Full text of Commercial and Financial Chronicle : January 23, 1909, Vol. 88, No. 2274

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We

ttrontr-te

°Malarial
INCLUDING

Bank and Quotation Section (Monthly)
Railway and Industrial Section(Quarterly)
VOL. 88.

State and City Section(Semi-Annually)
Electric Railway Section(m:)

SATURDAY, JANUARY 23 1909,

ixcTincrixicit.

FV; 1..',

Clearings at

PUBLISHED WEEKLY.

1909.

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Published every Saturday mommy by WILLIAM B. DANA COMPANY.
William B. Dana,President; Jacob Seibert Jr.,Vice-Pres. and See.; Arnold
G. Dana,Treas. Addresses of all,Office of the Company.

Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids_ _ _
Dayton
Evansville __
Kalamazoo
Springfield, Ill.__
Lexington
Fort Wayne._.._
Youngstown
Akron
Rockford __
Bloomington_ _ -Quincy
Canton
Decatur _ .....
South Bend
Springfield, 0__ _
Jackson
Mansfield
Jacksonville, Ill_
Ann Arbor
Danville
Adrian _
Tot. Mid. West

CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, dtc., indicates
that the total bank clearings of all clearing houses of the U.S
for week end. Jan.23 have been $3,104,162,901, against $3,422,831,198 last week and $2,596,018,947 the week last year.
Clearings-Returns by Telegraph Jan. 23

1909.

1908.

%

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,556,252,718
152,230,861
105,569,034
23,348,523
231,087,766
63,107,061
17,240,884

81,314,363,584
127,677,882
97,317,000
21,175,767
196,888,031
53,702,017
18,126,699

+18.4
+19.2
+8-5
+10.3
+17-4
+17.5
-4.9

Seven cities, 5 days
Other cities, 5 days

$2,148,836,847
440,108,361

$1,829,250,980
375,921,418

+17.4
+17.3

Total all cities,5 days
All cities, 1 day

82.588,945,208
515,217,693

82,205,172,398
390,346,549

+17.4
+31.8

83,104,162,901

$2,596,018,947

+19.6

Total all cities for week

The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night. ,
We present below detailed figures for the week ending with
Saturday noon, Jan. 16, for four years. .
Week ending January 16.

Clearings al-

1 fIG. Or

1909.

1908.

Dec.

1907.

1906.

$
8
$
%
8
3W York
2,166,840,502 1,770,084,274 +22.4 2,181,845,156 2,594,337,802
illadelphia
135,890,708 127,793,380 +6.3 150,332,176 162,176,223
ttsburgh
42,182,949
44,275,216 -4.7
51,073,358
57,933,240
iltimore
31,450,616
26.059,578 +20.7
30,088,776
32,307,564
Maio
9,101,093
8,441,982 +7.8
8,613,703
8,791,301
bany
5,572,835
4,829,627 +15.4
7,860,106
6,079,954
ashington ---6,965,033
5,4:39,943 +28.0
5,986,655
5,953,380
)cheater
3,991,602
3,701,588 +7.8
3,490,835
4,217,724
ranton
3,042,213
2,244,022 +35.6
2,116.833
1,837,554
Tacuse
2,231.690
2,516,074 -11.3
2,147,599
1,743,214
>tiding
1,480,826
1,220,369 +21.3
1,405,091
1,075,051
limington
1,396,543
+5.2
1,327,424
1,368,148
1,282,353
likes-Barre.1,223,836
1,177,820 +3.9
1,149,497
1,178,556
heeling, W.Va.
1.418,195
1,254,992 +13.0
1,128,573
998,257
irrisburg
1,183.987
1,050,908 +12.7
1,042,951
761,280
irk
709,375 +7.3
643,332
le
605,710 +6.2
727,716
622,291
578,700
nghamton-554,600 +4.3
572,700
535,900
494,979
Lester
8.0
538,228
469,493
506,481
461,957
'eensburg
492,484 -6.2
540,741
483,328
287,093
anklin
247,569 +16.0
300,509
323,561
452,270
toona
587,348 -23.0
1,411,117 Not included in total
enton _ _
Total Middle._ 2,417,652,234 2,005,152,511

+20.6 2,452,260,616 2,882,383,742

,ston
ovidence
Milord
my Haven
ringfleld
orcester
rtland
11 River
rw Bedford_ _
,well
ilyoke

197,952,330
8,496,000
3,855,283
3,186,913
2,304,904
1,892,375
1,882,980
1,466,046
929,804
555,296
489,196

176,542,756
8,324,900
4,896,034
3,567,792
2,125,317
1,835,667
1,837,610
1,196,466
857.718
594,548
441,601

+12.1
+2.1
-21.3
-10.7
+3.4
+3.1
+2.5
+22.6
+8.4
-6.6
+10.8

235,527,102
9.375,000
3,650,114
3,093,990
2,220,681
1,831,992
1,618,489
1,396,658
1,010,358
544,175
532,877

197,129,697
9,171,400
3,476,223
2,547,873
2,204,208
1,536,136
2,053,258
1,106,603
770,311
502,839
467,210

rotal New Eng

223,011,127

202,220.409 +10.3

260,801,436

220,965.758




San Francisco
Los Angeles
Seattle Portland
Spokane
Salt Lake City
Tacoma
Oakland
Helena _ _
Fargo
Sioux Falls
San Jose
Sacramento
Stockton
San Diego
Billings
Fresno
North Yakima.._

$
267,256,351
30,815,200
16,935,795
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
260,957
202,644
323,551
32,141

NO. 2274.
Weekending January 16.
1908.

$
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
232.621
190,110
294,127
27,000

Inc. Or
Dec.
%
+21.2
+15.7
+0.1
-1.9
+9.0
+33.0
+24.3
+3.5
+3.3
+11.1
+11.7
+37.6
+21.7
+8.8
-24.8
+34.2
+24.8
+8.3
+25.6
-5.2
+9.7
+54.8
+1.3
+13.4
+52.5
+1.6
+18.3
+12.2
+6.6
+10.0
+19.0

1907.
$
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

1906. 1
$
Nal
215,974,500
27,830,050
17,552,517
13,248,838
9,433,644
7,358,889
4,818,800
4,698,354
3,422,952
2.559.645
1,937,437
1.644,168
923,502
778.188
876,916
724,470
680,739
601,400
558,032
468,779
350.026
389,589
322,488
327,436
436,458
278,000
390,075
285,146
102,584

322,047,256 +17.8

352,823,290

318,968,522

35,111,478 +10.9
38,945,164
9,450,000 +35.3
12,782,731
7,328,649 +26.2
9,250.695
5,418,931 +29.4
7,011,917
5,098,884 +39.6
7.120,284
4,244,833 +66.1
7,050,895
3,782,557 +20.6
4,560,850
1,615,487 +23.5
1,995,890
627,851 +44.7
908,199
759,851
581,150 +30.7
525,000
460,000 +14.1
470,636
450,000 +4.6
983,000
1,256,872 -21.7
579,000
408,580 +41.7
1.065,000
850.000 +25.3
247,500
225,000 +10.0
492,000 Not included in total
Not included in total

46,129,150
14,055,010
8,598,292
6,513,746
5,016,168
7,200,541
4,811,255
3,626,364
793.660
579,231
421,950
275,000

43,427,723
11,068,176
7,958,816
4,825,000
3,688,887
6,664,832
3,558,208

379,504,966

716,236
574,732
356,046

Total Pacific- -

94,256,612

76,910,072 +22.6

98,020,367

82,638,656

Kansas City-Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Lincoln
Wichita
Topeka
Davenport
Colorado Springs.
Cedar Rapids-Pueblo
Fremont

45,808,721
18,311,799
13,959,660
10,274,714
9,104,226
6,699,446
3,556,285
3.028,647
1,457,807
1.696,205
1,411,135
1,138,230
826,094
1,028,823
744,471
370,985

35,832,284
22,304,046
12,118,365
9,996.234
7,941,926
5,809,283
2,695,436
2.086,092
1,147,684
1,332,644
933.181
841,477
766,952
741,096
665,872
399,766

33,635,614
17,871,581
10,623,817
8,675,238
8,130,992
6,500.647
2,680,404
2,205,776
1,270,861
1,211,348
1,008,899
925,087
850,836
735,541
787,364
342,649

28,487,064
17,898,412
8,788,468
7,388,196
7,452,323
5,257,657
2,441,270
1,799,317

Tot. oth.West.

119,417,248

St. Louis
New Orleans_ _ _ _
Louisville
Houston -- ---Galveston
Richmond _ _
Memphis
Atlanta
Savannah
Nashville
Fort Worth _ _ - _
Norfolk
Birmingham--Augusta
Little Rock_ -Charleston
Mobile
Chattanooga _- _
Knoxville
Jacksonville
Macon
Oklahoma
Beaumont _ _
Austin
Vicksburg

73,877,686
21,609,848
15,169,652
15,206,632
6,916,000
7,440,140
6,270,648
6,487,129
4,442.080
3,800.000
6,370,541
2,532,012
2,494,734
2,244,786
1,713,010
1,675,000
1.567.127
1,604,327
1,737,375
1,883,493
1,012,391
1.195,000
627,562
576,536
535,322

Total Southern
Total all

188,989,011

+27.8
-17.9
+15.2
+13.0
+14.6
+15.3
+31.9
+45.2
+27.0
+27.3
+51.2
+35.3
+7.7
+38.7
+11.8
-7.2

104,712.338 +14.0

1,168.717
1,035.948
806,862
954.261
541,156
640,367
252,387

97,456,704

84,912,406

+19.8
-2.8
+29.4
+51.1
-2.0
+20.0
+4.0
+27.5
+8.0
-7.0
+42.0
+17.6
+22.1
+9.7
+11.0
+9.2
+9.7
+12.6
+25.7
+23.5
+39.4
+52.7
+43.1
-4.8
+14.4

67,675,671
26.461,631
14,845,367
15,324,812
8,550,500
6,200,000
6,039,936
5,468,345
5,112,513
4,317,932
3,953,274
3,112,911
1,978,925
1,775,285
1,701,553
1,704,510
1,532,986
1,517,383
1,481,009
1,378,405
800,000
888,788
343,700

65.708,519
24,634,232
13,066,947
10,521,361
5,611,000
5,985,686
6,502,820
4.353,568
3,974,627
3,354,364
3.353.073
2.365,131
1,688,124
1,624,686
1,345,283
1,779,724
1,185,842
1,332.997
1,479,308
1.445,575
527,015

160,849,872 +17.5

182,185,436

162,110,648

61.673,772
22,240,993
11,719,924
10,009,380
7,059,000
6,197.979
6,027,489
5,068,434
4,112.620
4,084,368
4,485,433
2,153,450
2,042,160
2,046,838
1,543,243
1,533.333
1,429,301
1,424,564
1,382,963
1,525,669
726,359
782,819
438,646
605,305
467,831

270,766

3,422,831,198 2.871,892,458 +19.2 3,443,547,849 3,751,979,732

Outside N. Y_ _ 1,255,990,696 1,101,808,184 +14.0 1,261,702,693 1.157,641,930
CanadaMontreal
Toronto _ _
Winnipeg
Ottawa
Vancouver
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Total Canada_

34,725,563
26,766,389
11.497,015
3,659,804
3,362,480
2,366,085
1,752,901
1,481,637
1,330,090
1,140,843
1,259,498
1,303,745
866,006

27.830,352
20,545,905
10,247,614
3,096,481
3,154,008
1,944,456
1,840,013
1,566,754
1,206,136
1,022,899
1,152.741
1,200,011
598,540

+24.8
+30.3
+12.2
+18.2
+6.6
+21.7
-4.8
-5.4
+10.3
+11.5
+9.3
+8.6
+44.7

30,127,031
24,943,888
9,471,016
3,215,946
2,745,235
1,826,313
1,864,999
1,519,614
1,323,695
1,209,737
1,205,259
881,691
767,708

30,299,704
25,193,976
7,560,922
2,806,822
1,806,213
1,719,079
1,826,715
1,562,294
1,098,377

91,512,056

75,405,910 +21.4

81,102,137

75,934,179

1,084,379
975,698

182

THE CHRONICLE

THE FINANCIAL SITUATION.
After reading Mr. Warburg's address, delivered
some weeks since at the meeting of the American
Economic Association at Atlantic City, we cannot
help being impressed (1) with the completeness of a
Central Bank system, as he has described it, for
adoption in the United States, and (2) the almost
impracticable road that would naturally intervene
between our present note conditions and the attainment of such a system at work here. For be it known
that the device our business affairs are struggling with
now, is impossible of classification among the named
devices now-a-days existing in the world of finance.
It is a burdensome machine at best; as a note issue it
is fixed in volume afloat, absolutely irresponsive to
trade movements, and held in suspense almost wholly
in accord with the fluctuations in price of the underlying bonds. It hardly needs to be said that there is
nothing in our present currency arrangements worth
preserving, and there is scarcely a feature of the existing structure that would not only have to be changed,
but changed, too, while the old affair stands in the
way of the new one.
The last sentence of the above, referring to the existing currency arrangement standing in the way
of any attempted conversion to a new one, suggests a
very serious obstruction in any conversion attempt.
A bond-secured note system is the antithesis of a
Central Bank device. It raises,first of all, the question—how can the bonds now standing as security
for the notes be gotten out from under the notes without loss to every interest? When it is realized that
the operation involves the sale of the bonds now held
as security for our note issues, and,further, that there
were on the last day of December 1908 bonds on deposit for bank circulation in the amount of 8631,318,790—almost the whole of our interest-bearing
debt—the transaction would seem to be impossible.
Put these bonds on the market to-morrow,what would
they sell for? We ask the question, but do not intend
to answer it. No one can know what price could be
secured. Evidently a 2% Panama bond in that contingency would sell materially below par, which
would make that method of conversion impracticable
unless the arrangement includes a plan for carrying
that burden.
And yet it is obvious that as long as we have this
bond-secured currency we cannot succeed in getting an
elastic one. Bond-secured currency always expands,
hardly ever contracts, and it expands and contracts
only when there is a profit to the issue or contraction.
Mr. Warburg is of the opinion that the legislation of last
summer was wisely created as a temporary measure
only, since a far-reaching reform could not be successfully achieved in a hurry and without thorough
research. The new law includes an important step
in advance, he thinks, inasmuch as, for the first time,
commercial paper is admitted as a basis for the issue
of notes. But that feature is rightly taken exception
to because the note issue is made dependent upon a
iirevious issue of bond-secured currency to the extent
of not less than 40% of the note-issuing power of a
bank. That condition was no doubt put in the law
by those who framed it with the idea of giving continued occupation for that amount of bonds as security
for currency, so as to prevent too many bonds coming



[VOL.

on the market at one time. In other words, it was
intended as a palliative, a way of getting out of the
old system into the new by dividing the loss in marketing the bonds.
We see no advantage in that method. Mr. Warburg's proposal is very much better. There will be a
very important temporary loss to some interest and it
cannot be covered up. The way to deal with the
public is not to pamper a prejudice or compromise an
error, or try to make the prospective sacrifice seem
smaller than it really will be. We think the broad way is
the right one. It was only when one of our political parties in the silver controversy openly espoused "gold"
that it drew to itself the conservative vote of our people and gold was permanently established as the country's standard. Mr. Warburg suggests that he would advocate the conversion of the present Government bonds
by exchange into bonds bearing a rate of interest
higher by so much that after the process of issuing
notes was completed and bond-currency privilege
withdrawn, the converted bonds would rule on the
market near the present figure. When the new
scheme was made effective in all its parts the bonds
would rule as high as ever, and possibly higher.
In other words, he proposes inverse conversion of
the bonds; i. e., the conversion of the present Government bonds into bonds bearing a rate of interest
higher by so much that after the privilege of issuing
notes against them shall have been withdrawn, the
bonds will sell just as high as now, and possibly
a little higher than they now sell with the currency
privilege. This, Mr. Warburg suggests, can be
done gradually and in various ways; it would
indeed mean an increase in the yearly interest charge
to be borne by the United States; but it would put
our bonds on a natural basis, like the English consols
or French rentes, so that the American people could
afford to own their own Government's bonds. In fact,
this money, by securing a healthy financial system,
and by protecting us from a repetition of past convulsions, would come back to us a thousandfold, and
would constitute the best expenditure that our government could make.
Rarely has there been so much interest manifested
as was the case this week in the possible action by
the Bank of England Governors in the matter of a
further advance in the official discount rate. The
situation abroad was tense; if the conditions disclosed
at the assembling of the Court of Governors of the
Bank of England had been such as to indicate need
for the adoption of strong repressive devices, to arrest
further reprisals upon the Bank's stock of gold, the
resort to such devices might easily have precipitated
conditions that would be disturbing in every European centre and be reflected in our own. Relief from
such tension came when, on Thursday morning, the
cable announced an unchanged Bank of England rate
of 3% and a concurrent rise in the rate for exchange
at Paris on London of one centime, the latter indicating an approach to the resumption of normal exchange conditions between the two centres and a
cessation, if such rate should continue to prevail, of
further withdrawals of gold from London to Paris.
At the same time there was thought to be the possibility of the existence of political complications in
Continental centres which would contribute to the

JAN. 23 1909.1

TIIE CHRONICLE

revival of financial tension. These complications related to rumors relative to Servia and Turkey. The
eagerness which was manifested by British investors
to secure participation in the new Russian loan—
subscriptions thereto having been four times the
amount of the sum apportioned to that centre—gave
almost positive assurances of the entire success of
that loan, and doubtless French and other continental
subscriptions will be relativelylarge; cables on Friday
reporting over-subscriptions at Paris of thirty times the
sum apportioned to that centre. But this satisfactory disposition of the Russian loan will not give
encouragement to the belief that the pendency of this
issue has been the only obstacle to the restoration of
normal financial conditions in Europe. These are
likely to be deranged by influences antagonistic to
peace in the Balkans,which will call for the continuance of the Bank of France's policy of domination of
the finances of Europe, through the control of gold
reserves. Hence the suspension of French accumulations of gold from London may be only temporary.
The official prospectus of the new Russian loan was
made public in London on Saturday of last week.
The amount of the issue is stated as 280 million
dollars; the sum heretofore reported was 240 millions.
The issue price is 889'; previous reports placed it at
89.90. The rate of interest is 4%%, which agrees
with the original statement. It is further officially
• announced that the loan will not be disturbed for a
period of ten years; after which a sinking fund and
annual drawings will be applied to such redemption;
it is calculated that the entire loan will be paid at par
by Jan. 15 1959 through the process above stated—
the application of sinking fund and annual drawings.
London mail advices say that the delay in the issue
of the-prospectus was due to the desire to avoid competition of a Credit Foncier loan in Paris; the anticipation of the announcement of the prospectus is said,
by the cable, to have resulted from an effort to forestall a possible further advance in the Bank of England
rate of discount Jan. 21. The avidity that was manifested by subscribers in London to secure that portion
of the 6 millions sterling of the loan allotted to that
centre would seem to show that the precautions
against French competition were unnecessary.
French bankers on Monday of the current week
secured the $2,500,000 Cape gold bars that were
offered in the London bullion market on that day,
paying therefor 77 shillings 10% pence. per ounce,
an advance, compared with the previous week's
price, of % of a penny, owing to competitive bidding
in the interest of the Bank of England. On the following day the market price fell % of a penny, to
77 shillings 1031 pence per ounce. Such decline,
following French bankers' purchases of Cape gold, is
not unusual,the market falling in response to the relaxation of the demand for round amounts of the metal.
The surrenders by New York depositary banks of
public funds in anticipation of the maturity on Saturday of this week of the first installment of 15 millions
of the 25 millions that were recalled by the Secretary
of the Treasury Jan. 14 resulted in the reduction, as
shown by last week's bank statement, of such deposits
to $6,972,500, against $8,699,400 at the beginning of
the year. The statement of this week is expected to
disclose the surrender of the whole of the installment




183

of 15 millions, as above noted, except small amounts
that may be in transit from the depositories to the
Department.
Unqualified approval must be given to certain propositions laid dr ma by the Inter-State Commerce Commission in FJme of its decisions this week. In one
case befor.,., the Commission the complainant had
shipped a carload of lumber from Fostoria, Texas,
to .Melrose, New Mexico, and had been charged 41
cents per 100 lbs. He alleged that this rate was unreasonable and asked for reparation. He based his
claim upon the fact that some time subsequent to his
shipment the carriers established a joint through rate
of 33 cents per 100 lbs. on lumber between the same
points. He demanded reparation in the amount of
the difference between the two rates. The Commission disallowed the claim and dismissed the complaint. It held that the 41-cent rate was not so unreasonable as to warrant an order that all moneys
collected thereunder should be refunded. Commissioner Lane, who delivered the opinion, pointed out
that often a wide divergence of opinion exists as to the
reasonableness of specific rates between certain points,
and any action by the Commission tending to make
it burdensome to carriers to reduce rates would ultimately work a hardship to shippers. For these.
reasons the Commission thought it unwise to adopt a
policy by which, upon the voluntary reduction of a
rate, a shipper who had previously paid the higher
rate should recover as damages whatever difference
there might be between the rate which he was compelled to pay and the rate newly established by the
railroad, where application had not been made, either
to the railroad or to the Commission, for a reduction
of the rate prior to the time at which the railroad itself
made such reduction, and where it does not clearly
appear that the rate was at the time unreasonable.
The Commission further held that under the law
carriers must initiate rates, and so long as they do not
abuse the right conferred upon them by the statute,
the Commission is not justified in penalizing them.
This would appear to be both sound sense and good law.
In another and closely similar case the Commission
also denied reparation, saying that if reparation in
such cases were granted it world go,far to support the
theory that a carrier may not voluntarily reduce its
rate without being liable for damages on all past
shipments, a theory which the Commission could not
accept. In still another case, shippers demanded
reparation because of the failure of an express company (the action was that of J. C. Blume & Co.
against Wells, Fargo & Co.) to make prompt delivery
of a carload of fruit at the unloading station designated by the shippers whereby the latter were unable to
take advantage of a high market but were compelled
later to sell at lower prices. The opinion in this
instance was by Commissioner Harlan. He said that
complaints for damages of this character are not cognizable by the Commission. The prompt and safe
carriage ofs goods is an obligation enforced upon
carriers by the common law and not by the Act to
Regulate Commerce. He lays down the rule that
damages may be awarded by the Commission only for
a violation of some provision of the Inter-State Commerce Law.

art

184

THE CHRONICLE

Pennsylvania's year-old State Railroad Commission
has filed its first report with the Governor. The
Commissioners call particular attention to the large
number of accidents which have been caused by
trespassing on the property of common carriers, and
they assert that it will be in the interest of public
policy if a law is enacted providing substantial punishment for all persons who trespass upon the private
right of way of any steam or electric railway in the
State. A bill has already been drafted to comply
with this recommendation of the Commission, and it
will be introduced in the Legislature next week. The
penalty prescribed for trespassing of this kind will be
a fine of five dollars or ten days' imprisonment in jail,
or both. During a portion of the year the fatalities
due to trespassing have reached 63% of the total
deaths caused by accidents upon steam railroads and
electric railways. Accidents upon trolley railways
within the State have been far more destructive of life
and have wrought greater injury to persons than have
disasters upon the steam railroads. In four electric
railway accidents an aggregate of seven persons were
killed and 280 persons were injured.
Not content with the power conferred by the statute
enacted two years ago, the Commission asks for more
authority. It would like to have power to control
the increase of stock and bonded indebtedness of
common carriers and it wishes more authority respecting the regulation of grade crossings and safety appliances. The power of the Legislature to grant authority to the Commission is restricted by the State
Constitution and it is doubtful if any further authority
can be gfanted than was conferred by the statute
which created the Commission. Experience of the
past year has shown that while the power of the
Commission is chiefly limited to making recommendations, it has been able to accomplish results. Numerous appeals have been made relating principally to
affairs of small importance. The Commission has not
always found in favor of the complainants, but whenever the decision has been adverse to a common
carrier, the opinion of the Commission has been
accepted in good faith and its request has been complied with. This willingness to co-operate on the
part of the corporations has been the means of making
the Commission capable of accomplishing some good.
The important features of last week's bank statement were increases of $14,422,700 in average and
of $10,356,400 in actual cash, of $32,074,900 in average and $27,550,900 in actual loans, and of $46,109,900
in average and $37,225,800 in actual deposits. Average reserve gained $2,895,225 to $25,588,175, while
according to the statement of actual conditions the
reserve increased $1,049,950, to $27,351,400, and,
computed upon the basis of deposits less those of
$6,972,500 public funds, the surplus was $29,094,525.
Trust companies showed a gain of 163/
2 millions
deposits in banks and trust companies and of $1,383,000 in cash in vault.
The market for money was almost stagnant this
week, fluctuating within a narrow range, and rates
for time loans for long periods of maturity were almost
unprecedentedly low for the season, owing to the
apathy of borrowers. The large increase in bank and
trust company deposits that was disclosed by last




[VOL.

week's statement, and the fact that, notwithstanding
surrenders of public funds, which contributed to losses
of cash by the banks, these institutions showed offsetting gains almost daily during the week because
of disbursements by the Government in excess of
receipts, seemed clearly to indicate that an augmented
surplus would be shown by the current week's statement. Though money on call at the Stock Exchange
was liberally offered, the demand for speculation was
so small as to contribute to almost acute congestion.
Lending institutions refrained from pressing their
balances at the low rates, preferring to leave their
funds unemployed. Some disappointment was felt at
the failure of the expected withdrawals of cash by
trust companies from the banks—for the reinforcement
of cash reserves of the former by Feb. 1—to stimulate
activity in loans; such withdrawals will, however,
probably be larger next week, though then the
effect of the operation may be minimized by increases
in deposits of trust companies with their depository
banks. In the absence of a supply of commercial
paper to meet the requirements of investors, discount
rates therefor were lower; such investment inquiry
was, however, diverted to municipal bonds and other
short-term obligations.
Money on call, representing bank and trust company balances, loaned on the Stock Exchange during
the week at 2% and at 13/2%, averaging about 1%%;
the above-mentioned institutions loaned at 13/2% as
the minimum. Time loans on good mixed Stock
Exchange collateral were quoted at 23/2% for sixty
and 2%@3% for ninety days, 3@331% for four and
five months and 331@33/2% for six months. Commercial paper is in urgent demand and ruling rates are
33/2@3%% for choice sixty to ninety day endorsed
bills receivable, 4% for prime and 43/2% for good four
to six months' single names.
The Bank of England rate of discount remained unchanged at 3%. The cable reports discounts of sixty
to ninety day bank bills in London 2%%. The open
market rate at Paris is 231% and at Berlin and Frankfort it is 23'@214%. According to our special cable
from England, the Bank of England gained £1,401,882
bullion during the week and held £33,058,065 at the
close of the week. Our correspondent further advises
us that the gain was due wholly to receipts from the
interior of Great Britain, exports having exceeded imports by £230,000. The details of the movement into
and out of the Bank were as follows: Imports, nil,
exports, £230,000 (wholly to South America), and
receipts of £1,632,000 net from the interior of Great
Britain.
The uncertainty that was felt regarding the London
discount market was the dominating factor in that for
foreign exchange this week. While as the week wore
on the immediate future of the situation abroad became more clarified, the indications seeming to point
to the maintenance of an unchanged Bank of England
rate, bankers were unable to allay apprehensions of
the possible development of conditions which might
make compillsory a further advance in the Bank rate,
as a measure for the protection or the reinforcement
of that institution's reserve. The fact that the
premium on gold bars in the London bullion market
was reduced by an important fraction, after French

JAN. 23 1909.j

THE CHRONICLE

185

bankers had succeeded in pro-curing the whole of the documents for payment 4 84@4 85%. Cotton for
Cape gold that was offered in that market on Monday, payment 4 84@4 84%, cotton for acceptance
and the further fact that remittances of gold from 4 8445@4 8455 and grain for payment 4 85@4 85%.
Egypt to London were in active progress, seemed to
give some assurance of such relaxation in the discount
The following gives the week's movement of money
tension as would make unnecessary an advance in the to and from the interior by the New York banks.
rate. Moreover, that part of the Russian loan that
Received by
Shipped by
Net Interior
Week ending Jan. 22 1909.
N. Y. Banks. N. Y. Banks.
had been apportioned to London was largely overMovement.
Currency
$9,761,000
$3,315,000 Gain 56,446,000
sul;scribed on Monday, indicating its success,and also Gold
2,679,000
824,000 Gain 1,855,000
foreshadowing like results at Paris and at Continental Total gold and legal tenders
$12,440,000 $ 4,139,000 Gain $8,301,000
centres when the books would be opened Friday.
With the Sub-Treasury operations and gold exFurthermore, exchange at Paris on London rose DA
por
ts the result is as follows.
centimes, disclosing less urgency for withdrawals of
gold by French bankers from the British capital.
Into
Ord ol
Net Change in
Week ending Jan. 22 1909.
Banks.
Banks.
Bank Holdings.
While this was the situation on the eve of the meeting Banks' interior movement
as above_ $12,440,000
84,139,000 Gain $8,301,000
of the Court of Governors of the Bank,at which action Sub-Treas, oper. and gold exports__ 45,600,000 41,350,000 Gain 4,250,000
Total
gold
and
legal tenders
$58,040,000 $45,489,000 Gain $12,551,000
might be taken upon the official rate, anxiety as to
later action did not diminish, for there was still the
The following table indicates the amount of bullion
possibility that on Monday of next week Paris would in the principal European banks.
again actively compete for the Cape gold, and perhaps
Jan. 211909.
Jan. 23 1908.
successfully. Such a course would most likely precipi- Banks ol
Gold.
I
Silver. I Total. I
Gold.
Silver.
Toted.
tate a discount situation which would be unrelievable
X
1
£
.£
X
i
£
£
except through the adoption by the Bank of England England__ 33,058,065
33,058,065 37,332,963
37,332,963
France _ _ _ 143,456,433 35,366,423.178,822,856 107,335,292k 36,597,608 143,932,900
43,019,250, 13,086,150! 56,105,400, 32,636,000 12,692,
of the most strenuous protective devices possible, Germany*
45,328,000
Russia _._ 120,403,000' 6,028,000,126,431,000,1116,142,000 5,074,000 121,216,000
Aus.-Hun. 49,446,0001 12,454,000i 61,900,000; 46,042,000 12,022,000 58,064,000
even though they should result in serious derangement Spain
____ 15,821,000 32,370,000 48,191,0001 15,674,000 25,831,000 41,505,000
Italy
37,664,000 4,600,00(5 42,264,000 36,660,000 4,700,000 41,360,000
of the markets at every commercial centre. Suspense Ilethland
8,974,2004,065,100i 13,039,300 7,652,800 4,432,300 12,105,100
Nat.Belg._ 4,202,000 2.1031,000; 6,303,001) 3,602,667 1,801,333 5,404,000
regarding the Bank of England's action ended on Sweden
4,344,000
I 4,344,000 3,906,000
3,906,000
Switz'land 4,748,000
I 4,748,000 3,091,000
3,091,000
Thursday by the announcement of the unchanged Norway
__ 1,674,000
I 1,674,000 1,564,000
1,564,000
rate of discount of the previous week. This, however, Total week 466,809,948 110,070,6731576,880,621411,638,722 103,170,241 514,808,963
Prey, week 461,378,223 107,475,2001568,853,4231408,716,635 101,717,251 510,433,886
I
did not contribute to activity in the market for
* The Bank of Germany now makes regular statements of its gold stock
exchange, which, after a fall in rates, grew almost
dormant at concessions that made unlikely gold
exports to Europe,for this week at least. There were, PARIS, LONDON AND THE GOLD MARKET.
however, shipments to Argentina during the week on
The placing of the $280,000,000 Russian Loan on the
London account of $750,000, making $2,500,000 to markets of Paris and London this week,after the prothat destination since the movement began; exports longed negotiations and delay, has ended as there was
to Paris have been $9,000,000 since Dec. 11908.
eason to expect, in the present conditions of worldCompared with Friday of last week, rates for ex- wide easy money and idle capital. That the loan
change on Saturday were 15 points lower for long at would be oversubscribed, there has never been
4 8485@4 8490, 5 points higher for short at 4 8740® any serious doubt. The direct influence of the
4 8745 and 5 points for cables at 4 8775®4 8780. On flotation on the financial status should be comparaMonday long rose 15 points to 4 85®4 8505 and cables tively slight. It will presumably for a time diminish
5 points to 4 8780@4 8785; short was unchanged. the facilities of ready capital on foreign money markets,
On Tuesday long fell 15 points to 4 8490@4 8495, but on the other hand it should cause some improveshort 5 points to 4 8735@4 8740 and cables 5 points ment in financial confidence from the mere fact that
to 4 8775@4 8785. On Wednesday long declined 5 so large and much-discussed a fiscal operation is now
points to 4 8485®4 8490 and cables 10 points to at last out of the way.
4 8770@4 8775; short was unchanged. On Thursday
In this second aspect of the matter the position of
long declined 10 points to 4 8475@4 8485, short 15 the London money market, and of the Bank of England
points to 4 8715@4 8725 and cables 20 points to particularly, opens considerations of large interest.
48740@4 8755. On Friday long rose 10 points and We spoke briefly last week of the situation which
short and cables 5 points.
inspired the advance of the Bank of England rate on
The following shows daily posted rates for sterling January 14. In view of the movement of events
exchange by some of the leading drawers.
since that time, and of the further changes which are
reasonably to be anticipated, solue further study of
Fri., 1 Mon. Tues.
Wed., Thurs., Fri.,
Jan. 15 Jan. '
18 Jan. 19
. Jan. 20 Jan. 21 Jan. 22
the situation will be profitable. The action of the
560 days 4 86
Brown
86
86
86
86
86
1Sight_ 4 883
Bros. & Co
Bank of England was, as every one understands, a
884
884
884
88%
88%
160 days 4 86
Kidder, Pea86
86
86
86
86
1Sight:- 4 88%
body & Co
88%
88%
884
88%
direct result of the unfavorable situation of the Bank's
883
560 days 4 86
Bank British
86
86
86
86
86
North America_ - _ -1Sight_ _ 4 884
8854
8854
884
8834
8854
reserve.
Actually, the gold reserve of the Bank of
560 days 4 86
Bank of
86
86
86
86
86
1Sight _ _ 4 8854
Montreal
8834
884
884
8834
8834
England
in the middle of this month to the lowest
fell
560 days 4 86
Canadian Bank
86
86
86
86
86
18ight__ 4 884
of Commerce
884
8834
8834
8834
8854
figure
reached
at this time of year since 1901. But
560 days 4 86
Heidelbach, Ickel86
86
86
86
86
1Sight __ 4 884
heimer & Co
8854
8834
8834
8834
8854
tells
160 days 4 86
only
Lazard
86
part of the story. The past twelvethis
86
86
86
86
1Sigth__ 4 884
Freres
884
8834
8834
8834
8834
560 days 4 86
Merchants' Bank
86
month
86
has
86
86
been
86
a period of enormous increase in the
of Canada
1Sight.... 4 8834
884
8854
8834
884
8834
gold stock of practically all important banks—a result
Rates for exchange on Friday were 4 85®4 8505 of the continued large gold production and the release
for long, 4 8720@4 8730 for short and 4 8755@4 8760 of cash from the channels of idle trade. Compared
for cables. Commercial on banks 4 8445@4 8455 and with a year ago,the great State banks of the European




186

THE CHRONICLE

[VoL. Lxxxvin.

continent held approximately $300,000,000 more A more obscure, but pdssibly not less real, cause for
gold than they held a year ago. According to the last the recent experience of London lies in the fact that
reports, the Bank of Denmark is the only exception the high price of labor and raw materials in the recent
among such institutions to the uniform showing of boom must have affected the normal margin of comincreased reserves. Such individual gains appear, mercial profits by a manufacturing and exporting
compared with a year ago, as $172,000,000 at the community such as England. These are the causes
Bank of France, $70,000,000 at the Imperial Bank of popularly assigned.
But, granting these or other reasons for the loss
Germany,$65,000,000 at the Imperial Bank of Russia,
and $17,000,000 at the Bank of Austria-Hungary. of gold in quantity by London, whdn all other markets
The Associated Banks of New York City show an were increasing their reserves, it remains to ask why
increase, compared with January 1908, of $64,000,000 Paris should have received so great a bulk of this
specie. In the face of this world-wide enhancement outgoing treasure. The inquiry is of some importance,
of metallic reserves, the Bank of England has been since conjectures on the foreign markets have at
forced to report gold holdings $21,000,000 smaller times endeavored to set up the argument that the
than it reported in the middle of this month last movement was artificial and unintentional. It has
year.
been suggested that the Bank of France was "hoarding
When one looks for the cause of this exceptional gold," in preparation for the Russian loan, or by
showing by the London institution he will find, in reason of political distrust, or through the wish to
the first place, from the Board of Trade statistics, obtain financial power over other markets which
that,whereas in 1907 England's net import of gold could be utilized for political purposes. All of these
was $31,000,000, in 1908 there was a net export of explanations, in our judgment, were unsatisfactory,
$19,000,000. Examining the figures more closely, particularly since, as we have shown already, the
this change in London's relation to the outside gold flow of gold to France has in no respect been stimulated
markets of the world will be found to have arisen by arbitrary bids at Paris, but has responded to a
chiefly from transactions between London and Paris. state of Paris exchange which, in a strict commercial
In the whole year 1907 England imported $147,000,- sense, has warranted the movement. M. Leroy000 from South Africa and exported $36,000,000 to Beaulieu has lately admitted that the Bank of France
France. In 1908, on the other hand, while importing may possibly have exhibited the tendency to keep
the larger amount of $159,000,000 from South Africa, on hand a supply of ready cash, which is the practice
no less than $131,000,000 was sent to Paris. This of all Frenchmen in their private business. But he
enormous outflow to France, combined with increased flatly denies the theory of any artificial stimulus to
exports to Russia, Germany and the Argentine the movement. The eminent French economist,
Republic, explains the loss of gold by the London M. Neymarck, going more explicitly into the situapon,
market and the diminished reserve of the Bank of has lately said:
England. Since last summer practically every con"France is a creditor everywhere and a debtor
signment of gold from the Transvaal to London, nowhere. French capital placed abroad is being
instead of being deposited, as has usually been the called in, and as the exchanges are in her favor,
custom, in the Bank of England, has been taken up foreign countries having payments to make to her
on arrival of the steamer for account of Paris, send gold or its equivalent for their reimburseand has been re-shipped immediately across the ments.
"All the exchanges are, without exception, in favor
Channel and into the Bank of France.
France, and have contributed to the formation of
of
independent
Such a situation raises two
questions:
immense stock at the Bank of France, because all
the
to
had
give
up
have
these
first, why London should
exceptionally large amounts of gold, and, second, why countries are debtors to France."
There can be little doubt that in this explanation
Paris should have obtained them. As to the first
to
begin
said,
with,
that
be
must
the lies the key to the attitude of Paris. The saving
question, it
stood
persistently
have
against and investing proclivities of the French people as a
foreign exchanges
To
twelvemonth
past.
the
that whole are sufficiently familiar, and so is the growth
London throughout
entirely
has
been
gold
normal. of the remarkable machinery whereby half a dozen
extent the outflow of
have
should
remained immensely powerful credit institutions, operating at
As to why the foreign exchanges
are
various explanations, all Paris with branches throughout provincial France,
thus adverse, there
For one thing, London have been able to mass and manage in bulk a fund of
conjectural.
more or less
with
great freedom, first real capital not often paralleled in banking.
used other nations' capital
of
the
Boer War period
But the mere existence of this machinery on the
during its own distresses
was
called
Street
Lombard
upon Paris money market would not explain the position
and afterwards when:
and
commercial
industrial of France as an international creditor, and a creditor
to finance the enormous
and
1905
in
1906.
world
Such to whom his capital flows back in bulk as soon as the
boom throughout the
borrowed
from
have
may
the tide of industry, throughout the world, is on the
as
capital
London,
continent in those periods would reasonably be in ebb. The capital in question might conceivably
process of repayment, now that the trade boom has have been employed in exploiting and re-capitalizing
been replaced by largely decreased international the industries of France herself. It might have been
commerce,and by reaction in all commercial markets of employed, as Paris capital was used around 1882 and
the world. From another point of view, it has been 1888, for excited speculations of its own in copper,
argued that of recent years London has invested its canal shares, or mines. But this has not occured,
own capital very largely in the securities of outside and it may perhaps be said that present phenomena
States, which, as a consequence, have been em- are a sequel to a chapter of conservatism and selfpowered to draw very beavily on the London market. restraint, by the French people. During the two




JAN. 23 1909.]

THE CHRONICLE

- 187

or more past years oi immense industrial expansion the Commissioners point out that one of
the problems
and speculation, France, almost alone of the great before the public is how to obtain city-owne
d rapid
commercial States, refrained from indulging on a transit lines that are necessary for the
development
large scale directly in the movement, and in the of the metropolis and at the same
time preserve the
main confined itself to providing capital for the use city's credit against the pressure that
is constantly
of other States,such as England,Germany and America, brought for the construction of nonself-supporting
which were foremost in the work of exploitation. outlying lines. It seems inevitable, they
say, that in.
The great industrial boom having now been followed the creation of a comprehensive rapid-transit
system
by reaction, it was as natural that this capital should some portions, at least in the beginning,
must be supflow back to Paris in the form of gold as it was that the ported in a measure by the
general city revenues.
trade reaction in our own country should have been This is so because parts of such a system
will perfollowed, during 1908, by an almost unprecedentedly form a function similar to that
of bridges, which
large movement of actual cash back to the bank are of such general benefit
that the cost is fairly levied
vaults of New York City.
upon the entire city. But this principle, they argue,
The question just how far the situation existing does not apply to rapid transit
lines constructed at
between London and Paris will be cured through the city's expense in far outlying
localities, where the
the higher bid for money made by the Bank of England, benefit for the entire city is remote
and the immediate
now remains to be answered. We suppose that with benefit is almost entirely to
the undeveloped land
the Russian loan negotiations out of the way, the within half a mile on either side of
the rapid transit
result will be a movement of French exchange in line. They accordingly express the
opinion that there
London's favor, a check to England's gold exports, is much justice in the claim that the undeveloped
or
and the securing by the Bank of England of the partly developed land in such localities
should pay
future arrivals of Transvaal gold at London. The all or part of the cost of first construction,
inasmuch
process through which such a change in the move- as the benefit is mainly local.
ment of affairs should come is quite familiar. The
They then go on to urge that the construction of
higher London bid for money draws back .to London subways, in whole or in part,
by assessment upon the
a portion both of the London capital invested on property benefited, has
several features of superiority
outside markets and of foreign capital which will seek over special assessment
for ordinary purposes. Subremunerative investment in Lombard Street, and ways extending beyond
congested centres, we are told,
with this returning capital comes gold. The longer add very greatly to the
value of real estate, especially
'sequel must depend in considerable measure on the in those districts which have
not been built up prior
course of events these next few months.
to the construction of the subway because of lack
of transit facilities. Their argument then proceeds as
THE DANGER OF BUILDING SUBWAYS BY follows:
ASSESSMENT BOND ISSUES.
It has been pointed out repeatedly
In default of other methods of raising the means real estate values in the upper West that the increase in
Side, in Washington
for building subways in Manhattan and the other Heights and in the Bronx, due to the building of the subway
boroughs of the Greater New York, it is now proposed alone, was several times the cost of the entire subway. No
that the cost of the new subways shall be assessed, other class of public improvements has such a great, immeeither in its entirety or in large part, on the outlying diate and permanent effect uponpand values as rapid transit
lines, and this is particularly
sections, which, it is argued, will get the most benefits running out into sparsely true of development route lines
settled areas. This fact is exfrom the creation of the added transit facilities. It is tremely important for several reasons. In the first place, it
contended that if assessment bonds were issued for makes this assessment less burdensome than others.. Sewers,
the purpose, the constitutional debt limit need not streets, parks, &c., may be laid out and assessed long before
stand in the way, as such bonds would not be a lien people find it possible to live in the newly developed areas.
As a result the owners must carry the assessment for a long
upon the city, but upon the property assessed.
period, or until they are able to sell to builders or to rent
When this novel proposition was originally sug- houses which they themselves may erect. But rapid transit
gested, some two or three months ago, it seemed too lines bring people almost immediately, and often they are
chimerical to merit any notice. Now, however, that there before the lines are built. Further, the increase in
the Public Service Commission for this part of the values is much larger in proportion to the assessment than in
many other lines. Consequently, the property holders
State has given it its support and endorsement—several would be less
opposed to the assessment and would have a
pages of the Commission's report, made public on larger profit left after paying the assessment. But, most imMonday of this week, being devoted to setting out its portant of all: rapid transit lines produce an income. This is
supposed advantages—it is obviously time that serious not true of sewers, streets, parks, bridges or any other imconsideration should be given to the matter. We provement built bylassessment, so far as known. The landowner pays a certain sum and receives neither principal
regard the proposal as a gravely disturbing one and nor interest from
the city. He must recoup himself, if at
we urge every property owner and all thoughtful all, by selling his property at a higher price or by collecting
citizens to analyze and study the subject in all its such rents from his tenants as to give him a return upon the
bearings. It seems to us there is no appreciation of assessment paid. The rapid transit line would be very
the ills, the evils and the dangers lurking behind such different. It could be rented for something, and the amount
would range from a low rental, perhaps only a part of the
a scheme.
interest and sinking fund upon the cost, to a large rental,
From the various recommendations made by the perhaps something in excess of interest and sinking fund.
Commission in its report, it is evident that this im- Now, it is evident that if the rental should equal the interest
portant public body is sincerely desirous of promoting and sinking fund upon the cost, the rapid transit line would
the construction of further underground roads. But be self-sustaining, and there would be no burden to be borne
in suggesting assessments as a means to that end, it is by owners of the land benefited.
Let us now follow out the other possibility—the case
certainly far afield and far astray. In their argument, where the rental would be less than the interest and sinking




188

THE CHRONICLE

[VOL.

exact figures, $14,886,762. The remainder of the
route, between Greenwood Cemetery and Coney
Island, together with the branch to Fort Hamilton,
will certainly cost $15,000,000 more, making $30,000,000, and if the city should fail to find a party willing
to operate the road—a contingency quite within the
range of probability—it would also have to provide
the cars, the power and the electrical equipment to
run the road, which might require $25,000,000 additional. We would then have an undertaking costing
$55,000,000 (Mayor McClellan in his testimony before the Legislative Investigation Committee on Thursday referred to the project as "this $70,000,000 subway") and property assessed at $40,000,000 to
bear the burden of cost. Assume, however, that part
of the cost would be levied on the property contiguous
to that portion of the route lying north of Greenwood
The foregoing makes out a very alluring prospect, Cemetery. Assume that $15,000,000 to $20,000,000
and is the more dangerous on that account. Apply of the total cost would be assigned to that section or
the test—see how it would work in practice. Let us be borne by the city at large. That would still leave
take for illustration the Fourth Avenue Subway, about $35,000,000 to $40,000,000 of the cost to be borne
which one hears so much now-a-days, and the contracts by the $40,000,000 of property south of Greenwood.
for half of which have already been let, though work In other words, there would be the prospect of an
has not yet been started, since it is alleged that the assessment close to 100% on such property. If the
city has exceeded its borrowing power under the assessment were levied the same as assessments for
Constitution, and therefore cannot legally issue bonds sewers, streets, parks, &c., every lot and land-owner in
to pay
with which to pay for the undertaking. The portion the unfortunate district would at once have
assesspresent
full
the
to
in
equal
cash
amount
an
of the Borough of Brooklyn which will be mainly over
of the
speaks
Commission
The
his
property.
of
benefited by the building of this rapid transit road is ment
from
follow
would
that
estate
valuations
real
the section lying between Greenwood Cemetery and rise in
been
already
has
rise
this
the
of
but
road,
building
Coney Island. It is this section, therefore, which the
show
above
cited
figures
for
the
discounted,
largely
would have to bear the burden of cost of building and
to 1908—the
maintaining the new subway under the assessment that in one single year—from 1907
were raised
to
referred
in
the
district
values
plan proposed. Now make some veiy simple compu- assessed
separate
many
of
case
learn
in
that
the
We
tations. Take the value of the property in this 35%.
100%.
to
50
been
has
rise
the
property
of
pieces
district and take also the estimated cost of the conpaying
already
is
owner
property
the
course
struction of the proposed subway, and then consider Of
regular taxes on this increased valuation. If the
the ratio between the two.
assessment scheme were adopted, he would have to
by
by
wards, but
Property is no longer assessed
to an assessment representing the full
submit
on
the
known
assesssections. If we take what are
value of his property in order to see
assessed
present
20
and
21,
19,
we get
ment rolls as sections 17, 18,
in
anticipation of which his taxes
built,
road
of
37th
the
south
Street
the greater part of the area
so largely raised. There is no
been
already
have
Ocean
Atlantic
the
and
(Greenwood Cemetery) and
this would be confiscation pure
that
arguing
of
need
Street
60th
and
of
The
south
the whole of the area
simple.
In
this
and
Bay.
large
Gravesend
Narrows down to
Oaviously, however, it is not the purpose to levy
expanse of territory the aggregate of the assessed
that sewer
value of real estate in 1907 was $87,508,105, from these subway assessments in the way
issue assesswhich there was an increase to $119,662,370 in 1908. assessments are levied. The plan is to
forty years,
or
thirty
twenty,
in
payable
bonds
ment
could
•district
huge
not
this
But large portions of
pay the yearly
fairly be assessed for the cost of the new subway, and then tax the property holder to
fund sufficient
because lying too far away from the route of the road. interest charges, together with a sihking
y, this
Unfortunatel
The Commission, we have already seen, says that the to retire the bonds at maturity.
road
the
for
pay
immediate benefit from the construction of rapid way of making the property holder
only
the
other,
transit roads in far outlying localities "is almost would be just as objectionable as the
mean
would
method
entirely to the undeveloped land within half a mile difference being that the one
property is concerned,
on either side of the rapid transit line." On this immediate death as far as his
With the amount
assumption, it seems likely that hardly more than and the other would mean slow death.
equal to
assessed
one-third of the property in the district could be of the bonds for which he would be
that if
follows
it
taxed to build the road—perhaps not as much as that. 100% of the value of his property,
his
interest,
2%
The burden would consequently fall on property the assessment bonds bore 4 or 43'
each
or
43/2%
4
of
property would have to pay a tax
assessed at, say, $40,000,000.
Now, what is the probable cost of the road itself. year in order to pay this interest. In addition, he
Conditional contracts have been let for the section be- would have to pay another 1 or 11A% to provide a
tween the Brooklyn terminus of Manhattan Bridge and sinking fund for the redemption of the bonds. Altoto an annual
43d Street, Brooklyn (in the neighborhood of Green- gether, therefore, he might be subjected
in addition
be
would
course,
wood Cemetery) and the aggregate cost of this part tax of 5@6%,and this, of
is to be
for
1909
which
of the route figures out, roughly, $15,000,000—in to his. present regular tax,

fund. The same procedure would be followed here as in the
first case up to a certain point. The amount to be assessed,
the area of assessment, and the amount to be levied upon
each piece of property,would be determined in the usual way.
Funds to build the rapid transit line would be obtained by
the sale of special assessment bonds which would not be a lien
upon the city, but upon the property assessed. The line
would be built and an operator found. But if the rental did
not equal interest and sinking fund, that is, if it were not to
be self-sustaining, a different course would need to be followed than in the preceding case. Then, it would be necessary to determine what amount should be raised and deducted from the total cost in order that the rental would be
sufficient to pay interest and sinking fund upon this remainder. Then at that amount the line would be paying its own
way; this amount in bonds would not count against the debt
limit and could be treated as suggested in the preceding
paragraph. The amount which had to be deducted from the
total cost in order to reach this result would be the amount
to be paid by the owners of the property benefited.




JAN. 23 1909.1

THE CHRONICLE

1%%. With such a heavy annual burden on the
property, who would be inclined to buy property in
the. ill-favored section? The added tax would not be
as much as 5@6% if the road itself earned a part of
the interest and sinking fund charges. Comptroller
Metz has recently been quoted as saying that this
Fourth Avenue line could not be expected to become
a paying proposition within fifty years. We do not
endorse this view by any means, but suppose the road
should pay half the interest and sinking fund charges?
Then the burden on the taxpayer would be 2@3%
instead of 5@6%. Manifestly, even this would be
sufficient to deter investments in the affected section,
for no one would be inclined to buy or to hold property subject to the regular tax of 13
4% and a further tax running anywhere from 2 to 6%. There
could be only one outcome, and that is a complete
collapse in real estate values in the districts most immediately concerned.
But the property on the northern end of the route,
that is, between Greenwood Cemetery and the Bridge,
would also, we have seen, in all probability be obliged
to bear a part of the total cost—we have assumed
that $20,000,000 would be its portion. Here, then,
there would likewise be an added tax besides the regular tax, only the added tax would be considerably
smaller. Hence this property would similarly suffer.
We may be sure, too, that with such important sections of the Borough of Brooklyn laboring under such
serious disadvantages, the other sections would not
escape the depressing influences. A sewer assessment
has at least this advantage, that the property owner has
to pay it only once, and after he has made the payment
his troubles are at an end. In the case of this subway
tax the burden would be an annual one, running
continuously for twenty years or twenty-five years
or forty years, whatever the life of the bond
might be.
We have selected this proposed Brooklyn subway
for illustration because it is the most discussed of all
the projected underground roads. As a matter of
fact, the situation in the Borough of the Bronx, under
the assessment bond scheme, would be quite as bad.
Property values in the Bronx are higher, but on the
other hand the subways projected for the benefit of
the property in that borough are proportionately more
costly. According to the statement which we published in our State and City Department last week,
giving assessed values for the different boroughs, the
final assessment rolls for 1908 made the aggregate of
real estate values in the Bronx $417,618,418, besides
$23,610,300 for corporation franchises, altogether
say $440,000,000. But in July 1906, when the Appellate Division, First Department, of the New York
Supreme Court, rendered a decision in favor of the
various subway routes, it was stated by presiding
Justice O'Brien that the record submitted showed
that the various contemplated routes would cost $300,000,000 for construction and $150,000,000 more for
equipment, a total of $450,000,000. This included
the Brooklyn projects as well as those in Manhattan
and the Bronx; but since then still other projects have
been outlined, and the cost of the original projects is
found to have been greatly underestimated—for instance, the cost of the Lexington Avenue route alone,
for which bids were invited in May 1907, was finally
fixed at no less than $88,000,000. Hence, it is safe




18R

enough to regard the $450,000,000 as representing
approximately the cost of the projected subway lines
in Manhattan and the Bronx. It follows that here,too,
the roads would cost more than the assessed value of
all the property in the entire Borough of the Bronx.
If we assume that Manhattan would bear half the expense, the fact remains, on the other hand, that not all
Bronx property could be assessed for the construction
of the new subways, since considerable parts would be
too remote from the line of the new roads to be fairly
subject to assessment. It seems entirely fair to say,
therefore,that Bronx property,like Brooklyn property,
would have to bear a burden equal to the full present
value of the property benefited, and would be subject
to an annual tax running anywhere from 2 to 6% in addition to the regular tax of 13
4%. Accordingly, Bronx
property would rest under the same kind of an incubus
as Brooklyn property fora long term of years. With two
such important boroughs laboring under such heavy
burdens, it would inevitably follow that all real
estate in the Greater City would be dealt a disastrous
blow.
The people should bestir themselves to avert the
threatened calamity. We notice the Public Service
Commission also recommends enlarging the debt limit,
but this, too, should be tabooed. The city already
has such a volume of debt out that its credit is becoming seriously affected. The numerous letters which the
newspapers are receiving asking if there is any likelihood that the city will become bankrupt testify to
the alarm that is felt. Additional subways are very
much to be desired, but they would be expensive acquisitions if purchased at the cost of the demoralization of property values or the destruction of the city's
credit.
It is obvious enough that the city is in no position
to build these additional subways. There is, however,
another way in which we feel sure these new roads can
be obtained. It is the good old-fashioned way of letting private capital come in and take the risk of present
losses in return for the probability of future gains.
Led by the politicians, we have passed all sorts of restrictive laws intended to prevent private capital
from making a profit. We have educated ourselves
to think that private capital and private corporations are a drawback to the country's development.
Now we find they are a necessity. We should acknowledge our error and again make it an object for
capital to come in. Perpetual franchises are a thing
of the past, but long-term franchises are a necessity.
A 20 or 25-year franchise will not suffice, because that
would mean that just as the roads began to pay their
way, ownership would pass to the city. Why not
see if the Interborough Rapid Transit would not undertake some of the extensions. In Brooklyn this
underground line is already in operation as far as the
Long Island RR. depot. Given proper inducements,
it could doubtless be prevailed upon to build a short
extension out towards Flatbush and another short line
in the direction of Coney Island, to be further extended
later, if conditions warranted. Our present troubles
are due to the anti-corporation spirit fostered by the
politicians. The politicians should now be sent to the
rear and the business men should come to the front.
All those in the way of the movement, whether it be
the Chief Executive at Albany or the legislators,
should be swept aside.

190

THE CHRONICLE

FAILURES IN 1908.
Commercial failures in the United States during 1908
were not only greater in number than in any former
year, and very decidedly so in most instances, but
the aggregate of liabilities was in excess of any twelvemonth period since 1896. It is to be said,
however, that in 1907 the situation became
worse as the year progressed, liabilities increasing
from quarter to quarter until in the final division
a total exceeded but once by any corresponding
figure was recorded. On the other hand, the trend
in 1908 was in the opposite direction, the closing
quarter furnishing the smallest result of the year.
There was likewise quite a steady diminution in the
volume of liabilities from period to period in 1908,
which was looked upon as an encouraging feature in
an otherwise unsatisfactory situation. With that
development in mind, the further we get away from
October 1907 and its untoward events, the more
we become convinced that commercial affairs are
steadily, though slowly, moving towards what may
be termed a normal condition and a materially
reduced mercantile mortality. To enumerate the
causes responsible for the large volume of failures in
1908 would be merely to re-state what we have said from
month to month, or to epitomize what was given in our
"Retrospect for 1908" published on January 2d.
According to the compilations of Messrs. R. G.
Dun & Co., the number of failures in 1908 was 15,690,
against only 11,725 in 1907, and the highest totals
heretofore recorded were 15,088 in 1896 and 15,242 in
1893. Aggregate liabilities for 1908 at $222,315,684
were, however, not very largely in excess of the
preceding year, but greatly exceeded the totals for
most earlier years. At the same time the latest
aggregate was surpassed in 1896, 1893 (with its record
liabilities of 346 millions) 1884, 1878, 1873, and
as far back as 1857, when a 291 million total was
reported. But, while the 1908 aggregate of liabilities was much above the average of former years,
the average liability per failure was less than in
1907, and only a little greater than the mean of the
17 years 1891 to 1907 inclusive. Furthermore, it
was much below the average for the full period Dun's
record covers-1857 to 1908. It is thus evident
that there was a large preponderance of disasters to
small merchants or manufacturers in the late year,
and that consequently the effect was very far-reaching.
We have stated above that in contradistinctionto 1907
the failures during 1908 were,as regards amount of liabilities reported, a quite constantly diminishing affair.
To indicate that clearly we append the following:
r:
1st quarter
2nd "
3rd
"
4th "

L

Total

FAILURES BY QUARTERS.
1907
1908.
Average
Average
No. Liabilities. Liability.
No. Liabilities. Liability.
3,136 532,075,501 $10,228
4,909 575,706,191 $15,422
2,471
12,808
37.493,071
48,668,642
15,173
3,800
2,483
46,467,686
15,997
55,302,690
18,714
3,457
3,635
81,348,877
12,009
42,638,161
22,379
3,524
15,690 5222,315,684 $14,170

11,725 3197,385,235 $16,834

[ Referring to the classified statement of failures, we
find that disasters were greatest in the manufacturing
branches, the liabilities of that class aggregating
$96,829,015, as compared with $106,640,444 in 1907
and only $45,675,362 in 1906. The obligations of
"traders" who were forced to the wall totaled $91,661,957, against $58,698,148 in the previous year
and $48,186,136 in 1906, and liabilities in, other lines
aggregated $33,824,712, against $32,046,633 and




[VOL. Lxxxviii.

$25,340,017 respectively. Financial bankruptcies in
1908, although much greater in number than in
1907,covered a decidedly smaller volume of liabilities,
but in 1906 disasters of this character were comparatively unimportant as contrasted with either of
these two later years. It is, perhaps, incorrect to
speak of these embarrassments of financial institutions as failures, as in most cases suspension, especially
in the last two years, was brought about through
causes other than unsound condition and with the
cause removed resumption followed. But as the
failures, suspensions, or whatever they should be
correctly called, are a part of the year's history, we
include them in the table below as a matter of record.
COMMERCIAL FAILURES.
Number
1908. 1907. 1906.
Manufacturing_ 3,827 2,913 2,490
11,272 8,419 7,843
Trading
393
349
591
Other
Total
Banking
Total

Liabilities
1908.
1907.
$96,829,015 $106,640,444
91,661,057
58,698,148
33,824,712
32.046,633

1906.
$45,675,362
48,186,136
25,340,017

15,690 11,725 10,682 $222,315,684 $197,385,225 $119,201,515
58
180
132
123,126,956
233,325,972
18,805,380
15,870 11,857 10,740 $345,442,640 $430:711,197 $138,006,805

As a part of the year's record R. G. Dun & Co. have
prepared an article exclusively devoted to bank
suspensions in which that branch of the subject has
been quite thoroughly discussed. The seriousness of the
1908 crisis that was responsible for the very extensive
suspension of banking institutions is fully recognized,
but it is pointed out that no such disastrous consequences have followed in its wake as attended the
failures of 1893.
Canadian failures returns for 1908 also reflected
improving conditions as the year progressed.
For the full twelve months the disasters aggregated
1,640 in number and $14,931,790 in amount of liabilities, comparing with 1,278 for $13,221,259 in 1907
and 1,184 for $9,085,773 in 1906. The present totals,
both as regards number and amount, were exceeded
in each year 1894 to 1897, inclusive. Debts in manufacturing lines aggregated $5,976,498, against $6,667,452 in 1907 and $3,482,511 in 1906; trading liabilities were $8,242,436 in 1908, against $5,756,651
and $5,145,142 respectively in the two preceding years,
and other bankruptcies covered obligations of $712,856
in 1908, comparing with $797,156 in 1907 and $458,120
in 1906.
CLEARINGS AND SPECULATION IN 1908.
The record of bank clearings for the calendar year
1908 tells the story of depression and stress in mercantile and industrial affairs-a predominant feature,
as we all know, during most of the period. In reviewingthe exchanges for the preceding year (1907) we
pointed out that, while for the most part the course
of business affairs had proceeded along favorable
lines, a conspicuous let-up occurred the last quarter,
largely induced by the monetary troubles that set
in in October. The turn of the year, however, witnessed no change. On the contrary, for the first
three or four months of 1908 a condition of inactivity in all directions was conspicuously discernible.
Building construction work, a marked decline in the
volume of our foreign trade, serious losses in railroad
earnings, noticeable increase in the number and liabilities of co.mmercial failures, all joined in telling a
tale of unsatisfactory conditions. Moerover, lack of
employmenf;for labor the changed conditions had
brought about turned the tide of immigration against
us, departures greatly exceeding the arrivals month

JAN. 23 1909.

THE CHRONICLE

191

The foregoing compilation is particularly instructive
by month. All these drawbacks continued pretty
last
month
the
although
as
showing the expansion of clearing houses outside
much throughout the year,
election)
some
Presidential
of
New York, as evidenced by the fourfold increase
or two (following the
discernible.
An•
in
was
situation
exchanges
in the twenty-five years. In 1883 there
improvement in the
other recent development also favorable to business were, all told, only 28 clearing houses in the country;
revival is the apparent change in'sentiment in many now there are 130, our record embracing 16 which
quarters with regard to corporations; there are indi- are not included in the annual statement for 1908,
cations that a policy of less interference is finding favor owing to lack of comparative figures for the previous
year.
with our legislative bodies.
Stock Exchange dealings are, as we have before
The aggregate of clearings for the whole country
for 1908 reached $132,272,067,412, against $145,175,- remarked, a very important factor in bank clearings
733,493 in the previous year, $160,019,717,333 in at New York. At times when the aggregate of clear1906 and $143,909,448,441 in 1905, but in 1904 the ings for the remainder of the country exhibited an
total was smaller than that now recorded, having been increase over the previous year, the New York total
only $112,449,664,015. The loss from 1907 is 8.9%, recorded a decrease solely because of lessened activity
and compared with 1906 and 1905 the decreases are in Stock Exchange operations. This was "true in
17.3% and 8.0% respectively, but contrasted with 1888, in 1900, in 1902, in 1903 and 1907, and much
1904 there is an increase of 17.7%. At New York larger losses locally than elsewhere in 1894 and some
alone the 1908 total not only records a decline from other years are similarly accounted for. As regards
1907 of 9.1%, but shows a loss from 1906 of 24.3% 1908, of course, the situation is somewhat different.
and from 1905 of 15.5%. As regards the comparison Transactions in shares, as already explained, were
with 1907, it is to be said that during the early months approximately the same as in 1907, and dealings in
of the year-in fact, down to about the close of June- bonds of all elasses-railroad and miscellaneous, State,
very heavy losses were the rule, due in considerable city and Government-were not only of greater aggremeasure to the diminution in activity on the Stock gate than in the preceding year but in excess of the
Exchange, but increased dealings later (and especially previous record made in 1904. To indicate the course
in November and December)-transactions greater of'Stock Exchange speculation for an extended period
than in the previous year-gave a more favorable we append a compilation showing the annual share
showing. Finally, as the aggregate volume of busi- dealings since and including 1888.
NUMBER AND VALUE OF SHARES SOLD AT NEW YORK STOCK
ness on the Exchange for the full year 1908 was apEXCHANGE.
proximately the same as for 1907, the decrease of
Stocks,
Aver.
Aver.
Stocks.
Values
Values
9.1% from that year, shown above,is a virtual measure Year. Shares. Price. (approximate)1 Year. Shares. Price. (approximate)
of the loss in clearings due to the smaller volume of 1908._ 197,206,346 86.6 15,319,491,797 1897._ 77,324,172 67.0 . 4,973,553,065
196,438.824 85.8 14.757,802.189 1896_ _ 54,654,096 65.2 3,329.969.940
mercantile business. Outside of New York, likewise, 1907._
1906._ 284,298,010 94.2 23,393.101,482 1895_ _ 66,583,232 60.3 3,808.338,604
1905._ 263,081.156 87.3 21.295,723,688 1894_ _ 49,075,032 64.2 3,094,942.769
the late year's aggregate was less than that for 1907, 1904._ 187,312,065 69.9 12,061.452,399
80,977,839 60.3 4,550.260.916
1903._ 161,102,101 73.2
,083,001 1892.. 85,875,092 63.5 4,874,014.262
188,503.403 79.9 14,218,440.083 1891_ 69,031,689 57.1 3.812.247.419
having been only 52,996 million dollars, against 1902._
1901_ 265,944,659 79.0 20,431,960,551 1890.. 71.282,885 60.2 3.977.664,193
138,380,184 69.2
72,014,600 61.0 4,059,231.891
. .
57,993 millions, and there is also a decline from 1906, 1900._
1899._ 176,421.135 78.6 13,429.291.715 1888_ _ 65,179,106 62.5 3,539,519,143
when the total reached 55,344 millions. Contrasted 1898_ 112,699,957 72.7 8,187,413,985
with the 50,087 millions of 1905, however, a moderate
No extended reference to the foregoing seems to be
increase is shown, and the gain over 1904 is quite required. The comparison with 1907 both as regards
voume of sales and the average price of shares is a
important.
While, as stated above, the situation of affairs was favorable one, but the same cannot be said when conrather better the last two months, the twelve months' trast is made with either 1906 or 1905, when dealings
aggregates for almost all cities were smaller for 1908 reached 284,298,010 shares and 263,081,156 shares,
$100 share
than for 1907 and in many cases lower than the 1906 respectively, with the average value per
reaching over $94 in the latest of the two years. A
figures. Conspicuous losses are to be found at such feature of 1908 was the popularity
of bonds as a means
centres as Pittsburgh, Philadelphia, Baltimore, Cleve- of investment. Railroad and miscellaneous issues of
land, San Francisco and New Orleans. But we pass a par value of $999,025,800 were traded in, a total
further comment, as reference in detail to the various more than double that of 1907 and exceeded only in
cities with lower totals in 1908 than in 1907 wouict 1904, when transactions aggregated 1,014% millions.
entail the mentioning of 88 of the 114 clearinghouses State and Government bond sales, including Japanese,
/
1 millions,
included in our compilation which will be found in Mexican and Cuban issues, totaled 821
the Chronicle of Jan. 2 1909, page 1. With that said, against 70 millions in 1907 and only about 25 millions
we present a table covering the exhibit of clearings for in 1904. The year's aggregate sale of bonds at the
New York, the cities outside of New York and the New York Exchange was, therefore, a little more than
country's aggregate for the sixteen years 1893 to 1,081 millions, against 526 millions in 1907 and the
previous record total of 1,040 millions in 1904. The
1908 inclusive.
table shows the details of the stock and
subjoined
Inc.
Inc.
Clearings
Inc.
Total
or
New York
r year,
or
Or
Outside
for the last two years.
sales
bond
Clearings.
Dec,
Clearings.
Dec.
New York.
Dec.
E.4111
P441

1908
1007
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
18951
1894
18931

$
%
79,275,880,256 -9.1
87,182,168,381 -16.7
104,675,828,636 +11.6
93,822,060,202 +36.7
68,649,418,673 +4.1
65,970,337,955 -13.6
76,328,189,165 -3.9
79,427,685,842 +50.9
52,634,201,865 -13.4
60,761,791,901 +44.8
41,971,782,437 +25.6
33,427,027,471 +15.8
28,870,775,056 -3.3
• 29,841,796,924 +22.3
24,387,807,020 -22.0
31.261.037,730 -14.7




$
$
%
52,996,187,156 -8 6 132,272,067,412 -8.9
57,993,565,112 +4.8 145,175,733,493 -9.3
55,343,888,677 +10.1 160,019,717,333 +11.0
50,087,388,239 +13.9 143,909,448,441 +27.7
43,800,245,342 +1.3 112,449,664,015 +3.0
43,238,849,809 +3.8 109,209,187,764 -7.4
41,695,109,575 +6.7 118,023,298,740 -0.4
38,982,329,340 +16.6 118,410,015,182 +37.6
33,436,347,818 +0.5 86,070,549,683 -8.5
33,285,608,882 +23.9 94,047,400,783 +36.6
26,854,774,887 +12.6 68,826,557,324 +20.2
23,802,043,485 +6.4 57,229,070,956 +11.7
22,375,548,783 -4.2 51,246,323,839 -3.7
23,338,903,840 +10.1 53,180,700,764 +16.6
21,072,251,587 -7.6 45,460,058,609 -15.9
22,882,489.378 -9.4 54,143,527,108 -12.5

Twelve Months 1908.
Desertplion.

Par Value
or Quantity

Actual
Value.

Twelve Months 1907.
Aver. Par Value
Price. or Quantity.

Actual
Value.

'Aver.
'Price.

197,206,346
StqcfShs.
196,438,8241
1Val _ 117694.247,800115319,491.797 86.6 $17006,377,125 114757,802,189 86.8
RR.bonds 1999,025,8001 1885,406,197 88.1 $456.116,300 $396,464,512 86.9
1521,820,
$948,626 110.6
Govt.bds.
$573.491 109.9'
$66,173,334 95.6
State bds.
$85.123,6841O4.2' 169$
.8
7
100
0
50
0
4
15
1
96
8:.0
181,713,5001
$813,153 194.2
$ ,
Bank stks
$4 5.083 200.3
Total__ $18775,735,420 $16291,050,752 86.8117532,966,275115222,201,814 86.8
636,964,287 98.7e
450,443,7501
645,353,800
466,165,160103.5
Grain,bu.
Total val.

1116757,215,912

$15859,166,101

192

[Vox.. Lxxxvin.

THE CHRONICLE

As has already been pointed out, the aggregate of
bank clearings outside of New York as well as for this
city in 1908 was less than for the previous year or for
1906, and it is also to be stated that the different cities
and sections nearly all shared in the decrease. This
is quite well shown in the subjoined table, which
indicates the course of bank clearings at the leading
cities for December and the full twelve months of
each of the last four years.
B ANK CLEARINGS AT LEADING CITIES FOR DECEMBER AND THE YEAR
December
-Jan.1 to Dec.311908. 1907. 1906. 1905. 1908. 1907. 1906. 1905.
(000,0003
omitted.).
9,266 5,350 9,228 9,690 79,276 87,182 104,676 93,822
New York
1,134
Chicago
815 1,007
995 11,854 12,088 11,047 10,142
Boston
720
517
719
712 7,339 8,135 8,335 7,655
Philadelphia
571
493
668
623 5,938 7,161
7,687 6,929
298
246
272
261
St. Louis
3,075 3,166 2,973 2,890
183
203
Pittsburgh
230
228 2,065 2,744 2,641
2,506
152
San Francisco
129
203
170
1,757
2,134
1,998
1,835
121
104
131
131
Baltimore
1,241
1,473 1,445 1,290
114
Cincinnati
91
111
111
1,230
1,362
1,310 1,205
181
123
128
110 1,848
Kansas City
1,649
1,332 1,198
Cleveland
67
64
75
70
750
897
838
775
93
96
114
114
New Orleans
786
957
1,020
963
Minneapolis
98
102
102
97
1,057
1,158
991
914
64
37
Louisville
56
55
580
645
650
002
Detroit
60
55
57
56
668
712
670
598
Milwaukee
52
44
45
43
548
562
493
430
Providence
33
28
38
37
337
390
397
381
Omaha
59
42
46
40
662
568
504
443
Buffalo
36
32
36
32
409
445
398
351
45
46
41
34
484
485
St. Paul
419
343
Indianapolis
38
25
35
33
380
399
366
345
Denver
41
410
31
35
30
408
350
328
Richmond
299
30
27
27
26
322
303
260
Memphis
27
27
28
• 32
253
249
248
273
Seattle
43
29
429
41
31
489
486
302
Hartford
167
• 14
15
13
16
184
183
162
25
257
Salt Lake City _ _ __
29
13
33
292
288
212
13,568 8,784 13,524 13,798 124,039 136,256 152,046 137,154
655 8,233 8,920 7,874 6,755
761
639
815
Total all
14,383 9,423 14,285 14,453 132,372 145,176 160,020 143,909
Outside New York_ 5,117 4,073 5,057 4,763 52,296 57,994 55,344 50,087
Total
Other cities

We have remarked further above that while in early
months of the year 1908 inactivity was the feature
of operations on the New York Stock Exchange, the
contrary was a fact towards the close. In that respect
1908 contrasted stiongly with 1907, when greatest
activity centred in the early months. Space not permitting of any extended reference to that point, we
would merely remark that sales in the last quarter of
1908 were not only much heavier than in the corresponding period of 1907, but slightly exceeded those
in 1906. The appended table indicates the course of
operations month by month and quarter by quarter
the last two years.
SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
1908.

1907.

greater in 1908 than in 1907, although smaller than in
1906. Boston, for example, reports total dealings
last year of 13,002,235 shares and $39,828,800 bonds,
against 14,308,687 shares and $7,682,700 bonds in
1907 and 18,297,818 shares and $8,695,310 bonds in
1906. At Chicago the aggregate transactions were
833,943 shares and $15,261,000 bonds in 1908, which
compares with 817,164 shares and $4,566,100 bonds the
previous year and 1,234,537 shares and $5,858,050
bonds in 1906. In Philadelphia 8,384,977 shares and
$19,739,716 bonds were traded in, against 8,578,805
shares and $12,099,096 bonds in .1907 and 10,680,573
shares and $20,360,188 bonds in 1906; and at Baltimore 190,024 shares and $21,784,603 bonds covered
the 1908 total, comparing with 153,912 shares and
$15,649,010 bonds in 1907 and 524,286 shares and
$31,688,513 bonds the preceding year. These few
examples should serve as an indication of the course
of stock speculation outside of New York.
When it is stated that only 26 out of the 114 cities
included in our comparative record report increases,
and those as a rule very small, and that at very many
other points the losses are quite conspicuous, the
generally unfavorable situation of affairs during 1908
becomes clearly apparent, even though conditions the
last two months were, on the surface, fairly satisfactory. The situation month by month for the two
years for the whole country and outside of New York
is shown in the appended compilation, which also
covers the totals by quarters and indicates the percentages of gain or loss for each period.
MONTHLY CLEARINGS.

Mont

Clearings, Total All.
-1908.
1907.

Clearings Outside New York.
%

1908.

1907.

%

$
$
$
$
Jan - _ 11,359,308,232 15,054,655,406 -24.5 4,609,033.277 5.416,984,522 -14.9
Feb - _ 8,756,701,857 11,823,958,740 -25.9 3,860,671,029 4,492.448,964 -14.1
9,777.937,943 14,657,900,282 -33.3 4,276,897,604 5,095,622,479 -16.1
Mch
1st qr. 29,893,948,032 41,536,514,428 -280 12,746,601,008 15,005,055,965 -15.1
April _ 9,764,431.744 12.661,631,615 -22.8 4,276,857,430 4,994,103,001 -14.4
May _ _ 10,858.707,179 12,406,704,867 -12.5 4,188.873,348 5.071,850,921 -17.4
June _ 9.825.771.157 11.159,390.575 -12.0 4.171.911,240 4,790,217,610 -12.9
'2d qu_ 30.448,910,080 36.227,727.057 -15.9 12,637,612,024 14,856.171.532-15.0
25,384.243,932 29,861,227,497 -15.0
c9,342,858,112
---.22.4
77,764,241.485
6 mos_
July__ 11,071,981,347 12,372,028,084 -10.5 4,453,893,588 65,060,205,679-12.0
Aug _ _ 10,248.695,249 11.558,715.889 -11.3 4,023,581,641 4,668,225.399 -13.8
Sept_ 11,112,581,447 10,573,022,063 +5.0 4,330,097,831 4,542,793,316 -5.0
3d qr_ 32,433,258,093 34,503,766,036 -6.0 12,808.573,061 14,271,284,394 -10.3
9 mos 92,776,116,155 112268,007,521 -17.4 38,191,816,993 44,132,511,891 -13.5
12,136.130,544 13.804,896,282 -12.1 4,901,858,771 5,608,,92,641 -12.6
Oct
Nov _ 12,976,376,842 9,679,735,498 +34.1 4,785,354,040 4,178,993,335 +14.5
Dec - 14,383,443,871 9,423,094,192 +62.6 5,117,157.352 4,073,167,245 +25.6
4th qr. 39,495,951,257 32,907,725,972 +20.0 14,804,370,]63 13,861,053,221 +6.8
Year

132272,067,412 145175,733,493 -8.9 52,996,187,156 57.993,565,112 -8.6

It will be noted in the foregoing that down to the
close
of October there had been but one instance where
Par.
Actual.
Par.
Actual,
a
gain
was recorded, and that in the September total
3
Tan 16,594,895 1,396,403,800 1,015,764,111 22,702,760 1,948,477,925 1,854,950,930
Feb 9,839,706 833,199,900 609,986,418 16,470,972 1,318,394,800 1,241,478,649 for the whole country, which was due to a spurt of
Mch_ 15,939,255 1.387,712,725 1,014,698,43732,208.525 2,787,043,450 2,609,820,422
activity on the New York Stock Exchange. In Nolstqr 42.373,8563,617.316,425 2,640,448,966 71,382,2576,053,916,175 5,706,250,001
April 11,648,123 1,024,180,450 782,948,479 19,235,652 1,686,695,950 1,508,967,413 vember and December quite important gains were
May 20,975,022 1,855,881,050 1,470,479,816 15,827,245 1,346,719,475 1,204,698,417
June 9,652,437 857.496,500 771,664.685 9.749,415 826,398,975 740,089.460 recorded, which served to cut down materially the
2d qr 2,275,582 3,737,558,000 3,025,092,98044,812,3123,859,814,400 3,453,755,290
otherwise heavy loss. Carrying the comparison back
6 m's54,649,4387,354,874,425 5,665,541 946 116194 569 9,913,730.575 9,160,005,291
tuly_ 13,857,563 1,249,522,675 964,269,481 12.811,359 1,141,219,600 990,994,600 to 1906 there is hardly a month in which the 1908
Aug.. 18,881,265,1,699,430,100 1.584,406.18315.561.5831.390,644.625 1,180,470.609
Sept. 17.582,4991,557,670,875 1.485,649.298 12,223,541 1,088,393.825 902,471.817 figures do not exhibit more important declines than
1
3d qr 50.321,3274,506,623.650 4.034,324.96240,596,4783,620,258,050 3,073,937.026 are shown for 1907.
9 m's134970,765 11861498.075 9,699,866,908 156791 04713533,988,625 12233,942,317
As i egards the several groups into which we have
Oct114,266,901 1,302,230,375 1,252,695,988 17,333,793 1,550,957,050 1,127,476,980
Nov:124.966,326 2,389,941,5502,306,950.487 9,677,494 849,293,525 617,436,014
the various cities, there is very little of
arranged
12,636,490
_23,002,354
2,059,978,414
1,072,137,925 778,946,878
Dee
2,140,577,800
4thqr62,235,581 5,832,749,7255,619,624,889 39,647,7773,472,388,500 2,523,859,872 interest to be said except that the best showing is
1
Year 197206,346117694,247,80015319,491,797 196438 824 17006,377,125 14757,802.189 made in the Middle West, where the loss in 1908 from
1907 was only 4.2%, and in the "Other West," where
At stock exchanges outside of New York, and due a gain of 2.2% is to be recorded. The table of clearto a renewal of activity in the closing months of the ings'by groups for each quarter of the last six years
year, we find that transactions were quite generally is now presented.
M'th.

Number
of
Shares.




Values.

Number
of
Shares.

Values.

1

JAN. 23 1909.j
Clearings Reported.
(000s omitted.)

a •

First
Quarter.

Second
Quarter.

Fourth
Quarter.

Third
Quarter.

Total
Year.

$
11908.. 17,147,346 17.811,268 10,524,685 24,792,581 79,275,880
1907._ 26,531,458 21,371,55620,232,482 19.0413,672 87,182,108
11906... 27,939,858 25.152,486 24,403,559 27,179,926 104,675.829
1905._ 23,584,452 23,300,154 20,679.257 26,258,197 93,822,060
1904._ 14,925,334 14,203,962 15,204,667 24,315,456 68,649,419
(1903._ 18.431.542 17,266,076 14.933,887 15.338,833 65,970,338

New York

11908_
1907_
1906._
1905_ _
1904..
(1.903_

2,667,069
3,410,094
3,392,123
2.844,150
2,383,860
2,639,532

2,718,484
3,502,746
3.415,476
3,107,080
2.452,473
2,816,282

2,788,852
3,259,576
3,166,438
2,955,868
2,453,629
2,579.692

2,875,397
3,164,647
3,563,196
3,343,722
3,023,287
2,571.117

11,049,802
13,327,063
13,531,233
12,063.820
10,313.194
10,606,623

11908.1907._
1906._
Total
1905...
New England_ 1904_ _
(1903..

1,993,691
2,619,964
2,456,888
2.108.959
1,823,408
1,979,663

1,985,226
2,346,523
2,277.983
2,166,457
1,855,803
1,949,568

1,999,174
2,173,489
2,138,411
2,040,844
1,724,455
1,809,820

2,386,106
2,134,607
2,572,452
2,373.469
2,149,955
1,925,734

8,364,197
9,274,583
9,445.734
8,689,729
7,553,621
7,664,785

11908._
11907._
1906-1905._
Total
Middle West_.11904_ _
L1903_

4,034,045
4,395,913
3,978.641
3,529,952
3,196,662
3,204,523

4,085,792
4,549.767
3,935.899
3,603,571
3,234,262
3,289.499

4,033,601
4,457,819
3,844.656
3,553,411
3,226,923
3,178,494

4,588,388
4,063,140
4,346,612
4,051,192
3,627.978
3,399,002

16,741,826
17,466,639
16,105,808
14,738,126
13,285.825
13,071,518

938,985 1,029,500 1,123,783
(1908._
894.760
11907._ 1,239,478 1,218,829 1,188,632 1,016,668
1906._ 1,048,785
797,997 1.044,472 1,262,383
996,156
889,357
836.752
1905._
750,759
794,871
675.988
649,232
1904._
641.380
727,042
656,104
632,349
(1903_ _
635,979

3,987,028
4,663,607
4,153,637
3,473,024
2.761,471
2,651,474

(1908_ 1,249,712 1,215,742 1,282,922 1,536,626
1907_ 1,213,449 1,282,194 1,291,206 1,384,472
1906_ 1,035.241 1,012.388 1.028,123 1,275,512
938,956 1,151,042
925,023
1905..
899.463
843.551 1,049.224
782.080
1904 _ _
842,147
963,548
817,497
800,884
793,462
11903..

5,285,002
6,171,321
4,351,264
3,915,084
3.517,002
3,375,391

2,194,070
2,107,298
2,291,453
2,052,865
1,917,290
1,716,664

7,508,332
8,090,352
7,750.212
7,020,605
6,540,526
5,869,059

Total other
Middle

.
Total Pacific. _

Total
other West_

Total Southern

'iota! all

11908_
11907_
1906_
1905._
1904._
L1903-

1,907,325
2,126,158
1.974.196
1,699,700
1,762,981
1,455.266

1,693,413
1,955,212
1,790.197
1.670,575
1,448,075
1,368,228

1,773,524
1,901,694
1.694,366
1,597.465
1,412,180
1,323,901

Canadian bank clearings, in line with those for the
United States, were less in 1908 than in 1907, but ex.
hibited an increase over 1906. The aggregate exchanges for the thirteen cities of the Dominion .in
which there are clearing-house organizations were
$4,142,194,346, against $4,342,678,161 in 1907, or a
decrease of 4.2%, and compared with 1906 the gain
reached 4.9%. All but four of the cities record losses,
but only at Hamilton and London were the percentages of decline at all conspicuous. Share and bond
transactions on the stock exchanges of the Dominion
were greater in the last year than in 1907, dealings at
Montreal having been 1,471,876 shares and $4,372,133
bonds in 1908, which compare with 675,220 shares
and $3,881,433 in 1907 and 1,187,384 shares and
$6,261,534' bonds in 1906. In 1901, which seems to
have been the record year, the stock transactions were
2,834,169 shares. Toronto Stock Exchange operations in 1908 were 606,526 shares and $3,753,500 bonds,
against 424,213 shares and $2,926,200 bonds in 1907
and 742,016 shares and $3,214,400 bonds in the
previous year. Share sales in 1902-apparently a
record-were 2,163,277. The Canadian clearings by
quarters for the last six years are given below.

11908_ 29,893,948 30,448,910 32,433,258 39,495,951 132,272,067
1907_ 41,536,514 36,227,727 34,503,766 32,007,726 145,175,733
1906- 41.825,732 38,386.426 37,320,025 42,488,534 160,019,717
1905._ 35,417,435 35,610,212 32,655,118 40,226,643 143,909,448
1904_ 25.575.772 24,626,087 25.551.093 36,868,061 112.621.013
(1903- 29,139,907 28,122.886 25.304.395 26.641.940 109,209.188

1908.- 12,746,602 12,637,642 12,808,573 14,803,370
1907-- 15,005,056 14,856,171 14,271,284 13,861,054
1906_ 13,885,874 13,230,940 12,916,466 15,311,608
1905_ 11,832.983 12,310.058 11,975.901 13,968,446
Outside
New York__ 1904- 10,650,438 10.421,925 10.346,425 12,552,806
(1903_ 10.708,425 10,856,810 10,370,508 11,303,107

52,996,187
57,993,565
55,343,888
50.087,388
43,971,594
43,238,850

Dealings on the various mercantile exchanges furnish in most cases no completely reliable data. The
New York Coffee Exchange officially reports the transactions during 1908 as having aggregated 6,881,500
bags, against 10,555,250 bags in the previous year
but the Cotton Exchange has furnished no record of
dealings for some years past and the same is true of
the Produce Exchange. For the latter Exchange
we have, however, as in former years, made up a
compilation based upon the figures published from
day to day in the daily papers, which doubtless approximate closely to the actual results. From this
compilation it would appear that the sales of grain
(spots and option) in 1908 were appreciably less than
in 1907 and but little greater than in 1906, having
reached 453,443,450 bushels, against 645,353,800
bushels and 448,109,250 bushels respectively. A summary of the transactions by quarterly periods for six
years is subjoined.
BALES OF FLOUR, WHEAT. &e., AT NEW YORK PRODUCE EXCHANGE
(Two ciphers (00) omitted from figures for Wheat, Corn, Oats, Barley and Rye.)

Flour. - Wheat.

Corn.

Barley
Oats. & Malt. Rye.

Bbl..
Bush. Bush. Bush.
let quarter, 190: 748,101 118,501,1 2,592,0 822,0
190 945.301 116,626,1 4.569.1 1.558,0
"
1901 1.016.600 81,577,1 6.612,0 3,696,
"
"
190 867.800 106,571.0 9.817,0 3,039,0
190 586,101 204,9660 7,116.1 5.855,0
"
"
190 559,901 88,901,020,302,0 7.982,0
, 833,400 115,415 0 1,364,0 1,229,0
190:
quarter,
2d
"
190 1,195,201 168,342.4 4,063,1 1.571,0
1901-1,089,206 109.450,0 5,748,0 4,659,0
"
190 - 967.500 105,990.1 6,624.1 3,575.0
"
1904 464,101107,831,' 4.017.' 5,108,0
"
"
190 656,901 126,981.0 17.675,0 9,034.0
920.1
612,0
3d quarter, 190 958,600 104,634,1
190 659.201 174.483,1 2,921.1 1,101.0
'•
190; 1,109,600100.082.' 3,541,1 2.583,0
"
"
190 1.223,850 109.688.0 8.502.1 5,160.0
190 576.400137,977,0 7,135.1 5,939,0
"
"
190 623,901 328.953.012.053,' 6.989,0
4t11 quarter.190
588,000 89,465,0 2,020,0 650,0
"
190 792.70 150.427,1 2,056.0 1,018.0
190; 913.101 96.689.1 2.983.1 1.680.0
"
"
1905 1,059,70 87,748,1 6,152,0 4,887,0
"
1904 728.401 116.288,1 7.629.1 6,224.0
"
190 626,001 104,437.6 9.534.0 7,351.0
190:.3,128,106 428,015,0 6,896, 3,313,0
Total,
190 3.592.40;609.878,013.609.1 5.248,0
190 4.128.50 '96,798.1)18,884.0 12,618.;
"
190. 4.118.850 409.907.031.095, 16.661,0
"
190 .355,001 567,072,025.897,I 23.126,I
1903 .466,70' 449.272.059.564,. 31.356.0
..
1'' .059.00 35.164.060,209.0 27.536,0
fa




Total.

Bush. Bush.
Bush.
450,1 601,0126,332,450
75,1
127,081.850
739,0
40,0 97,238,700
123,357,100
25,0
60,0
220,634,450
245,1
94,2120,043.750
16,0121,794.300
......240.0179,594,400
134,0 192,0125.084,400
120,522.750
70,0
2,0 119,046.450
l00,p 1,174,0 157,920,050
110,535,700
56,0
181,471,400
120,319,200
120,0
109,1 280,0 129.246,325
153.704,800
60,1
569,1 107,0151.478,550
94,781,000
30.0 108,0157.206,150
6.0 105.466.950
5,0 105.306.650
1,746.0
133.993.800
565.0
65,0
124,204,000
526.1 617.0453,443.450
105,0 348,0645.353,800
993,0 238.0448,109,256
1,950,0 285,0 478.432.826
685.0
627.379.500
979.0 1,375,2553,646.356
1.028,0 2,956.0636,158,500

Clearings Reported,
(000s omitted.)
Canada-1908______ ___
1907
1906
1905
1904
1903

First
Quarter.

Second
Quarter.

Third
Quarter.

Fourth
Quarter.

Total
Year.

$
$
$
$
15
952,520 1,014,090 1,272.510 4,142.194
903,074
1,004,009 1,070,924 1,087,591 1362,154 4,324,678
942,762 1,171,516 3,949,797
927,913
907,606
959,557 3,330,122
826,346
748,629
795,590
836,719 2,743,085
581,072
678,171
647,123
737,073 2,692.821
629,239
696,093
630,416

LISTINGS ON THE NEW YORK STOCK
EXCHANGE DURING THE YEAR 1908.
The expansion in the amount of bonds listed on the
New York Stock Exchange during the year 1908, as
compared with the total for the preceding twelve
months, is indeed striking. The aggregate reached
by the issues representing "new capital, &c.," not
only exceeds by 160% the corresponding figure for
1907, but it establishes a new record for the last decade.
The total amount of bonds, also-new, old, refunding,
&c.-has only twice in the last ten years been exceeded.
The listings of stock issues for new capital, on the
other hand, have remained close to the minimum
record for the decade, although, when the "old issues
just listed" and those "replacing old securities" are
included, the result is not widely different from that
for other recent years.
While the showing of new bonds listed is, as we
have said, noteworthy, the figures are somewhat misleading in case they are allowed to go unanalyzed,
or are not considered in their relation to current
financial events. A year following immediately upon
one of continued financial stress, culminating in panic
and a general disorganization of the country's money
markets, was bound, as the tension gradually relaxed,
to witness the listing of numerous loans that, under
normal conditions, would have sought the consideration of the Exchange at an earlier date. As is well
known, 1907 was a period of temporary financing,
through note issues; these, no one of which was listed,
aggregated 330 millions. The note issues in 1908,
as compiled below, were confined chiefly to the first
half of the year and amounted in the aggregate to only
about 190 millions. On the other hand, permanent
financing was resumed on a large scale too late in
1908 greatly to affect the year's listings, and even the
•

191

THE CHRONICLE

50 millions of bonds sold by the Union Pacific last
June have not as yet been placed on the "regular list,"
which is the only one embraced in our annual compilation.
The fact is that the magnitude of the additions to
the Stock Exchange sheet during 1908 is in considerable measure due to financing of an earlier, period. For
instance, the New Haven road and the Telephone company have listed in the course of the 12 months debentures to a total of 45 millions and 100 millions respectively, dating back to 1906, but all representing
new? capital, while the last installment ofthe subscriptions for a large part of the same was not due until
early in 1908. Altogether, the New York New Haven
& Hartford has secured the listing of seventeen different issues, railroad and street railway, many of them
long outstanding, the total face value thereof being
179 millions. Among the latter's new issues are not
only the aforesaid 45 millions of 1906, but also 31
millions of the 39 millions 6% debentures offered to the
shareholders in December 1907. The City of New York
bonds, also, to a total of 105 millions, listed during
the year, include, besides 50 millions dated November
1907 and sold in the first half, of 1908, some $55,000,000 placed in 1907, and yet of necessity included
among the new capital issues which were listed during 1908.
Following is our usual 10-year comparison:
LISTINGS ON NEW YORK STOCK EXCHANGE.
Bonds.

Issues for new
capital, .1:c

1908
1907
1906
1905
1904
1903
1902
1901
1900
1899

Old issues
now listed,

648,869,500
246,733,914
x303,112,000
569,079,000
429,810,500
a191,515,050
197,516,313
220,171.700
147,678,597
156,304,760

Stocks.
1908
1907
1906
1905
1904
1903
1902
1901
1900
1899

Replacing
old securi.its.

95,794.000
72,362,000
12,304,500
20,000,000
12,798,000
2,878,000
21,270,100
6,287,000
22,908,000

Total.

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 a533,519,300
681,568,300 923,010,100
289,747,403 443,713,000
346,171,480 525,384,240

123,977,900 248,780,200 141,169,350 513,927,45
0
159,106,244 321,056,300
95,860,506 576,032,050
237,479,600
16,440,700 408,849,150 662,769,450
125,123,300
99,889,200 308,422,400 533,434,900
120.635,050
55,231,750 175,866,80
172,944,200
38,791,600 215,154,495 426,890,2950
251,069,400
11,462,300 521,500,895 784,032,595
429,537,450
76,090,600 1,136,385,665 1,642,013,715
296,550,572 130,205,000 194,179,428 620,935,00
0
311,420,285
392;752,320 704,172,605

Note.-Applications for the listing of Trust Company receipts and
of securities
marked "assented" (if preparatory to reorganization), or of securities
stamped "assumed" or "assessment paid"-the securities themselves having
previously been
isted-are not included in this table.
a Not including $1,155,000,000 Imperial Russian State 4% certificates
ot rente.
x Excludes $425,000,000 Japanese Government bonds.
BONDS.

Year.
Railroad.

Street Ry. I

S

STOCKS.
Miscell.

Railroad,

Street Ry.

Miscell.

$

1908 _ 506,160,000 65,076,000301,722,000 200,502,600
2,417,600 311,007,250
1907 __ 267,992,000 16,072,000 136,749,000 146,750,80
1906 .._ 305,727,500 126,231,000 a139940000 248,186,5500 20,443,400 408,837,850
0 226,372,800
1905 __ 538,584,000 29,650,000 411,792,650 176,922,800 188,210,10
1904
343,036,500 17,118,000 174,925,100 120,915.55 58,274,400 298,237,700
54,951,250
1903 __ 270,759,000 52,042,000 258,487,800 226,015,4000
1902 __ _ 434,612,000 12,780,000 x86,127,300 390,388,340 54,479,850 200,874,895
1901
667,006,000 65,321,000 190,683,100 284,584,515 62,000,000 339,164,405
1900 ___ 269,303,000 17,000,000 157,410,000 381,205,200 16,806,500 z1295429200
1899
446,634,000 13,040,000 65,710,240 410,716,630 51,980,000 222,923,300
241,475,975
a Excluding $425,000,000 Japanese 430vernmont bonds. X
°mitt ng Russian
bonds, $1,155,000,000. z Includes U. S. Steel $1,018,688
,000.

The following tables show the purposes for which
the several blocks of bonds, railroad, street railway
and miscellaneous, were issued:
LISTINGS OF RAILROAD BONDS
Company and Title of Loan
Amount
Purpose of Issue
Atch Top & Santa Fe gen 4s-....$4,000,000 Improvem
ents
do
do
E Ok div 1st 48 3,475,000_ _ Construction of
road
do
do
10-yr cony 5s_ 3,885,000_ Equip,, irrints ec
ten'ns
do
do
Transc. Sh.L.4s.1 7,000,000_ _ COnst'it and!purch
. of road.
Bait & Ohio,Southw div 1st 3 Ms 1,400,000_ _ Improvem
'ts ec extensions
do
do
do
do
-6,000_ _ Retire old lionds • *.
•
do
do
prior lien 3 36s. 2.000.000_ _ Improvements &
extcn'ns
.do
do
do • do
3,000. _ Retire old bonds ; •
do
do
1st 4s
4,000,000_ _ Improvements & exten'ns
do
do
do
do
2,000_ _ Retire old bonds
Buff Roch &Pltts consol
3,000,000_ _ General corporate purposes
do
do
do
do
1,01)0,000_ Retire,old securities
Canada Southern 1st 58, extended _14,000,000_ _ Old 5s
extended at 6%
Central Pacific 1st ref guar 4s_ - - _20,585;000._ Retire
notes to Gov't




[VOL.

Company and Title of Loan
UAmount
1Purpose of Issue
Cheri & Ohio 1st consol 5s
*2,000,000_ _Retire series (Ss:
do
Big Sandy By 1st 45 4,771,000_ _Construction A
of road
do
Potts Cr'k Br 1st 45 600,000_ _Construction of road
Chic Burl & Quincy gen 45
16,000,000__Add'ns, imp'ts, equip , &c.
Chic & East III ref do imp't 4s
2,250,000_ Additions
improvem'ts
Chic Rock Isl do Pac By ref 4s_ 9,318,000_ _Additions &
& improvem'ts
do
do
do
do
3,798,000_ _Ref'g bonds & equip notes
Chic R I & Pac RR coil tr 48_
140,000_ _Acquire R I &P Ry stk
Chic St Paul Minn & Omlconsols 2,241,000_ _ConstrucC
tion & acquisit'ns
do
do
do
do
464,000_ _ Retunding old bonds
Chic & West Indiana consol 4s
2,229,000_ _Additions & improvements
do
do
do
do
772,000_ _Retire old gen M bondsj
Clev Cln Ch & St L gen 4s_
1 000,000_ _ Improv'ts, equip't, &c
do
do
do
do
83,000_ _Retire old bonds 4,g4-4
C010 & South ref & eat 4 Ms_ _ _ _12,740,000_ _Acquire
securities of subsidiary cos , improrts, &c
do
do
do
do
150,000_ _Retire old bonds!!
do
do
1st 4s
300,000....Improvements
Cuba RR 1st 50-year bs
7,799,000_ _Construc
of road
Delaware & Hudson 1st & ref 4s_ _13,309,000__Eqtilp't,tion
impr'ts do securities
other
of
Denver & Rio Grande 1st consol 4s 367,000 _Construc'n, roads
Evansv de Terre Haute 1st gen 5s 473,000_ _Improv'ts &equip't,
equipment
Great Northern
Consol 4s of 1933
482,000_ _Retire old bonds
East Ry of M.,Nor div 1st 4s_ 4,700,000_ _Retire 1st
due Apr 1 '08
St Paul Minn & Man cons 4;is 984,000_ Exchange 5s
for old bonds
Hocking Valley 1st consol 4 Ms__ _
382,000_ _ Iinprovem'ts & equipment
Iowa Central ref 50-year 4s
2,270,000....Improvements
K C Ft Scott & Mein gu ref 48_
439,500__ Refunding old bonds
do
do
do
do
1,832,500._ Improvem'ts & equip't
LehighVall. gen. consol. 4
1,539,000_ _Retire car tr.&stk.pur.bds.
Loulsv. & Nashv. unit, 50-yr. 4s_ _ 3,000,000_ _Retire old
bonds.
Mexican Central consol. 4s
181,000_ _ General purposes.
do
do
do
10,0001_Retire old 7s and scrip.
do
do
1st cons. Inc. 35
28,000f
Minn. dc St. Louis 1st & ref. 4s
700,000_ _Add'ns, imp'ts & equip't
do
do
do
do
455,000.. _Retire old 7s.
Minn. St. P. dc S. S. M. con. 4s_ - 3,280,000_ _Construction of
road.
do
do
do
do
1,000_ _Retire old bonds.
Mo. Pac. coll. 40-yr. 4s of 1005_ _ _ 8,000,000_ _ General purposes.
do
St.L.I.M.&So.lst 30-yr.4s 567,000_ _Improvements & exten'ns.
do
Riv. & Gulf diva, 4s
811,000„Imp'ts, constr'n & equip't.
unit. & ref. 4s
do
60,000_ _Construction of road.
National RR.of Max. 1st consol. 5s 253,000_ _ Equipment.
N. Y. C. & H. R. 30-yr. deb. 4s- _ _13,000,000-Terminal imp'ts, &c.
N. Y. C. Lines equip. tr. of 1907_ _30,000,000--Purch. equip, for syst.
Ikea.
N. Y. Chic. ec St. L. 25-yr. deb. 45_ 5,000,000- Equip% constructi
on, &c.
N. Y. New Haven & HartfordNon-conv.3 34 &4% debens__ -40,000,000_ _ Ohl securities just listed.
do
4% debens. of 1906_15,000,0001_Impr0vements and general
do
3 3i % debs. of 1906_20,997,1005
Convertible 6% debentures_ _ _ _31,069,400_ _ Supurposes.
bsc. at par by st'khold'rs.
Bost. & N.Y. Air L. 1st 50-yr. 4s 3,777,000_
ments, &c.
liar. Riv. & Port. 1st 50-yr. 4s_ _10,058,000_ __Improve
Old bonds just listed.
do
do
do
_ _ 4,042,000_ _ImprOVements, &c.
Naugatuck RR. 1st 50-yr. 4s_ _ _ 2,500,000
N.Y.&N.E.-Bost.Term.lst 4s_ 1,500,000
New England consol. 5s
7,500,000 _Old bonds just listed.
do
do
48
10,000,000
N.Y. Prov. & Boston gen. 4s_ 1,000,000
Prov. & Springfield 1st 5s
750,000
Prov. Terminal 1st 50-yr. 4s_
4,000,000_
ments, &c.
Penn. RR.cons. 45 (loan May '08) _20,000,000_ _Improve
_Improvements, &c.
Philippine By. 1st 30-yr. 4s
4,305,000_ _Construction of road.
Pitts. Cinc. Chic. & St. Louis con.} 6,000,000j_ Improv'ts,
equip't, secur
gu. 4s, ser. G
Ries purchased, &c.
Reading Co. general 48
1,366,000_ _Acquisitions & improv'ts.
St. Louis & San Fran. ref. 9s
2,000,000-Improvements & equipm't.
do
do
do
548.000- _Retire old bonds.
St. Louis Southw2st. consol. 4s_ _ _
795,000_ _Extension of road.
Sou. By. devel. cc gen. 45, ser. A_ _20,000,000_ _Improvements
equIpm't.
Undcrgr. El. Rys. of Lon. pr. 1. 5s_ 5,000,000_ _Cash require'ts&
reorg. plan.
do
4 Yis of 1933_ _ _14,000,000 _Exchange for profit-sha
do
ring
do
income 6s
do
25,000,000 _ notes.
do
do
4 Wi of 1933
1,000,000 _Reserved for spec. Interest.
do
income 6s
do
1,000,000 _ fund.
Union Pacific 20-year cony. 4s_ _ 1,500,500- Consten, acquisitions, &c.
Vandal's RR. consol. 4s, ser. B
1,299,000_ _ Improvem'ts & equipment.
1,701,000_ _Retire old bonds.
do
Wabash
doRR. lstdo
5s
771,000_ _Retire old bonds.
1st ref. & ext. 4s_ _
do
083,000-- Exchange debens. A & B.
do
do
1,837,000.I_Real estate, improvements,
do
1
pay equipment bonds.
Wabash-Pittsb. Terminal 1st 4s_
1,236,000- Improv'ts and acquisitions
Wisconsin Central 1st gen. 45
800,000-_Improv'ts, equip., &c.
Total
$506,160,000

1

LISTINGS OF STREET RAILWAY BONDS.
Company and Title of Loan.
Amount.
Purpose of Issue,
Brooklyn City 1st consol. 5s
$1,860,000_ _ Improvements.
Bklyn. Queens Co. & Sub. 1st 55_ 3,150,000_ _ Acquisitions ec improv'ts.
do
do
350,000_ _ Exch. underlying bonds.
do
do
do 1st cons. gu. 5s 629,000_ _ Constr'n dc gen'l purposcs.
Bklyn. Rap. Trans. 50-yr. 5s 1945_
375,000_ _ Improvements.
do
do
1st ref. cony. 4s 4,500,000_ Acq.&secur.conteld prop's.
Havana Electric consol. 5s
1,050,000_ _ Extensions. & improvem'ts.
dO
do
65,000_ _Refunding old bonds.
Int. Rap. Tr. 3-yr. cony.6% notes 15,000,000- _Ref.4% notes dueMay 1- '08
do
do
do
0,500,000i Pay 0th. notes, pay'ts ace't
constr'n Bklyn.
.
Manhat. By. cons. 4s, tax exempt_10,818,000. _Retire old Met.subw'y,&c
El. bonds.
do
do
804,000- _Extension to Bronx Park.
do
N. Y. New Haven & Hart. systemConsol. By. 3, 3 Yi & 4% debs_ _ 11,153,000
Hartford Street By. 1st 4s
2,500,000
New Haven Ry. 1st 5s
600,000 _Old securities just listed.
Winchester Ave. 1st 55
500,000
Worcester do Conn. East. 1st 4 Ms 1,992,000
St. Jos. By., Lt. & Pow. 1st 5s_ _
140,000_ _Improvements.
Total

$65,076,000
LISTINGS OF MISCELLANEOUS BONDS.

Company and Title of Loan.
Amount..
Purpose of Issue.
Aills-Chalm. Co. 10-30-yr. s. f. 5s.810,325,000__ Exten's, work.
capital, &c.
Amer. Teleph. & Teleg. cony. 4s_100,000,000_ _Construction
& acquisitions
do
do
7,388,000_ _Acquire West. Elec.
do
stock.
Bklyn. Union Gas Cony. deb. Gs_ __ 3,000,000_ _Old securities
just listed.
do
do
1st consol. 5s _
201,000- _ Exchange underlyin
g bds.
Gen. Elec. cony. deb. 5s 1917_ _ _12,875,000_ _ Gen. pur. &
work. capital.
International Paper cons. cony. 5s_ 1,000,000_ _Construc
tion &
s.
do
do
1st 6s
23,000_ Exch. for prior acquisit'n
lien bonds.
Michigan State Telephone 1st 5s
925,000-New York City 4% corp. stock_ _ _13,000,0001 Extensions & improvem'ts.
do
do 4'l
82,000,0001 _ Various municipal purposes
do
do ' do 4% lass'int bds_ _ _ 2,000,000
do
do 4 A %
8,000,000
do
N. Y. & Richmond Gas 1st 58
164,000ns & improvem'ts.
N. Y. State 4%,'hIghway imp. bonds 5,000,000_ _Extensio
improvements.
People's Gas Lt..& Coke ref. 5s _ _ _ 2,000,000_ _Highway
Addltions & improvem'ts.
Ind. Nat. Gas & 011 ref. 30-yr.
.
, guar. 5s
•
4,000,000_ _Retire old bonds.
• . do
do
do
2,000$000_ _Pur. of prop. by Peop's Co.
Union Bag &Paper Co. 1st 58_ _ _ _ 2,376,000_
U. S. Gov't Pan. Canal 10-30-yr. 2s30,000,000-_Acquisitions, improv'ts,&c.
Construction of canal.
U. S. Red. & Ref. Co. 1st 6s
1,841,000_01d bonds just fisted.
Utica Gas & Elec. ref. & ext. 5s_ _ _ 1,000,000_
_Constr'n
, acquisitions, &c.
Western Union cony. 4s, ser. A_ _ _10,000,000_ _ Improv'ts
and extensions.
West'ghouse El. & Mfg. cons. 5s.,. 2,604,000
_ _Pay debts under plan.
Total
$101,722,000

JAN. 23 1909.

THE CHRONICLE

195

_
Purpose of Issue
Amount
Company and Class of Stock.
Notable as the recent period of prosperity was for Denver
& Rio Grande, common _ _38,000,0001 Exchange stocks of _ old
company.
preferred _ _ _ 45,772,200J
do
new railroad construction, comparatively few of the GroatdoNorthern,
58,271,900_ _Imp.,equ.& seem. sub. cos.
preferred
_Subscribed by st'kholders.
stock
14,256,000_
Central
Illinois.
large bond issues here included were made ostensibly Minn. St. Paul & S. S. M., pref._ _ _ 1,400,0005 Subscribed by stockholders
at par.
corn... 2,800,0005
do
• do
on account of the same. Additions and improvements Missouri Pacific, stock
1,935,200_ _2 % stock dividend.
71,650_ _Exch. stocks subsid. cos.
Pennsylvania RR., stock
Pitts. Ft. W. & Ch.,gur.spec.stock 2,681,300_ _Improvements & equipm't
play a much more prominent part. As representing Rock
139,9001_Exchange Chic. R. I. dcfPaIsland Co., common
preferred
erne Ry. stock.
100,9005
do
do
new railroad lines, two issues of the Atchison are con- Southern
3,000_ _Exchange for pref. stock.
Pacific Co., common_ _ _ _
207,5001_ Exchange debenture.:,"A"
RR., common
spicuous, namely, the 17 millions Transcontinental Wabash
and "B" bonds.
207,5001
preferred
do
Short Line 4s and the 33' millions Eastern Oklahoma Total
$200,502,600
division bonds, while, on account of improvements,
LISTINGS OF STREET RAILWAY STOCKS.
new equipment, &c., the same company has put out Company and Class of Stock.
Amount.
Purpose of Issue.
some 8 millions of other issues. Two other strictly United Rys. of St. Louis, pref_ _32,417,603-.Acct,acq. St. L. & Sub.RY..
$2,417,600
4 millions of Big Sandy Total
construction issues are the 43
LISTINGS OF MISCELLANEOUS STOCKS.
Ry. (Chesapeake & Ohio) bonds and 314 millions of
Amount.
Purpose of Issue.
Company and Class of Stock.
Minneapolis St. Paul & Sault Ste. Marie 4s. The Colo- Amer:Agric;Chem. Co., pref
5444,400_ _Purchase of property.
American Locomotive Co., com_ _ _25,000,0001 _Old stack just listed.
rado & Southern (recently acquired by the C. B. & Q.)
pref _25,000,000J
do
do
American Steel Foundries. stock_ -17,184,000 _Exch. for old stock.
680,1001,_Exchange for stocks of
has listed 12% millions of its refunding and extension American Malt Corp., common--.
542,4001
preferred
do
AmericanMalt Co.
do
Snuff Co., preferred_ _ _ _12,000,0001 Old stock just listed.
43's "to acquire securities of subsidiary companies" American
common __ _ _11,001,7001
do
do
1,016,000_ _Subscribed at par.
Telep. & Teleg., common
and for improvements, but practically the greater part Amer.
12,000,000_ _Old stock just listed.
Butterick Co.,stock
383,000_ _General purposes.
Central
preferred.;
Co.,
Leather
of this amount represents new .construction. These Consolidated Gas Co of N. Y.. stk_18,719,500_
_ Exchange cony. debentureS
Exchange stocks Corn ProCorn
Products
Refining,
535,0001_
common_
issues certainly form a relatively small exhibit. The
ducts and other cos.
, preferred 1,505,1005
do
do
Crex Carpet Co.,stock
3,000.000_ _Am. Grass Twine stk.red'd.
services.
fact is that much of the railroad construction work Eastman Kodak Co. of N.J., com_ 50,000_ _ Employees for
Granby Consol. M., Sm. & P., stk.
40,500_ _Acquisition of prop., cce.
Harvester Co.pf.stk.tr.certfs_60,000,0001 _Old stock just listed.
undertaken by the great companies, such as the St. Int. do
do
common do 60,000,000J
Nat. Bank of N. Y.,stock_
500,000_ _Stock dividend.
Paul, the Northern Pacific and the Great Northern, Lincoln
Michigan State Telep. Co., corn... 3,500,000_ _ Exch. for vot. trust cuffs.
3,413,900.. Old stock just listed.
Rubber Goods Mfg. Co., pref
was largely financed before the depression in business Second
Nat. Bank of N. Y., stock_
500,000_ _Stock dividend.
& Paper Co., preferred 11,000,0001 _Old stock just listed.
began. The outlays of the Union Pacific for new Union Bag
do
common 16,000,0001
do
301,000_ _Exchange convert. bonds
United Fruit Co., stock
do
building have been partly met from the 50 million
do
_Stock dividend.
U. S. Rcduc. & Ref. Co ,preferred 3
0000. _Old stock just listed.
0:8
945
'
1,
common 5,918,800
do
dollar bond issue sold but not yet listed, while the Vulcando
1,500,000 _Old stock just listed.
Detinning Co.,preferred
do
2,000,000
common
Virginia Railway (Mr. Rogers's Tidewater road) was WesterndoUnion Teleg.'Co.,
stock.. 2,447.100_ _Stock dvidends (2;4%).
of debts and subtemporarily financed through a note issue placed by West'se El. & Mfg. Co., assenting_ 8,038,0501 _Payment
sc,iptions under plan.
Redmond & Co.
Total
3311,007,250
The bonds issued for improvements and acquisitions
Three large blocks of new railroad stock sold to
are far more notable. Here we have the New York shareholders at par figUre in this table, namely,
Central's 13 million debenture 4s and the 5 million 4% 58; millions of Great Northern Ry. (the subdebentures of its subsidiary, the New York Chicago scription payments to which were spread over many
c_C,r- St. Louis and the 30 millions of N.Y.Central Lines months), 14.f millions of Illinois Central and 233i
equipment trust bonds, the last named having pro millions of Canadian .Pacific "ordinary" stock. The
vided equipment also for the Lake Shore, Michigan Denver & Rio Grande, having been consolidated with
Central and other roads in the system. Here, too, its controlled properties, the stock of the consolidated
are. the 20 millions consol. 4s of the Pennsylvania RR. corporation, consisting of 38 millions common and
and 6 million 4% bonds of its subsidiary, the Pitts- 45:M millions preferred, has taken the place on the list
burgh Cincinnati Chicago & St. Louis. The Southern formerly occupied by the same amount of common
Ry. Co. has sold and listed "development and gen- and preferred of the old D. & R. G. The "misceleral" 4s to a total of 20 millions, to provide for the laneous" stocks which have been listed aggregate about
needs of its extensive system. The Delaware & Hud- 311 millions, and aside from the 17 millions of reduced
son Co., on account of trolley and other acquisitions, stock of the Steel Foundries company and the 9 milhas listed 13 1-3 millions 1st refunding 4s. Other lions of stock sold under the reorganization plan by the
notable listings are 16 millions of Chicago Burlington Westinghouse company, the total is almost exclusively
& Quincy general 4s, 8 million Missouri Pacific col- made up of the old stock issues only now listed by
lateral trust 4s of 1905, 73' Millions B. & 0. bonds of such great industrial corporations as the Snuff, Harseveral issues and 13 millions Rock Island refunding 4s. vester, Locomotive, Bag & Paper, Reduction & ReTurning now to bond issues other than those of fining and Butterick '(pattern) companies.
steam railroads, we note the 46 Millions of securities
The "unlisted" department is the temporary abode
of the reorganized Underground road of London, 30 of two or three important stock and bond issues,
millions of 'United States Panama Canal 2% bonds; mostly part-paid securities:
119 millions Manhattan Ry. consol. 4s, issued chiefly
STOCKS, BONDS, &c.. PLACED ON "UNLISTED" DEPARTMENT.
to refund maturing 6% bonds; 24% million 6% Chicago Milwaukee &St. Paul certificates for common and preferred stock.
paid.
notes of the• Interboro Rapid Tranit Co. of New 6th installment (85%)
New York Air Brake Co. first convertible 20-year 6s, $3,000,000.
be
to
listed,
one
the
issue
short-term
York City;
Northern Pacific certfs. of subscription for new stock (87 % paid).
Union Pacific temporary bonds.for 1st lien and ref. 4s.
largely a' refunding issue; 12% millions convert- VirginiA
Carolina Chemical Co.. temporary cert fic tes for 1st M. 15ible. debenture 5s of the General Electric, Co., year 5s of 1923. $8,200,000.
Utah•Coppet Co. stock, $651,200.
and 10 millions convertible 4s of the' Western Union
Distillers' Securities Corporation stock, $30,600.
Federal Sugar Refining preferred stock, 52,000.
Telegraph Co.'
The stock listings of all classes are grouped as follows:
Following are the leading note .issues sold during
. • LISTINGS OF RAILROAD STOCKS.
,
1908, only one of which (the Interborough issue aloi:i
eet
• &e.
.se
$21,1112,n100_ _ Inarrs°
"k
,
5i
a;'•c
l
:cjgctIgin
Cairlipaann V,
ready mentioned) was listed. Several of these are
- Chicago & Alton RR., common... 834,200._ Exch. stocks formerdc
A. RR. and Ry,
already in process of being re-financed on a permanent
bonds.
convert,
s
or
AfctAn
_
rne(ui
1,11di
9.75
15,90g_
bettert__
preferredChic. Milw. & St. Paul.
cPittssgfuar.
ctaAr..pieia
basis.
pen
road.
of
10,000.000Construcfon
cnge.




