 0 4)/<j% im p rov em en t b on d s offered on Jan. 17 and
par.
d escrib ed in V . 90, p. 126, h ave been b ou g h t b y N . W . H arris
O rrville, W a y n e C ou n ty , O hio.— Bond Offering .-^ P ro p o s
& C o. o f N ew Y o rk C ity at 103.094— a basis o f a b ou t 4 .2 3 9 % .
M atu rity $1,000 yea rly on S ep t. 1 from 1916 to 1935 inclusive. als will be received until 12 m . March 14 b y the V illage Clerk
N ew Castle In d e p en d en t S ch ool D istrict (P . O. N ew Cas for $5,300 5 % cou p on South W alnut S t. im p rov em en t
ent bon d s.
tle ), Y o u n g C o u n ty , T e x .— Bond Sale.— W e are advised that assessm
A u th o r it y S e ctio n 100 M unicipal C od e a n d S e ctio n 2835
R e v is ed
$11,000 5 % co u p o n sch ool-b u ild in g and equ ipm ent bon d s S ta tu te s. D e n o m in a tio n $53 0. D ate A p ril 1 1910. In terest a n n u a lly a t
the V illage C lerk’s o ffic e .
M atu rity $530 ye a rly o n A p ril t fro m 1911 to
w ere recen tly disposed o f to the State Perm anent Sch ool 1920 in clu siv e . B on d s are e x e m p t fro m ta x a tio n a n d w ill be d eliv ered
F u n d at par an d accru ed interest. T h ey were registered w ith in ten d a y s fro m the tim e o f a w a rd . C ertllled c h e ck fo r 5 % o f b on d s
id fo r , p a y a b le to the V illage T reasu rer, is re q u ire d . P u rch a ser to p a y
b y the State C om ptroller on Jan. 6.
M aturity S ep t. 1 1949, ab ccru
e d interest.
su b je ct to call after S ep t. 1 1929. T hese bon d s w ere offered
Palisade
Irrigation District (P. 0 . Clifton), Mesa County,
o n N o v . 15 1909 (V . 89, p . 1101), bu t no sale w as m ade on
Colo.— Bond Offering.— F urther details are at hand relative
that d a y .
to the offering on Jan. 24 o f the $88,000 cou p on da m -bu ild in g
N ew L o n d o n S ch ool D istrict (P . O. N ew L o n d o n ), H en ry b on d s m en tioned in V . 90, p . 127. Proposals will be received
C o u n ty , I o w a .— Bond Sale.— T h e $16,000 4 % h igh -sch ool until 2 p . m . on that d a y b y O . W . Jaynes, S ecretary.
building bon d s v o te d (V . 89, p . 1687) on N o v . 29 1909 were
D e n o m in a tio n $500.
Interest (ra te n o t to e x c e e d 6 % ) Ju n e 1 an d D e c. 1
a t the C o u n ty T reasu rer’s o ffic e .
M atu rity part ye a rly fro m 11 to 20 years.
sold recently to local in vestors at pa r.
D e n o m in a tio n $100 a n d $500.
D a te M ay 1 1910.
In te re st sem i-an n u al.
N iles, T ru m bu ll C ou n ty , O h io.— Bond Sale.— On Jan. 6
Sea son good & M ayer of C incinnati purchased the $1,500 5 %
w ater-m a in -exten sion bon d s m en tion ed in Y . 89, p . 1441,
a t 103.05— a basis o f a b o u t 4 .4 8 % .
D en om in a tion $300.
D a te D e c. 1 1909. In te re st sem i-an n u al.
tu r it y $.300 y e a rly on D e c. 1 fro m 1914 t o 1918 Inclu sive.
M a
N iles, R u n n els C o u n ty , T e x .— Description of Bonds.— T he
City Secretary and Treasurer advises us that the $20,000
w ater-w ork s bon d s v o te d on N o v . 16 1909 (V . 89, p . 1441)
carry sem i-annual interest at the rate o f 5 % . D enom in ation
$ 1 ,000 .
D ate Jan. 1 1910. M atu rity Jan. 1 1950, su b ject
to call after Jan. 1 1930. N o da te has been fixed for the sale
o f the bon d s.
N orth a m p to n , M a ss.— Loan Authorized.— It is stated that
th e Fin an ce C om m ittee has been au th orized to borrow
$200,000 in an ticip ation o f ta xes.
N orth D a k o ta .— Bonds Purchased by State in December.—
T h e follow in g 4 % b on d s, aggregating $88,650, were pur
chased at par during D ecem ber 1909 w ith Perm anent
E d u ca tion a l F u nds of th e State:
Place Isailing Bonds—
Amount.
Purpose.
Ambulance Butte Sch. D lst.,
M orton C o_______
§1,500 Building
Dickinson S .D .N o .l, Stark C o .30,000 Building
Foster S .D .N o.2, Logan C o___
600
Building
aGIIstrap School District N o. 6. 1,136
Refunding
Grand Forks (City) Park Dlst .10,000
Park Imp.
Hettinger S. D ., Adams C o____ 5,500
Building
Kansas City S. I).. Adams C o . . 1,900 Building
Mandan Spec.S .D ., Morton C o .15,000 Bldg.A: Funding
Marmartli S. D ., Billings C o___ 8.000
Building
nNorth Lemmon S. D. No. 4 . . 1,23.3
Refunding
aOrange School Dlst. No. 8 ___ 1,347
Itefundlng
Oshkosh S. D ., Wells C o........... 5,000
Funding
aParanto School Dlst. No. 5 — 1,019
Itefundlng
Scotia S. D ., Bottineau C o------ 1,500
Building
aSprlng B u tteS . D. No. 17------ 1,277
Itefundlng
aStowers School Dlst. No. 1 . . . 1,488 Refunding
W ard Co. S. D . N o. 130...........
800 Building
Wild Rose S. D ., Dunn C o------ 1,350 Building
Date.
N ov.
N ov.
N ov.
July
O ct.
N ov.
Oct.
Nov.
O ct.
July
July
N ov.
July
N ov.
July
July
N ov.
O ct.
15
15
15
1
15
15
15
15
15
1
1
15
1
15
1
1
15
15
Maturity.
1909
1909
1909
1909
1909
1909
1909
1909
1909
1909
1909
1909
1909
1909
1909
1909
1909
1909
Nov.
Nov.
Nov.
July
Oct.
Nov.
Oct.
Nov.
Oct.
July
July
Nov.
July
Nov.
July
July
Nov.
O ct.
15
15
15
1
15
15
15
15
15
1
1
15
1
15
1
1
15
15
1919
1929
1919
1919
1929
1919
1929
1929
1929
1919
1919
1929
1919
1919
1919
1919
1919
1929
a Issued to refund §7,500 bonds put out by District No. 1 originally comprising
these districts Into which the same was later divided.
N orw a lk , O h io.— Bond Sale.— Street b on d s aggregating
$30,023 77 were recen tly disposed of to the C itizens’ B anking
C o . o f N orw alk .
C ertllled ch e ck fo r 2 % o f b id . p a y a b le to the S e cre ta ry . Is requ ired .
Palm Beach County (P. O. West Palm Beach), Fla.—•
Bond Offering.— Proposals will be received until 12 m . F e b . 10
b y the B oa rd of C ou n ty Com m issioners, F . E . F e n n o ,Clerk,
fo r the $200,000 4 y2% road and bridge bon ds v oted (V . 89,
p . 1688) on D ec. 14^1909. M aturity 30 years.
Paris, Tex.— Bonds Proposed.— R ep orts state th at the
M ayor has p etition ed the C ity Council to au th orize the issu
an ce o f $50,000 p a vin g and $25,000 w ater-system bon ds.
Pasadena, Cal.— Water Bond Election.— It is reported that
an election has been called for Jan. 26 to v ote on the issuance
o f $1 ,2 0 0 ,0 0 0 m u n icipal-w a ter-system b on d s.
In V. 89,
p. 944, we m en tioned the fa ct that the Special W ater C om
m ittee was in vestigatin g the properties o f the L ak e V ineyard
L and & W ater C o. an d the Pasadena L an d & W a ter C o. w ith
the view to calling an election fo r the purchase o f the sam e.
Perris Union High School District, Riverside County, Cal.
— Bonds Voted.— T h e election held Jan. 8 resulted in fa v o r
of the proposition to issue the $25,000 5 % h igh -sch ool
buildin g bon ds m entioned in V . 89, p . 1689. T h e v o te w as
87 “ fo r ” to n one “ ag a in st.”
D e n o m in a tio n $ 1 ,0 0 0 .
In terest se m i-an n u al.
begin n in g tw o years fro m d a te .
M a tu rity o n e b o n d y e a rly
Philadelphia, Neshoba County, Miss.— Bonds Defeated.—
T h e election held Jan. 4 resulted in the defea t of the p ro
position to issue the $40,000 w ater and sewer bon ds m en tioned
in V . 90, p. 64.
Picacho School District, Imperial County, Cal.— Bond
Offering.— Bids will be received until F e b . 7 for the $2,000
b on d s offered bu t n ot sold on Jan. 4.
Pittsburgh, Pa.— Bonds Authorized.— O rdinances p rovid
in g fo r the issuance o f S3,420,000 o f the $6,775 ,0 00 bon ds
v oted N o v . 2 1909 (V . 89, p. 1238) were finally passed by
Select C ouncils on Jan. 17 and signed b y the M ayor on Jan.
19. T h e p roceeds o f the $3 ,420 ,0 00 bon d s will be used fo r
the follow in g purposes:
$ 1 , 200,000 fo r th e e re ctio n o f a new p u m p in g s ta tio n a t th e filtration
p la n t, pu rch asin g a d d itio n a l p u m ps a n d e x te n d in g the w ater s u p p ly
$ 1 ,0 8 0 ,0 0 0 fo r the re-g ra d ln g an d r e co n s tru ctio n o f streets; $45 0,00 0 fo r
parks a n d p la ygro u n d s; $36 0,00 0 fo r the r e co n s tru ctio n o f sew ers; $ 2 4 0 ,
000 fo r a tu b e rcu lo sis san itariu m ; a n d $90 ,000 fo r g a rbag e a n d ru bbish
In cin era tion .
J a n . 22 1910. |
THE CHRONICLE
P ittsfie ld , B erkshire C ou n ty , M a ss.— Bond Sale.— B lake
B ros. & C o. o f B o sto n , offering 103.17 and a ccru ed in terest,
w ere th e successful bidders on Jan. 18 for the follow in g 4 %
co u p o n b on d s described in V . 90, p . 181:
$33 ,0 0 0 w a ter b o n d s.
1015 In clu sive
100 .0 0 0 w a ter b o n d s.
1032 Inclu sive.
1 4 2 .0 0 0 s c h o o l b o n d s.
1023 Inclu sive
M atu rity $5,000 y e a r ly o n N o v . 1 fro m 1010 to
an d $3,000 In 1016.
M a tu rity $ 5 ,000 y e a r ly o n N o v . 1 fro m 1013 to
M atu rity $10 ,000 y e a r ly o n D e c . 1 fro m 1010 to
an d $ 2 ,000 In 1024.
T h e fo llow in g bids w ere also received:
E s ta b ro o k & C o ., B o s t o n -------103.07 I B lo d g e t, M erritt & C o .. B o s . .1 0 2 .4 4
A d a m s & C o ., B o s t o n -------------103.04 E . M . F a rn sw o rth & C o .,B o s _ * 1 0 4 .8 6
M errill, O ld h am & C o ., B o s ___102 .52 |
255
St. Bernard (P. O. Cincinnati), Ohio.— Bond Offering.—
P roposa ls will be receiv ed until 12 m . Jan. 29 b y G eorge
Sch roeder, Village Clerk, for $9 ,210 5 % cou p on M urray
R oa d im p rov em en t assessm ent b on d s.
A u th ority , S e ctio n
95, M unicipal C ode.
