Full text of Commercial and Financial Chronicle : January 9, 1909, Vol. 88, No. 2272

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VOL. 88.

JANUARY 9, 1909. NO. 2272. I

CLEARINGS-FOR DECEMBER,SINCE
December.

Clearings al1903.

1907.

Published every Saturda by WILLI
AM B. DANA COMPANY. Front, Pine and
Deneystec Sts., N. Y. C.y WIDIam
B. Dana Frost.: Jacob :Seibert Jr.. VIce-Prest.
and 9ec., Arnold G. Dana, Treas.
Ad,
tresses of ail, Office or the Company.

AN U ARY

A N D FOR WEEK EN DIN.G JANUARY 2

Twelve Months.
Inc. or
Dec.

1908.

Week ending January 2.
Inc. or
De'.

Inc. cr
1903.
Dec.
1907.
1906.
8
New York
90
S
9,266,2
5,349,92
86,510
6,947
+i3.2
79,275,
890,256
87,132,
168,381
Philadelphia
-9.1 1,730.143,393 1,335.38
492,894
571.340
,433
+15.9
.183
7,844
5,937,7
54,106
7,161,060,440 -17.1
Pittsburgh
129,505,632 117.181,435 +33.3 2,125,942,186 2,392,770,430
203,043,736 -10.1
182,525,761
2,064,632,960
2,743,570.484 -24.8
+10.5 156.237,758 158,398;541:
Baltimore
:35,836,473
120,620,1)31
104,208,601 +15.8
47,410,102 -24.4
1,240,904,390
1,472.911,207 -15.7
52,448,316
Buffalo
55,028,930.
29,341,094
31,494,577 +15.8
36,480,529
24,433,998 +20.1
409,086,607
434,689,13'15 -5.9
32,013,695
Albany
30.1319,555
6,716,576
19,646,527 +31.8
25,902,
6,772,5
931
278,976
69
,213
-0.8
338.582,960 -17.6
8,521,209
Washington
7,982,586
5.078,3
22
20,736,729 +29.1
26,766,731
4,278,70
1 +18.7
278,079,235
:302,108,404 -9.0
67201,817
Rochester
5,714,940•
5,125,018
16,370,602
14,770,637 +10.8
4,689,377
175,959,356
+9.3
187,462,394 -6.1
6,597,799
Scranton
5,876;453.
3,827,202
9,335,614 +24.1
4.967.709 -22.9
11,586.
675
116,268,
804
118,079
5,082,7
,523
-1.5
Syracuse
03
5.398,834
2,495,502
8,767,549
8,152,982
2,460,198
+7.5
103,732.686
+1.5
110,225;483 -5.4
2,488,115
Reading
2,460,776
1,955,998
(4,095,375
5,364,323 +13.6
2,163,796 --14.2
64,652,121
2,344,671
71,002.252 -10.1
Wilmington
2,446,061
1,208,026
5,464,:316
5,254,594
1,429,482 --I5.5
+4.0
61,727,836
69,531.
1,679,6
-11.1
238
67
Wilkes-Barre
1;268,4;
1,087,46
75
1
0,539,210
4,859,695 +34.6
1,228,475 --II.5
61,699,409
62,028.660 -0.5
1.387,633
Wheeling
1,416..591
1.108,229
6.489,740
5,658,164 +14.7
1,028,063
72,000,600
+7.8
1,058,442
57,445,312 +25.3
Harrisburg
1,270,906
1,235,483
4,825,960
4,217,035 +14.4
1,134,74
3
+8.9
54.330,
443
53.744.093
992,725
+1.1
Erie
920,239
941,544
:4,276,823
2.749.844 +19.2
1,165,078 --19.2
:31,496;175
1,404,005
36,058,525 -12.7
Chester
2,130,694
557,227
2,165.276 --1.6
612,361 -79.0
23,560,542
754,468
27,016,113 -12.8
622,271
",419,756
Greensburg
434,466
2,020,837 +19.7
556,640 -21.9
25,977,
626
610,522
28,816,
179 -10.0
Binghamton
59:3,218
'2,119,600
407,898
1,889,300 +12.2
500,000 --I8.4
23,836,900
525,000
27,075,600 -12.0
Franklin
497,733
1,166,308
374,600
1,0:30,313 +13.2
430,900 --13.1
'13,725,683
596,200
14,103,293 --2.7
Frederick
548.900
950,504
247,500
225,000 +10.0
916.552
+3.7
11,399.728
280,924
10.650,
539
+7.0
288,912
Total Middle
10,308.125.927 6,290,3:36,710 +63.9
90,325,681,676 100,509,231.110 -10.1 2,007,52
9.548 1,558,757,771 +28.8 2,407,15
Boston
719,724.930
517.190,97, +39.2 7,338.0:35,825
7,850 2,674,124,306
8,135,210,165 --9.8
Providence
32,867,700
168,195,616 146,852,410 +14.5, 199,483
28,031,700 +17.3
337,473,600
,560 207,431.834
389,689,600 --13.4
Hartford
15,051,707
6,329,2
00
7,471.900 -15.3
12,576,
093 +19.7
166,006,324
9,474,200
New sloven
184,478
9,355,800
,474
-9.6
10,585.173
3,135.6
9,533.790 +11.0
36
3,917,726 -20.0
122,823,744
4,476,201
Springfield
128.709,695 -4.6
4.718,123
3,726,183
2,282,614
2,686.77
5,898,171 +47.9
1
-15.0
92,490,
2,890,1
Portland
213
83
103,911,957 -11.0
3,161,643
7;606,0:31
1,970,10
6
2,268,3
7,576,8
10
10
-13.1
+6.4
91,908,65:1
2,289,525
Worcester
101,478,830 --9.4
2,562,9
35
7,311.564
1,899,9
40
2,336,1
5,796,8
73 -18.7
12 +26.1
76,189,380
2,526,487
Fall River
8:3.472,403 --8.7
2,260,274
5,538.798
1,622.357
1,586,134 +22.7
4.221,357 +:31.2
50,737,025
1,747,321
New Bedford
1,802,890
55,188,311
--8.0
4.200,144
1,228,163
1.069.905 +13.9
3,099.209 +35.5
Lowell
1,265,8
40,876,
46
795
1,023,936,
39,409,443
+3.7
2,097,359
892,105
638,129 +39.9
2,111,32:1 -0.7
Holyoke
24,180,450
937,421
27,121.255 -10.8
709,053
2,056.236
469,937
2,062,060 -0.3
486,944 -3.5
22.515.992
578,555
25.1)14.014 -13.1
560.059
Total New England
507.280
533,650 -4.9
815,765,830
646,621
598,098;376 +36.4 8,364,197,001
616.797
9,274,583,137 -9.8
Chicago
188,532,954 169,848,752 +11.0 226,315
1,133,575,802
814,801,056 +39.1 11,85:3,814,943 12,087,647,870
,920 234,253,394,
Cincinnati
113,788,600
-1.9
227,763,731 178,957,073 +27.3 231,635,188 223,255
90,995,000 +25,0 1,2:30,180,300
Cleveiand
1,361,879,950 ---9.7
,686
67,495.851
22,479,800
23,853,500 -5.8
63,784,626
+5.8
Detroit
749,840,710
26,851,150
29,395,750
897,170,784 --16.4
59,907,914
13.597,654
14,458,511 -6.0
54,867,940
+8.2
20,540,116
Milwaukee
668.047
,524
17,838,551
711,610
,404
--6.1
52,205.
114
11,185,851
12,498,747 -10.5
44,364.56-1 +17.7
Indianapolis
14,51)0,
547,569
385
,295
12,213„
562,34:3
510
,848
--2.6
37,926,872
9,099,609
10,171,846 -10.6
25,224,324 +50.4
10,752,248
:180,372,085
Columbus
9,362,804
399,269,144 -4.7
2:1,071,200
7,000,000
6,550.546
19,045,500 +21.1
+6.9
Toledo
8,707.451
255,028,000
7,773,912
284,637,600 -10.4
17,031.
770
4,500,0
4,150,31)0
17.113,12:3 -03.2
00
+8.0
5,584,000
Peoria
180,169,934
5,944300
216,000,756 -13.3
13,975,859
3,538,253
9,457,641) +47.8
3,444,771 +27.3
134.689,658
3,997,242
Grand Rapids
:3,887,883
141,233,540 -4.6
9,622.213
2,415,141
8,522,400 +12.9
2,159,569 +11.9
106,903,258
2,873,233
Dayton
3,292,211
121,943,343 -12.4
7,854,953
1,864,9
6,059,51
19
)5
1,897,58
4
+29.6
---1.7
2,418,342
81,2:35,277
Evansville
2,365,451
100,460,444 -19.1
9.050,273
1,445,454
6,561,694 +37.9
1,225,078 +18.0
93,965,446
2,006,957
2,040,994
Kalamazoo
105,436.094 -10.9
4,944,834
1,812,555
2,540,746 -28.7
3,675,888 +34.9
50,520,060
1,859,454
Springfield, Ill
1,612.151
52,31:3,83:3 -3.4
4,163,221
998,394
3,498,0
844,046
05
+18.3
+19.0
43,082,
1,146,8
990
70
909,836
Youngstown
43,082,357
+0.0
3,300,331
950,000
2.710,0:36 +21.8
874,366
+8.7
34,791,42:3
901,674
Fort kVavne
932,446
40.724,730 -14.6
3,596,617
510,898
406,778 +25.6
2,74:1,131 +31.1
41,215,519
931,412
Lexington
'
941,925
40,343,
080
+2.2
2,973
900,832
;433
694,572 +29.7
2,925,786 +54.2
32,354.298
Akron
825,750
850,389
33,622.661 -3.8
2.748,769
568,358
733.712
1,923,450 +42.9
30,629,234
813,837
noel:Cord
752,973
34,364,297 -10.9
500,000
:3,173,054
350,000 +42.9
2,562,245 +23.9
10,576,274
715,716
Canton
' 559,100
33,427,799 -8.5
570,836
3,121.15
478,687
1
2,280,14
+36.9
+19.2
4
24,458,954
542,184
Bloomington
' .451,063
27,896,197 -12.3
2,069,7110
565,000
472,263 +19.7
1.798,9:33 +15.1
24,784,427
533,322 "506,509
South Bend
24,462,290
+1.3
409.386
1.767,938
470,981 -13.1
1.424,231 +24.8
21.171,045
Quincy
545,632
25,241,429 -16.1
r 538,942
306,844
2,275.718
381,294
2.121,1
-19.5
+7.3
53
25,696,0
594,251
54
- 1)583,538
Springfield, Ohio
24,102,246
+6.6
493.780
1,939.884
421,701 +17.1
1,692,599 +14.6
21.125,650
636,344
Decatur
t. :396,153
22,439,244 -5.9
500,000
1,877,700
474,512
1,383,128 +35.7
+5.4
20,645,244
461,718
• 601,041.
Mansfield
19,830,328
+4.1
1,458,59,
267,962
290.272 -7.7
940,610 +5.5.1
16.360.935
387,730 ."' 377,004
Jackson
17,911,236 -8.7
226,680
1,368,790
193,895 +16.9
1,149.216 +19.1
16,259.60:3
378,920 00" 493,399
Jacksonville, Ill
16.549,884 -1.8
275,000
1,163,388
253,315
1,127.8
95
+6.5
+:3.1
12,937,920
255,700
Ann Arbor
264.773
1:3.376,335 -3.3
217,072
796721
241,660 -10.2
050,501 +22.5
307,40:3
7,494.123
346;325
7.307.897
+2.6
Total Middle West_ -1,588,30417:-119 1.195.30
193,427
191,370 --4.2
128.905
217,746
1.338 +32.9 16.741,826,074 17,466,638,620
San Francisco
315,137
,436
279,686
,685 +12.7 341,943.134 328,556.377
151.607,402
128.754.'0'0 +17.8 1,757,151,850
Los Angeles
2,133,883,626 --17.6
53,036.0:15
33,759,356
28,234,150 +87.8
28.133,423 +20.0
46,504,234
505,588,756
44,458,704
Seattle
581,802,982
41,356,125
9,244,341
31,346,543 +32.0
7,256,000 +27.4
13,080,355
10,254,466
429,499,252
Portland
488,591,471. --12.1
29,085,749
7,592,1
18,861,241) +54.2
05
6,514.157 +16.5
8.486,033
310.656
,514
5,427,027
Spokane
:350.9:3
3.525
--11.5
5,000.000
31.019,100
21.626,536 +43.4
4,2:36,612 4-18.0
6,282.5
:307,791
Salt Lake City
15
,482
4,660,454
301,419
,017
+2.1
28,965,902
5,58:3,570
1:1,081,1123 4-121.4
4,559,238 +22.5
4,731,941
257,033,974
Tacoma
3,911,254
292,158,322 --I2.0
21.856,337
4,786,1
73
20,717,
2,608.1
570
+8:3.5
77
+5.5
6,447,212
218,113,771
Oakland
7,842,465
246,157,666 --11.4
7,338,031
4,600,000
0,928,658 4-23.8
4,537,154 -13.9
4,386,494
76,499,911
Helena
3,578,823
140,416,039 --45.5
4,702,346
1,736.017
3,326,578 +41.4
1,299,149 +:33.6
4,412,424
41.300,978
Fargo
48.177,437 --14.3
3,355.101
900,000
2.797,705 +19.9
641,798
+40.2
073,131
30.894,
Sioux Falls
748,194.
939
28,677,746
+7.7
2,836,506
538,452
2,480,855 4-14.3
396,886 +35.8
29,251,108
548,8(38
San Jose
26,036,280 +12.3
773,913
2.033.132
742,735
1.654.669 +22.9
495,000 +54.1
'467,561
23.246,315
374,077
25,352.924 --8.3
Total Pacific
400.000
309,000 +29.5
377,191,771
300,000
278,810,329 +35.3
1,087.02
8,850 4,603,606,930 -14.5
Kansas City
74,902,
814
60,986,
594
+22.8
181,418.851
96,620,771
122,565,571 +48.0 1,847,511,624
82,031.387
Minneapoli,
1,649,175,013 +12.0
98.403,71)5
37,677,248
102,021.019 --:3.5
27,188,393 +38.6
1,057,468,861) 1,158,462,150 -8.7
28,624,623
Omaha
23,812,602
58,838,896
16,294,440
41,696,323 +41.1
19,774,247 -17.6
602,525,3367
19,600,14C
St. Pail
18,431,670
567,515
+6.2
,789
44,850.884
10,861,6
2:1
45.769,
9,533,6
957 -2.0
92 +13.9
483,976,978
9,803,037
Denver
8,831.389
484,891,668 -0.2
40.743.689
8,80(1,000
30;636,844 +33.0
8,753.407
+0.5
409,996,642
St. Joseph
8,609,850
6.631,372
407,80:3,850
+0.5
6,600,000
24.880,868
15,904,317 +56.4
6,702,828 -1.5
Des Moines
259,340,258
7,0.30,624
6.86:1,425
275,601,79:3
5,627,02
13,750.3
11,045,
1
11
3.798,1
782
+24.5
70
+48.2
147,256,894
Sioux City
5,176,582
5.077,805.
156,112,019 -5.7
2,665,821
11,718.339
8,197,012 +93.0
2,900,390 --8.1
3,247,226
113,472,005
Wichita
2,848,493
109,808,992
+3.3
2,325,177
7,368,543
4,629,141 +59.2
1,799,546 +29.2
Lincoln
72,948,070
2,179.916
1,873,293
69,234,782
+6.9
1,326,480
6,379,367
5,376.941 +18.7
992,745
4-33.6
Davenport
1,052,39
61,370,
6
018
1,056.8
67,556,566 -9.2
44
1,250,1)00
4,907,195
3,787,907 +29.6
1,232,158
Topeka
+1.4
1,259,032
55.520,161
57.11:3,758 -2.8
1.111.943
4,055,366 +54.5
6,264,227
977,843 +13.7
Colorado Springs
1,451,326
55,370,990
1,479,844
50,176,751 +11.3
1,220,264
3.104.814
2,724.15:3 4-13.9
805.644 +51.5
Cedar Rapids
873,987
33,593,
839,024
494
35,935,
-6.5
128
7)5,000
3,687,302
:1,100.338 +18.0
650,000 +10.0
Pueblo
856,690
41,120,142
35,549,890 +15.7
706,611'
850,000
2,712,423
2,244,354 +20.9
847,578
Fremont
+0.3
794,048
26,236,186
864.740
29.851,412 -12.1
482.048
1,331.871
1.782,545
464.356
+3.8
477,191
16.792,954
393,084
17.531,322 -4.2
Total other West
304.092
289,131
+5.2
510,781,959
273.382
4115,086,908 +26.1
2431.9114.
5,285,002,043
5,171,321,383
St. Louis
+2.2
98,101,162
86,710,128 +1:3.1
297,607,429
11.310.106
246.193,506 +20.9 3,074,806,759
70,974,114
New Orleans
3,165,619,327 -2.9
95,609,307 -2.13
93,127,269
60,098,874
58,235,
634
+3.2
Louisville
63,032,
786,067
371
,353
59,109,
956,538
316
,295 -17.8
15,106,275
63,5:11,000
36,941,377 +72.0
20,372,956 -25.9
Houston
24,502,597
579,863,327
645,285,614 -10.1
24,178.73
60,058,716
12.398.317
37,277,977 +61.1
9.178,042 +35.0
531,957,3306
Galveston
14,202.5)57
15,1)37,281)
563,123,456 -5.5
34,218,000
13,509,325
20,543,000 4-15.8
9,018,569 +49.8
348.451,000
Richmond
9,915,8
36
350,231
10,228,
,020
-0.5
415
:30,180,
4,827,000
740
27,353,341 +10.3
6,591,000 -26.8
Savannah
298,532,561
7,099,500
:322,442,414 -7.4
5,850,000
19,835.889
5.257,03:3
23.196,577 -14.5
5.597,709 --6.1
6,762,962
194,180,378
Memphis
8,084,301
224,750,538 -1:3.6
26.750,333
3,239,290
3,971,719 -18.4
26,972,593 -0.8
Atlanta
4,509,607
252,991,082
248,971,040
4,687,2:35
+1.6
25,378,112
4,300,4
4,943,9
76
21,3319,
-13.0
+16.3
50
439
230.067,793
5,929,239
Ft. Worth
254,965,804
6,200,213
27,127.543
4,920,88,8
:3,895,793 +26.3
13,360,658 +47.7
254,245,760
5,437,464
5,400,920
197,968,274 +28.4
14.451,399
4,500,000
16,537,237 -12.7
3,817.908 +17.9
159,675.90:f
Norfolk
:3,512.322
3.177,194
206,608,405 -22.7
14,447,035
3,660,17
3,234,7
1
55
+1:3.2
+31.0
11,029,9
81
:3,300,0
111,078
Birmingham
00
,240
138,032,419 -19.5
6,207.114
9,533,807
2,154,098
1,957,776
8.055,536 +19.0
+9.5
93,943,498
2,544,053
Augusta
2,339.7/6
113,769,357 -17.4
9,088,64,
1,712,222
1.355,069 ---7.7
9,844,458 ---7.7
83,8:38,141
2,341,528
Mobile
1,960,041
94,358,781 -11.2
6,285,675
2.300.001; +3.2
1,550,000
6,436,574
2
2,034,030
65,162,895
Knoxville
81,393,
-20.4
6,425,406
1,096,1
600
20
1,290,000
1.433,042 -10.4
5,604,874
71,054,4
1,709,:33
Jacksonville
30'
1
81,294,644 -11.9
1,423,525
7,146,219
1,308,405
1,351,595
5,735,560 +24.5
1,712,145
73,194,125
1,000,900,
Chattanooga
76,046,041: -3.7
6,944,517
1,245,612
1,2713,971 --2.6
5,229,765 -1-32.8
• 69,766,035
1,440,606
Charleston
73,270.
190
7,005,264
1,380,7
00
1,158,3
5,717,973 +22.5
26
946,255 +22.4
67,674,899
1,240.510
Little Rock
71,704,817
1,172,144'.
7,475,193
900,000
1.375.000 -34.5
6,030,427 +24.0
71,022,890
1,122,313
Oklahoma
70,856,487
+0.3
1,669,265
5,857,097
1.220,386
2,890,149 +102.7
1,331.627
52,635,053
1,371,909
Macon
49,573,605
1,285,613.
+6.2
4,834,877
1,200,0
00
584,500
3,327,2
33
+44.9
+105.3
36,237,694
867,870
Beaumont
35,466,01)9
2,466,957
+2.2
2,264.431
539,379
536,349
+0.6
+8.9
27,625.136
735,000
Wilmington, N. C.__
26,046,584
752,0911
+6.1
1,791,722
352.683
1,915,288 -6.5
328.000
+7.5
15,828,01
325,000
Columbus.(la
23.534,105 -32.9
361,397'
1,657.212
1.555.254
4-6.5
17,870.
459
17.995.795 -0.7
Total Southern
783,277.26.5
655,457,525 +19.5 7,568,331,768
8,090,352.312 -6.4
Total all
146,448.757 144,153,63.:
14.383.443.971 9.423.094.192 4.52.6
+10 165,794,426 164,648,::38
132.272.067.412 145.175.73:3.49:1
Outside New York.. 5,117,157,352 4,073,167,245
2,830,652.671 2.300.143.169 +23.1 2.329.14
2.211 1.563.587,766
+25.6 52,996,187,156 577293,565,112 -8.6
1,050,509,278 264.775.225
+8.9 1,203.200,026 1,170,817,336
NrIabie Clear:rigs by Telegrapl and Canadian
Clearings on )'age 8i.




1907.

1909.

70

THE CHRONICLE

[VoL. LX XXVIII.

requires a certain pressure of gas, an increase which
the present mains would not stand, and to renew them
would so augment the cost as to place the rate beyond
the line of confiscation; and also is unconstitutional
because the penalties prescribed by the law are held
to be void; these findings and defects seem hardly
compatible with a constitutional law. They are
defects, and especially the first of the two, which
would seem to go to the gravamen of the law, the
special clause of the statute, the ground or essence of
the complaint. Our readers will find on a subsequent
page an article respecting this Consolidated Gas decision in which at much greater length we have sought
to disclose the conclusions of fact and issues of law
as they appear to us from the opinions of the Court
as they have defined them.

THE FINANCIAL SITUATION.
The holiday season was signalized on our Stock
Exchange Monday by a general setback in values
arising from an adverse decision of the Supreme Court
against the Consolidated Gas Co. annulling the injunction granted against the enforcement of the 80-cent
gas law. That injunction was issued by the United
States Circuit Court for the Southern District of New
York in an action begun by the Gas Co. praying for
an order restraining the enforcement of the law,on
the ground that by its terms it was confiscatory.
From this injunction order an appeal was taken to
the Supreme Court, and in that proceeding the order
of the Circuit Court was reversed. The opinion in the
decision of this week was written by Justice Peckham
and it was concurred in by the whole bench. It has
We see long discussions in the public journals of the
not been filed as yet, but is to be filed later. It is
Wall Street has overdrawn,
noteworthy that as soon as the Wall Street market day, striving to show that
the supply of floating capied,
exhaust
hereby
has
opened Monday there was great irregularity in prices. and
monetary centre. In
this
at
ment
seeking
invest
The first movement seemed to be an upward turn, tal
floating capital has been
which was material in some investment stocks, but other words, that New York's
there is a dearth in
later, when the public became knowing to the gas so far turned into fixed forms that
left. That is not the exact form in
decision, at first the idea prevailed on the Street that the free supply
put the question. We
the Gas Co. had lost its case wholly; there was a sharp which some of these writers
the situation who call
g
to
several
referrin
seen
have
drop in the price of that stock from 1653 to 138, or
bank of prosperity.
the
on
an
over-draft
on
conditi
the
about 27 points, with the effect of a general break
if we understand
for
charge,
the
latter
taken
basis
The
along almost the entire list, with a decided fall in
ge have risen
Exchan
the
on
of
prices
stocks
that
is
it,
of
panicky
many leading properties—in fact a sort
that the
1907
r
Octobe
lly
of
since
the
panic
materia
so
it
condition ruled for a time. Soon thereafter appeared
future
on
-draft
over
ve
has
an
y
excessi
shown
recover
case
was less
that the decision in the Consolidated Gas
true
be
to
said
be
cannot
ly
ity.
that
Certain
prosper
and
the stock
sweeping than was at first assumed,
need
We
of securities.
recovered, ruling at 141 at the close. This better with regard to the better classes
classes we have rethose
of
n
uals
mentio
individ
not
in
the
afterfeeling was helped by the announcement
one of them that investors
noon of a decision in the Standard Oil case favorable ferred to. There is not
even higher values than they
to that company. Since then the lowest price has would hesitate to buy at
nce in
4 are now ruling at, were it not that all confide
been 123, but to-day the stock reached 1303
conbeing
was
the future of the surroundings of affairs
closing at 127.
oked,
unprov
litigations wholly
It is a little difficult at this time to determine just stantly undermined by
s to weaken properties, so
n;effort
reason,i
without
and
be,
will
notwith
what the outcome as to the Gas Co.
at a constant boil. See
standing Judge Peckham filed a memorandum which, that general business is kept
nce of the past few weeks.
it was stated, covered the conclusions reached. The what has been the experie
There was certainly a very fair—yes, good—promise
Supreme Court, it seems, finds that the valuation of
of developing activity.
the plant and franchises as fixed by the lower court is of an approaching term
ment but was contribuerroneous in certain particulars, and that,based on Hardly an industrial depart
earnings showed, in face of
the actual value,the 80-cent rate would yield probably tory to it. Even railroad
suffering from, inor more with the natural increase in consump- the persecutions the roads were
hopes of further divition under the stimulant of lower prices—a result creased gross and net, giving
To-day where are
which would not be confiscatory. The decision, how- dends in the not remote future.
our legislative halls,
ever, finds that the provision of the law requiring the we? Never in so short a time in
ons, has such a
excepti
company to maintain a certain pressure of gas is and in the public marts with few
sway as now. Talk
unconstitutional because the present mains would not discouraging outlook obtained
of prosperity—the
stand the increase, and to renew them would so aug- about overdrawing on the bank
g on the vital
drawin
ment the cost as to place the rate beyond the line of truth is, we are exposing and
tling the
m—throt
organis
confiscation. The penalties prescribed by the law energies of our industrial
ing and
nourish
of
are also held void, but Judge Peckham, as we under- renewed growth of life instead
rd
Standa
the
Even
stand his statement, claims that the entire Act is not cultivating and stimulating it.
it
when
martyr
a
Oil may in public estimate get to be
void for either one or both of those reasons.
prosecu
public
the
The foregoing seems to indicate that nothing is fully realiz9d that the answer of
comthe
by
week
of fact as to valuation among the findings was to be tor to the new victory gained this
attack. We protest
considered final. Moreover, that while the present pany is a preparation for another
on the bank of
-drafts
suit was against the company, it was dismissed "with- against calling such results over
has seen years
who
man
out prejudice," which permits another suit along the prosperity. So will every
s under
evening
in
when,
same lines if the new rate should prove to yield less than enough to remember the time
-oil
he
lamp,
whale
the
a fair return on the investment. Two other findings the light of the tallow dip and
long
lived
has
and
,
lessons
seem, likewise, to be quite remarkable; one of these is used to study to-morrow's
petroleum
that although the law is unconstitutional because it enough since to bless the producer of refined



JAN. 9 1909.]

THE CHRONICLE

71

and the builder of pipe-lines, making the product
The U. S. Geological Survey at Washington has
nearly as cheap as water and as free almost as air and given out advance figures of the copper production
sunlight.
of the United States during the late calendar year.
Necessarily the figures are in part estimated, since
It is noteworthy that while contributions by the only a few days, have elapsed since the close of the
Government and by States, municipalities and indi- year, but they are interesting as showing the condition
viduals in this country for the relief of the sufferers of an important industry during a trying period. The
by the terrible earthquake disaster in Italy have compilers have complete returns for the eleven months
been large, as indicated by the reports of associations to Nov.30 and,with pretty close estimates by the prothrough which such contributions have been for- ducers themselves for December, the production of
warded, there is no evidence of any transfers of funds copper in 1908 from ores mined in the United States
or of the extension of relief of a similar kind by Euro- is placed at 50,000,000 lbs. larger than the output of
pean governments to Italy except that which has 1907, which was 868,996,491 lbs. No detailed stabeen effected through the concentration of naval tistics are yet available for the different States, but as
vessels at the scene of the disaster. Had there been far as the three great copper-producing States are
insurance upon the property destroyed which would concerned, it is pointed out that Arizona and Montana
have covered losses by fire, the fact would doubtless record large gains over 1907, while Michigan shows
have been stated in the news cables; if losses were little change. With these results as a basis, the
not collectible by reason of exemption of those that Geological Survey makes the statement that to the
were caused by earthquake, such fact would, it seems, copper industry of the United States the year was a
have been disclosed. The financial relations existing period of gradual recovery from the severe depression
between Italy and France are intimate, and therefore in the last part of 1907. This statement is of course
any relief that was needed by the Government of the true when regard is had simply to the extent of the
former country would most likely have been obtained output and to the fact that nearly all the important
from Paris; there is no intimation, however, that producers were in operation throughout most of 1908
requisitions have been made by Italy upon Paris even and a few new companies began producing copper
for balances with French institutions to reinforce the during the year. In other respects, however,the
Italian banks. Evidently there has been no financial statement is subject to important qualifications. In
disturbance at Rome as the result of the disaster, the first place, the price ruled low throughout the
though it is of unparalleled magnitude; such a terrible whole of the twelve months, though being somewhat
shock,involving enormous financial losses to property, better at the close of the year than at the beginning,
should, it would seem, have caused widespread dis- and in the second place the consumption of copper
turbance and apprehension of its more or less perman- at home was far below the normal.
ent continuance. The absence of any shock of a
The bulletin of the Geological Survey tells us that
financial character may, it is suggested, be due to while it is not yet possible to give the production of
the fact that the relief required was liberally contrib- refined new copper by works in this country, the
uted in the form of food and clothing for the sufferers amount will hardly equal the output of 1907, which
by the Italian Government and people; other supplies was 1,032,516,247 lbs. This is one bit of evidence
were obtained from the merchant and naval vessels going to show a diminished consumption of copper,
that were assembled from near-by localities. When and further corroboration is found in the definite
reconstruction of the devastated cities shall be under- statement that the domestic consumption of new coptaken, extensive borrowing by the Italian Government per will show a decline from the 485,000,000 lbs. of
will doubtless become necessary.
1907 and that stocks of refined copper are still unAn engagement of $500,000 gold coin on Thursday doubtedly very large. Thus it appears that it was
for shipment from New York to Argentina was an- possible to maintain a high rate of copper production
nounced this week; later $1,000,000 gold coin was solely because of the large shipments of the metal to
engaged for export to Paris. The London cables re- foreign countries. The exports for the twelve months
ported a withdrawal of $5,000,000 for shipment to of metallic copper are estimated at about 660,000,000
Argentina, which had the effect of imparting a firm lbs., the largest ever recorded, and an increase of
tone to the London discount market. It appears that about 30% over the 508,929,401 lbs. exported in
an Argentina bond issue of 173/ million dollars is pend- 1907. The average quoted price of electrolytic copper
ing in London, as the result of which, and also of at New York for 1908 is given as only 13.20 cents,
London's participation in the Russian loan, discounts with the price at the close of the year 14.18 cents.
may possibly be advanced next week at least The average price for the twelve months of 1907, notto 3%.
withstanding the great drop in values the latter part
It is announced by London and Paris cables that the of the year, had been in the neighborhood of 20 cents,
protracted negotiations over the new Russian loan and the reduction of 7 cents per pound in the average
have resulted in an agreement to effect the emission price received, when applied to the 920,000,000 lbs.
on or about Jan. 22 of a loan for 240 million dollars of copper produced, affords evidence of the unsatis432% bonds at an issue price of 89.90. A recent report factory and unfortunate character of the year from
was that the negotiations were retarded because of the standpoint of the shareholders in copper-mining
fear of a recrudescence of disturbances in the Balkans, companies.
which report stated that apprehensions of such disturbance were aroused by a speech by the Servian
Last year's experience in the copper trade, as here
Minister of Foreign Affairs; Irthelinfluence r'of this recorded, appears to be finding its duplicate just now in
speech has, apparently, _been'sinceallayed.
the condition of the iron trade. Iron production has
considerably recovered of late from the extreme point of




'72

THE CHRONICLE

[VOL.

Lxxxvin.

depression reached during 1908, but experts in the trade brought about had not capitalists been encouraged
are beginning to have misgivings as to whether the in- to invest in mines and industries.
Concerning the coal supply, Governor Stuart said:
creased output is being met by a corresponding expansion
can determine with reasonable certainty
"Experts
in consumptive requirements. The "Iron Age"of this
the large deposits of coal will be exwhen
monthly
period
figures the
city has this week made up its usual
proper that some steps
exceedingly
is
It
iron
pig
hausted.
was
and finds that in December the make of
deposits. The coal
these
conserve
to
taken
be
in
tons
1,577,854
should
no less than 1,740,912 tons, against
235,615,415 tons,
was
1907
for
Pennsylvania
in
June.
in
output
This, it
November and only 1,092,131 tons
large as that of
as
almost
a
tonnage
represents
of
rate
the
output which
will be observed, shows an increase in
large as that of
as
times
five
about
and
Britain
is,
from
60%—that
Great
during the six months of, roughly,
is the
Pennsylvania
Union.
the
in
June.
State
last
Even
other
any
the nadir of depression reached
is
coal
world;
the
in
territory
ucing
December
coal-prod
the
product
greatest
after this recovery, however,
field
anthracite
the
tons
counties;
below
million
the
thirty-seven
in
mined
at 1,740,912 tons was half a
monthly average of production during the best comprising ten counties and the bituminous twentymonths of 1907. Including the increased make of iron seven. More than 50% of the total production of
during the closing months of 1908, the "Iron Age" figures coal in the United States, from 1814 to the close of
the output of iron for the twelve months at only 15,873,- 1907—or about 3,786,000,000 tons—was mined in
004 tons, as against 25,781,361 tons during the twelve Pennsylvania. This condition compels the serious
months of 1907 and 25,307,191 tons in 1906. In other conclusion that it is vitally important to conserve
words, iron production in 1908 was reduced, roughly, not only the timber, but also the fuel supply."
10,000,000 tons;as compared with either of thetwo years
The statement of the New York Associated Banks
immediately preceding, and from this one gets an idea
in
week showed, as the most notable feature, wide
experienced
the
depression
last
iron
the
of
severity
of the
between loans and deposits as reported
differences
trades.
steel
and
The recovery now taking place is, of course, a gratifying by the average and those shown by the returns of
development, although, as already stated, a qualifying actual conditions. The averages indicated a decrease
feature is that the trade journals are expressing doubts of 33/ millions in loans and of 13 millions in deposits,
as to whether the rapid increase in production which while actual conditions disclosed an increase of
has latterly taken place is fully justified. The "Age's" $28,885,200 in the former and of $37,968,400 in the
figures show that on Jan. 1 1909 the productive capacity latter. As the result of the changes in loans, deposits
of the furnaces actually in blast figured up 400,894 tons and cash, the average reserve increased $4,033,975,to
per week, being at the rate of 20,800,000 tons for the $20,957,300, and actual reserve decreased $3,565,300,
year. This leads our contemporary to say that the to $14,704,375; computed upon the basis of deposits
expansion in output does not appear to harmonize well less those of $8,699,400 public funds, the surplus was
with the reports of the lack of activity in the finishing $16,879,225. The above-noted differences in loans
industry. If it were possible to collect statistics of the and deposits represented largely the cashing of January
stocks of pig iron at the furnaces, the "Age" says, we coupons on securities and also changes in trust comwould have a better means of judging whether optimism pany reserves preparatory to compliance with the
has got the better of the iron-makers, and whether they requirement of an additional reserve by Feb. 1.
are not in danger of over-doing the resumption to normal.
The market for money was extremely easy this week,
In another part of its report, the "Age" says the feeling
is gaining ground that new business in finished iron and reflecting the loaning of funds that had been returned
steel is not coming up to expectations, moderate though to the banks as deposits after the January settlements
these expectations were. The railroad orders particu- had been effected. Liquidation on the Stock Exlarly,the "Age"tells us,are lacking, and in other channels change tended to lessen the inquiry for money, and
of consumption there is a lack of snap. We would par- apparently balances of the lending institutions were
ticularly direct the reader's attention to the statement pressed for employment, thus establishing lower rates,
that railroad orders are lacking. That shows where the especially for call loans. Contracts for short fixed
rub is. To avoid bankruptcy the railroads are being periods were in small request, a prolonged period of
obliged to curtail their disbursements in a most drastic ease in day-to-day money being looked for as the
way, as their monthly returns, published in large num- result of inactivity in speculation, at least until after
bers on succeeding pages, so clearly show. Evidently the inauguration of Mr. Taft. It is expected, too,
the railroads must be helped to their feet again if there is that there will be a movement hither from the interior
to be enduring recovery in the iron and steel trades, and of larger sums than usual now that the requirements
for crop distribution seem to have been satisfied.
for that matter in most other trades.
Money on call, representing bank and trust comwho
capitalists
balances, loaned on the Stock Exchange during
to
consoling
pany
It must be somewhat
of
Pennsylat 3% and at 1 2%, averaging about 24%;
State
week
the
the
in
are interested in investments
to
the
Stuart
institutions quoted 13/2% as the minimum.
lending
Governor
all
of
to
vania find in the message
entire
on good mixed Stock Exchange collateral
absence
an
loans
Time
State
of
the Keystone
Legislature
quoted at 23/2@29% for sixty to
natural
Pennsylvania's
nominally
were
corporations.
of attacks upon
resources have made that State teem with busy in- ninety days, 3@33% for four and 33@33/2% for
dustries, most of which are conducted by corporations, five to six months. Money for ninety days to four
and it is in that State that the United States Steel months was offered at 2%@3%, both on mixed and
Corporation has more plants than in any other. Gov- industrial security, but .the demand therefor was so
ernor Stuart evidently realizes that the great develop- small that in some cases recessions from these rates
ment in Pennsylvania could not possibly have been failed to attract business. Some transactions were




JAN1 9 1909.1

THE CHRONICLE

reported at 33470 for six to seven months on mixed
collateral. One feature was the paying off of January
maturities, and there was no inclination to renew
them, even at the low rates, for equally long periods.
Commercial paper was in good supply with a revival in
the inquiry, especially from the West. New York
buyers are in the market for the best names and those
classed as good found ready sale. Quotations are
3M@4% for sixty to ninety-day endorsed bills receivable, 3%@4% for prime and 4@43"2% for good four
to six months' single names. New York City tffected
a loan for $10,000,000 for ten months on revenue
bonds at 3h70,and the securities were promptly sold.
The Bank of England rate of discount remains unchanged at 23'%. The cable reports discounts of
sixty to ninety-day bank bills in London
47
0 and at
The open market rate at Paris is 25
Berlin and Frankfort it is 231%. According to our
special cable from England, the Bank of England
gained £440,234 bullion during the week and held
£31,172,636 at the close of the week. Our correspondent further advises us that the gain was due wholly
to receipts from the interior of Great Britain, exports
having exceeded imports by £69,000. The details of
the movement into and out of the Bank were as follows:
Imports, £6,000 from Australia; exports, £75,000
(wholly to South America), and receipts of £509,000
net from the interior of Great Britian.
The foreign exchange market was irregular, though
generally strong, this week. There was a good
demand for sterling early in the week, it being expected that there would be a large inquiry to remit
the proceeds of interest and dividends on American
securities held abroad, and also to cover speculative
sales that had been effected in the previous week.
These expectations were, however, not realized, the
demand for remittances was easily satisfied, indicating
that requirements had been largely anticipated, and
there was no special urgency to cover oversold exchange, because, as was reported, the majority of the
contracts had been privately closed. Speculative
selling was then resumed, operators taking advantage
of the comparatively high rates that had been temporarily established, and the market yielded to the
pressure of offerings and became weak, with the
greatest decline in cables. The fall was so precipitate
that a covering movement soon developed and the
market closed on Monday with a firmer tone, though
the improvement in rates was only fractional. The
ease in money and the maintenance of comparatively
high discounts at Paris were factors that attracted
attention on Tuesday, largely because of the continued absorption by Paris of the South African gold
that was offered in the London bullion market, indicating that French requirements for the metal had
not been satisfied. The exchange market opened
lower, reflecting renewed speculative selling, which
was traced to a large house that has recently been
Conspicuous in market manipulation. The selling
soon became general, but suddenly the market sharply
recovered on re-buying, which was partly influenced
by offering of securities by London; and there was
a partial reaction by the close, with cables and guilders
in good request. The tone was strong on Wednesday,
chiefly because of light offerings of bankers' bills, and
•




73

there was a noticeable dearth of commercial acceptances. While the del-nand kir reinittance was not
specially urgent, it was sufficient to keep the market
sensitive to slight influences. The tone was firm on
Thursday, and one feature was the engagement of
$500,000 gold for shipment fo Argentina on London
account. This was followed on Friday by the procurement of $1,000,000 gold coin for export to Paris.
Compared with Saturday of last week,the market
on Monday was 10 points lower for long at 4 8495@
4.8510, 20 points for short at 4 8690@48695, and
35 points for cables at 4 8710@4 8715. On Tuesday,
long fell 10 points to 4 8485'@4 85, short 10 points
to 4 8680@4 8685 and cables 5 points to 4 8705@
4 8710. On Wednesday long rose 15 points to 4 8510
@4 8515, short 10 points to 4 8690@4 8695 arid
cables 15 points to 4 8720@4 8725. On Thursday
long fell 30 points to 4 8490@4 8510, short rose
5 points to 4 8690@4 87 and cables 5 points to
,4‘872564 8730. On Friday long fell 10 points while
short rose 30 and cables 20 points.
The following shows daily posted rates for sterling
exchange by some of the leading drawers:
Thvrs., Mon., Plea., • Wed., Thurs., Fl-i.,
Dec. 31. Jan.4. Jan.5. Jan.6. Jan.7. Jan.8.
Brown
J64days 4 86
1SIght::. 4 88
Brothers & Co
Kidder,
f60 days 4 86
Peabody & Co
1 Sfght.,:488
Bank British
560 days 4 86'
North America' _ _ _ _ISight:.4 88
Bank (.f
560 days 4 86
Monrral
1Sight.... 4 88
560 days 4 86
Canadian Bank
1Sight..... 4 88
of Commerce
560 days 4 86
tIeldelbach‘, Iekel1Sight__ 4 88
heimer & Co
160 days 4'86
Lazard
1Sight_ 4 88
Freres
160 days 4 86
Merchants' Bank
ISIgbt__ 4 88
of Canada

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

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

86
88
86
88
86*
88
83
88
86
88
86
88
80
88
86
88

86
88
86
88
86
88
86
88
86
88

86

88
86
88
86
88

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

The rtiarket closed on Friday at 4'8490@485
for long,4 8720@4 8725 for short and'4 8740@4 8750
for cable's. Cdihmercial oti banks 4.8455@4 8465 and
doeuments fbr payment 4g4@'4 85%. Cotton for
payment 4 84@4 844; cotton for aeeeptance 4 8455
@4 8465 and grain fdr payment 4 853@ 4 8594.
The following gives the week's movement of money
to and from the interior by the New York banks.
I
I
Net Interior
NReC irleidaZs.'N. Y.
Week ending Jan. 8 1909.
Movement.
Currency
Gold

' $12,867,000
3,324,000,

$5,349,000 Gain $7,518,000
784,000 Gain 2,540,000

1 $16,191,000

$6,132,000 Gain $10,058,000

Total gold and legal tenders

With the Sub-Treasury operations and gold exports
the result is as follows:
Week ending Jan.8 1909.
Banks' Interior movement, as aboNeSub-Trees omr. and gold exports __
Total gold and legal tenders

Into
Banks.

Out of
Banks

$16,191,000
30,611,0-0,

Net Change in
Bank Holdings.

$6,133,000 Gain $10,058,000
23,471,000 Gain 7,140,000

$46,802,0001 $29,604,000 Gain $17,198,000

The following table indicates the amount of bullion
in the principal European banks.
January 7 1909.

January 9 1908.

Banks of
I

1

Gold.

Total.

I

£

£

I
I

Gold.

Silver.

I

Total.

.£

.8
31,172,6361 34,771,408
England_ .., 31172,6361
France _ _ 140,727,4401 35,320,800 176,048,240 106,973,389
Germany. 33,732,0001 13,977,000 47,709,000' 26,819,00C
ItussIN___ 121.088,0001 6.870,000 127,958,000,117,235,000
Aus.1iun. 49,265,0001 12,225,000 61,490,000, 45,808,000
Spain _ — 15,812,00 32,396,000 48,208,0001 15,663,
Italy
37,593,0001 4,550,000 42,143,004 36,457,000
Netherrds 84k7.8001 4,110,300 12,528,104 7,650,000
Nat.13e1g.. 4,233,333 2,116,667 6,350,000 3,616,000
4,344,000
4,344,000 3,00,000
Sweden _
4,707,000 3,075,000
SWItzerrd. 4,707,000
1,747,000 1,652,00
Norway — 1,747,0001_

34,771,408
36,621,387 143,594,776
11,115,000 37,934,000
5,443,0001 122,678,000
11,729,000 57,537,000
25,692,000 41,355,000
4,700,000 41,157,000
4,463,400 12,113,400
1,808,000 5,424,0(10
3,006,000
3,075,000
1,652,000

Total week 452,839,2091111,565.767 564,404.976 403.625,797 101,571,787 505,197,584
Prey. week 455,094,4891113,121,818 568,216,3071400,453,866 100,822,482501,276,348

74

THE CHRONICLE

[VoL. Lxxxvm.

ieF

THE NEW YEAR IN EUROPE.
In looking forward to the year 1909 in other countries
than our own, the first question of interest which
arises is that which perhaps most largely occupies
the minds of people here as well—the question of
financial and industrial recovery. It is probable
that this question presents itself to Europe as a more
puzzling problem than it does to our own people.
Such recuperation as has already occurred in Europe
since 1907—and there has been a very considerable
recovery—has probably been slower there than here,
and it has, at any rate, been obvious throughout the
year that the undertone of buoyant confidence in
speedy restoration of good times has not prevailed
on the European markets in anything like the degree
with which it has displayed itself in America.
Yet, on the other hand, there is much to argue
from the fact that Germany, which even a year ago
was regarded as the conspicuously insecure part of
the European financial organism, has regained
economic strength by unexpectedly rapid strides.
That it should have done so is itself a witness to
underlying strength on Europe's financial and commercial markets as a whole. And back of all stands
the powerful position of financial Paris. The enormous accumulation of gold at the Bank of France is
now universally recognized as a tribute to the strength
of France in the market for international capital.
That this gold should have rushed back to the French
market at a time when the use of money in trade
had been immensely curtailed among all the other
nations of the world is no more strange than the
fact that surplus bank reserves at the financial metropolis of this country should have reached last
year almost unprecedented heights. The real problem,
as Europe unquestionably now sees it, is howi soon this
huge reserve of capital and gold at Paris will once
more be drawn upon by reviving trade. The fact
that such a reservoir of credit is available for instantaneous use is a matter of reassurance.
When we turn to the broader questions of politics
and diplomacy, four of the European nations present
interesting problems, to the solution of which the year
now beginning must largely contribute. The first
is England. Rarely in the history of that country
has the political position been so singular as at the
present time. The Liberal Party, which came into
power in 1906 with an astounding majority, has
discovered, in accordance with the predictions of all
experienced critics at that time, the embarrassment
of such majorities, and particularly the serious handicap placed upon a government which relies for its
popular support so largely on what may be called
the semi-socialistic vote. It was, to be sure, argued
at the time that the majority, even outside of the
labor vote, was so great that deference to the extreme
ideas of that faction might be safely refused. But
this does not appear to have been the feeling of Mr.
Asquith. The Premier's general policy will have
been measured in the public mind by the attitude
which he has taken on two highly important questions
—his actual legislation regarding old-age pensions and
his rather extraordinary personal attitude regarding
woman suffrage.
Even in the matter of the budget, which the Liberal
Ministry was expected to handle on the lines o




thorough reform, it has already become evident that
the enormous and undoubtedly increasing outlay
for old-age pensions, combined with the heavy appropriations for new warships, cannot fail to create a
position more difficult than that which existed even in
the days of financial recuperation after the Transvaal
War. Under such circumstances, it is scarcely to be
wondered at that financial circles in London are
expressing nervousness as to the next move of the
Government. Their apprehension bases itself apparently On the feeling that when a ministry with just
this record is confronted with the double problem of a
struggle to retain power and the danger of a public
deficit, it will be tempted to kill two birds with one
stone by imposing excessive taxes on the well-to-do.
In this it may be hoped that Lombard Street's opinion
does wrong to Mr. Asquith. The year 1909 will give
some sure evidence as to what the position actually is.
Germany is the second of the European States where
the events of 1909 may be epoch-making. It is already
evident that the remarkable uprising of the Reichstag,
against the impulsive and unconstitutional excursions
of the Emperor into the field of international politics,
has not accomplished all that was at first assumed.
That his powers are curtailed to the extent that he
may not hereafter meddle in diplomacy, unless through
his Ministerial representatives, is plain enough, and is
a substantial gain to public tranquillity. But full
constitutional government, according to the English
and American ideas, has not yet been established.
Parliament is not to nominate the Ministry, and the
executive government remains a curious mixture of
Anglo-Saxon ideas of the present time with those which
prevailed at the time of the Stuarts, when Ministers
were chosen by the King at his own pleasure, and
when the most the Parliament could do was to hold
them strictly responsible for the actions of the sovereign. It remains to be seen whether the Reichstag
incident .in the last month of 1908 means further
development of constitutional ideas in Germany or
not. Perhaps this question may interweave itself
with the Ministry's proposed measures for new taxation to support an increase of $125,000,000 in the
public outlay. It is impossible that so drastic a
measure should pass without criticism or resistance,
and the discussion may have important bearing on the
future relations of the Crown and the Legislature.
No country in Europe has before it a more interesting year of test than Turkey. With the hopes and
difficulties surrounding the new constitutional legislature which convened last month,every one is familiar.
That the elections should have occurred in orderly
fashion, and that the new Parliament should have
convened under circumstances of great pomp and
patriotic display, was to have been expected. What
the new legislature has before it may be judged by
the following extract from reports of the Sultan's
speech to the parliament on its opening day:
"Two surprising events caused us most profound
regret. In consequence thereof it is now the task of
our Council of Ministers to choose what measures
should be taken to safeguard the rights of the nation,
and it is our desire that they should obtain the support
of Parliament in this task. (Cheers.)
"In view of the amicable relations existing between
the Powers and the Ottoman Empire, we hope that.we
shall find a satisfactory solution of these political
questions with the aid of the Great Powers. It is our

JAN. 9 1909,1

THE CHRONICLE

desire that the national finances should be reorganized,
the budget properly balanced, the resources of the
country developed, and its , people's prosperity assured; that arts and education should be widely spread
among the population and that the army and navy
should be brought to a high degree of efficiency. We
therefore hope you will study the legislative proposals
submitted by the Ministers to the Chamber of Deputies, and that the Deputies will succeed in elaborating
laws worthy of acceptance by the Senate."

75

vestments in this species of property are not threatened
by the decision.
That varying views should prevail as to the significance of the action of the Court does not appear•
strange considering the complicated character of the
case, and the many and the intricate problems involved in it. Few cases have ever come before the
Court, we should judge, raising so many vexed questions and embodying so many novel propositions,
This is a program whose actual fulfilment would never previously passed upon, and as to some of which
point unerringly to a new and better era in Turkish there were few, if any, precedents or authorities for
history. The problem which remains for 1909 to the guidance of the Court. In an article in our issue
settle, however, is whether so heterogeneous a body of of Dec.28 1907, reviewing Judge Hough's decision, we
legislators can discuss and agree upon these numerous enumerated some of the difficult points that had to
delicate questions, without degenerating into factions be determined. Admitting that the company was
or developing a powerful and sullen opposition which entitled to a fair and reasonable return, the first
might,as happened in the case of the Russian Douma, question which necessarily came up was, What is a
bring matters into legislative chaos. That the new fair and reasonable return? Assuming that question
Parliament will not, as was at first apprehended, force answered, the next point was,upon what aggregate of
the hand of the Government in the matter of war to investment or of capitalization should this return be
recover the Balkan provinces, the Sultan's speech computed. A third question was as to the cost to
itself intimates, and there is fortunately good ground the Consolidated Gas Co. of manufacturing its product
on general principles to expect it.
and what items of expenses should be allowed the
Russia has passed through what may be called an company in measuring or computing its income. The
uneventful year; it remains for the new year to show share capital of the company furnishes no guide
as to
how far the peaceable attitude of the Douma during the amount employed in the manufacture of gas, since
1908 can be indefinitely continued, while still pre- the company has very extensive investments in
the
serving the independent powers of Parliament and stocks of other companies, both those engaged
in gas
people. Recent dispatches have indicated that a lighting and heating, and in other pursuits.
It was
stormy opposition still exists, which has found voice therefore necessary to establish by evidence the
amount
in protests against the Government's financial meas- actually invested in the gas business
and also the inures and in angry discussion of the punishment in- come derived from that business. This last in turn
flicted by the Government on individuals. Yet it is involved determination of the question of the cost to
evident that so long as the Crown preserves the power the company of producing the gas. It willreadily be
over the public purse and the public credit, just so seen how numerous were the items to be passed upon
long will it be able to hold the Legislature in subjection. under each head; and with so much chance for conThe apparent nearness of the flotation of the Russian flicting evidence on many of the items and with
loan at Paris will be another step in fortifying the po- no clear rules for guidance as to what should be
sition of the Czar and his Ministers.
accepted and what rejected, it does not seem at all
Elsewhere in Europe there is little to challenge at- surprising that the conclusions of the Supreme
Court
tention in a forecast of the coming year. It is not should on some points be at variance with the conimpossible that in the case of Italy, at any rate, some- clusions of the lower Court.
thing more may be heard of the financial and
The matter in the first instance went before the
commercial after-effects of the earthquake at Special Master, Arthur H. Masten, who
had been
Messina. But this is mainly a matter of curious appointed by Judge Lacombe. He had
the case
conjecture.
under consideration for nearly a year, and, as we
pointed out on a previous occasion, the testimony
taken by him and the various exhibits which he
THE SUPREME COURT DECISION REGARDING prepared made up one of the most voluminous court
EIGHTY-CENT GAS.
records ever presented in a case of that kind. The
While the effect of the decision this week of the report of Mr. Masten was reviewed by us in our issue
United States Supreme Court reversing the decree of of June 29 1907. Judge Hough subjected the Master's
Judge Hough, declaring the 80-cent gas order and figures to extensive revisions and alterations and the
gas law unconstitutional, has been to create a dis- final result was that he put the valuation of the
tinctly unfavorable impression, there are nevertheless property employed by the company in the gas
some very reassuring features in it. When we say business at $59,000,000, whereas the figure
"reassuring," we have reference of course to the arrived at by the Master was no less than
protection of investments in the gas business and in $83,357,000.
public service corporations generally. The opinion
Judge Hough found after detailed analysis and
of the Supreme Court has not yet been handed down, examination that with a total valuation of $59,000,000
but Justice Peckham has furnished a synopsis of the there was the probability of an income of $3,030,000.
points on which the judgment of reversal is based, and He thought that a prudent man would have just and
while study of these does not make it entirely clear legal right to expect a return of 6% upon his investwhy a law, vulnerable in so many particulars, should ment, and as the $3,030,000 would yield considerably
have been upheld in its main feature, we yet feel war- less than 6% upon the $59,000,000 of capital employed
ranted in saying that, whatever the outcome as far in the business, he reached the conclusion that the
as the Consolidated Gas Co. is concerned, general in- gas statute was unconstitutional for that reason. But




76

THE CHRONICLE

[VOL.

features, where all the different parts are so clearly interrelated. ,We assume it correct ,to say that the action
of the Court furnishes another illustration going to
show how reluctant the courts are to invalidate a law
of any kind if any decent or reasonable excuse can be
found for saving it.
It is pleasing now to turn to the favorable aspects
of the decision. As already stated, there are some
decidedly reassuring features in the enumeration of
points made by Justice ,Peckham. The nature and
importance of these features can only be understood
by considering them in. connection with the reasoning,
the arguments and contentions made at the time of
the trial of the case. In the newspaper discussions
of the case this week the bearing of some of the rules
laid down by Justice Peckham seems to have been
overlooked. For instance, in his seventh proposition,
Justice Peckham says: "The rate proposed must be
with reference to the value of the property at the time
the rate takes effect. The company is entitled
when
The provision in the Acts requiring a certain pressure is
benefit of any increase in value at that time."
the
to
shows
unquestionably
great
unconstitutional. The proof
possible if not probable danger of explosion in the mains or This was precisely the view taken by Judge Hough
other pipes if the pressure demanded were applied to them and really involves one of the points of largest importas they now are. To eliminate such danger would require ance in the whole controversy.
strengthening all the mains and other pipes, which would
Consider the bearing of that rule on the value of the
involve an expenditure of many millions of dollars upon
owned by the Gas Co. and used by it in its
realty
rates
the
at
prescribed
which no return could be obtained
by the Acts. The provision can be separated, however, business of manufacturing gas. The Master in his
from the rest of the statute, and the balance thereof made appraisement of this realty followed the plan oftaking
valid. The pressure must be sufficient to produce a light the value ruling at the time of inquiry, which Justice
of the candle-power mentioned in the Acts.
Peckham now says is correct. But when the Master's
With reference to the penalty provisions, Justice report was up before Judge Hough, the proposition
Peckham says: "If the Court below is right in its was disputed. It was objected that such a rule
construction of the penalties, as to their amount, &c., conferred upon the company the right of earning a
such penalties are void, but are separable from the return upon land values representing no original inrest of the Acts and the balance can be effectually vestment by it, as the land had greatly appreciated in
carried out." This is by all odds the most remarkable value since it was bought. Judge Hough upheld the
part of the decision. Consider the nature and vicious Master in this course and said it was not to be inferred
character of these penalties. Judge Hough did not that any American Government intended when grantfind it necessary to go into this part of thb case at all, ing a franchise, not only to regulate the business transthe Master's report in that particular being so abso- acted thereunder and reasonably to limit the profits
lutely conclusive. The Master showed that as the thereof, but to prevent the valuation of purely private
Consolidated Gas Co. has about 390,000 customers in property in the ordinary economic manner; and he
the City of New York to whom bills are sent monthly, regarded the property under consideration as being
and as a penalty of $1,000 is imposed for each charge as much the private property of the Consolidated Gas
for gas in excess of 80 cents, the penalties accruing Co. as are the belongings of any private citizen. He
against the company, if it charged more than 80 cents, showed that a part of the land owned by the company
would amount in the aggregate to about $390,000,000 had been continuously employed in the gas business
per month and to $4,680,000,000 per year. Further- for more than two generations, during which time
more, the law provides as an additional penalty that the value of land upon Manhattan Island has inwhere a price in excess of the statutory rate is de- creased even more rapidly than its population. He also
manded, that fact shall constitute a complete defense pointed out that in like manner the construction exto an action for a recovery for the amount of gas pense, not only of buildings but of pipe systems under
delivered. The law also provides a penalty for each streets now consisting of continuous sheets of asphalt
offense on a violation of the provision with reference over granite, has enormously advanced. If it be true,
to the pressure of gas, which the Supreme Court, no he argued, that a pipe line under the New York of
less than Judge Hough, condemns as impossible. This 1907 is worth more than was a pipe line under the city
penalty would aggregate $5,000 per day upon evidence in 1827, then the owner thereof owns that value.
recorded at each of the five city testing stations of This view, apparently, the Supreme Court endorses,
only a single violation per diem of said laws, or at and it is a great point gained to have that fact
the rate of $1,800,000 per year under the company's settled.
The matter of the valuation of the company's frandistributing system as now existing and in operation,
and these amounts would be increased by additional chises involved another phase of the controversy.
Here, toot the Supreme Court lays clown rules tending
or more frequent tests.
We dwell thus at length upon these penalty and to reassure the investor, though it does not go quite
pressure provisions because it seems really remarkable so far as Judge Hough in that regard. It had been
that the Court should have upheld one part of a law contended on behalf of the city and State that the
embodying so many extraordinary and abhorrent company was not entitled to have a value put upon its

he also found two other grounds of unconstitutionality: (1) by reason of the excessive penalties
imposed, and (2) by reason of the fact' that the
gas pressure required by the law is commercially
impossible.
The Supreme Court sustains him in the last two of
these contentions, but not in the first, and, curiously
enough, refuses to condemn the whole law even though
it contains the two unconstitutional provisions referred
to. The Court does not mince Mattersin declaring the two
provisions in question unconstitutional, and yet it
extends a saving hand and upholds the price-reduction
feature of the law—on the rather dubious ground,too,
that there is a bare possibility that the reduced price,
if given a trial, may show a bare return of 6% upon
the assumed value of the property employed in the
gas business.
Here is what Justice Peckham says concerning the
requirement of an increased gas pressure:




JAN. 9 1909.

THE CHRONICLE

77

franchise at all. That contention Judge Hough would sustain him and that appears to be the only substantial
not uphold, nor does the Supreme Court. Judge particular in which he is overruled. Justice Peckham
Hough showed that when the Consolidated Co. was says that the estimated increase in the franchises "is
organized in 1884, under a statute which in terms per- only an estimate and is not based upon evidence
mitted it to acquire the property and franchises of the sufficient to warrant the finding of any increase whatold gas companies, it issued stock of the par value of ever over the amount agreed upon at the consolida$7,781,000 representing the franchises it then acquired, tion."
and nothing else. This stock, he reasoned, is still outIt is this refusal of the higher Court to sanction an
standing and has since 1884 been in the hands of increase in the value of the franchise, in the absence
purchasers who have a right to rely upon legal protec- of evidence establishing the increase, that has led to
tion for legally issued stock. This position the Su- the reversal of the judgment of the lower Court
preme Court in express terms endorses. Justice Peck- declaring the 80-cent rate confiscatory. Justice Peckham says that the State has never questioned the ham points out that after reducing the franchises by
validity or fairness of the valuation,and this being so, the amount of the assume d increase the result gives
the State should not now be heard to dispute it. He a return of almost 532%. A reduction in the value.of
speaks guardedly and qualifiedly, as courts always the real estate, plants, &c., of a small amount only
do, and says the present case is decided upon its own would bring the return to 6%. Furthermore, a
peculiar facts. "The method of arriving at the value possible increased consumption of gas would probably
of these kinds of franchises, and how they should increase the earnings of the company, he assumes,
generally be tested in the fixing of rates, are without a corresponding increase of cost. Accordingly
questions not now before the Court, and are left un- it is held, that "under all the circumstances the
decided."
complainant has failed to make out its case with that
Another important point in the consideration of this degree of clearness necessary to warrant the interand similar cases, is whether in an estimate of valua- ference of a court of equity before an actual and bona
tion good will can be taken into account as a valuable fide test has been made under the practical operation
asset. In this particulaf case, according to Justice of supplying gas at the rates mentioned in the statute."
Peckham, it cannot. But he shows that there is a But the Court even here proceeds with great circumspecial reason for the Court's conclusion in the present spection, and considering the possibility that practical
instance. He says: "This is not a case for the valua- experience may, after all, demonstrate that the 80-cent
tion of good will. The complainant has in fact a rate does not allow a fair and just return upon the
substantial monopoly of the gas business in the City property used by the company in its business of supplyof New York, and those who wish to use gas must ing gas, the decree of the lower Court is reversed with
take it from the complainant. In this case, as there is directions to dismiss the bill without prejudice. This
no possibility of competition, there should be no means that after the 80-cent rate has had a reasonable
allowance for good will." The fair inference from this trial the company can bring a new action and demonlanguage would appear to be that in cases where there strate that the rate is not duly remunerative. The
is competition,and where superiority of service counts attorneys for the company have already announced
in favor of a company by reason of that fact, occasions that this will be done.
may arise where a public service corporation would
There is one other point to which it seems desirable
be entitled to include good will among its property to allude, namely the fixing of the interest or dividend
values.
return at 6%. It can readily be seen that if this were
Judge Hough also would appear to .have taken the the maximum rate to be allowed on money invested in
view that the Gas Co. could not include an allowance the manufacture of gas or in any public service
for good will in its valuations. Good will in the ordin- business, the effect might be to repel capital from that
ary sense, he declared, the company did not possess. class of investments. That would most assuredly be
What induces a customer to remain with the company, true in new communities and the newer sections of the
he asked, and then furnished the answer by saying country, where the risks attending enterprises of that
"Nothing except the fact that there is no opposition." sort are very much greater than in New York City,
He argued, however, that probably what was meant and where, therefore, a higher rate of return must
by good will was the organization of the company, be offered in order to induce capital to come in. In
long established and doubtless well manned and that regard also the Supreme Court ruling, as declared
equipped. Yet the organization itself, he reasoned, by Justice Peckham, has a reassuring aspect. The
was really dependent for its existence and continu- Court does not fix 6% as an undeviating rule. On the
ance, upon the franchise, without which there could contrary, Justice Peckham takes particular pains to
be no useful organization. He accordingly thought it state that "there is no rule as to any particular rate
proper to put a liberal estimate upon the value ofthe which any corporation subject to legislative control in
franchise. The company,w e have seen,in 1884 at the the matter has a right to obtain without legislative
time of consolidation, apparently put the value of the interference." He says: "It depends upon circumfranchise at $7,781,000. To Judge Hough it seemed stances and locality." In this particular case, with
that at the present date the franchise must have a reference to the risk attending the business and the
larger valuation, seeing that in the twenty-three years locality where it is carried on, the complainant, we are
from 1884 to 1907 the company's sales had quadrupled. told, is entitled to a return, if it is possible, of 6%
In default of any other method of arriving at the upon'the fair value of its property actually used inthe
present value, he increased the franchise valuation in business of supplying gas. On the whole, therefore,
the same ratio that the company's tangible property are we not justified in saying that there is much in
.had increased, raising the amount from $7,781,000 to this latest decision safeguarding investments in public
$12,000,000. In this the Supreme Court refuses to service enterprises?



THE CHRONICLE

78

ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S.
• —The public sales of bank stocks this week aggregate 131
shares, of which 51 shares were sold at the Stock Exchange
and 80 shares at auction. The transactions in trust company
stocks reach a total of 35 shares. Ten shares of stock of the
,National Park Bank were sold at 475—an advance of 373/i
points over the price paid at the last previous sale, which
was made in Nov. 1908. A sale of 10 shares of stock of the
4 was the first public transaction in
Lincoln Trust Co. at 1921
the stock of that company since April 1908, when the price
was 101. The table below, given in our usual form, shows
the actual sales of New York City bank stocks made during
the week at auction and at the Stock Exchange. Extensive
tables showing the bid and asked quotations, deposits, surplus, &c., of banks and trust companies in all important
cities of the United States are published monthly in the
"Bank and Quotation" Section, the January issue of which
accompanies to-day's "Chronicle." Bid and asked quotations for all New York City bank and trust companystocks
are also published weekly in another department of the
paper, and will be found to-day on pages 86 and 87.
Low. High. Close.
Shares. BANKS—New York.
196
196
194
*41 Commerce, National Bank of
475
475
475
*10 Park Bank, National
BANK—Brooklyn.
251
251
251
80 First National Bank
TRUST COMPANIES—New York.
18736 18736 18736
25 Carnegie Trust Co
192U 1923i, 1923i
110 Lincoln Trust Co

uniformity of values, but greatly assist the department of this State, as It
is
will obviate the necessity of a change in such values when its statement
audited for the department report. The advantages of this arrangement
I trust will meet with approval and co-operation.

Last previous sale.
Dec. 1908-197
Nov. 1908-43736
Nov. 1908-250
Dec. 1908-181
April 1908-101

, *Sold at the Stock Exchange.

—Rules for dealing in interest-paying bonds under the
new method of quoting these securities on the New York
Stock Exchange are set out in a circular issued by George
W. Ely, Secretary of the Exchange. As we have heretofore pointed out, under the old practice prices were quoted
flat, that is accrued interest was included in the price.
Now no account is taken of the interest, and all prices are
"and interest," the buyer paying the accrued interest in
addition to the price. The change went into effect on the
1st inst. The following is the circular referred to:
Interest-Paying Bonds dealt in "and interest" under resolution of the
Governing Committee adopted December 9 1908.
RULES FOR DEALING
After January 1 1909
on Securities December 23 1908
Committee
Adopted by
In settlement of Contracts in interest-paying bonds the interest shall
be computed to the day of maturity of contract on regular sales or on
sales at three days, at the rate specified in the bond; and on time option
contracts, Interest specified in the bond shall be computed to include
the day of sale, and thereafter at the rate of interest agreed upon.
Contracts made after default in payment of interest, and during continuance of default, shall be "flat."
Bonds upon which the interest is In default shall carry all unpaid coupons.
Registered Bonds will not sell ex-interest on the day the books close for
payment of interest.
In settlement of contracts in Interest-paying registered. bonds, interest
must be added to the date of the maturity of contract, and a due bill
signed by the party in whose name the bond stands, for the full amount
of the interest to be paid by the company must accompany the bond
until Interest is paid; the due bill issued by a non-member must be paid
when due by the Exchange member or firm guaranteeing it.
On a contract in interest-paying bonds "seller's or buyer's option" at a
rate agreed upon (as seller or buyer 20, 2%), the interest specified in the
bond shall be computed to and including the day of sale; and thereafter
Interest at the agreed rate shall be computed on the contract price, plus
accrued Interest. An agreed rate of interest must be computed for actual
elapsed days.
Interest at the rate specified in an interest-paying bond must be computed
on a basis of a 360-day year, I. e.:
-30 days;
Every calendar month Is 1-12 of 360 days=,
Every period from a date in one month to the same date in the following
•month is 30 days.
Income bonds must be dealt in "flat."
GEORGE W. ELY, Secretary.

—The appraisals of stocks and bonds in the reports
of the Insurance Departments of Massachusetts and New
York for the year just closed are to be uniform, according
to the following announcement made by Frank C. Hardison,
Massachusetts Commissioner of Insurance:
The Massachusetts insurance department has used in its printed report
for the last three years the values of stocks and bonds furnished by its
experts, these values being based on market rates as of Dec. 31. It is the
purpose to continue this plan for the next report, but with an improvement
suggested by experience. An arrangement has been made with the New
York department, by virtue of which the same expert will furnish values
of stocks and bonds to both the New York and the Massachusetts departThese values, it is expected, will be sent to the companies in
ments
pamphlet form by January 15, or perhaps, in part, on an earlier date.
Such companies as are operating in both States will receive a copy from the
New York department.
A company which makes use of these values in its annual statement
to Massachusetts will thereby not only take a step in the direction of




[VoL.

—The new Massachusetts law affecting the reserves of
trust companies became operative on the 1st inst. As we
noted in an editorial article on Aug. 29, it fixes the reserves
of Boston institutions at 20% and those of trust companies
elsewhere in the Commonwealth at 15%, exclusive of
savings and time deposits. The old law had called for a
reserve of 15% for all trust companies in the State, one-third
of which had to be cash. Under the new law, two-fifths of
the reserve is to consist of cash, one-fifth may consist of
bonds of the United States or of the State of Massachusetts,
while the remainder of the reserve may consist of balances
with trust companies acting as reserve agents, or with
national banks in Massachusetts or the cities of New York,
Philadelphia, Chicago or Albany. The cash reserve must at
all times be equal to at least 5% of the aggregate of all deposits, both time and demand, exclusive of deposits in the savings department. The law provides that any Boston trust
company, with the approval of the Bank Commissioner,
may act as reserve agent for other,companies in the State,
such reserve agent, however, being required to maintain a
cash reserve of 10%. In the case of trust companies acting
as reserve agent, there is likewise a modification in the requirement as to how the remainder of the 20% reserve shall
be kept. This remainder may consist "of balances payable
on demand, due from any trust company in the city of Boston authorized to act as reserve agent, or from any national
banking association doing business either in this Commonwealth or in the cities of New York, Philadelphia, Chicago
or Albany."
The Old Colony Trust Co., which announces that it has
kept an average reserve in cash and bank deposits during its
entire existence of over 32%,has been authorized to hold the
reserves of other Massachusetts companies. The New England Trust Co. of Boston,it is stated,will also serve in that
capacity.
—A plan to unite the Boston Chamber of Commerce
and the Boston Merchants' Association was ratified by both
organizations at meetings on Tuesday the 5th inst. The
consolidation will be effected under the name of the Boston
Chamber of Commerce, and application will be made to the
Legislature for a special charter for the consolidated corporation.
—The suspension of another member of the New York
Stock Exchange, resulting from the failure last April of the
firm of Coster, Knapp & Co., was announced on Thursday.
Arthur E. Grannis, formerly of the firm of Grannis & Lawrence, now dissolved, is the latest to be thus disciplined,
and his suspension is for a period of three years. Charges
similar to those preferred against Thomas W. Moorehead
and William H. Martin, of the firm of Marshall, Spader &
Co., who were suspended for a like period because of transactions with Coster, Knapp & Co., were filed against Mr.
Grannis. The announcement made by the Stock Exchange
in the case of the latter is as follows:

During the investigation of the affairs of the late firm of Coster, Knapp
between said firm
& Co it was ascertained that many transactions were had
and the late firm of Grannis & Lawrence. The Governing Committee
appointed a special committee to investigate the matter, with the result
that the Secretary of the Exchange was Instructed to prefer charges against
Arthur E. Grannis, a member of the Exchange, and also a member of the
said firm of Grannis & Lawrence, under Section 6 of Article XVII. of the
Constitution of the Exchange, that on numerous occasions, but more particularly on or about the dates mentioned in the specification of said charge,
the said Arthur E. Grannis had been guilty of conduct and proceedings
Inconsistent with just and equitable principles of trade.
Arthur E. Grannis appeared before the Governing Committee at a special
meeting held yesterday, and was permitted, in person, to examine and crossexamine all witnesses produced before the committee, and also presented
such testimony, defense or explanation as he deemed proper.
The Governing Committee determined that he was guilty of the specification of said charge, and of the charge itself, and suspended said Arthur
E. Grannis for a period of three years, commencing from yesterday.

Mr. Grannis has been a member of the Exchange since
August 1904. The firm of Grannis & Lawrence was dissolved, it is stated, shortly after the assignment of Coster,
Knapp & Co.
—The committee which has been delegated by Gov.
Hughes to institute an investigation into the facts relating
to speculation in securities and commodities, decided at
its meeting on Dec. 26 to start its proceedings with an inquiry into the New York Produce and Cotton exchanges, in

SAN.9 1909.1

THE CHRONICLE

line with the suggestion of its Committee on Plan and Scope.
The investigation into d'ealings on the New York Stock and
Consolidated exchanges will follow that of the other bodies.
It was also agreed, in accordance with the recommendation
,of the Committere on Ways and Means, that the expenses
attendant to the investigation be paid by the members of
the committee, who will endeavor to have the Legislature authorize an appropriation for their reimbursement.
A bill authorizing an appropriation of $10,000 ifor the commission's expenses and empowering it to subpoena witnesses
and employ counsel was introduced in the Senate this week.
While the sessions of the committee are to be secret, Chairman Horace White has been authorized to make public such
information -as the committee may think it best to give out.
Another meeting of the committee was held on Monday last,
when the following four sub-committees were appointed:
Stock Exchange—Willard V. King and Samuel H. Ordway;
Commodities—Edward D. Page and John B. Clark; Foreign
Experience—David Leventritt and Charles Sprague Smith;
Investment and Speculation Outside of the Exchanges—
Clark Williams and Charles A. Schieren. Horace White is
a member of each of the sub-committees by reason of the
fact that he is Chairman of the general committee. Mr.
White is quoted as saying that it is doubtful whether the
affairs of the Coffee Exchange will be inquired into, but that
an investigation of the Mercantile Exchange is likely.
The report of the committee is not expected to be ready for
submission to Governor Hughes until some time in March.
Maurice L. Muhleman, formerly Deputy Assistant U. S.
Treasurer at New York, is Secretary of the committee.
—One of the gratifying features of the returns made by
ithe trust companies of this city to the Banking Department
at the close of business Dec. 31 1908 is the gain of $6,252,457
in the deposits of the Trust Company of America since Aug.
311908. The progress this institution is making after the
trying ordeal of the past fifteen months, when it successfully
bore the hardest run in history, must be very encouraging to
its friends and officials. Four months ago, on Aug. 31, its
deposits were $20,659,417, increasing by Nov. 27 to $23,027,878 and at the end of 1908 reaching $26,911,874,
nearly $4,000,000 of this gain occurring in December. The
company now has surplus and undivided profits of $6,326,251
in addition to $2,000,000 capital stock, an increase of
$64,700 in profits since Aug. 31, after paying out a dividend
last Saturday. Its cash holdings, $7,776,912, are over
$1,000,000 in excess of a 25% cash reserve. Total resources
are now 135,324,172.

79

late Gov. Roswell P. Flower, died at his home at Watertown,
N. Y., on the 3rd inst. Mr. Flower was born in Theresa,
Jefferson County, N. Y., on June 20 1843. He came to
New York in 1877 and with his brother founded the firm
of Flower & Co. In 1900 following the death of Gov. Flower,
the firm was reorganized, Anson R. Flower becoming and
since continuing as special partner. Mr. Flower hail been
a member of the Exchange since 1878. At his death he was
a director in the Corn Exchange Bank of this city, the
Trust Company of America, the International Paper Co., the
Amalgamated Copper Co., the Brooklyn Rapid Transit Co.
and several other organizations.
—The annual statement of the Fifth Avenue Trust Co.,
located at Fifth Ave. and 43d St., this city, shows a noteworthy gain in business during the past year, as will appear
by the following:
Dec. 31 1907
June 20 1008
Dec. 31 1908

Capital.
$1,000,000
1,000,000
1,000,000

Surplus
Aggregate
& Profits.
Deposits. Resources,
$1,271,488 $10,466,740 $12,928,225
1,547,016 13,654,714 16,225,641
1,816,287 14,058,152 17,786,690

It will be noted that deposits increased during the twelve
months from $10,466,740 to $14,958,152, or in amount of
43/ million dollars. Surplus and profits have risen from
$1,271,488 to $1,816,267 and aggregate rescources from
$12,928,228 to $17,786,690. As is known, Levi P. Morton
is at the head of the institution with William D. Sloane
and Cecil D. Landale as Vice-Presidents, James M. Pratt,
Secretary, and Walter Meacham, Assistant Secretary.
—The death of Louis A. Heinsheimer, a member of the
firm of Kuhn, Loeb & Co., of this city, occurred on the
1st inst. He was 49 years of age. Mr. Heinsheimer entered
the employ of Kuhn, Loeb & Co. at the age of 17 as clerk
and sixteen years ago became a partner. He was a nephew
of Solomon Loeb, one of the founders of the firm.
—Owing to his recent election as President of the First
National Bank of Jersey City, George T. Smith has resigned
as General Agent in New York of the Pennsylvania RR. Co.
In the presidency of the bank Mr. Smith succeeds his fatherin-law, the late E. F. C. Young.

