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fittantini
The
litotude
INCLUDING
Bank and Quotation Section (Monthly)
Railway and Industrial Section(Quarterly)
VOL. 88.
State and City Section(semi-Annually;
Electric Railway Section(J'°)
SATURDAY, JANUARY 30 1909.'
WIte Thranicle.
1909.
Terms of Subscription-Payable in Advance
For One Year
$10 00
For Six Months
6 00
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Subscription includes following Supplements%NIC AND QUOTATION (monthly)
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Standing Business Cards
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CHICAGO OFFICE-P.Bartlett,513 Monadnock Block; Tel.Harrison8
47
010
2.
0
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY,Publishers,
Front, Pine and Deoeyster Sta.,
New York.
P.O.Box 958.
Published every Saturday mornincr by WILLIAM B. DANA COMPAN11.
William B. Dana,President; Jacob Seibert Jr.,Vice.Pres. and Sec.; Amok,
G. Dana,Treas. Addresses of all,Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, Szc., indicates
that the total bank clearings of all clearing houses of the U. S.
for week end. Jan. 23 have been $2,969,455,084, against $3,076,299,765 last week and $2,307,290,467 the week last year.
Clearings-Returns by Telegraph Jan.30.
1909.
1908.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,510,940,388
123,374,620
98,128,331
22,826,871
209,926,411)
53,992,814
15,100,000
$1,094,671,086
105,977,830
88,375,462
20,752,387
177,203,903
49,089,207
15,198,397
+38.0
+10.4
+11.0
+10.0
+18.5
+10.0
-0.6
Seven cities, 5 days
Other cities, 5 days
$2,034,289,443
415,297,698
$1,561,268,272
345,492,618
+31.1
+20.2
Total all cities, 5 days
All cities, 1 day
$2,449,587,141
519,868,943
$1,896,760,890
410,529,597
+29.2
+26.6
$2,969,455,084
$2,307,290,487
+28.7
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. 23, for four years.
Week ending January 23.
Clearings at1909.
1908.
Inc. or
Dec.
Week ending January 23.
Clearings al
PUBLISHED WEEKLY.
1907.
1906.
NO. 2275.
1908.
Inc. or
Dec.
1907.
1906.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee __
Indianapolis _ _ _
Columbus
Toledo
Peoria
Grand Rapids_ Dayton
Evansville
Youngstown __ _
Kalamazoo
Fort Wayne
Springfield, Ill_ _
Lexington
Akron
Rockford
_ _
Canton
Quincy
South Bend
Springfield, 0_ _ _
Mansfield
Bloomington.._
Decatur
Jackson
Jacksonville, Ill_
Ann Arbor
Danville
Adrian
267,632,113
30,191,350
17,725,243
14,246,466
11,458,126
9,234,625
6,069,300
4,498,681
3,040,296
2,411,237
1,752,741
2,012,285
781,843
1,097,634
813,207
988,952
686,374
840,000
603,177
787,942
519,307
429,246
488,124
338,028
453,230
437,764
300,000
238,292
149,572
326,347
27,263
229,246,540
24,901,100
16,514,295
12,876,946
10.420,847
6,477,841
5,289,400
4,170,526
2,828,510
2,030,123
1,420,146
1,573,848
633,839
894,890
771,054
741,316
797,843
540,000
572,189
394,462
453,309
360,980
347,016
346,340
447,054
431,359
259,401
222,222
95,152
266,613
23 ,387
+16.7
+21.2
+7.3
+10.6
+10.0
+42.6
+14.8
+7.9
+7.5
+18.8
+23.4
+27.9
+23.4
+22.7
+5.5
+33.4
-13.9
+55.5
+5.4
+99.9
+14.6
+18.9
+40.6
-2.4
+1.4
+1.5
+15.7
+7.2
+57.2
+22.4
+16.6
231,149,236
27,345,350
15,527,381
12,647,012
10,454,047
7,855,994
5,728,400
3,673,058
2.596,011
2,275,082
2,092,009
1,703,997
1,064,451
1,029,686
815,869
642,227
659,953
695,413
646,791
410.611
388,529
353,690
331,595
326,929
325,542
261,978
220,371
181,995
101,279
203,182,605
25.190,850
14,729,693
10,952,111
- 9.443,10
5
6,360,9 1
5,560,4
4,075,165
3,359,3/30
2.221,543
1,600,175
1,502,069
888,907
813,114
802,379
669,756
711,246
532,400
522,872
438,390
373,291
333,984
304,734
324,791
336,096
252,954
200,338
208.840
89.924
Tot. Mid. West
380,578,765
San Francisco_ _
Los Angeles
Seattle
Portland
Spokane
Satl Lake City_ _
Tacoma
Oakland
Sacramento
Helena
Fargo _
Stockton
Sioux Falls
San Jose
San Diego
Billings
Fresno
..
North VENInii_ _
326,348,548 +16.6
331,502,486
295,982,533
33,873,589
34,462,231 -1.4
11,270,767
8,905,962 +26.6
7,620,274
6,626,703 +15.0
6,138,076
4,822,902 +27.3
6,416,485
4,612,211 +39.1
6,125,035
4,481,960 +35.7
4,256,611
3,618,881 +17.9
1,607,894
1,423,631 +12.9
814,410
759,020 +7.3
856,875
633,399 +35.3
642,656
519,040 +23.8
430,386
444,069 -3.1
590,000
445,000 +32.6
392,987
385.527 +2.0
800,000
700,000 +14.4
240,000
200,000 +20.0
503,722 Not included In total
300,000 Not included In total
47,833.578
12,434,278
7.589,818
6,230,562
4,587,420
5,575,258
4,471,416
3,281,982
36,059,328
9,750,000
8,225,604
3,780,249
3,079,595
6,812,261
3,575,467
603,455
449,752
652,812
425,323
393,0§4
300,008
376.485
Total Pacific_ _
82.076,045
73,044,536 +12.4
93,750,401
72,717.924
Kansas City_ _ _
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Miones
Sioux City
Lincoln
Wichita
Topeka
Davenport
Colorado Springs.
Cedar Rapids _
Pueblo - ......
Pueblo.......
Fremont
44,179,511
15,638,537
14,460,597
10,687,811
9,450.441
6,834,325
3,170,368
2,624,913
1,373,536
1.776,945
1,409,706
1,266,801
657,509
986,204
551,430
364,047
33,432,073
19.909,714
11,596,482
9,471,207
7,368,497
5,657,146
2,538,051
2,068,61
1,102,567
1,356,564
1,096,610
861,907
623,944
668,680
654,649
291,699
29.845,246
15,385,751
9,946,888
7,511,798
7,537,410
5,639,267
2.645,331
2,003,295
1,217,811
1,078,986
945,793
2,423,992
781,463
516,675
548,568
398,421
25,083,531
15,590,554
8,585,877
7,209,726
6,041,314
4,631,259
2,227,861
1,773,995
+32.1
-21.5
+24.7
+12.8
+28.3
+20.8
+24.9
+26.9
+24.6
+31.0
+28.5
+47.0
+5.4
+47.5
-15.8
+26.8
1,001,169
896,517
804,973
722,508
474.573
458,071
315,264
Tot.0th. West.
115,432,681
98,698,405 +16.9
88.426,695
75,817.192
St. Louis
New Orleans_ _ _
Louisville
Houston
Galveston
Richmond __ _ _
Atlanta
Savannah
Memphis
Nashville
Fort Worth __
Norfolk
Birmingham
__
Mobile
Augusta
___
_
Jacksonville
Knoxville
Chattanooga .._ _
Charleston
Little Rock
Oklahoma
Macon
__
Beaumont
Austin
Vicksburg
71,885,137
20,440,925
14,573,859
14,610,651
7,004,500
6,614,909
5,491,187
4,696,489
6.104,584
3,985,01)0
7,716,643
2,775,373
2,211,275
1,446,645
1,910.258
1,613,349
1,507.250
1,454,840
1,480,117
1,774,461
1,216.957
915,997
574,118
500,000
413,278
62,243,391
20,666,018
11,588,846
10,964,604
7,970,000
5,701,271
5,330,174
4,613,129
5,004.953
3.989,595
5,281,215
2,363,614
2,077,340
1,431,553
2,122,777
1,565,000
1,679,092
1.314,793
1,632,170
1,558,840
773,327
917,423
608,889
467,244
477,231
+15.5
-1.1
+25.8
+33.3
-12.1
+16.0
+3.0
+1.8
+22.0
-0.1
+35.9
+16.5
-6.4
+1.1
-10.0
+3.1
-10.2
+10.7
63,619,223
23,785,673
12,291,139
14,316,126
7,900,000
7,591,265
6,856,064
6,737,546
5,479,799
4,077,799
3,447,540
2,951,774
2,559,426
2,088,262
2,000,902
1,547,383
1,531,115
1,519,550
1,508,559
1,472,949
985,873
555,000
457,625
61,522,938
22,771,705
13,861,423
10.107.544
6,192,500
6,104,358
4,907,530
4,276,592
5,915,224
3,922,479
3,032.799
2,019,104
1,963,971
1.638,125
1,559,072
1,386,396
1,380,338
1,201.187
1,582,583
1,281.609
Total Canada
87,209.401
74,788,981 +16.6
74,424,457
77,1713.045
$
$
$
%
$
New York
1,878,518,533 1,548,455,859 +21.:3 2,083,701,691 2,494,544.643
Philadelphia
125,322,073 113,718,239 +10.2 144,000,586 161,101,796
Pittsburgh
45,991,667
-7.1
42,706,661
66,511,253
67,896,842
Baltimore
24,768.989 +11.9
27,715,133
27,996,781
27,247,213
Buffalo
7,540,924 +57.3
11,863.622
8,082,726
7,069,917
Albany
5,456,241
4,665,483 +16.9
6,716,035
5,140,045
Washington __ _
4,762,066 +29.7
6,176,942
5,699,077
5,220,535
Rochester
3,255,297
3.576,562
+9.9
3,125,943
3,073,259
Scranton
2.171,917 +8.7
2,359,681
2,248,724
1,981,245
Syracuse
2,088,742
1,845,611 +13.2
1,907,094
1,278,120
Reading
+13.8
1,232,260
1,150,834 +11.5
1,406,547
1,230,267
Wilmington
+57.4
1,099,051
1,197,641
+8.9
1.366,484
1,372,416
Wilkes-Barre_ _ --0.2
558,570
1,242.713 -4.7
1,184,163
1,148,640
1,103,819
Wheeling, W.Va.
-5.7
1,137,402 +23.4
400.000
1,403,754
933,493
1,074,235
Harrisburg
+7.0
818,610 +31.2
1,073,883
1,000,000
-13.4
York
704,739
724,821 -2.8
Erie
521,033 +19.9
624,605
554,077
529,614
Total Southern 182,377,802 162,562,489 +12.2 175,230,592 158.585,847
Chester
465,003
471,821 -14.5
515,473
467,222
-Binghamton
450,000
466,300 -3.5
475,800
447,000
3,076,299,765 ,595,573,717 +18.5 3,237,594,225 3,570,994,409
Greensburg ....
455,714
446,348 +2.1
516,969
457,564 -Total all
Franklin
243,319
252,225 -3.7
288,161
233,797
356,182
Outside N.Y 1,197,781,232 .047,117,858 4-14.4 1,154.892,544 1,077,449,766
Altoona
503,664 -29.3
Trenton
1,311.033 Not Included in total
Canada31,379,909
26,484,474 +18.5
30,133,027
26,650,331
Total Middle 2,115,175,453 1,765,966.374 +19.8 2,348,139,390 2,771,513,933 Montreal
26,433,324
21.105,787 +25.2
23,907,762
23.494,899
Toronto 11,05.3,241
10,789,710 +2.4
8,778,431
6.909,690
179,321,494 149,881,204 +19.7 179,246,687 177,373,276 Winnipeg
Boston
3,303,346 +12.9
2,771,444
3,730,556
1,759,023
7,559,300
Providence
6,487,100 +16.5
8,120,500
7,552,600 Vancouver
3,060,2:32 +20.7
2,839,304
3.694,294
2,265,375
3,183.673
Hartford
2,775,372 +14.7
3,112,382
3,393,477 Ottawa
2,143,402
2,066,551
1,672,492
+3.7
1,501,881
2,727,582
New Haven
2,356,366 +15.8
2,272,405
2,094,301 Quebec
1,805,349
1,706,792
+5.8
1,604,082
1,519,615
2,203,556
1,851,729 +19.0
Springfield
1,696,598
2,204,208 Halifax
1,450,692
1,585,045
1,318.036 +10.0
1,237,132
1,428,440
1,555,965 -8.2
Portland
1,623,985
1,813,430 Hamilton
1,344,589
1,315,960 +18.4
1,178,768
1,455,684
1,062,947
1,480,046
Worcester
1.6
1,566,448
1,500,753 St. John
1,348.479
1.100,541
1,113,699 +21.1
1,084,780
Fall River
996,802 +8.8
1,211,685
964,468 Calgary
1,042,717
1,061,901
1,126,128
871.418
805,843
New Bedford_ _ -692,159 +16.4
755,027
572.902 London
1,083,095
994,811 +8.9
970,570
724,825
460,492
Lowell
462,096 -0.3
491,050
490,069 Victoria
699,754
583,555 +19.9
717,649
_ ----428,175
Holyoke
414,526 +3.3
447,894
417,406 Edmonton
Total New Eng
200,659,019
168,953,365 +18.8
200,544,661
198,376,980
256
THE CHRONICLE
"RAILWAY AND INDUS71RIAL SECTION."
A new number of our ,"Railway and Industr4"
'Section, revised to date, is sent to our subsclibers
-to-day. In the editorial columns of the same will be
found a very comprehensive article dealing with
"Railroad Construction and ,I3etterment Work in
.1908."
THE FINANCIAL SITUATION.
and the Vanderbilt railroad interests
Harriman
Mr.
been one. of the leading factors
time
some
for
have
Rumors have taken the
Exchange.
Stock
the
on
natural direction that even a partial union of such
large forces could not happen without a purpose
which would at least contribute to the development
of the New York Central property. Wednesday of
the current week this idea fructified to the extent that
Mr. E. H. Harriman was elected a director of the New
York Central, and the Central stock at the moment
made another slight advance, having started an upward turn Jan. 6 at 123 and fluctuated between that
figure and 132k ,closing Jan.29 at 1273. Any operators
who anticipated a revolution, with all the "ins" made
happier under the new administration, failed to realize
their hope. But with the Union Pacific's large holdings of the Central stock, Mr. Harriman at least
seemed entitled to a place on the board of directors,
even if he had no other affiliations with the property.
There is, however, another rumor afloat, and that is
that Mr. Harriman is be be not only a director, but
the Chairman of the board. This can be classed as
no more than a rumor As yet. All the changes made
up to the present time are the resignation of Samuel
F. Barger and Charles C. Clarke (old time New York
Central men), their places being filled by the election
of Mr. Harriman and Mr. W. C. Brown, the recentlyelected President of the road. Ex-President W. H.
Newman will retain his place on the board for the time
being.
As the case now stands, the Harriman and New York
Central alliance has not developed the early promises
it held out to the parties directly concerned,nor to the
general business public,that were anticipated. Probably too much of immediate advantage was looked for
by operators. A reporter, who waylaid Mr. Harriman at Richmond on the cars, when he was on his
way to this city, anxious to be foremost in catching
•the latest reports afloat of the outcome, among other
things asked Mr. Harriman why he accepted the
position on the board. Mr. Harriman replied that
he did it to serve his own interests. The reporter,
pursuing the same thought, asked then why did the
Central people want to make the arrangement;he was
answered, with like brevity and clearness,that he presumed the Vanderbilts wanted to look after their own
interests. The general opinion of the Street is that in
a short time other changes of a like character will be
made in the other Vanderbilt properties, and that
finally the efficiency of the management will be decidedly increased.
The development of a disturbing situation in the
Balkans was the notable feature in European political
circles this week. It seems that the Bulgarian reserves had been mobilized on the Turkish frontier,
obviously for offensive operations. This tended to
[VOL.
Lxxxvm.
confirm the rumor that had recently been current
and was noted by us last we9k. The rumor was of a
possible friction in the Balkans, and contributed
much to hasten thp completion by the French syndicate conducting the negotiation of the new Russian
loan; they sought to perfect their arrangements before
any outbreak could occur in this almost always
menacing centre.
The mobilization of Bulgaria's reserves does not
appear to have been accepted, either at Constantinople
or Vienna, as a serious menace, though it caused some
apprehension at centres such as London and Paris,
where its true significance was understood. The opinion expressed, and confirmed by latest advices, is
that the menace was an attempt to induce Turkey to
abate its demands for a financial indemnity in settlement for the severance of Bulgaria's political relations
with Turkey last October, when the former declared
its independence. Turkey is said to be willing to accept 25 million dollars from Bulgaria in compensation
for all her losses, including the Oriental Railway.
Bulgaria, however, offers to pay only 15 millions.
While Turkey has made no claim for territorial compensation in Eastern Roumelia, it is thought likely that
such claim may be urged, in which case the situation,
that now seems to admit of compromise, might become grave and result in a collision.
A Paris cable states that, owing to the fact that ninetenths of the holders in France of the Russian Treasury
bonds of 1904 exercised their right of preference to
subscribe to the new loan, the allotments to outside
subscribers will be less than 3% of the sums they applied for. This indicates that the available allotments
were oversubscribed thirty times; the latter statement
confirms that which was made by us last Friday.
It is reported that much concern is felt at Washington regarding the Treasury situation because of a
steady decrease in the amount of free gold in the general fund. Latest reports state a reduction to 16%
millions. This reduction is chiefly due to advances
that have been made to banks by the Treasurer for
the current redemption of national bank notes. The
reimbursement of this officer for such advances should
have been effected through the 5% redemption fund,
but, owing to the delay in assorting the redeemed
notes, prompt requisition could not be made upon the
institutions that emitted them. There are now 35
millions of national bank circulation in the general
fund awaiting final disposition, and the notes are accumulating; such accumulation cannot be checked
unless there shall be an increase in the assorting force
of clerks in the department, which increase cannot,
it is asserted, be obtained without the authority of
Congress. If the free gold in the general fund should
be entirely depleted, it might become necessary to
temporarily encroach upon the gold redemption fund
and effect its reinforcement through borrowing on
one-year 3% bonds under the authority of the Financial law of March 1900.
Payments into the Treasury of the first installment
of 15 millions public funds that were called for surrender Jan. 23 were completed on that date, and this
week depositories b.egan to anticipate the maturity,
on Feb. 10, of the final installment of the 10 million
dollars. Owing to the steady augmentation of the
fiscal deficit, it is thought likely that another call for the
JAN. 30 1009•1
THE CHRONICLE
surrender of public deposits will be issued about Feb.
15. Such call will probably result in the release of a
considerable part of State, city and railroad bonds
that are pledged for public funds and the substitution therefor of United States or Panama Canal bonds.
As was expected last week, French bankers made no
effort to compete on Monday with the Bank of England for the 33/ million dollars of Cape gold that was
offered in the London bullion market on that day,
%
and the metal was obtained at a reduction of 13
pence per ounce compared with the price paid by
French bankers on the previous Monday for 23/ millions; later in the week the Bank bought moderately
large sums in the market without competition. As
the result of this procurement of new gold by. the
Bank of England, unofficial discounts grew easier at
London and the official rate was unchanged. Moreover, exchange at the French capital on London rose
seven centimes, compared with the low point Jan. 16
of 25 francs 103/ centimes. On Friday bar gold in
the British bullion market fell to the irreducible
minimum of 77 shillings 9 pence per 'ounce, indicating
the procurement on Monday of further supplies of the
metal at a cheap price. There were no important
exports of gold from London, and the Argentine demand for the metal was diverted to New York, resulting in the shipment hence of $1,000,000 American
coin on Wednesday. The Bank of England showed
on Thursday an important gain in bullion.
It is announced in a London cable that the new
Canadian Government 33
4% loan for 30 million dollars, which was offered this week at an issue price of
99k, was not well received; the reason assigned for
the failure is that the rate of interest was not satisfactory. The loan was underwritten by a syndicate,
and possibly these bankers may have to wait for the
development of more favorable conditions before they
distribute their holdings.
The return of the United States Steel Corporation
for the December quarter, issued this week (completing the calendar year), is interesting in a double sense.
First, as showing how the world's greatest industrial
concern has passed through a period of intense depression in trade, and, secondly, as reflecting the condition of trade itself. In this last respect. the statistics contained in the return bear out current reports
regarding the state of business—not merely, we mean,
the iron and steel industry, but trade at large. Immediately before and immediately after the Presidential
election, accounts were very hopeful,and there certainly
was a decided spurt of activity in practically all lines
of industry. It has, however, been apparent for some
time that this sudden activity was not being maintained, and now there has been a relapse into dulness
and great quietude again.
The figures in the steel report lend full confirmation
to this conclusion. Take the aggregate of unfilled
orders on hand. Here there is evidence of improvement, just as was looked for, but the improvement is
quite slight. On Dec. 31 1908 the various companies
making up the Steel Corporation had unfilled orders
on hand amounting to 3,603,527 tons. This is better
than the 3,421,977 tons of unfilled orders reported
Sept. 30 1908 and the 3,313,876 tons reported June
30 1908, but it is not so good as the 3,765,343 tons of
•
257
orders still to be filled given for March 31 1908, and it
is a full million tons below the business on hand at
the beginning of the calendar year 1908, immediately
following the panic the latter part of 1907, when the
country entered upon its unparalleled period of business prostration, from which there has as yet been
only partial relief. In brief, as against the 3,603,527
tons of orders on the books on Dec. 311908, the Steel
Corporation had started the year with business on
hand aggregating 4,624,553 tons. If we go further
back, and compare with periods of trade activity and
great prosperity, the contrast becomes yet more
striking. For instance, the year 1907 was entered
upon with aggregate unfilled orders to amount of no
less than 8,489,718 tons.
The company's monthly statements of net earnings
also tell the story of diminishing trade activity, succeeding the slight revival which occurred during the
summer and autumn. As far as these earnings are
concerned, the very worst month of the year 1908
was the first month, namely January. In that month
the net earnings (after deducting all expenses incident
to operations, including those for ordinary repairs
and maintenance of plants, employees' bonus funds,
and interest on bonds and fixed charges of the subsidiary companies) amounted to only $5,052,743, as.
against $12,838,703 in the corresponding month of
1907. In February net also continued extremely
low, being only $5,709,428. In subsequent months,
however, the results proved better, though progress
was by no means uninterrupted, and there were numerous halts and setbacks. By September the monthly
net had risen to $9,354,333, and it appears from the
present quarterly return that in October an even
slightly better total was reached, the amount of the
net for that month being $9,415,668. But that proved
the maximum for the year. In November and December recession was again the feature, the net in November being reported only $8,756,729 and for December
but $8,053,088. It is encouraging, of course, that
there is improvement as compared with the $5,052,743 net for January 1908 and the $5,014,728 net for
December 1907. It follows that while trade is not so
active as it recently was, it continues well above the point of extreme depression reached when trade was at
its worst, and we may add that there seems not the least
likelihood that we shall get back into the slough of
despond that existed twelve months ago.
The situation simply suggests caution and indicates
that for the present it will not be wise to encourage
any but very moderate expectations. The Steel figures are not the only evidence going to show a return
to a state of quietude. In the copper trade a shading
in prices has occurred since the first of January,and it
looks now as if curtailment of production on a considerable scale would have to be practiced in view of
the absence of consumptive requirements sufficiently
large to absorb the current output. On the other
hand, it is only fair to say that copper production
during 1908 and up to the present time has been maintained at extraordinarily large figures, particularly
in view of the world-wide depression prevailing in
general business. As regards the present outlook in
the iron and steel industry, the report of the "Iron
Age" this week has this to say: "The whole iron and
steel trade is dull, and while it is recognized that Janu
ary is usually a quiet month, still there is keen disap-
258
THE CHRONICLE
pointment at the manner in which new business has
flattened out." The railroads, too, are again being
troubled with an uncomfortably large quota of idle
equipment. It is hoped that the fortnightly bulletin
dealing with idle freight equipment to be issued to-day
will show that some of the idle cars have found employment again, but the truth is that in the two weeks
ending Jan. 6 the surplus of cars was increased by
nearly 111,000, the number of idle cars Jan. 6 being
reported 333,019, against 222,077 on Dec. 23. At the
close of last October the idle cars had got down to only
110,912, so that in the interval since then the number
had trebled. There is nothing very startling in all
this, trade recovery being necessarily slow and attended with numerous ups and downs after such an
experience as the country was obliged to go through
(luring 1907 and 1908.
As far as the Steel Corporation is concerned, it seems
unlikely it will ever be confronted with a worse period
of trade prostration than it experienced in 1908. It is
an extremely gratifying fact, therefore, that notwithstanding the tremendous shrinkage in business
and earnings which it suffered as a result of the conditions prevailing, it is able to submit an income statement for the twelve months which no one would have
believed possible, in face of such conditions, when the
year opened. In the calendar year 1906 the aggregate
of its net income had been $156,624,273 and in 1907
the amount was $160,964,674. For 1908 the total
of the net is only $91,826,520, a drop of over $69,000,000. Notwithstanding this tremendous loss, the company earned the full 7% on its preferred stock and
the 2% dividends being paid on its common stock and
after contributing $21,757,788 to the sinking, the
depreciation and the reserve funds, was able to carry
forward undivided earnings for the year in amount of
$11,109,539. Nothing could show more plainly than
do these figures the remarkable strength of this property and the successful way in which it is being managed and administered. About the only effect that
unprecedented trade depression and its consequent
prodigious losses in earnings have had on the company's affairs is that it has been obliged to forego
those extraordinarily large special appropriations
which it made regularly in the years of prosperity.
In • both 1907 and 1906the appropriations out of income were $57,500,000 each year. It has been truthfully declared that in lean years the Steel Corporation
can live off the fat accumulated in years of plenty.
I Vor LXXXVIII.
to the future; whether the debt limit be pushed along
or a class of obligations be shifted from the liabilities
side of the ledger to the assets side, the result is temporarily the same.
The Commission correctly reason that owners and
residents in closely-built sections "are inert as compared with the owners of vacant or partly improved
property." The case of the Brooklyn Fourth Avenue
subway has shown this, and "there will be a tendency
to build lines not where they are most needed, but
where they are most demanded." Certainly, "need"
means an existing pressure from compacted sections,
and "demand" means a loud call for action (at the
public cost) from sections whose owners are alive to
the value of improvement. It is just this tendency
which should be most resisted.
"If private capital can be obtained at all for subway construction, its owners would select the bestpaying fields." In every instance, owners of capital
may err, but they will do their best to either meet an
existing traffic or to not discount the future too venturesomely. This forms the best reason for giving
private capital th6 freest hand and the most liberal
invitation. The free capital of the world is anxious
to build subways and other improvements in this city,
but it must be able to see its way before it. Public
need and demand do not weigh, except as an assurance
of profit in the investment. The "Chronicle" has
been compelled to point out repeatedly the ancient
and disagreeable truth which no statutes can ever
repeal or evade: that capital is both mobile and timid,
moying always toward invitation and always away
from coercion.
The city wanted a subway, and got it; then immediately discovered, or professed to discover, that it
had made too liberal a bragain. Now, as everybody
knows (for every movement and outgiving from
legislatures and executive departments is a fresh reminder of the fact), the disposition is to treat capital
as a public enemy; get work done by it, then denounce
it, throw restrictive conditions about it, and deprive
it of the expected profit, if possible. Once bitten
twice shy, says the proverb; and the burnt child, capital, naturally dreads the fire of general hostility. The
resulting aloofness can be cured only by removing its
cause. If we are to have more subways and the like,
we must fling. away prudence and work the public
credit until it fails, or else we must make the conditions
attractive to private capital. Talking without limit,
the Commission reports by the barrel, will not change
The report of the doings of the Public Service Com- the alternative in the slightest, and there is no third
mission of this district for the second six months of or middle course open.
1907 makes a thick octavo volume of 800 pages; for
the year 1908 we are promised .three such volumes.
Since the Philadelphia Rapid Transit Company enWith at least one portion of the opinion as given in tered into its peculiar semi-partnership with the city
an abstract already published it is easy to agree: the of Philadelphia, in July 1907, numerous lawsuits
deduction that the people of this city want new sub- have been instituted to determine the rights of the
ways very much and that (as conditions now exist) city and of the company under the agreement. The
how to get them is not easy to discover. One way is latest litigation is a proceeding in mandamus to eject
to push against the debt limit until it is broken or from the company's board the directors who represent
stretched; it might be stretched, some say, until it the city. An interesting decision has also been renbecomes 14% instead of 10%; or there is the recurring dered this week in one of the pending suits. In May
suggestion that bonds for supposedly income-produc- the company abolished a number of free transfer points
ing properties, such as subways clearly are (according and decided not to give a transfer except upon receipt
to the notion of subway-seekers) shall not be counted of a five-cent fare. One of the stipulations of the
as liabilities. Nothing more need be said of this, agreement with the city is that the rate of fare shall
except that it is an easy method of referring trouble not be advanced except with the consent of the city. The
JAN. 30 1909.]
THE CHRONICLE
question was at once raised whether a change in routing cars or in the issuing of transfers constituted an
increase in fare. To determine the controversy, City
Councils instructed the City Solicitor to bring a suit
in court, which was accordingly done. This week the
Court of Common Pleas holds that the giving or withholding of a free transfer cannot be considered a rate
of fare. The Court also upholds the right of the company to route and re-route cars as seems best to the
management. The city has given notice of an appeal,
as it is the desire of Councils to have the questions
passed upon by the Supreme Court of the State. It
has been estimated that the restriction of transfers,
under the orders now prevailing, will add about $500,000 to the gross receipts of the company per annum.
The still unsettled problem of the East River ferry
service is brought to mind again by official action.
At the close of the year, Comptroller Metz wished to
adopt the proposition made by the newly incorporated
Interborough Ferry Co. for a lease by the city of all
the tbrminals and boats of the New York Terminal
Co., on terms which appeared onerous but need not be
discussed now, since the plan was strongly opposed
by the Mayor and has fallen through. The whole
subject was referred to a special committee whose
report upon it was made on Thursday, advising that
the city buy for not over $250,000 property on the
Brooklyn water-front at the foot of North First and
adjacent streets and adjoining the Grand Street ferry
now in control of the Terminal Co. It was explained
at the meeting of the Sinking Fund Commission that if
better terms could not be obtained with that company,
the city would now be able to start one ferry of its
own, or perhaps arrangements to do that might be
made with the Long Island RR.or with other parties.
The report was accepted and the purchase ordered by
the Sinking Fund Commission with only one negative
vote.
It might be too much to assume that this action
really decides anything conclusively, much less that it
supplies a solution of the ferry problem. It was said
several weeks ago that the suspension of ferry service
was working great loss and inconvenience to trucking,
and hints were thrown out whether a transfer of
manufacturing to South Brooklyn might not follow.
The haul to the bridge is now again urged as being
long and steep, and the plaint of the trucking business
thus continues. It seems in order, however, to renew
the suggestion we have already made: that when the
needs of trucking are sufficiently acute and the parties
interested become satisfied that the case is one ofselfhelp or none, they may be expected to take it up
themselves in a business way. At least, thel city's
experience in municipal ownership and operation of
ferries is already dismally instructive, and it agrees
with all the probabilities in such cases, and indeed
with public municipal ownership elsewhere. Such
ownership is a desperate remedy, yet always attractive
to private interests, that naturally prefer the sort of
partnership which divides benefits with both partners
but leaves one to bear the risks and losses.
The immigration statement for the month of December, officially issued last week, supplied data enabling
us to compile results for a year unique in United States
history. A year in which, for the first time since any
259
statistics on the subject were prepared, the arrivals
of aliens into the country were exceeded by the departures, instead of the balance being largely the other
way. The December statement shows, however,
that while immigration continued upon a restricted
scale as compared with the corresponding period of
earlier years, it was larger, and as a rule materially so,
than in any preceding month of 1908. It was to be
expected that, with the apparent change for the better
in the general business and industrial situation in this
country, the tide of immigration would show a somewhat stronger flow, especially from such countries as
Austria-Hungary, Italy and Russia, where conditions
have been adverse to the full employment of labor.
The increasing influx, therefore, is no occasion for
surprise. At the same time it is hardly to be expected
that any great augmentation of the movement hitherward will occur in any event until the spring. But
with conditions warranting it, the tide in this direction
in 1909 should be very heavy, if not, in fact, of record
proportions. For not only are there many in all
foreign countries eager to try their fortunes in the
United States, but we have to count upon the return
to these shores of the vast majority of the 580,000
who left in 1908 as a result of depressed conditions.
The number of aliens admitted through all ports of
the country during December 1908 was 46,003, a total
greater by 8,927 than that for November but 20,571
less than in December 1907 and 39,463 smaller than
in the month of 1906. Arrivals from Austria-Hungary,
due to the situation referred to above, were much
greater than in November, and only moderately less
than in December 1907. Immigration from Italy
was in December more than double the number in
November and 747 heavier than in the month of 1907;
and the inflow from or via Canada, while less than in
November, appreciably exceeded that of December
1907. The aggregate inward movement of aliens
for the full year 1908 compares, of course, quite unfavorably with that for 1907 or any year since 1899,
and in fact with various years as far back as 1880.
It reached only 410,319, against 1,334,166 in 1907
and 1,215,689 in 1906. The foregoing applies solely
to what are classed as aliens in the immigration statement, but there is one other item that must be taken
into account (before we refer to emigration) in determining what has been the relative effect of immigration upon population. We refer to the arrivals classed
under the head of non-immigrant aliens. These
reached during the year 1908, according to the official
statement, 147,266, against 171,302 in 1907 and 136,305 in 1906. Combining the immigrant and nonimmigrant figures, we have a total for 1908 of but
557,585, which compares with 1,505,468 in 1907 and
1,351,994 in 1906. It is clear that on this showing
no further comment is necessary; it speaks for itself,
and, considered in connection with the emigration
movement, tells the story of one of the effects of depression in our industries.
The efflux of aliens, emigrant and non-emigrant, in
December turns out, as anticipated, to have been
somewhat less than in November and of smaller volume (the case also in October and November) than the
inward movement. In December of 1907 the departures were very large in amount, reaching 88,432,
and exceeding the arrivals by 11,325. But for the
ull year 1908 the departures were 46,000 in excess of _
260
THE CHRONICLE
[VOL.
Lxxxvm.
the aggregate for 1907, comparison being between Texas in which the Department's estimate
has not
580,000 and 534,000. In 1906 they reached 341,368. already been exceeded, and in Texas only about
150,Striking a balance between the immigration and emi- 000 bales are needed to reach it.
gration figures, we ascertain that, while in 1908 there
Under the circumstances it seems safe to assume that
was a net loss in population of 22,415, the gain in 1907 the actual growth of cotton from the 1908 planting
reached 971,468, and the increase in 1906 was 1,010,- has probably been of record proportions. Still, tak626.
ing that assumption as a fact, there would appear to be
That the earnings of the various trans-Atlantic no reason to anticipate any important disturbance
of
steamship companies suffered a very serious contrac- the price of the raw material as a reason thereof.
The
tion in 1908 as a result of the decidedly smaller pas- world's requirements of the raw material have augsenger movement is an obvious fact. A Continental mented so greatly of late years that it
has become a
authority, the "Cologne Zeitung," estimates the aggre- question, at times, whether the yield from
existing
gate loss at $37,000,000, which does not seem an ex- fields would keep pace therewith. Consequently,
cessive amount when we consider that the combined new sources of supply have been sought,
but as yet
eastward and westward movement of aliens and non- with indifferent success. It matters little
whether the
aliens was only 1,137,585 in 1908, as compared with 1908-09 crop does exceed the year's
consumptive
2,039,468 in 1907 and 1,693,362 in 1906. The lines needs, a further addition to the world's surplus
would
running to and from this port, the important point of be welcome against a time of short yield.
Ruling
entry and departure, have suffered most severely in prices, all things considered, are fair to both
producer
their west-bound traffic, the Mediterranean companies and user, and are likely to be well maintained.
making the poorest exhibit. This is clearly indicated
in the annual report of Mr. William C. Moore, landThe principal features of the New York bank
ing agent of the port. Confining our analysis of that statement last week were further gains in surplus.
report to the steerage passengers, we find that there There was an increase in average reserve by $4,799,275,
were landed at this port from Mediterranean vessels to $30,387,450, and in the actual reserve by $5,570,875,
in 1908 only 81,082, as against 378,594 in 1907, or to $32,922,275; computed upon the
basis of deposits
a falling off of over 78%. Lines coming from other less those of $5,274,800 public
funds, the actual surplus
parts of Europe made, of course, a better showing, but was $34,240,975. Average
loans were expanded
nevertheless a very unsatisfactory one, steerage ar- $5,935,300, while, according to the
actual conditions,
rivals on vessels from British ports recording a drop there was a contraction of
$309,100. The average
from 152,113 in 1907 to 62,091 in 1908, or a loss of cash gain was $8,128,400;
the actual increase was
almost 60%, and from Continental Europe the decline $7,198,100. Average deposits
were augmented $13,was from 502,015 to 154,252, or nearly 70%. Some 316,500; the actual gain in this
item was $6,508,900.
individual lines were particularly heavy losers of traf- The trust companies reported an increase of $6,269,900
fic, as witness the Anchor Line Mediterranean service, in cash in vault and probably
nearly the whole of the
which landed in 1908 only 2,751 passengers, against sum required to establish a 15% cash reserve will be
21,825 in 1907.
provided by next week.
The Census Bureau report on amount of cotton of
The market for money was easy again this week,
the 1908 crop ginned to Jan. 16, issued on Saturday influenced by the accumulation of unemployed funds
last, confirmed the quite generally entertained opinion in banks and trust companies and by continued
that the Agricultural Department's estimate of yield disbursements by the treasury in excess of revenues,
was very conservative and would ultimately prove to which payments more than offset withdrawals of public
be below the actual production of the season. The deposits that were recalled by the Secretary. Instireport as issued made the amount ginned 12,667,231 tutions in near-by cities are shipping
to this centre
running bales, which at the average weight of the por- considerable sums which they are unable to use at
tion of the crop marketed to the close of December- home and the movement from other interior points is
519.28 lbs.—would give a gross weight of 6,577,839,714 also large weekly. Current redemptions of national
lbs. It will be remembered that the Department's bank notes contribute to increase congestion, the
estimate, which, as with the ginning reports, excludes Treasury promptly exchanging cash for these notes, as
linters, was for a crop of 12,920,000 bales of 500 lbs. they are forwarded by the local banks, out of the
gross weight each, or 6,460,000,000 lbs. Thus it will currency that is received in the regular course of busibe seen that without another pound to be ginned ness. Call money continues to
loan at extremely low
after Jan. 1 the estimate has already been exceeded. rates; bank and trust company balances are not
Comparing the Agricultural Department estimate with pressed upon the market, for in such case even lower
this most recent ginning report, we find the estimate has figures would, doubtless, be recorded. Time loans are
already been exceeded in Alabama, Florida, Georgia, freely offered, though little or
no business is reported,
North Carolina, South Carolina and Missouri, and clients of commission houses being out of the market,
that, bale for bale, without regard to average weights, and brokers, therefore, having no present use for time
but very little remains to be ginned in Louisiana, money. The supply of commercial paper is comMississippi, Oklahoma, Virginia and Tennessee, if it paratively meagre, banks and trust companies having.
is not to be surpassed in those States also. In fact apparently absorbed all available offerings for investit is only in Texas that any appreciable amount has ment, and the demand continues urgent for the.
yet to come forward to cause the ginning return to best names. Merchants seem to be taking admeasure up, in number of bales, to the estimate. vantage of the situation to borrow with some freeTaking the actual reported average weights of the dom in anticipation of possible requirements later in
bales as a basis, however, there is no State except the Season,
JAN. 301009.1
261
THE CHRONICLE
Money on call, representing bank and trust company changed. On Tuesday long advanced 15 points to
balances, loaned at the Stock Exchange during the 4 85@4 8510 and cables 5 points to 4 8760@4 8765,
week at 2% and at 114%, averaging about 134%; ,while short declined.5 points to 4 8725@4 8730. On
lending institutions generally quoted 1% as the ,Wednesday long fell 15 (.points to 4 8490@,4 8495,
minimum. Time loans on good mixed Stock Ex- short rose 15 points to 4 8740@,4 8745 and cables 10
change collateral were offered at 2% for thirty, 2@ points to 4 8770@4 8775. On Thursday long was
0 for sixty and 2,2M% for ninety days, 15 points higher at 4 85@,4 8510, short 5 points at
23..17
23
4@3% for four, 3% for five and six months and 4 8745@4 8750 and cables 10 points at 4 8775@4 8785.
15 points,
3@,332% for all the year. With money on call so low On Friday long rose 10, short 20 and cables
year.
to
the
of
highest
for
and
the
week
demand
and likely to continue cheap, there is no
The following shows daily posted rates for sterling
the shorter maturities; longer fixed-date loans running
by some of the leading drawers:
exchange
volume.
some
beyond four months are accepted in
choice
for
1@3%%
Commercial paper is quoted at 31
/
Fri.,
Mon., Tues.,' Wed., Thurs., Fri.,
Jan. 22. Jan. 25. Jan. 26. Jan. 27. Jan. 28. Jan. 29.
sixty to ninety-day endorsed bills receivable, 332CO%
86
86
86
560 days 4 86
86
86
for prime and 43/2% for good four to six months' single Brown
1Sight— 4 883
8834
883
883
Bros. & Co
883
885
86
86
560 days 4 86
86
86
86
Kidder, Pea88%
1Sight_ _ 4 88%
8834
body & Co
8834
8834
8834
names.
86
86
86
86
560 days 4 86
86
The Bank of England rate of discount remains unchanged at 3%. The cable reports discounts of sixty
4%.
to ninety-day bank bills in London 2%@,23
and
at
1%@2%
is
Paris
at
The open market rate
our
to
According
231%.
is
it
Berlin and Frankfort
special cable from England, the Bank of England
gained £1,196,311 bullion during the week and held
£34,254,376 at the close of the week. Our correspondent further advises us that the gain was due
largely to receipts from the interior of Great Britain,
although imports exceeded exports by £301,000. The
details of the movement into and out of the Bank
were as follows: Imports,£531,000; exports,£230,000,
and receipts of £895,000 net from the interior of Great
Britain.
Bank British
North America
Bank of
Montreal
Canadian Bank
of Commerce
Fleldelbach, Ickelhelmer ,Sz Co
Lazard
Freres
Slerehants Bank
of Canada
Sight_. 4 8834
560 days 4 86
1Sight_ 4 8834
560 days 4 86
Sight - 4 8834
160 days 4 86
1Sight. _ 4 8834
160 days 4 86
1Sight _ _ 4 8834
J60 days 4 86
1Sight__ 4 8834
8834
86
8834
86
8834
86
8834
86
8834
86
8834
8834
86
8834
86
8834
86
8834
86
8834
86
8834
8834
86
8834
86
8834
88
8834
86
8834
86
8834
The market closed on Friday at 4 8510@4 8520 for
long, 4 8760@4 8770 for short and 4 8790@4 88 for •
cables. Commercial on banks 4 8480@,4 8490 and
%. Cotton for
documents for payment 4 843/@,4 853
payment 4 843/8@4 843, cotton for acceptance 4 8480
@4 8490 and grain for payment 4 853 @4 85%.
The following gives the week's movement of money
to and from the interior by the New York Banks.
Week ending Jan. 29 1909.
The foreign exchange market was dull, steady and
without special feature until Wednesday. There was
a fair demand for remittance, which was supplied
without causing more than a fractional advance in
rates; the absence of an inquiry for cables,though the
semi-monthly settlement on the London exchange was
pending, was noticeable, for it indicated a small
American account. Relatively higher rates for discounts in London than for money in New York for
corresponding periods did not stimulate transfers of
balances for employment at the British capital, as
might hive been expected. Neither did such mone
tary conditions contribute to engagements of gold for
export, probably for the reason that there was a free
and a cheaper market for the metal in London. The
demand for gold at the British capital for shipment to
Argentina has been diverted to New York, and one
million coin was exported on Wednesday for London
account; this makes 33/2 millions to this destination
this year. At the close of that day the market grew
more active and stronger, with a good inquiry for Saturday's mail, and there were reports of preparations
for the shipment this week of a consignment, consisting in part of gold bars, which had accumulated at
the Assay Office; this report was, however, not confirmed. The strength of the market was due to a
demand to remit for securities and also to a limited
supply of bills.
Compared with Friday of last week, rates for exchange on Saturday were 15 points lower for long at
4 8485@4 8490, 10 points higher for short at 4 8730@,
4 8735 and 5 points for cables at 4 8760@4 8765.
On Monday long rose 5 points to 4 8485@4 8495 and
.0; short wmun
cables fell 5 points to 4 8755@4 i_376
8834
86
8834
86
8834
86
8834
86
8834
86
8834
8834
86
8834
86
8834
86
8834
86
8834
86
8834
Net Intertor
Movement
Shipped by
Received by
N. Y. Banks. N. l'. Banks.
Currency
Gold
Total gold and legal-tenders
$12,724,000
947,000
81,882,000 Gain $10,842,000
269,000
678,000 Gain
$13,671,000
$2,560,000 Gain $11,111,000
With Sub-Treasury operations and gold exports the
result is as follows.
Week ending Jan. 29 1909.
Banks'interior movement, as above.
Sub-Treas. oper. and gold exports__
Total gold and legal tenders
Out of
Banks.
Into
Banks.
Net Change in
Bank Holdings.
$13,671,000
35,100,000
$2,560,000 Gain $11,111,000
37,163,000 Loss 2,063,000
$48,771,000
$39,723,000 Gain $9,048,000
The following table indicates the amount of bullion
in the principal European banks.
January 30 1908.
January 28 1909.
Banks 01
Gold.
England__ 34,254,376
France ___ 145,396,426
Germany. 44,713,650
Russia a__ 120,403,000
Aus. Hun_ 49,531,000
Spain ____ 15,827,000
37,664,000
Italy
Neth lands 9,068,800
Nat.Belg.. 4,218,667
4,346,0
Sweden
Switz'land 4,733,000
1,604,000
Norway
Silver.
Total.
Gold.
34,254,376 38,508,150
35,393,832 180,790,258 107,475,935
13,329,350 58,043,000 32,637,000
6,028,000 128,431,000115,724,000
12,662,000 62,193,000 46,183,000
32,421,000 48,248,000 15,680,000
4,600,000 42,264,000 36,561,000
4,038,700 13,107,500 7,664,000
2,109,333 6,328,000 3,687,333
4,346,000 3,907,
4,733,000 3,103,000
1,604,I I I 1,505,115
Silver.
Total.
38,508,150
36,357,760 143,833,695
12,692,000 45,329,000
5,591,000 121,315,000
12,260,0 II 58,443,000
25,894,000 41,574,000
4,700,000 41,261,000
11,995,500
4,331,5
1,843,667 5,531,000
3,907,000
3,103,000
1,505,000
Total week 471,759,919 110,582.215582,342,134412,635,418 103,669,927516,305,345
Prey.week 466,809,948 110,070,673 578,880,621 411,638,722 103,170,241 514,808,963
THE LOSS OF THE "REPUBLIC."
There are numerous reasons why the collision
between the White Star steamer "Republic" and the
Italian Lloyd steamer "Florida" off Nantucket Light
last Saturday morning, with the very dramatic incidents which followed, will long remain an episode of
the largest interest in the history of the sea. In some
of its particulars the episode merely repeats and illustrates previous experience. As to whether the disaster
was in itself inevitable, that cannot well be known
until after theforthcoming investigation by the nwitie
262
THE CHRONICLE
[VOL. Lxxxvin.
authorities. There will be, no doubt, the usual con- hereafter follow out the line of least resistance suggestroversy as to how much it proves regarding the ted by the past week's experiences. When it is conadequacy of bulkhead protection for large iron ships. sidered that the overwhelming majority of shipwrecks
That the marine underwriters, and the shipping occur within easy reach of land, and that communicafraternity as a whole, are greatly disappointed at the tion through the wireless apparatus makes possible
fatal wounding of this comparatively new and up-to- the arrival of relief ships in abundant time from any
date vessel, goes without saying. It was common point within one hundred miles or so of the scene of
talk, while the "Republic" was still afloat, that the actual disaster, possibilities are indicated as to the
test was crucial. Perhaps it will be safest to say that stationing, under Government auspices, of relief ships
the outcome proves the protection of vessels against of this sort, at intervals along the coast, which may
the results of collision to have not yet been developed easily play their part in ocean history of the future.
to the point which there is reason to hope it will Our governments are ready enough to appropriate
eventually reach. But even granting this, it must stupendous sums for building ships with .no other
be observed that the mere fact of the "Republic's" ostensible purpose than to destroy one another in the
remaining afloat for more than forty-eight hours,after event of war. It is only when some great calamity,
the mortal blow was received, shows a guaranty at like the Kingston or Messina earthquakes, throws to
least against the sudden and overwhelmingly destruc- the background these narrow and petty international
jealousies, that people and governments alike recognize
tive ocean accidents of a generation ago.
These considerations, however, are bound to take to the full the larger duty which they owe to common
a subordinate place in the light of the startling and humanity, and the greater use which can be made,for
dramatic possibilities brought suddenly to the public's just such purposes, of the money so lavishly thrown
view through the part played in the episode by wireless into engines of destruction.
telegraphy. It is safe to say that, to the greater portion of the public, this business-like use of the new THE REPORT OF THE SOUTHERN PACIFIC
COMPANY.
device, in an hour of crisis upon the sea, came as a
As in previous years, the most noteworthy feature
• new and startling idea. Two years ago, when a
magazine story undertook to describe an almost in the annual report of the Southern Pacific Company
exactly similar appeal for relief from a sinking ship is its strong showing of income and financial condition.
to the shore Marconi stations, the instant communica- The latter half of the fiscal year covered by the report
tion of these stations with such ships as were within was one of intense business depression, from which
reach of the scene of distress, and the consequent relief the lines operated by the Southern Pacific Company
of the disabled vessel, it was regarded as a flight of suffered in common with those of other transportation
daring imagination. The incident of last week has systems, and the company as a consequence experiopened in this regard a new chapter of practical enced a very noteworthy shrinkage of income; but
marine history. At some future day, perhaps, we this circumstance merely serves to bring out in a most
may read in our morning paper actual dispatches graphic way the strength of its income position.
Considering the twelve months as a whole, gross
from a sinking ship in mid-ocean; but in regard to
that, it must always be remembered that the com- transportation revenues were reduced, as compared
parative narrowness of the most-traveled ocean high- with the year immediately preceding, in the sum of
ways makes an appeal from ship to ship by wireless, $2,917,439. This is not a large loss, having regard
even thousands of miles away from land,as easy and to the magnitude of the company's earnings, which
practical an expedient as it was in the case of the for the year ending June 30 1907 had been over $126,"Republic." There has naturally been newspaper 000,000. But coincident with this loss of $2,917,439
talk, since last week's occurrences, of compulsory in gross revenues,there was an augmentation in operatrequirement of wireless apparatus on all ocean steam- ing expenses and taxes in amount of no less than $5,ers. We should hardly deem this necessary. This 451,359. Consequently, net revenues fell off in the
single incident will, we should say, teach its own lesson notable amount of $8,368,798. After allowing for
sufficiently to point out the wireless apparatus as a the various larger or smaller changes in the several
sine qua non of every properly equipped passenger vessel. items of income from investments,and in the payments
So notable a demonstration of what may be done for rentals, interest and other fixed charges, the effect
by vessels summoned suddenly to the relief of a of this great loss of income was to reduce the amount
sinking ship raises some other questions as to provision available for dividends on the year's operations from
for such emergencies in the future. It can hardly $27,698,593 in 1906-07 to $19,893,473 in 1907-08.
be that the incident will not be followed by extension In other words, there was a contraction of almost 30%
and development of the life-saving plans of all pro- in the amount of yearly income left for dividends.
gressive governments. There is, for instance, the Nevertheless—and this indicates the strength of its
question of the coast patrol. Two Government income position—the reduced amount of income was
vessels appeared among the ships which assembled for sufficient to pay the company's dividends in full,
the relief of the "Republic"; they stood by to the last namely, 7% on the preferred stock outstanding and
moment, and they were, as the "Republic's" captain 6% on the common shares, and yet leave a surplus
has testified, of substantial value in the emergency. on the operations of the year in amount of $2,780,773.
But the incident also showed that the "Seneca" and It is unnecessary to enlarge upon such results; they
the "Gresham" were too small to have taken over tell their own story so plainly that added words would
the passengers of such a ship as the "Republic," and be superfluous.
too weak to tow the crippled vessel into port.
As far as the loss in gross earnings is concerned, the
It is not impossible that the development of life- experience which attended the operations of other
saving equipment along the coast may at some time large systems was repeated. The shrinkage would
JAN. 30 1909.1
THE CHRONICLE
263
have reached very much larger proportions expcet this increase in train-load that the trains are able to
that the panic and business depression did not come show average earnings of $3 11 per mile run, as against
until the first six months of the fiscal year had pretty only $3 08 in the previous year,since the average rate
well elapsed. During these six months traffic con- received per ton per mile was a trifle lower than in the
tinued of very exceptional dimensions, bringing large preceding year, the comparison being 1.097 cents,
gains in gross revenues. These gains thus served to against 1.098 cents.
offset in great part the heavy losses in revenues which
With reference to the company's financial position,
came during the second six months, when the whole this also contains many elements of strength. As in
country suffered under the blight of unparalleled in- the case of the revenues,we are dealing with figures of
dustrial prostration. Stated in brief, during the second great magnitude. The features which stand out most
six months there was a decrease in gross revenues in prominently in the financial affairs of the twelve months
amount of almost 10 million dollars (in exact figures, are the fact that the company received $19,154,707
$9,892,482), hut as during the first six months the (being the unpaid balance of the $35,296,000 of
revenues had run,roughly,7 million dollars($6,975.042) preferred stock subscribed for during the preahead, the final result was a loss in gross of a trifle ceding year), and yet that the floating debt of the
under $3,000,000.
company during the twelve months, as represented
In the case of the net earnings, the showing for the by loans and bills payable outstanding, increased no
two half-years was in great measure the reverse of less than $27,932,873. But the company is carrying
this. In the first six months all the influences which on new work on an enormous scale. The report points
had for so long been swelling the operating expenses out that the Southern Pacific Co. advances to the proof the railroads throughout the country were still prietary companies the sums required by them for
in full swing,.and consequently the very decided the construction of extensions and for additions,
expansion in gross revenues which occurred brought betterments and equipment,and for terminal properwith it no addition to the net. On the contrary, net ties; also for the construction of branches and for the
actually fell off in amount of over
million dollars, acquisition of properties important in the development
the addition to expenses for this period having been of the business of the respective companies or in the
$10,623,155. The chief elements in this great aug- economical operation of their properties. During the
mentation in expenses were the enhanced cost of ma- progress of the work the sums thus furnished are
terials and supplies—principally fuel,lumber and ties— carried by the Southern Pacific Co. until it is deemed
and the higher wage schedules, and there was also a well to dispose of the securities received in payment for
special item of increase in the expense account, namely such construction, equipment or other property.
the outlays incident to restoring to its former standard Such advances and expenditures amounted in the
the roadway damaged by the disastrous floods and aggregate on June 30 1908 to no less than $103,332,584.
heavy snow storms which had been experienced in Of this sum $61,146,399 was for the construction and
the spring of 1907; further, the traffic was so large it acquisition of new lines (including electric lines)
could not be handled with due economy. In the second $15,860,787 was for terminal real estate and other
half of the year, that is, the period from January to property and $26,325,398 for rolling stock and floating
June 1908, with the volume of traffic heavily reduced, equipment.
bringing it within the limits permitting economical
The company is also building an extensive system
handling of the same, it was found possible to cur- of roads in the Republic of Mexico and a special map is
tail expenditures, besides which labor became more inserted in the report this time to indicate the nature
efficient and there was also an improvement in operat- and character of these roads. They cover the whole
ing conditions in other respects. Accordingly, we of the Pacific Coast section of the neighboring republic
find for this six months' period a reduction in expenses from the American border down to Guadalajara.
in the very respectable sum of $6,225,435. That, These Mexican railways are being built under conceshowever, still left a loss in net for this period of over sions and subventions, it is stated, which make it im33 million dollars,as the decrease in gross had been, portant that the work should be prosecuted without
as already stated, $9,892,482. This ability to reduce interruption. On one of the concessions the company
expenses, and hence to diminish operating cost, will receives a subsidy of 20,116 pesos per mile, payable in
count as a very important circumstance in the new 5% national redeemable debt bonds of the Republic
or current fiscal year. The part which it is playing in of Mexico up to the amount of.5,000,000 pesos and
the returns of the company will be understood when we above that in cash. Some other concessions are withsay that for the six months to Dec. 31,1908,with gross out the subvention feature. Altogether, the concesreduced from $68,396,291 to $62,781,147, net earn- sions cover 1,510 miles of road, of which there had
ings have actually increased from $19,376,200 to been completed up to June 30 1908 532 miles, leaving
$22,926,483.
978 miles to be built.
It deserves to be stated that though expenses during
The funds required by the company in temporarily
the twelve months covered by the report,for the financing its huge expenditures have been obtained in
reason already given, increased so heavily, there are considerable part from the Union Pacific Railroad Co.
numerous indications in the statistics in the report The sums obtained in that way amounted on June 30
going to show increasing efficiency of operations and 1908 to $45,376,389. We thus see that out of the
of management. We have space to cite only one Southern Pacific's total floating debt of $52,622,648
instance, namely the further increase in the train-load June 30 1908, $45,376,389 was owing to the Union
on the lines both east and west of El Paso. This Pacific, which,by reason of its ownership of Southern
increase for the twelve months reached over 24 tons, Pacific stock, exercises dominant control of the
or 6 1-3%, bringing the average train-load of revenue Southern Pacific. President Harriman in his remarks
freight up to about 404 tons. It is due entirely to states that of the amount due the Union Pacific,
264
THE CHRONICLE
320,200,010 has been repaid since the close of the
fiscal year.
We have spoken of the increase in stock during the
year and of the addition to the floating debt, but have
• said nothing of the changes in the funded debt.
Here, apparently, there was an increase in amount
of $7,442,069. But this is a nominal increase only,
for the total of the outstanding bonds of the Southern
Pacific and of its proprietary companies in the hands
of the public was actually reduced during the twelve
months from an aggregate of $340,765,051 to $336,-351,621. On the other hand, the Southern Pacific
held in its own treasury on June 30 no less than
.$22,077,000 of such bonds,and the proprietary com• panies held free in their treasuries $388,000 more,
making $22,465,000 altogether. At the close of the
• previous fiscal year the total of bonds so held free
.amounted to only $10,537,500.
This feature of large holdings of its own bonds in the
treasury leads up to the point in the company's
finances which attracts particular attention, namely
the immense volume of the treasury assets, sufficient
to take care of the floating debt several times over.
From tables in the report it appears that on June 30
1908 the company owned free stocks to the par value
of $92,901,889 and free bonds of the face value of
$38,662,300. In addition, Mr. Harriman says, the
company also holds free $22,747,000 of Southern
Pacific Co. 2-5-year 4% gold bonds not included in
any statement of outstanding bonds. Besides this
volume of free stocks and bonds, the companies,
according to a statement given by Mr. Harriman, on
June 30 1908 also had ordinary current assets exceeding by $65,179,908 the ordinary current liabilities, including the loans and bills payable already referred to.
This $65,179,908 of excess current assets includes
$15,224,923 of material, fuel and other supplies, which
should, perhaps, be deducted because hardly to be
,considered available in payment of debt, but even
with that amount taken out, the excess would still
amount, roughly, to $50,000,000. Taking this in
connection with the enormous holdings free in the
treasury of stocks and bonds of various kinds, we have
here an unusual display of financial strength.
During the year, as our readers have already been
apprised, the company paid the two remaining notes
of the Central Pacific Railway Co. to the United
States for $2,940,635 each. These were the last two
out of twenty notes for the same amount given in
Feb. 1899 by the Central Pacific to the United States in
final settlement of the indebtedness of $58,812,715
growing out of the issue of bonds by the Government
in aid of the construction of the Central Pacific and
the Western Pacific roads, and Mr. Harriman makes
the event the occasion for some pregnant remarks.
He says the discharge of this debt marks an epoch in
the history of the Central Pacific RR. The original
Central Pacific was authorized by an Act of Congress in
1862 to build a railroad from Sacramento to a junction
with the Union Pacific RR. and was given fourteen
years to complete the project. The road was actually
built in half the time allowed, the junction between
the two roads being effected in May 1869; in the fall
of that year the entire rail line from Ogden to San
Francisco Bay was in operation. Mr. Harriman
points out that in 1870 (the year following the opening
of the entire line) the gross earnings amounted to
{VOL.
$7,438,970 on the 894 miles of road then operated.
In the year 1899, the period in which the final settlement with the United States Government and readjustment of the company's bonded and other indebtedness was arranged, the gross earnings amounted to
$16,401,026 on the 1,359 miles operated.
Thus, in the twenty-nine years from 1870 to 1899
the gross earnings had risen barely nine million dollars,
with an addition of over 50% in length of road operated. Consider now the growth in the nine years since
then, with very little further increase in length of
road. While in 1899 earnings were $16,401,026 on
1,359 miles, for the year ending June 30 1908 the gross
receipts for the 1,495 miles of road operated amounted
to $33,456,141, an addition of over 17 million dollars.
This great growth in the nine years reflects the tremendous efforts put forth to enlarge the carrying
capacity of the property and enable it to do an increasing volume of business at a decreased cost per unit
of work. Since the readjustment of the Government
debt on Feb. 1 1899, it appears there has been expended in straightening the line, in reducing grades
and curvature, in the construction of the Ogden-Lucin
cut-off, and for other betterments and additions by
which the service and facilities were increased,the sum
of $34,270,680.
As indicating the general character of the improvement work carried through since Mr. Harriman has
been the dominant influence in Southern Pacific
affairs, we may refer to the building of the Bay Shore
Ry. This illustration is particularly pertinent inasmuch as the Bay Shore Ry. was opened for business
during the year under review—that is, on Dec. 8 1907.
The report tells us that this road affords a much-needed
relief in the handling of trains and traffic at San
Francisco. The old line via Ocean View, built in
1863, traverses what is now a thickly settled part of
San Francisco. It is a single track line of heavy
grades and curvatures and its facilities were wholly
inadequate for the present traffic of the company.
The new line, of low grade, built on land adjacent to
San Francisco Bay,is 11.04 miles in length. Including
the charge for real estate (not all of which, however, is
actually needed), the sum of $8,676,586 had been
expended to June 30 1908 for the construction of this
11-mile line and for terminals, together with shops
at Visitacion. Apparently other sums are to be
expended in connection with this undertaking,as the
report speaks of extensive work in course of construction, such as an engine-house, machine shop, planing
mill and car-repair shop, store-house, power-house,
and other buildings and appurtenances, all of which,
we are told, will be of the most substantial character
and equipped with machinery and appliances of the
best designs for doing work economically.
As to what has been accomplished through the
building of the Bay Shore line, it is only necessary to
say that there has been a saving of 2.65 miles in
distance, that the maximum grade of the new line is
only 15.84 feet per mile as against 158 feet by the
old line, that the highest point of grade above San
Francisco City as a base is 20.3 feet as against 292
feet, and that the curvature is but 203 degrees, as
against 795 degrees. It is by such methods as these
that Mr. Harriman has been able to produce the phenomenal results in the way of income and dividend-earning capacity indicated by the figures given further above.
JAN. 30 1909.
THE CHRONICLE
265
is controlled by the workers in a rival industry, that
STRIKE OF ANTHRACITE MINE WORKERS IS of mining bituminous coal. That this same objection
UNLIKELY,
still holds good is shown by the make-up of the comIn about two months the three-year agreement en- mittee just appointed, which consists of three parts
tered into between the anthracite coal operators and anthracite men to 20 parts bituminous workers.
Regarding the demand for an increase in wages, it
their employees will expire. Anticipating the expiration of the contract, the mine workers are already form- has been shown that compliance with the request of
- the miners in this respect would cause an increase in
ulating demands which they will submit to their em•
plo.yers. So far as has yet been disclosed, these de- the prices of domestic sizes of anthracite to consumers
mands will follow closely those which were made in of $1 20 per ton. The general state of the country is
the spring of 1906, and they will embody, first, recog- such at this time that consumers would not take kindly
nition of the union; second, an increase in wages;third, to an advance of even 50 cents per ton. In support
the collection by the operators of union dues from of this view, attention may be called to the fact that
employees who are members of the union; fourth, the prices of domestic sizes of anthracite are $1 per ton
the abolition of the Board of Conciliation, as it is more than they were before the advance in wages was
now constituted, and the substitution therefor of granted by the Anthracite Coal Strike Commission
mine committees in the several anthracite districts, after the prolonged strike of 1902.
It is maintained by the operators that the present
these committees to be chosen by the employees of
each colliery from among their own number. Four arrangement of fixing wages by the sliding scale is
or more other minor demands will also probably be especially advantageous to the mine workers. A minimum is fixed below which wages cannot drop, no matmade.
As a start towards bringing about new negotiations, ter what decrease there may be in the price of coal;
the national convention of the United Mine Workers and when coal sells above $4 50 per ton, f. o. b., New ,
of America, in session at Indianapolis, has appointed York Harbor, the sliding scale gives to the miner his
a committee of 23 members who will make a request, share of the increased price. The benefit thus derived
in the name of the national organization, for a confer- by the miner has amounted to as much as 7% of his,
ence with the anthracite operators. Of the members wages.
of this large committee only three are representatives
Withholding out of wages dues to a union is known
of the mine workers in the anthracite regions; the as the "checking system." This practice is prohibited
other twenty represent workers in the bituminous coal by the Acts of Assembly of the State of Pennsylvania,
districts of western Pennsylvania,and twenty other which require payment in full of the amount of wages
States, from Alabama and Missouri on the south to or earnings in cash. The purpose of the union in
Montana on the north; and even Canada is represented. desiring to make the operators agents for the collecThe three committeemen representing the anthracite tion of dues is well understood. The United Mine
workers proper are T. D. Nichols, President of the Workers of America have always been able to maintain
Scranton-Wilkes-Barre district, known as District No. a large membership in the bituminous sections with
1; Andrew Mattey, Vice-President of the Hazleton dis- much less difficulty than they have in the anthracite
trict, known also as District No. 7, and John Fahy, regions. If an arrangement, such as is proposed, were
President of the Shamokin district, known as No. 9. in operation, the dues would be withheld from the
Messrs. Nichols, Mattey and Fahy participated in wages of the anthracite mine worker and he would
maintain his membership in the local union. The
all of the conferences of 1906.
It is not likely that any new issues of importance practical operation of the checking system would be to,
between the anthracite operators and their employees force the operators to aid in maintaining an organizawill be raised. All of the above-enumerated demands tion which at any time might become antagonistic
were made by the mine workers in 1906 and abso- to their interests. Apparently, there is no more realutely rejected by the operators. The conferences in son for the operators' granting this demand now than
that year extended from Feb. 15 to May 7. A con- there was six or even three years ago.
The Board of Conciliation, which the mine workers
vention of anthracite miners in session at Shamokin
had appointed a committee of 36, of whom John Mit- want abolished, is one of the fruits of the work of the
chell, President of the United Mine Workers of Amer- Anthracite Coal Strike Commission. It is provided
ica, was Chairman, to confer with the operators. Of that the board shall consist of six members, three of
this number only four were actually in the employ of whom shall be chosen by the operators and a like numthe mining cOmpanies, but this committee was re- ber by the mine workers. Thus constituted, the board
ceived by 25 men, representing the anthracite oper- affords a forum where an employee who has a grievance
ators. Each side appointed a sub-committee of seven, against his employer may enter a complaint and obwho conducted the negotiations. The proposition tain a prompt and impartial hearing. The published
of the miners provided for an agreement between the report of the board shows that of 150 cases before
operators and representatives of the "United Mine the tribunal in three years, 116 were finally disposed
Workers of America." The operators, avowing them- of, ten were still pending and 24 were referred to an
selves in favor of the open shop, objected to any agree- umpire. Seventy cases were either not sustained,or
ment with the union. They took the position that were withdrawn, 8 were partially sustained or withthis is one of the fundamental principles settled by the drawn; 11 were sustained; 9 were not sustained but
Anthracite Strike Commission, and the question of employment was recommended; 14 were settled
recognition of the union should not be reopened. One through the influence of the board. Of the cases rereason given by the Commission for not requiring the ferred to the umpire, 4 were sustained or partially susoperators to enter into an agreement with the United tained; 16 were not sustained, and 4 were still pending.
Mine Workers of America was that this organization The absence of delay in action is shown by the state-
266
THE CHRONICLE
ment that 44 hearings were held or action taken within
one month, 69 within two months and 37 in a longer
time.
In cases relating to re-employment after the strike,
the umpire, Carroll D. Wright,generally concluded his
decision in this language: "The opinion is therefore
rendered that all of the men employed at the time of
the strike in 1902, except those who have been convicted for crime committed during the strike, or who
are still under arrest, or to whom employment cannot
be given on account of new machinery, or who are
incompetent, ought to be preferred to new men in giving out work, when they apply therefor." When
members of the Board of Conciliation are unable to
agree, the case is referred to the umpire, who is appointed by the Judges of the Third Federal Circuit of
Pennsylvania, and the umpire's decision is final. This
bit of judicial machinery could hardly be improved by
the appointment of mine committees to take its place.
The policy of the miners contemplates the creation of
a Board of Conciliation for each of the three anthracite
districts, to which cases shall be referred when the work
of the mine committees is ineffective.
Action already taken by the Indianapolis convention raises an issue at the very start. In 1906 the
men with whom the operators consented to negotiate
were in fact representatives of mine workers in the anthracite districts, the only possible exception being
Mr. John Mitchell, the Chairman and spokesman.
but even Mr. Mitchell was selected by the convention
•of anthracite workers at Shamokin. Now it is proposed that the operators shall meet and treat with a
delegation from the United Mine Workers of America.
Possibly the operators may receive a sub-committee
comprised of the three members who may be said to
represent in a manner a portion of the anthracite
workers, but that they will treat with a score of men
whose greatest interest is in the bituminous coal fields
is not at all probable. Unless a serious conflict is
courted at the beginning, some more diplomatic
method of approaching the operators should be devised.
The protracted strike of 1902, which was prolonged
over a period of six months, resulted in an insurrection which required 10,000 troops in the field to subdue. There was loss of life, destruction of property,
a loss of wages to the mine workers,and a heavy expense incurred by the Commonwealth. That experience and the higher cost of fuel which followed the
granting of the demand for increased wages have influenced the public to frown upon strikes in the coal
regions of Pennsylvania, in consequence of which
the 161,000 mine workers in the anthracite territory
will not have the support of public sympathy,if they
inaugurate a strike without just cause; and without
such sympathy a strike can hardly be successful.
Last year the marketable output of anthracite was
64,665,014 tons, a decrease of 2,444,379 tons from
the maximum production of the year 1907. There
was a falling off in demand during the year of depression in trade,so that the stocks at present above ground
are large.
Several things indicate that there will be no strike
of the anthracite workers this year. There is no cause
of sufficient magnitude to involve the miners in a
protracted and distressing struggle; public sympathy
will not support the labor leaders if they assume an
Lxxxvin.
unreasonable attitude; through the Board of Conciliation every employee of the operators, no matter how
humble his position, may obtain a hearing if he has a
grievance; the position of the operators in their willingness to abide by the findings of the Anthracite Coal
Strike Commission, and the decisions of the Board of
Conciliation, is logical, and lastly, the efficiency of
the State police, who have shown their ability to quell
disorder without calling out the National Guard, is a
deterring influence.
Three years ago the labor leaders caused a suspension
of mining by calling out the members of the union,
and the suspension of work continued as long as the
negotiations were being conducted. No good whatever was accomplished by this ill-advised act. Cessation of operations had no influence in 1906 upon the
operators, who took a firm position and adhered to it
until the labor leaders accepted their proposition. If
the suspension of work had any effect it was to make
the miners more anxious to have the negotiations concluded, so that they might resume their customary
employment.
DECREASED TOTALS IN OUR FOREIGN TRADE.
Final evidence of the diminution in our foreign commerce in 1908 is furnished by the trade statement for
December, issued at Washington on Jan. 15th. With
but three exceptions the merchandise exports month
by month exhibited losses from the corresponding
period of 1907, the falling off in some instances being
large in amount, and imports in every month but
December were generally well below those of the
previous year. It is furthermore to be noted that
the 1908 outward movement of goods covered a slightly
smaller aggregate value than for 1906 and thau the
year's inward flow was materially less than in 1906 and
moderately below 1905. A more complete idea of
the check our foreign trade has suffered can be reached
by combining the figures of exports and imports. In
that way the total foreign trade is $2,869,282,928, or
a decrease of nearly 477 millions from 1907, a loss of
249 millions from 1906 and a gain of only 63% millions
over 1905. At the same time a favorable feature is
that our total trade has increased nearly 1,000 millions
of dollars in'the last decade (closing with Dec. 1908),
or over 52%, against an augmentation in the preceding
similar period of 488 millions, or less than 35%.
Between 1878 and 1888 the advance was only 243
millions, or a little in excess of 20%. Thus it will be
seen that notwithstanding the setback experienced in
1908, our trade during the decade which ended with
that year made a greater advance than in the two
preceding decades combined, and in fact almost
equaled the gain recorded in the thirty-year period
—1868 to 1898.
As to merchandise imports for the twelve months
of 1908, the total reached a value of $1,116,449,681,
comparing with $1,423,169,820 in the previous year,
$1,320,501,572 in 1906 and $1,179,144,550 in 1905.
In 1904 the $1,000-million mark as a measure of our
import movement was first reached, the total then
being $1,035,909,190. The 1908 aggregate is therefore the lowest recorded since 1904. With sugar and
a few other notable exceptions, all the important
items in the import schedule shared in the 307 millions
loss shown by the 1908 total of imports. Luxuries
naturally exhibited a decided shrinkage in the inflow,
JAN. 30 1909.i
but many articles that can in no sense be so classed
showed very appreciable declines. Copper imports for
the twelve months were, for instance, largely below
those for 1907, both in quantity and value, but part
of the decrease in value was due to lower prices.
Cotton manufactures recorded a decline of 21 millions
of dollars and raw cotton a loss of 83' millions. Coffee
imports were slightly less in 1908 than in 1907,
and iron and steel and manufactures imports in 1908
were only about half whatthey were in the previous year.
As regards exports, agricultural products continue
to be the leading item in the total. The grain crop
situation in the United States in 1908, while on the
whole a little more satisfactory than in the previous
year, was nevertheless not as favorable as in 1906
and 1905, and our surplus available for export was
consequently somewhat restricted. Better prices,
however, which were received for most of the grains
caused the decrease in value of the exports to be
smaller than the decline in quantity. Thus the shipments of wheat and flour for the twelve months,
although aggregating only 151,338,121 bushels, against
160,127,925 bushels in 1907, covered a value of
$153,741,845 as compared with but $151,044,577 in
the previous year. In 1906, 1905 and 1904 the outflow, both quantity and value, was much less than in
1908, and even in 1903, when more bushels went out,
the average value, and consequently the total in
dollars, was less. It is worthy of note, furthermore,
that the exceptionally large exports of 1902 (212,445,731 bushels) returned a value only 11 millions greater
than that for 1908, owing to the lower average prices
prevailing at that time. Corn exports were materially
less in quantity in 1908 than in any recent year, but
on account of the higher prices obtained, the value
comparison is not so unfavorable. The 1908 shipments at 37,577,717 bushels appear very small, as
contrasted with 83,200,872 bushels in 1907. Breadstuffs exports in the aggregate covered a value of
$196,262,583, against $214,639,465 in 1907, $189,069,690 in 1906 and $154,300,630 in 1905.
Cotton shipments were greater in quantity than in
1907, but the lower prices obtained made the value
comparison unfavorable to 1908. The average export
price in the late year was only 10 cents per lb., as
1 cents in 1907 and 109 cents in 1906.
against 11y
Thus it happens that the total value of the 8,436,143
bales exported in 1908 was only $438,829,110, against
$469,836,601 for the 8,135,734 bales sent out in 1907
and $413,137,936 for the 7,450,110 bales shipped in
1906. The aggregate value of provisions exports in
1908 was only $181,490,154, against $197,634,350 in
the preceding year and $208,586,501 in 1906. Petroleum shipments for the twelve months of 1908 were
of record total, both as regards quantity and value,
having been over 1,500 million gallons and $108,815,455, against 1,295 million gallons and $91,383,064 in
1907, and 1;270 million gallons and $85,738,866 in
1906. Of the other important articles of export in
which there has been notable expansion in recent
years may be mentioned wood and its manufactures,
and iron, steel, &c. In the former of these the shipments advanced from $54,239,776 in the twelve
months of 1905 to $70,856,713 in the like period of
1906 and $79,925,718 in 1907, but in the twelve months
of 1908 there was a drop to $71,431,748. Iron,
steel, &c., exports advanced year by year until in the
267
THE CHRONICLE
twelve months of 1907 a total of $197,066,781 had
been reached; the corresponding aggregate for 1908 is
only $151,113,114.
To indicate the changes from year to year in the
export totals of leading staples, pointing out at the
same time the relation those principal items bear to
the aggregate outward movement of merchandise, we
have compiled the subjoined table, which covers the
results for the last six years.
EXPORTS OF LEADING PRODUCTS FOR SIX CALENDAR YEARS.
Exports.
1907.
1908.
1906.
1905.
1904.
1903.
$l$I$
S.
Cotton. _ 438,829,110 469,836,601 413,137,936,392,600,544 368,839,188378,635,778
Breadst'ffs 196,262,583 214,639,465 189,069,690 154,300,630 98,307,218 200,012,362
Prov'ns&c 181,490,1541197,634,350 208,586,501 190,600,703 166,164,404 181,476.994
Cattle,sh'p
& hogs. 25,800.00d, 34,808.819 39,445,859 42,974,935 43,646,211 38,932,402
Pe '1'm Ac 108,815,4551 91,383,064 85,738,866 79,640,929 80,624,207 72,628,539
Total_ _ _ 951,197,302 1008382299935,978,852 860,117,841 757,581,228 871,686,075
All other
exports_ 801,635,945 915,043,906862,264,582 766,872,954 693,727,512613,067,008
Total... 1752833247 1923426205 1798243434 1626990795 1451308740 1484753083
1
From the foregoing it will be observed that in 1908
the greatest loss was in the item "all other exports,"
which dropped from $915,043,906 to $801,635,945,
whereas in the corresponding period the value of the
five leading staples showed a decrease of but 57
millions of dollars. If, however, we extend the comparison to cover the earliest and latest years in the
table (1903 and 1908),we find that the most favorable
showing is made by "all other exports," which increased in the interim 188 millions of dollars, against
an augmentation of only 80 millions in the leading
items. And this lends confirmation to our remark
that the expansion of our manufacturing and other
industries has eliminated agricultural products as the
preponderating element in our foreign trade, although
they continue to be the most important.
The decline in imports for the year having been
much greater than in exports, the trade balance in
favor of the United States in 1908 exhibited a large
increase over that of the previous year, and was in
excess of any total heretofore recorded, with the
exception of 1900, compared with which it shows
a decrease of approximately 12 millions of dollars.
The favorable balance in 1908 was $636,383,566,
against $500,256,385 in 1907 and $477,741,862 in
.1906. In contradistinction to 1907 the movement
of gold was against us in 1908. Very heavy imports
of the metal in the closing months (November and
December) of 1907 gave us a net inflow for that year
of $88,182,391. In 1908, after the first two or three
months, the net movement was quite steadily outward,
and for the full year aggregated $30,969,357. Of
silver we exported net $9,640,705, against $15,713,506
in 1907. Bringing together the various net balances
we reach the following comparative results of the
foreign trade as a whole.
YEARLY TRADE BALANCE.
1904.
1905.
1906.
1907.
1908.
Excess of—
Merchan. exports_ _636,383,556 500,256,385 477,741,862 447,846,245 415,409,550
9,640,705 15,713,506 16,729,250 21,573,967 24,048,203
Silver exports
Total
Gold exports
646,024,271 515,969,891 494,471,112 469,420,212 439,457,753
30,969,357 *88,182,391*108,870,222 *3,498,938 36,408,593
Grand total
676,993,628 427,787,500 385,600,890 465,921,274 475,866,346
* Excess of imports.
It will be noticed that with all items included, the
year 1908 exhibits an excess of exports of $676,993,628,
which compares with $427,787,500 in 1907 and $385,600,890 in 1906, and is, moreover, a record aggregate.
As a matter of record, we append several additional
tables, which have been drawn upon very largely in
the references contained in the remarks above.
BREADSTUFFS AND COTTON EXPORTx FOR
1906.
1908.
1907.
Wheat and flour
Bushels____ 151,338,321 160,127,925 127,209,434
Values _$153,741,825 $151,044,577 $107,558,377
784.1,c.
94e.
Wheatav.price
993'c.
$4.73
$4.08
Flour,av.price.
$4.25
83,200,872 102,518,817
Corn-bushels 37,577,717
Values. $25,216,114 $46,991,377 $52,840,269
514.6c.
67c.
56 7-16c.
Av. price1,745,859
25,480,450
1,200,000
Oats-bushels
$9,336,121
$886,040
$640,500
Values_
365
%c.
50%c.
50%c.
Av. price8,436,143
$,132,734
7,450,110
Cotton-bales
113cc
10%c.
10c.
Av. price__
CALENDAR YEARS.
1904.
1905.
71,788,579
64,957,158
$67,101,166 $61,231,117
82 9-16e.
834i c.
$4.40
$4.37
111,265,931
46,498,607
$60,154,326 $25,257,143
54e.
54 5-16c,
28,822,001
1,220,134
$9,960,006
$512,684
34 9-16c.
41 15-16c.
8,009,374
6,561.643
94,6c.
10 15-16c.
MERCHANDISE EXPORTS AND IMPORTS (CALENDAR YEARS).
Exports.
Imports.
Excess.
Total Trade.
$
403,586,010
460,352,088'
468,837,948
567,757,867
569,872,553
510,947,422
590,666,629
620.302,412
737,091,973
765,159,825
889,683,422
833,549,127
767,981.946
795,209,316
749.366.428
688,249,798
713,347,290
715,212,840
691,620,852
827.055,750
855,399,202
970,265,925
938,020,941
875,831,848
825,102,248
824,860,136
1,005,837,241
1,099.709,045
1,255,546,266
1,275.467.971
1,477,946,113
1,465.375,860
1,360.685,933
1.484.753,083
1,451,318,740
1,626.990,795
1,798,243,434
1,923,426,205
1,752,833,247
$
461,132,058
573,111,099
655,964,699
595,248,048
562,115,907
503,162,936
427,347,165
480,446,300
431,612,383
513,602,796
696,807,176
670,209,448
752,843,507
687,066,216
629.261,860
587,868,673
660.893,586
704,576,343
719,484,680
762,884,881
814,909,575
818,364,521
830,490,141
766.239,846
676,312.941
801,669,347
'681,579,556
742,595,229
634,964,448
798,967,410
829,149,714
880,419,910
969,316,870
995,494,327
1.035,909,190
1,179,144,550
1,320,501,572
1,423,169,820
1,116,449,681
$
Imp. 57,546,048
Imp.112,759,011
Imp.187,126,751
Imp. 27,490,181
Exp. 7,756,646
Exp. 7,784,486
Exp. 163,319,464
Exp. 139.856,112
Exp.305,479,590
Exp. 251,557,029
Exp. 192,876,246
Exp. 163,339,679
Exp. 15,138,439
Exp. 108,143,100
Exp. 120,104,568
Exp. 100,381,125
Exp. 52,453,704
Exp. 10,636,497
Imp. 27,863,828
Exp. 64,170,869
Exp. 40,489.627
Exp. 151,901,404
Exp. 107,530,800
Exp. 109,592,002
Exp. 148,789,307
Exp. 23,190,789
Exp. 324,257.685
Exp.357,113,816
Exp.620,581,818
Exp. 476,500,561
Exp. 648,796,399
Exp. 584,955,950
Exp. 391,369,063
Exp. 489,258,756
Exp. 415,409,550
Exp. 447,846.245
Exp. 477,741,862
Exp. 500,256,385
Exp.636,383,566
$
864,718,068
1,033,463,187
1,124,802,647
1,163,005,915
1,131,988,460
1.014,110,358
1,018.013,794
1,100,748,712
1,168,704,356
1,278,762,621
1,586,490,598
1,503,758,575
1,520,825,453
1,482,275,532
1,378,628,288
1,276,118,471
1,374,240.876
1,419.789,183
1,411,105,532
1,589,940,631
1,670,308,777
1,788.630,446
1,768,511,082
1,642,071,694
1,501,415,189
1,626,529,483
1,687,416,797
1,842,304,274
1,890,510,714
2,074,435,381
2,307,095,827
2,345,795,770
2,330,002,803
2,480,247,410
2,487,227,930
2,806,135.345
3,118,745,006
3,346,596,025
2,869,282,928
Calendar Year.
1870
1871
1872
1873
1874
1875
1876
1877
1878
1879
1880 ,
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
SILVER.
GOLD.
Year
Ending
Dec. 31
Lxxxviii.
THE CHRONICLE
268
SPINNERS' TAKINGS, CONSUMPTION AND STOCKS IN 1908.
In 500-/b. Bales.
1Gt. Britain. Continent.
Total.
Stocks Jan. 1 1908
Takings
534,000
3,368,000
1,063,000
5,945,000
1,597,000
9,313,000
Supply
Consumption
3,902,060
3,426,000
7,008,000
5,720,000
10,910,000
9,146,000
476,000
1,288,000
1,764,000
65,885
110,000
175,885
Stocks Jan. 1 1909
Weekly consumption
I
It will be noticed that the average weekly consumption of the mills in Great Britain, as a result of the
lockout in Lancashire, is appreciably less than in the
preceding year, having been only 65,885 bales of 500
lbs. each in 1908, or a loss of 9,961 bales per week from
1907 and a decrease of 6,788 bales per week from 1906.
Continental consumption shows an augmentation over
the 1907 rate of 3,750 bales, being at the rate of 110,000
bales per week. For the whole of Europe the 1908
average weekly rate, and consequently the total consumption, exhibits an important decrease from 1907,
but compared with earlier years gains are indicated in
all cases. Surplus stocks at all European mills at
the end of the year are placed at the high total of
1,764,000 bales, or 167,000 bales more than they stood
at the opening.
In the above compilation the results for 1908 only
are *presented; to bring out clearly the relation the 1908
figures bear to those for previous years, we have prepared the following, which covers the period from 1899
to 1908, both years included:
Spinners' Weekly
Spinners'l
ConsumpBales of 500 Stock 'Takings. Supply. Consump- Stock
lion.
Dec. 31.
tion.
Jan. 1.
lbs. Each.
Excess of
Imports. Exp'rts(-1-)or Great Britain.
534,000 3,368,000 3,902,000 3,426,000 476,000
import(-, 1908
441,000 4,037,000 4,478,000 3,944,000 534,000
1907
3,890,000 4,220,000 3,779,000 441,000
330,000
1906
$
$
$
5
$
S
264,000 3,764,000 4,028,00013,698,000 330,000
1870 -- 53,103.745 10,430,561 +42.673,184 27,8,13,083 15,259,199 +12,586 884 1905
260,000 3,138,000 3,398,000 3,134,000 264,000
1871 ... 44,915.975 5,841.948 +39.074,027 32,524,495 10,962,467 +21,562,028 1904
260,000
254,000 3,150,000 3,404,000 3,144,00
1872 .... 68,638,125 11,113,290 +57,524,835 32 048.799 10,068,714 +21,980.085 1903
140,000 3,378,000 3,518,000 3,264,000 254,000
+4.958.864 38,076,207 9,212,185 +28,864,022 1902
1873 _. 25,496.118 20.537.254
238,000 3,211,000 3,449,000 3,309,000 140,000
1874 _ . 43.149,091 7,422,806 +35,726,285 29,577 984 7,830,998 +21,746,986 1901
172,000 3,310,000 3,482,000 3,244,000 238,000
1875 _ 53,413,997 14,338,789 +39,075,158 25,889,567 8,547,357 +17.342,210 1900
199,000 3,479,000 3,678,000 3,506,000 172,000
+7,558.448 25,122.736 10.798,013 +14,32-1,693 1899
1876 __ 31.231,739 23,673,291
+7.352,983 29,330,929 12.141,560 +17.195,369
1877 _ _ 18.982,638 11,629,655
8,655.948 10,477,859 -1.821,911 18.209,252 18 389.884
-180,632 Continent1878 __
1,063,000 5,945,000 7,008,000 5,720,000 1,288,000
4,115.446 78,767,941 -74,652,495 21.701,552 14,425,017 +7,276,535 1908
1879 .._
665,000 5,923,000 6,588,000 5,525,000 1,063,000
.1880 _. 3,062,459 73,644,698 -70,582.2:39 12.983,442 11,031.025 +1.352.417 1907
585,000 5,384,000 5,969,000 3,304,000 665,000
17,063,274
-57,795.077
8,595,645
1906
2,603,543
60,398,620
+8,467,629
1881 __
433,000 5,326,000 5,759,000 5,174,000 585,000
38,721.079 13,402.528 +25,318,551 17,317,055 9,098,385 +8,218,670 1905
1882 _
584,000 4,997,000 5,581,900 5,148,000 933,000
6.048,770 22,055,961 -10,007.191 25,794,670 14.153,357 +11,641,313 1904
1883 _
430,000 5,302,000 5,732,000 5,148,000 5/-4,000
1884 _ 40,948.246 27,957,657 +12,990.589 29,503,748 15,504.777 +14,058,971 1903
402.000 4,955,000 5,357,000 4,927,000 430,000
1885 _ 11,417,207 23,045,311 -12.228,104 33,280,542 17,772,718 +15,507,824 1002
260,000 4,770,000 5,030,000 4,628,000 402,000
1901
19.758,414
41,309,835
-26.613
41.283,222
27,112,707
+7,354,293
1886
459,000 4,338,000 4,797,000 4,537,000 260,000
9,144,426 44.903,327 -35,758,901 27,733,192 21,000,721 +6,732,471 1900
1887 __
469,000 4,774,000 5,243,000 4,784,000 459,000
1888 __ 34,526,447 11,034,074 +23,492,373 30,020,603 21,761,359 +8,259,244 1899
1889 .._ 50,935,412 12,061,520 +38,873,892 20,742,875 26,799,458 +13,943.917
+3,683,652 28.609,101 30,764,904 -2,155,803 All Europe24,09,108 20.379,456
1890 _
1,597,000 9,313,000 10910 000 9,146,000 1,764,000
+14,211 1908
1891 _ _ 77,093,065 45,203,377 +33,889,688 27,930.116 27,915,905
1,106,000 9,960,000,11066 000 9,469,000 1,597,000
1892
, 76.545,328 18,165,056 +58,380,272 36,362,281 31,452.956 +4,909,325 1907
915,000 9,274,000 10189 000 9,083,000 1,106,000
79.983,726 73.280.575 +6,703,151 46,357,748 '27,765,696 +18,592.052 1906
1893
697,000 9,090,000,9,787,000 8,872,000 915,000
1905
17,633,594
+29.612
21.350,607
47,245
807
+80,499,128
213
1891 _ 101,849.735
844,000 8,135,000 8,979,000 8,282,000 697,000
1895 .._ 104.967.402 34,396.392 +70.571,010 54,211.086 24 373,347 +29.837,739 1904
684,000 8,452,000 9,136,000 8,292,000 844,000
896 __ 58,256,890 104,731.259 -46,471,309 64.056,741 30.279,715 +33,777 001 1903
542,000 8,333,000 8,875,000 8,191,000 684,000
+253,589 58.661.292 :33.082,302 +25.578,990 1902
34,276,401 39,022.812
1897 _
49,000 7,981.0008,479,000 7,937,000 542,000
1898 _ 16,194.954 158,163,952 -141,968,998 53.797,101 29,131,580 +24,665 724 1901
631,000 7,648,000 8,279,000 7,781,000 498,000
1899 __ 45,379,411 51 334.964 -5,955,553 53.401 737 30.843,920 *22,617,808 1900
668,000 8,253,000 8,921.000 8,290,000 631,000
1900 _. 54,134,623 66.749,084 -12,614,461 56.221,664 40.100,313 +26 121.321 1899
1
+3.022,059 55,638,358 31,146,782 +24.491,576
1901 _- 57,783,939 54,761,880
1902 __ 36,030,591 44.193.317 -8.162,72i,49.272,954 26,402,935 +22,870,019
1903 _
44,346.834 65,267,696 -20,920,802 40.610.342 23,971,509 +16.635.834
1904 _ 121.211.827 84.803,234 +36,408.593 50.135.245 26,087.042 +24,048.203
1905 .... 96,794,167 50,293,405 -3,498,933 57.513,102 35 939,135 +21,573,967
96,709,158 155.579,380 -108.870 222 60,957,091 44,227,841 +16.729.250
1906
1907 -- 55,215,681 143,398,072 -88,122,391 61,625,866 45,912,360 +15,713,506
1908 __ 81,215,456 50,246,099 +30,969,357 51,837,671 42,196,966 +9,640,705
Exports.
Imports.
Excess of
Exports(+) cc Experts.
Impons(-).
Nele.-For years 1886 to 1908 inclusive, the figures embrace gold and sliver
n ore; in the years preceding both were included in the merchandise movement.
COTTON SUPPLY AND CONSUMPTION IN
EUROPE.
Mr. Ellison's "Annual Review of the Cotton Trade
for the Year 1908" was issued in Liverpool on Wednesday of the current week, and by cable we have received
all the results of interest given therein. Not only have
the statistics of supply and consumption for the calendar year 1908 and the first three months of the newcrop season been cabled, but also such estimates as
Mr. Ellison furnishes for the full season ending Oct. 1
1909. The actual figures of spinners' takings, consumption and stock in Great Britain and on the Continent for 1908, in bales of 500 lbs., have been as follows:
65,885
75,846
72,673
71,115
60,629
60,461
62,769
63,635
62,385
67,423
110,000
106,250
102,000
99,500
99,000
99,000
94,751
89,000
87,250
92,000
175,885
182,096
174,673
170,615
159,629
159,461
157,520
152,635
149,635
159,423
Official returns from the mills of Great Britain made
public since the close of 1908 indicate the generally
profitable nature of the year's operations, although
returns were not so satisfactory as in either 1907, 1906
or 1905. It is to be stated, moreover, that all mills
shared in the profits recorded. The showing made by
the Oldham mills since 1898 has been as follows:
Years1908
1907
1906
1905
1904 _
1903
1902
1901
1900
1899
Cornpanies.
100
106
104
96
104
88
90
88
86
78
Profit (+) or
Loss (-).
+t580,511
+1,323,945
+692,343
+746,913
+28,611
-57,925
+24,727
+323,331
+292,861
+343,699
Profit or Loss
per Mill.
+5,865
+12.490
4-6.657
+7,780
+275
-658
+275
+3,674
+3,415
+4,406
We have also received separately by cable the figures
of takings, consumption,.&c., for the last three months
of the calendar year 1908. Those three months are
the first quarter of the current season, beginning with
Oct. 1 1908. For those three months the spinners'
takings in actual bales and pounds have been as follows:
269
THE CHRONICLE
JAN. 30 1909.1
Total.
Gt. Britain. Continent.
Oct. 1 to Jan. 1.
ITEMS ABOUT BANKS, BANKERS AND TRUST 00.41:
-The public sales of bank stocks this week aggregate
371 shares, of which 327 were shares sold at auction and 44
For 1907.
2,609,000 shares at the Stock Exchange. The transactions in trust
1,167,000 1,442,000
bales_
Takings by spinners
495.5
487
506
1b3
Average weight of bales
company stocks reach a total of 115 shares. Chase National
1,292,756,000
702,254,000
590,502,000
Takings in pounds
Bank stock, the price of which had advanced last week to
According to the above, the average weight of the de- 375, was sold at 3993(. Thirty-three shares of stock of the
Bank of New York were sold at 328, the last previous sale
liveries in Great Britain is 505 pounds per bale this sea- having been made in April 1908 at 286.
For 1908.
Takings by spinners
Average weight of bales
Takings in pounds
bales_
lbs.
2,629,000
909,000 1,720,000
492.6
486
505
1,294,965,000
835,920,000
459,045,000
son, against 506 pounds during the same time
last season. The Continental deliveries average 486
pounds, against 487 pounds last year, and for the whole
of Europe the deliveries average 492.6 pounds per
bale, against 495.5 pounds last season. Our dispatch
also gives the full movement for this year and last year
in bales of 500 pounds.
Oct. Ito Jan. 1.
Bales of 500 lbs. each.
(000s omitted.)
1907.
1908.
Great ContiBra'n. nent.
Great ContiTotal. Brit'n. nent. Total.
1,456
561
Spinners' stock Oct. 1
Takings to Nov. 1
308
174
1,046
374
1,354
548
367; 1,089
300
261,
Total supply
Consumption, 4 weeks
482
120
1,420
440
1,902
560
628 1,389 2,017
752
440
312,
Spinners' stock Nov. 1
Takings in November
362
284
980
626
1,342
910
316
372
949
425
1.265
797
Totalsupply
Consumption. 4 weeks
646
240
1,606 2,252
440
680
688
312
1,374
440
2,062
752
Spinners' stock Dec. 1
Takings in December
406
460
1,166
672
034
679
1,310
1,227
aialignco., 5 weeks._ _
n2n
CoT
866
390
1,838 2,704
550
940
Spinners, stock Jan. 1
476
1,288
1,572
1,132
1,764
376
548;
924
390
1,613 2,537
940
550
534- 1,063
1,597
The comparison with last year is made more striking
by bringing together the above totals and adding the
average weekly consumption up to this time for the
two years.
Oct. 1 to Jan. 1.
Bales of 500 lbs. each.
000s °ratted.
1,456
2,585
1,046
1,672
1,354
2,590
367
1.181
1,089
1,404
1,226 2,718
750 1,430
3,944
2,180
1,548
1,014
2,493 4,041
1,430 2,444
308
918
Spinners' stocks Oct. 1
Takings to Jan. 1
Supply
Consumption, 13 weeks
1907.
1908.
Great ContiGreat ContiBrit'n. sent. Total. Brit'n. nest. Total.
Spinners' stock Jan. 1
476
1,288
1,764
534
1,063
1,597
Weekly Consumption.
000s omitted.
In October
In November
In December
*30
60
78
110
110
110
140
170
188
78
78
78
110
110
110
188
188
188
• Small consumption due to lockout in Lancashire.
The foregoing shows that the weekly consumption is
now 188,000 bales of 500 pounds each, or the same as
at the corresponding time last year. The total spinners' stocks in Great Britain and on the Continent have
increased 192,000 bales during the month, and are now
167,000 bales more than at the same date last season.
According to our cable, Mr. Ellison makes no change
in the figures given last November of estimated requirements for the season of 1908-09, which were as
follows:
Actual
Actual
Requirements-Ordinary balesAmerican
East Indian
Egyptian
Sundries
Estimated
1908-09.
Bales.
12,438,000
1,300,000
850,000
400,000
1907-08.
Bales.
12.117,000
1,068,000
856,000
266,000
1906-07.
Bales.
12,432,000
1,299,000
871,000
421,000
Total requirements
Average weight
Requirements. bales 500 pounds
14,988,000
488.7
14,650,000
14,307,000
488.8
13,987,000
15,023,000
489.3
14,702,000
Mr. Ellison says it is to be borne in mind, of course,
that these figures are not intended to be estimates of
the yield in various countries. He estimates, however,
that the American crop will reach 13,500,000 bales.
Confining himself to indicating the extent to which,
in his belief, each source of supply will be called upon
to contribute to the season's consumptive requirements,
he is of the opinion that 14,988,000 bales of ordinary
weight will be necessary in order to leave mill stocks
unchanged.
Low. High. Close.
Shares. BANKS-New York.
170
170
170
10 Aetna National Bank
15 Chase National Bank
39934 39934 39934
311
50 Chatham National Bank__ _ 311
311
351
351
351
9 City Bank, National
19534 19534 19534
•11 Commerce, Nat. Bank of
560
555
•13 Importers' & Traders' N. B_ 555
266
266
20 Market & Fulton Nat. Bank 266
31 Mechanics' National Bank
25534 25834 25834
190
190
190
100 Mercantile National Bank
16134 165
162
t66 Merchants' National Bank
328
328
33 New York, N. B. A.. Bank of 328
478
478
478
13 Park Bank. National
York.
-New
TRUST COMPANIES
185
185
149
76 Guardian Trust Co
13 Lawyers' Title Ins. & Tr. Co. 23034 230 34 23034
1130 1130 1130
1 United States Trust Co
260
260
260
25 Van Norden Trust Co
Last
Sept.
Jan.
June
Dec.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
April
Jan.
previous sale.
1908- 170
1909- 375
1908- 301
1908- 350
1909- 19534
1908- 58034
1909- 26734
1909- 25834
1909- 200
1909- 16034
1908- 288
1909- 475
Oct.
Jan.
Nov.
Sept.
1908- 175
1909- 23034
1908-1150
1908- 274
• Sold at the Stock Exchange. I Of th13 amount 20 shares were sold at
the Stock Exchange.
-Following the action of the New York Stock Exchange,
the Pittsburgh Stock Exchange announces that beginning
Feb. 1 all bonds will be quoted "and interest." The change
in the method of quoting these securities on the New York
Exchange went into effect on Jan. 1. As heretofore noted,
under the old practice bonds had been quoted flat-that is,
accrued interest had been included in the price. Now no
account is taken of the interest-all prices being "and interest," the buyer paying the accrued interest in addition to
the price.
It is also announced that trading in stocks of Pittsburgh
financial institutions will be resumed at the Pittsburgh
Stock Exchange on Monday next, the 1st prox. The
"Pittsburgh Despatch" states that while there has been
more or less selling of this class of securities privately since
the Exchange was temporarily closed on Oct. 23 1907,
there have been no public transactions or quotations since
the Exchange was re-opened on Jan. 27 1908. The directors
of the Exchange have also decided to carry out the recommendations of the Securities Committee in the establishment of an unlisted department for the posting of sales
and quotations of securities of this class. The time set for
daily calls for bank stock is 11 a. m. The Secretary of the
Exchange, it is stated, is empowered to refuse to accept any
trades, bids or offers which in his opinion are misleading
or intended for speculative purposes. At the start the unlisted department will be made up of such securities as the
committee may decide, and all bids, offers and trades are to
appear on the board under the proper designation, "Unlisted
Securities." No trades of less than 100 shares of stock
selling below $1 a share will be posted. The new rule covering bond transactions is as follows:
"That on and after Feb. 1 1909 all bonds be quoted 'and interest' and
that it is not necessary to specify this in making bids or oilers for record
on the Board. Interest at the rate specified on the bond must be computed
on the basis of 360 days a year, I. e., every calendar month is one-twelfth
of 360 days, 30 days, and every period from a date in one month to the
same date in the following month is 30 days. The securities committee
will adopt rules covering time contracts, bonds in default, &c."
-Action by the Senate on the nomination of George S.
Terry as Assistant Treasurer of the United States at New
York has been deferred at the request of President Roosevelt, according to announcements made on Wednesday.
Mr. Terry was appointed by the President to succeed Hamilton Fish, resigned, in the Assistant Treasurership last
November, but the Senate had failed to confirm the nomination, as the Senate Committee on Finance had made no
report on the same.
-Elihu Root, having been elected U. S. Senator by the
New York Legislature, resigned this week as U.S. Secretary
of State. He has been succeeded by Robert Bacon, heretofore
Assistant Secretary of State, and at one time a partner in
the firm of J. P. Morgan & Co. Mr. Bacon took the oath
of office on Wednesday.
-In a communication to the State Senate on Wednesday,
Gov. Hughes withdrew the nomination of Frederick A.
270
THE CHRONICLE
Wallis as New York State Superintendent of Insurance.
Gov. Hughes at the same time made public a letter from Mr.
Wallis asking for the withdrawal of his name for the office.
The nomination had been sent to the Senate by the Governor
on the 21st inst., and its withdrawal followed the adoption of
a resolution by the Senate on Monday night requesting the
Acting Superintendent of Insurance to forward to that
body "authenticated copies of such correspondence as may
be found on file in his Department since the first day of
January 1907, bringing to the attention of the Department,
or dealing with any complaint as to the rebating of insurance premiums or any other violation of the insurance laws
in which the Home Life Insurance Co., or any of its agents
or officers, and more particularly Frederick A. Wallis, was
involved."
—The American Bankers' Association has been considering the matter of travelers' cheques for a number of years,
and finally has adopted a system of cheques that is expected
to prove not alone of great benefit to bankers themselves,
but also to give the public the best possible service. The
Association has appointed the Bankers' Trust Company of
New York as its agent to arrange for the protection of the
cheques, which are now being engraved by the American
Bank Note Company. It is designed to have this cheque
take the place of all forms now upon the market, so that
bankers throughout the world may not be required to have
their files full of numberless forms and signatures, as is
necessary to-day in order for them to safely accommodate
customers carrying cheques. The detail of the system,
we are informed, is such that bankers will be protected in
honoring the travelers' cheques, even though they have no
knowledge of the signature of the officer of the particular
bank issuing them, by an official signature of the Bankers'
Trust Company that will be upon all the cheques, specimens
of which will be in the files of every banker in the United
States.