196

THE CHRONICLE

PRINCIPAL NOTE ISSUES SOLD DURING 1908.
Nete.-Only the six issues marked "x" were put out during the last six months.
"
one of the note issues has been listed on the Stock Exchange except the $24,500,000
lnterborough Rapid Transit Co.6% notes, which are shown above in table of "Street
Railway Bonds.'
Int.

Date.

MaturUg.

Aniount.

$
5% Mch. 2 1908 Mch. 2 1909 9,660,000
Baltimore & Ohio RR
6% Feb. 1 1908 Feb. 1 1909
Boston & Lowell RR
900,000
6% Jan.-Mch.'08 Jan.-Mch.'09 3,000,000
Boston & Maine RR
334 % Oct.-Nov.'08 Apr.-May '09 7,300,000
do
do
x
- Cos_
5% July I 1908 July, 1.1910
x Boston Suburban Electric
500,000
6% July 1 1908 *July 1 1911
x Boston & Worcester Electric Cos
300,000
6% Feb. 1 1908 Feb. 1 1913 5,000,000
Chicago Railways Co
(funding notes).- 6% Feb. . 1 1908 Feb. 1 1913 1,200,000
do
do
6% April 1 1908 April 1 1909 6,000,000
Chicago Rock Island & Pacific Ry
Chesapeake & Ohio _ __ _ __ __ .._ i. 6% July 1 1908 *July 1 1910 2,500,000
6% Aug. 1.1908 *Aug. 1 1913 10,000,000
Denver & Rio Grande nit
..
6% April 8 1908 *April 8 1911 12,080,000
Erie. RR
6% Jan. 15.1908 Jan. 15 1909
Fitchburg RR
500,000
6% Feb. 1 1908 April 1 '09-11 1,000,000
Gulf & Ship Island RR
Budson Companies (Tunnel RR.)- 6% Feb. 1 1908 Aug. 1 1910 2,832,000
do
6% July 1 1908 July 1 1909 2,713,000
do
do
do
_... 6% Oct. 151908 Oct. 15 1911 6,030,000
do , do
do
x
do
Interborough Rapid Transit of N.Y. 6% May 1 1908 May 1 1911 24,500,000
6% May 27 1908 May 27 1910 4,545,000
Interborough-Metropolitan Co
6% *Aug.15 1910 Aug. 15 1913 1,000,000
..x Kansas City Mexico & Orient
Kansas City Railway & Light Co-. 6% Sept. 1 1907 Sept. 1 1912 4,125,000
Metropolitan West Side Elevated__ _ 6% Dec. 1 1907 Dec. 1 1912
100,000
Missouri & Northern Arkansas,_ _ 6% April 1 1908 Oct. 1 1911
900,000
6% Feb. 10 1908 Feb. 10 1910 6,000,000
Missouri Pacific
5% Feb. 15 1908 *Feb.15 1911
Mobile & Ohio
600,000
6% June 20 1908 *June20 1909 1,300,000
New Orleans Railway & Light Co..
6% April 10 1907 April 10 1909 2,500,000
New Orleans Terminal Co
Norfolk & Western Ry
5% May 1 1908 May 1 1910 7,500,000
Northwestern Elevated RR
.6% Feb. 1 1908 Feb. 1 1913
140,000
._
6% Nov. 1 1907 Nov. 1 1910 2,750,000
Norfolk & Southern
Norfolk & Portsmouth Traction Co. 6% Mch. 2 1908 Mch. 10 1912 1,800,000
May
1
Northern Texas Traction Co
1911
6% May 1 1908
500,000
Pere Marquette
6% Mch. 1 1908 Mch. 1 1912 2,600,000
St. Louis & San Francisco RR
6% Jan. 29 1908 *Aug.29 1908 3,000,000
Southern Railway
6,1
/ May 1 1908 *May 1 1911 15,000,000
Tidewater Co
61. June 1 1908 *June 1 1913 17,000,000
United Railways of St. Louis
5%% July 1 1907 *July 1 1909
800,000
Washington Water Power Co
6%, July 1 1908 *July 1 1911 3,000,000
to
Tot. RR.& Street Ry. notes, &e.
171,175,000
Boston Rubber Shoe Co
Cleveland Electric Illuminating Co
Consolidated Gas Co. of New York
Denver Gas & Electric Co
Diamond Match Co
x Lake Superior•Iron & Chemical Co_
Minneapolis General Electric Co.-National Gas, Elec. Lt. & Pow.Co_
Portland (Ore.) Gas Co
San Diego (Cal.)Cons. Gas & El. Co.
Scranton Lumber Co
Security Investment Co
Total industrial companies
Total Rita., street rys. and Indus_

5%
6%
6%
7%
5%
6%
6%
5%
7%
7%
6%
5%

June 1 1908 *Sept.151910
Jan. 1 1908 *Jan. 1 1013
Feb. 1 1908 Feb. 1 1909
*1911
1908
July 1.1908 *July '09-'12
Jan. 2 1909 Jan. 2 '10-'12
Dec. 16 1907 Dec. 15 1908
Jan. 1 1908 *Jan. 1 1909
April 1 1908 *April 1 1911
April 1 1907 April 1 1912
April 1 1908 April 1 1913
April 1 1907 April 1 1910

4,500,000
500,000
5,000,000
250,000
2,000,000
1,100,000
641,000
300,000
500,000
250,000
1,000,000
300,000
16,341,000
181,516,000

* Sublect to call at an earlier date at a certain price at company's option.

Space does not permit us to summarize even the
principal bond issues which have been placed in recent months but not listed, and which have served to
put the finances of the companies concerned in easy
circumstances for many months to come. Suffice it
to call to mind the sale of 17 millions Denver & Rio
Grande bonds (new issue), 30 millions St. Louis & San
Francisco general lien bonds; 20 millions of Illinois
Central refunding 4s due in 1955 (new issue); 11 mil4 millions
lions Chesapeake & Ohio (new issue); 121
Chicago & Western Indiana consols; 8 millions Chicago & Alton refunding 3s; 50 millions American Telephone & Telegraph Co. convertibles; 15 millions United States Rubber collateral trust 5s (new
issue); 12 millions Virginia Carolina Chemical first
mortgage 5s, &c., &c. Clearly these issues will afford considerable material for the Listing Committee
in the new year.
RAILROAD GROSS AND NET EARNINGS FOR
NOVEMBER.
Our November compilation of the gross and net earnings of United States railroads reveals the same characteristics as the exhibits for the months immediately
preceding-at least in this respect, that the loss in
gross earnings continues to diminish, both in ratio
and amount, while reductions in expenses remain a
dominant feature,and to such an extent that they overtop the loss in gross, leaving a very respectable gain
in the net. Stated in brief, our figures, which cover
over 200,000 miles of road, show a falling off in gross
of only $7,950,305 (the smallest decrease for any month
of 1908 up to that time), while contemporaneously
there has been a saving in expenses in amount of
$15,369,696, producing an improvement in tile net of
$7,419,391.




[Vox,. Lxxxvm.

We have already stated that as far as the gross is
concerned the showing is the best of any month of the
year. This is true not alone as regards the amount
of the decrease, but also as regards the ratio of decrease, the latter being, only 3.71%. In the case of
the net, November is the third successive month
which has recorded an improvement. All the preceding months of the year showed heavy losses in the net.
The contrast between the early part of the year, before the managers had got control of their expense accounts, and the later months, when they had their expenses well in hand, is well reflected in the results for
the eleven months ending Nov. 30. Here the figures
cover only 159,307 miles (it having been impossible to
procure returns for the first six months for quite a
number of roads), and yet theloss in gross aggregates
$251,577,796. On the other hand, the decrease in
expenses, notwithstanding the great savings and
economies practiced in the later months, reaches
only $200,123,187, leaving a loss in net in the large
sum of $51,454,609.
November (118 roads).
1908.

1907.

Inc.or Dec.

Jan. 1 to Nov. 30 (98 roads).
1908.

1907.

Inc. or Dec.

Miles of
road --

200,937
198,308
157,35
+1,957
+2,629
159,3
3.
Gr.earns.205963,343213913,648 -7,950,305 1661895,45 1913473,24 -251577,796
200123,187
Op. exps. 136281,639 151651,335-15369,696 1156718,99' 1356892,18
Net earn. 69,681,704 62,261,313 +7,419,391 505,176,45 556,631,068 -51,454,609

The tone in business and financial circles in November greatly improved with Mr. Taft's election to the
Presidency, but in the manufacturing and mineral
districts the volume of tonnage remained small. As
far as the movement of the gi-eat staples was a factor
affecting the revenues of the roads, Southern roads
had an advantage from a larger cotton movement
and Western roads from a larger grain movement. It
may perhaps also be supposed that because for November we are comparing with the month immediately
following the panic of 1907, comparison is with diminished gross earnings at that time, but whatever the
fact in this regard concerning individual roads, the
supposition is certainly not correct if we treat the roads
as a whole. Our compilations for November 1907
still showed a small improvement in the gross, namely
$4,794,859, or 3.60%. In the net, however, comparison is with heavily diminished totals in the previous
year, for at that time expenses were still running up
in an alarming way and our November exhibit in
1907 consequently showed a loss in net of no less than
$6,942,084, or 15.05%. It follows that the improvement in the net for 1908 is in large part a recovery of
what had been lost the previous year. In the following we give the summaries for November and the
eleven months for a great many years back.
Net Earnings.

Gross Earnings.
Year

Year
Given.

Year
Preceding.

s

Inc.(4-) or
Year
Dec.(-). ,Given.
-

a

$

Inc. (-1-)*or
Year
Preceding. Dec.(-)

s

$

Nov.
i
55,297,917
61,137,081 -5,839,164 18,853,228 22,275,149 -3,421,921
1896
72,815,681
61,978,481 +10,837,200 27,565,524 21,737,851 +5,827,673
1897
+421,486
79,086,654
1898
76,616,617 +2,470,037 28,954,644 28,533,15:
65,872,002 +7,190,395 27,496,343 24,882,036 +2,614,307
1899 73,062,397
+589,614
87,724,616 +3,349,032 33,744,165 33,154,551
91,073,648
190'
95,618,077 +12,150,951 40,629,133 35,200,311 +5,428,822
1901 107,769,028
99,638,088 +6,506,446 36,051,17 36,992,904 -941,729
1902 106,144,534
1903 115,874,61! 111,303,371 +4,571,248 38,380,632 38,962,778 -582,146
1904 126,357,962 115,108.874+11,249,088 44,280,359 37,588,516 +6,691.343
1905 133,104,55
120,692,0624-12,412,497 47,419,761 42,232,243 +5,187,518
1906 140,697,123 131,123,621 +9,573,502 48,065,287 46,506,16' +1,559,127
1907 138,079,281 133,284,422 +4,794,859 39,171,387 46,113,471 -6,942,084
190: 205,963,343 213,913,648 -7,950,305 69,681,704 62,262,313 -1-7.419,391
Jan. 1 to Nov. 30.
1896 564,695,964 563,769,191
+926,774 174,431,951178,372,072 -3,940,121
1897 633,564,53: 597,988,354 +35,576,184 210,782,490187,835,816 4'22,946,674
+18,452,616
189: 735,547,908 683,252,746 +52,295,162 241,191,852222,739,
189! 681,060,53 619,793,659 +61,266,876 236,655,373 209,723,244 +26,932,129
190i 877,119,27' 798,666,253 +78,453,017 296,526,263 273,046,379 +23,479,884
1901 994,231,091 893,007,954 +101223086350,833,806 302,501,851 +98,331,056
1902 1,058,435.1821,002,155,439 +56,279,743 343,366,806344,612,66. -1,245,863
19031,087,590,3 1 961,094,602 +126495748350,063,286314,107,042 +35,956,244
1904 1,163,235,784 1,158,530,807 +4,704.917388,347,207372,977,847 -4,630,640
19051,247,193,58 1,152,178,75: +95,014.827394,535,775307,154,201-+27,381,569
1906 1.425,356.44:1.273.179.38 +152177066463,257,058401,669,27. +61,587,783
1907 1,519,073,59 1,355,540,483 +163533112446,515,941441- 761,26.. +4,754,679
190:.1,661,895,45 1,913,473,4 :' -251577796505,176,459556,631,06:,-51,454,609

JAN. 23 1909.1

197

THE CHRONICLE

of November was 127'
Note.-ln 1896 the number of roads Included for the month
in 1901, 109; in 1902, 107.
In 1897, 134; In 1898. 130; in 1899. 122* In 1900, 122;
87; in 1908, 118'
1907,
in
97;
in 1006,
In 1903, 106; in 1904, 102; in 1905, 98; included
was 117; in 1897, 123; In 1898.
From Jan. 1 to Nov. 30 1896 the number
98; in 1904,98
1903.
in
104;
1902,
in
99;
1901,
in
100; in 1899, 113: In 1900, 122;
98. We no longer include the Mexiin 1905, 91; in 1906, 92; In 1907,87; in 1908, anthracite
roads in our totals.
coal
the
of
operations
ing
coal-min
can roads or the

In the case of the separate roads we have quite a
few companies that report fairly large amounts of increases in the gross, while on the other hand the losses
in the gross are much less conspicuously large, though
the roads in the manufacturing and mineral districts
still suffered severely. The Pennsylvania Railroad
and the Baltimore & Ohio are noteworthy instances,
the one having fallen $2,716,100 behind on the lines
directly operated east and west of Pittsburgh and
the latter having sustained a loss of $1,050,468. The
Pennsylvania managed to offset all but $73,900 of the
loss in gross earnings through savings in expenses,
and the Baltimore & Ohio succeeded, through reductions in expenses, in extinguishing all but $64,178 of
its loss. Other conspicuous instances showing the part
played by reduced expenses are found in the case of
the Southern Pacific, where, with $452,667 decrease
in the gross, there is $766,462 increase in net; the Union
Pacific, which, with $164,841 decrease in gross, has
$524,021 increase in the net; the Great Northern,
which,though having suffered a reduction of $419,992
in gross, has $608,809 improvement in the net; the
Louisville & Nashville, which with $49,229 loss in
gross reports no less than $567,729 gain in net; the
New York Central, which has managed to convert a
loss of $21,897 in the gross into a gain of $1,000,523
in the net, &c., &c. The Atchison Topeka & Santa
Fe added $366,154 to its gross and at the same time
effected such a reduction in its expenses that its gain
in the net for the month reaches no less than $1,261,744. In the following we show all changes for the
separate roads for amounts in excess of $30,000, whether
increases or decreases, and both in net and gross.

Centra
a These figures cover merely the operations of the New York
t9o8m04154;
resttlet 4sol
nipa
dyg:in
th y.
e fT;srtilcieCrinatirgaS
eofigtuhreesNaerw
itself.
z 1hesF
& Iron
reports a decrease of $133,409.
Pittsburgh
1/ These figures cover lines directly operated east and west of
net on
and Erie. The net on Eastern lines decreased $20,900 and the
$53,000.
decreased
Western lines

When the roads are arranged in groups in our customary fashion, it is found that one group actually
records an improvement even in the gross. This is
the Southwestern and South Pacific group, where
there was in 1908 a large movement of both grain and
cotton as contrasted with a relatively small movement
in 1907. All the other groups show diminished gross.
In the net, on the other hand, all but two of the groups
have improved results. The two exceptions are the
New England group and the Eastern and Middle
group, and in both instances the losses are slight.
SUMMARY BY GROUPS.

November.
New Engi'd (5)_
Trunk Lines(14)
Anth. Coal (7)_
East & Mid (10)
AliddleWest(18)
North West &
Nor Pac(19).
South West &
So Pac (19)__
Southern (26)__

1908.

•

Net Earnings.

Gross Earnings.
Section or
Group.

1907.

1908.

1907.

3

$

$

inc.(+)orDec.(-)

$

%

$
8,747,008 9,183,661 2,643,934 2,798,897 -154,963 5/.54
50,946,974 55,593,018 14,866,949 13,618,781 +1.248,1681 9.17
+150,132 2.59
14,265,940 15,029,806 5,952,386 5,802,254
-30,526 2.02
4,929,170 5,494,788 1,476,112 1,506,63:
+99,142 3.24
3,059,053
3,158,195
12,812,8.38
11,955,990
49,828,542 50,607,013 20,335,482 18,541,254 +1,794,2

9.68

43,034,472 41,949,058 13,983,529 11,166,299 +2.817.23025.23
22,255,247 23,243,466 7,265,117 5,769,137 +1.495.980j25.93
1I
Total (118)._ 205,963,343213,913,648 69,681,704 62,262,313 +7.419,391
Mexican (6) ___ 5,136,900 6,399,966 1,813,150 2,043,646 -230,496111.28

Jan. 1 to Nov 30-1,252,059111.33
New Engl'd (3). 36,858,737 41,517,262 9.793,824 11,045,883 21,603.639 13.14
Trunk Lines(14)523,660,484 623,654,928 142,748,552164,352,191 -5.576.5201
11.04
50,511,949
44,935,429
131,777,607
116,722,001
(6)__
Anth Coal
-501,891 3.34
East & Mid (9). 49,846,82 55,782.571 14,539,657 15,041,548 -6.549.562
119.81
MiddleWest(16)104,212,714 123,361,835 26512,865 33,062,427
North West &
2.52
Nor Pac(11).218,128,687238,945,432 81,734,197 83,851,011 -2,116,814
South West &
j7.88
-10,453,519
332,728,957
442,583,515
122,275,438
So Pac (17)._ 392,847,72
Southern (22)._ 219,618,275 255,850,09: 62.636,497 66,037,102 -3'400'605L5"5
454,609 9.24
Total (98)..... 1661895 4521913473 248,505,176,459556,631,068-51,
+479,156 2.44
Mexican (5) ___ 56,756.016 63,584,031f 20,097,806 19,618,650

NOVEMBER,
PRINCIPAL CHANGES IN GROSS EARNINGS IN
Decreases.
England, 5,712
Increases.
Mileage.-The mileage for the above group Is as follows: New 29,710;
AnthraRoch & Pittsburgh $206,601
Trunk Lines, 29,775, against
Atch Topeka & Santa Fe_ $366,154 Buffalo &
199,984 miles In 1908, against 5,626 in 1907;
Maine
3,267; Middle
Boston
against
34t1,336
3,273,
Middle,
&
Pacific
Eastern
Canadian
180,879 cite Coal, 5,107, against 5,107; Northwest
:100,002 Pacific Coast
& North Pacific, 60,556, against 59,252;
Missouri Kansas & Texas_
12,129;
against
12,310,
Western,
179,456
228,425 Central of New Jersey_ _ _ _
against 53,315; Southern, 30,162, against
International Great North
172,032 Southwest & South Pacific, 54,042,198,308; Mexican, 7,104, against 7,083.
186,574 Michigan Central
Missouri Pacific (2)
164,841 29,902; grand total, 200,937, against
150,291 Union Pacific
Yazoo & Miss Valley
41
136,4,
146,414 NYNH& Hartford_ __ _
St Louis Southwestern_ _
131,708
144,696 Chicago Burl & Quincy_ _ _
Rock Island
122,314
131,415 Central of Georgia
Texas & Pacific
119,212
127,636 Duluth & Iron Range_ __ _
Delaware Lack & Western
118,056
Chicago Milw & St Paul_ . 124,671 Atlantic Coast Line
114,400
80,736 Northern Central
(Communicated by our London Correspondent.)
Chicago & North Western
88,200
_
Washington
&
Bait
Phlla
73,928
_
_
M__
S
S
&
Minn St Paul
77,210
39,411 Maine Central
St Louis & San Francisco_
76,652
39,321 Cin New Orl & Texas Pac
Seaboard Air Line
67,052
35,862 Wheeling & Lake Erie__ _
Texas Central
64,611
Hocking Valley
58,800
West Jersey & Sea Shore.. _
Representing 17 roads
53,400
Long
Island
_$2,524,872
In our compilation__
53,371
Decreases. Vandalla
52,099
142,716,100 Southern Railway
Pennsylvania (2)
51,348
_
_
Central_
Ohio
&
_ _ 1,050,468 Toledo
Baltimore & Ohlo_
49,439
452,667 Toledo St Louis & West_ _
So them Pacific
49,229
_
_
Nashville..
&
419,992
Louisville
(2)
Great Northern
46,355
389,431 Wabash
Norfolk & Western
45,681
_
Philadelphia & Reading_ _ x353,548 Kansas City Southern_
39,891
Hudson
&
Delaware
344,549
Grand Trunk (3)
39,071
339,886 Cleve Cin Chic & St Louis
Chesapeake & Ohio
34,482
Maryland
Western
310,020
_
Erie_
Lake
&
Pittsburgh
Z0,240
:101,111 Chicago Great Western..__
Lehigh Valley
298,925
Northern Pacific
roads
47
ng
Representi
264,925
South
Mich
Lake Shore &
in our compilation 410,303,581
238,864
Illinois Central
name of road indicate the number of
Note.-Flgures in parenthesis after returns
are given in our compilations.
lines or companies for which separate
z These figures are for the Railroad Company; the Coal & Iron Company
reports a decrease of $440,185.
west of Pittsy These figures cover the lines directly operated east and
the
burgh and Erie. The gross on Eastern lines decreased $1,625,800 and
gross on Western lines decreased $1,090,300.
R.
NOVEMBE
IN
S
EARNING
PRINCIPAL CHANGES IN NET
Increases.
Increases.
$43,527
Atch Topeka & Santa Fe..$1,261,744 Illinois Central Southern_
35,807
Great
Alabama
00,583
Itiver.a1,0
Hudson
&
Cent
NY
35,815
Eastern
&
766,462 Peoria
Southern Pacific
35,082
608,809 Vendetta
Great Northern
_
32,281
Southern_
&
Ind
_
_
Chicago
567,729
Nashville_
Louisville &
524,021
Union Pacific
Representing 39 roads
511,133
Erie
In our compliation_$9,351,935
379,614
Delaware Lack & Western
Decreases.
352,982
Chicago & North Western
$223,954
Pacific
Canadian
_
_
310,749
Quincy_
&
Bud
Chicago
___
210,814
Hartford_
NYNH&
286,001
Southern Railway
207,820
213,800 Grand Trunk (3)
Missouri Pacific (2)
x163,497
Reading_
&
a
Philadelphi
210,503
Pacific
Texas &
117.849
176,961 Denver & Rio Grande_ __ _
Missouri Kansas & Texas_
116,408
170,910 Duluth & Iron Range_ _
Yazoo & Miss Valley
110,030
Erie__
Lake
&
Pittsburgh
163,913
Nor
Great
&
International
93,858
159,669 Cleve Cin Chic & St Louts
Minn St Paul & 83 M__ _ _
1173,900
157,832 Pennsylvania (2)
St Louis Southwestern__ _
72,147
Francisco_
San
&
St
Leafs
1
52,812
Line..
Atlantic Coast
71,382
129,176 Michigan Central
Northern Pacific
69,680
Central_
Maine
118,976
South
Mich
&
Lake Shore
68,601
Iowa
Central_
116,613
Chicago Milw & St Paul_ _
64,178
104,642 Baltimore & Ohio
Boston & Maine
_
59,994
Western__
Great
Chicago
100,102
Alton
Chicago &
50,913
Pittsburgh
&
85,663 Buffalo Roch
Cin Hamilton & Dayton_ _
50,408
84,661 Lehigh Valley
Seaboard Air Line
43,530
_
_
Erie_
Lake
SC
Wheeling
80,700
Long Island
38,313
73,862 Toledo & Ohio Central__ _
Chic St Paul Minn 4c 0..
36,380
71,756 Chesapeake & Ohio
Cin New On & Texas Pac
30,830
63,914 Toledo St Louis & West
N Y Chicago & St Louis__
60,734
Kansas City Southern_ _ _ _
in
roads
ng
24
Representi
54,753
Western
&
Norfolk
$1,074,486
our compilation
47,574
Chic Ind & Leatowiale




BUSINESS IN ENGLAND IN 1908.

London, January 9 1909.
been a year of depression,
has
The year just closed
anxiety and stagnation. Trade has been exceptionally bad, profits have been small and employment
has been scarce. There has been a good deal of distress amongst the working classes. According to the
Clearing-House returns, the total clearings amounted
to £12,120,362,000, a decrease compared with the
preceding year of £610,031,000, or 4.7%. Indeed,
we have to go back to the year 1904 to find as low an
amount of clearings as in the year just closed. The
clearings for the fourths of the several months, which
are usually taken to indicate the amount of trade as
distinct from Stock Exchange operations, shows a
decrease of £85,846,000, or 15.8%, and.the clearings
for each month separately are less than for the corresponding months last year, with two exceptions,
viz.: May and August. On Stock Exchange paydays there has been a decrease of £149,775,000, or
8.2%. In the middle of August the Stock Exchange
decrease compared with the corresponding period of
the year before was as much as £227,313,000. From
that time onward there Was a gradual improvement.
On the other hand, the learinp on Consols settling
days show an increase of £13,153,000, or 2.1%. The
highest amount paid was on the 1st of July, £76,285,000, and the largest amount ever paid on a Consols
settling day. As, however, the ordinary displacement
of cash on the 1st of July is very considerable, the

198

THE CHRONICLE

[VoL. Lxxxvin.

clearings on that day this year should not be regarded
The return of the seventeen principal railway companies
of the United Kingdom for the year just closed amounted
as a guide for future reference.
to £96,994,000, showing a decrease compared with the
preceding year of £2,347,000, or 2.3%. Here again we
have to go back to 1906 to find as poor returns. It ought
to be pointed out here that the figures are not revised.
They are the figures published week by week and they will
be revised and corrected later on. We compare these unrevised figures of the year just closed with the unrevised figures
of the preceding year. For the first half of the year there
was a decrease of £172,000, or 0.9%, in the passenger
traffic, while for the second half of the year there was an
increase of as much as £255,000, or 1%, making for the
whole year an increase of £83,000, or 0.19%. On the other
hand, there is an unbroken decrease in the goods traffic•
For the first half of the year the falling off was £994,000, or
3.6%; for the second half the decrease was £1,436,000, or
5.1%; making for the whole year a decrease of £2,430,000,
or 4.4%. Probably the increase in the passenger traffic is
due mainly to the goodness of the weather since the 1st of
May. The first four months of the year were cold and harsh,
which, perhaps, accounts for the falling off in the passenger
traffic in the first half of the year. The summer was exceptionally fine and the autumn was still finer. Consequently
we find a very material increase in passenger traffic in the
second half of the year, so considerable, indeed, 'as to blot
out the decrease for the first half of the year and to give a
substantial increase for the whole year taken,together. On
the other hand, the falling off in the goods traffic was greater
in the second half of the year than in the first, from which
it would seem that the depression in trade grew more and
more as the year went on. It is to be remembered, however,
firstly, that the strike in the engineering trade, and later on in
the cotton trade,. threw large numbers of people out of employment and disorganized great industries. Furthermore,
it is to be recollected that in the Far East trade was disorganized by the drought and famine in India, the crisis in
Japan and the disorganization of business in China, owing
to the fall in silver. As the year drew to a close, there was a
more hopeful feeling, and manufacturers reported that orders
1908.
1907.
Dtllerence.
Per Cl. were coming in more satisfactorily. Throughout the year
Imports.
£
£
January
56,368,358
60,534,846 -4,166,488 -6.8 the working classes were restless and dissatisfied and someFebruary
52,426,815
52,926,597
-499,782 -0.9
March
52,115,259
57,740,921 -5,625,662 -9.8 times adopted measures very unwise even from their own
April
47,099,912
56,782,704 -9,682,792 -16.9
May
44,271,217
52,615,635 -8,344,418 -15.9 standpoint. For months together there were fears of a
June
46,136,282
47,805,545 -1,669,263 -3.3
July
46,773,035
52,207,774 -5,434,739 -10.4 great railway strike, which, however, was happily averted.
August
42,746,051
49,290,447 -6,544,396 -13.3
Ultimately there was a strike in the cotton trade, brought
September
48,028,207
45,335,451 +2,692,756
+5.9
October
50,748,980
57,660,158 -6,911,178 -11.9 on by the obstinacy of the card-room workers. There was,
November
49,905,293
57,145,943 -7,237,650 -12.7
December
56.832,982
55,992,481
+840,501
+1.5 likewise, a strike in the engineering trade. All well-informed
Year
593,140,723 645,807,942 -52,667,219 -8.2 people knew that the cotton strike could only add to the
The exports since Jan. 1 have been as follows:
distress of the country. But the card-room operatives
1908.
1907.
DIllerence. Per Cl.
Exports.
£
£
£
were inexorable, although all other branches of the trade
January
34,407,767
35,070,607
-662,840 -1.9
February
31,949,514
32,073,345
-123,831 -0.4 were willing to accept the employers' terms. Happily, that
March
32,893,424
34,723,034 -1,829,610 -5.3
April __
30,705,338
34,416,866 -3,711,528 -10.8 strike came to an end some time ago. Over-and above this,
May
31,066,877
36,922,548 -5,855,671 -15.9
June
28,953,139
33,111,069 -4,157,930 -12.6 the year has been a very anxious one because of political
July
33,705,725
40,452,331 -6,746,606 -16.6 apprehensions. More particularly,
the action of Germany
August
30,342,676
37,355,044 -7,012,368 -18.8
September
31,621,206
35,150,320 -3,535,114 -10.1 in regard to Morocco raised fears, not in France only but
October
33,007,586
38,319,520 -5,311,934 -13.8
November
29,147,415
35,862,176 -6,714,761 -18.8 generally all over Europe, that Germany was resolved either
December
29,401,576
32,741,736 -3,340,160 -10.2
to compel France to withdraw from the entente with England
Year
377,219.579 426,035,083 -48,815,504 -11.5
The re-exports of foreign and colonial produce since Jan. 1 or else to fight. There are good grounds now for hoping
that a better understanding has been established. • At all
show. the following contrast:
1908.
1907.
Dtllerence
Per Ct. events, the Casablanca incident has been referred to arbitraRe-exports.
.£
£
January
6,599,209
8,793,276 -2,194,067 -24 9 tion. At the very moment when this was done, AustriaFebruary
9,425,830 -1,928,157 -20.5
7,497,673
March
8,110,260 -2,145,005 -26.5 Hungary, by annexing Bosnia and Herzegovina, raised
5,965,255
April
6,773,228
9,669,898 -2,896,670 -30 1
May
8,451,766 -2,020,112 -24.0 another difficulty which ever since has kept Europe in grave
6,431,654
June
7,098,226 -1,068,914 -15.1
6,029,312
My
6,310,928
7,388,291 -1,077,363 -14.5 fear of a general war. At the moment of writing, the prosAugust
7,367,201
6,819,707
-547,494 -7.4
September
5,942,312
5,287,814
-654,498 -11.1 pect seems more favorable, but even yet the danger of war
October
6,873,302
7,082,070
+208,678
+3.0 weighs upon business of every kind.
November
6,682,193
6,131,717
+550,476
+9.0
December
0,719,972 +1,466,554 +21.9
8,186,526
The revenue returns for the first nine months of the finanYear
79,665,569 91,942,084 -12,276,515 -13.3 cial year show a net decrease of £5,029,503. It is to be
Note.-The aggregate figures are official. They Indicate that slight adjustments
ha.ve been made in the monthly returns as issued.
recollected, however, that in April last there was a reducThe complete trade figures of imports and exports into tion in the sugar duty which was estimated to cost ths
and from Great Britain for three years are as follows:
Exchequer £3,400,000. Moreover, the Post Office hae
EXPORTS AND IMPORTS.
during the nine months made important concessions to the
1906.
1908.
1907.
public which have diminished the Post Office receipts by
Exports.
.£
.1;
£70,000.
The falling off is much smaller than it threatened
Home products
377,219,570 426,035,083 375,575,338
Re-shipments of imports
79,665,569
91,942.084
to be at the end of October, for if we make allowance for the
85,102,480
Total exports
456,885,148 517,977,167 460,677,818
reduction in the sugar duty and the Post Office concessions,
imports.
the real decline in revenue is less than two and a half millions
Total merchandise
593,140,723 045,807,942 607,888,500
sterling. In the first.six months of the financial year there
Excess of Imports over exports
136,255,575 127,830,775 147,210,082
was a falling off in the revenue of as much as £4,418,000,
The Board of Trade returns show that the total imports
during 1908 amounted to £593,140,723, a decrease compared
with the preceding year of £52,667,219, or 8.2%. The
value of the exports of British and Irish produce and manufactures amounted to £377,219,579, a decrease compared
with the preceding year of £48,815,504, or 11.5%. The reexports amounted to £79,665,569, a decrease compared with
the preceding year of £12,276,515, or 13.3%. The decline in
our foreign trade is, of course, partly due to the fall in prices,
but by no means wholly so, for there is, unquestionably, a
considerable shrinkage in quantity Also. Our foreign customers have not been during the year in a position to buy
as fully from us as before, and therefore there has been a
large shrinkage. The shrinkage is greatest in the trade
with the United States. The imports of American produce
of all kinds, though large, have fallen off more than under
the circumstances would have been expected. The exports
from this country to the United States have fallen off much
more seriously, as was inevitable considering the condition,
of things in the United States in the early months of the
year. Our trade with Canada and Newfoundland also
suffered severely. Naturally, these countries shared in the
cris's in the United States. Our trade with Germany also
suffered very severely. At first the falling off was less than
was generally expected, because the German demand for
British coal during the early months of the year continued
surprisingly large. But for the whole year the falling off.in
the trade with Germany is serious. The trade with the
South American countries also suffered, particularly that
with Chili, where there was an independent crisis and a
severe one. There was a marked falling off, too, in the trade
with both Brazil and Argentina. In the early part of the
year our trade with India was large because of old contracts
which were only then being executed, but later in the year
the trade with India suffered considerably. There was, likewise, a considerable falling off in the trade with Japan and
China.
The British imports since Jan. 1 have been as follows:




JAN. 23 1909.]

THE CHRONICLE

199

cparalyzed, the home
whereas in the three months ended with December the ship-building industry waslalmost
the whole
in
falling off was only £611,000, showing a very 'remarkable 'demand also fell off greatlyjand in consequence
all directions-In the
reco'very in the receipts. It looks now as if the deficit at trade suffered. Prices went down
20s. to 30s. per ton. In
the end of the year would be quite moderate. During the finished iron trades the fall is from
been a sharp fall. Indeed, in
three months ended with December there was a remarkable the pig market there has also
the fall was so continuous and so
improvement in the receipts from income tax, stamps, house the early part of the yearthought
it safe inFebruary,\ to sell
duty, telegraphs and telephones. The Customs receipts of marked that speculators
three months later. Tile sale
course declined because of the reduction in the sugar duty. on a large scale for deliveryas they were unable to deliver,
There was also a decline of £550,000 in Excise, which is price was 48s. Ultimately,
soon as the excitement
the least satisfactory of all the items. It 'is too early yet, they had to pay 57s. 6d. But as
to nearly 49s. The
of course, to form a definite opinion as to whether the was over the price dropped abruptly trades naturally led
recovery in the receipts from taxation during the quarter great depression in the iron and steel
insisting that they could
ended with December was due to, special efforts on the part to various disputes, the employersruling at the beginning of
of 'the collectors to get in as much revenue as possible, or not go on paying the high wages
all their might every
signifies that already trade has begun to improve. Un- the year and the men resisting with
1 to Nov. 30
doubtedly there is a feeling amongst the commercial classes reduction. It is estimated that from Jan.
which 297,854
that the worst is over and that a recovery has set in. Manu- there had occurred 357 trade disputes, inloss of
103/i milfacturers report that orders are being placed with them workmen were involved, with an aggregate
mostserious
more freely than before and there is a decided rise in prices lion working days. Of the various disputes, the
and prolonged were those in the ship-building and engineering
in some great industries, notably in wool.
The weather in 1908 has been very exceptional and has trades. For seven months this dispute was continued,
exercised a detrimental effect 'upon British farming. The causing great dislocation of trade and serious loss to the men
last two months of the preceding year were exceptionally in wages. The dispute was entered upon by the men in
wet, and therefore delayed winter sowing. The first two opposition to the advice of their leaders, so much soofthat
months of the year just closed were dry,and somewhat cold. Mr. George Barnes, M.P., resigned the Secretaryship to the
his
contrary
They were welcomed, however, by the farmers as the ground Amalgamated Society of EnEraeers because,
which he foresaw would
dried, and thus it was possible to make up for much of advice, they entered upon a struggle
the Board of Trade interthe delay caused by the extreme wetness of the preceding be ruinous to them. In the end
men were constrained
two months. March was a wet month, which again delayed vened and the representatives of the
by the
sowing. April, for the season, was very cold and stormy, to advise their, clients to accept the terms offered
and at the very end there was an exceptional fall of snow. employers.
The exports of iron and steel from Great Britain have been
Owing to this condition of the weather the area under cultivation was decidedly decreased. Under cereals, for exam- as below each year since 1876, inclusive.
EXPORTS OF IRON AND STEEL FROM G REAT BRITAIN.
ple, there was a falling off of as much as 82,000 acres, and in
many other crops, likewise,, there was a shrinkage. May,
Other
June and July were warm and favorable, though for a little
To:al.
Descriptions.
Rails.
Pig Iron.
while in June and the beginning of July there were comTons.
have
would
Tons.
Tons.
weather
Tons.
plaints of drought. August, when dry
4,100,976
1,751,822
45,3,574
1,298,248
been exceptionally welcome, was a wet month,and interfered 1908
5,152,227
2,779,127
429,161
1,943,939
1907
4,682,200
2,556,063
460,328
greatly with harvesting. Unfortunately the broken state 1906
1,665,809
3,721,382
2,191,937
546,569
982,876
of the weather continued well into September. The end of 1905
3,262,842
1,927,171
525,371
810,934
1904
3,564.601
1,895,145
September and all October were exceedingly fine, and, 1903
604,076
1,065,330
3,579,104
1,759,248
716,210
1,102,566
indeed, almost to the very end of the year the weather was 1902
2,897,719
1,485,813
572,724
839,182
1901
3,540,689
mild and genial. The crops did not do well because of the 1900
1,649,433
463,731
1,427,525
'
3,717,180
1,746,171
590,667
which,
1,380,342
wheat,
1899
was
weather. Of the cereal crops the best
3,244,350
1,592,094
609,403
1,042,853
1898
in
as
quality
in
3,686,106
1,702,957
however, was not quite as satisfactory
782,045
1,201,104
1897
3,550,398
1,782,571
747,662
1,060,165
quantity. The worst was, undoubtedly, barley. It is said 1896
2.83,5,541
1,511,421
457,552
866,568
1895
and
years
many
great
a
1,393,771
2,649,998
that the quality is worse than for
425,242
830,985
1894
2,856,574
1,457,905
that
show
558,375
to
840,294
seems
barley
1893
the price now ruling for malting
2,739,279
1,504,223
468,003
767,053
1892
Hay
small.
exceptionally
is
3,240,146
the proportion of that quality
1,697,844
702,247
840,055
1891
4,011,430
crop
1,820,731
potato
1,035,431
the
and
1,145,268
the
weather
1890
and grass were favored by
4,186,182
1,905,919
1,089,892
1,190,371
1889
during
high
ruled
wheat
of
price
was large and good The
3,966,563
1,910,242
1,020,002
1,036,319
1888
quarter,
per
4,143,028
3d.
1,973,075
30s.
was
1,011,779
1,158,174
1887
the year. The lowest touched
3,385,197
1,605,289
739,651
1,014,257
which is higher than the minimum for a great many years 1886
3,130,682
1,455,475
714,276
960,931
1885
3,495,991
1,497,439
728,540
past. But the quantity of wheat now grown in this country 1884
1,269,576
4,043,308
1,508,095
971,165
1,564,048
is so small that farmers did not benefit as much by the high 1883
4,353,552
1,658,531
936,949
1,758,072
1882
3,820,315
prices as they would have done had oats and barley ruled 1881
1,517,458
820,671
1,480,196
3,792,993
1,466,055
693,696
was
wheat
of
1,632,343
price
the
1880
high.
however,
Although,
equally
2,883,484
1,196,170
463,878
1,223,436
1879
higher than for a considerable number of years, the tendency 1878
2,296,860
933,193
441,384
• 924,646
2,346,370
965,285
it
the
close
497,924
at
and
881,442
the
year
through
it
to
all
drop
for
1877
was
2,224,470
899,809
414,556
910,905
was decidedly lower than twelve months previously, because 1876
Argentina
and
in
crops
India
abundant
is
now
of
the promise
Taking the whole year through, the weaving branch of
and of a fairly good crop in Australia. The chief attention
cotton trade has done very badly, while the spinning
the
of
animals,
feeding
the
breedingand
to
given
now
is
of farmers
has done exceedingly well. It is quite true that
branch
one.
average
an
been
about
has
year
the
that
respect
and in
past few months the spinning branch has begun
the
during
the
in
especially
the
of
motor,
competition
the
of
In spite
the
feel
consequences of the depression, and the outlook
to
good,
wonderfully
continues
for
horses
demand
the
towns,
bright. But if we extend our attention to
from
is
now
far
also
have
cattle
Horned
high.
exceedingly
prices
the
and
the whole of the past year, there is no doubt that the spinning
been in good demand and sheep have done well.
of one hundred
The coal trade has, taking it altogether, been surprisingly branch has done well. A report published
accounts shows that
their
known
make
which
mills
Oldham
many
unfavorable
the
considering
the
year,
during
active
their share
circumstances which affected it. The strike in the engineer- they made an average profit of over 16% on the average
that
and
30
Nov.
ended
year
for
the
capital
the
great
trade,
ding
ship-buil
in
the
lockout
the
trade,
ing
In the previous
depression in ship-building, the extremely mild weather, dividend actually distributed was 11x%.
and dividends were much
profits
the
that
true
quite
is
it
year
great
the
and
coal,
for
house
demand
the
lessened
which
an exceptional year.
falling off in the foreign demand for coal, especially in the higher, but then 1907 was altogether
which do not discompanies
ninety
that
appears
it
Again,
circumto
these
unfavorable
Owing
demand.
German
average dividend of
mean
a
plaid
have
profits
their
close
the
throughout
tended
coal
downwards
of
price
the
stances,
other companies
year, and yet the fall has been moderate. The volume of 143,%. Finally, we find that sixty-eight
for the year.
business was large, probably about the same as in the very averaged 16.18% profit on their share capital
spinning branch
prosperous year of 1907. In several districts'attempts were From these figures it seems clear that the
branch has
made to lower wages, but they met with only partial Success. of the trade has done well. But the weaving
upon the spinning
In some cases wages were reduced from 4 to 6%. But done badly, and in the end that must tell
is going on at
chiefly, either the reductions were merely nominal, or the branch. Besides, the erection of new mills
an extraordinary rate. It appears, for example, that spindemand of the employers for reductions was given up.
now number 1,401,The iron and steel trades have been greatly, depressed dles for American yarn partly working
number 1,894,624; and
during the year just closed. So far as the pig iron trade was 164; spindles in course of erection
to these,
concerned, the most depressing influence was the falling off 'spindles projected number 590,000. In addition
yarn number 573,000;
in the demand for the United States and Germany. In the spindles partly working for Egyptian
that makers
first eleven months of 1907 American consumers bought as and in course of erection 737,956. It is stated
at the enormous
much as 430,859 tons of British pig iron. In the corre- of spindle machinery are 'getting alarmed
and are still being
sponding period of the year just closed they only took 58,140 additions which have been made latelysome
instances cash
in
tons. During the same eleven months of 1907 Germany made, and that they are demandingon
placing the orders in
received directly and through Holland,606,518 tons. In the on delivery; in other instances, cash
weaving branch,
corresponding period of last year she took only 403,329 tons. the hope of bringing about a check. The bad year, and
had a
This falling off in the American and German demand natur- on the other hand, has undoubtedly not
usually published,
ally told very seriously upon the trade. But generally the though the results of their trading are
have been hard pressed.
foreign demand fell off, with the exception of the French and it is understood that some of them
whole not so many
Italian. Indeed Athe Italian demand in the year just closed There have been a few failures, but on the
was2exceptionally large,rias much as 203,289 tons. As the as might have been expected.




200

THE CHRONICLE

The wool trade, like every other industry in the country,
suffered during the year just closing very severely from the
un versal crisis, which began in its acutest form in the United
States, but quickly spread to all the world. Our foreign
customers found themselves unable to buy upon the
scale. With the single exception of Argentina thereusual
is a
falling off in British exports to every country on the globe.
This falling off in business was aggravated by an accumulation of stocks in foreign countries. In the Far East, more
particularly, there has been a very large accumulation of
goods which could not be disposed of, and even at the close
of the year the accumulation has not been got rid of. The
goods were bought at considerably higher prices than have
ruled ever since the panic in the United States, and it will
take some time yet before the glut will be completely disposed of. In the spinning branch of the trade, moreover,
the difficulties were aggravated by spinners placing in 1907
orders for wool at the high prices then ruling. The drop
that followed the panic in the United States has embarrassed
a great many of these spinners, and the result has been either
the closing of factories or working on short time. As unemployment increased at home the purchasing power of our
own public was materially reduced, and thus the difficulties
of the trade were increased. Nevertheless, the latter half
of the year has been better than the first half, and hope is
now strong that the New Year ,will show a still further
satisfactory recovery. At the colonial wool auctionsand
in
London in the early part of the year,foreign buyers of every
kind were very few and American buyers were almost entirely absent. Prices dropped very heavily and continued
to fall away until July, when there was a slight recovery; at
the September sales there was a further recovery; and at
the December sales there was a very strong demand,with a
still greater recovery. Moreover, the December sales were
attended by good American buyers as well as by a large
number of Continental buyers. Still, in spite of the steady
recovery in prices from July to December, at the close quotations are lower by from 10 to 20% than they were at the
closing sales of 1907.
The quantities and values of textile exports from Great
Britain for the last three years are given in the following
table:

[VOL. Lxxxvin.

good—shows, indeed, a large increase. The total was 22
vessels of 158,646 tons and 105,490 horse-power. Messrs.
Harland & Wolf led, as usual, with 8 vessels of 106,528 tons
and 65,840 horse-power.
The stock markets during the year have been depressed,
anxious and unprofitable. Partly this has been due to
he universal crisis and the political apprehensions. But
largely it is the result of disorganization. Heretofore, the
city usually has had certain great leaders, who were followed
by very large classes, and who, therefore, were able to guide
the Stock Exchange. At present there is not a single leader
who has an extensive following, and who, therefore, is able
to give the initiative. Perhaps the consequences of the
absence of leadership were never more clearly shown than in
the first two months of the year. In his Budget statement
in the preceding April, Mr. Asquith had given full notice
that he was building up a very large sinking fund, roughly,
about 15 millions sterling, and all persons who followed the
weekly Treasury returns knew that only a very small portion, a mere fraction, of this sinking fund had been applied
in the first nine months of the year. In the first nine months
of the year the British revenue is always much smaller than
the expenditure. In 1907 the Government , instead of
borrowing in the open market to pay its way, as it usually
had done, used temporarily the sinking fund, with the result
that in the first three months of 1908, when the revenue
largely exceeded the expenditures, it was able to apply to
the redemption of debt the whole of the sinking fund.
Every well-informed person knew that the great bulk of the
sinking fund, practically about 12 millions sterling, would be
applied in the first three months of 1908. Yet, strange to
say, the great majority of the public looked on apathetically
while, in consequence of Treasury redemption and buying
back by "bears, consols were sent up about 8 points. Even
more stirking was the abstention of the great body of the
public when the remarkable rise in American railroad securities took place in the first nine months of the year. Owing
to the absence of leadership, the City utterly misunderstood
the character of the panic in the United States. It took for
granted that the crisis,resembled preceding crises, when immense masses of capital were sunk without immediate
prospect of return, and it concluded, therefore, that the deEXPORTS OF TEXTILE FABRICS.
pression which followed would be long continuecl. As a result, it refused to believe that there could be a quick recovYear's Exports.
1908.
1007.
1006.
ery in American securities, and it looked on while those seQuantities.
curities went up in a most remarkable manner, predicting
Cotton yarn
lbs.
214,876,200
241,076,700
207,378,700
Piece goods
yds. 5,532,413,200
6,297,707,900
6,260,771,400 that there must be a collapse and another panic. It was not
Jute yarn
lbs.
50,158,500
67,518,600
53,060,600 until the opportunity for making money had disappeared
Piece goods
yds.
166,986,900
179,376,600
172,968,200
Linen yarns
lbs.
13,705,700
16,442,000
14,978,200 that the majority of our public recogilized the mistake they
Piece goods
yds.
151,949,000
184,999,100
190,957,700 had made. In other directions there was very little opporWoolen yarn
lbs.
50,910,100
58,098,600
55,328,000
Woolen tissues
tunity for making money. In fact, the political anxieties
yds.
75,665,100
84,881,100
79,957,400
Worsted tissues
yds.
74,297,100
99,011,700
99,230,700 were so general, so serious and so continuous that nearly every
Values.
X
X
.£
Cotton yarn
other department of the Stock Exchange was depressed.
12,857,270
15,416,971
11,835,603
Piece goods
70,238,363
81,049,207
75,372,268 Even consols, which, in the first two months of the year
Jute yarn
714,739
1,232,238
865,475
were run up to over 88, were sent down again to under 85.
Piece goods
2,025,216
2,748,755
2,463,845
Linen yarn
903,477
1,242,638
1,007,963 British railway securities were depressed, partly because
Piece goods
4,267,726
5,526,979
5,326,955
of mistaken policy on the part of Parliament, partly because
Woolen yarn
4,609,230
6,014,107
5,339,531
Woolen tissues
9,641,278
10,311,043
9,734,575 of bad management on the part of the directors and managers,
Worsted tissues
5,932,307
7,393,489
6,827,700 and partly because of the general crisis, Parliament insists, or
at all events hitherto
maintaining comThe shipbuilding trade has been exceptionally depressed petition between the has insisted, upon
railways and at the same time exercisthroughout the year. Freights have been exceedingly low ing control over them.
out by compeand great numbers of vessels have been laid up because it tent critics that either It has been pointed
was found unprofitable to work them, and arrangements succeed, but that both control or free competition might
together could not'possibly succeed.
have been entered into in large numbers between various Yet Parliament has, up
to now, persisted in the policy.
important lines in the Atlantic trade to terminate rate-cut- The railway companies,
too, have always divided their proting. Similar arrangements have been made in connection fits up to the
hilt, on the principle that investors were enwith the general cargo freights between Brazil and the Con- titled to
whatever the net earnings of the railways were, and
tinent and the United States; between the United States and that all betterments,
extensions, and so on, should be paid
West Indies; between the United States and the Mediter- for out of fresh
capital. The result has been a breakdown
ranean and between large German companies trading in in the system
which has now lasted for several years. Remany different directions. Steamers have been laid up in cently, the
ari
companies have been entering into
foreign ports with their crews on full pay. It is estimated rangements railway
amongst themselves to put an end to wasteful
that at present the tonnage laid up at home and abroad is competition. Whether
to prevent
about a million tons. Steel plates were quoted at the this is not known, and Parliament will interfere
the consequence is that, owing to bad
beginning of the year at £6:12:6d.; they are now nomi- traffics, diminished
dividends and uncertainty for the future,
nally £6:0:0d. Prices for building are about 10% lower investors are holding
aloof. Regarding the stock markets
on the year. Second-hand steamers are about 20% lower. as a whole,
the
one
really cheering circumstance, apart from
Sales to foreign owners have been very limited. It is not the recovery in
the
American market has been the great
possible as yet to give an accurate statement of the total numin the gold industry in South Africa, The
ber of vessels built since Lloyd's Register is not yet prepared improvement
best estimate that can be formed is that the total outto issue its report. But we take the following figures from turn
of South Africa, including Rhodesia, ,will this year exan exceedingly careful authority in Glasgow, which follows ceed
the shipbuilding industry with great attention, and whose been 30 millions sterling. Immense amounts of gold have
annual estimates prove to be very nearly correct when the been shipped to this country, and the cost of working has
greatly reduced. At the beginning of the year, therefigures of Lloyd's Register are published. According to fore,
well-informed persons took for granted that there
this authority, the total number of new vessels of every kind wouldall
constructed in 1908 was 1,325, against 1,826 in 1907, a fall- began. be a great recovery in prices, and active investment
Unfortunately, the political apprehensions which
ing off of 501. The falling off really was greater, because have
been so severe and so continuous,soon frightened buyers,
barges and small craft are included. If we had ,the figures and although
the whole recovery has not been lost, the market
for large vessels alone, we should see even a greater decrease. has more
or less been thrown into disorganization.
The total tonnage was 1,076,362, against 1,828,295, a dethe year money has been exceedingly cheap.
crease of 751,933. The horse-power was 1,148,375 in 1908, OnThroughout
New Year's Day the Bank rate stood at 7%; on the folagainst 1,775,705 in 1907, a decrease of 627,330. In these lowing day
figures are included the outturn of the Royal Dockyards as January it it was put down to 6%. During the month of
was reduced by successive steps to 4%; in March
well as the output of all other yards. The Clyde, as usual, it was
reduced to 3% and in May to 2 2%, and so closed
did the largest work. The number of vessels turned out the year.
The open market rate for three months' Bank bills
was 369, the tonnage 355,586 and the horse-power 474,400. has averaged
£2:6:9c1. per cent, and for deposit rates at
The Tyne came next, with 115 vessels of 210,110 tons and notice the
average
178,665 horse-power. The Irish output was also remarkably day-to-day money rate has been £1:16:4d. per cent. For
the rate has beeiV£1:19:8d. per cent.



JAN. 23 19091
GOLD AND SILVER IN BANK OF FRANCE-(00,000s omitted).
During the first three or four months of the year a good deal
of gold went into the Bank of England, but since April no
1906. Gold .SilterlTota
1907. Gold.Siitir Total
1908. Gold .Silter Total
bar gold has been sent in. Coins have been received from
£
.£
£
£
£
£
XIX
X
India, China and elsewhere, but large as the amount of Jan. 30._ 107,4 36,3 143,7 Jan. 31- 105, 39,4145,2 Jan. 25.. 114,2
42,3156,5
114,4 42,4156,8
bar gold imported has been, none has been received by the Feb. 27__ 110,6 36,2 146,8 Feb. 28._ 105,5 39,4 144,9 Feb. 22__ 116,9
42,0158,0
Mch. 26... 110,6 36,3 146,9 Mch. 28._ 104,2 39,2143,4 Mch. 29__
Bank of England since April. As already said, the main April
30._ 113,9 36,2 150,1 April 25_ _ 103,5 39,2 142,7 April 25... 119,8 42,2162,0
demand for gold has been for France and India, though for May 29_- 121,7 36,6158,3 May 30._ 105,9 39,5145,4 May 31_ 117,6 42,5160,1
25_1 126,1 36,8162,9 June 27._ 110,5 39,7 150,2 June 28._ 117,9 42,71160,6
a little while there was an active demand for both Germany June
July 30._ 127,7 36,3 164,0 July 25.. 112,4 39,3 151,7 July 26._ 116,9 42,5159,4
and Austria. It is noteworthy of the extraordinary increase Aug. 27_ 129,0 36,2165,2 Aug. 29__ 111.8 38,8150,6 Aug. 30- 116,7 42,11158,8
24_ 129,8 36,0 165,8 Sept. 26._ 111.5 38,5150,0 Sept.27._ 114,8 41,9,156,7
in the gold production of South Africa that three times dur- Sept.
I c . 5_ 112,8 41,3154,1
144,6D
Oct. 29.- 131,8 35,61167,4 Oct. 31_ 111,4 37,5148,9
ing the • year just closed remittances have been received Nov. 26._ 135,3 35,61170,9 Nov. 28_ 108,0 37,3 145,3 Nov. 29... 110,3 40,41150,7
ec. 27__ 108,2 40,01148,2
37,0
107,6
26_
Dec.
174,8
Dec. 31._ 1395 35,3
from South Africa, each of a million sterling.
In the subjoined statement we show all the changes in the
, New issues during the year have been on an enormous
Bank of England rate in each year from 1900' to 1908 inscale. Excluding conversions and issues known to have
clusive:
failed, the total of new issues taken by the public amounted
BANK OF ENGLAND RATE OF INTEREST.
to 203 millions sterling. Of course, foreigners applied for a
Rate Number
portion of this large amount. How much was taken by forRate Number
of days.,
of days.
• Year.
Year.
eigners and how much by the British public it is impossible
to say. But if we allow for even 28 millions having been
1905.
1900.
3
67 days taken by foreigners, the total British subscriptions would
Jan. 1 to Jan. 11
0. 11 days Jan. 1 to Mch. 8
days
182
2%
5
Jan. 11 to Jan. 18
7 days Mcli. 9 to Sept. 6
21 days reach 175 millions sterling. The whole of this has, of course,
3
• 4%
7 days Sept. 7 to Sept.27
Jan. 18 to Jan. 25
95 days not been yet paid up. Some of the installments will run
4
119 days Sept.28 to Dec. 31
Jan. 25 to May 24
3% 21 days
May 24 to Juno 14
365 dayS on in the New Year. But even so, there must have been
3
Year's average
June 14 to July 19
35 days
3
July 19 to Dec. 31
1906.
- 4 .1 105 days
at, least 150 millions sterling paid up. We have to recollect
4
95 days
Jan. 1 to April 5
3% 28 days that companies working abroad apply a portion of their
3.95 365 days Aprli 6 to May 3
Year's average
9 day: profits for betterments. We have to remember, also, that
48
4'
May 4 to June 21
1901.
.3% 84 days
4
2 days June 22 to Sept. 13
Jan. 1 to Jan. 3
28 days private individuals spend large sunis abroad of which there
4
Jan. 3 to Feb. 7
35 days Sept. 14 to Oct. 11
5
is no public record. When we take all this into account,
Feb. 7 to Feb. 21
4% 14 days Oct. 12 to Oct. 19-- 5
73 days
6
105 days Oct. 20 to Dec. 31
Feb. 21 to June 6
4
we shall see that the investments at home and abroad in the
June 6 to June 13
7 days
4.27 365 days year just closed have been on an enormous scale. Of the
Year's average
140 days
3
June'13 to Oct. 31
1907.
Oct., 31 to Dec. 31
4
62 days
for Indian, Colonial
17 days total amount subscribed, there was raised
6.
Jan. 1 to Jan. 17
5
84 days and foreign countries about 148 millions sterling. Of this
372 365 days Jan. '18 to April 11
Year's average
14 days'
43.
April 12 to Apr1125
1902.
millions were invested in government loans,
112 days latter sum, 39
Jan. 1 to Jan. 23
4. . 23 days April 26 to Aug. lb...., 4
77 days 9 millions in corporation stockS and 63 millions in railways.
3%' 14 dart Aug. 16 to Oct. 31
Jan. 23 to Feb 6
4 days A large part of the government loans was, it may be noted,
238 days Nov. 1 to Nov. 4__,_ 5%
3
Feb. 6 to Oct. 2
6
3 days
4 . ,00 days Nov. 5 to Nov. 7
Oct. 2 to Dec. 31
54 days for railway purposes. Allowing for the government ex7
Nov. 8 to Dec. 31
3.33 265 days
penditure upon railways, the subscriptions for railways
Year's average
4.92 365 days
Year's average
1903.
nearly reached 90 millions sterling. Of the total invested in
1908.
140 days
4
Jan. 1 to May 21
2 days government securities, £19,363,937 were for foreign coun3% 28 days Jan. 1 to Jan. 2
May•21 to JUne 18
14
16
days
77 days Jan. 3 to Jan.
3
June 18 to Sept. 3
for
5
7 days tries; £4,950,000 were for India, and £14,942,614 were
120 days Jan. 17 to Jan. 23
4
Sept. 3 to Dec. 31
42 days the colonies. Foreign corporation stocks absorbed £4,4
Jan. 24 to Mch. 5
3% 14 days
3.75 365 days Mch. 11 to Mch. 19
Year's average
corporation stocks £4,652,905. For3
70 days 485,512 and colonial
Mch. 20 to May 28
1904.
2% 217 days eign railways took £42,344,634; Indian railways £6,894,250,
105 days May 29 to Dec. 31
4
Jan. 1 to April 14
7 days
3%
April 14 to April 21
railways £14,335,776. Miscellaneous invest3.01 366 days and colonial
Year's average
25 4days
3
April 21 to Dec. 31
ments absorbed £36,007,588.
3.29 366 days
Year's average
The gold production of the world during the year just
It The appended table, made up from the official statements closed will probably not fall very much short of 90 millions
of the Bank of England, shows the position of the Bank as sterling-will be something between 86 and 90 millions sterling-and a very large portion of this has come to London
regards bullion, reserve, ecc., each week of the year:
and been offered for sale in the open market. During the
BANK OF l'NGLAND IN 1908-(00,000s omitted).
first three months of the year the Bank of England secured
a large proportion of the gold so arriving. From the month
, Market
. irities. Res'rve
Sem
B'llion
Deposits.
Rate
of April onward, with a break of about eight weeks in the
of
Note In both
Notes Bank 3 Months' late summer, most of the bar gold received from South AfDeCirGov1908.
Rate . Bank.
cula- part- Public. Other. ern- Other. and
Bllls.
rica Australia and India was exported to France, where the
Coin.
ment.
lion. ments.
Bank's stock increased by nearly 30 millions sterling. Ger.£
many and Austria also obtained during the eight weeks re5 1-16
21,5
40,8
6a
29,5
15,8
Jan. 1_ _
52,7
32,5
7,6
4%
27,8 24,3
45,1
28,9
10,3
34,8
5,3
ferred to a considerable amount of the metal. On the other
4%
6
825,9
14,3
26,0
15_ -_ 28,4
44,5
4,5
35,8
hand, bar gold has been continuously shipped to India to the
3%
27,5
4c
14,3 26,3
22___ _ 28,3
6,7
43,3
37,3
3%
25,8 28,9
14,3
29___ _ 28,0
8,9
42,1
38,5
total amount of about 33 millions sterling. In December
27,1
27,8
14,3
40,5
Feb. 5. 28,1
10,7
37,5
3 13-16 gold was minted for the first time in Canada at the Ottawa
28,6
14,3 28,7
13,6
12....__ 27,9
39,8
38,0
3%
29,6
29,6
14,3
40,0
Mint. The total imports of gold during the year into this
15,3
19_ _
27,6
38,7
3 7-16
14,3 34,8 29,9
26._ 27,8
17,2 43,7
39,3
country, according to the Board of Trade returns, were £46,34,0 29,5
14,3
40,8
18,7
itch. 4- --- 28,2 39,3
1-10
34,9 30,5
13,7
145,314, and the total exports £49,969,099, leaving a deficit
41,6
19,3
90,0
11.... 27,9
2 13-16
34,2
31,3
5;
13,7
41,4
40,6
19,6
18_
27,8
of £3,823,785.
2%
37,2 30,9
13,7
43,7
10,8
40,7
25..... 28,2
2%
Silver has been falling in price all through the year.
34,4
29,2
13,7
43,4
15,6
39,7
28,9
April 1_ _
2 7-16
30,8
28,2
13,7
43,7
11,2
28,9 38,7
to April the price fluctuated between 25d.
16 From January
1_11-6
29
13,7
30,0 26,1
41,4
10,7
36.8
15.... 29,1
and 26d. per ounce; from May to July between 24d. and 25d.
13,9
30,2
42,8
26,9
10,4
37,0
22._ 28,5
2%
14,3
43,1
29,5 27,1
10,0
29.... 28,6 37,3
per ounce; from August to October between 23d. and 24d.
2%
44,4
14,3 29,7
27,2
37,5 • 9.0
May 6.- 28,7
per ounce; and from November to December between 22d.
2 1-16
43,4
14,6
29,0 27,0
9,4
37.0
13.... 28;4
2
43,0
14,6
29,0
10,4
27,7
20.... 28,3 37,6
and 23d. per ounce. The Government of Mexico availed
1 11-16
42,8
14,6
28,8 27,7 2-)if
10,4
37,7
28,5
itself of the opportunity to coin at a good profit, but it was
1%
44,2
9,8
15,0
29,3 27,5
June 3____ 29,2 38,2
9.8
27,4
44,3
15,0
29,4
India which was mainly attracted. The lowest prices failed
10.... 29,0
38,0
28,5
46,0
15,1
30,0
9,8
17._ 28,8., 38,9
to give life to the manufacturing trade at home. But week
28,9
10,2 46,2
15,2 30,0
39,4
24.... 29,0
1
51147
-I16
0,6 51,2 15,2 36,3 27,1
after week, from the commencement of the year, the Indian
July L._ 30,0 38,6
26,5
15,2
30,0
4,9 48,8
29,7
37,8
bazaars took silver. There was, at the same time, a steady
26,8
29,1
15,2
5,3
47,8
15_ - 29,5 3,7,8
26,7
29,3
46,8
15,2
6,5
flow of silver rupees from circulation to the Government
37,8
29,5
22_
1,4
26,0
28,8
46,1
15,0
5,8
37,1
29,5
coffers. This, coincident with the persistent country deI 7-16
28,5 24,6
45,4
15,5
5,2
36,1
Aug...... 29,9
1%
25,5
mand for bar silver, showed, as time went on, that the na27,7
15,5
45,5
5,1
36,5
12..__ 29,5
1%
27,0
15,5
27,7
8,1
44,7
38,3
29,1
19_
tives, attracted by the fall in the metal, were buying orna1%•
27,9
15,5
26,7
44,2
7,9
26_ __. 29,2 38,7
ments. The reflux to the Treasury became an embarrass27,3
26,7
15,5
44,6
6,7
38,3
'Sept. 2_ _ 29,5
28,4
15,5
27,5
45,5
14
5,7
38,1
29,1
ment to the Government, as it prevented the sale in London
26,3
15,5
6,3
28,0
45,2
38,4
28,8
16..._
of Council drafts. To restore the equilibrium, the gold se1 7-16
28,2
15,5
26,5
44,3
7,6
38,6
23_ _
28,8
8
11
15,7
26,2
26,9
42,5
38,0' 8,1
80.... 29,5
curities in the gold reserve were partially replaced by silver
25,9
16,6
26,0
4,3
46,6
36,9
lOct. 7.--- 29,4
rupees. The Government shipped sovereigns from India
1%
25,9
16,6
25,9
46,7
4,0
14
29,0 36,5
1 15-16 and released two millions in sovereigns "ear-marked" in
16,0
26,1
26,2
46,1
4,5
36,1;
28,9
2
26,3
41,3
14,7
25,6
7,6
36,4
28,5
28_
London as security for the note circulation. Against the
2 1-16
14,7
26,3
25,3
42,3
0,3
Nov. 4_- 29,0 35,9
2 3-16
14,7
41,7
25,4
25,4
stock of cash thus created, tenders were invited for drafts
6,1
35,7
11-- 28,8
2%
14,7
26,2
25,8
40,0
9,0
28,4
35,8
18.
on London, and a total amount of over 8 millions sterling
2%
14,7
25,5
42,8
29,6
9,3
35,6
25... 28,5
2%
was disposed of. Happily, the monsoon was satisfactory,
14,7
24,1
41,6
28,5
8,1
34,6
Dec. 2..... 29,0
2%
14,7
23,5
27,6
40,7
7,4
33,9
28,9
whereupon remittances Eastward again began. Under
2%
14,7
22,3
41,6
29,5
7,2
33,0
__ 29,1
16.....
2%
these circumstances, a speculation was got up in the Bom,s,o 42,6 14,7 34,2 19,4
23...... 30,0 30,9
2 5-16
14,7
45,1
19,4
7,9 53,6
30,7
30...... 29,
bay Bazaar to "corner" the "bears" by locking up the local
stocks, which at one time amounted to about two millions
28.
May
1
19.
d
March 5. 8 March
a Jan. 2 1908. b Jan. 10. c Jan. 23.
sterling. The struggle between the "cornerers" and the
The situation of the Bank of France as to its stock of gold "bears" was very keen and long-continued, but ultimately
and silver, according to the last returns of each month of ended in an arrangement between the two. Still, it dis1906, 1907 and 1908, was as follows, stated in pounds organized the market for a considerable time. The imports
of silver into this country during the year amounted to
sterling:




202

THE CHRONICLE

VoL. Lxxxviii.

£10,326,889 and the exports to £13,283,888, showing a
deficit of £2,956,999.

the purchase of non-taxable property. Debts incurred for the purchase
of shares of stock of corporations may be deducted, but not debts incurred
for the purchase of United States bonds or imported goods in unbroken
PRICE OF SILVER FOR THREE YEARS.
original packages, or the good will of a business.
One who is liable upon a bond secured by mortgage may deduct the
1908.
1907.
1906.
debt. Contingent liabilities as surety or indorser may not be deducted.
'.
High. I Low. I Aver. I High. I Low. I Aver. I High. Low.
Aver.
CAPITAL INVESTED IN BUSINESS BY NON-RESIDENT INDId. •
d.
d.
d.
d.
d. •
d.
VIDUALS AND FOREIGN CORPORATIONS.
d.
d.
2434
Jan 27
25 11-16 32 7-16 31 5-16 31%
3034
29 11-1630%
Feb 26%
25 13-163234
The law for the taxation of non-resident individuals and foreign corpora3134
12534
130 13-16 3034
3134
30
7-16
Mcb 25 13-1625 7-16 25 9-16. 42 1-16 307-16 31 5-16 30 7-16 29
tions is contained in Subdivision 1 of Section 7 of the tax law, which is
29%
Apr 2534
24 5-16 2534
3034
30
30.9-16 2934
3034
29 15-16 as follows:
24 5-16 3134
May 24 13-16 24
29 15-1630 7-16 3134
30 9-16 30 15-16
2434
24%
Jene 2534
31 1-16 3034
"Non-residents of the State doing business in theState either as principals
30 15-16,3134
20 9-16 30 3-16
July 2434 • 24 3-16 2434
31 15-1631
3134 , 30 7-16 29 13-183034
or partners shall be taxed on the capital invested in such business as
Aug 2434
23 13-16'3234
2334
3134
3134
130 15-16 29%
30%
personal property at the place where such business is carried on, to the
Sept 24 3-16 23 9-16 2334
'31 9-16 31 1-16 31 5-16 ,31%
30 15-1631 7-16
Oct 24
23 1-16 23 11-16:3034
27 7-16 2834
!32 9-16 3111-103234
same extent as if they were residents of the State."
Nov 23 5-16 2234
22 15-162S 1-16 2634
33%
2734
32
32
11-16
This statute was intended to reach the capital of non-residents employed
2234
Dec'23 3-16 22
24 3-16 25 5-16 3234
31 9-16 32
12634
here in continuous trade, and not property sent here only to market.
,
Y'r 27
22
132 7.46 24 3-16 30 3-16 33%
2434
29
Money temporarily on deposit for paying dividends and the maintenance
30%
•
of an office for directors' meetings does not subject foreign corporations to
taxation.
The following are the bank and open market rates
of
The statement of what is taxable property and what is exempt applies
Interest at a number of the principal Continental cities
on to the personal
property of non-residents. The chief difference between
the first day of each month during 1903 and on the closing
the
assessment of the personal property of a resident individual and a
day of the year:
non-resident individual or corporation is in regard to the deduction of debts.
The business carried on in this State is to be considered as an entirety and
• 1908.
Jan.Feb. Mch Apr. May J'nelJuly Aug Sep. Oct. Nov.Dec. Dec.
without relation to the business carried on outside of the State or the propRates 01 Interest at— 1
1
1
1
1
1
1
1
1
1
1
1 31
erty owned outside of the State. Where property has been purchased
Parts—
here which has not been paid for in full, the amount remaining unpaid
Bank rate
4
3
3
3
3
3
3
3
3
3
3
3
3
should be deducted from the value of such property. Also debts contracted
Open market
334 234 234 234 2% 15
% 134 134 134 2
234 2
234 for the purchase of property constituting
Berlin—
part of the capital invested in
Bank rate
7346
5345
6
4
5
4
4
4
4
business here should be deducted.
4
4
Open market
7
494 43% 434 434 35% 334 234 234 334 234 294 234
Hamburg—
PERSONAL PROPERTY OF NON-RESIDENTS OTHER THAN
Bank rate
5345
6
4
4
5
4
4
7346
4
4
4
CAPITAL INVESTED IN BUSINESS.
Open market
7
434 43% 434 434 334 334 294 2% 334 234 294 234
ktort—
Fran
This character of property consists of tangible corporeal personal propBank rate
6
4
5
5345
7346
4
4
4
4
4
4
Open market
erty, such as furniture, which has an actual situs in the State.
6% 43% 434 414 434 394 334 234 k 334 234 234 25
%
Amsterdam—
Bank rate
5
334 3% 3% 3
4
4
EXECUTORS AND TRUSTEES.
3
3
3
3
3
3
Open market
434 334 39 334 b
d 234 234 29', 234 234 294 234
Personal property in the control of a person as trustee, guardian, executor
Brussels—
Bank rate
6
administrator
5
4
334 334 334 331 3 3
is taxable to him in such capacity in the tax district
or
3 3
3
3
Open market__. 534 4
234 234 2
234 234 234 234 where he resides. Where the taxable
334 a 334 3
property is in the possession or
Vienna—
control
the
under
of two or more persons as trustees, guardians, executors
Bank rate
6
4
4
4
4
434 434 434 434 4
4
4
4
Open market
is 334 35% x
4
e
534 c 434 4
x
y 334 or administrators, residing in different tax districts, each shall be taxed
St. Petersburg—
for an equal portion of the value of such property. When two or more
Bank rate
6
734 634 634 634 634 6
534 534 534 534 534
Open market
trustees are residents and one is a non-resident, and the p ersonal property
N. N. N. N. N. N. N. N. N. N. N. N. 534
N.
is
Madrid—
held by them jointly, the residents are assessed for their proportionate share'
Bank rate
434 434 434 434 434 434 434 434 434 434 434 434 44
Open market_
434 434 4
_
39', 334 4 I 434 4
334 334 314 44 334
PARTNERS.
Copenhagen—
Bank rate
8
6T1 6 I 6
6
7
The interest of partners in the firm property is taxable or exempt from
6
634 634 6
534 534 534
Open market._ _I 7
57I 5
7
5
5
6 16
5 sltr 5
5
5
5
taxation in the same manner and to the same degree as the property of
W
Or
other individuals. Firms are not taxable as such, even though the names
N.—Nominal. a 3 1-16: b 3 5-16; c 4 1-16; d 2 7-16; e 3 11-16; is 3 13-16;
of individual members do not appear in the firm name. The property of a
k 2 15-16; x 3-15-16. y 3 9-16.
corporation is taxable only to the corporation.

WHAT PERSONAL PROPERTY IN NEW YORK IS
TAXABLE?
As it is a matter of much interest, both to residents and
non-residents, to know what species of personal property
is
subject to taxation,and what is not, we print herewith
a
statement on the subject prepared by the City Tax Department and given out on Saturday last. The statement
is
intended to show in concise form and in popular language
the character of the personal property which is taxable
and the character of the property which is exempt. The
statement is as follows:
TAXABLE PERSONAL PROPERTY.
The following personal property is taxable:
Cash on hand.
Cash on deposit, exclusive of deposits in savings banks.
Debts due from solvent debtors whether on account, contract, note, bond
or mortgage. There is a special law for the taxation of mortgages recorded
in this State on or after July 1 1906. Debts secured by such mortgages
are not otherwise taxable.
Merchandise and stock in trade, situated in this State, at market value.
Household furniture, jewelry, horses and carriages, and other chattels,
situated in this State, at market value.
EXEMPT PROPERTY.
The following personal property is exempt from taxation:
Money on deposit in sayings banks.
Shares of stock of corporations. Bank stock is taxable, but the tax is
paid by the bank, and not personally by the shareholder.
United States bonds. Bonds of the City of New York and bonds issued
by the State and municipalities of New York.
Debts, including bonds issued by corporations, secured by mortgage,
recorded in this State as a mortgage of real property on or after July 11906.
Good will of a business.
Patent rights, copyrights, trademarks.
Cost price of goods on hand in unbroken original packages imported
from
foreign countries.
Vessels registered at any port in this State and engaged in ocean
commerce between any port in the United States and any foreign port.
The accumulations of any Incorporated co-operative loan
association
Upon the shares of such association held by any person.
A woman or a man who provides for a family is entitled to an exemption
on account of professional Instruments, furniture and library to the extent
of $250.
Real and personal property of an active or disabled minister or priest
to the value of $1,500.
Tangible personal property situated outside the State is not taxable here.
DEDUCTIONS FOR DEBT.
From the value of taxable personal property all debts which are lega
obligations are to be deducted,fprovided such debts were not incurred in




ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S.
—The public sales of bank stocks this week aggregate 244
shares, of which 180 shares were sold at auction and 64 shares
at the Stock Exchange. The transactions in trust company
stocks reach a total of 230 shares. A lot of 100 shares of
stock of the Mercantile National Bank was sold at 200, an
advance of 46%•points over the price paid at the last previous sale, which was, made in December. Twenty shares
of stock of the Chase National Bank were sold at 375, as
compared with 340 a month ago. Sales of Title Guarantee
Sr Trust Co, stock were made at 433 to 435, showing an advance since the last previous sale, in October 1008, of 35
points.
Shares. BANKS—New York,
Low. High. Close. Last
20 Chase National Bank
375
175
375
Dec.
*75 Commerce, Nat. Bank of.. 19534 10634 1953.4 Jan.
19 Market & Fulton Nat. Bank. 26754 26754 26734 Dec.
30 Mechanics' National Bank_ 25654 25634 25634 Dec.
100 Mercantile National Bank
Dec.
200
200
200
TRUST COMPANIES—New,York.
75 Carnegie Trust Co
18734 18734 18734 Jan.
25 Lawyers' Title Ins.& Tr.Co. 23034 23034 23054 Jan.
25 Lincoln Trust Co
19934 10934 10914 Jan.
20 Title Guarantee & Trust Co_ 43
Oct.
435
g435
TRUST COMPANIES—Brooklyn.
75 Flatbush Trust Co
July
211
211
211
10 Long Island Loan & TrustCo. 297 % 297% 29794 Dec.

Previous sale.
1008— 340
1909— 195
1008— 26534
1908— 255
1908— 15334
1909- 18734
1000- 240
1909- 10234
1908- 400
1008— 250
1908— 290

Of this amount 84 shares were sold at the Stock Exchange.
—A resolution adopted at the annual meeting of the Chicago Clearing-House Association this week commends the
action of Congress in creating a Commission to revise the
banking and currency laws, and urges that, pending the report of the Commission,nothing be done by Congress which
will forestall or hamper its work. Especially is this advocated in ,the case of the,bill providing for the establishment
of postal savings banks, with regard to which the resolution
says:.
The savings deposits of the country are a much larger factor in the
banking situation than any official statistics indicate, and any important
displacement of them involving their withdrawal from present channels
of investment should not be contemplated without due regard to its effect
on general business.

THE CHRONICLE

J A.N. 23 1900.j

Tile apparent facility with which these deposits might be received at the
post-offices has caused many well-Intentioned people to overlook the
fact that the Government has no satisfactory facilities for returning this
money to the channels of trade in the localities where it belongs.
The proposal to re-deposit these funds in national banks can hardly be
regarded as a permanent solution of the problem. On the contrary, such
action would probably only mark the beginning of a controversy. The
pending bill contains other crude and objectionable features, such as the
exemption of deposits in postal savings banks from attachment by legal
process for the collection of just debts.
In the judgment of this body this measure should be. referred to the
Congressional Commission, to be considered in connection with its general
scheme of revision.

203

was replaced by Vice-President W. A. Simonson. Mr.Simonson, who is also a Vice-President of the National City
Bank, the presidency of which Mr. Stillman resigned a week
ago, has been chiefly instrumental in raising the Second
National to its present advanced position.
—The annual banqUet and reception of the bankers and
financiers of this city, to be held at the Waldorf-Astoria
Monday evening, promises to be the largest given under
the auspices of Group VIII. Arrangements have been made
to accommodate 700 guests. Mayor George B. McClellan
—Disapproval of the postal savings bank plan was also
is expected to say something interesting to the bankers
expressed, by the Executive Comtnittee. of the Kentucky
about the city's finances, while the Hon. Martin W. LittleBankers' Association at a meeting on the 15th inst.
ton, Congressman E. B. Vreeland of New York and Samuel
---The names of two of Chicago's most prominent bankers J. Elder of Boston will be the other speakers.
have been . mentioned during the past week in: connection
—Mr. Fred. J. Woodworth, Vice-President of the First
with the Treasury Department in President-elect Taft's
National Bank of Cleveland, was in the city this week.
prospective Cabinet. The rumored candidates for the finan—The board of directors of the Nineteenth Ward Bank,
cial secretaryship are President George M. Reynolds of the
Continental, National Bank and President Edwin A. Potter Third Avenue and 57th Street, this city, on the 20th inst.
of the American Trust & Savings Bank—both conspicuously declared a monthly dividend of 1%, payable to stockholders Jan 30. The management states that the bank
able men. for the position.
makes in normal years 35% upon a capital stock of $300,000,
—The constitutionality .of an Act passed by the Massaprobably as much as any bank of its size in the city, and is
chusetts Legislature in 1907, providing that deposits in savtherefore justified in increasing its dividend from 12% to
ings banks of the Commonwealth remaining unclaimed for
15% per annum. This monthly distribution of dividend
more than thirty years shall be paid over to the State, is
profits is an innovation which the institution expects to
upheld in a decision of the Supreme Court rendered last
continue throughout the year. The monthly dividend payweek. The ruling was given in the case of the Provident
ments will be appreciated by the many small stockholders
Institution for Savings of Boston, which holds unclaimed
of financial institutions who like their income at more
deposits of that kind of over $100,000, and which brought a
frequent intervals because they are dependent upon it.
test suit in the matter. The decision of the Supreme Court,
The deposits of the Nineteenth Ward Bank have now
handed down on the 12th inst., is that of the full bench, and it
reached $6,000,000, entire assets being $7,000,000. The
affirms the opinion of the Probate Court, which had ruled in
'bank has 15,785 customers and is the oldest east of Central
favor of the Commonwealth.
Park. Bradley Martin Jr. and J. N. Van Pelt were elected
—It is stated that Thomas B. Love, Commissioner of directors of the institution this week to fill vacancies.
Insurance and Banking of Texas, has announced that he
—J. N. Van Pelt was elected to the -board of the Twelfth
will in future mail to directors individually, as well as to
Ward Bank at this week's meeting.
the President or Cashier of the banks under his jurisdiction,
—Frederic G. Lee was this week elected President of the
reports of examinations of their institutions made by his
Broadway Trust Co.,corner Broadway and 8th Street,succeeddepartment, in order that the members of the boards may
ing M. M. Belding Jr., resigned, who has become Vice-Presibe fully informed as to the status of their banks.
dent of the company. Mr. Lee was formerly Vice-President.
• —In answer to an inquiry, Assistant Attorney-General
—Application has been made to the New. York State
J. T. Sluder of Texas has given it as his opinion that a
City Treasurer may not.be an officer of a bank using muni- Superintendent of Banks for authority to incorporate The
cipal funds. It is noted in the Dallas. News" that the Equitable Safe Deposit Co. of New York, with a capital of
statutes forbid any public officer to engage in any contract $100,000; its, place of business to be on premises connected
or deal involving the public's interest whereby. he, could with the office of The Equitable Trust Co. of New York in its
profit. It is possible, it states, that cities operating, under new building at No. 618 Fifth Avenue, near 50th Street.
special charters may be permitted under such charter to The incorporators are: Alvin W. Krech, Lawrence L. Gillesconfide their funds to bank officers acting in the capacity pie, Lyman Rhoades, Stephen Van Rensselaer and George
of municipal .treasurers, but if so that is a matter. for the M. Stoll.
courts to. decide. ,
—The annual statement of the Farmers' Loan & Trust
—The affairs of Rudolph Kleybolte & Co. of New York and Co. of this city for Jan. 1 1909 is an interesting document
Cincinnati, which since May last had been ,administered by bearing on the company's business development during 1908.
a Liquidating Committee, have again been returned .to the Its prosperity within the past twelve. months after a year of
control of the firms, iThe.committee, whose formal discharge the greatest strain to banking institutions following the
Dickinson„ Presi- depression and panic of 1907 has been remarkable. From
is, nosy announced, ,consisted of ,charles
dent of the Carnegie Trnst Company;Andrew T.Sullivan,Presi- hum. 1 1908 to Jan. 1 1909 its deposits have grown from
dent of the , Nassau Trust..Company of Brooklyn,.and New- S58,497,300 to $123,745,960. Capital stock and undivided
man.Erb. The appointment. was &voluntary one, no court profits are now $8,028,943, and total resources $132,237,procedure in the matter having been taken,.and was due.to 603 37.
the tying. up of the funds of the firin, amounting to some
—The scope of the Consolidated National Bank of this
$7,000,900 or $8,000,000, during the panic period.
city is to be considerably broadened under plans which
Frederick A. Wallis as New York will be placed. before the stockholders ;for ratification on
—The nomination
State Superintendent of Insurance,to succeed Otto Kelsey, February 18. The movement concerns a change in the
who resigned last week to become Deputy State Comptroller, name of the institution to the National Reserve Bank, an
was sent to the Senate by Governor Hughes on Thursday. addition of $200,000 to the capital, increasing it from
Mr. Wallis has been identified with insurance interests for $1,000,000 to $1,200,000 and the purchase of a portion
some years, and since May 1908 . has been Agency, Spper- of the assets of the Oriental Bank. The latter, which
visor, of the Home Life Insurance Co. for eleven Eastern closed its doors a year ago (on January 31 1908), had a
States, including.New York and the New England States.
capital, of $750,000. Under an.' arrangement with the
—At the annual meeting of the Central Trust Company Metropolitan Trust Company its depositors, were paid in
of this city on Thursday Edwin G. Merrill was elected an full some months ago. The stockholders of the Consolidated
additional Vice-President of the company and Milton Fergu- have been asked to waive their rights to the new stock, in
son, Assistant Secretary, was elected Secretary in place of order that an opportunity may be afforded,the stockholders
George Bertinc, resigned. ....Mr, Merrill, the new Vice...Presi- of the Oriental to subscribe for the same at $150 per share,
dent, lately, relinquished the presidency of the ,Merrill Trust par, $100. For the purpose of carrying out this plan, it is
Company of Bangor, Maine.
announced that the directors of the Consolidated have sold
...James Stillman this week retired as President of the certain surplus assets, and have declared a special dividend
Second National Bank, at 5th Avenue and 28th Street, and of $144,125 (or $14.4125 per share) out of the proceeds of




a

204

THE CHRONICLE

[VoL.

—Theodore P. Shonts and Clendenin J. Ryan were
such sale to stockholders of record January 25. In raising
its capital to $1,200,000, the Consolidated will also increase added to the directorate of the Mercantile•Trust Co. of this
its surplus to $600,000. The proposed plan is outlined in city at the annual meeting this week.
full in the following circular issued by the Consolidated:
—Walter E. Maynard has been chosen a member of the
New York, January 15 1909.
board of the Metropolitan Trust Co. to succeed W. A. White.
To thf Shareholders of the Consolidated National Bank of New York:
The floard of Directors of this Bank, by unanimous vote, have declared
—William 0. Allison, and W. A. Barber are additional
it ts' heifer the interests of this Bank to enlarge its capital and to increase directors on the board of the Empire Trust Co.
its assets and business as hereinafter proposed, and have adopted resolu—Charles M. Newcombe was this week elected a director
tions authorizing the calling of a special meeting of the'shareholders to
consider and Vote upon the propositions therein stated.
of the Fulton Trust Co,, for the term ending 1910, in place
Under these resolutions it is proposed, with the authorization and apof Percy Chubb, resigned. Mr. Newcombe is a member
proval of the shareholders:
(1) To increase the capital stock of this bank by the amount of $200,000, of the firm of Thomas Denny & Co. and also a member of
and to amend tile Articles of Association accordingly.
the Governing Committee of the New York Stock Exchange.
(2) To change the name of the bank to The National Reserve Bank of the
—The retiring directors of the Van Norden Trust Co. were
City of New York, and to amend the articles Of association accordingly.
(3) To amend Section 1 of Article II of the by-laws to read as follows:
re-elected, with Edward R. Finch as an additional member.
"The entire control and management of the bank, its property and busi—Lester B. Churchill of the Van Dyke, Churchill Machinness, shall be vested in the board of directors."
(4) To purchase assets of the Oriental Bank of New York; and in con- ery Co., and John F. Porter, President of the Traders'
nection therewith to afford the shareholders of the said bank the right to National Bank of Scranton, have been
elected to membership
subscribe,for and to purchase such increased capital stock, at the price of
in the board of the Guardian Trust Co: to fill vacancies.
$150 per share.
(5) To authorize the offering of such additional capital stock (namely,
—Deposits of $29,108,745 are shown in the Dec. 31 1908
2,000 shares) for subscription, at the said price of $150 per share, to shareholders of this bank of record at the close of business on Jan. 25 1909, pro statement of the United States Mortgage & Trust Co. of this
rata to their respective holdings, such right to expire at 12 o'clock, noon, city, this amount comparing with'$23,800,647 six months
on Feb. 20 1909. To facilitate and make possible the acquisition of such since—June 17 1908. Combined surplus and undivided profassets, and the, purposes of these resolutions, shareholders of this bank
are requested to waive the right to subscribe for such increased capital its at the end of the year are $4,251,209, after the payment
stock; and all shares of the increased capital stock not so subscribed for of a semi-annual dividend of 10% on the $2,000,000 capital.
by sharehOlders of this bank under such offer are to be sold at the said price The
total assets rose in the period above from $38,758,577 to
of $150 per share to shareholders of the Oriental Bank, or otherwise as
may be determined by the Executive Committee, who shall be authorized $43,892,273.
to negotiate and enter into any agreements which they may deem advisable
—Adrian Iselin Jr., and James Gore King have been
to ensure the fulfilment of any of the purposes mentioned in these resoluelected trustees of the Union Trust Company.
•
tions.
The board of directors unanimously recommend to the shareholders of •
—At the annual meeting of the Fidelity Trust Co,. of this
this bank that the plan above outlined be adopted and authorized.
appointed an
. The benefits of the acquisition of the assets of the Oriental Bank are mani- city on Wednesday Robert Dickson was
fold, and the terms upon which they may be acquired are advantageous to Assistant Secretary and Arthur W. Mellon was appointed
this bank: but such purchase cannot be effected unless the increased capital Trust Officer.
stock, to the requisite amount, can be offered for subscription to the share—Charles W. McCutchen and Andrew Mills, President
holders of the selling bank. In order that such purchase may be effected
(with consequent increased benefit to their present holdings), shareholders of the. Dry Dock Savings Bank, have been elected to the
of this bank are requested to waive their right of subscription to the new
board of the Corn Exchange Bank (which was reduced from
stock.
Shareholders who are unable to attend the meeting are requested to sign sixteen to fifteen members) to replace Leonard J. Busby
(with a witness) and to return, in the enclosed envelope, the accompanying and the late Anson R. Flower.
form of proxy to vote their stock in favor of the foregoing propositions
—Clarence C. Harmstad was appointed an additional
and waiving rights of subscription.
For the purpose of effectuating the understanding reached with the board Assistant Secretary of the Title Guarantee & Trust Co.
of directors of the Oriental Bank for the acquisition of its assets by this
this week.
bank, upon the authorization, by its shareholders, of the legal dissolution
it
is
assets,
desirable
its
for
of
sale
this
the
bank
of the Oriental Bank and
—The directors of the Bank of the Metropolis of this city
and essential to the acquisition of such assets, upon the agreed terms and on the 16th inst. elected Edward C. Evans Vice-President
conditions, that this bank shall forthwith sell and dispose of certain of its
advances from the
surplus assets and distribute the proceeds of such sale to its shareholders, to succeed George McNeir. Mr. Evans
pro rata. Accordingly, the board of directors have caused the value of cashiership, in which he is replaced by E. S. Laffey, formerly
such surplus assets to be appraised by Mr. James G. Cannon, Vice-President Assistant Cashier.
of the Fourth National Bank, whose appraisal shows their present fair mar—The Lincoln Trust Company of this city has increased
ket value to be $144,125. The board of directors have received an offer
for the purchase of said assets at the said price of $144,125, and have ac- its deposits from Dec. 31 1907, when they were $6,483,066,
cepted the said offer and have declared a dividend of said sum of $144,125,
business 1908.
payable to the shareholders of this bank who are of record on the closing of to $9,334,737 at the close of
the transfer books on Jan. 25, pro rata, upon payment of the said sum to
January
statement
of the Hudson Trust Co.,
1st
—The
this bank, pursuant to the provisions of the said offer as so accepted. Bedecided progress
Street
and
discloses
42nd
Broadway,
length
of
that
reasonable
time
within a
lieving, however,
these assets will
be liquidated at a price greatly in excess of that now obtainable therefor during 1908. The company made substantial gains throughthe board of directors have caused the purchaser to enter into an agreement out the year. Commencing with $1,187,847 on Jan. 1 1908
to give to the shareholders of this bank the right and option, until the 10th
30th, $2,064,703
day of February, 1909, upon payment therefor of their pro rata share of deposits increased to $1,390,784 by June
the said dividend, to purchase certificates of participation in the proceeds Sept. 30 and on the first of January this year reached $2,of the future liquidation of all such surplus assets. In connection with the 243,348. On the 12th inst., we are informed, the deposits
Issue of the certificates of participation, the purchaser of the assets will exeor more than
cute and deliver an agreement and declaration of trust, approved by coun- were still larger, standing at $2,374,954,
sel of the bank, defining the terms upon which the said assets shall be held double a year ago. Capital is $500,000 and surplus and
and disposed of and the proceeds distributed from time to time. Share- profits were $667,863 Jan. 1 1909. Richard A. Purdy,
holders desiring to avail themselves of this opportunity should sign the enelected a director
closed power of attorney to James G. Newcomb and Edwin A. Fisher to Secretary of the company, was this week
receive their distributive share of the dividend, and to pay over the same of the institution. The company has been approved as a
on their behalf for such certificates of participation.
reserve depositary for state banking institutions.
By order of the board of directors.
WILLIAM 0. ALLISON, President.

THOMAS J. LEWIS, Cashier.

—The Jan. 1st statement of the Union Trust Co. of New
York, 80 Broadway, published elsewhere in these columns,
marks the advent of John W. Castles's administration of the
company's interests as the successor to the late Edward
King, former President. On the first day of the new
year its deposits were $55,324,808 79; surplus, $8,132,692;
capital resources, $65,309,890. In directing the affairs
of this old and powerful financial institution at 80
Broadway, and its branch, 425 Fifth Ave., corner 38th St.,
the executive associates of Mr. Castles will be: Augustus
W. Kelley, Vice-President; John V. B. Thayer, Vice-President and Secretary; Edward R. Merritt, Vice-President;
Carroll C.'Rawlings, Trust Officer; and Henry M. Popham,
T. W. Hartshorne, Henry M. Myrick, Assistant Secretaries.




—Gen. Brayton Ives retired as President of the Williamsburgh Trust Company of Brooklyn Borough at the annual
meeting on Wednesday. Gen. Ives assumed the presidency
at the time of the reorganization in June, and retires, it is
understood, owing to ill-health and a prospective sojourn
in Europe. He remains as a member of the executive committee. His successor as President is Jacob C. Klinck, who
has been a Vice-President of the company since its rehabilitation. Prior to his connection with the Williamsburgh Trust,
he was Secretary of the Metropolitan Trust Company of
Manhattan.
Gen. Ives has been re-elected President of the Metropolitan
Trust Co.
—William D. Buckner has been elected President of the
Prospect Park Bank of Brooklyn Borough, succeeding William E. Harmon, resigned. Mr. Harmon has accepted the

JAN. 33 1909.1

THE CHRONICLE

205

000 of which represents capital. John L. Newman is President, Thomas Breslin is Vice-President and George R. Wilsdon is Cashier.
—The annual meeting of the Rochester (N. Y.). ClearingHouse Association on the 20th inst. resulted in the election
of the following: President, V. Moreau Smith, President of
the Rochester Trust & Safe Deposit Co.; Vice-President,
B. E. Chase, President of the Central Bank; Secretary and
Treasurer, J. H. Gregory (re-elected), Cashier of the Central
Bank; Manager, William G. Watson, and Assistant Manager,
A. F. C. Kinneman.
—The entire board of directors of the National Bank of
Rochester of Rochester, N. Y., was re-elected at the recent
annual meeting, with the exception of James Breck Perkins,
who retired because of the calls upon his time as Congressman. Peter A. Vay, Cashier, replaces Mr. Perkins on the
board.
—John W. Robinson has been elected President of the
Third National Bank of Buffalo, N. Y., to succeed L. L.
Lewis Sr. Mr. Robinson was formerly President of the
Buffalo Chamber of Commerce.
business
scientific
a
as
of
—The distribution of a first dividend of 23-% to the
"We often hear banking alluded to or spoken
would have you
or proposition, but it is not so technical as some theorists
of the firm of Meadows, Williams & Co. of Buffalo,
creditors
be founded
believe, for successful banking, like any other business, must
bank to which suspended on Aug. 17 last, is announced.
a
for
necessary
It
is
honesty.
common
and
sense
on common
questioned, it
have confidence reposed in it, and if that is once shaken or
—Two installments of 10% each will be paid on February
confidence
may as well close its doors,for it cannot be successful without the
to
4
help
to
the depositors of the Union Trust Co. of Providence,
will
which
of the people. There are other principles and features
those through the sale by the company of its interest in the National
make this important branch of our business structure successful,and
s,
most essential in my mind are integrity and honesty in all transaction
Exchange Bank. One of the payments is due under the
perfect system for carrying on the bank's work expeditiously, with every
e reorganization plan on Februrary 4, but the other would not
courtesy shown its patrons consistent with a dignfled and conservativ
depositors
position always, a position that a bank should maintain above every other fall due until November 4 1909. The claims of
institution. A bank's deposits are the business man's cash which he coming under the deferred payment plan under which the
A
exchanges for a bank account because he believes that it will be paid.
n reopened on May 4 were provided for as follows:
bank cannot claim this confidence, however, unless the stockholders are institutio
and 10% with resumption, 70% in negoitable certificates of
deeply interested in its affairs and see to it that men of integrity
efficiency are always elected as its directors, for it must be remembered deposit, payable in seven installments of 10% each,in from
come
that the directors are empowered to choose the bank's officers, who
s
its 6 months to 3M years, and 20% in contingent certificate
in direct contact with thebank's patrons, and arelargelyresponsible for
dependent upon future profits. Including the 10% paid
prosperity and popularity."
which, although
—The Trenton Banking Co. of Trenton, N. J., whose with resumption,and an installment of 10%,
6, the two
July
paid
was
1908,
its
r
of
Novembe
payment
until
with
recent
the
due
not
1804,
from
existence dates
of 40% paid.
200th dividend, has distributed to 'the stockholders a forthcoming payments will make a total
—Richard E. Lyman was on the 20th inst. appointed pertotal of $2,825,000 during a period of one hundred years.
Under date of Dec. 31 1908 the institution reports deposits manent receiver of the Central Trust Company of Providence,
of $3,427,114 and total resources of $4,459,252. The which was taken charge of by State Bank Commissioner
company has a capital stock paid in of $500,000, a surplus William T. Goodwin on Nov. 4.
fund of $350,000, and undivided profits, less expenses and
—It is stated that the creditors of Burnham. Bennett &
taxes paid, of $94,040. John A. Campbell is President; Co. of Boston have agreed to accept a settlement of 40%Elmer Ewing Green is Vice-President, and Robert W. 30% in cash and 10% in notes of twelve and eighteen
Howell is Cashier.
months, with interest at 5%; The firm assigned on Nov. 9
—The shareholders of the First National Bank of Mt. and was adjudged bankrupt on Dec. 15. Schedules in bankVernon, N. Y., at their annual meeting on the 12th inst. ruptcy recently filed showed total liabilities of $430,370
unanimously voted in favor of increasing the capital from and assets of 279,090.
$100,000 to $200,000. A dividend of 100%, to apply as
—At the annual meeting Jan. 12 of the stockholders of the
payment for the new capital, wap declared on the 18th inst. North Adams National Bank of North Adams, Mass., it
The following board of directors has been re-elected: Clarence was decided to reduce the institution's capital from $500,000'
S. McClellan, President; David Cromwell, Vice-President; to $300,000.
Theo. F. Nesbitt, Cashier; William Archer, J. E. Gardner
—It is of interest to note that the will of Joseph Wharton,
George W. Hunt, Herbert D. Lent, William H. Maclay and of Philadelphia, whose death occurred on the 11th inst.,
Odell D. Tompkins.
names the Girard Trust Co. as succeeding executor should
—The Westchester County National Bank of Peekskill, the other persons named to that office die or not serve. It
N. Y., has passed its seventy-fifth anniversary, that event also provides that, after the payment of bequests' to his
having occurred on the 12th inst. The bank had its incep- family and of a few other amounts, the whole residuary
tion in 1833, when it was organized as the Westchester estate, including two specific trusts, be left in trust to the
County Bank, its conversion to the national system taking Girard Trust Co. as sole trustee.
place in 1865. Dividends have been paid by it practically
—H.G. Clifton has retired as Cashier of the Penn National
since its start, payment having been begun nine months
Bank of Philadelphia and has been succeeded in the post
after the bank's organization. The institution in its last
by M. G. Baker.
statement reported a capital of $100,000, surplus and undi—Edward T. Durban and Sidney Labe have been elected
3,
and
$1,991,10
total
of
vided profits of $245,005, deposits
-Presidents of the Western National Bank of Philadelresources of $2,434,602. Since 1897 the management has Vice
Alfred J. McGrath's resignation as Vice-President
phia.
,
who
President
as
Pugsley
A.
been directed by Cornelius
was noted a week ago.
director
had previously for eighteen years been Cashier of the bank. and
as
Congress
served
the increase in its business, the Philadelphia
to
has
Mr.
Pugsley
cy
—Owing
During his incumben
Philadelphia has
a member of the Banking and Currency Committee, and he Trust, Safe Deposit & Insurance Co. of
of
nsrn its build-,
Council
make
the
afteratio
to•
extensive
Executive
of
necessary
the
member
it
found
a
has twice been
the
American Bankers' Association. Frank M. Dain, Vice- ing at Nos. 413-417 Chestnut Street. On Nov. 27 1908
ng
aggregati
charge
its
I.
under
F.
Pugsley,
property
and
trust
held
Cashier;
A.
Ferguson,
company
President; George
$64,029,540, as compared with $54,691,549 towards the
Assistant Cashier, complete the official staff of the bank.
year. The deposits of the company
—The National Bank of Cohoes at Cohoes, N. Y., has in- close of the previous
This institution has a capital of
0.
$7,695,60
to
amount
yearly.
The
10%
to
8
from
creased its dividend payments
profits of $3,840,442. William
and
surplus
and
0
institution has a capital and surplus of over $500,000—$250- $1,000,00


office of First Vice-President, heretofore held by Mr. Bucke
ner; he also continues as Chairman of the executive committe
preparing
is
Borough
Brooklyn
of
—The Broadway Bank
to open a branch at Myrtle Avenue and Bleecker Street,
addiapplication for permission for the establishment of an
DeBanking
State
the
by
approved
been
having
office
tional
the
of
capital
the
to
increase
on
partment. The propositi
bank from $150,000 to $200,000 was approved at the annual
meeting on Jan. 12.
—An application to organize the Ridgewood National
Bank of Brooklyn Borough was approved on, the 13th
inst. The bank is to have $200,000 capital, and will cater
to a section whose banking facilities have consisted of branches
of other institutions, and which suffered through the recent
closing of the Lafayette Trust Company.
—At the annual banquet of the stockholders of the Citizens' National Bank of Patchogue, N. Y., on the 12th inst.,
an address was delivered by First Vice-President Walter S.
vilRose (also Secretary of the Union Savings Bank of that
essential
lage), which defined quite accurately the qualities
to the success of a bank. Mr. Rose said:

206

THE CHRONICLE

L. DuBois is President, Roland L. Taylor Vice-President
and Edmund D. Scholey Secretary and Treasurer.
—The resignation of Jacob E. Ridgway, President of the
Quaker City National Bank of Philadelphia, has been received by the board of directors, who have elected Vice-President W. H. Clark as his successor. Mr. Ridgway, who is
in hiS 85th year, resigns, owing to ill-health. The new executive, Mr. Clark, in addition to his connection with the Quaker
City National Bank, is interested in a number of industrial
concerns.
—H. F. Richards, Treasurer of the Federal Trust Co. of
Philadelphia, has also been made Secretary of the institut ion, to fill the vacancy due to the resignation of H.C.Davis.
,—Thomas B. Homer has been elected President of the
National Bank of Germantown, of Philadelphia, to succeed
the late Canby S. Tyson. Mr. Homer previously held the
•office of Vice-President, the duties of which will be assigned
to Cashier Walter Williams.
. —The First National Bank of New Kensington, Pa.,
which was closed by the Comptroller of the Currency on
November 9 last, resumed business on the 7th inst. The
closing of the institution was said to have resulted from
bad loans made by a former Cashier. An assessment
sufficient to cover the questionable paper was met by the
stockholders. The bank reopens under the management
of Dr. E. E. Patton President; W. D. Boyce Vice-President;
Frank E. Pratt, Cashier, and H. Burns Smith, Assistant
Cashier.

[VOL. Lxxxvm.

and C. C. Taylor were elected Vice-Presidents at this week's
annual meeting, and Alexander Dunbar was re-elected Secretary and Treasurer.
—W. H. Nimick has been chosen to succeed the late
Major George M. Laughlin as President of the Keystone
National Bank of Pittsburgh. William Witherow becomes
Vice-President, succeeding Mr. Nimick.
—A sentence of fifteen years' imprisonment was imposed
on J. B.F.Rinehart,former Cashier of the failed Farmers' &
Drovers' National Bank of Waynesburg, Pa., on the 15th
inst., following his conviction by the jury on 29 of the 30
counts against him. The accused swas charged with the
making of false reports and the misapplication of funds of
the bank, the failure of which occurred in December 1906.
—John N. Jacobs, President of the Montgomery Trust
Company of Norristown, Pa., issues under date of Dec. 31 a
special report covering the progress of the institution since
his association with it. Mr. Jacobs was brought into the
management of the company in June 1890—the doors of
which had been closed since May 5 by a run of its depositors.
The deposits then amounted to $320,000. An examination
of its assets, it is stated,found the company to be the holder
of questionable securities in which it had invested $270,000,
on which the interest was in default, and on which a loss of
$44,904 was incurred, besides a loss of over $10,000 in interest. The company was left in such a crippled condition
that it was two years before it was placed on a paying basis;
since then the total net earnings have amounted to $683,581,
—For the third successive year a contest for control of the as disclosed in the following statement:
Third National Bank of Baltimore was witnessed at the an- Since 1892 the company has paid its stockholders in dividends__ $202,500
During the same time it has created surplus fund of
250,000
nual meeting. The attempt to oust the existing manage- It has also reduced its bond account abelow
the market price
151,768
ment was, however, again unsuccessful, 2,976 shares, repre- It has reduced its vault, safe and furniture account below cost__
27,608
senting 112 stockholders, voting in favor of the old man- It has left in profit and loss account
6,801
agement, with Capt. R. M. Spedden as President, against
$638,677
1,980 shares, held by 17 stockholders, polled in the interest During the same time the loss of $44,904 was pain
44,904
of the opposing forces, in which John F. Sippel, a former
Total net earnings since June 1890
$683,581
Cashier, was the moving spirit.
It is also stated that the company has paid its stockholders
—Col. Henry B. Wilcox, heretofore Second Vice-Presidividends at the rate of 20% for the last three years, and
dent and Cashier of the First National Bank of Baltimore,
is reducing its bond account below the market and cost
has been elected President, to succeed Major J. D. Ferguson,
price about $12,000 per year. The institution now has
who resigned on the 13th inst. Mr. Wilcox's successor as
deposits of $1,285,381 and total assets of $1,682,306. It
Cashier is Assistant Cashier William S. Hammond, who in
has a capital of $125,000.
turn will be succeeded by Samuel W. Tschudi. The posi—A number of Ohio banking institutions have decided
tion of Second Vice-President will remain vacant for the presconduct their business in accordance with the Thomas
to
ent.
banking law. The bill was passed at the last session of
—Samuel H. Shriver was elected to the presidency o f the
the Legislature, but existing banking institutions are not
Commercial & Farmers' National Bank of Baltimore at the
called upon to conform to its requirements until April 1 1910.
annual meeting on the 15th inst., to take the place of James
The Western German Bank of Cincinnati, the Superior
M. Easter, who resigned in December, owing to the pressure
Savings & Trust Company of Cleveland, the Broadway
of other business interests. Mr. Easter has been chosen
Savings & Trust Company of Cleveland and the Woodland
Vice-President, succeeding in that post Harry M. Mason,
Avenue Savings & Trust Company of Cleveland are among
who becomes Cashier. Frank V. Baldwin, whom Mr. Mathose which have voted to come under its provisions at once.
son succeeds in the Cashiership, has been appointed to the
—Frederick Hertenstein has been chosen President of the
newly created office of assistant to the President. Mr.
Shriver, the newly elected President, was lately Vice-Presi- Western German Bank of Cincinnati, to succeed Leopold
Kleybolte, resigned. Henry Hoppe has become Cashier in
dent of the National Surety Company of New York.
of George Opitz, and Adolph Dreyer has been elected
place
—Controlling interest in the First National Bank of Frederick, Md., has passed to a syndicate represented by Charles to the new office of Second Vice-President. Edward F.
P. Levy, who last month offered to purchase stockholders' Weil is retained as First Vice-President and Albert Wid• interests at $135 per share (par $100), upon condition that man and Charles W. Dupuis continue as Assistant Cashiers.
—A year book for 1009, bound in cloth, in which is pro501 shares of the $100,000 capital be delivered to him by
Jan. 5. As a result of the change in control, R. Rush Lewis vided a blank page for memoranda for each day of the year,
has replaced Frank C. Norwood as President. It is stated is being distributed to the friends of the Merchants' National
that a consolidation is likely to be effected between the First Bank of Indianapolis.
National and the Central National banks.
•
—James N. Wright has become President of the American
—JoSeph R. Paull has resigned as Vice-President of the Exchange National Bank of Detroit, succeeding Waldo A.
Bank of Pittsburgh, N. A., at Pittsburgh, and as President Avery, retired.
of the Guarantee Title & Trust Co., in order to devote his
—At the annual meeting of the Dime Savings Bank of
entire attention to the newly organized banking firm of Detroit it was voted to change the name of the institution to
Joseph R. Paull & Co. of Pittsburgh, which will deal in the Bank of Michigan. It is reported that an injunction reinvestment securities and commercial paper.
• straining the use of the new name has been obtained by the
—The following officers of the Bank of Pittsburgh, N. A., Michigan Savings Bank, generally known as the Michigan
were re-elected at the late annual meeting: Wilson A. Shaw. Bank, which claims that the action of the Dime in assuming
President; W. F. Bickel, Cashier;. J. M. Rilssell and J. D, the title "Bank of Michigan" is an infringement of its rights.
Ayres, Assistant Cashiers, and George F. Wright, Auditor.
—Frank G. Smith, formerly Assistant to the President of
—Mr. Paull has been succeeded as President' of the Guar- the First National Bank of Detroit, has been elected Cashier.
antee Title & Trust Co. by R. J. Davidson, heretofore Vice- I John T. Shaw, who was heretofore Vice-President and
President of the institution. William H. Self, S. H. McKee I Cashier, retains the office of Vice-President.