—Owing to the increased demand for safe deposit boxes,
the Hudson Trust Co. is installing additional vaults in its
main building, corner of Newark and Hudson streets,
Hoboken, N. J. The opening of the new Hudson tunnel
(the entrance to which is about a block from its banking
rooms) is no doubt a large factor in the growth of this institution. Deposits on Dec. 31 were reported at $12,605,916,
—The 181st Street Branch of the Corn Exchange Bank while aggregate resources were $14,364,127. The company
of this city opened for business on the 2d inst. at the north- has a capital of $500,000 and surplus and profits of $1,248,511. Myles Tierney is President, Jas. R. Ferens Treasurer
west corner of 181st Street and St. Nicholas Ave., Washingand J. H. P. Reilly Secretary.
direction
ton Heights, under the
of G. A. Schultze as
—The First National Bank, Paterson, N. J., has just
Manager. This latest addition to the Corn Exchange
Branch Bank system is the northernmost bank on Manhattan paid its 104th shareholders' dividend of 33.%, completing a
Island, its nearest neighbor being the Bank of Washington total of dividend payments from 1864 to 1908 amounting
Heights, at 155 St. and Amsterdam Ave. The 181st Street to $1,899,500. This notable dividend payer has capital,
district is in the midst of a real estate boom and the street surplus and undivided profits of $1,142,500, deposits of
may become in the course of future development one of $2,957,259 and aggregate resources $4,787,257. Edward
T. Bell is President.
the city's great thoroughfares.
—The City Bank of Bayonne, N. J., recently organized
—The statement of condition published this week by the
Carnegie Trust Co., Trinity Buildings, 115 Broadway, shows with $50,000 capital, began business on Monday in temporary
further growth in the company's business. The institution quarters at 474 Broadway. The bank will later erect a
.was organized by its President, Charles C. Dickinson, and building of its own. Its officers are William H. Vreeland,
began operations Jan. 2 1907. At the end of the first quar- President, Julius G. Hocke, Vice-President and Emmett S.
ter, April 11907, it had 565 accounts and resources of $4,- Hamilton, Cashier.
185,000; on Jan. 2 1908, at the close of the first year, its
—The German-American'Bank of Buffalo was authorized
accounts had increased to 1,490 and its resources to $10,- on the 26th ult. by the State Banking Department to increase
201,000. Now, on Jan. 1 1909, the accounts have risen to its capital from $200,000 to $300,000.
3,014 and the resources to $15,946,000. After a payment
—The increase in the capital of the National Bank of
of the yearly dividend of $90,000, the company's undivided Commerce of Rochester, N. Y., authorized
in October last,
profits at the present time are $257,031.
became effective on the 1st inst. The new stock, 2,500 shares
—Receiver John H. Edwards of the New Amsterdam (par $100 each), was sold at $150 per share, thereby increasNational Bank of this city was authorized on Tuesday by ing the capital from $500,000 to $750,000 and the surplus
Judge Lacombe in the U. S. Circuit Court to sell certain from $250,000 to $375,000. The bank began business in
securities and the furniture and fixtures of the bank in the March 1906 with $500,000 capital and $50,000 surplus.
winding up of its affairs. The institution closed its doors In addition to paying 6% to its stockholders, it has accumuon January 27 1908. Total dividends of 95% have thus far lated in the interval $200,000, which has been carried to
been paid to the depositors.
surplus.
—Anson R. Flower, special partner in the New York
—The Hartford Trust Company of Hartford, Conn., has
Stock Exchange firm of Flower & Co., and brother of the increased the payments on its stock from 9% to 10% yearly,




80

THE CHRONICLE

VOL.[

Lxxxviri.

of a candle-holder, containing a remnant of a
with the declaration of a semi-annual dividend of 5% (as board form,
of the old year, accompanied by a new
symbolic
2.
candle,
inThe
Jan.
payable
July),
last
0
437
with
compared
in the socket with the advent of the
insertion
for
candle
stitution has a capital of $300,000.
the wish that its warm glow of
extended
and
year,
new
of
ce,
e
Bank
Providen
—Qontrol of the National Exchang
and light the way of the recipienvelop
might
life
renewed
R. I., has passed from the Union Trust Co. of that city to
and prosperity, and the accomplishs
happines
health,
to
ent
the
latter
thereby
Michael F. Dooley, President of the bank,
of his loftiest aims.
becoming independent of outside interests. Shares to the ment
S. Ludlum resigned on the 1st inst as Assistant
—David
of
$500,000 were
mumber of 3,883 of the bank's capital
Bank of Philadelphia.
concerned in the transaction, the purchase being effected Cashier of the Philadelphia National
identified with merbecome
will
he
that
is
ng
stated
in
It
interest
the
at $255 per $100 share. The controlli
interests.
rer's
Co.
cantile
Trust
Manufactu
the
by
in
1905
acquired
was
bank
—T.H. Given, President of the Farmers' Deposit National
The following year the Manufacturers' and the Union Trust
ly
the
bank
of
according
control
the
and
ted,
of Pittsburgh, caused the issuance of the subjoined
consolida
Bank
Co.
lodged with the Union Trust Co.
statement on December 23, following a hearing in the case
,
&
Co., of the councilmen and the two bankers, whose arrest on
—Schedules in bankruptcy of Burnham Bennett
to on the
of Boston filed on the 28th ult. show total liabilities of charges of bribery and conspiracy was referred
ult.
26th
are
eight secured
$430,370 and assets of $279,090, There
"My attention has been called to a statement made to-day at the hearing
creditors, their claims aggregating $137,634. The firm
the Councilmanic cases by one of the witnesses that J. C. Wasson had
in
assigned on November 9, and was adjudged bankrupt on stated
that I contributed money for the Farmers'Bank's share of the city
December 15. Guy W. Cox is the Receiver.
deposits, or, as he expressed it, that I had manipulated the Farmers' Bank
the deal. I denounce this as an unqualified falsehood, both as it
—J.J. Oldfield has been elected Treasurer of the American end of to
me and to the bank."
refers
A.
E.
Coffin.
Trust Company of Boston to succeed the late
—Two indictments charging bribery are said to have been
—The Housatonic National Bank of Stockbridge, Mass., returned by the Grand Jury on the 4th inst. against W. W.
has reduced its capital from $200,000 to $100,000, and Ramsey and A. A. Vilsack, who recently resigned as Presichecks for 50% of their holdings, representing the retired dent and Cashier, respectively, of the German National Bank
stock, have been distributed among the shareholders. It of Pittsburgh. The indictments, it is understood, concern
is stated that during its forty-three years as a national bank the payment by the accused of the sum of $17,500 made,
the net earnings and profits of the institution on its capital it is alleged, to secure the selection of the bank as a city
of $200,000 have been over $1,000,000, while its dividends depositary.
have aggregated about $850,000.
—Herbert W. Tiers, a former discount clerk of the First
—The 1,000 shares of stock of the Girard Trust Company National Bank of Pittsburgh, was sentenced on the 23rd
of Philadelphia owned for some years by ;the Mutual Life ult. to five years imprisonment on the charge of embezzleInsurance Company of New York have been purchased ing $51,000 of the institution's funds. It appears that Tiers
by Isaac H. Clothier. Mr. Clothier has for years been a abstracted the funds in 1906, but was not prosecuted by
director of the trust company and the purchase is an increase the bank, being discharged after promising to pay back the
.of his holdings. The Mutual Life originally paid $548,444 amount of his defalcation. The first public announcement
for the stock and has latterly been carrying it on its books of the discrepancy for which partial restitution is understood
at a valuation of $750,000. We understand that the price to have been made, was issued in June last, at which time
realized was a substantial advance on this latter figure. The Tiers was arrested at the instance of National Bank ExMutual Life Insurance Company disposes of the stock in aminer Folds.
compliance with the New York law prohibiting investments
—A consolidation has been effected between the Real
by insurance companies in the stocks of other corporations in Estate Title & Trust Co. of Altoona, Pa., and the Security
the future and requiring them within a certain term of years
Title & Trust Co. of Braddock, Pa., under the name of the
to dispose of their existing holdings.
Blair County Title & Trust Co. Stockholders of the uniting
hia
began
Philadelp
of
Bank
National
Central
—The
companies have been given stock in the consolidated combusiness in its new quarters in the Lafayette Building at pany, which has a capital of $375,000 in $50 shares. The
Fifth and Chestnut Streets on Dec. 28. Its new home is officers are the same as those who served the Real Estate Title
and 111
J. A.
in every way superior to that just vacated at 109
& Trust Co., namely: E. J. Lomnitz, President;
ents
principal
George
improvem
the
of
and
one
ts,
Street,
-Presiden
South Fourth
Schwab and F. Bendheim, Vice
s
being more adequate accommodations for its employee and Harpham, Secretary and Treasurer.
quarters being double the size
patrons, the new
—The First National Bank of Cleveland, Ohio, recently
of the old. At the time of the opening of the bank on moved into its new building, designed exclusively for its
February 13 1865 it located at 109 South Fourth Street. own needs. The bank's new home is on Euclid Ave. and
It was later obliged to enlarge its offices, taking in adjoining adjoins its former quarters. The exterior of the building is
quarters at 111 South Fourth Street. In the report of the of Milford granite, adorned with four massive columns.
institution for the year ending October 31 1908 its net The various departments of the institution are well cared for
profits were given as $268,986, of which $120,000 was ap- in the new quarters. The bank's deposits at the time of
plied in dividends and $148,986 was carried to surplus and the issuance of the November statement were $26,365,424,
profits. The amount of the surplus and profits in the while its total resources were $32,932,619. It has a capital
statement to the Comptroller of the Currency on November of $2,500,000 and surplus and undivided profits of $1,174,763.
27 was $2,992,205. The paid-in capital is $750,000. The
—Vice-President M. L. Sternberger of the Provident Savbank has paid dividends since the year of its opening (1865),
Trust Co. of Cincinnati is reported to have disstarting with 6%. The following year it paid 11%; from ings Bank &
entire holdings (960 shares) in the institution
his
from
1875
11%;
of
posed
1874,
1867 to 1873 inclusive it paid 10%; in
B. H. Kroger and E. V. Willburn. The comto and including 1905, 12% was paid; in 1906, 13%; in 1907, to President
of $1,000,000.
capital
a
on
has
The
instituti
16%.
pany
15%,and for 1908 the distribution was
—Fifty per cent of the subscription price of the $500,000
is under the management of William T. Elliott, President;
William Post, Cashier; William Y. Conrad and Antrim H. new stock of the Second National Bank of Cincinnati, Ohio,
authorized on December 21, was due on the 1st inst and
Jones, Assistant Cashiers.
the balance on February 1. The stock is not to participate
l
Pageant
Historica
hia's
of
Philadelp
—King's Booklet
ed
in any dividends until after its full payment, the first quardistribut
being
held during Founders' Week in October is
of
Bank
terly dividend in which it will share being that payable on
National
e
Exchang
the
of
Corn
friends
to the
May 1 1909. Sixty per cent of the additional stock is
most
notable
Philadelphia. As an .exhibit of one of the
to existing shareholders at $150 per share and
worthy
is
allotted
book
the
parades,
country's
historical
of the
interests at $275 per share. The par value is
new
to
40%
of preservation.
$100.
—The Bank of North America of Philadelphia has issued
—The First Savings & Banking Co. of Dayton, Ohio, has
a leather-bound vest pocket memorandum book for 1909. The
the payment of dividends at the rate of 6% per
bank last week also sent out a New Year's greeting, in card- oommenced




JAN. 9 1909d

THE CHRONICLE

81

annum, having declared an initial semi-annual distribution from will Inure to the Stockholders of the Mercantile Trust Company. The
business of the Mercantile Trust Company, as It has been conducted during
of 3%, payable Jan. 1 on its capital of $100,000.
the nine years of Its existence, will In no way be disturbed by the organiza-The Dayton National Bank has placed its stock ($300,- tion of the Mercantile National Bank.
The formation of the Mercantile National Bank of St. Louis will not In000) on a 7% basis, against 6% heretofore.
terfere with the business of the Mercantile Trust Company, which by reason
-A block of stock of the Union Trust Co. of Indianapolis, of its safe and prudent management since its organization has gained and
amounting to 1,095 shares, is reported to have been sold enjoyed the confidence and patronage of the people. On the contrary, the
of the Mercantile Trust Company will find the additional facilito Arthur V. Brown, a director and large stockholder in the customers
ties for the transaction of business which will be afforded by the Mercantile
Indiana National Bank. The price paid is said to exceed National Bank a great advantage and substantial gain.
the public bid price of 202. The trust company has a capital
In its statement for Nov. 27 the company's surplus and
of $600,000. An agreement was entered into two years ago profits were given as $6,600,717, so
that even with the transby a majority of its stockholders placing the voting power of fer of $2,000,000 to the capital requirements
of the bank, it
their stock in the hands of seven trustees for a period of ten will still have surplus and Profits of over 43 million dollars.
years. The action was taken to prevent any radical change The paid-in capital of the trust company
is $3,000,000, its
in the management or policy of the company. The Citizens' deposits amount to $20,400,963 and its resources
aggregate
Trust Co. was consolidated with the Union Trust in No- $30,006,529.
vember last.
-The directors of the Commonwealth Trust Co. of St.
-The directors of the Northern Trust Company Bank Louis have elected Albert N.
Edwards, President, to succeed
of Chicago have transferred $500,000 from undivided profits Tom Randolph, who has been
elected Vice-President. The
to the surplus fund, increasing- that item to $1,500,000 and Commonwealth Trust Co. recently
transferred its commaking it equal tO the capital.
mercial banking business to the National Bank of Commerce,
-John W. Knight has been appointed an additional and at the time of the transfer President
Randolph and
Assistant Cashier of the Illinois Trust & Savings Bank of Vice-President W. L. McDonald
of the Commonwealth
Chicago.
Trust Co. were elected /ice-Presidents of the National Bank
-Richard J. Street has resigned as Manager of Division of Commerce. Mr. Edwards was formerly Vice-President
"D" of the. First National Bank of Chicago, owing to advanc- of the trust company. He is a brother of B. F. Edwards,
ing age. Air. Street had been associated with the insti- President of the National Bank of Commerce.
tution for forty-four years, and had been its Cashier prior
to the arrangement of the official force into divisions, which
Canadian Bank Clearings.-The clearings of the Canadian
was adopted in 1005. Henry Charles Street, a brother, banks for the month of December 1908 show an increase over
who for twenty-seven years had been connected with the the same month of 1907 of 16.8% and for the twelve months
the loss reaches 4.2%.
bank in various capacities, died on Dec. 28*.
-Henry' C; Potter Jr., a - Vice-President and director
December.
Twelve Months.
of the Peoples' State Bank of Detroit, committed suicide 'Clearings atInc .or
Inc .or
1907.
1908.
1908.
on the 4th inst. Mr. Potter had been in ill health for some
Dec.
1907.
Dec.
time past.
Canada'
$
$
Montreal
140,666,048 125,877,033 +11.8 1,467,275,998 1,556,027,370 -5.7
-It is reported that the Second Ward Savings Bank Toronto
123,219,609 98,909,859 +24.6 1,166,902.436 1,228,905,517 -5.0
Winnipeg
59,182,117 +27.7 614,111,801 599,667,576 +2.4
of Milwaukee has increased its capital from $200,000 to Vancouver___ - 75,601,239
18,320,900 15,693,712 +16.7 183,083,447 191,734,480 '-4.5
Ottawa
13,140,567
8,193,126 13,941,018 -5.7 154,367,756 156;487,801 -1.3
$1,000,000 through the conversion of a portion of its surplus, Quebec
10,394,0981 9,951,32 +4.5 111-,812,551 107,460,897 +4.0
7,355,647 +11.4
90,232,247 - 93,587138 -3.6
which had reached the. sum of $900,0Ci0. Besides the Halifax
Hamilton
7,039,864' 7,144,172 -1.5
72,329,688
88,104,108 -17.9
7,595,116 5,821,664 +3.1
surplus of $100,000 which still remains, the bank has undi- Calgary
64,815,227
69,745,006 -7 1
St. John
5,276,301 5,397,775 -2.2
66,435,636
66,150,414 +0.4
vided profits of $181,000.
5,405,061 5,618,885 -3.8
London
56,875,041
65,760,473 -13.5
4,939,071 4,361,242 +13.3
Victoria
55,356,013
55,330,588 +0.05
-An adjunct of the Mercantile Trust Co. of St. Louis is Edmonton_
4,100,320 3,707,516 +10.6
38,496,510
45,716,793 -15.8
to be opened in a few weeks, interests in that institution
Total Canada 423,891,319 362,961,968 +16.8 4,142,094,351 4,324,678,161 -4.2
having brought about the formation of the Mercantile NaThe clearings for the week ending January 2 in comtional Bank, whose organization was approved at Washington on Dec. 24. The bank will start with $1,500,000 capital parison with the same week of 1908 show an increase in the
aggregate of 11.6%.
and $500,000 surplus, the entire $2,000,000 being taken from
the surplus of the trust company. We learn from the St.
Week ending January 2.
Clearings atLouis "Globe-Democrat" that the stock of the bank is to
Inc. or
1909.
1908:
Dee.
1907.
1906.
be held by the company through trustees, in trust for the
Canada
%
$
stockholders, and all the earnings of the bank will be divided Montreal
30,000,000 27,526,300 +9.0 29,766,221 26,148,043
25,485,875 21,437,480 +18.9 27,738,165 25,395,212
among the trust company's shareholders as a dividend on the Toronto
Winnipeg •
13,000,000 10,747,118 +20.9 12,518,212 .9,133,646
2,800,000i 2,752,758 +1.7 3,136,061 2,063,412
stock of the latter institution. Festus J. Wade, President of Vancouver
Ottawa
2,159,7641 2,323,726 -7.1 2,773,832 2,307,994
the trust company, has been elected as presiding officer of Quebec
2,100,0001 2,024,341 +3.8 2,016,322 1,793,367
Halifax
1,550,000, 1,566,571 -1.1 2,538;249 2,133,525
the bank'. The management Will otherwise be made up of Hamilton
1,242,5481 1,533,989 -19.0 1,629,356 1,626,604
Calgary
1,426,502;
1,099,767 +29.8 1,481,971
George W. Wilson, Vice-President, and Edward Buder, St. John
1,223,953, 1,100,530 +11.3 1,261,969 1,064,951
_
1,200,000, 1,451,041 -17.2 1,577,894 1,573,279
Cashier, both of whom are officials of the trust company. London
Victoria
850,0001 791,897 +7.3
800,204
667,011
600,0001 574,649 +40.6
745,681
An announcement by President Wade, with regard to the Edmonton
Total Canada
83,638,642 74,931,167 +11.6 87,984,142 73,857,044
object of the proposed bank,says:
1

a

he management of the Mercantile Trust Co., after due consideration
of the subject, has decided to organize a national bank, and has applied
for and received from the Comptroller of the Currency a charter under the
name of the Mercantile National Bank. The chief reasons for this action
are the following:
1. As banks of deposit and discount, national banks enjoy rights and
privileges which trust companies do not enjoy. National banks can become depositories of the funds of the national government and of the funds
of the State and city and county governments of the State.
2. They can receive commercial deposits and discount commercial paper
and so aid in the development of the commercial and manufacturing interests and enterprises of our city.
3. National banks may become depositories of the reserve and other
funds of other national banks and so increase their own usefulness to the
community In which their business is carried on:
4. They have the power to Issue, undet the absolute safeguards of the
law, circulating currency which passes for money, and in case of great pub_
Ile financial stiingency may, for the relief of trade and commerce, Issue
emergency currency under safegaards of equal protection.
5. Being organized under the national banking law, their powers and
privileges are well defined and understood throughout the financial world.
6. National banks are not subject to the continual attacks of the State
legislatures. Their welfare as well as the welfare and protection of the
people are protected by Congress, which is more generally guided by the
maxim,"Let well enough alone." than are our State legislatures.
7. The Mercantile National Bank will be under the control of the same
management as the Mercantile Trust Company,and all profits arising there-




Clearings by Telegraph-Sales of Stocks, Bondi, &O..
The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
of the length of the other tables is crowded out once a month.
The figures are received by telegraph from other leading cities.
It will be observed that, as compared with the corresponding
week of 1908, there is an increase in the aggregate of 53.7%.
So far as the individual cities are concerned, New York exhibits a gain of 83.4%; Boston, 33.7%; Philadelphia, 28.0%;
Chicago 44.5%; St. Louis, 25.8%; Baltimore 38.2%, and
New Orleans 25.5%.
Clearings-Returns by Telegraph Jan. 9.

1909.

1908.

Ndw York
Boston
Philadelphia
Baltimore
Chicago
St; Louis
New Orleans

$2,069,266,167
158,249,288
122,396,498
28,108,631
252,615,419
66,233,252
19,989,785

51,128,200,585
118,365,419
95,607,661
20,344,004
179,765,845
52,651,672
15,927,531

+83.9
+33.7
+28.0
+38.2
+44.5
+25.8
+25.5

Seven cities, 5 days
Other cities, 5 days

$2,716,859,040
425,416,923

$1,605,862,718
384.014,987

+69.2
+10.8

Total all cities, 5 days
All cities, 1 day

$3,142,275,963
594.287,698

$1,989,877,705
441,819,776

+57.9
+34.5

$3,736,563,661

$2,431,697,481

+53.7

Total all cities for week

%

Our usual monthly detailed statement of transactions on
the various New York exchanges is appended. The results
for the twelve months of 1908 and 1907 are given below.
Twelve Months 1908.
Descriplion.

Actual
Value.

Par Value
or Quantity

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

Actual
Value.

!Aver.
'Price.

197,206,346
St'lzfShs..
196,438,824
1Val 517694,247,800$15319,491,797 86.6517006,377,125$14757,802,189 86.8
RR.bonds $999,025,800 $885.406,197 88.1 $456,116,300 $396,464,512 86.9
$521,820
$573.491 109.9
$948,626 110.6
Govt.bds.
$858.050
$81,713,500
$66,173,334 95.6
$85,123,684 104.2
State bds.
$69,196.100
$226,500
$455.583200.3
$813,153194.2
$418,700
Bank stks
Total _ _ $18775,735,420516291,050,752 86.8317532,966,275515222,201,814 86.8
450,443,750
636,964,28798.7c
466,165,160 103.5
Grain,bu.
645,353,800
Total val.

515859,166,101

$16757,215,912

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1908
and 1907 is indicated in the following.
SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
1907.

1908.
M'th.
Number
of
Shares.

Values.
Actual.

Par.

Values.

Number
Shares.

Par.

Actual,

5
$
Jan - 16,594,895 1,396,403,800 1,015,764,111 22,702,760 1,948,477,925 1,854,950,930
Feb _ 9,839,706 833,190,900 609.986,418 16,470,072 1,318.394,800 1,241,478,649
Mch 15,939,255 1.387,712,725 1,014.698.437 32,208,525 2.787,043,450 2,609,820,422
lstqr 42,373,856 3,617,316,425 2.640,448,966 71,382,257 6,053,916,175 5,706,250,001
April 11,648,123 1,024,180,450 782,948.479 19,235,652 1.686,695.950 1,508,967,413
May 20,975,022 1.855,881,050 1.470,479,816 15,827,245 1,346,719.474 1,204,698,417
June 9,652,437 857.496,500 771,664,685 9,749,415 826,398,975 740.089,460
2d qr 42,275,582 3,737,558,000 3,025.092,98044.812,3123,859.814.400 3,453,755.290
6 m's 84,649,438 7,354,874,425 5,665,541 946 116194 5699.913,730,575 9,160,005,291
July_ 13,857,563 1,249,522,675 964,269,481 12.811,354 1,141,219,600 990,094,600
Aug_ 18,881.285 1,899,430,100 1,584.406.183 15.561.583 1.390,644,625 1.180,470,609
Sept. 17,582,499 1,557.670.875 1.485,649,298 12.223,5411.088.393.826 902,471,817
3d qr50.321,327 4,506.623,650 4,034,324.962t40.596,478 3,620,258,050 3,073.937,026
9 m's 134970,785 11881498.075 9,899.866,908156791 047 13533,988,625 12233,942.317
Oct ;14,266,901 1,302,230,375 1,252,695,988 17,333,793 1,650,957.0501,127,476,980
Nov_ 24.966,326 2,389,941.5502,306.950,487 9,677,494 849,293,525 617,436,014
Dec _13,002,354 2,140,577,8002,059,978,414 12,636,4901,072,137,925 778,046,878
4thqr 62,235,581 5.832,749,7255,619,624,889139.647,7773.472,388,5002.523,859,872
Year 197206 346 17694,247,800 15319,491,7971196438 824 17006,377,1251 14757,802,189

The following compilation covers the clearings by months
since Jan. 11908.
MONTHLY CLEARINGS.

Clearings, Total All.
Month.

1908.

1907.

Clearings Outside New York.
1908.

1907.

Jan - - 11,359,308,232 15,054.655,406 -24.5 4,609,033,277 5,416,984.522 -14.9
Feb -. 8,756,701.857 11,823,958,740 -25.9 3,860.671.029 4.492,448,964 -14.1
Mch . 9,777.937,943 14.657,900,282 -33.3 4,276,897.604 5,095,622,479 -16.1
1st qr.. 29,893,948.032 41.536,514.428 -28 0 12,746,601,908 15,005,055,965 -15.1
April. 9,764,431.744 12,661,631,615 -22.8 4,276,857,436 4,994.103.001 -14.4
10,858,707,179 12,406,704.867 -12.5 4,188.873.348 5.071.850,921 -17.4
May
9,825,771.157 11,159,390.575 -12.0 4,171,911,240 4,790,217,610 -12.9
June
2d qu_ 30,448.910,080 36,227,727.057 -15.9 12,637,642,024 14,856,171,532-15.0
0 mos. 60,342,858,112 77,764.241,485-22.4 25.384,243,932 29,861,227,497 -15.0
July- _ 11,071,981.347 12,372.028.084 -10.5 4.453.893,588 65.060,255,679 -12.0
10.218.695,249 11,558.715.889 -11.3 4,023,581.641 4,668.225.399-13.8
Aug
Sept__ 11,112,581,447 10,573,022,063 +5.0 4.330,097,831 4,542,793,316 -5.0
3d qr_ 32,433,258,043 34,503,766.036 -6.0 12,808.573,061 14,271.284,394 -10.3
9 mos
Oct ...
Nov _ _
Dec

[VOL.

THE CHRONICLE

82

92,776,116.155 112268,007.521 -17.4 38.191.816.393 44,132,511.891 -13,5
12,136,130,544 13„804,896,282 -12.1 4,901,858,771 5,608,892,641 -12.6
12,976,376,842 9,679,735,498 +34.1 4,785,354,040 4,178,993,335 +14.5
14,383,443,871 9,423,094,192 +52.6 5,117,157,352 4,073,167,245 +25.6

4th qr. 39,495,951,257 32,907,725,972 +20.0 14,804,370,163 13,861,053,221 +6.8
Year _ 132272,067,412 145175,733,493 -8.9 52,096,187,156 57,993,565,112 -8.6

The course of bank clearings at leading cities of the country for the month of December and since Jan. 1 in each of
the last four years is shown in the subjoined statement.

inonetarniCiro mmerciaMnaltSitRCUIS
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
by cable, have been as follows the past week:
as reported
London.
Mon.
Sat.
Week ending Jan. 8.
d 233-16 233%
Silver, per oz
833%
Consols, new,23% percents.. 833%
833%
833%
For account
French Rentes (in Paris). jr. 96.723% 96.723%
86%
Amalgamated Copper Co_ _ _ _ 863%
10%
bAnaconda Mining Co
103%
103%
Atchison Topeka & Santa Fe.1033%
1043%
104%
Preferred
114
1143% s
Baltimore & Ohio
953.
Preferred
95g 181M
182
Canadian Pacific
59
Chesapeake & Ohio
583%
11%
Chicago Great Western
155
Chicago Milw. de St. Paul _ _155%
40%
Denver & Rio Grande, com_ 403%
83
833%
Preferred
Erie, common
353%
353%
523%
52
First Preferred
41%
413%
Second Preferred
152%
152
Illinois Central
130
129
Louisville & Nashville
243%
24%
Mexican Central
433%
44
Mo. Kansas & Texas, com
75
75
Preferred
45
45
National RR. of Mexico
133
N. Y.Central & Hudson Riv.1293%
49%
N. Y. Ontario & Western.... 473%
88
883%
Norfolk az Western, com
90
90
Preferred
147
1463%
Northern Pacific
68%
673%
Pennsylvania
73%
733%
aReadng Company
47%
473%
aFirst Preferred
48%
48
aSecond Preferred
25%
253%
Rock Island Company
123%
1243%
Southern Pacific
27%
Southern Railway, common_ 273%
64
633%
Preferred
187%
Union Pacific, common
1883%
98
973%
Preferred
543%
U. S. Steel Corp., common._ 55
116
1153%
Preferred
10%
Wabash
51
51
Preferred
753%
773%
Extended 48
a Price per share.

Tues.
Wed.
Thurs. Fri.
23 13-16 2311-16
23 5-16 233%
833%
8311-16 83 11-16.833%
833%
83 13-16 83 13-16 833%
06.773% 96.80 96.773% 96.85
863%
85%
85
863
%
10%
103
10%
10%
103
103
102%
103%
104%
104%
1043%
104%
114%
113
113%
113%
953%
95
95
953%
182
1807
180%
181%
57%
58
593%
573%
84.5
11
11%
113%
154
1523%
152
154
39
40
40
403%
83
82
823%
82
33%
33%
34%
34
50
51
50M
503%
40
40%
40
40M
1513%
150%
149%
150
128%
128%
128 .
127%
243%
243%
24%
24%
44
42
42%
433%
75M
75
743%
74%
44
44
44
44
133%
129
132
131
49%
48%
48%
49
87%
87%
89
87%
90
90
90
90
1443%
145%
144%
146%
68%
68%
69
68%
73%
71%
72%
72%
47%
47
47%
47
48
48
48%
47
24%
253%
243%
243%
122%
121%
122%
122%
20%
26%
27
26%
64
63
62
64
184%
185%
184%
186
983%
99
97
97
54%
53%
54
533%
116
115%
1153%
115%
19%
19%
193%
103%
51%
51%
51%
50%
75
74
75
753%

b £ sterling.

(Commercial and TO iscellaneous ews
Auction Sales.-Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H. Muller & Son:

Bonds.
$3,000 Hudson RIv. Elec. Pow.
Co. Ist 5s 1944. F. & A_ __ _ 26
$5,000 Pittsb. Shaw. & Nor.
Ry. 1st 48, Serles A,1952_ _ 50
$10,000 Hecker, Jones, Jewell
Milling Co. 10-yr. 6s 1916.
90-903%
J. & J
$15,000 Ohio Copper Co. 1st 6s
953%
cony. 1917. M. & S
$55,000 East. RR. of Cuba
1st ref. bonds
550 Eastern RR.of Cuba_ _ _
$10,000 Santa Cecilia Sugar
Co. 6s
130 Santa Cecilia Sugar Co_
275 Am.Silk Co., preferred_
275 Am. Silk Co. common_ _ $15,000
lot.
78 North River Imp. Co.__
40 Fidelity Coml. & Trading Co., preferred_
80 Fidelity Coml. do Trad.
Bonds.
Co., common
$3,000 Superior Water, Lt. &
64 Havana Post Pub. Co.. _
Pow. Co. 1st 551931. M &N.. 72
40 Reliance Leather Co..Pf
$750 Superior Water, Lt. &
Pow. Co. income bonds_ _$80 lot 40 Reliance Leath.Co.,com
20 H. H. Warner Co., Ltd.,
$48 lot
110 each
$110 Promissory note of L.
Willard Butler

Stocks.
10 Ord. shares Bartholomay
Brew, Co., Ltd., of Roch$55 lot
ester, $50 each
10 Pref. shares Bartholomay
Brew. Co., Ltd., of Roch$200 lot
ester, $50 each
524 Bklyn. City RR. Co. (ex1903%
div.)
80 First Nat. Bk. of Bklyn_ _ _251
500 Dominion Securities Co,
$250 lot
$1 each
20 Phenix Ins. Co. of Bklyn_ 263%_
187 M
25 Carnegie Trust Co
25
873% Federal Knitting Co_ _
1083%
15 Old Dominion SS. Co
283%
100 Union Ferry Co
1923%
10 Lincoln Trust Co
7 Nat. Lt., Ht. & Pow. Co.,
46
preferred

STOCK OF MONEY IN THE COUNTRY.-The followtable shows the generalistock of moneYin the country, as
well as the holdings by the Treasury, and the amount in
circulation, on the dates given. The statement for Jan. 1
1098 will be found in our issue of Jan. 111908, page 89.

ing

-Stock of Money Jan. 1 '09- -Money In CirculationJan. 1
Jan. 1
Held in
In United
1909.
Treasury.d
1908.
Stales.
$
$
$
611)217,841 648,573,173
3
0
:
1
12
9
4
2
6:
6
5
17
1,653.881,807
bullion
and
BANK CLEARINGS AT LEADING CITIES FOR DECEMBER AND THE YEAR Gold coin
0670 801,860,509 706,612,349
Gold certificates .a
31Dec.
to
1
Jan.
4,219
72,443,593
December
91,312,428
563,663,812
Standard silver dollars
20,378,201 470,837,799 467,731,347
1908. 1907. 1906 1905. 1908. 1907. 1906. 1905
(000.0005
Silver certificates_a
$
$
$
$
5683
4:0
$
9:3
$
5 134
1680
$
$
153,226,112 18,162,747 135
48 89
5:9
omitted.)
0:0
9
5856
silver
Subsidiary
9,266 5,350 9,228 9,690 79,276 87.182 104,676 93,822 Treury
4,596,000
New York
notes of 1890._ _ _
as
995 11,854 12,088 11,047 10,142 United
1 336,422,969 345,275,422
1847
6:0
1,134
815 1,007
346.681,016 10,258
Chic ago
States notes
8,135
8,335
7,339
7,655
712
719
517
720
677,068,165 25,287,727 651,780,438 679,034,664
Boston
7,687 6,929 National bank notes
623 5,938 7,161
668
493
571
Philadelphia
2,973 2,890
3,075 3,166
261
272
246
298
St. Louis
3,399,116,912 306,801,209 3,092,315,703 3,078,989,298
Total
2,744
2,641
2.065
2,506
228
230
183
203
Pittsburgh
Population of the United States Jan. 2 1909, estimated at 88,209,000. circulation
1,098
1,757 2,134
1,835
170
203
129
152
San Francisco
st6i
d5e0
e3
aisi
itv
apre
1,473
1,445
1,241
1,290 pert* cA
131
131
104
121
Baltimore
'mate by the Director of the Mint of the stock of gold coin was
1,362
1.310
1,230
1,205
111
111
Cincinnati
91
114
1907. There was a reduction of $135,000,000.
1,332
1,848 1,649
1,198 adopted in the statement for Aug. 1 certificates
110
128
123
181
Kansas City
an exact equivalent In amount of the
of outstanding
redemption
For
a
897
838
750
775
70
75
Cleveland
64
67
in the Treasury, and is not included in the acheld
Is
money
of
kinds
appropriate
963
957 1,020
786
114
114
96
New Orleans
93
991
1,158
1,057
914 count of money held as assets of the Government.
97
Minneapolis
102
102
98
d This statement of money held in the Treasury as assets of the Government does
645
650
602
580
55
Louisville
37
56
64
712
670
598 not include deposits of public money in national bank depositaries to the credit of
668
56
Detroit
60
55
57
562
493
548
430 the Treasurer of the United States, amounting to $112,126,477 57.
43
44
45
Milwaukee
52
397
390
381
337
28
38
33
37
Providence
504
568
443
602
Omaha
40
42
46
59
following information regarding
396
445
351
409
32
32
36
Buffalo
36
419
485
343 nationgl banks is from the office of the Comptroller of the
484
34
46
41
45
58. Paul
366
899
345 Currency, Treasury Department.
380
35
33
25
38
Indianapolis
350
408
328
410
35
30
31
41
Denver
303
322
260 APPLICATION TO CONVERT INTO NATIONAL BANK APPROVED.
299
28
27
27
30
Richmond
248
249
253
32
273
28
27
27
Metnphls
The Tremont Bank, Tremont, Ill., Into "The Tremont National Bank,"
489
29
486
302 Capital, $25.000.
429
43
31
41
Seattle
183
NATIONAL BANKS ORGANIZED.
184
162
187
14
16
13
15
Hantford
292
Certificates Issued from Dec 24 to Jan. 2.
288
257
25
212
33
13
29
Salt Lake City
9,297-The Mercantile National Bank of St. Louis. Missouri. Capital,
$1,500,000, Festus J. Wade, President; George W. Wilson,
13.588 8,784 13,524 13,798 124,039 136,256 152,046 137,154
Total
655 8,233 8,920 7,874 6.755
761
Vice-President; Edward Buder, Cashier
639
815
Other cities
9,298-The Milford National Bank, Milford, Iowa. Capital, $25,000.
Milton S. Dewey, Pres.; H. H. Overocker, Vice-Pres.; H. S. Ab14,383 9,423 14,285 14,453 132,372 145,176 160,020 143,909
Total all
bott, Cashier; F. A. Heldridge, Asst. Cashier.
Outside New York_ 5,117 4,073 5,057 4,763 52.296 57,994 55,344 50,087




National Banks.-The

JAN. 9 1909.)

THE CHRONICLE

83

9,299-The First National Bank of Fortville, Ind. Capital, $25,000. John
Per
When
Books Closed.
G. McCord, Pres.; William R. Rash, Vice-Pres.; 0. L. Morrow,
Name of Company.
Cent. Payable.
Days Inclusive.
Cashier; W. S. Todd and John A. McComas, Asst. Cashiers. Converston of the Citizens' State Bank of FortyIlle.
Miscellaneous-Concluded
9,300-The First National Bank of Portsmouth, Va. Capital, $100,000. Internatienal Paper, preferred (guar.)._
_
34 Jan. 15 Holders of rec. Jan.
Jno. L. Watson, Pres.; V. Garland Weaver, Cashier.
Internat. Stearn Pump, pl. (qu.) (No. 39) 154 Feb. 1 Jan. 21 to Feb. 5a
1
9,301-The Whitbeck National Bank of Chamberlain, S. D. Capital, $50,- Knickerbocker Ice,
preferred (No. 20)____
Jan. 20 Jan. 10 to Jan. 20
000. Wm.M.Pratt, Pres.; N. W. Egleston, Vice-Pres.; A.C. Whit- La Rose Consolidated Mines (quar.)___ 3
Jan. 20 Jan. 3 to Jan. 20
beck, Cashier; S. F. Rosencrance, Asst. Cashier.
Extra
Jan.
20
Jan.
3 to Jan. 20
9,302-The First National Bank of Thomson, Ga. Capital, $90,000. Massachusetts Lighting (guar.)
Jan. 15 Holders of rec. Jan. Is
J. H. Boyd, President; B. F. Johnson, Vice-Pres.; Paul A. Bowden, Mexican Light de Power, Ltd., common
154 Jan. 15 Jan. 10 to Jan. 15
Cashier; J. 0,Shields, Asst. Cashier. Conversion of the Farmers' & Mexican Telegraph (guar.)
24 Jan. 15 Holders of rec. Dec. 31
Merchants' Bank of Thomson.
Michigan State Tel., pref.(guar.)(No.20)
Feb. 1 Jan. 17 to Feb. 1
9,303-The National Bank of Bloomfield, Iowa. Capital, $55,000. Henry Minneap. Gen. Elec., corn. (No. 7)-._..
2
Feb. 1 Holders of rec. Jan. 11
C. Taylor, President; S. S. Standley, Vice-Pres.; S. F. McConnell,
Preferred (No. 20)
3
Feb. 1 Holders of rec. Jan. 11
Cashier; S. E. Rowe, Asst. Cashier..
Monongahela Riv. Cons. Coal & Coke, pt.. 131 Jan. 25 Jan. 13 to Jan. 24
9,304-The Citizens' National Bank of Stoughton, Wis. Capital, $50,000, National Biscuit, corn.(guar.)
(No. 41)_ _
131 Jan. 15 Holders of rec. Dec.28a
F. B. Hyland, Pres.; Walter Atkinson, Vice-Pres.; It. D. McCook, National Carbon,common (guar.)
Jan. 15 Jan. 6 to Jan. 15
Cashier, Conversion of the Citizens' State Bank of Stoughton.
National Licorice, common
Jan.
7 Holders of rec. Jan. 6
Gloversville,
$200,000.
N.
Y. Capital,
9,305-The City National Bank of
New Eng. Teiep. & Teieg. (guar.).- 114 Jan. 15 Jan. 1 to Jan. 14
Wm. H. Place, Pres.; W. E. Whitney, Vice-Pres.; Chas. N. Harris, New Orleans Gas Light
$3 Jan. 15 Holders of rec. Dec. 31
Cashier; Conversion of the Manufacturers' & Merchants' Bank of New York Mutual Gas Light
3
Jan. 9 Holders of
Dec. 28
Gloversville.
N. Y. & N. J. Teiep. (guar.)(No. 101)._
iq Jan. 15 Holders of rec.
rec. Jan. 5
9,306-The City National Bank of Council Bluffs, Iowa. Capital, $120,000. Nipissing Mines (guar.)
3
Jan. 20 Jan. 1 to Jan. 20
and
Keeline
President;
J.
Oscar
G.
Wadsworth,
Turner,
ViceT. G.
Extra
2
Jan. 20 Jan. 1 to Jan. 20
Presidents; Charles R. Hannan Jr., Cashier.
Nova Scotia Steel & Coal, Ltd.,pf.(guar.) 2
15 Jan. 1 to Jan. 5
9,307-The Farmers' National Bank of ClaysvIlle, Pa. Capital, $50,000. Omaha Electric Light d; Power, preferred... 24 Jan.
Feb.
1 Holders of rec. Jan.20a
Carter,
Pres.;
Rasel,
Vice-Pres.;
John T.
Burns Darsle, Cash- Osceola Mining
D. W.
$4 Jan. 29 Holders of rec. Jan. 8
ier; Benj. Anderson, Asst. Cashier.
Otis
Elevator,
preferred (guar.)
154 Jan. 15 Holders of rec. Dec. 31
9,308-The First National Bank of Sanger, Cal. Capital, $25,000. D. L. Pacific Coast Co.,
common (guar.)
1
Feb. 1 Jan. 17 to Feb. 1
Snodgrass, Pres.; W. D. Mitchell, Vice-Pres.; W. M. Barr,Cashier;
First preferred (guar.)
131 Feb. 1 Jan. 17 to Feb. 1
O.J. Hudson, Asst. Cashier. Conversion of the Sanger State Bank.
Second preferred
1
Feb. 1 Jan. 17 to Feb. 1
LIQUIDATIONS.
Pacific Coast Power (No. 2)
2
Jan. 16 Holders of rec. Jan. 6
Jan. 15 Holders of rec. Dec.31a
7;499-The Bokchito National Bank, Bokchlto, Oklahoma, was placed Procter & Gamble, preferred (guar.)._ 2
Quaker Oats, common (quar.)
154 Jan. 15 Holders of rec. Jan. 4a
in voluntary liquidation December 16 1908.
Common (extra)
8,126-The First National Bank of Eldorado, Oklahoma, was placed in
34 Jan. 15 Holders of rec. Jan. 4a
Reece Button Hole Mach.(guar.)(No.91) 2
Jan. 15 Holders of rec. Jan. 5,
voluntary liquidation Dec. 1 1908.
6,400-The Alva National Bank, Alva, Okla., was placed in voluntary Rhode Isl. l'erkins Florseshoe, pref. (guar.) 151, Jan. 15 Holders of rec. Jan. 4
Securities Company
234 Jan. 15 Jan. 1 to Jan. 15
liquidation Dec. 22 1008.
Jan. 20 Jan. 20 to Jan. 25
3,975-The Merchants & Farmers' National Bank of Weatherford, Tex, Shawinigan Water & Power (guar.)
Standard Underground Cable
3
Jan. 9 Holders of rec. Jan. 4
was placed in voluntary liquidation Dec. 311908.
Extra
10
Jan. 9 Holders of rec. Jan. 4
6,578-The First National Bank of MannsvIlle, Okla., was placed in volunStetson (John B.), common
15 Jan. 15 Jan. 10 to Jan. 15
tary liquidation Dec. 31 1008.
Preferred
4
Jan. 15 Jan. 10 to Jan. 15
Street's West. Stable-Car Line, corn.(qu.)
Jan. 25 Jan. 15 to Jan.,.25.
DIVIDENDS.
Union bag dr Paper, pref. (auar.)(No.39) 1
Jan. 15 Holders of rec. Dec "31
Switch & Signal, corn. & pf. (qu.) 3
Jan. 11 Jan. 2 to Jan. 11
The following shows all the dividends announced for the Union
United Cigar, common (No. 1)
Feb. 1 Holders of rec. Jan. 27
1
important
future by all large or
corporations:
United Cigar Stores, preferred (annual)._ 7
Jan. 20 Jan. 3 to Jan. 20
United Fruit (guar.) (No. 38)
2
Jan. 15 Holders of rec. Dec. 28
Dividends announced this week are printed in italics.
• United Gas Improvement (guar.)
2
Jan. 15 Holders of rec. Dec. 31
United States Rubber, first pref. (guar.)._ 2
Jan. 30 Holders of rec. Jan. 15a
Per
When
Books Closed.
Second preferred (guar.)
154 Jan. 30 Holders of rec. Jan. 15a
Cent. Payable,
Name of Company.
Days inclusive.
U. S. Smelt. Ref & Mining, corn.(guar.) 1
Jan. 15 Holders of rec. Dec. 31
Prefetred (guar.)
131 Jan. 15 Holders of rec. Dec. 31
Railroads (Steam).
U. S. Telephone, pref. (guar.)
154 Feb. 15 Holders of rec. Jan. 30
Atch. Topeka & Santa Fe, pref.(No. 21)_ 234 Feb. 1 Holders of rec. Dec.30a Utah Consolidated Mining
50c. Jan. 15 Dec. 22 to Dec. 30
Atlantic Coast Line RR.. common
234 Jan. 11 Dec. 19 to Jan. 11 Virginia-Carolina Chem.,pf.(qu.)(No.53). 2
Jan. 15 Jan. 1 to Jan. 15
AllanItc & North Carolina
134
Vulcan Detinning, pref. (guar.)
15( Jan. 20 Holders of ree. Jan. 9s
Canada Southern
Feb. 1 Holders of rec. Dec. 31 Wells, Fargo & Co
Tan, 15 Jan. 1 to Jan. 11
5
Central RR. of New Jersey (guar.)
Feb. 1 Holders of rec. Jan. 20 Western Union Telegraph (qu.)(No. 159)
II Jan. 15 Holders of rec. Dec.19a
Chic. & Alton pref. & prior lien dr partic. 2
Jan. 15 Holders of rec. Dec.31a Westinghouse Air Brake (quar.)
24
Jan.
9 Dec. 31 to Jan. 8
Cleve. Cinc. Chic. & St. L., pref. (quar.)
13( Jan. 20 Holders of rec. Dec. 29
Delaware & Hudson (guar.)
251 Mch. 20 Holders of rec. Feb. 27
a Transfer books not closed.
Delaware Lackawanna & Western (guar.) 24 Jan. 20 Holders of rec. Jan. 4
Denver & Rio Grande, preferred
254 Jan. 15 Dec. 27 to Jan. 3
Georgia Railroad & Banking (guar.)
231 Jan. 15 Jan. 1 to Jan. 14
Imports and Exports for the Week.-The following are
Great Northern (guar.)
131 Feb. 1 Holders of rec. Jan.12a
Hocking Valley, common and preferred_
Jan. 18 Holffers of rec. Dec. 28 the imports at New York for the week ending Jan. 2; also
Kansas City Southern, preferred (guar.). 1
Dec.
31 totals since the beginning of the first week in January:
Jan. 15 Holders of rec.
Lake Shore dr Michigan Southern
6
Jan. 29 Holders of rec. Dec. 31
FOREIGN IMPORTS AT NEW YORK.
Guaranteed (Mich. So. & No.Ind.) _ _
Feb. 1 Jan. 1 to Feb. 1
Lehigh Valley, common
2
Jan. 9 Holders of rec. Dec. 26
Common (extra)
1
Jan. 9 Holders of rec. Dec. 26
For week.
1909.
1908.
1907,
1906.
Preferred __
5
Jan. 9 Holders of rec. Dec. 26
Little Schuylkill Nav. RR. & Coal
234 Jan. 15 Dec. 24 to Jan. 14 Dry Goods
$3,710,104
$3,591,357
$3,827,756 $3,712,594
Louisville dr Nashville
24 Feb. 10 Jan. 21 to Feb. 10 General merchandise
11,657,492
9,081,842 11,939,471 10,996,013
Mahoning Coal RR., common
6
Feb. 1 Holders of rec. Jan. 15
Michigan Central
3
Jan. 29 Holders of rec. Dec. 31
Total
$15,367,596 $12,673,199 $15,767,227 $14,708,302
Mine Hill & Schuylkill Haven
254 Jan. 15 Dec. 22 to Jan. 14
Since Jan. 1.4
Minneapolis & St. Louis, preferred
24 Jan. 15 Holders of rec. Dec. 31 Dry Goods
$133,665,244 $189,001,122 $168,792,473 $146,430,248
N. Y. Central & Hudson River (guar.)._
Jan 15 Holders of rec. Dec. 22 General Merchandise
511,401,018 653,214.088 631,911,627 576,591,334
Norfolk & Western, preferred
2
Feb. 18 Holders of rec. Feb. 3
Carolina
North
34 Feb.
Total
53
weeks
$645,066,262
$842,215,210 $800,704,100 $723,021,582
Northern Central (No. 88)
Jan. 15 Holders of rec. Dec. 31
4
Northern Paciftc (guar.)
Feb. 1 Jan. 13 to Feb. 1
*
Totals
since
Jan.
1
are
for
years
1908,
1907,
1906 and 1905.
Northern Securities
Jan. 11 Dee. 31 to Jan. 11
Pittsb. Cinc. Chic. & St. Louis, common 2
Feb. 15 Holders of -cc. Feb. 5
The following is a statement of the exports (exclusive of
Preferred
254 Jan. 15 Holders of rec. Jan. 6
specie)
from the port of New York to foreign ports for the
Pittsburgh & Lake Erie
5
Feb. 1 Holders of rec. Jan. 2
Reading Company, common
2
Feb. 1 Holders of rec. Jan. 15 week ending Jan. 2 and from Jan. 1 to date:
Feb. 2 Holders of rec. Jan.16a
St. Louis di San Fran., 1st pref. (quar.) 1
EXPORTS FROM NEW YORK FOR THE WEEK.
Southern Pacific, preferred (No. 9)
34 Jan. 15 Holders of rec. Dec. 31
234 Jan. 15 Jan. 6 to Jan. 15
Texas Central, preferred
Vandalla
254 Feb. 15 Holders of rec. Feb. 5
1909.
1908.
1907.
1906.
2
Jan. 15 Holders of rec. Jan. 1
White Pass & Yukon
Street & Electric Railways.
For the week
$9,054,628 $10,451,853 $11,231,310 $12,458,650
Jan. 11 Dec. 25 to Jan. 11 Previously reported
Aurora Elgin dr Chicago, common (guar.)
630,900,387 655,358,294 625,063,031 558,947,662
151 Jan. 11 Dec. 25 to Jan. 11
Preferred (quar.)
Boston Suburban Elec. Cos., Pref. (guar.) 75c. Jan, 15 Holders of rec. Dec. 31
Total 53 weeks*
$639,955,015 $665,810,147 $636,294,341 $571,406,312
254 Jan. 15 Jan. 8 to Jan. 17
Brooklyn City RR.(guar.)
Jan. 15 Jan. 1 to Jan. 15
Cinc. Newport & Covington, com.(guar.)
* Totals for 1908, 1907, 1906 and 1905.
Preferred (guar.)
114 Jan. 15 Jan. 1 to Jan. 15
Jan. 15 Jan. 1 to Jan. 16
Consolidated Traction of N. J
The following table shows the exports and imports of
El Paso Electric Co., pref.(No. 13)
Jan. 11 Holders of rec. Dec. 30
3
specie at the Port of New York for the week ending Jan. a
Green de Coates Sts., Phila., Pass.Ry.(gu.) $1.50 Jan. 7
Manchester(N.II.) Tr., L.& P.(guar.). _ 2
Jan. 15 Holders of rec. Jan. 1 and since January 1, 1908, and for the corresponding
New Orleans City RR., common
1
Jan. 11 Jan. 2 to Jan. 10
Preferred
24 Jan. 11 Tan. 2 to Jan. 10 periods jn 1907 and 1906
Philadelphia Company, common (quar.)_
134 Feb.
1 Holders of rec. Jan. 2
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Seattle Electric Co., common (No. 2)_
254 Jan. 15 Holders of rec. Jan. 1
United Rys. of St. Louts, pref.(quar.)_ _
151 Jan. 11 Dec. 24 to Jan. 10
Exports.
Imports.
United Traction, Pittsburgh, preferred_ 24 Jan. 20 Holders of rec. Jan. 9
Miscellaneous.
Week. Since Jan.] Week. Since Jan.l.
American Cement (No. 19)
3
Jan. 22 Jan. 10 to Jan. 22
American Chicle, common (monthly)
1
Jan. 20 Dec. 29 to Jan. 20
$2,524,737
$3,720,329
1
Jan, 20 Dec. 29 to Jan. 20 Great Britain
Common (extra)
29,844,414
1,087,055
14 ran. 20 Dec. 29 to Jan. 20 France
Preferred (quarterly)
19,017,343
36,183
$4 Feb. 1 Jan. 20 to Feb. 2 Germany
American Glue, preferred
West Indies
$8,000 1,355,400
$12,573 5,249,872
2
American Light & Traction, common
Feb. 1 Jan. 21 to Jan. 31 Mexico
4,000
6,340
531,179
Feb. 1 Ian. 21 to Jan. 31 South America
Preferred (guar.)
23,000 2,176,436
23,526 2,999,748
Jan. 21 Jan. 5 to Jan. 21 All other countries
American Locomotive, preferred (guar.).
250
10,485
35,173 3,538,705
Amer. Smelt. & Ref..com.( qu.)(No. 21) 1
Jan. 15 Dec. 25 to Jan. 1
Jan. 15 Holders of rec. Dec. 31
American Telephone & Telegraph (guar.) 2
Total 1908
$31,250 $54,932,815
$77,612 $17,163,071
Jan. 15 Holders of rec. Jan. 11
American Type Founders, common (qu.) 1
Total 1907
14,030 36,788,802 5,311,901 104,534,394
Preferred (guar.)
131 Jan. 15 Holders of rec. Jan. 11
Total 1906
6,000 6,828,146
109,247 16,429,238
American Woolen, pref. (qu.)(No. 39)._
1.54 Jan. lb Dec. 27 to Jan. 4
Silver.
Anaconda Copper Mining (qu.)(No. 33). 50c. Jan. 20 Holders of rec. Jan. 9 Great
$723,380 $37,603,974
174,751
Associated lferchants, Mgt preferred(quay.) 151 Jan. 15 Jan. 8 to Jan. 15 FranceBritain
4,914,000
68,514
Second preferred (guar.)
14 Jan. 15 Jan. 8 to Jan. 15 Germany
41,900
118,785
Bell Telephone of Canada (guar.)
Jan. 15 Holders of rec. Dec. 24 West Indies
2
416
268,009
10,726
199,060
Bell Telephone of Philadelphia (quar.)_
154 Jan. 15 Jan. 6 to Jan. 15 Mexico '
39,451 1,962,434
Central Coal & Coke, common (guar.).
- 14 Jan. 15 Jan. 1 to Jan. 15 South America
$3,870
1.592 1,374,319
151 Jan. 15 Jan. 1 to Jan. 15 All other countries
Preferred (guar.)
350
38,992
808,891
Cent. Dist. & Print. Telegraph (guar.)._
2
Jan. 30 Jan. 24 to Jan. 31
2
Clallin (H.B.), common (guar.)
Jan. 15 Holders of rec. Jan. 13
Total 1908
$723,796
$42,832,103
690,761 $4,606,704
1
Corn Products Refining, pref.(guar.)._
Jan. 11 Holders of rec. Dec. 31
Total 1907
973,510 49,583,251
88,545 4.042,850
Distilling Co. of America, pref.(quar.)- 1
Jan. 29 Holders of rec. Jan. 9
Total 1908
531,981 39,324,147
100,384 2,889,210
Distillers' Securities Corp. (au.)(No. 25)
14 Jan. 30 Holders of rec. Jan. Oa
du Pont (E.I.)de Nem,mrs Powd.pr.(qr.) 131 Jan. 25 Holders of rec. Jan. 15
Federal Mining & Smelting, common.... 154 Jan. 15 Holders of rec. Dee. 31 Of the above imports for the week in 1909. 314 100 were
General Electric (guar.)
2
Jan. 15 Holders of rec. Dec. 3
Harbison-Walker Rerfactories, pref.(quar.) 154 Jan. 20 Holders of rec. Jan. 10 American gold coin and $10,600 American silver coin. Of
Int. Button Hole Sew. Mach.(qu.)(No.45) 1
Jan. 15 Holders of rec. Jan. 5 the exports during the same time, $31.250 were AMPInternational Nickel. preferred (quar.)
154 Feb. 1 Jan. 10 to Feb. I
eau geld coin and $
were




134

131

31

American silver oils.

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.
2. 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.
Manhattan Co_
Merchants' _ _
Mechanics' ___ _
America
Phenix
City
Chemical
Merchants' Ex_
Gallatin
Butch.&Drove.
Greenwich ___ _
Amer. Exch
Commerce
Mercantile _
Pacific
Chatham
People's
Hanover
Citizens' Cent'l.
Nassau
Market & Fult'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

[VOL. Lxxxvm.

THE CHRONICLE

84

Capital: Surplus.

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

3,382,8
3,479,7
1,645,0
3,716,3
5,032,4
620,1
25,531,3
5,832,2
533,0
2,418,9
150,3
733,7
4,968,0
15,546,3
2,521,7
852,4
1,009,1
466,5
9,989,6
1,400,7
392,3
1,619,9
1,207,5
5,241,2
7,416,4
9,584,6
100,3
3,363,1
1,753,0
17,072,2
1,375,2
792,1
1,137,4
655,0
5,617,5
2,108,1
892,5
993,6
1,278,2
1,137,4
464,4
1%,000,3
929,5
1,665,1
2,512,0
670,6
827,7
319,8
2,490.8

Loans.
Average.

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

19,823,0
35,700,0
19,115,0
28,342,0
26,141,8
7,828,0
184,261,1
29,920,6
6,386,6
9,483,0
2,232,0
6,697,3
31,326,9
155,471,1
12,481,0
3,360,5
6,838,0
1,816,0
66,130,4
22,891,9
4,817,6
7,868,1
11,644,1
42,680,0
28,021,0
87,604,0
1,341,0
24,817,0
10,980,0
128,861,6
19,120,1
2,304,3
7,404,3
4,000,3
72,561,8
13,119,8
I 3,335,1
4,672,6
16,242,3
7,206,8
3,181,9
12,223,4
4,111,0
20,285,0
15,394,3
7,047,1
10,675,0
4,995,5
20,419,5

3,687,0 1,201,0
8,073,0 1,686,0
3,417,0 1,736,0
6,110,0 2,228,0
4,027,6 3,085,8
311,0
1,995,0
45,969,7 8,593,0
6,127,1 1,794,6
425,1
1,212,4
1,325,0
748,4
64,8
642,6
200,0
1,795,3
5,373,9 1,449,1
24,219,0 11,478,7
854,4
1,513,5
502,2
902,0
836,5 1,185,2
60,6
682,8
9,124,6 10,862,6
321,9
5,589,3
640,6
698,1
1,870,3 1,046,7
187,4
3,206,0
7,214,0 5,689,0
4,560,0 1,700,0
25,279,0 1,403,0
. 342;3
179,1
. 4,293,0 2,380,0
292,0
2,843,0
33,744,6 1,340;1
967,0
4,395,1
67,0
754,0
740,8
1,481,7
197,6
781,2
15,488,9 5,378,8
996,5
. 2,700,6
654,2
376,1
681,5
822,9
3,589,1 1,088,5
424,6
1,600.9
333,0
459,4
2,122,0 1,072,6
268,0
951,0
5,019,0 1,448,0
311,6
3,893,7
139,7
2,036,1
248,0
3,476,0
593,7
789,3
233,2
4,683,0

18,243,0 26.9
41,450,0 23.5
19,893,0 26.1
30,147,0 27.6
27,809,1 25.5
7,635,0 30.8
189,901,1 29.0
29,613.6 26.7
6,540,6 25.5
7,685,6 27.3
2,476,6 28.5
7,605,7 262
25,560,4 26,9
136,907,8 26.2
8,801,1 27.3
3,648,5 40.9
7,365,5 27.6
2,390,9 31.0
77,094,0 26.2
23,042,4 25.9
5,181,3 25.8
8,266,0 29.4
12,204,9 27.7
50,250,0 25.6
25.881,0 24.3
101,253,0 26.4
1,639,5 31.7
25,402,0 26.3
11,952,0 26.2
132.738,4 26:6
20,470,9 26.3
3,205,0 25.1
8,302,2 27.5
3,780,4 25.8
79,591,8 26.3
14,503,0 25.4
4,092,8 25.1
5,541,4 27.1
17,88,8 26.3
7,318,1 28.0
3,208,4 25.0
12,692,7 25.0
4,548,0 26.8
24,295,0 28.7
15,040,7 28.0
8,355,3 26.0
13,952.0 26.6
5,552,7 24.9
19,881,4 24.9

$8,699,400, a decrease of $93,500 from last week; averages include United States
deposits of 88,772,000, a decrease of $493,500 from last week.
"Reserve on deposits" Includes, for both trust companies and State banks, not
the Trust
only cash items but amounts due from reserve agents. In additionTrust
ComCompanies also on January 2 held a bond reserve of $27,197,600.
proportionate to
panies in New York State are required by law to keep a reservebelow.
The pertheir deposits, the ratio varying according to location as shown
of deposits, exclusive of
centage of reserve required is computed on theaggregate
exclusive of time
moneys held in trust and not payable within 30 days, and also and
also exclusive
deposits not payable within 30 days, represented by certificates,
State Banks are
The
York.
New
of
State
the
of
of deposits secured by bonds
to location, but in this case
likewise required to keep a reserve varying according
of deposits
the reserve is computed on the whole amount of deposits, exclusive
secured by bonds of the State of New York.
STATE
BANKS
&
COMPANIES
TRUST
RESERVE REQUIRED FOR
-State Banks--Trust CompaniesTotal Of which In Cash.
Total 01 which In Cash.
Reserve
Reserve
Now. By Feb.i
Required.
Feb.l.
By
Now.
Required.
R
Location113i% 15%
*25%
15%
10%
15%
Manhattan Borough
8E%4 % 10%
*20%
10%
73
15%
Brooklyn Borough
%
%
15%
% 10%
15%
Other Boroughs
0
53.4%
15%
5%
4%
10%
Elsewhere in State
to
* This is the aggregate reserve required on and after Feb. 11909. According
for Manthe State Banking Department, the present aggregate reserve requirement
rest of
hattan is 20%; for Brooklyn, 173.4 %,for other boroughs, 15%, and for the
the State, 123.4%.

Totals, Aver 126.350,0 165,447,7 1273,220,7 271,626,1 79,548,1 1320,867,6 26.7
1293-,502,0 269,916,1 80,922,01344,534,9 26.2

Actual figures J an. 2_

On the basis of averages, circulation amounted to $50,360,900 and United States
deposits (included in deposits) to $8,772,000; actual figures Jan. 2: circulation,
$50,554,200; United States deposits, $8,699,400.

Reports of Non-Member Banks.-The following is the
statement of condition of the non-member banks for the
week ending Jan. 2, based on average daily results:
lye omit two ciphers (00) In all cases.

Loans,
Copt-

Banks.

Surplus.

Disc'ts
and
Invest-

N. Y. City.
Boroughs of
Man..*Brx
214,3 1,086,0
Wash H'g'ts 100,0
154,3 1,649,4
200,0
Century
231,3 4,416,7
400,0
Colonial
430,9 6,075,0
Columbia __ 300,0
903,4
174,7
k00,0
Fidelity ___
685,3 3,184,9
Jefferson.,. 500,0
265,3 2,300,7
250,0
Mt. Morris_
319,6 3,491,0
Mutual __- 200,0
300.0
478,9 3,888,9
19th Ward_
397,4 3,910,0
100,0
Plaza
92,0 1,586,6
200,0
23d Ward__
828,0 7,555.9
Union Exch 750,0
100,0 420,6 3,381,0
Yorkville __
705,5 4,316,0
Coal & Iron 500,0
236,4 1,721,0
200,0
New Neth _
144,4 1,095,4
Batt.Pk.Nat 200,0
Borouah 01
Brooklyn.
462,2 2,864,9
150,0
Broadway _
782,1 5,874,1
252,0
Mfrs.' Nat_
948,1 9,465,7
Mechanics'_ 1,000,0
946,3 6,387,0
Nassau Nat. 750,0
591,0 4,366,0
Nat. City- 300,0
200,0
132,7 1,503,4
North Side_
Jersey City.
First Nat.. 400,0 1,228,2 3,847,8
770,7 2,515,5
Hud.Co.Nat 250,0
200,0
365,7 2,040,5
Third Nat.
Hoboken.
608,4 2,513,8
First Nat_. 220,0
224,5 1,974,5
2d National 125,0

Specie.

5
91,0
39,2
502,0
049,0
73,5
28,5
344,7
39,6
78,8
230,0
166,9
913,2
59,2
811,0
148,0
182,9

Legal
Tender
and
Bank
Notes.

36,0
231,2
285,0
601,0
23,4
318,0
32,6
422,0
457,4
338,0
63,8
600,0
743,6
229,0
50,0
34,4

18,6 402,2
628,7 , 157,0
283,5 1,626,2
282,0 564,0
105.0 643,0
150,0 104,6
199,4
178,0
59,9
127,3

Deposit with
Net
Clear-Other
tag
Banks. Deposits.
Agent.
&c.

113,0
121,6 274,2
558,0 , 242,8
725,0
132,9
326,7 341,0
70,8
385,7
5,1
529,7
281,6 1,060,6
347,0
245,2
633.4
185,2
50,0
728,0
15,0
226,0
39,4
213,9
697,2
1,370,7
939,0
962,0
172,2

1,036,0
1,975,9
5,429,6
7,504,0
853,4
3,431,2
2,950,0
/4,034,6
5,306,6
4,295,0
1,880,4
8,118,5
4,239,8
4,570,0
1,737,0
885,4

120,7 3,285,7
183,5 '6,461,1
150,6 12,618,9
0,355,0
Y51:13 5,990,0
190,4 1,931,2

374,1 3,038,4 1,607,0 7,216,0
28,9' 361,4 297,7 2,580,2
510,9 ' 40,8 2,576,5
125,4
23,6
65,6

128,6
152,0

132,2 2,137,7
340,0 2,473,1

59,3
The State Banking Department also now furnishes weekly
6,449,2 8,540,0 14,130,7 5,373,4 111872,8
93,975,1
8,347,0
12,838,8
2_
Jan.
Tot.
companies
under
trust
and
its
banks
12,706,3 4,873,1 110387,6
returns of the State
Tot.Dee. 28 8,347,0 12,838,8 94,237,5 6,506,9 8,509,5 16,568,4 5,422,6 114472,7
(large. These returns cover all the institutions of this class Tot. Dec.19 8,347,0 12,838,8 93,513,8 6,586,4 8,694,7
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
of the weekly totals of the Clearing-House banks of
summary
a
State.
the
Furtherof
rest
New York) and those for the
The New York
City, Boston and Philadelphia.
York
New
more, in the case of this city, besides reporting the results for
banks.
non-member
do not include results for
the State banks and for the trust companies,separate figures figures
We omit two ciphers in all these figures.
are presented to indicate the totals for the State banks and
Capital
and
Specie. Legals. Deposits. a Ctrcu- Clearings.
Loans.
trust companies in the Greater New York not in the Clearing Banks.
latton.
Surplus.
House. In the following we give all the different sets of
S.
$
$
$
5
$
2,100,116,9
figures,indicating by plus(+)or minus(-)sign the changes Dec.Ne w York
.290,070,1 1347,145,3 296,706,8 79,498,1 1424,132,5 45,059,7 2,004,408,5
46,489,0
1408,597,9
79,082,3
289,966,8
291,672,7
1339,547,4
Dec. 12__
2,142,183,8
from the previous week. To make the statement as com- Dec.
19- 291,797,7 1315,980,1 272,848,2 79,389,6 1368,912,4 46,612,1 1,838,256,7
26- 291,797.7 1276,745,3 269,198,6 78,262,7 1322,151,9 49,129,6 1,780,143,4
prehensive as possible, we start with the totals of the Clearing Dec.
50,360,9
1320,867,0
79,548,1
Jan. 2._ 291,797,7 1273,220,7 271,626,1
House banks as contained in the above, giving both the Boston.
170,323,0
Dec. 12.- 41,790,0 214,761,0 25,327.0 4,330,0 261,588,0 8,795,0 165,336,7
the
end
at
figures
of
actual
the
and
week
averages for the
Dec. 19__ 41,790,0 216,489.0 24,673,0 4,151,0 259,473,0 8,756.0 12(1,564,6
Dec. 26- 41,790,0 212,378,0 22,814,0 4,431,0 . 247,035,0 8,945,0
168,195,6
the week.
Jan. 2__ 41,790,0 207,079,0 24,064,0 4,567,0 252,527,0 0,163,0
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ending January 2 1909.
Reserve on P.c.
Loans and
Deposits. Deposits. of ReLegals.
00.1 ornUted. InvestineiUs. Specie.
S
serve.
Clearing-House/1
Banks-Actual 1,293,502,0 269,916,1 80,922,0 1,344,534,9 350.838,1 26.25
+28,885,2 +2,338,5 +3,588,3 +37,968,4 +5,926,8
Clearing-HouseBanks-Aver__1,273,220,7 271,626,1 79,548,1 1,320,867,6 351,174,2 26.76
-1,284,3 +3,712,9
-3,524,6 +2,427,5 +1,285,4
State Banks338;299,6
92,186,0 27.8
47,577,0 a25,219,5
293,511,6
Average
-4,149,8 -1,807,5
-37,2
-2,066,4 -2,040,3
Trust Companies86,058,5 a9,396,7 1,018;260,5 254,396,9 27.3
967,293,8
Average
+883,8 +253,2 +12,418,1 +4,889,0
+4,071,5
State Banks and
Trust Co's-not
in Clear.-Mmise.1,061,461,4
92,228,6 a17,512,2 81,128,588,3 283,876,2 27.3
+4,412,2
+961,6 +377,4 +13,561,7 +5,411,8

STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW YORK.
% of
.
Week ending January 2 1900.
Reserve. Reg.
Deposits.
. Loans.
State Banks
$81,599,100 - $86,122,300 $18,012,700 21.6
=108,900
-820,300
-544;000
22,883,700 17.6
125,336,900- 134,152,600
Trust Companies
+508,800
+301,900 - +1,053,900
+ Inerease over last week. -Decrease from last week.
a Includes ,bank notes. I) After eliminating the Item ."Due from reserve depositories and other banks and trust companies in New York City," deposits amount
to $980,579,600, an increase of $8,639,000 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 eases "gross" deposits are shown.
The Clearing-Houseactual figures Included United States deposits amounting to




Phila.
Dec. 12Dec. 19Dec. 26Jan. 2_

304,504,0 13,461,0 121,531,4
301,959,0 13,614,0 135,870,1
295,598,0 13,904,0 107,004,4
300,579,0 14,093,0 129,505,6
Philadelphia the item
a Including Government deposits, and for Boston andamounted to $8,772,000
deposits
"due to other banks." At New York Government
$1,553,000 on Jan. 2 and
on Jan. 2, against $9,265,500 on Dec. 26; at Boston to
$1,554,000 on Dec. 26.
54,390,0
54,390,0
54,390,0
54,390,0

247,543,0
249,348,0
250,526,0
251,101,0

80,860,0
75,486,0
69,778,0
72,876,0

Aavating and Etnanciat
We shall be pleased to. furnish to institutions and investors copies
of our special circular describing
43 RAILROAD BONDS
Listed upon the New York Stock Exchange

Spencer Trask & Co

NEW YORK
WILLIAM AND PINE STS..
Branch offices: Chicago, III.. and Albany. N. V

MOFFAT & -WHITE
Members New York Stock Exchange.
HANOVER BANK BUILDING.
5 NASSAU STREET.
DEALERS IN INVESTMENT SECURITIES.
Commission Orders Executed for Cash only.

THE CHRONICLE

JAN. 9 1909.1

Vanking an financial.
Wall Street, Friday Night, Jan. 8 1909.
The Money Market and Financial Situation.—An event of
the week having a widely depressing influence in the stock
market was the United States Supreme Court decision in the
well-known Consolidated Gas case, in which the decision of
the lower Court was reversed. As a result of this decision
Consolidated Gas shares, which sold on Monday above
165, dropped to 123, and the stock market as a whole was
greatly depressed.
Another decision, also by the United States Supreme Court,
and of perhaps greater importance as to the principles involved, was that denying the Government's petition for a
review of the famous Standard Oil case, wherein a fine of
,Over $29,000,000 was imposed by the United States District
Court, but which the Court of Appeals had reversed. This
had little, if any, effect in the security markets, the decision
having been very generally expected.
The other developments of the week have been of minor
importance in comparison with those mentioned above.
Information given out relating to the iron and steel industry
is somewhat disappointing.
Railway earnings show an increase in some cases; that is,
they have squeezed maintenance expenses until they have
gotten a balance which they call net earnings. In. gerieral
business there is somewhat less doing than has been in some
quarters looked forward'to. The money market continues
unusually easy for the time of year and rates have
shown a downward tendency; $1,500,000 gold has been
engaged for export—$1,000,000 going to. Paris and $500,000
to Argentina.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged*
from 13'% to • 3%. To-day's rates on call were 2@23.%.
Commercial paper quoted at 3%®4% for 60' to 90 day
endorsements, 39@4% for prime, 4@4Y2% for 4' to 6
Months, single names.
The Bank of England weekly statement, on Thursday
showed an increase in bullion of £440,234 and the percentage
of reserve to liabilities was 36.42; against 31.60 last week.
as fixed
The rate of discount. remains unchanged at 2 2
of 29950,May.28. The Bank.of France shows an increase%,
000 francs gold and. 150,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1909.
Averages for
week'ending
Jan. 2.

Differences
from
previous week.

126,350,000
Capital
Surplus
165,447,700
Loans and discounts_ _ 1,273,220,700 Dec.
Cireulation
50,360,900 Inc.
1,320,867,600 Dec.
Net deposits
U. S. dep. (Incl. above)
8,772,000 Dec.
Specie
271,626,100 Inc.
Legal tenders
79,548,100 Inc.

Surplus reserve __

_

Surplus excl. U.S.dep..

1907.
Averages for
week ending
Jan. 5.

129,100,000 123,150,000
163,396,900 156,632,300
3,524,600 1,132,871,800 1,049,667,500
53,664,200
1,231,300
72,316,300
1,284,300 1,048,465,800 1,000,578,300
16,401,600
76,` 10,800
493,500
2,427,500 192,120,900 172,951,400
1,285,400
77,341,000
58,486,000

351,174,200 Inc. 3,712,900
321,075
330,216,900 Dec.

Reserve held
25% of deposits

1908.
Averages for
week ending
Jan. 4.

250,606,900
262,116,450

20,957,300 Inc. 4,033,975 dt.11,509,550
23,150,300 Inc. 3,910,600

7,568,150

250,292,400
250,144,575
147,825
4,248,225

Note.—The Clearing Mouse now issues a statement weekly showing the total
of the actual figures on Saturday morning. These figures, together with the returns
of separate banks, also the summary issued by the State Banking Department
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the preceding page.

Foreign Exchange..—The market, though generally strong,
was irregular this week, with comparatively wide fluctuations, influenced' largely by speculative manipulation; the
tone was strong at the close.G old exports $500,000 to Argentina and $1,000,000 to Paris.
To-day's (Friday's) nominal rates for sterling exchange
were 4 86 for sixty-day and 4 88 for sight. To-day's (Friday's) actual rates for sterling exchange were 4 8490g4 85
for long, 4 8720®4 8725 for short and 4 8740®4 8750 for
cables. Commercial on banks 4 8455®4'8465 and documents for payment 4 84Q4 85%. Cotton for payment
4 84®4 843's, cotton for acceptance 4 8455@4 8465 and
grain for payment 4 853<®4 85%;
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 173a®5 173' for long and 5 1540 15a for short.
Germany bankers' marks were 94%()9415-16 for long and
95 3-16d®95 3-16 for short. Amsterdam bankers' guilders'
were 40 37®40 39 for short.
Exchange at Paris on London to-day 251. 103c.; week's
range 25f. 113-e. high'and 25f. 103'c. low.
The week's rdrigb for exchange-rates follows:
pv,•
Long
Short
—Cables

85

buying 50c. per $1,000 discount; selling 75c. per $1,000
premium. Charleston selling $1 per $1,000 premium.
New Orleans bank 7.5c. per $1,000 discount; commercial $1
per $1,000 discount. Chicago 10c. per $1,000. premium..
St. Louis $15c. per $1,000 premium. San Francisco 60c.
per. $1,000 premium.
State and Railroad Ronds.—Sales of State bonds at the
Board inc;ude $3,000 Tennessee settlement 3s at 953- and
$15,000 Virginia 6s deferred trust receipts at 45 to 47.
The market for railway and industrial bonds has been
fairly active, the transactions averaging 6% millions daily.
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.
Interest
Periods

Jan.
2

Jan.
4

Jan.
5

Jan.
7

Jan.
6

registered Q—Jan *103 *103 *103 *103
25, 1930
2s, 1930
coupon Q—Jan *Ica *103 *103 *103
registered Q—Feb *100% *100% *1003% *1003,
3s, 1908-18
coupon_!Q—Feb *1003% .4.100% *looy,, *100%
3s, 1908-18
3s, 1908-18____small coupon Q—Feb *100 *100 *100 *100
registered!Q—Feb *119% *119% *119% *119%
4s, 1925
coupon'Q—Feb *120% *120% *120% *120%
4s, 1925
2s, 1936.Panama Canal coup1Q—Nov *102 *102 *102 *102

Jan.
8

*103 *103
*103 *103
8 *1008
*100%
%
*100% *1008%
*100 *100
*119% *119%
*120% *120%
*102 *102

* This is the price bid at the morning board; no sale was made.

Railroad and Miscellaneous StockS.—The stock market
opened on Monday With the same buoyant tendency which
had characterized it for some time past. Later in the day,
on the announcement of an important judicial decision, as
noted above, there was a sharp decline in the stock directly
affected and a' sympathetic weakness throughout the list.
The downward movement which followed continued until
Wednesday, when a decline averaging from 2 to 4 points
had been recorded. At this, Consolidated Gas sold 4134
points lower than on Menday, when the general expectation
was that the decision would be a favorable one. North. West
was over 9 points lower, Union Pacific 63/2 and Delaware
Hudson and. Reading between'5 and 6.
On Thursday there Was a substantial rally from these low
prices and, although to-day's were generally weak, closing
quotations are, in most cases, well above the lowest. A.
few issues have been strong throughout the week; including
Colorado & Southern, Missouri Pacific and the "Soo Line"
common and preferred. The last-named are up 143
4' and
7 points respectively, and Colorado & Southern issues are
from 8 to'10 points higher than last week
For daily volume of business see page 93.
The following sales have oecurred this week of shares'not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Jan. 7.

Sales
for
Week.

Range for Week.
Lowest.

100 75 Jan
Colorado Fuel & Iron, pf
200 15% Jan
Des Moines & Ft Dodge_
200 63 Jan
General Chemical
130 98% Jan
Preferred
1001 92 . Jan
Hock Val pt J P 11 rects_
20 90 Jan
Homestake Mining
200 53% Jan
Kanawha & Mich tr rects
100, 8 Jan
Keokuk & Des Moines_
200 60 Jan
Knickerbocker Ice, pref _
300 25% Jan
Nat Max 2d pret tr rects
501113 Jan
NY &NJ Telephone_ _
2,000 2% Jan
Rights
500 52 Jan
Philadelphia Rap Tram.
7.700 1% Jan
Quicksilver Mining
700 4 Jan
Preferred'
RR Securities—Ill Cent
50 89% Jan
stock trust certificates
St L & S F—C,& E Ill
121 65% Jan
new stock trust certs_
1 101 Jan
Sears, Roebuck & Co, pt
100119 Jan
S Leather, pret
100 8% Jan
Vulcan. Detinning
355 50% Jan
Preferred

Range Year 108.

Highest.

Lowest.

Highest.
75
19%
65
99%
91
96%
56,
10

Nov
Dec
May
June
Dec
Nov
Dec
April

4 17% Sept 25%
Feb 122
7 90
8 2% Dec 3
7
6
% April I%
7 1% Jan 3%

Dec
Nov
Dec

7 75 Jan
7 16% Jan
4 63 Jan
6 100 Jan
7 92 Jan
6 90 Jan
4 53% Jan
4 8 Jan
2 61K Jan
4 25% Jan
7 113 Jan
2 2% Jan
6 53% Jan
4 23,4 Jan
6 4% Jan

'7j 35
5
4 50
8 89
7 70
6 67
7 29
4 3%

5 89% Jan

4 79

5 67 Jan
6 101 Jan
71119 Jan
4 8% Jan
51% Jan

4
6
7
4
8

50
Si%
95
3
25

May
Itch
Feb
May
Jan
Jan
Jan
July

Mch 94
April 67
May 9754
Jan 120 .
Mch. 10%
April 50% .

Dec
Dec
Sept
Dec
Nov
Dec
Nov

Dec

Outside Market.—The weakness on the Exchange in the
first part of the week was reflected on the "curb" in a lower
trend to prices, though the course was irregular and fluctuations small. The market showed an improved tone towards
the close of the week. In copper stocks, United Copper
common led in point of activity, the price moving up from
143
% to 153/2, then weakening to 13 8,followed by a recovery
of the loss. To-day it reached 163% and closed at the high
figure. Ohio Copper was also active, advancing from 5%
to 7. It weakened to 63% but reacted to-day to 6%. Bos4 to 17 and fell to 169'.
ton Consolidated rose from 163
Butte Coalition dropped from 27 to 263%, advancing finally
% rose to 83%, receded to
to 263%. Cumberland Ely from 83
8, but subsequently recovered to 83%. Greene Cananea went
up from ,12% to 123
4, reacted to 12% and closed to-day at
1p x. Nevada Consolidated dropped from 193 to 18%.
Goldfield Consolidated rose from 8 15-16 to 93-18 but weakened to 8_7716. . The. bond department attracted attention.
Sterling, Actual—
04 8515
4 8510
04 3725.: 14 87.45
14 8720
04 8750
High
Denver & Rio Grande 5s sold for the first time at from 923/2
64 8685
4 8483
64 85
14 8680
14 8705
Low
04 8710
to 92% and back to 923/2. U. S. Rubber 6s from 1023,4 sold
Parts Bankers' Francs—,
15- 155
1
045 17%
Ilfgh
5 17qa
(745 15a
down to 101% and up finally to 1025
%. St. Louis & San
5 18
05 17%
15 15%a
05 15%
1
Low
Francisco 5s started at 903%, moved up to 903/2 and off to 90.
Gernigny Bankers' Marks—
were
traded
15-101
in
95
5s
up
Chesapeake & Ohio
from 100% to 1003%
High
3-16d 0 053-16
(5.94
04%'
1 958%
0'948%
0 95 3-161
94%
Low
and down to 99%. Consolidated S. S. 4s, receipts, adAmsterdam Bankers' Gudders—
and
sold
to
finally
at 18. Atlantic
vanced from 18
1 40 3$
High
40 40 1
183/2
1 40 36
0' 40 38 1
Low
Gulf & W. I. 5s receded a point to 62, regained the loss and
%. In industrials, Standard Oil dropped
'sold finally at 623
1-32 of 1%. h 3-39 of 1%,
Less: a 1-16 of 1%.
Plus: k 1-16 et 1%. x 1-32 of 1%. si 3-32 of 1%.
from 694 to 677. Chicago Subway rose from 29 to 295
%,
Th'e•following were the rates for domestic exchange on sold off to 27 and closed at 28%.:
New York at the undermentioned cities to-day: Savannah
Outside quotations win be found on page 93.
.1. a




New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
41(.101U1'YI74. TWO
ESI AN D LO

NTOCK
Saturday
Jan. 2.

onda.;
Jan. 4.

2 uesday
Jan. 5.

Ir...sT SALE PRICEs

W eanesday
Jan. 6.

Thursday
Jan. 7.

Friday
Jan. 8.

.ares o
1114
Weat
Snares

t.A44E..