The American Bank Note Company will make safety a
special feature in the preparation of the paper and in the
lathe work and drawings upon the cheques, which will be
as beautiful in appearance, we are informed, as Government
bills. With this system in general use among bankers of the
United States, many of the little unpleasant features of
traveling will be done away with, it is expected.
This is only one of the numerous matters for the advantage of bankers in general and the public at large that is
being handled by the officers and committees of the American Bankers' Association. Its activities in this and other
directions stamp the Association as a useful and aggressive
organization for promoting the business and financial welfare of the whole country.
—Under a decision rendered on the 22d inst. by the Appellate Term of the New York Supreme Court, the sale by
brokers on the curb market of securities disposed of as a
result of the default of a customer is sanctioned. The decision was handed down in an action brought by Weir Bros.
& Co., stock brokers at 25 Broad St., against a customer
who had failed to put up margin for stock purchased on the
curb. Following the default of the customer, and notification to him to this effect, the firm sold his stock on the curb
and thereupon sought to recover the difference between the
amount realized upon the sale and the price paid for the
stock when bought for the customer. In the lower Court
the complaint was dismissed on the ground that under former
decisions a broker was obliged to sell out his customer, on
the latter's default, at public auction, the courts having for
years held that sales in any other way were not binding
upon the pledgor, owing to the lack of publicity. Evidence
showing that it was the practice of brokers to sell on the
floor of the Exchange, or in the curb market, in such instances, was excluded. The case was carried to the higher
Court, with the result that the judgment of the lower Court
is reversed. The decision of the Appellate Term was written
by Justice Guy and was concurred in by Justices Gildersleeve and Bischoff. It says in part:
Various early decisions of the courts of this State unquestionably establish
the proposition that a sale made upon the New York Stock Exchange, where
only members are-admitted and where the outside public cannot participate
In the buying and selling of stocks, would not constitute such a public
sale as would be binding upon a pledgor in the event of default in payment
on his part. This view has been modified by decisions in various other
JUrisdlOtIons and it Is extremely probable that the development of facilities
WoL. Lxxxvm. •
for trading on the Stock Exchange, the vast number of brokers ready and
willing to act for the public, the great volume of daily transactions in most
kinds of stocks,and the greater opportunity thus presented for realizing fair
value and protecting the pledgor, may lead to a modification of this rule
by the courts of this State. In the present case, however, the question is
presented in a materially different form. Transactions on the New York
"curb" market are not confined to brokers. The uncontradicted evidence
in this case is that It is an open market where any member of the public
can attend and transact business, w thout the aid of a broker, where a
pledgor upon sale of his stock would have a full opportunity to protect
himself,and where, unquestionably, a much better opportunity would be
afforded for obtaining full value for the stock so sold than at a sale at public
auction at a place where transactions In such stocks are infrequent.
—Ames Higgins, Secretary of the Commercial Trust Co.,
Broadway and 41st St., lately resigned to accept an executive position with the National City Bank.
—The Appellate Division in Brooklyn this week denied
the motion made by the Knickerbocker Trust Co. of this
city to make final the order of the Appellate Division of last
June, by which the fees of the receivers were reduced from
$75,000 to $20,000 each, and the fees of the counsel from
$75,000 to $20,000. This, it is understood, practically
remits the matter to Judge Clarke for the appointment of a
referee to determine the amount of compensation of the
receivers and the amount to be awarded as counsel fees, and
the receivers and their counsel, it is stated, have made a
motion for the appointment of a referee for that purpose.
—The directors of the Van Norden Trust Co. of this city,
following the initiative of the Nineteenth Ward Bank, which
it controls, have placed the institution upon a monthly
dividend basis by declaring a January dividend of 1%
(12% per annum), payable to stockholders to-day. Heretofore the institution has paid 8% per annum and an extra
dividend of 2%.
—The brokerage firm of Sidney C. Love & Co., with
offices in New York, Chicago, Minneapolis and St. Louis,
has retired from business. Its New York stock and bond
accounts have been transferred to Hollister & Babcock; its
Chicago accounts in stock and bonds have been taken over
by Russell, Brewster & Co.; while its Chicago grain trades
have been transferred to Shearson, Hammill & Co. The
firm of Sidney C. Love & Co., which had a membership on
the New York Stock Exchange, was formed in 1900. The
partners were Sidney C. Love and Frederick Swift in New
York, and F. C. Aldrich, Manager of the Chicago office.
Mr. Love was the New York Stock Exchange member.
—William F. H. Koelsch has been appointed Assistant
Secretary of the Guaranty Trust Company of this city.
Mr. Koelsch will give up his present position as Secretary
and Treasurer of the Mutual Alliance Trust Co. and assume
his new duties about March 1.
—A special meeting of the stockholders of the Lincoln
Trust Company of this city will be held Feb. 11 to consider
a proposal to increase its capital stock from $750,000 to
$1,000,000. The price and amount of this new stock each
stockholder will be privileged to buy will also be determined
at that meeting.
—The Franklin Trust Co. of New York and Brooklyn,
Arthur King Wood, President, has materially increased its
deposits during the past twelve months. As compared
with $7,579,036 Jan. 1st 1908 the company's deposits were
$10,191,449 Jan 1st of this year—over 34% gain. The
company was established in 1888, has $1,500,000 capital,
$1,508,121 surplus and profits and total resources of $13,710,683. Edwin S. Marston, President of the Farmers'
Loan & Trust Co. this city, is Chairman of its Executive
Committee. The Franklin Trust Co. is now affiliated with
the Farmers' Loan & Trust Co. and many of the latter's
trustees are also on its board.
—The First National Bank of Brooklyn Borough has
removed from its old quarters at Kent Avenue and Broadway
to its commodious new building on the Williamsburg Bridge
Plaza, at Broadway and Havemeyer Street. The site was
purchased by the bank at a cost of $75,000, and the work
of construction was begun early last summer. The bank
occupies the ground floor of the structure, which is of white
limestone, and is four stories in height. The interior appointments are of marble and mahogany, with railings of
bronze. The safe deposit vaults are on the main floor, in
the rear of the banking room.
—The Citizens' Trust Co. of Brooklyn has declared
an initial dividend of 234%, payable March 1 to stockholders
JAN. 30 1909.1
THE CHRONICLE
of record Feb. 15. The company began business in Nov.
1905 with $500,000 capital and $125,000 surplus. The
surplus and undivided profits on Jan. 1 1909 stood at
$173,139.
—John W. Hardenbergh was elected President of the
Jersey City Trust Co. of Jersey City on the 20th inst.,to take
the place of David W. Lawrence, who declined re-election.
Aaron S. Baldwin has also retired as Vice-President of the
company and has been succeeded by John H. Coyle, who
continues as Secretary. Charles L. Decker has been made
Treasurer. The retiring President and Vice-President
remain as members of the board of directors. Mr. Hardenbergh, the new executive, is President of the Commercial
.
Trust Co. of New Jersey at Jersey City.
—The removal of the First National Bank of Albany,
N. Y., to its new building at 35-37 State Street has been
effected,the bank having begun the transaction of business in
its new quarters on the 11th inst. The site was formerly
occupied by the First National, but since its consolidation
with the National Exchange Bank in April 1907 it has
utilized the home of the latter pending the erection of its
own new structure. The latter is seven stories high; the
bank has set apart the main floor, second floor and basement
for its own use. Frederick A. Mead is President, John A.
Dix and Horace G. Young, Vice-Presidents, and John J.
Gallogly, Vice-President and Cashier.
—G. A. Niles, who has been acting Cashier of the Oneida
National Bank of Utica, N. Y., since the death several
months ago of C. A. Stickney, was elected to fill that office
at the recent annual meeting.
—Control of the First National Bank of Attleboro, Mass.
(capital, $100,000), was lately purchased by W. L. Mauran
of Providence, R. I., who, it is stated, represents private
interests. Mr. Mauran has acquired the 840 shares (par
$100) of stock held by interests allied with the Union Trust
Co. of Providence, and 22 additional shares, making a total
of 862 out of 1,000 shares. It is stated that the bank will
be run as an independent institution.
—Arthur W. Pinkham has been elected President of the
National City Bank of Lynn, Mass.,succeeding F. S. Pevear,
resigned .
—In order to effect the reopening of the First National
Bank of Somersworth, N. H., the stockholders have been
asked to contribute the sum of $35,000—representing an
assessment of $35 per share on the $100,000 capital. The
bank closed its doors on Dec. 16,owing to the alleged defalcation of Cashier Frederick M. Varney.
—A final dividend of 5%% is reported to have been declared to the depositors of the Sullivan County Savings
Institution of Claremont, N. H., which failed in 1896. The
bank owed depositors $1,175,794 at the time of its failure,
of which in all 78%,it is stated, has been repaid.
—A meeting of the stockholders of the American Bank of
Philadelphia will be held on March 11 to act on the question
of increasing the capital from $50,000 to $100,000. The
institution is located at Broad Street and Passayunk Avenue;
it began business on June 1 1908. It is stated that there is
a likelihood of its conversion to the National system.
—A study of the Maryland banking laws, with a view to
revising the present regulations governing the financial institutions of the State, is to be made by a committee named
by Gov. Crothers, which, according to the Baltimore "Sun,"
consists of the following: State Senator William M. Slay, of
Kent County, Chairman; William Ingle, Vice-President and
Cashier of the Merchants' National Bank of Baltimore,
representing the Baltimore Clearing House; Wilton Snowden, Vice-President of the Mercantile Trust Co. of Baltimore,
representing the trust companies' organization; William M.
Hayden, President of the Eutaw Savings Bank of Baltimore,
representing savings banks without capital stock; George
L. Wellington, President of the German Savings Bank of
Cumberland, representing the savings banks with capital
stock; Henry B. Wilcox, President of the First National
Bank of Baltimore; Alexander Neill, President of the Hagerstown Bank at Hagerstown, representing the State banks
of the Western Shore; and Joshua W. Miles, President of the
Bank of Somerset at Princess Anne, representing the State
banks of the Eastern Shore.
271
The appointment of the committee is in accordance with
a resolution adopted by the Maryland Bankers' Association
at its annual meeting in October.
—The stockholders of the Maryland Trust Company of
Baltimore have elected J. V. McNeal as Vice-President.
L. S. Zimmermann continues as acting President; Carroll Van Ness is Secretary; Jarvis Spencer Jr. Treasurer, and
Ivan Skinner Assistant Secretary and Treasurer. Mr. McNeal, the new Vice-President, is Fourth Vice-President and
Treasurer of the Baltimore & Ohio RR. Company.
—At the annual meeting of the German National Bank
of Pittsburgh, J. F. Erny was elected President to replace
A. A. Frauenheim, who was temporarily chosen in December
as successor to W. W. Ramsey, resigned. Mr. Frauenheim
again becomes Vice-President of the bank. With his election as head of the German National, Mr. Erny retires as
President of the German Savings & Deposit Bank of Pittsburgh,in which post he is succeeded by J. E. Roth.
—At the annual meeting of the International Savings &
Trust Company of Pittsburgh, which was placed in voluntary
liquidation on June 18 1908, Secretary Frank W.Stonecipher
presented a report showing that the depositors have been
reimbursed in full. The Pittsburgh "Gazette" states also
that, according to the report, the trust funds and other
obligations have been entirely disposed of and a sufficient
fund has been accumulated to allow the payment of 40% to
the stockholders, which the directors have voted to distribute
on Feb. 1.
—John Loresch was elected President of the Allegheny
Valley Bank of Pittsburgh and Frank Leckner was chosen
Vice-President at the annual meeting of the directors. F. J.
Kuesling is Cashier.
—John 0. Miller, who succeeded James K. Duff as Secretary and Treasurer of the People's Savings Bank of Pittsburgh last November, has been chosen Secretary of the Safe
Deposit & Trust Company of that city, succeeding Mr. Duff •
A. P. Dysart has been elected Treasurer and Assistant Secretary of the trust company and C. W. Kiser has become
Assistant Treasurer.
—A business calendar for use in 1909-1910, applicable to
the United States and Canada (copyrighted by James S.
Park) has been issued with the compliments of the People's
State Bank of Detroit. Its purpose is to indicate the laws
regarding days of grace, interest rates and holidays, and to
show when paper is payable and protestable.
—Simon Casady, formerly President of the Des Moines
Savings Bank, of Des Moines, Ia., has been elected President
of the Central State Bank of that city, succeeding H. B.
Hedge, who has become a Vice-President. The proposition
was ratified by the shareholders on the 6th inst, the enlarged
capital becoming effective Jan. 20. The capital of the
Central has been increased from $50,000 to $200,000.
—Fred. P. Hamilton has been elected Cashier of the
Merchants' National Bank of Omaha, Neb. He was formerly
an Assistant Cashier.
—E. J. Smith, formerly Cashier of the defunct State
Bank of Rocky Ford, Colo., was sentenced on the 13th inst.
to three years imprisonment on charges in connection with
the failure of the institution. President John E. Godding is
already in prison as a result of the closing of the bank,which
occurred on January 2 1908.
—T. S. Anderson, ex-President of the defunct Daviess
County Bank & Trust Co., of Owensboro, Ky., was convicted on the 15th inst. on the charge of swearing to a
false statement of the condition of the institution on March
31 1908 and sentenced to three years imprisonment. The
company assigned April 23 1908.
—The stockholders of the Commercial Savings Bank of
Charleston, S. C., will meet on Feb. 18 to consider the proposition to increase the capital from $50,000 to $100,000.
—0. J. Egerton has been promoted from the post of
Assistant Cashier to the cashiership of the Bank of Norfolk
at Norfolk, Va., to fill the vacancy caused by the resignation
of J. D. Puller, who has become Cashier of the People's Bank
for Savings of St. Augustine, Florida.
—J. A. G. Carson has retired as President of the Merchants'
National Bank of Savannah, Ga., and has been succeeded
272
THE CHRONICLE
by J. F. Cooper Myers, who advances from the Vice-Presi_
deny. W. M. Davant, Cashier, has been made VicePresident and Cashier and Victor B. Jenkins has been
chosen to the new office of Assistant Cashier.
—Demurrers to indictments against E. H. Thornton and
W. F. Manry, respectively President and Vice-President
of the defunct Neal Dank of Atlanta, Ga., are sustained in
a decision handed down by the Court of Appeals of'Georgia
on the 7th inst. The two officials, it is stated, were indicted
for violating the section of the law prohibiting officers
of "State banks of issue" loaning to themselves in excess
of 25% of the bank's capital, and the section which prohibits loans to themselves of over 10% without the indorsement of the directors. The defendants demurred to the
indictments, contending that their institution was not a
"bank of issue", that the law was applicable only to banks in
that class, and that the indictments were therefore faulty
and invalid. According to the Atlanta "Constitution",
the Appellate Court fully sustained this point in the demurrer, and inasmuch as this settled the case, did not deal
with other points made. Thus, it states, the indictments
will have to be dismissed and the case ended. The bank
was.placed in charge of the State authorities on Dec. 23 1907.
—Harry L. Williams has been elected Vice-President of
the National Bank of Columbus at Columbus, Ga., to take
the place of R. A. Carson, who retires.
—The payment of a 10% dividend to the depositors of the
failed Exchange Bank of Macon, Ga., was authorized on the
29th ult. Since the suspension of the institution on July 7
1907, three dividends of 20% each are reported to have been
paid,the latest distribution thus bringing the total up to 70%.
—The stockholders of the First National Bank of Montgomery, Ala., have elected Frank Stollenwerck, Vice-President, to succeed Col. M. P. LeGrand, retired. Col. Le
Grand continues with the institution as a member of its
board of directors. Cashier A. S. Woolfolk has been made
a member of the directorate.
—The directors of the Montgomery Bank & Trust Co.
of Montgomery, Ala., on the 19th inst., elected Thomas
E. Lovejoy active Vice-President of the institution. The
management is unchanged otherwise, with W. E. Halloway,
President, Meyer L. Greil, Vice-President, F. H. Logan,
Cashier and John W. Kelley, Secretary.
—In a decision rendered on the 18th inst. the Supreme
Court of Louisiana sets aside the appointment on Nov. 23
by Judge St. Paul in the Civil District Court at New Orleans
of T. W. Danziger and J. F. Meunier as receivers of the
Colonial Bank & Trust Co. of New Orleans, and upholds the
action of the stockholders in naming at their meeting on
November 12 J. N. Roussel, John U. Adams and A. J.
Stallings as liquidators.
—Vice-President Albert Baldwin Jr. of the New Orleans
National Bank of New Orleans, La., has been advanced to
the presidency to suceed R. E. Craig, who retains his connection with the bank as director. Frank E. Reiss, Assistant
Cashier of the bank, has been chosen Second Vice-President.
Adolph Katz is First Vice-President and William Palfrey
continues as Cashier.
—A second dividend in liquidation, amounting to $25
per share, was declared payable to the stockholders of the
Central Trust & Savings Bank of New Orleans on the 9th
inst. The business of that institution was transferred to the
Whitney-Central Trust & Savings Bank during the summer,
and a liquidating dividend of $75 per share was at that time
paid to its stockholders.
—The proposition to increase the capital of the First
National Bank of Houston, Texas, from $500,000 to $1,000,000, mentioned in these columns September 5, was ratified
by the shareholders on the 12th inst. A dividend of 60%
on the old capital has been declared out of the surplus and
profits of $516,000, and is to apply as part payment for the
new stock.
—Permission to change the name of the Houston National
Bank of ,Houston, Texas, to the Houston National Exchange
Bank has been granted by the Comptroller of the Currency.
The change will go into effect on March 28, the date of the
expiration of the present charter, and the bank will at the
same time increase its capital from $100,000 to $200,000.
[VOL.
It is understood that there will be no change in the officials
of the institution.
—The election of Oscar Wells as Cashier of the Commercial
National Bank of Houston, Texas, occurred at the annual
meeting last week. Mr. Wells comes from the Fort Worth
National Bank of Fort Worth, where he had held the Cashiership for three years.
—Elmo Sledd has been chosen to succeed Oscar Wells,
resigned, as Cashier of the Fort Worth National Bank of
Fort Worth, Texas. Mr. Sledd advances from the assistant
cashiership. Two new Assistant Cashiers have been named
in E. B. Van Zandt and William M. Mamie. K. M. Van
Zandt is President and R. L. Ellison and N. Harding, VicePresidents. The official statement of Nov. 27 last showed
this institution to have a capital of $300,000, surplus and
profits of $681,745, and deposits of $3,547,500.
—A new institution, known as the Texas State Bank, has
been organized at Fort Worth, Texas, with a capital of
$100,000. It expects to open for business about February 1.
Otlio Houston of the banking house of Houston, S mallwood
& Co., is President. The other officers are C. D. Reimers,
Vice-President, W. L. Smallwood, Cashier, and Rossington
M. Logan, Assistant Cashier.
—R. C. Ayres, heretofore Cashier of the Commonwealth
National Bank of Dallas, Texas, has been elected President
of the institution, to take the place of E. M.Turner. Manton
W. Jones, Assistant Cashier, has been chosen to fill the
post of Cashier.
—J.B. Wilson, retired as a Vice-President of the American
Exchange National Bank of Dallas, Texas, at the annual
meeting on the 12th inst.; at the same time John N.Simpson
was elected to a vice-presidency.
—J. Howard Ardrey resigned on the 12th inst. as Cashier
of the Gaston National Bank of Dallas, Texas, to become
identified with the management of a new financial institution
about to be opened in that city. The Trinity National
Bank, it is stated, is to be the name of the projected organization, which is to have a capital of $600,000. According to
the "Dallas News," the bank is to start business next month,
and will occupy the quarters formerly used by the failed
Western Bank & Trust Co.
—Will F. Woods, former Cashier of the failed Woods
National Bank of San Antonio, Texas, which suspended on
November 7 1907, was sentenced on the 22nd inst. to eight
years in the penitentiary. The accused had been convicted
the previous week on charges alleging embezzlement and
misapplication of the funds of the bank.
—The Commercial National Bank of Beaumont, Texas
is being organized, under authority from the Comptroller
of the Currency on the 15th inst., with $150,000 capital.
J. F. Keith, President of the Park Bank & Trust Co. of
Beaumont, is interested in the movement.
—A dividend of 3% was paid the current month to the
creditors of the Harris Exchange Bank of Tyler, Texas,
which suspended December 30 1907. The payment, it is
said, is the second and final one to be distributed; the previous
distribution is reported to have amounted to 4%, making the
total 7%.
—A consolidation of the London-Paris National Bank
(capital $2,500,000) and the Anglo-Californian Bank, Ltd.
(capital $1,500,000), both of San Francisco, has been
arranged—the consolidated institution to be known as the
Anglo and London-Paris National Bank. The latter wil
have $4,000,000 capital and a reserve of $1,200,000. Sigmund Greenebaum, President of the London-Paris Bank, will
be at the head of the succeeding institution. The consolidation is sanctioned by the two houses which founded the
uniting banks, namely, Lazard Freres & Co. and J. & W.
Seligman & Co., of New York, both of which are understood
to be large stockholders in the respective institutions.
—The proposition to increase the capital of the Merchants,
National Bank of San Francisco from $300,900 to $500,000
was ratified at the shareholders' meeting January 12. The
United States National Bank was absorbed by the Merchants'
on the 1st inst.
—The Union Exchange Bank of Los Angeles, Cal., closed
its doors on the 4th inst., having been taken charge of by
the State Bank Commissioners, owing, it is said, to an
JAN. 30 1909.]
THE CHRONICLE
273
The annual statement of the bank shows net profits for the
impairment in its capital. The bank began business on
year ending Nov. 30 1908 of $429,880. This, together with
of
$100,000,
April 15 1907, with an authorized capital of
are the balance of $327,832 at the credit of profit and loss
which $50,000 was reported as paid in. The deposits
Nov. 30 1907 (making a total of $757,712) enabled the bank
said to amount to $18,000.
to carry forward to the new profit and loss account $405,991,
-A new institution, designated as the All Night & Day after paying dividends of $300,000(10% per year), applying
It is
Bank, began business on the 4th inst in Los Angeles.
bank premises and furniture, and
from $46,721 in the reduction of
stated that the bank remains open continuously
to Officers' Pension Fund. The deposits
$5,000
ng
transferri
night.
7 a. m. Monday morning until 12 o'clock Saturday
of the bank are now $24,085,416, against $22,988,770. on
The officers are Newton J. Skinner, President; J. S. Moore, Nov. 30 1907, while the assets have grown from $32,353,935
.
Vice-President and Cashier and H. B. Stafford, Treasurer
to $33,524,892. George Burn is the General Manager and
National
D. H. Finnic., Asst. General Manager.
-Announcement of the consolidation of the First
Bank and the American National Bank of Everett, Wash.,
-At the annual meeting of the Montreal Trust & Deposit
under the title of the first-named institution is made. The Co. of Montreal, held on the 14th inst, it was decided to
First National, it is stated, will increase its capital from increase the capital from $500,000 to $1,000,000. The net
$100,000 to $250,000. William C. Butler will be President earnings of the company for the eleven months ending
and L. L. Crosby, Vice-President and Cashier.
Nov. 30 1908 (its year now ends on Nov. 30 instead of
(head
Scotia
Nova
of
Bank
Dec. 31, as formerly) are reported as $58,563, as against
-The 77th annual report of the
office Halifax; General Manager's office, Toronto) for the $47,329 for the twelve months to Dec. 31 1907.
year ending Dec. 31 1908 has made its appearance in pamph-During the year 1908 the net profits of the Traders'
of
$559,
months
twelve
the
for
profits
net
It
shows
form.
let
Bank of Canada (head office, Toronto) amounted to $500,218.
of profit
578, which,with the balance of $71,164 at the credit
Out of a total of $525,682 available for distribution($25,364
and loss the previous year, enabled the bank to apply $630,- representing the balance at credit of profit and loss Dec. 31
742 towards the customary appropriations. Dividends of 1907 and $100 the premium on new stock), the bank paid
were paid; $100,000 was written $304,700 in dividends (at 7% per annum); $20,000 was
12%,aggregating $360,000,
off bank premises account, $15,000 was contributed to the written off bank premises and furniture; $5,000 was transOfficers' Pension Fund; $50,000 was set aside for anticipated ferred to the Officers' Guarantee Fund, and $5,000 to the
loss through the guaranty of $200,000 in connection with the Pension Fund, leaving $190,982 to be carried forward. On
liquidation of the Ontario Bank; and another $50,000 was Dec. 31 1908 the paid-up capital stood at $4,353,592 and
set aside for anticipated loss through the liquidation of the' the reserve account at $2,000,000. The interest and nonSovereign Bank of Canada, leaving the sum of $55,742 to be nterest-bearing deposits aggregate $25,385,117, while the
carried forward. The company on Dec. 31 1908 held cash total assets are $34,859,590. Stuart Strathy is the General
and cash items of $10,035,284, had call loans outstanding Manager.
of $10,067,239 and had investments of $6,609,959 in pro-In the annual statement of the Dominion Bank (head
vincial, municipal and other bonds, making a total of quick
Toronto) covering the year ending Dec. 31 1908, met
office,
assets of $26,802,482, equal to over 74% of the total liaare shown to be $641,318. The bank had a balance
profits
bilities to the public of $35,985,910. The total assets are of
at the credit of profit and loss account Dec. 31
$235,140
$44,746,648. The progressive advance in the book value 1937 and $148,275 was received during the year as premium
of the bank's stock for each year from 1880 to 1908 is indi- on
new stock. Altogether there was thus available 31,024,cated in a chart and makes a striking showing. H. C.
733, and of this $473,462 was applied in dividend payments
McLeod is General Manager and D. Waters, Assistant at the rate of 12% per annum; $100,000 was written off
General Manager. W. H. Davies of 48 Wall Street is the bank premises, and $148,275 was transferred to reservefund,
New York agent of the institution.
leaving a balance of $302,996 to be carried forward. The
at
Canada
of
Bank
Western
the
n
of
absorptio
-The
addition to reserve fund increases that item from $4,833,457
Oshawa, Ont., by the Standard Bank of Canada (head to $4,981,732. The paid-up capital is $3,983,392 and the
office, Toronto), to which we referred in our issue of Nov. 28, total assets are $50,881,381. The statement shows comwas favorably voted on by 'the stockholders of the first- bined interest and non-interest-bearing deposits of $37,named institution on the 6th inst. The agreement, however, 913,097.
is yet to be ratified by the Treasury Board at Ottawa. The
-The Royal Bank of Canada (head Office Montreal)
an
and
of
$555,000
capital
paid-in
a
has
Bank
Western
reports net profits for the year ending Dec. 31 1908 of
authorized capital of $1,000,000. It is understood that the $746,775. With the additional $156,910 at the credit of
Standard Bank will increase its paid-in capital from $1,560,- profit and loss the previous year, the bank was able to
090 to the authorized amount of $2,000,000. Through distribute $390,000 in dividends (10% yearly); to transfer
its new acquisition it will add about 43/i million dollars $210,000 to the reserve account, increasing it from $4,390,000
to its deposits, and increase the number of its branches to $4,600,000; to. transfer $25,000 to the Officers' Pension
from 70 to 96. It is reported that $160 per share is paid Fund, to write $200,000 off. the bank premises account and
by the Standard Bank for.the stock of the Western Bank.
to carry forward to profit and loss account $78,685. The
the
for
deposits of the bank increased during the twelve months
-The Union Bank of Canada, in its statement
$33,265,498 to $37,443,442, and total assets rose from
meeting
its
annual
from
at
30
presented
Nov.
1908,
ending
year
addithe
With
$46,351;498 to $50,470,211. The paid-up capital is $3,on Dec. 19, showed net profits of $401,013.
stock
new
on
premium
900;000.
the
ing
$24,524,
represent
of
tion
issued, and $62,213, the balance from the previous year's
-A provisional agreement, it is announced, has been
of
sum
$487,750.
the
altogether
was
available
there
account,
entered into for the amalgamation, as from Jan. 1, of the
Out of this, $222,488 was paid in dividends (at7% yearly); London Joint Stock Bank, Ltd., of London, and the York
$100,000 was transferred to the rest account; $100,000 City and County Banking Co. The agreement provides
written off bank premises account, and $10,000 contributed that shareholders of the York City institution will receive
to officers' pension fund, leaving a balance of $55,262 to be three shares of the London Joint Stock Bank,£15 paid up,
carried forward. The institution has a reserve fund of and £5 in cash for every ten shares of York Bank stock, £3
$1,800,000 and assets of $34,062,409. The bank's paid-in paid up. It Is understood that the London Joint Stock
capital is reported as $3,200,410. Twelve new branches Bank, which was established in 1836, will increase its capital
were opened during the year-one in the Province of Ontario, 'from £12,000,000 to £20,000,000. The York City and
one in British. Columbia, two in Alberta and eight in Sas- County Banking Co. was established in 1830. It has.an
katchewan. John Sharpies is President of the institution authorized . capital of £2,700,000, in shares of £10 each, of
which £2,600,000 has been subscribed, and £780,000, or £3
and. G. H. Balfour is General Manager.
share, is paid up. The balance of £4 per share; the
per
-At the recent annual meeting of the Bank of Ottawa
. states, is reserved liability. The
"Financial News"
London
the
of
as
President
Hay
retired
George
(head office Ottawa)
n,
it is reported, amount to over
institutio
the
of
assets
institution. David Maclaren was elected to succeed Mr.
has
branches.and 71 sub-branches.
116
It
00.
-C13,00,0
to
chosenwas
Bryson
and
George
y,
Hay in the presidenc
has ,44 branches. .
Bank
Stock
Joint
London.
The
fill the post of Vice-President, heretofore held by Mr. Hay.
274
THE CHRONICLE
Wonetargi(grimmercialXnglisT14.eurs
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:
[VOL. LXXXVIII.
previous months, and in that manner complete the statement for the calendar years 1908 and 1907. For statement
of December 1907, see issue of Jan. 11 1908 page 89.
RECEIPTS AND DISBURSEMENTS (000s omitted).
-
c K55.4 K59
ou ve 5744,5,c't IVI:Vr7gLondon.
[
Week ending January 29.
Sat.
Mon.
katu,z1 , F,';Kt3
Tues.
Wed. Thurs.
Fri.
Silver, per oz
i i ari6P
.5..El
d 233%
23 15-16 24 1-16 23 13-16 23%
233%
Consols, new,23% percents__ 83 5-16 83 7-16 8331
83 1-16 83 1-16
833%
For account
834
833%
85 5-16 8334
83 1-16 8334
-•i 7) S'. 0.
French Rentes (in Paris)_fr_ 96.423% 96.423% 96.423% 96.45
96.55 96.573%
„6. g s, l .
g gi I
.1
Amalgamated Copper Co_ _ _ _ 8034
803%
81
c793%
8034
io
773%
Ng
bAnaconda Mining Co
95%
93%
og
9y,
93%
1
a g
934
-9g
g
934
Atchison Topeka & Santa Fe.101%
1019-4
103%
1013%
/
i
1038
10234
Preferred
104
104
104
1033-4
104
104
Baltimore & Ohio
114%
115
115
115
111%
c1123-4
Preferred
96
96
96
96
c94
94
Canadian Pacific
1793%
to.5 E.,1 08t2 t 0,5i3
178%
1773%
1773%
1773%
1763-4
CSICS
Chesapeake & Ohio
WWWoOW:ii. I.D Mb63
.:ii. ..1
633%
643%
.
4- 40
653%
6534
653-4
73%
Chicago Great Western
I 0mA000, CO .woo..o.omo o CO to
7
7
73-4
73%
73%
Chicago Milw. & St. Paul_ _ _153
154
1533% c1503%
1533%
,,,,0
,
c40
1493%
,,
0 .004.0,0 0 .000...00
w 0811 t .4t2
Denver & Rio Grande, com_ 393-4
3934
393%
3934
4334
4434
:4-0 .i.,c, - I "o'ito7A0 C) Coo 14 'o'w--41.
!I°
Zo 10 1,'W W:b.:,41,
Preferred
82
82
82
84
843%
:28 N2 g 2V8Fng23 8 V4V.g&T) g "'''
P
Erie, common
32
"'
W°o
323%
3134
313%
3134
31
First Preferred
48
48
48
473%
ch.=,--4-40 al.;
wa. 0. t
4831
47
-4t..o88 .T w2g
Second Preferred
38
3634
37
i„,.
2 .
1,- -063',00-c0o00 to .w.Amoi,. ,„,
373%
0
373-4
37
$
Illinois Central
oo o ...Aw.c. o ,omwo...
1493%
1493%
1493% c146
1493%
1453%
ow w wwowAw .
Via
Louisville & Nashville
129
12
12
1273%
1253%
73%
73%
125
o
..
A
Mexican Central
233
wA .0 w .-45.wwo !to w-4. .mo w A., w 4.5g
233%
24
%
24
233%
4.
Mo. Kansas & Texas, com
45g
45
443%
45
44%
Wy,1
Preferred _
77
77
77
763,4
763%
7734
National RR. of Mexico_ __ _ 43
,-.
43
43
hi
... ..d.o4N0040
43
43
43
,,,,,, ....0 00
. CJO..000 ..4 ...IN, to 0000
N.Y.Central & Hudson Itiv.133
134
1333%
1333%
1333%
1313%
0 -ol --4W -o.3.:
CS
Wo 'collo."
;t. W0W CI .7-4.0
N. Y. Ontario & Western_ _ _ 48
48
493%
0.3 ,. o
473%
4934
m.wwo CO op 0
A
05-3.
.o
.0wo h, ,
,,, -... c,„.,
493%
0,,,
,,,,,,,
,,,
ocpco
Awo -4 w00,A.w
Norfolk & Western,com
CO .-Aw
9334
00 M..40
923%
933%
933%
933%
94
,...
•-• .. 0. 1,,
.
Preferred
.
NI.
80
90
90
90
00-.0...4. N 0.0 W OWN
00 00000 0
NQI
ta0 0
Northern Pacific
144
144
11g%
144
11g
001.0 010-.0..W..., .
g
.W.
00 WW .
000w
...4 .
0,W
.
0
6.
-.4.
aPennsylvanla
0,..4,
,-..
.
0.).
NO NO0 ,...00...1000.00..4WON
68%
00
68
68
Co
68
g
O. 0. ..4 .4000.40..00000.0 .OWN 0
...o,,,,
aReading Company
703%
7034
7031
703%
,----6
%
693-4
16
%%
618
772%
6814
•
CI
]
1.2
N
0
..
I
aleirst Preferred
t,,,0
t40, 811w=.07.71: V1000.0000 0 1.N0
473.4
c-N C.0
473-4
473-4
4734
4734
4734
aSecond Preferred
....4.
48
..4 1,11.4'olo7-.7:0 Zo.
48
48
48
l - 14-.
6 g .ow
48
3
14W-obi
E
47%
CS o ow .. oit..,wio
w ch.q.o.i.,0 w wa.w 7-.
Rock Island
CSwwo
253%
2531
253%
2534
26
Co
to.0wo.w_o 0005 to
ob.Dwwwm.
wo
w
to
0o0
Southern Pacific
12331
1223%
1233%
..Co.
124
1233%
C'C'.
..,-.. 5. P..0040.....4..10..
to to a.
I-.
i..to
1M1
Southern Railway, common_ 2634
...
NW
CO
.
0...4.5"000
ONO,
0
NON
0
2634
,
t
263%
263-4
2634
2634
Preferred
:o.:. 'co C5tfo:5.7-i'edi
COzzo"
"Q'
6334
'* -'.
633%
6434
1,11•2.-4 "io
- ,w.
643%
6334
4
wow.Awo
wo wm w oowo.wA '
oow
m "co
o'
6394
Union Pacific, common
.wAowoo
183
A.A-4mwm
1843/
w.o
19
88
AchA
34
A
184
31
.o
o.
w
o
w
18
93
8%
' 19
8
8
1
%
Preferred
99
A
.. A
..
99
. .o
o
99
.0 w. w
oZo-.55-1 .. ww. CO wo.t.
....woo to
U.S. Steel Corp., common._ 5534
55
553%
5434
5534
533%
5
0wo la 1.2;-ilois
0. ..o.,1
..0
.
-.4:
..-co:p.bt.otoo o. .00
'to .W0000..4
Preferred
117
1163%
117
a
11
C'S
17
934
...4
NO.
N
w
W
0.400(00
CO
1179,
11.V.1
0
.0 NO 0 0+00N0WN.
Wabash _
0-,000NWN CO O.. 0 00..4
19
19
183%
Co
NN. MO
0-• 0-, 0.-. 0 03 0...
r., Co
Preferred49%
513%
503%
49
513%
WNW
50
0000
5,1000
0
N..4.
0
.
000.
0
WOO.
.W
0
.
0
0
Extended 4s7534
75
793%
80
763%
00.
0.
0 .14
'Co Wos.:0'..wOo lo -o:t.'omi-4-.14 lo w-e. W "..0:Am
793%
ft
too ww.
..-4,w.w w w -4.,,00m.oow.hon
AA co. A owrocoo.w
0 wm.Aw-4o o .5.0'CO o o
a Price per share. b £ sterling. c Ex-dividend.
.A
...
w
.A .o to .w..mo, -4
...4A.....00 o Am.
lo 1.2b1.40
Co .5.0,3(0o.5.0,3(0b
g
wi
.
0.
w...
....(0
.
000.
w CS.ww w (0
b.., 0
. ....,nn
a011!'
..
.
...
C'S 4
.4.-.8
gg. Ig w-3 gzgo-oF,A5,.-3 gEref:04nAg,.-3
,.9. (7=-6'4 .-g itg50-3 loa
op. ii•eg .c,-;E w cEiigg
g
S.1 92. r..ea
I
.
R ,...
Bouts and Legal-Tenders
on Deposit for
Bank Circulation.
Circulation Afloat Under
1908
Dec. 31_
Nov. 30.Oct. 31.._
Sept. 30____
Aug. 31.--July 3L._
June 30---May 29_ _ _ _
April 30-- -Sich. 31---Feb. 29---Jan. 30-- -
Bonds.
LegalTenders.
Bonds.
LegalTenders.
Total.
631,318,790
618,497,940
632,624,850
632,871,890
631.607.490
629,432,420
628,147,130
629,031,160
628,839,430
632,422,570
636,426,660
640,828,820
48,281,060
52,270,912
39,065,637
48,639.442
59,339,115
66.728,009
75,083,400
73.735,370
72,220,323
67,573,019
63,215,807
53.483,098
628,786,205
614,907,265
626,779,350
626,972,885
625,986,993
625,360,982
623,250,517
624,714,147
625,425,375
08,834,336
632,458,712
641,919,664
48,281,960
52,270,912
39,065,637
48,639,442
59,339,115
66,728,009
75,083,400
73,735,370
72,220,323
67,573,019
63,215.807
53,483,098
677,068,165
667,178,177
665,844,987
675,612,327
685.326.108
692,088,991
698,333,917
698,449,517
697,645,698
696,407,355
695,674,519
695,402,762
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
rnOney8 in national bank depositories on Lee. 31.
Bondi on Deposit
Dec. 31 1908
U. S. Bonds Held Dec. 31 to SecureBonk
PublicDeposits
Circulation.
in Banks.
Two per cents, Panama Canal, 1916-36_ 39,219,440
Four per cents, Loan of 1925
14,085,950
Three per cents, Loan of 1908-1918.... 11,966,080
Two per cents, Consols 1930
552,684,300
Two per cents,Panama Canal, 1918-38. 13,363,020
3.65s, District of Columbia, 1924
State, City and Railroad Bonds
Hawaiian Islands Bonds
Philippine Loan
Porto Rico
$
14,150,500
6,961,250
8,130,900
48,738,950
1,453,000
2,408,000
42,202,946
1,777,000
8,208,000
701,000
Total
Held.
53,369,940
21,047,200
20,096,980
601,423,250
14,816,020
2,408,000
42.202,946
1 ,777,000
8,288,000
701,000
55,819 601,685
TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement for December
1907 will be found in our issue for Jan. 11 1908, page 89.
-
r 0.
ce. ?
-.
...
.
..
1,319 86,377
1,478 27,526
-BANK NOTES-CHANGES IN
:,i17. 0
-."4 1., 1,-,,,-.1.
4,674, 85,632,
917 28.017,
oinmerciat and WistealutertusBM'S
:
. . . . ..,
' .
.
I.
I.
C))
..
0070....mt,2
0
.....
......
1..0..0..0
4.
W.
W
W.
,4.0. ° W"'
00.
..4 W .
...4.
N .
. .ke
.0....0
.00..0..
......,.
0
.... ,o,,,
..i .....
-.0-.0
0
0
.,. ..."
....,-. o
.. .....
.w
o
o
-400.0.w-40o 0 ...w0000w. .o. p.o..o. o
V.8tg4r4 c<4?.
1
=namml
0
0-420. 2"
,...I
1-.O-4
m°2 s s=7:
IMMIGRATION INTO THE UNITED STATES.-The
subjoined statement, compiled from the monthly statements
issued by the Bureau of Immigration and Naturalization of
the Department of Commerce and Labor, shows the number
of immigrant aliens admitted into the United States during
December and the twelve months of the calendar year 1908,
and for purposes of comparison corresponding figures for
1907 and 1906 are appended:
MonthsJanuary
February
March
April
May
June
July
August
September
October
November
December
AustriaHungary.
4,023
3,760
3,701
4,280
4,841
3,652
3,374
3,896
5,625
7,009
8,290
13,623
12 mos. 1908._ 66,074
December 1907_ 17,692
From
Russia & United
Other
Italy, Fintand.Kingdons, Europe.
2,833
8,283
4,786
2,406
3,592
4,587
3.661
3,311
6,612
5,496
6,234
4,629
6,560
5,921
8,368
9,180
5,382
3,880
5,054
7,934
3,016
6,202
6,573
5,803
2,451
6,198
5,147
4,068
2,468
5,194
5,312
4,699
4,236
7,501
7,727
6,177
5,241
8,759
4,530
7,483
4,581
6,088
5,252
4,138
9,124
7,679
4,775
2,980
56,096
8,377
71,791
17,462
12 mos. 1907-352,983 277,827
13,964
December 1906_ 27,709
12 mos. 1906_ _ _296.208 292,874
254,527
20,650
263.269
All
Other.
4,889
4,470
5.845
6,965
6,226
6,701
0,332
0,213
6,972
7,960
8,727
7,822
Total.
27,220
23,381
32,517
41,274
36,317
31,947
27,570
27,782
38,238
40,994
37,076
46,003
74,422
10,659
79,128 410,319
7,970 66,574
122,002 224,321
10,452
4,489
107.296 176,751
102,506 1,344,166
8,172
85,466
79,291 1,215,689
02,808
4,423
-Auctio
n-Sales.-Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction.
By. Messrs. Adrian II. Muller & Son:
Bonds.
Stocks.
$2,000 The Monongahela
33 Bank of N. Y., N.B. A_ _ _328
City (Pa.) Water Co. 1st
31 Mechanics' Nat. Bk_255 34-258 %
6s. 1909, M. 133 S
46 Merchants' Nat. Bk_101 34-185
$5,000 The Monongahela
13 National Park Bank
478
City Water Co. 1st Is,
375 Bklyn. City RR. Co
192
1931, M. & S
5 Eighth Ave. RR. Co
266
100 The Monongahela City
-125
N.
16
34
Y.
Mutual
Gas
Co
Lt.
Total on deposit December 31 1908- 031,318,790 134,811,546 766,130,336
Water Co
24 Warren RR. Co
177
$11,000 Great Lakes Coal
500 City & Suburb. Homes Co.. 90
Co. 1st 5s,s.f.,1044,A.&0.
259
The following shows the amount of national bank notes 25 Lawyers' Mtge. Co
$1,000 Union Steel Co. 1st
21 City Investing Co
62
afloat and the amount of legal-tender deposits Dec. 1 and 25
& coll. tr. 55, 1952, J.& D..
Niagara Fire Ins. Co
322
Dec. 1 and their increase or decrease during the month of 15 Chase National Bank
39934 $1,000 Pittsburgh Coal Co.
of Pa. 1st 58, s. f., 1954,
10 Bklyn. Acad. of
_ 66
December.
J & J_
9 National City Bank
351
National Bank Notes-Total Afloat10 Aetna National Bank
20 Pittsb. Life & Tr. Co., $31,758
170
Amount afloat Dee. 1 1908
50 Chatham National Bank_ _311
fully paid and non$667,178,177
Amount Issued during December
$15,162,449
20 Market & Fulton Nat. Bk..266
assessable, $50 each
Amount retired during December
5,272,461
12 Nat. Fire-Proofing Co.,
9,889,998 100 Mercantile National Bank_ 190
15 Amer. Piano Co. pref.__ _ 92
pref., $50 each
7 Fidelity Fire Ins. Co
10 Monongahela Nat. Bk.,
301
, Amount of bank notes afloat January 1 1909
1 United States Trust Co_ _ 1130
Pittsburgh, Pa
$677,068,105
Legal-Tender Notes10 Nat. Lt., Ht.&P. Co.,pref_ 70
82 The Monongahela River
Amount on deposit to redeem national bank notes Dec. 1 1908
Consol. Coal & Coke
$52,270,912 101 Atlantic Safe Deposit Co
50
Amount deposited during December
$13,512,285
76 Guardian Trust Co_ _ _149-185
Co. coin., $50 each...
Amount of bank notes redeemable in December
5,340,233
13 Lawyers'Title Ins.&Tr.Co_230
200 Lustle Mining ifc Smelt25 Van Norden Trust Co
ing Co., $10 each__ _ _
3,988,952
260
25,000 The United Rico Mines
40 Independent Brew. Co.
Amount on deposit to redeem national bank notes January 1 1909_ $48,281,960
Co., $1 each
10c. per share
of Pittsburgh. coin.,
•
$50 each_
GOVERNMENT REVENUE AND EXPENDITURES.- $6,000 N.Y. Bonds.
&Hoboken Ferry
75 Crucible Steel Co. of
Through the courtesy of the Secretary of the Treasury, we
Co. gen. Is, 1946, J.& I)_ 94 34& hit.
America, prof
N.Y.& N.J. Ferry Co.
625 Crucible Steel 00. o
are enabled to place before our readers to-day the details of $4,000
1st cons. 5s. 1946. J.&J.94%& Int.
Amorioa com
Government receipts and disbursements for the month of $1.000 New Mexico Ry.& Coal
100 Internat. Salt Os '
Co. 1st cons. & coll.
December. From previous returns we obtain the figures for
5s, 1951, A. & 0_
_ 903% & int.
JAN. 30 1909.1
275
THE CHRONICLE
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous-Concluded.
Feb. 1 Jan. 21 to Jan. 31
American Light & Traction, common_ 2
1% Feb. 1 Jan. 21 to Jan. 31.
Preferred (guar.)
APPLICATIONS TO CONVERT INTO NATIONAL BANKS
Feb. 15 Holders of rec. Feb. 6
3
(guar.).
Guarantee
&
Bond
Mortgage
APPROVED.
1% Feb. 1 Jan. 29 to Jan. 31
Brill (.1 G.), pref. (guar.)
The State Bank of Warroad, Minn., into "The First National Bank of Butte Electric & Power, pref. (guar.)._ 1% Feb. 1 Holders of rec. Jan.15r;
1;5 Feb. 15 Holders of rec. Jan.30.2
Warroad." Capital, $25,000.
Steel
Cambria
The Bank of Artesia, New Mexico, into "The State National Bank of Casein Company, pref. (guar.)(No. 35)
Feb. 10 Jan. 31 to Feb. 9
2
Jan. 30 Jan. 24 to Jan. 31
Artesia." Capital, $50,000.
Cent. Dist. & Print. Telegraph (guar.).- 2
1%
1 Jan. 23 to Feb. 1
Feb.
(guar.)._
(H.
Clain
ORGANIZED.
preferred
B.), first
NATIONAL BANKS
1;5 Feb. 1 Jan. 23 to Feb. 1
Second preferred (guar.)
Certificates Issued from Jan. 20 to Jan. 22.
Feb. 1 Jan. 21 to Jan. 31
1%
(guar.)
Commonwealth-Edison
9.322-The First National Bank of East Islip, N. Y. Capital, $25,000 Ctmeolidated Gas, N. Y.(guar.)
Mai. 15 Holders of rec. Feb. 17
I
Edward Thompson, Pres.; George K. Day and A. J. McCollum Consolidation Coal (guar.)
1% Jan. 30 Jan. 24 to Jan. 31
Vice-Pres.; Olin S. Brewster, Cashier.
Jan. 30 Jan. 24 to Jan. 31
2
Extra
9,323-The First National Bank of Coalinga, Cal. Capital, $50,000. Distillers' Securities Corp. (cm.)(No. 25)
;5 Jan. 30 Holders of rec. Jan. 94
Smith P. Young, Pres.; Arthur E. Webb, Vice-Pres.; C. E. Whit- Dominion Coal, Ltd., preferred
3;5 Feb. 1 Jan. 22 to Jan. 31
ney, Asst. Cashier.
April 1 Holders of rec. Feb. 27
2%
(guar.)
Eastman
common
Kodak,
9,324-The First Natonal Bank of Earle, Ark. Capital, $30,000. C. T.
2% Feb. 1 Holders of rec. Jan. 13
Common,extra
Whitman, Pres.; M.T. Boone. Vice-Pres.; H. A. Morrison, Cashier;
April 1 Holders of rec. Feb. 27
1%
(guar.)
Preferred
Albert Horner, Asst. Cashier. Conversion of the Bank of Earle.
Edison Elec. III., Boston (guar.)(No.79) 2% Feb. 1 Holders of rec. Jan. 20
9,325-The 'Fremont National Bank, Tremont, Ill. Capital. $25,000. Electric Bond & Share, pref. (quar.)_ _ _
1% Feb. 1 Jan. 17 to Jan. 31
J.
Luella
Cashier;
A. H. Menard, Pres.; F. J. Davis, Vice-Pres. and
3m Feb. 3 Jan. 21 to Feb. 8
Electric Company of America
Hazelman, Asst. Cashier. Conversion of The Tremont Bank.
Jan. 30 Jan. 24 to Jan. 31
2
Fairmont Coal (annual)
1% Feb. 1 Holders of rec. Jan.29a
Federal Sugar Refining, pref. (quar.)
CHANGE OF TITLE.
Feb. 10
5,296-"The First National State Bank of Sheridan," Ind., to "The First Gorham Manufacturing, common (guar.) 2
1% Feb. 1 Jan. 10 to Feb. 1
International Nickel, pref. (guar.)
National Bank of Sheridan."
(No. 39) 1;5 Feb. 1 Jan. 21 to Feb. 1
(qu.)
pt.
Pump,
Steam
Internat.
BUSINESS.
RESUMPTION OF
Sc Clearf. Coal Sc Iron, pf. (qu.) 2% Feb. 15 Holders of rec. Feb. 5
5,082-The National Exchange Bank of Springfield, Mo., placed in charge Jefferson
1;5 Feb. 1 Holders of rec. Jan.15a
Kansas City Stock Yards (guar.)
of a receiver Dec. 7 1908, resumed business Jan. 18 1909.
Feb. 1 Jan. 22 to Jan. 31
2
Belle
Iron
La
Works
of
charge
in
placed
Ky.,
6,419-The Citizens National Bank of Monticello.
2
Feb. 1 Jan. 26 to Feb. 1
(guar.)
common
I,ord Sc Taylor,
a receiver Nov. 18 1908, resumed business Jan. 18 1909.
Michigan State Telephone, corn. (guar.). 1;5 Mch. 1 Holders of rec. Feb. 15
LIQUIDATIONS.
1 April 18 to May 2
1% May
(guar.)
Preferred
1;5 Feb. 1 April 18 to May 2
4,951-The Swedish-American National Bank of Minneapolis, Minn., was
Preferred (guar.)
1908.
2
Feb. 1 Holders of rec. Jan. 11
corn. (No. 7).
Placed in voluntary liquidation Dec. 31 Francisco,
Elec.,
Gen.
Minneap.
placed
Cal., was
Feb. 1 Holders of rec. Jan. 11
3
7.691-The United States National Bank of San
Preferred(No. 20)
in voluntary liquidation Dec. 31 1908.
Montreal Light, Ht. & Pow.(qu.)(No.31) 1% Feb. 15 Holders of rec. Jan. 31
8,932-The City National Bank of East St. Louis, Ill., was placed in volun- Municipal Gas, Albany, N. Y. (guar.)._ 2% Feb. 1 Jan. 26 to Feb 1
tary liquidation Jan. 16 1909.
New England Cotton Yarn, pref. (gear.)... 1% Feb. 1 Jan. 27 to Jan. 31
8,366-The Comanche National Bank, Comanche, Okla., was placed in N. V.& Queens El. Lt. & Power, pref. _ 2% Feb. 10 Holders of rec. Jan. 30
1% April 1 Holders of rec. Mch. 15
voluntary liquidation Jan. 20 1909.
North American
2;5 Feb. 1 Holders of rec. Jan.20c
Omaha Electric Light & Power, pref._
Feb. 1 Jan. 17 to Feb. 1
1
common (guar.)
Co.
Pacific
Coast
DIVIDENDS.
1% Feb. 1 Jan. 17 to Feb. 1
'(guar.)
First preferred
Feb. 1 Jan. 17 to Feb. 1
1
Second preferred
The following shows all the dividends announced for the Peoples'
1% Feb. 25 Holders of rec. Jan. 20
Gas Light & Coke (guar.)
24 Feb. 4 to Feb. 23
Feb.
1%
future by all large or important corporations:
40)
(No.
Car,
(guar.)
Pressed Steel
pref.
Feb. 15 Holders of rec. Jan. 30
3
Procter & Gamble, corn. (guar.)
Dividends announced this week are printed in italics.
Feb. 15 Holders of rec. Jan. 30
2
Pullman Company (guar.)(No. 168)_
$1
Feb. 15 Holders of rec. Feb. 1
Sears, Roebuck Sc Co., common
Books Closed.
Per
When
Feb. 15
1
Silversmiths Company (guar.)
Days Inclusive.
Cent. Payable.
Name o/ Company.
Feb. 1 Jan. 20 to Jan. 31
Torrington Company, common ,A Sc B__ 4
Feb. 15 Feb. 2 to Feb. 15
United Bank Note Corp., corn. (guar.).- 1
Railroads (Steam).
Feb. 1 Holders of rec. Jan. 27
1
(No.
common
Mfrs.,
United
Cigar
Ateh.Topeka & Santa Fe, pref.(No. 21). 2% Feb. 1 Holders of rec. Dec.30a U.S. Realty & Improvement
1
Feb. 1 Holders of roe. Jan. 21
3
Mch. 1 Holders of rec. Feb. 1
Baltimore & Ohio, common
Jan. 30 Holders of rec. Jan.15a
(quar.).. 2
(quar.)_United States Rubber. first pref.
1
Feb.
rec.
of
2
Holders
Mch.
1
Preferred
Jan. 30 Holders of roe. Jan. 115a
1%
Second
preferred
(guar.)
50e. Feb. 15 Holders of rec. Feb. 1 U S.
Bellefonte Central (No. I)
% Mch. 30 Mch. 16 to AprI119
Steel Corp. ,com.(qu.)(No.
2
Feb. 15 Holders of rec. Feb. 5
Buffalo Rochester & Pittsburgh, corn.
Mch. 1 Feb. 4 to Mch. 1
31)
(Igo.
154
(guar.)
Preferred
5
Feb.
rec.
of
3
Feb. 15 Holden;
Preferred
1% Feb. 15 Holders of rec. Jan. 80
pref. (guar.)
Feb. 1 Holders of rec. Dec. 31 U.S. Telephone,
Canada Southern
1 Jan. 16 to Jan. 31
Feb.
2%
2
Feb. 1 Holders of rec. Jan. 20 Washington (D. C.) Gas Light (guar.).- 2;5 Feb. 1 Jan. 21 to Jan. 31
Central lilt. of New Jersey (guar.)
2
Feb 15 Holders of rec. Feb. (3a Western Teleph. & Teleg., pref
Chicago & Alton, common
a Transfer books not closed.
2
Feb. 15 Holders of rec. Feb. 6a
Prior lien and participating
ch
1 Feb. 2 to Mch. 2
Chic. Mliw. & St. Paul, coin. & pref._ 3%
Chic. SC Paul Minn.& Om.,cent. & pref. 335 Feb. 20 Holders of rec. Jan. 30
Imports and Exports for the Week.-The following are
1% Mch
1 Holders of rec. Feb. 10
Cteve. & Pittsburgh, orig. guar. (gustr.)_
the week ending Jan. 23; also
1
Mcb. 1 Holders of rec. Feb. 10 the imports at New York for
Special guar. (guar.)
Feb.
3
Cornwall & Lebanon
totals since the beginning of the first week in January:
Mch. 1 Holders of roe. Feb. 17
Cripple Creek Central, pf. (qu.)(No. 13).. 1
FOREIGN IMPORTS AT NEW YORK.
Delaware & Hudson (guar.)
23( Mch. 20 Holders of roe. Feb. 27
Feb. 1 Holders of rec. Jan.12a
Great Northern (guar.)
1906.
1907.
1908.
1909.
Week.
6
For
Feb.
rec.
of
Holders
8
Feb.
5
Green Bay & Western
Mch. 1 Holders of rec. Feb. I
Illinois Central (No. 108)
$2,873,085 $2,215,777 $4,469.382 $4,098,593
Dry Goods
Lake Shore & Michigan Southern
5,161,119 11,636.179 11,965.083
8,699,955
Feb. 1 Jan. 1 to Feb. 1 General Merchandise
6
Guaranteed (Mich. So. & No.lad.)
Feb. 10 Jan. 21 to Feb. 10
Louisville & Nashville
$7,376,806
$16,155,561 $16,063,678
11,573.040
15
Total
Jan.
rec.
of
Holders
1
6
Feb.
common
RR..
Mahoning Coal
Since January 1.
Nashville Chattanooga & St. Louis__ 2% Feb. 1 Jan. 24 to Feb. 1
$10,232,169 $8,655,682 $12,011,026 $10,951,716
Mch. 1 Holders of rec. Feb. 5 Dry Goods
N. Y.Chicago de St. Louis, 1st & 2d pld._ 5
32.389,388 19,995,431 36,064,784 28,899,898
Feb. 18 Holders of rec. Feb. 3 General merchandise
2
Norfolk & Western, preferred
3;5 Feb.
North Carolina
$28,651,113 $48,075,810 $39,851,614
$42,621,557
Weeks
3
I
Total
to
Feb.
1
13
Jan.
Feb.
1%
(quar.)
Pacific
Northern
Feb. 10 Holders of rec. Feb. 1
4
Peoria & Bureau Valley
Feb. 15 Holders of rec. Feb. o
Pittsb. Cinc. Chic. & St. Louis, common 2
The following is a statement of the exports (exclusive of
Feb. 1 Holders of rec. Jan. 2
5
Pittsburgh & Lake Erie
Feb. 1 Holders of rec. Jan. 15 specie) from the port of New York to foreign ports for the
2
Reading Company, common
Mch. 10 Holders of rec. Feb. 20
2
First preferred
23 and from Jan. 1 to date:
Rome Watertown & Ogd., guar. (guar.)... 1% Feb. 16 Holders of rec. Jan. 30 week ending Jan.
Feb. 2 Holders of rec. Jan.16a
St. Louis & San Fran.. let pref. (guar.)
EXPORTS FROM NEW YORK FOR THE WEEK.
1q Feb. 10 Feb. 1 to Feb. 9
Utica Clinton & Binghamton
2% Feb. 15 Holders of rec. Feb. 5
Vandal's
1906.
1907.
1908.
1909.
Street & Electric Railways.
Feb. 15 Jan. 31 to Feb. 15
3
Ry
Elevated
Boston
$10,734.384
$11,232,893
$16,699,808
$15,579,505
Week
the
For
Feb. 10 Holders of rec. Feb. 1
3
Chicago City Ry.(extra)
26,393,536 33,375,549 26,538,754 26,473,857
Columbus Ry., pref. (guar.) (No. 37)-- 1% Feb. 1 Holders of rec. Jan. 15 Previously reported
Feb. 15 Feb. 1 to Feb. 15
Connectieut By. & Ltg., corn. & pt.(qu.) 1
$52,075,357 $37,771,647 $37,208,241
$41,973,041
3
Total
Weeks
Feb. 1 Holders of rec. Jan. 21
Dartmouth & Westport St. Ry.(guar.)._ _ 2
1% Feb.
Holders of rec. Jan. 15
East St. Louis & Suburban ,pref
of
1
rec.
Holders
Feb.
Jan.
15
Grand Rapids Ry., Pref. (guar.)(Ne. 33)
The following table shows the exports and imports of
Feb. 1 Jan. 21 to Jan. 31
3
Harrisburg 'fraction
Feb. 15 Jan. 25 to Feb. 23 specie at the Port of New York for the week ending Jan. 23
Havana Electric Ry., common (No. I)._ 1
25
to
Jan.
15
13.
Feb.
Feb.
23
Preferred (No. 12)
periods
Feb. 1 Holders of rec. Jan. 25 and since Jan. 1 1909, and for the corresponding
Helena Light & By.• pref. (guar.)
Feb. 1 Holders of rec. Jan. 20 in 1908 and 1907:
3
Houston Eleetrie CO., pref
of
rec. Jan. 15
Feb. 1 Holders
Jacksonville Electric Co., corn.(No. 9)... 3
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
3
Feb. 1 Holders of rec. Jan. 15
Preferred(No. 13)
1;5 Feb. 1 Jan. 28 to Feb. 2
Mexico Tramways (guar.)
Imports.
Exports
& Light pf.(qu.)(Ne. 37) 1% Jan. 31 Holders of rec. Jan.20a
Gold.
Feb. 1
Montreal Street Ry.(guar.)
Week. Since Jcus.1
Week. Since Jars.1
31
Jan.
to
21
Jan.
30
Jan.
pref
New Hampshire Electric Rye.,
Ohio Traction, pref. (guar.)
UI Feb. 1 Jan. 27 to Jan. 31 Great Britain
$3,164
$1,042
Philadelphia Company. common (truer.). 13,4 Feb. 1 Holders of rec. Jan. 2 France
5,420,000
Feb. 1 Holders of roe Jan. 18 Germany
Railway & Light Securities Co., pref..... 3
Mch. 1 Feb. 16 to Feb. 28 West
2
Susquehanna Ry., Lt. & Pow., pre!
41,660
25,875
8,000
$8,000
Indies
Twin City R. T., Minneap., corn. (qu.)
UI Feb. 15 Holders of rec. Jan. 25 Mexico
71,876
2
Feb. 1 Holders of rec. Jan. 21 South America
Union St. Ry., New Bedford (guar.)
162,471
9,853
755,000 1,265,000
Feb. 1 Jan. 24 to Feb. 18 All other countries
West Penn Rys., pre/. (guar.)(No. 13)___
83,919
257,659
125
125
Mch. 1 Holders of rec. Feb. 13
Whatcom County Ry. & Lt., pre.(No. 11) 3
Banks.
$536,830
$6,693,125
$120,689
763,125
1909
Total
3
Feb. 1 Jan. 28 to Jan. 31
Bowery (guar.)
396,916 4,590,239
54,425
22,500
Total 1908
4
Feb. 1 Holders of rec. Jan.21a
Corn Exchange (guar.)
290,432
48,584
855,970 1,329,585
Total 1907
3
Feb. 1 Holders of rec. Jan. 28
Fourteenth Street (No. 39)
Silver.
3
Feb. 1 Jan. 29 to Feb. 1
German American
$7,558
$2,702,782
$7,126
$974,780
Britain
Great
2;5 Feb. 1 Jan. 21 to Jan. 31
Greenwich (guar.)
163,000
2
Feb. 1 Holders of rec. Jan. 28 France
Lincoln National (guar.)
2,328
Germany
20
Jan.
rec.
of
(guar.)
;5
2
Holders
Feb.
1
Morris
Mount
1,026
1,273
West Indies
UI Jan. 30 Holders of rec. Jan. 25 Mexico
Nineteenth Ward (monthly)(No. 31).__
233,761
27,316
2
Feb. 1 Jan. 20 to Jan. 31
Pacific (guar.)
29,303
4,615
America
South
31
Jan.
to
20
2
Jan.
1
Feb.
Extra
52,630
29,047
countries
3
Feb. 1 Jan. 29 to Jan. 31 All other
Twenty-third Ward
Trust Companies.
$326,605
$68,104
$2,867,055
1909
$974,780
Total
2% 'deb. 1 Holders of roe. Feb. 15
citizens, Brooklyn (No. 1)
348,206
142,077
821,046 2,263,343
Total 1908
10
Feb. 1 Jan. 24 to Feb. 1
Farmers' Loan & Trust (guar.)
277,309
65,248
572,666 1,748,835
Total 1907
Feb. 1 Jan. 26 to Jan. 31
Kings County, Brooklyn (guar.)
1
2
Feb. 1 Jim 28 to Feb.
Niissau, Brooklyn (guar.)
1
Jan. 30 Holders of rec. Jan. 28
Van Norden (monthly)(No. 21)
Of the above imports for the Week in 1909, $25,875 were
Miscellaneous.
American silver coin. Of
Feb. 23 Holders Of rec. Jan. 28 AMerican gold coin and
Amalgamated Copper (guar.)
1
lFeb.
to
24
Jan.
(guar.)
Feb.
1
pref.
Electric,
&
Gas
American
11763,125 were Ames$4 Feb. 1 Jan. 20 to Feb. 2 the exports during the same.time,
American Glue, preferred
tan geld oein and
were American silver coia.
276
THE CHRONICLE
Statement of New York City Clearing-House Banks.-The
detailed statement below shows the condition of the New
York City Clearing-House banks for the week ending Jan.
23. The figures for the separate banks are the averages of
the daily results. In the case of the totals, the actual figures at the end of the week are also given.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
Bank of N. Y__
Manhattan Co.
Merchants'.
Mechanics' ____
America
Phenix
City
Chemical
Merchants' Ex_
Gallatin
Butch. & Drov.
Greenwich
American Exch.
Commerce
Mercantile _
Pacific
Chatham
Peoples'
Hanover
Citizens' Cent._
Nassau
Market & Ful'n
Metropolitan
Corn Exchange.
Imp.& Traders'
Park
East River_ .__
Fourth
Second
First
Irving Exch.__
Bowery
N. Y. County
German-Amer.
Chase
Fifth Avenue
German Exch._
Germania
Lincoln
Garfield.
Fifth
Metropolis
West Side
Seaboard
Liberty
N.Y.Prod. Ex.
State
14th Street_..
Copper
Capital. Surplus.
Loans,
Average.
Specie, Legals. Deposits, ReAverage. Average. Average. s've.
2,000,0
2,050,0
2,000,0
3,000,0
1,500,0
1,000,0
25,000,0
3,000,0
600,0
1,000,0
300,0
500,0
5,000,0
25,000,0
3,000,0
500,0
450,0
200,0
3,000,0
2,550,0
500,0
1,000,0
2,000,0
3,000,0
1,500,0
3,000,0
250,0
3,000,0
1,000,0
10,000,0
2,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000.0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
2,000,0
[VoL.Lxxxvux.
$5,274,800, a decrease of $1,697,700 from last week; averages include United States
deposits of $6,219,300, a decrease of $1,465,900 from last week.
"Reserve on deposits" Includes, for both trust companies and State banki3,[not
only cash Items but amounts due from reserve agents. In addition the Trust
Companies also on January 23 held a bond reserve of $26,550,800. Trust Companies in New York State are required by law to keep a reserve proportionate to
their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the aggregate of deposits,exclusive of
moneys held in trust and not payable within 30 days, and also exclusive of time
deposits not payable within 30 days, represented by certificates, and also exclusive
of deposits secured by bonds of the State of New York. The State Banks are
likewise required to keep a reserve varying according to location, but In this cane
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 CompaniesState Banks
Total Of which in Cash.
Total Of which in Cash.
Reserve Reserve
Required. Now. By Feb.l. Required. Now. By Feb.1
Location15%
Manhattan Borough
10%
15%
*25%
11.1% 15%
15%
Brooklyn Borough
7%% 10%
*20%
8X % 10%
15%
Other Boroughs
7%% 10%
15%
73.5%
73.5%
Elsewhere in State
10%
4%
5%
*16%
Oi% 6%
* This is the aggregate reserve required on and after Feb. 1 1909. According to
the State Banking Department, the present aggregate reserve requirement for Manhattan is 20%; for Brooklyn, 1735%: for other boroughs, 15%, and for the rest of
the State, 12A %.
3,382,8 20,204,0 3,815,0 1,267,0 18,899,0 27.0
3,479,7 35,050,0 12,755,0 1,958,0 45,700,0 32.1
1,645,0 21,197,0 4,175,0 1,789,0 23,037,0 26.1
3,716,3 33,641,0 8,555,0 2,006,0 37,704,0 28.0
5,032,0 31,572,5 4,628,1 4,273,3 35,111,1 25.3
620,1
7,659,0 1,543,0
294,0
6,975,0 26.8
25,531,3 176,767,1 47,716.0 9,323.0 185,245,5 30.8
5,832,2 31,420,6 6,377,1 2,387,2 32,246,0 27.3
533,0
6,733,4 1,290,5
488,7
7,046,2 25.7
2,418,9
9,410,9 1,111,0
784,7
7,431,6 25.8
2,154.8
130.3
619,1
60,8
2,384,2 28.5
733,7
6,511,3 1,792,5
200,0
7,419,1 26.8
Reports of Non-Member Banks.-The following is the
4,968,0 29,515,6 4,030,6 1,523,6 22,460,8 25.0
15,546,3 171,534,8 28,756,5 12,875,2 159,743,3 26.2 statement of condition of the
non-member banks for the
2,521,7 13,222,2 1,627,0
900,6
9,438,8 27.1
852,4
3,782.3
927,4
502,1
4,006,9 35.6 week ending Jan. 16, based on average daily results:
1,009,1
6,834,2
997,4 1,045,1
7,408,8 27.7
We omit two ciphers (00)in al/ these figures.
466,5
1,943,4
631,5
59,2
2,283,1 30.2
.9,989,6 73,276,0 15,2%2,6 9,320,8 89,950,5 27.5
1,400,7 24,015,5 6,015,6
318,1 24,628,8 25.9
Loans,
Legal
Deposit tollh
392,3
340,9
4,907,1
982,8
5,268,4 25.1
Disc'ts
Tender
1,619,9
7,809,0 1,914,7 1,106,7
8,854,2 34.2
and
CapiSurSpecie.
and
Banks.
ClearOther
Net
1,207,5 11,078,9 3,249,8
159,4 11,677,5 29.1
plus.
Investtal.
ing
Bank
Banks, Deposits.
5,241,2 43,570,0 7,993,0 5,359,0 51,510,0 25.9
meets.
Notes.
Agent.
&c.
7,416,4 28,187,0 5,030,0 1,712,0 20,760,0 25.3
11,584,6 92,717,0 25,608,0 1,505,0 106,456,7 25.5 N. V. City.
1,303,0
100,3
443,6
187,0
1,710,7 36.8 Boroughs of
3,363,1 29,976,0 6,202,0 2,660,0 33,347,0 26.6 Man..kBrx
1,753,0 10,899,0 2,793,0
340,0 11,980,0 26.1 Wash. II'ts 100,0
214,3 1,092,0
48,0
237,0
84,0
1,151,0
17,072,2 136,577,9 36,251,2 1,658,4 141,054,2 26.9 Century ___
200,0
154,3 1,518,3
130,0 124,0 2,008,2
29,4 250,8
1,375,2 20,328,7 4,637,8
953,3 21,883,9 25.6 Colonial ___
400,0
231,3 4,311,3 501,6 220,5
441,9 572,7 5,556,3
792,1
733,0
2,721,9
75,0
3,270,0 24.4 Columbia _ _
300,0
430,9 6,173,0 685,0 (142,0
353,0
7,345,0
1,137.4
7,651,2 1,334,7
667,3
8,325,5 24.7 Fidelity
_
200,0
174,7
871,1
139,1
90,9
27,8
844,7
3,969,5
221,7
655,0
713,5
3,758,5 24.8 Jefferson_ .._
500,0
685,3 3,240,5
265,1 241,4 3,285,1
26,5 329,4
5,617,5 81,060,2 18,645,6 4,550,9 90,459,1 25.7 Mt. Morris_
250,0
265,3
414,4
2,190,5
69,7
31,5
413,8
2,934,2
2,108,1
13,150,8 3,236,2 1,054,5 15,275,7 28.0 Mutual __ _ _
200,0
319,6 3,488,4
682,4
5,1 4,227,7
29,9 465,7
3,294,0
892,5
477,6
650,0
4,326,7 26.0 19th Ward_
300,0
478,9 4,088,9
437,1 858,0 5,654,6
72,4 605,1
692,3
993,6
4,720,7
573,5
5,353,4 23.6 Plaza
100,0
397,4
604,0
3,664,0
4,183,0
240,0
178,0
904,6 17,405,9 25.7 23d Ward
1,278,2 15,888,4 3,542,5
200,0
92,0 1,495,6 167,5
241,3
1,787,1
53,7
7,190,4 1,914,3
1,137,4
504,5
7,749,5 31.5 1Inion Exch 750,0
828,0 7,515,1 695,9 650,0
712,5
7,701,9
3,057,8
469,4
591,8
315,1
3,314,5 27.7 vorkville _ _
100,0
420,6 3,307,1
302,6
4,263,2
56,0 709,7
2,000,3 12,310,6 2,258,6
991,2 12,654,2 25.6 Coal,U.Nat. 500,0
705,5 4,348,0 905,0 316,0
627,0 180,0 4,931,0
4,238,0
929,5
917,0
226,0
4,621,0 24.7 New Neth
200,0
236,4 1,609,0 154,0
21,0 1,893.0
409,0
49,0
1,665,1 20,948,0 4,708,0 1,956,0 25,206,0 26.5 Bat.Pk.Nat.
200,0 •144,4 1,057,3 236,0
901,6
160,3
33,6
2,512,0 17,530,1 4,696,5
272,6 17,957,7 2/.8 Borough 01
7,233,5 2,133,2
670,6
111,0
8,602,8 26.0
Brooklyn.
827,7 10,814,0 3,282,0
234,0 13,931,0 25.2 Broadway. 150,0
462,2 2,810,9
288,2 156,1 3,232,9
16,1 322,5
9471
319,8
4,763,3
502,2
5,479,2 26.4 Mfrs.' Nat_
252,0
782,1 5,667,0 652,2 134,0
822,5 173,3 6.379,3
2,490,8 20,704,7 4,967,8
157,3 20,433,2 25.2 Mechanics'_ 1,000,0
948,1 9,845,1 241,9 1,756,1 1,203,4 175,6 12,977,2
750,0
6,874,0
6,653,0 317,0 607,0 1,136,0
Totals, Average 126,350,0 165,447,7 1335,045,9 302,852,1 81,979,4 1417,776,2 27.2 Nassau Nat. 300,0 •946,3
591,0 4,369,0 104,0 669,0
Nat. City
961,0 199,0 5,972,0
-- North Side_
200,0
132,7 1,473,8 149,9
168,6 237,1 1,891,0
97,3
Actual figures Jan. 23.
1334,900,8 305,129,3 82,873,1 1420,320,5 27.4 Jersey City.
First Nat
400,0 1,228,2 4,074,8 207,8 408,5 2,026,5 1,960,0 6;566,4
770,7 2,358,1
262,8 1,057,2 3,131,3
197,9
27,5
On the basis of averages, circulation amounted to 549,113,000 and United States Hud.Co.Nat 250,0
200,0
365,7 1,496,7
813,0
37,4 2,446,6
55,4 157,6
deposits (included in deposits), to 56,219,300; actual figures Jan. 23, circulation, Third Nat_
Hoboken,
$49,355,400: United States deposits, $5,274,800.
First Nat_
220,0
608,4 2,556,6 129,3
264,5 315,2 2,556,9
.56,2
The State Banking Department also now furnishes weekly Second Nat. 125,0 224,5 1,950,0 58,0 69,8 117,8 552,2 2,715,4
-returns of the State banks and trust companies under its Tot. Jan. 23 8,347,0 12,838,8 93,285,1 6,517,4 8,914,3 14,220,0 6,035,0 113411,2
Tot. Jan. 16 8,347,0 12,838,8 93,005,2 6,474,8 9,046,7 16,490,6 7,005,4 117081,3
charge. These returns cover all the institutions of this class Tot. Jan. 9 8,347,0 12,838,8 93,993,5 6,456,9 8,749,0 14,471,5 6,490,4 114332,0
'In the whole State, but the figures are compiled so as to
New York City,Boston and Philadelphia Banks.-Below is
distinguish between the results for New York City (Greater
New York) and those for the rest of the State. Further- a summary of the weekly totals of the Clearing-House banks of
more, in the case of this city, besides reporting the results for New York City, Boston and Philadelphia. The New York
the State banks and for the trust companies,separate figures figures do not include results for non-member banks.
We omit two ciphers in all these figures.
are presented to indicate the totals for the State banks and
trust companies in the GreateC. New York not in the Clearing Banks. Capital
and
Loans.
Specie. Legals. Deposits. a Circu- Clearings.
Surplus.
Winn.
House. In the following we give all the different sets of
$
$
$
$
figures,indicating by plus(+)or minus(-)sign the changes New York
$
$
$
Dec. 26._ 291,797,7 1276,745,3 269,198,6 78,262,7 1322,151,9 40,129.6 1.838,256,7
from the previous week. To make the statement as com- Jan, 2- 291,707,7 1273,220,7 271,626,1 79,548,1 1320,867,0 50,360,9 1,780,143,9
Jan. 9 _.291,797,7 1297,035,7 279,129,4 83,151,0 1358,349,8 50,254,2 2,450,233,7
prehensive as possible, we start with the totals of the Clearing Jan. 16._
291,797,7 1329,110,6 293,344,6 83,358,5 1404,459.7 49,434.1 2.166.840,5
Jan. 23__ 291,797,7 1335,045,9 302,852,1 81,979,9 1417,776,2 19,113,0 1,878,518,5
House banks as contained in the above, giving both the Boston.
Jan. 2._ 41,790,0 207,079,0 24,064.0 4,567,0 252,527,0 9,103,0 168,195,6
averages for the week and the actual figures at the end of Jan.
9__ 91,790,0 204.702,0 25,873,0 4.311,0 250,507,0 9,370,0 186,371,6
Jan. 16_ 41,790,0 210,202,0 28,011,0 4,230,0 260,510,0 9,344,0 197,952,3
the week.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ending Jan.
. 23 1909.
Loans and
Reserve on P.C.
00s omitted.
Investments. Specie
Legals.
Deposits.
Deposits. 0/ Re-.
serve.
Clearing-House
Banks-Actual 1,334,900,8 305,120,3 82,873,1 1,420,320,5 388,002,4 27.40
-309,1 +6,564,3 +633,8
+6,508,9 +7,198,1
Clearing-House
Banks-Aver_ -1,335,045,9 302,852,1 81,979,4
+5,935,3 +9,507,5 -1,379,1
State BanksAverage
1,417,776,2 384,831,5 27.25
+13,316,5 +8,128,4
352,264,9
298,493,1
53,449,5 26,420,6
-534,2
-41,0
+741,2 -354,8
Trust CompaniesAverage
950,494,1
94,125,7 10,580,1 1,064,906,3
+7,535,7 +6,017,9 +252,0 +27,185,2
State Banks and
Trust Co's-not
in Clear.-House1,043,370,9 99,870,9 18,812,5 1,175,690,8
+6.840,6 +5,924,5
-16,5 +26,741,8
STATE BANKS & TRUST CO'S OUTSIDE OF GREATER
Week ending Jan. 23 1908.
State Banks
Trust Companies
Deposits.
Loans.
$80,054,300 $86,047,600
+6,000
+155,700
1°5,778,000 135,421,800
-85,500
+83,800
100,193,1 29.0
+769,2
312,245,8 32.1
+22,072,9
343,002,1 32.0
+22,418,5
NEW YORK.
%of
Res,
Reserve.
319,033,100 22.8
-9,700
23,707,900 18.1
+58,400
+ 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 City," deposits amount to
$976,015,700, an increase of $12,128,100 over 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
Jan. 23__ 41,700,0 211,506,0 28,814,0 3,975,0
Phila.
Ian. 2__ 54,390,0 251,101,0
72,876,0
Ian. 9._ 54,390,0 251,873,0
76,703,0
Fan. 16._ 54,390,0 252,859,0
78,833,0
rn. OS
as Ron n 9V
,11M1 n
70 All n
267,649,0 9,317,0
179,321,5
300,579,0 14,093,0
304,764,0 14,346,0
307,615,0 14,506,0
Ann 171.0 14,702.0
129,505,6
153,709,3
135,890,7
125,322,1
a Including Government deposits, and for Boston and Philadelph a the item
"due to other banks." At New York Government deposits amounted to $6,219,300
on January 23, against $7,685,200 on Jan. is; at Boston to $1,315,000 on January 23
and $1,522,000 on Jan. 16.
Aaniting and `ginanci
We shall be pleased to furnish to institutions and investors covio,
of our special circular describing
43 RAILROAD BONDS
Listed upon the New York Stock Exchamze
Spencer Trask & Co,
WILLIAM AND PINE STS.,
NEW YORK
Branch offices: Chicago, Iii., and Albany. N. \
MOFFAT & WHITE
Members New York Stock Exchanste.
5 NASSAU STREET.
11ANOVER BANE BUII Mfg.')
DEALERS IN INVESTMENT SECURITIES.
Commission Orders Executed for Carib Only.
atthers' Gaztite.
Wall Street, Friday Night, Jan. 29 1909.
The Money Market and Financial Situation.-Again this
week current events have had little effect upon security
values,and business at the Stock Exchange has been limited
in volume and largely of a professional character.
Some importance attached to the election of Mr. E. H.
Harriman to New York Central's board of directors, but the
temporary advance of nearly 2 points in New York Central
shares which followed the election has not been maintained,
and the stock closes, as many other issues do, with a substantial net loss. The announcement of a change of control
of Chesapeake & Ohio was not wholly unexpected and its
effect upon the market value of C. & 0. stock had been
largely discounted. Of more significance, perhaps, than
either of the above-mentioned facts has been a decline of
several points in some of the anthracite coal stocks. Although this movement is not attributable to any known
cause, it is remembered in connection therewith that an
exceptionally mild winter thus far has considerably reduced
the consumption of coal and also that the existing contract
between operators and miners will expire on April 1st.
The local money market is unchanged in all essential
features and exports of gold for the week are limited to
$1,000,000 sent to Argentina. The Bank of England's
weekly report shows an increase in gold holdings and a
larger percentage of reserve than for some time past.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
To-day's rates on call were 13@2%.
from 13/2% to
Commercial paper quoted at 314©3%% for 60 to 90 day
endorsements,33%@4% for prime,432% for 4 to 6 months'
single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £1,196,311 and the percentage of reserve to liabilities was 48.04, against 45.97 last
week.
The rate of discount remains unchanged at 3% as fixed
Jan. 14. The Bank of France shows an increase of 48,550,000 francs gold and 675,000 francs silver.
St. Louis 30c. per $1,000 premium. San Francisco 75c.
per $1,000 premium.
State and Railroad Bonds.-Sales of State bonds at the
Board are limited to $5,000 Virginia fund. debt, 1991, at 93
and $23,000 Virginia 6s deferred trust receipts at 44 to 47.
The railway bond market is more active after a period of
comparative dulness. The transactions at the Exchange
amounted to nearly $9,000,000, par value, on Wednesday
and throughout the week have been relatively large.
Wabash ref. and ext. 4s have been by far the most prominent features. They were traded in on an enormous scale,
advanced over 5 points and close with a net gain of 33/2.
Rock Island 4s were also active on a demand which
carried them up 2 points. Atlantic Coast Line L. & N. 48
are over 3 points higher.
United States Bonds.-No sales of Government bonds
have been reported at the Board this week. The following
are the daily closing quotations; for yearly range see third
page following.
NEW YORK CITY CLEARING-HOUSE BANKS.
1909.
Averages for
week ending
Jan. 23.
Differences
from
previous week.
1908.
Averages for
week ending
Jan. 25.
1907.
Averages for
week ending
Jan. 26.
$
$
$
3
129,100,000 123,450,000
126,350,000
Capital
163,396,900 154,333,400
165,447,700
Surplus
Loans and discounts... 1,335,045,900 Inc. 5,935,300 1,135,569,700 1,085,985,400
53,543,700
70,053,300
49,113,000 Dec.
321,100
Circulation
1,417,776 200 Inc. 13,316,500 1,127,168,000 1,067,001,600
Net,deposlts
16,563,500
69,608,400
Dec.
1,465,900
6,219,300
U.S. dep.(Incl. above)
302,852,100 Inc. 9,507,500 250,242,700 196,873,200
Specie
85,442,500
Dec.
68,613,800
81,979,400
1,379,100
Legal tenders
384,831,500 Inc. 8,128,400 318,856,500 282,315,700
Reserve held
354,444,050 Inc. 3,329,125 281,792,000 266,752,900
25% of deposits
Surplus reserve
Surplus,excl. U.S. dep
30,387,450 Inc. 4,799,275
37,064,500
15,562,800
31,942,275 Inc. 4,432,800
54,466,600
19,703,675
Interest
Pertods
04 8770
04 8730
14 8790
14 8755
15 1534h
15 1654d
05 1534a
05 1634
1
1
1 9554d
1 95 1-16
09334
09534
1
40 34
40 32
040 37
@4030
1
Less: a 1-16 of 1%. d 1-32 of 1%. h 3-32 of 1%.
Plus: k 1-16 of 1%. x 1-32 of 17:. y 3-32 of 1%.
Jan.
27
Jan.
26
Jan.
28
Jan.
29
Railroad and Miscellaneous Stocks.-The stock market
has again been dull and prices have generally fluctuated
within a narrow range. The transactions on Monday
were the smallest of the year thus far, but have increased
day by day until, at the elese, they are about equal to last
week's average. There has been practically no change in
the tone of the market throughout the week and the few
important changes in quotations noted may be attributed to
special causes.
The anthracite coal shares have been the weak features
of the market, Central of New Jersey, Delaware & Hudson
and Reading having declined about 4 points. Low-priced
stocks have again been favorites, as shown by an advance
of from 1 to 3 points in Chesapeake & Ohio, Rock Island
and Denver & Rio Grande issues. The fluctuations mentioned are the most conspicuous changes in the railway list.
There has been a further decline of the copper stocks and
a drop of nearly 9 points occurred in Consolidated Gas on
the announcement of the earnings for 1908. American
Cotton Oil advanced 43,s points early in the week-practically all of which has been lost-and the industrial list
as a whole has declined.
For daily volume of business see page 285.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
-cables
Short
14 8760
14 8725
Jan.
25
* This is the prole bid at the morning board: no sale was made.
Foreign Exchange.-The market was dull and generally
steady until Wednesday and without particular feature.
Then the tone grew strong by reason of a demand for remittance and a scarcity of hills, and it so closed. Gold exports
$1,000,000 coin to Argentina.
To-day's (Friday's) nominal rates for sterling exchange
were 4 86 for sixty day and 4 883/ for sight. To-day's
(Friday s) actual rates for sterling exchange were 4 8510@
4 8520 for long, 4 8760(D4 8770 for short and 4 8790@
4 88 for cables. Commercial on banks 4 8480@4 8490
/g. Cotton for
and documents for payment 4 843/8@4 S53
payment 4 84%©4 843. Cotton for 'acceptance 4 8480@
4 8490 and grain for payment 4 85Y4A4 859.
To-clay's (Friday's) actual rates for Paris bankers' francs
8a for
/
3h@5 155
/
were 5 173'a@5 173' for long and 5 155
short. Germany, bankers' marks were 94X()91 15-16 for
long and 953'd@95% for short. Amsterdam bankers'
guilders were 40 34©40 36 for short.
Exchange at Paris on London 25f. 17c.; week's range 25f.
16Mc. high and 25f. 15c. low.
The week's range for exchange rates follows:
--Long
Sterling, Actual04 8520
4 8510
High
084 8490
4 8485
Low
Paris Bankers' Francs05 1734
5 1734a
High
05 1854
5 1834a
Low
Germany Bankers' Marks094 15-16
9454
High
94 9-16 094 11-16
Low
Amsterdam Bankers' Guilders68
High
Low
Jan,
23
registered Q-Jan *10234 *10234 *10234 *10254 *1023j *10234
2s, 1930
coupon Q-Jan *10254 *10254 *10234 *10234 *10234 *1025-4
2s, 1930
% *1003
% *1003
% *10054
% *1003
35, 1908-18
registered Q-Feb *10034 *1008
% *10034 *10034
% *10034 *1003
35, 1908-18
coupon Q-Feb *100% *1003
3s, 1908-18____small coupon Q-Feb *100 *100 *100 *100 *100 *100
4s, 1925
registered Q-Feb *11934 *11934 *11934 *11954 *11954 *11934
45, 1925
coupon l-Feb *12034 *12034 *12034 *12054 *12034 *1203,4
25, 1936_Panama Canal coup Q-No' *101% *101% *101%
total
Note.-The Clearing House now issues a statement weekly showing the
the returns
of the actual figures on Saturday morning. These figures, together withDepartment
of separate banks, also the summary issued by the State Banking
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the preceding page.
04 88
04 8760
The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah
buying 50c. per $1,000 discount; selling 75c. per $1,000
premium. Charleston selling $1 per $1,000 premium.
New Orleans bank 50c. per $1,000 discount; commercial
75e. per $1,000 discount. Chicago 30c. per $1,000 premium.
277
THE CHRONICLE
JAN. 30 1909.)
Sales!
STOCKS.
Week ending Jan. 29. for
Week.!
Range for Week.
Lowest.
100 3234 Jan
Alice Mining
10108 Jan
Cent & So Amer Teleg
300 4 Jan
Chicago Term Transfer..
100, 20 Jan
Preferred
6,800 25c. Jan
Comstock Tunnel
330,114 Jan
N Y tic N J Telephone_ _
710 454 Jan
Ontario Silver Mining
45,17434 Jan
Pitts Ft!Wayne & Chic
1,000 334 Jan
Quicksilver Mining
RR SecUrities-Ill Cent
201 90 Jan
stock trust certificates
200, 9934 Jan
United Cigar Mfrs, pref.
87% Jan
100
Vandalia
520 47 Jan
Vulcan Detinning, pref_
1
Highest.
29, 3234 Jan
28,108 Jan
25; 434 Jan
25! 20 Jan
29; 30c. Jan
26,115 Jan
231 . 434 Jan
29,17434 Jan
23i 354 Jan
I
28; 90 Jan
271100 Jan
26 8754 Jan
26, 48 Jan
1
Range since Jan. 1.
1
Lowest.
29 $234
28 105
25 4
25 1734
23 24c.
2&113
25 4
29.174%
26 15-4
I
28 8834
27 99
26 84%
26, 47
Highest.
Jan $234 Jan
Jan 108. Jan
Jan 434 Jan
Jan
Jan 20
Jan 30c. Jan
Jan
Jan 115
Jan 534 Jan
Jan 174% Jan
Jan 454 Jan
Jan
Jan 90
Jan
Jan 100
Jan 8754 Jan
Jan 5134 Jan
Outside Market.-Activity in the "curb" market this week
dwindled until about the only interest was in mining shares,
though even here trading was, quiet. Prices generally
tended to a lower basis, though changes generally were
4.
small. Boston Consolidated was off from 15 to 133
%. Cumberland Ely
Butte • Coalition fell from 24 to 233
improved from 9 to 93, but weakened and closed to-day
at 83.. First National, after selling up from 8 to 9% early
ill the week, broke to 73% and closed to-day at 73. Greene
%, but weakened, and ends
Cananea rose from 11% to 113
%. United Copper common advanced from
the week at 105
143 to 14%, dropped to 133 and ends the week at 14.
Goldfield Consolidated sold down from 8 3-16 to 73,, closing
4.
to-day at 7%. Nipissing moved down from 10 7-16 to 93
Business in bonds shows a falling off. American Writing
2, but improved finally
Paper 5s weakened from 83 to 823/
to 833-i. Central Foundry 6s were conspicuous, advancing
from 723.4 to 753', and to-day sold at 75%. Chesapeake &
% to 101%,
Ohio 5s continue active, selling up from 1005
and down to 100%. Denver & Rio Grande 5s, after being
4, were transferred to the
traded in up from 923- to 923
Stock Exchange. St. Louis & San Francisco 5s advanced
from 893' to 90, but fell back finally to 89%. Business in
industrials was dull. Central Foundry common advanced
3 . The preferred sold up
4, easing off to 3%
from 3 to 33
%. Standard Milling issues
% to 19 and back to 183
from 163
4 advancing to 19%
continue active, the common from 183
and reacting to 193r. The preferred from 51 ran up to
5332, and then lost all of the advance. Standard Oil lost 5
points to 650.
Outside quotations will be found on page 285.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING
STO(:KS-IIIGHEST AND LOWEST SALE
PRICES
Saturday
Monday
Tuesday
Wednesday 7'hursday
Friday
Jan. 23.
Jan. 25.
Jan. 26.
Jan. 27.
Jan. 2S.
Jan. 29.
TWO
Sales 01
the
Week
Shares.
PAGES
STOCKS
NEW YORE STOCK
EXCHANGE
liarwe Stnde Jan. 1 1909.
On basis 01 luo-snare.
Itaiwe 70T Previous
Fear (1908)
Lowest
Highest
Lowest
Highest
Railroads
9912 991 1 9912 9913 10012 10012 10118 9914
10073 99
9934 30,975 A tch Topeka & SantaFe 97I3 Jan 13 10118 Jan
10133 10073 10152 10114 10112 10112 1013
1
66 Feb 10114 Dec
4 10112
Do pret
108
109 109 *10812 10912 *108 1091. 108 10134 *10114 10134 2,722 ti
10014 Jan 20 10134 Jan 4
8338 Feb 104 Dec
10812 4108 108
420 Atlantic Coast Line RR
11214 11178 11233 11133 11218 112 11238 11158 11214
10712 Jan 14 111 Jan 4
5912 Itch 11112 Dec
11118 11173 32.500 Daltimore & Ohio
94
*93
10838
95
Jan 13 11212 Jan 4
9312 9312 *93
7612 Feb 11173 Dec
95
*93
94
*93
9412
150 18 Do pret
7012 70
9212 Jan 6 9312 Jan 20
71
6958 7078 7012 7112 7014 72
80 Jan
94 Dec
6912 7034 83,155 Brooklyn Rapid Transit_
69 *____ 64 *_-_- 64
67 Jan 9 7214 Jan 4
64 *____ 64
3714 Feb
6934 Deo
64
Buffalo & Susque, pret_
17412 175
17312 17453 172 17314 *iii54 17314 17258 17314
6431
Oct
Meh
17112
4
V03
17258 13,525(1 anadlan Pacific
171'? Jan 29 17814 Jan 4
*63
65
*82
65
*63
65
*63
65
140 Feb 18013 Nov
*63
65
*63
65
*232 238 *233 2371, *232 236 *232 236
% , anada Southern
6014 Jan 11 6.514 Jan 2
230 23014 *225 230
54 Mob
68 Nov
Central
700
Jersey
New
of
6014 62
229
6178 6313 6314 65
Jan 2 235 Jan 8 160 Feb 229 Dec
63
6514 6312 6434 6234 633
4 218,550 Chesapeake & Ohio
6512 6512 65
5558 Jan 6 6514 Jan 27
65
6412 65
65
65
251: Feb
6438 6412 *60
6038 Dec
6414 1,000 Chicago & Alton RR
*74
75
64 Jan 5 7014 Jan 7
*73
75
*73
75
*73
75
6878 Dec
*73
10 Feb
75
*70
75
pret
7
712
74 Jan 6 7614 Jan 8
634
634
713
634 718
7
14
47
8
Mch
79 Dec
738
7
712 16.070 Chicago
D
*58
teat Western
64
*50
64
634
Jan
*59
25
64
1112
*59
Jan
64
318
2
*59
64
Feb
1458 Nov
*59
64
debentur
Do
*28
es
34
4%
*27
60
33
*28
Jan
22
36
*28
6118 Jan 20
36
3312 Mch
6814 Aug
*27
35
*23
36
Do 5% prof "A"
814 9
25 Jan 13 37 J:n 4
712 314
712 812
712 812
814 812
1512 Feb
8
43 Dec
812 8,350
74918 150
Do 4% pret "B"
14978 151
712 Jan 25 1413 Jan 2
14913 150,
3 14978 15034 14912
6 Feb
1718 Nov
*166 167
167 167 *16612 16714 *16614 16712 *166 15012 14878 14934 63,700 Chicago Milw & St Paul_ 14634 Jan 13 15134 Jan 4
167
10312
Jan
15212
Dec
*166
167
pret
*145 147
Do
100
147 147
164 Jan 5 167 Jan 25 138
146 14635 41461,1 14614 *146112 148
Jan 16434 Deo
*14512 14712 3,248
*163 165
Do
corn
Instailm'
16412 165 *163 166 5165 165
ctfs
t
1433
8
Jan
13
147
Jan
164 16414 *16312 1651.
25
9812 Jan 14712 Dec
pret
instailm'
Do
17878 17878 178 178
871
t
ctts
160
Jan
17712 178
4 165 Jan 25
17714 17712 176 1771.1 176 176
16114 Dec
*210 225 *210 225 *210 225 *210 225
1,257 Chicago & North Western 171 Jan 12 185 Jan 2 12553Jan
*215 225 ,215 225
13512 Jsn
18612 Dec
*151) 160
ChD
et
icost
prF
155 155 *155 160 *155 160 *155 160 :
4225 Jan 5 1225 Jan 5
155 155
*176 185
Minn & Omaha 155 Jan 25 156 Jan 5 4185 Jan 224 Dec
200
169 169 *168 175 *168 175 *168
175 *167 175
114 Feb 160 Deo
Do pret
100
612 678
*618 634
167 Jan 14 169 Jan 25 14012 Jan
612 638 •
612 634
633 612
174 Dee
Ws 618 3,900 Chic Un Trac ctts stmpd
17
17
3713 1758 1738 1818 17
514 Jan 13
7 Jan 4
1814
1718 18
58 Apr
718 Dec
1653 17
pret
6,600
Do
7034 7034 7031 73
ctts
stmpd
16 Jan lb 1814 Jan 27
*70
72
70
7111 69
4
Apr
18 Dec
693
4
68
6812
Cleve
*10012 105 *10012 105 *101 104
Cln Chic & St L
6.100
68 Jan 29 73 Jan 25
101 101
471, J'ne
7012 Dec
6614 66,4 6612 65713 6578 6533 6573 *101 105 *101 105
66
100
100
Jan
4
101
Jan
85Ii
27
1973 Deo
64
6538 6112 63
Feb
8312 833.1 8334 8414 8312 8373 *831. 89
po Prt
lset& Southern
7,675 Colorado
- 5718 Jan 5 6814 Jan 8
8278 81
81
21 Feb
Si) Dec
8153 3,400
preferred
8112 8134 8034 81
8012 81,
7612 Jan 2 8512 Jan 8
80
8034 7914 81
5038 Jan
79 Dec
79
79
*177 17812 177 17712 177 177 4 175
Do
2d
3.300
preferred
7314
Jan
8412
Jan
2
7
176
17412 175
3934 Feb
76 Dec
175 175
i Aelaw are & Hudson
*535 550 *535 550 *545 550 *540 545
3,300
17912 Jan 28 182 Jan 4 14112 Feb 181331Dee
3778 3818 3812 3812 3858 3878 3834 4212 *535 550 *535 545
I ielaware Lack & West_ 547 Jan 22 7550 Jan 4
4234 44
420 Jan 575 Nov
4214 4333
*7938 8014 7934 7934 80
3738Jan 6 44 Jan 28
80
8034 8212 8212 8338 8134 8214 81,050 Denver & Rio Grande
4012 Dec
14114 Feb
*55
02
Do
9,125
*55
*56 -___ *56
7912 Jan 6 8358 Jan 2,
3914 Mch
5633 5634 *56
8314 Dec
5612
18,4 18,4
165 Detroolre
1812 -1112
UtnIted
18
1814
;5614 Jan 28 ;5714 Jan 22
18 IfF ;1712 18
3212 Apr
56 Nov
*1712 1814
Duluth
33
So
900
33
Shore
*3313 3414 32
&
Atian
1514
33
Jan
3134 3212 3114 3134
6 21 Jan 15
183i Nov
3034 3034 1,420
6 Feb
30
3114 3018 3138 3013 31
pref
3034 Jan 29 3612 Jan 15
3012 3138 3014 31
3334 Nov
1134 Feb
30
3012 56,370 1.43rIoe
4512 4634 4534 4614 4534 46
D
2833 Jan 13 3434 Jan 2
*46
4734 46
46
36 Nov
12 Mcil
4512 46
Do 1st pret
2,950
3512 3512 36
36
36
41 Jan 11 5112 Jan 2
3614
3612 3612 36
36
5138 Dec
2438 Mch
3534 353.1 1.400
14334 14414 14353 14414 143 14373 14312 14378 14234
Do
2d
pret
33 Jan 11
14312 14173 14238
4012 Jan 4
41 Dec
16 Mch
14,900 Great Northern pret
72
72
7134 7278 7212 7234 7313 74
214114 Jan 13 14814 Jan 4 11334 Feb 14814 Dec
72
7358 7134 7234 9,040
Iron Ore properties
70 Jan 11 7, Jan 27
4812
Nov
Jan
7518
;1E12 -11"
Green
Bay
&
W
. deb cttA
id-512 16
-1-6- 16 -IET2 1512
84 Nov
71 Alch
DO
23
3912 3912 *38
4O1 *33
deb ctt B
1512 Jan 15 17 Jan 4
3933 -55:38 164 *38
3934 *38 3934
1712 Dec
8 Jan
300
lectric
*8312 8912 84
*8312 88
84
Jan 27 .1012 Jan 11
*8312 88
*8312 86
'20 Met) 40 Dec
prof
100
106 *103 105 *103 106 *103 106 *103 106 *8312 86
84 Jan 25 84 Jan 25 ,70 Jan
*103 106
84 Dec
[locking
o Valley tr rm.-- 103 Jan 4 106
*93
95
93
93
*91
9314 *90
9314 *90
Jan 12
9312 *90
62 Feb 10412 Dee
93
200
146 146'4 14512 146
Do
prof
9112 Jan 8 93 Jan 21
14514 14614 14514 146
14514 14538 144 14514 8,000
69
Dec
Mch
93
Ce_nm
lsoro
L
i inlltn
eo
rb
l
tr
1512 1613 15'34 1614
entr
142 Jan 13 149 Jan 4 12212 Feb
1514 1553 1514 1534 1514 16
15
1514 8,350
14934 Nov
• 4312 45
opoiltan_
4373 44
1438 Jan 11
43
44
93
44
4214 4338 4012 4134 19,655
19 Jan 5
634 Jan
20 Dec
pref
3158 3173 3131 3212 3134 32
Do
40 Jan 9 4938 Jan 6
3134 32
3134 2958 3138 4,810
31
4912 Dec
171s Feb
Iowa Central
603361
29i3 Jan 2:
6034 61
6012 61
6014 6019 5914 60
3414 Jan 18
10 Feb
5/
5814 5,150 rzDe Fp
3212 Dee
75
t rs
ef
75
*73
76
5412 Jan 4 6134 Jan 19
*73
76
§75
75
75
75
*73
'2712 Feb
75
57 Dec
• 4034 4212 4134 42,8 4112 4212 42
110
&
tr
M
cfs.pre
75 Jan 23 75 Jan 23
4238 4118 42
57 Aug
4014 41
7512 Deo
73
7334 7312 7378 73
39 Jan (5 4333 Jan 141
7378 7312 7312 7238 7312 7134 7212 12,800 mansas City Southern
4233 Deo
18 Feb
5,800
*20
Do pret
24
*20
24
*20
6919 Jan 6 7434 Jan 8
24
*20
24
24
*20
46 Feb
*20
7218 Dec
24
I
48
Erie
ake
&
Western
48
*48
52
50
20 Jan 12 24 Jan 2
50
51
52
51
*48
*45
12 Jan
26 Dec
52
400 Li Do pret
*6312 65
*6312 65
48 Jan 23 5273 Jan 8
*61
65
*61
65
*62
65
*60
34 May 58 Dee
65
Lon
isv
d
en4
123 123 *122 123,2 12214 123 *122 123
Is
ug
Lo
illia
59 Jan 4 6612 Jan 19
122 12214 121 12112
30 Feb
5638 Dec
1,400
Nashville
15014 15014 *150 152
7121 Jan 29 12734.
15112 15112 *151 152
149 15014 *148 151
8714 Feb 12534 Dec
1811 4
491 Nil anhattan Elevated
*28
*30
37
36
149 Jan 13 1531.Jan 4
*31
38
*31
37
31
331
120 Jan 15434 Dec
*31
34
50 lvietropoiltan Street
34 Jan 18 42 Jan 5
15 Feb
441.2 Dec
Central
Mexican
Do
• 2234 1i3g -2314 2312 -2514 -2-3-371 -.2512 "2353 23
2312 56142213 23 - 8,910
2012 Jan
1412 Jan
Trust
*67
rtts _
58
*57
58
2112 Jan 13 2514 Jan 4
*56
57
5712 5712 57
57
2412 Dec
1412 May
5614
Minneapo
500
lis
St
&
Louis
*85
90
*35
90
5414
*85
Jan
*86
90
90
2 65 Jan 8
5612 Dec
20 Mch
*80
87
Do prof
14334 14514 14431 14434 Kar2 145
90 Jan 8 90 Jan 8
14378 14414 143 14434 14213 143
61 Feb
90 Dec*154 158 *15212 157 *153 158 *152 166
13212 Jan 2 14912 Jan 8
15214 15214 15234 15234 '4.460 Minn St P & S S Marle
7914 Jan 135 Nov
200
prof
Do
4312 4418 435:3 44
15134
43
4334 4319 44
Jan
2 159 Jan 7 12312 Feb 15112 Dec
4234 4334 42
4278 41,975 Mo Kansas & Texas
7433 74/8 *7412 75
*7412 7514 7434 75
4012 Jan 5 4433 Jan 22
7453 75
1712 Mel) 431.2 Dec7438 7434 1,100
Do pref
6912 71
70
7114 6934 71,4 7114 7218 7012 7112
7112 Jan 6 7614 Jan 21
7519 Dec
46 Feb
6934 7014 18,500 Missouri Pacific
*122 127 *122 130 *122 328 *122 130 *122 130
6718
Jan
2 7278 Jan 8
*121
2812
Feb
6712 Dec
130
IM
128 12958 12812 13031 12878 1301.1 12973 13114 12834 13038
ash Chatt & St Louts.. 12212 Jan 5 125
Nov
122
Jan
12714
143
Jan
4
973
129
82,400 11 Y Central
5218 53
5273 53,2 53, 53
Hudson.. 123 Jan 6 13234 Jan 4
5212 53
52
52
5012 5012 1.700 N Y Chic ec St&Louis
9013 Jan 126 Dec
*104 110 *104 110 *104 110 *104 110 *104 110
5012 Jan 2
6712 Dec
57 Jan 4
*104
'24'2
Jan
110
*85
*84
Do 1st pref
88
88
*84
88
85
86
*85
88
8412 8412
90 Jan 105 Nov
400
158 15818 15812 15812 15813 15812 15813 15813 4159 159
Do 2d pret
84 Jan 5
85 Deo
15712 158
60 Feb
845 N Y N 11 & II arttord- _ 15710 Jan 21 86 Jan 27
4613 4678 4613 47,4
4653 4812 4734 4838 4818 49
16334 Jan 8 12833 Jan 161 Nov
4714
4814
46,720
N Y Ontario et Western_
8934 9014 9018 91
9013 9112 91
45 Jan 13 4914 Jan 4
921i 9012 9214 9034 9134
4778'Dec
Feb
2913
26,000 Norfolk & Western
*86
90
8414 Jan 6 9333 Jan 20
90
8534 8534 *8512 90
8614 Nov
58 Feb
100
Via 1163-4 14033 141 I:1614 14312 *86
Do adjustment prat_
8534 Jan 28 88 Jan 20
140 14038 13834 140
88 Deo
74 Mch
13814 13918 23.064
41140 14034 14014 14014 140 14014 13934 140 *13912
71:38 Jan 13 14314 Jan 2 11678 Jan
16734 Nov
13973 13818 13812 1,151 Northern Pacific
Do submit) rots713813 Jan 14 1423.3 Jan
81
81
*80
8212 *80
8212 *80
8212 *80
8212 8118 8118
2 103 Feb 145 Nov
200 1)acitic Coast Co
*90 100
*90 100
*90 100
80 Jan 1:3 83 Jan 7
*90 1®
*95 100
*90 100
65 Sep • '3312 Jan
L
*80
*80
Do 1st pref
95
95
*80
9.5
*80
...