JAN. 23 1909.1

,

THE CHRONICLE

—William T. Bruckner, connected with the Commercial
National Bank of Chicago for nineteen years, and who has
been an Assistant Cashier for several years, has been promoted to a new office to be known as Assistant to the VicePresidents. Mr. Bruckner is also President of the State
Bank of Cicero and a director of the Lake View Trust &
Savings Bank, Chicago.
—Edward M. Lacey, a son of President Lacey of the Bankers' National Bank of Chicago, has been appointed an Assistant Cashier of that institution.
—The new board of directors of the Northwest State
Bank of Chicago, successor to the business of the Northwest
Savings Bank,at the corner of Milwaukee and North avenues,
Chicago, has elected the following officers: President,
Joseph R. Noel; Vice-President, Henry B. Berentson;
Cashier, Albert S. Boos; Assistant Cashier, Frank W. Hausmann; Chairman of the Board, Otto J. Hartwig.
—The Guarantee Trust & Savings Bank, Chicago, now
occupies its beautiful new banking room, southwest corner
of Green and West 63d streets. The capital of this bank is
$200,000 and its officers are William H. C. Stege, President;
Henry F. Bartling and Paul Schulze, Vice-Presidents, and
Christoph H. Dehning, Cashier.
—Gardner P. Stickney has been advanced from the treasurership to the vice-presidency of the Wisconsin Trust Co.
of Milwaukee, Wis. He succeeds Frederick Kasten, retired.
—C. B. Whitnall has retired as Treasurer of the Citizens'
Trust Co. of Milwaukee, being succeeded by Walter S.
Denning.
—The Badger State Bank of Milwaukee, which began
business Nov. 4 1907, will increase its capital, it is reported,
from $50 ,000 to $100,000.
—William A. Jackson has been elected a Vice-President
and director of the Fidelity Trust Company of Milwaukee.
—The newly organized City National Bank of Council
Bluffs, Ia.,. to the formation of which we alluded August 29
last, opened its doors on the 4th inst. The institution has
a capital of $100,000 and surplus of $50,000, and is located
in its own building at Main Street and Broadway. It is
under the management of T. G. Turner, President; J. G.
Wadsworth and Oscar Recline, Vice-Presidents, and C. R.
Hannan Jr., Cashier.
—An initial dividend of 25% has been paid to the depositors of the First National Bank of Chariton, Ia., which
failed in October 1907.
—The Germania Bank of Minneapolis purposes to increase
its capital on May 1 to $200,000. At the annual meeting on
the 12th inst. the stockholders took action toward increasing
the amount from $50,000 to $100,000; a further addition,
making the amount $200,000, has now been decided upon.
The additional $50,000 at first authorized has been disposed
of, and payment in part was provided in a stock dividend of
60%. The $100,000 new stock now proposed to be issued
will be sold at $125 per $100 share, and the premium added
to the surplus.
—The Union State Bank of Minneapolis, Minn., is to
increase its capital from $50,000 to $100,000, the proposal
having been approved at the annual meeting of the stockholders on the 6th inst. Most of the additional stock, it
is stated, will be placed with new interests.
—B. W. Smith has been chosen President of the Minneapolis State Bank of Minneapolis, Minn., an institution
whose organization was undertaken about a month ago.
The bank's quarters will be in the Masonic Temple, at Sixth
Street and Hennepin Avenue. Roy Quimby is the VicePresident of the bank and A. W. Harper is Cashier.
—C. L. Strom, formerly Assistant Cashier of the Merchants' & Manufacturers' State Bank of Minneapolis has
been advanced to the position of Cashier.
—C.L. Grandin has been elected President of the People's
Bank of Minneapolis, Minn., succeeding the late H. G.
Merritt. Mr. Grandin was formerly Vice-President.
—Donald S. Culver, Cashier of the National German
American Bank of St. Paul, Minn., has been made VicePresident of that institution.
—W. A. Miller, Cashier of the First National Bank of
St. Paul; Minn., has been advanced to the position of VicePresident. F. A Nienhauser, formerly Assistant Cashier,




207

is Mr. Miller's successor as Cashier. E. H.Bailey is President.
—The new Mercantile National Bank of St. Louis, recently
formed by interests in the Mercantile Trust Co., began business on the 14th inst. The bank has a capital of $1,500,000
and surplus of $500,000, all of which, both capital and
surplus, has been supplied from the surplus of the trust company. As recorded in our issue of Jan. 9, the officials of the
bank are Festus J. Wade, President; George W. Wilson,
Vice-President, and Edward Buder, Cashier.
—It is stated that a new institution, to be known as the
Commercial National Bank, is being organized in St. Louis
and will locate in the down-town district. The new bank is
to have a capital of $1,000,000 and a surplus of $250,000.
Some of the members of the organization committee, as
given in the St. Louis papers, are W.F.Churchman,a former
President of the Capital National Bank of Indianapolis; C.H.
V. Lewis,for some years Cashier of the Union National Bank
of Kansas City, lately taken over by the National Bank
of Commerce; and L. V. Stephens, ex-Governor of Missouri.
H. M. Rubey is spoken of as the probable President of the
proposed bank.
—A rehabilitation of the suspended National Exchange
Bank of Springfield, Mo., has occurred, the assets and
liabilities of the closed bank having been taken over by the
Merchants' National Bank. The latter began business on
the 18th inst., following the approval of its organization by
the Comptroller of the Currency on the 8th inst. The new
bank has $200,000 capital. The National Exchange Bank,
which closed its doors Dec. 7, had a capital of $100,000.
Louis S. Meyer, President of the Exchange Bank, is at the
head of the new organization.
—J. Z. Miller Jr. was chosen an additional Vice-President
of the Commerce Trust Co. of Kansas City, Mo., at the
annual meeting on the 12th inst.
—The new Southwest National Bank of Kansas City, Mo.,
whose organization was brought about by Fernando P.
Neal (following the absorption in November of the Union
National Bank, of which he was Vice-President, by the
National Bank of Commerce), began business on the 4th
inst. Two other officials of the Union National, Edwin
W. Zea and Eugene P. Davis, are also identified with the
management of the new bank, Mr. Zea as Vice-President
and Mr. Davis as Assistant Cashier. John M. Moore, for
sixteen years Cashier of the Fourth National Bank of Wichita.
Kansas, is Cashier of the Southwest National, which starts
with a capital of $1,000,000 and an undivided profit account
of $100,000.
—The People's National Bank of Kansas City, Kan.,
formed during the last few months, opened for business on
the 4th inst. The new institution has a capital of $200,000,
and, according to the "Kansas City Star," takes over the
accounts and business of the Bankers' National Bank of
Kansas City, Kan. The latter was placed in voluntary
liquidation on Jan. 2. G. C. Smith is President of the
Peoples' National, George M. Gray is Vice-President, E. W.
Moore is Cashier and James Ratcliffe is Assistant Cashier.
—George S. Hovey, heretofore Vice-President of the
Inter-State National Bank of Kansas City, Mo., has become
President, succeeding Lee Clark. R. M. Cook replaces Mr.
Hovey as Vice-President.
—The Mercantile Bank of Kansas City is the name of a
new institution which expects to open for business about
February 1. The new bank has a capital of $100,000. W.
H. Winants, formerly Vice-President of the National Bank
of Commerce of Kansas City, is President; P. V. Covington is
Vice-President and J. E. McDanield is Cashier.
—Control of the Capitol Savings Bank of Richmond, Va.,
is understood to have recently been acquired by interests
affiliated with the American National Bank and the Bank of
Commerce & Trusts of that city. John C. Hagan has been
succeeded in the presidency of the savings bank by John G.
Pollard, heretofore Vice-President; Jonathan Bryan has been
chosen to the latter office. The bank has a capital of $50,000.
—The new First National Bank of Portsmouth, Va.,
opened its doors on the 30th ult. The institution has a
capital of $100,000. John L. Watson is President and
V. Garland Weaver, Cashier. The bank is the only national
institution in the city.

208

1 THE CHRONICLE

-The stockholders of the Commercial Savings Bank of
Charleston, S. C., have approved a recommendation of the
directors to increase the capital from $50,000 to $100,000.
It is statedi that it is the intention to issue only $25,000 of
the additio)aal amount at the present time.
-C. N.;Mathews has been elected Cashier of the First
National Bank of: Louisville, Ky., sticceeding James B.
Brown, whb became President in November last following
the retirement of 'Clint C. McClarty. J. J. Flynn is Mr.
Mathews sUccessor as Assistant Cashier.
-J T. Fargason, President of the Bank of Commerce
& Trust CO. of Memphis, died on the 10th inst., after an
illness of over a year. He was seventy-four years of age.
Mr. Fargason had been President of both of the institutions
which consolidated in 1905 toiform the present organization
,---the National Bank of Commerce and the Memphis Trust
Company.
The new President of the Bank of Commerce & Trust,
elected this week, is 0. H. P. Piper. T. 0. Vinton has
been chosen Vice-President of the institution to take the
place of Frederick Fowler, resigned. E. L. Rice, Cashier,
has been elected a director of the institution; J. A. Evans is
also a new member of the board.
-An involuntary petition in bankruptcy was filed on
December 31 against the Landis Banking Company of
Nashville, Tenn. The petitioning creditors, it is said,
allege that there is due them $17,633 in excess of securities
held and that the company has signified its inability to
meet these claims. The banking company has issued a
statement in which it says:
The Cumberland Telephone Company in its suit against the Landis
Banking Company and others, during last August procured an injunction
which forced a suspension of the business of the Landis Banking Company
Since that time, and the present bankruptcy proceedings is one of the
results of that injunction; but for this, and other matters arising out of the
Controversy with the telephone company, the Landis Banking Company
would be in a most prosperous condition.

-It is reported that the controlling interest in the City
Savings Bank of Nashville, Tenn. (capital $100,000) has
passed from the First National Bank to other hands. About
51% of the stock is said to have been involved in the transaction. T. S. Baskette has been chosen Cashier of the
City Savings Bank to succeed H. L. Fox, who retires because
of ill-health. A. S. Williams has been re-elected President
of the institution.
-Leslie Cheek has been elected President of the Union
Bank & Trust Co. of Nashville, Tenn., to succeed Edgar
Jones, who retires on the 12th inst. Watkins Crockett,
Cashier, was at the same time made a Vice-President and
E. R. Burr was chosen to the cashiership.
-Richard .Wilson Johnston, Vice-President of the American National Bank,and of the Home Savings Bank of Macon,
Ga., died on the 28th ult. Mr. Johnston was also a director
of the Southern States Life Insurance Company of Atlanta,
and the Bibb Manufacturing Co.
IMPORTS AND EXPORTS FOR DECEMBER.
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 UNIT1.1D STATES.
(In the following tables three ciphers (000) ardin all cases omitted.)
.
1907
1908
Exports. Imports.
Excess.
Exports. Imports.
Excess.
Merchandise
s
$
5
5
5
s
January-March _- 515,460 258,864 +256,596
510,499 382,703 +127,796
April-June
429,951 368,576 +61,375
362,337 263,587 +98.750
July-September
352,970 276,047 +76,923
391,138 356,793 +34,345
October
180,254 111,913 +68,341
171,985 102,040 +69,945
November
161,742 103,908 +57,834
204,464 110,943 +93,521
December
207,120
188,814 111,956 +96,858
92,242 +114,878
Total

1,753,308 1,116,402 +636,906

Gold and Cold in Ore.
3,859
January-March
49,659,
April-June
July-September.-. 15,419
1,953
October
2,968
Noveniber
7,357
December

1,923,426 1,423,170 +500,2.56

17,296 '-13.437
9,112 +40,547
12,020
+3,399
3,786 -1,833
2,910
+58
+2,235
5,122

5,703
30,598
13,579
3,716
615
1,005

11,647 -3,944
9,822 +20,776
9,393
+4.186
4,512
63,575 -62,7
99
60
6
44,449 -43444
,

50,246

+30,969

55,216

143,398 -88,182

Silver and Silver in Ore.
10,830
January-March ___
12,586
April-June
10,311
12,928
July-September _ _ _
9,651
13,267
October
4,378 . 3,740
November
3,952
.3,276
December
4,383
4.727

+1,756
+2,617
+3.616
+632
+676
+344

14,669
14,550
18,752
'5,054
4,187
4,414

11,385
11,010
12,093
.3,600
3,602
4,222

+3,284
+3,540
+6.859
+1,454
+585
+192

+9,841

61,1126

45,912

+15.719

Total

81,215

•

Total

51,83.8

42,197

+Excess of exports. -Excess of Imports.



[VoL.

We subjoin the totals for merchandise, gold and silver for
twelve months since January 1 for six years:
Merchandise.
Twice
Months.
Exports.

Excess
In?,of
Exports. Exports ports.

Gold.

Silver.

Excess
ExImof
ports. Exports ports.

Excess
Imof
ports. Exports

$ I $
5
$
1908 _ _ _ 1,753,308 1,116,402,636,906, 81,215 50,246 30,969
1907_ _ 1,923,426 1.423,1701500,256: 55,216 143.398/88,182
1906___ 1,798,243 1,320,502 477,7411 46,709 155,579/108870
1905_ _ 1,626.991 I.179,145447,846 46,795 50,294 /3,499
1904...1,451,319 1,035.9091415,410121,212 84,803 36,409
1903_ _ _ 1,484,753 995,494 489,2591 44,347 65,268/20,921

$
$
51,838 42,197
61,626 45,912
60,957 44,228
57,513.35,939
50,135 26,087
40,610 23,974

$
9,641
15,714
16,729
21,574
24,048
16,636

1 Excess of imports.
Similar totals for six months since July for six years
make the following exhibit.:
Merchandise.
Six
Months.

1908_
1907_
1906...
1905_
1904...
1903_

Gold.

Exports.

Excess
Exof
ports. Exports ports.

875,510
982,976
940,401
886,122
777,593
787,102

593,951281,559
671,891311,085
683,143257,258
589,203296,919
527,5721250,021
482,751304,351

Silver.

Excess
Excess
Imof
ExImof
ports. Exports ports. ports. Exports
-$
$
5
$
27,697 23,838 3,859 26,324 21,056 5,268
18,915121,929/103014 32,407 23,517 8,890
/77,943
27,520
15,098 93,041
20,551 6,969
6,963 33,684 /26,721 32,432 20,766 11,666
52,762 37,039 15,723 23,768 12,312 11,456
13,010 51,292/38,282 23,106 13,994 9,112

/ 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 MERCHANDISE IMPORTS OR EXPORTS.
6 months ending Dec. 3112 months ending Dec. 311882
$54,575,409 1882
Exports $15,138,439
Exports 62,059,081 188.3
1883
Exports 108,143,100
Exports 109,348,733 1889
1884
Exports 120,104,568
Exports 45,067,432 1885
1885
Exports 100,381,125
Exports 50,053,570 1886
1886
Exports 49,974,832
Exports 33,572,693 1887
1887
Exports 6,482,566
Exports 27,924,979 1888,,
1888
Imports 33,650,321
Exports 87,239,038 1889
1889
Exports 56,584,382
Exports 52,826,185 1890
1890
Exports 34,104,822
Exports 155,450,274 1891
1891
Exports 142,188,704
Exports 50,064,293 1892
1892
Exports 97,489,702
Exports
170,037,663 1893
1893
Exports 109,592,005
Exports 80,303,235 1894
1894
Exports 148,789,307
Exports 27,925,824 1895
Exports 23,190,789
1895
Exports 250,301,245 1896
Exports 324,257,085
1896
Exports 320,121,917 1897
Exports 357,113,816
1897
Exports 325,301,059 1898
Exports 620,581,818
1898
Exports 271,926,809 1899
Exports 476,500,561
1899
Exports 376,181,301 1900
Exports 648,796,390
1900
Exports 206,544,432 1901
Exports 584,955.953
1901
Exports 209,515,042 1902
Exports 391,369,069
1902
Exports 304,351,356 1903
Exports 489,258,756
1903
, Exports 250,021,006 1904
1904
Exports 415,409,550
Exports 296,918,656 1905
Exports 447,846,245
1905
Exports 257,258,464 1906
Exports 477,741,892
1906
Exports 311,085,196 1907
Exports 500,256,385
1907
Exports 281,559.330 1908
Exports 636.905,688
1908

'DEBT STATEMENT DECEMBER 31 1908.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Dec. 30 1908. For statement of Nov. 30 1908,
see issue of Dec. 26 1908, page 1639; that of Dec. 311907, see
Jan. 111908, page 82.
INTEREST-BEARING DEBT DECEMBER 31 1908.
Amount Outstanding
Amount
Total.
Interest
Registered. Coupon.
Issued.
$
$
TUle of LoanPayable.
$
$
2s, Consols of 1930
Q.-J. 646,250,150 641,129,750 5,120,400 646,250,150
3s, Loan of 1908-1918--Q.-F• 198,792,660 40,901,580 23,043,880 63,945,460
4s, Loan of 1925
Q.-F. 162,315,400 97,273,200 21,216,700 118,489,000
32,000 54,631,980
2s, Pdn. Canal Loan 1906.Q.-N. 54,631,980 54,599,980
28, Pan. Canal Loan 1908_Q.-F. 29,583,360 28,084,480 1,498,880 29,583,360
Aggregate int.-bearing debt-1,091,573,550 861,988,990 50,911,860 912,900,850
Note.-Denominations of bonds are:
Of $20, loan 01 1908, coupon and registered.
Of $50, all issues except 3s 01 1008; of $100, all issues.
Of $500, all issues; of $1,000, all Issues.
Of 55,000, all registered 2s, Is and 4s: of $10,000, all registered bonds.
Of $50,000, registered 2s 01 1930.
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
November 30. December 31.
Funded loan o11891, continued at 2%, called May 18
$32,000 00
$32,000 00
1900, interest ceased Aug. 18 1900
24,450 00
29,450 00
Funded loan 01 1891, matured Sept. 2 1891
71,050 00
71,050 00
Loan of 1904, matured Feb. 2 1904
,581,000 00 2,390,100 00
Funded loan 01 1007. matured July 2 1907
17,930 00
17.910 00
Refunding certificates, matured July 1 1907
6,250 00
Certificates of indebtedness matured Nov. 30 1908_
Old debt matured at various dates prior to Jan. 1 1861
and other items of debt matured at various dates
914,58526
913,425 26
subsequent to Jan. 1 1861
•

Aggregate debt on which Interest has ceased since
$3,647,265 26 $3,448,935 26
maturity

DEBT BEARING NO INTEREST.
$340,681,016 00
United States notes
53,282 50
Old demand notes
National bank notes-Redemption account
46,005,160 00
6,801,924 28
Fractional currency, less $8,375,934 estimated as lost or destroyed-.
Aggregate debt bearing no interest

3400.501,382 78

RECAPITULATION.
ClassificationInterest-bearing debt
Debt interest ceased
Debt bearing no interest.-

Dec. 31 1908.
$912,900,850 00
3,448,935 26
400,501,382 78

Increase (-I-) or
Decrease (-).
Nov. 30 1908.
3883,317,490 00 +329,583,360 00
3,647,265 26
-198,330 00
403,850,167 78 -3,354,785 00

Total gross debt
$1,316,851,168 04 $1,290,820,923 04 +320,030,24500
Cash balance in Treasury*_. 319,501,417 34
301,387,362 33 +18,114,055 01
Total net debt
$997,349,750 70
* Including 3150,000,000 reserve fund.

$989,433,560 71

+37,016.189 99

JAN. 23.19O9.

THE CHRONICLE

The foregoing figures show a gross debt on Dec. 31 of
$1,316,851,168 04 and 'a net debt (gross debt less net cash
in the Treasury) of $997,349,750 70.
TREASURY CASH AND DEMAND LIABILITIES.The cash holdings of the Government as the items stood
Dec. 31 are set out in the following:
.
LIABILITIES.
ASSETS.
Trust Fund Liabilittesi IS
Trust Fund Holdings$
$858,272,869 00 Gold certificates
'
Gold coin '
858,272,869 00
491,210,000 00 Silver certificates
Sliver dollars
491,216,000 00
4,596,000 00 Treasury notes of 1890.Silver dollars of 1890_4,596,000 00

.

•

Total trust fund
1,354,084,869 00
General Fund Holdings26,291,097 46
Gold coin and bullion_ _
Gold certificates
56,412,360 00
Silver certlfica.tes
.20,378,201 00
Silver dollars
4,219 00
Silver bullion
4,324,443 90
United States notes_ __ 10,258,047 00
Treasury notes of 1890_
6,811 00
National bank notes..- _ _
25,287,727 00
Fractional silver coin_._
18,162,747 30
Fractional currency.. _
239 18
Minor coin
2,023,736 62
Bonds and Interest paid_
26,097 31

Total trust Ilabillties.1,354,084,869 00
Gen Fund LiabUiticsNational Bank 5% fund 27,826,764 63
Outstanding checks and
10,968,449 11
drafts
DisbursIng officers' bal76,139,615 96
ances
Post Office Department
5,383,966 79
account
2,293,677 11
Miscellaneous items_ - _
Total gen. liabilities. 122,613,473 60

Tot. In Sub-Treas'les_ 163,175,726 77
In Nat. Bank Depositaries
Credit Treasurer of U.8_ 112,126,477 57
Credit U.S.dis. officers_
11,801,958 21
Total In banks
123,028,435 78
In Treas. of Philippine IslandsCredit Treasurer of U.S_
2,002,828 05
Cash balance and reserveCredit U.S.dis. officers_
3,006,900 34 Total cash and reserve__ 319,501,417 34
Made up- ofTotal In Philippines__
5,009,728 39 Available _ _169,501,417 34
and
Reserve Fund HoldingsReserve FundGold coin and bullion__ 150,000,000 00 Gold &bull. 150,000,000 00
Grand total

1,796,198.759 94

1,769,198,759 94

Grand total

TREASURY CURRENCY HOLDINGS.-The following
compilation, based on official Government statements, indicates the currency holdings of the Treasury on the first Of
October, November and December 1908 and Jan. 1 1909.
Statements of corresponding dates in previous year will be found
in our issue of Jan. 11 1908, page 82.
TREASURY NET HOLDINGS.
Oct. 1 '08. Nov. I '08. Dec. I '08.
Holdings in Sub-Treasuries$
$
Net coin and gold bullion
222,058,504 232,051,793 228,201,751
Net silver coin and bullion
17,955,086 10,113,154 12,726,314
Net United States Treasury notes
16,101
10,143
13,775
Net legal-tender notes
5,490,551
3,043,833
3,686,960
Net national bank notes
• 39,829,288 22,642,191 17,752,117
Net tractional silver
21,746,013 19,272,269 17,913,465
Minor coin, &c
2,684,561
2,333,786
2,906,217

Jan. 1 '09.
232,703,457
24,706,864
6,811
10,258,047
25,287,727
18,162,747
2,050,073

Total cash in Sub-Treasuries_ _310,001,850 290,464,703 281,981,409d313,175,726
Less gold reserve fund
150,000,000 150,000,000 150,000,000 150,000,000
Cash bal. in Sub-Treasuries...160,001,850 140,464,703 131,981,409 163,175,726
Cash in national banks
129,925,200 131,693,493 130,111,806 123,928,436
Cash In Philippine Islands
4,769,987
4,687,105
4,020,618
5,009,728

209

EXPORTS OF GOLD AND SILVER FROM SAN FRANCISCO.
Gold.
Months.
Coin.

Cain.

Total.

Bullion.

Total.

1908.
January
February
March
April
May
June
July
August
September
October
November

1,700
15.000

1,700
1,903
• 15,000

540
100

540
100

1.903

1,575
1.671

1.575

Total 11 months_ _ _

17,340

1,903

1.553

271,100
323,888
436,204
687,014
635,956
492,415
267.060
589.199
475.500
519..614

272,675
323,888
437,875
667,014
635,956
492,415
268.635
589.199
477,053
519,614
593,395

593,395
6.374 5,271,345 5,277,719

19,243

PiXonetargi(Commercial3EnglishBents
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Week ending Jan. 22.
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
Silver. per oz
d 245-16 2434
24%
2311-16 2334
2334
Consols, new,211 per cents__ 83 7-16 83 7-16 83 9-16 8334
83 7-16 83 7-16
For account
8314 • 8334
83 9-16 1133
8354
83 .
French Rentes (In Paris)_fr. 96.3734 96.40
96.50
96.45
96.45 96.4234
'Amalgamated Copper Co_._ _ 81%
80;i • 8134
8234
8L
80
95% • 934
bAnaconda Mining Co
9%
9%
9%
9%
Atchison Topeka dr Santa Fe.101%
102% •10134
102
101%
102%
Preferred
103
1031%
103
103
103
133
Baltimore & Ohio
113%
114%
113%
114%
114%
11434
Preferred
9534
9534
96
9534
96
9534
Canadian 'Pacific
1805%
181%
18014
179%
1803/1
18034
Chesapeake & Ohio
6()
62%
61%
62%
6334
6334
Chicago Great Western
8
83/1
81.1
9
84
834
Chicago Milw. & St. Paul_ _ _152
15234
153
152%
I533i
15244
Denver & Rio Grande, corn_ 39%
5
4034
3934
3934
394
39%
Preferred
82
82
82
824
82%
82
Erie, common
31%
3134
31%
3214
3134
32%
First Preferred
48
47
4614
47
49%
4834
Second Preferred
• 3634
36
36
3634
37%
3854
Illinois Central
1484
148
14814
148%
14914
14934
f.oulsvIlle & Nashville
128
127
12734
128%
128
128%
Mexican Central
2334
2314
2354
235/1
2334
2334
Mo. Kansas dr Texas, corn
445,,/1
435%
44
4534
45%
445
(
,
76
7634
77
77
Preferred7
National
RR. of Mexico_
4P4
7
43
6
43
43
43
43
N. Y.Central & Hudson Riv.133
13434
13334
133%
13434
12
33
5i
:
N. Y. Ontario & Western... _ 47%
48 .
49%
49
48
475%
Norfolk & Western, corn
9034
90
91
94%
9434
9434
Preferred .
90
90.
90
90
Northern Pacific
142%
14314
143
142
iii11
Pennsylvania
68 .
68%
68%
6834
68
6834
aReadIng Company
70%
7034
7014
7034
6934
7034
(Wind Preferred
47%
47%
47%
47%
4734
4754
aSecond Preferred
47%
4734
48
4734
48
48
Rock I.land Company
24%
25
25
374
12
25
243%',
12
Southern Pacific
122
1231
1221
124%
Stititherh Railway, corn IL 2634 - 2117
25
'2634
27
27
Preferred
6434
6314
64
6434
6454
645-4
Union Pacific, common
185%
183%
18434
184%
18254
18534
Preferred98%
9814
99
99
9834
9854
U.S. Steel Corp., common
528
4
53%
5.3%
5434
5334
56
Preferred
116%
116%
11634
11611
116%
117
WabAsh
1934
1954
19%
1834
1934
1934
Fret•rred
50
50
48
50
Extended 4s
75%
59
4
79
511
7511
7534
7534
754

14534

•

•

Net Cash in banks, Sub-Treas_294,614,155 276,187,814 266,863,202 292,113,890
Deduct current Ilabilities_a
115,561,582 109,305,561 115,475,840 122,012,473
Available cash balance
179,052,573 166,882,253 151,387,362 169,501,417
a "Chiefly disbursing officers' balances."
d Includes $4,324,444 silver bullion ana $2,050,073 minor coin, &c., not included
In statement "Stock of Money."

a Price per share.

b £ sterling

(Commercialand ggiscellantousNg=

FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.-In addition to the other tables given in
IMPORTS AND EXPORTS OF GOLD AND SILVER AT this department, made up from weekly returns, we give the
following figures for the full months, also issued by our New
SAN FRANCISCO.
The Collector of Customs at San Fransisco has furnished York Custom House. The first statement covers the total
imports
exports of merchandise and the Customs reus this week with the details of the imports and exports of ceipts forand
the twelve months of the last two seasons:
gold and silver through that port for the month of November,
I '
Merchandise Movement to New York.
and we give them below in conjunction with the figures for
Customs Receipts
Imports.
Exports.
at New York.
preceding months, thus completing the results for the eleven
1908.
months of the calendar year 1908. The imports of gold
1907.
1908.
1907.
1908. t 1907.
were of moderate volume, reaching $180,226, of which
$
January
47,489,941 75,330,156 62,531,690 54,687,93 14,640,44 19,970.981
only $1,073 coin. Of silver there came in $224,665, mainly February _ 44,771,752
73,356,400 59,999,716 51,324,211 15,241,056 18,096,641
March ___ 52,625,828 82.462,921 58,116,795 55,773,585 14,086,404 18,695,668
bullion. During the eleven months there was redeived a April
____ 53,605,913 76,197,876 57,446,144 58,435,873 13,787,44 18,453,762
May
50,255,042 71,928,155 47,529,637 43,263,112 12,303,743 16,920.907
total of $4,125,645 gold and $2,482,768 silver, which com- June
- -1 50,604,930 66,852,548 51,137,522 55,609,847 13,108,456 17,214,679
49,729,151 75.554.451 47,489,381 58,503,816 14,417,036 19.368,068
pares with $3,018,338 gold and $3,046,891 silver in 1907. July
August
59.445,780 70,293,096 45,107,352 56,833,707 14,517,500 19.205,736
The shipments of gold during October were nil, and the September, 58,374,355 58.833,023 49,671,985 54,712,748 17,115,156 17,002.293
October _ 58,614,465 62,252,933 52,462,041 62,739,89415,329,452 18,859,698
exports of silver were $593,395, wholly bullion. For the November 59,748,096 63,599,163 46,064,843 64,981,878 15,134,287 14,287,871
eleven months the exports of gold reached $19,243, against December. 68,634,114 53,019,862 59,150,532 66,420,931 16,129,492 14,964,689
Total_ 644899,367829,680,584636,717,638683,287,532175,810,473213,040,993
$11,057 in 1907, and $5,277,719 silver was sent out, against
$2,690,965 in 1907. The exhibits for November and for
The imports and exports of gold and silver for the twelve
the eleven months is as follows:
months have been as follows:
IMPORTS OF GOLD AND SILVER AT SAN FRANCISCO.
Gold Movement at New York.
Gold.

Silver.

Month.

Months.
Coin.
1908.
January
February
March
April
May
June
July
August
September
October
November

$
146,23.5
26,749
246,555
1,210
2,865
502,00.5
1,585
5,900
741,965
310
1.073

Bullion.
$
312,822
325,927
133,663
144,905
291,739
160,461
328.430
123,386
175,326
273,381
179,153

Total.
5
459,057
352,676
380,218
146,115
294,604
662,466
330.015
129,286
917,291
273,691
180,226

Total 11 months-- 1,676,452 2.449,193 4,125,645




Coin.
$
700
249
3,150
8,456
4,270
1,285
4,297

Bullion.
$
211,761
917,907
290,554
268,072
274,274
213.757
169,454
214,038
171,019
209,157
220,368

Total.
$
212,461
217,907
290,554
268,321
277,424
213.757
177,910
218.308
172,304
209,157
224,665

22,407 2,460,361 2,482,768

Imports.
1908.

January _ _ _ _
February _ _ _ _
March
April
May
June
July
August
September_ _
October
November
December ____
Total

1907.

7,585,759
388,410
1,300,840 1,230,143
1,925,862 1,514,662
900,777 2,321,848
1,471,272
269,610
989,058
438,390
569,791
970.776
1,100,130
522,870
1,353,973
720,327
1,044,600
751,381
851,299 57,550,403
1,343,259 36,576,900

Silver-New York.

Exports.
1908.

1907.

Imports.
1908.

66,925 1,367,113
719,375
636,087
335,588
24,477
135,985
7,156
499,947
11,677,173
72,495
301,690
25,568,226 2,902,213
351,158
7,987,653 21,792,992
369,790
1,059,656 5,085,668
731,113
8,400 2,905,033
442,858
506,125
207,075
356,605
50.125 2,322,958
629,152
794,980
693,410
6,445,585
31.830 1,258,200

Exports.
1907.
3,297,516
3,509.414
3,205,044
201,234
3,155,107
3,681,194
4,612,646
3.927.677
3,198.213
3,731,013
3,307,556
3,850,432

20,436,620 103255728 54,93820 37,030,021 6,377.775 39.686.046

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department.
NATIONAL BANKS ORGANIZED.
Certificates Issued from Jan. 11 to Jan. 16.
9,316-The Terre Hill National Bank, Terre Hill, Pa. Capital, $40,000,
Samuel S. Watts, Pres.; Samuel F Foltz, Milton Yohn and William
H. Martin, Vice-Pres.; Levi F. Talley, Cashier.
0,317-The Farmers' National Bank of Canton, Pa. Capital, $50,000.
Jno. A. Innes, Pres.; Elwin Allen, First Vice-Pres.; H. Crawford,
Second Vice-Pres.; H. A. Bell, Cashier.
9,318-The First National Bank of Cressona, Pa. Capital, $25,000.
Chas. F. Beck, Pres.; Wm. P. Heffner, Vice-Pres.; E. D. Meixell,
Cashier.
9.319-The First National Bank of Mt. Pleasant, Tenn. Capital, $50,000.
D. W. Shofner, Pres.* J. E. Hackney, Cashier.
Bank of Jackson, Ky. Capital, $25,000.
9,320-The First National '
ashier.
James P. Adams, Pres.; J. H. Letton,
Jr.,dinn. Capital, $25,000.
9,321-The First National Bank of Beaver Creek,
Chas. Shade,Pres.; J. S. Crawford, Vice-Pres.; M.0.Page, Cashler
B. R. Page, Asst. Cashier.
CHANGE OF TITLE.
8,136-"The Logan National Bank," Logan, W. Va., to "First National
Bank of Logan."
LIQUIDATIONS.
7,583-The State National Bank of Blackwell,Okla., was placed in voluntary liquidation Dec. 4 1908.
7,623-The First National Bank of Frankston, Texas, was placed in voluntary liquidation Dec. 21 1908.
8,944-The Farmers' and Merchants' National Bank of Eldorado, Okla.,
was placed in voluntary liquidation Dec. 30 1908.
8,342-The First National Bank of Granite, Okla., was placed in voluntary
liquidation Jan. 11 1909.
8,507-The Farmers'and Merchants' National Bank of Lebanon, Ohio, was
placed in voluntary liquidation Jan. 12 1909.

Auction Sales.-Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian H. Muller & Son:
Stocks.
200
00 Home Title Ins. Co
10 Long Isl. Loan & Trust Co_297 M
20 Title Guar. dr Tr. Co_ _433-435
211
75 Flatbush Trust Co
5 Bklyn. Academy of Music_ 67
5 Bond & Mtge. Guar. Co.-390
11 Nat. Bank of Commerce..,19534
25 Germania Fire Ins. Co_ _ .291
510
50 Home Insurance Co
25 Lawyers'Titie Ins.& Tr.Co_ 230 A
200
100 Mercantile Nat. Bank
25 Union Ferry Co
2534
30 Mechanics' Nat. 13ank_ _ _ _256 X
19 Market & Fult. Nat. Bank_267 A
25 Lincoln Trust Co
19934
375
20 Chase National Bank
187 M
75 Carnegie Trust Co
Bonds.
$100 Brooklyn Heights Semi100
nary 2d 5s

Lxxxviii.

THE CHRONICLE

210

Bonds.
$25,000 Fairmount Coal Co. 1st
s. f. 5s, 1931, J. & J
9334
$6,000 Keystone Teleph. Co.
1st 55, 1935,J. &J
86 &Int.
Crawford
Simpson
Co.
$5,000
Os, 1924, J. Sc J
9234 do Int.
$1.000 Dry Dock E. B. 86 Batt,
RR. 5% scrip, 1914
50
$2,000 Plaza Operating Co.
coll. tr. 6s
88
$12,000 City of New Berne,
N. C., 5s, 1923, J. & J.; Jan.
1904 coupons attached_ __$200 lot
$7,000 Hudson Co. Water Co.,
N. J.. 1st 5s, 1954
50
$5,000 Nor. Union Gas Co. 1st
98 & int.
5s, 1927, M. do N
$1,000 Union Bag & Paper Co.
92 & int.
1st 5s. 1930
$5,000 Ohio Copper Co. lsts
1917
9234

When
Per
Cent. Payable.

Name of Company.
Miscellaneous.
Amalgamated Copper (guar.)
American Gas & Electric, pref. (guar.)._ _ _ _
American Glue, preferred
American Light Sc Traction, common_
Preferred (guar.)
Bond dr Mortgage Guarantee (quar.)
Butte Electric & Power, pref. (guar.)._
Cambria Steel
rent. Dist. Sc Print. Telegraph (guar.)._
Clailin (H.B.), first preferred (guar.)_ _ _ _
Second preferred (guar.)
Commonwealth-Edison (guar.)
Consolidation Coal (guar.)
Extra
Distilling Co. of America, pref.(quar.)__
Distillers' Securities Corp. (oth)(No. 25)
Dominion Coal, Ltd., preferred
du Pont(E.1.)de Nemours Powd.pr.(qr.)
Eastman Kodak, common (guar.)
Common,extra
Preferred (guar.)
Edison Elec. Ill., Boston (guar.)(No. 79)..
Electric Bond Sc Share, pref. (guar.)._
' Electric Company of America
Fairmont Coal (annual)
Federal Sugar Refining, pref. (quar.)___ _
Gorham Manufacturing, common (guar.)_ _
International Nickel, pref. (guar.)
Internat. Steam Pump. pt.(qu.)(No.39)
Jefferson & Clearfield Coal & Iron, pf.(qu.)
Kansas City Stock Yards (qttar.)
Lord & Taylor, common (guar.)
Massachusetts Lighting Cos. (extra)
Michigan State Telephone, corn. (guar.).
Preferred (guar.)
Preferred (guar.)
Minneap. Gen. Elec., corn. (No. 7)--.'
Preferred (No. 20)
Monongahela Riv, Cons. Coal Sc Coke, pr.
Montreal Light, HI. & Pow.(qu.)(No. 31)
Municipal Gas, Albany, N. Y.(quar.)__ _
Omaha Electric Light Sc Power, pref.._
Osceola Mining
Pacific Coast Co., common (guar.)
First preferred (guar.)
Second preferred
Peoples' Gas Light & Coke (guar.)
Procter dr Gamble,tom.(guar.)
Pullman Company (guar.)(No. 168)
Quincy (I11.) Gas, Elec. & Heating (No. 1)
Sears, Roebuck & Co., common
Silversmiths Company (guar.)
Street's West. Stable-Car Line,corn.(qu.)
__
Torrington Company,common, A &
United Cigar Mfrs., common (No. 1)__.._
U.S. Realty Sc Improvement (guar.)._
United% States Rubber. first pref. (guar.).
.oTnedleppre
ec
hofenrre,ed (guar.)
u.Ss
pref. (guar.)
Washington (D. C.) Gas Light (qua?.).. _ _ _
Western Teleph. & Teleg., pref

36
136
$4
2
134
131
2
13.1
1M
134
134
1
336
134
236
236
114
2)4
134
3M
2
1M
2
134
136
234
134
2
34
134
d1M
1M
2
3
134
234
234
$4
1
1
1M
3
2
$1
1
%
4
1
1
2
136
134
234
234

Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
Feb.
Jan,
Jan.
Jan.
Jan.
Feb.
Jan.
April
Feb.
April
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Mch.
May
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
Feb.
Jan,
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
Jan.
Feb.
Feb.
Feb.
Jan.
Jan.
Feb.
Feb.
Feb.

Books Closed.
Days inclusive.

23 Holders of rec. Jan. 28
1 Jan. 24 to Feb. 1
1 Jan. 20 to Feb. 2
1 Jan. 21 to Jan. 31
1 Jan. 21 to Jan. 31
15 Holders of rec. Feb. 6
1 Holders of rec. Jan.15a
15 Holders of rec. Jan.30a
30 Jan. 24 to Jan. 31
1 Jan. 23 to Feb. 1
1 Jan. 23 to Feb. 1
1 Jan. 21 to Jan. 31
30 Jan. 24 to Jan. 31
30 Jan. 24 to Jan. 31
20 Holders of rec. Jan. 9
30 Holders of rec. Jan. 9a
1 Jan. 22 to Jan. 31
25 Holders of rec. Jan. 15
1 Holders of rec. Feb. 27
1 Holders of rec. Jan. 13
1 Holders of rec. Feb. 27
1 Holders of rec. Jan. 20
1 Jan. 17 to Jan. 31
3 Jan. 21 to Feb. 3
30 Jan. 24 to Jan. 31
1 Holders of rec. Jan.29a
10
1 Jan. 10 to Feb. 1
1 Jan. 21 to Feb. 1
15 Holders of rec. Feb. 5
1 Holders of rec. Jan.15a
1 Jan. 26 to Feb. 1
15
1 Holders of rec. Feb. 15
1 April 18 to May 2
1 April 18 to May 2
1 Holders of reo. Jan. 11
1 Holders of rec. Jan. 11
25 Jan. 13 to Jan. 24
15 Holders of rec. Jan. 31
1 Jan. 26 to Feb. 1
1 Holders of rec. Jan.20a
29 Holders of rec. Jan. 8
1 Jan. 17 to Feb. 1
1 Jan. 17 to Feb. 1
1 Jan. 17 to Feb. 1
25 Holders of rec. Jan. 20
15 Holders of rec. Jan. 30
15 Holders of rec. Jan. 30
25 Jan. 21 to Jan. 25
15 Holders of rec. Feb. 1
15
25 Jan. 15 to Jan. 25
1 Jan. 20 to Jan. 31
1 Holders of rec. Jan. 27
1 Holders of rec. Jan. 21
30 Holders of rec. Jan. 15a
30 Holders of rec. Jan. 15a
15 Holders ot rec. Jan. 30
1 Jan. 16 to Jan. 31
1 Jan. 21 to Jan. 31

books not closed. d Correction.
a Transfer
_

Imports and Exports for the Week.-The following are
DIVIDENDS.
at New York for the week ending Jan. 16; also
The following shows all the dividends announced for the the imports the
beginning of the first week in January:
totals since
future by all large or important corporations:
FOREIGN IMPORTS AT NEW YORK.
Dividends announced this week are printed in italics.
Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

For Week.
Dry Goods
General Merchandise

1909.

1908.

1907.

1906;

$3,381,795
12,322,298

$2,513,119
7,587,050

$3,969,145
10,800,714

$3,582,056
8,646,901

'
Railroads (Steam).
$15,704,093 $10,100,169 $14,769,859 $12,228,957
Atch. Topeka dr Santa Fe. pref.(No. 21). 234 Feb. 1 Holders of rec. Dec.30a
Total
Mch. 1 Holders of rec. Feb. 1
3
Baltimore & Ohio, common
Since January 1.
Mch. 1 Holders of rec. Feb. 1 Dry Goods
2
$7,359,084 $6,439,905 $7,541,644 $6,853,123
Preferred
50c. Feb. 15 Holders of rec. Feb. 1 'General Merchandise
Bellefonte Central (No. 1)
23,689,433 14,834,312 24,378,605 16,934,815
15
Feb.
2
Holders
of
com
Pittsburgh,
dr
Rochester
rec.
Feb. 5
Buffalo
Feb. 15 Holders of rec. Feb 5
3
$31,048,517 $21,274,217 $31,920,249 $23,787,938
Preferred Total 2 weeks
13( Feb. 1 Holders calm Dec. 31
•
Canada Southern
Feb. 1 Holders of rec. Jan. 20
Central RR. of New Jersey (guar.)
Feb 15 Holders of roe. Feb. 6a
2
Chicago Sc Alton, common
The following is a statement of the exports (exclusive of
Feb. 15 Holders of rec. Feb. Ca
2
Prior lien and participating
port of New York to foreign ports for the
Chic. Milw. & St. Paul, corn. dr pret___ _ 336 Mch. 1 Feb. 2 to Bich. 2 specie) from the
Feb. 1
3
Cornwall & Lebanon
week ending Jan. 16 and from Jan. 1 to date:
Mch.
234
20
of
Holders
rec.
(guar.)
Hudson
Feb.
27
Delaware &
EXPORTS FROM NEW YORK FOR THE
131 Feb. 1 Holders of rec. Jan.12a
Great Northern (guar.)
31.6 Mch. 1 Holders of rec. Feb. 1
Illinois Central(No. 108)
1906.
1907.
Jan.
6
29
'1908.
1909.
Holders of reo. Dec. 31
Lake Shore & Michigan Southern
6
Feb. 1 Jan. 1 to Feb. 1
Guaranteed (Mich. So. & No.Ind.)
234 Feb. 10 Jan. 21 to Feb. 10 For the Week
$15,442,553 $19,940,800 $13,557,452 $12,286,905
Louisville & Nashville
10,950,993 15,434,749 12,981,302 14,186,952
Feb. 1 Holders of rec. Jan. 15 Previously reported
6
Mahoning Coal RR., common
Jan. 29 Holders of rec. Dee, 31
3
Michigan Central
$35.375,549 $26,538,754 $26,473,857
$26,393,536
234
Feb.
24
Jan.
1
to
1
Louis
Feb.
weeks
Total 2
Nashville Chattanooga & St.
Feb. 18 Holders of rec. Feb. 3
Norfolk & Western, preferred
334 Feb.
North Carolina
134 Feb. 1 Jan. 13 to Feb. 1
The following table shows the exports and imports of
Northern Pacific (guar.).
Feb. 15 Holders of res. Feb. 5 specie at the Port of New York for the week ending Jan. 16
Pittsb. Cinc. Chic. & St. Louis. common
Feb. 1 Holders of rec. Jan. 2
Pittsburgh & Lake Erie
5
corresponding
Feb. 1 Holders of rec. Jan. 15 and since January 1, 1909, and for the
2
Reading Company, common
Mch. 10 Holders of rec. Feb. 20
First preferred
in 1908 and 1907: ,
Feb. 2 Holders of rec. Jan.16a periods
St. Louis & San Fran.. let pref. (guar.) 1
AT
EXPORTS AND IMPORTS OF
234 Feb. 15 Holders of rec. Feb. 5
Vandal's
Street dc Electric Railways.
Imports.
20
Holders
of
Jan.
rec.
Exports.
234
Jan.
common
1
By.,
Athens Electric
1M Feb. 1 Holders of rec. Jan. 15
Columbus Ry., pref. (guar.) (No. 37).
Gold.
Wee/c. Since Jana
Feb. 15 Feb. 1 to Feb. 15
1
Connecticut By.& Lig., cam. & pf.
Week. Since Jan.1
134 Feb. 1 Holders of rec. Jan. 15
East St. Louis & Suburban ,pref
$2,122
$2,122
Grand Rapids Ry., pref. (quar.)(No. 33) 134 Feb. 1 Holders of rec. Jan. 15 Great Britain
Feb. 1 Jan. 21 to Jan. 31 France
3
Harrisburg Traction
$5,420,000 $5,420,000
Feb. 15 Jan. 25 to Feb. 23 Germany _ _
1
Havana Electric Ry., common (No. 1)
15,785
2,315
134 Feb. 15 Jan. 25 to Feb. 23 West Indies
Preferred (No. 12)
71,876
48,656
1M Feb. 1 Holders of rec. Jan. 25 Mexico
Helena Light Jr By., pref. (guar.)
66,014
152,618
510,000
Feb. 1 Holders of rec. Jan. 20 South America
3
Houston Electric Co., pref
510,000
173,740
118,419
Feb. 1 Holders of rec. Jan. 15 All other countries
3
Jacksonville Electric Co., corn. (No. 9)
Feb. 1 Holders of rec. Jan. 15
. Preferred (No. 13)
3
$416,141
Mexico Tramways (guar.)
134 Feb. 1 Jan. 28 to Feb. 2
$5,930,000 $ 5,930,0(10 $237,526
Total 1909
559,938 4,193,323
31,925
Milw. Elec. Sty. & Light pf.(qu.)(No. 37) 134 Jan. 31 Holders of rec. Jan.20a
12,000
Total 1908
94,036
241,848
2M Feb. 1
473,615
Montreal Street Ry.(guar.)
256,800
Total 1907
Jan. 30 Jan. 21 to Jan. 31
New Hampshire Electric Rye., pref._ _- 1
Silver.
$432
$432
Ohio Traction, pref.(qua?.)
$1,728,002
134 Feb. 1
$1,008,727
Great Britain
Philadelphia Company. common ((mar.). 136 Feb. 1 Holders of rec. Jan. 2 France
163,000
2,328
2,328
Holders of rec Jan. 18 Germany
Railway & Light Securities Co., pref.___
Feb.
1,025
1,025
Twin City Rap. Tr., Minneap., corn. (qu.) 134 Feb. 15 Holders of rec. Jan. 25 West Indies
1,273
1,273
206,445
Banks.
130,732
Mexico
24,688
22,277
Feb. 1 Jan. 28 to Jan. 31 South America
3
Bowery (guar.)
23,583
12,250
Feb. 1 Holders of rec. Jan.21a All other countries
4
Corn Exchange (guar.)
Feb. 1 Jan. 29 to Feb. 1
3
German American
$258,501
$169,044
234 Feb. 1 Jan. 21 to Jan. 31
Greenwich (guar.)
$1,892,275
$1,010,000
Total 1909
206,129
54,449
Mount Morris (guar.)
234 Feb. 1 Holders of rec. Jan. 20
557,054 1,441,697
Total 1908
212,061
31,189
134 Jan. 30 Holders of rec. Jan. 25
Nineteenth Ward (monthly)(No. 31)
243,883 1,176,169
Total 1907
2
Feb. 1 Jan. 20 to Jan. 31
Pacific (guar.)
•
Feb. 1 Jan. 20 to Jan. 31
Extra
3, Feb. 1 Jan. 29 to Jan. 31
Of the above imports for the week in 1909, $__ __ were
Twenty-third Ward
Trust Companies.
gold coin and $____ American silver coin. Of
10
Feb. 1 Jan. 24 to Feb. 1 American
Farmers'Loan & Trust (guar.)
2M Jan. 25 Jan. 26 to Jan. 31 the exports during the same time, $2,010,000 were AmesHamilton. Brooklyn (guar.)
2
Feb. 1 Jan. 28 to Feb. 1 oan gold coin and $____ were American silver coin.
Nassau, Brooklyn (guar.)




WEEK.

SPECIE

NEW YORK.

JAN. 23 1909.1

THE CHRONICLE

211

_ .
_
Statement of New York City Clearing-House Banks.-The $6,972,500, a decrease of $1,745,200 from last week; averages include United States
deposits of $7,685.203, a decrease of $1,106,000 from last week.
detailed statement below shows the condition of the New ) "Reserve on d'eposits" Includes, for both trust
companies and State banks, not
only cash
but amounts due from reserve agents. In addition the Trust
York City Clearing-House banks for the week ending Jan. Companies items
also on January 16 held a bond reserve of $24,429,500. Trust Companies in New York State are required by law to keep a reserve proportionate to
16.. • The figures for the separate banks.are the averages of their
deposits, the ratio varying according to location as shown below. The percentage
of reserve required is computed on the aggregate of deposits,exclusive of
the daily results. In the case of the totals, the actual fig- moneys held
in trust and not payable within 30 days, and also exclusive of time
deposits not payable within 30 days, represented by certificates, and also exclusive
ures at the end of the week are also given.
of deposits
TVe omit two ciphers (00) in alt cases.

Banks.
00s omitted.

Capital. Surplus.

Loans,
Average.

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

secured• by bonds of the State of New York. The State Banks are
likewise required to keep a reserve varying according to location, but in this case
the reserve is computed on the whole amount of deposits, exclusive of deposits
secured by bonds of the State of New York.
RESERVE REQUIRED FOR TRUST COMPANIES & STATE BANKS
-Trust Companies
State Banks
Total Of which in Cash.
Toted Of which in Cash.
Reserve
Reserve
LocationRequired. Now. By Feb.l. Required. Now. By Feb.1
Manhattan Borough
15%
10%
15%
*25%
1131% 15%
Brooklyn Borough
15%
7;i% 10%
*20%
8%% 10%
Other Boroughs
15%
75% 10%
15%
73.6%
7%%
Elsewhere in State
10%
4%
5%
*167
53i
6%
* This is the aggregate reserve required on and after Feb. I 1909. According to
the State Banking Department, the present aggregate reserve requirement for Manhattan is 20%; for Brooklyn, 17 %. for other boroughs, 15%, and for the rest of
the State, 12%.

$
$
Bank of N. Y__ 2,000,0 3,382,8 20,750,0 4,279,0 1,251,0 19,908,0 27.9
Manhanttan Co. 2,050,0 3,479,7 35,000,0 12,125,0 1,977,0 45,150,0 31.2
Merchants' _
2,000,0 1,645,0 20,170,0 3,900,0 1,721,0 21,548,0 26.3
Mechanics' __- 3,000,0 3,716,3 31,657,0 8,508,0 2,306,0 36,016,0 30.0
America
1,500,0 5,032,4 30,184,2 5,806,4 4,235,7 34,905,0 28.7
Phenix
620,1
1,000,0
7,392,0 1,441,0
288,0
6,599,0 26.7
City
25,000,0 25,531,3 187,572,8 41,689,8 8,510,0 189,233,0 26.6
Chemical
_ 3,000,0 5,832,2 31,478,5 6,847.2 2,283,3 32,700,0 28.1
Merchants' Ex_
533,0
600,0
6,968,2 1,323,1
7,278,2 24.8
450,8
Gallatin
1,000,0 2,418,9
9,516,9 1,221.3
7,636,3 26.4
774,8
Butch. & Drov.
300,0
150,3
2,198,4
576,9
2,379,8 26.6
56,1
Greenwich
500,0
733,7
6,552,5 1,858,9
7,524,8 27.3
200,0
Reports of Non-Member Banks.-The following is the
Amer. Exch.- _ 5,000,0 4,968,0 31,350,2 5,349,7 1,595,9 25,768,6 27.0
Commerce
25,000,0 15,546,3 163,992,8 26,872,5 13,233,4 150,067,4 26.9
Mercantile, - _
3,000,0 2,521,7 13,198,1 1,644.8
9,768,5 27.1 statement of condition of the non-member banks for the
968,9
Pacific
500,0
852,4
3,844,7
518,1
598,2
3,753,0 29.7 week ending Jan. 16, based on average daily results:
Chatham
450,0 1,009,1
903,3 1,113,4
6,797,9
7,331,8 27.6
People's
200,0
466,5
2,266,9 21.8
•
We omit two ciphers (00) 171 all vases.
67,5
427,4
1,967,9
Hanover
3,000,0 9,989,6 73,845,9 13,738,4 11,035,0 90,602,1 27.6
Citizens' Cent
2,550,0 1,400,7 24,407,7 6,279,8
322,5 25,275,9 26.3
Loans,
Legal
Deposit with
Nassau
600,0
5,315,9 25.9
392,3
4,914,1
854,9
523,7
Disc'ts
Tender
Market & Fult'n 1,000,0 1,619,9
8,379,5 32.0
7,735,8 1,615,8 1,060,3
Banks.
Capt.
Specie. and
and
SurClearOther
Net
Metropolitan
2,000,0 1,207,5 11,432,1 3,245,3
198,4 12,064,8 28.5
tat,
InvestBank
plus.
ing
Banks, Deposes.
Corn Exchange. 3,000,0 5,241,2 43,841,0 7,248,0 5,415,0 51,115,0 24.7
ments.
Notes. Agent.
&c.
Imp. & Traders' 1,500,0 7,416,4 27,894,0 5,126,0 1,645,0 26,498,0 25.7
Park
3,000.0 9,584,6 91,026,0 27,321,0 1,358,0 107,032,0 26.8
East River__ 1,305,8
250,0
1,633,6 33.4 N. V. City.
100,3
187,6
359.7
Fourth
3,000,0 3,363,1 28,393,0 6,244,0 2,533,0 31,680,0 27.7 Boroughs of
$
$
$
$
$
$
$
$
Second
1,000,0 1,753,0 10,957,0 2,779,0
405,0 12,058,0 26.4 Man.&Brx
84,0' 38,0
214,3 1,121,0
105,0
-- _ 1,063,0
First
10,000,0 17,072,2 133,657,5 32,578,8 1,712,4 134,559,3 25.6 Wash. Hgts 100,0
31,5 239,9
122,6
85,4 1,965,3
154,3 1,531,2
Irving Exch._ 2,000,0 1,375,2 19,939,6 4,914,5
929,7 21,728,9 27.0 Century ___ 200,0
231,3 4,332,5 441,1 216,9
490,4 602,4 5,574,0
792,1
250,0
2,546,9
745,0
75.0
Bowery 3,280,0 25.0 Colonial .__ 400,0
430,9 6,278,0 697,0 651,0
399,0
7,526,2 1,469,6
500,0 1,137,4
.--- 7,533,0
N. Y. County_.
8,408,4 27.0 Columbia __ 300,0
739,3
149,2
750,0
_ _
655,0
German-Amer.
81,2
898,1
928,8
4,164,7
27,8
174,7
221,8
757,6
3,986,6 24.5 Fidelity _ 200,0
281,6 256,1 3,317,6
Chase
30,1 321,3
5,000,0 5,617,5 79,923,5 19,147,0 4,589,7 89,927,4 26.6 Jefferson_ _
500.0
685,3 3,227,5
100,0 2,103,1
Fifth Avenue..
13,615,8 2,927,1 1,055,3 15,513,0 25.6 Mt. Morris_ 250,0
265,3 2,200,2 348,6
503,0 105,0 3,014,0
42,3
892,5
3,249,8
German Exch..
200,0
200,0
617,1
5,1 4,112,9
319,6 3,446,0
30,0 441,4
480,1
654,0
4,283,5 26.4 Mutual
200,0
4,669,0
993,6
Germania
700,4
698,6
478,9 3,981,3
57,6 565,9
442,2 950,9 5,573,7
5,334,4 24.3 19th Ward. 300,0
Lincoln
1,000,0 1,278,2 15,956,7 3,330,5 1,086,8 17,453,3 25.4 Plaza
100,0
_.. 4,612,0
397,4 4,120,0 240,0 230,0
533,0
1,000,0 1,137,4
Garfield __
7,217,5 1,774,7
430,0
92.0 1,509,9 176,2
234,4
54,0
____ 1.806.3
7,550,3 29.5 23rd Ward_ 200,0
464,4
Fifth
250,0
3,085,7
528,4
3,251,5 27.1 Union Exch 750,0
343,8
828,0 7,454,0 845,3 650,0
684,1
_-_- 7,759,3
Metropolis _._
1,000,0 2,000,3 12,373,7 2,240,5 1,048,6 12,924,8 25.4 Yorkville
100,0
420,6 3,234,6
57,1 700,7
311,3
__ _ 4,210,0
West Side
929,5
200,0
4,065,0
705,5 4,441,0 788,0 283,0
882,0
241,0
711,0 160,0 4,920,0
4,415,0 25.5 Coal& I.Nat 500,0
Seaboard
1,000,0 1,665,1 20,771,0 5,158,0 1,602,0 25,180,0 27.1 NewNethl'd 200,0
236,4 1,657,0 152,0
49,0
15,0 1,826,0
376,0
Liberty
Ilatt.Pk.Nat
1,000,0 2,512,0 16,279,5 4,333,2
200,0
144,4 1,099,8 182,2
34,8
266,9 16,345,4 28.3
70,8
-906,5
N. Y.Prod. Ex. 1,000,0
670,6
7,193,0 2,045,2
133,9
8,499.0 25.6 Borough of
State
1,000,0
Brooklyn.
827,7 10,885,0 3,356.0
240,0 13,963,0 25.7
14th Street
1,000,0
319,8
20,5 350,2
230,2 150,9 3,309,9
4,961,2
462.2 2,831,6
924,9
495,1
5,601,3 25.3 Broadway. 150,0
Copper
2,000,0 2,490,8 20,684,8 5,197,9
782,1 5,690,5 713.6 127,1
817,7 190,2 6,493,4
269,1 20,765,5 26.5 Mfrs.' Nat_ 252,0
Mechanics'. 1,000,0
948,1 9.725,1 279,2 1,996,2 1,334,8 175,6 13,305.2
Totals, Average 126,350,0 165,447,7 1329,110,6 293,344,6 83,358,6 1404,459,7 26.9 Nassau Nat. 750,0
__ _ 7,072,0
946,3 6,590,0 311,0 621,0 1,284,0
861,0 209,0 5,966,0
Nat. City._ 300.0
591,0 4,415,0 115,0 645,0
Actual figures Jan. 16.
154,0 249,7 1,922,5
99,6
132,7 1,515,9 147,1
1335,209,9 298,565,0 82,239,3 1413,811,6 27.0 North Side_ 200,0
Jersey City.
400,0 1,228.2 4,062,1 213,0 384,1 4,225,1 1,960,0 8,951,1
First Nat
On the basis of averages, circulation amounted to 949,434,100 and United States Ilud.Co.Nat 250.0
25,0
470,9 1,113.9 3,391,9
770,7 2,357.7 193,7
deposits (included in deposits) to $7,685,200; actual figures Jan. 16, circulation, Third Nat._ 200,0
36,5 125,7
37,4 2,609.6
795,9
365,7 1,774,9
$49,172,900; United States deposits, $6,972,500.
Hoboken
603,4 2,518,6 144,1
154,9 300,3 2,359,7
First Nat,. 220,0
40,3
The State Banking Department also now furnishes weekly Second Nat. 125,0 224,5 1,951,0 59,2 86,6 140,4 438,5 2,608,3

returns of the State banks and trust companies under its Tot. Jan. 10 8,347,0 12,838,8 93,995,2 6,474,8 9,046,7 16,499,6 7,005,4 117081,3
Tot. Jan. 9 3,347,0 12,838,8 93,993,5 6,456,9 8,749,9 14,471,5 6,490,4 114332,0
charge. These returns cover all the institutions of this class Tot.
Jay. 2 8,347,0 12,838.8 93,975,1 6,449,2 8,540,0 14,130,7 5,373,4 111872,8
in the whole State, but the figures are compiled so as to 10,1.
distinguish between the results for New York City (Greater
New York City,Boston and Philadelphia Banks.-Below is
New York) and those for the rest of the State. Further- a summary of the weekly totals of the Clearing-House banks of
more, in the ease of this city, besides reporting the results for New York City, Boston and Philadelphia. The New York
the State banks and for the trust companies,separate figures figures do not include results for non-member banks.
are presented to indicate the totals for the State banks and
We omit two ciphers in all these figures.
trust companies in the Greater New York not in the Clearing
Capital
Specie. Legals. Deposits. a Circu- Clearings.
Loans.
and
House. In the following we give all the different sets of Banks. Surplus.
tenon.
figures, indicating by plus(+)or minus(-)sign the changes New York
$
$
$
$
$
$
$
Dec. 19-- 291,797,7 1315,980,1 272,848,2 79,389.6 1368.912,4 46,612,1 2,142,183,8
from the previous week. To make the statement as com- Dec.
26._ 291,797.7 1276,745,3 269,198,6 78,262,7 1322,151,9 49,129,6 1,838,256,7
prehensive as possible, we start with the totals of the Clearing Fan. 2__ 291,797,7 1273,220,7 271,626,1 79,548,1 1220,867,6 50,360,9 1,780.143.4
Tan. 9.. 291,797,7 1297.035,7 279,129,4 83,151,0 1358,349,8 50,254,2 2,459,233,7
House banks as contained in the above, giving both the fan. 16_ 291,797,7 1329,110,6 293,344,6 83,358,5 1404,459,7 49,434,1 2,166,840,5
Boston.
averages for the week and the actual figures at the end of Dec. 26_ 41,790,0 212,378,0 22.814,0 4,431,0 247,035,0 8,945,0 126,564,6
Ian. 2.. 41,700,0 207,079.0 24,064,0 4,567,0 252,527,0 9,163,0 168.195,6
week.
the
Fan, 9_ 41,790,0 204,702,0 25,873,0 4,311,0 256,507,0 9.379,0 186,371,6
Fan. 16_ 41,790,0 210,202,0 28,011,0 4,230,0 266,510,0 9,344,0 197,952,3
NEW YORK CITY BANKS AND TRUST COMPANIES.
Phila.
Week ending Jan. 16 1909.
69,778,0
")ee.
295,598,0 13,904,0 107,004,4
M.. 54,390,0 250,526,0
Loans and
Reserve on P.C. ran. 2._ 54,390,0 251,101,0
300,570,0 14,093,0 129,505,6
72,876,0
00s omitted. Investments. Specie.
Legal,.
Deposits.
Deposits. of Re- ran, 9_ 54,390,0 251,873,0
304,764,0 14,346,0 153,799,3
76,703,0
serve. ran 10
$
$
307.615,0 14,506,0 135,890.7
54 300 0 252 859.0
78.833.0
Clearing-House
Banks-Actual 1,335,209,9 298.565,0 82,239,3 1,413,811,6 380,804,3 27.06
a Including Government deposits, and for Boston and Philadelph a the item
+27,550,9 +14,186,9 -3,830,5 +37,225,8 +10,356,4
"due to other banks." At New York Government deposits amounted to $7,685,200
Clearing-Houseon Jan. 16, against $8,791,200 on Jan. 9; at Boston to $1,522,000 on Jan. 16 and
Banks-Aver_1,329,110,6 293,344,6 83,358,5 1,404,459,7 376,703,1 26.96 $1,556,000 on Jan. 9.
+32,074,9 +14,215,2 +207,5 +46,109,9 +14,422,7
State Banks299,027,3 52,708,3 26,775,4
Average
352,306,5 99,423,9 28.8
+3,680,9 +2,985,4 +661,0
+8,492,2 +3,754,6
Trust Companies88,107,8
942,958,4
Average
10,328,1 1,037,721,1 290,172,9 30.7
-20,118,1 +1,255,3
+97,7
+1,917,7 +16,883,6
State Banks and
We shall be pleased to furnish to institutions and investors copies
Trust Co's--not
of our special circular describing
43 RAILROAD BONDS
In Clear.-House1,036,530,3 93,946,4 18,829,0 1,148,949,0 320,583,6 30.4
-19,972.6 +1,120,2 +354,1
Listed upon the New York Stock Exchange
+3,449,2 +17,299,5
STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW YORK.
Week ending Jan. 16 1908.
WILLIAM AND PINE STS..
NEW YORK
% 01
Loans. •
Deposes.
Reserve.
Res.
Branch offices: Chicago, Iii.. and Albany, N.
$79,898,600 286,041,600 $19,042,800 22.8
State Banks
-37,400
-340,500 . -47,500
Trust Companies
125,694,200 135,507,300 23,049,500 18.0
+153,600
-56,200
-460,200

Aanking and financial.

Spencer Trask & Co..

+ Increase over last week. - Decrease from last week.
a Includes bank notes. b After eliminating the item "Due from reserve depositories and other banks and trust companies In New York Cy," deposits amount to.
$963,987,600, a decrease of 214,016,300 from last week's figures.
Note.-In the case of the Clearing-House banks, the deposits are "net" both for
the average and the actual figures; in all other cases "gross" deposits are shown.
The Clearing-House actual figures Included United States deposits amounting to




MOFFAT & WHITE

Members New York Stock Exchange.
HANOVER BANK BUILDING
NASSAU STREET.
DEALERS IN INVESTMENT SECURITIES.
Commission Orders Executed for Cash PnlY.

212

Lxxxviri

THE CHRONICLE

United States Bonds.-Sales of Government bonds at the
Board include $1,000 3s reg., 1908-18, at 103%, $1,000 3s
coup., 1908-18, small, at 100%, and $10,000 2s coup., 1930,
at 103. The following are the daily closing quotations;
Wall Skeet, Friday Night, Jan. 22 1909.
yearly range see third page following.
The Money Market and Financial Situation.-There has for
been a further reduction in the volume of business at the
Interest Jan. Jan. Jan, Jan. Jan. Jan.
21
20
19
22
18
16
Periods
Stock Exchange this week and at the same time a substantial
advance in prices. As there have been practically no 28, 1930
/ *102%
Q-Jan *102% *102% *102% *102% *1028
registered
developments affecting actual values the rise of from 2 2s, 1930
103
coupon Q-Jan *103 *103 *103 *103 *103
registered Q-Feb *100% 103% *100% *100% *100% "100%
to 4 points in almost the entire railway list seems an arbitrary 3s, 1908-18
*1005
*1005
*100%
*100%
*1004
Q
*100%
-Feb
%
coupon
1908-18
3s,
rathe.. than a logica movement. This advance carried 3s, 1908-18___small coupon Q-Feb *100 *100 *100 100% *100 *100 vl
registered Q-Feb *119% *119% *119% *1194 *119% *11936
several prominent issues to a higher level than they reached 4s, 1925
coupon Q-Feb *120% *12036 *120% *1204 *120% *120%
4s, 1925
during the year 1908, among which are Pennsylvania, 2s,
1936_Panama Canal coup Q-Nov *10136 *101% *101% *10136 *101% *101%
New York Central, Baltimore & Ohio and Missouri Pacific.
* This is the price bid at the mornng board; no sale was made.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
Railroad and Miscellaneous Stocks.-The transactions in
from 13/2% to 2%. To-day's rates on call were 1%@2%. stocks have been on a limited scale throughout the week.
Commercial paper quoted at 33'©3%% for 60 to 90 day They averaged only little more than 500,000 shares per day,
endorsements, 4% for prime, 43/2% for 4 to 6 months' single which seems small when compared with a recent average
names.
of from $1,000,000 to $1,500,000 or larger. Accompanying
The Bank of England weekly statement on Thursday this dulness,the market has been generally strong and prices
perand
£1,401,882
the
showed an increase in bullion of
are, in most eases, as noted above, from 1 to 3 points higher
centage of reserve to liabilities was 45.97, against 43.26 last than last 'week.
week.
Last Saturday's market may be described as buoyant,
The rate of discount remains unchanged at 3% as fixed and the advance then recorded has been quite generally
an
of
increase
50,975,Jan. 14. The Bank of France shows
maintained until to-day,when a tendency to react wasshown.
000 francs gold and 3,975,000 francs silver.
tendency was unimportant, however, and Canadian
This
NEW YORK CITY CLEARING-1IOUSE BANKS.
Pacific and Atchison are the only active issues which do, not
close with a ubstantial net gain for the week.
1908.
1907.
1909.
Some of the lower-priced stocks have gain been notably
Averages for Averages for
Differences
Averages for
week ending week ending
from
week ending
including Colorado & Southern, Kansas City Southactive,
week.
Jan.
18.
previous
19.
Jan.
Jan. 16.
ern, Missouri Kansas & Texas, Chesapea te 47, Ohio .and
$
$
$
$
Norfolk & Western, some of which have male the maximum
129,100,000 124,250,000
126,350,000
Capital
163,396,900 155,454,000 advance mentionel.
165,447,700
Surplus
The e( pper 'stocks have been weak .on the large overLoans and discounts_ - _ 1,329,110,600 Inc. 32,074,900 1,126,677,700 1,003,957,300
70,910,400
820,100
53,631,900
49,434,100 Dec.
Circulation
production of metal, but nearly all the industrials are higher.
1,404,459,700 Inc. 46,109,900 1,090,188,500 1,042,434,400
Net deposits
72,027,100
16.537,300 American Cotton Oil has been the strong feature, to-day,
7,685,200 Dec. 1,106,000
U. S. dep. (Incl. above)
293,344,600 Inc. 14,215,200 229,027,200 192,610,600 and,although nearly a point below the highest at the close,
Specie
66,155,400
207,500
86,458,700
Inc.
83,358,500
Legal tenders
shows a net gain of over 6, points. Steel common has been
376,703,100 Inc. 14,422,700 295,182,600 279.069,300 unusually active on a demand which carried it up' nearly
Reserve held
272,547,125
11,527,475
260,608,600
Inc.
351,114,925
25% of deposits
4 points and to within a fraction of its highest record in
22,635,475
18,460,700 1908.
25,588,175 Inc. 2,895,225
Surplus reserve
For .daily volume of business see page 222.
22,595,025
40,642,250
27,509,475 Inc. 2,618,725
Surplus, excl. U.S. dep
.The following sales have occurred this week of shares'not
weekly showing the total represented in our detailed list on the pages which follow:
Note.-The Clearing House now issues a statement
figures. together with the returns
of the actual figures on Saturday morning. These
the State
Department
of separate banks, also the summary issued by companies Banking
not reporting to the
trust
and
banks
showing the condtion of State
Clearing House, appear on the preceding page.

STOCKS. •
Week ending Jan. 22. 1
I
Alice Mining
_
_
_
Cable_
Amer Teleg &
Buff Koch & Pittsburgh_
Chic Burl dr Quincy
Comstock Tunnel
General Chemical
Homestake Mining
International Power_
NY Dock, preferred_
NY &NT Telephone_ _ _
Ontario Silver Mining__ _
Phila Ranid Transit _ _
Pitts Ft Wsyne & Chic_ Quicksilver Mining
Preferred
RR Securities-Ills Cent
stock trust certfs
Rome Water & Ogdensb
Sears. Roebuck&Co., pf_
Southern-M & 0 stock
trust certificates
United Cigar Mfrs, pref
Vandalia
Vulcan DetinnIng
Preferred

Sales
for •
Week,

Range for Week.
Lowest.

Highest.

Range Year
Lowest.

loos.

Highest

Foreign Exchange.-The market was almost stagnant
100 $24 Jan 20 $24 Jan 20 sin Feb 834 Jan
.Dee
Mch 78
until Thursday, awaiting action by the Bank of England
20 75% Jan 18 7536 Jan 181 50
100 90 Jan 16 90 Jan 16 755% Jan 98 • Nov
Governors in the matter of the official rate of discount..
Dec 210 • Dec
200
22
210
22
1
210
Jan
Jan
When the news of an unchanged rate was announced, the
8.200 25c. Jan 18 30c. Jan 21 20c. Mch 44c. . Apr
May
Feb 65
7
50
1 6
Jatni 2
19
100 61 Jan 21 61
98. Ja
market fell off, but it closed firm. Gold exports $750,000
Jan 9636 Nov
100 88 Jan 19
Mch
35
June
to Argentina.
29
200 30 Jan 20 30 Jail 21
Jan 744 July
431 75 Jan 19 754 Jan 21 70
To-day's (Friday's) nominal rates for sterling exchange
Nov
122
Feb
90
22
115
19
Jan
Jan
114
94
May
were 4 86 for sixty day and 4 883r for sight. To-day's
Jan 6
6 2
10
534i Jan
JanJa 2
2,520 4 Jan .22 53
1,000 52 Jan 16
(Friday's) actual rates for sterling exchange were 4 85©
Feb 1644 Feb
67 17431 Jan 22 1745
% Jail 22 164
4 8505 for long, 4 8720@4 8730 for short and 4 8755@
36 Apr 1% Dec
6,550 34 Jan 21 43.1 Jan 1
700
Jan 18 64 Jan 16 14 4Tan 3% Dec
4 8760 for cables. Commercial on banks 4 8445a4 8455
Sept
and documents for payment 4 8400 853'. Cotton for
Mch 94
30 88% Jan 22 895% Jan 19 79
i4 843. Cotton for acceptance 4 8445@
payment 4 840
150 126 Jan 20 126 Jan 22 1144 Apr 124% Dee
Nov
974
May
8636
10 104 Jan 18 104 Jan 18
4 8455 and grain for payment 4 85©4 853g.
Nov
Jan 82
8 60
10
To-day's (Friday's) actual rates for Paris bankers' francs
100 82 Jan 18 82 Jan 2
Dee
Jan 98
8h for
/
200 99 Jan 16 9936 Jan 1, 80
were 5 1.73/2a@5 173's for long and 5 165i@5 155
Oct
Sept 85
85
22
Jan
150
81%
22
Jan
85
Nov
10%
Mch
3
short. Germany bankers' marks were 94%@94 15-16 for
Jan
325 8 Jan 16 8
Dec
50%
Apr
300 49 Jan 16 493/ Jan 16 25
long and 953-©95 3-16 for short. Amsterdam bankers'
guilders were 40 35()40 37 for short.
Exchange at Paris on London to-day 25f. 1.4%c.; week's
Outside Market.-The market for outside securities has
range 25f. 143c. high, and 25f. 103c. low.
irregular this week and generally quiet. A few issues
been
The week's range for exchange rates follows:
been especially active and prices here have shown
have
Cables
Short
Long
firmness. Copper shares have been the weakest
decided
Sterility, Acttml(4)4 8785
©4 8745 14 8780
14 8740
the market. Boston Consolidated from 15%
of
04 8505
feature
4 85
High
®4 8755
@48725 14 8740
14 8715
@48485
4 8475
Low
%. Butte Coalition moved down from 2534
'143
to
deopped
Parts Bankers' FrancsI
8. Cumberland-Ely rose from
©515a
with a recovery to 243/
24,
to
15 15%
05 174
5 1736a
High
8,
05 154h 1
15 16 g
05 1736
5 184
Low
Greene Cananea declined from 11% to 113/
9.
to
8%
Germany Bankers' Marks(i4 95 3-10 1
closing to-day at the low figure. Nevada Consolidated lost
Oil 1)415-161 954
High
943's
at 18%.
1
@ 9536
1 95
® 945'
94%
Low
a point to 18%, the final transaction to-day beingbut
fell to
Amsterdam Bankers' Guilders-United Copper common from 14% touched 14%,
© 40 40 1
1 40 36
High
® 40 36 1
1 4064
Low
14, with the close, however, 14%. Gifoux .Mining was
unusually active, easing .off at first from SU to 7% and then
Less: a 1-16 of 1%. d 1-32 o,1%. 33-32 ot 1%.
/I Goldfield Conjumping to 9%. It reacted finally to 83
Pius: k 1-16 of 1%. x 1-32 o: 1%. y 3-32 of 1%.
weakened and
The following were the rates for domestic exchange on solidated from 7 15-16 went up to 8% but
up from 9% to 10%,
New York at the undermentioned cities to-day: Savannah closed to-day at 8 3-16. Nipissing ran at
10 7-16. A good
buying 50c. per $1,000 discount; sellino. 75c. per $1,000 eased off to 103 and. ends the week
. About $985,000
premium. Charleston selling $1 per °$1,000 premium. business was done in the bond department
froth100% up to 101,,
New Orleans bank 75c. per $1,000 discount; commercial $1 of Chesapeake & Ohio 5s were traded in
& Rip Grande 5s
per $1,000 discount. Chicago 35c. per $1,000 premium. with a final reaction to, 100%. Deliver Massachuse
tts Gas
St. Louis 50c. per $1,000 premium. San Francisco 90c, were traded in between 92% and 92%.
2s advanced from 98% to 9934, but fell subsequently
43/
per $1,000 premium.
4. St. Louis Sz*SiLn Franeisco 5s fluctuated between
State and Railroad Bonds.-Sales of State bonds at the to 983
8934 and 89% and Tidewater 6% notes between 101% and
Board are limited to S1,000 South Carolina 43's at 1023.
Norfolk & Western divisional 4s sold to-day at
The market for railway and industrial bonds has been 101%.
4. Few industrials figured to any extent
to 943
somewhat more active, owing to an unusual demand for from 94%
the trading. Standard Oil recovered some of its recent
a few issues and not to a broadening of the market as in
decline, advancing from 650 to 662 and reacting to 655.
a whole. The issues in demand have been Atchison, Brook- Standard Milling shares were strong, the common advancing
lyn Rapid Transit, Rock Island, Colorado & Southern, from
15 to 20 and easing off to 19. The preferred gained
Interboro-Metropolitan, Inter. Merchants' Marine, Union
5 points to 52 but weakened finally to 51.
Pacific and Wabash, nearly all of which have advanced about
Outside quotations will be found on page 222.

from 1 to 3 points.


New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
STOCKS-HIGHEST AND LOWEST SALE PRICES
Saturday
Jan 16

Monday
Jan 18

Tuesday
Jan 19

1Vcdnesday
Jan 20

2'hursday
Jan. 21.

Friday
Jan. 22.

STOCKS
Sates w
NEW YORK STOCK
the
EXCHANGE
Week
Shares.

Name ;or pear 1908.
On basis of 100-share to.
Lewes(

Htottest

itative 707 PreV4040

Feat (1907)
Lowest

Railroads
•
6638Nov
9918 10038 99 10038 9873 9914 9918 991. 9913 9931 9914 9978 23,700 A tch Topeka & SantaFe 66 Feb 14 10114 Dec 29
___.... 83% Feb 1/ 104 Dec 1:9
1,800 1a. Do pret
78 Nov
10012 10058 101 1013
10033 10058 10012 10033 10053 10053 10014 101
68 Nov
1,500 Atlantic Coast Line 1114-- 591, Mch 2 11112 Dec' 1
109 109
10812 10812 109 109
*107 . 109
10812 10834 *10812 10,1
14
Dec
4
1117
10
Feb
Oh.0
Itiltitnore
7612
&
38,650
7533Nov
11238
112
11238
11134
11173
11112
11214
11178
11114
111
11034 112
80 Jan 3 94 "Dec 29
300 11-1, Do pret
75 Nov
95
*93
9312 9312 - 931, *9234 94
*92
*92
93
9312 93
3714 Feb 10 693413ec :8
2634Nov
703; 102,115 Brooklyn Rapid Transit_
70
7034 7033 7134 7034 7112 7033 7158 7038 71
1 63
; Buffalo & Susque, pref- 55934 Oct 23 6434 /A(:1121
7412Nov
64
' 64 *__ 64 *__
64 *....•
64 *_ _..2 64 *
140 Feb 17 18018 Nov18 138 Nov
17434 17514 8,100(5 anacilan Pacific
17614,17712 . 17613 17714 176 17612 117614 17612 170 170
N. i /made Southern
54 Mei 4 .(3g: Noel?
52 Nov
65
*63
65
*63
65
65 *63
*63
65
*62
65
*63
160 Feb 11 229 Dec 17 144 Nov
300 Central of New Jersey
234 234
*234 23712 *234 233 *234 233 *235. 23712 *232 234
2513 Feb 19 51133 Dec 22 X2314 Nov
& Ohio
5853 6114 60
(3114 60
6114 6034 621, 6158 6214 6078 6214 141,525 Chesapeake
10 Feb 13 687 Dec 31
818Nov
6612 *6512 6612 1.550 Chicago & Alton 1411
6612 661'3 66
6678 6714 6718 6712 6673 67
76
*73
Do pref
47 Mch24 79 Dec 10
48 Sep
300
75
*7412 75 ' 7412 7412 575
75
75
*7412 75
314 Feb 8 1458 Nov17
673 Nov
87
712 814 17,600 Chicago Great Western....
818 , 812
814
818 812
8
8
8
9
3312 Alch19 6814 Aug 4
Do 4% debentures
40 Dec
100
60
60
64
6118 6118 *55
*00
64
61
*5512 64
*50
Doe 2s
43
15
Feb
Dec
151.
21
Do
"A"
pret
300
6%
35
34
36
•
*26
36
*29
2712 23
*20 ' 26
36
*29
1718 Nov1/
5 - Feb 11
814Dec
Do 4% pref "B"
8,100
914 978
934 1014
91.2 1034
934 11
1012 ipts 1053
10
1521. Dec 2
9312Nov
11814 14912 1485 14012 14813 14913 14834 14914 14873 14034 14913 15012 30,924 Chicago Mllw & St Paul_ 10312.Jan 2 164374 Dec 29
130 Nov
Do pre
270
138 Jan 3
16614 16612 *160 170
*16512 1(17 *166 168 *16512 168 4166 , 166
Do corn Instailm't ctfs 981.2Jan :3 14712 Dec 11 -85 Nov
100
*11414 14634 5144 147 *1441. 14634 146 146 *14513 147 *146 147
1,550
Do pref Installm't ctl's 12553 Jan 2 16114'Dec 1 111 Oct
163 163 *10234 16312 16314 164 *16312 165
103 . 163 *16214 164
17834 17834 17834 17914 4,060 Chicago de North Western 13512 Jan 2 18513 Dec 20 126 Oct
17578 1773 17714 17014 178 17812 17812 179
Do pref
5185 Jan 11 224 Dec 28 185 Oct
*210 225 *210 225 *210 225 *210 225 *210 225 *210 225
Chic St P Minn do Omaha 114 Feb 25 160 Dec '..to , 106 Oct
*152 158 *152 158 *152 158 *150 158 *150 158 *152 158
Do
pre
14012 Jan 3 174 Dec 29 ' 13712Dee
175
*167
175
*167
*167 175 *167 175 *168 175 *168 175
u s Dec 29
58 Apr 3
134 Oct
612 612 1,700 Chic Tin Trac ctfs stmpd
614
6
512 6
534 5.7. *514 6
*514 614
8 Dec
Do pre ctfs stmpd
4 Apr 10 18 Dec 23
3 1712 1614 1738 4,000
1014 *1412 161. 1534 1614 16,
*1412 1634 15
14
Dec
7012
Nov
48
1,000
J'ne17
71
Cleve
71
Cin
71
71
4712
Chic
L..
St
&
7112
*7013
7014 7014 705 7112 7138 7112
100
Do pre
86 Dec
8518 Feb 19 0973 Dec 30
__ .40012 105 *10012 105 *10014 105
*10010014 10014 *100
6612 66
6078 4,975 Colorado & Southern
17 Nov
21 Feb 19 59 Dec 9
6512 6618 66
60 -G6
8 -6-614 6618 67
,
66
41 Nov
Do 1st preferred
5033 Jan '2 79 Dec 22
8434 8312 8434 8334 8414 6,500
8312 83
8414 83
8378 84
83
817
2012Nov
81
8,250
82
Do ltd preferred
8134 81
81
3934 Feb 19 76 Dec 23
81
81
8178 8174 8134 82
750 11-lelaware de Hudson
14112 Feb 10 1813431Dee 29 12350C1
17(3 179 *177 180 *177 180
17712 178
.17713 17713 178 178
190 Lfelaware Lack de West_ 420 Jan 6 575 Nov10 369120ct
547 647
*545 550
_
*535 550 *535 650 *535 550
385
30
39
8
4
383
Dec
4,720 Denver & Rio Grande
16 Nov
1414 Feb 19 401.2
3834 .3814
3938 3813 3914 3812 3834 3ai-2 ---. 39
53 Nov
8012 1,950
Do pre
914 Mch 2 8314 Dec 10
8014 8038 8013 80
80
80
80
_0 80
7073 80
8
*54
*55
_ *55
3134Dec
_ *56
_ 55714 5714
50 Detroit United
3212 Apr 15 56 Nov17
-_- _ _ __
614 Oct
6 Feb 11 18:4 Nev18
1014 -1-0-34 10 Tti14 rAt 1614 1834 1914 5,680 Duluth So Shore & Mien
1958 -2014 1973 20
Nov18
4
3312
4,100
34
8
3414
3
33
3
33
Do
10 Nov
pre
3414
13
4Feb
34
113
35
343.1
3112 36
3454 35
1214Nov
32% 3114 32
60,050 Erie
3 3138 31
12 Mch 6 36 Nov11
,
3014 3118 3034 3138 3012 3118 30
4612 4814 8,700
Do 1st pret
28 Nov
'24% Mch 4 5133 Dec 31
, 473
• 4,,_
4531 4712 4412 4573 4534 4712 47 ' 4814
Do 2d pref
16 Mch 6 41 Dec 10 ' 20 Nov
3512 361.4 3612 3612 373 *3512 3714 1,150
3534 3534 3512 3513 *3414 14334
11384 Feb 10 14814 Dec '29 107120et
14358 14438 14334 1443 144 14434 21,725 Great Northern pret
1433
1421 14358 1433 144
7112 71
7112 7114 7238 5.886
Iron Ore properties„_
37 Oct
4812 Jan 2 7514 Nov13
7112 7112 71
. *7u34 7112 7114 7113
___. ---_ ---- ---- ---- ---- ------ Green Bay de IV • deb ctfA
71 Mehl9 84 Novla
75 Oct
*1512 10
Do
___ .. *1512 16
6340ct
deb et B
8 Jan 14 1712 Dec 24
---- ---- --- *1512 -1-03913
x3913
40
40
807
41
20 Mch24 40 Dec 30
Electric
241,20ct
4013 4014 *38
;54-43'4 -4-1-- *38
41
*8312 8912
88
*85
88
Do pret
*85
88
72 Apr
*85
570 Jan 8 84 Dec 3
38
88 *80
*80
14
105
Dec
105
*103
*103
1041.
100
Hocking
63 Nov
Valley tr rets
62 Feb 10
106 *____ 106
104 104 *
*___ 106
94
100
9412 93
93 *93
Do pref
93 *93
69 Mch 19 93 - Dec 24
93
64 Nov
95
95 *91
*91
14578 14614 8,563 I Ilinois Central
12212 Feb 17 14934 Nov17 316 Nov
14414 14513 14412 14534 14514 14614 14513 140
14433 145
,
24
Dec
20
1614
1512
1014
1
4780ct
28,595 nterboro-Metropolitan634Jan 4
1614 103 1573 1634 1514 1612 15118 1638 1534
437 4434 80,645
Do pret
4314 4578 4212 4514 4414 45
1715 Feb 19 4912 Dec 28
14 Nov
4338 4678 443 47
3212
28
Dec
3234
3214
19
15,680
Feb
3212
Iowa
912Nov
33
3373
3312
33
Central
33
3414
10
33
3212 34
Do pre
2712 Feb 19 67 Dec 28
6138 6034 6134 6012 13114 6013 6034 6012 0114 15,395
29 Dec
5834 5934 60
C Ft S & M tr cfs.pre 57 Aug 19 7512 Dec 23
76
*73
76
*73
00 Oct
76
7512
*73
7512 *73
*73
76
*73
72,250
42
4314
8
,
42
18 Feb 25 4233 Dec 28
4213
4333
4314
4273
City
4338
Southern
4212
18 Mch
4053 4178 4134
72%
28
733
Dec
46 Feb 19
Do pret
7318 74
24.550
45 Itch
72
7234 7213 7314 7234 7434 7312 7334 7333
24
*20
24
*39
24
r ake Erie & Western
*20
24
*19
*20
12 Jan 4 '26 Dec 11
24
'24
*20
11 Nov
53
1.4 Do pre
53 *48
3934Nov
24 May 2 58 Dec 7
53 *48
*48
52 *48
*49
64
54
*48
6534 64
64
64
6617 65
6412 3,800 Long Island
1:6 Dec
30 Feb 6 6638 Dec 30
60
62
60
60
60
8512N ov
3,700 Louisville & Nashville_8714 Feb 10 12534 Dec 31
12312 12412 12412 12518 12412 12514 712214 12214 12313 12333 12312 124
860 M anhattan Elevated..
120 Jan 4 1544 Dec 28 10O8Oct
151 151 *150 151
151 153 *160 15212 *150 153 *150 15212
30
*30
200 01 etropolitan Street _
36
23 Dec
15 Feb 24 4412 Dec 28
*28
37
35
*30
35
*28
34
35
34
__
Mexican Central
141.Jan 2 2013 Jan 2.
1234Nov
1412 May 1 2413 Dec 2:3
..78 ii ii iii8 2278 lit3 25 2i14 :318 -2i3-8 i51.4 2418 11;2-76- Do Trust Co cents
59
1.400 Minneapolis & St Louis- 20 Mch 2 5612 Dec 31
231,Dec
5834 5814 5814 5814 5838 *57
58
59
59
6914 58
*8812 90
90
Do pref
61 Feb 29 90 Dee 9 z621;Dec
*88
*88
91
91
*88
90
*88
*88
91
7914 Jan 2 135 Nov 16
6,170 Minn St P & S S Marie
60 Oct
14413 14513 14412 14514 14212 14434 144 14514 14312 14534 14412 146
200 De pret
1'2313 Feb 11 15112 Dec '49 110 Oct
*154 168
156 15614 *152 157 *154 158 *153 158 *151 157
2034Nov
1712 Mch 2 431,Dec 23
4233 438 4234 4378 4212 4433 4334 4433 4414 4434 438 4478 137,250 Mo Kansas & Texas
5,600
Do pref
46 Feb 19 751, Dec 23
53 Nov
748 7514 *7413 75
*7312 7414 7433 75% 7458 751
74
74
7173 31,232 Missouri Pacific
4418Dec
*2813 Feb 19 6712 Dec 5
7133 7173 71
7114 72
(1978 701. 7014 72
6934 70
100 slash Chatt & St Louts.. 9734 Jan 2 122 Nov28
97 Dec
125 125 *124 130 8124 128 *123 128 *121 125
*123 125
12034 13138 130 13134 13013 1307 12933 131 106,974 LI Y Central & Hudson.. 9O1 Jan 2 126 Doc 31 2-83 Dec
129 13018 130 132
57
700 N Y Chic & St Louis
'2412 Jan 3 5712 Dec 24
19340ct
56
5612 *55
65
*54
65
5512 *54
5214 5312 55
Do 1st pret
90 Jan 14 105 Nov 7
85 Nov
*104 110 *104 110 *101 110 *104 110 *104 110 *104 110
88
*85
Do 2d pref
60 Feb 8 85 Dec 14
*84 .88
88
88
*84
*85
80
41 Oct
*84
88
*84
159 159
1,347 N TN II & 11artford
128s Jan 6 161 Nov I) 12738Nov
158 15913 15712 158
159 159
160 160
162 162
4712 4714 4712 4678 4734 12,660 N Y Ontario & Western.. 29% Feb 19 4774 Deo 10
28 Oct
4634 4773 4612 4718 47
4633 48
58 Feb 19 8614 Nov28
9012 9158 67,810 Norfolk & Western
9233 9134 933
8934 89
50 Oct
9034 02
8778 8914 89
74 Mch24 88 Dee 31
Do adjustment pref
90
8612
*86
83
*86
88
88
__ 88
70 Oct
--„
90
*87
116 Jan 2 15734 Nov 18 100120et
--0
13812 13912 13914 1401 13978 1405 14014 14114 40,389 Northern Pacific
13878 14
13918 140
Do subscrip rcts
103 Feb 10 145 Nov18
_ 14013 14073 3.492
140 140 - -------9112Nov
13873 13912 *13914 13934 *13812 139
8212
100 pacific Coast Co
*78
65 Sep 22 1)312 Jan 14
8212 8013 8012 *80
8213 *78
82
*78
*77
78
56 Nov
*90 100
Do 1st pref
L
90 May26 90 May26
*90 100
*90 100
*90 100
*90 100
*90 100
65 Nov
13
95
79 Mch27 97 Jan
*80
95
Do 20 pref
*SO
96
95
*78
*75
*78
95
85 Dec
95
*77
10834 Jan 2 13214 Dec 30 ,410312Nov
13212 13313 133 1337 13278 13333 13318 1333 133 1333 13318 13334 57,319 Pennsylvania
7,590 Pittsb Cin Chic do St L
59 Jan 7 8812 Dec 7
9034 92
8812 8812 8812 88% 89
8914 *8812 8912 8938 92
51 Oct
60
69120ct
811k Mch 3 10834 Nov 5
Do pref
*103 107 *103 107 *102 107 *103 109 4105 105 *106 110
9218 Feb 17 14314 Dec 11
13714 138
13712 13434 205,100 IL)ending
13634 13733 13714 138
701.0ct
136 13773 137 138
92
92
92
92
9178 9178 9178 9173 1,300 Li, 1st pref
92
92
78 Jan 2 92 Dec 5
92
73 Oct
92
100
94
03 *92
*9212 95
93
0412 892
70 Jan 6 19 Dec 5
67 Nov
95
2(1 pref
93 *91
*91
2418 2434 2414 2412 2412 2514 2434 2514 33,400 Rock Island Company
2414 2438 245
1012 Feb 3 7514 Dec 2
1114Nov
24
68,800
Do pre
2034 Feb 3 6233 Dec 28
261.Nov
5934 5878 5933 5914 5934 5914 6134 6114 62
5838 5978 59
69
250 St L & San Fr, 1st pref
42 J'ne24 69 Dec 29
70
*65
*65
6734 6812 *67
70
70
58 -Oct
*05
70
*67
Do 2d pref
1914 Feb 19 4214 Dec 30
24 Nov
3912 3958 3912 3912 391. 3912 391. 3912 3912 4114 4012 4114 5,100
100 St Louis Southwestern
2212 2212 *2212 23
. 2313 *221'2 23
10 Mch 7 24 Dec 9
*2212 2313 *221:2
*22
23
1 Nov
700
Do pref
5314 5314 5234 5312
2412 Feb 19 557 Dec 10
53 *5212 53
25 Nov
5212 5212 5312 5312 53
1203 12112 212.560 Southern Pacific Co
6314 Oct
12033 121
11834 12018 11938 1205 11913 12012 120 121
6814 Feb 17 12212 Doc 30
122 12212 3.355
12153 122
Do pref
1213 1218 12134 122
1063 Jan 2 12512 Atny13, 100 Oct
121 12112 12173 122
915 Jan 10 2714 Dec 291 10 Nov
2612 2613 2634 2534 2614 21.760 Southern v tr cfs stmpd_
2533 2614 2534 2(34 2553 2618 20
6234 6,950
6312 62
Do pref
do
2512 Mch 5 631. Dec 28
6234 6234 6278 6312 63
2912Nov
6234 6212 63
62
1234 Feb 29 3714 Dec 30 ' 1712Nov
3513 3173 3512 3153 3512 3518 3553 3514 3512 3514 3512 11,700 Texas & Pacific
34
4
40
4034 4034 4212 3914 4113 3012 4053 393 4034 4012 4034 26,305 .1-111rd Avenue (N Y)„.. 1512 Meh23 47 Aug 10 , 16 Nov
14
1,200 Toledo Railways & Light
1412 14
612 Oct 9 1512 Dec 31
*1112 1413 *1114 1312 14
9 Dec
1134 1134 *1112 15
12 Feb 6 50 Dec 31
1034Dee
5218 5112 5214 5113 6234 5138 5212 9,860 Toledo St L & Western
62
5213 53
5112 53
7173 7214 7012 7214 8.755
33 Feb 3 7312 Dec 2.
Do pre!
2934 Nov
7134 721
7112 7234 7134 7212 7112 72
621 Twin City Rank! Transit.. 7814 Feb 7 9634 Dee 29
9912 9912 10014 10014 10013 10033
*9912 101
6834 Nov
9912 9912 5100 100
11012 Mch 2 18478 Nov27 100 Oct
17753 18038 1701i 18034 17834 17973 17914 18013 1795 18118 17978 18114 316,610 I I nlon Pacific
Do pref
5914 Apr 2 98 Nov17
*9534 9612 9573 9612 *95.2 (4612 9612 0673 9634 9634 9612 9634 3(291 1....)
75 Aug
37
100 Unit Itys Inv't of San Fr
37 *33
*33
1018Nov
15 Jan 24 40 Dee 12
37
*33
36
*33
38
*35
39
*35
55
55
Do pre
'271'. Jan 22 6912 Dec 10
*5212 55
'20 Nov
*5212 65
*5212 55
*5212 65 . *5212 56
Oct
634 Mch 3 205 Dee 22
1812 1878 1812 1858 3:000 ‘A[abash
19
10
19
1812 19
1834 19
19
467 4912 4813 4934 4812 4933 4812 403 4812 4913 483 4933 42,200 IrY
141RNOV
Do pref
13 Mch 3 5234 Dec 22
22
5 Mehl 4 '24 Dec 23
6 Oct
2,150 Western Maryland
2214 22
22
23
21
21
2212 *2112 223.4 22
421

Havana

K ansas

Highest
10814 Jan
10158 Jan
13318 Jan
122 Jan
9412 Jan
8358 Jan
g5:34 Feb
1951, Jan
6512 Jan
22()Jan
56 Jan
2712 Jan
69 Jan
18 Jan
70 Feb
711. Feb
'26's Jan
15712 Jan
10512 Jan
141 San
149 Jan
205 Jan
234 Jan
170 Jan
165 Jan
334 May
17 J'IY
9278 Jan
10812 Jan
38% Jan
691, Jan
581; Jan
22717, Jan
510 Jan
4278 Jan
8378 Jan
8018 Jan
1912 Jan
39 Jan
4414 Jan
75% Jan
67 Jan
18934 Jan
85 Jan
75 Oct
141. Jan
7 - Jan
8612 Jan
114 Mch
94 Jan
172 Jan
39 Jan
7514 Jan
2813 Jan
51 Jan
80 Jan
3034 Jan
6134 Jan
281, Jan
67ii Apr
671. Jan
1451;-: Jan
146 Feb
107 Jan
2713:, Jan
4

5.2 Jan
90 Jan
14014 Jan
168 Jan
44% Med
7234 Jan
0234 Jan
147 Jan
13434 Jan
631, Jan
110 - Jan
9134 Jan
189 Jan
4.334 Jan
9214 Jan
9012 Jan
18912 Jan
134 Feb
12413 Jan
76 Nov
125 Mch
141% Jan
78 Jan
10512 Jan
13918 Jan
92 Jan
94 Jan
3018 Jan
6412 Jan
70 Jan
4838 Jail
2512 Jan
6212 Feb
9614 Jan

11813 Jan
34 Jan
9412 Jan
avs Jan

123 Jan
29 Jan
3334 Jan
5478 Apr
10812 Jan
183 Jan
90 May
62 Jan
7118 Jan
1812 Jan
3812 Jan
301, Jan

BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS
1401
.1414
Ask
1414
Bid Ask
Ask
Ask
Banks
Bankr
Banks
Banks
Banks
180
C11.,1seaEx 11 200
185
1940 31
- 2
Fifth Avell- 1000
AsOk Plaza IL__ _
Irving N
625
Mutual
150 Jefferson 11 _ 18212
Chemical _ _ 42212 416 Fifth ----- 300
Nassau 11_ _ _ 205
New Yorfc
Prod Exch
155
165
770
165 First
170 1771 Citizens' Ctl 159
New Neth'd
785
Liberty..- - - 515
Aetna
Seaboard _ _ 365 380
200 Lincoln _
350
420 435 New YorkCo
355 14th St 11 - - 150
City
-Second
_ 350
America 11- 560
shat
212 ;
5
2t ehte
210
333) ,New York _ 3
30
472
3
aan_r -.1:1 135
.0„. 2
.5
rm
2
2.?
wil
Amer Exch. 250 255 Coal & Iron 230 250
Four.th - - 205
Manhattant 320
N'ht &Day11
Colonial 11..- (7301)
Gallatin - 355 370 Mark't&Ful 1-2(37,A
Battet y Pk. 130
258
290
19th Ward 11
Garfield
Mechanics'_ 125614
Bowery 1! _ _ 320 1T.;;- Columbia 11_ 400
Comm ere. . 119514
Northern _
135 ".43d Ward.
M ercantiki _ 12)0
Germ Am 11 199.
Bron x 13oro1 300
11 1-6;160
125
.2-,47i(i
150
CZ' M erch Exeh
1-71; Pacific 11-- 250
Germ'n Ex11 475
--- Consol't'd _
160
Bryant Pk 11
Union Exc 11 190 icier
0 480
164 Park
Germania 11 525
M erchants'_ 160
_Butch & Dr 15212 1571. Copper _ _ _ 230
Wash H't.11 230
310 .,Vest Side 11 600
280
175 Corn Ex 11- - 340
105
Metropolis 11 375
People's 11- - 300
Greenwich 11 205
Century 11
_125
640
170
139
Phenix
East RI ver _
13.75
kianover
____
Metroporn11 175
Chase
Yorkville 11 400
_ 165
- Fidelity
Imp & Trad 555 565
Nit Morris11.. 245
Chatham
and asked prices; no sales were made on this day. !Ex-light& 5 Less than 100 snares. 11State bank& a Ex-dividend and rights.
New stook.
at Stook Exchange or at auction this week. 11 First installment paid. fi Sold at private sale at this price.

Banks

I Bid

Aslc

ler

Stric




8TOCK2S-IIIGH1S1L' AND LOIVEST 4,11..40 PItiCAs
Saturday
Jan. 16.

Moneta?,
Jan. 18.

Tuesday
Jan. 19.

W ednesday
Jan. 20.

Thursday
Jan. 21:

Friday
Jan. 22.

Sams en
41,,
W eel:
Sha7c3

' STOCKS
NEW YORK STOCK
EXCHANGE

1134
11
*22
23
1312 1334
4212 3914
8034
83

1134 *11
*22
24
*13
14
4034 40
8214 8212

1212 *11
*23
25
14
*13
4134
42 •
847s 8334

1134 *11
2412 *2212
*1212
14
4034
43
8478 8234

Ranye for Year 1908
m basis or 100-sne7e lois
Lowest

275 Wheeilng & Lake'Erle_-_
12
2318
0o lst pref
350
Do 2d pret
300
14
4214 32,910 Wisconsin Centrai
45,170 ' Do firer
84
• Industrial&Aliscellaneous
190 190 *187 190 *187 200
100 A dams *Express
*187 190 *187 190 *187 190
3,400 rt Ills-Chalmers
15
1414 1438 1434 1478 *1412 1478 1414 1412 1458 1478 15
4812 4712 4838 48
4718 4712 4734 *46
46
4834 *47
4878 4,085
Do Utef
7778 7918 7814 7912 165,400 Amalgamated Copper
7758 7404 7734 79
7934 8078 777s 80
3812 3912 3912 40
10,100 Amer Agricultural Chem_
40
'38
:3812 3858 3878 39
40
90
06
*0512
96
pret
Do
•
*95
96
100
9578
194
,
*95
9512
9512
95
*94
2114 2178 2114 2112 42134 2134 21
2114 • 21' 2112 2178 2314 7,425 American 18eet. Sugar--._
85 •
Do pret
400
85 *81
85
8412 85
85 , 8434 8434 *83
*31
*83
814 812 1,090 American Can
818 818
814 • 814
.814 814
812 812
814 814
7312 '73
*7214 7314 73
4,800 '1)0 pret
7314 7234 731. '73
73
7314 73
48
4812 483.1 4834 4812 4812 4814 4812 4838 4918 4838 5013 11,600 American Car de Foundry
110:.
10812
Do pret
1,028
109 109 *109 110
10978 109 109
*10878 111 *10878
4813 4938 41338 5212 64,600 American Cotton OIL
4658 4834 4833 49
4534 4712 4678 48
Do pref
*98 100 *97 100
*100
*98 100
*3.00 110
408 100
60 American Express
*205 11-2 *205 212 4210 210 *208 215 *205 215 *205 215
.712 .712
714 738
.81s 6,400 American lildc & Leather
-712 818
.738
8
7
7
7
...
Do pref
*3614 3634 3678 3814 3734 .3512 38
3914 3914 4112 4112 .4212 21,862
2278 2338 2212 2212 6,260 American lee Securities_
23
2212 2312 23
2338 23
2434 23
13
3,200 American' Linseed
1334 14
13
*1212 1312 13
1334 1318 1312 13
13
Do prof •
*2912 30
30
1,400
31
30
*29
30
34 ' 30 . 30
30
30
5612 57
56
6,780 American Locomotive
58
5614 5534 56
56
45512 5512 56 - 56
Do pret
*110 112 *110 112 *110 112 *111 112 *11012 112 *11012 112
,*4.312 8
*7
.712 *7
712 *612 712 * *612 712 *612 712
American Malt Corp
45
45
Do pref
*44
- 45
200
95
*4312 45
*4418 45
45
*44
*43
8214 8214 8214 8214 1,900 Amer Smelters Sec pret B.
*81
82
82
8112 .8112 8112 8113 82
8538 8714 8618 8738 145,275 AmerSmelt'ng & Refining
8313 8578 8458 8534 8438 8578 8513 36
1
10134 10214 102 10234 8,3C10
Do pre(
10134 102
10158 10212 10134 10212 102 102
_
*190
. _ ______ American Snuff
... _ *190
_ _ *100
*190
_'__ *190
_ .*190
97
*90
*90 -97
Do pref
*90 -97
*90 -97- : *90 -9'i . *90 lYi
4/5 Amer Steel Found (new)_
3812 3812
38
*37
37
37
*37
'38
38
37
*37
37
45 *40
*40
50
Do old piet •
'•
50
*40
50
*40
51) *40
*40
.50
124)
130 134
129 129
0,400 American Sugar Relining
12918 12918 129
12912 12912 12834 129
1291412014
Do •prof
100
*120 130' *120 130 - *120 139 , •,120 130 *125 130
12512 12638 5,750 American 'reieph & Teieg
120 121.12 126 12638 126 12618 126 1261s 1251. 126
8 9258 9258 0278 1,390 American Tobac (new).p
923593
93
9212 93
9238 9212 *9214 93
2814 2814 *2812 21)34
400 Amercan Woolen
30
2853 29
*28
'30 • *28.14 2134 *28
95
9478 9478
Do met
500
0413 9.113 94
9412 9412 9412 9412 '*94
04
4634 402 47
9714 12,250 dAnacondaLopper Par325
47
4/58 4634 4758 4658 4714 4634 47
Par$20
aBatopilasMin'ng
800
:3
3
314
*3
3
3
318
318
'314
314 *3
*3
2434 25
25
26
2,300 1.1ethiehem Steel
2412 25
25
2134 *24
*24
25
25
52 - *50
52
53
900 & P do pret
52
52
52
52
51
51
51
51
Brooklyn Union Gas_
*125 135 *125 135 *125 135 *120 130 *120 130 *120 130
15
15 . 1513 3,200 Brunswlcic Dock.540 Imp
1518 *14
1312 1312 1334 153s 15
*1234 14
29. *28
2!)
• 935 Blittericit Co
29
29
29
29
*2612 28
29
21)
28
3034 3114 311s 315s 3158 3238 15,810 i entral Leather
33012 3114 31
3134 303.1 31
101 10112 101/2 10218 1,031 k . Do pref
*10014 10112 *10014 10112 *10014 10112 101 101
4078 4212 4218 4234 4158 4278 33,310 Colorado Fuel & Ron
4034 4134 4012 41
4018 41
2614 2614 26
27
2658 2,900 Col '.5c Hock Coal & Iron_
026
2618
2613
21
2614
2658 2712
1271', 12878 127 12834 12714 12814 12714 12818 12712 12734 12673 12778 7,910 Consolidated Gas (2'. Y)_
181g 11/38 1814 11,14 1812 1834 1812 1878 1834 19 . 1873 1012 28,800 Corn Products Refining_
7514 7578 2,200
7478 75
Do pre
75
7518 75
75 *73
7'...,18 *73
*73
50 *44
*44
50
49 __ -- ;rex Carp.1
50 *44
*44
50
50 *44
*44
40
26,810 Distillers' Securaies Corp
3/14 '3634 '3514 14634 3712 3734 3'34 387s Ws 3812 85
343
*7112
*7112 85
300 Federal lining & Smelt'.t
71
07012 75
71
71
71
71
71
*8012 8312 82
84
110 pref
100
*80
82
84
080
84
*80
84
*80
_ Federal Sugar Ret ot N Y
____
_
-•-- ---Do pre(
5 ;AS -66'
.
___ ;$.& • -66. *$.5 ..IW ;g3 -9
Togi- IS- :___
156 15734 2,400 Gen'erai Elect'ic
155 155
155 15514 15512 157
155 15512 4156 1.56
Coos M 55 .5c P
10518
-..
*100
Granby
--,..,.
•
_
*103
10518
A03
108
106
*103
106
*102
6314. 6314 64
63
63
700 I nt Harvester stk tr ctfs64
64
.::621. 64
6334 63331 *63
._
110 110
10978 110
1,350 & :Do pret stlt tr
10914 19)58 109:38 10912 10912 10912 *10933 110
tr etCs
878 .9 - 10,050 Int *Mer Marine stkctfs.834 9 •
•834 '9
838 * 858
878 '04
838 .,833
2634 14,400 • Do prof
2..31 2514 2614 2558 2634 2638 2634 26
2112 2514 25
191 *1112 1212 1134 1134 1134 1212 *1112 1212
600 internat•onai Paper
*1112 b'2 12
57
5558 5558 *5510 .56,2
100 ' Do prof •
*5512 5612 *5512 5612 *5512 5612 *56
3931 4012 6,240 Internat Steam Pump
3914 43)33 .3912 4014 393.4 40 , 3912 3958 I3912 '40
8412 8412 8412 8312 8438 1,085
Do • pref
8618 8638 8512 8618 8614 8614 x84
70
75
71
*70
7312 7313 *71
7034 1.800 Mackay Companies
75
*7312 7512 75
*69
150
71
7011 70
Do pref
*69
71
7018 *69
70'
*604 7012 *69
10514 10514 105 106
3,550 ki ational Biscuit
10612 10612 105/2 106
1 107.'8 10712 1033
,
101
,. *110 12014 *119 1193s 11938 11958
200 LI • Do pre( •
11.'2 1n12 *119 120 *119
3,500 Nat Enamerg & Stamp g
1312 1334 *1314 -1,114 *1314 1414 1334 1518 1434 15
14
14
85
85
85 *83
100 - Do • pret
*80
87
*79 . 85
85
85
*79
*79
7758 7734 7714 7712 7734 78
7714 78
7712 7814 7878 8112 17,150 National Lean
480'Do'
'
*105.1.1 10.14 107 107 *107 10714 10714 10714 *10612 10738 107 107
538 538 3,800 NeWtiouse M it S.Par$10
1)34 6
512 (12
514 534
' '534 '534 ''514 Os
• 8978 9112 .8912 8912 1,800 New York Air Brake__ _
8612 8.512 8812 89
88
Ws $614 87
7412 7433 7514 7514 79
6,800 North American Co, new
74
7413 7312 74
7414 74
*72
34 ,*3312 35
34
34
600 1.)acific Mall
*3;I' 35
3414 3412 *3312 3434 34
102 • 10214 103 10413 8,500 & eople's G L & C (Chic)
10278 10312 1.0318 10334 10314 104 r102 103
13 *12
*12
300 Pittsburgh'Coal Co
12' 12
13
*1212 13 *1214 13 *1214 13
49 *46. 471.
*46
100 Do • preI
48
4712 '4712 *47
48
*46
98
*40
4212 43(4 2,300 Pressed Steel Car
41
41
4112 9158 4112 4112 -4134 4134 4178 42
Do pref
200
10214 10214
*10112 103
102 102 **10112 103 *101 103 *101" 103
17134 172 - *171' 17213
:376 Pullman Company
172 172 *170 173
*169 172 *170 173
2,900 la allway *Steel Spring
4712 48
48 '48
481.4 '4773 48
*4612 48
4$
*4531 48
54)0 L\./ Do pref. ,:;.-- -'..-. _
*9814 101
100', 11110. *100 101 *100 10012 10012 10034'
*9814 101
6,525 Renubile iron -'&' Steel
2512 2514 2538 253s 2838
2518 *25
2512 2512 25
25
25
Do Dret
4.800
8614 8618 3714 8814
361: 813 33612 8612 87
86
86
86
4,720
7712 7912 7812 79 •
78
78' 78
'78
78
78
78
*78
-..)loss-.'heffield Steel & 1r
. . ...T.
Do pret
.•
_ *109 112 • 010938
*10938 ,.
*10938 '--*109 112 *109
4418 4412 44 743-8 4414 4412 4412 4412 5,1450 ITennesseeCopper Par$25
3- 4412 -4.5
4414 -44-4
8518
8513
800
05
85
85
Pacific Land'['rust
texas'
85
8518
*83
8518
85
85
85
1078 1073 1012 1078 1,400 4 f nlon Bag'& Paper.._....
11
11
11
11
11
11
*1038 11
70
*68
600 k 1' Do pret
6034 0934
70
/0073 6973 /70
*6813 79
6S1 69
1,090 U S'Cast 1 Pipe it Foumit
29
2912 '29
2912 29
2914 2914 21114 .2914 *2814 291.1 *28
•
916
75
Do pref 75
7514 751/
76
*75
76
*74
015
76
76
*75
88
*83
85
'180 United States Express...._
'85
'86
*76
'
8
*76
88'
88
*76
*76
65
0518 8,800 I) 8 Realty & linprovem t
6614 x6418 65
64
0112 6112 6112 8314 (3218 04
13 *11
13
*10
100 U SlieductIon -& liefin'g
13
1213 1212 *1212 1::12 *11 131.; *10
32' *30
32
*28
Do nref
400
32-, *30* 30
31
'34
32 *31
*31
3118 33
2,940 United States Rubber
3412 3314 '3314 33 . 33
3412 33
331.1 3312 34
•
Do • 18t prof
*10414 10514 10414 10.134 10418 10434 10414 10414 104 10414 102 1031.1 2*,100
69
70
72
300
Do 20 pret
73 *70
*70
72
72
74
73 *70
*70
5518 111,925 Unite States Steel
5178 5214 5218 5234 5238 5412 54
5133 5212 5214 53
17,541 ' Do ''pret
53 1 58 11438 11418 115
11312 114
11353 1141s 11338 11334 11312 11313
4414 3,220 aUtah Capper.1_ Par $10
44412 4412 4414 4434 4414 4414 44
45
44
*4414 46
4612 20,800 VIrelnla-Caroilna Chem_
4558 4618 46
4514 4658 4553 4678 4538 408 4538 411
Do pret
600
11434 11434 114 115 *113 115 *113 11434 11434 115
*11313 115
64 "6114 6114
*61
100 V1izinia Iron Coal & Coke
*6012 64
*61 ' 64
64
*61
64
*61
1A1 elk Fargo. 6).• Co *280 325 *280 325 *280 325 . *280 325 *280 325 *280 325
6813 70
69
3,800 I T estern Unlon Teleg„
6978 69
6812 68
*68
69
6838 6838 *67
8314 8412 4,500 Westinzh'seEl &Wit assen
8312 84
8278 83
5012 8034 81' 81
81
81
11n. 1 et ,,,'.-f
Ann
1.. .),. *11c ICII * __ 120 *115 190
11s 31
*11S • 190
11
*2112
1312
4014
82

Lxxxviii.