STOCKS
NEW YORK STOCK
EXCHANGE

tuznye for pear 1908.
100-shase to.
tin basts
Lases+

fliohest

Itarure yir Previous
Fear 519071
Lowest

Highest

a
Railroads
ilirco
ae
,
1084 Jan
10214 Dec 26
6638No%
meebh
612 F
89
9954 10118 9933 10118 9914 10034 10014 10078 9973 10073 70,850 A tch Topeka dsSantaFe 5
10038 101
104 Dec Lt.
78 Nov
10158 Jan,
10153 10158 10112 10134 10112 10153 10112 1011* 10112 10117 10114 10158 1,643 Ix Do prof
11112 Dec 1
78 Nov
13318 Jan
10952 110
10813 109
10914 110
10934 11012 3,350 Atlantic Coast Line RR_ _
11014 11073 10812 111
14
Dec
31178
os,
7533N
122
Jan
11012
Ohio
11138
11112
11018
&
11012
8
il_laitimore
1113
11012
77.250
11212
8
5
109
11114
11058 11114
75 Nov
9412 Jan
FFaeenbb 11; 94 Dec 29
63123 J
140
7
93
93
9213 93
*92
93
95
600 IP Do pret
*92
94
*93
94
*92
8352 Jan
7634No%
, 6734 Dec 8
13
t2
cb
Oe
4F
6734 7213 6714 7214 6812 7078 6933 7158 7058 7134 6918 7112 175.285 Brooklyn Rapid Transit_ i31.14
644i Alen 2i
7412Nov
8534 Feb,
64 *---- 64
64
Buffalo & Susque, prof_ _
64 *.._- 64
18, 138 Nov 19517 Jan
vi
ov
684 N0
140 Feb 1. 180
177
177 17778 21,350 / , anadian Pacific
176 17814 17414 17612 17514 17614
177 177
6312 Jan
52 No,,
54 Mch
*132
65
66
65
*64
6514 *62
*62
100 x anada Southern
65
6514 6514 *63
220 Jan
230 235
232 23312 23034 23034 230 231 *228 232
3,260 Central of New Jersey...... 160 Feb 11 229 Dec 1, 144 Nov
229 231
22314Nov
16 Jan
251, Feb 1. 6938 Dec
5818 57355878 33,130 Chesapeake do Ohio
5714 5734 5614 5778 5534 5634 5553 5612 56
818Nov
2712 Jan
6873 Dec 31
1.5
7014 89
1%FeoFebat 1;
011; F
133
64
70
68
6834 6514 68
6913 11.900 Chicago & Alton REL.__ 3
6734 6814 68
11.
Dec
Jan
Sep
48
69
79
7413
Mch24
7418
47
74
7412
pret
74
*69
Do
76
*73
7412
400
7614
7814
*70
u %
Ao
13 Jan
14 N
453
18
1. 6
673 Nov
1112 1012 11
814 9
1014 11
712 1053
38,950 Chicago Great Western
1114 1112 11
46 Dec
79 Feb
66
*55
66 *56
56
66
*59
Do 4% debentures___
65 *60
*57
*58
86
713. Feb
21 Dec
eb
512 .re
35
34
3678 3678 31
37
37
*34
Do 5% pret "A"
38
37
*35
3318 3318 1,400
1)14 Dec
261i Jan
11
912 1134 1014 1078 31,400
1134 1234
Do 4% pref "13"
1312 1418 1273 1378 1212 13
9312N ov 15712 Jan
14913 15014 114,100 Chicago Milw & St Paul_ 10312 Jan 2
15014 15153 14814 15134 14714 15012 14713 14918 14813 151
130 Nov 16512 Jam
16512 166
,81. J a n
164 16414 16414 165
138
Do pret
166 166
2,260
16473 16478 *163 165
-85 Nov 141 Jan
1114
65417
3
27413: D
146 14614 *145 14612 1,155
Do corn instailm't ctfs
146 146 *144 146
DDNDe
eeo°
c
*14512 14712 414453 145
c?' 22112'1;
c
149 Jan
Do pret Installm't ctfs 12553 Jan 9 1604 Dec I 111 Oct
181 16114 160 18012 16012 16114 161 16112 9,025
*15934 16012 160 160
205 Jan
179 18112 17573 17912 176 179
180 185
17818 17938 16,770 Chicago & North Western 13512 Jan '- 18512 Dec 29 116 Oct
184 185
185 Oct
234 Jan
4185 Jan 11 224 Dec
Do pref
10
*215 225 *215 225 4225 225 *215 225 *215 225 *215 225
170 Jan
156 158 *155 160 *165 160 *153 168
100 Chic St P Minn & Omaha 114 Feb 25 160 Dec .5, 108 Oct
*157 160 *157 160
185 Jan
Do pret
14012Jan 3 174 Dec 29 i3712Dec
*170 175 *170 175 *170 175 *168 175 *168 175 *168 170
334 May'
Dec
58 Apr 3
633
618 614
6
134 Oct
633 7
658 631
614 614 3,100 Chic Un Trac Ws stmpd
613 012
e 24
c
:
711
8
NI. 1512 1734 1553 1534 1512 16
8 Dec
17 J'ly
4 Apr 1
16
Do pref ctfs stmpd
1618 2,400
1733 1712 16
Jan
471.,
9278
J'nel,
48
Nov
69
6813
70
Chic
Cln
6812
&
St L_
70-38 7018 71
7113 70
8,150 Cleve
7134 69
70
3973 Dec 33
-- *101 105
1081. Jan
851i Feb it
86 Dec
*99 102
Do pref
100 100 .1 10014120
*98 100
17 Nov
21 Feb li•
- 6539 6814 32,510 Colorado & Southern
603.5 6534
3873 Jan
5718 -5814 5773 6012 *100145712 5717 5758 58
79 Dec
6
U
ec 22
691., Jan
41 Nov
8313 85
5033 Jan
81
8414 8512 29,255
80
Do 1st preferred
8034 8034 85
7612 7678 78
70 Dec 23
b
eb
,e
F
29I2Nov
41
112
493
13
8412 83
5812 Jan
Do 2d preferred
7712 8014 7838 7912 7914 8312 82
7314 75
8412 41,200
18138 Dec 29 123580ct
7271,Jan
17812 180
17812 18012 17714 180
elaware & Hudson_ _
179 180
8,150
18114 18133 180 182
610 - Jan
100 I felaware Lack & West_ 420 Jan f 575 Not 1, 389120ct
*550 660 x550 550 *545 600 *536 550 *545 550 *545 550
4012 Dec 30
16 Nov
1414 Feb it
4278 Jan
3913 3753 3812 3814 3973 3812 3034 20,280 Denver & Rio Grande
38
3912 40
3812 40
8378 Jan
53 Nov
3914 Mch 7 586314 NovDec 170
Do pret
81
3,810
81
8018 8114 7934 8012 7913 7912 7912 8134 8034 82
3212 Apr 15
3134Dec
8013 Jan
Detroit United
*54
*54
5112 *5334 -___ *5334 5814 *5334, *5334 57
78z4 Nov1.6
014001
Feb 11
1912 Jan
1678 1634 1712 --2,7
- 416
1612 17
790 Duluth So Shore & Attar1612 1813 1614 16;53 1514 1614
3334 Nov L.
39 Jan
Feb
0ch 1
134'
12
10 Nov
31 • 3114 31
Do pref
32
3112 3217 32
3134 32
33
32
33
3,310
36 Nov11
4414 Jan
214 Nov
3334 3212 3358 32
' 3412 3434 3312 3434 33
34
33
3234 69,200 14
7578 Jan
2438 Mch 4 5138 Dec 31
28 Nov
4853 4917 4812 4912 4853 4913 11,200 A.:-1
'rieDo 1st prof
50
50.1 5117 4914 5114 49
67 Jan
20 Nov
16 Mch 6 41 Dec 1,
39
Do 2d pref
3938 39
3914 39
*3934 4034 3912 4012 39
13812 3812 1,480
18934 Jan
11334 Feb 1, 14314 Dec 25 10712001
147 14773 145 14814 14513 14714 14334 14678 14513 1463.1 14512 14673 87,680 Great Northern wet
85 Jan
4812 Jan 7 7513 Nov13
37 Oct
7112 7212 7134 7212 71737234 8,530
Iron Ore properties
7312 7258 7334 7112 73
73
14 Novi.
75 Oct
75 Oct
Green Bay & W,deb ctfA
4
2t
c3
712 Dee
40
aen11'
8 Jan
71
deb ctt B
14 1
5340ct
-I612 -161; 1613 1612
17
*17
Do
1412 Jan
56
17
"if3213 3912 *38
20 Mci,24
47 Jan
34120ct
3953 4013 *39 41
4014 40
40
"io
800 111 avana Electric
40
84 Dec ..
8612 Jan
88 *8412 88
88 *80
88 *80
72 Apr
*80
88
*85
86 *80
100 8 A Do pret
19412 Dec 14
2 Feb
60
47
n
104 *104
63 Nov 114 Mch
*104104 104
103 103 *
*___ 104
100 Hocking Valley tr rcts_
69 Mch it 93 Dec 74
*9113 96
*9112 93
49112 -911-2 9117 9112
Do met
64 Nov
*9112 95 *9112 94
94 Jan
110
1221. Feb ii 14934 Nov]
ill; Nov 172 Jan
14513 14712 14478 14612 14512 14812 *14512 14634 9,610 I Illnols Central
14858 14878 14718 149
20 Dec 239 Jan
634 Jan .4
19
18
4780ct
1712 1812 1753 1817 1734 19
1812 1834 1673 1838 42,885 I nterboro-Metropolitan.
8
2,
2 Dec:
012
42
,
7514 Jan
1713 Feb
Do pref
, 4612 .4913 4734 4933 4838 4834 4534 4858 78.710
14 Nov
475
4534 4714 46
31
10 Feb II:
3113 30
ut2Nov
3034 30
3133 3112 3034 313.1 30
2878 Jan
1 3,450 Iowa Central
3078 3212
55
51 Jan
2712 Feb 11., 57 Dec:8
Do pref
59
5412 5614 50
29 Dec
9,125
5614 5634 5413 5634 5412 5534 65
76
7512 Dec 23
57 Aug It
76
31 WO Ft S & M tr cts.pre
76
*74
*74
60 Oct
80 Jan
47513 7512 *74
*74
76 *74
76
c 28
iec
8 De
3034 Jan
18
723
4
18 Feb 21
4014 3934 4034 41
421., 57,875 Ix ansas City Southern
4012 4117 40
4112 3913 4012 39
18 Mch
Do pref
98 Feb 19
7112 743i 18,200
6912 7053 7014 71
6134 Jan
7034 7114 7034 7134 6933 71
45 Mch
24
2812 Jan
23
*22
24
12 Jan 4 26 Dec 11
*22
24
23
11 Nov
400 I ake Erie & Western
2373 2378 *22
24
24
6712 Apr
3934 Nov
51
5214 5272
54
390 LA Do pret
*49
34 May 2 58 Dec 7
56 *48
52
65
*50
52
*52
6712 Jan
60 *60
63
65
26 Dec
60
31) Feb 6 5638 Dec 351
*60
60
61
60
55
1,540 Long Island
59
455
85I2N ov 14513 Jan
12514 12514 125 12614 10,050 Louisville & Nashville
Faenb 19
J
4 12534 Dec 31
12613 12713 12414 12734 12412 12534 12314 126
146 Feb
E ti
eteetd
0aptotifittnan
)
15434 Dec 28 10078Oct
ira
lirh
:
1 111432
74
11145
150 15012 2.495
2
8
........ 120
150 15012 150 150
153 153
152 16712 15138 152
107 Jan
40
4412 Dec 2.8
45
23 Dec
40
JNarean
F
by2,LII,
43
42
*38
*40
42
45
240
43 *38
*36
2753 Jan
2012 Jan 2'
Mexican Central
1234N ov
2412 Dec 23
Do Trust Co certts
254 2334 2412 -2512 2453 -25E3 14.- -2333 -i4.1-4 "Zia
2334 2413 24
31
Dec
Dec
&
5612
St
Minneapolis
58
23l2
Louis
s913
57
56
456456
65
7
Mch
56
4,835
5614
56
5734
56
5414
90 Jan
90 Dec t. x621:Dec
90
90
90
*85
00
Do pref
1/1
90
Feb 2
113 F
83
*85
12
200
*85
*87
89
91
*87
Novi
13
Oil Oct
145 14912 31,645 Minn St P & S S Marie
7914 Jan
135 13612 136 13812 13812 145
13212 13634 13514 139
5 110 Oct
c 19
165711122
158 159
15334 159
15312 154
Do prof
3,010
15314 15412 153 153
15134 152
3
2;:,
2 Dec 2
2034 Nov
453112
4012 4112 4188 4212 4212 4412 136,070 Mo Kansas & Texas
1713 Mob 2 7
4034 4314 4012 42
4238 43
53 Nov
7312 74
46 Feb 19
75
Do Ora
7234 7112 7313 73
74
4,100
*73
7314 7314 72
44I8Dec
Dec
7014 6913 7033 7038 7278 115.380 Missouri Pacific
68
2812 Feb 19
7214 6813 71
6713 6814 69
a/nb
aaaaaci:Una
a
jj:
jjjj:ala
J
44444444444444444 a
44444
4
444444
44
97 Dec 4444
122 Nov2
124 124
400‘1, ash Chatt & St Lows_
12212 12234 *119 12.5 *118 125
$118 125 *118 125
1 x89 Dec
24
e3
16
2712 Dec
5
12634 13234 12712 13038 123 12938 12434 12812 12638 12918 237,975 I 1 Y Central & Hudson_
12633 131
19340ct
54
5513 68
43
91)07
2
00
ejja
4J
13
5614 5614 1.800 N Y Chic & St Louis
o.
57
aan
4
2
1'
'
5314 5314 53
5634 5684 56
i
oev i4
Ne
86 Nov :1890
05 .D
155
Do 1st pref
Jan
*103 108 *103 110 *103 110 *109 110 *102 110 *102 110
41 Oct
87 *80
*81
87
84
84
84
Do 2d prof
60 Feb 8
8412 8412 84
400
88
*84
Jan
9 12738Nov
ocy10
Ne
161 16134 162 16334 3,400 N Y N If & Hartford
4378 D
16012 161
160 161
12833 Jan ti 16
160 162
16173 162
nn
18949281%124
78 Oct
48
2912 Feb 19
42.720 N Y Ontario & Western_
• 4673 4814 4738 4914 4718 4812 4718 4818 4714 4778 47
58 Oct
2;1.
ov 3
IN e0
014 D
988
8414 8638 8514 8613 8614 8714 24,365 Norfolk & Western
58 Feb 19 86
8513 8634 8434 86l
86
• 86
90
*86
90 *86
70 Oct
*88
Do adjustment pref
87
87
88
74 Mch 24
90
200
*8512 8812 *87
Jan
100120ct
avy
mo
15734 N
140 14213 13953 14138 14013 14214 14158 14258 61,215 Northern Pacific
11678 Jan
14233 14314 141 143
ta
arb
aea
ja
'
3}
418
0
38
7
9
:
:3
9112Nov :
14038 14034 *14134 14214 1.600
Do subscrlp rcts
103 Feb 10 145 Nov 1,,
14212 14234 14034 14212 14014 14014 13914 140
Jan
12418
Nov
935.,
Co
83
86
Coast
83
14
pacific
58
*80
*80
88
Jan
*80
22
88
Sep
65
*85
100
8314
86
*85
78 Nov
*90 100
*90 100
65 Nov
Do 1st pref
*90 100
*90 100
L
*00 100
6
27
ct2
ma
0 M
79
9
*90 100
125 Mch,
85 Dec
95 *80
85 *80
*80
95
05
Do 2d pref
*84
95
*85
95
*85
38 Jan:7i ,10312Nov
10
nc 3
eo
rae
D
2.
214
8
133 13478 13218 13438 13333 13414 13338 13412 279,980 Pennsylvania
67
3
10834 Jan 7 15
13173 13212 13112 136
88
8934 89
51 Oct
88
8612 8713 *88
88
88 *87
*87
8978 5,900 Pittsb Cln Chic & St L
10512 Jan.
69120ct
105 105 *104 108
Do pref
51618 j
8
7 10834 Nov ;
ch 3
Man
100
*104 109 *104 108 *103 106 *103 105
1394 an
7012001
9212 Feb 17 14314 Dec 11
14253 14312 13953 14438 13913 1423.1 13834 14114 13973 14114 14038 14178 775,880 Deeding
92 Jail.
73 Oct
93 *90
93
92
9210
*90
9234 93
93
78 Jan '.: 92 Dec 5
*90
650 IA, 1st pref
*90
93
94 Jan
67 Nov
*91
91
2d pref
19 Dec 5
9312 *92
93 9458 9313 9312 91
Jan
300
*94
*94
95
iii4Nov
:
Dec
Island
Company
2473
2473
2414
2312
Rock
2433
1514
2514
2373
170612 nb
2838 91,000
25
24
2434 25
2612Nov
Do pret
5873 6078 5934 61;4 61
61
2034 Feb 3 6258 Dec 18
59
6334 73,550
62
60
6114 62
58 Oct
70
1914 FebJ'nt 2104 89 Dec 21,
42
*68
*66
70
St L & San Fr, 1st pret_
70
*66
70
*67
70
*67
24 Nov
Do 2d pref
40 163-8 4013 42
4,881
40
4114 3834 40
4012 41
42
42
Nov
1:
19
63
e.3
De
22
4D
18
27
5
44
2
2213 2314 1,800 St Louis Southwestern
22
10 Mch 7 5
2333 2234 2234 2134 23
23
*2314 24
25 Nov
Dec
pret
Do
5213
4712
*50
53
2412
19
Feb
1.300
5234
5314
54
*52
5314
54
54
5414
, 63140ct
1:0
meac),3
25112 D
66Faeb 17
2 1=
• 12012 12114 11813 12113 11758 12014 11733 11914 11812 11958 11853 120 238,300 Southern Pacific Co
Jan
111027.31838
48
6:9369230
8625411113
74
848232 2 JJJJJJ
jjjjjFaaaaa
J
aaunt
100 Oct
Do pref
121 12138 3,770
4 Jan
1093%
12212 12253 12213 12212 121 12114 12013 12012 12078 121
Jan
9
25)
10 Nov
41, D c 234
271114
3
913 Jan 10 6
2613 2718 2573 2678 2514 2614 2512 2617 2534 2613 2578 2713 34.230 Southern v Sr cfs stmpd_
9413
2912Nov
pret
611 833s 14.250
Do
do
6134 ,,,,,8
61
604 62
2517 Mch
62
6233 6212 62 63
80
1712Nov
3533 3614 60'4 3673 38,570 '1'exas & Pacific
123-4. Feb 29
3613 3612 3434 361. 3414 3534 3413 36
16 Nov
10
4034 3858 4078 30,455 8 bird Avenue (N Y)
1512 Mch 23
4134 3814 4034 3913 4053 40
3814 3973 38
Jan
9 Dec
'
1513
Ue3
Ae
712 D
5
4
1
14
1418 13
1213 1338 12
1434 1533 1418 1478 13
1212 3,340 Toledo Railways & Light
Jan
1634Dec
Dec 31
4878 4813 4873 4,400 Toledo St L & Western
48
t
47
cb
Fe
212 O
16
4912 47
49
4912 47
4834 47
r
35433784
2934 Nov
Do pret
33 Feb 3 7312 Dec 2
7234 18,750
7112 7158 7134 7414 7084 73
7034 7134 7114 7214 72
Nov
4
3
61)
29
City
Rapid Transit_
9758 9712 9713 98
98
7814 Feb 7 9633 Dec
1.522 Twin
9734 9713 9773 97
97
97
97
3 Jan
80
10
m ay
11012 Mch 2 18478 Nov27 100 Oct
17812 18134 17712 18017 17914 18112 17978 18112 631.690 I !Won Pacific
18333 1841g 17873 184
t, Aug
0
eov117
Do
*9514 9614 95$3 9533 95
194 N
97
98
t--) Do pref
3550
9553 9614 8612 9614 9614 96
,
62 Jan
1018Nov
3834 *35
' 40 Dec 12
'''. 24
AL
214 J
3812
700 Unit Rys Inv't of San Fr 315
37
37
3612 8673 *36
3653 37
*3612 38
20 Nov
55
2
55
Do pret
3 Jmacrth 23
714
203
960
6312 5412 5413 53
57
*54
5712 *5413 58
*55
118'182 Jan
7
Oct
8
19
abash
22
Dec
2058
19
1914
19
W
1912
3
185
11,900
1983
1813 1933
1914 1934 1834
1418Nov
Do prat
41 5234 Dec 22
ehi:
mIc
5 Ail
13
4712 5073 4918 &Oat 4933 5034 4934 5012 4934 52 118.200 VT
4914 50
301,Jan
6 Oct
2134 2212 22
29 Dec 23
2312 13 600 Western Maryland
2017 2133 2114 22
211•1
2012 22
21

iia-

-iai,

NI:

RANKS

AND
Ask

TRUST

COMPANIES-BROKERS' QUOTATIONS

,
Bank.
Bid
Bid
Ask
Banks
_
...._ Fifth Avet. 3800
ChAsesEx 1 200
430 Fifth
New Fort
Chemical __ 420
99. :fa
3_
,
165
First
170
Aetna
17712 Citizens' CV 155
"'
14th St 1 -- 150 ,,,,,358 360
550
America I_
570 City
200
Fourth
205 :10
253 coal & iron 230 250
Amer Each_ 250
2.__ Gallatin
_ . colonial IL b265
350 385
Battety Pk. 430
's7.0 33-5- Oolumbia 11- 400
Bowery V
E00
, - 290
Garfield
--- Germ Am 11 13-6 145
Bronalloro1 300
-- - Commerce . 1104
Bryant P911 150
_ _ Germ'n Ex11 475
160- ConsolTd_ 125
500
Butch & Dr 15212 1571. Copper
230 23-5- Germania I 525
--165
175 Corn Ex V
335 395 Greenwich 11 280 2-85
Century V
Hanover- 540
135
Chase
„
290 ,-- East River_ 125
imp & Trar; 555
1/.5
365 316 Fidelity I_
Chatham _
160
- A5
X
day.
asked
this
on
and
I
no
Ex-ngtits.
_pric_es:
made
Leos
were
sails
Bid
t
.... _
Co or at anetton this week. it First.installment nal
11
Banks

but




Ask

EU! Ask
Bid
Ask
Banks
Bid
Ask
Banks
Banks
frying N Ex 175
185
290 310 Plaza A- _-,... 810 325
Mutual
185
155
11
Excil
l'rod
___
185
Nassau 1....,_ 200
Jatier3On I - 175
350 370
,„. New Neth'd .-_ '105 Seaboard
Liberty-- 800
..-...
__ Second.... 350
Lincoln ....r. 400 450 New YorkCo 750
-----_ _ Sherman - 135
‘fanhattanT 320 330
New York _ 320
_
270
Ntark't&Ful 260
Nlit &Davi] 200 2-20- State II....- 250
--- 250 12th Ward T
280 10th Ward 11
Mechanics'_ 255
-- 475
. . Northern .._ --- 135 2311 Ward 11 1-00
Mercantile. 170
17-0- Oriental 11- ,...,-,
_. anion Eat,li :00 21-0 Merch Each 160
A'ash trtz 111 230
Merchants%. 182 185 Pacific 11___ 230 - 2-50
Side 11 500
_ A
-rest
1475
Metropolis li 375
,- Park
31-0 YorkVine 11 400
175 People's
_ 300
&letropor nit 170
220
_
_
."......
175
Morr1.11
165
qt
2Phenix -1
than 100 snares. 1State banua. a gm-dividend and richt& 0 Now stock. 1
n sold at ?21V141113 Sae at tbl3DrtQO,

iff___

..

BOW York Stook iteaora----Conciuded-Page 2

JAN. 9 1909.

STOCKS-HIGHES2' AND LOWEST SALE PRICES
Saturday
Jan. 2.

Monday
Jan. 4.

Tuesday
Jan. 5.

Wednesday
Jan. 6.

Thursday
Jan.7.

.`.ate

Friday
Jan 8.

01

he
Week
Share::

ll'OC
NEW YORK STOCK
EXCHANGE

87

hemp: lor .1'..ar 1908
m ba,ts o7 JOU-$73 71
Lowest

ti

1234 2,600 Wheeling & Lake Erie.....
412 Mch 7 13 Dec
2578 2.400
Do lot pref
3213 Apr 16
614 Dec 23
1518 1.600
6 Feb 27
Do 2d pref
1534 Non,'
3714 18,933 Wisconsin Central
1312 Feb 28 3814 Dec 3
7238 31,400 Do pref
33 Feb 19 7213 Dec 31
indu stria I& Si iscene neo us
A dams Express
164 Jan 2 4200 Alia
*187 200 *187 200 *187 200 *187 200 *187 200 *187 200
I-Ills-Chalmers
5 Mch 6
1638 Dec :4
1512 1512 1513 1514 1473 1513 1473 1514 1514 1514 *1514 1534 1.300(
48
2,600
4812 48
48
49
Do pref
14 Mch 6 5234 Dec 11
4813 48
50
50
4933 4978 48
8334 8313 8412 8314 8412 133,695 Amalgamated Copper...-. 9513 Feb 19 8838 Nov ,
8418 8434 8218 8412 8134 8312 82
34
34
3512 5,515 Amer Agricultural Chem_
13 Jan 4 35 Nov25
3334 3373 34
3378 34
3378 3373 3312 34
25
*9414 95
Do pret
7812Jan 4 66 NON 23
95 *9414 95 *9414 95
*90
49558 9553 *94
96
912 Feb 10 244,
2112 2214 21
2112 2012 2114 *2034 2114 2118 2112 2112 2158 2,400 American Beet Sugar.-82
82
82
425
8312 3312
82 *81
Do pret
65 Jan 23 8134 Dec .1
*70
82
82 *81
482
2,570 American Can
9
9
9
4 Feb 20 1014 No% 1,
9
878 9
873 914
914 912
9
938
7134 7212 72
Do pref
7212 7234 7334 4,300
99 Jan 4 7473 Nov 2,
7334 7212 73
7334 7334 73
5018 4834 4934 4858 4912 4914 50
498 5014 21,850 American Car & Foundry 2512 Feb 13 5034 Dec
4934 5014 49
8414 Mch 4 i09 Dec 6
109 10914
Do pret
540
11058 11058 410712 10712 *108 110
110 110
110 110
2434 Feb 19 4434 Nov23
4213 4234 4214 4234 4212 4338 4312 4412 12,300 American Cotton 011
43 . 4358 43
44
98
98
98
*0614 98
99
98 *95
480 Jan 16 97 Nov18
352 Do pref
99
*95
*9512 98
206 206 *205 210 *205 210
210 210
:170 Feb 26 1224 Mayi
315 American Express
420813 20878 *205 210
81, Dec e
678 678
234 Feb 21
7
1,500 American Hide & Leather
7
7
7
714 714
712 734
712 712
Do pref
5,300
3612 3612 3678 3712 3634 3634 3612 37,8 3612 3738 3634 37
1212 Mch 4 3734 Dec 26
2212 2178 2212 1933 2212 1873 20
1212 Feb 8 3173 Allf2
13,770 American lee Securities_
2313 2338 2134 2314 22
1712 Dec 4
1412 *13
6 Mch
1412 1414 1414 1414 1412 *13
1412 1314 1413 1,100 American Linseed
*13
Do pref
35 *25
35
*28
*26
35 *26
*28
34
17 Mch 5 3614 Dec ,
84
*28
34
3138 Feb 25 5953 Aug e.
9,050 American Locomotive
5734 5614 57
5658 5634 5718 5814 5634 58
5714 5773 56
Do pref
____ 112 112 4112 112 *110 113
8613 Jan 3 113 Dec 31
350
112 112
114 114 *111
853 Sep It.
*6
7
*512 7
*512 7
7
712 *7
3 filch 2
200 American Matt Corp
712
*6
7
Do pref
443
43
43
21 Jan 13 553 Sep 1,
45
43
42
42 *41
210
*42
*42
44
46
8134 81
70 Jan 17 8413 Aug
8012 8012 8012 8038 81
81
8158 4.200 Amer Smelters Sec pret B
8038 8033 80
8134 84
8312 8575 8514 89
8273 8334 8053 84
8758 8938 329,460 AmerSmeit'ng & Refining 5512 Feb 17 107 Aug ,
Do pref
10212 10334 104 10412 10373 10414 104 10412 9.840
8734 Feb 20 11038 Aug 5
101 10112 10112 103
American Snuff
1 200 ___ *200 ____ *200
_ *200 ____ *200 208
180 Aug 24 200 Apr 30
*200 ---- ,
Do pref
9712 *90
*90
9712 *90
80 Mch23 9712 Sep 1,
9712 *90
9712 *90
9712
9712 *90
700 Amer Steel Found (new)- 28 Sep 29 41 Nov
39
*3613 3912 3814 39
39
*3812 3912 *38
39
3814 3814
Do old pret
50 *45
50
2618 Feb 14 4712 Dec
60 *45
*45
50 *45
*45
x45
60
60
1.532 American Sugar Refining 9834 Jan 2 13734 Aug 31
130 130
128 12973 12834 129
131 131 *131 133
129 129
Do pref
*129 130 *129 130 *127 130 *125 130 *128 130 *128 130
105 Feb 18 131 Nov24
12713 12753 127 12753 12614 12714 12613 127
12634 12714 12634 12714 11.292 American Teieph & Telei 101 Jan 6 13258 Nov24
94
94
94
9258 9334 9212 9312 9314 9314 93
*93
93% 1,350 American Tobac (new).P• 7212 Jan 2 9712 J'ly 14
1512 Feb 17 3233 Dec 9
2914 3014 3018 3012 3014 3012 2914 3034 31
31
3012 3058 2,400 Amer:can Woolen
600
Do pref
95
7814 Feb 19 97 Nov14
9434 95
9413 9413 9334 9334 *9314 05
95
*9334 95
5013 5058 4938 5012 49
4934 49
4933 4913 50
249
4912 17,325 dAnacondaCopper Par$25 52713 Feb 19 $5312 Nov1.8
318 314
*3
338
318 314 *3
338 1,500 dBatopilasMin'ng Par$20 2212Jan 23 $5 Mch t
313 *3
3313 *3
, 2434 2434 2312 2412 2212 2313 2234 2273 2333 2412 2413 2514 4,120 Rethlehem Steel
12 Jan 13 2714 Nov26
53
do pref
*50
50
50
50
35 Apr 8 57 Novls
50
800 I
*4913 53
51
64
5134 52
*147 148 *147 148 *135 145 *120 140
r85 Feb 21 15214 Nov2
200 Brooklyn Union Gas_
130 130
130 130
17 Nov25
16
1633 1534 16
2,070 Brunswick Dock&C Imp
6 Jan
1512 1512 51412 1412 1473 1478 1473 15
2378 2373 *23
24
1,010 Butterick Co
24
510 Feb 7 425 Jan 10
24
28
25
25
42734 2734 27
3134 3212 3153 33
1512 Feb 10 33 Dec 2.
3118 32
3073 3112 3114 3234 3178 3253 16,300(ientral Leather
10114 10112 10114 10134 *10034 10134 4101 10112 101 10138 410112 10112 1,105
Do pret
7534 Jan 2 102 Dec 29
• 40
4034 3834 4138 3934 4138 3958 411
4034 4512 4234 4512 128,575 Colorado Fuel & Iron_ _
1553 Feb 11 42 Dec 5
2534 2534 2512 2512 2512 2512 2512 2558 2512 2512 2573 2714 4,825 Col & Hock Coal & Iron. 1434 Mch 6 2712 Dec 3
164 165
12634 130
127 13034 230,875 Consolidated Gas (N Fl _
138 16514 12614 140
96 Jan 3 167 Dec 1'2
123 127
1773 18
1034 Feb 10 2013 Aug.1
1834 1914 21,000 Corn Products Refining_ _
18
1812 1818 1838 1838 1838 1818 19
7412 7312 7312 *72
Do pret
*72
7512 7412 7512 5,600
7414 74
66 Jan 2 60 Aug ti
74
74
*45
50
100 Crex Carp...a
9712 Oct 16 4s14 Oct 20
*44
49
*44
49
49
45 *44
45
*45
60
6,125 Distillers' Securities Corp
2714 Feb 19
3712 23713 38
3712 3713 3713 38
834 Dec 16
37
37
3612 3758 37
Federal Mining & SmelPg 7213 Nov21 94 Aug 10
80
*71
80
SO
*7012 80
82 *71
*71
*71
Do pref
59 Feb 10 89 NoL.
200
83 *80
83 *80
83
*80
83
81
81
*80
81
gi
...... Federal Sugar Ref oh N Y 55 J'ly 28 6812.1 •ne2u
7312 Feb 3 100 J'ly
Do pret
;g:5" 95
iiAo" 'VO" ;85- -91:1"
111 Jan 2 16234 Dec 2
156 157
6,300 General Electric
15612 167
*157 150
156 15712 15512 157
155 158
Granby
7834 Jan 2 10912 J'ly 3s;
400
Cons
M
S
&
P
•
106
106
*105
110
110
10112
10612
109 109
*105
110 110
*64
800 nt Harvester stk tr ars- 62 J'nell 67% Nov2.
66
64
64
*64
65
6412 65
85
6512 6412 65
10934 10973 1,520 I Do pret stk tr etts. _ 99 J'neli 11014 Nov11
110 110
10934 10978 10958 10034 10934 10934 110 110
9 Mayll
0 Oct 26
858 878 17,600 Int Mer Marine stk tr cas
812 9
814 834
812 834
834 8713
834 9
16 Feb 25 2673 Dec 31
Do pref
2.534 2538 2714 2618 2658 2534 2612 32,250
2614 2758 2512 2714 25
1314 Nov18
8 Apr 1
*12
13
1214 1212 121g 1212 *1213 1234 1214 1214 1214 1214 1.700 Internat1onal Paper
97 Oct 1 65 Jan le
Do pret
200
57
*56
67
5634 5634 *5512 5712 5558 5538 *5512 56'2 *56
13 Jan 2 3978 Dec 31
3918 4014 3918 4012 3914 41
4014 4112 31,000 Internet Steam Pump
3933 4212 3912 42
65 Jan 10 8414 Dec 31
Do pret
8612 85
8.5511 85
8614 12,025
8334 8478 8412 8634 85
8534 85
52
Feb 25 78 Novi
7512
751:2
Mackay
1,000
Companies
75
75
*7334
78
76
7334 7414
*76
77
76
5978 Feb 25 7434 Nov31
Do pref
7138 70
7033 7012 7112 70
1,610
70
§70
70
*6834 7038 70
68 Jan 3 la Dec 28
Biscuit
9834 9778 9878 9878 09
9973 98
99 101
5,940
9612 99
98
102 Jan 2 12012 Dec 2,
Do pref
11914 11914 *118 121 *118 120 411934 11934 *118 120
240
*11712 120
14
712 Feb 14 1514 Dec 2.
14
14
*1314 1414 14
1412 1438 1413 1434 14
1434 1,800 Nat Enamel'g & Stamp'g
570 Feb 25 28214 Dec 11
82
*80
82
88
87
*81
*82
200 Do pret
83
83
87
00
*82
36 Feb 10 92 Aug 7
77
7713 7712 7914 7853 7958 9,700 National Lead
7712 7778 7612 7838 7534 78
3712 Jan d 10614 Nov18
Do pref
10612 10634 410512 10612 10634 10634
10558 10334 *10512 106
650
*10513 107
558 578
512 534
658 634
634 334
512 534 4,000 Newhouse M & S_Par$10 $438 Oct 22 $978 Jan 2to
534 6
50 Jan 2 98 Nov25
8812 8614 8614 8812 8812 9112 92
87
1,525 New York Air Brake
91
91
93
*87
42113 Mch 5 78 Nov3u
7534 73
7458 7358 7438 7412 75
2,500 North American Co, new
74
7312 741.2 74
74
24 Apr 20 4014 Dec 8
35
35
3412 35
3433 3512 3,900 Pacific Mall
36
3614 3558 3634 3431 36
eople's G L & C (Chic) 80 Jan 2 10612 Dec 23
103 104
103 10412 9,300
105 10514 10234 10434 10214 10314 10212 103
813 Mehl? 1453 Dec 10
200 Pittsburgh Coal Co
1312 *1214 13
13
13
13
13
• *1234 1334 41212 1312 *12
3613 Feb 14 50 Dec 4
57 Do pret
*47
*47
48
60
49
*47
49
447
49
47 *47
*48
1714 Feb 10 45 Dec 1
4134 43
42
4212 4234 4273 4278 1,225 Pressed Steel Car
44
42
42
§42
*43
310
Do pref
69 Jan 3 10214 Dec 29
10112 10112 10134 10134 10112 10112 *101 10212 *101 102
*10112 103
176 Pullman Company
147 Jan 3 174 Nov16
170 170 *169 173
*168 173 *168 173 §171 171 *168 172
2334 Feb 8 4914 Dec 28
3,500 P allway Steel Spring
4712 47
4712 47
4834 4834 4712 4812 47
4734 4734 48
Do pret
75 Jan 29 103 Dec 2
428 1*102 10212 10212 10212 *101 10212 10212 10212 *9812 10212 10134 10212
1434 Feb 11 29 Nov13
2533 2512 2614 2512 2612 7,010 Republic Iron & Steel
2512 25
2534 2534 2514 2553 25
63 J'ne 19 8912 Nov13
Do pref
8514 8613 *8534 8612 8612 8673 87
*8514 86
8718 8612 8634 2,300
7814 7812 7812 1.100 Qloss-Shetfield Steel & Ir 36 Jan 2 8134 Nov17
7612 7614 7614 78
*7612 78
7612 7612 76
8712Jan I 11014 Dec 7
Do prel
*107
*108 110 *108
*109 ___ *108
*109 _ _
9632 4734 4612 4712 47 -4-g1-4 -31,425 dTennesseeCopper Par$25 52513 Feb 17 $5214 Nov16
4534 4878 4612 49
47
48
8418 *82
84
300 Texas Pacific Land Trust 45 Feb 11 8412 Dec 7
85
84
*83
*81
*8312 84
8412 83
83
Nov23
4 Feb 21
912 934 1,000 I Tnion Bag & Paper
*873 912
912
958 958 *834 912 *812 912 *9
4475 Jan 6 6634 Nov2:100 •
Do pref
66
66
66 *6412 66
*65
06 *64
*64
68
*64
66
1712 Feb 26 3078 Dec 14
3012 4,070 U S Cast I Pipe & Foundr
28
28
28
28
*2914 30
2814 29
2834 2914 28
565,q Jan 2 7873 Aug lu
1.370
Do pref
75
7434 77
; *74
*70
74
7513 474
74
75 *74
77
70 Feb 18 90 Jan 6
United States Express__ _
89
90 *75
*80
*80
90
90
*80
00
*80
*80 • 90
3614 Feb 5 64 Nov17
700 U S Realty ec Improvema
6113 6112
60
61
01
60
' *6012 6212 62
62
60
60
4 Feb 21 1514 Aug 8
200 U 8 Reduction & Refin'g
*11
1312 *12
1338 *1212 1312
' *913 1312 *1112 14
13
14
Do pref
16 Feb 10 39 Aug
30 *28
34
' *28
32 *28
32 *28
33 *28
33 *28
' 3412 3412 3412 3412 3313 3312 3314 3312 3314 3438 3418 3418 1,500 United States Rubber...... 1834 Feb 10 3712 Aug 7
7
Do 1st pref
Feb 19 108 Dec 2
10512 106
';10634 10634 10618 10678 105 106
10512 106 §10634 10634 2,555
7314 7312 7334 7334 *70
42 Feb 21 7512 Nov27
700
Do 2d pret
74
74
*71
74
*70
7312 *73
2534 Jan 2 5.834 Nov13
' 531g 5334 5214 5312 5158 5278 5112 5258 5214 5312 5234 5338 411,121 United States Steel
871. Jan 2 11453 Nov 4
Do pref
11234 11312 11258 11318 1127g 11318 113 11358 11318 11312 15,366
11273 113
4612 4778 46
3,000 &Utah Copper
47
4618 4512 48
Par $10 .220 Jan 2 $6234 Nov 9
46
47
46
4614 45
4,200 Virginia-Carolina Chem_ _
16 Feb 27 4534 Dec 29
4413 45
4414 4434 4312 4438 4234 4312 4312 44
*44
45
50
Do pret
287 Jan 2 115 Nov14
*112 11212 ¢112 112 3115 115 *11212 115 *113 11312 *11212 115
240 Viglnia Iron Coal & Coke
43 Jan 7 18 Nov 9
66
64
62 *62
66
64
66
62
564
*63
64
*62
100
4250 Feb 13 325 Nov16
ells Fargo & Co
300 300 *290 325 *290 325 *290 325
*290 325 *290 325
91 Feb 19 7134 Nov30
estern Union Teleg
69
6838 6812 6814 6814 4,700
6912 7012 6812 7012 6812 0912 68
3,200 Westingh'scEl &Mfg assen
38 Mch 11 94 Nov17
84
85
85
85
86
86114 85
8513 85
8512 8512 85
58 M.-I'24 125 Nov24
100
Do 1st met
*115 125
120 120 *115 125 *115 120 *115 120 *118 120
1218
*24
*13
3712
7112

1218
2512
1412
3838
723g

1214
2414
1414
3658
6934

1273 12
2513 24
1414 *13
3818 3613
7212 6934

12
2412
15
3713
7112

1213
2414
1438
3578
6912

1213 *12
2414 2413
1433 14
3713 3673
7114 71

1212
25
14
3778
7212.

12
25
1414
3673
7134

National

•
1." a7 (1071

105'

Lowest

13
8
11
28

Oct
Oct
Oct
Nov
Oct

H1ohest
1634 Jan
3734 Jan
2134 Jan
2573 Jan
5112 Jan

150 Aug •330 J'ne
1678 Jan
Aug
4334 Jan
14 Nov
12173 Jan '
'4134 Oct
10 Oct
2538 Jan
ti5 Feb
75 Oct
231, Jan
734Nov
80 - Jan
75 Mch
71, Apr
3 Oct
601-3 Apr
34 Nov
4514 Jan
24330ct
78 Oct
103 Jan
3612 J'11
21 Nov
70 Nov
90 Jan
175 Oct
247 Jan
614 Jan
212Nov
301. Jan
10 Oct
8,180et
88 Jan
(135 Oct
1914 Jan
161,0et
36 Jan
7534 Feb
3214Nov
83 Oct
1111. Jan
212J'ne
§712 Apr
90 Feb
17 Nov
9318 Jan
00 Oct
581i Nov 2155 Jan
11738 Jan
81340ct
150 Oct
205 Jan
'70 Nov
102 J'ne
20 Nov
9234Dec
/1116 Nov
Oct
60 Oct
11 Oct
68 Nov
$25130ct
$3 Oct
8 Nov
23 Nov
80 Nov
6 Oct
27 Oct
1178 Nov
68 Nov
14 Nov
14 Dec
74 Oct
8 Oct
46 Oct

4712 ELY
13712 Feb
131 Jan
133 Jan
9834 Jan •
3612 Jan
10278 Jan
30234 Feb
.1,918 May
2012 Jan
65 Jan
125 May
1412 Jan
4918 Jan
90 Feb
102 Feb
5778 Jan
2833 Ape
14014
'
Le
"
2934 Jan
88 Jan

26 Dec
50 Oct
47 Oct
42 Feb
76 Feb
891,
0ct
60 Oct

'Yr Feb

"(WC
10 Nov
712Nov
51 Nov
8 Oct
50 Oct
40 Oct
50 Oct
6612Oct
90 Nov
61 Nov
875 Sep
33 Nov
80 Oct
$5 Dec
9712Dec
37 Nov
19 Nov
70140ct
7 Nov
37 Nov
1558Nov
69 Nov
13514Nov
21120ct
72 Nov
12 Oct
50120ct
26 • Oct
80 Oct
217 Oct
42 Dec
4 Oct
3934 Nov
17 Oct
49 Nov
70 Nov
36 Nov
512Nov
1814Den
1312Nov
82 Oct
39 Nov
2173Oct
7918Nov
513 Oct
123sNov
75 Nov
31 Oct
260 May
64 Dec
32 Nov
60 Dec

818 .171;(7,
24 Apr
1812 Jan
81 Feb
41 Jan
81 Jan
7514 Jan
71 Jan
8614 Jan
11733 ivich
1538 Jan
87 Feb
7614 Jan
103 Jan
22034 Apr
14112 Jan
89:4 JaLl.
4112 Jan
9858 Jan
1678 Jan
6058 Jan
67 Jan•
9978 Jan
18118 Jan
6712 Jan
991, Feb
41 - Jan
100 Jan ,
7734 Jan
4107 Jan
$6312 Mob
85 Jan
818 Jan
61 Jail
4912 Jan
89 Jan
5117 Jan
9012 Jan
3014 Jan
68 Jan
5212 Feb
1097a Jan
Vils Jan
wag Jan
10734 Jan
:3913 Mcb
39,38 Jan
108 Jan
97 Jan
300 J'ne
85 Jan
154 Jan
5160 May

163 Jan
97 Jan
6213 J'n•
100 May
163 J ail
152 Feb
•4,

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS
Ask
Ask I trust Co's Bid
Ask I Trust Co's Bid
Ask
Trust Co's Bid
Trust Co's Bid
Banks
Bid
Ask
1125
Brookyln
N Y City
180
NY Life&Tr 1100
I Guardian Tr 170
Brooklyn
410
Brooklyn Tr 400
___ N Y Trust_ 560 575
North Side11
- 175 Carnegie __ 118712 ......- Hudson ___ 130
110
__ KnIckerb'kr 3ao
- Citizens'
_ __ Central Tr_ 1825
125
People's_ _ lib
120
325 Standard Tr 325
145
Flatbush -0200
73
80 TitleGu& Tr 430 435
..Certs A_
_,,,..
155 Columbia .... 23212 240
_-__ Prosp'ctPk11 140
---- Franklin -- 193
. rerminal 11----- 130 Commercial ____ 150 Law T I &Tr
205
- 233
242 Tr Co of Am 300
- Hamilton -- 260
275 1
__ Union Trust 1100
C3-6. Unionll _ _ _ ____ 150 Com'wealth ___ S5i Lincoln Tr.. 119214
100
110
'
Empire _ _. 6240
Home
125
--.4 Manhattan_ 350 400 US lag &Tr 305 380
1175 Kings Co.... 455
Eqult blo Tr 400
125
___ Unit States.. t125
.....I Mercantile - 725
,,...
Trust Co's
260
310
Farm Lo&T 1200 125 Metroportn 540
L. lei L & Tr 290
425
N Y City
-___ VanN'd'nTr 250
160 170 I
250
__ Washington 400....-. gassau
300 315
Fidelity ___ 195 205
Astor
Morton Tr_ 425
Fifth Av Tr _ __ 425
145
fib Westchester 190 150 People's _ _ 275 .....
525
Mutual ____ au
Bankers' Tx 500
85 100 ,
140
Williamsbg
_
27_ -5 - Mut All'nce -_ 190
270
_. Fulton __
Windsor __ 135
flowrg Gr'n 335
320 Irway Tr
130
133
Guar'ty Tr_ 515 565
4
New stock. c Ex-dly. and rights. d Now quoted dollars per abates
• Bid and asked prices: no sales on this day. I Less than 100 shares. I Ex-rights.
, 1 Sale at Stock Exchange or at auction this week. a Trust Co. certincates 'II Banks marked with a paragraph (11) arc State banks..
Bid
Banks
Brooklyn
Borough 11_ -_
Brooklyn 1,- _____
Broadway 1, 39)
1251
`First
•Hillside11- - 110
'Home Bki. 110
Romesteadli 80)
Manufae'rs 40)
Mechanics'11 230
140
Montauk
240
Nassau-.
280
Nat City

Ask




-New York-hick Exchange—Bond Record. Friday. Weekly and Yearlv
Ileginning Jan. I 1909, the Stock Exchange method of quoting bonds has been changed, and al/ prices now are quoted—"and interest."
BON Ds
N. Y. STOCK EXCHANGE
WEEK ENDING JAN 8

.t•

Price
Friday
Jan 8

Week's
Range or
Last Sate

A°

Range
Year
1908

N. Y. STOCK EXCHANGE
WEEK ENDING JAN 8

-

11-Ic,'
hrtaas
Jan 8

Week's
Range or
Last sate

'
5-

litt1109

Year
1908

21 to h

lita
No Low 21144
aim Low
Low _High Cent of Ga RR—(Con)
63 Dec'08 •..• 44
63
20 pi of income g Os stamped
•
10.1 12 104 iv
52 Dee'ub •..• 27
60
65
57
3d prat income g 68....p1945 Oct
104 10418
5214 Dec'08 •
60
65
27
52'4
3d pref income g bs starupe..
100 101%
1 Feb'08
89
89%
89%
43.1951
Div
inon
pur
Chatt
g
10034 102
4I'ne'08 •..• 1001
/
1041
41041
/
4
/
Mac & Nor Div 1st g 58.1946 J -J 103
410819 115 Novq/b
/
Mitt Ca & Atl Div 15s. .1041 J -J 1061
Q-F
1001
4 10114
/
bec'07
105
108
J
Div
5s
g
11146
1st
-J
Mobile
Q1 F
4 12214
/
1181
107 19 Dec'08 .... 92 1071
4
/
12034 1231
g-F
4 Jen RR de B of tia col g 53 1937 41-N
/
12 117 1301
117
4
/
4 103'i Cent of N J gen'l gold 53.11/87 J -J 127 Sale 127
/
0131
Q-N
13
117
1201
41241
/
126
126
4
/
Sale
Q-J
51987
Registered
109
t 107 111
109
4
/
Am Dock A Imp gu 66..1921 J -J 1091
Foreign Government
1041
4
/
Le & kiud R gen gug 5s 1920 J -J
Imperial Japanese Governra-t
2
1001
'08
Dec
1.18 101
4
9Q8
993
Leh & Wilks 13 Coal 58..1912 SI-N
9l38 Os 86
4 Sale
1
92
1925 F -A ; 90/
sterling loan 4128
0819 101
4 Sale 0978
/
991
1)9%
1/04
Con ext guar 41
g1010 Q-.11
48
/
4 9014 8914
/
2i1 series 412.3
8378 91%
1925
J 1.891
4
971
PA
N
82
Br
82
4
/
g
811
Long
gen
1941
48
11-S
151
75
8234
1931 J -J
Sterling loan 4s
30 1001
4 104
/
4 Cent Pacific See So Pacific Co
/
4 1051
/
Repub ol Cuba 58 exten debt.. 11-S 1103 Sale 1021
88
10139
. 100
CentVermont 1st gu 048.e11i20 Q-F
9934
96 101
U •-$ or Mexico a g Ss of 18119 Q-J
4
1
/
92
Dec
'Ob
93
901
4 Chas& say see All Coast Line
/
4 941
/
Gold 45 of 1904
1964 J-D
4
/
102 1051
4 Dec'08
/
1031
al911 A-0 102
t hese are Pr ices on the 6 5;6 of $5 to B. Cheri A Ohio gold 6s
4
/
5 1071
41161
/
1st consol g 53
193'i M-N 116 Sale 114% 115
State and City Securities
4
/
1131
1
Sale
11319
11312
Mar'02
M-N
1939
Registered
97
111
Alauaina curr lund 48
J -J
22 96 1137%
1992 M-8 105 6ale 104% 105
General gold 4193
110 Nov'Ob
110 110
Dist of Columbia 3'658...J929 F-A 109
104 blny'06
1092 M-8
Registered
41100'04
/
1051
96
Louisiana new consol 48 1914 J -J
901,, 9018
4
/
1101
90%,
4
/
4 921
/
21 891
.1-1)
1049
Big
sandy
lst
4s
New York City112 Feb'00
103
J -J 107
Craig Valley 1st g
103 Sale 103
10278103'4
4' e Corporate Stock
1958
9814 100
Dec'ub
4 101
1
91/
RA A Div 1st con g 4s 1989 J -J
;Dee'OS
1013
10134 101'1
492 assessment bonds 1918 11-N
4
/
341
931
4J'ly 'thb
/
4
/
931
80
1.081, J -J
2d consol g 4s
; 112 538 105 11234
.7.NT e w 4/
4s
1
1957 m -el 111% ban, 1113
4 Feu'l/b
/
1131
......
4 Dec'08
/
1041
Warm Spr Val 1st g 5s 1041 M-8 10538
101,4 104%
New 4's
1917 11-N
95
Sep
'o5
95
51-11
4
1113
95
'40
By
Is
g
4
Greenbrier
1113
lstgu
112
4
/
1111
10513112%
0
,
4194 Corporate Stock 1957 M-N
78% Sato 781
79 131 6734 79%
4
/
Chic & Alt RR ref g 38 1049 A-0
104% 104'i
10114
440 assessint
at-N 101
73
77 Dee'llz.77%
15 101%1031
60
Railway 1st lien 3198_1050 J -J
10234 103
4
/
4% Corporate Stock. 1957 M-N 103
8018 May,u3
J
J
1960
......
Registered
Now Yorestate—Highway
4 100 101 Dec'tif,
/
991
97 101
01110 Burl& Q—DenvD 48 11122 F -A
110 Ang'08
109 110
....1958 M- S 110
Improvenet
4
1003
1093
4
1001
4
/
97 10314
1958 M-S
General 4s
120 Mar'OU
8o Carolina 4,
11)3:, J -J 101
2d 20-40
91 Sale
`31
93%
52 86
tr-i
1940 J -J
43
1
97
Illinois Div 3/
9512 3 94
4
/
951
94
9(3
Tenn new settlement 3s 191:; J • J
;Lec'ub
013
91
•
8t334 9134
981
4 Nov't/t
/
93
Registered---- --------1949 -J
92
90
9319
Virginia fund dent 2.3s 1991 J • J
105
Dec'ub
102
103
.
•
4105
/
971
47
11/49 J -J
15 221
Ills DIY 4s
45 Sale 46
4 47
/
68 deferred Brown Bros ctfs.
1.0434 Oct 'Us -• 10434 106
Iowa Div sink fund 68-1019 A-0 105%
4 Nov'08 -• 96 101
/
1/1134 IOU 1001
1911/ A-0
sinkuig fund 4s
Unlit-oat:
4 Dec'08,
/
101 101% 1011
9818102',
Nebraska Extension 48 1927
A lemma Cent see So By
101% Oct '08
100
1011
4101%
/
Registered
.0.1aba Mull bee At Coast Lint
110 Oct'07
116
A4-N
02111-S
1927
Southwestern Div 48
Albany & Suso See Del& Hui,
Joint bonds See Great North
Allegheny Valley see Penn itki
10134 Nov'08
102
9714103',
Debenture Os
•Alleg & West See Bull hA
103% 103%
10414 105%
AA-1.4 103%
13 N1-8
1111
Han & StJos e,onsol 68 19
8419 1 78
4
/
4 Sale. 841
/
841
56
51995 ti-J
Ann Arbor 1st g 4s
bia
135¼ 87
85
82', 88
J-J
A
8
Sale
ref
imp
E
10()14
1955
48
g
elm&
1001
4
/
1001
95%
101%
Atch T (Ye S Pe—Geu g 48.1995 A-0
120
12934 12934
4 122 122
98% Deo'08
100
1st consol g Os
4 100
/
951
1995 A-0
' Registered
4 114¼
/
1 1061
41161
/
4
/
11314114', 1141
02; 19 83
1934
11/37
92
General consollst bs
92
9518
51995 Nov
a.djustment g 48
Feb'09
113
11514
Apr'07
86
Registered
511195 No,
Registered
114
4
/
1131
14
114
107
109%
4
223
19,3c
Chic A Ind C IV lot 56 137
9234 Sale 9212
4 94
/
821
51995 11-N
Stamped
4 104 041 8534 106
/
Chicago & Erie See Erie
1031.4 Sale 1031
11/55 J
Cony g 43
11714 130%
4 1'27%
/
4 1271
/
1271
Clue In A Louisv tel tia 1041 J • J
1917 J-1/ 107 Sale 10614 1.1/7 , 131; 1)418108
10-year cony g 5s
108 Sol)'06 ...• 106 108
libu'08
Refunding gold 5s
1947 J -J 11/9
4
/
981
9619 961
4
/
Debentures 48 Serie3H 1916 F -A
HA% Nov'vb •.. luU 10138
981
4 N,
/
,,•'09
&
-J
A
J
Ch
1910
Lotusy
63
1st
4
963
-A
F
1011
Serie:- 1
10314 1061
4
/
105
105
94 Nov'th
Chic Alll & St P term g 53 1919 2.2 HA%
94
1913 F -A
Series K
1(90 1041
;
4 10,34
/
1021
10269
1 9514 9819
97
General g 48 series A..61089 J
97 Sale 07
East Okla Div 1st g 4s 1928 M1031
4 Oct 'Oa ...• 1031
/
4 1031
/
4
/
97 Dec'08
95
Registered
4
ct
el081/
1/5
18
97%
rects
Short Line 1st 4s J PM
92
4
/
4 95
/
911
55 851
9'2
General g 319s series 13 611439 J
Atl Knox ite N see L & N
4 Oct '05
/
1151
4 94%
/
4 59 80
1)5.
94% 951
Chic & L Su.Dly g 58....1921 J -J 10942
4
/
961
tlantic Coast 1st g 48./61952
'08
110 112
4
/
.
•
112 Sep
Chic & Mo Riv Div 58...1926 J -J 1121
Charles & Say 1st g 78 193o J -J 130
4 Dec'08
/
1041
104 1043
;
10j34
12313 J'ne'08
125
Chic & Pac Div 68
4 124
/
1111
Say P & W 1st golt168 1939 A-0 108%
108% 112
4 Salo 1U9' 109¼
/
11268Jan'04
2 :1 1091
•
2
11
'/2
19
P W lstgos
Chic
1034 A-0
1031
4
/
1st gold 58
51))¼
ts
4 108
/
1041
1051
4 106
/
4
/
'00
1071
Nai
8
1146
Gt
bs
191(32-2
g
So
Dak
11-N
Ala Mid 1st gn gold Gs —192
4J'ly'91'
/
1371
......
901
4 Alar'06
/
94
1924 1-2 12218
Far.& Sou assu g 68
J -J
Bruns& W 1st go.g 40,
4
1
10218105',
861
86', 45 74
1910 J -J 102%1(1314 10719 10,/
4 86% 86
/
liast& D Div 1st78
8878
0195211-N
L it, N call g 4s
101% 101%
10134 Ain-U6
10034
931
96
4
/
SeP
-J
J
..191b
4 931
/
931
4
/
Sil Sp Om db(.4 gug 4s
08
.Nov
4
/
1091
106% 1019
1081
4
/
- ,1
j"1
9J
LaCrosse & D 1st fis
1910
Atlantic A Danv S'ee South tty
4
/
101 18 1011
100%102%
1910 J -J 101
Mineral Point Div 53
Austin & N W See Sou Pacific
4 1011
/
101%102 1011
10014 104%
4
/
15 90
94 Sale 93
94
95%
So Minn Div 1st 68
48.1925 J • J
1
alt & Ohio prior 1 g 3/
4 Dee WS
/
1031
101 1031
4
/
-J 10068
90 Apr'08
93
99
19 .12-j
0
19
Southwest Div lat tis
4 9u
/
891
51925 Q•J
Registered
11/ Nov'ub
4
/
108 111
11/21 J -J 1091
4 102
/
Wis & Minn Div g6s
51048 A-0 100% Sale l00 4 100% 76 961
Gold 48
IN ov'llb
LOWS
8
1023
10518105',
Dec'08
08
lstM
1910
No
L
68—
&
98
Mll
95
411148 Q-J
Registered
10713 Dec'va
107 is
10718110's
120 Oct '01
1st cense). Os
Pitts Juno 1st gold Os ..1921 J • J
4 Dec'tla
/
1171
115%
51538 118%
3
915
19
Chic& N orthw cons 78
83
481925 11-N •89 18 13014 8914 Dec'08
/
90
Pjun & 31 Div 1st g 31
J'ne'Un
03
99
08
119
104
11-A
4
/
951
4
/
1151
951e
48
188(3•11/20
Extension
87
05%
97
PLEA W Va Sys ref 461941 11.N
4 Apr'vb
/
081
4 98%
/
981
104
4 411:, 8334 931
/
Registered
9114 Sale 90% 911
4
/
8outhw Div 1st g 3198 .11125 J J
935
93
89
96
2,1920
91', 89 Oct '01i
General gola 3198 188651925
Registered
80 Aug'ut
89
89
50578 Feb'07
i
d
,
truen
gte
egis
gg:27
Rkill
sth
Motion Riv 1st gu g 53-1911, -A 104
11119
1071811118
4
/
109 Apr'05
1191
6s..1579-19219 A-0
Oen Oluo It 1st c g4123-1113t,
110 Aug'va
4 110
/
1081
J'ue'07
n
u
re
t
te
108
Registered
gls
eing
Rk
A-0
sin
10013
11135
Os
g
UI Lot & W con 1st
lus
108
108 1091
4
/
d 511 187
29
91
10
08
111 Sol)'
9:1
870
110 151
Ohio River RR 1st g 58.1930 .1-1) 111
104 Nov'07
N
A• :O
Registered
4
/
0%9 B
1879%
1081
4 108
/
1031 A-0 1101
100% 109
6
'
General gold be
10138 Dec'08
10018 10234
Mar'04
us
11919
108
Debenture
Pitts Clev A'jot 1st g Os 1922 A-0
101 Dec'U6
4
/
'39', 1011
101 Nov'08
97
1909 11-N
Registered
tuill 101 •
Pitts & West 1st g 4s 1017 J -J
108 Deo'ub -• 105 108%
100
101/ Nov'04
Debenture Us
(Rat Isl RI 1st gug 419s 104:1 J -D
103 J'ne'u7
Bat Creek A S See Mich Cent
11,1% 111%
ndd deb 53
firie
; 111%
°°
A ---11
2 M
gte
1
gis
13
1
ein
Rk
Sin
Beech Creek See N YC&kl
109 J'ly'Us
.h 110
98
7 410
19
338
Registered
Bellev & Car See Illinois Cent
Dec'Oa
10214
8
1007
10134 1021
4
/
S
N
:
NI
PA
3
10
3
Illinois
9
1st
North
61,
1
Bklyn A Montauk See Long 1
101 Oct
101 101%
St Paul 1st Os 11.109 A/kb 100
Ott CT
Brims A West See At'Coast L
11104
4
1193
11111212014
118 12068
M•N
1921
Sat
6s
West
g
MilLS&
Erie
See
4 '2 110 1131
/
Banal° N P & Erie
4 1131
/
,,, sal(' 1131
4
/
klxt& Imp stand g bs 11/29 F -A 113,
4 Sale 1161
/
108 116
S 1101
4 11816
/
Banal° 11 & P gen g 6s 1937
4 Fcl.,'02
/
1421
Ashland Div 1st g 63 1025 MS 123
4
/
106 Dec'Oa
1014 106
1057 M-N 1081
Consol 4185
112 123 12819 Fel.e00
98
Dee
'01
Os
g
1st
Div
Mich
4
983
A-0
All A West 1st g 48 gu 11/11b
103 Sep '0J
102
Incomes
103 103
103 J'1Y'Ob
CI & Mali 1st gu g 53.-1943 J -J 110
116 Dee'08
113%
112 11619
2
a
)
1.9
119;Sep '08.
114 11919 Ohio Rock led &Pac 68 11
Hoch ito Pitts 1st g tis 1021 F -A 119
1121
4 .... • 11219 J'ly'08
/
11214115
-J
J
1917
11ti%
Registered
121
118%
117 121%
1922 J •D
Cousol 1st g Os
9978 10014 14 1/4 1021
1001
4
Sale
4
/
General gold 40
Banal° A Southwest See Eric
4
973
Dee'08
97¼.
4 1.173
/
1/61
;
gra
Registered
89 Oct'08
90
8719 91
Bull & Susg 1st ref g 4s41961 J -J
U134 i•c;11 831
A-0 91% Sale 1/008
4
/
11139
92
4s
g
Refunding
BuxClt&N See 0 R I &
07 J'ly'09
uM N
....
4 38 106% 111
/
Coll trust Series/i 48.
4Sale 10618 1061
/
1913 J-J 1061
(Ian So 1st ext 6s
132', Nov'00
1912 6,11-N
4 Dec'Oa
1
J 45
102 1021
4 103/
/
981
4 105
/
.11313 1,9k-J2d 53
1)0', Jun '07
blny'01
1004
31.8
1.1.11 NI.S
Registered
May'ut
:161
F :11-I1
I
:!
lie)
N 4s
Garb & Shawn See 111 Ceui
90 Nov'08
911
90
0 4s
Carolina Cent See Seab Air L
84 Aug't/i
P 4s
Carthage 8, Ad See N 5((3.4. II
77 19 sale 71.1 14
78 91.5 5539 79
Chic It I & Pao 1111 4s 2002
Ced it la PAN See B R &
65 Aug'Ob
N
002
4 65
/
621
Registered
Con Branch By See Alo Pao
90 Sale 88
90 2033 591
21913
4 91 12
/
Coll trust gold Ss
112 116%
Cent of Ca RR 1st g ba..p1945 F.A 114% 117 1164 Dec'08
—
Northern
Norther—
108%
25
A
It
108%
Cod
Bur
4
/
1101
1083
8
31-14
4
1
/
0
58
gold
1945
Salt
Consol
1121
4 1161
/
11S
A-4 1151
/
4 Dec'08
/
100 116%
113 Apr'00
Con lst & col tr g
Registered
11/45 11•N
1211 19 Mar'03
70
Registered
70
81
5 55
79
Oct
1st prof income g
-0 107%
93•A-0
1021
111 Nov'05
ORLI& N W lstgu 58.1
78 Dec'08
78
(35
Stamped
MA St L 1st gu g 7s 1027 J•D
4 Dec'08
/
611
44% 64
61
60
pret income g 58.....p1945 Oct
Goverllllleta
U S 2s consolregistered.d1931,
U S Is CO11801 coupon-41930
/c1018
U S 3s registered
S as coupon
U 38 tog small boads 51918
U S 3s cou small bonds k101b
1926
U S 43 registered
1925
U S 4s coupon
U S P.tn Can 10-30 yr 2s.k11/30

Ari) Low
High
103 103's 10314 Nov'08
103
104 J'ly'Ob
4 101 Dec'08
/
100% 1011
4 10034 Dec'08
1
10034 101 /
107 J'ne'02
10014 Nov'08
100
412014 12013 Nov'08
/
1101
122 liov'OS
12012
4 Mar'08
/
102 103 1031

Btu

-J
•J

B

Tj

I.i•J

-.-4jontinued oil set eage.
-1 18C'E13LAALIIIJz6 110A1,
'
Street Itallway
91 10219 hot St Ity gen col tr g 58 1097 F-A
2002 A-0
6612 86',
Ref g 4s
9978 104
Bway&?MAY lstog 68 104:3 J -D
80
9
1i. 9
Col& ilth Av 1st gu g 63.11393 M-S
8
1
2
:
LexAvA P 1st gu 081993
1)31810s
98 1021/4
Third Ave RR con g-ti 4s200() J -J
Cent Tr Co cents atonal...
77
80 L.,
Third Ave By 1st g 68 1037 F-11
76
82
Met W S El(Chic)1st g 43 193e F -A
95
95
N Orl Ry & Lt gen 412s —1935 J -J
4100; St Jos RyLtH & P lat g 58'37 11-N
/
031
......
St Paul City Cab con g 6s.1933 J -J
69
83
Underground of Lou bs 1920 .11-N
11/33 J -J
50
94
4198
9978 82%
1048
Income 68
100 104
Union El(Chic) 1st g bs 1946
60
70
United Hits San Fr s f 48 11127 A-0
......
United Itys St L let g 45 1934 J -J
a Due ,tnr s Due .,isy I/ Due a'no isDue .I'ly 'curio ‘‘.0g
.No price Friday; latest price tau, week. aDue Jan

Street Railway
6
Brooklyn Rap Tr g 6s
1946 A-0 103 Sale 10112 103
84181312
1st refund cony g 4s
2002 J-J
83% Sale 8268
....
Dec'Ob
103
Bk.City 1st con 53.1916 1941
100N 91 oe,ios
......:
Ilk Q Co & S eon gug 53 11/41 M-N
• Bklyn Cu El 1st g 4-53 11/50 F -A 101 Sala 10034 101 19 148
4 Nov'00
/
1001
1950 F -A
Stamped guar 4-38
4 Sep'08
/
811
19413 F-A
83
Kings Co El 1st g 4s
8369 851
4 87 Dec'08 ••••
/
1941 F-A
Stamped guar 45
7
80 sale 79
80
10b1 J -J
Nassau Elec gu g 4s
95 Mar'08
4
/
Conn Ry& List& ref g 4128'51 J -J 1001
4 Oct '08 ...•
/
1001
4
/
1951 J -J 1001
Stamped guar 4148
95 J'ne'00 •—•
Den Con Tr Co 1st g bs 1933 A-0
8112 Dec'08 ....
48 1931 J -J
/
704
Del United 1st con g 41
80 Oct 'OS
Havana Elec consol g 68 1951 F-A * 80
4
/
80 t, 2027
4s
1956 A-0 7712 Sate 771
/
Inter-Met coil 41
Inter Rap T 3.yr cony Els 1911 MN 10334 Sale 10219 104 134
70 Dec'08 ....
Internal Trac coil tr 4s 1091, J -J
98 11 sy'06 ..••
Elec 1st it; coll 53 1963 ,(1-




80
29
88
88
4
/
871
841
4 Sale 83%
/
4
/
811
„ 104 Dec'08
4
/
1021
99%
9838 Dec'08
100
100 Sale 100
73 Dee'l/E,
75
71 31.33
011'4 8118 09
4 109% 41/
/
10639 110 1091
931
4 J'1Y'
/
06
4Sep '06
1
7034 90/
98 Nov'08
911
Nov'013
9
1101
40 Aug'08
4 21
/
731
4
/
4 Sale 731
/
731
22
20
22
4 22
/
221
84 Oct 'uE,
73
22
4
/
7214 Sale 721
8434 Dec'08 •--•
b278
°Due Oct

89
68
4
1
68/
40
93 105
0419 09
05 102
4912 75
50
73
101 111
98
40
70
20
84
59
76

98
4114
781
,
23
101
7514
85 '

p Due Nov s Option. dale ,

JAN. 9 1909.1

New York

Bond itecord-Continued--Ygge 2

89

.3

OON
1st)?.iii',
Price
Rano,
W eelc's
Price
WeeK's
Pantie
N. Y. STOCK EXCHANGE 1A.E.
rid as
• Year
Itan ye or S
N. Y. STOCK EXCHANGE
lruia
Ranije or
Year
WEEK ENuiNG AN 8
Sate
Last
8
Jan
2
9O8t
Jan 8
213:
Last Sale
Vsek.ENDINu JAN 8
2908
Big/. A'o Low Itigh Erie--{Con)
ohio Rock f & Pac-((.0ii)
A V. Low
kSW
Btu
ASK Low
limg At Low _High
Choo Ok & ti gen g 58.01919 J -J 1021
10'2 Aug'te102 104%
/
2
Y Stia & W 1st ref 58 1937 J •J 10558
104 Dec'08 ...• 104 107
• Consol gold 5s
107%109
2d gold 412e
1952 M-14 10584109% 107% Nov'08
1937
3A.--A
1004 Dec'Oe
t'
5 9814104 1.,
Keok & Des lst 58.. 1923 A-0 101 10334 103
103
General gold 59
85 Dec'08
93
85
951
/
2
Ohio
& 51
See Ill-Cent
Terminal 1st gold 5s...1943 M-N 1134
11484 Deo 418 ...• 110 114%
Ohio St L& Pitts See.L'eun Co
Regi $5,000 each..9
s
41
'
M-N
194
.1
23 121 132
130 Sale 129% 130
Ohio St P.M & 0 con 6s 1930 J
Mid ItRof NJ Dag 68.191d A-0 101%
1024 1024
101 103
93 Dee'03
Cons 6s reduced to 349 1930 J-D 92%
Wilk & Ea 1st gu g 53.11)42 J
102 Oct'98 •- 100 102
100
129% 129% 5 t24 130
tMiStP& Minn lstg tis 1918 M•N 12834
& Ind 1st con gn g 68_1926 J-J
109
10984
108 1134
12934 Mar'04
126%
Nor Wisconsin 1st 68 1913t) •,1
Erie & Pitts See Penn Co
St P & S City 1st g 68 1911. A-0 L16%11678 118 Dec'01115 12 118
Evans & PH let cons 63.1921 J -J 111
112 Jan'08
112 112
11234 Dec'08
112 113
Clue& Weetind gen.g tis q193•4 Q-31
1st general gold 58
102¼ Ply'08
1942 A-0 101
1/6 103
97
974 15 91 100
Consol 50-year49
1952 J. J ,•• 27
ME Vet-non 1st gold 611_1923 A-0 100
114 Apr'05
Clue & W Mich dee Pero Marq
Still Co Branch let g 513.1930 A-0 • 9634
95 J'ne'Oe •-•
85'
. 95
Ijiargo & So See Ch 31 6, St P
P
Choc U & Gulf dee C R
Oct'00
...... 113
I lint& Pere 31 See Pere Mar
Oin I-1 et, D litt gold 443-1937 J J
Dec'08
96
96
Fla C& Penn,. See Sea Air Line
96
'.'Cin D.& 1 1st gag 5s 1941 M-5
gu 4s g.'23 M-N
W
C Find &
Fort St U D Co let g 4%s-1041 J-J
105 Mar'98
70
70 Aug.08
Ft.W Sb ben C 1st g 6e
.OIni& iV let gu g 48.1953 J
70 '70
11121 J -D 114%116 11538 115% 16 104 1154
*
96
Dec'08
9612
Ind Dec do•W 1St g 5s 1935 J -J
96% Ft W & Edo Gr lst g 44 1928 J -J
90
85
137 Dee'th,
74
88
1074 Dec'02
1935 J -J
j al Har dc'S A See So Poe Co
let guar gold 5s
181 11 & Hof1882 1st 50.1913 A-0 99
CI StLsbc beoUCC&StL
96 Sep '08
96
96
,
CinSebt; deeUCCStl
Georgia & Ala Bee Sea A Line
Clearnelu & 31ah Bee B R &P
Ga•Car & Nor See Sea A Line
973
4
Sale
31
8
973
977
48
4
gene
19/13
L
St
J-D
92
Clev Cm C&
99% Ueotgia Pachie 'ice So By
95
96
96 May'08
1931/ .J
Cairo Div 1st gold 4s
Gila V (,}& 5for See So Pao Co
96
96
92
95
9514 Oct'08
'Cin W db 31 Div lst g 48 1991 J •J
954 954 tionv & Oswegat See N Y Cent
973
4
Sale
42-1990
tr
973
g
col
4
0734
2 90
M-N
"St L Div 1st
9634 Grand Rap & Ind See Penn KR
Registered
1990 8-N
91 Oct 'WE
Gray's Pt Term Bee St L S W
92 •Feb'08
5-5
Gt Nor-C 13& Q coil tr 4s 1921 .7-J
1)2
2
9734.Sale' 9784
98 ' 52i 928410084.
9234
ig
98 Sep'06
11 L
J -J
71
(
A)
‘
7rY
Registere4t.h
9714
1921 Q•J
974 2 92% 98
105 Jen'04
01 St 14/ibie COUSOI 68-1920 M-14 102
Greenbrier By See Cites &0
984
99121sTov'08
/411136 Q-11
let geld 413
100
954 99% Gulf & I Ditref&t g be 61952
96 Oct'08
*
95
95
k1936 Q-F
97 uct '08
• Registered
97
97
See C B 41, Q
110 Dec'08
Cm & Cl con.lst g 5s..11128 J -J 1US
106%110
e See 2( Y.N Hain
11434 Sep '03
1914 J-D
C 0 di, 1 consol7s,
105
114 11434 Hock Val lstconaolg4128 1999 J-J 105
105
b 9841074
CO11801 sink fund 78.-1914 J
Registered
10012Sol)'08
1991'
10084 10012
General eonsol gold 69.1934 J -J 12678
130 Nov'Oe
Col & H V 1st ext g 48 1948 A-0 98
96 Dec'Ot
120 130
96
96
Registered
41934 J -J
97
Col & Tol 1st ex 4s
1)7
F-A
97
1 96 100
1955
lud 131 & W let pre( 48.1940 A-0 11:f
94 J'Iy'08
Houst E & W Tex see SoPac
4
95
0-Did & W 1st pf 58 i11938 Q-J
tionst es Tex Cen See So Pao CO 1
Peo & East 1st eon 4s...11)41, A-0 94
.1 Illnous Central 1st g4s 1951 J-J 102
95
101 Dec'08
9384 Dec'08 • - 85
101 10312
income 48
1911u Apr
544 Salt 644
1 'Registered
10788 Apr'07
66
21 35
60
1951 J -J 1014
CIer &Marietta See Penn Rh
let ref 48(When Lse)
9934 3t, 11984100½
1956 M-N 9934 Sale 99%
Pitts
see
Penn Co
&
.914
let gold 3.2e
9384 Deo'uts
9134 93%
19"
194, J
1701. Midland let g 48
81 Sale 80
81 166 554 81
9014
9134 Aug'Obi
-41
Registered
9114 9134
Co/orne-i & Sod 1st g 4s 1921. F
9814 Sale 974
984 108 82
89 Nov'ui
A-0 93%
99%
EVended
1st
g
312e
1
95
9
5
1
• Refund & ext 412s
981
1935 til-N
/
2 bait 9644
9884 3477 73
•70 Oct '04
97%
let gold 3ssterling
M-S
•
1951
Comm JG OrCtIIIY See So lty
1111
coil Trust gold 45
101 Deo'll8
97 102
1952 A-0
Col & hock Val See Hock Va..
A-0
98 May't).
Registered
• Col di, Tot See Hock Vat
L '31 0& Tex gold 4s _1
M-N
99 101% 9912 Dec'08
1
98.4 102
9
5
2
3
9
I COL Conn & Term SeeN&W
M-N
Sterol
97
Registered
0011118,, Pas„Rive lst g 413.1943 A-0
Cairo Bridge gold -PL.-1
J -D 99
10234 Jan '07
5
511
9
1
Cuba Rif. 1st 50-yr 5 g
95
6 91
96
1952 J-J
91
8914 92
9034 Nov'08
LoutsvDtv&Term g348:1953 J
85
91./
• I Iak&Ctt3o dee CM o's St k
Middle Div tea 5338
123 Alay'91,
19
92
61
1 F-A 101
allas& Waco !See
K dal
°Moho Div lst g
F-A
7884 Apr'Uti
! Del Lack & ,Western79/4 Dec'08
St Louis Div&term g 38 1051 J -J
7878
764 '79.4
Morris& Essex let 79-1914 .V1-.11 11.334
114% 114% 6 11484118½
7714
Registered
1951 J -J
lst consol guar is
1184120%
1915 J-1.1 11638119% 12010.Wov'0b
Gold 312a
904 Dec'118
J-J
79% 9034
Registered
115%
1915 J
874
• 127 • • J'ne'06
10184 Oct 'Ift,
-3
Registered
lst ref gu g 3.2s
200t J -D 93
1110 Noit'ud
Spring Div 1st g 34.9.-1
8834
19
995
55111 J-J
N Y Lack
121
W lst 6s 1921 J -J 121 Sale 121
1164 125
Western Lines let g 413 1951 F-A
984 100% 10034 Deo'09
10034 10084
Construction Os
112 Oct•'08
108%11214
1923 Le-A
Bellev & Car 1st 6s
122 Dec'OD
1923 3-Li 116
•100
,
1004 Dec'08
Term & improve 4s
97 Sep 'Lle
1923 8-5
Curb & Shaw let g 44.-1932 M-S
9718 102
118¼
97 190
92
102
Warren let ref gu g 3129 2000 F-A
Chic St L &.N 0 g 5s 1951 3-1) 118
117 Oct'08
t1212 117 •
1214 Apr'Oti
; Del & Ifuti let Pa ply 78 1911 A•S 12034
123
-1)
Registered
11934 Mai'04
Registered
149 Ang'01
1'117 m-S 11938
584 Feb'07
GOld 34s
1951
191'1 J-D
1st &ref 48
101 7k 80 98 14 102%
1943 MN 1014 Sale 101
100 Mar'Ot
blempli Div let g 48. 1961 J-D
tut1 100
• 10-yr cony deb 4s
191t J -D 102 10212 102
10284 '17 94% 105
St L Son let gu g 4e. 1931 31-S
98
as J'15“01
98
104 Dec'08
let hen equip g 4 LA
1021 J -J *10134 •
96 104% Ind B1 & Worn SeelJCC&StL
Alb & Sus cony 3.2s
99% 4 9134 100
194u A-0 9544 9938 9918
InttIU&Ialstg4a
95 Apr'Or
95
95
1950 J-J
sarawita
let
?s
129 NOY'ilb
1921 M-5 128'2
1284129
liens SO
Lot'S Great Nor 1st g tie 1919 31-N 1074 11312 110 Dee'Ot
101 110
Del Itiv I1l11iridge • See Pa lilt
2d gold Os
88
85 Nov'ut
70
90%
1909 -11-S
98 Sale 9734
; Denv & it Ur 1st con g 48 1930 J
9914
98% 114 89
3d gold 46
30
60 Oct '1/
41)
1921 -11-S
10212
445
gold
Consol
10334 Dec'08
1930 J -J
93 10334 Iowa Central let gold 58-1938 .1-1) 10912
10884 Dee'ut
11241
;
,
1001
,103 • Dee'OS
, improvement gold 5s 11323 J -0 10134 1023
Gold 4s
94 103
82 sate 814
82
1951 M-S
82%
85 70
itto Or J tine 1st gu g 58 1931. J D 104%
98
98
Jetterson RR S443 Erie
97
76 Dec'05
Rio gr So let gold 49- 1940 J J
k atA&Git Bee .L /3 &
S
Guaranteed
1949 3 -j
85 Mar'08
5
55. Mau db Mich. See Tot & 0(1
95 Sale 95
1939 J -J
100%
Rio or West let g 48
8312 98
KCIftS&M SeeStLdisSlf
Mge autic,o1 trust 4sA 1941) A-0 804 ...... 80 Dec'08
80
70
KedbMit&B SeeStL&SI
97 Jan'01.
Utalt Ceti t let gn g4s al917 A-0
Kan C & Pacific' See M K & '1
...
11 dee M & st
Des Mot &
Kan City Sou let gold 38 1950 A-0 7234 Sale 7234
734 13r 69
74
110 Sep '04
Des Mot Uu Ity 1st g 58-1917 M-N
63 Oct 'lib
Registered
..
1950 A-0
95
92 Mar't/7. •
,Pet & Slack 1st lieu g 48.1995 J -D
Kentucky Cent See L & N
88
90
1995 3-Li
90
9i)
Gold 48
tie
80
Keok & Dee Mo See U 14 l&P
Detroit southernKnoxville & 011lo See So ity
8178 83
84 Dec'08
Ohio Sou Div 1st g 4s 1941 M-8
7734 84
I Ake Erie & W 1st go/1 1937 .1 112%114 112% 112%
1064 11412
Range
lst5s 1037 A-0
11534 11634
Dul& Iron
3 102 116
1-, 20 gold 5s
106 • Dee'08
WO 106
1941 3-3 107%
Registered
,
1061
1931 A-0
/
231ar'Ut
North Ohio let gug 58 1945 A-0 11418 sale 112% 11484 s7 105 110
10684106¼
101b J -J
2d (is
LSho&MichS S'es N I Cent
Dul Short Line Sea Nor l'ao
Leh Val N Y 1st gu g448.1940 J -J 10578103 1064 106% 5 102%1093e
108 Mar'08
Dui So Shore & At! g 58 193 J -J 107
10778109
Registered
198 Oct '08
•
10)3 108
I:ast of 31inu EtieStP31&
Lehigh Val(Pa)cons13
974
M--31 974
974
87% 95
3 -13
. g4.2
940
100
1.11ast Ten Va & Oa See So Ry
LOA V Ter Ey let gu,g 5s.1d41 A-0 115
11634 11654
108 117%
5
%4
Elgin Jot & East let g 58.1941 M-5 110
1064 1.111)''08
106%1064
Registered
100 L., Oct "J
Elm Cort & No dee Leh&.N
Leh V Coal Co let gu g 5319
A
93
43
1 'I
107 %J'ly
L06 10734
rie1stextgold4s
1941 M-$ 10018
99% Mny'OS •
Leh & N Y let guar g4s 11/45 11-S
99 105
97 May'ut•
9384
1154 97
1911 31-5 (06
104% Apr't)b •
2clext gold 58
101410418
Registered
1945
M•S
10312
.:8
fe
1923
104
Dee'08
3d ext gold 4128
9334 104
C & N let pf 63
Jan
11384
'Ut,
1914
A-0
100
10584 Nov'08
1920 A-0 106
• 4th ext gold Ent
104 106%
Gold guar 58
10514 Jan'Ub
1914 A-0 984
133
1928 -D
148 uct,'Ws
• 5th ex t gold 4s
98
Leh & Ilud R See Cent of
98
J
1213 Dec'08
1920 M-S 12434
,•lst oonsol'gold 7s
117 127
Leh & Wilkesb See Cent of N J
121 Oct'08
1921! 31-6
let commit g fund 713
120 121
Leroy & Caney Val See Mo P
881
/
2Sale 884
Erie let cola g 48 prior-191lb J -J
88% 24 80
9012 Long Dock See Erie
• Registered
79 jau'08 •
199i J -J
71)
79
Long U1'41-1st con g 5s.h1931);-.1 109
110
110 j 1 105 112½:
73
let meow gen hen g 4s 109t, J -2
74
73%
74
35
lst oonsol old 48
764
h1931
0714
85% Feb'07
Registered
1911e J
General gold 4s
.31
4
Dec'08
193t
8314 97%
9684
Penn cell tr g 48
8514
1951 F -A • 85's 86
85'4 '4 6734 5738
Ferry gold 4413
11322 M-S 1004
102 Dec't18
t01 102
50-year cony 4
77 Sale 77
1953 •A.A
774 36 43
80'9
Gold 48
90
11994312,
994 Oct '00
do
4 Sale 66
Series 13 1951 A-0 66,
68% 111, 40
Unified gold 4s
70
MS
115
Si
1.14% Dec'08
95
944
Butt., Y& Erie let 7s 191t 3•1, 116%
110 Aug'Ot
115 118
Debenture old Os
1934 -D
10412 Dee'08
1044104%,
Chic & Erte 181 gold 5s-1982 WS 11634 *ale 11634 115%
108.4 11534
Guar ref go d 4s.
1949 M-S
Dec'08
90
us
97
984
9
i
8
,(Bey & Mahon Vat k 68.193,
121 Dec'08 •... /21 121
107%
Eklyn&Iontletgths 191l MA.-0
8 104
00'4
Jett RR 1st gu g 58.-01901, A-0
106 Dec'08
98 12 106
let 5s
1911 M-8 100
•
10184 Dee'03
101)4 10158
• Long Dook consol g 68_1935 A-0 /211
128 Dee'08
121 128
N Y.13& 311318tcong 581930
110141'iov'uL,
Coal& RR let cur gu 68.1922 M-N 110
112 Sep'00
N Y & It 13 1st g 5s
1112; ,
-1S 9938
105 Apr'0'.
Dock & Imp let cur 68-1913 3.3 *100
106 Dec'08
1011 106
Nor sh.13 let con ggu5so1113- kt-J 102
109 Nov'Oi
Se Green L gu g 58.1114t. MS 102 112 100 Feb'08 .... 100 100
N
Louudana & Ark lst g 58.1927 31-S
98 Apr'08
100
98
98 ittltiCELLANEOLIN 130N0-,-Contintseat on Next eage.