D en om in a tion $921. D ate N o v . 26
1909. In terest annually a t th e C itizen s’ B ank o f S t. B e r
nard. M atu rity $921 y ea rly on N o v . 26 from 1910 to 1919
in clu sive. B on d s are free from all ta xes. Pu rchaser to
p a y accru ed interest. T h e a m ou n t o f b on d s to be sold is
s u b je ct to red u ction b y an y cash p a ym en ts o f assessm ents
received p rior to the da te o f sale.
St. Lucie County (P. O. Fort Pierce), Fla.—Rond Offering.
* F o r th e $10 0,00 0 w ater b o n d s o n ly .
P le a sa n to n , A la m ed a C ou n ty , Cal. — Bond Election Pro
posed.— T his city is considering the a d visab ility of v otin g
on the qu estion o f issuing $40,000 b on d s. U p to Jan. 4
n o d a te had been set for the election .
^ P o ca h o n ta s , P oca h on ta s C ou n ty, I o w a .— Bonds Voted.—
T h e issuance o f $14,000 bon d s w as au th orized b y a v ote o f
93 to GO a t an election held D ec. 7 1909.
P o n to to c C ou n ty (P . O. A d a ), Okla — Bond Sale.— This
co u n ty , we are ad vised under da te o f Jan. 15, has sold $1 8,
000 bon ds.
P ortla n d S ch ool D istrict N o. 1 (P . O. P o rtla n d ), M u ltn o
m a h C ou n ty , O re.— Bond Election Proposed.— Speaking of
the reports th at this district p roposed to issue b on d s, the
Clerk inform s us under date o f Jan. 7 that “ the m atter has
been recom m en ded to the d istrict b y the B oa rd o f D irectors
an d a special election has been requested b y the required
n um ber o f legal sch ool v o te r s ,” bu t that n oth in g further has
y e t been don e.
P o rtsm o u th , S cioto C ou n ty , O hio.— Bond Offering.— P ro
posals w ill be received until 12 m . F e b . 15 b y W m . N . G ablem an^ C ity A u d itor, for $9,000 4 % cou p on fire-departm ent
bu ildin g and equ ipm ent b on d s.
D en om in a tion $50 0. D ate F e b . 1 1010. In te re st s e m i-a n n u a lly a t th e
C ity T rea su rer’s o ffic e .
M a tu rity $3,000 o n F e b . 1 in e a ch o f th e years
1014, 1015 an d 1016. Certllled ch e ck fo r 2 % o f b o n d s b id f o r , p a y a b le to
th e C ity A u d ito r , Is requ ired.
Q u in cy, M a ss.— Temporary Loan.— A loan o f $50,00 0, due
N o v . 21 1910, was n egotiated on Jan. 20, it is stated, w ith
C. D . Parker at 3 .7 9 % discou n t and a prem ium o f 12 cents.
R a n d olp h S ch ool D istrict, O range C ou n ty , C al. — Bond
Election.— A cco rd in g to reports a prop osition to issue $0,000
b on d s will be su bm itted to a v o te o f the p eop le on Jan. 29.
R a in ier, O re.— Bond Offering.— R ep orts state th at prop os
als will be received until 8 p. m . Jan. 24 b y J. B . E . B ou rne,
Clerk o f the C om m on C ouncil, fo r $5,600 6 % street-im p rov e
m en t and sewer bon ds.
D e n om in a tion s $10 0, $200 an d $500. D a te F e b . 1 1010. In terest
sem i-a n n u a lly a t th e C ity T reasu rer's o ffic e .
M atu rity F e b . 1 1020, s u b
je c t to call a fte r F e b . 1 1011. C ertllled c h e ck fo r 5 % o f b o n d s bid fo r is
req u ired .
R a n d o lp h C ou n ty (P . O. H u n tsv ille), M o .— Bond Sale.—
On Jan. 10 the $25,000 5 % 7-year cou p on ja il-con stru ction
b on d s described in V. 89, p . 1557, w ere disposed o f to W h it
aker & Co. o f St. L ouis a t 104.504 and a ccru ed interest— a
basis o f a b o u t 4 .2 5 % . T h ere w ere 21 oth er bidders. T ota l
d e b t, this issue. Assessed valu ation fo r 1907, $ 1 0,14 4,85 7.
R a ve n d e n Sprin gs Special S ch ool D istrict (P . O. R a ven d en S p rin g s), R a n d o lp h C ou n ty , A r k . — Bonds Authorized.—
T h is d istrict has authorized the issuance o f $5,000 6 % sch oolh ou se-bu ild in g b on d s.
— P rop osa ls w ill be received until 12 m . F e b . 7 b y the B oa rd
o f C ou n ty C om m issioners, J. E . F u ltz, Clerk, fo r the $200,
000 5 % g old cou p on road b o n d s m en tion ed in V . 90, p . 63.
y°A e
" f o r ". t ° 152 “ a g a in s t” a t e le c t lo n h e ld D e c . 1 1 0 0 0 ,
Hnn
n ).n Sj a te L egislatu re a p p r o v e d M ay 26 1000.
D e n o m in a
tio n $100 t o $ 1 ,0 0 0 , t o su it p u rch aser.
D ate F e b . 7 1010.
In te re s t sem it i n n n ^ i ^ i Q ? ? 1 ‘ CnnC• ,M atU flty o n F e b . 7 as fo llo w s : $ 20 ,000 In 1020,
i” l p2 5 > $*f0,000 in 1930, $ 5 0 ,0 0 0 in 1935 an d $60 ,000 In 1040.
O fficial circu la r states th a t there Is no litig a tio n o r c o n t r o v e r s y , p e n d in g o r
th re a te n e d , co n c e r n in g th e v a lid it y o f th e se b o n d s .
y 1
s
Salt Lake City School District (P. O. Salt Lake City),
Utah.— Bond Election.— A p rop osition to issue $700,000 4 %
20-year bon ds w ill be su bm itted to a v o te o f the p eop le on
Jan. 29.
I his election will take th e p la ce o f on e w hich was
to h ave been h eld Jan. 8 to v o te on the qu estion o f issuing
the $5 00 ,0 00 sch ool-b u ild in g bon d s m en tion ed in V 89
p . 1371.
'
’
Sandstone Independent School District No. 5 (P. O. Sand
stone), Pine County, Minn.— Bonds Voted— T h e election
held Ja n. 10 resulted in a v o te o f 127 to 9 in fa v o r o f the
p rop osition to issue th e $26,000 4 % sch ool-b u ild in g and fur
nishing b o n d s m en tion ed in V . 90, p . 127. It is ex p ected to
sell these securities to th e S tate o f M innesota.
Sandusky, Ohio.— Bond Sale.— O n Jan. 17 the $4,000 4 %
cou p on W arren Street sew er-assessm ent bon d s d e s crib e d in
V . 89, p . 1688, were sold to the T h ird N ation al E x ch a n g e
B ank o f Sandusky at 100.125. M atu rity $ 1 ,5 0 0 in each o f
the years 1910 and 1911 and $1,000 in 1912.
Bonds Not Sold.— N o disposal was m ade o f the $500 4 %
lateral-sew er cou p on assessm ent b on d s also offered on Jan. 17.
Sanford, Orange County, F la— R ond Offering— P roposals
w ill be receiv ed until 12 m . M arch 8 for $80,000 street-pavin g
$20,000 sch ool and $20,000 refunding 6 % cou p on bon ds.
*i DeJ uYJ,Ina,t!?,n i*1.’.000,’ , D ate J a n . 1 1010 . In te re st s e m i-a n n u a lly a t
th e N a tio n a l P a rk B a n k In N ew Y o r k C ity .
M a tu rity 20 years. J . C.
H iggin s, S. O . C hase a n d G e o . H . F erna ld are th e b o n d tru stees.
B o n d ed
v a l u a t i o n ^ " hY s T o ? SSUCS* ? 1 6 5 ’0 0 0 ’ f l o a t i n g d e b t , $ 4 4 ,2 7 2 . A ssessed
San Francisco, Cal.— Residt of Water Bond Election.—
R eturn s from the w ater b on d election held in this city on
Jan. 14 show th at a fa v ora b le v o te was cast on the p rop osi
tion to issue $45,000,000 bon d s for the con stru ction o f a
m unicipal w ater system w ith source at L ake E lean or in the
Sierra N evada M ountains. T h e alternate p rop osition to
issue $3 5,000,000 bon ds for the purchase o f the system of th e
Spring V alley W ater Co. failed to receive the necessary tw othirds m a jo rity . T h e v ote is reported as follow s:
Proposition N o. 1. T o Issue $4 5 ,0 0 0 ,0 0 0 b o n d s fo r th e c o n s t r u c tio n o f a
m u n icip a l w a te r sy s te m . “ F o r ,” 3 2,876; “ a g a in s t ,” 1,6 0 7 . N e ce s s a r y
to Ceilry,
.
Proposition N o. 2 .— T o Issue $ 3 5 ,0 0 0 ,0 0 0 b o n d s fo r th e p u rch a s e o f t h e
sy ste m o f the S prin g V a lle y W a te r C o.
“ F o r .” 2 2 ,050; “ a g a in s t ,” 1 1 ,7 2 4 .
N ecessary to ca r r y , 2 3 ,2 0 3 . See V . 00, p . 64.
5 5 0 0 ' In terest p a y a b le In R a v e n d e n S prin gs. M a tu rity
$500 y e a r ly o n Ja n . 1 fro m 1012 to 1021 in clu s iv e . T h e d is tric t has n o
d e b t a t presen t.
San Jacinto High School District (P. O. San Jacinto),
Riverside County, Cal.— Bonds Voted.— T h e election held
R id g w a y T o w n sh ip (P . O. R id g w a y ), G allatin C ou n ty , 111.
— Bond Sale.— T h e Gallatin C ou n ty B ank o f R id g w a y pur
chased on D ec. 28 1909 $6,000 5 % h a rd -roa d -con stru ction
b o n d s at par.
Jan. 11 resulted in fa v o r of the proposition to issue the $2 5,
000 5 % h igh -sch ool-b u ild in g an d equ ipp ing bon ds m en tion ed
in V . 90, p. 127. M aturity part yearly after 10 y e a rs. T h e
v ote was 40 “ f o r ” to 6 “ a g a in s t.”
D e n o m in a tio n $ 3 ,0 0 0 . D ate N o v . 1 1000. In te re st
$3,000 o n Ju n e 1 In ea ch o f th e years 1011 an d 1012.
Jun e 1.
M a tu rity
R iv e rsid e , R iversid e C ou n ty , C al.— Bond Offering.— P ro
posals will be received until 9:15 a . m . F e b . 8 b y N . A .
J a cob s, C ity Clerk, fo r $115,000 4 j ^ % city -h a ll-con stru ction
and fire-protection bon ds m en tioned in V . 89, p . 1688.
D en om in a tion $500. D a te D e c. 1 1000 . In te re st se m i-a n n u a lly a t the
C ity I r c a s u r c r ’s o ffic e .
M atu rity $5,000 y e a rly o n D e c. 1 fro m 1010 to
1032 In clu sive. C ertllled ch e ck o n a L os A n geles o r R iv e rsid e b a n k fo r
2 % o f the b o n d s bid fo r , p a y a b le to the C ity Clerk, Is re q u ire d .
B ids m u st
be m ad e u p on blanks furnish ed b y the C ity C lerk. P u rch a ser to p a y
a c c r u e d Interest.
R o ch e ste r, N . Y .— Note Sale.— On Jan. 20 $200,000 w ater
w ork s n otes were disposed o f to G oldm a n, Sachs & C o. of
New Y o rk City at 4 .1 5 % interest and $5 prem iu m . T h e
oth er bidders were:
Y o r I{-------------------4 } ^ % Interest a n d $22 prem iu m
K o u t z c B r o s ., N ew Y o rk
iu v
W . N . Coler & C o ., N ew v 8 r k ................ ................................... AU.&
F irst T ru st & S avin gs B a n k , C h i c a g o " ' .................... .............. 4 * %
n t S
A llia n ce B a n k , R o c h e s t e r ________ k
----------- ----------------------' 4 v, % n terost
A . G . M oore, R o c h e s t e r . . . . . . ............. .. 1111111111111111111 _ ^ 5 % in terest
Note Offering.— P roposals w ill b e received until 2 p . m .