Bew YOVE: StOCE: iieCOria-Conclucteci- -Page ';;

214

1134 412
2412 2318
14
*1212
42114 41
8412 8318

412 Mob 7
1218 Apr 16
6 Feb 27
1312 Feb 28
33 Feb 11

Highest
13 Dec '33
7614 Dec 23
1534 Nov17
3814 Dec 31
7212 Dec 31

halve on Previous
Year (Vita)
Lowell

kine4,

6 Oct

2:

Oct

31 °
8
Nc
O
cotv

1634 Jan
3734 Jan
2134 Jan
2578 Jan
5112 Jan

6!'e 4200 Aug:2 41.50 Au - :330 J'ne
19
1678 Jan
Aug
1638 Dec 14
Zilch
14 Nov
4334 Jan
itch 6 5234 Dec 11
12178 Jan
8838 Nov 7 24134 Oct
Feb
2538 Jan
35 • -Nov25
10 Oct
75 Oct
95 Feb
136 Nov23
7817 Jan
-734Nov
2312 Jan
0 294 Apr 23
.aenb 14
F
312 j
39
75 Men
80 Jan
05' Jan 23 8134 Dec 31
712 Apr
3 Oct
- 4 Feb 20 1014 NOv113
(013 Apr
34 Nov
7478 Nov2/
44 Jan
4514 Jan
24330ct
2512 Feb 13 5034 Dec 21
103 Jan
78 Oct
109 Dec 9
1c
,
28443144 Feb4h
3610 J'ly
21 Nov
19 4434 Nov25
70 Nov
90 - Jan
480 Jan 16 97 Novli
175 Oct
247 Jan
,e ib) 2
:
1,
234 1
171)
e 1224 Mayl
213
614 Jan
212Nov
812 Dec 9
3013 Jan
10 Oct
3734 Dec 28
81800t
88 Jan
3178 Aug 11
1.leebh
'N
113'
122.
19)4 Jan
6380ct
6, Alen t 17/2 Dec 4
36 Jan
16120et
17 Mel) 5 3614 Dec
4 Feb
753
3214Nov
5938
r‘;
Aug
25
3138 Feb
11112 Jan
83 Oct
9/52 Jan 3 113 Dec 131
1712 Apr
212J'ne
ar, Sep 16
3. Men '2
40 Feb
5118 Sep 1/
17 Nov
Faenb 13
11, J
25
5
7
9318 Jan
60 Oct
70 Jan 17 8418 Aug 7
514Nov 0.55 Jan
107 Aug /
11738 Jan
81340et
8711 Feb 26 11038 Aug 5
205 Jan
3 200 Apr 3i, 150 Oct
24
m cf,2
80 Au
18
9713 Sep ii
q() Nov 102Joe'
28 Sep 29 41 Nov is
-4/1-2 Jan
-,
'2018 Feb 14 4712 Dec •
Feb
13234331414 13712
983.1Jan 2 13734 Aug 31
131 Jan
1 131 Nov24 /100 Nuv
,eb 1.7
,
1,
1.
51i '
15
10
88 Oct
133 Jan
101 Jan 6 13253 Nov24
9834 Jan
GO Oct
721,Jan 2 9712.J'ly 14
3612 Jan
3238 Dcc 11
11 Oct
7814 Feb 19 97 Nov14
68 Nov 10278 Jan
$2712 Feb 13 85312 Ney 13 $25180et
30234 Feb
anii May
1212Jan 23 $5 Mch
33 Oct
2012 Jan
12 Jan 13 2714 Nov26
8 Nov
(5 Jan
57 NOv13
23 Nov
35 Apr 5
305 Feb '.:1 15214 N0v2,
to Nov 125 May
1432 Jan
Jan ). 17 Nov25
6 Oct
•4918 Jan
425 Jan 15
110 Feb
27 Oct
i1724ov
40 Feb
1512 Feb 10 33 Dec 2,,
68 Nov 102 Feb
7534 Jan 2 102 Dec 29
5778 Jan
42 Dec 5
14 Nov
1653 Feb 11
14 Dec
434 j
10
0
2838 Apt
2. 271,Dec 5
hlacnk 6
74 Oct
167 Dec 12
14014 A,leb
2434 Jan
1034 Feb 10 2013 Aug'
8 Oct
88 Jan
46 Oct
50 Jan 2 80 Aug 6
2..1
Oct
„....
4712 Oct 16 4114
2714 Feb 19 9/34 Dec 10
-28 Dcc o n Feb
50 Oct
1133 Jan
7212 Nov21 04 • Auglt)
97 Jan
Oct
89
1.3
Nov
47.
59 Feb 111
6812 J
20
42 Feb . 4,21. J'ne
100 - May
76 Feb
7312'1118
55
Feb) :1 100 J'ly 7
891.0ct
163 Jan
411 Jan 2 10234 Dec 2
60 Oct
152 Feb
1 109)7 J'lylu
Jane 12
12 jn
7834
675i Nov24
.....189 J'ne 11 11014 Nov13
J lie
Mayll --1126-c-t26
24 Apr
1 Nov
.0
6 Feb 25 2078 Dec 31
16
Jan
18)2
4
71.Nov
.13)
Novi/
s Apr 1
81 • Feb
61 -Nov
05 Jan It
47 Oct 1
41 Jun
8 Oct
13 Jan 2 3973 Dec 31
81 Jan
Oct
31
Dec
LO
05 Jan 10 8414
40 Oct
7514 Jan
52 Feb 29 78 Nov 10
71 Jan
50 Oct
51173 Feb 25 7134 N0v36
8044 Jan
591,Oct
08 Jan 3 97 Dec.28
410 -NOv 11733 111411
102 Jan 2 17012 Dec 25
1538 Jan
618N0v
712 Feb 14 1514 Dec 25
87 Feb
1:70 Feb 25 28214 Dec 11 175 Sep
7614 Jan
33 Nov
16 Feb 10 92 Aug* 1
103" Jan
80' Oct
8712Jan O 10614 NOv 18
.Apr
ss Dec $203
$433 Oct 22 $978 Jan 21.
4712Dec
14112 Jan
50 Jan 2 933 Nov25
Jan
Nov
37
74 78 Nov3u
5
,
1:11,
lacenth
3 JF, Ic
6128:
90
442
3
4112 Jan
19 Nov
29 Apr 20 9014 Dec 8
9858 Jan
70140et
10612 Dec 23
1678 Jan
.7 Nov
1458 Dec 10
6058 Jan
37 Nov
50 Dec 4
57 Jan'
3Nov
155
45
Dec.11
1714 Feb 10
9978 Jan
64 Nov
139 Jan 3 10214 Dec 21)
Jan
147 Jan 3 174 Nov 11) 13614N 0V 18118
5712 Jun
231200t
2334 Feb 8 4914 Dec 28
9912 Feb
72 Nov
Jtin 29 103 Dec '2
41 Jan
12 Oct
1434 Feb 11 29 NOv13
100 Jaa
50120et
1012 NOv 13
7734 Jun
26 Oct
30 j
63
9 8134 Nov17
line12
Ja
81) Oct 1107 Jan
8712 San I 11014 Dec '4
a5312
Meh
Oct
$17
Nov16
$2512 Feb 17 $5214
85 Jan
42 Dec
841. Dec 1
45 Feb 11
818 Jan
4 Oct
4 Feb21
934 Nov23
61 Jan
3:934Nov
441'8Jan 6 6034 Nov2,
4012 3110
17 Odt
1713 Feb '26 3078 Dec 14
89 Jan
49 Nov
7878 Aug it*
5658 Jan
70 NOv :117 Jan
70 Feb 18 .90 Jan 1
Jan
9012
30 NOv
31314 Feb 5 64 Nay)'
51,NoY
3014 Jan
1514 Aug
4 Feb 21
Jan
68
istiDec
i6 Feb 10 31i Aug
5212 Feb
131.14Tov
• 34 Feb 10 371, AIM I.
10978 Jan
'Oct
62
:
Dec
10b
; Feb 19
7818 Jan
39 NOV
7512 NOvl!.'
42 10021
5038 Jan
21780dt
5,3, ,000/L
.1:534 'an
/ins Nov 10734 Jan
,Nov
'
j[45
83013 itch
$13 Oct
85234 ov
.20 Jan
3933 Jan
12 Nov
16 Feb 27 404 Dec 29
Nov
Jan
*108
75
14
NOV
797
43
1.3 115
97 Jan
31 Oct
es Nov 9
JaIl
125 • Nov16 250 May 300 J'ne
( .1,et)
4254
Feb
85 Jan
54 Dec
7134 Nov30
32 Nov 154 Jan
04 Nov17
*38 MO 11
64) Dec 4160 May
01. N.14-824 125 Nov24
65418

73

14

BANKS AND, TRUST COMPANIES--BA NKERS' QUOTATIONS
-

.

Trust (10,3 But
As!:
Bid
Banks
ASk
Ask
Trust Co's illd
Trust Co's Bid Ask. Trust Co's Bid Ask
grookyln
1125
555
N Y City
NY Life&Tr 1100
Guar'ty Tr_ 540
Brooklyn
Brooklyn
410
Brooklyn Ti 400
570
_ _ 115 Carnegie
ISO
NI Y Trust_ 503
Guardian Ti 170
North sada 11
Borough11 .. ....... 110
130
1... 1244
Citizens'
'_.
_
f55
Central
325
Tr_
Peoples__
'Pt
130
.._... Standard
1825
_.'
145
- Hudson ._..
Brooklyn I
,...
1211
135 Columbia
no TitleGu&Ti 1433 14-3-5 Flatbush;
-- - linickerb'Ict 310
240
_..*-_ prOsp.ctpkT, 140
Broadway 1: 39)
105
__ 195
Franklin
315
310
CoM
130
mercial
123018
___
.
An
11-Coot
Tr
dal
rermlnal
145
I
'1'
255
Law
245
First
275
260
__
Hamilton
____
150
a
Gnion11____
__
Trust_
1100
:0111'wealtil 110
-- 130
____ Lincoln Tr.. 119914...__
.!_ union
11111sIcid„.- 110
110
100
.._ _. '• •
5244)
4UU
I...mplre
350
US aftg eat 365 380
.... Manhattan
Honie1.3k11. 110 , 125
Kings Co _ _ 960
1175 HomeEquit'01c Ti 410
--_. Unit States.. 1140
725
125
Trust Co's
Mercantile
Homestead, 10
'1'1
,...
&
'
4
12973
L
Isl
I.
260
Farm Lo &I 1200 1250 Nietroporti.• 540
VanN'41'n'fr 250
N Y City
...
Manufac'rs 400
lib
,_ Nassau --. 160
:-.. Wwitllogtoo 400
300 315
Fidelity ..... 195
201. Morton Tr_
Alechanicsli 240 2-6-0 Astor
280
270
,__
People's
Av
125
Fltth
50
i425525
140
300
120
Ti
500
Ti
4Vestchester
......
,_.
Bankers'
Mutual
145
Montauk - - 140
100 •
80
Fulton
Bow l'g Gen 370 380
. 270
--- W Illiamsb g
Windsor -. 130
Hut Alrnc.. --. 140
Nassau...... 240) 270
135
13U
B'way Tr
Nat City.... 290 310
Now voted dollars per share.
Bld and asked prices* no sales on this day. 4 Less than 300 shares. I Ex-rignts. b New stock. c Ex-cliv and rig its.
3 Sale at Stock Exchange or at auction this week. s Trust Co. certificates. 11 Banks marked with a paragraph (11) are State banks.

Banks

/314




Ask

-.118713

-.-..

--

--2321:

-'

--

-.

......

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Beginning Jan. 1 1909, the Stock Exchange method of quoting bonds has been changed, and all prices now are quoted—"and
interest."
BOND
N. Y. STOCK EXCHANGE
WEEK ENDING JAN 22

'4•2

C. S. loverflhIIenL
U h 28 consul registered.31930 Q-J
U 1328 coneol 00115)00. d1930 1-4-J
U 83 38 registered
k191 5t-P‘
U 3s coupon
k19113 4-F
U S 38 reg small bo11is k1918 Q-I
11 13 335 eon small bonds k1918 4-11'
1925 4-F
1.1 13 4s registered
U S 48 coupon
1925 4-F
US Pan Can 10-30 yr 2a.ki.936 4-1,1
loorelan Clover
,nt,
Thiperlal Japanese Governing
Sterling loan 41
/
2s
11125 F -A
3d series 4128
11125
J
Sterling loan 1s
1.+131 j.J
Repub ol Cuba 58 exten debt.. .31-S
U S of 111 este. s t g be of 18111)
Gold 48 of 1004
1954 -D
Y
State and City Securities
Alabama curt build 45
11121 3.3
Dist of ColumbialC6533
1021
Louisiana new consol 43 11/11 J -J
New York City49 Corporate Stock
1058
49 assessment bonds _1918 ItCN
New 4 4
:s
1957 51.N
Ne'sv 4/
1
2s •
1+117 11•N
4k% Corporate Stuck _1957 M-N
41
/
2% aesessint hol618
11/17 vi-N
4%, Corporate Stock. 1957 ,VI-N
N Y State—Ilighway 433 1958 M.
Bo Carolina 41
/
21320-40
11/33 3,1
Than new settlement 3e 1913 .1-J
Virginia fund debt 2-38_1119 1-J
Us deterred Brown Bros etre. ••••
.
ltniiroad
A Lauama Cent See So Ity
Mud See At Coast, Lin,
Albany J/3 limio See 1)01.0 Hut.
Allegheny Valley See Penh 0.1c
Alleg & West see BuL It &
itlUiTh
Ann Arbor 1st g 48
AU%'X& 85 Pe—Gen g 48.1005 A-0
A-0
Registered
/31.9115
Adjustment g 4a
M1035 No
Registered
r,
1111105 31-N
Stamped
'
1355 2
Couv g 1s
1917 2-1)
10-year cony g 58
Deueiaurea 4s Serieeli 1010 F-A
Stoles 1
1+111 F--A
Series a
1913 F -A
EWA. Okla Div 1st g 48_1028 ‘4Short Line 1st 48 g
1958 J -J
A.t1 Knox 02
See 14 SS .N
Atlantic Coast lot g 48.5.11152 .11-S
Charles tS2 Sav 1st g 78 11/36 J -J
Say P.0 V. Jot gold 68 1931 A-0
let gold Ss
11134 A-0
. Ala Mitt let gu gold 68 1925 51-N
Bruns & \V lot gu g 4s _1035 J -J
N cull g 48
L
o1952 .6-N
Sil 33p Oca&U gum 1,1 j91s -J
Atlantic & Deny see SQatit
Austin & N \V See SOU raelliC
Dalt & Ohio prior lg 3128.1925 J--1
itegielered
•
/t1925 4-3
(4011 48
h11/45 A-0
Registered
/11945 4-i
Plus J tine 1st gold Us...11122 .1-1
un & M lily lot g 31
/
281925 .51•N
1' LB .55 \V Va Sys ref 4811141 .6•N
bouthw Div let g 31
/
28_11)25 .1-J
Registered
/t 1025
MUI1011 lily let gu g be..1919 g•A
Ceti 01110 1: 131 e g 4/
1
28.„11):,I 51-S
tit Lor & \V con 1st g 58 1901. A-0
Ohio River ER 181 g 58.11)31, J
Uenerat gold 58 ' • 10)1 A-11
im Clev &Tel let 14118 1922 .1•0
te & \Veet 1+0, g 48_11/17 J • J
Stitt lel Ey let gu g 4128 1943 J -1)
b See Mich Cent
Bat Creel(
Beech Creek SeeNYC& H
Bellev & Car see (11111018 Cent
33klyn & •Montatik see Loog 1
Bruns A, West Ate AU Coaet
Bultaio N
& 1.lrit3 see 1,111.
Bullet° Lt.& P gen g bs...1937 51-S
• Consul 41
/
28 ......
1115 i M-N
All ,34 Vest tat g 44 MU..31)95
• CL & Mliii 181 go g 5e....11143 J -J
Rock & Pitts let, g Ge...11/21 F -A
Coneol let g 68
1922 J •
Banal° & Southwest see Erie
Bull do Susti 1st ref g 48.tiPJ51 J -J
Bur 1•3 It & N See C It ae
cui dole) ext. Os
1913 J-J
k.)25,1 58
11113 011-16
atop:tiered
•
1913 M-S
/
1
2 shawl' Bee 111 Cent
car° 4
Cat °iota Cent Bee Seab Air L
Carthage & Ad See N Y0&ili
b' N see
lt rN
cod It
Oen:Branch By Nee Ate Poe
Cent of (la RR 1st g 66-2/11/45 F-A
Conetil gold as
1045 11-14
Resit-dere.,
1945 51-r1
let pret Income g 58....p1946 Oct
Stamped
2ti pie',Income g 58....p1045 Oct
2d p et income g 58 stamped ...•

rit

Price
Fridge
Jan 22

Week's
Range or
Last Sate

Range
Year
1908

BON Ds
N. Y. STOCK EXCHANGE
WEEK ENDINO JAN 22

....
E

Bid
Ask Low
High No Low _High Cent of Ga
3d pret 111(30111t) g 58....p1945 idt
10258 1031
/
2 10278 Jan'09
10,141 104 `.1
103 Sale 103
10 104 l04
3d prof income g 513 stamp°
103
Chatt Div pur111011 g 43.1951
100% 1011
/
2 1113118 l03 3
100 1011
/
2
Mae & Nor Div 1st g 58 1946 2-.1
10104 101 12 1011
/
2 Jan '011
100% 102
Mid (la ,35 Atl Div 5s
107 J'ne'02
1947 J -J
Mobile Div 1st g Os
101/
1001
10014 101 1,
/
4 Nov'08
1114t, J.J
1
2 12014 120% N 05-'08
119/
1181
/
21'2'2'4 .3+,11 RR & Lot tie col g 5,31937 54-N
Cent
1201
ot NJ gen'l gold 56.1987 J -J
/
2
122 Nov'05
/
2
l2034 1231
101121.02k, 103 14 Meet)).
Registered
,103'-.,
41987
11.131
Am Dock da Imp go 5,4.1921
:Le & Hutt It gen gug 58 1020
Lou & Wilke B Coal 58..1912 6-N
9114 Hale
007.
913
92
, 101 85
Con est guar 41
g1910 4-14
/
28
N Y& Long Br gen g 4s 1941 M-S
/
4 891
10 831
I 8914 901
. 90
/
2 9158
81 Sale
811
b2++, Cent Pacific See So Pacific Co
/
2 21 75
81
11021
/
2103 102% 1031
/
4 CentVermont 1st gu 94s.e1921/ Q'Y
/
2
10014 1051
Chas & say' See Atl Coast Line
,
99% 9938 • 993
96 101
93% 1)4
al911 A.-0
92/
1
2Jan '09
11012 (3412 Cites & Ohio gold.6s
itese a re pr wee On the I, .zois of $5 to X.
1st consol g 5s
1939
Registered
• 1939
100
General gold 412s
111 Mar'01
1992 8-5
109
110 Nov'08 --•• 110 110
Registered
1992 el-S
10544 Dee'04
Big Sandy 1st 4s 13(3
1941 J-D
Craig Valley 1st g 5s
1940 -J
Potts Creek Br 1st 48 1941, J J
10234 Sale , 10234 1027,127 10278 10314
Li i.14 A .01V let con g 44 11389 J•J
101 4 Dee'08
101% 1011
/
2
1121
2,1cousol g 48
/
2sale 1.12
1121
/
4 155 105 11234
1986 J -J
104
I044 104', 24 101 ,
Warm Spr Val lot g 58 1041 V1-8
1 DAN
111 4 1121
Greenbrier By 1st gu g Is'46 NI-14
/
2 112 . 112
1.05% 1121
/
2
10.0, 1041
1011
/
2
/
2
chic
A3 Alt, ER rot g 3s 1946 A-0
101 14 104',
103
103 bale to)
/
2 103
Railway let lien 31
1011
/
2s 1050 J • J
110
110 Aug'0,5
109 110
Registered
1351: J -J
1021
/
2 Salo 10214 0/21
Chic Burl& 14—Deny 4,3 11/21 F-A
/
2
9534
95½ Jan '01 •
General 18
94
96
1955 M-S
/
2 Nov'0- •-.• 111)
93
931
96
Illinois Div 31
931
/
2
/
28
1949 J .J
41
4't
48 Jan •(,1) ••• 221
/
2 47
Regietered........„_1040 2.2
Ills Div 4s
1049 J -J
•
Lowe 1)1V 8111K 111111.1 58 1911) A-0
Sinking fund 4s
1916 A-0
Nebraska Extension 4,3 1027 +1•N
Registered
11)27 .+1-N
Southwestern Div 4s
11121 .11-S
Joint bonds See Great North
84 Sale 84
84,
1
78
Debenture Os
86
1913
1u0½ Sale 1003
. 10034 23, 9578 10134
Han & StJose011801118-1911 .51-8
1)9/
1
2 100
9034 Jan '09
chic& E Hirer ,35 inip g 48 1055 J-J
05 12 100
931
/
2Sale 1)3
93,
, 31 83
1810010301g (3s
951
1034 A-0
/
2
86 Apr'1/7
General consol 1st 58.-1937 M-N
1/3
1,3
93
34 8
1/4
Registered
- 2 12 94
• 1937 51-N
103% Sale 103
104 114 85% 105
Chic & Intl (..1 By 1st 58 1)30 2-3
1071
/
2 Sale 10612 1071
/
2 371 94', 108
chicago & Erie See Erie
0814
116 Mai'05
1161
/
2 9131
/
2 Chic Iii& Loutsv ret 68-1047 J.J
0634
118 4, N.0 4.14
Refunding gold 68
1947 J -J
114
1)4 Nev'Ot:
Louiev N A & Ch lot-68 11110 J -J
137 tu
97 Jan '01)
9514 1.031
/
2 Chic 5111.0 St P term g 5s 1914 J -J
95 saio 94%
115 1213 U5' 1/73e
General g 4s series A..e19611 J -J
Registered
e19811
0538 06
1)6 145 SO
UG
General g 31
/
2s series 13 e1981) -2
1/61
/
2
1304
Chic & L Su Div g 58., _11)21 J -J
128
123% J
Chic
Ito UM 1)1V 68...11r21 J -J
11112124
110,
4
/
2Jan '04
1121
01110& Pao Div 68
1.110 J -J
1118
114% No• '115
Chic & P W 1.81.1‘ 513
1921 J -J
114
di, Marqa.
Dak & Ut So g be
11)1° J -J
50.',, Sale
2. 74
Sat.0 Sou Loom g 65
8(31
/
2 87
1021 J -J
887e
1.01
931
/
2 Sep '08
Hest & D Div 1st 70
1910 J -J
1/31
/
2 113½
181.58
1910 J -J
LaCroese &
1019 J .J
lot 5s
1133
.Salt 0334
lb 90
94
Mineral Point Div 58._11)10 J -J
95%
013 Jan '06
So A111111 Div 1st 68
801
1016 2-J
/
2 90
1(101
/
4 lot 1..1! 9(312102
Southweet Div DA 68. 11103 .1 - J
99
1.0
Wis & Minn Div g 58— 11321 J -J
05
118
120 Do.'01
5111& No 1st 51 L 68.. 1.111t, 2-I/
139½ Jan '011
1st CO11601 138
83
90
11113 2-D
.
1 Jan '03
:Thic& Northwcons7s
87
117
11/13 4-F
1.11
%al.,
8;Xtelltiion 4s
83N ,0314
1880-1026 if -A
89 ma '00
itegnitereti
1/386-11/21 to-A
10578 Ifeli'uo
General goal 31
/
28
11187 31-N
1.00 Apt '05
Registered
1)1987 12-1
'
i01.34J'ne1/7
Sinking- Hutu tie. 18711-1112h A-0
ill Sep'13110 111
Registered
18711-11129 A-0
1101
/
2 Jan '19
Sinking Hind Os-18711-1026 A-0
11)04 109
1113 12 ..`ti al'04
Registered
1879-1023 A-0
101 Nov't)5
Debenture 58
101 101
11100
10u Nov'04
Registered
11)06
Debenture be
11321 A-0
Registered
11321 A-0
Sinking Lund doh Os
11135
Registered
1333
North Illiuols 1st,
5EOtt C 1.0 St Paul 1st 58 1909 0/1-83
116%
5111 L S& West 1st g 115 11/21 M-N
116% Jan '09
108 116
109 1011+14 1011 Jan '00
Lxt & 1101, slum! g5,3 11)23 F -A
1.011
/
2 106
100
100
Da)
AnItland lily 1st g 138, 1925
116
Mich Div let g 63
1.03 J'iy'05
103 1113
1924 J -J
118%
incomes
114 1191
11)11 .91-0/
2
11 i)12
1'21 122 121 Jan '0,
117 121% Clue Rocklst35 Pao 138 11117 J -J
Registered
11117 J .J
90
00
PO
General gout 48
871.4 1+1
11.1b5 J • J
Registered
1088. J -J
10614 Sale 1061
/
2 10(3% (37 106% 111
Refunding g 4s
11+31 A-0
101/
1
2102 102
11/13
981
Coll
/
2 105
trust Serie/Hi 48 _1910 .81-N
1111/34 blay'1/7
J 4s
11)12 91.34
PILL M-N
N
1111),
O4,3
1917
P4s
1915 .41-N
Chic It 1 & Pau RR 48 2002 34-N
114%
112 11634
Registered •
11634 Dec'08
200'2 M
1000 11/834 1085
Coll trust gold be •
/
2 1101
. 108% 14 971
/
2
1913 21.s
Bur Ceti 13.0 Northern—
113 Apr'013
55
Con 1st & col tr g aa
51
79 Jan '09
1113,1 A-0
135
Registered
/30
78 Dec'08
78
1934 A-0
441
/
2 64
601
/
2 621
()RIF& NW latgu bs 1921 A-0
/
2 611
/
2 Dec'05
41
60,
51 & St 1. let gu g 7s 1927 J-1,
4 (33
63
60 Jan '01)

Y:J2
J.2

y-I

Price
Friday
Jan 22

Week's
Range or
Last Sale

Rance
Year
1908

1.;

Btu
52
62

AgA Low
tglt No tow 11
55
52 Dec'08.
57
27
521
/
2 Dec'05
521
'27
/
2
8958 Feb'08
89% 89%
103
1(14782'ne'08
/
21041
1001
/
2
106/
1
2
115 Nov'uo
1(18113
105 bec'tre
1031
/
2
1071
/
2 Dee'08
92 1071
/
2
128, 1181
/
2 128
128
117 131114
127 +,5
12712 1271
/
2
1201
/
212414
110 silt 110
110
107 111
+1041
/
4
111134
9934 Jan '(/..
08 101
100 1001/2 1001
/
2 10014
9812101
974
eg

Iday'07.

..

103
110

103% Dec'08 •••• 102 1051
/
2
116
117 116
10712 11012
/
2 2
115 1131
/
2 1131
1013 Sale 104
106 170 1/6 Ha%
102
104 241,0'06 ---• ......
11()12 9034 110½ Jan '01)
81/1
/
2 921
/
2
112 1'el.)'00
107
90
90
00
11)
9814 100 i0014 Dec'08 ...• 91/
1
2101
941
/
2
93 ▪ J'ly 418 •••• 89
9312
105%
/
2 0+36'0 ...• ......
1131
95 Sep'05 ••-• 95
05
79.*
'113'S 79
6734 7113e
741
/
2 75 Jan '09
77%
60
mu +8eisy'l./5
100
101 Dec'08 •..• 97 101
11111
/
2
99'ti Sale
907 110 97 1031
/
2
92
/
2
92 sole 911
/
2
1.431
86
91
91% Dee've. •-.• 8634 0134
1028
.maw 104 • 11/3
971
/
2100
106
104% Oct 't/b ...• li./4% 106
9834
/
2 Nov105 ---• 9(3 101
11101
101.4 102 1011
/
2 Jan V)
9814102',
100
10158 Oct '0:3
/
2
/
2 1011
11/11
9614
1/1)

4,,

103
102 Jan 'OU
971
/
2 103%
104
1.03.1
.Jan '01)
/
2 105%
1041
uU
oil
bS tu
/
2 88
3. 821
129'1,130 1293 Jan (.11)
122 122
114/
1
21151
115
/
2 /15
1U6 Iltre
1131
/
2
118 Ireb.()b
1141
/
2
114
114
1 107 OH%
1271
/
2
112

128
128
t, t1714 13058
108
'us ••••
108
104.3,3NOV'US .". tu0 104%
105 Jan 'ye
/
2
10314 1061
l0234 Oct03'4 37 100 10414
103 v 'uo
i03 12 1031
/
2
/
2
0178• 011
85+4 05
it° Oct.'05
112 Sep '05
1.14) 11.4
1.017, Jul+,, 13 101 104%
10111
/
2Jan'09
108%112
J
Lu '01)
jOe
1041
/
2 108

104 •••• 106
103
101
1021
/
2
110
1121
/
2
10134
110
105%
12'2'4
102%
itr234 102".
10212105%
100,
4
101% Apt'Us •••• 101.118 101%
108'
Lodi., Nov ()13 -•.- 106% 10111
/
2
1.1)1i4
'00
8Jan
1013
11/(1%1027
.
101%5 102 1011
1 11 100,
/
2 191 ,
/
2
4 1041
1.00% 100% Jan '0,)
it/1 1031
/
2
101.1%
110 Jan 'ilk,
,(18 111
11)2/
1
2
1051
/
2 Novg./5
105 lt)5 14
110 101% Dec'0o •... 10/
/
2
1
2 1101
11.6
11714 Dec'08 ...• 115% 118%
1t/01
/
2 104
00 211007 •..• 1.19
90
Apr'vb
0812
104
118,
••••
2 013%
t/434
96
b9
911
/
2 0414
8-3 Aug'ut -• 80 • 80
1.11
+.,May'ub
ku
.•-• 10119 111 12
1.U1Aa
110 A.utetto
L08,
,110
107 10;) 1533 Jan '5)1+
100 1(1912
1051
/
2
111134 11W.
lot)
itiL 1+8 Dee'ub
ti.;(5i;
101 1,e....'05 ...• 99 kj 101'1.
luti%
108 Jan'uv ...• 11/5 10834
103
.Jan '0,
1117
[08 12113%
J'Iy
107 109
10214 Dee'0o
101
10134 10214
11m Salt. 1.00
luU
1.01 10138
119/
1
21201
8 1.20%
/
2 11934 Jan '01,
115 Jan ve
110 1131
/
2
1231
/
2
142
La',
123 Jun '01'
102
1()L1 Sop '01
114 Hs 1137
. 114
112 1161
/
2
11234
1121
/
2115
1121
/
23
'13''0*'
/
4 2., 1)1 11/2 14
100% WI tou1
/
2 101111
lis
07% Doe't/5 •... 1)6's 97%
1017
/
2 304 831
921
.
11134
sale
/
2 92
97 J'ly'04 •.•• ......
/
2 Nov'tio
921
1041 +4 Jan '07
elny'04
90 Nov'518 •.•.
134 Aug'u,
7(1
771
/
2 Salo
78 Jab
65 Aug'05 ...•
1)2 111
02 sale 88

11i7,

1131
/
4 1161
.115 12 Dec't15
12012 Mar'021
107.4
111 Nov'05
125

106

1167
.

.1tISCELLA25E411138 130A I s—Continueil oil Next eage.
street Hallway
.
Brooklyn 121(9 Tr gbs
1940 A.0
1st refund cony g 4s
200'2 J-J
BkCity'let con 58.1916 1941 J -J
Ilk 900.013con pug 58 1941 M-N
Bklyn 1.1 Ii El 1st g 4-58 11/50 F-A
Stamped muar 4-58_, 950 F -A
'King* Co El let g 48„, 11411 F.A
stumped guar 48
949 lo-A
•'Nassau Elea gu g 48
951 2-u
Conn Ay & List& ref g 41
/
28'51 J -J
• Stamped guar 4/
1
2s
• 1951 J -J
Deu Coil 'Tr Co 1st g 5s, 1933
Dot Butted let con g 4'0 11132 J -J
Havana Elea consol g 5,3 1952 F -A
Iniet
,
Met colt 4 10
19515 4.0
Inter Rap T 3-yr cony 98.1911 M•N
Internet Trac cull tr 4s 10/11 J -J
Elec 1st & coll 58 1953 M-8
•
praa,a ronty; niteet price thiti




104 Sale 103
40
104
84% Sale 831
85 552
/
2
1021
/
2
103 Dec'08 ..
951
/
2 1001, 91 Oct'08 ..::
1011
/
,1..
210134 101
10134 ..1
1001
.Nov'Ot
811
/
4 set)'083 ....
83
10
15
0
9314
4 ale
102 Sale

a7
9
788
'
5
512 Ai:
95
:8 111'
102
1
102
115 .Pne'01
81
811
/
2 Dec'0:
94
86 Oct '08
81.1
/
2Sale
78
85 14 .01.
103131351,, 1031
/
2 103,
, 26,
70
70 Dec '13)- ••••
98 mav'Ot

week. aline Jan

a Dun ,1,r

Street Hallway
91 102: Bet St Ity gen col tr g 58 1997 F-A
84
20 68
89
851
/
2
87
651
/
2 8614
2002 A.0
Ref g 4s
40
55
681
/
2
118441Jan'09
Isway& 7th Av let c g be 1943 J -D
- ------103
103
61 93 105
56.1903
&10,11Av
Col
3I-S
'0,
let gu g
978
90
9 102
1331 10014 9838 Dec
941
1)4/
/
2 99
4
1
9
11:
8
31
/
2 10%
hex Av & P 1 1st gu g 5s 19113 U.S 1001
2
/
2
95 102
100 Jan '01
411,
.
4 75
Third Ave RR con gu 48 2000 2,1
701
68
/
2 73 Dec't);
8114 811
Cent Ti' Co coat), stinp41... .
/
2
70 .7r 30
73
/
4
0934 Sale 681
Third Ave Ity let g 58 1937
109121101
101 111
/
2 10111
/
2 100'Met \V S El(Chle)lst,g 48 1935 F-A
0
7757
5
By & Lt gen 41
8
85
1/ 264'
se
1 1p
Y141;
0114j
/
2s 1936 J - J
78 79)
9313100', St Jos Ity Lt H
UJ
P lst g 5837 M-14
98 Nov'W• •-•
IFS
.
Paul Utly Cab con g 56_1937 J -1
110/
1
2A
Nu
ogy:u
t)
Underground of Lou 58_11126 M-N
61
) 83
411
40
411
97
/
2
1/4
86
77
Sa
e;le
81
27 s
.
J -J
81 151 70
731
/
2
4',s,
4111
/
2 82,+,
Income (35
11148
23
121 '20
100 1114
1111100 Et (Clue) 1st g Os. 1'34.,
84, 101
:14
233‘OcE++:
-•
2/
60
70
United It Its San Fre f 48.11/27 4-0
72
72
75,4
72 Sale
1: 51.3
United Rye St 1 itt g ,1e 11134 J -J
85
8314, 8114 84 14 Jan '0: ..• 76
e
u
no it.i.)tie lY 41)115 .... us u11.1,2 ..,et
a Aiud -.cry at) ,L1011 sale

216

New York Bond Record-continued-Page 2

[VOL. LXXXN III.

.4
BON MS
Range
Wastes.1-rzce
14..'.:
liON Mel.
-..i,
Range
Week's
.1-rice
r,..5.;
Year
Range or s-,e,
Friday
N. Y. STOCK EXCHANGE ...... !,--,
Year
Range orS-c3
/*Mao
t
N. Y.STOCK EXCHANGE t.
;968
g
Last Sate ,;:c
Jan 22
.
1908
.:
Last Sale ,4,
Jan 22
....,a,
Wkitic ENDIN0 JAN 22' •
g ENDING JN
Witit
JAN22
litgrt No Low 11191
Kau
Ass Low
•
111911 No Low 11 tg h Erie-(Con)
.443/c boto
Nile Rock I & Pao-'Con)/ha
101
1 104 107
107
102 Aug'08102 104%
5 Y Sus .31, W 18t ref 56 1937 J -J 107
Oho° Ok & 0 gen g 5s.01919 .1 .J 102%
Dec'03
4
1001
.... .
.. .
..
F-A
1937
Nov'08
107%
2d
4126
gold
....10719109
4
/
1061
1952 M-N
Consol gold 58
91 Jan '011 .... 8-5
95'i
1940 F-A , ... 93
103 Jan'09 .... 9834 1041
General gold lis
1923 A-0 1024
4
/
Keok & Des M lsc bs
114% Dec'08 ..... 110 1141,
.114
M-N
1943
58
gold
1st
Terminal
Cent
111
Bee
0
N
L&
bt
Milo
M-N
1943
each
Regis $5,000
3hic St L& Pitts See Penner,
I
1 101 103
101% 10134
MidRRofNJ letg68 1910 A-0 10178
nit)SIP M & 0 con 6s 1930 J.1) 13034 13214i130½ 13088 2 121 132
101 Jan'01, ... 100 102
93 Dec'03
Wilk & Ea lat gu g 56 1942 J -D 10119
Cons 66 reduced to 3128 1931) .I.D 92%
%
....
1119
108 1131.,
Jan'Ou
112
-J
J
192o
12912Jan
'OP
&
es
:v
,
Ind 1st con gu g
,
L94 130
Oh St P & Minn 181 g 68 1918 M-N 129
12934 Mar'04
.... Erie & Pitta See Penn Co
Nor Wisconsin 1st 68-1930 J -J 12619
112 Jan '08 .... 112 112
111
J
•
J
1921
Dec'08
117
12
1118
68
-...
116
cons
1st
11
'1'
&
11
Evans
115'9
8
.
A-0
68-19111
St P & S City 1st -g
102,2 j'iy'08 .... 10 103
1942 A-0 101
lat general gold 66
Ohm & West Ind gen g 66 g1932 Q-M • 113 12 11412 112% Dec'08 0.., 112 113
114 A pr'05
9634
9714 -...
4
Mt Vernon 1st gold 68 1923 A•0 100
91 100
' 1952 J.4 '. 9634 '
Coneol 60-year 48
95
95 J'ne'08 .... 95
A-0
4
963
1930
58
g
let
Branch
Co
Still
Mare
Pere
See
Mile & W Mich
41argo & So See Ch .M & St P
I
Cho°0& Gulf Bee C it I(lb P
1113 Oct.'00
11. lint& Pere M See Pere Mar
31n H & D 20 gold 412s 1937 J -J
_
06 I 95 Jan'09 .... 96
Fla C& Penin 'See SeaAir Line
93
Cin D & I lst KO g 5s 1941 VI-N
105 Mar'f0,
Fort St U D 001st g 4%6.1941 J -.1
C _Find & Ft W Pit gu48g.'23 31-N
70 Aug'08 ..., 70
70
ift W & Den C 1st g 68-.1921 J:0 11614 117 11612 Jan'09 .... 104 11612
70
Cin I & W 1st gu g 40.1953 J -.1
87% 6 74
88
a7 19
19
85
J
J
9U
48...1928
g
9619
1st
.31,
Gr
Rio
90
I
W
Ft
I 96%
9612
Ind Dec & W 1st g 5s 1935 J -J
1107½ Dec'02
4 i al Har & 8 A See So Pao Co _ _.
1935 J -.I
1st guar gold 5s
0912 1.16 Sep '08 .... 96
98
P"
58.1913
lat
11
1882
of
l)ral
H
&
.L
St
&
000
See
0
tib
L
9151
Georgia & Ala See Sea A Line
Dln S & (/ See 0 U 0 St la
J
Ga Car & Nor S'ee Sea A Line
Dleailield & 111 ah , S'ee li it & P
.
, 28 92
987
9012 ueorgia Pacifies See So By
Olev Cln0& St lo gen g 48 1093 J.0 9812 Sale I 98%
0519 10 96
05%
95 .,•
1939 j..1
Ulla V 0& Nor See So Pao Co
96
Cairo Div 181 gold 46
9514 Oct 'Ots .... 951
4 9514 iiouv & Oswegat See N Y Cent
/
95% 97
CM W & M Div 1st g 46 1991 J •J
975, Jan'01) ...• 90
115½
9634 Ura,nd Rap & Ind See Penn RR
St L Div let col tr g 4s 1990 61-14
91 Oct '07
Gray's Pt Term See St L 8 W
1990 M-N
Registered
9734 Sale 0734
9812496 .9214 1003,
92 Feb•OS .... 112
(it Nor-C B& Q colt tr 4s 1921 J -J
92
Spr & Col Div let g 48 1940 11-S
98
98
3 9212 98
98 Sep'06
1921 Q4
Registered.h
925,
W W Val Div let g 48'., 11141) J -J
105 Jan'04.
Greenbrier By S'ee Ches & 0
4„
0.,
01 St L & C consol 63 1920 M-N 1„
95
MI Oct '08 .... 95
9912 Nov'08
k19313 Q1' 90'
let.gold 48•
4 9919 Gulf &Sllstref& tg 5s 81952 J•J
/
951
13
97 Oct 4)8 .... 97
.
1,1 an & St Jo See C ii do Q
97
k19313 Q.F
• Registered
110 Dec'08 .... 106%110
1 1 ousatonio See14Y N H.& 1-1
Oin S & CI con 1st g 58..1928 J.J WS%
9812 1071,
11434 Sep'08 .... 114 1143, liock Val letconsolg4128 1999 J -J 107 Sale 10538 1071*
1014 J-0
. & I couso178
0C0
100% Sep '08 ...10(119 1001!
u ,_
.
1999 j- J
Registered
Consol sink fund 76.-1914 J-D ,
96 Dec'08 .... 913
96
Col & 11 V 1st ext g 48 1948 AV() u.-5"
120 130
130 Nov'08
• . General consol gold 68 1934 J -J 12678
98.4 ........ill' Jan 'Oil .... 96 109
1955 F-A
Col & Tol 1st ex 4s
: 1934 J -J
Regiatered
Pac
J'Iy'08,
So
See
.... 94
94 .
tioust E & W Tex
95
Ind .131 & W let prof 43 1940 A-0 93
[Ionia& Tex Cen Bee So Pac Co
...
...z
0Ind & W 1st pf 5s...411138 t2-J
101 Dec'08 .... 101 10311
I Blume Central 1st g 46 1951 J 1 10219
6 85
us
93'4
9334
93
Peo & East let con 48 1940 A-0 ,
10735 AK'117
1951 J 4 10134 •
I- Registered
50
7 35
60
1990 Api• 00 Sale 50
Incorne4s'
,
4 Sale 1197e 10014 225 DU% 100,
/
1956 31-N 1001
1st ref 4s(when iss)
Dlev & Mariett at Me Penn Rh
930eDec'1)8 .... 9134 93a,
J.J.
,
.
19'1
3.28
gold
1st
9114
play & Pitts liee,Penn Co
'08
Aug
....
4
901
91%
J-.1
9112
4
1951
910
8119 50 5512 84
Registered
81 14 Sale 81%
1947 j..1
Dol Midland let g4s
1434 Jan '10 .... ......
1951 A-0 9319
99 301 82
985,-Sale 981
4
/
Extended 1st g 319s
99%
Deloratt.i& Sou 1st g 43 1929 F.A
Oct '04 .... ...
7u
S
M.
1951
9914884
sterling
4
3s
73
gold
983
1st
97%
bale
99%
1935 Ivi-N
Reltind & eXt 4/28
101 Deo'1)8 ..... 1.ii 102
1952 A.,.,0
Coll Trust gold 48
90111111 & (4reelIV /Bee 80 117
1,8 A.Lay'u i .... . ..
1952 ,4-,4
Registered
Dot & Hook Val See Hock Val
4 102
/
101%
9919 Det:'0/1 .... 981
1l9
11-14
Tex
gold
4s
&
1953
0
N
L
Doi & Tot Bee Hock Val
May,07
97
,-PI
Registered
1953 11
Dol Conn & Term Bee N & W
10234 Jan 107
Bridge
gold
48
0
'
Cairo
.
99
1950
5.0
46.1943
Rive
g
Pas
let
Donn &
9012
1034 No v'l)b .... 85
8919 91
LoutsvDiv&Term g3%s 1963 J •J
95 Jan'09 ...• 91
91
Dube RR 1st 50-yr 5 g. 1952 .1-J
1921 F-A 105
23 May'111)
Middle Divreg 58
&(It So' bee C 1146.kit 1'
78% Apt'IA
g
lst
3s
Div
A
Omaha
F1951
kJelle:3 & Waco :8ee 61 K & '1 D
7814 79% 7014 DeC'us .... 7614 791,
St Lotus Div&term g 38 11)51 J - J
Dal back & Western4
/
771
1951 J - J
Registered
11458Jall'09
11414 118%
411
11,
Morris Se Egsex lat7s 1914 M-N ,
9019 Dec'08 .... 79,2 9034
3
117
1951
J
J3196
11719
Gold
89
11819120%
1915 J-D 1.4
lat cowed,guar 76
101.3 Uct'10 .... ......
Registered
. 127 J'ne'li5
1951 J,• J.,
2,%
8
1915 4.1) 11519
Registered
100 Nov'Ou
90
4
3128.
g
.803
lat
?,-..
Div
1951
Spring
4-0
2000
let ref gu g 3126
0018Jan '01! .... 10034 100%
'09 ...., 11619125
Western Lines 1st g 46-1951 a.'", 1911%
N lt Lack,VW 1st 6e 1921 J -J 120 121 121 Jan
122 yee'i)5
119
112
1923 4 *0 116
Bellev & Car 1st 138
4
/
0 1085,1121
1923 F-A 11178
Construction be
1,7 Sep '01 .... 97 100
Deo'08
4
/
1001
4s
g
9s1,2
lat
8
M,-„
Shaw
&
11132
b
Car
971*102
1923 M-N
Term & improve-Mi
102 Feb'03
4 121 117 Oct'08 .... 112% 1.17
/
Chic St L& NO g be 1951 4-i-1 1191
92
Warren lsigref gu g31-28 2001) If-A
1934 Mar'04 .... ......
1951 J -1)
Registered
12119 Apr'08 ..... 12P.123
Del & lind Mt Pa Div 78 1917 M•S 12/
e814 Feb'07 .... ...,..
141) Aug'01 . ...
1951 J, -R
1917 m.s 119%
Gold 3128
Registered
blar'ut .... 100 100
101%
100
4
1)T1,
1st
AN
g 4s. 1951 •,,,-;.„,
111174,
memph Div
102½
1943 M.N 10118 Sale
4
1st &ref 4e
08
98 J'ly'08 .... 08
'-,
St L Sou 1st gu g 4s. 1931 a'.
9419105
.9
1916 J -D 102 Sale 1015, 102
10.yr cony deb 46
104
Deo'08
.
U
,
L
CO
St
S'ee
•
.
&
West
&
.
4
/
Ind
96
131
104%
1021
..i
1st hen equip g,4 128 -.1922 ,I
95
97 Jan'09 .... 95
9712
...-.1
1950 .
4
/
9814 .-.
11 9134 100
Intl 111.8 la let g 4.6
1946 A.0 98'4 Ale 981
Alb & Sus °env 3128
129 Nov-08 .... 12819129
Ent & Great Nor lst g 68 1919 a-N 10719110 110 Jan'Mt .... 101 110
Rens & 8aratoga 1st 76 1921 411-N 129
Isov'ue, .... 70
9011
85
87
M-S
1909
58
gold
2d
Del Riv RR Bridge Seel% RE
60 Oct '0,
40
30
98 Sale 98
1921 M-S
4 89
98
09,4
3d gold 4s
Deny & B.(ir lat con g 48.1980 J -J 102
1.1) 11)91,3
4 112 11
/
109% Ian'09 ... 001
4
1033
Dec'08
1938
56
gold
1st
Central
98
103%
Iowa
1936
-J
J
..
.
Consol gold 419s
82',
82 LW 70
81)34 8aie 8034
1951 NI-8
Gold 413
......... J-0 10134 103 10134 Jan '01) .... 94 103
Improvement gold.
J etterson RR See Erie
118
08 . .. 97
._,Fen'
,.,
98,
Rio Gr Jtine 1st.gu g 58.1931) J-0 104°8
s
&Di
LS
See
R
(I
&
A
..
.
al
..
1,1
05
.
.
ven'
I
,
',
.J
J
Rio gr So 1st gold 46.-1940
85 Mar'08 •-1 -;;6
I•1-an & Mich See Tol & 0(1
135
„,,
194u J -J
Guaranteed
K 0 Ft8& m See St L& 8 F
12 83% 98
99% •-•-• 95% ., 96
19311 J -J
Rio Or West lst, g 48
87
80
Cdb Id It& B ,S'ee St L& S F
IC
'10
..
1,9
'
Jan
89
Mge and col txtuit 48A-1949 A-0
97 J an '1)2 .:
(Can 0.8 Pacific Bee AI K &12
....
Utah Cent 1st,gn g 46 41917 A-0
74
7412 224 69
City Sou let gold 3s 11150 A.0 7434 sale 7319
Kan
L
St
.8
51
See
1)
.30•11.
Sim
s
e
63 Oct
110 Sep '04
1950 5-0
Registered
ea Slot On By let g 58 1917 11.N
2
95
95
100
'01et
Kentucky Cent See 1. itl N
& Mack let den g 46 1995 14)
110 Jan WI) .... 80
90
id)
Keok & Des blo See 0 R I&P
1995 4-1) 88
Gold 48
Knoxville & Ohio See So By
Detroit Southern=
11238 Jan 'OD ..... 10612114
80
1 7734 84
80
83
i ake Erie & W 1st g 58..1937 J -J 113
Ohio Sou Div let g 48-1941 M-8,
114
114
1941 J -J 10719110 107 44 Jan •ub .... 100 106
13 102 115
1_4 21 gold be
Dni & Iron Range 1st58-1937 A-0 .15%
um%
A-0
114 Jan 1111 .... 105 110
1946
Mar'Uts
1st
114
58
g
Ohio
gu
North
101312106½
1937 A-0
.,
Registered
L Sho ao Mich S See N Y Cent
1911) J -J
2.1 Os
1 10214 1091
108
108
-J
10712
Salt
J
list
N
gu
Val
4128.1940
g
Leh
Pao
Nor
Dub Short Line Bee
108 Oct'08 ... 1.08 108
1940 J -J
Registered
'
Dui So Shore & At! g 58-1937 J-J 110 112 108 Mar'08 .... 1075,109
9714 Jan '01 .... 8712 95
97
Lehigh Val(Fa)cons g 48 2003 .91-N
Viuit of Minn See StP M & bl
4 Jan '01, .... 108 117.
/
1161
Leh V Ter IV lat gu g 514 1941 A-0 116'4
l'iast Ten Va &(4a ties So By
106.2 May'08
4
/
Registered
109 L./ IJCI) '91f
10619106'-,
1941 A-0 1151
1111gin Jol & East lat g 68 1941 M-N 1113s
12J'ly 'ut• .... LO6 1071
017
lat
-J
J
Co
ga
Coal
V
68
g
Leh
1933
NI
&
Leh
Bee
Slm Cort & No
9 7 m.is; 10019
99% May'08
99 105
1/7 blity't .... 95% 97
Leh & N I let guar g 4a 1945 M-8 93%
lie
n 1st ex t old 48
104% Apr'Ob
Registered
11/1 12 10419
1945 31-S
-S
1919 11-S 106
2d ext gol bs
1131e Jan'06
104 Dec'08
93% 104
El C & N 1st pf tia
1914 5-0 lin
1923 M-S 10312
Ild ext gold 41.0'
Gold guar 56
10514 Jun'06 --------------1914 5-0 98%
104 110%
10519 Nov'08
•••
1920 A-0 106
4th ext gold 58
98 Oct '08 .... 98
Leh & Had It Bee Cent of N J
98
1928 4-1) 95
5th ext gold 4s .
Jau
12419
'1)b
117
Bee
&
127
....
Leh
Cent
J
Wilkeeb
otN
12i3
1.1-S
1920
lat C011801 gold 7s
. 120 121
Leroy & Caney Val Bee blo P
124 121 Oct'08
1920 14-5
let consol g fund 75
59 60
8419 87
8619 ...
9012 Long Dock See Erie
86
Erie lat con g 4s prior 19116 J -J
79
Long laPti-lst con g 53 h1931 Q-J 109 111 110 Jan'011 . .. 105 1121.
79 Jan'08. ... 79
85
1996 J -J
Registered
. ,
4
/
971
7612
18t consol old 48
72
114 35
51931 .4-J
72 Sale 7119
1st consol gen lien g 48 1906 J -J
4 971)
/
1938 .1-1) 96 .... , 1.,638 Jau'OP .... 8.31
General go d 48
8512 Feb 107
1996 J -J
Registered101 102
....
Dec'08
4128
Ferry
M-S
102
gold
10012102
4
8512Jan
073
875,
'09
1922
8478
1951 F.A
Penn Coll tr g 48
8012
4 '1312 r,5 43
/
Gold 48
11914 Oct'06 . . .. ...
1932 1-1) 90
, 721
1953 A-u * 7219 73'
60-year cony 43 A
'
94
1949 M-8 93
Unified gold 46
9419 Deo'Ob ..- - 8/
95
70
•
U4% 110 40
0334
Series B 1053 A-0 * 6312 64
• do
104% Dee'Ob .... 104%10412
Debenture old 58
115 118
1934 J-1)
115 Atig'u-,
BW1 _NY& Erie let 78 1016 4-1, /16%
98,
98 Dec'08 .... 111)
Guar ref go ti 43
100
1949 M-S *
Chic.8 Erie 1st gold 68 1982 M-N 115% 117 11568Jan '01/ .... 10814 1154
Bklyn & Atom lat g 63 1911 M-S 101
L21 121
121 Dec'08
Cloy & Mahon Val g 58 1038 1.1
04Dco'ut .... 10014 101'
.1
98% 106
0
1.
.
1st 511
1013 Dee'08
1911 sa-8 10038
Jeff RR 1st gu g 5s....a1009 A-0
104 IN ov'06. .. ...
NY IS& M. B Ditcon g 08193b A.-0 10412
Long Doeit 0011801 g 06-1935 A-0 127 128 128 Dec'08 .... 121 128
Apr'Or,
31-8
g
1st
B
be
995,
105
R
Y&
'06
1927
Sep
N
118
11/9%
Coal& RR 1st cur gu 68.1922 M4.
109 Nov'06.
106 106
Nor Sh1.3 lst con g gu5a o1932 Q-J 103
106 Dec'08
Dock & Imp 1st our 68 1913 J•J *102
98
10 08
99
99
99
let
Ark
g
.8
'08
100
Feb
1110
....
Louisiana
53.0)27
M-5
100
110
106
5
M
1946
56
g
gu
X I a:. Green L
.111SUELLAN Et/ On BONIP.,--Continueii oil ex' i'age.

-.

l

(his nod Electric Light
12 99 103
103
4 103
/
Lac Gas LotSt 1,1st g 88.61919 Q-F 10
3% 1031
00
1 100%101
101
3
101
lief and ext 1st g 58
92%107
10614
1934 A-0
1064 Sale 105
8912 95
15 119 150
Milwaukee Gas L 1st 48-1927 M-N
124
9119 945, 115 Oct'08
117 123 123
50 88 104
63
101
N YGELli&P g 5s 1948 J -D 110001 100-19101
60% 10 54
60% sale (30%
88
99 75
84
103 169
8319
Purchase money g 46 19411 F-A
165 Dec'08
8334 sale
9812130
100 Jan'09
Ed El III 1st cony g 53-1910 M-S
1005,.Tan'09
93%103
10058
1071911219
Dec'08
'112
gold
5s
consol
'08
Sep
let
111
8
1993
955
J-J
95%
965,
95
89
95 Dec'08
NY&QE1 L&P 1st con g 531930 F-A
02
4
/
90 1001
100 Deo'08
96 Mar'08
96
NY & Rich Gap 1st g bs.11121
96
10(4%
104% Nov'05
6112 Oct '01
Pat & l'a,s t..4 & B con g 68.1949 M.8
10 107 1-2 120%
120
'120
79.. 84 Peo Gas Se C 1st con g 66.1943 5-0 119 14
84 Jan '09
.10612141
85
84
04 104%
10234 Jan'09
8,
Refunding gold 5s
19234
1947
140 13812 139
98 10534
[103 Jan'00
10734 Dec'00
Ch0L& Ckeletgugiis 1937 J -J 103%
95 103
1%104 103 Jay'09
102 J'ly'118
01
10
10119102
Con (1 Coot Ch 1st gu g 56.'36 J-D 1
10311
92 101
101 Nov'08
99 Deo'03
31,u Fuel Gas let gu g os.1947 M-N
......
104
Syracuse Lighting let g 06.'51 J-1) 97
103 111% Trenton 0& El let g 08..1949 M-S
11)0 Jan'09
110 AI ay'05
109
83
89 Sep
103 Ply'08 .... 10114 104
'it)
Westchester Light's; g 53.193i J -D
*Me plioe inridaly;'O&M bid and asked tilts week.& Due Jan b Dite Yelp 4DueApr eliasktaf A, Dee J'17 is Dae Aug D tie U9S Duo Mis a Option San.

Gas and Electric lAght
Atianta G 14 Co let g 08 1947 J-1)
Bklyn U Gas 1st con g 56 1945 M-N
Cony debar,)Js..,.---- 11)09 M.S
Buffalo Gas 1st g 03
1947 A-0
Voneol Ges cony deb 68
1909 1-4
Detroit City Gas glis
1923 J -J
Del Gas Co con let g 5s 1918 F -A
1r.d.E1.11 ties.N Y 084 E LH & P
jig LN list cos g ba 1932 M-S
Vlas& Eleo Berg Co c g5e:1849 J-1/
lieu Electric deb g 3126 1942
1917 J-D
10-yr g deb 68
Or Rap (-4 .L Co let g 58 1915 F.A
Kildson Co Gas 1st g 54 1940 M-5
IXan City(131o)Gas1st g Sc 1922 A-0
King8,Co El L.82 g be 1937 A-0
4.9974 A-0
Purchase money 6s
1,k1
1181441 let con g 4s 1939, J -J




New York Bond Record-Continudd-Page 8 •

JAN. 23 1909.1

Prtee
Friday
Jan Ve

E

N. Y. STOCK EXCHANGE
WEEK ENuiNe JAN 22

Week's
Range or
Last Sate

Range

Year
1908

BON 1,7,
Prtee
1:1..2
Friday
N. Y. STOCK EXCHANGE t.,1'
g
,..a.
Jan 22
WEEK ENDING JAN 22

217
Week's
Range or
Last Sale•• ,..•

Rano*
Year
IOUS

But
Ash Low
.Htgit No Low Nigh N Y Cent & 1-1. R-(C'ontinued /
486 how
Rig/ No Low Jitgli
/
4Deo'08
Gouv & Oswe 1st gu g5s 1942 J-D
117 1171
112% 120
,
98 Mae°. . Us
1101
/
4J'ne'08
/
4
Mob & Mal let gu g 48..199) B-S
1101s 1101
114%
98%
38
114%
105 Oct '0'.
N J Juno R gu let 4s. .1986 F-A
101 10112 100% 101
22 95 103
102
96% Oet'0. 101 10J'ly'06
N Y & Harlem g 312s. .2000 M-N
99
90% 961
/
4
1094
107;Aug'0 .... 107;107;
101
105 J'ne'08
N Y& North 1st g 58. .1927 A-0
105 105
100 Sep'0:
/1 Y & Pu lateen gu g 48 1993 A-0 95
108
l0934 Dec'08
102 109%
, 100 100
97; 24 88
A0
97
Nor
97;
&
Mont let gu g 58.1916
98
107 Rov 107
111
Pine Creek reg guar 68.1932 J -D 130
111 Jan'09
110% 110%
1071
/
4
R W&0con 1st ext5s.h1922 A-0 110%
104 Mar'08
1 10878112
10314 104
105 Jan '0t.
123
,.... 105 105
122 Oct'08
08W0 cfc It 28 gu g 5s...e1915 F-A 102%
115% 122
120
120 Salt. 120
R W & OT R 1st gu g 5s.1918 M•N
103 Sep'08 .... 103 103
1071
/
4 Ang916
Rutland 1st con g 4,gs 1941 J -J
88
91; 93 Deo'418 .... 82
113
93
117 May'07
......
Og&LCham 1st gu4s g1948 J -J
90 Aug0a .... 85
9U
62% Aug'07
63
75
......
Rut-Canad 1st gu g 4,3.1949 J •J
112 Nov'08 .... 112 112
St Law & Adir let g 5s. 1996 J -J
95
95% 95 Jan'09
86
95;
125
Feb'0.
135
A-0
....
'06
2d gold Os
125 125
116 J'ly
......
1990
107%
10314 Dee'08 .... 99% 1084
110 Jan '09
Utica & Blk Rh-gu g4s.1922 J-J 101%
/
4
95% 25 80% 96
116% 07
Lake Shore gold 3;s....1997 J -I) 94% 95% 951
88
96% Jan'09
9'734
9312Deo'03 . 90
103 DeCUS
93;
97;103
;
103%
Registered
1997 J-1) 93
1928 B.S
9534
36 ..66 8876 97%
1)6
97
88
88
88
5 79; 88;
Debenture g 4s
957
,288 88% 96
951
/
4Sale 95%
111;
113 Deo'08
11014 113
25•year g 4s1931
.... • m.N
95%
KaA&GR1etguo5s.1938 J -J :
(
.:9
„;4_
109 Oct'07
109 Jan'OP
113 113
108%
Mahon C'1 RR 1st 56..1934 J•J 1"-a
100 Marl): .... [00 100
112 Deo'08
112 112;
Pitts & L Erie 28 g 58.a1928 A-0 102
91% Jan'0a
91; 1.11;
Pitts Mel< dl, Y let gu 6s 1932 J•J 124 130; 130 Jan'0
2d guar 6s
1034 J-J 1'24
MoKees& B V latg 6s 1918 J• J 110
981
/
4
n9
2 92
98;
104 Dee'0.
09;
Mich Cent 1st consol 6s 1909 3,1-S.9„9,I2
104 Apr'05
97
11434 Oat 08 .... 114.14 114%
5s
1931 M•9 110-4
99% 66 96%100%
99;Salo 09%
119 J'ne't) ..
Registered
1931 Q-M
1004 Jan 'I)•.
48
99
1940 J -J
8214 50 801
82 Sale 82
/
4 80
106;Nov'01 ..
Registered
1940 J •J
25'-. 84 151
25;Sal, 25%
/
4 25; J L & S 1st g 31.26
90
90 Pne't, . ... 90
1451 ALS
23
23 Sale 23
52 14
-1 32 Jan 01 .... 88
90
23;
99
let g 3Las
92;
1062 M-N
90% Ply'01
13at C dl, Stur 1st gu g3s 19811 J -D
80 Feb'08
80
80
/
4 101;Jan'0 ... 95%102
N Y Chic &St L let g 4s 1037 A-0 100%1021
105 May'00
100 Sep'0 .... 100 100
Registered
193; A-0
93
2 92
1
9314 113; 93.
Debentures 4s
1931 M-N
/
4 103, 12 Os 10b
1031
West Shore 1st 4s gu 2361 3-J 1034
103
981
/
4
2
1013
101%
101;102
Registered
3-1
2361
N Y & Green w Lake See Erie
1'26;
127;Oct '01,
125% 128
N Y & Her See N IC & Hud
101 Dec'08
101 103
N Y Lack & W S'ee D L da W
107
118 Jan '0",
N Y L E & NV See Erie
113% Mar'05
N Y & Long Br See Cent otN J
108% 1101
/
4 109
109
1 100 110; N IN H & H-Cony 61 1948 J-J 131% Sale 1343
, 135 102 115; 157%
811
/
4Sao, 81; 85
30 78
86
Cony lichen 3%s
07 Apr'06
887b
I.
U
1
9
8
%
D0
......
18..
19
1
3%
10
0
'
0
0..
2 18
15
2 10
Housatonic It con g 5s 1.9
10
8 t'1.24
,
1
1
1
M
j
3
8
7
85
N H & Derby con cy 5s 1918 M-N 106%.
00
10034 Dcc'08 • • 961
/
4100% N Y & North See N I C 8, H
11)2 J'ue'0'• • • • ......
N Y 0 & W ret 1st g 4s..g1002 sl-S
9813 99 9999
' 92'3 100'
la
101 12.1'ne'01, 4
Regis $5,000 only
g1992 19-8
13 94 101
9934 Salo 99; 100
N Y & Put SeeNYC'&11
88;Sale 88
88; 25 77% 00
NI Y & R B See Long Island
107 10718 1061
/
4 107
67 115 106; N Y'S & W Sea Erie
434% Sale 84¼
847
.259 741
/
4 87
N Y Tex & M See So Pac Co
93% Sale, 93
93% 185 71
911;J'ne'0 .
105
06
99; 99;
Nor & South 1st god
1941 M-N
85%
86 Dec'0),
127;Jan'09 ....- 120 128%
89's 86
Norf & West gen g 6s
1031 M-N 127;
105 lull; 103 Oct'08 .... 102;105
129;Dec'Ut .... 117;129;
Improvem't & ext g 6s 1934 F-A 128
115 Dec'Oa
126 Itiov'08 . .. 126 126
80% 96
933
.
New River let g 6s
1032 A-9 126
ill
112 Dee'in, .... 105%112
Sale 98; 98% .
N& W By 1st con g 4s 1096 A-0 97
10 024 99%
;
109%
1.0911
/
4 109% 15 102 1094
91 Sep '0,
1990 A-0
Registered
107 108 106 Jan '09 .... 97;108
Div'l 1st 1 & gen g 4e 1044 J -J
04
;
Sale 93% 94; 3:-11, 8414 96
10513
1.00 10J'ne'08
/
41001
/
4
1001
10.25 year cony 4s
96'v
97't 1108 78
1932 J -Li 0714 8ale 115¼
107%
108 Jan '01.1
92
91
.39
1
901 11 77
102;10a3
.
Pocali 0 & (I Joint 4s 1941 J•D 90
/
4 1 104;115
/
4 1141
114;114,/
1
4 1141
ii)912 Feteu
C0& T 1st gu g 5s
1022 J..1 103;
/
4 213 88 102; .Solo V cto N E lstgu g 4s 1989 M-N
10/
1
4 Salt 100% 1001
87; 99
0644Jau'U. .
97% 09
104; Fe14'07
North Illinois See Chi & N W
103;Sale 102; 1113; 20 871
/
410344 North Ohio See L Erie & W
80% 411 68
80% Saito 80
/
4
801
/
4 Nor Pac-Prior lien g 4s 1997 Q J 103 Sale 1024 103 171 111) 1041
U5 Mar'Ob
92%
1 97% 103
101
95
. 101
95
Registered
1997 Q•J
114
114
in) 93
1 85
88
General lien gold 3s....a2047 Q-F 74 La eialb 74%
74' .
12''
68 "
7
8914 Sep'08
71 Ang.U.
.. 68;
71
/
4
83; 891
Registered
a2047 4-le
1011
/
4 110 Mar'ub
us
. 89
We
96;Jan 0St Peul-Dul Div g 4s....1996 J -D
99 14 Feb'u8
9834
119; 991
Dul Short I, 1st gu 58-191C ALS
/
4
111 Dee'08
109;
111 Ill
C B& Q coil tr 4s See CU Not
111%112 111% 111;
1231sDec,'0 .... 118 1'23'
103 1141
/
4
St P & N P gen g 6s....1923 F-A 120%
110 Oct'Oa
120 uct 'O. .... 119 120
100 110;
Registered certific's..1023 (i-F 120
87 hale 86
87
117,4 Ply V'
80;
31 68
St Paul & Dul 1st 5s....1931 1C-A 110;
89; 27 76
3..viy'0. . 102 1034
8914 sale 821
89;
2d Os
1917 A-0 103 9)5 i.o3,
107;Apr'Oti
let consol gold 48
109 J'IY'41- - .- 10U 100
196/3 J-I),
96
98 Dec'06
92;Jam'0
Wash Cent 1st g 4e
1948
Q-M
"3
121;122; 112;Jan '011
117 Aug'u. .... 112 117
113 124
Nor Pao Ter Co 1st g 60 1933 J -J 114
116;117 117 Jan '09
105;105; Nor By Cal See So Pao
85¼ 86; 88 Deo'l)a
82; 88
Nor Wn3 See C St P M & 0
109;
112;Dec'Ob
102;112 Is Nor & Mont See .N Y Cent
76 Ilay'08
'75
f 1 Ind & W b'ee 0 C 0& St L
75
101 Nov'U4
Uhl° Riv RR bee Balt & 0
Ire & Cal See SoPeo Co
/re Short Line Bee tin Pao
Iewego & Rome See N Y (3
,See C & N W
)
(3 If & St I)
Dao Coast Co 1st g 5s
0 i01 1.2111
110
1946 J -D 110 Salo 110
1 ao of Missouri. Bee Mo Pao
112 113 112% 11214 2 110;116
?enn ItIt let real est g 43 11123 M-N
105 Ian'08 .... 102 105
Dec'ub
112
112;
Coneol gold 53
105;112;
/
4 1101
/
4
WU; 109; 2 1101
1910 .11-S 109;
116; Nley'0",
(MIKA gold 4s
1031
/
4 106 Oct'0. .... 101;106
1943 ,41-8
11714 Mar'05
Cousol gold 44
1048 M N 104% Sale Wile 1044
, 0, WU 105;
113 Ply'04
Convertible g 3;s
91) hale 99
99% ie. 914 99
1912 Al-ti
Couvertible g 312s
9534 hale 95%
95% 69.1 85
964
1015 J -D
100% 103 100;Nov'Ob
03 10034
99 J'ne?07
Alleg Val gen gu g 4s 1942 ,v1- S
99%
801
/
4 81
80% Jan'09
83;
77
D It It R & Ilgelst gu4eg.'3b F-A
03%
Phila Bel& W 1st g 48 1943 NI-N
107;Oct'0
Sod Bay & So 1st g 5s 1924 J • J
102 Jan '0:
95;
U N J RR &lean gen 4s 1044 M-S 103%
110;Sep '04 .
/
4
104 Jas'0, . 10234 106;
Penn Co-Guar 1st g 4;9 1921 J-J 1041
031
/
4 Silo 938
95-g 5U 871
/
4 96
1031
/
4 J'ly'07
Registered
1921 J -.I
1)3
90
;
J'ue'0 •
92% Jan '09
88; 01
Guar 3,2s coil trust reg 1937 NI-S
89'4 31
1/4 Silo 9311
9
1 7; I.11. Dec'05 .... 861
/
4
1/5%
941
/
4 128 91
Guar 312s coll tr sor B. 11141 F-A
/
4 941
/
4
85 Sale 841
/
4
Tr Co certif'sgu g 3;s 1916 11-N
981
/
4 Oct'0a .... 1124-a 98%
85
86
9,3 75
891
/
4
'83; 84
/
4 87%
8734 Sep'U. .... 841
83
84
85;
blu 319s tr etre C'
84 73
1942 J -D
, 85;Dec'08
853
83
'14; 86;
Gc., 3128 tr ars D
90¼ Alar'Oe .... .
.. „• _.
1944 J -D
'76
-41)ec'0: .... SR) 16012‘
82121Nov'Ob
/
4 :00,
82;
Guar 16.25 year g 4s
1031 A-0 98% 991
v912
99
90
91) Oct'08
119 Jan'
Cl & Mar let gu g 410-1935 M-N
98;
102 Mar'04.
CI & P gen gug4;sser A.'42 J.J 110;
1
1104 110%
105;
Series B
1942 A-0 110%
Series C 3;s
98;Deo'05
1948 NI-N
93;
90
Series D 3;a
90 May'08 .... 00
1959 F•A
93%

Et

Louiriv & Nashv gen g 6s 1930 J -D
Gold 55
1937 M-N
1940 J.J
Unified gold 4s
1040 J -J
Registered
Sink fund gold 68
1910 A•0
Coll trust gold 5s
1031 hi-N
5-20-yr col tr deed g 48 1023 A-0
E H & Nash 1st•6s
10113 J -D
L Cin & Lex gold 44as 1931 AI-N
1930 j-J
N 0 4:1 NI 1st gold 6s
N 0 (lb
2ti gold 6s
1930 J -J
Pensacola Div gold 6s 1920 M-S
St I,Div lst gold 6s
1021 M.S
28 gold 3s
1080 fel.
All Knox & tn div 4s 1955 M•N
All Knox & Nor 1st g 581946 J -D
Header Bdge 1sts f g 68.1931 111-8
Kentucky Cent gold 48 1087 j.j
L&N &NI& M 1st g41as 1945 -S
L& N South M joint 46.1052 J -J
do 8 1st gu g 58 1937 F-A
N
N&C Bdge gen gu g 4;81945 J -J
Pens & Atl let gu g 6s 1921 F•A
S & N Ala con gu g 58 1936 F-A
L & Jett Bdge Co gu g 4s 1945 M-8
LNA& Ch See CI& L
ahon Coal Hee L & M •
:•1anhattan Ry conso148 1990 A-0
,
1090 A-0
Registered
Stmpd tax exempt. 1990 A-0
14611.'pt & B V See N Y Cent
Hex Cent cons g 48 trust recta
1st cons Inc g 3s trust lects
2d cons foe g 3s trust roots..
Alex Internet let coil g 4.8.19T/
Stamped guaranteed..,.1977 M-S
1910 J -D
hiex North 1st gold tis
Mich Cent See N Y Cent
Mid of N J See Erie
MAL8 & W /See Chic & N W
Mil 81, North See ChM & St P
Minn 8,, St L 1st gold 78 1027 J
1909 J-1)
Iowa Ex let gold Is
Pacific Ex lat gold 68 1091 A-0
South West Ex 1st g 7s 1910 J •D
1934 M-N
lot °onset gold 5s
1st and refund gold 4s 19411 M-S
Des M & FIB 1st gu 48-'35 J-J
blinn & St L gu See 13 C It& N
IL StP 8,58 M con g4int gu'38 J -J
USSM&A lst g 4 Int fru 1928 J -J
Minn Uu See St P M &M
Ito Kau 434 Tex 1st g 4s 1090 J-D
g4990 F-A
28 gold 48
11144 II-N
1st est gold 6s
201)4 3,1-S
let & refund 4s
1436 ,j
Gen is f 4 Las
St L Dlv 1st ref g 46-.2001 A-0
Dal ge Wa 1st gu g 5s 1910 M-N
Kan C & Pao let g 4s 1990 F-A
Mo K & it. let gu g 5s 1942 A-0
1942
K & Ok 1st gu 58
MK & T of T 1st gu g 58 1942 M-S
Sher sh & So let gu g 58 1943 J -D
Tex& Okla lst gu g 5s 1043
tIo Pacific 1st con g Os -10211
S
Trust gold 55 etaanped a1917
Registered
a1917 11.8
let coil gold 5s
1920 F-A
40.year gold loan 48
1945 M-8
1038
8d 7s extd at 4%
Cent Br By let gu g 4E0.9111
Con Branch U P let g 48.1948 3-I)
Leroy& C VA Llstg5s 1920 J -J
Pao It of Me 1st ex g 4s.1938 F-A
2d extended gold 5s 1938 J -J
St L Ir M&Sgen con g 5s1931 A-0
Oen con stamp gtdg 531931 A-0
Unified & ref gold 4s 19211 J -J
Ely do U Div 1st g 411 1933 M-N
Verdi V I & W 1st g bs 1926 N1-5
MobJ 8., K 1st cons g 58 1953 3-3
mob & Ohio new gold Os 1927 1-0
let extension gold 0a..h1927
-3
.1113a •S
General gold 4s
friontgoni Div 1st g Os..1947 -A
St L & Cairo ooll g 48...51030
11)31
Guaranteed g 4s
& 0 coil 48 See Southern
Mohawk & Niel BeeN Y C 11
Monongahela Ray Bee B &
Mont Cent See St I' Al Se 131
Niorgan'e La & T See S P Co
Morris 8, Essex See Del L8, W
ash Chat 84 St 1,1st 76 1013 J -J
1928 A-0
1st coned gold 55
Jasper Branch 1st g 66 1023 J -J
M°AVM W & Al 1st lis 1.017 J -J
1917 J -J
T & P Branch let 6s
Nash Flor & Shef See L 8) N
Nator Mex prior lien 4443 1926 J.J
1951 A-0
lst consol 4s
New II & 1) b'eeN Y N 11 & /1
N J Juno RR b'ee N Y Cent
New & Chi 1.3dge See Lou& N
N Y 13kIn eo Man Bch Bee L I
N Y Cent do li Riv g 340 1097 J
1997 J -J
Registered
1934 M-N
Deben g 4s
Lake Shore coil g 340 1998 F-A
11198 F-A
Registered
F-A
Mich Cent coil g
Registered
1998 F•A
Beech Creek let gu g 48 1936 J • J
Registereu
1936 J •J
28 gu gold 68
1936 J -J
Beecher Ex t 1st g 3'-38b11151 A-0
Cart & Ad 1st gu g 48_1981 J -0

(4

N

111SCE1.1 4NEOUS BON Ds--Contimied on Next Page
Coal told Iron
Telegraph and Telpplione
/
4 10014 1001
Col & 1 Co gen s g 58..1943 F-A
97 1001
79; 96
Am Telep & Tel coil tr 4s 1920
/
4
0134
914
1 75; 9312
9134
Convertible deb g 53.-1911 F.A
871
/
4 77 Aug'08
56
77
Convertible 48.
/
4 98%
93 1095 841
1036 M.8 92% Sale 32%
Col Fuel Co gen gold 61).1919 VI-N 106;
107;Oct '04
Inatalment certificates
92; 94
92;
92 44 San'09
Or Illy Coal & C 1st g 661011) A-0
102% Apr'06
Mich. State Telop. let 5s.1921 F-A
9214 UV%
1)8 100
991
/
4Novq)
95 Apr'02
%cart Bit Coal 1st s 14s...1940 .1•1
West Union Col IX cur 5)3.1938
IOU 10034
W2113 84 , 100
7413
Col Indu let& coil 5s gu..11134 F- A
76 Sate
87 38% 77
Fti and real est g 4;13...1950 M-N
197
76
96% 85 tif
05
Contin'tal C letst gu Os g.1052 F -A
1076a Dec'04
Cony 48, Series A
86%
84
3 75
1930
8434 81
Jed & Clear Ode I 1st g 58.1926 3-B
107 May'97
Slut Un Tel s fund Os 1911 M-14
100 100
94
1.15 Jan'09
Kan&HC & Clot s g5s.11151 J -J
105;Dee'06
1)7
Mitinsinetturing .5: I ittimitrial
Pleas Val Coal 1st gel58.1028 J •J
105 Oct'00
86
Allis-chalmers let 53
98 78
82;Sale 89%
1930 j-J
83
Sunday Creek Co g 5s....1944 J J
78 Fe0'07
Am Ag (.1llem let c 58
87%
1928 A-0 973
.Sale 9719
98 137 94
Tenn Coal gen Os
1021
/
4 1021
1951 1-1
Am Cot Oil oxt, 442s
/
4
82;105
1915
97 Sale
U6
97 111
retin Div 1st g Os
106% 1064
a1917 /4.0 1(161
/
4
, I 100 11)7'-. Am Hide & L 1st s f g 6s..1911. M-S
57 7512 100
98 Sal.II?'. 98
Birm Dlv let coneol
/
4Dec'08
J -J 1061
/
4107 1091
111) 110
Amer lee Secur deb g 63..1925 A-0 67 .68'-. 88
68
6 58; 78
Cab C /41 Co 1st go g 613.1922 J -D 105
110 Jan '09
102 108
Am Spirits Mfg 1st g 6s..1915 M-S 100
3 91 100
100
90 ,, 10u
De Bar C & lCogugOsjUlo F -A
103 Nov'Ob
1.00 1031
/
4 Am Tobacco 40-yr g Os. l944 A-0 l061
9 9034 111 12
/
4 Sale 106; 107
Va Iron Coal &Colst g 5(3 1949 M-S
96
1.15; Sale 115 I.,
6 80 100%
4s
77;hale 7714
78 36a 60; 80
1951 F-A
Victor Fuel 1st a t Ss
93;Feb 107
1953 J -J
87
92;
Am Thread let col tr 4s..19111 J •J
83
112; Dec'U
......
90;
FRASER
*No price Malty; latetn Ind and askecL aflue Jan b Due Yap o Due liar ciDue Apr h.Duo J
lc Due Aug • Une uot pDte.eNov eDu•D•41 8001400 tial•

Digitized for


New York Bona Rocord—conciuded— Page 4

218
BONDS
N.Y.STOCK EXCIUNGE
r
WEEK:Egtalla J.4',1 22

14-53

Price
• b'riclav
Jan 22

Weeie's
Range or
Last Sale

•Hangs
Year
190S

at -4

HON D.
N. Y. STOCK EXCHAND
WICP.K ENDIN0 JAN 22

7..
nfl

[VOL. Lxxxviii
Price
Friday
Jan PP

Week's
Range or
Last Sale

zirz

Range
Year
19,,8

/ha
Bid
- Loh Ac bow 11 IQ&
As/, 1,011) 11
43A Low
high S0 Low H Eg
Penn Coi--(rontintied)
:-Iotithern Pao Co—(continued,
14
: 12218 Aug'08
9114
92 Apr'07
12112 12218
Erie & Pitts gu g 312s B 1940 J J
Morgan's La & T 1st 7s 1911: A o 121 .
0114
9831 Apr'04
1920 J-J 114 ...... 116 Nov'Ou
1940• J
Series C
1st gold es
112 Feb'ir,
10518
10634 Dee'06
193e A-0
Gr lt & I ex 1st gu g 4 1231941 J.
tuti34 .10634
No of Cal guar g 5s
108.8
IOU' Nov'Ut
12738 Oet
102 10708
Pitts Ft W & C 1st 7s 1912
Ore & Cal 1st guar g 5s 11/27 J -J 113'-,,
111) J'ne'06
'9514103
207s
1912 j.j 10858
So P of Ar g 1st g 08...e1 WI) j-j 100181002 10014 Jan '01.
101.Jau
101 Oct '08
10214 10314
0.910 j-,T 10334
307s
h1912 A-0
•
107 107
1st guar g 6s
104123'ne'0:116 Al ay'05
10938
10414104',
. Pitts Y69 Ash 1st con iis.1927
......
10 Pac of Cal-08 F.& 11-...11112 A.0 103
11412 Dee'04
10914 Dee'06
......
1912 A-4)
106.10114,,
P CC & St L an 4123A 1940 A-0 1038
1st gold Us
111
116 May'0"",
1011 -Dee'08
1942 A-0 108E2
1931
Series B guar
1st con guar g 6s
[0714109
103', 104 AprWt
104. 104
112 42•1'ee'05
series C guar
1942 M-N 10814
S Pao ofN Mex 1st g 08 1911 J -J
99 Aug'08
1945 11-N 10914
99
99
series D 4s guar
So Pao Coast 1st gu 4s g 193'7 J-J
107',Feb ,
9314 96 ,
4 95 Dee'08
S
Series E 342 guar g
1949 F-A
Tex&NOSabDivlst gtis 1912
"JO
08
98 Apr'Ub
97',
.'JO's '38'-s
1053 J-D 10(114
1948 J -I
; Series•1 4s guar
Con gold 58
95;60, 87 11 971-2
95 sale 114;
116's Nov'08
1955 2-3
: C St 1,& P 1st con g 5s 1932 A-0 115
109 116.4
o Pac kilt 1st ref 4s
10914 341 8442 110.
Pensacola & Atl See L d3 Nash
1994 - J 10914 Sale 107
Southern—lst con g 5s
114 Nov'oi
1994 J.J
Peo & East Bee° C C4111 St L
Registered
'77"; ,a4 '10
12318Jan'05
109
'18,
a
Peo Pek Un 1st g 6s
1921
Develop & gen 46 SerA 1030 A-0 77', 8,41,.. 7714
81,
Yi 15
10034-Deo'03
85 7.,
88
8534 87
01921 -N
• 2t" gold 412s
bleb & Ohio coil tr g 48 193;,
107 Nov'ot,
109 Apr'92
96 10734
PeteMarq—Ch& W M 6s 1921 J-1) 102'-i
Menu Div 1st g 412-5s. 1096 J -J 107
90
8n5i, 11 69
11214 11414 11 110 112
8758
88
Flint& PM glis.
1920 A-0 112
St Louis div let g 48— 1951 J.j 88
104,
4 Jan '09
108 Sep '08
108 108
1939 M-N 105
1st consol gold 53
1041,105
1916 J.j 107
Ala Cen It let g Os
Deo'in•
J
J
901
4
1043 Nov'US
01
87
91
Pt Huron Div 1st g 58 19311 A-0 106
1st
g
48
1048
10014106
Atl & Danv
92 J - ue'Ui.
SagTus & 11 1st gtt g 48 1931 I- A
1948 J.J
241 48
PIUIB&-W See Penn RR
Atl & Ytut 1st g guar 48 1949 A.0 Si
115 411far'Ot,
Ill 17 e0'01
Phila & Reading cons 7s.1911 J •*1)
1016 J -J 108
Col & Glreenv 1st Os
.
947
101) Nov'th
0414 94; 9478
Philippine By 1st 30-yr sr 45'37 J - J
100 100
T Va & Ga Div g 5s 1930 J -J 10812
90
9778
11258 • '1125t
Pitts Lan 88 St L See Penn Cu
104 113
1956 51•N
Con 1st gold Os
10412 Dec'0:.
Pitts Cleve &Tot. See B &0
97 105 •
E Ten reor lien g As
1938 M.S 103'.
69
08 Dec'Ub
68
Pitts It W 0.7 Ch See Penn Ci,
62
1946 A-0 66
Ga Midland 1st Is
Pitts AlcKees & Y See N Y Q011
100 117
1922 J -J 115 116 114; 115
(is Pac Ry 1st gUs
114 Oet
118 Dcc'Ut
Pitts Sit& L E 1st g 5s 1940 A-0 115
107 118
Knox .0 Ohio 1st g 6s 1925 .1. J 115 1",
10014 114
115; Apeut
3378 J'ly
1st consol gold 5s
1943 J.J
slob & Sir prior lien g 6;31045 J -J 100
82 Nov'Ut
82'
Pitts& West See•B 0
ortgage gold 4s
78
.11)45 J J
1003
,1 1 b 93 102's
eading Co gong 4s
10:1 100 12
1097 2-3 10014 Sale 100
Rich & Dan con g 6s....1915 J -J 108 100 10814 Jan '011,0
1/2 .1'ne'tn95 Aug'08
92
Registered
1997 •j
92
1923 A-0
Deb osstamped
90
9712
75 out V-,
Jersey Cent coil g
76
9014 9818 Dee'ln7
1951 A 0 913
'74
Rich & Meek 1st g 4s 1948
86
9614
10254 1.03
M.N 102
Renssetaer Sac Bee
134* /41
43..
9512 98
So Car & Ga 1st g
lug is
112 Oct ',it
Rich & Dan See South Ry
......
Virginia Mid set C
10812 Dee
S 105's
Rich & Meek. See Southern
1921
Series 1) 4•5s
113 Duel),
Rio Or West See Deu & RIO Gi
Series II Os
1926 N1-6 105':)
107
107 Jan
Rook & Pitts S'ee 13 It ea I'
General As
193t:
i01.4210514
10534 Deo'u;
Rome Wgt & 013 See NI Cent
1930 ,v1-N 107
'Guar stamped
103 10534
83
Rutland See IN I Cent
W 0.0 W 1st ey gu 4s 1924 F-A
108 Dec'Ot
Qat&'T us & 11 See Pere ALIN,
West N 0 1st con g 63 1914 J -J 105
lUti 11.18
941;
0212 944, 0411
"LA Jo & Ur 1st 1st g 4s 194 I 2.3
82
9412 8 & N Ala See L N
117 J'ly
St L.0 Cairo See Mob & Ohio
Spok Falls &Nor 1st g 68.1939 J J
10818 Dee'ot 3,(, LUZ 108,4
St L.0 Iron Mount See M P
'I'er A of St List g 4123 1931, A.0 10534
1104,1,4:C0
St 1, It 4.3 & N./
W.gpaalt
06,4111.14
-11 1st con gold 58....18114-1044 krA 114
St i M Br See '1 kilt A 01St L
116 Jan 'el
Gen refund a t g 2s
11/53 I•I
90', 0734
U0 100
101
St Louis.0550 b ran macs—
111 Deu'Ui
StLM Bge Ter gu g 53 1936
123
12314
General gold Os'
1931 j.j 123E2
Tex & o bee So Pao Co
113 115
118
General gold 5s
1931 .1.2 11012 111 111/12 110¼
2000 I 4. 117 42 118 118
pu 118
103 111N Tex& Pac 1st gold 53
91
I 90 ,IP.V",
71
89
91 • 921
'15
75
/
4 91
. St L & S Ell eons g 43—'96 J j
2(1 gold Inc Os
,1200u
65
95
100 May'06
105
Southw Div 1st g 51‘ 194'i A-0 10014
1931 .J 10:3
La Div 13 List g 53
100 100
8378 Sale 85
86 38; 0414 88
Nov'U
•
Refunding g 43
W 1st gu os'A, - A
1951 -J
W Alin W
112,4
98 Nov'06
112
1 109
•
5-year gold mites 4' 190 J-D
1935 J -J 114
rot & 0 C 1st g 50 •
10102
100
111 Nliq'u,
St L M & So- East gu 4Isg1901/ J
• Western Div 1st g bs. 1935 A-0 11018
Oil',, 104
General gold 5s
'035 J-1) 101'-,, 103 104 Nov'u,
C lit S.0 At eou g 68 1928 M-14 11'7 • 119 11638 11638
Ill 114.
.
2.34
114. Dec'01
8334 Sale 8234
8334 7! 6(134 85
84
94
K0JftS&M ity ref g 48 1936
Kau & M let gu gJO A-0
St
66
J -J
57634 88
• KO& M 47 Is 1st gu 58.1921/ A-0 100
Tot P.0 W 1st gold O.
1,1
95 Nov'08
9114 14
1/2
.
2s.1925 J -J
91.", ol
Tol StI,& W prlien g 34
' Oz'ric84 Ch4.3 lot gu 5s g.1913 A-0 95
05
03
68
1940 A.0 SON,Sale 86%
67
54'
St Louis So See Illinois Cent
50-year gold 4s
Dee
'U
95
•
03
Sale
03
9
J
113
4s.h.1940
4
1st
g
U13
otfa.1989
Bull
&
1st
4s
bet
314
Ham
g
Tor
L
S
W
St
8412 93E2
1.00 Nov'Or
81 Sale 81
11. 65
103 1011
81
192,8 2-1, 1u8
!Bier& Del 1st con g
20 g 4s Inc bond etfs....p1989 J -J
5214
81 Nov.0:
81
81
7843
79
11 56
79
1932 2-]) 78
1952 A-0
it refund g 48
Consul gold 43
84)
102 14- 10
101
111) 105
10118
J
Apr'01
1941
I
-1)
PtTerlstgu
g
Os
4s
—194')
l,gr
g
Gray's
Un Pac RR &
'et,
Jan
,
4
lou
98 10212
194'; .1-J
Registered
8t Paul & DuL See Nor Pacific
97
•073
:osi 94•14 1/81
.
104
5 1(121413)614
g2008 Af-s
1st & ref Is(w. .
St Paul M & Man 2t1 6s 1909 A-0 1(11',102¼ 104
OAPs 105 Ina 83 103 14
131
1933 J -J 13018
131
.
1827 j1st consul gold Os
1264,131,
8 • 20-yr cony 48
9i/
91. 101 14
134 Deo'Ot;
1933 J.J 129'4
Registered
•
Ore lty 4.1b Nay con g 48.1940 J
Jan01
115 122
Reduced to gold 412s-11133• J 109 111 110'4 Zran
;
Ore Short Line istg 68 1022 F-A
102 11134
117',
108
117
106 11814
•
iti"e Apr'Ul
1933
• Registered
1946 J I
1st consul g As
114;
9444 1.41 ,3i1, 97
1910 Al•el .103
Dakota ext gold Os
10414 Deo'im
1921, J-D
Guar rotund 40
103',107 E,
,
87:74
Mont eat 1st geld 48.-193'; J -D 100 10038 100 Jan 'Us,
1929 J-L)
• Registered
94 101
10,
1/014 Out'06
4 nep'1"f
1071410714
Registered
1931 2-1.)
Utah & Nor gold 58 1926 J -J
IL Minn Nor Div, 1st g 481948 A-0 92'4
Unl
J RR & Co Set:11'a lilt
124 May'06
Mum Union is g Os ,1922 3-I 110
Utah Central ,,Yee Rio Ur Wes
Das J-J 132¼ 134 130 Ape08
Rout C let gu *
Utah & North See (in Pacific
128 130
•
1:304 May'06
Registered
193', J -J
l/Lica & Black It See N I Celli
98
98
08 Nov'Or
117
let guar gold • Ss
193'; J -J 116 117 117
.
9314
V autialla consol k 48 .1953 F-A
" 111 4, 114
/
4
11512 Dec'00
US bep
Will & S lf 1st gold 53.,193t. I-li 11.111
V era Cruz &PIstgu4101934 J.J
St P dl 2or Pao See Nor Pau •
Vet Val Intl ,Y4 W bee Mok
St & :5'X City See t;StI'M ea,
Virginia Mid S'ee.Soatfl by
91 Bale 89
99 110
91 122 78
SA & A PassIst gu g4s 1948 -3
92
Va & Southw't. lst gu 58.2003 J -J 110 117 1.17
11'J 10912 Dec'118
21
S he Pies & Ph let g 58 1941 M-0
1st cons 56-year 5s
1958 A-0 0814 834 1/8 1.4
109 42 109 4_
I,"
110 Oct 115
8 It' 0, N P 1st sink! g 52 1011. J J
11238113 1l24 11
,%1 abash 1st gold 58
"Ii 102 114
6412 iu5
102,2 10
Say F & West See All Coast I.
Y 2d gold As
"
1931 F-A le2".
Scioto VaI&N 16&eNor&V
Debenture series A
100; 110 J'ne'u',
1939 J -J
56 Jail'Us
37
00
12 Sale 64
Seaboard Air Line g 4s
195u A-0
64E, 11 4312 60
Series 13
11)31, J -J
90
94
too Dec'01
100 102
004 Oct 'Os
Coll tr ("Wild gibs
1911 M.1%
1st lien equip 3 rUg 33 1921 M.s
801
/44 OW,
93 maL'0(
88 Jan '01
Atl-Birm 30-yrIst g 4s.e1933
• 1st lieu 30 yr g tern'48 1954 J -J
87
VA;
85 Ply '06
1st ref and ext g 4s
7314 Sale
Car Cent 181 con g 4e 1949 J-J
7314
74 1111 .
Sc)
1956 J-J
Sc,
100 1102
107 14 Aug'06
. Fla Con .0 Pen .1st5 I,3 1.011I 100
Det & Cli Ext 1st g ds 1U4) .1 •I 101)1411114 1104 111E.
p7 Nov'0,
50'u
• 1st lanit gr wit g os
1936 I.J
Des Moin Div 1st g 4s 1930 J -J
03
60
80 Dec'0(
Consul gold 5s
100'2 Alar'ilti
11145 J.J
Om Div lst g 3323
1941 A.0 71
Deti'u,
91 12
90
UL 103", 101 Dec4)8
Tot & ell Div 1st g 49 1941
S
Ga do Ala Hy let con 5a o1945 j"-J
92 105
33'i_
41
55 .
103 100 1u3 Dee'08
Ga Car .0 No ist gu g 5s 1921, 33
Wab Pitts Term 1st g 48 1954 J
64
102 103
54
5014
48
DAS Mar'07
• sea6 41 11.05 1st As
1920 .2 1043
Trust Co certf3
54 Sale 02 •
7'2 19
12
12
Slier Sir & So Age M K ,Y4 T
•za gold 4s
1954 I-]) 11'4 12
U bee Atl Coast.1
8116p 0ea
Warren See Del-Lae & West
So Carat On .8eg Southern
Wash Cent See Nor Pao
•
8outeein
Wash U & W see Southern •
biPu 901.2
00E2 Aug'Ot
Gols193(CW1I PAO coil)./1941 J-D " 91 18 Sale 91
9114 10 8334 94
Wash Terml 1st gu 428 1945 F•A
93
"U; 49• 5438
84 3'1'6'07
; Registered •
/c11141, J-D
West Maryland 1st g 4s 1952 A-0 84's Sale 8314
05
30
98
Cent vac 1st ref gu g 40849 F-A
117.4 Sale 9134
94
993, • Oen a cony g 4s
1952 A-0
611¼ 64 Jan 'IP
LOS 105
94 Oct'OS
. Registered
•
105 Deu'u;
9412 95
1949 F-A
W Va Cent & P lat g tis 1911 I -I 1024
'in
Oct
"21163
8
108
116
93)4
Alert guar gold 342s..k 192i, -.• D
3
80
Pa
9314
West N 1.0
1st g 53 193', J .J 114
89
s7,4 116
V3E4 :tau 't
• Thiough.8t L lst,:gu 4s.'34 A-0
88
Oren gold 3-48
95
9514
1943 A-0
9534 pt; Deo'in
......
• Gal hat'& S A Istg6s 101.0 F-A
10134 Aug'06
3j, Feb
10134 10134
•
Income Os
81948 Not
15
10
•
• Alex & Pac 1st g Os
11234 Des.'08
t07 11234 \Vest No Car, see south Ity
1931
100 107.2
, Gila V U&,N lstgu00 1924 M-N
107 Jan '1/1,
10314Dec'06
[0114105
NViteel'g & L•E 1st g 5s. .1926 A-0 105
05 103
lions E & W'l' 1st g 53 1938 M-N
95 1 1 111''01
101 Jan'08
1.00 101
Wheel Div 1s1 gold 5s I.112b 1-2
• 1st gUar Os reit
11./o 4.10512
10314 Dec's);
m-N
illI Aug'01.1
Exteu & Imp gold 5s. 193u F -A
841, Si".
;Ii & TClsLgSsintgIi.1h331 J -J
8334
60
RR 1st Consul 48.... — 19411 11.9
101D4 112',
112', Deo'0.1
5414 sale
Consul g 6i4 int guar.. 11/1.- A-0
1/11
60 Dec'08
95
10758 Nov'07
J .2
20-year equip 3 I 33
.. ion gold 4s lot guar 19.21 A•0
0414 Dec808
87
Wilkes a"•East See Bite.
95
Waco& N W div 1st g 68'30 M-N
110
&m
WU de Sioux if See 8
A. & N W.1st est 53
11434 558 • 80
9214
1941 J -J
107¼ Jan '011...... 109 4, 109 1.: Witt cent,50-yr 1st u en 4s 1949 -J
931.2 Salo 93's

'

•

R

•-

•

.
.
•

U

•

\

•

•

•

.111:),CELIAN COU:•6 11111,1)",---Coaciiitied.
LY..; Industrini
Beth Steel lst ext at 5s..1926 J -J
84 117
84 Sale 8:11.4
ps sale ,
0
16
.74
7
07
8,, 11
Cent.Leather 20.year g 48.1025 A-0
18
1
,COnsol Tobacco 30-yr g 43.1631 F-A
!Distil Sec Cor cony 1st g 58.'27 A.0
7738 Sale 76
7838 161
104 Jan '09 ....
,illt Paper Co 1st con g 68.19D. F -A 1111 18 .
1035 J -J
88 Sale 87; 88
4
, Colisol cony s f.g 5s
Int St Pump 113-yr cony.(3 '13 -J 101.78102. 10134 101.3, 10
957,, 95
05
Lackaw Steel 1st g Ss.. 1923 A.0
13
114 113
Air Brake lat cony Os'28 M.N
11314 13
3
Ltepub I &S 1st& eoltr 5s.1934 A.0 10018 Sale 100's 100
'Us Leath Co a filen g6s.1913 M-N 101 1054, 105.Dec'Os
Us Realty& 1 cony deb g 53'24• J 8734 Sale 87•
8734 "VO
17 8 Rubber 10-yr coil tr 63.'18 J-D 10214 Sale 10211 10238 298
17 S steel corp-1 coup .81963 H-N 101 :Ale 10358 104's 041
•• Si 10-60 yr 53. • reg ..d1963 1,I•N
103; 10414
Va-Car Chen, col r 58 g 1912 A-0 104 12
1051
,No1'08: .
'. 1st 15-year Os
1923 J•D
94',55e 94
94 11 21;
WEIstin • lualke 1:1 &Ms t 5s '31 J -J
95 '..1ale
921
, 95 /33
'7N. pried "friday; latest bi4 and asked this week. a Due Jan




Miscellaneous
194 .v1- S
Adams Ex col tr g 4s
B'ki'n lerryCo 1st thins g 5+048
Chic Jo & t Yard col g 53.1915 J -J
Det & AI Mgr inconies 1911
Institution for Irrig- Wks
Dorel of Agricul a
4.12s (Otis)
•
1943 Af-N
lot Afercan Marine 4123 1922 A-0
int Navigation 1st s 1 5s 1921. F-A
Mau Bch li Lon g 48 1940 Al-N
Newp Ne Ship 82 D 10 5s01990 J.J
N Y Dock 50-yr 1st g 43 1951 F-A
Providence Seo deb 43
1957 M-N
811
,10338 Provident Loan Soo 4'23 1921 AL-S
85.'4 103
St Joseph Stk Ida 1814123 1930 J -J
81) 1051, 6 Yuba Wat Co con g 03-11123 J-J
9414 9514 Sp Val Wat Works 1st 03.1906 -"I-S
07
& Ref 1st s f 6E1.1931
S
9438
0 Due gel.) a Due Apr e Due -nay g Duo 'no

85 • 95
0
85
2 12
7938
64
tsu
1/914 106
'18
90
90.103
84
98
87 113
9212 100
1u
01
442 l07,6
t,9

9(3.
9234 40 83
9234 0334 9212
41- *Oct'00
.. 100
100 Jan'08
Ws 47
47 Apr 10
92 Jan'00
72', "/4 4. 561881e 10
87
50 Feb'M
90 Aug'Ob
9ids
1
91
92
91
91
85 Oct'07
83 12
1114
95,9 Dee'08
95
10012 sep '03
112 J'Iy'04
113',Ply'00
901; 11
9012 Salo 80 4i
74
88

92
Sale
Sale

hi Due J'iy

a Due Nov

92's
0234
75
...
90
85
..
85

93
774
89

78

911

sOutior

90
93 ;
US',

CHICAGO STOCK EX.CaPiT1E-Stock Record-Daily. Weekly and YearlySTOCKS-HIGHEST AND LOWEST SALE PRICES
Saturday
Jan. 18

Monday
Jan. 13

Tuesday
Jan. 19

Wednesday
Jan. 20

2'hursday
Jan. 21

Friday
Jan. 22

Sates
01 the
W•at
NIu re,

STOCKS
CHICAGO STOCK
EXCHANGE

Rance ;or
Year 1908

Railroads
Last Sate 183
Jan'O' - .Chicago Clty Hy
100
312 334
4
4
; 33 Chicago & Oak Park_100
133, 1413 15
1)
; 31
Do pref
100
Last Sale 11534 Jan'09 nlilo Rys part ctf "l"__ _
4412 4434 4434 4478
83 Chic flys part ctf
Last Sale 2773 Jan'04, Chle ftvs part ctf ,'3"-*1212 1312 1312 1312
!0-' Chic Rys part elf'4"___
7
1 50 Chicago Subway
27
27
27
100
Dec'08 _.
Last Sale 7
Chic Union Traction_100
July'07 _
18
Do oref
100
40
*342
417 R•ans City Ry de Lt 100
1 9gie -4.39
80
*78
15
Do pref
*78
80
100
Jan'09 -.
Last Sale 17
Afetropol W S Elev
100
*49
*49
51
51
] iii
Do pref
100
Last Sale 4612 May•08
North Chicago Street_100
24
it*22
) Northwestern Elev
23
23
100
Jan'09 _.
Last Sale 63
Do pref
100
Jan'09
Last Sale 54
_ _ South Side Elevated 100
3018 -'1' 35 Streets W Stable C L-100
3018 30
30
*97
99
9712 9712
31
Do pref
100
June'08 _. __ %Vest Chicago Street 100
Last Sale 28
Miscellaneous
818 814
814 814
838 833 . 8
838
814 814
814
838 1,1 85 American Can
100
7214 7234 7278 7314 *7212 73
7234 7314 73
73
7353 73
1.1 65
Do prat
100
__ *200 . _ *200 20012 *200
___
Last Sale 200
Jan'09 _. _ American Radiator 100
*127 128
*200- *126 128
- - *127 128
130
*127
*125
128 123
130
36
Do pref
100
59
*58
59
*58
59
*5712 59
*57
59
59
*57
59
50 Amer Shipbuilding
100
*104 108 *102 105 *102 105 *103 105
Last Sale 105
Jan•09
.._
Do pref
100
-__
Last Sale 10
July'08 -- -- Amer Straw Board
*12
34
*12
*12
78
*12
78
73
12
12
*12
1
Booth (A) & Co
100
*212 3
318 313 ' *212 3
*212 3
21
*212 3
Do pref
3
3
100
*51
53
Last Sale 5213 Jan'09 .. _Cal & Chic Canal &D_100
*51
52
53
*50
*51
53
Last Sale 147 May'08 _
Central
Trust
I3ank_100
-iii- --fi
g '-iii- --i18
Last Sale 1
Dec'08 -.- Chic Brew'g de Maleg *2
*2
4
4
*2
*2
4
3
Last Sale 2
Dec'08 _ .Do pref
*26
2634 27
*2613 2712 27
27
*2634 2712 2612 27
2714
1 80 Chic Pneumatic Tool-100
*127 12712 12733 12712 127 127
127 12714 127 12712 12712 1271, 1. SI Chicago Telephone..--1
00
. Last Sale 214
Meh'03' ...
Do rlghts
11712 iii- iliii ' iii- fliii iii" iff *117 11713 *117 11712
r3i Chic Title de Trust_100
10712 10734 '10734 108
108 10833 10718 10812 107 107
10712 10734 1,1 20 Commoniv'th-Edison-100
12012 12078 121 122
122 12213 *12112 12213 122 122
12212
4 50 Diamond Match
122
100
*39
*38
40
40 *39
*39
39
40
Last ,Sale 40
Jan'09 .. -- Illinois Brick
100
Last Sale 43
Jan'09 _ -- Masonic Temple____---L0.31 Sale 212 June'07 - __ alliw de Chlc Brewing
:::: --_-:
--:: ____ ---_ -..- __
Last Sate 20
July'08 ..
Do pref
10512 foci
107 107
101132 1-0638 106 106
107:-109
106
108
1 gL National Biscuit
100
11912 11912 *119 11912 *119 11912 11914 120
11912 11012 11912 11912
1 70
Do pref
100
84
*82
*8234 84
84
8412 83
84
84
84
84
84
4 10 National Carbon
100
*110 111
110 110 *108 110 *109 110 *103 112 *108
112
53
Do pref
100
10338 10353 10314 10353 10353 10373 10214 103
10214 10253 10234 10414 3,1 65 People'sGasLdeCoke_100
59
60
5913 60 ' 59
5934 5834 5912 5812 5834 5834 69
2,1 67 Sears-Roebuck com-100
105 106
105 10512 105 1051: 105 105
105 10513 10518 10514
1 91
Do pref
100
10073 101
10078 10114 101 101
101 10133 10073 101
10034 10118 1,1 57 Swift & Co
100
120 120 *120 121 *120 -121
*120 121 *120 121
120
120
1 13 The Quaker Oats Co 100
99
99 - 9912 9912 9914 9912 9913 9912 9912 991: *9914 9912
1 39
Do pref
100
*1
114 . 34
7s
34
34
34
78
4 8:. Unit PDX Bd & P Co-100
*34 1 •
*34
1
*514 512
5
512
413 514
412 5
*412 517 *412
512
107
Do pref
100
*12
*12
15
*13
15
15
*13
14
Last Sale 15
Dec'08 -- -.Western Stone
100
Mining
..-_
---- --- --Last Sale 3213 Jan'07 -.
13Ingham Con Mining_ 50
---- ------ ---- ---- ---- --- -Last Sale 10
Noy'06 ..-. Black Mountain------ ---- ---- --- --Last Salt 16
May'07 -.
Daiv-West
20
------- ---- -- ---- -__
Last Sale 4
Nov•116 _.
*130 190 *180 190 *180 190 *180 135
*2
a
*212 312 *212 312 *213 3
*712 812 *712 9
(.3
*713 0
*8
*115 116 *115 116 *115 116 *110 115
*4412 45
*4418 4434 *4413 4434 *4414 4412
*2733 30
*2778 30
*2773 30
*2778 29
*1213 1312 *1212 131, *1212 1312 *13
131:
27
2734 2678 271i *27
2734 27
27
--- ---- -- --- --------- ---.
5512 163;
8 ;55r2 -4'61; -5654 3
.
53-4 - Ws ..dt,
*79
80
80
80
*79
80
80
80
*18
1713 *16
18
*16
18
*18
17
48
48
*48
50
48
50
*49
51
---- ----------."---*22 24
*22 -24
*22 14- *20 -21
*85
70
*65
70
*65
70
*64
67
*52
54 ,*52
55 *52
55
*52
55
30
3033 3018 3013 3014 3038 2978 3018
*98 100
*98
99
98
9814 98
93
---- --- --- ---- ----- ____ ___

-;i- -vs -*i

-.

-pa

iiir,

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
IVeek ending Jan. 22.

Inter,
en
Period

Price
Friday
Jan. 12

IV ea's
Range or
last Sale

Hid
433
____ . __
--__ .:__
____ .,_
10458 Sale
---- ---- --- ------- ------_ ...-

Lotr
High
too NIca'01
1140128elaC8
100 .May'01
114438 10434
103 Apr'04
55 Aug'01
40634 Jan'06
-al F ell 1.48

reanoe 'or Previous F ear
(1.307)

If 10E11

botr,t

160 Jan '24 185 Dec •.
133 Feb 3
313 Aug3
11-Dec 4
10 Aug.2
8434 4'ne30 119 Noy 25';
:is Oct 3 47 .I'ne
20 Nov t; 23 Dec 22
1312 Dee 11
934 Sep 22
35 Feb 10 3012 De,, L
1211ch21
7 Dec 2
30 Oct u
473.1 Nov L68 Sep 28 8613 Novli
1214 Nov 2 19 Jan 2'4
42 Jan
54 Mayr
94 May
47 '.T,':"
1334 Aug 6
22 Dec 17
48 Aug 18 6212 Dec 14
a'2 Aug 24
71 Jan 1:
2612 Apr 16 34 Novli
85 Apr 20 103
25 Apr 13 31 May ,..
4 Feb 13
4112 Jan 2
125 Jan 10
116 Apr 22
37 Mch 19
91 Jan 2
10 J'ly
78 Dec 24
3 Dec 23
40 Feb 20
147 May"
1 Oct 5
2 Nov20
20 Dec 23
100 Jan 3
34 Feb 25
100 Jan 4
80 Jan 3
113 Jan 2
30 Jan 22
38 J'nel:,

1033 Nov 1:
7678 Dec 1
200 Dec 16
12814 Nov
63 Nov 11
104 Nov17
42 Jan 1
30 Jan 11
100 May)
6114 Dec
147 May r
118 Aug2:
4 Apr 1:
3012 Aug •
153 Sep 11
134 Feb 21
116 Dec 241
110 Oct 1:
137 Aug34
4212 Dec 16
46 J'ly

II tohest

150 Mc)
134 No%
14) Oct

2C5
.5
16

11 Oct
114 Dec
14 Apr
28 No'.'
6334 No%
17 Dec
43 Nov
3412 Apr
20 Sep
58 Apr
60 No'.
26 Oct
15 Apr
20 Men

4612 Jan
614 Apr
1914 Jan
4s5 Jan
4-‘7 Jan
28 Jan
72 Jan
47 J'ly
25'2 Jan
66 J'ly
00 Jan
34 Jan
99 May
33 Apr

Apr
Jan
Apr

Oct
2412 Nov
120 Dec
112 Nov
:
No'.
80 Nov
30 Jan
244 -Dec
10 Dec
45 Oct
16.5 Feb
1 Jan
5 Atm
21 Dec
:5 Oct

714 Apr
6() Apr
14013 Sep
130 Apr
$013 Jan
10.3 Jan
40 Mch
40 J'ne
111 Feb
54 Jan
165 Feb
1 Jan
612, J'ne
51 Feb
1341. Apr

1.5 Oct
77 Oct
10812.Nov
34 Nov
41 Aug
21, Jan
19 J'ne 23 20 J'ly 2, 25 - Feb
70 Jan 3 97 Dec 28
5818 Oct
10134 Jan 2 120 Aug 5
91 Nov
51 Mch 3 87 Dec 11
50 Nov
91 Mch23 115 Nov
9734 Nov
8012Jan 3 106 Dec 23
'12 Nov
24 Jan 24 68 Dec 20
20 Nov
72 Jan 11.1 102 Dec 14
67 Nov
7612 No'.
8812 Jan 2 10534 Sep i
11434 Jan 3 134 Jan 21 100 No'.
87 Jan 3 ICO J'ly 3.,
85 Oct
14 J'ly 17
14 Jan
34 Nov
112 J'ly 17
6 Jan
12 Jan 15
17 Apr 1.
16 Dec
1134 Oct 30

112.2 May
t738 Oct
12912 May
57 May
46 Jan
212 Jan
27 Mel'
86 Jan
11734 Jan
8414 Jan
120 Jan
9258 Apr
57 Jan
445 Jan
11313 Jan
17313 May
1023.1 Jan
214 Apr
1234 Apr
30 Feb

3212 Jan

3213 Jan

1614 Apr

20 Jan

Chicago Banks and Trust Comna-nies
Outstand
13'ch.
Solr.

Range
for
Year 1908

'AME.

No. Low
mot Bankers National
kmer Straivb'd 1st 65_1911 J - .1
-Calumet National
lass Av de FIG (St L) 5312 J , J
--- -99r2 10-11; Chicago City
llitc Board of Trade 451927 J - D
Commercial National
131ilcaao Clty. Ity 5u___1927 1. • A
7 --94/1 10-4-7,
1 Continental National)131c Consol BracMit OsL. 1 - J
Cook Co State Savings
lhic Consol Trac 4;0.19314 1 - D
-___ _
_._ Corn exchange NatIcna'
;hic Auditorium 1st 551029 le - A
___ --- -. Drexel State
lhic Dock Co 1st 4s...19214 A - 0
Drovers Dep National
)hic No Shore Iliac 65-1912 A - 0
Englewood State
Nile Pneum ToolFirst National
7212 Sale 7213 721,
a1021 J - J
1st 5s
1
68
761: First Nat Englewood
-1927 P • A 10212 Sale 10212 .1023lltic Ely 58
4 14
9514 10212 Foreman Bros ll'k'a- CoChh: flys 4-55 series "A"
9334 Sale
9334 94
8673 9414 Fort Dearborn National_
8
Chic Rys 4-53 series "II"
85
8514 8514 8535 171
78
861: Hamilton Nz_tional
Chic Rys -I-IS series "C"
88
90
89
89
4
90
75
..ibernian ll'U'a Assn_
102
Chic Rys coil Cs__ 1913
10, Jan'09
17•1 1 1013; Kaspar State Bank
line Ity:. Fund 6s____1913
1011450v 08 ___. 1C014 10114 Live Stock Exchange Nat
lhic Rys 'rem Ctts 1st 58_
9933 1021: Manroe National
. 10212 Jan!09
lhic It I dc P RR 45_2002 M - N ____ ___ 6612Aug'08 __
64
661- wIdutual Bank
Collat Trust g 58_1913 M - S --- 6612Ply'08 ---1212 74 . Nat Bank of Republic_
lommon w'a I th- Ed[sonNational City
Chic Edison deb 6s1013 .1 - J 100
__ loo . June'08 ..... 109 . 1001, National Produce
_July 1926 A- 0 10118 Sale 101
1st g 5s
10114 52
97 1111
North Avenue State-__
Debenture
1926 41 - S 11011. __ 10218 : 10218 -_-5s
9334 101; North Side State Sayings
Commonw Elect 55;6194:; M. - S 10215. 113
1i-234 103
54
93 1031: Oakiand National
Ilinois Tunnel 35_1928 J - D ---- -- 8.)' Dec'08 ..'....
SO
80
Prairie National
Kan City ItydeLtCo Is 1913 31 - N ---- ..--- 96 Oct'ds ___
93
9;
Prairie State
Knick'b'ker Ice 1st 55.1928 A - 0 --- ___ 95 Jan'09 _..
018 .921! Railway exchange
1928 1 - J 80
"Ake St El-lst 5s
Sale 83 ,
8,1: Security ,
80
7
70
1925 Feb -... .....
Income 5s
16, May'05
South Chicago Savingslletr %V .Side ElState Bank of Chicago- -_
1st 4s_--,1938 Cr - A 5434 85
8413 85
8018 8s1. Stock Yards Sayings____
54
Extensions 4s
1938 J
J ---- 8414 83
a312 22
1512 85
Union Bank of Chicago__
qortli Chic St 1st .55-1909 J - J -- .....
vu Dee'aii -___ .- --- Union Stock Yards State
1916J - J
1st 54
. ---- -___ -- --- American Trust & SavesRefunding g 4%5_1931 A - 0 --- is AuLt'ou ____
____ ___. Central Trust Co of III_
No Chic CityRy43,01927 (11 - N -------75 Feli'07 ____ _-- --- Chicago Say Bk de Tr-941, 95
!forth W.est El 1st 45 11111 M - S 9434 Sale
32
92., Chicago Title de Trust.___
ea
1945 M - N 9214 9414 94 -Jan'09 -__
)gden Gas 55
8014 951: CItIzens Trust & Savings
?earson.5-Taft Si
1916 J - D 1912 ..,_ !a) augai• ____
99
19
Coloalal Trust,& Sayings
NI - S 97
-- _. .31 Sen'ii?.
4.403
_
94
95
Drovers Trust & Savings
Sf - N 99 --- 16 Nov'08 ..4.60s Series 1,
.3a
s6
-,._
Farwell Trust Co
9912_,,.. 971.8,10,0s ___
NI - N
4.80s'Series le
9712 971, First Truat & Savings
12)- 120
?co Gal Ldec 1st 05_1943 A - 0 118 1201
li 11/...13 1181. Guarantee Trust 'ea say_
RefundIng g 5s___1947 Ni - S 10212 10318 103
11.3
..:4 1031, fi arris Trust do Sayings_
i
Chic Gas L&C Ist55 1937 J - J 104 10433 10433Jan'09 ____
971. 1041. Illinols,'Prust & Savings_
4
coasum Gas 1st 51_1936 J - I) 10112 10
lo212Dec'ea ...„
943,-1 103
Kenwood •I•rust & Savgs
_ .. 160 . 3eryia. .... _
alut'l Fuel'Gas lst5s1947 NI - N ____
98 103
Lake View Trust & Savgs
3outh Side Illev 4,0_1024
- 3 i 51.1 9514
1
J - J :114 953
17
92
1401; Merchants' Loan de 'Pr Co
3witt ,dc,co 151 g 53...1914 J - J 100.3 __-.'. ID! Jan'09 ...-.
..
93 1001. Metropolitan Trust de Say
'34
/Ilion 1.11,(Loop) 55.„11140 A - Q 92
92 Jan'09 ____
85
92' Northern Trust Co
jnian Pacific ceniv 45-1911 M - N __,_ ..:..
..
114. Nov'04
North-Western Tr do Say
:70 Sale
Jolted BOX Board col 65'26
70 . 70
47 lb
5
People's Trust & Savings
?Vett Chic St let 55....:1928 AI - N .... ___. ,. I May'07 ........ ...,_ _, Pullman Trust & Savings
1909 F - A
Tunnel 1st Is
,...
Royal Trust Co
- - - ,6812 Sep'06
1914 J - I) ....... ---- . 73 June'07 --Debenture ills
Stockmen's Trust de Say_
Conscil g 55 rets_,-1936 M - N ---- ---, ___ -ig: (71. Union Trust Co
8014 Jwiit
447 8)ee'06
Wes DIvC4y1ty 4 301932 .1' - J ____ ---Western Trust & Saving:
7Ve3tern Stope Co 55..1909 A - 0 __-_. - ... 851. Jiy'0II ___
70 -854 West Side Tr & Say Bank
AT.,•rn not
ho Ad a Pi;t11 nil cfia nit ern
;Inn 0 n ri nft Q
Woodiawn Tr&Say Bank

. toct:
.