:tiz•

iWgg4468......ilitt

H

steo
n

Gas and Electric Light
t-la,i and Electric Light
Atlanta 1* L Owlet g 5s..•1947 I
Lac Gas LotSt List g 58.61919
10234 1034 1024 10284
3 99 103,
Blayn U Gas let con g 58 11146 M-5 1044
104% 104'. 20 92%107
Ref and ext let g 58
1934 A-0 100 10012 1004 Nov'08
100%101j
Cony debeli tie
1901 M-5 120 135 14678 Dee'08
119 150
Milwaukee Gas L let 43 1927 191-5
95 Oct'08
914
8912 95'
Buffalo Use let g be
1947 A-0 61% 63
63 Dec'08
51
NIGEL R&Pg 58-194/3 J -D 101 Sale 101
63
101
26 88 104
190b J -J
Conitol(3-seemly deb 6s
103 1111)1
• 165 Dec'08
Purchase money g 4s 1949 F-A
.
,
84 Salt. 81
84
4 75
88
1921 J .,i 10038
Detroit City 0118 g bs
100% 100% 1 93%10:3
Ed El Ill let cony g 58 1910
100 10084 100
100
1 0884130
Dot Gait Co con let g
11111- F -A
95% so%
let consul gold 53
9584 Sep 'Oe
1995 J- J 110
112 Dec'08
1078411284EdItili eee5 YU& ELH &I'
NY&QE1L&P let cola g 631930 F-A
95 Dec'08
92
89
95
BqU L N list con g 53_11132 M-S 10084
96
96
96 Mar'Oe
N Y & Rich Gas let g 5s1921 M-14
100 Dee'th90 1004
Gab& Elec berg(Joe g 58.1941. J-1)
6112Oct'01
Pat & Pas O'S E con g58.11149 M- S
104% .Nov'03
Gen Electric itch g 348_1942 F A
84
.
771;
84 Dee'te•
..
84
Peo Gas & 0 let con g 6s 1943 A-0 11834
119
119
it 10741204.!
10-yr g deb 68
1917 -1) 140 sale 131134 140
18 10612141
Refunding gold Os
1947 M-S 10284
104 Dec'05
94 1044Or Ital. .L Co let g 5s 11116 F -A
10734 Dec'00
0110.-L & eke 1st gu g 58 1937 J J 103
1051
'
8
98 10534
Hndson Co Ga8 let g Os 11)41' V-5
102 J'ly'08
10184102
eh
Coot
list
go.g 58.'3t, J-D 10184104 103
Con G
103
103
95
Ran city(31o)Gas lstg 581922 A-0
99 Dets'00
Mn Fuel Gas let gu g 513.1947 M-18 101
101 Nov'08
92 101
Kings co El L & P g bs 1937 A-0
104
Syracuse Lighting 1st g 68.'51
, Purchase money (Is
1997 A-0
110 Dec'08
103 1114 Trenton 0& El let g 58-1949 M-S
110 300'05
;Ad El11,13kii 1steon g 4s 193:- J -J
88 Sep '08
90
83
Westchester Lioht'g g 56.1950 J-D
103 I'ly
1/.1 4 104
• '14u pm° Friday; latmst. Did and asked tins weer.a Due sau _I, Due eta
e
d• Due ....pr .s Due ...Lay it one 347 c Due _,.ug a Due Oct
Due _,ets 4 opium leillS




New York Bond Record-Continued-Page 8

90
BO NI
N.Y.STOCK EXOH A Nu b.
10EK ENDIN6 AN 8

••,

.ertre
a0
Jan 6

Week's
Range or
Last Sate

S

teanue
Year
/tou6

Sic
A an tow
BIgn No Low iizgi
4 117% Deo'Os
/
1171
11288 12u
Louisv & Nosily' gen g 65 1930 J
11074 J'utY08 • 11014 114478
193 M-N 11434
Gold 55
4 1004 41 95 103
/
1941 J -J 10014 Sale 1001
Unified gold 48
•
•
99
4.1'1y'06
/
1011
1041 J -J
• Registered
105 J'ue'l/s.
1910 A-0 10034
106 105
Sink fund gold 08
1931 m-N 108 11 I 101134 Dec'08
102 109%
Coll trust gold 5s'
0712 Dee '1)2, 88
98
'5-20-yr col tr deed g 48 1923 A•0 96%
111 Noy'07
191: J -D 1l0'
E H & Nash 1st g 60
107
104 Mar'08
10314 104
,L Cin & Lex gold 412s 1931
122
1934 J
122 Oct'08
115% 122
IN 0 & M 1st gold 83
1930 J •J 1154
[2214 Mar'0a3 •
N 0 & 141 2d gold 68
10714 Aug'06
Pensacola Inv gold 65.-1920 M.S
1921 M.S 11014
117 May'07
• St L Div 1st gold Os
1984 M.S 03
4Ang'07
/
621
•
" 26 gold 38
95l
4 9514 95'
/
4
/
951
86
At!Knox & 0th div 48 11165 M-N 941
110 J'ly '041 •
AD. Knox & Nor 1st g 681941; .1 0 10338
5
110
NI•S
110
6/4.1931
g
f
a
lat
lidge
Sender
.
4
4
/
1161
97
96
9734
88
Kentucky Cent gold 48 1987 J
103 Dec'08 •... 0712 103
*L&N &Id &M lat g 41281945 M-S 10214
87% 87 Dec'U
4 881
/
791
4
/
L& N -South M joint 48.1962 J -J
4
1
113 Dec'08
11014 113
N Fla & lat gu g 58. .1937 F.A 111 /
9534
N&C Bdge gen gu g 41;51945 J -J
5 113 113
li19
109
1st fru g 6s 1921 91-A 108%
• Pens &
112 Dec'08
112 1121
4
/
S & N Ala con gu g 58-1930 F-A
141 32
4 91 12
/
911
9112Jan'08
L & Jell` Bdge Co Ku g 40 1945 341-S
L N A & Ch See C 1 & L
144 ahon Coal Sec LS&MS
35 92
99
991
4
/
Manhattan Ry oonsol 48 1990 A.0 99 Sale 98
104 Apr'05
1990 A-0
Registered
Stmpd tax exempt. 1990 A-0 1/934 Sale 894
993* 11
'; U634 10034
Mc1i'pt & 13 V See A I Cent
8634 Sale 86
614 7414 5934
87
Mex Cent °cum! gold 40 1911 J • J
13 141
26
4 2512
/
4 251
/
241
4 24%
/
1st C01180l income g 3s.a1999 Ply
18 Dec'08
10
4
/
181
2d consol income g 30-a1939
Mex Internal 1st con g 48.1977 NI •S
90
8
F:et:9
958'I
1
08
80
80
Stamped guaranteed....1977 SI-S
4 105 May'00
1.19,
1910 J -0
Mex North 1st gold tis
•Mich Cent See N Y Cent
Mid of N J See Erie
MULS&W See Chin& N W
& St 11
Mil & North See Ch
12712 Oct'08
12514 128
Minn & St L 1st gold 74 1927 J-D
101 Dec'Us
101 103
19011 J-1)
Iowa Ex 1st gold Is
118 Jan '07
• Pacific Ex 1st gold 6s 1921 A-0 1054
11344 Mar'05
• South West Ex 1st g 78 1910 J •ID
4 2 100 110:
/
4 • 1091
/
1091
1
1934 si-N 10834
1st consol gold 5s
841,
841/4 1., 78
86
'1st and refund gold 48 1949 M.8 844 Sale
Apr'06
97
Des M & Ft D 1st gu 48-'35 J -J
Minn & St gu SeeBOB&N
100 10034 Dec'08
96%100%
51 StP & SS M con g 4 int gu'38 J -J
'ne'07
102
ti/SSM&A latg 4 intgu 1926 .1-J
Kinn Un See St P 31 &M.
Sale
9914 55 94 101
&to Kan & Tex 1st g 4s 1990 J .1) 9914 sale 08
884
8778
8814
4 90
/
771
0.990 F-A
26 gold 48
95 1061
4
/
1944 .‘1-N 105 Sale 10414 106
let ext gold 5s
51 74% 87
85
85 Sale 83%
2004
51-S
4s
refund
&
• 1st
9314 Sale 904
9314 10
71
11436 -J
96
Gen s I 445
Dec'08
86
801
2001 A-0
4 813
/
'St L Div 1st ref g 4s
10411
103 Oct'08 ••• 10214105
:Dal & Wa 1st gu g 58-1040
04
95 Dec'08 •-•• 8658 95
'Kan (.) & Pao 1st g 4s 1990 F-A 10912
•
112 Dee'06
10J38 112
&to K & it, lat gu g 5s 1942 A-0 1071
4
/
10914 Deo'Ob ...• 102 loll%
1942
Ok lat gu 5s
" K
9712 108
'MK,f4TotTlatgug68 1942 -S l0534 Hid 108 Dec'08 •
1054
100 18 J'ne'08 ... 1.0018 14/01
4
/
'Sher Sh & So 1st gu g 58 1943 J •1:14 10638
'03 .••. 1024 108114
Tex& Okla 1st gu g 5s 1943 St-S 11434 Sale 108 Dec
44
116
1134
1920
1044115
blo Pacific 1st eon g Os
2 88 1021
101% 100% 100%
4
/
'Trust gold 5s stamped.a1917
4 Feb'07
/
1041
a1917 idRegistered
101
1920 Ns-A 101 Sale 101
4
/
8778 1031
lat cell gold 5s
80% bale 7834
80% 134 68
1945 518014
. 40-year gold loan 4s
• 92%
95 Mar'08
1938
96
05
3c1 7s extd at 4%
89
884
89
85
81
Cent Br My 1st gu g 48 1919 9 -A
95
8914 Sep'us •••• 831
4 8914
/
Can Branch U P lat g 48 194s a -14 •
10114 110 Mar'05 ••-•
4 Leroy&CVA Llstg5s 1926 J -J
9914 Feb'08
994 99'.
'Pao R of 510 1st ex g 48.1938 F- A
111 Dec'08
109-4
111 111
2d extended gold 6s 1038 J
112 1111
4 112 "Ii 103 1144
/
• St L Ir M&Sgen con g 501931 A-0
110 Oct'US
100 1101
4
/
Gen con stamp gtd g 581931 A-0
87
8814 Dec'Us
68
891
4
/
Unified & ref gold 43 1929 J -J
4 86% 5914 Dec'08 •••• 76
/
881
8912
Riv & G Div lat g 43 1933 M-N
10742 Apr'Uti ••••
Verdi V I & W 1st g 50 1926 N.
08 Dec'06
Blob J & K C 1st cons g 58 11153 J•J
4
/
1194 1211
113 124
Mob & Ohio new gold 00 1027 J.0 120
4 Jan 1118
/
115 12 117 1051
1051
4 105/
/
4
1
let extension gold 65-h1927
Dec'08
4
/
861
88
1938 -s
4 68
/
821
•Generai gold 48
112 4Dec'08
10241121
4
/
Montgom Div 1st g 58 1947 F -A
75 May'tles
75
76
St L& Cairo coil g 48..81930
101 Nov'04
1931 -J
F
Guaranteed g 4s
M & 0 coil 45 See Southern
Mohawk & Mal See N I C& 11
Monongahela Ely See B & 0
Mont Cent See St P M & 111
.Morgan's La & T See S P Co
Morris & Essex See Del L&
1104116
AI ash Chat & St Llat 70.1013 J -J 11214 11312 115% Dec'08
112 Dec'06
10514112¼
1928 A-0 1124
I. 1st consol gold Is
4 May'07
/
1161
•Jasper Branch 1st g 60 1923 J-.1
11714 Mar'05
• MoM Si W & Al 1st 68 1917 J -J
113 J'ly'04
.....
T & P Branch 1st 60.. 1917 J -J
&N
.
Nash Hier & Sher See L
99 10034
Nato( Mex prior lien 4128 1026 J -J 10034 103 1004 Nov'08
804
801
80
8018
834,
4
77
1951 A-0
1st consol 48
New H & D SeeN YNIi&11
N
See
Cent
RR
Y
Juno
NJ
New & Cin Bdge Bed Lou & N
N Y BkIn & Man Bch See LI
9414 32 871
93% Sale 9314
4 96
/
N Y Cent& it Rly g 348 1997
91 Oct'08
881
92
4 91
/
Registered
1097 .j.J
9472 24 91
9334 sale 9334
95%
1934 M-N
• Deben g 4s
85
86
75
844 Sale 84
• Lake Shore coil g 312a-1998 F -A
4
/
84 Dec'08
851
73
84
1998 F-A 81
- Registered
4 Dec'Ur,
/
851
85
7410 8611
g 3128- 1998 F-A
• bitch Cent
8212Nov'08 -- 76
1998 F-A
• Registered
3214
99 Oct'08 .... 99
99
9811
Beech Creek let gu g 48 1936 J -J
102 Mar'04
......
1036 J
• Registered
. • 24 gu gold Is
1936 J -J 1024
-Beech Cr Ext 1st g 34a61951 A-0
Cart & Ad let gu g 4a 1981 J •O

iniscELL kNEOUS
Coal and Iron
001 F & I Co gen
g 55..1943 F-A
Convertible deb g 58....1911 F.A
Col Fuel Co gen gold 88.1910 M-N
Gr Ely Coal & C 1st g 651919 A-0
Otearf Bit Coal lat0 4s...1940 J -J
Col Indu 1st& coil 5s gu..1934 F-A
Contin'tel C lstst gu6sg.1952 F-A
Jell & Clear()& I 1st g 55.1926 J.3)
Kan &II C & 01st 0 tg 58.1051 J-J
Pleas Val Coal 1st g s f 58.1928 J -J
Sunday CreeK. Co g 5s....1944 • a
1951 J -J
Tenn Coal gen Is
Tenn Div 1st g 68
a1917 A.0
Birm Div 1st consol 68..1917 J -J
Cah C M Co 1st gu g 65.1922 J-D
De Bar C & I Co gu g 68.1810 F -A
Vairon Coal &Colst g 58 1949 M.S
1933 -J
Victor Fuel 1st 8 t 5s

%Us

N. Y. STOCK EXCHANGE
WEEK ENDLN0 JAN 8

94

t-rtce
Friday
Jan 8

[VoL. Lxxx yin.
Week's
Range or
Last Sate

Range
Year
1908

B tg A A Low BtgA
4481, Low
Ista
N Y Cent & H
Gony & Oswe 1st fru g 50 1942 J
98 Mar'08
98
98
9834
Itoh & Mal 1st gu g 48 1991
105 Oct'02
94%,
NJ Juno R au 1st 4s 198t, F.
9614 Oct
0614 1164
N 1 & Harlem g 34s 2000 M.N
4 Aug'06
/
1071
1071410714
N Y & North let g 58 1927 A-0 104%
100 100
100 Sep '03
N Y & Pu 1st eon gu g4s 1998 A.-0
Nor & Mont 1st gu g 53.1916 At)
107 Nov'07
4
/
Pine Creek reg gnar 60.1932 JO 1181
L0872 11.2
112 Dec'08
R W&0con let ext5s.h1922 A-0 1104
105 105
105 Jan 'Us
Oswe & it 20 gu g 5s...e191& F-A 10238
W&OTR1st gug 56.1918 M-N
103 103
103 Sep'us
Rutland 1st con g 412s 11/41 .1-J
82
93
4 93 Dee'lls
/
911
Oft&I.Cham 1st gu 48 g1949 J -J
90
85
140 Aug'06
Ent-Canad 1st aug 48-1941' J -J
112 112
112 Noy'06
St Law & Adir 1st tr Is 1996 1. J
125
125
A.0
125 Feb'08
20 gold Os
1/934 103%
10314 Dec'08
Utica & Elk itivgu g 48 1
212 J • J 10132
11
19
94%
Si 8934 96
Lake Shore gold 812s
1997 J-D 8472 145% 94%
90
4
/
1131
4Dec'us
/
931
Registered
1997 J-D 93
115 14 Sale 95
9514 119 8878 97%
Debenture g 48
t028 m-S
0536 bale 95
1)5 148 88% 96
25•year g 4s
1931 1V1-/s
4
/
Ka A & G R letgn c 58 1938 J -J 1081
4
/
109 Oct '07
Mahon C'l RR 1st 58 1934 J -J 1131
jilt;..lou
100 May'06
Pitts & L Erie 20 g 5s.a1926 A-0 102
4 130 Jan '03
/
Pitts McK & Y 1st gu 68 1032 J -J 124 1301
2d guar Off
1934 J -J 124
McKees& BY 1st g 6s 1918 J -J 1104
4
/
991
104 DeCliti
Mich Cent 1st consol08 1909 M-S
4
/
114% Oct'08
1i4 4 114
1931 IA-S 1121
5s
119 a
103)
Registered
10034 Jan '07
-1 1)0
4s
1940 V-1
10612 Nov'Ou
J -J
Registered
90 J'ne'08
Si•S
90
110
J L & S 1st g 312s
92
91
02
92
2 88
4
/
921
119
1
°1 IA-N
542
1915
1st g 31.2s
Bat C & Stur 1st gu g313 1980 J D
95%102
N Y Clue & St List g4s 1037 A-0 100 102 101 Dec'us
100 Sep 'Lis
A-0
IOU 100
Registered
93 Oct 'us
01
93
31 M-N
Debentures 4s
937
10
103%
103
4
/
118 106
West Shore let 4s gu 2361 -J 1031
8
11)13
102
25
8
1013
9614 103
J.J
Registered
2361
N Y & Greenw Lake See Eine
NY & Ear See N I C& liud
N Y Lack & W See D L & W
N YLE&W See Erie
N Y & Long Br See Cent of N J
4
/
4 Sale i344 13311 4.
/
` 1154 1371
NINE& IL-Cony 68 1948 J.J 1351
100 al, 85 1001
4
/
Cony deben 340
1956 J -J 100 Salo 98
112 1181
L1812Dec'u4
/
Housatonic it eon g 58 1937 .11-N 11738
N if & Derby con cy 58 1918 ,V141 1(1634
N Y & North See NYC&H
4
/
9111
'.121410014
S 9814 Sale 9814
N Y 0& W ref lat g 4s..g1992
10111 J'ne'Ut,
Regis /165,000 only
g1992 II.S
N Y & Put See N Y C&
N Y & R B See Long Island
NYS&W See Erie
N Y Tex & M See So Pao Co
9912 994
105
4J'ne'OS
/
091
Nor & South 1st g 53
1941 IA-N
4
/
120 12834
4 1271
/
4 Salt' 1271
/
Norf & West gen g Lis
1931 M-N 1271
117412912
4 Dec'06
/
1291
4
/
Improvem't & ext g 68-1034 F-A 1251
1241 126
4 126 Noyqis
/
1932 A-0 12541261
New River 1st g 6a
024 9934
1111
4 11838
/
981
N & W By 1st con g 40 19
,A-0
90
91/
91 Sep'0,
A-0
I
t&
Registered
65
11
84'4 WS
04
94
J
-J
gen g 4s 1944
4 93%
/
1431
95%
78
10-25 year cony 4a
1932 .L 93% Sale
92
77
91)
Pocah & C joint 48-1041 J -D 89% VW% 89%
1094 Feb'05
1922 J -J 103
C C& T 1st gu g 5s
99
4
/
871
97
07
9714 97
Solo V & N E 1st gag 48 1989 M-N
North Illinois See Chi & N W
North Ohio See L Erie & W
4103 1024 103% 23 99 1044
/
J 1021
Nor Pac-Prior lien g 48 1997
4 103
1
Lul/
9734 103
*102%
Registered
1997
7374 34 68
4
/
73
741
73% Salt
General lien gold 3a....a2047 ‘2•F
71 Aug'08
684 71
g
a2047 34-14.
r d
,
)
e
..ti
0612Jan
08
88
89
12
945
J
-0
Div
St11Peagg
Dul short L 1st gu 543_1916
48
colitr
See
Nor
Ot
Q
B&
C
12318 Dec'08
116 12314
St P & N P gen g Os. 1923 F-A 120%
120 Oct '08
116 120
Registered certiflo's 1923 Q.F 120
110
11714 Ply'0/
F-A
1931
5a
1st
Dul
&
Paul
St
103
'08
105
J'ly
4
1
/
4
1011
102
4
/
1031
A.0
1917
205s
100 J'ly'08
100 100
1968 J -1)
1st consol gold 4s
4
/
921
02'-,
1.011
03
4s
1048
1st
g
Wash Cent
117 Aug'ub
112 117
Nor Pac Ter Co 1st g 60 1933 •
Nor My Cal See So Pao
0
&
Nor Wu) See C St P
Nor & Mont See N Y Cent
Ind & W See C C C & St
Whio Ray' RR See Balt &
Ore L.tv Cal See SoPac Co
ore short Line See tin Pao
Oswego & Rome See N 10
OOF&iltP Seise& N W
6 i014 111
Dac Coast Co 1st g 58.-1946 J-D 1004 Sale 10912 10912
1 ac of Missouri See Mo Pao
103 J'ne'Os
102 106
Penn RR 1st real est g 48 1923 ,V1-N
4 11014 Dec'08
1
11014 110%
1014 sl-S 108,4 lull/
COU801 gold 5s
103% 106 Oct'08
net.ti
1014106
Cousoi gold 4s
4 1443 LOU 10512
/
10.11
4 sale
/
948
194
3 MN 1041
Consol gold 45
119 13/ 9114 99
09 Sale 118
11991152
Convertible g 3125
95 339 88
.).1) 1/5 Side
U434
9612
Convertible g 34s
99 J'ne'1/7
1194
Alleg Val gen gu g 4s 1942 M-8
9314
DRRR& Bge let gu 48 g.'36 b"-A
1074 Oct'Os
Philo Bal& W let g 40 1943 M•131
102 Jan '03
95 12
Sod Bay db So 1st g 5s 1924 J • J
11012Sep '04
UNJ EH& Can gen 43 1944 ▪ S 10314
104
104
2 10234 106-1
;
Penn Co-Guar 1st g 4128 1921 J -J 104'.
1037 Ply'07
-J
J
1021
Registered
894 90
9014 J'ne'00
Guar 3128 cull trust reg 1937 sl-S
974 91 Dec'08
Guar 3los coll tr ser B. 1941 F-A
86'. 9414
894
984 Oct'06
4 98/
/
921
4
1
Tr Co certif's gu g 3125 1916 d-N
8704 Sep'0
19441942 J •
844 8734
Gu 34a tr ate C
J -0
904 Mari°
.
......
Gu 3120 tr etfa D
100
100
0
•
A
12
'0
Doc
11/31
4s.
Guar 15-25 year g
90 1004
110 Jan '06
9812
Cl & Mar let gu g 4120 1935 N-N
10814 Ang'03
CI & P gen gu g 412a ser A.'42 J -J 110'4
4
/
1942 A.0 1101
Series B
9312
119,580 51-N
1948
0812 Dec'05
Serial) 345
......
F-A
9312
94)
130 May'08
Series D 312a
90

lstrl

BONDS--Continued on Next Page

Telegraph and Telephone
4 7912 96
96
96
4 934
/
9138
Am Telep & Tel coil tr 4s 1929 ▪ J
91%
91% 20 751
94( 154 844 9614
77 Ang'08
56
77
93% Sale 99%
1936
Cbnvertible 48.
4Oct '04
/
1071
4 94
/
921
97
Instalment certificates ....
04
4
931
4
--- 933
10214 Apr'06
......
4
Comm Cable Co 1st g 414-2397
85% Mar'08 ...• 553 853
95 Apr'02
08
Mich. State Telep. tat 50.1024
99's Nov'08 ...• 924 997
4Sale
4
/
/
751
731
7714 267 38% 77
4 98
/
971
West Union col tr cur 58.1938 J -J
4 4 84 100
/
991
084
97
107% Dec'04
81
32
IA-N
95',
I'd anti real eat g 44s 1950
......
9534 Sale 95
107 May'97
4
/
861
4 9 76
/
1036 MN
851
Cony 48, Series A
84% 854
1054 Dee'06
97
1 100 100
95
Mut Un Tel 8 fund 138-1911 M-N
1)4
06
105 Oct'00 •-•
Ilauniactiaring 62 Industrial
78 Feb'07
88
11136
83% 92 78
Allis-,;halmers 1st 58
.......
82 Sale 81.
20 811
103 'tale 10218 103
4106
/
97%
974 112 94
Am Ag(them 1st c Is(ret0)'28
97 Salo 96
107 Nov'08
4
/
86
1061
98
190 1071
96
4 Am Cut Oil ext 4',a
/
96
1915 34-F 954 06
4Dec'08 ••-• 99 110
/
18 764 100
10618 1104 1091
98
9734
Am Hide & 1.. lst t g 68-1910 11.8
117% Sale
105
108 Ot,t '08 •-.• 102 108
70 Dec-08 .... 581478
Amer Ice Secur deb g 6s 1925 11.0 65 12 69
103 Nov'08 ...• 100 10314 Am Spirits Mfg 1st g Us 1915 M-9
4
/
1021
91 100 14 95 Nov'08 .... 91 100
0514
4
/
80 100', Ara Tobacco 40-yr g 6s
05
981
4 954
/
1944 A-0 107 Sale 108% 1073e 76 9614 1111
9312 Feb'07
87
7834 257 604 80
4 Sale 7734
/
781
48.
A
F1951
*No price Friday; Latest bid and.asgetL aline Jan 8 Due eel) c Due •lar a Due Apr It Due '1,y k Due A.og o Due act p Dae Nov q Dne Deo sOption Sale




JAN. 9 1909.1

New York Bond Record-concluded-Page 4

91

1311N lir130N Ds
Week's
Price
Rance
Price
071.06
eefes
N. Y. STOCK EXCHANGE
Year
Range or
Pridav
N. Y. STOCK EXCHANGE
Fridav
Range or
Year.
WEEK END1m4 JAN 8
Jan 8
190S
Last Sate •xlz.
WErtg ENDING JAN 8
Jan 8
Last Sale
1908
Penn Co-(Colittnue8)
"Rah No Low High southern Pan Co-(Conttnued)
BLU
ASS Low
Ria
Riot,
Aiui Low
tow H 414
Erie & Pitts
g 31
/
2s B 1940 J J
9114
92 Apr'07
Morgan's La & T let 78 1918 A
12114123¼ 12214 Aug'08
12118122's
Series C
91 14
1940 J -J
9834 Apr'04
let gold 68
1920 J -J )14
116
Nov'06
Gr It & I ex 1st gu gal-01941 J J 105%
106% Dec418
1.04;1063., No of Cal guar g 5s
1938 A-0
Feb4r;
112
Pitts Ft W & C 1st 78 1912 .1-J 108.8
127% Oct '02
Ore & Cal 1st guar g 58 1927 J -J
106 Nov'OE
102 1073s
2d7s
119 J'ne'06
1912 J.J 10858
So P of Ar gu lstg 68...c1909 J -J 10018 sale 10014 10014
981
/
2103
3d 7s
107 Oct '08
107 107
h1912 A-0
let guar g 65
c1910 J-J 101
10314 Sep'08
10214 1031
/
21
Pitts Yob Ash 1st con 58.1927 31-N 10938
116 May'05
80 Pan of Cal-Os K & F. .1912 A-0 103¼
'ne'Or
J
10412
1041
/
2104's
/
2Den'08
1091
PCC&StLgu4/
106/
1
28A...1940 A-0 10878
1st gold Os
1
2 109
1912 A-0
'
1
Dec'04
1141
/
2
109 Dec'08
Series B guar
/
2
1942 A.0 1081
107%109
1st con guar g 6s
1937 M-N 111
110 May'07
112/
Series C guar
1
2J'lle'05
/
2
1942 11-N 1081
S Paco( N Met 1st g 68 1911 J -J
104 Apr'Ur
104 104
/
2
94) Aug'08
Series D 4s guar
1845 31-N 1001
99
99
So Pan Coast 1st gu 48 g 1937 J-J
931
/
2 961
Series E 31
1949 F -A
/
2 95 Dec'08
/
2guar g
00
98
Tex&NOSabDivlst g6s 1912 M-S
Fet)'01
107',
/
2
1001
Series F 4s guar
1953 J -D
Con gold 38
1943 J -J
971
/
2
981
/
2 Apr'08
95-4 981
/
2
116 11 Nov'08
C St L & P 1st con g 513 1932 A-0 115
109 11634
o Pac R it 1st ref 48
1933 J -J
9510 Sale 135
95¼ 17i 87'-, 971
/
2
Pensacola & Atl See L & Nash
southern-lst con g 5s
1994 2.J 106', Sale 106
107
0t, 821
/
21101
/
2
Peo & East S'ee C & St 1,
Registered
1894 J -J 106 107 114 Nov'00
12318Jan'05
Peo & Pek Un 1st g 68.-1921 0- F 109
Develop & gen 45 Ser A.1036 A-0 77 salt
76
771
/
2
70
'ib1
/
2
10034 Dec'03
81921 M-N
2d gold 41
/
2a
Mob& Ohio coil tr g 48 1938 31-S
861
/
2Sale 8018
87
25 75
88
109 Apr'02
Pere Marq-Ch& W 11 55 1921 J -0
Stein Div 1st g 41
107 Nov'ur
/
2-5s 1996 J.J 107
96 10734
112 Dee'08
Flint & I'M g 6s... .....1920 A-0 112
110 112
St Louis thy 1st g 48.. 1951 J -J
88 Nov'ur
69
88
/
2106 10434 10434
1939 M-N 1041
1st consol gold 55
1041
/
2105
Ala Cen B let g 68
107
108 Sep '08
1918
108 108
106
106 Noy'08
Pt Huron Div 1st g 58 1939 A•
1001
/
2 106
Atl & Danv 1st g 45
89
91 Deo'ur
1948 J -J
91
87
Sag Tus& H 1st gu g 48 1931 F- A
2d 4i)
92 J'ue'lit:
1948 J -J
Ph11-13 & W See Penn RR
Atl & lad 1st g guar 43 1949 A.0 oh
/
2 Mar'06
1151
Phila & Reading cons 78.1911 J .D
108
Col & Greeny 1st 65
Ill Feb'07
1916
Philippine Ry 1st 30-yr s f 48'37 J -J
95
0518 95
E T Va & Ga DIY g 58 1930 J -J 107341101
10 96
977s
/
2 109 Nor'ilr
100 109
Pitts um & St L See Penn Co
Con 1st gold 58
/
2 Dec'ur
112 1121
1956 31-N
102 113
Pitts Cleve& Tot See B & 0
E Ten reor lien g 58
1041
/
2 Dec'Or
1938 M-S 103
97 103
Pitts Ft W & Ch See Penn Co
Ga Midland let 3s
68 Dec'08
1046 A-0 61% 68
62
68
Pats McKees & Y SeeN Y Ceti
112%
Ga PaC By 1st g Os
'Or
2-J
1422
1151
/
2Uct
100
117
Pitts Sli & L E 1st g 58-1940 A-0
114 Oct 'Or
Knox & Ohio let g 6s 1925 J • J 115 1151
10918114
/
2 118 Dec'Ur
107 118
1943 J J
1st oonsol gold 5s
11378 J 'ly '97
3i.ob & Bir prior lien g 581945 J -J
11338 Apr'oo
Pitts& West See B &0
82 Nov'Or
Mortgage gold 48
1945 J -J
78
82
1997 J.J 100 Salt 9978 1001
D eading Co gen g 48
/
2 201 93 1021
Rich & Dan con g 0s
/
2
11 103 108
1915 J -J 108 ...... 10814 li,814
1997
IA,Registered
95 Aug'08
92 J'ne'u8
1311
90
Deb 5s stamped
971
A-0
/
2
1927
92
92
Jersey Cent coil g 4s. 1051 AO
97'4 08 18 Dec'08
Rich & Meek 1st g 4s 1948 31-N
73 Oct 'Or
86
991
/
2
73
73
Rensselaer & Sat See 1;& Ii
So Car & Ga let g 55.-1919 M-N 1011
Nov'ur
/
2
951
/
2 98
Rich & Dan bee South ity
112 Oct'00
Virginia Mid aer C Os. 191t M-1; 106
Southern
Heck
See
Rich oti,
1081
/
2 Dec'Ou
Series D 4-5s
/
2
1921 M-S 1051
Rao Or West See Den & Rio Gr
113 Dec8),
Series E 5s
/
2
1926 M-S 1051
Koch & Pitts See B It & P
105% Nov'ut
General 58
M-N
107
1936
8
1053
10118105',
Og
See N Y Cent
Rome Wat &
10%Deo'Or
Guar stamped
1936 M-N 108
103 105%
Rutland See N V Cent
W 0& W 1st cy gu 45 1924 F-A
9211
/
2 an '07
83
Qag Tus & 11 See Pere Marq
West
Deo'Or
108
N
C
1st
con
105
J
-J
g
6a
1914
1061
/
2100
to 84 Ur 181 1st g 48-1947 j-J
921
/
4
9418 Dec'08
N Ala See L & N
82
94,2
St L & Cairo See Mob & Ohio
Stok Falls & Nor let g 68.1931, J
117 Ply'laSt L & Iron Mount See Al P
"er A of St L 1st g 41
1081
/
2Dee'llr
/
28 1939 A-0 105/
1
2
102 10878
St 1, K & N See Wabash
let con gold 5s....1894-1944 F-A 1141
116', Dee't):
/
2
t 0914110',
St L M Br See T RR A of St 1_
Gen refund s t g as
9334
9734 Deu'or
1933 J • J
901
/
2 9734
San
Louis
&
Francisco
St
St L H Bge Ter gu g 58 1930 A-0
111 liee4it
General gold 6s
1031 J J 1211
/
2
115 J'ly
Tex & N 0 S'ee So Pao Co
115
113
General gold 38
1931 J • J 10734
Dee'08
11138
103 111% Tex & Pao 1st gold 58
2001' J-11 118 Sale 117
118
lu 99 118
St L& S Ii' RR eons g 48_816 J -J
89%
92% Den'08
2d gold Inc 5s
923,
82000 Mal
90
70 Sale 68
70
'7 85
65
Southw Div 1st g 58-1947 A-0 951
100 May'Ob
La Dry B L 1st g 58
/
2
US Is
1931 J • J
100 100
110 Mar'OL
Refunding g 4s
1951 J.J
8514 Sale 8478
861
/
2 4352 6414 88
W Min W tib N W 1st g-u 5s'JO FA
1061
/
2 Nov')-1
5-year gold notes 41
/
2 190r J • D
98 Nov'06
'Poi & 00 1st g 50
1091
1935 2-2 11012
/
2Aug'08 ••. 102 1091
/
2
StL H & So East gu 4/
1
20909 J -D 100
Western Div 1st g 5s 11335 A-0 10014
111 may'v,
K C Ft 8 & Al con g 68 102b M-N 1101
/
2
113 blar'Or
General gold 5s
103
111. 1141
1935 J
101 Nov'ut• -•.. 051
/
2
/
2104
KO FtS& M By ref g 4s 1936 A-0 83'4 sale 83
/
2 32 8634 85
831
Fan & H 1st gu g 4s
9234
v4 Dec'08
191)0 A-0
84
94
KC&INIR80 13 lat gu 58.1021/ A•0
rol P & W let gold 48.. 1917 2-2
i'534
84
88 Dec'Us
704 88
Oz'rk& Ch C 1st gu 5s g.1913 A-0 91.4
95 Noy'08
Tol St L& W prlien g 31
93
03
/
28 1925 2-2
01 Sale 01
11 811
921
/
2
St Louis So See Illinois Cent
50-year gold 48
19511 A-0 83'i Sale 83%
83% 4 67
841
/
2
St L S W 1st g 45 1st ett8.1989 M-N
93 Sale 9234
93
32 841
/
2 ror Ham de Butt let g 48.51946 J
/
2 931
2/5 Dec
28 g 4s me bond ctts...81989 J•J
79%
801
/
2 31 65
ister& Del let con g 55 1926 J -D 10814
80
821
/
2
1u9 Noy'08 •..• 103 109
Consol gold 48
1932 J •D
80
7: 56
70'4 Sale 7814
let refund g 48
80
81 Nov'Ur .•.. bl
1952 A-0
81
Gray's PtTerlstgu g 5s 1947 J •D
101 18 Apr'0/
Uu Pac RR & lgrg4s
102", . 99 105
1947 .1 • J 102'8 Salt lob
St Paul & But See Nor Pacific
Registered
.1- J
101
1941
101
118
1021
/
2
St Paul AI & Mau 28 6s 1909 A-0 101 14
let & ref 4s(w
102
102
10214 1061
/
4
g2008 31-S
1)7',
/
2Sale 0675
071
9434 9818
1st °onset gold 6s
1933 J J 13034
131
131
/
2 1317, 20-yr cony 4s
1201
1927 J-J 11/4`z4 Salt 104
106 4,0.12 83 1081
/
2
Registered
1933 J -J 12934
134 Dec416
Ore By & Nay con g 48 1946 JJj 99 Sale 0834
991
/
2 £4 91 1011
/
2
Reduced to gold 41
/
28 1933 J -J 10934
ore Short Line lstg 68 1922 F-A 120% Sale 120% 120%
1l14 Deo'Or
102 111%
115 122
Registered
1938 J - J 10734
116.8 Apr411
let consol g 5s
.• 113
118
194u J -J 113
106
1181
/
2
Dakota est gold Os
1910 31•14 10338
10414 Dec'ob
Guar refund 48
1031
111
/
2107'4
94% Ayr 851
19214 J-0 945s Sale
/
2 97
Mont ext 1st gold 43.-1937 J •D
991
/
2100°, 101 Dee'Or
Registered
94 101
8734 Mat'u
1929 J -D
Registered
193/ J
1001
/
2 Oct '00
Utah & Nor 1st 7s
2-2
Oct '07
100
190r
E Minn Nor Div 1st g 481414r A-0 021
Gold Os
/
2
1071
/
2Sep 'Ur
1922, J -J 100
10718107',
Minn Union 1st g 68.-1022 J -J 110
124 May'03
Um. N J Bht21CCoSeePaRlt
Mont C 1st gu g es
1037 J • J 132
130 Apr'or
Utah Central See Rio (Sr Wee
128 130
Registered
1937 J • J
1301
/
2 31a)'06
Utah & North See On Pactlic
1st guar gold 58
193/ J -J 115
1131
/
2 Oct 'Or
Utica & Black it See N V Cent
111/
1
2 114
Will & S b' 1st gold 5s 1113: J -1, 116/
1101
/
2Dec'00
1
2
V andalia consul g 48 ....1955 F-A
031
/
2
98 Noy'Or
......
98
98
St P & Nor Pao See N or Pao
V era Cruz &Plat gu 41
/
281934 J -J
118 Sep '021
StP & S'x City See C,St P &t,
Vet Val lud & W See Xto P
A
SA & Pass 1st gu g4s 1943 J -J
891
/
2 897
, 9114 Deo'08
Virginia Ititi See South By
92
78
3 JJ'e Pros & Ph 1st g
110
. 1091
/
2 Dec'08
1011 12 10912 Va 21 Southw't 1st gu 58 2003
1171
/
2
108 Oct'Or
99 110
8 If Jo N P 1st sink I g os.1919 J J
110 Oct '03
V abash 1st gold 58
1939
112% Sale 112', 113
102 114
Say & West bee Atl Coast L
V
2,1 gold Os
1932
102°4 10314 03 Dec'or
84,2 105
Scioto Val & N E See Nor &
Debenture series A
90 J'ne8/7
1931
Seaboard Air Lino g 4s
65°8 Sale 65
1900 A.0
66
Series B
22 4312 66
1939
IA) Dec'08
110
37
90
Coll GT refund g Os
1911
9034 Oct 'Or
let hen equip 8 Id g 5s 1'321
86'4 90'4
100 Deo'lit
100 102
30-yrIst g 48.81933 Al- S
1st lien 30 yr g term 40 11154
88 Jan '07
'33 Mcm'iJ
...
Car Cent let con g 4s 1049 J -J
85 J .1y 'ut3
let ref and ext g 4s
85
85
1950
71.4
74,
4 3;11 37', 7734
737s Sale
Fla Ceu & Pen let g 515 19Ir J • J 100
10714 Aug'06
Dot & Ch Ext let g 58 1941
1u8
110
.2 100 11012
let land gr ext g 58 _1930 J -J
Des Mein Div 1st g 4s 19311
86/
1
2
97 Nov'0
Consul gold 58
1141 J -J 100
100.2 Mar'08
On, Div 1st g 31
/
28
77
1941
80
Dec
'or
60
83
Ga & Ala lty 1st con 56011345 J • J
10.5 Dec'08
Tot .30 Ch Div let g 4e 1941
92 105
Deo'or
90
91,2
Ga Car & No 1st gu g Os 1929 J J
193 Deo818
Wab Pitts Term let g 45 1954
102 103
65
05 Sale 55
iu
41
56
Seab & hoc 1st 5s
192u J • J
100 Mar'07
Trust Co coats
......
46 Sale 54
55.4 34 48
5614
Sher Stir & So See 31 K & T
',I gold 45
1934
4
137
14,
,
13"
;
71
/
2 19
8116p Oca & U See Atl Coast I.
Warren see Del Lac Jo West
So Car & Oa See Southern
Wash Cent See Nor Pao
Southern Pacific CoWash 0& W See Southern
Gold 48(Cent Pao cell).k1941. J -D
9114 Salt 00
Wash Terml 1st gu 3148 1945 F -A
911
/
2 5o 8334 94
93)'-, Aug'08
93
901
/
2 901
/
2
Registered
k1949 J -D
84 I'ne'07
West Maryland 1st g 44-1952 A-0 8412 Sale 6232
......
84 11 49
8438
Cent Pao 1st ref gu g 48 1949 F-A
97% Sale
9738
(Sen & cony g 4s
9734 2.
1052 A-0
9938
82 94
6418 Sale 61
64;
1 29 30
65
Registered
1942' 1f-A
941
/
2 Oct'Os
W Va Cent & P 1st g 66 1911
J
94's 95
tO5 Dec'or
105 105
Mort guar gold 3Iss..k1929 J -D
90
891
/
2
89%
West N Y & Pa 1st g 66 1937 2-2 1121
89
/
2
80
116 Oct 'or
1081
/
2 116%
Through St L 1st gu 4s '34 A-0
931
/
2
94 Oct '08
lien gold 3-4s
93'4
94
1943 A-0
88
1133 Dec'ut
871
/
2 96
Gal liar & 8 A let g 61) 1919 F -A 1011
/
4
10134 Aug'08
Inebine Os
d1943 No, 25
10134 10134
34 Feb'U7
30
Mex & Pao 1st g 5s
19131 M-N
11234 Des'015
107 112% West No Car See South Sty
Gila V(I& N lstgu g 58 1924 M-14 1041
10314 Dec'ur
/
4
Wheerg & L it let g 5e...1926 A-0
/
2105
1011
10712 Dec'Ob
100 107,
2
Mous E & W T 1st g 5a 1939 M-N 101
101 Jan'08
Wheel Div 1st gold 5s..1928 J -J
100 101
95 J 'us
95 103
1st guar 5s red
1939 P71-14 1001
/
4
104 Aug'06
Exton & Imp gold 5s. .1930 F-A
/
2Dec408
1031
1051410512
11 & TO let g Os int gu 1037 J -J 10834
1121
/
2 Dee'or
10914112¼
RR 1st coutiol 4$.... -.1949 11-S
82
83
1,4
841
/
2 20 60
83.4
COD801 g 68 int guar 1912 A-0 12/8
10714 Nov'07
20-year equip 8 I 56 .1922 J -J
119 Deo'U8
95
99
Gen gold 4s int guar 1921 A-0 1131
941
/
4Deo'u8
Wilkes ce East See Erie
/
2
95
87
Waco& N W ttiv let g 68'30 M-N
116 Dee'Ob
Wil & Sioux le See St P
&Ai
A & N W 1st CU
J..) 107,
1091
/
2 Dee'Ob
1091410914 WO;Cent 50-yr 1st gen 4s 1949 J.J
8934 Sale 89%
901
.259 80
921
/
4
.111311,10,1,ANEOUS 1101,D81--Concluded.

U

N

.38 Industrial
Miscellaneous
Am Thread 'at col tr 4s...1910 J•J
9212 Dec'08
921
/
2 Adams Ex col tr gas
9018
1948 M-S
83
Beth Steel let ext st 55..11)26 J -J
95
851
/
2 59 85
84 Sale 84
13'kl'n b'erryCo 1st,cons g 55'48 F-A
Cent Leather 20-year g 55.1925 A-0 9878 Sale 9634
97
ClucJ & t Yard col g 58.1915 J -J
76 851
/
2 99
ConsolTobacco 50-yr g 48.1651 F- A
771
/
2 771
/
2 3 62
7914 Dot M & It Mgr incomes 1911 A-0
DlstIlSecCor cony 1st g 58.'27 A-0 77 Sale 77
78
27 64
80
institution for Irrig Wits
Lnt Paper Co let coo g 03 1918 F -A 103,21011 10534 Deo
9914100
& Bevel of Agrleul a
Consol cony s f g 58
1935 J -J
90
85
88
88
'7 78
4148 (c418)
1943 31-N
hut St Pump 10-yr cony.68'13 J -J
4113 100', 103 Dec'08
90 103
Emit Mercan Marine 41
/
28 1922 A-0
Lackaw Steel let g 0s
1923 A •0
051
95
1 04
/
2 951
lilt Navigation lets t 55 1929 F-A
/
2
98
N Y Air Drake let cony Os'28 M-N 113 Sal., 113
1131
Man Beh ki & L gen g 48 1940
/
2 43 87 115
llepubl&S lat& coltr 56.1934 A-0 119 kiale 99
/
2100
10 921
09
Newp Ne Ship & D D 5s 81990 J -J
11 3 Leath Co a deb g6s 1919 M-N 103
/
2 Dec'08 .... 101 107
1051
N Y Dock 60-yr 1st g 44 1951 F-A
US Realty & I cony deb g 56'24 J-J
8534 Salt 0434
86', 09 64', S9' Providence See deb 4a
1957 M-N
U S Steel Corp- coup .819339 31-N 10238 nate 102'8 10234 1138 861
/
2 10314 Provident Loan Soo 41
/
28 1921 Nt-S
St 10-60 yr 56.1 reg
M-14 10218 sale 102
St Joseph Stk Yds 1st41
10214 21 8534 103
/
28 1930 J -J
Va-Car Chem col tr 5s g 1912 A-0 1041
/
2
89 1051
/
2 23 Yuba Wat Co con g 68 11123 J -J
/
2 Nov'06
1051
1st 15-year 55
1929 J •0 93% Sale 9334
/
2 Sp Val Wat Works 1st 05 1900 td-S
/
4 951
94 196 941
Westinghouse 18 & Its 1 5s '31 J -J
/
2 Agit
931
901
/
2
0414 US Red & Ref lat a g 68 1931
931
/
2 '357 67
*No price Friday; latest bid and asked thI5 weak.. a Du* Jan
°Due n 80 d Due Apr 'allne rd ay g Duo J'no




921
/
2 Sale

92
92,4
41 Oct'06
100 Jan'08
47 Apr'08

3

83.. 96
iik; 100
421
/
4 47

92
/
4 93
92
4 921
741
/
2salt 7234
d2/
1
4 771
'77
/
4
86
871
/
2 87
87
76
89
00 Feb'O''
96
96 Aug'08
96
911
/
2Sale 911
86
/
2 911
/
4
93
831
/
2
85 Oct '07
92
95
90% Deo'08
a6%
86
100 Is se),'03
...... ••••••••11
112 J'ly'04
...... •••••••••
1131
/
2.1'11 100
89
89
89
15 411.-"vr
A Due Jely p Do• erov SWAIM Vale.

0[IMAGO STOOIZ: 8XCIIANT1E-Stook iteoordl-Daily. Weekly and Year
STOCKS-111CH552' AND LOW EST SALE PRICES
Saturday
Jan 2

Monday
Jan 4

Tuesday
Jan 5

Wednesday
Jan 6

Thursday
Jan 7

Friday
Jan 8
-

Sales
01 Ore
Week
Shares

Rano, hor
Year 1908

OCKS .
CHICAGO STOCK
EXCHANGE

Highest

Lowest

Railreads
100 160 Jan 24
4 Chicago City By
190
190 *180 190 *180 190 *180 190 *180
.F,
), Feb 3
LaSt Sale 2
Chicago & Oak Park-100
Dec'08
*214 3
*214 3
3
612Dec 4
100
prof
Do
Last Sale 7
10
*7
10
Dec'08
*7
10
_ _ 8434 •I'lie:3()
11 ohlc Rys part etf"
11534 1153.1 *115 116 1115
115
116 *115 116
38 Oct 3
4438 45
295 Chic Itys part est "2"___
4512 45 . 45
4534 4518 4512 45
20 Nov 0
__
Last Sale 27
- Chic Rys part ctf
*29• __ *29
Dec'08
934 Sep 22
55 Chic Ryi part elf 4"___
1312 -1312 *13 1312, *13 -1-312 *13 -1-312 1314 1314 *1212 1312
15 Feb 10
100
Subway
2733
.
3,730
2714
27
2834
27
Chicago
2834
281.2
28
2914 22314 2914
29
Last Sate 7
Chic Union TractIon.100 • 21251eh27
Dec'08
10(3
_
Last Sale 18
•Do prat
July'07
Last Sale 13
.Dee108 ---- sans City Ry & Lt 100 30 Oct 9
Tu:ii" ii
,;ii- "Iii- ::‘,ii- ..ii. >341- ii- *79
79
79
100 08 Sep 28
81
*79
80
Do pref
75
*79' 80
813
80
80
*79
18
*1612 18
*1612 18
*17
50 Metropol W S Elev...,_100 1214 Nov 2
18
*17
17
17
18
*17
100 42 Jan 6
52
Last Sal: 53
Do pref
52
*43
*48
Dec'08
54
*43
52
*43
--- North Chicago Street-100 44 May 1
1334 Aug 6
"
2
*2t)
'
"
51ev-100
121
if-;i2
2
21
ii0
)8
7
T;i122
,
'
Ma3
Northwestern
ii_i5:
i
.
1
1
-.
16:
;
100 46 Aug 1,
63
65 *63
*91
63
50
Do pref
65
*61.1
65
a,
*50
65
*60
Lett Salt 59
*55 (10
Dee'08
South Side Elevated 100 42 Aug2)
*55 59 *55 59 *5)5 (10
3012 80
::033 3013 3014 3018 3014
952 Streets W Stable C L-100 '2612 Arn• 16
30 ',-; 30
3012 30
39
*98 100
08
100 • 85 Apr20
0312 93
98 . 98
Do pref
62
93
09
99
*98
*98
Last Sale 28 June'08 ---- %Vest Chicago Street-100 25 Apr 13
Miscellaneous
4 Feb 13
878 1,350 American Can
100
878
9
9
9
9
9
0
9 • 914
872 914
_._100 41i Jan 2
Do pref
7212 7271 7134 7212 72. 72
7273 7114 1,530
7318 7314 7234 731,
Jan It)
125
_
._
Last
Radiator-100
*200
Sal:
200
___
AinerIcan
200
...
__.
Dee'08
*200-.....- :‘200
100 . 110 Apr 22
--0
Last Sal, 125 Dec'08
*125 13
Do pref
130
4125
*125 130 *125 130
5812 59
50
59
58
610 Amer Shipbuilding-100 . 37 Mehl!)
58
58
5714 5714 53
59
*57
100 91 Jan 2
105 105 *101
8
Do pref •
107
*103 105 *103 105 *103 105 1103 105
10 J'ly I
Amer Straw Board
Juirp8
78 Dee 24
165
1
")
r
Co
S
last
&
'
-(A)
1
-.
I3ooth
545
--if---i-1
-i"
-- 4 -13 Dee 23
100
prof
Do
3
4
695
3
312
*2.
a
3
334
3,14
334 *3
*3
53
5112 5214
521± 5212 *52
233 Cal & Chic Canal &D_100 40 Feb 20
__ ____
54
*52
54
*54
_
Last Sale 117 MaY'08 -- Central Trust Bank.,_100 147 May .
1 Oct 6
Laq sat: I
3 -;i- -II)
Dec'08 --_ Chic Brew'g &
-714.- --ft:, -;i- --fii -;i- --112 Nov20
Last Sal, 2
Do pref
3
*2
Dec'08
3
*2
3
*2
3
*2
20 Dec 23
Tool-100
Pneumatic
28
390
Chic
27
*24
*26
27
*26
27
2612
2738
26
2712
*26
123 ,128
167 Chicago Telephone. -100 106 Jan 3
128 128 '128 128
12714 123
127 127
12734 128
34 Feb 25
Do rights
2
8
11V3Yir11
1
r
18
4
iii;
Illt
252
Chic Title, & Trust-100 100 Jan 4
1
1
ii411,4
-iiV
*HS- 1-1-6-1; liW. 11
80
Jan 3
100
_
!son
Ed
1014
Commonw'th,
10712
108
395
1013.4 108 - 10712
108 108
10712 1011; 11)73 10$
100 113 Jan 2
118 - 1181s
11878 120
890 Diamond Match
11942 120
12173 12172 120 .1 12214 119 12.1
Jan 22
30
100
•
Brick
,
Minot
42
*41
160
41
*4)1s4212
•11
41
41
41
41
40
40
---- 38 J'ne 1.-•
m
135 Masonic Teple_...,‘
4:5
43
Last Sale 18
Milw & Chic Brewing
Jun'07
19 J'ne 23
Do pref •
Last Sale :0
July'08
100 70 Jan 3
Biscuit
1,045 Nationa1
*9834 101
-1-A- -thii; -ow'
-i753 -6-6.- -iw
100 10134 Jan 2
pref
Do
4
1193
360
11034
11934
11912
11912
11912
120
11914 11914 119 119 '419
100 51 filch 3
8512 8134 8434
85
227 National Carbon
8534 8534 3434. 85
87
*86
8512 86
100 91 Mch23
Do pref
,E1
112 112 '
197
112
112 112 '..11112 112
112 112
*112 115
80)2 Jan 3
oke--1013
People'sGasL&C
10334
10314
2,354
10314
103
104
10212
102 103
10434 10513 103 105
24 ' Jan 24
66
cont.-100
Roebuck
*55
•
56
200 Scars
*55
56
*55
55
65
*5512 56
5512 56
100 72 Jan 10
pref
Do
10212
410112
102
262
102
102
102
102.
101
109
10112
*10032 10012
8019 Jan
2
100
Co
&
10114
Swift
10034
1011.1
2,626
19073
10113
101
10118 1011.; 10113 10114 101 101.12
350 The Quaker Oats Co..100 11434.Jan 3
120 120 .,120
121 121
122
119 12i)
*122 123 :,122 123
_100 87 Jan 3
peer
Do
9918
99
872
9912
99.
99
99
9
3
4
1
01.
Co_100
9812 0334 0812 99
.
14 J'ly 17
Ds
*34
114
58 Unit Box Be) 4c P
112 *I
*78
112
*72
11,3
I
1
1.
112 J'ly 17
100
6
*512
1)
0
912
6
850Do firer
573 57,
,
534 9i,
512 ot.„
1134 Oct 31)
luO
innieng
or
__ ____ __ __ ___ ____ ____ ____ ____
1c/.estere S
Last Sate II
Dee'03

183 133 *180
*214
*214 3
*7
10
*7
*115. 116 1115
45,14 4.5.4 *45.

-0-i- 99 9912

1-64-

--- --__

---- ---- ---- --__

-__

-___

Last &lie 1215 Jan'07
Nev,06
Last
. Sale 10
Mar07
Last Sale 133
No,'00
lcis, Sale 4

Price
Friday
Jan. 8

Week's
Range or
Last Sate

11

Oct
Dec
Apr
Nov
11834 Nov
17 Dec
93 Not
3412 Apr
20 Sep
58 Apr
60 Nov
26 Oct
95 Apr
'A Mel,
214

14
23

205 Apr
5 Jan
16 Apr
--

9612 Jan
614 Apr
1914 Jan
65 Jan
87 Jan
28 Jan
72 Jan
47 J'1Y
2,512 Jan
66 • .Fly
00 Jan
:14 Jan
99 May
35 Apr

:; Oct - 714 Apr
103s Nov 13
3412 Not ' 60 Apr
7672 Dec 2
200 Dec 13 120 Dec. 14012 Sep
12314 Nov1,, 112 Nov 130 . Apr
8012./49
0 Nov
63 Nov11
86 Nov. 109 Jan
194 Nov17
40 Mal
42 Jan 9
30 Jan
40 J'ne
24, pee
30 Jan 11
100 May12
90 Dec 111 Feb
54 Jan
45 Oct
5714 Dec 2
147! May 6 105 Feb 165 Feb
1 Jan
1 Jan
11s Aug22
4 Apr 12
5 Atig
612.111°
3012 Aug s
51 Feb
21 Dec
153 Sep 11 . 15 Oct' 13412 Apr
'84 Feb '21
t15 Oct 11212 MaY
110 Dec 29
77 Oct
8782 Oct
110 Oct 1 ,
137 Ancii 10812 Not 12912 May
34 Nov
4212 Dec 16
57 May
41 Aug
96 Jan
411 J'ly
212 Jail
212 Jan
27 1\1011
25 Feb
20 .1'ly 24
86 Jan
5812 Oct
97 Deo 28
91 Nov 11734 Jan
120 Aug ,-3.414'Jan
50 Nov
87 Dec 11
9734 Nov 120., Jan
115 Nov '
9232 Apr
72 Nov
106 Dec 23
57 Jan
20 Nov
50 Dec 30
95 Jan
117 . Nov
102 Dec 14
7512 Nov 11:312 Jan
10534 Sep li
134 Jan. 211 100 Nov 17312 May
85 Oct 10234 Jan
110 J'ly 30
'214 Apr
34 Nov
134 Jan 4
1234 Apr
ti• Jan
12 ,Ian 15
30 Feb
16 Dec
17 Apr 11

50

32)2 Jan

3212 Jan

20

1614 Apr

'20

OULS12nd

Oileres)
"ertod

4734 Nov13
8612 Nov 11
19 Jan 2'2
54 Mayl,
47 V2.'12'
22 Dec 17
6212 Dec.11
11 Jan I:31 Nov17
102 .1'nel,,
31 May 4

150 Arch
134 Nov
10 Oct

Jan

Chicago Banks and Trust Companies

Ohioan Bond Record
BON DS
CHIQAG0 STOCK
EXCHANGE
Jan. 8.
etulum
Week

131112.11am Con Mining
131.ack Mountain
Daly-West
' Plitorr
,
Hobbit

185 Dec ,1
312 Aug31
10' Aug23
110 Nov25
47 .121,- :1
23 Dec 22
1312 Dec 11
3012 Dec 18
7 Dec 2 -

Name VI Psnlous Year
(1907) •
.
Highest
Lowe&

(r d)

soul-

Ran'ae
jor
Year 1908

NAME.

lay
Stock

.!ittrpul
(:;!A
P701il;

Dt,zaend
la
1907

in
1908

.er0?4
Last Patel

Dee '08, 2
8
32,000,011U El ,282.051
High .V0 low
Ask Low
11)0
11014 13ankers National
Dec '07; 6
(?)
38,112
National
100,000
Calumet
NIcti'07
--------103
3
Dec '08, 5
J
6s_1911
0
1
Amer Strilwbrd 1st
182,623 10
500,000
Sep'08 ---0;)2 114-11:, Chicago City
Jan '09, 3
12
N. G (St L1 5s'12 .1 - 3 ------ 10012May'07
Cass Av & '
3,000,000 4,318,182 12
Commercial N ationat_
._
101).
---D
Jan '00. 2
J
4s1927
8
Trade
ot.
Board
8
Chic
8 Continental National... 4,000,000 3,329,24'4
10432 56
f)-4,8 11i4-7Sept '08-, 112
6
Chlea,ro 0ty lty 5s_-_1927 I' - A 1093 Sale 10438 Apr214
. 5,956
50,000
•__ -... -Cook (4o State Savings
Jan '09, 3
12
12
Chic Cons(s) lir&M1t(is-. 1 - J ---- -103
5,018,606
3,000,000
Corn Exchange NatIona,
55 Atig'07
Jan '09, 112
6
Chle Consol Trac 43,0-1930 .1 ,D ---___
50,35),
200,00
Dr.;xel Stare
4
------fan '09, 212
9;•6
Chic Auditorium lot 5319211 F A _-- ---- 903 3:11)06---390,583
600',0110
ational
N
Derr
Drovers
Ian '09. 112
Ii
Chic Dock Co 1st 4s_1920 A - •
34,927
200,000
Englewocm State
87 Peo'tn, .___
12 Q-51 Dee 31 '03. 3
Chic ,No Shore Elec 6s_1912 A - 0 ----'First Natlonai
-1
8,000,000 8,029,283 12
Q-M Dec '08, 212
10
10
Chic ,Pnetim Tool159,381
150,000
Englewood
Nat
First
41.
7212 74
643
7512
a1921 .1 - J 74 Sale
Priv ate 13a nit
lot Is
544,406
10214 34
9514 10212 Foreman Bros 1.3'k'g Co_ 1.000,000
_19'17 41 - A 1021 1 Sale 102"
8
Q-J Jan 830, 2
8
Chlt, ity Its •
950,553
I.0t10,000
26
9312 04
14334 Sale
5078 0414 Fort Dearborn Nstional_
.1-.1 Ian '09, 212
5
Chi- Itsis 4.5s series "A"
6
160,520
500,000
NtAlonal
Hamilton
78 8012
8514 sale 8473 851.2 68
Jan '09: 2
8
Chic Flys 4-5s series "B" .__
8
855,01,
1,500,000
B'k'g Assn_
-lbernlan
....,
8912Dee'03
75.
90
00
3
865
.1-.1 July '08, 5
"C"
10
Chic Rya 4-58 serkes
117,631
200,000
10134 Sale 10112 11)134 23
1714 OP; Kaspar State Bank
: '08, 412
.3-51 De,
10+2
Chic Rya C011 as.-: 1913
920,202
1,250,000
Nat
Ey.eltange
Stock
_.,_ 10114Nov 08 ..--„ 10014 10114 Live
Nov '08, 1
4
Chic Ry-: Fund 61____1913
61,0•14
300,000
National
3
113nroe
102
102
Sale
'US, 412
2102
10212
Jan
Ws
.1an
434
Chle Rys Tern Ctrs lot 5s- - .. _.
86,251
250,000
-.. 66t2Aug'08 ---64 6612 Mutual Bank
8 (4-1 inn '00, 2
Chic II I & P RR 4s_2002 11- - -N ---_ -- 6612,Ply'08 ---2,000,000 1,2/2,636
Nat Bank oh' Republic.
6212
74
'09, 112
---Jan
8
11
3'
5s_1913
g
.Colta'; Trust
484,545
o1,500,000
National City
Aug 26 1907
-mar si
ha
Com mon w'al th - Edison60,033
250,000
Itlit June'08 --, 100 1001; National Produce
101
Ian
114
Q-J
24.4
Chle P:Olson deb 6s1013 J - 3 100 101
65,325
200,000
North Avenue State
191
101
3
07 . 101
Jan '00, 112
6
_July 1926 A - 0 10012
1St ts, Its _
10,646
50,000
101
9334 100; North Skit State Savings
Jan 'CO, 112
2
6
....1926 11 - S 10012 --- 101
_Debenture5s....
41,021
100,000
103,,
National
93
Oakland
.___
Dec'08
Commonw Elect 5s019,13 It - S ---- 10234 103
85,587
250,000
Prairie National
80
89 Dec'08 -- -80
-NI Ian '09, 2
69,094
Illinois. Tunnel 5s____1028 J - D ---- ---500,000
Prairie State•
93
93
lan '08. 2
96 OeM4
2
4
7,010
Kan City lity4LtCo 55 1913 11 - N- -- ,,,,,250,001)
Exchange'
Railway
Sale 96
921,,
4
..512
10 '
Oct 12 1006
96
iced
9-6
Organ
KnIelett'ker lee hat 5s,.1928 A - 0
300,000
129,809
881i Security
7134Dee'08
-80
70
j
72
.
4
Jan '09, 112
_3923
51
6
1,3...-181
Ii
79,232
Lake Si
200,00U
South Chicago SavIng316 May'05
Q-1 Jan 219, 3
11
1923 Feb ---- ---Income,5s
State Bank or Chicago .__ 1,000,000 1,338,910 9.1_I
Dec '08. 4
7
Metr W Side El175,587
250,009
8434 85
85
20
'
861p 881, Stock Yards Savings.._ _
Nov '08, 3
11
1933 F' - A 22434
1st 4s ,
39,90..
200,009
Union Bank of Chicago_ _
7512 85
, 16
8314 831.
84
Ian '09. 112
:
6
1933 J • .1 83
EXtension g 4s
00,976
State
Yards
200,0M)
Steele
____
Union
ut) Dee'06 ____ .
Dec
'08, 2
8
------J
J
8
59-1909
1st
St
c
Ch
North
American Trust & Savo_ 3,00(1,000 2,471,410
Ian '09, 134
7
869,970
1st 5s
06 ____
jentral Trust Co of -111_ 2,000,000
,
Ati6,
Jan '09, 112
133
95,310
Refunding g 430_1931 A - 0 --------70
Tr
n500,000
&
13k
all 2.49, 112
6
--::.7 -- - - Chicago Sax
"
75 Feb
_, No Chle Clty11-y4)is1927 fit- N -,,,- --:-5.0(10,000 ;1,426,335
9214 03
do
e
86- 0-2,- Chicago Title & Trust
Jet '08, 2
4
Monti West F,1 1st 4s1911 51
60,960
50,00()
Savings
94
93
95
:an '09, 212
94
8014 9512 CRIzens Trust &
8+2
0
10
1045 Al - N
0gd en Gas 55
499,083
600,000
99
Colonial Trust & Savings
vu A ug'0,- _
__
9,j
fan '09, 2
1916 J - D 99
92,570 • 6
Pearsons-Taft 5s
us
94
200,0UU
Drovers Trust & Sayings
94 Sep'08 __
-__
Apr. 13 1907
11 - S 94
4.404
163,101 Organ ized
36
1,500,000
86
ifarwell Trust Co
06. Nov'08 ---90
If - N
4.603 Series E
2.16..,6:,0
•
2,000,001)
97t28ep'08
9714 97i2 First Trust & Saving's_
V. 87.p.1138
II - N 97
4.80s Series F
782 more gated
200,000
11314Dec'08 ---- 101)12 11814 Guarantee Trust & Say_
•,1n '00, 2
6
Peo. Gas L&C 1st.6s_1043 A - 0 t---- 129
713,570
0
04 10314 Harris Trust & Savings_ 1,250,001.1
10312 . 10318
lice
'08. 4
_1947 11 - 8 --- 103
16+4
674
Refunding g
1
8,317,985
8
91412 10438
9712 10414 Illinois Trust & Savings_ 5,000,000
fan '09, 112
Chic Gas L&C5s_6,
1st 5s 1937 J - J 10453 Sale 10212Dee08
46,232
200,0001
Kenwood Trust &•Savgs
.--9434 103
Jan '09. 114
Consum Gril 1st 5s.1936 .1. - I) 102 103
2
433
32,470
&
200,000
Trust
98
Savo
....___
View
Lake
100
_.:.... 100 Sep'08
Ian '09, 3
Alut'l Fuel (as 15t5s1947 11 - N ____
12
9012 Merchants' Loan & 'Fr Co 3,000,000 4,869,740 12
92
0412 9512 30
Dee '08, 112
south Side Elev. 4;0_11124 J - J 9512 Sale
255,658
750,000
5
93 1001; Metropolitan Trust & Say
Jan '09. 2
Swill & Co•ist g 5s___1014 J - .1 10912 ____ 10012 10012
8
1,865,592
Co
1,500,000
Trust
92
IS6
2
Northern
92
Jan '09. 3
Union El (Loop) 5s_1945 A - 0 92 Sae 02
6
52,421
200,000
_
North-Western 'Jr & Say
. 114 Nov'04 ---- _
Jan '09, 4
Union Pacific) cony 4s_1011 AI - N -------6
90,086
-2
Saving
200,000
&
Trust
People's
68
---00'08
4'747
__
United Box Board col 6826
Jan '09, 2
8
163,485 k8
00 May'07 --- --- _..-- Pullman Trust & Sayings A500,000
-- __
Nov '08, 2
WestChic St 1st 5s-_/928 :111 - N
8
8
300,21ri
500,000
Royal Trust Co
1000 F - A6812Sep'05 -Tunnel 1st 55
an '00. 212
5
6
24,167
200,000
Stockmen's Trust &Say1014 J - D ---- -- 73. June'07 --Dec '08, 2
Debenture 6s
8
1,194,720
1,000,000
ii1-2 -t74114 Unlon Trust Co
8014 Jae'08 ---ConSol g 5s retS_ _1036 NI - N _--- -__
Jan '09, 112
6
219,480
Sayings
1,0(10,000
&
Trust
_
____
-Dee'06
IVestern
87
____
-J
.1
- WesDivCityRy4-Hst032
Sept 5 1905
65,83'4 t3egan husine
200,000
s512 Jty'0/3 .--70 -86-1: West Side Tr & Say Bank
Western Stone Co 5s.._1(H)9 A - 0
Jan '09. 112
6
30,789
200,00t)
hmarideli-to all llhinstwo -bon (1 nrirp. - Woodinwn Tr&Say Bank
AI0.te.-Aennied Interegt.
0t
isaleaS) for
hangs. arm Nay. 28 (0 /01.1,111;
Bid and asked prices* no sales were made on this (lay. I Nov. 27 4c oso ot buStne,0 30r national
,
clock diVidend
0 Due June. it Capital increased Iron), $300.1100:
week- a Due Dec, n
State Institutions. 2 No price Friday: latest PrI00 this
Q-5'.
payments
extra
with
Q-J.,
pald
'bs increased. q Dividends are
,of 33 1-3% being declared in earl payment therefor. n Capital and surplus Co
As of tlatelept. 1 1908.
- sAs of Sept. 231908,




--

most

--

JAN. 9 1909.1

THE CIIRONICLE

Volume of Business at Stock Exctian.ges

, Liectrtc 4.omptinies
ctla 'As,
Chicago Edison Co See Glb cagc :tar
e Kings Co El L&PC0 100 126
28
NarragantProv) El Co_50 85
110
NY
L ecPowCu_io
37
40
Preferred
10
100 65
United Elee of N
50
65
let g 4s 1949
J-D 47112 134
Ferry Companies
Brooklyn Ferry stock 100
2
B & NY 1st Se 1911.14 195
98
NY&ER Ferry stk_10u 30
50
1st 5s 1922
11-1% 50
GO
N Y & Hob 54 5Iay•46 J-D 49312 95
Bob Fy 1st 58 1046M2N 110612 )07
NY &NJ 5s 1946-__J-J
114
10th & 230 Sts Ferry_10() 25 -3-5-let mtge 55 1910„. J-D 150
rUnion Ferry stock_100 30
5
elst 5s 1920
97 HO
M-N

.03

• Jr/Oust-nat. Ina :Iiiseet- bid' AIX'
conso1 Can Heating_11)
, 20
25
Cons Hy. Lgtesillefrig_10ti
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Consol Rubber Tire__10G
DAILY, WEEKLY AND YEARLY.
Preterred _____ ..,._10i.. '20
2712
Dellentura4s 1951A/sot.
391- 4112
Cons Steamship Lines.10o
le. 4e.
lianrocut.
Stocks.
Coll
tr
4s 1957 rctsJ&.,
1')34 18
Week ending
State
U.S.
stc..
,:oni Prod Ref See Stock N.:xe :1st
Jan. 8 1009.
Bonds
Bonds.
Shares.
Bonds.
Par vadic.
eCrucible Steel
9
10i,
8
--ePreferred
106 5734 53
Saturday
337,388 $35,501,050 $2,486,000
Ctinberiand Ely Copper.5 *8,3c
8/2
Monday
6,802,000
371,500
1,521./34 132,535,525
-Diamond Match Co-10c 119 121
Tuesday
5,703,500
93,000
1,180,345 106,731,760
Donilnion Copper
1
*,.
5s
Wednesday
6,556,000
1,049,385 05,563,500
110,500
Douglas Copper
*212 278
Thursday
6,452,000
033,481 87,80:3,100
209,000
Econ'y Lt & P (Joliet, Ill)
Friday
071,349 92,961,400
7,246,000
127,500
1st Al s Op .5s 1956_J-L , 021. 95
Electric. Boat
10,
26
33
6,040,582 $551,096,325 635,305,500
Total
$611,500
Preterred
10,
60
/5
Electric . Vehicle
3
10, ___.
Preferred_
Week ending Jan. 8.
Jan. 1 to Jan. 8.
Sates at
i
__
7_
5
.r:cupire Steel
New York. ,Stoct
12
Short-Term Notes
Preferred
1903.
1909.
Exchange.
11469.
1908
10,.
48
62
Am Gig ser A 48 '11 M-S 19714 93 :Federal Sugarof N y se.
81k I- x list
Ser B 4s Mott 15 12M
10612 97
eGeneral Chemical__ _10,
6,049,682
Stockl-No. shares-__
3,754,749
6,049,682
60
63
4,899,1377
ePreferred
$551,096,325 5315,635,250
Par vaiu
6551,006,625
.
100
1.8. 102 .
$407,770,006 killer Light & Tr Gs-See Gas Sea,
Tel
& Tel
Am
31004, 1 11, GoAtield Consot Mines_14 *8144 812
*2,500
Bank shares, par
*3,500
21,500
- $4,500 A,tlan Coast LgSc5s '10 J-J §1iJOi 10
78 Gold,/1111 Copper
Bonds:
1
*14
13
Balt & Ohio 5s 1909_M-S 5400 1!'"8 Greene Cananea
Government bonds
21..
$34,000
lI't 1214
$34,000
$011,500
State bonds
1,573,500
8611,500
1,939,500 Ches &Ohio 8s Jlel '10J-J 131v23.4 1031: Uuggenheim Explor'n 10‘ 175 19)
eltackensack , Water Co
35,305,500 19,330,400
RR, and misc. bonds_
35,305,500
23,545,400 Chic & Alton 5s 1912,-J-J 49812 1111
.
Chic R I & Pao 6s '09A-K) Le) 001._
Rel g 45 '52 op '12...-J-,,
86
89
ea W Ind 58 10..F&A il 0 10014 dal' Signal Co
335,917,000 $20.937,000
UR
Total bonds
34
38 '
535.917,000
825,518,900 Chickiain&D454s
davana Tobacco Co-/(n,
in
70
'08 31-1 60
9
11.
Preferred
C C & St L Is, June '11 it 4)
,
.3 1111
106 . 18
20 •
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
Consol Gas 63 1904_ _ F-A 100 10,114
1st g 5s June 1 22.-J-L 50
55
EXCHANGES.
Erie 6s, Apr 8 1911-A-0
decker-Jones-Jewell MIL
Interb H'Fe 6s 1911 M'S
CUT" 1st Os 1922
M's 100 _...
5s Mch 1910
35
111-S 13'i IMIs Her'g-Hall- Mar, new_luu
4_5
Boston.
Philadelphia.
K C Ry &Light Cis'12M-8 4961,2 97
Hoboken Land & InaVOu ---Week ending
Kan
C
So
e5s 1910
g 5s Apr 12-J-J )9812 -9
,,,._ ff-lr.
Jan. 8 1009.
Listed U misted
Listed
Bond
Unlisted
Bond
Lack Steel g Os 1900-61-S WO 10014 Houston Oil
1-1\i/ -8;0 4 912,
shar,r.
-hares. ?hares.
sales.
shares.
5s g1910
Preferred
7
100 35
M'S 596
45
Lake Sh & Al
Hudson Realty
5s'10 F A 410034 101
100 100 110
Saturday
14,324
10,601 $105,000
22,211
2,548
$20,400 Lou & Nash gso
eIn'gersoll-liand corn 100 55 ---5s
5101
'10-51-S
I
114
Monday
203,500
29,885
37,157
10,721
22,511
84,400 Ilex Cent bs July
elleferred
198 100
1 191
lle) ta
_
18,500
168,500
28,830
23,726
Tueeday
6,407
41,200 Mich Cent Os
;10078 1 . 11, baternat'l Bank'g Co 10.; 90
90
Weeeesday
16,252
125,000
40,222
25,746
6,86$
42,500 Minn & St L 1910.....F-A
Weill
3s
Men Mar See Stk. Exo eat
'11_F-A
e
98
396
157,000
22,800
29,636
7,892
23,670
Thursday
91,980 ,lissouri Pacificinternat'l
Nickel-__10
98
u
102
16,043
154,500
19,755
23,410
Friday
7.309
75,600
Gs Febl ll'l c..uivop F-A 11001” 1 112
Preterred
100 85
38
NatuflIfex 58 ext to'00 A-0 19934 10012
let g Is 1932-___A&U 85
58
136,506 105,720 $913,500 181,472 ' 41,745 $362,080 N Y Cent Os
Total
1910
F-A 1100,8 1211. international Salt_ -10
15
1612
N Y C Lines Eqp3s '10-t7 54.35 3.75
1st g bs, 1951
A-ti
50
58
N IN H & Ii 5s '10-'1L 5434,, 3.40 in ternat'l Silver
100
8
12
•Norf & West Is 1910M-N 110234 101
P
Preferred
ltlu 61
05
Pa RR 68 Moll 15 '10 M-S 5101 101i*
1st (is 1948
J.,
1107
110
Public Serv:ce Corp 5s- See St Hy, Lackawanna Steel
A weekly review or the tnitsule Alarket will be round an a proce flno taaoo
1(10 46
._
StLMS'east 454s '01)..J-1) §100 1001, Laustou Mouotype-__;.0 $1212 50
1253
soutifn cell tr 5s'09-A-0 4994 100, Lawyers' 5itge Co
1(iii 235 _40
Street RailwaysBut Ask South By g Sc
Street Ran ways
Bid Ask
Leh & Wilkes-B Coal 50 00 106
1910_1--A 49412 au
Pub Serv Corp N J ,(0010
New York Gill)
Southern 1W (is 1011-M-N
Lop
rd
reftt
erre
99
Ta
dylor
Os
Wu 100 115
14
20
Bleeek St & Fiji F stic_100
J C Hob & PatersonTidewater Os, 1913, guar 111/034 10114
1(a.)
103
c5
1050-1-U
75
mtge
4s
1st
e
4s g 1940
31-IN §7134 7214 U S Rubber g 5s '09..:41-6 114018 110!' .1.orttlard (P1, pref luu 10)
125 135
e try .& 7011Ave stIc_100 128 148
So J Gas El& Trac_100 x119 121
Wabash Is, May 10 1909 1 9914 10.1, Alaillson Sq Garden 10/ 30
40
e 20 mtgelis 1914__J-4 93 102
Gu g 5s 1053.: M-S
98
WesUngh El&I'd Os 1910 ilt),) 101
Zd 68 1919
M-A n80
Con 551943 See Stock Hxe list
No Mud Co 1ty6s'14 J-J 11051: 107
ellanhat Beach co-leu n2 NO
Railroad
ei
13'way burl 1st 53 gtf 1024 199 104
Os 1928
J-J 110412 iIll
Chic Peo & St L pref-100
Manhattan Transit____Zu
178 218
e Cent'l Ciossen stk.._1(10 80 120
Ext 5s 1924____M.,N 1101 iu2
1.,
Deposited stock
11: Mitchell Mining
1J
18
38
0 let mtge OS 1022.31-N 95 110
Pat City con 68 '31..J-D 1118
Al O
11.
p
lIrO
ell
te
grr
1:
ahela
ed
R Coal_50
_,,
h
is
e Con Pk N & E H stk 100 30
60
2d 68_1914 opt A-0 5100
Prfor
Undeposited
lien g4 543';50/0&S
stock_5u'
;1 -1i3-4 26
Chr't'r & 10th St stir 100 75
00
SO Side El (Chic) See Ch icago list
Con mtg g Os 1930-J&J
.,fortgage Bond Co-100 101 105
1,g
95
Col & 9th Ave Os See Stock Exc list
Syracuse R T Os'46..M&S 1102 104
5). Nat Bank of Cuba-100 1-5 s99
Income 5s, July 1930,,
DryDEB 5:13rrent P & H 58 1043.J-D 195 100
Chic Subway
Aational Surety
105 -2-7 - 18
100 16.3
e 1st gold Os 1932...J-D 92
116
United Rys or St L9712
__ :
Ft W & Den Cy std_100
.vva
.ii
dct
leCo
b id
ns'd
ift&Co
sp
m.
p.
erius i $41263348 ies:80
e Scrip 5s 1014 .._1-A 55
60
Corn vol tr ctfs
22
Nat Ilys of Mexico100' 21
Eighth Avenue stock_100 20 274
e Preferred
100 62 6,14
Pri lien 4 tis'57 (w I)J-J 39112 921, eNew Central Coat,.__Z0 42 2'
5'..,
e Scrip (is 1914____F-A
iJ5 102 • Gen 4s 1934_,See Stock Exe list
((en al 4511177(WI) A-0 183
8412 A J Ter Dock & inip_1(10 _
---.
e 420 & Gr St ry stIc_100 206 EM
Untalys San Fran See Stk Exc list
Nortlen Securities Stubs_ 100 125
A Y Air Bralie 6s see Stck Bic- list
42d St 13 & St N Ave_100 30
Wash Ry & El Co
100 38'2 3912 Pitts Bess & L H
N
Y
Biscuit Os 1911..A1-s it10
51.1 *34
36
_
C 1st nitge 6s 1010_M-S 195
Preferred
1,0
651.
100 84
Preferred
50 *65
100 27 73.170 eNew Yore Dock
60
2d income Os 1015-J-3 50
4s 1051
J-D 8734 1812 ellailroad Securities CoePreferred
Itlu 70
75
1nter-Met-5ee Stk Each Mtge list
Ill
C
N
Y
stk
Mtge
tr cfs ser A '52 88
& Seem'ty-10u 160
9214
(ins Securities
Lex Av &Pavr 5s See Stk Exc Us(
Seaboard CompanyN Y Trausportation__20
412
Metronol St Fly-See StIt Exc list
New York
1st preferred
Niles-Beni-Pond coin -luu 99 102
5ot
45e lists
100 F..
Ninth Avenub stock....1011 150 192 Cent Un Gas 5s g '27.J&J 100 102
Corn & 2d mei-See Bait
Misses
3 4.918 10
stock_1011
2,)
4
Con
Gas
(N 11-See Stk Exe llst :;eaboard Air LineSeC0111i Avenue
eNutP
urali*?g
o Silver
Ulu
312 -114
e let nitge 5s, 11)00-111-N 95 100 e Mutual Gas
100
Coil 5s ext May '11 M'S 9634 9/
Otis Elevator corn...100411
44
83
New Amsterdam GasSt
Consol 55 1048_.-F-A
Union Pacific as See Stk E'xch list
Preferred
101.)
94
07
Avenue
stock-100 11.3 s123
1st consul 5s 1948-3-3 §102 0312
e Sixth
Pittsburgh Brewing-30 4 18
Industrial and hliscel
NI &ERGas 1st Os'44 J-J 1105 108
Sou Boulev 5s 1945-J-J 160s.
Preterred
fit.. t 38
39Consol 53 1945
05
So For 1st Os 1919._ A-0 135
J-J 1w) 100 Adam') Exp ;•• 4s 1947 J-D §9012 1.4112 P
Pittsburgh Coal.see
..
stit .
1 .x...
c list
Third Avenue-8ce Stock 14xe list •N Y & Richmond Gas 100 33
38 Ahmeek Mining
Pope Manulacturinr_103
23
,
90
Nor Un let 5s 1927 __M-N 1395 109
Tarry W P & M Os 1928 70
Alliance Realty
1st
WI) s 142
preferred
100 23
61: 151
1712
'
/
4
30
i,5 e Standard Gas corn...101) __-_ 60
YkersStRR1Ss 1046 A-0 Si)
Allis-Chalmers Lb 1st intg
24 prelerred
10()
II: 214
e Preferred,
3.i
28th & 29th Sts 1st Os 06 25
100 60
s I 58 1330-See Stock Each Est Pratt & Wh.tn pref_100
90
u5 10212
let Os 1930
Twenty-Third St stk 100 200. 250
1102 106
American'Book
Realty
Assoc
100
(13klyn)
11/2 1,5 1511
142 150
1)5
Union Ry 1st lis 1042 F-A 190
Othcr Cities
Am
Brass
Royal Bak Powd cow 102 1,;° 165
100erican
112 11(1
Amer Light & Tractso
Westehest let Os '43 J-J WO
AN
l
l-0i/ 111218
512 127
American Calele coni.100 165 190
Preierrcd___
10......
, .1:: 110
Brooklyn
Preferred
100 9914 10014
Preferred
100
safety
Car Heat & L
Lt-102 126 130
95 .00
Col tr g 6% notes-A-0
Atlan Ave 5s1.900-__ A-0 199 101
Am Graphophone com100
seneca
Mining
121:).
_
65
497
1,9
Bay State Gas
A-0
114 -14 Ani:errefe
Con 5s g 1031
50
nre
re
id ware
Singer Mfg Co
100 Oa
100 473 (90
60
Ilingh't'n (N Y) Gas Wks
BB&WE 5s 1933-A-0 95 102
100 124 130 Standard Cordage
Ss
100
78
1st g 55 1038____A&0
Brooklyn City stock___10 1110 108
AmMaltIng Os 1914 _-J-l) 100 106
1st M g 58511 red_ A-0 24
26
Brooklyn Union Gas deb
Con' Os-See Stk Each Erre list
Amer l'ress Assoc'n_100 9212 100.
AdJust ill 5s Apr 1 11131
3
5
tea 11109 See. Stk Exch list
Bkn HgtS 1st 33 1041 A-0 05 100
Am Soda Fount com-100
standard
Coupler com1
_
100
00 10
0
25
35
Burial° City Gas atock100
Elkin Q Co & Sub See SU( Exc '1St
1st preferred
100
Preferred
512 712
5 15.
110
1st 55 1947-See Stock thelist
Bklyn Rap Tran-.See Stk Exc list
20 preferred
100 --- 2 Standard Milling
1512
e Coney Is' & 13Irlyn__100 85 lla) Con Gas of N J 6s '36_J-J 159
93 c Am St Found new _tut, . 9
Preferred
Co.-1
1°
09
0 4
15
434 43
82 Consumers' L 11 & Pow1st cons g _4s 1948__J-J 77
Gs 1035_. ____Alc0
1st 5s 19311
-; 97
51-,". 84
86
5s 1038
Brit' C & N 5, 1939-J-J 93 100
J-D 1102
Deb 48 102314v1)..F
...&A 163
Standard
3__100
011
of
N
580
65
Gent&LorSt 1st 6s_151&N
_ Denver Gas ea E cc _100
;6E" American Surety
50 200 21.0 swift & Co-See Bost Stu Esc 690
.
Kings C El 48-80e Stock Exc list
Gen g Os 1049 op_M-N §294
9212 American Thread pref-5 *4
970
8 .
1st Is 11)10-1914,-.1-3 110012 list
Nassau Eicc pret_-_100
Elizabeth Gas Lt Co-100
_--Am
Am T
Go com_100 340
erexas& Pacific Coal-100 85 100
A-0 96
__Essex & Hudson Gas_100 126 127
5s 1944
Anp
ierre'
flerrd
00 36
ypeefders corn-110
Title
Ins Coot N Y __WO 125 135:
39
let 48 1051-See Stock the list
Gas & HI Bergen Co.._luo 61
63
Tonopah illu (Nevada)_1
*912 684
94
98
Fiat 1st ex 4
N
05 101
e Cr Rap G 1st Os '15-F-A
Amer Writing Paper-100
rrenton Potteries cutn100
2
3
is
Steinway 1st fla .1022-J-J 1105 110
100 114
Hudson Co G8.9
99__Preferred
110
100 1712 10
Preferred,
65
Other Cities
Indiana Ltg Co (w. I.)
20
1st s 1 g 5s 19 op'09-J-J
25
rrow Directory
1,313
106
30
541:
40
Buffalo Street ily4s1058 op (W. I.) -E-A 62
65
Barney & Smith Car_100 n52
Union Typewriter com1;)
00
0 16
00
3
15
(35
1St cotisol 55 1931__F-A 110612 108
Indianapolis Gas
50 25
new
30
Preferred
100 n 9212 t3 I
1st preferred ----1
1:
U
0
15
00
9 112
Deb Os 1017
A-0 1106 108
1st g 5s 1952
A-0 18312 05
Bettol'm Stee1Corp-See S tk Ex Os(
Zd preferred
Columbus (0) St Ry-100
ijtc. Jackson Gas Os g '37-A-0 191
u6
Bils%fe
United Bk Note Corp_50 *53 110
Corr
dany corn,,
mep
118 125
55
Preferred
100 104
100
Hansas City Gas
Preferred
Preferred
50 113 125
5t.) i-)6212 5412
Colum 1W con bs--SeePh, In list
100 80
e Laclede Gas
82
Bond & Mtge Guar___10() 390 100 ellnited Cigar Mfg.pf-1011 90
V8
Crosst'wn 1st Ss'33 J-D 4310212 105
_100 85
95
a Preferred - _
Borden's Goad Milk_100 125 130
United Copper
1(10 1618 1614
*Conn 1W & Ltgcom_100 70
72
Madison Gas 8s-19-Z81A-0 §9712 105i,
Preferred
Preferred
100 104 107
1
i0
00 f
.. .2 40
ePreterred
10(1 80
84
Newark Gas Os )944- Q-J 1139 132
British Col Copper
5
*N38
87,
20t.)
Grand Rapids Ry
100 00
62 Newark Consol Gas 100 9234 9312 Butte Coalition Mining 13
En
*2612 2712 U SS Casualtyvelo
50
Preferred
100 83
86
e Con g 5s 1048_
J- D 510412 10614 Casein Cool
ePreferredp ewn-1
f Am com-10
0
2
130
3
° 101 102
!e Lou:sv St VS 1030„J&J 4108 1081) No Hudson L H & PowPreferred
U SSteel Corporation100
50
CO
:Lynn & llos 1st 5s '24J-() 1104 1.06
A-0 1 95Casualty Co of Amer-100 120 130
5s 1938
Col
tr
a
f
5s
'51 opt '11 411312 114
Fts New On Rys & Lgt-100 1712 19
Pat & Pas Gas& Elec-100 80 7E- Celluloid Co
Col tea f 52; '51 not opt 111312
100 129 131
100 44
e Preferred
45
e Con g 5s 1049
M S 3101 102 Cent Fireworksworks com 100
U S Tit Gu & Indem_100 50 114
8
10
.
_60_
Gen Mg 4 31s '35 See S tk Ex het St Joseph Gas 5s 1937-J-J §93
16
caftan
100
Copper Co-See Stk Exc list
70
53
North Chic Street See Ch icago list
'clear tti telephone
Central Foundry
100
Waterbury Co, com_100
234 3
'Pub Serv Corp of NJ .100 95
98 eAmer Teleg do Cable_100 77
80
Preferred
100
Preferred
1612
17
100
76
Tr etfs Z %to 6 %,perpet 75
eCentral & So Ainer_100 105 109
0813 70
Deb 8s 1910 op '01 M-N
Westchester & Bronx 'lit
Coll 5s g notes
N 59c12 1/912 Cornell Un Tel (NY)-25 110 120 Century Realty.
de M tge Guar
212
100 8
1300
745 3178905
100 ;;;- 165
North Jersey St fly 100 10
40
Emp & Bay State Tel 100 60
70 Chesebrough Mfg Co-100
Western Ice
100
1st 4s 1948____..M-N 17212 74
Franklin
100 45
60 City investing Co
Westingh Air Brake_ 50 411012 Ors
100
74
Cons Tract of N J-100 72
sGold & Stock Teleg _100 105 112 eCiatlIn (II B), com 100 95 105
West El & Mfg Os-Sec St Exc list
53 1033
J-D 110334 10414 Hudson River Teleph 100
65
e
t
g
pr
5
7
:
1
::
White
100
95
91
10 4,148
Mln
le
Newl:PasRy 55 '30 J-J 1108 -ON Y & N J'releph
100 110 114
e2d preferred._ .__100 92
97
Preferred
10
*38
se
Rapid Tran St Ry_100 245
eNorthwestern Teleir-5 100 114
Col & Hock Conl&I pf 100 65
75
Worthing Pump pref-100 108 113
1st 58 1921
Pacific & Atlantic
A-0 1106
25 60
'10
lit
J-J 482 95
Southern & A tlantio,._25 90
13
CI° tr Os Oct 1956 J-J 1 05 101
•Per share. 13 Buyer pays accrued int. a Ex-rignts. 0 Batas. a Sells on Stk. Ex.,
but not very active. is Nom. s Sale price. zEx-cliv.

Outside Securities




BOSTON STOCK EXOHANGE1-7-ato-ck Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
Jan. 2.

Monday
Jan. 4.

Tuesday
Jan. 5,

Wednesday
Jan. 6.