95
*78
90
00 May
*78
00 May
90
Do 2d pref
13218 13318 13214 133,8 13253 1331s 13278 13358 13212 133
97 Jan
38 13214 13278 54,700 Pennsylvania
79 Mch
911, 9113 9134 91
91
9138 91
13112 Jan 4 136 Jan 4 10834 Jan 13214 Dec
91
9034 93
92
9214
9,100 Pittsb Cin Chic & St L
*104 110 *102 110 *103 110 *102 110
8612 Jan 5 93 Jan 24
8812 Dec
10812 10812 *104
59 Jan
100
Do pref
137 138
137 138
13638 13738 13612 13734 13333 13634 13258 107
105
Jan
7 118I3 Jan 28
8113 Mch 10834 Nov
13373 367.100 I)eading
*90
92
*91
*90
92
92
9178 9178 *90
13258 Jan 29 14433Jan 4
92
9218 Feb 14:314 Dec
*91
92
800 LA, 1st prof
*92
94
93
*9212 94
93
93
9112 Jan 15 93 Jan 5
93
92 Dec
92
92
*9012 92
78 Jan
• 2412
300
prof
2442 2518 2412 2434 2434 2514 2458
9012
Jan 11 9312 Jan 5
99 Dec76 Jan
2478 6112
2514 24
2412 18,100 Rock3
d
IslatidC
61
62
ompany
6278 6112 6218 62
2312 Jan 6 21,3a Jan 8
6331 6258 8373 6158 63
2514 Dec
Feb
1012
62,242
*86
prof
71)
70
46834 6834 *67
5812 Jan 13 (1378 Jan 23
683s 6838 68
6258 Dec
68
2034 Feb
*66 • 68
320
St
4013 4012 4012 4034 40
&San
D
Lo
Fr,
let
pre
40
67
3914 41
Jan 13 6812 Jan21
69 Dec
40
4012 3912 40
42 Joe
3,100
Do
2d
prof
*2212 23,4 *2212 23,4 *2212 23
3814 Jan 15 42 Jan 2
2234 2313 *2214 2313 *2112 23
4214 Dec1014 Feb
475 St Louis Southwestern
*5212 5314 *5212 5314 5234 5234 *52
2112Jan 11 2333 Jan 4
53
*5214 53
24 Dec'
10 Mch
5112 52
500
12018 12113 12013 121
Do pref
11953 12033 120 12113 11918 12138 11818 11913
6673 Dec '
4712Jan 13 5414 Jan 4
2412 Feb
167,350 Southern Pacific Co
*12112 12214 12212 12212 12112 12134 122 12313 12214
11633Jan 13 12112 Jan 22
12314 12112 12158 5,000
8814 Feb 12212 Dee
2558 26
26
2614 2558 26
.4 120 Jan 13 12312 Jan 27 10638Jan 12512 May
2558 28
2534 2618 2512 2534 10,400 Southern
62
Do Pretv tr els stmpd62,4 6212 6314 62
2514 Jan 5 2713 Jan 2
6234
6214 6278 62
91 Jan
2714 Deo
8214 6114 62
5.500
pret
Do
35
35
do
3434 35
60 Jan 5 6313 Jan 20
6312 Dee
3434 3514 3453 36,4 3478 3613 3414 3434
2519 Itch
20,570
l'exas & Pacific
'
4012 4212 41
3334 Jan 13 3673 Jan 8
4238 4014 4113 4034 4112 • 4034
3714 Deo
1234 Feb
4 3912 4012 25,150 I hird Avenue (N Y)
*13
1412 *1112 1312 1334 1334 1212 1314 *1212 413
3613
Jan 9 4212 Jan 18
1512 Men
47 Aug
1412 1138 12
800
Toledo
Railways
5013 51
4S:, Light
50
5114 5014 5114
11 Jan 14
5018 5114 50 5012 4712 4912 6,350 Toledo St
1512 Dee
612 Oct
1538 Jan 2
7031 7038 7034 7034 7034
70
L & Western
47 Jan 4 5311 Jan 14
50 Dec
701.1 71
7012 7034 6834 6958 3,965
12 Feb
Do
pret
10038 10033 499
99
7312 Dec
6834 Jan 29 7414 Jan 4
9912 9912 10018 10013 *99 100
33 Feb
*99 100
4,
10
17878 18018 17918 17978 17814 17938 17878 180
97 Jan 2 10034
9638 Dec
17713 17938 17634 178 241.700 Twin City Rapid Transit_
7814 Feb
nlon 76-38Jan 13 18418 Jan 13
9612 97
9612 9612 96
96
9538 9538 9518 9518 1.485 U1
96
96
Jan 2 11012 Mch 18478 Nov
Do
*3514 37
*3514 37
95 Jan 5 97 Jan
3914 Apr
98 Nov
*35
37
37
3514 3514 *35
*34
37
100 U
RysPacifntPIrn
etv't of San Fr 35 Jan 14 37 Jan 8
*53
55
*53
53/2 .5212 5212 5212 5212 *5112 57
40 Dec
*5112 55
15 Jan
4
200
Do pre
1818 1812 18
1878 1838 1914
6912 Dec
5212 Jan 26 65 ,Tan 7
1858 19
19
1914
1812 1834 9,410 W abash
2712 Jan
4714 4834 4734 4912 4873
1734 Jan 14
2058 Dec
51
4834 5012 4818 4914 68,775
1934 Jan 2
5034 50
634 Mch
22
22
21
21
4534 Jan 14 52 Jan 8
2112 211, 2112 221g
5234 Dec
2178 2178
13 Mch
1978 2078 3.450 WesterD
noMpare
ry
tland
11a3 Jan 29 231^ Jan 8
24 Dec
5 Mob
9911
10138
108
11158
*93
691,3
U3938
BANKS AND TRUST COMPANIES-BROKERS
' QUOTATIONS
Banks
Bid
Ask
Bid
Banks
Ask
Banks
Bid
Ask
Bid
Ask
Banks
Bid
Ask
1314
Ask
Banks
Banks
ChelseaEx
200
Fifth Avail. 4000
New York
Irving N Ex 180
185
Chemical -- 42212 430
Mutual
290
625
310
Fifth
Plaza 11--- 010
300
10"
Aetna
Jefferson 11
18212
1170
Citizens' Ctl 159
Nassau 11- - 206
155
165
165
Each
Prod
First
11
770
785
America II
Liberty..--- 525
580
New Nath'd
City
1351
380
205
Seaboard - 365
14th Stil
150
180
Amer Exch.. 250
Lincoln -- 420
gat- Coal
435
New YorkCo 750
63 Iron 240 216- Fourth
Second _-- - 350
205
210
Battely Pk_ 130
Vanhattan11 320
330
Colonial 11.. 0300
New York 1328
135
Sherlann.
Gallatin
355
370
Bowery V
Mark%&Ful 1266
320
336 Columbia IF- 400
N'ht &Dayl 200
220
500
Garfield
State 11-- - 25.)
290
BronxBoro11 300
Mechanics'. 125534
COmmerce, 110512
19th Ward 11 475
250
12th Ward V
Germ Am V 1-4-0
Mercantile _ 1190
Bryant Pk 11 155
165 Consort'd._ 125
Northern
_
150
Ward 11 IV;
23d
Germ'n
Es11
475
1761- Merch Each 160 1-7-U - Pacific IL_. 230 250
Butch & Dr 15212 1571; Copper
200
230
235
Union Fxe 1. 190
Germania 11 525
Merchant
Century 11_ 165
116114
s'.
175 Corn Ex
1165
Park
330
1478
.Vasil 11%, 1, 230
340 Greenwich V 265
280
Metropolis 11 375
Chase
I39914
East River_ 125
People's 11.. 300
,Vest
135
310
11 500
Hanover
540
Chatham _ I411
M.etropornV 175
Fidelity V
Phenix
400
165
170
orkv 1 Ile 11
175 Imp & Traci 1555 1560
177
Mt Morris11- 250
270
Bid and asked W1038; no salcs were made on
tins day. :x-rig
E
hts. 5 :.ess than 100 shares.
I Sale at Stock Exchange or at auction
this Week
h First installment paid. a SW t. pVVateState banks. a Ex-dividend and rights. u New stock.
sale at this price.
550
2581-2
el
--Page 2
New York Stock Record....---_onciuded-
JAN. 30 1909.
STOCKS-HIGHEST AND LOWEST .ALE PRICES
Sales 01
11*3
Salurdall
Jars. 23.
*11
*22
*1212
4014
8278
Monday
Jars. 26.
12 *11
*2212
24
14
*1212
4118 4014
8378 83
Tuesday
Jan. 26.
12 *11
2412 *22
14
1312
4118 40
8338 8234
Wednesday
Jan. 27.
12 *11
24
*22
1312 *12
4078 4014
8334 8312
Thursday
Jan. 28.
Friday
Jan. 20
W e,ek
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
279
Range Since Jan. 1 1909
On bads ol 100-sheze
Highest
Lowest
Range ror Previous
Year (19081
11
1034
2234 *21
12
14
4012 38
8312 8112
1034
24
r13
3934
8234
iiiT2 161
18
iza-
*8812 8712
2929 via%
U
Highess
Loans
400 Wheeling & Lake Erie_
1034 Jan 29 1278 Jan 4
412 Mch
Do 1st pref
165
1218 Apr
2112 Jan 14 2578 Jan 8
Do 2d pref
400
12 Jan 29 1518 Jan 8
Feb
8,400 Wisconsin Central
3578 Jan 6 4514 Jan 15
1312 Feb
Do pref
8,900
6912 Jan 6 8478 Jan 19
33 Feb
Industrial&Aliscellaneous
*187 200 *187 200 *187 200 *187 200 *187 200 *187 200
A dams Express
190 Jan 20 190 Jan 20 169 Jan
14/2 1412 1412 1412 1412 1412 1458 1533 15
1414 Jan 16 1558Jan 27
6 Mch
1514 1512 1512 3,010 221-111s-Chaimer3
4712 4778 4634 4738 4812 4834 4734 4938 49
Do pref
49 *4734 4812 6,811
46 Jan 16 50 Jan 2
14 /deb
. 7734 7834 7838 7938 7778 7834 7818 7853 27552 7712 7458 7578 128,810 Amalgamated Copper...... x7458 Jan 29 8434 Jan 2
4618 Feb
3912 4078 3912 4018 3914 3912 39
Amer
Agricultural
7,900
3814
3812
39
Chem.. 332 Jan 5 4078 Jan 23
3914 3834
13 Jan
*95
96
96
Do pref
9678 9658 0658 *95
300
9634 *94
9634
9(334 *94
9512Jan 18 9658Jan 26
781* Jan
2212 2434 25
2612 2538 2614 2434 26
2312 2412 2234 2338 46,660 American Beet Sugar_
012 Feb
2014 Jan 13 2612 Jan 25
85
86
Do
8612 8612 8612 8612 *84
pret
GOO
*84
86
*84
86
82 Jan 7 8612 Jan 2a
8612
65 Jan
818 1.920 American Can
8
818 814 1814 814 *816 834
812 812
812
818
8 Jan 12
Jan 4
4 Feb
9'2
73
73
Do pref
7318 7338 7234 73
7134 Jan 6 7334 Jan 2
73
73
73
7:314 7234 7312 4,900
44 Jan
49
4978 4914 50
4834 4914 4912 501,1 4912 6018 4818 4933 15,120 American Car & Foundry 4734 Jan 13 5014 Jan 2
2512 Feb
*10833 10912 10912 10958 110 110 *109 110/4 110 111 *110 11012 1,200
Do pref
108 Jan 14 111 Jan 28
8414 Mch
5134 5412 52
56
4218 Jan 5 56 Jan 25
5112 5312 52
5112 5218 68.245 American Cotton 011
5234 5158 63
2434 Feb
*99 100
Do pref
99
99
200
98
98 Jan 7 100 Jan 15 180 Jan
98
*9814 9914
*98
99
*98
99
*205 215 *205 216 *206 215 *205 212 *205 210 *205 210
American Express
"06 Jan 5 210 Jan 8 4170 Feb
734 8
713 712
733 778
734 734 *714 734 1,000 American Hide & Leather
634 Jan 11
818 Jan 21
234 Feb
734 734
4258 '42
41
10,425 Do pref
36 Jan 11 4258Jan 23
4258 4134 4253 4158 4258 4114 4112 4014 41
1212 Mch
' 2212 2234 2214 2234 22
3,886 American Ice Securities_
1878 Jan 8 244 Jan 18
22
2212 2134 22
22
2134 22
1212 Feb
14
2.450 2_merican Linseed
14
15
1212 Jan 13 16 Jan 25
15
15
16
1514 *1412 15
15
15 *14
Mch
Do pref
*30
31
29 Jan 12 35 Jan 25
:3334 35
3134 3134 3,600
321.2 33
33
33
33
33
17 Mch
57
5714 5634 5714 5612 5634 5738 5738 5612 6714 5614 5634 5.100 American Locomotive_-.. 5513 Jan 11 5814 Jan 7
3138 Feb
Do pref
400
*11112 11212 112 112 *111 113 *11012 112
11012 Jan 12 114 Jan 2
11178 11214 *111 113
8513 Jan
738 1,240 American Malt Corp
*612 712
*612 7
712 Jan 7
7 Jan 7
7
7
7
7
3 Mch
*612 712
Do pref
800
*45
47
47
47
*46
42 Jan 7 47 Jan 27
46
47
45
4534 4534 *45
21 Jan
46
*82
8212 8238 8214 8258 8258 8278 8278 8278 8338 8318 8338 2,400 Amer Smelters Sec pret B 80 Jan 4 8338Jan 28
70 Jan
5512 Feb
8534 8658 8512 865s 85
86
8514 86
8334 8538 8312 8478 78,10e AmerSmeleng & Refining 8038Jan 4 8938 Jan 8
Do pret
10158 102
2,838
10214 10212 102 10238 10214 10214 10238 10212 102 102
101 Jan 2 10412 Jan 6
8734 Feb
_ *200
------ American Snuff
*200 ---- *200
*200
- *200
180 Aug
- *200 •
Do ford
37
*90 1ff *90 9978
•
*90 W *90
97 *00
80 Mch
97 *30
*3631 3714 37
37
37 *36
400 Amer Steel Found (nevi)- 37 Jan 19 39 Jan 4
*38
:38 ,• :37
38
37
39
28 Sep
Do old pret
50
*46
2618 Feb
50 *40
50 *40
13234 13314 133 13338 13134 13214 132 1321. 13113 13112 129 iii" -1.555 American Sugar Refining 127 Jan 9 134 Jan 22
9834 Jan
*125 130
Do pref
*126 130 *125 130 *125 130 *125 130
105 Feb
12914 Jan 22 12914 Jan
12512 12551. 3,400 American Teleph & Tele% 12514 Jan 13 12758 Jan 2 101 Jan
12558 12534
12512 12578 12578 12618 12578 126
92 *9112 9212 92
*92
9212 92
9212 1,365 American Tobac (new).11- 9178 Jan 25 94 Jan 4
9178 93
93
93
7212 Jan
2818 2834 2814 2812 281* 281* 1,000 Amer:can Woolen
30
30 *28
2912 *28
*28
1512 Feb
2734 Jan 11 31 Jan 7
*94
95
95
*94
9478 0478
95
Do pret
9412 0412 *94
320
*94
96
Jan
7814 Feb
95 Jan 2
4658 4634 4534 4612 4434 4514 7,800 dAnacondaCopper Par$25 $1441:33
4634 4678 46741 4714 4634 47
34 Jan 29 85058 Jan 2 52712 Feb
278 3
318 318 *278 314
3,300 dBatopilasMin•ng Par120 $278 Jan 29 a314 Jan 4
314
3
314
3
318 318
$212 Jan
26
2512 26
2434 25 *2434 2512 1,500 laethiehem Steel
2512 2512 2534 2614 26
2212 Jan 5 2614 Jan 25
12 Jan
5212 *52
*60
5212 53
53 *52
5218
62
53
500 I•3 do pref
*50
62
50 Jan 4 54 Jan 8
36 Apr
120 120
118 118 *117 125
200 Brooklyn Union Gas...-. 118 Jan 28 130 Jan 8
*120 130 *120 130 *120 130
b5 Feb
*14
*1432
15
15
1478
*14
14
Brunswick
1412
*1414 1514
*13
200
Dock&C Imp 13 Jan 13 1638Jan 2
1412
6 Jan
2912 2912 29
29
429
29
28
29
2838 29
2912 30
1,270 Butterlck Co
2378 Jan 2 30 Jan 29 110 Feb
2934 Jan 13 33 Jan 4
3238 31
3112 3213 3178 3238 3134 3214 32
3178 30
14.690(lentral Leather
31
1512 Feb
10214
10214
102
1023
102
*10158
k
,
2
Do pret
102
10214 *10112 10214 102 102
1,359
100!'. Jan 13 10232.Jan 25
7524 Jan
4058 4134 4118 4112 4024 4138 4034 4134 4012 4114 3914 4012 14,500 Colorado Fuel & ron_ _ _ _
3834 Jan 4 451.Jan 7
1558 Feb
*2534 27
26
2618 2618 *26
26
261: 2534 26
2514 2514
600 Col & Hock Coal & Iron.. 2514 Jan 29 28 Jan 11
1434 Mch
126
*127 12712
12714 11718 12612 120 122
12078 12314 121 12112 77,764 Consolidated Gas (N
11718 Jan 26 16514 Jan 4
96 Jan
1872, 1918 19
1934 1934 2018 20
2012 19
2018 1834 1914 46.800 Corn Products Refining- 1778 Jan 2 2012 Jan 27
1034 Feb
Do prat
, 7512 7512 7512 7614 7614 7612 7534 7634 7512 76
4,500
7312Jan 4 7634 Jan 27
75
76
50 Jan
*44
49
*44
49 *44
Crex Carpet
*44
*44
49
49
49
45 Jan 5 45 Jan 6
*44
9712 Oct
47
39
38
3102 3878 38
1714 Feb
3814 38
3878 3734 3834 3718 3734 5,450 Distillers Securities Corp x3512 Jan 13 4032Jan 21
*70
85
*7012 85 *71
85 *71
100 Federal Mining & Smelt'g 71 Jan 16 7114 Jan 28
7212 Nov
85
7114 7114 7012 71
*80
Do pret
8312 *80
84
8312 *8078 8312 *81
84
*81
69 Feb
*81
81 Jan 2 84 Jan 16
84
------ Federal Sugar Ref of N Y
55 J'ly
Do pret
731 Feb
490
25
90 ;i3- lki"
490 Jan 25 490 Jan 25
;i1L- W156
35512 156 *15412 15512 M" 1-5512 153 154 154 fE4v2 2.393 General Electric
153 Jan 28 158 Jan 4 111 Jan
*103 108 *103 108 *103 108
300 Granby Cons M S & P--- 102 Jan 28 110 Jan
7834 Jan
103 103
102 10234 *100 10:3
6412 64
*6212 64
52 J'ne
6234 6234 • 900 nt Harvester stk tr Ws- 6234 Jan 29 6513 Jan 2
64
64
64
*64
6412 63
' 10978 10978 10058 10914 110 110
2,810 *. Do pret stk tr ate_ 10914 Jan 16 111 Jan 28
11014 11012 11034 111 *11012 111
99 J'ne
838 858
0 Jan 2
814 812
81s Jan 29
6 Oct
814 814
8a3 814 1,500 Int Mer Marine stk tr ctts
814 814
814 814
Do pret
25
2412Jan 16 2758Jan 2
2514 261.1
2510 2412 2512 2514 2534 2512 2558 2514 2514 5,200
16 Feb
100 I nternaVonal Paper
8 Apr
12 *1112 1212 *1112 12 *1112 12 *1112 12
1134 Jan 20 1212Jan 4
, *1158 1214 12
5513 Jan 29 5634 Jan 4
Do prat
400
42 Oct
*5512 566, *5512 5612 *5512 5612 *55
6518 5512
58
*56
57
3812 3612 39
4038 3834 3912 16.100 Internat Steam Pump
361* Jan 27 4212 Jan 2
39
3958 :39
39
3912 38
13 Jan
Do pref
8418 84
1,000
84
. 8414 8414 8312 8312 83 83
x83 Jan 26 804 Jan 4
65 Jan
8334 8334 84
1,100 Mackay Companies
7178 7178 72
72
70 Jan 21 76 Jan 4
72
71
71
62 Feb
7234 73
7212 7112 72
Do pret
850
71
*70
7012 7012 *70
71
6912 Jan 9 7112 Jan 5
7034 7034 7078 71
5978 Feb
7034 7034
1.674
ational Biscuit
104 10412 105 105
10512 10534 104 10514 104 104 . 104 104
9612 Jan 2 10858Jan 16
68 Jan
*119 11934 11934 11934 *119 120 *119 11934
100 18 Do pret
*119 11938 *119
11832Jan 11 11934 Jan 27 102 Jan
1412 1478 *1414 -1178 *14
1458 1412 1514 1458 1518 1414 1434 4.360 Nat Enameeg & Stamp'g 1314 Jan 14 1514 Jan 27
712 Feb
*84
Do pret
87 *84
*84
87 *83
86
87
87
82 Jan 5 85 Jan 21 470 Feb
*84
*8312 86
SO
8112 8012 8114 7934 13012 8014 8034 79
7534 Jan 5 8112 Jan 22
36 Feb
7934 7734 7838 14,000 National Lead
Do pre
*10612 10712 107 107 510714 10714 *10612 10758 107 10718 *10634 1073.1
430
10558Jan 4 10714 Jan 20
8713 Jan
514 512 4,100 Newhouse M & S_Par$10
514 512
514 534
514 Jan 19
6 Jan 2
$438 Oct
514 514
514 512
1513 558
38
88
*86
87
90
1,200 New York Air Brake
SI
86 Jan 13 92 Jan 8
8618 87
90
8834 8878 *88
50 Jan
,8234
7878 775s 7812 7712
77
8234 8412 8112 83
8012 8112 23,000 North American Co. new 72 Jan 13 8412 Jan 27
4218 Mch
*3312 3412 34
33
34
3212 33
33
31 Jan 29 3631Jan 14
3214 33
3214 2,620 Vactlic Mall
31
24 Apr
10414 10478 1041* 10534 10412 10514 10514 10612 10512 10934 10712 10912 46,210
eople's 0 L & C (Chic) 10112 Jan 13 10934 Jan 28
Si) Jan
*1178 1212 1178 1178 *1178 13 *12
12
12
13 *12
200 Pittsburgh Coal Co
13
1178 Jan 26 13 Jan 7
812 Mch
4812 *46
4812 *46
4712 *46
*96
4812 *46
Do pret
4812 4578 4638
4578 Jan 29 4713 Jan 19
300
3612 Feb
Pressed
4212 4234 4234 4314 4234 4278 4234 4314 42
41
Steel
4178 3,800
Car
4012 Jan 13 9314 Jan 22
4234
1714 Feb
*10112 10212 10214 10238 *10112 103 *102 103 *102 103
10112 10112
Do pref
300
101 Jan 13 10238Jan 25
69 Jan
*121 17212 17112 17112 171 171
17034 17034 417112 172 *168 170
440 Pullman Company
170 Jan 7 172 Jan 19 147 Jan
4712 4714 4738 4712 48
473.. 4734 4712 4712 1,110 I.)allway Steel Spring- 46 Jan 12 4834 Jan 2
4712 4712 47
2334 Feb
10118 10118
10012 10012 *100, 10058 10012 10012 10012 101
800 IN Do pref
*10012 101
75 Jan
100 Jan 19 103 Jan 9
4,160 Republic Iron & Steel
2512 2531 25122538 2514 2512 2518 2514 2518 2512 2458 25
1434 Feb
2438Jan 14 2612 Jan 8
Do pret
*86
8612 8678 8612 8612 8514 86
1.400
87
63 J'ne
8612 8712
Jan
8614 Jan 1i
.
4 18
an 27
0801743 .7
2
77
7812 77
2,920 Qloss-Shettield Steel & Zr 76 Jan 5 7912 Jan 21
7734 77
36 Jan
7814 7834 7812 791s 7812 7812 78
10978 10978 *108 110 *10034 ---100 1,, Do pret
Janjan 194
*110
*10038
09
112 JJJanaann
*10938
1s24
87)2 Jan
4414 15,180 dTennesseeCopper Par$25 $
$2512 Feb
4418 -45
4412 74R118 4634 4618 4514 4(312 4.433 4514 41
84
82
82
8312 8312 *82
300 Texas Pacific Land Trust
8612 *82
85
45 Feb
*84
8614 *83
*1012 11
nion Bag & Paper
66912 an
n
1078 1078 1078 1078 1034 1034 *1012 1078 1014 1012 1,200
4 Feb
61i513142
2
12
4473 Jan
70
Do pref
69
*68
121
69
70
*69
Jan
69
569
70 *69
Jan
*68
70
1714 Feb
2012 2812 2812 *2818 30
29
20
775 U S Cast I Pipe & Foundr 28 Jan 5 3034 Jan 9
*29
2918 29
2912 29
77
Do pret
*75
a74
*7510 77
77
*75
20
76
355
77
76
76
564 Jan
74 Jan 5 77 Jan 8
*76
87 *76 87 *76
*80
United States Express
87
87
*80
87
85 Jan 21 35 Jan 21
70 Feb
87 *80
69
6538 66
05
6012 6912 15.760 U S Realty & lmprovem't 60 Jan 6 27112 Jan 26
71
7112 70
70
69
70
3614 Feb
1312 1253 1238 *12
*10
13214 1338 13
13
14
*1'2
300 U S Reduction & Refin'g 1*,Jan 16 1338Jan 7
14
4 Feb
*30
Do pref
32
32
31
100
33 *3012 32 *30
30 Jan 20 32 Jan 19
16 Feb
31
32 *30
*30
31
33
32
31
31
3134 3134 32
3.300 United States Rubber....
33 *31
32
31 Jan 23 3412 Jan 2
:32
1724 Feb
10012 10112 10112 10238 102 10214 10178 102
10134 102
98 10278 10,358
Do 1st pret
98 Jan 29 107 Jan 11
76 Feb
72 *65
*67
74
Do 2d pref
*6912 70/2 70
200
70
71
70
70 *69
42 Feb
69 Jan 22 7334 Jan 5
5352' 541* 5334 5414 5312 5418 •5318 54
5238 5312 62
6212 278,040 United States Steel
2534 Jan
5118 Jan 14 5612 Jan 22
8 11418 11412 11378 11414 11418 11414 11334 11414 11334 114
114 114312,475
Do pret
11214 Jan 14 115 Jan 22
87)2 Jan
4414 4412 4414 44711 44
*4314 4412 42
Jan
4314 3.950 dUtah Copper__ Par $10 $42 Jan 29 $4778 ja
n 24
5 220 Jan
4412 4334 44
4614 4834 4712 4878 4714 4818 4712 4712 47
16 Feb
4753 4612 4634 30.340 Virginia-Carolina Chem_
4234 Jan 5 4878
11434 11434 *11412 115 *11412 115 *11412 115
Do pre
11434 11434 411434 11434
210
114 Jan 19 115 Jan 19 287 Jan
*60
64
64
64
*61
*6012 64
*61
43 Jan
Virginia Iron Coal & Coke 61 Jan 14 64 Jan 6
*6012 63 *60
64
*281) 325 *280 325 *280 325 *280 325 *280 325 *280 325
ells Fargo & Co
300 Jan 5 300 Jan 6 1250 Feb
69
41 Feb
6912 6912 6812 6812 *6838 6812 6832 6812 *68
6658 Jan 13 70to Jan 2
estern Union Teleg
600
8314 8234 8234 81
82
80
80
38 Mch
81
3,200 WestingteseEl &Mfg assen 79 Jan 12 81318 Jan 4
8114 81
120 120
200
*115 120 *115 120
58 Meh
Do 1st wet
115 Jan 18 120 Jan 4
120 120 *118 121 *118 120
11
12
24
2234
*12
14
40/2 40
8418 8278
13 Dec
• 2614 Dec
1534 Nov
3814 Dec
7212 Dec
4200 Aug
1638 Dec
5234 Dec
8838 Nov
35 Nov
66 Nov
2478 Apr
8134 Dec
1014 Nov
7678 Nov
5034 Dec
109 Dec
4434 Nov
97 Nov,
;224 May
812 Dee
3734 Dec
3178 Aug
1712 Dec.
3614 Dec
5958 Aug
113 Dec
852 Sep
5118 Sep
8418 Aug
102 Aug
11038 Aug
200 Apr
9712 Sep
41 Nov
4712 Dec
13734 Aug
131 Nov
13258 Nov
9712 .1%3238 Dec
97 Nov
$5312 Nov
$5 Mch
2714 Nov
37 Nov
15214 Nov
17 Nov
425 Jan
33 Dec
102 Dec
42 Dec
2712 Dec
167 Dec
2012 Aug
80 Aug
4814 Oct
2834 Dec
94 Aug
89 Nov
68124 ale
100 J'ly
16234 Dec
10912 J'ly
6758 Nov
11014 Nov
9 May
26711 Deo
1314 Nov
65 Jan
3978 Dec
8414 Dec'
78 Nov
7134 Nov
97 Dec
12012 Dec
1614 Dec
28214 Dec •
92 Aug
10614 Nov
$978 Jan
98 Nov
78 Nov
4014 Dec 10612 Dec
1438 Dec
50 Dec
45 Dec
10214 Dec
174 Nov
4914 Dee
103 Dee
29 Nov
8912 Nov
8134 Nov
11014 Dec
$5214 Nov
8412 Dec
tobb Nov
6634 Noe
3078 Dec
7878 Aug
00 Jan
64 Nov
1514 Aug
39 Aug
3712 Aug
108 Dec
7512 Nov
6834 Nov
11458 Nov
$5234 Nov
4534 Dec
115 Nov
68 Nov
325 Nov
7134 Nov
94 Nov
125 Nov
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS
Bid
Ask
Bid
Ask
Ask
Ask
Banks
Ask
Ask
Trust Co's Bid
Banks
Trust Co's Bid
Trust Co's Bid
Trust Co's Isfel
Brooklyn
1125
NY Life&Tr 1100
Brookyln
Guar'ty Tr.. 640 655
N Y Ciltl
Brooklyn
North Side'-_ 175 Carnegie
410
Borough 9_ --- 110
N I' Trust_ 569 670 Brooklyn Tr 400
188 Guardian Tr '1149 1185
Brooklyn 1-,_ ____ 145 Peoples-_--, 160 160 Central Tr_ 1825
_ .. Hudson ___ 140 150 Standard Tr 323 - Citizens'
135
Broadway 1, 39) „..... Prosp'etPla 150
___ Fiatbush - 20:1
Killekerb'kr 310 330 TitieGu& Tr 430.
160 Columbia... 23212 240
First
rerMin_al 9. -- 130 Commercial
260
245
,_-- 145 Law T I &Tr 123018 ....... Tr Co of Am 30712 i1-212 Franklin _ 193 2-05
Hillsidoll_ 110
Union Trust 1100
135
_ Hamilton -. 260 275
_. Lincoln Tr_ 195 200
130 Un101111---- ---- 136 Com'wealth .
125
Mtg
Home 13k II_ 110
Empire __. 6240
&Tr
US
370 180 Home
102
___. Manhattan- 350
400
Homestead$ 50) 155
Trust Co's
Equit'bie Tr 925 450
____ Unit States_ (1130 ---- Kings Co.... 460
Mercantile - 725
•
N Y CUll
Manufae'rs 400 425
Farm Lo&T 1200 1250 Metropol'tn 540
__ VanN'd'nTr 1260
---- L Isi L & Tr 295 '105
mechanicsl 240 260
300 315
Astor
Fidelity _ 195
___ Washington 400
20 Morton Tr..
176
--- Nassau-- 160
Bankers' Tr 523 650
Montauk _ _ 140
145
Fifth Av Tr 326
__ Mutual ___ _ 425125
120
276 285
Westchester 140
150 People's
gassau
240 220
Bow rg ar'n 275 385 Fulton ___ 270
80 100
Windsor
Willtamsb-g
__ Met All'tux _ _ 140
135
__
Tr_
F3'wav
13212
290 310
at City
.
- -- (3oitars
* Bid and asked prices; no sales on this day. 3 Leas than 100 shares. t Ex-rights. b New sloe). c x- v. and rtehts. 4 Now quote))
per s sr a.
Sale at Stock Exchange or at auction this week. s Trust Co.certificates. V Banks marked with a paragraph (9) are State banks..
--182
--125
..130
•
New =York Stock Exchanme-Bond.
Record, Friday, Weekly and Yearly,'
Jan. I 1909, the Mecham(' method of quoting bonds was changed, and pr ces are now cal-"and interest"--ev,"?pt for income and defaulted bonds.
BONDS
N. Y.STOCK EXCHANGE
Wales Esny-fo AN 29
•
-21
4".
Price
Friday
Jan 211
Week's
Range or
Last Sale
00
Range
Since
January I
iltoN
N. Y. STOCK EXCHANGE
WEEK ENDING JAN 29
Bia
disk Lois
High No Low _High Cent of Ga ItR-(Con)
. 10214 103 1021
/
4Jan'09
945 Oct
Jo prer income g
i0278 10213
103 Jan'09
10213
103 103
3d pref income g 58 stamp°
11103
.1011
/
4 10313 Jan'09
10'3,
Chan Inv pur mon g 45.1031
•;., 103%
4 10114 Jan'09
Mao ds Nor Div 1st g 53.1946 J -J
101131011.,
Q•F 10034 101 ,
107 j'ne'02
Mid Us & AU Div 5s....1047 J -J
......
Q•F
1001
/
4 Nov'08
11146 .1
Q-F IOU
Mobile Div let g 50
......
1191
/
41201
/
4 12013 Nov'08
Mn RR& B of Ua col g 581937 NI•N
....
122 Nov'08
/
4
Q
Q-F
F 1201
Cent of 1
,
1 J gen'l gold 58.1987 J -J
...
41987 Q-J
Registered
Q-N 10112102 12 10314 Mar'08
Ant Dock & Imp gu 58_1921 J .1
Foreign t4overninent
Le & kind R gen gu g 58 1920 J -J
Leh & Wilks B Coal 58..1912 M-N
Imperial Japanese Governtng
91/
1
4 Sale 911
/
4
911
/
4 96 90% 911
1925 F -A
/
4s. g1910
/
48
Con ext guar 41
Sterling loan 41
/
4
891
/
4 bale 89%
891
/
4 10 891
•
1925 J.J
N Y d's Long Br gong 4s 1941 af-S
20 series 4s
/
4 901
/
4
81
811
/
4 811
/
4 81% 6 8034 82
11131 J-J
Cent Pacific See So Pacific Co
Steriing loan 45
Sale
1103
1023
4
103
6
CentVermont 1st gu 94s e1020 Q-F
1021
/
4 104
Repnb a Cuba 5s exten debt.. IL-S
09,
4
998
• 991
/
4 3 991310113 Chits & Say See AM Coast Line
lU S ot Mexico s I g 58 of 1899 Q-J
933, 78 92/
1954 J-0 9312 Sale 93,2
1
4 93% Cites & Ohio gold 68
A-0
Gold 48 of 1904
re
pr
hese
a
ices on the I 281s of $5 to Z.
1st consol g 58
a1
193
19
1 M-N
t7
State and City Securities
Registered
1939 M-N
100
111 Mar'02 ...•
11120 I
Alabama curr luta 4,
General gold 413s
1992 M-S
110 Nov'08 •.•
Registered
1024 11-A luu
91-S
Dist a Columbia 3-658
1)6
1051
/
4 Dec'09
Big sandy lat 4s
lieuisiana new consol 48 1914 - J
J-D
11).1• J
42
Craig Valley 1st g 5s
1
199
949
New York City/
4103 1021
/
4 10234 65 102%103
4%Corporate Stock
1938 SI-N 1021
Potts Creek Br let 48 1940 J-J
Lula, Dec'Oa
& A Div lat cou g 48 1989 J•J
,. 4 assessment bonds -1918 af•N
112 *1.3t. 11134 1121
1980 J -J
1957 M-N 112 Sale 112
2d cousolg 48
;New 4s
/
4
1041
/
4 104% 11 0413104',
1917 M-N 104
Warm Spr Val let g 68 11141 V1- S
1
48
New 4/
/
4
1121
is
'40 31•14
Greenbrier
Ey
let
gu
g
; 412% Corporate Stock -1957 M-N 112 Salt 112
11113112',
1043
, 12 1041410412 01,10.5 Alt RR ref g 38 1940 4.0
/
4
104
1017 M-N 1011
4/
1
40/0 assessent bonds
1
4 Sale 1021
/
4 10234 ii 102 13 103'4
1
4s 1950 J -J
1957 M-N 102/
Railway let lien 3/
4.
(
10• Corporate Stock
Registered
J -J
N Y State--Higlia ay 48 1938 M.S 11214 112% 110 Aug'08
102
1021
/
4 Jan '01/
05
22
1i F•A
1933
.1.
4;1; 102 4 Ohio Burl 6. Q-Denv D 4s 19
So Carolina 4'0 20.40
05%
9512Jan'09
1938 M-S
General 45
Tenn new settlement 38 1913 1.1
951
/
4 951
/
4
93
93 Sale 93
-1-I
93
LUinols Div 3/
1
4s
Virginia fund dent 2-38.-1991
93
23, 45
47
4313 44
1°
94
40
9 J -J
Registered.
138 deferred Brown Bros Ms.
48
1941) J.J
Ills Div 43
11iiilroad
Iowa Div antic Lund 68-11111/ A-0
Sinking fund 40
A la mama Cent bee So.lty
4-0
92
17
° NI•al
n.J.aba Midi bee At Coast Line
Nebraska Extension 48 19
Registered
1927 Nt-N
Albauy Sus° See Del& find
Southwestern Div 48- 11121
Allegheny Valley see Penn RR
S
Joint bonds See Great North
Alleg & West See Rai 1 cf4 P
841
/
4 Salt. 841
/
4
841
/
4 1.; 84
Debenture Os
1913 8.24
41995 Q-J
Ann Arbor 1st g 4s
85
/
4 10934 231 1001
/
4 10034
&tab T& S Fe-Gen g 48.1995 4-0 100% Sale 1001
Han & StJosconsol 08 1911
• 6 99 1.00
Registered
Chic& E Wrot& imp g 4a 1055 J.I
1995 A-0 100 Sale 9934 100
9J 18 941
/
4 9314
Adjustment g 4s
93% 51 92
1934 4.0
//1995 Nov
1st camel g 68
93%
911
/
4 86 Apr'07
Registered
.4.11/115 Nov
General consol.15158
1937 SI-N
93% 71 921
1)334 Sale 93
Registered
stamped
1937 31-N
h1995 M-N
/
4 94
595
104%
Sale
10334
Cony g 4s
Chin S. Intl() ity 1st 58 1930 J -J
1021
/
4 11/438
1955 J.1) 104
107% bale 1071
/
4 1.07N 281 1061
/
4 10734 Chicago & Erie See Erie
10-year cony g 50
1017 J
981
/
4
9613 Mat'08
I Debentures 4s Series11 11110 F-A
.... Ohio in S. Lowey ret Os. 1947
9812 Nov'/4
9034
Refunding gold 5s
1947 J-J
Series i
1911 F-A
94
94 Nova16
. Series K
Lamm N AS.eh 1st 68 1910 J -J
1913 F-A
97 Jan'09
9734
97
• East Okla Div
Chic Mil & St P term g 5s 1914 J-J
97
g 4s 1928 M-S
4135
9534 San. 95
091
/
4
General g 4s series A el989 J -J
, Short Line 1st 4s g
941
/
4 95 12
1958 1-1
Registered
e1989
,
itt.1 Knox & .N See IA ac
961
/
4 01, 941
904 Sale 96
/
4s series 13 e112,811 t•j.
General g 31
J
/
4 961
/
4
.4tlitutui Coast 1st g 48.h111 52 M.
Chic & L Su Div g 68. 1921 J • J
' Charles & Say 1st g 73 11136 J -J 1.3034
12313 J'ne'08 •Chic .10 Mo En"Div 60. .1920 J -J
Bay 5'& W Istatolu 03_1934 A-0 12819
'04
an
1113
J
1125
191
Chic O. Pao Div 68
1st gold 58
1939 A-0 110
11413 Not'05 •--•
19
91
21
6
Chin S. P W istg5s
Ala Mid 1st gu gold 5s -1928 MAY 108
99/
1
4;Mar'06
01
Dak Jts Gt So g 5s
J•J
Bruns 60 W Ist gu g 43 11/38 -.1
141)
Sale
90
861
/
4
1924
86
01952 al•N
Far & Sou assu g 68
1)0 14
1.0114
L & N cal g 4s
US 1.2 Sep'08
913
1910 J -J
Haat & 1)Div 1st 78
gu 48 _1918 J -J
81.1
uca
1910 J -J
let 513
. Atlantic & Danv See South ay
LaCrosse & D 1st 68.-1919 J -J
baeSou Pacific
Austin .5 N
94 15. 93
04 Sale 9334
1910 J -J
94
Mineral Point Div 50
jaalt & Olito prior lg3128.1925 J -J
9334 93 Jan '013
1910 J -J
411125 Q.J
93 93
So Minn Div 1st Cs
P Registered
101.4 02 1901
h11/48 A.0 101 Sale 101
Southwest Div 1st 6s. 1909 J -J
; Gold 4s
/
4 10114
11J0
,
4 1003
, 10034 it 99 10034
41948 Q-J
Registered
Wis & Minn Div g 5s. _1921 J-J
120 Oct '01
L 6s. 1910 J
Mil & lao lat
Pitts J untelst gold 63-1922 J •J
891
/
4
891
/
4 Jan'00
1913 J-D
8913 89 L.,
PJun dir M Div lat g 3101926 M-N
let oonsol 60
951
/
4 96%
116
1915 4-F
951
/
4 99
PLE& W Va Sys ref 481941 al-N
Ohio & Northw cons 7s
42
Sale
91%
911
/
4
913
8
6 b -A
/
4s .1925 J -J
1886-1
1
,
98
27
9034 91%
8outhw Div 1st g 31
Extension 4s
111
89 Oct '(J6 ...•
Registered
1886.1920 F-A
h1925
. Registered
105% Feb'07 •..•
.11-N
Motion Itiv let gu 58..1019 -A
General golu 310
...•
Apr'05
109
Registered
p11/87 11-F
•• Cut Ohio it 181 eg412s..19110 31-S
i0934 J'ne'07
UI Lor & W con lit g 55 11131; A-0
Sinking fund Us...1879.1929 A-0
111 Sep '08 •...
1879.1,
1879-192211, A-0
• Ohio River itit 1st g 55.1930 J -1)
110/
1
4 Jan'09 •.. 10813110 19
General gold 58
1W
re 58.
1937 A•0
Sinking
A-0
11912 Mat'04 •..
Registered
1879-1929 4.0
PItts Clev & Tol lat g 68 1922 A-0
101 Nov'08 .•..
Debenture oa
191/0 31-N
Pitts & West 1st g 4s 1917 J -J
10u Nov'04
Registered
1909 .14-14
Stet 101 Ity lst gu g 412s 1943 -1)
Debenture 58
1921 A•0
;Bat Creek & S See Mich Cent
1921 A•0
lBeeen Creek See N Y C & H
nd deb 50
gisgte
lrueki
ein
Sin
lik
1933 8-14
;Bellev & Car bee Illinois Cent
1933
!Baty', & Montauk See Long 1
Illinereols 1st 68.-1910 M-S
[Bruns & West See Atl Coast L
No
itregs
otto F & St Paul 1st 53 1111/1/ ,/
;BUtlitio N Y & Erie See Erie
141-S
1161
Mil L S & West 1st g 6a 1921 M-N
/
4 11614
tRutialo Ii.5 P gen g 5s 11137 .11•S 11634 117 116 14 Jan'09
109 1091
Ext & Imp a fund g 50 19211 F -A
'Cousol 4 12s
1957 M-N 109 10934 1119 Jan g11)
/
4
100 Jan '011
Ashland Div 1st g 68 1925 M-S
100 100
All & West 1st g 48 gu 11M8 4-0 91134
103 J'1y'08
Mich Div lstgos
Cl Mall 1st gu g 5s
1943 J -J 116
1924 J -J
Roch & Pitts 1st g 60 1921 F-A 119
11913 Sep'bb
11111
kel
ssl& Pao 68.-1917 J -J
00
m
Inli
c0
Con:3(01st g Us
118". 121
Chlo
1922 J -D 121 122 121 Jan '011
Registered
,CBtifialo & Southwest See Erie
1917 •1
8934 Sale 8912
General gold 48
(Butt .5 Susq let ref g 4341951 J
893
,
8912 90
1988 J • J
Registered
iBur lt, 3. N b'ee CRI&P
1988 J -J
/
4 Sale 10638 106', 31 [06',1o3,
Refunding g 4s
..lan So let ext 65 ......-1913 J-J 1061
1934 A-0
Coll trust Semen 48 -1910 NI-N
102 102',
• a-nd Sc
1913 11/1-S 10134 102 102 Jan '01)
10034 biuy'07
..
i?.egisterett
J 4s
1912 8.24
1913 al- S
s8
;Carl/ & Shawn S'ee HI Cent
1916 SI-N
2445
,Carolina Cent See Seab Air L
M-N
iCarthage & Ad. Bee N IC &II
04s
1916
17 M-N
,Ced.13. Ia F.5 N See B(lit& N
P 45
1918 M-N
;Cen Branca Ity See Mo Pao
02 SI-N
Chic R I & Pao flit 4s-200
Registered
11634 De0'08
:Cent of tia RR 1st gba-p1945 F-A 11434
20 11 N
/
4 53 10838 10912
Consol gold 50
1913 al-S
Coll trust gold 6s
1945
1091
/
4 Sale 10813 10111
Registered
113 Apr'06
1945 ,11-1.1
Bur Cod R.&Northernlat pref income g 55....p1945 Oct
79
79
79 Jan'09
Con 1st & col tr g 6s 1934 A-0
Stamped
Registered
78 Deo'08
1934 A-0
SO
2u pret income g 6s....p1945 Oct
/
4 Deo'08
°RIF& N W latgu5s 1921 A-0
601
/
4 6212 611
2d 'stet income g 5s stamped .... 6014 63
60 Jan '09 ..:. 60
M & St L 1st gu g 78 1927 I -I)
00
Hi
Li. • 4.OVIr
consul registereti.d1930
cousol coupou....d1930
k1918
E3 3s registered
k1918
.11S3sooupou
k1918
U S as reg small boads
L1 S Ss con small bouds k1918
1995
1:7 S 48 registered
1925
U 84s coupon
1J SPan Can 10-30 yr 2s.k1930
2e
AI 22s
Prsce
hriday
Jan 39
W eek's
Range or
Last Sale
al
Range
Since
January 1
8ta
52
52
Ash Low
Righ ao tow lizgh
53
55
55
11 53
55
05
0214 Dec
......
89% Feb'oz1031
/
4
104783'nel/b
luti/
1
4
115 Nov'oo
lea's
105 bee'u7
/
4 Dee'08
10313106 1071
127% bale 127% 128
117 128
12634
127',Jan '011
126 1271
/
4
1001
/
4110 110 Jan 'oil
109 110
01134
100
971
/
4
99% Jau
100', Jan '01
10014 9034
9918 1001
/
4
es
103
1113
/
4 Dec'08
1031
1161
/
4 181
116
1141
/
4 1131
/
4 Jau
1.0018 sale 101', i0ti1
/
4
102
104 May'vb
9019
11034
90
107
1071
/
4 1071:
9u Jan '00
1110 100,
,tUO
100
It
941
/
4
931
/
4J'ly'08
105,
8
1131
/
4 e eu'05
93 Sep'08
`19
79% 253
'79
71', 741
74
/
4 74
801
/
4 Maya/5
100
101 Dec'08
100% Sal, 1.101
/
4 1001
/
4 23t.,
02%
1,21
/
4
1)2
91
9134 9134 Lee'u8
10234 Sale it1438 10134 77
106 1071
/
4 10434 Oct'On
9934 1001
/
4 10014 Nov'08
1011
/
4 109 1011
/
4 1011
/
4
101./
101% Oct 'LP,
1011
/
4 9934 99 Jan'09
114%117
113/
1
4 1131
/
4
t04 10618
1,01
/
4 IM1
/
4
110
IOU
Uu
100
781; 79%
71
73
99% la1034
91
921
/
4
161:78 103
101141011
/
4
....
VI)
119
10234 mt 102 Jan '09
102 102
103%
10334 Jan'09
10358 103%
891
/
4 21/ 83
591
/
4 Sale 89
90
120%
129% Sale 129%
2 NU% 129%
1151811o34 115', 11513
1141
/
41151
/
4
113%
11414 1141
/
4
114% Sale 1143 114.34
1 114 114%
127
112
128 Jan'09
127 128
10(3 bet)
'
06
...
10138 Nov'08
10413106 105 • Jan'Ub
......
105 105
103
103,
4 Jan '01)
D121
/
41031
/
4
10313001
1)2,2 Si 131', 02-9
1°2
91/
1
4Sale 92
1161
/
4 Oct'05
112 Sep '08
1017,J11,11'00
101%1011
/
4
1E
13%4 1101
1u9/
1
4 109%
/
4 10913Jan'09
I0578
10013)Udi '01./
21002
106,
1371
/
41'13"'91
1
10
221'4u 10234 10234 Jan'"
1021
/
4102%
1U:4
4
4 Apr'Ub
101,
199,2 Nov't/8
10114 wit, 1,0138Jan'o9
10113101',
1011
/
4 1011
/
4
/
4
/
4 1011
i011
lUIP4
100% 1003
,
10034 Jan'09
10934 110
1.10 Jan'00
1051
/
4 ov'08
..
.1.
10:1.1
411
2 Iv/%Deo'08
116 1491
/
4 11713 Dee'08
...
10012 104
J'ne'Un
..
91)
981
/
4 Apr'118
104
9444
1/3
/
4 Jan '09
114, 941
•
80
111
Ito',
111¼ May'lws
1004
10 Augg/0
Loa jai/'09
107
108 108
11034 11034
10514
ilu%
1 ,11014 10014
1
4 lull/
1
4
10038 10034 LW/
101 Dec'08
108
108 108
108 Jan'al
1U3 J'ne'07
IFie 1117s
1108
1111
/
4Jall'u,
101) J'iy an;
.....
10078
/
4 Dee'08
1021
100 100
WU Le
'
09
100 Jai,
11934 119%
111)19120', it1)34 Jan'09
11313115
111,
4
115 Jan'al
123'a
/
4 Eta0'02
1421
123 123
123 Jan gar
100
lUu sup Us
114 116 114 Jan'ut,
11234.
1
4 3'1,1-'08
112/
/
4 31
101 Sale
1/11 78 1011
lie
9734 Deo'08
el 78
921
/
4 427
921
/
4 Sale
137 XV 'u4
/
4 Nov'Ou
I121
/
4 Jan'07
901
alaY'ul
110 Novani
84 Aug'/
70 1621) 7-1;;; 70
7734 Sale 77
63 Aug'08
375 8712 11312
931
/
4.
92',sale 1/2
116 117
10734
126
117
117
/
4 Mar'03
1201
111 Nov'05
3 117
117
MISCELLANEOUS BON Oa-Continuett on -Next Vage.
Street ltailway
.k3rooklyn itap Tr g 5a
1946 4.0
1st retund cony g 4s
2002 J.J
13k City 1st con 58.1916 1941 J-J
Bk Q Co & a con gug 55 1941 011-N
13klyn Uu El 1st g 4.58 1950 F-A
Stamped guar 4-58
1950 F-A
Kings Co El 1st g 48- 1949 F.A
Stamped guar 4s
1940 F-A
Nassau Elec gu g 4s.. 1951 J -J
Conn Ry& L 1st& ref g 4%0'51
/
48
1931 J -J
Stamped guar 41
Den Con Tr Co 1st g 5s 1033 A-0
/
43 1032 1.1
Det United 1st con g 41
Havana Eleo consolg 53 1952 F-A
1936 A-0
Inter-Met cal 4',s
Inter Rap T S-yr cony 68 1911 MN
Internat Trao coil tr 48 1049 J-J
Flee lat & colt 58 1953 M.S
*Arn nr.g, FerICISIV. latkuit. ortos this
[Mania
10 10212 103
106
103% 1041
/
4 104
/
4 Sble
841
/
4 438 811
84 Sale 83%
1031
/
4105 103 Dee'08
100% 91 Oct'08
27 10044 102
/
4 102
1018$ Salt. 1011
/
4 Nov'09
101
1001
811
/
4 Sep'08
83
10 85
87
87 L'als 86
87
SU
31 781
/
4 80
80 Sale 79
10034
•
95 Mar'08
102 102
10134
102 Jan'Oa
115 J'ne'00
/
4
/
1
4
81 11
81,2
811
/
4 1 811
00
86 Oct'08
7958 Salt 791
/
4 81%
/
4
81% 1501 701
103% amt. l03% 1031,127 10314 104
70
70 Deo'08
98 Alay'00
WARW. 4.,
1 TI 61 .1 an a Dna nr s ime qV
Street Hallway
27 851
/
4 88
88
87
Met St By gen col tr g 58 1997 F-A
8712
03%
8 63
63
03
2002 A.0 58
Ref g 48
/
4
1041
103
2
1041
/
4
1041
/
4
Bwa,y& 7th Av lstcg 581943 1.0 1031
/
4
9838 Deo'Ob
99
Col& 9th Av 1st gu g 53.1993 31-5
IOU 100
100 Jan 'Oil
LoxAvS.P F latgu g 581993 34-5 1001
/
4
'11
71
Third Ave RR con gu 4s2000 J -J
70
711
/
4
711
/
4 492 68
Cent Tr Co certfs stmpd...
70 Sale 70
/
41151
/
4
1151
/
4 13 1091
/
4 110
Third Ave Ry 1st g 53_1937
110 1101
93',J'ly'00
Met WS El(Clue)1stg4a.1938 F-A
/
48 .1933 J.,)
INT
Ry & Lt gen 41
791
/
4 90's Sep '06
St J03 RyLtH da P 1st g 58'37 2,1-N
08 Nov'08
91)
St Paul City Cab con g 56.1937 J -J
1101
/
4 Nov'Ob
Underground of Lou 58.-19211 M-N
40 Aug'08
81
1933
44
4',s.
791
/
4 Sale '19,2 81
27%
1948
27
271
/
4 62 22
Income 6s
27
84 Oct'08
Union El(Chic)1st g os 11145 11.0
73
United Rita San Fret 46 1927 A-0 721
721
/
4 04 72
/
4Sale 72
844 84's
United Bye St L 1st g 48 11134 J-J
8334 8434 844 Jan'09
-'On-,.,'nS &Due ., • iv Acl)ue Aug oDae Out
V Due NOV 8 Option Sate
JAN. 30 1909.1
krice
Friday
Jan 29
Week's
Range or
Last Sala
Range
,..t
13
Since
S.'-e'
1,,c January 1
BONDS
N. Y. STOCK EXCHANGE
WEEK REDLY° JAN 29
7gatVI
N. Y. STOCK EXCHANGE t... t
.
WEEK ENDING AN 29a.
-,
281
New York Bond 1tecord-continued-Page 2
Price
Friday
Jan 29
Week's
Range or
Last Sale
Range
Since
January l ,
44azx09,7
/IITA No
Ask Lots
the
High No how _High Erie-(Con)
AsA Lois
Bin
1 r
10
lr/ 1
i
Chia Rock i & Pac-(con)
107 Jan'09
107
S Y Sus di: W 1st ref 58.1937
102 Aug'08 ....
Choc Ok & G gen g 5s .o19114 J -J 102"i
4 Dee'06
/
1001
gold
20
Nov'OS
41
4
/
a
1937
4
/
1071
4
/
1061
1952 M-N
92
Consol gold 5s
'09
91
Jan
91
U2
19441.
103
103
....
,
'01
ueneral
gold 5s
103 Jan
.......
Kook d3 Des M 1st 5s._ 1923 A-0 10234
4Dec'03
/
1141
Ternimallst gold 5s 11)43
Ohio st L & N 0 See 111 Cent
Regis
1943
each
$5,000
St L& Pitts See Penn Co
101%
101% Jan'09
10178
.
, 6 129121301
Mid RR of NJ 18t g 63 1910
4 1307
Chic St PM & U con 6s 1930 J.L. 1307.13114 1303
101 102
102
102
1011
4
/
Wilk rfc Ea lat gu g 56 1942
...
93 Dee'03 --- .
48 1930 J.1) 0234
/
Cons is reduced to 31
10912 109%
10912 Jan'09
112
114
'01,
S.v&
2Jan
8
...
Ind
1295
9.12
L2
lat
con
gll
1291
g
6s
6
-192
' (Ni St P & Minn lst g tis 1918 M-N 129
..
Erie
&
Marq14
Pitts
See Penn Co
129%
4
/
Nor Wisconsin 1st 6s 1930 J -J 1261
112 Jan'08
111
Evans & T /I 1st cons 08.1921
118 Dee'Ob .... ......
St P & S City 1st g lls 19111 A-0 11612
10212Ply'08
101
lat general gold 5s
1942
11234 Dec'OS .. ,
Chic& West Ind gen g tis /1932 Q-M
114 Apr'05
100
Mt Vernon lat gold 68 1923
4 12
/
. 8634 9712
971
9710 Sale 9634
11)52 J. J
Consol 50-year 43
95 J'ne'ue
U634
Co
Sun
Branch
lat
g
1930
58
Chic 86 W Mich see Pere Marq
Pliargo ab So See Ch M.& St P
Choc()&(lull SeeeRlea
lint& Pere M See Pere Mar
113 Oct '00
Oin A & D 26 gold 412s 1937 J.J '
Fla C Jo Penm See Sea Air Line
96
95 Jan'09 .... 95
96
Cin D & 1 let gu g 5s 1941 M-N
105 Mar•98
Fort St U D Co 1st g 4123.1941
1153.117
C Find & Ft W ist gu 4s g '23 M-N
4 117
/
117 Sale 1161
.... . Ft W & Den C 1st g 68.-1921
70
70 Aug'/8 .... . .
Cin I & W 1st gu g 48.1i/53 J -J
85
4
/
871
8712
8712
4
/
851
&
W
Ft
Rio
.
.v
9d
1st
Gr
4s.
g
4
1
/
96
..
..
'09
.1928
9612Jan
97
Ind Dec & W 1st g 5a 1935 J -J
al
•
Her
S
&
A
Dee'02i
See
So
Co
Pac
4
/
1071
1935 J J
lat _guar gold 515
...
'OS
Sep
96
l3aL 11 & ti of 1882 let 5s.1913
4
/
991
OIStL&O Bee CC0 al, St L
Georgia & Ala See Sea A Line
OinS&C SeeCCOStL
Oa Car & Nor See Sea A Line
Oleartield & Mali See 11 R & I
4 29 9734 9834 Ueorgia Pacific See So By
/
981
9838
Cloy Cm C & 'St I,gen g 48 199', J -I, 9812 Sale 95%
Jan'08 .... 9541 96
Gila V 0& Nor See So Pao Co
95
Cairo Div 1st gold 48.-1939 J -J
tionv & Oswegat See .31' Y Cent
4 Oct'08
/
951
93
Ciu W & 111 Div 1st g 46.1991 J -J
Grand Rap & Ind S'ee Penn RR
4
973
t'5½
9512
6
4
/
951
9712
4
/
941
31.N
191)9
lat
4a
g
Div
tr
col
St L
Gray's Pt Term See St L S W
91 Oct '07 .... ......
Registered
191/1 61.8
4353 5712 99%
/
991
98 Hale 9718
G t N'or-C 138. Q coil tr 4s 1921
92 Feb Us
Spr & Col Div 1st g 43-194t, M-S
971
4 98
/
US Jan NM
1921
Registered.h
'06
......
Sep
....
98
j
.
J
4
923
194u
W W Val Div lstg4s
......
....
Ry
(4reenbr1er
Ches
See
0
&
Jan'04
105
104
01St L& C consul 68 11121. M.
'Cc
Oct
96
Gull& S 1 lat ret & t g os 619512
in 12 Nov'08 .
987s
k193., LI•F
lat gold 4s
97 Oct 'Oa
14 an 86 St Jo See C B& Lt
k193', Q-F
Registered
iI ousatonic See N Y N H& II
110 Dec'Ob
......
Cin 8 & CI eon 1st g 5a..192b J.J 111S is
107% 23 10434 10734
107
10734
......
Hock Val latconhol g4/
48.11191)
1
11434 Sep 'OS
1914 J -1,
00 C & 1 auntie'714
4Sep'08
/
1001
..
1999
Registered
1914 J -1,
Consol sink fund 7s
Dec'08
96
......
981/4
Nov'Or
&
Col
li
130
V
g
ext
1st
48_1948.
......
General consol gold 68 191.14 J..I 12618
97
97 Jan'00
137
1)94
Col & Tot 1st ex 48
1935
1934 J -J
Registered
Houst E & W Tex See So Par
91 J'ly'lib .
Ind B1 & W lat pret 48 11/41, A•0 93
Houstdb Tex Cen See So Pac Co
0 Ind ea W lat pt 5s...,L193, Q-J
101 Dec'Ol10212
9112 6 93
9458 I llinois Central 1st g 46..1951
4 Sale 94
/
941
Peo & East 1st con 48 194k, A- u
1073
.APr'07
101 4
-it Registered
50
60 Jan'09
56
50
1951
19110 ti,,'
Income 4a
4 10038
/
1001
1003410034
1st ref 48(when iss)
1955
01ay & Marietta See Penn RE
93% Dec'08
911/4
.
4
/
31
golu
lat
1951
Co
Penn
See
Pitts
Clev &
9134 Aug'08
901/4
8134
81
82
80
Registered
1051
z5
.
81
..,
8112
J
194';
Col 311thanti 1st g 48
U37
9434 Jan'09
Extended lat g 312s
4 Sale 981
/
981
1951
4 9834 O'i 9714 99
/
Colored/ & Sou 1st g 48 1929 F •A
70 Oct,'04
4 100 1235 111334 100
/
lst gold 33 sterling
1951
1935 M-1,1 100 bale 991
4a
/
Relund & ext 41
Deo'08
101
1001/4
Coll
Trust
1952
gold
4s
Colum & Ureenv See So Ity
118 Al aru7
Registered
1952
Col & Mock Val See Hoek Va.
1 100 100
100
100 1011
4 100
/
L
43
0
N
Tex
48
gold
1953
Val
Hock
AS'ee
Col & Tot
......
97 May'07
Registered
1953
Col Conn & Term See N 4, W
10234 Jan'97
09%
Cairo Bridge gold 4...1960
943 A-0
Conn & Pas Rive 1st g
lb 90
110
90
90
90
91
95
95
95
Jan'00
....
g312».11,53
LoutsvDivLibTerm
g......352
5
60-yr
J -J
Cuba RR lst
......
123 May'99
105
Middle Div reg 51;
1921
& St l'
alc& Gt.So see C M.
4 Apr'06
/
781
Omaha Div lat g 3s
1951
alias & Waco See Ai .K & '1
79
7938 7914 Dee'08
St Louis Div&terin g3s 1951
Del Lack & Western4
/
771
Registered
1951
11434Jan'09 .. 1141
4 11434
/
Morris& Essex 1st 7a 1914 M-N 114.
9012 Dec'08
4
/
891
Gold 312s
.1951
4
/
117
1 117 1171
117
1916 J -0 117
1st consol guar Is
4Oet'99
1
101/
4
/
871
Registered
1951
127 J'ne'05
Registered
4
/
1911, J.1, 1151
100 Nov'Ob
8934
Spring Div 1st g 31
4s 1951
/
-•.• ......
93
2011' J -D
let ref gn g 312s
la Jan.'01.,
1001
IUD
41001
/
4
/
1001
4
/
Western Linea 1st g 43 1951
121 121
121 Jan'09
4
1
, NY Lack & W lat t3a 11.121 J -J 119/
122 Dec'lib
110
/ & Car 1st Os
Belle,
1923
112 112
112 Jan'09
1923 BA 11118
,! Construction 68
'08
Sep
......
97
4
/
981
Carb & Shaw 1st g 4s...1932
10014 Dee'Or
1923 Ni•N
Term & improve 48
'08
Oct
117
11912121
Chic St L& NO g 5s...1951
102 Feb'03 .... ......
93
Warren lat ref gug 3128 2000 F-A
11934 Ma1'0.1
Registered
11/51
4 Apr'08 ..
/
1211
Del .13 Hutt 1st Pa Div 76 1917 31-S 121
8814 IreIP07
Gold 312s
1951
149 Aug'01
1917 II-S 119
Registered
100 Mar'Ut
1017
alempli
Div
101
1.
101%
1st
1931
4s.
g
1.0134
Sale
8
1017
M.N
1943
1st &ref 4s
98 J'iy'08
L
St
Sou
,
1021
1st
42
g
gu
48
102
1931
1011210234
1911 2.0 101 10234
10-yr cony deb 4s
Ind 0125 West See CC CA,St L
4 105 104 Dee'08
/
,J • J 1021
192.
4s
/
lat hen equip g 41
96
97 Jan '01.1
97
99
9712
90.
93
Ind
11
Ill
84
4
/
981
Ia
1st
4
/
40
g
1950
981
9814
11712
A-0
11149
4s
/
, Alb & Sus cony 31
110 110 '
110
Int & Great Nor lat g 6.2_1911/
120 Nov1/8.
1071211334 110
Rens 4f3 Saratoga lat 78 1921 M-N 120
85 Nov'Oe
87
2d gold 5s
1909
lilt
Pa
See
RR
Itiv
Bridge
Del
60 Oct'07
30
40
4 35 96
/
981
3d gold 4s
9814 sal. 98
9812
1921
Denv & IL Gr lat con g 48 193c, J -J
.1091;1091
4Ian'09
/
4,
/
4110 11191
/
1091
Iowa Central 1st gold 53-193a
1116
5 106 106
1931, j-J 106 107 106
• Consol gold 412a
;
4
/
801
4
/
811
81,2 Sale 8034
(101d 4s
1951
4 10134 Ian 'w., .... 101% 10134
1
Improvement gold ba 192b J -1 102 103/
.
927
9234
79
,
Jellerson
RR
927
Erie
See
Sale
9234
8
923
1055 It'• A
. 18t & refunding as
1/
al
A
do (.1 R See LS&AIS
98 Feb'Ob
itio Ur J uno 1st gu g 58 1939 .1-L. 10438
Man & Mich Bee Tol & 00
76 Dee'05
Rio gr So 1st gold 48.-1940 J -J
.
K C FtS & 31 See St L & S F
85 Mar'Ob
1940 .1-J
Guaranteed
4 K C e., 51 It & II See St L41 S 1'
/
961
9634
4 72 95 1001
/
9534.1931 J -J
moor West lat g 4s
Kan C & Pseudo See Al K & T
87
87 Jed'09 .... 83
87
Mge and col trust 41424 1949 A-0
57 72% 75
75
7434 Sale 7412
Ean City Sou hat gold 3s..1950
,
07 Jan'0
Utah Cent Istgu g 4a al917 A 0
63 Oct '00
Registered
195t,
Des Mot& Ft 1) See M & st 1.
'04
Kentucky
Cent
L
See
N
ara
Sep
110
.4)-N
Des Mot tin Ry 1st g 53 1917
Amok & Dee Mo See C R I&P
115
95 Jan '01 .... 95
100
Dot & Mack 1st hen g 48 1995 .1-1)
Knoxville & Ohio See So Ry
90
2 80
89
1995 2.1) 89 Salt 811
Gold 4a
112%112%
113 115 11238 Jan'09
I ake Erie & W 1st g 63_19;37
Detroit Southern4 Jan'WI
/
1012 110 1071
1071210734'
La 20 gold as
80
1941
83
80 Jan'09
80
Ohio Sou Div 1st g 4e.,.1941 M-S
11212114¼
112 11334 114 Jan '08
North
Ohio
g
gu
1946
1st
53
lid
116
2
116
114
114
A-0
11/37
lat6s
Range
Dill & Iron
S
Cent
Mich
&
,
Sho
Y
L
Mar't.”N
See
10612
1937 A-0
Registered
4 1061
4108
/
108
108 1081
4 108
/
Leh Val N Y lat gu g 4/
4/4.1940
1
1916 J -J
'20 6s
108 Oct'08
1940
Registered
Dul Short Line See Nor Pao
871
971
4 971
/
Jan
4
/
'01
4.
/
Val
4
971
Lehigh
(Pa)
48
g
eons
2003
Ilar'08
108
112
110
...
Dal So Shore & All g 58 1937 J -J
11614 116341
4 Jan'08
/
1161
1161
Len V Ter Ity 1st gu g 54 1041
4
/
Vast of Minn SeeStP 31 & 31
10912 Oct '01,
4
/
1151
Registered
1941
it)
So
Bee
Ga
&
12-mat Ten Va
10712 J'ly'03
Leh V Coal Co Ist gu g 58 1933
.
10612 May'08 .... ......
4
/
Elgin J ol & East lat g 58.1941 M-N 1111
U7 May'Ob
Leh & .N IC let guar g4s 11.145
9334
Elm Coil,& No See Leh& .31 Y
Registered
1943
May'08
4
/
991
10018
M-N
1947
4s
old
Erie 1st ext
0Jan'08
1137
C
El
N
ifo
101
let
Apr'08
.
tis
pt
1914
1041
1919 M'S 106
2d ext gold as
10514Jan '000
4
/
Gold guar as
981
11114
104 Dee'08
4
/
1923 M-8 1031
48
/
3d ext gold 41
Leh
Mud
:3
See
II
Cent,
J
N
of
Nov'08
.
1051
106
3-0
1920
4th ext gold Ss
Leh & Wilkeab See Cent of Ni
1 97
97
97
97
1928 J.1.) 93
5th ext gold 48
4Jan '011.... 12412 1247, Leroy & Caney Val See .1Io /
/
4 1241
/
1241
1920 61.5
lat eonsol gold 7a
Dock See Erie
Long
'0
Oct
121
122
19200-S
1st consol g fund 78
:-. 110 111
111
111 11434 III
8812 Long IsPd-lat eon g 58./411131
88
89 85
88 Sale 8612
Erie lat con g 41) prior-1006 J -j
4
/
971
lat consol gold 4e
1i1931
79 Jau'08
85
19116 J -J
Registered
4 963.'
1
06/
'0:.
1.634Jan
48
d
go
99
96
General
1938
72
61.
7114
aide
4
/
7012
711
74
lat conaol gen lien g 46-1996 J -J
Ferry gold 412s
10012102 102 Dec'0,
1922
4 Feb'07
/
851
191/t 2-2
Registered
Oct
49'4
90
'
4s
1932
Gold
4
/
851
4
/
851
I,
85
4
/
'01)
841
Jan
F-A
1951
45
g
tr
Penn coil
......
4 Dec'1)
/
1,41
U3
Unified gold 46
95
1941,
4 7712
/
1953 A-0 7212
7234Jan '01/ . .. 711
50-year conv 4s A
1114 12.uee'0,:
1934
Debenture gold 5s
64 .
4
/
24 634 6812
......
Series 13 1953 A-0 64 Sale 631
do
971
4 9714;
/
97,.,
97'4
100
4
1
/
1(7
go
ref
48.
d
Guar
1941,
Ang'08
4
/
1161
115
.1-1)
76-11119
lat
Butt N Y& Erie
lul
Bklyn & Mont lat g 68-1911
Clne & line lat gold 58 1982 611-1'4 1157$ ' 11658Jan'09 .... 115%11534
.Decor
1013
10038
1st as
1911
--- --121 Dee'08 .... .. -..
Clev & 31 ahon Val g 68 1938 J -J 110 ..
11014 Nov'Ob
N 2 13& M IL Istcon gas 1938
1041
4
/
1 127 127
127
Long Dock conaol g 68-1936 A-0 1'27 18 l'18 127
105 Apetr,
9968
142-,
N Y 86 110 1st g 5a
..
118 Sep '06 .
Coal& RR lat Cur fril 64.192k NI.N .
109 Nov'06
10234
Nor Shlilat con g gu5s0193'.
106 Dee'08
Dock & Imp lat cur 68-11113 J.J 4,102
99 • 99
119 Jan'09
99
*
1st
Ark
5s.1927
g
Louisiana&
.
108
100
b'eli'08
110
N
N 7& Green L an a 58_1946 M
Chic
ili"
1.-0-24;
7°00
444
0
P-D
46. 4
04
,,
JJ
-.ZWMP12
gick
00
,,4
400,M000
,
0 ,
,
,
MISCELLANEOUS Ill/NOS-Continued on :4 ext L'age.
blas and Electric Light
Atlanta U L Co lat g as...1947 J
Bklyn U Gas let con g as.11143 M-N
11,99 M- S
Cony tiolien Us
104. A-0
Butialo Li as 181 g as
11109 2.2
Consol Gascony deb 6s
1923 J -J
Detroit City Gas g as
Dot Lias Co con 1st g as...1018 F -A
K61.1.11 SeeN Yli&EL & P
Eq ULNVial con g63-J932 M-S
Gas& lilac Berg Co c g 58.1949 .1-1)
Gen Electric deb g 3126..194'2 F.A
1917 J-D
10-yr g deb 5s
Gr Rap (.4 L Co let g as...1111b F -A
Hudson Co Gas 1st g 38_1941, M-N
Kan City(No)Gas lat g 5s 1922 A-0
A.0
Kings Co El L & g
1007 A-0
Purchase money 68
Ed El II 13lui lateen g 481931, J -J
11:
106
106
120 120
4 12
/
1211
lb
63
63 Sale 61
165 Dee'08
10034 Jan'09
100%
W.Sep '08
10512
Gas and Electric Light
Lac GasL°1St List g 5a.e1919 Q-F
1934 A-0
Ref and ext 1st g 5,1
1041
410614
/
Milwaukee bias L 1st 49..1927 M-N
120 124
it
J-D
g
P
YuEL
5s...1948
63
4
/
01
6
Purchase money g 4s...1940 F-A
Ed El III 1st cony g as-1910 M-S
IGO/
4 1007,
1
1995 J-J
hat consol gold 5s
......
NY&QE1L&P 1st con g 5s1930 F-A
Y & Rich Gas let g 3s.1921 NI-N
Pat &Pas tat& E con g 5s 1949 M.S
Peo Gas & C 1st con g 6a.1943 A-0
84
84
1947 11-S
Refunding gold 5s
13812140
ChG.L& Cke 1st gu g as 1937 J -J
Con G Coot Ch 1st gu F 58.'36 J -0
Mu Fuel Gas let gu g as.1947 31-N
Syracuse Lighting 1st g 5s.'31 J -D
Trenton G & El let g 5s..1949 M.
100 100
Westchester Light'g g 3s.1.1150 .1 -0
96 Mar'0,
4 Oct '01
/
611
84 Jan '011
85
139 blue 138% 139½ 26
10734 Dec'00
103%
102 J'ly'08
99 Deo'00
104
114
IOU Jan'09
90 88 Sep '08
'No price Friday; latest bid and asked this week.a Due Jan b Due set) cL Due Apr c Vile .viay A, Use J'ly
1003
4,
/
.
102% 1031
4 1031
/
1031
4
/
1031
10012101
1001
4 1011
/
4 lul Jan'09
/
,
.
95 Oct'08
911
4 93
/
101
111 101 101 ;
10012 101 101
. 26 8312 84 .1
837
8314
84
83
100 100 !
10038 10034 100 Jan'09
......
112 Dee'08
111
145 Dec'08
95
100 Dec'08
.Nov'05
1043
119 120
120 Jan'09
4
/
1191
4
/
102%1031
4
/
4 1031
/
1031
.
1027
103
103
'99
Jan
103
1031
4 1041
/
4
/
103 103
101% 104 103 Jan '01
101
101 lcov'OS
97
Ilu may'u5
103 Ply'03
Dad 'Lug e Duo oct q Oae ec C.;tiou ,ata, .
282
New York Bond Record-Continued-Page
3
[VOL.
-e
BOND
S.
.Price
..
Week's
BONDS
O
i.:5;
Range
..._
Price
Week's
N.Y.STOCK EXCHANGE ,-,, it
Range
Frictai,
Range or S .9
Since
N. Y. STOCK EXCHANGE ,
-,. . t
Friday
Range or
WEEK ENDING JAB 29
Since
Jan 9
Last Sate ;;•"- January 1
4.1,1.
4:3
. Jan 'd9
WEEK ENDING JAN 29
Last Sate c4. ianuary1
Bid
484 Low
Rign No Low High N Y Cent &
Bid
R(Continued)
Ask
H
Rigs
Lola
Ai,
Low iligA
Lonisv & Naahv gen g 68 193( J-D
117; 11778Dec'0c,
Gouv&()ewe 1st gn g 5s 11)42 J-D
Gold 5e
1937 M-N 114;11034 11078J'no'08
Moll & Mal 1st gn g 4s..1991 M-S
98 Mat'08
0834
Unified gold 45
1940 J-J 101 14 Sale 10078 101; 130 10014101 4
NJ
1/4%
it
Juno
F.'
1st.
,
105
4s...1988
en
Oct
.
02 .... ......
.• Registered
101.18.1'1y'00 .... ,.....
1940 J-J
99
N Y & Harlem g 312s...2000 M-N •
102
9614 Oct'0- .... ......
'Sink fund gold Os
1910 A-0 101
105 J'ne'08 . .
N Y & North lst g 5s...1927 A-0 10934
107; Aug'08
I. Coll trust gold 5s
i;; 1.0834 109;
1931 31-N 109;.-ale 108% 109; .
NY
95
&
Pu
A-0
lat
1903
100
con
gu
F48
Sep
'08 .... ...... ...6-20-yr col tr deed g 48 1923 A•0 100 Sale 98
100
92 97 100
Nor & Mont 1st gu g 50.1910 AU
' E .1-1 & Nash lst g 6s
111 Jan'09 .... 111 111
1919 J -D 111
Pine Creek rex guar 68.11132 1-0 131;Stu. 131; .31; 1, 131; 13112
. L Cin & Lex gold 412s 1931 51-N 107'a
104 Mar'08 .... ......
latext5s.21922
110%
R
A-0
W&
°eon
110%Jan'ut).... (1068114)118
*0 & M 1st gold Os
122 Oct'08 ....
1930 J -.I 123
Clime & R 2d gn g 55...e1915 F-A 102%
105 Jan '(/
N 0 & M 28 gold 6s
120 Jan'00 .... 120 120
.
1930 J -J 11512
R W &0T R lst gu g 5s.1918 M-N
10714 Aug'06 .. .
• Rensacola Div gold ds 1920 M-8
Rutland
1st
con g 41-2s..1941 J -J
103 Sep '0,
,,
117 May'07 ....
. et 1, Div 1st gold 6s
1921 M-3 113
Og&LCharn 1st tru 48 g1948 J-J
88
91; 93 Deo'08 .... .- ....._
62;Atig'07 „... .
75
63
. 2d gold Ss
198(1 M.S
Rut-Canad lat gn g 49.19414 J -J
9034 Sale 11034
1/034
-, 9-064 f ALL Knox & Cin div 4s 1955 M-N 9514'isle 95; 95; 27 95
9512
St Law & Adir lat g 5s 1096 J• J
112 Nov'08
ALL Knox & Nor 1st g 581940 J -D 111 116 116 Ply'06 ....
28 gold Os
1998 A-0 -*
135 125 Feb'08
.110 Jan '09 ..., 110 110
•'kiender Bdge 1sts f g 66.1931 M-S
Utica
1013
&
Bik
Rtvgug4s
J-J
1922
10314
Dec
'08
Kentucky Cent gold 4s 1987 J -J
96%
96:s
9634
3 96
9634
1153 Sale 95
Lake Shore gold 3;s
1997 J -D
115,
,- .47 '3478 9534
103 Dec'08.. .
L&N & M &M lstg 41231945 M-S 10314
Registered.
1997 J -D k 9312
9312Deo'0:- ....
88 San, 88
• L& N-South M Joint 48.1082 J-J
864 88 88
1028
11-8
Debenture
96
h Salts 9578
g
48
97 152 05
07
. N Fla & 13 1st gu g 5s. .1937 F-A 113 115; 113 Dec'08 .... ......
25-year g 4s
9578 sale 9534
1931 M.N
96 1,1 95
06
9514
........ ....
N&C Bdge gen gu g 41;1945 J - J
Ka
A
&
0
-J
Rlstgno5s.1938
J
.
100
1086
Jan
F-A
'UP_
Pens & AU lat gu g 66 1921
10
109
1094,
Mahon (Y1 RR 1st 58..1934 J -J 1131
/
4
109 Oct '07 ....
Et & N Ala con gu g 5s 1936 F-A 11214 Sah, 112; 112; `2 112;11212
PIM)& L Erie 2(t g 5s.a1928 A-0 102
100 May-Os
9112Jan'08 ....
L & Jett lidge Co gu g 414 1945 M-S.05
1261413014130
Pate
MoK
&
Y
1st
-J
gu
63.1932
J
Jan '03.
...
L N A& Ch See C 1 & L
2d guar Els
1934 J-J 126'2
ahon Coal Sec LS & bi S
AtoKees& B V latg6s 1918 J -J 110
„
,
98; 99; 22 98
anhattan Ryconsol4s 1990 A-0 9834 99
99%
Mich Cent lat consol 6s.1901, 11.8 9j;
104
Dec'06 ..
104 Apr'05 _
1990 A-0 97
Registered
5s
11434 Oat 08 ...
1931 M-S 11334
1 9%
9934 bb 99% 0934
Stmpd tax exempt_1990 A-0 9934 Sale 3
Registered
1111 J ne'116.
1931 9-M„
tdoK'pt & B V See N Y Cent
4s
10034 Jan '07 ....
1940 J -J
Ou
82
83
29 82
Ilex Cent cons g 4s truat rects .... 8212 83
85
10612 Nov'0 ..
Registered
1940 J -J
25
24; 25
21 23; 26
let cons ino g 3s trust roots .... 24
J L & S 1st g 3;s
LW J'ne-08 ....
1051 11-S
22;Sale 22; 23
2d cons Inc g 38 trust recta. .2214
83 22
24;
195,
,
M.N
92
91
1st
92
g
4 02
314s
02
906
8Ply'01 ....
Ilex Internet 1st con g 48.1977 11-S
--Bet C & Star 1st gu g3e 1989 J-D
80 Feb'08
1977 M-S
Stamped guaranteed
NY Chic& St I., 1st g 4s 1937 A-0 10068 1021 10114 Jan '01i .... 101 14101;
1tex North 1st gold 63. 1910 J -D .-.. 1015, lasse011 ...
10U Sep '08 ....
Registered
1037 A-0
511•311 Cent See N Y Cent
93% 9134
913,.
03 ,
Debentures 4s
1931 M-N '
Kid of N J See Erie
10334 103
, 193 10334
West Shore 1st 4s gu 2361 J -J 103;
Mil L S & W See Chic & N W
Registered
2361 J -J 10238Sals 102 . 102.( 4: 10114102;
L{11& North See Ch M di SIP
N Y & Greenw Lake See Erie
Kinn & St L 1st gold 78 1927 J-D 129 135; 127;Oct'08 ... ..
N Y & liar See N SC C & Hud
101 Dec'08..
Iowa Ex 1st gold Is
1900 J4)
N Y Lack & W See D L& W
118 Jan '07 •
. Pacific, Ex 1st gold. 6s 1921 A-0 107
......
N YLE&W See Erie
1134 Mar'05 ....
..
South West Ex 1st g 78 1910 J-D
- - N Y& Long Br .S'ee Cent ot N J
109 Jan'09 .... 'Col; 1 69-1
let oonsol gold 5s
1934 M-N 10834
, N Y N ki & H.-Cony 6s 194' J-J 13434 Sale 134% 135 lot, 134;135;
85
85
•'le and refund gold 4s 1949 M.8 '" 84;
21 84; 85
'. Cony deben
9914 IL 38 10014
98; 1/87e 9914
07 Apr'06 ....
Des Di 8., Ft D 1st gu 40-'35 J4
118;Dettql,
Housatonic R con g 53..1037 m-N 118;
Kinn & St 1, g-u Seel& C It& N
N li & Derby con cy 5E3.1918 M-N 106;.10034 Dec'08 ....
UStP&SSMcong4intgu'3- J-J
99
;
N I'& North See N Y (.:
&
I 6'5 j-j
102 J'ne'07 ....
:
11 SS M & A 1st g 4int gu 192'J-J
N Y 0 & W ref let g 4s-g1992 31-3
09; 18 9£314 99;
Kinn Un h'ee St P .M. &At
99 Sale 99
Regis $5,000 only
101 12 J'ne'OU .... ......
9934 100
gl092 51-S
Lbe Kan & Tex 1st g 48-1990 J -D 0934 100
10 9834 100
N Y & Put See N Y C dl, H
88; 8834 8834
2d gold 4s
91990 F.A
88.34
2 8.134 8834
Y & ft B See Long island
Jot ext gold 59
1944 31-N 108;10864 107; 108% 3, 10414 10864 N
N I'8 & W See Erie
.
•
8414
1st & refund 4s •
82t, 8%
2004 M.S 88% Sale 8434
3
86% N Y Tex de M See So Pao Co
'3334162
Gen s I 4148
93;Sale 03
1036 .1 -J
90,
4
.,J'uo'Ob
99,
86 Dec'Ob .-- ...... 9342 Nor & South lat g 5s
1941 M-N 101 105
St L Div 1st ref g 4s
2001 A-0 86;
Norf & Weat gen g Os
1931 M-N 127;
127¼ Jan '09 .... 12714127;
" Dal ,S14 Wa 1st gu g 5s 1940 11-N 105 100; 103 Oct'08 .... ....
improvem't & eat g 6s..1934 F-A 128
129;DOG'Ob
95
Dec'08
...
Kan C & Pao 1st g 4s
1990 F-A
9334
•
•
New
River
lat
g Os
1932 A-0 12G 130 12d Nov'08 .... ......
113; b 113
bio K & li, 1st gu 5 58_1942 A.0 113;114; 113
113;
N & W By 1st con g 48 1996 A-0 983 99
981.2
90
4i 98
09,2
Pd K & Ok 1st gu as
1942 M-11100; dale 109; 10934
4 108
4
Registered
91. Sep '9'i ....
1990 A-0
108. 15 11)6 1093
108
AIR & Toil'lstgug6s 1942 M•S 108;
108;
DWI.
1st
l&
gen g 4s 1944 J -J
9414 Sale 94
9414 .21. 0312 95
10018J-ne'08 ....
Stier Sh 8.1 bo 1st gu g 5s11
1943 J•D 107
025
1..
-,
year cony 4s
1932 J.1) 97% ,-ate 97
97", .55- 1/3's 9778
108 Jan '01) .... 108
Tex& Okla lat gu g 5s
943 1.1-8 LOS',
0-8
Pocah (I & C Joint 48 1941 J -D
. it, 8,,34 0034
901
91;Sate 90
hio Pacific 1st con g 65
1920 31.-N 11412115 11434 Ja1I1 V ---- 11314115
C C& T lat gu g 5s
109;Fe1)015 .... ...
1922 J -J 103;
Trust gold 5s stamped.a1917 31-S 10034 10134 10034 1(10 4 4 1.U0 Is 10075
Seio V eti N 1.1st gu g 4s 1989 M-N
? 4;6 ;
9e 1.1
9812sale 118 LA
1 9812
104,2 Feb'07
Registered
al917 11-S
,-,.... North Illinois See Chi & N W
103; 1.1)312 Jail'09 ..-•
...., 101 10
1920 F-A
1st coil gold 5s
-34
.
4
North Ohio See L Erie & W
82 bait, 807a ,, 8
.:2,b3a_ 850 7834 8234
1945 M-S
! 40-year gold loan is
Nor 1/ac-Prior hen g4& 1997 q J 103;Sale 10234 10314 72 1.02% 103%
1938 M-N
i 38 78 exW at 4%
92;
,,
95
, .'''e'-'" •- .!.,,,..."...
Registered
103
0 101 103
1997 q-J 103 Salt. 103
Jan '01'
1 -A 90
, Cent Br Ity 1st gu g 4s 1919 ,
95
ur
--• ;
94
1 1,
General lien gold 3s....a2047 Q-F
75 Seib 74; 73
80',Sep ,06 ....
61 73
75
. Oen Branch 1J P Istg 46 1948 j.1) * 90; 93
Registered
Aug•08
....
....
71
a2047
Mar'05
9-F
110
....
&CVALlstg5s
1926 J -J 103
Leroy
..
t Paul-Dul Div g 4s....191)6 J - D
0612Jan 08
u8
9914 Fob'08 ....
9834101
• Pao 1401 Ato 18t ex g 49.1938 F-A
Dul Short L lat gn 58..191e M-S
111 Deo'08 ...-.
• 2c1 extended gold 58 1938 J -J 111
, .,...
..
..
0 B& Q coll tr 4s See Gt Nor
StLIr 31&Sgencong581931 A-0 1111411134111', 111; 1-3 L-1-118 11-2
St.P & N P gen g 68....1923 F-A 120%
121
1 121 121
121
110 Oot'0e ..._ . ....
Gen eon stamp gtd g 581931 A-0
Registered certino's..1923 4-F 120
120 Oct '08
Unified& rof gold 45_1929 J -J
88 Sale 87
;5.9 i31/
8
--13-1
;
St
Paul
&
00 saw 89; 88
Dal
11012
Vi
18t
11714.1'1y
55....193l
-A
b
90
Pay & G Div lst g 48 1933 M-N
29 88; 00
2d 55
1917 A-0 103 105 103;J'ly'08 ... .........„.
107;Apr'06
Verdi V I & W 1st g 53 1926 M-S
....
1st consol gold 4s
81
1968 J -D
98 100 J'iy'VS
98 Dec'06.
dobJ & K 0lst.cons g 53 1953 J -J
Wash
Cent let g 4s
123
9212Jan'09.... 92; 92;
125
125
124
1948 tol-rvi 03
gold
new
6s.1927
Ohio
bob &
J -13
li
illirs 125
Nor
Pao
Ter
Co
117
is
1st g 65 1933 J -J 114
. t. 115;115;
up 117
115; 1 153
68..h.11127 Q-J
117
1st extension
6 117 117
Nor Ry Cal See So Pao
86; 86h 10 86;
1938 11.8 86
gold..
General gold 4s
..
.
86; Nor Wis Se03(.18t P 51 & 0
112;Dec'08
hiontgom Div 1st g......... F-A 100;
Mont
Nor
&
See N Y Cent
75 May'08
St L & Cairo coilg 4s...e193(.1 Q-F
i 1 Ind do W See C C C & St L
Guaranteed g 45
1931 J-J
101 10/ Nov'04
l./Ino RIV RR See Bolt & 0
M & 0 coli 45 See Southern
Ore
&
Cal See 801/acCo
Lohawk& 141st See N Y C& li
Ore Short Line See Un 1/ac
tonongehola My See 13 &0
Oswego di Rome See N Y (7
font Cent See St P hi & DI
00F&StP b'eeC&NW
lorgan's La & T See S P Co
Vac Coast Co 1st g 58....1946 J-D 110 11014110 Jan'09 .... 10914110 '
&orris & Essex See Del Lae W
8 11214 11214Jan'09 .... 112;112; A no of Missouri See Me Pas
kl ash Chat & Ott.1st78 1913 J.J 1113
Penn RR 1st real eat g4s 1923 M-N
105 Jan '09 .... 105 105
LI 1st conaol gold 5s
1928 A-0 112;
112 Doo'08 .... ...
CO11801 gold 55
101.1 12Jan'Uu . .. 1010
1:111, 31-S 109;
.3109's
116;May'07 ....
Jasper Branch 1st g 65 1923 J -J
Consca gold 4s
10378 106 Oct '01943 0.4-N
Most M W & Al 1st 68-1917 J-J
117;Mar'05 ....
Consol gold 48
11)48 M N 10414 Sate 10;18 104; nu 104;104;
113 J'ly VI. .... .
T & P Branch lst 65.. .1917 J -J
Convertible
iv
g
987
A.
8
Sale
9914
08
1912
7
1.18%
1
3;s.
4
1)11
(ash Floc'& Shef See L
.& N
Convertible g 3;8
96,4 sale 135%
1915 J -D
95;312 114,34 9578
(atof Hex prior lien 4128 1926 J-j 101;103 1001uNov'08
Alleg Val gen gu g 45 1942 M-8 99;
99 J'ne'o'i
lat consol he
1951 A-0 ----- 8114 802 80; I 80
80;
D It It It& Lige 1st gu 481;236 F-11 93;
/ow 11 (fa D See N Y N IL& H
Phila Bat & W 1st g 48 1943 31.14
197,2 Oct '00
f J Juno RR See N Y Cent
Sod Bay & So let g 5s 1924 J - J
102 Jan '03
951
/
2
few & Cm Bdge See Lon& N
.. .
U II J RR & Can gen 413 1944 M.S 103%
11012Sep '04 ..
r Y 13k1n & Man Bak See .1, I
Penn
Co
-Guar 1st g 412s 1921 J-J 104;
104 Jan '09 .... I -07, 1.0.9:
(Y Cent& IL Riv g 3128 1997 .1•••
94 Sale 93%
94
59 93
94
;
Registered
19378J1y'07
J
-J
1921
1007 J.,' 1:1334 Sale 933
Registered
9364 10 92; 9334
Guar 314s coil trust reg 1937 31-8
90,
4 J'ne'06
90
Deben g 4s
9468 Sale 94
1934 M-N
95 162 9334 95
Guar 312s coil tr 861' B 1941 F.A 8914 91
91 Doc 1)8.
'Lake Shore Coll g 3128.-1998 F-A 85; 85; 85; 8534 24 84
8534
Tr
Co
118
07;
(4 Oet 'ua
certirs
gu
g
3120
M-N
1916
Registered
84
1998 F-A
8414 17 83
841/4
84;
Gu 3;a tr ctfs C
8734 Sop 'Or
1942 J -D 89;
&Leh Cent coll g 3,28.-1998 F-A * 8412 8534 85;Deo'08 .... ......
Gu 3;8 tr ctla D
0314 110; Mar'00 ..... ...........
1944 J -D
Registered
82;Nov'l)b
1998 F-A • 84
Guar
100;
15-25
Deo'08 .
year
99;
g
45.-1931
*
A-0
9834
Beech Creek 1st gag 48 1936 J-J
99 Oct '013 .... .......
99;
el & Mar 1st gu g 4128 1936 M-N
110 Jan '05
9814J
Registered
1.02 Mar'04
1936 J-J
CI & P gen g-tig4,12sserA.'42 J.J 1108
11034 Jan'u9 .... 11064 1103
.
8
2d gu gold Os
1936 J -J 102;
Series 13
1942 A-0 110%
Beecher Ext lat g 312s 611151 A-0
.Series C 312s
98;Dec'05
..
1948 M-N
93;
Cart & Ad let gu g 48-.1981 J-0
.
•
Series D 3 hs
90 MAY'08
1950 F-A
......
93;
1111SCELL 11,NEOUS BONDS-Continued
on Next Page
Coal and Iron
'Telegraph and Telephone
Cot F & I Cogensf g 5s-1943 F-A
97
96 100; Am Telep So Tel coil tr is 1929 J-J
910.4 10014Jan'09
31 91% 92
92
9174
9178
Convertible deb g 5s....1011 F.A ...-. 87;
77 Aug'08
......
Convertible 48
92; 94;
9234
1936 M.S 02;Salt 9214
Col Fuel Co gen gold 65.1919 114-N
10712 Oct'04
Inztalment certificates ....
92%
1,2% tie 92% 94
92
93
Or Rix Coal & 0 1st g 651919 A-0
10234 Apr'06
hitch. State Telep. 1st 5s.1924
..
Nov-08
997
.
10()
98
Clearf Bit Coal lsts 4s...1940 J -J
95 Apr'02
West Union col tr cur 68.1938 J -J 190 Sale 100
11 98 102
101
Col Indu 1st& coil 55 gu...1934 F-A
23 73; 77
76,4 76
75
Led and real est g 4123. 1950 M-N
9034
Contin'tal C lsts f gn 53 g.1952 F-A
90'4 95; 95; 3 96
10768 Dec'04
Cony 45, Series A
85;
11136 M-N
84; 84; 8464 10 84
Jett & Clear C & I 1st g 5s.1920 J-D
107 May'97
Mat Un Tel a fund 6s
1911 M-N
95
115
96 Jan'09
94
Kan& II0 de 01st s g5s.1951 J-J • 97
105;Dec'06
11 Gmilacturing
•
Industrial
'Pleas Val Coal let get 58.1928 J-J
105 Oct '00
Allls-uhalmers 1st 55
83;
1936 J -J
82;Sale 8112
83 228 81
Sunday Creeic Co g 55.-1944 J -J
78 Fob'07
Am Ag uhem 1st c Os
1028 A-0 98 Sale 9734
41 96
98
98
Tenn Coal gen 58
1961 J-J 10978102; 10234Jan '09
102-4103
Am
cot Ou ext 412s
9734
(i-L, 96
97; '23 96
1915
97
1)8
Tenn Div 1st g Os
a1917 A.0 106',
10614 Jan '09
10614108¼
98;Sal. 08
98% 44 9634 98;
• Birm Div 1st COU/101 65..1917 J -J 106's Sale 106; 106; '2 10634106; Am Ride & L 1st s g 60 11119 M.
Amer
Ice
Secur
deb
g
1 67
65_1925 A-0 68 Sale 68
69
68
C M Co let gu g 68.1922 J-D 105
110 110
110 Jan '09
Am Spirits Mfg 1st g 63 1915 M-S
100
3 99 190
99
9,)
De Bar C & I Co gu g 68.1910 F-A IOU
103 Nov'08
Am Tobacco 40-yr g Os
1944 A-0 107 Sale 106% 107;160 106;107%
Patron Coal &Colst g 58.1949 M-S
9512 9612 95
96
0 95; 96
45.
1951
78;
70% Sale 76%
77% 157 77
!Victor Friel isis 1 544
1953 J -J
87
93;Feb'07
Thread let col tr 4s 1919 J -J
92;Dius'08
9042
...„*Nacirice Friday: Latest Din mn8 anima. &Dn.Jan b Dna Fab
nue Afar d.Dne
A,Due.1
/c Due Auga One OM ip Dow Nov qDueDOo :Option Salo ,
5/1
JAN. 30 1909.j
BON'Ps
N. Y. STOCK EXCII A NOE
WEEK ENDirm JAN 29
283
flew 'fork Bond Record-concluded-Page 4
Price
Pridan
Jan 29
Range
Since
January 1
Week's
Range or
Last Sate
RON kr?.
N. Y. STOCK EXCHANGE.
WEEK ENDINui JAN 29
Price
Friday
Jan ',ft
Week's
Range or
Last sale
&tinge
Since
lanvary 1
„le,. Low
Bd.
451 Low
A o 1.0W 11 gib
Bit{
.ti
•southern Pan Co-(conanuea)
iliaIt No Low
Tenn Co-(Continueu.)
122
Morgan's La Be T let 73 1918 A
9114
/
48 13.1.940 J r
92 Apr 107
12214 Aug'08
, Erie & Pitts gu g 31
114
116 Nov'Ut.
1920
......
let
gold
68
-J
91
1
4
'94
J
1940
J
Apr
C
98.14
' Series
112 Feb 1ti".
No of Cal guar g 5s
1938 A-0
/
4811)41 J.J 107 110 106% Dec'08
,Or R & I ex 1st gu g 41
106 Nov'Ut
/
4
Ore & Cal let guar g 55 1927 2-2 1131
127% Oct'02
%•Pitts Ft W &; C 18t 78-1912 .1 -.) 108%
/
4100/
/
4 Jan '01/
4
1004 10914
So P01 Ar gu 1st g 6s...01909 J -J 1001
1
4 1091
/
4 22 109 18 1091
1912 J -J 108%
`. 2d7s
10914 1091
;U11
/
4 1011
/
4
c1910 J-J 191
101¼ Jan'95
1st guar g Us
h1912 A-0
107 Oct '08
3d Is
104 12J'ne'0,
Co Pac of Cal-68 B & F 1912 A - o
......
116 May'05
Pitts Y& Ash 1st con 58.1927 31-N 19914
11412 Dets'04
1912 A•lo
let gold 68
10918 Deo'Ub
-PCC& St Lgu41
/
48A-1940 A-0 10,47,
116 May'07
let con guar g 5s
1937 31-N 111
109 Dec4.03
1942 A-0 1081
/
4
• Series /3 guar
104 Apr't18
S Pac of NT Mex 1st g 68_1911 J -J
. Series C guar
1942 114-N 10814
112/
1
4 J'Ile'05
88
/
4 1 1008 10011.
So Pac Coast 1st gu 48 g.1.937 J -J
Series D 43 guar
19014 1001
1945 M-N 10014
101/
1
4 Feb'0/
......
Tex&NOSabDivlst g6s 1912 31.-S
......
9314 95
. Series It 31
95 Dec'08
/
4 guar g....1940 F -A
971
/
4
981
/
4 Apr'ub
1943 J -J
Con gold Se
/ Series F 4a guar
1053 J-D 101
931
/
4 Sale 95
95% 3 ;. .1.41; "'ski1955 J -J
o Pac RR let ret 48
1161
/
4 Nov'08
. 0St L & P 1st con g 50.1932 A-0 115
/
4 1121
/
4 27; t 06 1121
/
4112 1091
/
4
Southern-let con g 58- 1994 J -J 1111
Ibil8AC.A)/a & Atl See L & Nash
114 Nov'u.
Registered
1994 J -J
eo & East b'ee 00 C ellt
S 1,
'79
77%
7.