.1)20-01/4
aad •
Profit:

Ot:icenti Recor
In
1907'

in
1903

I'
ire(

eata

82,000.006 31,282,051
oec OS, 2
J
100.001
38,112
An Dec IS, 6
6
500,001
182628
DJ
13
1-1 4.403 '03. 5
,,000,006 4,318,182
12
12
Q-.1 Ian '09, 3
4,000,006 3,529,242
1)-.1 Ian 09. 2
3
5,956
6 Q-3, DEO '08, 112
60,001'
: ,04)(4.001. 5,018,66t
12
1,2i
iati
ma 114.
,3
112
21)(4,006
Ii
6),,64.
6140.0044
30a.583 8
934 0-1 Jan '09. 212
200,000
34,927
Q-I inn '09. 112
8,000,000 8,029,283 12
12 Q-8) 'lee 31 '08. 3
150.000
189.5S1 10
10 Q-34 Dec '08. 213
1,0044.000
Pri% ate Bo nt
544,400
1,000,000
8 (4-3 JiO -0;77
8
450,553
'
.
.7
500,000
160,520
.1,1 Jan '00, 212
5
5
1,500,000
8
855.614,
Q-.1 Jan '09,2
200,000
117,631
10
10
.1-.1 Jan 149. 5
1,250,000
420,202
10+2 Q-M Dec '08. 412
300,000
61,044
(4-1, Nov '08, 1
4
250,000
86,251
434
434 lan Jan 1)8. 413
2,000,000 1,272,636
8
8
Q-.1 Jan '09. 2
1,500,000
484,545
3 („3,) Jan '09. 112
250,000
60,633 144
-;n busine ss
Aug 26 1907
200,000
65,325 ____
Q-.1 Jan '09, 114
50,000
10,645
Jan
100,000
91,021
ti
nn ;009
9.
,1
1112
2
250,000
.85,587
100,0440
69,094
8 Q-141 Jan IN, 2
2614,000
7,010
4
2
Jan '08,2
300,000
129,889 Organ 'zed
Oct 12 1906
200,000
79,232
6
Q-J Jan 149, 112
1,0041,000 1,338,910 9+1
11
Q-J Jan '449, 3
250,000
176,887
J-D Dec -08. 4
200,000
39,903
0 81-N Nov '08. 3
6
200,000
60,476
6
Q-i Jan '09. 113
0
3,000,0014 2,471.410
Q-J Dec 148, 2
2,000,009
860,976
n500,000
98,310
7
134 41
Qn :0
-.1 Jan
4.i9;
1 134
2
5,000,000 11,428,335
Q-J Jan '09, 112
6
50,000
3
0,960
4 A -0 Oct 'US. 2
600,000
499,038 10
8-4-2 Q-.1 Jan '09, 212
200,0440
92,5744
6
734 Q-4 Jan '09,2
1,500,000
163,101 Organ %zed
Apr. 13 1907
'2,000,000 2,104,616
200,000
782 lneorp orated 1105 %. t7,p.1138
1,250,000
713,570
6
(4-1 tn '00, 2
5,000,000 8,317,985 1134:4 16+4
a Dee '08, 4
200,000
46,232
6
2000000
32,479
2
6
4% (
Q24
.1 Jan '09;
1)94 1 2
:3,000,000 4,869,746 12
12 (1-3 Jan '09, 3
750,44140
13
255,6513
Q-J Dee '08. 112
6
1,500,000 1.8435.592
8
Q-J Jan '09,2
8
200,000
52,421
6
J-J Jan '09, 3
200,000
140,686
ti
J-.1 Jan 'Oil. 4
6
k500.000
163,485 kt3
8
Q-J San '09,2
500,000
500.24/7
Q-F Nov '08,2
200,000
24,167
5 ' 5
J-J Jan '09. 212
1,000,000 1,144.720 -- _
6
8
aenc '08
.09:
112
2
1,000,000
219,486
200,11440
55,834 Began busina ss
Sept 5 1905
200,0001
30.789
Il
Ii
0-1 Jan '09. 112
d and asked micas:
,ales were wade on this nay. I No'.'. 27 ic
or business) tor national Hanks and Nov. 28 (o 4ening or business) for
State Institutions. t No price Friday: latest prI2e this week. a Due Dal. 31.
Due June. lc Capital Increased from $300 003; a -tocI: dividend
14f 33 1-3% helm; declared In part payment tharefor
31.41 0.1 an' aro.
to Irs Increased
a Dividends are paid Q-J, with extra payment: Q-1
'
,
I As of date Sept. 1 1908- s'As of Sept 23 '903. w Merged with Amer. Tr & Say. Bk. In Jan. 1909.
A .................

.....•....,14.




BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
Jan. 16

Monday
Jan. 18

Tuesdav
Jan. 19

W ednesday
Jan. 20

2'hursday
Jan. 21

Friday
Jan. 22

Sates
of the
Wee
Shares

Range for Year
1908

STOCKS
BOSTON STOCK
EXCHANGE

Lowest

Highest

e onge lor Previous r .01
(1907'
Lowese

H When

Railroads
Dec 2::
6712N0v 1071. Jan
10 Atch Top ee Santa Fe_100 67s Feb 11 10114
9914 *9918 0938 9912 9914 *9938 99;
9934 9934 *99
*190 1001
7934 Nov 10118 Jan
IOC 8212 Mch 3 10414 Dec '2.
Do pret
5
10114 *10114 10214
Dec 240 Feb
10
180
Dec
23o
*10012 1011, *10014 10114 *10012 10112 10112 10112 *10014
2
Jan
18112
100
129 Boston & Alhany
235 235
23512 236
23612 237 236 236
235 237 236 236
100 '112112 Dec 28 140 Jan 21) 11734 Nov 152 Jan
12812 1,398 Boston Elevated
12812 12834 12812 12812 128 12814 128
'231 Jan
J'ne
0
200
Dec
12878 129 ' 12878 129
228
20014
Feb
-11
100
Low.ell
1 Boston &
_
*234 ____ 233 233 *234, 235 *234 ____ *234 ____ *234
100 114 Oct 22 190 Jan 28 129 Nov 170 may
318 Boston & Maine
139
13934 140
13934 13934 138 1391n 139
13934 140
139 139
100 130 Feb 13 156 Jan 22 150 Oct 165 'Jan
Do pret
___,.;
Last Sak 150
285 Oct 301 Feb
Boston 33 Providence_100 '..84 Jan 10 2(11 Nov11)
*301 De'08561
_ _ :Iiii-. 3-61- *301
. *56i
;
*565" iir
15 Feb
13 Mch 2'l
8 J'IY
lt't131
Jan'09 .._ _ )Jost Suburban Ei Cos__ _ 459 3
Last Sale 14
16
10 *14. -1-6 *14
16 *14
*14
65 Jan
50 Aug
53 Nov17
Jan
prat
Do
65
__.
Sale
Last
Jan'09
05
65 *60
65 *62
Jan
2834
25
Nov
Jan
16
17
*04 ---- *60
812
Nov10
-575 Boston &Wor EleeCos
14
14
1312 *1312
___ 13
___ * 11
80 Jan
*11 ---- *11
55 Nov
4712 Dec 18 6012 Jan 10
-128 Do pret
-Dec 11 128 Dec 160 Jan
k
58
15114
56
Jan
126
5614 161- *
USY_100
-56
&
y
t
r
56
l
re
e
n
*
lc
D
Ch
oJun
---144
3
----152
5513 14
54
512
---- ------ 143 143
9934 Oct 120 Jan
--100 102 Jan 10 12012 Dec 22
li2 ffil2 11812 11812
lt32 flit
---- ---- ---- ---Dec lb 165 Men 4 170 'Oct 188 Feb
Last Salt 163 Deci08 ____ Con & Mont. Class 4_100 103 Sep
---- --Apr 21 152 J'ly 156 melt
138
25
---- 13314
pret_100
By
&
Pass
Conn
Last Sale 139 Jan'09 ____
Dec 5 244 Dec 280 Jan
--- ---- ---- ---- ---- ---- ---- ---Connecticut River_100 '244 Jan 14 263
Last Sale 267 Jan'09
100 117 Jan 2 133 Nov27 116 .Nov 135 Jan
-5i Fitchburg, pret
135
135
6912 Dec 114 Mch
Dec 16
86
i:lir2 fiff. *iiii" fii" *15412 --_-_-_ iii" fig" 135 135
27
Apr
67
._100
Electric.
6;
Ry
130 Ga
79
78
78
79 *78
78 -7-8 *78
78
78
88 Mch
73 Oct
*7712 78
100 81 Oct 16 85 Dec 16
Do prer
Last Sate 79
Jan'09 ____
83
83 *80
83 *80 83 *80
*80
100 193 Nov27 193 Nov27 100 Aug 198 Jan
Maine Central
Last Sale 19514 Jan'09
/334 Nov25
2012 Jan
Dec
7
2
Jan
814
100
Cos
1312 4-,;15i, Mass Electric
8 13/2 1414 13
- -1-2.- -H1-4 -1-21,-1 -iirg 13-17112 Jan .
37 Oct
100 40 Jan 2 64 Nov25
Do prel
63
62 64
63; 2,971
62
161 Nov I, 1271, Nov 10012 Jan
5912 5912 5912 5912 5914 5912 60
ti
Jan
128
0
Harttord..10
&
H
N
le
N
721
158
15912
157
15913
1 145 - Dec 160 Jan
160 16112 160 16012 158 160
Apr
145
16112 162
20
Joe
140
100
Last Sale 144 Dee'08 ____ Northern N H
-_- -___
6 205 Feb 26 205 Nov 226' Feb
---- -- --- ---Last Sale 205 Oct'08 ____ Norwich & Wor pret_100 200 Apr*11
196!8 Dec
175 Oct 20014 Jan'
100 175 Jan
74 Old Colony
199
199
95 Jan
34 Dec 5
25 Nov
iioo" ECCliirit 2-661; 615- iiii" 200 ili6" *____ 200
15
35
Jan
100
6 Rutland pret
28
28
27
27
5
Dec
95
___ *_- 30 :i____ 30
82 Aug 94 Jan
30
109 70 Feb 17
Seattle Electric
Last Salc 92
10
12012 Jan'09
*9134 92 *9134 9212 *9134 9212 *9134 9212
102 Dec
8334 Nov 103 Jan
2
Jan
8
3
88
100
pret
0Do
2
19012
7
Or ln
*10012 1001, 510012 10112 *100 10012 10012 10012 *100 180/2
100 11012 Mch 2 18538 Nov24 10012 Oct 18212 Jan
18034 1803:1 1,790 Union Pacific
03 Jan
78; Nov
179 18018 17914 18012 170 17918 17978 17978 17934
100 7834 Apr 4 9738'Islov 17
6 Do pre(
9614 *9614 9714
Jan
*0014 9714 *9512 9612 *9534 90.34 *9614 9714 96
100 150 Jan 13 161 Nov30 14518 Nov 170 Jan
Mass
&
Vermont
1
105 165
95
Dec
74
19
S...,e1)
2
9112
76
Jan
50
100 West End St
-a- li" i')
crir94 Nov 110 3/ch
;15i- Ii- "iii" 112 "fri Iii- 92 02 *108
90 Jan 2 110 ..../ec 4
50
pret
Do
65
110
108
10812
108
108
108 108
Men30 140 Aug 147 Jan
103 108
10934 108
Last Salt 140 Sep'08 ____ Worc Nash & Itoch 100 138 J'ly 9 140
_Miscellaneous
26 Jan
10 Oct
35 Nov29
3
Jan
13
Agrlcul
Chem_100
Amer
7,067
4
393
3912
3912
38
95 Feb
3812 3912 3834 39
3814 48
7212 Nov
3878 40
100 77 Mch 17 96 Nov25
9578 9578 1,030 Do pret
94
9512
4
953
9512
96
14; Jan
312
9514
7
Nov
Dec
12
96
94,
05
95
4 Feb 10
50
800 Amer Pneu Service
6
6
6
6
6
6
33 Jan
578. 578
573 634
618
6
912 Oct
50
912 Feb 28 23 Dec 7
274 , Do pret
1414 *14
1438
14
1312 14
14
Feb
9
13714
Dec
Nov
03
1333 1312 1412 1412 14
l'i
i
l
)
er
13733
F
14Ja
12
129 130
130
13331 3,370 Amer Sugar Henn_
12958 12958 129 12912 129 129
132 Nov
105 Dee 13134 Jan
128 130
Do pret
271
12934
128 12812 12812 12812 129
128 129
8914 Nov 13413 Jan
Nov16
2
12812 1283 *128 129
1321
2
99
Jan
&
Teleg_100
Telep
Amer
5.853
12534 12614 12512 12618
3612 Jan
1214 Nov
10
12618 1281 120 12612 126 12614 126 12614
70 American Woolen....100 16 Jan 2 3238 Dec
29
2812 *28 29
29
281 *2814 29 *2814 2912 28
28
69 Oct 10213 Jan
100 7734 Feb 19 9612 Nov 2i
963 Do pre
9414 9414 9434 9411 9412 9412 9458
4 Jan
3
412
Dec
Mob
9334 941„ 9334 9412 94
3
7
3
10
Jan
Land
Boston
17
41,
412 *-412
412
412 *____
414 *____
Nov 2?
414 *4
9312 Nov 115 Jan
*4
343 Comb Telep & Teleg_100 9612 Jan 11 128
12512 126
125
125 126 126 *125 126
125 125
25 Feb
2114 Dec 2
1212 Oct
*125 127
0
13
1434
Jan
&
Steel-iron
Dominion
Sale
Last
18(2
2014
Jan'09
914 Jan
8;.Nov19
312 Oct
414
*2014 21 *1812 19; *1912 2014 *1834
71, -11-5 East Boston Land
7
*7
7
712
712 *7
714 712 *7
2 263 Nov 2,‘, 185 Nov 230 Jim
*714 734
676 Edison Eke Illum___M VI yacnh17
24738 247 247 24712 252 01 Oct 162 Jan
240 248 249 250 x246
102 Dec 2
*___ 248
ElectrIc
General
198
155
155
157
514
15634
15514
_ ------15
43 Oct
668 Jan
156 156 -------.13 yacnh2i1 60 Dec 31
6118 3,817 MassachusettsGasCos
6114 6034 6034 61
8612 Apr
90 Nov c
75 Nov
6134 6118 6114 6114 -6114 61
61
1,965 Do met
90
8934 90
90
8934 90
215 Nov 7 185 NOV 215 Men
9012 0012 90 90
10
Apr
192
100
Lino
r
9012 903
Mergenthale
79
208
208
20712
208
208
20712
Oct
434 Jan
20712 2071 *207 208
Dec
114
3
2
1
Mch
10
*207 208
Telephone_
212
Last Sale 214
Jan'09 -__ Mexican
.212 *2
76 Jily
*2
46. J'ne
21
212 *2
100 40 Mch 5 78 Nov2
*2
46 N H Cotton Yarn
7212 *_ -_ 72
72
72
72
72
80 Oct. 90 Jan
93 Dee 31
72
72
73
Mch23
75
100
pret
N *Do
98
98
973t 98 *__ 98
93 98
1:6 Nov 126 Jan
100 105 Jan 4 128 Novl.
L 08 98 *97 98
2 N EoTeplione
26
3a
38
132a3t1s
lle 78
131 jaln
100
3,
13058 131
79 Dec 29
131 131
130 1301 138 131
Pact i,c Coast Pow.:r 10i. 5112 J'ne27
_
*7512 77
137 No; 182 Jan
17412 Nov
*7512 77 *7512 Tf
2
Jan
'47
100
Co
Pullman
171
171- 1-7-1-- 171 172
17212 -551
11 Jan
171 171
9 Nov
9 Apr 10 1012 Nov25
170 171 *16912 171
64 Reece Button-Hole- 10
__
__ *10
10 *10.. _ *10
7012 Nov 113 Jan
934 1012 10
1014 1014
100 8812Jan 2 19812 J'ly 31
10114 1,657 Swift & Co
2212Jan
20 J'ne
24 Oct 17
101 10114 101 10114 .101 101-14 10118 10114 101
3
Jan
20
10053 101
25
A
Class
Torrington,
30
2312 *22
22
2312 22
2312 *22
2412 Nov
2712 J'1Y
2312 *22
2312 2312 *22
23 23 May21' 2612 Dec
2612 *25
50 Do pret
2612
2612 *25
678 Jan
2612 *25
1 Oct
2(2 Jan 28
2518 2518 2518 2518 *25
114 Mch2:;
50 Unlon Cop L'd & APg_ 25
-- *112 ---- *112 , ---Oct 120 Dec
10112
J'1y14
148
112 112 *112 --- *112
2
*114 __
Jan
11412
100
719 United Fruit
12712 128
128 fis
Jan
12712 128
12712 128
69
Oct
Nov13
62;
36
12712 128
4
Jan
3812
128 128
6438 6614 6412 6538 24,558 Un Shoe Mach Corp_ 25 2473 Jan 3 30 Nov 6
29 Jan
6312 6412 6414 66
2358 Nov
04
6311 03
62
25
503 Do pre(
29
2812 29
29
2834 . 2878
29
6038 Jan
29
Oct
22
Nov13
5834
2812 29
29
'2
Jan
29
23
100
5478 16,517 U S Steel Corp
5218 5218 5258 5258 5412 54
7912 Nov 107; Jan
114 Nov13
5134 5231 5214 527E. 52
11312 11414 11434 11478 1,415 Do pret
9 Jan
11314 11313 11314 114
11334 114
• Nov
912 N ov 13
ti
'
11312 114
109 West Telep dc Teleg 1 rl 8112Pet
8
734 734
*7
714. 714
82 Jan
8
*7
Nov
8
is
50
Dec
*7
8014
t
8
*7
Jan
70 Do pre'
791r
80
80
Jan
7912
81
81
7812
82
81
82
Nov
2614
b
82
Nov
46
85
lb
*80
1978
. Feb
0 59
50
Last Sale 4578 Nov'08 -__ Westing El & Mfg__-10
76 May 80 Feb
60 3478 Feb 19 4418 Sep li
Do pre!
Last Sale 44
Set.'08 -_
---...... ____
Mining
612 Feb
58 Nov
1214 Aug 10
7414 Jan
834 1,666 Adventure Con
834
834 834
834 878
20 Oct
4112 Nov25
834 9
938
9
914 914
125 Ailotiez
37
37 *35
36
3713 *36
Dec 121 Jan
4218
38 *35
7
Nov
8818
38 *35
*35
79
78
7814 791. 37,659 Amalgamated Copper 1H
7778 79
53 Jan
19 Nov
7034 8078 7813 8018 7734 79
tr)b 311:11 30 J'ne 2
ien
lf
2J
12114
675 Am Zinc Lead & Sm- 25 2:
25 *24
21
2414 2414
25
75 Feb
26 Oct
2514 2412 2434 *2434 25
25
25 28 Feb 10 53 Nov13
255 Anaconda
4678
1538 Jan
0c,t
4
'11
23
Jan
4714 4714 4678 4078 ..............4673
6
_
9
3 Dec
25
Arcadlan
1.00
3
lio
3
3
3
2812 May
3
Oct
3
3
734
3
3
2 90;Deo 11
-;;ii30 3,111 Arizona Commercial_ 25 14 Jan 14
2 Jan
3612 3534 3614 36
Sep
7
.35
Aug
.00
3614 371, 3558 36 . 36
3634 371
Feb
.40
25
,.
100 Arnold
1
*.50
22 Feb
*.50 1
1
613 Oct
1 *.50
.75 .75 *.50
i
*.50
8 Apr 22 1132 Nov 7
23
Atlantic
1.225
1612
Jan
1614
.80
1614
161
1612
1614
Sep
1714 161 1612
1712 1778 17
10 .25 Oct 7 35 Nov13 .35 Nov
100 Bonanza (Dev Co)
.60
3314 Jan
*---- -60 4,____ .60 *----- -60 *____
8;
1014 Apr 13 1818 Nov11
.50 .50
1.785 BostonCon C&G (rcts) El
1514
15
4
143
4
143
4
15
143
15
Nov25
15
1
0
15', 151 *1514
5 1114 Apr14 25
3913 Jan
2012 2034 *2013 20; 2038 2033 20/4 2034 2,381 Bos&CorbCop &SI1Mg 15 153 Jan 2 30 Aug 4' 10 Oct
2078 211
2078 211
2458 2414 2412 6,072 Butte Coalition
2434 24
24
2434 25
89 Oct 198 Feb
261
25
2514 253
10 03 Feb 20 130 Aug 1
1,008 Calumet & Arizona
4
Feb
1000
1123
Oct
112
11312
112
114
bab
113
114
11312
15
Jan
1151
114
11412 116
25 1:565 Mch 6 700
31 Calumet & Heela
47 Feb
665 640 665 655 655
18 Oct
7
*660 670 665 505 *660 685 *660
25 21 Fob 10 3634 Nov 9
726 Centenn!al
3012 3114
3118 31
.52 Jan
31
31
Oct
3134
.25
X110
3114
33
.45
33
iS
3313
Mch
.25
1
3318
300 Cons blercur Gold....
*.31 .35
*.33. .35
4414 Oct 105 Jan
.35 .35
.31 .31
5518 Feb 18 8378 Nov 0
*.35 .37 *.35 .37
2012 Jan
712 Dec
7714 3.735 Copper Range Con Co 100
7634 77
77; 78
7634 7712 76
783
78
7812 79
3 1178 Nov 11
71., Jan 22
6
3
20
205 Daly %Vest
10
418 Jan
10
34 Nov
10
1012 10
10
0
10
Nov
1032 10
234
6
Melt
1014 101 *10
.99
12
Him River
595
214
214
3
2914 Meh
*2
Oct
O
5-16
2
214
214
Nov28
214
2r
1912
212 21._ *214
1512 1513 1512 1.640 Franklin
15
15
30
65 Oct 151 Feb
1518 1518 15
J'ly
110
2
Jan
1512 16 *1512 16
80
100
_
595 Granby Consolidated
17; Apr
103 10334 10312 104
103 105
514 Oct
10212 105
10512 106
105 106
078 Jan 2 1318 Aug 3
20
1118 10,254 Greene Cananea
1118 11
514 Jan
2 Dec
11; 11
27 Jail 22
11; 1134 1133 1158 11
158 J'iy 2
1178 117
5
___ Guanaivato Consoi
Last Sale 2
3612 Jan
_
Dec'08
1112 Oct
2/
Jan
2614
17
Feb
4
173
25
(Copper).
25 10,321 Isle Royale
247
8
4
2412
4
243
251g
.
iii
5
Dec
"igis
iii2
2414
itfi"
4
.
22
iii
1-2
.
2L" -2-6
"7
25 10 Sep
2014 3,052 Lake Copper
2014 2012 20
S Oct 30 Feb
2013 21
14
21
2212 2114 21; 21
22
25 1214Jan 2 1714 Jan
4,427 La Salle Copper
914 Jan
238 Nov
1458 1478 1412 1434 1912 1434
838 Aug 10
1412 1614 1412 1478 *512
141
214 Mall 6
14
th
512
512
512
115 Mass Co rlsol
512
6
134 Jan
Nov
512
.40
30
512
J'ly
6
*512
35
*512 6
25 .25 ,tan 10
630 Maflower
*.55 .75
.55 .55
1514 Jab
534 Nov
Jan lb
.55 .55 5.55 .75
8
31,
28
.55 .66
Dec
10
0.50 .70
&
S._
51
Cons
Nlexteo
3,730
414
414
4 ' 438 *378 4
28
Dec
414 414
1512
414
*4
22
Sep
1
.
E.3
*414 41
5
2,085 Miami Copper
1:134 1334 1373 14
2412 Jan
634 Oct
1334 14
14
1414 14; 14
1428 141
714 Feb 25 1512 Nov 9
25
555 Michigan
1212
12
9612 Jan
2 13
37 Oct
7
1212 1212 1212 1212 1234 1234 *121
1212 13
25 45 Feb 19 73 Nov 24
0413 65 1,022 Mohawk
85
65
Nov
60
1
312 May
66
Jan
66
66
1s
68
67
30
67
Dec
67
.25
Consol (I & 0 10
Montana
700
.30
*.20
.30
2012 Jan
*.20
Nov
.30
534
5.20
Nov13
.25
.25
.25 .26
0.25 .35
83 Jan 2 2034
1812 1858 1,355 Nevada Consolidated_ 5
Maylti
8
22
Oct
438
1912 1938 1916 1918 1812 1812 1858 1858 1812 1856
10
S.
&
Mines
10 Newhouse
512
512
30 Oct 120 Jan
512 512
7
*514 534 *514 512 *514 6
*512 6
15 4034 Feb 19 8934 Nov
212 Jan
7812 7978 7734 7834 7834 7912 15,870 North Butte
1 Jily 31
12 Sep
8019 8034 7912 80
80 81
25 .50 Jan 15
La-0 Sale .60
Jan'09 - _- Old Colony
63 Feb
18 Oct
Dec 4
1 *.60 __
6012
_ *.60
2
..60 _-__
Jan
28
25
5312 5412 64
5414 3.065 Old Dominion
Feb
181
5514
Oct
3U
5514
71
5514
Dec
5412
6
5
13512
56
*.605578
19
5512
25 77 Feb
130
432 Osceola
13112
130 132
35 Jan
133 133
131 133
31; Dec 2
834 Oct
133 134
133 134
894 Parrott (Silver & Cop) 10 1073 Jan 11
e3 Jan
12 Dec
26
114
2812 2812 2812 2812 2812 2812 2838 2858
Jan
29
29
2912 291
Mobil
12
25
Phoenix Consolidated
Jan'09
Last Sale 1
1
70 Oct 148 Feb
1
1
1 *
P. _ -25 77 Fob 19 100 Aug 1
92
91
-iii Quincy
92
91
2 Oct 61234 Jan
03 93
92 93
638 Nov28
93 94
9312 94
2 Alch26
25
712 Jan
514 1.412 Rhode Island
5
5
5
112 Nov
5
5
Nov19
5
3;
6
51
3
Apr
138
5
*
513 51
212
238
Santa Fe (Gold & Cop) 10
212
212
241j Jan
340
212
212
718 Oct
234
14
*2
9
234
Nov
12
*2
*212 234
Feb 19 1914
934
10
•
16
16
Shannon
1614
2,245
10
1614
1614
1612 1612 1614 11312 1014 1612 38
25 19 Apr 3 3812 Nov23
3813 3834 3812 3878 7,660 Superior
39
3914
4014 39
2018 Nov27
39
401
39
16; 1,942 Superior&Pitts Copp. 10 1418 Oct 17 88
81 Oct 170 Jan
Nov 7
1694 1612 1638 1612 1618 1638 16
1612 17
17
17
56 Mc1120
25
Tamarack
4214 Jan
958
---938 Nov
81 *78
81 *78
Aug 10
79
25
19
8112 831 *78 81
Feb
1218
• 80 8,4
25
1514 1514 1514 1518 1514 1,523 Trinity
15
7714 Mcii
1534
7 Dec
1519
Nov11
1612
157:1512
16
1512
458 Mch24
100
Copper
1418
United
1418
1438
1438
165
Oct
May
91
*1414
1412
22
1412
*1414
Nov20
142
1413 141 *14
100 23114 Apr 16 30 Nov13
Do pret
Nov'08 ___
Last Sale 30
_
1314 Jan
712 Nov
9 Meh31 3134
4 2912 2912 2934 3014 2,956 UnItedStatesCoal&011 25
193
"io"
70
6
"2
Oct
Jan
2434
8,1siov
-281i2
467
17
;
i
il
1
2
4
si;2
4
f
4
6'
Mch
-:28'2 2614314 4312 4314 4312 1.331 U S Smelt Bet & 3,1111- 50 28 Feb
44
49 Jan
4434 44
44
2778 Oct
47 Nov11
45
45
9534 46 2,792 Do pret
46
4638 46
4019 4013 46
7 Nov 7
4614 463
46
Sep
46
37 ig
438
5g
613 3,865 Utah-Apex Mining
614
618
6
534
534
70 Jan
Oct
26;
8
7
57
Aug
578
50
8
3
*57
6
578 6
44
1,912 Utah Consolidated- 5 2912 Jan 8
4414 4334 4378 44
44
53 Nov 0
4412 4412 4334 44
451
45
10 2878 May
44
575 Utah Copper Co
4434 44
4412 4418 4413 44
312 Oct
44
1158 Feb
Nov16
45
5
45
16
Apr
212
4433 445
25
340 I ctorla
5
*412
*912 5
C212 Nov
14 Jan
e734Nov 27
412 413 *413 5
478 47
412Jan 2
438 95
25
344 Winona
512
512
5
5
5
5
93 Oct 198 Feb
514 514
6
6
512 512
2 155 Nov10
Jan
11512
25
160
_
95
Wolverine
150 150
358 Jan
338 Oct 3 .10 Nov
15113 1511 150 150 150 151
152 152
25 .50 May25
312 3,240 Wyandot
314 333 *314
314 37-16
31. 331
334 4
FRASER 312 4
t Irmo. o Ex-stoc!: dlv. 1; Ex-rb:hts. a Nx-(11v. and rights
N..nv A tOZT.
'es.
prl
as!'et.
1101
anti
1101.
n
3a1l370
ts
assess'
ot
t
pay'
c Bator.:

;;____F2 "..._,

_Ns

isg

-.

Digitized for


JAN. 23 1909.1

221

Boston Bond Record,

a•
LSONI/s
Week's
Price
1Z
Range
BOSTON STOCK EXC/PG14 t., t
Friday
Year
c
Range or '3_9
WEEK ENDINo JAN 22
.
-:..:In.
Jan 22
1908
Last Sate AI"km Teton &Tol coil tr 48.1929 J -J
Convertible 4a....... ...1930 M.S
Am Writ Paper 1st s t5Ts ti 1919 j.j
Adz Uom Cop 1st cony 68 1918 11-S
Atm Top& S Fe gen g 4.),..19115 A-0
Adjustment g 48.....Ply 1996 Nov
Stamped
J'IY 19115 31-N
1936 J-D
50-year cony 4s
1917 J.D
10-year cony 68
-Boston.Elect 1. Ounsol 58.1924 .:I-S
Boston de Lowell 4s
' 1916 J -J
Boston ex Maine 4lus
1944 2-2
Boston Terminal 1st 343.11.147 F.A
' 1918 J -J
Bur & 310 Riv ex (Is
Non-exempt 68
1918 J. 4
Sinking fund 48
1910 r
Butte & 13oston 1st (38....11)17 A•0
Cedar Rap & Mo R 1st 78.1916 M-N
2d 78
1909 2.1)
Cent Vermt 1st g 48..May11120 4.F
11 B & Q Iowa Div 1st 58.1919 A-0
Iowa Div 1st 4s
19114 A-0
Debenture 6s
1913 M-N
Denver Exten 48
1922 F-A
Nebraska Exton 4s
1927 M-N
B&SWilf 48
1921 M-8
Illinois Div 3125
1949 2.2
Joint bonds See 01 Northern
Ohio J o ity ex Stk Yds 58.1916 J -J
Coll trust refunding g 481940 A•()
Ch 3111 & St P Dub D 6s..19211 J -J
Oh M & St P Wle V 4Iv 681920 J -J
Ohio & No Mich 1st gn 58.193i M•N
Ohio 85W Mich gen 50......1921 J -D
Concord & Mont cons 48..1920 2.13
Conn & Pass It 1st g 4s...1943 A•0
Cons 8 B L coil tr g 48 Otfs 1957 J.J
Current River 1st 513
1227 A-0
Dot GT Rap 21( W 1st 48...1946 A-0
Dominion Coal let it f 58..1940 M-N
Fitonbarg 48
1915 M-13
48
1927 .11.8
Fremt Elk & Mo V 1st 63..1933 A-0
Unstampett 1st Os
1933 A-0
Gt Nor 0 B (42 4)cull tr 46 1921 J • J
Registered 4s
1921 Q4

.3

BON Os
BOSTON STOCK EXCH'GE i., t
WEEK ENDING JAN 22
-5,a.

Price
Priam/
Jan 22

!
_s
t I Rann4
Wee's
k
Year
Range or ,;
Last sale '
1908
r.

But
High A. how high
Ask Low
92 Sale 917
9'2' :n 784 92'.,
9278 Sale
93 274 80781196N
92.4
11784 Mar'08 . 117834 1,78 4
112 170
165 Dec'08
10058 Sale 10014 1005, 67 9(Ps 102 '92)., 934 9238Jan 09 .... 85
92N
91
924 1)J' 91 Sep'0.-.. 91
102'., Jan'09
1181411064
1064
10514 Dec'08.95'107'*
110 1e(i'114
101 Sep '06
104'., Oct '08
104 104¼
11.2 12Jan '03 .... ......
101 Oct '07
102 sop '05
99l.
99'., 1 97
98.
4
100 J'ne'01
..
117 117
117 J'ne'08
1114Ply'05
8212
1 76
81.4
81.4
814
11103 Oct'07
9641100 %
100 Dec'08
100 100
100 Apr'08
9958Jan '09
984 9914
10018 Oct'0898.8 100.1
97,a May'07 ......
.
1193
1193 Dec'08

Bia
high t'. tow High
ASA tow
Illinois Steel deben 58.-1910 J•J 10012
1004 Jan'M. ... '37¼100¼
Non-convert deben 5s...1913 A-0 100% Sale 100.4 ,01)',
95 10058
In Fails &Sioux Obit 78..1917 A-0
117 Ape()• H.. 117 117
Kau C Clin & Spr 1st 58. .1923 A-0
1)51, 95 Jan'W. .... 90
96
Kan C Ft S& Gulf ext 58..1911 J-D
1004 101
, 100 100
Kan 0 Ft Scott & M 68....1928 /41-N
1111'.,
1194 119
2 1094 1164
Kan 0 M & 13 gen 48
1034 M-S
91
. 90 Jan 09
87'12 91
Assented income 5s
1934 M-S
87 Sal., 87
87
t 86
8811
Kan C & 31 Hy& Br 1st 5,419214 A-0 1034
103 4, Jan'09 ... 10041024
Maine Cent cons 1st 78. .1912 A-0
113% Nov'00
Cons 1st 4s
1912 A-0
1014 Sep '05
Nlaro Hough & Ont ist 68.1925 A-0
115 I'ne'08 .... .15 115
Mexican Central cons 48..1911 J -J
118276 Dee'0. .., 74 1185
lstcons ino 38
Jan I939 .Ply
1116 ' Apr'0, ,... ',16 1 164
2(1 cons inc 35
Jan 1939 .Ply
1)1014 Apr'u. .... 1 15 14115 4
Mich Teleplst 58
191.7 J- J
Minna Gen Elec con g 5s 1929 J -J
10212 Attg'04
New Eng Cot Yarn 5s .1929 F-A 103
10393 102
103
New Eng Teleph 5s
1915 A-0
100.8 Jan '07
58.
1916 A-0
1004 Sep 'Or .... 100 12 1004
New England cons g 5a1945 2.2
Boston Term 1st 43
1939 A-0
NYN 1-1& II con deb 3¼s1156 J-.1
X 79¼11101
99¼
99
Cony deb 68 (ctts)
194', J -J ............1134 4 Nov'08. .. 1104 11344
Old Colony gold 4s
1924 F-A
9819J'ly u: .. 984 984
Oreg Ry & Nay con g 48..1940 J-D
19614
1196 4 J'IVUe
Oreg Sh Line 1st g 68
1922 F-A
120
11120 Oct'0, ... 103
Repub Valley 1st 8 t 6s...1919 J .J 104
105 Dec'Or .... 105 105
102% Sale 10212 102% 17 99 103' Rutland 1st con gen 448.1941 J • J
1074 Nov'05
Rutland-Can
adian
1st
4,1'24p
J
-J
89
1 85
014
914
90
102 , Mai'02
Savannah Elec 1st cons 50.11)52 J -J
118 ' 118
118 Ply'08
984 May'06
Seattle Elec 1st g Os
1930 F-A 105 106 104 Dec'Ur ... 1004 105
126 Fe0'06
haute
l'erre
Elea
g
Os..
1929
J4
95 100
101 Jan'OP
101
97 Apr'07
Torrington 1st g bs
1918 M-8
103.8
b 97 102
103
10314
99¼ Nov'06
Union Pao RR & 1 gr g 48.1947 J.J1.02.6Jan 'eV .... '1994110358
... ...
91 Dee'07 ..
cony
4s
20-year
1927
J.J
1124 Jan'
03 ••.:.; . ;."
.' United Fruit cony gen 08.1911 31-S ........... 1110(358Nov'0,- .... 1184.011065i
4.3 11.16 18 •,,
1712
18
116 Jan '08 .. 116 117
U S Coal & Oil 1st s f 6s.,1938 M-N
104 Noy'06
..
/20
125
e 102.8 127
US Steel Corp 10-60yr 58.1963 31-N 1044Sale 104
904 21.1 80
90
89
104', 25 1186 103%
90
West End Street Hy 48....1916 F-A
,
91 Nov'08 . .90 1192
9614 Feb'08 ... 964 96%
Gold 4 128
1914 M-S
1034Apt'05 101J4:-eu 'OS ... 101 14 10111
Cold deuenture 48
1916 M-N
911 Apr'03
96
09% DWI& .... 99% 9034
96
Gold 4s
1917 F-A
12812 Apr'08128 1281:
98', Oct '08 .... 984 991
/
4
Western
Teleph
&
Tel
58.1932
2.2
Apr'05.
•
140
.....
994 tit 79
'1914 Sale 98
98
98
1;5 in -1411993i Wisconsin Cent Dit gen 48194b J -J
97% Sale 9758
1,94 12Sep 4./5
98., wisconsin Valley lot 78..1901 J -J
..... 101168 8,v'05
97.8 Sale 97%
97% 3 92

WC)

NoTs-Buyer pays accrued interest in audition to the purchase price tor all Boston Bonds. .No price Friday; latest Mu and hooted.

1, eta: u 'ice.

Philadelphia and. Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly

10841'11
•
lit
*23
•10
••45
3?,34
114
19
.9
154
9614
744
2
6614
•424
11%
25%
. 6134

Jan 18
4--

11 ussaay
Jan 19

Wednesaay
Jan 20

Thursday
Jan 21 .

hrtday
Jan 22

Sates
E STOCKS
A
of the
Week (For Bonds and inactive
Stocks
see below)
Shares

.30
*79 80
107 108
107
108 108
108 108 .107 108
13¼ 13'.,
*134 14',
14¼
1412
14
*21
25
.23
.23
25
25
124
.23
.11.4 1014 •9% 1014 •934 1014 .978 1018
*9% 10¼

105

45
45¼
304
38
.
4
11 44 .11 18
184
19¼
68
59.4
154
1634
96'-. 1,02
744
74%
2
66¼
60¼
42',
43
11%
11.4
26
26
084 (APIA

45
39's
11 14
19,
59¼
16
96 4
74%
664
42'-,
11%
26',
69

•45L6 464 *4534 46%
5242
5'2
5178 52
, 92
16
9214

Baltimore
Con. Gas EL L. & Pow
Do prof
722 Northern Central
10 seaboard(new)
Do 26 prof
United By & Electrify

100
100
50
100
IOU
50

Lowest

Asti

40

41

102
46

1024

43% 44

21.

21'-,

9¼ 10
30
15

16

02
107
101I
434 44
111
77

111. 19
84

6

614

2534 264
49

1•1111,ADELPIIIA
Bonds
Al Val F., ext 78 1910 A-0
Alt &LVElec 4 128'33.F-A
Am Rys cony 58 1911.2-D
Atl City 1st 613 g'19.31-N
Balls Ter 1st 5s 1926.J-D
Berg& El3rw
Betide Steel (Is 1998.(2-1(
Choc& Me 1st 55 1949 J-J
Ch Ok & G gen 58'19 J4
Col St By 1st con Os 1932
ConTrac of NJ lst 58.'33
E & A 1st M Os 1920 31-N
Elec & Pee Tr stk tr ctts
Eq 11 Gas-h 1st g 58 1928
11 & B Top con 58'25 A-0
Indianapolis By 48.1933
Interstate 48 1943 ..F-A
Lehigh Nay 4128
1014.Q.1
RW3 4s g
Gen M 448 g.1924.Q.F
Leh V 0 1st 5s g '33. J-J
Leh V ext 48 1st 1948.J-1)
26 75 1910
M-S
J-D
Consol 68 1923
Annuity 68
J-1)
Con cons 48 '20113.M-N
Lou V 'Iran con 48'31J.1)
New Con Gas 15s 1948 J.D
Newark Pass con Os 1930
NY Ph& No 1st48'39 J.J
Income 4s 11)39...31.N
No011ioTrac con58'19.J4
Penn gen Os r 1010..Var
Consol 58 r 1919...Var
Penn & Ald Steel con 6s.
Pa do NY Can 58'39.A.0
Con 4s 1939
A-0
Penu Steel 1st 58'17 311-N
People's Tr tr certs 48'43
P Co 1st& col tr 53'42 11.5
Con& col tr 58 105131-N
Phil Klee gold trust atfs.
Trust certifs 48
P & E gen. MO g'20.A.0
Gen M 4.g 1920 A&O

/MI

Ask

POILADELPOIA

Ph ,44 Read 24 58'33.A.0
J-D
Con M. 7s 1911
105
Ex Imp M 48 g'47 A.0
Terminal 58 g1941 Q.F
P W & 13 col tr 48'21.J-J
110
Portland Ry 1st 58 1930.
Hoch Ry& Loon 58'54J4
Spanish-Ain Ir 6s'27 J-J
1164
Trac Ind gen 58'19.3..1
103%
Un Itys Tr ctts 48'49J &J
United Rya Inv 1st coll tr
105.4
31-N1
s 1 5s 11126
gen 58'97 J-J
U Trac
Welshach t 58 1930.J.D
9314 93
Wlks-BC4&Econ58'55J4
107
RAINER°RE
inactive Stocks
40¼ 41
Ala lA/11,1 Coal& Iron 100
Prof
100
1014 Atlanta & Charlotte_100
1034
Atkin Coast Line R R 100
110
Atlan Coast L (Conn)100
Canton Co
100
1074
Cons Cot Duck Corp...50
120%
Preferred
50
150
Georgia Sou & Fla...100
984 95¼
100
1St pref
60
2d prof
100
G-13.8 Brewing
10
99's
104
110
111
11614

98.4
1024
74%

Bonds
Anacostia & Pot Os
Atl & 011 ext 412s '10.J-J
Atlau C L 'CR48195231-8
Atl Coast L(Ct)ctfs Os J-D
Ctfe of inde kit 45. .J4
J4
5.20 yr 48 1925
Balt Crass 1st56'11 SI-N
Bait Funtig 58.1916 31-N
Exchange 3128 1930 J.J
106
Balt& 11 18Z68m1111 A-0
11874 Salt Traolst58-'29 M.N
No Bait Div 581942 J-D
744 Cent'l Ity con581932 M-N
Ext& Imp 58.1932 31-8
Chas CItyRy 1st5s'23./4

',tinge tor Previous
Year(190?)
highest

toloest

334Jau
20 Jan 15 30 Deo
65 Mar25 814 Dee 30 80 Slay
80 Jan '2 102 Dec
7812No,
4 Fel)12 15 Doe: 10 Nov
10 Feb 18 26 Deo 2, 24 Dec
10 Jan r 12 Novr,
:3% Oct

Philadelphia.
45
454
45
'44¼ 45
157 American Railways_ 50 42% Mar 1. 46',Novl',
.45
.4,44 45
394 39¼ 4,938 Cambria Steel
38% 38% 39
39
3914
394
50 '26% Feb lo 40 12 Dec 14
11
1,315 Electric Co of America 10 812Jan 25 1114 Dec14
114 114 x1078 11
114 11
11
18 42 19
184 18¼
18
100 34 Jan t 19% Dec2:
184 184 19". 7,782 Oen Asphalt tr Otis
Do prof tr ctts _AM) 11.1% Jan
5812 5934 3,177
5812 584 "58
58', 58¼
59
591s Dec 21,
3,243 Lake Superior Corp
14% 15
15.4
15
1514
154 15
15
1011 358 Feb21) 17 Dec24
1,914
964 964 90.8 96% 96% 9734 4,301 Lehigh 1. & Nay tr Otis 50 7814 Jan 2 97% Dec 12
741
/
4 7418 74.4
74
74% 7414 7434 (1,163 Lehigh Valley
50 52% Fel)2t 76% Dec3,
74
510 Marsden Co
100 11)418 Jan 20 24 Apr 26
134 Pe
11.1s 178 11312 11.16
69% 904 2,885 Pennsylvania RR
66 Eg 861112 60 4661303 66418 60.4
50 54.16Jan a 66116 Dec It
424
175 Pluladelp'aCo(MUM)) 50 34 ia mar 3 44% Dec 11
424 424 424 424 42
'424 43
11% 12 16,892 Philadelphia Eloctrict 26 54 Feb27 12.8 Am'
11% 12
11% 1134
11% 11%
50 d12 18.1'ne
26
27%
2618 2014 27
25 42 Dec3
27.4 2814 10,489 Phila Rapid Transit
27
50 46318 Feb17 711116 Dec14
684 139116 9,901 Reading
68% 69
684 68%
68'40311'm
Do 1st pref
50 39 Jan 3 45 4 Dec 3.
47
.46
Do 24 pier
4.1
50 3712 Jan 2 484 Dec 5
•45.4 40% •45.4 40% •4(1
.46
47
53
5218 52¼
50 x444 J'ne11.) 504 Apr23
53.1 54 20,111 Union Traction
5'438 52%
53.4
50 73%Jan 1. 9134 Dec2:
934 3,767 United Gas Impt
924 93
02
92
93
92
9214
30
Welsbach Co
100 '25 J'ne22 28 Novi r
.27
Bid

Inactive stocks
Allegheny Val pret....50
50
American Cement
100
.Amer Pipe Mfg
Bell Telephone (Pa).10()
00
Cambria Iron
Central Coal & Coke.100
.Consol Trim of N J...100
Diamond State Steel..10
It
Preterred
Easton Con Electric 8.50
Klee Storage Batt....100
100
referred
100
Wayne &W V
01
ermautown Pass
100
Indianapolis St
Indiana Union Fr....10)J
.Insurance Cool
Inter Sin Pow & Chem.50
,Keystone Telephone ..50
Preferred
50
KeystoneWatchease.101)
Lit Brothers
10
50
.Lithe Schuylkill
& Schtiy1 H..50
N Raven Iron dd Stee1.6
.Northern Central
5(
North Pounmylvama 50
'Pennsylvania Salt
50
Pennsylvania aleel..100
100
Preferred
Phlla Co(Pitts) pref...50
.Phil German & Norris.50
50
Phila Traction
10
Railways General
.43uaquen Iron & Steel..5
10
Tidewater Steel
10
Preferred
Tonopah Mining of N evl
100
-Union Trot Ind
United NJ RR & C..10))
unit Trao Pitts pret..50
Warwick Iron& Stee1.10
West Jersey & Sea Sh.50
Weatmoreland Coal....50
Wilkes Gas ac, Elec..101,

Range lor
Year 19u8

vr v

Share Prices---Not Per Comma Prices
eattiraav
Jan 16

Bid

Ask

4314 Dec
22 Oct
7% Oct
3 Oct
l3% Nov
4 Dee
69 Oct
484 Oct
58 Nos.
x52 Nov
33% 3;ot
6318 Nov
412 Nov
3544 Oct
30¼ Nov
324 Oct
4178 So.
664 Oct
25 May

I3A 1.11.110R E

Chas Ry & 58 1)9 31-8
Cherie& A ext 53.'09 J -J
21$ 78
1910A.0
City& Sub 1st 58..'22J-D
120 121
(ity& Sub(Was)lst.58'4s
1(J0
Coal & 1 By 1st 58'20E-A
99; Col &Grnv 1st68.1916J -j
102 L021, Conisol Gas Os 11110 J-1.)
.1939 J-1.)
Os
'14-, 75
Ga& Ala letcou 5s'452
Us Car &N 1st5s g'29J-J
82
68..222 J
82'.. Georgia P
105
tiaSo& Fla 181 5a 1945.1•1
76
78 01-B-8 Brew 3-48 195151-8
2L1 income Os 1951 31-N
Knoxv Trak( 1st Os'28A-o
Lakeit El 1st gu5s'4231-6
Macon Ry&LtIst58'53J4
Memphis St 1st 58'45 J-J
80
afet8tiWaslillstfoi'251? A
Mt Ver Cot Duck list Os.
N pt N&O P lst 66'38 Al•N
235 249
General 5s...1941 31.6
93
i.15
Norfolk St lat 58'44...J..1
634 7., North
Cent412s 1925 AA)
234 25
Series A 58 1926....J -J
20
22
Series B 58 1926....J.J
91)
95
67
7112 Pitt Un 'Frac 58 1997.J-J
2
'2¼ Poto Val 1st 5s 1941 J -J
Say Fla& West58'34 A-0
Seaboard A L 45 1900A-0
1034 103% Saab 2X Roan Os 1926.J -J
South Bound 1st 58..A.0
100
9512 97¼ UE1 L&P lst4124'29 31-N
Un By & El 1st 4s'49 51-8
100 105
Income 48 1949
JD
81
82
Funding Is 1936...J-D
88
85
Va Mid 26 ser 68 '11.31.-5
101¼ 102
3d series Us 1916..M
107.
1 [OS'.,
4th ser 3-4-58 1921.31.8
100 10014
5th series Os 1926.51.S
102
Va (State) 38 new '32.J-J
110 113
Funddebt2-381991..1.J
113 116
%Vest N C con 081914 J -J
108
WesVa C&P 1st 4'11 J-J
Wit & Weld 58..1935.J4
10434 106

10/14

35 Jan
85 Jan
97 Jan
2314 Jan
48 Jan
15 J'ne
51 Jan
47",Jan
1138Jan
8 Jan
36 Jan
16 Jan
103 Jan
7,678Jan
24Jan
/011.16Jan
48's Jan
9 Apr
1264 May
69% Jan
45% Jan
47 Jan
60% Jan
96',Jan
30 Feb

Bid

Ask

91
68
107
105
1011 111
102¼
100
109 112
102 1024
1114 111%
102 42 103
1044 104%
112 115
109 1094
44
45
14
15
103
109
95', 1)6
110
7958 7978
106 108
107 110
113 116
113 116
1074
1074
113
(34¼ 65
11)5
1024
9312 96
85'., 8558
514 524
78
79
105
108
103
105
924 94
92¼ 91,
107 109
1024 103
110 115

.Bid and asked; no 83103 On Ulla day 1161x.rlahts. U $7.50 paid. t $1214 paid. 4 $134 paid. 4 $33 paid. altos:101PM 0425 paid. •*SU palit. 4Ø2' paid.




THE CHRONICLE

222

Ligetrie ,om parries
.:hicaco Edison Co See Cl
kings Co El L&PCa 101)
arragan(Prov) Si Co_5t,
d dePowCo-10
4QErleL
100
Preferred
Y
United Elec of N
J-D
1st g 48 1949

Volume of Business at 8took Excrtanes
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Sleeks.
Week ending
Jan. 22 1909.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday.
Total
• Sales at
New York Stock
Exchange

Shares.

Par value.

558,850 653,505,000
684,892 64,999,950
591,789 57,561,400
514,743 50,124,000
563,687 54,455,200
662,588 63,539,850

Railroad.
Sce.
Bonds.

State
Bonds.

32,819,000
6,289,500
5,934,030
5,338,500,
5,139,000;
5,710,500

3,587,549 $344,185,400 $31,730,500
1Vedlc ending Jan. 22.
1909.

1908.

U. S.
Bonds.

$36,000
67,000
102,500
306,500
154,000
83,500
8749,500

$1,000
1,000
10,000
$12,000

Jan. 1 to Jan. 22.
1909.

1908.

.

13,720,978
13,850,232
4,186,718
3.537,549
Stocks-No. shares .
8344.185,400 $349,565,525 $1,274,277,625 $1,170,679,200
Par value
2,500
15,700
6,700
Bank shares, par.
•
Bonds.
$59,000
$37,0013
85,000
812,000
Government bonds2,304,000
4,231,500
992,500
749,500
State bonds
94,395,000
61,026,900
RR. and misc. bonds_ 31,730,500 16,479,000
Total bonds

32,492,000I 817,476,500

$96,735,000

$65,317,400

DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
Boston.

Philadelphia.

0)0

A 3k

(Ago
124
*S5
31
65
50
47112

ast
27
ilu
40
70
_
-721-2

Ferry Companies
2
Brooklyn Ferry stock 100
B de NY 1st Gs 1911.1,1 490
NY &ER Ferry stk_100 30
51-5 50
18t 5g '192,
5
)4
N 1.* -de Hob 5S May•46 0-1) ,§1(9
HOD Fy 1st 5s 104611-N
90
N; V & NJ Os 1946_ J-J
10th & 230 Sts Ferry:1110 25
1st mtge 5s 1919._i-I) 460
25
•Union Ferry stock...100
97
81elst Os 1920

3
98 50
00
96
--3--5---60
30

•
Short-Term Notes
Am Clc scr A 4s '11 M-6 49612 97
Sri
1 6 40712
1
Ser B 4s Itch 15 '12
1111er Light & Tr 6s-See Gas ice
Am- Tel 6, Tel g 5s '10 J-J i1007, [Ai,
Atlan Coast L 58 '10_81-6 4101 05138
Balt & 0010 5s 1900_H-S
Cites & Ohio 6s J1‘•1 '10.1-2 41.234 10318
Chic & Alton 5s 191::...1-J 4100 • all
'Am; It I & Pac C3 '09A.0 11 0
,7„1.1-4
& W Ind 5s 1.0_F&A
20
60
'In liamdcD4 }is '08
CCC ES: St L 5s, June '11 11 19114
luOd
F-A
65
Gas
Jonsol
C 98 1).1
Krle 6s, Apr 8 1911 A,
interb H T g Gs 1911 441,...N 410312 104
7is.,._
At-S )1008 to,o,
5s Slch 1910K C Ry &Light 63 '1".22/-S 1007s
i‘an C So g 5s Apr '12-J-J 13117 1.014
Lack Steel g 5s 1909-M-6 19978 10114
0712 814
5s g 1910
8
1,132
011.1288 1,101;
.5 11
Lake Sh de'M So 5s'l U
10138
111)11):
Lou & Nash g Os '10-111-6
Max Cent 5s July 1 11)1,•
F-A
Mich Cent Os 1910
Minn & St L g 5s '1I-F-A 496;8 9712
•
Missouri Pacificas Fe01011'.)e.:nvopF-A
NatufMex Os ext to'O9 A-0
4
8
;11-71'
t:
N Y Cent 5s 1010...._F-A it11-9;,1i: i• Y C Lines Eel)iis '1U-27 5412% 334%
148
0
ti u12
4(
0,
N V N hi & II Si '1U-'12 510,1
Norf de West 5s 191051-N
Pa-Hlt Os Mch 15 '10 At-S 11011s lu138
Pablic Serv:ce Corp 5s- See St Ity E
'10018 10038
StLMS'east 43-'5s
South'n coil tr 55 '00-A-0 51J0 Idol.,
South Hy g 5s 1910.-F-A 0534 .812
Soutnern Sty Os 1011.)41-N )99)4 0974
l'iffeWarer 65, 1913, guar
;58
113:: 1,,i11
,0
U S Rubber Er Os '09_81-5 i 10
Wabasu 5s, May- 10 1909 4100
0
4Vegtingla El&M •65 1910 i1J018 1005%
Railroad
Chic Peo & St L pref-100
I.,
D.,
Deposited stock
12 11:,
Undeposited stock
95 Prior lien g44is'30MdcS 87
48
LE,
Con in tg c 5s 1930.,J
512
Income 5s. July 1930_
1
...2
.7
2
10r) II" .
Chic Subway
9712
Ft W de Den Cy std 100
Nat flys of MexicoPri lien 454s'57 (w 1)J-J 49112 :420
8412
Gen Et1 481977 tw I) A-0 433
North'n Secur!ties Stubs_ 1121 120
36
5U *34
Pitts Bess & L 5
70
50 *65
Preferred
eltallroad Securities Co.
9214
Ill C stk tr cfs scr A '52 88
Seaboard Company40
100 35
1st preferred
Corn & 2d pret-Seo-13alt Esc list
eeaboard Air Line' Coll Os ext May '11 M'S 9118 9634
Union Pacific 4s See Stir Exch list

loclustria. rind .11iszei
,:ousol'Car lleattne:_10,
:.)ons fty Let&ReIrig_ Ill(
Consol'Rubber Tire__ltrt
Preferred .._..___101.
Debenture 4s 1051A&G
Cons Steamship Lines 10u
Coll tr 4s 1957 retsJ&J
Corn l'rod Ref See Stoch
!Crucible Steel
10C
ePreferred
1)30
Cemberlamj Ely Copper.5
/Dlamend Match 00.101)
Dominion Copper
1113)
Douglas Copper
E.
:coley Lt & P (Joliet,
i el sBfog t5s 1956_,)-0
S
Eleleittr
100
Preferred
ecrterrecrre
r:fp
ird
9
100
'ehicie
WO
r:mpire Steel"'
IOU
•Prelerred
?Federal Sugar of N Y See0
/General Chernical.,..-190
1011
ePreferred
.loicllield Consol Allnes_10
Gold IIIII Copper
Greene. Cananea
1
20
Guggenlielni Explorn 100
allackensack Water Co
Ref g 4s 'Slop '12-J-J
Hall Signal Co
Havana Tobacco Co_1
00
10
lsrtefz
P
eirTsed
june 1 2.2...0
0
101)
.
Hecker-Jones-Jewell Mill
1st Os 1922
ke
cko
or:
de
ri
HnalL
8nladr,j,nrin
I-a
10:0
1.
wp_1

bta
20

A sk
25
.
7
.

.1712
20
40
37
IC.
17,r 1734
Exe• Ill
812
8'
58
*878
1201V16 123
036
*218 212
: 95
.
i:1
25
3)
75
60
3

Stk
60
98
*8

12
10
x ilst
15

818
12
-*•!I1114
5 1114
170 I/0
tei
8
32
5
13
0

89
37
10
:a)
60

100
35

elis 1911.)
81-N 1Z-6.ilouston 011
100
91: 10
Listed
Bond
Unlisted
Listed I Unlisted I Bond
shares,
100 :!.5
Preferred
45
sales.
shares.
sales.
shares. I shares.
Htitison Realty
100 103 HUelrlr-eltdand com.10U
65
rerresro
10,137
'Ineg
565,500
850,640
3,125
22,495; 14,337
Saturday
nici"
16,752
207,500
6,135
64,625
20,386
25,52&
Monday
712
82
10,489
101 9
internael I3ank'g Co..1
216,000
54,300
4,046
24,708 .12,136
Tuesday
Exe ast
21,844
Inen1 Slier Mar See Stk
149,000
81,900
4,671
11,550
29,181
Wednesday
37,854
15,643
Internael eilckel._ 1()0 100 107
129,340
13.209 .• 79,000
36,194
Thursday
1110 t3
51,200
Preferred
10,923
26,357 .16.541 .. 159,000 ..49,071
Friday
26
1St g• 5s'I032___A&O '84
10, 15
!612
44,543 s432,005
International Nalt
83,459 5876,000 141,147
164,455
Total
A-D (6
60
1st g 51, 1031
10
10u
1212
art;ledSllver
,rrente
te
Ini
1011 67
69
J-1.; 4107 110
1st 6s 1948
50
Lackawanna Steel_ -10u 46
,review Or the cutsvie Market is ill be ,,,i,bel en a isrsecainn vatic.
A week'
'Allston Monotype--211 *1212 1234
Lawyers' Mtge Co-1()(1 29.) 252
Street Railways
Leh & Wilkes-B Coal 513 90 tub
Hut Ask
Bid Ask
Street Railways
IOU 10./ 110
Lord & Taylor
Pub Serv Corp N J (Coro
New York City
100 101 1u5.
Preferred
Hob
C
&
J
Paterson
20
14
Bleeck St & Ful Fstk_100
,,,I.OrIllart1 (P). pref_100 125
133
4s g 1949
73
M-N 572
75
e 1st mtge 4s 1950_J-J 65
Madison Se Garden-11/0 20
30 •
So J Gas El& Tra,c-100 119 121
e B.y & 7th Ave stk__100 128 )48
141.-N 7,80 11.0
Gti c 55 1953
)i8
M-S 407
e 2d mtge 5s 1914__J-J 100 103
)81
a
2
Oa
2
aeh Co...-100
dnli
eg
9l
s t1B
10
No Hod Co [W68'14 J-J 1106 107
• Con 5s1943 SeeStoelt Eau list
158
‘lanhattan Translt___20
5s 1928
J-J 119412 107
B'way Surf 1st 53 gu 1924 199 104
.4litchell Mining
Ext Os 1924_M-N 1100 192
e Cent') Crosst'n stk__100 80 120
1.1
1'1
18
Monongahela R Coal_5
l'at City con 68 '31_J-D 4118
e ltt mtge 69 1922_M-N 95 t 10
50 1! 25 :.
Preferred
2d 6s...1914 opt A4) 1100
60
e Cen l'k N do E R stk 100 30
Mortgage Bond Co-.1011 :05
90 So Side El (Chic) See Ch cago 11;t e Cheer & 10th St stk 100 60
I•8
Nat Bank of Cuba-100 95
SyraCuse It 'I' 5s'45.M &S 1102 105
Col 1.-: 9th Ave 5s See Stocli he List
14)1) 200 210
Natlonal Surety '
trent P & 11 5s 1943.J-D i87 L. 1
Dry •D EM & BNevada Cons'd Copper-5 s-1s12 544
United Itys of St L06
e 1st gold 5s 1932__J-0 92
8
27
A
Min
&
Sm.-10
Nay-Utah
3
2212
60
Com•Vot tr ctfs
100 21
e Scrip 5s 1914____F-A / 50
20
4.)
55
eNew Central Coal
e Preferred
10e C212 0:234
Eighth Avenue stock_100 '200 270
N .1 Ter Dock & Irup_lut)
Gen 9s 1934__See Stock 1•:xc 1st
e Scrip Os 1914 , __F-A 95 102
Stott
Air
See
Os
Brake
luxe
NY
1;C1
UnItitys SanFran See Stk Exe list
e 420 & Gr St F'y stk_100 200 250
N Y 1318cult 6s 1 911-111-S 100
,2
100 40
420 St M & St N Ave_100 30 .- Wash Rs! & El Co
eislew York Dock____100 3..18 334
Preferred
99
190 85 ,s7
a 1st mtge 6s 1910_M-S 195
100 75
ePreferred
60
4s '1951
50
89
J-1) 88
.2d income 63 1915_J-J
,ty.D.10 150
N Y Mtge & Seen'
Inter-Met-See Stk Each Ange list
412
Y
N
TransportatIon_20
Gas
Securities
list
Lax Av &PavF•58 See Stir Exc
Nlles-Bern-Pond com-Ite) 09 102
New York
Metropol St Ry-,See Stk Exc 11st
Nipissing Mines
1()3.8
Cent•Un Gus 5s g '27.4,14.1 98 101
Ninth Avenue stock_100 160 193 Con
euntarlo Silver
5
Gas (N Y)-.Sec Nth Exc gat
5)
15
Second Avenue stock_100 .
Otis Elevator•com--1).10 45
50
• 100 _
95 100 e Mutual Gas
e 1st!Mee 5s 1909_81-N
11.0
0! *)1
JC443148 'Jr
Preferred
--New
Amsterdam
GasSi
73
-A
Consol Os 1948_..-F
Pittsburgh lirewmg-.51.) ::;.;. 1812
1st consol Os 1948 J-J 1 9012 1001,
e Sixth Avenue stock_100 120 130
50 *3812 3912
Preferred *
Industrial and Aliscei
N Y dcERGas 1st 5s'44 J-J 5102 108 t,5
Sou Boulev 5s 1045__J-J 400
Pittsburgh Coal_See Stk
lIst
*ell
1945
4s
J-D
5s
e
1947
Sip
Consol
§91
Adams
J-J
41)0
1.00
95
0 485
_A,
So Fer 1st 5s
g_10u
-55
Pope
Manulacturin
14
1160
•,3
150
33
N Y & Richmond Gas 100
Ahmeek Mining
1919_-Stock Exc list
Third Avenue-See
100 25
1st preferred
30
IOU 11212 11712
0912 Alliance Realty
Nor Un 1st Os 1927..E.81-N 497
90
Tarry W P & 81 5s 1928 70
2d preferred
112 214
100
ea
tir
m
1st
_
Co
Gas
1._
Allis-Chalmers
Standard
com_100
e
85
YkersStRR5s 1946 A-0 80
Pratt 15c Whitn pref_10U 95 10212
t)j
100 m 60i
e Preferred
36
s 1 Os 1936-See Stock Each list
28th do 29th Sts 1st 5s '96 25
u 1 014
Realty Assoc (Bklyn) 10u11
212 i4712
100 147 155
1st 5s 1930
American Book
M-N 1102 les
e Twenty-Third St stk 100 200 250
Royal Bak Powd coni HA) 156 .011
1(10
121
Brass
112
Cities
Other
American
95
Union fly 1st Os 1942 F-A 190
Preferred..
107
Amer Light & Tract-100 c12912 131
American CnIele com.100 100 195
80
Westchest 1st 5s '43 J-J 410
10i)
Lt
&
129
(teat
Car
Safety
127
100 IS tu
100 c 99 low
Preferred
Preferred
Brooklyn
'.5 . 50
Mining
Seneca
15
com100
22
Graphophoue
notes-A-0
Col
6%
tr');
Am
41P•12 _.-459 11E0
Atian Ave 5s 1909___A-0 109 101
.100 53
55 Singer Mfg Co_ __hid
50
Preferred
112 138
Bay State Gas
99
A-0 197
_IOU
Cordage__
Con 5s g 1931'
Standard
34 114
let)
124
Hardware
Gas
Y)
Wks
(N
'Artier
LIIngh'rn
102
05
A-0
B B & W E Os 1933
1st Al g 55 'sl red.. A-0 24
26
98
AmMalting Os 1914-J-D 100 105
1st g 5s 1038-__A&O i 95
3
Brooklyn City stock- 1i) 100 195
Adjust M Os Apr 114131
4
Amer Press Assoe'n-100 9212 100
Brooklyn Union Gas deb
Con 5s-See Stk Each Exc Ilst
standard Coupler com100 2) 3:1
com-100
Fount
Stk
Each
See
Am
1909
i1st
Soda
Os
10)
95
101J 100 110
Bkn Hgts 1st 561941 A-0
•
Preferred
100
5
5
-1
8
6
1st preferred
Buffalo City Gas stock100
Bkln Q Co & Sub See Stk Ere list
19 • 1014
Standard Milling Co-lUU
2
100
2d preferred
1st 55 1047-See Stock Exc Ilst
100 5018 1012
Bklyn Rap Tran-See Stk Sic ilst
Preferred
95 :Am St Found new__ _Ita,
e Coney 1st & Bklyn 100 85 100 Con Gas of N J Os -36_J-J !90
51-N
85
1st Os 1030
16687:2
A&0
11:35
6s
82 Consumers' L H dc Pow
71
1st cons g 9s 1948__J-J
Standard 011 of N J__•100 553 654
„...._
66
Deb 4s 1923 (w1).F&A 404
5s 1938
J-13 5100
Brie C & N Os 1939_J-J 93 1.00
swift & Co-See Bost Stit Si, list
-07E4
210
9614
200
50
-100
ec
Surety
&E
Gas
American
Daiver
.
.
Gent dcLorSt 1st 6s..M deN _
1st Os 1910-1914__J -J )1008
5
921. American Thread pref-5 *I
Gen g 5s 1049 op-M-N 4 90
--c- list
85 104)
Kings C El 4s-See Stock Ex
j1i 140 el'exas& Pael tic Coal-100 13712
Am Tobacco Co com_100 :1;
_ Elizabeth Gas Lt Co..100 27$
_
100
WU
Nassau Elec pref
rale Ins Co of N Y
ou
_1
•
3J
com
•Gas-100
pefders
126
Ty
Hudson
125
Amer
&
Essex
_
A-0 -tr5
4,6
5s 1944
fontmeb Niin (Nevada)_1
1112
100
0!
00-100
00
65
Preferred
.._- Gas & El Bercen
1st 48 1951-See Stock Exc list
14
2 ).; fren ton Potteries curiae') , 0
_ Amer Writing Paper_106 • 2
a Gr Rap G 1st Os '15-F-A 99
99
Preferred, new -_100 50
N W'bg&Flat 1st ex 4}is 93
110
ni
100
3
6
1
,
100
11512
116
Gas
2
1
Preferred
Ca
Hudson
101) 39
Directory
Stelnway 1st Os 1922-J-J 1105 110
l'rotv
,
40
19
op'01)-J-j
22
Ists 1 g 5s
25
Indiana Ltg Co (w. I.) --•
•
Other Cities
Union Typewriter coni100 53
11 •
55
Bartley Et Smith Car-10p a 52
4s 1958 op (w. 1.)_F-A 436
oa
IOU Hi 113
1st preferred
Buffalo Street RY-•-•
100
OU
20
Gas
•
31)
Preferred
Indlanapolls
1st cOnsol 5s 1931_F-A 410012 108
Zd preferred
110
Ei 1:
18, :t
13
Ar921'
A-0 4834 95
Bethlan Steel Corp - -See6 3
1st w5s 1952
312 57
4
58
°
13
5U::
A.:0 i 11)6 WS
10
Deb 6s 1917
United Bit Note Corp96
Bliss Company cum- 59 125
Jackson Gas Os g '37-A-0 491
95
50 4.52
Columbus (0) St Ity..100 06
Preferred
5
50
I
•
118
100
Gas
Preferred
City
Kansas
100 104 100
Preferred
e(Julted Cigar Mfg,pt-lUu 99 100
100 Do
Bond & Mtge(fuer_ WV 3390 400
93
e LacledeGas
1UU
Coluni By con Os-SeePh la list
1418 1414
United Copper
6
25
51111E__101) 130 :3
Gond
........'.100
9212
_
•_100
Borden's
Preferred
c
_
_
14.214
;
,
J-D
'33
1st
Os
r
Crosswn
Preferred
136
10I) 105 108
0 ;Wu 1051.
26-A.,
Preferred
Madison Gas Gs-11-eConn lty (le Ltgeom-100 70 -75
• 10).)
'5 *778 813 U 6 Casualty
- British Cot Copper
Newark Gas 6s 1944 -Q-J 1129
54
100 80
ePreferred
100
U S Envelope com
42
15
.
4)
Mining
.4)2
CoalltIou
Consol
Gas-106
2512
Butte
Newark
92
-93
,.
100
5912
Ry
Rap:ds
Grand
10U 101 10312
ePreferred
3
2
J-1) 11.041e Con g 5s 1948_
..100' 80 -83. 10514 Casein'Co of Am eont-10()
Preferred .._•
U EiSteel Corporation-,
WU 55
0,5
,
Preferred
e Loutsv St 581-9-3-0-__J&J 4108 1.0814 No Hudson L II &-Pow'11
opt
'51
Os
1
s
Col tr
114
...
AA:'18
Os' 1938
Casualty Co of Amer_ IOU 175
Lynn & 13os 1st 5s '24 J-0 j104 106
Cu) tr s f Os 'Si not opt
114
10u 129 1-31
Celluloid Ca
1735 1814 Pat & Pas'Gasde Elec-100
a New OriRys & Lgt-101.1
U 2/ 'fit (Su & Indem-100
00
M 6. 1101 1030 ?ant Flrevtorks cum_ We
712 9
e Con g Si 1941)
100 4312 45
e Preferred
Stk
Ilst
100 60
70 ...Utah Copper Co-See
Preferred
Gen :41 g 4}is '35 See t•i tie Si list St Joseph Gas 5s 1937..1,1 193 'A .
com-101.
Co,
Waterbury
2
:4
Foundry
100
.
I elegr dc telephone
Central
North*Chic Street See Ch ten° list
Preferred ......•...:.100
100 1512 161:
98 eAmer Teleg & Cable_100 76 80
Preferred.
Pub Serv Corp of N J..100 95
ut
EVestehester & Bronx 'ilit
/Central & So Amer_ _10(• 105 119
72
1,0
76
Deb as IOU op '01 ,11N
!Tr ctfs 2% V)6 %perpet 73
165
itstNetrtn euar
,v,
Un
Tel
Commq
(Pi
4()_25 110 '20 'Century Realty
101
C011 5s'g notes '09..WN 191.38 9134
104
ice
79 Cheselerough Mfg Co_ lui 0,5 ,75
North Jersey St Ry 100 30 __-_ Entp•& Bay State Tel 100 00
Air Liralie„.5t ofii(
/412
Aestingb
_100
'__
Franklin
47312
45
lut
1.5
Co
70
111-N
investing
50
1948
Clry
4s
lit
West El fr. Nile ..5-63e St lie
115 1w
/*Gold -&-Stock•Tere-r_100 105 i12 ..Clater1111 11), com 10t
74
Cons Tract of N J-100 72
t
1,
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.Vhlte Knot> 11111
91
10t.
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J-D 110412 106' Hudson RIVer Teleph 1(11
elst preferrec.
,lsc' Os 1933
91
PR:fared
92
J
N
de
Telepla
Y
101
eN
100
__
113
,
4108
06
'30
preferred__
J-J
e2u
New'kPasIty 5s
wet_
10.
10
Pump
Nurthtug
J11"
65
75
Col & Hock Coal& 1 pf 10t
Rapid 'Fran St Ry_100 245 _- eNorthwestern Teleg...50 106 11.1
60
7.)
.1-4 1 82 .15
A-0 106 . Pacific & Atlantic••• Ho, 25
1st g 55 1917
1st 5s 1921
a L,
tlf k
,...
tims thiorn .. A 1.1 ea
cie tr 8* net 1 956_.1-, , `,3 101
Nam. 3 aate
*1-er share. 4 Buyer pays accrued Int. a:Sx-eights. coasts. J SellS on ,Cit. Si., Out 001 very CCVIv...
Week ending
Jan. 22 1009.




Outside Securities

;;:f.

JAN. 23 1909.)

(,)

THE CHRONICLE

(*rules-blunt anti ittaitroatt intethgence.
.A1L,HOAD

Gt-tOSS EARNIiNGS.

The following table shows the gross earnings of every STEA•11 railroad from which regular weekly or monthly returns
an be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
ieolumns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
istatanent to show the fiscal year totals of those roads whose fiscal year loes not begin with July, but wirers some other
period The returns of the street railways are brought together separately on a subseauent page.
Latest Gross Earninos.
LOADS

Week or
Month.

Current
Year.

Previous
Year.

July 1 tc Latest Date.
Curren/
Year.

Previous
Year.

Latest Gross Earnings.
ROADS.

Week or
Month.

Curren:
Year.

Previous
Year.

July 1 lc Latest Date.
(..urreW
Year.

Previous
Year.

s •

'Ala N 0 & Tex Pac.
Nevada Central.._ _ Ncvemb-,r_
7,202
37,873
305.169 267,112 1.530,815 1,617,109 N Y C & Mud River November_ 7,854,840 1.876,737
; NO & N East_r December
.810
237 14,006,098
8,4783
10,402
5
'
i Ala & Vicks.......r December
Lake Shore& M S November_ 3,452,160 :1,717.085 18.044,688 20,055,926
180,544 143,050
821,777
813,678
Vleks Sh .& Pac.a December
Lake Erie & West November_ :384,752 391,671 2,090,260 2,289,077
145,673 127,800
725,109
818,059
;Ala Tenn & North_ November
Chic Ind & South November_
4,070
19,322
272,349 243,492 1 234 964 1 245,474
25,708
6.464
Atch Top & s Fe.. November_ 8,387,279 8,021,125 39,014,297 40,509,146
Michigan Central_ November_ 2,179,965 2,351,997 11.047.134 12,604 308
(Atlanta Birm & At! lit wit Jan
Cleve C C & St L. November_ 2,168,989 2,208,060 11,300,202 12,040,374
34,195
920,582
24,312 1,042,812
(Atlantic Coast Line November. 2,247,222 2,365,278 9,690,508 10,890,113
Peoria & Eastern November_ 245,975 235,718 1.231,509 1.337.976
Cincinnati North. November_
;Baltimore & Ohio_ _ December 3,012,241 5,654,653 36,984,881 12,885,143
89,166
70,688
407.693
458.000
Pitts & Lake Erie November_
(Bangor & Aroostook November_
227,403
967.347 1,277.367 5,376,128 7.148.309
1,180,511
Rutland
Bellefonte Central... December
November. 240 147 260,277 1,306.087 1.461,650
33,297
5,718
5,603
37,150
N
Y
Chic
&
St L. November_ 804.585 809,893 3.936,910 4 376.400
Boston & Maine- _ _r November_ 3,238,298 3,438,282 17.283,373 18,916,909
Total all lines
November_ 18660275 19951985 16,423,357 1081)72377
27,941
23,456
13riegettin & Sato Et November_
5,925
3,077
!Buff Roth & Pitts,r 2d wk Jan 120,379 121,181 3,908,332 4,755,947 N Y Ont & Western November_ 640.988 634,056 3,705,237 3,752,708
782,745 NYNH& Hart..r November_ 1,611,179 4,747,68e 13,293,704 :5,324,838
773,177
Buffalo &
October... 223,617 206,458
Canadian Northern.. 2d wk Jan 117,200 137,900 3,897,600 5,587,000 N Y Susa & West_ _ November_ 288,575 291,003 1,300,130 1,469,924
Canadian Pacific___ 2d wk Jan 970,000 930,000 12,701,783 12,828,917 Norfolk & Western_ November_ 2.411,208 2,800.639 12,323,597 14 775,452
Central of Georgia_ _ 2d wk Jan 193,500 177,000 6,354,133 8,712,890 Northern Central _ _ November_ 1,004,537 1,118,937 4,978,114 8,011,719
Central of N Jersey November_ 2,238,919 2,418,375 10,944,032 12,431,904 Northern Pacific_ _ _ November_ 6,418,352 8,717,277 32,004,574 34,440.341
.14,920
2,015
2.137
66,768 Pacific Coast Co_ _ _ November_
489,899 670,778 2,877,810 3,699.705
Chattanooga South.. 4th wk Dec
Chesapeake & Ohio_ November_ 2,118.133 2,458,019 11,147,327 12,833,958 Pennsylvania Co.. November_ 3.436,074 4.182.284 18,469,367 23.594.309
5,712
4,654
20,922
27,931 d Penn-East P &
November_ 12199817 13825617 60,010,024 73,763,124
Chestirfleld & Lane November_
d
233,841
242,899
7,120,739
West
of
P
7,021,590
&
H.
Jan
November_
Dec.1,0 00,300
Dec.7,73 3,100
Chicago & Alton Sty 2d wk
6,098,297
Chic 131r1 & Quincy November. 6.632,670 6,764,384 34,860,273 37,375,127 Pere Marquette --r November 1.189,803
Chicago Great West 2d wk Jan 148,286 143,049 4,682,427 4,505,086 Phila 13alt iv Wash_ November_ 1,387.159 1,475,359 7,050,135 1,77-97,53
2,007,049
77,401
Pitts
Cin
74.926
Ch & St L. December 2,221,904 2,041,971 13,944,794 1C,286.112
3,036,013
Chic Ind & Louisv_ 2d wk Jan
Raleigh & Southp't November
Chic Ind & Southern -See New York Cen
10,379
11,711
51,292
54,180
Chic Milw & St Paul November_ 5,129,381 5,004,601 27,573.007 26,770,885 Rea..-ng Company_ November_ 3,524,507 3.878,055 16,553,330 12,884,248
November_
5,854,874
30,098,781
5,574,138
31,544,023
Coal
& Iron Co__ November_ 30357,764 1,097,949 13,761,804 17,263,583
Chic ec North 'Westr
Total both cos__. November_ 7482,271 7,976,004 30,315,133 37.147,809
Chic St Paul M & 0 November_ 1,202,968 1,223,545 5,987,387 6,181,870
34,953
36,505
494,597
527,162 Rich Frail & Potom November- 151,227 155,195
Chic Term Tran RR 2d wk Oct
720.771
848,841
November_ 694,702 707,707 3,531,879 4,018,243
Rio Grande June__ October __
82,504
82,324
304.303
Cin Ham &
311,147
Rio Grande South__ 2d wk Jan
(In .', 0ticTexa4 Par -Nee Soul hem n Hal: way.
9,832
9,167
356,342
341,6,6
Cincinnati Northern -See New York Cen
Rock Island System November_ 5.107.207 1,162,511 26,443,313 27,216.978
e St L & San Fran November_ 1,252,901 1.213,490 20.482,279 22,577,806
Clay din Chic & St L -See New York Cen tral.
Colorado •Midiand_r November_ 225,733 206,183 1,034,404 1,106,487
173,973 196,872
951,953 1,080,395
I Evansv & Ter H November_
Total of all lines_ November_ 1,534.080 1,372.873 47,877.598 50.851.179
it Col & South Syst_ 2d wk Jan 274,611 288,748 8,851,718 8,420,166
24,906
116,563
Col Ncwb & Laur__ November
27,697
125,025 St Jos & Grand Isl.. November_
131,946 121,723
738,098
740.713
September
79,709
Cooper Range
221,729
77,144
253,102 St Louis Southwest_ 2d wk Jan 182,373 154,734 5,838,605 5,739,640
November.
7,335
Cornwall
84,404 San Ped LA & SL_r November
29,255
5,073
590,582
2,395,159
_
24,798
Cornwall & Lebanon September
119,836 Seaboard Air Line-: 3d wk Dec 338,134 319.511 5,146,912 5,2-10,583
71,330
38,281
November_ 117,210 142,034
Cuba Railroad
673,261
Atlanta & Birm_ 3d wk Dec
18,090
719,807
18,824
442,512
,
-47,947
1 Delaware & Mud. November. 1.834,274 1,674,165 8,045,677 9,239,818
Florida West Sh_ 3d wk Dec
3,048
3,855
46,841
45,024
Del Lack & West_r November_ 3,058,999 2,931,383 14,442,804 15,436,400 Southern Indiana_ August -__ 129,211 160,005
245,570
297,273
Denver & Rio Gr .2d wk Jan 345.900 307,200 11,601,467 12,338,094 c Southern Pac Co_ _ November- 11085203 11537870 52,188,195 37,322,888
25,386
Det To! & front Sys 1st wk Jan
906,987 1,010,355 Southern Railway__ 2d wk Jan 907,160 798,590 28,781,017 30,454,903
23,641
33,714
lit wk Jan
Ann Arbor
Mobile & Ohio.- 2d wk Jan 155,864 147,811 5,218,380 5,680,860
35,282 1,041,780 1,127,111
19,985
595,797
Cin N 0 & Tex P_ 2d wk Jan 139,138 116,009 4,163,391 4,643,123
18,632
668,902
Detroit & Mackinac 2d wk.Jan
Ala Great South_ 2d wk Jan
59,156
Dui & Iron.Ratige_r November_ 596,492 715,709 4,596,167 5,033,103
46,804 1,932,-,05 2,125,933
44,780
2d wk Jan
Georgia Sou & Fla 2d wk Jan
46,073 1,480,920 1,833,759
33,295
Dul.So Sh',V
35,935 1,019,887 1,140,925
628,122
Texas Central
2,784,206
1st wk Jan
25.026
682,005
El Paso 6: So West r November
24,232
675,522
November_ 4,298,643 4,294,239 22,186,033 23,855,349 Texas h Pacific__ _ 2d wk Jan 246,308 258,081 8,358,663 8,780,098
Erie
Tidewater & West_ November_
5,318
-see Rock Island S ystem.
8,14529,451
41,673
8,162 Toledo & Ohio Cent November_
1,768
8,445
2,008
FairhhIld &North E November_
372,157 423,503 2,197.608 2.225,667
438,680 Toledo Peor & West, 2d wk Jan
56.325
397,381
51,588
18,491
22,906
615,303
Fonda JohnS.& Glov December
677,006
- November_ 245,061 265,611 1,232,760 1,345,248 Toledo St L & West 3d wk Jan
62,071
74,950 1,916
Gelrgia Railroad.
29;4
965
21 2,337,885
Tombigbee Valley.. November_
7,286
4,500
Georgia South & Fla -See Sout hern Rail way.
27,738
79,500
61,659
128,145
Grand Trunk SySt- 2d wk Jan 645,218 622,730 22,112,901 25,151,080 Tor Ham & Buffalo August ___
153,154
Gr Trunk West_ _ 4th wk Dec 151,528 152,881 2,854,500 3,359,688 Union Pacific Syst_ November_ 7,241,813 7,408,854 36,037,368 36,389,213
Mil
4th
wk
Hay
&
58,223
1,004,123
Dec
38,713
882,092
Vandalla
• Dot Gr
r November_ 760,886 814.257 3,849,404 4,467,017
45,939
46,926
991,745 1,191,893 Virginia & Sou West November_ 105,741
Canada Atlantic 4th wk Dec
98,941
529,943
529,203
wk Jan 436,017 457,394 14,204,707 19,995,715
Great Northern Syst December 4,080,032 4,586,223 30.749,943 34,502,898 Wabash
Island.
June
2,068,328 2,483,545 Western Maryland r November_ 498.715 533,197 2,584,950 2,730,622
Cud & Ship
November_ 560,601 625.213 3,016,052 3,280,623 W Jer & Seashore__ November_ 324,763 38:1,583 2,730,532 3,083,432
Hocking Valley_ _
December. 5,127.045 5,076,500 20,159,588 31,913.296 Wheel & Lake Erie r November.. 458,275 525,327 2,573,580 3,028,500
Illinois Central _
Intermit & Gt Nor_ 2d wk Jan 148,000 141,000 4,599,326 4,031,786 White Riv (Vt) 2 w ks endJ'n18
1,046
724
a Interoceanic Mex_ 2c1 wk Jan 112,039 156,814 3,334,217 4,135,413 Wisconsin Central_r Novembe.:_ 590,439 603,039 3,308,810 3,528.353
42,803
20 wk Jan
58,879 1,592,589 1,736,134 Wrightsv & Tenn__ November,
24,608
27,375
119,775
Iowa Central
126,414
197,172
November_
190,294
1,044.017 1,045,968 Yazoo & Miss Vail_ December. 1,129,417 1,068.380 5,292,330 5.312 708
Kaottwha & MIch.
734,550 682,761 4,482,637 5,040,922
Kaneas City South_ Decenlber
K C Hex & Ofient.- October ..- 113,000
Previous
Curren(
Late Erie & Westin -See New York Cen [rat.
Period.
Various Fiscal Years.
Year.
Year. 85
Lake Shore & M Sou -See New York Cen
December 2,605,388 2,745,930 17,021.'720 19,485,904 Bellefonte Central
Lehigh
ran 1 to Dec 31 ' $05,700
23,536
40,325
169,817
232,272 I Delaware & Hudson
Lexington & East- _ November_
Jan 1 to Nov 30 16,780,866 18,488,735
Dec.53, 400
November_
Dec.49 1,739
50,699
Manist'que
59,222
Jan 1 to Nov 30
Long Island
1 144.521 1,216.837 Mexican Railway
L4ili8lana & Arkan. June
Ian 1 to Dec 31 7,390,000 8,033,900
Tan 1 to Dee 31 1,261,448 1,333,891
Loutsv & ITashville_ 2d wk Jan 834,005 714,035 25,038,927 25,069,835 Mexican Southern
13,184
12,135
70,462
82,988 New York Central & Mud RIvir Jan 1 to Nov 30 81,065,417 30,936,995
Macon & Birming'm December
Lake Shore & Mich Southern Jan 1 to Nov 30 36,384,902 11.645,463
Maine Central-- _r November_ 654,307 731,317 3,722,982 4,128,646
3,131
3,907
22,854
November.
28,002
Lake Erie & Western
Jan 1 to Nov 30 4.130,927 4,722;514
Manistique
29,622
170,264
34,815
184,968
Chicago Indiana & Southern_ Jan 1 to Nov 30 2,829,281 2,744,972
Maryland.& Penn_ _ November_
723,883
16,555,328
883,458
Jan
wk
10,802,134
Michigan Central
Jan 1 to Nov 30 22,782.415 26.438,378
a MexicanCentral_ 2d
Cleve Cln Chic & St Louis_ _ _ Jan 1 to Nov 30 22,316,184 24,480,143
a Mexican Internat. 2d wk Jan 141,457 171,946 3,617,081 4,750,973
Jan 1 to Nov 30 2,502,283 2.779,893
Peoria & Eastern
a Mexican Railway_ 4th wk Dec 192,000 226,700 3,439,400 4,061,600
35,097
38,496
608,341
630,852
Cincinnati Northern
Jan 1 to Nov 30
894.774
937,804
a Mexican Southern 4th wk Dec
Pittsburgh & Lake Erie
Jan 1 to Nov 30 9,471.874 14,188,353
Michigan Central- See New Y ork Cent,al.
13,315
15,078
458,748
Rutland
446,844
Jan 1 to Nov 30 2,534,113 2,848 196
-Mineral Range___ _ _ 2d wk Jan
66,734
85,025
2,392,387 2,208,152
New York Chicago & St Louis Jan 1 to Nov 30 8,543,637 9.597,921
Minneap & St Louis 2d w k Jan
Total all lines
Jan 1 to Nov 30 103257229 221345103
Minn St P & S'S M_ 2d wk Jan 176,482 177,915 7,341,368 6,934,140
Tan 1 to Nov 30 10,409.208 12.358.008
Missouri Kan & Tex NOvember_ 2,318,061 2,018,059 11,583.403 11,381,084 Northern Central
Jan 1 to Nov 30 124030773 152901773
Mo Pac &Iron Mt_o 2d wk Jan 781,000 647,000 24,751,811 25,530,465 d Penn-East of Pitts & Erie
25,000
32,000
879,000
'Central Branch.° 2d wk Jan
dWest of Pittsburgh & Eric.. Jan 1 to NOV 30 Dec:18,9 72,300 • (
937,000
Total system. .o 2d wk Jan 808,000 879,000 25,688,811 26,400,465 Phila Baltimore & Washington. Jan 1 to Nov 30 14,790,448 15,972,746
32,457
24,134
832,432
859,269 Pitts Cin Chicago & St Louis... tan 1 to Dec 31 26,132,038 32,201,819
bMobile Jack & K C Wk Jan 9
Deo 1 to Oct 31
775.536
719,598
Nashv Chatt & St L November_ 030,237 901,128 4,633,750 4,029,653 Rio Grande Junction
Jan
Mex._
283,820
20
wk
of
301,060 7,523,501 8,700,952 Texas & Pacific
Rys
Jan 1 to Jan 14
Nat
508,169
493,934
a
4.217
Nevada-Cal-Orefron 2d wk Jan
5,090
Jan 1 to Nov 30 5.011,884 5,410,784
213.733
202.182 West Jersey & Seashore

1

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
:tient Yea, ('rev's Year Inc. or Dec. %
'3urinl Year Prev's Year Inc. or Dec
:Vigilant, Summaries.
----- -3
3
$
S
3
S
-354.814 3.22 Month filch 1908 (126 roads). 182,495,089 187,435,350 -24,940,261 13.37
lst ',leek Nov (45 roadm___ 10,578,178 11,032,092
roa(s)____ 10,065,461 11,088.062
1
2d week Nov44
Month Apr 1908 (119 roads). 154,137,168 190,046,156 -35,908,088 18.89
-102.601 0.02
+216,129 2.20 Month May 1908 (120 roads). 153,112,628 198,146,871 -45,034,243 22.67
3d week NOV 39 roads)._ 10 045,953 9,829,824
-008.592 4.93
9th week•Nov 44 roads)._ 13 469,1)11 14,168,503
Month J'une 1908 (113 roads). 146,270,130 179,397,094 -33,128,964 18.47
-1-140,279 1.38
Month July 1908( 97 roads) 150,503,383 133,365,9.'3 -27,282,110 14.87
iat week Dec (44 roads).... 10,3(18,592 10;188,4/3
20 week Pep (41 roads)....... 10,418.634
+512,186 5 17
9 906,448
Month Aug 1908 (105 roads) _ 179,781.772 209,690,782 -29,909,010 10,84
1,037,838
(46
roads)....
10,428,083
34 , week Deo
+809,553 5.85
Month Sept 1908 (114 roads). 210,014,059 223,964,945 -13,950.888 6.23
-4-961.6416.91
Month Oct 1908 (119 roac15). 223,931,291 240,652,757 --,-16,721,466 ,O.IPt
4th week De,.(48 roadS)___ 1 ,887,895 13,926'.254
,588,102
+246.103 .
8,341,999
Month Nov 1908 '(118 roadS)- 205.963,343 213,913,648 -7,950.305 3.7
1st week Ian '(43 roads)....
gd week Jan (39 rinds)--8.761.871 -.8;411,403
Month Dec 1908 ( 49 roads). 53,154.303 49,474,321 +2.679,882 5.42
+353.468 4.20
,
y
.....-..a Mexlcai: currency. b Includes earnings ot ow/ iv Chicago Division. c ineludes the Houston & Texas Central and its subsidiary lines in both
years. .: Covers lines directly operated. e includes the Chicago & Eastern Illinois in both years. 1 Includes Evansvi le & Indiana RR. is Includes
earnings at Col. & South., It. Worth & Denver city and all affiliated lines, excepting Trinity & Brazos Valley RR. k Includes in.both years earnings
of Denver Enid & Gulf RR.. Pecos Valley System and Santa Fe Prescott &Phoenix Hy. i These figures do not Include receipts from sale of coal
o Figures here are on the old basis of accounting-pot the new or Inter-State Commerce Commission method. r These figures are on the new basis
arescrl bed by the Inter-State Commerce Commission.
Irgoktv Summaries.

1

P




224

THE CHRONICLE

[VOL. Lxxxviii.

- --Net Earnings--Gross Earnings
Previous
Current
Previous
Current
Year,
Year.
Year.
Year.
5
5
Roads.
1,659,585
1,970,334
6,764,384
Nov 6,632,676
xChIc Burl & Q_b
34,860,273 37,375,127 12,140,900 12,884,794
July 1 to Nov 30
65,488
113,062
417,260
Chic Ind ec Loulsv_a___Nov 433,785
759,697
667,424
•
2,355,028 2,545,379
July 1 to Nov 30
Decrease.
1908.
Increase.
1909.
Nov 5,129,361 5 004,691 1,730,804 1,614,191
Second Week of January.
.
Pb
- Chic Mil & St
27.573,907 26,770,885 10,848,904 10,442,207
July 1 to Nov 30
5
$
$
$
5,654,874 5,574,138 2,104,827 1,751.865
b_Nov
Western..
North
Chic
x
12,352
46,804
59,156
Alabama Great Southern
30,098,782 31,544,024 11,882,776 10,895,091
July 1 to Nov 30
782
121,161
120,379
Buffalo Rochester & Pittsburgh
By system.
20,700
137,900
Southern
117,200
Pac-See
Tex
Cinc N 0 &
Canadian Northern
930,000
40,000
970,000
433,758
507,620
Canadian Patine
xChlc St Paul M & 0-b_Nov 1,202,968 1,225,545
177,000
16,500
193,500
Central of Georgia
6,181,879 2,207,813 2,036,837
5,987,388
July 1 to Nov 30
233,841
9,058
242,899
Chicago do Alton
75,406
707,707
161,069
694,702
Nov
5,237
143,049
148,286
zanc Ham & Dayton_b_
Chicago Great Western
797,514
845,124
3,531,879 4,018,243
74,926
2,475
77,401
July 1 to Nov 30
Chicago Ind & Dootilsvilie
44,084
23,129
65,201
116,009
206,163
139,138
225,753
Mac New On do Texas Pacific__
Colorado Midland_ a_ _ __Nov
264,524
241,012
5,863
268,748
274,611
1,034,464 1,106,467
July 1 to Nov 30
Colorado &!Southern
307,200
38,700
345,900
555,783
544,111
Denver .So Rio Grande
Colorado & Southern_b_Nov 1,437,267 1,422,672
18,632
1,353
19,985
Detroit do :Mackinac
6,679,046 6,453,974 2,431,304 2,345,099
July 1 to Nov 30
46,073
1,288
44,785
Duluth South Shore & Atlantic_
6,298
6,359
27,697
24,906
__Nov
Laurens_a
&
2,640
35,935
Newb
Col
_
33,295
Georgia Southern Sp Florida_ _,
21,631
25,225
125,025
116,563
July 1 to Nov 30
1
Grand Trunk of Can
622,730
22,498
22,488
10,938
77,144
I
645,218
74,709
Sept
Western
Trunk
Grand
Copper Range_ b
56,209
98,113
253.102
221,729
Det Gr Hay & Milw
July 1 to Sept 30
Canada Atlantic
023
2,269
5,073
7,335
Nov
Cornwall-a
141,000
7,000
148,000
Northern
Great
&
International
5,504
44,782
84,404
29,255
30
Nov
to
1
July
156,814
43,875
112,939
Interoccanic: of Mexico
5,818
15,414
36,281
24,798
58,879
16,076 Cornwall & Lebanon.. _ _ _Sept
42,803
Iowa Central
54,570
16,332
119,836
71,330
714,035 119,970
834,005
July 1 to Sept 30
Louisville & Nashville
723,683
40,225
683,458
40,745
33,477
142,034
117,210
Nov
Mexican Central
RR
Cuba
171,946 ,
30,489
141,457
200,327
248,430
719,607
673,261
Mexican International
July 1 to Nov 30
13,315
1,763
15,078
Mineral Range
r743,388
r754,798
65,025
Delaware & Hudson_ b_ _Nov 1,634.274 1,674,165
66.734
1,709
Minneapolis & St LoottlW
r7,614,233
r6,703,925
16.780,866 18,486,735
Jan 1 to Nov 30
177,915
1,433
176,482
Minn St Paul do 51 S Al
3 1,546,748 1,167,134
60
9 15
2:493
36
994
1:430
647,000 134,000
4 48:8
781,000
Missouri Pacific do Iron Mtn_
xDel Lack & West_b___Nov131520
32,000
6,609,247 6,701,375
7,000
25,000
July 1 to Nov 30
Central Branch
147,811
8,053
155,864
600,196
&
482,347
Ohio
Mobile
__Nov 1.836,889 1,858,378
301,060
17,240 Den & Rio Grande_a_
283.820
9,240,967 10,163,494 2,092,428 3,436,232
National Rys of Mexico
30
Nov
to
1
July
5,090
873
. 4,217
Nevada-California-Oregon
29,241
22,102
100.374
85.480
665
9,167
Detroit & Macklnac_a__Nov
9,832
Rio Grande Southern
135,567
138,785
551,608
473,353
154,734
July 1 to iNlov 30
27,639
182,373
St Louis Southwestern
441,334
324,926
798,590 108,579
715,704
596,492
907,169
Nov
b
Range
Iron
&
Southern Railway
xDuluth
258,081
11,773
4,596,167 5,033,103 3,191,572 3,476,392
246,308
Texas & Padfic
July 1 to Nov 30
22,906
4,415
18,491
61,339
73,436
258,786
Toledo Peoria & Western
232,191
Dui South Shore & AtLbNov
12,879
74,950
62,071
415,545
346,705
VVestern
Toledo St Louis &
1,170,629 1,519,836
July 1 to Nov 30
457,394
21,377
436,017
Wabash
293,549
626,122
x El Paso do Southw_ b_ _Nov
1,156,323
2,784,206
1 to Nov 30
8,764,871 8,411,403 586,533 233,065
total (39 roads)
449,644
960,777
353,468
Nov 4,208,644 4,294,239
N t increase (4.20°4)
Erie_jauly
5,959,108 5,096,200
23,855,349
30
22,186,052
Nov
to
1
July
549
98
2,008
1,768
Nov
Fairchild & N E-b
91
deli ,248
8,162
8,445
July 1 to Nov 30
For the first week of January our final statement covers
22,909
28,070
51,568
56,325
Dec
&
Glov_a_
Johnst
236,290
43 roads and shows 2.95% increase in the aggregate over Fonda
224,831
438,680
397,381
July 1 to Dec 31
the same week last year.
Genessee & Wyoming_b1,231
3,790
19,067
17,897
Oct 1 to Dec 31
18,005
17,172
57,297
47,491
July 1 to Dec 31
1908.
Increase. I) crease.
1909.
44,078
32,173
115,318
94,106
First Week of January.
Jan 1 to Dec 31
48,175
49,472
Nov
265,611
245,061
$
1 411 Georgea RR b
'
$
262,725
220,604
1,232,780 1,345,248
July 1 to Nov 30
8,194,844 549,906 315,439
Previously reported (37 roads), 8,429,311
24,312
34,195
9,883
Georgia Southern & Fla-See under Southern By system below.
Atlanta Birm & Atlantic
23,641
25,386
1,745
Detroit Toledo do Ironton
1,568 Grand Trunk of Canada35,282
33,714
Ann Arbor
832,172
832,172
Nov 2,814,297 3,056,162
35,935
1,329
34,606
Grand Trunk By
Georgia Southern Ss Florida_ _ _ _
13,870,084 15,566,959 4,330,690 4,476,693
3,753
5,864
2,111
July 1 to Nov 30
Nevada-Califonala-Oregon
24,232
90,517
49,151
794
25,026
528,502
436,038
Grand Trunk West'n..Nov
Texas Central
-482,756
443,095
2,370,959 2,867,828
July 1 to Nov 30
8,341,999
318,336
8,588,102
564,439
26,279
15,573
147,455
Total (43 roads)
137,235
Det Gr Hay & Milw__Nov
246,103
161,568
160,837
820,978
Net increase (2.95%)
731,433
July 1 to Nov 30
13,140
43,708
202,446
167,894
Nov
Canada Atlantic
97,817
78,107
844,580 1,038,996
July 1 to Nov 30
Dates.
Latest
2,530.976
following
to
3,139,785
-The
6,003.554
Monthly
Earnings
5.673,562
b
Nov
Net
xGreat Northern_
26.689.911 29.916,675 12,034,887 12,142,207
July 1 to Nov 30
shows the gross and net earnings to latest dates of all STEAM
179,061
158,797
625,212
560,601
Nov
Valley-a
railroads furnishing monthly statements. The compilation Hocking
3,018,052 3,280,823 1,030,064 1.101,537
July 1 to Nov 30
1,386.500
1,430,027
includes every road from which.we can get return of this Illinois Central_a
Nov 5,074,164 5,313,028
24,031,643 26,836,7u0 4,875,923 5,808,879
character, and in that form is given once a month. Early
July 1 to Nov 30
56,912
220,825
606,217
834,642
returns are published from week to week, as soon as issued, xInternat ec Gt Nor_ b_ _Nov 3,558,326
297,696
981,914
3,099,786
30
July 1 to Nov
but for the convenience of our readers all the roads making
207,180
126,889
670,020
c of Mexico _ Nov 470,801
846,558
767,307
returns are brought together here in the week in which we g Interoceani
2,573,076 3,182,328
July 1 to Nov 30
371,981
3,379
h
publish our monthly article on net earnings-say, about the Iowa Central_a
253,047
233,685
Nov
3440,276
3267,300
1,272,458 1,367,229
20th of the month.
July 1 to Nov 30
4,707
34,352
196,294
197,172
-Gross Earnings- ----Net Earnings----- Kanawha & Alichigan_a_Nav
110.407
259,460
1,044,017 1,045,968
Previous
Previous
Current
Current
July 1 to Nov 30
165,974
261,747
Year.
Year.
Year.
Year.
682,761
Kansas City South_a___Dec 734,550
$
$
$
$
Roads.
4,482,637 5,040,922 1,585,147 1,615,516
July 1 to Dec 31
735,853
789,451
2,745,930
Ry
system
below.
2,605,388
Southern
Dec
Lehigh Arfdley_b
Alabama Great Southern-Set
17,021,729 19,485,904 5,885,460 7,206,868
July 1 to Dec 31
2,319
3,776
4,070
6,464
8,365
Ala Tenn & Northern_ __Nov
def5,010
40,325
9,645 Lexington & Ina _ b.. _ _ _Nov
14,557
19,322
23,536
25,798
87,428
July 1 to Nov 30
21,970
252,272
164,817
July 1 to Nov 30
52,017,749
80,700
Inc
Atolls Top & Santa Fe_b_Nov 8,387,279 48,021,125 53,279,493512,076,946
Dec 53,400
Nov
39,014,297 0,599,146514,781.751
Long Island_ b
July 1 to Nov 30
Inc 781,200
Dec 394,500
Jan 1 to Nov 30
41,430
189,803
745,110
1,312.839
sAtl firm & Atlantic_a_Nov
3,912,611
b
.
Nov
3,863,382
264,708
Nashv_
851,119
&
Loulsv
30
July 1 to Nov
10,471,817 21,202,911 6,988,456 5,653,027
July 1 to Nov 30
608,338
761,150
2,365,278
2,247,222
-_Nov
Linea
Coast
261,077
191,307
Atlantic
731,517
Nov
654,307
9,690,508 10,800,118 2,507,266 2,157,779 xMaine Central_ b
July 1 to Nov 30
3,722,982 4,126,646 1,221,358 1,522,600
July 1 to Nov 30
1,092,443
def4,674
1,021
Baltimore & Ohio_ b____Dec 6.012,241 5,654,653 1,994,656 12,989.342
3,131
3,907
NOV
36,964,881 42,885,143 13,340,815
Manistique-b
July 1 to Dec 31
dell.414 def10,602
59,222
50,699
Jan 1 to Nov 30
72,572
227,403
7,968
12,755
Bangor & Aroostook_ b-Nov
34,815
20,622
409,072
Maryland & Penna_ a_ _ _Nov
1,180,511
55,121
67,708
July 1 to Nov 30
184,968
170,264
July 1 to Nov 30
1,443
60
5,603
5,718
853,254
829,506
Bellefonte Central_ b_ _ _ _Deo
NOV 2,437,205 3,014,021 4,492,159 4,241,269
19,642 U Mexican Central
11,620
64,688
65,700
Jan 1 to Dec 31
12,446,078 15,252,968
July 1 to Nov 30
845,156
949,798
205,460
213,606
,Boston & Maine. b_ _ __ Nov 3,238,208 3,438,282 5,435.674
701,050
_Nov
561,121
5,669,238
ernatIonal
18,916,909
MexicanInt
17,283,373
g
1,108,734 1,093,383
July 1 to Nov 30
2,832,561 3,695,159
1 to Nov 30
July
500
2,982
5,925
3,077
200,900
300.600
Bridgeton & Saco Riv_b_Nov
659,700
8,005
12.058 Mexican Railway
527,200
Nov
27,941
23,456
July 1 to Nov 30
2,838,800 3,331,600 1,040,700 1,315,100
July 1 to Nov 30
150,732
754,546
201,645
547,045
11,600
15,423
Buffalo Roch & Pitts_ b_Nov
68,873
66,326
940,875 1,336,700 Mineral Range_ b
Nov
3.166,177 3,937,568
77,524
76,665
July 1 to Nov 30
359,240
362,503
July 1 to Nov 30
23,152
191,278
k114,543
k106,087
x Buffalo eo Susq_ b.. _ __Nov
351,208
363,531
201,047
MInneap & St Louls_a- _Nov
964,454
1078,825
k638,626
July 1 to Nov 30
1,909,062 1,855,003
July 1 to Nov 30
412,600
268,300
957,400
Nov 1,156,900
Canadian Northern
588,285
428,616
1,106,256
1,180,184
1,472,800
b.
_
S
1.365.700
4,506,800
M_
S
_Nov
&
P
4,707,200
St
Minn
3,020,620 2,316,386
July 1 to Nov 30
1
5,692,76
30
6,108,328
Nov
to
July 1
2,221,080
6.953,067
2,445,034
7,303,303
Nov
a
Canadian Padfic_
689,105
512,144
2,018,059
33.755,783 34,466,917 11,844,427 12,353,833 Mo Kan & Texas- b-- ---Nov 2,318,061 11,381,084 3,850,244 4,204,854
July 1 to Nov 30
11,583,403
July 1 to Nov 30
293,693
268,956
Central of Georgia-a. _-- Nov 1,008,065 1,130,379
1,089,582
875,782
3,819,501
4,006,075
Nov
4,899,433 5,342,390 1,348,906 1,277.602 Missouri Pacific_ b
July 1 to Nov 30
19,935,811 21,609,465 6,389,539 6,748,299
July 1 to Nov 30
Central of New Jersey_ b..Nov 2,238,918 2,418,375 1,028,412 1,048,185
below
10,944,032 12,431,904 4,806,653 5,509,761 Mobile & Ohio-See under Southern By system
July 1 to Nov 30
190.506
169,731
901,128
930,237
def4,242
9,177
1,142 Nashv Chatt do St L_ b_ _Nov
6,257
Chattanooga Southern _a Nov
4,633,756 4,029,653 1,027,587 1,078,950
61,207 def14,251
3,830
38,051
July 1 to Nov 30
July 1 to Nov 30
435,767
460,056
1,269,128
775,311
811,691 g National RR ot Mexico.Nov 1,065,196
Chesapeake & Ohio_ b- Nov 2,118,133 2,458,019
5,765,507 0,774,337 2,100,827 2,343,515
11,197,327 12,833,958 4,438.993 4,675,679
July 1 to Nov 30
July 1 to Nov 30
16,187
6,483
77,047
1,897
5,712
66,288
4.654
2,111
Hidalgo. & Northeast..Nov
Chesterfield & Lane_ b_ _Nov
99,659
48,795
428,894
7,435
27,931
359,963
20,922
9,452
July 1 to Nov 30
July 1 to Nov 30
16,165
15,106
30,085
27,509
8346,776
8246,674 Nevada-Cal-Oregon_ b.-Nov
Nov 1,036,842 1,052,378
Chicago do Alton_a
99.883
98,648
168,492
171,653
5,620,801 5,605,786 82,383,056 4,784,258
July 1 to Nov 30
July 1 to Nov 30
2,410
561
6,476
7,202
52,679
715,391
Nov
685,151
112,673 Nevada Central- b
x(ibleago Gt Western_b_liov
11.144
4,272
37,673
35,237
683,017
3,664,173 3.716,611
755,124
July 1 to Nov 30
July 1 to Nov 30

$11Latest Gross Earnings by Weeks.---In the table which follows we sum up separately the earnings for the second week
ofkJanuary. The table covers 39 roads and shows 4.20%
increase in the aggregate over the same week last year.




JAN. 23 19O9.