Thursday
Jan 7

Friday
Jan 8

:Ales
ol the
Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Range /or Year
1208
Lowest

Railroads
10033 10033 10031 10034
665 Atch Top & Santa Fe_106 6758 Feb 11
*1005g 10073 9934 10118 9912 10014 9931 100
8313 Mch 3
101
Do pret
54
*10114 10214 *10112 10212 10114 10114 *10114 10214 10133 1013) 10178 10178
101 18112 Jan 1
229 230
226 230
228
352 Boston & Albany
226 226
230
225 225
226 226
Dec 2b
312113
101
12514
Elevated
Boston
12412
12414 12612 12634 12812 6.527
12412 12614 12412 12634 125 126
100 20614 Feb 11
225 225 *220
_- 226 *220 225
225
41 Boston & Lowell
225 225 *220 226
Oct 21
100
114
Maine
&
Boston
136
13514
136
13434
136
..!?
136
13413
13514
133
13312
134
13212
100 136 Feb 12
Do pret
Last Sate 150 Dec'08
555- 165- *Z55- :::: 300 300 *301
22 Boston & Pro vidence_100 284 Jan 10
555- 300
9 Mch •
14
14
15
14
14
12
870 Most Suburban El Cos..__
12
14-11
1134 -1-1-34 *10
45 Jan 31
Do prof
6212 63
63
63
270
6012 6012 62
63
59
*56
59
*56
_
*10
*10
812 Nov13.1012 1012
11
11
200 Boston &Wor Eiec
11
*10_-- _ *10_ *10
9712 Dec 18
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5312 5212 -5212 52
53
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Last Sale 148 Dec'08
10( 102 Jan iv
Do pret
120
iio- 120
120
14
L- ast Sale 163 Dec'08
_ Con & Mont. Class 4_101 163 Deo 18
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i55- 139 *138
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Connecticut River_ _ _10( 244 Jan 14
L- ast Sale 255-- DW.55
-__ *260 ---*
101 117 Jan
133 133 *132 133
133
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133
-155 Fitchburg, pret
13212 133
260132 132
101 (.,1 Apr 27
76
75
77
7812 79
81
753 Ga By & Electric
78
82
82
79
83
82
100 81 Oct It'
Do pret
*80
83
*81
Last Salt 85
85
Dec'OS
85
*83
85
*82
100 193 Nov27
Maine Central
Last Sale 193 Nov'08
10,
814 Jan 2
121$ *12 -1212 *1134 12
*1112 12
12
12
12
-451 Mass Electric Co.
1134 12
100 40 Jan 2
Do
738
pret
59
59
60
5912 5912 59
59
59
5912
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123
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162
16014
161
162
161
:12!
160 161
16313 1
160 11612 160 161
100 140 Jan 26
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N
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*144
Dec'08
Last Sale 205
Norwich & Wor pre1-100 200 Apr
Oct'08
100 175 Jail 11
194- 114-- *194
19514 196
1951 i51- 194
43 Old Colony
11;5'- *:
•
100 25 Jan 15
*____ 30
30
50 Rutland pret
2912 2912 56
9214 ;51f2 9214
100 70 Feb 17
93
*91
91
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81 Seattle Electrc
*9113 9134 *9118 93
100 8838 Jan 2
100146Do pret
*100 10112 *100 1011. 10112 10112 10013 10114 100 10012 *100
181
100 11012 Mch '2
5,536 Union Pacific
17918 1815, 17778 1805s 17914 18114 181
18334 18334 18013 182
7834 Apr 4
*9512 9612
06
11
*95.2 9612 *9514 9614 9538 953e *9633 97323 96
Ve1rIniontPree
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102 160 Jan 13
Last Sale 161 Nov'08
*164
76 Jan '2
8812 8812 -555 West End St
88
5u
88 -81- -55- -W- -88- W- 88
8888
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$10512 107 *--- 107
138 J'ly
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cc
Sep'CIS
Miscellaneous
351,
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34
34
13 Jan 3
3378
Chem_100
4,313
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95
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560
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9414 95
95
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1
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2
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129
129 12934 129 129
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12712 12734 127 12734 126/4 12714 12638 12718 12614 12714 127
16 Jan 5
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3038 3053
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Iron
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c 1,
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Dec'08
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247 24912 248 24812 24612 24714 246
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'2
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1 Jan
,
4
156 15612 157
157
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157 150
157 167
159 159
60
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59
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100 77 Jan 1
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205 205
208 208
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--- ---- ---- ---- ____
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2534 2634 2513 2613 253.1 20
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1014 Apr 11
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17
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5 1114 Apr 14
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21
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2733 2733 2034 2738 2618 27
93 Feb 20
641 Calumet & Arizona_ 10 r565
11714 11734 11712 118
11714 11812 11712 118
11814 11814 11814 110
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21
30 Calumet & Hecla
675 675
660 675 *660
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25 21 Feb 10
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33
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80
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82 . 8214 8078 82
7 Jan 3
20
1013
10
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10
10
10
10
1018 1013 1013 10
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170 Elm River
214
218 213 *2
214 214 2 1-16 2 1-16 *2 ' 214
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25
1
r
16
1,417 Franklin
1578 16
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Consolidated
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1,458
109
108
4
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109
108
10813
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10914 10912
10712 10812 109 110
67g Jan 2
20
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1-38 8,813 Greene
12
1212 1234 1238 1231
1214 1238 1213 1214 1218 1211
158 J'ly 1
Guanajuato Consol.- 5
Dec'08
Last Sal 2
1734 Feb 17
25
_
(Copper)
Royale
Isle
2:199
241
2412
241- 24
27112 -26.- -ii- 14-14 -.21r2 W-2
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2314 2214 2312 2214 22,
5
23
1214 Jan • 2
335 La Salle Copper
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Dec'08
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25
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13
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13
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25
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512
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1218 Feb 19
25
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1613 1634 1612 17
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100
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21:0

Lange lor Previous real
(1907'

Highest

Lowest

itiohest

10114 Dec 2
10414 Dec 2
230 Dec It
140 Jan 21
228 Dec
140 Jan 22
156 Jan 22
301 Novi.'
13 Melt:it
68 Nov17
17 Jan 2Z
6012 Jan lt
15114 Dec 11
12012 Dec 25
105 Men
138 Apr 21
203 Dec
133 Nov2/
bt3 Dec 10
85 Dec 10
193 Nov2
1334 Nov25
64 Nov2c
161 Nov .
145 . Apr
205 Feb 50
19618 Deo It
34 Dee b
95 Dec b
102 Deo 1,
18658 Nov24
9733 Nov17
101 Nov30
9112 Sep 15
310 Dec
140 Mena

6712 No'.
7634 No',
180 Dec
11734 Nov
200 J'nt,
129 No'.
150 Oct
285 Oct
8 J'ly
50 Aug
16 No'.
55 NON
128 Dec
9934 Oct
170 Oct
152 J'ly
294 Dec
110 No'.
6912 Dec
73 Oct
190 Aug,
7 Dec
27 Oct
12713 Nov
145 Dec
205 No',
175 Oct
25 Nov
82 Aug
)334 Nov
16(312 Oct
7834 Nov
14518 No'.
/4 Dec
94 Nos'
140 Aug

10712 Jan
1013) Jan
240 Feb
152 Jan
'231. Jan
170 May
165 Jan
301 Feb.
15 Feb.
05 'Jan
2834 Jan!
SO Jan;
160 Jan:
120 Jan
188 Feb,
156 Mch
280 Jan
135 Jan
114 Mch
88 Mch
198 Jan
2013 Jan
7112 Jan,
19012 Jan'
160 Jan.;
226 Febi
20014 Jan,
45 Jan
94 Jan.,
103 Jan
18212 Jan
1)3 Jan,
170 Jan,
95 Jan
110 Mch
147 Jan

35 Nov2
90 Nov 2t
12 Dec i
'.3 Dec 7
13758 Nov
132 Nov
13212 Nov 11
3238 Dec 11

10 Oct
721, Nov
312 Nov
912 Oct
1)3 Dec
105 Dec
8914 Nov
1214 Nov
69 Oct
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9312 Nov
1213 Oct
;,,12 Oct
115 Nos
11 Oct
43 Oct
75 Nov
185 Nov
114 Dec
40 J
80 Oct
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26 Jan.
95 Feb.;
1434 Jan
33 Jan
13714 Feb
13134 Jan,
13412 Jan
3612 Jan'
10212 Jan
4 Jam
115 Jan
25 Feb;
914 Jan,
230 Jan
162 Jam ;
065g Jan
8612 Apr
215 Metz434 Jan •
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90 Jan.
126 Jan

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182 Jan
11 Jan
113 Jan
2212 Jan,
2712 J'ly '
678 Jan .
120 Dee'
69 Jan
29 Jan
5038 Jan
10734 Jan
9 Jau
82 Jan
7812 Jan
80 Feb

9012 A uV

412 Dec
128 Is us 2,
2114 Dec
888 Nov 1,
263 No'. 2'.
102 Dec
60 Dec 31
50 A uV •
215 Nov
3 Oct 78 Nov5
93 Dec 31
1
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114 NovI2
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613 Feb
53 Nov
4112 Nov2:
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8813 Nov
4213 Dec 121 Jan
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10
53 Jan
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53 Nov1:.
75 Feb
26 Oct
,
153148
6 Jan 1.
234 Oct
4033 Dec I
2812 Islay
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1813 Nov11
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30 Aug 4
3913 Jan
108's
130 Aug 1
89 Oct 108 Feb
100 Jan h. 535 Oct 1000 Feb
3034 Nov
47 Feb
16 Oct
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8378 Nov I)
4914 Oct 105 Jan
1173 Nov
16171122 D
2012 Jan
OO cc
tt
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134 Nov
413 Jan
e2553:1DO(N)cceoctts.
2914 Mch
1512 Nov28
1 10 J'ly 31,
151 Feb
1313 Aug
175s Apr
6)4 Jan
273 Jan 22
3612 Jan
2614 Jan 23
2414 Dec 5
1714 Jan 14
.1) Feb
8 Oct
833 Aug 1..
233 Nov
914 Jan
,75 J'lya. .90 Nov
134 Jan ;
8 Jan 1,
034 Nov
1514 Jan •
1512 Dec 2,
1513 Nov 14
73 Nov 7
3734
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313 May.
2034 Novi.,
534 Nov
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13513 Dec 3
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3118 Dec 1
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Feb
Oct
7,11; OctT3.,

Boston Bond Record.

JAN. 9 19O:,,
BON Ds
-a
-.
.
BOSTON STOCK EXCH.G.E 12 t
Wars Elmira, IAN 8
.
4
:
Am Telen & Tel coil tr 46.1929 J-J
1936 m.8
Convertible 48.
Am Writ Pauer 1st51 5s a 1919 .1..1
Aria Com Cop 1st cony 68 1918 M.S
AtonTop& S Fe gen g 48..1995 A-0
J'ly 1995 Nov
Adjustment g 4a
Ply 1995 M-N
Stamped
1935 J-D
50-year cony 4s
1917 J-1)
10-year cony 5s
$oston Elect L oonsol 58 1924 M-S
1916 J -J
Boston & Lowell 48
1944 J -J
Boston d4 Maine 44s
Boston Terminal 1st 3's 1947 F -A
1918 .1-J
Our & Mo Riv ex 68
1918 J•J
Non-exempt (is
1910 J.
Sinking fund 4s
1917 A-0
Butte & Boston 1st 6s
Cedar Rap & alo R let 76 1916 M-N
1909 J -D
287s
Cent Vermt 1st g 48..May1920 Q.F
0 B & Q Iowa Div 1st 56 1919 A.-0
1919 A.0
Iowa Div 1st 48
1918 M-N
Debenture Is
1922 F-A
Denver Exten 43
1927 M-N
Nebraska Exteu 45
1921M-8
B & 8 W s f 4s
1940 J -J
Illinois Div 348
Joint bonds See Gt Northern
Ohio Jo Ity & Stk Yds 56.1915 J -J
Coll trust refunding g 4131940 A-0
Oh Mil 125 St P Dub D 68 1920 J -J
Oh NI & St P Wis V div 661920 J.J
Chic & No Alienist gu 5s.1931 M-N
1921 J-D
Ohio & W Mich gen 5s
Concord1 Mont cons 48 1920 J -D
Conn&PassR1stg4s i943 A-0
Cons S S L coll tr g 48 ars 1957 J -.I
1027 A-0
Current Myer 1st 66
Det Gr Imp & W let 4a 1946 A-0
Dommion Coal 1st a f 5a 1940 M.N
11115 VI-8
Fitonburg 4s
1927 bi-13
45
Fremt Elk & Mo V lat6s 1933 A-0
1933 A-0
Unstamped 1st 66
GIt Nor CB & Q coil tr 4 1921 J -.I
1921 Q-J
Registered 48

Price
Friday
Jan 8

,
Week's '
Ranger
Last Sale

BOND!.
BOSTON STOCK EXCH'GE
Wicirx Ennui° JAN 8

Po nae
Year
2908

High A., Low .Hiyh
Ask Low
But
I
924 I'
92% Sale 914
78% 9.2.L,
944 404 SO 7,4 1[66%
,
9378 Sale 933
,
117834 Mar'08 ... 97834 i'783
165 Deo'08. 112 170
1004 lb 9641021,
100% Sale 100
923a
92 Dec'08 ...- 85
92
91
91 Sep'08 .... 91
92
110678 Dec'08 .... 18376110676
4
1
10514 Dec'08 .... 9588107/
104'110 Feb'04
101 Sep '06 ..
104% Oct'08 -- 104 10416
1124Jan'03
104 Oct'07 ....
102 Sep '05
9S'
984 Apr'08 .... 9'7
100 J'ne'01 ....
117 J'ne'08 .... 117 117
1114Ply'05 .... ......
5 76 824
8134
8134
8134
¶103 Oct'07 ....
100 De0'08 .... 963 1100 1
100 Apr'08 . 100 100
11986 1 984 994
998
1004 Oct'089836 1004
9716 May'07 .... . ..
193 Dec'08
86i ¶93
10234 6 99 1034
102 Sale 102
91
1 85
89
91 Sale 91
118 3'4'08
118 118
126 Feb'05
101
101
2 95 100
1004
102¼ 22 97 102
102 Sal. 102
91 Deo'07 ........
..
11214Jan'03
18'-. 193 114 18'4
18 Sale 18
104 Nov'06 .... ......
95
90 Dec'08 .... 80 90
92
85
01 Novq.0390 192
1034 Api'05 .... . ..
96 Apr'Oa
ild 96
1284 Apr'08
128 1284
140 Apr'05. .. .
..
.
97% Salt 974
34 9214199%
98 .
973b Sale 973
1 92 983
,
973

Price
Friday
Jan 8

11 ete
Salto or
Last isal,

_High
AsK Low
4
/
100% Sale 1004 1001
4
/
4 1001
/
1004 Sale 1001
117 Apr'0
9514
95
95
97
100 Ang'0116 k. 1164
1164
140
90
90
85
4
/
nti1
864
1024 Dec Or
10236
113% Nov'06
1014 Sep'
05
115 J'ne'08
1;82% Dec'0¶116 Apr".)115¼ Apr'U

ilia

1910 J -J
Illinois Steel deben 5a
Non-convert deben 6s 1913 A-0
la Falls &Sioux Clst 7s-1917 A-0
Kan C Clin & Spr 1st 5s 192:, A-0
Kan C Ft S& Gait ext 58 1911 J-D
Kan Ft Scott & K 6s..1928 M-N
Kan CM & B gen 4s
1934 M-S
Assented income 56
1934 M.S
Kan C & K Ry& Br 1st 581929 A-0
Maine Cent cons 1st 7s. 1912 A-0
Cons lst 4s
1912 A-0
Maro Hough & Out 1st63 1925 A-0
Mexican Central cons 46 1911 J-J
latcons ino 3s
Jan 1939 J'iy
28 cons inc .3s
Jan 1939 .J 'I
Mich Teleplst 58
1917 JMinne Can Elec con g 56 1929 J-J
New Bug Cot Yarn 53.-1929 F-A
New Bug Teleph 58
1915 A-0
Is.
1916 A-0
New England cons g 58. 1945 J -J
Boston Term 1st 48
1939 A-0
NYN H & H con deb 31681956 J -J
Conv deb (la (atts)
194S J-1
1924 F -A
Old Colony gold 45
Oreg By & Nay con g 46 1948 J-D
Oreg 812 Line 1st g 68
1922 F-A
Repub Valley 1st a I 63 1919 J-J
Rutland 1st con gen 4418 1941 J-J
Rutland-Canadian 1st 481949 J -J
Savannah lilac 1st cons 58 1952 J -J
1930 F-A
Seattle Eleo 1st g Is
1929 J 4
i.'erre Haute Eleo g 58
1918 M•S
Torrington 1st g Is
Union Pao RR & 1 gr g 43 1947 J
20-year cony 4s
1927 J.
United Fran cony gen 514 1911 11-3
U SCoat& Oil 1st s f 65 1938 M.N
US Steel Corp 10-60 yr 56 1963 M-N
West End Street By 4a.1915 F-A
1914 M-8
Gold 412a
Coln deoenture 4s
1916 M-N
Gold 411
1917 F-A
Western Telepla & Tel 58 1932 J -J
Wisconsin Cent 18t gen 461949 J-J
Wisconsin Valley 1st, 70 19014 J4

Nara-Buyer pays accrued interest in addition to the purchase price for all Boston Bonds.

J. on fos

Year
2fP.8
tow II to h
9714 1004
95 100%
17 117
96
4 90
040 100
109%1164
rs'74 91
S8
86
1004 1024
15 115
74 1,45
.1 ;16 1164
. 15 141154

1024 Aug'04
1024 Sale 1024 1024
100 te Jan '07
1004 Sep'Or
11004Dec'08
1134 Nov'08
14812J'ly tie
1994 J'17'0.
120 Oct'0,
104
05 Dec'08
1074 Nov'05
102 Mat'02
9819 May'06
105 106 104 Dec'08
97 Apr'07
994 Nov'06
102% 102%
1106% Nov'08
116 Jan '08
126 Dec'08
10214 102
964 Feh'08
10116sep'08
09% Deo'08
98,4 Oct'0
99
9334 994 9934
1944 Sep'05
109% A ure05

No price Friday; latest bid and asked.

t.3

102

loo
79411101
11934 11344
98% 984
1196% 1964
120
103
00
105

1004 105
99711103%
11843e 1106%
116 117
102%127
186 1034
964 964
1014101's
99% 99%
984 994
98
79
......

1 Flat price.

Philadelphia and Baltimore Stook Exohanges-Stock Record, Daily, Weekly, Yearly
,
Sales
ACTIVE STOCKS
of the
kor Sands and inactive
(
Week
Stocks see below)
'Shares

Share Prices---Not Per Contain Prices
Saturday
Jan 2

Monday
boil

Tuesday
Jan 6

Wednesday
Jan q

Thursday
Jan 7

hriday
Jan 8

35
.30
.80 82
86
85
85 85
83¼ 84
100 100¼ .100 100
100 100
100 100
100 100
144 1406 *244 25
144 144 144 144
15
16
1434
•
26
.25
264 254 254 *2514
2534 254 254 *
' •
104 .1034 11
104
104
11
104
4
.101
104
*9'4 1034 104
45
46 .46
3934 3934 39
114 114 •1116
174
. 174 1734
65
• lib% 16
164 164 154
10334
97
•116
764 7634 7516
21 e
2116
2
6
66,
I 66 06
43% 434 434
11%
' 11% 117
25%
• 254 26
71516 7134 70110
46
46
4714 475 4716
51a. 5176 514
13.34 93% 9234

4534 .45
$8
39'
114 '11
1744 154
53
55¼
143
16
96
97
7644 744
2
2116
674 66%
484 43
1176 11%
26% 244
72
6078
45314
464
47
524 51
944 92

PHILADELPHIA

13141

100
100
50
100
100
50

.
Lowest
20
65
80
4
10
10

Jan 15
Mar25
Jan 2
Feb12
Feb 18
Jan 8

Highest

Lowest

Highest

30 Dec 7
814 Dec30
102 Dec30
15 Deo29
26 Deo20
12 Novli

334Jan
80 May
784 Nov
10 Nov
24 Dec
876 Oct

35 Jan
85 Jan
97 Jan
2314Jan
48 Jan
13 J'us

Philadelphia
91 American Railways
50 4234 Mar 9 464 Nov17 434 Dec 51 Um
46
4516 454 454 454
445
46
50 2678 Feb10 4016 Deo 14 22 Oct 474Ja5
4 3878 384 304 38% 394 9,525 Cambria Steel
/
3876 381
114
776 Uot 1136Jaa
.11
55 Electric Co of America 10 84 Jan 25 114 Dec14
4 11
/
111
11
114 *11
8 Jan
100 34 Jan 14 1944 Dec 2:, 3 Oct
174 1814 184 18% 8,172 Lien A.sphalt tr ctIs
174 16% 18
100 1978 Jan 9 5912 Dec29 1334 Nov 36 Jan
5516 551
Do pref tr etts
4 501
/
4 4,660
/
554 534 554 64
4 Dec 16 Jan
1538 16
7,283 Lake Superior Corp
100 386 Feb211 17 Dec24
1434 154 1538 16
15
478 Lehigh 0& Nay tr ctfs. 50 784 Jan 2 9744 Dec 11. 69 Oct 103 Jan
6634 6634
9611 904
96
50 52% Feb20 7634 Dec3; 481-60ct 7876Jan
7614 76.4 76% 16,542 Lehigh Valley
744 754 '75
79
24Jan
44 Nov
100 1816 Jan 20 278 Apr24
2114 246 1,250 Marsden Co
2
2
2114
.Jan
50 5016 Jan2 66116 Dec30 z52 Nov 70111
674
Pennsylvania
RR
664
6,940
67
67
664
66%
674
4 mar 3 4434 Dec 1.1 3334 Nov 48ti, Jan
/
48:4 Plulatielp'aeo(Pintas). 50 341
45
43
.424 43
434 43 43
. 11 76 11% 11% 6,776 Philadelphia Electrict. 25 54 Feb27 1236 Nov 9 6316 Nov 11 Apr
113
11% 11% 11%
50 d124 J'ne 9 25 4 Deo31 812 Nov 026's MAY
26 4 2034 59,974 Philo Rapid Transit
2538 25
264 264 26%
.Feb17 711,16 Deo)4 35% Oat 6934Jan
50 4631
69% 70916 70116 70% 70¼, 707b 39,610 Resoling
7V4
an 3 45 4 Deolii, 30 16Nov 4536Jan
50 39
Do lst pref
.454 464
40
45
88
45
50 3712Jan 2 44,6 Dee 5 324 Oct 47 Jan
Do 2d piet
4676 •46
47
*404 475
553
47
47
50z444J'nel0 5614 Apr23 4178 No, 60%Jita
517
62
51% 52% 524 52% 18,253 Union Traction
61
50 734Jan I 9434 Dee 21, 664 Oct 964Jan
92
93
02% 02 927 9,222 United Gas Impt
924 92%
SO Feb
100 25 J'ne22 28 Nov18 25 May
Welsbach Co
30
.27
Ask

inactive Stooks
Allegheny Val pref. 50
421- 43
5
American Cement
10
Amer Pipe Mtg
Bell Telephone (Pa).100 £10144
50 46
Cambria Iron
Central Coal & Coke.10
Oonsol Trao ot N j...10
Diamond State Steel..1
11
Preferred
'Easton Con Electric 6.5
4 46
/
451
Elea Storage Batt....10
10
• Preferred
ears Wayne (11,W V 1050
125
_Germantown Pass
10
Indianapolie St
Indiana Union Tr....100
..Insurance Coot N A..10 225 2234
Inter Sm Pow & Chem.5
Keystone Telephone ..5
1044 11
Preferred
50 32
KeystoneWatchCaae.10
Lit Brothers
1
Little Solmylkill
Ii 57
61
Mine= As Behttyl H..5
Haven Iron & Stee1.5
9946
5
orthern Central
orth Pennsylvania 50
ennsylvania Salt.....5 /004
•Pennsylvania steel..10
10 104
Preferred
4314 4
Phila Co(Pate) prof...5
Phil German & Norria.5
4 01
/
5 • 901
'Phila Traction
8%
7/
1
Railways General
kluaquell Iron 85 Steel
1
Tidewater Steel
1
Preferred
04 612
Tonopah Mining of Nevi
10
'Union Trot Ind.
tUnited N J RR & 0..10 213¼
45
Unit Trao Pitts pref..
84
8
Warwick Iron & Stee1.1
49
West Jersey & Sea kik.
944
Westmoreland Coal....
Wilkes Gam & IGleo..1

1

277
315
857
438
415

Baltimore
Con.Gas EL L. a, Pow
Do prof
Northern Central
3eaboard(new)
Do 20 prof
United By & Electric

Mange for PreviouS
year(1907)

Bangs for
Year 1908

PHILADELPHIA
Bonds
Al Val E ext 78 1910 A-0
Alt&LVEleo41213133.F-A
Am Ilya °oily fis 1911.J-D
All City 1st 5s g'19.3I-N
Balls Ter 1st 58 1926.1-1)
Berg&EBrw 1st64'21 J-J
Betide Steel es 1998Q.F
Choc& Me 1stIs 1949 J4
Ch Ok & G gen 56'19 J-J
Col St By 1st con Is 1932
Con Trak!,of N J lat 58.'33
IL& A 1st hi 681920 31-N
Bloc & Peo Tr stk trot/
Eq II Ga,s-L lat g 58 1928
It & B Top con 5s'25 A-0
Indianapolis By 43.1933
Interstate 46 1943 ..If-A
Lehigh Nay 448 '14.Q4
RRa 48 g
1914.QGen 11 448 g 1924.Q.
Leh V C 1st 5s g
Leh V ext 48 let 1948.J2d 7s 1910
M-13
Consol 6s 1923
J-D
JD
Annuity Os
Gen cons 4s 2003 M-N
Lou V 'Tram con 4s'35JN ew Con Gail 56 1948 J-D
Newark Pass con 581930
NY Ph & No 1st4s'39 J..1
Income 4s 1939 M-N
NoOkioThuicon5s'19.J.,7
Penn gen Oa r 1910-Var
Commit Els r 1919. .Var
Penn & Md Steel con Is.
Pa & NY Can 58'39.A-0
A-0
Con 4s 1939
Penn Steel 1st 58'17 31-N
People's Tr trcerts 4a '43
P Co 1st& col tr 58'49 kt-S
Con& col tr 58 1951/11-N
Phil Klee gold trust Ws.
Trust certif.» 48
P & B gen at 6 or'20.A.0
Gen 61 4s ft 1920..AttO

Bid

94
05

Ask

116

102
117
10334

9314 934

40

41

103
10634
119%
98
69

98%
61

1044
110
-----104
98
985
.
1014 1013
74.4 76

PHILADELPHIA
Ph & Read 2d Is'33.A-0
J-D
Con Iii 7s 1911
Ex Imp hi 4a g'47 A-0
Terminal la g1941 Q-F
P W & 13 cot tr 48'21 J4
Portland By let 58 1930.
Roch Ry& L con 58'54J4
Spanish-Am Ir tla '27 J-J
U Tree Ind gen 56'19.1'4
Un Rys Tr ct/s 414'49.1&J
United Rya Inv lat co/ltr
sibs 1926
U Trao Pit gen 5a'97 J-J
Welsbach s I 5a 1930.J-D
Wlks-B GAIL con5e'55.14
BALTIMORE
Inactive Stocks
Ala Cons Coal& Iron 100
100
Prof
Atlanta & Charlotte 100
Allan Coast Line 1tR 100
Allan CoastL (005111)100
100
Canton Co
Cons Cot Duck Corp...50
60
Preferred
Georgia Son & Fla. 100
100
lat prof
100
24 pref
100
G-B Brewing
Bonds
Anacostia & PotIs
At/ & Ch ext 4 Isa '10.J4
Atian C L 10348195231-8
All Coast L(0t)otts58J-D
Otte of indebt 4a .J4
J4
5-20 yr 4.13 1925
6E-N
Bart CPass lat
Ball Funds 56.1916 bi.N
Exchange 346 1930.74
Balt& P 1/4681211'11 A.-0
Bait Traelst 55. '29 IL-N
No Bait Div 081942 J-D
Cent'l By oon561932
Ext& Imp 56.1932 M-8
Chas city Ry lat as'23J4

Bid

Ask

107
99'-?
914¼
101
7654
84% 85
7614

4016
75
235
93

249
95
8
25 7 26
22
20
95
68
66
ai 4

101 103
994 1004
9614 9634
100
814s
81
85
101 102
107 108
,100
993
102
Ill's
113
106
11)7
10484 106%

BA LTI al 4)lt
Chas By Cde Ells'91151-6
Charl & A ext 58.'09 J4
1910 A-0
'20 Is
City& Sub 1st 5s..'22J-D
City it, Sub(Was)lst58'48
Coal & I By let 15s'20E-A
Col&Grnv 1st63.1916J-1
Consol Gas 6a 1910 J-D
1939 J-D
Is
Ga&Alalstcon 5s'45J4
Claes'tr 8,1%11st 5s g'29J4
Georgia P 1st 68..222 J4
GaSods Fla 1st 66194514
G-B-S Brew 3-4s 19515128 income Is 1951 .511-N
Knoxv 7.`rao 1st 53'28A-0
LakeR El 1st gu5s'42/4i-81
MaconRy&Ltlat5s'53J4
Memphis St let 56'45 J-J
etSt(Wash)list58'25F A
Mt Ver Cot Duck lot Ia.
NptN&O P1at.513'38114-N
1941 2d-S
General 5s
Norfolk St 1st 5s'44..J4
North Cent44a 1925 A-0
Series A 56 1926......14
Series B Is 1926....J4
Pitt Un Trao 53 1997.14
Poto Val 1st tis 1941...J4
Say Fla& West53'34 A.0
Seaboard A L 4a 1950 A-0
Stab ,11) Roan Is 1926.1-1
South Bound let 5s..A..0
LAP lat 444029
U
Un Hy& El let 48'49 2.4-13
J
Income 4s 1940
Funding Is 1936 J-D
Va Mid 24 ser tis '11 M-S
3d series 63 1916-M41.11 tier 3-4-54 1921.34-13
5th series 5a 1926.34-8
Va (State) Sc new '32..1.4
Fund debt 2.3111291,1-1
West N C oon 1014 J-J
J-J
WNW..CA,P
Wil & Weld 56..1935.1-J

Bid Ask
85
90
105
103
1094 119
103 104 '
100
100 VA"'
102 102%
110% 1114
1112 103
10414 1011
110 112
108 109%
45,4 DI%
14
16
104
110
......
96
112 1134
804
80
91
96
106 1064
104
112 115
112
108
100
104
654
65
105 1064
103
04
96
81
80%
1 52
151 .
00
70
104% 106
101
104
106
91 I 93
91 I 93
1044 11074
101 1014
108 hill

•$ad Wild. 4$'s VAL
. •551 and llekedz20 Wesea tads day. 11 111x-righta. 1 67.50 said. I) al24natti. t SL3). uaad. 4235 mailL .sAseeissts. 6326 said.




THE CHRONICLE

tnuestinent and -,Tqailroad intelligence.
.KAILROAD GHOSS 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 511pplemelltary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
The returns ot the street raUwatis are brought 'together separate!, on a subsequent page.
period
Latest Gross Earninos.
ROADS

,,.ek or
.11 oath.

current
Year.

Pree.1..us
Year.

July 1

to

Current
Year.

La:es1 Dale.
Prmous
Year.

Ala N 0 & Tex Pac.
62,000
58,000 1,343,646 1,400,997
N 0 & N East....r 2d wk Dec
36,000
20,000
Ala -& Vicks_..-7r 2d. wk Dec
718,134
737,727
30.000
Vleks 5i & Pac_r 20 wk Dec
28,000
633,436
743.253
6,021
4,302
Ala Tenn & North_ October _
10,333
15,215
k Atch Top & S Fe_ November_ 8,387,270 0,021,125 39,014,297 10,509,146
45,561
28,491
Atlanta Birm & Ati 3d wk Dec
049,280
855,568
November_
Line
Coast
23247,322
2,365,278
Atlantic
•
9,590,508 10,800,118
Bo:tit/tore ea Ohio__ November_ 5,948,085 5,938,553 30,952.640 17,131) -191
227,403
Bangor -ea Aroostook NovenTher_
1,180,511
Central__
November_
lic1iefonte
6,240
6,/61
31,441
27,694
Boston & Maine__ _r Novenlber_ 3,238,298 3,43/3,282 17,283,373 18,018,909
Bridgeton & Saco it NoVeniber.
5,925
'3,077
23,456
27,941
Pitts_r
4th
wIt•Dee
187,740 185,825 3,763,666 4,513,525
Burt-Roch &
Buffalo & SusrlOctober -.- 223,017 206,438
773,177
782,745
Canadian Northern_ 4th wk Dee 254.400 235,900 5.635,100 5,307,900
Canadian Pacific_ _ _ 4th wk Dee -2,210,000 1,974,000 10,633,783 40.821,917
Central of Georgia _ ith wIc Dec 320,700 301,600 5.798,633 8,354,890
Cen'ral crf N Jersey November_ 2,238,010 2,418,375 10,944,032 12,431,004
1,405
42,782
• Chattanooga South 31 wk •Dec • 1,035
64,751
Chesapeake ec Ohio_ November, 2,118.133 2,45/3,019 11,147,327 12,833,958
Chesterfield lc Lane November_ •
5,712
4,654
20,922
27,931
Chicago & Alton Ry 4th wk Dec 274,913 230,903 6,660,169 6,579,688
Chic fl'.0.4 Quincy November. 6,632,676 6,764,384 34,860,273 37,375./27
Chicago Great West 3d wk Dec 170,385 144,343 4,189,768 4,015,781
Chic Ind & Loulsv. 4th Wk Dec 123,199 100,281 2.752,058 2,801,899
Chic Ind & Southern =See New York Cen trot.
Chic Mllw & St Paul NoVenaber_ 5,129,361 5,004,691 27,573,007 26,770,8135
Chic ltc North Westr November_ 5,654,874 5,574,138 30,098,781 31,544,023
Chic St•Paul M &I) November.. 1,3102,908 1,219,897 5,987,387 6,176,231
34,953
36,503
Chic Term 'Fran RR 2c1 wk Oct
494,597
527,162
735,022 821,804 2,837,176 3,310.536
Cinc Ham & Dayt_r October___
Cin N.O&Texas Pat -See Soot horn Rat. way.
n
Eral.
Ce
New
Yolk
=See
Northern
Cincinnati Clev Cin Chic ec St L -See New York Oen tral.
Colorado MIdlatIcEr NoVelnber_ ' 325,753 208,163 1,034,464 1,106,467
h Cot & South-Syst 4th wk Dec 366,021 380.074 8,067,103 7,843,752
23,616
31,987
91,657
Col Newb.& Laur__ October
97,328
74,700
77,144
September
221,729
Copper Range
253.102
7,335
November_
5,073
29,255
Cornwall
84,404
24,7913
36,281
Cornwall.& Lebanon September
71,330
119,836
November_ 117,210 142,034
673,261
Cuba Railroad
719,607
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 15,436,400
:Denver & Rio Gr..- 4th wk Dec 526,600 463,700 10,915,167 11,752,994
30,808
27,205
847,976
Det Tot & Iront Sys 3d wk Dec
951,436
3d wk. Dec
34.767
34,145
958,395 1,043,880
Ann Arbor
27,797
27,267
Detroit & Mackinac 4th wk Dec
556,224
632,558
_
October
1.065.865 1.178,674 3,909.675 4,317,399
Dul & Iron Ranger
69,013
71,769 1,394,300 1.744,978
Dul So Shore & Atl_ 4th wk Dec
589,640
2,158,083
El Paso & So West.r October __
November_
4,298,643 4,294,239 22,186,053 23,855,349
Erie
thransvilie & Ter 11 -See Rock Island S ystem.
1,768
2,008
Fairchild & North E November,
8,445
8,162
61,689
54,953
Fonda Johns eo Gloy November_
341,057
387,115
November_ 245,061 265,611 1,232,760 1,345,248
Georgia Railroad
wax.
Georgia South & Fla -See rout hern
4th wk Dec 1,025,067 1,173,885 20.931,443 23,861,002
Grand Trunk Syst
Gr Trunk VTOL_ 3d wk Dee 106,751 109,734 2,702,972 3,207,007
43,550
38.002
Det Gr ilav & MU Jd wk Dec
845,379
945,900
25,164
24,405
Canada Atlantic_ 3d wk Dec
945,806 1,144,767
Great Northern Syst December 4,080,032 4,586,223 30,740,943 34,502,808
Gnif & Shin Island_ lilac
2,066.328 2,483,545
___ November_
560,601 625 213 3,006,052 3,280,633
Hocking
Illinois Central ____ December _ 5,127,945 5,076,506 29,159,588 31,913,206
Internat & Gt Nor_ 4th wk Dec 269,000 221,000 4,259,603 3,771,569
a Interoceanic Alex_ 4th wk Dec 162,504 243,095 3,110,100 3,845.078
4th wk Dec
•
84,018
82,523 1,506,483 1,610,085
Iowa Central
197,172 196,204 1,044.017 1,045,968
Kanawha & Mieh_ . November_
Kansas City Smith- November_ 766,792 812,473 3,748,086 4,358,160
113,005
K C Mex & 0,1ent__ October
Lake Erie & West'n -See New York Cen trai.
Lake Shore & 51•Sou -See New York Cen trot.
Lehigh Valley.-__r November_ 2,001,678 3,202,789 14,416,341 16,739,974
23,536
Lexington & East__ November_
40,325
164,817
252,272
November. Dec.33, 400
Dec.49 1,739
Long island
1,144,521 1,'16,837
.LoUlsiana & At Ran June
Loulsv & Nashville_ 4th wk Dec 1,128,645 934,529 23.391,087 24,561,225
11,337
12 901
58,327
Macon & Birming'fn November_
69,804
_r November. 654,307 731,5/7 3,722,982 4,126,646
Maine Central_
November_
3,907
3,131
22,854
Manistique
28,002
November_
20,622
34,815
170,264
Maryland & Penn
134,988
a Mexican -Central _ 4th wir Dec 896,864 901,646 15,258,204 18,309,945
a Mexican Internat. 4th wk Dec 148,749 227,427 3,361,973 4,419,740
a Mealcan Railway_ 3d wit Dec 133,500 172,600 3,218,300 3,834.000
a Mexican Southern 3d wit Dec 25,252 25,009 569,845 595,755
Michigan Central- S.:e New A' ark Centr al.
20,759
17,435
430,911
4th wk Dec
MlneratIlange
421,233
93,272 2,260,685 2,168,811
MInneap & St Louis 4th wk Dee 108.753
Minn St P & 5 S M. 4th wit Dec 239,166 230,796 7,005,715 6,589,252
Missouri Kan & Tex November_ 2,318,061 2,018,059 11,583,493 11,381,084
Mo Pac & Iron 51t_o 4th wic Dec 1,410,000 1.156,000 23,265.811 24.363,465
43,000
34,000
887,000
Central liranch_o 4th wk Dec
826,000
Total system.._o 4th wk Dec 1,453,000 1,190,000 24,152,811 25,180,465
30,564
38,062
771,332
5Mobile Jack & K C Wk fDec 26
805,600
930,237 901,128 4,633,756 4,920,653
Nashv Chatt & St L November_
a Nat BR of Nlex 4th wk Dec 389,109 428,757 6,959,759 8,113,359
25.566
20,845
IMMO° & N B. 4th IvIc Dec
421.622
510.675

July 1 t.• Latest f)ale.

Latest Gross Harninos.
ROADS.

Wee: or
inth.
31,

Uurreill
Year.

Pre riOUs
Year.

C. urrtml
Year.

Prenacts
Year.

5
51.1e 7.
8,11:
Nevlcia Central- - Ictober•
38,031.
,.19
N V C & Mud River November. 7,854,840 7,876,737 40,402,810 14,00609
8
Lake Shore& H S NOvOlt,Cr_ 3,452,160 1,717,085 18,044;656 20,055,926.
Lake Erie e.4 West November_ 3/34,752 391,671 2,090,260 2,280,977
Chic Ind &South November_ 272,349 243,492 1.234,964 8245,474
Michigan Central_ November_ 2,179,965 2,351,91)7 11.047,13‘1 12,601.398
Cleve 0 C 41 t L. November_ 2,188,989 2,208,060 11,300202 11,040,374
Peoria'& Eastern November_ 245,975 235,718 - 1,231;509 1.3137,07680,166
Cincinnati North. November_
79,688
458;000
407,603
Pitts ec Lake Erie Novetaber_ 967,347 1,277,367 5,376,136 7,146,309
240 147 260,277 1,306,067 1,461,650
November_
Rutland
804,585 809,803 3,036,010 4,376,400
N Y Chic & St L. November_
November_ 18560275 10451085 36,433,557 106973577
'total all lines
5,376
7,1383
186,400.
Nevada-Cal-Oregon. 3d WI; Dec
103,544
N Y Ont & Western November_ 640,988 634,058 3,705,237 3,752,798
N V N n & Hart_
Noverriber_ 4,611,170 1,747,660 23,293,704 15,314,838
N.YSusa & lareSt_ _ November. 266,575 201,003 1,300,13C 1,469,024
Nrfolk ec' Western_ November. 2.411.208 2,800,639 12,323;591 14,775,45a
Northern Central _ _ November_ 1,004,337 1,118,937 4,978,114 6,011,714
Northern Pacific_ _ _ November. 6,418,352 6,717,277 32,004,574 34,440,341
PaCIfic Coast Co... November_
489,809 (370,778 2,877,810 3,630,705,
Pennsylva:nla co-r November_ 3,436,074 1,181.284 18,469,367 23,594,309
tt Penn-East P & E November_ 12199817 13825617 00,010,024 73,760,134
Dec.7,75 8,100
d West of P & E. November_
Dec.1,0 90,300
Pere Marquette-- _r October
1.381,244 1,357,082 4,908.494 5,032,499
Phlia Balt 6s Wash_ November_ 1,307,139 1,475,359 7,050,135 7,794,533
Pitts Oin Cl/ &'St L November. 2,335,331 2,617,437 11,723,100 14,334.971
Raleigh & Southp't November_
10,379
04,180
11,711
Reading Company_ November_ 3,524,507 3,878,055 16,553,330 10,884,248
C044
Iron Co
November. 3,657,764 4,097,049 13i761,804 17,263,583.
Total both cos
November_ 7,182,271 7,976,004 30,315,133 37,147,800
693,446
569.545
Rich Fred & Potorn October
151,220 169.033
304,303
311,147
Rio Grande June
82,324
82.504
October
Rio Grande South_ _ 4th wit Dec
320,652
13,265
335.942
14,269
Rock Island System N ovember_ 5,107,207 4,062,511 26,443 315 27,216,978
e St L & San Fran November_ 4,252,901 4,213,490 20,482:279 42,577,806
f Evansv & Ter H November_
951,953 1,060,395
173,973 196,872
Total of all lines_ November. 0,534,080 0,372.873 47,877,548 50,855,170
618.990
St Jos & Grand Isl._ OetOber
166,118 140,408
604,15!:
St Louis Southwest. 4th wk Dec 293,108 253,371 5,486,473 5,435,029
San Ped LA & SL-r October -- 649,717 764,871 2,304,5717 2.767,720
Seaboard Air Line_r 3d wk Dec 338,134 310,511 5,146,912 5,210,583
Atlanta & Blrrn, 3d wk Dec
18,824
442,52
18,090
447,947
3,655
Florida West Sh_ 34:1 wk Dec
3,048
46,024
46,641
345,5 0
Auctist -.- 129,211 160,005
297;273
Southern Indlana
C Southern Pao Co.. November_ 11035203 11537370 52,188,105 57,322,889
Southern Railway.. 4th wk Dec 1,499.958 1,248,380 26,090,265 28,824,052 .
Mobile & Ohio.._ 4th wk Dec 331,288 206,619 4,921,102 5,398,592
Cln N 0 & Tex P. 3d wir Dec 148,533 135,056 3,668,030 4,231,232
66,436 1,698.309 1,925,653
72,317
Ala Great South_ 3d Wk Dec
56,433
63,871
951.786 1,060,055
Qeorgla Sou & Fla 4th wk Dec
26,701
28,484
3d wk Dec
609,448
Texas Central
605,108
Texas & Pacific-- - 4th wk Dec 601,899 680,459 7,864,729 8,277,924
5,368
8,145
Tidewater & West. November,
29,451
41,673
Toledo& Ohlo Cent November. 372,157 423,505 2,197,608 2,225,687
33,3(10
36,570
Toledo Peor & West 4th wk Dec
578.970
635,812
69,910
67,034 1,801,543 2,202,398
Toledo St L ea West 4th wk Dec
November_
7,286
Tombigbee Valley
4,500
20,421
27,736
61,659
Tor Ham & Buffalo August _-79,500
128,145
153,8 SC.
Union Pacific Syst_ November_ 7,241,813 7,406,654 36,057,368 36,339,213
November_ 760,886 814.257 3,849,404 4,467,017
Vandalla
Virginia, & Sou West November_ 105,741
98,941
529,949
529,203
4th wk Dec 652,410 508,812 13,395,361 14,143,185
Wabash
541,804 500,733 2,086,234 2,197,424
Western Marylandr October
November_ 324,763 383,563 2,730,532 3,083,432
W Jar ea Seashore
Wheel & Lake Erie r November_ 458,275 525,327 2,573,580 3,028,500
Wisconsin CentraLr November_ 590,459 603,030 3,308,816 3,528,353
November.
Wrightsv & Tenn
24,608
27,375
126,414
110,775
Yazoo ec Miss Vail_ December.. 1,120,417 1,068.380 5,292,350 5.352,708

Various Fiscal

Years.

Bellefonte Central
Jan
Jan
1 Delaware & Hudson
Manlstique
Jan
Mexican Railway
Jan
Mexican Southern
Jan
Newf,York Central & Hud.Rivcr Jan
Lake Shore & Mich Southern Jan 1
Lake Erie & Western
Jan 1
Chicago Indiana & Southern_ Jan
Michigan Central
Jan 1
Cleve Cin Chlc ec St Louis_ _ _ Jan
Peoria ec Eastern
.Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
Jan 1
Rutland
Jan 1
New York Chicago & St Louis Jan 1
Total all lines
Jan
Northern Central
Jan 1
d Penn-East of Pitts & Erie
Jan 1
d West of Pittsburgh & Erie
Jan 1
Philo Baltimore & Washington_ Jan
Pitts Gin Chicago & St Louis
Jan 1
Rio Grande Junction.,.
Dec)
Texas & Pacific
Jan
West Jersey & Seashore
Jan

Period.

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

N5v
Nov
Nov
Dec
Dec
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Oct
Dec
Nov

Current
Year.

Previous
Year.

359.0E14
550,982
30
30 16,780,866 18,480,735
50,222
50,899
30
21 7,188,900 7,807,200
21 1,222,952 1,298,744
30 /31,065,417 90,036,005
30 30,3.84,902 41,645,463
30 4,130,027 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 2,770,899
894,774
30
937,804
30 0,471,874 14,188,353
30 2,534,113 2,848,146
30 8,543,637 9,597,421
30 193257220 221345103
30 10,409,208 12,358,008
30 124030773 152901773
30 Dec.18,9 72,300
30 14,790,446 15,072,748
30 23,947,431 30,159 848
31
710,598
775,538
31 13,862,286 16,671,665
30 5,011,884 5,410,784

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Prees

Year Inc. or Dec. %
Year
client Year Prey's Year Inc. or Dec. %
Monthly Summaries.
S
S
S
5
a
s
10,838,445 11,358,244
-519,709 4.58
Month Feb 1908 (123 roads). 141,256,206 160,150,610 -18.894,404 11.71
15,771,498 16,918,106 -1,146,608 8.77 Month Mch 1908 (126 roads). 162,495,089 187,435,350 -24.940.251 13.31
10 675,178 11,032,992
-354.814 3.22 Month Apr 1908 (119 roads). 154,137,168 100,046,156 -35,908.988 18.81
10.965,461 11,088,062
-102,601 0.02
-45,034,243 22.61
Month May 1008 (120 roads). 153,112,628 198146,871
,
+216,129 2.20 Month June 1908 (113 roads) _ 146.270,130 170,397,004 -33,128.964 18.41
10 045,953 9,829,824
-698.592 4.95 Month July 1908( 07 roads). 150,103,883 133,365,9J3 -27,262,110 14.81
13 469,911 14,188,503
10,308,602 10,108.413
+140,279 1.38
Month Aug 1908 (105 roads). 179,781,772 209,690,782 -29,900,010 16,6.
9.908,443
10,418,634
+512,186 5.17
Month Sept 1908 (114 roads). 210,014,059 223,064,945 -13,950.886 6.2
11,037,636 10,428,083
+609,553 5.85
Month Oct 1908 (119 roads). 223,931,291 240,652,757 -16,721,466 6.9:
13.877.644 13.092,714
+784,930 5.99
xr,,,,,,a, Art.., suns ( 51 rrinfiql
no amn Mill as .is 772 -1.804.233 2.9a Mexico:. currency. 0 Includes earnings of Gulf &Chicago Division. c Includes the Houston & Texas
Central and Its subsl ilary lines in both
years.
COvers lines directly operated. e lncludo the Chicago & Eastern Illinois in both years. I Includes Evansville & Indiana RR. h Includes
Denver City and all affiliated lines, excepting Trinity & Brazos Valley 1111. k Includes In both years earnings
carkalturs of „Col. & South., EL Worth
of Deliver E nid & Gulf RR., Pecos Valley System and Santa Fe Prescott &Phoenix Ry. 1 These figures do not Induct° receipts from sale of coal
o Flgures here are on the old basis ot accounting-not the new or Inter-State Commerce Commission method. r These figures are on the new bads
prescribed by the Inter-State Commerce CoMnalsslon.
IVeekly Sumniaries.

.
3d week Oct (42 roads)._._
ith week Oct (45 roa,ds)„--1st Week NOV (45 roads)._
10 week Nov (44 roads)._
3d week Noy (39 roads).1th week Nov (44 roads).ist week Dec (44 roads)._
1d week Dec (41 roads)____
Id weelt Deo (46 roads)____
ith week Dee (36 roads)-___




Cuera

JAN. 9 1909.]

THE CHRONICLE

Latest Gross Earnings by Weeks.-In the table which follows we sum up separately the earnings for the fourth week
of December. The table covers 36 roads and shows 5.99%
increase in the aggregate over the same week last year.

97

--Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
3
Mineral Range_ b
66,326
68,873
Nov
11,600
15,423
July 1 to Nov 30
359,240
362,503
77,524
76,665
Minn St P do S S Mb, Nov 1,180,184 1,106,256
428.616
588,285
Increase. Decrease.
1907.
Fourth Week of December.
July 1 to Nov 30
1908.
6,108,328 5,692,761 3020,620 2,316,386
:
Mo Kan & Texas_b
689,105
Nov 2,318,061 2,018,059
512,144
3
$
July
1
11,381,084 3,850,244 4,204,854
to
11,583,493
Nov
30
1,015
185,825
187,740
Buffalo Rochester & Pittsburgh
Missouri PacifIc_b
875,782
18,700
Nov 4,006,075 3,819,501 1,089,582
235,900
254,600
Canadian Northern
July 1 to Nov 30
19,935,811 21,609,465 6,389,539 5,748.299
2,210,000 1,974,000 236,000
Canadian Pacific
28,100
301,600
329,700
Nashj
vulCyhatt&St
Central of Georgia
l to
001,128
199.506
169,731
Lb_
s.0 _Nov
930,237
239,902
35,011
274,913
Chicago & Alton
Nov
4,633,756 4,929,653 1,027,587 1,078,950
100,281
23,518
123,799
Chicago Ind & Louisville
Neva
l
o
30,085
16,165
15,196
v
3
1
_Nov
27,500
14,053
366,021
380,074
Colorado Fe Southern
July
99,883
168,492
98,648
171,563
526,600
62,900
463,700
Denver dc Rio Grande
N
Y
&
1
t
o
530
l
Vest
N
o
ev
154,339
27,797
27,267
634,056
169,624
rnioa_ _Nov
640,988
Detroit & Mackinac :
July
2,756
71.769
3,705,237 3,752,798 1,221,531 1,313,678
Duluth South Shore & Atlantic, • 69,013
63,871
7,438
56,433
Norfolk & Western_b_ _ _Nov 2.411,208 2,800,639
Georgia Southern Fc Florida
970,238
915,485
Grand Trunk of Canada
July -1 to Nov 30
• 12,323,597 14,775,452 5,010,438 5,214,491
147,918
1 1,025,967 1,173,885
Grand Trunk Western
N Y Cent do Hod Riv__ _Nov 7,854,840 7,876,737 2,330,721 1,330,138
Milw
Det Gr Hay &
1
Jan 1 to Nov 30
81,065,417 90,936,095 21,451,437 21,465,659
:
Canada Atlantic
Lake Sh & Mich Sou_ _Nov 3,452,160 3,717,085 1,130,293 1,011,317
260,000
48,000
221,000
International & Great Northern
162,504
81,491'
Jan
1
to
Nov
.
30
•
'
243,995
•
Mexico
36,384,902 41;645,463 10,768,101 10,249,541
Interoccanic of
84,018
82.523
1,495
Iowa Central
Lake Erie & Western_Nov
384,752
52,446
61,569
391,671
1,128,645
934,529 194,116
Louisville & Nashville
Jan 1 to Nov 30
4,130,927 4,722,514
668,789 1,164,007
896,864
94,782
•
901,046
Mexican Central
Chic
Ind
&
Sou
272,349
Nov
243,492
115,386
83,105
148,749
227,457
78,678'
Mexican International
Jan :1 to Nov 30
2,629,281 2,744,972
961,758
830,735
•
20,759
3,324
17,435
Mineral Range
108,753
93,272
15,481
Michigan Central
Nov 2,179,965 2,351.997
Minneap & St Louis
450,727
522,109
239,166
230,796
8,370
Jan 1 to Nov 30
Minneap it Paul & S S M
22,782,415 26,438,378 5,429,331 4,955,436
1,410;000 1,156,000 254,000
Missouri Pacific & Iron Mtn
Clev Cinc Ch & St L_ _Nov 2,168,989 2,208,060
407,145
501,003
43,000
34,000
Central Branch .
9,000
Jan
1
22,316,184 24,480,143 5,029,570 6,243,036
to
Nov
30
331,288
296,619
34,669
Mobile & Ohio
245,975
Peoria Fc Eastern__.__Nov
389,109
235,718
64,866
National RR. of Mexico
39,648
29,051
428,7:37
Jan 1 to Nov 30
2,502,283 2,779,899
20,845
25,566
458,896
662,068
4,721
• Hidalgo & Northeastern
14,269
13,269
1,000
Rio Grande Southern
Nov
89,166
Cincin Northern
79,688 def13,954
12,9.85
293,108
253,371
39,737
St Louis Southwestern
894,774
937.804
• Jan 1 to Nov 30
125,148
146,650
1,490,958 1,248,389 251,569
SOuthern Railway '
067,347 1,277,367
Pitts & Lake Erie____Nov
213,515
324,545
601,890
78,560
680,459
Texas do Pacific
9,471,874 14,188,353 2,038,701 3,258,131
Jan 1 to Nov 30
33,360
3,219
Toledo Peoria & Western
38,579
69,910
240,147
260,277
Rutland
80,806
Nov
67,634
57,435
Toledo St Louis & Western_
2,276
'
2,534,113 2,848,146
652,419
Jan 1 to Nov 30
722,807
819,436
Wabash
598,812
53,607
-----809,893
233,979
N Y Chic So St L
804,585
Nov
170,065
Total (36 roads)
13,877,644 13,092,719 1,330,756 545,,826
Jan 1 to Nov 30
8,543,637 9,597,421 2,079,261 2,376,241
Net increase (5.99%)
784,930
Total all lines
Nov18,660,275 10,451,985 5,075,053 4,004,199
Jan 1 to Nov 30
193 257,229 221,345,103 40,713,847 52,152,710
PacIfIc_b- - __Nov 6,418,352 6,717,277 3,303,881 3,174,705
For the month of December the returns of 35 roads show zNorthern
July 1 to Nov 30
32,004,574 34,440,341 15,743,812 15,348,039
as follows:
Pacific Coast
Nov
489,899
670,778
70.844
96,412
July 1 to Nov 30
2,877,808 3,699,702
462,545
649,318
Month of December.
1998.
1907.
Increase.
xPenna Company.b
Nov 3,436,074 4,182,284 1,239,298 1,247,520
'July 1 to Nov 30
18,460,367 23,594,309 7,698,897 8,269,832
3
Rio Grande Southern_ b_Nov
53,694
59,731
21,424
26,484
Gross earnings (35 roads)
4.01
49,161,470 46,862,575 2,208,895
July 1 to Nov 30
269,152
287,123
106,862
113,510
Nov 5,107,207 4,962,511 1,132,444 1,162.354
Rock Island_a
July 1 to Nov 30
_26,443,315 27,216,978 7,232,003 7.251,115
It will be seen that there is a gain on the roads reporting in
St L & San Fran_a__ _Nov 4,252,901 4,213,490 1,064,761 1,136,908
the amount of $2,298,895, or 4.91%.
20,482,279 22,577,806 5,400,003 5,916,347
July 1 to Nov 30
173,973
Evansv & T H'te_a_ _Nov
196,872
44,874
63,523
951,953 1,060,395
Net Earnings Monthly to Latest Dates.-The table folJuly 1 to Nov 30
317,572
319,008
Total all lines a
Nov 9,534,080 9,372,873 2,242,078 2,362,784
lowing shows the gross and net earnings of STEAM railroads
47,877,548 50,855,178 12.949,579 13,446,470
July 1 to Nov 30
reported this week. A full detailed statement, including all
875,623
Southwest_a__Nov 1,022,037
308,701
150,869
roads from which monthly returns can be obtained, is given St Lonts
4,521,821 4,653,318 1,164,326 1,257,970
July 1 to NOv 30
once a month in these.columns, and the latest statement of zSeaboard Air Line_bNov 1,379,396 1,340,075
403,226
318,585
6,321,177 6,80-1,402 1,686,908 1,625,403
July 1 to Nov 30
this kind will be found in the issue of Dec. 26 1908. The
Southern Ry Conext will appear in the issue of Jan. 21 1,909.
Nov 878,989
858,494
Mobile do Ohlo_a
244,416
223,888
-Gross Earnings- -Net Earnings
July 1 eo Nov 3 0
4,034,311 4,597,194 1,222,428 1,281,232
Previous
Current
Current
Previous
702,161
198,751
126,995
Cinc New Orl & T P_ a_ Nov 625,509
Year.
Year.
Year.
Year.
3,243,158 3,822,937
July 1 to Nov 30
776,828
958,057
Roads.
5
$
3
205,712
323,636
35,782
71,679
Ala Great Southern _a_ Nov
949,798
845,156
xBoston & Maine_b____Nov 3,238,298 3,438,282
1,494.784 1,741,539
July 1 to Nov 30
370,931
274,536
17,283,373 18,018,909 5,435.674 5,669,238
July 1 to Nov 30
b__Nov
156,677
South
&
Fla
169,586
e42,114
Geor
e26,883
So
Saco
2,982
Bridgeton
Riv_-Nov
5,9250
3,077
774,547
899,754
July 1 to Nov 30
e224,826 'e144,578
23,456
27,941
12,058
July 1 to Nov 30
8,885
Nov 1,517,794 1,386.370
589,252
378,749
811,691 zTexas & Pacific b
Chesapeake & Ohio_ b__Nov 2,118,133 2,458,019
775,311
6,283,702 6,650,022 2,056,789 1,906,756
July 1 to NoV 30
11,147,327 12,833,958 4,438,093 4,675,679
July 1 to Nov 30
372,157
423,505
90,823
135,130
Nov 1,036,842 1,523,378
s246,674 Toledo & Ohio Cent_a__Nov
s346,776
Chicago & Alton-a
2,197,608 2,225,007
830,077
July 1 to Nov 30
696,733
5,620,801 5,605,786 s2,383,056 s1,784,258
July 1 to Nov 30
301,809
351,338 p105,993 p136,823
Nov 6,632,676 6,764,384 1,970,334 1,659,585 Toledo St I. & West_a__Nov
xChic Burl & Q b
July 1 to Nov 30____ _ 1,514,807 1,889,545 p501,972 p619,360
34,860,273 37,375,127 12,140,900 12,884,704
July 1 to Nov 30
814,257
202,0-10
760,886
166,958
Nov
Nov 5,129,361 5 004,691 1,730,804 1,614,191 x Vandalla_ b
Chic MI1 SC St P_ b
July 1 to Nov 30
3,849,404 4,467,017 1,081,841 1,170,101
27.573,907 26,170,885 10,648,004 10,442,207
July 1 to Nov 30
Wabash_
b
Nov
2.081,345
2,127,609
501,671
472,786
225,753
206,163
44,984
65,201
Colorado Midland_a- __Nov
11,219,909 12,134,961 3,593,174 3,981,839
July 1 to Nov 30
1,034,464 1,106,467
264,524
241,012
July 1 to Nov 30
03,486
458,275
49,955
525,327
555,783 x Wheel & Lake Erie_b_Nov
544,111
Colorado & Southern_ b_ Nov 1,437,267 1,422,672
July 1 to Nov 30
2,573.580 3,028,500
681,355
7471115
6,679,046 0,453,974 2,431,304 2,345,099
July 1 to Nov 30
996,107
384,397
213,487
117,210
Nov
142,034
40,745 Yazoo do Miss Valley_a_Nov 1,146,308
33,477
Cuba RR
4,162,933 4,284,328
July 1 to Nov 30
246,498
334,005
673,261
719,607
200,327
248,430
July 1 to Nov 30
r743,388
Delaware & Hudson_bNov 1,634,274 1,674,165
r754,798
a Net earnings here given are after deducting taxes.
16,780,866 18,986,735 r6,703,025 r7,614,233
Jan 1 to Nov 30
h Net earnings here given are before deducting taxes.
e After allowing for net revenue from outside operations and deducting
xDcl Lack & West_ b___Nov 3,058,999 2,931,363 1,546,748 1,167,134
14,442.804 15,436,400 6,600,247 6,701,375 taxes, operating income is 533,508 In Nov. 1908, against $21,155 last year.
July 1 to Nov 30
600,196 and from July 1 to Nov. 30 Is 5191,842 in 1908 and 5117,720 in 1907.
482,347
Den & Rio Grande_a___Nov 1,836,889 1,858,378
p For November miscellaneous charges and credits to Income was 59,572,
9,240,967 10,163,494 2,992,428 3,436,232
July) to Nov 30
against $7,915 in 1907, and for period from July 1 to Nov. 30 was 539,103,
232,191
258,786
73,436
61,33.9 in 1908, against $49,448 in 1907.
Dul South Shore & Att. bNov
1,170,629 1,519,836
July 1 to Nov 30
346,705
415,545
r For November 1908 net from Coal Department was 3104,971, against
1,748
2,008
Fairchild 80 N E_ b
Nov
98
549 $71,464 last year, and front Jan. 1 to Nov. 30 was $989,577 In 1908. against
8,445
8,162
July 1 to Nov 30
dell.248
01 31,052.669.
s After allowing for miscellaneous charges and credits to income for the
Grand Trunk of Canadamonth of November 1908; total net earnings were 5320,070, against $238,Grand Trunk By
832,172 080 last year, and for period from July 1 to Nov. 30 were 52,172,161 this
Nov 2,814,207 3,056,162
832,172
July 1 to Nov 30
13,870,984 15,566,059 4,330,699 4,476,693 year, against $1,805,437.
528,502
Grand Trunk West'n_Nov
436,083
49,151
90,517
Interest Charges and Surplus.
July 1 to Nov 30
2,370,059 2,867,828
482,756
443,095
147,455
26,279
Bet Or Hay & Milw__Nov
137,235
15,573
--Int.. Rentals, eve.- -Bal. of Net E'ngs.820,978
July 1 to Nov 30
161,568
160,837
' 731,433
Current
Previous
Current
Previous
202,446
Nov
167,894
13,140
Year.
Canada Atlantic
43,798
Year.
Year.
Year.
Roads.
78,107
97,817
July 1 to Nov 30
844,580 1,038,096
Nov 5,673,562 6,093,554 3,130,785 2,530.076 13rldgeton & Saco Riv_ _Nov
637
593
del 137
2.389
xGreat Northerri_b
3,104
July 1 to NoV 30
26.669,911 29,916,675
12,034,887 12,142,207
4,90,1
2,967
July 1 to Nov 30
9,091
:
,.
625,212
Nov
Nov
Idland
31,350
179,061
Colorado
Al
30,647
158,707
c24,191
c3,911
560,601
Hocking Valley_a
July 1 to Nov 30
156,750,
153,233
c37,658
c62,211
3,016,052 3,280,623 1,030,064 1,101,537
July 1 to Nov 30
276,852
Nov 5,074,164 5,3./3,028 1,430,027 1,386,500 Colorado & Southern___Nov
234,751
c313,215
c336,852
Illinois Central_a
: 24,031,643 26,836,790 4,875,023 5,808,870
July 1 to Nov 30
1,21)6,053 1,166,825 c1,313,119 c1,235,144
• July 1 to Nov 30
Nov
32,496
34,352
28,329
981
12,416
197,172
4,707 Cuba' RR
196,294
Kanawha& Mlehlgan_a_Nov
July 1 to Nov 30
161,771
86,659
58,682
250,400
141,645
1,044,017 1,045,068
110,407
July 1 to Nov 30
Nov 2.901,678 3,202,789 1,055,044 1,105,452 Denver & Rio GrandeNov
d171,834 8254,423
323,057
362,643
Lehigh Valley-b
30
Nov
81,864,262
14,416,341 16,739,974 5,496,009 6,471,015
July 1 to
1,550,.546 1,760,380 81,680,390
. July 1 to -Nov 30
23.536
def5,010
40,325
110,426 zdef15,518 xdef42,291
Lexington do E'nb____Nov
8,365 Duluth So Sh & Atl____Nov
97.618
164,817
21,970
'
252,272
• 87,428
JUly 1 to Nov 30
468,390
406,293 zdef64,215 xdef37,282
July 1 to Nov 30
Nov
Nov 3,863,382 3,912,611 1,312,839
745,110 Hocking Valley
98,077
88,852
x124,682 z177,349
Loulsv & Nashv_b
19,471,617 21,202,911 6,088,456 5,653,027
July 1 to Nov 30
492,744
443,865
x851.904 x1,026,552
July 1 to Nov 30
654,307
191,397
731,517
xMaIne Central b
Nov
261,077 Kanatvha & Mlehlgan__Nov
24,667
22,932
x6.379
x18,897
•
3,722,982 4,126,646 1,2,21,358 1,522,690
x85.234
&fly 1 to -Nov 30
116,588
108,082 x180,131
July 1 to Nov 30
29,622
7,968
3,979
34,815
12,755 Maryland & Penna____N.ov
3,989
Maryland Fc Penna_a_ __Nov
3,986
8,769
170,284
55,121
July 1 to Nov 30
19,897
184,968
35,229,
47,811
July 1 to Nov 30
67,708
19,897




[VOL.

THE CHRONICLE

98

5
-Int., Rentals, &c.
Previous
Current
Year.
Year.

Interest Charges and Surplus.

-Bat, of Net E'ngs.Current
Previous
Year.
Year.

Roads.

6

12,223
13,501
Nov
Mineral Range
60,677
65,472
July 1 to Nov 30
8573,011
Nov 8682,468
Mo Kan & Texas
83,090,076 82,773,478
July 1 to Nov 30
153.293
150,995
Nashv Chatt & St L__ _ _Nov
768,792
754,974
July 1 to Nov 30
3,901
3,734
_
_
_Nov
_
Nevada-Cal-Oregon
19.498
19,918
July 1 to Nov 30
87,089
103,914
N Y Ont & Western__ -_Nov
396,019
463,517
July 1 to Nov 30
442,060
431,427
Nov
Norfolk & Western
2,183,334 2,164,393
July 1 to Nov 30
18,174
19,640
Rio Grande Southern.._ _Nov
99,819
30
95,875
Nov
to
1
July
167,193
164,664
St Louis Southwestern_Nov
829,401
839,206
July 1 to Nov 30
42,558
41,205
Nov
Tol & Ohio Central
206,331
201,075
July 1 to Nov 30

xdef480
x4,622
x13,562
x18,911
x14,720 xdef54,388
x789.775 x1,556,390
48,511
16,438
272,617
310,158
x13,486
x14,672
x85,498
x88,002
50,425
82,535
758,014
917,659
473,425
538.811
2,827,104 3,050,098
x1,835
x14,209
x23,379
x28,174
x178,443
x50,120
x516,533 x721,288
x70,555 x116,547
x651,995 x588,058

Kingston
Oct
July
Jan

Roads.
Consolidated1 to Dec 31
1 to Dec 31
1 to Dec 31

-Int., Rentals, &c.- -Bat, of Net E'ngs.Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
10,853
25,722
46,262

10,025
28,050
48,100

x After allowing for other Income received.

x1,251
x9,375
x11,371

xdef2,717
xdef1,290
xclef3.294

,

ANNUAL REPORTS.
Boston Elevated Railway.
(Report for Fiscal Year ending Sept. 30 1908.)
President William A. Bancroft, Boston, Dec. 31 1908,
writes in substance:

General Results.-The company shows a surplus of $42,064 for the year
after the payment of its fixed charges and dividends at the rate of 6% upon
c After allowing for miscellaneous charges and credits to income.
capital stock. The sum of $200,000 was also charged out of earnings
its
and
for
Income
other
and
for
allowing
are
after
discount
d These figures
equipThe sum of $10,000 Is deducted every month from surplus and and credited to the depreciation fund, but, as the value of worn-out
exchange
ment which was disposed of during the year offsets that amount, no actual
placed to the credit of the Renewal Fund.
depreciation fund.
the
to
made
was
addition
h Fixed charges Include taxes amounting to $138,691 for Nov. 1908.
Washington Street Tunnel.-The Washington St. tunnel, which was
against $52,000 In 1907. and additions and betterments at $66,737 this opened for use on Nov. 30 1908, has diminished congestion and much Inyear. against $70,672: from July 1 to Nov. 30 taxes were $556,640 in 1908, creased the facilities of the company for carrying its passengers. Together
against $262,636: additions and betterments were $216,442 for the same with the subway and the Atlantic Ave. elevated line, the Washington St.
period, against $335.398 the previous year. Prior to July 1907 it was the tunnel gives the company three double-track rapid transit routes through
practice to include these items in the expenses.
the business heart of Boston. This thoroughfare will cost, with Its approaches and equipment, not less than $9,000,000, and it has been leased
x After allowing for other Income received.
to the company for 25 years at an annual rental of 43% upon its cost.
Compare V 87, p 1663, 1477.
STREET RAILWAY AND TRACTION COMPANIES.
Elevated and Other Extensions.-The company is also committed to the
completion of the elevated extension to Forest Hills, to the building of
Jan. 1 to latest date.
the Cambridge subway, to the construction of an elevated connection
Latest Gross Earnings.
between the Park St. tunnel and the Cambridge Main St. subway, to the
Name of
lease of the Park St. tunnel, to the building of the East Cambridge elevated
Week or Current Previous Current
Previous
Road.
Year.
Year.
extension, to the building of an extension to Malden and Everett, and to
Year.
Year.
Month.
a lease of the Riverbank subway. The completion of these various undertakings, together with the Washington St. tunnel and the normal additions
231,317 2,560.677 2,7:9,002 to the surface lines, will, within the ext live years. Impose on this company
American Rys Co__ November_ 219,502 108,653
1,289,352
109,912
at least as heavy as it ought to meet. We believe that none of the
1,306,396
charges
November_
&
Elgin
Chl
Aur
By
C
undertakings above recited could have been avoided, but we believe, also,
41,445 41,025
Bangor Ry & Elec Co October _ _
additional burdens.
Blrm Ry Lt & Power November_ 188,414 202,141 1,968,510 2,020,031 that we can, for the present, go no further in assuming
the detri9,057
105,973
Transfer Abuses.-Our free transfer system has grown up to Its
9,767
103,912
Brockton & Ply StRy October _ _
from
abuses.
relief
some
get
to
97.424
6,962
62,975 ment of our revenue, so that we ought
11,284
October- _
Camaguey Co
pros203,988
22,166 22,878
201,876 Efficient service can be supplied only when it is joined to reasonable
Cape Breton Elec Co_ October _ _
in
because,
out
pointed
is
fact
This
company.
of
the
part
the
647,213
56,000 57,975
680,091 perity on
November_
Central Penn Trac_
necessary
means
the
689,461
63,912 62,550
653,021 the zeal for new subways and other thoroughfares,
Chariest Con By G&E November_
dividends paid on the
The
overlooked.
263,757
22,473
are
them
frequently
21,858
supply
269,414
to
November_
&
East
Cleve Painesv
Ry. Co. and
stooks and the interest paid on the bonds of the West End St.
Dallas Electric Corp_ October _ _ 134,140 125.771
return to the capital Invested
f Detroit United Ry_ 4th wk Dec 192,363 171,173 7,067,484 7,068,112 the Boston Elevated Ry. Co. make an average
that "excessive
therefore,
true,
not
is
It
annum.
per
888,365
23,569
5.12%
than
26,577
845,738
less
of
Duluth Street Ry__ _ 4th wk Dec
1,837,237 1,976,865 dividends are paid by them on watered stock."
East St Louis & Sub_ November_ 170,739 187.955
431,432
409,469
44,913 46,473
Taxation, &c.-The company's contribution to the public during the
El Paso Electric_ _ _ _ October __
322,387 • 301,726 last fiscal year amounted to *1,484,710 (being 103i% of its gross revenue),
33,264
34,655
Fair &Clarksb Tr Co_ October___
made up as follows:
Ft Wayne & Wabasn
$298,327
1,167,594 Taxes assessed on real estate
Valley Traction Co November_ 111,794 115,089 1,203,884
569,804
887,002
94,348 89,940
873,484 Taxes assessed on capital stock
Galv-Houst Elec Co_ October
117,189
74,220 72,596
tax for use of streets under the Act of 1897
Grand Rapids Ry Co November_
Compensation
168,039
37,484
company
36,035
by
streets
3
Jan
in
Wk
laid
Havana Electric Ry_
Int. at 4% on $4,200,971, cost of paving
66,645
maintaining street paving by company
Honolulu Rapid Tran
of
Cost
45,717
316,558
301,785
34,010 30,207
fund
October __
sinking
to
devoted
rental
subway
& Land Co
Amount of
not
20,652
219,151
(estimated)
21,654
210,360
__
roofs
October
Houghton Co Tr Co
Moving snow removed from sidewalks and
7,500
November_ 360,679 335,889 3,712,953 3,427,210
Illinois Traction Co
less than
354,989
159,805
38,509 33,696
327,978 Balance
Jacksonville Elec Co_ October
of subway rental
51 685
5,154,936
559.822
575,281
_
4,999,805 Rental of the East Boston tunnel
Kansas City Ry & Lt October
50.713
522,149
47,968
549,745
record Oct. 1 1908 Is
Knoxville By & Lt Co November_
Stockholders.-The total number of stockholders of
68,352 69,835
Lake Shore Elec Ry_ November_
of the stock is held in Massa520,320
52,538
53,731
473,321 3,657, holding 133,000 shares of stock; 87%
October__ _
Lox & Inter Rys Co
57,754
610,195
59,091
581,543 chusetts.
Little Rk Ry & El Co November_
voted to issue 66,500
New Stock.-On Nov. 18 1908 the stockholders
Memphis Street By.. November_ 136,376 125,979 1,484,286 1,471.071
the capital stock from
stock at $110 per share. This will Increase
Metrop West Side El December. 229,192 228,970 2,572,842 2,714,056 shares ofshares
p. 1662.)
87,
V.
(Compare
to 199,500 shares.
326,953 3,538,735 3,488,990 133,000
Mllw Elec Ry & Lt Co November_ 337,234
increased payments to employees under
of
sum
-The
aggregate
63,295
Wages.
63,933
790,472
766,632
November_
Co
Milw Lt Ht & Trac
during the year to $210,562.
amounted
ago
years
five
adopted
provisions
66,076
26,941
25,885 the
Montreal Street Ry_ Wk Jan 3. 69,477
of last year raising the rate of wages increase this amount
Nashville Ry & Light November_ 138,599 139,559 1,447,947 1,438,160 The provisionsmaking
a total of $346,231.
499,250
41,307 36,901
448,822 by $135,669,
will be
NJ & FIR By &Fy Co November_
is now expected that Egleston Square station
-It
Lines.
New
North Ohio Tr & Lt_ November_ 151,934 146,123 1,731,015 1,761,198
and that soon thereafter the Forest Hills extennext
summer,
early
114,459
plated
119,298
October
Co_
Elec
Texas
North
for
opened
use.
be
will
sion
1,708,762
202,006
2,437,818
Norf & Portsm Tr Co November_ 156,732
work upon the Cambridge
The company has not yet been able to begin to
Northwestern Elev.. December. 189,197 164,235 1,956,014 1,755,035
the number of stations
relating
242,506 251,958 2,324,992 2,310,498 Main St. subway, owing to a question
Oakland Traction Co_ October
to determine.
asked
been
has
Railroad
Commission
the
18,622
260,529
239,112 which
November.. 23,845
has been carried on
extension
Oklahoma City Ry
elevated
Work upon the East Cambridge
3,641,839
Boston subway, and of piers
Portland Ry L & PCo November 370,378 347,598 3,964,885
342,611
32,745 30,947
319,408 by the construction of ramps leading to the
November_
Porto Rico Rys Co
River.
Charles
the
across
tracks
for the viaduct to carry
of our elevated lines to
Rio de Janeiro Tram
Under Act of 1907, authorizing the extension
Light & Power_ _ _ _ November_ 627,640 540,128 6,519,384 5,721,993
to the Railroad Commission
747,784
667,450 Everett and Malden, the company has applied
74,400 72,411
San Fr Oak & San Jo_ October
proposed.
for approval of the routes
line but the company
St Joseph (Mo) Ry Lt
Surface tracks have been extended to the Stoneham
828,705
796,112
75,963 72,498
the insufficient strength
Heat & PowerCo_ November_
from using these tracks because of Maine
and the Boston &
Sao Pauli) Tr Lt & P_ November_ 194,993 182,794 2,059,139 1,897,338 Is prevented
&
Boston
486,868
51,313
497,713 of the bridge over the tracks of the
51,071
Savannah Electric Co October
3,702,152 3,370,481 Albany railroads near Sullivan Square, Charlestown,
Seattle Electric Co__ October _ 401,934 374,379 2,130,180
2,006,530'
South Side Elevated_ December. 192,276 185,671
30 1908.
142,933
RESULTS FOR YEARS ENDING SEPT.
141,315
Sou Wisconsin Ry Co November.. 12,767 12,504
78,958 77,100
1905-06.
1904-05.
1906-07.
Springf'd(_111)R&L Co November_
1907-08.
962.598
933.122
Syracuse Rap Tr Ry_ September 119.110 119,078
51,857,889 52,061,569 50,280,786 48,273,622
453.333
429,548 Revenue miles run
47,354 45,572
Tampa Electric Co__ October __
carried_273,132,584 271,084,815 262,267,240 246,941,771
pass.
Revenue
2,302.658
220,019
2,328,255
219,761
Toledo Rys & Light_ November_
19,832
63,052
19,538
Toronto Railway_ _ _ _ Wk Jan 2. 67,150 115,787
14,074,696 13,952,966 13,527,186 12,689,675
6,211,338 3.891,581 Gross earnings
Twin City Rap Trail_ 3d wk Dec 124,588
Operating Expenses982,729
983,996
1,007,655
k Underground El By
947,967
General
of London1607,755 /413,980 Maintenance1,060,660
1,211,235
Three tube lines- _ Wk Dec 26 111,945 110,905
1,029,561
782,846
buildings
and
Road
1477,255
18,202
1413,045
1,011,634
1,219,426
Metropolitan Dist_ Wk Dec 26 19,529
853,261
1,144,750
Equipment
18,202 1337,460 f334,938
15,996
6,590,855 .5,893,561
6.573.322
United Tramways_ Wk Dec 26
5,727,165
609,042 431,582 5,677,343 3,812,097 Transportation
United RRs of San Fr October
871,075 9,682,878 9,958,735
9,647,145
8,617,653
9,306,951
United Rys of St L__ November_ 872,339
Total open expenses.. 9,454,385
291,926
2870.31
31,757 32,379
4,072,023
4,305,821
Whatcom Co Ry & Lt October
4,220,235
4,620,311
Net earnings
51,893
58,201
107,427
on
deposits
Interest
earnings fer Detroit
C These figures are for consoll dated company. f No figures.
4,364,022
4,123.616
4,327,662
k
these
4,620,311
Does
not
in
income
Included
Total
907
1
Jackson & Chicago Ry. for Jan.
DeductionsInclude the Charing Cross Euston & Hampstead By. for first six months
854,751
653,680
650,319
668,280
01 1007
Int. on West End debt_
579,226
573,204
525,509
574,113
Taxes, West End
358,905
344 823
318,189
294,017
Street Railway Net Earn ings.-The following table gives Taxes, Boston Elevated
109,202
115,987
117,189
123,276
tax
Compensation
net
earnings
193,142
the returns of STREET railway gross and
201,269
x205,522
207,273
Rental of subway
reported this week. A full detailed statement, including all Divs. on West End stock 1,270,841 1,200,874 1,190,248 1,190,241
on Somerville
roads from which monthly re turns can be obtained, is given Dividends
9,180
9,180
9,180
9,180
Horse BY
33,772
37,783
41,283
40,362
once a month in these columns and the latest statement of Rent.
Old C. St.Ry., &c
125,000
300,000
306,389
y348,137
The
1908.
next Int.on Bos.El.fund debt
this kind will be found in the issue of Nov.28
35,391
49,709
51,371
51.685
East Boston tunnel rent
will appear in the issue of Jan. 30 1909.
100,000
200,000
Depreciation fund
-Earnings
-Gross Earnings--- -Net
3,288.831
3,475,883
3,532.743
Current
Previous
Previous
Total deductions.... 3,780,247
Current
835,085
851,770
831,279
840,064
Year.
Year.
Year.
Year.
Balance
798,000
798,000
798,000
798,000
$
$
Dividends (6%)
i
Roads.
i
37,055
53,779
SingstonrConsolidated_ b33,279
42,064
year
Surplus for
7,183
.
11,979
31,207
31,043
• Oct 1 to Dec 31
26,495
34,847
79,432
75.098
from the Boston & Northern By.
ti July 1 to Dec 31
collected
$17,795
deducting
After
x
44,274
57.133
140,522
137.617
charged to construction account.
' Jan 1 to Dec 31
fi After deducting accrued interest
.16-vlso
173,216.
b Net_earnings here given are before deducting taxes.

6




JAN. 9 1909.j

THE CHRONICLE

99

• California Gas & Electric Corporation.-Time Extended.BALANCE SHEET BOSTON ELEVATED RY. SEPT. 30.
1907.
1908.
The agreement dated Jan. 20 1908 which provides for the
1908.
1907.
AssetsLiabilities$
$
1Commotr strOc..._13,300,000 13.399,9Q11: -exchange of the "general mortgage and collateral trust.5%
C,onstruction,eqW p-,
•
13,300,006 8,500,000 'bonds" for the new issue of "unifying and refunding mortment, &e
-25,259,483 22,649,865 Fettled "debt'
615,191 gage 5%
Cash
Vouchers & accts_ 686,847
1,404,726
2.517,692
30-y ear bonds" of the California Gas & Electric
160,358
Bills and accounts
Salaries and wages 144,485
78,0617 Corporation, with a bonus of an amount of common stock
receivable
1,455,428
89,248 Div. and coupons. 139,333.
389,205
d
,
353,824
Rentals
un
Bonds deposited
in the Pacific Gas & Electric Corporation equal to 25%
148,828
with State
506,000 do not ue_ 150,354
500,000
of the par value of bonds exchanged, has been extended to
Interest and taxes
Materials and sup1,234,007
1,200,942
due
not
plies
1,208,254 1,472,381
Feb. 1 1909. After that date no bonus of common stock
)1,119
32,651
Tickets, checks;&c
Insur., &c., funds
Will be given.-(Compare V. 86, p. 980.)-V. 86, p. 1158.'
906,566 West End lease ac901,191
Investment
1,207,202
1,207,202
counts
West End open acChesapeake & Ohio Ry.-Meeting to Authorize $30,000,00.0
792,671
778,892
792,731 Damage fund
789,629
counts
__
633,907
615,421 General Funding and Improvement Bonds, of Which $11,000,Property account_ 2,426,240 2,219,543 Insurance
fundfund. 700,000
700,000 000
208,011 Depreciation
Stocks and bonds.. 208,011
Recently Sold.-The shareholders will meet Feb. 9 to
Premium from sale
Somerville Horse
of stock & bonds 2,007,315 2,036,900 authorize the issue of $30,000,000 5% 20-year "general
102,851
102,851
Railroad
57,418 Surplus
710,667
668,603 funding and improvement mortgage" bonds, callable at
59,865
Old Colony St. Ry.
35,428,644 30,398,340
Total
-V. 87, p. 1662, 1477.

Total

35,428,694 30,398,340

GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Atlanta Birmingham & Atlantic RR.-Default-Receivership.-Default having occurred as to payment of interest
due Jan. 1 on the first mortgage 5% bonds of the A. B. & A.
RR. due in 1936 (see offering, V. 84, p. 1426), and also
on the interest and maturing installment of principal ($86,000) on the issue of $1,558,000 equipment bonds (V. 85, p.
39), Judge Don Pardee, in the United States Circuit Court,
at Atlanta, on Jan. 2, on petition filed by officers of the company, appointed President H. M. Atkinson and Vice-President P. S. Arkwright receivers for the Atlanta Birmingham
& Atlantic RR. The failure of H. W. Poor & Co., who
underwrote the first mortgage bonds, precipitated the receivership. The petition declares that the system, if kept
together, can easily, within a reasonable time, pay all running expenses and all fixed charges.
The interest due Jan. 1 on the $4,090,000 Atlantic &
Birmingham Ry. first mortgage 5s was paid promptly at the
Old Colony Trust Co., Boston. There have been issued $14,443,000 first mortgage bonds of the A. B. & A. RR., the
issue in default, but $8,000,000 of these have been or were
to be deposited as part collateral for the issue of $8,000,000
collateral trust 5% notes (V. 84, p. 270; V. 83, p. 35) made
jointly with the Atlantic & Birmingham Construction Co.
The equipment trust obligations outstanding are stated as
aggregating $2,799,441, and there is also a floating debt.
The "Boston News Bureau" of Jan. 5 said:
There is one feature of the default and receivership that has caused no
little confusion. Interest was paid on Nov. 1 on the $8,000,000 5 % joint
notes of the Atlantic & Birmingham Construction Co., but on Jan. 1 the
Atlanta Birmingham & Atlantic RR. defaulted interest on its first mortgage 5% bonds of 1936 and defaulted both interest and a maturing installment of $86,000 of the $1,720,000 5% equipment bonds, both first liens, the
bonds on the road and the notes on the equipment.
Interest on the $8,000,000 Construction Co. joint notes was paid by
agreement among the larger owners of its $5,200,000 stock, to protect the
equity these bankers have in the property. If these notes were defaulted,
the collateral back of them would be sacrificed and the construction company, which has built and done considerable of the financing of the road,
would lose its entire equity. The funds for the payment of interest on the
construction company notes were supplied by the individual stockholders
of that company, and were not derived from the railroad. This is the situation which has produced the rather anomalous condition allowing a first
lien to default while a junior lien was protected.
The Atlanta Birmingham & Atlantic is the conception of a Boston man,
H. M. Atkinson, now President of the road. From the first, Boston capital
has been back of the enterprise. Even yet there remain 13 miles of track
to be built to get into Birmingham and give the road a through connection
with the San Francisco lines, the design being to get through business from
the San Francisco lines and route this traffic to the coast by a line 200 miles
shorter than through Savannah.
Gross earnings are showing a rapid expansion, and the Chief Engineer of
the Lackawanna, who recently examined the entire property, estimated
that by Jan. 1 1910 the road would be earning $6,000 per mile gross, and
would show its entire fixed charges fully earned. During the construction
period fixed charges have been financed and would have continued to be,
had not certain interests in the Construction Co. grown tired of carrying
their load.
We understand that it is probable that the receivers will shortly petition the court for authority to issue receivers' certificates for an amount
sufficient to provide for the accrued obligations on the equipment notes.
Interest on the first mortgage bonds may possibly be met in the same way.
Compare report, V. 87, p• 1294.