Ja n. 28 b y Chas. F . P on d , C ity C om ptroller, fo r $549,000
w ater-w ork s-im provem en t n otes. T h ey will be pa ya ble six
m on th s from F e b . 1 1910 at the U nion Trust C o. in New
Y o rk C ity. B idder to designate den om in ation o f notes and
rate o f interest desired.
R o c k y F o rd , O tero C ou n ty, C ol.— Bond Sale.— An issue
o f $50,000 6 % 10-15-year (op tion a l) cou p on bon ds has been
sold .
•
*1 D e J?9m *n?*'i?n
$ 1 ,0 0 0 . D a te Ja n . 1 101 0. In te re s t se m i-a n n u a lly a t
th e o ffic e o f K o u n t z c B ro s . In N ew Y o r k C ity .
y
Sarpy County School District No. 37, Neb.— Bond Sale.—
An issue o f $3,000 4 ^ 2% bon ds w as sold on D ec. 8 1909 to the
S ta te P erm an en t S ch ool F u nd at par.
D ate S e p t. 1 1000.
In te re st a n n u a lly a t th e C o u n ty T reasu rer’s o ffic e .
M a tu rity S e p t. 1 1023, s u b je c t to call a fte r S e p t. 1 1020.
Scurry County Common School District No. 13, Tex.—
Bond Sale.— This district has a ccep ted a bid o f par and a c
crued in te re st, su bm itted b y the State Perm an en t S ch ool
I<und, for $5,000 5 % 5-40-year (op tion a l) bon d s, registered
on Jan. 6 b y the S tate C om ptroller.
Seattle School District No. 1, King County, Wash.— Bond
Offering.— P roposals will be received until 11 a . m . F e b . 1
b y M att H . G orm ley, C ou n ty Treasurer (P . O . S ea ttle), fo r
$500,000 cou p on b on d s at n ot exceeding 6 % interest.
D e n o m in a tio n $ 1 ,0 0 0 .
D ate M arch 1 1910.
in te re s t s e m i-a n n u a lly a t
th e S ta te llscal a g e n c y in N ew Y o r k C ity o r a t th e C o u n ty T re a su rer’ s
o ffic e , a t o p t io n o f p u rch aser.
M a tu rity $25 000 y e a r ly fro m 1011 t o 1030
In clu sive. C ertllled c h e ck fo r 1 % o f b o n d s bid fo r , p a y a b le to th e C o u n ty
T re a su re r, Is re q u ire d .
P u rch a ser to p a y accru e d In terest.
B ids are
req u ested as fo llo w s First, th e en tire issue to be d eliv e re d M arch 1 - a n d
second, $20 0,00 0 o n M arch 1 anti $ 1 0 0,00 0 o n M a y 1, J u ly 1 a n d S e p t 1
d eliv eries to be In n u m e rica l o rd e r.
Shadyside Special School District (P. O. Shadyside), Bel
mont County, Ohio.— Bond Sale.— T h e $10,000 5 % cou p on
fu n d in g bon d s described in V . 90, p . 128, w ere aw a rded on
Jan. 10 to the First N ational B ank o f Bellaire a t 101.51 an d
accru ed in terest. T h e follow in g bids w ere also received :
N ew F irst N a t. B k ., C o lu m ..$ 1 0 ,1 4 8 M r s t N a t . B k . , B a r n e s v l l l e . . $ 1 0 , 1 0 1
First N a t. B a n k , C le v e la n d .. 10,136 F a r m e r s ’ & M e r c h a n t s ’ N a t .
T illo ts o n & W o lc o t t C o ., C le v . 10,133
B a n k , B e l l a i r e ............................... 1 0 , 0 1 0
W e ll, R o t h & C o ., C I n c I n ____ 1 0 , 1 2 6
B a r t o S c o t t & C o ., C o l u m ___ 1 0 , 0 0 7
S e c . S a v . B k . & T r . C o . , T o l e d o 1 0 , 1 1 2 W . R . T o d d & C o ., C i n c l n ___1 0 , 0 0 0
M a t u r i t y $ 5 , 0 0 0 o n J a n . 1 5 in 1 9 1 2 a n d in 1 0 1 3 .
256
THE CHRONICLE
Sou th M y to n B en ch Irrig a tion D istrict (P . O. M y to n ),
W a sa tch C o u n ty , U ta h .— Bonds Not to Be Re-Offered at
Present.— W e are ad vised th at the $100,000 cou p on irriga
tion b on d s offered w ith ou t success on A u g. 19 1909 (V . 89,
p . 1026), “ will p ro b a b ly n o t b e pla ced on sale again b efore
som e tim e in 1 9 1 1 .”
Sou th O m aha Sch ool D istrict (P . O. Sou th O m ah a ),
D o u g la s C o u n ty , N e b .— Bond Sale.— F ou rteen bids w ere su b
m itte d fo r an issue o f $60,000 5 % 20-year sch ool-bu ild in g
an d site-pu rch ase b on d s, offered on Jan. 17. T h e tw o
h igh est o f these w ere the T h os. J. B olger C o. o f C h icago,
w h o offered $6 3,630, an d W o o d in , M cN ear & M oore o f Chi
ca g o , w h o b id $63,468 75. These b on d s w ere v o te d (V . 89,
p . 1557) on N o v . 2 1909.
S p arta, T e n n .— Description of Bonds.— T h e $30,00 0 rail
roa d -a id b on ds v o te d on D ec. 31 1909 (V . 90, p . 128), carry
5 % interest an d m ature in 20 years. W e are ad vised that
th e y w ill be delivered to the railroad co m p a n y .
S p ottsylva n ia C ou n ty (P . O. S p o tts y lv a n ia ), V a .— Bond
Offering.— A t 12 m . on M arch 7 this co u n ty will sell at a u ction
$20,000 C ourtland D istrict an d $20,000 Chancelor D istrict
4 p2% co u p o n h igh w ay-im p rovem en t b on d s.
D e n o m in a tio n $100 a n d $50 0. In te re st a n n u a lly a t th e C o u n ty T rea s
u rer’s o ffic e .
M a tu rity 30 ye a rs, s u b je c t t o call a fte r M arch 7 191 5.
T . A . H arris Is Clerk.
Spring Creek D rain age D istrict (P . O. J o lie t), W ill
C o u n ty , 111.— Price Paid for Bonds.— W e are in form ed th at
th e $ 2 1 ,5 3 0 70 6 % im p rov em en t b on d s disposed o f on Jan.
3 to local in vestors b rou gh t 100.25. See V . 90, p . 182.
D en om in a tion s $100 a n d $50 0.
D a te J a n . 3 1910. In te re st a n n u a lly
o n A u g . 3. M a tu r ity o n e -te n th y e a r ly on A u g . 3 fro m 1910 to 1919 Inclu sive
S teu b en ville, J efferson C ou n ty , O hio.— Bond Sale.— The
$1,050 5 % 5-year R a ilroad A v e . b on ds, d a ted D ec. 1 1909,
offered on Jan. 12 an d described in Y . 89, p . 1689, w ere
aw arded to the Cleveland T rust C o. a t 104.25 an d a ccru ed
in terest. F o llow in g are the bids received:
C levelan d T r u s t C o ., C lo v e .$ 1 ,0 9 4 6 3 | O h lo S a v . & T ru s t C o ., T o l . $ l , 068 00
N a t. E x . Tlk., S teu b en v ille. 1,085 00 U n io n D e p . B k ., S t c u b c n v . 1,0 5 0 00
W e ll, R o t h & C o ., C in ____ 1,073 0 0 1
Bonds Not Sold.— T h e $12,500 5 % 2-1 1-year (op tion a l)
L a Belle V iew B ou lev a rd b on d s also offered on Ja n. 12 (V . 89,
p . 1689) w ere n o t sold . D a te S ep t. 1 1909.
000 4 % road an d bridge bon d s v o te d in O ct. 1909 (V . 89,
p . 1103) h ave been issued an d are n ow in the hands o f the
A ttorn ey-G en eral aw aitin g his a p p ro v a l.
Bond Election.— P rop osition s to issue 5 % cou rt-h ou se and
ja il b on d s w ill b e v o te d u p on F e b . 5. T hese securities, if
au th orized, w ill take the p la ce o f th e $50,000 cou rt-h ou se
an d ja il b on d s v o te d (V . 89, p . 1103) in O ct. 1909. T h e
A ttorn ey-G en eral w ou ld n ot a p p rov e th e issue, it h aving been
v o te d on as on e p rop osition , w hile th e p roceeds w ere fo r tw o
separate pu rposes.
Superior, W is .— Bond Sale.— O n Jan. 15 the $100,000
4
20- year g old cou p on h igh -sch ool-b u ild in g b on d s de
scribed in Y . 90, p . 128, w ere aw arded to the S ecu rity T ru st
C o. o f St. Paul a t 100.6105 an d accru ed interest. B ids
w ere also received from F arson , S on & C o., the T h os. J.
B olger C o. an d th e Farw ell T ru st C o ., all o f C hicago, the
M innesota L oa n & T ru st Co. o f M inneapolis and the C om
m ercial in vestm en t Co. o f D uluth.
Temple, Bell County, Tex.— Bond Election.— A n election
will b e held F e b . 10, it is sta ted , to v o te u p on a p rop ositio n
to issue $100,000 h igh -sch ool b o n d s .
Terrell, Kaufman County, Tex.— Bond Sale.— A rrange
m ents h a v e been m ade w ith the S tate S ch ool F u n d fo r the
sale o f th e $10,000 5 % 10-40-year (op tion a l) electric-ligh t
and w ater-w ork s-im p rovem en t b on d s v o te d (V . 89, p . 1498)
on N o v . 23 1909.
W e are in form ed th at th e b on d s will be
issued as “ soon as the printers can g et them r e a d y .”
Toledo, Ohio.— Bonds Authorized.— T h e C ity C ouncil has
passed ordinances p rovid in g fo r the issuance o f the follow in g
5 % cou p on street-im p rovem en t assessm ent bon d s:
$4,317 17 C a led on ia S t. b o n d s.
D e n o m in a tio n $450, e x c e p t o n e b o n d
$207 17.
D ate N o v . 28 1909.
M a tu rity $267 17 o n M arch
1911 a n d $450 e a ch s ix m o n th s fr o m S e p t. 28 1911 t o S e p t.
1915 ln clu sve.
3 ,778 48 C raig S t. b o n d s.
D e n o m in a tio n $39 0, e x c o p t o n e b o n d
$268 48.
D a te N o v . 25 1909.
M a tu rity $268 o n M arch
1911 an d $390 ea ch s ix m o n th s f r o m S e p t. 25 1911 t o S e p t.
1915 In clu sive.
2,942 90 H a w le y S t. b o n d s.
D e n o m in a tio n $ 30 0, e x c e p t on e b o n d
$242 90.
D ate N o v . 15 1909.
M a tu r ity $242 90 on M arch
1911 a n d $300 ea ch s ix m o n th s f r o m S e p t. 15 1911 t o S e p t.
1915 In clu sive.
Union Free School Dist. No. I,
BONDS
Town of Hamburg, Erie Co., N. Y.
■ S ealed b id s w ill be r e ce iv e d b y th e C o m m itte e
o n W a y s a n d M eans o f th e C ity C ou n cil o f M inne
a p o lis , M in n esota, a t t h e 'o ffic e o f th e u n d ersign ed ,
T H U R S D A Y , F E B . 10, 1910, A T 2 O ’C L O C K
P . M ., fo r th e w h ole o r a n y part o f O ne H u n dred
T h o u s a n d ($10 0 ,0 0 0 00) D ollars o f G rade S ch o o l
b o n d s , d a te d J a n u a ry 1, 1910, a n d p a y a b le J a n . 1.
1940.
B on d s t o b ea r Interest a t th e rate o f fo u r
(4 ). p er ce n t p er a n n u m , p a y a b le J u ly 1st an d
J a n u a ry 1st.