/9
Develop Ss gen 48 Ser A 1956 A-0 7812
Peo A Pek Un 1st g 66-.1921 Q-F 109
12314 Jan '05
56,2 87
87
86
85/
1
4 87
Mob & Ohio coil tr g 48 1938 31-S
1004 Dec'95
29 gold 4128
91921 M N
107 Nov'ub
Mem Div let g 41
/
4-58. 1996 J -J 107
/
4
109 Apr'02
Mere Marq-Cli& W NI 5s 1921 J -0 1021
89% It 87% 8934
88
90
St Louis div let g 48- 1951 J -J
1121,1141
/
4
1141
/
4 Jan'09
Flint & PM g 6s... .....1920 A-0 114
108 Sep'06 •
107
Ala Cen B let g 65
104,
4 Jan '01.
1918
10434 104%
" let cousol gold 58
1939 M-N 105
91 Dec'ut .•.• ......
9014.
AU Be Danv 1st g 45
1948 J J
106 Nov'08
/
4
, Pt Huron Div 1st g 58 1939 A-0 1061
92 J'ne'UL,
851
/
4 ,3
2d 4s
1948 2-2
, Sag Tus& H 1st gu g 48 1931 F- A
..•• ......
Atl & Yatt let g guar 48 19411 A-0 51
1PhilIl& W See Penn RR
ill be9'0,
Col & Greenv let Us
/
4 Mar'96
1151
1916 J.2
1Phila & Reading cons 78.1911 .1.1)
109 Noy'.
341
/
4 15 941
9414
E
/
4 95
Va & Gat Div g 58_1939
Philippine By 1st 30-yr s 148'37 J -J
94%
Con 1st gold 58
112% Jan'u9 •--• 112%113%
.11itts um & St L See Penn Co
1956 31-N
E Ten reor lien g Ss
10412 Dee 't.R1938 M-S
Pitts(Jleve& Tol See 13 & 0
Ga Midland 1st 3s.
(18 Dec'Ub
1946 A-0
Pitts Ft W & Ch See Penn Co
116
Gs Pao tty 1st g Os
116
1 114% 116
1922 J -J
tts MoKeee & Y SeeN Y Ceti
118 Dee'ub
Knox Be Ohio 1st g 68_1925 J • J
s Sli & L E let g Ss 1940 A-0 115 ....... 114 Oct 'OS
115% Apr'ut;
&Lou& Sir prior nen g 5s 1945 J -J 109
9378 J'ly'97
11343 J • J
I let consul gold Ss
82 .Nov'08
Mortgage gold 4s
.1945 J -J
:Pitts & West Seell els 0
10014 133 9934 1001
/
4
1081
/
4
Rich &; Dan con g 68....1913 J -J 108 109 10814Jan '01.,
!1)eadmg Co gong 4a
1997 J-J 100% Sale, 100
till
92 J'ne'ub
95 Aug'08
Deb os stamped
99
1927 A-0
14-4.; Registered
1997 J•J
75 ttgi 'on
83
/
4 981
/
4 I. 901
Rich & Beck 1st g 4e 1948 31.-N *78
/
4 981
/
4
97% 991
1951 A 0
Jersey Cent coil g
Jan
'01'
193
193
So Car Be Gs 1st g 5s
191u
.101/
1
4 103
4s..
Aenssenter & Sar See
D& H
10t31
/
4
112 ust 'ut.
Virginia Mid set C 68_191.,
!Rich & Dan See South lily
1081
/
4 Dee'
series D 4-5s
1921 41-S 10514
01
'
•R1ch & Meek See Southern
Dec't)..,
113
105 .2
Series E Ss
1926
'Rio Or West See Den & ho Ur
Ha Jan
/
4
General Os
1936 Nt-N 1071
ilia% & Pate Isee IS It Rs P
105% Des'ut
Ouar stamped
1936 M-N 107
.Roine Wat& Og See N Y Cent
18 Jan 'W.
W0&W 1st cy gu 48 1924 F-A 84
'Rutland See N Y Cent
108 Dec'ob
West N C let con g 68 1914 J -J 105
• flaag TU8 & 11 See Pere Marq_
94'2
04
0412
&
Sale
N
-J
Ala
9312
94%
1947
J
See
1.
cit
.N
'1Jt jo & Or 181 1st g 45
117 J'ly 'Uu
Spok b*alls & Nor 1st g 68.1939 21
St L & Cairo See Mob Be Win;
1081
/
4 Dee'ut
I •er A 01 St L 1st g 4128 1939 A-0 10714
:Bt L & Iron Mount see bi P
11014 Dec'th,
115
F-A
Wabash
11. let con gold 58-.1894-1944
iStLK(1osN See
96 Jail'ut,
Gen refund el g es
v6
96
1953 J
91 tuu
lit L 31 Br b'ee T kt.li A of St 1.
111.
St L M lige Ter gu g 513 11.139 A-0 101
.St Lotus& San Francisco4 1221
1931 J • J 124 Salt 1231
/
4 124
rex & .N 0 bee So Pao Co
/
4 124
General gold 6s
11814 4; .17 1l8,4
118
1931 J • J 1101
/
4
/
4 1101
/
4 111 111/1
2000 2.1) 118
General gold be
/
4 Vex & Pao let gold Os
110121101
75 Jan
75
89
911
/
4
2d gold inc Os
q2000 Mai
91 Jan '011
88
75
91
91
St Lao S if RH oonsg 48-'96 J -J
105 Jan
1u5 105
1931 J -J 103
La Div 13 L let, g 58
IOU May'ut
Southw Div let g 58_1941 A-0 100
106
88 Sale 831
1951 J • J
Refunding g 48
89 1:11V, Ws 89
W Min W Be NW 1st gu 55'39 F.A
/
4
112 Jan 'u •- • 111%1121
1
4 11)0b J D
/
4
1935 J -J 1121
5-year gold notes 4/
/
4
98 Nov'Uti
1'ol&OClstgSs
1 11 .u.8)'94
/
4g11109' J.0 190
/
4
Western Div let g 5s. 1935 A-0 1191
litL El &Su East gu 41
104 1951
General gold 58
1935 J
116% Jan '011
K C lit S As 31 con g Os..192t M-N 119
/
4 104 Nov'uo
1161.1101.
94
9234
4 9234 94
Kan Be Al 1st gu g 45
1990 A-t) 9214
86 .1,/b 8214 86
K C Ft S6. M Ity ret g 4;11936 A-0 86 Sale 841
/
4
/
4
861
/
4 <1., 8614 8614
101 P
W let gold 48
86,
,Sale 861
1917 2-2
HO & DI it& 13 1st gu 58.192i A.o 100
911
/
4 31 in
U.114
oz'rkdb Ch 0 lat gu 55 g.1913 A-0 95
LolStLBe W pr lien g 31
Do% 91 16
/
48 1923 J -J
95 Nov'08
99
/
4
891
/
4 4.. 8.31
/
4 881
/
4
50-year gold 48
1951 A-U
86
.8t Louis so See Illinois Cent
881
/
4 841
93 Dec rut,
93% 33 921
St L ki W let g 48 bd ctfs.1989 ,a-N
91%
/
4 for Ham Be Hull 1st g 48.h.1.94t J
933 Sale 03
/
4 931
1 198.4
10834 1081.1
4 101,
107
2d g 45 inc bond ott8...pli181; J -J
811
/
4
811
/
4
70
811
/
4
811
/
4 I I later& Del 1st,c.ou g 56 192a J
1st retund g 4s
51 Nov'us
1.952 A-0
. Consul gold 4s
80 341; 781
1932 J .1) 80 halo 781
/
4
/
4
/
4 501
al 162 103
Un Pao RR dis 1 gr g 4s -1947 2
Gray's PtTer 1st gu g 5a 1947 J •D 101
•
103 bore 10238 103
/
4 Apr'01
1911
/
4
199% 1021
/
4
Registered
1947 -1-.1 102¼ Sale 102-I 1021
!BR Paul & Dul See Nor Pacific
1st Be ref 45(w
1/738
g21/05 3J-S
1.18.14 Sale
/
4
0e16 107, 9614 981
At Paul M & Man 2d 68 1909 A-0 1011
/
4 1021
102 104
/
4 104 Jan'02
20-yr cony 48
1927 J-J 104 Sale 1o378 16414 ;iz• .u314 106
/
4 131 Jan'09
• 1st cousol gold Us
1933 J • J 131 1311
131 131
91),
, L 11514 991
99
Ore'ity Be Nay con g 48 11140 2-1.) 9914100
•
134 Dec'06
Registered
/
4
1937: J -J 129%
Ore Short Luie 1st g 68 1922 F -A 119 120 12012Jan
'
Reduced to gold 41
11014 120%
/
48-1933 J • J 109 11014 110% 110% 10 1(19 111
/
4 ill's
let ceusol g Ss
/
4
/
4118 1171
11142 J • J 1171
113 1171
11618 Apr'01
Registered
1933 J • J 108
951
/
4
Guar rotund 48
1921 J -D '3514 8ale 94%
/
4 10414 Dec'08
/ 34
Dakota ext gold Os
951
/
4
19.10 31-111 19314 1031
114
Registered
114
1329 J -D 94 Sale
100
94
100
1 94
Mont ext let gold 48
1937 J -1) 109
109 100
1071
/
4Sep'Us
Utah & Nor gold 68 192u J • J 196
Registered
1937 J -D
10014 Oct'06
N
J
ktit&CCoBeePa101t
Uni
EMuin Nor Div 18t g 4311/48 A•U
921
/
4
Utah Central See kilo Or Wes
124 May'05
• reLinn Union let g 68....1922 J • J 110
Utah & North 18ee Un Pactlie
1931 J - J /32'4 134 130 Apr'Uo
&lout C 1st gu g bis
Utica & Black it See N VCeut
1937 J -J
Registered
130,
4 May'Uti
•
..
andalia consol g 4s .1955 F -A
98 Nov'08
193/ J • J 116 117 116
931
/
4
116
let guar gold 5s
1111 117
98 Sep '9(1
era Cruz &Plat pl./101934 J-J
/
4
1151
/
4 Dec'06
Will & 55' let gold 5s 193, J -Di 1161
Ver Val indies W See Mo P
St P & Nor Pao See Nor Pac
Virginia Mid bee South Loy
StP & S'x City See C St P 11 db‘.
1
4
/
4jan '1/9
921
/
4 Sale 90
1171
/
4117/
/
4 1171
921
BA & A Passlstgug4s...1943 J•J
/
4 161 89
9214 Vs Be Southw't 1st gu 58.2003 J -J 110 1171
ih3/
1
4 15 9812 98211
/
4 9834 95'-i
let cons 50-year Ss
1955 A-0 951
119 113 Jau'oll
13 Fe Pres Be Ph 18(.8 38...1941 .11-b
113 113
114
110 um, q)3
i at/atm let gold 58
1939 .e-N 11314 1141
/
4 11214 114 101.
8 .11' & N P let aink I g 53.191t; .0 J
/
4 4- .U21210312
V
2d gold 55
1939 F -A 103'2 bale 10214 10.31
Say S'& West See Atl Coast L
/
4 .10014
Debenture series A
1939 J -J
1011 14 1001
1.00 18100's
Boiote Val & N ht See Nor as %%
au
90
'JO
Series 13
651
/
4 41 64,
1939 J -J
Seaboard Air Line g 48 -.IVO in A •0 65% Sale 65
2t 613
66
100 Dec'uti;
94
9934 Oct'98
1st Lien equips big 56 1921 M-8
1911 M-N
Coll tr refund g 55
93 Mai'9;.,
let lien 59 yr g term 48 1954
Atl-Ltirm 30-yrl at g 48.81933 li-S
88 Jan'07
78% 662 71.4 78%
731
/
4
let ref and ext g 4s
87
85 J '13*'98
195 J.j 77 Sale
Car Cent let con g 4s 1941; J -J
111
Del Be Cli Ext let g 5s 1941 J -J 111 1111
107 14 Aug'Uti
108 11114
Fla Cell Be Pen 1st g 56 191: J • J 109
/
4 111
u7 Nev'04
Des Mom Div 18t g 48 1939 2-2
861
/
4
let laud gr ex t g 58- Mu J • J
89 Dee'vz.cm Div 1st g 3128
Consul gold 55
10042 Mar'06
194N J•J
1941 A-0 71
3
Tot Be Ch Div let g 48. 1941 M•
1 1 Dec'08
. Ga & Ala ay lat con 58 1945 J •J 10i 10214 103 Dec'08
33.,.
/
4
Web Patti Term 1st g 46 1954 -D
Si)
Ga Car & No let gu g 58 1921; J • J 103 105 163 Dee'08
531
/
4 Sale 531
33
Trust co certI8
Mu 2-2 106
1913 Mar'07
Seab & Hos lst 5s
6514
5134 sale 51%
15 51
2ti gold .1.8
121
/
4 1 1/
1954 J-D •111 1214 1214
Sher Shr & So See Al li & T
141
/
4
Warren See Del Lac Be West
Bil Sp (Jou & ti See Atl Coast L
Wash Cent See Nor Pee
So Car & 0a See Southern
Wash 0 Be W See southern
alnutiiern Pacinto Co/
413_1945 F -A
9112 Sale 901
/
4 Aug'Ob
/
4
told 4s(Cent Pac coil).k1941.• J -D
901
011
/
4 32 90
93
91% Wash Terml 1st gu 31
Registered
k1945 J -Ii
83,8
b4
West Maryland lst g 48 1952 A-0 8.)14 Sale
84 J'ne'07
89
71 52% 83
05
1952 A-0
1.18/
Cent Pao let ref gu g 48 1941' If-A
1
4 Sale 9734
/
4
651
. Gen & conv g 48
6512 6514
Z; 61
08% 485 9'1% 987
Registered
11145 b'- A
W Va Cent & P 1st g 68 1911 2-2 10214 .
105 Dec'Ob
94,2 Oct '08
-1)
.1
guar
gold
3
/
1
4
k1921;
Mort
8116
7. 8914 931
91
90
90 18 901
/
4 West N V& Pa 1st g 58 1931 2-2 115 116'2 116
/
4
4 116 116
Through St L 1st gu 4s '34 A-0 931
Lien gold 3-45
1943 A-0 941
116 Dec'tib
/
4
931
/
4 Jan'09
/
4 94
/
4
Income Os
34 FelPti7
Gal Har & S A 1st g 6s 191U F •A 1011
81943 Nov
25
30
19114 Aug'08
1931 Ni-N 199 mi, 112% Dee'08
West No Car See South By
Mex & Pac let g 5s
/
4
Wheerg & L E let g 5s...1920 A-0 105
107 Jan'09
107 107
Gila V li db N 1st gu g 58 1924 M-N 1041
1031
/
4 Deo'98
/
4
Wheel Div 1st gold Se..1928 J -J
93 J 'o8
Dons E & W T hat g 5s 193',. M-N 1011
101 Jan '118
/
4
11.133 11-1i 1011
Exten Be Imp gold. 38. .193U F -A
10512 Dec'Us
lit guar Se red
104 Aug'00
..
/
4
86 137 b3.4 136
RH 1st consul 4s........1949 M-S 86 Sale 8414
1121
/
4 Dec'Ud
ki it T.0 1st g 58 int gu 1931 J -J 1991
...
/
4
211-year equip s 1 58 _.1922 J -J
119 Deo'08
10714 Nov'07
Coneolg Us int guar 1912 A-0 1981
Wilkes .is East See Erie
14
9414 Deo'98
Gen gold 48 int guar 1921 A-0
Wll&Sioaxi See St P M &
I lo Dec116
Waco& IN W tilv 1st g Os'3u M-14 110
931
/
4 Sale 92
197 14 Jan '99 .... 107;
94 507 891
/
1
4
/
4 94'
& &N W 1st gu ir 56-.1941 J • J 107'4
1 197/
1
4 sA'is Cent 5U-yr 1st gen 4s 1949 J -J
.-
T'Itt
V
--Concluded.
,
Mist:ELI AN Et)Us, 10N1)
elinntilacturbis Si industrial
83 Sale
Beth Steel let ext s f 55..19213 2
99
Cent Leather 20-year g 55.1925 A-4) 98
77 Sale
COU8Ol Tobacco 50-yr g 48.1551 F- A
DIstil Sec Cor cony let g 56.'27 A-0 77% sale
tnt Paper Co let con g 65 1918 F -A 104%106
1935 J -J
88
Consol conv s f g 56
Int St Pump 10-yr cony.61I '13 J • J 101 102
Lackaw Steel let g 58-.1923 A-0 9514 Sale
N V Air drake let cony 68'28 M-N 112 sale
/
4 Sale
'lapilli & Slat& eoltr 30.1934 A-0 1001
US Leath Co s f deb g 68_1913 MB 103 105...
89 Sale
U itealty & I cony deb g 68'24 J J
J -0 10314 bulb
8 Rubber 10-yr colt tr
U s steel Corp-I c.oup .81963 M•N 103,4 Sale
N 103 sale
St 10-60 yr Ps.I reg
Vs-Car Chem col tr 55 g 1111.2 A-0 .104 12
8 Sale
1923 J .0 94,
let 15-year 68
114 Sale
Westinghouse E &Met Sc 'Si
83
81
84
98
99
55
761
/
4
7714 24
781
/
4 8
77%
10614 10614
3
861
, 87% 11
192
1021/4 5
951
/
4 951
/
4 6
112
113
38
10018 100 12 6
105 12 DWI/8
871
/
4 8978 78
/
4 103 696
1021
103% 104 628
4
/
4 1041
/
4
1031
1051
/
4 Nov'0o3
941
/
4
95
95
71
94
asked t-1S
k week
elgo price Friday; latest bid and as
83
851
/
4
961
/
4 99
77% 774,
.
73% 787
101 106,4
88
85
100 1024,
94
99
112 1131
/
4
/
4
99 1091
.11uscellaneous
1948 NI•
Adams Ex col tr g 4s
ii'kP n FerryCo let cons g 58'48 F-A
Chic Jo & t Yard col g 38.1915 2-2
DetAl Be AI Id gr incomes 1911 A-0
Institution for Irrig Wks
Be Dorel of Agrieul e I
1943 M-N
4¼s (ctIs)
/
4s 1922 A-0
Int 31ercau Marine 41
Int Navigation lets 58 1921' F-A
Man Bch LI & I. gen g 48-1949 M-N
N ewp Ne Ship Be I) 1)3881990 J -J
N Y Dock 30-yr 1st g 4s 1931 F-A
Providence See deb 48
1957
Provident Loan Soc 4128 1921 M-S
24 1930 J -J
z...1tJosephStk Ydsist 4,
Yuba Vat Co con g 66 1923 J.j
Sp Val Wat Works 1st 68 1906 11-8
US Red & Ref lat f g 88 1931
931
/
4 Salo
45
931
/
4
931
/
4 13 92
41 Oct'06
100 Jan'98
47 Apr'98
92%
93
931
/
4 92
93 101 92
72% Sale 72%
74 221 72
77
88 Sale 87
58
87
88%
30 Feb'02
95
96 Aug'08
112
92
84% 8978
9214 132
911
/
4 92
86
90
99
1 99
90
1024 10314
92
95
1.02 10 104 12
951
/
4 Deo'08
/
4
1001.2 sep '93
192 1941
......
112 J'ly'04
1131
/
4.1'1y'Uu
9314 95
991
/
4 95
90
91)1
/
4
91
91
4 86 'WIb Due 1-11) 4 Dne Apr e Dne M ay g Due J'ns
Ono J'ly p Due Noy *Option Sal* .
a Due Jan
OFIICAGO STOOK Ea0FIANTilE-3tock Reoord.-Daily, Weekly and Yearly-
.
p
sToCK,
:-II/CMHST AND LO1VEST SALE PRICES
Saturday
Jan. '23.
P180
*314
*14
*114
*4412
*2878
*13
*2634
MonCay
Jan. 25.
190 *180
4
334
*12
16
115 *114
45
45
*287s
30
1312 1314
2710 2653
100
4
15
115
45
30
1311
2634
Tuesday
Jan. 26.
W ednez.•day
Jan. 27.
Thursday
Jan. 28.
riday
Jan. 29.
18478 183
185
*312 41:: *312
*12
*12
15
*114 115 *112
4514 4514 4514
*2878 30
*2814
*13
1312 13
*2634 271: 26
185 *130 100 *180
190
412 *3
*3
*10
15
14
1212 1212
115 *111 115
113
113
4512 *43
46
4514 4514
*2834 30
33
30
30
1312 1333 133,3 1318 1313
2614 27
27
2612 2612
Last Sale 7
Dee'08
Last Sale 18
10-12 ;55- 'W
. ;55- -- *38 39 *33 July'07
39
*79
80
SU
80
*79
80
*79 -80 - *79
SO
7934 793'
*1612 1712 *16
*16
17
17
*1512 1712
Last Sale 17
Jan'09
*43
*49
52
*48
50
50
*47
48
Last Sale 50
Jan'09
Last Sale 4612 May'08
*20
7
P2i- 24
23 ;i5- 23 ;i5Last Sate 2:3
Jan'09
*65
70
*65
69
65
6912 *63
65
*60
65
*60
69
50
52
52
*4512 50
50
50
50
*48
50
*48
30
3013 2978 3018 2973 3014 2978 301s 2078 50
301s 30
3018
*97
9412 9712 *9712 93 *9712 93
93
*97
9712 *97
98
Last Sale 28
June'08
814 814
8,38 83s
814
814
814 812
818 814
73
7314 7278 7278 73
7314 7278 7318 73
73
200 200 *200
__ *200 ____ 200
- *200
____
128 *127 128 *127 128 *127 128
Last Sale 128
Jan'09
*56
59
*56
59
59
58
60
*59
59
58,
8 7,858
105
10412 1041. 104 104 *104 105
104 10412 104
107
Last Sale 10
July'08
12
12
*12 1
*12 1
,12
34
34
*12
*12
54
*234 3
273 3
*212 3
178
258 253 *213 3
214
*50
52
53
53
66
.54
*55
56
*54
56
*55
57
Last Sale 147 May'08
14
*1
118 *1
1 - 11118
8 *1
Last Sale 1
Dee'08
*2
3
3
*2
*2
*2
3
3
Last Sale 2
Dee'08
*27
271. *2634 2714 *2634 2714 *2634 2712
Last Sale 2714 Jan'09
12712 12712 12753 128
128 128 *12712 128 *12712 128
12712 128
Last Sale 214
Meh'08
117 117
117 117 *Hi
*11712 120 8117
*III
120
10734 10734 10512 10773 um. ili10712 10753 1171;
8 10712 10758 107
10758
1834 1914 19/2 1978 1958 20 2018 1075
2053 1914 20
1873 19
*7512 76
7534 7534 *753.1 7614 7534 765s
12212 12212 122 12212 *122 12212 12234 12234 121 12213 121
12178
*38
40
*33
39
38
38
*33
*37
39
39
3914 3914
43
43
43
43
*42
44
Last Sale 212 June'07
Last Sale 20
July'08
15E54 106 la- 101 104 10414 10314 104 *104 105 10412 10478
11914 11912 11913 1191s 11913 11918 11914 120 11914 11938 11912 11912
*84
8434 84
84
84
*82
*82
84
*83
85
*83
85
*109 110 *109 111 *109 111
Last Sale 110
109 111
Jan'09
104 10478 10412 10512 10434 10514 105 10638 10534 10938 10713 10914
*5813 59
59
59
5938 5814 5858 *58
59
5912 5912 59
10538 10533 105 10513 105 10512 105 1051s 105 10512 10514 10514
10034 101
10034 101
10034 101
10078 101
10078 101
101
101
11
12
11
12
13
13
14
13
11
14
13
15
*120 121
12013 121
128 128
1'23 12312 125 128
128
128
9913 9912 9912 9912 9912 9912 9934 9934 100 100
9912 0912
Vs *1
78 11s
118
1
1
*34 1
114
1
1
*458 5
5
858 *5
5
514 *514 534 *512 6
518
*13
14
*13
15
Last Sale 15
Dcc.'08
818
73
*200
*127
*56
*103
814
73
Sales
01 Ow
Week
Share
interet
Periou
Price
Friday
Jan. 29
Week's
Range or
Last Sale
Lowest
Railroads
101 Chicago City Hy
100
125 Chicago & Oak Park-100
100
25
Do pre!
20 Chic flys part ctt
314 Chic Rys part ctt "2"-__
7.0 Chic flys part ctt ,'3"___
262 Chic ity,3 part 0..1'4"___
154 Chicago Subway
100
Chic Union Traction_100
100
Do Drat
to: Kans City Ry & Lt-1(30
Do pref
30
100
Metropol W S Elev_100
--__
Do prat
1011
North Chicago Street-100
Northwestern Elev-100
--21D100
rer Elevated_100
15. South
o Side
1,175 Streets W Stable C L-100
Do pref
60
100
West Chicago Street-100
Range /or Previous Year
(1008)
Highest
18473 Jan
3 Jan
9 Jan
113 Jan
4412 Jan
2773 Jan
13 Jan
26 Jan
26 185 Jan 27
15
4 Jan 22
21 15 Jan 22
29 11534 Jan 6
21 4534 Jan 2
12 30 Jan 29
27 1313 Jan 2
27 29,4 Jan 2
3012 Jan 23
79 Jan 8
17 Jan 4
47 Jan 14
:1934 Jan 21
80 Jan 4
17 Jan 4
50 Jan 19
21 Jan 6
63 Jan 6
50 Jan 25
2978 Jan 20
9712 Jan 22
23 Jan
65 Jan
56 Jan
3 8 Jan
983 Jan
21
26
12
12
5
914 Jan
7358 Jan
20013 Jan
128 Jan
19 Jan
107 Jan
2
21
11
20
0
29
Miscellaneous
748 American Can
8 Jan 14
100
Do met
778
100 7134 Jan 6
2 American Radiator_100 200 Jan 14
123 Jan 20
125 AmerShriepfbuilding-1
100
00 5714 Jan 4
Do prof
155
100 104 Jan 26
Amer Straw Board.
20 Booth (A) & Co
12 Jan 21
100
Do pref
485
100
173 Jan 29
139 Cal & Chic Canal & D-100 5114 Jan
Central Trust Bank-100
-- Chic Brew'g & Mait'ir
Do
rmatic Tool-100 26 Jan
C• h Pneumatic
-'225 Chicago Telephone..-100 127 Jan 44
Do right::
90 Chic Title & Trust_ _100 117 Jan 18
1.015 Com monw'th- Ed I sari _100 107 Jan 21
3,470 Corn Prod Ref Co Corn__
1834 Jan 21
Do
Do
Prat_ - 75 Jan 21
320(
2S
) D• iamond Match
100 117 Jan 9
15 Illinois Brick
100 38 Jan 26
12 Masonic Temple
43 Jan 5
Milw Fe Chic Brewing
Do prat
-71g
-t) N• ational Biscuit
100 978 Jan 2
Do prat
353
100 119 Jan 4
-0 National Carbon
100 82 Jan 14
Do prat
100 110 Jan 15
7,141 People'sGasL&Coke.._100 102 Jan 5
425 Sears-Roebuck com-1UU 55 Jan 5
182
Do prat
100 101 Jan 5
4,341
1,395 Swift & Co 1(10 10012 Jan 9
rights
Do
11 Jan 22
32o The Quaker Oats Co _100 119 Jan 5
Do pref
IOU 931 Jan 2
191
1,13:3 Unit Box Bd & P
3t Jail 18
Do prof
100
700
412Jan 19
100
---- Western Stone
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Jan. 29
Range since
Jan.1 1009.
STOCKS
CHICAGO STOCK
EXCHANGE
1 Jan 2
5 Jan 5
56 Jan 26
2738Jan -4
128 Jan 4
11912 Jan
10813 Jan
2053 Jan
7658 Jan
12234 Jan
41 Jan
43 Jan
6
20
27
27
27
4
5
109 Jan
120 Jan
86 Jan
112 Jan
10933 Jan
60 Jan
10512 Jan
10133 Jan
20 Jan
128 Jan
100 Jan
118 Jan
913 Jan
18
15
2
4
28
16
18
20
18
27
28
4
4
Louses.
Highest
160 Jan
Ps Feb
613 Dec
8434 J alc
38 Oct
20 Nov
934 Sep
15 Feb
212Mch
185 Dec
34 Aug
10 AMC
119 Nov
47 Inc
28 Dcc
1312 Deo
3012 Dec
I Dee
30 Oct
4734 Nov
68 Sep
8613 Nov
1214 Nov
19 Jan
42 Jan
54 May
44 May
47 May
1334 Aug
22 Dec
46 Aug
6212 Dec
42 Aug
71 Jan
2013 Apr
34 Nov
85 Apr 103 .Inc
25 Apr
31 May
' 4 Feb
4112 Jan
125 Jan
116 Apr
37 Mei:
91 Jan
10 J'iy
78 Dec
3 Dec
40 Feb
147 May
1 Oct
2 Nov
20 Dec
106 Jan
34 Feb
100 Jan
80 Jan
1038 Nov
7678 Dec
200 Dec
12814 Nov
(53 Nov
104 Nov
42 Jan
30 Jan
100 May
1714 Dec
147 May
111 Aug
4 Apr
3012 Aug
153 Sep
234 Feb
11(3 Dec
110 Oct
113 Jan
30 Jan
38 J'ne
137 Au
4213 Dee
46 J'iy
19 J'ne
70 Jan
10134 Jan
51 mal;
91 Mel)
3012 Jail
24 Jan
72 Jan
8812 Jan
20 J '1 y
97 Dec
120 Aug
87 Dec
115 Nov
306 Dee
56 1)cc
102 Dec
10534 Sep
11434 Jan
87 Jan
14 J'iy
112 J'iy
1134 Oct
134 Jan
100 J'iy
134 Jan
12 Jan
17 Apr
Chicago Banks and Trust Companies
b'els
Soto
Rang:
19
,
Year 1909
Bid
High No. Low
Ask Low
iitgi
- J 9712 --__ 100 aleh'07
- J ------ 10013Sep'08
---------100
-D
Elay'07"
- A 1041 Sale 10414 10458 169 10414 iliT
- J ---- ----103 Apt'04
- I) ------ 55 Aug'07 -__ _"-- - A --------9634 Jan'09
-- 0 -------------------- ."-- -- 0 --------87 E en'06 ___ -----.
--- -
NAME.
Outstand•
lag
87.oc:c
Wend Record
Sur pm;
Profit:
In
19(17
in
1908
Per- Last Paid
tod
Bankers National
$',000,001) $1,282,055
8 Q-M Dec '08; 2
8
Amer Strawb'd 1st 63_1911 J
Calumet National
An. Dec '08, 6
100,000
38,112
Cass AY & F G (St L) 55'12 J
Chicago City
Doe '08. 5
51/0,000
10
182,621
10
451827
J
Chic Board ol Trade
Commercial National
Jan '09, 3
3,000,000
12
12
4,318,182
Chicago City By os__1927 F
Continental National- 4,000,00() 3,529,242
8
Q-J Jan 09, 2
8
Chic Consol Br&MIt(Ss__ J
Cool: Co State ,,tivings
50,000
6 Q-Ni Deo '08. 112
5,956
Chic Consol Trac 4343-1931) J
Corn Exchange National ,000,009 5,018,668
12 (I-1 Jan '09, 3
12
Chic Auditorium 1st 531929 F
Drexel State
200,000
60,‘.455
Q-J Jan '09, 112
Chic Dock Co 1st 43_1929 A
Drovers Dep National-600,000
0;4 (1-.1 km '09, 210
390,583
8
Chic No Shore Elec 63-1912 A
Engiewoou State
200,00U
Q-J .1311 '09. 112
34,927
Chic Pneum ToolFirst National
12 Cl-Si Dec 31 '08. 3
8,000,000 8,020,283 12
a1321 J - J
70
73
1st 5s
7258 72913
2
7212 74
Q-51 Dec '08. 212
EnglewoodNat
First
_
150,000
169,:;a1
10
10
_1927 F .A 102 1021, 10212 1925s
Chic fly 53
2 102 1023; Foreman Bros B'k'g Co_ 1,000,(100
Priv ate Bo nit
544,400
94
Sale
9:353 94
Chic Rya 4-53 series "A'
4
9312 9537 Fort Dearborn National_ 1,000,000
8
Q-J Jan '09, 2
450,553
8514 Sale 8434 8.514 72
Chic Rys 4-55 series "B"
8434 851: Hamilton National
3-3 Jail '00, 210
500,000
5
160,526
5
89 Jan'09 __
839
89
Chic Rys 4-55 series"C"- 00
:Libernian B'k'g Assn
Jan '09, 2
1,500,000
8
Q-J
8
855,31.1
1(54 Sale 10213 10214
Chic Rys coil 6s_.1913
5
18 1021, Kaspar State Bank
Ian '09. 5
200,000
117,631 10
10
....-__
6s___1013
10114Nov 08 -------Chic Rys Fund
_
Q -51 Dee '08, 412
Stock Exchange Nat 1,250,000
Live
420,202
10+2
-___ ____ 10212Jan'09 ---- 102- fa: Monroe National
Chic Rys Tern Ctts 1st 55..
100,000
4
01,044
(2-1' Feb '04, 1
4
Chic It I & P RR 45-2002 M - N ---- ---- 6612Aug'08 ----_ ' wMutual Bank
250,000
4;4 Jan Jan '013. 413
86,251
4;4
:: Nat Bank of Republic-- 2,000,000 1,252,636
Collat Trust g 53_1913 $1 - b ---- -- 6612J'iy'08 ---- ___
Jan '09, 2
8
8
Commonw'aith-EdisonNational City
1,500,000
3
484,545
Q-J Ian '09. 113
Chic Edison deb 6s1912 J - J 10039--- 100 J -511e'08 ----------National Produce
250,000
Aug 26 1907
so
busine
60,633
-;n
iseg
1st g 5s __July 1926 A - 0 101 1-0118 10118 10118
2 101 1013: North Avenue State
200,000
65,325 23.5 Q-J Jan '09, 114
Debenture_1926 Al - a 10138 ---- 10138 10h
5 101 1021, North Side State Savings
50,000
10,645
Q-J Jan '09, 112
Commonw Elect
5s.-62 10234 103
5s51943 M - ; 103 Sale 10278 103
Oakland National
100,000
41,021
Q-J Jan '09, 112
Illinois Tunnel 5s____1828 J - D --------80 Dee'08 -_-- -_
Prairie National
250,000
85,587
Kan City Ry&LtCo 55 1913 ,11 - N -------- 150 Oet'08 --------__
. Prairie State
(1-$1 Jan '09, 2
500,000
69,004
8
Knick'b'ker Ice 1st 53-1928 A - 0 -----96 Jan'09 --, 95 -9-0
_
Jan '08,2
. Railway Exchange
2
260,000
4
7,010
80
SO
80
Lake St Ei-lst 53 ---1928 J . J 73
35
80
73
Security
Oct 12 1906
300,000
129,869 Organ zed
Income 5s
1923 Feb ---- ..... 16 May'05 -.... ___ .... South Chicago Savings200,000
Li
79,232
(4-3 Jan '09, 112
Metr W Side ElState Bank of Chicago1,000,000 1,338,910 9+1
11
Q-J Jan '09, 3
5434 Sale
8413 847,
1st 45
26
1938 F - A
83
J-L) Dee '08, 4
85
Stock Yards Savings..
250,000
7
175,887
Extension g 45
1938 J - J --- 8312 8338 8333
5
83
831: Union Bank of Chicago
200,000
6 11-18 Nov '08, 3
30,90,
1/0 Dee'06 ---- ___ ___. Union Stock Yards State
North Chic St 1st 58-.19043 J - J ---- ---ii
200,0i)()
Q-J Jan '09, 112
60,476
1st 5s
American Trust & Savgs- 3,000,000 2,471.410
Q-J Dee '08, 2
_ Central Trust Co of 111_ _ 2,000,00t,
Refunding g 434s....1831 A - 0 ...... ....... 79 Au-g701; .......
Jan '09, 134
7
7
860,970
Feb'07 ----------- Chicago Say Bk & Tr
No Chic CityRy4;4s1927 II - N --------75
_,
134 (44 Jan '09, 113
83,310
n.5110,000
412 9412 40
North West El 1st 4s 1911 M - 5 194 sale
92F4 IT Chicago Title do TrustQ-J Jan '09, 112
5,000,000 41,208,619
2
9412 9412
Ogden Gas 5s
93
9411 Citizens Trust & Savings
9412 Sale
1845 M - N
4 A -0 Oct 'OS. 2
3
50,000
7,000
Pearsons-Taft 58
1018 J - D 1+912 ---- 99 Au
8+2 Q-J Jan '09, 212
499,088 10
Colonial Trust 63 Savings
600,0011
"
- -7::
4.405
___
9758 9753
NI - S 97
2
v al -17/4 Drovers Trust & Savings
Jan '09, 2
6
92,579
73-4
200,000
4.80s Series E
96 Nov 08 --__ __--. Farwell Trust Co
AI - N 99 Apr 1:3 1907
163,101 Organ 'zed
1,100,01)0
al ..N
4.863 Series F
9912 _ _ ,._
'
9712Sep
_ _ First Trust & Savings
08 -------2,163,696
2,000,000
Peo Gas L&C 1st 65_1943 A - 0 120 12012 120
4 120 120
120
200,000
782 (11 corp orated 1908 V. 87,p.11:38
Guarantee Trust & Say_
Refunding g 5s___..1947 Al - S 102 10318 103 Jan'09 --- 103 10311 Harris Trust 63 Savings- 1,250,000
713,571)
Q-J Jan '09, 2
Chic Gas L&O 1st is 1937 J - J 104 10414 10414 10414
10 104 104A, Illinois Trust & Savings.. 5,000,000 2.,317,985
Dec '08, 4
16+9
Consum Gas 1st 55_1936 J - D 10112 1031: 10212Dee'03 ---- ---- ____ Kenwood Trust &I Savgs
46.232
200,000
Q-J Jan '09, 112
Mut'l Fuel Gas 1st5s1947 Id - N ---Sep'08
--- 7_ Lake View Trust & Savgs
- __ 100
2
32,479
434 Q-J ,Jan '09, 114
200,000
tauth Side Eley 4;43_1924 J - J 95
9514 23
9-514 95
int -9514 Merchants' Loan & Tr Co 3,000,000 4,860,746 12
12 (1-3 Jan '09, 3
Swift & Co 1st g 53-1914 J - J 10034 Sale 10934 11:034
3 10012 101
Metropolitan Trust & Say
255,658
750,01)0
Q-J Dee '0.3, 112
Union El (Loop) 5s__1945 A - 0 95 Sale
95
20
95
92
95
Jan '09,2
Co
Trust
1,865,502
1,500.000
Northern
8
8
Union Pacific cony 45_1911
14 Nov'04 ---- ----. North-Western Tr & Say
Jan '09, 3
52,421
200,000
United Box Board col 6s'6 ---------_ --- -- -70 Jan'09 ---70 -70
People's Trust & Savings
200,000
J-J Jan '09, 4
90,686
6
West Chic St 1st 5s..._1928 Al -Iv
06 Mar07 ......- ---- ...... Pullman Trust 63 Sayings k500,00() 103,485 k8
Q-51 Jan '09, 2
Tunnel 1st 55
1909 F - A -------- 6813 Sep'05...Royal Trust Co
Nov 'OS, 2
600,000
13
:_00,29‘
8
Debenture 6s
1914 J - D -------- 73 Juaa'07 --- ----__ Stockmen's Trust & Say200,000
J-J Jan '09, 212
24,167
Consol g 55 rats.. _1936 II - N ---___
-------- 8014 Jne'68 -- ---- -___ Union Trust Co
Dec '08, 2
1,000,000
8
1,144.720
Q-711
Wes DlyCityRy 4301932 J - .1 ---- --__
87 Dee'06
_ Western Trust & Savings 1,000,000
6
219,486
Q-51 Jan '09. 112
6
Western Stone Co 5s-1909 A - 0
8512 JIv'OS ------------ •• . West Side Tr & Say Bank
Sept 6 1905
21)0,000
55,834 Began busine so
&T.*,A
- .....•
'
,Intl Into...rag,. mi... 31/,
:n a And
..4•-• a II
niki r•Et 0,1
'
hnrt (1 nr1 npa
•
Woodlawn Tr&Say Bank
Jan '09. 112
200,000
6
30,789
Bid and asked Prices/ no 3a1en were made on this day. t Nov. 27 ((Ansa of business) for national
isIness)
(ououing
b
of
28
for
Nov
batiks
atm
State Institutions. I No mice Friday; latest pri,:e this Week. a Due Dec. 31. 5 Due June, k Capital
increased from $300,000; a :tuck dividend
of 33 1-3% being declared in Part payment
therefor. n CaOltal and ourn us to be increased, q Dividends are paid Q-J, with extra Payment:: Q-F
I As Of date Dec. 31 1908. w Merged with Amer. Tr 63 Say. Bk. in Jan. 1909.
-
JAN. 30 1909.1
THE CHRONICLE
285
Industrial and 111iscel
Electric Companies
Ask
Bic:
Bid Ask
Consul Car Heating_ 10u
25
Chicago Edison Co See Ch leagc list
20
e Kings Co El L&PCo 100 124 16 Cons fly Lgt&itetrig_lUti
90 Consol Rubber Tire_109
Narragan(Prov) El Co_56 *85
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
N Y &Q El L &PowC0,101
45
Preferred _
2712
_100 20
40
DAILY, WEEKLY AND YEARLY.
Debenture 4s--------&C) 36
•!if)
73
Preferred
101 (38
65 Cons Steamship Lines 100
60
United Elec of N
2.e. 3e.
Coll tr 43 1957 retsJ&J
734
1st f; 4s 1949
17
Stocks.
J-D 5711: .212
Railroad,
Cons Prod Ref See Stock Est:
t
Week ending
U. S.
State
iftc.
I
Ferry Companies
cCrucible steel
812
10(
Bonds.
Jan. 29 1009.
Bonds.
Shares.
Par value.
814
Bonds.
ePre:erred,
Brooklyn Ferry stock 109
101
214 3
6212 61(12
B & N Y 1st 68 1911.1,1 ;90
98 Crmberiand Ely Copper.: *812
Saturday
$40,000
342,269 $33.134,4001 $3,141,500
eDiamond Match Co-109 122 123
N Y do 15 R Ferry stk_iut, 30
20
Monday
128,000
409,887
5,273,000
39,803,7001
00
Donflnlon Copper
19 *714 '
1st 55 1922 •
50
Tuesday
153,000
532,215 51,044,0001
3.1-N
7,797,000
lie
96
Douglas Copper
N Y & Hob 55 slay 46 J-D 514
212
., *2
Wednesday
36,000
534,978 51,780,3001
3,816,000
Econ'y Lt & P (Joitet, 111)
Hob Fy 1st Is 11)46411-N 1105 167
Thursday
87,500
635,170 62,622,000;
7,310,500
N Y de N J 5s 1946
90
1956-J-L i 921, 95
Friday
ile BBloga
621,541 57,361,6001
78,000
trA
J-J
5,658,000
512 Elelcs
10th & 23d Ste Ferry_100 25 14
Boat
lot,
ltlu 25
30
60
101
60
Preferred
1st in(ge Is 1919 J-D 550
Total
75
$522,500
3,126,060 $295,796,0001 $37,996,000
Electric Vehicle
27
109
eUnion Ferry stock 100 22
3
Preferred
slat Is 1920
11)9
3
58-5 90
Sales at
Week ending Jan. 29,
Jan. 1 to Jan. 29.
U21* EnP
sp
re
irferr
S
7
10u
12
New York Stock
Short-Term Notes
Preferred
LO
1908.
Exchange
1909.
1909.
1908.
Am Cig ser A 43 '11..M-S 19814 ;ski eFederal Sugar of N Y S
55k
8, x list
('
ilse
9754 eGeneral ChemIcal
Ser B 48 Alch 15 12.11 S 507
109 61
15
16,594,895 Amer
.16,853,038
Stocks-No. shares__
3,126,060
2,745,113
Light (Ss Tr Gs-See Gas
102
Par value
$295,746,000 $225,724,600 $1,570,023,625 $1,396,403,800 Am Tel & Tel g 58 '10 J-J 511)1 8
1iLic
112 GoeiNfi
reerie
*
9
8
7
.s.
duC
eodnsol Mines!?
734
$25,800
$4,500
Bank shares, par
$10,100
$2,000
Atlan Coast L Is '10_411-S 5101 b 112 Gold Hill Copper
*14
.1
38
Bonds.
10:412 Greene Cananea
Bait
"11.
1 P4
$59,000 Ches & Ohio 55 1909_M-S 5100
$37,000
Government bonds
,
e
G
u
u
& Ohio 6s Jlv1 '10J-J 41627
185
5,386,500
2,826,500
State bonds
$1,155,000
$522,500
age
gk
Cl6c
en
enhsea
4
lm
ckP
:
%V
mP
ai
ter
°r.n
Alton Is 191::-J-J 510014
Co
l°2u0 175
85,845,900 Chic &
132,391,000
RR.and misc. bonds
37,996,000 24,819,000
Ref g 43 '52 op '12....J-J 187
U I & Pao 6s '09A-0 §1G0 10012
91
Cln Ham &D4 44s '08 M-bi, 60 70
Hall Signal Co
35
$135,254,500
$91,291,400
$38,518,500 $25,974,000
Total bonds
en
C (7 0 .4 St L 5s. June '11 §101 10112 Hapvra
fearre
To
ubacco Co-lt 37
212 .9
Erle 6s, Apr 8 1911 A-0
224.101()
20
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
1st g 5s June 1
Interb LIT g Os 1911 M-N 411121
10
6;-5-'d-- 60
21
EXCHANGES.
Is Mch 1910
Hecker-Jones-Jewell Mil.
Al-S 411112
K C Ry &Light 6s '„1.11-S 197
1st (3s 1922
98
141.-b. 100
Kan C So g 55 Apr '12_J-J 1100 10m2 Her'g-Hall-Mar, new_109
35
45
Philadelphia.
Boston.
Lack Steel g 53 10021.241-b. 1100 1002 Hoboken Land & ImplOu
Week ending
e5s
1010
5s
g
1910
M-S 5119
Bond
Listed
Unlisted
Listed Unlisted 1 Bond
Jan. 20 1900.
()
),
1.13 Houston 011
Late Sh de Al So 5(3'10 F A 110112 1!
ALI\(3 IC-9
0-1: 10
sales.
shares.
shares.
sales.
shares. shares.
'rseuf
Lou & Nash g Is '10-A1-S 51011s 1
1 13
18
2 H ulu
1130 .,5
45
- Hex
nen.elledalty
100 100 110
$36,000
12,553
2,869
$23,400 Mich Cent Is July 1 191), 41(934
11,073
12.824
Saturday
elngersoll-Rand com 1(10 55
Cent
Is
§).01)
1910
F
-A
113,000
30,704
2,745
8,34()
18,105
47,100 Minn de St L
Monday
ePreferred
luu 87 100
g 58 '11_F-A 49634 9714
141,500
13,480
9,470
13,664
5,737
43,540 Missouri Pacific
Tuesday
Internat'l Bank'g Co_100 95
84,600
5,742
29,583
3,728
13,755
50,500
Wednesday
'nen' Mer Mar See Stk
Cs
Febl
0'10
EIc lIst
4
eL,nvop
41013
F-A
19,089
20,021
111,000
23,338
9,180
57,532 NatofAles
Thursday
Intemat'l NIc.kel.83
2 107
100
11 111
20,119
49,081
88,000
23,665
6,071
104,800 N Y Cent 58 ext to'09 A-0 4100
Friday
Preferred
0.1 1910_F-A
i0138
1st
g
Is
N
Y
C
1932........A&O
Lines
84
Eqp
4.3u
3s
b
88
'10-27
33
4%
133,540
73,842 $584,100 138,427
30,33( $326,872 NYNHdc
Total
16
3s'10-'12 5101 10212 International Salt-10, 14
let g Is. 1951
Norf & West 58 1910M-N 41(3112 102
A-0 57
60
Pa RR Is /deb 15 '10 M-S §10114 10112 Internat'l Sliver
17
0
0 0
1212
Preferred
Public Serv.ce Corp Is- See Si Hr
11(.1
°°
69
1st 6s 1948
StLAIS'east 44.4s '09_1-1) 310018 1002
510457 110
1-01)u
A weekly review or the outside Market will be round on a irreceding ,ratic. South'n coil tr Is '09-A-0 i100 10,12 Lackawanna Steel
50
Lanston Idonotype.-20 *12
South fly g Is 1910 F-A 511012 1,7
1278
South: ris fly Gs 11111.M -5 (1)93s 10w4 Lawyers' Mtge Co......,_11)0 250 a
Street Rail wa ys
Street Railways
Bta Ask
Hui Ask Tidewater 6s, 1013, guar 5102
334 eLeh & Wilkes-B Coil 5(1 ju
90
112 105
Pub Serv Corp N J (Con)
New York City
Lo
v
rd
r
ef
&
err
le
'd
a ylor
U S Rubber g Is '09..M•8 ;1,014
105
14
20
Bleeck St & Ful I' stis_101
J C Hob de PatersonWabash Is. May 10 19011 5100
15
75
e lit intge 45 1950_J-J
4s g 1949
M-N 57212 73
° 1; eLortIlard (P), pref-1
Westingh El&M 68 1910 51i)() 1001
10
1/0
0 12
0k5) fiE'
e IV y & 7th Ave stk__100 123 148
So J Gas El& Trac_1011 110 121
Madison So Garden jul-ON
06 2
97
1)12 30
Railroad
e 2d nage 5s 1914__J-3 100 103
Gsi g Is 1953
98
2d 13s 1919
M-b SO
10512
Con 5s 1043 SeeStock Eac list
No Hud Co 11y6s'14 J-J 4106 107
ellanhat Beach Co-luu
Chic Peo & St L pref-100
21 10
B'way Surf 1st Sign 1024 390 164
J-j 110412 107
Manhattan
Ss 1028
Trans't____ZU * 134 2
Deposited stock
15
:
•Cent'l Crosst'n stir_ _101) 80 120
Ext Is 1924____M-N 5100 102
12 11: Mitchell Mining
Undeposited
5ie
6 1st mtge 6s 1922..M-N 95 110
Pat City con 6s '31 _J-I) 5118 --Monongahela R Coal_5
10 441
Prior lien g43is'30A1 &S 87
*18
: 514
•Cen Pk N & E1.stk 101) 30 60
2d 63..1914 opt A-0 5100 - Con mtg g Is 1930.J &J
Preferred
50 * 26
15
48
26.3
ii Chet'r & 10th St 81k 100 75
90 So Side El (Chic) See Ch leago list
Income 5s, July 1930._
512 Mortgage Bond Co___100 10712 41212
Col & Oth Ave 5s See Stoci, Esc list Syracuse R T Is'4831&S 4102 105 Chic Subway
2612 Nat Bank of Cuba___10t) 95 100
100 25
National Surety
Dry I) 5 B & BTrent P & II 5s 1943_ J-D 508 lt 2 Ft W & Den Cy std 100 971
lt)u 225
:
96
United flys of St LNevada Cous'd Copper..5 41
• 1st gold Si 1))32...4-1; 92
Nat flys of Mexico-'
,14 Is
60
10
Corn vot tr ctfs
100 223: 23
e Scrip Lis 1914____F-A
314 33
Pr' lien 440'57(w 1)J-J it(u2 9212 Nev-U tab Min & Sus-19
e Preferred
100 651: 18
Eighth Avenue stock_100 230 18J
Gen M. 431077(wl) A-1) 583
8412 eNew Central Coal____21) 4u
53
Gen 45 1934__See Stock Exc list
e Scrip Si 1914____1-A 95 102
North'n Securities Stubs.. 125 13712 N J Ter Dock & Imp_1(.1t)
NY Air 13rake Gs See Steil bac Ca
Unitilys San Fran See Stk Exc list
e 42d de (Ir St li"y tk_100 210 220
Pitts Bess & L E
36
50 *33
__ Wash fly & El Co....-100 4112 4212
N Y Biscuit 6s 1911-M-t• 100
42d St 11 & St N Ave_100 30
Preferred
511 *65
Preferred
1)0
87 eltallroad Securlties
eNew York Dock..-11)U
100 86
e lit nage Cs 1910..M-S 495 .30
34
60
50
48 1951
ePreferred
2d income 6s 1915_J-J
100 75
J-0 8814 8812
lilCstkstk tr cfs ser A '52 88
91
N Y Altge & Security-10U 165
Inter-Met-See Stk Exch ange list
Seaboard
Company
Gas Securities
'flansportation___Zu
N
Y
Lax Av &Pay)? Is See SU: Exc list
1st preferred
412
106 45
New York
Mies-I:tem-Pond cons_ luu 99 102
Metropol St 1ty-See Stk Esc list
Corn de 2d pret-See Bali Esc lirt
101 Seaboard Air LineNipissIng Mines
Ninth Avenue stock__100 160 190 Cent Un Gas 5s g '27_J&J 599
*1(1
101s
5) Con Gas (N Y)-See Stk Exo ilst
101-)0
Second Avenue stoek_100 25
Coll 58 ext May '11 M-S
97 eOutarlo Silver
412
e
100
Mutual
llst
1909_M-r'05
100
Gas
Otis Elevator corn-tt,
115 125
e 1st mtge 5s
Unlon Pacific 48 See Stk E-sch
u 111. 54
Si
New Amsterdam GasPreferred
Consol 5s 1948-F-A 70
Industrial and Miscel
1st consul 58 1948 J-J 5 99 10012
Pittsburgn Brewing__5U
s Sixth Avenue stock_100 120 130
1814
85
NY &ERGas 1st 5s'44 J-J 5102 108
Preferred
Adams kap c 4s 1047,1-E 592
Sou Bouiev 55 1945__J-J 360
50
93
40
91
Consol Is 1045
_A-() 385
J-J PA 100
So Fee 1st 55
Ahmeck Mining
25 155 5160 Pittsburgh Coal_See Sth Exc list „
N Y & Richmond Gas 100 35
1919_-Stock Esc list
Pope
Mann
Third Avenue-See
40
Alliance Realty
100 11212 11712
lacturtng-10ti
90
Nor Un let Is 1927-M-N 595 100
1st preferred
Tarry W P & M 55 1928 70
Alils-Chalmers Co 1st mtg
100 is- 30
86 8 Standard Gas com _100 n__80
YkersStflins 1946 A-0 70
2d preferred
_
100
s 1 Is 1936-See Steele Ell? list
112 214
s Preferred
35
Pratt
pref.-100 95 10212
28th & 29th Sts 1st 55 '96 23
100 n i 90 American Book
&
Whitn
100
155
let Os 1030
•Twenty-Third St stk 100 200 250
M-N 5102 106
RealtyAseoc (kiklyn) 100 14212 14712
American Brass
IOU 113
99
Other Cities
Union fly 1st 5s 1942 F-A 194
American Chicle com 100 190 Cu.- Royal Bak Powd corn 109 15212 160
Amer Light de Tract-100 129 131
SO
Westchest 1st 5s '43 J-.1 570
luu 104 107
Preferred
100 94) 102Prelexred
Preferred
Brooklyn
1011 9934 100
Salety Car Heat de Lt-100 124 120
Am (iraphoplaone com100 21
Col tr g 6% notes-A-0 411812 _
Atian Ave 53 1909..__A-o 599 101
'
,I) 8' 70
55 Seneca Mining
Preferred
100
59
-13,
1,14
Bay
Gas
State
100
50
497
Con Is0931
10(.1 4270 490
A
Amer Hardware
100 127 130 Singer Mfg Co
BInghTti (N Y) Gas Wks
B 13 & %V L Is 1933 A-() 95 102
AmMalting Os 1914.-J-1) 100 105 Standard Cordage_-100
114
1st g 55 1938____ A&O 5 95
Brooklyn City stock__10 190 195
1st Al g 58 '31 red_A-0 24
98 Amer Press Assoc'n __100 9212 100
; 26
Brooklyn Union Gas deb
Con Is-See Stk Each Exc list
Adjust AI 5s Apr 1 1931
Am Soda Fount cotn-100
ill
3
4
a3s 1909 See Silt Ezell list
93
94
Bkn figts let Is 1941 AM
1st preferred
100
15 Standard Coupler comlUU 2) 30
Buffalo City Gas stock100
Min. Q Co & Sub See 5th Esc list
512 712
Preferred
Zd preferred
100 100 110
100
2
1st Si 1947-See Stock F.sc list
Bklyn Rap Trail-See Stk Exc Ilst
Standard Milling Co-100 3712 19
t Am St Found new_106
81.
6s lull
e Coney Isi & 131{lyn_100 85 1(a) Con Gas of N J Si '36_J-J 390
95
Preferred
100 52 53
A &O 92 • jou78
82 Consumers' L H & Pow1st cons g 9s 1948__J-J
1st Is 3931)
Deb 4s 11)23
F&A 590
M-1, 84
05
5s 1938
Brie C &4 5s 1931.1..J-.1 93 100
J-D 5100
American Surety
50 200 210 Standard Oil of N J__100 145 655
Gr'pt&LorSt 1st 6s-Al&N - ._
_ Denver Gas & E'ec -100 97
08 AmerIcan Thread pref_5 *4
5 Swift & Co-See Most 8th Esc list
e2i: Am Tobacco Co cons_100 330 345
Gen g 51 1940 op-M-N 4 00
Kings C El 4s-See Stock Exo list
1st 58 1910-1914-J-J 41002
_ Elizabeth Gas Lt Co__100 275 _. Amer Typefders
_
Nassau Elec pref----100
100 37
40 eTexas& Pacific Coal-100 85 100
Essex d4 Hudson Gas .100 126 128
A-0 15
Preferred
fss 1944
100 94
93 Title Ins Co of N Y___100 143
Gas & El Bergen Co_11)() 62
1st 4s 1951-See Stock Exo list
Amer Writing Paper-100
14
*6
234 Tonopah Min (Nevada)-1
614
99 e Gr flap G 1st Is 15-F-A 100 10211
tfoena
Preferred
ir
P
scfl
eo
u.
tteurteew.
N ‘V'bg&Flat 1st ex 4;is 113
100 16
19 Trepnre
Hudson Co Gas
Steinway 1st 68 1922-J-J 5105 110
100 116 117
let s f g 53 14) op'09-J-J s3 84
50
60
Indiana Ltg Co (w. I.)._
Other Cities
Barney & Smith Car_100
2112 23
45 Trow Directory
30
35
4s 1958 op (w. I.) _F-A 534
Buffalo Street ElyPreferred
Union Typewriter emit/0 57
_100 ---- 10J
68
61
Indianapolis Gas
Bethl*m SteelCorp-SuS tiUx list
1st preiened
let consol 581931 F-A 3107 108
1
(
tR
i'
u 111 114
50 20
30
;103
10712
1st g 55 1052
A-0
Deb es 1017
2d preferred
iou 10812 110
Bliss Company cons_ 50 113 123
A-0 48312 95
98 Jackson Gas 5s g 37-A-0 591
Columbus (0) St 11,y_101) 96
United Bk Note Corp-101
Preferred _
15
0U
0 *54
_50 31117320(05
96
)
4 122
58
100 104 106
Kansas City Gas
Preferred
Preferred
5u 4'5212 5415
100
_
Bond & Mtge Guar_100
390
e Lacledo Gas
Colum By con 5s-SeePh: la list
100 110 IrE Borden's Cond Milk--100
135 eUnited Cigar Difgast-10U 100 105
c Preferred .-100 __ 901
Crosst'wn 1st Is '33 J-D 3100 101
United Copper
Preferred
100
lUu
107
1334 14
semis Sly & Ltgeom_106 70
75
Madison Gas lis19-2-6 A-0 3130_
Preferred
*712 8
1 ..-_ _ __ British Col Copper
100 32
40
ePreferre(1
84
10(1 80
Newark Gas 6s 1944_ Q-J
2314 U S Casualty
Butte Coalition Mining 15 *23
100
200
Grand RapIds Ry
100 5934 1012 Newark Consol Gas 100 03 __ Caseln Co of Am com_100
Envelope
com-10U
U
S
If:- 42
04 3
Preferred _
_100 8412 86
e Con g Is 1948
ePreferred
Preferred
100 55 65
J-1) 4105 --10312
No Hudson L H &-Powe Loutsv St Is-1-ii30-__J&J 5108 109
Casualty Co of Amer-100 120 130
U SSteel CorporationLynn & Bos lit Is '24 J-I) 61111 116
Si 1038
Celluloid Co
100 128 131
Col tr s t 5s '51 opt '11 4114 115
A-0 § 138
• New Or' Rys & Lgt_100 1712 1814 Pat & Pas Gas& E1ec-100 83
Fireworks
com 100
tr 3 155 '51 not opt 51
87 Cent
114 115
712 9
•Preferred
100 423., 4314
e Con g Is 1940
Preferred
100 60
M S 5102 10312
U S Tit Gu & Indem 100 8212 671g
70
Cell M g 4 1is '35 See ii tit Ex list St Joseph Gas Is 1937-J-J 493
100
21- 312 eUtah Copper Co-See Stk Exc list
00 Central Foundry
North Chic Street See Ch icago list
leleitr 4 Iclephone
Preferred
100 1612 17
Waterbury Co. com-10()
,
/ Corp of N J.100 95
Pub Set
98 °Amer Telcg & Cable..100 76
80
Deb Os 1919 op '01 M-N 4 74
76.
Preferred
100
Tr etfs 2% to 6 roperpet 75
76
eCentral & So Amer 1(1)1 100 110 Century Realty
100
Westchester de Bronx Tit
..
Coil Is g notes '00_11.1-N 5993, 10014 Conanel Un Tel (N Y)_25 110 120 Chesebrough Mfg Co-11.10
Mtge Guar
100 ____ 165
&
SM
North Jersey St fly 100 30 ____ limp & Bay State Tel 100 60
70 City Investing Co
100 60
Western Ice
100 _
65
1st 45 1048._ ...111-N 574
__ Franklin
100 45
50 eClailln (11 B), com-100 95 103
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100 13213 Jan 2 140 Jan 15 114 Oct 140 Jan
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136 Feb 158 Jan
100
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100 267 Jan 15 267 Jan 15 244 Jan 263 Dec
Last Sale 267
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100 19514 Jan 13 19514 Jan 1:. 193 Nov 193 Nov
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100 1114 Jan 12 1414Jan 21
1234 1212 1212 -g136 Mass Electric Cos
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---- ---- ---- ---- ---- ---- -----200 Apr 205 Feb
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100 100 Jan 7 10112 Jan 5
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213
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212 *2
213 *2
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130
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131 131
131 131
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--- ---- ---- ---- ---- --__ ---4418 Sep
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____
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112 11278 112 1121 110 112
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638 645
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650 655
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'234 Nov
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238 238 *218
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425 Elm River
214 214 *218 212
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15
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1513 1434 1434 1,122 Franklin
1434 15
1513 1513 15
15
110 J'ly
103 10313 101
80 Jan
101
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--- 10312 10312 10313 104
1318 Aug .
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20 1013 Jan 29 12.14 Jan 2
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11 -1114 11
1114
11
15, J'ly
278 Jan
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Guanaluato Lonsol
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Dee'08
2614 Jan
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1713 18
19
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1913 20
1714 Jan .
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1,000 La Salle Copper
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4
4 Jan 25 . 5 Jan 8
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2:63i Mexico Cons M & S
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4
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4
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1512 Dec
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3
t•.
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11
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12
12
12
12
12
12
12
73 Nov
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4
6313 62
63
83
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65
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l3 Jan
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Jan
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.25
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1818 2,020 Nevada Consolidated_ 5 18 Jan 29 193 Jan 15
181g 1838 1812 1812 1812 1812 -ii- 1852 TA -1-1-2 18
8 May
438 Oct
333 Jan 27 6 Jan 4
220 Newhouse Mines de S.. lig
538 578 ;;;
512 534 *5,4 534 *514 558
512 5,2
8934 Nov
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Jan
2
9
85(4
78
7778 -.,1-8 -7-51;15,888 North Butte
7914 78
7734 7812 7778 7814 76
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Jan'09
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_ _ a .80 __ *.60
4.60 ____ +.80
__
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25 5014 Jan 29 5814 Jan 2
4:601 Old Dominion
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5314 5312 5213 -5.3
Dec
13512
Feb
77
2
Jan
25
124
124
129
129
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891 Osceola
130 131
129 12912 128
130 130
12978 130
3118 Deo
1012 Jan
2834 2834 +2813 29
2812 2834 2813 2814 2713 2813 2712 2712 1,482 Parrott (Sliver & Cop) 10 2712 Jan 28 301 Jan 2
114 Jan
12 Mch
I Jan 14
1 4.90
Jan'09
Last Sale 1
Phoenix Consolidated g 8, Jan 14
1 4..90
4.90
1
4.90
Aug
100
Feb
77
4
Jan
99
87
29
90
92
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92
91
91
91
91
91
91
91
91
Nov !
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25
5 Jan 5
5
1,776 Rhode Island
514 Jan 6
5
5
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514
518
5
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434
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338 Nov ;
153 Apr
8
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273
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28
212
&
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(Gold
212
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212 212
214 213
214 214
Nov
1914
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934
4
Jan
j77
1414
10
Jan 29
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16
16
16
16
1534 1534 15
1578 16
3812 Nov
n 1
14418 81A*
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71748 J.
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37
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7613 78
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1218 Feb
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25 15 Jan 29 1758Jan 23
1733 1512 16
1514 1533 15
1533 -175-3 16
1573 -157-8
1613 Nov
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8
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3
100
135
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1412
1412
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14
1412
1412 1412
36 Nov
2334 Apr
Nov'08
100
Do prat
Last Sale 36
3134 Nov
9 Mch
Jan 12 301tJan 22
-i6i UnitedStatesCoaldc011 25
1 -ii17, *2914 30 ____ ____ 28
-5512 Ws -56- -g- -i6f4 --,, -547.
4678 Nov
28 Mch
4212 4112 42
42
43
43
2,054 U S Smelt Ref & Mln_ 50 4112Jan 29 4058Jan 7
43
43
43
43
4314 43
47 Nov
37 Feb
4458 4458 1,224
45
45
50 44 Jan 8 46(2 Jan 12
43
45
45
pref
45
45
Do
4512 45
45
7 Nov
438 Sep
834Jan
2t1
Jan
4
4
5,170
3
6
633
5s
6
614
6Z8
5
Mining
614
Utah-Apex
612
04
13
6
8
5
6
8
3
6
638 612
50 Aug
Jany
1
;
0
'41/
463
1
40
Jan
42
5
4,
40
40
41
4
4312
idated
4312 4334 4278
Jan 28
n nspo
+4312 44
4353 44
77ao
elr
Nov
58
t.,,j4caatgor
4214 4231
44
4412 44
10 4214 Jan 29 47
5
4434 4418 44
iF
44
4412 +4412 45
5 Nov
'212 Apr
478 Jan 18
412 458
358Jan 0
4Ss 458
15
412 458
458 458
*413 5
(734 Nov
Jan
412
2
*113
Jan
512
613
*5
8
512
t
Jan
5
18
1,065 Winona
578 578
25
512 6
514 514
512
143
145
145 150 *145 148
156 Wolverine
25 143 Jan 29 152 Jan 2 115'2 Jan 155 Nov
150 150
8 153
15018 153114
333 Oct
4 Jan 16 .50 May
278
3
3
3
318
234Jan 4
3
1,725 Wyandot
31.13
.__ 25
314
3
c Before nay't of assess'to called In 190e. * 13Id az44,1 isketj prtQcxs. 6 New stock. a Ass't paid. S .dx.-atook OW. it 4,1z-rig1uts. a Ex-dIv. and rIgligal
n = 2?
21i1
n 634 Jan
m
22
22
p., u341aan
22 .23
153
11. 6614 Jan
JAN. 30 1909..1
Boston Bond Record.
BOA Ilr,
Price
pridav
/an 29
c
BOSTON STOCK KXCH4.414. ..,Zi Z
WEEK KNIntio JAN 29
1:1•It
9
Week'sor
Range
Last Sale
a:
6 Range
, Since
as - January 2
&a
.litgh A4
Ass bow
92 Sale 9176
02
92% Sale
924
92% 184
117834 Mar'08
151)
150
5
101
1004 1004
I
93
93
93
93
91 Sep 'Or
102% Jan'09
106
1074 1078 I
110 Feb 104
101 Sep'06
1014 Oct 'Or
1124Jan'03
14)4 Oct'07
102 Sep '05
99'S Jan '011
100 J'ne'01
117 J'ne'08
111 le PIT'
05
82
8134
828
l'
07
Oct:()
1,
03 Deo
1110
10
0'
NOTE-Buyer
O'CA9"77177-
Arn Telep & Tot coll tx 48.1929
Convertible 48.. ......193,
Am Writ Patter let a I es e 1919
Ariz Corn Cop 1st cony 68 1918
&ten Too &6 Fe gen g 48..1995
Adjustment g 46....J'le 1995
Stamped
J'ly Mb
50-year cony ls
1055
10-year cony 58
1917
Boston Elect L ouusol 58 1924
Boston & Lowell 48
1.916
Boston & Maine 488
1944
Boston Terminal lat 348 1047
Bur & Mo Riv ex (is
1918
Non-exempt 68
1918
Sinking fund 48
1910
Butte & Boston lat 68
1017
Cedar Rap & Molt 1st 78 1916
2d 78
1901
Cent Vermt let g48..blay1920
0 B & Q Iowa Div 1st 58 1911
Iowa Div 1st 4s
1
Debenture be
1915
Denver Eaten 4s
1922
Nebraska Exton 48
1927
B & S W el 48
1921
Illinois Div 3las
19411
Joint bolas See Gt Norther'
Ohio 2c Ity & Stk Yes 56.1915
Coll trust refunding g 481940
Ch Mil & St P Dub 1) 6s 192i1
Oh M & St P Wie V div 681920
011ie& No Mich 1st gu 58.193i
Chic & W Mich gen 5s
1921
Concord & Mont Conti 48 1920
Conn till Pass it 1st g 4a 194:,
Cons S S L coil tr g 4s etre 1957
Current River 1st be
1127
Dot Gr Rap & W let 48-1946
Dominion Coal 1st a f 68 1044,
FItenbarg 48
1915
48
1921
frentt Elk & Mo V 1st 603-1933
Unstampeu 1st 68
1033
Gt Nor 0 B & Q con tr 48 1921
'
9,1
Reinstered is
'
WO Apr'OS
100
1
1(10
1904 Oct '08 .
978 May'01 ..
92
1
92
4
,1024 102'S
10236 1023
92
92 lame 91 4
5
118 Ply'08 ...
126 Fel.P06 ...
1
1014
101'S
1028
10334 10334 (
104'8
91 Dec'07 .
1124 Jan '03 .. .
1734
18
48
104 Nov'06 ..
904
90', t
90
01 Nov'urs
.
103 16 Apt'05 ..
90 Apr'0,- ....
1284 Apr'llr
140 Ain '05
98 Sal. 9736
98
24
07%
,Jan '09 .
973
287
tioN IP%
ri ...,
BOSTON STUCK EXCIPGE z.
t
WEEK ENDING JAN 29
.., a.
Prtee
Pridav
Jan 29
Week's
Range or
bast bate
•
Lange
a
Since
'
• Ianuary 1
;
Ilia
.lity,
to
s.
Ass 1,ow
Nigh
1004
VI 10014 1004
1004 lou
1004 100, too'S 100¼
5 1004 10034
117 Apr'0
95 Jan'U .... 95
958
95
96 1004Jan '0.0 ... 1004 101
1111
118% 111)
11 11614 1191a
93
1)2
4 :10
92
02
88
a
87
i 80¼ 88
1038 Jan Nil) .. 103%1038
1038
113% Nov'06
1014 Sep'
04
. 115 rue'('r
i18276 Dec'0 11.6 Apr'0'
116 k/ oleo
tow Iltgh
9134 92's Illinois Steel deben 58....1911) J -J
Non-convert deben 58-1913 A-0
924 948
1a Falls &Sioux Cita 78 1917 A-0
Kan C Clin & Stir lst 58_1925 A-0
160 150
100 10036 Kan C Ft S& Gult ext 58..1911 .1-D
Kan C Ft Sc.ott & M 6028 M-N
92% 113
KanCM & B gen 4a
1934 M.S
Assented income 5s
10241024
1934 M.S
Kan C & M Hy & Br 1st 581929 A-0
10716 107
Maine Cent eons 1st 7a 1912 A-0
Cons let 4s.
1912 A-0
Maro Hough &Ont ist 68.1925 A-0
Mexican Central cons 4s 1911 J.J
letcone Inc Se
Jan 1939 J'ly
2d cons inc 38
Jan 1939 J'iy
994 99): Nitch Telep let 58
1017 J- a
Minne Gen Elee con g 56 1929 J -J
1024 Aug'04
New Eng Cot Yarn 6s
19211 F-A 1038
1034 104
b
New Eng Teleph 5*
1915 A-0
1004 Jan '07
Si
824
81.
1916 A-0
1004 tiep 'Or
New England cons g 5s. 1945 J -J
Boston Term it 4s
19311 A-0
NY N H & H con deb 3881951* J -J
99 Jan 'Os
Cony deb 6s (ctts)
99%100
1944 J-J
113.4 L..
Ohl Colony gold 48
19'24 F-A
Oreg Ry & Nay con g 48. 1946 J-I)0 984J'ly ,c64 J'IY"-PUreg Sh Line 1st g Os
92
92
1022 F-A
;Ivo Oct '0- •
Repub Valley 1st a f 6s 1919 J -J 103 .
105 1)ec'08
102 102% Rutland 1st con gen 448 1941 J -J
1074 Nov'tth .
92
91
Rutland-Canadian lat 481949 J -J
102 Nlat'0•2
Savannah Elec let cons 58 11152 J -J
9812 May'Oli .
Seattle Klee lat g be
1930 F-A 1048106 104 Dec 08
101 1014 i'erre Haute Elec g Is
111211 J -J
Apr'Oi
97
102 10314 Torrington 1st g 58
1918 51-S
994 Not-'4.96.
Union Pac RR & 1 gr g 48 1947 J -J
lo2
4
10'24
'2
20-year cony 48
1927 J • J
1,100% Nov'O174 184 Uniten Fruit cony gen 68 1911 M-S
1113 Jan '0
U S Coal & Oil lit s f 68-11138 PA- N
Jan ',I, .
87
9014 U S Steel Corp 1U-60 yr 58.1963 5I-N 10376 Sale 125
i0.134 10376. 1
West End Street Ry 4s. 1915 F-A
964 Feb'01'
Gold 4las
1914 M-S
1018 ...el,'U.
Gola deoenture 4is
1916 M-N
:)938 Dec'08
Gold 48
1917 F-A
9844 uct 4.1s
Western Teleph & Tel 58 1932 J -J
98
99
99
UV
r
97¼ 98
Wisconsin Cent 1st gen 481941) J.J
'1/44 Sop'05.
9738 97¼ WV4COOtilli Valley 1st 7:4 1909 J -J
. 109% 5,005
pays aoor,ietI Ulerest. in m1411[40E1 LO L110 nitre OL,JO price air all Bosom Bonds. .No price
Frailty; latest OM Alla asae,i.
1028 104
99
994
..
10214 102%
120 1'25
i02¼ 1044
9'78 998
......
Vial. price.
Philadelphia and Baltimore Stock Exchanges-Stock Record. Daily, Weekly. Yearly
mlutre
,-,01.,,ra ay
Jan 23
Monday
Jan 25
Prices-Not Per ()elitism Prices
luesday
Jan 56
Wednesday
Jan s7
Thursday
Jan VS
Pridav
Jan 29
Sates
ACTIVE STOCKS
of the
Week ("Or Bonds and Indettve
Stocks see betow)
Shares
35
35
32
32
.31
35
'79
791
/
4 78
79
.78
79
105 107
106 10i .
307 107
106
105 105 8 '1068106¼
138 114 138 134 134 138 .13
144
*138
4
13% 131
14
k5
.24
*24
25
25 *
.24
25
*24
25
"24
26
•934 lu : •934 AU'. .9.4 10
.934 104
*934 104
*978 108
45
311
IL
19
59
154
974
7444
1115
663,6
42
1176
274
.66918
45
'44% 45
*448 45
39
398 311 ,
1
149
31114
11
11
11
11
118
19
19
194 184 19
59
59
60
57
59
15
16
168 154 158
9734
1,84 91334 1194 9934
3
13
74
74', 74
74
74.,
1131
11316 113,6
17y
17
,
66 8 66 4 136% 669 66%
42
"4134 424 42
424
1176
1176 12
1178 11 ,
7
27%
274 2631' 277s 284
till
titsv16 6874 68318681%e
.45
4534
.46
47
'464 46% '464 4014
53
88¼
53% 548 5434 (i4924 12
112- 1.27, 924 92%
11.M/1,1.1'141A
Btu
Ask
Inactive mtocita
Allegheny Val pref....54
AlnetleaU Cement
51
40
41
101
Amer Pipe Allg
Bell Telephone (Pa).10
1,9 Lou
Cambria Iron
u
46
Central Coal & Coke.lut
Co Ethel Trite ot N J...101
738
Diamond State Steel I
PreLerred
11,
Easton Con Electric u-b
Elec Storage Batt.....100 44¼ 45
Preferred
10
k't Wayne &W V
1ut
enuantown Pass
ot
Indianapolis St
10
andiana Union Tr....10u
,Insurance Cool N A...10
21
21 8
Inter 5in Pow & Chem.5
Keystone Telephone ...50
10
Preterred
50 30
32
Keystone Watchease.10
141 Brothers
16
Little 5cliuy1ki1l
50
Mmciii & Schuyi 11..60
N Haven Iron & Stee1.5
Northern Central
51 104
North Pennsyiviunti 50
Pennsylvanni bait
5 107', 110
Pennsylvania ,ieel..10
I'reterred
10 104 104¼
Pnila Co(Pitt.) pret...5
438 44
Phil German & Islorris.61)
924 93¼
Phlla Traction
5
Railway:, General
1
77b 88
Susquen Iron 42 Steel..o
Tidewater Steel
10
Preitrred
10
Tonopah Mining 01 Nevl
64
Union Tr 01 And
lu
United NJitlt& C..101
Unit Trac Pitts prel..5
43
Warwick Iron& Stee1.1
8
8'4
West Jersey & bea 511.5
49¼
Westmoreland Coal...50
Wilkes Ga. & Eiet..I04,
*444 45
45
45
'29
39
39
39',
11
11
11
11
18
1036
184 11)4
6834 59
57
Cal%
15% 15%
154 15',
99%105
102 1038
74
748 734 74
lis 2
66316 66.4
66% 613%
42
424 42
42
1176 12
1178 1176
274 254
278 28
68% 68% 66,316 684
454 45% *45
464 46%
46
468
64
64%
534 5376
0266 '22',
£12', 9234
I'll!tAlJEl4PtllA
Bonds
Al Val E ext 78 1910 A-0
Alt &LVEleo 448'33.F-A
Am Itys con v 5s 1911...1.1)
At! City 1st 58 g
Balls Ter 1st 58 1926.J.D
Berg&Eltrw 1st68'21 J-J
Betide Steel Os 11196.Q.N
Ulloc& Ale 1st 58 1949 J -J
Ok & gim 58'19 J -J
Cu! St ity 1st con be 1932
Con Trac of NJ 1st 58.'33
it& A 1st Al 58 1920 31-N
Elec & Pee Tr etk tr etts
Eq 11 Utte-L 1st g Os 1928
11,8 Top con 58'25 A-U
Indianapolis Ity 45.1033
Interstate 413 1943 ..I-A
Lehigh Nay 488 '14.Q-J
1914.44.8
Bats 4e g
Gen Si 448 g.1924.1.1-8'
Leh V C 1st 58 g '33..J.J
Leh V ext 4s 1811948.J-1i
31-S
2d 7s 1910
Consoi 68 1923
J-1)
Annuity 6)3
J-D
Gen cons 48 2003.24-N
Leh V Trap con 43'33J-1)
New Con Gas 58 1948 J -D
Newark Pass con 58 1930
N Y Ph& No let48.89 J..)
Income 45 1939...M-N
NoUlnoTrac con58.19.J..1
Penn gen 68 r 1910. Var
Consul be r 1919. Val
Penn & Md Steel con 68.
Pa & NY Can 58 '31).A.0
Con 48 1939
A-U
Penn Steel let 55'17 31-N
People's Tr trcerts 4a '43
P Co 1st& col tr 58'49 51.6
Con& coi tr 58195151-N
Elec gold trust Otis
Trust certife 48
P & E gen 31 5 g'20.A.0
Gen Si 48 g 192U-A&U
Baltimore
10 Con.Gaa EL L. & Pow
105
Do pret
291 Northern Central
'255 5eaboard(new)
Do 20 prof
United Ry & Electric
Lowest
Bid
ASIc
105
US
IOU
1184
10334
108
94L4 945.
107
40
1018
105
1074
120
98
1113¼
60
108
104
112
1161,
106
9834 149
1024 1024
744
PHILADELPHIA
Ph & Read. 2d 5s'33.A.0
Con Si 7s 1911
J-D
Ex Imp M 4ag'47 A-0
Terminal 58 g1.941.Q.4'
P W& B col tr 4s'21.J-J
Portland By 1st 58 1930
Ruch Hy& Leon 58'54J-.1
Spanish-Ain ir 6.'27 J-.7
Trac 1.11O gen 58'19.J.J
Un Rye Trolls 40'49J &J
United Rye Inv let colltr
a f Js 1926
M-N
U Trao Pit gen 58'97 J-J
Welsbach 8(Se 1930.J.D
Wlks-B U&Econ58'53J-J
HA I.T1:11.0ILE
Inactive :Stocks
Ala Cons Coal& lion.100
Pret
141
0
Atlanta & Charlotte 100
Allan Coast Line R11.100
Allan Coast L (Conn)100
Canton Co
100
Cone Cot Duck Corp...50
Preferred
50
Georgia b011 & Fla...100
let prof
100
2d pref
100
G-13.5 Brewing
100
Bonds
Anacostia 42 Pot 58
At!& Cheat 448 '10..1-.)
Allan C L 1111481952M-8
AU Coast L(Ct)ette58J-D
Ctlis ot indebt
5-20 yr 48 1925
J-J
Bait CPaas 10156'11 M-N
Balt Fundg 58.1916 M-N
Exchange 348 1930 J-J
Balt& P Lit 6s ml'll A-0
Ball Trao 18168-'29 3I.N
No Balt Div 561942 J-D
Cent% lty con581032 M-N
Ext& Imp 58.11132
(-'haa City kty let 58'23J-J
4 S35 bbag•
...stage for Previous
Year(1908)
H tg heat
Highest
Lowest
100 32 Jan 27 35 Jan 25 '20 Jan
100 78 Jan 26 85 Jan 6 65 Mat
50 109 Jan 4 111 Jan I: 80 Jan
100 134Jan Ili 15 Jan 4
4 Feb
100 '24 Jan I., 258 Jan 6 10 Feb
/SU 10 Jan is 104Jan 4 10 Jan
Philadelphia
19 American Railways._ 50 45 Jan 4
454
.45
x38
38', 5,351 Cambria Steel
50 34 Jan 3
11
11', 1,181 Electric Co of America 10 x1076 J an 2 ,
1734 184 7,34i Gen Asphalt tr cue _JOU 15 8Jan .,
574 584 7,365
Do pref tr ate
100 53 Jan 5
159 15% 4,201 Lake Superior•Corp
100 1434 Jan 5
4,430 Lenigh C & Nav ix ctfs 50 96 Jan 6
10134 102
72.4 7a 'S 3,978 Lehigh Valley
50 1234Jan v9
'2
'2
6,340 Maradeu Co
100 j13 Jan :14
664 66% 2,015 Pennsylvania RR
50 653.4 Jan is
42
42
603 Plaladelp'atio(Pittsui 60 42 Jan .2
11% 1178 6,069 Philadelphia Eleetrict 26 11 4Jan 0
'27844,202 Phila Rapid Transit
27
50 247,Jan 5
66% 6676 28,03, Reading
50 66% J all 2.,
.454 48',
42
Do 1st pref
60 45 Jan 6
'45% 46%
103
Do 20 ptef
50 4574Jan 14
534 5376 18,152 Union Traotton
50 51 Jan ti
112
92
3,091 United Gas 1mpt
60 914Jan 12
.27
30
Welsbach Co
100
• Bid and naked; no gales on thus day lj Nx-rights. 'ISM()paid. t S124 Paid.
t$1312 *aid.
liciiige Since
Jan 1 19,41
Bid
121)
100
103
74', 73
Si', 82
10534
76
38
80
245 251)
90
1)4
634
228
'20
94
lid
66
70
24 344
24
10334 104
100
974 97%
100
81
81',
86¼ 88
1018 102',
14)8 109
101)1., 102
104 105
109
1134
110 116
100
4234 Mat 464 Nov
2676 Feb 4(14 Dec
84Jan 114 Deo
34 Jun !9% Dec
197,, Jan 598 Dec
336 Feb 17 Dec
759 Jan 9736 Dec
52% Feb 7634 Dec
1516 ., al,
278 Apr
31",6 Jan 66116 Dec
344 Alai 44% Dec
512 Feb 1238 Nov
1128 l'ut, 25 4 De0
46316 Feb 7111,6 Dec
29 Jan 45',Dee
374Jan 4.04Deo
8444J'ue 564 Apr
734Jan BIN Dee
25 J'ne 28 Nov
liAl.41.11 it a
1014
70
46 Jan '..
3934 Jan '.
11 14Jan lb
i J 8 Jai, 2.Z
60 Jan 2,
164 Jan 2
t05 Jan 2
76% Jan 4,
28 Jan Is
674 Jan 4
434 Jan 1.
12 Jan 21
284 Jan 2:
724J au 4
46 Jan 1.
474 Jan ',
54.4Jan 2.
£14', Jan 4
30 Dec
814 Dec
to2 Dec
15' Dee
26 Dec
12 Nov
Chas Ity &
5.'99 Al-a
Chart C44 A ext.564.'09 J -.1
211 78
1910A-U
City& Sub 1st 58-'22 J.1)
City & Sub(Was)I8158'48
Coal & 1 Hy let 543'20E-A
Col&Cirnv let68.1916J-J
Consul Gas Us...1910 J-D
Os
.1930 J
lira& Ale 1st con Os'45J -J
Gatiar&N 1st 5s g'29J-J
Georgia P 1st 6s. '22 J -J
tiauso & Fla 1st 5151045J 41
G-B-5 Brew 3-45 195151-5
2tI income 58 1951 SI-N
Knotty Trac let os'28A-t)
Lake lt 511 1st gu58'42.111.6
Macon ItySc1 t1.t3s'511I-J
Memphis 81 tat 5:3'45 J -J
etSt( VViteli)18045'25 It A
Mt Ver Cut Duck 1st 3s.
N ptN&i.)P let 5.38 51-N
General 58-.1941 bI-8
Norfolk St let be'44..J -J
North Cent 4881925 A-0
Series A 5s 1926. .J.4
Series B 58
Pitt tin Trio 58 1997.J.41
Polo Val let 58 1941..J -J
Sas Fla &Weet58'34 A-0
Seaboard A 1.4s 1930 A-0
Seal)& Roan Cia 1926.J..1
South Bound 1st 5s. A-U
12141 L&P 10148)3'29 51-1
,
1
Cu Hy & El 1st 48'49 M-5
Income is 1940.....J-D
Funding 54 1936...J.1)
Va Mid 2d tier 68'11.31.5
341 series tis 1916 31.5
4th aer 3.4-58 1921.M.S
5th series 511 1926.31-S
Va (Stale) Is new '32.4-3
Fund debt 2-3a 1991.J -J
West N C con 681914 J -J
Wes Va U&P 1814'11 3-3
Wit & Weld 5s..1935.J4
Btu 148k
S9',I 90
110 1112
11/8 110
105 106
100
110 112
102% 1.0279
1114112
103 1034
105 1054
115
108% 1098
44'.4 46
16
104
110
95
11'234
7934
106
96
114
80
1064
11/6.. l05r4
107
113
113
110
10a 108
112
65%
105
103
934 94%
854 834
51
514
78
784
103
106
105
107
90
90
107 109
103 1034
111 4 116
abobitna• 64625 Plan- c$Upaid. di*42', Paid.
[VOL.Lxxxviii.
THE CHRONICLE
288
3-nuestinent and Xaiiroati iintellagent.e.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earntngs.
Week or
Month.
ROADS
Current
Year.
Previous
Year.
Latest Gross Earnings.
July 1 to Latest Date.
Current
Year.
Previous
Year.
$
3
Ala N 0 & Tel Pac.
45,000 1,584,815 1,662,100
51,000
N 0 & N East--r 1st wk Jan
840,678
24,000
845.777
27,000
Ala & Vicks_ _-_r 1st wk Jan
750,109
24,000
25,000
842,059
Vicks Sh & Pac_r let wk Jan
25,798
4,070
6,464
19,322
Ala Tenn & North_ November
k Atch Top & S Fe_ December 8,147,895 8,140,482 47,162,192 48,739,828
24,312 1,081,1)21
39,109
944.894
Atlanta Birm & At! 2d wk Jan
Atlantic Coast Line December 2,535.102 2,296,083 12,225,610 13,186,201
Baltimore & Ohio__ December 6,012,241 5,651,653 36,064,881 42,885,143
1,396,383
215,871
Bangor& Aroostook December
37,150
5,603
5,713
33,297
Bellefonte Central__ December
Boston & Maine__ _r November_ 3,238,298 3,438.282 17.283.373 18,916,909
23,456
5,925
3.077
27.041
Bridgeton & Saco R November_
Buff Roch & Pitts_r 3d wk Jan 120,164 121,161 4,085,130 4.816,674
207,742 187,621 1,172,196 1.170,157
Buffalo & Susq____ December
Canadian Northern_ 2d wk Jan 117,200 137,900 5,897,600 5,587,000
Canadian Pacific..__ 3d wk Jan 1,039,000 1,055,000 43,740,783 43,883,917
Central of Georgia.._ 3d wk Jan 221,900 210,300 6.576,206 6,923,026
Cetnral of New Jer_ December 2,136,883 2,212,695 13,079,915 14,641,599
44,920
2,015
66,766
2.137
Chattanooga South_ 4th wk Dec
Chesapeake ec Ohio_ November_ 2,118.133 2,458,019 11.147,327 12,833,958
25,502
4,076
32,007
1.580
Chesterfield & Lam' December
Chicago & Alton R! 3d wk Jan 265,503 250,184 7,395,242 7,271,774
Chic Burl & Quincy November. 6,632,676 6,764,384 34,860,273 37.375,127
Chicago Great West 3d wk Jan 150.918 147,102 4,833,345 4,742,188
81,633 2,901,578 3,117,646
34,529
Chic Ind ec Louisv_ 3d wk Jan
Chic Ind & Southern -See New York Cen tral.
Chic MIlw & St Paul November_ 5.129,381 5,004,691 27,573.907 26,770.885
Chic & North West r December 5.234,346 4,592,690 35,333,128 36,136,714
Chic St Paul M & 0. December 1,150,351 1,011,253 7,137,739 7,193,132
494,597
36,505
34,953
527,162
Chic Term Tran RR 2d wk Oct
Cin Ham & Dart-r November_ 694.702 707,707 3,531,879 4,018,243
Cin N O&Texas Pac -See Sout hern Rail way.
Cincinnati Northern -See New York Cen
Clev Cln Chic & St L -See New York Cen tut).
225.753 206,163 1,034,461 1,106,467
Colorado Midiand-r November_
h Col & Sout:1 Syst- 3d wk Jan 335,231 317,842 9,008,498 8,738,068
116,563
27,697
24,906
125,025
November
Col Newb & Laur__
221,729
77,191
74,709
253,102
September
Copper Range
5,412
39,535
10.280
89,817
December.
Cornwall
71,330
36,281
24,798
119.836
Cornwall & Lebanon September
142,034
673,261
117,210
November_
719.607
Cuba Railroad
1 Delaware & Hud_ November_ 1 634,274 1,674,165 8,045,677 9,230.818
De'. Lack & West_r November.. 3,058,999 2,931,363 14,442,804 15,430,400
3d wk Jan 358,800 322,400 11,960,267 12,680,491
Denver & Rio Gr
23,641
906,967 1,010,355
25,386
Det Tol & Iront Syr lot wk Jan
35,282 1,041.780 1,127.111
33,711
1st wk Jan
Ann Arbor
21,930
20,729
616,526
690.832
Detroit, & Mackinac 3d wk Jan
4,596,167 5,033,103
Dul & Iron Range... November_ 596,492 715,704
14,731 1,528,522 1,878,490
47,602
3d wk Jan
Dui So Sh & Atl
626,122
2,784,206
El Paso & So West r November
December 4,022,330 3,771,283 26,208,383 27.626,633
Erie
-See Rod: 131and S rstern.
Evansville & Ter.
1,812
1,607
10,052
9,974
Fairchild & Nor E_ Decemt•er
51,568
50,325
397,381
438,682
Fonda Johns & Gloy December
247,947 1,479,249 1,593,195
246,481
Georgia Railroad.. December
Georgia South & Fla -See Sout hern Rail way.
Grand Trunk Syst 3d wk Jan 624,750 619,121 22,737,651 25,770,181
04,176 102,128 3,034,331 3,556,975
Gr Trunk West.. 2d wk Jan
35,919
29,811
937,317 1,069,392
Det Gr Hay & Mil 2d wk Jan
25,891 1,038,896 1,249,735
26,045
Jan
wk
2d
Canada Atlantic..
Great Northern Syst December 4,080.032 4,586.223 30.749,943 34,502,898
939,953 1,192,913
181,263 163,643
Gulf & Ship Island_ December
560,601 625.213 3,016,052 3,280,623
November_
Hocking Valley__
December. 5,127,945 5,076,505 29,159,588 31,913,296
Illinois Central
Internet & Gt Nor_ 3d wk Jan 146,600 135,000 ,..745,926 4,166,786
a Interoceanic Mex_ 3d wk Jan 117,945 150,991 3,452,162 4,286,404
56.992 1,646,936 1,793,126
54,347
3d wk Jan
Iowa Central
Kanawha & Mich_ _ November.. 197,172 196,294 1,041.017 1,045,968
734,550 682,761 4,482.637 5.040,922
Kansas City South_ December
113,000
October -KG Mex 46 Orient
Lake Erie & West'n -See New York Cen tral.
Lake Shore & M Sou -See New York Cen
Lehigh Valley..... December 2,605,388 2,745,930 17,021,720 10,485,004
164.817
90,325
23.536
252,272
Lexington & East.. November_
Dec.49 1,739
Dec.53, 400
Novembel•_
LongIsland
570,063
64,188
102,468
609,483
Louisiana & Arkan_ December
Loulsv & Nashville_ 3d wk Jan 856,455 763,110 25,895,382 26,732,945
70,462
12,135
13,184
82,938
Macon & Birming'm December
Maine Central- ___r November_ 654,307 731,517 3,722.982 4,126;646
22,854
3,907
3,131
November_
28,002
Manlstique
197,033
28,381
26,769
December
213,349
Maryland & Penn
3d wk Jan 611.722 721.147 17,167,050 20,523,281
a Mexican Central
a Mexican Internet_ 3d wk Jan 131,437 162,615 3,748,518 4,913,588
a Mexican Railway_ 2d wk Jan 132,500 159,000 3,687,200 4,358,300
24,180
655,660
24,731
677,674
a Mexican Southern 2d wk Jan
Michigan Central- See New Y ork Cent,
13,39(,
473.980
15,232
460,234
3d wk Jan
Mineral Range
60,921, 2,459,439 2,359.081
67,072
Minneap & St Louis 3d wk Jan
Minn St P & S S M. 3d wk Jan 179,371 161,726 7,520,739 7,095,866
Missouri Kan & Tex November_ 2.318,061 2,018,059 11,583,403 11,381,089
Mo Pao & Iron Mt_o 3d wk Jan 848,000 676.000 25,599,811 26.206,465
971,000
32,000
34,000
911.000
Central Branch_o 3d wk Jan
Total system_ --o 3d wk Jan 882,000 708,000 26,570,811 27,117.165
832,432
24,131
32.457
859.269
/Thlobile Jack & K C Wk Jan 9
4,633,756
901,128
4,929,653
Nashv Chatt & St L November_ 930,237
a Nat Rys of Alex
3d wk Jan 301,459 324,450 7,824,960 9,025,402
4,597
216,123
206.779
2.390
Nevada Cal-Oregon. 3d wk Jan
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Preinous
Year.
C urrent
Year.
Previous
Year.
5
6,476
7,202
35,237
37,673
Nevada Central____ Ncvembz_
N V C & liud River November_ 7,854,840 7.876.737 40,402.810 44,006,098
Lake Shore& M S November_ 3,452,160 3,717.085 18.044,686 20,055,928
Lake Erie & West November_ 384.752 391,671 2,090 260 2,289,977
Chic Ind & South November_ 272,349 243,492 1 234 964 1 245,171
Michigan Central_ November_ 2,179,065 2.351,997 11.017,131 12,604 398
Cleve C C & St L. November_ 2.188.989 2,208,060 11,300,202 12,040.379
Peoria & Eastern November_ 245,975 233,718 1,231,509 1,337,078
70,688
89,166
458,000
4U7,693
Cincinnati North. November.
Pitts & Lake Erie November_ 967,347 1,277.367 5,376 126 7.146,300
240 147 260,277 1,306.067 1.461,050
November
Rutland
N Y Chic & St L. November.. 804.585 809,803 3.936,910 4.376.409
November_ 18660275 19451083 06,423,357 106972577
Total all lines
N Y Out & Western November_ 640,988 634,056 3,705,237 3,752,798
NYNH & Hart__r November_ 4,611.179 4,747,661' 23,205,701 25,324,833
285,414 270,638 1,585,544 1,740,562
December
N Y Susq & West
Norfolk & Western_ November_ 2 411,208 2,800,639 12,323,597 14,775,453
November_ 1,004,537 1,118,037 4,978,114 6,011,714
Northern Central
Northern Pacific_ November_ 6,418,352 6,717,277 32,004,574 34,440,341
489,899 670.778 2,877,810 3,699,705
November_
Pacific Coast Co
Pennsylvania Co__r November_ 3.436,074 4,182,284 18,469,367 23.504.300
13825617 60,010,024 73,760,124
12190817
5
November_
&
P
d Penn-East
Dec.7.75 8,100
Dec.1,0 90,300
d West of P & E_ November_
6,098,29/
Pere Marquette __r November 1,189,803
7,050,135
1,473,359
7,794,535
1,387,159
Phila Bait & Wash_ November_
Pitts Cin Ch & St L. December 2,221,904 2,041,971 13,044,791 15,266,042
63,146
63,017
8,837
11,854
RaleiTh & Southp't December
Reading Company_ December 3,744,102 3,500,998 20,297,432 23,385,246
December 3,471,324 3,758,446 17,233,128 21,022,000
Coal & Iron Co
Total both cos._ December 7,215,126 7,259,444 37,530,559 44.407,253
8.8,641
72'1.771
151,227 155,195
Rich Fr,:c1 & Potom November_
396,604
38.1,600
85,457
79,097
Rio Grande June_ November
365,422
352,310
9,074
wk
3d
Jan
10,864
South
Grande
Rio
Rock Island System December 5,435.044 4,915,666 31,878,359 32,132,644
26,329,463
e St L do San Fran December 9,380,149 3,751,657 24,862,428
177,616 165,342 1,129,569 1,225,736
f Evansv & Ter H December
Total of all lines_ December 9,992,810 8,832,665 57,870,358 59,687,844
740,713
736,008
131,941' 121,723
St Jos & Grand Isi_ November_
5,907,90.6
St Louis Southwest_ 3d wit Jan 195.16:: 168,268 6,034,067
2,395,159
590,582
San Ped LA & SL_r November
Seaboard Air Line_t 3d wk Dec 338,134 319,511 5,146,912 5,210,583
447,947
442,512
18,090
18,824
Atlanta & Blrm_ 3d wk Dec
46,024
46,641
3,048
3,655
Florida West Sh_ 3d wk Dec
297,275
245,570
Southern Indiana.. August- 129,211 160,005 62,781,148
68,396,291
11073402
December 10592952
c Southern Pac Co
3d wk Jan 922,641 900,328 29,799,045 31,355,272
Southern Railway
Mobile & Ohio... 3d wk Jan 170,598 151,758 5,388,958 5,838,818
4.769,700
Cin N 0 & Tex P_ 3d wit Jan 147,510 121,572 4,309,337 2,179,520
53,587 1,991.937
59.656
Ala Great South_ 3d wk Jan
1,140,925
1,019,687
35,935
33,295
Jan
Fla
wk
2d
&
Sou
Georgia
717,015
726,770
20,350
3d wk Jan
24,806
Texas Central
3d wk Jar. 265,674 264,611 8,624.337 9,050,704
Texas & Pacific
41,673
29,451
8,145
5,368
November_
West_
&
Tidewater
372,157 123,505 2,197,608 2,225,667
Toledo & Ohio Cent November_
706,550
636,391
29,514
21,088
Toledo Peor & West 3d wk Jan
74,950 1,016,965 2,337,385
62,071
Toledo St L & West 2d wk Jan
27,736
29,421
4,500
7,286
November_
Tombigbee Valley
153,15i_
128,145
79,500
61,659
Tor Ham & Buffalo August ___
42,640,088
12,919,296
6,530,082
6,582,720
Union Pacific Syst_ December
r November_ 760,886 814.257 3,849,404 1,467,017
Vendetta
608,651
634,971
70,448
105.023
Virginia & Sou West December
3d wk Jan 484,133 473,394 14,088,840 15,469,109.
Wabash
2,730,622
Western Maryland r November_ 408,715 5:13,197 2,584,950
November_ 324,763 383,563 2,739,532 3,083,432
W Jer & Seashore
Wheel & Lake Erie t November. 458,275 525,327 2,573,580 3,028,500
724
1,046
White lIly (Vt) 2 w Its endJ'n16
Wisconsin Centraid Novembe.'. 590,459 603,030 3,308,816 3,528,353
150.031
141,553
23,616
24,778
December
Wrightsv & Tenn
5.352 708
Yazoo & M133 Vali_ December.. 1,129,417 1,068.380 5,292,350
Various Fiscal Years.
Period.
Jan 1
Bellefonte Central
Jan
Delaware & Hudson
Jan 1
Manist'que
Tan 1
Mexican Railway
Jan 1
Mexican Southern
New York Central & Mud Riv(r Jan
Lake Shore & Mich Southern Jan
Jan
Lake Erie & Western
Chicago Indiana & Southern_ Jan
Jan
Michigan Central
Cleve Cln Chic & St Louis.... Jan
Ian
Peoria & Eastern
Ian
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
Jan
Rutland
New York Chicago & St Louis Jan 1
Jan
Total all lines
Tan 1
Northern Central
Ian
d Penn-East of Pitts & Erie
Jan 1
d West of Pittsburgh & Eric
Phila Baltimore & Washington_ Jan 1
Pitts Cin Chicago & St Louis... Tan
Deo
Rio Grande Junction
Jan
Texas & Pacific
Jan
West Jersey 66 Seashore
to Deo
Nov
Nov
Jan
Jan
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Dec
Nov
Jan
Nov
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Current
Year.
Previous
Year.
W,68f;
$65,700
31
30 16,780,866 18,486,735
59,222
50,699
30
296,700
247,800
14
46,822
47,319
14
30 81,065,117 90,936.095
30 36,384,902 41.645.163
:1() 4,1301)27 4,722,514
30 2,629,281 2,744,972
30 22,782.415 26.438,378
30 22,316,184 24,480,143
30 2,502,283 2,779,899
937,804
894,774
30
30 9,171.874 14,188.353
30 2,534,113 2,848 146
30 8,543,637 9,597.421
30 193257229 221345103
30 10,409,208 12,358.008
30 124030773 152901773
30 Dec.18,0 72,300
30 14,790,446 15,972.746
31 26,132,038 32,201,819
880,993
798,735
30
772,780
759,608
21
30 5,011,884 5,410,784
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Curing Year Prev's Year Inc. or Dec.
%
Siontrav Sunmsartes.
Cur'ril Year Pree's Year Inc. or Dec.
$
$
$
$
$
13.37
Month Mch 1908 (126 roads). 162,405,089 187,435,350 -24,040,261 18.85
10.965,461 11,068,062
10,045,953 9,829.824
Month Apr 1908 (119 roads). 154,137,168 190,046,156 -35,908,988 22.67
-45,034,243
198,146,871
13,460,011 14,168,503
153,112,628
Month May 1908 (120 roads).
-33,126,964 18.47
10,308,602 10.168.413
Month June 1908 (113 roads). 146,270,130 179,397,091 -27,5(12,110
14.87
10,418,634
9.906,448
Month July 1908( 97 roads). 150,103,883 133,365,9.3
-20,909,010 16,64.