Protective Committee.-S. H. Fessenden, Philip Stockton
and F. H. Farrar, all of Boston, are acting as a protective
committee for the first mortgage bonds due in 1936 and will
shortly call for deposits.-V. 87, p. 1294.
Boston & Albany RR.-Bond Offering.-Bond & Goodwin
and N. W. Harris & Co., both of qew York, are offering at
1023 and interest the unsold 'portion ($1,500,000) of the
issue of $7,000,000 25-year 4% bonds dated May 1 1908 and
due May 1 1933; guaranteed as to principal and interest by
the New York Central & Hudson River RR. Co. Compare
V. 86, p. 1528, 1466, 1099.
Boston 86 Lowell RR.-Bonds Offered.-The shareholders
on Jan. 5 authorized the issue of $350,000 4% 20-year bonds
dated April 11909, to provide for refunding bonds maturing
on that date,and the issue has been sold to James A. Hutchin-,
son of Boston, who is offering the bonds at 102.-V.88, p. 52.
Boston & Maine RR.-See Fitchburg RR. below.-V.88,
p. 52.
Brooklyn Heights RR.-To Guarantee Bonds.-Brooklyn
Union Elevated 4-5% bonds and Kings County Elevated
4% bonds will be guaranteed on two days in each month in
109 by the Brooklyn Heights RR. Co. at 85 Clinton St.,
Brooklyn, N. Y., between 9 a. m. and 12 m., as follows:
Jan.
5 and 29 lAprIl
Feb. 15 and 28 May
March 16 and 30 June
-V. 86, p. 51.




18 and 30 July
16 and 30 Oct.
14 and 28 August 16 and 30 Nov.
16 and 30 Sept. 16 and 30 Dec.

15 and 29
16 and 30
16 and 30

1073/
9, of which $11,000,000 were recently sold to Kuhn,
Loeb & Co. and J. P. Morgan & Co. Provision will be made
for the cancellation of the $10,000,000 "general equipment
and improvement mortgage" bonds dated Aug. 1 1907,
these bonds having been pledged to secure $7,500,000 6%
collateral notes due July 1 1910, which are to be called and
paid off July 1 1909 from the proceeds of• the new issue.
See official statement in V. 87, p. 1663.
Chicago Railways.-Only $18,000 Bonds Not Deposited.Further Time Allowed.-Of the $25,394,000 underlying
bonds of the Chicago Union Traction Co. depositable under
the reorganization plan, all but $18,500 have been lodged
with the Harris Trust & Savings Bank, Chicago, depositary.
The Chicago Railways Co. has authorized the acceptance
by the depositary up to February 1 1909 of such additional
bonds, certificates of stock, certificates of indebtedness,
&c., as may be presented.-V.88, p. 52.
Chicago & Alton RR.-Sale of Bonds-Retirement of Notes.
-The company on Thursday closed negotiations wth Kuhn,
Loeb & Co. covering the $8,000,000 of refunding mortgage
3% bonds now pledged to secure the $6,000,000 5% notes
(V. 84, p. 157). These notes are subject to call for redemption on July 1 1909, and the funding of these into 3%
bonds will effect a saving to the company of $60,000 per
annum in interest charges.
Common Stock Expected to Be Put on a Regular 4% Basis.At the meeting of the board to be held next week, the $19,542,800 common stock, it is expected, will be placed on a
regular 4% dividend basis by the declaration of a quarterly
payment of 1%, being dividend No. 2. The first dividend,
also 1%, was paid Aug. 15 1908.-V. 87, p. 1237.
Chicago Consolidated Traction Co.-Deposits of Bonds of
Underlying Companies.-See Chicago Electric Transit Co.
below.-V. 87, p. 1477.
Chicago Electric Transit Co.-Time Extended until Feb. 1.
-The bondholders' committee representing the first mortgage 6% bonds of this and other dependencies of the Chicago
Consolidated Traction Co. makes this announcement:
A majority of the $2,925,000 first mortgage 6% bonds of the Chicago
Electric Transit Co. North Chicago Electric By., North Side Electric
Street By., Chicago'North Shore Street Ry and the Evanston Electric
Ry. have been deposited under the bondholders' agreement dated Dec. 1
1908, and the time for further deposits has been extended to February 1.
Holders of said bonds are urged to deposit the same with the Harris Trust
& Savings Bank. Chicago, depositary.-V.87, p. 1477, 1419.

Chicago Indianapolis & Louisville Ry.-011ering of Guaranteed Bonds.-The American Trust & Savings Bank and
E. H. Rollins & Sons, both of Chicago, are offering, by advertisement on another page, at 95 and interest, netting
about 437
0, $500,000 first mortgage 4% gold bonds of the
Indianapolis & Louisville Ry. Co. These bonds are dated
Jan. 1 1906 and mature Jan. 1 1956, being part of an issue
of $1,525,000 (compare Ind. & Louisv. Ry., V. 83, p.
1290). A circular says:
A first mortgage on about 60 miles of road completed in 1908 between
Wallace Junction; on the Monon main line, and the towns of Shirley Hill
and Cass, at which latter point connection is made with the Indianapolis
& Southern RR.. opening up valuable agricultural land and extensive coal
fields owned by the Chicago Indianapolis & Louisville Railway Co.
The Chicago Indianapolis & Louisville Ry. Co. owns the entire capital
stock, and guarantees the payment of both principal and interest of the
bonds of the Indianapolis & Louisville Ry. Co., which road and equipment
is leased for ninety-nine years to the Chicago Indianapolis 63 Louisville
Railway Co.
Earnings of the Chicago Indianapolis Ct. Louisville for Piseal Tear ending,
June 30 1908.
$5,167,160 Interest on funded debt_ _ _ _$772,100
Gross earn ngs
1,436,126 Rentals
Total net income
301,663
Total deductions
$1,073,763
Surplus applicable to int. ($61,000) on Ind. & Louis. By. bonds__$362,363
See annual report in V. 87, p. 809.

Chicago & Milwaukee Electric RR.-Coupon PaymentDefault-DePosits.-Judge Grosscup in Chicago on Dec. 31
ordered the receivers to pay the tpemi-annual interest due
Jaii: 1 on the $1,080,000 Chicago & Milwaukee Electric Railway Oo. 5% bonds that mature in 1919. The interest due
July 1 1908 and Jan. 1 1909 on the $4,000,000 Chicago &
Milwaukee Electric Railroad Co. 5s of 1922 remains unpaid,
and the committee,of which L.Goldman of Toronto is Chairman, urges the deposit of those bonds with the Northern.
Trust Co., Chicago, or the Toronto General Trusts Corporation of Toronto as depositaries. See committee's circular, &c., in V. 87; p. 1663, 1604.
Chicago Milwaukee & St. Paul Ry.-Consolidated Co. for
Pacific Coast Extension.-The stockholders of the Chicago
Milwaukee & St. Paul Ry. Co. of Washington, one of the
companies organized to build the extension from the Missouri
River to the Pacific Coast (see annual report, V. 87, p. 675)
have voted to increase its stock from $3,000,000 to $100,000,-

100

THE CHRONICLE

,Lxxxvm.

To retire underlying bonds
$90,000,000
To enable the consolidated company to fulfill the agreement of
the Rio Grande Western By. Co. with the Western Pacific
Ry. Co. for the purchase of so many Western Pacific By. 5%
The Washington Company, all of whose stock will be owned, will take
second mortgage bonds at 75% and interest as shall be necesover the separate companies formed in Montana, Idaho and South Dakota,
sary to complete, and provide stipulated equipment for, the
to,build different parts of the extension, thus placing the entire extension
23,000,000
main line of the Western Pacific Ry. Co
under one corporate name. It is pointed out that the capital stock would
(to the extent of not exceeding
permit of a bond issue of $200,000,000 being placed on the Pacific ex- For extensions, betterments and corporate
purposes of the con$2,000,000 thereof) for other
tension, as the Washington laws provide that a railroad may be bonded up
37,000,000
solidated company
to twice the amount of Its capital stock.—V. 87, p. 1532.
No more bonds can, by the terms of this mortgage, be hereafter issued
Chicago Peoria & St. Louis Ry.—New President.—John. under any underlying mortgage (save In a single case to the extent of
The outstanding mortgage debt, including the present offering
P. Ramsey, formerly Vice-President, has been elected Presi- $10,000).
but excluding treasury bonds, amounts to only $37,863 per mile. This in
dent to succeed Chas. E. Kimball, who resigned some time Part represents an investment in bonds of the Western Pacific By., which
July 1 1909 will bear interest to an amount exceeding the addition
ago. Mr. Ramsey also retains his position as General Man- after
thus made to the fixed charges of The Denver & Rio Grande.
ager, with office at St. Louis, Mo.—V.87, p. 1663, 1415.
Security for Bond Issue.—The refunding mortgage is secured substantially
railway; (b) A
Chicago Subway Co.—See Illinois Tunnel Co. below.— as follows: (a) A first lien on about 129 miles of constructed
lien upon about 2,400 miles additional of railway owned and operated by
V. 87, p. 1357, 166.
the consolidated company, subject to existing liens of about $82,500,000
which $90,000,000 of refunding bonds have been reserved, as stated
Chicago Terminal Transfer RR.—Sale of Minority Stock.— (against
above); (e) A pledge of all the bonds issued and to be issued under the
The stockholders' protective committee announced on Satur- second mortgage of the Western Pacific By. Co. and of $50,000,000 (being
two-thirds) of the stock of that company; (d) A lien on all betterments.
day last that holders of about 75,000 of the 81,481 preferred additions
and extensions against which refunding bonds shall be issued.
stock represented by the committee have accepted the offer
Western Pacific Ry.—Extension to Pacific Coast.—The Western Pacific,
from Salt Lake City to San Francisco, about 927
now
under
the
present permit miles, is construction
recently made. The committee will for
virtually an extension of
Denver & Rio Grande system. It
the remaining stockholders to avail themselves of the offer, will furnish a Pacific Coast outletthe
for The Denver & Rio Grande, the
about
although no extension of time has been granted, and it is Missouri Pacific and associated lines, having an aggregate mileage offreight
18,000 miles. Satisfactory contracts insure a large passenger and
understood the committee desires to cease its representation traffic
to the Western Pacific. In addition, other important railway sysof the preferred stock by February 1. Compare V. 87, tems which now exchange traffic with The Denver & Rio Grande at
Denver, Colorado Springs and Pueblo, will undoubtedly continue to do so.
p. 1663, 1419.
and, using the Western Pacific as an outlet to the Coast, will make valuable
to its traffic and revenues.
Chicago & Western Indiana RR.—Offer to Noteholders-- contributions
The road is being constructed so as to insure economical operation. It
Status of Bonds.—William Salomon & Co., Moffat & White will have the lowest grades of any trans-continental
line, never exceeding
and with a maximum of 4-10 of 1% for four-fifths of the mileage. It
and the Equitable Trust Co. of New York, who recently 1%,
will be free from deep snows, and therefore from snow-sheds. In addition
purchased $12:271,000 consolidated mortgage gold 4s, due to the large through traffic which It will receive, it is likely to profit by, the
growth of a large local traffic from the smelting and refining works
July 11952, give notice by advertisement on another page rapid
near Great Salt Lake, the mineral deposits of Nevada, and the rich but
that, until and including Jan. 15 on any or all of the largely
undeveloped resources—mineral, timber, agricultural—of CaliIt may be confidently expected that the Western Pacific will not
$8,000,000 5% collateral trust notes, which have been called fornia.
easily
meet its own obligations but will also contribute a large volume
only
for payment on Feb. 1, will be exchanged for the 4% of new traffic
to The Denver & Rio Grande. (See also Western Pacific
consols on the basis already announced. (See V. 87, p. bond offering below.—Ed.)
Gross
Net, after Other Total Net Interest, Balance,
Fiscal
1663, 1604). A circular says:
Earnings.
Taxes. Income. Income. Rentals,ecc. Surplus.
Year—
The bonds are secured by a direct mortgage, subject to only $8,166,666
$
route
yi
miles
48
of
comprising
terminal
property,
entire
the
prior liens,upon
____20,386,431
597,149 7,194,300 3,658,465 3,535,835
1907-08
6,597,151
railroad in Chicago (a large part elevated); the Dearborn Terminal Station 1906-07 ____21,409,042 7,456,223 243,379 7,699,002 3,522,805 4,176,797
In the heart of Chicago, and a grain elevator having a capacity of 1,500,000
The net income has for four years averaged over twice the fixed charges,
bushels. The railroad includes 134 miles of main tracks and 135 miles of
four times the interest
freight and passenger yards and sidings. The bonds are additionally and the average surplus beyond charges has exceeded
years the tonnage
secured upon several leases covering the use of the property, or parts of it. on the present offering of bonds. During the last twelve
about
88,
increased
52.
p.
242%.—V.
has
Atchison
Topeka
&
the
by
Fe
Santa
lease,
The terminal is used, under
By. Co. the Elgin Joliet & Eastern By. Co., the Belt Railway of Chicago
Detroit & Mackinac Ry.—New President.—Henry K. Mcfollowing five companies, these latter each owning one-fifth of the
and the'
capital stock of the company and guaranteeing severally under the lease Harg has been elected President, with office at New York,
its proportionate share of the principal and interest of these bonds: Chicago
resident and
dc Eastern Illinois RR. Co., Grand Trunk Western By. Co., Chicago & Erie to succeed J. D. Hawks, who becomes Vice-P
RR. Co., Chicago Indianapolis & Louisville By. Co., abash RR. Co.
retains his office of General Manager.—V. 87, p. 1233.
The leases provide for sufficient revenue to meet all interest on bonded
debt as well as payment of such debt at maturity, and leave a surplus for
Detroit Toledo & Ironton Ry.—Sale Again Postponed.—
dividends. For the year 1907 the surplus over fixed charges was $330,057.
Dividends at the rate of 6% per annum have been regularly paid since 1892. The sale of the collateral securing the 5% gold notes has
very
the
in
of
heart
is
is
Chicago
and
of
Station
The Dearborn Street
been again postponed until Jan. 21, the injunction recently
Immense value to each of the roads concerned. The Chicago Indianapolis
Compare V. 87,
ik Louisville uses the terminal, In reaching the station, for a dista4ice of obtained having not yet been dissolved.
19.09
miles,
for
the
(Erie)
for
Wabash
19.86 miles; the Chicago & Erie
p. 1664, 1533, 1478.
•
19.8 miles, the Chicago & Eastern Illinois for 16.99 miles, the Grand Trunk
Erie RR.—Offering of Car Trusts.—William Salomon &
Western for 4.84 miles and the Atchison Topeka & Santa Fe for 1.43 miles.
The Belt Line division, all under this mortgage,is also of great Importance. Co. are offering, by advertisement on another page, the
It connects with all the railroads entering Chicago and consequently affords
an excellent means of interchange of business between Eastern and Western unsold portion of an issue of $1,819,000 5% car trust notes,
roads. In the calendar year 1907 it handled 1,069,536 cars, or an average series L, at prices to yield 531%. This issue, which originof 2,930 per day. Its gross earnings amounted to $84,293 and its net
1907 and
earnings to $38,592 per route mile. The Belt Line division is leased for ally amounted to $2,140,000, is dated July 1
operation to the Belt Railway Co. and the lease is covered by the consoli- matures in semi-annual installments of $107,000 each to
the
by
owned
same
Is
comBy.
Belt
the
of
stock
The
dated mortgage.
and including July 1 1917; three installments have already
panies that own the stock of the Chicago & Western Indiana.
The real estate in the private right of way and other parts of the property been paid, leaving the amount outstanding only $1,819,000,
1,200
acres.
about
Practo
amounts
Indiana
of the Chicago & Western
100,000 lbs. capacity
tically all of this is within the city limits of Chicago and a considerable por- whereas the 2,000 steel hopper cars of
each, upon which the notes are secured, cost $2,450,000.
tion of it in the very heart of the city.
$50,000,000,
while
the
is
4s
The authorized amount of consolidated
Equipment notes, Series N,offered by this firm in November,
amount outstanding, includingthe present issue, is $32,498,000. Of the
balance, $8,166,666 are held to provide for prior liens, and the remainder were quickly disposed of.—V. 87, p. 1300.
extensions,
acquiadditions,
of $9,335,334 is available for Improvements,
sitions, &c. Compare V. 87, p. 1663, 1604.
Fitchburg RR.—To Issue 6,500 Shares of Stock.—The

.000 and to change the name of the company to the Chicago
Milwaukee & Puget Sound Ry.

Cicero & Proviso Street Railway Co. of Ohicago.—Time
Extended.—Over $1,500,000 of the $1,948,000 outstanding
consols having been deposited, the protective committee
has extended until Jan. 20 the time for depositing bonds
with the Illinois Trust & Savings Bank of Chicago, depositary.—V. 87, p. 1478.
Colorado & Southern Ry.—New Co. for Extension—The
Stamford & Northern Ry. was incorporated in Texas on
Dec. 29, the charter providing for the construction of a
line from Stamford to Plainview, Tex., 155 miles. Contracts
for the construction of a portion of the line, it is reported,
have been let.
The incorporators include M. J. Spoonts of Fort Worth, general attorney
of the Colorado & Southern In Texas, and persons Identified with the Hill
interests. The road will connect with the Wichita Valley division of the
Colorado & Southern at Stamford and with the Atchison Topeka & Santa
Fe at Plainview. The Incorporation of the new company is the first step
toward an extension of the system since its recent acquisition by the BurlIngton.—V. 87, p 1663, 1604.

company has applied to the Massachusetts Railroad Commission for authority to issue 6,500 shares of additional
capital stock to reimburse the Boston & Maine for new
construction paid for by the latter road.—V. 87, p. 873.
Great Northern Ry.—Tax Decision.—The Supreme Court
of Minnesota, the State Court of last resort, on Dec. 24, reversing the lower Court, held that the law of 1904, increasing the gross earnings tax from 3% to 4%, was valid as to
all the lines in the State, including those incorporated under
territorial charters, by which it was claimed taxation was
perpetually limited to a lower rate. Compare V. 87: p. 166.
A similar decision was handed down tin a suit against the
Chicago Great Western.

n rl
fe
20,7a3t7th
Attorney-General Young issued a statement sayin1gth
increase%1905, and
annually on the Great Northern amounted to $
somewhat more each year since. The Great Western never paid over 2%
taxes, and the annual increase in its tax would be about $25,000. The
total involved for the past three years, therefore, aggregates about $500,000,
The Omaha road, though It had a territorial charter, paid the increased
tax. Annual payments hereafter from the 3 "territorial" roads will be
about $250,000.—V. 87, p. 1664, 1553.

Denver & Rio Grande RR. Co.—Bonds Offered.—William
Salomon & Co., Wm. A. Read & Co. and Blair & Co., all of
Hartford & Springfield Street Ry.—New Directors.—On
New York, are offering at 92M and interest, by advertisement on another page, the initial issue of $17,500,000 "first December 22 Thomas C. Perkins of Hartford was made
and refunding mortgage" 5% gold bonds, dated Aug. 11908, Vice-President and six new directors were elected to increase
due Aug. 1 1955, redeemable as a whole up to Aug. 1 1913 the local representation. The board now includes:
New Directors—Thomas C. Perkins and Normand F. Allen of Hartford
at 105 and interest and thereafter at 110 and interest.
%V. Stevens, President of Hartford National Bank; Francis T.
Denomination: coupon, $1,000; registered, $1,000, $5,000, Harold
Maxwell of Rockville, Conn.; Charles A. Thompson of Ellington; Frederick
$10,000 and multiples of $10,000; c*&r*. Bankers' Trust Harris of Springfield. Treasurer of Springfield Street fly. Co., and a diretcor
both the Holyoke and the Northampton Street By. companies. Eldridge
Co., New York, trustee. It was announced yesterday that of Old
Directors—William A. Tucker (President) and Chauncey
the loan would be greatly over-subscribed, the total sub- (Treasurer) of Tucker, Anthony do Co., Boston; Francis R. Cooley, Hart86, p. 1100.
ford.—V.
the
of
amount
scriptions here and abroad already exceeding
Illinois Tunnel 0o.—Time Granted for Telephone Installathe offering.
telephone
Condensed Extracts from Letter of President E. T. Jeffery, New York, tion.—The company having agreed to report its
Dec. 10 1908.
annually to the City Comptroller of Chicago, the
earnings
Grande
RR.
Is
Co.
Rio
First and Refunding Mortgage.—The Denver &
of Chicago on Dec. 24, by a vote of 38 to 8 in
the result of the consolidation of the former company of that name and City Council
the Rio Grande Western By, Co., which such former company controlled. the Upper Chamber and 59to 3 in the Lower Chamber,granted
of
"first
The consolidated company has authorized an Issue of $150,000,000
the company an extension to Feb. 8 1911 of the time within
and refunding mortgage gold bonds." issuable for the following purposes:




JAN. 9 1909.

which 20,000 telephones must be installed. The company
gives a new bond of $100,000. Action was postponed by
the councils on a suggestion to grant permission to sell
the telephone business to the Chicago Telephone Co.—V. 86,
p. 1467.
Indianapolis & Louisville Ry.—Bonds Offered.—See Chicago Indianapolis & Louisville Ry. above and compare
V. 83, p. 1290, 751.
Interborough Rapid Transit Co.—New President.—
Theodore P. Shonts, President of the Interborough-Metropolitan Co., has been elected President of the Interborough
Rapid Transit Co., and also of the Rapid Transit Subway
Construction Co. to succeed E. P. Bryan, who resigned last
October.
Decision.—The Court of Appeals at Albany on Jan. 5
affirmed the decision of the Appellate Division of the Supreme Court, which upheld the right of the company to
deliver surplus electric current to the New York City Interborough Ry. Compare V. 86, p. 981; V. 84, p. 1307.—
V. 87, p. 1610, 1605.
Kenosha (Wis.) Electric Ry.—Change in Control.—The
Investment Registry Co. of London, England, already a
small bondholder, has purchased the control of this company from Albert C. Frost (the builder of the Chicago &
Milwaukee Electric Ry.) for a sum reported as $300,000.
The new owners took over the management. on Jan. 4.
—V. 84, p. 1052.
Long Island Electric Ry.-0flicers.—See New York &
Long Island Traction Co. below.—V. 83, p. 818.
Missouri Kansas & Texas Ry.—Sale of Bonds.—The company has sold to Speyer & Co. $1,500,000 of the 4% "first
and refunding" bonds and also $3,170,000 4% general
mortgage bonds, which were held in the treasury, having
been issued some time ago for improvements, betterments
and equipment. The bankers have disposed/of both blocks.
With this sale there are in the hands of the public $6,682,000 "first and refunding" bonds and $13,170,000
general mortgage bonds. There are still in the treasury
$3,310,000 1st and ref. 4s additional to the $6,682,000 outstanding.—V. 87, p. 1011, 737.
New Jersey & Pennsylvania Traction Co.—Creditors' Committee in Control.—We have the following authoritative
statement:
The committee finally agreed upon to take over the management of the
New Jersey & Pennsylvania and the Trenton New Hope & Lambertville
traction companies is James G. Cannon, Vice-President of the Fourth
National Bank, New York, Chairman; F. H. Goff, President of The Cleveland Trust Co., Cleveland; and J. It. Nutt, Secretary of The Citizens
Savings & Trust Co., Cleveland. The Secretary of the committee is E. W.
Davenport, care Fourth National Bank, New York City. The creditors'
agreement has been accepted by the ten creditors that represented the
$370,000 indebtedness. It merely provides for the extension of the indebtedness until Jan. 1 1910 and places the property in the hands of the
committee. The agreement does not provide for the actual deposit of the
securities.—V. 83, P. 272.

Newton & Northwestern RR.—Sold.-----The property was
bid in in foreclosure sale at Boone, Ia., on Jan. 6 by the Old
Colony Trust Co., trustee, representing, presumably, the
Fort Dodge Des Moines & Southern, which owned practically all of the bonds, the sale giving the latter clear title.
See V. 87, p. 1420.
New York Central & Hudson River RR.—New President.—
Senior Vice-President William C. Brown was on Wednesday
elected President to succeed William H. Newman, who recently resigned. Mr. Brown will take office on Feb. 1.
New Contract Ratified.—The directors of the New York
& Harlem RR.and of the New York Central & Hudson River
RR.on Jan. 6 ratified the new tripartite agreement,by which
the New York New Haven & Hartford RR.will use the Grand
Central terminal and the railroad tracks from Woodlawn to
42d St., an" ill obtain electric power, &c. (Compare
V. 88, p. .)
Contract Expires.—A press report from New Haven on
Jan. 4 stated that the option of the New York Central on
the majority stock ($29,160,000 out of $58,113,982 common
and $2,000 out of $4,000 preferred) held by the New York
New Haven & Hartford RR.had expired, and it was thought
would not again be extended. (V. 85, p. 41, 160; V. 86,
p. 229).—V. 88, p. 53.
New York 86 Long Island RR.—Offer of Sale Declined.—
The Public Service Commission on Tuesday,by a unanimous
vote, declined the offer made by the Interborough Rapid
Transit Co. dated Jan. 27 1908 to sell to the city for $7,239,476 the company's tunnel road from 42d St. to Long
Island City. Compare V. 86, p. 669.
The majority opinion, which Is lengthy, signed by all except Commissioner Bassett, is based largely on grounds in effect holding that the terms
of the offer would be disadvantageous to the city. The Commission says
it "desires that the tunnel be put into operation at the earliest possible
moment and that any reasonable proposal which would require any action.
by this Commission to achieve this result will be given very careful consideration by this Commission:" also, further, that there "is no insuperable difficulty to private operation of the tunnel; it could be put in operation in
a few months under the present law or under new legislation. The comIt is incumbent upon the company,
pany built the tunnel
and not upon the city, to see that the tunnel is put in operation."
The company's chief engineer estimates that the work necessary to place
the road in condition for operation would cost $310,000. The total amount
of the expenses and liabilities incurred by the company on account of the
work,including $491,510 unpaid Sept. 30 1908, was, it is stated, $8,595,517.
—V. 87, p. 873.

New York & Long Island Traction 0o.—Officers.—C. L.
Addison, Vice-President, has been elected President of this
company, and also of the Long Island Electric Ry. Co. succeeding F. L. Fuller, who resigned. William 0. 'Wood




101

THE CHRONICLE

succeeds Mr. Addison as Vice-President and Mr. Fuller as a
director.—V. 83, p. 818.
New York New Haven 81 Hartford RR.—Contract Ratified
—Option Expired.—See New York Central & Hudson River
RR. above.—V. 88, P. 53.
North Jersey Street Ry.—Ordinance Held Invalid.—The
New Jersey Supreme Court on Dec. 31, in an opinion written
by Justice Parker, sustained the contention of the city of
Newark that the ordinance passed by the Board of Works
on Jan. 19 1905, known as the "five-per-cent trolley ordinance," is invalid.
The decision is based on the ruling that the ordinance was not publicly
advertised, as required by the by-laws of the board, between the second
and third readings or at any time before final passage. Prior to the passage
of the ordinance the city had for many years required railroads using electr c
power to pay 5% of the gross earnings in addition to general taxes and
existing license fees. The city objected to the "track mileage" method
fixed by the ordinance held invalid on the ground that it was less advantageous than any of several other methods which might have been employed.—V. 85, p. 1271.

Pennsylvania RR.—Proposed Increase of $80,000,000 in
Indebtedness to Provide for $60,000,000 5% Notes Due
March 15 1910, &c.—The directors on Jan. 4 decided to request the shareholders to vote at the annual meeting March
9 on a proposition to increase the corporation's indebtedness by $80,000,000 in order to provide for the$60,000,000
of 5% notes which mature March 15 1910 and for other
capital requirements. On July 1 1910 there will mature
$19,997,820 6% general mortgage bonds of 1867, but these
can, if desired, be refunded by the sale of bonds reserved
therefor under the $100,000,000 mortgage of 1873. An
official statement follows:
The Pennsylvania RR. board took the necessary action this morning to
provide for its $60,000,000 of short notes which mature next year, and for
other corporate needs, if It should so desire, through an increase of its indebtedness to the extent of $80,000,000.
This authority will be asked of the stockholders at the annual meeting In
March. It will be borne in mind that the company has power, under the
action already taken by the stockholders, to increase its capital stock from
time to time in the sum of $100,000,000, so that, with authority given as
above proposed, it will be equipped for some time to come, not only to
meet its outstanding indebtedness, but also Its capital requirements through
the Issue of stocks or bonds, or both, as may be deemed best by the board of
directors from time to time.

It was recently rumored that the management contemplated placing a mortgage for a considerable amount on the
New York terminal property, but if they plan to secure
this new indebtedness in this way there is no official intimation to that effect.—V. 87, p. 1605, 1534.
Quebec Railway, Light & Power Co.—Listed in Montreal.
—The Montreal Stock Exchange has listed the company's
$2,500,000 common stock, $672,400 7% preferred stock and
$2,500,000 5% bonds.—V. 87, p. 1602, 1160.
Rapid Transit Subway Construction Co.—New President.
—See Interborough Rapid Transit Co. above.—V.74, p. 989.
Rome (Ga.) Railway 8z Light Co.—Bonds.—The shareholders on Dec. 30 authorized the issue of $250,000 bonds
for the purpose of extending the lines in West Rome and East
Rome and from Lindale to Boozeville, subject to the approval of the State Railroad Commission.—V. 83, P. 1591.
Rutland (Vt.) Railway Light Power Co.—Bonds Of..
ered.—Wm. A. Read & Co., Boston and New York; Redmond & Co., Philadelphia and New York, and Warner,
Tucker & Co., Boston, recently offered at 95 and interest,
yielding about 5.3%, the unsold portion of a block of $1,500,000 first mortgage 5% sinking fund gold bonds dated
March 1 1906 and due March 1 1946, but redeemable at 110%
and interest, as a whole or in amounts of not less than $50,000,
on any interest date after March 1 1916. Authorized, $2,000,000; outstanding, $1,500,000.
Nov Director.—Robert L. Warner has been elected to the
board, representing the bankers who are offering the bonds.

a.

T. Rogers, Rutland. Dec. 15 1900i
Abstract of Letter of President
The company owns its entire property directly and has no subsidiary
companies and no underlying bonds or obligations. The $500,000 reserved
bonds may be issued at not to exceed 80% of the actual cash cost of additions, improvements and extensions, as certified to the trustee, but only
when the net earnings for the preceding 12 months have equaled 1% times
the annual interest charge on all bonds outstanding and then applied for.
The mortgage, by supplement dated Dec. 9 1908, provides a sinking
fund for the redemption of these bonds as follows. Of the total bonthoutof 1% from March 1 1916 to March 1 1923; 1%
standing each year,
1923-1930; 1,t% 1930-1938, and 2% 1938-1946. Bonds purchased or
redeemed are to be canceled. It is estimated that about one-third of the
bonds will thus be retired by maturity.
The company operates under most favorable franchises, unlimited as to
time. The ownership of the franchises and the consolidation proceedings
have been ratified by the Vermont Legislature. The properties include
(1) 243i miles of track (trolley), comprising belt lines in Rutland and an
Interurban line serving Centre Rutland, West Rutland, Castleton, Castleton Corners, Hydeville and Fair Haven, 16 miles from Rutland, with a
branch to the company's amusement park and picnic grounds on Lake
Bomoseen. The road Is of steam railroad construction, 60-1b. steel rails.
cinder and gravel ballast, long-radius curves and low grades. (2) Two
large storage reservoirs (the company owns 3,000 acres of heavy timber
land, protecting its water shed), namely, "Chittenden Reservoir," at an
elevation of 1,000 feet above Rutland, holding upwards of 500,000,000
cubic feet of water, supplied by never-falling mountain streams and springs.
and the "East Pitts ord Reservoir,' holding approximately 70,000,000
cubic feet of water. (3) 8,000 feet below the "East Pittsford Reservoir"
and operating under a head of 210 feet, a modern fireproof hydraulic generating station, present capacity 2,250 h. p., with foundations, connections, &c., for another 750 h. p. unit. The power Is transmitted by two
distinct 13,200 volt transmission lines to Rutland and thence to West
Rutland, Castleton Corners, &c., furnishing light. power, &c. (4) Two
emergency steam plants aggregating 2,000 h. p. and an electric storage
battery. (5) Coal gas plant, entirely new, capacity of 120,000 cubic feet
per day, and a water gas set, capacity of 150,000 cubic feet per day, with
apparatus for saving by-products of tar, coke and ammonia. There are
16 miles of mains in the city, ranging In size from 10 to 4 inches.
The company has a 5-year contract, dated April 1908, with the City of
Rutland for the electric lighting of the public buildings and streets. Considering the high standard of physical condition of the properties and the
opportunities for profitable extensions of our business, we feet that the outlook is most promising. Our rates are reasonable and the company Is la
good favor with the public.

102

THE CHRONICLE

LxxxvIir.

heart Of the city, within stx.blocks of the City Hall. Other terminals WII
Earnings for Years ending.Sept. io ("Net" After Deducting Taxes).
be located at suitable points in the road, such as Stockton and Sacramento.
Gross. ,
Net. J Year—
,
rear—
Gross.
Net.
A large percentage of.„141p1wprk of construction is already,compted and
$213,447 $110,41011905-06
1907-08
$185,179
$69.559
be ready for commercial operation. the latter
90,02211904-05.......,
1000-07 ,.,,.-- 198,350
163,662
51,108 it is expected the road Win
Ddnve& Rio Grande RR. abOVe. Although the
As against the net earnings for the year 1907-08 of $110,410, a full year's' part of 1909. [Compare
bonds
were,
imortgage
first
”ndorWritterLiseveral
years ago by a syndicate
$1,500,000
interest charge on the
bonds.now ,qptstandIng is $75,000nleavheaded by William A. Read & Co.,, New york,,pils is the first public offering.
Ing*a. balance of $35,410.--V. 86, p. 1044.
We understand that the bonds in question were acquired in''t he Open
• St. ilgseph & Grand Island Ry.-2=-New Director
H. market and are not offered for the syndicate.—Ed—V.87p. 13014 740:

HarrimAn was some time since electdd a director to fill one
of the two vacancies in the board; one caused by the resignation of former President W. T. Van Brunt.—V. 87, P. 1416,
1301.
St. Louis & San Francisco RR.—Subscription List Opened
and Closed Simultaneously.—The subscription lists for the
5% bonds were closed at the office of Speyer & Co. as soon AS
they were opened on Jan. 5. While small investors will
probably receive the full amount asked for, the larger applications, it is stated, will have to be considerably reduced.
On account of the large number of applicatiQns the allotment could not be made at once. See V. 87, p. 1480.
Southwestern Street Ry., Philadelphia.—Receivership
Judge Holland in the United States Circuit Court at Philadelphia on Jan. 2 appointed Charles Henry Jones and John
W. Ellard receivers. The United Power & Transportation
Co. owns 7,995 of the 8,000 shares.

Wisconsin Central Ry.—Line from Superior to Duluth
Opened Jan. 4.—The line from.Ladysmith to Superior and
Duluth, 115 miles, forming a part of the Superior & Duluth
Division, extending from Owen to Superior and Duluth,
160 miles, was opened for freight traffic on, Jan. 4. The
terminals at Superior and Duluth are not yet completed.—
Compare V. 83, p. 986.—V. 87,43. 1534. •
INDUSTRIAL, GAS AND MISCELLANEOUS.
Adams Express Co.—Earnings.—For year ending June 30
1908, (filed in Massachusetts):
Gross earnings
Net earnings, deficit_
Other income
Total net Income
—V. 87, 13. 87.1•

_

$26,958,581 Total net
102,019 Charges
1,134,189 Dividends (8%)
$1,032,169 Surplus

$1,032,169
$51,168
960,000
$21,001

Alliance Realty Co.—Extra Dividend.—This company, a
The company, It is stated, is Indebted to the Inter-State Railways in the large portion of whose stock is owned by the United States
sum of $155,316 and to the United Power Co. to the amount of $157,638. Realty Sr Improvement Co., has declared, with the regular
Compare "Electric Railway" Section for Sept. 1908, page 87.
quarterly dividend of 13
4%, an extra 1%, payable Jan. 15
Tr -City Railway & Light Co., Davenport,Ia.—New Stock to stockholders of record Jan. 7.
Issue by Subsidiary.—The subsidiary Tr -City Ry. Co. on
Annual Dividend Record.
Dec. 29 increased its capital stock from $2,500,000 to $3,- 1902. 1903. 1904. 1905. 1906; "
1907.
1908.
7% &1% extra
7% &1 % extra
6%
6%
6%
6%
7%
000,000.—V. 87, p. 168, 98.
—V. 83, p. 819.
Virginian Ry.—About Completed.—The first through train
American Alkali Co.—Decisions.—Judge Holland
was run from Norfolk to Roanoke, 243 miles, on Jan. 5. A United States Circuit Court on Dec. 28 handed downin the
three
press report says:
decisions in test cases covering different classes of cases,
The road is now completed from Roanoke to Norfolk, 243 mile's, and from
maintaining the right of Receiver Arthur K. Brown to collect
Roanoke to Rich Creek on the west,77 miles. The long bridge across New
River will be completed within two weeks, when trains can be operated
unpaid assessments on the preferred stock.

from Norfolk to Deepwater, WI. Va. the western terminus, a distance of
442 miles. See map of road in "Railway and Industrial" Section of Oct.
1908, page 139.—V. 87, p. 1480.

• West Chester & Wilmington Electric Railway.—Prospectus.—An official pamphlet says in substance:
The company proposes to connect Delaware's metropolis—the City of
Wilmington, and the Borough of West Chester, the county seat of Chester
County, Pa., by means of an electric rallway,17 miles In length using private
rights of way already secured. The road will run via Bethel, Concord,
Birmingham, Thornbury, Westtown and West Goshen townships, Pa.,
the southern portion of the line passing through a thickly settled farming
country dotted with several thriving villages. The population along this
line Is about 122,000. Besides carrying through and local passenger
traffic,we shall run a freight car, making two round trips per day, carrying
fruits, vegetables, meats, fish, oysters, etc.
The road bed will be graded to a steam road surface as near as possible.
Standard railroad ties, 70-1b. T rails, continuous Joints, rock ballast. The
power house will he located at Brandywine Summit.
The capitalization will be $500,000 stock (including, $50,000 5% preferred—par of all shares $50.—Ed.)and $500,000 of 30-year 5% first
mortgage gold bonds dated April 1 1908, covering all the belongings of the
company; $400,000 bonds and $400,000 stock will be disposed of at once
to construct and equip the road from Wilmington to West Chester, and
$100,000 bonds and $100,000 stock will he reserved to extend the railway
to tide-water on the Delaware River and make improvements. The
bonds are sub) ct to call aft, r fiv( y.:a's at 105. Intt r st )ayable April 1
and Oct. 1 at Security Trust & Safe Deposit Co., Wilmington, trustee.
Annual sinking fund 20% of net earnings. The President of the Railway
Co. Is Thomas E. O'Connell, Secretary and Treasurer, C. P. Faucett.
Estimated earnings:Passengerrecelpts,$135,000; freight receipts $12,000,
total, $147,000. Net earnings, $58,800; 5% on bond Issue, $20,000;
State tax. $1,333; 2% on capital stock, $8,000; balance, surplus, $29,467.
—V. 87, p. 40.

West End Street Ry., Boston.—Deposits.—The committee
of stockholders (F. S. Mead, Chairman) which was appointed
to investigate regarding the proposed merger with the Boston
Elevated Ry. has, it is announced, received the endorsement
of holders of 131,209 shares of stock, of which 72,555 is held
by institutions, trustees, executors or others acting in a
fiduciary capacity.—V. 87, p. 1534.
Western Pacific Ry.—First Public Oftering.—E. H. Rollins
& Sons, Boston, Chicago, Denver and San Francisco, are
offering at 943/b and interest, yielding 5.40% income, $1,000,000 first mortgage 5% 30-year gold bonds dated Sept. 1
1903, due Sept. 11933. Interest payableiMarch 1 and Sept.
1 in New York or San Francisco. Bowling Green Trust Co.
of New York City, trustee. A circular says (see also letter
from President Jeffery under Denver & Rio Grande RR.):
Capitalization.
Stock, authorized and issued (two-thirds of it owned by Denver
& R o Grande RR.)
i 000 0
02
First mortgage bonds, authorized and issued
Second mortgage bonds, authorized $25,000,000; issued
17,130,000
These bonds are secured by a closed mortgage which is a first lien on the
entire property of the company, consisting of a first-class standard-gauge
steam railroad about 927 miles in length, the eastern terminus being at
Salt Lake City and the western terminus at Oakland and San Francisco.
Deposited with the trustee as further security are agreements by which
the Denver & Rio Grande RR. Is obligated to provide funds for the completion and equipment of the 'Western Pacific By. In case the proceeds
from the first mortgage bonds are not sufficient. The financing for this
purpose has already been arranged, the Denver & Rio Grande having sold
a sufficient number of its "first and refunding mortgage" 5% bonds to
carry out these agreements. The actual physical cost of the road Ivith its
equipment, when completed, will be over 25% greater than the face value
of Its first mortgage bonds. Also deposited with the trustee as further
security for these bonds is a traffic agreement between the Denver & Rio
Grande RR. and the Missouri Pacific By. Co., which Insures to the Western
Pacific a large business from these systems.
The guaranty of the Denver & Rio Grande RR. Co. will be endorsed on
each first mortgage bond as to the payment of its interest. All of the
bonds issued ,under this mortgage, but no part thereof, are callable at 105
and interest on any interest day. A sinking fund of $50,000 each year,
beginning Sept. 1 1910, will be paid to the trustee each year until all of
the bonds shall be redeemed or paid. The bonds purchased through this
sinking fund are canceled.
Among the most valuable assets of this road are its terminals, which are
unsurpassed. In Oakland the terminals aggregate about 360 acres, with
a water frontage of about two miles and ample room for freight and passenger yards. The Oakland terminals will be connected with those at San
Francisco by a system of ferry-boats and water transportation. In San
Francisco there are two terminals, one on the water front aggregating about
215 acres and haVing a water frontage of nearly two miles, and this property
Is connected by a tunnel with another terminal of about 50 acres In the




The "Philadelphia Financial Bulletin" of Dec. 29 contains a long state
ment of counsel for the receiver summarizing the litigation and expressing
the opinion that the "decisions leave little ground for further litigation
and open the way for winding up the concern's affairs." They also say
"It is hoped that a sufficient sum will be realized from the present assessment to pay all debts of the company and the expenses of the receivership
without obliging the preferred stockholders to pay a further assessment."
Compare V. 85, p. 656; V. 83, p. 971.

American Express Co.—Earnings.—For year ending June
30 1908, (filed in Massachusetts):
Carriage of prop.&mdse_$29,309,878 Interest and rentals_ _ _ _ $1,652,622
Financial earnings_ _ ____ 1,238,765 Charges
$310,043
------ Dividends
2,160,000
Gross earnings
$30,548,643
earnings
Net
$341,048
$476,372 Deficit
Previous surplus, $15,451,060, less credits, $31,543
15,419,517
Total surplus

$15,078,469

Reduced Rates.—On Jan. 1 the company reduced its minimum charge on small packages within a 50-mile radius of
Boston from 25 cents to 20 cents, and made other changes
in its schedule to correspond.—V. 87, p. 933, 874.
American Light & Traction Co.—Common Stock Dividend
Again Increased.—The directors have declared, with the
usual preferred dividend, a quarterly dividend of 2% upon
the $6,760,700 common stock, payable Feb. 1 to stock4% paid Aug.l.
holders of record Jan. 20, comparing with 13
Dividends on Common Stock.
1908-- 1909
1907
1904. 1905. 1906.
Nov. Total. Total. Feb. May. Aug. Nov. Feb. May. Aug. Nov. Feb.
2
1% 1%
1%
13'l 1% 1%
13i, 1h
1% 3% 4%
—•v, 87, p. 1000.

American Locomotive Co.—New Plant at Gary, Ind.—The
company has purchased a plot of 130 acres of land at Gary,
Ind., adjoining the property of the United States Steel
Corporation, and plans are being drawn for a new plant
which officers of the Locomotive Company say will be the
most complete and best equipped locomotive works in the
world. An official statement says:
The land purchased Is twice the extent of that occupied by the largest
of the company's present plants and when fully occupied will give employment to from 12,000 to 15,000 workmen. At present there is no large
locomotive plant west of Pittsburgh. The sin of the new plant will be
sufficient to provide liberally for tile growing needs of the railroads for
Years to come.—V. 87, p. 1161. 874.

American Milling Co., Philadelphia.—Merger Plan.—
See Marsden Company below.—V. 78, p. 770.
American Piano Co.----Preferred Stock Offered.—Wolf Bros.
& Co., New York City and Philadelphia, offer by advertisement on another page, at,$95 per share, par $100, a block of
$1,000,000, part of the original underwriting of $3,858,000
7% cumulative preferred stock. Authorized share capital,
$6,000,000 preferred and $6,000,000 common. This stock
is preferred as to assets as well as to dividends; dividends
payable quarterly. There are no bond obligations and none
can be placed upon the properties, nor can the preferred
stock be increased without the consent of the holders of
85% of both the common and preferred stock. The advertisement says:
The company is a consolidation of the "Knabe," "Chickering," "Foster
Armstrong" and other important makes of pianos, and Its net assets, as
appraised by the Audit Co. of New York March 31 1908, were $3,858,521.
These figures do not include the value of good-will, patents, trade-mark
and patterns, which are substantial assets. The average net earnings of
the constituent companies for five years previous to consolidation were
$525,000 per annum, or over 13% on the outstanding preferred stock.
After a liberal allowance for depreciation and the establishment of a
substantial reserve it has been proven that the economies effected in buying,
manufacturing and selling will be sufficient to double the present net earnings. No dividend can be paid on the common stock unless there shall
at the same time be added to the surplus ou,t of the net profits not less than'
one-third of the amount of such common stock dividend. Increased output
will largely increase net earnings. There has been nearly 20% increase In
output this year, resulting largely from the consolidation. See further
particulars in V. 86, p. 1531; V. 87, p. 227, 417, 1535.

JAN. 9 1909.1

THE CHRONICLE

American Pneumatic Service Co.-Government Report.Postmaster-General Meyer, who at the request of Congress
examined the- company's pneumatic cu, be systems for mail
distribution , transmitted his report to'Congress on Dec. 15.
While commending the wor15 of the tubes'he advise&s,gainst
their purchase at the present time on the ground that the
period (nearly 8 years) that the present Contracts with the
Government have to run will permit the company to perfect
the system.-V.86, p. 1464.
American Telephone & Telegraph Co.-Increase in Limit
of Stock Issue.-The stockholders voted Jan. 7 1909 to increase the limit of issue of capital stock from $250,000,000 to
$300,000,000, in order to provide for the conversion of the
entire $150,000,000 bond issue of 1905. (Compare V. 87, p.
1665, 1535, 1607; V. 82, p. 571.)
Blackstone Valley Gas & Electric Cot, &c.,o. (Pawtuck
Offered.-EstaRhode Island).-Amalgamation-Bonds
brook & Co., Boston and New York, are offering at 973i and
unsold
portion
the
of the present
interest, yielding 5.15%,
issue of $1,750,000 collateral trust 30-year115% gold bonds
dated Jan. 1909 and due Jan. 1939, but subject to redemption, as a whole or in part, at 110 and interest on any interest
date. Interest payable Jan. 1 and July 1. Amount of
issue, $5,000,000. Denominations: Coupon, $1,000; registered, $1,000 and multiples (c*&r*). Slater Trust Co.,
Pawtucket, R. I. trustee. Annual sinking fund, 1% of the
'
total bonds outstanding.
Abstract of Letter from Stone & Webster. Managers. Dec. 31 1908.
,Organization.-The company was organized in July 1908 under the laws
of the State of Maine. Through the ownership of stock of subsidiary companies, It controls the entire gas and central station electric lighting and
power business in the cities of Pawtucket, Woonsocket and Central Falls,
and the towns of Lincoln and Cumberland, Rhode Island, and other
neighboring towns.

103

is located the gas plant, three storage holders and two oil storage tanks.
The apparatus consists of two Lowe water gas sets with a daily capacity of
2251000 Cu. ft., and one coal gas set held in reserve. Supplies the city and
the town of Blackstone.•
"Franchises.-The franchises are without embarrassing restrictions and
without fixed termination.

Bush Terminal Co.-Application to List.-The company
has applied to the New York Stock Exchange to list $6,012,000 consolidated mortgage 5% bonds due in 1955 and
$3,295,000 first mortgage 4% bonds due in 1952.4-V. 86,
p. 1040.
Cocheco Manufacturing Co., Dover, N. H.-Offer to Purchase.-The directors on Jan. 5 sent a circular to the shareholders saying:
The Pacific Mills (V. 84, p. 1185) has offered to purchase the entire property and assets of this company,and to assume all its outstanding obligations, for a price which, upon distribution,will net the shareholders of the
company $75 on each share of this company's stock, provided the net quick
assets are found upon examination to be not less than as shown in the inventory of Oct. 31 1908. (The capital stock is $1,500,000; par of shares,
$100: no bonds.) See V. 87. p. 349.

Colt's Arms Co.-Sale of Control.-Charles A.Morse dc Co.,
of New York, have sold to a Hartford, Conn., syndicate
headed by Charles L. F. Robinson a controlling interest
in the stock. Charles A. Morse and J. F. A. Clark, who
retired from the board of directors, were,it was expected, to
be succeeded by representatives of the new controlling
interests to be named at a meeting in Hartford this week.
-V. 87, p. 1535.
Columbia Gas & Electric 0o.-Purchase.----See Union Gas
& Electric Co. of Cincinnati below.-V. 86, p. 1532.
Commonwealth Edison Co., Chicago.-Called BondsOffer of Exchange.-Under agreement with the banking
houses which last week purchased $10,000,000 of its 5%
bonds, the company has called for redemption the following
debentures of the old Chicago Edison Co.and offers the holders thereof the option of exchanging the same not later than
Jan. 18 on the basis named below:

Capitalization of Blackstone Valley Gas de Electric Co.
Amount.
Called for Payment atChicago Edison Co.
6% debentures of 1893_ _$1,483,000__ Par & Int.,July 1,Mer.L.& T.00.,ChIc.
Authorized. Issued.
Collateral trust, 30-year gold bonds. The Issued
3-year gold deben., 5% _ _ 5,000,000_ _101 & Int.,Sept.1,ULT.& S.Bk.,Chic.
bonds bear 5% Interest; the remainder, 5% or less
The company offers the holders of the above-mentioned debentures Its
as determined by the board. The $3,250,000 of
first mortgage 5% Cold bonds of 1943 at 102 and interest in exchange for
'bonds reserved in the hands of the trustee may be
said debentures, to be taken by the company at the following prices:
Issued at par for not exceeding 100% of the cost of
For each $1,000 6% debenture
par and Interest plus $9 bonus
shares of the present outstanding stock issues of
For each $1,000 5% debenture
101 and interest plus $6 bonus
'subsidiary companies, and not exceeding 80% of
The exchange may be made not later than Jan. 18 at the office of any
the cost of permanent additions, extensions and
one of the following Chicago bankers, who, it is understood, participated in
improvements
$5,000,000 $1,750,000 the purchase of the new bonds, viz.: First Trust ec Savings Bank, Harris
Preferred stock, 6% cumulative (shares $100 par) ___ 1,000,000 1,000,000 Trust & Savings Bank, N. W. Halsey & Co.. Illinois Trust dc Savings Bank,
Common stock (shares $100 par)
750,000 Merchants' Loan & Trust Co., Northern Trust Co., Russell, Brewster &
750,000
•
The company's outstanding stock and bonds as above represent either Co. Compare V. 88, p. 55.
cash or securities of subsidiary companies at their market value. Cash
Consolidated Gas,Electric Light & Power Co. of Baltimore.
in the company's treasury, approximately, $584,000, in addition to which
there will be in the treasuries of the subsidiary companies, after the pay- -Sale of Bonds.-The company has sold $2,475,000 4
ment of all floating debt. approximately $304,000,a total of, approxi- general mortgage bonds held in the treasury, about $1,350,mately, $888,000, all of which will be available for working capital and
000 of these going to E. H. Rollins & Sons of Boston and
new construction.
Capitalization of Subsidiary Companies-Amounts of Stock owned and Drexel & Co. of Philadelphia, and the remainder, some $1,125,000, to investors. This sale, it is understood, makes
Deposited as Security for These Bonds.
$5,200,000 of this 4M% issue outstanding.-V.88, p. 55.
Corn. Owned by B.V.G.&E.Co.Underlging
Pref.
.
Stock.
Stock. Prof. Stk. Corn. Stk.
bonds.
Int.
Consolidated Gas Co. of New York.-United StatesSupreme
Paw tucketElec$200,000 $400,000 $110,000 $400,000 $1,250,000
5% Court Holds 80-Cent Gas Law Legal Until Found Non-Comtrio Co
Pawt. Gas Co.
pensatory after Trial.-Pressure, &c., Features of Law Un1,000,000 1,000,000
of N. J
10,000 1,000,000 1,400,000
4% Constitutional.-See editorial remarks on a preceding page.
Woonsocket El.
•Mach.&P.Co.
None
500,000
479,000 4%
Deposits.-The amounts deposited by the company and
500,000
None
Woons. Gas Co.
its subsidiaries under order of Court to protect consumers,
(V.84,p.512)
None
250,000
None
205,100
None
The stocks of the subsidiary companies owned by the Blackstone Valley representing the difference between the 80 cents per 1,000
Gas 44 Electric Co. are deposited with the Slater Trust Co., trustee. Income derived from dividends on these stocks, and from such other securities feet of gas allowed by the law and the $1 per 1,000 charged
as the company may own, constitute the earnings available for securities of by the company (to which, it is reported, some further
the company as shown in the earnings statements following.
amounts are to be added for late additions not recorded),
[Note.-As regards the $3,129,000 underlying bonds sh.,wn above it is
interesting to note that the Pawtucket Electric Co.(V.86, p.173) made in are as follows:
$4,988,0111Standard
January 1908 a consolidated mortgage to the City Trust Co. of Boston, Consolidated Gas co
$1,005,287
711,369
828,107 Central Union
trustee, to secure not exceeding $2,000,000 5% gold bonds of $1,000 each, Mutual
274,292
1,236,559 Northern Union
due Jan. 1 1938, but subject to call at 105 on any interest date at 105%; New Amsterdam
of these bonds $750,000 are outstanding and $500,000 are reserved to retire
$9,038,629
Total
$500,000 1st M. 55 of 1896, due June 1 1916. The Pawtucket Gas Co. of
N. J. (see V. 83, p. 276) has outstanding $1,400,000 1st collateral trust 4s,
Commissioner John A. Shields on Wednesday gave the
authorized Issue, $2,000,000. due May 1 1932, but subject to call at 110
on any Interest date. The Woonsocket Electric Machine & Power Co. various depositary banks notice to be ready to pay over the
Jan.
1
due
has
first
mortgage
430,
(V. 84, p. 512)
outstanding $200,000
moneys on demand within 30 days,if the Court should in its
1931, and $279,000 consolidated mortgage 431s, due April 1 1943, of an
mandate accompanying the full opinion, which is expected
authorized issue of 8500,000.-Ed .1
shortly, direct that the same be returned to the consumers.
Income Account for Calendar Years.
The subsidiaries were not parties to the case in which the
Presently
1908.
(est.).
(Dec. est.).
decision was rendered.
$871,362 $1,150,000
Gross earnings
The company is accepting 80 cents per 1,000 cubic feet
Operating expenses, taxes and bond int. and divs.
in payment of the December bills, which, however, are made
not applicable to securities of the Blackstone
696,131
873,500
Valley Gas 46 Electric Co_.
,-t
out on the basis of the former dollar rate.-V. 87, p. 1535.
$276,500 1481.
$175,231
Balance
Interest on $1,750,000 5% bonds of I1laok5tone
Dartmouth Manufacturing Co., New Bedford.-100%.
-1
87,500
87,500
Valley Gas & Electric Co
Balance
$189,000
$87,731
In spite of the greatly depressed condition of business throughout the
Blackstone Valley during 1908, earnings available for securities of the
company were over twice the interest requirements on the company's
outstanding bonds. With the return of norrhal business conditions and
with the added facilities that the subsidiary companies will have after the
expenditure, during the next year or two, of the cash now provided, we
estimate the results will presently be as above shown. The gross earnings
for years ending Oct. 31 were: 1905-06, $609,757; 1006-07, $786,087;
1907-08, $873,365.
Territory Served.-The territory covered is one of the most thickly
settled parts of New England, and the population served by the company
is conservatively estimated at 135,000, an Increase of 18% since 1900.
Plants on the Blackstone River and Equipment.
(1) Pawtucket Electric Co. owns three power stations in Pawtucket (estimated population 47,000),with a combined rated capacity of 5,440 kilowatts.
Station No. 1, capacity 3,000 k.w., is a steam plant; No. 2 is a combined
steam and water-power plant, and No. 3 develops water power from valuable rights on the Blackstone River. In addition the company supplies
steam commercially. (2) Pawtucket Gas Company's plant consists of
water-gas and coal-gas apparatus, combined daily capacity 1,750,000
cubic feet; holders, aggregate storage capacity, 930,000 Cu. ft. An additional holder, with a capacity of 1,000,000 Cu. ft., is under construction.
This company, as well as Pawtucket Electric Co., owns valuable real
estate. (3) Woonsocket Electric Machine & Power Co. owns two power
stations in Woonsocket (est. population 34,000), with a generating capacity
of 4,045 k.w., one a water and steam power station combined, the other
a water-power plant. Owns a dam across the river and valuable water
rights; also income-producing real estate assessed at about $160,000.
(4) Woonsocket Gas Co. owns 2;1 acres of land in Woonsocket, upon which




Dividend-Stock Increase.-The stockholders on Jan. 5 voted;
to declare a cash dividend of 100% ($100 per share), payable Feb. 14 to stockholders of record at 10 A. M. Jan. 5.
They also voted to increase the capital stock from $600,000
to $1,200,000. The stockholders have the right to use the
dividend until Feb. 24 in payment for the new stock, for
which they may subscribe prior to Feb 14.

Dividend Record for Last Three Years (Per Cent).
Year 1907Year 1908maY
rceh
ar 1906E
4% March
4%
JuneMseaprtcehm ber
arch
4% May4%
50 ext.
June
4 & 10ext. June
Sept
4% September
4% December_ _ _4 & 50 ext.
December
December
4%
Balance sheet of Dec. 31 1907 showed; Funded debt. $450,000; reserved
for bonds, $150,000; surplus, $802,106.

Detroit City Gas Co.-Increase of Stock.-The $2,500,000
new stock (the increase voted last month having been from
$5,000,000 to $7,500,000, not $7,000,000 as previously
reported) has, it is stated, all been subscribed for by shareholders. Compare V. 87, p. 1666.
General Railway Signal Co.-Bonds Called.-Twenty
($20,000) first mortgage bonds, dated March 1 1902, of the
Pneumatic Signal Co. have been drawn for redemption/on

104

THE CHRONICLE

March 1 at par and accrued interest at the Rochester Trust
Jr Safe Deposit Co., Rochester, trustee.-V.87, p. 874.
Hudson River Power Transmission Co.-Coupon Payment.-The Oct. 1 1908 coupons from the company's $500,000 first mortgage bonds due 1928, with interest at 6% to
Dec. 31, are being paid and canceled by the Mercantile
Trust Co., New York, trustee. Payment began Dec. 30.
-V. 87, p. 1240, 874.
Illinois Brick Co.-No Dividend Declared.-The directors
at their regular quarterly meeting failed to declare a dividend
on the $4,000,000 capital stock. Three months ago a dividend of 1% was paid. Compare V. 87, p. 874.
Indiana & Michigan Electric Co.-New Plan.-The "Engineering Record" of New York, in its issue of Dec. 26, contains an illustrated article regarding the low-head hydroelectric development, capable of producing 7,200 K. W.,
which this company has recently placed in service on the
St. Joseph River at Berrien Springs, Mich.-V.85, p. 349.
Knickerbocker Ice Co., Chicago.-Dividends Resumed on
Preferred.-Dividends on the $3,000,000 cumulative preferred stock, which after a record of nineteen consecutive
semi-annual payments at the rate of 6% per annum, were
suspended following the distribution of 3% last February,
have been resumed with the declaration of a 6% payment
to be made Jan. 20 to stockholders of record Jan. 9, thus
covering the semi-annual installment deferred last June,
as well as that now due.
New Note Issue.-The company has arranged to retire the
collateral 5% gold notes due Feb. 1 (V. 83, p. 439), originally
$1,500,000, by the sale of a new issue of $1,300,000 of 2-year
6% notes. Of the new notes Lehman Bros. of New York
have taken two-thirds and the First Trust & Savings Bank
of Chicago and Central Trust Co.of New York the remainder.
-V. 87, p. 1666, 1536.
Library Bureau, Boston.-New Stock.-Preferred stockholders of record Dec. 9 1908 are offered the right on or
.stock,ser.B,
before Feb.1 to subscribe at par for $500,000 pref.
to the extent of 50% of their respective holdings. Subscriptions are payable either as a whole on April 10, or 50% on
that date, and the remainder July 10. There is at present
outstanding $1,000,000 8% cumulative preferred and
$1,500,000 common stock. Par of shares $100. Business
established in 1876.
Dividend.-The Library Bureau paid on Jan. 2 a regular
quarterly dividend of 2% on the preferred to stock of
. has received 8% per annum
record Dec. 21 1908. The pref.
for over 20 years.
Manitowoc Gas Co.-Earnings.-For year ending May
31 1908:
$51,401 Interest on $215,000 bonds_ _$10,750
Gress earnings
10,106
Net earnings (after taxes) _ _ _ 20,856 Balance, surplus

Marsden Company, Philadelphia.-Plan /or Merger and
90% Stock Reduction.-This company, having outstanding
$34,944,700 common stock, in shares of $100 each, but only
$28,300 6% cumulative and participating preferred stock
($1,518,700 of the preferred having been purchased by the
company with a view to cancellation upon consummation of
the present plan), has called a meeting of its shareholders
for Jan. 28 to vote on reducing the capitalization by about
90% in connection with a merger of the company with its
subsidiary, the American Milling Co., under the title of the
latter and pursuant to the laws of New Jersey.
The American Milling Co. has issued $1,365,200 capital stock, all except
$350 of which is owned by the Marsden Company.
The new American Milling Company will have authorized issues of $3,500,000 common stock in shares of ten ($10) dollars each, and $1,500,000
6% cumulative preferred stock in shares of one hundred ($100) dollars each.
The common stock will be exchanged, share for share ($10 new for $100 old)
for the existing common stock of the Marsden Co. Of the new preferred
stock, $28,300 will be exchanged, dollar for dollar, for the outstanding
preferred stock of the Marsden Co., and the stock so issued will carry accrued dividends from Jan. 1 1898 (not 1908) to represent the 66% accumulated dividends to Jan. 1 1909 on Marsden preferred. Every new preferred
share will be entitled to receive in addition to its 6% yearly "a dividend
sta and
daas
share
ah
of
msn stocke when
edtueanl a
is
n =mat soshalltha paid
atas
e (i
commoncommon.'
declared
dividends
present American Milling Co. will be canceled without exchange.
The directors of the consolidated company will be as follows: A. G.
Winter (President), 801 Drexel Bldg., Philadelphia; E. S. Buckner (Vice
President), Wilmington, Del.; W. W. Gibbs, Edward C. Lee, Edwards S.
Dunn and Clarence M. Brown of Philadelphia; James S. Beacom, Greens
burg, Pa.; R. C. Patterson, Newcastle, Pa.; H. W. Stone, Benson, Minn.,
and Henry F. Stockwell, 317 Market Street, Camden, N. J. The Secretary and Treasurer of the company will be A. F. Seay, 77 Jackson Bodeva'd. Chicago, 111.-V. 85, p. 349.

Massachusetts Gas Companies.-Bonds Offered.-Subseriptions will be received on Monday from 10 a. m. till
12 m. by Kidder, Peabody & Co., R. L. Day & Co. and
Estabrook & Co., at their offices in New York and Boston,
for the company's new
at 96% and interest, yielding 49/%,
f
issue of $6,000,000 20-year 4M 0 sinking fund, gold bonds,
due Jan. 1 1929, but subject o call at 105 and interest.
Interest payable Jan. 1 and July 1. Denominations, coupon
bonds, $1,000 each; registered bonds, $5,000 and $10,000
each (c*&r*). Sinking fund, $120,000 per annum for first
five years, $180,000 per annum thereafter. Old Colony
Trust Co. of Boston, trustee. A circular says in part:
The Indenture, subject to which these bonds are Issued, provides that
the Massachusetts Gag Cos. shall not mortgage or pledge any of its assets,
without equally securing these bonds, and further provides that none of
the sub-companies shall hereafter mortgage or pledge their property unless
the indebtedness to be secured is acquired and held by the Mass. Gas Cos.
The value of the equity of the Massachusetts Gas Cos., based on the
market value of Its shares, Is over $35,000,000. The report for the year
ending June 30 1908 shows earnings equal to more than six times the annual
interest on these bonds.
Extracts from Letter of President C. Minot Weld. Boston, Jan. 7 1909.
The proceeds of the $6,000,000 434% bonds will enable the Massachusetts
Gas Cos. to pay all of Its floating indebtedness and a to that of the operating




[VOL. Lxxxvm.

companies other than that already owned by the Massachusetts Gas Cos.
There are no bonds outstanding (other than those owned by the Massachusetts Gas Cos.) against any of these companies except $250,000 first
mortgage bonds of the Federal Coal & Coke Co. and $175,000 first mortgage
bonds of the Chelsea Gas Light Co.
Since July 1 1905 the only securities issued by the operating companies
controlled by the Massachusetts Gas Cos. have been $55,000 East Boston
Gas Co. stock. During that time, however, the operating companies and
the Massachusetts Gas Cos. have expended for additional property and
construction, $6,459,424. From the sale of real estate the Boston Consolidated Gas Co. has received $1,527,677 and the New England Gas & Coke
Co. $100,000; total, $1,627,677, making the net outlays,as above,$4,831,747, or deducting $66,000 received for the $55,000 East Boston Gas Co.
stock (sold at a premium), a net sum of $4,765,747. Money for improvements has In the past been secured by borrowing by the subcompanies and by the Massachusetts Gas Cos.
The most Important improvements have recently been finished or will
be completed within the next two or three months, and It is anticipated
that within the next three months the benefit of these improvements will
be shown in a marked increase in net earnings. The Boston Consolidated
Gas Co.'s new plant was put into commission the latter part of the year
1908, and January earnings should show a substantial benefit from same.
It is expected that the coal property which was secured by the Massachusetts
Gas Cos. In the spring of 1908 will show a satisfactory net Income during
the year 1900, as the improvements commenced some six months ago on
that property will be completed by March 1 this year, by which time it is
expected that the production of 1,000 tons per day will be doubled.
The Citizens' Gas Light Co. of Quincy has been unprofitable up to July 1
1908, but it is expected that that company can pay a dividend this year
While the investment in the steam colliers has been satisfactory, there Is
no reason why, during 1909, they should not do much better than they did
In 1908. The New England Coal & Coke Co. will be selling coal on or
before April 1 1909, and it is expected will prove to be a new source of
Income for the Massachusetts Gas Cos. Compare annual report In V. 87,
p. 1087, 1666.

Merchants' Heat & Light Co. of Indianapolis.-Stock and
Bonds Increased.-The stockholders on Dec. 29- authorized
an increase in the common stock to $500,000 and in the limit
of the bonded debt to $2,000,000.
It is proposed to erect an additional plant in the western part of the
city, from which to supply the customers in that district. Compare V. 81.
p. 843; V. 79, p. 683.

National Licorice Co., Brooklyn, N. Y.-Dividend Increased.-The directors have declared a semi-annual dividend of 3% on the $1,000,000 common stock, payable Jan. 7
to stockholders of record Jan. 6. There is also $500,000 6%
cumulative preferred. Par of shares, $100.
New York Air Brake Co.-New Stock to Provide for Conversion of Bonds.-The shareholders, it is announced, will
shortly be asked to increase the limit of capital stock from
$10,000,000 to $13,000,000, to provide for the conversion of
the $3,000,000 first mortgage 69' bonds. (V. 86, p. 725,
1104.)-V. 86, p. 1347.
New York Transportation Co.-Decision.-The Court of
Appeals at Albany on Jan.5 affirmed the decision of the lower
courts which refused to restrain the city authorities by injunction from interfering with advertising matter on the
outside of the coaches of the Fifth Avenue Coach Co. (all of
whose stock is owned).
It is claimed that the advertisements on the exterior of the coaches violate
a city ordinance against advertising trucks or wagons running In the streets.
-V. 88, p. 56.

Pacific Mills, Lawrence, Mass.-Proposed Purchase.-See
Cocheco Mfg. Co. above.-V. 84, p. 1185.
ctc.Pawtucket (R. I.) Electric
Co.-Amalgamation'
Outstanding Bonds.-See Blackstone
Valley Gas & Electric
Co. above.-V. 86, p. 173.
Pawtucket (R. I.) Gas Co.-Amalgamation, &c.-See
Blackstone Valley Gas & Electric Co. above.-V.83, p. 2 76.
Pittsburgh Wheeling & Lake Erie Coal Co.-Default.-No
instructions have been received at the Mercantile Trust Co.,
New York, to pay the January coupons from either the
$634,500 first 4s or the $200,000 prior lien 5s. Six months
ago the coupons then due were paid July 3.-V. 87, p. 43.
Rockland Light & Power Co., Rockland County, N. Y.Bonds Offered.-N.Iv. Harris & Co., New York and Boston,
and Perry, Coffin & Burr, Boston, recently offered at par
and interest $500,000 1st M. 5% gold bonds dated Nov. 2
1908 and due Nov. 11938. Interest May 1 and Nov. 1
in New York City. Denomination $1,000 (c*). Guaranty
Trust Co., New York, trustee. Tax-exempt in the State
of New York. The southern part of the territory served
is only about five miles from Manhattan Island.
Abstract of Letter from Vice-President S. R. Bradley Jr., NYack, N. Y..
Nov. 25 1908.
The company does practically the entire electric light and power business
of Rockland County, N. Y. Including Haverstraw, Nyack and a number
of smaller communities. Through the ownership of the entire capital stock
and notes secured by a first mortgage of the Rockland Electric Co. of New
Jersey, the company controls the electric light and power business In the
northeastern corner of New Jersey; and through ownership of the entire
capital stock of the Nyack Gas Light & Fuel Co. also does the entire gas
business at Nyack. It Is propoted to merge the latter company In the near
future. The total population served Is conservatively estimated at about
35,000. The territory embraced,roughly,forms a triangle with a base of
about 24 miles along the west side of the Hudson River.
Capitalization.
$200,000
Common stock authorized, $400,000; Issued
100,000
Preferred stock authorized, $100,000; Issued
Bonded debt-1st M.5% gold bonds (total auth. Issue $1,000,000):
Present issue, to retire underlying bonds and for imp'ts, &c_ _ _ _$500,000
Reserved to retire a like amount of Nyack Gas Light & Fuel Co.
50,000
5% bonds
$550,000
Total bonds outstanding
450
Bonds reserved for extensions and improvements 1908$.,000
Earnings for Year Ended Sept. 30
$3
21
710
:8
500
Gross earnings
$160,03411nt. on $550,000 bondS
Net earnings, after taxes__ _ 59,3101Balance, surplus
The company has paid 6% annual dividends for the past live years on Its
preferred stock, and In the summer of 1908 an initial dividend of 3% was
paid on the common stock.
The remaining $450,000 bonds may be issued to pay for 75% of the cash
cost of permanent additions and improvements when the net earnings for
the preceding twelve months are not less than twice the Interest on all
bonds outstanding, together with those proposed to be issued.
The electrical generating station Is located at Orangeburg, N. Y., being
a substantial brick building with generators having a present total capacity
of 1,300 kilowatts. An additional 700 K. W. turbo-generator is to be_pur
chased from the proceeds of theselbonds.stCurrentils distributedibMole

JAN. 9 1909

1

THE CHRONICLE

leIns to sub-stations at Haverstraw, Nyack and Spring Valley, N. Y., and
Closter, N. J. The gas plant at Nyack Is modern and of sufficient capacity
to supply gas to that community for many years to come.
The company has contracts for the public lighting In thirteen of the municipalities served by it, including both Haverstraw and Nyack. The franchises are satisfactory; a majority of them are unlimited in time, the shortest expiring In 1941.

San Joaquin Light & Power Co.,Fresno, &c., Cal.-N. W.
Halsey & Co., New York, Chicago, &c., are offering at a
price to yield about 5.15% $500,000 first mortgage 5%
bonds dated June 1 1905 and due June 1 1945 but redeemable after Aug 1910 at 110 and accrued interest. Interest
payable June 1 and Dec. 1. Par $1,000 (c*). A circular
A ,111
.
says:
Total Authorized Issue of $3,000,000 First Mortgage 5% Bonds Due 1945.
$1,896,000
Outstanding (Including present issue)
172,000
Reserved to retire underlying bonds
$932,000
Reserved for betterments, &c
These bonds are secured by first lien on the entire property, worth more
than $3,000,000, subject only to $172,000 underlying bonds. The properties include 2 hydraulic generating power plants and a steam power plant,
the present development and new installation aggregating about 12,500
horse-power, with a reservoir to maintain the water supply the entire season.
Two complete copper transmission lines run to a sub-station in Fresno.
through which the current is transformed and distributed through an extensive distributing system in the city of Fresno (population 30,000). the
towns of Fowler, Selma, Dinuba, Reedley, Laton, Hanford, Corcoran and
Madera and outlying districts. The company also possesses valuable
undeveloped water rights, bringing up the total water power which can be
developed to over 20,000 h. p.
A sinking fund will provide for the retirement before maturity of over
one-half of the bond issue. $425,446 has been put back into the property
from surplus earnings during the five years ending Nov.30 1907,for betterments and new work.
The company controls practically the entire electric light and power
business of four counties located in the San Joaquin Valley, California,
namely, Madera, Fresno, Kings and Tulare. These counties had in 1900
a population of 72,492. The demand is growing for power for pumping
water for Irrigation, Ecc.
1908.
1905.
1907.
1906.
Year ending Nov. 30$362,529 $301,753 $244,093 $206,650
Gross income
62,700
76,400
116,721
100,821
EXpenses
143,950
167,694
245,808
200,932
Net income
36,125
45,190
•103,400
61,728
Interest
107,824
122,503
142,408
139,203
Profit
• Interest charges are here figured on bonds heretofore Issued, and also
on the present issue of $500,000.
See further particulars in V. 82, p. 990; V. 85, p. 288.-V. 86, p. 1228.

Southern Steel Co.-Notice to Stockholders.-The reorganization committee, James A. Woodward, Chairman, announces that after Jan. 18 1909 no further deposits of stock
will be received under the plan except upon payment of
50 cents per share for each share of preferred stock and 10
cents per share for each share of common deposited. (See
plan, V. 86, p. 1288.)-V. 87, p. 551, 484.
Standard Cordage 0o.-New Director.-Geo. H. Squire Jr.
has been elected a director.
Earnings.-The gross earnings for the year ending March
31 1908 (not yet published) are currently reported as $1,008,764, wilh "n TIpt loss of A57,070."
printer and will be Issued in a
.
fewhi..
days. At the annual meeting held this week various propositions
were made for disposing of the idle properties; among others that the
bondholders take them in exchange for their bonds; but none of the propositions was approved. President Wilson, it is said, reports business as
steadily Improving, sales now averaging 1,000,000 lbs. a month and the
company meeting expenses.-V. 86, p. 166.

105

the stockholders of record Jan. 5 1909 are entitled to subscribe at par. See particulars in V. 87, p. 1609.
United Box Board & Paper Co.-Purchase of Coupons.The reorganization committee Charles C. Adsit, Chairman,
announced on Jan. 2 that it had instructed the Trust Company of America of New York, trustee, to purchase the
coupons of the United Box Board & Paper Co. general mortgage 6% bonds due Jan. 1 1909.
Reorganization.-The reorganization committee is arranging with some of the, leading creditors of the American
Strawboard Co. to accept 90-day notes in exchange for
their claims. The floating debt of the United Box Board
& Paper Co. is being met from the assessment on the stock.
-V. 87, p. 1360, 1163.
United Cigar Manufacturers Co.-Initial Dividend on
Common Stock.-A dividend of 1% has been declared on
the $15,000,000 common stock, payable Feb. 1 to holders of
4% quarterly have
record Jan. 27. Regular dividends of 13
been paid on the $5,000,000 preferred stock from organization of the company to date.-V.86, p. 979.
United States Steel Corporation.-"The Greatest Steel Plant
in the World."-The "Iron Age" of New York and the "Iron
Trade Review" of Cleveland ,in their issues of Jan.7,give the
first of a series of articles descriptive of the new Gary works
of this company's subsidiary-the Indiana Steel Co. See
also American Locomotive Co. above.
First Offer of Common Stock to Employees.-Employees
under the profit-sharing plan of 1909 will be allowed to
subscribe for common as well as preferred stock, the former
at 50 and the latter at 110.
The number of shares lobe ffered has not been announced,but It Is expected
they will be over-subscribed. Last year the preferred was offered at $87 50
a share; In 1907 at 102; In 1906 at $100; In 1905 at $87 50: In 1904 at $55;
and In 1903 at 882 50. Since the plan became operative there has been
distributed to employees In dividends and bonusts about $12,000,000.V. 88, p. 56.

United States Sugar & Land Co., Colorado Springs.-Bond
Issue, &c.-This company, having outstanding $2,424,900
cumulative preferred stock which is paying 7% dividends,
also $2,276,200 common stock, the par value of shares being
$100, has just sold to Hayden, Stone & Co., Boston and New
York, $1,500,000 of 20-year first mortgage 6% bonds, interest payable January and July.
The company has a 1,000-ton beet sugar mill at Garden City. Kan.,
which cost in the neighborhood of $1,400,000. It own,s 30,000 acres of
beet land and valuable water rights. The company has earned about
$175,000 In the two years It has been in operation. The object of the bond
Issue Is for working capital,so as to enable them to carry their own sugar
In the market without borrowing. and also to enlarge the capacity of the
mill from 1,000 to 1,500 tons daily.
A press dispatch to the Denver "Republican" on Dec. 22 said: "All the
accumulated dividends on the preferred stock up to Jan. 1 1908, at the rate
of 7% per share, were ordered paid at a meeting of the directors here to-day.
This dividend, which amounts to $150,000, will be paid Feb. 1 1909. The
first dividend, aggregating $120,000, was paid about one year ago.-V.84.
.p 1058.

Woonsocket Electric Machine & Power Co.-Amalgamation.-See Blackstone Valley Gas & Electric Co. above.
-V. 86,'p. 486.
Woonsocket Gas Co.-Amalgamation, &c.-See Blackstone Valley Gas & Electric Co. above.-V.84, p. 512.
York Haven (Pa.) Water & Power Co.-Notes Offered.Julius Christensen, Philadelphia, is offering at 9754 flat,
to yield over 7%, the unsold portion of an issue of $400,004
6% "three-year gold coupon notes," free of tax in Pennsylvania, secured by deposit with trustee (Germantown Trust
Co. of Philadelphia), of $800,000 consolidated 5% sinking
fund gold bonds, due 1957. Denomination of notes, $1,000;
coupons payable Jan. and July at Philadelphia.

Standard Oil Co.-United States Supreme Court Denies
Right to Government to Appeal.-The United States Supreme
Court on Monday; without filing an opinion, denied the
application of the Government for a writ of certiorari to
review the decision of the United States Circuit Court of
Appeals of the Seventh Circuit, which in July last reversed
the decision of Judge Landis imposing a fine of $29,240,000
on the subsidiary Standard Oil Co. of Indiana (V. 87, p.
229, 192). Attorney-General Bonaparte on Tuesday announced that the Government will re-try the case in the Extracts from Letter of Pres. George Poole, York Haven, Pa.. Dec. 26 1908.
lower court, but it is not anticipated by the company's
These notes are dated Jan. 2 1909, due Jan. 2 1912, redeemable at thepleasure of the company at 101 and Interest upon four weeks' notice, and
counsel, in view of the rulings of the Court of Appeals, that are
secured by deposit with the trustee of $800,000 of the consolidated 5%
any fine which may be imposed, if the company is again sinking
fund gold bonds due 1957. These bonds (see V. 86, p. 1105) are
of bonds, of which $2,550,000 are
found guilty of granting rebates as charged, will be over a part of an authorized issue of $4,000,000
to retire prior liens (V. 77, p. 2103; V.78, p. 2390) and the balancereserved
small fraction of the amount named above fixed by the Court It was provided,
should be issued only for extensions; $517,000 of these
bonds have been issued and sold.
at the former trial.-V 87, p. 1303, 229.
During the unprecedented drought of this sumrher our plant has been
successful operation. The company has Installed
Swift & CO, Ohicago.-New Stock.-The increase in the In continuous and
10,000 h.p. and machinery for 10,000 additional h.p. Is now being installed.
capital stock from $50,000,000 to $60,000,000 was ratified It is expected to have at least 5,000 additional h.p. In operation by Feb. 1
by July 1909. The proceeds of these notes will
by the shareholders on January 7. Stockholders of record 1909 and the balance
comllete the plant with 20,000 h.p., with no indebtedness against same
January 18, it is stated, will be permitted to subscribe and except
the bonds and notes outstanding.
When the plant is completed and paid for, the following Is the final limit
pay for the $10,000,000 new stock at par on or before Feb. 6
of securities that can then be outstanding, to wit: Bonds, $3,200,000;
in amounts equal to 20% of their respective holdings.
gold notes, $400,000. The total Interest requirements for the entire amount
Business for Year.-Press reports state that the total sales of these securities will be $184,000 per annum.
for the fiscal year ending Sept. 30 1908 were $240,000,000, Earnings-Fiscal Year ending June 30 1908, Month of November 1908 and
Estimate for an Entire Year with Plant Completed.
contrasting with "over $250,000,000" in 1906-07 and
Est. Year.
Year'07-08. Nov. 1908.
20,000.
"considerably over $200,000,000" in 1905-06. The net Horse-power In operation
10,000
10,000
$600,000.
$22,105
$219,849
earnings, it is said, were $7,600,000 and depreciation $1,- Gross earnings
60,000
est. 2,750
30,918
expenses
Operating
700,000. Dividends at the rate of 7% per annum called for
$540,000.
$19,355
$188,931
Net earnings
$3,500,000.
The company has been paying interest on an Investment of at least
New Director.-L. B. Brainerd, President of the Hartford $1,000,000,
from which It will derive no revenue until the additional 10.000,
Steam Boiler Insurance & Inspection Co., has been elected h.p. are In operation. The severe depression in business during 1907-08necessarily reflected,in the earnings of that year.
a director to succeed the late John R. Redfield.-V. 87, p. Is A
majority of the stock of the company Is lodged with three trustees for
1483.
a period of ten years from Nov. 1 1906, thus Insuring a fixed policy and
stable management.
We are delivering power In York, Harrisburg, Steelton, Middletown and
Union Gas & Electric Co. of Cincinnati.-Sale of Stock.York Haven, Pa., to street railways, lighting plants and a large number of
Controlled by Columbia Company.-The Columbia Gas & manufacturing
enterprises located In the cities named and the territory
Electric Co. has, through the purchase of an additional adjacent thereto.-V. 87, p. 1609.
Youngstown Sheet & Tube 0o.-New Stock as Dividend,
amOunt of the stock from the former owners, acquired
control or practical control. There are $10,000,000 common &c.-The "Iron Trade Review" of Cleveland says:
recommend to a vote of the stockholders that the capital
The
and $5,000,000 preferred stock outstanding.-V.87, p.1303. stock ofdirectors
the company be increased from $6,000,000 to $10,000,000. The
made within the past year, together with the additional
United Bank Note Corporation., New York.-Option to mprovementsalready
planned and the plant as It stood before, represent
construction
Subscribe.-In accordance with the circular letter sent to an investment of such magnitude that the increase is recommended to
the capitalization nearer to the actual value of the plant. The new
all the stockholders under date of Dec. 16 1908, assignable bring allotment
willinclude $3,000,000 stock dividends and $1,000,000 cash.
stock
subscription warrants have been issued showing precisely (Inquiries
regarding the new Issue meet with no response.-Ed.)-V. 88,
the amount of the new preferred and common stock for which p. 56.




106

THE CHRONICLE

Lxxxviii.