T h e rig h t t o r e je c t a n y o r all b id s Is reserved .
A certified c h eck fo r t w o (2) p e r ce n t o f the
p a r v a lu e o f b o n d s b id fo r , m ade t o C. A . B lo o m q'ulst, C ity T rea su rer, m ust a c c o m p a n y ea ch b id .
P a m p h le t c on ta in in g fu ll p articu lars w ill be
m a iled u p o n a p p lic a tio n .
D A N C . B R O W N , C ity C o m p tro lle r,
M in n eapolis, M in n.
4% BONDS
o f M a r t in s b u r g , W e s t V ir g in ia
Five per cent Thirty-four Year Muni
cipal Bonds for Extension of Present
System of Water Works. Bonds
Redeemable after Twenty Years
T h e C om m ission ers o f th e W a te r W o r k s E x
ten sio n F u n d w ill a c c e p t b id s , eith er fo r a w h ole
o r f o r a p a rt o f th e Issue u p t o tw e lv e o ’ c lo c k
n o o n on F eb ru a ry 7 th , 191 0, a t w h ich tim e the
b ids w ill be c lo s e d . P a y m e n t o f p rin cip a l an d
Interest p r o v id e d fo r b y a sp ecial b o n d le v y , au
th oriz ed t o b e lev ed ea ch y e a r u n til th e b o n d s are
fu lly liq u id a te d . T h e p ro ce e d s fro m th e sale o f
th e b on d s w ill be used t o e x te n d th e p resen t s y s
tem o f w a ter w ork s t o new te r rito r y r e c e n tly
a d d e d t o th e c it y .
F o r circulars add ress P . W .
L etter, R e c o r d e r , M artln sb u rg, W . V a .
F . S . E M M E R T , C h airm an ,
E. R . S IG L E R ,
G. W . M cK O W N ,
C om m ission ers o f th e W a te r W o r k s
E x te n sio n F u n d .
THE AMERICAN MFG
N o tic e Is h e r e b y g iv e n th a t the B o a rd o f E d u
c a tio n o f U n io n F ree S ch o o l D is trict N o . 1 o f the
T o w n o f H a m b u r g , C o u n ty o f E rie, N ew Y o r k ,
w ill re ce iv e sealed p rop osals a t th e o ffic e o f the
C lerk, A . L . S tratem eler, 8 B a n k o f H a m b u rg
B ld g ., H a m b u r g , N . Y . , until 7 o ’ c lo c k p . m . on
th e 7 th d a y o f F e b ru a ry 1910 f o r the pu rch ase o f
30 b o n d s o f said d istrict o f the d e n o m in a tio n o f
F ifte e n H u n d red ($1,500) D ollars e a c h , n u m b e re d
fro m 1 t o 30 In clu sive, th e first o f said b o n d s to
fall d u e o n e y e a r fro m the d a te th e re o f an d a b o n d
ea ch y e a r th e re a fte r u n til all o f said b o n d s are
p a id . Said b o n d s to b e a r Interest a t th e rate o f
4 p e r c e n tu m p e r an n u m , p a y a b le a n n u a lly o n
J a n . 1st o f e a ch y e a r a t the H a n o v e r N ation a l
B a n k o f N ew Y o r k C ity to th e h o ld e r th e re o f In
g o ld . Said b o n d s w ill n o t be so ld b e lo w p a r an d
w ill be d a te d J a n u a ry 1st 1910.
B idders w ill b e requ ired to d e p o sit w ith their
b id s In ca sh , b y certified ch e ck o r b y ban k d ra ft.
2 p e r ce n tu m o f th e a m o u n t o f su ch b o n d s and
p a y th e ba la n ce w ith a c c r u e d Interest w h en such
b o n d s are d e liv e re d . T h e B o a rd reserves the
rig h t t o r e je c t a n y an d all bids.
D a te d J a n u a ry 18th 1910 a t H a m b u rg , N . Y .
S M IT H F . C O L V IN .
P re sid e n t o f th e B o a rd o f E d u c a tio n o f U n io n
F ree S ch o o l D ist. N o . 1 o f th e T o w n o f
H am burg, N. Y .
A . L . S T R A T E M E IE R ,
Clerk o f th e B o a rd o f E d u ca tio n o f U n ion
F ree S ch o o l D ist. N o . 1 o f th e T o w n o f
H am bu rg, N . Y .
H U N T ,
S A L T O N S T A L l
C O
R D
65 Wall Street,
A G
•
of
15
15
&
TOWN OF HUNTINGTON,
S u ffo lk C o u n ty , N. Y .
ROAD IMPROVEMENT BONDS
Sealed p ro p o sa ls f o r an Issue o f $18 ,000 o f roa d
Im p ro ve m e n t bo n d s o f the T o w n o f H u n tin g to n ,
C o u n ty o f S u ffolk a n d S ta te o f N ew Y o r k , w ill be
re ce iv e d b y th e S u p e rv iso r a n d T o w n B o a rd o f
th a t T o w n u n til J a n u a ry 2 7 th , 1910, a t tw o
o ’ c lo c k In th e a fte rn o o n o f th a t d a y .
T h ese b o n d s a rc Issued In a c c o r d a n c e w ith a
re so lu tio n o f th e B o a rd o f S u p erv isors o f th e
C o u n ty o f S u ffo lk , a d o p te d b y said B o a rd o n the
15th d a y o f D e ce m b e r , 1909, In p u rsu an ce o f a u
th o r ity co n fe rre d b y S e ctio n 142 o f the H ig h w a y
L a w o f th e S ta te o f N e w Y o r k , a n d w ill be Issued
In a series o f e igh teen bo n d s o f the d e n o m in a tio n o f
$1 ,0 0 0 , each bearin g d a te M arch 1st, 1910, bea rin g
interest a t 5 % per a n n u m , p a y a b le se m i-a n n u a lly
o n the first d a y s o f S e p te m b e r a n d M arch In ea ch
ye a r.
N um bers on e (I) a n d tw o (2) p a y a b le M arch 1st,
1911, a n d a like n u m b e r In co n s e c u tiv e o rd er In
ea ch y e a r th e re a fte r u n til th e Indebtedness Is fu lly
p a id . P rin cip a l an d Interest p a y a b le at th e o ffic e
o f th e S u p e rv iso r o f th e T o w n o f H u n tin g to n ,
S u ffolk C o u n ty , N . Y .
E ach b id m ust he a cc o m p a n ie d b y a certified
ch e ck fo r the sum o f $500, p a y a b le t o th e o rd er
o f the S u p e rv iso r o f the T o w n o f H u n tin g to n ,
S u fio lk C o u n ty , N ew Y o r k , to be fo rfe ite d b y th e
su ccessfu l bid d er If he fails t o co m p le te his c o n
tra ct. C h eck s o f un su ccessfu l b idders w ill bo re
tu rn ed t o th e m . T h e to w n reserves the rig h t to
r e je c t a n y an d all bids a n d the bo n d s are t o bo
d eliv ered a t th e o ffic e o f the S u p erv isor o f said
T o w n o n M arch 1st, 1910.
P rop osals t o be en d o rse d on th e o u tsid e " T o w n
o f H u n tin g to n R o a d Im p r o v e m e n t B o n d s ” an d
t o be add ressed t o "E d w a r d S. Ire la n d , S up er
v is o r, H u n tin g to n , S u lfo lk C o u n ty , N . Y . ”
D a te d H u n tin g to n , N . Y ., J a n u a ry 10th, 191 0.
E D W A R D S . I R E L A N D , S u p e rv isor.
S T A N T O N E . S A M M IS , T o w n C lerk.
C O .,
M e m b e r s N e w Y o r k S to c k E x c h a n g e
PER R Y,
I n v e s t m
e n t
C O F F IN
&
BURR
S e c u r it ie s
60 S T A T E S T R E E T
BO STO N
In v e s tm e n t
B onds
60 State Street, Boston
CO.
B L A C K S T A F F & CO.
M A N I L A , S IS A L A N D
of
25
25
8 1 8 .0 0 0
CITY OF MINNEAPOLIS
$ 4 0 ,0 0 0
of
28
28
NEW LOANS.
8 4 5 ,0 0 0
S I 0 0 .0 0 0
LXXXX.
Stonewall County (P. O. Aspsrmont), Tex.— Bonds Is
sued.— W e are in form ed under da te o f Jan. 13 th at the $3 0,
NEW LOANS.
NEW LOANS.
C itv
[VOL.
JUTK
IN V E ST M E N T S
1332 Walnut Stre®t
PHILADELPHIA
E .
New York
B 8 T A B L I 8 HHD 1885
H . C . S p e e r & Sons C o .
First Nat. Bank Bldg., Chicago
c it y
L IS T O F S P E C IA L T IE S O N R E Q U E S T
, county
A N D SC H O O L
p rtw n Q
d
LM NDO
J a n . 22 1010.
THE CHRONICLE
257
2,051 47 M a p lew ood A v e . bo n d s.
D e n o m in a tio n $300 e x c e p t o n e b o n d o t
D ec.
$251 4 7 .
D ate N o v . 30
1909. M a tu r ity $251
47 o n M arch
30 31 1909 w ere disposed o f to the Sinking F u n d C om
1911 a n d $300 e a ch s ix
m o n th s fr o m S e p t. 30 1911 t o S em
p t.issioners
3o
a t pa r an d accru ed interest.
1915 Inclu sive.
Bonds Not Sold.— N o aw ard was m ade o f th e $25,000 5 %
2 ,6 7 9 58 K e n t P la ce b o n d s . D e n o m in a tio n $ 27 5, e x c e p t o n e b o n d o f
$204 58.
D ate D e c. 0 1909.
M a tu r ity $204 58 o n M a rch 6
w ater and sew er-extension b on d s also offered on Ja n. 5.
1911 a n d $275 e a ch s ix
m o n th s fr o m S e p t. 6 1911 t o S e p t. 0
P roposals for b o th issues w ere a t first asked until D e c. 29
1915 Inclu sive.
3 ,9 0 9 54 W o o d r u ff A v e . N o . 10 b o n d s .
D e n o m in a tio n $400 e x c e p t on e
1909. See V . 89, p . 1689. T h e sale w as p ostp on ed on th a t
b o n d o f $309 54. D g le N o v . 30 1909.
M a tu rity $309 54 o n
d a y , h ow ever, until Ja n. 5.
M arch 30 1911 a n d $400 e a ch s ix m o n th s fr o m S e p t. 30 1911 t o
S e p t. 30 1915 In clu sive.
W a b a u n see'C ou n ty (P . O. A lm a ), K a n .— Bond Safe.— T h e
In te r e s t sem i-a n n u a lly a t th e N o rth e rn N a tio n a l B a n k o f T o le d o .
successful an d on ly p roposa l received on Jan. 13 fo r th e
$80,000 4 J 4 % 1-16-year (serial) ra ilroa d -refu n d in g bon d s
described in V . 90, p . 129, w as on e a t par su b m itted b y the
S ociety fo r Savings in C leveland.
T o r o n to , J e ffe rson C o u n ty , O hio.-— Bond Offering .— P ro
posals w ill b e received until 12 m . Jan. 25 b y D . O . A u lt,
V illage Clerk, fo r $8,000 4 % refunding b on d s.
A u th o r it y , S e c tio n 270 1, R e v is e d S ta tu te s.
D e n o m in a tio n $1 ,0 0 0 .
D a te J a n . 1 1 9 1 0 .
In te re st sem i-an n u al.
M a tu rity 20 ye a rs. C ertified
en eek r ° r 3 % ° f b o n d s b id f o r , p a y a b le t o th e V illa ge T reasu rer, Is re
q u ir e d .
P u rch a ser t o p a y a c c r u e d Interest.
W a sh in g to n , P a .— Bond Sale.— T h e R eal E sta te T ru st
Co. o f W a sh ington recen tly pu rch ased the $1 0,00 0 5 % D unn
A v en u e crossin g-im p rovem en t (b o ro u g h 's p ortion ) b on ds,
described in V . 90, p . 129.