THE CHRONICLE

225

--Gross Earnings-- --Net Earnings
--Gross Earnings-- --Net Earnings-Current
Previous
Previous
Current
• Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Year.
Year.
Year.
Year.
Roads.
$
$
$
Roads.
1
$
$
$
$•
N Y Cent & Hud RIv_ _ _Nov 7,854,840 7,876,737 2,330,721 1,330,138 z Western Maryland_b_ _Nov
498,715
533,197
202,820
175,981
Jan 1 to Nov 30
81,065,417 90,036,005 21,451,437 21,465,659
July 1 to Nov 30
2,584,950 2,730,622 1.033,256 1.048,060
Lake Sh & Mich Sou_ _Nov 3,452,160 3,717,085 1,130,293 1,011,317 West Jersey Fe Seash_b_Nov
324,763
383,563
64,410
72,010
Jan 1 to Nov 30
Jan 1 to Nov 30
36,384,902 41,645,463 10,768,101 10,249,541
5,011,884 5,410,784 1,162,205 1,246.205
Lake Erie & Western_Nov
52,446 z Wheel & Lake Erle_b_Nov
384,752
61,560
391,671
458,275
525,327
93,486
49,955
Jan 1 to Nov 30
4,130,027 4,722,514' 668,789 1,164,007
July 1 to Nov 30
2,573,580 3,028.500
747,115
681,355
Chic Ind & Sou
272,349
Nov
243,402
590,459
115,386
83,105 x Wisconsin Central_ b._Nov
603,030
180,367
181,583
Jan 1 to Nov 30
July 1 to Nov 30
2,629,281 2,744.972
3,308,816 3,528,353 1,233,356 1,273,835
961,758
830,735
Michigan Central____Nov 2,179,965 2,351,097
522,109 WrIghtsv & Tennille_b_Nov
450,727
224,608
227,375
8,322
9.339
Jan 1 to Nov 30
July 1 to Nov 30
22,782,415 26,438,378 5,420,331 4,955,436
2119,775
2126,414
41,042
40.164
Clev Cinc Ch & St L_ _Nov 2,168,089 2,208,060
501,003 Yazoo & Miss Valley_a_Nov 1,146,398
407,145
996,107
218,487
384,397
Jan 1 to Nov 30
July 1 to Nov 30
4,162,933 4,284,328
22,316,184 24,480,143 5,029,570 6,243,038
246,498
334.005
Peoria & Eastern____Nov
64,866
29,051
245,975
235,718
a Net earnings here given are after deducting taxes.
Jan 1 to Nov 30
662,068
2,502,283 2,779,899
458,896
b Net earnings here given are before deducting taxes.
CIncln Northern
Nov
89,166
12,985
79,688 def13,954
e After allowlng for net revenue from outside operations and deductlng
Jan 1 to Nov 30
125,148
894,774
145,650 taxes, operating Income Is $33,508 In Nov. 1008, against $21,155 last year.
937,804
Pitts & Lake Erle_ _ _ _Nov
213,515
967,347 1,277,367
324,545 and from July 1 to Nov. 30 Is $191,842 In 1908 and $117,720 In 1907.
Jan 1 to Nov 30
g These results are In Mexican currency.
9,471,874 14,183,353 2,038,701 3,258,131
h For November 1908 additional income showed a deficit of $14,163,
Rutland
80,806
Nov
240,147
260,277
57,435 against
a credit of $6,453 in 1907, and for prelod from July 1 to Nov. 30
Jan 1 to Nov 30
722,807
819,436 there was
2,534,113 2,848,146
a deficit of $38,318 in 1908, against a credit of $41,113 last year.
N Y Chic & St L
233,979
Nov
170,065
809,893
804,585
'The company now includes the earnings of the Denver Enld & Gulf RR.,
Jan 1 to Nov 30
8,543,637 9,597,421 2,070,261 2,376,241 Pecos Valley system and Santa Fe Prescott de Phoenix fly. In both years.
Total all lines
Nov18,660,275 19,451,985 5,075,053 4,094,199 For Nov. taxes amounted to $60,011, against $238,008 in 1907; after
Jan 1 to Nov 30
103,257,229 221,345,103 49,713.847 52,152,710 deductng which, net for Nov. 1908 was $3,219,482, against $1,779,741
last year. For period from July 1 to Nov. 30, taxes were $1,276,383
N Y Ont & Western a- _Nov 640,988
154,339
169,624 In 1908,
634,056
against $1,202,516 in 1907.
July 1 to Nov 30
3,705,237 3,752,798 1,221,531 1,313,678
k For Nov. 1908 additional income was $12,228, against 813.067 in 1907.
z N Y N II & Hartf_ b_ _Nov 4,611,179 4,747,660 1,421,433 1,632,247 and for period from July 1 to Nov. 30 was $66,590 in 1908, against $68,267
July 1 to Nov 30
23,295,704 25,324,838 7,781,877 8,212,708 last year.
n These figures represent 30% of gross earnings.
N Y Susq & Western_a_Nov
291,003
77,271
266,575
69,200
p For November miscellaneous charges and credits to Income was $9,572,
July 1 to Nov 30
1,300,130 1,469,024
380,810
365,029
against
$7,915 In 1907, and for period from July 1 to Nov. 30,was $39,103,
970,238
Norfolk & Western_ b_ _ _Nov 2,411,208 2,800,639
915,485 in 1908, against $49,448
In 1907.
12,323,597 14,775,452 5,010,438 5,214,491
July 1 to Nov 30
r For November 1908 net from Coal Department was $104,971, against
225,661
Northern Central_ b __ _ _Nov 1,004,537 1,118,937
230,661 $71,464 last year, and from Jan. 1 to Nov. 30 was $989,577 In 1908, against
12,358,008
10,409,208
2,470,339 2,588,939 $1,052,669.
Jan 1 to Nov 30
s After allowing for miscellaneous charges and credits to income for the
zNorthern Pacific_ b_ __Nov 6,418,352 6,717,277 3,303,881 3,174,705
32,004,574 34,440,341 15,743,812 15,348,039 month of November 1908; total net earnings were $320,070, against $238,July 1 to Nov 30
080 last year, and for period from July 1 to Nov. 30 were $2,172,161 this
xPenna Company . b_ _ _ _Nov 3,436,074 4,182,284 1,239,298 1,247,520 year, against $1,805,437.
18,469,367 23,594,309 7,698,897 8,209,832
July 1 to Nov 30
v Beginning with November 1908 the completed mileage of the Atlanta.
Birmingham & Atlantic RR. Co. was operated independently of the AtlanPennsylvania-Lines directly operated& Birmingham Construction
tic
and no comparative figures are given.
Ewe of Pitts&Erle_b_Nov 12,199,817 13,825,617 3,963,714 3,984,614
z These figures are on the basis
Co.'
of accounting required by the Inter-State
Jan I I., ov 30124,030,773 152,901,77335,608,002 42,311,702
Commerce Commission.
Dec 1,090,300
West of Pitts & Erie_ _Nov
Dec
53,000
V After allowing for net revenue from outside operations and deducting
Dcc 18,972,300
Jan 1 to Nov 30
Dec 2,691,500
taxes, operating income Is $1,312,540 In Nov. 1908, against $1,004,218 last
year, and from July 1 to Nov.30 Is $6,753,617 in 1908, against 35,439,994.
z Pere Marquette-b--_Nov 1,189,803
378,077
z Includes $150 other income for November 1908, aganst $118 In 1907; the
6,098,297
July 1 to Nov 36
1,936,603
earnings of the Dublin & Southwestern RR. are Included In both years.
Phila Balto & Wash_ b_ _Nov 1,387,159 1,475.359
405,049
420,949
Jan 1 to Nov 30
14,700,446 15,972,746 3,739,071 3,723,071
Interest Charges and Surplus.
Pitts Cin Chic & St L_a_ _Dec 2,221,904 2,041,971
673,664
320,386
Jan 1 to Dec 31
-Int.. Rentals. &c.
26,132,038 32,201,810 7,273,748 7,694,383
-Bal. of Net E'ngs.Current
Previous
Current
Previous
Raleigh & Charleston_a _Nov
7,392
6,018
2,568
887
Year.
Year.
Year.
Year.
July 1 to Nov 30
31,562
28,348
9,892
Roads.
a
1
Raleigh & Southpora_Nov
t_
11,711
81,641
10,379
4,646
2,875
8
21.166
215 Bangor & Aroo•took__ _Nov
5,6
July 1 to Nov 30
tG
July
Nov
1
30
410,933
51,292
54,180
16,064
247,300
14,665
Reading CompanyBellefonte Central
Dec
257
303
def 197
1,140
Jan 1 to Dec 31
3,084
3,636
8,536
16,006
Phlla & Reading_ b_--Nov 3,524,507 3,878,055 1,335,774 1,499,271
July 1 to Nov 30
16,553,330 19,884,248 6,604,870 7,806,389 Bridgeton & Saco Rly__Nov
637
593
det 137
2,389
July 1 to Nov 30
3,104
2,967
4,901
9,091
Coal & Iron Co_ b____Nov 3,657,764 4,097,949 : 271,837
405,246
492,060
July 1 to Nov 30
13,761,804 17,263,563
373,070
536,352
675,114
755,927 1,454,572 Central of New Jersey.. _Nov
July
1
to
Nov
30
2,562,001
2,326,588
2,244,651
3,183,173
Total both Cos_ b- - -_Nov 7,182,271 7,976,004 1,607,611 1,904,517
Nov
July 1 to Nov 30
30,315,133 37,147,809 7,300,797 9,260,961 Colorado Midland
31,350
30,647
c24,191
c3,911
July 1 to Nov 30
156.750
153,233
c37,658
c62,211
Reading Company.. Nov
134,012
129,429
Colorado
&
Southern.._
July 1 to Nov 30
276,852
_Nov
234,751
c313,216
c336,852
636,272
643,006
July 1 to Nov 30
1,296,053 1,166,825 c1,313,119 c1,235,144
Total all companies-Nov
1,741,623 2,033,946
July 1 to Nov 30
Sept
11,937
12,438
7,997,069 0,003,967 Copper Range
10,561
7,500
July 1 to Sept 30
35,812
37,313
20,397
60,800
Richmond Fred & Pot...Nov
151,227
155,195
50,882
36.415
July 1 to Nov 30
3,548
720,771
3,585
848,641
x4,219
225,165
230,653 Cornwall Fe Lebanon_ __Sept
x12,924
July 1 to Sept 30
10.616
10,846
x10,781
x45,213
Rio Grande Junction_ _Oct
82,324
82,504
n24,751
n 24,697
Dec 1 to Oct 31
32,496
Nov
28,329
719,598
775,536
081
n215,890 n232,659 Cuba RR
12,416
July
Nov
1
30
to
161,771
141,645
86,659
58,682
Rlo Grande Southern_ b_Nov
59,731
53,694
21,424
26,484
Denver
July 1 to Nov 30
&
Rio
..Nov
Grande..
323,057
362,643
269,152
287,123
d171,834
113,510
106,862
d254,423
July 1 to Nov 30
1,550,546 1,760,380 d1,680,390 d1,864,262
Rock Island-a
Nov 5,107,207 4,962,511 1,132,444 1,162.354
July 1 to Nov 30
26,443,315 27,216,078 7,232,003 7,251,115 Duluth So Sh & Atl_ _ _ _Nov
97.618
110,426 zdef15,518 zdef42,291
July 1 to Nov 30
468.390
496,293 zdef64,215 xdef37,282
St I. & San Fran.a._ _Nov 4,252,901 4,213,490 1,064,761 1,136,908
20,482,279 22,577,806 5,400,003 5,916,347 Genessee & WyomingJuly 1 to Nov 30
Oct
1
to
i)ec
31
6,970
6.925
def3,180
def5,694
Evansv & T H'te_a__Nov
173,973
196,872
44,874
63,523
July 1 to Dec 31
13,940
13,850
3,232
4,155
051,953 1,060,395
July 1 to Nov 30
317,572
319,008
Jan 1 to Dec 31
28,010
27,411
4,163
16,667
Nov 9,534,080 0,372,873 2,242,078 2,362,784
Total all lines_a
Nov
55,560
56,378
22,917 zdef7,184
47,877,548 50,855,178 12,949,579 13,486,470 Georgia RR
July 1 to Nov 30
July 1 to Nov 30
276,192
282,314 zdef6,544 zdef14,995
131,946
St Jos & Grand Isl_b_ _ _ _Nov
121,723
43,968
41,797
Valley
Nov
98,077
88,852 2124,682 2177,349
736,098
July 1 to Nov 30
740,713
285,793
312,688 Hocking
July 1 to Nov 30
492,744
443.865 2851.904 21,026;552
590,582
z San Pad Los A & S L_b Nov
156,291
Kanawha
Fe
Michlgan__Nov
24,667
22,932
218,897
26,379
2,895,159
July 1 to Nov 30
489,479
July 1 to Nov 30
116,588
108,082
x180,131
285.234
St Louis Southwest_a._Nov 1,022,037
308,701
875,623
150,869 Maryland & Penna_ __ _Nov
3,979
3,986
3,989
4,521,821 4,653,318 1,164,326 1,257,970
July 1 to Nov 30
8,789
July 1 to Nov 30
19,897
19,897
35,224
47,811
xSeaboard Air Line_ b__Nov 1,379,396 1,340,075
403,226
318,565
Nov
13,501
12,223
July 1 to Nov 30
zdef480
6,321,177 6.804,402 1,686,908 1,625,493 Mineral Range
24,622
July 1 to Nov 30
65,472
60,677
213,562
218,911
Southern Pacifica
Nov 11.085,203 11,537,870 4,136,045 3,369,583
Nov 3682,468
3573,011
July 1 to Nov 30
214,720 zdef54,388
52,188,195 57,322,889 19,120,799 16,057,420 Mo Kan & Texas
July 1 to Nov 30
33,090,076
32.773,478
2789,775 x1,556,390
Southern Railway Co_ b_Nov 4,570,108 4,622,207 y1,450,520 y1,164,519
150,995
153.293
48,511
July 1 to Nov 30
15,438
22,265,078 24,691,729 y7,485,199 y6,241,011 Nashv Chatt & St L____Nov
July 1 to Nov 30
754,974
768,792
272,617
310,158
Mobile & Ohlo_a
Nov
878,989
858,494
244,416
223,888 Nevada-Cal-Oregon
___Nov
3,734
3,901
213,486
July 1 to Nov 3__O____ 4,034,311 4,597,194 1,222,428 1,281,232
x14,672
July 1 to Nov 30
19,918
19,498
285,498
288,003
Cinc New On & T P_a_Nov 625,509
702,161
198,751
126,995
Ont & Western_ ___Nov
103,914
87,089
50,425
July 1 to Nov 30
82,535
3,243,158 3,822,937
958,057
776,828 N Y July
1 to Nov 30
463,517
396,019
758.014
917,659
Ala Great Southern _a_Nov
295,712
323,636
71.679
35.782 Norfolk & Western
431,427
442,060
Nov
538.811
July 1 to Nov 30
473,425
1,494,784 1,741,530
370,931
274,536
July 1 to Nov 30
2,183,334 2,164,393 2,827,104 3,050.098
Geor South & Fla b--Nov
156,677
160,536
e42,114
e26,883
870,742
868,625
Nov
872.998 1,163,204
July 1 to Nov 30
774,547
e144,578 Reading Company
e224,826
899,754
July 1 to Nov 30
4,343,125 4,353,710 3.653,944 5.550,257
Texas Central
148,167
Nov
112,305
63,219
44,335 Rio Grande Junction_ __Oct
8,333
8.333
16,418
16,364
July 1 to Nov 30
524,114
531,650
175,015
168,514
Dec 1 to Oct 31
91,665
91,665
124,225
140,994
xTexas & Pacific.
__ _Nov 1,517,794 1,386.379
589,252
378,749
19.640
18,174
6,283,702 6,650,022 2,056,789 1,906,756 Rio Grande Southern..__Nov
x1,835
July 1 to Novb_30
214,209
July 1 to•Nov 30
95,875
99,819
223.379
228,174
Tidewaterdle Western_ b_Nov
5,368
8,145
deft 197
1,258
164,664
Southwestern-Nov
167,193 2178,443
29,451
July 1 to Nov 30
250.120
41,673
321
3,590 St Louis
839.206
July
1
to
Nov
829,401
30
2516,533
2721,288
Toledo & Ohio ('ent_a__Nov
372,157
423,505
96,823
135,136
2,584
Central
Texas
Nov
2,584
July 1 to Nov 30
2,197,608 2,225,667
60,635
41,751
830,077
69
16
7:6
733
3
12,920
July 1 to Nov 30
12,290
162,095
155,594
Toledo Peo & Western b Dec
92,918
103,987
41,205
Central
Ohio
Tot
&
Nov
42,558
2'70,555
July 1 to Dec 31
2116,547
580,892
635,814
1319,983441
0
119,550
201,075
July 1 to Nov 30
206,331
x651,995 2588.058
Toledo St L & West_a--Nov
301,899
351,338 p105,993
p136,823
23,568
July 1 to Nov 30-- - - - 1,514,807 1,889,545
24.711' zdef1.127 zdef2,742
p501,972 p619,360 Toledo Peo & Western Dec_
140,945
July 1 to Dec 31
143,171
29,506
29.851
Tombigbee Valley
7,286
Nov
4,500
c After allowing for miscellaneous charges and credits to Income.
July 1 to Nov 30
29,421
518
83
27.736
10,
27
6,7
47
58
9
d These figures are after allowing for other Income and for discount and
Union PacIfic_a
Nov 7,241,813 7,406,654 3,895,197 3,371,176 exchange
The sum of $10,000 is deducted
36,057,368 36,389,213 18,867,584 15,010,474 placed to the credit of the Renewal Fund. every month from surplus and
July 1 to Nov 30
Include taxes amounting to $138,691 for Nov. 1908.
2 Vandalla_ b
Nov
h
chalices
760,886
Fixed
202,040
814,257
166,958
July 1 to Nov 30
3,849,404 4,467,017 1,061,841 1,170,101 against $52,000 in 1907. and additions and betterments of $66,737 this
$70,672;
against
year,
from July 1 to Nov. 30 taxes were $556.640 in 1908,
Virginia Southwest'n_b_Nov
105,741
98,941
36,103
19,684 against $262,636: additions
betterments were $216,442 for the same
July 1 to Nov 30
529,949
218,108
529,203
169,920 period, against $335.398 the and
previous year. Prior to July 1907 it was the
Wabash_ b
Nov 2,081,345 2,127,699
501,671
472,786 practice to include these Items In the expenses.
July 1 tO Nov 30
11,219,909 12,134.961 3,593,174 3,981,839
x After allowing for other Income received.




[VOL. Lxxxvni.

THE CHRONICLE

226
Miscellaneous Companies.

Latest Gross Earnings.

-Gross Earnings
- ----NetEarnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
$
Abington & Rockland Elec
Nov
5,873
5,606
Lt & Pow Co_b
2,762
2,840
51,657
Jan 1 to Nov 30
47,065
20,257
17,726
Sept
Gas
Co
Buffalo
21,077
July 1 to Sept 30
44,225
39,544
535,062
Cumb Tel & Tel Co_b_ Nov
535,794
248,131
233,753
5,806,157 5,395,830 2,393,742 2,088,653
Jan 1 to Nov 30
Nov
Cuyahoga Tel Co
68,845
67,079
38,656
34,062
Demerara Elect Co_ _ _Nov
10,671
10,239
4,566
4,820
Jan 1 to Nov 30
110,945
108,025
46,145
47,751
Ed El Co,(Brockton)_ b_Nov
22,627
12,842
20,722
10,655
Jan 1 to Nov 30
86,254
77,274
193,160
176,563
35,789
Fall Rly Gas Wits_ b_ _ _ _Nov
36,340
12,310
11,578
Jan 1 to Nov 30
152,056
375,589
358,514
142,02
Houghton Co El Cob._Nov
17,059
27,566
25,804
15,130
Jan 1 to Nov 30
107,524
218,473
222,474
110,291
Keystone Teleph Co_a_ _Nov
88,120
45,676
88,377
40,040
July 1 to Nov 30
437,280
221,928
205,469
439,383
Lowell Elec Corp_ b_ _ _ _ Nov
30,075
16,097
33,329
13,265
Jan 1 to Nov 30
121,299
118,437
285,297
308,041
g Mexican Lt & Pow Co_ _Oct 519,651
451,096
392,685
276,741
g Mex Tel & Tel CoMch 1 to Nov 30
293,397
126,919
134,200
282,625
Minn Gen Elec_ b
92,814
63,638
52,584
Nov
103,751
Jan 1 to Nov 30
828,976
496,296
428,180
903,157
Pacific Coast
670,778
70,844
96,412
489,899
Nov
462,545
July 1 to Nov 30
649,318
2,877,808 3,699,702
238,057
Victor Fuel Co_ b
42,541
62,075
213,335
Nov
195,472
July 1 to Nov 30
274,168
930,560 1,167,469.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
g These results are in Mexican currency.

Interest Charges and Surplus.
-Int., Rentals, &c.- --Bat. of Net E'ngs.Current
Previous
Previous
Current
Year.Year.
Year.
Roads.
Abington & Rockland Elec
Lt & Power Co
Nov
Jan 1 to Nov 30
Cumb'I'd Tel & Tel Co_ _Nov
Jan 1 to Nov 30
Cuyahoga Teleph Co_ _ _ _Nov
Ed Elec Co,(Brockton) _Nov
Jan 1 to Nov 30
Fall Riv Gas Wks
Nov
Jan 1 to Nov 30
Houghton Co Elec Lt .Nov
Jan 1 to Nov 30
Lowell Elec Lt Corp_ _ _ _Nov
Jan 1 to Nov 30
g Mex Lt & Power Co_ _ _Oct
Nov
Minn Gen Elec Co
Jan 1 to Nov 30
Nov
Victor Fuel Co
July 1 to Nov 30

328
3,140
44,638
430,894
11,283
3,268
23,962
2,541
20,029
5,389
44,173
3,572
38,119
208,000
33,444
332,043
17,229
87,911

465
2,434
2,375
3,988
17,117
13,738
. 38,244
203,493
195,509
430,918 1,962,848. 1,657,735
11,250
27,373
22,812
1,417
9,574
9,238
12,784
62,292
64,490
2,094
9,769
9,484
18,152
132,027
124,650
3,781
11,670
11,349
34,998
63,351
75,293
4,226
12,525
9,039
33,152
83,180 ' 85,285
160,000
184,685
116,741
• 26,674
30,194
25,190
258,035
164,253
172,145
21,297
31,324
48,794
99,705
136,822
212,752

g These results are in Mexican currency.
After allowing for other income received.

STREET RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.

Week or
Month.

American Rys Co___ December
c Aur Elgin & Chi By December
Bangor Ry & Elec Co October _ _
November.
Binghamton,Ry
Birm Ry Lt & Power November_
Brockton & Ply StRy November
OctoberCamaguey Co
Cape Breton Elec Co_ November
Central Penn Trac_ _ _ December
Chariest Con Ry G&E November_
Chicago Railways Co_ October _ _
Cleve Painesv & East November_
Dallas Electric Corp_ November
1st wk Jan
Detroit United Ry
1st wk Jan
Duluth Street Ry
East St Louis & Sub_ November..
November
El Paso Electric
Fair &Clarksb Tr Co_ October__ Ft Wayne & Wabash
Valley Traction Co November_
November
Galv-Hous Elec Co
Grand Rapids By Co November_
Havana Electric Ry_ Wk Jan 17
Honolulu Rapid Tran
October __
& Land Co
November
Houghton Co Tr Co
Illinois Traction Co.._ November_
Jacksonville Elec Co_ November
Kansas City By & Lt November_
Knoxville By & Lt Co November_
Lake Shore Flee Ry_ November_
November
Lex & Inter Rys Co
Little Rk By & El Co November_
November_
Memphis Street Ry
Metrop West Side El December.
Milw Elec By & Lt Co November_
Milw Lt Ht & Trac Co November_
Wk Jan 16
Montreal Street Ry
Nashville By & Light November_
NJ & HR By & FyCo December
North Ohio Tr & Lt_ December
North Texas Elec Co_ November
Norf & Portsm Tr Co November_
Northwestern Elev
December _
Oakland Traction Co_ October _
Oklahoma City Ry
November_
Portland By L & PCo November
November_
Porto Rico Rys Co
Rio de Janeiro Tram
Light ec Power_ _ _ _ November_
San Fr Oak & San Jo_ October _ _
St Joseph (Mo) By Lt
Heat & power Co_ December
Sao Paulo Tr Lt & P. November_
Savannah Electric Co October _ _
Seattle Electric Co_ _ _ November
South Side Elevated_ December _
Sou Wisconsin BY Co November_
Springf'duli)B&L Co November_
Syracuse Rep Tr Mr. September




Current Previous
Year.
Year.
237,419
109,578
41,445
24,823
188,414
8,331
11,284
21,789
61,081
63,912
968,542
21,858
105,194
121,007
10,144
170,739
47,597
34,655

Jan. 1 to latest date.
Current
Year.

Previous
Year.
-----$
$
231,671 2,798,096 2,940,673
109,506 1,398,930 1,415,992
41,025
23,452
202,141 1,968,510 2,020,031
8,025
114,304
111,997
6,962
97.424
62,075
23,384
225,777
225,260
50,528
708,294
739,619
62,550
689,461
653,021
037,041
22,473
263,757
289,414
103,206
121,007
111,879
111,879
14,767
16,144
14,767
187,955 1,837,237 1,976,865
479,029
455,900
46,431
322.387
33,264
301,726

111,794 115,089 1,203,884 1,167,594
991,448
963,224
104,446 89,740
74,220 72.596
36,753 32,558 a107,797 a104,179
34,010
21.591
360,679
36,882
543,514
47,968
68,352
46,098
59,091
136,376
229,192
337,234
63,295
65,718
138,599
38,518
160,454
03,282
156,732
189,197
242,506
28.845
370,378
32,745

30,207
19,810
335,889
31,171
518,424
50,713
69,835
42,988
57,754
125,979
228,970
326,953
63,933
62,256
139,559
33,236
147,862
83,568
202,006
164,2-35
251,958
18,622
347,598
30,947

310,558
301,785
240,742
230,176
3,712,953 3,427,210
391,871
359,149
5,698,450 5,518,229
522,140
549,745
566,418
610,195
1,484,286
2,572,842
3,538,735
790,472
152,593
1,447,947
537,768
1,890,473

516,355
581,543
1,471.071
2,714,056
3,488,090
766,632
144,937
1,438,160
482,051
1,009,061

1,708,762
1,956,014
2,324,992
200,529
3,964,885
342,611

2,437,818
1,755,035
2,310,498
239,412
3,641,839
319,408

827,640 540,128 6,519,384 5,721,993
747,784
667,450
74,400 72,411
83,259
194.993
51,071
398,795
192,276
12,767
78,958
119.110

909,965
74,172
870,286
182.794 2,059,139 1,897,338
488,868
51,313
497,713
369,585 4,100,047 3,740,066
185,671 2,130,180 2,006,530
12,504
142,933
141,315
77.100
119.078
062.598
033.122

Name of
Road.

Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

$
$
$
k 1
$
49,176 45,736
Tampa Elee Co____ November
502,509
475,284
Toledo Rys & Light_ November_ 219,761 220,019 2,302,658 2,328,255
Toronto Railway ___ Wk Jan 16 65,935 59,976
151,578
140,906
Twin City Rap Tran_ 1st wk Jan 117,399 105,421
117,399
105,421
It Underground El By
of LondonThree tube lines__ Wk Jan 2_ £13,195 £11,790
£9,618 £8,733
Metropolitan Dist_ Wk Jan 2_
£4,433 £4,966
United Tramways_ Wk Jan 2_
United RRs of San Fr November 574,522 449,732 6,251,865 4,2-61,829
910,288 870,002 10,593,165 10,828,737
United Rys of St L__ December
32,971
,
WhatcomCo By & Lt_ November
324,897 _321,273
-a These figures include receipts for four days of December in both years
C These figures are for consolidated company.

Street Railway Net Earnings.-The following table gives
the returns of STREET railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns and the latest statement of
this kind will be found in the issue of Nov.28 1908. The next
will appear in the issue of Jan. 30 1909.
-Gross Earnings-- --Net Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$ .
$
Roads.
$
$
109,596
47,025
47,298
Aurora Elgin & Chic_ _ _ _Dec 109,578
781,045
783,222
360,472
July 1 to Dec 31
372,294
24,823
23,452
8,996
8,370
Binghamton By Co_ _ _ _Nov
Boston Suburban Elec195,808
189,549
48,961
29.320
Oct 1 to Dec 31
1,318
1,301
8,085
8,331
Brock do Plym St Ry_b_Nov
30,090
35,520
114,304
111,997
Jan 1 to Nov 30
Elec
Co_
b_
_Nov
Breton
21,789
23,384
10,887
10,476
Cape
85,278
225,777
225,200
94,740
Jan 1 to Nov 30
15,994
11,854
59,528
61,081
Central Penn Trac Co__Dec
149,391
Jan 1 to Dec 31
708,294
739,619
151,356
40,960
Dallas Electric Corp- b-Nov
105,194
103,206
38,839
12,913
15,758
47,597
46,431
El Paso Electric Co_ b__Nov
118,460
479,029
455,900
127,867
Jan 1 to Nov 30
36,066
Galv-klous Flee Co_ b-_Nov
104,446
89,740
44,853
.an 1 to Nov 30
991,448
406,412
389,352
963,224
Houghton Co Trac Co_ b-Nov
19,816
21,591
9,528
7,455
Jan 1 to Nov 30
240,742
230,176
103,245
92,963
Elec
Co_ b_ _Nov
Jacksonville
36,882
31,171
16,683
11,128
Jan 1 to Nov 30
391,871
141,323
359,149
151,710
Lexington SG Interurb__Nov
46,098
42,988
13,127
14,823
560,418
Jan 1 to Nov 30
516,355
197,748
185,900
Montreal Street Ry____Dec 304,884
294,640
99,068
102,330
935,071
Oct 1 to Dec 31
902,723
377,776
363,201
Dec 160,454
147,862
74,306
Nor Ohio Tr & Lt
05,576
31
804,049
813,300
1,890,473 1,900,081
Jan 1 to Dec
Flee
Co_
b-_
_Nov
36,183
83,568
37,651
93,282
Nor Texas
1,082
2,137
Schuyl & Dauph Tr Co-Dec
9,071
20,538
May 1 to Dec 31
146,959
369,585
162,116
398,795
Seattle Electric Co_b___Nov
4,100,947 3,740,066 1,624,128 1,503,879
Jan 1 to Nov 30
17,783
17,930
45,736
49,176
Tampa Electric Co-b__ _Nov
123,980
163,851
475,284
502,509
Jan 1 to Nov 30
130,248
258,189
449,732
574,522
United RRs of San Fran.Nov
14,859
14,277
33,342
32,971
Whatcom Co By & Lt_b.Nov
137,832
133,790
321,273
324,807
Jan 1 to Nov 30
a Nct earnings here given are after deducting taxes.
h Net earnings here given are before deducting taxes.

anterest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net E'ngs.Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Roads.
Chc_ _ _ _Dec
Aurora Egin
July 1 to Dec 31
Binghamton By Co____Nov
Boston Suburban FleeOct 1 o Dec 31
Brock & Plym St By._ Nov
Jan 1 to Nov 30
Cape Breton Electric Co_Nov
Jan 1 to Nov 30
Dallas Electric Corp...-Nov
Nov
El Paso Electric Co
Jan 1 to Nov 30
Galv-Hous Electric Co_ _Nov
Jan 1 to Nov 30
Houghton Co Tree Co_ _ _Nov
Jan 1 to Nov 30
Jacksonville Electric Co_Nov
Jan 1 to Nov 30
Montreal Street By._ _ _Dec
Oct 1 to Dec 31
Nor Ohio Trac & Lt_ _ _Dec
Jan 1 to Dec 31
Nor Texas Electric Co_ _Nov
Schuyl & Daugh Tr Co_ _Dec
May 1 to Dec 31
Nov
Seattle Electric Co
Jan 1 to Nov 30
Nov
Tampa Electric Co
Jan 1 to Nov 30
Whatcom Co By & Lt .Nov
Jan 1 to Nov 30

19,265
202,889
101

27,996
166,478
8,748

28.034
100,583
8,269

19,029
205,816
248

39,949
2,119
23,176
4,896
52,458
28,395
7,508
75,215
20,041
212,589
5,835
51,274
9,020
92,398
28,026
82,468
43,990
526,532
14,915
857
6,522
95,797
031,619
4,414
30,391
8,861
86,843

40,578
2.226
23,369
4,843
50,980
29,480
6,159
60,803
19,909
197,225
4,776
49,966
7,883
07,771
28,334
83,254
43,362
513,242
14,102

9,012 def11,258
(1,f 025
def.801
12,151
0,914
6,044
5,580
34,298
42,282
11,480
10,444
9,509
5,405
57,657
52,652
16,157
23,912
192,127
193,823
2,679
3,693
42,097
51,971
3,245
7,663
73,552
59,312
73,996
71,010
279,947
295,308
30,307
22,214
300,064
277,517
22,081
22,730
225
2,549
03,103
66,319
692,509
713,908
16,973
13,349
110,865
133,460
7,288
5,416
59,400
46,947

83,760
789,971
957
13,115
7,571
78,432

x After allowing for other income received.

ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Dec. 26. The next will appear in that of Jan. 30.

JAN. 23 1009.

THE CHRONICLE

Atlanta Birmingham & Atlantic Railroad.
(Report to Stockholders on Receivership Jan. 5 1909.)
A printed statement has been sent to the stockholders
containing a report by President H. M. Atkinson regarding
the receivership and reports on the road made,respectively,
by P. J. Flynn, traffic manager of the Delaware Lackawanna & Western RR., and H. A. Parker, who for
over thirty years was connected with the Rock Island RR.,
latterly as Vice-President and Chief Engineer. The latter
reports were made at the instance of large security holders.
President Atkinson, under date of Jan. 5 1909, says in part:
Receivership Otalook.-The directors deemed the receivership necessary
in the interest of all the stockholders and creditors because sufficient
money had not been earned to meet the interest on the first mortgage
bonds and payments on account of principal and interest of equipment
trust obligations maturing Jan. 1 1909. October 1908 was the first full
month that the completed mileage of the A. B. & A. was operated. The
panic conditions of the past year not only delayed the completion of the
road, but seriously affected its earnings, making it impossible to meet the
obligations mentioned above. The earnings of the road are now increasing
rapidly, and it is believed that the receivers will be able to build up its
earnings within a comparatively short period,so that plans can be worked
out providing for all its obligations and stockholders.
Earnings for the Five Months ending Nov. 30 in 1908 and 1907.
Five Months$844,144
$882,349
Gross earnings from all sources
586,411
604,049
Operating expenses
$295,958
$240,145
Total net income
In accordance with contract dated Nov. 1 1907, between the Atlantic
& Birmingham Construction Co. and the railroad company, the construction company as part of the expenses chargeable to it, on account
of the unfinished condition of the work and the interference by its work
with the operation, paid each month from Nov. 1 1907 to Nov. 1 1908
to the railroad company the portion of the operating expenses that equaled
the excess of the total operating expenses above 70% of the total operating
revenues. This contract terminated on Nov. 1 1908 and not until then
did the railroad begin its regular independent operations. The steady
increase in earnings is encouraging, and it is believed permanent. The
road is only just in position to take advantage of its opportunities. Under
the protection of the Court and the aid which the receivership will afford,
It is confidently, believed that the road will work out in satisfactory shape.
Compare V. 88, p. 156, 99.

P.J. Flynn. in a report to Percy R.Pyne on Dec. 9 1908,
said in substance:

227

must of necessity call for additional outlay on the part of the company
such as tracks to industrial plants locating, switching service, station
facities, &c., and this before receiving any returns from traffic.
Operating Ratio.-Prior to Nov. 1 last the percentage of expense to gross
revenue had reached as high as 78%; ultimately the percentage should be
reduced to 68 or 69%.

H. A. Parker, under date of Dec. 22, says in brief:
You have certainly built a good road and your company has also strengthened itself by securing large and convenient terminals at the three terminal
points of Atlanta, Birmingham and Brunswick. It does not seem possilbe
that your company will find it necessary, in this generation at least, to
issue bonds as most old companies have done or are attempting to do, in
order to secure funds for "betterments" these "betterments" consisting
of the cutting down of grades; the elimination of curves, the replacing of
temporary structures with permanent ones; sometimes double tracking;
but more frequently the securing of additional terminals. Again it seems
to me that your company is strong in the fact that it is in a position to
control absolutely the movement of a large volume of traffic originating
in the coal and iron fields of Birmingham; that it is so situated as to handle,
as cheaply and more expeditiously than your rivals, the cotton and other
staples from probably the most fertile sections of Georgia and Alabama;
and because with the completion of your line into Birmingham and its
various connections at that place, there will be little temptation or occasion
to build extensions and branches for self protection.
While it seems probable that you will some day desire and in time will
control a line to some port on the Gulf of Mexico, still, with its three terminals, Atlanta, Birmingham and Brunswick, and with steamship lines of
adequate capacity from the latter place, the A. B. ec A. will be in a position
to sustain itself and rest from further construction if its owners so desire.
The completion of your road from Pelham to Muiga-about 29 milesseems essential if the best results are to be secured: as by this line you secure
entrance into your own coal fields. (Alabama Terminal RR.. see V. 88.
p. 156.)
It is my deliberate judgment that unless the present business depression
has come to stay, which few expect, A. B. et A. must soon come into its
own, and furnish abundant reasons for its existence and Justify the hopes
of its builders.-V. 88, P• 156.

Interborough-Metropolitan Co., New York.
(Statement for Year ending Dec. 31 1908.)
At the annual meeting on Tuesday President Shonts said
to the stockholders:
The net results for the year were about the same as last. The physical
condition of the property was not only maintained but improved. The
Metropolitan Street Railway lines are also showing Improvement now.
As their operation is in the hands of receivers, results are not included in
our statement. I am glad to say that the conditions on all the lines seem
to be growing better.
Your equity in the property of the Interborough Rapid Transit Co. is
gradually increasing in value. The increase in earnings for October of last
year amounted to $70,000, for November $150,000 and for December
$264,000. While this increase began in October, owing to the business depression during the greater part of the year,and consequent curtailment of
travel, the results for the calendar yea. are practically the same as in the
previous year. So far as the Metropolitan system, operated by the receivers, is concerned, It was also affected during the summer months by
the business depression, but began showing better results about the same
time as the Interborough Rapid Transit Co. did, the increase for October
being $22,700, for November $36,000 and for December $101,000.
The operating expense of your company for the year ended Dec. 31 1907
was $212,184; for the year ended Dec. 31 1908, $190,641; a reduction of
$21,543. At the present rate it has been reduced,so that for the current
year it will not be over $75,000, making a further reduction of $115,641
from last year.

General Conclusions--I firmly believe that the financial success of the
enterprise is fully assured, and that, with no great stagnation of industry,
the revenue of the road ought to reach $6,000 per mile between now and
Jan. 1 1910 and continue increasing perceptibly thereafter. The foundation for a good passenger traffic appears to be well laid. Before going
South I wondered what the roads reaching the lumber tracts would do for
traffic after the lumber had disappeared. I found that other traffic,
principally cotton, had succeeded the lumber.
Traffic.-Fully 90% of the general traffic offering at present is directly
or territorially competitive. 'Development of considerable traffic strictly
local to the road has been retarded during the past by lack of transportation
facilities. It is said that no railroad in the South passes through a more
fertile country and, moreover, that there is scarcely a product of the
South that is not reached by this road. The principal commodities now
being handled are cotton, lumber and naval stores (turpentine and resin).
Georgia ranks second as a cotton producing State, Texas first. Cotton
After the meeting President Shonts talked in a general
dealers say that the A. B. & A. RR. reaches the best cotton sections of
way about the course to be pursued with reference to the
Georgia and Alabama.
The Birmingham Coal & Iron Co. (V. 87, p. 1665) composed of interests pending foreclosure proceedings against the Metropolitan
friendly to the A. B. & A. RR., owns over 40,000 acres of the best coal
lands and over 3,000 acres of the best ore lands in the Birmingham district. Street Railway, saying that if the company thought that
It is estimated that the coal lands will yield 10,000 tons of coal per acre. money could be made by preserving its interest in the MetroThis company also owns two blast furnaces near Birmingham capable of politan
Street Railway stock, arrangements would probably
producing 10,000 tons of iron per month. The coal mines, the iron mines
and one of the furnaces are in partial operation. It is expected, however, be made to buy in the property at foreclosure sale. "If we
flow
from
that with the full resumption of commerce a large tonnage will
would be advisable
these industries to the A. 13. & A. RR. to say nothing of the participation don't think, under the reorganization, it
of the road in similar traffic from other like industries in the district. to retain control of the property," he added, "we shall let
The importance of Brunswick as a port and the necessity of maintaining our interest go."
the Brunswick Steamship Line as a connection of tile A. B. & A. RR.
While the figures have not been officially given out, the
cannot be over-estimated. When sufficient quantities of cotton, grain
and other commodities for export can be attracted to tile port of Brunswick results for the year are understood to be approximately as
ocean service will be assured and Brunswick will then receive a share of
follows:
the export business now moving via other Southern ports.
I firmly believe that the financial success of the enterprise is fully assured
INCOME ACCOUNT FOR CALENDAR YEARS ENDING DEC. 31.
and that, with no great stagnation of industry, the revenue of the road
1908.
1907.
Receiptsought to reach $6,000 per mile between now and Jan. 1 1909 and continue
Dividend
eceipisaTrate of 9% per annum on 339.128 shares
increasing perceptibly thereafter.
Character of Road.-Itoad single track, not equipped with block signals. • of Interborough Rapid Transit Co. capital stock $3,052,152 $3,052,152
As a general proposition the right-of-way has a total width of 100 feet; Divs. aggregating 3% on 427,400 shares of
1,495,900
Metropolitan Street By. Co. capital stock
The soil throughout considerable of the
very little of it has been
295,892
205,509
fenced'
sandy gravel nature that good track can be Interest on bank balances, loans, &c
eastern mileage is of such
maintained without the use of other ballast. All of the new part of the
$3,348,044 $4,753,561
Total receipts
road, that west of Montezuma, has been laid with 80-1b. rail. East of
DisbursementsMontezuma the weight of rail varies at intervals, from 56 to 80-lbs., all of it
being in good condition. All road-bed and track cast of Manchester is in Interest on $67,825,000 Inter-Met. 43.1% coll.
trust bonds
,052,125
good condition. The road-bed of the new line, Atlanta to Manchester Divs.
aggregating 234% on Inter-Met. pref. stock- ------------1,143,500
and on to Pelham, is unsettled and soft in spots, not having had time
Iiiii,ai
212,184
to become settled; considerable filling up and ballasting, common to all Expense account
Taxes
104,251
103,760
new roads, must be done here and there throughout this section.
All the work and facilities of the new line-Montezuma west-appear to
$3,347,045 $4,511,569
Total disbursements
have been well aimed and directed, everything being modern, substantial
$999
$241,992
and complete in every detail. While the latter is not true of the old line Balance, surplus
766,916
524,924
In all respects, the expectation is to bring it to the same degree of per- Su plus, bal. of income account Dec. 31 1907___ _
fection as occasion may suggest. The maximum grade of the road is such
$767,915
$768,916
Total
surplus
Dec.
31
1908
their
call
maintain
train
division
each
that the locomotives assigned to
tonnage ratings thereover without assistance or being obliged to reduce -V. 86, p. 1285.
tonnage. Passing tracks are of ample capacity.
Rolling Stock.-The present style of locomotives, road and switching is Monongahela River:Consolidated Coal& Coke Co.,Pittsburgh.
well adapted to the requirements. The supply of road locomotives will
(Report for Fiscal Year ending Oct. 31 1908.)
have to be increased soon.
The general shops built at Fitzgerald are wholly adequate.
President Geo. W. Theiss on Jan. 11 1909 writes in subThe passenger equipment is new and modern in every respect; the supply
could be increased to advantage. The condition of equipment generally stance:
is good. The present freight equipment should care for $50,000 additional
Financial.-There was a net decrease of $205,385 during the year in
business.
indebtedness as follows:
Terminal Properties.-The terminal property of the company at Atlanta Decrease in first mortgage bonds, certificates of Indebt5575,226
(Compare Georgia Terminal Co., V. 88, p. 158), comprising about 200
edness, car trust notes and mortgages
acres, is well situated,and ample to meet all future requirements. Suf- Decrease in current liabilities-accounts and bills
516,386 $1,091,612
payable
ficient of it has been improved to take care of a good volume of freight
886,227
traffic. The company is now receiving about $30,000 per annum from Less decrease in quick assets
tenants on the property who have not been disturbed to date. The comUnion
Depot
pany uses for passenger traffic to and from Atlanta the
$205,385
Net reduction
of the Western & Atlantic Seaboard Air Line, Louisville & Nash- • On Dec. 26 1908 we retired from the sinking fund 175 first mortgage
ville and Georgia railroads, under the usual form of contract.
bonds, leaving outstanding $8,036,000.
The Brunswick terminals (land and water) cover a large area, and
Insurance Fund.-An insurance fund of $200.000 has been accumulated,
additional land has been procured for future development. 'rho whole Which,with the monthly premiums accruing, Is deemed sufficient to meet
layout, including the city freight and passenger stations, is well located, all future fire and marine losses.
and a belt railroad, owned by the company, reaches the principal industries
Coal Production and Sales.-Considering the general business depression
and wholesale houses, also a large acreage of unoccupied land suitable and the low-water period over seven months from June 1 1908 to Jan. 7
and available for industrial purposes. The facilities already installed, 1909, during which time no coal was shipped, our production and sales
consisting of tracks, docks, covered merchandise piers, and storage ware- have been fairly well maintained, as will be seen by the following:
houses, are substantial and complete in every respect. Already the large
Oct. 31 1908.
Oct. 31 1907.
Year endingwarehouses and other storage facilities are over-taxed with freight awaiting Production
6,006,110 tons 7,454,157 tons Dec.18%
water furtherance because of the insufficient service of the Brunswick Sales
6,044,307 tons 8,339,114 tons Dec.27%
Birmingham
over
yet
operating
to
Co.
The
not
Steamship
company is
While river conditions during April and May were very favorable for
its own rails, using tile tracks and terminals of the Louisville & Nashville
boating, we had no coal to ship because of the temporary suspension of
RR., connecting at Pelham, Ala., 19 miles from Birmingham.
operations. This resulted in a shortage of coal in our Southern
Birmingham
conin
mining
the city of
The company has terminal property
veniently located and ample for all future requirements. (Compare markets, which made it necessary to secure supplies by rail from West
Virginia, Kentucky, Tennessee and Alabama, to take care of our contracts
V. 88, p. 156.)
and trade; and this alone diminished the sales of our own coal to the
Renuirements.-The opening of the new line through a territory ex
ceedIngly rich In natural resources and now awaiting active development extent of about 400,000 tons.




228

THE CHRONICLE

Condition of Property.-The property has not only been fully maintained
but in the main materially improved. As old mines are exhausted, new
mines are developed according to modern methods, with a view to increased
production at a minimum cost. At New Orleans we have, during the past
two years, Installed modern coal-handling machinery for transferrion coal
from the river barge to the bunkers of the steamships, at a cost of about
$100,000, which has resulted in a material saving of labor and time.
Coal Lands.-Our acreage of Pittsburgh Coal is being well maintained.
Oct. 31 1907, 30,245 acres; Oct. 31 1908, 29,630; acres; reducti n for
year 615 acres; mined during year, 729 acres; acquired during year, 114
acres.
EARNINGS, &C., FOR YEARS ENDING OCT. 31.
1907-08.
1006-07.
1905-06.
z$5,085,486
Coal mined (tons)
7,321,961
6,509,737
Earnings
$2,320,860 $3,277,083 $2,286,336
Less-Maint.& repairs on river craft_
432,530
497,500
387,954
Depreciation charged oft
7/824,009
353,678
319,008
Royalty on coal mined
497,407
442,932
Interest on bonds, &c
588,355
610,745
612,981
accrued
Taxes
37,595
70,881
Fire Insurance fund, surplus
93,728
Coal sinking fund, surplus
103,365
(z4 %)475,000 (7)700,000(4 1)450,000
Dividend on preferred stock

FoL. Lxxxvizi.

Hudson River Electric Power Co. and Subsidiary Companies.
(Report of Stone & Webster Sept. 16 1908.)
The report made by Stone & Webster to James R. Hooper,
Chairman of the bondholders' committee of the Hudson
River Electric Power Co., has been published in pamphlet
form. It deals with the "physical condition, the facilities
for operation, the storage' possibilities, the undeveloped
powers, the business done by the companies and their contracts for furnishing power." We make the following
abstract, which should be read in connection with the
official statement in V. 86, p. 1097 and V. 87, p. 290:

Description of Property.-There are two groups of properties, those In
the Hudson Valley and those at or near Utica. The Hudson Valley
properties are largely operated by water power, but are supplemented by
a small steam installation of their own and by larger ones of their customers.
The Utica system is entirely steam operated.
Electric Plants-Water Power, Total Rated Capacity, 31,000 h. p.
Spier Falls (Hudson River Water Power Co.)
22,000 h. p.
$2,319,894 $2,914,027 $2,283,736 Mechanicville (Hudson River Power Transmission Co.)- _
Total
- 7,000 "
sur. $966 sur.$363,056 sur.52,600 Schoharie Falls (Empire State Power Co.)
Net balance for year
2,000 "
Electric Plants-Steam Power, Total Rated Capacity, 9,800 ii. p.
x The Ohio Valley Coal & Mining Co. also mined 110,624 tons in 1908, Utica (Hudson River Electric Power Co.)
9,000 h. p.
against 132,196 In 1907 and 127,390 in 1906.
(Madison County Gas & Electric Co.)
800 "
y Depreciation, $824,010 In 1907-08, includes: Depreciation on mine Oneida
Gas Plantsequipment, $207,631; depreciation on river craft, &c., $390,364; depletion
Cu. ft. per day.
Saratoga Springs (Saratoga Gas, Electric Light & Power Co.) _ ___520,000
on coal acreage, $226,015.
50,000
z Dividends in 1907-08 include 334% paid July 1008 and 13% payablf, Oneida (Madison County Gas ec Electric Co.)
Jan. 1909. See annual report for 1906-07, V. 85,p. 1575 and V.85,p• 1465Six Transmission Systems Connected through Transformers into Three
Independent Groups.
BALANCE SHEET OCTOBER 31.
Second GroupMiles. Volts.
Miles. Volts.
First Group1908.
1907.
1908.
1907.
30,000 Utica
171
Spier
Falls
8i(80,000
AssetsLiabilities20 20,000
69 12,000 Utica (leased)
Cash on hand, &c.. 347,837
410,565 Preferred stock -10,000,000 10,000,000 Mechanicville
Third GroupRe-investment fund
Common stock.._ _20,000,000 20,000,000 Schoharie Falls (incl. 17
6
6,60()
miles not in use) ____ 23 12,000 Oneida
with trustee..___
63,765
6,767 Bonds
8,211,000 8,595,000
The connection of these groups requires the construction of a new transBond sinking fund 199,804
244,271'Certificates of inof
transmission
distance
of
a
total
giving
mission
or
70
line
miles,
some
60
debtedness
Bonds purch. from
1,440,000 1,560,000
140 miles from Spier Falls to Canastota. The cost, with other
re-invest. fund..
325,836 Car trust notes..
286,000
330,000 about
more.
or
$600,000
necessaary
chnges,
will
be
Bonds purchased_
48,142
63,820 Mortgages
172,834
200,060
Certs. of indebts.
Accounts and bills
Distributing Systems, Agg. Connected Load, 13,513 k.w., Operated by Co.
payable
purchased
65,329
1,257,521 • 1,773,907
Connected Load.
Accts. & bills rec_ 2,291,632 3,319,375 Fire Insurance fund
Connected Load. I TownTown1,075 k.w,
Stks.&bds.oth.cor. 496,083
496,858 surplus
95,239
93,728 Glens Falls (Hud.R.E1Co.)3,230 k.w Ballston
874 "
Amsterdam(Emp.S.P.Co.)3,230 " Oneida
Detchgs.agst.oper.
42,128
12,774 Coal sinking fund,
396 "
Coal on hand
1,636,971 1,179,864 surplus
104,761
103,365 Watervliet (Hud R.EI.Co.)2,700 " fcanastota
1,850 " 1Cohoes (Hud. R. El. Co.) 158 "
Supplies on hand_
186,935 Undivided profits_ 2,101,708 2.325,742 Saratoga
80,186
Lumber, &c., sup_ 482,579
482,141
Franchises, &c.-The company is operating under franchises In AmsterEmpty coal boats.. 115,344
281,896
dam, Ballston Spa, Canastota, Cohoes (power only). Glens Falls, Oneida,
Investments
37,864,602 37,925,372
Saratoga and Watervliet. It has franchises in the following cities, but is
in them, as its lines do not reach them: Little Falls, JohnsTotal
43,669,063 44,981,8031 Total
43,669,063 44,981,803 not operating
town, Nelliston, Town of Ballston, New Hartford and Fort Plain.
-V.87, IL 618.
In the following cities the comjaany has no franchises, but is selling
energy at wholesale: In Albany to Albany Ilium. Co.; 'I roy, Waterford and
Lansingburgh, to Beacon Elec. Co.; Schenectady, Loudonville and RotterStandard Cordage Co., New York.
dam Junction, to Schenectady Ilium. Co. (General Elec. Co.); and in
Mechanicville and Stillwater to Halt Moon Light, Heat & Power Co.
(Report for Fiscal Year ending March 31 1908 and Half-Year
Contract with General Electric Co.-Under date of March 11 1901 a contract was entered into which provided for the delivery 01 3,500 h. p. to the
ending Sept. 30 1908.)
General Electric Co. for five years from April 1 1002. This was supplemented by a second agreement which provided for an additional 5,000 h. p.
President Charles Wilson, New York, Jan. 5 1909, says:
for the term of 30 years from April 1 1903, in addition to that provided for
General Results.-At the last annual meeting, I pointed out the difficulties in the original contract. After some four years it was found that the
under which the company was laboring in endeavoring to make both ends penalties Imposed upon the Hudson River Co. were so great that there
meet, such as competition, the maintenance of a half-dozen plants while was no profit in the business. An agreement was accordingly made as of
only one was in operation, the depressed state of business, and last, but Nov. 1 1907 for a suspension of the original contract and the taking of
not least, the burden of paying interest on $2,806,000 first mortgage 5% power at 6.5 mills per lc. w. "for such power as you are able to furnish us
bonds. These conditions still exist, although business generally is now and for such power as we desire to take, and there are to be no penalties;
on the mend. The cost of maintaining the plants that are not in operation this arrangement and the suspension of the said contract to last in so long
amounts to approximately $34,000 per annum, and besides this of course as you reasonably fulfil our requirements, due regard being had to your
the Interest on the bonded debt covering these idle plants is very large. other customers, and so long as you do not furnish power to others than
The Sewall & Day mill in Boston is the only one running, and as its capacity the General Electric Co. and Its nominees in the county of Schenectady.
is quite sufficient to take care of the company's business, It will readily It is, however, to rest solely in the judgment of the General Co. when the
be seen that a sale of the idle plants would be of the greatest advantage.
said contract, in case of any violation of the above conditions by your
The deficit for the year ended March 31 1908 was $213,148 and for the company, shall again be brought Into effect." [From letter of Hinsdill
six months ended Sept. 30th 1908 was $178,044. A large part of this Parsons, Vice-President of General Electric Co. Stone & Webster say
was occasioned by the shrinkage in the market value of the company's that they "hardly know whether any valid contract exists or not."-Ecli
supply of raw hemp, and in its stock of manufactured goods, inventories
having been figured at the present low prices. Expenses have been
POWER DELIVERED TO GENERAL ELECTRIC CO.
reduced to a minimum, the salaries of the administrative officers being
Maximum Demand
Earnings
more than cut in two.
Net
per Kwh.
The results of operations for the past year and a half are far from enH. P. Earn.(h.p.) (Average)
Kwh.
Earnings.
couraging. It is hoped, however, that.the advent of good times will not Year34,127,487
$121,435
8,250
$14 70
3.56 mills
only result in a largely increased output at better prices, but will permit 1904
12,850
148,015
3.68 "
40,309,881
11 50
of the sale of some of your Idle properties on advantageous terms. Great 1905
132,548
12,300
3.33 "
30,754,898
10 78
care has been given to maintain a high standard in the company's products 1906
38,11)7,500
180,139
4.72 "
1907
and our brands are constantly growing in favor.
120,954
18.608,300
6.5 "
1008
INCOME ACCOUNT.
Electric
Co.
have
allow
refused
absolutely
to
us to see
General
* "The
6 mos. end. 12 mos. end. 11 mos. end.
this information since 1906."-Eugene L. Ashley.
Sept.30 '08. Mar.31 '08 Mar.31 '07. the metres and get
Other Contracts.-The contract with the Utica & Mohawk Valley fly. Co.
Net trading loss before depreciation_
91,239
54,671
12,506 under date of July 1905 runs for 20 years. It calls for 3,300 k. w., which
Add-Maint. of non-operative mills_
17,844
34,010
14,044 can be Increased in multiples of 300 k. w. on six months' notice. The rate
Bond interest
140,300 is one cent per Kwh. measured on the direct current side, or, taking losses
140,300
70,150
Into consideration, nets the company between 7 and 8 mills per Kwh.
228,981
179,233
166,850 The Oneida By. Co. (part of the Utica & Mohawk Valley By., or, rather,
of the West Shore System) also gets Its power from the company and at a
Deduct-Divs.from Cannabis Mfg. Co.
a1,190
15,832
and interest rec. (net)
62,252 rate of 8 mills per Kwh. at the high tension sidle. These two companies
together not infrequently make peak demands of 6.000 k. w. on the Utica
213,149
178,043 •
Deficit
104,597 steam Want, which has a rated capacity, when all machines are In commission, of 6,000 k. w., but the yearly load factor does not exceed 38%.
Auxiliary Steam Plants.--The company operates 8 auxiliary steam plants
a Interest only.
(including 5 belonging to Its customers). all at a loss, the aggregate output
BALANCE SHEET.
and manufacturing cost for 1907 being 23,387,500 lc, w., costing ;225,489.
6 mos. end. 12 mos. end. 11 mos. end. or $.0096 per Kwh.
Sept. 30'08. Mch. 31 '08. Mch. 31 '07
Undeveloped Powers.-Thercompany has spent $11,000 on options and
$
$
Assets$
engineering on undeveloped water powers on Garoga Creek, with a view
6,832,845
6,832,845
Property account
6,833,186 of furnishing water power to replace steam power In Utica; $43,396 has
x155,097
2155,097
Investments
50,500 been expended for rights of way. &c., on transmission lines to Utica and
Improv'ts-Installing new sprinkler
Amsterdam. Three plants, aggregating 5,800 k. w. rated capacity and
21,482
21,482
system, &c.,in Waterbury mIll
4,127 costing $2,321,000 In bonds ($400 per k. w.) were proposed. Aggregate
1,213
1,213
N. Y.office, furniture and fixtures
1,031 head to be utilized, 644 ft.; available water-shed, 70 sq. miles for the lower
510,359
620,622
Materials and supplies
930.161 and 50 sq. miles for the upper developments. It appears hazardous to
98,155
Accts. & bills rec131e, less reserve
97,736
174,627 have one-half of the plant capacity dependent on so small a water-shed, and
8,783
Government rebates on hemp
6,664
11,738 in view of the fact that existing developments can be cheaply enlarged to
Cash in bank
88,550
25,777
39,949 furnish equally good excess power, there is little to warrant the developAdvance payments, insurance and
ment of these powers.
,
employees
7,843
8,587
12,932
The company claims ownership to 7 other undeveloped water powers
Accrued Interest
570
which are all subject to the same deficiency of water during the dry season
x213,148
391,192
Deficit
z104,597 triat impairs the value of the present developed powers; their development,
therefore, cannot profitably be undertaken until such storage has been
3,047,738
8,051,523
Total
8,162,848 supplied. These undeveloped powers are: (1) On the Schoharie River,
LiabilitiesParsons Falls. 80 ft. head; Roohans Falls, 50 ft. head; Mill Point. 20 ft.
2,759,786
2,759,786
Capital stock
2.759,786 head; Ft. Hunter, 20 ft. head. (2) On the Mohawk River (expenditure to
2,805,373
2,805,373
First mortgage bonds issued
2,805,373 date, $20,730), Morrows Falls, 26 ft. head. (3) On the Hudson River
2,471,687
2,471,687
Adjustment mtge bonds
2,471,687 (expenditure, $185,216), Freeman's Falls (feeder dam), 16 ft. head. This
14,877
10,893
Current liabilities
128,003 power Is partially developed, the dam being built. It has a slightly lower
head and smaller drainage area than the Mechanicville plant, and Is less
8,051,523
8,047,738
Total
8,162,848 favorable, as only one half the water In the river is controlled by the company. (4) On the Sacandaga River (expendture, $143,252), West Falls,
here would promise good commercial results
x By resolution of the board of directors the deficit of March 31 1907, 129 ft. head. A development
the Sacandaga storage reservoir were constructed by the State, but the
$104,597, was transferred to investment account; adding capital stock If
would be subject to considerable fluctuation, for we understand
of Cannabis Mfg. Co., $50,000, and Standard Cordage Co., $500, makes output
that the water would be let out of the Sacandaga reservoir in such a way
total of investments on March 31 and Sept. 30/1908_$155,097.-V. 88, as
to regulate the flow of the Hudson River, regardless of conditions on the
p. 105.
Sacandaga River. [The report discusses the conditions upon which the




JAN. 2:3 1909.1

THE CHRONICLE

229

CO. AND THE
than the CAPITALIZATION OF HUDSON RIVER ELECTRIC POWER STOCK
construction of this reservoir depends and concludes thatif more
COMPANIES CONTROLLED BY IT THROUGH
n, is
3 to 5 years talked of is likely to elapse before the project, undertake
OWNERSHIP OR OTHERWISE.
compieted..-Ed.)
Total.
developing a
Due. Authorized. Owned. Outstanding.
BondsCompetition and Opposition.-The General Electric Co. is capacity of
$5,000,000
Hud.Riv.El.Pow.Co.5% 1st 31.1944 $5,000,000 $778,000 $4,222,000
water power of its own on the Hoosic River with a maximum
2,000,000
1,980,000
will
it)
20,000
of
2,090,000
some
M_1929
Hud.R.Water P.Co.5% 1st
20,000 h. p., and the expectations are that this power (or
Electric Co. power Hudson Riv. Power Trans. Co.
be available this fall. The substitution of the General
500,000
500,000
procedure.
500,000
1928
5% first mortgage
for the Hudson River power will be a simple and not illogical
150,000
150,000
Gas
Utica
150,000
1909
6% debenture notes
The Utica contract at 1 cent per Kwh. was taken away from the
600,000
537,000
63,000
1,250,000
1935
5%
Kwh.
bonds
refunding
per
cents
1.3
received
& Electric Co., which
3,090,000
3.000,000
Income
3,000,000
gross
M.1931
the
1st
5%
Increase
Co.
Hud,
Riv. Elec.
These contracts were made, we are told, so as to
expected to Saratoga Gas, Elec. Light &
and facilitate the selling of certain securities. The company
123,500
1123,500
200,000
Utica and AmPower Co. 5% lien mtge__1917
shortly build the high-tension transmission line between
35,000
in
35,000
results
35,000
steam
by
13aliston Spa L.&P.Co.6%lst:.11917
sterdam and operate by water power. The operation This
210,000
210,000
operating defi- Emp.State P. Co.5% 1st M__1930
1,500,000
charges.
interest
of
exclusive
about
of
10%,
loss
a
repreAndrews,
E.
EI.Co.
&
Horace
Gas
by
year
County
Madison
ciency, we arc told, was made good last
200,000
200,000
200,090
but as to the
1932
5% first mortgage
senting the Utica & Mohawk Valley fly, and Oneida Rya
50,000
50,000
300,000
1944
5% second mortgage
continuation or such a practice we are not assured.
3,000
3,000
Tr.:*
(Albany,
25,000
Co.
1908
1rction
6% coupon notes
Contracts in Albany, Troy,',U.-1 he Uelted
fol
calls
which
25,000
1909
6% coupon notes
&c.) has a coatract for ten years from July 12 1002,
h. p.
2,750
15;
une
1-J
June
p.
h.
3,500
31;
May
to
Dec.
4.000 h. p., from
aunum, netting
$14,185,000 5861,000 511,010.500 $11,871,500
Total
Jane 15-Oci.. 15; 3,300 h. p. Oct. 15-Dec. 1; at $70,000 per
is supplethe Hudson River Co. about 3 mills per Kwh. This contract
1003
Total.
July
from
Outstanding.
years
Owned.
.
20
for
Authorized
p.
h.
2.000
for
Stocksmented by an auxiliary contract
$5,794,700
shortage of water
at 7.5 mills per Kwh., high tension. On account of the contracted. The Hod. fly. Elec. P. Co_ _$10.000,000 $1,000,000 $4,794,700
5,000,000
205,300
4,794,700
the company has not been able to supply the power asunder the cheaper Hod. My. Water P. Co_ 5,000,000
Hod. River Pow. TransUnited Traction Co. claims that It is taking the power
750,000
at the higher
750,000
750,000
mission Co
contract, while the Hudson River Co. Is billing the current
3,000,000
is in dispute, Hod.
3,000,000
Illy. Electric Co... 3,000,000
rate. The accumulated difference, some $200,000 or more,
doubtful.
100,000
is
think,
we
100,000
collection,
100,000c.
Gas. Elec. Lt.}
but is considered as an earning, though its
200,000
(Troy) have con- Saratoga
200,000
200,000p.
Power Co
'the Municipal Gas Co. (Albany) and the I roy Gas Co.
35,000
p. and 6,000 h. p. Ballston
h.
8,000
35,000
to
35,000
up
take
to
Co_
15
years,
&
P.
for
L.
1904
Spa
June
dated
tracts
the
of
side
1,000,000
on
high-tensi
705.500
294,500
the
1,000,000
Empire State Power Co_
respectively, at a rate of 9 mills per Kwh. on
200,000
lighting business in 'Madison County Gas &I
200,000
200,000c.
lines. These contracts forbid the company to enter the
100,000
100,000
100,000p.
Electric Co
either of the cities in competition.
Hudson River Electric
In the cities where the sub-companies of the
we are told, gets a uniform
$20,385,000 $10,174,200 $6,005,500 $16,179,700
Total
Power Co. are distributing, the parent company,
for the entire district, both
summer
rate of 1 cent per Kwh. The schedule of rates
[Floating Debt, &c,-The report made by Niles & Niles last
well demoralized, or, rather, on a
to $1,115,413;
31 1908
for power and light, seems to be pretty
severe competition from showed a total floating debt as of July bonds amounting
has
company
of
tne
(exclusive
m
ng
Amsterda
outstandi
At
8243.300;
very low plane.
plant), purchase money mortgages,
fly. (which operates a lighting
0.-Ed.]
the Fonda Johnstown & Gloversvillemaximum
rate of 4.5 cents per Kwh. bonds pledged as collateral), $11,010,50
at a
and is forced to take business competitio
n in Canastota and Glens Falls,
There is also gas and electric
and electric power competition at Cohoes. ROUGH APPROXIMATION OF THE VALUE OF THE PHYSICAL
g_as competition at Watervlietcompany's
lighting rate was,:awl a hearing
the
Springs
Saratoga
In
Even
PROPERTIES OF THE HUDSON RIVER COMPANIES.
Electricity, reduced to a net cha:ge of
:
before the Conunission of Gas and
'Not including Land, Rights of Way or Investments in Undeveloped-Properties.
$173,000
10 cents per Kwh.
$2,250,000 Pole lines and telephonea power of some 12,000 h. p. Spier Falls plant
39,000
The Union Bag & Paper Co. Is developing
787,500 Insulators
lle plant
Mcchanlevi
553,000
at Sandy Hill.
Hudson will be benefited by the Sacandaga Schoharie Falls plant.... 250,000 Wire
431,000
All of the mill powers on the as
750,000 Distribution lines
is tile Hudson River Electric Power Co., Utica plant
265,000
storage in the same proportion that
54,000 Saratoga gas plant
locally
utilized
be
will
Oneida
plant
powei
excess
the
presumed
68.000
_
_
_
gas
plantCo.
and, while it is to be
Madison
493,000
fact.
this
houses
of
us
as
Fe switch
Sub-eta
we have nothing to assure
for manufacturing purposes,the
121,000
General Electric Co. Is friendly, yet as tile Towerlines and telephones
56,234,000
The apparent attitude of
payments
any
Total
making
not
are
they
company owes then. some $600,000,
1908, showing the
settled. It is not improbable that at a
[A colored map was prepared by the company during
for power until the Indebtedness is
River Electric Power location of the various plants, transmission lines, &c.-Ed.]
reasonable price the water-pov,er plants of the Hudson
Co.
Electric
General
by the
-V. 87, p. 1535, 1481.
Co. could be very advantageously utilized
n of the Spier
Effects of Water Storage, if Proridcd.-From the completio
a series of favorable
Fails plant until the p,esent year (1008) there has been
was
run-off
annual
American Pipe Manufacturing Co.
years for water power. Since In 10 out of 20 years the
, it may be
less than has occurred since the Spier Falls plant was completed
suffer
will
company
the
storage,
anticipated that, without additional
(Report for Year ending Dec. 31 1908.)
of water.
much more in the future than it has in the past from deficiency
Net earns. Div. paid.
is obNet earns. Div. paid.
output
increased
the
that
be
may
assumed
it
storage
partial
For
8414,654 $240,000
$629,678 $400,000 1904
A two-billion 1908
tained without increase of equipment and without State tax.
240,000
338,047
1903
420,000
the
615,983
1907
cubi -foot reservoir (with suitable machinery installed) shouldorincrease
202,565
320,787
480,000 1902
ir.w.
618,043
8,250
1906
Kwh.,
72300,000
from
plant
Falls
Spier
the
of
108,000
annual output
286,501
1901
352,482
588,669
43,700,000
of
1905
increase
average, as in 1907 to 116,000,000 Kwh., being an
generate
Assuming that at Mechanicville the same water would
Kwh.
BALANCE SHEET OF DEC. 31.
plants
both
for
increases
the
the
head,
to
proportion
additional power in
1907.
1908.
1907.
Assuming that 10%
1908.
would be 124% of above, or 54,100,000 Kwh.
$
$
Liabilitiesbe 48,700,000
3
$
AssetsIs lost in transmission, tile amount available for sale would
(par $100)_5,000,000 5,000,000
stk.
Cap.
4,584,467
.6,022.272
value.
book
Bonds,
Kwh., or 5,320 k. w. average.
1,879,797
_2,109,475
profits__
say
Undivided
necessary,
363,877
Stocks, book value__ 123,485
For permanent stoi age an additional investment will be
100,000 100,000
88,641 Div. due Jan. 1
22,000 k. w. generators. Unfinished contracts 194,620
at Spier Falls, an increase from 16,500 is. w. tomaximum
650,000 880,000
Bills payable
annual output. Real estate (clear of
At Mechanieville with permanent storage, the
83,051 212,909
_
or
owing__
acets
Book
Kwh.,
66.861
by 10,500,000
incumbrance) ____ 66,337
now stated at 27,600,000, would be Increasedwill
require the installation Book acc'ts due co__ 363,283 783,105 Coll. trust cents_ _ _ 950,000
1,190 k. w. average, but to prevent waste this k w.
transmisThe
1,878,047
each.
1,601,746
Bills receivable
of at least three or four addition& units of 750
point would Merchandise on hand 55,649
63,978
sion of this power to a market at Schenectady or equivalent
for 4637,000 Cash on hand
465,133 243,730
require further facilities. If these additions can be all Installed
$79.000;
tax,
the total annual cost may,he figured at $158,600, viz. State
8,892,526 8,072,706
Total
8,892,526 8,072,706
Total
fixed charges (123.%),$70,600.
at least the construcin the above statement of assets for 1908 were 55,191 shares
included
To transmit this water power to Utica will require Falls
-Not
Note.
(24
Ballston
to
chiefly water companies, par value $5,290,tion of a 60,000-volt transmission line from Spier
transform- of the capital stock of other companies,
machinery, &c.-V. 87, p. 1161. 937.
miles) and from Amsterdam to Utica (63 miles). with additional
cash moie than will 050; factory buildings,
ers and switching equipment costing at least $680,000
cost
the
would make
be required If current is sold at Schenectady. This
g with 7.7 mills,
of water power at Utica 9.25 mills per Kwh., contrastin
American Light & Traction Co.
basis it is cheaper to continue steam
the cost of steam power. On this power.
generation than to bring in water
steam plants
(Report for Fiscal Year ending Dec. 31 19118.)
If the additional power be utilized to replace the auxiliary
we believe that the following figures
or sold in the most profitable market,
RESULTS FOR CALENDAR YEARS.
may be expected:
give a reasonabe approximation to tile net gain which sold
1905.
1006.
1907.
General Elec1908.
Steam power saved, 2,900,000 Kwh., $45,600: balance
total, $343,600,
tric Co. and others. 45,800,000 Kwh., 1.,$.0065, $298,000; $185.000.
1,222,785
2,070,508
2,236,261
2,452,873
sub.cos.
saving,
of
total
stk.
$158,600;
Earns.on
charges,
fixed
and
tax
less State
150,835
193,228
226,897
270,191
Misc. earns., tnt., &c_ _ _
1,373,620
2,263,736
CONSOLIDATED OPERATING STATEMENT.
2,463,158
2,723,064
earnings
Gross
37,452
48,000
36,563
as to earnings or operating Expenses
45,000
We have made no attempt to verify any figures upon
f Messrs.
port of
the report
and tile table submitted below Is based
1,336,168
2,215,736
2,426,595
2,678,064
31
July
of
as
1908:
earnings
Niles
Net
Niles &
570,822
853,068
854,172
854,172
Div. on pref. stock (6%)
Years 1905 to 1907. Div. on coin. stock
(7)495,082(5 .f)38&,740(4 %)320,902(3 %)179,581
Earnings for Seven Months ending July 31 1908 and Cal.
Balance.
Adjust. Int. Choc.
Net.
Gross.
750,403
1,173,970
1,242,912
1,349,254
Total dividends
583,765
1,041,766
1,183,683
1,328,810
51,629 348,947 def. 80,310 Ba ance, surplus
320,266
17 mos. '08_ 637,161
680,500
681,000
681.000
reserve_
tion
0
Reconstruc
4,365 588,207 def.106,46
486,201
Year 1007_1,096,227
All
75,717 509,077 def.210,502
374,291
Year 1906_ 834,121
585,765
Com361066
502,683
647,810
Net surplps
48,074 381,864 def. 97,666
332,272
panics. J Year 1905_ 692,706
during the calendar year
Note.-The dividends on common stock paid
33,476 149,774 def.196,391
94,794 def.13,140
% each
%
of
1
two
Hud.Riv. 7 mos. '08_
1)
and
May
and
Feb.1
(on
each
230,724
134%
of
def.
Electric Year 1907_ 156,574 def.20,261 cr.30,734 241,198 def.188.404 1908 were two
6%%. The earnings, however, for the
con Aug. 1 and Nov. 1); total.
43,587 145,133
316
Year 1006_ 106,381
Power
as follows:
dividends
with
6
charged
were
sur.327,94
years
several
47,162 def. 2,459cr.330,405
Year 1905_
CO.
Aug. 1908, 14%; Nov. 1908, 1 %%; Feb. 1909.
1908-May 1908, 1
4,244 144,975 sur. 70,636
219,856
Hod. Riv. 7 mos. '08_ 285,000
total, 7%.
22,472 247,236 sur. 20,690 2%;
290,399
Year 1907_ 460,019
Aug. 1907, 134%; Nov. 1907, 13.%; Feb. 1908,
Water
1907,
1j%;
-May
1907
58,878 249,613 def.118,047
190,445
Year 1906. 326,872
Power
%; total, 5 fi%.
174,584 352,224 282,409 def.460,040 1 1906-May 1906, 1%; Aug. 1906, 1)(%; Nov. 1906. 1 %; Feb. 1907.
Year 1905.. 292,670
Co.
5,552 1 %%; total, 43% .
110 sur
9,409
15,072
77,937
Hudson 7 mos. '08_
1905, 1%; Nov.
240 stir. 8,775
4,643
13,659
1905-One-half (3%) of 13-% paid May 1905; Aug.
Year 1907_ 114,157
River
130 sur. 10,987 1905, 1%; Feb. 1906, 1%; total, 33'l%.
4,276
15,303
84,300
1906_
Year
Electric
66,292
def.
167
75,464
9,340
58,858
Year 1905_
Co
3,767 SW. 1,689
2,084
7,542
60,864
CONDENSED BALANCE SHEET DEC. 31.
i7 mos. '08_
Saratoga
7,236 stir. 41,395
1,347
49,979
-Gas, Elec. Year 1907_ 135,187
1907.
1908.
1907
7,615 sur. 82,413
1908.
1,720
41,749
124,369
1906_
Year
P.
Lt. &
$
$
L a', title
$
7,882 sur. 24,780
$
26,690 er.5,951
AssetsYear 1905_ 111,148
Co.
14,236,200
_
ock_
s
_14,236,200
Preferred
26,671,756
1,267 sur. 5,412 Investment acct. _28,078,310
6,932 • 232
16,822
1 7 mos. '08_
Ballston
220,582 Corn. s:k. I treas. 7,483,100 8,239,300
379,669
invest't.
,
Temp.:es
8,186
sur.
2,142
1,187
11,515
28,749
6,128 Corn. s:k. ,,utst'g. 7,516,900 6,760,700
8,691
4. Spa Lt. Year 1907_
do int.& divs.rec.
2,151 sur. 5,075
202
7,428
24,181
1 Coll. tr. 6% notes_ 786,800 1,260,267
xl
& Power Year 1006_
2,100 sur. 2,256 Treasury stock_ _ _
5,715
1.359
23,742
18,904
11.802
Year 1905_
do In. acced_
Co.
subprofits
Undiv.
def.
2,345
6,125
^ earn'gs. 3,640,637 2,992,827
1,473
Undiv:dci
5,253
32,290
3,847,034
3,388,408
'08_
m 8.._
} mos.
sidiary cop
Empire7
1,049 10,695 def, 6,141 Bills rec. sub. cos_ 2,235,487 2,047,812 Recons rue. res've 2,042,500 1,361,500
5,601
55,916
Year 1007_
State
16,962
3,109 10,500 def. 26,362 Certif. of indebt__ 336,289 1,890,777 Accts. piyable____
17,759 def.12,753
Year 1006_
Power
314,953
7,000 clef. 16,363
475
6,124 def. 8,887
222,500 Div ideals acced_ 363,881
Year 1905_
alan'g'rs stk. con_ 259,400
Co.
Del-OS Is on man.
35,451
def.
6,762
7,465
_
adv_
in
.742
paid
1,445
Int.
30,633
'08_
022
4,6
12,
Madison 17 mos.
16,318
coatracts_
stock
20,972
621,779
clef.
945,782
12,699
8,602
329
Cash
56,008
Co. Gas & Year 1907_
95,505 TsSa..i&c., in adv.
24,437
4,257 stir. 1,928 Accounts receivable
1,755
7,940
21,468
Elec. Co. Year 1006_
41,897
sun
cr.53 35,463
77,307
35.200,699
Hud, Riv.17 mos. '08_ 104,357
Total assets____36,115,100 35,200,6991 Total liabilities_36,115,100
3,200 59,447 stir. 72,329
134,977
Year 1007. 201,530
Power
19 51,848 sur. 71.907
123,774
-V.88, p. 160, 102.
stock.
capital
common
company's
Transmis- Year 1906_ 189,550
the
of
0
z$7,483,10
526 36,708 sur. 90,055
127,288
slon Co. Year 1905_ 198,347




230

THE CHRONICLE

[Vol, Lxxxviii.

Adams Express Company.
(Balance Sheet of June 30 1908, Filed in Massachusetts.)

In length, running from Plcton to Maynooth, with
15 miles of sidings and
a branch of 8 miles from Ormsby Junction to iron ore
mines at.Coe. An
extension of some 42 miles from Bancroft to a junction
near
ols
the
Grand
AssetsTrunk
By. system is under construction, and will Whitney
Liabilitiesbe finished.
Cost of equipment
according to recent estimate, In 12 months' time, the first
$2,469,554 Miscellaneous current ha16 miles to MayLand and building
nooth being already open and included in the above-mentioned
4,094,947
!Antics
$272,692
Cash
The company will then enjoy traffic connections worked 132% miles.
1,564,603 Profit and loss
with the con17,651,504 necting lines as follows:
Loans
1,266,930
At Trenton and Anson with the Grand
Trunk
Bonds owned
Ry.; at Central Ontario Junction with the Canadian Pacific
3,618,875
Stocks owned
nockburn with the Bay of Quinte By.; at Whitney with the Ry.; at Ban4,659,993
Grand Trunk
Miscellaneous
By. Canada Atlantic division. The last, affording direct communica
249,294
tion
with the Western provinces and inducing large freight over the
entire length
Total
of the company's line, should prove specially valuable.
$17,924,1981 Total
$17,924,198
The earnings for 1907-08 were In V. 88, p. 102.
The company has expended, in acquiring the section from
Picton to
Anson, and constructing and equipping the remainder of the
line so far as
American'Book Company.
complete, about 1522,600, towards which it has received from
the Dominic)
and Provincial Governments subsidies amounting to £51,300,
and expects to
(Balance Sheet Filed in Massachusetts Sept. 21 1908.)
receive shortly a further £12,700.
Earnings for Years ending June 30 (exchange taken at $4
1908.
1907. 1
1908.
86
2-3 to 1).
1907.
Assets$
1 Liabillites1907-08. 1906-07. 1905-06. 1904-05. 1903-04.
$
g
Real estate
326,896 383,3121Capital stock
155,044 £57,197 149,860 £42,084 £45,688
5,000,000 5,000,000 Gross earnings
Machinery
184,179 190,4891Accounts payable_
Net (after oper. expenses).. 18,929
23,687
16,778
10,754
16,326
Material
1,005,586 952,565 Bonds and accrued 259,195 232,892
Capital stock, authorized and issued, $300,000 preferred and
Cash & debts recelv_2,010,869 1,897,225 Interest
$3,040,000
2,268,335 402,000 common. The first mortgage is limited to £200,000.
Publishing rights, &c5,000,000 5,652,5881Surplus
-V. 87, p. 1299.
1,000,000 3,441,287
Chesapeake & Ohio Ry.-Acquisition.-See Virginia Air
1
Total
8,527,530 9,076,1791 Total
8.527,530 9,076,179 Line Ry. below.-V. 88, p. 157, 99.
-V. 87, p. 98.

Chicago City Ry.-Earnings.-For 11 mos. Dec. 31:

American Express Company.
(Balance Sheet of June 30 1908, Filed in Massachusetts.)

AssetsLiabilitiesCost of equipment
$1,000,000 Interest
$18,000,000
Land and buildings
9,343,659 Current liabilities
24,403
Cash
2,135,790 Profit and loss surplus__ _ 15,078,469
Bills and notes receivable
194,200 I
Bonds owned
6,157,629
Stocks owned
14,271,593
Total
$33,102,872
Total
The earnings for 1907-08 were In V. 88, p. 102.

$33,102,872

GENERAL INVESTMENT NEWS.
RAILROADS INCLUDING- ELECTRIC ROADS.
Atlanta Birmingham & Atlantic RR.-Report.
--.See
"Annual Reports" on a preceding page.-V. 88, p. 156.
Bellefonte Central RR.-First Dividend.-A press
report
announces an initial dividend of 1% (50 cents a share),
payable Feb. 15 to holders of record Feb. 1., on its $454,050
outstanding stock. Bonds outstanding Dec. 31
1907,
$41,500 first mortgage 5s, due Jan. 2 1924.
Canadian Northern Ontario Railway.-Proposed New
Lines.-Notice has been given of the cOmpany's intention
to apply to the Canadian Parliament to extend the time
within which various of its projected lines may be complete
d;
also to sanction the building of lines as below and to fix
the limit of securities which may be issued thereon:
(a) From Nepigon Bay northerly to the National
Transcontinental
Railway, with branches to the northerly and southerly ends
of Lake Nepigon.
(b) From the authorized line between Montreal and French
River
northerly and westerly to a point on Hutton Branch, In or near
the Township of Capreol.
(c) From a point on the authorized line between Sudbury Junction
and
Port Arthur, near the source of the Vermillion River, northerly
easterly
to a point on the National Transcontinental Railway near and
Its crossing
of the Abitibi River.
(d) From a point on the line specified In
(c) in a generally
sourtherly and easterly direction to a point parargaph
at or near the south end of
Lake Temiscamingue.-V. 87, p. 346.

Canadian Northern Ry.-New Line Between
and
Quebec.-The "Montreal Gazette" announceMontreal
s
company will begin operating its new 175-mile linethat the
Montreal and Quebec by the 1st of May next, when between
the new
short line from Garneau Junction will have been
completed.
-V. 87, p. 1604, 1477.
Carolina Clinchfield & Ohio Ry.-Connection Made
Seaboard Air Line Ry.-A press dispatch announces thatwith
the
company has made connection with the Seaboard Air Line
Ry. at Bostic, N. C., thus permitting the delivery of coal
to the Seaboard at that point. The "Engineering News"
of New York for Jan. 21 gives an illustrated article regarding
this matter. See also map on page 25 of our "Railway and
Industrial" section of Oct. 311908.-V. 87, p. 1604.
Central New England Ry.-End of Voting Trust.-The
present trustees under the 10-year voting trust agreetnent
dated March 14 1898, deeming it to the interest of the
holders of certificates of beneficial interest in the shares of
stock lodged with the, trustees to exchange the same for
stock, request the holders to surrender the same for exchange into stock on or after to-day (the end of a term of
ten years from the date of the general mortgage) to John
G. Parker, Secretary of the company, at room 3, second
floor, Grand Central Station, this city.-V. 87, p. 873.
Central Ontario Railway.-Proposed New Bond Issue.The shareholders will vote Feb. 10 on a propositionTo issue bonds to the amount of $500,000, such bonds to constitute
the
second bond Issue and to be subject
the issue of £200,000, dated 1st
January. 1909, such bonds to be used to
of the railway and for other purposes. for the completion of the extension

Eleven
Gross
Net
Int. on
Earnings. Earnings.
Mos.
Invest.
$7,817,979 $2,345,394 $1,463,090
1908
1907
7,562,694 2,268,808 1,116,387
-V. 87, p. 1419.

Balance
Divisible.
$882,304
1,152,421

-Of Which toCo. 45% City 55%
$397,037 $485,267
518,590 633,832

Chicago Milwaukee & St. Paul Ry.-Possible Change of
Dividend Periods.-The directors last week declared the
regular semi-annual dividends of 33'% on both the preferred
and common stock, payable March 1. The dividends have
been paid for some years in April and October, usually
about the 20th days of those months. No announcement of
a permanent change in the dividend dates has been made,
but it is thought that the directors will consider the matter
at their next meeting.
Coal Mines.-The company has purchased outright
a tract of coal lands in the Bull Mountain field, adjacent to
the Pacific Coast Extension, in Yellowstone County, Mont.,
and has opened two mines. Press reports say the mines
will afford sufficient fuel to supply more than two-thirds of
the mileage of the system west of the Missouri.-V.88, p. 99.
Chicago & North Western Ry.-Sale of $16,250,000 of
33'% Bonds.-It was announced on Jan. 19 that the company had sold the following bonds to Kuhn, Loeb & Co.
of New York, and on Jan. 20 that the two amounts
first named, new issues unconditionally guaranteed by the
C. & N. W.Ry. Co., had been re-sold in block. The general 33/
2s are being offered at 94 and have mostly been
placed.
Manitowoc Green Bay & North 1Vestern Ry. 1st M. 3%% gold
bonds dated Jan. 2 1906 and due Jan. 1 1941 (Interest J. & J.),
secured by first mtge. to the Farmers' Loan & Trust Co., trustee, covering the 123 miles of road comoleted in 1906-07 between Manitowoc and Eland Junction, Wis., and from Pulaski
to Gillett, Wis. Limit of issue, all sold
$3,750,000
Milwaukee ec. State Line Ry. 1st M.35% gold bonds dated Jan. 2
1906 and due Jan. 1 1941 (interest J. & J.), secured by mtge. to
the Farmers' Loan & Trust Co., covering 50 miles of doubletracked road completed in 1906-07 from the Milwaukee line of
the C. & N. W. By., near Lake Bluff, Ill., to an intersection
with that line near St. Francis, Wis. Limit of Issue, all sold.._ 2,500,000
C. & N. IV. Rib general mortgage gold bonds
of 1987, issue limited to $165,000,000. Of this amount there was In the hands
of the public June 30 1908 $20,271,000 and In sinking funds
$694,000; total outstanding June 30 1908 520,965,000. There
has since been added to sinking funds $351,000, and now sold
to Kuhn, Loeb & Co. 510.000,000, making total
amount at
present outstanding $31,316,000. (In addtion there are
general mortgage bonds in the treasury
000.) Amount now sold as aforesaid to a total of $9,322.-10,000,000
-V. 87, p. 880, 868.

Chicago Railways.-Earnings.-For 9 mos. ending Oct.31:
Nine
Gross.
Net
30% o/
Int. 5%
13alance
Mos. Income.
Income.
Gross.
on Inv. Divisible.
1908.48,189,893 $2,436,698 $2,456,965 $1,267,407
$1,189,558
8,025,171 2,514,575 2,482,389 1,163,220 1,319,169
-V.
1907..88, p. 158.

To City To Co.
55%
45%
$654,256 $535,302
725,543 593,626

-Chicago Terminal Transfer RR.-Termination of Option.The stockholders' protective committee (George I. Malcom,
Chairman) notifies the holders of preferred stock that the
privilege of accepting the offer of $20 per share for their stock
will expire Feb. 1. The holders of about 77,000 of the 81,481
shares have thus far accepted the offer. The committee
also represents about 25,000 shares of common stock for
which no offer has been made. Compare V. 88, p. 100;
V. 87, p. 1663, 1419.
Cincinnati Findlay & Fort Wayne Ry.-Notice to Bond
holders.-The committee representing the first mortgage 4%
bonds gives notice that a large majority of these bonds has
been deposited, and that after Feb. 1 1909 further deposits
will be received only upon approval of the committee and
upon such conditions or penalty as may be imposed. See
advertisement on another page.-V. 87, p. 1237.
Cincinnati Hamilton & Dayton Ry.-Mr. Harmon to Remain Receiver.-Judson Harmon having at the request of
Judge Lurton of the United States Circuit Court consented
to withdraw his resignation as receiver, an order has been
entered continuing him as receiver until May 1, unless the
receivershiyis meantime terminated. Compare V.88, p.158.

Sale of Bonds.-Subscription books were closed at
the Bank of Montreal in London on December 22 for .£200,000
5% first mortgage bonds, due 1934. Coupons payable
Jan. 1 and July 1 (the first six months'interest being payable
July 11909) at the Bank of Montreal, London. DenominaJudge Lurton has, at the request of the noteholders' protective comtions £100 each, secured by trust mortgage as a first charge mittee,
set the first Monday of 'February as the date upon which he will
upon the railway and equipment, with all franchises and all hear their protest to the continuanc
e of Mr. Harmon as receiver. The
desired tq have two new co-receivers, but Edward Colston, one
extensions at present authorized. Sinking fund 1% per committee
ofthe men named by Judge
it is understood, datlined to serve save
annum towards redemption of the bonds. Mortgage trustee, as sole receiver.-V. 88, p.Lurton,
158, 52.
the Trusts & Guarantee Co., Ltd.
Denver & Rio Grande RR.-Retirement of Notes.-The
The following information is furnished:
$10,000,000 3-5-year 6% notes issued last year have been,
The Central Ontario By., incorporated in 1888 by the Legislature
we are Informed, all retired, having been exchanged for the
Province of Ontario, owns and operates a standard-gauge line l323. of the
miles new refunding bonds within a few days thereafte
r. There




JAN. 23 1909.1

THE CHRONICLE

are now outstanding $17,500,000 of the refunding bonds
which were recently offered by the bankers. Compare
•
V. 88, p. 100, 52.
Notice to Stockholders of Old Companies,—Notice is given
by advertisement on another page that the company is now
prepared to deliver its stock certificates in exchange for the
stocks of the two constituent companies at its office, 195
Broadway, as follows: Old D. & R. G., share for share,
preferred for preferred and common for common; Rio Grande
Western, one share of old stock, whether common or preferred, for two shares of new preferred. At consolidation
the D. & R. G. owned all except $2,900 common stock and
all except $6,300 of the pref. stock of the Rio Grande Western.—V. 88, p. 100, 52.
Detroit Toledo & Ironton Ry.—Sale Again Postponed.—
The sale of the collateral securing the 5% gold notes has
been again postponed, this time without date, the injunction
recently obtained having not yet been dissolved. Compare
V. 88, p. 100.
Duluth Missabe & Northern Ry.—Called Bonds.—First
consolidated mortgage bonds dated Jan. 1 1893, to the
amount of $124,000, have been drawn, and will be paid
by the Central Trust Co. on Feb. 1 1909 at 105% and interest
—say $1,055 per bond.—V. 86, p. 228.
Erie RR.—Purchase of February Coupons from Pennsylvania Collateral 4% 50-Year Gold Bonds—The company,
referring to its letter of June 11 1908 (V. 86, p. 1466), gives
notice that the coupons falling due Feb. 1 on Pennsylvania
collateral 4% bonds will be purchased at par for cash by
J. P. Morgan & Co. upon presentation on or before Jan. 30
1909.—V. 88, p. 100.
Illinois Central RR.—Tenders of Louisville New Orleans
de Texas Land Grant Bonds Requested.—Otto F. Nau and
Franklin Fairman, as trustees of the Louisville New Orleans
& Texas Ry.(predecessor of the Yazoo & Mississippi Valley)
land grant income bonds, give notice to the holders that
they have now in their hands $2,940,000 principal and
interest of the net proceeds of land sales which have been
declared applicable to the purchase of income bonds as
provided in the deeds of trust dated Sept. 18 1884 and
Of the $10,000,000 bonds issued, $9,August 25 1885.
904,000 are owned by the Illinois Central and pledged as
part security for its 4% gold bonds of 1953.

National Railways of Mexico.—Offering of Collateral Trust
5% Gold Notes.—William Salomon & Co., New York and
Chicago, are offering, at par and interest,a block of Mexican
Ltd., collateral trust 5% gold notes dated
Central Ry. Co., Ltd.
1 1910; redeemable in whole or in
July 1 1906 and due
part at par and interest on any interest date at the option of
the company upon 30 days' notice. Authorized issue,
$35,000,000; amount outstanding, $15,740,000. "These
notes are a direct obligation of the National Railways of
Mexico (controlled by the Mexican Government). Of the
original issue, over 50% has been purchased by the company and retired." The notes are secured by deposit with
the New York Trust Co. of collateral, including $18,967,000
2s, $570,000 of
/
National Railways of Mexico prior lien 41
that company's general mortgage guaranteed 4% bonds
and $10,000,000 5% bonds of other companies guaranteed
by the Mexican Central Ry. Co. A full description of the
issue and the collateral originally deposited (which remains
unchanged except as to the two items first named above)
will be found in V. 87, p. 614.
These notes, it is pointed out, though exceptionally well
secured, are offered on a basis to yield 5% income, while
similar short-term securities are selling at prices to yield
3 % to 1% less than the Mexican notes.
from 4
Merger.—The property of the Hidalgo & Northeastern
RR. Co. a 152-mile controlled road of the National RR. of•
has been transferred to the National Railways of
Mexico,'
Mexico, and its earnings, previously reported separately,
have since Jan. 1 been included with those of the National
RR. of Mexico under the name of the National and Hidalgo
divisions. On the date named the operation of both divisions
was taken over by the National Railways Co.—V.88, p. 52.•

Bids must be submitted in writing, addressed to the trustees and accompanied by the bonds offered, at the office of J. F. Titus, Second Vice-President of the Yazoo & Mississippi Valley RR. at 1 Park Row, Chicago, on
or before 12 M. Feb. 28 1909.—V. 87, p. 1420.

MLake Erie & Western RR.—New President.—See Lake
Shore & Michigan Southern Ry. below.—V. 87, p. 1664.
Lake Shore & Michigan Southern Ry.—New President.—
W. C. Brown, who was recently elected President of the
New York Central & Hudson River RR., has been elected
to the presidency of the following companies: Lake Shore
& Michigan Southern Ry.; Lake Erie & Western RR., Michigan Central Ry. and the Rutland RR.
The Rutland RR. also elected D. W. Pardee Secretary and E. L. Rossiter Tre ,surer, under a new Vermont law, which permits non-residents to be
elected to these offices.—V. 87. IL 1605.

Lehigh Valley RR.—New Treasurer,—Assistant Treasurer
J. M. Baxter has been elected Treasurer to succeed W. C.
Alderson, who resigned after 40 years of service. H. J.
McQuade succeeds Mr. Baxter.—V. 87, p. 1605.
Los Angeles & Mt. Washington Ry.—Bonded Indebtedness.—This California corporation, it is announced, has made
an issue of $60,000 bonds.
Massachusetts Electric Companies.—Sale of Preferred
Stock of Operating Companies.—This company sold at private
sale on Jan. 20 $1,096,000 6% preferred stock of its operating
companies, namely, the 3,727 shares of the Old Colony
Street Ry. and 7,236 shares of Boston & Northern Ry.,
which the Massachusetts Railroad Commission on Nov. 14
1908 decided must bring at least 110. (V. 87, p. 1358).
About 80% of the stock was awarded to Hayden, Stone &
Co. and the remainder to Curtis & Sanger and Parkinson.
& Burr, jointly. Hayden & Stone & Co., offered their portion at 123, yielding 4.87%, and have re-sold the entire
amount. Their circular says:
The above preferred shares are entitled to 6% cumulative dividends.
and are a lied on the companies' earnings immediately following the fixed
charges. In the event of liquidation, they are given preference over the
$20,000,000 combined common stock in the distribution of assets. Exempt from taxation in Massachusetts. Dividends payable F. & A. These
preferred shares are callable at 120, but the Treasurer says: "There seems
no probability of this privilege being exercised so long as the common stock
of the respective companies remains in possession of the Massachusetts
Electric Companies."—V. 87, p. 1605.

Metropolitan Street Ry., New York.—Appeal by Commission to Court of Appeals to Test Power to Make Joint Rates.
—The Appellate Division of the Supreme Court recently
handed down its unanimous decision denying the application of the Public Service Commission to vacate the order
to show cause why a writ of certiorari should not be issued
to review the order of the Commission making a joint 5-cent
rate with the Central Park North & East River RR.(V. 87,
p. 1301.)
The Commission announced on Jan. 8 that It had received permission
this being
from the Appellate Division to appeal to the Court of Appeals,
necessary in cases in which the decision of the Appellate Division is unanimous.—V. 87, p. 1533.

Michigan Central RR.—New President.—See Lake Shore
& Michigan Southern Ry. above.—V. 87, p. 1605.




231

New York Central & Hudson River RR.—New Contract
Signed.—The new contract with the New Haven road, which
was under consideration for 3 years past, providing for the
use of the tracks of the system between Woodlawn and 42d
Street and the New York terminal and Mott Haven yards,
was signed last week. The contract is perpetual in its terms.
The payments to certain funds, net payments to the City of New York.
net cost of maintenance, operation, damages, &c., by the New Haven Co.,
are based on the proportion the number of cars and locomotives employed
by the New Haven road bears to the whole number using the terminals,
instead of being a fixed sum. In case, therefore, the New Haven Co.
should hereafter obtain a new entrance into New York. thus diminishing its
use of the facilities, it will have a corresponding decrease of rental. The
use of the Mott Haven yard is based on a similar sliding scale. The right,
however, to use the Mott Haven yard can be discontinued by the New
Haven Co. on 12 months' notice; but in that case it will have the right to
use the Port Morris branch to Its Harlem River & Portchester RR.,so that
the New Haven can reach any new yards it may establish. Compare V.88.
p. 101. 53.—V. 88. p. 158.

New York & Long Island RR.—New Offer to Sell to City.—
President Shonts of the Interborough Rapid Transit Co.,
on Jan. 20 wrote a letter to the Public Service Commission
making a new offer to sell the tunnel road to the city at
actual cost ($7,239,476) as stated in the previous offer under
date of Feb. 27 1908 (V. 86, p. 669), but free from any
conditions as to operation.
It is offered in the alternative to follow the suggestions contained In the
opinion of the Commission dated Dec. 31 last (V. 88, p. 101), and apply
under the provisions of the city charter for a franchise. President Shollats
says: "This latter course, however, will involve an independent operation
of the tunnel for an additional 5-cent fare. It was to avoid the contingency of this 5-cent fare that our original offer was made." In explaining
the previous offer he says it was estimated that after the first few years
the development of Queens Borough would be so great that the city's
annual share of the profits under the proposed operating agreement would
be considerable for all time to come.—V. 88, p. 101.

New York New Haven & Hartford RR.—:Contract Signed.
—See New York Central & Hudson River RR. above.—
V. 88, p. 101, 53.
New York State Rys.—Merger.—See Rochester Railway
& Light Co. below.
Directors.—The following directors (and officers) were
elected on Jan. 19:
Horace E. Andrews, Mentor, 0.. (President); William K. Vanderbilt
(Vice-President); William C. Brown, New York, President-elect of the New
York Central; John Cantensen, Scarsdale; Albert El. Harris, formerly of
Rochester now of New York; Walter N. Kernan, Utica; Alexander M.
TreasLindsay, Rochester; Edward V. M. Rossiter, New York. The Collins
urer is Edward L. Rossiter of New York,and the Secretary is J. C.
of Rochester.—V. 88, p. 53.

Norfolk & Western Ry.—Bonds Sold.—The company, it
was announced yesterday, has sold to Kuhn, Loeb & Co. and
the Guaranty Trust Co. of New York,$10,000,000 "divisional
first lien and general mortgage" 4% gold bonds, out of the
proceeds of which provision will be made for the notes
maturing May 1 1910. The entire block has been re-sold.
President L. E. Johnson, under date of Philadelphia, Jan. 20,
says in a letter to the bankers:
These bonds are part of a total authorized issue of $35,000,000, of which
there are at present outstanding $23,000,000, including the bonds sold you.
The remaining $12,000,000 bonds are reserved for future construction
acquisition of additional lines of railway, branches or extensions, and other
purposes, as provided in the mortgage.
These bonds are a first lien on 220.28 miles of road, including the main
line into Cincinnati, and upon all the equipment. extensions,and branches
acquired or constructed out of the proceeds of the bonds. They are further
system
secured by general lien on the entire mileage and property of the1.661.61
covered by the first consolidated mortgage, amounting to about securing
mortgages
prior
lien
the
and
of
that
to
however,
subject,
miles,
outstanding bonds amounting to $60,276,500. Compare V. 79. p. 973,
2148; V. 80, p. 1175: V. 83, p. 1471.—V. 87, p. 1011.

Northern Ohio Traction & Light Co.—Report.—For calendar year:
Gross
Calendar
Earnings.
Year.
1,890,473
1908 _
1907 .:_- -----1.909,061
—V. 87, p. 1605.

Balance
Dividends
Fixed
Net
Surplus.
on Stock.
Earnings. Charges.
$804,049 $526,532 (1 3i%)$134,151 $143,366
141,286
(2%) 158.778
513,242
813,306

232

THE CHRONICLE

Northern Pacific Terminal Co.—Called Bonds.—Thirty-four
($34,000) first mortgage bonds of 1883 have been drawn and
will be redeemed by the Farmers' Loan & Trust Co. on Feb.4
1909 at 110 and accrued interest.—V. 87, P. 227.
Rochester Railway & Light Co.—Merger of Controlled
Company.—The stockholders of the Rochester & Sodus
Bay, the Rochester & Eastern and the Rochester Railway
companies, respectively, it is stated, ratified on Jan. 19
the proposed merger of the three corporations into the New
York State Railways, per plan in V.'88, p. 53.—V.88,p. 54.
Rutland RR.—New President.—See Lake Shore & Michigan Southern Ry. above.—V. 87, p. 1664.
Salt Lake City Union Depot & Railroad Co.—Bonds Sold.—
This company, incorporated in May 1907 to build a union
depot at Salt Lake City for the Gould lines, has sold a block
of $1,100,000 first mortgage 30-year 5% bonds, part of an
authorized issue of $1,500,000, under a mortgage to the
Bankers' Trust Co., as trustee. The capital stock, $200,000,
is equally owned by the Denver & Rio Grande and Western
Pacific.

[VOL. Lxxxvni.

bank and will presumably expedite the reorganization of
the company.—V.88, p. 55.
Wisconsin Central Ry.—Change in Control—New Officers.
—At a meeting of the directors on Thursday the directors
and officers representing the former interests in control resigned and those associated with Newman Erb were elected
in their places, Mr. Erb himself becoming President and
Chairman of the board, with offices at 42 Broadway. The
following changes, were made in the board:
Resigned—F. T. Gates, William A. Bradford, George J. Gould, T.
L.
Chadbourne Jr., George A. Fernald and George W. Webster.
Elected—Leroy Baldwin, W. J. Woliman, Clarence D. Simpson,
F.
H.
Prince, E. N. Foss and W. M. Wadden. [This election of directors
and
officers, it Is understood, is temporary pending final transfer of control,—
Ed.]

While no official announcement is yet made, the fact is
confirmed that the control of the property is to be with the
Minneapolis St. Paul & Sault Ste. Marie Ry., affording that
company a Chicago connection. The line will be shortened
by the construction of cut-offs, one from Burlington, Wis.,
to Portage, and another from Hancock to Grand Rapids,
Wis. See map in "Railway and Industrial" section.
An illustrated article describing the station as then proposed
was conThe Wisconsin Central preferred stock is to be guaranteed
tained In the "Railway Age" of Chicago of Dec. 21 1906.
The
site of the
station is south of the Harriman-Clark union passenger
4% dividends. The details as to the transfer and method of
terminal
and
the
building proper was to be 575 feet long.
future operation have not yet been decided upon. The
San Francisco Railway & Power Co.—Sale of Plant.—See change in control, it is understood, involved
Stanislaus Electric Power Co. under "Industrials" below.— of between $4,000,000 and $5,000,000.—V. a consideration
88, p. 159.
V. 85, p. 100.
Texas Midland RR.—Change in Capitalization—The old
bond issues of $900,000, we are informed, have been canceled'
and a new one of $2,000,000, consisting of 2,000 $1,000 4%
30-year first mortgage refunding bonds, is now outstanding.
The interest on these bonds is payable Aug. 1 and Feb.
1
and their principal will mature Aug. 1 1938. The capital
stock has also been reduced from $500,000 to $112,000.
Compare V. 88, p. 159.
Texas Short Line Railway.—Reorganized by New Interests
Without Foreclosure.—As stated last week, the property of
this company has been taken out of the hands of receiver
and the receivership vacated. New officers were elected:

INDUSTRIAL, GAS AND MISCELLANEOUS.
American Can Co.—New Ally.—See Goldschmidt Detinning Co. below.—V. 87, p. 1013.
American District Telegraph Co. of New York.—Report.-The results for the year ending Dec. 31 were:
Years—
1908
1907
_v. 87, p. 344.

Cross.
5492,896
586,065

Net.
868,106
79,028

Div. (2%). Bal., sur.
876,888
def.$8,782
76,888
2,140

American Gas & Electric Co.—New Director.—W. T.
Hanson of Schenectady has been elected a director to succeed
R. T. Paine.—V. 87, p. 1661.
John B. Christensen, Pres., St. Louis. Mo.; James H.
Quinn, ViceAmerican Sewer Pipe Co., Pittsburgh.—New President,
Pres., St. Louis, Mo.; J. A. Germany, Vice-Pres. and Gen. Counsel,
Grand
Saline, Texas; C. F. Christensen, See'y, Grand Saline, Texas; 'I'. B. Meeks, &c.—F. N. Kondolf
has tendered his resignation as President
Treas. and Gen. Mgr., Grand Saline, Texas.
to take effect Feb. 1, on which date George B. Hill, VicePresident Christensen writes from St. Louis on Jan. 18 President, will be made
President. The prospects for the
A syndicate, consisting of the State Investment Co. of this city
and year 1909, it is stated, are very encouragin
Messrs. Meeks, Germany and Christensen. above named, purchased
g.—V.86, p. 1102.
and
satisfied of record all of the recognized or adjudged outstanding
American Sugar Refining Co.—To Be Regularly Listed.—
claims
against the company.
company
The
has requested the New York Stock Exchange
The above-named men also own all of the outstanding stock of
company,and the above, together with the Commonwealth Trust Co.the
and the to transfer from the unlisted department to the regular list
National Bank of Commerce of this city, own all of the outstanding
bonds
($175,000). No foreclosure was had nor new company organized. Ar- of the Exchange the $45,000,000 preferred stock and $45,rangements were made through the State Investment Co. for the
pay- 000,000 common stock.—V. 88, p. 160.
ment of all outstanding interest coupons matured to date, and
ments have also been made for the interest coupons which willarrangeAnimas (Col.) Power & Water Co.—Reorganization Plan.
mature
July first. The bonds were Issued Jan. 1 .1902 and will mature January
—This company is now in the hands of receivers appointed
1922.
We will be prepared to furnish a statement of earnings on July first. by the Circuit Court of the United States for the District
The road (extending from Grand Saline, Tex., to Hoyt, 934 miles)
is on of Colorado, in an action instituted to foreclose the first
a paying basis sufficient to take care of not only all operating
expenses. mortgage. Over 99%
Interest and other fixed charges, but also will provide an additional
of the $1,350,000 first mortgage 5s
amount
for surplus or dividends.
has been deposited with the Standard Trust Co., N. Y.,
[It is proposed to build an extension northward to Quitman, Tex.,
and or the Union Trust Co. of Indianapolis, as depositaries,
later to a point on the Red River. An extension is also under
and
consideration
souithward to a connection with the Texas & New Orleans, the
Houston do further deposits will be received on or before January 15
Texas Central, the Trinity & Brazos Valley, the International
Northern and the Missouri Kansas & Texas railways, possibly do Great under the terms of a plan of reorganization issued by
at Waco.
Compare V. 88, p. 159.1
committee of which H. H. Dalton, 62 Cedar St., N. Y., is
United Railroads of San Francisco.—Power Contracts, &c. Secretary. The committee's circular issued under date
—See Stanislaus Electric Power Co. under "Industrials" of August 15 says in part:
below.—V. 86, p. 920.
There has been made a thorough examination of the company's plants
and of the possibilities of the territory served; and the committee feels
United Railways Investment Co.—Power Contract, &c. that with conservative
management and sufficient working capital, the
can earn both the interest on the bonds as provided In the plan
—See Stanislaus Electric Power Co. under "Industrials" company
and a surplus applicable tO dividends on stock.
below.—V. 87, p. 1606.
Proposed Capitalization of Reorganized Company.
To be Issued
Utica Clinton & Binghamton RR.—City of Utica Offers
forthwith.
A uthorized.
Stock at Auction.—On Jan. 25 the city of Utica will sell at Common stock
e:
80000
51,000,000
81:
auction its holdings of 1,995 shares of this company's capital First mortgage 5% 30-year gold bonds
t e00t,00tOne existing
subj,0
[If it is practicable to acquire the property
300500first
stock ,being part of the 2,000 shares (par $100) which, out mortgage,
these bonds shall be the present first mortgage bonds, except
-of a total issue of $849,285, are entitled to endorsement in that the company shall covenant
that the bonds authorized but not
shall not be Issued unless the net earnings for the preceding 12
5-share lots with the following statement as to the uncon- Issued
months shall be at least twice the Interest charge upon the bonds outditional guaranty of rental dividends at the rate of 5% standing and those then sought to be issued.]
a The present first mortgage bondholders who deposit their present
per annum by the Delaware & Hudson Co.:
bonda,with the coupons of Nov. 1 1007 awl all subsequent coupons attached,

Annual dividends of 5% upon this stock, payable semi-annually
June will get back bonds of the same principal amount; said bonds to be either
and Dec. 26, are gua'anteed under the lease between the Utica on
Clinton of the present issue or of the new issue as above mentioned. The coupons
& Binghamton RR. Co. and the President, managers and company of the from said bonds up to and including
the coupon of Nov. 1 1909 shall be
De aware & Hudson Canal Co., dated Dec. 4th 1889, and recorded on destroyed before delivery to said bondholders.
The bondholders, with
Dec. 10 1889, In the Clerk's office of Oneida County In book No. 478 of respect to the coupons of Nov. I 1907. May 1 1908 and Nov. 1 1908, shall
.deeds, on page 441. [See also advertisement on another paged—V. 72, be considered creditors and as such entitled to share pro rata, In accordance
p. 1239.
With the principal and interest due on said coupons, In the distribution of
with the creditors provided for
subdivision "b;" with respect
Virginia Air Line Ry.—Sale.—Potter, Choate & Prentice stock
to the coupons of May 1 1909 and Nov.in1 1909 they shall be considered
and Clark, Dodge & Co. of New York have sold all the creditors to an amount equal to 1M(7,. times the face value of said coupons.
b All creditors except first mortgage bondholders (and the first mortpreferred and common stock to the Chesapeake & Ohio Ry. gage
bondholders, with respect to their coupons on the basis above proWe have confirmed the fact that the road, which is 30 miles long, forming vided) shall receive pro rata, In accordance with the principal and interest
.a connecting link between the James River division and the Richmond and of their claims, and In full satisfaction thereof, the $1,000,000 of the comAllegheny division of the C. & 0., was built under a contract with the latter mon stock of the new company. In making such distribution the comfor 50 years, by which the C. & 0. guaranteed
a specified amount of mittee shall have the right, if It so determines, to distribute to the nearest
business. In return for which guaranty the C. dc 0. received an option for
integral amount. or may cause to be issued,stock scrip fo fractional shares
five years on the stock. This option has now been exercised. Compare of stock. The floating debt, including short-term second mortgage notes,
V. 85, p. 723.
Is approximately 8350,000.
T. Malott, Henry Jameson, John H. Holliday, S. Z. Mitchell,
Western Maryland RR.—Purchase of Bonds from Deutsche J. Volney
R. McKee and S. W. Childs shall be a committee to carry this plan of
Bank.—Blair & Co.and associates have purchased $4,000,000 reorganization into effect.
Vihe company was incorporated in Colorado in September 1905 with
first mortgage 4% gold bonds formerly held as collateral by 83,000,000
of authorized capital stock, and built on the Animas River
the Deutsche Bank for a $3,000,000 loan to the railroad and the Denver do Rio Grande RR., about half-way between Durango
Sliverton, a 4,000 imp. hydro-eiectrie plant, which was described In
company. Default on the loan was followed on March 11 and
the "Engineering Record" of New York for April 14 1906.—Ed.]

1908 by a sale of the collateral at auction, at which the bonds
were bid in by the bank at 53, leaving a deficiency against
the loan of $800,000'(V. 86, P. 670). The bonds are now
worth considerably more than the loan, but a suit has been
pending to collect said deficiency. The present transaction.
it is believed, involves the abandonment of this suit by the




Atlantic Mutual Insurance Co.—Report.—The report of
the trustees for the year ending Dec. 31 1908 will be found'
in our advertising columns. 'I he company now has assets
aggregating $12,824,105, of which $5,442,792 is in United
States and State of New York stocks, city, bank and other
securities; $828,982 is cash, $800,000 special deposits in

JAN. 23 1909.j

THE CHRONICLE

banks and trust companies, $1,377,905 premium notes and
bills receivable and $4,374,426 in real estate and claims due
the company.
Interest Certificates Called.—Six per cent interest on the
outstanding certificates of profits will be paid to the holders
thereof Feb. 2. The outstanding certificates of the issue of
1903 will be paid on Feb. 2 next,from which date all interest
thereon will cease. A dividend of 40% has been declared
on the net earned premiums for the year ending Dec. 31
1908,for which certificates will be issued on and after May 4.
The total marine premiums for the year were $4,051,196,
including $743,389 not marked off Jan.1 1908.—V.86,p.231.
Brooklyn Ferry Co. of New York.—Final Report of Committee and Offer of New York Terminal Co.—The stockholders' committee, composed of George W. Young, P. G.
Gossler and Henry R. 'Wilson, with John F. Timmons,
65 Cedar St., N. Y., as Secretary, has under date of Jan. 14
1909 made a final report telling of the sale of the property
under foreclosure to the New York Terminal Co., "a corn„pany organized by interests other than those of the bond-holders or their committee, but owning, nevertheless, large
amounts of bonds,” and desiring to "save themselves from
a total loss".
The committee also submits an offer made by President
R. R. Govin on Jan. 14 on behalf of the N. Y. Terminal Co.,
giving the shareholders of the Brooklyn Ferry Co., who
have deposited their stock the right up to 3 p. m. Feb. 15,
at the Windsor Trust Co., N. Y., either (1) to subscribe at
par for an equal amount of stock in the Terminal Co. or
(2) to elect to receive in exchange for their stock 10%
of the par value thereof in 6% income collateral trust mortgage bonds. Shareholders availing of neither privilege
will receive back their stock certificates on payment of an
assessment of 10 cents per share on account of the expenses
of the committee, which dissolves Feb. 16. President
Govin says in part:

233

Earnings for Year Ending Sept. 30 1908.
$9,500,908 Present interest charge _..$1,219,230
Gross earnings
3,126,329 Balance, surplus
1,907,099
Net earnings
The interest charge here includes the $10,000,000 sold to the syndicate.
Compare V. 88, p. 55, 103. 161.

Consolidated Gas Co. of New York.—Full Opinion Published.—The full opinion in the 80-cent gas suit recently
rendered by the United States Supreme Court was published
in the "New York Times Weekly Financial Quotation
Review" of Jan. 18.
Officials of the company are quoted as saying that arrangements to
distribute among consumers the money deposited in Court for their protection is awaiting the filing of the mandate of the United States Supreme
Court. Tenntative plans for the same have been drawn up by United States
Commissioner Shields. the custodian of the fund.—V. 88. p. 161, 103.

Consolidated Gas,Electric Light & Power Co.of Baltimore,
Md.—Bonds Offered.—E. H. Rollins & Sons, Boston, Chicago
&c., and Drexel & Co., Philadelphia, are offering for sale
the unsold
at 863. and interest, yielding about 5
portion of their block of $2,500,000 general mortgage 43%
gold bonds, dated Feb. 14 1905, due Feb. 14 1935. Authorized $15,000,000. Outstanding $9,832,000.
Extracts from Letter of President Ferdinand C. Latrobe, Dec. 28 1908.
(1) Capital Stock Authorized and Issued.
Prior lien _ _ _ _$700,0001Preferred___$6,360,0541Common .._..$6,300,034
(2) Bonds of the Company and its Leased Property, the Baltimore Electric Co.
Authorized. Outstanding. In Escrow.
Consolidated Gas Electric Light &
Power Co. general mortgage 4 A%
$15,000,000 $9.832,000(see below)
bonds, due 1935
Consolidated Gas Co. first mtge. 6%
closed M.
3,584,500
none
bonds, due July 1 1910
Consol. mtge. 5% bonds, due
closed M. 3,400,000
July 1 1939
none.
General mtge. 434% bonds, due 15,000,000
2,969,000 x6,985,000
April 1 1954
United Electric Light & Power Co.
4.500,000 y4.500,000 See "y"
first consol. 434s, due 1929
Baltimore Electric Co. first mtge. 5%
3,172,000
7,500,000
bonds, due June 1 1947

x Reserved to retire aforesaid first 6s and consol. 5s to a like aggregate amount. The remainder ($5,046,000) of the authorized issue may be
issued from time to time to an amount equal at their face value to 80%
of the cost of additions or improvements to the gas property or for the
acquirement of new property.
The New York Terminal Co. acquired by purchase on foreclosure 24
y This
$257,000 held for the retirement of underlying liens;
the
of
property
Brooklyn
Ferry
of
Co.
New York, otherwise includes
out of 25 parcels of the
this is a closed mortgage.
subject to an underlying mortgage of $1,000,000, and for the acquirement
The annual Interest charge on all of the above bonds is included In the
of said property issued its 6% income collateral trust mortgage bonds, item fixed charges ($1,338,841) in income statement below.
bearing interest payable only if earned, to the amount of $6,500,000.
Earnings for the Year ending Nov. 30 1908.
These bonds are redeemable until August next at 75% of their face value Net earnings_ $1,996,3351Fixed charges$1,338,8411Bal., surp_
$657,494
and the redemption price increases 2%% every six months thereafter.
.—The general mortgage 43i% bonds due 1935 are a lien
Bonds
Offered
The New York Terminal Company's stock will be limited to a total issue on all property now owned or hereafter acquired by the company,including
of $7,500,000 and to the extent that it has been subscribed for, has been (1) a first lien on a most modern and important part of the property,
paid for in cash, and at par. The protection of the property has required, notably the generating station at NVestport, having a rated capacity of
and is constantly requiring,cash disbursements which in a small part have 24.000 electrical horse power: (2) a lien on the electrical property formerly
been furnished by the sale of stock.
owned by the United Electric Light & Power Co., subject to the bonds
The income bonds which are offered to those shareholders of the Brooklyn of that company: also (3) a lien on the entire gas property, subject to the
Ferry Co. who do not desire to subscribe to the stock of the Terminal bonds of the Consol. Gas Co. The present company has obligated itself
Company will bear interest at 6%, payable only if earned, and are part not to issue any of $4,822,000 of the remaining unissued bonds for maof a total issue of $750,000, bearing interest only if earned, which bonds chinery ,equipment or improvements in any of the plants on certain real
will be a lien on the property of the New York Terminal Co. subject (a) estate which is subject to (a) the prior lien of the United Electric Light
to the first lien of $1,000,000 of bonds of the Brooklyn & New York Ferry & Power Co. bonds or (b) the bonds of the Consolidated Gas Co.
Co.; (b) to the lien of $6,500,000 of the 8% income collateral trust mortStatus.—The present company controls the entire gas,electric light and
gage bonds of the Terminal Company,(c) and to the expenses of reorganiz- power business in Baltimore, the entire gas business in Baltimore County
ation and the deficiency in operation incurred during the enforced operation and the electric light and power business for most of that county. Besides
of the ferries under the court Injunction, amounting to $300,000. De- Its ov 11 ,'power station at Westport. situated on the harbor, having an
nomination $1,000.
electrical capacity of 24,000 horse power, the company controls, through
There are and have been negotiations pending for the lease or sale of this lease for 999 years, the generating station of the Baltimore Electric Co..
property to the city of New York, which if consummated may give the having a rated capacity of 8,000 electrical horse power, this being a modern
stockholders of the New York Terminal Co. a profit over the amount steam turbine station. The gas generating plant is of the most modern
subscribed for the stock. There have also been negotiations with other and efficient type. There was manufactured during the year ending
parties concerning the sale of this property which may likewise give the Juno 30 1908, over 2,800,000,000 cubic feet of gas.
stockholders a profit, but those negotiations so far have not resulted in
The franchises for both gas and electricity are unlimited as to time and
any contract or offer to purchase or lease the property.
practically exclusive. No new franchises for either can be granted by the
The money paid for such stock (now offered—Ed.) ls to be used by the
administration without an Act of the Legislature of Maryland.
Terminal Company in its discretion for the retirement by redemption or city
Baltimore has a population of over 600.000.—V. 88, p. 103, 55.
purchase of any or all bonds secured by or being a lien upon the property
of the New York Terminal Co., for the payment of all or part of the exDerby (Conn.) Gas Co.—New Stock.—The company
penses of reorganization and the deficiency in operation incurred during
stock from $500,000 to $650,000,
the enforced operation of the ferries under the court injunction, amounting decided to increase its capital
all of one class. There are $250,000 1st M. 4% bonds outto $300,000, and for its other corporate purposes.—V. 86, p. 1591.