-Lyman A. Walton who since 1890 has been officially
connected (as Cashier,
Secretary, Treasurer and Vice-Presi'
deht) with the Equitable Trust Co. of Chicago, has nearly
complet0 the liquidation of that company,and has embarked;
COMMERCIAL EPITOME.
. in an individual enterprise, viz. the establishing of a bond'
•. )
Friday Night, Jan. 8 1909.,1
1 house for-The purchase and sale of locdl corporation and inib,
Though the holiday quiet still lingers here and there, the
lie service securities, at Room 418, New York Life Bldg.,
171 La §fIlie St. Mr. Walton has long been on the board of tone in trade circles continues pod, despite a certain hesitathe Chicagb South Park Commission, and in other prominent tion' in some quarters growing out of the question of tariff
public positions, and is eminently qualified for dealing in reviiion.
local securities.
Stocks of Merchandise.
Dec. 1
Jan. 1
Jan. 1
-A leather desk calendar-one of the most attractive
1908.
1900.
1908.
that has thus far come to us-has been issued by the banking
Lard
5,625
5,640
tlel'ees
house of E. W.Clark & Co. of Philadelphia. Aside from the Cocoa
28,750
32,000
7,250
bags
name of the institution and its location, there is no other Coffee. Brazil
bags 3,171,291 3,028,027 3,367.067
advertising matter on the calendar, and as this is in gilt let- Coffee, Java
41,275
48,500
52.782
mats
Coffee, other
bags 291,390 289,233 209,586
tering, it adds to rather than detracts from its appearance. Sugar
17,100
5,800
tons
7,200
The calendar is in the form of a holder for monthly cards, Sugar
bags, &c.
Hides
7,900
32,500
No.
41,500
and is available for use for the next two years, cards being Cotton
_bales 187,033
99,860 140,438
Saltpetre
supplied for 1909 and 1910.
bags
6,550
4,560
3,750
Manila hemp
bales
20,400
3,416
1,472
-N. W. Halsey & Co., bankers, are distributing to in- Sisal hemp
bales
1,460
2,294
1,244
.barrels and sacks
24,500
79,400
vestors a very complete list of high-grade investment Flour
64,500
bonds. The circular comprises over 20 different issues of
LARD on the spot has ruled firm. Trade has been quiet
municipal bonds and 25 of railroad bonds, together with
several detailed statements of public service bonds. Quite and limited for the most part to jobbing purchases, but offera number of the bonds are legal investments for savings ings have been light. The arrivals of live hogs have shown
banks and trust funds in New York, New Jersey, Connecticut some decrease, while a strong market for corn, has also had a
and Massachusetts. The bonds yield from about 3.70% bracing effect on provisions. Prime Western 9.85c. and
City 93/8@9Mc. Refined lard has advanced.
to 5.15%.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
-Alexander Smith and James L. Houghteling Jr. were on
Sat.
Mon.
Tues.
Wed. Thurs.
Fri,
Jan. 1 admitted to partnership in the prominent Chicago January delivery
9.47
9.47
9.473i 9.55
9.4734 9.47
9.72
9.77
9.70
9.72
9.70
9.72
mortgage bond and banking firm of Peabody, Houghteling May delivery
9.82% 9.90
9.80
9.85
9.82;i 9.823
& Co., which was organized in 1865. Mr. Smith has for July delivery
PORK on the spot has been quiet, with mess higher and
several years been manager of this firm's very successful
bond department, and at present is abroad looking after its other grades unchanged. Offerings have been light. Decreasing receipts of hogs have had a strengthening influence.
extensive foreign interests.
-Westling, Emmett & Co., ankers Lafayette Building, Mess $16 75@$17 25, clear $19 50©$23 and family $17 50©
Fifth and Chestnut streets, Philadelphia, are offering irriga- $18 50. Beef has ruled dull but firm on small supplies.
tion bonds which pay the investor 6%. These bonds are Mess $12 50@$13, packet $14@$14 50, family $16@$16 50
stated to be a first mortgage on property worth over $2,000,- and extra India mess $24 50@$25. Cut meats have been
000, located 23 miles from a city with 200,000 population firm. There has been a moderate trade in small lots. Pickhams 9c. and pickled bellies, 14@10 lbs., 83
4@9Mc.
and 21 railroads, and mature 1913 to 1921. Full descriptive led
Stearines have been fairly active and firm; oleo 113c. and
"circular and price upon request.
lard 11c. Tallow dull but strong; City 52@6e. Butter
-Vor January investment demand, A. M. Kidder & Co. quiet and steady; creamery extras 32M@33c. Cheese in
members N. Y. Stock Exchange, 18 Wall St., to-day ad- fair demand and firmer.
vertise four special issues of high-grade railroad bonds to
'OIL.-Cottonseed has been firm in the main on specuyield the investor 4.20 to 5%, and six first-class guaranteed lative buying. • Winter
44@47c. and summer white 41©
stocks which are exempt from tax, returning 3.84 to 5.70%. 413
4c. Linseed has advanced, owing to a further rise in the
The reader is referred to the firm's advertisement on another price of seed. Trade
has been dull on account of colder
page for full particulars.
weather. City, raw, American seed, 51@52c.; boiled 52@
-The banking house of N. W. Harris & Co., Pine St. cor- 53c. and Calcutta, raw, 75c. Lard has been firm. Trade
ner William, advertise in to-day's issue, in anticipation of has been moderately active, though purchases as a rule
tax day,six bonds which are legal investments for savings have been confined to small lots. Prime 75(0)78c. and No. 1
banks and trust funds and exempt from tax in New York extra 51(4)53c. Olive has been quiet but strong at $1 15©
State. The prices, details, &c., appear in the advertis- $1 40 on small supplies.
Cocoanut has been firm. Trade
ment. Circular will be sent upon request.
has been quiet but stocks continue light. Cochin 714@7Mc.
-Arthur H. Scoville, formerly connected with Plympton. and Ceylon 7c. Peanut has been quiet and steady at 65@
Gardiner & Co. as a bond salesman, now represents Fisk & 80c. Cod has been moderately active and steady.
Robinson's Chicago office in the Ohio and Indiana field, with
COFFEE has been more active and firmer. Rio No. 7
headquarters at Cincinnati. Lewis W. Thompson,formerly 7@73ic. and Santos No. 4 8@83-ic. West India growths
with August Schafiy & Sons, will represent Fisk & Robinson have advanced, with a larger jobbing trade. Fair to good
in St. Louis.
Cucuta 9@)10c. The speculation in future contracts has
-The new January circular issued by the banking house been more active and prices have advanced moderately,
of Plympton, Gardiner & Co., New York, Chicago and owing to higher European and Brazilian markets and buying
Boston, contains a choice list of investment securities, made by commission houses on the idea that the price is unduly
up of municipal, railroad and public service corporation low and that there is a large short interest among spot houses.
bonds and tax-exempt guaranteed stocks. The circular will Reports have been in circulation that there is the possibility
be mailed upon request.
of an import duty being imposed and this has caused some
-Wurts, Dulles & Co., bankers and brokers, of 125 South buying. The closing prices were as follows:
5.80c. September
Fourth St. Philadelphia, have prepared a January invest- January
5.65c. May
5.55c.
5.70c. October
5.50c.
5.70c. June
ment circular
' of municipal, railroad, public service and cor- February
March
5.60o. November _ . _ - 5.50c.
5.80c., July
poration bonds which they own and offer for sale. Copies April
5.55c. December
5.80e. I August
5.50c.
of this circular will be mailed to all applicants.
SUGAR.-Raw has been more active and firmer. Cen-Winthrop E. Scarritt, for a number of years manager trifugal, 96-degrees test, 3.70@3.73c.; muscovado, 89of the bond department of J. & W. Seligman & Co., and degrees test, 3.20©3.23e., and molasses, 89-degrees test,
`liter President of the Commonwealth Trust Co. of this city, 2.95©2.98c. Refined has been dull and steady. Granuhas opened offices at 115 Broadway for the purpose of lated 4.50@4.55c. Teas have been fairly activeand strong,
handling entire issues of investment bonds.
with supplies light. Spices have been moderately active
-Headed by an article on "The Investment Problem," and steady. Hops have been quiet and steady.
PETROLEUM.-Refined has been firm, with a good dethe January 1909 circular from the office of D. Arthur Bowman, Third National Bank Bldg., St. Louis, has been issued. mand for foreign and domestic account. Refined, barrels,
A number of attractive equipment, railroad, municipal and 8.50c., bulk 5c. and cases 10.90e. Gasoline has been active
and firm; 86-degrees, in 100-gallon drums, 19c.; drums $8 50
county bonds are described.
-Foster & Adams, 2 Wall St., and Chandler Bros.,New extra. Naphtha has been moderately active and firm;
York and Philadelphia, are offering $250,000 Pere Marquette 73@76-degrees, in 100-gallon drums, 16c.; drums $8 50
RR. consolidated mortgage gold 4s dated Jan. 2 1901, due extra. Spirits of turpentine have been in fair demand and
Jan. 1 1954. A circular giving full particulars will be mailed firmer at 42 Mc. Rosin has been quiet and steady.
TOBACCO.-There has been no essential change in the
upon request.
-The bond house of C. E. Denison & Co., with offices in general situation. Manufacturers hold light supplies of the
Boston and Cleveland, are offering to investors on another raw material, but they show no disposition to buy except
page a selected list of municipal and corporation bonds. A for immediate needs, despite reports that the consumption
of cigars has shown a noticeable increase of late. Sumatra
eomplete list with full particulars will be sent upon request.
Havana have been quiet. Prices have ruled steady.
-Louis Crawford Clark Jr. and J. Ellis Postlethwaite and
COPPER has been quiet and steady; Lake 143A ®14Mc.
were admitted as members of the firm of Clark, Dodge & Co. and
electrolytic 143©14%
3 c. Lead has been quiet but firm
of this city on the first inst.
at 4.17M@4.22Mc. Spelter has been quiet and steady at
-The Boston Safe Deposit & Trust Co., 87 Milk St., 5.123@5.17c.. Tin has been]
and easy; Straits
Boston, has issued the 1909 edition of its annual booklet- 28.60c. Iron has been quiet and quiet
steady; No. 1 Northern
"Coupons, Where Paid."
$17@$17 50; No. 2 Southern $17 25(4417 50.




Whe Tomfurrtiat Wint,c2E.

107

THE CHRONICLE

JAN. 9 1909.1

C

,

On Shipboard •,Not Cleared for-

T TAN.

Great
Frida0Night, Jan. 8 1909.
Jan. 8 at- Britain. France
Z,a,s indicated by our!
'THE-MOYEMENT OF THE;Q
9,164 6,166
evi Orleans_ _
telegrams fritirn the Skiuth to-hight *On below. For thel t N
Galveston _ _ _ _ 52,429 11,720
week _ending,I this evening,;the total receipts have reachedt Savannah _ _ _ _ 5,152 4,651
2, 05,371,440, against 266,772 bales last week and 351,.736 Ch6,rleston
6,000 •'4,436
Mobile
1,000
Dales the ;previous week, making the -total receipts since Norfolk
1,900
800
New York_ _ _ _
the 1st of September 1908v 6,549,529 bales, against 5,395,337 • Other
25,000
i2,000
_
ports_..
bales for the same period of 1907-08, showing an increase
-Total 1909_ _ 99,635 29,773
since Sept. 1 1908 of 1,154,192 bales.
Wed.

Thurs.

Total.

Fri.

Mon. Tues.
Sat.'
Receipts at9,610 21,980 22,903 19,442 13,850 20,549 108,349
-Galveston
36,845
7,800
Port Arthur_ - - 29,045
3,692 3,692
Corp .Christi,&c.
61,242
10,488
10,058
.264
15
10,789
.017
14
626
New Orleans__ - Gulfport
1,110 11-,59.9
052 1,064
1,232 3.758 3-,tiii
Mobile
1
Pensacola
903
317
89
-ioi -68
Jacksonville, &c.
3,072 5-.56i 4,650 28,585
3.201 6,095 o-,ioi
Savannah
23,262 23,262
Brunswick
537 1,114
109
62
72
245
89
Charleston
123
123
Georgetown __
580 3,557
040
598
aii
315
810
Wilmington _
1,578 12,114
1,015 2,645 1,732
1,846 3,298
Norfolk
1,186
1,188
N'port News. &c
291
80
-68
116
New York
850
149
200
210
50
241
Boston
1,691
1,691
Baltimore
179
25
50
25
79
Philadelphia_ _ _ _
-69,815
45,192
295,374
42,761
40,700
50,129
Totals this wk_ 46,777

The following shows the week's total receipts, the total
since Sept. 1 1908, and the stocks to-night, compared with
last year:
1908-09.

1907-08.

Stock.

Receipts to
Jarman/ 8.

This Since Sep This Since Sep
1908.
1907.
week. 1 1908. week. 1 1907.
--------- --------108,349 2,502,296 111,779 1,510,638 161,621 263,53
Galveston
$6,845
73,356 6,193
66,752
Port Arthur
39,619 1,388
12,527
Corp. Christi, &c. 3,692
New Orleans__ 61,242 1,260,555 79,788 1,169,295 349,558 328,86
9,052
Gulfport
11.390 256,220 14,216 235,152
70,023
84,56
Mobile
94,446
1
91,687 5,500
Pensacola
903
68
23,317
5,830 .
Jacksonville. &c_
28,585 1,115,009 30,547 1,173,008 160,624 134.15
Savannah
23,262 240,238 7,248 162,712
Brunswick
32,796
29,848
1,114 149,012 3,090 168,757
Charleston
17,224
19,783
123
Georgetown -_
1,416
176
16
Wilmington ____
13,567
3,557 208,076 7,380 377,959
16,807
Norfolk
12,114 390,307 12,815 368,061
39,288
31,659
N'port News. &e_
1,186
3,917
14
5,372
New York
291
13,521
716
2,979 188,762 128,293
6,824
Boston
6,454
4,056
850
10,207
785
27,372
Baltimore
14,102
33,545
1,691
62,406 2,311
1,44
904
4,072
177
Philadelphia
179
2,326
Total

295,374 6,540,520 284,017 5,395,337 1,060,856 1,047,225

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1909.
Receipts at--108,149
_
Galveston
40,537
_Pt.Arthur,&e.
61,242
New Orleans_
11,390
Mobile
28,586
Savannah _ _
23,262
Brunswick_ _ _
1,237
Charleston,&c
3,557
Wilmington_ _
12,114
Norfolk
1.186
N'port N., &c
3,915
All others- -

1908.

1906.

1907.

1905.

1904.

36,405
42,188
49,896
5,794
12,180
7,003
67,264
84,158
40,337
5,177
4,276
6,549
22,548
16,086
18,047
8,641
5,157
4,036
1,362
1,609
1,893
3,001
3,731
1,471
10,552
10,305
10,163
1,648
818
1,187
4,477
6,860
9,557
25,822
- Total this wk_ 295,374 284,017 312,936 160,116 181,154 179,459
Since Sept. 1.. 6,549,529 5,395,337 6,382,024 5,360,056 6,224,582 5,654,412
111,779
7,581
79,788
14,216
30,547
7,248
3,106
7,380
12,815

125,316
498
91,616
7.000
46,589
5,286
1,254
5,785
17,991
875
9,826

The exports for the week ending this evening reach a total
of 274,059 bales, of which 140,056 were to Great Britain,
16,142 to France and 117,861 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1908:
Week ending Jan. 8 1909.
Expor ed toExports
from

Great
:rualoe. 'r'

From Sept. 1 1908 to Jan. 8 1909.
Exported to-

ContiGreat
Continent. Total. Britain. France. neat.

Total.

Galveston _ ___ 40,65613,987 56,488111,1311,012,254333,682 780,3132,126,249
37,760 73,356
Port Arthur_ _ 20,079 ___ 16,766 36,845 35,596
131 3,131
e.3,
Corp.Chris.,&
New Orleans_ 18,508 ..___ 32,013 50,521 1 448,105118,903 324,638 891,646
0,438' 49,478 53,526
42,046 145,050
Mobile
0,438
1 ‘ 21,146 29,288 42,406 92,930
Pensacola _
1 _
4,132 4,920
9,052
Gulfport
Savannah _
2,150 2150.'100,907 69,310 426,748 596,965
35,552,, 118,954
67,909 186,863
Brunswick__ - 35,552
Charleston_
5,725
50,239 55,964
72,373 8,731 201,215 282,319
Wilmington_
1,393
23,993
Norfolk'22,600
Newport New
85,378 199,727
New York_ .__ 4,065 2,15
3,200 9,420 90,468 23,881
5,688
BOston
7,468 66,189
100 6,788 58,721
19,337 2,8i i
3,669
43,915 66,052
Baltimore ____ 3,669
4,674
29,675
Philadelphia _ 2,400 ____
200 2,600 25,001
650
650
Portland, Me_
28,301
28,301
300
300
San Francisco
40,392 40,392
- 6,644 6,644
Seattle
7,265
7,265
Tacoma
Portland, Ore_
Pembina
945
945
Detroit
Total

Other CoastForeign wise.

Germany.

22,705 7,942
14,986 16,261
15,978
4,875
1,200
19.000

_
4,300
1.000

Total.

'44;967
3,046
500
500
1,200
9,348

98,352
26,281
500
16,511
10,348
8,200
47,000

78,654 29,503 14,594 252,159
Total 1908_ _ 135,730 32,324 106,520 40,911 40,194 355,679
Total 1907_- 107,359 56,412 108,426 45,305 49,597 367,099
1

Leaving
Stock.
304,591
63,269
164,343
16,724
53,512
21,311
180,562
34,385
808,697
691.546
960,359

Speculation in cotton for future delivery has still kept
within restricted bounds, but it is quite as obvious that the
undertone is firm. A small net advance has occurred in
futures during the week. The receipts at interior towns
and the ports have latterly shown a tendency to decrease.
Manchester has sent more cheerful reports, encouraged
partly, it is supposed, by a sharp advance in silver and an
increased Far Eastern demand for goods. Liverpool's
spot sales have most of the time been large. New England
spinners are supposed to be buying quite freely at the
South, and Europe has also bought, it is stated, on a liberal
scale. Some of the Southern spinners talk in a very cheerful
strain. Not a few of them are supposed to have sold their
goods ahead for a considerable time to come. Many of
them are -buying the actual cotton freely and some are
purchasing the fall months at.the current discounts. It is
said that the bulk of the spinning industry in this country
is now in operation. The local stock, too, is decreasing and
not a little of it is being shipped to New England and to
Europe. The moral effect of the recent prompt stoppage
of notices for some 123,000 bales in a single day has undoubtedly been good. Spinners' takings continue large and
the prediction is quite frequently heard that spinners will
buy a good deal more cotton this season than they actually
need. They are said to be attracted not only by the relative
cheapness of the price but also by the excellent quality
of the cotton. Some pronounce it the best on the whole
that they have ever known. This demand for the actual
cotton has been the real bulwark of the market. Another
sustaining factor has been the liquidation of stradldes
between New York and Liverpool by purchasing March and
May here. The strength of January has also attracted
some attention and predictions are heard of premiums for
each month as it comes round.
Furthermore, though some of the spot interests have been
selling the summer months, they have bought March and
May heavily. Wall Street houses, which have long been
bullish on the market, have continued to buy on slight
recessions, imbued with the idea that the consumption is
to be very large, that the actual purchases by spinners
will much exceed even a consumption considerably larger
than that of last year, and, finally, that cotton is cheap.
Reports are rife that some of the farmers and spot holders
at the South, dissatisfied with current prices, are disposed
to hold back, particularly as the South is supposed to be
fairly well in funds, having sold considerable of its cotton.
Wall Street is the chief exponent of the bull side. Speculation at the South still suffers from hostile laws. Some
leading interests here,moreover are inimical to an advance,
from time to time in accept'
and even Wall Street houses sell
ing moderate profits. To-day prices advanced, partly in
sympathy with unexpectedly strong Liverpool prices.
Besides, large spot interests bought largely,some of the Wall
Street contingent were again buying, and spot markets at
the South were as strong as ever. Liverpool, too, continued
to undo straddles by buying here. Smaller receipts are
expected shortly. The estimates for Houston, Galveston
and New Orleans were noticeably light. There was also
some fear among shorts of a bullish Census Bureau report on
the ginning tomorrow. Spot cotton here has been quiet.
Middling uplands closed at 9.40c.,an advance for the week
of 5 points.
17,The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 2 to Jan. 8Middling uplands

Sat.
H.

Mon. Tues.
9.25
9.35

Wed. Thurs.
9.25
9.25

Fri.
9.40

NEW YORK QUOTATIONS FOR 32 YEARS.
9.40
1909_
1908----- --11.30
1007----- --10.85
_11.75
1906 _
1905 ___ __ 7.30
13.40
1904
8.90
1903
8.19
1002

10.25
1901_c
7.56
1900
5.94
1899
1898-------5.04
7.19
1897 •
8.31
1896
5.68
1895
8.19
1894

1893c
1892
1891
1890
1844/
1888
1887
1886

9.94
7.44
9.31
10.31
9.81
10.50
9.56
9.19

1885c-----11.12
10.62
1884
10.12
1883
1882
11.88
12.00
1881
12.81
1880
9.38
1879
11.25
1878

MARKET AND SALES AT NEW YORK.
Spot Market
Closed.

Futures
Market
Closed.

Sales of Spot and Contract.
Con- ConExport sum'n. tract.

Total.

140,05616,142117,861274,0592,086,392645,0412,195,2814,926,714

Total 1907-08_ 115,097135,693126,939277,7291,776,123522,6321,902,8454,201,600

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared at the ports named. We add similar figures for
New York.




Saturday
Monday- - - Quiet
Tuesday - Quiet, 10 pts. dec_ _
Wednesday ulet
Thursday _ Quiet
Friday- - - - Wet 15 pta. adv
Total_

HOLIDAY-Steady
Steady
Firm
steady
Very SteadY-

iii600 12166
6150
600
2,000 2,000
100 1.400 1,500
100 126900 127000

THE CHRONICLE

108

[VoL. Lxxxvni.

AT THE INTERIOR TOWNS the movement-that is,
FUTURES.-The highest, lowest and closing prices at
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
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INITHE
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cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
The above totals show that the interior stocks have deevening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from creased during the week 30,458 bales and are to-night 346,456
the United States, including in it the exports of Friday bales more than at the same time last year. The receipts
at all the towns has been 13,928 bales less than the same
only.
week last year.
1907.
1908.
1909.
January 81906.
bales.1,024,000 855,000 745,000 1.137,000
OVERLAND MOVEMENT FOR THE WEEK AND
Stock at Liverpool
11,000
14,000
10,000
15,000
Stock at London
55,000
52.000
48,000
Stock at Manchester
51,000 SINCE SEPT. 1.-We give below a statement showing
the overland movement for the week and since Sept. 1, as
1,082,000 924,000 808,000 1,203,000
Total Great Britain stock
from telegraphic reports Friday night. The
11,000
18,000
15,000
Stock at Hamburg
11,000 made up
402,000 281,000 339,000 408,000 results for the week and since Sept. 1 in the last two years
Stock at Bremen
197,000
3 6,000
178,000 264,000
Stock at Havre
follows:
3,000
4,000
4,000
Stock at
2,000 are as
Marseilles- _ - -_
Stock at Barcelona
Stock at Genoa
Stock at Trieste

Total Continental stocks

34,000
25,000
3,000

25,000
32,000
25,000

19,000
121:82

11,000
5gos

789,000

582,000

672,000

754,000

Total European stocks
1,871,000 1,506,000 1,480,000 1,957,000
141,000
71,000
India cotton afloat for Europe_ _ _ 113,000
148,000
959,223 885,187 547,000
Amer. cotton afloat for Europe
959,714
89,000
77,000
Egypt,Brazil,&c.,aflt.for Europe_
63,000
68,000
252,000
250,000
291,000
Stock In Alexandria, Egypt
204,000
292,000 450,000 463,000 726,000
Stock In Bombay, India
Stock In U. S. ports
_
_1,060,856 1,047,225 1,327,458 1,014,513
695,864 728,749
358,188
. Stock in U. S. Interior towns_ _ _ _ 904,644
56,055
29,886
U. S. exports to-day
11,621
38,726 .
Total visible supply
5,566,855 4,948,522 5,389,564 5,431,988
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales. 918,000 738,000 643,000 999,000
Manchester stock
41,000
42,000
43,000
37,000
'Continental stock
504,000 633,000 733,000
745,000
American afloat for Europe
547,000
959,714 959,223 885,187
U. S. port stocks
1,060,856 1,047,225 1,327,458 1,014,513
U. S. Interior stocks
558,188 895,864 728,749
904,664
U. S. exports to-day
56,055
38,726
11,621 . 29,886
-Total American
4,636,855 3,878,522 4,281,564 4,103,988
East Indian, Brazil, &c.
Liverpool stock
102,000
138,000
117,000
106,000
London stock
11,000
15,000
14,000
10,000
Manchester stock
11,000
8,000
13,000
11,000
'Continental stock
21,000
39,000
44,000
78,000
India afloat for Europe
148,000
113,000
71,000 141,000
Egypt, Brazil, &c., afloat
89,000
68,000
63,000
77,000
- Stock in Alexandria, Egypt
252,000 204,000
291,000 250,000
Stock In Bombay, India
292,000 450,000 463,000 726,000
Total East India, &c
Total American

930,000 1,070,000 1,108,000 1,328,000
4,636,855 3,878,522 4,281,564 4,103,988

1908-00--

January 8ShippedVia St Louis
Via Cairo
Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c

via

Week.
13,776
6,479
1,179
853
1,013
3,548
13,874

Total gross overland
40,722
Deduct shipmentsOverland to New York, Boston,(&c3,011
Between interior towns
784
Inland, &c., from South
1,033

Since
Sept. 1.
366,241
204,916
11,348
45,140
29,472
95,593
150,522

--1907-08---Week.
16,874

Since
Sept. 1.
189,578

MOT

'
41
3:2
8,

B:g278
UN 39,934
2,087
16,492

114,337

903,232

47,527

487,434

88,460
28,163
18,519

3,989
2,810
1,976

44,652
44,066
33,014

135,142

8,775

121,732

Leaving total net overland*
35,894 768,090
* Including movement by rail to Canada.

38,752

365,702

Total to be deducted

4,828

The foregoing shows the week's net overland movement
has been 35,894 bales, against 38,752 bales for the week
last year, and that for the season to date the aggregate
net overland exhibits an increase over a year ago of 402,388
bales.

---1908-09--- -4907-08-Since
In Sight and Spinners'
Since
Takings.
TVeek. Sept. 1.
Week. Sept. 1.
to
Jan.
8
ports
5,395,
337
295,374
284,017
at
6,549,529
Receipts
365,702
35,894 768,090
38,752
Net overland to Jan.8
47,000 913,000
Southern consumption to Jan. 8-._ 48,000 822,000
Total marketed
Interior stokes In excess

379,268 8,159,619
*30,548 789,629

369,769 6,674,039
93 477,605

Came Into sight during week
348,720
369,862
Total in sight Jan. 8
8,929,248
Total visible supply
5,566,855 4,948,522 5,389,564 5,431,988
44,911
Middling Upland, Liverpool
6.00d. North'n spinn's takings to Jan. 8_ _ _ 57,129 1,480,217
5.96d.
6.22d.
5.07d.
Middling Upland, New -York_ _ _ _
11.80c.
10.80c.
11.45c.
9.40c.
Egypt, Good Brown, Liverpool
8d.
103.1d. 1011-16d.
8 Md.Md.
Peruvian, Rough Good, Liverpool
* Decrease during week.
9.00d.
9.20d.
7.75d.
11.50d.
Broach, Fine, Liverpool
5 Md.
5'%d.
Movement into sight in previous years:
4%
3 d. 5 11-16d.
Tinnevelly, Good, Liverpool_ _ _
5 Md. 5 9-16d. 5 7-16d.
4%d.
Bales. 1 Since Sept. 1Week-Jan. 11
405,91211906-07 Jan. 11
Continental imports for the past week have been 201,000 1907
1906-Jan. 12
216,13211905-06 Jan, 12
240,986 1904-05 Jan. 13
1905-Jan. 13
bales.

7,151,644
775,581

Bales.
8,578,469
7,313,428
8,327,093

The above figures for 1908 show an increase over last
QUOTATIONS FOR MIDDLING COTTON AT OTHER
week of 107,506 bales, a gain of 618,333 bales over 1907, MARKETS.-Below are the closing quotationsiof'middling
an increase of 177,291 bales over 1906, and again of 134,867 cotton at Southern and other principal cotton markets for
bales over 1905.
each day of the week.311




_
JAN. 9 1909.]

109

THE CHRONICLE

lightly on two days of the week. the precipitation reaching
nine hundredths of an inch. The thermometer has averaged
51, ranging from 31 to 66.
Selma, Alabama.-We have had rain on two days during
the week, the rainfall being five hundredths of an inch.
The thermometer has ranged from 29 to 67, averaging 49.5.
Madison Florida.-It has rained on one day of the week,
the precipitation reaching ninety hundredths of an inch.
Average thermometer 61, highest 74 and lowest 41.
Augusta, Georgia.-It has rained on two days of the week,
the rainfall reaching thirty-three hundredths of an inch.
The thermometer has averaged 52, the highest being 69
and the lowest 32.
Savannah, Georgia.-We have had rain on three days
during the week, to the extent of fifty-one hundredths of an
NEW ORLEANS OPTION MARKET.-The highest, inch. The thermometer has averaged 55, ranging from
lowest and closing quotations for leading options in the New 36 to 74.
Charleston, South Carolina.-There has been rain on three
Orleans cotton market for the past week have been as follows:
days of the past week, the rainfall reaching forty-seven
hundredths of an inch. The thermometer has averaged
Sarday, Monday, Tuesday, Wed'day, Thursd'y, Friday.
Jan. 2. Jan. 4. Jan. 5. Jan. 6. Jan. 7. Jan. 8.
50, ranging from 32 to 68.
-----Greenwood, South Carolina.-We have had rain on one day
January8.96-.07 8.89-.94 8.96-.04 9.03-.09
Range
the past week, the rainfall reaching thirty-four hundredths of
8.95-.96 8.94-.96 9.03-.04 9.07-.08
Closing
an inch. The thermometer has ranged from 37 to 56,
February- @ ---- @ --- --- a) -- @ --Range
averaging 46.
9.02-.04
8.95-.97
9.06-.08
8.96-.98
Closing
Charlotte, North Carolina.-We have had rain on one day
March8.98-.10 8.91-.99 8.98-.04 9.03-.09
Range
during the week, the rainfall being twenty-four hundredths
8.97-.98
9.04-.05
0.07-.08
8.98-.99
Closing
of an inch. Average thermometer 45, highest 64, lowest 23.
April- 0 -- @ -- @ -- @ --Range
The following statement we have also received by tele9.01-.03
9.06-.08
9.00-.02
9.09-.11
Closing
graph, showing the height of rivers at the points named at
WayHOLI- 9.06-.18 8.99-.08 9.07-.13 9.10-.16 HOLI8 a. m. of the dates given:
Range

Closing Quotations for Middling Cotton onWeek endingJanuary 8.
Sat'day. Monday. Tuesday. Wed'day. Thursd'y. Friday.
9 1-16
9
9
Galveston _ _ _ _ _
9
8 15-16 8 15-16
8%
New Orleans.._ _
8%
8%
8 15-16 9
8%
Mobile
8%
8%
8 13-16 8 13-16
8%
Savannah
8 13-16 8g
8%
8'%
81
8'%
Charleston _ _ _ _
8j
8%
8%
8%
8%
8%
Wilmington. _ _ _
9
9
9
Norfolk
HOLI- 9
9.25
9.25
9.25
9.35
Boston
DAY. 0.35
934
9%
9
93
Baltimore
65
9.50
9
9.50
9.50
9.60
Philadelphia _- 9%
9 3-16
9%
Augusta
1-16
9
9
1-16
9
9
9
Memphis
9%
03.
9
9%
St. Louis
9 1-16
9
8 15-16 8 15-16 9
Houston
8%
8%
8%
8%
Little Rock- -

Closing
JuneRange
Closlng
JulyRange
Closing
October-Range
Closing
ToneSpot
Options

DAY.

9.06-.07 9.06-.07 9.12-.13 9.15-.16

DAY.

- @ -- @ -- @ -- @ --9.10 * 9.10-.12 9.16-.18 9.10-.21
9.14-.25 9.07-.16 9.14-.20 0.17-.24
9.14-.15 9.13-.14 9.20-.21 9.23-.24
8.70-.78 8.63-.70 8.64-.70 8.66-.71
8.70-.71 8.66-.67 8.60-.70 8.69-.70

New Orleans
Memphis
Nashville
Shreveport ----Vicksburg

Above zero of gauge_
Above zero of gauge_
bove zero of gauge_
-Above zero of gauge..
Above zero of gauge.

INDIA COTTON MOVEMENT FROM ALL PORTS.

Quiet. Steady. Steady.
Steady. Quiet.
Steady. Steady. Steady. Steady.

January 7.

Since
Sept. 1.

Week.

*Nominal.




Week.

547,000 77,000

95,000

Bombay

1906-07.

1907-08.

1908-09.

Receipts at-

WEATHER REPORTS BY TELEGRAPH.-Our telegraphic advices this evening from the South denote that
where rain has fallen the precipitation has been light or
moderate and that in Texas the weather has been dry as a
rule. At the close lower temperature is reported.
Galveston Texas.-We have had a trace of rain on two
days of the past week. The thermometer has averaged
57, the highest being 68 and the lowest 46. December
rainfall two inches and seventy-four hundredths.
Abilene, Texas.-Dry all the week. The thermometer
has averaged 43, ranging from 16 to 70. Month's rainfall nil.
Corpus Christi, Texas.-We have had no rain during the
week. The thermometer has ranged from 50 to 80, averaging 65. December rainfall one inch and ninety-seven
hundredths.
Fort Worth, Texas.-We have had a trace of rain on two
days during the past week. Average thermometer 47,
highest 74, lowest 20. Month's rainfall three hundredths of
an inch.
Palestine, Texas.-Rain has fallen on one day of the week,
to the extent of two hundredths of an inch. The thermometer has averaged 50, the highest being 72 and the
lowest 28. December rainfall one inch and seventy-five
hundr,dths.
San Antonio, Texas.-It has been dry all the week. The
thermometer has averaged 55, ranging from 34 to 76.
Month's rainfall 1.61 inches.
Taylor, Texas.-We have had no rain during the week.
The thermometer has ranged from 26 to 74, averaging 50.
Month's rainfall 4.25 inches.
Memphis, Tennessee.-There has been rain on two days
during the week, to the extent of fifty hundredths of an inch.
The thermometer has ranged from 18.4 to 61, averaging 42.
New Orleans, Louisiana.-There has been rain on two days
during the week, the precipitation reaching fifty-six hundredths of an inch. Average thermometer 56.
Shreveport, Louisiana.-We have had rain on one day
during the week, the precipitation being twenty-three hundredths of an inch. The thermometer has averaged 51, the
highest being 71 and the lowest 30.
Vicksburg, Mississippi.-It has rained on two days of the
week, the precipitation reaching fifty-nine hundredths of
an inch. Average thermometer 50, highest 68, lowest 31.
Helena, Arkansas.-There has been rain on one day of the
week, the precipitation reaching sixty-four hundredths of
an inch. The thermometer has averaged 42.8, the highest
being 64 and the lowest 22.
Little Rock, Arkansas.-We have had rain on one day during the week, the rainfall reaching six hundredths of an inch.
The thermometer has averaged 43, ranging from 20 to 66.
Mobile, Alabama.-Reduction of cotton acreage and
diversification of .crops is being considerably agitated.
There has been rain on two days the past week,to the extent
of eight hundreths of an inch. The thermometer has averaged 54, the highest being 69 and the lowest 32.
UMontgomery, Alabama.-Good grades are scarce and are
selling proportionately higher than others. Rain has fallen

Jan. 10 1908.
Feet.
7.9
21.3
19.6
12.5
25.2

Jan.8 1909.
Feet.
4.7
8.0
11.0
1.3
8.4

Since
Sept. 1.

620,000 84,000

Bombay1908-09
1907-08
1906-07
Calcutta1908-09
1907-08
1006.07
Madras1908-09
1907-08
1906-07
All others1908-09
1907-08
1906-07

768,000

Great
Britain.

Total.

Continent.

Total.

1,000 32,000 33,000
3,000 16,000 19,000
1,000 40,000 41,000

5,000
8,000
11,000

165,000
172,000
313,000

170,000
180,000
324,000

1,000
1,000

1.000
1,000

4,000
1,000
2,000

11,000
0,000
18,000

15,000
10,000
20,000

1,000
1,000
1,000

1,000
1,000
1,000

1,000
8,000
1,000

9,000
17,000
8,000

12,000
25,000
9,000

5,000

5,000
1,000

5,000
7,000
5,000

60.000
60,000
44,000

65,000
67,000
49,000

1,000 34,000 35,000
3,000 23,000 26,000
2,000 42,000 44,000

17,000
24,000
19,000

245,000
258,000
383,000

262,000
282,000
402,000

1:666

Total all1908-09
1907-08
1906-07

Since
Sept. 1.

Since September 1.

For the Week.
Exports fromGreat ContiBritain. nent.

Week.

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
January 6.
Receipts (cantars). This week
Since Sept. 1

1006-07.

1908-09.

1007-08.

240,000
4,433,920

280,000
5,138,582

I

340,000
5,183,881

This Sin
This I Since
This Since
week. Sept. 1. week. Sept. 1. week. Sept. 1.

Export (bales)-

1,500 88.061 6,750 136,020 5,250 132,' 86
9,750 88,936 7,750 116,270 9,000 111.1 60
18,000 131,683 18,250 161,901 16,000 166,, 04
1,500 26,883 1,750 31,797 5,250 51,: 78
-28,750 335,563 34.500 445,988 35,500 461.i 28

To Liverpool
To Manchester
To Continent
To America
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 continues firm for both yarns and shirting. The demand for
both India and China is improving. We give the prices
for to-day below and leave those for previous weeks of
this and last year for comparison.
1908.

1909.
32s Cop
Twist.
d.
Nov
27
Dee
4
11
18
24
31
Jan

83j lbs. Shill- Cot'n
ings, common Mid.
to finest.
Upt's
d. s. d.

e. d.

32s Cop
Twist.

d. d.

84 lbs. 8/lin- Coen
ings. comnion .51Id.
Up!:
to finest.
d. s. d.

s. d.

d.

7%

08H 4 10 08 6

8.08 10% 0 11% 6 1%09 7% 6.18

7%
7 9-16
74
7%
7%

4
@
8% 4
0 8% 4
(is 8% 4
08 3-16 4

4.97 10% 0
4.86 10% 0
4.82 107 160
4.92 10%
4.99 10% 0

734

0 8% 4 7 08 5

9 08
7%08
6 08
6 08
6%08

4%
4%
3
3%
4%

11% 6
11% 6
11% 6
11% 6
11% 6

1%09
1%09
0 09
0 09
0 09

6
6
4%
3
3

5.07 107-16011W 6 0 09 3

6.35
6.38
6.10
6.08
6 13
6.22

THE CHRONICLE

110

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,fbrthe last two seasons, from ,a,11 sources from which
statistics are obtainable, also the takings, or amounts gone
out- of sight, for the like periods
Cotton Takings.
Week and Season.

1008-09.
Week.

1907-08,

Season.

Week.

Season.

5,459,349
4,873,468
Visible supply Jan. 1
1,714,982
2,291,844
Visible supply Sept. 1
348,720 8,929,248 369,862 7,151,644
America nin sight to Jan. 8_
95,000
547,000
77,000
620,000
Bombay receipts to Jan. 7
2,000
92,000
7,000
102,000
Other India ship'ts to Jan. 7_ _ _
32,000
591,000
37,000
Alexandria receipts to Jan. 6.. _
635,000
5,000
131,000
8,000
164,000
Other supply to Jan. 6*
Total supply
DeductVisible supply Jan.8
Total takings to Jan. 8
Of which American
Of which other

5,942,069 12,005,230 5,372,230 11,014,488
5,566,855 5,566,855 4,948,522
375,214 6,438,375 423,808
314,214 5,269,375 321,808
61,000 1,169,000 102,000

4,048,522
6,065,966
4,608,966
1,457,000

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

COTTON CONSUMPTION AND OVERLAND MOVEMENT TO JAN. 1.-Below we present a synopsis of the crop
movement for the month of December and the four months
ended Dec. 31 for three years:
1908
bales
Gross overland for December
Gross overland for 4 months
Net overland for December
Net overland for 4 months
Port receipts in December
Port receipts in 4 months
Exports in December
Exports in 4 months
Port stocks on Dec. 31
Northern spinners' takings to Jan. 1.. _ _ _
Southern consumption to Jan. 1
Overland to Canada for 4 months (Included in net overland)
Burnt, North and South, in 4 months..
Stock at North. Interior markets Jan. 1.. _
Came in sight during December
Amount of crop in sight Jan. 1
Came in sight balance season
Total crop
Average gross weight of bales
Average net weight of bales

1907

1906

322,609
861,046
271,024
730,480
1,689,382
6,230,355
1,459,970
4,610,392
1,087,348
1,414,446
766,000

164,525
422,720
123,939
313,957
1,594,036
4,975,906
1,303,475
3,803,793
1,051,889
697,228
832,000

347,523
705,300
300,311
602,129
1,601,284
5,866,481
1,240,127
4,126,210
1,333,239
1,174,607
815,000

50,730

33,070

54,326

19,458
11,952
10,795
2,280,139 2,003,975 2,219,638
8,545,568 6,601;863 7,908,610
4,979,966 5,642,150
11,582,829 13,550,760
519.28
515.01
521.46
496.28
492.01
498.96

Lxxxvni.

TOW: bales.
", 9,438
MOBILE-To Liverpool-Sept. 5-Castano, 9,438
1
PENSACOLA-To Manchestsr--Sept. 5-Manchester Merchant, 1_
J.W.'
900
SAVANNAH-To Trieste----.Jani10--Herminie, 900
To Flume-Jan. 6--Hermine, 1,200
-I-' -004 1,200
50
To Syra-Jan. 6--. Hemline, 50
BMINSWICK-To LiVerpool-Dec. 31-L.-An-leo-Canadian,'12,117
....Van. 2-Burrsfield, 12,246_ _ _Jan. 6-Luzon, 11439-,1,_ 35,552
BOSTON-To,
Liverpook-Dec. 29-Devonian, 2,350sachem, 664......Jai. 5-Bohemian, 1,552
To Manchester-Dec.28-Iberian, 1;022.. _Jan. 2-Bostonian,
1,122
100
100
To Yarmouth-Dec. 31-Boston, 100
3,669
BALTIMORE-To Liverpool-Jan. 2-Quernmore, 3,669
1,100
PHILADELPHIA-To Liverpool-Jan. 5-Dominion, 1,100
1,300
To Manchester-Dec. 31-Manchester Exchange, 1,300
200
' To Rotterdam-Dec. 15-Canadia, 200
300
SAN FRANCISCO-To Manila-Jan. 2-Nippon Maru, 300
6,644
SEATTLE-To Japan-Jan. 5-Iyo Maru,6,644
--Total _ _ _____ __ ____ _ ___ __ _ ___ _ . ______________ _ ____ ._ _274,059
Last Friday's shipments not included (Wove4,658
GALVESTON-To Liverpool-Dec. 30-Texan, 4,658
7,168
To Havre-Dec. 30-Masconomo, 7,168
17,794
To Bremen-Dec. 30-Industry, 10,272; Wittenberg, 7,522
889
To Hamburg-Dec. 30-Trident, 889
981
NEW ORLEANS-To Antwerp-Dec. 31-Imogen, 981
SAVANNAH-To Bremen-Dec. 31-Border Knight, 10,643_ __ _ 10,643
125
To Rotterdam-Dec. 31-General Consul Pallesen, 125

LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Dec. 18.
bales_ 38,000
Sales of the week
Of which speculators took__ 1,000
Of which exporters took_ _ _ _ 1,000
33,000
Sales, American
9,000
Actual export
101,000
Forwarded
713,000
Total stock-Estimated
Of which American-Est......603,000
Total imports of the week-.. _187,000
157,000
Of which American
561,000
Amount afloat
501,000
Of which American

Dec. 24.
30,000
100
400
26,000
4,000
62,000
769,000
663,000
121,000
110,000
561,000
495,000

Dec. 31.
37,000
" iiiii
33,000
17,000
113,000
937,000
831,000
297,000
260,000
376.000
331,000

Jan. 8.
72.000
1,000
1,000
64,000
10,000
102,000
1,024,000
918,000
199,000
174,000
500,000
445,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.

Saturday.

Market, 1
. 12:15
P.M. 1
Mid.Upi'ds.
Sales
Spec.&exp.
Futures.
Market I
opened

HOLIDAY.

Monday.

Tuesday. Wednesday. Thursday.

Friday.

Good
demand.

Good
demand.

Quieter.

Good
demand.

Good
demand.

5.07

5.04

5.05

5.04

5.07

15,000
1,000

12,000
500

15,000
1,000

12,000
1,000

7,000
300

Steady at Quiet at
3%64 pts. 3 points
pts. adv.
decline.

Steady at Steady at Steady at
1 pt. dec.to 2(43 pts. 1% points!
1 pt. adv. advance. advance.

Steady at Steady at Quiet at
Quiet at
Quiet at
COTTON STATISTCIS FOR WEEKS ENDING DEC. 25 Market, 1
3@6% pts. 2@4% pts. 1%pts.dec. 134@3 pta.2©4% pts.
4
AND JAN. 1.-The last two Fridays having been holidays
advance.
decline. to% pt.adv advance. advance.
P.M.
(Christmas and New Year), we went to press on Thursday
night, and our cotton statistics therefore covered imperfect
The prices of futures at Liverpool for each day are given
weeks. We have this week, however, revised all the results below. Prices are on the basis of upland, good ordinary
ending
weeks
Friday, Dec. clause, unless otherwise stated.
so as to make them cover the full
25, and Jan. 1, and they are as follows:
prices are given in pence and 100ths. Thus; 4 85 means 4 85-100d.
a

Since
Week
Dec. 25. Sept. 1.

Net receipts
Stock at U. S. ports
Foreign exports
Visible supply
American visible
Interior town receipts
Interior town shipments
Interior town stocks
Receipts from plantations
Net overland
Southern consumption
Interior stock Increase
Into sight
Northern spinners' takings
World's takings
American takings
Other takings

Week
Since
Jan. 1. Sept. I.
-351,736 5.987,383 286,772 6,254,155
1,070,700
1,109,193
357,534 4,370,757 280,019 4,650,776
5,459,349
5,277,356
4,602,349
4,480,356
226,022 4,733,395 175,137 4,908,532
154,688
194,527
935,102
914,653
383,231 6,787,111 287,221 7,074,332
40,660 732,196
60,011 691,536
48,000 774,000
48,000 726,000
20,449 820,177
31,495 799,728
491,242 8,204,647 375,881 8,580,528
62,202 1,423,088
77,392 1,360,886
460,889 5,742,273 320,888 6,063,161
356,889 4,701,273 253,888 4,955,161
67,000 1,108,000
104,000 1,041,000

SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 274,059 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Liverpool-Dec.31-Slavonia, 2,600.... _Jan.24,065
Boyle, 1,375 upland, 75 Sea Island, 15 foreign
To Havre-Jan. 5-Texas, 2,103 upland, 52 Sea Island
2,155
400
To Barcelona-Jan, 5-Montevideo, 400
To Genoa-Jan.2-Barbarossa,500.... _Jan. 5-Hamburg,900_ 1,400
1,400
To Naples-Jan. 2-Barbarossa, 1,400
GALVESTON-To Liverpool-Dec. 31-Jura, 4,690._ _Jan. 434,862
Basil, 4,956; Indore, 13,799; Merdan, 11,417
5,794
To Manchester-Dec.31-DomIra, 15,794
To Havre-Jan. 2-Monadnock, 13,987
To Bremen-Dec. 31-St. Michael, 8,089.... _Jan. 4-WhatelcY 13'987
31,336
Hall, 9,660.... _Jan. 6-Alconda, 13,587
To Hamburg-Jan. 2-Eger, 1,470_ _ _Jan. 7-Iolanthe, 505-.. 1,975
To Rotterdam-Dec.31-Therapia, 150
150
•
To Antwerp-Dec. 31-Therapia, 1,442_ _Dec. 31-Penrith
4,537
Castle,3,095
To Barcelona-Dec.31-Ida,3,125
3,125
21:927854
To Trieste-Dec. 31-Ida, 1,984
To Genoa-Dec. 31-Luigi Ciampa, 8,863
8,863
To Flume-Dec.31-Ida,2,275
2,243
To Venice-Dec. 31-Ida, 2,243
PORT ARTHUR-To Liverpool-Dec.31-Nessfleld,9,454; South
20,079
wait, 10,625
To Bremen-Dec. 30-Rokeby, 8,966___Jan. 6-Winifred
7,800 ___
______________ 16,766
NEW ORLEANS-To Liverpool-Jan, 4-Capella, 4,629..„Jan.
17,708
5-Barrister, 7.861.... Jan. 6-William Cliff, 5,218
300
To Manchester-Jan. 7-Thespis, 300
To Glasgow-Jan. 6-Kassala, 500
500
To Bremen-Jan. 8-Aldgate, 1,894
1,894
1,366
To Hamburg-Jan. 4-Cycle, 1,366
1,339
•
To Antwerp-Jan. 7-Chaucer, 1,339
2,700
To Oporto-Jan. 6-Conde Wilfredo, 2,700
To Barcelona-Jan. 6-Conde Wilfredo, 3,609___Jan. 7Atlanta, 4,200_ _Jan. 8-Jenny, 2,050
9,859
To Trieste-Jan. 7-Atlanta, 3,400..._Jan. 8-Jenny, 100_ __ _ 3,500
8,855
To Genoa-Jan.4-11 Piemonte, 8,855
450
'. • To Naples-Jan.7-Atlanta,450
200
t'... To Mexico-Jan. 5-Molina, 200_
Ell1,850
1.._. To Venice-Jan. 8-Jenny, 1,850

r:




The

Fri.
Thurs. I
Mon.
Sat.
Tues,
Wed,
jatno
. 2 12%112% lui, _L. 12u1 4 12% 4 12% 4 112% 4
Jan. 8. P•rn• P•m• P•In• pin. _P•111•LP•rn• P•m•
--S.
d.
d.
d. 1 d.
d. I d.
d.
cl----cl
d.
d --4 86% 87% 84% 85% 86% 8434 86 • 86 • 18ll • 9036
January _
4 85 86 83 183% 84 82 85 84%18734 8834
Jan.-Feb_
4 83 84 81 !81% 8236 8034 8334 83 86 8
Feb.-Mch.
2234
4 8234 8334 803481
82 80 83 8234 8536 ao
4 82% 83 80 80 81
79% 82 82 184% 8534
Apr..--M
Aa
py
r•
83% 8434
81
May-June HOLT- 4 82% 83 80 7934 80 79 81
83% 8434
DAY. 4 82% 83 80 79% 80 79 81
81
June-July
4 82 82 79 78;.6 70 78 8034 8034 83 84
July-Aug_
4 73% 74
69 72 72 74% 75
71
69% 71
Aug.-Sept
4 68 6734 65 64 85
84
6634 6634,69 69
Sept.-Oct.
4 6
81
2 8
60
3%
i 61
60 61% 6034 63 63 '65 65
Oct.-Nov_
63 63
61
59
Nov.-Dec.
58 59% 58 A 61
Dec.-Jan..
2%
23i 61
4 6
81
2% 6
80
1%"
50%16
9 81
58 57
9% 8
50
734 59
8% 58
7% 8
Jan.-Feb_

p.m 1
. ._•rn. p•In• p.m. P.'n•

BREADSTUFFS.
Friday, Jan. 8th 1909:
Prices for wheat flour have shown more or less irregularity
during the week, but the changes as a rule have been unimportant. It has been reported of late, however, that the
mills in some cases are disposed to make concessions in order
to stimulate business.. In the aggregate, however, sales
have been light and confined to small quantities for immediate
use. Export trade has; , been quiet. At the Northwest
business has been quiet. „Many of the mills are closed down.
Corn meal has been quiet and easier. Rye flour has been
quiet and steady.
Wheat has got into a sort of deadlock. Bullish arguments
may be sound enough, viewed from a certain standpoint,
but the fact remains that a good many peope consider the
price of wheat high and there is no doubt that if events
afford the bears encouragement they will attack the market
with vigor. The cash trade is dull. Export limits seem to
be far below the current level of prices. Argentine's shipi
Its exports for the first week
ments, too, are increasing.
of the cereal year amount to no less than 952,000 bushels,
against 654,000 in the previous week and only 408,000.for
the same week last year. The cereal year with Argentina,
needless to say, begins with the calendar year, and its first
week's exports, it is of interest to obserte, are the largest
ever known for that period of the year. And although it is
true that some of the estimates of Argentine's export surplus
for 1909 are as low as 104,000,000 bushels, there are others,
seemingly just as likely to turn out to be correct, which put it
as high as 134,000,000, or practically the same as that for

111

THE CHRONICLE

JAN. 9 1909.!

the year 1908. Yet, some time back estimates were in
circulation in* the height of speculatiye excitement of RS low,
as 80,000,000 to 90,000,000 bushels.7)1Meantime the foreign
Crop news:,r even aside,from that froXn;:Argentin,,ii, in:, AO
a few instatICes favorable. ''l'Iiat tall( events, is the tenor
of reports'ficYm the U4ited Kingdom,,F,f,ance, Spain, Italg
and Bulgaria'. Speculation, moreover, is lacking. The
market at times acts tire*, like an over-driven and jaded
horse. The belief of many is that the market has been overtherefore in a nerveless coiritlibulled, over-bought, and
tion, at least for the time being. Nevertheless, there are
prominent interests which are 'supposed to be heavily corti.
Mitted to the bull side. Some of these interests are credited
with carrying lines of from 15,000,000 to 20,000,000 bushels.
It is a fact, too, that, taking the wheat country of the
United States as a whole, it has a rather scanty covering of
snow, and of late there has been a decided fall in teniperature
and exceedingly cold weather throughout the West. The
receipts, too, are comparatively small. Snow is needed over
a large portion of the wheat territory and in India rain would
be beneficial. Germany reports its supplies of native wheat
rather small, while its wheat fields have only a fair covering
of snow. Hungary, according to present predictions, will
have to import wheat. Roumania's weather conditions
have not been, favorable. In Russia the weather has been
milder and supplies of wheat are only moderate and, are
firmly held. Of late, too, some slight signs of an increased
domestic demand for cash wheat have .been noticed at the
West. The European markets, on the whole, have been
steady, and Liverpool prices have- been firm. Two drawbacks, however, exist which cannot be ignored; first, the
sluggishness of the demand for the actual wheat from both
home and foreign buyers, and also the paralysis of speculation aside from the transactions of a few large professional
operators at Chicago. To-day prices declined early on large
Argentine shipments warmer weather at the Southwest,and
liquidation, but rallied later on small receipts, reports of
a larger cash demand, bull support and covering.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tees Wed, Thurs. Fri.
1094
Holl- 1073'( 10731 10731 108
No. 2 red winter
110% 111
11034 1104
day. 112
May delivery in elevator
1064 10534 10531 10534 10534
July delivery In elevator
',DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
10734 10834 10734 107% 1074 10734
May delivery In elevator
98 34
9931 9934 9834 984 98
July delivery In elevator
94% 9431 9434
September delivery In elevator_ _ _ 9534 95% 95

GRAIN.
c. I r
Cora per.bush.a.
Wheat, per bush.68 .
, N. Duluth, No. 1
No. 2 mixed
119
No. 2 yellow
N. Duluth, No. 2
6734
11,734
.
, Red winter, No.2
No, 2 White
Nominal;
f.o.b.,09%
Rye, per bush.116
ruHtsa.rpder
175
No. 2 Western
"
bush.b
..
Nominal
State and Jetsey
54*554
white
73 478
- No. 2 mixed
64 e544 Barley-Maltinr _ _ _. _.690070
Feeding f. o. b. N. I" _
"lateral white clipped 564 ,s 584

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

Wheat.

Flour.

Oats.

Corn.

_ Barley.

Rye.

bbs. 1961bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
621,536
31,000
Chicago ____
124,200 2,507,990 1,518,185
190,538
366,000
33,300
288,000
315,000
Milwaukee__
36,950
136,000
52,001
7,951
84,908
Duluth
20,730
163,711
32,220
351,120
289,290
Minneapolis_
246,660
1,457,403
500
Toledo
27,000
54,800
22,000
Detroit
34,680
50,624
4,200
21,900
Cleveland
29,806
16,000
99
5,000
110,500
St. Louls
507,200
65,000
201,000
857,760
6,000
47.000
Peoria _
127,500
8,000
225,500
24,400
Kansas Ct y.
87,000
264,200
235,400
Tot.wk.'09
Same wk.'08
Same wk.'07

321,187
257,429
288,898

2,398,414
2,652,964
4,835,784

2,993,563 1,548,157
3,388,608 1,130,405
3,369,142 1,707,399

4,530,464
3,247,717
5,579,682

115,971
102,945
242.207

Since Aug. 1
1908-09_ _ 10,182,824 154,033,050 61,059,821 86,988,014 50,107,875 4,062,408
1907-08_ _ _ 8,584,031 126,791,284 84,481,077 92,807,489 40,022,625 4,149,345
10.651,364 137,106,110 83,987,188 103,443,172 39,888,072 4,432,067
1906-07

Total receipts of flour and grain at the seaboard ports for
the week ended Jan. 2 1909 follow:
Receipts atNew York
Boston
Portland, Me
Philadelphia
Baltimore
Richmond
New Orleans *_
Newport News
Norfolk
Galveston
Mobile
Montreal
St. John

Flour.
bbls.
117,229
46,082
2,493
87,305
36,955
2,023
16,813
18,672
_
8,571
2,399
2,956
59,431

Wheat,
bush.
156,000
153,099
270,049
528.890
7,271
13,962
7,700

Corn,
bush.
242,975
39,170
2,856
341,289
526,804
8,368
193,000
111,129

13,000

220,000
12,100
4,280

61,223
175,794

Oats, Barley,
bush.
bush.
510,200 151,200
92,808 .18,535

Rye,
bush.
2,925

119,005
44,760
12,778
103,000

9,357

5,340

42,414

7,196
25,609

8,265
400,929 1,386,988 1,701,971 • 924,765. 211,897
Total week
871.508 78,396 81,175
Week 1907-08_ ___ 354,042 2,314,953 1,851,651
Since Jan. 1 1908_19,217,319 121405,489 46,683,808 44,375,761 7016.582 2917,679
Since Jan. 11907_20,133,230 133110,193 90,088,405 54,358,102 4931,876 2545,58
* Receipts do not Include grain passing through New Orleans for foreign poets

.Indian corn futures, though more or less irregular on oc- on through bills of lading.
casions, owing to depression in wheat, has on the whole
The exports from the several seaboard -ports for the week
shown an upward tendency. • In fact, the tone has been ending Jan. 2 1909 are shown in the annexed statement:
strong at times, owing to decreased receipts and a larger
Rye, Batley. Peas,
Oats,
Corn, Flour,
Wheat,
bush.
bush.
bush.
bbls.
bush.
bush.
Exports fromcash demand here and at the West, partly for export. Cash
1,635
12,653
14,257
67.772
460,345
360,787
York
New
prices have been strong. The farmer is believed to hold the Portland, Me_ _ _ _ 270,049
9,360
2,493
2,856
42,161
229,879
key to the situation. On all recessions in prices he refuses Boston
____ 289,000 308,965 33,273
to sell. Large shorts at Chicago have covered freely of late, Philadelphia
52,429 17,392
16,000
Baltimore
129
261
247,921 16,965
but there is still believed to be a considerable short interest New Orleans
111,129 18,672
Newport News..
outstanding. Some cash interests have Sold but others Galveston
200
1,780
81.120 400,145
_have bought and there has been more or less commission- Mobile
12,100 2,399
8,571
Norfolk
house buying. Liverpool has showli noteworthy strength St.
25,609
59,431
175,794
B.N.
John,
and this has had some influence here. To-day prices were
38,262 11,124
14,718
Total week_ _ _1,422,629 1,595,890 270,909
irregular but in the main firmer on small receipts and
162
30,457 25.737 29,200
3,287,517 848,836 251,688
Week 1907
Covering.
The destination of these exports for the week and since
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri. July 1 1908 is as below:
5
Holl- 65
66
6634 65'% 65 %
Cash corn
6834
day. 6834 6834 6834 68
May delivery In elevator
es% es% es% 68 34 68 34
July delivery in elevator
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
6134
May delivery In elevatOr
61% 61 34 61 4 61 4 61
62
61 34 61% 61 4 61
62
July delivery In elevator
September delivery in elevator- _ _ _ 61 3.4 62
61 34 6234 623ie
61

--Corn
-Wheal
Flour
Since
Since
Since
July 1
Week
July 1
Week
July 1
Week
1908.
1908. Jan. 2.
1908. Jan. 2.
Exports for week and Jan. 2.
bush.
bush.
bush.
bush.
bbls.
bbls.
since July 1 to-United Kingdom_ _ _150,138 3,182,603 1,165,750 38,348,340 852,915 5,567,130
63,296 1,470,818 256,879 38,667,400 715,531 5,431,475
Continent
204
20,659
183,859
So. & Cent. Amer.._ 6,856 345,085
27,240
626,799
150
20,214 752,464
West Indies
6.400
59,536
Brit. No. Am. Cols_
12,672
51,488
Other Countries... _ 30,405 189,110

Oats for future delivery in the Western market have been
firmer, Owing chiefly to the strength of corn and light re270,909 5,999,616 1,422,620 77,251,235 1,595,890 11,665,13
Total
ceipts.' Cash prices have been strong despite a falling off in
251,688 6,105,104 3,287,517 72,706,246 848,836 24,584,728
the demand. Cash interests have been good buyers of Total 1907-08
The world's shipments of wheat and corn for the week
futures and commission houses show a disposition to purchase
on the setbacks. No material iperease is expected in the ending Jan. 2 1909 and since July 1 in 1908 and 1907 are
receipts and this makes many feel friendly to the long side. shown in the following:
There' has been a certain amount 'of short selling at times,
Corn.
Wheat.
hoi,Veirer, by some who believe that a decline in wheat is only
1907-08.
1908-09.
1907-08.
Exports.
1908-09.
a matter of a short time and that weakness in that cereal
Would probably find reflection' in''Oats. To-day prices were
Since
Since
Week.
Since
Since
Week
July 1.
July 1.
Jan. 2.
July 1.
Jan. 2.
July 1.
firmer on small receipts, a strong cash market and general
buying, the trading being active.
Bushels.
Bushels. Bushels. Bushels.
Bushels. Bushels.
DAILY CLOSIN GPRICES bF OATS IN NEW YORK.
Fri.
Titers.
Mon.Sat.Tu4s.' ' Wed.
No. 2
54-544
54-54
84-543.4
mixed_
54-5434
54-54
White HOLIclipped, DAY.
34 to 36
5634-583.4 564-5834
564-584 5634-5834 564-58
lbs
DAILY CLOSING PRICES OF OATS IN CHICAGO.
• Sat. Mon. Tues. Wed, Thurs. Fri.
52
51 % 51 4 51
51
51
May delivery in elevator
464 4634 46
4634 4634 46'%
July delivery In elevator
3931
%
3931
39
395%
3934
September delivery in elevator- _
393.1

The following are closing quotations:
Low grades
Second clears
Clears
Straights
Patent, spring
Patent, winter
gain as citrus




LO UR.
63 15@$: 50 1Cansas straights
:1 25@ 3 40 Itlended clears
3 85V 4 25 City patents
4 80'6 4 90 Rye flour
5 50'h 5 85 Buckwheat flour
4 90a 5 15 Graham flour
4 10( 460 Corn meal

34 75,1-034 90
5 300 --6 10") 0 40
3 60@ 4 50
2 35 0 2 50
3 90 44 ,I 10
3 40@ 3 90

North Amer. 2,854,000 113,433,700 103,752,000 866,000 10,525,400 22,254,000
8,155,500 13,944,000
RUSSIall - - 856,000 38,064,000 50,424,000 .306,000
696,000 25,384,000 19,600,000 671,000 13,033,500 30,520,000
644.000 29,563,000 10,280,000 160,000 42,104,500 34,376,000
640,000 8,760,000 5,136,000
120,000 7,618,000 18.296,000

Danubian __
Argentina __
Australian__
0th. countr's
Total

5,810,000 222,822,700 207,188,000 2,003,000 73,818,900 101,094,400

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.

Wheat.
United
Kingdom, Continent.
Bushels.
Jan. 2 1909._ 14.080,000
Dec. 26!1908- 15,072.000
Jan. -11908.. 18.480,000

I
Total.

Bushels. Bushels,
6,080,000 20,160,000
8,160,000 23,232,000,
7,840,000 26,320,0001

United
Kingdom. Continent.

Total.

Bushels. . Bushels. Bushels.
3,400,000 5,100,000 8,500,000
4,420,000 5,780.000 10,200,000
3,480,000 5,360,000 8,840,000

•

[VOL. Lxxxvni.

THE CHRONICLE

112

The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and
seaboard ports Jan. 2 1909, was as follows:

New York to Jan. 2Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other Countries
Total.

-----1908----Since
Week. Jan. 1
915
10
1,540
25,214
15,589
5
35.830
1,909
10,517
314
20,747
261
1,803
16,180
566
43,652
2,298
22,502
605
_
5,968 203,489

-----1907----Since
Week. Jan. 1. 0
8
1,601
11
•
p.
,
P0030
2,483
•L+0
...1'1".'I
24,152 54
-iiiii
6,194
4
42
c°
1
.
4
8Z
1,143
27,568
124
4,203 ci) r=4,
r-I
145
23,479
•
1
2,509 0
000.000
o
119
00 '04040
12,693
gj
oq c°.°.°.".
370
44,374
ONNet
,
208
25,016 o
_
Fr<
2,220 174,252

The value of these New York exports since Jan. 1 has been
$12,386,123 in 1908, against $10,798,715 in 1907.
Bleached sheetings have been in better demand, buyers
generally being anxious to get deliveries as early as possible.
Shirtings for fall and colored cottons for spring are being
ordered quite freely, and more interest is being shown in
napped fabrics, new lines of which will be opened in the
near future. An advance showing of blankets has already
been made, and lines of flannelettesand other fleeced fabrics




4'61

hn

,
1
ON 04000 00
01040040 .N
Cl)))

0

c;if; en

0

co co

N

30

-1 oa

40
•-•

0

0c3 gMt;

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04.9

'581-1e.l.
A

ncq
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00

eP -4 0
0 I 04
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4040
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po C..000 CU 0 C.
00
tg .2 40

J..

go.05N.

re,
;
.0
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.

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HM

133,665,244

010

40

1
0

136,746,221

455,464 102,395,710

JAN. 1 1908 AND 1907,

145,232,128

are expected to be ready for the inspection of buyers shortly.
During the week jobbers opened new lines of wash fabrics
and other goods for spring and report fair-sized orders.
There has been a steady call for drills, some descriptions of
AMERICAN GRAIN STOCKS.
Wheat,
Corn,
Oats,
Rye,
Barley, which are reported as rather scarce and somewhat firmer.
bush.
bush.
bush,
bush.
bush. In linings current business is light; there is an increased
2,628,000
541,000
New York
833,000
92,000
464,000 demand for black linings and requests from
Boston
manufacturers
681,000
49,000
35,000
6,000
Philadelphia
1,116,000
207,000
92,000
26,000
and jobbers to anticipate deliveries are numerous. Large
Baltimore
529,000
981,000
171,000
196,000
11,000 sales of narrow print cloths have been made to printers
for
420,000
New Orleans
677,000
136,000
Galveston
400,000
453,000
delivery in the second quarter, and prices of both narrow
Buffalo
3,569,000
36,000 1,772,000
199,000 1,115,000 and wide goods are firm; in fact mills as a rule do not appear
afloat
7,952,000
247,000
79,000
disposed to book further large orders for wide goods for late
Toledo
515,000
257,000
203,000
61,000
afloat
70,000
delivery at current levels. Regulars are quoted at 3 7-16c.
Detroit
769,000
310,000
175,000
74,000
•
Chicago
5,324,000
1,770,000
860,000
55,000 1,016,000 and standard wide goods at 4%c. As already noted,
Milwaukee
518,000
393,000
245,000
37,000
341,000 several thousand bales of sheetings and drills have been
Duluth
6,170,000
34,000 1,090,000
33,000
555,000
Minneapolis
14,426,000
309,000 2,424,000
117,000 1,363,000 sold to China on the basis of about 6c.for the 3-yard sheetings
2,557,000
606,000
St. Louis
788,000
31,000
205,000 and 43
4c. for the 4-yard, while the drills brought prices
Kansas City
3,862,000
331,000
321,000
fully up to the market here.
Peoria
2,000
825,000
117,000
22,000
6,000
Indianapolis
311,000
94,000
412,000
WOOLEN GOODS.-In dress goods preparations are
Total Jan. 2 1909...51,759,000 7,165,000 10,629,000 1,022,000 5,082,000 now being made to open additional lines for fall; some
Total Dec. 26 1908_31,676,000 6,994,000 10,248,000 1,080,000 5,396,000 have already been displayed at prices
unchanged from last
.
CANADIAN GRAIN STOCKS.
season, but others will be offered about the middle of this
Wheat,
Oats,
Corn,
Rye,
Barley, month, and are expected to show advances of about 5 per
bush.
bush,
bush.
bush.
bush. cent. The tariff agitation is causing
some uneasiness and
Montreal
219,000
54,000
26,000
64,000 more or less conservatism in
forward purchasing, with the
Fort William
3,151,000
Port Arthur
1,701,000
exception of staple fabrics, although stocks generally are
Other Canadian
1,509,000
reported as small. One of the leading lines of domestic
Total Jan. 2 1909__ 6,415,000
219,000
26,000
64,000 broadcloths recenly opened for the fall 1909 season has been
Total Dec. 26 1908__ 5,755,000
206,000
25,000
51,000 sold up and withdrawn. Worsted fabrics for spring have
SUMMARY.
been taken in large quantity and most mills are reported
Oats,
Wheat,
Corn.
Rye
Barley, as well provided with orders for some time ahead. Men's
push,
bush.
bush.
bush.
bush.
wear heavy-weight lines for fall 1909 have sold well, es. American
51,759,000 7,165,000 10,629,000 1,022,000 5,082,000
Canadian
219,000
26,000
6,415,000
64,000 pecially fancy overcoatings and kerseys and producers of
New lines of
these are now stated to be well situated.
Total Jan. 2 1909_ -58,174,000 7,191,000 10,848,000 1,022,000 5,146,000
Total Dec. 26 1908__57,431,000 7,019,000 10,454,000 1,080,000 5,447,000 light-weight fabrics for fall will probably be opened within
Total Jan. 4 1908...48,481,000 4,482,000 8,450,000 1,065,000 5,895,000 the next week or so.
Total Jan. 5 1907_ _45,768,000 5,823,000 12,855,000 1,658,000 2,838,000
FOREIGN DRY GOODS.-Demand for imported smooth
Total Jan. 6 1906__45,226,000
1,282,000 27,519,000 2,399,000 6,200,000
Total Jan. 7 1905_ _40,266,000 10,919,000 21,202,000 2,038,000 6,754,000 finished dress fabrics for spring has been exceedingly good,
and importers state that they could have booked a larger
business had the goods been available. Light-weight fine
THE DRY GOODS TRADE.
yarn dress goods for spring have been taken in large volume
and are reported as well sold up. Orders for broadcloths
New York, Friday Night, Jan. 8 1909.
fall are coming in freely and indications are that satinfor
volume
satisfactory
of
In most quarters a
business has faced goods will lead in the demand. Imported silks have
week
of
the
during
the
first
been put through
new year and had an extensive sale, with no signs of the demand lessening;
selling interests generally are much encouraged over the prices are strong, owing largely to the high cost of raw
a
whole,
has
shown
market,
as
a broadening
outlook. The
silk. Linens continue active and strong, with numerous
tendency, with an improved demand in many lines, while advances of Mc. per yard.
Burlaps have been quiet and
early
shipments
of
requests
for
goods
urgent
under order unchanged.
feature;
as
a
result
of
continued
a
these
have
conditions,
together with the fact that mills generally are pretty well Importations and
Warehouse Withdrawals of Dry Goods.
sold ahead, prices in not a few directions have displayed
The importations and warehouse withdrawals of dry goods
signs of strengthening. In the cotton goods division there
has been a larger inquiry, especially from converters and at this port for the week ending Jan. 2 1909 and since
printers, and substantial orders have been placed; more Jan. 11908, and for the corresponding periods of last year,
activity is also noted in various lines of domestic cottons, are as follows:
woo IN
0hh00
00004000 N00 0
the amount of business done for near-by and forward ship0'14'1 0
rnm
hio,
0,-, 13
ni
Ca
00
424gg
ment being in the aggregate larger than for some time past.
ION
40400.00- MO
on
.g
oh .
.lhoo
0040004040 .01
Requests to hasten deliveries have been particularly numer0.1
no 00
00
woOtSder
4040404040 00
ous in this quarter, and a heavy movement of merchandise
neP
oo
01
from mills is reported. A noteworthy and encouraging
n00.10
40
oino0h C\1
Oef..WN
development during the week has been the material imN..00. oo 05
0N0.3 0)00
00.0,p 00
0000.00
.
01'1
qtqq"
provement in export trade with the Far East, between
00‘1.00N
41;
O.
cn
.74:k
On0h4
NO
no 0
.esinON
NO 03
nnwoon 40
C0 0.1
12,000 and 15,000 bales of sheetings and drills being taken
on
on
40
for China account. Jobbers report trade as satisfactory
000,
P0 nO
ON
and much better than the preceding week or two, demand
Onn .
.P0 NW
OW 00
00
. 40
N00
. 40
N
.".°
."19 00
for dress goods, prints with border effects, wash fabrics,
000h.co
on
40
4000000 nn 0
&c., showing a steady increase. Silk dress goods have 1
.n..
On
.
.N
40
continued to move in good volume, especially satin-faced 0
fabrics and satin crepes. Leading producers of men's
o.h..
N 00
h c‘i
...hh
Vh
.4,0,
1$,
0.1,0hco 00 0
0000N0 NO
0'O4040Cs
wear have booked substantial orders on certain lines of
w 400140
Cl
40
401 40
4000
'SC'I
."qq".
°
4000 w
0,1
4c5 40
heavyweights for fall 1909, which will keep their looms <4
00
busy for several months; lightweight goods for next fall
NoCinia.
0.00Tr
are expected to be opened shortly. In dress goods more 1=4
Onhom
n.
00.
0
.
."
0
or less uneven distribution of business is still in evidence, hI o
N0040.0° on
o.00h 00
but the market generally shows someimprovement.
°
.N
.
°N
.
0 0140
i01 '1.
4
.N
Pt DOMESTIC COTTON GOODS.-The exports of cotton
050
01
goods from this port for the week ending Jan. 2 were 5,968 El
N
040
packages, valued at $239,296.
et

05

05

onn.nello
r
in 0 c0
.1
'
N0
.00

CO

-111IL

THE CHRONICLE

JAN. 9 1909.1

STATE ;INt) CITY

AL,111-11IMIL

113

ptfiiivrENT,

DECEZIBER BOND SALES.
Price.
Amount.
Page.
Name.
Rate. Maturity.
$50,000 102.50
1674_ _ Aberdeen Sch. Dist., So. Dak_ 4%
1928
5,000 103.30
1674_ _ Adrian Special Sch. Dist., Ohio 5
1909-1918
4,000 104.539
1674_ _ Agawam, Mass
4
1922-1925
200,000 110.13
1558_ _ Alamane.e County, N. C
1958
5
2,850 100.228
5
1558_ _ Alliance, Ohio
PUBLISHED WEEKLY.
1,500 100.566
4%
1558_ _Alliance, Ohio
6,000 100.418
1674_ _ Altamont, N. Y
4 N 1913-1924
Terms of Subscription-Payable in Advance$10 00
30,000 104.06
1674_ _ Analy Union High S. D., Cal
1928
5
100
1619_
For One Year
Dist.,
Drainage
_Angleton
Tex_
5
100,000
d1928-1948
0 00
1619_ _ Anniston, Ala
For Six Months
4,500
5
1918
13 00
1619_ _ Anniston, Ala
European Subscription (including postage)
11,000
1918
8
50
7
European Subscription six months(including postage)
7,000
63_ _Applecreek, Ohio
4% 1910-1929
12 14s. 1619_
Annual Subscription in London (including postage)
_ Ashland, Ky
9,000 100
6
21 118.
5
114_ _ Ashland, Ohio
Six Months Subscription in London (including postage)
1,500 103.466
1909-1914
50
$11
Canadian Subscription (including postage)
5
6,400 106.164
114_ _ Ashland. Ohio
1909-1919
63_ _Ashtabula, Ohio
4
60,000 100.936
1909-1928
Subscription includes following Supplements5
1674_ _ Auglaize County, Ohio
70,000 107.431
1910-1923
1558_ _Bainbridge, N Y
15 1
BANK AND QUOTATION(monthly)STATE AND CITY (semi-annually)
1918
11,6001 100
RAILWAY AND INDUSTRIAL(quarterly) I ELECTRIC RAILWAY(3 times yearly)
14%J
1 4001
4%
_Baldwin, Kan
1491_
1933
35,000
100
Terms of Advertising-Per Inch Space
3%
1558_ _Baltimore, Md
1980
92
1,000,000
5
$4 20 1558_ Beaufort, N. C
1938
20,000 100
Transient matter per inch space(14 agate lines)
22 00
25,000
115_ • 131andford Spec.F re Dist.,Mass 4
(8 times
Two Months
29 00
1909-1918
63_ _Blue Earth County, Minn__ 5
42,500 100.611
gm
mes
Standing Business Cards
50 00 1674_ Bristol County. Mass
4
1913
40,000 102.161
(26
5
1921
87 00 1491_ Brunswick, Ga
64,000 104.84
Twelve Months(52 times)
10,000
_Buda, Ill
CHICAGO OFFICE-P. Bartlett,513 Monadnock Block; Tel. Harrison 4012. 1674_
6
d1918-1923
11,000
1619_ _Burlington, Col
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
4
1929
10,000 101.15
1674_ _Caldwell, N. J. (2 issues)
3%
1928
40,000 101.097
115_ _Cambridge, Mass
WILLIAM 11. DANA COMPANY,Publishers,
1928
60,000 102.30
_Canton Un. S. D.,0.(2 issues) 4
1619_
P.O. Box 058. Front. Fine and Depeyster Sta., New York.
Varlous
27,300
1558_ _Carter Co. S Ds., Okla (6 iss.) 6
10,000
4% 1914-1918
1674_ _Centralia, Ill
4
492,500 Various
1938
492_ _Charleston, S. C
70,000 101.587
4
d1918-1938
MUNICIPAL BOND SALES IN DECEMBER AND
1492„Chester, Pa. (3 issues)
1910-1927 1,000,000 101.08
1559_ _Chicago Sanitary District, Ill_ 4
90,000
5
1928
THE YEAR 1908.
1559_ _Chickasha, Okla
4
1910-1929 120,000 104.44
1619_ _Clinton, Mass
municipal
During the last month of the old year sales of
16,000
4
1674_ _Cllnton County, Ill
20,000 102.50
_ColtsvIlle Township, Ohio_ _ _ _ 4% 1932-1933
bonds aggregated $23,366,131. We do not include in this 1559_
25,000
5
1919-1929
115_ _Colbert County, Ala
75,000 101.25
4
_Covington Sch. Dist., Ky
total $773,458 of temporary loans, $962,770 of Canadian 1619_
30,000
115_ _Coweta, Okla
3,000 101
1919
loans and $14,500,000 general fund bonds of New York City. 1559_ _Craig Co. S. D. No. 43, Okla_ 6
29,710 104.679
5
1909-1918
1674_ _Cuyahoga County, Ohio
5
130,500
1909-1928
The sale of $30,000,000 Panama Canal bonds by the U. S. 1674_ _Cuyahoga County, Ohio
5
a1914
60,000 104.678
1674.. _Cuyahoga County, Ohio
(41914
17,850
5
Government also took place last month. As these, however, 1674_ _Cuyahoga County, Ohio
1928
58,000
5
_
1620_
Decatur,
Ala
from
are
omitted
cannot be termed "municipal" bonds, they
4 % 1910-1934
25.000 104.74
1492__Delta, Ohio
1938
75,000 x100
33
_Detroit, Mich
our table. The largest and most important issues placed 1559_
3%
1938
1250,000 103.86
1675_ _Detroit, Mich
1
50,000 104
State
York
New
of
4s
during December were: $5,000,000
6
2,250
d1910-1923
115_ _Dougherty, Iowa
35,000 100.458
5
1938
_Douglas, Ga.(2 issues)
sold on a basis of about 3.507%, $1,050,000 4s of Los 1559_
4% 1909-1928
35,000 104.65
1675_ _Douglas County, Wis
$1,000,000
.176%,
4
about
of
basis
4,000
115_ _Doylestown School Dist.. Pa
Angeles County, Cal., on a
1918
3,600 100
43.
1675_ _Dubois County, Ind
80,000
3s of Baltimore, Md., at 92 and interest, and $1,000,000 1620_ _Dunmore School District, Pa 4% 1909-1932
4%
5,000 102.53
_Eastchester, N Y
115_
basis
a
on
District
Sanitary
4s sold by the Chicago, Ill.,
5
40,000 107.78
1919-1928
1559_ _ East Chicago. Ind
3 N 1909-1920
32,000 100.11
_ Easthampton, Mass
of about 3.874%. The aggregate for December as well as 1675_
4
1914-1938
102,500 100.066
1675_ _East Rochester, N. Y
4.10 1914-1938
35,000 100.108
1675_ _ East Rochester, N. Y
the twelve months for a series of years is shown in the follow- 1675_
4.10 1914-1938
6,500 100.13
_ East Rochester, N. Y
d1919-1929
24,500 110.51
115_ _Eddy County, N. M.(3 issues) 6
ing table:
5
1909-1928
40,000 100
For the
Month of
1620_ _El Centro, Cal
For the
Month of
6
1924&1929
6,000 105.75
63_ _ Ellendale, No. Dak
December. Twelve Mos.
December. Twelve Mos.
1928
25,000 110.80
5
$4,981,225 $118,113,005 1492_ Elmwood Place, Ohio
$23,366,131 $309,806,252 1899..
1908
4%
1928
10,000 100
7,306,343 103,084,793 1620_ Emporia, Kan
1907
13,718,505 227,643,208 1898
300,000 100
1948
5
17,855,473 137,9114,004 1675_ _ Eugene, Ore
1906
21,260,174 201,743,346 1897
15,000 100.066
10,664,287 106,496,060 1559_ Eureka, Cal
1905
8,254,593 183,080,023 1896
27,500 104
8,545404 114,021,633 1620.. _Fairmont S. D. No. 19, Neb__ 5
1904
9,935,785 250,754,946 1895
10,000
1928
5
Ala
1620_
Florala,
117,176,225
13,486,374
1903
13,491,797 152,281,050 1894
55,000
6
1910-1920
77,421,273 1559 Forest County, Wis
17,306,564
1902
11,567,812 152,846,335 1893
9,000
4
1014-1922
Minn
Frazee,
115_
83,823,515
3,297,249
1892
1901
15,450,958 149,498,689
12,000 102.675
1918
School District, Minn__ 5
1620.__Frazee
1900
22,160,751 145,733,062
45,000 104.09
4%
1919
63__Gary, Ind
4
200,0004K% has
1938
County, N C
It will be seen from the foregoing that the total of the 1675__Gaston
6
15,000 101.583
1559_ _Glendive, Mont
5
35,000
Rock, N J
sales for the year 1908 was largely in excess of that of any 1620__Glen
1,000 101
1928
1559_ _Grady Co. S. D. No. 33, Okla_ 7
20,000 101.25
1928
6
_Granite, Okla
other year. The next largest total, reported in 1904, is 1620_
43
150,000 105.40
1915-1928
63_ _Green Bay, Wis
26,000 102
1918
W. Va
5
exceeded by more than 59 millions, while the increase over 1559Guayandotte,N.
4%
100,000 100
J
1675_ _Haddonfield,
4
500,000 100
d1918-1948
the amount for 1007 is more than 82 millions. New York 1675_ _Harris County, Tex
5
10,000 100
d1913-1933
1620.. _Harrison County, Miss
1934
City's output for the year was $73,340,859, as compared 1559_ _Hartwell, Ohio
35,000 102.20:
4
1918
39,000
4
Mass
_Haverhill,
1675_
$41,and
1906
with $79,100,195 in 1907, $57,052,175 in
70,000 100
4.12 1910-1937
1559_ _Haverstraw, N Y
18,000 101.8133
1928
5
1675_ _Hays City, Kan
210,934 in 1905. This does not include any of the revenue 1620
3,780
5
..Highland County, Ohio
110,500 102.3 N
1938
63__Hoboken, N. J. (2 issues) _ _ _ _ 4
bonds, which, being temporary obligations in the nature of
61,000 102.1pa
1913-1921
43
115.._ Hollywood, Cal
95
155,000
6
floating debt, we disregard, nor does it include "general 116__Hope, Ark. (2 issues)
94
10,000
d1918-1923
6
1020_ Hot Springs Sch. Dist., Ark
fund" bonds.
1620....Huntington Union Free School
103.03
1
,
98,500
43
1915-1939
Y
N
3,
No.
District
The amount of the sales for 1908 is $309,806,252, as against
26,000 102.311
4
1909-1918
63_ _Hyde Park, Mass
80,000 100.20
3% 1909-1912
116_ _Indianapolis. Ind
$227,643,208 in 1907, $201,743,346 in 1906, $183,080,023 in 1559_
5
10,000 100.033
1909-1918
_Irondequoit Sch. Dist., N. Y
43
55,000 107.14
1939
1620_ _Irvington, N. J
1905, $250,754,946 in 1904, $152,281,050 in 1903, $152,- l675
5
13,546
..Itasca County, Minn
and
in
1901
in
14,000
$145,733,062
d1913-1938
Y
N.
$149,498,689
1902,
1621__Ithaca,
846,335 in
10,000 105.62
1929
1621__Iva Sch. Dist. No. 44, S. C__.. 6
40,000 100
4
d1918-1938
1900. It is important to bear in mind that temporary 1676_ _Jefferson County, W Va
3,000
1928
1559_ _Johnston Co. S. Ds., Okla.(2 is) 6
or
fund"
"general
revenue
bonds,
City
York
250,000 104.68
loans, New
1929
1678_ Kansas City Sch. Dist., Kan_ 44
60,000
6
Tenn
Knoxville,
_
63_
or sales made by places not located in the United States, 1621_ _ Lackawanna County, Pa
180,000 104.08
1938
4
541,000
1919-1928
64_ _Laramie Valley Irr.Dist.,Wyo_ 6
are never incorporated in our totals. We reported during 1559_
11,300 100
8
d1913-1918
_Latonia, Ky
50,000 104.486
5
1928
the year $161,828,347 of temporary loans, $85,834,473 of 1621_ _Latonia, Ky
57,000 105.68
1912-1939
43
116_ _Latrobe, Pa
34,500 104.27
Canadian loans, a $30,000,000 Panama Canal loan and $14,- 1676 _Latrobe School District, Pa 4% 1909-1931
4
150,000 102.518
1909-1918
1676_ _Lawrence, Mass
1929
500,000 general fund bonds of New York City, all of which 1621__Lawton School District, Okla_ 5
100,000 102.808
43-i
1948
25,000 108.44
1560_ _Lexington, Ky
have been excluded. With all of these incorporated the 1621_
4% 1914-1948 1,050,000 104.775
_Los Angeles County, Cal
5
1914
13,200 101.977
issues)._
(4
0.
_Madison
County,
1621_
1908 total would be increased to $601,969,072.
10,000 106.90
1928
5
1676.._Mahnomen County, Minn
4
10,000 100.43
1914-1933
N Y
The following table shows the monthly output in each of 1560__Mamaroneck,
5
50,000
1929
116_ _Marceline, Mo
3,000 104.166
1928
1621_ _Maricopa Co. S. D. No.41, Ariz 7
the years 1908 and 1907:
20,000 100
5
1938
1676__Marion, N C
1908.
1907.
1908.
40,900
1907.
116__Marion, Ohio (2 Issues)35,000
1929
116_ Marlow School District, Okla 6
$21,214,678 $16,352,457
January _ _ _$10,945,968 $10,160,146 July
5
40,000
d1917-1947
18,623,046 20,075,541 1021.. _Marshall, Tex
February __ 60,914,174 37,545,720 August
50,000 104.934
d1919-1943
_ Martinsburg Sch. Dist., W.Va. 5
Marc __ __ 18,933,083 10,620,197 September _ 34,496,814 47,947,077 1621_
J 4,000
5
a1912
14,077,029
9,793,358 1676_ _Martinsville, Ind
April -----21,451,859 19,909,004 October
103.87
110,000
4,408,381
25,557,331 15,722,336 November _ 28,580,075
May
10,000434% bas
5
31,646,064 21,390,486 December_ 23,366,131 13,718,505 1621_ _Maywood S. D. No. 46, Neb
June
36,000 108.15
4
1928
1678_ _Medford, Mass
1938
71,000 100
4
$309,806,252 .T227,643.208 1560 Mercer County, N. J
Total
__
50,000
64_ _Merrill. Wis. (2 issues)
$25,817,188 $18,970,267 1560_
Average per month
1948
53,072 100
4
_Mem County, Tex
10,000 100
6
1928
1493 _Mill Creek Sch. Dist., Okla
to
December
loans
of
table
we
give
list
a
following
In the
15,000 100
5
d1918-1923
84_ _Milton, Ore
200,000
4
1909-1928
..
116_ _Milwaukee, Wls
the amount of $23,366,131 issued by 230 municipalities. 1676_
100,000 103.04
4
1938
_Minneapolis, Minn
in
the
the
page
to
made
loan
is
reference
each
In the case of
46,000 103.07
4
1939
1676_ _Minneapolis, Minn
87,000 102.84
4
1038
1560.._Minneapolls; Minn
"Chronicle" where an account of the sale is given.