T ra ffo rd C ity , W estm orela n d C ou n ty , P a . — Description
of Bonds.— W e are ad vised th at the $10,000 5 % sch ool bon ds
a w a rded on J a n .3 to J . S . & W . S . K u h n l n c . o f P ittsb u rgh
(V . 90, p . 129) are da ted Jan. 1 1910.
T r o y , N . Y .— Bond Sale.— On Jan. 15 the $80,000 4 )4%
1-20-year (serial) registered p u b lic-im p rovem en t b on d s of
1908 described in Y . 90, p . 182, w ere sold to J. J r H art of
A lb a n y at 103.41— a basis of a b ou t 4 .0 9 8 % . T h e follow in g
bids w ere received:
W a x a h a tch ie, Ellis C ou n ty, T e x .— Bonds Registered.— T h e
$17,000 5 % 1-34-year (serial) w ater-w orks b on d s v o te d on
O ct. 12 1909 (V . 89, p . 1372) w ere registered on Ja n. 10 b y
the S tate C om ptroller.
W e s t C h ester S ch ool D istrict (P . O. W e s t C h e ste r),
C hester C o u n t y /P a . — Bonds Authorized.— T h is district has
au th orized the issuance o f $30,000 4 % co u p o n sch ool-b u ild in g
an d equ ipp in g b on d s .
J . J . H a r t, A l b a n y _________ 103.41
L a w ren ce B a rn u m & C o .,N .Y _ 1 0 3 .0 7
R . L . D a y & C o ., N . Y ____ 103.261
N . W . H a ls e y & C o ., N . Y ___ 102.77
O ’ C on n or & ICahler, N . Y _ _ 103.197
B lo d g e t, M erritt & C o ., B o s .- 1 0 2 .5 8
A . B . L ea ch & C o ., N . Y . . . 103.0725 T r o y S a v in gs B a n k , T r o y ____ 102.10
p e n ° m ln at l° n s $500 a n d $ 1 ,0 0 0 . D a te D e c. 17 1909. In te re s t in A p ril
an d O cto b e r a t th e F a rm e rs’ & M e ch a n ics’ T ru st C o . in W e st C h ester.
M atu rity O ct. 1 193 9, s u b je c t t o call a fte r A p ril 1 1910.
B o n d s are e x e m p t
fr o m all ta x e s .
v
D e n o m in a tio n $1,0Q 0.
In te re st s e m i-a n n u a l.
o n J a n . 1 fr o m 1920 t o 1929 in clu sive.
M a tu r ity $ 1 ,000 y e a r ly
W h a rton C ou n ty In d ep en d en t S ch ool D istrict N o. 1, T e x .
Bonds Not Sold.— N o sale was m ade o f the $158,372 4 %
1-20-year (serial) registered p u b lic-im p rovem en t b on ds, also
offered on the sam e d a y . B ids for b oth issues w ere received
fro m K o u n tze B ros, o f New Y ork C ity, w ho offered $ 2 40 ,
249 44,- and B lo d get, M erritt & Co. o f B oston , w ho bid
$239,087 12.
— Bond Offering.— P roposals w ill be received at a n y tim e fo r
the $12,000 5 % b on d s registered b y the S tate C om p troller
(V . 89, p . 952) on S ep t. 16 1909.
D e n o m in a tio n $ 1 ,0 0 0 .
D ate Ju n e 1 1909.
In te re st a n n u a l. M a tu r ity
Jun e 1 1929, s u b je c t to call a fte r Ju n e 1 1919.
I . L . C a n d le r'is S u p erin
te n d e n t o f C ity S c h o o ls a n d F ra n k B . M ay is P re sid e n t B o a rd o f T ru stees.
U n io n to w n S ch ool D istrict (P . O. U n io n to w n ), F a y e tte
C o u n ty , P a .— Bond Election— A p rop osition to issue $125,
000 h igh -sch ool-bu ild in g an d site b on d s will b e su bm itted
to a v o te o f the peop le on F e b . 15.
V en tn o r C ity (P . O. A tla n tic C ity ), N . J .— Bond Sale.—
On Jan. 5 the $15,000 5 % 20-year co u p o n fire bon d s dated
N E W
LOAN S.
N E W
W h ite C ou n ty (P . O. M o n t ic e llo ), I n d .— Bonds Not Sold.—
W e are ad vised th at n o aw ard has y e t been m ade o f the
$8,200 4
c o upo n road b on d s m en tion ed in V . 89, p . 1559.
W ild Cat T o w n s h ip , E lk C ou n ty , K a n s .— Bond Sale.—
An issue o f $4,000 5 % refunding b on d s was disposed o f last
m on th to the State o f K ansas at par. D a te S ep t. 1 1909.
LO AN S.
N E W
LO AN S.
$ 5 0 0 ,0 0 0
S T A T E OF M A R Y L A N D The City of Seattle, Wash. The City of Seattle, Wash.
$ 1 ,0 0 0 ,0 0 0
$ 2 0 0 ,0 0 0
T R E A S U R Y DEPARTM ENT.
A n n a p olis, J a n u a ry 3 r d , 1910.
T H E ST A T E R O A D S L O A N .
T h e u n d ersign ed , G o v e rn o r, C o m p tro lle r an d
T rea su rer o f th e State o f M arylan d , in p ursuan ce
o f an A c t o f th e G eneral A sse m b ly o f M arylan d o f
1908, C h ap ter 141, w ill re ce ive p rop osa ls fo r
$ 1 ,0 0 0 ,0 0 0 Series " C ” o t the said L o a n .
“ T h e S tate R o a d s L o a n ” w ill be d a te d F e b ru
a r y 1, 1910, bear Interest fro m said d a te a t th e
ra te o f T h ree an d O ne H a lf P er C en tu m per
a n n u m , p a y a b le sem i-a n n u a lly o n the first d a y o f
A u gu st an d F eb ru a ry In each and e v e r y y e a r
a n d th e p rin cipa l w ill be re d eem able a t the’
p leasure o f th e S tate a fte r th e first d a y o f F e b ru
a r y in th e year 1920, and th e w h ole d e b t w ill be
p a y a b le on the first d a y o f F e b ru a ry , 1925.
T h e d e b t Is e x e m p te d fro m S ta te , c o u n t y and
m u n icip a l ta x a tio n an d will be issued In b o n d
fo r m , w ith c o u p o n s a tta ch e d .
S aid p rop osa ls m ust be d e liv e re d , sealed , t o
th e T reasu rer of the S ta te, at A n n apolis, O N O R
B E F O R E 12 O 'C L O C K N O O N O F T H E F I R S T
D A Y O F F E B R U A R Y , 1910, an d m ust h ave
en d orsed o n the back o f the e n v e lo p e " P r o p o s a ls
fo r th e S tate R oa d s L o a n .”
E ach bid m ust be
a c c o m p a n ie d w ith a certified c h e ck o n so m e
resp on sib le ban k in g Institution fo r 10 per cen t
o f the a m o u n t o f su ch b id , an d th e sam e w ill be
PJPeI)e (l In the o ffic e o f the S ta te T reasu rer, In
th e C ity o f A n n a p olis, a t 12 o ’c lo c k n o o n , F e b ru
a r y 1s t, 1910, In the presence o f th e u n d ersign ed.
O n th e o p e n in g o f such p roposals so m a n y o f
said c o u p o n b on d s as h a ve been .b id fo r , n o t
e x c e e d in g , h ow ev er, th e a m o u n t fo r w h ich p r o
p osals are In vited, m a y be a w a rd ed b y said G o v
ern or, C o m p tro lle r o f the T re a su ry a n d T reasurer,
o r a m a jo r it y o f th e m , t o the h igh est respon sible
b id d e r or bidders fo r cash; an d w hen tw o o r m ore
bid d ers h ave m a d e th e sam e b id , w h ich b ids are
th e h ig h est, and if th e a m o u n ts s o b id fo r b y the
h igh est resp on sible bid d e rs are in excess o f the
w h ole a m o u n t o f th e said b o n d s so offe re d fo r
sale, th en su ch b on d s m a y be a w ard ed t o such
h igh est respon sible b idders b id d in g the sam e price
In th e p r o p o r tio n w h ich th e am o u n t each has bid
fo r bears t o th o w h ole a m o u n t o f said bon d s so
offered fo r sale.
Tih «SnAb o n Sls V 1
,11 1,0 Issued In th e d e n o m in a tio n
I h c n e M J i^ o r v e c !
J.
G eneral M unicipal L ig h t E x ten sion
B on d s
Sealed p rop osa ls w ill b e re ce iv e d b y th e u n d e r
sign ed u n til tw e lv e (12) o ’ c lo c k n o o n o n S a tu rd a y ,
J a n u a ry 29, 1910, fo r th e pu rch ase o f $200,000
G eneral M unicipal L igh t E x te n sio n B o n d s , bein g
a p o r tio n o f th e $80 0,00 0 v o te d a t th e special
e le ctio n held In th e C ity o f S eattle o n the 29th d a y
o f D e ce m b e r, 1908, u n d er a n d b y v ir tu e o f O rd i
nan ce N o . 19605.
Said b o n d s t o b e Issued In d e n o m in a tio n s o f
$ 1,000 each a n d t o b ea r d a te as o f th e d a te o f th e ir
a c tu a l Issue t o th e su ccessfu l b id d e r.
Said b o n d s shall be p a y a b le tw e n ty (20) years
fr o m th e d a te o f th eir Issuance, a n d shall bear
Interest a t a rate n o t t o e x c e e d fo u r a n d o n e h alf (4 M ) p er ce n t per an n u m , Interest p a y a b le
se m i-a n n u a lly , an d Interest c o u p o n s fo r tn e p a y
m e n t o f su ch Interest sem i-a n n u a lly w ill b e a tta c h e d
t o said b o n d s.
B o th prin cip a l an d Interest p a y
a b le a t th e fiscal a g e n c y o f the S tate o f W a s h in g to n
In N ew Y o r k C ity.
B idders m a y bid fo r said b o n d s b y offers o f
p rem iu m on said b o n d s at the sta te d m a x im u m
ra te , o r b y offers t o tak e said b o n d s a t a rate lo w e r
th a n th e sta te d m a x im u m rate, o r b y offers o f
prem iu m o n said bo n d s a t a rate low er th an th e
sta te d m a x im u m rate.
B ids m ust be a cc o m p a n ie d b y a certified c h e c k
on som e s o lv e n t ban k in th e C ity o f S eattle, p a y
a b le t o th e u n d ersign ed , fo r $ 7 ,5 0 0 , w h ich w ill be
retu rn ed If th e bid Is n o t a c c e p te d .
I f a c c e p te d ,
th e a m o u n t o f th e ch e ck w ill be a p p lie d u p o n th e
pu rch ase price o f th e b o n d s, o r If b id be n o t c o m
p lie d w ith th e ch e ck shall be fo rfe ite d t o th e C ity
o f S ea ttle.
All b ids w ill be o p e n e d a n d co n sid e re d b y th e
c o r p o r a te a u th orities In th o o ffic e o f the C ity
C o m p tro lle r on S a tu r d a y , J a n u a ry 2 9 , 1910, at
tw e lv e ( 12) o ’ c lo c k n o o n .
T h e rig h t Is reserved to r e je c t a n y o r all b id s .
F u rth e r particu lars w ill be g iv e n b y th e u n d e r
sign ed u p o n a p p lic a tio n .
D ated S e a ttle , W a s h in g to n , D e ce m b e r 2 3 ,1 9 0 9 .
„
„
II. W . C A R R O L L ,
C ity C o m p tro lle r an d e x -o ffic lo C ity C lerk,
D a te o f first p u b lic a tio n D e ce m b e r 25, 1909.
F O R R E S T
I g a n d aU b i d ..
W . H E ltIN G ,
Governor.
C om p tro lle r o f th e T re a su ry
BANKERS
C o r p o r a tio n
T reasu rer.