Canadian Improvement Co.—Payment of Notes.—See
Lake Superior Corporation below.—V. 87, p. 1422, 937.
Citizens' Gas Co. of Indianapolis—Bonds Offered.—The
Union Trust Co., Newton Todd, and others, all of Indianapolis, offer by advertisement, at 101 and interest,$500,000 of
the authorized issue of first mortgage 6% 20-year gold bonds,
• dated Jan. 1 1909, due Jan. 11929, subject to call for the
first 5 years at 105, for the next 5 years at 103, and thereafter at par and interest.
The advertisement states that local investors have taken at par $900,000
of the stock, the proceeds of the bonds sold also going into the plant, and
that the engineers estimate that the value of the property, with the improvements to be made from the proceeds of the bonds, will be $1,850.000
on which the bonds will be an absolute first lien.
The plant purchased In 1907 consists of 133 miles of mains and 14,000
service connections, in the most thickly populated parts of Indianapolis.
The company has purchased 22 acres In the southeast part of the city, on
the Belt RR. and Big Four system, and is completing, a modern manufacturing plant. It is hoped to begin serving consumers about March 1. The
estimated annual earnings are: Net revenue from operation, $294,157;
taxes, insurance and extraordinary expenses. $20,000: depreciation reserve,
$30,200; net earnings, $243,957; bond interest, $30,000; balance, surplus,
$213,957. Compare V. 88, p. 161.

Citizens' Gas & Electric Co., Council Bluffs,Ia.—Increase
in Stock.—This company, whose entire capital stock is
owned by the Omaha Electric Light & Power Co., has filed
a certificate of increase of capital stock from $250,000 to
$350,000.—V. 83, p. 1101.
City Electric Co. of San Francisco.—Contract.—See Stanislaus Electric Power Co. below.—V. 85, p. 1404.
Clarendon Water Works Co.—Proposed Purchase by City.—
See Wilmington, N. C., in "State and City" Department.
Clyde Steamship Co.—Bonds, &c.—See Atlantic Gulf &
West Indies Steamship Lines in last week's "Chronicle",
page 160.—V. 86, p. 339.
Commonwealth Edison Co., Chicago.—Sale of Bonds.—
The Chicago syndicate which recently purchased $10,000,000
5% bonds of 1943 opened subscription books on Jan. 19 for
$2,500,000 of this amount, offered at 1023 and interest,
and within thirty minutes the entire block had been sold.




standing. Charles H. Nettleton is President. See V. 80,
p. 1060.
Eastern Steamship Co.—Stock Offered.—Hayden, Stone
& Co. of Boston, who recently purchased 22,000 shares of
the company's stock are offering the same until noon of
Jan. 27, to depositing bondholders of the Consolidated
Steamship Iiines at $60 per share.—V. 87, p. 1607.
Eastman Kodak Co. of New Jersey.—Extra Dividend
—The directors have declared the regular quarterly dividend
of 13% on the preferred stock and 23/2% on the common
stock, payable April 1; also an extra 2% on common stock,
payable Feb. 1 to shareholders of record Jan. 13:
Extra Dividends on Common Stock.
(In addition to the 10% per annum paid regularly since Oct. 1 1902.)
May '07. Oct. '07. Feb. '08. Oct. '08. Nov.'08. Dec.'08. Feb.'09.
1906.
5%
23%
234%
5%
23%
5%
5%
93%
Compare V. 87, p. 1162.

Enid (Okla.) Electric & Gas Co.—Notes Offered.—H. M.
Byllesby & Co., Chicago, own and offer at 97 and interest,
yielding 7%,$300,000 3-year 6% coupon gold notes (secured
by "first and refunding" bonds), dated Dec. 1 1908 and due
Dec. 1 1911, but subject to call on 30 days' notice at, 101
and interest. Denomination $500. Interest payable Q.-M.
in Chicago. American Trust & Savings Bank, of Chicago,
trustee. A circular says:
Capitalization; Bonds authorized, $350.000; issued and outstanding,
$320,000; held by trustee to retire a mortgage of $26,000 upon part of gas
plant, $30,000. The coupon notes are issued for 90% of the par value of
bonds deposited with the trustee.
Earnings.—For year ending Nov. 30:
Net
Interest
Gross
Bal., Met. Nov.1.
Charges. Surp. Elec. Gas.
Earns. Earns.
$92,414 $25,562 $17,500 $8,062 1,224 896
1907-08
26,762
81,461
17,500
9,262 1,042 807
1906-07
802 611
1,808
49,500
16,853
15,045
1005-06
The company is now completing changes In its electric department and
also installing apparatus in its gas plant for the use of crude petroleum,
and from the economies resulting the management predict net earnings for
the calendar year 1909 of not less than $48,000. The company operates
the only public lighting and gas plants in the city and serves a population
to-day of 18,000 people. Buildings, brick; machinery, modern. The
electric power-house has a present capacity of 1,275 h. p., which will be
largely increased during the coming year. Also has a contract with the
local street railway company to furnish power, which expires in 1917.
The company has over 19 miles of gas mains, which will be largely increased

234

THE CHRONICLE

[VOL.

during the coming year. The company is operating 91 city lamps under
a contract which still has over five years to run, at a price of $66 per lamp
per year on a moonlight schedule. The franchises are broad and liberal
and run to April 1924.

(V. 78, p. 1784; V. 85, p. 1465), have been paid by that
company, and the Morton Trust Co. has given a certificate
that all guaranteed certificates are canceled."
The "Philadelphia Ledger" of Jan. 18 said:
Goldschmidt Detinning Co.-New Enterprise-Ally o/
The Fleming syndicate not only purchased ,the collateral held by the
American Can Co.-This company has been organized under
banks, consisting of $1,600,000 of Lake Superior stock and
Philadelphia
the laws of New Jersey, with $2,000,000 common stock and bonds, but also
acquired all the other holdings of the Canadian Improve$1,000,000 7% cumulative preferred stock, all outstanding, ment Co., including a large amount in the stocks and bonds of the comsubsidiary
panies
,
the Lake S perior. The cash amount involved in the
in shares of $100 each, with equal voting power, the preferred transaction is said to
to be about $5,000,000.
having been subscribed for by parties in interest and well
New Directors.-W. K. Whigham of London and Walter
known capitalists, and has made arrangements by which it
Gow of Toronto have been elected directors, succeeding
will acquire all the tin scrap produced by the American Can James
Hay of Philadelphia and Thomas Gibson of Toronto.
Co. for a series of years. The President of the new com- -V. 88, p. 55.
pany is William T. Graham, President of the American Can
Lawrence (Mass.) Gas Co.-New Stock.-The MassaCo. while F.S. Wheeler and R. H. Ismon of that company
and E. L. Marston of Blair & Co. are also connected with chusetts Gas & Electric Light Commission on Jan. 14
the management. Office, 60 Wall St. No bonds or mort- authorized the company to issue 5,000 shares of stock at
$160 per share (par $100),to provide for floating debt. This,
gage outstanding. The following has been published:
The company's process of detinning with chlorine has been in successful it is understood, will make $1,900,000 stock outstanding.
use in Germany, at the works of Theodore Goldschmidt, Essen-Ruhr,for -V. 85, p. 287.
the past four years, and at the plant of Gillet Fits, Lyons, France.
The officers are: President, William T. Graham; Vice-President and
Library Bureau (Card Catalogues and Other Library.
General Manager, Dr. F. H. Hirschland; Treasurer, R. H. Ismon; and
Secretary, Hubert E. Rogers. The directors include E. L. Marston, Equipment), Boston.-Preferred Stock Olfered.-Gavet &
Edward L. Ballard, W. T. Graham, F. S. Wheeler, L. A. Wells, Dr. F. H. Porter are offering,at present at 115,this company's preferred
Hirschland, E. Stutz, Hubert E. Rogers and Dr. Karl Goldschmidt.
stock (see V. 88, p. 104), dividends 8 % per annum, payOne acquainted with the facts says: "The expectations are that the
company will have eventually two plants in the United States, with a able Q.-J. A circular says:

capacity of from 70,000.to 75,000 tons a year of tin scrap. It has acquired
already 10 acres of water-front property on Staten Island Sound, New York
Bay, near Carteret, N. J., where it is arranging to erect a detinning plant,
with a capacity of approximately 40,000 tons of tin scrap per year. Later,
it is contemplating to erect a further detinning plant in the West, with a
like capacity."

Hudson Navigation Co., New York.-Called Bonds.The Trust Company of America was prepared to pay at par
and interest on Jan. 15 thirty ($30,000) 20-year 5% collateral trust bonds dated Jan. 1 1903.-V. 86, p. 1103.
Hudson River Water Power Co.-Notice to Bondholders.The New York committee of first mortgage bondholders,
F. J. Lisman, Chairman, announces that bonds to an amount
considerably more than necessary to begin foreclosure proceedings have been deposited, and that after Jan. 28 no
further deposits will be accepted except upon such penalties
as the committee may impose. In addition to the amount
of bonds above mentioned, this committee has received for
deposit a substantial amount of the receipts of the Boston
committee (James R. Hooper, Chairman) and requests
further deposits of the same within the aforesaid time limit.
-V. 88, p. 55.
International Harvester Co.-Decision.-The Supreme
Court of Kansas on Jan. 9 affirmed the decision of Judge
Dana in the Shawnee District Court on Jan. 20 (V. 86,
p. 232) in the criminal suit holding the company guilty of
violating the anti-trust laws of the State on 42 counts, and
imposing a fine of $42,000. It is expected that an appeal
will be taken to the United States Supreme Court.-V. 87,
p. 94.
Jacksonville (Fla.) Gas Co,--Bonds Offered.-Kennett
Cowan & Co., Corn Exchange Bank Bldg., Chicago, Ill., are
offering at 95 and interest $100,000 5% sinking fund (consolidated mortgage) gold bonds dated June 1 1907, due June
1 1937, redeemable on any interest date at 105 and interest.
Interest payable Sept. 1, Dec. 1, March 1 and June 1 (c*).
Central Trust Co. of Illinois, Chicago, trustee. The fi rm says:
Financial Statement.
Total stock Issued (common, $150,000; preferred, $375,000)
$525,000
Authorized issue of $2,000,000 5% sinking fund gold bondsIssued, including this block of $100,000
373,000
Reserved and held by trustee to retire $330,000 underlying
bonds (Citizens' Gas Co.-V.84, p. 1054,806)
378,000
To be issued from time to time for only 90% of the cash cost of
permanent extensions and betterments
1,249,000
*1908.
1907.
1906.
99,515,100
Cubic feet of gas sold
70,989,900
50,589,100
$64,905
Net earnings
$48,592
34,016
• November and December estimated.
Abstract of Letter from Knowlton L. Ames, Pres. and Treas., Dec. 22 1908.
These bonds are a first lien on all the property, rights, franchises and
other assets of the company, subject only to $330,000 outstanding first
mortgage 5% bonds of the Citizens' Gas Co. of Jacksonville (V. 84, p. 806,
1054), which are optional on any interest date after Dec. 1 1911, and mature Dec. 1 1936, there being reserved with the trustee $378,000 of Jacksonville Gas Co. "sinking fund 5% gold bonds" for the retirement of this
underlying issue.
Jacksonville has a population conservatively estimated of about 75,000,
and, being the gateway to Florida, is one of the most prosperous, progressive and substantial cities in the South. The company operates under a
perpetual franchise, supplying gas to the entire city. The service rendered
Is first class, and the relations with the community are pleasant. Owing
to the rapid growth of the city, the company is spending a large amount of
money each year in extending its mains and services; it has already made
two reductions in the price of gas. The real estate is valuable and the plant
has a capacity of almost 100% more than its present output.
The mortgage provides that the company shall create a sinking fund commencing April 1 1912 to 1936, amounting to $350,000, payable to the trustee.
I believe the company will double its earnings within the next three to
five years. The company was incorporated In 1907 under the laws of
Florida. The par value of the shares is $100. The directors are Knowlton
L. Ames, President and Treasurer, and G. H. Whitelaw, Secretary, Chicago; H. B. Hoyt, Manager, Jacksonville, Fla.; J. C. Markley and H. T.
Holtz Chica o.

Laclede Gas Light Co., St. Louis.-Directors.-D. R.
Calhoun and J. E. Smith have been elected directors to
succeed E. M. Bulkley and C. D. Smithers.-V. 87, p. 1482.
Lake Superior Corporation.-Payment of Notes.-Status.
-The $1,000,000 notes of the Canadian Improvement Co.
(which assisted in financing the reorganization and rehabilitation of the property in 1904), the remainder of an issue
of $2,000,000, guaranteed by the Province of Ontario




Preferred "A" stock 8% cumulative, Issued $1,000,000; preferred "B"
stock 8% cumulative, $500,000; common stock, issued $1,500,000 (par of
shares, $100). Boston Safe Deposit & Trust Co., Transfer Agents. By
special provision in the charter these preferred shares have safeguards
usually att tched only to bonds. [The Lib ary B reau, we la%; nform
has mad n bond issu.:, and th mortg .ges on its factory amm.nt to only
$55,000.-Edd
From 1876 to 1888 the business was an individual responsibility. It was
first incorporated in 1888. It now manufactures practically everything it
sells, operating card factories, printing plants and wood-working factories
in Boston, New York, Chicago, Ottawa and London, and for metal furniture
and steel vault fittings at Cold Spring on the Hudson River. The business
requires over 2,000 employees. In 1908 more than 4,000,000 lbs. of paper
stock were used in making cards, folders, guides and other material, and
more than 3,000,000 feet of lumber in the manufacture of commercial
furniture and library equipment. The executive offices and sales-rooms
aggregate an area of 10 acres.
Preferred Stock Outstanding and Net Profit Applicable to Dividends.
Pref.Stock. Net Profit.
Pref.Stock. Net Profit.
1907
$1,000,000 $204,980 1900
$150,000 $128,879
190
,
6
957,200
212,663 1895
34,932
60,000
868,600
175,439 1889
4,798
15,000
1904
696,800
106,129
The sales (over $2,800,000) and net profits for the fiscal year ending
Dec. 31 1908 will be about the same as for 1907. Among its regular customers are 90% of the public libraries in America, all the great insurance
companies and thousands of leading business houses. Each $100 share
represents $150 in actual property. The company owns and operates six
factories, has 21 branch houses in the United States and 8 in other countries. Perpetual contracts outstanding produce sufficient profit to pay
dividends on all preferred stock. The preferred stock has paid not less
than 8% annual dividend for over 20 years. The management has not
changed since the beginning. No change is desired or likely to occur.
President, Herbert E. Davidson; Treasurer, William E. Parker. Boston
office, 530 Atlantic Avenue.--V. 88, p. 104.

Mallory Steamship Co.-i3onds, &c.-See Atlantic Gulf
& West Indies Steamship Lines in last week's "Chronicle",
page 160.-V. 85, p. 1146.
Massachusetts Lighting Companies.-Extra Dividend.President Childs in a circular says:
In view of the showing of your companies during the past year and the
outlook for the future, your trustees have voted an extra X of 1%, payable
with the regular quarterly dividend-Jan. 15 1909. It is the expectation
of the trustees that an extra dividend of M of 1% will also be paid in July,
which will put the shares on a 6% basis. Compare V. 87, p. 1482.

Mexican Oar & Foundry Co.-Sold.-A press dispatch
from the City of Mexico on Jan. 22 announced the sale of the
property under foreclosure of a $300,000 mortgage (United
States of Mexico Trust Co. of Mexico City, trustee) and its
purchase on behalf of the American bondholders' committee
Murray W. Ferris, 341 Broadway, New York, Chairman.
-V.85, p. 407; V. 81, p. 1614.
Mobile (Ala.) Electric Co.-Bonds Offered-Status.William P. Bonbright & Co., New York, London and Colorado Springs, are offering at 90 and interest, yielding 5.66%,
$250,000 5% first mortgage bonds,dated May 1 1906, due
May 1 1946, but subject to call on or after Nov. 1 1910 at
105 and interest. A circular says:
Issued.
Authorized.
Capitalization
First mortgage 5% bonds (sinking fund 1% per
58
00
0:000
0000
0
0 $1,3
0:0
annum after May 1 1916)
500
$3,0
Preferred stock (6% cumulative after May 1 1907)
2,500,000
2,500,000
Common stock
As additional bonds are needed for extensions and improvements to the
property, it is provided that they may be issued to an extent not to exceed
90% of the cost of the new construction work.
This company was organized in May 1906, taking over the electrical
business of the Electric Lighting Co. of Mobile, and the electric light and
power business of the Mobile Light & Railway Co., these two companies
having been engaged up to that time in a ruinous competition arising from
Personal differences of the owners. The company controls the entire
lighting business of the city and its suburbs. A very favorable contract
for the municipal lighting has been negotiated, running from Jan. 1 1907
to Dec. 31 1917. The franchises are unlimited as to time. The city receives 2% of the gross receipts so long as this is the only company distributing electrical current and distributing it under its present pole-line
system; there is to be a readjustment in favor of the company if it is compelled to put its wires under ground. It already owns 1 A miles of conduit.
Earnings for the Twelve Months ending Oct. 31.
.Fisca
8l Year19v-o
Gross Earns. Net Earns. Bond Int. Bal.,Sur.
600
00
0
$ 8,995
$65
69:0
$137,995
$287,161
49,936
114,036
1906-07
272,895
The preferred stock is now on a regular dividend-paying basis.V. 87, p. 419.

Monongahela River Consolidated Coal & Coke Co.-New
Director.-H. It. Rea has been elected a director to succeed
the late Frank Semple.
Report.-See "Annual Reports" on a preceding page.
-V.87, p. 616.
National Surety Co., New York.-Stock Dividend.-A
special meeting of the stockholders will be held on Feb. 2
to vote on declaring a stock dividend of $250,000 out of the
surplus of approximately $1,000,000.

THE CHRONICLE

JAN. 23 1909.]

This distribution will increase the capital from $500,000 to $750,000; par
$100. The new shares will be distributed to stockholders in the proportion
of one new share to each two shares now held. The price of the stock has
advanced from 135 bid last June to over 200 on the heavy increase in the
company's business.—V. 65, p. 572.

New Telephone Co., Indianapolis.—Decision Holding Lease
Valid.—See Indianapolis Telephone Co. above.—V. 81, p.
1553.
New York & (Juba Mail Steamship Co.—Bonds, &c.—See
Atlantic Gulf & West Indies Steamship Lines in last week's
"Chronicle", page 160.—V. 85, p. 1146.
New York & Porto Rico Steamship Co.—Bonds, &c.—See
Atlantic Gulf & West Indies Steamship Lines in last week's
"Chronicle", page 160.—V. 85, p. 1146.
New York Terminal 0o.—Status.—Offer to Stockholders
of Brooklyn Ferry Co.—See that company above.—V. 87,
p. 1482, 350.
People's Gas Light & Coke Co., Chicago.—New Director.—
Vice-President E. G. Cowdery of Chicago has been elected
a director to succeed the late Anson R. Flower.—V. 87, p.
1303.
People's Power Co., Rock Island, Ill.—Increase of Stock.—
This company, controlled by the Tr -City Ry. & Light Co.,
in December last increased its capital stock (all common)
from $1,000,000 to $2,000,000, to provide for improvements,
&c. Par of shares $100.—V. 80, p. 119; V. 71, p. 290.
Pocahontas Consolidated Collieries Co.—Favorable Decision Affirmed.—The United States Circuit Court of Appeals
at Richmond, Va., on Wednesday affirmed the decision of
the lower Court in the suit brought by objecting minority
holders of Pocahontas Collieries Co. stock,holding valid the
consolidation of the Pocahontas Collieries Co. with the Pocahontas Consolidated Co. Compare V.86, p. 1593, 484,424.
Sears-Roebuck & 0o.—First Common Stock Dividend.—
The directors on Jan. 16 declared an initial dividend of 1%
on the $30,000,000 common stock, payable Feb. 15 to
stockholders of record Feb. 1. Regular quarterly dividends
aggregating 7% per annum have been paid on the preferred
stock (now $9,750,000) since Oct. 1906. The "Chicago
Interocean" says:
The disbursement on the common stock was not designated as "regular"
but a member of the board states that, while such conservatism had been
used in inaugurating the payment, he had every reason to believe the
rate may be considered permanent, and that the stock is thus placed on
a 4% yearly basis.

Change in Fiscal Year.—The company's fiscal year has
been changed to end Dec.31 instead of June 30 as formerly.
Net
Earn4ag3.
Sales.
Period Covered—
6 mos.end. Dec. 31 '08.$21,813,592
Year end. June 30'08_ _ 40,843,866
Year end. June 30'07_ _ 50,722,840
--V. 87, p. 1482.

Divs.on
Invest.
$46,417
89,686
70,804

Div. on
Purch. Exp.
Pref. Stock.
Int., ctc.
$19,868,551 (334)$341,250
38,898,756 (7) 682,500
47,555,142 (7) 695,602

Balance,
Surplus.
0:2
6520
15
$1:3
7
206
2,542.900

Standard Oil Co. of New Jersey.—Date of Re-trial of Rebate
Case.—United States District Judge Anderson having, at
the request of Judge Landis, consented to preside at the retrial of the Government suit against the Standard Oil Co. of
Indiana on account of the alleged taking of rebates, on
Wednesday set Feb. 23 as the date of the commencement of
the re-trial at Chicago. Compare V. 88, p. 105.
(David) Stevenson Brewing Co., New York.—Refunding
Bonds.—This company, with office at 39th St. and 10th
Ave., N. Y. City, has filed a mortgage to the Columbia
Trust Co. of New York, as trustee, covering sundry pieces
of property in this city, Oswego, Portchester, New Rochelle
and Ozone Park, to secure $1,018,000 of 5% gold (refunding)
bonds due Jan. 11919.
Stanislaus (Cal.) Electric Power 0o.—Plan for Additiona
Financing and Readjustment of Securities.—The protective
committee under deposit agreement dated May 6 1908—
IC. C. Cuyler.
S. Z. Mitchell, Chairman. I N. W. Jordan.
1Philip L. Saltonstall.
Walter A. Kernan.
announces, under date of Jan. 14, to the holders of first
mortgage bonds of Stanislaus Electric Power Co. and of the
shares of preferred and common stock, or voting trust certificates therefor, of Stanislaus Water Power Co., that a
financial plan has been lodged with the Knickerbocker
Trust Co., N. Y., and that said trust company, as depositary, has been authorized to receive deposits of such bonds,
stocks or subscription receipts, subject to the agreement
and plan, not later than Jan. 30 1909. The prospectus
issued in 1905 (V. 81, p. 1854) authorizecra present issue of
not exceeding $6,000,000 bonds of the Stanislaus Electric
Power Co. and $3,000,000 preferred stock and $8,250,000
common stock of Stanislaus *Water Power Co.
The plan, a digest of the leading provisions of which follows, provides for foreclosure, the exchange of existing
first mortgage bonds for an equal amount of bonds securqd
by a second mortgage, the creation of a new issue of first
mortgage bonds on account of further construction ork,
&c., the transfer of the entire capital stock of the successor
company to the United Railways Investment Co. upon the
delivery by that company of $900,000 of its preferred and
$900,000 of its common stock, which, if not used for other
reorganization purposes, may be distributed among the present Stanislaus stockholders.
Proposed Plan.

New Company to Be Controlled by United Railways Investment Co.—.A new
power company may be formed or an old charter utilized to carry out the
plan, provided, in the opinion of the committee, a sufficient amount of the
bonds of the Stanislaus Electric Power Co. shall be deposited thereunder.
The plan contemplates that the United Railways Investment Co. will
acquire the shares of the new company and certain of its first mortgage
bonds, as stated in alicontract made by thelcommittee with the Investment




235

Co. under date of Jan. 14 1909, subject to the approval of the stockholders
of the Investment Co.
The new company shall be organized with such an amount of authorized
capital stock as shall be determined by the committee and shall have power:
(a) To acquire bonds and capital stock of the Stanislaus Electric Power
Co. and preferred and common stock (or voting trust certificates) of Stanislaus Water Power Co.; also, through foreclosure or otherwise, the property
of the Stanislaus Electric Power Co., Tuolumne Water Power Co. and
Stanislaus Railway Co.
(b) To conduct the business which the Stanislaus Electric Power Co.
and the Tuolumne Water Power Co. are authorized to conduct.
(c) To purchase a steam turbine unit of 5,000 k. w. power, now under
construction by San Fiancisco Railway & Power Co. in San Francisco
(V. 85, p. 100), the purchase price thereof to be $384,000.
(d) To construct a new steam turbine unit of 9,000 k. w. power in San
Francisco. to be located in the North Beach Power Station, now owned by
the United Railroads of San Francisco, or in such other location as shall
be determined (the estimated cost thereof to be $550,000).
(e) To acquire by lease from the United Railroads of San Francisco its
two steam power stations known as the Bryant St. and North Beach power
stations (the rental to be $1 per year for 44 years).
(f) To purchase said North Beach Power Station (the price to be fixed
by agreement or appraisement).
(g) To acquire and complete two or more transmission lines from the
power house of the Stanislaus Electric Power Co. at the Stanislaus River to
San Francisco, and a distributing system in San Francisco and elsewhere,
together with other properties as under the terms of the power contract
herein mentioned are to be acquired or constructed by the new company.
Power Contract.—A contract is to be entered into between the new company and the United Railroads of San Francisco providing for the sale and
delivery of electric power to said United Railroads for a period of at least
44 years, to the extent of approximately 122,120,000 kilowatt hours per
current, at the price of approximately 7.5 mills per
annumkilowatt,
During the continuance of a certain contract between United Railroads
of San Francisco and City Electric Co. (V. 85, p. 1404), which is to be assumed by the new company, United Railroads of San Francisco is to pay for
32,120,000 of said 122,120,000 k. w. h. per annum, at the rate of 1.1 cents
per k. w. h., except when receipts of the new company from sales of power
to others than said Railroads Co. amount to $500,000 or more per year.'
A ter such time said Railroads Co. is to pay for such power at a price not
less than 7.5 mills per kilowatt hour, as provided in the power contract.
Bonds to be Authorized by New Company—First Mortgage Issue.
First mortgage 40-year 5% gold bonds, redeemable as an entirety
on any interest day at 110. The authorized amount of said bonds shall be
as determined by the iprotective committee, and will be applicable as follows:
(a) Not less than $5,000,000 nor more than $6,500.000, face value, are
to be presently issuable and subject to sale to provide for the acquisition
and completion of the property and transmission lines, necessary for the
carrying out of this plan and of the power contract, including the acquisition, if desired, of real estate in San Francisco, the payment or acquisition
of existing obligations and indebtedness in respect of Stanislaus Power
of
development,and for additional distributing lines,and for the expenses
comeffectuating this plan (other than the compensation of the protective
committee.
the
by
mittee), and for such other outlays as may be approved
(b) The remainder of said issue (subject to "c" below) shall be issued
only for betterments, improvements and extensions and additions, to an
amount not to exceed 80% of either the actual cost or the replacement
value, as defined in the first mortgage: and,If the committee deem it advisahie for the acquisition to an amount not to exceed 80% of the actual cost
thereof, either of first mortgage bonds,or the entire capital stock and indebtedness of other companies. None of such remaining bonds shall be issued
except when the property covered by the mortgage (excluding receipts
from the San Domingo ,Mine), for the twelve months next preceding shows
a clear net income above operating expenses and taxes equal to twice the
inter st on the first mortgage bonds then actually outstanding, and the
additional bonds the authentication of which Is so requested.
(c) In the discretion of the protective committee, the first mortgage
may provide for obtaining a distributing system, in which case first mortgage bonds to an amount not exceeding $1,000,000 may be issued in
addition to those presently issuable.
$6,000,000 New Second Mortgage 55—Incomes for 5 Years—in Exchange
for Old First Mortgage Bonds, $ for $.
Second mortgage 40-year 5% gold bonds to the amount of $6,000,000
to bear interest from Jan. 1 1909 and to be redeemable as an entirety or in
part on any interest day at 105. For five years, and for five years only.
from July 1,1909 said mortgage shall be non-foreclosable for failure to earn
full interest thereon unless on Jan. 1 or July 1 the gross operating receipts
(including interest and dividends on securities owned) from all sources,
except the mine and the City Electric contract, for the twelve consecutive
months preceding shall amount to $1,000,000. During said five years
the company shall pay semi-annually all interest actually earned during the
preceding six months, and after the expiration of the five years no dividend
shall be paid on the stock until all interest theretofore accumulated upon
the second mortgage bonds shall have been paid, but such accumulated
Interest is not to bear interest.
Power
For each $1,000 first mortgage bonds of the Stanislaus Electric
Co. deposited, with coupon of Jan. 1 1909 attached, will be given an equal
1909,
1
Jan.
from
interest
bearing
amount of said second mortgage bonds,
and $25 in cash. Holders of depositary's receipts representing subscripunderwriters'
the
under
bonds
mortgage
first
said
for
tion receipts issued
on.
agreement of Sept. 15 1905 will, instead of the $25 cash, receive interest
paythe amounts paid on the subscriptions from the date of the respective
Co.
Trust
Knickerbocker
to
payable
the
interest
ments to Jan. 1 1909, less
from Jan. 23 1 909 to July 23 1909, per agreement of July 14 1908.
United Railways Investment Co. to Deliver $900,000 of Its Common and
$900,000 of Its Preferred Stock.
In connection with the delivery of the entire capital stock of the new comRailways Investment Co. the last-named company is
United
the
to
pany
to deliver to the protective committee $900,000 full paid preferred stock
and $900,000 full paid common stock of the Investment Co., said preferred.
stock to be part of an Increased issue of at least $1,000,000 of preferred stock
and said $900,000 of common stock being part of an issue of common stock
authorized but not yet issued. The shares of preferred and common stock
of the Investment Co. so delivered maybe applied by the committee as they
may deem advisable for the purposes of this plan, with full power to use
any part thereof in the payment of expenses of readjustment and reorganization. Such of the said stocks, if any,as shall be available for the purpose
of distribution upon final completion of the readjustment shall be distributed
of
to the holders of depositary's receipts for preferred and common stock
the Stanislaus Water Power Co.or voting trust c ertilcates,In such manner
as the committee, in their discretion, shall deem equitable.—V. 87. p. 1608.

Virginia-Carolina Chemical Co.—Bonds Called.—All the
$4,500,000 outstanding collateral trust mortgage 5% gold
bonds dated 1902 have been called for payment on April 1
at the office of the C entral Trust Co., New York, trustee,
at 105 and interest. See option in V. 87, p. 1361.—V. 87
p. 1538.
• Vulcan Detinning 0o.—New Competitor.—See Goldschmidt Detinning Co. above.—V. 87, p. 875.
Waters-Pierce Oil Oct.—United States Supreme Court
Affirms Texas Ouster and Fine.—The United States Supreme
Court on Monday, by a unanimous vote (Justice Day writing
the opinion), affirmed the decision of the State Court rendered June 1 1907, ousting the company from the State of
Texas for violation of the State anti-trust laws and imposing
a fine of $1,623,900; also the decision of the State Court
designating Robert F. Eckhardt as receiver, thus vacating
the appointment of C. B. Dorchester as receiver by the
Federal Court. Compare V. 84, p. 1373; V. 85, p. 1085,
1522.—V. 87, p. 1667.
Westinghouse Electric & Manufacturing Co.—Officers.—
Charles A. Terry, who has held the position as Secretary
and General Counsel to the company for some timejpast has

236

THE CHRONICLE

been elected a Vice-President. Robert Mather of New York,
President of (The) Rock Island Co., has been elected
Chairman of the board of directors. Compare V. 87, p.
1532.-V. 88, p. 162.
Willimantic (Oonn.) Gas & Electric Light 00.-Earnings.
-For years ending July 31:
Gross Inc. Oper. Exp. Net Income. Int. Chas. Bal.,Sur.
Fiscal Year1907-08
$69,542
$42,502 , $27,040
$14,950
$12,090
1906-07
62,420
39,829
22,591
14,940
7,651
1905-06
57,115
38,417
18,698
14,297
4,399
1904-05
55,260
39,547
15,713
14,150
1,563
-V.80, p. 1239.

Yukon Gold 0o.-Two New Directors.-Theodore L.
Herrmann and F. R. Foraker have been elected directors,
to succeed John Hays Hammond and A. Chester Beatty.
-V. 86, p. 1348.

[VOL. Lxxxvni.

Tranutertial
COMMERCIAL EPITOME.
Friday Night, Jan. 22 1909.
The drift of things is obviously towards improvement,
though the pace is still moderate, or rather of the slow but
The uncertaintly about the scope of tariff
sure ',order.
revision has in some branches of business, not excepting iron
and steel, been more or less of a drawback. More seasonable
weather has favored the sale of seasonable products of all
kinds. Prices are generally steady.
LARD on the spot has been more active at an advance.
Strengthening factors have been a firm market for live hogs;
due to moderate receipts, light offerings of product and rising
grain prices. Sales as a rule have been limited to small lots;
prime Western 10.15c., Middle Western 9.90 ®10c. and City
/
8 O3'c. Refined lard has been firmer. Trade has been
95
quiet but offerings are light. Refined Continent 10.20c.,
South America 10.85c. and Brazil in kegs 12.25c. The
speculation in lard futures at the West has been active.
Prices have shown more or less irregularity, but the tone of '
the market in the main has been strong, owing to the strength
of the grain markets, expectations of smaller receipts of hogs,
support from packers and buying by commission houses.

-The Corporation Trust Co., whose growing business
had previously led to the establishment of offices not only in
New York City but also in Portland, Me., Philadelphia,
Boston, Wilmington, Del., Chicago, Jersey City, St. Louis,
Camden, N.J.,and London,has opened an office at La Mutua
522, Mexico City, and offers its services in Mexico to attorneys in the United States. The company will aid in protocolizing foreign corporations, organizing domestic corporations, preparing, translating and protocolizing powers of
attorney, preparing, protocolizing and recording corporate
mortgages and bonds, conducting negotiations for concesDAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
sions and denouncements, furnishing information as to new
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
legislation and attending to tax matters. In this connection January delivery
9.65
9.80
9.67% 0.75
9.75
9.60
9.85
May dellverY
9.97;i 9.87;i 9.9234 9.90
9.75
the company has added to its "Business Corporation Series," July
delivery
9.973 10.05
9.973i 10.05
10.00
9.85
treating of business corporations organized under the laws
PORK on the spot has been firm. Trade has been rather
of New Jersey, Maine, New York, Delaware and Missouri, quiet
but offerings of product have been light. Strength
(publications distributed without charge), a pamphlet
entitled "Business Corporations under the Laws of Mexico." of the grain markets has also been a factor. Mess $16 75®
This new work deals with the comparative advantages of $17 25, clear $19 50@$23 and family $17 50@$18 50. Cut
domestic and foreign corporations and the facts pertaining meats have been in moderate demand and generally steady.
hams 9c. and pickled bellies, 14©10 lbs.,84@91
/
1c.
to protocolization organization, maintenance, powers of Pickled
Beef has been quiet but firm, with offerings light. Mess
attorney, corporate mortgages, taxation of mining claims $12 50@$13,
packet $14@$14 50, family $16@$16 50 and
and concessions.
extra India mess $24 50@$25. Stearines have advanced.
-The bond firm of E. B. Jones & Co. 228 Land Title Trade has been quiet but offerings have been extremely
Building, Philadelphia, is offering for sale first mortgage light. Oleo 12@123c. and lard
11@113-c. Tallow has
6% serial bonds (closed mortgage) maturing 1912 to 1925, been quiet and
firmer; City 6c. Butter has been quiet and
and yielding purchaser 54%. This property, the firm easier; creamery extras 32e. Cheese has been quiet
and
states, is mortgaged to 35% of its actual cost, the net earn- steady; State, f. c., small or large, fancy, 144c. Eggs have
ings for past three years exceed interest requirements four been dull and weak; Western firsts 29®293'c.
and half times and sinking fund provisions are sufficient
OIL.-Cottonseed has been moderately active and firm;
to retire twice the bonded debt. Bonds are to be ready winter 473/
2®48c. and summer white 44®46c. Linseed
for delivery March 1st. The firm will furnish particulars.
has been firm, with a moderate demand for small lots. City,
-The forty-ninth annual statement of the Home Life raw, American seed, 55©56c., boiled 56®57c. and CalInsurance Co., of which George E. Ide is President, pub- cutta, raw, 75c. Lard has been fairly active and firm with
lished on another page, evidences considerable expansion offerings light. Prime 75®78c. and No. 1 extra 51653c.
in its business during the past year. Total assets are re- Olive has been stronger at $1 45@$1 55 on small supplies.
ported at $21,708,000, as against $20,004,000 a year ago. Cocoanut has been firm,with a fair demand for small lots for
On Jan. 1 the company had insurance in force of $88,368,000, immediate use; Cochin 7 W@,74c. and Ceylon 7c. Peanut
which is a gain for the year 1908 of $2,175,000. The total quiet and steady; yellow 65@80c. Cod moderately active
issue of paid-for business for the year was $9,336,000, as and firm; domestic 37®39c. and Newfoundland 39®41c.
compared with $8,183,000 for 1907. The surplus of the
COFFEE on the spot has been quiet but stronger at 7%®
company increased during the twelve months from $769,435
for Rio No. 7 and 83g@8%c. for Santos No. 4. West
to $1,237,177. A gain of $175,445 is also shown in the India growths have been quiet and firmer; fair to good Cucuta
deferred dividend reserve.
83®93'c. The speculation in future contracts has been
-The partnership heretofore existing between Alexander active. Early in the week prices advanced under the stimuC. Humphreys and Arthur G. Glascow, under the firm name lus of good buying by commission houses in and out of
of Humphreys & Glascow, has been dissolved. The busi- Wall Street. Europe also sent buying orders and local
ness carried on by the firm at New York will hereafter be shorts covered. Of late, however, there has been a reactransacted by the corporation known as Humphreys & tionary tendency, owing to the development of unexpected
Glascow, Incorporated, with the following enlarged organiz- weakness in the European markets, which has led to liquiation: President, Alexander C. Humphreys; Vice-President, dation by local longs. Spot interests have also sold to
William W. Randolph; Treasurer, Emile Giullaudeu; Secre- some extent. The closing prices were Is follows:
5.650.
5.65c. May
5.90c. September
tary, Robert 0. Luqueer, and General Counsel, Howard January
5.60c.
February
5.70c. June
5.75c. October
5.60c.
5.80c. July
E. White. The business of the firm at London will be March
5.75c. November
5.60c.
5.80c. August
5.70c. December
transacted by Arthur G. Glascow, under the name of Hum- April
Centrifugal,
SUGAR.-Raw has been quiet and easier.
phreys & Glascow.
96-degrees test, 3.67c., muscovado, 89-degrees test, 3.17c.
-William P. Bonbright & Co., New York, London and and
89-degrees test, 2.92c. Refined has been quiet
Colorado Springs, have printed for distribution a pamphlet and molasses
been in good
steady;
entitled "Investment Value of Hydro-Electric Securities," demand fromgranulated 4.55c. Spices have
firm. Teas
been
grinders
and
have
prices
giving information of a general nature on this subject, to- have been more active
Hops have been
firm.
and
generally
gether with a statement of earnings and other particulars quiet and steady.
Wool has been active at an advance.
regarding a Mexican property which the firm assisted to
PETROLEUM.-Refined has been firm with a good
finance several years ago, namely, the Guanajuato Power & demand for domestic
and export account. Refined barrels
Electric Co.
8.50e., bulk 5.00c. and cases 10.90c. Gasoline has been
-Attention is called to the advertisement of the Guaranty moderately active and firm; 86 degrees,in 100-gallon drums,
Trust Co., offering, on a basis of about 5%, the 432% notes 19c.; drums $8 50 extra. Naphtha has been in fair demand
of the Wood Worsted Co., guaranteed as to principal and and firm; 73®76 degrees in 100-gallon drums 16c.; drums
interest by the American Woolen Co. A special circular will 88 50 extra. Spirits of turpentine has been quiet and
be sent on request.
steady at 44®44,c. Rosin has been quiet and steady;
-Freeman & Co., bond dealers, 34 Pine St., this city, common to good strained $3 30.
announce the recent association of E. Stuart Peck with their
TOBACCO.-Packers continue to buy sparingly of leaf,
firm. Mr. Peck has been with J. P. Morgan & Co. the a fact which is disappointing to many who had expected a
considerable increase in the demand after the middle of
past five years.
-Swartwout & Appenzellar, bankers, 44 Pine St., are January. There is a belief among many packers, however,
offering St. Louis & San Francisco 5% notes, due 1911, and that the demand must increase ere long, as manufacturers
as a rule hold extremely light supplies of leaf. Havana and
National Railways Co. of Mexico collateral trust 5s, 1910.
have been quiet. Prices have been steady.
-The January booklet issued by Lee, Higginson & Co. is Sumatra
COPPER has been quiet and easier; lake 1414c. and
very complete and is an excellent ready reference to bonds, electrolytic 135
/s@134c. Lead has been dull and easier
sold especially in New England.
at 4.15c. Spelter has been quiet and easy at 5.10c. Tin
-Mr. G. K. B. Wade, who deals in railroad and public has been quiet and easy at 27.90c. Iron has been fairly
service bonds, has moved his office from 43 Exchange Place active and generally steady; No. 1 Northern $17@$17 5(1
to 49 Wall St.
and No. 2 Southern $17 25@$17 50.




THE CHRONICLE

JAN. 23 1909.

237

In addition to the above exports, our telegrams to-night
also give us the following amounts of cotton on shipboard, not
cleared at the ports named. We add similar figures for
Friday Night, Jan. 22 1909.
New York.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
On Shipboard, Not Cleared forweek ending this evening the total receipts have reached
Lea ring
Great
Other CoastGer241,858 bales, against 236,829 bales last week and 295,374 Jan. 22 at- Britain.
Sti c/c.
France many. Foreign wise. Total.
bales the previous week, making the total receipts since
568 31,905 262,717
9,325
368 7,246 14,398
the 1st of September 1908 7,045,916 bales, against 5,891,364 New Orleans..
Galveston __ _ _ 27,425 11,391 12,078 20,674 1,800 73,368 56,591
bales for the same period of.1907-08, showing an increase Savannah
500
500 137,739
____
500 27,041
500
Charleston_ _ _ _
since Sept. 1 1908 of 1,154,552 bales.
1-,585 6,665 '17;766 -_ -._ -.. -..
850 17,050 46,395
Mobile
2,000
13,393 15,393 26,018
Norfolk
Total.
Fri.
Thurs.
Wed.
Mon. Tues.
Sat.
500 1,200 3,000 ____ 7,200 166,363
New York.._ _ 2,500
Receipts at____ 26,000 29,638
Other ports_ -- 12,000 2,000 12,000
10,342 15,834 20,005 9,780 9,873 10,180 76,014
-.Galveston
6,529
6.529
171,916 752,502
20,859
55,150
17,611
1909..
Total
40,224
38,072
Port Arthur.. _ _ _
1,298 1,298
Total 1908_ _ 87,238 22.721 86,614 35,385 31,023 262,981 646,276
Corp .Christi,&c.
58,810
9,355
6,960
12,311
Total 1907.. 135,846 41,730 89,800 35,401 56,359 359,136 963,344
New Orleans_ _ _ _ 0,014 9,153 12.017
6,935
6,935
Gulfport
10,585
1,729
1,988
2
0
3,1724
1,663
7
1,077
Mobile
_
Pensacola
Speculation in cotton for future delivery has been on an
561
-1-9a
107
"262
Jacksonville, &c.
4,238 6,128 6,805 5,738 4;65 6,582 34,144 increasing scale. Not that there has been any great activity,
Savannah
12,136
12,136
Brunswick
but the trading has undoubtedly taken a wider scope and
us 820 3,495
742
502
219
436
Charleston _ _ _
25 prices have advanced sharply. Nervousness about the com25
Georgetown _ _ _ _
10,030
1,839
1.602 1,498 2,410 1,510 1,091
Wilmington _
16,890 ing Census Bureau report of the ginning up to Jan. 16th has
2,522 3,626 2,522 2,496 3,129 2,595
Norfolk
398 figured largely in the transactions. Back of it is the con398
N'port News, &c.
the crop may not turn out to be
New York
285 viction that possibly
257
26
Boston
3,673 3,673 quite so large as it was at one time supposed to be. HowBaltimore
50 ever this may be, it has led to large buying by prominent
56
Philadelphia_
covering of shorts, and not a
Totals this week_ 29,094 45,537 47,738 39,937 28,498 51,054 241,858 spot interests, heavy and Western houses. Chicagolittle
has
buying by Wall Street
apparently been trading on the long side. Spinners have
total
the
receipts,
total
week's
the
The following shows
been buying summer and fall months, especially October.
since Sept. 11908, and the stocks to-night, compared with Moreover there have been signs of a certain amount of
last year:
trepidation among European shorts. This refers more
particularly to those who have made straddles by originally
1907-08.
Stock.
1908-09.
selling in New York and buying in Liverpool. Such stradReceipts to
This Since Sep This Since Sep
dles were largely in the October option, and latterly there
January 22.
1907.
1908.
week. 1 1908. week. 1 1907.
has been a noticeable disposition to liquidate them by
--76,014 2,666,581 61,186 1,646,862 129,959 221,815 buying here and selling across the water. Such buying has
Galveston
88,786
6,529
6,819
73,571
Port Arthur
contributed not a little to the strength, which has of late
Corp. Christi, &c. 1,298 43,793 6,543 20,568
58,810 1,383,701 69,742 1,335,175 294,622 304,654 been a very obvious feature of the situation. In addition
New Orleans
6,935 15,987
Gulfport
10,585 276,098 7,033 249,531 63,445 45,288 spot markets have continued strong and in some parts of
Mobile
the South at least, according to current reports, the demand
101,922 5,205 99,651
Pensacola
561 24,496
528
6,645
Jacksonville, &c_
It is supposed that very large export and
34,144 1,169,248 33,353 1,232,514 138,239 103.775 has been brisk.
Savannah
12,136 265,275 15,482 181,878 15,407 21,694 domestic commitments exist for February and March, alBrunswick
Charleston
3,495 *163,938 4,651 175,780 27,541 21,798 though most of them have been filled for January. The
211
25
Georgetown
1,616
35
5,600 12,034 supposition is that exporters and dealers at the South last
10,030 317,853 23,830 413,268
Wilmington
heavily for delivery many months ahead and
Norfolk
16,890 426,121 16,315 398,375 41,411 32,711
14 fall sold very
5,372
5,279
N'port News, &c_
398
2,979 173.563 122,592 that they are now finding it less easy than they expected
13,561
New York
7,705 to fill such contracts. The firmness of prices has been in7,884
4,661
382
Boston
285 10,923
3,673 68,312 2,248 39,101 20,804 13,582
Baltimore
1,595 creased by the publication of the National Ginners' Associa5,943
5,132
539
2,426
50
Philadelphia
tion's report putting the quantity ginned from Jan. 1 to
909,257
924,418
5,891,364
241,8587,045,916253,891
Tota
Jan. 16 at only 158,000 bales, as contrasted with the Census
Bureau's figures of 388,046 bales for the same time last
• 9,700 bales added as correction of receipts since Sept. 1.
year and 435,168 for a like period in 1906-07, when one of
In order that comparison may be made with other years, the biggest crops that the cotton world has known was
raised. This gave rise to the fear that the Census figures to
we give below the totals at leading ports for six seasons:
be published to-morrow, Jan. 23d, would be something
1905.
190...
1906.
1909.
1908.
1907.
under 200,000 bales. Others have questioned this, but the
Receipts atGalveston _ _ 76,014 61,186 133,095 36,019 28,446 46,296 bullish view of the matter has prevailed so far as the marking
5,947 up of prices is concerned. Meantime the Liverpool spot
9,755
948
Pt.Arthur,&c.
7,827 13,362
58,810 69,742 76,653 32,797 62,195 45,823 business has continued active and little or no attention has
New Orleans_
2,811
4,828
5,372
8,002
10,585
7,033
Mobile
Savannah _ _ 34,144 33,353 40,630 12,622 19,039 19,464 been paid to reports of some decrease in Manchester's trade
2,481 coincident with a noticeable decline in silver. This is partly
4,396
2,147
Brunswick. _ _
12,136 15,482
2,114
967
1,236
3,520
1,944
4.586
1,913
Charleston,&c
2,961
4,622 accounted for by the fact that the cotton goods business in
4,754
2,894
Wilmington_ _ r10,030 23,830
9,869 this country has shown signs of increasing, recent sales of
8,224
16,890 16,315 16,280
7,546
Norfolk
324
319
398
1,126
1,049
N'port N., &c
2,779 print cloths at Fall River being notably large. Spinners,
9,564
11,504
8,902
7,591 15,271
All others_ _ _ _
too, seem disposed to buy not only because the price is at
Total this wk_ 241,858 253,891 294,162 110,898 156,670 141,383 least theoretically cheap, but also because the quality of the
Since Sept. 1_ 7,045,916 5,891,364 7,016,565 5,610,653 6,501,204 5,958,074 cotton this year is exceptionally good. To-day prices
declined slightly early on disappointing Liverpool advices
on the ginning.
The exports for the week ending this evening reach a total and liquidation before the Census report of
bullish ginning
of 231,466 bales, of which 120,877 were to Great Britain, Later there was an advance onaexpectations
35,390 to France and 75,199 to the rest of the Continent. figures, strong spot markets, rally in Liverpool and active
buying by spot interests, Wall Street and commission houses.
Below are the exports for the week and since Sept.1 1908:
Towards the close general realizing caused a setback. Spot
cotton here has been more active and firm. Middling upland
Week ending Jan. 22 1909. From Sept. 1 1908 to Jan. 22 1909.
Exported toExported toclosed at 10c., an advance for the week of 35 points.
Exports
The official quotation for middling upland cotton in the
ContiGreat
Great
Total.
BrUain.Fence nent. Total. Britain France. nent.
New York market each day for the past week has been:
Jan. 16 to Jan. 22Sat. Mon. Tues. Wed. Thurs. Fri.
Galveston50,661 ____ 17,341 68,002 1,129,205 346,496 829,4252,305,126 Middling
9.70 9.80 9.70 9.85 10.00 10.00
uplands
44,289 88,786
Port Arthur_ .
6.529 6,529 44,497
4,131
4,131
Corp.Chris.,&c.
FOR 32 YEARS.
YORK
QUOTATIONS
NEW
New Orleans_ 34,86225,847 14,680 75,389 536,226 152,678 377,2101,066,114 1909.c
9.62 1885_c
11.06
9.94 1893.c
10.00 1901_c
11,299
Mobile
11,299 60,777 63,192 44,064 168,033 1908
10.69
7.88 18927.69 1884
12.10 1900
Pensacola
21,146 39,523 42,496 •103,165 1907
1883
9.38
10.12
6.25
1899
18.91
10.90
6,935
15,987
Gulfport
6,935 4,132 11,855
12.00
10.81 1882
12.25 1898
5.88 1890
Savannah
0,852 6,852 120,296 76,891 457,03 654,217 1906
9.94 1881
11.81
7.31 1889
7.15 1897
72,733 223,492 1905
4,824 14,954 150,759
Brunswick__ 10,130
10.62 1880
12.75
14.75 1896
8.31 1888
50,239 55,964 1904
Charleston _
5,725
9.50 1879
9.44
8.95 1895
5.69 1887
14,000 14,000 88,207 8,731 215,215 312,153 1903
Wilmington_
9.25
1894
11.19
1878
1886
8.25
7.88
1902
1,393
23,993
22,6
Norfolk
Newport News
NEW
AND
MARKET
YORK.
AT
SALES
New York_ ___ 5,656 2,608 4,997 13,261 103,812 26,502 92,324 222,638
50 1,862 62,529
1,812
8,078 70,607
Boston
Futures
Sales of Spot and Contract.
900 4,507 22,944 2,800 45,620 71,364
Baltimore __._ 3,607 _
Spot Market
Market
4,674 32,525
2,85 27,851
2,850
Philadelphia
Closed.
Closed.
Con- Con650
650
Portland, Me
Export sum'n. tract. Total.
2,663 2,663
39,026 39,026
.San Francisco_
2,363
42,755
2,363
42,755
Seattle
7,265 7,265 Saturday.. Quiet. 5 pts. adv.. Firm
-Tacoma
600
600
Monday- __ .det, 10 pts. adv- Very steady_
Portland, Ore_
Tuesday _- Wet, 10 pts. dec.. Steady
Pembina
945 Wednesday uiet, 15 pta. adv_ _ Steady
94
Detroit
305
700 1,005
Thursday. Quiet. 15 pts. adv_- Steady
41 100 141
Quiet
Steady
120,87735,390 75,199 231,4662,402,301728,6682,377,967 5,508.936 Friday_
Total
346 1,400 1,746
Total
Total 1907-08_132,35 43,849 100,772276,97112.049,696580,838 2,169,5084,800,042




COTTON.

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238

THE CHRONICLE

[VOL. Lxxxviii.

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Movement to January 22 1909. II Movement to January 24 1908.

FUTURES.-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement-that is,
New York the past week have been as follows:
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
f21
gl
f21
01 21 '41
11 ct:41 the corresponding period for the previous year-is set out
.4
in detail below.

v;

,
1,

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2.8.:i bi'1°84 -II' Sig A 6.1 1
-Pc4)'- -i.1 ..2.'gt7vs4g,Alhs,q6- EN36:§2.8,VOL- 3
'5gM.
I.T
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1i5eOng=gg'E g
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4>

41

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
Iav,E3,5-1a8tAx.5. 6.t, '- 5.841,
as well as the afloat, are this week's returns, and conseThe above totals show that the interior stocks have dequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for creased during the week 27,350 bales and are to-night 310,656
to-night(Friday), we add the item of exports from the United bales more than at the same time last year. The neceipts
at all the towns has been 4,548 bales less than the same
States, including in it the exports of Friday only.
week last year.
1909.
1908.
1907.
January 221906.
bales.1,117,000 980,000 822,000 1,140,000
Stock at Liverpool
OVERLAND MOVEMENT FOR THE WEEK AND
10,000
13,000
Stock at London
65,000 ' 64,000
SINCE SEPT. 1.-We give below a statement showing
Stock at Manchester
overland movement for the week and since Sept. 1, as
1,192,000 1,057,000 895,000 1,205,000 the
Total Great Britain stock
15,000
18,000
11,000
Stock at Hamburg
11,000 made up from telegraphic reports Friday night. The
318,000
448,000
389,000 393,000 results for the week and since Sept. 1 in the last two years
Stock at Bremen
307,000 203,000 223,000 261,000
Stock at Havre
follows:
4,000
4,000
3,000
Stock at Marseilles
3,000 are as

41:82 N:883

Stock at Barcelona
Stock at Genoa
Stock at Trieste

Total Continental stocks

39,000
34,000
3,000

29,000
34,000
21,000

17,000
126,000
1,000

14,000
57,000
2,000

850,000

627,000

770,000

741,000

2,042,000 1,684,000 1,665,000 1,946,000
Total European stocks
175,000
India cotton afloat for Europe_ _ _ 145,000 105,000
179,000
American cotton afloat for Europe 892,018 854,718 891,198 478,000
58,000
66,000
Egypt,Brazil,&c.,ailt.for Europe. 52,000
73,000
297,000
238,000
245,000
Stock in Alexandria, Egypt
207,000
347,000 471,000 494,000 807,000
Stock in Bombay, India
924,418 909,257 1,322,486
Stock in U. S. ports
942,376
Stock in U. S. interior towns_ __ _ 854.522 543,866 661,359 720,114
39,566
53,645
32,233
U. S. exports to-day
23,319
5,593,524 4,917,485 5,552,270 5,375,809
Total visible supply
Of the above, totals of A merican and other descriptions are as follows:
Americanbales.1,016,000 857,000 738,000 1,012,000
Liverpool stock
51,000
51,000
48,000
46,000
Manchester stock
550,000 717,000 696,000
803,000
Continental stock
892,018 854,718 891,198 478,000
American afloat for Europe
U. S. port stocks
924,418 909,257 1,322,480 942,376
720,114
854,522 543,866 661,359
U. S. interior stocks
53,645
32,233
23,319
39,566
U. S. exports to-day
Total American
East Indian, Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American

4,580,524 3,819,486 4,410,270 3,917,809
101,000
10,000
14,000
47,000
145,000
52,000
297,000
347,000

123,000
13,000
13,000
77,000
105,000
58,000
238,000
471,000

84,000
11,000
14,000
53,000
175,000
66,000
245,000
494,000

128,000
12,000
7,000
45,000
179,000
73,000
207,000
807,000

1,013,000 1,098,000 1,142,000 1,458,000
4,580,524 3,819,486 4,410,270 3,917,809

Total visible supply
5,593,524 4,917,486 5,552,270 5,375,809
6.17d.
5.90d.
Middling Upland, Liverpool
6.43d.
5.30d.
11.70c.
11.00c.
Middling Upland, New York_ __ _ 10.00c.
11.75c.
Egypt, Good Brown, Liverpool_ _8 15-16d.
10 Xd.10 11-16d. 8 11-16d.
8.75d.
9.40d.
Peruvian, Rough Good, Liverpool
7.75d.
11.25d.
4 15-16d. 5 13-16d. 5 1-16d, 5 11-16d.
Broach, Fine, Liverpool
5 Ad.
5 Ad.
530.
Tinnevelly, Good. Liverpool ___ _4 15-15d.

Continental imports for the past week have been 113,000
bales.
The above figures for 1908 show an increase over last
week of 102,795 bales, a gain of 676,038 bales over 1908,
an increase of 41,254 bales from 1907 and a gain of 217,715
bales over 1906.




----1908-09---Since
Week. Sept. 1.
17,095 400,608
8,635 221,244
14,448
1,301
50,140
2,086
30,907
840
105,435
5,978
173,638
8,243

January 22ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, ecc
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, ecc
Between interior towns
Inland, &c., from South

----1007-08---Since
Week. Sept. 1.
10,729
213,724
101,329
6,852
1,043
9,249
32,631
2,215
20,03S
1,818
2,387
46,305
142,043
9,863

44,178

996,420

34,907

565,319

4,008
564
579

95,222
29,022
19,658

3,169
1,124
958

51,963
47,938
36,314

5,151

143,902

5,251

136,215

Leaving total net overiand•_ __ _39,027

852,518

29,656

429,104

Total to be deducted

• Including movement by rail to Canada.

The foregoing shows the week's net overland movement
has been 39,027 bales, against 29,656 bales for the week
last year, and that for the season to date the aggregate
net overland exhibits an excess over a year ago of 423,414
bales.

-----1908-09----- -----1907-08----Since
In Sight and Spinners'
Since
Takings.
Week. Sept. 1.
Week. Sept. 1.
241,858 7,045,916 253,891 5,891,364
Receipts at ports to Jan. 22
Net overland to Jan. 22
29,656 429,104
30,027 852,518
47,000 1,007,000
Southern consumption to Jan. 22a_ _ 48,000 918,000
Total marketed
Interior stocks in excess
Came into sight during week
Total in sight Jan. 22

328,885 8,816,434
'27,350 740,507

330,547 7,327,468
*154
463,283

301,535

330,393

9,556,941

North'n spinn's takings to Jan. 22 55,919 1,612,417

7,790,751
40,485

872,911

a These figures are not the takings by Southern mills, but are estimates of
consumption based on information received from time to time during the
season and revised if necessary when complete returns are received at
season's close. Reports from various sections of the South indicate that
takings by the mills have thus far this season been appreciably heavier
than during the corresponding period a year ago, but actual or approximate
data is not obtainable.
• Decrease during week.

Movement in sight m previous years:
Week1907-Jan. 25
1906-Jan, 26
1905-Jan. 27

Bales, I Since Sept. 1372,357 1906-07-Jan. 25
180,907 1905-06-Jan. 26
210,937 1904-05-Jan. 27

Bales.
9,373,610
7,706,040
8,683,252

239

THE CHRONICLE

JAN. 23:1909d

QUOTATIONS FOR MIDDLING COTTON AT OTHER past week, the rainfall being one inch and ninety-seven
MARKETS.-Below are the closing quotations of middling hundredths. Average thermometer 55, highest 70, lowest
cotton at Southern and other principal cotton markets for 35.
Selma, Alabama.-We have had rain on two days during
each day of the week.
the week, the rainfall being ninety hundredths of an inch.
The thermometer has averaged 51, the highest being 69 and
Closing Quotations for Middling Cotton onWeek endingthe lowest 33.
January 22. Sat'day. Monday. Tuesday. lyed'day. Thursd'y. b7rielay.
Augusta, Georgia.-We have had rain on three days during
9%
Galveston
9 9-16
9%
9 11-16
the week, to the extent of twelve hundredths of an inch.
98%
934
New Orleans
9%
The thermometer has ranged from 32 to 66, averaging 50.
9%
9 7-16
Mobile
9%
9%
9%
9 5-16
Savannah, Georgia.-We have had rain on three days of
Savannah
9 3-16
9%
93%
Charleston - _ 9%
the week, the rainfall being two hundredths of an inch.
9 5-16
9%
Wilmington_ - 9
Average thermometer 55, highest 71 and lowest 39.
9%
9%
Norfolk
9%
10.00
9.85
9.70
Boston
9.80
0.70
9.65
Madison, Florida.-We have had one shower during the
95%
9%
Baltimore
10.25
week. The thermometer has averaged 59, ranging from
10.25
10.10
9.95
10.05
Philadelphia
9.95
11-16
9%
9
9%
9 9-16
9 9-16
Augusta
47 to 73.
9%
9%
Memphis
Charlotte, North Carolina.-We have had rain during the
9%
9%
9
9%
9 7-16
St Louis
9%
13-16
13-16
9
9
9%
0-%
4
93
Houston
9
past week, the rainfall being eighty-six hunredths of an inch.
95,5
9%
9%
%
Little Rock_ - 9 1-16
Average thermometer 46, highest 63, lowest 31.
Charleston, South Carolina.-We have had only a trace of
-The
highest,
rain on one day of the week. The thermometer has averaged
NEW ORLEANS OPTION MARKET.
New
the
in
options
55, the highest being 69 and the lowest 41.
lowest and closing quotations for leading
:-Cloudy and more or less foggy
Orleans cotton market for the past week have been as follows:
Stateburg, South Carolina.for four days, with light rain to the extent of thirty-five hunWed'day,
Thursdli,
Friday,
Tuesday,
Sai'day, Monday,
dredths of an inch. The thermometer has ranged from 32
Jan. 16. Jan. 18. Jan. 19. Jan. 20. Jan. 21. Jan. 22. to 72,
averaging 50.
The following statement we have also received by teleJanuary9.50-.53 9.54-.66 9.53-.55 9.61-.68 9.69-.76 9.73-.78 graph, showing the height of rivers at the points named at
Range
9.53-.55 9.63-.65 9.53-.55 9.65-.67 9.74-.76 9.73-.74
Closing
8 a. in. of the dates given:
February® -Range
Closing
MarchRange
Closing
AprilRange
Closing
MayRange
Closing
JuneRange
Closing
JulyRange
Closing
OctoberRange
Closing
DecemberRange
Closing
ToneSpot
Options

--9.72 • 9.70-.72
9-.49-.52 9.56-.59 9.46-.49 9.63 *

New Orleans
9.37-.52 9.50-.62 9.47-.55 9.44-.65 9.62-.75 9.64-.75 Memphis
9.51-.52 9.58-.59 9.48-.49 9.61-.62 9.70-.71 9.68-.69 Nashville
-®
- Shreveport
Vicksburg
9.53-.56 9.60-.63 9.50-.53 9.64-.66 9.73-.75 9.72-.74
9.42-.56 9.53-.69 9.53-.62 9.51-.73 9.70-.83 9.73-.82
9.55-.56 9.64-.65 9.55-.56 9.69-.70 9.78-.79 9.77-.78
-9.58-.61 9.67-.70 9.56-.58 9-.72-.74 9.81-.83 9.80-.82
9.48-.62 9.61-.76 9.61-.69 9.60-.81 9.78-.90 9.80-.89
9.61-.62 9.70-.71 9.63-.64 9.77-.78 9.85-.86 9.84-.85
9.04-.15 9.14-.28 9.13-.20 9.12-.29 9.26-.43 9.33-.41
9.13-.14 9.23-.24 9.14-.15 9.25-.26 9.38-.39 9.37-.38
9.25-.35- ®-- 9.22-.23
9.08-.10 9.19-.21 9.08-.10 9.19-.21 9.32-.34 9.32-.34
Firm.
Firm.

Firm.
Quiet.
Steady. Steady.

Firm.
Firm.

Firm.
Steady.

Jan. 22 1909.
Feet.
4.4
10.5
25.9
0.2
7.0

gauge_
gauge..
gauge_
gauge..
gauge_

Jan. 24 1908.
Feet.
10.0
19.0
13.8
7.9
26.0

Week.
Bombay

Since
Sept. 1.

Since
Sept. 1. I Week.
734,000 90,000

102,000

1906-07.

1907-08.

1908-09.

January 21.
Receipts at-

Firm.
Firm.

WEATHER REPORTS BY TELEGRAPH.-Telegraphic
advices to us this evening from the South indicate that the
weather has been favorable as a rule during the week. Rain
has fallen in most localities, but the precipitation has been
light as a rule. The movement of the crop continues fairly
liberal for the season.
Galveston, Texas.-We have had no rain during the week.
The thermometer has ranged from 48 to 70, averaging 59.
Abilene, Texas.-We have had no rain the past week.
Average thermometer 53, highest 76 and lowest 30.
Corpus Christi, Texas.-We have had no rain during the
week. The thermometer has averaged 62, the highest being
74 and the lowest 50.
Fort Worth, Texas.-We have had a trace of rain on two
days during the week. The thermometer has averaged 57,
ranging from 36 to 78.
Palestine, Texas.-We have had no'rain during the week.
The thermometer has ranged from 36 to 76, averaging 56.
San Antonio, Texas.-We have had no rain during the
past week. Average thermometer 61, highest 80, lowest 42.
Taylor, Texas.-We have had a trace of rain on one day
during the week. The thermometer has averaged 56, the
highest being 78 and the lowest 34.
New Orleans, Louisiana.-There has been rain on three
days of the past week, the rainfall reaching fifty-four hundredths of an inch. The thermometer has averaged 59.
Shreveport, Louisiana.-There has been rain on day of the
past week, and the rainfall has been one hundredth of an
inch. The thermometer has ranged from 32 to 74, averaging 53.
Vicksburg, Mississippi.-We have had rain on two days
during the week, the rainfall reaching two hundredths "of
an inch. The thermometer has averaged 52, ranging from
31 to 76.
Helena, Arkansas.-Cotton is coining in slowly. Roads
are bad. We have had rain on one day during the week,
the rainfall being forty-two hundredths of an inch. The
thermometer has ranged from 29 to 69, averaging 43.4.
Warm to-day.
Memphis, Tennessee.-There has been rain on two days
of the week, the rainfall being three hundredths of an inch.
The thermometer has averaged 41.6, the highest being 69.8
and the lowest 29.
Mobile, Alabama.-Large sales of fertilizer tags are reported by the Alabama Department of Agriculture. There
has been rain on three days of the past week, and the rainfall
has been fifty-six hundredths of an inch. The thermometer
has ranged from 39 to 72, averaging 58.
Montgomery, Alabama.-Market firm and advancing,with
offerings light. We have had rain on two days during the

of
of
of
of
of

INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of cotton at Bombay and the shipments from all
India ports for the week and for the season from Sept. 1 for
three years have been as follows:

For the Week.

Week.

793,000 97,000

Since
Sept. 1.
955,000

Since September 1.

Exports from
Great ContiBritain. nent.

• Nominal.




Above zero
Above zero
Above zero
Above zero
Above zero

Bombay1908-09
1907-08
1906-07
Calcutta1908-09
1907-08
1906-07
Madras1908-09
1907-08
1906-07
All others1908-09
1907-08
1906-07
Total all1908-09
1907-08
1906-07

Total.

Great I ContiBritain.
nent.

Total.

3,000 37,000 40,000
6,000 6,000
2,000 34,000 36,000

10,000
8,000
13,000

220,000
218,000
371,000

230,000
226,000
384,000

2,000
1,000
5,000

4,000
2,000
3,000

13,000
9,000
25,000

17,000
11,000
28,000

1,000

1,000

1:6-156

1-A(5

3,000
8,000
1,000

11,000
18,000
11,000

14,000
26,000
12,000

3;666

1,000
4,000

6,000
8,000
5.000

60,000
65,000
44.000

66,000
73,000
49,000

4,000 40,000 44,000
2,000 9,000 11,000
3,000 39,000 42,000

23,000
26,000
22,000

304,000
310,000
451,000

327,000
336,000
473,000

2,000
1,000
1,000

4,666

1,000
1,000

According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
12,000 bales. Exports from all India ports record a gain of
33,000 bales during the week, and since Sept. 1 show a
decrease of 9,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-Through arrangements made with Messrs.
Choremi, Benachi & Co., of Boston and Alexandria, we
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
January 20.
Receipts (cantars)This week
Since Sept. 1

Exports (bales)To Liverpool_
To Manchester
To Continent
To America
Total exports

1908-09.

1907-08.

1906-07.

220,000
4,854,225

110,000
5,438,955

180,000
5,614,283

This Since
This Since
This Since
week. Sept. 1. week. Sept. 1. week. Sept. 1.
10,000 106.752 3,000 147,555 7,250 141,375
10,2501 99,331
130,532 6,000 131,948
8,750,160,913' 11-;7513 184,503 12,500 192,740
2,2501 32,170 1,500 38,210 7,000 63,588
---'--31,250.399,166 16,250 500,800 32.750 529,652

Note.-A cantar is 99 lbs.

Egyptian bales weigh about 750 lbs.

MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
quiet for yarns and firm for 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.

240

THE CHRONICLE
1909.

323 Cop
Twist.

d. s. d.

d.
Dec
11
18
24
31
Jan
8
15
22

7 9-16 00 834 4
7%
40 834 4
40 8% 4
734
7%
008 3-16 4
7%
734
ni

1908.

8% lbs. smart- Cot'n
Mo. common Mid.
to finest.
UpVs
s. d.

7%@8
6 008
6 008
634 048

32s Cop
Twist.

d. d.

434
3
334
434

8% lbs. Shirt- 'an'n
tngs. common Aft'd.
to finest.
Upl'8
d. s. d.

4.86 1034 00
4.82 107 1604
4.92 1034 00
4.99 1034 40

s. d.

ci.

6.38
1134 6 1%@9 6
1134 6 0 009 434 6.10
1134 6 o qoo 3
fg.?:
113i 6 0 @9 3

5.07 10 7-16 00 1134 6 0 049 3
4D 834 4 7 08 5
5.14 1034
00 8% 4 8 008 6
1134 6 0 CO 3
04 834 4 9 008 734 5.30 10% 0 1134 6 0 00 3

6.22
6.50
6.43

[VOL.

LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Sales of the week
bales..
Of which speculators took....
Of which exporters took__
Sales, American
Actual export
Forwarded
Total stock estimated__
Of which American-Est..
Total imports of the week_ __ _
Of which American
Amount afloat
Of which American

Dec. 31.
37,000

Jan. 8.
72,000
1,000
1,000
64,000
10,000
102,000
1,024.000
918,000
199,000
174,000
500,000
449,000

100
33,000
17,000
113,000
937,000
831,000
297,000
260,000
378,000
331,000

Jan. 15.
71,000
1,000
68,000
13,000
104,000
1,068,000
967,000
161,000
139,000
535,000
486,000

Jan. 22.
60,000
1,000
1,000
54,000
11,000
95,000
1,117,000
1,016,000
155,000
137,000
524,000
475.000

The tone of the Liverpool market for spots and futures
WORLD'S SUPPLY AND TAKINGS OF COTTON.
the past week and the daily closing prices of
The following brief but comprehensive statement indicates each day ofhave
been as follows:
at a glance the world's supply of cotton for the week and spot cotton
since Sept. 1, for the last two seasons, from all sources from
Saturday. Monday. Tuesday. Wed'day. Thursday. Friday.
Spot.
which statistics are obtainable, also the takings, or amounts
Fair
Market, 1
Fair
gone out of sight, for the like period.
Quiet.
business
12:15 J
P. M. J

1908-09.

Cotton Takings.
Week and Season.

Week.

Season.

Week.

5,932,264 12,889,923 ,i,385,881 11,888,595

Visible supply Jan. 22
Total takings to Jan. 22
Of which American
Of which other

business
doing.

Good
demand.

Good
demand.

Quieter.

Mid.Upl'ds

5.14

5.19

5.23

5.19

5.27

5
:30

Sales
Spec.&exp.

6,000
200

10,000
200

10,000
200

12,000
500

12,000
300

7,000
200

Season.

Visible supply Jan. 15
5,490,729
1,937,488
Visible supply Sept. 1
1,714,982
2,291,844
American in sight to Jan. 22_ _ _ _ 301,535 9,556,941 330,393 7,790,751
Bombay receipts to Jan. 21_•__. 102,000
734,000
90,000
793,000
ship'ts
to Jan. 21_ _
Other India
97,000
4,000
5,000
110,000
Alexandria receipts to Jan. 20._
29,000
647,000
15,000
725,000
5,000
Other supply to Jan. 20°
140,000
8,000
178,000
Total supply

doing.

1907-08.

Futures. Steady at Steady at
Market I 1(4)2 pts.
33408
I advance. pts. adv.
opened

Steady at St'y,unch. Steady at
3044 pts. to 1 pt. 1842 pts.
advance. advance. advance.

Market, 1 Quiet at Steady at
st'y at Firm at
A pt.dee.to 454846
4
54842 pts. 4©5%
P.M. J advance. pts. adv. 134 pt.adv. pts. adv.

Easy at
1 poirtt
decline.

Firm at Quiet, A
434 @634 pt. dec. to
pts. adv. A pt. adv.

5,593,524 5,593,524 4,917,486 4,917,486
338,740 7,296,399
246,740 5,953,399
92,000 1,343,000

468,395 6,971,100
353,195 5,307,109
115,000 1,664,000

• Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.

The prices are given in pence and 100155.

SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 231,466 bales. The shipments in detail, as made
up from mail and telegraphic returns,are as follows:
Total bales.
NEW YORK-To Liverpool-Jan. 15-Celtic, 5,641 upland, 15
foreign
5,656
To Havre-Jan. 16-Caroline, 78 upland, 10 foreign__ _Jan. 19
-Frey,2,520
•
2,008
To Bremen-Jan. 18-Prinz Friedrich Wilhelm, 1,498
1,498
To Naples-Jan. 15-K oenigen Luise, 801
801
To Japan-Jan. 19-Bloemfontein, 2,698
2,698
GALVESTON-To Liverpool-Jan. 15-Inkum, 12,588..,_Jan. 18
-Oxonian, 15,832_ _ _Jan. 19-Dunstan, 7,009_ _ _Jan. 21Engineer, 15,232
50,661
To Bremen-Jan. 15-Miramar, 5,744..__Jan. 19-St. Leonards, 10,048
15,792
To Hamburg-Jan. 19-Lord Roberts. 1,092
1,092
To Rotterdam-Jan. 19-Lord Roberts, 457
457
PORT ARTHUR-To Bremen-Jan. 19-Waverley, 6,529
6,529
NEW ORLEANS-To Liverpool-Jan. 16-Logician, 10,286_ _ _
21-Kingstonlan,
12,000
Jan. 19-Mexican, 6,174_ _ _Jan.
28,460
To Glasgow-Jan. 18-Hydra, 402
402
To Belfast-Jan 21-Rathlin Head, 6,000
6,000
To Havre-Jan. 18-Montenegro. 6,041_ __Jan. 22-Irishman,
18,300
24,341
To Dunkirk-Jan. 20-Gresham, 1,506
1,506
To Hamburg-Jan. 19-Nassovia, 1,000
1,000
To Antwerp-Jan. 15-Phidias, 3,905_ __Jan. 18-Agnes, 270
22-Irishman,
_Jan.
615
-Gresham.
_
500_
__Jan. 20
5,290
To Genoa-Jan. 16-PrIncipessa Laetitla, 8,390
8,390
MOBILE-To Liverpool-Jan. 19-Bankdale, 11,299
11,299
GULFPORT-To Havre-Jan. 16-Edith, 6,935
6,935
SAVANNAH-To Bremen-Jan. 16-Axenfels, 6,256
6,250
To Hamburg-Jan. 16-Axenfels, 46
46
To Gothenburg-Jan. 16-Axenfels, 250
250
To Norrkoping-Jan. 16-Axenfels, 100
100
To Riga-Jan. 16-Axenfels, 200
200
BRUNSWICK-To Liverpool-Jan. 20-Iyydene, 10,130
10,130
To Bremen-Jan. 16-Cheronea, 4,824
4,824
WILMINGTON-To Bremen-Jan. 21-Othello, 14,000
14,000
BOSTON-To Liverpool-Jan. 19-Winifredian, 1,553.... _Jan. 20Sylvanla. 259
1,812
-Boston,
50
To Yarmouth-Jan. 17
60
BALTIMORE-To Liverpool-Jan. 18-Uistermore, 3,607
3,607
To Bremen-Jan. 20-Main. 900
900
PHILADELPHIA-To Liverpool-Jan. 15-Friesland, 700
700
To Manchester-Jan. 15-Manchester Corporation, 2,150...._ _ 2,150
SAN FRANCISCO-To Japan-Jan. 16-China, 2,663
2,663
SEATTLE-To Japan-Jan. 19-Kaga Maru, 2,310
2,310
To Manila-Jan. 19-Kaga Maru, 53
53
Total

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwis estated.

231,466

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:

Mon.

Sat.

Thus: 4 98 means 4 98-100d.

Tues.

Wed.
Fri.
Thurs.
Jan. 16
4 1234 4 1234 4 1234 4 1234 4
1234 12 34 12
to
p.m. P.m. P.m. P.m. P.m. PAIL p.m.
Jan. 22. Pm. p.m. p.m. P.m.
4 98 5 03 03 0734 04% 03% 09 11% 15 1334 14%
January_ _

Jan.-Feb_
Feb.-Mch.
Mch.-Apr.
Apr.-May.
May-June
June-July
July-Aug..
Aug.-Sep_
Sep.-Oct
Oct.-Nov..
Nov.-Dec.
Dec.-Jan
Jan.-Feb

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

9734 0254 02 06% 03% 03 08% 11
15 13% 1454
96% 01 00% 05 02 01% 07% 09% 1334 12 13
96 00% 00 0454 013-4 01
07 09 13
1134 1234
05 00 99% 04 0034 00 06% 08% 12
12
11
9434 99% 99 03 00 99% 06 08 11% 10% 1134
94 34 99% 99 03 00 99% 06 08 1134 10% 1134
94 99 9834 0254 99% 99 05 07% 10% 09% 11
86 92 9134 95 92 91% 97% 99% 02% 01% 03
81% 87 87 90 87 86% 03 94 97% 96% 98
79 84 84 87 84 83% 89 90% 9334 92% 9354
77 82 82 85 82 81% 87 8834 9154
90% 91%
76 81% 81% 84% 81 81
86 87% 00% 89% 90%
75% 80% 80% 83% 80% 80 85 86% 89% 88% 89%

EXPORTS OF BREADSTUFFS, PROVISIONS, COTTON AND PETROLEUM.-The exports of these articles
during the month of December, and the twelve months, for
the past three years have been as follows:
Exports
from U.S.

1908.

1907.

1906.

December. 12 Months. December. 12 Months. December. 12 Months.
Quantifier.
Wheat _bu_ 5,647,284 92,413,421 17,100,962 89,897,600 7,283,464 61,347,789
Flour_ _
1,209,6901 12,941,619 1,302,788 15,191,351 1,329,306 14,259,252
Wheat* _ _bu_ 11,090,889 150,650,706 23,323,508 158,258,679 13,265,341 125,514,423
Corn
bu_ 6,417,563 37,053,746 4,490,397 82,184,165 7,041,901 101,640,479
Total bush. 17,508,452 187,704,452 27,813,905 240,442,844 20,307,242 227,160,902
$
Values.
$
$
s
$
$
Wheat & flour 11,629,097 153,055,842 23,784,328 149,501,702 10,732,309 105,847,142
Corn & meal_ 4,425,632 25,966,589 2,970,141 48,855,544 3,702,542 54,441,746
717,620
Rye
43,696 2,403,327
248,186 1,137,291
116,316 1,262,759
265,939 10,435,668
Oats & meal_
104,743 1,582,975
663,612 4,592,491
Barley
154,298 3,378,502 606,887 7,216,298
Breadstuffs. 16,878,353 187,281,008 27,261,696 204,456,014 15,307,677 178,058,274
Provisions - 15,523,868 160,190,958 11,453,784 174,894,854 13,502,484 187,191,039
Cattle & hogs 1,720,652 24,204,452 2,807,949 33,520,621 2,914,975 37,351,345
72,356,752 438,656,395 77,689,003 408,972,924 73,151,305412,646,371
Cotton •
Petroleum ,&c 7,878,150 101,590,148 7,124,165 85,480,634 0,540,578 81,013,004
Total value 114357 781 911,922,961 126037 197 967,325,047 111417 019896,860,233

Great French Ger- -Oth.Europe- Mex..
*Including flour reduced to bushels.
Britain. ports. many. North. South. dec. Japan. Total.
Note.-All of the above figures are based on the monthly preliminary returns
2,698 13,261 Issued
801
____
New York
5,656 2,608 1,498
by the Bureau of Statistics, and cover about 90% of the total exports.
____
457
68,002
____ 16,884
Galveston
50,661
6,529
6,529
Port Arthur_ __ _
aggregate exports from the United States of wheat
The
8,350
75,389
New Orleans
34-X8-2 25-,8:47 1,000 6.,____
11,299 and wheat-flour, expressed in bushels, for the six months
Mobile
11,299
0,935
Gulfport
6;55i
- -_
6,852 from July 1 to Dec. 31 inclusive, have been as follows for
6-,5iii -6-86
Savannah
14,954 four years:
____ 4,824
Brunswick _ _ _ _10,130
14,000
Wilmington_
____ 14,000
•
-66 -_-_-_ 1,862
Boston
1,812
.
WHEAT EXPORTS FROM JAN. 1 TO DEC. 31.
3,607
-_-_-_-_
Baltimore
-5-6
--- 4,507
1906.
1907.
1908.
50
___ _
____
Philadelphia _- - 2,850
80,897,600 61,347,789
92,413,421
bushels
Wheat,
2,68
- 5 2,663
San Francisco
58,237,285 08,361,079 64,166,634
-6.i 2,310 2,363 Flour, reduced to bushels
Seattle
- 150,650,706 158,258,679 125,514,423
Total bushels
103 7,671 231,466
Total
120,877 35,390 51,937 6,297 9,191

90

The exports to Japan since Sept.1 have been 88,493 bales,
from Pacific ports and 12,148 bales from New York.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:

Liverpool
Manchester
Havre
Bremen
Hamburg
Antwerp
Ghent, via Antwerp
Reval
Gothenburg
Barcelona, direct
Genoa
Trieste
Japan

Sat.
12
12
15
18
25
20
26
34
30
25
18
33
45




Mon.
12
12
15
18
25
20
28
34
30
25
18
33
45

Tues.
12
12
15
18
25
20
26
34
30
25
18
33
45

Wed.
12
12
15
18
25
20
26
34
30
25
18
33
45

Times.
12
12
15
18
25
20
26
34
30
25
18
33
45

Frt.
12
12
15
18
25
20
26
34
30
25
18
33
45

.•1

BREADSTUFFS.
Friday, January 22 1909.
Prices for wheat flour have been stationary as a rule
during the week. Trade has been stagnant, but the tone
of the market has been firm in the main, owing to the advance in wheat. Export trade has been lifeless, not only
here but also at the Northwest and the Southwest. In
fact, the demand for flour from all sources and in all sections
of this country has shown a noteworthy shrinkage of late,
and the output of the mills, especially in the spring-wheat

JAN. 23 1909.1

241

THE CHRONICLE

territory, has been considerably in excess of the sales.
Corn meal and rye flour have been quiet and steady.
Wheat on the whole has been dominated by light receipts,
a strong cash situation and support by leading bull interests,
and prices have advanced. Covering of shorts has been
a noticeable feature. So has a decrease in European,
American and Canadian visible supplies. The decrease
in the world's supplies has amounted to 2,800,000 bushels,
as against a decrease for the same week last year of only
476,000 bushels. Canadian stocks have fallen off 243,000
bushels, against an increase for the same week last year of
73,000 bushels. The American supply has diminished
2,583,000 bushels, against a decrease for the same time in
1908 of 976,000 bushels. From East India comes the news
that winter rains in the Punjab are already a fortnight
late and that they are urgently needed. Arrivals at Russian
ports are light. French and German reports have been
bullish. Our Northwestern markets have been strong,
with lighter receipts and decreasing supplies and a better
domestic cash demand. On the other hand, many demur
to an advance because of the increase in the Argentine
shipments. They are estimated for the present week at
2,400,000 bushels, or nearly a million bushels more than
in the previous week, though it is true that they are some
950,000 bushels less than for the same week last year
Export business, too, has been very light. Foreign crop
news has been for the most part favorable. From most
parts of the continent of Europe crop advices are cheerful.
Speculation, too, is comparatively narrow.. It is hampered,
like most "cliqued" markets, by uncertainty as to .what
the leading holders of wheat may do on any advance. There
is always a possibility that they may unload on their following. The holdings, too, of long wheat in certain quarters
are believed to be very heavy, though bullish interests
are supposed to be selling out the cash wheat at Chicago as
rapidly as possible at prices which put holders of wheat
at Buffalo at a disadvantage. Still, the fear of bullish
manipulation has had not a little effect, the more so that
the domestic cash trade has undoubtedly improved. Furthermore, the exportable surplus of Argentine is very generally
estimated at the present time at something like 104,000,000
to 110,000,000 bushels, as against a total last year of about
136,000,000 bushels. And there is the dry weather in
India, the light arrivals in Russia, the small supplies in
Germany, and the firmness of prices in France, partly
owing to wet and mild weather,which has caused more or
less alarm from a fear of weeds and vermin. To-day fluctuations were slight. The trading was quiet. Prices declined
early on larger shipments from Argentina and Autralia,
dullness of the export trade and favorable crop reports
from the Southwest. Later there was a rally on covering of
shorts.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
So,t. Mon. Tues. Wed. Thurs. Fri.
108
108
108
106
1063% 108
No. 2 red winter
1093% 1103% 1103% 1113% 1113% 111
May delivery in elevator
105
1053%
umg
1043%
1043%
elevator
delivery
in
July
1033%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
3
107% 1073% 107%
106
1063% 107
May delivery in elevator
97
97% 973% 98 A 973% 973%
July delivery in elevator
September delivery in elevator_ _ _ _ 933% 943% 94% 953% 94
943%

DAILY CLOSING PRICES OF OATS IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
513% 51% 51% 51 % 52
52
46
453% 463% 463% 4634 463%
39 % 393% 393% 393%
383% 38

May delivery in elevator
July delivery in elevator
September delivery in elevator

The following are closing quotations:
FLOUR.
$4 7544 90
33 25 ® $3 85 Kansas straights
3 25
3 40 Blended clears
5 30© --3 85.P 4 50 City patents
8 30'.) 6 60
4 70 .z...) 4 80 Rye flour
$ 65 4) 4 40
5 50
2 40 © 2 50
5 85 Buckwheat flour
4 90@ 5 15 Graham flour
3 90 4mt 4 10
4 10@ 460 Corn meal
3 35 ,.. 4 10
GRAIN.
Wheat, per bush.c.
Corn per bush.c.
N. Duluth, No. 1
No. 2 mixed
673%
1203%
N. Duluth, No. 2
1183%
No. 2 yellow
673%
Red winter, No.2
f.o.b.i08
white
No.
'
Nominal.
Hard "
"
1163% Rye, per bush.Oats, per bush.75
No.2 Western
Natural white
54[ib 553%
Nominal
State and Jersey
54 @543% Barley-Malting_ . _
No. 2 mixed
__
73 ...„78
Natural white clipped -5634 45834
Feeding f. o. b. N.-Y__
69@70

Low grades
iecond clears
Clears
Straights
Patent, Spring.
Patent, winter
Kansas clears

The statement of,the movement of broadstuffs to ma rket as
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-

Wheat.

Flour.

' Corn.

Oats.

Barley.

Rye.

bbis.1961bs. bush.60 lbs. bush. 56 lbs. bush.32 lbs. bush.48lbs. be.56 lbs.
Chicago ____
93,000 1,736,142 1,500,400
167,862
698,700
29,000
148,000
Milwaukee.._
204,800
54,000
42,000
325,200
21,600
30,921
Duluth
57,900
246,908
51,915
4,615
155,300
175,500
1,125,170
Minneapolis_
383,890
25,364
Toledo
58,800
19,500
25,500
1,000
Detroit
31,520
36,004
4,000
10,070
Cleveland__ _
56,250
50,030
4,590
2,430
1,092
St. Louis
554,280
451,200
81,900
50,330
258,756
2,000
Peoria
11,000
379,399
120,000
18,150
66,000
9,000
Kansas City.
52,500
92,400
437,850
Tot.wk.'09
Same wk.'08
Same wk.'07

283,434
299,208
302,816

2,264,684
4,276,467
2,872,050

3,236,792
6,262,398
4,254,167

2,674,054 1,612,195
3,398,354 1,640,461
2,945,783 1,329,574

92,579
195,178
121,697

Since Aug. 1
1908-09___ 10,731,072 158,607,325 67,826,137 92,286,490 52,825,110 4,261.665
1907-08__- 9,173,930 144,371,308 94,695,875 99,228,506 43,047,925 4,428,467
1906-07_- 11,222,021 143,724,401 93,126,599 109,837,036 42,591,913 4,703,106

Total receipts of flour and grain at the seaboard ports for
the week ended Jan. 16 1909 follow:
Receipts atNew York
Boston
Portland, Me
Philadelphia
Baltimore
Richmond
New Orleans *____
Galveston
Mobile
Montreal
St. John
Total week
Week 1908
Since Jan. 11909._
Since Jan. 1 1908._

Flour,
bbls.
95,256
33,238
3,847
45,168
34.596
2,406
16,494

Wheat,
bush.
249,600
107,850
474,219
64,940
6,658
18,444
8,700
10,000

600
4,445
5,857

1,000
228,238

241,909
381,168
589,741
794,479

1,169,649
1,281,981
2,466,289
3,915,713

Corn,
bush.
219,375
65,901
4,087
219,103
233,788
6,642
169,000
151,000
9,498
6,478

Oat*,
bush.
408,700
77,925

Barley,
bush.
68,850
7,434

Rye.
bush.
3,450
329

89,153
41,316
7,500
69,000

1,000

999
5,567

41,671

3.500

735,265 80,784
1,084,872
10,345
1,230,701
937,964
49,659 99,618
2,738,321 1,695,376 253,861
15,346
2,786,075 1,816,586 205,445 140,180

* 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. 16 1909 are shown in the annexed statement:
corn
futures
have
influenced
by
the
Indian
advanced,
Corn, Flour,
Wheat,
Oats,
Rye, Barley, Peas,
bush.
bush.
Exports frombbls.
bush,
bush.
strength of wheat, some improvement in the cash busibush.
bush.
568,334 121,960 62,783
New York
14,867
21,570 2,211
export,
buying
for
by
at
the
partly
large
shorts
West
ness,
Portland, Me_-__ 474,219
4,087 3,847
1,872
277,468
commission-house
buying.
16,927
11,520
Boston
The
country
offerings,
18,609
and
____ 135,953 206,794 76,441
which increased to a considerable extent at one time early Philadelphia
16,000 206,715 34,783
Baltimore
have
latterly
again.
week,
Farmers
the
fallen
off
are
5,472
New Orleans ____
219,883 8,806
in
4,008
290,320 583,198 14,809
Galveston
believed to hold the key to the situation. They sell more Mobile
600
9,498
from
the
advances,
but
withdraw
on
market
quickly
freely
228,238
St. John, N. B
5,857
4,494
on all setbacks. Liverpool has shown noteworthy strength
18,875 18,609 21,570 8,577
Total week...1,996,004 1,369,062 219,446
this
side
of
this
has
on
and
had
influence
late,
the
some
of
2,820,675 905,866 346,235
24,578 38,468 33,320
Week 1908
1.887
water. To-day prices were easier early on reports of larger
The destination of these exports for the week and since
country offerings and selling by cash interests, but later there
July 1 1908 is as below:
was a rally on covering by prominent bears at the West.

DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
68
68
68
68
Cash corn
68
67 A
68
88
May delivery in elevator
683% 69 A 693% 69 X
July delivery in elevator
683% 683% 683% 693% 693% 68 3%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
603% 613% 613% 613% 623% 625%
61 % 61 % 61 % 62 A 62% 62%
July delivery in elevator
September delivery in elevator_ _ _ _613% 61% 62
623% 62% 62 h

Flour
Wheat
-Corn
Since
Since
Since
Week
July 1
Week
July 1
Week
July 1
1908. Jan. 16.
Exports for week and Jan.16.
1908. Jan. 16.
1908.
bbls.
bbts.
bush.
since July 1 to-bush.
bush.
bush.
United Kingdom___132,238 3,423,198 1,355,943 41,052,902 833,386 7,524,969
44,499 1,576,551 610,589 40,102,848 506,939 6,375,551
Continent
29,472
So. & Cent. Amer.._ 11,560 369,478
214,004
1,385
23,859
30,120 819,980
West Indies
150
21,138
664,599
59,592
56
Brit. No. Am. Cols_
2,500
8,900
973 190,712
Other Countries..
51,488
3,714
18,276

219,446 6,439,511 1,996,004 81,426,392 1,369,062 14,615,810
Total
Oats for future delivery in the Western market have Total
346,235 6,810,043 2,820,675 79,361,197 905,866 26,902,162
1907-08
been quiet, but prices have been stronger with other cereals.
The world's shipments of wheat and corn for the week
The receipts have been small, barely large enough, in fact,
to supply the demand. Cash prices have been strong and ending Jan. 16 1909 and since July 1 in 1908-09 and 1907-08
there has been more or less buying offutures by cash interests. are shown in the following:
There has also been a certain amount of commission-house
Wheat.
Corn.
buying and some covering of shorts. No material increase
in the receipts is expected in the near future, and bulls conExports.
1907-08.
1908-09.
1908-09.
1907-08.
tend that there is little likelihood of a decline in prices until
Week
Since
Since
Week
Since
Since
the movement increases. To-day the trading was dull and
Jan. 16.
July 1.
July 1.
Jan. 16.
July 1.
July 1.
prices showed little change, but the tone was firm on small
Bushels. Bushels.
Bushels. Bushels. Bushels.
Bushels.
receipts and some buying by cash interests.
North Amer. 2,574,000 120,241,700 116,720,000 1,085,000 13,955,400 24,070,000
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Tues.
Fri.
Mon.
Wed.
Thurs.

No. 2
84-5434
mixed _ 54-5434
54-5434
54.5434
54-5434
54-5434
White
clipped,
34tto 36
lbs ___5634 583% 5834-5834 5634 5834 5634-5834 5634-583% 5654-5834




- 432,000
Russian
Danubian - 696,000
Argentina - 1,320,000
Australian__ 2,048,000
Oth. countr's 128,000

38,992,000
26,504,000
31,835,000
11,144,000
7,858,000

51,232,000
20,200,000
12,416,000
6,024,000
18,648,000

238,000 8,631,500 14,688,000
544,000 14,809,500 31,512,000
926,000 43,111,500 35,008;000

Total __-_ 7,198,000 236,574,700 225,240,000 2,793,000 80.507,900 105,278,000

242

THE CHRONICLE

[VOL.

The quantity of wheat and corn afloat for Europe on dates tendency, especially on low counts. Substantial
orders
mentioned was as follows:
were placed for staple prints, activity in this quarter being
largely
due
to
the
desire of buyers to cover requirements
Wheat.
Corn.
before the advance on these goods, recently announced,takes
United
United
effect.
Brown
sheetings,
Southern standard, are higher
Kingdom. Continent.
Total.
Kingdom. Continent.
Total.
at 6%c. to 6Mc., while four and three-yard sheetings are
Bushels.
Bushels.
Bushels.
firmer.
also
Bushels.
Asking
Bushels.
prices on standard brown drills are
Bushels.
Jan. 16 1909._ 15,760,000 6,160,000 21,920,000 4,250,000 3,485,000 7,735,000
Jan. 9 1909_ 15,040,000 5,760,000 20,800,000 4,250,000 4,930,000 9,180,000 about Mc. higher, compared with a week ago. Demand
Jan. 18 1908__ 25,080,000 8,880,000133,960,000 3,520,000 3,800,000 7,320,000
for heavy cottons generally shows a material increase,
goods being taken more freely for jobbing purposes. Colored
The visible supply of grain, comprising the stocks in cottons rule steady and in moderate request, and the ginggranary at the principal points of accumulation at lake and ham situation continues strong; leading fall lines of ginghams are expected to be opened shortly. Cotton blankets
seaboard ports Jan. 16 1909 was as follows:
are being purchased in larger volume, and, contrary to
AMERICAN GRAIN STOCKS.
expectations, satisfactory deliveries of these goods are not
Wheat,
Corn,
Oats,
Rye,
Barley
bush.
bush.
bush.
bush.
bush.
as easily obtained as many buyers had expected. In the
New York
1,768,000
443,000
950,000
76,000
485,000 export division sales of
Boston
about 12,000 bales of sheetings
607,000
150,000
35,000
19,000
4,000
Philadelphia
616,000
250,000
76,000
25,000
and drills were made during the week to India and Red Sea
Baltimore
460,000
786,000
190,000
199,000
11,000 ports, but, as noted, no business
New Orleans
392,000
was done with China,trade
514,000
146,000
Galveston
269,000
416,000
being interrupted by the Chinese holidays. A larger and
Buffalo
3,087,000
2,000
1,647,000
171,000
744,000 more general demand for convertibles
afloat
7,139,000
developed and prices
265,000
Toledo
449,000
rule firmer; the market for both wide and narrow cloths
' afloat
70,000
256,000
205,000
M M00
a
strong
in
be
appear
to
position.
Detroit
Regulars
continue firm
548,000
315,000
168,000
87,000
Chicago
5,120,000
1,554,000
860,000
M MM 1,016,000 at 3 7-16c., but standard wide goods have been advanced
afloat
"
115,000
4Mc.
to
Milwaukee
499,000
500,000
204,000
31,000
251,000
WOOLEN GOODS.-Prices on leading lines of staple
Duluth
6,544,000
111,000
1,108,000
36,000
597,000
Minneapolis
14,723,000
444,000
2,368,000
122,000 1,133,000 dress goods opened during the week showed more
or less
St. Louis
2,375,000
811,000
760,000
30,000
198,000 irregularity; on some goods,
consisting chiefly of wool, adKansas City
3,663,000
362,000
311,000
Peoria
2,000
82,000
802,000
26,000
4,000 vances of 10 per cent over last fall's lines were announced,
Indianapolis
258,000
214,000
258,000
but other descriptions were raised only slightly. Good
Total Jan. 16 1909_48,704,000 7,210,000 10,353,000
928,000 4,443,000 initial. orders were reported booked, and, as already stated,
Total Jan. 9 1909_50,479,000
7,325,000 10,921,000 1,012,000 7,905,000
some of the medium and low-priced lines have been sold up.
CANADIAN GRAIN STOCKS.
Demand for staple worsted dress goods continued satisfactory
Wheat,
Corn,
Oats,
Rile,
Barley.
and the outlook for fall business on both woolens and worsteds
bush,
bush.
bush.
bush.
bush
Montreal
36,000
30,000
181,000
80,000 is more encouraging than for some time past. In men's
2,801,000
Fort William
wear, agents handling lines of woolens and worsteds for
1,774,000
Port Arthur
1,730,000
Other Canadian
fall report trade as fairly good on overcoatings and standard
staples, but large orders coming to hand are less numerous
Total Jan. 16 1909__ 6,341,000
30,000
181,000
80,000
Total Jan. 9 1909_ 6,666,000
26,000
189,000
79,000 than a week or so ago. The call for staple worsted and allSUMMARY.
wool suitings has been well maintained. Some lines of
Wheat,
Corn,
Oats,
Barley,
Rye.
staple serges, piece dyes, cassimeres &c., were opened during
bush,
bush.
bush.
bush.
bush.
48,704,000 7,210,000 10,353,000
American
928,000 4,443,000 the week and fair orders received, but the expected openings
6,341,000
Canadian
30,000
181,000
80,000 of certain fine suitings were again postponed.
FOREIGN DRY GOODS.-Imported dress fabrics conTotal Jan. 16 1909-.55,045,000
7,240,000 10,534,000
928,000 4,523,000
Total Jan. 9 1909__57,145,000 7,351,000 11,110,000 1,012,000 4,984,000 tinued in active demand and
firm. Linens displayed
Total Jan. 18 1908__47,226,000
4,923,000 8,898,000
768,000 5,541,000 increasing
firmness and activity, especially dress linens for
Total Jan. 11 1908__47,881,000
4,771,000 8,498,000
897,000 5,780,000
Total Jan. 19 1907_45,459,000 7,272,000 12,231,000 1,726,000 2,922,000 spring and summer. The burlap situation remained
unchanged, light-weights being in good request and firm at
3.80c.; 103 ounce are still quoted at Sc., with demand
THE DRY GOODS TRADE.
quiet.
New York,Friday Night, January 22 1909.
and Warehouse Withdrawals of Dry Goods.
gIn most departments increased activity developed during Importations
The importations and warehouse withdrawals of dry goods
the week, owing largely to the presence of many out-of-town
merchants, who took advantage of the buyers' excursions; at this port for the week ending Jan. 16 1909, and since
a substantial volume of business for both near-by and future Jan. 11909, and for the corresponding periods of last year
delivery was put through, and the market as a whole broad- are as follows:
Oh0.0 -11
MTN
0 00 0 OD 0
00000000,0
ON
. '0 00
0
00. 00co
ened materially. As for some time past, requests to ship
00
. •
00
700,000000
ot;
orders
promptly
all
continued a conspicuous feature. Buyers 00 CD 41 „00 er 00 0; cq
00 00
To
htomN0 '000
0
co
CON
0
"C4 M 02
04 .
0e400h0
MN
co
co
quite generally were inclined to resist the recent advances,
NetTeNN
MM
Tt
CI0
.
44 02
00
00
40
MP
willing
to pay full asking prices for goods urgently
but were
o
needed, provided they could get satisfactory deliveries.
cD
Wut
CO
00 Co Tr
co to
00
N CD '
C- 4 CD
ut
o r. Tr Tr to Ovv. 00)
.0 e. 00 C.
Tr
Tr et 04 00 0
In cotton goods there was an improved demand in both 00 so
tT to 0 CD h. Wel
00 00 co co co
9°
primary and secondary markets for spot and futures, and 0
.E
00
Oh
02
NI
00
.N
to
"TN
1: E4
ro
prices on various lines, including brown sheetings, drills
ai
and gray goods, showed further strength,with an advancing
,n.o. WW 00
00
CO
VP 0b UP CD .1
'-00
:40000000000
00
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tendency. Jobbers purchased heavy cottons for fall someCD et 0,
V.
1 '-0
f
00
on
. CO
00 CO 00 .00 0000
what more freely and also increased their commitments
00000,00
aD 02 40 CD
te; h
e4
no00o2
0N
00 .1
00
for spring; domestic cottons generally appear to have worked
(ON
CO op
.
9
'
0
. CO
41
position.
stronger
The
opening
into a
of leading lines of
gi
flannelettes at prices unchanged from last season was a
p
00
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NO'- 00
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corTovo 000 oo
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feature of the week. Leading lines of staples dress goods
00)
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••
CT 0000 tv .0
M r. e2 N'
0
, 00(0
nq
CS)
00
CO
(0 ,0
1.4
o
for fall were also opened and it is stated that on some of the
"I
0
M M
04
co.
medium and low-priced goods orders already booked will
iF4
o0 00 el vf
WM
00
.N.,V '000 00
WO
take up the season's output. In men's wear, business done
00 CI CO '5 00
00
.r.com=
(000
CO °
00
1-00
on overcoatings and staple lines for fall was satisfactory in
NO000
ON
.
0 'Zoo to( ON 00
C=1
NOMNO
"c00
co to oo 0 Wh
the aggregate, though individual orders were .small in size
'00
NhNNN
00
T. Co
r. 9g
0000
c.0
and less numerous. Export trade with China is at a stand0
still at present and is expetced to continue so until after the
tOn
00
00
02 00 0.
.
4
0000
Chinese holidays; a moderate business was done with India
MeeNet. .N
0 CP r.0
el CA
,,0 Tr 00 00
cOvf0
.
9 On
. '5 00
00
and Red Sea ports.
4 .o 44 CC
MD
00
O
;
.
04
604
co 0.
N o,
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Jai. 16 were 5,873 0
NO
04
00N.9 00 0
r• CO .14 ,4 00
packages, valued at $307,554, their destination being to the
00t
co
CO
•
om o
0000 h Tv vt
N000.5
00
No00000
. oto. t9
t•
;3
)
points specified in the tables below:
."- 000.
ov;too4
694 cc. 4c1
0
00
,
0
,
0
,
000
ow
1909----n tt ooy
w
-----1908
Since
New York

to Jan. 16

Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other Countries
Total

Jan. 1.

Week.

17
38

27
9
290
254

2,233
344
863
68
713
1,333
264

86
42
2,051
722
2,233
344
1,840
101
890
1.798
514

-85
698

53
988

LOH
747

Jill
757

5,873

10,621

3,712

5,101

0.4.000
heteDtv0
GO 99
‘
,1
"00'-'

00
00
00

N

hoe
.

00
DP 04 0000,0
,4,0
NOC
NcoN0 0...
C4

oo
to
tai

II
8
g8P.mq

gc.3,T,r74.4

E.

00
. ".
C4

CO

=Tomo" Nn OCO
ocovrT
no.
No00N9 '
.9
41
9
n.

rt1

The value of these New York exports since Jan. 1 has
=
been $583,051 in 1909, against $423,974 in 1908.
Owing to increased demand and to well-sold-up conditions, various lines of domestic cottons display greater
firmness. Bleached goods rule stronger with an upward




0000,0
N
nowN.
9
N

cn
Since
Jan, 1.
C4°
4
27
10
290
254 0
4,

Week.

0
U
0
8
t
0
47,. .smla
g8,72riA
'

a
5
00
2
8 1
t A
,
3V, 3
gf, g

ThTt AlID

CITY

DEfitilTVITNT,

News Items.
Cuyahoga County (P. 0. Cleveland), Ohio.—Bonds Declared Valid.—On Dec. 23 1908 the State Supreme Court
sustained the decision of the lower courts holding valid the
$1,000,000 bond issue voted for the erection of a new courthouse. The issue was attacked on the ground that the
election at which the bonds were authorized was irregular.
Englewood, Arapahoe County, Col.—Injunction Dismissed.—The Denver "Republican" of Jan. 8 states that in
a\decision rendered Jan. 7 Judge Shattuck of the District
Court refused to make permanent the injunction granted to
Fred F. flee restraining the town of Englewood from issuing
the water-system-construction bonds, mention of which
was made in V. 87, p. 430.
Melrose School District, Alameda County, Cal.—Bonds
Declared Valid.—We have received the following letter from
the District Attorney of Alameda County regarding the
decision of the State Superior Court upholding the validity
of the $30,000 bonds sold last August to the Central Bank
of Oakland. V. 87, p. 497:
Oakland, Cal., Jan. 5 1909.
The suit of which you speak has been heard and determined in the
Superior Court of the State of California, in and for the County of Alameda.
The bonds in that case were issued under Section 1880 of the Political Code
of the State of California. The call followed the language of the Statute,
but there was no segregation as to the amount of money and denomination
of the bonds appropriated for each particular purpose named in the call.
It was contended by the purchasers of the bonds that this vitiated the
whole bond issue. The Court decided that such specification was not
necessary; that a call following the language of the Statute was good and
complied with the law, and that the voter had an ample opportunity to
express his wishes in the matter by voting either for or against the whole
proposition.
Counsel for the purchasers of the bonds was first inclined to take an
appeal, but has since abandoned that Idea and has announced his willingness to accept and pay for the bonds.

Minnesota.—Tax Amendment Declared Adopted by State
Supreme Court.—In an opinion handed down Jan. 7, Justice
C. B. Elliot of the State Supreme Court holds that the amendment to the State Constitution by which it is proposed to
enlarge the powers of the Legislature with reference to taxation was adopted by the people. As already stated (V. 87,
p. 1674 and 1491), this amendment was submitted to a vote
in November 1906, together with another amendment relating to State roads. According to the State Canvassing
Board, the election resulted in a favorable vote on the tax
amendment and in the defeat of the one relating to State
roads. This result was subsequently contested, and the
District Court, after a partial recount had been made, declared that the tax amendment had been defeated while
the good roads amendment had carried. In order to reach
this conclusion, it was assumed that a uniformity of error
had been established, due to the transposition of the amendments on the ballot, whereby votes cast on the tax amendment were counted for the good roads amendment and votes
cast on the good roads amendment were counted for the tax
amendment. For fear that the District Court's decision
would be upheld, both amendments were re-submitted on.
Nov. 3 1908. As they were defeated at that election, however, everything depended on the decision of the Supreme
Court, which now declares that the amendment was adopted
in 1906 and already forms part of the Constitution.
As a result of this decision, the Tax Commission is mapping out an elaborate program, suggesting, among other
things the following legislation: Tonnage tax on iron ore
for State purposes, gross earnings tax on public utility
corporations, taxation of credits at flat rate of 3 mills on a
dollar, increase in rate of railroad gross earnings tax, and
reduced exemption on inheritance taxes.
Texas.—Vote on Constitutional Amendments.—The official
vote on the three constitutional amendments submitted on
Nov. 3 1908 (V. 87, p. 763) is reported as follows:
130,402 "for" to 52,077 "against" the amendment increasing the amount
of tax that may be voted in school districts.
69,389 "for" to 74,479 "against" the amendment relating to Commissioners' Precincts.
47,396 "for" to 112,430 "against" the amendment relating to the compensation of the Governor and Lieutenant Governor.

The last two amendments were defeated, it will be observed, while a favorable vote was polled on the first one.
Toledo, Ohio.—Arguments Heard by State Supreme Court in
Bridge Bond Suit.—Argument was heard Jan. 7 by the
State Supreme Court in the suit brought to enjoin the issuance of the $525,000 4 2% bridge bonds sold in August. As
stated in V. 87, p. 1372, the bonds have been declared valid
by both the Circuit Court and the Common Pleas Court,
New York City.—Reference to City Debt Made by Mayor in
Annual Message.—In his annual message to the Board of
Aldermen, Mayor McClellan commences with the following
statement of city debt furnished by the Comptroller as of
Jan. 1 1909.
FUNDED DEBT (including Special Revenue Bonds.)
Gross funded debt
Less held by sinking fund
Net funded debt

Dec. 31 1908.,
Dec. 311907.
a$735,014,965 05 z$808,433,984 09
a197,437,164 02 z210,421,340 02
$537,577,801 03

a Includes $54,250,000 of General Fund Bonds.
z Includes $68,750,000 of General Fund Bonds.




243

THE CHRONICLE

JAN. 23 1909.1

$508,012,644 07

TEMPORARY DEBT.
Revenue Bonds Issued in Anticipation of Taxes—
Dec. 31 1907.
Amounts Outstanding—
$100,000 00
Revenue Bonds of 1902
5,000,000 00
Revenue Bonds of 1903
1,000,000 00
Revenue Bonds of 1904
7,000,000 00
Revenue Bonds of 1905
9,397,210 00
Revenue Bonds of 1906
31,148,826 92
Revenue Bonds of 1907
Revenue Bonds of 1908
$53,646,036 92
SUMMARY.
Increase in the year 1907 in net funded
$62,924,595 91
debt
Increase In the year 1907 in temporary
3,233,766 92
debt
Total increase in the year 1907 in net
bonded debt
Increase in the year 1908 in net funded
$60,434,843 04
debt
Increase in the year 1908 in temporary
20,360,563 08
debt
Total increase in the year 1908 in net bonded debt__

Dec. 31 1908.
$10,000 00
2,570,000 00
7,400,000 00
9,160,000 00
13,625,000100
41,241,600100
$74,006,600 00

$66,138,362 83

80,795,406 12

Total increase for the years 1907 and
$123,359,438 95
1908 in net funded debt
Total increase for the years 1907 and
23,594,330 00
1908 In temporary debt
Total increase for the years 1907 and 1908 in net
$146,953,768 95
bonded debt
The condition of the city's finances in relation to its borrowing capacity
or margin for incurring further indebtedness on Oct. 1 1908 was as follows:
10% of the assessed valuation of taxable real estate for 1908.$672,241,578 90
Net
debt
funded
(chargeable against
Constitutional Limi$543,869,679 09
tation)
Net contract liability
chargeable against
Constitutional Limi45,487,533 22
tation)
For lands acquired (estimated) (chargeable against Constitutional Limitation) 18,935,961 76
$608,293,174 07
Revenue bonds of 1902
issued in 1905, out$100,000 00
standing Oct. I 1908_ _
Revenue bonds of 1903
Issued in 1905, out5,000,000 00
standing Oct. 1 1908_ _
Revenue bonds of 1904
issued in 1905 and
1907, outstanding Oct.
3,249,000 00
1 1908
Revenue bonds of 1905
issued in 1907, out7,000,000 00
standing Oct. 1 1908_ _
Revenue bonds of 1906
issued in 1907, out9,376,210 00
standing Oct. 1 1908_ _
24,725,210 00
633,018,384 07
$39,223,194 83
There remains on Oct. 1 1908 of the proceeds of the sale of
bonds, the following amount, which has not been apportioned and transferred to the credit of the various accounts on account of which said bonds were authorized
to be sold
Estimated margin at Oct. 1 1908

5,110,361 28
$44,333,556 11

[Since the above date, Oct. 1 1908, the City has placed
$121000,000 of corporate stock at public sale, besides disposing of some small amounts to the sinking funds, and has
also issued larger or smaller amounts of revenue bonds.—Ed.]
The Mayor goes on to say that there are three subjects
now uppermost in the public mind concerning which he has
addressed the Board in previous messages. They are:
Uncollected taxes, the city debt, city expenditures:
UNCOLLECTED TAXES.
In my message of Jan. 1905 I pointed out the danger to the city's finances
and credit of making inadequate provision for uncollectible taxes, and
presented an estimate of the arrears for which no provision had been
made, amounting at that time to over thirty million dollars. I appointed
a commission to consider this subject and to suggest methods of more
prompt collection.
As a result of the work of that commission, provision has been made for
funding the uncollectible arrears then existing, and for adequate provision
for subsequent uncollectible arrears. The commission also recommended,
and the Legislature enacted, a law for the prompt collection of real estate
taxes.
DEBT.
During the last five years the borrowing power of the city has increased
197 millions, or a little more than 39 millions a year on the average. In
my message of 1905 I stated that debt for ordinary purposes should not
be incurred to the extent of more than 30 to 35 millions annually. I have
caused to be prepared a statement of the corporate stock issued since
Jan. 1 1904, showing the amount issued for purposes to which the city was
committed prior to that date and the amounts issued for purposes authorized
subsequent to that date.
The total issue of corporate stock has been $298,945,094, and of this
amount the sum of $151,330,602 was issued for purposes to which the city
was committed prior to 1904 The remainder, $146,935,186, was issued
for purposes authorized since 1903, and averages somewhat less than 30
millions a year. The main items of the total issue are as follows:
$39,625,098
Water
19,440,825
Rapid transit
55,638,230
Schools
27,312,420
Public buildings
40,950,183
Bridges
47,995,936
Public works (streets and roads)
41,404,422
Docks and ferries
26,577,980
All other purposes
$298,945,094
Total
The same items of the issues for purposes authorized since Jan. 1 1904
are as follows:
%
14.5
$21,269,636
Water
2.32
3,389,602
Rapid transit
26.4
38,787,300
Schools
05.83
8,546,668
buildings
Public
00.35
514,372
Bridges
15.1
22,233,398
Public works (streets and roads)
24.3
35,789,732
ferries
Docks and
11.2
16,404,478
All other purposes
Total

$146,935,186

100.