The




ThymicIt.

T4ihxre4owinlpisths

,

114

THE CHRONICLE

Lxxxvin.

Name.
Rate. Maturity.
Amount.
Page.
Rate. MaturSty.
Price. Page.
Amount.
Name.
Price
4
1939
$110,000 103.07
' 1676.. _Minneapolis, Minn
67_ _Ne,
5
$15,000
,v Liskeard, Ont
Minn
4
1938
_Minneapolis,
1676_
250,000 103.07
1918
7,305
1563_ _Noble View S.D.No.2120,Sask.. 754
4
1928
1676_ _Minneapolis, Minn
116,200 102.215 1624.. _North Toronto, out5,000
1909-1038
_,.. .. 5
5
110_ _MocksvIlle, N. C
,
1909-1938
13,000 106.253
5
120...North Toronto, Ont
, • 1621__Montgomery County, Ohio__ 4
4,0,00
1624__Oakwood S. D. No. 439, Mall_ 5
94.875
2,5
1,7E
' /560_ _Morrow Co., Ohio (3 issues)._ 4%
55,000
1624....Portage La Prairie, Man__ ,___ 5
Vernon,
N.
Y
1493.._Mount
434
1948-1940
,
40,000
,
1909-1918
6,824
67.. St. Mary's, Ont
434
1934
30000 109..4
'1621_ _Mount Vernon, N.Y
434
19 012
1,300 100.769
120_ _Seaforth S. D. No. 2129, Sask_ 654
1918
5
1676_ _Napa High School Dist. Cal
1910-1929
30,000 104.603
80,000
1956
120_ _Selkirk, Man
5
1910-1934
1677_ _Napa Sch. Dist. No.4, dal_ _ _ _ 5
70,000
.-Selkirk, Man
120
1919
1621_ _Nashwauk S. D. No. 9, Minn.._ 6
1,200 100.50
1563_ _Shawiands S. D. No, 2161
636
5
1909-1928
10,000 100
1622_ _New Albany, Miss
6,798
1680.._Souris, Man
5
4
1493_ _New Bedford, Mass
1909-1918
30,000 101.215 1624__Southampton, Ont. (2 issues).. 5
3:04509
24
1909-1928
5
1928
1622_ _Newburgh Heights, Ohio
5,000 110.56
1563 _Strathroy, Ont
1909-1918
5
116__ Newcomb Union Free School
:000
9 00
1563_ _Sudbury, Ont
15
1909-1928
5
District No. 2, N. Y8,000
1909-1916
1624_ _Sudbury, Ont
1909-1938
5
1677_ New Orleans, La1911
75,000
51:060000
1563_ _Tamarisk, Sch. Dist., Man_ _ _ _ 6
1909-1918
1560__New Rochelle, N. Y
g
1920-1931
107,500 112.571 1624.._Teeswater, Ont
5
1918
4
1958
5,000,000 111.6035 1624_ _Uxbridge, Ont
1622_ _New York State
23,500
5
1909-1938
4
1560_ _Niagara Fails, N. Y
70,500 101.628 1624„Westville, N. S
7,000
4;4
5
1560_ _Niles, Ohio5
1V
8a
1r
51171.8
8,000 106.888
120_ _Wiarton, Ont
3,056
5
64_ _Niles, Ohio (3 issues)
7,000 106.118 1624_ Windsor, Ont
5
1199228
8
41938
1622_ _Norfolk, Va
491,000
95.04
120_ _Windsor, Ont
9 105.20
90
90
15
15,0
1928
434
1622_ _ North Arlington, N. J
1933
25,000 100.25
1680Winnipeg
S. D. No. 1, Man
„
4
5
1991)200,000
1943
4
1677_ _Northumberland County, Pa
118,000 100
1680_ Yorkton, Sask
6
20,000 104
1677_ _Norwood, Ohio (11 issues)
434 1909-1918
29:5g4 Various
4%
1933
5 0 0 110.01
1677_ _Norwood, Ohio
Total
$962,770
64_ _Norwood, Ohio
2,394 102.299
434 1909-1918
4
1934
64_ _Norwood, Ohio
90,000 103.04
REVISED TOTALS FOR PREVIOUS MONTHS.
64_ _Norwood, Ohio
4% 1909-1918
10,002 102.30
The following items included in our totals for previous
4
1920-1922
1677_ _Ogdensburg, N. y
5,000 100
1916
1494_ _Omaha, Neb
434
252,500 101.719 months should be eliminated from the same, as the sales
1560_ _Orchard Mesa Irr. Dist., Col.
have not been carried to completion. We give the page
(2 issues)
900,000
1922-1923
4
1622_ _Painesville, Ohio
4,0001 100.97
number of the issue of our paper in which the reason for
1914
4
1622_ _Painesville, Ohio
1,000]
1917-1921
4
1622_ _Painesville, Ohio
15,000 100.775 the failure to consummate the sale may be found.
1910-1929
6
Name of Municipality.
1677_ _Pascagoula, Miss
12,000 102.50
Page.
Amount.
1928
4
256,000
1677 _Passaic, N J
115_ Forest County, Wis. (October list)
187455 000
1560_ _Patoka Township, Ind
3,600 100
116_ Hope, Ark. (April, 2 issues)
1933
6
1677_ _Pawnee, Okla
50,000
64_ _Merrill, Wis. (September list, 2 issues)
50 ,:000
1911-1934
1560_ _Pitman School District, N. J__ 5
24
2:00
80
01 100
1.
.58
067
8
1910-1914
5
1622__Poland, Ohio
We have also learned of the following additional sales for
1910-1919
5
1622_ _Poland, Ohio
1.500]
previous months:
19094918
5
1622_ _Pontiac, Mich
10,000 103.51
1918
5
20,500 106.448 Page.
Name.
64_ _Port Huron, Mich
Rate. Maturity.
Amount.
Price.
6
a1912
$14
00
2
5%
1929
1677_ _Portland, Ore
266,000 100to102 1619_ Anadarko, Okla
4
1933
d1919-1929
5
117_ _Portland, Ore
1558_ Britton, So. Dak
1909-1918
40,000 10
4
a1918
1622_Portsmouth, Ohio
18
3.
434
7317
1558_ Brown County, Wis.
85
103.3375
13,360 100
1677_ _Presho, So. Dak
6,000
1619_ _Carroll County, Ind. (3 issues) 434 1909-1918
d1919-1929 350,000 100
4
1917-1931
21,000 100.523
64_ _Pueblo County, Col
1674_ _Cheboygan, Mich. (2 issues).._ 5
1929
5
13,000
1560__Redfleld, So. Dak
$18,000 101.666 1619.. _Chicopee, Mass. (Sept.)
4
3.65 1910-1914
1678_Richmond, Ind
25,000
12,240 100
1619__Clinton County, Ind. (4 issues) 434 1909-1918
1909-1928
4
84_ _Rockland, Mass
60,000 104.370 1619_ _Concordia Parish School Dists.
1938
95
1,500
1494__Rockport, Ohio
434
1909-1910
9,000 107.25
Nos. 1 & 2, La. (2 Is. Mch.)_ 5
5
d1919-1929
15,000 106
7,500
1619__Covington, Tenn. (June)__.
6 1918,'28&'38
1623_ _ Rolla School District, Mo
1928
4,720 100
4,800 100
1623_ _Rose City, Mich.(2 issues) _ _ _ _ 6
1620_ _Decatur Township, Ind
434 1909-1918
5,000
50,000
19144916
85_ _ Russell County, Va
5
63_ _Decorah, Iowa (October)
a1920
105,000 100
5
10,000
65_ _St. Clair, Pa
1938
1675_ _ East Rutherford, N. J. (Oct.).. 454
1919
10,000 100.10
42,000 102
1561__Sampson County, N. C
5
1559_ _ Elmore County, Idaho
5%
65,000
85,000
d1919-1929
1623.._San Diego, Cal
5
1559. Florence, Col
25
50
:000
1914-1915
2,200
6
1678__San Diego, Cal
1620_ Forrest, Ill
434 1918-1922
1917
17,000
4
d1913-1928
1620_ Franklin, Neb. (June)
5
65_ _Sandusky, Ohio
1914-1918
0,225 100
5
100,000 107.427 1620__Grant County, Ind
1561_ _Saratoga County, N. Y
434 1909-1918
5,000 100
5
3,000
1620„Hamilton Co., Ind. (2 issues) _ 454 1909-1918
118__Saranac, N. Y
1928
9,250 5% basis
108-118918
200,000 100.13
1620_ _ Hampton,Iowa190
118_ _Seattle S. D. No. 1, Wash__ _ _ 4
25,000
d1928-1948
3,000 100
5
1620_ _High Landing Twp., Minn.._ _ _ 6
1561_ _Seneca, S. C
4,500 100
24000 10
434 1909-1914
1620_ Howard County, Ind
65_ _Shelby County, Ohio
00.7
0.9
20
7
454 1909-1915
d1913-1928
9,000
330,000 100
5
1620_ _Idaho Irr. Dist. Idaho (Sept.) _ 6
1623_ _Snyder, Neb
10,000 100
1912-1922
22
2:0
00
00
0
5
5
Various
Lake,
Iowa
116_ Lebanon, Tenn. (July)
_Spirit
1561_
54,515
1920-1923
5
1676_ Leola Drainage District, Wis.... 6
1561_ _Spirit Lake, Iowa
10,000
1909-1918
4,079 103.677 1676.. Lucedale, Miss.(Sept.)
5
6
1561_ _Springfield, Ohio
20,260 100
1928
6,000 100
6
1621__Madison County, Ind. (3 iss.) _ 454 1900-1918
1561_ _Starke, Fla
200,000 100
14,000 102.507 1621_ _Muskogee Sch. Dist., Okla...... _ 454
1913
434
1928
1623_ _Steubenville, Ohio
95,250 100
70,000 107.41
1938
Various
434
1677_ _North Dakota (Oct., 38 issues) 4
1495_ _Summit, N. J
50,000
1938
20,000 104
4
117_ _ Overpeck Twp. S. D., N. J
5
65_ _Sussex County, N. J
1909-1928 27
00:0
320
5:0500
0 101.383
000 102
4
1.2
50
73 1560_ _ Portland; Ore
85_ _Syracuse, N. Y
1910-1912
4
1678_ _Sparta Sch. Dist. No. 1, Wis__ 5
1561_ _Terre Haute, Ind
4,000
45,000 105.27
1918-1927
4,54 1909-1928
118__Sunrise, Minn. (Jan.)
4
1623__Troy, N. Y
2,940 100
10,936 105.25
1623__Troy, N. Y
434 1909-1928
1623_ Tipton County,Ind
4;4 1909-1918
2,168 100
20983 10
01
434 1909-1028
5.26
1623__Troy, N. Y
1623_ _Washington County, Ind
454 1909-1918
4,250
1923&1928
1561_ _Tulsa Co. S. D., Okla (2 issues) 6
All the above sales (except as indicated) are for November.
d1919-1929
150,000 104.25
1678_ _Twin Falls County, Idaho_..__ 5
20
5:0
00
00 100
43j 1912-1928
1.
.51
713
65_ _Urbana, III
These additional November issues will make the total sales
5
1939
1678_ _Ventnor City, N.Y
$28,580,075.
44
1909-1948
5:5
00
00
0 1100
5
60
.222 (not including temporary loans) for that month
1678.. _Visalia, Cal
Iowa_
5
Dist.,
1623_ _Vogler Ind. Sch.
1928
4,300 101
1561_ _Wagoner Co.S.Ds.,Okla.(3 iss.) 6
1910-1918
24:50
1 000
4
0 10
00
2.81
1678_ _Waltham, Mass
1913-1918
6
66_ _Watab Township, Minn
116,000
6
118_ _Waterloo, Ia
this week
136,000 101.939
1562_ _Weehawken Township, N.J_ _ 434 1909-1928
240000 100
434 1914-1937
08.87
1495_ _Westchester County, N. Y
hoop
as
follows:
Wive
1928
35.000
118_ _West End, Ala. (2 Issues) _ __ 5
1918-1933
100,000
1678_ _Western Clay Drain. Dist.,Ari. 6
5
Agawam, Mass.--Notes Authorized.-According to re1911-1918
16,000 104.17
118_ _Westfield, N. J
4
10,000 100
1562._West Grove, Pa
the issuance of $5,000 4% water-system-construction
ports,
1910-1934
25,000
436
1678_West Homestead, Pa
1909-1918
30,000
notes has been authorized. Denomination $1,000. Inter1496_ _West Seneca, N. Y
66 White Plains Union Free Sch.
est semi-annual. Maturity $1,000 yearly on Jan. 1 from
1910-1029
4
35,500 100.411
Dist. No. 1, N. Y
1922 to 1926 inclusive. Bonds are exempt from taxation.
d1918-1948
15,500
66__Wichita Falls, Tex. (2 Issues)_ 5
1929
6
9,973
1623_Wileox S. D. No. 62, Neb
Asbury Park, N. J.-Certificate Ofiering.-Proposals will
50,000
1678_ _Williams County, No. Dak_
1948
400,000 103.318 be received until 2 p. m. Jan. 11 by William C. Burroughs,
434
1562__Wilmington, N. C
4
1909-1928
40,000
1562.._Winthrop, Mass
certificates:
5
1909-1913
50,000 102.155 City Clerk, for the following 5% assessment
1678.. _Wood County, Ohio
35,000
$24,812 30 Cookman Avenue certificates. Denominations $500, $392 30
1623_ _Wright County, Iowa
and $4,812 30
years
4
1938
and $420. Maturity $5,000 yearly for four
2,000 102.81
66_ _ Wyoming, Ohio
5
d1913-1928
in five years.
1,5004.10%bas
1623_ _Yoakum County, Tex
434 1009-1928
50,000 104.555
10,152 28 Mattison Avenue certificates. Denomination $500, except one
1623_ _Yonkers, N. Y
certificate of $152 28. Maturity $2.000 yearly for four years
100,000 102.333
434 1909-1918
1623__Yonkers, N. Y
5
and $2,152 28 In five years.
1910-1914
8,230 103.007
1679_ _ Youngstown, Ohio
Bond Street certificates. Denomination $500. except one
5
1911
750
90
101.133
7,373
Ohio
1679_ _ Youngstown,
certificate of $373 0(). Maturity $1,500 yearly for four years
5
2,000 101.625
1910&1911
1679_ _ Youngstown, Ohio
and 51,373 90 in five years.
d1918-1928
10,000 107
6
66__Yuma Co. S. D. No. 1, Ariz
1928
5,500
434
1623_ _Zavalla Co. Com. S. D., Tex
circular states there has
semi-annual.

182.055

88:888 101

52?:288 188.438

Bond Proposals and Negotiations

Total bond sales for December 1908 (230 municipalik$23,366,131
ties, covering 294 separate issues)

Interest
Official
never been any default in the payment of principal or interest of any certificates; also that there is no controversy or
litigation pending or threatened concerning the validity of
these issues, the corporate existence or boundaries of the
municipality or the title of the present officers to their respective offices.
Bonds Proposed.-Philadelphia papers state that the City
Council proposes to issue bonds for the following purposes:
$75,000 for beach improvements, $35,000 for a septic sewer
plant and $15,000 for the fire department.
Ashland, Ashland County, Ohio.-Bond Sale.-The two
issues of 5% bonds described in V. 87, p. 1619, were disposed
of on Dec. 21 1908 as follows:

a Average date of maturity. d Subject to call in and after the earlier
year and mature in the later year. k Not including $773,458 of temporary
loans reported, and which do not belong in the list: also does not include
$962.770 of Canadian loans, $30,000,000 Panama Canal bonds and $14,500,000 "general fund" bonds issued by New York City. ziTaken by sinking
fund as an investment. I/ And other considerations.
BONDS SOLD BY'CANADIAN MUNICIPALITIES.
Amount.
Price.
Page.
Name.
Rate. Maturity.
$3,000 103.166
19094918
67_ _ Aberdeen S. D. No. 1610, Sask. 8
1,500 106.666
1910-1919
67_ Aberdeen S. D. No. 1610,Sask. 8
3,526
1679_ _ Alliston, Ont
1928
4
1909-1928
8,762
1623- _Berlin, Ont.(2 issues)
5
8,000
98.10
1563_ _Camrose, Alberta
7
20,000
19094028
1623-- East Missouri Township, Ont_ 4
1,200 100
13133_ _Fairmount S. D. No. 1651, Alt. 8
7,000
1623_ _Gait, Ont
1928
454
$1,500 Carroll Street Improvement bonds awarded to the Fanners' Bank
121,500
1929
67_ _Lethbridge, Alberta
5
of Ashland for 51,552-the price thus being 103.466. Maturity
1,000 100
67__Lipton S. D. No. 1347, Sask
6
$150 each six months from Sept. 1 1909 to March 1 1914 inclusive.
1,200 100.583
1919
67_ _Littleville S. D. No. 2077,Sask. 7
6,400 Church Street improvement bonds awarded to the First National
55,000
1948
1623_ _MacLeod, Alta
5
Bank of Ashland for 56,795-the price thus being 106.164. Ma35,000
5
1948
1680_ _MacLeod, Alta
turity $320 each six months from Sept. 1909 to March 11910 in105,000 102.83
5
1623_ _Moose Jaw, Saalc
1948
clusive.
S.ID.INo.
1,
Jaw
Sask
6,000
5
1909-1918
100.11
1680_ _Moose




JAN. 9 1909.1

THE CHRONICLE

Auburn, Lee County, Ala.-Bond Election.-The Town
Council has called an election for Jan. 12 to vote on the
question of issuing $12,000 bonds for water-works and a
sewerage system.
Auglaize County (P. 0. Wapakoneta), Ohio.-Bids.-The
following bids were received for the $70,000 5% infirmaryrebuilding'bonds awarded on Dec. 18 1908 to Seasongood
Mayer of Cincinnati at 107.431 (V. 87, p. 1674):
Seasongood & Mayer, Cin_$75,201 75
Central Tr. &S. D. Co ,Cin 75,110 00
Hayden,Miller & Co.,Clev. 75,097 00
Otis & Hough, Cleveland.. 74,906 16
Breed & Harrison, Cin___ 74,781 00
C.E.Dentson & Co., Clev__ 74,767 25
First Nat. Bk., Cleveland. 74,647 00
Western-German Bk., Cin. 74,606 00
People's N. B., Wapakon.. 74,375 00

New 1st Nat. Bk ,Colum474,350 00
Cleveland Tr. Co., Cleve.._ 74,319 00
First Nat.Bk., Wapakon_ 74,000 00
Alb.Kleybolte & Co., Ctn. 73.598 00
73,535 00
S. A. Kean, Chicago
Union S. B. & Tr. Co.,C1n. 73,525 00
First N. B., New Bremen_ 72,205 00
First Nat, Bk., St.Mary's_ 72,205 00

Austin, Texas.-Commission Form of Government Adopted.
-On Dec. 29 1908 the electors of this city voted in favor
of a new charter providing for a commission form of government.
Bemidji Independent School District (P. 0. Bermidji),
Beltrami County, Minn.-Bond Ofiering.-Proposals will be
received until 7:30 p. rn. Jan. 15 by Graham M. Torrance,
District Clerk, for $35,000 5% school-building bonds.
Authority vote of 248 to 41 at election held Dec. 23 1908.
also Chapter 272, Laws of 1905. Denomination $1,000.
Date day of issuance. Interest semi-annually at place to
suit purchaser. Maturity fifteen years. Certified check for
$500, payable to T. J. Andrews District Treasurer, is required. Official circular states there is no litigation pending
or threatened affecting the validity of the election at which
these bonds was authorized,or the title of the school officers
to their respective offices, alsolhat there has never been any
default in the payment of principal or interest.
Blandford Special Fire District (P. 0. Blandford), Hampden County, Mass.-Bond Sale.-We are informed that the
$25,000 4% water bonds voted on Nov. 7 1908 (V. 87, p.
1372) have been bought by Jose Parker Sz Co. of Boston.
Buffalo, N. Y.-Bond Sales for December.-During the
month of December 1908 the following 4% bonds, aggregating $18,468 26, were awarded to the various sinking funds
at par:
$5,160 13 temporary loan bonds dated Dec. 14 1908. Maturity July 1 1909.
12,358 13 monthly local work bonds dated Dec. 15 1908. Maturity Dec.
15 1009.
95,000 00 temporary loan bonds dated Dec. 21 1908. Maturity July 1 1909.

Bullock County (P. 0. Union Springs), Ala.-Bond Offering.-Proposals will be received until 12 m. Jan. 16 by
the Commissioners' Court for $100,000 gold coupon roadimprovement bonds at not exceeding 5% interest and voted
on Nov. 3. Maturity thirty years. Interest annually at
place to suit successful bidder. Denomination to suit
purchaser. Bonds are free from all taxes. Certified check
for $1,000, payable to A. E. Singleton, Probate Judge, is required. This county has no debt at present. Assessed
valuation $5,000,000.
Cambridge, Mass.-Description of Bonds.-The $40,000
3M% 20-year bonds awarded to E. H. Rollins Sc Sons of
Boston on Dec. 22 1908 at 101.097 (V. 87, p. 1674) were
issued for the purpose of building a school-house. Securities
are dated Dec. 1 1908. Interest semi-annual.
Chelsea, Washtenaw County, Mich.-Bond Offering.Proposals will be received until 7:30 p. m. January 11 by
Albert Winans, Village Treasurer, for the following 5%
coupon bonds:
$6,500 refunding water-works bonds. Maturity $500 yearly on Sept. 21
from 1910 to 1922 Inclusive.
6,500 bonds to pay off outstanding judgments. Maturity on Sept. 21 as
follows: $2,000 in each of the years 1919, 1920 and 1921 and $500
in 1922.
7,000 refunding electric-light-plant bonds. Maturity on Sept. 21 as
follows: $500 yearly from 1910 to 1921 Inclusive and $1,000 In 1922.

Denomination $250. Date Dec. 21 1908. Interest
annually at the Village Treasurer's office.
Colbert County (P. 0. Tuscumbia), Ala.-Purchaser of
Bonds.-The purchaser of the $25,000 5% jail bonds disposed of on Dec. 14 (V. 87, p. 1674),was the Bank of Commerce ez Trust Co. of Memphis. Denomination $500. Date
Jan. 1 1909. Interest_semi-annual. Maturity part yearly
from 1919 to 1929.
Cook County (P. 0. Chicago), Ill.-Bond Sale.-The
$100,000 4% infirmary Series "J" bonds described in V. 88,
p. 63, were disposed of on Jan. 4 as follows:
Amount. Maturity.
Amount. Maturity.
Price.
$5,000____June 1 1909 a$5,000 00 $5,000____June 1 1919
5,000__June 1 1910
a5,006 30 i,000____June 1 1920
5,000_ __June 1 1911
a5,012 50 5,000_ __June 1 1921
5,000.-June 1 1912
a5,0I8 80 5,000____June 1 1922
5,000____June 1 1913
a5,031 30 5,000.._- _June 1 1923
5,000___ _June 1 1914
a5,050 00 5,000..... _June 1 1924
5,000____June 1 1915
a5,056 30 5,000__ June 1 1925
5,000____June 1 1916
a5,062 50 5,000.....June 1 1926
5,000____June 1 1917
a5,075 00 5,000____June 1 1927
a5,081 30 5,000____June 1 1928
5,000_ ___June 1 1918
04I
4.,44MW...4.1
14v
'
'i '1 r;
a And accrued interest. G
.11

Price.
a$5,087 50
a5,118 80
a5,125 00
a5,131 30
a5,137 50
a5,143 80
a5,150 00
a5,156 30
a5,168 80
a5,175 00

0oweta, Wagoner County, Okla.-Bond Sale.-This
city has sold $30,000 water bonds.
Crockett, Houston County, Texas.-Bond Offering.Proposals will be received by C. L. Edmuston, Mayor,
for $25,000 531 water-works bonds.t*Denomination $500.
Interest annually on March 1 in Crockett. _Maturity forty
years, subject to call after twenty years.
Daytona, Volusia County, Fla.-Bond Offering.-Proposals will be received until 2 p. m. Jan. 11 by F. N.
Conrad, .Secretary,Board of Public.tWorks,Nfor $50,000 5%




115

gold water-works bonds. Authority Chapter 5493, Laws of
Florida. Denominations $1,000 and $500. Date Jan. 1
1909. Interest semi-annually in Daytona. Maturity Jan. 1
1939. Cashier's or certified check for 1% of the bonds bid
for, payable to the City Treasurer, is required.
Deshler, Henry County, Ohio.-Bond Offering.-Proposals
will be received until 12 m. Jan. 11 by H. F. Thompson,
Village Clerk, for $2,000 4% coupon sewer-construction
bonds. Denomination $400. Date Dec. 1 1908. Interest
semi-annual. Maturity $400 yearly on Dec. 1 from 1909
to 1913 inclusive. Purchaser to pay accrued interest.
Dougherty, Cerro Gordo County, Iowa.-Bond Sale.The First National Bank of Dougherty purchased $2,250
6% 2-15-year (optional) bonds on Dec. 1 1908. Denomination $150. Date Dec. 1 1908. Interest semi-annual.
Doylestown School District (P. 0. Doylestown), Bucks
County, Pa.-Bond Sale.-This district recently disposed
of $4,000 bonds.
Eastchester (P. 0. Tuckahoe), N. Y.-Bond Sale.-On
Dec. 23 1908 $5,000 432% registered highway-improvement
bonds were awarded to Geo. M. Hahn of New York City at
102.53 and accrued interest. Denomination $1,000. Date
Dec. 1 1908. Interest semi-annually at the Mt. Vernon
Trust Co. of Mt. Vernon.- Maturity $1,000 yearly from
1916 to 1920 inclusive.
Easton School District (P. 0. Easton), Northampton
County, Pa.-Bond Offering.-Proposals will be received
until 12 m. to-day (Jan. 9) by John J. Seip, Secretary of
Board of Control, for $65,000 33% coupon school-improvement bonds mentioned in V. 87, p. 1675. Denomination
$1,000, $500 and $200. Date Jan. 1 1909. Interest semiannually at the office of the City Treasurer. Maturity
twenty years, subject to call after ten years. Bonds are
free from taxes. Certified check (or cash) for 2%, payable
to the District, is required.
East Point, Fulton County, Ga.-Bond Sale.-On Jan. 4
the three issues of 5% gold bonds, aggregating $85,000,
described in V. 88, p. 63, were awarded to the American
National Bank of Atlanta for $88,425-the price thus being
104.029-a basis of about 4.747%. Maturity 1938.
Eddy County (P. 0. Carlsbad), N. Mex.-Bond Sale.On Dec. 26 1908 the three issues of 637 10-20-year (optional)
coupon bridge bonds, aggregating $24,500, described in
V. 87, p. 1675, were awarded to Mason, Leech dr Co., for
$27,075 (110.51) and accrued interest-a basis of about
4.673% to the optional date and about 5.145% to full
maturity.
Elko County (P. 0. Elko), Nev.-Bond 0fering.-Proposals will be received until 12 m. Jan. 16 by the Board of
County Commissioners, A. G. Dawley, Clerk, for $100,000
6% gold court-house and jail construction and site-purchase
bonds. Authority election held Nov. 3 1908; also an Act
of the Legislature approved March 28 1907. Denomination
$1,000. Date Feb. 1 1909. Interest annually at the
County Treasurer's office. Maturity $5,000 yearly from
Jan. 1910 to Jan. 1929, inclusive. Certified check for
$5,000, payable to the Chairman Board of County Commissioners, is required. Total debt, this issue. Assessed
valuation $11,051,000.
Ennis, Ellis County, Tex.-Bond Election.-We are advised that the $13,000 water-works bonds voted on Oct. 12
(V. 87, p. 1314) will have to be re-submitted to a vote of
the people, as the original election was not in compliance
with the law.
Faribault, Rice County, Minn.-Bond Offering.-Proposals
will be received until 8 p. m. Jan. 11 by D. F. MacKenzie,
City Recorder, for $80,000 4% gold coupon water-works
bonds. Denomination $1,000. Date Jan. 2 1909. Interest
semi-annually at the Chase State Bank of Fairbault. Maturity $5,000 on Jan. 1 from 1917 to 1926 inculsive and $10,000 on Jan. 1 in each of the years 1927, 1928 and 1929.
Forest County (P. 0. Crandon), Wis.-Bond Sale Not
Consummated.-The $55,000 6% coupon court-house bonds
awarded last October to the Thos. J. Bolger Co. of Chicago
(V.87, p. 1559) take the place of the $45,000 5% court-house
bonds disposed of (V. 86, p. 872) to MacDonald, McCoy dr
Co. of Chicago on March 16 1908; The County Clerk informs
us that the resolution providing for the original issue was
rescinded.
Frazee, Becker County, Minn.-Bonds Voted and Sold.Of a total of 117 votes cast at an election held Dec. 30 1908
only 14 were against the issuance of $9,000 4% funding
bonds. Maturity $1,000 yearly from 1914 to 1922 inclusive.
These bonds have been sold to the State of Minnesota.
Greenfield, Saratoga County, N. Y.-Bond Offering.-Proposals will be received until 11 a. m. Jan. 15 by Charles E.
Jones, Town Supervisor, at the Citizens' National Bank in
Saratoga Springs,for $3,000 5% coupon State road-improvement bonds. Denomination $500. Date Feb. 1 1909.
Interest annually at the Citizens' National Bank in Saratoga
Springs, N. Y. Maturity $1,000 yearly on Feb. 1 from
1913 to 1915 inclusive. Delivery Feb. 1 1909.
Hollywood, Los Angeles County, Cal.-Description of
Bonds.-We are advised that the $61,000 43/2% streetimprovement bonds awarded on Dec. 16 1908 to E. H. Rollins
& Sons of San Francisco (V. 87, p. 1675) are dated July
21..1907. The price paid was $62,318 (102.16) andlaccrued

116

THE CHRONICLE

interest-a basis of about 4.222%. Interest semi-annual.
Maturity ;5,000 in 1913 and $7,000 yearly from 1914 to
1921 inclusive.
Hope, Hempstead County, Ark.-Bond Sale.-In addition
to the $75,000 6% sewer bonds recently sold to the Thomas
.Bolger Co. of Chicago (V. 88, P. 63), that firm was also
awarded $80,000 6% water bonds. These issues, which
were both sold at 95, take the place of the $80,000 water
andlthe $95,000 sewer 6% bonds awarded on April 15 1908
totFarson, Son & Co. of Chicago (V. 86, p. 1055). The
original sale was never consummated.
Hudson, Columbia County, N. Y.-Bond Sale.-The following award was made on January 5 of the two issues of
4% coupon bonds described in last week's issue:

r

$5,000 9-year refunding school bonds dated Feb. 1 1909 awarded to E. D.
Shepard & Co. of New York City at 100.81.
5,000 10-year refunding street-improvement bonds dated April 1 1909
awarded to the Hudson City Savings Institution of Hudson at 100.71.

Hyde Park, Norfolk County, Mass.-Bids.-The $26,000
4% coupon street bonds disposed of on Dec. 29 1908 to
Kountze Bros. of New York City (V. 88, p. 63) attracted
the following list of bidders:
Kountze Bros., New York _102.311
E. H. Rollins & Sons, Bos__ _102.015
Blake Bros. & Co., Boston_ _ _101.88
G.A. Fernald & Co., Boston 101.846
Merrill,OldhamecCo., Boston 101.679
Chandler Bros. do Co., Boston101.601

C. E. Denison & Co., Boston_101.547
Moffat & White, Boston ____101.527
Blodget, Merritt & Co., Bos_101.40
A. B. Leach & Co., Boston_ _101.33
Amer. Banking Co., Boston_101.239

Indianapolis, Ind.-Bond Offering.-Proposals will be received until 12 m. Jan. 12 by George T. Breunig, City
Comptroller, for $600,000 33% coupon city-hall bonds.
Denomination $1,000. Date Jan. 15 1909. Interest semiannually at the office of Winslow, Lanier & Co. of New York
City. Maturity Jan. 1 1939. Bonds are tax-exempt. Certified check for 237
0 of the bonds bid for, on a bank in
Indianapolis, payable to Edward J. Robison, City Treas
urer, is required. Delivery Jan. 15 1909. Purchaser to pay
accrued interest. Bid to be made on blank forms furnished
by the city.
Bond Sale.-We see it stated that $80,000 33% refunding
bonds were disposed of on Dec. 24 1908 to J. F. Wild & Co.
oVeIndianapolis at 100.20. Maturity $20,000 yearly on
July 1 from 1909 to 1912 inclusive.
Jersey City, N. J.-Bond Offering.-Proposals will be
received until 3 p. m. Jan. 15 by Francis Gormley, City
Comptroller, for $1,300,000 4% gold coupon refunding
bonds. Date Feb. 1 1909. Interest semi-annual. Maturity Feb. 1 1949. Bonds are tax-exempt. Certified check
for 2% of bonds bid for, payable to the City Treasurer, is
required. Bonds will be delivered Feb. 1 1909.. Accrued
interest, if any, to be paid by purchaser.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Latrobe, Westmoreland County, Pa.-Bond Sale.-On
Dec. 30 1908 the $57,000 43'% coupon funding bonds
described in V. 87, p. 1676, were bought by Kountze Bros.
of New York City at 105.68 and accrued interest. Maturity
$2,000 yearly on January 1 from 1912 to 1938 inclusive and
$3,000 on Jan. 1 1939.
Lebanon, Wilson County, Tenn.-Bond Sale.-We have
just been informed that the $10,000 5% water-supply bonds
described in V. 85, p. 1417, have been sold to the Lebanon
National Bank,the American National Bank and the Wilson
County Bank, all of Lebanon, at par. Denomination $100.
Interest January and July. Maturity $1,000-in five years,
$1,000 in ten years; $1,000 in fifteen years; $2,000 in twenty
years; $2,000 in twenty-five years and $3,000 in thirty years.
Lima, Allen County, Ohio.-Bond Sale.-On Jan. 7 the
$6,000 432% coupon park bonds described in V. 88, ip. 64,
were awarded to the Central Trust.& Safe Deposit Co. of
Cincinnati at 101.75 and accrued interest. The bids received were as follows:
Cent. Tr. & S. D. Co., Cin_$6,105 00
W.R. Todd & Co., Cin____a6,088 00
Sec. Say. Bk. ec Tr. Co.,Tol. 6,085 25
Hayden, Miller & Co., Clev. 6,083 00
Hoehler & Cummings, Tol_ 6,069 75
Seasongood ec Mayer, Cin__ 6,067 50
Davies & Bertram Co., Ctn.. 6,066 00
a Bid said to be irregular.

Barto, Scott & Co., Col___$6,061 80
Well, Roth & Co., Cin
6,055 25
First Nat. Bank, Cleve
6,045 00
R. Kleybolte Co., Inc., Cin. 6,039 00
Otis & Hough, Cleveland
6,031 00
6,015 00
W.J. Hayes & Sons, Clev

[VOL.

City, Mo. Denomination $1,000. Date Jan. 1 1909.
Interest semi-annual.
Marion, Ohio.-Bonds Awarded in Part-Bond Offering.Of an issue of $39,900 refunding bonds, $14,900 have been
bought by the Sinking Fund Trustees. Proposals for the
remaining $25,000 will be received until Feb. 5.
Bond Sale.-The Sinking Fund Trustees are also reported
as being the successful bidders for $1,000 cross-walk bonds.
Marion County (P. 0. Indianapolis), Ind.-Bond Offering.
-Proposals will be received until 12 m. Jan. 15 by Albert
Sahm, County Auditor, for $100,000 3% coupon bridge
bonds. Authority Sections 5594T1, 5594U1, 5594V1 and
5594W1, Second Revised Statutes of 1901. Denominations
$1,000. Date Feb. 1 1909. Interest semi-annually at the
banking house of Winslow, Lanier & Co., in New York City.
Maturity Feb. 1 1929. Bid to be made on a printed form
furnished by the County Auditor and be accompanied by a
certified check for 3% of bonds bid for, drawn on some
reliable bank in Indianapolis, and made payable to the Board
of County Commissioners. Bidder must file with his proposal an affidavit of non-collusion. Purchaser to pay accrued interest.
Marlow School District (P. 0. Marlow), Stephens County,
Okla.-Bonds Voted and Sold.-An election held Dec. 29
1908 resulted in favor of a proposition to issue $35,000 6%
school-building bonds. Vote was 259 "for" to 42 "against."
Maturity 1929. We are informed that these bonds have
already been disposed of.
Mattoon, Coles County, Ill.-Bond Offering.-Proposals
will be received until Jan. 15 by the Mayor for $3,600 5%
coupon Fifteenth Street opening and extending bonds.
Denomination $100. Date Nov. 27 1908. Interest is payable at the City Treasurer's office. Maturity $900 yearly
on July 1 from 1910 to 1913 inclusive. Frank R. Jones is
City Comptroller.
Middletown, Butler County,Ohio.-Bond Sale.-On Jan.4
$1,203 70 4 2% coupon street-paving (city's portion)
bonds, offered on that day, were sold to the Oglesby &
Barnitz Co. of Middletown for $1,206 20 (100.207) and
accrued interest. Authority Section 2835, Revised Statutes.
Denomination $120 37. Date Dec. 1 1908. Interest semiannually at the National Park Bank in New York City. Maturity $120 37 yearly on Dec. 1 from 1909 to 1918 inclusive.
Milwaukee, Wis.-Bond Sale.-On Dec. 8 1908 the Wm.
R. Compton Bond & Mortgage Co. of St. Louis was awarded
$200,000 4% bonds. Denomination $1,000. Date July 1
1908. Interest semi-annual. Maturity part yearly for
twenty years.
Mocksville, Davie County, N. C.-Bonds Awarded in Part.
-Bond Offering.-We are informed, under date of Jan. 2,
that $900 of the $5,000 5% coupon graded-school bonds
offered without success on Nov. 25 1907 (V. 85, p. 1417)
have been disposed of. Proposals for the remaining $4,100
bonds of this issue will be received at any time. A. M.
McGlamery is Mayor.
Montgomery County," N. Y.-Bond Offering.-Proposals
will be received until 10 p. m. Jan. 10 by E. Eugene Devendorf, Chairman Finance Committee, Board of Supervisors
(P. 0. Amsterdam), for $33,000 4% highway-improvement
bonds. Denomination $1,000. Interest semi-annual. Maturity $3,000 yearly on Feb. 1 from 1913 to 1923 inclusive.
Bonds will be delivered on or before Feb. 11909.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Moundridge, McPherson County, Kan.-Bond Offering.Proposals will be received until 12 m. Jan. 16 by A. Ringwald, City Clerk, for the $17,500 water-works and $11,000
electric-light-works 4
coupon bonds voted on Sept. 1
1908. Authority vote of 90 'for" and 67 "against" the
water bonds and 86 "for" and 68 "against" the light bonds.
Denomination $500. Date Feb. 1 1909. Interest semiannually at the Fiscal Agency of the State of Kansas and in
the city of New York. Maturity twenty years,. subject to
call after five years. Certified check for $500 is required.
The city has no debt at present. Assessed valuation 1908,
$454,700.
Mt. Vernon, Knox County, Ohio.-Bond ffering.-Proposals will be received until 12 m. Jan. 11 by Stephen J.
Drogan, City Auditor, for thie following bonds:

Maturity $1,000 yearly on April 1 from 1910 to 1915
inclusive.
Madison County (P. 0. Jackson), Tenn.-Bond Sale.The $200,000 4% road bonds offered on Jan. 4 (V. 87, p.
1676) were awarded to the Union Bank & Trust Co. of 41,000 4% High Street paving assessment bonds. Denomination
$1,000. Maturity $3,000 on April 1 1909 and $2,000 each
Jackson at par and accrued interest less $3,000 for expenses.
six months from October 1 1909 to October 1 1918 inclusive.
Four other bids were also received, among which was one
8,000 4%
n
ess s
Sitore
o.
et Street Paying assessment bonds. De
and
John
no
from Seasongood & Mayer of Cincinnati
Nuveen
& Co. of Chicago.
The above bonds are dated Oct. 11908. Interest semiMamaroneck, Westchester County, N. Y.-Bids.-The annual. Certified check for 2% of bonds bid for, payable
$10,000 5-24-year (serial) road and bridge bonds awarded to the City Treasurer, is required. Purchaser to pay accrued
on Dec. 9 to E. H. Rollins & Sons of Boston (V.87, p. 1560) interest.
attracted the following list of bids:
Newcomb Union Free School District No. 2 (P. 0. New100.43
E. H. Rollins & Sons, Boston (for 4s)
100.00 comb), Essex County, N. Y.-Bond Sale.-O'Connor &
O'Connor ec Kahler, New York (for 4.105)
100.00 Kahler of New York City were recently awarded $8,000 5%
W. N. Coler ec Co., New York (for 4.15s)
100.03 registered school
Geo. M. Hahn, New York (for 4.20s)
-building bonds. Denomination $500. Date
100.39
Adams & Co., New York (for 4.30s)
100.04 Dec. 1 1908. Interest annually in New York exchange.
W. J. Hayes & Sons, Cleveland (for 4.30s)
Marceline, Linn County, Mo.-Bond Sale.-The $50,000 Maturity $1,000 yearly on Dec. 1 from 1909 to 1916 inclusive.
New York City.-Bond Sales-During December 1908
5% 20-year water-works bonds mentioned in V. 87, p. 1437,
have been disposed of to the Fidelity Trust Co. of Kansas this city disposed of 8426,990 4% special revenue bonds




JAN. 9 1909.,

THE CHRONICLE

117

$14,500,000 3% general fund bonds due in 1930 were also Bonds are exempt from all Ohio taxes. George Dettmer is
Clerk Board of Education.
sold during the month to the sinking fund.
Revenue Bond Sale.-During the latter part of the past
Pleasant Ridge School District, Hamilton County, Ohio.week $10,000,000 34% revenue bonds maturing in about Bond Sale.-On Jan. 2 the $50,000 432% coupon school
ten months were purchased by Kuhn, Loeb & Co., the building bonds described in V. 87, p. 1677, were awarded.
Guaranty Trust Co. and William Salomon & Co., all of this to Seasongood & Mayer of Cincinnati at 108.815 and accity.
crued interest. Following are the bids:
& Mayer, C1n_854,407 50 Well. Roth & Co., Cincin_$53.537 00
North Andover (P. 0. Ind. Station Lawrence), Essex Seasongood
German Nat. Bank, Cln__ 54,337 50 Atlas Nat. Bank, Cin-_ -- 53,190 25
County, Mass.-Bond Sale.-Reports state that the follow- S. Kuhn & Sons, Cincin__ 53,650 00 New First Nat. Bk., Col-_ 52,718 00
Say. Bk. & Tr. Co..
52,306 00
W.R.Todd & Co.,
ing 4% bonds have been disposed of: $17,300 for an engine- Prov.
Cincinnati
53,625 00 C. C. Murray & Co., Cin__ 50.382 68
house to N. W. Harris & Co. of Boston at 101.38 and $2,700 Field, Longstreth dc Co.,
Cincinnati
53,610 00
to local investors at par.
Western German Bk., Cin. 53,560 00
Maturity on Jan. 2 as follows: $1,500 yearly from 1919 to
North Sterling Irrigation District (P. 0. Sterling), Logan
County, Colo.-Bonds Voted-Bond Offering.-The election 1942 inclusive and $2,000 yearly from 1943 to 1949 inclusive.
held Dec. 19 1908 (V. 87, p. 1494) resulted in favor of the
Pontiac, Oakland County, Mich.-Bond Offering.-Proissuance of the $2,030,000 6% bonds for ditches and reser- posals will be received until 7:30 p. m. Jan. 11 by Jos. H.
voirs. The vote was twenty-nine to one. Proposals for Thorpe, City Clerk, for $8,000 5% armory bonds. Denomithese bonds will be received until Jan. 12. Interest semi- nation $500. Date Jan. 1 1909. Interest semi-annual.
annual. Maturity from eleven to twenty years.
Maturity $1,000 yearly on Jan. 1 from 1914 to 1921 incluOrleans Levee District, La.-Bond Offering.-Proposals sive. Certified check for $400, payable to Ire. E. Dunlap,
will be received until 2 p. m. Jan. 15 by Jules C. Koenig, City Treasurer, is required. Successful bidder to furnish
President of the Board of Commissioners, Room 15, Masonic blank bonds.
Temple, New Orleans, for $2,756,000 of the $3,000,000 5%
Portland, Ore.-Bond Sale.-The $500,000 4% 25-year
coupon bonds authorized by the last Legislature for improve- gold park bonds offered on Dec. 28 1908 and described in
ments and for refunding purposes (V. 87, p. 118). Denomi- V. 87, p. 1438, have been awarded to O'Connor & Kahler
nation $1,000. Interest Jan. 1 and July 1. Bonds will be of New York City at 102 and accrued interest-a basis of
delivered $2,000,000 on Feb. 1 1909 and $756,000 on May 1. about 3.875%.
1909. Certified check for 2%,payable to the "Board of ComPort of New Orleans (P. 0. New Orleans), La.-Bond
missioners of the Orleans Levee District," is required.
Offering.-Proposals will be received until 2 p. m. Feb. 1
Bonds are free from taxation.
by the Board of Commissioners, W. H. Byrnes, Secretary,
Otero Irrigation District(P.0. La Juanta), Otero County, for $2,750,000 5% coupon bonds. The securities will
Colo.-Bond Offering.-Proposals will be received until draw interest from their date of delivery, which is as follows:
10 a. m. Jan. 12 by Geo. A. Kilgore, District Secretary, for $1,000,000 to be delivered on July 1 1909; $1,000,000 on
$40,000 6% bonds to complete the construction of a reservoir. July 1 1910, and $750,000 on July 1 1911. They are part of
Interest June 1 and Dec. 1 at the County Treasurer's office an issue of $3,500,000 5% bonds authorized by Act. No. 180
or at the Merchants' National Bank in New York City. of the Legislature of 1908; $750,000 of which has been
Maturity part yearly from eleven to twenty years inclusive. retained by the Board for the purpose of exchanging the
Overpeck Township School District, Bergen County, N. J. same for outstanding obligations. Certified check for $50,-Bond Sale.-The $50,000 5% school bonds offered without 000, payable to the Board of Commissioners, is required.
success on Dec. 30 1907 (V. 86, p. 124) have been bought,
Port of Portland, Ore.-Bond Offering.-Proposals will be
we are informed, by an investor of New York City.
received until 4 p. m. Jan. 14 at the office of the Port of
Parsons, Tucker County, W. Va.-Bond Offering.-Pro- Portland in Portland for $50,000 6% gold coupon bonds.
posals will be received until 1 p.m.to-day(Jan.9)by Cunning- Denomination $1,000. Date July 1 1908. Interest semiham & Stallings, City Solicitors, for $30,000 5% coupon annually in Portland. Maturity July 1 1909. Certified•
water and fire-department bonds. Denomination $2,000. check on a Portland banking house for 5% of bid, payable
Date Dec. 1 1908. Interest annually at the office of the to the "Port of Portland," is required. Purchaser to pay
City Treasurer. Maturity $2,000 yearly on Dec. 1 from accrued interest. As stated in V. 87, p. 1491, the State Su1910 to 1924 inclusive. Certified check for 2% of the preme Court on Nov. 24 declared valid the charter amendbonds bid for, payable to the City Treasurer, is required. ment providing for the issuance of not exceeding $500,000
Bids to be made on blank forms furnished by the city. De- bonds for the purpose of establishing and maintaining an
livery Jan. 15 1909. Purchaser to pay accrued interest. efficient towage and pilotage service on the Columbia River
The city has no debt at present. Assessed valuation, $1,- Bar and upon the Columbia and Willamette rivers between
200,000.
the corporate limits of the Port of Portland and the sea.
Rainier, Ore.-Bond Sale.-On Dec. 28 1908 the $5,000
Pelham Union Free School District No. 1 (P. 0. Pelham),
Westchester County, N. Y.-Bond Sale.-On Jan. 7 the water bonds described in V. 87, p. 1677, were awarded
described
bonds
$50,000 building and the $20,000 school-site
to Giebish & Joplin. Maturity Dec. 1 1928, subject to call
in V. 88, p. 64, were awarded to N. W. Harris & Co. of after ten years. These securities take the place of a like
for
4s.
interest
accrued
amount of bonds disposed of to the same people on Nov.45
New York City at 100.65 and
Philadelphia, Pa.-Certificate Offering.-Further details 1907 at par for 6s. See V. 87, p. 1375. We are advised
are at hand relative to the offering on Jan. 11 of the $1,500,- that the bonds were re-advertised for sale in order to comply
000 registered certificates mentioned in V. 87, p. 1560. with the requirements of the attorneys for the purchasers.
Rensselaer County (P. 0. Troy), N. Y.-Bond Offering.Proposals will be received until 12 m.on that day by John E.
Reyburn, Mayor. Denomination $100 or multiples thereof Proposals will be received until 12 m. Jan. 15 by Arthur
to suit purchaser. Interest (rate not to exceed 4%)payable MacArthur, County Treasurer, for $50,000 4% registered
Jan. 1 and July 1 at the fiscal agency in Philadelphia. Ma- highway-improvement bonds. Authority Chapter 347,
turity thirty years. Bid to be made on blank form furnished Laws of 1904 and Chapter 115 Laws of 1898. Denomination
by the Mayor and be accompanied by a certified check or cer- $2,000. Date Feb. 1 1909. Interest semi-annually at the
tificate of deposit for 5% of loan bid for, made payable to County Treasurer's office. Maturity $2,000 yearly on Feb. 1
the Mayor. Delivery Jan. 12 1909. Certificates are free from 1910 to 1934 inclusive. Bid to be made on printed
form furnished by the United States Mortgage & Trust Co.
from all taxes.
Piedmont School District, Alameda County, Cal.-Bond of New York City and be accompanied by a certified check
Offering.-Proposals will be received until 10 a. m. Jan. 11 for $1,000, drawn on a State or national bank in New
by John P. Cook, County Clerk (P. 0. Oakland), for $50,000 York State and made payable to the County Treasurer.
5% building bonds. Denomination $1,000. Interest Jan. The genuineness of these bonds will be certified to by the
15 and July 15. Maturity on Jan. 15 as follows: $1,000 United States Mortgage & Trust Co. of New York City'and
yearly from 1911 to 1918 inclusive and $2,000 yearly from their legality approved by J. H. Caldwell of New York City,
1919 to 1939 inclusive. Certified check for 2% of bid, a copy of whose opinion will be delivered to the purchaser.
payable to the Chairman Board of County SuperVisors, is Bonds will be delivered on Feb. 11909.
Rosebud, Falls County, Tex.-Bond Offering.-Proposals
required.
Pierce County (P. 0. Rugby), N. D.-Bond Offering.- will be received until 4 p. in. Jan. 15 by S. J. Ward, Mayor,
Proposals will be received until 2 p. m. Jan. 12 by John for $23,500 5% coupon water bonds voted on Nov. 17,$:menKellesvig, County Auditor, for $75,000 court-house and tioned in V. 87, p. 1438. Denomination $500. Date Feb. 1
jail-construction bonds at not exceeding 4% interest. De- 1909. Interest annually at Austin, Rosebud or New York
nomination $1,000 and $500. Interest semi-annual. Ma- City. Maturity forty years, subject to call after ten years.
turity twenty years. Authority Sections 2563 to 2576, Re- Certified cehck for $1,000, payable to the City Treasurer,
is required. Bonds are exempt from taxation. Total debt,
vised Code of 1905.
CrAtV.,1
Pike County (P. 0. Petersburg), Ind.-Note Sale.-On this issue. Assessed valuation 1908 $720,000.
Rosemary School District,(P. 0. Rosemary) Georgetown.
Dec. 30 1908 the $15,000 6% temporary-loan notes offered
on that day (V. 87, p. 1677) were awarded to Geo. D. County, So. Car.-Bond Offering.-Proposals will befreMartin, Joseph L. McBay and the Citizens' State Bank of ceived until 12 m. Jan. 15 by Board of Trustees for $5,000
6% coupon school-building bonds. Date Jan. 1%1909.
Petersburg. Maturity Dec. 311909.
Piqua School District (P. 0. Piqua), Ohio.-Bond Offer- Interest semi-annually at Georgetown. Maturitft twenty
ing.-This district is offering for sale $11,000 432% coupon years. Certified check for $150, payable to H. C. Tallevast,
school-building bonds mentioned in V. 87, p. 1114. Au- Chairman, is required. The district has no:debt aelpresent.
St. Henry, Mercer County, Ohio.-BondiSale.-The $13,thority Section 3994, School Laws. Denomination $500.
Date Dec. 1 1908. Interest semi-annually at the Importers' 000 432% water-works bonds described in V. 88,p. 65 were
& Traders' National Bank in New York City. Maturity awarded on Jan. 5 to the Citizens' National Bank;of4Wooster
$1,000 in 1910 and $5,000 in each of the years 1911 and 1912. at 102.13 and accrued interest.1/Followinglarejthe,bids:




118
Citizens'Nat.Bk.,Wooster $13,276 00
Barto,Scott&Co.,Columb. 13,275 00
Otis & Hough. Cleveland.. 13,255 00
New First National Bank,
Columbus
13,253 00

THE CHRONICLE
W.J. Hayes & Sons, Clev.$13,237 00
First Nat. Bank, Celina__ 13,224 25
Commercial Bank, Celina_ 13,080 66
Security Savings Bank &
Trust Co., Toledo
*13,000 00

[VOL. Lxxxvni.

cess on Dec. 15 1907 (V. 85, p. 1602) were subsequently
awarded to the State of Minnesota as 4s.
Teague Independent School District (P. 0. Teague),
Freestone County, Tex.-Bonds Not Yet Sold.-No sale has
*Less $125 for attorneys' fees and blank bonds.
Maturity $500 each six months from March 1 1911 to yet been made of the 815,000 5% school-house bonds offered
without success (V. 86, p. 185) on Jan. 7 1908.
Sept. 1 1923 inclusive.
Terrell, Kaufman County, Tex.-Bond Election.-A
Saranac, N. Y.-Bond Sale.-The Plattsburg National
Bank of Plattsburg bought $3,0005% bonds on Dec.31 1908. resolution has been adopted by the City Council calling for
Schenectady County (P. 0. Schenectady), N. Y.-Bond an election Jan. 12 so as to enable the voters to pass
a proposition to issue $45,000 bonds for street-paving
Offering.-Proposals will be received until 10 a. m. Jan. 11 upon
purposes.
by A. J. McMillan, County Treasurer, for $200,000 4%
Tippecanoe County (P. 0. Lafayette), Ind.-Bonds
coupon (with privilege of registration) funding bonds.
Denomination $1,000. Date Feb. 1 1909. Interest semi- Awarded in Part.-Local reports state that of an issue of
annually at the County Treasurer's office. Maturity $10,000 $22,100 Wabash Township free gravel road bonds offered
yearly on Feb. 1 from 1910 to 1929 inclusive. Certified on January 5, $1,600 were awarded to the Tippecanoe Loan
$3z Trust Co. of Lafayette.
• check for 2%,payable to the County Treasurer,is required.
Topeka, Kan.-Bond Offerin,g.-Proposals will be reSeattle School District No.1 (P.0. Seattle), King County,
Wash.-Bonds Voted.-The voters of this district on Dec. 5 ceived until 5 p. m. Jan. 15 by C. B. Burge, City Clerk, for
0 20-year electric-light-plant-construction bonds.
authorized the issuance of the $400,000 20-year coupon $40,000 437
school-house bonds mentioned in V. 87, p. 1316. The vote These securities are part of an issue of $60,000 bonds rewas 1880 "for" to 245 "against." The District Secretary cently voted. Certified check for 10% of bid is required.
advises us that these securities will probably be placed on
Travis County (P. 0. Austin), Tex.-Bond Offering.Proposals will be received until 12 m. Jan. 10 (this date
the market about April 1909.
Price Paid for Bonds.-The price paid for the $200,000 falls on Sunday but is so given in the official advertisement)
20-year coupon school-building and site-purchase bonds by the Commissioner's Court for $103,200 4% 10-40-year
awarded on Dec. 15 1908 to E. H. Rollins & Sons of San road bonds. Denomination $1,000, except one bond for
Francisco (V. 87, p. 1678) was 100.13 and accrued interest $200. Date Oct. 10 1908. Interest semi-annual. R. E.
for 4s. Bonds are dated May 11908.
White is County Judge.
Urbana, Champaign County, Ohio.-Bids.---A number of
Solon Township]School District (P. 0. Solon), Cuyahoga
County, Ohio.-Bond Offering.-Proposals will be received bids with the premiums offered, ranging from $200 to $656,
until 2 p. m. to-day(Jan. 9) by J. H.Brown, Clerk of Board were received on Dec. 19 for $10,000 43% coupon waterof Education, for the $4,000 4M% coupon building bonds works plant construction bonds offered on that day. No
voted on Nov. 28 1908. Denomination $500. Date, day award was made. Authority Section 2835, Revised Statutes.
of sale. Interest April 1 and Oct. 1 at the Superior Savings
Walla Walla School District No. 1 (P. 0. Walla Walla),
SLITrust Co. of Cleveland. Maturity $500 yearly on Oct. 1 Wash.-Description of Bonds.-We are advised that the
from 1910 to 1917 inclusive. Certified check on some bank, $167,000 4% refunding bonds the sale of which was reported
other than that making the bid, for 10% of bonds bid for, in V. 87, p. 1495, mature in twenty years,but are subject
payable to the District Treasurer, is required. Purchaser to call at any time. They were sold on Nov. 20 to the
to pay accrued interest. Bonds are tax-exempt.
State of Washington at par. Denomination $1,000. InSpokane, Wash.-Bond Offering.-Proposals will be re- terest annual.
Washington C. H., Ohio.-Bond Sale.-On Jan. 2 the
ceived until 10:30 a. m. Feb. 18 by the Sinking Fund Commission at the office of Robert Fairley, City Comptroller, $1,125 5% Paint Street improvement bonds described in
V. 87, p. 1678, were awarded to the Commercial Bank of
for $70,000 432% coupon bonds issued for the payment of Washington
C. H. for $1,150 03 (102.224) and accrued
outstanding Crematory Fund warrants. Denomination interest. Maturity $112 50 each six months from April 15
$1,000. Date Feb. 1 1909. Interest semi-annually at the 1909 to Oct. 15 1933 inclusive.
Waterbury, New HaveniCounty, Conn.-Bond Offering.fiscal agency of the State of Washington in New York City.
Maturity Feb. 1 1929. Certified check for 2% of bid, pay- The $100,000 4% water bonds to be offered on Jan. 11
will be certified as to their genuineness by the Columbia
able to the City Comptroller, is required. Official circular Trust
Co. of New York City. Bids must be made on printed
states that the city has never had any controversy or litiga- forms furnished by the city. For further details of bonds
tion in the matter of the sale of its bonds and that default and terms of offering see V.,87, p. 1562.
Waterloo, Iowa.-Bond Sal8.-W. N. Dearborn, Contrachas never been made in the payment of principal or interest.
The official notice of this bond offering will be given next tors of Cedar Rapids, have taken $116,000 6% sewer bonds
at par in payment for work performed. Denomination $500.
week among the advertisements in this Department.
Date Nov. 1 1908. Interest semi-annual. Maturity part
Springfield, Mass.-Bond Offering.-Proposals will be re- yearly on Nov. 1 from 1911 to 1919 inclusive, subject to
ceived until 12 m. Jan. 13 by Eliphalet T. Tifft, City Treas- call at any interest-paying period.
Watertown Independent School District (P. 0. Waterurer, for $1,080,000 332% gpld Westfield Little River Water
Loan bonds. Bidder may designate whether he wishes the town), So. Dak.-Bond Offering.-Proposals will be reClerk of Board of
ceived until 12
bonds issued in coupon form in $1,000 denominations or in Education, for m. Jan. 15 by H. D. Rice, school-building
$60,000 of the $65,000 43'%
registered form in denomination of $1,000 or any multiple bonds mentioned in V. 87, p. 1376. Denomination $1,000.
thereof. Interest will be payable semi-annually on coupon Date April 1 1909. Interest semi-annually at the office
bonds at the First National Bank of Boston and on registered of the District Treasurer. Maturity $3,000 yearly on April 1
from 1910 to
3% of
bonds at the City Treasurer's office in Springfield. The bonds bid for is1929 inclusive. Certified check for
required.
coupon bonds may at any tme, more than one year before
Westchester County (P. 0. White Plains), N. Y.-Bond
maturity, be exchanged for registered bonds. Date Jan. 1 Sale.-On Jan. 5 Joseph Walker St Son of New York City
1909.
Maturity $40,000 yearly on January 1 from 1912 were awarded the $1,250,000 4% 24-73-year (serial) conpon
to 1938 inclusive.
Securities are free from taxation. (with privilege of registration)Sanitary Sewer District bonds,
described in V. 87, p. 1562, at 104.5178-a basis of about
Certified check for 1% of bonds bid for, made payable to the 3.797%.
"City of Springfield," is required. The legality of this issue
West End (P. 0. Birmingham), Ala.-Bond Sale.-The
has been. approved by Storey, Thorndike, Palmer Sr Thayer $25,000 school and $10,000 city-hall and fire-department
of Boston, a copy of whose opinion will be delivered to the 5% 20-year coupon bonds, bids for which were rejected on
ov. 24 1908 (V. 87, p. 1623), were sold on Dec..15 1908 to
successful bidder. Accrued interest to be paid by purchaser.
Bros. of Birmingham at par and accrued interest.
The official notice of this bond offering will be found among Steiner
Westfield, Un'on County, N. J.-Bond Sale.-The $16,000
the advertisements elsewhere in this Department.
5% coupon sewer, sidewalk and road bonds described in
Stamford, Fairfield County, Conn.-Bond Offering.-Pro- . 87, p. 1678, were awarded on Dec. 31 1908 to John D.
posals will be received until 12 m.Feb. 19 by Wm. N. Travis, Everitt & Co. of New York City at 104.17 and accrued
City Treasurer, at the Stamford National Bank of Stamford, interest-a basis of about 4.259%. Ten bids were received
The bonds are
for $50,000 4% public park bonds. Interest semi-annually ranging in price from 100.81 to 104.17.yearly
on Dec.31
dated Dec. 31 1908 and mature $2,000
in New York City. Maturity March 1 1939. Certified check from 1911 to 19181inclusive.
r,1
Bonds Proposed.-This city is considering the advisability
or bank draft for 2% of bonds bid for is required.
The official notice of this bond offering will appear among of issuing $75,000 town-hall bonds.
Wheeling, W. Va.-Bond Bids.-No action will be taken
the advertisements in this Department beginning the week
until Jan. 12, it is stated, on the bids received Jan. 5 for the
of January 30.
following 4% coupon improvement bonds mentioned in
Summit, N. J.-Bonds to Be Sold at Private Sale.-The V. 87, p. 1496:
Treasurer
informs
City
us that the "new issue of $60,000 $45,000 bonds. Denomination $100. Maturity $1,800 yearly from 1918
to 1942 inclusive.
school bonds will be disposed of at private sale."
250,000 bonds. Denomination $500. Maturity $10,000 yearly from 1918
Sunrise, Chisago County, Minn.-Bond Sale.-The $4,000
to 1942 inclusive.
bonds. Denomination $1,000. Maturitya$16,000 yearly from
10-19-year (serial) coupon bridge bonds offered without suc- 400,00011918
to 1942 inclusive.




JAN. 9 1909.1

THE CHRONICLE

Authority election held May 12 1908. Date July 11908.
Interest annually at the Dollar Savings & Trust Co. in
Wheeling. Bonds are exempt from taxation.
Willow Marsh Drainage District, Jefferson County, Tex.
—Bonds Not Sold.—Up to Dec. 30 1908 no award had yet
een made of the $60,000 5% 20-40-year (optional) registered
drainage bonds offered on Nov. 14 1908 and described in
V. 87, p. 1259.
Wilton, Saratoga County, N. Y.—Bond Offering.—Proposals will be received until 11 a. m. Jan. 15 by William C.
Hodges, Town Supervisor, at the Citizens' National Bank in
Saratoga Springs, for $4,584 21 5% State road-improvement
bonds. Denomination $500, except one bond of $584 21.
Date Feb. 1 1909. Interest annually at the Citizens' National Bank of Saratoga Springs, N. Y. Maturity on Feb. 1
as follows: $1,000 yearly from 1920 to 1923 inclusive and
$584 21 in 1924. Delivery Feb. 1 1909.
Winthrop, Mass.—Bond Sale.—Reports state that $60,000
4% water bonds have been disposed of at private sale at
106.52. Date Jan. 15 1909. Maturity part yearly from
1910 to 1939 inclusive.
Woodland School District No. 102 (P. 0. Woodland),
Cowlitz County, Wash.—Bonds Withdrawn from the Market.
—The District Clerk informs us that the $16,000 bonds voted
on Oct. 24 1908 (V. 87, p. 1319) have been withdrawn from
the market. He adds that with the bonds voted the debt
of the district would exceed the constitutional limit. It is
necessary, therefore, to ascertain the new assessed valuation
before any bonds can be issued.
Woodridge, Bergen County, N. J.—Bond Sale.—On Jan. 6
$10,000 5% 20-year gold coupon macadam and storm-sewer
bonds were purchased by H. L. Crawford & Co. of New York
City at 104.293 and accrued interest—a basis of about
4.668%. Following are the bids:

119

from George Mixter of Boston at 3.19% discount. Maturity
nine months.
Yonkers, N. Y.—Bids.—The following bids were received
on Dec. 15 for the $50,000 city-hall and $100,000 assessment
4% bonds awarded, as stated in V. 87, p. 1623, to E. H.
Rollins & Sons of Boston:
E. H. Rollins & Sons, Boston
O'Connor & Kahler, New York
Kountze Bros., New York
Geo. M Hahn, New York
R. M. Grant & Co., New York
Ferris & White, New York

$50,000
$100,000
city-hail bonds. assessment bonds
104.555
102.233
104.438
101.837
104.14
101.833
102.23
103.97
101.37
103.85
101.447
103.511

Canada,its Provinces and Municipalities.
Barrie, Ont.—Debentures Voted.—The election held Jan. 4
resulted in a vote of 616 to 229 in favor of the issuance of
the $12,000 VA% electric-light-plant-extension debentures
mentioned in V.87,p.1563. Maturity part yearly for twenty
years. We are informed that these debentures will probably
be placed on the market next April.
Debentures Deleated.—On Jan. 4 the voters defeated the
proposition to issue the $11,000 43% park debentures mentioned in V.87, p. 1563.
Brandon, Man.—Debentures Authorized.—According to
local papers,the issuance of the following debentures was recently authorized:
$25,000 5% 30-year bridge debentures.
55,000 6% 20-year debentures to guarantee the payment of certain
debentures of the Western Agricultural and Arts Association.
10,000 5% 20-year debentures for buildings in the public cemetery.

Brantford, Ont.—Debentures Defeated.—The voters of this
city on Jan. 4 defeated the proposition to issue the $5,000
4
20-year hospital debentures mentioned ix V. 87, p.
1679.
Brickbum School District, Man.—Debenture Offering.—
H.L.Crawford & Co.,N.Y_$10,429 301R. M. Grant & Co., N. Y_$10,301 00 According to reports proposals will be received until Feb. 1
10,387
001N.
N.
W.
Y_
Kohler,
Halsey
&
Co.,
O'Connor &
N.Y. 10,130 00 for $15,000 6% 20-year school debentures. Walter Walker is
Denomination $1,000. Date Jan. 1 1909. Interest semi- Secretary-Treasurer.
annually at the Carlstadt National Bank of Carlstadt.
Didsbury, Alberta.—Debentures Defeated.—Ai election
Worcester, Worcester County, Mass.—Temporary Loan.— held Dec. 21 1908 resulted;in the defeat of a proposition to
According to reports this city borrowed $200,000 on Jan. 6 issue debentures.

NEW LOANS.

NEW LOANS.

NEW LOANS.

$1,080,000

$1,300,000

SPRINGFIELD, MASSACHUSETTS,

Refunding Gold Bonds

$1,000,000
STATE OF MARYLAND

WESTFI ELD,LITTLE RIVER WATER LOAN
Coupon or Registered 3% Gold Bonds
Maturing $40,000 a Year from 1912 to 1938
City Treasurer's Office, January 4, 1909.
In pursuance of an order of the City Council,
approved by the Mayor, the undersigned, Treasurer of the City of Springfield, will receive until
twelve o'clock M., WEDNESDAY,JANUARY
13, 1909, sealed proposals for
One Million Eighty Thousand Dollars ($1,080,000)
City of Springfield Westfield Little River,
Water Loan Bonds.
The bonds for this loan will be dated January
1st, 1909, and will be payable in annual proportionate payments of Forty Thousand Dollars
($40,000) each, beginning with January 1st, 1912,
when the first payment shall be due,untilJanuary
1st, 1938, when the last payment shall be made.
Said bonds will bear interest, payable semiannually on the first days of January and July
of each year, at the rate of three and one-half
per cent (3 5%) per annum.
ThLs loan will be issued In either coupon bonds
of One Thousand Dollars ($1,000) each, with
Interest warrants attached, both principal and
Interest being made payable at the First National
Bank, Boston, Massachusetts; or in registered
bonds of One Thousand Dollars ($1,000) each or
any multiple thereof, the principal and Interest
being made payable at the City Treasurer's office.
Holders of coupon bonds may at any time,
more than one year before maturity, exchange
same for registered bonds.
The City Treasurer now transmits by mall
Interest on all registered bonds.
Both the principal and interest will be payable
In gold coin of the United States of America of
the present standard of weight and fineness or
its equivalent.
These bonds are exempt from taxation In
Massachusetts, and the opinion of Messrs. Storey
Thorndike, Palmer & Thayer of Boston as to
their legality will be furnished.
Proposals must Include accrued interest to date
of delivery of bonds, and must be accompanied
by a certified bank check for one per cent (1%)
of amount of loan bid for, made payable to the
City of Springfield.
All proposals will be opened in the Mayor's
office, Wednesday, January 13, 1909, at twelve
o'clock M. and the right Is reserved to reject any
and all bids.
Address proposals to the undersigned, Indorsed
"Proposals for Westfield Little River Loan."
ELIPHALET P. TIFFT,
City Treasurer,
Springfield, Mass.

OF

4 Per Cent

Bankers & Commission Merchants
33 WALL STREET

-




-

NEW YORK

Per

Annum

Exempt from Taxation.
SEALED PROPOSALS will be received by the
Board of Finance of Jersey City at Its meeting to be
held in the City Hall, Friday,
JANUARY 115th, 1909.
at 3 o'clock P. M., when they will be publicly
opened, for the whole or any part of $1,300,000
tefunding Bonds (Coupon Bonds) to refund Maturing Bonds of Jersey City; said bonds are issued
under and by virtue of an Act entitled "An Act,
to authorize Cities in this State to issue and dispose of bonds, to take up and pay off other bonds
about to mature, to pay which no funds have
been otherwise provided."
The principal of said bonds is payable on the
First day of February, one thousand nine hundre(i and forty-nine, in gold coin of the United
States of America of the present standard of
weight and fineness, and the interest at the rate of
4% per annum is payable in said coin semi-annually on the first day of February and August of
each year.
Proposals should be enclosed in a sealed envelope and endorsed "Proposals for Refunding
Bonds of Jersey City," and handed to the Clerk
of the Board of Finance in open meeting to be
held Friday, January fifteenth, one thousand
nine hundred and nine, at 3 o'clock P. M., In the
City Hall.
Each bid must be accompanied by a certified
check to the order of the City Treasurer of Jersey
City for 2 per cent of the par value of the bonds bid
for, the amount of said check to be credited upon
said laid if accepted, and will be returned forthwith if not accepted. No interest will be allowed
on deposits, whether bid is accepted or not.
Said bonds shall bear date of February first, one
thousand nine hundred and nine, and shall be
delivered on February first, one thousand nine
hundred and nine, the purchaser paying any accrued interest on the bonds to the day of delivery.
By resolution passed by the Board of Finance
January 4th, 11)09, authorizing the issue of these
bonds, a Sinking Fund was also created for the
purpose of paying the principal of said bonds when
due.
The Board reserves the right to reject any or all
bids if deemed for the best Interest of Jersey City.
By order of the Board of Finance,
FRANCIS GORMLEY,
City Comptroller.
Dated January 4th, 1909.

MacDonald, McCoy & Co.,
NUNICIPAL

R. T. Wilson & Co.

Treasury Departaseat,

JERSEY CITY, N. J.

AND CORPORATION

BONDS.
113i La Salle Stret, Chicago

Annapolis, January lit, 1909.

THE STATE ROADS LOAN
The undersigned. Governor, Comptroller and
Treasurer of the State of Maryland, in pursuance
of an Act of the General Assembly of Maryland
of 1908, Chapter 141, will receive proposals for
$1,000,000, Series "B," of the said Loan.
"The State Roads Loan" will be dated February
1, 1909, bear interest from said date at the rate of
three and one-half per centum per annum, payable semi-annually on the first day of August and
February in each and every year, and the principal will be redeemable at the pleasure of the
State after the first day of February In the year
1919, and the whole debt will be payable on the
first day of February, 1924. The debt is exempted
from State, county and municipal taxation and
will be issued in bond form, with coupons attached.
Said proposals must be delivered, sealed, to
the Treasurer of the State, at Annapolis, ON OR
BEFORE 12 O'CLOCK NOON OF THE FIRST
DAY OF FEBRUARY, 1909, and must have
endorsed on the back of the envelope "Proposals
for the State Roads Loan." Each bid must be
accompanied with a certified check on some
responsible banking institution for 10 per cent
of the amount of such bid, and the same will be
opened in the office of the State Treasurer, in the
city of Annapolis, at 12 o'clock noon. February
1st, 1909, in the presence of the undersigned.
On the opening of such proposals so many of
said coupon bonds as have been bid for, not
exceeding, however, the amount for which proposals are invited, may be awarded by said
Governor, Comptroller of the Treasury and Treasurer, or a majority of them, to the highest responsible bidder or bidders for cash: and when
two or more bidders have made the same bid,
which bids are the highest, and if the amounts so
bid for by the highest responsible bidders are In
excess of the whole amount of the said bonds so
offered for sale, then such bonds may be awarded
to such highest responsible bidders bidding the
same price in the proportion which the amount
each has bid for bears to the whole amount of
said bonds so offered for sale.
These bonds will be issued in the denomination
of $1,000 and subject to registration as to principal, and no bid for less than par will be accepted.
The right is reserved to reject any and all bids.
AUSI IN L. CROTHERS.
Governor. 9
J. W. HERING,
Comptroller of the 1 reasury.
MURRAY VANDIVER,
Treasurer.
Established UM.

H. C. Speer & Sons Co.
First Nat. Bank Binding,Ckleage
CITY COUNTY
AND TOWNSHIP

BONDS.

[Vol, Lxxxvm.

THE CHRONICLE

120

London,Ont.-Debentures Voted.-The election held Jan. 4
St. John, N. B.-Debenture Offering.-Proposals will be
resulted in a vote of 2,447 to 1,405 in favor of the proposition received until Jan. 10 by the Secretary Board of School Trusto issue the $5,000 414% debentures mentioned in V. 87, tees for the following debentures:
school debentures dated Nov. 1 1906, Maturity
p. 1623, for a hospital for consumptives. Maturity June 30 $9,500 4% redemption
Nov. 1 1946.
1939.
9,500 4% redemption school debentures dated Nov. 1 1906, Maturity
Nov. 1 1931.
Debentures Defeated.-The propositions to issue the followschool debentures dated Nov. 1 1906. Maturity
ing debentures mentioned in V. 87, p. 1623, met with defeat 6,500 4% redemption
Nov. I 1931.
at the Jan. 4 election:
53,000 431% redemption school debentures dated Nov. 1 1908. Maturity
$6,000 4 5 % debentures for the erection and equipment of free public
swimming baths.
4,000 4 % public play-grounds debentures.
441,000 434% water-works debentures.

Niagara Falls, Ont.-Debentures Voted.-The election held
Jan. 4 resulted in favor of the propositions to issue the three
issues of 5% debentures described in V. 88, p. 67.
597 "for" to 199 "against" the issuance of $2,850 armory debentures.
474 "for" to 301 "against" the issuance of 8,300 fire-hail debentures.
381 "for" to 377 "against" the issuance of 3,000 library debentures.

North Toronto, Ont.-Debenture Sale.,-An issue of $13,000
5% debentures has been disposed of to Wood, Gundy & Co.
of Toronto for $13,813-the price •thus being 106.253.
Maturity part yearly for thirty years.
Ottawa, Ont.-Debentures Defeated.-The election held
Jan. 4 resulted in the defeat of propositions to issue the
following debentures:
660,000 4% 30-year playground debentures mentioned in V. 87, p. 1680.
Vote 1,664 "for" to 2,831 "against."
60,000 city-hall-extension debentures. Vote 1,132 "for" to 3,357
"against."

Nov. 1 1933.

Interest payable in St. John.
Saskatoon, Sask.-Debenture Election.-According to
reports an election will be held Jan. 12 to vote on the question
of issuing $30,000 5% 30-year bonds to purchase land and
erect buildings thereon for fair purposes.
Seaforth School District No. 2129, Sask.-Debenture
Sale.-On Dec. 28 1908 $1,300 63'% debentures, issued for
the purpose of building and furnishing a school, were awarded
to J. Addison Reid for 81,310-the price thus being 100.769.
Denomination $130. Date Dec. 15 1908. Interest annual.
Maturity Dec. 15 1918.
Selkirk, Man.-Debenture Sale.-Wood, Gundy & Co. of
Toronto were recently awarded $80,000 5% sewer debentures
due part yearly until 1956. This firm has also purchased
$70,000 water-works debentures.
Shelburne, Ont.-Debenture Offering.-Proposals will be
received until Jan. 14, it is stated, for $4,661 5% 20-year
local-improvement debentures. W. A. Hillhouse is Clerk.
Wiarton, Ont.-Debenture Sale.-A. E. Ames & Co. of
Toronto have been awarded $3,056 60 5% 20-year sidewalk
debentures.
Windsor, Ont.-Debenture Sale.-On Dec. 30 1908 $15,000
5% water-works debentures were awarded to A. E. Ames
& Co. of Toronto at 105.20. The following bids were received:

Debentures Voted.-The question of issuing $16,000 4%
30-year paving debentures was favorably voted upon Jan. 4.
The vote was 2,471 to 2,102. These debentures will not
be offered for sale at present.
Quebec (Province of).-Debenture Offering.-Proposals
will be received until Jan. 26 by the Provincial Treasurer,
it is reported, for $750,000 4% 50-year debentures dated A. E. Ames & Co., Toron_$15,780 00 G. A.Stimson & Co., Tor_$15,512 50
15,677 00 W.A. MacKenzie&Co.,Tor.15,511 00
Stimer, Dunlap & Co
Dec. 1 1908.
Wm.C. Brent, Toronto_ _ _ 15,669 00 Aemilius Jarvis & Co.,Tor, 15,503 00
Sarnia, Ont.-Debentures Voted.-The election held Jan. 4 Wood,Gundy&Co.,Toron. 15,565 00 H. O'Hara & Co., Toronto 15,402 00
Securities Corp.,
Mercantile Trust Co
15,322 50
to vote on the question of issuing the.$5,500 5% town-hall- Dominion
15,551 00 Brouse, Mitchell .53 Co.,
Ltd., Toronto
improvement debentures mentioned in V. 87, p. 1624, re- Ont. Secur. Co., Toronto_ 15,527 00 Toronto
15,165 00
Date Sept. 27 1908. Interest semi-annually at the City
sulted in a vote of 701 to 435 in favor of.the same. Interest
annually at the Town Treasurer's office. Maturity part Treasurer's office. Maturity part yearly on Sept. 27 from
1909 to 1928 inclusive.
yearly on Dec. 31 from 1909 to 1918 inclusive.

NEW LOANS.

NEW LOANS.

INVESTMENTS.

$966,940.90
OFOTTAWA,ONTARIO
CITY

$33,000
Montgomery County, New York

Cuban Securities

DEBENTURES FOR SALE
Tenders addressed to "The Chairman Board of
Control", and marked "Tender for Debentures."
will be received by the Corporation of the City
of Ottawa until 12 o'clock. noon, on Thursday,
the 28th January, 1909, for the purchase of
debentures amounting to $966,940.90.
City at
These debentures are all a liability of
large, and bear 4% interest, which is payable
half-yearly on 1st January and 1st July.
About $445;000 are for 20 years, about $417,000
for 30 years and about $105,000 for 40 years.
All tenders must be on the official form and must
be accompanied with a marked cheque for $5,000.
Accrued interest will be added to the rate
tendered.
The bonds can be made payable In Ottawa.
New York, or London, at the option of the purchaser; and in denominations to suit.
Delivery will be made at Ottawa by 31st March,
1909.
The highest or any tender not necessarily
accepted
Full particulars, together with further conditions, and official form of tender, can be obtained on application to the City Treasurer,
Ottawa.
NAPOLEON CHAMPAGNE,
Mayor.
Ottawa, 12th December, 1908.

Blodget, Merritt & Co.
BANKERS

STATE, CITY
AND

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

A SPECIALTY

BONDS FOR SALE.
Montgomery County (New York) bonds, to
the amount of $33,000, in the sum of $1,000
each, interest payable semi-annually at the rate
of four per cent, $3,000 of such bonds being due
and payable on February 1st, 1913, and $3,000
each and every year thereafter to and including
February 1st, 1923, are offered for sale, the issue
being authorized by the board of supervisors
in payment for State improvement of highways.
Bids will be received by the undersigned.
Chairman of the Finance Committee, until 10
P. M. on January 10th, 1909; bonds will be
issued immediately thereafter, and must be taken
1
uspt,by
19s
0u
9.
ccessful bidders on or before February
E. EUGENE DEVENDORF,
Chairman Finance Committee,
Board of Supervisors,.
Amsterdam, N. Y.

FRANCKEI THOMPSON & ROBB
Members N.Y. Stook Exchange

43 Exchange Place
Telephone 6444 Hanover
BRANCH OFFICE
irist01 Building, 5th Ave. and 49d Mt.
Telephone1658 Bryant

Albert Kleybolte & Co., Adrian H. Muller & Son
AUCTIONEERS.

409 Walnut Street,

CINCINNATI, 0.

Regular Weekly Sales

Municipal,
County, State,

OB.

STOCKS and BONDS

and High.Grade Public Service
Securities
Correspondence Solicited.

°Ince, No. 55 WILLIAIII STREET,
Corner Pine Street.

EVERY WEDNESDAY.

JULIUS MERKEL
Perry, Coffin & Burr, OTTO BROKER

INVESTMENT BONDS.
60 State Street,

its WALL ST., NEW YORK.
INVESTMENT SECURITIES.
correspond..noIiiVIt44l

44 AND

BOSTON.
MUNICIPAL AND RAILROAD

BLACKSTAFF & CO,

BONDS.

INVESTMENTS

LIST ON APPLICATION.

SEASONGOOD & MAYER,
nereautile Library Building
CINCINNATI.




1332 Walnut Street
PHILADELPHIA

LIST OF SPECIALTIES ON REQUEST

HUNT, SALTO NSTALL & CO.,
Members of New York

Stock Exchange

Investment Securities
00 STATE STREET
BOSTON