200,690,782
11,037,836 10428,083
Month Aug 1908 (105 roads). 170,781,772
11,887.895 13,026,254
Month Sept 1908 (114 roads). 210,011,059 223,964,945 -13,950,886 6.23
8,341.090
3,588,102
Month Oct 1908 (119 roads). 223,931,291 210,652,757 -16,721.466 6.95
8,981,170 8,60.038
Month Nov 1908 (118 roads). 205,963,343 213,913,1348 -7,950,305 3.71
4-2.679,882 5.42
52 15A 205 40.474.521
Month Tlen 190R ( 40 roads)
8.646.837
8.937.388
a Mexican, currency. b Includes earnings of Gulf do Chicago Division. c Includes the Houston & Texas Central and its subsidiary lines in both
Includes
Includes Evansville & Indiana RR.
years. d Covers lines directly op_e.raWd• e Includes the Chicago & Eastern Illinois in both years.
earnings of Col. & South.. Ft. Worth do Denver City and all affiliated lines, excepting Trinity & Brazos Valley RR. k Includes in both years earnings
of coat
sale
from
receipts
include
Prescott
not
Fe
do
Pecos
Santa
RR..
figures
Gulf
Valley
These
1
and
RI.
&Phoenix
&
System
Enid
of Denver
o Figures here are on the old basis of accounting-not the new or Inter-State Commerce Commission method. r These figures are on the new bads
nrescrt bed by the Inter-State Commerce Commission.
2d week Nov
Bd week Nov
ath week Nov
1st week Dec
2d week Dec
3d week Deo
4th week Dec
1st week Jan
2d week Jan
3d week Jan
(44 roads)____
(39 roads)____
(44 roads)-_-_
(44 roads)....
.41 roads).46 roads)-___
(18 roads)....
(43 reads)--__
43 roads)._
39 roads)._
$
-102,601 0.92
+216,129 2.20
-698.592 4.93
+140,279 1.38
+512,186 517
+609,553 5.85
+961,641 6.91
+246,103 2.95
+341,132 3.95
4-290.551 3.36
JAN. 30 1909.]
Latest Gross Earnings by Weeks.-In the table which follows we slyn up separately the earnings for the third week
of January. The table covers 37 roads and shows 3.36%
increase in the aggregate over the same week last year.
Third week of January.
1909.
1908.
Increase. Decrease.
Alabama Great Southern
6,069
59,656
53,587
Buffalo Rochester & Pittsburgh
121,161
120,164
Canadian Pacific
1,039,000 1,055,000
Central of Georgia
11,600
210,300
221,900
Chicago & Alton
15,319
250,184
265,503
Chicago Great Western
3,816
147,102
150,918
Chicago Ind & Louisville
2,896
81,633
84,529
Cincinnati New Orleans & T P_ _
25,938
121,572
147,510
Colorado ec Southern
17,389
317,842
335,231
Denver & Rio Grande
36,400
322,400
358,800
Detroit ec Mackinac
21,930
20,729
Duluth South Shore & Atlantic_
2,871
44,731
47,602
Grand Trunk of Canada
Grand Trunk Western
5,629
619,121
624,750
Detroit Grand Haven & Milw
Canada Atlantic
11,600
Internat'l & Great Northern _
135,000
146,600
150,991
Interoceanic of Mexico
117,945
Iowa Central
56,992
54,347
93,345
Louisville & Nashville
763,110
856,455
721,147
Mexican Central
611,722
162,615
Mexican International
131,437
1,842
13,390
Mineral Range
15,232
6,143
60,929
67,072
Minneapolis & St Louis
17,645
161,726
179,371
Minneapolis St Paul & S S M.
676,000 172,000
848,000
Missouri Pacific & Iron Mtn___
2,000
32,000
34,000
Central Branch
18,840
151,758
170,598
Mobile & Ohio
324,450
301,459
National Railways of Mexico
4,597
2,390
Nevada-California-Oregon
1,590
9,074
10,604
Rio Grande Southern
27,194
168,268
195,462
St Louis Southwestern
22,313
900,328
922,641
Southern Railway
20,350
4,456
24,806
Texas Central
264,611
265,674
1,063
Texas & Pacific
29,544
21,088
Toledo Peoria & Western
473,394 • 10,739
484,133
Wabash
Total (37 roads)
Net increase (3.36%)
8,937,388 8,646,837
518,697
290,551
997
16,000
1,201
33,046
2,645
109,425
31,178
22,991
2,207
8,456
228.146
For the second week of January our final statement covers
43 roads and shows 3.95% increase in the aggregate over
the same week last year.
Second week of January.
289
THE CHRONICLE
1909.
1908.
Increase. Decrease.
Previously reported (39 roads) _ 8,764,871 8,411,403
Atlanta Birmingham & Ati__ _ _
39,109
24,312
Mexican Railway
132,500
159,000
Mexican Southern
24,731
24,180
Texas Central
19,959
21,143
586,533
14,797
Total (43 roads)
Net increase 3.95%
601,881
341,132
8,981,170 8,040,038
233,065
26,500
551
1,184
260,749
- -Net Earnings
-Gross Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
5,079
Raleigh & Charleston_a_Dec
6,844
33,429
July 1 to Dec 31
38,408
8,837
Raleigh & Southport_a_Dec
11,854
63,017
July 1 to Dec 31
63,146
Reading CompanyPhila & Reading _b_Dec 3,744,102 3,500,998
July 1 to Dec 31
20,297,432 23,385,246
Coal ec Iron Co_ b____Dec 3,471,324 3.758,446
July 1 to Dec 31
17,233,128 21,022,009
Total both Cos_b__Dec 7,215,426 7,259,444
July 1 to Dec 31
44,407,253
Reading Company_ ___Dec37,530,559
July 1 to Dec 31
Total all Companies_ Dec
July 1 to Dec 31
Rio Grande Junction_ _ _Nov
85,457
79,097
Dec 1 to Nov 30
798,735
860,993
Rock Island_a
Dec 5,435,044 4,915,666
July 1 to Dec 31
31,878,359 32,132,644
St L ec San Fran_a__ _Dec 4,380,149 3,751,657
July 1 to Dec 31
24,862,428 26,329,463
Evansv & Terre H _a_ _ Dec 177,616
165,342
July 1 to Dec 31
1,129,569 1,225,736
Total all Companies_a Dec 9,992,810 8,832,665
57,870,358 59,687,844
July 1 to Dec 31
Dec10,592,952 11,073,402
Southern Pacifica
62,781,148 68,396,291
July 1 to Dec 31
Dec 4,840,574 4.133,264
Southern By Co-b
27,105,652 28,824,993
July 1 to Dec 31
119,638
Texas Central
Dec 132,863
656,977
651,288
July 1 to Dec 31
6,582,720
582,720
6,530,082
Union Pacific
Dec
42,640,088 42,919,296
July 1 to Dec 31
79,448
Virginia & Southwestn.b.Dec
105,023
608,651
July 1 to Dec 31
634,971
z23,616
Wrightsville & Tennllie.b.Dec :24,778
July 1 to Dec 31
z144,553
z150,031
1,548
11,443
4,605
20,669
199
5,116
309
14,974
1,578,263 1.273,759
8,183433 9,080,148
306,666
322,690
1,062,593 1,777,262
1,884,929 1,596,449
9,245,726 10,857,410
124,217
130,925
767,223
767,197
2,015,854 1,720,666
10,012,923 11,624,633
n23,729
n25,637
n258,298
n239,621
1,403,894 1,258,049
8,635,898 8,509,163
913,280
1,258,202
6,658,206 6,829,627
37,267
48,060
356,274
365,631
2,710,156 2.208,595
15,659,736 15,695,065
3,805,684 3,318,779
22,926,483 19,376,200
y1,537.817
y976,087
V9,023,016 y7,217,098
53,534
53,197
228,549
221,711
3,199,743 2,634,985
22,067,307 17,645,459
31,078
6,188
249,186
176,088
14,368
8.111
44,532
49,153
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taves.
The company now includes the earnings of the Denver Enid & Gulf RR.,
Pecos Valley systems and Santa Fe Prescott & Phoenix Ry. in both years.
For Dec. taxes and rentals amounted to $66,512, against $215,970 in
1907: after deducting which, net for Dec. 1908 was $3,438,195, against
$2.314,817 last year. For period from July 1 to Dec. 31 taxes and rentals
were $1,342,895 in 1908, against $1,418,486 in 1907.
n These figures represent 30% of gross earnings.
x These figures are on the basis of accounting required by the Inter-State
Commerce Commission.
II After allowing for net revenue from outside operations and deducting
taxes, operating income is $1,389,918 in Dec. 1908, against $795,004 last
year, and from July 1 to Dec. 31 is $8,143,535 in 1908, against $6,234,998.
z Includes $161 other income for Dec. 1908, against $97 in 1907, and for
Period from July 1 to Dec. 31 includes $580 in 1908, against $596 last year;
the earnings of the Dublin & Southwestern RR. are included in both years.
Interest Charges and Surplus.
-Int., Rentals, &c.
Current
Previous
Year.
Year.
-Bal. of Net E.1103.Previous
Current
Year.
Year.
Roads.
82,438
xdef13,877
Bangor & Aroostook_ _ _Dec
493,371
July 1 to Dec 31
x33,463
Boston Revere Beach & Lynn18,564
18,620 xdef2,732 xdef2,908
Oct 1 to Dec 31
36,668
35,802
x48,916
x46,402
July 1 to Dec 31
72,207
67,081
x54,584
x45,371
Jan 1 to Dec 31
Central of New Jersey.._Dec 384,857
474,590
485,074
462,731
July 1 to Dec 31
2,946,858 2,801,179 2,729,725 3,645,904
Colorado & Southern___Dec 251,767
c282,643
239,980
c254,161
July 1 to Dec 31
1,547,820 1,406,805 c1,567,280 c1,517,787
--Gross Earnings-- -Net Earnings
Current
Previous
93,304
Georgia Railroad
Dec
63,362 xdef33,873 xdef42,748
Previous
Current
Year.
345,677 xdef40,417 xde157,744
Year.
July 1 to Dec 31
368,895
Year.
Year.
Roads.
3.882
2,145
3,979
3,985
Maryland & Penne
Dec
51,699
Atch Top & Santa Fe. b_ Dec 8,147,895 8,140,482 53,504,707 52,530,787
37,368
23,876
23,876
July 1 to Dec 31
July 1 to Dec 31
47,162,192 48,739,628 518,286,458 514,607,733 Reading Company
849,924
870,742 1,147,229
Dec 868,625
Atlantic Coast Line_a___Dec 2,535,102 2,296,083
598,418
944,128
5,211,750 5,224,452 4,801,173 6,400,181
July 1 to Dec 31
July 1 to Dec 31
12,225,610 13,186,201 3,451,394 2,756,198 Rio Grande Junction ___Nov
17,304
15,396
8,333
8,333
158,298
139,621
Bangor & Aroostook_ b.Dec 215,871
100.000
100,000
60,836
Dec 1 to Nov 30
July 1 to Dec 31
1,396,383
469,907
50,613
2,584
50.950
Dec
2,584
Texas Central
206,207
213,045
Boston Revere Beach & Lynn-b
15,504
15,504
July 1 to Dec 31
174,044
154,902
Oct 1 to Dec 31
10,565
10,982
466,286
July 1 to Dec 31
450,486
73,532
69,420
c After allowing for miscellaneous charges and credits to income.
828,766
Jan 1 to Dec 31
800,274
106,471
91,004
x Alter allowing for other income received.
Dec 207,742
187,621
37,832
11,265
-Buffalo & Susq By
STREET RAILWAY AND TRACTION. COMPANIES.
1,172,196 1,179,157
238,879
165,528
July 1 to Dec 31
566,122
515,622 ' 185,813
87,578
Buff Roch & Pittsb_b__Dec
3,732,300
4,453,199 1,126,688 1,424,278
July 1 to Dec 31
Jan. 1 to latest date.
Latest Gross Earnings.
Dec 927,900
801,100
285,100
242,700
Name 01
Canadian Northern
5,635,100 5,307,900 1,757,900 1,608,400
Previous
Road.
Week or Current Previous Current
July 1 to Dec 31
Month,
Year.
Year.
Year.
Year.
Dec 6,955,874 6,418,576 2,196,752 2,077,190
Canadian Pacific
' 40,711,655 40,885,404 14,041,177 14,431,023
• July 1 to Dec 31
$
$
$
$
309,897
215.070 American Rys Co__ _ December
•Central of Georgia _a_ __ _Dec 1,079,373 1,012,536
237,419 231,671 2,798,096 2,940,673
5,078,806 6,354,926 1,658,803 1,492,672 c Aur Elgin ec Chi Ry )ecember
• July 1 to Dec 31
109,578 109,596 1,398.930 1,415,992
41,445 41,025
869,931
937,321 Bangor Ry & Elec Co )ctober __
Central of New Jer_b_Dec 2,133,883 2,212,695
qovember
24,823 23,452
13,079,915 14,644,599 5,670,584 6,447,082 Binghamton Ry
July 1 to Dec 31
199,036 200,968 2,167,546 2,220,999
131rm By Lt & Power )ecember
4,580
4,076
912 Brockton & Ply StRy iovember
1,985
Chesterfield & Lanc___ _Dec
111,997
8,331
8,085
114,304
32,007
8,541 Camaguey Co
July 1 to Dec 3125,502
9,420
97.424
62,975
11,284
0,962
)ctober--225,777
225,260
x Chicago & N W_b____Dec 5,234,346 4,592,690 1,735,988 1,305,375 Cape Breton Eke Co.. qovember
21,789 23,384
739,619
35,333,129 36,136,714 13,618,764 12,200,466 Central Penn Trac__ _ )ecember
61,081
59,528
708,294
July 1 to Dec 31
,67,995 62,648
757,456
715,669
Colorado & Southern_b_Dec 1,409,608 1,389,838
489,816
522,039 Chariest Con RyG &E )ecember
July 1 to Dec 31
8,088,654 7,843,812 2,921,120 2,867,138 Chicago Railways Co_ )ctober __ 968,542 937.041
32,055 26,904
295,812
296.318
Painesv & East )ecember
Cleve
Cornwall
10,280
5,412
3,824
208 Dallas Electric Corp_ Vovember 105194 103,206
a Dec
July 1 to Dec 31
89,817
39,555
7,878
42,890 Detroit United Ry__ _ Id wk Jan 118,458 110,328
326,439
356,945
Demerara Elect Co
12,835
14.767
16,144
11,504
6,280
st wk Jan 16,144
5,270 Duluth Street Ry
Dec
14.767
172,276 180,575 2,009,514 2,157,442
Jan 1 to Dec 31
51,414 East St Louis & Sub.. )ecember
119,529
54,031
123,780
Vovember
47,597 46,431
479,029
455,900
Detroit & Mackinac_a__Dec
85,345
83,423 def22,629
20,053 El Paso ElectricTr Co_ )ctober___
33,264
Fair
&
Clarksb
34,655
322,387
301.726
July 1 to Dec 31
558,698
155,621
635,121
116,156
Ft Wayne & Wabasn
272,373
Erie a
Dec 4,022,330 3,771,283 1,010,581
Valley Traction Co Vovember. 111.794 115,089 1,203,884 1,167,594
July 1 to Dec 31
26,208,383 27,626,633 6,969,689 5,368,474 Galv-Hous Elec Co
991,448' 963,224
Vovember
104,446 89,740
944,916
940,645
81,855 74,615
Fairchild & N E_b
1,812
det1,091 Grand Rapids By Co December
Dec1,607
det 198
35,729 33,018 a143,526 a137,197
9,974
(le1f1,0
9.2
50
20 Havana Electric By. .Vk Jan 24
July 1 to Dec 31
def1,446
10,052
Honolulu Rapid 'Fran
•GeorgialRallroad
b Dec 246,489
247,947
50,222
301,785
316,558
)ctober __
34,010 30,207
& Land Co
July 1 to Dec 31
1,179,249 1,593,196
270,015
282,246 Houghton
Co Tr Co_ _ Vovember
230,176
21.591
19,816
240 7 2
Dec 181,263
28,589 Illinois Traction Co
62,900
do Ship Island
163,643
Gulf.'&
Vovember_ $60,679 335,889 3,712,953 3,427,210
939,953 1,192,913
278,246 Jacksonville Elec Co_ covember
230,110
359,149
391,871
tos July 1 to Dec 31
36.882 31,171
'Keystone Telephone_.__Dec
88,854
41,833 Kansas City By & Lt Vovember_ 543,514 518,424 5.698,450 5,518,229
87,35644,531
605,777
572,272
50,123 56,032
528,237
247,302 Knoxville By & LtCo )ecember
266,459
July 1 to Dec 31
524,636
68,352 69,835
Lake Shore Elec By. iovember_
202 Lex & Inter Rys Co
Louisiana & Arkansas Dec 102,468
64,188
33,771
516,355
566.418
Jovember
46.098 42,988
570,063
31
184,047
609,483
142,833
July 1 to Dec
642,010
670,897
60,702 60,467
Little Rk Ry & El Co )eccmber
26,769
7,867 Memphis Street By. _ )ecember
Dec
143.362 133,313 1,627,648 1,604,384
28,381
6,124
Maryland & Penna
1 97,033
75,575 Metrop West Side El )ecember_ 229,192 228,970 2,572,842 2,714,056
213,349
61,244
July 1 to Dec 31
75,950 Milw Elec Ry & Lt Co lovember.. 337,234 326,953 3,538,735 3,488,990
270,638
91,144
N Y Susq &Western_a_Dec 285,414
790,472
766.632
Milw Lt Ht & Trac Co Iovember_
63.295 63.933
1,585,544 1,740,502
July 1 to Dec 31
471,954
440
5: 7
59
09
Net Earnings Monthly to Latest Dates.-The table following shows the gross and net earnings of STEAM railroads
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 Jan. 23 1909. The
next will appear in the issue of Feb. 27.
290
THE CHRONICLE
Latest Gross Earnings.
[VOL. Lxxxvin.
-Gross Earnings- -Net Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Previous
Year.
Roads.
$
4
Year.
I
93,282
--- Nor Texas Elec Co..b-..-Nov
83,568
37,651
36,183
$
$
$
$
Oakland Traction Co_ ___Dec 241,268
240,300
127,724
.119,868
Ry_
_
Wk Jan 23 65,227 64,141
Montreal Street
217,820
209,078
Dec
31
1
to
2.801,787
Jan
2,789,685
1,478,980
1,382.889
Nashville By & Light November_ 138,599 139,559 1,447,947 1,438,160
Nov
City Ry
23,845
18,622
4,600
6,443
38,518 33,236
NJ & HR Ry & FyCo December
537,768
482,051 Oklahoma
260,529
Jan 1 to Nov 30
239,412
71,981
North Ohio Tr & Lt_ December
91,582
160,454 147,862 1,890,473 1,909,061
North Texas Elec Co_ November
93,282 83.568
Portland By Lt & Pow..Dec 386,797
342,293
208,874
168,630
Nor! & Portsm Tr Co November_ 156,732 202.006 1,708,762 2,417-i18
4,351,676 3,982,658 2,229,190 1,772,067
Jan 1 to Dec 31
Northwestern Elev - _ December. 189,197 164,235 1,956,014 1,755,035
Nov
Co
32,745
30,947
18,636
12,852
Oakland Traction Co December
241,268 240,300 2,801,787 2,789,685 Porto Rico Rys
342,611
Jan 1 to Nov 30
319,408
153,770
132,437
Oklahoma City Ry__ November_
23,845 18,622
260,529
239,412
627,640
Portland By L &PCo December
540,128
386,797 342,293 4,351,676 3,982,658 Rio de Jan Tr L&PCo_a_Nov
256,846
197,546
6,519,384 5,721,993 2,504,795 1,906,163
Jan 1 to Nov 30
Porto Rico Rys Co.._ November_
32,745 30,947
343,611
319,408
Rio de Janeiro Tram
75,929
SanFran Oak & SanJose_Dec
72,019
38,838
34,668
Light & Power_ ___ November_ 627,640 540,128 6,519,384 5,721,993
Jan 1 to Dec 31
901,110
812,868
455,393
386,818
St Joseph (Mo) By Lt
Pow..
Dec
Lt
&
Tr
Sao
204,705
Paulo
193,835
137,000
124,520
Heat & Power Co_ December
83,259 74,172
909,965
870,286
Jan 1 to Dec 31
2,263,844 2,091,173 1,450,554 1,352,306
San Fr Oak & San Jo December
75,929 72,019
901,110
812,868
Sao Paulo Tr Lt & P. December
204,705 193,835 2,263,844 2,091,173 Savannah Elect Co_ b___Nov
54,949
20,755
51,121
15,835
Savannah Electric Co November
54,949 51,121
Jan 1 to Nov 30
541,817
541,817
548,834
178,083
194,869
548,834
Seattle Electric Co_ __ November 398,795 369,585 4,100,947 3,740,066 Schuyl & Dauph Tr Co_ -Dec
2,137
1,082
South Side Elevated_ December. 192,276 185,671 2,130,180 2,006,530
May 1 to Dec 31
20,538
9,071
Sou Wisconsin By Co December
13,182
12,574
156,115
153,889 Seattle Electric Co_ b__ _Nov
398,795
Spring! (Ill) R&L Co December
369,585
162,116
93,958 86,196
146,959
893,342
863,728
1
to
Nov
Jan
30
4,100,947
3,740,066
Syracuse Rap Tr By. September 119.110 119,078
1,624,128 1,503,879
962.598
933.122
Tampa Elec Co_ _ _ November
49,176 45,736
502,509
83,259
74,172
475,284 St Joseph Ry Lt Ht & P_ Dec
38,002
46,411
Toledo Rys & Light_ December
235,974 226,034 2,538,633 2,554,290
Jan 1 to Dec 31
909,965
870,286
454,058
428,017
Toronto Railway
Wk Jan 16 65,935 59,976
151,578
140,906 Springfield (Ill) Ry& Lt_Dec
93,958
86,196
49,828
48,977
Twin City Rap Tran_ 2d wk Jan 117,126 103,670
234,525
209,091
Jan 1 to Dec 31
893,342
863,728
450,840
450,828
Underground El Ry 1
49,176
Tampa Electric Co- b__Nov
of London45,736
17,763
17,930
502,509
Three tube lines.. _ Wk Jan 16 £13,320 £11,580
Jan 1 to Nov 30
475,284
163,851
123,980
£26,600
£23,495
Metropolitan Dlst_ Wk Jan 16 £10,010 19,003
£19,925
Toledo Rys & Lt Co_b_Dec 235,974
226,034
115,618
102,027
£17,985
United Tramways_ Wk Jan 16 15,239
£5,043
111,963
2,538,633 2,554,290 1,161,612 1,098,787
Jan 1 to Dec 31
£12,7 8
United RRs of San Fr November 574,522 449,732 6,251,865 4,261,829
526,574
497,428
City R T Co_ b____Nov
266,794
233,018
United Rys of St L.. December
910,288 870,002 10,593,165 10,828,737 TwinJan
30
Nov
5,84 6,542 5,552,879 2,948,844 2,852,445
to
1
WhatcomCo By & Lt November
32,97133,342
324,897
321,273
L_a__
_Dec
of
St
910,288
Rys
United
870,002
354,858
312,095
d These figures include receipts for four days of December in both vpny.
10,593,165 10,828,737 3,855,704 3,784,855
Jan 1 to Dec 31
C These figures are for consolidated company.
574,522
440,732
258,189
United RRs of San Fran.Nov
130,248
Street Railway Net Earnings.-In the following we show Western N Y & Penna Tr Co_ bboth the gross and the net earnings to latest dates of all
80,979
Oct 1 to Dec 31
37,593
65,264
44,991
STREET railways from which we have been able to procure Whatcom Co Ry & Lt_b.Nov
32,971
14,859
33,342
14,277
324.897
Jan 1 to Nov 30
137,832
133,790
321,273
monthly returns. As in the case of the steam roads, the
a Net earnings here given are after deducting taxes.
returns of the different roads are published by us each week
earnings
here
given
are
before
Net
deducting taxes.
b
Name of
Road.
Week or
Month.
Jan. 1 to latest date.
Curient Previous
Year.
Year.
Current
Year.
as soon as received, and once a month we bring together all
the roads reporting, as is done to-day.
-Gross Earnings-Previous
Current
Year.
Year.
Roads.
I
$
Aurora Elgin & Chic_ _ _ _ Dec
109,596
109,578
July 1 to Dec 31
783,222
781,045
Bangor Ry & Elec Co- _ _Oot
41,445
41,023
Binghamton Ry Co__ _Nov
23,452
24,823
Birm By Lt & Power_a_Dec 199,036
200,968
Jan 1 to Dec 31
2,167.546 2,220,999
Brock & Plym St Ry_b_Nov
8,085
8,331
Jan 1 to Nov 30
111,997
114,304
Camaguey Co
6,962
Oct
11,284
Jan 1 to Oct 31
62,975
97,424
Cape Breton Elec Co_ b_ -Nov
23,384
21,789
225,260
225,777
Jan 1 to Nov 30
Central Penn Trac Co__Dec
59,528
61,081
708,294
739,619
Jan 1 to Dec 31
CharlestonConsRy&EI b Deo
62,648
67,995
637,658
607,860
Mch 1 to Dec 31
Chica_go Railways Co_ _ __Oct
968,542
937,041
8,189,893 8,025,171
Feb 1 to Oct 31
32,055
26,904
Cleve Painesv ee East_a_Dec
296,318
295,812
Jan 1 to Dec 31
105,194
Dallas Electric Corp_ b.-Nov
103,206
570,711
..Nov
561,301
Detroit United-a
6,508,693 6,552,743
Jan 1 to Nov 30
Duluth Street Ry_ b_ _ _ _Nov
72,813
76,661
Jan 1 to Nov 30
772,993
808,653
&
Sub____
East St Louis
Dec 172,276
180,575
big Jan 1 to Dec 31
2,009,514 2,157,442
El Paso Electric Co_ b_ _Nov
46,431
47,597
455,900
479,029
Jan 1 to Nov 30
Fairm & Clarksburg_ b...,Oct
33,264
34,655
301,726
322,387
Jan 1 to Oct 31 '
115,089
Ft Wayne & W V Tr Co_ Ncrv
111,794
Jan 1 to Nov 30
1,203,884 1,167,594
Galv-Hous Elec Co_ b_ -_Nov
104,446
89,740
Jan 1 to Nov 30
963,224
991.448
Georgia Ry & Elec__-..Doe 314,342
302,671
Grand Rapids By Co_ _ __Dee
81,855
74,615
Jan 1 to Dec 31 ,
944,916
940,645
Honolulu R T & L Co_b-001
30,207
34,010
Jan 1 to Oct 31
301,785
316.558
Houghton Co Trac Co_ b_ Nov
19,816
21,591
230,176
Jan 1 to Nov 30
240.742
Illinois Traction Co
335,889
Nov
360,680
Jan 1 to Nov 30
3,712,953 3,427,210
Jacksonville Elec Co_ b__Nov
31,171
36,882
Jan 1 to Nov 30
359,149
391,871
Kan City Ry & Lt Co_ b_Nov
518,424
543,514
June 1 to Nov 30
3.232,639 3.166,072
Kansas City WesternJuly 1 to Dec 31
173,813
182,927
Knoxville By & Lt Co_a_Dec
56,032
50,123
Jan 1 to Dec 31
605,777
572,272
Lake Shore Elec Co-a___Nov
69,835
68,352
Lexington & Interurh__Nov
46,008
42,988
Jan 1 to Nov 30
516,355
566,418
Little Rock Ry & El Co a Dec
60,467
60,702
Jan 1 to Dec 31
642,010
670,897
Massachusetts Elect Cos- bOct 1 to Dec 31
1,772,755 1,780,074
July 1 to Dec 31
4,256,465 4,375,660
Memphis Street By Co a_Dec 143,362
133,313
Jan 1 to Dec 31
1,627,648 1,604,384
Milw El By & Lt Co-b_ _Nov
337,234
326,953
Jan 1 to Nov 30
3,538,735 3,488,990
Milw Lt lit & Trac Co_ b_ Nov
63,295
63,933
Jan 1 to Nov 30
790,472
766,362
Montreal Street By. __Dec 304,884
294,640
Oct 1 to Dec 31
935,071
902,723
Nashv By & Lt Co_a--.Nov
138,599
139,559
1,947,947 1,438,160
Jan 1 to Nov 30
Norfolk & Portsm Tr Co_ Nov
156,732
202,006
Jan 1 to Nov 30
1,708,762 2,437,818
Nor Ohio Tr & LI
Dec 160,454
147,862
Jan 1 to Dec 31
1,890.473 1,909,061
--Net Earnings--Current
Previous
Year.
Year.
$
47,025
47,298
372,294
369,472
22,376
22,876
8,996
8,370
64,548
19,825
733,696
699,520
1,318
.1,301
30,090
35,520
4,916
3,188
44,543
32,346
10,476
10,887
94,740
85,278
15,994
11,854
151,356
149,391
23.192
21,136
224,632
221,350
291,181
292,672
2,436,698 2,514,575
19,393
15,901
128,514
139,121
38,839
40,060
196,026
191,042
2,326,105 2,399,807
28,836
31,798
316,320
380,893
70,130
84,274
947,205 1,029,548
12,913
15,758
127,867
118,460
22,019
18,145
201,789
172,992
52,798
52,470
531,488
484,091
44,853
36.066
406,412
389,352
166,473
143,983
39,137
34,213
469,660
488,968
16,535
13,123
141,190
136.416
9,528
7,455
103,245
92,963
164,297
140,294
1.592,456 1,498,689
16,683
11,128
151,710
141,323
242,548
242,394
1,406,495 1,545,854
71,359
26,442
279,487
27,636
13,127
197,748
32,376
331,663
66,811
31,086
282,324
23,168
14,823
185,900
30,210
311,841
475,327
1,617,220
47,898
592,996
176,325
1,725,256
33,666
449,825
99,066
377,776
59,327
582,396
69,400
697,842
74,306
804,049
459,411
1,740,560
42,587
597,233
157,368
1,690,426
34,348
437,690
102,330
363,201
52,377
578,959
57,754
933,944
65,576
813,300
Interest Charges and Surplus.
-I;leta
.,
r.Rentals, &e.Current
Previous
Year.
Roads.
$
$
Aurora Egin & Chc_ ___ Dec
27,996
28,034
July 1 to Dec 31
166,478
166,583
Binghamton By Co_ _ _Nov
8,748
8,269
Birmingham By Lt & P_Dec
44,476
43,080
Jan 1 to Dec 31
527,386
479,506
Brock & Piym St Ry__ _Nov
232:1146
9
2.226
Jan 1 to Nov 30
23,369
Cape Breton Electric Co_Nov
54
2,
:4
89
56
8
4 843
Jan 1 to Nov 30
50,980
ChariestonConsRyG&EI_Dec
13,817
13.493
Jan 1 to Dec 31
137
7:9
69
12
3
135.120
Cleve Painesv & East'n-Dec
29
56
2
86
9:5
Jan 1 to Dec 31
87,999
Dallas Electric Corp_ - - -Nov
28,395
Detroit United
Jan 1 to Nov 30
1,4
18
3
12
56,:7
0
80
6
18
7
1 1,4
13
2394 42
68°
17
0
9
Nov
Duluth Street 113,
17,913
Jan 1 to Nov 30
202
195,639
7:3
56
07
8
Nov
El Paso Electric Co
6,159
Jan 1 to Nov 30
75,215
60,803
Fairm & Clarksburg_ - __Oct
Jan 1 to Oct 31
VT
121,493297
Galv-Hous Electric Co_ _Nov
20,941
19,9 9
Jan 1 to Nov 30
26
197,226
1026:5
18
29
2
jlauniu1Rtaop OctTr C3o1_.:L..1 Oct
Hono
249
6.13,t 1
5,,086365
Houghton Co Trac Co.._ _ Nov
4,776
Jan 1 to Nov 30
40,966
51,27.1
Jacksonville Electric Co_Nov
9,020
7,883
Jan 1 to Nov 30
92,398
67,771
Kansas City By & Lt-__Nov
153,899
151,099
June 1 to Nov 30
93
11:4
28
53
2
924,565
Knoxville Ry & Lt Co__Dec
11,438
Jan 1 to Dec 31
95
55
2
13
17
0:3
129,010
Little Rock By & Elec. _Dec
8,390
Jan 1 to Dec 31
121,677
101,367
Massachusetts Elect CosOct 1 to Dec 31
436,894
436,436
July' 1 to Dec 31
854,387
843,113
Memphis Street By..
_ _ _Dec
35,803
34,446
Jan 1 to Dec 31
421,437
404,822
Milw El Ry & Lt Co_ __ _ Nov
101,055
100,430
Jan 1 to Nov 30
1,095,285 1,082,445
Milw Lt lit & Trac Co_Nov
59,056
57,598
Jan 1 to Nov 30
62
58
6:0
20
29
6
504,685
Montreal Street Ry____Dec
28,334
Oct 1 to Dec 31
82,468
3
81
3:2
23
54
2
Nov
Nashv Ry & Lt Co
32,507
Jan 1 to Nov 30
352,127
325,309
Nor Ohio Trac & Lt__ __Dec
43.999
43,382
Jan 1 to Dec 31
526,532
513,242
Nor Texas Electric Co_ _Nov
14,915
14,102
Oakland Traction Co___Dec
45,943
46,757
Jan 1 to Dec 31
550,977
534,008
SanFran Oak & SanJose_Dec
22,727
20,390
Jan 1 to Dec 31
8
67
07
2
144
u:5
Savannah Electric Co___Nov 2
15
61
9
45:5292989
,8 9
15,779
Jan 1 to Nov 30
Schuyl & Daugh Tr Co.-Dec
857
May 1 to Dec 31
6,522
Seattle Electric Co
Nov
95,797
83,766
Jan 1 to Nov 30
931,619
789,971
Tampa Electric Co
Nov
4,414
957
Jan 1 to Nov 30
30,391
13,115
Toledo Rys & Lt Co__ _Dec
72,125
68,604
Jan 1 to Dec 31
851,782
794,996
Twin City Rap Tran Co_Nov
143,667
131,141
Jan 1 to Nov 30
1,427,456 1,300,525
United Rys of St L
Dec 233,866
231,494
Jan 1 to Dec 31
2,798,738 2,778,023
Western N Y & Penna Tr CoOct 1 to Dec 31
36,051
38.425
Whatcom Co Ry & Lt._Nov
8,861
7,571
' Jan 1 to Nov 30
86,843
'
31
78,432
z After allowing for other incomelreceived.
61'
-Bal. of Net E'ngs.Previous
Current
Year.
Year.
$
19,265
19,029
202,889
205,816
101
248
20,072 1e123,255
220,014
206,310
di f 925
de6f:98014
1
5,580
42,282
67
45
0
6,3
89
84
0
5
740
11;47
40,515
2 441
11
6:05
34,298
7,643
86,230
05866
0759
5
x615302
6::8
6
11,480
xz819689,964 x1,015,330
13
55
9
2,9
11
13
5,405
52,652
.f13:M
13
2
92
19
23,8
7,,,( 7
03
3
7
1161
%73 86
51,971
59,312
3
249
5,6
78
48
14,959
141,635
22,021
209,986
38,433
762.833
12,095
171,559
x79,638
z681,230
z19,693
z292,261
71,040
295,308
9
6°
0,8
22
22
36
30.307
277,517
22.736
81.781
928,003
16,111
195,795
180
5:2
55
00
4
57.657
x17,583
x183,567
16,15
192,127
x7,855
x82,630
2,679
42,997
73
3,5
24
55
2
91,295
8
29
0
8
2
281
1,
:86
24
61
153,314
210,474
802872,:419447415
192,411
x65,006
x682,902
x21,825
x203,640
73,996
279,947
21,145
253,650
22,214
300,064
7
23
2,1
51
81
848,881
14,278
142,14
51
6
40,474
46
,8855
134'
225
2,549
63,193
66,310
713,908
692,509
16,973
13,349
110,865
133,460
x34,258
x43,386
x314,701
x313,307
101,877
123,127
1,521,388 1,551,920
80,601
120,992
1,056,968 1,006,832
x6,376
5,416
46,947
x355
7,283
39,400
JAN. 30 1909.]
THE CHRONICLE
291
CONDENSED BALANCE SHEET DEC. 31.
1908.
1907.
1907
1908
Assets$
Annual Reports.-The following is an index to all annual Cost of road & eq_20,389,277 20,210,086 Capital stoek
10,000,000 10,000,000
Stock in treasury_ 1,039,600 1,061,100 Bonds
16,426,000 16,428,000
reports of steam railroads, street railways and miscellaneous Bonds in treasury
Collat. trust notes 600,000
600,000
(not certified)__ 1,167,000 1,440,000 Canton-Akron pref.
companies which have been published since Dec. 26.
Trustee bonds in
stock
9,700
treasury____ 3,800,000 3,800,000 Notes payable
This index, which is given monthly, does not include Bonds
183,660
165,000
pledged for
Accounts payable_
53,457
87,378
coll, trust notes. 935,000
reports in to-day's "Chronicle." Reports in Volume 87 Bonds
935,000 Int.acced,not due
51,067
50,392
pledged for
Tax accr'd,not due
27,511
25,285
notes payable.._ 310,000
are shown in heavy-faced type.
Injury and damElectric Depot Co.,
age fund
19,132
21,800
RailroadsPage.
Page.
Industrials-(Con.)stock
20,000
20,000 Sundry acc'ts and
Atlanta Birmingham & Atlantic
American Pipe Mfg. Co
229 Stocks of other cos.
12,000
miscellaneous
11,000
14,210
12,192
(report to stoelt'ers on receivership_ 227 Boston Belting (Vulcanized Rubber
J. R. Nutt, trustee
Deprecia'n reserve 200,000
100,000
Interhorough-Metropolitan Co., N.Y. 227
(coal lands)
1662
Goods), Boston
40,620
40,479 Income account
782.942
751,582
Mexican Central Ry
Cash
1660 Buffalo (N. Y.) Gas Co
on hand and
1662
Underground El. Rya. of London
I660 Canton Company, Baltimore, Md._ _1661
In transit
58,507
7,264
Elearic Railways155 Notes receivable.._
Claflin (II. B.) & Co
2,800
3,056
American Light & Traction
229 Consolidated Gas Co.,N. Y.(6 mos.) 156 Due from Indite's
Boston Elevated Ry
and companies_
98 Detroit Edison Co
161
52,456
119,262
Boston & Worcester Electric Co.. _l660 Harrison Bros. &
161 Material &supplies
Co., N.Y
56,276
79,121
North, Ohio Traction & Light Co
Prepaid &unexp'd
231 Hudson River Electric Power Co. &
Industrialsaccounts, &c
Subsid. Co's (Report of Stone &
12,442
15,961
Adams Express Co. (Balance Sheet
228
Certified
Webster)
bonds In
June 30 1908)
230 Inland Steel Co., Chicago
155
treasury
462,000
509,000
American Book Co. (Balanee Sheet
Lawyers' Mortgage Co., New York_ 156
June 30 1908)
230 Midvale Steel Co., Philadelphia_ _ 156
Total
28,357,979 28,251,329
Total
28,357,979 28,251,329
American Cement Co
--V. 88, p. 23f.
160 Monongahela River Consolidated
American Express Co.(Balance Sheet
Coal dr Coke Co
227
June 30 1908)
230 Northern Securities Co., New York.. 159
American District Teleg. Co., N. Y_ 232 Sears-Roebuck & Co.(6 months)._ _ 235
United States Steel Corporation.
American Gas & Electric (Official
Standard Cordage Co
228
Statement)
1661 Swift & Company
155 (Earnings for
the Quarter and Year ending Dec. 31 1908.)
American Ice Co., New York
155 Torrington Co., Torrington, Conn 1662
ANNUAL REPORTS.
Southern Pacific Company.
(Report for Fiscal Year ending June 30 1908.)
On subsequent pages is given the report of the board
of directors, signed by President Harriman; also the comparative income account for two years on the new basis
prescribed by the Inter-State Commerce Commission, the
balance sheet for two years, and other tables. Below are
the principal traffic statistics compiled for the "Chronicle."
TRAFFIC STATISTICS.
1907-08.
9,505.61
1906-07.
9,400.59
Average miles of road operated
Passenger TrafficRail passengers carried
19,080,205
17,344,885
Rail passengers carried 1 mile
1,452,147,456 1,386,864,368
Av. miles carried-all passengers
39.62
37.03
Aver, received from each passenger
$0.86
Aver, per passenger per mile
2.174 eta.
2.113
eta.
Receipts per mile of main track (c)
$3,993
$4,176
Receipts per rev, train mile (a) (c)
$1.94
*1 85
Aver. No. passengers per train
79
76
Freight trafficTons carrled, including company's freight_
28.998,913
29,871,901
Tons carrled 1 mile
7,845,002,515 7,995,891,714
'i
Tons per mile of road-all freight (c)
824,251
849,424
Aver. miles hauled-all freight
270.53
267.67
Average received from each ton
$3 08
Aver, per ton per mile-company freight_
1.0973
"
ets.
$
1.098 cis.
Receipts per revenue train mile-commercial
freight (b) (c)
$3 59
$3 53
Ton miles per rev, train mile-all freight (aver.
tons per train ) (8) (c)
403.38
379.80
Ton miles per traffic mile all freight (average
tons per train) (c)
341.92
324.71
Aver, tons per loaded car-all freight (c)
21.43
19.78
a Based on revenue passenger and all mixed train miles, but excluding
locomotives, light and helping. b Based on revenue freight and all mixed
train miles, but excluding locomotives, light and helping: the methods
prescribed by the Inter-State Commerce Commission of the United States.
c Based on rail lines only (kxcluding second track.)-V.87, p. 1421.
Northern Ohio Traction ft Light Company.
311908.)
President H. A. Everett, Cleveland, 0., Jan. 16 1909,
writes in substance:
(Report for Fiscal Year ending Dec.
Maintenance.-N otwithstanding the slight decrease in income for the
year, the property has been maintained at its usual high standard, the
total expenditure for maintenance being $247,763, as against $251.765
for the year 1907, a decrease of only $4,002. This slight decrease is due
entirely to the reduction in the cost of material and not to any lack of
attention to either the roadbed or the equipment. In the item of tie
replacement alone there were replaced 21,000 in 1908, as against 15.000
In 1907.
Additions and Improvements.-The total amount expended for additions
and betterments during the year was $162,103, sub-divided as followsTrack,roadway & elect. lines $44,688 Cars and equipment
$53,863
Buildings and fixtures
1,646 Electric light department.... 14,147
Power houses
45,025 Miscellaneous
2,734
Four new cars were purchased for the Limited Service between
land and Canton. Each car has a seating capacity of sixty people. CleveElectric lighting lines have been extended and additional meters, transformers and arc lamps added, in order to keep pace with the growth
of
business.
Dividends.-On March 15th and June 15th the usual
of 1% dividend
was paid. On account of the summer earnings showing a decrease, the
directors thought It advisable to reduce the dividend for the third and
fourth quarters to X of 1%. The dividend distribution for the year was
therefore 134% on the outstanding capital stock, or $134,151.
Stockholders.-The company now has 66$ stockholders of record, an
increase of 128 over the previous year.
3.6
RESULTS FOR CALENDAR YEAR OF THE COMBINED PROPERTIES
1908.
Miles operated Dec. 31_ _
214.05
EarningsPassengers
$1,623,070
Freight, &c
44,615
Light and power
142,543
Parks
66,657
Miscellaneous income_ _
13,588
1907.
214.53
1906.
204.12
$1,645,864
43,299
137,921
68,561
13,416
$1,449,900
41,250
126,249
61,419
24,522
$1,552,970
Total earnings
$1,890,473
Operating ExpensesMaint. of way & struct $100,160
Maint. of equipment_ _ _ _
147,603
Operation-power plants
243,201
Conducting transport'n_
355,320
General and taxes
240,139
$1,909,061
$1.703,340
$1,552,970
Total oper. expenses.. $1,086,423
Net earnings
$804,050
Deduct-Int. on bds.,&e. 526.532
Dividends
(134)134.151
$1,095,755 $1,006,842
;813,306
$696,498
513,242
483,174
(2)158,778(1;0113,527
Balance, surplus
$143,366
$95,820
155,945
251.212
354,092
238,686
$141,286
$89,5021
132,568
215,080
318,603
251,089
$99,797
1905.
202.62
The following financial statement of the corporation and
its subsidiaries for the quarter ending Dec. 31 was given out
on Tuesday after the regular monthly meeting of the directors. The "net earnings" as here shown "were arrived at
after deducting each month the cost of ordinary repairs
and maintenance of plants, employees' bonus funds and
interest on bonds and fixed charges of subsidiary companies."
We append the results for the year ending Dec. 31 in 1907,
1906 and 1905:
INCOME ACCOUNT FOR THREE MONTHS ENDING DEC. 31.
1908.
1907.
Net earnings
•$26,225,485 $32,534,192
DeductSinking funds on bonds of subsdiary companies__
$494,523
$248.272
Depreciation and reserve funds
4,965,550
5,883,275
Special improvement and replacement funds
500,000
Interest on U. S. Steel Corp. bonds for the quarter 5,942,354
5,879,231
Sinking funds on U. S. Steel Corp. bonds for the
quarter (Ind. $357,109 int, on bonds in funds)._ 1,369,609
1,307.731
Charged off for adjustments in sundry accounts Cr. 289,183
681.515
312,2$6,602 $14,546,275
$13,988,883 $17,987.917
$6,304,919 $6,304,919
2,541,513
2,541.513
Balance
Dividend on preferred stock (1 3i70)
Dividend on common stock (31 of 1%)
Surplus for the quarter
$5,142,451
Appropriated on account of expenditures made and
to be made on authorized appropriations for additional property, construction and discharge of
capital obligations
Balance of surplus for the quarter
6,000.000
45.142,451
$3,141,485
• This amount may be slightly changed on completion of audit accounts
for the year. The complete annual report will be submitted atof
the annual
meeting in April 1909 or earlier.
UNFILLED ORDERS ON HAND.
Tons.
Tons.
Tons
Dec. 31 '08_3,603,527 June 30 '06.....6,809,589 Mch.31 '04___4,136.96
Sept.30 '08...3,421,977 Mch.31 '06 _ _7.018,712 Dec. 31 '0$_3,215,121
3
June 30'08_3.313,876 Dec. 31 '05_7.605,086 Sept.30 '03_3,278,742
Mch.31 '08 _ _3,765.343 Sept.30 '05...._5,865,377 June 30'03_ _4,666,578
Dec. 31 '07_4,624,553 June 30 '05__.4,829,655 Mch.31 '03_5,410,719
Sept.30 '07...6,425,008 Mch. 31 '05_5,597,560 Dec. 31 '02-5,347,293
June 30 '07...7,603,878 Dec. 31 '04_4,696,203 Sept.30
Mch.31 '07...8,043,858 Sept.30 '04_ _ _3,027,436 June 30'02___4,791,993
Dec. 31 '06_8,489,718 June 30 '04 _ _ _3,192,277 Nov. 1 '01-2,831.692
Sept.30 '06._7.938,884
NET EARNINGS FROM OPERATIONS FOR YEAR ENDING DEC. 31,
1908.
$
5,052,743
5,709.428
7.466,834
1907.
$
12,838,703
12.145,815
14,137.974
1906.
$
11,856,375
10,958,275
13,819,840
First quarter
April
May
June
18,229,005
6,761,680
6,021,279
7.482.797
39,122,492
14,600,838
16,056,832
14,846,035
36,634,490 23.025.896
12,581,902
9,037,925
14,041,601 10,602,187
13.501,530 10,665,004
Second quarter
July
August
September
20,265,756
8,599,630
9,152,311
9,354,333
45,503,705
13,804,167
15,279,173
14.720,945
40,125,033
12,242.098
13.158,860
12.713,666
30,305,116
9,035.168
10,986,901
11,218,513
Third quarter
October
November
December
27,106,274
9,415,668
8,756,729
x8,053,088
43,804,285
17,052,211
10,467,253
5,014.728
38,114,624
14,984,926
13,482,464
13,282.736
31,240.582
12,400,306
11,827,215
10,988,541
January
February
March
Fourth quarter
Total for year
1905.
$
6,810,847
6,629,463
9,585,586
x26,225.485 32,534,192 41.750,126 35,216,062
91.826.520 160,964,674 156,624,273 119,787,658
x See foot-note to quarterly figures above.
INCOME ACCOUNT FOR CALENDAR YEARS.
1908.
Total net earnings for year (see introductory remarks)
DeductFor sinking funds
Depreciation and reserve funds
Interest
Additional property, construction. &c
Special Improvement & replace. fund
Charged off for adjustments
$898,830
$898,830
*654,140
471.503
$9,141,485
Total deduct'ons
Balance
Dividends on stocksPreferred, 7%
Common, 2%
1907.
1906.
91,826,520 160.964,674 156,624,273
6,361,668
15,396,120
23,802,648
7.115,258
22,241,083
22.860.353
154,000,000
3,500,000
Cialti,iiii '
681.515
6,812,063
21,253,272
22.839.851
50,000,000
7.500,000
90,502
45,331,255 110,399,111 108,495,688
46,495,265 50,565,563 48,128.585
25,219,676
10.166,050
25,219,676
10,166,050
25,219,676
10,166,050
Total dividends
35,385.726
Undvided earnings for the year__ .,..... 11,109.539
$162,637 - 87. p. 1159.
35,385.726
15.179,837
35,385,726
12,742,859
[VOL. Lxxxvni.
THE CHRONICLE
292
North American Company.
(Report for Fiscal Year ending Dec. 31 1908.)
Below are given the comparative income account and
balance sheet for the calendar year. The report will be
shown at greater length another week.
INCOME
ReceiPtsInterest
Dividends
Other profits
ACCO UNT FOR CALENDAR YEARS.
1905.
1908.
1908.
1907.
$
$
$
$
103,223
104,672
409,541
317,126
923,907
1,157,040
1,265,339
1,287,539
25,262
116,901
28,500
26,106
_
1,052,392
1,610,985
1,378,613
$1,723,188
Total
DeductSalaries, legal exp., &c.
Taxes _
Interest
Losses
Dividends
90,064
88,451
93,006
5,247
5,260
4,622
97,611
3,960
15,000
-- --(3 Yk) 1,117,211 (5)1,487,305 (5)1,252,997
91,982
5.261
176,800
Although the Supreme Court thus held that the company was entitled
to a 8% return,upon the present value of its gas properties and franchises,
and that it did not actually receive 531% on the valuations found by the
Circuit Court, as reduced in the case of the special franchises by the Supreme Court, yet it refrained from holding the Act to be unconstitutional
and void, because (1) it thought It possible that the reduction in price
"might" cause such an increase in the consumption, without any corresponding Increase in expense, as would make up the difference, and also
(2) because it was of the opinion that a ,"slight" reduction in the valuation
of the tangible property might bridge overathe difference.
It may be interesting to present, at this time, a comparative statement
of the values of property, as found and adopted by the several authorities
which have considered the subject within the past four years.
VALUE OF PROPERTY OF CONSOLIDATED GAS CO. USED IN ITS GAS
BUSINESS AS FOUND BY VARIOUS BODIES.
Grand
*Astorta
Tangible
Total
6,Intangtble
ii
Total.
Investment.
Both.
Property.
Property.
•
Legislative commit$30,000,000
tee of 1905
30,000,000
N Y. Gas Comm'n
$20,000,000 $51,357,000 71,357,000 $12,000,000 $83,357,000
Special Master
U. S. Circuit Court_ 12,000,000 47,831,435 59,831,435 12,000,000 71,831,435
U.5.Supreme Court 7,781,000 47,831,435 55,612,435 12,000,000 67,612,435
1,588,576
1,323,533
274,023
1,350,625
Total
sur1,449,103sur. 287,432 def.534,184 sur. 27,988
Balance
Change in value of assets
as readj'd Dec.31____D.2,290,366 Ic.1,721,500 Ic. 920,000
*Additional.
Note.-The State Board of Tax Assessors valued the intangible property
for 1908 at approximately $25,000,000.
The New York Gas Commission stated that the company was entitled
Surplus or deficit_sur.1,449,183 df.2,002,934 sr.1,187,316 Sr. 947,988 to 8% return on its property used in the gas business.
3,999,548
1,996,614
2,812,232
Tot. undiv. profits Dec.31 3,445,777
It will be noted that the value of the property used in the gas businessas
As to resumption of dividends, 13(% quarterly being declared payable adopted by the U. S. Supreme Court, is $37,612,435, more than the Gas
Commission stated was the value of that property. The Legislature, in
April 1, see Item on another page.
passing the 80-cent Act, admittedly relied upon the report of the Gas
BALANCE SHEET DEC. 31.
Commission as to the accuracy of the value of such property. Eight
per cent on this difference of $37,612,435 amounts to $3,008,994 per annum.
1908.
1907.
1907.
1908.
This amount divided by the gas sales for the year examined by the Gas
8
$
Liabilities$
$
AssetsCommission would represent 22.61 cents per 1,000, which, added to the
stock
29,793,300 29,793,300 80-cent rate which the Commission ordered, would produce a selling price
28,566,216 28,548,024 Capital
Stocks
2,500,000 2,500,000 of 102.61 cents upon the Commission's own theory, and accepting all their
4,520,833 4,520,833 Coll. tr. notes_
Bonds
21,708
1,975,523 4,047,453 do int. acced.._ .
21,508 other figures.-V.88, p. 161, 233.
Loans
1 Vividends
3,589
1
3,831
Office & misc. prop.
60,508
92,880 Funds constit. cos_
92,764
260,075
Accts. receivable._
186,171 loans
689,525
2,810,334
Cash-- -American Graphophone Co., New York.
Undivided profits_ 3,445,777 1,998,614
-(Report for Fiscal Year ending Sept. 30 1908.)
Total assets____35,824,862 37,395,362 I Tot. liabilities...35,824,862 37,395,362
-v. 87, D. 1424
President Edward D. Easton on Jan. 11 1909 wrote:
business community
This report embraces the months in which theand
depresSears-Roebuck & Co., Chicago.
universally experienced the greatest financial shock As succeeding
a result the profit
occurred in the life of the company.
has
that
sion
(Report for Six Months ending Dec. 31 1908.)
showing is less favorable than for previous years. $633,000 in the
current
A special feature of the report is the reduction of
INCOME ACCOUNT.
depreciation and
indebtedness. Substantial charges have been made for
Year
Year
6 Mos.
stock.
preferred
the
on
maintained
been
have
dividends
Dec. 31 '08. June 30 '08. June 30 '07.
1 there has been a
Since the beginning of the new fiscal year on Oct.
Sales, less returns, allowances, disin the sales and a substantial profit, with
$21,813,592 $40,843,886 $50,722,840 largo and progressive increase
Our new and
counts, &c
conditions.
normal
of
restoration
early
of
indication
every
Purchases, all expenses and adminisincluding the double-disc record, the inde'19,494,284 38,452,538 47,187,297 widely advertised campaign,
is well
tration charges
structible cylinder record, and exclusive territory for dealers,
$2,319,328 $2,391,328 $3,535,543 received, and is yielding excellent results.
Gross profits
46,417
89,686
70,804
Other income
EARNINGS, EXPENSES AND CHARGES.
1904-05.
1905-06.
$2,365,745 $2,481,014 $3,606,347
li ;i, 1907-08. a., 1908-07.
Total income
$273,727
$59,479
$307,845 Net earnings from all
Interest
$803,843
$842,288
172,491
$994,851
314,808
ia,1$2,537
sources
Repairs, renewals and depreciation
(331)341,250 (7)682,500 (7)695,602
DeductPreferred dividend.
$9,065
$18,396
$25,189
$23,187
Interest on debentures
6,000
6,000
$1,850,207 $1,352,296 32.542,900 Int. on factory mtge_ _ _
8,000
Surplus for year
21,416
13,807
Feb.
payable
14,643
15,
see
1%,
V.
stock,
18,682
88,
notes_
coupon
Int. on
As to first dividend on common
28,698
32,409
ki 49,202
43,296
Int, on loans de bills pay.
p. 235.
64,286
77,169
57,816
23,022
Maintenance
SHEET.
BALANCE
50,849
84,189
59,588
71,693
&c
Dec 31 '08 June 3008 Depreciation,stock
117,210
145,893
Dec 31 '08. June 30'08
146,680
148,694
(7%)
Div. on pref.
$
Liabilities(4)54.067
$
$
Assets(5)130,878 (5)102,843
_
stock_
common
on
Div.
160,000
Common stock_ __30,000,000 30,000,000
190,000
280,000
Real est.,b1dgs.,1
--1-8-8-,277
7
Pref stk ,7% cum 9,750,000 9,750,000 Reserved for deprec.,&c.
plant, mach,
$505 371
1 2,130,817
$848,508
good-will, pat-}x39,242,311 39,206,355 Due to officials,&c1
$749,976
$520,831
Total
$298,272
for loans
$193,780
989,400 Surplus for year
ents, invest
$244,875
def.$518,294
Due for mdse
•
887,358
in 0th cos.,&01
at end of pre729,481
2,780,938i 1,550,000 Surplus year
314,539 Other open accts
1,027,754
Add'ns dur. yr.
1,221,514
.1,544,651
vious
J
l
Supplies & mdse__ 5,055,896 5,912,530 13111s payable
Div pref stock__ _
170,625
170,825
Outside enterprises
$1,026,357 $1,468,389 $1,221,514 $1,027,754
surplus
Total
5,545,403 3,895,196
368,209 Surplus
wholly owned- 406,855
Advances to mfrs. 1,417,478 1,528,096
• Includes $78,261 reserves.
63,730
69,772
Sundry persons___
64,595
80,810
BAL,INCE SHEET SEPT, 30.
Due from custom'rs
Due RRs., claims_
1907.
1908.
1907.
1908.
516,465
322,708
acc
Liabilities40,557
25,475
AssetsInsur S.- int in adv,
2,626,450
2,827,550
stock_
Common
1,358,320
1,645,662
Patents. franch.,
Cash
2,095,430
good-will, &c_1,850,754 1,841,032 Preferred stock-2,095,830
Total
144 Mtge. on factory
48,240,966 49,373,392
48,246,966 49,373,396
la snot issued
Total
100,000
100,000
_
_
_
estate_
real
2,410,975 2,282,947
Plants
223,188 Debs. cony. into
xAfter deducting $278,582 depreciation during the 6 months ending Dec. 311906. Raw material_.. 188,769
129,000
128,800
_
_
stock_
pref.
process
Goods in
-v. 88, p. 235.
of manufact_ 329,083 384,588 Debs. cony, into 333,070 333.070
common stock
Consolidated Gas Co., New York.
Goods completed 774,656 1,309,377
Coup. notes cony
Accounts & bills
81,000 119,900
Year ending Dec. 311908.)
Into pref. stk_
993,732 1,544,593
(Report for Fiscal.Y
Carschceivable
238,857 Coup.notes cony.
134,054
184,800
252,500
at
the
Addicks
Vice-President
stk_
annual
corn.
by
Into
• The report read
Stocks & bonds_ 653,390 846,940
24,012 Curr. accts. accr.
38,837
Misc. assets.. _ _
meeting on Jan. 25 is cited in part as follows:
Int.& taxes not
yet due, and
General Results.-From figures now available, the earnings from the combills payable__ 729.343 1,382.375
pany's gas business for the year 1908, with gas figured at 80 cents, and
78,261
J
Res.for dep.,&c.1
without any allowance for contingencies and reserve, would amount apJ1,026,35711,466,390
by
Surplus
proximately to 4% per annum on the value of the property as assumed
the United States Supreme Court.
7,374,250 8,495,676
7,374,250 8,495,6761 Total
Total
Total Business of the Company for the Year 1908 (Compare V. 88, p. 158)•
-V.88, p. 478.
Income from its gas business and from dividends and interest
received on stocks and bonds owned and advances made to
$5,939,404
other companies
Deduct interest paid on funded and other debt amounting to...51,894,727
Mexican Light & Power Co., Ltd.
3,249,363
Dividends on the stock of the co. at the rate of 4% per annum
I
A
I
I
I
I
I
I
$795,314
Undistributed balance
This balance amounts to about four-fifths of 1% on stock now outstanding. Nearly all the debenture bonds of the $20,000,000 issue have been
recently converted into stock in accordance with the terms thereof.
The increase in gas appliances installed for the year was 27,416. The
plants have been maintained in excellent working condition and have
been operated during the year without serious accident.
(Report for Fiscal Year ending Dec. 31 1908.)
President E. S. Clouston, Montreal, Jan. 19 1909, says
in substance:
demands
Extensions.--During the pasayear the actual and prospective
and
for power have increased beyond our most sanguine expectations,
of the
capacity
the
uble
c.b
to meet these demands it has been decided to
years, and to bring
hydro-electric plant at Necaxa during the next three
Nexapa and
The report discussed at much length the recent decision of Into the Necaxa Basin the waters of the Lower Tenango,
Mexico City
Catepuxtla Rivers. The advent of cheap electric power tothe
the United States Supreme Court in the 80-cent gas case. and
operating
its suburbs, and to El Oro and vicinity, has so reduced
existing
that
places
these
in
(V. 88, p. 161, 233), saying:
located
costs of all industrial enterprises
and many now undertakings
The most important points thus far found in favor of the company arc Indus ries have extended their operations,
,
she
establ
are
be
and
to
been,
about
have
as follows:
Installations Connected.-On Jan. 1, instant; the installations connected
1. That the pressure provisions of the statute are unconstitutional.
In the City and Federal District of Mexico and in El Oro and vicinity rep2. That the penalty provisions of the statute are unconstitutional.
from earlier reports.
3. That the present value of the company's real estate and plant must resented, approximately (figures or 1907 and 1906
-Ed.):
151 1907.
be considered and not its cost, as was urged by the defendants.
1906.
190
1stJanuary
the
which
company
4. That the special franchises are property upon
1,370 h.p.
1,453 h.p.
1,470 p.
should receive a return, although the Court reduced the valuation from Public lighting
(1,542) ,
(1,850)
0,810)
lights.
No
Incl,
arc
in
capitalized
1884.
they
at
had
which
been
$7,781,000,
to
$12,000,000
27,250 h.p. 24,744 h.p. 19,770 h.p.
5. That the company is entitled to a return of 6% upon the value of all Private lighting
(288,372)
(312,000)
($38,000)
No. 18 c.p. equivalent
its property devoted to the gas business, including the special franchises.
h.p.
6. That upon the aggregate value of the tangible property as found by Power-Motor units, Federal Dist 22,783 h.p. 19,958 h.p. 15.620
11.1).
1,085
the United States Circuit Court and of the special franchises as found by the Electric heaters
670 h.p.
8,000 h.p.
8,710 h.p.
United States Supreme Court, the company did not receive 0% return, but Tramways
9,225 h.p.
17,775 11.1). 13,198 h.p.
less than 531%, the Court apcepting the findings of the United States El-Oro mines and vicinity
Circuit Court that on an 80-cent basis the net income for 1905 would have
79.073 h.p. 67,353 h.p. 46.655 h.p.
Total connected
been $3,024,492.
JAN. 30 1909.j
THE CHRONICLE
There has been an increase of 11,720 h.p. in the connected load during
the year 1908; and a similar increase is anticipated during 1909.
The maximum power generated during the past year was 45,000 h.p.,
or nearly 60% of the otal connected load.
The present maximum hydro-electric generating capacity of the company's plant, including the San Ildefonso stations, is 50,000 h.p.. but
your directors are carrying forward improvements and extensions
which, it is expected, will increase the capacity to 66,000 h.p. by July
next;.and by which, when required, at least three generating units of 16,000
h.p. each may be added, if necessary, one each year thereafter, up to a
total capacity of 124,000 h.p.
Storage of Water.-During the past year the Laguna Dam and the provisional dam at Los Reyes were completed, and are now available for the
storage of water. The quantity of water actually stored for use on Jan.
1 1908 was 4,000,000 cubic meters; while on Jan. 1 1909 it was 25,000,000
cubic meters.
Two new dams are now in course of construction on the Lower Tenango
and Nexapa Rivers. The waters of the Catepuxtla River are being diverted by a tunnel, 336 meters in length, into the Nexapa reservior, where
they will join the waters of the Nexapa River, and thence flow into the
new Tenango reservoir and through the new Tenango tunnel 1,300 meters
In length, into the Necaxa reservoir, which is at an elevation of 443 meters
above the site of the present power house. By means of this diversion
the present power house may be extended to more than twice its present
capacity.
Earnings.-The gross earnings for 1908 were $2,938,474 gold, as corn
pared with estimated gross earnings of $2,880,000 gold, and the operat ng
and maintenance expenses were $1,080,570 gold, as compared with Lie
estimates of $1,075,000 gold for the year. In some cases, during the
past year, it has been deemed advisable to supply electric energy to customers by the operation of the steam p ants during the dry season, at a
considerable loss, pending the completion of the hydraulic works.
Estimates for 1909.-The estimates for 1900 are, In Mexican currency,
as follows: earnings, $6,735,000; expenses of operation and maintenance.
$1,560,000; surplus, $4,175,000, being equal In gold to $2,587,500. If
we should decide to supply all consumers at current prices during the dry
season, the expenses of operation, due to the use of steam, may increase
by $125,000 gold, but in either case the surplus earnings should be equal
to about 8% on the ordinary shares. Thereafter, for a number of years,
the gross earnings should increase by at least $400,000, gold, per year.
with a slight corresponding increase in operating expenses.
Balance Sheet.-The expenditures on properties during the past year
include the cost of acquiring the business, &c., of the Robert Electric Co..
which was taken over In November last at a price considerably less than
previously estimated. (V. 86, p. 479.)
As surplus earnings of $1,486,710 gold were accummulated prior to
Dec. 31 1908, during the period of construction, your board has deemed
it advisable to write off $626,203, to represent increased cost of construction
due to drought, &c. ($478,789); depreciation in supplies, &c., acquired
on purchase of other companies ($100,000): and bad and doubtfu debts
($47,414).
Tramways Co.-On Jan. 15 1909 the Vice-President of the Mexico
Tramways Co. gave notice that all offers of the Tramways Company to
lease the property of your company were withdrawn and that any negotiations in that connection were at an end. [As to deal reported this week
see a subsequent page.-Ed.]
RESULTS FOR CALENDAR YEARS (Mexican Currency.)
1908
1907
$
Gross Earntngs$
Operating ExpPublic lighting
463,265 442,782 Water,power&ElOro
Private lighting __2,869,586 2,611,776 Steam plant
Mex &Fed Dist Pow 1,316,907 1,154,336 Federal district
El Oro
783,576 501,190 General expenses
443,613 220,2861Maintenance
Tramway
Total
5,876,047 4,930,370
Net earnings (Mexican currency)
Net earnings (United States currency)
Total
1908
1907
303,533
743,793
281,633
508,163
324,018
311,531
615,790
260,334
440,084
322,404
a
a
2,161,140 1,950,143
3,715,807 2,080,227
1,857,903 1,400,113
PROFIT AND LOSS ACCOUNT (United Stales Currency.)
1907
1907
1908
1908.
$
$
Deductions (Con.)- $
$
Net earns (as:above)1,857,903 1,490,113 Corn. div. (3.6%).._ 475,475
2,020
DeductPref. div. pd. & acc'd 110,627
Int on bds 11.L.&P. 600,000 600,000
do M.E.L.Co_ - _ 300,000 300,000 Total deductions_._ _1,665,102 932,029
SInk.fd. M. L. &P_ 110,000
30,000 Balance, surplus__ _. 192,801 558,084
Sink. Id. M.E.L.Co__ 60,000
Note.-Dividend No. 1 on the common stock, 1%, was paid July 15 1908; No. 2,
1%, Oct. 15; No. 3, 134 %, Jan. 15 1909.-Ed.
GENERAL BAL.4NCE SHEET DEC. 31 (Gold Currency).
1908.
1907.
1908.
AssetsLtabilities$
Prop. concessions,
Ord. shares issued.13,585,000
28,745,768 26,325,788 Pref. shares Issued 2,400,000
&e. (cost)
26,586 Bonds auth. & iss.12,000,000
Apparatus rented..
29,632
60,000 sh.M.E.LCo 3,000,000 3,030,000 Curr.loans & over10,9)2
Shares of other cos.
42,959
drafts _
2,929,150
730,021
649,531 Sundry accts. pay_ 245,629
Materials
279,791
261,641 Employees' & conAccts. receivable
21,015
sumers' deposits
Govt.deposits_ _
23,973
56,625
8,223 Accrued bond int.:
Unexp.Insur., &c_
11,317
37,330
Mex. El. Lt. Co _
Cash _
87,289
150,000
Mex. Lt. & P.Co 250,000
Sink. Id. M.E.L.Co
30,000
Sink. Id. M.L.&P. 110,000
Pref. div. acer'd__
28,000
Corn. div. Jan.'09 203,775
Miscellaneous ____
1,789
Profit & loss acct. x010,823
----32,900,792 30,888,064
Total
Total
32,900,792
1907.
13,585,000
401,500
12,000,000
293
BALANCE SHEET OF JAN. 1.
1909.
1908.
1909.
1908.
AssetsLiabilitiesReal estate, &c.Bonds and certs.,
Ready for bldg_ 8,565,438 8,047,366
with int. acer'd. 8,336,4 2 7,501,421
Bidgs.und.const. 474,022
691,278 Real est. mtges..
Rental properties
Incl. Int. to date. 1,715,711 1,304,914
land & bidgs. 1,778,766 1,059,061 Accounts payable.
22,493
95,509
Mortgages recely'le 628,313
488,811 Advance payments
Cash
178,927
292,319
rentals, contracts,
Due from agents_
10,826
19,706
24,124
15,687
Sundry accounts_ _
20,129 Capital stock
22,638
100,000
100,000
Sup. & equipment
22,549
30,957 Surplus
1,653,111 1,540,969
Miami. assets_ _
31,144
48,115
Total
11,851,866 10,558,500
-V. 87, p. 814.
Total
11,851,866 10,5.58,500
GENERAL INVESTMENT NENAVRAILROADS, INCLUDING ELECTRIC ROADS.
American Railways 00.-New Director.-Morris W.Stroud,
President of the American Gas Co., has been elected a director.-V. 87, p. 812.
Atlanta Birmingham & Atlantic RR.-Receivers' Notes
Authorized.-Judge Pardee in the United States Circuit
Court on Jan. 24 authorized the receivers to issue $184,000
notes to meet the installments of principal of $60,000 and
$80,000, respectively, and interest, due Nov. 1 and Jan. 1
last on equipment trust notes.-V. 88, p. 230, 227, 156.
Brooklyn Rapid Transit Co.-New Directors.-James N.
Wallace has been elected a director to succeed the late
Anson R. Flower, George F. Porter to succeed H. H. Porter
and J. Horace Harding to succeed John G. Jenkins, deceased.
-V.88, p. 157.
Buffalo & Lackawanna Traction Co.-Proposed Bond
Issue, &c.-The company has applied to the Public Service
Commission, Second District, for authority to make a mortgage to secure $1,500,000 bonds and issue $1,000,000
thereunder at present.
At a hearing before the Commission on Jan. 23 the Buffalo & Lake Erie
Traction Co., which controls the company, expressed its willingness, If the
mortgage was approved, to merge the company with itself, wiping out the
entire stock, or to reduce the same from $1,000,000 to such amount as the
Commission may approve.-V. 83, p. 322.
Buffalo & Lake Erie Traction Co.-Mortgage for Subsidiary, &c.-See Buffalo & Lackawanna Traction Co.above.
-V. 86, p. 980.
Cairo (Ill.) Railway & Light Co.-Acquisition.-This company was incorporated Oct. 5 1908 under the laws of Maine
with $1,000,000 of authorized capital to take over the
lighting and street railway properties of the Cairo Electric
& Traction Co. and the Cairo City Gas Co., which were recently acquired by the McKinley (Illinois Traction Co.)
interests. See Cairo & St. Louis Ry. below and compare
page 38 of "Electric Railway" Section, and V. 87, p. 613.
Cairo & St. Louis Ry.-Mortgage.-----This company, recently incorporated in Illinois with $100,000 capital stock,
to build for the Illinois Traction system an extension from
Cairo,- Ill., to a point in or near East St. Louis, has made a
mortgage to the Portland (Me.) Trust Co., as trustee, to
secure an issue of $250,000 5% bonds.
•
The company, it Is said, has obtained a 20-year franchise in Cairo and a
50-year Interurban franchise. Directors: William B. McKinley, George
M. Mattis, W. H Carnahan and George W. Burton, all of Champaign, Ill.,
and L. E. Fischer of Danville, Ill. See Cairo R. & Light Co. above.
Chicago & Alton RR.-Bonds Sold by Bankers.-Kuhn,
Loeb & Co. announce that they have sold the $8,000;000
of 3% refunding mortgage bonds (compare V. 88, p. 99)
12,308 and also the $10,000,000 of Chicago & North Western Ry.
150,000 general mortgage 3%% bonds (compare V. 88, p. 230).250,000 V. 88, p. 157, 99.
30,000
Chicago Burlington & Quincy RR.-Bonds Called.-111
2,029
bonds of $1,000 each and 21 of $100 each, issued under'the
2,060 Denver extension mortgage dated Feb. 1 1922, have been
1,486,711
drawn for redemption on Feb. 1 at par at the New England
30,338,064 Trust Co., Boston, trustee.-V. 88, p. 157.
x The profit and loss surplus in 1008 s derived after deducting appropriations
Chicago City Railway.-Bonds Offered.-Lee, Higginson
for Increased cost of construction due to drought and other special conditions,
$478,789; for depreciation of stores taken over on purchase of other companies, & Co., Boston, New York and Chicago, are offering for sale
$100,000; for old and doubtful debts, $47,414; expenses on Issue of preference a block of first mortgage 5% gold bonds, dated July 11907,
shares, $145,046; a total of $771,249, and adding $2,561 for accounts collected
of which $20,000,000 is now outstanding. Compare V..84,
previously written off.-V. 87, P. 1536.
p. 1550. "Earnings for the year 1908 are not yet available,
but are estimated to show over 23 times the amount necesAmerican Sewer Pipe Company.
sary to pay interest on the total amount of bonds out(Balance Sheet Dec. 311908.)
standing.
Extra Dividend.-An extra dividend of 3% has been de1908.
1907.
1907.
1908.
Liabilities$
$
clared on the $18,000,000 capital stock, payable Feb. 10
AssetsCapital stk. issued.. 7,000,000 7,000,000
$
$
Bonds outstanding_ _1,378,000 1,431,000 on stock of record Feb. 1. This rounds out the sum disCost property, less
depreciation
8,678,323 8,667,308 Acct's payable
263,229 294,393 tributed from the earnings of 1908 to 9%, being the same as
Cash
127,385 115,448 Wages accrued
28,888
29,399
Accounts and bills
Int. & taxes acced. 36,289
38,309 the total paid from the earnings of 1907.-V. 88, p. 230.
receivable
235,217 372,199 Dividend
Chicago Consolidated Traction Co.-Change in Committee.
Materials and supSurplus
1,082-,iii 1,115
42
plies
747,729 780,058
-Hans Winterfedlt of Speyer & Co., New York, and F. W.
Total
9,789,154 9,935,013
Total
9,789,154 9,935,012 Upham, Chicago, it is announced, succeed as members of
Dividends: 3% yearly (4% quarterly) July 1904 to July 1007, both inclusive; the reorganization committee Chauncey Keep and Henry
of 1% each; none since. During 1008 $53,000 bonds A. Blair, who resigned.-V. 88, p. 99.
Oct. 1907 and Jan. 1908,
were redeemed by the sinking fund and canceled, making a total of $664,500 canceled to Dec. 31 1908. On the date last named there were held in the treasury
Chicago Milwaukee & St. Paul Ry.-Listed.-The New
$457,500 bonds, being the same amount as held Dec. 31 1907.-V. 88, p. 232.
York Stock Exchange has authorized to be listed on and
American Real Estate Co., New York.
after March 1 $66,214,400 preferred and $33,241,000 common
offered to the stockholders in December 1906, on notice
stock
(Balance Sheet of January 11909.)
that it has been issued and paid for in full, making the total
The company's annual statement, given to-day in our amount to be listed $116,274,900 preferred and $116,348,200
common stock.
advertising department, compares as follows:
2,681,710
286,747
Pacific Coast Extension.-Cost--Ch. Mil. dc Puget Sound
Ry.-In its statement to the Stock Exchange the company
says: "the above stock is to be issued under said authorization for the following purpose:
For the paymentfor a line of railway from Mobridge,S. Dak., to
Seattle and Tacoma. Wash. which has been constructed by
By. Companies of South Dakota
'
the Chicago Milw. & St. Paul
Montana, Idaho and Washington. respectively. Total
distance to Tacoma, including the Lewiston Branch of the
Montana RR.,66 miles.. is 1,489 miles. Construction is virtually completed on the main line and track is laid on all
except about 60 miles. The total expenditure to date
is about
$82,000,000
Amount due on rolling stock ordered and being built is about
5,000,000
In addition to this main line and branches there will be ex pended for additional equipment, say
5,000,000
There is in contemplation branches to the extent of 419 miles
which are estimated to cost about
10,465,000
The stock of the four companies named above was deposited with the
St. Paul Company as security for Its advances. On Dec. 31 1908 the State
organizations of Idaho. Montana and South Dakota were acquired by the
Washington State organization, the name of which was changed from the
Chicago Milwaukee & St. Paul Ry. Co. of Washington to the Chicago
Milwaukee & Puget Sound By. Co., which increased its capital stock
to $100,000,000, and conveyed all said stock to the Chicago Milwaukee
& St. Paul By. Co. of Wisconsin to vest the ownership of the Chicago
Milwaukee & Puget Sound By. Co. in the latter company. (compare
V. 88, P. 39-)
Earnings.-For 5 months ending Nov. 30:
Five
Months
WoL. Lxxxviii.
THE CHRONICLE
294
Gross
Net
Other
Earnings. Earnings. Income.
Taxes Interest
Balance,
Paid. Charges, eec. Surplus.
1908 __ __27,573,907 10,648,904 1,769,204 990,288 2,801,319 8,626,501
1907 __ _26,770.885 10,442,207
The semi-annual dividends of 3;i% each on $49,976,400 preferred and
$83,107,100 common stock paid Oct. 20 1908 aggregated 34,657,922. The
total to credit of income account after deducting the dividends named
on Nov. 30 last was $46,610,551.
"Other income" as above includes premium received on stock sold,
$1,532,335; income from miscellaneous sources, $236,869.-V.88, p. 230.99.
Chicago & North Western Ry.-Bonds.Offered.-Moffat
White, 5 Nassau St., New York, have purchased in block
the two issues of guaranteed bonds sold last week, namely,
$2,500,000 Milwaukee & State Line Ry. Co. and $3,750,000
Manitowoc Green Bay & Northwestern Ry. Co. first mortgage gold 33% bonds. In an advertisement on another
page the firm offers to the public for the first time a,
block ($250,000) of each issue at 93M and interest, yielding about 3%%; See further particulars in V. 88, p.230.
Cleveland Southwestern & Columbus Ry.-Earnings.For years ending Dec. 31:
list. ee Balance.
Net
Operating
Calendar
.svadkr.elii
Gross
YearEarnings. Expenses. Earnings. Taxes. Surplus
1908
$775,737 $501,602 $274,135 $243,544 $30,591
316,864
205,455 111,409
440,035
1907
756,899
281,994
179,252 102,742
363,856
1906
845,850
-V. 85. P. 283.
CubaEastern RR.-Plan of Reorganization.-The "executive committee," viz.:
Benjamin P. Cheney, George P. Hilton, William Barbour, W. Harris
Roome, I. H. Lehman, C. M. Warner, C. B. Barnes Jr. and I. Mem
Garfield, with W.Harris Roome as Secretary. 66 Broadway, New York City,
Depositaries: New York Trust Co., 20 Broad St., N. Y. City, and Old
Colony Trust Co., Boston,
has issued under date of Jan. 13 substantially the following
plan for the reorganization of the system:
Preamble-Securities of the Several Companies.
Pledged under
Outstanding
Capital
(Held by Public). East. RR.of Cuba Mtge. Stock
1st M.Bds. Debs. 1st M. lids. Debs. Outstand.g.
Cuba Eastern RR__ $648,000 $221,000 $352,000 $77,000 $2,000,000
None 1,154,000 450,000 2,000,000
Northeast'nCubaR/t. 1,346,000
126,000
74,000 . None
None
Cuba East.Terminals
200,000
None
Ilast'n RR. of Cuba_ 2,859,000
4,000,000
After payment of dividends on first and second preferred stock, as above
provided, and a 5% dividend on the common stock in any one year, dividends shall be declared equally on all shares of stock, regardless of class.
All classes of stock shall have equal voting rights. All or any class may be
deposited in a voting trust until the retirement of the first mortgage bonds,
but not to exceed five years, with three or more voting trustees to be
selected by the committee with the approval of the Knickerbocker Trust Co.
Terms of Exchange Offered Outstanding Bonds, if Deposited.
Will Receive
.Stock.
2d Pref.
Corn. Stock.
Holders of Outst'd'g- 1st Pref. Stock.
50% or $324,000
Cuba East.lst AI bds.50% or $324,000
Cuba
Northeastern
50% or 673,000
50% or 673,000
1st M. bonds
Cuba Eastern Term.
50% or. 37,000
50% or
37,000
1st M. bonds
Eastern RR. of Cuba
50% or 1,429,500
50% or 1,429,500
1st M. bonds
50% or 1110i,665
Cuba Eastern debs_
Total
To subscribers, to
new bonds
$2,463,500
150,000
$110,500
$2,463,500
150,000
$2,613,500
$110,500
$2,613,500
hisalwill leave In the treasury, or for the disposal of the committee under
Tot
hereof:
First
preferred
terms
stock,
$136,500;
second
the
preferred stock.
$139,500; common stock, $136,500.
The stock of the four present companies shall not be entitled to particiany
benefit
any
receive
from
the
proposed
way, or to
new company.
pate in
All holders of bonds or debentures who have not deposited their bonds
or debentures under the agreement of Jan. 24 1908 (V. 813, p. 420) must
do so on or before March 1 1909. Bondholders who have deposited their
bonds under agreement of Jan. 24 1908 will be deemed to have assented
to this plan, unless their bonds shall be withdrawn, according to the provisions of the agreement of Jan. 24 1908.-V. 87, p. 543, 414.
Cuba Eastern Terminal Co.-Plan.-See Cuba Eastern
RR. above.
Chesapeake & Ohio Ry.-Control Passes to Hawley Syn.
dicate.-It was announced on Jan. 26 that a syndicate
headed by Edwin Hawley and including, with others, Frank
Trumbull and F. W. Scott of Scott & Stringfellow, Richmond, Va., had acquired about $24,000,000 of the total
outstanding issue of $62,799,100 capital stock, through
the purchase from Kuhn, Loeb & Co. of the $15,630,000
stock acquired by them in December 1906 from the Pennsylvania system (V. 83, p. 1410) and other holdings, among
them, it is understood, the New York Central Company's
$5,000,000, and some $3,000,000 held by the Cleveland
Cincinnati Chicago & St. Louis Ry. This acquisition gives
the purchasers in connection with the holdings of their
friends control or virtual control of the company. The
road will be operated as an independent property. An
authoritative statement says:
Very recently Mr. Hawley, Frank Trumbull and Mr. Scott, in company
with President Stevens of the Chesapeake & Ohio, made an inspection trip
of the company's lines and were very favorably impressed with the physical
condition of the road. Mr. Scott has long been a considerable holder of
Chesapeake & Ohio stock and was not in accord with the general policy
of the Pennsylvania RR. Co. with respect to its management of the Chesapeake & Ohio.
It is believed that under the management of the new interests, most of
whom were responsible for the rapid and successful development of the
Colorado 8: Southern, the Chesapeake & Ohio will be still further developed
and a more liberal policy as to dividends put into effect.
Kuhn, Loeb & Co. confirm that they have sold to Edwin Hawley their
holdings of Chesapeake ec Ohio stock, as well as those of other interests
whose holdings they also represented in this transaction. The total
amount thus acquired by Mr. Hawley and his associates comprises about
240,000 shares.-V. 88, p. 230, 157,
Chicago Railways.-Earnings.---A revised statement of
earnings for the 9 months ending Oct. 31 and an advance
statement for the fiscal year ending Jan. 31 (Jan. partly
estimated) have been furnished as follows.
Bal., To City To Co.
Gross
Net
30% of Int..5%
Income. Income.
Gross.
Nine
on Inv. Divisible. 55%. 45%.
$
$
$
Mos.$
1
1908 -8,180,894 2,413,575 2,456,968 1,267,407 1,189,501 654,259 535,302
1007 _ _8,030,172 2.481,453 2,481,453 1,163,220 1,315,233 725,028 593,205
12 mos.1908-9_10,994,807 not
3,298,442 1,740,074 1,558,368 857,102 701,266
1907-8_10,560,572 given. 3,168,172 1,586,159 1,602,013 881,107 720,906
$4,927,000 $221,000 $1,632,000 $527,000 $8,200,000
Of the Eastern RR. of Cuba bonds, $2,159,000 were issued In exchange
equivalent
amount
at par of the bonds and debentures of the Cuba
for an
Eastern 'RR Co., Northeastern Cuba RR. Co. and Cuba Eastern Terminals
Co., which are now held in pledge under the mortgage of the Eastern RR.
An officer of the company writes:
of Cuba, as above shown. As part of the exchange, was provided that
This statement for the fiscal year 1908-09 (last twelve days of January
the bondholders of the Cuba Eastern RR. Co. and of the Cuba Eastern
In view of the extraordinary
Terminals Co. who exchanged their bonds should receive in new bonds 1909 estimated) is very gratifying, especiallyrehabilitation
and the falling
embarrassments due to extensive
a premium of 10% on the par value of each bond exchanged. To provide operating
earnings
In
during
the summer attributed to the financial depression.
this 10% premium and in adjustment of services rendered and disburse- off
September last our business has picked up wonderfully and during
ments made, and to be disposed of as directed by the Eastern Railroad of Since
same month of the
Cuba for working capital and for other corporate purposes. $700,000 par one month showed an increase as high as 15% over the
'vane of the Eastern RR. of Cuba bonds were issued to the Cuba Explora- preceding year.-V. 88. p. 230. 158.
tion Co.
Cleveland Cincinnati Chicago & St. Louis Ry.-New
Plan.
President of the
All of the properties of the four companies scheduled above which are Officers.-W. C. Brown has been made
available and deemed useful shall be acquired by a new corporation to be Cleveland Cincinnati Chicago & St. Louis and Cincinnati &
organized by the committee with the approval of the Knickerbocker Trust Northern in
place of W. H. Newman, who resigned, and a
Co. and with managers selected by the committee. The company will
director of the "Big Four" to succeed Alexander. McDonald
issue:
Gold
Bonds.
6%
(1) 3600.000 First Mortgage
of Cincinnati, who retired. Mr. Newman will continue as
An issue of $600,000 first mortgage 6% 20-year gold bonds, redeemab e
a director of most, if not all, of the subsidiary lines as well
at par and accrued Interest on any interest date. and covering all proper
ties acquired and all improvements and additions herein contemplated. as of the New York Central.
The committee, however, may, if in its judgment it is advisable, form an
Sale of Stock Holdings.-See Chesapeake & Ohio Ry.above.
equipment trust to cover new equipment to be acquired, so that none of the
Peoria &Eastern Incomes, &c.-In view of the unbonds to be issued hereunder need be used for the purpose of equipment.
follows:
as
The proceeds of these bonds shall be applied
satisfactory earnings of the "Big Four" it was decided not
(a) To repay all sums heretofore borrowed by the bondholders' committee under the agreement of Jan. 24 1908 (V. 86, p. 420) in connection to resume dividends on the common stock of that company,
with the operation of the roads and the safeguarding of the interests of the which were discontinued in September last. No action was
bondholders.
(5) To reorganization, &c., expenses,and to provide a fund sufficient for taken on the dividend on the $4,000,000 Peoria & Eastern
the payment of three years' interest on said bonds.
income bonds, on which the full 4% was paid yearly from
(c) To the general betterment and improvement of the properties,
1902 to 1908, both inclusive.-V. 87, p. 1010.
purchase of rolling stock and for working capital.
To safeguard the expenditures under paragraph (5), a committee conDanbury & Harlem Traction Co.-Sold.-At foreclosure
sisting of Wm. BarboUr, B. P. Cheney, I. McD. Garfield and G. P. Hilton,
representing the present bondholders' committee, and Charles H. Keep sale at White Plains, N. Y., on Jan. 23 this partly built
and Franklin Q. Brown, representing the Knickerbocker Trust Co., shall
trolley road was bid in, it is said, for $22,000, by J. Hector
determine all disbursements and compensations.
All of the new bonds will be offered for subscription at 85% of their par McNeal of Philadelphia, representing the bondholders'
value, each purchaser thereof to receive in addition to the bonds $250 in.
first preferred stock and $250 in common stock for each $1,000 bond pur- committee.-V. 87, p. 1664, 226.
chased by him. The Knickerbocker Trust Co. has agreed to purchase such
Denver & Rio Grande RR.-Listed.-The New York Stock
of the above bonds, if any, as shall not be disposed of by the committee
to the extent of not exceeding $250,000 par value, on the same terms as Exchange has listed the $17,500,000 "first and refunding
are set forth above, but only upon condition that at least $200,000 par value
mortgage" 5% bonds recently sold, with authority, to add
of bonds additional shall be disposed of by the committee.
.Stock; $250,000 2d Pref.
. and $2,750,000 Corn. Stock. to the list from time to time, but prior to July 1 1909,
(2) $2,750,000 lit Pref.
An issue of $2,750,000 7% non-cumulative first preferred stock, preferred $444,000 additional .bonds on notice that they pave been
over all other stock as to principal and dividends; $250,000 5% non- sold, making the total amount authorized to be listed
cumulative second preferred stock, preferred over the common steak as
$17,944,000. Compare V. 88, p. 100.
to principal and dividends, and $2,750,000 of.common stock.
Total
JAN. 30 1909.]
THE CHRONICLE
Purposes for Which the $17,944,000 Bonds Are to Be Listed.
For general corporate purposes
*2,000,000
For purchase of second mortgage bonds of Western Pacific Ry.
($17,130,000 whereof have been acquired and are deposited
under the "first and refunding" mortgage)
15,944,000
—V.88, p. 230, 100, 52.
Eastern RR. of Ouba.—Plan.—See Cuba Eastern R
above.
Grand Trunk Pacific Ry.—Proposed Issue of Guarar) eed
Bonds.—See Grand Trunk Pacific Branch Lines Co. blow.
—V. 87, p. 1533.
Grand Trunk Pacific Branch Lines.—Guaranteed Bonds
Proposed.—Notice is given that this company (V.182, p.
333) will apply to the Parliament of Canada at ts next
session for an Act amending its act of incorpora ion, by
empowering the company to enter into an agreem nt with
the Alberta South Western Railway Co. and author zing the
Grand Trunk Pacific Railway Co. to guarantee th bonds,
debentures or other securities of the Grand Trunk acific
Branch Lines Co. issued in respect of the lines of the A
South Western Ry. Co.—V. 82, p. 333.
Great Northern Ry.—Premium on Underlying Bonds
Reduced.—The following has been confirmed:
The premiums now offered on exchanges of the St.Paul Minneapolis &
Manitoba Ry. Co. for consolidated mortgage 4% bonds of the company
will on Feb. 15 be reduced as follows on each $1,000 bond: On second
mortgage bonds from $7 50 to $6 and on Dakota extension bonds from
$1.7 50 to $16. (Compare V. 87, P. 1533.)—V. 88, 0. 100.
Green Bay & Western RR.—Distribution on Class B
Debentures Reduced.—The directors have declared, along
with the usual annual dividends of 5% each on the $2,500,000
stock and $600,000 "A" debentures, a distribution of %
3 of
1% on the $7,000,000 class "B" debentures, comparing with
of 1% paid on Feb. 1 1908. All these dividends are payout of the net earnings for the year 1908 at No. 40 Wall
St., New York, on and after Feb. 8 1909 to holders of record
Feb. 6 1909:
295
Capitalization cf the Indianapolis & Northdesterrt Traction Co.
i0n0g0
.
n0
2457) ..
d,
ts,t4
a7
.0
.00 u
.1h
u
3o
,ro0
tzed
First mortgage 5% gold bonds (V. 80.P
Preferred stock
1,000,000
450,000
Common stock.owned entirely by Terre Haute mdinapoii & Eastern Traction Co
2,550,000
2,550,000
The authorized and unissued preferred stock of the Indianapolis & Northwestern Traction Co. will be used only for betterments, improvements or
extensions to the property under suitable safeguard.
See also map on page 51 of "Electric Railway Section."—V. 84, p. 749.
Louisville & Nashville RR.—Company Sells Collateral
and Calls the $23,000,000 Collateral Trust Bonds.—The
company has sold to J. P. Morgan & Co. the collateral
(aggregating at par $29,864,000) securing the $23,000,000
r-20-year collateral trust gold bonds dated March 2 1903,
nd gives notice by advertisement on another page that it
ill on April 1 pay off the collateral trust bonds at its office,
1 Broadway.
Collateral, Aggregating $29,864,000, Sold to J.P. Morgan ifo Co.
L. & N. unified 45
$18.200,O00South & North Alabama
Paducah & Mem. Div .. 9,619,000
RR. 58_
44,045,000
'ermICp.
_ 2.500,000 Pensacola & Atlantic 6s_
500,000
— . 87. p. 1011, 1020.
48_-
Metropolitan Street Ry., New York.—Foreclosure Decree.
—Judge Lacombe in the United States Circuit Court on
Thursday ordered the foreclosure sale of the road under the
general collateral trust mortgage to the Guaranty Trust Co.,
as trustee, unless the interest is paid within 20 days. The
form of the. decree is to be presented on Feb. 15 and the
hearing on proposed amendments thereto on Feb. 23. Compare V. 87, p. 1358.
The purchaser is to assume payment of the outstanding
$3,500,000 receivers' certificates and all obligations incurre
by the receivers in running the roads. Judge Lacombe says:
From insurance money—the salvage of four disastrous fires—from the
proceeds of receivers' certificates, from the daily gross earnings, there
has, since receivers were appointed, been put into thls property, power
houses, sub-stations and car barns, repair shops, trucks, conduits, cars
(including 371 new ones purchased), motors and equipment. upward of
$5,800,000 and work is now under contract which will be completed before
sale, amounting to $2,200,000 more: making an aggregate expenditure
Previous Div. Record. '98. '99. '00. '01. '02. '03. '04. '05. '06. '07 '08. of $8,000,000. These figures do not include ordinary repairs, nor any4
4
4
5
Class "A" debentures% I 3M 2M 2M 3
5
5
thing laid out on the Third Avenue system, where other millions have
.5
%) ___ 1 M 2M 3
4
4
4
Stock
5
5
5. 5
also been expended.
—Y.86, p. 853.
Hudson & Manhattan RR.—One Jersey City Tube Cleared.
—The final obstruction in the south tube between Jersey
City and the Hudson Terminal building, consisting of rock
about 4,500 feet from the New Jersey shore, was blasted on
Wednesday afternoon, clearing the tube from end to end.
It is expected to have the north tube completed within
60 days and to operate trains between Jersey City and the
Cortlandt Street terminal by July 1.—V. 87, p. 1664.
Interstate Railways Co., Philadelphia.—February Interest.
—Plan.—The "Philadelphia New Bureau" of Jan. 26 said:
Suit Against Directors Dismtssed.—Justice Young in the
Fifth Municipal Court on Jan. 27 handed down a decision
in favor of the defendant directors, Thomas F. Ryan, H. H.
Vreeland (and others), in the suit brought some time since
by Emanuel Weil and another, together owning 13 shares
of stock, acting, it is currently reported, at the instigation of
the King minority stockholders' committee.
It was charged in the suit that the directors had been guilty of "various
fraudulent and dishonest acts in connection with the affairs of the company, and managed the company for their own profit and advantage, and
so conducted its affairs as to bring it to insolvency, and caused false and
fraudulent reports to be filed with the State Board of Railroad Commisfrom 1901 to 1906." District Attorney Jerome termed the case
Interest due Feb. 1 on the $10,776,600 4% collateral trust certificates sioners
excursion" by the King committee. The Court says the plaintiff
will not be paid. Default will also be made on the $140,000 4% and a "fishing
to show any personal fraud on the part of the defendants and that
$260,000 5% bonds of the Southwestern St. By. Co.. which is now in failed
it was unnecessary to go into other questions discussed at the trial.—V.
receivers' hands. Interest on the $245,000 Schuylkill Valley Traction 88,
p. 231.
(lo. fives and Citizens' Pass. By. Co. tivet will be paid.
A plan for the reorganization of the Interstate Railways Co. is now
Michigan United Railways.—Increase of Capital Stock, itte.
before counsel. John G. Johnson, and may be announced early in February.
A bondholders' committee will then be formed. Stone & Webster of —The shareholders, at the annual meeting in Kalamazoo,
Boston, engineers, are examining the company's properties.
Mich., on 1Varch 1 will vote on the following:
Bonds on Reading Power Plant.—See Metropolitan Electric
Co. of Reading, Pa., under "Industrials" below.—V.88, p.52
Illinois Central RR.—Change in Provision of Refunding
Mortgage.—Last November,at the time the $20,000,000 4%
refunding bonds were sold to Kuhn, Loeb & Co., President
Harahan,in a letter to the bankers,stated that of the present
authorized issue of these bonds ($110,000,000), there would
he reserved bonds aggregating $58,766,000 to provide for
the retirement of the underlying bonds on the several divisions of the system covered by the new mortgage. We
now learn that to remove any question as to the issue
ranking as a savings bank investment under the laws of
New York State, the company has since increased the
reservation for underlying bonds by $3,000,000, so that these
include:
(a) The increase of the capital stock from $5,000,000 to $7,000,000.
(b) the execution of the "first and refunding Mortgage" dated May 1 1906
upon the property and franchises owned or to be acquired, to Knickerbocker
Trust Co., trustee, to secure an issue limited to $12,500,000 of "first and
refunding mortgage" thirty-year 5% gold bonds (compare V. 87, p. 167
285) and (c) the acquisition by the company of all the property and franchises of the Lansing & Jackson By. Co. See V. 87. p. 283. M.
Minneapolis & St. Louis RR.—Listed.--The New York
Stock Exchange has listed $350,000 additional first and
refunding mortgage 50-year 4% bonds, due 1949, making
the total listed to date $10,855,000, and has authorized to
be added to the list from time to time $665,000 additional
bonds on notice that they have been sold, making the total
amount authorized to, be listed $11,520,000.
The 41,015,000 bonds are to be issued to retire a like amount of Iowa
Extension 7% bonds, due June 1 1909. Of the bonds $350,000 formerly
held in the treasury and issued for improvements and equipment have been
sold and the remaining $665,000 are to be sold later. The $350,000 bonds
underlying Bonds, Affronting $61,76 1,000. to Retire which an Equal Amount sold will be replaced by the same amount in higher serial numbers, which
Of Refunding Bonds is Reserr,
d.
will be left in the treasury.
Sterling 4% 1951
$2,500.000 Springfield Division 3 M% $5
0
2:(
)000
0:0
000
Earning: for three months ending Sege. 30.
Sterling 3% 1059_
_ 1,000,000 St. Louis gold 3%
Gold fours of 1931
1.500.000 St Louis gold 3 % _ _10,000,000 Three
Gross
Other
Net (after
Balance.
Fixed
Gold 3 M% 1951.
3.500,000 Chicago Havana & WestEarnings.
Mos.—
Taxes). Income. Charges. Surplus.
Sterling 3% 1951
em 5%
2.500,000
2,500,000 1908
$1,100,494 $393,272 475,12$ $373,576 $94,824
Sterling 3 M % 1961
3,000,000 Rantoul RR.5%
1,000,000
380,535
1,082,746
Sterling 3% 1051_ -__. 5,266,000 Cairo Bridgc 4%..
190
117
. 87, p. 1420.
3,000,000 —
Purchased Lines 3454...A0,000,000i
The ChIcaga Havana 61 Western and Rantoul bonds arc part of collateral
Missouri Kansas & Texas Ry.—Sale 4 Bonds.—Speyer &
pledVd to secure Illinois Central g3id 4s of 1952, $15,000,000. The bonds
to be refunded as above mentioned represent the amounts authorized by Co. have purchased and re-sold an additional block of
the several mortttges and not in all cases the amounts outstanding at $3,310,000 of "first and refunding mortgage" 4% bonds, due
the present tlifie.—V. 88, p. 231.
2004, which were in the company's treasury, having
Illinois Traction Co.—New Stock.—The shareholders will
vote Feb.6 on increasing the preferred stock from $4,000,000
to $5,000,000, in connection, it is said, with certain acquisitions and extensions (see Cairo & St. Louis Ry.) and the
building of the St. Louis Bridge (V. 85, p. 100).—V. 87, p.
812.
Indianapolis & Northwestern Traction Co.—Offering of 50/
Guaranteed Cumulative Preferred Stock.—Joseph T. Elliott &
-Sons, Indianapolis, Ind., are offering (present price 85) the
unsold portion of an issue of $450,000 5% cumulative preerred stock of the Indianapolis & Northwestern Traction
Co , guaranteed by the Terre Haute Indianapolis & Eastern
'Traction Co. Dividend period Q.-J.
Earnings of Rad. di /V. W. Traction Co. for Year ending Dec. 31 1908.
-$309,368 Interest on bonds
Cross earnings
$123,500
_ 178,851
.Net earnings _______. _
$55,351
Amount necessary to pay dividend on aforesaid pref. stock
22,500
Net income
$32,851
been
Issued some time ago for improvements, equipment, &c.
Compare V. 88, p. 101, 158.
Northeastern Cuba RR.—Plan.—See Cuba Eastern RR.
above.—V. 82, p. 162.
Northern Pacific Ry.—Listed.—The New York Stock
Exchange has authorized $93,000,000 additional stock,
which was offered to the stockholders in Jan. 1907,on notice
that it has been issued and paid for in full, making the total
amount authorized to be listed $248,000,000.
Expenditures aggregating $82,920,481 on Capital Account from July 1 1906
to Nov. 30 1908:
Real estate, right of way and terminals
$3,476,944
Branches (148 miles), line changes, grade revisions and second 21.549,534
main track (268 miles)
Additions and betterments
8.130,675
New equipment
14,129.262
Advances to Spokane Portland & Seattle RallwaY
26,191,370
Advances to Clearwater Short Line
3,257,143
Advances to BigFork & International Falls By
718,615
Miscellaneous advances
399,896
Purchase of Washington & Columbia River Ry. (167.65 miles) _ 5.067,049
296
[VOL. Lxxxvm.
THE CHRONICLE
Revenue from All Sources from .July 7 1905, wizen the company's Operations
began, to June 30 1908. Railway Operations included since June 30 1907);
Interest
Taxes
Other
Net
Balance,
Gross
Net
Operating
Interest
Bal.,
Gross
Fiscal
Surplus.
Paid. & Rentals.
Earnings. Earnings. • Income.
Expenses.
Earn'gs.
Charges, &c. Surp.
Year. Earnings.
5
$529,409
$403,692
$1,006,587
$125,717
1908____$1,535,996
476,499
650,735
334,188
1908 __32,004,574 15,743,812 1,128,438 1,348,620 4,709,701 10,813,929
142,311
1907____ 1,127,234
204,465
263,243
500,796
1907 _ _34,440,341 15,348,039
58,778
764,039
1906__ _ _
From the balance as above was paid quarterly dividend No. 44 (1 4%),
Compare V. 87, p. 1355, 1364 and map on page 115 of "Railway, and
calling for $2,712,500, leaving $8,101,429 to be carried to the credit of Industrial Section".-V. 87, p. 286.
profit and loss.-V. 87, P. 1238.
Earnings.-For the 5 months ending Nov. 30:
Five
Mos.
New York Central & Hudson River RR.-E. H. Harriman
a Director.-As expected, E. H. Harriman was on Wednesday elected a director to succeed Charles C. Clarke and
President William C. Brown in place of Samuel F. Barger.
Both Mr. Clarke and Mr. Barger were directors for many
years.-V.88, P. 231, 158.
Philadelphia Rapid Transit Co.-Favorable Transfer Decision.-Common Pleas Court No. 2 on Jan. 27 handed down
a decision in the test suit brought by the city against the
company sustaining the company in its plan deckled on last
May to issue free transfers only upon the payment of a
5-cent fare. Compare V. 86, p. 1160. An appeal will be
taken. The Court says:
The giving of a transfer is a regulation of the company, made from time
to time In order to develop its business and to accommodate the public.
In making and enforcing theSe regulations, the company may change its
routes and again re-route them. The giving or withholding of such transfers is part of the managerial policy of the company In the developing and
establishing of its business, which necessarily must change with the change
of conditions in different localities. It is a detail of management, in which
the city has a voice, through its representatives, as a part of the board
of directors of the company. We cannot believe, if such a matter of
management was deemed by the draughtsmen of the Act to determine a
r Ito of fare, that it would not have been recognized and particularized
both in the ordinance and contract.-V. 87. P. 1534.
Pittsburgh & Lake Erie RR.-New President.-W. C.