BANKERS
3 0 P IN E S T R E E T , N E W Y O R K
John
P H IL A D E L P H IA . PA
A N D
R A IL R O A D
BONDS
S E A S 0 N G 00 D & M A T E R ,
Moroaatik) L ib ra ry B u ild ing
C IN C IN N A T I
OY & COM PANY
H. W a t k i n s M cC
Form erly M acDonald. HoCoy A Oe.
M U N IC IP A L
6 0 S T A T E S T R E E T , BOSTON
S T A T E , C IT T & R A IL R O A D
B onds
FREE OF T A X
421 CHESTNUT ST..
M U N IC IP A L
LIST ON A P P L IC A T IO N
Municipal and Seasoned
M U R R A Y V A N D IV E R .
B lo d g e t, M e rritt & C o .
& C O .
G eneral P a rk B o n d s .
S ealed p ro p o sa ls w ill be r e ce iv e d b y th e u n d er
signed until tw e lv e ( 12) o ’ c lo c k n o o n o n S a tu r d a y ,
J a n u a ry 29, 1910, fo r th e pu rch ase o f $ 50 0,00 0
G eneral P a rk B o n d s o f th e C ity o f S e a ttle , bein g
th e rem ain der o f th e $ 1 , 000,000 v o te d a t th e sp ecial
e le ctio n held In th e C ity o f S eattle o n th e 29tn d a y
o f D e ce m b e r, 1908, u n d er a n d b y v ir tu e o f O rd i
n an ce N o . 19606.
Said bo n d s t o be Issued In d e n o m in a tion s o f
$ 1,000 ea ch an d t o b e a r d a te as o f th e d a te o f their
a ctu a l Issuance t o th e su ccessfu l b id d e r.
Said b o n d s shall be p a y a b le t w e n ty (20) years
fro m th e d a te o f th e ir Issuance, a n d shall bear
Interest a t a rate n o t t o e x c e e d fo u r a n d on e-h a lf
(4 Y ) p e r ce n t p e r a n n u m , Interest p a y a b le sem i
a n n u a lly , a n d Interest co u p o n s fo r th e p a y m e n t o f
suph Interest se m i-a n n u a lly w ill be a tta c h e d to
said b o n d s.
B o th prin cip a l a n d in terest p a y a b le
a t th e fiscal a g e n c y o f th e S ta te o f W a s h in g to n in
N ew Y o r k C ity .
•
B idders m a y b id fo r said b o n d s b y o ffers o f
p rem iu m o n said b o n d s a t th e sta te d m a x im u m
ra te , o r b y offers t o tak e said b o n d s a t a ra te low er
th a n th e sta te d m a x im u m ra te , o r b y offers o f
prem iu m o n said b o n d s a t a rate lo w e r th a n th e
sta te d m a x im u m ra te . B id s m u st b e a c c o m p a n ie d
b y a certified ch e ck o n so m e s o lv e n t b a n k In th e
C ity o f S ea ttle, p a y a b le t o th e u n d e rsign ed , fo r
$12 ,5 0 0 , w h ich w ill be re tu rn e d If th e b id is n ot
a c c e p te d .
If a c c e p te d , th e a m o u n t o f th e ch eck
w ill be a p p lie d u p o n th e p u rch ase p r ice o f the
b o n d s, o r If b id b e n o t c o m p lie d w ith c h e c k shal
b e fo rfe ite d t o th e C ity o f S eattle.
All bids w ill be o p e n e d an d co n sid e re d b y th e
c o rp o ra te au th orities In th e o ffic e o f the C ity C om p
troller on S a tu rd a y , J a n u a ry 2 9 , 1910, a t tw e lv e
(12) o ’c lo c k n o o n . T h e rig h t Is reserved t o r e je c t
a n y o r a ll b id s.
^
F u rth er particu lars w ill b e g iv e n b y th e u n d er
sign ed u p o n a p p lica tio n .
D a te d S eattle. W a s h in g to n , D e c e m b e r 2 3 .1 9 0 9 .
H. W . CARROLL,
C ity C o m p tro lle r an d e x -o ffic lo C ity C lerk .
D a te o f flist p u b lica tio n D e ce m b e r 2 5 , 1909.
AND
R A IL R O A D
BON DS
BO N D S N o . 2 W A L L S T R E E T , N E W Y O R K
Municipal and
Corporation Bonds
181 La Salle Street, - Chicago
THE CHRONICLE
258
[VOL. L X X X X .
M atu rity S ep t. 1 1917, su b ject to call a t a n y in terest-p ayin g b y F ran k B o n d , C ou n ty Treasurer (P . O . N orth Y a k im a ),
fo r $1 ,200 cou p on new sch ool-b u ild in g an d furnishing b on d s.
p eriod .
A u th o r it y S e ctio n s 117 -11 9 C o d e o f P u b lic I n s tr u c tio n , L aw s o f 1 89 7,
W illc o x S ch ool D istrict (P . O. W illc o x ), C och ise C ou n ty , pages 357 e t s e q ., also a n e le ctio n h e ld N o v . 20 190 9. D a te “ d a y o f Issu e.”
A r iz .— Bonds Approved.— T h e $7 ,500 0 %
h igh -sch ool- j In te re s t (a t n o t e x c e e d in g 6 % ) p a y a b le a n n u a lly a t th e C o u n ty T re a su rer’s
o ffic e . M a tu r ity 20 y e a rs , s u b je c t to call a fte r 5 years.
bu ildin g b on d s m en tion ed in V . 89, p . 1689, h ave been
Y a llob u sh a Sw a m p L a n d D istrict N o. 1 (P . O. P it ts b o r o ),
a p p ro v e d b y th e B o a rd o f C ou n ty Com m issioners.
C alhoun C ou n ty , M iss .— Bond Offering.— P roposals w ill be
D e n o m in a tio n $75 0. In te re s t a n n u a l. M a tu r ity $750 y e a r ly be g in n in g
elev en yea rs fro m d a te .
received until 10 a . m . F e b . 7 b y N . R . L am ar, Clerk o f the
W illia m so n C ou n ty (P . O. G e o rg e to w n ), T e x .— Bond B oa rd o f S upervisors, fo r $48,000 6 % cou p on drainage
Election Proposed.— A ccord in g to reports, petition s are b ein g canal b on d s .
r it y S e ctio n 372 e t s e q ., C od e o f 1906.
D e n o m in a tio n $50 0. D a te
circu la ted am on g th e p rop erty-ow n ers of C om m issioners’ F eAb .u t1h o1910.
In te re st an n u a l. M a tu rity $500 y e a r ly fro m 1911 t o 1919
P re cin ct N o . 4 requesting the C ou n ty C om m issioners’ Court In c lu s iv e , $ 1,000 y e a r ly fro m 1920 to 1924 In clu sive, $ 1 ,500 y e a r ly fro m
to order an election to v o te on th e qu estion o f issuing $200,000 1925 t o 1930 In clu siv e , $ 2 ,500 yea rly fro m 1931 to 1935 In clu sive, $ 3 ,0 0 0
I In ea ch o f th e yea rs 1936 an d 193 7, $ 3 ,500 in ea ch o f th e years 1938 an d
5 % 4 0 -yea r m a ca d am -roa d b on d s.
1939 a n d $ 4 ,0 0 0 in 194 0.
B o n d s are e x e m p t fro m all ta x e s . C ertilled
c h e c k fo r $50 0, p a y a b le to th e Clerk o f th e B o a rd o f S u p e rv iso rs, Is re
W illia m s U n ion H igh S ch ool D istrict (P . O. W illia m s), I qu
ire d .
Colusa C o u n ty , C al.— No Action Yet Taken.— W e are ad vised
u nder da te o f Jan. 3 th at n oth in g has y e t been don e look in g
tow a rd s the issuance o f the sch ool-b u ild in g b on d s m en tion Canada, its Provinces and Municipalities.
A s sin ib o ia (P . O. St. C h arles), M an . — Debenture Offering.
o f w hich was m ade in V . 89, p . 1617.
W ilm in g to n Sch ool D istrict (P . O. W ilm in g to n ), D e l.— — P rop osa ls w ill b e received up to and in cluding F e b . 1 b y
Bond Offering.— P roposa ls w ill b e received b y th e B oa rd o f Frank Ness, Secretary-T reasu rer, fo r $3,493 34 5 % loca lE d u ca tio n until 8 p . m . Jan. 24 fo r $20,000 4 ) ^ % cou p on im p rov em en t deb en tu res, due part y ea rly fo r 7 years.
sch o o l-b u ild in g an d eq u ip m en t b on d s .
B ra n d o n , M a n .— Debentures Proposed.— R ep orts state
A u th o r it y C h a p ter 9 3 , V o l. 23, L a w s o t D e la w a re , as a m e n d e d b y th
th a t this c ity will sh ortly b e on the m arket w ith three issues
1907 session o f t h e G eneral A s s e m b ly .
D e n o m in a tio n $ 1 ,0 0 0 .
D ate F e b . 1
o f debentures aggregating $30,000.
191 0.
In teres t sem i-a n n u a lly a t th e U n io n N a tio n a l B a n k o f W ilm in g to n .
M a tu rity F e b . 1 1920.
B id s m u st be m ade u p o n b la n k s fu rn ish ed b y the
Bruce C ou n ty (P . O. W a lk e rto n ), O nt.— Debenture Offer
F in a n ce C o m m itte e .
B on d s w ill be ce r tifie d as t o genuineness b y th e
U . S . M ortg a ge & T ru s t C o . o f N ew Y o r k C ity , a n d th e ir le g a lity a p p ro v e d ing.— P roposals w ill b e received until 12 m . Jan. 26 b y P . A .
b y J o h n W . B r a d y , S o licito r o f th e C ity o f W ilm in g to n .
P u rch a ser m ust
M alcom son, C ou n ty Clerk, for the $20,000 4
c o upo n
p a y fo r b o n d s o n F e b . 15. S am u el H . B a y a r d is C h airm an o f the F in a n ce
b ridge debentures m en tioned in V . 90, p . 183. M aturity
C o m m itte e .
•
W in s lo w , N a va jo C ou n ty , A r iz .— Bonds Voted.— I t is re part yearly for 20 years.
C algary, A lb e r ta .— Debenture Sale.— T h e $688,000 30-year
p o rte d th at an election held here recen tly resulted in fa v o r
o f a p rop osition to issue $40,000 sew er-con stru ction b on ds. a n d '$89 6,20 0 20 -yea r 4 ) ^ % debentures offered in L on d o n
on Jan. 13 (V . 90, p . 183) w ere disposed o f, it is sta te d ,
T h e v o te was 53 “ fo r ” to 20 “ a g a in st.”
W in te rse t, M adison C ou n ty , I o w a .— Bond Sale.— G eo. M. a t 103.50.
C am rose, A lta .— Debenture Sale.— T h e tw o issues o f
B ech tel & C o. o f D a v en p ort h ave p u rch ased $60,000 4 > £ %
w a ter-w ork s b o n d s fo r $61,577— the price thus being 102.628. street-im p rov em en t an d fire-protection 6 % cou p on d eb en
tures, aggregating $ 6 ,000 , m en tioned in V . 89, p . 1618, were
D e n o m in a tio n $ 50 0. D a te J a n . 2 1909. In te re s t se m i-a n n u a l M a
t u r it y 1929.
aw arded on Jan. 1 to W o o d , G un dy & Co., of T o ro n to a t
Y a k im a C ou n ty S ch ool D istrict N o. 8 8 , W a s h . — Bond 105.591 and accru ed interest. F ollow in g are the bids re
Offering.— P roposa ls will be received until 10 a. m . Jan. 29 ceived :
N E W
NEW LOANS.
LO AN S.
S I 6 5 ,0 0 0
S I 6 0 .0 0 0
City of Beau mont,T ex as
5%
BONDS
ACCOUNTANTS.