The message calls attention to the fact that over 80% of
the corporate stock issued since Jan. 1 1904 was for schools,
docks and ferries, water supply and for re-paving. In

244

THE CHRONICLE

[VOL.

explaining the large increase in budget expenditures, Mayor
McClellan gives the following, showing the first nine items,
which constitute 80% of the increase over the appropriations
in 1904:

all times by purchases by the State of San Paulo at par or below. The
amount available for such purchases is estimated at $12,000,000 to $16,000,000 a year. These purchases begin at once, the surtax being remitted
in weekly installments.
On the basis of payment In six years, the yield to the investor at the price
of 9534 and interest would be 5.90%. If paid in two years the bonds would
BUDGET INCREASE 1909 OVER 1904.
yield the investor 734%; in three years, 6.70%; in four years, 6.30%; in
five years, 6.05%. By the application of the surtax and proceeds of sale
% of
Tot.me. of coffee, the whole loan will be amortized in six years and the average life
Increase
Budget of the bonds would be only three years. Attention is called to the uncon1909 over of 1909 ditional guaranty of principal and interest of these bonds by the Federal
1904.
over'04. Government of Brazil.
Debt service (pr ncipal, interest and installments)___$17,511,788 38.501
The first coupon is payable July 1 1909 and on a 1200 bond amounts to
Department of Education
6,557,719 14.417 £3 15s. 10d. Thereafter coupons are payable at the regular semi-annual
Police Department
2,158,401
4.740 rate of 2 34% or 5% per annum. Subject to prior sale and change in price,
Fire Department
2,071,265
4.553 we offer 1206,000 of the above bonds at 9534 and interest, to yield 5.90%
Department of Street Cleaning
1,970,587
4.332 if paid in six years or to yield 5.60% it carried to maturity.
Charitable institutions
1,914,401
4.209
United States of Mexico-State of Durango.-Bonds
Department of Water Supply, Gas and Electricity_ _
1,711,291
3.762
Department of Health
1,375,467
3.024 0 ered.-A. B. Leach & Co. of New York City have purDepartment of Parks
1,319,731
2.910
These departments, he explains, have to do with the care of life, health, chased and are offering to investors $1,600,000 5% silver
education and property. The difficulty and cost of this duty are immensely coupon funding and water bonds. Denominations: $1,000
affected by the fact that New York is the great port of entry for immigrants,
and during the last four years and five months over 3,700,000 immigrants ($482 58 U. S. currency), $500 ($241 29 U. S. currency)
landed at this port. Many of them became residents of New York, more and $100 ($48 25 U. S. currency). Date Jan. 11907. Inof them stayed here temporarily, and still others passed through.
We have a great duty thrust upon us to the strangers who come to us terest June 30 and Dec. 31, payable in the city of Mexico, in
and to their children. If we fail to perform it, we shall surely suffer from London, or at the Chase National Bank in New York City.
disease and the demoralization of our institutions.
Maturity Jan. 1 1942, provision being made for the redemp-

In ending his message the Mayor recommends such amend- tion of $103,500 yearly, callable by lot beginning Jan. 11912.
ments to the Elsberg law as will encourage private capital The above bonds represent the entire bonded debt of the
to extend our transit facilities. The following is said State of Durango.
concerning "municipal operation":
Washington, State of.-Official Vote on Constitutional
So far as it has been in my power I have followed the policy declared in Amendments.-The official vote on the two constitutional
the last municipal campaign, that municipal operation of public utilities
should be resorted to only when private ownership fails to render satisfac- amendments defeated on Nov. 3 1908 (V. 87, p. 1435) was
tory service. It was this policy which resulted in taking over the Staten as follows:

Island Ferry and the Thirty-Ninth Street Ferry and the private water
companies of Staten Island. In operating these ferries at a loss the city is
carrying out one of its responsibilities to a part of its people.
In signing the Elsberg Rapid Transit bill on April 26 1906 I said:
"If it should prove that private capital will not be offered under these
conditions, an that the city, by itself, cannot construct and equip these
new roads, it will be perfectly feasible to apply to the next Legislature for
a satisfactory amendment to this law. . . . In the meantime the city
will have had the advantage of accurately ascertaining just how much it
must concede in order to induce responsible persons to invest in Its new
rapid transit routes."
It seems to me that the time has now come to make such amendments
to the Elsberg law as will encourage private capital to extend our transit
facilities.
We have the assurance, moreover, under existing law, that the city's
nterests in such contracts will be safeguarded by a strict accounting system.

23,371 "for" to 60,244 "against" the amendment relating to the assessment
and taxation of property within the State.
26,849 "for" to 52,721 "against" the amendment relating to the exercising
of the power of eminent domain.

Wilmington, N. O.-Purchase of Water Works Proposed.On Jan. 11 the Board of Aldermen adopted a resolution providing for the appointment of an arbitration committee for
the purpose of ascertaining the value of the plant of the
Clarendon Water Works Co. with a view to purchasing the
same to be used as a nucleus for an enlarged and improved
system to be owned by the city. The water-works company
recently refused an offer of $140,000 made by the city.

Personal Property Assessments for 1909.-Last Saturday
(Jan. 16) the Tax Department made public the tentative
Bond Calls and Redemptions.
personal tax list for 1909. The lists show a total of $1,Denver, Col.-Bond Call.-The following bonds have been
259,285,187, against $1,425,709,904, the tentative figures
of last year. In explaining this decrease of $166,424,717, called for payment on Jan. 31:
President Purdy says:
STORM SEWER BONDS.
"The reduction in the tentative assessment was made prior to the making
of the assessment rolls last year by the cancellation of assessments which
were void or for other reasons uncollectible, and the tentative roll this
year represents a larger proportion which will probably be held on this
assessment roll than the tentative roll of last year. The principal reduction
is in the assessment of natural persons, resident and non-resident. The
assessment of resident corporations shows a slight increase in amount
and a large Increase in number.'

We give below a table showing the different classes of
property on both this year's and last year's lists in the
separate boroughs:
Ordinary
Boroughs. Personal.
Manhattan
$
1909...369,975,862
1908_469,401,150
Bronx1909__ 41,971,231
1908__ 24,518,686
Brooklyn1909_ A92,523,645
1908__192,343,855
Queens1909_ 14,915,100
1908__ 13,912,325
Richmond1909__ 4,754,600
1908... 4,873,000

Personal of -Corporation Personal- -Non-Res.
Estates.
Resident.
Non-Res. Ordinary.
$
278,956,895 135,595,400 55,873,000 77,423,340
287,984,880 133,829,525 58,723,800 136,240,955
4,568,429
3,511,116

2,928,610
3,932,790

39,328,510 12,709,285
42,117,955 11,716,750
3,538,800
2,993,547

1,970,975
2,262,500

1,720,750
1,350,400

599,500
681,550

PersonalSaxe Law
18,581,255
34,152,150

196,200
908,800
898,870

225,000
264,100

20,000

Tot.'09__624,140,438 328,113,384 153,803,770 56,801,800 77,844,540 18,581,255
Tot.'08_705,049,016 337,957,898 152,423,115 59,622,670 136,505,055 34,152,150
1,380,655
Increase _
Dayease_ 80,908,578 9,844,514
2,820,870 58,660,515 15,570,895
GRAND TOTALS BY BOROUGHS.
Manhattan. TheBranx Brooklyn.
Queens. Richmond.
Totals.
$
$
$
$
$
1909___ 936,405,752 49,664,470 245,695,240 20,444,875 7,074,850 1,259,285,187
1908_1,120,332,460 31,962,592 247,341,530 19,168,372 6,904,950 1,425,709,904
Increase
17,701,878
Decrease 183,926,708

1,276,503
1,646,290

169,900
166,424,717

In our editorial columns on a preceding page we give a
list, as prepared by the Tax Department, showing in concise
form the character of the personal property which is taxable
and the character of the property which is exempt.
United States of Brazil-State of Sao Paulo.-Bonds
Offered by Bankers.-On a preceding page of this week's
issue Sutro Bros. & Co. of New York are offering £200,000
of the £15,000,000 ($75,000,000) 5% gold coupon bonds
described in the "Chronicle" of Dec. 19 1908. The bonds
are in denomination of £20, £50, £100, £200, £500 and
£1,000, and equivalents in francs, marks,florins and dollars,
at fixed rates of exchange-25.12fr., 20.40m., 12.05 fl. and
$4 86. Date of bonds Jan. 1 1909. Interest semi-annually
at the National City Bank in New York. Maturity Jan.
1 1919.
The circular of Sutro Bros. & Co. regarding these bonds
contains the following:
We advise the purchase of these bonds, believing they offer an unusual
opportunity of large yield on the investment and absolute safety of principal. Being payable both as to principal and interest in dollars, francs.
florins and marks at fixed rates of exchange, they will command the widest
possible International market. The bonds will be listed in London and
New York.
By the application of the surtax and proceeds of sales of coffee, as provided for in the contract between the State of San Paulo and the bankers
Who issued the loan, it is estimated that the entire issue of bonds will be
paid off In six years. A market for these bonds Is assured practically at




Sub-District No. 10 of the Capitol Hill Storm Sewer District No. 1.
Bond No. 15.
South Capitol Hill Storm Sewer District No. 1. Bonds Nos. 30 to 32.
Inclusive.
SANITARY SEWER BONDS.
Harman Special Sanitary Sewer District No. 1. Bond No. 16.
Highlands Special Sanitary Sewer District No. 7. Bond No. 28.
Highlands Special Sanitary Sewer District No. 9. Bond No. 7.
IMPROVEMENT BONDS.
Capitol Hill Improvement District No. 4. Bond No. 97.
East Colfax Avenue Improvement District No. 1. Bonds Nos. 45 to 47,
Inclusive.
Eighteenth Avenue Improvement District No. 1. Bond No. 53.
West Denver Improvement District No. 1. Bonds Nos. 1 to 14,inclusive
PAVING BONDS.
Fifteenth Street Paving District No, 2. Bond No. 1.
Lawrence Street Paving District No. 1. Bonds Nos. 1 and 2.
Welton Street Paving District No. 1. Bond No. 28.

Bond Proposals and Negotiations this week
have been as follows:
Albion, Boone County, Neb.-Bonds Voted.-A proposition to issue gas bonds carried, according to reports, by a
vote of 154 to 67 at an election held Jan. 5.
Ashland, Ky.-Bond Sale.-On Dec. 9 1908,$21,518 77
6% street-paving bonds were disposed of at par and accrued
interest to John Bradley of Nashville, Tenn. Denomination
$500. Date Nov. 9 1908. Interest semi-annual. Maturity
Nov.9 1918, subject to call 1-3 in four years and 1-3 in seven
years.
Auburn, Lee County, Ala.-Bonds Voted.-On Jan. 12
this town voted to issue the $12,000 5137 30-year water-works
and sewerage bonds mentioned in V. 88, p. 115. The vote
was 76 to 14. Date of offering not yet determined. Local
papers state that $7,000 will be issued for water-works and
85,000 for sewerage.
Auburn, Nemaha County, Neb.-Bond Election.-On
March 2 the electors of this village will have the opportunity
of voting on the question of issuing $54,000 water-works
bonds and $21,000 sewer bonds.
Barberton, Ohio.-Bond Sale.-On Jan. 18 $19,604 29
5% water-works bonds were sold to the Security Savings
Bank & Trust Co. of Toledo at 105.132. Purchaser to
furnish blank bonds and pay accrued interest. Following is
a list of the bidders and the premiums offered by the same:
Sec.S.Bk.& Tr.Co., Toledoa$1,006 00 First Nat. Bk., Cleveland._ _$873 00
Davies-BertramCo., Cin__ 1,006 00 Otis & Hough, Cleveland_ __ 835 00
Hayden, Miller & Co., Clev. _1,003 00 Citizens'Nat.Bk., Wooster__ 826 00
N.V. Harris& Co., N. Y_
995 51 W. J. Hayes & Sons, Cleve__ 825 00
C. E. Denison & Co.. Cleve, 951 25 Barto, Scott & Co., Columb. 777 00
Seasongood & Mayer, Cln_
950 81 Rudolph Kleybolte Co., Cln_ 687 50
Breed & Harrison, Cin_ _ _
939 05 New Thst Nat.Bk., Columb_ 852 75
627 00
Well, Roth & Co., Cin_ _ _ _
932 00 W. R. Todd & Co., Cln
103.02
Hoehler & Cummings,Tot.
927 00 S. A. Kean, Chicago
Western German Bank,
provident Savings Bank &
297 00
Cincinnati
Trust Co., Cincinnati__
890 03
a Also furnish blank bonds and pay accrued interest.

Barnard School District No. 84 (P. 0. Barnard), Lincoln
County, Kans.-Bonds Authorized.-This district has authorized the issuance of $15,000 bonds.

JAN. 23 1909.]

TIIE CHRONICLE

245

Cambridge, Mass.-Bond Sales for the Year 1908.-This
Barron County (P. 0. Rice Lake), Wis.-Bond Election
Proposed.-The question of issuing insane-asylum bonds will city during the year 1908 issued bonds aggregating $749,000.
We give a complete list below, including the issues that we
probatly be submitted to a vote in the near future.
have already reported sold:
Offering.
Bartlett, Williamson County, Tex.-Bond
Price.
Purchaser.
Mat's,.
Amount. Purpose. Int. Rate. Date.
Jan. 1908 1918 Merrill, Oldham & Co. 100
4
The City Secretary is offering for sale the $4,000 43% $10,000 City
100
do
do
1928
1908
Jan.
34,000
4
Street
the
15-40-year (optional) school-house bonds registered by
May 1908 1918 E. H. Rollins & Sons. 103.576
4
400,000 City
106.114
June 1908 1928 Estabrook & Co.
4
State Comptroller (V. 87, p. 1558) on Dec. 1 1908. De- 20,000 Water
do
103.588
do
4
June 1908 1918
City
nomination $1,000. Date Aug. 1 1907. Interest semi- 30,000
107.35
do
do
Aug. 1908 1948
45,000 Bridge
4
Aug. 1908 1918 City Treas. for Cem.Fd 100
annual.
4
7,000 City
104.50
Aug. 1908 1928 Estabrook & Co.
4
12,000 Street
do
do
106
Aug. 1908 1938
4
Bayou Borbeux Drainage District (P. 0. Plaquemine), 25,000 Sewer
do
104.50
do
1928
1908
Aug.
30,000
4
Street
Not
-We
Yet
Sold.
-Bonds
West Baton Rouge Parish, La.
106.75
4
Aug. 1908 1948 R. L. Day & Co.
30,000 Park
do
do
104.50
4
Aug. 1908 1928
are informed under date of Dec. 15 that no award has yet 20,000 Hospital
do
106
do
.
1938
1908
Aug.
10,000
4
Water
drainage-system-imcoupon
been made of the $15,000 5%
107.50
do
do
Aug. 1908 1938
7.000 Water
4
828.
do
108.63
do
provement bonds mentioned in V. 87, p.
Nov. 1908 1948
12,000 Park
4
Dec. 1908 1938 City Tre,as.for Cem.Fd. 100
4
5,000 Sewer
108.27
Dec. 1908 1938 Crocker & Fisher
Beaumont, Tex.-Bonds Approved.-In answer to our in- 12,000 Sewer
4
& Sons. 101.097
quiry as to whether any action had been taken in regard to 40,000 School-house 334 Dec. 1908 1928 E. H. Rollins
tempor$905,000
negotiated
city
-The
Loans.
bonds
Temporary
wharf
issuing the $50,000 5% 20-40-year (optional)
voted on Oct. 22 (V. 87, p. 1189), the City Secretary writes ary loans in 1908. All of these were paid before Dec. 31 1908.
us under date of Dec. 8 that they "have been approved by
Cambridge, Furnas County, Neb.-Bonds Not Sold.-Up
the Attorney-General's Department and are now being to Jan. 7 no award had yet been made of $25,000 5% 5-20printed."
year (optional) water bonds for which bids were asked until
Jan.
2. Authority Section XV, Article 1, Chapter 14, Com-On
Annexation.
Beechview-Pittsburgh, Pa.-Vote on
piled
Statutes for 1907; also vote of 190 to 47 at election
that
favor
of
in
were
Dec.15,166 of the voters of Beechview
held
Nov.
10 1908. Denomination $1,000. Date Jan. 2
1
Jan.
on
Pittsburgh
borough becoming a part of Greater
1909.
annually at the Nebraska fiscal agency in
Interest
1909, while only 18 were against.
New York City.
Bellefontaine, Ohio.-No Action Yet Taken.-No steps
Canajoharie, Montgomery County, N. Y.-Bond Sale.have yet been taken looking towards the issuance of the The Canajoharie National Bank of Canajoharie recently
$50,000 infirmary bonds voted on Nov. 3. See V.87, p.1313. bought the following bonds at par:
bonds. Denomination $500, except one bond of $300.
Bergen County (P.0. Hackensack), N. J.-Bond Offering. $2,800 5% Conduit
Date Jan. 1 1909. Interest annual. Maturity one bond yearly
beginning Jan. 1 1914.
-Proposals will be received until 2 p. m. Feb. 2 by the 5,000 4.20%
paving bonds. Denomination $500. Interest annually on
Jan. 20. Maturity $500 yearly from 1910 to 1919 incluslVe.
Finance Committee of the Board of Chosen Freeholders,
Hill
School District (P. 0. Carbon Hill), Hocking
Carbon
Edwin T. Galloway, Mryon V. Robinson and George ZimmerOhio.-Bonds Defeated.-An election held Jan. 9
County,
$100,000
for
man, at the office of William H. Taylor, Clerk,
resulted in the defeat of a proposition to issue $4,000 building
4% coupon bonds, to acquire land and erect buildings for bonds.
county purposes. Authority an Act of the Legislature
Carl Junction, Jasper County, Mo.-Bonds Voted.-The
approved March 19 1901 and the supplements and amend- proposition to issue the $9,900 (not $10,000 as at first rements thereto. Denomination $1,000. Date Feb. 1 1909. ported)6% water-works bonds carried by a vote of 222 to 12
at the election held Jan. 4. We are advised that these seInterest semi-annual. Maturity $4,000 yearly on Feb. 1 curities will be offered for sale as soon as the "preliminaries
a
from 1914 to 1938 inclusive. Certified check on national are arranged."
or State bank or trust company for $5,000, made payable
Central, Pickens County, S. 0.-Bond Sale.-The $10,000
to the "County Collector of Bergen County," is required. 6% 20-year school-building bonds mentioned in V. 87, p.
the RobinsonThe genuineness of the bonds will be certified to by the 1558, have been sold, we are advised, through
Co. of Atlanta at par. Denomination $500.
Humphrey
their
validity
City
and
York
New
Columbia Trust Co. of
Date Jan. 1 1909. Interest semi-annual.
approved by Delafield. & Longfellow of New York City, a
Chattooga County (P. 0. Summerville), Ga.-Bonds
copy of whose opinion will be delivered to purchaser. Ac- Voted.-At the election held Dec. 19 1908, 1,835 voters were
in favor of issuing the $55,000 5% court-house-construction
crued interest to be paid by successful bidder.
The official notice of this bond offering will be found among bonds mentioned in V. 87, p. 1558. There were 110 votes
cast against the proposition.
the advertisements elsewhere in this Department.
Chehalis, Wash.-Bonds Not Yet Sold.-No sale has yet
Election.
-Bond
Pa.
County,
Northampton
Bethlehem,
been made of the $175,000 gravity-water-system bonds,
February
held
be
to
election
an
for
The ordinance providing
mention of which was made in V. 87, p. 1255.
16 to vote on the question of issuing the $175,000 waterCheyenne, Wyo.-No Action Yet Taken.-Up to Dec 19
been
passed
has
1436,
p.
87,
V.
in
mentioned
works bonds
no action had been taken in the matter of issuing the
1908
Burgess.
the
by
and
approved
Council
Borough
by the
$500,000 10-30-year (optional) water-works-extension bonds
Binghamton (P. 0. Station 0, Memphis), Tenn.-Bond voted on Nov. 3 1908.-V. 87, p. 1313.
Election.-An election will be held Feb. 11 to vote on the
Chicago, Ill.-Warrant Sale.-This city has sold the folquestion of issuing $25,000 bonds for the construction of lowing warrants:
sewers and drains and the erection of an electric-light and $2,550,000
4 M% school tax revenue warrants to be issued in Feb. March
and April. They will mature in from thirty to ninety days
water-works system and plant.
from the date of their issuance.
corporate tax revenue warrants redeemable in about one
Buchanan County (P. 0. St. Joseph), Mo.-Bond Election. 3,270,000 4% year
from the date of their issuance.
-An election will be held Jan. 26 to vote on the question
County, Cal.-Bond Election.-An elecFresno
Coalinga,
bonds.
on
10-year
jail-constructi
4%
$100,000
of issuing
tion will be held Jan. 26 to vote on the question of issuBullock County (P.0. Union Springs), Ala.-Bo nd Sale.- ing 5% 1-40-year (serial) bonds as follows: $35,000 for
On Jan. 16 the $100,000 30-year gold coupon road-improve- sewers, $10,000 for streets and $5,000 for the fire department.
ment bonds described in V. 88, p. 115, were awarded to
Coke County (P. 0. Robert Lee), Tex.-Bond Election.Steiner Bros. of Birmingham at 104.60 for 5s. Bids were At an election to be held Jan. 30 the voters will decide on
also received from John Nuveen & Co. of Chicago, the Wm. the issuance of $35,000 5% 40-year bonds for general road
R. Compton Bond & Mortgage Co. of St. Louis and A. J. and bridge purposes.
Hood & Co. of Detroit. Several other offers were also
Columbia County (P.0.Hudson), N.Y.-Bond Offering.received but they were not considered.
E. Washburn Scovill, County Treasurer, will offer at public
Byesville, Guernsey County, Ohio.-Bond Offering.- auction at 1:30 p. m. Jan. 29 an issue of $60,000 43%
Proposals will be received until 12 m. Jan. 29 by Elmer E. registered bonds. Denomination $5,000. Interest Jan. 1
Green, Village Clerk, for the following 5% coupon assess- and July 1 in New York exchange. Maturity $10,000 yearly
ment bonds:
on Jan. 1 from 1920 to 1925 inclusive.
$9,337 41 Main ,ttreet bonds. Author;ty Section 91, Municipal Code
Columbia Township (P. 0. Columbia Station), Lorain
of 1902.
8,654 29 Depot Street bonds. Authority Section 51, Municipal Code County, Ohio.-Bond Sale.-An issue of $2,500 5% roadof 1902.
improvement bonds was sold on Jan. 16 to the New First
Date June 1 1908. Interest annually at the Village National Bank of Columbus at 103.116. Following are the
yearly
on
issue
Treasurer's office. Maturity part of each
bids:
June 1 from 1909 to 1918 inclusive. Bonds are free from New 1st Nat. Bk., Colum_ _$2,577 901W.J. Hayes & Sons, Cleve_ $2,546 00
Miller & Co., Cloy. 2,553 501
Hayden,
and
be
separately
to
issue
Bid
be made on each
all taxes.
Denomination $125. Date March 15 1909. Interest
accompanied by a ceritfied check for $500, made payable
semi-annual. Maturity 1920.
to the Village Treasurer. Delivery within ten days from
Orestline,Crawford Co.,Ohio.-Bond Offering.-Proposals
the time of award. The amount of bonds to be issued
may be reduced by the amount of assessments paid in cash will be received until 12 m. to-day(Jan.23) for $9,000 4%
prior to the date of sale. Purchaser to pay accrued interest. refunding bonds. Authority, Section 2707, Revised StatInterest
Cabell County (P. 0. Huntington), W. Va.-No Action utes. Denomination $500. Date Oct. 1 1908.from
1915
1
Yet Taken.-Up to Dec. 17 1908 no steps had yet been taken semi-annual. Maturity $1,000 yearly on Oct.the
bonds bid
of
looking towards the re-offering of the $240,000 road and to 1923 inclusive. Certified check for 10%
Purchaser
bridge bonds offered without success (V. 86, p. 241)on for, payable to the Village Treasurer, is required.
to pay accrued interest. L. J. Lindsay is Village Clerk.
Sept. 2 1907.




246

THE CHRONICLE

Culpeper County (P. 0. Culpeper), Va.-Bond Offering.Proposals will be received until 12 m.Jan.26 by W.E.Coons,
County Clerk, for $25,000 5% coupon Stevensburg Road
District bonds. These securities are part of an issue of
$45,000 bonds authorized at an election held June 19 1907.
Denomination $500. Date Jan. 1 1909. Interest annual.
Maturity $5,000 on Jan. 1 in each of the years 1929, 1933,
1936, 1938 and 1940. Certified check for 5% of bonds bid
for is required. Bonds to be delivered within fifteen days
from time of award.
Cumberland County (P. 0. Bridgeton,) N. J.-Bond
Offering.-Proposals will be received until 2 p. m. Jan. 27
by Edward P. Bacon, County Collector, for $120.000 4%
coupon (with privilege of registration) building bonds. Denomination $1,000. Date Jan. 2 1909. Interest semiannually at the office of the County Collector. Maturity
Jan. 2 1939. Bonds are tax-exempt. Certified check for
1% of bid, payable to the County Collector, is required.
Cuyahoga County (P. 0. Cleveland), Ohio.-Note Sale.On Jan. 22 the four issues of 5% road-improvement notes
aggregating $100,450, described in V. 88, p. 172, were
awarded, it is stated, to the First National Bank of Cleveland for $105,470-the price thus being 104.997. The
award was originally made to the Provident Savings Bank
& Trust Co. of Cincinnati, but subsequently rescinded on
the ground that the checks accompanying that bid were
conditional.
Dekalb County (P.0. Decatur), Ga.-No Bond Election.We are advised that the reports that this county proposes
to hold an election to vote on the issuance of $300,000 road
bonds are erroneous.
Delaware, Ohio.-Bond Offering.-Proposals will be received until 12 m. Jan. 30 by F. D. King, City Auditor, for
the following 5% coupon bonds:
$9,086 Olstreet Improvement bonds. Denominations $1,000 and $86
01.
Maturity $86 01 on March 1 1910 and $1,000 yearly on March 1
from 1911 to 1919 inclusive.
20,750 89 West Lincoln Ave. improvement bonds. Denominations $1,000
and $750 89. Maturity $2,750 89 on March 1 1910 and $2,000
yearly on March 1 from 1911 to 1919 inclusive.

[VoL. Lxxxvm.

The genuineness of the bonds will be certified to by the
United States Mortgage & Trust Co. of New York City.
Eastchester (P. 0. Tuckahoe), N. Y.-Bond Bids.-In
addition to the successful bid of par and accrued interest
for 3.95s, submitted on Jan. 14 by the People's Savings
Bank of Yonkers for the $81,942 09 registered ditch and
drain bonds offered on that day (V. 88, p. 173), the following
offers were also received:
Geo. M. Hahn, New York (for 4s)
Lawrence Barnum & Co., New York (for 4s)
Adams & Co., New York (for 4.05s)
N. W. Harris & Co., New York (for 4.05s)
O'Connor & Kahler, New York (for 4.10s)
H. L. Crawford & Co., New York (for 4.09s)
Lee, Higginson & Co., New York (for 4.10s)
Edmund Seymour & Co., New York (for 4110s)
N. W. Halsey & Co., New York (for 4.10s)
R. M. Grant & Co., New York (for 4.10s)
Farson, Son & Co., New York (for 4.20s)
W.J. Hayes & Sons, Cleveland (for 4.25s)
Mt. Vernon Trust Co. (for 4.50s)

100.03
100.021
100.164
100.10
100.10
par
100.079
100.029
100.03
100.019
100.256
100.02
par

Easton School District (P. 0. Easton), Northampton
County, Pa.-Bond Offering.-Proposals will be received
until 12 m. March 1 by John J. Seip, Secretary of Board of
Control, for $65,000 3M% coupon school-improvement
bonds. Denomination $1,000, $500 and $200. Date March
1 1909. Interest semi-annually at the office of the City
Treasurer. Maturity twenty years, subject to call after
ten years. Bonds are free from taxes. Certified check (or
cash) for 2%, payable to the District, is required. These
bonds were offered without success on Jan. 9.
Elko County (P. 0. Elko), Nev.-Bond Sale.-The Henderson Banking Co. of Elko was the successful bidder on
Jan. 16 for the $100,000 6% gold court-house and jailconstruction and site-purchase bonds described in V. 88,
p. 115.
Elmira, Chemung County, N. Y.-Bonds Proposed.-The
committee of the whole of the Common Council has under
consideration an application made by the Board of Education for authority to issue $100,000 bonds to enlarge the
Academy.
Enterprise, Wallowa County, Ore.-Warrant Sale.-In
connection with the $30,000 5% 10-20-year (optional)waterworks-system-construction bonds offered without success on
Oct. 20 1908 (V. 87, p. 1373) the City Recorder informs us
that he is about to award the contract for the construction
of said water system and that the work will be paid for by
an issue of warrants.
Euclid, Cuyahoga County, Ohio.-Bonds Authorized.-The
City Council on Dec. 14 passed an ordinance providing for
the issuance of $15,000 43% coupon bonds for the purpose
of erecting water-works and supplying water. Denomination $1,000. Date Dec. 29 1908. Interest April 1 and Oct.
1 at the office of the Euclid Banking Co. of Euclid. Maturity on Oct. 1 as follows: $1,000 in even years and $2,000
in odd years from 1910 to 1919 inclusive.
Everett, Mass.-Temporary Loan.-On Jan. 15 the $60,000 notes mentioned in last week's issue were awarded to
Blake Bros. & Co. of Boston at 3.23% discount. Maturity.
$30,000 on Oct. 20 1909 and $30,000 on Nov. 20 1909. Following are the bids:

"
1 The above bonds are to be dated not later than March 1.
1909. Interest semi-annually at the depositary of the Sinking Fund in Delaware. The successful bidder will be required to pay for the transcript of the proceedings at the legal
rate, if same is desired.
Delhi Township School District, Hamilton County, Ohio.
-Bonds Voted,-According to reports in local papers, a
proposition to issue $7,500 school-house bonds carried by a
vote of 32 to 11 at an election held Dec. 17 1908.
Denton, Denton County, Tex.-Bond Sale.-A, B. Leach
& Co. of Chicago bought $12,500 5% 10-40-year (optional)
sewerage bonds on Jan. 1 at 102. Denomination $500.
Date Jan. 1 1909. Interest semi-annual.
Denver School District No. 1 (P. 0. Denver), Col.-No
Bond Election.-On Jan. 16 the electors of this district voted
down the proposition to call an election to vote on the
question•of issuing $1,000,000 bonds.
Donnybrook, Ward County, N. D.-Bonds Voted.-Of
a
total of 41 votes cast at an election held Dec. 29 1908 30
Discount.
Discount.
were in favor of a proposition to issue $3,000 7% 20-year Blake Bros. & Co
3.23%1 First National Bank
3.29%
Lorihg, Tolman & Tupper '3.28% American Banking Co
3.47%
water-works bonds.
Dorr School District(P.0.Dorr), Allegan County, Mich.- 'And $1 premium.
Bonds to Be Offered Shortly.-We are informed that this disThe above bidders are all of Boston.
trict will be on the market "next season" with an issue of
Florence, Fremont County, Col.-Bonds Voted and Sold.bonds.
An election held Jan. 13 resulted in a vote of 100 "for" to
Douglas County (P. 0. Omaha), Neb.-Bond Sale.-Of 1 "against" the issuance of $85,000 5% 10-20-year (optional)
the $1,000,000 4% coupon court-house-construction bonds, refunding water-works bonds. As reported by us in V. 87,
bids for which were received on Oct. 15 1908(V.87, p. 1492), p. 1559, these securities were disposed of during the month
$200,000 have been awarded to N. W. Halsey & Co. of of Nov. 1908 to the Harris Trust & Savings Bank of Chicago
Chicago and $800,000 have been sold to the State of Nebraska at par and accrued interest.
Doylestown School District (P. 0. Doylestown), Wayne
Forsyth Township School District (P. 0. Princton),
County, Ohio.-Bond Offering.-The Board of Education Marquette County, Mich.-Bonds Awarded in Part.-Of the
will sell at public auction Jan. 30 $14,000 5% coupon school- $10,000 bonds (the unsold portion of the issue of $33,500
building bonds. Authority Section 3991-92 Revised Sta- 5% school-building bonds mentioned in V. 87, p. 1492),
tutes. Denomination $500. Interest semi-annually on $2,000 have been disposed of.
March 1 and Sept. 1 at the office of the District Treasurer
Fruitvale School District, Alameda County, Cal.-Bond
in Doylestown. Maturity $500 each six months from March 011ering.-Proposals will be received until 10 a. m. Jan.25
1 1910 to Sept. 1 1923 inclusive. Bonds are exempt from by the Board of Supervisors John P. Cook, Clerk (P. 0.
taxation. Bonded debt $2,000. Assessed valuation $350,- Oakland), for the $100,000'
5% 1-20-year (serial) school000. W. A. Purcell is Clerk of the Board of Education.
building bonds recently authorized by a vote of 323 "for"
Doylestown School District (P. 0. Doylestown), Bucks to 48 'against." Denomination $1,000. Interest semiCounty, Pa.-Note Sale.-We are informed that the $4,000 annually on March 1 and Sept. 1. Certified check (or cash)
loan recently negotiated by this district was borrowed on for 2%
bid, payable to the Chairman of Board of Supera note and not by the issuance of bonds as reported in V. 88, visors, is
s required.
p. 115.
Fulton, N. Y.-Bonds Not Yet Sold.-We are informed
East Liverpool School District (P. 0. East Liverpool), under date of Dec. 12 that no award has yet been made of
Ohio.-Bond Offering.-Proposals will be received until the $10,000 4% registered school-building bonds offered
1 p. m. Feb. 1 by W. E. Dunlap, Clerk Board of Education, Without success on July 1. See V. 87, p. 366.
for the $69,000 4% coupon school building and site-purchase
Bond Offering.-Proposals will be received until 8 p. m•
bonds voted (V. 87, p. 1250) on Nov. 3 1908. Authority, Jan!. 29 by 0. S. Bogardus City Chamberlain, for $5,000
Sections 3991 and 3992, Revised Statutes. Denomination 4 0 registered sewer-construction bonds. Authority Chapter
$1,000. Date Feb. 1 1909. Interest semi-annually at the 63, Laws of 1902. Denomination $500. Date Feb. 1
First National Bank of East Liverpool. Maturity $3,000 1909. Interest semi-annually at the office of the City
yearly on Feb. 1 from 1925 to 1947 inclusive. Bid to be Chamberlain. Maturity $1,000 yearly on Jan. 1 from 1914
made on blank form furnished by the Clerk Board of Educa- to 1918 inclusive. Bonds are tax-exempt. Certified check
tion and be accompanied by a certified check for $1,000, for $500, payable to the City Chamberlain, is required.
made payable to the Board of Education. Proposals to be
Gallatin County (P. 0. Bozeman), Mont.-Bond 011ering.
unconditional. Accrued interest to be paid by purchaser. -Proposals will be received until 10:30 :a. Lin. Jan. 28




JAN. 23 1909.]

THE CHRONICLE

247

Highland Park School District No,5, Henrico County, Va.
-Bond Offering.-Proposals will be received until 12 m.
Jan. 26 by G. W. Bahlke, Chairman of School Board, 900
East Broad St., Richmond, for $30,000 5% coupon or registered school bonds. Date Jan. 1 1909. Interest semi-annual. Maturity thirty years, subject to call after five years.
Hutchinson School District (P. 0. Hutchinson), Reno
County, Kan.-Bonds Defeated.-An election held Dec. 9
resulted in the defeat of a proposition to issue $100,000 schoo
bonds.
Imperial Valley Union High School District (P. 0. Imperial), Imperial County, Cal.-Bonds Voted.-At an election
held Jan. 9 the electors authorized the issuance of the $40,000
6% high-school-building and site-purchase bonds mentioned
in V. 87, p. 1374. The vote was 198 to 5. Denomination ,
$3,000, except one bond of $1,000. Maturity $3,000 yearly
from seven years to nineteen years inclusive and $1,000 in
twenty years.
Independence, Jackson County, Mo.-Bonds Defeated.An election held Nov. 17 resulted in the defeat of propositions
to issue $15,000 bonds to purchase grounds for a city hall
and parks and $10,000 bonds for a public market place.
The vote was 337 "for" to 504 "against" the former issue
and 422 "for" to 432 "against" the latter issue.
Inman School District (P. 0.Inman), McPherson County,
Kans.-Bonds Voted.-Papers state that an election held
recently resulted in favor of a proposition to issue $10,000
school-house bonds.
Jackson Township, Seneca County, Ohio.-Bonds Voted.According to local papers,an election held recently resulted in
favor of the issuance of $75,000 road-improvement bonds.
Jasper School District, Imperial County, Cal.-Bond
Election.-An election will be held Jan. 30, it is stated, to
vote on the question of issuing $3,000 bonds.
Jefferson County (P. 0. Monticello), Fla.-Bond Sale.Reports state that on Jan. 5 the Robinson-Humphrey Co.
of Atlanta purchased the $35,000 5% 20-40-year (optional)
coupon court-house bonds for $36,715 50-the price thus
being 104.901. For description of these securities, see V.88,
p. 63.
Jersey City, N. J.-Bond Sales for the Year 1908.-In addiSecurity Trust Co., SparI Robinson-Humphrey Co.,
$59,430 50 tion to the sales of $1,146,000 bonds reported by us at various
tanburg
$60,537 401 Atlanta
MacDonald, McCoy & Co.,
I Southern Life & Trust Co.,59,060 00 times during the year, this city also disposed of $73,000 4%
Chicago
Greensboro
60,240 00
Thos. J. Bolger Co., Chic_ 59,950 00 Security Savings Bank &
school bonds, making a total output for the year 1908 of
58,900 00
Trust Co., Toledo
Woodln, McNear & Moore,
The $73,000 school bonds were purchased at
$1,219,000.
00
Cinc__
58,333
Co.,
&
Roth
Weil,
00
59,901
Chicago
par by the Sinking Fund Commission. Securities are dated
A. G. Edwards & Sons,
Union Savings Bank &
57,340 00 Nov. 2 1908 and mature Nov. 2 1958.
St. Louis
59,878 50
Trust Co., Cincinnati
Seasongood&Mayer, Cinc_ 59,502 00 Western German Bk.,Cinc. 56,996 00
Bond Bids.-The following bids were received on Jan. 15
E.H.Rollins & Sons, Bost. 59,440 70 American Trust Co., Char56,581 25 for the $1,300,000 4% 40-year gold coupon refunding bonds
lotte
Bumpus-Stevens Co., Det. 59,444 00
Bids were also received from the following but we are awarded on that day, as stated in V. 88, p. 173: $800,000 to
advised that they were all declared irregular: C. H. Coffin, A. B. Leach & Co. of New York City and $500,000 to the
John Nuveen & Co. and S. A. Kean, all of Chicago. Otis Sinking Fund Commissioners of Jersey City:
& Hough of Cleveland, the Wm. R. Compton Bond & Mort- A. B. Leach & Co., N. Y_ _102.333 Kountze, Bros., New York__101.659
_103.06 O'Connor & Kahler, N. Y_ _ _101.447
gage Co. of St. Louis and C. A. Bray of Greensboro. Ma- Sk.Fd.Comm.($500,000bds.)
Commercial Tr. Co., Jer. Cy_102.15 Union Tr. Co., Jersey City_ _101.01
par
turity June 1 1933.
Knauth,Nachod&Kuhne.N.Y.101.68 Prov.Ins.forSav.(for$250.000)
0
Hamlin, Tex.-Bonds Voted.-The issuance of $25,000 5(7
Juliaetta, Latah County, Idaho.-Bonds Not Yet Sold.5-40-year (optional) water-works bonds was authorized by Up to Dec. 22 1908 no award had yet been made of the
a vote of 94 to 22 at an election held Dec. 29 1908. These $7,000 bonds at not exceeding 6% interest offered without
bonds, we are advised, will probably be placed on the success on June 15 1908. See V. 86, p. 1605.
market some time in February.
Kaufman, Kaufman County,Texas.-Bonds Authorized.Hanover Township, Luzerne County, Pa.-Bonds Offered The City Council has passed an ordinance providing for the
by Bankers.-Forrest & Co. of Philadelphia are advertising issuance of $6,000 water-works bonds.
for sale an a preceding page of this issue $50,000 5.40%
Kiowa, Pittsburg County, Okla.-Bonds Voted.-The
coupon (with privilege of registration) school bonds. De- proposition to issue $31,000 6% 15-25-year (optional) bonds
nomination $500. Interest May 1 and Nov. 1 at the for water-works and electric-lights carried by a vote of •
Wyoming Valley Trust Co. in Wilkes-Barre. Maturity on 103 "for" to 18 "against" at an election held Dec. 28 1908.
Nov. 1 as follows: $4,000 yearly from 1914 to 1924 inclusive
Kitsap County School District No. 53, Wash.-Bond Sale.
and $6,000 in 1925. Total debt, including this issue, -The State of Washington has bought $1,000 5% bonds at
$113,739 58. Assessed valuation $18,677,146. Real valua- par.
tion (estimated $25,000,000.)
Latonia, Ky.-Bond Sale.-On Jan. 12 eight issues of 65
Hannibal, Marion County, Mo.-Bonds Voted.-An elecbonds, aggregating $3,700, were distion held Jan. 14 resulted in a vote of 1,129 "for" to 456 street-improvement
posed of at par and accrued interest as follows: $300 and
"against" the issuance of $75,000 city-hall bonds. The $1,200
bonds for Ferry Street, $100 bonds for Clyde Street
details of the bonds will be determined upon at the next
and $400 bonds for Licking Street, all awarded to C.E.Harris;
meeting of the City Council, which will be held Feb. 1.
$1,200 bonds for Vermont Avenue awarded to Demmin Bros.
Haskell, Haskell County, Tex.-Bonds Voted.-By a and $500 bonds for Ohio Avenue awarded to Joe Huesnem.
vote of 179 to 27 the issuance of 5% 20-40-year (optional) Denomination $100. Date Dec. 1 1908. Interest Jan.
bonds was authorized for the following purposes on Dec. 31 and July. Maturity five to ten years.
1908: $23,000 for water-works, $7,000 for sewerage and
Lawrence, Mass.-Temporary Loan.-This city recently
$5,000 for streets.
borrowed $200,000 from Geo. Mixter of Boston at 3%
-ProHawkinsville, Pulaski County, Ga.-Bond Offering.
discount. Loan is dated Jan. 20 1909 and matures May
posals will be received until 12 m. Jan. 25 by J. F. Coney, 18 1909.
electric-light
Chairman of Bond Commission, for $15,000 5%
Lee County (P. 0. Giddings), Tex.-Bonds Defeated.-It
bonds. Denomination $1,000. Date Jan. 1 1009. Interest
an election held Dec. 29 1908 resulted in the
annually in Hawkinsville. Maturity thirty years. Bonds is stated that
a
to issue jail-construction bonds.
proposition
of
defeat
5%
for
are free from municipal taxation. Certified check
Le Moyne, Pa.-Bonds Not Sold.-We are informed under
of the amount bid for, payable to J. P. Coney, Chairman of
Bond Commission, is required. Official circular states there date of Jan. 7 that no purchaser has yet been found for the
has never been any default in the payment of principal or $7,000 4% funding bonds for which proposals were asked
until Dec. 28 1908. See V. 87, p. 1676, for a description of
interest.
Henning Independent School District No. 106, Ottertail these securities.
Leavenworth, Leavenworth County, Kans.-Bond Sale.County, Minn.-Bond Ofiering.-Proposals will be received
until 7:30 p. m. Jan. 30 by the Board of Education, for An issue of $11,235 5% 1-10-year internal improvement
$6,000 6% bonds. Denomination $500. Date Feb. 15 bonds was disposed of on Jan. 4 at an average price of
1909. Interest• annual. Maturity five years. Certified 101.50 to D. R. Anthom, E. S. Springer, the Wulfekuhler
check for $300 is required. Syver Vinjois Clerk of the Board State Bank of Leavenworth and others. Date Nov. 1 1908.
Interest Jan. and July.
of Education.

by W. E. Brandenburg, Clerk of Board of County Commissioners,for $35,000 4 9% coupon jail-construction bonds.
Denomination $1,000. Date July 1 1909. Interest semiannually at the office of the County Treasurer, or, at the
option of the holder, at some bank in New York City to be
designated by the Board of Commissioners. Maturity July
1 1929. Certified check or certificate of deposit of $1,000,
payable to the County of Gallatin is required. Delivery
blank bonds at his own
July 1 1909. Purchaser to furnish'
expense.
Gillett, Oconto County, Wis.-Bond Sale.-The $3,800
5% registered village-hall and fire-engine-house bonds mentioned in V. 87, P. 1256, have been awarded to the Oconto
National Bank of Oconto at par and accrued interest. Denomination $500. Date Dec. 22 1908. Interest Feb. and
Aug. Maturity part yearly from 1910 to 1916 inclusive.
The bonds were delivered Jan. 15.
Grand Rapids School District (P.0. Grand Rapids), Mich.
-Bond Ofiering.-Proposals will be received until 12 m.
March 1 by Thomas D. Perry, Secretary Board of Education,
] % coupon school-building and sitefor the $100,000 44
purchase bonds mentioned in V. 87, p. 830. Authority an.
Act of the Legislature approved June 6 1905. Denomination $1,000. Date Sept. 1 1908. Interest semi-annually in
New York exchange at the office of the Treasurer of the
Board of Education. Maturity on Sept. 1 as follows:
$75,000 in 1914 and $25,000 in 1918. An unconditional
certified check for 3% of bonds bid for, payable to the President of the Board of Education, is required. Purchaser to
pay accrued interest.
Bonds Proposed.-The Committee on Ways and Means
has recommended that the Common Council authorize the
issuance of $50,000 4% high-school-building and site-purchase bonds. Date Feb. 1 1909. Interest semi-annual.
Maturity $25,000 on Sept. 15 in each of the years 1915 and
1916.
Guilford County (P.0. Greensboro), No. Oar.-Bond Sale.
-The Security Trust Co. of Spartanburg, offering 110.068,
was the successful bidder on an. 18 for the $55,000 5%
coupon highway-improvement bonds described in V. 88,
p. 173. The following proposals were received:




248

THE CHRONICLE

Livingston County (P. 0. Geneseo), N. Y.-Bond Sale.On Dec. 23 1908 the Security Trust Co. of Rochester was
awarded $51,355 95 4M% highway bonds at 101.125.
Denomination $10,271 19. Two bonds are dated Jan. 1
1909 and three May 1 1909. Interest annually at the
County Treasurer's office. Maturity $10,271 19 yearly on
March 1 from 1912 to 1916 inclusive.
'Logan County (P.0.Bellefontaine), Ohio.-Bond Offering.
-Proposals will be received until 2 p. m. Jan. 26 by W. S.
Jones, County Auditor,for the $50,000 4% coupon infirmaryrepair bonds voted on Nov. 3 1908. V. 87, p. 1315. Authority Sections 871 and 2825, Revised Statutes. Denomination $500. Date Jan. 26 1909. Interest Jan. 1 and
July 1 at the office of the County Treasurer. Maturity
$2,500 each six months from Jan. 1 1916 to July 1 1925
inclusive. Cash deposit of $3,000 must be made by each
bidder with the County Treasurer. Bidders must satisfy
themselves as to the legality of the issue before submitting
bids. Delivery within thirty days after the date of sale.
Purchaser to pay accrued interest.
Louisiana, Pike County, Mo.-Bond Offering.-Proposals
will be received until 7 p. m. Jan. 29 by the City Council,
F. A. Claus, Chairman, for $50,000 4% refunding bonds.
Maturity twenty years. Bonds to be issued Mar. 11909.
Luverne, Crenshaw County, Ala.-Bonds Not Sold.-No
ale has yet been made of the $20,000 5% 10-20-year (op ional) water-works bonds offered on Dec. 15 1908 and de cribed in V. 87, p. 1560.
Ludlow, Ky.-Bonds Defeated.-Re ports state that the
voters of this city recently defeated a proposition to issue
$15,000 sewer bonds.
Madisonville (P.0. Cincinnati), Hamilton County, Ohio.Uond Offering.-Proposals will be received until 12 m. Feb.
10 by J. A. Conant, Village Clerk, for $3,114 93 6%
coupon Home Avenue sidewalk-construction bonds. Authority Sections 75 and 95, Ohio Municipal Code. Date Oct. 14
1908. Interest annually at the Cincinnati Trust Co. in Cincinnati. Maturity part yearly on Oct. 14 from 1909
'to 1913
inclusive. Certified check for $100, payable to the Village
Treasurer, is required. Bonds will be delivered within 10
days from time of award. Purchaser to pay accrued interest
McAlester, Pittsburgh County, Okla.-Bond Election.The City Council has ordered an election, it is stated, to vote
on propositions to issue bonds for the following purposes:
$175,000 for storm sewers, $20,000 for the extension of the
water main and $8,000 for a jail.
McArthur School District (P. 0. McArthur), Vinton
County, Ohio.-Bonds Defeated.-The election held in
this district on Dec. 28 1908 to vote on the question of issuing
the $25,000 school-building bonds mentioned in V. 87, p.
1676, resulted in a vote of 74 "for" to 148 "against" the same.
McKeesport, Allegheny County, Pa.-Bond Offering.Proposals will be received until 4 p. m. Jan. 28 by C. E.
Soles, City Comptroller, for $30,000 4% filtration bonds
Denomination $1,000. Date Jan. 1 1909. Maturity "from
fifteen to thirty years." Certified check for $1,000 is required. Bonds are free from State tax.
Marion County (P. 0. Indianapolis), Ind.-Bond Sale.On Jan. 15 the $100,000 332% 20-year coupon bridge bonds
described in V. 88, p. 116, were awarded to the Indiana
Trust Co. of Indianapolis at 100.071. There were no other
bidders.
Maryland.-Bonds Not Yet Sold.-Under date of Dec. 21
the State Treasurer informs us that no award has yet been
made of the $400,000 bonds-the unsold portion of the issue
of $500,000 332% 10-15-year (optional) coupon "State
Roads Loan" bonds mentioned in V. 87, p. 83.1.
Mason County (P.0. Ludington), Mich.-Bonds Proposed.
-This county is considering the advisability of issuing
$50,000 bonds. The County Clerk informs us that the
question may be submitted to a vote of the people at the
coming April election.
Menominee, Mich.-No Action Yet Taken.-We are informed under date of Jan. 2 that no action has yet been taken
looking towards the issuance of the $50,000 street-paving
bonds recently voted. See V. 87, p. 1437.
Miami COunty (P.0.Peru),Ind.-Bond Sale.-On Jan. 20
$112,000 33/% court-house-construction bonds were awarded
to the Citizens' National Bank of Peru for $112,075-the
price thus being 100.066. There were no other bidders.
Denomination $1,000. Date Feb. 6 1906. Interest Jan. 1.
Middlesex County (P. 0. New Brunswick), N. J.-Bond
Offering.-Proposals will be received until 11 a. m. Jan. 30
by the Finance Committee, William T. Stacey, Chairman,
for $125,000 4% road-improvement bonds. Denomination
$1,000. Date Feb. 1 1909. Interest semi-annually at the
office of the County Collector, New Brunswick, N. J. Maturity $6,000 yearly on Feb. 1 from 1919 to 1937 inclusive
and $11,000 on Feb. 1 1938. Certified check for $1,000,
payable to H. Raymond Groves, County Collector, is required. Official advertisement states there has never been
any default in the payment of any obligation and that there
is no litigation pending or threatened affecting the validity
of these bonds.
Minco, Grady County, Okla.-Bond Election Proposed.This town proposes to call an election to vote on the question
of issuing $10,000 6% 20-year water-works bonds.




[VOL.

Mineral Wells, Palo Pinto County, Tex.-Bonds Registered-On Jan. 9 the State Comptroller registered 5% 20-40-year
(optional) bonds for the following purposes: $15,000 for
sewers and $3,000 for streets.
Mitchell, Scotts Bluff County, Neb.-Bond Offering.Proposals will be received until 4 p. m. Feb. 15 by G. E.
Mark, Village Clerk, for the $18,000 6% water-works bonds
voted (V. 87, p. 1438) on Nov. 17 1908. Denomination
$500. Date Dec. 31 1908. Interest annually at the fiscal
agency in New York City. Maturity twenty years, subject'
to call after five years. Certified check for 3% of bid,
payable to H. 0. Eastman, Village Treasurer is required.
Bonded debt this issue. Assessed valuation '
15114,277.
Modesto School District, Stanislaus County, Cal.-Bonds
Voted.-The question of issuing the $32,000 5% schoolbuilding and site-purchase bonds mentioned in V.87, p. 1676,
was favorably voted upon Dec. 30 1908. The vote was 299
"for" to 88 'against.' Interest annual. Maturity $2,000
yearly, beginning ten years from date. These securities
will be offered or sale about March 1 1909.
Monroe, Walton bounty, Ga.-Bonds Not Yet Sold.Up to Dec. 23 1908 no sale had yet been made of the $10,000
bonds-the unsold portion of the issue of $30,000 5%
coupon sewer bonds offered for sale on Sept. 24 1908. See
V. 87, p. 1192.
Muncie, Ind.-No Action Yet Taken.-No action has yet
been taken looking towards the issuance of the $100,000
city-building bonds mentioned in V. 87, p. 1193.
Nara Visa School District(P.0. Nara Visa),Quay County,
N. Me.-Bonds Voted.-At an election held Dec. 18 1908
57 votes were unanimously cast in favor of a proposition to
issue $4,500 6% 20-year school-building bonds.
New Bedford, Mass.-Bond Sales for the Year 1908.-For
the year ending Dec. 31 1908 this city placed $868,000 bonds
answering the following description:
Amount.
$250,000
305,000
•183,000
30,000
100,000

Price Paid.
Purpose. Int.Rate. Maturity.
Purchaser.
Sewer
4
Merrill, Oldham & Co. 101.554
School
4
July 1 '09-'281H. W.Poor & Co. and 1100.771
Municipal 4
July 1 '09-'181 Parkinson & Burr
Municipal 4
Nov. 1 '09-'18 Perry, Coffin & Burr 101.387
Library
334 Jan. 1 '09-'29 Merrill, Oldham & Co. 100.079

• This issue was originally reported as $190,000.

It will be noticed that reports of the majority of the above
sales were made in previous issues. The list is reprinted for
the purpose of keeping a complete record.
Temporary Loans.-$795,000 temporary loans were negotiated during 1908 as follows:
With Whom NeyottatedAmount.
$100,000 _Blake Bros. & Co., Boston
do
do
do
100,000_ _
100,000__Loring, Tolman & Tupper
do
do
do
100,000_ _
100,000_ _Blake Bros. & Co., Boston
95,000 _ _Mechanics' Bank, New Bedford
100,000__Merchants' Bank, New Bedford
100,000__Bond & Goodwin, Boston

Rate of Discount.
4.02%
3.17%
6.23%
5.50%
4.53%
4.00%
3.87%
3.54%

Temporary Loan -According to reports, $100,000 has
been borrowed until Nov. 1 1909 from the Eliot National
Bank of Boston at 3.21% discount.
Newburgh, Orange County, N. Y.-Bond Sale.-The
$115,000 20-year registered school-building bonds described
in V. 88, p. 175, attracted the following list of bids on Jan.20:
N. W. Harris & Co., New York (for 3.85s)
Ferris & White, New York ((for 3.855)
1(for 4s )
Newburgh Savings Bank, Newburgh (for 3.875s)
Isaac W. Sherrill, Poughkeepsie (for 3.90s)
H. L. Crawford & Co., New York (for 3.90s)
Lawrence Barnum & Co., New York f(tor 3.008)
1(for 45 )
Geo. M. Hahn, New York (for 3.95s)
N. W. Halsey & Co., New York (for 4s)
Kountze Bros., New York (for 4s)
R. M. Grant & Co., New York (for 45)
O'Connor & Kahler, New York (for 4s)
Wm.Salomon & Co., New York (for 4s)
Dudley S. Harde (for 4s)
John D. Everitt & Co., New York (for 4s)
Farson. Son & Co., New York (for 4s)
Parkinson & Burr, Boston (for 4s)
J. J. Hart (for 4s)
W. J. Hayes & Sons, Cleveland (for 4s1
S. A. Kean, Chicago (for 4 Ms)

$115,204 70
115,057 00
117,462 15
par
115,044 85
115,037 00
115,017 77
117,068,135
par
117,977 35
117,916 40
117,909 50
117,401 08
117,178 10
117,035 50
116,868 75
116,757 20
116,185 65
115,115 00
115,034 50
120,865 00

New Bern, Craven County, N. 0.-Bond Off ering.-Proposals will be received until 12 m. Feb. 1 by F. T. Patterson,
City Clerk for $50,000 5% coupon street-paving bonds.
Authority vote of 316 "for" to 25 "against" at election held
Jan. 5. Interest semi-annual. Maturity thirty years.
Certified check for $250 is required.
New London, Conn.-Bond Sale.-On Jan. 18 the $100,000 4% 20-year gold coupon municipal-building bonds, a
description of which was given in V.88, p. 175, were awarded
to O'Connor & Kohler of New York City at 102.614-a basis
of about 3.812%. A list of he bids submitted follows:
O'Connor & Kahler, N. Y__ _102.614
Geo. L. Ware & Co., Boston_102.57
C. E. Denison & Co., Etoston_102.333
Merrill, Oldham & Co., Bos_101.839
N. W. Harris & Co., N. Y_ - _101.831
E.H.Rollins & Sons, Bos_ _101.81334
Estabrook & Co., Boston_ _ _101.596
Crocker & Fisher. Boston_ _ _101.555

Blake Bros. & Co., Boston_ _101.08
101.062
Adams & Co., Boston
Perry, Coffin & Burr, Boston.101.039
Moffat & White, New York_ _100.417
Blodget, Merritt & Co., 1308_100.319
Kountze Bros., New York_ _100.241
Hineks Bros., Bridgeport__ _100.025

North Dakota.-Bonds Purchased by the State During
November and December.-We are advised that the followingdescribed bonds, aggregating $81,750, were purchased by
the State of Noith Dakota with endowment funds o educational institutions during the months of November and
December 1908, "all.such purchases having been made direct
from municipalities and school districts issuing same and all

JAN. 23 1909.]
bearing 4% interest and bought at par."
purchased are subject to call.

None of the issues

Bowbells School District No. 29. Ward County.-86,000 bonds, dated
Oct. 31 1908 and maturing Oct. 31 1928.
Carroll School District No. 8, Billings County.-$3,000 bonds, dated Oct. 1
1908 and maturing Oct. 1 1928.
Cromwell School District No. 37, BurLeigh County.-$500 bonds. dated
Sept. 1 1908 and maturing Sept. 1 1918.
Crystal School District No. 59. Ward County.-$500 bonds, dated July 1
1908 and maturing July 1 1928.
Fort Rice School District No. 51, Burieigh County.-$500 bonds, dated
Sept. 1 1908 and maturing Sept. 1 1918.
Gayton School District No. 2, Emmons County.-83,000 bonds, dated
Oct. 1 1908 and maturing Oct. 1 1918.
Grand Forks County School District No. 44.-812,000 bonds, dated Oct. 1
1908 and maturing Oct. 1 1928.
Harrison School District No. 2, Ward County.-810,000 bonds, dated
Oct. 1 1908 and maturing Oct. 1 1918.
Kensal School District No. 19, Stutsman County.-8800 bonds, dated
Oct. 31 1908 and maturing Oct. 31 1918.
Kroeber School District No. 1, Logan County.-$700 bonds, dated Oct. 1
1908 and maturing Oct. 1 1918.
Leyden School District No. 95, Pembina County.-81,350 bonds, dated
Oct. 1 1908 and maturing Oct. 1 1923.
Lone Tree School District No. 5, Bowman County.-$800 bonds, dated
Oct. 31 1908 and maturing Oct. 31 1918.
Lone Tree School District No. 6, Billings County.-$4,500 bonds, dated
Oct. 31 1908 and maturing Oct. 31 1928.
Malcolm School District No. 38, McLean County.-$700 bonds, dated
Oct. 31 1908 and maturing Oct. 31 1918.
Mapleton School District No. 7, Cass County.-812,000 bonds, dated
Sept. 1 1908 and maturing Sept. 1 1914.
Marshall School District No. 7, Dunn County.--$1,000 bonds, dated Oct. 31
1908 and maturing Oct. 31 1928.
Medicine Hill School District No. 12, Bowman County.-81,450 bonds,
dated Oct. 31 1908 and maturing Oct. 31 1918.
Mott School District No. 6, Hettinger County.-81,200 bonds, dated
Oct. 31 1908 and maturing Oct. 31 1928.
Nelson School District No. 67, McLean County.-81,950 bonds, dated
Oct. 31 1908 and maturing Oct. 31 1923.
Palmberg School District No. 66, McLean County.-$800 bonds, dated
Oct. 1 1908 and maturing Oct. 1 1928.
Rainy Butte School District No. 10, Billings County.-$2,000 bonds, dated
Oct. 1 1908 and maturing Oct. 11928.
Roberts School District No. 16, Billings County.-83,000 bonds, dated
Oct. 1 1908 and maturing Oct. 1 1928.
Sentinel Butte School District No. 2, Billings County.-$8,000 bonds, dated
Oct. 31 1908 and maturing Oct. 31 1928.
South Heart School District No. 9, Stark County.--$2,000 bonds, dated
Sept. 1 1908 and maturing Sept. 1 1928.
Ward School District No. 55, Ward County.-$3,000 bonds, dated Oct. 31
1908 and maturing Oct. 31 1918.
Watson School District No. 82, Cass County.--$1,000 bonds, dated Oct. 31
1908 and maturing Oct. 31 1918.

Oakfield, Genesee County, N. Y.-Bonds Defeated.-On
Jan. 5 the voters defeated a proposition to issue $25,000
water-works bonds.
Oberlin School District (P. 0. Oberlin), Lorain County,
Ohio.-Bonds Defeated.-We are now advised that the $35,000 bonds which we were originally informed had been voted
at the election held Nov. 3 (V. 87, p. 1257), were defeated
on that day.
Okraulgee, Okla.-Bonds Voted.-Papers report that
bonds have been voted for the following improvements:
$50,000 for storm sewers, $20,000 for sanitary sewers,
$20,000 for a city-hall, $15,000 for water extensions, $60,000
for a high-school-building and site and $4,000 for colored
schools.
Olanta School District No. 21.(P.0.Florence), So. Car.Bond Sale.-The $5,000 30-year school-building • bonds
offered on Jan. 1 and described in V. 87, p. 1677, were purchased by Chas. H. Coffin of Chicago at 100.52 for 6s. Purchaser to pay "all costs" relative to the issuance of the bonds.
Orleans Levee District, La.-Bond Sale.-On Jan. 15 the
$2,756,000 5% coupon improvement and refunding bonds
described in V. 88, p. 117, were awarded to the Whitney
Central Trust & Savings Bank of New Orleans and N. W.
Harris & Co. of New York City at their joint bid of 104.899
and accrued interest. The other bidders follow:
Isidore Newman & Son, New Orleans; Ladenburg, Thalman &
j104.137
Co., New York
Hibernia Bank & Trust Co.. New Orleans; Inter-State Trust &
Banking Co., New Orleans; Whitney-Central Nat. Bank, New 103.325
Orleans, MacDonald, McCoy & Co., Chicago; Devitt, Tremble &
Co., Chicago

Both syndicates offered accrued interest in addition to
their bids.
.
Peoria County (P. 0. Peoria), Ill.-Bond Sale.-The
$240,000 4% refunding bonds described in V. 87, p. 1622
were disposed of on Jan. 20 to the Wm. R. Compton Bond
& Mortgage Co. of St. Louis for $242,505-the price thus
being 101.044. Purchaser to pay the cost of lithographing.
Piedmont School District, Alameda County, Cal.-Bond
Sale.-On Jan. 11 James H. Adams & Co. of Los Angeles
were awarded the $50,000 5% building bonds described in
V. 88, p. 117, at 109.501-a 1basis of about 4.238%. Following is a list of the proposals received:
853,837 50
Jas.H.Adams&Co.,LosAn.$54,750 90 1 Barroe & Co
N.W.Halsey & Co.,SanFr. 54,707 50 G.G.Blymyer&Co.,SanFr. 53,765 00
E.H.Rollins&Sons,SanFr. 54,700 00 California State Board of
53,510 00
Central Bank of Oakland- 54.421 001 Examiners
First Nat. Bank, Oakland 54,400 001Wm.R.Staats&Co.,Pasad_ 53,347 00

Bonds are dated Feb. 1 1909. Maturity on Jan. 15 as
follows: $1,000 yearly from 1911 to 1918 inclusive and
$2,000 yearly from 1919 to 1939 inclusive.
Pontiac, Oakland County, Mich.-Bond Sale.-On Jan. 11
the $8,000 5% 5-12-year (serial) armory-building bonds
described in V. 88, p. 117, were awarded to N. W. Halsey
& Co. of Chicago at 106.26-a basis of about 4.12%. The
bids received were as follows:
A.B.Leach & Co., Chicago_$8,483 00 Coffin & Crawford, Chicago $8,352 00
Mercantile Tr. Co., St. L-_ 8,482 40 E. H. Rollins & Sons, Chic_ 8,340 00
C. E. Denison & Co., Cleve_ 8,453 75 Hoehler & Cummings, Tol_ 8,328 50
W.E. Moss & Co., Detroit_ 8,452 00 Thos. J. Bolger Co., Chic__ 8,326 00
First National Bank, CleveRudolph Kleybolte Co..
8,311 00
land
8,409 60
Inc., Cincinnati
a8,400 00 W.J. Hayes & Sons, CleveS. A. Kean, Chicago
8,309 00
land
Seasongood & Mayer, Cln. 8,382 40
8,372 00 Otis & Hough. Cleveland.... 8,308 00
John Nuvcen & Co., Chic
a Not accompan ed by the required certified check.




249

THE CHRONICLE

Port of Portland, Ore.-toond Sale.-The $50,000 6%
1-year gold coupon bonds a description of which was given
in V. 88,_p. 117, were sold on Jan. 14 to the Security Savings
Bank & rust Co. of Toledo at 100.255 and accrued interest.
Following is a list of the bids:
Security Savings Bank &
Security Savings & Trust
850,127 501 Co.. Portland
Trust Co., Toledo
Morris Bros.. Portland... 50,025 00 Hibernia Say. Bk.. Porti_

par
par

Port Vue, Allegheny County, Pa.-Bond Sale.-On Jan. 6
the $18,000 43.% coupon (with privilege of registration)
bonds offered without success on July 14 1908 were awarded
to the Safe Deposit & Trust Co. of Pittsburgh at par and
accrued interest. See V. 87, p. 55, for a description of
these securities.
Radford, Montgomery County, Va.-Bond Offering.Proposals will be received by the Finance Committee, R. J.
Noel, W. T. Baldwin and R. 0. Scott, for $35,000 4%
school-building bonds. About half of the bonds will "run
21 years and balance 29 years." Denomination $500.
Reeves County Common School District No. 4, Tex.Bonds Registered.-The State Comptroller on Dec. 9 1908
registered $5,000 5% 20-year school-house bonds.
Reno School District No. 10(P.0. Reno), Washoe County,
Nev.-Bond Sale.-The $100,000 5% 1-20-year serial coupon (with privilege of registration) school-building and sitepurchase bonds offered on Dec. 30 1908 and described in
V. 87, p. 1678, were awarded to the Nixon National Bank
of Reno at 101.56. The purchaser to pay the cost of printing
the bonds.
Rensselaer County (P. 0. Troy), N. Y.-Bond Sale.-The
$50,000 4% 1-25-year (serial) registered highway-improvement bonds described in V. 88, p. 117, were sold on Jan. 15
to Estabrook & Co. of Boston at 101.70-a basis of about
3.834%. A list of the proposals received follows:
Estabrook do Co., N. Y_$50,850 00
R. M. Grant & Co., N. Y. 50,841 00
•Kountze Bros., New York. 50,840 00
LaWr.Barnum deCo., N. Y_ 50,788 50
Farson,Son & Co., N. Y. 50,768 00
O'Connor & Kahler, N. Y. 50,692 50
A. B. Leach & Co., N. Y. 50,666 50
Blodget, Merritt & Co.,N.Y.50,657 50

W. N. Coler & Co.. N. Y-850.610 00
N. W.Halsey & Co., N.Y_ 50,595 00
Dominick &Dominick,N.Y. 50,587 00
E. D.Shepard & Co.,N.Y. 50,515 00
Fenwick &Rogerson,N. Y. 50,515 00
Edm.Seymour & Co.,N.Y. 50,495 00
Parkinson & Burr, N. Y__ 50,257 13
E.H.Rollins&Sons,Bos___ 50.188 00

Ridgway School District(P.O. Ridgway),Pa.-No Action
Yet Taken.-Up to Dec. 23 1908 nothing had been done in
the matter of issuing the building bonds voted on Nov. 3
1908. See V. 87, p. 1376.
Riverside; Cal.-Bond Election Postponed.-We are informed that the election which was to have taken place in
October or November 1908 to vote on the question of issuing
the $240,000 bonds (V. 87, p. 1376) for improving the
streets, the city hall and the parks, has been postponed until
some time in the spring.
Rochester, N. Y.-Bond Offering.-Proposals will be received until 2 p. m. Jan. 25 by Charles F. Pond, City Comptroller, for $75,000 4% registered school bonds. Authority,
Chapter 549, Laws of 1906. Denomination $5,000. Date
Feb. 1 1909. Interest Jan. 1 and July 1 at the Union Trust
Co. in New York City. Maturity $25,000 yearly on June 1
from 1920 to 1922 inclusive. Certified check for 2% of the
bonds bid for, payable to the City Comptroller, is required.
The genuineness of these bonds will be certified to by the
Columbia Trust Co. in New York City. Purchaser t) pay
accrued interest. Blank forms for bids furnished by city.
Rock Hill, York County, S. C.-Bond Election.-The question of issuing $250,000 5% bonds will be voted on Feb. 11.
Roseburg, Ore.-Bond Election.-The $35,000 5% street
bonds awarded on Aug. 21 1908 to Morris Bros. of Portland,
but subsequently refused by them (V. 87, p. 1316), will be
submitted to a vote of the people on Feb. 20 for the purpose
of curing the defects in the original issue.
Rosemary School District (P. 0. Rosemary), Georgetown County, So. Caro.-Bond Offering Postponed.-The
offering of the $5,000 6% 20-year coupon school-building
bonds described in V. 88, p. 117, which was to have taken
place Jan. 15, has been postponed indefinitely.
Rutherford, Bergen County, N. J.-Bond Election.-An
election will be held Jan. 28 to vote on the question of
issuing $15,000 bonds to purchase the property of the Rutherford Field Club.
St. Albans, Franklin County, Vt.-Warrant Sale.-The
People's Trust Co. of St. Albans purchased $15,000 4%
water supply warrants on Nov.21 1908 at par. Denomination $1,000. Date Nov. 2 1908. Interest semi-annual.
Maturity $2,000 yearly on Nov. 2 after 1911.
San Francisco, Cal.-Bond Sales For the Year 1908.-In
addition to the sales of $3,280,000 bonds reported by us
from time to time in this Department during 1908, the
city also disposed of $12,500 3% street bonds to the North
Central Improvement Association during the year at par.
Securities are dated Sept. 1908 and mature in 1922 and 1923.
No Action Yet Taken.-Up to Dec. 29 1908 no date had
been fixed for the sale of the $600,000 water-supply bonds
voted on Nov.•12 1908 (V. 87, p. 1494).
Scotts Bluff, Scotts Bluff County, Neb.-Bond Sale.
John Nuveen & Co. of Chicago purchased $30,000 6%
5-20-year (optional) water-works bonds o nDec. 1 1908 at
par. Denomination $1,000. Date Jan. 1 1909. Interest
semi-annual.

250

THE CHRONICLE

Lxxxviii.

Seattle, King County, Wash.-Bonds Voted.-The propoTerrell, Kaufman County, Tex.-Bonds Not Yet Sold.sitions to issue the $1,000,000 park and $800,000 municipal Up to Jan.
8 no award had yet been made of the $3,000 bonds
lighting plant 20-year bonds at not exceeding 4
interest -the unsold portion of the issue of $15,000 4% 10-40-year
(V. 87, p. 1678) were favorably voted upon Dec. 29 1908. (optional)
lighting-plant bonds mentioned in V. 87, p. 1376.
The vote was 6,688 "for" to 2,359 "against" the former
Texarkana, Tex.-Election Held Illegal by Attorneyproposition and 7,024 "for" to 1,903 "against" the latter
General.-Reports state that the Attorney-General has ruled
proposition.
Bonds Defeated.-By a vote of 4,167 "for" to 4,668 as illegal the special election held Dec. 29 1908 at which a
"against" the electors of this district on Dec. 29 1908 de- bond issue of $125,000 for a new high school building was
feated the proposition to issue the $813,180 permanent im- authorized. The Attorney-General bases his ruling on the
fact that only twenty days notice was given in advance of
provement bonds mentioned in V. 87, p. 1678.
said
whereas the new Terrell election law requires
Seattle, Wash.-Bond Sale.-Reports state that on Jan. 14 thirtyelection,
days' notice. The City Council, it is stated, will
three issues of local-improvement bonds, aggregating $13,- order another
election on the question at once.
009 84, were disposed of as follows: Issue No. 1,715, for the
Thomaston, Upson County, Ga.-Bonds Voted.-On
improvement of Thackery Place, sold to C. W. Coit for
$5,896 51; issue No. 1,739, for the improvement of an alley Dec. 14 this city voted to issue $10,000 6% bonds for the
purpose of enlarging the electric-light plant. The vote was
in Block 45, A. A. Denny's addition, sold to the Independent
Asphalt Co. for $1,433 70, and issue No. 1,732, for the im- 199 "for" to 18 "against." Maturity from 1914 to 1923
provement of East 65th Street, sold to Josiah Jones & Son inclusive.
Thomson, McDuffle County, Ga.-Bond Sale.-On Jan. 2
for $5,679 63.
Seattle School District No. 1(P.0. Seattle), King County, $25,000 5% school bonds were disposed of. John W. Dickey
Wash.-Bond Offering.-Proposals will be received up to of Augusta was the successful bidder, paying 103.63 and
March 17 by the County Treasurer for the $400,000 20-year interest. This is on a basis of about 4.772%. Denomcoupon school-house bonds voted (V. 88, p. 118) on Dec. 5 ination $1,000. Date Dec. 1 1908. Interest semi-annual.
Maturity Dec. 1 1938.
1908.
Topeka, Kans.-Bond Sale.-On Jan. 15 the $40,000
Seneca Falls, Seneca County, N. Y.-Bond Offering.
4 9% 20-year electric-light-plant-extension bonds described
Proposals will be received until 7 p. m. Feb. 10 by John M. in V. 88, p. 118, were awarded to A. B. Leach & Co. of
Guion, Village Clerk, for $23,000 funding bonds. Denomination $1,000. Interest (rate to be named in bid) payable Chicago at 105.65 and accrued interest. Following are the
semi-annually on Feb. 1 and Aug. 1. Maturity $3,000 on bids:
A. B. Leach & Co., Chicago_242,260 Thos. J. Bolger Co., Chicago440,800
Feb. 1 1910 and $5,000 yearly on Feb. 1 from 1911 to 1914 Kountze
Bros., New York__ 42,172 Parson, Son & Co., Chicago__ 40,726
Harris 'Fr. & Say. Bk., Chic_ 41,404 R.W.Morrison&Co.,Kan.City 40.706
inclusive.
Lamprecht Bros. & Co., N.Y. 41,224 E. H. Rollins & Sons, Chic__ 40,700
Seymour, Baylor County, Tex.-Bonds to Be Offered A.G.Edwards&Sons,St.Louts 41,215 American Tr. Fc S. B., Chic__ 40,600
H.T. Holtz & Co., Chicago__ 41,126 Prudential Trust Co., Topeka 40,400
Shortly.-The City Secretary informs us that the $40,000 Lee
Monroe, Topeka
40,904 John Nuveen ec Co., Chicago_ 40,126
4% 5-40-year (optional) coupon water and sewer bonds Spitzer & Co., Toledo
40,850
Denomination $500. Date Jan. 1 1909. Interest semivoted on Nov. 30 1908 (V. 87, p. 1561) will probably be
annual.
ready for sale about March 1.
Bonds to be Offered Shortly.-We are informed that this
Shelby School District (P. 0. Shelby), Polk County, Neb.
-Bonds Voted.-On Dec. 19 1908 a vote of 139 to 12 was city will be in the market some time during the early spring
cast, it is stated, in favor of a proposition to issue $8,000 or summer With about $150,000 or $200,000 paving and
sewer bonds, maturing part yearly for ten years.
school-building bonds.
Triadelphia School District (P. 0. Triadelphia), Ohio
Shelley, Idaho.-Bonds Not Yet Sold.-Up to Dec. 9 no County,
purchaser had yet been found for the $6,500 6% 10-20-year $43,000 W. Va.-Bond Election.-A proposition to issue
5% school-building bonds will be submitted to a
(optional) gold coupon water-works bonds mentioned in
vote of the people to-day,(Jan.23). Denomination $500. Date
V. 87, p. 1115.
April 1 1909. Interest
Shuqualak, Noxubee County, Miss.-Bonds Proposed.- follows: $8,500 in 1919; annual. Maturity on April 1 as
$1,000 in each of the years 1920,
This place is considering the advisability of issuing $6,000 1921 and 1922; $1,500 yearly
from 1923 to 1929 inclusive;
school bonds.
$2,000 yearly from 1930 to 1933 inclusive; $2,500 yearly
Sierra Madre, Los Angeles County, Cal.-Bond Election from 1934 to 1937 inclusive,and $3,000 in 1938, bonds due
Proposed.-It is stated that the trustees have decided to call after April 1 1919 being subject to call. The question of
an election to allow the voters to determine whether or not issuing the above bonds was defeated at the election held
Dec. 12 1908.
bonds shall be issued for a municipal gas plant.
Spirit Lake Independent School District No. 63 (P. 0.
Troy, N. Y.-Sale of Certificates of Indebtedness.-On
Spirit Lake), Kootenai County, Idaho.-Bond Sale.-The Jan. 19 $100,000 5% certificates of indebtedness, due
$15,000 5% 10-20-year(optional) gold coupon school bonds, Sept.19 1909, were awarded to the Manufacturers' National
bids for which were rejected on Nov. 21 1908 (V. 87, 13. Bank of Troy at 100.848.
1495), have been awarded to the State Board of Land ComTulia Independent School District (P. 0. Tulia), Swisher
missioners.
County, Tex.-Bonds Not Yet Sold.-We are informed under
Stevensville, Ravalli County, Mont.-Bonds Voted.- date of Dec. 30 1908 that no award has yet been made of the
The voters at an election held Jan. 5 authorized the town $6,000 5% 15-40-year (optional) school-house bonds mento issue $25,000 6% 10-20-year ,
(optional) water-works tioned in V. 86, p. 1608.
bonds. The vote was 37 "for' to 8 'against."
Twin Falls, Twin Fallspounty,Idaho.-Bonds Offering.Stillwater, Payne County, Okla.-Bond Offering.-Pro- Proposals
will be received until 8 p.m. Feb.8 by Stuart H.
posals will be received until 7 p. m. Feb. 1 by W. B. Swinford, City Treasurer, for $10,000 5% school bonds. Ma- Taylor, City Clerk, for $10,000 fire-department and $10,000
street-im
provement 6% bonds. Authority, vote of 41 to
turity twenty years. Certified check for 5% of bid is
15, cast at election held .Dec. 151908. Denomination $1,000.
required.
Date
Jan. 1 1909. Interest semi-annually at the office of
Struthers School District (P. 0. Struthers), Ohio.-Bond
Offering.-Proposals will be received until 7 p. m. Feb. 1 the City Treasurer at Twin Falls or at the First National
Bank
in New York City at option of holder. Maturity
by Seth J. McNabb, Clerk Board of Education, for the
$25,000 41y% coupon North Side school bonds voted on Jan. 11929, subject to call after ten years. Bids must be
Dec. 12 1908. Authority Sections 3991, 3992 and 3993, unconditional and accompanied by a certified check for 5%
Revised Statutes. Denomination $1,000. Date Feb. 1 of bid, payable to the order of the City Treasurer.
University Place, Lancaster County, Neb.-Bonds Not
1909. Interest Jan. 1 and July 1 at the Struthers Savings
& Banking Co. in Struthers. Maturity $2,000 yearly on Yet Sold.-No purchaser has yet been found for the $15,000
July 1 from 1926 to 1936 inclusive and $3,000 on July 1 1937. 5% 5-20-year (optional) electric-light bonds mentioned in
Bonds are tax-exempt. Certified check on some bank in V. 86, p. 501.
Mahoning County for $1,000, payable to the Board of
Utica, N. Y.-City to Sell RR. Stock.-This city holds
Education, is required.
1,995 shares of the stock of the Utica Clinton & BinghamSummit, N. J.-Purchasers of Bonds.-The purchasers of ton RR. It is announced that this will be sold at auction
the $60,000 school bonds recently disposed of at private at 1:30 p. m.on Jan. 25. See item in our Railroad News
sale (V. 88, p. 118) were Emanuel Parker & Co. of New Department to-day and State and City Supplement for
York City. They paid 108 and accrued interest.
Nov. 1908; also advertisement on a preceding page.
Sumter County (P. 0. Americus), Ga.-Bond Election.Velasco Drainage District (P. 0. Velasco), Brazoria
The question of issuing $50,000 57
0 road-building bonds will County, Tex.-Bonds Not Sold.-The District Secretary
beTsubmitted to a vote of the people on Feb. 11. Denomin- writes us under
date of Dec. 29 1908 that no award has yet
ation $1,000. Maturity $2,000 yearly on Jan. 1 from 1911 been made of the $50,000
5% coupon drainage-improvement
to 1935 inclusive.
bonds described in V. 87, p. 1045.
Superior, Douglas County, Wis.-Proposed Bond Issue.Vergennes.. Vt.-Bond Sale.-The $25,000 4% 20-year
We are advised that there is a possibility of this city deciding water bonds mentioned in
87, p. 1561, were purchased
on a bond issue for the purpose of building a new high school. on Dec. 17 1908 by John P.V.
O'Brien & Co. of Boston. DeOur informant adds that nothing will be done in this matter, nomination $1,000. Date Jan. 1 1909.
Interest semi-anhowever, until next spring or summer.
nual.
Tacoma, Pierce County, Wash.-No Action Yet Taken.Vinita, Craig County, Okla.-Bond Sale.-This town
The matter of calling an election to vote on the issuance of awarded $16,317 67
0 refunding bonds on Dec. 21 1908 to
$300,000 bonds to pay for surveys, right-of-way and a site Spitzer & Co. of Toledo at 104. Denomination $500.
for a municipal power plant (V. 87, p. 1495) is still in the Date Dec. 29 1908. Interest semi-annual. Maturity
hands of the City Council.
Dec. 29 1928.




251

THE CHRONICLE

JAN. 23 1909.I

Bond Election Proposed.-This town has under consider- . West Hoboken School District (P. 0. West Hoboken),
ation the matter of calling an election to vote on the question Hudson County, N. J.-Bonds Authorized.-Reports state
, that the Board of School Estimate has authorized the issuance
of issuing $9,000 auditorium bonds.
Watertown Independnet School District (P. 0. Water- 1 of $50,000 funding and site-purchase bonds.
Weston County (P. 0. Newcastle), Wyo.-Bond Offering.
town), So. Dak.-Bond Sale.-The $60,000 414% 1-20-year
(serial) coupon school-building bonds described in V. 88, p. -We see it reported that the Board of County Commissioners
118,were disposed of on Jan. 15 as follows: $45,000, maturing has decided to advertise for proposals for the sale of $25,000
$3,000 yearly,on April 1 from 1915 to 1929 inclusive awarded 43% 10-20-year (optional) court-house bonds. Denominto Woodin, McNear & Moore of Chicago for $46,200 (102.666) ation $1,000.
West Orange School District (P. 0. Orange), Essex
plus the cost of blank bonds and $15,000, maturing $3,000
yearly, on April 1 from 1910 to 1914 inclusive awarded to County, N. J.-Bond Sale.-R. M. Grant dr Co. of New York
the Citizens' National Bank of Watertown at 101. Pur- City were the successful bidders on Jan. 20 for the $30,000
chasers to pay accrued interest. The following bids were 4M% coupon school bonds described in last week's "Chronialso received:
cle." They paid 107.61 and accrued interest-a basis of
E.H.Rollins & Sons, Chtc_ _ _$61,278 H.T. Holtz & Co., Chicago_ _$60,774 about 4.04%. Maturity $3,000 yearly on Nov. 1 from
Minnesota L. & Tr. Co.,Minn. 61,190 Union Investment Co., Minn_ 60,315
1931 to 1940 inclusive. Following are the bids:
Merchants' L. & Tr. Co.,Chic. 60,927 Wm. R. Compton Bond &
Mortgage Co., St. Louis__ 60,065 R. M. Grant & Co., N. Y_$32,283 00i Kountze Bros., N. Y____$31,916 40
American Tr. & S. B., Chic__ 60,825
Chicago_ __ _ 60,061
60,795
Harris Tr. &S. B., Chicago__

Chas. H. Coffin,
John Nuveen & Co., Chicago.. 60,026

Two other bids were also received, but we are informed that they were below par and therefore were not
considered.
Webb City School District (P. 0. Webb City), Jasper
County, Mo.-Bond Election Proposed.-Reports state that
the School Board proposes to hold an election to vote on
the qestion of issuing $65,000 school-building bonds.
Wenatchee, Chelan County,. Wash.-Bonds Voted.-On
Dec. 22 1908 (not Dec. 28 1908 as at first reported) this city
voted to issue the $30,000 53/2% 15-year municipal-improvement bonds. The vote was 118 to 17.
Wenatchee School District (P. 0. Wenatchee), Chelan
County, Wash.-Bonds Voted.-On Jan. 4 this district voted
to issue $80,000 20-year school-building and site-purchase
bonds at not exceeding 6% interest.
West Chester, Chester County, Pa.-Loan Defeated.-An
election held Dec. 1 resulted in the defeat of a proposition to
issue $175,000 sewer bonds. The vote was 637 "for" to
657 "against."
West Glendale School District, Los Angeles County, Cal.Bond Sale.-We see it reported that James H. Adams & Co.
of Los Angeles have bought $5,000 school bonds at 102.05.

NEW LOANS.

N. W. Halsey & Co., N. Y. 32,259 00 A. B. Leach & Co., N. Y.. 31,671 00
H.L.Crawford & Co.. N.Y. 32,202 00 Farson, Son ec Co., N. Y.. 31,572 00
John D.Everitt&Co.,N.Y_ 32,001 00 O'Connor & Kehler, N. Y_ 31,515 00
J. S. Rippe!, Newark_ .. _ _ 31,968 001Prov. S. B. & Tr. Co., Cin. 30,660 00

Wheeling, W. Va.-Bond Sale.-The following 4%
coupon improvement bonds, bids for which were received
on Jan. 5 (V. 88, p. 118),have been awarded to Weil, Roth
& Co. of Cincinnati at par and accrued interest:
$45,000 bonds. Denomination $100. Maturity $1,800 yearly from 1918
to 1942 inclusive.
250,000 bends. Denomination $500. Maturity $10,000 yearly from 191$
to 1942 inclusive.
400.000 bonds. Denomination $1,000. Maturity $16,000 yearly from
1918 to 1942 inclusive.

Wilkinsburg Independent School District (P. 0. Pittsburgh), Allegheny County,Pa.-Bond Election.-An election
will be held Feb. 16 to vote on the question of issuing $250,000
high-school-building bonds.
Willacoochee, Coffee County, Ga.-Bond Oflering.-Proposals will be received until 8 p. m. Feb. 8 by J. E. Gaskins,
Mayor, for $14,000 5% coupon water and light installation
bonds. Authority Section 25, page 716, of Acts of11904.
Denomination $1,000. Date March 11909. Interest annually at the office of the Town Treasurer or the Bank of
Willacoochee. Maturity March 11929. Bonds are exempt
from taxation. Certified check (or cash) for 10%toffibid,

NEW LOANS.

NEW LOANS.
$5,400,000

$1,000,000
$70,000
STATE OF MARYLAND CITY OF SPOKANE San Francisco, California,
Treasury
MUNICIPAL BONDS
Department,

Annapolis, January 1st, 1909.

THE STATE ROADS LOAN
The undersigned. Governor, Comptroller and
Treasurer of the State of Maryland, In pursuance
of an Act5of the General Assembly of Maryland
of 1908, Chapter 141, will receive proposals for
$1,000,000, Series "B," of the said Loan.
"The State Roads Loan" will be dated February
1. 1000, bear Interest from said date at the rate of
three and one-half per centum per annum, payable semi-annually on the first day of August and
February in each and every year, and the principal will be redeemable at the pleasure of the
State after the first day of February in the year
1919, and the whole debt will be payable on the
first day of February, 1924. The debt is exempted
from State, county and municipal taxation and
will be Issued in bond form, with coupons attached.
Said proposals must be delivered, sealed, to
the Treasurer of the State, at Annapolis, ON OR
BEFORE 12 O'CLOCK NOON OF THE FIRST
DAY OF FEBRUARY, 1009, and must have
endorsed on the back of the envelope "Proposals
for the State Roads Loan." Each bid must be
accompanied with a certified check on some
responsible banking institution for 10 per cent
of the amount of such bid, and the same will be
opened in the office of the State Treasurer, In the
city of Annapolis, at 12 o'clock noon, February
let. 1909, In the presence of the undersigned.
On the opening of such proposals so many of
said coupon bonds as have been bid for, not
exceeding, however, the amount for which proposals are invited, may be awarded by said
Governor. Comptroller of the Treasury and Treasurer, or a majority of them, to the highest responsible bidder or bidders for cash; and when
two or more bidders have made the same bid,
which bids are the highest, and if the amounts so
bid for by the highest responsible bidders are In
excess of the whole amount of the said bonds so
offered for sale, then such bonds may be awarded
to such highest responsible bidders bidding the
same price In the proportion which the amount
each has bid for bears to the whole amount of
said bonds so offered for sale.
These bonds will be issued in the denomination
of $1.000 and subject to registration as to principal. and no bid for less than par will be accepted.
The'right Is reserved to reject any and all bids.
AUSTIN L.(MOTHERS.
Governor.
• J. W. HERING.
Comptroller of the Treasury.
MURRAY VANDIVER,
Treasurer.
Estsbllobod 15811.

H. C. Speer & Sons Co.
First Nat. Bank Building,Chicago
CITY COUNTY
AND TOWNSHIP




20-Year 4% Crematory Bonds
Sealed proposals will be received by the Sinking Fund Commission of the City of Spokane,
Washington, at the office of the City Comptroller
of the said city, up to 10:30 O'CLOCK A. M.of the
18TH DAY OF FEBRUARY, 1909, for the purchase of all or any portion of a $70,000 bond issue
of said city.
Said bonds are issued by said city to take up and
pay off the outstanding warrants issued against the
Crematory Fund, and bear date of Feb. 1, 1909,
and payable 20 years after date, and draw interest
at the rate of 4h% annually. payable semiannually.
Said commission reserves the right to reject any
and all bids, and each offer must be accompanied
by a certified check for 2% of the amount of the
bid, payable to Robert Fairley, City Comptroller.
All bids must be for at least par and accrued
ROBERT FAIRLEY,
interest.
City Comptroller.

Sealed bids will be received on February118.
1909, for the purchase of Municipal Bonds of the
City and County of San Francisco to the amount
of $5,400,000.
Certified check of five per cent (5%) required,
but need not exceed $10,000.
Opinion of Dillon & Hubbard as to legality
furnished.
Present debt only $6,729,100.
Assessed valuation $454.000,000.
For forms of proposals and circulars giving7full
information, apply to Dillon & Hubbard, Attorneys, Western Union Building, New York City,
or to the undersigned.
JOHN E. BEHAN,
Clerk of the Board of Supervisors,
San Francisco, California.

NOTICE OF REDEMPTION

KANSAS CITY, KANSAS
$966.940.90
CITY OFOTTAWA,ONTARIO
DEBENTURES FOR SALE
Tenders addressed to "The Chairman Board of
Control", and marked "Tender for Debentures."
will be received by the Corporation of the City
of Ottawa until 12 o'clock, noon, on Thursday,
the 28th January, 1909, for the purchase of
debentures amounting to $966,940.90.
These debentures are all a liability of the City at
large, and bear 4% Interest, which is payable
half-yearly on 1st January and 1st July.
About $445.000 are for 20 years, about $417,000
for 30 years and about $105,000 for 40 years.
All tenders must be on the official form and must
be accompanied with a marked cheque for $5,000.
Accrued Interest will be added to the rate
tendered.
The bonds can be made payable In Ottawa,
New York. or London, at the option of the purchaser; and in denominations to suit,
Delivery will be made at Ottawa by 31st March,
1909.
The highest or any tender not necessarily
accepted
Full particulars, together with further conditions, and official form of tender, can be obtained on application to the City Treasurer,
Ottawa.
NAPOLEON CHAMPAGNE,
Mayor.
Ottawa, 12th December, 1903,

BONDS
Notice is hereby given by the City of Kansas
City, Wyandotte County, State of Kansas, to the
holders of the series of refunding bonds of said
city bearing date of Feb. 1st, 1898, and another
series of refunding bonds dated August 1st, 1898,
all bearing interest at the rate of live per cent per
annum, payable seml-annually at the Fiscal
Agency of the State of Kansas in the City of New
York, State of New York, that, pursuant to the
option reserved by said city to redeem said bonds
any time after ten years from their dates, said city
of Kansas; City will redeem and pay all of the
bonds of said two series at the Fiscal Agency of
the State of Kansas in the City of New York on
the 1st day of February, 1900, and that interest
on said bonds will cease on the let day of February,
1909. The interest accruing on said bonds to said
date of redemption will be paid with the principal
of said bonds upon the presentation, with said
bonds, of all coupons thereto belonging, whether
then due or not, at said Fiscal Agency in the City
of New York.
By order of the Mayor and Council ofithe:City
of Kansas City.
D. E. CORNELL,
Mayor.
Attest: Geo. Fry rsehlerZJr.,
City Clerk.

MacDonald, McCoy & Co.,
fitINICIPAL

R. T. Wilson & Co.
Bankers & Commission Merchants

BONDS. 88 WALL STREET

-

-

NEW YORK

AND CORPORATION

BONDS.
,,81. La Salle Street, Chicago

252

THE CHRONICLE

payable to M. D. James, Townjrreasurer, is required.
Bonded debt, not including this issue, $6,000. Assessed
valuation 1908, $300,000.
*Willow, Glen County, Cal.—No Action Yet Taken.—No
steps have yet been taken looking towards the issuance of
$30,000 5% sewer bonds voted (V. 87, p. 1319) on Nov. 3
1907.
Wymore, Neb.—Bond Offering.—Further details are
at hand relative to the offering of the $30,000 4% refunding
bonds mentioned in V. 87, p. 1562. Proposals for these
bonds will be received at any time by G. T. Stephenson,
City Treasurer. Denomination $1,000. Interest annually
on Dec. 1. Maturity twenty years, subject to call after
ten years.
Wyoming County (P. 0. Oceana), W. Va.—Bond Election.
—It is stated that a proposition to issue $50,000 bonds will
be submitted to a vote of the people on March 20.
Youngstown School District (P. 0. Youngstown), Ohio.
—Bond Election.—We are informed that the election to vote
on the issuance of $225,090 high-school-improvement bonds
will be held Jan. 26, and not Jan. 20 as at first reported.

Canada,its Provinces and Municipalities.
Brandon, Man.—Price Paid for Debentures.—The price
paid for the $125,000 5% debentures recently awarded
to W. A. MacKenzie & Co. of Toronto (V. 88, p. 178) was
104.60 and accrued interest. As previously reported by
us, these debentures were issued for the following purposes:
$10,000 due Dec. 31 1928 for a cemetery; $15,000 due Dec.
31 1928 for a registry office; $25,000 due 1938 for bridges;
$25,000 due 1923 for water meters and $50,000 due in thirty
years for water works.
Buckingham,Que.—Debenture Sale.—The $57,000 5%
coupon funding debentures described in V. 87, p. 1623,
were purchased on Jan. 5 by Steiner, Dunlop & Co. of
Toronto.' Maturity May 1 1938.
Calgary, Alberta.—Debenture Offering.—Proposals will be
received until 4 p. m. Jan. 25 by H..E. Gillis, City Clerk,
for the following debentures:

NEW LOANS

$100,000

Bergen County, New Jersey

[VOL. txxxviii.

$30,000 4% 20-year Elbow Bridge debentures.
17,000 4% 20-year debentures for a spur to Victoria Park.
95,000 4j.% 20-year general hospital debentures.
6,000 4% 20-year crematory debentures.
35,000 4 yi% 20-year subway-paving debentures.
78,000 4 % 20-year water-extension debentures.
56,000 434% 20-year sewer debentures.
39,000 4 M% 20-year sewer debentures.
110,000 4 % 20-year sewer debentures.
19,500 5% 20-year sewer debentures.
239,000 434% 20-year concrete-walk debentures.
49,000 434% 20-year debentures for paving Eighth and Fourteenth Ayes.
3,500 4 34% 7-year plank-sidewalk debentures.

These debentures will be issued in sterling or currency and
be made payable in London, Eng., Montreal or Calgary at
option of purchaser.
In addition to the above, separate bids will also be received
at the same time and place by H. E. Gillis, City Clerk, for
the following debentures:
$19,500 5% 20-year sewer debentures.
5,000 454% 7-year plank debentures.

Dominion of Canada.—New Loan Offering.—The Montreal
"Gazette" of Jan. 21 contains the following concerning a
new £6,000,000 loan:
London, Jan. 20.—The Government of Canada is offering a loan of
16,000,000 sterling, redeemable in ten years. The price to the public is
99X and the interest 334% per annum. The Government has the option
of redeeming the issue in five years. The loan has been underwritten.
This loan is the fourth to be made recently by the Canadian Government.
On Feb. 19 of last year a loan of 13,000,000 at 334% was made. In July
last another of 15,000,000 at 3 X% was put on the market. In October
one of 15,000,000 at 334% was offered.

Dundalk, Ont.—Debenture Offering.—Proposals will be
received until Jan. 30 by M. W. Ridley, Village Clerk, for
$2,700 4% improvement debentures. Date Dec. 22
1908. Interest payable at the Bank of Hamilton in Dundalk. Maturity fifteen years.
Elmira, Ont.—Debentures Voted.—The proposition to
issue the $8,000 5% 12-year debentures mentioned in V. 87,
p. 1679, was favorably voted upon Jan. 4. We are informed
however that they will not be placed on the market for
some time.
Gananoque, Ont.—Debenture Offering.—Proposals will be
received until Feb. 2 by S. McCammon, Town Clerk, for
$19,621 5% improvement debentures. Interest annually
from Jan.1 1909,payable at the office of the Town Treasurer
in Gananoque. Maturity Jan. 1 1929.

INVESTMENTS.

INVESTMENTS.

Blodget, Merritt & Co. Albert Kleybolte & Co.,
409 Walnut Street,

BANKERS

CINCINNATI, 0.

COUNTY BUILDING BONDS

STATE, CITY

NOTICE IS HEREBY GIVEN that the Finance Committee of the Board of Chosen FreeAND
holders of the County of Bergen will receive
sealed proposals at the office of the Clerk of said
Board of Chosen Freeholders, at the Court House
in Hackensack, New Jersey, on Tuesday, February Second, Nineteen Hundred and Nine, at two
o'clock in the afternoon, for an issue of coupon
bonds, in the sum of One Hundred Thousand
($100,000) Dollars, to be issued under an Act of
the Legislature of New Jersey, entitled "An Act
to facilitate the acquirement of lands and the
erection of buildings for county purposes," approved March 19, 1901, and the supplements and
amendments thereto; said bonds to bear date
February First, Nineteen Hundred and Nine; to
be of the denomination of One Thousand ($1,000)
Dollars each; bear interest at the rate of Four
(4) per cent per annum, payable semi-annually
on the First days of August and February each
year; four (4) bonds aggregating Four Thousand
($4,000) Dollars being payable five (5) years after
LIST ON APPLICATION.
date and four (4) bonds aggregating Four Thousand ($4,000) Dollars being payable each year
thereafter until the entire issue is paid.
All bids shall provide for the payment of acMercantile Library Building
crued interest from date of the bonds (Februaryl,
1909) to the date of delivery of bonds.
flINCIENN
Each bid shall be accompanied by a certified
check upon a National or State Bank or Trust
Company to the order of the "County Collector
of Bergen County" in the sum of Five Thousand
($5,000) Dollars.
The validity of the bonds will be approved
5614 Germantown Avenue
by Messrs. Delafleld do Longfellow, attorneys of
New York City, whose opinion will be furnished
Philadelphia, Pa.
to the successful bidder, and the bonds will be
prepared and certified as to genuineness by the
Solicits the busin ss of Corporations and MuniciColumbia Trust Company of New York City.
The committee reserves the right to reject any palities desiring the service of a Registrar.Trustee
or Financial Agent,
or all bids.
Dated January 20, 1909.
EDWIN T. GALLAWAY,
MYRON W. ROBINSON,
GEORGE ZIMMERMANN,
Finance Committee, Board of Chosen
Freeholders of Bergen County.
WILLIAM H. TAYLOR,
Clerk.

Municipal,
County, State,

RAILROAD BONDS

6o State Street, - Boston
30 Pine Street, - New York

MUNICIPAL AND RAILROAD

BONDS.

and High-Grade Public Servile
Securities
Correspondence Solicited.

Perry, Coffin & Burr,

INVESTMENT BONDS.
60 State Street,

BEASONGOOD & MAYER,

CHELTEN TRUST COMPANY

BOSTON.

BLACKSTAFF & CO,
INVESTMENTS
1832 Walnut Street
PHILADELPHIA

LIST OF SPECIALTIES ON REQUEST

Wilkinson, Reckitt, Williams & Co.
CERTIFIED PUBLIC ACCOUNTANTS

HUNT, SALTONSTALL & CO.,
Members of New York Rock lizabsass

Investment Securities
60 STATE STREET
BOSTON




NEW YORK

CHICAGO

PHILADELPHIA

52 Broadway

Marquette Bldg.

Mutualiife Bide'.

LONDON, ENGLAND
Leadenhall Bider's.

253

THE CHRONICLE

JAN. 23 1909.j

Leduc, Alberta.-Debenture Sale.-An issue of $15,000 5%
debentures has been disposed of, it is reported, to W. A.
MacKenzie & Co. of Toronto. Interest annual. Maturity
part yearly for twenty years.
London, Ont.-Debenture Offering.-Proposals will be
received until 4 p. m. Feb. 1 by James S. Bell, City Treasurer, for $76,608 76 OA% coupon improvement debentures.
Interest semi-annually on June 30 and Dec. 30 at the office
of the City Treasurer in London,Ont. Maturity part yearly
beginning on Dec. 30 from 1914 to 1918 inclusive. Certified
check for $1,000 is required. Bids to be made on blank
forms furnished by the city. Debentures to be delivered
Feb. 10. Purchaser to pay accrued interest.
Marmora, Ont.-Debentures Voted.-Reports state that
the voters have adopted a by-law providing for the issuance
of $5,000 debentures as a guarantee loan to the stove factory.
Niagara Falls, Ont.-Debenture Offering.-Proposals will
be received until 12 m. Jan. 30 by W.J. Seymour, City Clerk,
for the following 5% debentures voted (V. 88, p. 120) on
Jan. 4:
$8,300 Fire-hall improvement debentures. Date Aug. 1 1909. Maturity
twenty years.
3,000 library-site debentures. Date March 1 1909. Maturity ten years.
2,850 armory-site debentures. Date March 1 1909. Maturity twenty
years.

Interest annually at the office of the City Treasurer in
Niagara Fails. Purchaser to pay accrued interest.
Notre Dame de Graces, Que.-Debenture Offering.-Proposals will be received until Feb. 1 by L. Des Carries,
Secretary-Treasurer, for $50,000 4% 40-year debentures.
Interest semi-annual.
Peterboro, Ont.-Debentures Defeated.-According to reports an election held recently resulted in the defeat of
propositions to issue debentures for the following purposes:
$30,000 to purchase Exhibition Park, $49,000 for the Smith
Street Bridge and $21,500 to pay for street extensions already
made.
Port Elgin, Ont.-Debentures Defeated.-This place has
defeated, it is reported, a proposition to issue $3,000 waterworks-extension debentures.
Portsmouth, Ohio.-Bond Offering.-Proposals will be
received until 12 m. Feb. 16 by Filmore Musser, City Auditor,

MISCELLANEOUS.

ENCINEERS.

H.M.Byllesby & Co. ATLANTIC
Incorporated

ENGINEERS
DESIGN,CONSTRUCT AND OPER.
ATE RAILWAY. LIGHT. POWER;
HYDRAULIC AND GAS PLAN17b

for $42,500 4% coupon street improvement bonds. Authority Section 53 of Ohio Municipal Code of 1902. Denomination $500. Date Feb. 1 1909. Interest semi-annually
at the office of the City Treasurer in Portsmouth. Maturity $2,000 on Feb. 1 1910 and $4,500 yearly on Feb. 1
from 1911 to 1919 inclusive. Bid must be unconditional,
accompanied by a certified check for 2% of the bonds bid
for, payable to the City Auditor. Purchaser to pay accrued
interest. Official circular states there has never been any
default in the payment of an obligatioh; also that there is
no litigation pending or threatened affecting the validity
of these bonds.
Prince Albert Separate School District (P. 0. Prince
Albert), Sask.-Debenture Sale.-An issue of $11,000 5%
school debentures has been disposed of to the Ontario
Securities Corporation of Toronto. Maturity part yearly
for twenty-five years.
Rockafellow School District No. 1510, Alberta.-Debenture
Sale.-An issue of $1,200 7% school-house bonds has been
sold to the Manufacturers' Life Assurance Co. at 102.25.
Date Jan. 1 1909. Interest annual. Maturity part yearly
for ten years.
Waterloo, Ont.-Debentures Voted.-Reports state that in
addition to the question of issuing the $15,000 432% 20-year
public-school debentures mentioned in V. 87, p. 1680,
propositions to issue debentures for the following purposes
were also submitted to a vote of the people on Jan. 4:
$5,000 for road improvements and $3,000 for an isolation
hospital. All three propositions are reported as hay ing
received a favorable vote.
Welland, Ont.-Debentures Defeated.-The voters of this
place have defeated, it is stated, a proposition to issue
$15,000 public-school debentures.
Winters School District No. 1867, Alberta.-Debenture
Sale.-Nay & James of Regina were recently awarded
$1,500 7% school-building debentures at 100.21. Interest
annually on Jan. 15. Maturity 1910 to 1919 inclutsive.
Wolseley, Sask.-Debenture Election.-A proposition to
debentures as a loan to the Central
issue $18,000 5
Light & Power Co. will be submitted to a vote of tholpeople
on Jan. 30. Maturity part yearly for fifteen years.

MUTUA,F1iICE

OF

aTANCE COMPANY.

New York, January 21st, 1909.
The Trustees, in conformity with the Charter of the Company, submit the following statement of Us affairs
on the 31st of December, 1908.
$3,307,807 24
Premiums on Marine Risks from 1st January, 1908, to 31st December, 1908
743,389 01
Premiums on Policies not marked off 1st January, 1908
$4,051,196 25

Total Marine Premiums

$3,333,483 55.

Premiums marked off from 1st January, 1908, to 31st December, 1908

NXAMINATIONS and REPORTE
American Trust Building, CHICAGC;
Oklahoma City, Oklahoma. Mohlla A1A,

$307,823 39
142,032 22

Interest received during the year
Rent less Taxes and Expenses

$449,855 61

Losses paid during the year which were estimated in 1907
$420,655 46
and previous years
1,274,822 22 $1,695,477 68
Losses occurred, estimated and paid in 1908
Less Salvages
Re-insurances

San Diego. Cal.

$279,988 33
199,555 37

479,543 70
$1.215,933 98

J. G. WHITE & CO
Engineers, Contractors,
43-49 Exchange Place, - NEW YORK
Investigations and Reports on Electric
Railway. tias, Electric Light and Power
Transmission Properties for Financial Institutions and Investors.

Electric Railways, Electric Light and
Electric Power Plants Financed,
Designed and Built.
London Corre3pondent:

J. G. WHITE & 00., Limited,
9 Cloak Lane, Cannon St.. 11 C.
Canadian Correspondents:

CANADIAN WHITE 00., Limited.
Montreal
Principal Philippine Office, Manila. P. 1

A. L. Drum & Company
Consulting and Constructing Engineers
Electrical - Civil - Mechanical
Physical and Financial Reports
American Trust Bu,Iding

CHICAGO

Established 1889.

A. L. RECISTER
& CO.
to PEPPER &
Successors

REUISTER

Engineers & General Contractors
112 North Broad Street, - Philadelphia




Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationery,
newspapers, advertisements, etc

;51,93045
$344,266 85

LIABILITIES.
Estimated Losses and Losses Un$2,310,433 00
settled
717,712170
Premiums on Unterminated Risks_
Certificates of Profits and Interest
260,822 35
Unpaid
121,473 65.
Return Premiums Unpaid
Certificates of Profits Ordered Redeemed, Withheld for Unpaid
22,339 35
Premiums
Certificates of Profits Outstanding
7,363,410 00
Premium notes and Bills Receivable 1,377,905 06
Real Estate Reserve Fund
270,000 00
Cash in the hands of European
Bankers to pay losses under policies payable in foreign countries_
399,031 95
429,950 18
Cash in Bank

ASSETS.
United States do State of New York
Stock, City, Bank and other Se$5,442,792 00
curities
Special deposits In Banks &TrustCos. 800,000 00
Real Estate cor. Wall & WilliamSts.,
& Exchange Place.$4,299,426 04
Other Real Estate do
claims due the company
75,000 00 4,374,426 04

Aggregating

$12,824,105 23

Aggregating

$11,066,191 05-

A!dividend of interest of Six per cent on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the second of February next.
The outstanding certificates of the issue of 1903 will be redeemed and paid to the holders thereof,
or their legal representatives, on and after Tuesday the second of February next,from which date all
interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the net earned premiums of the Company for the year
ending 31st December, 1908, for which, upon application, certificates will be issued on,and after
By order of the Board,
Tuesday the fourth of May next.
G. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
NICHOLAS F. PALMER.
HERBERT L. GRIGGS,
GUSTAV AMSINCK,
HENRY PARISH,
CLEMENT A. GRISCOM,
.FRANCIS M. BACON,
DALLAS B. PRATT,
JOHN N. BEACH,
ANSON W. HARD.
GEORGE W. QUINTARD.
WILLIAM B. BOULTON,
LEWIS CASS LEDYARD,
A. A. RAVEN,
VERNON H. BROWN,
FRANCIS H. LEGGEW,
CHARLES D. LEVERICH,
JOHN L. RIKER,
WALDRON P. BROWN,
DOUGLAS ROBINSON.
LEANDER N. LOVELL,
JOHN CLAFLIN,
GUSTAV H. SCHWAB.
GEORGE II. MACY,
GEORGE C. CLARK,
CLEVELAND H. DODGE,
WILLIAM SLOANE,
CHARLES H. MARSHALL,
ISAAC STERN,
CORNELIUS ELDERT,
W. H. H. MOORE,
WILLIAM A. STREET,
RICHARD H. EWART,
.4
A. A. RAVEN, President. eamsgi 41.11
.V8
CORNELIUS ELDERT, Vies-President.
SANFORD E. COBB, 2d Vice-President.
CHARLES E. FAY. 3d Vice-President.
JOHN H. JONES STEWART, 4th Vice-President.

254

[voL. Lxxxvm.

THE CHRONICLE

Xrust Companies.

Trnst Companies.

Uniteg Stales Trust Compaq of Sew Tort
Chartered 1853.
45 and 47 'Wall street.

CAPITAL,
SURPLUS AND UNDIVIDED PROFITS,

.
•

-

$2,000,000.00
$13,412,564.2 I

Manhattan
Trust

This Company acts as Executor. Administrator. Guardian, Trustee, Court Depositary and ill
other recognized trust capacities.
/t allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or personal, for estates,
corporations and individuals.

Company

EDWARD W. SHELDON, President, JOHN CROSBY BROWN, Vice-Pres.
WILLIAM M. KINGSLEY, 2d V.P.
HENRY E. AHERN, Secretary.
WILFRED 3. WORCESTER, Asst. Sec. CHARLES A. EDWARDS,2dAsst.Sec.
John Crosby Brown,
W. Bayard Cutting,
Charles S. Smith,
William Rockefeller,
Alexander E. Orr,

TRUSTEES.
JOHN A. STEWART, Chairman of the Board.
William H. Macy, Jr.,
John Clailin,
William D. Sloane,
John J. Phelps,
Gustav H. Schwab,
John S. Kennedy,
Frank Lyman,
D. 0. Mills,
George F. Victor,
Lewis Cass Ledyard,
James Stillman,
Lyman J. Gage.

Payne Whitney,
Edward W. Sheldon
Chauncey Keep,
George L. Rives,
Arthur C. James,

IffinoisTrust&Sa.vingsBank

20

Wall Street

Corner Nassau

NEW YORK

CHICAGO

Capital and Surplus
$13,200,000
Pays Interest on Time Deposits, Current and Reserve Accountt
Deals in Investment Securities and Foreign Exchange.
Transacts a General Trust Business.

UNITED STATES
MORTGAGE & TRUST
COMPANY
NEW YORK

CORRESPONDENCE INVITED.

ix
CAPITAL

$1,200,000.00

erchants Tiational
of Tintinnati

anit

CAPITAL,
$2,000,000.00

SURPLUS,
$4,000,000.00

SURPLUS FUND

$300,000.00

MELVILLE E. INGALLS, President
EDWIN 0. GOSHORN. Vice-President.
HENRY O. YERGASON, Vice-President.
WILLIAM W. BROWN. Vice-President.
WILLIAM P. STAMM, Cashier.
GEO. R. BALCH, Vice-President.
CHAS. A. STEVENS. Asst. Cashier.
BOARD OF DIRECTORS
M. E. INGALLS, Chairman Board of Directors HENRY NEWBURGH, Treas. The Louis New
0. 0. 0. & St. L. By. Co.
burgh Co., Hamilton, Ohio.
LEVI A. AULT, Prest. The Ault & Wiborg Co. FRANK L. PFAFF, Buhr, Pfaff & Co.. Whole.
OLIVER M. BAKE, Vice-Prest. Miami Valley
sale Confectioners.
E. B. STANLEY, Am. Laundry Mit0h.Y. Mfg*
National Bank, Hamilton, Ohio.
0°
GEORGE R. BALCH, Vice-Prest. The Cinn. E. It. STEARNS, Treaa. Stearns
Foster Co.
Realty Co.
PETER G. THOMSON, Prest. Champion Coated
J. R. CLARK, Prest. Union Central Life Ins. Co.
Paper Co., Hamilton,0
EDWIN 0. GOSHORN, Mgr. National Lead Co. J.S.TREVOR ,Sec. anti Treas. H. A. S. Pogue Co.
W. B. MELISH. Prest' The Bromwell Brush & HENRY C. YEISER, Prest. Globe Wernicke Co
Wire Goods Co.
HENRY 0. YERGASON, VIce-Prealdent.
W. W. BROWN. Vice-President.
Acconets of Banks, Arms, Corporations and Individuals Solicited
noon the Most Libsit II Terms Consistent with Good Banking.

Invites Personal and Business
Accounts. Acts as Trustee, Executor, Administrator, Guardian and in All Fiductary
Capacities.
Certifies Municipal and Corporation Bonds.
55 Cedar St.
73rd St.& B'way

I 25th St. ec 8th Ave.

ginaniciaL
Cuban Securities

MELLON NATIONAL BANK

A SPECIALTY

PITTSBURGH

FRANCKE, THOMPSON & ROBB
Members N.Y. Stook Exchange

One of the 20 big banks of the
country. Thoroughly equipped to
handle the accounts of other banks,
A. W. MELLON, Prest. W.S. MITCHELL, Cashier

43 Exchange Place
Telephone 8444 Hanover
BRANCH OFFICE
Bristol Building, 3th Ave. and 4‘.11d mt.
Telephone 1658 Bryant

Adrian H Muller & Son
AUCTIONEERS.

The
Trust Company of America
3743 WALL STREET, NEW YORK.
COLONIAL BRANCH:
LONDON OFFICE:

222 Broadway, New York.

95 Gresham St., London, E. C.

Regular Weekly Sales
OF

STOCKS and BONDS
EVERY WEDNESDAY.
Office, No. 55 WILLIAM STREET,
Corner Pine Street.

CAPITAL AND SURPLUS $8,000,000

OTTO JULIUS MERKEL
Issues interest-bearing certificates of deposit.
Receives deposits subject to check.




BROKER
44 AND 46 WALL ST., NEW

YORE.

INVESTMENT SECURITIES.
Correspondence Invited