Brown has been elected President to succeed W. H. Newman, who retires Feb. 1.-V. 87, p. 1301.
Peoria & Eastern Ry.-No Action on Income Interest.See Cleveland Cin. Chic. & St. Louis Ry. above.-V. 86,
p. 975.
Port Jervis (N. Y.) Electric Light Gas Power &
Sale.-On Jan. 27 the bondholders' protective committee
purchased at auction in Port Jervis the property of the
company for $250,000, paying $225,000 for the electric
and gas plants and $25,000 for the trolley road. Compare
V. 88, p. 158.
St. Louis Rocky Mountain & Pacific Co.-Bonds Offered.More than $2,000,000 of the company's outstanding bonds
($7,500,000) having been sold or withdrawn for investment,
Fisk & Robinson, New York, Boston and Chicago, are
offering the remainder by ad,vertisemerit on another page,
at 953/i and interest, the return on the investment being
531%. These bonds are first mortgage fifty-year gold
5 per cents, dated July 1 1905 and due July 1 1955, secured
by first mortgage lien on (a) 106 miles of standard-gauge
railroad connecting the company's coal mines and coke
ovens with the Atchison Topeka & Santa Fe, the Colorado
& Southern and the El Paso & Southwestern railroads;
(b) 299 square miles of coal lands situated in the Raton coal
field of Colfax County, N. M., and owned in tee simple,and
(c) 513 square miles in the same county, wherein the coal
rights and surface necessary for mining are owned also"the two areas forming an unbroken tract of 812 square
miles, or about 520,000 acres-more than 90% of the entire
Raton field-and estimated by competent engineers to contain over two billion tons of high-grade bituminous coking
domestic and steam coal."
Extracts from Letter by Prest. Henry Koehler, Raton. N. M., Dec. 261903.
Coal and Coke Output.-The company has In operation at Brilliant, Van
Houten and Koehler, ten drift mines, provided with adequate power plants.
electric haulage, &c. For the fiscal year 1908 the output was some 920,000
tons of coal, compared with 675,000 tons In 1907. The company has
perfected surveys and plans for doubling its present output when required,
. with small outlay for railroad construction. The C3:ie produced compares
favorably with that of West Virginia and Pennsylvania. The company
has at present 396 coke ovens, with a capacity of about 180,000 tons
annually. In an address on Jan. 22 1907 Marius R. Campbell, of the
United States Geological Survey, said: "Good coking coal is scarce In the
Western fields. The principal source of supply is the Raton or Trinidad
field in Southern Colorado and Northern New Mexico; 70% of the coke
produced in the Western fields comes from this region."
Markets.-The company has in force a large number of contracts for
both coal and coke, notably with the Atchison Topeka 8: Santa Fe for the
exclusive supply of all coal used by that company on about 1,200 miles
of track. There is a large and steadily growing business In commercial
coal and coke and the demand for fuel coal from all the great railroad
systems of the Southwest and Mexico Is great, constant and increasing.
Railway Propfirtm-The railway In construction and equipment conforms to the best modern standards. The main track Is laid with new
80-lb. steel rails. The maximum grade on the plains, excepting one mile
of 1% grade, is 1%. and in the Cimarron Canon 2.1%, compensated
for curvature. In addition to its coal and coke traffic, the road serves
a prairie and valley country devoted to cattle raising and to agriculture.
antra and sugar beets. In the
The land produces wheat, oats,
barley' the completion of an Irrigation
valleys are many orchards. Through
canal system now under construction an additional 100,000 acres of
farming land will soon become available for cultivation. The railway
has made accessible a large timber region. A portion of this timber is
now being developed by friendly interests, who have recently built through
the heart of a rich forest territory the Cimarron & Northwestern Railway.
The St. Louis Rocky Mountain & Pacific By. furnshcs the only outlet
for the tonnage of the netv,road. The Elizabethtown Baidy and Cimarroncito mining districts are tributary to the railway exclusively.
Bond Issue.-The company has outstanding $7,500,000 first mortgage
5% bonds secured by first mortgage lien on the entire 520,325 acres of coal
property, together with all improvements thereon, and by first lien on the
St. Louis Rocky Mountain & Pacific By., through deposit with the trustee
of that company's $3,500,000 first mortgage 5% bonds and $3,500,000
capital stock.
Of the balance of the authorized issue of $15,000,000 bonds, $1,000,000
are reserved for the further development of the coal property and the
remainder for exchange for such bonds of the railway company as may
be issued for future extensions and improvements of the road. Sinking
fund operative in and after 1911, 1% a ton on all coal mined,to be invested in these bonds for cancellation.
Earnings.-During the period of construction and development the
company accomplished a result which is unique, in that It was able to
earn from its commercial operations an amount sufficient to take care of
its entire fixed charges, Including interest on the bonds Issued for construction purposes.
South Side Elevated RR., Chicago.-Report.-The results
for the year ending Dec. 31 were:
Gross.
Year$2,149,730
1908
2,105,193
1907
1,788,975
1906
-V. 86, p. 1468.
Net.
5670,624
645,448
581.707
Charges.
$436,620
205,939
33,750
Dividends. Bal., Sur,
('4%) 576,722 $157,281
(4%)409,187
30,322
(4%)409,177 138,780
Terre Haute Indianapolis & Eastern Traction Co.-Offering of Guaranteed Preferred Stock.-See Indianapolis & Northwestern Traction Co. above.-V. 84, p. 997.
Union Pacific RR.-Engraved Bonds Ready.-The temporary certificates for "first lien and refunding mortgage"
4% bonds may be exchanged for permanent engraved coupon bonds on and after Feb. 8 at the office of Treasurer
F. V. S. Crosby, No. 120 Broadway.-V.87, p. 1606.
United Traction Co. of Reading, Pa.-To Guarantee Bonds.
-See Metropolitan Electric Co. under "Industrials" below.
-V. 87, p. 873.
United Railways of St. Louis.-New Directors.-A. D.
Brown and D. R. Francis Jr. have been elected directors
to succeed C. D. Smithers and G. R. Sheldon respectively.
Resignation of President.-See North American Co. under
"Industrials" below.-V. 87, p. 481.
Virginia Passenger Rates.-Favorable Decision.-The
Virginia Court of Appeals on Jan. 26 denied the application
of six railroads to appeal from the order of the Corporation
Commission fixing a 2-cent passenger rate,on the ground
that the right to do so has expired.
30 last
Under the decision of the United States Supreme Court on Nov.
of Judge
(see editorial. V. 87, p. 1451. It would appear that the injunction
until
set
valid
is
rate
2-cent
the
Pritchard to p:avent the cafoccement of
unless a.
aside by the Federal courts, to which an appeal will be taken
authoriState
the
with
reached
meantime
is
matter
whole
the
of
settlement
ties. The road will, ho ivaier, not at ()resent restore tin old rates because
of an agreement with the State that the present rates will remain In effect
until the matter is settled by the courts.-V. 87, p. 1480.
Wabash RR.-Listed.-The New York Stock Exchange
has listed $1,250,000 additional "refunding and extensions"
4% bonds, due 1956, and has authorized to be added to
the list from time to time, but prior to July 11909 $747,000
been,sold,
additional bonds on official notice that they have'
making the total amount of the bonds authorized to be listed
$29,261,000.
STATEMENT OF ISSUANCE OF $30,383,166 "FIRST ,REFUNDING
AND EXTENSIONS" FIFTY-YEAR 4% GOLD BONDS.
$5,000,000
51,217,003 Corporate purposes
For real estate
77,698 For $3,046,000 deb. A
For improvermtnts thereon
2,421,570
deposited
bonds
• Equipment bonds paid
3,661,135 For $25,008,000 deb. B
and canceled
18,005,760
bonds deposited
• These are: $300,000 equipment bonds of 1901; $168,000 Series ft
$174,000 Series B; $1,236,000 Series C.
EARNINGS, &C., FOR FIVE MONTHS ENDING NOV. 30.
Other
First Sundry Adds.& Bal.,
Net
Gross
Five
Earnings. Earnings, Income. Charges. Accts. Betrts. Surp.
M03.
647,088
1908 _11,219,910 3,593,174 480,742 3,342,230 25,409 59,182
1907 _ _12,131,961 3,981,839
-V. 81, p. 54.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Ice Securities Co.-Bonds Underwritten.-A
syndicate under tile management of Charles D. Barney &
Co. and including W. A. Tucker, G. L. Boissevain, F. Q.
Brown and the directors, has underwritten an issue of
$3,000,000 "first and general" mortgage 2-5-year gold bonds
of the American Ice Co., convertible after 2 years into 7%
preferred stock and redeemable at par and interest'on any
interest day on 60 days' notice. The bonds, it is said, will be
offered at 88 to the stockholders of both the Ide and Ice
Securities companies, and also, subject to the •subscriptions
of the stockholders of the two companies, to the holders of
the 6% debentures of the Ice Securities Co.
They will be secured by a.first lien on real estate in various
cities worth, it is stated, about $5,000,000, located principally in and about New York, -Brooklyn, Philadelphia,
Baltimore and Washington, and a general lien on the .remainder of the property of the company. •An exchange says:
The proceeds will be used to liquidate the' tloailni'debt of tile American
Ice Co. and will give It sufficient working capital for its requirements.
life of the bonds,
As a voting trust has been enntorl extending during the
of directors,
control of the cotnpany will be In the hands of the present board
financial
Which will, now that the company has been placed on a strong
property
the
up
building
toward
energies
its
basis, be able to devote all
In the interest of all the security holders.-V. 88, p. 160.
New Name.-On March 1 the name of the company,.it is
announced, .will be changed to the American Pipe & Construction Co.-V. 88, p. 229, 160.
American Pipe & Construction Co.-Change of Name.See American Pipe Mfg. Co. below.
American Sugar Refining Co.-Listed.-The New York
Stock Exchange has placed on the regular list the $45,000,000
7% cumulative preferred and $45,000,000 common .stock
heretofore in the unlisted department.-V.88, p. 232, 160.
American Telephone & Telegraph Co.-Listed.-The New
York Stock Exchange has authorized to be listed $42,612,000
additional convertible 4% bonds, recently sold, making the
total amount listed $150,000,000, the full authorized
amount, on notice that the bonds have beenlissued.and paid
JAN. 30 1909.)
for in full. Compare V. 88, p. 103; V. 87, p. 1606, 1535,
1481.—V. 88, p. 160, 103.
Central & South American Telegraph Co., New York.—
Increase of Capital Stock.—A special meeting of the stockholders will be held on Feb. 9 to vote on increasing the
capital stock from $12,000,000 to $14,000,000.—V. 87,
p. 1665.
Chicago Pneumatic Tool. Co.—Change in Officers.—A
circular announces:
The management of the Chicago Pneumatic Tool Co will change at the
next annual meeting, Feb. 15. J. W. Duntley, the President, will retire
and take the presidency of the Duntley Mfg. Co., a company recently
organized. He will also give his personal attention to the foreign business
of the tool company, with a view of reorganizing and expanding the same.
His successor in the presidency of the tool company will be his brother,
W. 0. Duntley, and John R. McGinley of Pittsburgh, Pa.,a man of large
experience in corpoartIon affairs, will be chairman of the board,succeeding
Charles M. Schwab in that position, and having charge of the financial
department.—V. 87, p. 547.
Consolidated Gas Co.of NewYork.—Request for Rehearing.
—The company on Monday filed a petition with the United
States Supreme Court asking for a rehearing of the case
involving the 80-cent gas law, the principal reason urged
being that the Court overlooked important points in the
evidence.
It is thought that a decision will be handed down on or before Feb.4,
on which date the 30-days expire within which the Court will file its mandate
on the previous decision unless a rehearing is granted. If the petition is
dented the distribution of the money deposited with the lower Court will
not be interfered with, but if a rehearing is allowed,the mandate will be
held ,up and the distribution would await the action of the Court on the
re-presentation of the case.
The United States Circuit Court last week granted the
application of the Public Service Commission to be substituted for the old State Commission of Gas and Electricity
in suits brought to restrain the enforcement of the 80-cent
gas law against five companies controlled by the Consolidated
Company.
Report.—See "Annual Reports" on a preceding page.—
V. 88, p. 161, 103.
Crucible Steel Co. of America.—Directors—Officers.—
Herbert du Puy has been elected Chairman of the board to
succeed the late William G. Park. John A. Sutton was
elected 2d Vice-President, succeeding Mr. du Puy, Charles
C. Ramsey, 3d Vice-President to succeed Mr. Sutton and
0. B. Wharton, a director and also 4th Vice-President,
succeeding Mr. Ramsey; G. E. Shaw, a director to succeed
Mr. Park. Mr. du Puy is quoted as saying that he believes
he "is safe in assuring stockholders that dividends on the
7% preferred stock, suspended following the payment of
a quarterly 1% on Dec. 31 1907, will be resumed in March
1909.—V. 87, p. 1607.
Electric Properties Co.—Dividend Deferred.—The directors
on
have decided to defer the quarterly dividend of 1
the $6,000,000 cumulative preferred stock until May 30,
when further action will be taken. Compare V. 86, p. 1103.
—V.87, p. 94.
International Steam Pump Co.—New President.—Benjamin Guggenheim, Chairman of the executive committee,
was on Thursday elected President of the company at a
meeting to succeed John W. Dunn, who resigned on account
of ill-health.
President Guggenheim is quoted as saying:
The directors arc now considering a plan to provide funds for the erection
of new plants and the creation of facilities to manufacture mining and
hydraulic machinery and machinery other than steam pumps.
The plants are now running about 86% of capacity. The floating debt
now stands at $1,250,000, as against $4,000,000 two years ago.—V. 87,
p. 483, 94.
Kansas City Breweries Co.—Report.--For calendar years:
Purchases Deprec'n Interest Sinking Pref.div. Balance,
Total.
Cal.
and exp. chgd. off. on bds. fund, ctc. (3%). surplus.
Yrs, income,
$164,840
1908 _$2,486,466 $2,004,105 $93,680 $198,840 $25,000
1907 _ 2,366,745 1,882,515 89,227 198,840 25,000 43.980 127,183
surplus
against
Total
297,424
in
1908,
1907.
in
barrels
312,267
Sales
Dec. 31 1908, $534,887. Dividends of 1% each were declared and
paid in April and July 1907, but none since. Stock outstanding, common,
11,557,000: preferred, $1,466,000; bonds, $3,240,000.—V. 87, p. 345.
Keystone Telephone Co., Philadelphia.—Listed in Philadelphia.—The Philadelphia Stock Exchange has listed $485,000 additional first mortgage 5% 30-year gold bonds, making the total listed $4,485,000.—V. 87, p. 1088, 680.
Kirby Lumber 00.—Payment of Overdue Timber Certificates.—Notice is given that the principal of timber certificates, series "J," of $430,000, due Aug. 1 1908, will be paid
on Feb. 1 1909 at the National City Bank of New York or
the Maryland Trust Co., Baltimore, Md., or the agency
of the latter in New York, together with interest at 6% per
annum from Aug. 1 1908 to Feb. 1 1909. With this payment,$3,060,000 of the timber certificates have been retired,
leaving $4,255,000 outstanding. See advertisement, V. 87,
p. 419.
Laclede Gas Light M.—Resignation of President.—See
North American Co. below.—V. 88, p. 234.
Lawrence (Mass.) Gas Co.—Option.—President Nathaniel
H. Emmons, Boston, Jan. 25, announces that each stockholder of record on that date is entitled to subscribe at the
Treasurer's office, 79 Milk St., Boston before 2 p. m. Feb.
25, for five shares of the new stock (5;000 shares) for every
fourteen shares of old stock held by him, at the price of $160
per share. Payment for all shares subscribed for must be
made at said office on or before 2 p. m. March 5 1909.
—V. 88, p. 234.
Lehigh Coal & Navigation Co., Philadelphia.—New Stock.
—It is currently reported that the directors at their meeting
on Feb. 8 will vote to offer to shareholders of record the
297
THE• CHRONICLE
right to subscribe pro rata for 10% .in new stock, as was
done early in 1908. (V. 86, p. 797.)—V. 87, p. 170.
Metropolitan Electric Co. of Reading, Pa.—Sale of Bonds.
Edward B. Smith & Co., Philadelphia and New York,
have purchased $2,000,000 of this company's first mortgage
5% 30-year sinking fund gold bonds, the proceeds of which
will be used to retire on Oct. 1 1909 $150,000 bonds then
subject to redemption, and to construct a new power house,
work on which began Jan. 27, with a modern transmission
and distribution system. An authoritative statement
follows:
This work, it is estimated, will cost about $1,750,000. The demand
for current for light and power purposes at Reading has entirely outgrown
the capacity of the company's present plant.
The Metropolitan Electric Co. is one of the subsidiary companies of the
United Power & Transportation Co., and it has been for 15 years the
only company in Reading engaged in the electric light and power business.
It furnishes the current used by the United Traction Co. of Reading, and
there will be a power contract between the two companies with a guaranty
of the bonds of the electric company by the United Traction Co.
Mexican Light & Power M.—Merger Proposition.—As
stated in the annual report cited on a previous page, the
offer of the Mexico Tramways Co. to lease the property of
the Mexican Light & Power Co., having met with strong
opposition from the directors of the latter, was withdrawn
on Jan. 15. Subsequently it was announced from London
that the holders of a large amount of the common stock
of the Light & Power Co., "some say 51%", have agreed
to an exchange of stock on the basis of 140 shares ($14,000)
of Light & Power common for 80 shares ($8,000) of the
Tramways Co., the same terms being offered to all holders
prior to Feb. 15. This offer was immediately opposed
as inequitable in a circular signed by Sir George Drummond,
Mr. James Ross and Hon. Robt. Mackay. The Tramway
interests, it is stated, will use the majority stock, acquired
or to be acquired, to elect the following as directors of the
Light & Power Co.:
F. S. Pearson, D. R. S. C., President Rio Janeiro Tramway Light &
Power Co.; Sir William C. Van Horne, Chairman Canadian Pacific By.;
E. R. Wood, Vice-President Central Canada Loan & Savings Co.. Toronto;
George Flett, managing director Dick Kerr & Co., Ltd., London; Julio
Limantour, director National Railways of Mexico; Robert C. Brown.
managing director Mexico Tramways Co.; Walter Gow, director Rio
Janeiro Co.
Dividends.—The quarterly dividend, paid Jan. 15 on the
common stock was 1M% (1% per annum) contrasting with
1% each (4% yearly) for dividends Nos. 1 and 2 paid July 15
and Oct. 15 1908.—V. 87, p. 1536.
Mexican Telegraph Co., New York.—New Stock.—A
special meeting of the stockholders will be held Feb. 9
to vote on increasing the capital stock from $3,000,000 to
$5,000,000.—V. 87, p. 1666.
New River 0o.—Dividend Deferred.—The directors have
decided to defer the payment of the quarterly dividend now
due on the cumulative preferred stock, owing to heavy construction expenses and the depressed condition of the coal
trade.—Compare V. 87, p. 1009.
New York & New Jersey Telephone Co.—Listed.—The
New York Stock Exchange has authorized the listing of
$5,047,000 additional stock offered to the stockholders in
November last, as it is issued and paid for in full, making
the total amount to be listed $30,282,000.
Earnings.—For 9 months ending Sept. 30 1908:
$119,331
1,324,837
560,964
$6,878,765 Interest charges
4,873,633 Dividends, 5 g%
2,005,132 Balance. surplus
Gross earnings
Operating expenses
Net earnings
—V. 87, p. 1482.
New York Telephone Co.—Stations.—The company reports
Telephone Stations in Service.
Long
New
WestManhattan
Island.
chester.
Jersey.
Jan. 1— & Bronx.
68.520
23,508
63,393
1909 __ ____254,183
65,601
57,151
22.326
_ 239,597
1908__
—V. 86, -p; 232.
Total.
409,604
384,675
North American M.—Resumption of Dividends.—A quarterly dividend of 1Y1% has been declared on the $29,793,300
stock, payable April 1 to holders of record March 15. The
last dividend at the same rate was paid in Sept. 1907.
1903.
4%
1904.
5%
1905.
5%
Dividend Record.
1907.
1906.
3 5(% (Q.-Mch.)
5%
1908. 1909.
0 Apr. 131f%
Resignation of President of Subsidiaries.—John I. Beggs
has resigned as President and General Manager of the
United Railways Co. of St. Louis and Laclede Gas Light
Co. in order to give his undivided attention to the management.of the Milwaukee Electric Ry. & Light and Milwaukee
Light Heat & Traction Co., in which he continues in the
same capacity.
Report.—See "Annual Reports" on a preceding page.
—V. 87, p. 1424.
Ontario Power Co., Niagara Falls, Ontario.—Bonds Offered
—Status.---E. M. Farnsworth & Co., 24 Milk St., Boston,
who are offering a block of the first mortgage 5'% gold bonds
(dated Feb. 2 1903) at 9734 and interest, have issued a
handsome folder with maps and illustrations, describing the
company's hydro-electric plant, the territory over which
its electricity is distributed, and the additional points that
will presently be reached. Said bonds(V. 86, p.413; V. 82,
p. 632) have been issued on the 66,000 h. p. now installed
to the extent of $70 60 per h. p. only. The firm says:
Earnings, &c.—The net earnings for 1909, based on contracts already
closed, are estimated by the company at $574.530. or considerably in excess
of 23j times the interest on the first mortgage bonds now outstanding.
The management and control are in the hands of exceptionally able men,
who, with associates, have invested over $2,000,000 in junior securities.
Transmission Lines.—Two 80.000-volt lines run from the distributing
station 6 miles to the Dna ars River near Queenston, where they cross the
298
THE CHRONICLE
Gorge and connect with the lines of the Niagara Lockport & Ontario Power
Co., delivering power for use in the United States. [The two lines first
mentioned are owned by the Ontario Transmission Co., who e stock is
owned by the Ontario Power Co. and whose outstanding bonds (some
$1,245,000 stated to be amply secured) are guaranteed by that company.
See V. 82, p. 395; V. 85, p. 226.-Ed.]
12,000-volt lines are used in Canada and power is delivered in Niagara
Falls, St. Catharines, Thorold, Port Robinson, Welland and Port Colborne. The present development of these local transmission lines is about
60 miles of 3-phase circuits; and this will shortly be extended to more
than 100 miles, in order to meet the increasing demands of customers.
Power Distribution.-The Niagara, Lockport & Ontario Power Co. (see
V.85, p. 225) distributes the power of the Ontario Power Co. In the United
States. Its lines form a network, having a length of about 420 miles,
throughout western and central New York as far east as Syracuse.
The Ontario Distributing Co. distributes the power of the Ontario Powe.
Co. In the townships of Stamford and Niagara, in the Province of Ontario
President, J. H. Symmes; Secretary-Treasurer, Robin Boyle; Office'
Imperial Bank Chambers, Niagara Falls, Ontario.
The Falls Power Co. distributes the power of the Ontario Power Co. in
the townships of Bertie, Willoughby, Pelham, Thorold, Humberstone,
Crowland, Wainfleet and Grantham, in the Province of Ontario. President, D. Ross; Vice-President, B. J. McCormick. Office, Welland, Ontario.
In Canada the company has an important contract with the Ontario
Government to supply power, which the latter will distribute at cost to
Ontario municipalities; said contract exclusive up to 30,000 h. p. and for
at least one-half of further amounts up to 100,000 h. p.
[The firm on Jan. 20 1909 wrote: "Since our folder was issued, work has
been begun on nearly 300 miles of Government transmission lines in the
Province of Ontario to supply this power to the following cities and towns:
Toronto, London, Guelph, St. Thomas, Wood tock, Berlin, Hespeler,
St. Marys, Preston, Waterloo, New Hamburg and Ingersoll, which have
contracted with the Government for about 25,000 h.p.
"On Jan. 4 last the following 20 municipalities voted in favor of taking
this power: Amherstburg, Bothwell, Chatham, Comber, Dresden, Dundas,
Elmira, Essex, Glencoe, Leamington, Norwich, Port Stanley, Ridgetown,
Sandwich, Simcoe, Stratford, Tilbury, Tilsonburg, West Lorne and Windsor. This will result in the extension of the Government tLansmission
lines to the extreme southwestern portion of the province, including
Windsor, just opposite Detroit, and about 200 miles from the Ontario
Power Co.'s plant. It was originally intended to transmit this power
throughout Ontario at 60,000 volts, but It has now been decided to make
the new lines capabe of carrying 110,000 volts. Compare V. 87, p. 550
V. 86, p. 1347, 1413.]
Purposes for which the Power is Used.-The power sent over the abovenamed transmission lines furnishes (1) part or all of the public and private
lighting in Niagara Falls, Welland, Stamford and St. Catharines. Ontario;
and Lockport, Depew, West Seneca, Hamburg, Batavia, Rochester,
Canandaigua, Auburn, Baldwinsville, Phenix, Fulton, and Syracuse, N. Y.
(2) It operates electric furnaces for the reduction of iron, copper and other
ores, and the manufacture of cement, calcium carbide and lime nitrates,
in Port Colborne. Welland, Niagara Falls and Thorold, Ontario; and Lewiston, Lockport and Caledonia, N. Y. (3) It operates in whole or in part
the trolley system in Syracuse, Rochester, Canandaigua, Geneva, West
Seneca and Hamburg; and the interurban lines, Syracuse Lake Shore &
Northern, Syracuse & South Bay, Rochester & Geneva, Rochester & Mt.
Morris (Erie RR.), Buffalo Lockport & Rochester, Buffalo & Hamburg
and Buffalo & Dunkirk (partly constructed). (4) It operates the steel
works of the Ontario Iron & Steel Co. at Welland, Lackawanna Steel Co.
(7,000 employees), Shenandoah Steel Wire Co., plate rolling mills of
Seneca Iron & Steel Co., pumping works of Depew & Lake Erie Water Co.
at West Seneca; repair shops of the N. Y. C. & H. R. RR. Co. and D. L. &
W. RR. Co. and works of Gould Coupler Co. at Depew; the Kelley Island
Lime & Transport Co. at Akron; the United States Gypsum Co. at Oakfield, and various smaller industries.-V. 87, p. 550.
LxxxvIli.
Proposed in order to consummate the reorganization. These first debentures were issued in 1889 under trust deed (Trustees, Executors ec Securities
Insurance Co., Ltd., London, trustee), covering mortgages made by the
American Co. to the Manhattan Trust Co., New York, trustee. The
debentures are subject to call at 110 on six months' notice; Interest M. & N.,
at office of Glyn, Mills, Currie & Co., London.-Ed.]-V. 87. p. 1482.
Republic Iron & Steel Co.-Hall-Yearly Report.-This
company reports as follows for the half-year ending Dec. 31
1908 (actual operations, however, covering only five months
owing to labor troubles):
Results for Half-Year ending Dec. 31 1908.
$1,231,647 Impts., depreciation, &c_
Net earnings
27,307 Int. on 1st mtge. 5s
Return on investm'ts (net)
$267,987
208,637
$1,253,954
Balance, surplus
Total profit_
$782,330
The net earnings are shown after deducting $401,856 for maintenance
and repairs. Operations, as compared with normal, averaged: Finishing
mills and factories. 55%; steel works, 70%; blast furnaces, 66 2-3%.
Dividend Question.-The business booked promises some
improvement, but the executive committee is of the opniion
that under present unsettled conditions it is wise to defer
action on the resumption of dividends.-V.87, p. 1303, 477.
Southern New England Telephone 0o.-Report.-For
year endingDec. 31:
Gross.
Net.
YearDiv.(6%). Bal., sur.
1908 __
1907
1906
87, p. 164.
82,264.775
2,123,708
1,799,144
$4
53
28
3:8
69
10
6
321,515
$461,605
402,026
307,500
$77,285
21,590
14,015
Stock Quotation Telegraph Co.-Called Bonds.-Twentyfour bonds of 1888 have been drawn for redemption on Feb. 1
at their par value at the Central Trust Co., New York,
trustee.-V. 77, p. 2038.
Syracuse (N. 'Y.) Lighting Co.-Bonds-Earnings.--A
leading banking house recently offered a block of the total
issue of $2,500,000 first mortgage 5% gold bonds, dated
June 1 1901 and due June 11951, at a price to yield about
5%. A circular said:
These bonds underlie $1,000,000 6% debenture bonds of 1927 of the
Syracuse Lighting Co. and $5,009,490 collateral trust 5s of 1954 of the
Syracuse Light & Power Co., which controls the company through stock
ownership. (See Syracuse Light & Power Co. above.) (There are also,
as obligations of the company, about $2,500,000 Syracuse Gas Co. first
mortga e
e rate of 5% have been paid on the $1,000,000 preferred
at it'lhd)
Dividgend5ss.stock of the Syracuse Lighting Co. since 1901 and at the rate of 2% on the
$3,000,000 common stock Isnee 1903.
EARNINGS REPORTED FOR YEARS ENDING JUNE 30.
Gross.
Net.
Interest. Bat.,Sur.
1907-08
$1,105,409 $427,761 $310,000 $117,761
148,857
1906-07
1,055,145
255,392
404,249
225,835
1905-06
947,140
243,496
469,331
The 1908 net earnings of the electrical department alone were $267,751,
more than double the $125,000 interest charge on the first mortgage 5s.
(Compare V. 77, p. 248, 302, 399; V. 84, p. 936, 629, 512.)
Pacific Mills, Lawrence, Mass.-Acquisition.-See Cocheco
Troy Cotton & Woolen Mfg. Co., Fall River.-Bonds as
Manufacturing Co. above.-V.88, p. 104.
100% Dividend.-The shareholders will vote Feb. 2 on
Pillsbury-Washburn Flour Mills Co., Ltd., Minneapolis.- authorizing
an issue of coupon bonds, it is understood,
Plan.-The creditors' committee, viz.:
$300,000 30-year 5 per cents, for the purpose of paying
Gilbert G. Thorne, Vice-President National Park Bank, N. Y., Chairman,
therewith a 100% dividend. Par of shares $500.
C. T. Jaffray, Vice-Pres. First National Bank, Minneapolis, Vice-Chairman
H. C. McLeod, General Manager Bank of Nova Scotia, Toronto, Canada:
United Box Board & Paper Co.-Ofier of Committee in
E. W. Decker, Vice-President N. W. National Bank, Minneapolis,
Pursuance of Plan.-Vice-Chancellor Howell on Wednesday
F. A. Chamberlain, President Security National Bank, Minneapolis,
Charles W. Folds. Charles Hathaway & Co., N. Y. and Chicago. Secretary, signed a rule to show cause returnable on Feb. 17 why the
has issued a circular dated Jan. 25 submitting the plan of offer of the reorganization committee to take over the assets
reorganization prepared by the company dated Nov. 23 1908 of the company should not be accepted.
(see V. 87, p. 1536) and revised Dec. 22 1908. The comThe offer provides for payment of all unsecured claims allowed by the
courts amounting to $524,856 in full and the payment of all receivership
mittee say:
stock have
94% of the
The report of the public accountants, Marwick, Mitchell & Co., sent to
you in circular dated Oct. 1 1908, stated a difficult situation (V.87, p. 935).
Your committee briefly outlines the following plan of reorganization
(compare V. 87, p. 1536):
1. An operating company will be organized, with a paid-up capital of
$2,000,000, furnished by the present shareholders and others. Its affairs
will be managed by A. C. Loring, in whom we have implicit confidence, and
whose efficient management as receiver has made the plan feasible.
This operating company will lease the Pillsbury-Washburn mills for 20
years, at an annual rental to be based upon earnings, but in no event to
be less than $100,000 per annum, and will at once purchase and pay for
the quick assets of the present company, thereby providing a fund sufficient
to pay in cash all unsecured creditors approximately 50% of their claims
as of Aug. 8 1908; interest to be adjusted at 5% per annum.
2. The creditors will receive for the balance of their claims bonds dated
Aug. 8 1908, bearing interest at 5%, payable semi-annually, secured by
mortgage upon all the water-power properties and mills of the present
company, second only to an inctimbrance of 1875,000 (being amount of
present debentures), which may be increased by £25,000 for betterments
and improvements.
3. For the purpose of retiring said 20-year bonds which creditors are to
receive, an annual sinking fund of 1% will be paid out of the fixed revenues
shown below, and another 1% will be paid out of the earnings accruing to
the company under the provisions of the lease with the operating company,
which will be cumulative.
4. Notwithstanding the valuations heretofore given, in our judgment,
after careful consideration, the values and the earning power of the reorganized company, sonservatively stated, will be somewhat as follows:
Properties and Mortgages Thereon.
Water power and flour mill properties
$8,000,000
Present bonds,$4,375,000; second bonds for creditors(maximum
amount), $2,800,000
7,175,000
Value over first and second bonds
Earnings and Interest an Bonds.
Annual water-power earnings
Minimum annual rental of operating company
$825,000
$380,000
100,000
Total (minimum) earnings
$480,000
Interest on present 6% bonds, $262,500; on second bonds,
$140,000; sinking fund (1%), $28,000
430,500
Balance
$49,500
The Pillsbury-Washburn Flour Mills Co., Ltd., is the owner of the entire
capital stock of the Minneapolis & Northern Elevator Co.; all the assets
and liabilities of the company last named are included in this reorganization,
and this plan, carried into effect, will release and discharge the existing
obligations of both companies.
The committee unanimously recommends this plan, and it is vitally important that It be accepted at once by the credtors in order to avoid dissolution, complicated and expensive litigation and serious loss.
[A meeting of the holders of the 6% first mortgage debentures was held in
London on Dec. 30 for the purpose of considering the foregoing plan of
reorganization, which involves the Increase, In certain events, of the amount
of the said debentures from 1875,000 to £900,000, and an extension of
their security so as to cover the full value of the water-power properties,
Instead of having the security limited as now to 1600,000, being the amount
of the collateral bonds thereon. At the aforesaid meeting, the plan was
informally approved. A further meeting of the first debenture holders
has been called for March 1 1909 to take final action approving the measures
expenses.
preferred stock and 92% of the common
assented to the reorganization plan, V. 87. p. 1163, under which the last
Instalments of the assessment on the stock is payable on Feb. 15.V. 88, p. 105.
United CoalCo. of Pittsburgh,Pa.-Offering of 6% BondSecured Notes.-Robt. Glendinning & Co., 400 Chestnut St.
Philadelphia,are offering,at prices tonyield534%,
an authorized$1,00,pOel
bond-secured 6% coupon notes,(being pa
part o
issue of $1,500,000,) dated Jan. 1909, and due $100,000
yearly on Jan. 1 1910 to 1919 inclusive. Interest J. & J.
Denomination $1,000. These notes are secured by $1,250,000 sinking fund 5% gold bonds of the United Coal Co.
due Feb. 1 1955, or in the ratio of $1,250 of bonds for each
$1,000 of notes, and this margin of security must be maintained until all notes are paid. A circular says:
The property is largely owned by J. S. and W. S. Kuhn. J. S. Kuhn
is President of First National Bank of Pittsburgh, Pittsburgh Bank for
Savings and First National Bank of Allegheny, anti a director of the Colonial
Trust Co. of Pittsburgh and of the Westinghouse Electric & Mfg. Co.
W. S. Kuhn is Vice-Presdent of First National Bank of Pittsburgh, President of West Penn Railways Co., &c.
Abstract of Letter from Prest. W. S. Kuhn, Pittsburgh, Pa., Jan. 20 1909
The company owns 11,000 acres of the finest grade of Pennsylvania
gas and steam coal and operates under lease 1.400 additional acres.
Its 6% bond-secured coupon notes are secured through their collateral
by a first lien on the entire property (except for underlying bonds of the
Pittsburgh & Baltimore Coal Co., $502,000; Jonner-QuemahonIng Coal
Co., $231,500; United Coal Co.. $108,000; and they are still further secured
by the ownership of 1,010 steel coal cars costing $893,000, subject to payment of $300,000, which will be paid April 1 1909, at which time these
cars will be directly under the lien of the company's mortgage. Of the
total $1,500,000 notes authorized there will now be issued $1,000,000.
Each $1,000 note is secured by a pledge with the Safe Deposit & Trust
Co. of Pittsburgh, trustee, of $1,250 of the United Coal Co. 5% sinking
fund gold bonds due February 1 1955. (V. 82, p. 1326.) The annual
sinking fund of the bonds put up as collateral will furnish a large part
of the annual requirement for the payment of the notes as they mature.
The net earnings for the past 7 years,after deducting depletion of coal
lands, $613,000; replacement of equipment, $416,000; interest on bonded
debt, and all other charges, have averaged over and above all these items
more than $190,000 per annum, and these earnings should now be largely
augmented in the development of the property by the funds which this
note issue will provide. Surplus earnings amounting to over $1,200,000
have been expended upon the property during the past seven years. The
company has erected more than 800 modern miners' houses, together with
electric lighting and water-works plants.
The eight mines are located within 55 miles of Pittsburgh, and most of
them within a radius of 25 miles thereof, on the Pennsylvania RR., Baltimore & Ohio RR. and Pittsburgh .Se Lake Erie
having tipples also
on the Monongahela River at three of the mines, and
the company through
RR.'
ownership of stock in docks at Milwaukee, a contract arrangement at
Duluth, and ownership of a steamboat and 150 boats and barges, and
Interest in a dock at Cincinnati, has within its control the best of shipping
Compare V. 84, p. 512; V. 82, p. 1326.
facilities.
-
For other Investment News see page 311.
JAN. 30 1909.j
THE CHRONICLE
299
Ifteports and Boruntents,,
SOUTHERN PACIFIC COMPANY.
TWENTY-FOURTH ANNUAL REPORT-FOR THE YEAR ENDED JUNE 30 1908.
New York, January 12 1909.
To the Stockholders of the Southern Pacific Company:
The Board of Directors submit herewith their report of the operations and affairs of the Southern Pacific Company
and of the Proprietary Companies for the fiscal year ended June 30 1908.
PROPERTIES AND MILEAGE.
The transportation lines constituting the Southern Pacific System June 30 1908 were as follows:
DIVISIONS.
Main
Track.
A.-Mileage of lines belonging to Companies whose capital stocks are principally owned by
the Southern Pacific Company:
(1)-Operated by the Southern Pacific Company under leases to it:
Central Pacific By
1,489.34
Oregon & California RR
665.68
Southern Pacific RR
*3,511.50
South Pacific Coast Ry
101.83
(2)-Operated by the Companies owning them:
Morgans Louisiana & Texas Railroad & Steamship Co
350.95
Louisiana Western RR _ _
198.28
Texas & New Orleans 11-11
444.47
Galveston Harrisburg & San Antonio By
1,342.71
Houston East & West Texas By
190.94
Houston & Shreveport RR
39.78
Houston & Texas Central RR
789.01
Nevada & California By
330.76
Southern Pacific Company
11.80
B.-Mileage of lines belonging to Companies whose capital stocks are principally owned by the
Morgan's Louisiana & Texas RR. de SS. Co., but which are operated by the Companies
owning them:
Iberia & Vermilion RR
15.64
Direct Navigation Co
Total
0:-Mi eage of lines operated by the Southern Pacific Company under leases to it but whose
capital stocks are owned otherwise than by the Southern Pacific Company:
New Mexico & Arizona RR
Sonora Railway
Total
Total mileage June 30 1908
Total mileage June 30 1907
Increase
9,482.69
Second
Track.
42.13
116.39
8.05
40.06
3.89
1.27
10.51
Sidings.
Ferries.
657.46
111.12
1,138.92
42.43
190.54
60.93
158.35
299.38
43.67
6.61
222.63
' 28.95
53.12
3.69
Water
Lines.
315
3.00
3.00
1.00
105
,
•
4,400
,
4.47
75
222.30
88.19
263.45
3,018.58
10.69
4,895
10.69
10.69
4,895
4,895
1
8.29
23.77
351.64
32.06
9,834.33
9,693.78
222.30
174.52
3,050.64
2,897.00
140.55
47.78
153.64
• Includes line of Southern Pacific RR. Co. from Mojave. Cal., to TheiNeedles, 242.51 miles, leased to the Atchison Topeka & Santa Fe Railway
Co.. until September 1 1979, for an annual rental of $218,133 00.
The details of the mileage of the railways owned or leased and of the ferries and water lines are shown in Table No. 1
of the Comptroller's report.
The additions to the mileage and the changes during the year in the mileage of main and of second tracks were as
follows:
Additions.
Main
Track.
California Northeastern RailwayGrass Lake to Bray, built, opened for traffic September 6 1907
Bray to Dorris, built, opened for traffic May 1 1908
Weed, change in line
Central Pacific RailwayEast Oakland to Fruitvale. built, opened for traffic June 30 1908
Elvas to Rocklin
Rambo, Utah, to Lakeside. Utah
Oakland Junction to Webster Junction. transferred from sidings
Ogden to Utah Central Crossing. transferred to sidings
Part of the five miles west of Ogden leased from Union Pacific RR. Co., transferred to
sidings
Palisade, change in line
Re-measurements
goast Line RailwaySanta Cruz to Davenport, built, opened for traffic July 8 1907
Inter-California RailwayCalexico to liechicera, built, opened for traffic December 30 1907
Hechlcera to Tecoleto, built, opened for traffic April 22 1908
Imperial Junction, change in line
Nevada & California RailwayHazen to Fallon, track extended
Re-measurements
Oregon & California RailroadRe-measurements
Peninsular RailroadMayfield to Vasona, built, opened for traffic April 19 1908
South Pacific Coast RailwayAlameda Mole to Alameda Junction, transferred from sidings
Change from narrow to standard guage
Re-measurements
Southern Pacific RailroadRossi to Stratton, built, opened for traffic July 20 1907
Smeltzer to Benedict, built, opened for traffic September 7 1907
Colorado Junction to Potholes, built, opened for traffic May 1 1908
Change in line
Transferred from sidings
Extension of track-Fresno
Re-measurements
Southern Pacific CompanySan Francisco to San Bruno, built, opened for traffic December 8 1907
Track abandoned
Re-measurements
Texas & New Orleans RailroadWest Port Arthur to Port Arthur, built, opened for traffic September 15 1907
Re-measurements
Sonora RailwayRe-measurements
Total
Net increase
Deductions.
Second
Track.
Main
Track.
Second
rack.
Changed is
Standard
auge.
14.15
24.64
.06
1.18
14.79
6.07
.31
.11
.01
18
.63
.14
.05
11.88
C.".
23.61
8.70
.09
.30
4,•:
.47
16.27
13.41
1.96
20.70
.76
1.25
.20
8.25
4.62
12.34
1.79
1.64
.26
.39
.45
1.26
.42
.6,
.44
10.51
10.51
.87
.10
3.21
.48
.85
146.30
48.81
140.55
47.78
5.75
1.03
20.70
20.70
In the classification of expenditures for additions and betterments under consideration by the Inter-State Commerce
Commission, branch lines are defined as "lines serving one or more stations beyond point of junction with main line or
other branch line and to and from which stations regular tariff rates are in effect." Tinder this definition extensions and
spur tracks, formerly reported as sidings, are now dealt with as branch lines.
During.the year there was a net increase in sidings of 153.64 miles.
_
[VoL. Lxxxvm.
THE CHRONICLE
300
The average number of miles of railway operated for the year, for which the accompanying statements of revenues and
expenses are submitted, was 9,505.61 miles.
Excluding the Mojave division, leased to the Atchison Topeka & Santa Fe Railway Company, the operated mileage
of the Company's lines3 on June 30 1908 comprised 9,228.38 miles of "Proprietary," 351.64 miles of "Non-proprietary"
and 11.80 miles of "Owned" lines-a total of 9,591.82 miles.
INCOME FOR THE YEAR.
The gross receipts and disbursements of the Southern Pacific Company in respect of its leased lines and of the Proprietary Companies in respect of lines not leased, and the other receipts and disbursements of the Southern Pacific Company and of such Proprietary Companies, after excluding all offsetting transactions between them, were as follows:
Year ended
June 30 1908.
9,505.61
Average miles of all rail lines operated-prorpietary and non-proprietary
TRANSPORTATION OPERATIONS.
$123,276,920 77 $126,194,360 13
-$2,917,439 38
$76,005,494 05 $71,135,261 37
8,657,557 84
9,130,070 74
3,950,140 02
2,896,501 03
+$4,870,232 68
-472,512 90
+1,053,638 99
Total
Revenues over expenses and taxes
INCOME OTHER THAN TRANSPORTATION OPERATIONS.
Interest on bonds owned of Southern Pacific Co. and of Proprietary Companies
Interest on bonds owned of companies other than Proprietary Companies
Dividends on stocks owned of companies other than Proprietary Companies
Income from lands and securities not pledged for redemption of bonds
Income from sinking funds pledged for redemption of bonds
Balance of interest received on loans and of interest accruing to June io. on open accounts other
than with Proprietary Companies
Miscellaneous income
Total
Surplus
FIXED CHARGES.
Interest on outstanding funded debt of Southern Pacific Co. and Proprietary Compan es
to United States of America
3%
notes
Co.
RR.
P.
C.
on
Interest
Sinking fund contributions and income from sinking fund investments
Hire of equipment
facilities, viz.:
for joint tracks, yards and other
Less rentals for lease of road,______________
_____________________________________
Collections ______________
8
16
75
46
83
5:3
47
78
Payments _____________________________________________54
Total fixed charges
Surplus over fixed charges
$88,613,191 91 $83,161,833 14
+$5,451,358 77
$34,663,728 86 $43,032,526 99
-18,368.798 13
$1,033,881 87
823,958 72
1,081,491 88
729,366 50
181,531 85
$1,002,712 23
199,070 71
778,300 40
715,931 84
164,714 44
+131,169 44
+624,888 01
+303,191 48
+13,434 66
+16,817 41
124,148 61
35,101 30
1,327,423 24
97,431 31
-1,203,274 63
-62,330 01
$4,009,480 53
$4,285,584 17
--3276,103 64
$38,673,209 39 $47,318,111 16
--$8,644,901 77
$15,868,70987 $15,991,034 47
411,689 04
235,25088
531,714 44
548,531 85
1,159,86504
874,614 05
-$122,324 60
-176,438 16
+16,81741
-285,250 99
$17,527,106 65 $18,094,302 99
--$567,196 34
373,782 72
-116,290 34
$17,269,614 27 $17,720,520 27
-$450,906 00
$21,403,595 12 $29,597,590 89
--$8,193,995 77
$158,577 26
206,852 78
69,293 56
251,050 61
603,972 14
-$47,788 62
+26,983 37
-42,301 84
+19,048 37
-321,020 08
257,492 38
OTHER CHARGES.
Land department expenses
Taxes on granted and other lands
Miscellaneous
Company ________________
Taxes and other expenses of Southern Pacific
income of Southern Pacific Company
Additions and bettermVits payable fromowned
by Southern Pacific Company and leased to other
stock
rolling
of
depreciation
Reserve for
companies
Surplus over fixed and other charges
+105.02
9,400.59
-12,084,609 70
-832,829 66
Operating expenses
Outside operations-expenses
Taxes (rail lines and properties dealt- with as outside oPeraffons)
Total other charges
+ Increase.
-Decrease.
$113,545,566 52 $115,630,176 22
9,731,354 25 10,564,183 91
Gross operating revenues
Outside operations-revenues
Total
Year ended
June 30 1907.
$110,788 64
233,836 15
26,991 72
270,008 98
282,952 06
585,45476
609,251 32
--23,796 58
$1,510,122 31
$1,898,997 67
--$388,875 $6
$19,893,472 81 $27,698,593 22
-$7,805,120 41
$19,893,472 81
Surplus over fixed and other charges
Applied as followsviz.:
D vidends on stocks of Southern Pacific Company,
Preferred stock-33i per cent, paid January 15 1908
-3% per cent, payable July 15 1908
$2,620,326 21
2,020,326 21
5,240,652 42
$14,652,820 39
Balance
Common stock-13i per cent, paid Jan uary 1 1908
-136 per cent, paid April 1 1908
-13,6 per cent, payable July 1 1908
-13i per cent, payable October 1 1908
Dividends on stocks of Proprietary Companies held by the Public
$2,967,738 88
2,967,738 88
2,967,738 88
2,967,738 88
1,092 00
11,872,047 52
$2,780,772 87
Surplus after payment of dividends
Appropriated for surveys
Appropriated for water-power examinations
$6.542 24
12,484 99
19,027 23
$2,761,745 64
Surplus after payment of dividends and appropriations
sinking fund investThe year's income is charged with $548,531 85 for sinking fund contributions and income from redemption
of bonds,
ments pledged for the redemption of bonds. The proceeds from the sale of lands, also pledged for the
and accrue
items
Loss
and
as
Profit
with
46,
are
dealt
sums,
aggregating
These
$1,512,380
61.
$963,848
amounted to
to the shares of the Companies in the reduction of their bonded indebtedness.
Revenues"
The differences in the distribution of revenues and expenses as provided for in the classification of "Operating
on July 1 1907,
and of "Operating Expenses" promulgated by the Inter-State Commerce Commission, and made effective
and observed by the
and in the classification of the Commission in respect of operating expenses in effect prior thereto last
year,except by a
of
the
year,
that
gly
of
with
income
not
be
could
understandin
compared
the
that
Company, are such
the results
-stated,
re
Thus
n
year.
transportatio
classification
this
operations
the
observed
under
year's
last
of
re-statement
of the year's operations, compared with those of last year, are as follows:
Increase.
Average miles of rail lines operated
Gross operating revenues and revenues from outside operations
Operating expenses and expenses of outside operations
Taxes
Revenues over expenses and taxes
Income other than from transportation operations
Total receipts
Fixed charges
Other charges
Surplus over fixed and other charges
105.02
$4,397,719 78
1,053,638 99
Decrease.
$2,917,439 36
8,368,708 13
276,103 64
8,844,901 77
450,90600
388,87536
7,805,12041
Per Cent.
1.12
2.31
5.48
36.38
19.45
6.44
18.27
2.54
20.48
28.18
The effect of the general business depression which set in during the fall of 1907 did not reduce the gross revenues of
the company to an aggregate below that for the corresponding months of the preceding year until January 1908. ofFrom
$6,that time to the close of the fiscal year June 30, there was a decrease of $9,892,481 80. As there was an increase
975,042 44 in the gross revenues during the first half-year, there was a shrinkage in the year's gross revenues of only $2,917,439 36, or 2.31%.
The details of the transportation revenues and expenses are fully dealt with under "Transportation Operations."
The decrease of $1,203,27463 in the balance of interest received on loans and of interest accruing to June 30 on open
accounts other than with Proprietary Companies, resulted principally from the discharge of advances for which stocks and
JAN. 30 1909.1
THE CHRONICLE
301
bonds were received in settlement. Against this decrease there was an increase of $928,079 49 in receipts from interest
on bonds and dividends on stocks of companies other than Proprietary Companies.
The decrease of $298,762 76 in interest on funded and fixed interest-bearing debt resulted from:
Retirement of Southern Pacific Railroad Co.'s 6% and 5% bonds by the issue of First Refunding 4% bonds
Purchase and cancellation of bonds from funds pledged for their redemption
Interest on Central Pacific Railroad Company's 3% notes to the United States of America
$265,695 00
109,960 66
176,438 16
Total
$552,093 82
Deduction—Increase in interest on bonds of the Southern Pacific Company and of the Central Pacific Railway Company issued during the
year, and a full year's interest charge this year on bonds issued during preceding year
253,331 06
Net decrease in interest on funded debt
$298,762 76
The payment of the Central Pacific Railroad Company's 3% notes to the United States of America, due Aug. 1 1907
and Feb. 1 1908, aggregating $5,881,271 56, released Central Pacific Railway Company First Refunding bonds to the
amount of $5,881,000, face value, pledged as collateral security, which then became a free asset in the Treasury of the
Company.
The expenditures for additions and betterments to the properties of the South Pacific Coast Railway Co., the New
Mexico SE Arizona Railroad Co., and the Sonora Railway, are, under the provisions of their leases to the Southern Pacific
Company, payable by the latter Company, and are, therefore, a charge to its income. These expenditures amounted to
$282,952 06.
The income herein reported applies only to that of the Southern Pacific Company and of the."Proprietary Companies"
reported in Table No. 11.
A statement of the income and the affairs of other companies whose capital stocks are principally owned by the Southern Pacific Company, and in which the Company has equities in the surplus earnings applied to additions and betterments
to the properties, or in the undistributed surplus earnings, will be found in Table No. 33. The Company's ownership of
stock of the Pacific Mail Steamship Company is slightly over one-half. Its income and its affairs are therefore separately
reported and will be found in Table No. 34.
A combined statement of the Income Account, the Profit and Loss Account, and the Receipts and Disbursements from
all sources of the Southern Pacific Company and of the Proprietary Companies will be found in Tables Nos. 2, 3 and 4.
The details of the Income Account and of the Profit and Loss Account of the Southern Pacific Company are shown in
Tables Nos. 6 and 7, and of the Proprietary Companies in Tables Nos. 11 and 12.
CAPITAL STOCK.
Stocks of the Southern Pacific Company outstanding at the beginning of the year, viz.:
Common __________________________________________________________________________________________________ $197,849,258 64
Preferred
55,711,755 25
$253,561,013 89
Issued during the year—
Preferred stock—balance of subscriptions
19,154,707 75
Total
$272,715,721 64
Common and Preferred Stocks of the Proprietary Companies outstanding at the beginning of the year
$335,170,572 00
Issued during the year—
Central Pacific Railway Company Four Per Cent Cumulative Preferred Stock, for reimbursement
of expenditures for additions and betterments
$200,000 00
Nevada and California Railway Company capital stock issued in exchange for Carson & Colorado
Railway Company capital stock, and for other purposes
4,425,700 00
Deduction—For capital stock of the Carson & Colorado Railway Company exchanged for a like
amount of capital stock of the Nevada & California Railway Company
$4,625,700 00
4,380,000 00
245,700 00
Stocks of Proprietary Companies outstanding June 30 1908
$335,416,272 00
Stocks owned by Southern Pacific Company, viz.:
Deposited against the issue of Southern Pacific Company common capital stock
$163,926,133 00
Deposited under Southern Pacific Company Four Per Cent Mortgage (Central Pacific Stock Collateral) 80,874,200 00
Deposited under Southern Pacific Company Two-Five-Years Four Per Cent Mortgage
56,684,000 00
33,508,065 50
Free in treasury
Stocks free in treasury of Morgan's Louisiana & Texas Railroad & Steamship Company
$334,992,398 50
349,500 00
335,341,898 50
Leaving outstanding In the hands of the Public
74,373 50
Amount of stocks outstanding June 30 1908
$272,790,095 14
Increase during the year
$19,154,807 75
The above outstanding stocks are held as follows—
Stocks of Southern Pacific Company and Proprietary Companies outstanding in the hands of the Public
Stocks of Southern Pacific Company in treasury
$272,601,343 80
188,751 34
1272,790,095 14
The details of the stocks owned by the Southern Pacific Company are shown in Table No. 9 and by the Proprietary
Companies in Table No. 15.
FUNDED DEBT.
Bonds, Equipment Trust Obligations, Three Per Cent Notes of the Central Pacific Railroad Company in favor of the United States of
America, and other fixed interest-bearing obligations of the Southern Pacific Company and of the Proprietary Companies outstanding
at the beginning of the year, including income bonds to the amount of $6,354,000
$376,513,551 89
Sold during the year—
Southern Pacific Company—
Four Per Cent Gold Bonds (Central Pacific Stock Collateral) issued in exchange for a like amount of Preferred
Stock of the Central Pacific Railway Company deposited with the Trustee
1200,000 00
Central Pacific Railway Company—
First Refunding Mortgage Four Per Cent Bonds, released on payment of Three Per Cent Notes to United States
of America, amounting to $14,703,178 90, due February 1 1906, August 11908. February 1 1907, August 1
1907 and February 1 1908
14,703,000 00 14,903,000 00
Total
Retired during the year—
Southern Pacific Company—
Six Per Cent Steamship Bonds purchased and canceled
Central Pacific Railway Company—
First Refunding Mortgage Four Per Cent Bonds, purchased from payments to Sinking Fund and canceled__ _
Three and One-half Per Cent Mortgage Gold Bonds—
Purchased from Sinking Fund and canceled
$30,000 00
Purchased from sale of securities and canceled
102,500 00
$391,416,551 89
$72,000 00
26,000 00
132,500 00
Notes of Central Pacific Railroad Company in favor of the United States of America, due August 1 1907 and
February 1 1008, of 12,940,635 78 each, paid off
Houston & Texas Central Railroad Company—
Bonds called for redemption or purchased from proceeds of lands sold and canceled—
First Mortgage Five Per Cent Bonds
$561,000 00
Consolidated Mortgage Six Per Cent Bonds
361,000 00
Southern Pacific Railroad Company—
First Refunding Mortgage Four Per Cent Gold Bonds, purchased from payments to Sinking Fund and canceled
Texas & New Orleans Railroad Company—
$408,000 00
Six Per Cent Equipment Bonds paid off_
6,159 23
Payment to State of Texas for account of School Fund Debt
5,881,271 56
922,000 00
13,000 00
414,159 23
7,460,930 79
Total
Deduction—Bonds deposited as collateral under Southern Pacific Company Two-Five-Years Four Per Cent Mortgage
$383,955,621 10
11,850,000 00
Amount of funded and fixed interest-bearing debt, Southern Pacific Company and Proprietary Companies, including $6,354,000 income
bonds outstanding June 30 1908
$372,105,621 10
Increase during the year
•
The above outstanding bonds are held as follows:
Outstanding in the hands of the Public
Free in treasury of Southern Pacific Company
F.
Free in treasuries of Proprietary Companies
7, rifled by Sinking Funds
G7d212 .1. 7.17..
1;2
;
$7,442,069 21
$336,351,621 10
22,077,000 00
388,000 00
13,289,000 00
35,754,000 00
$372,105,621 10
302
[VOL.
THE CHRONICLE
The details of the bonds outstanding and the annual interest accruing thereon are shown in Table No. 5; the amount
of bonds owned by the Southern Pacific Company in Table No. 10; the amount owned by the Proprietary Companies in
Table No. 15, and the amount in Sinking Funds in Table No. 17.
ASSETS AND LIABILITIES.
The details of the assets and liabilities of the Southern Pacific Company are shown in Table No.8, and those of the
Proprietary Companies in Tables Nos. 13 and 14. The value of the granted lands belonging to the Central Pacific Railway
Company, to the Oregon Sz California Railroad Company and to the Southern Pacific Railroad Company, which remained
unsold at the close of the year, is not included in the assets of said companies, but the proceeds and all transactions in
respect of said lands are shown in Tables Nos. 18 and 19.
The stocks and bonds of the Southern Pacific Company and of the Proprietary Companies outstanding at the close of
the year are held as follows:
Stocks and bonds of Southern Pacific Company ________________________________________
Preferred Stock.
$197,849,258 64
$74,866,463 00
$39,457,500 00
582,153 84
$106,598 00
$1,000,000 00
649,000 00
1,786,000 00
Deduction—Deposited under S. P. Co. 2-5 years 4 per cent mortgage
__ _ __ ___ __ __ __
Free in treasury _ __
-_
of bonds_____
Held by Sinking Funds ____ redemption
Total deduction ___________________________________________
Amount outstanding in the hands of the public this year
Amount outstanding in the hands of the public last year
Bonds and other
fixed-interestbearing obligations
Common Stock.
582,153 34
$106,598 00
$3,435,000 00
$107,767,105 30
197,777,105 30
$74,759,865 00
55,637,055 25
$36,022,500 00
36,022,500 00
Stocks and bonds of Proprietary Companies
$309,816,272 00
$25,600,000 00
$344,498,121 10
Deduction—Deposited against issue of Southern Pacific Company common stock and bonds
Owned by Southern Pacific Company free
____
Owned by Proprietary Companies
Held by Sinking Funds for redemption Of bonds _____________________
$275,904,333 00
33,497,065 50
349,500 00
525,580,000 00
11,000 00
$10,850,000 00
21,428,000 00
388,000 00
11,503,000 00
5309,750,898 50
*25,591,000 00
$44,169,000 00
$65,373 50
65,273 50
$9,000 00
9,000 00
5300,329,121 10
304,742,551 89
Total stocks and bonds of Southern Pacific Company and of Proprietary Companies outstanding
in the hands of the public
$197,832,478 tip
Total last year
197,842,378 80
574,768,86500
55,646,055 25
$336,351,621 10
340,765,051 89
Increase ______________________________________________
Decrease
$19,122,809 75
Total deduction ______________________________________________________________
Amount outstanding in the hands of the public this year
Amount outstanding in the hands of the public last year
59,900 00
$4,413,430 iii
The stocks and bonds owned by the Southern Pacific Company stand charged with $316,565,379 67, an increase during
the year of $19,291,573 35. The details of these stocks and bonds (pledged or free), and the increase or decrease during the
year are shown in Tables Nos. 9 and 10.
From Tables Nos. 9 and 10 it will be seen that the Company owns free:
$92,901,889 90
Stocks (par value)
38,662,300 00
Bonds (face value)
/n addition to these stocks and bonds the Company also has free Southern Pacific Company Two-Five Years Four Per Cent Gold Bonds,
22,747,000 00
not included in any statement of outstanding bonds, to the amount of
In addition to the aforementioned free stocks and bonds, the companies have assets also in excess of liabilities amounting to $65,179,908 06, as shown in the following statement, in which the assets and liabilities of the Southern Pacific Company and the Proprietary Companies have been combined and all offsetting accounts excluded.
Total June 30 1908
Increase.
Decrease.
Current and Deferred Assets.
Cash and cash accounts
Material, fuel and other supplies
Advances for the construction and acquisition of new lines, including electric if les
Terminal real estate and other property
Rolling stock and floating equipment
Advances for closing Colorado River Crevasse
Total Current and Deferred Assets
Cash accounts
Interest and dividends
Loans and bills payable
Deferred liabilities
$22,911,534 01
15,224,923 18
61,146,399 18
15,860,787 15
26,325,398 63
3,518,152 65
$1,288,818 27
1,452,352 76
21,268,403 08
128,175 11
3,995,451 43
365,232 43
$144,987,194 80
$28,498,433 08
$10,769,812 78
15,356,105 72
52,622,648 26
1,058,719 98
$1,742,016 68
27,932,873 26
$70,807,286 74
$24,803,376 38
Current and Deferred Liabilities.
Total Current and Deferred Liabilities
Assets in excess of liabilities
Contingent assets
Contingent liabilities, viz.:
Insurance, replacement and depreciation funds provided for by deductions fro L
revenues and by charges to operating expenses
$4,960,196 30
Reserve funds for replacement and depreciation of floating equipment and rollin '
stock
7,749,574 19
Principal of deferred payments on land contracts
483,416 08
Unadjusted claims and accounts
3,000,711 42
$4,483,428 55
388,085 01
$3,695,056 70
$65,179,908 06
—-$182,397 32
$4,520,',04 94
16,193,897 99
•
$2,879,586 17
Under the classification of Operating Revenues And Operating Expenses promulgated by. the Inter-State Commerce
Commission,in effect since July 1 1907, the reserve funds established in former years for maintenance and renewals are
not available for the payment of extraordinary repairs and renewals growing out of damages by floods and other exceptional
causes. Therefore, the sum to the credit of this reserve fund, amounting to $4,178,641 97, was written off and credited
to Profit and Loss.
The Southern Pacific Company advances to the Proprietary Companies the funds required by them for the construction of extensions, for additions, betterments and equipment, and for terminal properties; also for the construction of new
lines and for the acquisition of properties important in the development of the business of the respective companies or in
the economical operation of their properties. During the progress of the work the sums thus furnished are carried by the
Southern Pacific Company until it is deemed well to dispose of the securities received in payment for such construction,
equipment or other property. Such advances and expenditures amounted on June 30 1908 to $103,332,584 96. Of this
sum, $61,146,399 18 was for the construction and acquisition of new lines (including electric lines); $15,860,787 15 for
terminal real estate and other property and $26,325,398 63 for rolling stock and floating equipment.
The Company is building railways in the Republic of Mexico under concessions and subventions which make it important that the work should be prosecuted without interruption. The sums required in temporarily financing the Company's
expenditures for this and other important work under way were in part secured from the Union Pacific Railroad Company.
The sums thus obtained amounted' on June 30 1908 to $45,376,389 27, of which $20,200,010 has since been repaid.
The opening for business, on Dec. 8 1907, of the Bay Shore Railway afforded a much needed relief at San Francisco
in the handling of trains and traffic. The old line, via Ocean View, built in 1863, traverses what is now a thickly settled
part of San Francisco. It is a single track line of heavy grades and curvatures, and its facilities are wholly inadequate
for the present traffic of the Company. The new line, of low grades, built on land adjacent to San Francisco Bay, is
11.04 miles in length. Although it is at present only double tracked the entire distance, yet the right of way, the grading
and the bridging are arranged for a four-track main line. The tunnels, five in number, aggregating 9,948 feet in length
(1.884 miles), are double tracked, are masonry lined, with brick arch and concrete side walls and invert. The portals
are of concrete, brick faced and trimmed with sandstone. A duplicate of tunnel No. 2 (1,086.4 feet in length) is now building to the west of the present tunnel to afford four main tracks. The differences between the new and old lines are as follows:
JAN. 30 1909.1
THE CHRONICLE
303
New Line.
Old Line.
Saving by!
New Line.
11.04
15.84
20.3
203.46
13.69
158.00
292.0
795.72
2.65
142.16
271.7
592.26
Length (miles)
Maximum grade per mile (feet)
Highest point of grade above San Francisco City base (feet)
Curvature (degrees)
At Visitacion and adjacent thereto the Company has reclaimed about 195 acres of land. In addition to the filling by
dredging, 2,023,323 cubic yards of material (principally rock excavated in this vicinity) was used. At Visitacion there is
in course of erection an engine house of 40 stalls, a concrete transfer pit 494x70 feet, a machine shop 446x130 feet, a planing
mill and car repair shop 335x185 feet, a freight car repair shop 440x115 feet, a storehouse 103x52 feet, a power house
87x50 feet, and other buildings and appurtenances. All these buildings will be of the most substantial character and
equipped with machinery and appliances of the best designs for doing work economically. Classification yards and sidings have been built or are in progress of construction, aggregating about 58 miles in length when completed. Two and
one-half miles of trestle were built for the purpose of carrying trains to dump filling material for the line across the arm of
San Francisco Bay.
The accompanying map shows the relative location of the two lines. In order to secure the desired right of way and
terminals, it became necessary to purchase real estate considerably in excess of that actually needed, but only so much
thereof as was needed has been charged to the cost of the line, and the remainder is carried under Real Estate. Including
the charge for real estate, the sum of $8,676,586 81 was expended to June 30 1908 for the construction of this line, for
terminals and for shops at Visitacion.
Under the concession of Aug. 14 1905, referred to in the Annual Report for that year, for the construction of certain
lines in the Republic of Mexico, 400.61 kilometers (248.93 miles), were completed by June 30 1908, of which 354.24 kilometers (220.12 miles) were in operation. There remain to be built by November 1912 about 772 kilometers (480 miles) of
additional railway. Under this concession the Company receives a subsidy of 12,500 pesos per kilometer (20,116 pesos per
mile), payable in 5% National Redeemable Debt Bonds of the Republic of Mexico "up to the amount of 5,000,000 pesos;
and these being exhausted, the rest of the subvention will be paid in cash, which the Company will receive in ten annual
payments without cause of profit, the first payment to be made six months after the respective line which causes the subvention has been constructed and approved by the Secretary of Communications and Public Works." Since the close of
the year, the Company has receievd on this account bonds to the amount of 3,000,000 pesos.
The concession of the Cananea Yaqui River & Pacific Railroad Company authorizes the construction (without subvention, however) of about 1,257 kilometers (781 miles) of railway. There were completed to June 30 1908 455.72 kilometers (283.18 miles), of which 378.98 kilometers (235.49 miles) were in operation, and about 801 kilometers (498 miles)
remain to be built by May 1914.
These concessions aggregate about 2,430 kilometers (1,510 miles) of railway, of which 856.33 kilometers (532.11 miles)
were completed by June 30 1908, leaving about 1,574 kilometers (978 miles) to be built. The accompanying map shows
the Company's lines in the Republic of Mexico.
SINKING FUNDS.
Amount to the credit of the Sinking Funds of the Southern Pacific Company and of the respective Proprietary Companies at the beginning
$15,324,814 07
of the year
Receipts during the year:
$316,795 00
Income from investments
367,000 00
Annual requirements of mortgages
161 85
Interest on proceeds from sale of securities
Total receipts to be applied to redemption of bonds
683,956 85
Total
Less amount paid for the following bonds purchased and canceled:
$72,000, face value, Southern Pacific Co. Steamship First Mortgage Six Per Cent Bonds
$132.500, face value, Central Pacific Ry. Co. Three and One-Half Per Cent Mortgage Bonds
$26,000, face value, Central Pacific Ry. Co. First Refunding Mortgage Four Per Cent Gold Bonds
$13,000, face value, Southern Pacific RR. Co. First Refunding Mortgage Four Per Cent Bonds
Income from investments, credited to general income
Proceeds from bonds called, credited to profit and loss
Premium on bonds called for redemption
$75,600 00
110,839 18
25,212 50
11,890 00
135,425 00
5,000 00
1.105 65
Balance June 30 1908, consisting of the cost of bonds purchased for investment and cash uninvested. viz.:
Southern Pacific Company
Proprietary Companies
$144 00
15,643,554 59
$16,008,770 92
365,072 33
$15,643,698 59
The Sinking Fund transactions of each Company, the securities held, and the cash on hand for account of each fund,
are shown in detail in Table No. 17.
LAND DEPARTMENT.
The transactions in respect of the lands pledged for the redemption of bonds were as follows:
Number of acres sold
Total amount of sales (cash and principal of deferred payments)
Interest on deferred payments and other collections
Total
Deductions-Expenses and taxes
Amount applied to payment of interest on Central Pacific Ry. Co. 3
5f117
$193,8( 5,
9
432,3L5r9
$626,141 89
Per Cent Bonds
$288,058 52
43,398 55
331,457 07
Amount
Average
Number
Amount
remaining for redemption of bonds
price received per acre
of acres of land remaining unsold June 30 1908
of land contracts outstanding June 30 1908
$294,684 82
$3 51
14.479,992
$2.821,570 92
The cash payments to the respective Trustees, to be applied by them to the redemption of bonds, amounted to $1,161,394 03. Bonds to the amount of $965,000, face value, were either purchased or called by them for redemption and canceled after payment. On June 30 1908 there remained in the hands of the Trustees and of the Companies $944,752 16
for the further redemption of bonds.
The above statement includes transactions in respect to the lands formerly belonging to the Houston & Texas Central
Railway Company. Under the Trust Indenture executed by Frederick P. Olcott, the purchaser thereof at foreclosure sale,
the proceeds from the sales of these lands are to be applied to the purchase and cancellation of bonds of the Houston &
Texas Central Railroad Company issued under its First Mortgage and its Consolidated Mortgage.
The details of the year's transactions of each company are shown in Table No. 18, and the accounts with the respective
Trustees in Table No. 19.
CAPITAL EXPENDITURES.
The expenditures by the Proprietary Companies for the construction of new lines, for equipment and for additions and
betterments to completed lines charged to capital account, were as follows:
Expenditures for new lines, viz.:
Central Pacific Railway:
Change of line, Pastiade, Nev
Galveston Harrisburg & San Antonio Railway:
Extension from Stockdale to Cuero
Additional cost of Galveston Houston do Northern Railroad purchased in 1905
Houston & Texas Central Railroad:
Extension from Mexla to Nelleva
Louisiana Western Railroad:
Extension from Eunice to Mamou
Morgan's Louisiana and Texas Railroad and Steamship Co.:
Extension from Lafayette to Port Allen
Extension from Arnaudville to Port Barre
Extension from Bayou Sale to South Bend
$111,904 90
$2,216 66
100,000 00
102,216 65
133,455 59
2,341 17
$473,030 17
14,748 87
48,474 55
536,253 59
Nevada & California Railroad:
Liabilities assumed in the purchase of the Fallon Railway
•Oregon & California Railroad:
Extension from Henderson to Springfield
Southern Pacific Railroad:
Change in line. Salton Desert
'Texas & Now Orleans Railroad:
___________________________________________________________________
Extension to Port Arthur
Surveys
23,712 13
4,439 16
160,886 68
$48,985 44
3,523 72
52,500 16
[VOL. Lxxxvm.
THE CHRONICLE
304
Brought forward,
Expenditures for Additions and Betterments (Table No. 22), viz.:
Ballast
*125,367 63
Bridges, trestles and culverts
1
536,142 78
,..
Changes in line
i 232,943 09
Changes in gauge
' 78,783 37
Fencing right of way
,
7767
67
Highway crossing signals
2,313 65
Interlocking and block signals
722,697 07
Main tracks
360,247 25
Over and under grade crossings ___________________________________________________________________
101,988 38
Revision of grades
4,511 36
Real estate
1,119 85
Right of way and grounds
239,989 50
Sidings and passing tracks ________________________________________________________________________ 1,353,192 84
Telegraph and. telephone lines _______ _ ___________________________________________,_______________
134,002 98
Tunnels ___ ___ __ _ ___________________________________________________________________________
210,688 83
Widening embankments __________________________________________________________________________
159,999 10
wharves____________________________________________________________
Docks and
Engine houses, shops and aPpurtenances _____________________________________
296f7g
Fuel and water stations and appurtenances__________________________________________________________
293,423 56
Station buildings __ _ __ _______________________________________________________________________
258,116 76
,_ _________________________________________________________________
Terminal buildings and ______
296,712 09
Other buildings and appurtenances
353,740 34
Two locomotives, 14 passenger cars,I pay car, 641 _________ cars, -1 fire fig- atici-flauncil
894,715 78
______
Floating equipment in course of construction
108,922 32
during
added
preceding
fiscal ______
Additional cost of equipment
1,609 78
Additions and improvements to existing equipment _______________________________________
32,374 51
$1,127,809 04
20
________________
Total
Less credits ______________________________________
_ 5'7,073,279 21
516,016 43
$6,557,262 78
____________
Less expenditures paid from income of Southern Pacific Company, VIZ.:
South Pacific Coast Railway _ _ _______________________________
New Mexico & Arizona Railroad ___________________________________________________
________
____________________
Sonora Railway
$224,332 24
56,544 31
2,075 51
282,952 06
6,274,310 72
Deductions-Proceeds from sale of real estate _______________________
_________ ____________________________________
Proceeds from sale of rock and other property
_________________________________________________________
Miscellaneous collections
__________________________________________
Material recovered from track abandoned
Cost of surveys written off and other adjustments..
$7,402,119 76
$29,701 30
8,841 73
19,007 63
26,065 43
5,621 25
89,237 34
Net expenditures for capital account of Proprietary Companies
$7,312,882.42
The details of the expenditures for capital:account of the Proprietary Companies are shown in Table No. 16.
ADDITIONS AND BETTERMENTS.
The expenditures for additions and betterments amounted to $6,557,262 78. Of this sum $6,274,310 72 was charged
to the capital account of the respective Companies and $282,952 06 to the Income Account of the Southern Pacific Company.
The expenditures for the lines in Louisiana amounted to $927,157 22; for the lines in Texas, $329,486 81; and for the lines
west of El Paso, Texas, and Ogden, Utah, $5,300,618 75, of which sum $58,619 82 was expended on the lines of the New
Mexico & Arizona Railroad and of the Sonora Railway. The details of these expenditures are shown in Table No. 22. The
principal additions and betterments to the roadway, track and appurtenances were as follows:
Roadway, Track and Appurtenances.
_____________________________________
Miles of track ballasted with stone
________________________________________
Miles of track ballasted with gravel
slag
with
Miles of track ballasted
32.65
48.79
32.65
48.79
4.83
Total miles of track ballasted
4.83
88.27
Lineal feet of wooden structures replaced with steel structures
Lineal feet of wooden structures replaced with culverts
Lineal feet of wooden structures replaced with embankments
Total lineal feet of wooden structures replaced
4.83
-
81.44
4,448
4,566
7,798
1,374
4,010
4,566
6,424
16,812
1,812
15,000
4,448
230
2,980
438
2,540
4,010
230
440
7,658
2,978
4,680
Lineal feet of steel structures built replacing wooden structures
Lineal feet of steel structures built replacing embankments
Lineal feet of steel structures replaced with heavier structures
Total lineal feet of steel structures put in place
Lineal feet (transversely to track) stone, concrete or brick arch culverts
Lineal feet (transversely to track) iron pipe culverts
Lineal feet (transversely to track) rail top culverts
Cubic yards of masonry used in bridges, trestles and culverts
Cubic yards of material moved widening cuts and embankments and filling trestles
Miles of roadbed widened
Excess weight of new rails used in renewals (tons)*
Miles of second track built
Miles of sidings and passing tracks built
Mlles of sidings and passing tracks taken up
Miles of track changed,to standard gauge
MI es of right of way fenced (track miles)
Miles of automatic electric block signals built (track miles)
Number of interlocking crossing signals built
Miles of additional telegraph and telephone wire strung on existing poles
Lines West of
El Paso.
Lines East of
El Paso.
Total.
438
1,705
1,702
4,238
23,667
424,706
201.58
8,944
22.81
105.17
18.91
34.40
19.72
759.61
10
2,006.04
96
478
1,503
40,020
166.53
2,282
14.37
5.19
5.36
127.60
1
20.01
1,609
1,224
4,238
22,164
384,686
35.05
6,682
22.81
90.80
13.72
34.40
14.36
632.01
9
1,986.03
• Charged to operating expenses.
The changes in line completed or in course of construction were as follows:
New Lines.
Maximum Grade-Feet per Mile.
Miles Constructed.
111
Changes in Line.
Lines East of El PasoAlleyton, Texas, to Colorado River
Lines West of El PasoDeeth, Nev., to Wells, Nev
Felton, Cal., to Old Felton, Cal.'
Irene, Ariz.•
Palisade, Nev
Santa Barbara, Cal
Weed, Cal
• Charged to operating expenses.
Main
Track.
Second
Track.
3.17
16.31
.49
.80
1.48
1.79
1.82
x Records lost.
16.31
1.79
Distance
Saved
(Miles).
Saving in
Curvature
(Degrees).
West Bound.
Old
Line.
.56
.13
49.00
2.29
.51
.05
.14
.01
.54
157.76
None.
159.76
240.66
None.
92.75
19.80
NOW
Line.
15.84
East Bound.
Old
Line.
21.12
52.80
164.61
Date
Opened for
Business.
50.90
15.84
In progress.
55.70
21.12
1.75
46.46
18.15
52.80
90.74
In progress.
In progress.
Nov. 30 1907
June 30 1908
Mch. 21 1908
Nov. 21 1907
.34
19.28
52.80
105.60
New
Line.
52.80
23.76
52.80
204.23
I/ Descending grades for entire distance.
The principal additions and betterments to buildings, structures and appurtenances were as follows:
On the Pacific System lines there were completed: At Oakland, California, a brick passenger station, 36x91 feet, and a
brick baggage room, 36x46 feet, costing $28,824; at Berkeley, California, a brick and stone passenger station, costing $56,803;
at Mina, Nevada, twelve dwelling houses for employees, costing $38,744; at Ogden a brick power plant and power line,
costing $92,118. The improvements at Roseville, California, mentioned in last year's report, which involved an outlay of
$636,700, were completed. There is progressing: At Imlay, Nevada, a brick machine shop and power house, 50x140 feet;
a 12-stall brick engine house, a steel turntable, a coaling station of 10,000 tons capacity, a steel water storage tank of 350,000
gallons capacity, and a pipe line about 33,419 feet in length, which, when completed, are estimated to cost about $152,000;
at Hazen, Nevada, a 6-stall brick engine house: a brick sand house, a brick oil house, a coal chute of 300 tons capacity,
a steel tank of 65,000 gallons capacity, and a pipe line about 13,000 feet in length, which, when completed, are estimated
to cost $72,150; and at Eugene, Oregon, a brick passenger station, 30x143 feet, to cost, when completed, about $20,000.
On the lines in Louisiana and Texas there were completed at Orange, Texas, a brick passenger station, 25x88 feet,
osting $14,000; at Howe, Texas, a frame depot, 24x134 feet, costing $3,500. At Seguin, Texas, work is progressing on
JAN. 30 1909.'
305
THE CHRONICLE
a brick passenger station, 25x88 feet, which, when completed, is estimated to cost about $7,000. There was expended for
water stations at Chocar, El Paso, Fort Hancock, Glidden, Sanderson and Valentine about $32,700.
EQUIPMENT.
The changes in equipment during the year were as follows:
Condemned.
destroyed, sold
or transferred
and credited
to Replacement Accounts.
Locomotives
Baggage cars
Baggage and mail cars
Baggage and passenger cars
ssenge car
Baggage, mai
Business cars____________________________________________________________
Composite
Dining cars
Instruction ___________________
Observation cars
Passenger cars
Postal cars
Narrow-gauge passenger-train cars
_________________________________
Box cars
Caboose cars
Flat cars
Fruit cars
Furniture ca
Gondola cars..................................................
Gondola cars (Hopper bottom)
Refrigerator cars
Stock cars _
Tank cars •
Narrow-gauge freight-train cars
Work equipment
Replacement
Accounts.
29
6
3
4
1
3
8
3
27
7
6
4
23
2
25
1,335
8
977
18
5
136
188
2
76
5
60
183
29
$2,222,470 73
Amount credited or charged
Added and Charged toFree Assets
So. Pac. Co.
Capital
Account.
Total.
144
2
6
4
117
•5
3
3
904
•20
36
2
2
104
2
4
1,754
50
860
x4
x2
x4
xl
x7
25
xl
x7
209
20
543
2
1
65
2
10
4
370
70
662
480
162
184
20
535
$1,850,216 13
$824,634 33
$3,345,545 31
16,020,395 77
• Sold by Southern Pacific Company to Proprietary Companies. x Credit.
The locomotives added during the year averaged 98.48 tons total weight of engine without tender and 84.39 tons upon
drivers. The freight cars added during the year averaged 50 tons capacity.
There remained to the credit of the funds for replacement of rollingstock at the close of the year $1,011,324 63.
The locomotives and cars owned, and their capacity at the close of the year, were as follows:
•
1,738
21
1206.90
23.81
-a
1,874
1,759
115
__
6.54
132,147
71.12
108,588
58.44
120,128
69.12
98,371
56.60
12,019
2.00
10,217
1.84
__
__
__
__
10.01
2.89
10.39
3.25
1,722
36
1,650
57
passenger-train cars, standard gauge
" narrow gauge
1,758
1,707
43,411
417
43,300
457
Total
Freight-train cars, standard gauge
" narrow gauge
Work equipment, standard gauge
44
II
narrow gauge
724.36
36.84
ii
51
__
2.99
111.26
8.75
45
43,828
43,757
71
__
.16
1,532,194
35.90
1,475,704
34.63
56,490
1.27
__
__
3.83
3.67
Total
Tota capacity of standard gauge cars-tons
Average capacity of standard gauge cars-tons
Decrease. Per Cent.
1,858
16
Total
(Standard Gauge.)
Total weight, excluding tenders-tons
Average total weight, excluding tenders-tons
Total weight on drivers-tons
Average total weight on drivers-tons
Increase.
Last Year.
This Year.
Locomotives, standard gauge
Si
narrow gauge
•
Total
4,850
27
4,468
49
3828.55
44.90
ii
4,877
4,517
360
__
7.97
The equipment owned by the respective companies is shown in Tables Nos. 20 and 21 The changes during the year,
the capacity and the service of all equipment are shown in Tables Nos. 29, 30 and 31.
TRANSPORTATION OPERATIONS.
For the purpose of comparison, the revenues and expenses of this year are re-stated in the following tables under the
classification in effect last year, deducting, however, from the expenses of last year, such expenses as were then included
in operating expenses, but which are this year charged to income account, also adjusting last year's expenses to the primary
accounts of this year's classification as far as practicable.
Thus re-stated the results of the year's transportation operations compared with those of the preceding year are as follows:
Average miles of rail lines operated
Revenues.
Passenger, including extra baggage
Mall and express
Freight
Switching, rentals and all other sources
Total rail lines
Outside operations-revenues
This Year.
Last Year.
Increase.
0,505.61
9,400.59
105.02
P. Ct.
$4,585,839 40
6.25
.48
6.06
26.17
1.12
$2,095,645 36
23,473 49
$35,647,534 18
4,931,373 25
71,124,459 79
1,842,199 30
133,551,888 82
4,907,899 76
75,710,299 19
1,460,088 45
$113,545,566 52
9,731,354 25
$115,630,176 22
10,564,183 91
$2,084,609 70
832,829 66
1.80
7.88
$2,917,439 36
2.31
382,110 85
$123,276,920 77
$126,194,360 13
Operating Expenses.'
Maintenance of way an structures
Maintenance of equipment
Conducting transportation
General expenses
$16,936,161 78
14,027,084 90
40,484,550 06
3,657,697 31
$16,011,358 02
14,884,062 89
36,895,635 80
3,344,204 86
$924,803,76
43,022 21
3,588,914 26
313,492 45
Total rail lines
Outside operations-expenses
$76,005,494 05
8,657,557 84
$71,135,261 37
9,130,070 74
$4,870,232 68
Total revenues
Decrease.
5.78
.29
9.73
9.37
$472,512 90
6.85
5.17
5.48
$4,397,719 78
$80,265,332 11
$84,663,051 89
Total expenses
15.93
$7,315,159 14
$45,929,028 02
$38,613,868 88
Gross revenues over total expenses
Passenger Traffic.
1.12
467,181
41,860,915
41,393,734
Revenue passengers carried
3.29
52,199,023
1,587.837,350
1,640,036,373
Revenue passengers carried one mile
4.59
77
07
$3,992
$183
84
$4,175
(a)
road
of
Revenue from passenger trains per mile
4.87
$1 85
$0 09
$1 94
(a) (b)
Revenue from passenger trains per revenue train mile
2.89
2.113 cents.
.061 cents.
2.174 cents.
Average revenue per passenger per mile
4.46
37.93
miles.
1.69
miles.
miles.
39.62
Average distance carried
Freight Traffic.
(Way-bill Tonnage.)
2.92
872,988
29,871,901
28,998,913
Tons of revenue and company freight carried
1.89
150,889,199
7,995,891,714
7,845,002,515
Tons of revenue and company freight carried one mile
2.96
25,173
849,424
824,251
road-all
(a)
of
freight
Ton miles per mile
7.10
$560 41
$7,893 68
$7,333 27
(a)
Revenue freight per mile of road
1.70
$0 06
$3 53
$3 59
(a) (c)
Revenue from freight per revenue train mile
.001 cents.
1.098 cents.
1.097 cents.
Average receipts per ton per mile-revenue freight
1.07
2.R6 miles.
267.67 miles.
276.81 miles.
Average distance carried-all freight
was moved. (b) Revenue
(a) Based on traffic over rail lines only, length of ferries used between rail stat ons excluded in distance over which traffic
miles, but expassenger train and all mixed train miles, but eitelildIng mileage of 1QCOnlOttVe6 helping. (e) Revenue freight train and an mixed train
cluding mileage of locomotives helping
306
THE CHRONICLE
[Vol, Lxxxvm.
The following statement shows the increase in the Company's revenues and service during the first half year and
the
shrinkage caused by the general falling off in business during the second half-year.
Tons of
Revenue
Freight
Carried.
Tons of
Revenue
Freight
One Mile.
Locomotive
Miles
in Revenue
Freight
Service,
including
Mixed.
Number of
Passengers
Carried.
Number of
Passengers
One Mile.
$69,104,356,25
62,129,313 81
13,313,526
12.473,299
Locomotive'
Miles
in Revenue'
Passenger
Service,
including
Mixed.
3,721,260,980
3,406,822,517
13,447,424
11,746,008
21,449,664
21,565,576
879,486,214
789,461,618
11,785,955
11,283,344
$6,975,042 44
840,227
314,438,463
1,701,416
522,611
6.74
'9,526,878
12,098,193
9.23
2,764,959,708
3,488,417,132
14.48
9,467,201
12,845,036
115,912
.54
19,944,070
20,295,339
90,024,596
11.23
$54,172,564 52
64,065,046 32
11.40
760,550,159
798,375,732
4.64
10,737,221
11,312,952
*9,892,481 80
15.44
2,571.315
21.25
723,457,424
20.74
3,377,835
26.30
351,269
1.73
37,825,573
4.74
575.731
5.09
Gross Revenues.
Six months ended December 31 1907
Six months ended December 31 1906
Increase
Decrease
Per cent
Six months ended June 30 1908
Six months ended June 30 1907
Decrease
Per cent
The operating revenues and operating expenses for the year distributed to the respective primary accounts provided
for in the classification of the Inter-State Commerce Commission are shown in Table No. 24, and of each company in Table
No. 25. The details of passenger and freight traffic are shown in Tables Nos. 26 and 27.
The rail lines were operated for 66.94% of their gross revenues, against 61.52% in 1907. The average for both rail and
water lines, including outside operations, was 68.68%, against 63.60% in 1907. Expenses for "maintenance" were 28.06%,
and for "operation" 38.88% of the gross revenues of the rail lines.
The increase of $4,307,710 78 in operating expenses resulted entirely from the increase in expenses during the six months
ended Dec. 311907. In the six months ended June 30 1908 there was a decrease in operating expenses of $6,225,435 32.
The increase in the first half-year resulted from the expenses incident to the greater amount of traffic moved, which, in the
preceding year, had already reached proportions where it exceeded the limit of handling it economically, from the greater
cost of material and supplies-principally fuel, lumber and ties-from the higher wage schedules, and from the expenses
incident to restoring to its former standard the roadway damaged by the disastrous floods and heavy snow storms in the
spring of 1907.
In the following statements the expenses have been combined under accounts which present them concisely and comparatively with last year.
MAINTENANCE OF WAY AND STRUCTURES.
This Year.
Last Year.
$7,235,472 06
1,501,370 96
3,144,080 49
1,525,299 72
2,543,703 14
276,992 13
670,191 26
26,533 27
12,518 75
$7,420,172 15
1,705,332 26
1,615,358 99
1,482,215 77
2,784,472 44
150,919 89
611,064 14
23,729 95
218,092 43
Total------------------------------------------------------------------ $16,936,161 78
$16,011,358 02
Repairs of roadway and track
Bridges, trestles and culverts
__ _ _ _ ____ __ __ _ _
Tles
Rails, ________ sw-itches and fastenings
Buildings, grounds and appurtenances
Snow and sand fences and snow sheds
Superintendence
_
Stationery and printing
------------------------------------------------Colorado River Crevasse
Decrease.
Increase.
$184,700 09
' 203,961 30
$1,528,721 50
43,083 95
240,769 30
120,072 24
50,127 12
2,803 32
205,573 68
$924,803 78
The increase in expenditures for ties resulted from an'increase in the average cost of ties from 58 cents to 70 cents
per tie (an increase of 20.69%) and from the greater number of ties put into the track.
The following rails, ties, tie plates and continuous rail joints were used in making renewals, and the entire cost thereof
charged to operating expenses:
-- -
Miles of new steel rails
Per cent of renewals of all rail in track, including sidings
Number of burnettized ties
Number of other ties
Total number of ties
Equal to miles of continuous track
Per cent of renewals of all ties in track, including sidings
Number of tie plates
Equal to miles of continuous track
Number of continuous rail joints
Equal to miles of continuous track
This Year.
Last Year.
303.80
2.37
1,234,890
2,713,718
3,948,608
1,410.22
11.01
3,053,358
545.24
278,100
392.19
355.20
2.85
1,196,344
1,587,559
2,783,903
1,005.02
8.08
2,369,693
427.74
137,291
195.02
+ Increase.
-Decrease.
-51.40
-.4a
+38,546
+1,128,159
+1,164,705
+405.20
+2.95
+683,665
+117.50
+138,809
+197.17
The weight of rails per yard in main line and branches atIthe close of the year was as follows:
Miles of main and second track operated,
excluding mileage operated under trackage
rights.
Main and second track
Branches
Total
Per cent of total miles of track
Per cent last year
Total. 141-16.11 96-16. 90-1b.
80-1/9.
76-16.
75-16.
70-16. 61.5 and 56-16. 54-1b. 52-lb.
60-lb.
! Less
50-lb. I than
150-16.
5,562.78
.951 20.62 144.12 2,888.78 171.40 2,084.46
75.751
195.75
.95
4,190.59
.37
102.48 58.79 238.80 10.72 1,627.08 276.18 253.11 88.72 1,333.57,200.77
-------- ------,
--------9,753.37
.951 20.99 144.12 2,971.26 230.19 2,323.26 10.72 1,822.83 277.13 253.11 88.72 1,409.32 200.77
-----------100.00
.011
.21
14.45 2.07
.91
1.48
30.46
2.36
2.59
23.82
.11
18.69 2.84
100.00
.93
.22 1.24
14.45 2.07
31.44 3.33
19.81
.11
19.73 4.26 2.41
Expenditures for "Maintenance of Way and Structures" averaged $1,745 96 per mile of main and second track, against
$1,674 08 for the preceding year.
At the wood-preserving plants of the lines east of El Paso, 340,143 lineal feet of piling and 1,724,832 feet B. M. lumber
were creosoted, and 640,811 cross ties were burnettized; on the Pacific System lines, 615,781 lineal feet of piling and 1,585,184
feet B. M. lumber were creosoted, and 1,219,671 cross ties were burnettized.
MAINTENANCE OF EQUIPMENT.
Locomotives
Passenger train cars
Freight train cart---------------------------------------------Work equipment
Floating equipment-- __ ________________________________________
Shop machinery and fools
Superintendence
Other expenses
Total
This Year.
Last Year.
$5,668,704 92
1,703,852 63
5,115,757 10
385,050 81
346,620 49
566,215 47
460,411 96
702,471 72
$5,989,492 50
1,503,692 81
4,934,229 67
345,356 82
403,327 10
638,193 53
413,507 66
656,262 60
$14,927,084 90
$14,884,062 69
Increase.
_
Decrease.
$322,787 58
$200,159 82
181,527 43
19,693 79
58,706 61
71,978 06
46,904 30
46,209 12
$43,022 21
The companies have not made any charge for "Depreciation" of equipment, as contemplated by the Inter-State Commerce Commission's new accounting regulations, but, as in the past, have charged to operating expenses (less salvage)
the original cost (estimated, if not known) or purchase price of all equipment condemned, destroyed, sold, or vacated
from any cause during the year. The amount thus charged is shown under the charge to "Renewals" in Table No. 24,
and amounted to $1,270,011 76.
The average cost of repairs and renewals per locomotive and per car per annum, and the average number of serviceabl2
locomotives and cars owned during the year, were:
THE CHRONICLE
JAN. 30 1909.1
307
Average Serviceable Number.
Average Cost per Annum.
Locomotives, for repairs
for renewals
Total
This Year.
Last Year.
$3,089 70
44 54
$3,443 66
119 30
$3,134 24
$3,562 96
$893 80
71 77
$789 94
82 31
$965 57
$872 25
$92 06
23 39
$87 17
26 10
$115 45
$113 27
Passenger train cars, for repairs
for renewals
Total
Freight train cars, for repairs
for renewals
Total
This Year.
Last Year.
1,818
1,692
1,742
1.700
44,312
43,562
The equipment owned by the respective Companies is shown in Table No. 20, and the capacity, the service and the
average cost of maintenance are shown in Tables Nos. 29, 30 and 31:
CONDUCTING TRANSPORTATION.
Locomotives, fuel for
Locomotive service, other than fuel
Train service
Station and terminal service
Operating floating equipment
Injuries, loss, damage and other casualties
Superintendence
Mileage payments
Advertising and printing
Total
This Year.
Last Year.
$9,314,822 93
7,462.556 94
5,995,044 07
11,036,423 89
584,353 45
3,429,167 58
1,328,97945
445,68676
887.514 99
$7,375,948 05
7,458,589 29
5,849,433 11
11,015,354 27
561,043 41
2,002,801 52
1,159,951 93
617,736 00
854,778 22
$1,938,874 88
3,967 65
145,61096
21,069 62
23,31004
1,426,366 06
169,027 52
$40,484,550 06 $36,895,63580
$3,588,914 26
I
Decrease.
Increase.
$172,049 24
32,736 77
The increase in these expenses has been principally in fuel for locomotives, resulting from an increase in the cost per
ton of coal and fuel oil from $2 13 to $2 70, or about 27%. The increase in injuries, loss, damage and other casualties resulted principally from the accumualtion of freight claims growing out of the difficulty of verifying claims filed following
the San Francisco fire and the payment of claims growing out of the congested traffic conditions in the spring of 1907.
The work done by the transportation department of the rail lines is shown in the following table:
+ Increase.
-Decrease.
Gross operating revenues
Expenses conducting transportation
Revenue passengers carried one mile
Mileage of passenger cars •
Locomotive mileage with passenger trains, including helping
Tons of revenue freight carried one mile
Tons of revenue and company freight carried one mile
Mileage of freight cars
Locomotive mileage with freight and mixed trains, including helping
Total locomotive mileage in service for which the attendant expenses are charged to "Conducting Transportation"
I Per
Cent.
-$2,084,609 70
+3,588,914 26
+52.199,023
+588,320
-53,120
-409,018,961
-150.889,199
-17,664,960
-1,676,419
-2,946,063
1.80
9.73
3.29
.44
.24
5.93
1.89
3.16
6.82
5.33
The average number of tons of freight per train, and loaded cars per train (excluding caboose), and the tons per loaded
car for the year, were:
Loaded Cars per Train.
*Tons per Train.
Revenue and Company Freight.
(Way-Bill Tonnage.)
+ Increase.
-Decrease.
+ Increase.
-Decrease.
Cars.
Tons.
Tons.
Per
Cent.
Cars.
Per
Cent.
Tons per Loaded Car.
Per Cent
of Loaded Car
Mileage
to Total Car
Mileage.
+ Increase.
-Decrease.
Tons.
Tons.
Per
Cent.
Lines east of El Paso
Lines west of El Paso
332.75
448.12
-13.10
+46.68
3.79
11.63
15.73
20.79
-1.15
+.11
6.81
.53
64.69 - 5.21
69.06 - 4.46
21.15
21.56
--.66
+2.14
3.23
11.02
Average all lines
403.89
+24.09
6.34
18.83
-.37
1.93
69.90 -- 4.97
21.43
+1.65
8.34
• Ton miles per revenue freight train and allmixed train miles.
The cost of fuel per locomotive mile in revenue service and in non-revenue service, for which the expenses are charged
to "Conducting Transportation," was 17.813 cents per mile run, against 13.353 cents in the preceding year, and for the entire expenses for "Conducting transportation" 77.420 cents,against 66.794 cents in the preceding year.
GENERAL EXPENSES.
Salaries and expenses of general officers
Salaries and expenses of clerks and attendants
Law expenses
General office expenses
Stationery and printing
Insurance
Other expenses
Total
This Year.
Last Year.
Increase.
$433,410 39
1,838,387 71
376,567 96
236,898 96
181,359 83
354,851 94
236.220 72
$413,220 25
1,652,313,55
324,528 08
227.728 55
164,896 60
370,826 45
190,691 38
$20,190 14
186,074 16
52,039 88
9,170 41
16,463 03
$3,657,697 31
$3,344,204 86
$313,492 45
Decrease.
$15,974 51
45,529 34
' GENERAL.
The two remaining notes of the Central Pacific Railroad Company to the United States of America, of $2,940,635 78
each, due respectively Aug. 1 1908 and Feb. 1 1909, were paid off in July 1908, releasing Central Pacific Railway Company
First Refunding 4% Bonds to the amount of $5,882,000, which then became a free asset in the treasury of the Company.
These were the last two notes out of twenty notes given in February 1899 by the Central Pacific Railroad Company to the
United States of America in final settlement of the indebtedness of $58,812,715 48 growing out of the issue of bonds by the
United States Government in aid of the construction of the Central Pacific and the Western Pacific bond-aided railroads.
The discharge of this debt marks an epoch in the history of the Central Pacific Railroad. By an Act of Congress in
1862, the "Central Pacific Railroad" Company was authorized to build a railroad from Sacramento to a junction with the
Union Pacific Railroad, and was given fourteen years to complete the road. This junction was effected in May 1869, and
in the fall of that year the entire rail line from Ogden to San Francisco Bay was in operation. The gross earnings in the year
1870 (the year following the opening of the entire line) amounted to $7,438,970 on the 894 miles operated; and in the year
1899, in which the final settlement with the United States Government and readjustment of the Company's bonded and
other indebtedness was effected, the gross earnings amounted to $16,401,026 on the 1,359 miles operated. Since the readjustment of this debt, Feb. 1 1899, there has been expended to June 30 1908, in straightening the line, in reducing grades
and curvatures, and in other reconstruction,in the construction of the Ogden-Lucin Cut-Off, referred to in the Annual Report for 1903, and for other betterments and additions by which the service and facilities to the public were increased, the
sum of $34,270,680. The gross receipts for the year ended June 30 1908 for the 1,495 miles of railway operated amounted
to $33,456,141 32.
The delivery of the remaining 3,000 refrigerator cars for the "Pacific Fruit Express Company," referred to in the last
annual report, was completed during the year, and said company now has 6,600 cars in service. The paid-up capital stock
of the company is $10,800,000, paid for by the Southern Pacific Company and the Union Pacific Railroad Company, onehalf each.
308
THE CHRONICLE
Lxxxviii.
In addition to the completed lines of railway opened for traffic as reported under "Properties and Mileage," and the
railways in the Republic of Mexico, heretofore referred to, construction is progressing on the lines of the following companies
or of companies organized in their interest, viz.:
M,organ's Louisiana & Texas RR. & S. S. Co.-On the extension,from Lafayette to Port Allen (opposite Baton Rouge),
about 29 miles of track and about 12 miles of grading are coMpleted. On the eXtedslon from Bayou Sale to South Bend,
a distance of about 11 miles, about 7 miles are completed,and the grading is completed,, for the remainder of the line.
Nevada & California Ry. Co.-On the extension from Keeler to Mojave, a distance of about 146 miles, about 36 miles
are completed and work on ,the remaining 110 miles is progressing.
Southern Pacific RR. Co.-The grading on an extension from San Ramon to Pleasanton, about 10 miles in length, was
completed.
Central California Ry. Co.-On this line from Niles to Redwood City, a distance of about 16 miles, about 7 miles of
track and about 7 miles of grading are completed, and the grading on the remaining 2 miles is nearing completion.
Sacramento Southern RR. Co.-On this line from Sacramento to Antioch, a distance of about 54 miles, about 2 miles
of track and about 10 miles of grading are completed, and work is progressing on the remainder of the line.
Under the pension system, put into effect by the companies on Jan. 1 1903, there were carried on the pension rolls
390 employees. The payments to them for the year amounted to $130,315 61.
The accompanying report of the Comptroller shows fully and in detail the financial and other transactions of the Southern Pacific Company and of the Proprietary Companies.
By order of the Board of Directors.
E. H. HARRIMAN,
President.
NO. 2-COMBINED INCOME ACCOUNT YEAR ENDED JUNE 30 1908-SOUTHERN PACIFIC COMPANY AND PROPRIETARY COMRANIES
(Revenues and Expenses of "Proprietary" and "Non-Proprietary" Lines and Miscellaneous Income of the Southern Pacific Company and
Proprietary
Companies, combining details shown in Tables Nos.6 and 11.)
Operating expenses (and taxes) of proprieRevenues of proprietary lines and misceltary lines, interest on funded debt and
laneous income of proprietary companies
all other expenses of proprietary companas shown in detail in Table No. 11_
$118,517,838 22
ies, as shown in detail in Table No. 11_
$101,992,409 94 Revenues of the following non-proprietary
Operating expenses, taxes and all other exlines:
penses incurred in connection with the
New Mexico & Arizona RR
$427,929 79
operation of the following non-proprieSonora Railway
1,050,293 96
tary lines:
1,478,223 75
New Mexico & Arizona RR
$425,077 54
Revenues of Southern Pacific Company
Sonora Railway
1,111,480 54
(No. 6):
Gross revenues from operation of steam1,536,558 08
Expenses of Southern Pacific Company
ship lines
$6,574,936 17
(No. 6):
Interest on bonds owned of companies
Expenses of operating steamship lines..__ _ $5,999,623 85
other than proprietary companies
823,958 72
Interest on funded debt, viz.:
Interest on bonds owned of Southern Pa8% steamship bonds
109,320 00
cific Company and of proprietary com4% bonds (C. P.stock collateral)
1,213,406 67
panies
846,486 67
4% 2-5-year bonds.
290,120 00
Dividends on stocks owned of companies
Interest due to Proprietary
other than proprietary companies
1,078,031 88
Companies on advances
Rentals from lease of road
4,253 52
$1,846,521 87
and open accounts
Hire of equipment_
2,232,011 23
Less interest due from ProRentals from lease of joint tracks, yards
prietary Companies, inand terminal facilities
193,362 00
cluding interest charged
Miscellaneous rentals
166,418 89
to Oregon & Callf.RR.Co. 1,603,060 63
Balance of interest on loans and on open
243,461 24
accounts other than with proprietary
Rental to Central Pacific By. Co
10,000 00
316,722 10
companies
Rental to Oregon & California RR. Co____
5,000 00
12,238,181 18
Rental to Southern Pacific RR Co
10,000 00
Land-Expenses and taxes
15,207 08
Taxes
182,478 36
General and miscellaneous expenses
68,813 54
Annual payments for redemption of 6%
steamship bonds
75,000 00
Premium on $72,000, face-value, 6%
steamship bonds redeemed
3,600 00
Reserve for depreciation of rolling stock
owned and leased to other companies__ _
585,454 76
Cost of surveys written off
4,859 06
Cost of examinations for water power
written off
12,484 99
8,828,829 55
Balance to profit and loss (No. 3)
19,874,445 58
$132,232,243 15
$132,232,243 15
NO. 3.-COMBINED PROFIT AND LOSS JUNE 30 1908-SOUTHERN PACIFIC COMPANY AND PROPRIETARY COMPANIES
(Combining details as shown in Tables Nos. 7 and 12.)