Bayou Terre-aux-Boeufs
Drainage District
'
5 % BO N D S
S ealed b id s w ill b e re ce iv e d b y th e C ity C ou ncil
o f th e C ity o f B e a u m o n t, T e x a s , fr o m 'J A N U A R Y
1 5 T H , 191 0, t o M A R C H 1 S T , 191 0, a t 10 a. m .,
fo r th e p u rch ase o f all, o r a n y p a rt o f $16 0 ,0 0 0
b o n d s , as fo llo w s , to -w it:
P a rish o f S t. B e rn a rd , J a n u a ry 1st, 1910.
T h e B o a rd o f C om m ission ers o f th e B a y o u
T e r r e -a u x -B o e u fs D rainage D istrict w ill re ce iv e
b id s fo r th e p u rch ase o f Its b o n d Issue o f O ne
H u n d re d
and
S ix t y -F iv e T h o u s a n d
D ollars
$ 1 0 0 ,0 0 0 School H ouse B u ild in g and
($ 1 65,000) o n o r b e fo re T U E S D A Y , F E B R U A R Y
R ep air B on d s
8
T H , 191 0, a t 12 o ’c lo c k n o o n .
5 0 .0 0 0 S ew erage B on ds
T h e se b o n d s are in d e n o m in a tio n s o f O n e
10.000 Street Im p ro v e m e n t and
T h o u s a n d D ollars ($1,000) e a c h , be a r F iv e P e r
R ep air B on ds
C en t ( 5 % ) Interest, Interest p a y a b le a n n u a lly !
A ll o f sa id b o n d s bein g o f th e d e n o m in a tio n o f an d m a d e p a y a b le F o r t y (40) years a fte r th eir
$ 1 ,0 0 0 e a c h , d a te d D e ce m b e r 1 st, 190 9, m aturin g d a t e , w ith th e o p tio n o f re d e m p tio n In n u m erica l
D e ce m b e r 1st, 194 9, s u b je c t t o th e rig h t o f th e o r d e r a fte r T e n (10) years.
T h e se b o n d s are Issued In c o n fo r m it y w ith
C ity t o r ed eem all o r a n y p a rt o f said b o n d s at
a n y tim e a fte r tw e n ty yea rs fro m th e d a te th e r e o f, A rticle 281 o f th e C o n stitu tio n o f L o u isia n a , a n d
a t p a r a n d a ccru ed In terest, an d bearin g Interest m u st be so ld fo r n o t less th a n par.
E a ch b id is t o be a cc o m p a n ie d b y a certified
a t th e ra te o f 5 % p er an n u m , p a y a b le sem i
an n u a lly o n th e 1st d a y o f Ju n e and 1st d a y o f c h e c k fo r T w e n t y -F iv e H u n d re d D ollars ($ 2 ,5 0 0 ),
D e c e m b e r o f ea ch y e a r . T h e prin cip a l and p a y a b le t o th e o rd e r o f th e said B o a rd o f C om
Interest are p a y a b le In la w fu l m o n e y o f th e U n ite d m issioners; th e c h e ck o f th e su ccessfu l b id d e r w ill
S ta tes o f A m e r ic a , a t th e o ffic e o f th e C ity T re a s be retain ed a n d c re d ite d o n th e p u rch ase p rice
u r e r , B e a u m o n t, T e x a s , o r a t th e H a n o v e r o f th e b o n d s: th e ch eck s o f th e u n su ccessfu l bid d e rs
N a tion a l B a n k . N ew Y o r k C ity , N . Y . , at th e w ill be retu rn ed t o th e m .
T h e B o a rd o f C om m ission ers o f th e B a y o u
o p t io n o f th e h old er.
,
E a ch b id m u st be m a d e o n b la n k fo rm fu rn ish ed T e r r e -a u x -B o e u fs D ra in a ge D is trict reserves th e
r
ig
h t t o r e je c t a n y a n d all b id s.
b y th e c it y , and m u st be a c c o m p a n ie d b y a d u ly
F o r fu rth e r In fo rm a tio n , a p p ly t o B . F . E sto p ce r tifie d c h e c k on o n e o f th e ban ks o f th e C ity o f
B e a u m o n t fo r T w o P er C en t o f th e par va lu e o f ln a l, S e c r e ta r y , S t. B e rn a rd , L a ., o r t o H . L .
th e b o n d s b id fo r . T h e b id s h o u ld b e In sealed F a v r o t , A t t o r n e y , 608 H e n n en B ld g ., N e w
e n v e lo p e m a rk ed “ B ids fo r C ity B o n d s ,” and O rleans
ad d ressed t o J . G . S u tto n , C ity S e c r e ta r y , B ea u
m on t, T exa s.
T h e b id s t o b e con sid ered m u st b e filed b y him
on o r b e fo r e T u e s d a y , M arch 1st, 10 a. m ., 1910.
T h e rig h t Is reserv ed b y th e c it y t o r e je c t a n y
LAW YER
an d all bid s.
J. G. SU TTO N ,
S p e c ia liz in g in E x a m in a t io n o f
C ity S e cre ta ry ,
C ity o f B e a u m o n t, T e x .
M u n ic ip a l a n d C o r p o r a t io n B o n d s
F. W M . K R A F T
1312 FIRST NATIO NAL B AN K B L D d .i
CHICAGO, ILB.
C A N A D IA N
MUNICIPAL BONDS
P. J. G 00D H A R T &
ay B R O A D W A Y
W . A. MACKENZIE & CO.,
Bank
M U N IC IP A L
BON DS
f a x E xem pt Anywhere In the United States
W rite for Particulars
IJ L E N , S U T H E R L IN & 0 0 .
8 1 7 F l n t N a t B a n k B ld g , C H I C A G 0 . 1 L L .
-
-
NEW Y O B K
Telephone 2240 R ector
.T 26 W a ln u t H t., C in c in n a t i
TORONTO, CANADA
W E OW N A N D O F F E R
CO.,
B a n k e rs
.
and
T ru st
C o.
S tock s
C h a rles M . S m ith & C o
CORPORATION AND
MUNICIPAL BONDS
PISST NATIONAL BANK BUILDING
CHICAGO
A rth u r Y o u n g & CoC e r tifle d
P u b lic
A cco u n ta n ts
(IL L IN O IS )
N e w Y o r k , 3 0 P in e S t r e e t
[H llw a n k e e , 0 3 3 W e l le B ld g
C h ic a g o , 1 3 1 3 M o n a d n o c k B lo c k
K a n s a s C it y , 1 1 0 6 C o m m e r e e B l d g .
LYBRAND,
ROSS BROS &
MONTGOMERY
C e r tifie d
P u b lic
A c c o u n t a n t.
( P e n n s y lv a n ia )
L a n d T i t l e B u ild in g
P H IL A D E L P H IA .
C it y I n v e s t in g B ld g ., 1 0 3 B r o a d w a y
NEW Y O R K .
U n io n B a n k B u ild in g
P IT T S B U R G H
F ir s t N a t io n a l B a n k B ld g .,
C H IC A G O
J A M E S P A R K & CO.
C E R T IF IE D PU BL IO ACCOU N TANTS
New York .Chicago, Cincinnati and
London, England.
A U D ITORS
FOR
F IN A N C IA L IN S T IT U
T IO N S, IN D U S T R IA L A N D
M IN IN G COM PAN IES
Investigations, Financial Statements,
Periodical Audits and A ccounting.
ALFRED ROSE & CO.,
CERTIFIED PUBLIO ACCOUNTANT*
5 8 P in a S tr e e t,
NEW YORK
T e le p h o n e 4261 J o h n .
LOOMIS, C0NANT & CO.
CERTIFIED PUBLIC ACCOUNTANTS
30 B r o a d S treet, N ew Y o r k
T e l. 4968 B road .
359
THE CHRONICLE
J a n . 22 1910.]
W o o d , G u n d y & C o ., T o r . . 56,335 50
M olson s B a n k , C a m rose— a6,3 0 0 00
C . H . B u rgess & C o ., T o r . . 6,287 00
W . A . M c K e n z ie & C o .,T o r . 6,269 00
B re n t, N o x o n & C o ., T o r . . 0,262 00
J . A . R eid & C o ., R e g in a ..a 6 ,260 00
D en om in a tion s' 3392 33"airi’d 5130
a n n u a lly a t the M erch an ts’ B a n k o f
20 yea rs.
,
.
a W ith o u t a ccru e d Interest.
G e o . A . S tim so n & C o ., T o r . 56,2 4 0 00
N a y & J a m e s, R e g in a .......... 6,181 20
O n t. S e cu r. C o r p ., T o r o n t o 6,127 00
H orn . S ecu rities C o r p ., L t d .,
T o r o n t o __________________ 6,103 00
J . G . M a ck in to sh , W in n ip e g 6,0 3 0 00
78.
D a te S e p t . ' 25 1909." In terest
C a m rose. M atu rity p a rt y e a r ly fo r
L a k e Shore S ch ool D istrict N o . 2221, S a sk .— Debenture
district recen tly sold $ 1 ,500 5 J ^ % sch ool
b u ild in g and site-purchase debentures to T u rgeon & Calder
o f R egin a at 100.70. M aturity 1920.
M in iota , M an .— Price Paid for Debentures.— W e are a d
vised th a t the price paid for the $12,000 4 % 20 -yea r tele
p h on e debentures aw arded on D ec. 7 1909 (Y . 89, p . 1691)
to N a y & Jam es of R egin a was 96.133 an d accru ed in terest.
T h e follow in g b id s were received:
Sale.— T h is
E d m o n to n , A lb e rta ,— Debenture Sale.— R ep orts state th a t
B rou se, M itchell & C o. of T o ro n to recen tly purchased $1 52 ,
000 4 % debentures.
H a lton C ou n ty (P . O. B u rlin g ton ), O n t.— Debenture Sale.
— T h e D om in ion Secu rities C orporation, L td ., of lo r o n t o ,
w as the successful bidder on Jan. 5 for the $16,000 4 % cou p on
h ou se-of-refu ge debentures described in V. 90, p . 66. Ma
tu rity part yearly on D ec. 17 from 1910 to 1919 in clusive.
E lph in ston e U n ion S ch ool D istrict N o. 196, M an .— Deben
ture Sale.— N ay & James o f R egin a w ere the successful b id
ders fo r $2,800 6 % sch ool-deben tu res du e pa rt yea rly from
1911 to 1930 inclusive.
G ra n d v iew , M an .— Debenture Sale.— T h e $3,000 5 % sewer
debentures offered on D ec. 30 1909 (V . 89, p . 1691) were
aw arded to A llow a y & C ham pion o f W in n ip eg at par and
a ccru ed interest. M aturity 15 years. T h e follow in g bids
w ere also received:
N a y & J a m e s , R e g in a ______ 511 ,536 "J . A . R e id & C o ., R e g in a -------5 1 1 .2 8 5
U . A . M c K e n z ie & C o ., T o r . . 11,520 G e o . A . S tlm so n & C o ., T o r . . 1 1 ,220
A . L . C ro ssin _________________ 11,390 O n ta rio S ecurities C o ., T o r . . 1 1 ,207
A e m lliu s Ja rv is & C o ., T o r . . 11,381
N icolet, Q u e.— Debenture Sale.— An issue of $10,000 5 %
30-year w ater-w orks an d electric-light debentures w as re
cen tly disposed o f to A . P . Christmas & C o. o f M ontreal.
D en om in a tion , $1,000. D ate, N o v . 1, 1909. In terest sem i
annual.
P e te rb o ro u g h , O n t.— Debenture Sale.— W a ter w orks i } 4 %
30-year debentures am ou n tin g to $95,000 h ave been disposed
o f to the D om in ion Securities C orporation , L td ., o f T o r o n to .
S co tt, S a sk .— Debenture Sale.— F ire-p rotection an d side
w alk 5 % 15-year debentures a ggregating $10,000 w ere sold
on D ec. 15 1909 to the U nion B a n k o f Canada a t pa r.
S tirlin g, O n t.— Debenture Offering.— P roposals w ill be
received until Jan. 25 b y G. G . T hrasher, V illage Clerk, fo r
W o o d , G u n d y & C o ., T o r .-5 2 .9 0 5 0 0 1O n tario S ec. C o rp
T o r . . .5 2 ,8 5 1 00
$10,000 5 % electric-ligh t debentures. M atu rity pa rt y ea rly
G eo A S tlm son & C o ., T o r . 2,904 00 N a y & J a m e s, R e g in a ---------2,841 00
on O ct. 1 from 1910 t o l9 2 9 in clusive.