Dividends on stocks of Proprietary Companies, viz.:
Central Pacific Ry. Co., Preferred
$540,000 00
Central Pacific By. Co., Common
4,036,530 00
Houston East & West Texas By. Co
576,000 00
Houston & Shreveport RR. Co
80,000 00
Louisiana Western RR.Co
2,856,000 00
Morgan's Louisiana & Texas RR. & S. S.Co.3,750,000 00
Nevada dc California Ry.Co
1,209,250 00
Southern Pacific RR Co
20,800,000 00
Southern Pacific Terminal Co
360,000 00
Balance June 30 1907, viz.:
Southern Pacific Company
$22,206,58594
Proprietary Companies, including $3,594,711 08, re80,501,52084
ferred to in Table No. 12
$34,207,780 00
Less paid to Southern Pacific Company__ 34,206,688 00
Oviidends on stocks of Southern Pacific Company, viz:
Preferred-3;i% paid Jan. 15 1908_ _ $2,620,326 21
Preferred-3M% payable July 15 1908_ _ 2,620,326 21
Common-1 ji%
Common-1 Ji%
Common-13i%
Common-134%
paid Jan. 1 1908
$2,967,738 88
paid April 1 1908
2,967,738 88
payable July 1 1908.. __ _ 2,967,738 88
2,067,738 88
payable Oct. 1 1908_
$1,092 00
$102,708,10678
Total
19,874,445 58
Balance from income (No. 2)
167,131 56
Proceeds from sale of unpledged lands_
Proceeds from sale of lands pledged for the redemption of
963,848 61
bonds
Collection of old accounts
9,49079
Annual payments to sinking funds and income from sinking fund investments..
548,531 85
Adjustments in unsettled claims and accounts
704 75
Reserve fund for maintenance, renewals, &c., charged to
operating expenses In 1905 and 1906, written off_ .._
*4,178,641 97
5,240,652 42
11,870,955 52
Total
_.
$17,112,699 94
Discount on Central Pacific By. Preferred Stock sold to
Southern Pacific Company
31,000 00
Discount on bonds issued during the year, less discount
on bonds purchased and canceled
1,021,995 92
Uncollecrible accounts written off
21,597 08
Adjustments in unsettled claims and accounts
122,317 48
Difference between cost on books of abandoned main
track and value of material recovered
21,764 98
Premium on bonds called for redemption
1,10565
Dividends paid on outstanding subscription certificates
for preferred stock
29 40
Losse, San Francisco fire, April 1906
334,447 87
Balance June 30 1908, viz.:
Southern Pacific Company
846,768,464 98
Proprietary Companies
63,015,478 59
109,783,943 57
Total
$128,450,901 89
'1
'rotal
1 '
$128,450,901 89
• Under the classification of operating Revenues and Operating Expenses promulgated by the Inter-State Commerce Commission, in effect since
July 1 1907, the reserve funds established in former years for maintenance and renewals are not available for the payment of extraordinary repairs and
renewals growing out of damages by floods and other exceptional causes. The sum to the credit of this reserve fund, amounting to $4.178,641 07, there
re, was written off and credited to Profit and Loss,
-
JAN. 30 1909.1
THE CHRONICLE
309
NO. 8.-ASSETS AND LIABILITIES-SOUTHERN PACIFIC COMPANY-JUNE 30 1908.
ASSETS.
June 30 1008. June 30 1907.
Capital Assets-Stocks and bonds as shown in detail In
Tables 9 and 10 _ _
316,565,379 67 297,273,806 32
Steamships (No. 21)
3.660,259 29 3,660,259 29
Sinking fund (No. 17)
144 00
749 00
LIABILITIES.
June 30 1908. June 30 1907..
Capital LiabilitiesCommon stock
197,849,258 64 197,849,258 84
Preferred stock
74,863,30000 39,589,700 00.
Preferred stock-subscription receipts outstanding
3,163 00
140 00.
Subscriptions to preferred stock
16,141,915 25
First mortgage 6% steamship bonds, due
Jan. 1 1911
1,786,000 00 1,858,000 00.
4% gold bonds (Central Pacific stock collateral), due Aug. 1 1949
30,418,500 00 30,218,500 002-5-years 4% gold bonds, due June 1 1910,
viz.:
Authenticated by Trustee.. _ _ _830,000,040
Less in treasury
22,797,000
7,253,000.00 7,253,000 00-
320,225,782 96 300,934,809 61
Current Assets-Cash
Bills receivable
Agents and conductors
Dividends and interest accrued to June 30_ _
Individuals and companies
U. S. Government transportation
Material, fuel and other supplies
5,763,465 53 6,774,816 70
1,710,489 68
675,820 09
2,766,682 23
1,825,932 11
549,950 03
830,499 71
3,232,614 73 2,038,189 19
2,013,811 14 1,808,377 43
10,541.985 09 . 9,160,125 08
312,173,221 64 292,890,513 89
Current LiabilitiesCoupons matured-unpaid
125,332 47
124,207 47
Coupons due July 1
2,888,492 50 2,890,912 50Interest accrued on bonds and loans to June
30, but not due
2.234,251 63 2,279,746 98
Dividends due-unpaid
62,946 45
59,764 96
Dividends due July 1, 15 and Oct. 1
8,555,803 97 8,825,794 11
Bonds satisfied of mtge. but not presented_ _
1,000 00,
1,000 00
Traffic balances
958,393 70 1,868,115 47
Loans and bills payable
52,472,648 26 24,409,775 00,
Vouchers and pay-rolls
6,899,476 64 9,867,984 19
25,918,747 99 23,773,78075
Deferred A ssetsAdvances for construction of new lines_ - _
Advances for acquisition of new lines and
property
Advances for acquisition of electric lines- - - Rolling stock
Steamships and other floating equipmentReal estate and other property
Wood-preserving plants
Individuals and companies
Advances for closing Colorado Riv. Crevasse
•
44,310,194 11 25,996,739 43
11,309,290 94 6,225,55085
5,528,914 13 7,655,705 82
18,424,446 67 14,849,702 64
7,900,951 96 7,480,244 56
15,081,566 27 14,936,236 89
249,109 75
221,204 54
2,390,628 10
705,79621
3,518,152 85 3,152,920 22
74,195,184 /9 48,330,482 17'
Deferred Liabilities-Pacific Mall Steamship Co
Taxes accrued but not due
Wells, Fargo & Co.'s express contract
108,711,254 58 81,224,191 16
Proprietary CompaniesCentral Pacific fly. Co
27,813 12
Direct Navigation Co
Galveston Harrisburg & San Antonio Ry.Co. 10,870,265 53
Houston & Shreveport RR Co
Houston & Texas Central RR. Co
686,213 64
Louisiana Western RR. Co40,745 20
Morgan's Louisiana & Texas RR. & S.S.Co.
298,049 96
California
RR. Co
Oregon &
7,741,965 77
Southern Pacific Terminal Co
111,458 50
1,201,852 66
40,578 73
9,560,706 41
964 72
897,406 27
8,037,638 34
Proprietary Companies-Central Pacific Ry. Co
Houston East & West Texas By. Co
Houston & Shreveport RR.Co
Louisiana Western RR Co
Morgan's Louisiana & Texas RR. & SS. Co_
Nevada & California fly. Co
Southern Pacific RR. Co
Southern Pacific Terminal Co
Texas & New Orleans RR. Co
*3.981,007 97
114,490 75
4,053,553 37
502,492 47
a:26,000 00'
240,000 00
477,69585
968,492 47
4,238,359 59
13,807 99
23,24027
517,410 20
2,489,834 05
3,899,542 27
55,947 02 1,071,530 94
26,597,509 41 40,260,028 81
41,021 12
0321,240 56
830,915 85
19,776,511 81 19,739,147 13
Contingent AssetsSan Antonio & Aransas Pass By.Co
Unadjusted acc'ts, Proprietary Companies_
60,875 22
209,020 63
208,000 00
31.550,104 84 48,910,283 24
Contingent LiabilitiesMarine insurance fund
Steamship insurance fund
Reserve fund for maintenance, renewals, &c.
Floating equipment replacement fund
Rolling stock replacement fund
Reserve for depreciation of rolling stock_ __ _
Insurance fund
Unadjusted claims and accounts
Unadjusted acc'ts, Proprietary Companies_
Individuals and companies
Principal of deferred payments on land contracts
4,059 28
3,205,677 59
1,607,697 54
4,178,641 97
3,352,134 79
182,041 71
1,923,952 91
20,234 44
1,711,143 49
97,499 28
58,558 79
141,06/ 62
102,521 80
3,195,68763
1,607.697 54
3.955,462 65
208,462 7/
2,502,164 52
32,630 45
1,915,918 18
13,563,144 56 16,419,104 31
4,095,498 72
4,053,553 37
Total liabilities
Balance to credit of profit and loss
Total aisets
478,727,796 06 429,725,462 02
Total liabilities
431.959,33/ 08407,518,878 08
46,768.48498 22.206,58594
478,727,79808429,725.462 02
• Includes $3,898,000, face value, San Antonio & Aransas Pass fly. Co. Income Four,Per Cent Bonds, on which interest is payable on January 1
of each year, only if earned, out of net earnings and income.
NO. 9.-SOUTHERN
Total
Outstanding
June 30 1908.
PACIFIC COMPANY-STOCKS OWNED JUNE 30 1908.
Distribution of Stocks owned by Southern Pacific Company.
Total Owned by
Southern
Deposited
Deposited
Pacific
against issue of under S.P.Co.
Deposited
Company.
South. Pac. Co. 4% (C. P.) under S.P.Co. Total Amount
Amount
Common
Stock Collateral 2-5 Years 4%
Free.
Deposited.
Capital Stock.
Mortgage.
Mortgage.
Proprietary Companies-•
Carson & Colorado fly. Co_a
Central Pacific fly. Co.-Common
$67,275,500 00 $87,275,500 00
$67,274,200 00
$67,274,200 00
$1,300 00,
Central Pacific Ry. Co.-Preferred
13,600.000 00 13,600,000 00
-13,600,000 00
13,600,000 00
Direct Navigation Co
50,700 00
200 00
200 01.
Galveston Harrisburg & San Antonio
fly. Co
27,084,372 00 27,056,600 00 $27,005,600 00
27,005,600 00
51,000 00.
Houston East & West Texas By. Co_ _ _
1,920.000 00
1,918,200 00
$1,905,000 00
1.905,000 00
13,200 00,
Houston & Shreveport RR. Co
400,000 00
397,600 00
395.000 00
395,000 00
2,600 00Houston do Texas Central RR. Co
10.000,000 00
0,998,300 00
9,996,000 00
9.996,000 00
2,300 00,
Louisiana Western RR Co
3,360,000 00
3,360,000 00
3,310,000 00'
3,310.000 00
50,000 00.
Morgan's Louisiana & Texas RR. & SS.
Co
15,000,000 00 15,000,000 00
4,994,000 00
10,000,000 00 14,994,000 00
8,000 00.
Nevada & California RR. Co
4,425,700 00
4,425,700 00
4,380,000 00
4.380,000 00
45,700 00,
Oregon & California RR.Co.-Comrhon.
7,000,000 00
6,070,198 50
6,945,000 00
6,945,000 00
25,198 00Oregon & California RR. Co.-Preferred
12,000,000 00 11,991,000 00
11,980,000 00 11,980,000 00
11.000 00South Pacific Coast By. Co
6,000,000 00
6,000,000 00
6,000,000 00,
Southern Pacific RR. Co
160,000,000 00 160,000,000 00 123,619,033 00
9.088,000 00 132,707,033 00 27,292,967 00,
Southern Pacific Terminal Co
2,000,000 00
1,990,800 00
1,995,000 00
1,995,000 00
4,600 00.
Texas & New Orleans RR. Co
5.000,000 00
4,999,500 00•
4,997,500 00
4.997,500 00
2,000 00.
Total Proprietary Companies
$335,116,272 00 $334,992,398 50 $163,926,133 00 $80,874,200 00 $56,684,000 00 $301,484,333 00 $33,508,065 50,
Other CompaniesBeaver Hill Coal Co
$500,000 00
$500,000 00
$500,000 00,
Cananea Yaqui River 6: Pacific RR. Co_
x2,500,000 00 x2,500,000 00
x$2,500,000 00 x$2,500,000 00
Central California By. Co
30,000 00
30,000 00
30,000 00
Coast Line By. Co
100,000 00
100,000 00
100,000 00.
Coos Bay Roseburg & Eastern RR. &
Navigation Co
2,000,000 00
2.000,000 00
2,000,000 00,
Gila Valley Globe & Northern fly. Co_ _
2,000,000 00
2,000,000 00
1,997,000 00
1,997.000 00
3,000 00
Goose Lake & Southern Ry. Co
406,000 00
406,000 00
406,000 00
Independence & Monmouth RR. Co_ __
25,000 00
12,750 00
12,750
00
Inter-California By. Co
218,000 00
216,000 00
216,000 00
Lincoln Northern By. Co
11,200 00
11,200 00
11,20000
Los Angeles By. Co
5,000,000 00
2,250,000 00
2,250,000 00
Maricopa 6: Phoenix RR. Co. (Organized January 10 1908)
1,000,500 00
1,000,500 00
500,000 00
500,000 00
500,500 00
310
[VoL.
THE CHRONICLE
Total
Outstanding
June 30 1908.
Distribution of Stocks owned by Southern Pacific Company.
Total Owned by
Deposited
Southern
Deposited
Deposited
Pacific
against issue of under S.P.Co.
Company.
South Pac. Co. 4% (C. P.) under S.P.Co. Total Amount
Amount
Stock Collateral 2-5 Years 4%
Deposited.
Common
Free.
Mortgage.
Mortgage.
Capital Stock.
Brought forward
$4,997,000 00 *4,997,000 00
*11,026,450 00
Maricopa & Ph & Salt Ely Valley RR Co
Merced Canon By. Co
100,000 00
50,000 00
Mexican International RR. Co
4,164,100 00
4,172,100 00 $4,164,100 00
Northwestern Pacific RR. Co
35,000,000 00 17,500,000 00
Oroville & Nelson RR. Co
13,000 00
13,000 00
Pacific Electric By. Co
20,000,000 00 10,000,000 00
Pacific Fruit Express Co
10,800,000 00
5,400,000 00
Pacific Mall Steamship Co
20,000,000 00 10,010,000 00
10,005,000 00 10,005,000 00
Rubicon Water & Power Co
500,500 00
500,500 00
Sacramento Southern RR. Co
100,000 00
100,000 00
San Bernardino & Redlands RR. Co
200,000 00
200,000 00
San Francisco & Napa By. Co
55,000 00
55,000 00 -------------- ----- _ ------- ------------- -------------Southern Pacific Co.-Common
197,849,258 64
82,153 34
Southern Pacific Co.-Preferred
74,866,463 00
106,598 00
Sunset RR. Co_ .
500,000 00
248,500 00
248,500 00
250,000 00
Utah Light & Railway Co.-Common
Utah Light & Railway Co.-Preferred _
Fargo
&
Co.'s
Express
Wells,
8,000,000 00
1,530,000 00
1,530,000 00
1,530,000 00
Stocks of Oil Companies
18,337,336 40
Stocks of Land and Town Site Compan's
106,666 66
Stocks of Miscellaneous Companies _
898,620 00
Total Other Companies
$80,338,424 40
Total
Asia Steamship Co
Persia Steamship Co
£100
1100
$4,164,100 00
$6,029,450 00
50,000 00
8,000 00
17,500,000 00
13,000 00
10,000,000 00
5,400,000 00
5,000 00
500,500 00
100,000 00
200,000 00
55,000 00
82,153 34
106,598 00
1,500 00
18,337,336 40
106,666 66
898,620 00
$16,780,500 00 $20,944,600 00 $59,393,824 40
$415,330,822 90 $168,090,233 00 $80,874,200 00 $73,464,50000 $322,428,933 00 $92,901,889 90
£100
1100
£100
£100
* Companies whose revenues and expenses, transportation and traffic statistics are embraced in the accompanying statements for "Proprietary
Companies." a Exchanged for a like amount of capital stock of the Nevada & California By. Co. x Mexican currency.
NO. 10.-SOUTHERN PACIFIC COMPANY-BONDS OWNED JUNE 30 1908.
Total
Outstanding
June 30 1908.
Proprietary Companies-*
Carson Fe Colorado By. Co. jfirst mort$2,000,000 00
gage 4%
Central Pacific By. Co. first refunding
93,919,000 00
mortgage 4%
16,611,000 00
Central Pacific By. Co.3 3 % mortgage
Central Pacific By. Co. Through Short
9,199,000 00
,
Line first mortgage 4%
Galveston Harrisburg & San Antonio
By. Co. second mortgage, Eastern
1,000,000 00
Division, 6%
Galveston Harrisburg & San Antonio
1,558,000 00
Ry. Co. equipment 6%
Galveston Harrisburg & San Antonio
Ry. Co. second mortgage M. & P.
6,354,000 00
Extension 6%
Galveston Houston & Northern By.
800,000 00
Co. first mortgage 5%
Gulf Western Texas & Pacific By. Co.
2,224,000 00
first mortgage 5%
Houston Fe Shreveport RR. Co. first
150,000 00
mortgage 6%
Houston & Texas Central RR. Co.,
450,000 00
Lampasas Extension, first mtge. 5%
New York Texas & Mexican By. Co.
842,000 00
first mortgage, Matagorda Div.6%
Oregon & California RR. Co. first
17,745,000 00
mortgage 5%
Southern Pacific RR. Co. first consoli4,127,500 00
dated mortgage 5% of 1893
Southern Pacific RR. Co. first mort5,111,000 00
gage 6% of 1875
Southern Pacific RR. Co. first refund88,489,000 00
ing mortgage 4%
Texas & New Orleans RR. Co. -first
862,000 00
mortgage, Main Line, 6%
Texas & New Orleans RR. Co. first
3,997,000 00
mortgage, Dallas Division, 4%
Texas & New Orleans RR. Co. equip612,000 00
ment 8%
Total Proprietary Companies
Other CompaniesAssociated Oil Co. first mortgage 5% Galexico School District 6%
Coos Bay Roseburg Fe Eastern RR. Fc
Nay. Co. first mortgage 6%
Los Angeles Interurban By. Co. first
mortgage 5%
Los Angeles Pacific Co. first mortgage
5%
Mexican Consolidated Public Debt 3%
Northwestern Pacific RR. Co. first refunding mortgage 4M%
Northern Pac.fic Terminal Co. first
mortgage 6%
Pacific Electric By. Co. first mortgage
5%
Riverside & Arlington RR. Co. first
mortgage 4%
San Jose-Los Gatos Interurban Ry.Co.
first mortgage 5%
Silsbee School District 6%
Southern Pacific Co. (C. P. Stock Collateral) 4%
Sunset RR. Co. first mortgage 4%
Utah Light & Power Co. consolidated
mortgage 4%
Utah Light & Railway Co. first consolidated mortgage 5%
Utah Light & Railway Co. collateral
trust 6% notes
Bonds of other companies
Distribution of Bonds Owned by Southern Pacific Company.
Total Owned by
Southern
Deposited
Deposited
Deposited
Pacific
against issue of under S. P.Co. under S. P.Co.
Amount
Company.
South. Pac. Co. 4% (C. P.
2-5 Years 4% Total Amount
Free.
Deposited.
Common
StockCollateral)
Mortgage.
Capital Stock.
Mortgage.
$2,000,000 00
$12,203,000 00
2,000 00
899,000 00
899.000 00
625,000 00
5,694,000 00
374,000 00
374,000 00
1,558,000 00
1,230,000 00
1,230,000 00
1,110,000 00
1,110,000 00
1,110,000 00
800.000 00
800,000 00
800,000 00
2,224,000 00
2,224,000 00
2,224,000 00
150,000 00
150,000 00
150,000 00
425,000 00
425,000 00
425,000 00
548,000 00
548,000 00
548,000 00
32,000 00
243,000 00
243,000 00
15,000 00
15,000 00
7,332,000 00
7,332,000 00
561,000 00
561,000 00
561,000 00
1,190.000 00
1,190,000 00
1,100,000 00
612,000 00
612,000 00
612,000 00
$10,850,000 00 $10,850,000 00 $21,428,000 00
$750,000 00
3,000 00
$750,000 00
3,000 00
625,000 00
625,000 00
4,510,000 00
4,510,000 00
765,000 00
a252,300 00
765,000 00
a252,300 00
5,694,000 00
5,694,000 00
5,000 00
-------
5,000 00
770,000 00
770,000 00
,
30,418,500 00
316,000 00
328,000 00
32,000 00
$256,050,500 00 $32,278,000 00
$2,833,000 00
$2,000,000 00
$2,000,000 00
12,203,000 00
2,000 00
140,000 00
140,000 00
50,000 00
3,000 00
50,000 00
3,000 00
1,649,000 00
158,000 00
$1.000,000 00
142,000 00
$1,000,000 00
142,000 00
649,000 00
16,000 00
---------------------------------------------------------------3,002,000 00
3,002,000 00
Total Other Companies
$18,376,300 00
Total Bonds
Total Stocks (Table No. 9)
$50,654,300 00
$11,992,000 00 $11,992,000 00 $38,662,300 00
415,330,822 90 $168,090,233 00 $80,874,200 00 73,464,500 00 322,428,933 00 92,901,889 90
Total stocks and Bonds
$1,142,000 00
$1,142,000 00 $17,234,300 00
$465,985,122 90 $168,090,233 00 $80,874,200 00 $85,456,500 00 $334,420,933 00 $131,564,189 90
• Companies whose revenues and expenses, transportation and traffic statistics are embraced In the accompanying statements for "Proprietary
Companies." a Mexican currency.
NO. 13.-PROPRIETARY COMPANIES-ASSETS JUNE 30 1908.
ASSETS.
NO.14.-PROPRIETARY COMPANIES-LIABILITIES JUNE 30 1908.
Total
Total
June 30 1008. June 30 1907.
Capital AssetsCost of road and franchises_ ..
Expenditures for new lines
702,231,535 54 695,440,621 75
9,756.958 08 9,234,989 45
Total
Sinking funds (No. 17)
Land grant accounts (No. 18)
Trust funds (No. 19)
711,988,403 62 704,675,611 20
15,643,554 59 15,324,070 07
077,567 94
733,339 23
269,078 86
507,012 13
Total
311
THE CHRONICLE
JAN. 30 1909.
728,872,399 57721,246,328 07
Current Assets-Cash
Bills receivable
Agents and conductors
'Traffic balances
Individuals and companies
U. S. Government transportation
Bonds owned (No. 15)
-Cash and bonds deposited against bonds
satisfied of mortgage
Bonds to be exchanged for refunding bonds _
Material,fuel and other supplies
382,266 37
445,216 93
513,415 04
11,825 95
1,014,682 98
200,429 91
832,012 62
367,222 11
565,501 31
885,077 35
10,535 20
1,048,669 80
190,803 80
1,281,759 90
775,483 78
57,500 00
4,682,938 09
704,983 78
405,500 00
4,612,445 34
Total
Total
June 30 1908. June 30 1907.
LIABILITIES.
Capital LiabilitiesCapital Stock
309,816,272 00 309,770,572 00
Preferred Stock
25,600,000 00 25,400,000 00
Funded and other fixed Interest-bearing
debt(No.5)
336,446,849 54 322,843,508 77
Equipment Trust Obligation (No. 5)
2,170.000 00 2,578,000 00
3% Notes to U. S. of America (No. 5)
5,881,271 56 11,762,543 12
Total
679,914,393 10 672,354,623 89
Current LiabilitiesCoupons matured-unpaid
Coupons due July 1
Interest accrued on bonds to June 30, but
not due
Dividends due-unpaid
Bonds satisfied of mortgage but not presented
Matured or called bonds
Individuals and companies
Traffic balances
Loans and bills payable
Vouchers and pay rolls
Total
Total
Deferred Assets-Individuals and companies
Land and other property
Stocks owned (No. 15)
Total
Proprietary CompaniesCentral Pacific By. Co
Direct Navigation Co
'Galveston Harrisburg & San Antonio Ry.Co.
Houston East do West Texas By. Co
Houston & Shreveport RR.Co
Louisiana Western RR. Co
Morgan's Louisiana & TexaSRR.&S. S. Co.
Oregon & California FIR. Co_
Texas & New Orleans RR. Co
Total
Southern Pacific Company
Contingent AsstsRolling stock replacement fund
Unadjusted accounts
S. P. Co. unadjusted accounts
Individuals and companies
Total
Profit and loss (No. 12)
Total Assets
8,915,771 67 10,162.588 68
573,683 02
530,111 13
337,626 41
422,417 11
575,080 61
330,723 41
1,441,420 56
1,328,221 13
2,258 42
5,266 37
43,815 53
11,080 55
11,304 40
19,783 61
104,780 59
2,258 42
34,558 03
2,041 62
640 05
390,091 48
63,016 53
28,459 79
59,856 05
348,337 15
2,041 63
133,308 84
325,105 92
1,027,802 14
31,550,104 84 48,910,283 24
116,423 12
13,785 84
294,83033
54 29
------425,093 58
5,914,218 55
15,725 72
34,752 43
227,009 20
7,266 81
284,754 25
6,115,035 20
777,444,114 69 789,075,012 71
Union Electric Light & Power Co., St. Louis.-New
Director.-Samuel D. Capen and H. N. Davis of St. Louis
have been elected directors to succeed Robert E. Maloney
and Charles E. Fister. Henry Nicolaus also of St. Louis
has been elected to the board to fill a vacancy.-V. 87, p.
1537.
United Electric Securities Co., Boston.-New Bonds
Offered.--Perry, Coffin & Burr and Parkinson & Burr,
Boston and New York, have purchased a new issue of collat.eral trust 5% gold bonds due Feb. 1 1938 (but subject to
call at 103 and interest), which they are offering at par and
interest.
The company pays 7% dividends on $1,000,000 preferred stock. Out
of a total of $16,500,000 bonds issued. the company has redeemed and
canceled $11,926,000. leaving outstanding $4,574,000 (including the
present series).-V. 86, p. 1534.
Van Wert (Ohio) Gas Light Co.-W. J. Hayes & Sons,
Cleveland and Boston, under date of Jan. 2 1909 offered at
95 and interest $25,000 first mortgage 5s dated 1905, "the
bonds issued amounting to $100,000." A circular says:
The earnings for the last twelve months were: Gross earnings, $30,624;
operating expenses, $17,254; net earnings, $13,360. "The company is
earning over double Its interest charges, after paying all taxes and operating
expenses, and is paying 5% dividends on Its stock." Owned and operated
by the Associated Gas & Electric Co.. Ithaca, N. Y. Compare Van Wert
Public Service Co. below and see further particulars in V. 82, p. 632, 165.
Van Wert (Ohio) Public Service Co.-Successor Company.
-In August last the Gas, Electric Light & Power Co. of Van
Wert (V. 74, p. 98) was purchased by the Gas & Electric
Development Co. of Philadelphia, by whom the Van Wert
Public Service Co. was organized, to take over the property.
The company,does an electric likht and power business; it also supplies
steam heat. Office, 000 Land Title Building, Philadelphia. Authorized
capital stock $125,000,in $100 shares, of which in October last $100,000
was outstanding. A "general mortgage" has been made to the Land
Title & Trust Co. of Philadelphia. as trustee, to secure an issue of $125,000
5% gold bonds, denomination $500, dated Oct. 1 1908 and due in 1938, but
subject to call at 105. Interest A. & 0. at office of trustee. Of these
bonds, $25,000 were reserved for future extensions and improvements and
$53,000 were held to retire old bonds that remain out. President, E. E.
Mandeville; Sec. and Treas., M. F. Maury. Compare Van Wert Gas
Light Co. above.
-John H. Watkins, dealer in municipal and railroad
bonds, 2 Wall Street, has just purchased $242,000 six per
.city of Memphis,
cent. street improvement certificates of the"
Tennessee, maturing $30,000 per year from Jan. 1 1910 to
Jan. 1 1914 inclusive. The city reserves the right to pay
the certificates at any interest-paying period on 30 days'
notice at 103. These bonds, which are direct obligations
Deferred Laibilities-- Individuals and companies
Taxes assessed but not due
Sinking funds uninvested (No. 17)
Unadjusted accounts
Total
Proprietary Companies-Direct Navigation Co
Galveston Harrisburg & San Antonio Ry.Co.
Houston East & West Texas By. Co
Houston & Shreveport RR.Co
Houston & Texas Central RR. Co
Iberia & Vermilion RR. Co
Louisiana Western RR. Co
Morgan's Louisiana & Texas RR. & S. S.Co.
Southern Pacific RR Co
Southern Pacific Terminal Co
Texas & New Orleans RR.Co
Total
Southern Pacific Company
Contingent LiabilitiesFloating equipment replacement fund- - Rolling stock replacement fund
Insurance fund
Fund for refunding outstanding old bonds of
S. P. RR. Co
Unadjusted accounts
S. P. Co. unadjusted accounts
Individuals and companies
Principal of deferred payments on land contracts
Total
Profit and loss (No. 12)
Total liabilities
438,812 43
400,675 00
356,481 18
409,580 00
644,701 76
8,181 00
658,095 35
6,327 00
606,000 00
30,713 92
110,490 23
283,084 56
150,000 00
1,880,653 67
608,000 00
88,713 92
91,158 38
322,322 49
280,000 00
2,405,946 88
4,553,402 57
5,226,623 20
167,495 29
71,286 84
2,242 00
42,322 85
371,913 44
64,076 23
581,024 13
478,312 52
27,884 13
11,304 40
15,104 72
16,668 77
28,459 79
63,016 53
11,080 55
130,359 36
51,964 13
16,086 53
4,516 84
43,815 53
18,981 81
135,589 10
212,748 05
126,718 21
4,083 25
58,684 79
382,004 36
324,993 28
1,043,077 57
19,776,511 81 19,739,147 13
164,199 27
919,285 04
124,18068
1,030,308 421
1,386 08
40,039 48
133,742 14
428,146 69
161,603 23
14,100 13
1,405,622 50
49,874 23
1,075,693 69
1,423,583 44
3,364,002 66
3,616,672 36
-4
68,929,697 14 86,616,556 0
777,444,114 69 789,075,012 71
of the city of Memphis,are now offered for sale at an attractive price. Principal and interest is payable at the United
States Mortgage & Trust Co., New York. A descriptive
circular will be mailed on application. Mr. Watkins's bid
for $1,009,000 city of Memphis water department bonds
was accepted at the public sale this week. Mr. Watkins
having recently resigned as Vice-President of the Bank of
Commerce & Trust Co. of Memphis to come East,opened an
office for business at 2 Wall St., this month. He is wellknown to financial circles from his corporation connections
as a director in the Bank of Commerce & Trust, the American
Cities Railway & Light Co., the Volunteer State Life Insurance Co., a Vice-President and director of the Memphis
Street Railway Co. and as former President and director in
the Memphis Railroad Terminal Co. from organization to
December 1908.
-The annual statement of the Mutual Benefit Life Insurance Co. of Newark, N. J., is published in this issue.
The income for the year aggregated $23,933,479. The total
paid to policy holders was $12,820,310. The gross assets
are $120,376,062. The total insurance expenses of the
company for 1908 amounted to only 75 per cent of the amount
allowed by the new insurance law of the State of New York.
The net rate of interest earned on invested assets was 4.70
per cent. A full report of the year's business will be mailed
upon request to the Home Office or to any agent.
-Mr. Robert W. Martin, statistician for William A.
Read & Co., New York, has prepared two articles regarding
the issue of Boston & Maine bonds recently purchased by
the firm. These articles were first published in financial
daily papers, but they have been reprinted for distribution
among investors generally.
-The Fidelityi Mutual Life Insurance Co. of Philadelphia
publishes in our current issue its thirtieth annual statement.
The gross assets are $17,064,351, an increase during 1908
of 15.26 per cent. The annual report of the President,
giving full details of income disbursements, investments,
and information bearing on the life infurance situation, will
be sent on application.
-The semi-annual statement of the Union Discount Co.
of London appears on another page. The balance sheet
of Dec. 31 shows gross assets of $137,203,698. A dividend
paid for the half-year at the rate of 12 per cent per annum
called for $225,000 and a balance of $325,025 was carried
forward to the next account.
312
THE CHRONICLE
[VoL. Lxxxvm.
- ----Moffat & White, bankers, 5 Nassau St., New York,
to-day advertise on the page opposite our statement of
"Clearing-House Returns" a list of high-grade railroad
bonds, subject to sale and change in price. Investors will
COMMERCIAL EPITOME.
be interested in the offering, as it includes two new issues
, Friday Night, Jan. 29 1909.
of Chicago & North Western bonds, which we believe are
While the tone continues confident and mercantile prices
publicly offered for the first time in the open market, viz.:
whole are well sustained, the volume of business is not
$250,000 Chicago & North Western Railway Co.'s (Mil- on the expectations.
up to
In the iron and steel industry there
waukee & State Line Ry. Co.) 1st mortgage 3
price
is
more or less uncertainty, owing partly to the question of
3s,
931
/
4 and interest, yielding 3 8%; $250,000 of Chicago
& tariff revision, and partly, it may be, to a very large proNorth Western Railway Co's. Manitowoc Green Bay & duction of pig iron.
North Western Ry. Co.) 1st mortgage 3/
12s price 9331
LARD on the spot has met with a fair demand at a lower
and interest, yielding 3%%,and $250,000 Illinois Central
of prices, reflecting a decline at the West. Under
Railroad Co. refunding mortgage 4s at 1013i and interest, rangecircumstance
s prime Western has latterly been quoted
yielding 3.95%, $250,000 Manhattan Railway Co. Consoli- such
9.9009.95c, Middle Western at 9.75c and City at 9%c.
dated (now first) mortgage tax-exempt in N. Y. State 4s, at
has been quiet and without features of striking
price 100 and interest, yielding 4% and $250,000 Atchison Refined lard
Large manufacturers are, it is said, working to
Topeka & Santa Fe Railway Co. Transcontinental Short interest.
capacity, but this is in the execution of old orders.
Line 1st mortgage 4s, price 96 and interest, yielding about their fullContinent has
dropped to 10.15e. South America
4.20%. The important particulars of these issues appear Refined
has remained at 10.85c. and Brazil in kegs at 12.25c. The
in the advertisement, and the firm will also send on request speculation
in lard futures at the West has been on a fair
a circular giving further details about these and other bonds.
scale at declining prices.
-N. W. Harris & Co., bankers, Pine Street, corner
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
William, this city, are to-day offering the investing public
Mon. Tues.
Wed. Thurs. Frt.
delivery
9.65
January
9.60
9.52;,5 9.52% 9.66
9.65
by advertisement on another page, $2,000,000 Orleans May delivery
9.77% 9.72% 9.67% 9.67yi 9.77
9.80
Levee District (City of New Orleans) 5% bonds, due July
9.875i 9.82A 9.77% 9.77Mb 9.87
July delivery
9.90
1
1959 and which are tax-exempt and legal for deposit
S Bid.
purposes and for trust funds in Louisiana. The firm recomPORK on the spot has been on the whole about steady.
mends these bonds for investment and offers them at a
however, has been only moderate at the best and
Trade,
price
to yield about 498% until the optional date July 1 1929,
generally slow. Mess has remained at $16 750$17 25,
and 5% if allowed to run to maturity. As officially reported, clear at $19 500$23 and family at $17 50©$18
the total funded debt (including this issue) is $3,000,000, meats have met with only a moderate demand, 50. Cut
and in fact
while the assessed valuation for taxation is $228,745,936 most descriptions have been quiet. Prices,
,
however, have
or 'a total debt less than 1 1-3% of the assessed
ruled
steady.
hams
Pickled
about
9c.
valuation.
Pickled
Special descriptive circular upon request. Investors may 14010 lbs., 8Y4@93'c. Beef has been firm thoughbellies,
trade
place their orders for these bonds, subject to prior sale, at has continued for the most part quiet. Mess remains
the New York office of N. W. Harris & Co., or 35 Federal $12 50@$13) packet at $14(014 50, family at $16 50 at
and
St., Boston, and the bond department of the Harris Trust extra India mess at $24 500$25. Stearines have been firm
& Savings Bank, Chicago.
with offerings far from large. The demand has been mod-L. L. Smith & Company is the name of a new Chicago erate. Oleo 120125,1,c. and lard Western to arrive 11c.
stock and bond firm which has just opened offices at 143 Tallow has been firm with City at 6c.and sales moderate.
Monroe Street, on the ground floor of the New York Life London auction sales have been at an average price of 32s.
Building. Mr. Smith is a capitalist, for many years Presi- 6d. against 30s. 6d. last week. Butter has been in rather
dent of the Illinois Broom Company. The manager of the better demand but on increasing supplies prices have declined.
investment department is Goudy Mayfield, who for the past Creamery extras 290293'c. Cheese has been in fair deseven years has been actively associated with the brokerage mand- and steady. State full cream, small or large fancy,
143.4c. Eggs have been quiet and rather weak; Western
house of Chas. W. Gillett & Company, Chicago.
-The partnership of the present firm of Mackay & Co., firsts 29c. State and near-by fancy 33@34c.
OIL.-Cottonseed has been in fair demand at some adthis city, expires by limitation on the 31st inst., Latham A.
%@49c. Summer •white 44048c. LinFish, George D. Mackay and Yrederick W. Kendrick retiring. vance; winter 473
The business will be continued under the same name and at seed has been in moderate demand and steady. City, raw,
the same address (Nassau and Pine streets) as heretofore, by American seed, 55056c., boiled 56057c. and Calcutta, raw,
Donald Mackay, George Trowbridge Hollister, Malcolm 75c. Lard has been in fair demand and steady, there being
no pressure to sell. Prime 75@78c. and No. lextra 51053c.
Sutherland Mackay and George Herbert Burritt.
-The Scherzer Rolling Lift Bridge Co. of Chicago (New Olive has again advanced, partly owing to the smallness of
the available stock, and it is now quoted at $1 55()$1 65.
York office 220 Broadway), by advertisement in our
way and Industrial" Section, issued to-day, gives a list of Cocoanut has been steady with a moderate trade; Cochin
4c and Ceylon 7c.
some thirty leading railroad companies abroad as well as in 7%073
COFFEE on the spot has been quiet but steady at 73A@
the United States, which are .using its roller-lift bridges.
Rio No. 7 and 83'08%8.c. for Santos No. 4. West
These bridges, it is said, include "the longest span, the wid- 73/2c. for
India growths have been in fair demand and firm, with
est, the most active and the most important railroad, elec- receipts of some descriptions
small. Fair to good Cucuta.
trical railway and highway movable bridges ever built."
9%010510 The speculation in future contracts has been
-The National Discount Co. of London has issued its more active, partly under the stimulus of stronger European
semi-annual statement, which will be found on another markets not to mention a firmer tone in Brazil.
page. The gross profits for the half-year were $892,941.
The closing prices were as follows:
5.80c. May
There was added $50,000 to the reserve, making it $2,050,- January
6.05c. September
5.75c.
5.800. June
February
5.95c. October
5.65c.
000. A dividend paid at the rate of ten per cent per annum March
5.95c. July
5.95c. November
5.85c.
5.950. August
called for $211,666.
April
5.65c.
5.85c. December
SUGAR.-Raw has shown no real change although,owing
-The attention of investors is called to the choice list
of bonds and guaranteed stocks being offered by Messrs. to the restricted demand and reports of rather more pressure
Plympton, Gardiner & Co. on another page. Prices and to sell, the tone has seemed a trifle weaker. Centrifugal,
full particulars will be furnished upon application at their 96-degrees test, 3.67c.; muscovado 89-degrees test, 3.17e.;
offices at 27 William Street, New York, or 232 La Salle and molasses, 89-degrees test 2.92c. Refined has been in
moderate demand with granulated 4.55@4.65c. Spices
Street, Chicago.
-The list of securities advertised in the last issue of the have latterly been in better demand and prices have been
"Chronicle" on page xvii by F. J. Liman & Co. is of note- generally steady.
PETROLEUM.-Refined has been steady, with the usual
worthy interest. It embraces a variety of well-known
issues offered on a basis to yield from 4M to 6 per cent. foreign and domestic demand. Refined barrels 8.50c.;
bulk 5c.; cases 10.90c. Gasoline has been firm with a
Each issue is briefly described.
moderate trade; 86 degrees in 100-gallon drums 19c.; drums
-Dominick Bros. & Co., bankers, 49 Wall Street, are $8 50 extra. Naphtha has been in fair demand at firm
offering on another page to investors $200,000 International prices; 73076 degrees in 100-gallon drums 16c.; drums:
Navigation 1st mortgage sinking fund 5% bonds, due.
50 extra. Spirits of turpentine has been in fair demand
Feb. 1929. These bonds underlie the International Mer- $8
at an advance to 45@453'c. Rosin has been quiet at.
cantile Marine 43's.
$3 30@$3 35 for common to good strained.
-In the year ended December 31 1908 the net surplus
TOBACCO has shown no signs of activity but prices have
of the United States Life Insurance Company of New York been comparatively steady for Sumatra and Wisconsin leaf.
increased $168,000. The payments to policyholders during Manufacturers' supplies are not believed to be very heavy
the twelve months amounted to $1,214,314.
and some increase in trade is looked for as the year advances.
-The Great Northern Railway Company's preferred stock Packers have been steady buyers of desirable 1908 leaf.
is the subject of a 6-page circular issued by Sig. H.Rosenblatt Cuban has met with a good sale at steady quotations.
COPPER has latterly been weaker, with Lake at 140
& Co., 42 Broadway, New York City.
-Megargel & Co., bankers, 5 Nassau St., New York, 14 lAc.and electrolytic at 13M0131Ne. Lead has been dull
will on application send readers of the "Chronicle" a handy and weak at 4.1504.20c. on the spot. Spelter has been
dull and depressed; car lots 5.0505.10c. Tin has continued
desk blotter with interest table.
weak at home and abroad,
has sold in small lots at
-Kansas City Southern 3s due 1950 and Pennsylvania 273c. Iron has been quietand
the country over, as ig.fretee equipment trust 3M5 are being offered by Swartwout & quently the case in January. No..
1 Northern $170$1750
ppenzellar, 44 Pine Street.
and No. 2 Southern $17 2501$17 50.
A
$1te Tomutertiat Timm.
JAN. 30 1909.1
THE CHRONICLE
313
On Shipboard, Not Cleared for-
COTTON.
Friday Night, Jan. 29 1909
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the totAl receipts have reached
274,756 bales, against 241,858 bal6s last week and 236,829
bales the pievious week, making the total receipts since
the 1st of September 1908 7,320,672 bales, against 6,176,099
bales for the same period of 1907-08, showing an increase
since Sept. 1 1908 of 1,144,573 bales.
Sat.
Receipts at-
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
Galveston
12,'736 15,544 30,850 15,073 14,868 10,344 99,215
Port Arthur__ _ _
____ 11,186
11,186
____
Corp.Christi,cloc_
8,599
8,599
New Orleans_ _
8,050 5,318 15,350 12,687 12,932 12.344 66,681
Gulfport
Mobile
1,553
1,330 4,..1.95
927 9.784
-1744
-1
758
Pensacola
___
Jacksonville, (kip.
299
-------------231
68
Savannah
6-,iiii 7,864 7-,i6
5,i5i 4-,i55 7,056 38,167
Brunswick
4,000 4,000
Charleston •
- 5i
-415 1,25-0 1,066 5,201
Georgetown --------------25
25
Wilmington
1,142 10,382
1,185
2,i5'7 2-,185 2.547 1,1*45
Norfolk
2,1'76 3,235 3.'75(1
2,195 3,404 16,624
1,864
Newport N., &c_
105
105
__
____
____
____
__ __
New York
25
55 ---,
152
Boston
8
----------25
---119
Baltimore3,947 3,947
35
364
106
____
Philadelphia_ _ _ _
173
50
--------------Totals this week_ 33,620 48,176 64,57545,744 38,032 44,609 274,756
The following shows the week's total receipts, the total
since Sept. 1 1908, and the stocks to-night, compared with
last year:
Receipts to
January 29.
Galveston
Port Arthur
CorpusChristi,&c.
New Orleans _ _ - Gulfport -- --- Mobile
Pensacola
Jacksonivlle, &cSavannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newp News, &c_
New York
Boston
Baltimore
Philadelphia ----
1908-09.
1907-08.
This Since Sep
week. 11908.
90,215 2,765,796
11,186
99,972
8,599
52,392
66,681 1,450,382
15,987
9,784 285,882
101,922
299
24,795
38,167 1,207,415
4,000 269,275
5,201 169,139
25
1.641
10,382 328.235
16,624 942,745
105
5,384
25
13,586
11,075
152
3.947
72,259
2,790
364
This Since Sep
week. 1 1907.
-89,487 1,736,349
12,608
86,179
6,328
26,896
62,220 1,397,395
9,646 259,177
24,106 123,757
49
6.694
35,143 1,267,657
8,914 190,792
5,343 181,123
287
76
10,647 423,915
15,705 414,080
5,372
2,979
251
4,912
3.814
43,005
898
5,530
271,756 7,320,672 284,735 6,176,099
Total
Stock.
1909.
1908.
154,881
228,660
302,590
248,895
53,731
43,984
156,201
6,523
24,527
103,839
20,584
24,781
15,982
41,750
167,922
7,954
21,612
9,023
965
32,582
14
117,158
7,634
14,344
1,225
962,696
844,665
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1908.
1909.
Receipts 0.1Galveston __ _
P t.Arthur,&c.
New Orleans_
Mobile
Savannah _ _ _
Brunswick _ _ _
Charleston,&c
Wilmington_ _
Norfolk
N'port N., doc
All others_ __ _
99,215
10,785
66,681
9,784
38,167
4,000
5,226
10,382
16,624
105
4,787
89,487
18,936
62,220
9.648
35,143
8,914
5,419
10,647
15,705
Total this wk.
274,756
284,735
28,818
1906.
1907.
1905.
305,290
121,793
1904.
28,770
8,250
54,773
4,285
16,768
4,611
1,138
1,481
6,813
688
12,646
47,813
6.689
52,845
4,837
19.265
2,154
1,115
5,160
8,833
349
4,542
140,223
153,602
134,239 .49,046
1,353
6,595
57,825
81,234
4,420
7,005
14,876
34,736
1,827
4,208
882
2,054
2,658
5,298
5,954
13,335
872
1,582
2,480
15,004
Since Sept. 1_ 7,320,672 8,176,099 7,274,551 5,732,446 6,641,427 6,111,876
The exports for the week ending this evening reach a total
of 198,011 bales, of which 117,676 were to Great Britain,
19,859 to France and 60,476 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1908
Week ending Jan. 29 1909.
Exported toExports
horn-
FromiSept. 1 1908 to Jan. 29 1909.
Exported to-
Great
ContiGreat
ContiBritain.Fr'nce. nerd, Total. Britain. France nent. I Total.
Galveston _
Port Arthur _
Corp.Christi,&c
New Orleans..
Mobile
Pensacola _ _ _
Gulfport
Savannah _ _ _ _
Brunswick_ _
Charleston_ __
Wilmington_ _ _
Norfolk
Newport News.
New York_
Boston
Baltimore _ _
Philadelphia _
Portland, Me_ _
San Francisco_
Seattle
Tacoma
Portland, Ore_
Pembina
Detroit
36,66012,252 14,383 83,2951,165,865358,748
11,186
_
11,186
55,683
1,198 1,198
25 6,600 54,259 586,416151,075
47,634
7,582 9,111 16,693 60,777 70,774
21,146 39,523
4,132 11,855
6,375 10,626 124,547 76,891
4,251
5,512 11,930 157,177 -6,418
6,950 6,950
5,725
88,207 8,731
254 2,704
25,050
843,808'2,368,421
44,289 99,972
5,329
5,329
385,8311,123,322
53,175 184,726
42,996 103,165
15,987
463,40 664,843
235,422
98,24
57,189 62,914
312,153
215,21
1,745 26,795
2
108,920 26,86.
66,498
24,390 3,011
650
27,851
97,808 233,230
8,189 74,687
45,649 73,050
32,931
5,08
650
42,318 42,318
42,775 42,775
8,370
8,370
5,585
111
5,108
3,969
-------
_-_----
9,080
------
3,292
3,292
1,105
1,105
945
New Orleans* _ ,8,000 4,000 15,000 10,000
Galve tbn• ___ 20,000 9,000 18,000 15,000
Savannah -_
3,228 11,490 3,025
____
Charleston_
____
1,730
Mobile
8,000
'700 1,800
____
Norfolk
____
3,800
New York
1,500
500 1,300 2,800
Other ports
13,000 1,000 15,000
-- -Total 1909_ 54,300 18,428 64,320 30,825
Total 1908_ 81,627 22,836 62,502 44,087
Total 1907_ 65.070 50.591 75.232 35.605
• Estimated; telegram not received.
117,676,19,859 60,476198 011 2,523,979747,1102,440,9165,712,005
I '
Total 1907-08.137,25929,724 146,808313t
7912I186P427611,6882,315,7375,113,852
i
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
New York.
Total.
Leaving
Stock. 4
3,800
64,000
18,443
2,030
11,500
15,032
6,100
29,000
264,590
90,881
137,758
22,497
42,231
26,718
161,822
32,094
16,232 184,105
30,242 241,294
42.395 268,893
778,591
603,371
888,878
1,000
2,000
700
300
1,000
11,232
----
Speculation in cotton for future delivery has reached
rather larger proportions at times. This has meant, however, heavy liquidation by Southern and Wall Street holders,
and prices at one time had quite a sharp setback. The
depression was traceable partly to an unexpected increase in
the receipts, not merely at the ports but also at the interior
towns. Also, as usual towards the close of the month,there
has been some falling off in the demand for the actual cotton
at the South. A rumor that a strong bear pool had been
formed in New York and Liverpool appears to have had
some passing influence, more sentimental than otherwise.
Then Liverpool has been in a somewhat pessimistic mood.
Its spot sales have decreased, silver has declined and Manchester has sent somewhat less cheerful reports. In this
country, though the dry goods trade improves, it is at a
slower pace than most people would be glad to see. On
the other hand, the last report by the Census Bureau on
the ginning from Jan. 1st to Jan. 16th putting the total at
201,000 bales, the lowest on record for that period, was
considered a bullish factor, although the quantity was some
43,000 bales larger than the total previously given by the
National Ginners' Association. It may be added that a
rumor which somehow gained currency here that the Census
Bureau's figures were to be revised and made to conform
to the above Association's total was promptly and authoritatively denied from Washington. The Government fipres
as they stood were taken by many of the believers in higher
prices as giving the quietus to expectations,at one time very
general,of what is termed a "bumper" crop. It is assumed
by those who view the matter in this light that the present
indications do not warrant an expectation of a crop much, if
anything, over 13,000,000 bales. Others dissent from this
view, partly on account of the late increase in the receipts
at the interior towns and an unexpectedly large total recently
brought into sight. Large spot interests, however, have
been aggressive buyers on all reactions. They are bullish in
their convictions and those of the spinners who are pretty
well supplied with cotton are naturally supposed to be also
averse to a decline. There has been some liquidation of
October straddles by Liverpool people, something which of
itself has not been without a certain sustaining effect at
times. Moreover, on declines to certain points, for instance
in May and October, the market has struck buying orders in
sufficient volume to produce a recoil. Some apprehensions
of complications growing out of events in Abyssinia and
Bulgaria have apparently been but momentary. On the
whole, however, increased receipts,less active and rather
weaker spot markets, heavy liquidation of long cotton and
not a little selling for short account,apparently by both
Wall Street and the South, have made supporting orders
necessary. This has been the case, however strong the
situation may seem to be intrinsically from the view-point
of those who emphasize the relative cheapness of the price,
the superior quality of the crop, large spinners' takings and
the argument that recent ginning reports dispose of the idea
of a phenomenal crop. To-day prices declined, owing partly 4%
to an unexpectedly weak Liverpool market. Also week-endr
statistics seemed more than ever likely to be bearish. Some
spot interests sold July and October and others bought July,
October and December. The South sold. The reported
embarrassment of a Manchester house, which, however,
proves to have been an old affair, had a more or less depressing effect, causing renewed sales for long account, resulting in
a moderate net decline for the week. Spot cotton has been
irregular, closing 15 points lower than a week ago. Middling
uplands ended at 9.85c. Trading has been light, but the
local stock is steadily decreasing. This month it has fallen
off some 23,000 bales.
NEW YORK QUOTATIONS FOR 32 YEARS.
1909_c
1908
1907
1906
1905
1904
1903
1902
9.85
11.75
11.00
11.50
7.00
16.05
9.05
8.25
1901.c
1900
1899
1898
1897
1896
1895
1894
12.00
8.00
6.38
5.94
7.31
8.25
5.62
8.12
1893_c
1892
1891
1890
1889
1888
1887
1886
9.50
7.50
9.31
10.94
9.88
10.69
9.50
9.19
1885_c
1884
1883
1882
1881
1880
1879
1878
11.25
10.75
10.19
12.00
11.75
12.75
9.44
11.12
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
945
Total
..,...., ....,--.
..,....
......Jan. 20 at- Britain. France many. Foreign wise.
Saturday_ Quiet
Monday_ _ - Quiet, 10
Tuesday _ _ Quiet, 10
Wednesday Quiet, 10
Thursday. Quiet, 10
Friday. _
Quiet, 15
Total
Futures
Market
Closed.
Barely steady
pts. dec.. Steady
pts. adv._ Very steady_
pts. dec.. Barely steady
pts. adv.. Steady
pts. dec._ Steady
Sales of Spot and Contract.
Con- ConExport sum'n. tract.
205 1.800
0ö
Total.
1.665
200
400
4,400 4,400
405 6,400 6,805
THE CHRONICLE
314
Lxxxviii.
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cOl
282
20,222
2,655 145,793
1.304
98,116
3,000
81,380
11.050 213,095
66
24,545
3,000 105,800
4,642 111,950
5,113 309,380
890
55,532
895
62,661
1,755
46,308
35
6,534
3,489
74,562
1,774
48,475
1,500
69,498
2,800 105,295
2,268
86,607
1,330
49,029
61,3861
1,861
1,002
58,138
13,107 445,775
474
9,821
3,637 104,674
195
15,154
21,032 774,398
753
12,378
I
195
5,440
I
500
24.561
1,929
89,451
280
18,225
73,163 2,068,123
1,800
83,301
@I @I @I @I @I
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▪ n
9
Movement to January 29 1909. II Movement to January 31 1908.
FUTURES.-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments
New York the past week have been as follows:
for the week and the stocks to-night, and the same items for
c,?,1 21 gl
gi
ttzi 21 '41 41 II
the corresponding period for the previous year-is set out
in detail below.
.00
gg
•
e.......244
4
O
8
ti
'h)
0=2
a.;
,c.?
r1g
.
.1"
-4=-
THE VISIBLE SUPPLY OF COTTON to-night, as made
§i4iTgigtiMfEg-5.1"2.0gtigliV.2
up by cable and telegraph, is as follows. . Foreign stocks,
g84111.21):Ibe4c40E4110AVII3tOteNg101
week's
w.741/1
this
are
returns,
afloat,
as well as the
and conse:44,12K-IM.›.,W)61zitioalWa4
quently all foreign figures are brought down to Thursday
The above totals show that the interior stocks have dethe
total
make
the
complete
to
evening. But
figures for creased during the week 12,942 bales and are to-night 294,925
to-night(Friday), we add the item of exports from the United bales more than at the same time last year. The receipts
States, including in it the exports of Friday only.
at all the towns has been 6,176 bales more than the same
1909.
1908.
1907.
January 291906.
week last year.
bales.1,198,000 972,000 888,000 1,187,000
Stock at Liverpool
11,000
11,000
OVERLAND MOVEMENT FOR THE WEEK AND
Stock at London
19,000
10,000
70,000
67,000
Stock at Manchester
65.000
58,000 SINCE SEPT. 1.-We give below a statement showing
1,279,000 1,050,000 972,000 1,255,000 the overland movement for the week and since Sept. 1, as
Total Great Britain stock
18,000
15,000
Stock at Hamburg
11,000
11,000 made up from telegraphic reports Friday night. The
436,000 360,000 413,000 413,000
Stock at Bremen
328,000 210,000 238,000 263,000 results for the week and since Sept. 1 in the last two years
Stock at Havre
4,000
4,000
Stock at Marseilles
3,000
3,000 are as follows:
31,000
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
40,000
34,000
5,000
34,000
21,000
16,000
126,000
1,000
13,000
77,000
2,000
860,000
678,000
808.000
782,000
2,139,000 1,728,000 1,780,000 2,037,000
Total European stocks
106,000
India cotton afloat for Europe_ _ _ 148,000
163,000 207,000
American cotton afloat for Europe 782,032 859,476 898,107 415,000
45,000
Egypt,Brazil,&c.,aflt. for Europe 68,000
60,000
69,000
304,000 232,000 237,000
Stock In Alexandria, Egypt
199,000
500,000 502,000 840,000
389,000
Stock In Bombay, India
962,696 844,665 1,157,771
Stock in U. S. ports
914,009
ct• Stock in U. S. Interior towns_ _ _ _ 841,580 546,655 635,894
711,634
116,546
U. S. exports to-day
72,877
17,395
74,711
Total visible supply
5,707.185 4,978.342 5,508,483 5,410,038
Of the above, totals of American and other descriptions are as follows:
Americanbales.1,095,000 849,000 795,000 1,046,000
Liverpool stock
51,000
56.000
Manchester stock
50,000
48,000
Continental stock
813.000 596,000 754,000 734,000
American afloat for Europe
782,032 859,476 898,107 415,000
U. S. port stocks
062,696 844.665 1,157,771
914,009
U. S. interior stocks
841,580 546,655 635,894 711,634
72,877 116,546 74,711 17,395
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
4,623,185 3,863,342 4,365,483 3,886,038
103,000
11,000
14,000
47,000
148,000
68,000
304.000
389,000
123,000
11,000
16,000
82,000
106,000
45,000
232,000
500,000
93.000
19,000
15,000
54,000
163.000
60,000
237,000
502,000
141,000
10,000
10,000
48,000
207,000
69,000
199,000
840,000
1,084,000 1,115,000 1,143,000 1,524,000
4,623,185 3,863,342 4,365,483 3,886,038
----1908-09----
January 29ShippedViaSt. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
Total to be deducted
Leaving total net overland •
----1907-08----
Since
Sept. 1.
414,587
230,286
17,588
51,780
30,117
120,063
187,584
Week.
15,054
5,200
1,779
1,375
2,233
4,018
9,273
55,585 1,052,005
38,938
99,710
29,419
20,182
4,463
2,708
1,085
Week.
_13,979
9.042
3 140
1,640
1,210
12,628
13,946
4,488
397
524
5,409
149,311
50,176
902,694
Since
Sept. 1,
229,138
106,535
11,028
34,000
22,271
50,323
150,956
604,257
56,426
50,646
37,399
8,256 144,471
30,682
459,786
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 50,176 bales, against 30,682 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 442,908
bales.
-----1908-09----- -----1907-08-----
In Sight and Spinners'
Since
Takings.
Week. Sept. 1.
Receipts at ports to Jan. 29
274,756 7,320,672
902,694
Net overland to Jan. 29
50,178
Southern consumption to Jan. 29 a_ 48.000 966,000
Since
Week. Sept. 1
284,735 6,176,099
30,682 459,786
47,000 1.054,000
372,932 9,189,366
727,565
362,417 7,689,885
2,789 466,072
Total marketed
Interior stocks in excess
*12,942
365,206 -------Came into sight during week_ _339,090
8,155,957
Total in sight Jan. 29
9,916,931
Total visible supply
5,707.185 4,978,342 5,508,483 5,410,038
Middling Upland, Liverpool
6.39d. 5.87d. 5.99d. North. spinners' takings
5.29d.
59,232
932,143
1.703,588
to
91,141
Jan.
29..
Middling Upland, New York__ _
11.650. 11.00c. 11.45c.
6.850.
Egypt. Good Brown, Liverpool
10d.10 11-16d. 8 13-16d.
8 Nd.
a These figures are not the takings by Southern mills, but are estimates of
Peruvian, Rough Good,Liverpool
11.25d. 9.85d. 8.75d. consumption
7.75d.
based on information received from time to time dur ng the
Broach, Fine, Liverpool
5%d.
3d. 5 13-16d. 5 11-16d.
Tinnevelly, Good, Liverpool_
530.
53d. 5 7-16d. season and revised if necessary when complete returns are rece ved at
4 15-16d.
season's close. Reports from various sections of the South ind cate that
takings by the mills have thus far this season been appreciably heavier
Continental imports for the past week have been 136,000 than during the corresponding period a year ago, but actual or approximate
data are not obtainable.
bales.
• Decrease during week.
The above figures for 1909 show an increase over last
week of 113,661 bales, a gain of 728,843 bales from 1908,
an increase of 198,702 bales from 1907 and a gain of 297,147
bales over 1906.
Movement into sight in previous years:
Week1907-Feb. 1
1906-Feb. 2
1905-Feb. 4
Ba es.
Since Sept. 1387,012 1906-07-Feb. 1
190,694 1905-06-Feb. 2
191,0013 1904-05-Feb. 4
Bales.
0,713,318
7,896,734
8,874.312
315
THE CHRONICLE
JAN. 30 1909.1
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Sept. 1, for the last two seasons, from all sources from
which statistics are obtainable, also the takings, or amounts
gone out of sight, for the like period.
Closing Quotations for Middling Cotton onWeek ending
January zit.
Galveston
New Orleans_ _ _
Mobile
Savananh
Charleston
Wilmington_ _ _ _
Norfolk
Boston
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rock..
.ac•aay.
Monday. Tuesday. weaway. 1 nursa y.
0%
9%
9%
9%
9%
9%
9 9-16
93%
9%
9%
9%
ON
9 9-16
9 9-16
9%
9%
9 9-16
9 9-16
97-16
99-16
9%
9-16
9
9%
9 9-16
9 5-16
9 5-16
9 5-16
9 5-16
93%
9%
9 5-16
9 5-16
9%
9 5-10
9 5-16
9%
95%
9%
9%
93%
9%
9%
10.00
9.90
10.00
9.90
10.00
10.00
9%
9%
9%
9%
9%
9%
10.10
10.25
10.15
10.25
10.15
10.25
9 11-16 9 11-16 9 11-16 9%
9%
9%
9 7-16
93%
93%
9%
9%
9%
9%
9%
9%
9%
9%
9%
9 13-10 9 13-16 9 13-16 9 13-16 9 13-16 9 11-16
9%
9%
9%
9%
9%
9,5
NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sarday, Monday, Tuesday, Wed'dall• Thursd'y, Friday,
Jan. 23. Jan. 25. Jan. 26. Jan. 27. Jan. 28. Jan. 29.
JanuaryRange
Closing
FebruaryRange
Closing
MarchRange
Closing
AprilRange
Closing
MayRange
Closing
JuneRange
Closing
ange
Closing
OctoberRange
Closing
DecemberRange
Closing
ToneSpot
Options
Juty
- ®--- 9.61-.69 9.68-.76 9.68-.80 9.57-.63- @ 9.73-.74 9.51-.63 9.81-8.2 9.04-.05 9.50-.64
@ -9-.70-.72 9-.58-.60 9-.75-.77 9.60-.62 9-.66-.69 0.50 -9.6-8.80 0.56-.71 9.57-.75 9.58-.74 9.55-.64 9.50,60
0.68-.69 9.57-.58 9.74-.75 9.59-.60 9.64-.65 9.54-.55
9-.72-.74 9-.59-.01 9-.76-.78 9-.61-.63 9-.88-.88 9-.57-.59
Week.
9.83-.58 9.71-.89
9.83-.84 0.71-.72
9.37-.40 9.26-.41
9.37-.38 9.26-.27
- @ -- @ .32
9.32-.34 9.20-.22
Steady. Quiet.
Steady. Steady.
6,094,514 13,390,913 3,394,692 12,365.801
Total supply
DeductVisible supply Jan. 29
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph this evening indicate that the weather has
on the whole been favorable during the week. Where rain
has fallen the precipitation has as a rule been moderate or
light and temperature has in the main been comparatively
high for the season. Picking is still in progress in some
portions of Arkansas. The crop movement has been quite
free.
Galveston, dec., Texas.-In consequence of wire trouble
we are without any weather advice from Texas this evening.
Shreveport, Louisiana.-It has rained on one day of the
week, to the extent of eighteen hundredths of an inch. The
thermometer has ranged from 49 to 79, averaging 64.
Vicksburg, Mississippi.-We have had rain on one day of
the week, the precipitation reaching twenty-seven hundredths of an inch. The thermometer has averaged 65, the
highest being 77 and the lowest 49.
Helena, Arkansas.-Picking is not quite finished. Farm
work has commenced. Rain has fallen on one day (thunderstorm) of the week, the rainfall reaching fifty hundredths of
an inch. The thermometer has averaged 61 and ranged
from 40 to 74.
Memphis, Tennessee.-We have had rain on one day of the
week, to the extent of one hundredth of an inch. Average
thermometer 61.1, highest 73.1, lowest 42.1.
Mobile, Alabama.-There has been rain on one day of the
past week, the rainfall reaching six hundredths of an inch.
The thermometer has averaged 66, ranging from 53 to 76.
Montgomery, Alabama.-Dry all the week. The thermometer has ranged from 46 to 77, averaging 63.
Selma, Alabama.-We have had a trace of rain on one day
of the week. The thermometer has averaged 60, ranging
from 42 to 74.
Augusta,Georgia.-There has been no rain during the week.
Average thermometer 60, highest 77, lowest 40.
Savannah, Georgia.-It has been dry all the week. The
thermometer has averaged 64, the highest being 80 and the
lowest 48.
Charlotte, North Carolina.-There has been rain on one
day of the week, the precipitation reaching three hundredths
of an inch. The thermometer has averaged 57, the highest
being 75 and the lowest 40.
Charleston, South Carolina.-There has been no rain the
past week. The thermometer has averaged 62, ranging from
LtiALLA.Ali2i
47 to 78.
5,707,185 5.707,185 4,978,342 4,978,342
387,329 7.683,728 '416,350 7,387,459
317,329 6,270,728 321,350 5,628,459
95,000 1,759,000
70,000 1,413,000
Total takings to Jan. 29
Of which American
Of which other
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
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:
January 28.
1908-09.
Receipts at-
Since
Week. Sept. 1.
I
Since
Since
Sept. 1. I Week. Sept. 1
Week.
880,000 106,000 1,061,000
Since September 1.
For the Week.
Exports fromGreat ContiBritain. nerd.
Great
Britain.
Total.
Continerd. I
Total.
4,000 5,000
1,000
1,000 15,000 16.000
2,000 33.000 35,000
11,000
9.000
15,000
224,000
233,000
404,000
235,000
242,000
419,000
1,000
1,000
4.000
4,000
4.000
2,000
3,000
14,000
9,000
29,000
18,000
11,000
32,000
3,000
8,000
1,000
11,000
18,000
11,000
14,000
26,000
12,000
3,000
5,000
6,000
8,000
5,000
63,000
70,000
44,000
69,000
78,000
49.000
9,000
1,000 8,000
1,000 20,000 21,000
2,000 37,000 39,000
24,000
27,000
24,000
312,000
330,000
488,000
336,000
357,000
512,000
3,000
5,000
----------
Total all1908-09
1907-08
1908-07
1900-07.
1907;08.
832,000 87,000
98,000
Bombay
Bombay- @ -- @ 1908-09
9.86-.88 9-.70-.72 9.74-.76 9.63-.65
1907-08
1906-07
9.04-.74
9.70-.80
9.76-.93 9.75-.93
Calcutta9.92-.93 9.75-.76 9.79-.80 9.08-.09
1908-09
1907-08
9.20-.43 0.29-.43 9.26-.35 9.23-.31
1908-07
9.42-.43 9.29,30 9.33-.34 9.25-.26 Madras1908-09
@
9.39-.39- @ 1907-08
9.38-.39 9.23-.25 9.28-.29 9-.20-.22
1906-07
All othersEasy.
Easy.
Easy.
Firm.
1908-09
Steady. Steady. Steady. Steady.
1907-08
1908-07
• Nominal.
Season.
Week.
Season.
4,917,486
Visible supply Jan. 22
5,593,524
2.291.844
1,714,982
Visible supply Sept. 1
American in sight to Jan. 29__ 359,990 9,910.931 365,208 8,155,957
87,000
880,000
832,000
98,000
Bombay receipts to Jan. 28___
5,000
115,000
101,000
Other India ship'ts to Jan. 28_ _
4,000
18,000
743.000
681,000
34,000
Alexandria receipts to Jan. 27..
2,000
180,000
145,000
Other supply to Jan. 27•
5,000
9.76-.89 9.64-.82 9.68-.85 9.67-.83 9.62-.73 9.57-.66
9.76-.77 9.65-.66 9.83-.84 9.07-.68 9.71-.72 9.80-.61
- ®
9.79-.80 9.68-.70
1907-08.
1908-09.
Cotton Tak ngs.
Week and Season.
r rtuay.
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
11,000 bales. Exports from all India ports record a loss of
12,000 bales during the week, and since Sept. 1 show a
decrease of 21,000 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 27.
Receipts (cantars)This week
Since Sept. 1
1908-09.
1907-08.
1906-07.
250.000
5,108,057
135,000
5,573,955
140,000
5.755,219
This Since
This Since
This Since
week. Sept. 1. week. Sept. 1. week.. Sept. 1.
Exports (bales)-
igli.B2
4,250 111.092 4,000
17.500 116.930
8,500 169.304 6-,Eoo 191,003
4,000 36,325 1,000 39,210
To Liverpool
To Manchester
To Continent
To America
8,000 149.619
131.851
7.250 199,907
3,500 67.041
34,250 433,711 11,500 512,300 18,750 548.418
Total exports
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 both yarns and shirtings. Merchants are not
willing to pay present prices. We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
1908.
1909.
83% tbs. Shirt- Coin
tags, common MU!.
Upt's
to finest.
32s Cop
Twist.
d.
Dec
18
24
31
Jan
8
15
22
29
d. 9.d.
s. d.
32s Coy
Twist.
d.
lbs. Shirt8%
trigs, common
Coen
to finest.
Upt's
d. s. d.
s. d-
d.
4.82 107 160 11% 60 @9 4% 6.10
7% • 8,4 4 6 08 3
6.08
83-i 4 6 08 3% 4.92 10% 0 11% 60 09 3
7
6 13
0 8 3-16 4 65408 4% 4.99 10% 0 11% 60 09 3
73-1
7% 0
7% 0
7,1 0
713-160
8`e
811
8%
8%
4
4
4
4
7
8
9
9
08
08 6
08
08
5.07 10 7-160
5.14 10% 0
5.30 10% 0
5.29 10% 0
11% 60
11% 60
11;i 60
11X 5 11
09
09
09
09
3
3
3
2
6.22
6.50
6.43
0.39
316
THE CHRONICLE
[VoL. Lxxxvni.
SHIPPING NEWS.-As shown on a previous page, the
The prices of futures at Liverpool for each day
given
.exports of cotton from the United States the past week have below. Prices are on the basis' of upland, good are
ordinary
reached 198,011 bales. The shipments in detail, as made clause, unless otherwise stated.
up from mail and telegraphic returns, are as follows
The prices are given in pence and 100ths. Thus, 5 19 means 5 9-100d.
Total bales.
NEW YORK-To Liverpool-Jan. 23-Cevic, 3,198 upland, 30
foreign
3,228
To Manchester-Jan.22-Thespis, 1,00°upland,830 Sea Island 1,830
To London-Jan. 22-Minneha ha, 50
50
To Bremen-Jan. 27-Chemnitz, 2,984
2.984
To Antwerp-Jan 26-Vaderland, 1,401
1,401
To Flume-Jan. 25-Bernice, 100
100
To Japan-Jan. 22-Satsuma, 1,100
1,100
•GALVESTON-To Liverpool-Jan. 28-Indian, 22,571
22,571
To Manchester-Jan. 26-Esperanza de Larrinaga, 14,089.. _ _ _ 14,089
To Havre-Jan. 22-Mineola, 10,396
10,396
To Dunkirk-Jan. 25-Greystoke Castle,•1,856
1.856
To Hamburg-Jan. 27-Galicia, 1,018
1,018
To Antwerp-Jan. 25-Greystoke Castle, 3,233
3.233
To Barcelona-Jan. 22-Columbia, 2,198
2,198
To Venice-Jan. 22-Columbia, 1,898
1,898
To Trieste-Jan 22-Columbia, 6,036_
6,036
PORT ARTHUR-To Liverpool-Jan. 23-Holmeside, 11s188___ 11,186
'TEXAS CITY-To Mexico-Jan. 27-Norhelm, 1,198
1,198
NEW ORLEANS,---To Liverpool-Jan. 29-Comedian, 12,227; Victorian, 18,000; Wanderer, 9,000
39,227
Manchester-Jan.
To
27 Manchester Port, 7,407
7,407
To London-Jan, 26-Californian, 1,000
1,000
To Marseilles-Jan. 27-Dora Baltea, 25
25
To Antwerp-Jan. 26-Californian, 300
300
To Barcelona-Jan 22-Juan Forgas, 1,555_ _ _Jan. 26-Normania, 1,867_
3,422
To Venice-Jan. 26-Normania, 2,578.
2,578
To Mexico-Jan. 28-Nordboen, 300
300
MOBILE-To Havre-Jan. 27-Sliedrecht, 7,582
7,582
To Bremen-Jan. 26-Aneroft. 9,111
9,111
•SAVANNAH-To Liverpool-Jan. 28-Castleventry, 4,251
4,251
To Hamburg-Jan. 23-Queen Olga, 200
200
To Rotterdam-Jan. 23-Queen Olga, 375
375
To Bergen-Jan. 23,-Queen Olga. 100
100
To Reval-Jan. 23-Queen Olga, 1,200..
1,200
To Gothenburg-Jan. 23-Queen Olga, 100_
100
To Norrkoping-Jan. 23-Queen Olga, 50
50
To Uddevalle-Jan. 23-Queen Olga, 100
100
To Barcelona-Jan. 28--Siblr, 3,800
3,800
To Genoa-Jan. 28-Sibir, 450
450
BRUNSWICK-To Manchester-Jan. 23-Eastry, 6,418
6,418
To Bremen-Jan. 25-Anglo-Australian, 5,512
5,512
•CHARLESTON-To Bremen-Jan. 23-Anglo-Australian, 6,950_ _ 6,950
NORFOLK-To Liverpool-Jan. 23-Boliviana, 2,450
2,450
To Rotterdam-Jan. 23-Fimrelte, 254
254
BOSTON-To Liverpool-Jan.23-Mlchigan, 289_ _ _Jan. 25-Saxculla, 2,120_ _ _Jan. 26-Canadlan, 1,560
3,969
To Yarmouth-Jan. 22-Boston, 61_ _ _Jan. 27-Boston, 50_ _
111
•SAN FRANCISCO-To Japan-Jan. 23-Manchuria, 3,292
3,292
'TACOMA-To Japan-Jan. 26--Titian, 1,105
1,105
Mon.
Sat.
Tues.
Wed.
Fri.
Thurs.
Jan. 23
1254 12h 4 12k
4 12
12
to
4 12Sj 4 123 4
to
Jan. 29. P.m. p.m. P.m. P.m. P.m. P.m• P.m. P.m. p.m. p.m- p.m. p.m.
d.
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_
5
5
5
5
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
19% 18
13 13% 18 20% 19
15 15% 1434 11
19% 17% 1234 13 17% 20 1834 14 34 15
14
10%
18 15% 10% 11
16
18
16% 1234 13 12 08%
1734 15 10 11
15% 18
16% 12 12% 11% 08
1634 1434 0934 1034 1434 17 3-4 15% 11% 12
11
0734
16
14 08% 09% 14
17
15 11
11% 10% 07
14 08% 09% 14
18
17 15 11
11 % 10% 07
15% 13 08 09.13 16
10 06%
1434 10% 11
07 0534 00 00% 05 08 06% 0254 02% 02 98%
02 00 9534 9534 993.4 0234 01 96% 97% 97 93%
97% 95% 91 91349534 9834 97 02% 93 92% 89
95% 9334 8934 89% 9334 96% 95 96% 91 90% 87
9434 92% 88 88349234 9534 94 89% 90 89% 86
93% 91% 87 87349154 94% 93 88% 89 88% 85
MEMPHIS COTTON EXCHANGE.-ANNUAL ELECTION.-At the annual election for officers of the Memphis
Cotton Exchange, the following were elected to serve the
ensuing year: President, John S. Williams; Vice-Presidents
G. W. Pease, M. J. Hexter and W. E. Love; Treasurer,
J. M. Omberg. Board of directors: William Richardson,
F. G. Barton, R. R. Douglas, C. W. Butler, W. F. Meath,
D. E. Huger, F. M. Crump. Mr. Henry Hotter was unanimously re-elected Secretary by the board of directors, a
position he has held continuously since March 15 1881.
COTTON SUPPLY AND CONSUMPTION IN EUROPE.
-By cable we have received the substance of Mr. Ellison's
first of January cotton review, and in our editorial columns
give the results.
CENSUS BUREAU'S REPORT ON COTTON GINNING.
-The Division of Manufactures in the Census Bureau completed and issued on Jan. 23 the ninth of its series of reports
Total
198,011 on cotton ginning the present season as follows (counting
foregoing
The particulars of the
shipments for the week, round as half bales and excluding linters):
:arranged in our usual form, are as follows:
GINNED TO JANUARY 16.
Great French Ger- -Oth.Europe- Mex.,
Britain. ports. many. North. South. &C. Japan. Total
5,108
_ _ _ _ 2,984 1,401
New York.
100
-_- 1,100 10,693
36,660 12,252 1,018 3,233 10,132
•Galveston
63,295
Port Arthur_ _ _ _11,186
11,186
'Texas City
1,198
1,198
25
-5156 o,000 3oo
New Orleans__ _47,634
_ 54,259
7,582 9,111
Mobile
16,693
____
4,251
200 1;02-5 4,250
'Savannah
10,628
_ _ _ _ 5,512
6418
Brunswick
11,930
5,950
_
Charleston -----------6,950
2,450
_ __ _
Norfolk
2,704
3,9(39
____
Boston
111
4,080
__ _ _
__.._
San Francisco
3,292
Tacoma
1,105
--117,676 19,859 25,775 7,113 20,482 1,609 5,497 198,011
Total
The exports to Japan since Sept. 1 have been 92,790 bales
from Pacific ports and 13,048 bales from New York.
Cotton freights at New York the past week have been as
follows, quotations being ,in tents 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
26
34
30
25
18
33
45
Tues.
12
12
15
18
25
20
26
34
30
25
18
33
45
Wed.
12
11
13
18
25
20
26
34
30
25
18
33
45
Thurs.
12
11
13
18
25
20
26
34
30
25
18
33
45
Fri.
12
11
13
13
25
20
28
34
30
25
18
33
45
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at 'that port
Jan. 8.
bales72.000
Sales of the week
1,000
Of which speculators took_1;000
Of which exporters took__64,000
Sales, American
10,000
Actual export
102000
Forwarded
1,024,000
"Total stock estimated
918,000
Of which American-Est
Total imports of the week_ _ _ _ 199,000
174,000
Of which American
500,000
Amount afloat
449,000
Of which American
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
Jan. 29
50,000
45,000
9,000
74,000
1,198,000
1,095,000
164,000
149,000
509,000
443,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
.spot cotton have been as follows:
Spot.
Market, 1
12:15 }
P.M. J
Mid. Upl'ds
Sales
:Spec.&exp.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Dull.
Fair
business
doing.
Quieter.
5.33
5.34
4,000
8,000
300
200
Quiet.
Friday.
Moderate
demand.
5.27
5.34
5.29
5.29
10,000
8,000
8,000
7,000
300
200
200
200
Futures. Irregular at Steady at Steady, Steady at
1 point ' unch. to 304 pts.
Market 1 2 points
decline.
1 pt. dec. advance.
•opened
I decline.
Market,
4
;VP M.
Fair
business
doing.
Quiet at Barely sty.
405 pts.
at 102
decline.
pts. adv.
Easy at Steady at Quiet at Steady at Easy at
Firm at
405 pts. 63(57% 4054 pts. 120112 pts. 3%04 pts 40434 Pla•
aeeline.
demine.
advance. ots. dee. advinee. 9,1vary•e„
1904.
1906.
1909.
1908.
1005.
1907.
United States.12,667,231 10,339,551 12,176,199 0,989,634 12,767,600 9,845,537
704,801
637,701
Nor.Camlina. 661,295
591,851
541,136
587,759
798,714
887,087 1,192,932 1,144,514
Sou. Carolina. 1,193,520 1,093,416
1,951,740 1,771,832 1.601,922 1,695,434 1,89.8,397 1,283,911
Georgia
75,229
60,432
81,855
54,174
68,578
53,486
Florida
1,317,266 1,070,090 1,216,606 1,202,145 1,411,834
984,096
Alabama
1,551,265 1,287,389 1,361,838 1,084,409 1,576,533 1,339,240
Mississippl
484,328
982,598
786,844
888,377
598,439
458,723
Louislana
3,529,426 2,146,695 3,758,493 2,284,954 3,019,944 2,351,425
Texas
825,919
534,687
764,100
666,810
931,540
642,052
Arkansas
297,443
248,683
238,404
252,533
225,494
Tennessee _._ 321,677
595,330
761,739
741,633
782,790
612,618
Oklahoma
433,460
1,325
1,882
1,409
1,644
618
1,787
Kentucky
44,203
40,179
29,493
37,187
56,182
29,418
Missouri
15,290
13,031
12,614
15,938
8,212
Virginia
12,255
Active gins 27,441-It is to be noted that the active gins reported refer to the
number that have been in operation at one time or another since the beginning
of the season.
The amount ginned includes 232,531 round bales (counted as halt), 90,456 bales
of Sea Island.
BREA.DSTUFFS.
Friday, Jan. 29 1909
There was no general activity in flour, but buyers howed
greater interest Supplies of choice brands on the dock are
steadily decreasing. This flour was bought to arrive last
fall at 20 to 25 cents per barrel less than is now quoted.
When it has been distributed, jobbers will perhaps find it
difficult to obtain fresh stocks except at comparatively high
figures, as shipments from the mills have become light,
consequent upon the smaller receipts and higher cost of
wheat. This latter has led some mills to shut down part
time or to curtail their output. .This was more particularly
noticeable in the Northwest. Prices have latterly been firm
with a fair demand.
Wheat has moved within comparatively narrow bounds,
but on the whole the tendency has been towards somewhat
lower prices. Winter-wheat conditions in this country have
improved and though there has been some increase in the
cash trade,partly for export,there has been no great activity.
Speculation has been largely professional and far from
active. Leading bulls have not as a rule been aggressive.
Argentine exports for the week, moreover have shown a
noteworthy increase as compared with recent figures. They
are estimated at 4,000,000 bushels, against 2,472,000
bushels in the previous week. At the same time, however,
it is to be remarked that after all prices have shown no
material change and the reasons are not far to seek. Foreign
markets have been in the main steady or even at times quite
firm. Though the tenor of crop news from the West is in
the main cheerful, it is not to be denied that the crop as a
rule is bare of snow. Meantime European stocks are relatively light and prospective arrivals from most quarters of
the globe at European centres of distribution are comparatively small. That may mean that Europe will have to
buy more freely in this country in the near future, despite
the fact that the supply of long-voyage grain from Australia
and Argentina is relatively large. Then, too, there have
been some indications of an increased cash trade at the
Northwest, and also in Canada. The Northwestern receipts
JAN. 3011)09.1
have been smaller than for the corresponding period last
year. Northwestern stocks have been gradually declining. The
total of world's exports has been some 1,800,000 bushels
4maller than for the same time last year. This includes
wheat from all countries. But after all, the market has in
a sense become deadlocked. There is certainly no aggressive
selling for short account for fear of manipulation by a.
powerful bull clique at the West. At the same time, however, wheat prices are considered by many to be relatively
high and bulls have been merely watching events. Also
there is no knowing when the large concentrated holdings at
the West may be liquidated. Rather disturbing news from
Abyssinia and Bulgaria has had some passing influence in
tending to prevent any material setback in prices apart
from the other sustaining factors. To-day pricesadvanced
on strong foreign markets and an improving cash demand.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Frt.
Thurs.
Wed.
Sat.
Mon.
Tues.
110%
110M
No. 2 red winter _ _110%
110ji
109%
1103(
1113j
110%
110%5
May delivery in elev_111%a
110%b
110b
104%
104%
104%*
July delivery In elev_104%*
104%*
104*
a Asked. b Bid. * Nominal.
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Fri.
Thurs.
Wed.
Tues.
Mon.
Sal.
107A b
107Y
106%a
1075.(
May delivery in elev_107 9-16a 107b
97 846 97%1;
July delivery In elev. 97 11-16 97 5-16 96 11-16 97%
94%
943
94 7-16
93%
Sept. deity. In elev_ 94 7-16 943a
a Asked. b Bid.
317
THE CHRONICLE
'
The statement of the movement of broadstuffs to market as
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and rives ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-I
MOUT.
Wheat.
Oats.
I
Corn.
Barley.
Rye.
bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. SushiSlbs. bu.56 lbs.
844,600
38,000
Chicago ____
164,506
57,050 2,781,335 1,397,270
313,200
188,800
36,900
Milwaukee__
38,575
137,000
55,000
923
Duluth
32,735
31,739
37,937
179,698
419,110
29,260
Minneapolis_
229,350
162,290
1,205,560
Toledo
19,500
79,300
24,000
Detroit.....
31,416
4,400
74,638
15,380
Cleveland _
13,510
913
60,310
93,880
3,600
St. Louis._
14,000
54,300
111,800
294,148
496,000
713,900
Peoria
16,000
28,600
82,000
415,393
147,000
14,000
Kansas City.
222,200
219,000
594,300
Tot.wk.'09
Same wk.'08
Same wk.'07
291,294
367,413
283,734
2,442,736
4,394,248
2,287,171
4,678,105
6,966,857
4,028,408
2,860,153 1,816,955
3,771,963 1,664,032
2,827,351 1,373,079
135,083
226,613
128,076
Since Aug. 1
1908-09 _ _ _ 11,022,366 160,450,061 72,504,242 95,146,643 54,642,065 4,396,748
1907-08._ 9,541,343 148,765,556 101,662,732 103,000,469 44,711,957 4,655,080
1906-07.... 11,506,655 146,011,572 97.335.007,112.664,387 43,964.992 4,831,382
Total receipts of flour and grain at the seaboard ports for
the week ended Jan. 23 1909 follow:
Receipts at--
Flour,
bbls.
Wheal,
bush.
Corn,
bush,
Oats,
bush,
Rye,
bush.
Barley,
bush.
51,061
10,234
119,250
345,600
292,800 26,775
Indian corn has been rising. To some it seems clear New York _
94,359
Boston
33,907
202,178
76,695
64,439 39,000
that farmers continue to dominate the situation. At any Portland,
Me
2,115
3,420
195,483
25,014
rate they are still holding their reserves with tenacity, mak- Philadelphia
45,636
213,629
128,203
93,588
7,000
Baltimore
10,432
183,315
52,274
34,635
1,500
1,865
ing disappointingly small deliveries to interior points. Con- Richmond
18,380
14,872
27,528
2,885
1,026
sequently the movement to the large primary markets has New Orleans *___ _ 16,275
159,500
47,500
8,700
971
been far below general expectations. As a result. the visible Newport News_ __ _
Norfolk
113,835
714
supply is diminishing just when it should be increasing; Galveston
70,000
11,000
2,521
6,998
this week's loss, amounting to 661,000 bushels, leaving a to- Mobile
125,714
4,750
Montreal
5,659
3,731
tal of but 6,549,000 bushels, or only a trifle more than a year St.
John
553,031
51,061
22,038
ago, notwithstanding the poor crop of 1907. The exceed- Port Arthur
32,000
ix-10y meagre supplies since that year and the unusually high
7,895
701,843 155,100
Total week
261,092 1,596,092
874,783
prices ruling seem to many to confirm the claim that the crop
739,700 121,206 151,442
347,163 1,033,038 1,747,579
was even smaller than was generally estimated. Conserva- Week 1908
23,241
Jan. 1 1909- 850,833 4,062,381 3,613,104 2,397,219 408,961
tive dealers were disappointed to find that the receipts dur- Since
Since Jan. 1 1908_1,141,642 4,948,751 4,633,634 2,556,286 326,651 291,622
ing the week at the chief Western primary points were only
Receipts do not include grain passing through New Orleans for foreign ports
4,043,000 bushels, against about 5,200,000 bushels a year on*through
bills ot lading.
ago. A movement of 5,000,000 bushels or over per week,
it is contended, would lead to a healthier and more satisfacThe exports from the several seaboard ports for the week
tory trade. The buoyancy was partly traceable to unex- ending Jan. 23 1908 are shown in the annexed statement:
pectedly liberal buying for European account in spite of
Wheat,
Corn, Flour,
Oats,
Rye, Barley, Peas,
bush,
bush.
bush.
bbls.
bush,
bush.
bush.
the so-called high cost. Indeed, many exporters have re- Exports fromYork
31,895
2,115
New
406,816
89,787
37,754
24,382
ceived fairly large orders which could not be executed be- Portland, Me_ _ __ 195,483
2,115 3,420
25,014
1,419
___
cause of the high claims of holders. In Western Europe Boston
300,723
33,156
60,429 6,091
1,250
____ 166,098 223,601 35,345
importers are nervous on account of the small world's ship- Philadelphia
138,054
4,343
72
Baltimore
ments.
420,139 15,441
177
New Orleans
60
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Thurs.
Frt.
Tues.
Wed.
Sat.
Mon.
71
70
70
70
70
70
Cash corn
70%
70
69%
69%
69%
May delivery In elev_ 69
69%
70
70%
704
69%
July delivery in elev. 69%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Thurs.
Frt.
Sat.
Mon.
Tues.
Wed.
62 1-16 62 5-16 63a
62%
62%
May delivery in elev. 61%
62 5-16 62%
63a
62%
July delivery in elev. 62e
63
62%,b
62%
62%5
63a
63
Sept. dellV. In elev__ 625
a Asked. b Bld.
Oats have been quiet with slight changes in 'prices. Apparently the market has run into a rut. At the moment there
Newport News_
Galveston
Mobile
Norfolk
St. John, N. B
40,000
115,427
6,998
113,835
553,031
971
7,209
2,521
714
22,038
Total week___ _1,694,151 1,170,395 135,849
Week 1908
2,404,216 1,214,289 253,461
25,881
141,126 13,828
25,947 173,069 16,000 29,442
The destination of these exports for the week and since
July 1 1908 is as below:
Flour
Wheat--Corn
Sines
Since
Since
Week
July 1
Week
July 1
July 1
Week
1908. Jan.23.
1908.
1908. Jan. 23.
Exports for week and Jan.23.
bbls.
bush.
bush.
bush.
bush.
since July 1 tobbls.
United Kingdom__ 59,276 3,482,474 1,114,166 42,172,068 642,852 8,167,821
39,171 1,615,722 556,838 40,659,686 505,779 6,880,992
Continent
54
23,913
15,150
So. & Cent. Amer__ 11,746 381,224
229,154
21,710
150
686,309
25,533 145,513
West Indies
8,900
59,592
Brit. No. Am. Cols_
59,485
18,276
7,997
121 190,833
Other Countries__ _ _
seems to be a general unwillingness to take a firm stand on
either side. There are numerous traders who contend that
prices are higher than warranted, but nevertheless they do
not venture to keep on the short side, owing, presumably,
to talk of a possible May deal in Chicago. Matters were
Total
135,847 6,575,358 1,694,151 83,120,543 1,170,395 15,788,211
almost at a standstill in the cash market, but nevertheless Total
1907-08
253,461 7,063,504 2,404,216 81,765,413 1,214,289 28,116,451
former quotations were well sustained, as there was no pressure to sell. Receipts for the week at the main Western
The world's shipments of wheat and corn for the week
primary points were below expectations, namely, 3,027,000 ending Jan. 23 1909 and since July 1 in 1908 and 1907 are
bushels, in round numbers, against about 3,500,000 bushels shown in the following:
a year ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
54
mixed
2
No.
54
54
54
54
54
White clipped, 34
56%-58% 56%-58% 504-58% 56%-58% 56%-58% 56%-58%
to 36 lbs
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat.
Mon.
Tiles
Tired.
Mum
Frt.
51%
May deliveryin elev_ 51%
517
52%
52 1-16 52
46%
July delivery in elev.. 46q
46%
46%
46 9-16 46%
393,i
393.
Sept. deity. In elev.. 39%a
39%
39 7-16 39%
a Asked
The following are closing quotations:
Corn.
Wheat.
Exports.
1908-09.
Week
Jan. 23.
Since
July 1.
1907-08.
Since
July 1.
1908-09.
Week
Jan. 23.
Since
July 1.
1907-08.
Since
July 1.
Bushels. Bushels. Bushels.
Bushels.
Bushels. Bushels.
North Amer. 3,540,000 123,781,700 120,912,000 1,423,000 15,378,400 25,446,000
Russian ___. 824,000 39,816,000 51,872,000 391,000 9,022,500 14,752,000
Danubian __ 152,000 26,656,000 20,488,000 586,000 15.395,500 32,096,000
76,000 43,187,500 35,256,000
Argentina.. 2,704,000 34,539,000 16,576,000
Australian__ 2,896,000 14,040,000 7,328,000
96,000 7,954,000 18,976,000
0th.countr's
Total ___ 10212000 246,786,700 236,152,000 2,476,000 82,983,900 107,550,000
FLOUR.
$3 30@$4 10 Kansas straights
$4 80®$5 10
3 305 3 75 Blended clears
5 30 ®
_
4 25® 4 50 City
6 30
6 60
The quantity of wheat and corn afloat for Europe on dates
4 75'@ 4 90 Rye flour
our
4 00 ® 450
5 65® 5 90 Buckwheat flour
2 40@ 2 50 mentioned was as follows:
5 20® 5 40 Graham flour
3 90
4 10
4 20@ 4 60 Corn meal
3 35@ 4 10
Corn.
Wheat.
GRAIN.
c.
Wheat, per bush.Corn per bush.c.
United
United
No.
I
f.o.b.119 %
N. Duluth,
No. 2 mixed
f.o.b. 69
Kingdom. Continent. Total. ! Kingdom. Continent. Total.
ro.13.117%
No. 2 yellow
N. Duluth, No. 2
f.o.b. 69
f.o.b.110 %
Red winter, No.2
No. 2 white
Nominal.
Bushels. Bushels. Bushels. I Bushels. Bushels. Bushels,
116% Rye, per bush.Hard " "
3,740,000 3,060,000 6,800,000
No.2 Western
Oats, per bush.f.o.b. 81 % Jan. 23 1900 _ _ 18,720,000 7,680,000 26,400,000,
15,760,000
1909_
6,160,000 21,920,0001 4,250,000 3,485,000 7,735,000
16
Jan.
Natural white
54 57%
State and Jersey
Nominal.
No. 2 mixed
75® 78 Jan. 25 1908_ 26,720,000 10,320,000 37,040,0001 3,560,000 3,120,000 6,680,000
54@54% Barley-Malting
White clipped....._ _ _56 3i 62
Feeding c. I. I. N.Y
69@70
Low grades
Second clears
Clears
Straights
Patent, spring
Patent, winter
Kansas clears
318
THE CHRONICLE
[VOL. Lxxxviri.
The visible supply of grain, comprising the stocks in inst.; new bordered effects especially have been in good
granary at the principal points of accumulation at lake and request for prompt and near-by delivery. In bleached
seaboard ports Jan. 23 1909, was as follows:
goods several special tickets have been taken more freely,
AMERICAN GRAIN STOCKS.
while standard low counts have also done well. Further
Wheat,
Corn,
Oats,
Rye,
Barley, orders for leading lines of summer ginghams have been
bush.
bush.
bush.
bush.
bush. received, and to meet this
demand mills have been unable
New York
1,723,000
496,000
835,000
77,000
464,000
Boston
737,000
132,000
28,000
19,000
3,000 to apply as many looms on the new fall styles as they otherPhiladelphia
575,000
82,000
90,000
24,000
the
would,
with
result
wise
that many popular lines of fall
Baltimore
441,000
668,000
197,000
195,000
11,000 ginghams are reported as oversold.
Prominent lines of
New Orleans
395,000
535,000
129,000
Galveston
168,000
340,000
blankets
been
have
opened and the new prices on some
Buffalo
2,817,000
1,622,000
171,000
586,000 lines are understood to be as much as 10
afloat
per cent lower
6,330,000
266,000
Toledo
432,000
253,000
183,000
49,000
than the opening prices a year ago. Flannelettes and other
afloat
70,000
cottons
have
napped
continued in good demand, with some
Detroit
528,000
314,000
168,000
76,000
Chicago
4,969,000
1,279,000
863,000
56,000 1,016,000 difficulty experienced in securing early deliveries. More
.
afloat
115,000
displayed
been
interest
has
in cotton dress goods for fall.
Milwaukee
475,000
449,000
188,000
31,000
256,000
Duluth
6,670,000
165,000
1,116,000
35,000
623,000 Leading handlers of sateen linings have advanced all counts
Minneapolis
14,399,000
454,000
2,360,000
119,000 1,121,000 about 4c. a yard; trade has been fairly good, but
rather
2,114,000
St. Louis
741,000
701,000
32,000
181,000 spotty. Brown cottons
have ruled firm and have sold
Kansas City
3,656,000
332,000
283,000
Peoria
1,000
121,000
826,000
29,000
5,000 steadily at the new prices. The holidays are over in China,
Indianapolis
260,000
188.000
244,000
but no business has been done with that country, owing to
Total Jan. 23 1909_46,875,000
6,549,000 10,099,000
912,000 4,266,000 higher asking prices.
Moderate sales have been made to
Total Jan. 16 1909 48,704,000
7,210,000 10,353,000
928,000 4,443,000
Red Sea, Australian and South American ports. There
CANADIAN GRAIN STOCKS.
has been steady buying of print cloths and convertibles in
Wheat,
Corn,
Oats,
Rye,
Barley moderate-sized lots and prices continue firm at 3 7-16c.
bush,
bush.
bush.
bush.
bush. for regulars and 43
4c. for standard wide goods.
Montreal
40,000
27,000
164,000
81,000
Fort William_
2,790,000
WOOLEN GOODS.-Most of the leading domestic proPort Arthur
1,810,000
ducers of dress goods have opened staple and fancy lines for
Other Canadian
1,886,000
fall 1909; one prominent mill is said to have sold its fall
Total Jan. 23 1909_ 6,526,000
27,000
164,000
81,000 output in two days and closed its order books for that season,
Total Jan. 16 1909._ 6,341,000
30,000
181,000
80,000
while selling agents for other mills reported .most satisSUMMARY.
factory and encouraging initial orders. The lines opened
Wheat,
Oats,
Corn,
Rye,
Barley, included all-wool serges, panamas, voiles, .fancy suitings,
bush.
bush.
bush.
bush.
bush. cheviots, cotton-warp
fancy mixtures and suitings,
American
46,875,000 6,549,000 10,099,000
912,000 4,266,000
Canadian
ines and other lustre goods, while worsted piece dyes and
164,000
27,000
6,526,000
81,000
resist dyes were shown by a Western mill; generally, prices
Total Jan. 23 1909_ _53,401,000 6,676,000 10,253,000
912,000 4,347 000
named were only slightly higher than a year ago and proved
Total Jan, 16 1909_55,045,000
7,240,000 10,534,000
928,000 4,523:0
0 0
Total Jan. 25 1908..47,218,000
5,384,000 9,251,000
880,000 5,406,000 attractive to buyers. In men's wear demand for the new
Total Jan. 26 1907_44,731,000 7,201,000 11,983,000 1,718,000 2,708,000
Total Jan. 27 190649,004,000 14,241,000 27,057,000 2,478,000 5,229 000 fall lines broadened considerably and a substantial amount
Total Jan. 28 1905-39,387,000 11,682,000 18,888,000 1,903,000 5,900,0
0 0 of business, all told, has been booked. Worsteds have been
in most request, although some improvement is noted in
the call for all-wool fabrics; certain lines of worsteds show
THE DRY GOODS TRADE.
an advancing tendency.
New York, Friday Night, January 29 1909.
FOREIGN DRY GOODS.-Imported lines of dress
The volume of business generally has been well main- fabrics have been in greater demand and continue firm. A
tained, with further improvement in demand noted in some larger volume of business than at this season in many years
departments. In both primary and secondary markets is reported in the linen market, especially in dress linens
staple cottons have been taken more freely, and several for spring and summer; stocks in first and second hands
lines have displayed a firmer tone; prices as a rule remain are badly depleted and prices on all lines are very strong.
quotably unchanged from a week ago, but some further Burlaps have ruled dull; light-weights are in good demand
advances in the near future would occasion little surprise. but scarce; prices remain unchanged.
Fall cottons have been taken in good quantities by jobbers, Importations and Warehouse Withdrawals of Dry Goods.
while retailers have purchased spring merchandise on a
The importations and warehouse withdrawals of dry goods
larger scale. Business for prompt and nearby shipment
would undoubtedly be larger were sellers able to guarantee at this port for the week ending Jan. 23 1909 and since
satisfactory deliveries; as it is, most goods are needed for Jan. 11909, and for the corresponding periods of last year,
about the same deliveries, and mills are reported to be are as follows:
Nerc00,
11
WM
C'S
ccoNnt...1
nOON= 0h
more or less congested with such orders. Many out-of-town ,x;
00
rq
00
. .
.,r
.ct
".4° S".". C'5'05
49
buyers are in the market and have placed substantial orders
oa.00mmest
ONCWO
0:
CS
hhNh-4 "
00
N. 00
41 ‘1 er
Tr
Tr
tl
T.
for cotton goods and other lines, and more country mercor,
:onn
00
t
"SS'"" 49
to
Ck] 1.4
00
chants are expected to arrive during the coming week;
nO
co
generally speaking, these interests appear to have more
4 NWere0C coN
,
i ocoun
h0
ChNer0 .0
confidence in the stability of prices and therefore have been
erCNO0
erN
No0,000
-,.cocotn
. 0001
eg
00004949
" ".
•
.
S C1
operating with more freedom. Reports, seemingly reliable, co
,...o.
NOMNO
490
4
ner
.er..ot; 0er
.
C'S
NO
'65'4
05
0049
60
that the coming tariff revision will be less radical than was
at first feared, have materially helped sentiment, especially
00
49 000000
00
CONNerh
0000
among silk and cotton goods interests. In men's wear
OerON.
4271..gg 00
494900049
no.
N.
lines for fall bookings are reported as satisfactory and
0149
.4d400 d4 00
P-1
Oe;00 NO
1
NO
NO
coccn
e.00 NN
encouraging, while initial orders on leading staple and fancy og -r, N00.N 49
0049
.
tsi
dress goods for the new fall season, have been large and in XWn
some instances exceeded expectations. Demand for silk '61 tOV
0c14949
et.
WV ONO
CO
NW
0049004949
00
hM
4900 0
piece goods for both spring and Bummer requirements has Aggei h.0
.
• 49
0er
0500 00
.cr
.
0149
to
4 I'S00 0
shown no abatement,and many manufacturers are reported <4
04
well sold ahead. Interest is being shown in fall lines of
WM
0000 r4
On 0
0,1
silk goods much earlier than usual and some initial orders
ci . .1 et. oo er h
O. 442
ON
0045
41.
have been placed, but most mills are unwilling to name E9 0-44.NO00N 00
Od
NM
4
114
NO
ONONO
00
MO
prices yet for the new season, owing to the strong situation •
0000
,00
,
0000
°R.".
NW
in raw material and the possibility of further price advances
00
on the latter. Export trade with China has been quiet,
NO
•
0000494901
0{00.. NO
CO
but miscellaneous business fair.
Net.
ccoco
OerWelh
000
O
Oh
.
N C'S 00499
DOMESTIC COTTON GOODS.-The exports of cotton •
On
NOMVO
CO00
N .d
goods from this port for the week ending Jan. 23 were 0
3,116 packages, valued at $212,951.
00
00 05
NO
WO
CO
-----1909---------1908----rei; 2,
09
tf0005
Since
c
10,720,471
orON
".
New York to Jan. 23.
Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other Countries
TOW
Since
Jan. 1.
30
24
806
254
Week.
3
14
516
---
128
988
26
327
1,091
537
Jan. 1.
111
56
2,051
722
2,233
472
2,808
127
1,217
2,889
1,051
475
25
183
511
666
63
1,463
135
884
2,422
1,423
3,116
13.737
2,403
7,504
Week.
25
14
-iii
----
The value of these New York exports since Jan. 1 has been
$796,002 in 1909, against $602,923 in 1908.
The market for domestic cottons has continued quite
active and generally strong. Demand for prints does not
appear to have been curtailed to any appreciable extent
by the advance in prices which took effect on the/26th
c)
- -•-
o
,
.N
ON
,r Tr 0549
r.
N t4
CON
er 1,4
• .1
CC
Xr400
O "
()L.;
'P49 0'500
NNVOc
49000000
ern
ner00h
ON
OhNN.
.:
1 4'1
era
.40
o
05494949
16
.
r•ti
4.1
E.
X
J• a;
8
8
. a
o
I-s
m
cl
ic
'cca
Fr:
h'
8
a
3.8
E.
THE CHRONICLE
JAN. 30 1909.
319
The $50,000 school and $100,000 street bonds mentioned
STADE AlID
were offered on Aug. 11 1908. See V. 87, p. 632.
CITY DEPAVIVENT, above
Idaho.—Assessments to Be Made on New Basis.—The Port-
News Items.
Albany, Dougherty County, Ga.—Bonds Declared Valid
by State Supreme Court.—The State Supreme Court in an
opinion handed down Dec. 11908, concurred in by the full
bench, affirmed the ruling of the Superior Court of Dougherty County upholding the validity of the five issues of 5
improvement 'bonds sold last March. V. 87, p. 50, and V.
86, p. 682. The suit was brought in the name of Atkinson
J. Lippit, a taxpayer, whose main contention was that the
Act of 1897, which provides for the validation of bonds of
counties, municipalities or divisions, was unconstitutional,
inasmuch as it conferred power on counties and municipalities to issue bonds without the proper approval of the voters.
The Court holds that this contention is based on a misconception of the purpose of the Act. The opinion states that
"the Act of 1897 was not passed for the purpose of authorizing a court to empower a municipality or county to issue
illegal bonds. . . . On the contrary, its object was to
provide a method by which it could be judicially investigated and determined whether the law, constitutional and
statutory, has been complied with as to elections thereafter
held, and whether in law and in fact the bonds were valid,
and to pass proper judgment upon that subject, after full
consideration, before the bonds were floated or sold, and
passed into the hands of innocent purchasers."
Md.—Report of Investigating Committee on,
Water-PlantPu
Baltimore, rchase.—A report has been made by the committee appointed by the City Council upon the recommendation of the Mayor to investigate the agreement between the
Water Board and the Warren,Manufacturing Co. to purchase
the plant of that company for $725,000. It is intended to
use the site as a part of the proposed reservoir to be built
by the city. For this reservoir the Board of Estimate has
granted an appropriation of $1,000,000 out of the $5,000,000
bonds voted at the November 1908 election. See V. 87, p.
1255. In summing up the committee reports as follows:
land "Oregonian" reports that on Jan. 20 the County Assessors of the State in session at Boise, Idaho, with the State
Board of Equalization, reached an agreement to assess all
property in the State at 40% of its actual cash value. It is
stated that a general estimate of last year's assessment placed
the valuation at practically 30% of the actual value. The
claim is made that if the new agreement is carried out in
good faith, the tax rolls should show an increase this year of
at least $30,000,000.
Massachusetts.—Street Railways That Meet Requirements of
Savings Bank Law.—The Railroad Commissioners have certified to the Bank Commissioner, as required by Chapter 590,
Laws of 1908, the following street railway companies as
having annually earned and properly paid without impairment of assets or capital stock 5% dividends for the past
five years:
Boston Elevated By. Co.
Boston & Revere Electric By. Co.
Citizens' Elec. St. By. of Newburyp't
Dartmouth & Westport St. Ry. Co.
East Middlesex Street Ry. Co.
Fitchburg & Leominster St. By. Co.
Holyoke Street By. Co.
Pittsfield Electric Street By. Co.
Springfield Street By. Co.
Union Street By. Co.
West End Street By. Co.
The Boston & Revere Electric Ry. Co. has been added to
the list since last year, while the Athol & Orange Street Ry.
Co. has been dropped.
Minnesota.—Application for Rehearing in Tax Amendment Case Denied.—St. Paul papers state that the State Supreme Court has denied the application of J. L. Washburn
for a rehearing in the suit over the amendment to the conof the Legislature with referstitution enlarging the
s also reported that the decision of
ence to taxation. It is
the court bars any appeal being taken to the United States
Supreme Court. As stated last week (V. 88, p. 243), the
State Supreme Court on Jan. 7 decided that the amendment
had been adopted by the people and formed part of the constitution.
Porto Rico.—Bond Offering.—Proposals will be received
until 3 p. m. Feb. 10 by J. & W. Seligman 411 Co., as fiscal
"In view, therefore, of all the evidence adduced before the committee, agents, for the $3,000,000 4% gold bonds mentioned in
which, as noted before, stands uncontradicted and unmodified by any evidence as to the value presented by the Warren Company, whose interest it V. 88, p. 171. The proceeds of this issue are to be devoted
was to procure such evidence, if any, the committee believes that $350,000
of the coupon
is the maximum value of the property of the Warren Company, alleged to to irrigation purposes. The denominations
have been contracted for by the city, and considerably more than, in the bonds are $1,000 each. Registered bonds, but only in the
judgment of the committee, could be obtained for the property acquired
by the city If purchased by any private individual or corporation; nor denomination of $5,000, will be issued in exchange for a like
does this committee believe that, conceding the utmost to the liberality
of Baltimore County condemnation juries, (which Mr. Bruce, then City amount of coupon bonds. Date of bonds Jan. 1 1909. InSolicitor, in his letter to the Water Engineer of Jan. 31 1908, stated should
undoubtedly be taken into account, any Baltimore County condemnation terest semi-annually at the office of the fiscal agents of the
jury would award an amount for the property acquired by the alleged
1914 to
agreement so greatly in excess of its actual value as this maximum value is loan. Maturity $150,000 yearly on Jan. 1 from
believed to be.
an Act of the Legislative AssemIf, therefore, after examination by the consulting engineers, the site at 1933 inclusive. Authority
Warren is regarded as necessary to the proposed reservoir improvement, bly of Porto Rico, approved Sept. 18 1908, which exempts
this committee believes and recommends that the city should not abide
by the alleged contract with the Warren Company unless compelled to do the bonds from the payment of taxes of any kind of the
so by judicial decision. This recommendation the committee believes is
justified by the evidence in the case and a due regard for the public in- Government of Porto Rico, or of any local authority therein.
terests. If the city must pay the grossly exorbitant price for the property
the
called for in the alleged contract, it is submitted that it should resist it The United States Treasury Department authorizes
with every legitimate protest available to it, and insist upon a thorough
security
as
at
par
bonds
these
accept
will
it
that
statement
transaction.
the
of
judicial review
If, however, the courts should hold the alleged contract to be binding
public deposits should further deposits be made. Certiupon the city, and so require it to pay for the property in question a price for
grossly in excess of its market or actual value, then the responsibility
check for 2% of the bonds bid for, payable to J. & W.
fied
for the transaction must rest where it belongs, that is to say,upon the Water
Board of Baltimore City, certainly influenced In their actions by the fears Seligman & Co., fiscal agents, is required with bid. AcBruce.
Mr.
of
by
in
the letter
them
and apprehensions aroused
The committee must further record its regret that full publicity was crued interest to Feb. 15 to be paid by purchaser.
not given to the purchase of the property and its price during the campaign
The official notice of this bond offering will be found among
preceding the popular vote on the enabling A ct, which, among other provisions, contained the ratification and confirmation of all contracts or
advertisements elsewhere in this Department.
the
the
of
passage
the
Into
prior
entered
to
been
have
may
which
agreements
Act by the Water Board of Baltimore City. The committee believes
Rio de Janeiro, Brazil.—New Loan.—The "Wall Street
that in such a campaign the knowledge of the Warren transaction was an
that Summary" states under date of Jan. 28 that the Municipal
essential fact which the voters of the city were entitled to know, and
no consideration whatever can be taken to excuse the omission by the public Council has authorized the Mayor to float a loan of $10,000,officials having knowledge of the facts to impart such facts to the tax pay000. It is also stated that there are rumors that the loan
ers, whose interests were vitally concerned in them."
Carthage, Jasper County, Mo.—Litigation.—The City will be obtained in New York.
Texas.—Attorney-General Declines to Approve Drainage
Clerk writes us that he understands that the case brought
to test the validity of the $220,000 5% gold coupon water- Bonds.—The Attorney-General, R. V. Davidson, announced
works bonds mentioned in V. 87, p. 1558, will be taken up on Jan. 14 that he would not approve any further issues of
drainage bonds until action is taken by the Legislature on
by the Supreme Court about Feb. 3.
Clark County (P. 0. Jeffersonville), Ind.—Litigation.— various amendments which, according to his suggestion,
The Louisville, Ky.,"Courier-Journal' of Jan. 26 states that should be made to Chapter 40 of the Laws of 1907, which
injunction proceedings were commenced Jan. 25 in the Clark provides for the incorporation of drainage districts. AccordCounty Circuit Court at Jeffersonville by a number of tax- ing to the Dallas "News," a supplementary opinion rendered
payers to enjoin the county officials from issuing the $62,000 Jan. 19 stated in part:
"That the several bond issues now outstanding under the Drainage Dis4% Charleston Township free gravel road bonds awarded trict
law are valid, notwithstanding the inefficiency of the statute. Bonds
Attorney-General
on Dec. 21 1908, as stated in V. 87, p. 172, to Chas. C. valued at about $500,000 have been approved by the reciting
such apunder the provision of the law, and official certificates
Wedding & Co. of Indianapolis.
proval have been issued heretofore, and the law is to the effect that the
shall be
bonds
of
the
validity
the
to
as
Denied
certificate of the Attorney-General
Fort Worth, Tex.—Application for Writ of Error
as evidence of their validity except when fraud or forgery Is
by State Supreme Court.—On Jan. 21 the State Supreme accepted
while it
Attorney-General,
the
of
action
The
the
issue.
against
charged
inasmuch as he refuses to approve
Court denied the application made by E. C. Orrick for a writ in effect rendered the law ineffectual,
inthe
statute's
of
declaration
a
not
was
statute,
the
under
Issued
bonds
by
Fort
of
him
against the City
of error in the suit brought
validity. He called attention to the incompleteness of the law and adWorth. According to the Dallas "News" of Jan. 22: "Mr. vised that no more bonds would be approved until the Legislature had
Orrick, who was City Attorney when the new charter estab- amended the measure and made the necessary correction.
lishing a commission form of government became effective,
claimed that his successor had not been legally elected, atBond Calls and Redemptions.
tacked the validity of the charter, and sued for the office and
School District (P. 0. Carthage), Jasper County,
Carthage
decided
of
Court
and
Appeals
salary. The District Court
Call.—Payment will be made on April 1 of 4%
Mo.—Bond
to
he
the
Supreme
which
applied
against Mr. Orrick, after
Nos. 21 to 30 inclusive. Denomination
bonds
refunding
Court for a writ of error.
11899.
April
Date
8500.
for
in
the
courts
various
pending
"The case had been
(P. 0. Nevada), Vernon County,
District
School
Nevada
school
of
the
issuance
preventing
months, and resulted in
and street bonds to the amount of $150,000, which the Attor- Mo.—Bond Call.—On Jan. 1 this district called for payment,
ney General refused to approve until the suit was finally set- at the First National Bank of Nevada bonds Nos. 8 to 11,
inclusive, of $1,000 each.
320
THE CHRONICLE
Bond Proposals and Negotiations this week
have been as follows:
[VOL. Lxxxvilz.
Barton Heights, Henrico County, Va.-Bond Election.An election will be held Feb. 23 to vote on the question of
issuing $15,000 water and sewer system completion bonds.
Beaumont, Tex.-Bond Offering.-Proposals will be received until 9 a. in. March 2 by J. G. Sutton, City Secretary,
for $50,000 5% wharf bonds. Denomination $1,000. Date
Dec. 11908. Interest semi-annually at the City Treasurer's
office or at the Hanover National Bank of New York City,
to suit purchasers. Maturity Dec. 1 1948, subject to call
after twenty years. Bid to be made on a blank form furnished by the city and be accompanied by a certified check
on one of the banks of Beaumont for $1,000.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Bemidji Independent School District (P. 0. Bemidji),
Beltrami County, Minn -Bond Sale.-On Jan. 15 the $35,000 5% 15-year school-building bonds described in V. 88,
p. 115, were awarded to U. M. Stoddard & Co. of Minneapolis for $36,200-the price thus being 103.428, a basis of
about 4.673%.
Benton County (P. 0. Fowler), Ind.-Bond Sale.-On
Jan. 20 the $12,600 Washburn Road and the $4,940 McGahan
Road 6% bonds described in V. 88, p. 171, were awarded
to the Marion Trust Co. of Indianapolis at 102.948 and
102.783 respectively. Following is a list of the bidders and
the premiums offered by the same:
Albion, Boone County, Neb.-Bond Sale.-On Jan. 6 the
following 5% bonds voted on June 4 1908 (V. 86, P. 1602)
were awarded to S. A. Kean of Chicago at 101.20; $2,000
for a city hall and $4,000 for the construction of the same.
Denomination $500. Date Nov. 14 1908. Interest annually at the Nebraska fiscal agency in New York City. Maturity Nov. 14 1928, subject to call after Nov. 14 1918.
The bonds have been registered by the State Auditor.
Albuquerque, Bermlillo County, N. M.-Bonds Voted.An election held Jan. 19 resulted in favor of the question of
issuing $290,000 sewer-system bonds. The vote was 597
"for" to 34 "against", two-thirds majority being required.
Allenhurst, Monmouth County, N. J.-Bonds Voted.-This
borough has voted to issue $12,000 5'7
0 gold coupon or
registered Beach Casino improvement bonds. Denomination $1,000. Date Feb. 11909. Interest semi-annually at
the Borough Treasurer's office.
Allentown, Pa.-Bond Election.-A vote will be taken
Feb. 16 on the question of issuing $400,000 4% 5-30-year
(optional) sewer bonds.
Altoona School District (P.0. Altoona), Blair County, Pa.
-Bond 011ering.-Proposals will be received until 7 p. m.
Feb. 1 by C. M. Piper, Secretary Board of Directors, for
$90,000 4% coupon bonds. Denomination $500. Date
March 1 1909. Interest semi-annually at the Central Trust
Co. in Altoona. Maturity thirty years. Bonds are free
$a
1s
2hb
,60
uO
rn
mt
4G
h
,a
9a
4On
from State tax.. The proceeds of the bonds will be used to
Washburn
Road bonds. Road bonds
pay debts, purchase grounds and build additions to buildings. Marion Trust Co., Indianapolis
•$371 50
1134
70
50
0
First National Bank, Fowler
*341 00
Anadarko, Okla.-Bonds Voted.-It is stated that this city Seasongood
& Mayer, Cincinnati
*299 88
*117 57
has voted to issue bonds for the following purposes: $35,000 Security Savings
Bank & Trust Co., Toledo
*260 40
•102 10
Breed & Harrison, Cincinnati
*252 80
for building a school; $15,000 for improving the present school Brighton
German Bank, Cincinnati
4
93
88
30
2
building; $74,000 for constructing additional water works; John Nuveen & Co.,
Chicago
*2
20
35
7 00
31 00
8
*494
0 350
$24,000 for improving the electric-light plant; $7,000 to ex- Otis & Hough, Cleveland
*74 64
Chas. C. Wedding & Co., Indianapolis
*37 05
tend the sewer system and $15,000 for a city-hall and fire- S. A. Kean, Chicago
72 91
28 58
Miller, Adams & Co., Indianapolis
department.
25 00
Arbo (P. 0. Grand Rapids), Itasca County, Minn.-Bond
:::
And accrued interest.
The first bond of each issue is payable on May 15 1910.
Offering.-Proposals will be received until 10 a. m. Feb. 6
by H. E. Randall, Town Clerk, for $10,000 6% coupon road
Bergen, Genessee County, N. Y.-Bond Sale.-The $6,000
and bridge bonds. Authority Chapter 64, General Laws of registered electric-light bonds described in V. 88, p. 171,
1905. Denomination $1,000. Date Feb. 1 1909. Interest were sold on Jan. 19 to Geo. M. Hahn of New York City at
semi-annually at place designated by purchaser. Maturity 100.25 and accrued interest for 43is. A bid of 100.05 for
five to fifteen years. Certified check for $200, payable to 43is was also received from W. J. Hayes & Sons of Clevethe Town Clerk, is required.• Bonded debt, this issue. land, while S. A. Kean of Chicago.bid 102.65 for 5s. MaAssessed valuation for 1908, $308,600. These bonds were turity $250 yearly on Aug. 1 from 1913 to 1936 inclusive.
offered on Sept. 28 1908 but no sale was made on that day
Bergen County (P.0. Hackensack), N. J.-No Action Yet
as some technical errors were discovered in the advertising. Taken.-The $158,000
bridge bonds mentioned in V. 87,
Another election was called and the bonds were re-voted.
p. 1372, have not been issued as yet.
Ardmore, Carter County, Okla.-Bond Election Proposed.
Blacksburg, Cherokee County, S. 0.-Bond Offering.-This place proposes to call an election to vote on the Proposals will be
received until 10 a. m. Feb. 10 by the
question of issuing $160,000 high-school bonds.
Board of Public Works, M. H. Morrow, Secretary, for the
Armstrong County School District No. 5, Texas.-Bonds following 5% coupon bonds voted
on Dec. 211908; $6,000
Registered.-An issue of $2,500 5% 15-20-year (optional) to refund street-paving notes,
$2,000 to refund school bonds.
school-house bonds was registered on Dec. 15 1908 by the and $7,000 to install an electric-light
system. Authority
State Comptroller.
Sections 2009 and 2010, Code of 1902. Denomination $500.
Astoria, Clatsop County; Ore.-Vote on Amendments to Date Feb. 11909. Interest annually at Blacksburg. Ma-City Charter.-The following vote was cast at the election turity Feb. 11929. Certified check for $500, payable to the
held Dec. 9 1908 on the three proposed amendments to the Treasurer Board of Public Works, is required. Bonds are•
exempt from all taxes in South Carolina.
city charter:
317 "for" to 893 "against" the proposed amendment ,providing for an
Brady, Tex.-Bonds Registered.-The $20,000 5% 1040
appropriation to the Chamber of Commerce for advertising the resources of the city and soliciting manufacturers and other industries year (optional) coupon street-improvement bonds mentioned
to locate business establishments within the city.
in V. 87, p. 1372, were registered by the State Comptroller
718 ..for. to 468 "against" the proposed amendment providing for the
creation of the Port of Astoria and enlarging the corporate powers of on Jan. 5.
such
for
purpose.
the City of Astoria
Brawley, Imperial County, Cal.-Bond Election.-The•
540 "for" to 630 "against" the amendment providing for a Sanitary and
Reclamation Commission with power to establish reclamation or im- City Clerk informs us that the $50,000 bond election menprovement districts and to construct bulkheads or retaining walls tioned in V. 87, p. 1558,
will be held some time this spring.
and for the issuance of $300,000 bonds for constructing bulkheads and
These bonds, if authorized, will be issued to construct water$500,000 bonds for filling reclamation districts.
Atlanta, Ga.-Bond Election.-An election will be held works and purchase fire-fighting apparatus.
April 7, according to local papers, to vote on propositions
Brookhaven, Miss.-Bond Sale.-An issue of $15,000.
to issue 4 9% 30-year gold coupon bonds for the following 5% 20-year bonds was disposed of on Nov. 15 1908 to.
purposes: $1,000,000 for the extension of the sewer system; John Nuveen & Co. of Chicago for $15,500-the price thus
$500,000 for the extension of the water-works system; and being 103.333. Purchaser to furnish blank bonds and pay
$500,000 for building public schools. Denomination $1,000. legal expenses. Denomination $1,000. Date Jan. 2 1909.
Interest semi-annual.
Interest semi-annual.
Atoka County (P. 0. Atoka), Okla.-Bonds Not
Brownwood, Brown County, Texas.-Bond Offering.Sold.-No sale has yet been made of $60,000 court-house This city is offering for sale $15,000 school-building and $10,bonds for which bids were asked until Dec. 1.
000 street-improvement 5% coupon bonds. These securities.
Augusta, Kans.-Bonds Not Yet Sold.-Up to January 2 were awarded to A. B. Leach & Co. of Chicago on Jan. 4, but
no award had yet been made of the $29,000 bonds-the were subsequently refused by them. Authority, Article 486,
unsold portion of the issue of $30,000 5% coupon water- Revised Statutes of 1895. Denomination $1,000. Date
Jan. 1 1909. Interest semi-annually in Austin. Maturity
works bonds mentioned in V. 87, p. 1436.
Aurora, Kane County, Ill.-Bond Sole.-The German- forty years, subject to call after twenty years.
Buffalo, N. Y.-Bond Offering.-Proposals will be received'
American National Bank of Aurora has purchased $100,000
5% paving bonds at par. Denomination $100 and $500. until 12 m. Feb. 5 by Geo. M. Zimmermann, City ComptrolDate Dec. 11908. Interest annually in August. Maturity ler, for $500,000 4% registered water bonds. Authority
Chapter 203 of Laws of 1906, as amended by Chapter 84 and
part yearly on Aug. 1 from 1910 to 1918 inclusive.
Avalon, N. J.-Bonds Defeated.-A vote of 17 "for" to 724, Laws of 1907. Date Feb. 15 1909. Interest semi26 "against" a proposition to issue $12,000 lighting-plant annually at the City Comptroller's office or at the Gallatin
National Bank in New York City, as purchaser may elect.
bonds was the result of an election held Dec. 22 1908.
Maturity Feb. 15 1959. Unconditional certified check on
Balsam Township (P.O. Balsam), Aitkin County, Minn.- an incorporated bank or trust company for 2% of bonds bid
Bonds Not to Be Re-offered at Present.-We are informed under for, payable to George M. Zimmermann, City Comptroller,.
date of Jan. 2 that the $4,000 road and bridge bonds bids is required.
for which were rejected on Sept. 15 1908 (V. 87, p. 1436),
Bonds Authorized.-An ordinance has been passed prowill not be re-offered at present.
viding for the issuance of $100,000 refuse-disposal-plant.
JAN. 30 1909.]
r 21
THE CHRONICLE
bonds at not exceeding 4% interest. Interest semi-annually
at the City Comptroller's office or at the Gallatin National
Bank in New York City. Maturity $10,000 yearly. In addition to the above, an ordinance has also been passed providing for the issuance of bonds to purchase certain property
in order to widen Elmwood Avenue. Interest semi-annually at the City Comptroller's office or at the Gallatin National Bank of New York City.
The Common Council has approved a bill authorizing the
ssuance of bonds for the extension of Morgan Street and
the widening of Elmwood Avenue.
Bonds Proposed.-The Corporation Counsel has been requested to draw a bill authorizing the issuance of bonds
for the following purposes: $100,000 to purchase lands for
play-grounds; $150,000 for the purpose of lowering the
Albany Street outlet of the Swan Street sewer; and $10,000
for the purpose of opening a special work account.
Bullitt County (P. 0. Shepherdsville), Ky.-Bond Offering.-Proposals will be received until 12 m. Feb. 27 by J. F.
Combs, Commissioner,for $25,000 5% road bonds. Denomination $1,000. Date April 1 1909. Interest semi-annually
at the Fidelity Trust Co. in Louisville. Maturity $5,000 on
April 1 in each of the years 1911, 1916, 1922, 1926 and 1930,
subject to call at any interest-paying period after ten years
from their date. Certified check for $500, payable to J. F.
Combs, Commissioner, is required. Purchaser to pay actrued interest.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Butte County (P. 0. Belle Fourche), S. D.-Bond Sale.The $122,150 78 coupon funding bonds, proposals for which
were asked until Jan. 9 (V. 87, p. 1674), have been bought
by John Nuveen & Co. of Chicago for $123,625 78-the
price thus being 101.207. Maturity not less than five years
and not more than twenty years. .
Butts County (P. 0. Jackson), Ga.-Bonds Defeated.According to reports, an election held recently resulted in
the defeat of a proposition to issue road bonds.
Calumet Township, Pike County, Mo.-Bond Call.-On
Feb. 1 this township will redeem 4% refunding bonds Nos.
19, 20, 21 and 22. Denomination $1,000. Date April 1
1898.
Canton School District (P. 0. Canton), Lewis County,
Mo.-Bond Offering.-Proposals will be received until Feb. 1
for the $15,000 5% school-house bonds voted on Oct. 27
• 1908. Interest semi-annual. Maturity 1928, subject to call
'
after 1913.
Chambers Creek Valley Drainage District No. 1 (P. 0.
Waxahachie), Tex.-Bond Election.-An election will be
held to-day (Jan. 30) to vote on the question of issuing from
$40,000 to $50,000 5% 1-40-year (serial) bonds.
Charlotte, N. 0.-Bonds Proposed.-The Finance Committee of the Board of Aldermen has adopted a resolution
recommending the issuance of $100,000 bonds for paying off
the floating indebtedness and making a number of proposed
improvements.
Charlotte County (P. 0. Charlotte Court House), Va.Bonds Voted.-Reports state that an election held recently
resulted in favor of a proposition to issue $100,000 permanent road-improvement bonds.
Chelsea, Mass.-Bond Sale.-On Jan. 26 N. W. Harris &
Co. of Boston were awarded $500,000 33.% 50-year coupon
municipal-improvement bonds at 104.177 and accrued interest-a basis of about 3.329%. A list of the proposals
received follows:
N. W. Harris & Co., Boston_104.177 Adams & Co., andl
A. B. Leach & Col Boston _ _102.42
Perry, Coffin & 13urrl
E.M.Farnsw'thdcCo J Boston 103.77 I3lodget,Merritt&Co., Boston102.08
Kountze Bros., New York_ _102.6661 Estabrook & Co., I3oston_ 102.00
I R. L. Day & Co., Boston-101.799
Date Feb. 11909. Interest semi-annually at the office of
the United States Trust Co. in Boston. Bonds are free
from taxation.
Chillicothe, Livingston County, Mo.-Bond Elections.The City Council has decided to hold an election in the near
future to determine whether or not the voters are in favor of
a proposition to issue $90,000 5% 20-year municipal-waterworks bonds. The Council has further decided that immediately following the holding of the above election, another will be called at which a vote will be taken on the question of issuing bonds for a municipal electric-light plant.
Choctaw County (P. 0. Hugo), Okla.-Bond Election Proposed.-There is talk of calling an election to vote on the
question of issuing $125,000 court-house and jail bonds.
Cincinnati, Ohio.-Bonds Authorized.-The City Council
has passed ordinances providing for the issuance of the
following 4% coupon bonds:
year refunding water-works bonds was passed on its second
reading.
Clarksville, Montgomery County, Tenn.-Bond Offering.Proposals will be received until Feb. 10, according to local
papers, for $31,500 434% water-works bonds.
Clay County (P.0. Green Cove Springs), Fla.-Bond Elec. .
tion Proposed.-Reports state that the County Commissioners purpose to call an election to vote on the question of
issuing $75,000 highway and bridge bonds.
Clear Lake, Cerro Gordo County, Iowa.-Bonds Defeated.
-This city has voted down a proposition to issue $5,000
water-works bonds.
Cleveland, Ohio.-Bond Election Proposed.-This city is
considering the advisability of calling an election to vote
on the question of issuing $1,000,000 bonds for the reconstruction of the Superior and Central viaducts.
Clinton County (P. 0. Frankfort), Ind.-Bond Sale.The following VA% gravel-road bonds maturing one-twentieth each six months have been disposed of at par to J. F.
Wild & Co. of Indianapolis:
$1,280
6,000
5,360
4,640
5,280
4,240
6,400
4,720
3,920
Ross Township bonds dated Aug. 15 1908.
Michigan Township bonds dated Nov. 5 1908.
Forest Township bonds dated Oct. 7 1908.
Forest Township bonds dated Sept. 23 1908.
Union Township bonds dated Oct. 7 1908.
Jackson Township bonds dated Sept. 23 1908.
Warren Township bonds dated Oct. 7 1908.
Johnson Township bonds dated Oct. 7 1908.
Kuklin Township bonds dated Sept. 23 1908.
Corinth, Miss.-Bond Offering.-Proposals will be received until Feb. 1 for the following 5% bonds: $9,000 to
repair and improve streets, $8,000 for paying off the outstanding water-works indebtedness and for making waterworks and sewerage improvements, and $8,000 for liquidating outstanding warrants on the general municipal fund.
Denomination $500. Interest annual. Maturity 20 years,
subject to call after 5 years.
Corona, Cal.-Bonds Authorized.-According to reports,
the issuance of $125,000 street-improvement and sewer system bonds has been authorized.
Coshocton, Coshocton County, Ohio.-Bons Proposed.Reports state that the "Council is considering the advisability of issuing $10,000 worth of bonds for the improvement
of the water works system."
Coshocton School District (P. 0. Coshocton), Coshocton
County, Ohio.-Bond Election.-A proposition to issue
$65,000 434% high-school-building and site-purchase bonds
maturing from 3 to 35 years will be voted on Feb. 2.
Covington, Saint Tammany Parish, La.-Bond Election
Proposed.-According to reports, this place proposes to hold
an election to vote on the question of issuing school-housecompletion bonds.
Crandon, Forest County, Wis.-Bonds Defeated.-Propositions to issue $20,000 water-works and $10,000 sewer bonds
were defeated at an election held Dec. 28 1908. The vote
was 115 "for" to 130 "against."
Cranston (P. 0. Olneyville), R. I.-Bonds Proposed.The town officials are thinking of applying to the Legislature
for authority to issue $300,000 4% gold coupon or registered
funding bonds in denomination of $1,000.
Orestline, Crawford County, Ohio.-Bond Sale.-Dispatches state that the Bucyrus City Bank of Bucyrus,
offerina 100.90, was the successful bidder on Jan. 23 for the
refunding bonds, a description of which was
°
$9,0004%
given in this Department last week. Maturity $1,000 yearly
on Oct. 1 from 1915 to 1923 inclusive.
Cumberland County (P. 0. Bridgeton), N. J.-Bond Sale.
-On Jan. 27 R. M. Grant & Co. of New York City were
awarded the $120,000 4% 30-year coupon (with privilege of
registration) building bonds described in V. 88, p. 246, at
102.53 and accrued interest-a basis of about 3.858%. Following are the bids:
R. M. Grant & Co., N. Y_ _ _102.53
N. W. Halsey & Co., N. Y_ _102.189
Cumberland Tr. Co., Cumb_102.000
Howard K. Stokes, N. Y.. _ _ A01.521
A. B. Leach & Co., N. Y_ _ _ _101.033
J. D. Everitt & Co., N. Y_ _ _100.87
O'Connor & Kahler, N. Y___100.679
H. L. Crawford & Co., N.Y_100.535
Dallas, Tex.-Bond Election Proposed.-The Board of
Education has petitioned the city officials to call an election
to vote on the following propositions: (1) That the issuance
of $150,000 school-building and site-purchase bonds be
authorized; or (2) That $400,000 school-building and sitepurchase bonds be authorized, to be issued at the rate of
$100,000 in each of the years 1910, 1911, 1912 and 1913.
Danbury, Conn.-Bond Sale.-An issue of $75,000 4
20-year water bonds was awarded on Jan. 25 to N. W.
Halsey & Co. of New York City at 101.789-a basis of about
3.871%. Denomination $1,000. Date Jan. 1 1909. Interest semi-annual.
Dannemora, Clinton County, N. Y.-Bond Sale.-This
town on Dec. 16 1908 sold $7,500 5% 20-year town-house
bonds to R. E. Healey "at par with two months 'interest
Denomination $500. Date March 1 1909. In$5,000 public-bath-house-construction bonds dated Dec. 15 1908. Ma- given."
turity twenty years.
annual.
terest
15,000 bonds to purchase certain property. Date Jan. 15 1909. Maturity
Dayton, Ohio.-Bond Sale.-The $135,000 4% 1-15-year
Jan. 15 1914.
25,000 street-improvement bonds dated Feb. 1 1909. Matur ty Feb. 1 1910. (serial) coupon "Public Service Deficiency" bonds (V. 88, p.
Denomination $500. Interest semi-annually at the Ameri- 172), were disposed of on Jan. 25, it is stated, to the
can Exchange National Bank in New York City.
Dayton Savings & Trust Co. of Dayton and Breed & HarClarksburg, W. Va.-Bonds Proposed.-On Jan. 22 an rison of Cincinnati at their joint bid of 101.15-a basis of
20 - about 3.832%.
ordinance providing for the issuance of $31,500 4
322
THE CHRONICLE
Bonds Proposed.-An ordinance is before the City Council providing for the issuance of $35,000 market-houseconstruction bonds.
Delaware County (P. 0. Muncie), Ind.-Bond Sale.J. F. Wild & Co. of Indianapolis have bought the following
41A% gravel-road bonds at par:
$6,760 Liberty Township bonds dated Nov. 15 1908.
1,760 Centre Township bonds dated Dec. 15 1908.
Lxxxvux.
Chatham Savings Bank of Chatham were awarded $98,000
5% refunding bonds; Denomination $500 and $100. Date
Jan. 11909. Interest semi-annual. Maturity on Jan. 1 as
follows: $33,000 in 1919, $16,500 in 1924, $16,500 in 1929,
$16,000 in 1934 and $16,000 in 1939.
Fresno County (P. 0. Fresno) Cal.-Bonds Defeated.An election held Nov. 3 r.!sulted in the defeat of a proposition to issue $100,000 Hall-of-Records bonds.
Garrettson School District (P. 0. Garrettson), Minnehaha
County, So. Dak.-Bond Sale.-The State of South Dakota
has bought $3,500 5% school-building-addition bonds at
par. Denomination $200 and $100. 'Date
i
Aug. 1 1908.
Interest Jan. 1 and July 1. Maturity August 11922, subject
to call after one year.
Gibsonburg, Sandusky County, Ohio.-Bond Sale.-An
issue of $2,211 50 4
East Yeasting Street improvement
bonds was disposed of on Jan. 25 to the Gibsonburg Banking
of
Co.
Gibsonburg at 101.288. Following are the bids:
Maturity one-twentieth each six months.
Denison, Tex.-Bonds Voted.-Of a total of 501 votes
cast at the election held Jan. 20, 496 were in favor, it is
stated, of the issuance of the $50,000 5% water-systemimprovement bonds mentioned in V. 88, p. 172.
Des Moines, Polk County,Iowa.-No Action Yet Taken.Up to Dec. 14 the City Council had taken no action in regard
to issuing the $350,000 city-hall bonds voted (V. 87, p. 1256)
on Nov. 3. The City Treasurer informs us that it is doubtful
when these bonds will be issued, as the city at the present
time is within from $10,000 to $15,000 of its debt limit. He
Banking Co.,
Croghan Bank & Savings
adds that it may possibly require an Act of the Legislature Gibsonburg
Gibsonburg
$2,240 00
Co., Tremont
$2,222 00
New First N.Bk., Columb.a2,262 25 W. J. Hayes & Sons,
to place them on the market.
2,161 50
Bridge Certificates Proposed.-This city proposes to issue Sec.Sav.B.& Tr.Co., Toledo 2,223 30 Cleveland
$74,800 Locust Street bridge certificates.
a Providing interest be paid sem -annually.
Bid.-Des Moines papers state that Geo. M. Bechtel & Co.
Denomination $221 15. Date Jan. 25 1909. Interest
of Davenport have agreed to purchase the $350,000 city-hall annually on March 1. Maturity $221 15 yearly on March 1
bonds voted (V.87, p. 1256)on Nov. 3 1908.
from 1910 to 1919 inclusive.
Giles County (P. 0. Pearisburg), Va.-No Bond Offering.
Des Moines School District (P.0.Des Moines),Ia.-Bond
Election.-An election will be held March 8, according to -The reports stating that this county was offering for sale
reports to allow the voters to determine whether or not $12,000 6% East Hampton bridge construction bonds
(V. 86, p. 994) are, we are informed, erroneous.
$200,000 school-building bonds shall be issued.
Glen Ridge, Essex County, N. J.-Bond Election.-A
Dinwiddie County (P. 0. Dinwiddie), Va.-Bond Election.
-An election will be held Feb. 3 to vote on propositions $5,000 park bond election will be held on Feb. 24.
to issue'road-improvement assessment bonds for the following
Gloucester City, Camden County, N. j.-Bonds Voted.districts: $30,000 for the Namozine District; $22,500 for the The election held Dec. 22 1908 resulted in favor of the propoRowanty District; $23,000 for the Sapony District; and sition to issue the $100,000 street-improvement bonds men$27,000 for the Darvills District.
tioned in V. 87, p. 1620. The vote was 545 "for" to 440
Dover, Kent County, Del.-Bonds Deleated.-An election "against". Details of bonds and date of sale not yet deheld recently resulted in the defeat of a proposition to issue cided upon.
At a meeting of the City Council held Jan. 7 an ordinance
$10,000 bonds to dredge the St. Jones River.
Dustin School District (P. 0. Dustin), Hughes County, providing for the issuance of thee bonds was passed upon
Okla.-Bond Sale.-We have just been informed that R. J. its first reading.
Gloversville, Fulton County, N. Y.-Bond Offering.-ProEdwards of Oklahoma City was the successful bidder for
$12,000 6% building bonds disposed of on Nov. 1 1908 at posals will be received until 2 p. m. Feb. 1 by 0. L. Everest,
par. Denomination $500. Date Nov. 1 1908. Interest City Chamberlain, for $9,250 43V0 coupon local-improveJan. and July. Maturity twenty years, subject to call, ment bonds. Authority Chapter 275, Laws of 1899. Denominations $1,000, $500, $100 and $50. Date Feb. 11909.
however, in five, ten or fifteen yew's.
Easton Northampton County, Pa.-Bond Election.- Interest annually at the Fourth National Bank of New York.
The question of issuing $45,000 garbage-disposal-plant bonds Maturity on Feb. 1 as follows: $2,500 in 1910, $2,200 in
1911, $1,650 in 1912, $1,550 in 1913 and $1,350 in 1914.
will be submitted to a vote of the people on Feb. 16.
Grant County (P. 0. Marion), Ind.-Bond Sale.-An
Ennis, Ellis County, Texas.-Bonds Voted.-The election
held Jan. 19 resulted in favor of the proposition to issue issue of $5,630 4% Fairmount Township gravel road bonds
has been sold to J. F. Wild &,Co. of Indianapolis at par.
$13,000. water-works bonds mentioned in V. 88, p. 115,
Date Aug.8 1908. Maturity one-twentieth each six months.
County,
Mich.
-Bond Offering.-This
Escanaba, Delta
Greene County (P. 0. Catskill), N. Y.-Bond Offering.-sale
private
$30,000
5% coupon funding
city is offering at
bonds. Denomination $500. Date Feb. 11909. Interest Judson A. Betts, County Treasurer, is offering at public
semi-annually at the First National Bank in Chicago. Ma- auction at 10 a. m. Feb. 1 $78,000 4% coupon court-house
turity $5,000 yearly on Feb. 1 from 1912 to 1917 inclusive. and jail bonds. Denomination $1,000. Date Aug. 11908.
Interest from Feb. 11909, payable semi-annually at the ofThomas J. Burke is City Clerk.
of the County Treasurer. Maturity $10,000 yearly on
Essex County (P. 0. Newark), N. J.-Bond Sale.-On fice
1 from 1921 to 1927 inclusive and $8,000 on Feb. 1
Jan. 14 $177,000 4% 20-year road-improvement bonds were Feb.
1928. Bonds are exempt from taxation.
disposed of at par to the Essex County Sinking Fund ComGreenfield, Saratoga County, N. Y.-Bond Sale.-On
mission. Denomination $1,000. Date Feb. 1909. InterJan. 15 the $3,000 5% 4-6-year (serial) coupon State road
est semi-annual.
Fairfax School District No. 25 (P. 0. Fairfax), Osage improvement bonds described in V. 88, p. 115, were sold to
County, Okla.-Bonds Voted.-An election held Nov. 28 the Citizens' National Bank of Saratoga Springs at 103.37resulted unanimously in favor of the issuance of $40,000 6% a basis of about 4.245%.
school-house bonds maturing in 1929. These securities
Guadalupe County (P. 0. Seguin), Texas.-Bonds Regiswill soon be placed on the market.
tered.-An issue of $20,000 4% 5-30-year (optional) road
Fairmont, Martin County, Minn -Bond Sale.-The bonds was registered on Jan. 23 by the State Comptroller.
$10,000 20-year refunding bonds described in V. 88, p. 173,
Gum Ridge Drainage District (P. 0. Gum Ridge), Jefferwere sold on Jan. 20 to the Minnesota Loan & Trust Co. of son County,
Miss.-Bonds Proposed.-This district proposes
Minneapolis at 104.35 and accrued interest for 5s. Purchaser to issue $32,000 6%
coupon drainage bonds. Interest anto furnish blank bonds. Bids were also received from U. M. nually in
Natchez or Fayette. Maturity $1,600 yearly for
Stoddard & Co. and Kane & Co., both of Minneapolis; twenty years.
Bonds are free from all taxes.
F. E. Magrai,v of St. Paul; Otis & Hough of Cleveland;
Hamlin, Tex.-Bonds Voted.-The issuance of $25,000 5'%
Chas. H. Coffin and H. T.Holtz & Co.,both of Chicago,and
the Rudolph Kleybolte Co., Inc., of Cincinnati. Securities 5-40-year (optional) water-works bonds was authorized by
are dated Feb. 1 1909.
a vote of 94 to 222 at an election held Dec. 29 1908. These
Fayette County (P. 0. Washington O. H.), Ohio.-Bonds bonds we are advised, will probably be placed on the
Voted.-An election held Jan. 16 resulted in a vote of 1,- market some time in February. Denomination $1,000.
626 to 869 in favor of a proposition to issue $40,000 hos- Interest Feb. 1 in Hamlin.
pital-building bonds., We are informed that the bonds will
Hampton, Elizabeth City County, Va.-Bonds Voted.not be issued for a month or two.
The election held Jan. 5 resulted in favor of the proposition
Florence, Lauderdale County, Ala.-Bond Election.-An to issue the $100,000 40-year street and bridge bonds at not
election will be held in this city on February 8 to vote on the exceeding 5% interest, mentioned in. V.88, p. 63.
question of issuing $15,000 5% funding bonds. Maturity
Harris County (P. 0. Houston), Tex.-Bond Sale.-The
twenty years.
Sinking Fund of Houston purchased, it is stated, $25,000
Ford, Wayne:County,Mich.-Bonds Defeated.-An election court-house bonds on Jan. 16 at par.
held Dec. 22 resulted in the defeat of a proposition to issue
Bonds Registered.-The $500,000 4% 10-40-year (op$88,000 5% paving bonds. The vote was 93 "for" and 97 tional) court-house bonds mentioned in V. 87, p. 1256,
"against."
were registered by the State Comptroller on Dec. 11.
Fort Valley, Houston County, Ga.-Bonds Defeated.-A
Hazeldell School District (P. 0. Hazeldell), Lawrence
proposition to issue $10,000 5% telephone-exchange bonds
County, Pa.-Bond Election.-According to reports a promet with defeat at an election held Nov. 211908.
position to issue $3,000 school-building-additinn bonds will
Franklin County (P. 0. Rockymount), Va.-Bond Sale.- be submitted to a vote of the people at the coming spring
On Dec. 31 1908 the Commercial Bank of Danville and the election.
JA.N. 30 1909.1
THE CHRONICLE
Herrin, Williamson County, Ill.-Bond Offering.-Proposals will be received until 6 p. m. to-day (Jan. 30) by F. E.
Roland, City Clerk, for the following bonds:
$5,000 bonds at not exceeding 5% interest. These securities are part of a
proposed issue of $10,000 bonds. Denomination $500. Date Nov
15 1908. Interest April 1 at the City Treasurer's office. Maturity
$500 yearly on April 1 from 1910 to 1919 inclusive.
500 bonds at not exceeding 6% interest. Denomination $100. Date
Jan. 1 1909. Interest April 1. Maturity $100 yearly on April 1
from 1910 to 1914, inclusive.
323
Bonds of Districts Nos. 27, 34, 36 and 39 awarded to the R. S. Biome
Co. of Chicago.
(Bonds of Districts Nos. 26, 29 and 31 awarded to the Barber Asphalt
Paving Co.
Bonds of District No. 28 disposed of to the Southern Bitulithfc Construction Co.
Bonds of Districts Nos. 32, 33 and 37 disposed of to the Southern Paving
Construction Co.
The price paid was par and accrued interest.
Lake County (P. 0. Tavares), Fla.-Bond Election Postponed.-An election which was to have been held Dec. 5 to
vote on the question of issuing $200,000 4% road bonds has
been postponed "until next summer or fall."
Lancaster School District (P. 0. Lancaster), Pa.-Bond
Offering.-Proposals will be received until 4 p. m. Feb. 2
by H. A. Schroyer, Treasurer of Finance Committee, for
$75,000 4% coupon school-building bonds. Denomination
$1,000. Date Jan. 1 1909. Interest semi-annually at the
office of the Treasurer of the Finance Committee. Maturity
$25,000 yearly on Jan. 1 from 1936 to 1938 inclusive. Bonds
are exempt from taxation. Certified check for 2% of bid,
payable to the Treasurer of the Finance Committee, is required. Purchaser to pay accrued interest.
Le Fiore County (P. 0. Poteau), Okla.-Bond Election.An election will be held, probably in March, for the purpose
of voting on a proposition to issue $150,000 bonds for a
court-house and jail, $100,000 for bridges and $100,000 for
roads.
Lee County (P.0. Giddings), Texas.-Bonds Registered.The State Comptroller on Jan. 21 registered $1,200 5% 15-20year (optional) school-house bonds.
Logan County (P. 0. Bellefontaine), Ohio.-Bond Offering.-Proposals will be received until 2 p. m. Feb. 9 (postponed from Jan. 26) by W. S. Jones, County Auditor, for
the $50,000 4% coupon infirmary-repair bonds voted on
Nov. 3 1908. V. 87, p. 1315. Authority Sections 871 and
2825, Revised Statutes. Denomination $500. Date Feb. 9
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. Official
advertisement states there has never been any default in
the payment of principal or interest.
McDowell County (P. 0. Welch), W. Va.-Bond Offering.
-Proposals will be received until 12 m. March 15 by the
Bond Committee, I. J. Rhodes, Chairman, R. B. Bernheim,
Secretary, for $50,000 5% 10-20-year coupon bonds for
public buildings. Denomination $1,000. Date April 1
1909. Interest semi-annually at the McDowell County.
National Bank of Welsh. Certified check for $500 is required.
McKeesport, Allegheny County, Pa.-Bond Sale.-On
Jan. 28 the $30,000 4% filtration bonds described in V. 88,
p. 248, were awarded, it is reported, to Chas. C. Harrison Jr.
& Co. of Philadelphia at 101.974. Maturity "from fifteen
to thirty years."
Mahnomen County (P. 0. Mahnomen), Mimi -Bond Sale.
-On Jan. 25 $10,000 5% 20-year court-house bonds were
awarded to the Wells & Dickey Co. of Minneapolis at 105a basis of about 4.615%. A list of the offers received follows:
Bid must be made for both issues and be accompanied
by an unconditional certified check for $500, made payable
to the "City of Herrin". Bonds to be delivered within
10 days from date of sale.
Hillsboro, Hill County, Tex.-Bond Election Proposed.We see it stated that the City Council has been petitioned to
call an election to vote on propositions to issue 4% 40-year
bonds for the following purposes: $18,000 for the erection
of a city-hall and fire station; $6,500 for the improvement of
the water works and sewerage systems; $5,000 for the purchase of school sites and for repairing the school buildings
and $6,000 for the improvement of the public-square.
Hollis School District(P.0.Hollis), Greer County, Okla.Bond Election Proposed.-According to reports, a proposition
to issue $20,000 bonds for rebuilding the high school, recently
destroyed by fire, will be submitted to a vote of the people in
the near future.
Holyoke, Mass.-Temporary Loan.-A loan of $150,900
maturing Nov. 5 1909 has been negotiated with Loring,
Tolman & Tupper of Boston at 3.14% discount.
Hood County (P. 0. Granbury), Tex.-Bonds Not to be
Offered at Present.-We are advised that the $20,000 bridge
bonds voted on Jan. 2 (V. 88, P. 173) will not be placed on
the matket for some time. A meeting of the County Commissioners will be held Feb. 8 to pass upon the legality of
the issue and the bonds, if authorized, will then be forwarded
to the Attorney-General for his approval.
Hospers, Sioux County,Ia.-Bond Election.-The question
of issuing $7,000 6% 20-year water-works bonds will be
submitted to a vote at an election to be held Feb. 8.
Huntington Park, Los Angeles County, Cal.-Bond
Election.-At a meeting of the City Council held Nov. 23
a petition was presented signed by 115 qualified electors,
it is stated, requesting that an election be held for the
purpose of voting on the question of issuing $40,000 municipal water-plant bonds. It is further reported that the
Council will call the election as soon as the City Attorney
prepares the necessary resolutions.
Ismay School District No. 8 (P. 0. Miles City), Ouster
County, Mont.-Bond Offering.-L. A. Conser, District
Clerk, will offer at public auction, at 2 p. m.Feb. 5, $5,500
coupon school-building bonds at not exceeding 6% interest.
Authority Article XVII, Chapter XI, of Title III of Part III
of the Political Code; also election held Dec. 12 1908. Denomination $100. Date Jan. 1 1909. Interest semi-annually at Ismay. Maturity ten years, subject to call after five
years. Bonds are exempt from all taxation. Certified
check (or cash) for 5% of bonds, payable to the District
Clerk, is required.
Jefferson County (P. 0. Charles Town), W. Va.-Bonds
Awarded in Part.-Up to Jan. 27 $38,000 of the $89,900
bonds (the unsold portion of the issue of $91,900 4% 1030-year (optional) coupon refunding bonds mentioned in
$10,250
Wells & Dickey Co., Minn_ _ _510,500 D. M. Parson. Chicago
V. 87, p. 1676) had been disposed of to local investors at Minn.
Loan & Tr. Co., Minn_ 10,495 Parson, Son & Co.. Chicago... 10,200
par and accrued interest.
10,155
Union Invest. Co., Minneap 10,485 Otis & Hough, Cleveland__
R. Kleybolte Co., Chicago_ _ _ 10,326 John Nuveen & Co., Chicago_ 10,143
Jefferson County (P.0. Watertown), N. Y.-Bond Sale.- Chas.
10,105
H. Coffin, Chicago__ 10,251 S. A. Kean. Chicago
On Jan. 25 the $70,000 4% 7-20-year (serial) registered
Bids were also received from the Thos. J. Bolger Co. and
highway-improvement bonds described in V. 88, p. 173, the Trowbridge & Niver Co., both of Chicago. Denominawere awarded to Fuson, Son & Co. of New York City at tion $1,000. Date Jan. 15 1909. Interest semi-annual.
101.418-a basis of about 3.865%. Following are the bids:
Marietta, Cobb County, Ga.-Litigation.-Suit has been
Parson Son & Co., N. Y.. _$70,992 60 Jefferson County Savings
$70,500 00 brought to enjoin the sale of the $80,000 water-works bonds
Bank, Watertown
a71,232 00
Kountze Bros. N. Y_
W. J. Hayes & Sons,
Blodget, Merritt & Co.;
V. 87, p.
70,497 00 and $30,000 sewerage bonds voted on Nov. 16.
Cleveland
70,917 00
Boston
A. B. Leach & Co., N. Y. 70,475 30 1437. The City Clerk advises us that the case has gone to
N. W. Halsey & Co.,
70,460 30 the State Supreme Court.
New York
70,853 30 Geo. M: Hahn, N. Y
Lawrence Barnum & Co.,
R. M. Grant & Co.,
70,338 50
New York
New York
70,847 00
Marinette, Marinette County, Wis.-Bond Sale.-The City
Watertown Savings Bank,
W. N. Color & Co., New
x15,112 50 Clerk informs us that arrangements have been made with
Watertown
York
70,763 00
a Providing the interest be payable semi-annually in New York City. local investors for the disposal of $15,000 bonds.
For $15,000 bonds.
Marshall, Calhoun County, Mich.-Temporary Loan.Johnson City, Washington County, Tenn.-Bond Election This city has borrowed $2,000 for 8 months at 4% from the
Proposed.-The City Council is considering the advisability First National Bank of Marshall.
of calling an election to allow the voters to determine whether
Mechanicsburg, Cumberland County, Pa.-No Action
or not $50,000 school bonds shall be issued.
Yet Taken.-The Borough Secretary writes us under date of
Johnstown, Cambria County, Pa.-No Action Yet Taken. Jan. 21 that the Council has not yet taken any steps looking
-No action has yet been taken looking towards the issuance towards the issuance of the $60,000 street-improvement
of the $15,000 bonds to defray the expenses of a special city bonds voted (V. 87, p. 1621) on Dec. 15 1908.
solicitor and an engineer, who are to plan for the improving
Memphis, Tenn.-Bond Sale.-On Jan. 27 the $1,009,000
of the rivers, bridges and streets. See V. 87, p. 1314.
4% coupon (with privilege of registration) refunding bonds
Kasota, Lesueur County, Minn.-Bond Sale.-An issue offered on that day (V. 88, p. 174) were sold to john H.
of $3,000 5% bonds proposals for which were asked until Watkins of New York City at par and interest.
Jan. 9 was awarded to the First National Bank of St. Peter.
Bonds Proposed.-The Legislature has been petitioned
Keokuk County (P. 0. Sigourney), Iowa.-No Action Yet to authorize the issuance of $1,000,000 gold park bonds.
states
us
by
on
received
18
that
Jan.
Taken.-A letter
Minneapolis, Minn.-Bonds Proposed.-The Board of Edu"nothing 'definite" has yet been done looking towards the
for authority
issuance of $110,000 court-house bonds voted (V. 87, p. cation has decided to petition the Legislature
to issue $600,000 school-building bonds.
1314) on Nov. 3 1908.
Minot, Ward County, N. D.-Bond Sale.-We have just
Knoxville, Tenn.-Bond Sale.-Local reports state that
on Jan. 19 paving bonds were disposed of to the following been advised that the amount of 6% 20-year coupon waterworks bonds awarded on July 13 1908 to Thos. J. Bolger &
contractors in payment for work done:
324
THE CHRONICLE
Co. of Chicago (V. 87, P. 183) was increased from $27,000 to
$30,000. The price paid was 104.315.
Modesto, Stanislaus County, Cal.-Bond Election.-An
election will be held on Feb. 23, it is stated, to vote on the
question of issuing $100,000 municipal-improvement bonds.
Mt. Gilead, Ohio.-Bond Offering.-Proposals will be
received until 12 m. Feb. 3 by W.F. Wieland, Village Clerk,
for the following 5% bonds:
$2,264 91 South Main Street paving assessment bonds. Denomination
$300. except one bond of $464 91. Maturity on Jan. 15 as follows: $300 yearly from 1910 to 1915 Inclusive and $464 Olin 1916
3,745 00 South Main Street paving (village's portion) bonds. Denomination $535. Maturity $535 yearly on Jan. 15 from 1912 to 1918
inclusive.
2,377 90 Vine Street paving assessment bonds. Denomination $300, except one bond of $577 90. Maturity on Jan. 15 as follows: $300
yearly from 1910 to 1915 inclusive and $577 90 in 1916.
3,269 00 Vine Street paving (village's portion) bonds. Denomination
$467. Maturity $467 yearly on Jan. 15 from 1912 to 1918 inclusive.
Authority Sections 2264, 2704, 2705, Revised Statutes.
Date Jan. 15 1909. Interest semi-annual. The amount of
assessment bonds to be issued may be reduced by the amount
of assessments paid in cash prior to the date of sale. Bid to
be made on each issue separately. Bonds are tax-exempt.
Certified check for $500, payable to the Village Clerk, is required with bid for each issue.
Newburyport, Mass.-Temporary Loan.-On Jan. 25 R. L.
Day & Co. of Boston loaned this city $100,000 until Oct. 27
1909 at 3.06% discount.
Newport, R. I.-Temporary Loan.-This city is reported
as having borrowed $25,000 from the Aquidneck National
Bank of Newport at 3.125% discount. Maturity Sept. 1
1909.
New Prague, Minn.-Bond Sale.-On Jan. 25 the $8,000
5% coupon general-fund bonds described in V. 88, p. 175,
were awarded to the Union Investment Co. of Minneapolis
at 102.262 and accrued intdrest. A list of the bidders follows:
Union Investment Co., Minn_•$8,181
First Nat. Bank, Shikopee_ _ _•8,175
Wells & Dickey Co., Minneap_•8,153
Minnesota L. & Tr. Co.,Minn_*8,085
Rudolph Kleybolte Co., Chic_•8,011
• And accrued interest.
Geo. S. Ring, St. Paul.
•$8,010
State Bank of New Prague__ _
*par
Frank Huna, St. Paul (for
$4,000 bonds)
*par
John Berta, Heidelberg($1,000
bond)
par
Bids were also received from the John H. Sonntag Co. and
S. A. Kean of Chicago, but these were not considered. Maturity $1,000 yearly on July 3 from 1911 to 1918 inclusive.
North Sterling Irrigation District (P. 0. Sterling), Logan
County, Colo.-Bonds Not Sold-Bond Offering.-No satisfactory bids were received for the $2,080,000 6% bonds for
ditches and reservoirs offered (V. 88, p. 117) on Jan. 12.
These securities are now being offered at par.
Oelwein, Fayette County, Iowa.-Bond Election.-An
election will be held March 29 to vote on the question of
issuing building bonds.
Oneida County (P. 0. Utica), N. Y.-Bond Offering Postponed.-The County Treasurer writes us that, owing to a
defect discovered in the resolutions leading up to the proposed issue of $300,000 4% 2-11-year (serial) bonds, the sale
advertised for Jan. 27 has been postponed indefinitely. He
adds, however, that "it is expected that the defect will be
remedied by the Board of Supervisors at their quarterly
session, which meets Feb. 10, after which new bids will be
again asked." Denomination $1,000. Date March 11909.
Interest semi-annually in Utica at the County Treasurer's
office.
Opelousas, Saint Landry Parish, La.-Bonds Proposed.We see it reported that the Board of Aldermen met on Jan. 22
and adopted a report recommending the issuance of $67,200
bonds for the following purposes: $35,000 for improving the
electric light and water plants; $5,000 for extending the light
and water service; $21,200 for two primary schools,and $6,000
for a fire-alarm system.
Orleans Levee District, La.-Bonds Offered by Bankers.In an advertisement on a preceding page N. W. Harris & Co.
of New York are offering to investors $2,000,000 of the
$2,756,000 5% coupon improvement and refunding bonds
described in V. 88, p. 117. As stated last week, these bonds
were awarded on Jan. 15 to the above firm, who bid jointly
with the Whitney Central Trust & Savings Bank of New
Orleans.
Otsego County (P. 0. Cooperstown), N. Y.-Bond Offering.-Proposals will be received until 2 p. m. Feb. 1 by F. B.
Cooke, Chairman, and J. P. Friery, Clerk of the Board of
Supervisors, for $60,000 4% coupon highway-improvement
bonds. Authority Chapter 686, Laws of 1892. Denomination $1,000. Date Feb. 10 1909. Interest annually at
the Second National Bank in Cooperstown. Maturity $10,000 yearly on Feb. 10 from 1919 to 1924 inclusive. Certified check for 2% of the bonds bid for, payable to R. J.
Warren, County Treasurer, is required.
Oxford, Lafayette County, Miss.-Bond Offering.-Proposals will be received until 7 p. m. Feb. 22 for the $25,000
5% 20-year tax-exempt bonds bids for which were rejected
(V.87, p. 1375) on Nov. 3 1908. R.S. Adams is Mayor.
Painesville, Ohio.-Bonds Authorized.-Local papers report that an ordinance has been passed providing for the
issuance of $2,000 repair bond .
Palatka, Putnam County, Fla.-Bond Sale.-On Jan. 1
the $50,000 5% coupon refunding and paving bonds described in V. 87, p. 1622, were sold to F. L. Fuller & Co. of
[V2L.
Cleveland. Bonds are dated May 1 1902 and mature 1942,
but are subject to call after 1922.
Palo Alto, Cal.-New Charter Adopted.-A special dispatch to the "San Francisco Chronicle' states the voters on
Jan.21,by a majority of 129 votes,adopted a new city charter.
Pana School District No.4(P.0.Pana), Christian County,
111.-Bond Offering.-Proposals will be received until 8 p. m.
Feb.8 by G. F. Morgan, Secretary,for $13,000 432% coupon
building bonds. Denomination $1,000. Interest payable
in Pana. Maturity $1,000 yearly after five years. The
district has no debt at present. Assessed valuation $3,801,825.
Panguitch School District (P. 0. Panguitch), Garfield
County, Utah.-Bond Offering.-This district will offer for
sale on Feb. 15 $3,500 school bonds.
Parsons, Tucker County, W. Va.-Bond Sale.-The $30,000 5% coupon water and fire-department bonds, proposals
for which were asked until Jan. 9, were awarded to the
National Bank of Davis and the Miners' & Merchants' Bank
of Thomas at 100.625. The bonds mature $2,000 yearly
on Dec. 1 from 1910 to 1924 inclusive and are described in
V. 88, p. 117.
Pasadena, Los Angeles County, Cal.-Bond Election.-An
election will be held on Feb. 11 to vote on the question of issuing $150,000 municipal-light-plant bonds.
Phoenix, Maricopa County, Ariz.-Bond Sale.-On Jan.
19 the $60,000 5% gold coupon water-works bonds, a description of which was given in V. 88, p. 175, were awarded
to the Provident Savings Bank & Trust Co. of Cincinnati at
107.58 and accrued interest. Following are the bids:
Provident Savings Bank &
Security Savings Bank &
Trust Co., Cincinnati_ _•$64,548 00
Toledo ____*$63,140 50
Trust
Lee,Higginson &•Co.,Chl_•64,100 04 Valley Bank,
Co.. Phoenix_ ___*63,100 00
E. H. Rollins & Sons, Chl_•63,918 00 A. B. Leach &
Chic_ _42,880 00
John Nuveen & Co., Chic_•63,870 00 First Nat. BankCo.'
of Detroit •62,860 00
Wm. R. Compton Bond &
Otis & Hough, Cleveland_•62,855 00
Mtge. Co., St. Louis_ _ _•63,761 00 Well, Roth & Co., Cinc_ _42,580 00
Harris Trust & Savings
Hoehler & Cummings,Tol.•62,527 50
Bank, Chicago
•63,715 00 Fifty-Third Nat. Bank,
•62,407 00
Union Savings Bank & Tr.
Cincinnati
Co., Cincinnati
*63,625 00 Chas, H. Coffin, Chicago_ 62,301 00
Woodin. McNear & Moore,
.•62,212 00
O'Connor & Kehler, N.(
Chicago
63,525 00 Rudolph Kleyboite Co.,
Seasongood&Mayer, Cinc_•63,472 95
•61,860 00
Inc., Cincinnati
MacDonald, McCoy & Co.,
American Trust & Savings
*61,827 50
Chicago
•63,410 00
Bank, Chicago
Jas.H.Adams&Co.,Los A_•63,303 00 A. G. Edwards & Sons,
•61,660 00
Central Trust Co., Cinc__•63,366 00
St. Louis
Mason, Lewis & Co., Chic_•63,230 00 Barroll & Co., os Ang •60,900 00
60,150 00
Thos. J. Bolger Co., Chic..•63,186 27 S. A. Kean, dhlcago
• And accrued interest.
The bonds are dated March 1 1904 and mature March 1
1929, but are subject to call $30,000 yearly after fifteen years
from their date
Pierce County (P. 0. Rugby), N. D.-Bids Rejected.-All
bids received on Jan. 12 for the $75,000 20-year court-house
and jail-construction bonds, at not exceeding 4% interest,
described in V. 88, p. 117, were rejected.
Put-in-Bay, Ottawa County, Ohio.-Bonds Voted.-The
election held Jan. 12(not Jan.9 as reported in V.87, p. 1677)
resulted in a vote of 66 to 21 in favor of a proposition to
issue water-works-construction bonds.
Quincy, Douglas County, Wash.-Bond Offering.-Proposals will be received until 6 p. m. Feb. 1 by F. B. Adams,
City Treasurer, for $8,000 water bonds. Denominations
$100 and $1,000. Date Jan. 11909. Interest (rate to be
named in bid) payable annually in Quincy. Maturity Jan. 1
1929. Bonds are free from all taxes. Certified check for
5%, payable to the City Treasurer, is required. Total debt,
this issue. Assessed valuation $165,855.
Reading (P. 0. Cincinnati), Hamilton County, Ohio.Bond Offering.-Proposals will be received until 12m. March 1
by Joseph Vedder, Village Clerk, for $3,337 5% Jefferson
Avenue improvement assessment bonds. Denomination
$337. Date Jan. 1 1909. Interest annual. Maturity ten
years. Certified check for 5% of the bonds bid for, payable
to the Village Treasurer, is required. Purchaser to pay accrued interest.
Roanoke, Va.-Bonds Not to Be Offered at Present,.-The
City Clerk informs us that the proposition to issue the $600,000 improvement bonds mentioned in V. 87, p. 1678, has
been abandoned by the Finance Committee for the present.
Rochester, N. Y.-Bond Sale.-On Jan. 25 the $75,000
4% registered school bonds described in V. 88, p. 249,
were awarded to Estabrook & Co. of New York City at 102.
Following are the bids:
Estabrook & Co., N. Y__$76,500 00
Lawrence Barnum & Co.,
New York
76,357 61
J. A. Hutchinson, Boston. 76,245 00
R. L. Day & Co., N. Y__ 76,232 25
W.C. Langley & Co., N.Y. 76,228 00
Parson, Son & Co., N.Y__ 76,177 00
Bledget,Merritt& Co.,Bost.76,170 00
Kountze Bros., New York 76,170 00
Ford,Enos&Wolcott,Roch. 76,153 00
Ferris & White, N.
76,146 75
N. W. Harris & Co., N.Y. 76,132 00
W.J. Hayes & Sons, Clev, 76,095 00
Roch. Say. Bk., Roch___ 76,088 75
C. E. Denison & Co., Bost.$76,057 50
Dominick & Dominick,
75,997 53
New York
W. N. Color & Co. and
O'Connor & Kehler N.Y.75,997 50
O'Connor & Kehler, k.Y. 75,930 00
A. B. Leach & Company,
75,809 25
New York
Parkinson & Burr., N.Y. 75,784 13
East Side S.Bk., Rochester 75,750 00
Wadsworth & Wright,N.Y.75,750 00
E. H. Rollins & Sons, Bost.75,247 50
Sec. Trust Co., Rochester. 75,101 00
75,050 00
Nat. Bk. of Corn., Roch
Maturity $25,000 yearly on June 1 from 1920 to 1922
inclusive.
Rockport (P.0. West Park), Ohio.-Bond Offering.-Proposals will be received until 12 in. Feb. 2 by Fred. Feuchter,
Village Clerk, for $9,000 432% coupon water-main-extension
bonds. Authority an Act of the General Assembly passed
March 22 1906. Denomination $1,000. Date Oct. 15 1908.
JAN. 30 1909d
THE CHRONICLE
Interest semi-annually at the People's Savings Bank Co. in
Cleveland. Maturity Oct. 15 1938. Bonds are free from
taxation. Certified check for 5% of bonds bid for, payable
to the Village Treasurer, is required. Delivery within 15
clays from time of award. Accrued interest to be paid by
purchaser. These securities take the place of the $9,000
bonds disposed of on Dec. 1 1908. See V. 87, p. 1494.
The original sale was canceled as it was discovered that the
bonds were not advertised for sale for the required number
of days.
Rosebud, Falls County,Tex.-Bond Offering Postponed.The offering of the $23,500 5% 10-40-year (optional) coupon
water bonds described in V. 88, p. 117, which was to have
taken place Jan. 15, has been postponed until Feb. 1.
Rosebud County (P. 0. Forsyth), Mont.-Bond Sale.On Jan. 22 the $33,000 Forsyth Bridge and $40,000 Rosebud Bridge coupon bonds described in V. 88, p. 176, were
awarded to the State of Montana at par for 5s. The "county
will make annual payments on the principal of such amounts
as can be raised, estimated to be at least $5,000 per year."
The other bids follow:
325
Wm. R. Staats Co., Los An_ _ $25,563i James H.Adams&Co.,LosAn.$25,103
25,042
G. G. Blymyer&Co., San Fr_ 25,478 Bank of Ventura
24,308
N. W. Halsey & Co., San Fr_ 25.366 Bank of A. Levy
Maturity $4,600 yearly on Dec. 1 from 1929 to 1933 inclusive.
San Jose, Cal.-Bond Election Proposed.-At a meeting of
the Mayor and Common Council held Jan. 18 an ordinance
providing for the holding of an election to vote on the issuance of bonds for a garbage incinerator was passed on its
first reading.
.
San Luis Obispo County-(P. 0. San Luis Obispo), Cal.Bonds Not Yet Sold.-Up to Jan. 21 no purchaser had yet
been found for the $26,000 5% gold coupon Permanent Road
Division No. 11 bridge-construction bonds offered without
success (V. 87, p. 768) on July 7 1908.
Sapulpa, Okla.-Bond Sale.-An issue of $65,000 waterworks bonds has been sold.
Sebree, Ky.-Bonds Not to Be Issued at Present.-In connection with the water-works bonds voted on Nov. 3(V. 87,
p. 1316), we are advised that the proposition is now in the
hands of a civil engineer and that work will commence as
soon as it is determined whether sufficient money can be
$40,000
$33,000
bonds.
bonds.
realized by the sale of bonds. It will be the first of the year,
St.
&
Co.,
Bond
Compton
Mortgage
Wm. R.
we are further advised, before anything is done in the matter.
$73,787 00
Louis (for 4 Ms)
73,770 00
A. B. Leach & Co.. Chicago (for 4 Ms)
Seneca Falls, Seneca County, N. Y.-Bond Offering.-Fur50
$40,408
50
_$33,338
Ms____
Woodin, McNear & Moore, Chicago for 4
42,016 50 ther details are at hand relative to the offering on Feb. 10 of
34,665 10
for 55
40,033 00
33,026 00
Ifor 4 Ms
Thos. J. Bolger Co., Chicago
41,600,00 the $23,000 coupon or registered funding bonds mentioned
34,320 00
for 55
$73,512 00
in V. 88, p. 250. Proposals will be received until 7 p. m.
Mason, Lewis & Co.. Chicago (for 4 Ms)
00
39,800
00
32,835
_
_
Ms)
4
(for
Chicago
Harris Trust & Savings Bank,
on that day by John M. Guion, Village Clerk. Denomina$71,325 00
John Nuveen & Co., Chicagofor 4 Ms
-74,204 50
tion $1,000. Date Feb. 1 1909. Interest (rate to be named
for 55
00
74,500
5si
E. H. Rollins & Sons, Denver (for
in bid) payable semi-annually in Seneca Falls or New York
Security Savings Bank & Trust Co., Tol. (for 5s).. 33,532 00
City. Maturity $3,000 on Feb. 1 1910 and $5,000 yearly
Saginaw, Mich.-Bond Sales for the Year 1908.-During on Feb. 1 from 1911 to 1914 inclusive. Bonds are exempt
the year 1908 this city sold bonds aggregating $447,000. from taxation.
For the most part these sales were reported by us at various
Sierra Madre, Los Angeles County, Cal.-Bond Election.times during the year. We reprint below a list of all the On Feb. 24
an election will be held, it is reported, to vote on
issues, furnishing a complete record:
Date. the question of issuing 5% gas bonds.
Date. Amount. Purpose.
Amount. Purpose.
Eastern Tax DistrictWestern Tax DistrictSlidell, La.-Bond Offering.-Proposals will be received
Aug. 1
Mch. 2
5,000_ _Street
$10,000_ _Sewers
until Feb. 2 by the Town Council for the $20,000 5% highdo
do
do
20,000_
do
5.000_.
10
do
Aug.
15,000_
Auditorium
school-building bonds voted (V. 87, p. 1376) on Nov. 12
3,000_ _ do
do
Eastern Tax District2,000_ do
Aug. 25 1908. Denomination $1,000. Maturity on March 1 as folMay 1 20,000_ _Sewer
5,000_ _Water
Western Tax Districtlows: $2,000 in each of the years 1910, 1911 and 1912; $3,000
Eastern Tax Districtdo
do
5,000_ _Sewer
20,000_ _Street
in each of the years 1913 and 1914 and $4,000 in each of the
do
June 1 10,000..
do
20,000.. _ do
Aug. 1 years 1915 and 1916. F. A. Bourgeois is Mayor.
20,000_ _Street
Western Tax Districtdo
Oct. 1
3,200_ _Water
10,000_ _Sewer refunding..
Solon Township School District (P. 0. Solon), Cuyahoga
do
Eastern Tax District1,700_ _Water
Oct. 15 County, Ohio.-Bond Sale.-The $4,000 43-% coupon buildEastern Tax District30,000.._Street
do
25,000„Water
June 15
5,000 _do
ing bonds offered on Jan. 9 and described in V. 88, p. 118,
July 2
Western Tax District10,000_ _Sidewalk
do
do
have been bought by the Security Savings Bank dr Trust Co.
do
25,000_ _Street
10,000-_
Western Tax DistrictEastern Tax Districtof Toledo at 101.75. Maturity $500 yearly.on Oct. 1 from
do
do
12,000_ _ do (stone rd.) _
20,000_ _Sidewalk
1910 to 1917 inclusive.
Western Tax District-7
10,000.. _Street
July 15
do
10,000_ _ do
do
15,000_ _Street
Stamford, Fairfield County, Conn.-Bond Offering.-AtDec. 1
Eastern Tax District20,000_ _ do
do
Eastern Tax District20,000_ _Street
is called to the official advertisement elsewhere in
tention
do
5,
do
5.000__ do
Dec. 10 this Department of the offering on Feb. 19 of the $50,000 4%
21,000_ _ Auditorium
The above bonds all bear 4% semi-annual interest.
30-year public park bonds. For other details of bonds and
Saginaw County (P. 0. Saginaw, West Side), Mich.of offering, see V. 88, p. 118.
Bond 011ering.-Proposals will be received until 12 m. Feb.15 terms
Stillwater, Saratoga County, N. Y.-Bond Offering.-Proby Edw. C. Humphrey, County Clerk, for $16,000 poorhouse-addition bonds at not exceeding 5% interest. Au- posals will be received until 8 p. m. to-day (Jan. 30) by Perry
thority, vote of 3,782 to 3,242 at election held Nov. 3 1908. Condon, Supervisor, and Webster E. Deyoe, Town Clerk,
Denominations: 10 bonds of $1,000 each and 10 bonds of for $4,500 coupon road-improvement bonds at not exceeding
$600 each. Date March 1 1909. Interest semi-annually at 5% interest. Denomination $500. Date Feb. 11909. Inthe office of the County Treasurer in Saginaw. Maturity terest annually in March at the First National Bank in
$1,600 yearly on March 1 from 1910 to 1919 inclusive. Mechanicville, N. Y. Maturity $500 yearly on March 1
Certified check for 2% of bonds bid for payable to the from 1910 to 1918 inclusive. Bid must be unconditional,
County Treasurer, is required. The county has no debt at made on a printed form furnished by the Town, and accompanied by a certified check on a national bank or trust corapresent. Assessed valuation $38,903,000.
pany for 5% of the bonds bid for, payable to Perry Condon,
St. Augustine, St. John County, Fla.-Bond Election Pro- Town Supervisor. Delivery of bonds Feb. 1 1909. Purposed.-There is talk of calling an election to vote on the
to pay accrued interest.
question of issuing bonds. The Mayor writes us that a vote chaesr
Stronghurst School District (P. 0. Stronghurst), Henderwill possibly be taken next April or May.
son County, 111.-Bond Sale.-We have been just informed
St. Paul, Minn.-Bonds Proposed.-A bill providing for that $8,400 5% 8-year (average) school bonds were disposed
the issuance of $400,000 refunding bonds was presented at of during the month of November 1908 to the Wm. R.Compthe meeting of the Board of Aldermen held Jan. 19.
ton Bond dc Mortgage Co. of St. Louis. Denominations $500
p St. Petersburg, Hillsboro County, Fla.-Bond Election.- and $1,000. Date Oct. 1 1908. Interest annually in StrongAn election will be held in this ciiy March 23 to vote on the burst.
question of issuing $75,000 5% 30-year bonds for the followTacoma, Wash.-Warrant Offering.-Proposals will ha
ing purposes: $30,000 for schools, $25,000 for water, $9,000 received until 2 p. m. March 2 by J. F. Meads, City Compstreets
and
for
$1,800 for parks.
for sewers, $9,200
for $250,000 5% Water Warrant Fund No. 1 warSalina, Kan.-Bond Sale.-R. W. Morrison & Co. of troller,
Kansas City, Mo., were the successful bidders on Dec. 21 rants. Certified check for $1,000, payable to Ray Freeland,
1908 for $52,800 5% 1-10-year (serial) paving bonds. They City Treasurer, is required.
paid $53,100 (100.568) and accrued interest. DenominaThe official notice of this - offering will be found among
tions $1,0001anda$280. Date Jan, 1 1909. Interest semi- the advertisements elsewhere in this Department.
annual.
Taunton, Mass.-Bond Sale.-On Jan. 22 C. E. Denison dr
Salt Lake City School District (P. 0. Salt Lake City), Co. of Boston were awarded $50,000 4%highway-improvetalk
of
is
petitioning the ment bonds at 106.131,a basis of about 3.276%. DenominaUtah.-Bonds Proposed.-There
Legislature for authority to vote on the issuance of $500,000 tion $1,000. Date Dec. 1 1908. Interest semi-annual.
building.
of
erection
a high-school
bonds for the
Maturity Dec. 1 1918. A list of the bids received follows:
E. Denison &Co., Boston_106.1311Parkinson & Burr. Boston. 105.51
San Angelo, Tom Green County, Tex.-Bond Election.- C.
Oldham & Co.. Bos__106.079 Jackson & Curtis, Boston_ _105.45
Merrill,
An election will be held Feb. 13 to allow the voters to decide Kountze Bros., New York. 106.056 Adams & Co.. Boston
105.421
Co., Boston. 105.86 A. B. Leach & Co., Boston. 105.397
whether or not $32,000 5% 20-40-year (optional) _coupon Blake Bros.do&Co.,
Boston_ _105.81 R. L. Day & Co.. Boston_ _ _ _105.299
Estabrook
,
school-building bonds shall be issued.
N. W. Harris & Co.. Boston_105.798 Lee. Hig inson & Co., Bost_105.291
Bost_105.793 Crocker & Fisher, Boston_._105.249
San Buenaventura (P.0. Ventura), Cal.-Bond Sale.-The American Banking Co..
Rollins& Sons. Boston 105.777 Hunt, Saltonstall & Co., Bos_ 105.15
E.
$23,000 5% gold coupon street-improvement bonds described E. H.
Wicher. Young & Conant.
M. Farnsworth & Co..
105.68
Boston
105.041
Boston
in V. 88, p. 176, were sold on Jan. 18 to the Wm. R. Staats
Edmunds & Co.,
Co.,Bost.105.54
&
Merritt
Blodgett,
Co. of Los Angeles.at,111.143jand accrued interest. Follow- Perry,Coffin & Burr, Boston 105.519 Williams.
Boston
105.02
ing are the bids:
Gea.A.Fernald & 0o.,Bo3ton.105.516I
.
L._ . liC
•
326
THE CHRONICLE
Tamaqua, Schuylkill County, Pa.—Bond Election.—An
election will be held Feb. 16 to allow the voters to determine
whether or not $20,000 bonds shall be issued to increase the
water-storage capacity.
Tipton County (P. 0. Tipton), Ind.—Bond Sale.—J. F.
Wild & Co. of Indianapolis were the successful bidders for
the following 43/2% gravel-road bonds:
$1,640 Madison Township bonds, dated Oct. 5 1908.
3,780 Cicero Township bonds, dated Oct. 5 1908.
1,160 Madison Township bonds, dated Aug. 5 1908.
The price paid was par. The bonds mature one-twentieth
each six months.
Trenton, N. J.—Bond Offering.—Proposals will be received
until 12 m. Feb. 2 by W. J. B. Stokes, City Treasurer, for
$200,000 4% coupon or registered city-hall bonds. Denominations $100 or multiples thereof. Date April 1 1909.
Interest semi-annual. Maturity April 1 1939. Certified
check on a national bank for $5,000, payable to W. J. B.
Stokes, City Treasurer, is required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Bond Sale.—On Jan. 20 this city awarded $29,400 4%
10-year refunding bonds to Kountze Bros. of New York City
at 101.268—a basis of about 3.846%. Denomination $1,000.
Date Feb. 1 1909. Interest semi-annual.
Bonds Authorized.—An ordinance was passed on Jan.
providing for the issuance of $29,400 10-year coupon 19
or
registered bonds for the payment of outstanding sewerconstruction assessment certificates. Denomination $100
or multiples thereof. Interest (rate not to exceed 43,%)
semi-annual.
Tucumcari School District (P. 0. Tucumcari), Quay
County, New Mex.—Bond Offering.—Proposals will be
received until Feb. 15 for $24,000 6% 10-30-year (optional)
school-building bonds. Authority vote of 230 to 26 at
election held Jan. 11.
Utica, N. Y.—Bonds Authorized.—An ordinance has been
passed providing for the issuance of $12,345 97 43/2% local-
[VOL. Lxxxvm.
improvement paving bonds. Maturity one-sixth yearly on
Jan. 15 from 1910 to 1915,inclusive.
Vernon, Wilbarger County, Texas.—Bonds Registered.—
The State Comptroller on Jan. 15 registered $6,270 4%
3-25-year (optional) refunding bonds.
Vigo County (P. 0. Terre Haute), Ind.—Bond Sale.—
An issue of $7,105 43/% Liberty Township gravel-road
bonds has been disposed of to J. F. Wild & Co. of Indianapolis at par. Date Sept. 21 1908. Maturity one-twentieth
each six months.
Wagoner, Wagoner County, Okla.—Bond Sale.—On Jan.
21 the City Loan & Trust Co. of Gainesville, representing the
Thos. J. Bolger Co. of Chicago, purchased $40,000 5% 25year sanitary-sewer-system bonds for $40,597—the price
thus being 101.492—a basis of about 4.896%. Denomination $1,000. Date Feb. 1 1909. Interest semi-annual.
Walsh County (P. 0. Grafton), N. D.—Bond Sale.—The
Grafton National Bank of Grafton has bought $14,089 10
7% coupon Herriot Drain No. 7 assessment bonds, proposals
for which were asked until Jan. 5, for $14,539 10—the price
thus being 103.193. Date Dec. 1 1908. Interest annually
at the office of the County Treasurer. Maturity $3,000
yearly on Dec. 1 from 1909 to 1912 inclusive and $2,089 10
on Dec. 1 1913. The original amount of this issue was $19,968 80, but it was subsequently reduced by the amount of
asses4ments paid in cash prior to the date of sale.
Warren County (P. 0. Vicksburg), Miss.—Bond Offering.
—Proposals will be received until 12 m. Feb. 2 by J. D.
Laughlin, Chancery Clerk, for the following 5% coupon
bonds:
$14,500 Ivanhoe Ferry Bridge-Building bonds. Date Dec. 7 1908. Maturity Dec. 7 1928, subject to call after Dec. 7 1913.
16,500 Clay Street extension bonds. Date Feb. 2 1909. Maturity Feb. 2
1929, subject to call after Feb. 2 1914.
Interest semi-annually at the office of the County Treasurer
in Vicksburg. Certified check on a national bank for $500,
payable to the Board of Supervisors, is required.
Washington County (P. 0. Jonesboro), Tenn.—Bond
Election.—An election will be held March 13 to vote on the
question of issuing $150,000 road bonds.
NEW LOANS.
PROPOSALS FOR $3,000,000 FOUR PER CENT
Gold Loan of 1909 of PORTO RICO
Under instructions of the Executive Council of Porto Rico, the undersigned, as Fiscal Agents of the Loan, invite bids for
$3,000,000 FOUR PER
CENT GOLD BONDS of the People of Porto Rico, to be issued under,authority
of an Act of the Legislative Assembly of Porto Rico, approved September 18, 1908.
The bonds will be dated January 1, 1909, and will bear interest at
the rate of Four Per Cent per annum, payable semi-annually on January 1
and July 1.
•
The bonds will be in twenty series of $150,000 each, maturing annually,
the first series on January 1, 1914, the last series on January 1, 1933.
Principal and interest of the bonds will be payable in the City of New
York in Gold Coln of the United States of the present standard of weight and
fineness, at the office of the Fiscal Agents of the Loan.
The bonds will be issued in coupon form fdr $1,000 each.
Registered bonds, but only in the denomination of $5,000, will be issued in exchange
for the like face amount of coupon bonds of the same
series. Registered bonds will be transferable in New York at the office of
the Fiscal Agents of the Loan,where coupon bonds must also be presented
for conversion into registered bonds.
The above-mentioned Act of the Legislative Assembly, approved September 18, 1908. provides that the
bonds shall be exempt from the payment
of taxes of any kind whatsoever of the Government of Porto Rico, or of any local authority therein.
The United States Treasury Department authorizes the statement that it will acce t these bonds at par
as security for P
public deposits should
further denosits he made.
ALL BIDS must be received at the office of the undersigned. NO. 1 WILLIAM STREET,
NEW YORK, not later than 3 o'clock p. m. February 10. 1900. at which time they will be opened IN THE PRESENCE OF SUCH OF THE
BIDDERS AS MAY ATTEND. No bids received after
that day and hour will be considered.
Each bid must be accompanied by certified check to the order of J. de W. Seligman 63 Co..
Fiscal Agents, to the amount of two per cent of the
face value of bonds applied for. The checks of unsuccessful bidders will be returned by mall,
after the opening of the bids. The checks of successful
bidders will be collected and the proceeds held until the bonds awarded on such bids have been
fully paid for, interest being allowed at the rate ot
two per cent per annum.
Bonds as delivered will carry interest from January 1, 1909, and bidders will be required to pay
the interest accrued on said bonds up to February 15, 1909, on which day payment for the bonds must be made against delivery of the bonds or
the delivery of interim certificates, for whichlit is
expected that definitive bonds will be substituted on or before March 15, 1909.
Failure by any bidder to make payment of the purchase price of bonds awarded to such bidder
will forfeit all right to such bonds and to the
deposit accompanying his bid.
All bids should state clearly the amount per $1,000 bond (exclusive of accrued interest)
which the bidder proposes to pay and, unless for the
entire Issue, should specify each series applied for and the amount bid per
bond of each of such series.
No bond will be sold for less than par and accrued interest.
Unless otherwise stated in the bid, each bid will be understood as being for
all or any part of the bonds applied for, the right being reserved to
reject any or all bids.
,4
EVERY BID SHOULD BE ENCLOSED IN AN ENVELOPE MARKED "SUBSCRIPTIO
NS FOR FOUR PER CENT GOLD BONDS OF THE
ISLAND OF PORTO RICO" AND THE ENVELOPE SO MARKED SHOULD
BE ENCLOSED IN A SECOND ENVELOPE ADDRESSED TO J. &
W. SELIOMAN & CO.. FISCAL AGENTS, NO. 1 WILLIAM STREET, NEW
YORK.
THE UNDERSIGNED WILL ON APPLICATION FURNISH A COPY OF A LETTER
FROM THE TREASURER OF PORTO RICO, IN
REGARD TO THE FINANCIAL AND ECONOMIC CONDITION OF THE ISLAND
OF PORTO RICO.
•
,1,
J. & W. SELIGMAN & CO., Fiscal Agents of the Loan
New York, January 28, 1909.
JAN. 30 1909.1
THE CHRONICLE
327
Wausau, Marathon County, Wis.—Bond Sale.—The two election will be held to-day (Jan. 30) to vote on the question
issues of 4% bonds aggregating $35,000, offered on Jan. 4 of issuing $15,000 school-building and site-purchase bonds.
(V. 88, p. 66),were sold to the Concordia Insurance Co. of
Yonkers, N. Y.—Bond Offering.—Proposals will be reMilwaukee at par and accrued interest.
ceived until 12 m. Feb. 8 by James T. Lennon, City CompWebb City School District (P. 0. Webb City), Jasper troller, for $225,000 4% registered refunding bonds. Date
County, Mo.—Bond Election.—On Feb. 9 this district will Feb. 1 1909. Interest April 1 and Oct. 1. Maturity $22,vote on a proposition to issue $90,000 (not $65,000, as 500 yearly on Feb. 1 from 1910 to 1919, inclusive. Certified
reported in V. 88, p. 251) 10-20-year (optional) high-school- check for 2% of bonds bid for, payable to Gideon H. Peck,
building and site-purchase bonds.
City Treasurer, is required. The validity of these bonds will
Wellington School District (P. 0. Wellington), Kan.— be certified to by Delafield & Longfellow of New York City,
Bond Sale.—An issue of $40,000 4% 5-20-year (optional) a copy of whose opinion will be furnished to the successful
school-building bonds was disposed of on Jan. 4 to the bidder. Purchaser to pay accrued interest. Bonds will be
H. P. Wright Investment Co. of Kansas City, Mo., for ready for delivery on Feb. 15 1909.
$40,107 50—the price thus being 100.268. Denomination
Youngstown School District (P. 0. Youngstown), Ohio.—
$500. Date Jan. 1 1909. Interest semi-annual.
Bonds Defeated.—On Jan. 26 this district defeated the
Wells County (P. 0. Bluffton), Ind.—Bond Sale.—J. F. proposition to issue the $225,000 high-school-improvement
Wild & Co. of Indianapolis have been awarded $2,180 43'% bonds mentioned in V. 88, p. 252.
Chester Township gravel-road bonds at par. Bonds are
dated July 9 1908 and mature one-twentieth each six months.
Canada, its Provinces and Municipalities.
White Salmon Irrigation District (P. 0. White Salmon),
Belle Plain School District, Sask.—Debenture Sale.—This
Klickitat County, Wash.—Bond Election Proposed.—The
Acting District Secretary informs us under date of Jan. 19 district has sold $2,000 6% 10-year debentures to W. A.
that it is expected that an election will be held within the MacKenzie & Co. of Toronto.
Calgary, Alberta.—Debenture Sale.—On Jan. 25 the
next thirty days to vote on the issuance of "something like
thirteen issues of debentures aggregating $777,000, offered
$60,000" irrigation bonds.
Whittier, Los Angeles County, Cal.—Bond Election—An on that day (V. 88, p. 252) were awarded to Wood, Gundy
election will be held in this city on Feb. 4 to vote on the & Co. of Toronto.
Cobalt, Ont.—Debentures Proposed.—There are r mors
question of issuing $110,000 5% sewer bonds. Maturity
that this place will issue $15,000 water-works debentures.
$2,750 yearly on June 1 from 1910 to 1949 inclusive.
Crescent Heights School District No. 1768, Alberta.—
Willits, Mendocino County, Cal.—Bond Offering.—Proposals will be received until 7 p. m. Feb. 15 by J. A. Joyce, Debenture Offering.—Proposals will be received up to and
President of Board of Trustees, for $30,000 5% coupon including Feb. 15 by Robert Michie (P. 0. Box 1995, Cal_
sewerage bonds. Denomination $1,000. Date March 1 gory),for $9,000 6% school-building and site-purchase bonds
1909. Interest semi-annually at Willits. Maturity $1,000
Dominion of Canada.—Result of New Loan Offering.—A
yearly on March 1 from 1910 to 1939 inclusive. Bonds are dispatch to the Canadian Associated Press states that the
exempt from taxation. Certified check for $1,000, payable subscription list for the new £6,000,000 3% 5-10-year
to J. A. Joyce, President of Board of Trustees, is required. .(optional) sterling loan underwritten and offered up to Jan.
Delivery March 10 1909.
27 (V. 88, p. 252) show that about 41% was
for
Wynnewood School District (P. 0. Wynnewood), Garvin by the public, leaving about 59% to be taken subscribed
by the uaderCounty, Okla.—Bond Election.—According to reports an writers.
NEW LOANS.
NEW LOANS.
NEW LOANS.
$50,000
$100,000
NOTICE OF REDEMPTION
CITY OF BEAUMONT,TEXAS
Bergen County, New Jersey
KANSAS CITY, KANSAS
5% WHARF BONDS
Sealed bids will be received by the City Council
of the City of Beaumont, Texas, from February 1st, 1909, to March 2d, 1909, for the purchase
of $50,000 00 Wharf Bonds, said bonds being
of the denomination of $1,000 00 each, dated
Dec. 1st,1908, maturing Dec. 1st, 1948, subject to
the right of the City to redeem all or any part
of said bonds at any time after 20 years from
the date thereof at par and accrued interest, and
bearing interest at the rate of 5% per annum,
payable semi-annually on the first day of June
and the first day of December of each year. The
principal and interest are payable in lawfull
money of the United States of America at the
Office of the City Treasurer, Beaumont, Texas,
or at the Hanover National Bank of New York
City, N. Y., at the option of the holder.
Each bid must be made on blank form furnished
by the City and must be accompanied by a duly
certified check on one of the banks of the City of
Beaumont for $1,000 00. The bid should he in
sealed envelope marked "Bid for City Bonds,"
and addressed to J. G. Sutton, City Secretary,
Beaumont, Texas. The bids to be considered
must be filed by him on or before TUESDAY.
MARCH 2d, 9 a. m., 1009.
The right is reserved by the City to reject any
or:all bids.
J. G. SUTTON,
City Secretary of Beaumont,.Texas.
$70,000
CITY OF SPOKANE
20-Year 434% 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 4% 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 et least par and accrued
ROBERT FAIRLEY,
Interest.
City Comptroller.
COUNTY BUILDING BONDS
NOTICE IS HEREBY GIVEN that the Finance Committee of the Board of Chosen Freeholders 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
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 accrued interest from date of the bonds (Februaryl,
1909) to the date of delivery of bonds.
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
by Messrs. Delafield de Longfellow, attorneys of
New York City, whose opinion will be furnished
to the successful bidder, and the bonds will be
prepared and certified as to genuineness by the
Columbia Trust Company of New York City.
The committee reserves the right to reject any
or all bids
Dated January 20, 1909.
EDWIN T. GALLAWAY,
MYRON W. ROBINSON,
GEORGE ZIMMERMANN,
Finance Committee, Board of Chosen
Freeholders of Bergen County.
WILL/AMill.t.TAYLOR,
Clerk,
HUNT, SALTONSTALL & CO.,
R. T. Wilson & Co.
Investment Securities
Bankers Fic Commission Merchants
60 STATE STREET
-
NEW YORK
.
$250,000
\
City of Tacoma, Washington
Water Warrant Fund No. 1 Warrant
TUESDAY, MARCH 2D, 1909, at 2 o'clock
p. m., the City Comptroller of the City of Tacoma,
Washington, will open bids for Two Hundred
Fifty Thousand Dollars ($250,000) Tacoma
Water Warrant Fund No. 1 warrants. Warrants
will be sold at not less than par, and bear interest
at the rate of live per cent per annum. All bids
must be accompanied by a duly certified check
of one thousand dollars ($1,000), payable to
Ray Freeland, City Treasurer. The right is
reserved to reject any and all bids. Warrants
and interest to be guaranteed by ten per cent of
the gross receipts of the water revenue. For
official advertisement see Tacoma "Daily Tribune," commencing January 15th. 1909.
Upon application to the City Comptroller a
pamphlet giving full information will be furnished.
J. F. MEADS, City Comptroller.
Tacoma, Washington.
•
Established UM&
Members of Now York Stock Excitants
83 WALL STREET
BONDS
Notice is hereby given by the City of Kansas
City, Wyandotte County, aState 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 five per cent per
annum, payable semi-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, 1909, and that interest
on said bonds will cease on the 1st day of February,
1909. The interest accruing on said bonds to said
date of redemption will be paid with the principal
of said bonds upon the presentation, with said
bonds, of all coupons thereto belonging, whether
then due or not, at said Fiscal Agency in the City
of New York.
By order of the Mayor and Council of the City
of Kansas City.
D. E. CORNELL,
Mayor.
Attest: Geo. FocrschierlIr..
City Clerk.
BOSTON
H. C. Speer 8c Sons Co.
First Nat, Bank Balding,Chicago
CITY COUNTY
AND TOWNSHIP
BONDS.
[VOL.
THE CHRONICLE
328
Emmaville School District No. 2191, Sask.-Debenture
Sale.-This district has sold $1,000 debentures.
Etobicoke, Ont.-Debenture Sale.-An issue of $3,100
43'% 10-year debentures was recently disposed of to Wood,
Gundy & Co. of Toronto.
Gananoque, Ont.-Debenture Offering.-Further details
are at hand relative to the offering on Feb. 2 of the $19,621
5% coupon improvement debentures mentioned in V. 88,
p. 252. Proposals will be received until 7 p. m. Feb. 2 by
S. McCammon, Town Clerk. Denominations $500, except
one debenture for $621. Date Dec. 15 1908. Interest
annually on Jan. 1, payable at the office of the Town Treasurer. Maturity Jan. 1 1929. Debentures are exempt from
taxation.
Hamilton, Ont.-Debentures Proposed.-The Finance Committee has decided to petition the Government to authorize
the issuance of $112,000 debentures to cover overdrafts
and for paving streets.
High River, Alberta.-Debenture Sale.-Reports state
that $48,000 debentures have been awarded to G. A.Stimson
& Co. of Toronto. These securities answer the following
description:
$5,000 5% fire-engine debentures, due part yearly for ten years.
20,000 5% electric-light plant debentures, due part yearly for ten years. •
15,000 5% town-hall debentures.
8,000 6% additional-town-hall debentures, due part yeariyfor twenty years
Kildonan, Man.-Debenture Election.-According to reports, an election will be held Feb. 15 to vote on the question
of issuing $20,000 5% 20-year road-improvement debentures.
Lacordbe Roman Catholic School District No. 1, Alberta.Debenture Offering.-Proposals will be received for $65,000
4M% school-building and site debedtures. Denomination
$1,000. Date Feb. 1 1909. Interest annual. Maturity
part yearly for thirty years. A. H. Esch, P. 0. Box 2088,
Calgary, Alberta.
Montreal, Que.-Catholic School District.-Debentures
Proposed.-Reports state that the School Commissioners
are seeking authority to issue $150,000 school-building debentures.
Montreal, Que.-Protestant School District.-Debentures
Proposed.-It is further stated that this district is apply-
ing to the Provincial Legislature for authority to issue
$250,000 school-building debentures.
Osnabruck, Ont.-Debenture Sale.-Wood, Gundy & Co.
of Toronto were recently awarded $6,700 5% 20-year debentures.
Outremont, Que.-Bond Sale.-Hanson Bros. of Montreal
were the successful bidders on Jan. 7 for $10,000 5% localimprovement debentures. The price paid was 109.32. Denomination $1,000. Date May 1 1908. Interest semiannual. Maturity May 1 1950.
Shelburne, Ont.-Debenture Sale.-On Jan. 14 the
$4,661 57 5% local-improvement debentures mentioned in
V. 88, p. 120, were awarded to G. A. Stimson & Co. , of
Toronto. Date Dec. 1 1908. Interest annually at the
Union Bank of Canada in Shelburne. Maturity part yearly
on Dec. 1 from 1909 to 1928 inclusive.
Vancouver, B. 0.-Debentures Voted.-The election held
Jan. 14 resulted in favor of the propositions to issue the
following 4% debentures due Feb. 1 1949:
$187,000 school debentures. Vote, 1,640 to 298.
500,000 sewer debentures mentioned in V.87, p. 1680. Vote 1,709 to 268.
200,000 street debentures mentioned in V. 87, p. 1680. Vote 1,557 to 373.
75,000 garbage-destructor debentures. Vote 1,471 to 430.
255,000 park debentures. Vote 1,304 to 614.
38,000 park debentures. Vote 1,266 to 633.
70,000 hospital debentures. Vote 1,529 to 375.
22,000 police-patrol debentures. Vote 1,292 to 562.
50,000 debentures mentioned in V. 87, p. 1680 for holding an annual
exhibition. Vote 1,174 to 741.
Date of offering not yet determined.
Waterloo Ont.-Debenture Offering.-Proposals will be
received until 7 p. m. Feb. 1 by A. B. McBride, Town
Clerk, for the following 432% debentures:
$15.000 00 school debentures voted (V. 88, p. 253) on Jan. 4. Maturity
part yearly for twenty years.
5,000 00 bridge debentures. Maturity part yearly for twenty years.
2,445 89 cement walk local improvement debentures. Maturity part
Yearly for twenty years.
4,360 05 sewer local improvement debentures. Maturity part yearly
for thirty years.
3,000 00 isolation hospital debentures voted (V. 88. p. 253) on Jan. 4.
Maturity part yearly for ten years.
Windsor, Ont.-Debentures Voted.-On Jan. 4 the $9,000
5% 20-year public park debentures mentioned in V. 87, p.
1624, were authorized by a vote of 685"for" to 525 "against."
NEW LOANS.
INVESTMENTS.
City of Stamford, Connecticut
$25,000
Bullitt County, Kentucky
Blodget, Merritt & Co.
PUBLIC/ PARK BONDS
ROAD BONDS
BANKERS
SEALED PROPOSALS for the sale of $50,000
City of Stamford, Connecticut, Public Park
Bonds will be received by the City Treasurer at
the Stamford National Bank until 12 o'clock,
noon, Friday,
FEBRUARY 19, 1909.
Said bonds bear interest at the rate of 4 per
cent per annum, payable semi-annually, and
mature thirty years from March 1, 1909. Principal and interest payable in New York.
No bid will be accepted for less than par and
accrued interest.
The right is reserved to reject any and all bids.
All proposals must be accompanied by a certified check or bank draft for 2% of the par value
of the bonds bid for.
gror further particulars, address
WM. N. TRAVIS,
City Treasurer,
Stamford, Conn
The undersigned will up to noon the 27TH
DAY OF FEBRUARY, 1909, receive sealed bids
for the purchase of Bullitt County, Ky. Road
bonds to the amount of $25,000, dated the 1st
day of April, 1909, in denominations of $1,000
each,bearing interest at five per cent per annum,
payable semi-annually on the 1st day of April
and October, maturing as follows:
1911
$5,000 _
1st April
1916
$5,000
1st April
1922
$5,000
1st April
1926
$5,000
1st April
1930
$5,000
1st April
Said bonds and interest are payable at the
Fidelity Trust Company of Louisville, Kentucky.
The county shall have the option of paying any of
said bonds at the expiration of ten years from
date of issue and at the falling due of any installment of Interest thereafter.
No bid for less than face value and interest
accrued to time of delivery will be considered.
Each bid must be accompanied by certified check
for $500, payable to the Commissioner, as an
evidence of good faith. The checks will be
returned to those whose bids are no; accepted.
J. F. COMBES, Commissioner,
Shepherdsville, Kentucky.
NEW LOANS
$60,000
$200,000
CITY OF TRENTON, N. J.
CITY HALL BONDS
Office of the City Treasurer,
Trenton, N. J., Jan. 27th, 1909.
Sealed proposals will he received at this office
until 12 o'clock noon, TUESDAY. FEBRUARY 2D. 1909. for the purchase of the whole
of $200,000 of City of Trenton, N. J., 30-year
four per cent semi-annual, registered or coupon,
City Hall bonds.
Bonds will be dated April 1st, 1909, due April
1st, 1939, issued in denominations of $100 or
multiples thereof, and will not be sold for less
than par and accrued interest.
Each bidder will be required, as an evidence
of good faith, to enclose with each bid a certified
check on a national bank for $5,000, payable to
the order of W. J. B. Stokes, City Treasurer.
Checks will be immediately returned to unsuccessful bidders.
The bonds will be awarded to the bidder whose
proposal will be the most favorable to the city,
Out the right Is reserved to reject any or all bids
not deemed for the interest of the city.
Proposals to be sealed, and addressed to,
W. J. B. STOKES.
City Treasurer.
CHELTEN TRUST COMPANY
5614 Germantown Avenue
Philadelphia, Pa.
Solicits the busin ss of Corporations and Municipalities desiring the service of a Rtglstrar. Trustee
or Pinancla: Agent.
Perry, Coffin & Burr,
INVESTMENT BONDS
60 State Street,
STATE, CITY
AND
RAILROAD BONDS
6o State Street, - Boston
30 Pine Street, - New York
Albert Kleybolte & Co
.)
409 Walnut Street,
CINCINNATI, 0.
'Municipal,
County, State,
and Iligh.Grade Publie
Securities
Correspondent* Solicited.
BOSTON.
MUNICIPAL AND RAILROAD
BLACKSTAFF & CO,
BONDS.
INVESTMENTS
LIST ON APPLICATION.
SEASONGOOD & MAYER
Mercantile Library Building
CINCINNATI.
MacDonald, McCoy & Co.,
fUNICIPAL AND CORPORA 17041
BONDS.
181
1332 Walnut Street
PHILADELPHIA
LIST OF SPECIALTIES ON REQUEST
JOHN
H. WATKINS
MUNICIPAL
AND
RAILROAD BONDS
La Salle Street, Chicago No. 2 WALL STREET
NEW YORK
@FedFRASER