B r e n t N o x o n & Co , T o r . - 2 903 70 J a s .G .M c I n to s h ,W in n ip e g . 2,810 00
W .°A ! i l a °lmiJzle & C o . , T o r . . 2 ,900 0 0 1J . A d d is o n R e id & C o ..
S tra ssb u rg, S a sk .— Debenture Offering.— P roposals w ill be
D o m in io n S e c . C o r p .. T o r . 2,891 00 | L t d ., R e g in a ...................... ,.,802 00
received until Jan. 31 for $2,800 6 % recreation grou n d d eb en
H o w e ll, S a sk .— Debenture Sale.— J. A dd ison R eid & C o., tures. M aturity part yearly on Jan. 1 from 1911 to 1920
L td ., o f R egin a , purchased $800 6 % im p rov em en t debentures in clusive. E . F . S tedm an is S ecretary-T rea su rer.
on Jan. 3 at 9 5 .625 . D ate Jan. 6 1910. In terest annual.
W a lla ce b u rg , O n t.— Debentures Defeated.— On Jan. 3 the
M aturity part yea rly for 15 years.
v oters defeated the p rop osition to issue the $20,000 5 %
K e lo w n a , B . C .— Debenture Sale.— B ren t, N ox on & C o. of 30-year sch ool debentures m en tion ed in V . 90, p . 66. T h e
T o r o n to h ave been aw arded $13,000 5 M % an d 6 % 5 and 20- v o te was 133 “ f o r ” to 143 “ a g a in s t.”
W e ta sk iw in , A lb e r ta .— Debenture Sale.— B ren t, N ox o n &
y ea r local an d street-im p rov em en t debentures.
K u la k S ch ool D istrict N o. 2045, A lb e rta .— Debenture Sale. C o. o f T o r o n to recen tly purchased $2,621 25 6 % loca l— On D e c. 21 1909 J. A dd ison R eid & C o., L td ., o f R egin a, im p rov em en t debentures, due pa rt y ea rly fo r 7 years.
W e ta sk iw in , O n t.— Bonds Defeated.— A recen t election ,
w ere aw arded $1,600 6 % sch ool debentures at 101.875. In
terest annually on D ec. 21. M aturity part yea rly fo r 10 it is stated, resulted in the defeat o f p rop osition s to issue
$30,000 h ospital an d $2,500 park debentures.
years.
M IS C E L L A N E O U S .
M IS C E L L A N E O U S .
T h e m o s t c o n s e r v a t iv e b a n k e r s , b r o k e r s
and
in v e s to r s
have
c o n s ta n tly
B
’ S
R
T h e
b e fo r e
th em
T r u s t
B
A
S
O
N
E
P
O
R
T
C O L O N IA L
C o n d itio n s
p a n y
o f
3 7 -4 3 W A L L S T R E E T , N E W
ON
F u n d a m e n ta l
C o m
S
222
LO NDON
BRANCHi
B road w ay,
For details c o n ce rn in g these R e p o rts o r our
'B usiness B a rom eters” (w h loh wo Install In ban ks
b o th to r th eir o w n a n d cu s to m e rs ’ use) address
B a b s o n ’s C om p ilin g O ttloes, W e lle sle y H ills, M ass.
A m e r i c a
YORK.
N ew
95
Y ork.
C A P IT A L
AN D
SU R PLU S
O F F IC E i
G resh a m
S t.
$ 8 ,0 0 0 ,0 0 0
Invites accounts of individuals, firms and corporations.
Pays interest on daily balances.
Executes trusts of every description.
N ew Y o rk office, 33 B roa d w a y
L a r g e s t S t a t i s t i c a l O r g a n iz a t i o n in th e U . S .
A d ria n H . M u lle r & Son,
A U C T IO N E E R S .
Regular Weekly Sales
.
L
OF
F
.
D O M M E R I C H
S O L IC IT
ACCO U N TS
TO
D IS C O U N T
F IN A N C E
AN D
G U A R A N T E E
STREET.
-
SALE S
<&a.t
C A R R Y
W ALL
.
General Offices, 57 Greene Street
EVERY WEDNESDAY
O ffic e , N o. 5 5 W I L L I A M S T B F « T T ,
C o rn e r c in e s tre e t.
7
C O
N E W YORK
S T O C K S and B O N D S
&
&
-
NEW
NO
G OO DS
FO R
O W N
AC CO U N T
YORK.
BANKERS
I n v e s t m e n t
B ank
and
T ru st
S e c u r it ie s
C om pany
S tock i
N EW Y O R K AND B R O O K L Y N
W ilk in s o n
,
R e c k itt
,
W illia m s
&
C o
.
C E R T I F I E D P U B L IC A C C O U N T A N T S
B O U a iiT A N D SO LD
C L I N T O N
G I L B E R
3 W A LL S T . NEW YORK.
T .
N E W
Y O R K
3 2 B ro a d w a y
OTTO JULIUS MERKEL
B R O K K it
44 AND 4 6 W A L L 8TR K K T, NEW Y O R K
IN V E S T M E N T
S E C U R IT IE S
Oorrespondeooe Invited.
C H IC A G O
M a rq u e tte
B id * .
L O N D O N , E N G L A N D
L e a d e n h a li B ld g s .
P H I L A D E L P H I A
M u tu a liL ife
B id * .
260
THE CHRONICLE
[V O L . L X X X X .
S rau st © o ra p u ttte s.
O D ite a s t a t e s H a s t
C
i p g
Qxn&X
a t jn m
i o n
U nion T ru st C om pany
Chartered 1853
C
A
P
O F
CHARTERED
45 a n d 4 7 W a ll S treet.
L , ................................................................................................
I T A
$
SURPLUS AND
U N D IV ID E D
P R O F IT S ,
2 ,0 0 0 ,0 0 0 .0 0
p
E D W A R D W . S H E L D O N , P resid en t.
E I N Q S L E Y , V .-P r e s .
H E N R Y E . A H E R N , S ecreta ry .
W IL F R E D J . W O R C E S T E R , A s s t . S ec. C H A R L E S A . E D W A R D S , 2d A s s t Sec
TR U STE E S.
Chairman of the Board
JO H N A . S T E W A R T ,
G u it a r H . S c h w a b .
F ran k L y m a n ,
G eorge F . V ic t o r .
Jam es S tillm a n .
Joh n Claflln,
J o h n J. P h e lp s.
L ew is C ais L e d y a rd .
L y m a n J. G age.
P a y n e W h itn e y .
E d w ard W . Sh eldon
C h au n ecy K e e p ,
G eorge L . R iv e s ,
A rth u r C. Jam es.
W illia m M. K in gsle y.
WE OWN AND OFFER
M
U
N
I C
I P
A
L
B
O
N
D
S
Yielding from 3.90% to 4.38%
S e c u r itie s
o f t h e P u b lic S e r v ic e C o r p o r a t io n
ALLOWS INTEREST ON DEPOSITS.
Acts as Executor. Guardian, Trustee, &c.
Administers “ Institutional” and Other
Fiduciary Trusts.
Receives Securities for Safe Keeping and
Collection of Income.
TRUSTEES.
W a lte r P . Bliss,
H . Van R . K ennedy,
A m o r y S . C arh art,
Ja m e s G ore K in g ,
A le x . S. C och ran .
W . E m len R o o s e v e lt ,
A m os F . E n o,
N . P a rk er S h o rtrld g e ,
F rederic d e P . F o s te r ,
J am es S p e y e r,
H arrison E . G a w try ,
John V . B. T h ayer,
R o b e r t W . G o e le t,
Charles H . T w e e d ,
Adrian Iselln J r .,
R ic h a r d T . W ils o n ,
A u gu stu s W . K e lle y ,
Jam es T . W o o d w a r d .
W illia m W o o d w a r d .
O F F IC E R S .
A U G U S T U S W . K E L L E Y . V ic e -P r e s id e n t.
J O H N V . B . T H A Y E R . V lc c -P r c s t . & S e c .
E D W A R D R . M E R R I T T . V ice -P re s id e n t.
0 . C. R A W L I N G S , T ru s t O ffic e r .
HENRY M. P O P H A M ,,
«
T. W . H ARTSH ORNE,
A sst S e o ’ya
J
H E N R Y M . M Y R IC K . j
^
o f N e w J e r s e y
Yielding from 4.30 to 6.13%
Up°n application we will be pleased to mail our weekly list
of offerings and quotations
F id e l it y
80 B R O A D W A Y
Capital $1,000,000
Surplus (earned) $8,000,000
®th er p r o p e r ty , real o r pe rso n a l, f o r e s ta te s .
W TT t t a m «
W . B a y a rd C u ttin g ,
W illia m R o c k e fe lle r ,
A lex a n d er E . O rr,
W illiam H . Many J r .,
W illia m D . S loan e.
Y O R K
$ 1 3 ,7 2 0 ,6 2 2 .4 2
8ecurltle3 an d
m0 n e y ’
N E W
1804
Branch 425 Fifth Avenue, Corner 38th Street
With Modern Sate Deposit Vaults
. t o e / r i c o g n ^ e c r f n m V p a d M ^ r ^ ^ Admlnlatrator- G u a r d i a n . T r u s t e e . C o u r t D epositary and la
I n te r e s t a t o u r re n t r a te s o n d e p o s its .
Vr
(T crm patxies.
T r u st
C o m p a n y
BOND DEPARTMENT
T E L E P H O N E 1932 M A R K E T
NEWARK, N. J.
M a n h a tt a n
T ru-st
IlJ in o is T ta is f& S a v iiig s B a iL k
C om pany
C H IC A G O
C a p it a l and. S u r p lu s
J $ 1
3
, 4
0
0
, 0
0
0
t
Wall Street, Corner Nassau
Pays Interest on Time Deposits, Current and Reserve Accounts
Deals in Investment Securities and Foreign Exchange
Transacts a General Trust Business.
CORRESPONDENCE
N
E
W
Y
O
R
K
IN V IT E D .
U N IT E D S T A T E S
CENTRAL
TRUST
COM PANY
of NEW YORK
M ORTG AG E & TR U ST
COMPANY
N E W
54 Wall S tr e e t
Y O R K
C A PITA L,
Capital and Surplus, $ 18,000,000
SU R PLU S,
$2,000,000.00
$4,000,000.00
( o f w h ic h $ 1 7 , 0 0 0 , 0 0 0 h a s b e e n e a r n e d )
A u t h o r iz e d to a c t as E x e c u to r , T r u s t e e , A d m in is tra to r o r G u a r d ia n .
R e e e i v e s D e p o s it s , s u b je c t t o c h e c k , a n d a llo w s In terest o n D a ily
B a la n c e s .
A c t s a s T r a n s fe r A g e n t , R e g is t r a r a n d T r u s t e e u n d e r M o r tg a g e s .
Invites Personal and Business
Accounts. Acts as Trustee, Ex
ecutor, Administrator, Guard
ian and in All Fiduciary
Capacities.
Certifies Muni
cipal and Corporation Bonds.
55 C edar
BIRD
8 . COLER
'g n Q t n z z x s .
LEONARD H. HOLE.
W. N. COLER & CO.,
BANKERS
43 CEDAR ST„
NEW YORK.
I N V E S T M E N T S .
^
7 3 rd
St & B ’ w a y
St.
1 2 5 th
St. & 8 th A v e .
M TC H A N GE T ...
C o n s u ltin g M in in g E n g in e e r an d G e o lo g is t
COAL
AND M IN E R A L PR O PER TIES
E x a m in e d , D e v e lo p e d , M a n a g e d .
837 D r e x e l B ld g .,
P H IL A D E L P H IA , P A .
B. W . Strassburger
3 o u t h * r n I n v e s t m e n t S e c u r <t »e 8 .
M ONTGOM ERY, A E A .
@FedFRASER